可口可樂 (KO) 2024 Q1 法說會逐字稿

At this time, I'd like to welcome everyone to the Coca-Cola Company's First Quarter 2024 Earnings Results Conference Call. Today's call is being recorded. If you have any objections, please disconnect at this time. (Operator Instructions)

現在，我歡迎大家參加可口可樂公司 2024 年第一季獲利電話會議。今天的通話正在錄音。如果您有任何異議，請此時斷開連接。 （操作員說明）

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.

我想提醒大家的是，這次會議的目的是與投資人對話，因此不會回答媒體的提問。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.

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。

We've posted schedules under Financial Information in the Investors section of our company website. These reconcile certain non-GAAP financial measures that may be referred to this morning to results as reported under generally accepted accounting principles. You can also find schedules in the same section of our website that provide an analysis of our growth and operating margins.

我們已在公司網站「投資者」部分的「財務資訊」下發布了時間表。這些措施將今天上午可能提到的某些非公認會計原則財務指標與根據公認會計原則報告的結果進行了協調。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。

This call may contain forward-looking statements, including statements concerning long-term earnings objectives, which should be considered in conjunction with cautionary statements contained in our earnings release and in the company's periodic SEC report. Following prepared remarks, we'll take your questions. (Operator Instructions)

本次電話會議可能包含前瞻性陳述，包括有關長期盈利目標的陳述，這些陳述應與我們的盈利發布和公司定期 SEC 報告中包含的警示性陳述結合起來考慮。在準備好發言後，我們將回答您的問題。 （操作員說明）

Now I will turn the call over to James.

現在我將把電話轉給詹姆斯。

Thanks, Robin, and good morning, everyone. We're off to a good start this year as our first quarter results continued the momentum we've been building by executing our all-weather strategy. The operating backdrop differed greatly across our markets once again, but our powerful portfolio, coupled with our systems capabilities, equip us with the agility we need to deliver on our 2024 guidance, which we are updating today.

謝謝羅賓，大家早安。今年我們有了一個良好的開端，第一季的業績延續了我們透過執行全天候策略所建立的勢頭。我們各個市場的營運背景再次存在巨大差異，但我們強大的產品組合加上我們的系統能力，使我們具備了實現 2024 年指導（我們今天更新的指導）所需的敏捷性。

This morning, I'll discuss the drivers in the quarter and how we use our scale and growth mindset to deliver these strong results. Then I'll highlight how we continue to meet consumer needs and grow our total beverage portfolio. Finally, John will discuss our financial results and updated 2024 guidance.

今天早上，我將討論本季的驅動因素，以及我們如何利用規模和成長思維來實現這些強勁的業績。然後我將重點介紹我們如何繼續滿足消費者需求並擴大我們的整體飲料產品組合。最後，約翰將討論我們的財務表現和更新的 2024 年指引。

In the first quarter, we grew volume and expanded comparable margins, and we continued to invest across the business. We're managing currency fluctuations to deliver earnings growth as shown by the 7% comparable earnings per share growth despite 9% currency headwinds, and we gained value share in both at-home and away-from-home channels.

在第一季度，我們增加了銷量並擴大了可比利潤，並且我們繼續在整個業務領域進行投資。我們正在管理貨幣波動以實現盈利增長，儘管存在 9% 的貨幣逆風，但每股可比收益增長了 7%，並且我們在國內和國外渠道都獲得了價值份額。

Across the world, we're continuing to win in the market by leveraging our scale and relying on our local expertise of our bottling partners. In Asia Pacific, momentum continued across a large portion of our business, including Japan and South Korea, Philippines and Thailand. We gained traction in Indonesia with a return to volume growth. India's momentum was impacted by some temporary factors that recovered at the end of March.

在世界各地，我們透過利用我們的規模和瓶裝合作夥伴的本地專業知識，繼續贏得市場。在亞太地區，我們的大部分業務持續保持成長勢頭，包括日本、韓國、菲律賓和泰國。隨著銷量恢復成長，我們在印尼獲得了關注。印度的勢頭受到一些臨時因素的影響，這些因素在3月底有所恢復。

In China, retail sales growth continues to improve, but consumer confidence is still below 2019 levels. We remain optimistic about the many opportunities ahead of us, and we're stepping up our execution in a number of ways. For example, greater focus on our core business for a more segmented market approach and more surgical horizontal market and execution.

在中國，零售額成長持續改善，但消費者信心仍低於 2019 年水準。我們對眼前的許多機會保持樂觀，我們正在透過多種方式加強我們的執行力。例如，更加關注我們的核心業務，以實現更細分的市場方法以及更精準的橫向市場和執行。

In EMEA, we're seeing gradual improvement in macro trends in Europe, leading to improved consumer confidence. We paired Sprite with spicy new locations to drive momentum in away-from-home channels. Fuze Tea and POWERADE also generated strong performance, and Jack Daniels and Coca-Cola expanded to 6 more European markets during the quarter.

在歐洲、中東和非洲地區，我們看到歐洲宏觀趨勢逐漸改善，消費者信心有所改善。我們將雪碧與辛辣的新地點配對，以推動客場管道的發展勢頭。 Fuze Tea 和 POWERADE 也取得了強勁的業績，Jack Daniels 和可口可樂在本季又擴展到了 6 個歐洲市場。

Africa saw continued volume momentum from last quarter, while navigating a number of markets with significant currency devaluations. Geopolitical and economic challenges in Eurasia and the Middle East continue to affect our business in the region. We are working closely with local partners to manage these challenging dynamics, and we're committed to investing behind the strength of our brands for the long term.

非洲的交易量延續了上個季度的勢頭，同時在一些貨幣大幅貶值的市場中航行。歐亞大陸和中東的地緣政治和經濟挑戰繼續影響我們在該地區的業務。我們正在與當地合作夥伴密切合作，以應對這些充滿挑戰的動態，並且我們致力於長期投資於我們品牌的實力。

North America volume had a slow start to the quarter before posting sequential improvement in each of the last 2 months of the quarter and elasticities remain favorable, leading to ongoing share gains. The launch of Coke Spiced featured compelling in-store displays. Across our sparkling softdrink brands, Zero Sugar sugar performance was strong, and we introduced 12-ounce slim cans to further drive premiumization. Value-added dairy continued across fairlife and Core Power in sports drinks, notwithstanding the noncash impairment charge that John will speak to in more detail.

北美地區的銷量本季開局緩慢，隨後在本季度最後 2 個月的每個月中均出現環比改善，且彈性仍然良好，導致份額持續上漲。可口可樂的推出以引人注目的店內展示為特色。在我們的起泡軟性飲料品牌中，零糖表現強勁，我們推出了 12 盎司細罐裝以進一步推動高端化。儘管約翰將更詳細地討論非現金減損費用，但 Fairlife 和 Core Power 運動飲料中的加值乳製品仍在繼續。

We believe our 2-brand strategy with POWERADE and BODYARMOR is gaining traction, and we've seen improved share trends. While we still have work to do, the stepped up execution by our dedicated sales force in driving improved on-shelf execution and we're encouraged by the continued growth in sports water and the more recent BODYARMOR innovations, including Zero Sugar and Flash I.V.

我們相信，我們的 POWERADE 和 BODYARMOR 兩大品牌策略正在獲得關注，我們已經看到了份額趨勢的改善。雖然我們仍有工作要做，但我們的專業銷售團隊在推動貨架執行方面的加強執行，以及運動水的持續增長和最新的 BODYARMOR 創新（包括零糖和 Flash I.V）令我們感到鼓舞。

While inflation has moderated and wages continue to trend upward in North America, we're closely monitoring consumer sentiment and traffic trends between at-home and away-from-home consumption. In Latin America, volume momentum continued. Performance was driven by strength in Mexico, Brazil and Colombia, while Argentina continued to experience high inflationary conditions. We have quality leadership across our portfolio in Latin America, with Coca-Cola Zero Sugar continuing its strong performance. Sparkling flavors, sports, juices and alcohol ready-to-drink also performed well during the quarter.

儘管北美的通貨膨脹已經放緩，薪資仍持續呈上升趨勢，但我們正在密切關註消費者情緒以及在家和外出消費之間的流量趨勢。在拉丁美洲，成交量持續保持成長動能。墨西哥、巴西和哥倫比亞的強勁表現推動了業績成長，而阿根廷則繼續經歷高通膨狀況。我們在拉丁美洲的產品組合中處於品質領先地位，可口可樂零糖持續保持強勁表現。起泡口味、運動飲料、果汁和即飲酒精飲料在本季也表現良好。

Commercial initiatives are driving improved shelf space and basket incidence supported by ongoing outlet digitization. We have suggested order capabilities in digital platforms that reach more than 3 million customers in the region.

在持續的門市數位化支持下，商業措施正在推動貨架空間和購物籃利用率的改善。我們建議在數位平台上提供訂單功能，覆蓋該地區超過 300 萬名客戶。

Across developed markets, the overall inflationary environment is normalizing. However, across developing emerging markets, there continues to be a handful of markets that are experiencing intense inflation, which is driving elevated pricing, offset by incremental currency headwinds. We're proactively managing these volatile environments, and we feel confident we have the playbook to navigate challenges locally, while continuing our momentum at a consolidated level.

在已開發市場，整體通膨環境正正常化。然而，在發展中新興市場中，仍有少數市場正在經歷嚴重的通貨膨脹，這導致價格上漲，但被不斷增加的貨幣逆風所抵消。我們正在積極管理這些不穩定的環境，我們相信我們有應對本地挑戰的策略，同時在鞏固的層面上繼續我們的勢頭。

We're continuing to spin our strategic flywheel faster across total beverage portfolio. And as discussed at CAGNY, we're building loved brands and innovating and delivering bigger, bolder bets. In the first quarter, we launched K-Wave as part of the Coke Creations platform in markets across 5 operating units. K-Wave celebrates Korean pop or K-pop fans, includes a global collaboration with 3 K-pop groups and an AI-based fan experience. Our growing number of Coke Creations are different with each iteration and, by design, are only available for a limited time. This generates buzz and excitement building relevance for the brand and reconsideration for Coke with Gen Z drinkers.

我們將繼續在整個飲料產品組合中更快地旋轉我們的戰略飛輪。正如 CAGNY 所討論的那樣，我們正在打造受人喜愛的品牌、創新並做出更大、更大膽的賭注。第一季度，我們在 5 個營運部門的市場上推出了 K-Wave，作為 Coke Creations 平台的一部分。 K-Wave 旨在慶祝韓國流行音樂或韓國流行音樂粉絲，包括與 3 個韓國流行音樂團體的全球合作以及基於人工智慧的粉絲體驗。我們不斷增加的可口可樂產品每次迭代都不同，並且根據設計，僅在有限的時間內提供。這會引起轟動和興奮，從而建立品牌的相關性，並讓 Z 世代飲用者重新考慮可口可樂。

We also know that sometimes the most successful lasting innovation is simply improving the taste of existing drinks. Using our deep in-house flavor expertise and understanding of the science of taste, we have worked to refine the recipes for Fanta and Sprite to meet consumer preferences across many markets. These changes bring new consumers to our brands as well as remind current consumers what drew them to their favorite beverages in the first place.

我們也知道，有時最成功的持久創新就是改善現有飲料的口味。利用我們深厚的內部風味專業知識和對味覺科學的理解，我們致力於改進芬達和雪碧的配方，以滿足許多市場消費者的喜好。這些變化為我們的品牌帶來了新的消費者，同時也提醒了當前的消費者，最初是什麼吸引他們選擇他們最喜歡的飲料。

The strong Fanta performance in markets from Brazil to Germany to the U.S. this quarter is largely due to this type of innovation, which was supported by marketing messages focused on taste and on tying the brand to snacking occasions at local festivals, like Carnival in Brazil.

本季芬達在巴西、德國和美國等市場的強勁表現很大程度上歸功於這種創新，這種創新得到了注重口味的營銷信息以及將品牌與當地節日（如巴西狂歡節）的零食場合聯繫起來的支持。

Elsewhere in our total beverage portfolio, Minute Maid Zero Sugar kicked off its global campaign in North America, leveraging influencers, social media and connected commerce activations with key customers. We're building on our innovations by driving awareness and excitement through an increasingly digital marketing media mix.

在我們整個飲料產品組合中的其他地方，美汁源零糖利用影響力、社交媒體以及與主要客戶的關聯商務活動，在北美啟動了其全球活動。我們透過日益數位化的行銷媒體組合來提高認知度和興奮度，從而鞏固我們的創新。

Our total beverage portfolio plays a lead role, as shown by the New Guy campaign in the U.S. this quarter, which featured multiple grounds across categories. Innovation is woven into the fabric of our culture, and we're encouraged by our innovation pipeline as we look forward to the rest of 2024.

正如本季在美國舉行的 New Guy 活動所表明的那樣，我們的整個飲料組合發揮著主導作用，該活動以跨類別的多個場地為特色。創新已融入我們的文化之中，我們對 2024 年剩餘時間的創新管道感到鼓舞。

Moving across the flywheel, we're leaning into integrated execution to drive basket incidence and create incremental value for customers. We work closely with our bottling partners and went bigger with in-store displays to inspire transactions around key events like NCAA March Madness in the U.S., and we'll do this again later this summer with the Olympic and Paralympic Games. As a system to improve quality availability, we increased outlets by 2%, added more than 600,000 cooler doors and increased our share of cold space and overall shelf space in stores.

跨越飛輪，我們傾向於整合執行，以提高購物籃發生率並為客戶創造增量價值。我們與裝瓶合作夥伴密切合作，並加大店內展示力度，以激發圍繞美國 NCAA 瘋狂三月等重大賽事的交易，今年夏天晚些時候，我們將在奧運會和殘奧會期間再次這樣做。作為提高品質可用性的系統，我們將門市數量增加了 2%，增加了超過 60 萬個冷櫃門，並增加了商店中冷藏空間和整體貨架空間的份額。

We benefited from global scale, while maintaining local relevance by tying our brands to regional meals occasions. For example, in Japan, we've associated Coke with Wagyu and Yakiniku through the path to purchase, using end-to-end consumer messaging and partnering with key customers in the modern trade and convenience retail. We have seen strong Coca-Cola revenue growth in Japan.

我們受益於全球規模，同時透過將我們的品牌與區域餐飲場合聯繫起來來保持當地相關性。例如，在日本，我們透過購買路徑將可口可樂與和牛和烤肉聯繫起來，使用端到端消費者訊息傳遞並與現代貿易和便利零售中的主要客戶合作。我們看到可口可樂在日本的收入強勁成長。

While we continue to grow our business, we also strive to positively impact the communities we serve. We do this by focusing on the issues that matter most to our system, and we share our status and learnings each year when we publish our business' sustainability report. Putting it all together, it's early in the year, but we're off to a good start. We have confidence we will achieve our guidance for the year.

在我們不斷發展業務的同時，我們也努力為我們服務的社區帶來正面影響。我們透過專注於對我們的系統最重要的問題來做到這一點，並且我們每年在發布業務可持續發展報告時都會分享我們的現狀和經驗教訓。總而言之，雖然現在還處於年初，但我們已經有了一個好的開始。我們有信心實現今年的目標。

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. Our first quarter results marked a continuation of the underlying momentum in our business, driven by a strong and focused system. We delivered another quarter of volume growth, even as we cycled strong results. Additionally, we completed the refranchising of several bottlers during the quarter, leading to further comparable margin expansion.

謝謝你，詹姆斯，大家早安。在強大而專注的系統的推動下，我們第一季的業績標誌著我們業務基本動能的延續。儘管業績循環強勁，但我們的銷量又實現了一個季度的成長。此外，我們在本季完成了幾家裝瓶商的重新特許經營，導致可比利潤率進一步擴大。

We progressed on our refranchising agenda, while making sure we best position our system to deliver long-term growth, and we earn a fair return on our investments. We continue to invest behind our portfolio with discipline and flexibility, thanks to our enhanced resource allocation agenda.

我們在再特許經營議程上取得了進展，同時確保我們的系統能夠實現長期成長，並獲得公平的投資回報。由於我們強化了資源分配議程，我們將繼續以紀律和靈活性對我們的投資組合進行投資。

During the quarter, we grew organic revenues 11%. We had 1% unit case growth. Concentrate sales were behind unit case volume by 3 points, driven by 1 less day in the quarter and the timing of concentrate shipments, primarily in Mexico and the Middle East.

本季度，我們的有機收入成長了 11%。我們的單位案例增加了 1%。由於本季減少 1 天以及精礦出貨時間（主要在墨西哥和中東），精礦銷售量落後單位箱量 3 個百分點。

Our price/mix growth of 13% in the quarter was driven by approximately 6 points of intense inflationary pricing across a handful of markets to offset significant currency devaluation, pricing actions across a number of markets and a couple of points of favorable mix.

本季我們的價格/組合成長了 13%，這是由於少數幾個市場為抵銷貨幣大幅貶值而出現的約 6 個百分點的劇烈通膨定價、多個市場的定價行動以及一些有利的組合推動的。

Excluding impacts from intense inflationary pricing, organic revenue growth in the first quarter was at the high end of our long-term growth algorithm. Comparable gross margin for the quarter was up approximately 130 basis points driven by underlying expansion and a benefit from bottler refranchising, partially offset by the impact of currency headwinds.

排除劇烈通膨定價的影響，第一季的有機收入成長處於我們長期成長演算法的高端。在基本擴張和裝瓶商再特許經營的推動下，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。

Comparable operating margin expanded approximately 60 basis points for the quarter. This was primarily driven by strong top line growth and bottler refranchising, partially offset by currency headwinds and an increase in marketing investments. Markets experiencing intense inflation represent only a single-digit contribution to our volume, but continue to have an outsized impact on the shape of our P&L.

本季可比營業利益率擴大約 60 個基點。這主要是由強勁的收入成長和裝瓶商重新特許經營推動的，但部分被貨幣不利因素和行銷投資的增加所抵消。經歷劇烈通膨的市場對我們的交易量僅產生個位數的貢獻，但仍對我們的損益表產生巨大影響。

Putting it all together, first quarter comparable EPS of $0.72 was up 7% year-over-year, including 9% currency headwinds, which were driven by currency devaluation in markets experiencing intense inflation. Free cash flow was approximately $160 million, an increase from the prior year.

總而言之，第一季可比每股收益為 0.72 美元，年增 7%，其中包括 9% 的貨幣逆風，這是由經歷嚴重通膨的市場貨幣貶值造成的。自由現金流約 1.6 億美元，較前一年增加。

Before moving on, I want to discuss 2 items that are included in our first quarter reported results, a $765 million charge related to the remeasurement of our contingent consideration liability for our acquisition of fairlife. Our final payment related to the fairlife acquisition will take place in 2025. This payment has grown as fairlife has outperformed. We continue to be encouraged by our ability to scale fairlife organically.

在繼續之前，我想討論一下我們第一季報告結果中包含的兩個項目，即與重新計量收購 fairlife 的或有對價負債相關的 7.65 億美元費用。我們與 fairlife 收購相關的最終付款將於 2025 年支付。我們有機地擴展公平生活的能力繼續令我們感到鼓舞。

Secondly, a noncash impairment charge of $760 million related to BODYARMOR. While we are taking a charge to reflect revised projections and a higher discount rate since the acquisition date of BODYARMOR, we believe in the power of our 2 sports brand strategy with POWERADE and BODYARMOR. We're taking actions to help create long-term value, and we're seeing signs that this strategy is working.

其次，與 BODYARMOR 相關的 7.6 億美元非現金減損費用。雖然我們負責反映自收購 BODYARMOR 之日起修改後的預測和更高的折扣率，但我們相信 POWERADE 和 BODYARMOR 兩個運動品牌策略的力量。我們正在採取行動來幫助創造長期價值，我們看到了這個策略正在發揮作用的跡象。

Our balance sheet remains strong and our net debt leverage of 1.6x EBITDA is below our targeted range of 2 to 2.5x. This gives us ample capacity for potential upcoming payments in 2024 related to the IRS tax case, which we continue to vigorously defend, and the upcoming fairlife payment in 2025.

我們的資產負債表依然強勁，淨負債槓桿率為 1.6 倍 EBITDA，低於我們 2 至 2.5 倍的目標範圍。這使我們有足夠的能力來支付 2024 年與國稅局稅務案件相關的潛在付款（我們將繼續積極辯護），以及即將於 2025 年支付的公平生活付款。

We continue to remain consistent in our approach to prioritizing our capital allocation. We're committed to investing to drive growth and to support our dividend, which we have raised for 62 consecutive years.

我們繼續堅持優先考慮資本配置的方法。我們致力於透過投資來推動成長並支持我們的股息，我們已連續 62 年籌集股息。

We're confident our business model has the flexibility to allow us to deliver on our overall objectives. Our updated 2024 guidance reflects the underlying momentum of our business, and we now expect organic revenue growth of 8% to 9%, and comparable currency-neutral earnings per share growth of 11% to 13%. Our revised top line guidance is solely driven by higher-than-expected inflationary pricing in a handful of markets, which we expect to moderate throughout the year.

我們相信我們的業務模式具有靈活性，可以讓我們實現整體目標。我們更新的 2024 年指引反映了我們業務的基本勢頭，我們現在預計有機收入將增長 8% 至 9%，可比貨幣中性每股收益增長 11% 至 13%。我們修訂後的營收指引完全是由少數市場的通膨定價高於預期推動的，我們預期通膨定價將在全年放緩。

Bottler refranchising is still expected to be a 4- to 5-point headwind to comparable net revenues and a 2-point headwind to comparable earnings per share, but will have a positive impact on both our margins and the return profile of our business. Based on current rates and our hedge positions, we anticipate an approximate 4- to 5-point currency headwind to comparable net revenues, and an approximate 7 to 8-point currency headwind to comparable earnings per share for full year 2024.

預計裝瓶商再特許經營仍將對可比淨收入造成4 到5 個百分點的不利影響，對可比每股收益產生2 個百分點的不利影響，但將對我們的利潤率和業務回報狀況產生積極影響。根據當前匯率和我們的對沖頭寸，我們預計 2024 年全年可比淨收入將面臨約 4 至 5 個點的貨幣阻力，而可比每股收益將面臨約 7 至 8 個點的貨幣阻力。

This increase in currency headwind is driven by intense inflationary markets, while the rest of the currency basket is relatively neutral to our results.

貨幣逆風的增加是由激烈的通貨膨脹市場所推動的，而貨幣籃子的其他貨幣對我們的結果相對中立。

Our underlying effective tax rate for 2024 is now expected to be 19%. All in, we continue to expect comparable earnings per share growth of 4% to 5% versus $2.69 in 2023. There are some considerations to keep in mind. We estimate the ongoing conflict in the Middle East had approximately 1 point of impact on volume growth during the first quarter of 2024. It's unclear how long this impact will last. The cadence of structural impact will be larger in the second and third quarters due to the timing of transaction closing during the first quarter and the seasonality of the businesses we refranchised.

我們 2024 年的基本有效稅率目前預計為 19%。總而言之，我們繼續預計 2023 年可比每股收益將增長 4% 至 5%，而每股收益為 2.69 美元。我們估計，中東持續的衝突對 2024 年第一季的銷售成長產生了約 1 個百分點的影響。由於第一季交易結束的時間以及我們重新特許經營業務的季節性，結構性影響的節奏在第二季和第三季將會更大。

Finally, there will be 2 additional days in the fourth quarter. To sum it up, and as James said, the year has started off well. We remain focused on the execution of our all-weather strategy. And thanks to the partnership of our system and the ongoing dedication of our people, we're confident we can create value for our stakeholders and deliver on our guidance for the year. And as we said at CAGNY, we're primed for performance in 2024 and over the long term.

最後，第四季還會有2天的時間。總而言之，正如詹姆斯所說，今年開局良好。我們仍然專注於執行我們的全天候策略。由於我們系統的合作夥伴關係和員工的持續奉獻，我們有信心為利害關係人創造價值並實現我們今年的指導。正如我們在 CAGNY 所說，我們已為 2024 年和長期的業績做好準備。

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

接線員，我們準備好回答問題了。

(Operator Instructions)

（操作員說明）

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

我們的第一個問題來自美國銀行的 Bryan Spillane。

John, I wanted to ask a question about gross margins. In the quarter, there was about a 100 basis point tailwind from structural benefits and then also -- or structural change and then, I think, 60 basis points benefit underlying. If we kind of take that first quarter performance and kind of think about it over the balance of the year, can you just give us some context of how we should be thinking how much of that we should extrapolate going forward?

約翰，我想問一個關於毛利率的問題。在本季度，結構性效益帶來了大約 100 個基點的順風車，然後結構性變化，然後，我認為，潛在的好處為 60 個基點。如果我們考慮第一季的表現並考慮今年的剩餘時間，您能否給我們一些背景信息，說明我們應該如何思考我們應該在未來推斷多少？

Maybe what some of the headwinds, tailwinds would be? But just given the gross margins were so much better, our gross profit dollars were so much better than we were all modeling. I just want to kind of get a sense of how much of that we should bank in our estimates going forward.

也許一些逆風、順風會是什麼？但考慮到毛利率要好得多，我們的毛利也比我們建模時要好得多。我只是想了解我們應該在未來的估計中存入多少資金。

Thanks, Bryan. So as we think about the full year, we're going to continue to have a tailwind from the refranchising work that we have discussed. And so I think that's going to flow through throughout the year. We expect to continue to have some expansion as reflected in our ongoing and the growth model, driven by both positive impacts and some productivity fee. The input horizon is more normalized. We do have some elevation on juice and sugar, which we'll continue to have. But the net of it all is that we'll have some tailwinds in the underlying area.

謝謝，布萊恩。因此，當我們考慮全年時，我們將繼續受益於我們討論過的再特許經營工作。所以我認為這將貫穿全年。我們預計，在正面影響和一些生產力費用的推動下，我們的持續成長模型將繼續實現一定程度的擴張。輸入範圍更加標準化。我們的果汁和糖分確實有所增加，並且我們將繼續保持這種水平。但最終的結果是，我們將在底層地區獲得一些順風。

Currency will continue to be a headwind, and you can kind of extrapolate that out for the year. So the net of it all is it will be primarily driven by the refranchising efforts positively, some underlying expansion, offset by the currency headwind. And as we reflected in our guidance, the top line growth continues to be a primary driver and the quality therein will -- I think will ensure that on a sustained basis, that expansion. Albeit not as potentially aggressive every quarter, but that expansion will be in our favor going forward.

貨幣將繼續變成逆風，你可以推論今年的情況。因此，總而言之，這將主要由積極的再特許經營努力以及一些潛在的擴張所推動，並被貨幣逆風所抵消。正如我們在指導中所反映的那樣，收入成長仍然是主要驅動力，而其品質將——我認為將確保這種擴張持續持續。儘管不是每個季度都那麼激進，但這種擴張將有利於我們未來的發展。

Our next question comes from Dara Mohsenian from Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Dara Mohsenian。

So I was just hoping you could give a bit of a deeper dive into North America, a, just wanted to get an update on what you're seeing from the consumer? Any channel shifts in terms of away-from-home versus at-home and the sequential improvement you discussed within Q1, is that something that's expected to continue going forward? And then just b, price/mix was very strong at 7% in North America, can you unpack that between mix and pricing and just how you think about the balance between pricing mix and volume going forward in the balance of the year in North America?

所以我只是希望你能更深入地了解北美，只是想了解你從消費者那裡看到的最新情況？任何管道在外出與在家方面的轉變以及您在第一季中討論的連續改進，預計會繼續向前發展嗎？然後，北美的價格/組合非常強勁，達到 7%，您能否解釋一下組合和定價之間的關係，以及您如何看待北美今年剩餘時間中定價組合和銷售之間的平衡？

Sure. Overall, in terms of the consumer and how that fed into the channels, the U.S. still remains in good shape. There is some purchasing power compression in the lower-income echelons. And I think it's quite clear that there's some behavioral shift there looking for value. I think that has led to a marginal channel weighting or shift, if you like, with slightly more at-home volume versus away-from-home.

當然。總體而言，就消費者及其進入管道的方式而言，美國仍然保持良好狀態。低收入階層的購買力存在一定程度的壓縮。我認為很明顯，存在一些尋求價值的行為轉變。我認為這導致了邊際管道權重或轉移（如果你願意的話），即在家的流量比在外的流量略多。

I would emphasize this is at the periphery rather than a big shift. But the margin, slightly more value seeking, slightly more at-home, slightly less away-from-home. And so we've been stepping up our RGM efforts, our packaging efforts and executing against that, so that we have continued to gain share in the quarter.

我想強調的是，這只是邊緣現象，而不是重大轉變。但利潤率，追求價值稍微多一點，主場稍微多一點，客場稍微少一點。因此，我們一直在加強 RGM 工作、包裝工作並執行這些工作，以便我們在本季度繼續獲得份額。

As it relates to pricing, of the 7 points in the first quarter, approximately 2 of those are mix or timing related, the rest is pricing, and we expect that to moderate as the year goes on. And we expect to see 2024 be in a much more normal year in terms of pricing, it's largely going to be as it was pre-COVID. So we're expecting to see 2024 end up with a much more balanced growth equation over the rest of the year.

由於與定價有關，在第一季度的 7 個點中，大約有 2 個與混合或時間相關，其餘的是定價，我們預計隨著時間的推移，這一點將有所緩和。我們預計 2024 年的定價會更加正常，基本上與新冠疫情之前的情況相同。因此，我們預計 2024 年的成長方程式將比今年剩餘時間更加平衡。

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。

I wanted to talk a little bit about how the company manages when the dollar is strong. So outside of the markets with extreme inflation, we know from a strategic standpoint, of course, the ongoing RGM efforts and pack and channel and so on. But just sort of from a more tactical standpoint, when you're in a strengthening dollar environment, I was curious if you could share a bit more about how you manage that at a local level. Because the delivery of dollar-based EPS has become a key focus and hallmark, frankly, in the last couple of years, and I thought a bit more color on how you go about that in a more tactical sense could be helpful.

我想談談美元走強時公司的管理方式。因此，在極端通膨的市場之外，我們從戰略角度當然知道正在進行的 RGM 努力以及包裝和渠道等。但從更具戰術性的角度來看，當你處於美元走強的環境中時，我很好奇你是否可以分享更多關於如何在地方層級管理的資訊。坦白說，因為在過去幾年中，以美元為基礎的每股盈餘的交付已成為一個關鍵焦點和標誌，我認為從更具戰術意義的角度對如何實現這一點進行更多的描述可能會有所幫助。

Sure. So markets outside the U.S. will roughly break down into 2 types. There'll be those perhaps typified by Europe, Japan, Australia, some of the obvious ones, where the competition and the economic dynamics of the marketplace are predominantly local currency. And so in these markets, our approach is to compete locally in the local currency given the cost structures in those areas. And we generally marry that with a long-term currency hedging or selling forward program, such that we can have a clear anticipation during the course of the year as to what that's likely to turn into.

當然。所以美國以外的市場大致分為兩類。可能會有以歐洲、日本、澳洲為代表的國家，其中一些比較明顯，市場的競爭和經濟動態主要是當地貨幣。因此，在這些市場中，考慮到這些地區的成本結構，我們的方法是以當地貨幣進行本地競爭。我們通常將其與長期貨幣對沖或遠期銷售計劃結合起來，這樣我們就可以在這一年中對可能發生的情況有一個清晰的預期。

So that's one set of markets. And we essentially have put ourselves in a position through the hedging program that we can compete locally and do what's necessary to continue to win in those marketplaces, which is generally what happens.

這是一組市場。我們本質上已經透過對沖計劃將自己置於這樣一個位置：我們可以在當地競爭，並採取必要措施繼續在這些市場中獲勝，這通常是發生的情況。

The second bucket of countries, and that's much more apparent in recent quarters than even historically, where you have higher -- whether you want to say the chicken and the egg, a higher level of devaluation and a higher level of inflation. These tend to be more emerging market economies where there is less availability of economically attractive hedging programs. And so we tend to have hedged them.

第二類國家，在最近幾季比歷史上更明顯，無論你想說的是先有雞還是先有蛋，更高水準的貶值和更高水準的通貨膨脹。這些國家往往是新興市場經濟體，缺乏具有經濟吸引力的對沖計畫。因此我們傾向於對沖它們。

But also given the elevated nature of the dynamic between the inflation and devaluation, we do -- we obviously are competing locally. So for example, in the Argentinas of the world, we're competing predominantly locally to win in that marketplace and set ourselves out for the long term. And the inflation -- it's very cyclical as these markets cycle through higher inflation and high devaluation.

但考慮到通貨膨脹和貶值之間動態的加劇，我們確實——我們顯然是在本地競爭。例如，在世界各地的阿根廷，我們主要在當地競爭，以贏得該市場並為長期發展做好準備。通貨膨脹是非常週期性的，因為這些市場會經歷更高的通貨膨脹和高度貶值。

Sometimes, the dollar value of those businesses shoots up. And sometimes it shoots down. At the moment, they're in as of shooting down in dollar terms. So they're declining in dollar terms, even though they're growing a lot in currency neutral. But we look at it on a long-term basis to win using the RGM and all the other investments we make in the business. And of course, they're not all in sync with each other. So it's a portfolio management question.

有時，這些企業的美元價值會飆升。有時它會被擊落。目前，以美元計算，它們正處於下跌狀態。因此，儘管以貨幣中性計算，它們增長很多，但以美元計算，它們正在下降。但我們著眼於長期，以利用 RGM 和我們在業務中進行的所有其他投資來贏得勝利。當然，它們並不都彼此同步。所以這是一個投資組合管理問題。

And then overlay that is, of course, a corporate approach in terms of prioritization, where and how to invest, whether it's a lean in and lean in with what sorts of investments, such that we are able to deliver on our corporate level commitment to make sure that the end of it, the sum of all the competing locally, is more than the sum of the parts, such that we can deliver a consistent level of U.S. dollar EPS growth.

然後，當然，這是一種企業方法，涉及優先級、投資地點和方式、是否傾向於投資以及傾向於何種類型的投資，以便我們能夠兌現我們的企業層面承諾確保最終，即本地所有競爭的總和，大於各個部分的總和，這樣我們就可以實現以美元計算的每股收益持續成長。

Our next question comes from Steve Powers from Deutsche Bank.

我們的下一個問題來自德意志銀行的史蒂夫鮑爾斯。

James and John, you both mentioned incremental progress on the 2-brand strategy and sports drinks with BODYARMOR and POWERADE. I was hoping you could expand a bit more on what you're seeing there that gives you that encouragement and what you see as the key initiatives for that strategy as we go forward.

James 和 John，你們都提到了 BODYARMOR 和 POWERADE 在雙品牌策略和運動飲料方面的漸進進展。我希望您能進一步闡述您所看到的那些帶給您鼓勵的內容，以及您認為在我們前進過程中該策略的關鍵舉措。

Sure. Clearly, we haven't progressed as fast as we would like with regard to BODYARMOR, notwithstanding the step-up in the discount rate, and that's reflected, as John talked earlier, in the charge. Notwithstanding that, we do see long-term value in the dual strategy, particularly in the U.S. between POWERADE and BODYARMOR. We're off to a good start with some of the plans the Zero Calorie version is ahead of expectations. The Flash I.V. has got some double-digit share. And the Sport Water version is one of the fastest-growing premium water brands.

當然。顯然，儘管折扣率有所提高，但我們在 BODYARMOR 方面的進展並沒有像我們希望的那樣快，正如約翰早些時候所說，這反映在費用中。儘管如此，我們確實看到了雙重策略的長期價值，特別是在美國 POWERADE 和 BODYARMOR 之間。我們有了一個良好的開端，零卡路里版本的一些計劃超出了預期。閃電俠 I.V.獲得了兩位數的份額。運動水版本是成長最快的優質水品牌之一。

So some product innovation is getting some traction, a new partnership with NHL on the marketing front. And on the execution front, a stepping up of the merchandising and sales force focused directed just at the sports drinks category, which is helping improve the share trend in the category. Although not at the rate we had hoped initially, but we think we are in good shape going forward. Obviously, we'll have an opportunity with the Olympics to really continue to step that up. So plans in place across the product innovation, the marketing and the execution, and we think this will come to fruition over the course of the year.

因此，一些產品創新正在獲得一些關注，例如與 NHL 在行銷方面建立了新的合作夥伴關係。在執行方面，加強了針對運動飲料類別的推銷和銷售隊伍，這有助於改善該類別的份額趨勢。儘管沒有達到我們最初希望的速度，但我們認為我們的未來狀況良好。顯然，我們將有機會透過奧運繼續推進這一目標。因此，我們在產品創新、行銷和執行方面都制定了計劃，我們認為這將在今年內實現。

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。

I was hoping for a little more color on your performance in Asia in the quarter, and then whether it met your expectations or possibly fell short. Also, you mentioned that declines in China more than offset growth in some of your key markets in the region. So maybe just hoping for a little bit more color on your business in China, and how quickly you expect the market will recover, again, given the broader macro challenges in the region.

我希望對你們本季在亞洲的表現有更多的了解，然後看看它是否達到了你們的預期，或者可能沒有達到你們的預期。此外，您提到中國的下滑足以抵消該地區一些主要市場的成長。因此，也許只是希望您在中國的業務能有更多的色彩，以及考慮到該地區更廣泛的宏觀挑戰，您預計市場將多快復甦。

Sure. We'll let us go around Asia quickly. I mean China, we are cycling in the first quarter a very strong Chinese New Year first quarter from 2023. So I think we had a solid a solid quarter in China. We focus very well on having a good Chinese New with sparkling, which was good. We deprioritized some of the lower-value water in order to do so. And as we commented earlier, the Chinese confidence isn't as strongly rebounded as some of the other markets versus 2019. And so we see an overall environment where there'll be growth, perhaps not at the top historic levels, but there'll be growth.

當然。我們會讓我們快速環遊亞洲。我指的是中國，從 2023 年開始，我們的第一季將迎來非常強勁的農曆新年第一季。我們非常注重有一個好的中國新酒和起泡酒，這很好。為此，我們取消了一些低價值水的優先順序。正如我們之前評論的那樣，與2019 年相比，中國的信心並沒有像其他一些市場那樣強勁反彈。成長。

And so we're there we're very much focused on what we can control and the things we need to do. There's still huge opportunities in the Chinese marketplace, notwithstanding the macros. And there's a lot we can execute against in the marketing, in the innovation, in the execution in the marketplace, in the stores and with RGM. So there's a lot for us to achieve that's within our control in China.

因此，我們非常關注我們可以控制的事情和我們需要做的事情。儘管宏觀形勢嚴峻，但中國市場仍存在巨大機會。在行銷、創新、市場執行、商店以及 RGM 方面，我們可以執行很多工作。因此，在中國，我們有很多事情可以實現，這是我們可以控制的。

In the rest of Asia, we had a good quarter in Japan and South Korea. Good share gains, really starting to pick up the pace. Also, likewise, we had a strong performance in the Philippines, which is an important market for us, and so that was good in the quarter. The one that was atypical or at least compared to recent quarters was India had a slower start in January and February. As we've talked in previous calls, we're very bullish on the long-term prospects for the Indian business.

在亞洲其他地區，我們在日本和韓國度過了一個不錯的季度。良好的股票收益，確實開始加快步伐。同樣，我們在菲律賓的表現也很強勁，這對我們來說是一個重要的市場，所以本季表現不錯。不典型的，或至少與最近幾季相比，印度在一月和二月的開局較慢。正如我們在先前的電話會議中所說，我們非常看好印度業務的長期前景。

And we're also very clear it's not going to be a straight line of metronomically consistent growth. And so it wasn't in the first quarter. It was a little softer January, February, but March and April have now bounced back. And so we expect to see India continue to have a strong year this year.

我們也非常清楚，這不會是一條直線式的節拍式持續成長。所以這不是在第一季。一月、二月稍微疲軟，但三月和四月現在已經反彈。因此，我們預計印度今年將繼續表現強勁。

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 can you comment on EMEA? You called out Nigeria, Germany and South Africa growing unit case and driving the growth in volumes. But if my math is correct, ex-inflationary countries, your price/mix in the rest of EMEA was about 7%. So can you comment on the state of the consumer there similar to what you said about the U.S.? And if you feel the 7% price/mix is more stable countries, sustainable going forward?

您能對 EMEA 發表評論嗎？您指出尼日利亞、德國和南非的單位案例不斷增長並推動了銷售的成長。但如果我的數學正確的話，在擺脫通貨膨脹的國家，歐洲、中東和非洲其他地區的價格/組合約為 7%。那麼您能否像您對美國的評論那樣評論那裡的消費者狀況？如果您認為 7% 的價格/組合是更穩定的國家，並且可持續發展？

Sure. EMEA, also this quarter had a whole series of moving pieces. As you started on price/mix, clearly, there's a number of countries in there with very high inflation. Not just Nigeria, but also Turkey and somewhat mathematically unlikely, some of the smaller African countries given the level of inflation can also make a difference to the pricing lever in the EMEA segment. So the EMEA segment has a substantive piece of pricing that is the inflationary marketplaces, including many markets you wouldn't normally suspect.

當然。歐洲、中東和非洲地區，本季也出現了一系列的變化。當你開始考慮價格/組合時，很明顯，有許多國家的通貨膨脹率非常高。不僅是尼日利亞，還有土耳其，以及從數學上看不太可能的情況，考慮到通貨膨脹水平，一些較小的非洲國家也可以對歐洲、中東和非洲地區的定價槓桿產生影響。因此，歐洲、中東和非洲地區有一個實質的定價部分，那就是通貨膨脹市場，包括許多您通常不會懷疑的市場。

And so that's a roundabout way of saying, actually, the -- in Europe, our pricing is much more normalized. And a bit like the U.S., we both see improved macros. Actually, I think that, today, a number of the markets came out and said they've come out of recession from the previous quarters. Like the U.S., we see the lower income consumers remaining under pressure. And at the margin, slightly more shift towards value-orientated channels, at-home orientated channels and lesser from the away-from-home. And clearly, that's related to our focus, not just on the marketing and the innovation with the RGM and affordability and driving premiumization.

因此，這是一種迂迴的說法，實際上，在歐洲，我們的定價更標準化。有點像美國，我們都看到宏觀經濟有所改善。事實上，我認為今天許多市場都出來表示他們已經走出了前幾季的衰退。與美國一樣，我們看到低收入消費者仍然面臨壓力。在邊際上，更多轉向以價值為導向的管道、以家庭為導向的管道，而較少轉向以戶外為導向的管道。顯然，這與我們的重點有關，而不僅僅是 RGM 的營銷和創新以及可承受性和推動高端化。

So Europe, not too dissimilar a story compared to the U.S. But the EMEA segment mix is in both the Middle East conflict and quite a number of the high-inflation countries.

因此，歐洲的情況與美國相比並沒有太大不同，但歐洲、中東和非洲地區的細分市場既存在中東衝突，也存在相當多的高通膨國家。

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。

So I want to ask about brand Coca-Cola, Trademark Coca-Cola relative to the sparkling flavor businesses. I think unit case for sparkling flavors outperformed trademark Coca-Cola in 2021 and in 2022, but this normalized into the back half of 2023. That's continued into Q1 of this year. So can you just perhaps expand on whether there's anything distinct that's occurring here between brand or Trademark Coca-Cola and sparkling flavors, regional considerations, brand considerations? I just think it's noteworthy, given the relative outperformance, that has just turned the other way a little bit. So any context would be helpful.

所以我想問可口可樂品牌、商標可口可樂相對於氣泡口味企業的情況。我認為起泡口味的單位案例在 2021 年和 2022 年的表現優於商標可口可樂，但這種情況到 2023 年下半年就會正常化。那麼，您能否擴展一下可口可樂的品牌或商標與氣泡口味、區域考量、品牌考量之間是否存在任何不同之處？我只是認為這是值得注意的，考慮到相對優異的表現，情況剛剛發生了一點逆轉。所以任何背景都會有幫助。

Yes. Look, clearly, both Trademark Coke, original taste, Coke Zero, have been having a good run over the last number of years and really focused on performance. But also perhaps unlike in times more recently passed, Sprite and Fanta have also been doing well. This has been a intentional focus for the company and the bottling system, which historically, we have looked at and managed sparkling altogether.

是的。顯然，商標可口可樂、原味可口可樂、零可口可樂在過去幾年中都表現良好，並且非常注重性能。但也許與最近不同的是，雪碧和芬達也表現出色。這是公司和裝瓶系統有意關注的焦點，從歷史上看，我們一直在研究和管理氣泡酒。

And very deliberately a number of years ago, we separated to really focus in on Coke, Coke Trademark on its own with all the innovations, whether they be things like the K-Wave innovations, or continuing to focus on Coke Zero with updated -- the updated formulas or focusing on original case Coke with the Marvel activations that's just coming out. A real focus on Coke, and that has been part of what has driven success over the last number of years. And ultimately, for the company to do well, Coke has to do well. It's the kind of a mathematical certainty, and that has certainly been what's driving this.

幾年前，我們非常有意地分開，真正專注於可口可樂，可口可樂商標本身的所有創新，無論是像 K-Wave 創新這樣的東西，還是繼續專注於可口可樂零與更新——更新的配方或專注於原始案例可樂與剛推出的漫威啟動功能。對可口可樂的真正關注是過去幾年成功的部分原因。最終，為了讓公司表現出色，可口可樂必須表現出色。這是一種數學上的確定性，無疑是推動這一趨勢的原因。

And then the separation of Sprite, Fanta and some of the regional brands particularly perhaps some of the Indian soft drink brands like Thums Up, have really got their own deserved focus. Actually, if you put all the flavored sparkling brands together, they would be one of their own big FMCG companies in their own right.

然後雪碧、芬達和一些區域品牌的分離，尤其是一些印度軟性飲料品牌，如 Thums Up，確實得到了自己應有的關注。事實上，如果你把所有風味氣泡酒品牌放在一起，它們本身就是大型快速消費品公司之一。

And so really, what you're seeing is this focus on the formulas of Fanta and Sprite, really doing much better and being teamed up each time we've brought it to marketplace with a full marketing package. For example, Fanta in the U.S. had a good run as we updated the formula and relaunched the marketing.

事實上，您所看到的是對芬達和雪碧配方的關注，確實做得更好，並且每次我們將其推向市場時都會與完整的營銷包進行合作。例如，芬達在美國的銷售表現不錯，我們更新了配方並重新啟動了行銷。

And so I think the -- it's been doing really well. I think the only a place where we've not succeeded, particularly with some of the flavors are in the Chinese marketplace, for example, given -- and that's really a Sprite question there. That we need to continue to focus on to do better with Sprite in China. But otherwise, Fanta, Sprite and particularly the Indian flavor brands have done very well, and of course, Coke is a pretty broad-based success story.

所以我認為——它做得非常好。我認為我們唯一沒有成功的地方，特別是在某些口味方面，是在中國市場，例如，這確實是雪碧的問題。我們需要繼續專注於雪碧在中國做得更好。但除此之外，芬達、雪碧，尤其是印度風味品牌做得非常好，當然，可口可樂也是一個基礎相當廣泛的成功故事。

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。

I wanted to ask on the Latin America business. Clearly, there's a lot of impact from hyperinflation in the market, but the volume trends continue to remain very solid in the region from a unit case standpoint. So maybe can you talk about the consumer environment there. And do you think that you can continue to see volume good in Latin America going forward in some of your key initiatives in the region?

我想問拉丁美洲業務。顯然，市場上的惡性通貨膨脹造成了很大影響，但從單位情況來看，該地區的銷售趨勢仍然非常穩定。那麼也許您可以談談那裡的消費環境。您認為您在拉丁美洲的一些關鍵舉措能否繼續取得良好的業績？

Yes. So the simple answer is yes. We believe the businesses can continue to grow in Latin America, both in volume and revenue terms. It's been a long-term success part of the business with a very strong system between ourselves and the bottlers focused on the marketing, the innovation, the execution on the RGM.

是的。所以簡單的答案是肯定的。我們相信這些業務在拉丁美洲的業務量和收入都可以繼續成長。這是該業務長期成功的一部分，我們和裝瓶商之間有一個非常強大的系統，專注於 RGM 的營銷、創新和執行。

We'll continue to build on the recent year's momentum. Performance this quarter was strong in -- particularly in Mexico, Brazil and Colombia. Obviously, Argentina was impacted by the macroeconomic conditions. But we have a very tight system. We're very focused on what needs to be done and continuing to invest in capacity in order to continue to unlock the volume growth.

我們將繼續鞏固近年來的勢頭。本季的業績表現強勁，尤其是墨西哥、巴西和哥倫比亞。顯然，阿根廷受到宏觀經濟狀況的影響。但我們有一個非常嚴格的體系。我們非常專注於需要做的事情，並繼續投資產能，以繼續釋放銷售成長。

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。

I had a question as it pertains to the fairlife liability. Clearly, this is a sign that the underlying business is doing extremely well, but we've also seen kind of the value of this liability increased quite a bit over the last year or so. As we look ahead, is there anything you can share any guardrails you can provide in terms of how we should think about the liability changing as we move through the balance of the year and into '25?

我有一個關於公平生活責任的問題。顯然，這表明基礎業務表現非常好，但我們也看到這種負債的價值在過去一年左右的時間裡增加了很多。展望未來，您是否可以分享您可以提供的任何防護措施，以幫助我們在今年餘下時間進入「25 年」時應如何考慮負債的變化？

So the liability is very much linked to the ultimate performance. And as we close out this quarter, we're reflecting our latest and best estimates as to what that will be. The momentum of the business has been very strong. And actually, I think it's going to continue. And if anything, there may be some more upside. But for now, we're reflecting our best estimates for what that liability ultimately would be. Just to keep in mind that the liability will be -- it's an early 2025 ending to it. And we'll update as we go through this year in the event that the projections evolve.

因此，責任與最終績效密切相關。當我們結束本季度時，我們正在反映我們對此的最新和最佳估計。業務勢頭非常強勁。事實上，我認為這種情況會持續下去。如果有什麼不同的話，那就是可能還有更多的好處。但目前，我們正在反映我們對最終責任的最佳估計。請記住，責任將在 2025 年初結束。如果預測發生變化，我們將在今年進行更新。

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 more question on the innovation side. Certainly, it's been an innovative company over the past 4 or 5 years and more new products out there. But it's tough to kind of track some of these products that have been launched that are still on the shelf a year or 2 years later. So I guess the question is, are there things in place in terms of percentage of sales should come from new products in a certain region in a year or a number of new products that need to be launched per year? I understand you wanting to be more innovative, but just trying to -- what kind of guardrails or what kind of accountability there is around that kind of innovation.

關於創新方面還有一點問題。當然，在過去的四、五年裡，它一直是一家創新公司，並且推出了更多新產品。但很難追蹤其中一些已推出但一年或兩年後仍在貨架上的產品。所以我想問題是，一年內某個地區的新產品要佔銷售額的比例，或是每年需要推出的新產品的數量，是否有規定？我理解你想要更具創新性，但只是試圖——圍繞這種創新有什麼樣的護欄或什麼樣的責任。

Sure. I think the first thing is to bear in mind a certain segmentation of the innovation. And what I mean by that is you've got a strong focus on a part of the innovation that's around renovation of the core. So you get into kind of a question, okay, well, is the new Coke Zero formula or the updated Fanta formula backed with the new marketing campaign, is that -- you're going to count that as innovation or not. So the first thing is to understand that there's different types of innovation at play here all driving the business. One being. In a sense, the renovation of core brands.

當然。我認為首先要牢記創新的一定細分。我的意思是，你們非常關注圍繞核心翻新的創新部分。所以你會遇到一個問題，好吧，好吧，是新的可口可樂零配方還是更新後的芬達配方在新的營銷活動的支持下，你是否會將其視為創新。因此，首先要了解不同類型的創新正在推動業務發展。一個存在。從某種意義上說，是核心品牌的更新。

Secondly, our launch is intended to be ins and outs. So some of the Coke Creations, where really the focus is on reengaging with consumers in a novel way to drive relevance of the core brand. So you're not expecting it into the last. And then, of course, there are things we're putting into the marketplace that are new innovations, whether it would be something like a Minute Maid Zero Sugar or something like the Absolut SPRITE or the Jack Daniels and Coke. So these things -- and then, of course, you've got nonproduct-based innovation, like it's a new bottle size or a new can size. So we track across all these things.

其次，我們的推出是有意為之。因此，一些可口可樂創意產品的真正重點是以新穎的方式重新吸引消費者，以提高核心品牌的相關性。所以你不會期待它進入最後。當然，我們正在向市場投放一些創新產品，無論是美汁源零糖飲料、絕對雪碧還是傑克丹尼可樂。所以這些事情 - 然後，當然，你有非基於產品的創新，例如新的瓶子尺寸或新的罐頭尺寸。所以我們追蹤所有這些事情。

As it relates to product innovation, we have a very clear set of metrics on whether it's still growing on the fifth quarter after its launch. So is it cycling itself and continuing to accelerate. So there's a lot of cliometrics. But we do not set ourselves an artificial strategy objective of it has to be X percent from innovation. As it happens, about 25% of the growth comes from innovation, but it is not set that way.

由於它與產品創新有關，我們有一套非常明確的指標來衡量它在推出後第五季是否仍在成長。它本身也在循環並繼續加速。所以有很多氣候計量學。但我們並沒有為自己設定一個人為的策略目標：X% 必須來自創新。事實上，大約 25% 的成長來自創新，但事實並非如此。

In the end, we are not setting ourselves up to sell what we make. We've got to sell what the consumers want to buy. So it's about doing justice to every brand and every idea and every package and every channel, and then service that resulting demand. If that is led by a great new innovation or by 138th year of classic Coke, then that's the answer.

最後，我們並不是為了出售我們生產的產品而準備的。我們必須賣消費者想買的東西。因此，關鍵在於公平對待每個品牌、每個想法、每個包裝和每個管道，然後服務由此產生的需求。如果這是由一項偉大的創新或經典可口可樂 138 週年引領的，那麼這就是答案。

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。

James, market development is a culture, right, it's a philosophy. And it seems to me that so much of what you're doing and what you talked about today is intended to get shelf replenishers to become better market developers for faster growth. Can you speak to how this evolution is going in the system? Are there any regions or countries that stand out for momentum in this system transformation of moving towards richer market development and to less shelf replenishment order taking?

詹姆斯，市場開發是一種文化，對，它是一種哲學。在我看來，您今天所做的和談論的很多事情都是為了讓貨架補貨商成為更好的市場開發商，從而實現更快的成長。您能談談系統中的這種演變是如何進行的嗎？在這場向豐富市場發展、減少補貨訂單的體制轉型中，有哪些地區或國家表現突出？

Yes, sure. Look, I think each part of the world is in its journey to continue to add value to the retail. Because in the end, this is about, together with the bottlers, making sure that we are adding value to the retailers business. Our objective at the retail level is to grow the beverage category faster than the average of their business, and for us to grow our portfolio of brands faster than the beverage category.

是的，當然。看，我認為世界各地都在繼續為零售業增加價值。因為最終，我們要與裝瓶商一起確保我們為零售商業務增加價值。我們在零售層面的目標是飲料類別的成長速度快於其業務平均水平，且我們的品牌組合成長速度快於飲料類別。

And to do that, we've got to add more value, and that takes different forms in different places. And so as that happens, for example, the pre-sellers, they move from just order taking to account development. As AI comes in, it generates a suggested order for the retail outlet that is demonstrably more efficient in helping the retailer drive sales and then allows the salesperson to do more account development and to expand on different ideas.

為此，我們必須增加更多的價值，並且在不同的地方採取不同的形式。因此，當這種情況發生時，例如預售者，他們就會從僅僅接受訂單轉向考慮開發。隨著人工智慧的出現，它會為零售店產生建議訂單，這顯然可以更有效地幫助零售商推動銷售，然後允許銷售人員進行更多的客戶開發並擴展不同的想法。

So at each stage, it's about taking the system capabilities to the next level so that we can continue to add value for the retailer. Everything that was done in the past starts to become the price of entry in the future, and so we need to keep adding value. And so I think there's a strong growth in capabilities all around the world specifically focused on the channel structure that the bottlers have in any given market.

因此，在每個階段，都是將系統功能提升到一個新的水平，以便我們能夠繼續為零售商增加價值。過去所做的一切開始成為未來的進入價格，所以我們需要不斷增加價值。因此，我認為世界各地的能力都在強勁成長，特別關注裝瓶商在任何特定市場中擁有的通路結構。

And if I may just add, James, I think one of the big changes in the last 3 to 5 years is that the ambition that we share, respectively, with all of our bottling partners is much more at the high end of what it should be than scattered. So I think that's -- and then it's working backwards from there as to what does it take to deliver that ambition. And yes, some are further along than others, but it's the ambition is that starting point that I think is helping to drive the progress that we're seeing each quarter.

如果我可以補充一點，詹姆斯，我認為過去 3 到 5 年的重大變化之一是，我們分別與所有裝瓶合作夥伴共同的雄心壯志遠遠超出了應有的目標比分散。所以我認為——然後從那裡開始倒推，看看如何才能實現這一雄心壯志。是的，有些人比其他人走得更遠，但我認為這個起點有助於推動我們每季看到的進展。

Our next question comes from Robert Moskow from TD Cowen.

我們的下一個問題來自 TD Cowen 的 Robert Moskow。

Just a couple of clarifying questions. James, I think on the last earnings call, you were very clear that you view the business...

只是幾個澄清問題。詹姆斯，我認為在上次財報電話會議上，您非常清楚地表明您對業務的看法...

You have to speak up. We can't hear you.

你必須說出來。我們聽不到你的聲音。

My apologies. Can you hear me now?

我很抱歉。你聽得到我嗎？

Yes.

是的。

I think last quarter, you spoke very specifically about the business being a 2% unit volume grower. Given the timing impact, is that still how you would view this year? And then secondly, can you be more specific about those timing differences in Mexico and I think the Middle East between units and concentrate? What causes those discrepancies? And do they naturally reverse in the coming quarter?

我認為上個季度，您非常具體地談到了該業務的單位銷量增長為 2%。考慮到時間影響，您對今年的看法仍然如此嗎？其次，您能否更具體地說明墨西哥和我認為中東地區單位和集中單位之間的時間差異？是什麼導致了這些差異？他們會在下個季度自然逆轉嗎？

Sure. Yes, timing differences naturally reverse between concentrate units and unit cases. Partly, it happens when there is a different number of days in the quarter, then we have the -- we use the 445 system for all sorts of reasons. And what that causes sometimes is different numbers of shipping days in quarters. And so you undersell when you got less days, like the first quarter. And of course, in the fourth quarter this year when there's 2 extra days, there'll be way more concentrate units than there were cases, relatively speaking. So over the course of time, these anomalies or differences reverse themselves or average themselves out.

當然。是的，精礦單位和單位箱之間的時間差異自然相反。部分地，當季度中的天數不同時，就會發生這種情況，然後我們出於各種原因使用 445 系統。有時，這會導致每個季度的運輸天數不同。因此，當你的天數較少時，例如第一季度，你就會以低價出售。當然，今年第四季度，多了兩天，相對而言，集中單位會比病例多得多。因此，隨著時間的推移，這些異常或差異會自行逆轉或趨於平衡。

And then as regards to the 2% volume, yes, look, I have a very strong view that the -- our overall ambition to see our revenue grow at the top end of the algorithm, I'm leaving aside the intense inflation countries for the sake of the argument at the moment, we want to grow at that 5% to 6% range. And we want that to have a balanced contribution from volume and price/mix. So implicitly, looking for 2% to 3% on volume. And I think we talked last quarter that in the current circumstances, that's likely to be slightly less volume and slightly more prices, as price inflation normalizes. And so I think that 2% is still pretty good number.

然後，關於 2% 的交易量，是的，看，我有一個非常強烈的觀點，即我們的總體目標是看到我們的收入在演算法的頂端增長，我將把通貨膨脹嚴重的國家拋在一邊考慮到目前的爭論，我們希望成長在5% 到6% 的範圍內。我們希望銷售量和價格/組合的貢獻達到平衡。因此，隱含地，尋找 2% 到 3% 的成交量。我認為我們上個季度談到，在當前情況下，隨著價格通膨正常化，數量可能會略有減少，價格可能會略有增加。所以我認為 2% 仍然是一個相當不錯的數字。

It's certainly been the average growth rate in volume. If you take a compound number over the last number of years, you're going to get something like a 2%. So that seems to be the momentum we're driving. And that -- if you strip away the inflation and the weirdness in the first quarter, what you see is, you got that 1% volume, which given the Middle East headwind of 1% and actually recycling the strongest quarter last year, you can say it's a good volume number. It has good underlying price/mix in the normal countries. So the kind of the normal performance is right at the top end of the algorithm there, and then that feeds its way through to 7% EPS growth. So I think right in there, the main business, notwithstanding the kind of peripheral noise, is humming away right in line with where we said we wanted to be.

這當然是數量的平均成長率。如果你計算過去幾年的複合數，你會得到大約 2% 的結果。這似乎就是我們正在推動的動力。如果你剔除第一季度的通貨膨脹和怪異現象，你會看到 1% 的成交量，考慮到中東 1% 的逆風，實際上是去年最強勁的季度，你可以說這是一個很好的捲號。它在正常國家/地區具有良好的基礎價格/組合。因此，這種正常的表現就在演算法的頂端，然後它就會推動每股收益 7% 的成長。因此，我認為，儘管有一些外圍噪音，但主要業務正在那裡嗡嗡作響，與我們所說的目標一致。

Our next question comes from Rob Ottenstein from Evercore ISI.

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

I'd just like to drill down both on the U.S. and the volume question. Can you talk about your expectations for volume growth in North America this year? What it will take to get volume growth, is a function of more the economy, more the comps, more of the sectors? And tied to the sectors or categories, I think you mentioned that tea, coffee and water were very weak. Any color around that?

我只想深入探討美國和數量問題。您能談談您對今年北美銷售成長的預期嗎？怎麼樣才能實現銷量成長，是更多經濟、更多公司、更多產業的作用嗎？與部門或類別相關，我想你提到茶、咖啡和水非常薄弱。周圍有什麼顏色嗎？

Sure. I mean, clearly, in the case of the U.S., we've commented in previous calls, that our expectation would be modest, flat to modest growth in volume on a long-term basis in North America with good pricing. Clearly, that remains our overall ambition. Whether we get from the flat to something more positive in the rest of the year will obviously be a combination of what we execute against and the trajectory of the purchasing power of the economy in the balance of the year. But we're very focused on continuing to build the business, drive the revenue and continue to win in the marketplace. And we'll see where that nets out, too.

當然。我的意思是，顯然，就美國而言，我們在之前的電話會議中曾評論過，我們的預期是，北美地區的銷量將在長期內保持溫和、持平或適度增長，且定價良好。顯然，這仍然是我們的整體目標。我們是否會在今年剩餘時間從持平轉向更積極的情況，顯然將取決於我們的執行目標和今年剩餘時間經濟購買力的軌跡。但我們非常專注於繼續發展業務、增加收入並繼續贏得市場。我們也會看看結果如何。

And then in the case of where we were doing well and where not clearly, we had a strong quarter in terms of sparkling, in terms of some of the other categories in North America. Dairy, obviously, the fairlife additional charge, as John talked about, as the earnout is in its last year, very strong quarter on dairy, very strong on sparkling, actually good on juice.

然後，就我們表現良好和不明顯的情況而言，就北美的其他一些類別而言，我們在起泡酒方面表現強勁。乳製品，顯然，公平生活的額外費用，正如約翰所說，因為收益是在去年，乳製品季度非常強勁，起泡酒非常強勁，實際上果汁也很好。

The water and the tea, and obviously, to some extent, obviously, the sports categories, were a little softer. Some of it on the water was selling less of the kind of the case pack water. And tea, I think it was very much a question, we just need to focus a little more on some of what needs to be done there. But it was more on the kind of the Fuze Tea end of the spectrum rather than the Gold Peak end of the spectrum, which tends to do better.

水和茶，顯然，在某種程度上，顯然，運動類別，要軟一些。其中一些水上產品的盒裝水銷量較少。至於茶，我認為這是一個很大的問題，我們只需要多關註一些需要在那裡完成的事情。但它更多的是屬於 Fuze Tea 的那種，而不是 Gold Peak 的那種，後者往往做得更好。

Our next question comes from Callum Elliott from Bernstein.

我們的下一個問題來自伯恩斯坦的卡勒姆·艾利奧特。

Great. So I have a slightly longer-term question on gross margins. In 2015, your gross margin was 61%, I think. And you had published a slide at CAGNY in 2016, showing that you expected gross margins to get to 68%, post the refranchising that had been announced at the time. Today, we're still around 60% over the past 12 months. Recognizing you guys weren't in your current seats in 2016 when that slide was published, but my question is what's happened?

偉大的。所以我對毛利率有一個稍微長期的問題。 2015年，我想你們的毛利率是61%。您在 2016 年在 CAGNY 發布了一張幻燈片，顯示您預計毛利率將達到 68%，當時宣布了重新特許經營。如今，過去 12 個月的成長率仍維持在 60% 左右。 2016 年幻燈片發佈時，你們並不坐在現在的座位上，但我的問題是發生了什麼事？

I'm sure you'll point to M&A cost per BODYARMOR CCBA, et cetera, but I don't think they come close to explaining the 800 basis points of delta and I don't think that FX explains the gap either. But so what else is it? And has refranchising maybe just has not been as margin accretive as you expected? Or is there some kind of other structural drag that haven't been anticipated back in 2016?

我確信您會指出每個 BODYARMOR CCBA 的併購成本等，但我認為它們無法接近解釋 800 個基點的 delta，而且我也不認為外匯可以解釋這一差距。但除此之外還有什麼呢？重新特許經營是否可能沒有像您預期的那樣增加利潤？或是否存在 2016 年未曾預料到的其他結構性阻力？

Yes. Actually, I think it does explain what's happened. I don't have the breakdown in front of me. But at the gross margin level, when you take into account the impact of currency, of some of the bottlers acquisitions that came back into our portfolio, that we're now in the process of refranchising and some of the other acquisitions, I think they have had a mechanical impact. And we can come back with a little bit more color on that. And then I think when you look at the operating income and how it flows down into operating income line, the primary driver are these items. So yes, I don't have it in front of me. We can follow up in a bit more detail. But yes, that's the story.

是的。事實上，我認為這確實解釋了所發生的事情。我面前沒有崩潰。但在毛利率水準上，當你考慮到貨幣的影響、一些裝瓶商收購重新回到我們的投資組合中時，我們現在正在進行重新特許經營和其他一些收購，我認為它們產生了機械影響。我們可以在這方面提供更多的色彩。然後我認為，當你查看營業收入以及它如何流入營業收入線時，主要驅動因素是這些項目。所以是的，我面前沒有它。我們可以更詳細地跟進。但是，是的，這就是故事。

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

我們的最後一個問題將來自消費者邊緣研究中心的布雷特庫柏。

Just wanted to ask on your digital experience in B2B. And if you do any quantification as to when you win B2B or you get B2B into more particular retailers? What happens to your space, your share of the category performance and its relative to a base? I think it's not so much a question of the 8% increase in the quarter, but looking back over time.

只是想問一下您在 B2B 方面的數位體驗。如果您對何時贏得 B2B 或何時將 B2B 引入更特定的零售商進行量化？您的空間、您在類別表現中所佔的份額以及相對於基地的情況會發生什麼變化？我認為這與其說是本季成長8%的問題，不如說是隨著時間的推移回顧的問題。

I don't know if something was up with the line today that was very kind of broken up. But I think, Brett, you were asking about the digital experiences in B2B and what happens in shares in the category. There are multiple -- B2B is not a singular thing and the digital version of B2B is not a singular thing. There is a vast amount of B2B business that has been done for many years with direct order transfers, largely to large store modern retailers where order replenishment has a long-standing track record. And this is really focused on the efficiency of making sure the shelf is not out of stock from products. And it's more a process of support to what already goes on. And so actually, you see it's enabling the physical presence in the kind of the analog world, if you like.

我不知道今天的線路是否出了什麼問題，有點斷線。但我認為，Brett，您問的是 B2B 中的數位體驗以及該類別中的股票會發生什麼。有多種——B2B 不是單一的事物，B2B 的數位版本也不是單一的事物。多年來，大量的 B2B 業務都是透過直接訂單轉移來完成的，主要是針對大型商店的現代零售商，這些零售商的訂單補貨有著長期的記錄。這實際上關注的是確保貨架上的產品不會缺貨的效率。這更多的是一個對已經發生的事情的支持過程。事實上，如果你願意的話，你會發現它在模擬世界中實現了物理存在。

Of course, there's other types of B2B, for example, in the mom-and-pop stores, where we have moved heavily from a you have to wait for the pre-seller to appear type of relationship with the mom-and-pop stores to where that is complemented by some sort of ordering and relationship platform. They come in multiple guises, depending on where you are in the world, and the relative need and cost efficiency of doing so. But those platforms allow retailers effectively to be able to order, make additional orders 24/7, maybe even book servicing for their cold drink equipment, follow loyalty programs, et cetera, et cetera. So there's a lot of different types of B2B relationships.

當然，還有其他類型的B2B，例如在夫妻店，我們已經從必須等待預售者出現的類型與夫妻店的關係轉變為B2B。它們有多種形式，具體取決於您在世界上的哪個位置，以及這樣做的相對需求和成本效率。但這些平台使零售商能夠有效地訂購、24/7 進行額外訂單，甚至為其冷飲設備預訂服務、遵循忠誠度計劃等等。因此，B2B 關係有很多不同類型。

Generally speaking, they are supportive of us continuing to grow the relationship and to continue to do well. And -- but they are enabling rather than consumer facing, so the kind of the share is a little trickier to determine.

總的來說，他們支持我們繼續發展關係並繼續做得很好。而且——但它們是在推動而不是面向消費者，因此確定份額的類型有點棘手。

Okay. I think that was the last one. To summarize, first quarter of the year, strong start, and we're confident we can continue to create value for the stakeholders and shareowners and deliver on our 2024 guidance. We'll continue to manage through the many different types of environments out there, but focus on leveraging our capabilities to drive what we can control to make sure we get growth.

好的。我想那是最後一篇了。總而言之，今年第一季開局強勁，我們有信心能夠繼續為利害關係人和股東創造價值，並實現我們的 2024 年指導方針。我們將繼續管理許多不同類型的環境，但重點是利用我們的能力來推動我們可以控制的事情，以確保我們獲得成長。

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

感謝您對公司的興趣、投資以及今天早上加入我們。

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

女士們、先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。