可口可樂 (KO) 2023 Q3 法說會逐字稿

At this time, I'd like to welcome everyone to The Coca-Cola Company's Third Quarter 2023 Earnings Results Conference Call. Today's call is being recorded. If you have any objections, please disconnect at this time.

現在，我歡迎大家參加可口可樂公司 2023 年第三季收益業績電話會議。今天的通話正在錄音。如果您有任何異議，請立即斷開連接。

(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.

(操作員指示) 我想提醒大家，這次會議的目的是與投資人對話，因此不會回答媒體的問題。媒體參與者如有任何疑問，請聯絡可口可樂媒體關係部。

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

現在我想介紹副總裁兼投資者關係主管 Robin Halpern 女士。哈爾彭女士，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.

早安，感謝您加入我們。我和我們的董事長兼執行長詹姆斯·昆西 (James Quincey) 一起來到這裡；以及我們的總裁兼財務長約翰·墨菲 (John Murphy)。我們在公司網站 coca-colacompany.com 的投資者部分中的財務資訊下發布了時間表。這些時間表對某些非公認會計準則財務指標進行了調節，我們的高級管理人員在今天上午的討論中可能會參考這些指標來報告我們根據公認會計原則所報告的業績。您也可以在我們網站的同一部分找到提供我們成長和營業利潤率分析的時間表。

In addition, this call may contain forward-looking statements, including statements concerning long-term earnings objectives, which should be considered in conjunction with cautionary statements contained in our earnings release and in the company's periodic SEC reports. (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報告和公司定期向美國證券交易委員會提交的報告中包含的警示性陳述一起考慮。 （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. In the third quarter, we delivered strong top line growth, comparable operating margin expansion and earnings per share growth. Our strategy is working. These results continue our track record of consistent delivery. And given our year-to-date performance, we are raising both our top line and bottom line guidance.

謝謝，羅賓，大家早安。第三季度，我們實現了強勁的營收成長、可比營業利潤率擴大和每股盈餘成長。我們的策略正在發揮作用。這些成果延續了我們一貫的交付記錄。鑑於我們今年迄今的表現，我們提高了營收和淨利潤預期。

This morning, I'll provide a brief update on the global consumer landscape. Then I'll focus much of my time on business performance across the segments and discuss how we've been investing to further strengthen our capabilities to capture longer-term growth opportunities. John will end by discussing financial details for the quarter, our revised guidance for full year 2023 and some early considerations for 2024.

今天上午，我將簡要介紹全球消費者狀況。然後，我將把大部分時間集中在各部門的業務表現上，並討論我們如何進行投資以進一步增強我們抓住長期成長機會的能力。最後，約翰將討論本季的財務細節、我們對 2023 年全年的修訂指導以及對 2024 年的一些早期考慮。

The global operating environment is always dynamic, and this quarter was no exception. Some markets improved sequentially, while others dealt with a variety of factors ranging from transitory weather conditions, ongoing inflationary pressures, geopolitical tensions and conflicts.

全球經營環境始終處於動態之中，本季也不例外。一些市場持續改善，而其他市場則受到各種因素的影響，包括短暫的天氣狀況、持續的通膨壓力、地緣政治緊張局勢和衝突。

We delivered 11% organic revenue growth this quarter driven by positive volume, some pricing actions in the marketplace and carryover pricing coming into the base from last year. Volume grew 2% and sequentially improved each month in the quarter with September being our strongest month. Our year-to-date volume growth remains consistent with underlying performance compared to 2019. And overall, our industry remains vibrant and is expanding, and we are executing to capture that growth.

本季度，我們實現了 11% 的有機收入成長，這得益於積極的銷售、市場上的一些定價行動以及去年基數的結轉定價。本季銷量成長了 2%，每個月都連續成長，其中 9 月是我們表現最強勁的月份。與 2019 年相比，我們今年迄今的銷售成長與基本業績保持一致。總體而言，我們的行業依然充滿活力且正在擴張，我們正在努力抓住這一成長機會。

During the quarter, we gained volume and value share in both at-home and away-from-home channels. Consumer sentiment continues to vary around the world. In developed markets, consumer spending in [agro] goods has held up quite well, however, some consumers feel pressured. We've seen some shift to discount channels and switching to private label brands in a few markets and categories. The intensity of this activity was largely the same across Europe compared to the previous quarter but was less pronounced in the U.S., Australia and Japan.

本季度，我們在家庭和戶外通路的銷售和價值份額均有所成長。世界各地的消費者情緒持續變化。在已開發市場，消費者在農產品方面的支出保持良好，但有些消費者感到壓力。我們看到一些市場和類別轉向折扣管道和自有品牌。與上一季相比，歐洲各地此類活動的強度大致相同，但美國、澳洲和日本的強度則較不明顯。

In the developing and emerging markets, the picture is more mixed. We're seeing broadly consumer strength across Latin America, India and in parts of Central and Southeast Asia. On the other hand, consumer confidence in spending has yet to fully recover in Africa and China. Our revenue growth management execution capabilities give us a distinct advantage, and we are leveraging these capabilities to ensure we have the right product in the right package in the right channel and at the right price points to meet consumers where they are.

在發展中和新興市場，情況則更加複雜。我們看到拉丁美洲、印度以及中亞和東南亞部分地區的消費者普遍表現強勁。另一方面，非洲和中國的消費者支出信心尚未完全恢復。我們的收入成長管理執行能力為我們提供了獨特的優勢，我們正在利用這些能力來確保我們在正確的管道以正確的包裝和正確的價格提供正確的產品，以滿足消費者的需求。

Notwithstanding the dynamics in play around the world, we have many levers to pull and continue to deliver through varying market conditions. I'll share some more details from each region.

儘管全球情勢瞬息萬變，我們仍可利用多種手段來應對不同的市場條件。我將分享每個地區的更多細節。

Starting with Asia Pacific. We delivered organic revenue growth, but operating income declined primarily as a result of investing ahead of the curve to participate in longer-term opportunities and incurring additional costs from strategic portfolio rationalization.

從亞太地區開始。我們實現了有機收入成長，但營業收入下降，主要是因為提前投資以參與長期機會，並因策略性投資組合合理化而產生額外成本。

In ASEAN and South Pacific, we grew top line and profit by linking our brands to drinking occasions coupled with strong execution. In Thailand, we launched Coke Kitchen, which connected consumers to influencers who shared their favorite recipes with Coca-Cola. We also partnered with food service aggregators to drive combo meals. Campaign attracted nearly 1 million consumers, and we significantly increased the attachment rate of our beverages with meals ordered through food service aggregators.

在東協和南太平洋地區，我們透過將品牌與飲酒場合聯繫起來並結合強有力的執行，實現了營業額和利潤的成長。在泰國，我們推出了可口可樂廚房，將消費者與有影響力的人聯繫起來，讓他們與可口可樂分享他們最喜歡的食譜。我們也與餐飲服務聚合商合作推出套餐。該活動吸引了近100萬消費者，我們大幅提高了飲料與透過餐飲服務聚合商訂購的餐點的結合率。

In Japan, we're gaining volume and value share year-to-date. We continue to see strong momentum from our Coca-Cola, Georgia Coffee and I LOHAS campaigns and have stepped up execution in vending, e-commerce and community channels.

在日本，今年迄今為止我們的銷售和價值份額都在成長。我們繼續看到可口可樂、喬治亞咖啡和 I LOHAS 活動的強勁勢頭，並已加強在自動販賣機、電子商務和社群管道的執行力度。

However, in China, volume declined as the sparkling soft drink category is taking longer to recover. Our results were also impacted by some strategic conditions to deprioritize lower profit categories. Our focus is to restore momentum to the sparkling soft drink category and capitalize on revenue growth management and execution opportunities.

然而，在中國，由於碳酸軟性飲料類別的復甦時間較長，銷量下降。我們的業績也受到一些策略條件的影響，這些條件降低了利潤較低的類別的優先順序。我們的重點是恢復碳酸軟性飲料類別的發展勢頭，並利用收入成長管理和執行機會。

In India, we delivered double-digit volume and top line growth, which resulted in the highest value share gain over the past 3 years. We're winning in the marketplace by generating 2.6 billion transactions at affordable price point and driving availability across rural regions. Across Asia Pacific, as part of our World Without Waste strategy to help drive circular economy for packaging materials, our system launched 100% recycled PET packaging in India, Indonesia and Thailand.

在印度，我們的銷售和營業額均實現了兩位數的成長，從而實現了過去 3 年來最高的價值份額成長。我們以可負擔的價格完成了 26 億筆交易，並推動了農村地區的普及，從而贏得了市場。在亞太地區，作為我們「無廢棄物世界」策略的一部分，為了推動包裝材料的循環經濟，我們的系統在印度、印尼和泰國推出了 100% 再生 PET 包裝。

Moving on to EMEA. We delivered strong organic revenue and operating income growth. In Africa, macro conditions remain challenging, and our business was further impacted by natural disasters in Morocco and Libya. Despite this environment, we drove transaction growth through accelerated refillable PET expansion, digitizing nearly 100,000 outlets and adding 80,000 coolers used to date.

繼續前往 EMEA。我們實現了強勁的有機收入和營業收入成長。在非洲，宏觀環境依然充滿挑戰，摩洛哥和利比亞的自然災害進一步影響了我們的業務。儘管面臨這樣的環境，我們仍然透過加速可再填充 PET 擴張來推動交易成長，將近 100,000 個網點數位化，並增加了迄今為止使用的 80,000 個冷卻器。

In Europe, consumers are still facing pressure, and our business was unfavorably impacted by poor weather. Despite these dynamics, we gained value share through strong performances in sparkling soft drinks and tea. We did this by partnering with [our systems] to drive value for key customers and our consumers. We continue to see promising early results for Jack Daniel's and Coca-Cola in Europe. We are learning and expanding in alcoholic drinks, including our recent announcement of our Absolut Vodka & Sprite.

在歐洲，消費者仍面臨壓力，我們的業務受到惡劣天氣的不利影響。儘管有這些動態，我們仍然憑藉在碳酸軟性飲料和茶領域的強勁表現獲得了價值份額。我們透過與[我們的系統]合作來為關鍵客戶和消費者創造價值。我們繼續看到傑克丹尼和可口可樂在歐洲取得令人鼓舞的早期業績。我們正在學習和擴展酒精飲料領域，包括我們最近發布的絕對伏特加和雪碧。

And last, in Eurasia and Middle East, we recruited consumers through innovative, occasion-based marketing events like Fanta Fest Turkey, which focused on snacking occasions with concerts by prominent local artists. They also launched 100% recycled PET package this summer.

最後，在歐亞大陸和中東，我們透過創新的、基於場合的行銷活動來招募消費者，例如土耳其芬達節，該活動專注於舉辦當地著名藝術家的音樂會等零食場合。今年夏天，他們還推出了100%可回收PET包裝。

In North America, we generated strong organic revenue growth and delivered margin expansion by executing across our total beverage portfolio. We continue to see away-from-home channel outperform at-home channels. Within sparkling soft drink, elasticities are holding up well, and we continue to drive quality leadership with Coca-Cola, Sprite and Fanta. For example, our systems stepped up in-store activation on Sprite Lymonade Legacy and with increased displays at point of sale, which drove higher household penetration and repeat purchases.

在北美，我們透過執行整個飲料產品組合實現了強勁的有機收入成長並實現了利潤率擴張。我們繼續看到戶外管道的表現優於家庭管道。在含氣軟性飲料中，彈性保持良好，我們繼續透過可口可樂、雪碧和芬達保持品質領先地位。例如，我們的系統加強了雪碧Lymonade Legacy的店內激活，並增加了銷售點的展示，從而提高了家庭滲透率和重複購買率。

Fanta drove nearly 2 points of vale share gain year-to-date through innovation and new graphics, including the latest Halloween iteration of the What the Fanta platform. Outside sparkling, BODYARMOR and Powerade trends are stabilizing. And fairlife, Core Power, smartwater and Gold Peak generated value share gains. And in the U.S., to protect water resources, we renewed a decade-long partnership with the Department of Agriculture to restore and improve water sheds in national forests and grasslands. Water is a critical priority for our system and the communities that we serve.

今年迄今為止，芬達透過創新和新圖形（包括最新的萬聖節版本的「What the Fanta」平台）推動淡水河谷的市佔率成長了近 2 個百分點。除了閃亮之外，BODYARMOR 和 Powerade 的趨勢正在趨於穩定。 fairlife、Core Power、smartwater 和 Gold Peak 的價值份額均有所增長。在美國，為了保護水資源，我們與農業部重啟了長達十年的合作關係，以恢復和改善國家森林和草原的集水區。對於我們的系統和我們服務的社區來說，水是至關重要的優先事項。

In Latin America, we generated double-digit top line and profit growth by executing on all facets of our strategy, which resulted in value share gains in 4 of our top 5 markets. In the fifth market, Mexico, we're seeing improving value share trends over the last few months.

在拉丁美洲，我們透過全面執行策略，實現了兩位數的營業額和利潤成長，並在前五大市場中的四個市場實現了價值份額的成長。在第五個市場墨西哥，我們看到過去幾個月價值份額趨勢有所改善。

We're increasingly linking our brands to consumers' passion points to build deeper connections. In Brazil, through Coke Studio, we partnered with the Town Music Festival, where we hosted 60 hours of concert and engaged with artists and influencers, which generated 1 billion impressions and reached nearly 50 million consumers.

我們越來越多地將我們的品牌與消費者的興趣點聯繫起來，以建立更深的聯繫。在巴西，我們透過可口可樂工作室與城鎮音樂節合作，舉辦了 60 小時的音樂會，並與藝術家和有影響力的人士進行了交流，產生了 10 億次曝光，覆蓋了近 5000 萬消費者。

We continue to drive affordability through refillable packaging of larger PET packages. In developing and emerging markets, refillables are an important tool to eliminate waste and offer products at lower price points. Last, our systems stepped up availability, reflecting over 270,000 coolers year-to-date, which increased our share of visible inventory in key areas.

我們繼續透過更大 PET 包裝的可再填充包裝來提高價格承受能力。在發展中和新興市場，可再填充產品是消除浪費和以較低價格提供產品的重要工具。最後，我們的系統提高了可用性，年初至今已擁有超過 27 萬台冷卻器，這增加了我們在關鍵區域的可見庫存份額。

Global ventures generated strong overall growth. At Costa, we strengthened our revenue growth management equation while driving transaction growth. This was supported by strong innovation and marketing campaigns such as our global summer of ice, expansion of the refreshment category and the introduction of our personalized pre-drop loyalty activation in U.K. Additionally, innocent gained value share in both the U.K. and France.

全球企業實現了整體強勁成長。在 Costa，我們在推動交易成長的同時，加強了營收成長管理方程式。這得歸功於強而有力的創新和行銷活動，例如我們在全球推出的冰爽夏日、擴大飲料品類以及在英國推出個人化的預售忠誠度活化服務。此外，innocent 在英國和法國都獲得了價值份額。

Finally, Bottling Investments Group grew organic revenue and operating income through expanding affordable immediate consumption entry packs and progressing for strengthening route to market and optimizing trade collections. At the same time, we're working towards decarbonizing our operations in India through using 200 electric vehicles with plans to add more before the end of 2023.

最後，瓶裝投資集團透過擴大價格實惠的即飲入門裝、加強市場管道和優化貿易收款，增加了有機收入和營業收入。同時，我們正在致力於透過使用 200 輛電動車實現印度業務的脫碳，並計劃在 2023 年底之前增加更多電動車。

Beyond the quarter, we continue to have confidence in the long term. We see momentum continuing across our industry, and our system is galvanized more than ever to capture this opportunity. Leveraging data to drive better decision-making is key to improving execution. Our system has collectively invested in digital initiatives to drive on all facets of our strategy.

本季之後，我們仍然對長期前景充滿信心。我們看到整個行業的勢頭持續增強，我們的系統比以往任何時候都更積極地抓住這一機會。利用數據來推動更好的決策是提高執行力的關鍵。我們的系統已集體投資於數位化計劃，以推動我們策略的各個方面。

Starting first with marketing and innovation. Our marketing transformation is increasingly making our brands more relevant to consumers. Today, Gen Zs spend 7 to 9 hours per day on screen. However, very little time is spent watching traditional TV. We've been shifting our media spend towards digital.

首先從行銷和創新開始。我們的行銷轉型使我們的品牌與消費者的聯繫日益緊密。如今，Z 世代每天花在螢幕上的時間有 7 到 9 小時。然而，人們花在觀看傳統電視的時間卻很少。我們一直在將媒體支出轉向數位化。

In 2019, digital was less than 30% of our total media spend and year-to-date is over 60%, through digital campaigns, which segment the population that's disproportionately reaching consumers where we earn higher return on investments. We've seen tremendous engagement through digital-first campaigns for Coke with meals, Sprite Heat Happens, and Fuze Tea's Made of Fusion among others.

2019 年，數位媒體支出占我們總媒體支出的不到 30%，而今年迄今為止，透過數位行銷活動，這一比例已超過 60%，這些行銷活動針對的是那些接觸到消費者的群體，讓我們獲得了更高的投資回報。我們透過數位優先活動看到了巨大的參與度，例如可口可樂餐點、雪碧熱力來襲、Fuze Tea 的 Made of Fusion 等等。

We're taking bold steps to be at the forefront of both consumer and nonconsumer-facing generative AI. For example, we launched Create Real Magic, which turns consumers into digital creators. We also brought GenAI into our creative process for the award-winning Coca-Cola Masterpiece film and letting the fans the chance to take a piece of this work through the sale of NFTs.

我們正在採取大膽的舉措，站在面向消費者和非消費者的生成人工智慧的前沿。例如，我們推出了Create Real Magic，將消費者轉變為數位創造者。我們還將 GenAI 引入獲獎的可口可樂傑作電影的創作過程中，並讓粉絲有機會透過銷售 NFT 來獲得這部作品的一部分。

Recently, we launched Coke Y3000, which is our eighth iteration in the Coke Creations platform. Coca-Cola Y3000, the world's first futuristic flavor, co-created with AI. The launch has demonstrated strong initial results. On the nonconsumer-facing side, we're implementing generative AI to improve access to insight, market data, research and trends.

最近，我們推出了可口可樂 Y3000，這是我們在可口可樂創意平台上的第八次迭代。可口可樂 Y3000，全球首款與人工智慧共同打造的未來主義口味。此次發布會已取得顯著的初步成果。在非面向消費者的方面，我們正在實施生成性人工智慧，以改善對洞察力、市場數據、研究和趨勢的獲取。

Moving on to revenue growth management and integrated execution. As a system, we're accelerating eB2B platforms that allow for better tailoring of product, price and packaging architecture, reducing out of stocks and optimizing placement of physical inventory. Year-to-date, we've connected 6.9 million customers to eB2B platforms.

轉向收入成長管理和綜合執行。作為一個系統，我們正在加速 eB2B 平台的發展，以便更好地客製化產品、價格和包裝架構，減少缺貨並優化實體庫存的佈局。今年迄今，我們已將 690 萬客戶連接到 eB2B 平台。

We continue to expand coverage and offer customers personalization at scale. Initial pilots suggest that customers who receive AI-written push notifications have been more likely to purchase recommended SKUs, resulting in incremental retail sales. And we're just scratching the surface of what's possible, but we're investing in digital capabilities now to expand our potential down the road.

我們將繼續擴大覆蓋範圍並為客戶提供大規模個人化服務。初步試點表明，收到人工智慧推播通知的客戶更有可能購買推薦的 SKU，從而帶來零售額的成長。我們目前僅觸及了可能性的表面，但我們正在投資數位化能力，以擴大我們未來的潛力。

To sum it all up, we're encouraged by our results year-to-date, and this is reflected in our updated 2023 guidance. We have many levers to pull and have proven that we can deliver in many types of markets around the world. We continue to win on a local level, maintain flexibility on a global level and reinvest to build our system for the long term.

總而言之，我們對今年迄今的業績感到鼓舞，這反映在我們更新的 2023 年指引中。我們擁有多種優勢，並已證明我們能夠在世界各地的多種類型的市場中取得成功。我們繼續在地方層級取得勝利，在全球層面保持靈活性，並進行再投資以長期建立我們的系統。

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

說完這些，我會把電話轉給約翰。

Thank you, James, and good morning, everyone. Today, I'll comment on our third quarter performance and highlight our updated 2023 guidance. I'll also provide some early commentary on 2024 and the actions we are taking to continue to deliver on our objectives.

謝謝你，詹姆斯，大家早安。今天，我將評論我們第三季的業績並強調我們更新後的 2023 年指引。我還將對 2024 年以及我們為繼續實現目標而採取的行動提供一些早期評論。

As James mentioned, we delivered strong third quarter results. Starting with the top line. We grew organic revenues 11%. Unit case growth was 2%. If you exclude the impact of suspending our business in Russia, we have delivered positive volume growth in each quarter since the start of 2021.

正如詹姆斯所提到的，我們第三季取得了強勁的業績。從第一行開始。我們的有機收入成長了11%。單位個案成長率為2%。如果排除暫停俄羅斯業務的影響，自 2021 年初以來，我們每季的銷量都實現了正成長。

Concentrate sales were in line with unit cases for the quarter. Price/mix growth was 9% driven by pricing actions across operating segments, including the impact of a few hyperinflationary markets, along with carryover pricing coming into the base from last year.

本季精礦銷售量與單位箱數一致。價格/產品組合成長 9%，這得益於各營運部門的定價行動，包括一些惡性通膨市場的影響，以及去年基期的結轉定價。

Comparable gross margin for the quarter was up approximately 130 basis points driven by underlying expansion and a slight benefit from bottler refranchising, partially offset by the impact of currency headwinds. Comparable operating margin expanded approximately 20 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 versus the prior year as well as currency headwinds. Putting it all together, third quarter comparable EPS of $0.74 was up 7% year-over-year despite higher-than-expected 4% currency headwinds.

本季可比毛利率上漲約 130 個基點，這主要得益於基礎擴張和瓶裝廠再特許經營帶來的輕微收益，但部分抵消了貨幣逆風的影響。本季可比營業利益率擴大約 20 個基點。這主要得益於強勁的營收成長和重新特許經營裝瓶業務的影響，但部分被與上年相比行銷投資的增加以及貨幣逆風所抵消。綜合來看，儘管面臨高於預期的 4% 的貨幣逆風，第三季每股收益仍為 0.74 美元，年增 7%。

Free cash flow was approximately $7.9 billion year-to-date. This was largely attributable to strong underlying operational performance and working capital benefits, partially offset by $720 million transition tax payment and $230 million in M&A-related payments. Our balance sheet is strong, and our net debt leverage of 1.5x EBITDA is below our target range of 2 to 2.5x.

今年迄今，自由現金流約 79 億美元。這主要歸功於強勁的基礎營運績效和營運資本收益，但 7.2 億美元的過渡稅支付和 2.3 億美元的併購相關支付部分抵銷了這一影響。我們的資產負債表強勁，淨負債槓桿為 1.5 倍 EBITDA，低於我們的目標範圍 2 至 2.5 倍。

Recently, we entered into a letter of intent to refranchise our Philippines bottler. As we progress on our refranchising journey, we aspire to improve the return profile of our business. In 2015, when Bottling Investments Group was more than 50% of our net revenue, our return on invested capital was approximately 17%. Today, Bottling Investments Group makes up less than 20% of net revenue. And our return on invested capital is over 23%, nearly a 7-point increase.

最近，我們簽署了一份意向書，重新授予我們菲律賓瓶裝廠的特許經營權。隨著我們在特許經營再造之旅中不斷前進，我們渴望改善業務的回報狀況。 2015年，當瓶裝投資集團占我們淨收入的50%以上時，我們的投資資本報酬率約為17%。如今，瓶裝投資集團的淨收入佔比不到 20%。我們的投資資本報酬率超過23%，成長了近7個百分點。

After this transaction closes, our remaining assets in the Bottling Investments Group will include operations in India, Africa, and several smaller locations, primarily in Asia Pacific. We will remain disciplined in our refranchising approach by making sure we best position our system to deliver sustainable long-term growth.

此次交易完成後，我們在瓶裝投資集團的剩餘資產將包括位於印度、非洲和幾個較小地點（主要位於亞太地區）的業務。我們將嚴格執行再特許經營方式，確保我們的系統處於最佳位置，並實現可持續的長期成長。

Our business performance year-to-date gives us confidence that we can deliver on our raised 2023 guidance. This is comprised of organic revenue growth of 10% to 11%, which will be led by price/mix and includes positive volume growth. We do expect pricing in developed markets to moderate in the fourth quarter as we cycle pricing initiatives from the prior year.

我們今年迄今的業務表現讓我們有信心實現我們上調的 2023 年目標。這包括 10% 至 11% 的有機收入成長，由價格/產品組合帶動，並包括正的銷售成長。我們確實預計，隨著我們循環上一年的定價舉措，已開發市場的定價將在第四季度放緩。

There are also a few hyperinflationary markets that will continue to drive price/mix. There will be 1 additional day in the fourth quarter. We now expect comparable currency-neutral earnings per share growth of 13% to 14%. And based on current rates and our hedge positions, we now expect currency to be an approximate 4-point headwind to comparable net revenues and an approximate 6-point currency headwind to comparable earnings per share for full year 2023.

還有一些惡性通貨膨脹的市場將繼續推動價格/組合。第四節將增加1天。我們現在預計可比貨幣中性每股收益成長率為 13% 至 14%。根據當前匯率和我們的對沖頭寸，我們現在預計，到 2023 年全年，貨幣匯率將對可比淨收入造成約 4 個百分點的阻力，對可比每股收益造成約 6 個百分點的阻力。

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. We now expect our underlying effective tax rate for 2023 to be 19%. All in, we are updating comparable earnings per share growth of 7% to 8% versus $2.48 in 2022.

根據當前稅率和對沖頭寸，我們繼續預期每箱商品價格通膨將在 2023 年對可比較銷售成本產生中等個位數的影響。我們現在預計 2023 年的基本有效稅率為 19%。總體而言，我們將每股可比收益成長率更新為 7% 至 8%，而 2022 年為 2.48 美元。

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. That's approximately $1.9 billion in capital investments. This guidance does not include any payments related to our U.S. income tax dispute with the IRS, which are unlikely to occur in 2023. Given the momentum of our business, the strength of our balance sheet and some proceeds that we expect to receive from bottler refranchising, we have increased flexibility to continue to both reinvest in our business and return capital to shareowners.

我們繼續預計，2023 年將透過約 114 億美元的營運現金產生約 95 億美元的自由現金流。這相當於約 19 億美元的資本投資。本指引不包括與我們與美國國稅局 (IRS) 的美國所得稅糾紛有關的任何付款，這些付款不太可能在 2023 年發生。鑑於我們業務的發展勢頭、資產負債表的強勁以及我們預計將從瓶裝商再特許經營中獲得的一些收益，我們擁有更大的靈活性，可以繼續對我們的業務進行再投資並向股東返還資本。

While it is too early to provide specific items on 2024, we want to share some considerations based on what we know today. We're encouraged by our top line momentum across the majority of our markets. There are a handful of hyperinflationary markets where it is either not possible to hedge or it is costly to do so. In these markets, we've demonstrated that we can manage currency pressures by taking price with local market inflation, and we will continue to follow this approach. While some commodities are normalizing, we also have input costs that could be impacted by tensions and conflicts. With respect to advertising spend, our bias is to continue to reinvest behind our brands while maintaining flexibility.

雖然現在提供 2024 年的具體項目還為時過早，但我們希望根據目前所知分享一些考慮因素。我們在大多數市場的營收成長動能令我們感到鼓舞。有少數惡性通貨膨脹的市場，要嘛無法對沖，要嘛對沖成本太高。在這些市場中，我們已經證明，我們可以透過根據當地市場通膨來定價來管理貨幣壓力，我們將繼續遵循這種方法。雖然有些商品正在恢復正常，但我們的投入成本也可能受到緊張和衝突的影響。對於廣告支出，我們傾向於繼續對我們的品牌進行再投資，同時保持靈活性。

Regarding currency, if we assume current rates and our hedge positions, there would be an approximate low single-digit currency headwind to comparable net revenues and an approximate mid-single-digit currency headwind to comparable earnings per share for full year 2024. Of course, several factors could impact both our currency outlook and broader business outlook between now and February. Over the past few years, we've delivered U.S. dollar EPS growth, and we have many levers to continue to do so.

關於貨幣，如果我們假設當前匯率和我們的對沖頭寸，那麼2024年全年可比淨收入將面臨大約低個位數的貨幣阻力，可比每股收益將面臨大約中等個位數的貨幣阻力。當然，從現在到2月份，有幾個因素可能會影響我們的貨幣前景和更廣泛的業務前景。在過去幾年裡，我們實現了美元每股收益成長，並且我們有很多手段可以繼續實現這一目標。

So in summary, we are encouraged by our business results and confident in our ability to deliver on our commitments over the long term. Thanks to the incredible commitment of our system employees around the world, we're very clear on the direction we are heading and well equipped to execute on the strategies to get us there. And we continue to invest to drive sustainable long-term growth. We remain focused on capturing the opportunities available to us.

總而言之，我們對我們的業務成果感到鼓舞，並對我們長期履行承諾的能力充滿信心。感謝我們遍佈全球的系統員工的不懈承諾，我們非常清楚我們前進的方向，並且有能力執行實現目標的策略。我們將繼續投資以推動可持續的長期成長。我們將繼續專注於抓住我們面臨的機會。

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 Dara Mohsenian from Morgan Stanley.

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

So clearly, another strong set of results in Q3 and obviously, increased confidence for the year with the full year raise. I'd love to sort of get a bit more perspective on 2024. I know you won't want to put specific numbers around the outlook, but was just hoping you can give us a sense for how you think about the pricing outlook for next year, given the strength in Q3 and perhaps break that down into the price increase versus mix versus hyperinflationary market pieces of it and what the competitive environment sort of portends for next year on the pricing front.

顯然，第三季的業績再次表現強勁，隨著全年業績的成長，人們對今年的信心明顯增強。我很想對 2024 年有更多的了解。我知道您不想給出具體的數字，但我只是希望您能告訴我們，考慮到第三季度的強勁表現，您對明年定價前景的看法，並將其分解為價格上漲、產品組合、惡性通貨膨脹的市場部分，以及競爭環境對明年定價方面的預示。

Let me just offer up a few thoughts, Dara. Firstly, just breaking out Q3 because I think that's instructive as you think about the down end of the year and into next year.

達拉，請容許我提出一些想法。首先，只討論第三季度，因為我認為這對於思考今年年底和明年的低迷情況很有啟發。

Firstly, there are a couple of points in Q3 that's the carryover from the more inflationary environment from 2022. And obviously, that will drop out as we get into Q4 and obviously next year. And then you've got the regular pricing. And then you've got a couple of points of pricing that's coming from these very high inflation markets, Argentina, Turkey and a number of the African markets that, given the levels of inflation, is making a difference at the overall company level.

首先，第三季的幾個點是 2022 年通膨環境的延續。顯然，進入第四季以及明年，這些因素將會消失。然後你就得到了常規定價。然後你會發現一些定價點來自這些通膨率非常高的市場，例如阿根廷、土耳其和一些非洲市場，考慮到通膨水平，這些定價點對整個公司層面產生了影響。

And as John mentioned in the FX guidance, we're assuming some degree of negativity from those markets next year. But we are assuming some degree of positivity in that sense in price/mix next year. The one thing that's uncertain about -- the one thing that's certain about high inflation markets is it ends unpredictably. So it's very early to have a full pitch on what that's going to look like in 2024. And obviously, we'll update when we get to February.

正如約翰在外匯指南中提到的那樣，我們預計明年這些市場將出現一定程度的負面情緒。但我們預計明年的價格/組合將呈現一定程度的積極性。關於高通膨市場，唯一不確定但可以確定的是，它的結局是不可預測的。因此，現在就全面預測 2024 年的情況還為時過早。當然，到二月的時候我們會更新。

So net-net, you're going to have continued moderation heading towards the landing zone in the developed economies. You've got a couple of emerging markets, which are subnormal inflation, aka China. And then you've got a mixed bag of emerging markets and a particular importance is going to be what is the overall journey in these high-inflation marketplaces. So hopefully that provides some parameters with which to think about how it lands in Q4 and into next year.

因此，總體而言，你將繼續看到經濟放緩，朝著已開發經濟體的著陸區邁進。有幾個新興市場，例如中國，通貨膨脹率低於正常水平。然後，你會看到新興市場的情況好壞參半，特別重要的是這些高通膨市場的整體走勢如何。因此希望這能提供一些參數來思考它在第四季和明年的表現如何。

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。

So one of the things that struck me as really interesting is in the release, when you specifically -- first of all, it was helpful that you called out the specific contribution from inflationary pricing. But one thing I thought was interesting is the regions where there was greater inflationary pricing were also the regions where there was at least versus my expectations, better-than-expected unit case volume.

因此，讓我感到真正有趣的事情之一是在發布中，當您具體地——首先，您指出通貨膨脹定價的具體貢獻是有幫助的。但我認為有趣的是，通膨率較高的地區也是銷售量至少比我的預期好得多的地區。

So I think historically, right, the logic and the elasticity would say more pricing, less volume. But here, you're getting that unit case volume to come through. So I just wonder if you could talk a little bit maybe about what you're doing differently that's enabling that kind of combination. And then also, if you're able to speak to transaction growth in those markets also if that's pacing -- how that's pacing relative to unit cases.

所以我認為從歷史上看，邏輯和彈性意味著定價更高，交易量更少。但在這裡，您可以獲得單位箱體積。所以我只是想知道您是否可以稍微談談您正在做哪些不同的事情來實現這種結合。然後，如果您能夠談論這些市場的交易成長，那麼如果這是節奏 - 這是相對於單位案例的節奏。

Sure. So firstly, I want to just underline that we have been pursuing for a good number of years, but very specifically this year and also will be pursuing into next year is, no matter what the degree of inflation in the environment, we want to protect the scale of our consumer franchise and see it grow. In other words, we want to see positive volume or transaction growth in the environment.

當然。因此，首先，我想強調的是，我們已經追求了很多年，但具體來說是今年，以及明年，無論環境通膨程度如何，我們都希望保護我們的消費者特許經營規模並看到它增長。換句話說，我們希望看到環境中的交易量或交易量出現正成長。

And so very much our strategy of the marketing, the innovation, the RGM, the execution has been very much around not just gaining value share in these environments but making sure that there's volume growth embedded in it. So we very much take that approach.

因此，我們的行銷、創新、RGM 和執行策略不僅圍繞在這些環境中獲得價值份額，而且確保其中嵌入的銷售成長。所以我們非常採取這種方法。

And as it relates to the regions where there was inflation, where there's volume, I mean, the two biggest pieces of the puzzle are Latin America and EMEA. And taking those in order, Latin America, the inflationary pricing is very clearly driven by Argentina. The rest of the content, generally speaking, is in the same sort of ballpark, the inflation that has been predominant there for an extended period of time. And it's an environment we very much know how to operate in. And we have a great business there, and they very much are masters of executing against the marketing innovation, the execution, the RGM.

至於通貨膨脹的地區，也就是通貨膨脹量較大的地區，我的意思是，最大的兩個難題是拉丁美洲和歐洲、中東和非洲地區。依序來看，拉丁美洲的通貨膨脹價格顯然是由阿根廷推動的。其餘內容總體而言都處於同一水平，即通貨膨脹在那裡已經持續了很長一段時間。我們非常了解如何在這樣的環境中運作。我們在那裡擁有出色的業務，他們非常擅長執行行銷創新、執行和 RGM。

And then Argentina is a rollercoaster, given its inflation levels and its economic levels. I can say that from personal experience as I was the country manager there in 2001 and 2002 when they had a big devaluation and default on their debt. And so this is something where we know how to operate, and it's kind of part of what happens in certain markets in Latin America, and so we are able to execute.

鑑於阿根廷的通貨膨脹水平和經濟水平，其波動就像坐過山車一樣。我可以從個人經驗中得出這個結論，因為在 2001 年和 2002 年，我擔任該國經理，當時該國貨幣大幅貶值，債務違約。因此，我們知道如何運作，這也是拉丁美洲某些市場發生的事情的一部分，因此我們能夠執行。

As it relates to EMEA, divided into two parts. One is the European environment where inflation, much like the U.S., is moderating down and the dynamic in Europe was much more around a moderating degree of inflation and the fact that they had a relatively poor summer in terms of the weather and the consumer is perhaps under a little more pressure than the U.S.

由於它與 EMEA 相關，因此分為兩部分。一是歐洲的環境，與美國類似，歐洲的通貨膨脹正在緩和，歐洲的動態更多地圍繞著通貨膨脹的緩和程度，而且歐洲的夏季天氣相對較差，消費者承受的壓力可能比美國更大一些。

The other half of the EMEA group is Eurasia and Africa. And in that context, there are a number of very high inflation marketplaces like Turkey, Zimbabwe as it happens, Nigeria to some extent, Egypt to some extent. And there, when the inflation does spike, you do occasionally see impacts to volume. But overall, we've been able to manage through it so that on a total segment basis, we've carried it through.

EMEA 集團的另一半是歐亞大陸和非洲。在這種背景下，一些市場出現了高通膨，例如土耳其、辛巴威、奈及利亞和埃及。當通貨膨脹確實飆升時，你偶爾會看到交易量受到影響。但總體而言，我們已經能夠應對這項挑戰，從整個細分市場來看，我們已經完成了這項挑戰。

And we certainly look to, as I said, maintain and grow the consumer franchise, although in some of those markets in any given quarter, the volume may be negative as inflation tends to be much more spiky than the system.

正如我所說，我們當然希望維持和發展消費者特許經營權，儘管在任何一個季度的某些市場中，由於通貨膨脹往往比系統更為劇烈，交易量可能為負。

Our next question comes from Bonnie Herzog from Goldman Sachs.

下一個問題來自高盛的邦妮·赫爾佐格。

All right. I had a question on your marketing investments. They were up and, I guess, a drag on operating margins in the quarter. So just hoping for some more color on these reinvestments.

好的。我對您的行銷投資有一個疑問。我猜，這些數字上漲了，這對本季的營業利潤率造成了拖累。我只是希望對這些再投資有更多的了解。

And then, James, you mentioned your plans to continue to invest ahead of the curve. So could you provide a little more color on how you're thinking about this? And then ultimately, how much of the top line strength you plan to reinvest in the marketing whether it's this year? And then more importantly, how you're thinking about this next year, especially in the context of greater FX headwinds. I guess trying to understand how flexible you're going to be to balance these reinvestments with driving dollar EPS growth.

然後，詹姆斯，你提到了繼續進行領先投資的計劃。那麼，您能否更詳細說明一下您對此的看法？那麼最終，您計劃在今年將多少營收力量重新投入行銷？更重要的是，您如何看待明年的情況，特別是在外匯逆風加劇的背景下。我想嘗試了解您將如何靈活地平衡這些再投資與推動美元每股收益成長。

Okay. Just kind of let me try and unpack that a little bit. So we have come in post-COVID over the last couple of years and said we expected a rebound. And we are going to lean in and invest for growth as long as growth is there rather than trying to pull back in anticipation of something. And that modus operandi, I'm not sure I would characterize extra marketing as a drag on results, more as a motor to driving the top line and the bottom line that we're seeing.

好的。讓我試著稍微解釋一下這個問題。因此，我們在過去幾年經歷了疫情之後，並表示我們預計會出現反彈。只要有成長，我們就會積極投資，而不是為了預期某些事情而試圖撤退。對於這種運作方式，我不確定是否會將額外的行銷描述為對結果的拖累，而更像是推動我們所看到的頂線和底線的動力。

So we feel that the leaning in is working, obviously, typified by the fact we've raised both the top line and the bottom line guidance. I think as a model to the extent that we can continue to push that through the end of this year and into next year, we would certainly be happy to do so.

因此，我們認為這種傾向顯然是有效的，這從我們提高頂線和底線指導這一事實中可以看出。我認為，作為一種模式，如果我們能夠繼續推動這一進程到今年年底和明年，我們當然很樂意這樣做。

Having said that, to the extent that 2024 brings some unexpected surprises, we will pivot, whether it's a country, a region or globally, we will pivot with speed as we did in the second quarter of 2020 when COVID hit, and we ramped down marketing spend in that environment. So we feel we've developed a much greater degree of flexibility to move, should moving be needed at whatever part of the world. But as a starting point, we're going to lean in for growth.

話雖如此，如果 2024 年出現一些意想不到的驚喜，我們就會做出調整，無論是在一個國家、一個地區還是在全球範圍內，我們都會迅速做出調整，就像我們在 2020 年第二季度 COVID 爆發時所做的那樣，在那種環境下，我們減少了營銷支出。因此，我們認為，我們已經發展出更大程度的搬遷靈活性，以滿足世界任何地方的搬遷需求。但作為起點，我們將致力於成長。

And I think the last thing I would say is if you think about the balance of all these items, if you take a -- if you kind of zoom out a little bit and take a broader perspective of the operating income margin because obviously, marketing is just a component of all the different pieces, if you take a look at operating income margin over the, I don't know, last 5 years or so, you'll see that it's been increasing at about 0.5 point a year operating margin, which is broadly in line with the implied leverage in the long-term growth model.

我想說的最後一件事是，如果你考慮所有這些項目的平衡，如果你稍微縮小一點，從更廣闊的角度來看待營業利潤率，因為顯然營銷只是所有不同部分的一個組成部分，如果你看一下過去 5 年左右的營業利潤率，你會發現它每年的營業利潤率大約增加 0.5 個百分點，這與長期增長模型中的隱含槓桿率大致增加。

And so that has been an objective of ours. It's not going to happen every quarter because quarters are very lumpy, but it is part of the way we see our strategy.

這就是我們的目標。這不會每個季度都發生，因為季度波動很大，但這是我們看待策略的一部分。

Our next question comes from Robert Ottenstein from Evercore ISI.

我們的下一個問題來自 Evercore ISI 的 Robert Ottenstein。

Great. James, in the past, you've talked that -- Coca-Cola Company has talked about moving the consumer from more commodity packs to the more that, I think you call them incident packs or the higher value-added packs, I'd love to get a sense and maybe we just focus on the U.S. of where you are in that journey, how much room there is to improve mix, and is this something that you can do in a weaker economic environment where the consumer is also looking for more affordability and value options.

偉大的。詹姆斯，過去，你曾談到——可口可樂公司曾談到將消費者從更多的商品包裝轉向更多的，我認為你稱之為事件包裝或更高附加值的包裝，我很想了解一下，也許我們只關注美國，看看你們在這一旅程中所處的位置，有多少空間可以改善產品組合，這是你們在較弱的經濟環境中可以做的事情，在這種環境下，消費者也在尋求更實惠的經濟環境中尋求更實惠的事情，在這種環境下，消費者也在尋求更實惠的經濟環境中更實惠和更實惠的事情，在這種環境中尋求更實惠和更實惠的經濟環境中尋求更實惠。

Sure. Thanks, Robert. Look, I absolutely think there's a tremendous opportunity in the U.S. marketplace to leverage greater pack diversity. We're not capturing all the opportunities that are there.

當然。謝謝，羅伯特。我確實認為美國市場有巨大的機會來利用更多樣化的包裝。我們沒有抓住所有存在的機會。

And the leveraging of greater pack diversity actually helps in an environment where, as you have in the U.S. at the moment where certain segments of consumers feel under disposable income pressure and would look for more affordable options. And yet, there are plenty of segments either in terms of their income or in terms of the channels they're going and spending in who are more disposed for premium options.

利用更多樣化的包裝實際上有助於緩解當前的環境，就像在美國，某些消費者群體感受到可支配收入的壓力，會尋找更實惠的選擇。然而，無論是從收入還是從他們所訪問的管道和消費的角度來看，都有很多群體更傾向於選擇高端產品。

So the marketplace offers the opportunity of greater segmentation and diversity of packaging. We have more that we can do in the marketplace in the U.S., whether it be on the nature and the range of the can sizes and shapes or the PET bottles. So I think there's plenty of runway in the U.S. to continue to leverage packaging diversity to satisfy consumer needs and to deliver on the RGM equations that we have the opportunity for in the U.S.

因此，市場提供了包裝進一步細分和多樣化的機會。我們可以在美國市場上做更多的事情，無論是在罐子的尺寸和形狀的性質和範圍，還是在 PET 瓶方面。因此，我認為美國有足夠的空間繼續利用包裝多樣性來滿足消費者的需求，並實現我們在美國有機會實現的 RGM 方程式。

And ultimately, you could look at other parts of the world, Latin America or Europe, which are relatively developed cold markets and see that we do successfully use more packages there to deliver the business that the consumers want to have.

最後，你可以看看世界其他地區，拉丁美洲或歐洲，這些相對發達的冷門市場，你會發現我們確實成功地在那裡使用了更多的套餐來提供消費者想要的業務。

Our next question comes from Andrea Teixeira from JPMorgan.

下一個問題來自摩根大通的 Andrea Teixeira。

So John, I appreciate your commentary about the EPS growth in 2024. And James, you said you would like to see volume growth, which is obviously encouraging and in line with what you said in the last earnings call. But given the many moving pieces recently and the weaker consumer in developed markets, number one, is there anything that changed your thoughts sequentially?

所以約翰，我很欣賞你對 2024 年每股盈餘成長的評論。詹姆斯，你說你希望看到銷量成長，這顯然令人鼓舞，並且與你在上次財報電話會議上所說的一致。但考慮到最近發生的許多變化以及已開發市場消費能力的減弱，首先，有什麼事情讓您的想法改變了嗎？

And two, related to the 80% of the volumes, of course, being abroad and granted that, obviously, is moving the impact of the GLP drugs, I think it would be dismissive not to ask, given investor concerns. Can you talk about how you're proactively approaching this potential risk? Obviously, it's similar to what you have done over the many, many years in terms of the sugar content and portion control, but just curious how investors should be thinking of the tools you have at your disposal.

第二，由於 80% 的銷售來自國外，這顯然會影響 GLP 藥品的影響，考慮到投資者的擔憂，我認為不問就太不明智了。您能談談您如何主動應對這項潛在風險嗎？顯然，這與您多年來在糖含量和份量控制方面所做的類似，但只是好奇投資者應該如何看待您所掌握的工具。

Thanks, Andrea. So on the first point, if you think about 2023 from where we were 12 months ago and what we're guiding to for the rest of this year, it's in an environment that has had the same kinds of ForEx headwinds and much of the volatility that I would expect to continue into the next 12 months or so.

謝謝，安德里亞。因此，關於第一點，如果您從 12 個月前的狀況以及我們對今年剩餘時間的預期來思考 2023 年，就會發現我們所處的環境同樣面臨著外匯逆風和波動，我預計這種波動將持續到未來 12 個月左右。

And we've demonstrated as we've both highlighted both in the script and in a number of forums, the levers that we have developed over the last few years to effectively manage through those -- a period with such volatility and uncertainty. And I expect 2024 to be a similar type of year.

正如我們在腳本和多個論壇中所強調的那樣，我們已經展示了過去幾年來發展的手段，可以有效地管理這些充滿動盪和不確定性的時期。我預計 2024 年也將是類似的一年。

So I would point you to many of these levers are improved marketing and innovation, the revenue growth management abilities that I think year-on-year are getting stronger and the overall execution of our system in the marketplace. So the industry continues to be strong, and we expect that to be a feature of our underlying equation for 2024 also.

因此，我想指出的是，這些槓桿中的許多都是改進的營銷和創新，我認為逐年增強的收入成長管理能力以及我們的系統在市場上的整體執行力。因此，該行業將繼續保持強勁，我們預計這也將成為我們 2024 年基本方程式的一個特徵。

Regarding the second point you raised, it is an area that we are very focused on. There's still a lot of views out there as to what impact, if any, it will have. I would offer -- if you step above us and lock us -- the thrust of our total beverage strategy over the last few years, that we are well positioned to provide choice and to provide options for people's respective motivations and needs.

關於您提到的第二點，這是我們非常關注的領域。對於它會產生什麼影響（如果有的話），外界仍有許多觀點。如果您站在我們上面並鎖定我們，我會提供過去幾年我們整體飲料策略的主旨，那就是我們完全有能力提供選擇，並為人們各自的動機和需求提供選擇。

And so we'll continue to monitor the space, but we're confident that the total beverage strategy -- 68% of our products have low or no calories today. And we continue to invest in innovation and choice to deal with whatever comes out of...

因此，我們將繼續監控這一領域，但我們對整體飲料策略充滿信心——目前我們 68% 的產品都是低卡路里或零卡路里的。我們將繼續投資於創新和選擇，以應對可能出現的任何情況…

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

下一個問題來自富國證券的克里斯凱裡 (Chris Carey)。

I wanted to ask you a question about Coca-Cola Zero. Growth has decelerated a bit through the year against pretty exceptional unit case growth last year. So I was just wondering if you could reframe where we are with the franchise, the opportunities you see for it and if we're perhaps reaching any thresholds just with the expansion of the offering.

我想問您一個關於零度可口可樂的問題。與去年相當出色的單位案例成長相比，今年的成長速度略有放緩。所以我只是想知道您是否可以重新定義我們在特許經營方面所處的位置、您所看到的機會以及我們是否可能僅通過擴大產品範圍就達到任何門檻。

Yes. Sure, Chris. I don't think we're reaching a threshold in terms of the expansion of Coke Zero. Actually, I think quite the opposite, I think there's a vast potential for Coke Zero going forward. I think what you see in the very short term is the impact of some of the big Coke Zero markets aka Europe. They also had a very poor summer and run for a couple of months there, and that makes it look like it's dipped down in Q3.

是的。當然，克里斯。我認為我們在零度可樂的擴張方面還沒有達到一個門檻。事實上，我的想法恰恰相反，我認為零度可樂未來有著巨大的潛力。我認為你在短期內看到的是一些大型零度可樂市場（即歐洲）的影響。他們在那裡度過了一個非常糟糕的夏天並運營了幾個月，這使得它在第三季度看起來有所下滑。

But I think Coke Zero has plenty of runway going forward, and we will continue to invest behind it and are bullish on its long-term potential.

但我認為零度可樂未來還有很大的發展空間，我們將繼續對其進行投資，並看好它的長期潛力。

Our next question comes from Bill Chappell from Truist Securities.

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

Just a little bit on China and I guess, to some extent, Africa. Can you maybe -- this is obviously not the first we've heard of the consumer being a little bit slow to bounce back. But is there anything Coca-Cola can do to accelerate that in terms of pricing or promotion? Or is it really just waiting on the market? And did you see any real changes in that consumer as the quarter progressed, where you ended the quarter with maybe a little more green shoots that things are getting better as we go into the fourth?

我只想談一點關於中國的事情，我想，某種程度上也談非洲的事情。您可能——這顯然不是我們第一次聽說消費者復甦有點慢。但是，可口可樂在定價或促銷方面可以做些什麼來加速這一進程呢？或者真的只是在等待市場？隨著本季的進展，您是否看到消費者發生了任何真正的變化？在本季末，也許出現了一些復甦跡象，表明隨著進入第四季度，情況正在好轉？

Yes. Sure, Bill. Obviously, I hate the idea of just waiting for something to happen macro economically. Certainly, it helps when there's a tailwind from the general environment, but we're not going to wait for that.

是的。當然，比爾。顯然，我不喜歡只是等待宏觀經濟發生某些事情的想法。當然，當整體環境有利時，這會有所幫助，但我們不會等待這種情況。

We're very focused on investing to try and capitalize on the opportunities and restore momentum, particularly on the sparkling business, and there's a lot of RGM and execution opportunities for us to go and tackle in China. Also, we need to get cranked up and have a really strong Chinese New Year, which will be in the early part of 2024.

我們非常注重投資，試圖利用機會並恢復勢頭，特別是在閃亮的業務上，我們在中國有很多 RGM 和執行機會可以解決。此外，我們需要加緊努力，迎接一個真正強勁的中國新​​年，也就是 2024 年初。

And we took a set of decisions in Q3, which created a bit of an impact on the APAC segment margin to really get focused and kind of invest ahead and make some prioritization decisions so that we can really drive the Chinese business forward, hoping that there'll be a plus from the tailwinds of the macroeconomics, but we can't wait for that. We need to focus on controlling what we can control and investing to drive the business.

我們在第三季度做出了一系列決定，這些決定對亞太地區的利潤率產生了一定的影響，讓我們真正集中精力，提前投資，並做出一些優先決策，這樣我們才能真正推動中國業務向前發展，希望宏觀經濟的順風能帶來好處，但我們迫不及待地想要這樣做。我們需要集中精力控制我們能夠控制的事情，並進行投資來推動業務發展。

Our next question comes from Charlie Higgs from Redburn Atlantic.

我們的下一個問題來自 Redburn Atlantic 的 Charlie Higgs。

I've got a question on BIG and the Philippines. And James, maybe can you just talk about the Philippines high level, how the country has performed? And I guess, from a transaction, why now and why CCEP?

我有一個關於 BIG 和菲律賓的問題。詹姆斯，您能否談談菲律賓的高層情況，以及該國的表現如何？我想，從交易的角度來看，為什麼是現在以及為什麼是 CCEP？

And then, John, can you just give us some thoughts on what the transaction could mean for FY '24 outlook if it does go ahead, maybe the sales margin, EPS? And then maybe just comment when you said a portion of proceeds from nonoperating activities may go towards buybacks, is that -- should we read that as BIG disposals?

然後，約翰，您能否給我們一些看法，如果交易確實進行，對 24 財年前景可能意味著什麼，例如銷售利潤率、每股收益？然後，當您說非經營活動所得的部分收益可能用於回購時，也許只是評論一下，我們應該將其解讀為大規模處置嗎？

Sure. Let me start there, Charlie. We have a clear stated objective that we want to be the world's smallest bottler and so over time have been refranchising the operations.

當然。讓我從這裡開始，查理。我們有一個明確的目標，那就是成為世界上最小的瓶裝企業，因此隨著時間的推移，我們一直在重新特許經營這些業務。

We currently hold basically 4 pieces: the Philippines, a large-stage CCBA, a significant part of the system in India and then a number of -- a small number of other countries, about 1/4 in each in rough terms. And so we are long-term, refranchises of the bottling operations we own.

我們目前基本上持有 4 部分：菲律賓、大型 CCBA、印度系統的重要組成部分，然後是一些 — — 少數其他國家，粗略估計每個國家約佔 1/4。因此，我們是長期的、重新特許經營我們所擁有的瓶裝業務的。

In terms of the Philippines, we've had actually a good set of recent years in the Philippines, a good bounce back notwithstanding some ups and downs, given availability or as I said, lack of availability of some critical commodities in the marketplace. But actually, overall, we've had a very good run in the last number of years.

就菲律賓而言，近年來菲律賓經濟表現良好，儘管經歷了一些起伏，但還是實現了良好的反彈，因為市場上存在一些關鍵商品的供應，或者如我所說，存在一些關鍵商品的供應不足。但實際上，總體而言，我們在過去幾年中取得了非常好的成績。

And so we've been looking for the right time and the right partners to refranchise to. I think most importantly, this is a combination of a strong, local, long-term investing family, the Aboitiz Group together with some system expertise coming from CCEP. So I think it's the right combination of partners that can bring bottling expertise and knowledge of the Philippine market -- Philippines market together to continue the track record of what's been achieved. John, do you want to do the other pieces?

因此，我們一直在尋找合適的時機和合適的合作夥伴來重新授予特許經營權。我認為最重要的是，這是強大的當地長期投資家族 Aboitiz 集團與來自 CCEP 的一些系統專業知識的結合。因此，我認為這是正確的合作夥伴組合，可以將裝瓶專業知識和菲律賓市場知識結合起來——菲律賓市場共同延續已經取得的成就。約翰，你想做其他部分嗎？

Yes. So on the transaction stuff, Charlie, we'll guide in February, assuming that the deal closes. It's -- we're making great progress on that at the moment. And without giving specifics, as you know from history, and it will have a revenue headwind and a margin tailwind. And specifics, we'll give more details in February.

是的。因此，查理，關於交易事宜，我們將在二月提供指導，假設交易完成。目前，我們在這方面取得了巨大進展。無需提供具體細節，但正如您從歷史中所知，它將面臨收入逆風和利潤順風。至於具體細節，我們將在二月提供更多細節。

And with regard to your last -- the last part of the long question, I would say the following. One is we have, I think, developed a strong position and created flexibility, given the momentum we have in the business, the stronger balance sheet we have today versus a few years back, and the fact that we do have proceeds coming in from nonoperating sources, i.e., the bottler refranchising primarily.

關於您提出的長問題的最後一部分，我想說以下幾點。一是，我認為，考慮到我們業務的發展勢頭、與幾年前相比更強勁的資產負債表，以及我們確實有來自非經營性來源的收益（即主要是瓶裝商再特許經營），我們已經建立了強勢地位並創造了靈活性。

We continue to be very focused on reinvesting in the business and returning capital. And as we look at some of these proceeds coming in, we will evaluate their best use, including share repurchases beyond the current objective we have to cover dilution. So more to come on that in February.

我們將繼續高度重視業務再投資和資本回報。當我們看到這些收益的一部分時，我們將評估它們的最佳用途，包括超出當前目標的股票回購，以彌補稀釋。二月我們會發布更多相關資訊。

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

下一個問題來自美國銀行的 Bryan Spillane。

I had one just clarification and then a question. The clarification is, did you give us how much hyperinflationary pricing affected just the total price/mix at the total company level?

我只是想澄清一下，然後提出一個問題。需要澄清的是，您是否告訴我們惡性通膨定價對整個公司層級的總價格/產品組合有多大影響？

No, we didn't give a precise number, but it's about 2.5 points. It depends which countries you want to add in and where you want to cut the line. But think of it as about 2.5 points in Q3.

不，我們沒有給出確切的數字，但大約是 2.5 分。這取決於您想要添加哪些國家以及想要在哪裡削減界限。但可以認為 Q3 中的得分約為 2.5 分。

All right. And then my question is just about North America. I think in the press release, unit case volumes were flat, and you called out that you had gained share.

好的。我的問題是關於北美的。我認為在新聞稿中，單位箱量持平，而您卻宣稱自己已經獲得了市場份額。

And then, James, I think in your prepared remarks, you talked about away-from-home growing faster than at-home. So can you just sort of give us a little bit more perspective on kind of what's happening in North America in terms of both in the relative channel performance, anything you may be seeing in terms of value-seeking behavior with consumers? Just trying to get a better understanding of kind of how your business performed and just kind of what's happening with the category as we got through the quarter.

然後，詹姆斯，我想在你準備好的發言中，你談到了客場的成長速度比主場更快。那麼，您能否從相對通路表現的角度，向我們詳細介紹北美的情況，以及您所看到的消費者價值追求行為？只是想更了解您的業務表現如何，以及本季度該類別的進展。

Sure. Firstly, let me start by saying the Nielsen universe represents just under half of our business in the U.S. So the measured channels are just under half of the total business.

當然。首先，我要說的是，尼爾森的業務範圍只占我們在美國業務的一半左右。因此，所衡量的管道只佔總業務的一半左右。

And what's happening in the consumer landscape is in kind of simplifying it down, the lower-income consumers are those most under pressure, and the shopping occasion that's most under pressure is when they're buying for at-home. And so that is the business most captured by Nielsen.

消費者領域正在發生的事情可以簡化為，低收入消費者承受的壓力最大，而承受最大壓力的購物場合是他們在家購物的時候。這就是尼爾森最關注的業務。

And the bit of the marketplace where there's more growth is when consumers are away from home. So there's still very -- still a rebound and strong growth in away-from-home channels, not just some of the restaurants, but the amusements, travel, leisure, hospitality, those things. So you're seeing more growth in that part of the marketplace, which is unmeasured.

當消費者遠離家鄉時，市場就會出現更大的成長。因此，非家庭通路仍然處於反彈和強勁成長階段，不僅是一些餐館，還包括娛樂、旅遊、休閒、酒店等等。因此，您會看到市場中未衡量的部分出現更多成長。

And so that's what's really driving the strength of the U.S. business overall and the revenue side. And so you see kind of a divergence of the consumer behavior between at home and away from home. Obviously, who's under pressure from a disposable income is clear. And then that feeds through into kind of the observed measures channels versus the total overall marketplace.

這才是真正推動美國整體業務和營收成長的因素。因此，您會看到，消費者在家和外出時的行為有一定差異。顯然，誰承受可支配所得的壓力是顯而易見的。然後將其回饋到觀察到的衡量管道與整個整體市場之間。

Our next question comes from Peter Grom from UBS.

我們的下一個問題來自瑞銀的 Peter Grom。

So I kind of wanted to follow up on Bryan's question there. I mean, James, you mentioned trade down to private label and discount channels in your prepared remarks. But I think you also mentioned that relative to 2Q, the impact was similar in Europe but actually less pronounced in the markets like the U.S., Australia and Japan.

因此我想繼續回答布萊恩的問題。我的意思是，詹姆斯，你在準備好的發言中提到了貿易轉向自有品牌和折扣管道。但我想您也提到過，與第二季度相比，歐洲受到的影響類似，但在美國、澳洲和日本等市場受到的影響實際上不那麼明顯。

So I would love just to get your perspective on why you think it was less pronounced in those markets? And then as you look out to 4Q and '24, how do you kind of see this trade-down dynamic evolving?

所以我很想聽聽您的看法，為什麼您認為這些市場的情況不那麼明顯？那麼，展望第四季和 2024 年，您如何看待這種降價動態的演變？

Okay. So I think -- look, the European consumer is under slightly more pressure than the U.S. consumer from a disposable income point of view. That's the starting point. So I think that's why you see a little more trading down or tightness on basket size in Europe versus the U.S. And I think that's generally overall true.

好的。所以我認為──從可支配所得的角度來看，歐洲消費者面臨的壓力比美國消費者略大。這就是起點。所以我認為這就是為什麼你會看到歐洲的交易量比美國略低或籃子規模略緊的原因。而且我認為這總體上是正確的。

And then the question of which categories are most pressured by that is really about brand strength and prioritization of occasions by the consumer. So if you've got to save money, you don't trade down averagely across everything, you make a choice in certain categories, and you preserve your choices on other categories.

那麼，哪些類別受到的壓力最大，這個問題實際上與品牌實力和消費者對場合的優先考慮有關。因此，如果您必須省錢，您就不應該在所有商品上都進行平均降價，而應該在某些類別上做出選擇，同時保留其他類別上的選擇。

So very much our objective is to make sure they value our brands so that they make the choices in the shopping occasion. If there is going to be a reduction in total spend, that obviously happens in some other categories when they trade down to the private label in those ones. And we preserve our brand strengths because we deliver value for them in the product, in the marketing and innovation. And so that's the overall dynamic as we see it. And that's the difference between the U.S. and Europe.

因此，我們的目標是確保他們重視我們的品牌，以便他們在購物時做出選擇。如果總支出減少，那麼當他們轉向其他一些類別的自有品牌時，這種情況顯然也會發生。我們保持了品牌優勢，因為我們在產品、行銷和創新方面為他們提供了價值。這就是我們所看到的整體動態。這就是美國和歐洲的差別。

Our next question comes from Filippo Falorni from Citi.

下一個問題來自花旗銀行的 Filippo Falorni。

A question on the Asia Pacific business. James, you mentioned that the India business was very solid, but China was weak. First, maybe you can give a comment on how big of a drag China was in the quarter, and what are your expectations going forward into next year?

關於亞太業務的問題。詹姆斯，您提到印度業務非常穩固，但中國業務較弱。首先，您能否評論一下本季中國經濟的拖累有多大，以及您對明年的預期是什麼？

And then from a price/mix standpoint, price/mix of one in the segment was one of the lowest across your other segments. I know there's probably some geographic mix impact. But can you talk about the pricing environment as well in Asia Pacific?

然後從價格/組合的角度來看，該細分市場中某個產品的價格/組合是其他細分市場中最低的一個。我知道可能會有一些地理混合的影響。但可以談談亞太地區的定價環境嗎？

Sure. Yes. I mean, China was clearly a drag in volumetric terms on the segment. Most importantly, from a margin point of view, it's really important to not over-rotate to the numbers in any given quarter, given the lumpiness of -- this is concentrate sales, several steps back in the supply chain from the consumer. So I think it's important to always take an average of 4 quarters.

當然。是的。我的意思是，從數量上看，中國顯然對該領域造成了拖累。最重要的是，從利潤率的角度來看，考慮到濃縮液銷售的不穩定性，在供應鏈中距離消費者有幾步之遙，因此不要對任何特定季度的數字進行過度調整。所以我認為始終取 4 個季度的平均值很重要。

In the third quarter, as I commented a little earlier, we made a number of decisions on portfolio prioritization as it related to China and to investing for a fast start in 2024 in a number of markets in Asia Pacific, whether that be Japan or China. And so there are some investments going there.

正如我之前評論的那樣，在第三季度，我們就與中國相關的投資組合優先順序做出了一些決定，併計劃在 2024 年快速啟動對亞太地區多個市場（無論是日本還是中國）的投資。因此有一些投資正在那裡進行。

The overall pricing environment is relatively clear. China inflation is relatively minimal. In Japan, we've been taking pricing recently, given the inflation in Japan, which is kind of very different to the last 30 years. And then the rest of the inflation is kind of the relatively obvious CPI around the rest of ASEAN and Australia. And so that's really what's driving it. I think see the third quarter in Asia Pacific more as an anomaly in terms of price/mix rather than a trend.

整體定價環境比較明朗。中國的通膨相對較小。在日本，考慮到日本的通貨膨脹，我們最近一直在進行定價，這與過去 30 年的情況非常不同。其餘的通貨膨脹則是東協其他國家和澳洲相對明顯的消費者物價指數 (CPI)。這就是真正的推動因素。我認為亞太地區第三季的表現更多的是價格/組合方面的異常現象，而不是趨勢。

Our next question comes from Carlos Laboy from HSBC.

下一個問題來自匯豐銀行的卡洛斯‧拉博伊 (Carlos Laboy)。

Can you speak to the sort of digital investments that the U.S. bottlers are doing and that you're helping them with? Is it more revenue-driven or perhaps more efficiency cost supply chain-centric? I guess in sum, what I'm trying to understand is how are digital investments changing these U.S. bottlers and their capabilities?

您能否談談美國瓶裝企業正在進行哪些數位投資以及您為他們提供了哪些幫助？它是更多以收入為導向，還是更以效率成本供應鏈為中心？總而言之，我想了解的是數位投資如何改變這些美國瓶裝企業及其能力？

What was the last bit of the question, Carlos?

卡洛斯，這個問題的最後一部分是什麼？

How are these digital investments changing these bottlers and their capabilities?

這些數位投資如何改變這些瓶裝企業及其能力？

Sure. I mean the U.S. bottler is much like the rest of the international bottlers are undergoing a set of digital investments. And actually, it's both. The answer is not either, it's both.

當然。我的意思是，美國瓶裝企業和其他國際瓶裝企業一樣，正在進行一系列數位投資。事實上，兩者皆有。答案不是兩者都是，而是兩者皆是。

We have been making investments in technology for a long period of time to drive efficiencies through the supply chain, through the manufacturing, through the logistics whether it be old-school technology investments, AI and now generative AIs are kind of a different feature.

我們長期以來一直在技術方面進行投資，以提高供應鏈、製造和物流的效率，無論是傳統技術投資、人工智慧還是現在的生成人工智慧，都是不同的功能。

So there's a lot going on, and there's a lot of connectivity among the bottlers on the enterprise software side because they're all connected through -- they're basically all use or most of them use a shared platform to get things done that's referred to internally as CONA. So there's a lot of investment on making sure the supply chain is as efficient as it can be and a lot of support from ecosystem partners to get it done.

因此有很多事情要做，企業軟體方面的裝瓶商之間存在很多連接，因為他們都是通過 - 他們基本上都使用或大多數使用共享平台來完成內部稱為 CONA 的工作。因此，我們投入了大量資金來確保供應鏈盡可能高效，並獲得生態系統合作夥伴的大力支持。

And then in terms of the rest of the -- I mean, they're investing in the marketplace that digitize the relationship with largely the nonmodern trade. Obviously, when you're talking to the big modern retail customers, that interaction is already largely digitized. And the focus there is on trying to intensify the connection, really from a supply chain, inventory visibility and forecasting effectiveness point of view, but the connectivity already exists.

然後就其餘部分而言——我的意思是，他們正在投資將與非現代貿易的關係數位化的市場。顯然，當您與大型現代零售客戶交談時，這種互動已經基本數位化了。重點是嘗試加強連接，實際上是從供應鏈、庫存可視性和預測有效性的角度，但連接已經存在。

And then from the nonchain customers, it's really about can you get them on to -- in simple terms, a B2B platform so that it's 24/7 opportunities to order, knowing that if you can digitize the relationship, then it tends to be deeper and more productive. And then once that exists, layering on an AI component, which a number of the bottlers internationally have been working on in coordination, an AI-supported kind of B2B relationship over a platform that can then provide them suggested purchase orders. And that is also helping to drive the business. So the U.S. bottlers in that sense are very much on a similar journey to the international bottlers.

然後從非連鎖客戶的角度來看，這實際上關乎你能否將他們吸引到——簡單來說，一個 B2B 平台，以便他們有全天候的訂購機會，並且知道如果你能夠將這種關係​​數位化，那麼它往往會更深入、更有效率。一旦有了這些，就可以在平台上分層放置 AI 組件（許多國際瓶裝商一直在協調開發該組件），透過 AI 支援的平台建立 B2B 關係，然後可以為他們提供建議的採購訂單。這也有助於推動業務發展。因此，從這個意義上來說，美國瓶裝企業與國際瓶裝企業有著非常相似的經驗。

Our last question will come from Brett Cooper from Consumer Edge.

我們的最後一個問題來自 Consumer Edge 的 Brett Cooper。

Not necessarily looking at the third quarter or year-to-date results, but looking over many years, Coke's growth in sparkling and nonsparkling hasn't been meaningfully different, whereas there would seem to be a higher growth opportunity in nonsparkling given just the differential in market share that you hold and the implementation of category cluster management. So can you speak to any impediment to higher growth in nonsparkling or what I'm likely missing?

不一定要看第三季或今年迄今的業績，但回顧過去多年，可口可樂在含氣飲料和非含氣飲料方面的增長並沒有顯著差異，而僅從你們所佔市場份額的差異和品類集群管理的實施來看，非含氣飲料似乎有更高的增長機會。那麼，您能否談談阻礙非氣泡酒進一步成長的因素是什麼，或者我可能忽略了什麼？

And then I guess the part B is just within that umbrella, can you talk about your ability to develop newer categories to the company like hot coffee or alcohol?

然後我想 B 部分就在這個範圍內，您能談談您為公司開發新類別（如熱咖啡或酒精）的能力嗎？

Sure. We -- our objective is to do justice for the brands in the portfolio. And certainly, you can make an argument that those categories where we have lower shares have a natural opportunity to gain share. But of course, that is something you need to take from someone else.

當然。我們的目標是公正地對待投資組合中的品牌。當然，你可以爭辯說，我們份額較低的那些類別有獲得份額的天然機會。但當然，這是你需要從別人那裡得到的。

The other way of seeing the world is to say that the beverage industry seen from a global perspective are referenced back to the page in CAGNY with all the little people on it, the vast majority of the page is actually white space. In other words, the beverage industry is not yet created.

另一種看待世界的方式是說，從全球視角看飲料產業，可以參考《CAGNY》中所有小人物的頁面，頁面的絕大部分其實都是空白。換句話說，飲料產業尚未被創造出來。

And so actually, the idea that sparkling continues to grow is a representation of us operating from a position of strength to create the industry in the white spaces with our most successful and strongest brands. And so continued growth of sparkling should be a feature of our path going forward.

因此，實際上，閃亮業務持續成長的想法代表我們憑藉著實力，利用我們最成功、最強大的品牌在空白領域創造產業。因此，氣泡酒的持續成長應該成為我們前進道路上的一個特徵。

And then in the nonsparkling categories, of course, we are looking to gain share. We talked historically about trying to get from experimental to challengers to leader to quality leadership. And I think that is a long-term build that has been playing out. If you take the long-term perspective and look at the percent of the total business that is made up of nonsparkling brands, it has increased slowly, but it has increased consistently over the last couple of decades.

當然，在非起泡飲料類別中，我們希望獲得更大的份額。我們回顧歷史，探討如何從實驗者轉變為挑戰者，再轉變為領導者，最後轉變為優質領導者。我認為這是一個長期的建設過程。如果從長遠角度來看，非起泡品牌在整個業務中所佔的百分比雖然增長緩慢，但在過去的幾十年裡卻一直在持續增長。

So we start from a point of view of being consumer-centric from resource and capital allocation and from earning the right to move up the experimenters into the challenger into the leadership position. Nothing radical is going to happen overnight. But it is a dynamic that has built steadily over the last number of years and decades. And we're confident in the opportunity to rebuild the industry or to build the industry further into the future.

因此，我們從以消費者為中心的角度出發，從資源和資本配置入手，從贏得實驗者晉升為挑戰者，再到領導地位。一夜之間不會有任何重大變化。但這種動力在過去幾年乃至幾十年裡一直在穩步增強。我們對重建該行業或進一步發展該行業的未來充滿信心。

Okay. That was the last question, operator. Okay. So to conclude, thanks very much, everyone. We've proven, I hope you can see, in Q3 that we continue to deliver volume, top line growth and incremental U.S. dollar earnings per share by executing against our all-weather strategy. And we're confident that we can create value over the long term.

好的。這是最後一個問題，接線員。好的。總而言之，非常感謝大家。我希望您能看到，我們已經證明，在第三季度，透過執行全天候策略，我們將繼續實現銷售、營收成長和每股美元收益的增量。我們有信心能夠長期創造價值。

So thank you for your interest and your investment in the company and for joining us this morning.

感謝您對公司的關注和投資，也感謝您今天早上加入我們。

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。您現在可以斷開連線。