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 年第三季財報電話會議。今天的通話正在錄音。如果您有任何異議，請此時斷開連接。

(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.

（操作須知）提醒大家，本次會議的目的是與投資人對話，因此不回答媒體提問。媒體參與者如有任何疑問，請聯絡可口可樂媒體關係部門。

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

現在我想介紹一下副總裁兼投資者關係主管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。我們已在公司網站 coca-colacompany.com 的投資者部分的財務資訊下發布了時間表。這些時間表協調了某些非公認會計準則財務指標，我們的高階主管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，其中提供了我們的成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 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。 （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. 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、可比營業利潤率擴張和每股盈餘成長。我們的策略正在發揮作用。這些結果延續了我們一貫交付的記錄。鑑於我們今年迄今的表現，我們正在提高我們的頂線和底線指引。

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.

今天早上，我將簡要介紹全球消費者格局的最新情況。然後，我將把大部分時間集中在各個細分市場的業務績效上，並討論我們如何進行投資，以進一步增強我們捕捉長期成長機會的能力。 John 最後將討論本季的財務細節、我們修訂後的 2023 年全年指引以及 2024 年的一些早期考慮因素。

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.

全球營運環境總是動態的，本季也不例外。有些市場持續改善，而有些市場則面臨各種因素，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.

在積極的銷售、市場上的一些定價行為以及去年基礎上的結轉定價的推動下，我們本季實現了 11% 的有機收入成長。該季度的銷量成長了 2%，每個月都在持續改善，其中 9 月是我們表現最強勁的月份。與 2019 年相比，我們今年迄今為止的銷售成長與基本業績保持一致。總體而言，我們的行業仍然充滿活力並正在擴張，我們正在努力捕捉這種成長。

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，我們在家庭和外出通路的銷售和價值份額都獲得了成長。世界各地的消費者信心持續存在差異。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。我們已經看到一些市場和類別轉向折扣管道並轉向自有品牌。與上一季相比，整個歐洲的活動強度基本上相同，但在美國、澳洲和日本則不太明顯。

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.

在發展中市場和新興市場，情況更為複雜。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。我們的營收成長管理執行能力為我們帶來了明顯的優勢，我們正在利用這些能力來確保我們在正確的管道和正確的價格點上以正確的包裝提供正確的產品，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.

儘管世界各地的情況各不相同，但我們有許多槓桿可以利用，並在不同的市場條件下繼續提供服務。我將分享每個地區的更多詳細資訊。

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由於提前投資以參與長期機會以及策略性投資組合合理化所產生的額外成本。

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，我們透過將我們的品牌與飲酒場合聯繫起來，再加上強大的執行力，實現了收入和利潤的成長。在泰國，我們推出了可口可樂廚房，它將消費者與有影響力的人聯繫起來，他們與可口可樂分享了他們最喜歡的食譜。我們也與食品服務聚合商合作推出組合餐。該活動吸引了近 100 萬消費者，我們透過餐飲服務聚合商訂購的餐點顯著提高了飲料的附著率。

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增加。我們繼續看到可口可樂、喬治亞咖啡和我樂活活動的強勁勢頭，並加強了自動販賣機、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，由於起泡軟性飲料類別需要更長的時間才能恢復，因此銷量有所下降。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。我們的重點是恢復起泡軟性飲料類別的勢頭，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，我們實現了兩位數的銷售和營收成長，從而實現了過去三年來最高的價值份額成長。我們以實惠的價格產生了 26 億筆交易，並推動了農村地區的可用性，從而贏得了市場。在整個亞太地區，作為幫助推動包裝材料循環經濟的世界無廢棄物策略的一部分，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.

繼續前往歐洲、中東和非洲地區。我們實現了強勁的有機收入和營業收入成長。在非洲，宏觀情況依然嚴峻，摩洛哥、利比亞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、對近 100,000 個網點進行數位化並增加迄今為止使用的 80,000 個冷卻器來推動交易成長。

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，我們的業務也受到惡劣天氣的不利影響。儘管有這些動態，我們還是透過氣泡軟性飲料和茶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來做到這一點。我們繼續看到傑克丹尼和可口可樂在歐洲取得的有希望的早期業績。我們正在學習和拓展酒精飲料領域，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（例如土耳其芬達節）來吸引消費者，該活動專注於當地著名藝術家音樂會的零食場合。今年夏天他們還推出了 100% 再生 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。我們繼續看到外出管道的表現優於在家管道。在起泡軟性飲料中，彈性保持良好，我們繼續推動可口可樂、雪碧和芬達的品質領先地位。例如，我們的系統加強了 Sprite 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 What the Fanta 平台的最新萬聖節版本）推動了淡水河谷市場份額增長近 2 個百分點。除了閃閃發光之外，BODYARMOR 和 Powerade 的趨勢也趨於穩定。 fairlife、Core Power、smartwater 和 Gold Peak 產生了價值份額收益。在美國，為了保護水資源，我們與農業部續簽了長達十年的合作關係，以恢復和改善國家森林和草原的流域。水是我們的系統和我們所服務的社區的首要任務。

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，我們透過執行策略的各個方面實現了兩位數的營收和利潤成長，從而在我們排名前 5 的市場中的 4 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不斷改善。

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熱情點聯繫起來，以建立更深的聯繫。在巴西，我們透過 Coke Studio 與 Town Music Festival 合作，舉辦了 60 小時的音樂會，並與藝術家和影響者互動，產生了 10 億次展示次數，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.

我們繼續透過大型 PET 包裝的可再填充包裝來提高可負擔性。在發展中國家和新興市場，可再填充產品是消除浪費並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，今年迄今已有超過 27 萬個冷卻器，這增加了我們在關鍵領域的可見庫存份額。

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.

全球企業實現了強勁的整體成長。在 Costa，我們在推動交易成長的同時加強了營收成長管理等式。這得益於強大的創新和行銷活動的支持，例如我們的全球冰之夏、茶點類別的擴展以及在英國推出的個性化預降忠誠度激活。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，Bottting Investments Group 透過擴大負擔得起的即時消費入門包以及加強市場路線和優化貿易收款來增加有機收入和營業收入。同時，我們正在努力透過使用 200 輛電動車來實現在印度業務的脫碳，並計劃在 2023 年底之前增加更多。

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.

在本季度之後，我們仍然對長期充滿信心。我們看到整個行業的勢頭仍在持續，我們的系統比以往任何時候都更加積極地抓住這個機會。利用數據推動更好的決策是提高執行力的關鍵。我們的系統集體投資於數位化舉措，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。我們的行銷轉型越來越使我們的品牌與消費者更加相關。如今，Z 世代每天在螢幕上花費 7 到 9 個小時。然而，人們花在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比例不到30%，而今年迄今為止，透過數位行銷活動，數位行銷支出已超過60%，這些行銷活動將不成比例地接觸到消費者的人群細分為我們獲得更高投資回報的人。我們透過可口可樂、Sprite Heat Happens 和 Fuze Tea's Made of Fusion 等數位優先活動看到了巨大的參與。

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步驟，以站在面向消費者和非消費者的生成人工智慧的最前線。例如，我們推出了Create Real Magic，將消費者變成數位創造者。我們還將 GenAI 引入了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 來分享這部作品。

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 Coke Y3000，這是我們在 Coke Creations 平台中的第八次迭代。可口可樂Y3000，全球首款與人工智慧共同創造的未來風味。此次發布已展現出強勁的初步成果。在非面向消費者的方面，我們正在實施生成式人工智慧，以改善對洞察、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整合執行。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.

我們繼續擴大覆蓋範圍並為客戶提供大規模的個人化服務。初步試點表明，收到人工智慧編寫的推播通知的客戶更有可能購買推薦的 SKU，從而增加零售額。我們只是觸及了可能性的表面，但我們現在正在投資數位能力，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，我們對今年迄今為止的業績感到鼓舞，這反映在我們更新的 2023 年指導中。我們有許多槓桿可以利用，並且已經證明我們可以在全球多種類型的市場中提供服務。我們繼續在地方層級取得勝利，在全球層面保持靈活性，並進行再投資以建立我們的長期系統。

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

這樣，我就把電話轉給約翰。

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，並重點介紹我們更新的 2023 年指導。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，我們第三季業績強勁。從頂線開始。我們的有機收入成長了 11%。單位案件成長率為 2%。如果排除俄羅斯業務暫停的影響，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.

精礦銷售量與本季的單位銷售量相符。價格/組合成長了 9%，這是由各營運部門的定價行為推動的，包括一些惡性通膨市場的影響，以及去年進入基數的結轉定價。

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.

由於基本擴張和裝瓶商再特許經營帶來的小幅收益，本季的可比毛利率增長了約 130 個基點，但部分被貨幣逆風的影響所抵消。本季可比營業利益率擴大約 20 個基點。這主要是由強勁的收入成長和重新特許裝瓶業務的影響所推動的，但部分被行銷投資與上一年相比的增加以及貨幣逆風所抵消。總而言之，儘管 4% 的貨幣阻力高於預期，但第三季可比每股收益為 0.74 美元，比去年同期成長 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.

年初至今，自由現金流約 79 億美元。這主要歸因於強勁的基本營運績效和營運資本收益，但被 7.2 億美元的過渡稅和 2.3 億美元的併購相關付款部分抵銷。我們的資產負債表強勁，1.5 倍的 EBITDA 淨負債槓桿低於我們 2 至 2.5 倍的目標範圍。

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，我們簽訂了一份意向書，以重新特許經營我們的菲律賓裝瓶商。隨著我們再特許經營之旅的進展，我們渴望改善我們業務的回報狀況。 2015年，當裝瓶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，Bottting Investments Group 的淨收入佔比不到 20%。我們的投資報酬率超過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，我們在裝瓶投資集團的剩餘資產將包括在印度、非洲和幾個較小地點（主要是亞太地區）的業務。我們將繼續嚴格執行我們的再特許經營方法，確保我們的系統處於最佳位置，以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提升的 2023 年指引。這包括 10% 至 11% 的有機收入成長，這將由價格/組合帶動，並包括銷量的正成長。我們確實預期已開發市場的定價在第四季度會有所放緩，因為我們會根據上一年的定價計劃進行循環。

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.

還有一些惡性通膨市場將繼續推動價格/組合。第四季將額外增加1天。我們目前預計，剔除貨幣因素後，每股盈餘將成長 13% 至 14%。根據當前匯率和我們的對沖頭寸，我們現在預計 2023 年全年的可比淨收入將受到約 4 個點的貨幣阻力，而每股可比收益將受到約 6 個點的貨幣阻力。

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.

根據目前稅率和對沖頭寸，我們繼續預計，每宗商品價格通膨對 2023 年銷售商品可比成本的影響將在中個位數範圍內。我們現在預計 2023 年的基本有效稅率為19%。總而言之，我們更新的可比每股收益成長為 7% 至 8%，而 2022 年每股收益為 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.

我們仍預計 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IRS 的美國所得稅糾紛相關的任何付款，這種情況不太可能在2023 年發生。考慮到我們的業務勢頭、資產負債表的實力以及我們預計從裝瓶商再特許經營中獲得的一些收益，我們提高了靈活性，可以繼續對我們的業務進行再投資並將資本返還給股東。

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。我們對大多數市場的營收動能感到鼓舞。在少數惡性通貨膨脹市場中，要不是無法對沖，就是成本高昂。在這些市場中，我們已經證明，我們可以透過考慮當地市場通膨的價格來管理貨幣壓力，並且我們將繼續遵循這種方法。雖然有些商品正在正常化，但我們的投入成本也可能受到緊張和衝突的影響。在廣告支出方面，我們的傾向是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，而可比每股收益將面臨大約中個位數的貨幣阻力。從現在到在二月份，有幾個因素可能會影響我們的貨幣前景和更廣泛的商業前景。在過去的幾年裡，我們實現了以美元計算的每股盈餘成長，我們有許多槓桿可以繼續這樣做。

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。由於我們世界各地的系統員工做出了令人難以置信的承諾，我們非常清楚我們前進的方向，並且有充分的能力執行實現目標的策略。我們繼續投資以推動可持續的長期成長。我們仍然專注於抓住可用的機會。

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 Dara Mohsenian from Morgan Stanley.

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

So 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.

很明顯，第三季又出現了一組強勁的業績，隨著全年的成長，顯然增加了對今年的信心。我很想對 2024 年有更多的了解。我知道您不想提供有關前景的具體數字，但只是希望您能讓我們了解您如何看待未來的定價前景考慮到第三季度的強勁表現，或許可以將其分解為價格上漲與混合市場與惡性通膨市場的部分，以及明年定價方面競爭環境的預示。

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.

讓我提出一些想法，達拉。首先，剛剛突破第三季度，因為我認為這對於您考慮今年年底和明年的下滑是有啟發性的。

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，第三季有幾個點是 2022 年通膨加劇環境的延續。顯然，隨著我們進入第四季度，顯然是明年，這些點將會消失。然後你就得到了常規定價。然後，您會看到來自阿根廷、土耳其和許多非洲市場等通貨膨脹率極高的市場的定價點，考慮到通貨膨脹水平，這些定價點正在對整個公司層面產生影響。

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，我們假設明年這些市場會出現一定程度的負面影響。但我們假設明年的價格/組合在這個意義上會出現某種程度的積極性。關於高通膨市場，不確定的一件事——唯一確定的一件事是它的結束是不可預測的。因此，現在就 2024 年的情況進行全面的宣傳還為時過早。顯然，我們會在 2 月時進行更新。

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，淨淨，你將繼續溫和地走向已開發經濟體的著陸區。有幾個新興市場，即中國，通膨率低於正常。然後，新興市場的情況魚龍混雜，特別重要的是這些高通膨市場的整體趨勢。因此，希望這提供了一些參數來思考它如何在第四季和明年落地。

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。

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一件事是在發布中，當您特別指出通膨定價的具體貢獻時，這很有幫助。但我認為有趣的一件事是，通膨定價較高的地區也是單位箱量至少與我的預期相比好於預期的地區。

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，邏輯和彈性會說定價更高，銷售更少。但在這裡，您將獲得單位箱體積。所以我想知道您是否可以談談您正在採取哪些不同的做法來實現這種組合。然後，如果你能夠談論這些市場的交易成長，以及這是否是成長速度——相對於單位案例來說，這是如何成長的。

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。首先，我想強調，我們多年來一直在追求，但今年和明年的具體目標是，無論環境中的通貨膨脹程度如何，我們都希望保護我們的消費者特許經營規模並見證其成長。換句話說，我們希望看到環境中交易量或交易量出現正面成長。

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 和執行策略在很大程度上不僅是在這些環境中獲得價值份額，而且是確保其中包含銷售成長。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.

由於它與存在通貨膨脹和交易量的地區有關，我的意思是，這個難題的兩個最大的部分是拉丁美洲和歐洲、中東和非洲。依序來看，拉丁美洲的通膨定價顯然是由阿根廷推動的。一般而言，其餘內容都處於同一類型，即在很長一段時間內占主導地位的通貨膨脹。這是一個我們非常了解如何運作的環境。我們在那裡擁有出色的業務，他們非常擅長行銷創新、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.

鑑於其通貨膨脹水平和經濟水平，阿根廷就像坐過山車一樣。我可以根據個人經驗這麼說，因為我在 2001 年和 2002 年擔任那裡的國家經理，當時他們的貨幣大幅貶值並且債務違約。所以這是我們知道如何運作的事情，也是拉丁美洲某些市場發生的事情的一部分，所以我們能夠執行。

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.

由於它涉及 EMEA，分為兩部分。一是歐洲的環境，與美國一樣，通膨正在放緩，歐洲的動態更多地圍繞著通膨的溫和程度，事實上，就天氣和消費者而言，他們度過了一個相對較差的夏季。壓力比美國大一點

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.

歐洲、中東和非洲地區的另一半是歐亞大陸和非洲。在這種背景下，有許多通貨膨脹率非常高的市場，例如土耳其、辛巴威、奈及利亞（某種程度上）、埃及（某種程度上）。在那裡，當通貨膨脹確實飆升時，您偶爾會看到對交易量的影響。但總體而言，我們已經能夠應對這一挑戰，因此在整個細分市場的基礎上，我們已經完成了它。

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，儘管在任何特定季度的某些市場中，銷量可能為負，因為通貨膨脹往往比系統更劇烈。

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 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。我對你們的行銷投資有疑問。我認為，它們的上漲拖累了本季的營業利潤率。所以只是希望這些再投資能有更多的色彩。

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，您提到了繼續領先投資的計劃。那麼您能否提供更多關於您對此的看法的資訊？最後，無論是今年，您計劃將多少營收力量再投資於行銷？更重要的是，你如何看待明年的這個問題，尤其是在外匯逆風更大的背景下。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。讓我試著稍微解開一下。因此，我們在過去幾年中進入了新冠疫情之後，並表示我們預計會出現反彈。只要成長存在，我們就會為成長進行傾斜和投資，而不是試圖因預期某些事情而後退。對於這種運作方式，我不確定我是否會將額外的行銷描述為對結果的拖累，更多是將其描述為驅動我們所看到的頂線和底線的引擎。

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正在發揮作用，具體表現為我們提高了頂線和底線指導。我認為，作為一個模型，如果我們能夠繼續將其推進到今年年底和明年，我們當然會很樂意這樣做。

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年帶來了一些意想不到的驚喜，我們將會轉向，無論是一個國家、一個地區還是全球，我們都會像2020年第二季度新冠疫情來襲時那樣快速轉向，我們會減速在這種環境下的行銷支出。因此，我們認為，如果世界任何地方需要搬遷，我們已經發展出更大程度的搬遷彈性。但作為起點，我們將努力實現成長。

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.

我認為我要說的最後一件事是，如果你考慮所有這些項目的平衡，如果你稍微縮小一點，從更廣泛的角度來看待營業收入利潤率，因為顯然，行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，你會發現營業利潤率每年增長約0.5 個百分點，這與長期增長模型中的隱含槓桿基本一致。

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。這不會每個季度都會發生，因為季度非常不穩定，但這是我們看待策略的方式的一部分。

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，您談到過——可口可樂公司談到讓消費者從更多的商品包轉向更多的商品包，我認為您稱它們為事件包或更高附加價值的包，我認為喜歡了解一下，也許我們只是關注美國在這段旅程中的位置，有多少改進組合的空間，以及在消費者也在尋找的經濟疲軟環境中可以做的事情嗎？更多的負擔能力和價值選擇。

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。看，我絕對認為美國市場有巨大的機會來利用更大的包裝多樣性。我們並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.

在這樣的環境中，利用更大的包裝多樣性實際上是有幫助的，就像目前在美國一樣，某些消費者感受到可支配收入壓力，會尋找更實惠的選擇。然而，無論是從收入還是從他們使用的管道和支出的角度來看，有許多細分市場的人更傾向於選擇優質產品。

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。我們在美國市場上還有更多可以做的事情，無論是罐頭尺寸和形狀還是 PET 瓶的性質和範圍。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.

最終，你可以看看世界其他地區，拉丁美洲或歐洲，這些都是相對發達的冷市場，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.

我們的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 年每股收益增長的評論。詹姆斯，你說你希望看到銷量增長，這顯然是令人鼓舞的，並且與你在上次財報電話會議中所說的一致。但考慮到最近發生的許多變化以及發達市場消費者的疲軟，第一，有什麼事情連續改變了您的想法嗎？

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，與 80% 的銷售量有關，當然，在國外，並且顯然正在改變 GLP 藥物的影響，考慮到投資者的擔憂，我認為不問就等於不屑一顧。您能談談您是如何主動應對這潛在風險的嗎？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考慮您可以使用的工具。

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，如果你從 12 個月前的情況以及我們今年剩餘時間的指導來看 2023 年，你會發現，它所處的環境也面臨著同樣的外匯逆風和很大的波動性我預計這種情況會持續到未來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.

正如我們在劇本和許多論壇中所強調的那樣，我們已經展示了我們在過去幾年中發展的槓桿，以有效地應對這些波動和不確定性的時期。我預期 2024 年也會是類似的一年。

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，我想向您指出，其中許多槓桿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系統在市場中的整體執行力。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.

關於你提到的第二點，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），仍然有很多觀點。如果你超越我們並鎖定我們，我會提出過去幾年我們整體飲料策略的主旨，即我們處於有利地位，可以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——今天，我們 68% 的產品卡路里含量低或不含卡路里。我們繼續投資於創新和選擇，以應對出現的任何情況...

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裡。

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.

我想問你一個關於可口可樂零的問題。與去年相當出色的單位案例增長相比，今年的增長略有放緩。所以我只是想知道你是否可以重新定義我們在特許經營方面的處境，你看到的機會，以及我們是否可能透過產品的擴展達到任何閾值。

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。我認為我們在可口可樂零的擴展方面還沒有達到門檻。事實上，我的想法恰恰相反，我認為零可樂未來有巨大的潛力。我認為您在短期內看到的是一些大型可口可樂零市場（即歐洲）的影響。他們還度過了一個非常糟糕的夏天，在那裡運行了幾個月，這使得第三季的情況看起來有所下降。

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.

但我認為可口可樂零號未來還有很大的發展空間，我們將繼續對其進行投資，並看好其長期潛力。

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?

稍微介紹一下中國，我想，某種程度上，還有非洲。你可以嗎——這顯然不是我們第一次聽到消費者反彈速度有點慢。但可口可樂能在定價或促銷方面採取什麼措施來加速這一進程嗎？還是真的只是在等待市場？隨著本季度的進展，您是否看到消費者發生了任何真正的變化？在本季度結束時，您可能看到了更多的萌芽，隨著我們進入第四季度，情況正在變得更好？

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，我討厭僅僅等待宏觀經濟上的事情發生的想法。當然，當整體環境出現順風時，它會有所幫助，但我們不會等待。

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，嘗試利用機會並恢復勢頭，特別是在閃閃發光的業務上，而且我們在中國有很多 RGM 和執行機會可以解決。此外，我們需要振作起來，在 2024 年初度過一個真正充實的農曆新年。

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，這對亞太地區的利潤率產生了一些影響，以真正集中精力並提前投資並做出一些優先級決定，以便我們能夠真正推動中國業務向前發展，希望宏觀經濟的順風將會帶來好處，但我們已經等不及了。我們需要專注於控制我們可以控制的事情並進行投資以推動業務發展。

Our next question comes from Charlie Higgs from Redburn Atlantic.

我們的下一個問題來自雷德本大西洋月刊的查理·希格斯。

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，也許你能談談菲律賓高層，該國的表現如何？我想，從一筆交易來看，為什麼是現在，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，您能否給我們一些想法，如果交易確實進行的話，對 24 財年的前景意味著什麼，也許是銷售利潤率、每股收益？然後，當您說非經營活動的部分收益可能用於回購時，也許只是發表評論，我們是否應該將其視為重大處置？

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，即我們希望成為世界上最小的裝瓶商，因此隨著時間的推移，我們一直在重新特許經營。

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 個部分：菲律賓、一個大型 CCBA、印度系統的重要組成部分，然後是一些 - 少數其他國家，粗略地說，每個國家約佔 1/4。因此，我們對我們擁有的裝瓶業務進行長期的重新特許經營。

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，鑑於市場上某些關鍵商品的供應或正如我所說，缺乏供應，儘管有些起伏，但近年來菲律賓實際上經歷了良好的反彈。但實際上，總體而言，我們在過去幾年中運行得非常好。

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間和合適的合作夥伴來重新特許經營。我認為最重要的是，這是一個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，可以將菲律賓市場的裝瓶專業知識和知識結合在一起，以繼續取得所取得的成就。約翰，你想做其他的作品嗎？

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，關於交易事宜，查理，假設交易完成，我們將在二月提供指導。目前我們正在這方面取得巨大進展。如果不提供具體細節，正如您從歷史中知道的那樣，它將面臨收入逆風和利潤逆風。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.

關於你的最後一個長問題的最後一部分，我想說以下內容。一是，我認為，考慮到我們業務的發展勢頭、我們今天的資產負債表比幾年前更強勁，以及我們確實有來自非經營性收入的事實，我們已經建立了強大的地位並創造了靈活性來源，即主要是裝瓶商再特許經營。

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.

我們繼續非常注重業務再投資和資本返還。當我們查看其中一些收益時，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，我們必須覆蓋稀釋。所以二月還會有更多的事情發生。

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

我們的下一個問題來自美國銀行的 Bryan Spillane。

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?

我先做了一個澄清，然後提出了一個問題。需要澄清的是，您是否向我們提供了惡性通貨膨脹定價對整個公司層面的總價格/組合的影響有多大？

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，我們沒有給出準確的數字，但大約是2.5分。這取決於您想要添加哪些國家/地區以及您想要在哪裡切斷線路。但可以認為第三季的得分約為 2.5 點。

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，單位銷量持平，而你聲稱你已經獲得了份額。

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，你談到了在外的成長比在家裡更快。那麼，您能否讓我們對北美正在發生的事情有更多的了解，無論是在相對通路績效方面，還是在消費者的價值追求行為方面您可能看到的情況？只是想更了解您的業務表現以及本季該類別的情況。

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，我首先要說的是，尼爾森宇宙僅占我們美國業務的一半以下。因此，所測管道僅佔總業務的一半以下。

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.

消費者環境中正在發生的事情正在簡化，低收入消費者是壓力最大的消費者，而壓力最大的購物場合是他們在家購物時。因此，這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.

而當消費者出門在外時，市場的成長會更快。因此，外出管道仍然在反彈和強勁增長，不僅僅是一些餐館，還有娛樂、旅行、休閒、酒店等。所以你會看到這部分市場出現了更多的成長，這是無法衡量的。

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企業整體實力和營收成長的因素。因此，您會發現在家和外出時的消費者行為有一定差異。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市場的對比。

Our next question comes from Peter Grom from UBS.

我們的下一個問題來自瑞銀集團的彼得‧葛羅姆。

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.

所以我有點想跟進布萊恩的問題。我的意思是，詹姆斯，您在準備好的發言中提到了向自有品牌和折扣管道進行貿易。但我想你也提到，相對於第二季度，歐洲的影響是相似的，但實際上美國、澳洲和日本等市場的影響不太明顯。

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，為什麼您認為這種情況在這些市場上不那麼明顯？然後，當您展望第四季和 24 年時，您如何看待這種折價動態的演變？

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，歐洲消費者承受的壓力比美國消費者稍大。這就是起點。因此，我認為這就是為什麼與美國相比，歐洲的交易量下降或籃子規模更加緊張的原因，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.

那麼哪些品類受到的壓力最大的問題其實與品牌實力和消費者對場合的優先順序有關。因此，如果你必須省錢，你就不會在所有商品上進行平均交易，而是在某些類別中做出選擇，並保留對其他類別的選擇。

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。如果總支出要減少，那麼當其他一些類別的產品降價到自有品牌時，這種情況顯然會發生。我們保留了我們的品牌優勢，因為我們在產品、行銷和創新中為他們創造了價值。這就是我們所看到的整體動態。這就是美國和歐洲之間的差別。

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。

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?

關於亞太地區業務的問題。詹姆斯，你提到印度業務非常穩固，但中國業務很弱。首先，也許您可以評論中國在本季的拖累有多大，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，該細分市場中某一產品的價格/組合是其他細分市場中最低的產品之一。我知道可能存在一些地理組合的影響。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，中國顯然是該領域銷售的拖累。最重要的是，從利潤的角度來看，考慮到集中銷售的塊狀性，在任何特定季度不要過度旋轉數字非常重要，這是供應鏈中距離消費者倒退幾步的銷售。所以我認為平均 4 個季度很重要。

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系列決定，並在亞太地區的許多市場（無論是日本還是中國）進行投資，以便在2024 年快速啟動。因此，那裡有一些投資。

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.

整體定價環境較為明朗。中國的通膨相對較小。在日本，我們最近一直在定價，因為日本的通貨膨脹與過去 30 年有很大不同。然後其餘的通膨是東協其他國家和澳洲相對明顯的消費者物價指數。這才是真正的推動力。我認為亞太地區第三季在價格/組合方面更多是一種異常現象，而不是一種趨勢。

Our next question comes from Carlos Laboy from HSBC.

我們的下一個問題來自匯豐銀行的卡洛斯·拉博伊。

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?

您能談談美國裝瓶商正在進行的以及您正在幫助他們進行的數位投資嗎？是更多以收入為導向，還是更以效率成本、供應鏈為中心？我想總而言之，我想了解的是數位投資如何改變這些美國裝瓶商及其能力？

What was the last bit of the question, Carlos?

卡洛斯，問題的最後一點是什麼？

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

這些數位投資如何改變這些裝瓶商及其能力？

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，美國裝瓶商就像其他國際裝瓶商一樣正在進行一系列數位投資。事實上，兩者都是。答案不是兩者之一，而是兩者兼具。

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.

長期以來，我們一直在技術方面進行投資，以提高供應鏈、製造、物流的效率，無論是老式的技術投資，人工智慧還是現在的生成式人工智慧都是不同的特徵。

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，有很多事情正在發生，而且企業軟體方面的裝瓶商之間有很多連接，因為它們都是透過連接的——它們基本上都是使用的，或者大多數使用共享平台來完成所提到的事情內部為 CONA。因此，需要進行大量投資來確保供應鏈盡可能高效，並且需要生態系統合作夥伴提供大量支援來完成這項任務。

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，他們正在投資市場，並將與非現代貿易的關係數位化。顯然，當你與現代零售大客戶交談時，這種互動已經在很大程度上數位化了。重點是試圖加強連接，實際上是從供應鏈、庫存可見性和預測有效性的角度來看，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.

然後對於非連鎖客戶來說，真正重要的是你是否可以讓他們進入——簡單來說，一個 B2B 平台，以便有 24/7 的訂購機會，知道如果你可以將關係數位化，那麼它往往會更深並且更有生產力。一旦存在，就可以在人工智慧組件上進行分層，這是國際上許多裝瓶商一直在協調開發的，在一個平台上建立一種人工智慧支援的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，從這個意義上說，美國裝瓶商與國際裝瓶商的歷程非常相似。

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

我們的最後一個問題將來自 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，但縱觀多年來，可口可樂在氣泡酒和非起泡酒方面的增長並沒有顯著的不同，而考慮到差異，非起泡酒似乎有更高的成長機會根據自己所佔有的市場份額，實行品類集群管理。那麼，您能談談非氣泡酒更高成長的任何障礙嗎？或者我可能錯過了什麼？

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，你能談談你為公司開發新類別的能力，例如熱咖啡或酒精嗎？

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－我們的目標是公正對待投資組合中的品牌。當然，你可以提出這樣的論點：那些我們所佔份額較低的類別自然有機會獲得份額。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，從全球角度看飲料產業，可以參考 CAGNY 的頁面，上面都是小人物，頁面的絕大多數其實是空白。換句話說，飲料業還沒有創建。

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，氣泡酒持續成長的想法代表了我們的實力雄厚，以我們最成功、最強大的品牌在空白領域創建了這個行業。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，在非氣泡酒類別中，我們希望獲得份額。我們過去曾討論過如何從實驗者到挑戰者，再到領導者，再到高品質的領導者。我認為這是一個已經發揮作用的長期建設。如果你從長遠的角度來看，非起泡品牌佔總業務的百分比，你會發現它的成長緩慢，但在過去幾十年裡一直在持續成長。

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，從資源和資本配置出發，從贏得將實驗者提升為挑戰者、領導者地位的權利出發。任何激進的事情都不會在一夜之間發生。但這是一種在過去幾年和幾十年中穩步建立的動力。我們對重建產業或進一步建立產業未來的機會充滿信心。

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。最後，非常感謝大家。我希望您能看到，我們已經證明，在第三季度，我們透過執行全天候策略，繼續實現銷售、營收成長和每股美元收益增量。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.

感謝您對公司的興趣和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。您現在可以斷開連線。