可口可樂 (KO) 2024 Q3 法說會逐字稿

At this time, I'd like to welcome everyone to The Coca-Cola Company's third quarter 2024 earnings results conference call.

現在，我歡迎大家參加可口可樂公司 2024 年第三季財報電話會議。

Today's call is being recorded.

今天的通話正在錄音。

If you have any objections, please disconnect at this time.

如果您有任何異議，請此時斷開連接。

(Operator Instructions)

（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.

我想提醒大家，這次會議的目的是與投資人對話，因此不回答媒體提問。

Media participants should contact Coca-Cola's Media Relations department if they have any questions.

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.

現在我想介紹一下副總裁兼投資者關係主管Robin Halpern女士。

Ms. Halpern, you may now begin.

哈爾彭女士，您現在可以開始了。

Good morning, and thank you for joining us.

早安，感謝您加入我們。

I'm here with James Quincey, our Chairman and Chief Executive Officer; and John Murphy, our President and Chief Financial Officer.

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.

我們已在公司網站的投資者部分的財務資訊下發布了時間表。

These reconcile certain non-GAAP financial measures that may be referred to this morning to results as reported under generally accepted accounting principles.

這些措施將今天上午可能提到的某些非公認會計準則財務指標與根據公認會計原則報告的結果進行了協調。

You can also find schedules in the same section of our website that provide an analysis of our growth and operating margins.

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 reports.

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。

Following prepared remarks, we will take your questions.

在準備好的發言之後，我們將回答您的問題。

Please limit yourself to one question.

請只回答一個問題。

Re-enter the queue to ask any follow-ups.

重新進入隊列以詢問任何後續情況。

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.

謝謝羅賓，大家早安。

After a good first half of 2024, we navigated through a dynamic external landscape during the third quarter.

在經歷了 2024 年上半年的良好表現後，我們在第三季經歷了充滿活力的外部情況。

Our business again proved to be resilient.

事實再次證明我們的業務具有彈性。

Volume declined 1% in the quarter driven by a slow start in July.

由於 7 月開局緩慢，本季銷量下降 1%。

However, our business trends improved each month and, notably, Trademark Coca-Cola volume outperformed during the quarter.

然而，我們的業務趨勢每個月都在改善，值得注意的是，商標可口可樂的銷售在本季表現優於其他品牌。

Our year-to-date 2024 performance gives us confidence we will deliver at the high end of our previous top-line guidance and earnings growth of 5% to 6%, including approximately 9% of currency headwinds.

2024 年迄今的業績讓我們有信心能夠實現先前營收指引的高端，獲利成長 5% 至 6%，其中包括約 9% 的貨幣不利因素。

With that as context, I'll start with an update on the global consumer landscape and a review of the third quarter business performance.

以此為背景，我將先介紹全球消費者格局的最新情況，並回顧第三季的業務表現。

Then I'll explain how we're delivering on our objectives by staying agile and improving execution of our strategy across each facet of our growth flywheel.

然後我將解釋我們如何透過保持敏捷性並改善成長飛輪各個方面的策略執行來實現我們的目標。

John will end by discussing financial details for the quarter, our updated guidance for full year 2024, and some early considerations for 2025.

John 最後將討論本季的財務細節、我們更新的 2024 年全年指引以及 2025 年的一些早期考量。

During the quarter, global consumer sentiment and spending in aggregate held up well, and our broader industry continued to expand.

本季度，全球消費者信心和整體支出保持良好，我們更廣泛的行業繼續擴張。

In this context, we delivered robust organic revenue growth with value share gains in both at-home and away-from-home channels.

在此背景下，我們實現了強勁的有機收入成長，在家中和外出通路的價值份額均有所增加。

We also expanded comparable margins.

我們也擴大了可比利潤率。

This led to 5% comparable earnings per share growth despite nearly double-digit currency headwinds and the impact of bottler refranchising.

儘管面臨近兩位數的貨幣逆風和裝瓶商再特許經營的影響，這仍導致每股可比收益增加 5%。

We continue to demonstrate staying power as the beverage industry remains attractive with many strong new and existing players.

我們繼續展示持久力，因為飲料行業仍然具有吸引力，擁有許多強大的新老參與者。

Our system is well-positioned to develop the commercial beverage industry in many markets and capture long-term balanced growth.

我們的系統處於有利地位，可以在許多市場發展商業飲料行業並實現長期平衡成長。

Across the world, we are leveraging our scale and local expertise to navigate varying local market dynamics.

在世界各地，我們正在利用我們的規模和本地專業知識來應對不同的本地市場動態。

In North America, we generated robust top-line growth and won value share.

在北美，我們實現了強勁的營收成長並贏得了價值份額。

Trademark Coca-Cola and Sparkling flavors both grew volume.

商標可口可樂和氣泡口味的銷售量均有所成長。

During the quarter and year to date, Trademark Coca-Cola and fairlife were the leaders in the beverage industry in at-home retail sales growth.

在本季和今年迄今為止，商標可口可樂和 fairlife 是飲料業家庭零售額成長的領導者。

Consumers are responding well to sharper value messaging in away-from-home channels, and we're continuing to drive affordable and premium packages across our total beverage portfolio to realize positive mix.

消費者對外出通路中更清晰的價值訊息反應良好，我們將繼續在整個飲料產品組合中推出價格實惠且優質的套餐，以實現積極的組合。

In Latin America, volume was flat during the quarter as we cycled strong growth in the prior year.

在拉丁美洲，本季銷售持平，而去年我們經歷了強勁成長。

We had solid revenue growth led by Coca-Cola Zero Sugar and Powerade.

在可口可樂零糖和 Powerade 的帶動下，我們的營收穩定成長。

We also benefited from integrating marketing activations across the region.

我們也受益於整個地區的營銷活動整合。

For example, in Brazil, Rock in Rio reached over 70 million people and led to Trademark Coca-Cola being the most mentioned brand on TikTok.

例如，在巴西，《裡約搖滾》的受眾超過 7,000 萬人，使「可口可樂」商標成為 TikTok 上提及次數最多的品牌。

Stepped-up execution by increasing cooler placement and investing in digital capabilities is also driving results.

透過增加更酷的佈局和投資數位能力來加強執行也正在推動成果。

In EMEA, we saw improved performance in Europe and strong growth across many parts of Africa.

在歐洲、中東和非洲地區，我們看到歐洲業績有所改善，非洲許多地區也強勁成長。

The performance in Eurasia and Middle East and North Africa unfavorably impacted overall results.

歐亞大陸、中東和北非地區的表現對整體業績產生了不利影響。

In Europe, we grew volume during the quarter and benefited from the Olympic and Paralympic Games.

在歐洲，我們在本季度實現了銷售成長，並受益於奧運和殘奧會。

Both Fuze Tea and Powerade continued their strong momentum.

Fuze Tea和Powerade均延續了強勁勢頭。

And we're continuing to focus on affordable price points, value packages, tailored promotions, and premium offerings to drive demand.

我們將繼續專注於實惠的價格、超值套餐、客製化促銷和優質產品來推動需求。

In Eurasia and Middle East, a confluence of headwinds led to a decline in volume.

在歐亞大陸和中東，不利因素的匯合導致成交量下降。

While it's fair to assume pressure will persist in the near term, we are taking action.

雖然可以公平地假設壓力在短期內持續存在，但我們正在採取行動。

Our system is driving affordability and availability, and we're leaning into the local intrinsics of our business.

我們的系統正在推動可負擔性和可用性，並且我們正在傾向於我們業務的本地本質。

In Africa, volume declined largely due to pressure in some North African markets.

在非洲，銷量下降主要是由於一些北非市場的壓力。

Outside of these markets, we grew volume and gained value share.

在這些市場之外，我們增加了銷售並獲得了價值份額。

Our system is investing for the long term by accelerating refillable offerings, cooler placements, and increasing manufacturing capacity.

我們的系統正在透過加速可再填充產品、冷卻器放置和提高製造能力進行長期投資。

Lastly, in Asia Pacific, despite weakness in China and a couple of markets in Southeast Asia, we grew organic revenue and comparable operating income.

最後，在亞太地區，儘管中國和東南亞的幾個市場表現疲軟，但我們的有機收入和可比營業收入有所增長。

In ASEAN and South Pacific, we gained value share led by the Philippines and Australia.

在東協和南太平洋地區，我們獲得了以菲律賓和澳洲為首的價值份額。

The Philippines grew affordable transactions with refillable packages and grew premium transactions with single-serve offerings.

菲律賓透過可再填充包裝增加了平價交易，並透過單份服務增加了優質交易。

Australia prioritized affordability initiatives across our Sparkling portfolio and successfully activated the Olympic Games with Powerade.

澳洲在我們的 Sparkling 產品組合中優先考慮了可負擔性舉措，並透過 Powerade 成功啟動了奧運會。

In Japan and South Korea, we had solid volume growth and won value share due to good traction on brand relaunches, which leveraged enhanced taste and refreshed packaging and stepped-up performance in e-commerce channels.

在日本和韓國，由於品牌重新推出的良好牽引力，我們實現了銷量的穩健增長並贏得了價值份額，品牌重新推出利用了口味的提升、包裝的更新以及電子商務渠道的業績提升。

In China, a challenging operating environment and strategic reprioritization of our portfolio led to a decline in volume.

在中國，充滿挑戰的營運環境和我們投資組合的策略優先順序調整導致銷售下降。

We're continuing to focus on driving affordability across our core portfolio.

我們將繼續致力於提高核心產品組合的可負擔性。

Our longer-term growth ambition is unchanged, and we're investing to come out ahead when conditions improve.

我們的長期成長目標沒有改變，我們正在投資，以便在情況改善時取得領先。

In India, volume declined in states impacted by higher than normal monsoons.

在印度，受高於正常季風影響的邦產量下降。

In geographic areas that were unaffected, volume grew mid-single digits.

在未受影響的地理區域，成交量增加了中個位數。

We remain upbeat about progress in integrated execution and our ability to capture long-term growth opportunities.

我們對綜合執行方面的進展以及我們抓住長期成長機會的能力保持樂觀。

To sum everything up, while our markets continue to move in many different directions and our agility is being put to the test, our all-weather strategy is working.

總而言之，雖然我們的市場繼續朝著許多不同的方向發展，我們的敏捷性正在經受考驗，但我們的全天候策略正在發揮作用。

We're continuing to deliver on our strategy through a combination of world-class marketing and innovation and excellence in revenue growth management and execution.

我們將透過世界一流的行銷和創新以及卓越的收入成長管理和執行相結合，繼續實施我們的策略。

Starting with marketing and innovation, our refreshed marketing model is integrating digital, live, and retail experiences to connect with consumers in unique and personalized ways.

從行銷和創新開始，我們更新的行銷模式正在整合數位、現場和零售體驗，以獨特和個人化的方式與消費者建立聯繫。

The Olympic and Paralympic Games is a great example.

奧運和殘奧會就是一個很好的例子。

We featured our total beverage portfolio, launched fan zones and festivals, and leveraged social channels to increase connections with athletes.

我們展示了我們的整體飲料組合，推出了粉絲專區和節日，並利用社交管道來增加與運動員的聯繫。

Many of our brands offered customized packaging, and our system activated tailored point-of-sale displays with customers around the world.

我們的許多品牌都提供客製化包裝，我們的系統為世界各地的客戶啟動了客製化的銷售點展示。

The Olympic and Paralympic Games were activated with customers across over 65 markets, featured nearly 250 influencers, and demonstrated positive engagement scores across our portfolio.

奧運和殘奧吸引了超過 65 個市場的客戶，吸引了近 250 位影響者，並在我們的產品組合中展現了積極的參與。

Topo Chico is another example.

Topo Chico 是另一個例子。

In the US, Topo Chico is the number one premium Sparkling water brand.

在美國，Topo Chico 是排名第一的優質氣泡水品牌。

We've driven strong consumer demand with a grassroots experiential campaign in 13 cities featuring impactful displays connecting Topo Chico to food, music, and art.

我們在 13 個城市開展了草根體驗活動，透過富有影響力的展示將 Topo Chico 與美食、音樂和藝術聯繫起來，推動了強勁的消費者需求。

In Mexico, we're applying a similar playbook.

在墨西哥，我們正在應用類似的策略。

We recently launched Topo Chico's first-ever nationwide experiential activation with the Think Like An Artist campaign.

我們最近透過「像藝術家一樣思考」活動推出了 Topo Chico 有史以來第一次全國性的體驗式活動。

This featured connections with local artists across 69 events in 5 cities and was amplified through social channels.

該活動在 5 個城市舉辦了 69 場活動，與當地藝術家建立了聯繫，並透過社交管道擴大了。

During the quarter, Topo Chico trademark grew volume nearly 20% globally.

本季度，Topo Chico 商標的全球銷量成長了近 20%。

Year-to-date volume has increased tenfold compared to preacquisition levels in 2016.

與 2016 年收購前的水平相比，今年迄今的數量增加了十倍。

Our marketing and innovation agenda emphasizes a culture of acting boldly, learning, and not being afraid to fail, and scaling successes.

我們的行銷和創新議程強調大膽行動、學習、不怕失敗和擴大成功的文化。

Sometimes our innovations don't hit the mark as evidenced by Coca-Cola Spice, which we've discontinued.

有時我們的創新並沒有達到預期目標，可口可樂香料公司就證明了這一點，我們已經停止生產產品。

But our focus on bigger and bolder innovations is paying off.

但我們對更大、更大膽創新的關注正在得到回報。

Fuze Tea is a multiyear success and is scaling well across over 80 markets, and Minute Maid Zero Sugars showing promise.

Fuze Tea 取得了多年的成功，並在 80 多個市場上取得了良好的發展，而美汁源零糖 (Minute Maid Zero Sugars) 也展現了前景。

Sprite Chill also delivered over $50 million in retail sales after only 21 weeks in the market and has been extended after a successful limited run.

Sprite Chill 在上市僅 21 週後就實現了超過 5000 萬美元的零售額，並在成功限量銷售後延長了銷售期限。

We also innovate for different reasons.

我們也出於不同的原因進行創新。

It can be to generate short-term buzz, such as the third quarter launch of the limited edition product, Coca-Cola Zero Sugar Oreo, which is available in over 35 markets, and Fanta Beetlejuice, which is our first-ever global Halloween activation and is offered in nearly 50 markets.

它可以引起短期轟動，例如第三季度推出限量版產品可口可樂零糖奧利奧（在超過 35 個市場有售）以及芬達甲殼蟲汁（這是我們首次在全球萬聖節活動）並在近50 個市場提供服務。

Or we might invest for the long term such as our announcement of plans to debut Bacardi Mix with Coca-Cola in 2025.

或者我們可能會進行長期投資，例如我們宣布計劃在 2025 年與可口可樂首次推出百加得混合飲料。

So far, in 2024, overall, we've benefited from strong velocities on our innovation and we're continuing to improve our innovation success rates versus prior year.

到目前為止，2024 年總體而言，我們受益於強勁的創新速度，與前一年相比，我們將繼續提高創新成功率。

Moving across our flywheel, our system is step-changing execution by fully integrating our marketing and commercial plans and investing to grow our customers' businesses.

透過我們的飛輪，我們的系統透過充分整合我們的行銷和商業計劃以及投資來發展客戶的業務，正在逐步改變執行方式。

Leveraging data and digitally-enabled solutions, including AI, is a huge opportunity.

利用數據和數位化解決方案（包括人工智慧）是一個巨大的機會。

And we are integrating digital advertising with point-of-sale messaging and offering brand price pack architecture geared to customers' individual needs.

我們正在將數位廣告與銷售點訊息傳遞相結合，並提供適合客戶個人需求的品牌價格包架構。

When executed efficiently, this approach can deliver promising uplifts in retail sales for our customers.

如果有效執行，這種方法可以為我們的客戶帶來零售額的有望提升。

While we're focused on taking our capabilities to the next level, we're also working towards mastering the foundations that move the needle.

在我們專注於將我們的能力提升到新水平的同時，我們也在努力掌握推動發展的基礎。

In 2024, our system increased availability by investing in cold drink equipment and boosted our share of visible cold inventory across markets.

2024 年，我們的系統透過投資冷飲設備提高了可用性，並提高了我們在整個市場的可見冷庫存份額。

In the past 12 months, we created $11 billion in incremental retail sales for customers, which is more than double the next five closest beverage companies combined.

在過去 12 個月中，我們為客戶創造了 110 億美元的增量零售額，是緊隨其後的五家飲料公司總和的兩倍多。

From 2018 to 2023, we were the leader in customer value creation for the beverage industry every year.

從 2018 年到 2023 年，我們每年都是飲料產業顧客價值創造的領導者。

To summarize, we feel good about the momentum of our business.

總而言之，我們對我們的業務勢頭感到滿意。

And as we look ahead, our external environment will continue to have many moving pieces.

展望未來，我們的外部環境將持續出現許多變化。

We'll continue to prioritize flexibility to navigate market dynamics locally to deliver on our global objectives.

我們將繼續優先考慮靈活性，以駕馭本地市場動態，以實現我們的全球目標。

Thanks to the power of our portfolio, our system's unique capabilities, and the unwavering dedication of our system employees, we're confident we will be able to deliver on our 2024 guidance and longer term priorities.

憑藉我們產品組合的力量、系統的獨特功能以及系統員工堅定不移的奉獻精神，我們有信心能夠實現 2024 年的指導方針和長期優先事項。

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.

謝謝你，詹姆斯，大家早安。

Today I'll comment on our third quarter performance, discuss the outlook for the remainder of 2024, and provide some early commentary on 2025.

今天，我將評論我們第三季的業績，討論 2024 年剩餘時間的前景，並對 2025 年提供一些早期評論。

During the third quarter, we grew organic revenues 9%.

第三季度，我們的有機收入成長了 9%。

Unit cases declined 1% having had a poor July, but improving sequentially thereafter during the quarter.

由於 7 月表現不佳，單位案例下降了 1%，但此後本季有所改善。

Concentrate sales were 1 point behind unit cases for the quarter, driven primarily by the timing of concentrate shipments.

本季精礦銷售量落後單位箱 1 個百分點，主要是由於精礦出貨時間的推動。

Our price mix growth of 10% was driven by two items.

我們的價格組合成長 10% 是由兩個因素推動的。

Approximately 7 points of pricing split somewhat evenly between normal pricing actions across our markets and intense inflationary pricing in a handful of markets experiencing currency devaluations, and approximately 3 points of mix across the markets, which was primarily driven by stronger growth in several developed markets versus developing and emerging markets.

我們市場上的正常定價行為和少數經歷貨幣貶值的市場的劇烈通膨定價之間大約平均分配了7 個點的定價，整個市場的混合大約有3 個點，這主要是由幾個發達市場的強勁成長推動的。

Excluding the impact from intense inflationary pricing, organic revenue growth during the quarter continued to be at the high end of our long-term growth algorithm.

排除劇烈通膨定價的影響，本季的有機收入成長繼續處於我們長期成長演算法的高端。

Comparable gross margin was up approximately 70 basis points and comparable operating margin was up approximately 100 basis points.

可比毛利率上升約 70 個基點，可比營業利益率上升約 100 個基點。

Both were driven by underlying expansion and the benefit from bottler refranchising, partially offset by the impact of currency headwinds.

兩者均受到潛在擴張和裝瓶商再特許經營的好處的推動，但部分被貨幣逆風的影響所抵消。

Putting it all together, third quarter comparable EPS of $0.77 was up 5% year over year despite higher-than-expected 9% currency headwinds and 2% headwinds from bottler refranchising.

總而言之，第三季可比每股收益為 0.77 美元，年增 5%，儘管 9% 的貨幣阻力和 2% 的裝瓶商再特許經營阻力高於預期。

During the quarter, we made a $6 billion deposit with the IRS related to our ongoing tax dispute.

本季度，我們因持續的稅務糾紛向 IRS 繳納了 60 億美元保證金。

We've also filed our appeal with the 11th Circuit Court.

我們也向第 11 巡迴法院提出上訴。

We're pleased to move forward with the process.

我們很高興推進這一進程。

We will vigorously defend our position.

我們將積極捍衛我們的立場。

We believe we will prevail, and we will continue to keep you updated.

我們相信我們會取得勝利，我們將繼續向您通報最新情況。

Free cash flow, excluding the IRS tax litigation deposit was approximately $7.6 billion, which is down approximately $290 million versus the prior year due to higher other tax payments, higher capital expenditures, and cycling some working capital benefits from the prior year.

不包括國稅局稅務訴訟押金的自由現金流約為 76 億美元，比上年減少約 2.9 億美元，原因是其他稅款支付量增加、資本支出增加以及一些營運資本收益較上年循環。

Our balance sheet is strong, and our net debt leverage of 1.7 times EBITDA is below our targeted range of 2 to 2.5 times.

我們的資產負債表穩健，淨負債槓桿比率為 1.7 倍 EBITDA，低於我們 2 至 2.5 倍的目標範圍。

If you include our latest estimate of $6.1 billion related to our fairlife contingent consideration payment, which we expect to make in the first half of 2025, our expected net debt leverage would be at the low end of our target range.

如果將我們預計在 2025 年上半年支付的與 fairlife 或有對價付款相關的 61 億美元的最新估計計算在內，我們的預期淨債務槓桿率將處於目標範圍的低端。

As James mentioned, our powerful portfolio, amplified by our system's unique capabilities gives us confidence in our ability to deliver on our updated 2024 guidance.

正如 James 所提到的，我們強大的產品組合，加上我們系統的獨特功能，讓我們對交付更新的 2024 年指南的能力充滿信心。

We now expect organic revenue growth of approximately 10% and comparable currency-neutral earnings per share growth of 14% to 15%.

我們目前預計有機收入將成長約 10%，可比貨幣中性每股收益成長 14% 至 15%。

Based on current rates and our hedge positions, we now anticipate an approximate 5 point currency headwind to comparable net revenues and an approximate 9 point currency headwind to comparable earnings per share for full year 2024.

根據當前匯率和我們的對沖頭寸，我們現在預計 2024 年全年可比淨收入將面臨約 5 個點的貨幣阻力，而可比每股收益將面臨約 9 個點的貨幣阻力。

We continue to expect comparable earnings per share growth of 5% to 6% versus $2.69 in 2023.

我們繼續預期 2023 年可比每股收益將成長 5% 至 6%，而每股收益為 2.69 美元。

While it is too early to provide specific guidance on 2025, we do want to share some considerations based on what we know today.

雖然現在提供 2025 年的具體指導還為時過早，但我們確實希望根據目前所知分享一些考慮因素。

We're encouraged by our underlying performance and believe we're well-positioned to deliver on our long-term growth opportunity.

我們對我們的基本業績感到鼓舞，並相信我們有能力實現長期成長機會。

We expect pricing from intense inflationary markets to moderate in 2025 and recycling the impact of currency devaluations from these markets in 2024.

我們預計，劇烈通膨市場的定價將在 2025 年放緩，並在 2024 年消除這些市場貨幣貶值的影響。

With respect to our commodity environment, we expect prices on industrial materials to remain relatively stable, while agricultural commodities will continue to face volatility and higher prices.

就我們的商品環境而言，我們預期工業原物料價格將保持相對穩定，而農業大宗商品將繼續面臨波動和價格上漲。

We will continue to invest behind our brands as we have been doing, while at the same time we will leverage a range of productivity levers to drive efficiency and effectiveness across our P&L.

我們將一如既往地繼續投資於我們的品牌，同時我們將利用一系列生產力槓桿來提高損益表的效率和效益。

We expect elevated net interest expense, resulting from the deposit made related to the ongoing IRS tax dispute and the upcoming fairlife contingent consideration payment.

我們預計淨利息支出將增加，這是由於與正在進行的國稅局稅務糾紛和即將到來的公平生活或有對價付款相關的存款造成的。

Regarding currency if we assume current rates on 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 2025.

關於貨幣，如果我們假設對沖頭寸的當前匯率，則 2025 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。

Many factors could impact both our currency outlook and broader business outlook between now and when we expect to provide guidance in February.

從現在到我們預計在二月提供指導，許多因素可能會影響我們的貨幣前景和更廣泛的業務前景。

With our all-weather strategy, we've delivered comparable earnings growth for many years now.

憑藉我們的全天候策略，我們多年來已經實現了可比較的獲利成長。

We have numerous levers to continue to do so.

我們有很多手段可以繼續這樣做。

So in summary, successfully executing our strategy in an ever-evolving operating environment, we're confident in our ability to deliver on our objectives in 2024 and over the long term.

總而言之，透過在不斷變化的營運環境中成功執行我們的策略，我們對實現 2024 年及長期目標的能力充滿信心。

We're clear on the direction we are heading in the system.

我們很清楚自己在系統中前進的方向。

And we continue to invest with our bottling partners to drive sustainable long-term growth.

我們繼續與裝瓶合作夥伴一起投資，以推動可持續的長期成長。

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

接線員，我們準備好回答問題了。

(Operator Instructions) Steve Powers, Deutsche Bank.

（操作員指令）Steve Powers，德意志銀行。

So James, it sounds like momentum sequentially improved through the third quarter from a unit case perspective, which is welcome news.

所以詹姆斯，從單位案例的角度來看，第三季的勢頭似乎有所改善，這是一個可喜的消息。

I guess given that as you look forward, how confident are you that you can return trends to positive growth in the fourth quarter?

我想，鑑於您的展望，您對第四季度恢復正成長趨勢有多大信心？

And how much of any expected improvement trajectory is within your control through some of the initiatives you detailed in the prepared remarks versus the system being essentially more dependent on a less -- just a less adverse macro backdrop?

透過您在準備好的評論中詳細介紹的一些舉措，與系統本質上更依賴於不太不利的宏觀背景相比，預期的改善軌跡有多少是在您的控制範圍之內的？

Thank you.

謝謝。

Steve, clearly, we were not as happy as we could have been in the third quarter with volume, and we focused on adapting quickly and saw improvements through the quarter.

史蒂夫，顯然，我們對第三季的銷售並沒有想像中那麼滿意，我們專注於快速適應，並在整個季度看到了進步。

So July was the bump and things improved in August through September.

所以七月是高峰，八月到九月情況有改善。

I largely believe that it's within our control to return to growth.

我在很大程度上相信，恢復成長是在我們的控制範圍內的。

Actually, the macro environment, I'm sure we'll touch on later, is showing a degree of resilience.

事實上，我相信我們稍後會談到，宏觀環境正在表現出一定程度的彈性。

There are lots of puts and takes, but a degree of resilience.

有很多的投入和承受，但有一定的彈性。

So I think it's firmly about getting our flywheel of the marketing innovation, the price pack, and the execution of the system, and that we can get back to growth, which is very much implicit in our algorithm and our expectations going forward through the fourth quarter into 2025.

因此，我認為這堅定地是讓我們的行銷創新、價格包和系統執行的飛輪，我們可以恢復成長，這在我們的演算法和我們對第四季度的預期中非常隱含。季度。

Dara Mohsenian, Morgan Stanley.

達拉莫森尼安，摩根士丹利。

Just wanted to focus on the mix component within price mix.

只是想專注於價格組合中的組合成分。

You mentioned it was 3% in the quarter, great result.

您提到本季的成長率為 3%，非常棒的結果。

How sustainable is that as you look going forward out to 2025?

展望 2025 年，這種情況的可持續性如何？

And maybe can you talk about some of the key efforts on that front?

也許您能談談這方面的一些關鍵努力嗎？

Yeah.

是的。

Let me break the mix -- I mean, mix has got a lot of different components in it, country, category, channel, affordability or premiumization.

讓我打破這個組合——我的意思是，組合有很多不同的組成部分，國家、類別、通路、可承受性或高端化。

In the third quarter, there are a couple of pieces of mix that I wanted to call out.

在第三季度，有一些我想指出的組合。

One, which I see is enduring and ongoing and one which I see as more temporary.

一種是我認為是持久且持續的，另一種是暫時的。

The enduring and ongoing piece is, of course, we're focused on not just driving the growth of affordability options, whether they be smaller packages, smaller multipacks at better entry price points or refillable depending on where you are in the world as a key part of responding to those consumers that are under disposable income pressure, which tends to be a headwind, but also focusing on premium segments whether that be premium waters or fairlife or some of the Coke SKUs to get the mix to be up.

當然，持久和持續的工作不僅僅是推動可負擔性選擇的成長，無論是更小的包裝、更小的多件裝、更優惠的入門價格還是可再填充的產品，這取決於您在世界上的哪個地方作為關鍵這是應對那些面臨可支配收入壓力的消費者的一部分，這往往是一種逆風，但也專注於高端細分市場，無論是優質礦泉水、Fairlife還是一些可口可樂SKU，以提高產品組合。

And so the more enduring piece is that ongoing management of affordability and premiumization to drive our mix.

因此，更持久的部分是對可負擔性和高端化的持續管理，以推動我們的產品組合。

The bit that was more temporary, which is relatively atypical in the last number of years, remember that the average price in emerging markets is lower than the average price in the developed economies.

比較暫時的一點在過去幾年中相對不典型，請記住新興市場的平均價格低於已開發經濟體的平均價格。

Typically speaking, the emerging markets grow faster, so mechanically they are a headwind in price mix because they obviously have a lower price.

一般來說，新興市場成長速度更快，因此從機械上講，它們是價格組合的逆風，因為它們的價格顯然較低。

In this quarter, atypically, the emerging markets have grown slower or have declined relative to the major economies, US, Europe, Japan, Australia.

在本季度，與美國、歐洲、日本、澳洲等主要經濟體相比，新興市場的成長速度較慢或有所下降，這是不尋常的。

And so that actually has a kind of automatic stabilizer effect, which is that it makes price mix go up.

這實際上具有一種自動穩定器效應，即它使價格組合上漲。

And of course, we're expecting, as we go through the fourth quarter into next year, to go to a more normal construct where we'll see decent results in the developed economies and faster growth in the emerging markets, and that will then have a normal shape -- more normal shape to its volume and a more normal shape to its price mix.

當然，我們預計，從第四季度到明年，我們將看到一個更正常的結構，我們將看到已開發經濟體取得良好的業績，新興市場實現更快的成長，然後具有正常的形狀——其體積具有更正常的形狀，其價格結構也具有更正常的形狀。

So I think we feel good about where this is likely to go.

所以我認為我們對這可能的發展方向感到滿意。

Lauren Lieberman, Barclays.

勞倫·利伯曼，巴克萊銀行。

I would love to hear a bit more about those adapted-quickly items, James, that you kind of spoke to.

我很想聽聽更多關於那些快速適應的項目的信息，詹姆斯，你曾與我交談過。

So believing in our control, there's a lot there, right?

所以相信我們的控制力，有很多東西，對吧？

So I just would love if we could get some more maybe tangible examples of what you're doing to adapt quickly that is having -- you're able to execute quickly and have a quick payback.

因此，我希望我們能得到一些更多可能切實的例子，說明您正在做什麼來快速適應——您能夠快速執行並快速獲得回報。

And since you teased the macro, let's get your view on the macro environment as well.

既然您對宏觀環境進行了調侃，那麼讓我們也了解一下您對宏觀環境的看法。

Thanks.

謝謝。

Sure.

當然。

I mean I don't think my view on the macro environment is going to take us too far.

我的意思是，我認為我對宏觀環境的看法不會讓我們走得太遠。

It's basically two big thoughts.

這基本上是兩個大想法。

One, at a global level, the consumer and the economies, I mean, the IMF report came out yesterday, is relatively resilient and relatively stable on a global basis.

一，在全球層面，消費者和經濟體，我的意思是，國際貨幣基金組織昨天發布的報告，在全球範圍內相對有彈性和相對穩定。

Clearly, there are a set of puts and takes between geographies, between income levels.

顯然，不同地區、不同收入水準之間存在著一系列的看跌期權和索取期權。

But the macros in aggregate are a sum of a shifting set of puts and takes, but resilience in aggregate.

但總體而言，宏觀經濟是一組不斷變化的看跌期權的總和，但總體而言是有彈性的。

Exactly how that will turn out, I'm not sure next year, probably different puts and takes, but again, resilience on overall basis.

具體結果如何，我不確定明年，可能會有不同的看跌期權和看跌期權，但同樣，總體上具有彈性。

In terms of the tangible examples, I mean, it's a question where affordability, like, are we pressing hard on making the availability of certain affordable options even more expansive?

就具體的例子而言，我的意思是，這是一個負擔能力的問題，例如，我們是否正在努力使某些負擔得起的選擇的可用性更加廣泛？

Have we brought -- bringing forward, for example, investments in cold drink equipment, so that we can upscale the availability of cold product.

例如，我們是否提出了對冷飲設備的投資，以便我們能夠提高冷飲產品的可用性。

Remembering, for example, that the Southern Hemisphere is just about to go into its summer, can we get further faster in terms of doing that, which will then tend to drive more volume growth.

例如，請記住，南半球即將進入夏季，我們能否更快地做到這一點，從而推動更多的銷售成長。

Are we applying the right adjustment to the mix of the marketing messaging?

我們是否對行銷訊息的組合進行了正確的調整？

And how do we tweak that?

我們該如何調整呢？

Now that we have a more agile marketing model with the ongoing transformation, we're able to adapt the messaging, so to really get in there and get those things.

現在，隨著持續的轉型，我們有了更靈活的行銷模式，我們能夠調整訊息傳遞，以便真正進入那裡並獲得這些東西。

And then in some parts of the world, it's about adapting the messaging to the situation.

然後在世界上的某些地方，需要根據具體情況調整訊息傳遞。

I mean some countries, for example, where the economics are very poor, it's not so much about the marketing, it's more about the availability and the entry price points.

我的意思是，例如，在某些國家，經濟非常貧窮，這與行銷無關，更多的是可用性和入門價格點。

So we've always got to work with our local bottlers to drive what's the right system out there and really fine-tune our relevance with the consumers and the retailers in that country in this moment.

因此，我們始終必須與當地裝瓶商合作，推動正確的系統，並真正調整我們與該國消費者和零售商的相關性。

Bryan Spillane, Bank of America.

布萊恩·斯皮蘭，美國銀行。

I guess a question about North America.

我猜想問一個關於北美的問題。

And our observation through this quarter or over the summer was just, I guess, a little bit of softness overall in just discretionary spending, so that kind of expressed in small-format stores, convenience and gas, I think also maybe a bit in foodservice.

我想，我們在本季或整個夏天的觀察結果是，可自由支配支出總體上有點疲軟，所以這種情況體現在小型商店、便利商店和天然氣方面，我認為餐飲服務方面也可能有點疲軟。 。

So can you just maybe talk to that?

那你能談談嗎？

Are you seeing the same thing?

你看到同樣的事情了嗎？

And is there may be just a little bit of a recession, if you will, on impulse purchases right now?

如果你願意的話，現在的衝動購買是否可能會出現一點點衰退？

And if so, just what do you think changes that?

如果是這樣，您認為是什麼改變了這一點？

Honestly, I think it's more of a mix.

老實說，我認為這更像是一種混合。

There's clearly parts of the consumer landscape where there's pressure on disposable income.

顯然，消費者領域的某些部分可支配所得面臨壓力。

If you look -- I mean it depends whether you want to take measures of consumer confidence or measures of consumer sentiment.

如果你看的話——我的意思是，這取決於你是想衡量消費者信心還是消費者情緒。

I know that sounds like the same thing, but depending which source you look at, one's going up, one is going down.

我知道這聽起來像是同一件事，但根據您查看的來源，一個在上升，一個正在下降。

So there's a mixed bag.

所以這是一個魚龍混雜的情況。

I would say there is some softness in aggregate, but it's very marginal in the total industry like that.

我想說的是，總體而言存在一些疲軟，但在整個行業中這是非常邊緣的。

The beverage industry is still pretty robust.

飲料業仍然相當強勁。

There's growth in total dollars.

美元總額有所成長。

Having said that, we talked about in previous quarters there's a set of consumers exhibiting value-seeking behavior, whether they're looking for combo deals when they're in away from home, particularly quick-service restaurants, whether they're looking for going and getting lower price point purchases of beverages, whether that's a smaller pack size or a smaller number of packs in a multipack, that's out there.

話雖如此，我們在前幾個季度談到，有一群消費者表現出價值追求行為，他們是否在外出時尋找組合優惠，特別是快餐店，他們是否在尋找組合優惠。購買飲料，無論是較小的包裝尺寸還是較少數量的合裝裝，都可以。

But there's just this, there's also strong purchasing power in other segments of the marketplace, which is somewhat offsetting.

但僅此而已，市場其他領域也有強大的購買力，這在某種程度上起到了抵消作用。

I mean, we witnessed the strong momentum, for example, in fairlife.

我的意思是，我們見證了公平生活中的強勁勢頭。

But net-net, I think the US marketplace has remained pretty resilient, given the China trajectory macroeconomically speaking, that we come through.

但我認為，考慮到我們所經歷的中國宏觀經濟軌跡，美國市場仍保持相當的彈性。

Chris Carey, Wells Fargo.

克里斯凱裡，富國銀行。

Yeah, this has been somewhat addressed, but I think I'd maybe be a little bit more specific.

是的，這個問題已經得到了一些解決，但我想我可能會更具體一些。

The stock is off a bit premarket on what appears to be around 2025 earnings growth given your outlook for FX and net interest expense going into next year.

考慮到明年的外匯和淨利息支出前景，該股在 2025 年左右的盈利增長看來在盤前略有偏離。

And I think the lesson from this year, and really in recent years, has been your ability to overcome these substantial effect headwinds and other headwinds and still deliver on reported EPS growth.

我認為今年以及近年來的教訓是，您有能力克服這些重大影響阻力和其他阻力，並仍然實現報告的每股收益成長。

James, John, you both expressed some confidence in the prepared remarks on innovation, delivering against longer-term targets.

詹姆斯、約翰，你們都對準備好的關於創新、實現長期目標的演講表示了一些信心。

So I guess, can you just touch on maybe some of the lessons of 2024 areas which really allowed you to overcome what was the substantial FX, it still is, headwind this year and still deliver your reported earnings objective, whether pricing, RGM innovation, whatever that may be, and what feels durable going into next year?

所以我想，您能否談談 2024 年領域的一些經驗教訓，這些經驗教訓確實讓您克服了今年的巨大外匯逆風，仍然實現了您報告的盈利目標，無論是定價、RGM 創新、不管是什麼，明年什麼感覺持久？

I know you've touched on it, but just trying to get down to what's really driving the stock today?

我知道你已經提到過這個問題，但只是想了解一下今天股價的真正推動因素是什麼？

And then maybe importantly, then I'm done, but just the areas where you have a bit more of a heightened focus or a sense of things, maybe slowing in Mexico, India, some of these lingering turbulent issues in the Middle East, anything that comes to mind?

然後也許重要的是，然後我就完成了，但只是那些你有更多關注或對事物有更多感覺的領域，可能在墨西哥、印度、中東一些揮之不去的動盪問題上放緩，任何事情我想到了什麼？

So basically, just you've got momentum into confronting these headwinds next year, but the environment is also evolving.

所以基本上，明年你就有動力應付這些逆風，但環境也不斷在改變。

And I'd just maybe like to put a little bit of a finer bow on that.

我可能想對此稍微鞠躬一點。

Sure, Chris.

當然，克里斯。

I think you're going to win this year's prize for the longest question.

我認為你將贏得今年最長問題獎。

I expected that.

我預料到了。

Look, let me start and then I'll -- John will probably want to weigh in too.

聽著，讓我開始，然後我——約翰可能也想參與其中。

We have for a number of years, and very deliberately chose the expression, the all-weather strategy.

多年來，我們非常謹慎地選擇了全天候策略這一表達方式。

Because as we have all lived, we've been through a lot of very atypical years in the last five, seven years.

因為就像我們所有人的生活一樣，在過去的五、七年裡，我們經歷了許多非常不典型的歲月。

And we wanted to make the point by pulling an all-weather strategy, look, we cannot predict like what's going to happen next year.

我們想透過採取全天候策略來表明這一點，看，我們無法預測明年會發生什麼。

We know some elements, and John will talk about them, but there are many other things that are going to happen.

我們知道一些元素，約翰會談論它們，但還有許多其他事情將會發生。

But we're going to pull the levers to get there and drive the business forward, trying to deliver on top line at the end of the top of the algorithm and underlying EPS growth.

但我們將拉動槓桿來實現這一目標並推動業務向前發展，努力在演算法和基本每股收益成長結束時實現營收目標。

A couple of things that I think are worth noting about 2024 and its implications into '25.

我認為關於 2024 年及其對 25 年的影響值得注意的幾件事。

There's a difference, particularly if we talk -- I mean, firstly, FX, as you said, the mid-single-digit call for next year is less than it is this year, although obviously interest is high.

這是有區別的，特別是如果我們談論的話——我的意思是，首先，外匯，正如你所說，明年的中個位數需求低於今年，儘管顯然興趣很高。

There's a difference in FX, if it's coming from the, let's call them, the G10 economies, which are, let's call -- let's name Europe because it's the simplest example.

外匯方面有差異，如果它來自，我們稱之為 G10 經濟體，我們稱之為歐洲，因為這是最簡單的例子。

If there's a big devaluation of the euro, there's not likely to be a lot of pass-through inflation in the short term in the European marketplace, and that's going to be much harder for us to deal with, but not impossible.

如果歐元大幅貶值，歐洲市場短期內不太可能出現大量傳導性通膨，這對我們來說會更難應對，但並非不可能。

If there's a big devaluation in an emerging market, you tend to get more immediate pass-through of the inflation.

如果新興市場出現大幅貶值，通膨往往會更直接傳導。

And so you can see that in 2024.

所以你可以在 2024 年看到這一點。

In 2024, almost all the FX headwind is a consequence of devaluations in the emerging markets.

2024 年，幾乎所有的外匯逆風都是新興市場貶值的結果。

And actually, the G10 basket is broadly flat, I believe.

事實上，我認為 G10 籃子大致持平。

And so that you do have -- if it's coming from the emerging markets, there's a little more of a link back to above-normal pricing on the top line, which, again, you see in the year to date in 2024.

因此，如果它來自新興市場，那麼在營收上就會有更多與高於正常定價的聯繫，這在 2024 年迄今為止的一年中也是如此。

So there's a piece of next year where we and John will get into it, where you've got to some extent see the G10 is different to the emerging markets, and some of the emerging markets stuff is linked to the top line.

因此，我們和約翰將在明年討論這個問題，在某種程度上，你會看到 G10 與新興市場的不同，而新興市場的一些內容與營收有關。

And then obviously, within that, we have to manage each of the marketplace.

顯然，在此範圍內，我們必須管理每個市場。

Because if there's high inflation, there's likely to be a big push on affordability and a big shift in the marketing and innovation mix.

因為如果出現高通膨，可能會大幅提高人們的承受能力，並導致行銷和創新組合發生重大轉變。

So there's a set of kind of framework approaches depending on what sort of our problem is occurring in the marketplace.

因此，根據市場上出現的問題類型，有一套框架方法。

But again, let me finish my thought and then hand over.

不過，還是讓我先完成我的想法，然後再交出。

In the end, we're pursuing all-weather strategy.

最後，我們奉行全天候策略。

Some years the headwinds will be greater than others, but we're going to pursue a strategy to get over the line in terms of trying to drive some growth.

有些年份的阻力會比其他年份更大，但我們將採取一種策略來跨越界限，試圖推動一些成長。

And there's a lot that can still happen before next year and will come with a complete picture in February.

明年之前還有很多事情可能發生，並將在二月呈現出完整的畫面。

John, do you want to add?

約翰，你想補充一下嗎？

Maybe, Chris if I could touch upon some of the lessons that we've learned, not just this year but really over the last few years.

克里斯，也許我可以談談我們學到的一些教訓，不僅是今年，而且是過去幾年的教訓。

First one I'd say is it's really important through the thick and thin of all of this is to stay very focused on investing the right way behind our brands.

我要說的第一點是，無論經歷這一切，非常重要的是始終專注於以正確的方式投資我們的品牌。

And that is something we will continue to do.

這是我們將繼續做的事情。

I think, secondly, in the last couple of years, having an even sharper understanding as to where your profit drivers are underneath the global portfolio at the country casualty level and then making sure that we're over-allocating resources to support those larger profit pools both in the base of the business and as we think about growth going forward is really important.

其次，我認為，在過去的幾年裡，對國家傷亡層面的全球投資組合中的利潤驅動因素有更清晰的了解，然後確保我們過度分配資源來支持這些更大的利潤無論是在業務基礎上，還是在我們考慮未來成長的過程中，資金池都非常重要。

And doing that in partnership with our bottlers around the world.

並與我們世界各地的裝瓶商合作做到這一點。

And we've seen that being a big source of the momentum over the last couple of years.

我們已經看到這是過去幾年勢頭的重要來源。

I think the third area that I would highlight, and I know it's a topic across many companies going into 2025, is that you can never take your foot off the productivity accelerator.

我認為我要強調的第三個領域是，你永遠無法離開生產力加速器，我知道這是許多公司進入 2025 年的一個主題。

And in that context, I think the learning is that you've got to build that into your overall way of doing business as opposed to have it as an end-of-year project that you need to kind of deliver something in the next 6 to 12 weeks to save the quarter.

在這種情況下，我認為學到的是，你必須將其納入你的整體經營方式中，而不是將其作為一個年終項目，你需要在接下來的 6 年內交付一些東西到12 週才能挽救該季度。

So we've got a lot of levers we've talked about it in the past that are available to us, whether it's through the marketing investment line, our operating investment line, operating expense investment line, or through our supply chain.

因此，我們有許多我們過去討論過的槓桿，無論是透過行銷投資線、我們的營運投資線、營運費用投資線或透過我們的供應鏈。

And we will continue to go after the opportunities that come at us.

我們將繼續抓住出現在我們面前的機會。

And so when you take all of those together, I think that's what we see creating that flywheel of growth on the top line, and then the ability to sustain and expand margins down through the P&L from there.

因此，當你把所有這些放在一起時，我認為這就是我們所看到的在營收上創造成長飛輪，然後透過損益表維持和擴大利潤率的能力。

Bonnie Herzog, Goldman Sachs.

邦妮·赫爾佐格，高盛。

I actually wanted to circle back to North America.

我其實很想繞回北美。

Your organic sales growth was very strong at 12%, which caught most of us by surprise.

你們的有機銷售額成長非常強勁，達到 12%，這讓我們大多數人感到驚訝。

And growth was primarily driven by the double-digit price mix.

成長主要是由兩位數的價格組合所推動的。

So hoping for a little bit more color behind that in terms of rate versus mix in the market.

因此，希望在利率與市場組合方面能有更多的色彩。

And then ultimately, how sustainable that is?

最終，這有多可持續？

And then, I guess, second, I'd be curious to hear if you believe you've maybe reached a point where you've pushed too far in terms of pricing.

然後，我想，第二，我很想知道你是否認為你可能已經達到了在定價方面走得太遠的地步。

And if so, how will you modify your pricing strategy or RGM capabilities going forward?

如果是這樣，您將如何修改您的定價策略或 RGM 功能？

James, you did touch on this, certainly a greater focus on affordability, so maybe an example or two would be helpful to hear.

詹姆斯，您確實談到了這一點，當然更加關注負擔能力，所以也許一兩個例子會對聽到有所幫助。

Thanks so much.

非常感謝。

Sure, Bonnie.

當然，邦妮。

Firstly, in North America, Q3, the price mix, half, in round numbers, half of it is price and half of it is mix.

首先，在北美，第三季度，價格組合，一半，以整數表示，一半是價格，一半是混合。

So price closer to rate.

所以價格比較接近利率。

The mix is being driven by some of the de-price -- some of the kind of lesser focus on case pack water, but a heavy investments behind brands like fairlife, Topo Chico, some of the nutrition stuff, Coca-Cola.

這種混合是由一些降價推動的——一些不太關注盒裝水，但對 Fairlife、Topo Chico、一些營養品、可口可樂等品牌進行了大量投資。

And those tend to be mix positive.

這些往往是正面的。

So there's clearly a consequence, actually John just talked about it, really being choiceful about where we invest behind which brands, in which countries, in which channels.

因此，顯然有一個後果，實際上約翰剛剛談到了這一點，我們對哪些品牌、哪些國家、哪些管道進行投資，確實是有選擇的。

And that's coming through in North America, which is why you got about half of that coming from mix and half of it coming from price or rate.

這在北美正在發生，這就是為什麼你得到的一半來自混合，一半來自價格或費率。

.

。

Clearly, there's a balance there with some of the affordability actions we're doing, but that's the basic setup.

顯然，我們正在採取的一些負擔能力行動之間存在平衡，但這是基本設定。

And if we just home in on price for a second, so you're getting roughly half of that in price, and that then starts to look a lot like the trajectory of CPI that has been coming down.

如果我們暫時關注價格，那麼你會得到大約一半的價格，然後開始看起來很像 CPI 一直在下降的軌跡。

And what we see going forward is there'll continue to be inflation in the input costs whether that be labor, particularly some of the agricultural commodities, some of the packaging costs as well, are still going to be increasing in cost, although at a lower rate.

我們看到，未來的投入成本將繼續上漲，無論是勞動力，特別是一些農產品，還有一些包裝成本，成本仍然會增加，儘管成本會增加。

So again, we see us heading towards a more normalized level of pricing going into next year and kind of landing in a more normal zone as kind of -- some of that tracks down at kind of similar rates to CPI.

因此，我們再次看到明年的定價水準將趨於更加正常化，並且會進入一個更正常的區域——其中一些價格將以與 CPI 類似的速度下降。

Of course, we continue to be very choiceful about where we invest for affordability options and where we invest for premiumization options.

當然，我們對於可負擔性投資和高端化投資的選擇仍然非常謹慎。

I'm not sure, I think mix will always be 4 or 5 points.

我不確定，我認為混合永遠是4或5分。

But certainly, we would look for continued growth in the North American business.

但當然，我們會尋求北美業務的持續成長。

Filippo Falorni, Citi.

菲利波·法洛尼，花旗銀行。

I wanted to ask on the margin outlook going forward.

我想問一下未來的利潤前景。

This year, you realized very strong gross margin, operating margin expansion, a lot of it driven by the refranchising activity with the underlying kind of being offset by currency.

今年，您實現了非常強勁的毛利率和營業利潤率擴張，其中很大一部分是由再特許經營活動推動的，而潛在的類型被貨幣所抵消。

As we think about going forward, you guys both talked about leverage on the productivity line, maybe some inflation in the agricultural commodities, can you talk us through like the balance of the levers for margin expansion into next year?

當我們考慮未來時，你們都談到了生產力線上的槓桿，也許農業大宗商品的一些通貨膨脹，你能告訴我們像明年利潤率擴張的槓桿平衡嗎？

And anything we should be thinking about, assuming no other franchising activity?

假設沒有其他特許經營活動，我們應該考慮什麼？

Thank you.

謝謝。

Sure.

當然。

Thanks for the question.

謝謝你的提問。

First of all, it's a huge area of focus and has been.

首先，這是一個巨大的關注領域，而且一直都是。

We're currently tracking to have our highest gross margin level since pre-COVID and expect that underlying expansion to continue, notwithstanding the offsets that you just mentioned.

我們目前正在追蹤自新冠疫情爆發以來的最高毛利率水平，並預計基本擴張將繼續，儘管存在您剛才提到的抵消。

For '25, as we laid out in the script, some of the considerations for '25 is a more normalized pricing environment.

對於 25 年，正如我們在腳本中所闡述的，25 年的一些考慮因素是更標準化的定價環境。

James has touched upon that.

詹姆斯已經談到了這一點。

We would continue to look to offset the FX headwinds with some underlying expansion through our RGM and cost efficiency efforts.

我們將繼續尋求透過我們的 RGM 和成本效率努力進行一些潛在的擴張來抵消外匯不利因素。

I've highlighted some of the challenges we have on the agricultural commodity front, and we see that being part of just the equation we need to manage.

我強調了我們在農產品方面面臨的一些挑戰，我們認為這正是我們需要管理的問題的一部分。

We are, as I said earlier, looking at a number of levers on both the revenue and the cost lines, our ongoing elevation on the RGM front, the optimization on the promotional front within the innovation space, things like simplification of product specs, for example, can free up a lot of dollars.

正如我之前所說，我們正在考慮收入和成本方面的一些槓桿、我們在 RGM 方面的持續提升、創新領域內促銷方面的優化、產品規格的簡化等。

The way we have been working with our very diverse supplier base across the world, not only for certainty of supply, which is a huge priority in a number of markets, but over time to leverage the scale of the system, et cetera.

我們與世界各地非常多元化的供應商群體合作的方式，不僅是為了供應的確定性（這在許多市場中是重中之重），而且隨著時間的推移，可以利用系統的規模等等。

So there's just a lot of opportunity and it's not any one big thing that's going to make or break the numbers.

因此，機會很多，但並不是任何一件大事就能創造或打破這些數字。

But I think it's our continued ability to bring all of these levers to play that's going to make the difference.

但我認為，我們持續發揮所有這些槓桿作用的能力才會產生影響。

And I think that's represented in the consideration set that we framed for 2025.

我認為這已體現在我們為 2025 年制定的考慮範圍。

Andrea Teixeira, JPMorgan.

安德里亞·特謝拉，摩根大通。

James, John, you mentioned that volumes improved as you exit the quarter, but implied organic sales growth for Q4 even after you raised, it's closer to, I believe, 6% from 9% in Q3, if my math is correct, and you have the extra two days.

詹姆斯、約翰，你們提到，隨著你們退出本季度，銷量有所改善，但即使在你們籌集資金之後，也意味著第四季度的有機銷售增長，我相信，如果我的數學正確的話，它更接近第三季9% 的6%，而且你們還有額外的兩天。

I'm hoping to see if you can help us bridge the most recent trends and how to think about Q4.

我希望您能幫助我們了解最新趨勢以及如何思考第四季。

And separately, just a clarification, there are some recent news on potential ban in the sale of CSDs and snacks in schools in Mexico.

另外，需要澄清的是，最近有一些關於墨西哥學校可能禁止銷售碳酸飲料和零食的消息。

I know that historically the impact of the sugar tax was not relevant at all.

我知道從歷史上看，糖稅的影響根本不相關。

But just wanted to hear how you're positioning cases if it materializes.

但只是想聽聽如果這種情況發生的話，你們將如何定位案件。

Let me go in reverse order.

讓我按照相反的順序走。

I haven't read all the news in Mexico, I'm not sure it's happening yet.

我還沒有讀完墨西哥的所有新聞，我不確定這件事是否正在發生。

But we largely sell a no-sugar set of portfolios recommendation towards schools and that's part of our global approach.

但我們主要向學校出售一套無糖作品集的推薦，這是我們全球方法的一部分。

So I'm not sure how that matters -- or not sure how that's going to impact the business.

所以我不確定這有多重要——或者不確定這將如何影響業務。

I'd imagine that's going to be very small, if at all.

我想如果有的話，那也會非常小。

In terms of Q4, I mean I would unpack it and say, look, part of what is important here is what is going to be the flowthrough from some of these high inflation marketplaces.

就第四季而言，我的意思是我會打開它並說，看，這裡重要的一部分是來自這些高通膨市場的流量。

If you take the impact of high inflation, it's clearly been slowing down or lesser impact as we've gone through the year.

如果你考慮高通膨的影響，你會發現今年以來通膨明顯放緩或影響較小。

And so you're going to see potentially less impact in the fourth quarter from that.

因此，第四季的影響可能會較小。

In terms of where we're going in terms of CSDs, yes, clearly, there's going to be a pickup in terms of price -- in terms of inventory, sorry.

就我們在 CSD 方面的發展而言，是的，很明顯，價格將會上升——抱歉，就庫存而言。

And I don't think you quite got to the right number yet.

我認為你還沒有找到正確的數字。

I think it's probably implicitly a little higher.

我認為它可能隱含地更高一些。

But we can certainly follow up on that one.

但我們當然可以跟進這個問題。

I think it's going to be a strong outlook.

我認為這將是一個強勁的前景。

Because at the end of the day, in my simple way of thinking about things, if you take out all the moving pieces in the craziness of what goes on, at the end of the day, if I take out the high-inflation markets out of the price mix in Q3, you get

因為在一天結束時，以我簡單的思考方式，如果你在瘋狂的事情中剔除所有移動的部分，在一天結束時，如果我剔除高通膨市場根據第三季度的價格組合，您可以得到

[6. The volume was minus 1, that's 5].

[6.體積為負 1，即 5]。

That's right in the range of the top end of our growth algorithm, the same as it has been each quarter so far this year and in previous years.

這正好在我們成長演算法的上限範圍內，與今年迄今為止每個季度和往年的情況相同。

And if you just want to look at it in simple terms, excluding high inflation, I'm expecting us to say bang at the top end of our long-term growth algorithm.

如果你只想簡單地看待它，排除高通膨，我預計我們會在長期成長演算法的頂端說一聲爆炸。

Kaumil Gajrawala, Jefferies.

考米爾·加吉拉瓦拉，傑弗里斯。

I'm going to go for the award for the shortest question.

我將角逐最短問題獎。

Since the news is so new with McDonald's and potential food contamination, I think they're your largest customer.

由於有關麥當勞和潛在食品污染的新聞太新了，我認為他們是你們最大的客戶。

Is there anything we should know about how it would impact your business?

關於它將如何影響您的業務，我們有什麼應該了解的嗎？

Kaumil, yeah, I think you've got a pretty short question there.

考米爾，是的，我認為你的問題很簡短。

Look, I think obviously, hearts go out to the people who have been affected by the contamination.

聽著，我想顯然，那些受到污染影響的人們的心都在同情。

Certainly, we're a big partner of McDonald's, they're a big partner of ours.

當然，我們是麥當勞的重要夥伴，他們也是我們的重要夥伴。

We'll be helping them in any way we can as they work through whatever is happening here.

我們將盡一切努力幫助他們解決這裡發生的一切。

Clearly, the information is very thin on the ground as it relates to those of us further away from the situation.

顯然，實地訊息非常薄弱，因為它與我們這些遠離現場的人有關。

Certainly, when one looks at what's in the media so far in terms of the states that have been affected, I would say, at this stage, it's not going to be a large, significant impact to the business.

當然，當人們看看迄今為止媒體上關於受影響州的報導時，我會說，在現階段，這不會對業務產生巨大的影響。

Robert Ottenstein, Evercore.

羅伯特‧奧滕斯坦，Evercore。

Your CSD business in the US is performing quite a bit better than it has than a number of years ago.

你們在美國的 CSD 業務的表現比幾年前好得多。

And I'd like to kind of get your sense of the drivers on that?

我想了解一下您對司機的看法？

Is it the Zero Sugar products?

是零糖產品嗎？

Is it better engagement with younger drinkers?

與年輕飲酒者的互動是否較好？

Is it market share gains?

是市場佔有率的成長嗎？

And then more specifically, this year, some of the data that we're looking at seems to suggest that CSDs are retaking market share from energy drinks.

更具體地說，今年我們看到的一些數據似乎表明碳酸飲料正在從能量飲料中奪回市場份額。

So lots of pieces there, but I'd love to get your assessment of what's going on?

那裡有很多東西，但我很想聽聽您對正在發生的事情的評估？

Thank you.

謝謝。

Well, first, I'm tempted to go what's driving the growth of the soft drinks as all of the above in terms of what we've been doing to make our brands more relevant.

好吧，首先，我很想談談推動軟性飲料成長的因素，正如上述所有內容一樣，我們一直在努力使我們的品牌更具相關性。

I think the North America team have done a good job across the portfolio, to be fair.

公平地說，我認為北美團隊在整個產品組合中都做得很好。

I mean if you look at the third quarter, Coke Trademark grew volumetrically speaking.

我的意思是，如果你看看第三季度，可口可樂商標的銷量有所成長。

The other Sparkling beverages grew volumetrically speaking.

從體積上來說，其他起泡飲料都在成長。

I mean, within the Coke Trademark, Coke Original was broadly flat, and Coke Zero was double-digit growth, and even Diet Coke grew.

我的意思是，在可口可樂商標中，可口可樂原味基本上持平，可口可樂零實現了兩位數的成長，甚至健怡可樂也在成長。

So I think there's been a strong leveraging of the ongoing marketing transformation, paired with an improving set of execution by the bottling system, work on the RGM and the pack mix, and execution in the marketplace, that are bringing greater strength to the sparkling beverage business in North America.

因此，我認為，正在進行的營銷轉型得到了強有力的利用，再加上裝瓶系統的一系列改進執行、RGM 和包裝組合的工作以及市場執行，這些都為起泡飲料帶來了更大的優勢北美業務。

It's certainly been the accumulation of many quarters of work and it's starting to show through both when you look at the third quarter and also if you were to look at if that's an improving trend through the year.

這當然是多個季度工作的積累，當您查看第三季度以及您查看全年是否有改善趨勢時，它都開始顯現出來。

Charlie Higgs, Redburn.

查理希格斯，雷德伯恩。

I'd like to dig into the unit case volumes down 1% in Q3 a bit more, please.

我想進一步深入了解第三季單位箱銷售量下降了 1% 的情況。

And if you could maybe just quantify or contextualize some of the consumer hesitancy that's happened in Q3.

如果您可以量化或具體化第三季發生的一些消費者猶豫不決的話。

Was it about the same as Q2 better or worse?

與第二季差不多，是更好還是更差？

And then also some of the impacts from the portfolio trimming you're doing.

然後還有您正在進行的投資組合調整帶來的一些影響。

I'm just trying to get a sense of like the clean volume performance in Q3.

我只是想了解一下第三季的乾淨體積性能。

And then just building on that, maybe you could touch a bit more on Trademark Coke, Coke Zero accelerating to 11%?

然後在此基礎上，也許您可以更多地談論商標可口可樂，可口可樂零加速到 11%？

Are you confident, James, that's incremental and not coming from Coke Classic?

詹姆斯，你有信心這是增量的而不是來自可口可樂經典嗎？

Thanks.

謝謝。

We can break down the volume in lots of different ways.

我們可以用很多不同的方式來分解體積。

The first and most important piece of the puzzle, I sort of mentioned it earlier, is the relatively atypical makeup of the volume in Q3.

我之前提到過，這個難題的第一個也是最重要的一部分是第三季卷的相對非典型的構成。

In other words, there was actually good performance from volume -- in volume terms across the developed economies.

換句話說，從數量上看，已開發經濟體實際上表現良好。

So North America, although it was flat, it had growth in the Sparkling beverages and it had growth in the kind of the premium stills, if you like, across multiple categories, and we had deprioritized some of the case pack water.

因此，北美雖然持平，但氣泡飲料和優質蒸餾飲料（如果你願意的話）在多個類別中都有增長，而且我們取消了一些盒裝水的優先級。

So actually North America had a good performance.

所以實際上北美表現不錯。

Europe grew, Japan grew, Australia.

歐洲成長，日本成長，澳洲成長。

And they grow -- not only did they grow, it -- the pressure had actually come from the emerging markets.

他們成長了——不僅成長了，壓力實際上來自新興市場。

And that pressure in the emerging markets was concentrated in a set of markets, some with temporal factors and some with some ongoing issues.

新興市場的壓力集中在一系列市場，其中一些市場存在暫時性因素，一些市場存在一些持續存在的問題。

The temporal factors are more, for example, Mexico was cycling in this quarter a very strong Q3 last year.

時間因素更多，例如，墨西哥在本季的表現與去年第三季的表現非常強勁。

Brazil continues to be good, but Mexico was cycling a strong Q3 last year, which made Latin America looked like it came off.

巴西繼續表現出色，但墨西哥去年第三季表現強勁，這讓拉丁美洲看起來像是失敗。

But actually, we still think the momentum is good there.

但實際上，我們仍然認為那裡的勢頭良好。

India had a particularly heavy monsoon in a number of states, and that affected the volume in India.

印度的一些邦遭遇了特別嚴重的季風，影響了印度的水量。

Actually, by the way, heavy monsoons tend to be a good predictor of agricultural yield, which would be then better next year.

事實上，順便說一句，強烈季風往往可以很好地預測農業產量，明年的農業產量會更好。

That's clearly going to be a temporary factor and we'd be looking for India to return to growth.

這顯然將是一個暫時因素，我們希望印度恢復成長。

Parts of the world that are on the more ongoing pressure are particularly China and the Eurasian markets or Eurasia and the Middle East.

世界上承受更大壓力的地區尤其是中國和歐亞市場或歐亞大陸和中東。

Clearly, here, we still see a couple of things going on.

顯然，在這裡，我們仍然看到一些事情正在發生。

One, in China, yes, the economy is kind of not taking off.

第一，在中國，是的，經濟還沒起飛。

But some of what's going on with choices we've made, we chose to deprioritize some of water, in equivalent terms, case pack water.

但我們所做的一些選擇中，我們選擇降低一些水的優先級，換句話說，就是盒裝水。

And we focused on growth in the Sparkling beverages in China.

我們專注於中國氣泡飲料的成長。

So actually, Coke grew volumetrically in the third quarter in Japan.

事實上，可口可樂第三季在日本的銷售量出現了成長。

So it's clearly about -- some of it's about the choices we make.

所以很明顯，其中一些是關於我們所做的選擇。

But we need to focus more on the things we can control in China to have better marketing, innovation, and execution.

但我們需要更多地關注我們在中國可以控制的事情，以實現更好的營銷、創新和執行。

But we see light at the end of the tunnel and long-term investment opportunities for the China business.

但我們看到了隧道盡頭的曙光以及中國業務的長期投資機會。

The Eurasia business is more of a confluence of factors, the spillover from the Middle East conflict, plus there's a set of markets there that are undergoing quite significant macroeconomic adjustments.

歐亞大陸業務更多的是多種因素的綜合，中東衝突的溢出效應，加上那裡的一些市場正在經歷相當大的宏觀經濟調整。

And that is also coming together to kind of create a relatively big headwind volumetrically speaking.

從體積上來說，這也造成了相對較大的阻力。

Bill Chappell, Truth Securities.

比爾‧查普爾，真理證券。

Can you just dig a little bit further into fairlife.

能進一步深入了解公平生活嗎？

I guess, maybe the size of it at this point?

我想，也許現在它的大小呢？

Are we nearing $1 billion?

我們已經接近 10 億美元了嗎？

How much impact is it having on mix and kind of the prospects as we look to next year?

它對我們明年的前景組合和類型有多大影響？

Can it continue to expand or do you have tougher comparisons because?

它能繼續擴大嗎？

It's really been a big driver particularly in the past kind of 12, 18 months.

這確實是一個很大的推動力，尤其是在過去的 12、18 個月。

I'm just trying to understand the prospects going forward.

我只是想了解未來的前景。

And how much impact it's now having on North American overall sales?

它現在對北美整體銷售有多大影響？

Thanks.

謝謝。

Thanks, Bill.

謝謝，比爾。

Well, for sure, it's going to be a $1 billion brand.

嗯，可以肯定的是，這將是一個價值 10 億美元的品牌。

It's certainly passed that mark a while ago.

不久前它肯定已經超過這個標準了。

I think firstly, like one of the most kind of, I think, standout factor about the North American businesses, and I think we said it in the script, is the two biggest brands in terms of retail dollars added to the North American beverage landscape by any brand across the whole industry is Coca-Cola Trademark and fairlife.

我認為首先，我認為北美業務最突出的因素之一，我認為我們在劇本中說過，就北美飲料領域的零售額而言，兩個最大的品牌整個行業的任何品牌都是可口可樂商標和fairlife 。

And that shows you, I think, the ability to take something that's been around for 138 years and make it continue to be relevant, and take something that's not much more than a decade old and make that relevant too.

我認為，這表明你有能力利用已有 138 年歷史的東西並使其繼續具有相關性，並利用僅存在了 10 年的歷史並使其具有相關性的能力。

And so yeah, it's having an impact on mix because largely we're consolidating a vertically integrated business.

是的，它對組合產生了影響，因為很大程度上我們正在整合垂直整合的業務。

And so there's a mechanical effect at the revenue line, which is part of that slightly outsized contribution from mix that I talked about earlier, but it's also delivering on the bottom line.

因此，收入線會產生機械效應，這是我之前談到的混合貢獻略大的一部分，但它也帶來了利潤。

But just to allay fears that somehow that means that the rest of the business is not doing, no.

但只是為了減輕人們的擔憂，因為這意味著其他業務沒有做，不。

The North America ex fairlife is also growing top line, gaining -- doing well and growing profit.

北美ex fairlife 的營收也在不斷增長，業績良好，利潤不斷增長。

So both engines are firing, or all the engines are firing, and it's not just one engine, which I think is very important to understand.

所以兩台發動機都在點火，或者所有發動機都在點火，而不僅僅是一台發動機，我認為理解這一點非常重要。

And it can certainly continue to expand.

而且它肯定可以繼續擴大。

I mean, clearly, next year, we're going to be cycling a very strong year, and we are in the process, as previously advertised, about bringing online more capacity.

我的意思是，很明顯，明年我們將迎來非常強勁的一年，正如之前所宣傳的那樣，我們正在努力增加線上容量。

The New York plant is being dug out of the ground or built out of the ground as we speak.

就在我們說話的時候，紐約工廠正在從地下挖出或在地下建造。

And so we'll be aiming to blend in that capacity.

因此，我們的目標是融入這種能力。

Clearly, it's going to be hard to cycle this year's numbers until we get the capacity.

顯然，在我們獲得足夠的容量之前，很難循環今年的數據。

But I think there's huge opportunity and demand in the marketplace.

但我認為市場上有巨大的機會和需求。

We just need to continue to run, keep it relevant, and bring online the capacity.

我們只需要繼續運行，保持相關性，並將容量上線即可。

Kevin Grundy, BNP Paribas.

凱文·格倫迪，法國巴黎銀行。

Great.

偉大的。

James, I was hoping to pivot to the alcohol strategy and learnings there.

詹姆斯，我希望將重點轉向酒精策略和那裡的學習。

I think it's got a little bit less attention from investors more recently.

我認為最近投資者對它的關注有所減少。

The company has about a few years in or so to the strategy, extending some of the brands.

該公司花了大約幾年的時間來實施該策略，擴展了一些品牌。

You have a number of different partners in the space with a number of different trademarks.

您在該領域擁有許多不同的合作夥伴，並擁有許多不同的商標。

Maybe comment, number one, sort of broader learnings here a few years in.

也許評論，第一，幾年後這裡有更廣泛的學習。

And then two, which opportunities you think are more scalable globally and can become a more meaningful part of the portfolio.

然後是兩個，您認為哪些機會在全球範圍內更具擴展性，並且可以成為投資組合中更有意義的部分。

Thank you.

謝謝。

Yeah.

是的。

It's a couple of years in, still very early days.

現在已經有幾年了，還處於早期階段。

I would advertise here a kind of an overall learning that most things take a decade to work out whether they're going to arrive at scale, a minimum seven years.

我想在這裡宣傳一種整體學習，即大多數事情需要十年的時間才能確定它們是否會達到規模，至少需要七年。

And that's true, even if you look back at the beverage industry, the most successful of any brands, it was very hard to tell whether we're really breaking through to scale until about year seven and it took at least till year 10 to get scale and often much longer.

確實如此，即使你回顧飲料行業這個所有品牌中最成功的行業，也很難判斷我們是否真正實現了規模化，直到第七年左右，而且至少要到第十年才能實現規模化。更長。

So a few years is still relatively early days in terms of really building out something at scale.

因此，就真正大規模建造某些東西而言，幾年還相對較早。

So that's point number one.

這是第一點。

Two, we've been taking a measured approach to work out what will work.

第二，我們一直在採取審慎的方法來找出有效的方法。

And we've got some good learnings, and we've pivoted where things didn't work, and we've kind of continued to advance where things are working.

我們得到了一些很好的經驗教訓，我們在那些不起作用的地方進行了調整，並且在那些起作用的地方繼續前進。

I think in terms of -- you kind of -- implicit in the question is like, is one of these going to work and the other is not going to work?

我認為，就你而言，這個問題隱含的意思是，其中一個會起作用，另一個不會起作用嗎？

I don't think I see this category that way.

我不認為我是這樣看待這個類別的。

I don't think there's going to be one killer SKU that is 50% of the market.

我認為不會有一種殺手級 SKU 能夠佔據 50% 的市場。

I think it's going to be much more -- the alcohol industry has more variety and more variety-seeking behaviors.

我認為酒精產業將會有更多的多樣性和更多尋求多樣性的行為。

And therefore, I think it's going to be more about us using a combination of some partnered ready-to-drink offerings like Jack and Coke, Bacardi and Coke, Absolut and Sprite, complemented with a set of our own brands, ARTD, like Simply Spiked or Minute Maid, in a portfolio effect.

因此，我認為我們將更多地結合使用一些合作的即飲產品，例如 Jack and Coke、Bacardi and Coke、Absolut 和 Sprite，並輔以一系列我們自己的品牌 ARTD，例如 Simply尖刺或美汁源，具有組合效果。

And I think it's going to be about having a robust portfolio of choice is going to be the approach that is likely to do well in ARTD.

我認為擁有強大的選擇組合將是在 ARTD 中可能表現良好的方法。

And if you look around the world at the few markets, and there are only relatively a few, where ARTD is a meaningful percentage of the beer, relative to beer, then that's the characteristic that stands out.

如果你環顧世界上少數幾個市場，你會發現只有相對少數幾個市場，相對於啤酒而言，ARTD 在啤酒中所佔的比例相當大，那麼這就是突出的特徵。

So the question is, can we put together a bundle that could be effective, not just in share terms, which I think is possible, but in terms of making ARTD a relevant size category?

所以問題是，我們能否整合一個有效的捆綁包，不僅在份額方面（我認為這是可能的），而且在使 ARTD 成為相關規模類別方面？

Robert Moskow, TD Cowen.

羅伯特·莫斯科，TD·考恩。

A quick question.

一個簡單的問題。

You expect price mix to decelerate next year.

您預計明年價格組合將放緩。

Some of it's due to North America, some of it's due to hyperinflationary markets.

其中一些是由於北美，一些是由於惡性通貨膨脹的市場。

So do you expect any benefit to volume from that?

那麼您認為這對銷售有什麼好處嗎？

Like is there elasticity assumption?

例如是否存在彈性假設？

You did sound very positive about volume into 2025.

聽起來您確實對 2025 年的銷售非常樂觀。

Thanks.

謝謝。

Yeah.

是的。

There is a certain mechanical effect to price mix and volume.

對價格結構和數量有一定的機械效應。

In other words, I'm expecting '25 to be the inverse of the third quarter.

換句話說，我預計 25 年將與第三季相反。

In other words, I would expect the emerging markets to retake their more traditional position of growing faster than the developed economies, which will obviously contribute to volume growth, but it won't contribute to a positive price mix.

換句話說，我預期新興市場將重新佔據比已開發經濟體成長更快的傳統地位，這顯然將有助於銷售成長，但不會有助於積極的價格組合。

So I think there will be some stabilization in that kind of relationship such that next year is going to look more like essentially what this year looked like, which is where you've got some volume growth, a more normal level of volume growth, a more normal level of pricing, with a kind of a top-up of what will still be a residue amount of high-inflationary countries.

因此，我認為這種關係將會穩定下來，明年看起來基本上會像今年一樣，銷量會有所增長，銷量增長會達到更正常的水平，更正常的定價水平，對高通脹國家的剩餘金額進行某種補充。

And that's likely to be where 2025 is heading.

這很可能就是 2025 年的發展方向。

Carlos Laboy, HSBC.

卡洛斯·拉博伊，匯豐銀行。

I have a North America-specific question.

我有一個針對北美的問題。

Can you tell us more about the improving system digital capabilities are being built that you might find most promising as you look forward to accelerating volume and revenue growth?

您能否告訴我們更多有關正在構建的改進系統數字功能的信息，當您期待加速銷量和收入增長時，您可能認為這些功能最有前途？

And how are you compelling the bottlers to make investments behind these capabilities?

您如何迫使裝瓶商在這些能力背後進行投資？

Yeah, sure, Carlos.

是的，當然，卡洛斯。

I mean, from a bottling system point of view, I think in a way, it's the expansion of the digital engagement with the retail system.

我的意思是，從裝瓶系統的角度來看，我認為在某種程度上，這是零售系統數位化參與的擴展。

I mean there was always the electronic ordering in the modern trade, and that's been around a long while.

我的意思是，現代貿易中一直存在電子訂購，而且已經存在很長一段時間了。

What's really interesting about what's going on is more in the kind of mom-and-pop traditional trade or independent trade part of the marketplace, which is not just the ability to provide a platform, which allows the retailer to engage with the ordering system 24/7 rather than waiting for the pre-seller to turn up.

真正有趣的是，更多的是夫妻店傳統貿易或市場的獨立貿易部分，這不僅僅是提供平台的能力，該平台允許零售商與訂購系統互動24 /7 而不是等待預售者出現。

They can engage to add product order -- add to order, they can register service, request for the coolers or for merchandising material.

他們可以參與添加產品訂單——添加訂單，他們可以註冊服務、要求冷卻器或銷售材料。

But also as we start to get into AI, the system can also start interacting with the retailers with suggested orders and the engagement, not just from the retailer to the bottler in terms of ordering a service that's actually from the bottler to the retailer, suggesting orders because of whatever is happening, there might be some events coming up, there might be people like you buy these sorts of things you should add.

但當我們開始進入人工智慧時，系統也可以開始與零售商互動，提供建議的訂單和參與度，而不僅僅是從零售商到裝瓶商的訂購服務，實際上是從裝瓶商到零售商的服務，這表明訂單，因為無論發生什麼，可能會發生一些事件，可能會有像您這樣的人購買這些您應該添加的東西。

And so we really see a combination of enhancement to the market developers who are out there.

因此，我們確實看到了市場開發人員的增強。

It's not going to go from being a human system to an entirely electronic system.

它不會從人類系統變成完全電子系統。

I think it's going to be about the enablement of the humans to be as productive as they can be, whether those are pre-sellers, market developers or the retail operators themselves.

我認為這將是為了讓人類盡可能提高生產力，無論他們是預售者、市場開發商還是零售經營者本身。

And so I think it's very exciting, and the bottlers are leaning in to the investments in this area.

所以我認為這是非常令人興奮的，裝瓶商正在傾向於在這一領域進行投資。

So with that, just to conclude, we think we're well-positioned to deliver on our ambitions to 2024 and over the long term.

因此，總而言之，我們認為我們有能力實現 2024 年以及長期的目標。

We're certainly managing near-term uncertainty as we continue to build our system for long term.

隨著我們繼續建立長期系統，我們當然正在管理近期的不確定性。

And we're confident we will create sustainable value for our stakeholders.

我們有信心為利害關係人創造可持續的價值。

Thanks for your interest, your investment in the company, and for 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.

女士們、先生們，今天的電話會議到此結束。

Thank you for participating.

感謝您的參與。

You may now disconnect.

您現在可以斷開連線。