可口可樂 (KO) 2025 Q1 法說會逐字稿

At this time, I'd like to welcome everyone to the Coca-Cola Company's first-quarter 2025 earnings results conference call. Today's call is being recorded. (Operator Instructions)

現在，我歡迎大家參加可口可樂公司2025年第一季獲利業績電話會議。今天的通話正在錄音。（操作員指示）

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，這次發表會的目的是與投資人對話，因此不會回答媒體的問題。媒體參與者如有任何疑問，請聯絡可口可樂媒體關係部。

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

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

Good morning and thank you for joining us. I'm here with James Quincey, our Chairman and Chief Executive Officer; and John Murphy, our President and Chief Financial Officer. We've posted schedules under financial information in the Investors section of our company website. These reconcile certain non-GAAP financial measures that may be referred to this morning to results as reported under Generally Accepted Accounting Principles.

早安，感謝您加入我們。我和我們的董事長兼執行長詹姆斯·昆西 (James Quincey) 一起來到這裡；以及我們的總裁兼財務長約翰·墨菲 (John Murphy)。我們已在公司網站的「投資者」部分的財務資訊下發布了時間表。這些將今天上午可能提及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協調。

You can also find schedules in the same section of our website that provide an analysis of our growth and operating margins. This call may contain forward-looking statements, including statements concerning long-term earnings objectives which should be considered in conjunction with cautionary statements contained in our earnings release and in the company's periodic SEC report. Following prepared remarks, we will take your questions. Please limit yourself to one question. Re-enter the queue to ask any follow-ups.

您也可以在我們網站的同一部分找到提供我們成長和營業利潤率分析的時間表。本次電話會議可能包含前瞻性陳述，包括有關長期盈利目標的陳述，這些陳述應與我們的盈利報告和公司定期的 SEC 報告中包含的警示性陳述一起考慮。在準備好發言之後，我們將回答您的問題。請限制自己只問一個問題。重新進入隊列詢問任何後續問題。

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. Our results in the first quarter reflect the continued execution of our all-weather strategy and demonstrate the resilience of our business as we navigate a dynamic external environment. We delivered 2% volume growth and organic revenue growth at the high end of our long-term growth algorithm. We also delivered comparable gross and operating margin expansion.

謝謝，羅賓，大家早安。我們第一季的業績反映了我們全天候策略的持續執行，並展示了我們業務在動態外部環境中的韌性。我們實現了 2% 的銷售成長和 2% 的有機收入成長，達到了長期成長演算法的高端。我們也實現了相當的毛利率和營業利潤率的成長。

With this as context, we're grounded our starting point of human centricity. Our first quarter results would not have been possible without the actions of our people around the world. I'd like to express my gratitude to our system associates who are adapting quickly and creating enduring value.

以此為背景，我們以人為本作為我們的出發點。如果沒有世界各地員工的行動，我們的第一季業績是不可能實現的。我要向我們的系統同事表示感謝，他們正在快速適應並創造持久的價值。

And as we look to the remainder of the year, we will continue to be consumer and customer-centric based on what we know today, we believe we can achieve our 2025 guidance. This morning, I'll provide further detail on our first quarter business performance, and we'll discuss the current operating environment. Then I'll explain how we're improving execution and investing to strengthen our system. John will also discuss our financial results and provide further commentary on the outlook for the rest of the year.

展望今年剩餘時間，我們將繼續以消費者和客戶為中心，基於我們今天所了解的情況，我們相信我們能夠實現 2025 年的指導目標。今天上午，我將進一步介紹我們第一季的業務表現，並討論當前的營運環境。然後我將解釋我們如何改進執行並進行投資以加強我們的系統。約翰還將討論我們的財務業績並對今年剩餘時間的前景提供進一步的評論。

During the quarter, some markets improved sequentially, while other markets face macroeconomic uncertainty and geopolitical tensions that impacted consumer confidence and consumption behaviors. Despite this backdrop, we delivered robust organic revenue growth. Through our stepped-up capabilities and better than ever system alignment, we're getting more granular and tailoring our execution to win locally in key geographies, categories and channels.

本季度，一些市場環比改善，而其他市場則面臨宏觀經濟不確定性和地緣政治緊張局勢，影響了消費者信心和消費行為。儘管存在這樣的背景，我們仍然實現了強勁的有機收入成長。透過我們不斷增強的能力和比以往更好的系統協調，我們變得更加細緻，並定制我們的執行方式，以在關鍵地區、類別和渠道中取得本地勝利。

During the quarter, we grew volume across all global beverage categories. We won value share by three key metrics; overall share, at home, and away from home. However, as we look across our top country category combinations, we still have opportunities to further improve our performance. Across our markets, we leveraged our global scale and local expertise to respond to complex dynamics in the quarter.

本季度，我們全球所有飲料類別的銷量均有所成長。我們透過三個關鍵指標贏得了價值份額；總體份額，包括主場份額和客場份額。然而，當我們審視我們的頂級國家類別組合時，我們仍然有機會進一步提高我們的表現。在我們的市場中，我們利用我們的全球規模和本地專業知識來應對本季的複雜動態。

In North America, we grew revenue and profit and won value share, but we were not satisfied with our volume performance. In addition to challenges with severe weather and calendar shift, volume was impacted by weakening consumer sentiment as the quarter progressed, particularly among Hispanic consumers.

在北美，我們的收入和利潤有所增長，並贏得了價值份額，但我們對銷售表現並不滿意。除了惡劣天氣和日曆變化帶來的挑戰之外，隨著本季的進展，消費者信心減弱也對銷售產生了影響，尤其是西班牙裔消費者。

Bright spots include continued volume growth for Coca-Cola Zero Sugar, another good quarter for fairlife and Topo Chico Sabores, and continued traction with food service customer renewals and new accounts. Our system has quickly pivoted to prioritize the most impactful investment opportunities and is emphasizing faster decision making and greater agility to accelerate volume growth.

亮點包括零度可口可樂銷售持續成長、fairlife 和 Topo Chico Sabores 再創佳績，以及餐飲服務客戶續約和新帳戶持續成長。我們的系統已迅速轉向優先考慮最具影響力的投資機會，並強調更快的決策和更高的靈活性以加速交易量的成長。

In Latin America, while volume was flat, we grew both organic revenue and comparable currency neutral operating income. Brazil and Argentina had strong volume performance, while momentum in Mexico was weaker due to cycling strong volume growth in the prior year, calendar shifts, and diminished consumer sentiment, partly stemming from geopolitical tensions.

在拉丁美洲，雖然銷量持平，但我們的有機收入和可比較貨幣中性營業收入均有所成長。巴西和阿根廷的銷售表現強勁，而墨西哥的勢頭較弱，原因是去年銷售週期性強勁增長、日曆變化以及消費者信心下降（部分原因是地緣政治緊張局勢）。

Our system has taken swift action in Mexico. We've learned from best practices in other markets by messaging affordability with value packages in key channels and by launching the Hecho en Mexico campaign to further build trust with consumers. Across Latin America, our system is leveraging connected packaging and digital customer platforms to drive long-term growth.

我們的系統已在墨西哥採取了迅速行動。我們借鑒了其他市場的最佳實踐，透過在主要管道中傳遞超值套餐的可負擔性訊息，並發起「Hecho en Mexico」活動來進一步建立消費者的信任。在整個拉丁美洲，我們的系統正在利用互聯包裝和數位客戶平台來推動長期成長。

In EMEA, we grew volume, organic revenue, and comparable currency neutral operating income. In Europe, volume declined with mixed performance in both Western and Eastern markets due to a range of factors. To drive demand for our brands, we're focused on affordability and launching impactful integrated marketing activations.

在歐洲、中東和非洲地區，我們的銷售、有機收入和可比較貨幣中性營業收入均有所成長。在歐洲，由於一連串因素，西方和東方市場的銷售量均出現下降，表現不一。為了推動我們品牌的需求，我們專注於可負擔性並推出有影響力的整合行銷活動。

For example, with Trademark Coca-Cola, we launched the Everyday Tasty Celebrations campaign for the meal occasions in over 20 markets leveraging local influencers. For Fanta, we launched a partnership with Xbox to recruit Gen-Z drinkers.

例如，我們與商標可口可樂合作，利用當地有影響力的人物，在 20 多個市場的餐飲場合推出了「每日美味慶典」活動。對於芬達，我們與 Xbox 建立了合作夥伴關係，以招募 Z 世代飲酒者。

In Eurasia and Middle East, we drove strong volume growth and won value share. In Turkey, despite continued external challenges, our business performance improved. We're leveraging our learnings from the past year to better understand consumer motivations and pivot during shifts in demand. Our efforts across the region to emphasize the localness of our system while driving affordability and partnering closely with customers are taking hold.

在歐亞大陸和中東地區，我們實現了強勁的銷售成長並贏得了價值份額。在土耳其，儘管外部挑戰持續存在，但我們的業務表現有所改善。我們正在利用過去一年的經驗來更好地了解消費者的動機，並在需求改變時做出調整。我們在整個地區努力強調我們系統的在地化，同時提高可負擔性並與客戶密切合作，這些努力正在取得成效。

Lastly, in Africa, we grew volume despite cycling strong growth in the prior year and dealing with double-digit inflation. We're driving affordability with refillable offerings and value packages, and we're engaging consumers by scaling global integrated marketing campaigns at a local level, including Wanta Fanta, Sprite Spicy Meals, and Schweppes Born Social 2.0.

最後，在非洲，儘管前一年經歷了強勁增長並面臨兩位數的通貨膨脹，但我們的銷量仍然增長。我們透過可續杯產品和超值套裝來提高消費者的可負擔性，並透過在地方層面擴大全球整合行銷活動來吸引消費者，包括萬達芬達、雪碧辣味套餐和怡泉 Born Social 2.0。

Finally, in Asia-Pacific, we delivered volume, organic revenue, and comparable currency neutral operating income growth. In ASEAN and South Pacific, volume declined as strong performance in the Philippines was more than offset by weaker performance in Thailand and Indonesia. However, we won value share in the region. We're focused on driving affordability with refillable offerings and attractive absolute price points, increasing outlet coverage, and accelerating placement of cold drink equipment.

最後，在亞太地區，我們實現了銷售、有機收入和可比較貨幣中性營業收入的成長。在東協和南太平洋地區，菲律賓的強勁表現被泰國和印尼的疲軟表現所抵消，導致銷售下降。然而，我們在該地區贏得了價值份額。我們致力於透過可再填充產品和極具吸引力的絕對價格點來提高消費者的可負擔性，擴大銷售點覆蓋範圍，並加速冷飲設備的投放。

In China, our system focus on improving execution is paying off and led to volume growth. We delivered impactful integrated marketing activations around the Lunar New Year and invested to drive growth in away from home channels. Trademark Coca-Cola had strong volume performance, while Sprite is getting back on track.

在中國，我們注重提高執行力的系統正在取得成效並帶來銷售成長。我們在農曆新年期間開展了有影響力的整合行銷活動，並投資推動戶外通路的成長。可口可樂品牌的銷售表現強勁，而雪碧則重回正軌。

In India, we had strong volume growth across our portfolio of global and local brands. Our system added nearly 350,000 outlets and increased household penetration. Also, our system increased cooler placement and added approximately 100,000 customers to its digital customer platforms. In Japan and South Korea, we drove volume growth and won value share with strong performance from Ayataka Tea. Our system is benefiting from stepped-up execution across key channels.

在印度，我們的全球和本地品牌組合銷售均實現了強勁成長。我們的系統增加了近35萬個分店，提高了家庭普及率。此外，我們的系統增加了冷卻器的位置，並為其數位客戶平台增加了約 10 萬名客戶。在日本和韓國，我們憑藉 Ayataka Tea 的強勁表​​現推動了銷量成長並贏得了價值份額。我們的系統受益於關鍵管道的加強執行。

Putting it all together, our business proved to be resilient during the quarter and we are prepared to respond to changing consumer dynamics as our external environment continues to evolve. While we're navigating near-term market dynamics, we're focused on capturing the boundless opportunities we discussed at CAGNY and we're building capabilities to further our strategic edge.

綜合起來，我們的業務在本季度表現出了韌性，隨著外部環境的不斷發展，我們已準備好應對不斷變化的消費者動態。在我們探索短期市場動態的同時，我們專注於抓住在 CAGNY 上討論的無限機遇，並正在建立能力以進一步增強我們的戰略優勢。

Starting with our portfolio of love brands. Our total beverage portfolio offers consumers choice, whether it be by brand, package size, or package type. We have 30 global and local billion-dollar brands that address a broad range of consumer need states and drinking occasions. A 30% of our volume is from low or no calorie beverages, and 68% of our products in our portfolio have less than 100 calories per 12 ounce serving. We also have a diversified mix of affordable and premium offerings. By staying consumer centric and offering choice, we're seeing growth across multiple elements of our portfolio.

從我們的愛情品牌組合開始。我們的完整飲料產品組合為消費者提供多種選擇，無論是按品牌、包裝尺寸或包裝類型。我們擁有 30 個全球和本地價值數十億美元的品牌，可滿足廣泛的消費者需求狀態和飲酒場合。我們的 30% 銷售來自低熱量或無熱量飲料，我們產品組合中 68% 的產品每 12 盎司的熱量低於 100 卡路里。我們也提供多種價格實惠且優質的產品。透過堅持以消費者為中心並提供選擇，我們看到投資組合的多個元素都在成長。

Moving on to our marketing and innovation agenda. Our ongoing transformation continues to fuel our top line growth. With Studio X, we're producing tailored digital marketing at scale and with speed, and we're measuring the impact in real time. For example, during Lunar New Year, we scaled an integrated campaign with Trademark Coca-Cola across China, Japan, Vietnam, and other Asia-Pacific markets.

繼續我們的行銷和創新議程。我們正在進行的轉型持續推動我們的營收成長。借助 Studio X，我們可以大規模、快速地製作客製化的數位行銷，並即時衡量其影響力。例如，在農曆新年期間，我們與可口可樂商標在中國、日本、越南和其他亞太市場進行了綜合活動。

Consumers access personalized digital experiences through our system's connected packaging. The campaign leveraged social media, live events, and increased displays in customer outlets, contributing to Trademark Coca-Cola volume growth in Asia-Pacific during the quarter. We're also excited about the global return of our iconic Share a Coke campaign. The 2025 iteration of this campaign offers digital experiences and increased shareability and customization.

消費者可以透過我們系統的互聯包裝獲得個人化的數位體驗。該活動利用社交媒體、現場活動和在客戶網點增加展示，促進了本季亞太地區商標可口可樂銷售的成長。我們也很高興看到我們標誌性的「分享可樂」活動在全球再次回歸。活動的 2025 年版本將提供數位體驗以及更高的可共享性和客製化。

The return of Share a Coke is the first chance for Gen-Z to experience this much loved campaign. We're investing in multi-year innovations and prioritizing fewer for bolder launches to drive greater impact and improve our success rates. For example, we're continuing to invest in Fuze Tea, which contributed to value share gains in the category during the quarter. We expanded Fuze Tea, Sabor Original to Spain and Fuze iced tea to Canada.

「分享可樂」活動的回歸是 Z 世代首次體驗這項備受喜愛的活動的機會。我們正在投資多年的創新，並優先考慮更少的大膽發布，以產生更大的影響並提高我們的成功率。例如，我們將繼續投資 Fuze Tea，這有助於本季該類別的價值份額成長。我們將 Fuze Tea、Sabor Original 擴展到西班牙，並將 Fuze 冰茶擴展到加拿大。

In the US, Coca-Cola Orange Cream is off to a good start with approximately $50 million in retail sales during the quarter. At the end of February, we launched Simply Pop, our first prebiotic soda in select locations and channels across the country. We're excited about our ability to test and learn and scale successes over time.

在美國，可口可樂橙口味冰淇淋開局良好，本季零售額約 5,000 萬美元。二月底，我們在全國精選地點和通路推出了我們的第一款益生元汽水 Simply Pop。我們對自己隨著時間的推移進行測試、學習和擴大成功的能力感到非常興奮。

Lastly, we're striving to optimize our broader ecosystem. This extends far beyond the company and our bottling partners. If you include our suppliers, approximately 6 million people service our ecosystem. Coca-Cola is for everyone and we strive to contribute to each of the communities we serve.

最後，我們正在努力優化我們更廣泛的生態系統。這遠遠超出了公司和我們的裝瓶合作夥伴的範圍。如果算上我們的供應商，大約有 600 萬人為我們的生態系統提供服務。可口可樂適合每個人，我們努力為我們服務的每個社區做出貢獻。

We believe our franchise model, which leverages global scale but prioritizes localness is an advantage in today's environment. Our system primarily produces and distributes our brands locally. We also aim to procure locally where possible. Much of the value we create in terms of jobs and retail sales stays in the local markets.

我們相信，我們的特許經營模式利用全球規模但優先考慮本地性，在當今環境下具有優勢。我們的系統主要在當地生產和分銷我們的品牌。我們也力求盡可能在當地採購。我們在就業和零售方面創造的大部分價值都留在了當地市場。

For example, according to a recent economic impact study by Steward Redqueen in the US, our ecosystem contributes approximately 860,000 jobs and approximately $58 billion to annual gross domestic product. In Brazil, our ecosystem contributes approximately 575,000 jobs and over $15 billion annually to the gross domestic product.

例如，根據美國Steward Redqueen公司最近的一項經濟影響研究，我們的生態系統每年貢獻約86萬個就業崗位，為國內生產毛額貢獻約580億美元。在巴西，我們的生態系統每年為國內生產毛額貢獻約 575,000 個就業機會和超過 150 億美元。

While it is reasonable to assume global trade tensions and broader macro uncertainty may persist in the near term and could impact consumer sentiment, the building blocks behind our long-term growth opportunities are unchanged. We continue to benefit from three primary factors. Firstly, we operate in a resilient industry with predictable growth. Second, while barriers to entry in our industry are low, barriers to scale in our industry are high.

雖然可以合理地假設全球貿易緊張局勢和更廣泛的宏觀不確定性可能在短期內持續存在並可能影響消費者情緒，但我們長期成長機會背後的基石並未改變。我們繼續受益於三個主要因素。首先，我們所處的產業具有彈性，且成長可預測。第二，我們這個產業的進入門檻低，但規模門檻高。

Lastly, we have significant headroom to develop our industry and gain share, and we believe we're primed to capture these opportunities. Our portfolio power as demonstrated by our $30 billion brands and pervasive yet local distribution are key differentiators. Our system continues to prioritize agility, consumer centricity, and close partnership across our ecosystem to drive long-term growth.

最後，我們擁有巨大的發展空間來發展我們的行業並獲得份額，我們相信我們已經準備好抓住這些機會。我們價值 300 億美元的品牌和廣泛且在地化的分銷管道證明了我們的產品組合實力，這是我們的主要差異化因素。我們的系統繼續優先考慮敏捷性、以消費者為中心以及整個生態系統的密切合作，以推動長期成長。

In summary, it's early in the year, and we know that the external environment is dynamic. Enabled by our all-weather strategy, we'll continue to expand our toolkit to respond to the opportunities and challenges ahead. Thanks to the unwavering dedication of our system employees, we are confident we can achieve our objectives.

總結一下，今年還處於初期階段，我們知道外在環境是動態的。憑藉全天候策略，我們將繼續擴展我們的工具包，以應對未來的機會和挑戰。感謝我們系統員工的堅定奉獻，我們有信心實現我們的目標。

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

說完這些，我會把電話轉給約翰。

Thank you, James, and good morning, everyone. During the quarter, we pivoted as needed to continue delivering on our objectives. We grew organic revenues 6%, which reflects performance at the high end of our long-term growth algorithm. Unit case growth was 2%, in line with our multiyear trend. Concentrate sales were 1 points behind unit case sales as the impact of two fewer days in the quarter was partially offset by the timing of concentrate shipments.

謝謝你，詹姆斯，大家早安。在本季度，我們根據需要做出調整，以繼續實現我們的目標。我們的有機收入成長了 6%，這反映了我們長期成長演算法的高端表現。單位個案成長率為 2%，與我們多年的趨勢一致。精礦銷售量落後單位箱銷售 1 個百分點，因為本季減少兩天的影響被精礦出貨時間部分抵銷。

Our price mix growth of 5% was driven primarily by pricing actions across our markets, partially offset by approximately 1 point of unfavorable mix. Pricing from intense inflationary markets contributed to approximately 1 point of price mix growth, down from approximately 5 points in full year 2024.

我們的價格組合成長 5%，主要受到整個市場定價行動的推動，但約 1 點的不利組合部分抵消了這一增長。劇烈通膨市場的定價導致價格組合成長約 1 個百分點，低於 2024 年全年的約 5 個百分點。

Comparable gross margin increased approximately 30 basis points, and comparable operating margin increased approximately 130 basis points. Both were driven by underlying expansion and a benefit from bottler refranchising, partially offset by currency headwinds. Putting it all together, first quarter comparable EPS of $0.73 increased 1% year-over-year despite 5% currency headwinds, dilution from bottle refranchising, elevated net interest expense, and an approximate 2 point increase in our effective tax rate.

可比毛利率增加約30個基點，可比營業利益增加約130個基點。兩者均受到基礎擴張和瓶裝商再特許經營權帶來的好處的推動，但部分被貨幣逆風所抵消。綜合起來，儘管面臨 5% 的貨幣逆風、瓶裝特許經營權的稀釋、淨利息支出的增加以及有效稅率增加約 2 個百分點，但第一季度可比每股收益仍為 0.73 美元，同比增長 1%。

Free cash flow, excluding the fairlife contingent consideration payment was approximately $560 million, an increase versus prior year. During the quarter, we made our final $6.2 billion payment related to our acquisition of fairlife, which continued to deliver strong performance. We're expecting fairlife's growth to moderate during the remainder of 2025 in advance of bringing additional capacity online.

不包括 Fairlife 或有對價支付的自由現金流約為 5.6 億美元，較上年增加。本季度，我們支付了與收購 fairlife 相關的最後一筆 62 億美元款項，fairlife 繼續保持強勁表現。我們預計，在額外產能投入使用之前，fairlife 的成長速度將在 2025 年剩餘時間內放緩。

Our balance sheet remains strong with our net debt leverage of 2.1 times EBITDA, which is at the low end of our targeted range of 2 times to 2.5 times. We're confident in our long-term free cash flow generation and continue to have balance sheet capacity to pursue our capital allocation agenda, which prioritizes an unwavering commitment to drive growth and support our dividend while staying flexible and opportunistic.

我們的資產負債表依然強勁，淨債務槓桿為 EBITDA 的 2.1 倍，處於我們 2 倍至 2.5 倍目標範圍的低端。我們對長期自由現金流的產生充滿信心，並繼續擁有資產負債表能力來推行我們的資本配置議程，該議程優先考慮堅定不移地致力於推動增長和支持我們的股息，同時保持靈活性和機會主義。

Before I discuss our guidance, I'd like to provide perspective on the current global trade environment and the actions we're taking to manage our business. While our system primarily executes locally, we're not immune to global trade dynamics. Based on what we know today, the dynamic tariff landscape could impact pockets of our systems' cost structure as well as consumer sentiment in our markets.

在討論我們的指導之前，我想先介紹一下當前的全球貿易環境以及我們為管理業務所採取的行動。雖然我們的系統主要在本地執行，但我們並不能免受全球貿易動態的影響。根據我們目前所知，動態關稅格局可能會影響我們系統的成本結構以及市場消費者情緒。

At this time, we believe we have numerous levers to help manage the impact, which is contributing to our current 2025 guidance. Enabled by our all-weather strategy, we believe our business model has the flexibility needed to allow us to deliver on our near-term commitments.

目前，我們相信我們有許多手段可以幫助管理影響，這有助於我們實現當前的 2025 年指導目標。在我們的全天候策略的支持下，我們相信我們的商業模式具有必要的靈活性，使我們能夠履行近期承諾。

Our current 2025 guidance takes into consideration the underlying momentum of our business and what we know today about our external environment. We continue to expect organic revenue growth of 5% to 6%, but now expect comparable currency neutral earnings per share growth of 7% to 9%, both of which reflect delivery in line with our long-term growth algorithm.

我們目前的 2025 年指導方針考慮了我們業務的潛在發展勢頭以及我們目前對外部環境的了解。我們繼續預期有機收入成長 5% 至 6%，但現在預計可比貨幣中性每股收益成長 7% 至 9%，這兩項指標均符合我們的長期成長演算法。

Bottle refranchising is still expected to be a slight headwind to comparable net revenues and comparable earnings per share. Most of the impact of bottle refranchising occurred during the first quarter of this year, as we cycled the impact of refranchising the Philippines, which closed during the first quarter of 2024.

瓶裝飲料再特許經營預計仍將對可比淨收入和可比每股收益產生輕微阻力。瓶裝再特許經營的大部分影響發生在今年第一季度，因為我們循環了菲律賓再特許經營的影響，菲律賓於 2024 年第一季關閉。

Based on current rates and our hedge positions, we now anticipate an approximate 2 point to 3 point currency headwind to comparable net revenues and an approximate 5 point to 6 point currency headwind to comparable earnings per share for full year 2025.

根據當前匯率和我們的對沖頭寸，我們現在預計 2025 年全年可比淨收入將受到約 2 到 3 個百分點的貨幣逆風，可比每股收益將受到約 5 到 6 個百分點的貨幣逆風。

Our underlying effective tax rate for 2025 is still expected to be 20.8%, which is over a 2 point increase versus prior year. All-in, based on what we know today, we continue to expect 2025 comparable earnings per share growth of 2% to 3% versus $2.88 in 2024.

我們預計 2025 年的基本有效稅率仍為 20.8%，比前一年增加 2 個百分點以上。總體而言，根據我們目前掌握的信息，我們預計 2025 年每股收益將成長 2% 至 3%，而 2024 年為 2.88 美元。

There are some considerations to keep in mind for 2025. During the second quarter, we are cycling a tougher volume comparison from the prior year, while we're taking action to address consumer dynamics across some key markets and are seeing encouraging signs, we expect recovery to take some time. We continue to expect the productivity benefits that I discussed in February to be weighted towards the latter half of 2025.

對於 2025 年，有一些事情需要牢記。在第二季度，我們正在進行與前一年相比更嚴格的銷售比較，雖然我們正在採取行動解決一些主要市場的消費者動態，並且看到了令人鼓舞的跡象，但我們預計復甦需要一些時間。我們仍然預計，我在二月討論的生產力效益將在 2025 年下半年顯現。

Last, due to our reporting calendar, there will be one additional day in the fourth quarter. To sum it up, we remain focused on the execution of our all-weather strategy and are well positioned despite macro complexity and uncertainty in the remainder of 2025. Thanks to the power of our portfolio and the partnership of our system, we're confident we will continue to create enduring value for our stakeholders.

最後，由於我們的報告日曆，第四季將增加一天。總而言之，我們仍然專注於執行全天候策略，儘管 2025 年剩餘時間宏觀形勢複雜且不確定，但我們仍處於有利地位。憑藉我們強大的投資組合和系統的合作夥伴關係，我們有信心繼續為我們的利害關係人創造持久的價值。

And with that, operator, we are ready to take questions.

接線員，我們現在可以回答問題了。

(Operator Instructions)

（操作員指示）

Dara Mohsenian, Morgan Stanley.

摩根士丹利的達拉‧莫森尼安 (Dara Mohsenian)。

Hey, good morning. Another strong quarter clearly in Q1, but you did maintain the all-in full year 2025 earnings guidance, which implies constant currency earnings growth is now lower by 100 basis points with FX improving. So, is that just because it's early in the year and in a difficult environment, it doesn't make sense to raise overall earnings, particularly with volatile currency or are there discrete factors that are incremental as we think about full year currency neutral earnings?

嘿，早安。第一季顯然又是一個強勁的季度，但您確實維持了 2025 年全年盈利預期，這意味著隨著外匯的改善，恆定貨幣盈利增長現在下降了 100 個基點。那麼，是不是僅僅因為現在是年初，而且環境艱難，所以提高整體收益是沒有意義的，尤其是在貨幣波動的情況下，還是在我們考慮全年貨幣中性收益時，存在一些增量的離散因素？

And maybe I can just extend that question also to unit cases, 2% great result in the quarter. Comps do get tougher going forward. There's some geopolitical risk in theory. So, just any thoughts around your ability to drive continued corporate unit case growth going forward in this more difficult environment that you referenced. Thanks.

也許我可以將這個問題擴展到單位案例，本季取得了 2% 的優異成績。未來的競爭確實會變得更加激烈。理論上存在一些地緣政治風險。因此，您能否談談在您提到的這種更困難的環境中推動企業單位案例持續增長的能力？謝謝。

Thanks, Dara. On the currency front, as we said in the script, the currency guidance is based on current rates and hedge positions and it's early in the year. We have most of our G10 pretty much hedged, but there's still a lot of volatility out there with emerging markets. So, we are being, I think, prudent to not get flow through, and I am sure there's more to come in the coming months on the currency front, particularly in the emerging world. So, on unit case volume, not dissimilar. We have had a -- an overall strong start when you look at the global portfolio, thanks to the strength of that portfolio.

謝謝，達拉。在貨幣方面，正如我們在腳本中所說，貨幣指導是基於當前利率和對沖頭寸，並且是在今年年初。我們對大部分 G10 進行了相當程度的對沖，但新興市場仍然存在很大的波動。因此，我認為，我們謹慎地避免流動性問題，而且我相信未來幾個月在貨幣方面還會出現更多變化，特別是在新興國家。因此，就單位箱體積而言，並沒有什麼不同。從全球投資組合來看，我們有一個整體強勁的開端，這要歸功於該投資組合的實力。

I highlighted in my script remarks, as you just alluded to, the -- we're cycling a strong second quarter. We have had a number of actions to address some of the challenges we've seen in the first quarter, and we expect those actions to have an impact, but it will not be immediate. So, we're -- I'd highlight the full year guidance, we feel comfortable and confident with and like, we've seen over the last, I'd say, 12 quarters to 13 quarters, each quarter has its own personality now a days. And so, I'd look at the full year versus, let's say, the dynamics of any one quarter.

正如您剛才提到的，我在腳本評論中強調了——我們正在經歷強勁的第二季。我們已經採取了一系列措施來應對第一季遇到的一些挑戰，我們預計這些措施會產生影響，但不會立即見效。所以，我想強調的是，我們對全年指引感到滿意和有信心，就像我們在過去 12 個季度到 13 個季度看到的那樣，現在每個季度都有自己的特色。因此，我會關注全年情況，而不是任何一個季度的動態。

Bryan Spillane, Bank of America.

美國銀行的布萊恩·斯皮蘭。

Hey, thanks operator. Good morning, everyone. And John, I'm still trying to figure out, it's the first-time I've heard quarters described as having personality. So, I'm trying to understand what personality this quarter might have been. But just -- can we talk a little bit about Mexico? And the quarter was, I think was a little bit softer. Also, I think you talked about market share gain or market share losses.

嘿，謝謝接線生。大家早安。約翰，我還在想辦法，這是我第一次聽到有人把宿舍描述成有個性。所以，我試著去了解這個季度的個性是什麼樣的。但是——我們可以稍微談論一下墨西哥嗎？我認為本季的情況稍微疲軟一些。另外，我認為您談論的是市場份額的增加或市場份額的損失。

So, maybe can we talk a little bit about the current conditions there? I know last year, there was some noise with the consumer around the election. So, just what's happening with the consumer there, and I guess perhaps what actions you're going to take, what you're planning to take going forward to sort of restart volume growth?

那麼，我們可以談談那裡目前的情況嗎？我知道去年，消費者對選舉有些不滿。那麼，那裡的消費者到底發生了什麼事？我想也許您會採取什麼行動？您計劃採取什麼措施來重新開始銷售成長？

Yeah. Sure. Firstly, stepping back a bit, I mean, Latin America had a reasonable quarter, there was strong growth in Brazil and particularly Argentina. And yes, as you say, it was a bit softer in Mexico. There are a few things that went into that softness in Mexico. It's cycling a stronger first half from last year and Easter being an important holiday in Mexico, that shifted effectively from the first quarter to the end of April, effectively the second quarter. So, that's one -- that's the first piece.

是的。當然。首先，退一步來說，拉丁美洲本季表現還不錯，巴西和阿根廷的成長尤為強勁。是的，正如你所說，墨西哥的情況稍微溫和一些。墨西哥的這種軟弱是由一些因素造成的。與去年相比，上半年的周期性表現更為強勁，而且復活節是墨西哥的一個重要節日，因此週期性表現實際上從第一季轉移到了 4 月底，也就是第二季。所以，這就是──這是第一部分。

Second piece, there was some macro uncertainty coming into the year post the election, the locally of Mexican elections and some geopolitical tension. We called out some of the pullback in Hispanic consumers in the US as part of underlying one of the factors in the US volume, that is also the same thing that's happening in Mexico and North America that some of the geopolitical tension and Hispanic pullback also affected the Mexican, particularly the border region, which is very connected to the US and so you've got that as well.

第二，在大選後的一年裡，墨西哥選舉的當地情況和一些地緣政治緊張局勢帶來了一些宏觀不確定性。我們認為，美國西班牙裔消費者數量的下降是造成美國消費量下降的一個潛在因素，這與墨西哥和北美的情況相同，地緣政治緊張局勢和西班牙裔消費者數量的下降也影響了墨西哥，特別是與美國聯繫密切的邊境地區，所以你也會遇到這種情況。

And so, there was a couple of impacts there coming. We had some pretty good bright spots on Coke Zero and Del Valle and Santa Clara and Fuze, but we're very focused going into Q2 on affordability with refillables and value, reinforcing our Hecho en Mexico, which is a campaign about the localness, the hundred -- the tens of thousands of jobs in Mexico that are about our Mexican system and partnering closely with the fragmented trade. So, I think that it will come back.

因此，那裡發生了一些影響。我們在零度可樂、Del Valle、Santa Clara 和 Fuze 上取得了一些相當不錯的成績，但進入第二季度，我們非常注重可再填充飲料的可負擔性和價值，加強我們的“Hecho en Mexico”活動，這是一項關於墨西哥本地化、數百乃至數以萬計的工作崗位的活動，這些工作與我們的貿易體係與我們的貿易體係密切相關。所以，我認為它會回來的。

As John said, each quarter will have its own personality. I'm not sure what Q2 will end up with, but choppy would be a good start. We're confident in our guidance because we're confident in our strategy and the system's execution of that all-weather strategy. And so, I think we'll come back in Mexico and we'll pull it back.

正如約翰所說，每季都有自己的個性。我不確定 Q2 最終會以什麼結果結束，但波動會是一個好的開始。我們對我們的指導充滿信心，因為我們對我們的策略以及系統對全天候策略的執行充滿信心。所以，我認為我們會回到墨西哥並將其撤回。

Lauren Lieberman, Barclays Bank.

巴克萊銀行的勞倫·利伯曼。

Great. Thanks so much. So, I want to talk a little bit more perhaps about the actions you're taking in the US you called out, consumer softness, particular demographics, but there was also some pretty pointed anti-Coke, brand Coke sentiment out there. So, I was just curious, anything you could share or articulate on what the system is doing to kind of manage through that? So yeah, that's the key question. Thanks.

偉大的。非常感謝。因此，我想再多談一點您在美國採取的行動，您指出消費者的疲軟、特定的人口統計數據，但也存在一些相當尖銳的反可口可樂、反品牌可口可樂的情緒。所以，我只是好奇，您能否分享或闡明系統是如何解決這個問題的？是的，這是關鍵問題。謝謝。

Yeah. Sure. I mean, clearly, the key is agility and reprioritization, refocusing on some of the issues, within the context of a strategy that has been working for us in the US marketplace. I mean, we have been very focused on driving the portfolio and upping the execution with our bottling partners and that's been a multi quarter, multi-year successful strategy. So, within the context of continuing that, we're going to make some adjustments to what's happened in the first quarter.

是的。當然。我的意思是，顯然，關鍵在於敏捷性和重新確定優先順序，在我們在美國市場行之有效的戰略背景下重新關註一些問題。我的意思是，我們一直非常注重推動投資組合併提高與裝瓶合作夥伴的執行力，這是一個持續多個季度、多年的成功策略。因此，在繼續這種背景下，我們將對第一季發生的情況做出一些調整。

Just standing back a second and saying what happened, there were a whole set of things came together. There's a shift in Easter, which I mentioned the Mexico and the weakness in some of the consumer traffic, particularly Hispanics in traffic and there was some very unfortunate video circulating around, false -- completely false, but they impact the business. That kind of hit us particularly Coke Original in the Southern states that is a basic, but there were other things like cold weather and some of the calendar shifts.

只要退一步說一下發生了什麼，就會發現一連串的事情都聚集在一起了。復活節期間情況發生了變化，我提到了墨西哥和一些消費者流量的疲軟，特別是西班牙裔流量，並且有一些非常不幸的影片在流傳，這些影片是假的——完全是假的，但它們會影響業務。這對我們有影響，尤其是南部各州的原味可樂，這是一個基本因素，但還有其他因素，例如寒冷的天氣和一些日曆上的變化。

So, there were some known factors. There were some unfortunate factors and there's some stuff that we got to focus on, so that we can build on what went well. Coke Zero is still growing. Fairlife was still the number one brand to add retail dollars in the first quarter. Topo Chico is going well, Fuze it. So we have a lot to build on. We're focused on coming back on Coke Original.

因此，有一些已知因素。有一些不幸的因素，我們必須專注於一些事情，以便我們可以在順利的基礎上繼續前進。零度可樂仍在成長。Fairlife 仍然是第一季零售額增加最多的品牌。Topo Chico 進展順利，將其融合。因此，我們還有很多工作要做。我們專注於恢復原味可樂。

We're focusing in on winning back some of the Hispanic consumers, both from a consumer and a channel point of view and reinforcing some of our affordability options. So, I think we're going to again come back, might be choppy again going into Q2, but we feel we have a handle on the controllables and can get ourselves back on track to our winning strategy.

我們正致力於從消費者和通路的角度贏回部分西班牙裔消費者，並強化我們的一些可負擔性選擇。所以，我認為我們會再次回來，進入第二季度時可能會再次出現波動，但我們覺得我們已經掌握了可控因素，可以讓我們回到正軌上，實現我們的獲勝策略。

Steve Powers, Deutsche Bank.

德意志銀行的史蒂夫·鮑爾斯。

Hey, great. Thanks. So James, as you emphasized in the prepared remarks, the company's portfolio is made up, of a broad mix of both global and local brands. Given some of the shifts you've seen in demand since we were all together at CAGNY in February, could you talk maybe about how you're leaning more into some of those local brands in the current environment to the extent that you are or perhaps how you're executing or positioning differently some of your global brands to emphasize their local relevance?

嘿，太棒了。謝謝。詹姆斯，正如你在準備好的演講中所強調的那樣，該公司的產品組合由全球品牌和本地品牌組成。鑑於自從我們二月份在 CAGNY 相聚以來，您發現需求發生了一些變化，您能否談談在當前環境下您如何更多地傾向於一些本地品牌，或者您如何以不同的方式執行或定位您的一些全球品牌以強調它們的本地相關性？

Sure. And let me start by emphasizing the nature of the Coke system globally. Obviously, we're iconically known for Coca-Cola, the world's most global brand and a set of other global brands. But along with that kind of headline globalness, actually it's a very profoundly local business. The beverages in each country are largely made in that country by local employees using local inputs.

當然。首先，我想強調一下可口可樂全球體系的本質。顯然，我們以可口可樂、世界上最全球化的品牌和一系列其他全球品牌而聞名。但儘管標題中說它是全球化的，但實際上它是一個非常本土化的企業。每個國家的飲料大部分都是由當地員工使用當地原料生產的。

So, the US system, for example, between the people we employ directly in the kind of the economic jobs that come through the supply chain and total ecosystem is like 860,000 people and $58 billion of GDP. You go to Brazil, same, 575,000 people, $15 billion of GDP. So, it's a very profoundly local business as much as it looks like a global business. And so the paradox that gets managed productively from our point of view is how do we make global brands locally relevant.

以美國為例，我們透過供應鏈和整個生態系統直接僱用的人員，其經濟工作總數約為 86 萬人，GDP 約為 580 億美元。你去巴西，同樣，575,000 人口，150 億美元的 GD​​​​P。因此，它既像是一家全球性企業，又像是一家深刻的在地化企業。因此，從我們的角度來看，有效解決的矛盾是如何讓全球品牌適應當地情況。

So, it's not that we -- in this current context are switching from supporting and investing behind the global brands into just local brands, no. The trick, the imperative is to make the global brands locally relevant. And in the moments of geopolitical tension, one of the key strategies is to drive and reinforce the made in or made by. The fact that it's a local business, the factory is down the road from you, your neighbors make the product. And this underlining of the localness of the production and the distribution and the workforce plus reinforcing affordability tends to be the key thing to do, particularly with Brand Coca-Cola in these moments.

所以，在當前環境下，我們並不是從支持和投資全球品牌轉向僅僅支持和投資本地品牌。訣竅在於，當務之急是讓全球品牌適應當地情況。在地緣政治緊張的時刻，關鍵策略之一就是推動和強化「本土製造」或「由…製造」。事實上，這是一家本地企業，工廠就在您家附近，您的鄰居生產該產品。而強調生產、分銷和勞動力的在地化以及增強可負擔性往往是關鍵所在，尤其是對於可口可樂品牌而言。

So, I would not expect to see any major shifts in the makeup from the brand -- from a global brand or from a brand portfolio sense as we go forward. It's about how you engage locally to reinforce the global nature of the brand, but the local physical presence of the brand and that's what works in these circumstances and it's a best practice that we know from around the world. It's not the first time it's had to be used. I'm sure it won't be the last. And so, we think our business model is set up for an environment that can take a degree of disturbance because it's a very resilient business model.

因此，我預計未來我們的品牌組成不會發生任何重大變化——無論是從全球品牌還是從品牌組合的角度來看。這關乎您如何透過在地參與來強化品牌的全球性，但品牌的本地實體存在才是在這種情況下有效的，也是我們從世界各地了解到的最佳實踐。這並不是它第一次被使用。我確信這不會是最後一次。因此，我們認為我們的商業模式是為能夠承受一定程度幹擾的環境而建立的，因為它是一種非常有彈性的商業模式。

Filippo Falorni, Citigroup Inc.

Filippo Falorni，花旗集團

Hi. Good morning, everyone. I wanted to ask you about your comment about the global trade dynamics. You mentioned that your operations are primarily local, but what are the portion of your business where you're actually seeing the tariff implication impacting your business? Any sense if you can give us a sense of quantifying the potential impact? I know aluminum is a component, but just any broader comment on the implication from the global trade environment?

你好。大家早安。我想問一下您對全球貿易動態的看法。您提到您的業務主要在本地，但您實際上看到關稅影響了您的業務的哪些部分？您能否為我們量化一下潛在的影響？我知道鋁是一種成分，但對於全球貿易環境的影響，您有什麼更廣泛的評論嗎？

And then, a follow-up to that in the sense of the responses to just a general anti-American brand sentiment around the world from the global trade disputes. Are there any countries other than Mexico, which you call now where you're seeing a little bit more of a, I guess, some negative sentiment towards American brands? Thank you.

然後，我們再來看看全球貿易爭端引發的全球普遍反美品牌情緒的反應。除了您現在所說的墨西哥之外，還有其他國家對美國品牌有更多負面情緒嗎？謝謝。

Yeah. I'll take the second piece first, because it's very much linked to my previous answer, which is about reinforcing localness and really making sure we're on affordability and getting that really working and focused on driving the execution of that strategy. I'm not sure I would call out many other places. Obviously, there have been countries that have cycled through this problem over the last number of years. I'm sure there'll be more.

是的。我首先討論第二部分，因為它與我先前的回答密切相關，即關於加強本地化，真正確保我們的負擔能力，並使其真正發揮作用，並專注於推動該策略的執行。我不確定我是否會提到很多其他地方。顯然，過去幾年有些國家已經陷入了這個問題。我確信還會有更多。

I think the predominant issues have been, as we've seen this quarter so far in the US and in Mexico, a little bit perhaps in Europe, and some of the other countries, but one has to pass apart sentiment from behavior. And therefore, it's very important that we're not responding to sentiment, we're responding to behavior.

我認為主要問題是，正如我們本季迄今在美國和墨西哥看到的那樣，也許在歐洲和其他一些國家也存在一點問題，但我們必須將情緒與行為區分開來。因此，我們不應該對情緒做出反應，而應該對行為做出反應，這一點非常重要。

Turning back to the tariff dynamic, as we called out in our release, we see it as manageable. Obviously, we're not immune to global trade dynamics and we're talking now, knowing what we know today, and we're mindful the environment can change around us. Again, as I said before, I think our local franchise structure is an advantage.

回到關稅動態，正如我們在新聞稿中指出的那樣，我們認為這是可控的。顯然，我們並不能免受全球貿易動態的影響，我們現在正在談論我們今天所知道的事情，並且我們意識到我們周圍的環境可能會發生變化。再次，正如我之前所說，我認為我們的本地特許經營結構是一個優勢。

Our exposure to trade, import-export, is not massive in the major countries relative to our cost structure. So, if we were to take the US for example, we are exposed on a couple of inputs like orange juice or some of the dispensing equipment we buy, our bottling system is a bit exposed to some of the resin and aluminum.

相對於我們的成本結構，我們在主要國家的貿易和進出口業務規模並不大。因此，以美國為例，我們會接觸到一些投入，例如柳橙汁或我們購買的一些分配設備，我們的裝瓶系統會接觸到一些樹脂和鋁。

But these are small pieces relative to the total size. And even if you focus just in on those elements exclusively and think about what impact they may have on marketplace pricing, you don't just have to take into account the tariff, you got to take into account, well, what's happened to the price of the underlying commodity? What's happened to the exchange rate from where you're buying it?

但相對於整體規模而言，這些都是小塊。即使你只專注於這些因素並思考它們對市場定價可能產生的影響，你不僅要考慮關稅，還要考慮基礎商品的價格發生了什麼變化？您購買時的匯率怎麼樣？

What's happened to our hedging positions because we have long-term hedging positions. So, when you put all those things together and all the other levers across the cost elements of the business, that's how we and the bottling partners locally make the decisions on pricing. So, as it comes to the US, given all the things I talked about, both we in the bits where we operate directly and the bottlers locally, we're sticking to our current pricing plans for the year and knowing what we know today.

由於我們有長期對沖頭寸，我們的對沖頭寸發生了什麼變化。因此，當你把所有這些因素以及業務成本要素中的所有其他槓桿放在一起時，這就是我們和當地的裝瓶合作夥伴做出定價決策的方式。因此，就美國而言，考慮到我談到的所有事情，無論是在我們直接經營的地區還是在當地的瓶裝廠，我們都堅持今年的現行定價計劃，並了解我們今天所知道的情況。

Chris Carey, Wells Fargo.

富國銀行的克里斯凱裡。

Hi, everybody. I wanted to ask a question about margins and specifically operating margins. I think this is the best operating margin delivery going back in our model, I suppose, the modern era. I don't know, if they were 100 years ago, but let's say these are very, very strong operating margins. To what level are such margins sustainable? And do you envision any caveats in the quarter? I know you talked about marketing timing.

大家好。我想問一個關於利潤率，特別是營業利益率的問題。我認為這是我們模型中現代以來最好的營業利潤率。我不知道，如果是 100 年前的話，我們可以說，現在的營業利益率非常非常高。這樣的利潤率能維持到什麼水準？您是否預見到本季會出現任何警告？我知道您談到了行銷時機。

And then just, connected to that, as you think about reigniting trends in some of your developed markets, North America, Europe, is there a scenario whereby you would need to use some of this, margin strength to drive that or is the price pack and RGM strategy strong enough that you can still offer affordability without sacrificing the margin strength? Thank you.

然後，與此相關，當您考慮重新點燃一些已開發市場（北美、歐洲）的趨勢時，是否存在需要您利用其中的一些利潤優勢來推動這一趨勢的情況，或者價格組合和 RGM 策略是否足夠強大，以至於您仍然可以提供可負擔的產品而不犧牲利潤優勢？謝謝。

Thanks, Chris. Yes. Pleased with the way we came out of the first quarter on the operating margin front, there is an element of timing in there that has benefited us. I would kind of step out of the quarter points to our longer-term algorithm and the embed -- embedded in that are our belief in our ability to expand margins over time.

謝謝，克里斯。是的。我們對第一季的營業利潤率表現感到滿意，其中的時機因素對我們有利。我將從季度點數轉向我們的長期演算法和嵌入 - 其中嵌入的是我們對隨著時間的推移擴大利潤率的能力的信念。

We have -- as you know, we have made a lot of progress over the last five years or six years to get to where we are north of 30, 31 as we go into the rest of this year, and we expect to be able to do that with the levers we have. And those levers are not just on the cost containment and management front, as you mentioned in your second question, they also flow through to being able to manage a quality top-line over time.

如你所知，我們在過去五、六年取得了很大進展，到今年剩餘時間，我們的目標已經超過了 30% 或 31%，我們希望能夠利用現有的優勢來實現這一目標。正如您在第二個問題中提到的那樣，這些槓桿不僅作用於成本控制和管理方面，它們還可以隨著時間的推移管理高品質的營收。

And with regard to the investment thesis, we have to enable both the top and the margin line to expand in line with our algorithm, so a combination of the build-up over the last few years of a substantial spend behind our portfolio and the opportunity to leverage further productivity that we know we have over the next few years, we feel good about our ability to lean into growth, to invest behind the brands, and to adapt as we need to.

就投資理論而言，我們必須使頂線和利潤線都按照我們的演算法擴大，因此，結合過去幾年我們在投資組合背後大量支出的積累，以及我們在未來幾年利用進一步生產力的機會，我們對我們依靠增長、投資品牌和根據需要進行調整的能力感到滿意。

This quarter is a good example of a quarter where there's been a lot of adaptation required to deliver the numbers we have delivered for the here and now. But we're confident that we have a sufficient ammunition to be able to do that for the next number of quarters and embedded in that assumption that we'll probably have to pivot again in some parts of the world or other.

本季是一個很好的例子，我們需要進行大量的調整才能實現目前所交付的數字。但我們相信，我們有足夠的彈藥來在接下來的幾個季度中做到這一點，我們堅信我們可能不得不在世界某些地區或其他地區再次調整策略。

Robert Ottenstein, Evercore.

羅伯特‧奧滕斯坦 (Robert Ottenstein)，Evercore。

Great. Thank you very much. You mentioned in the opening comments that, fairlife growth may moderate, and Fairlife and Core Power have been phenomenal success. So wondering, if you can kind of one talk about the trajectory of that business starting now with kind of the service levels you have? When the capacity will come on? A sense of how much capacity is coming on? And where you see that brand going forward in terms of how big it could get? And then, also how you're going to protect that brand from an intellectual property perspective? Thank you.

偉大的。非常感謝。您在開場評論中提到，Fairlife 的成長可能會放緩，而 Fairlife 和 Core Power 已經取得了驚人的成功。所以我想知道，您是否可以談談該業務從現在開始的發展軌跡以及您現有的服務水平？什麼時候產能會上來？了解即將出現多少容量？您認為該品牌未來能夠發展到什麼程度？那麼，從智慧財產權的角度，您如何保護該品牌？謝謝。

Sure. Thanks, Rob. Firstly, when we talk about the kind of the growth moderating at fairlife, we've -- we're very much focusing on the percent growth. And I think there you are starting to see the lot of big numbers. It's starting to get to be a very big business that compounded a very, very high double-digit percent growth rates over the last number of years. So, it's a comment relative to percentages rather than total business size.

當然。謝謝，羅布。首先，當我們談論 Fairlife 的成長放緩時，我們非常關注百分比成長。我想你已經開始看到許多巨大的數字了。它開始成為一家非常大的企業，在過去幾年中實現了非常非常高的兩位數百分比成長率。因此，這是相對於百分比而非整體業務規模的評論。

If you look, as I commented earlier, in the first quarter of this year, fairlife again was the brand that added most retail dollars to the beverage industry on top of doing so last year. So, the dollars, the robustness and the size of the business continues to grow substantially. It's just a percentage compounding question as it moderates a little.

如果你看一下，正如我之前評論的那樣，在今年第一季度，fairlife 再次成為繼去年之後為飲料行業增加零售收入最多的品牌。因此，業務金額、穩健性和規模繼續大幅增長。這只是一個百分比複合問題，因為它稍微緩和了一些。

The capacity will come on towards the -- we've been increasing capacity in a number of different places in some of the existing locations and the major capacity uplift will happen at the end of the year and it will be more than enough to see us through a good number of years and certainly will make it unconstrained to the extent we get into that towards the end of the year.

產能將會不斷增加——我們已經在一些現有地點的多個不同地方增加了產能，主要的產能提升將在今年年底發生，這將足以讓我們度過很多年，並且肯定會使我們在年底達到不受限制的程度。

The long-term opportunity, I think, is still very substantial. There's a lot -- I mean, it's got a lot of reasons behind its underlying growth in terms of the quality of the product, the quality of the taste, the quality of the shelf-life, the lower no lactose, the higher product -- I mean, it's just a great product on many dimensions, which is part of what gives it a competitive advantage. It doesn't just depend on any one piece including the IP and the technology that comes with it for the filtration. So, it is a very strong business.

我認為長期機會仍然很大。有很多原因——我的意思是，它在產品品質、口味品質、保質期品質、較低的無乳糖含量、更高的產品等方面實現潛在增長——我的意思是，它在許多方面都是一款優秀的產品，這也是它具有競爭優勢的部分原因。它不僅僅依賴任何一個部分，包括 IP 和隨之而來的過濾技術。所以，這是一項非常強大的業務。

Obviously, as we get into lots of extra headroom in terms of capacity, we can redouble down on marketing, innovation, and really continue to drive and expand that business. So, we've kept in the swim lanes of the core products at the moment because that's the most effective thing to do when you're running such growth rates and risk running out of capacity. Obviously, we haven't because we're continuing to grow in the first quarter, but we will get sooner into unconstrained opportunity to continue to really drive this master brand forward.

顯然，隨著我們在產能方面獲得大量額外空間，我們可以加倍投入行銷和創新，並真正繼續推動和擴大業務。因此，我們目前一直保留核心產品的泳道，因為當你運行這樣的成長率並且面臨產能耗盡的風險時，這是最有效的做法。顯然，我們還沒有，因為我們在第一季還在繼續成長，但我們將更快獲得不受約束的機會，繼續真正推動這個主品牌向前發展。

Andrea Teixeira, JPMorgan.

摩根大通的安德里亞特謝拉 (Andrea Teixeira)。

Thank you, operator, and good morning, everyone.

謝謝接線員，大家早安。

So I'll start with James, and then a clarification for John. First, James, can you comment on Europe, Middle East and Africa? You had the 3% growth in unit volume. And I'm assuming, of course, there's a lot of different dynamics given how large the region is. But can you comment on the performance of Western Europe, which is a very large component of your profit pool as you exit the quarter, as some CPG as you probably have been following, have been calling a deceleration in the consumer dynamics there as well?

因此，我先從詹姆斯開始，然後再向約翰澄清一下。首先，詹姆斯，您能評論一下歐洲、中東和非洲嗎？您的單位銷售量成長了 3%。當然，我假設，考慮到該地區面積廣闊，存在許多不同的動態。但是，您能否評論一下西歐地區的表現？西歐地區是本季利潤池中一個非常大的組成部分。正如您可能一直關注的一些快速消費品公司 (CPG) 所說，那裡的消費動態也在減速。

And then a clarification for John on the underlying results. I mean, it seems that the FX came in or the outlook is 100 basis points better, but it seems that the underlying profit is assumed to be 100 basis points worse to make for the all-in comparable EPS to be the same. So, can you comment on what got sequentially worse or is that some -- and you're embedding some of the risk of more punitive trading news or just conservatism despite the strong start of the year? Thank you.

然後向約翰澄清根本結果。我的意思是，看起來外匯或前景要好 100 個基點，但似乎假設基礎利潤要差 100 個基點，以使全部可比每股收益保持不變。那麼，您能否評論一下哪些情況連續惡化，或者說，儘管今年開局強勁，但您是否嵌入了一些更具懲罰性交易新聞的風險，或者僅僅是保守主義？謝謝。

Yeah. Let me get the clarification out of the way, Andrea. Thanks for the question. It's early in the year. Currency is a function of what we know today and our hedge positions, and there's still a long way to go. And so, we feel it's prudent at this juncture to guide as we have done so, and we'll continue to update on the currency front as we go through the year.

是的。讓我來澄清一下，安德里亞。謝謝你的提問。現在是年初。貨幣是我們今天所知和對沖頭寸的函數，而且還有很長的路要走。因此，我們認為在當前時刻做出指導是明智之舉，並且我們將在今年繼續更新貨幣方面的情況。

Yeah. And then on -- in the EMEA segment, yes, the volume growth was principally driven by the Eurasia markets, actually including some of the North Africa ones, but it's a strong performance, particularly by the Eurasian market. The European business specifically, as is they calling out, it's a good profit pool. There the volume performance was actually in line with previous quarters. There were mixed performances between the East and the West, maybe the West a little softer.

是的。然後 - 在 EMEA 地區，是的，銷售成長主要受到歐亞市場推動，實際上包括一些北非市場，但表現強勁，尤其是歐亞市場。具體來說，歐洲業務，正如他們所說，是一個很好的利潤來源。那裡的銷售表現實際上與前幾季一致。東西方的表現參差不齊，西方的表現可能稍微弱一些。

Again, Europe has some of the factors that we talked about in the case of the US and Mexico, the shift of Easter, some of the macro uncertainties, and the political tensions. But again, just one online, like, it was very similar to what they were tracking from last year in terms of volume performance and there were some really strong bright spots in things like Coke Zero, Sprite Zero, Fuze Tea, Powerade and some really good marketing across not just Coke with kind of Everyday Tasty Celebrations and things, but partnerships with Xbox and Fanta.

再一次，歐洲存在著我們在美國和墨西哥案例中談到的一些因素，復活節的轉變，一些宏觀不確定性以及政治緊張局勢。但是，僅從線上來看，就銷量表現而言，它與去年追踪到的情況非常相似，可口可樂零度、雪碧零度、Fuze Tea、動樂等產品都有一些非常強勁的亮點，而且一些非常好的營銷活動不僅針對可口可樂，還有“每日美味慶典”之類的活動，還與 Xbox 和芬達建立了合作夥伴關係。

And as we look forward, we're really going to continue to focus on some of the RGM and affordability and the availability of cold drink equipment going into what is for Europe the most important season, which is the summer season.

展望未來，我們將繼續關注 RGM、可負擔性和冷飲設備的可用性，進入歐洲最重要的季節，即夏季。

Bonnie Herzog, Goldman Sachs.

高盛的邦妮·赫爾佐格。

All right. Thank you. Good morning, everyone. I just had a quick question on the away from home channel and consumer. Curious to hear how your away from home business trended in the quarter, I guess, versus even Q4? And then what's your outlook for the channel this year, given the consumer, I guess? And then, with that in mind, how should we think about the impact on your top line and margins if the away from home channel slows? And I guess is that factored in your guidance? Thanks.

好的。謝謝。大家早安。我只是想問一個關於戶外管道和消費者的簡單問題。我很好奇，想知道本季您的戶外業務趨勢如何，與第四季相比如何？那麼，從消費者角度來看，您對今年該通路的前景如何？然後，考慮到這一點，如果客場管道成長放緩，我們應該如何看待對您的營業收入和利潤率的影響？我猜這是否已考慮到您的指導中？謝謝。

Okay. Are you talking just US or globally?

好的。您說的只是美國還是全球？

Honestly globally, but if you want to give some color on the US as well, that would be helpful. Thank you.

老實說，這是全球性的，但如果您也想介紹美國，那將會很有幫助。謝謝。

Yeah. Sure. Look, I think let's start with the US I mean, in the US actually, immediate consumption actually held up better than future consumption. Some of the issues, particularly some of the pullbacks from consumers was more concentrated in the take home channel. So, if we were to look at the North American business, iced tea business actually did reasonably well and the future consumption business is where the impact was most felt.

是的。當然。你看，我想讓我們從美國開始，我的意思是，實際上在美國，即時消費實際上比未來消費表現更好。一些問題，特別是消費者的一些退縮更集中在外帶管道。因此，如果我們看一下北美業務，冰茶業務實際上表現相當不錯，而未來消費業務受到的影響最大。

Similarly, in Europe, the impact was more on the future consumption. The iced tea was actually growing in Europe. I think that calls out the importance of affordability in the retail channels, and I think that's what it's kind of reflecting, and that's notwithstanding some of the geopolitics, that's what it's reflecting and that's what it's calling for in the months going forward.

同樣，在歐洲，影響更多的是未來的消費。冰茶實際上起源於歐洲。我認為這凸顯了零售通路中可負擔性的重要性，我認為這就是它所反映的，儘管存在一些地緣政治因素，但它所反映的和未來幾個月所呼籲的都是如此。

And then, if you kind of extract that to a global basis, both at home and away for home were both growing globally speaking, with away from home growing slightly faster than at home. So, on a global basis looking good, strong activations across a number of places, particularly Asia-Pacific, where away from home grew really strongly. And the bit that was a little bit more of the drag is the developed markets, particularly US and Europe, it was in the future consumption where there was the bit of weakness, which as I said, calls for working with the retail customers on some affordability to really drive solutions there.

然後，如果你將其從全球範圍進行擴展，那麼從全球範圍來看，主場和客場的比賽都在增長，而客場的增長速度略快於主場。因此，從全球範圍來看，情況良好，許多地方，尤其是亞太地區，都出現了強勁的活躍度，海外市場成長非常強勁。而更拖累我們的是已開發市場，特別是美國和歐洲，未來的消費會有些疲軟，正如我所說的，這需要與零售客戶合作，在可承受的範圍內提供解決方案。

Okay, thank you.

好的，謝謝。

Kaumil Gajrawala, Jefferies.

傑富瑞的 Kaumil Gajrawala。

Hey, everybody. Good morning. If I could ask a question on currency, maybe slightly differently is, since John and James your arrival, it's been about dollar based growth and worked very hard to be able to grow earnings in dollar terms. We may be coming towards the end of a strong dollar super cycle. And I'm curious to what degree are you contemplating that and does it change how you're sort of thinking about future investments, capital returns, things like that?

嘿，大家好。早安.如果我可以問一個關於貨幣的問題，也許稍微不同的是，自從約翰和詹姆斯你們到來以來，我們一直致力於以美元為基礎的增長，並且非常努力地實現以美元計算的收益增長。我們可能即將迎來強勢美元超級週期的終結。我很好奇您對此有何考慮？這是否會改變您對未來投資、資本回報等的看法？

What do you tell us?

你告訴我們什麼？

Do you want to take it? Yeah. We're not quite there yet Kaumil on celebrating the demise of the dollar, but yeah, we will continue to stay very focused on our core objective to grow US dollar EPS. If there is a scenario over time whereby the dollar weakens to the extent that it impacts our total portfolio of currencies, we would expect to flow that through and we're -- we have that scenario in our pipeline.

你想拿走它嗎？是的。考米爾，我們還沒有完全慶祝美元的消亡，但是的，我們將繼續高度關注我們的核心目標，即提高美元每股收益。如果隨著時間的推移，美元貶值到影響我們整個貨幣投資組合的程度，我們預計這種情況將會發生，而且我們已經準備好應對這種情況。

It's not the foremost scenario we have at the moment because I think the -- some of the headlines on dollar weakness are really linked to the US dollar index, which covers only six currencies, most of -- and the heavy weighting towards the euro.

這不是我們目前面臨的主要情況，因為我認為，一些有關美元疲軟的頭條新聞實際上與美元指數有關，而美元指數僅涵蓋六種貨幣，其中大部分貨幣——而且歐元佔比很大。

So, for example, four of our top five market currencies are not covered in that index. So, I think the way we are looking at the US dollar at the moment is in the context of our total currency basket and as reflected in our guidance, and if there is a significant change of course on that front in the course of this year, we'll adjust accordingly.

例如，我們的五大市場貨幣中有四種未包含在該指數中。因此，我認為我們目前看待美元的方式是在我們的整體貨幣籃子的背景下，並反映在我們的指導方針中，如果今年這方面發生重大變化，我們將做出相應調整。

Nik Modi, RBC Capital Markets.

尼克莫迪 (Nik Modi)，加拿大皇家銀行資本市場 (RBC Capital Markets)。

Yeah. Thank you. Good morning, everyone. So James, I just wanted to get your thoughts on innovation in the wellness and functional space. There's a growing popularity of ingredients like ashwagandha, and Lion's mane and turmeric among others in the US Many of these ingredients have some kind of science backing on health and other functional benefits.

是的。謝謝。大家早安。所以詹姆斯，我只是想了解你對健康和功能領域創新的看法。在美國，南非醉茄、猴頭菇和薑黃等成分越來越受歡迎，其中許多成分都具有一定程度的健康和其他功能益處的科學依據。

So, just wanted to get an understanding how you're thinking about using these products or ingredients in terms of your innovation in the US? Like, do you need clinical studies to support some of the health claims? A lot of these ingredients are used a lot overseas. And so given your global exposure, just curious on how you're thinking about this in terms of the US, especially as the population is aging? Thanks.

所以，只是想了解一下，就您在美國創新而言，您是如何考慮使用這些產品或成分的？例如，您是否需要臨床研究來支持​​某些健康聲明？這些成分很多在海外都大量使用。因此，鑑於您的全球視野，我只是好奇您如何看待美國這一問題，特別是在人口老化的情況下？謝謝。

Sure. Clearly from a -- we're going to, firstly, we're going to follow the consumer. And I think there are a couple of pieces to that. One is, what do they really want and how are they really behaving in terms of where they want to spend their money. And second piece that goes with that is, do they want product combinations. In other words, whatever that -- whatever the ingredient on your list is, do they want to take it through their beverage or do they want it a different way?

當然。顯然，從……來看，首先，我們要關註消費者。我認為這其中有幾點。一是，他們真正想要什麼，以及他們在花錢方面實際上是如何表現的。第二點是，他們是否想要產品組合。換句話說，無論你的清單上的成分是什麼，他們是想透過飲料來攝取它，還是想用不同的方式攝取？

And I'm going somewhere with that. Because at the end of the day, they generally want their beverages to taste good and adding certain ingredients affects the taste. So taste is in my mind still going to remain primary, but to the extent there are consumers that were willing to trade taste for ingredients, absolutely, we will follow that trend. You can go back and look in history.

我要帶著它去某個地方。因為歸根結底，他們通常希望飲料味道好，而添加某些成分會影響味道。所以在我看來，口味仍然是首要的，但只要有消費者願意用口味來換取原料，我們絕對會順應這個趨勢。你可以回顧一下歷史。

We once did a product where we combined a tablet people were taking to give themselves what effectively was a fake suntan into a beverage. This was in France many years ago and I think it was with Sanofi, they came up with this idea of well, people go to the pharmacy, they buy the Coke or they buy the drink and they buy the pills, why not put it all together. And it's what people do in France.

我們曾經做過一種產品，我們將人們服用的用於讓自己獲得假曬黑效果的藥片混合成一種飲料。這是很多年前在法國發生的事，我想是賽諾菲公司提出的這個想法，人們去藥店，買可樂或飲料，買藥，為什麼不把它們放在一起呢。這也是法國人的做法。

And when they did it, no one bought the drink. They were not interested in combining the drink and the pill. They wanted to take the pill when they wanted to take the pill and they wanted to have the drink when they wanted to drink. And so, the idea that everything is going to mega combine into one overall product, I think is something yet to be tested. Clearly, there are segments of consumers that are interested in certain ingredients and they will go and they will try them and they'll be happy to have them in their beverage.

當他們這樣做的時候，卻沒有人買這種飲料。他們對將飲料和藥丸結合在一起不感興趣。他們想吃藥的時候就吃藥，想喝酒的時候就喝酒。因此，我認為將所有東西組合成一個整體產品的想法還有待檢驗。顯然，有一部分消費者對某些成分感興趣，他們會去嘗試，並且很樂意在飲料中添加這些成分。

And I think you see a little progress on that. I think it's more likely it will be around macro kind of ingredients like protein rather than more focused ones. And the last thing is, I don't think we are in the business of running clinical studies to the extent there are ingredients that we want to use, for sure we're interested in absolute product safety and quality, and then we may buy them in from someone else to use, but we will continue to follow the consumer.

我認為你在這方面看到了一些進展。我認為它更有可能圍繞蛋白質等宏觀成分，而不是更集中的成分。最後一點是，我認為我們不會對我們想要使用的成分進行臨床研究，當然我們對絕對的產品安全和品質感興趣，然後我們可能會從其他人那裡購買它們來使用，但我們會繼續關註消費者。

Peter Grom, UBS.

瑞銀的 Peter Grom。

Thank you, operator. Good morning, everyone. I wanted to ask a follow-up on the 2Q commentary. It was flagged back in February and I know the world is clearly quite different today versus when you provided that outlook. But have your expectations for the second quarter shifted? James, you mentioned the word choppy a couple of times. So, I just wasn't sure if the 2Q comment was based on some of the performance you've seen thus far in April or kind of what you're expecting looking ahead or whether it's simply just kind of a reminder on the comparison? Thanks.

謝謝您，接線生。大家早安。我想詢問有關第二季度評論的後續問題。早在二月它就被提出來了，我知道今天的世界與你提出那個觀點時相比顯然已經大不相同了。但您對第二季的預期有變化嗎？詹姆斯，你幾次提到了「斷斷續續」這個詞。所以，我只是不確定第二季度的評論是否基於您在 4 月份迄今為止看到的一些表現，或者您對未來的預期，或者這是否只是一種比較的提醒？謝謝。

Yeah. Sure. I think firstly, it's a reminder on the comparisons that it was the strongest quarter last year. So clearly, it's going to be more complicated and just on a cycling basis to cycle, although, we still want to do well in Q2. And as John said earlier, it's one of the four quarters that goes to make up our full year guidance. So, it's clearly got to play its role and have its personality, so to speak, in delivering the full year.

是的。當然。我認為，首先，它提醒我們，去年是一個表現最強勁的季度。因此顯然，這將變得更加複雜，並且只是從騎行基礎來看，儘管如此，我們仍然希望在第二季度取得好成績。正如約翰之前所說，這是構成我們全年指導的四個季度之一。因此，它顯然必須在全年業績中發揮其作用並展現其個性。

The only thing that I would add relative to our previous commentary on Q2 is clearly there's -- and which is referenced as my choppy comment, there's clearly some short-term disruption in supply chains likely in the US, I think the simplest way of bringing that to life is looking at container shipping bookings for late May, early June. Again, back to my earlier comment, it's not because it drives and impacts our business.

相對於我們之前對第二季的評論，我唯一要補充的是——這被稱為我的斷斷續續的評論，顯然美國的供應鏈可能會出現一些短期中斷，我認為最簡單的方法是查看 5 月底、6 月初的貨櫃運輸預訂情況。再次回到我之前的評論，這並不是因為它推動和影響了我們的業務。

We are not expecting to see supply-chain disruptions for our business in Q2 in the US. But I think there's going to be some disruption around another -- a number of categories and industries around us, which will have some effect with the consumers. You can see the consumer sentiment has been impacted, but consumer spending still seems robust.

我們預計第二季美國業務的供應鏈不會中斷。但我認為，我們周圍的許多類別和行業將會出現一些混亂，這將對消費者產生一定的影響。您可以看到消費者情緒受到了影響，但消費者支出似乎仍然強勁。

So, I would just highlight there is an increased number of known unknowns, if you like, going into Q2, which is likely to produce a broader range of choppiness that we're going to have to respond to. And that's I think the texture I would add on to the previous comments. But again, let me underline what we said -- both said earlier, which is, we believe it's manageable given our business system, our strategy, and our ability to adapt as we go through the quarter and the year.

因此，我想強調的是，進入第二季度，已知未知數的數量會增加，這可能會產生我們必須應對的更大範圍的波動。我認為這就是我要添加到之前評論中的內容。但是，讓我再次強調我們之前說過的話，那就是，我們相信，考慮到我們的業務系統、我們的策略以及我們在本季和全年的適應能力，這是可以控制的。

Charlie Higgs, Redburn.

查理·希格斯（Charlie Higgs），雷德伯恩（Redburn）。

Yeah. Hi, James, John. Hope you're both well. I've got a question on Asia-Pacific volumes. I'm just wondering if you could unpack the plus 6% a bit more, but perhaps with a focus on China and how you're feeling about the consumer environment there, I know a lot of other consumer staples companies have spoken of a deflationary environment. So, how do you feel about the consumer, but also your now rationalized portfolio in China and the execution by the local bottles there? Thank you.

是的。你好，詹姆斯，約翰。希望你們都一切安好。我對亞太地區的銷售有疑問。我只是想知道您是否可以更詳細地解釋一下 6% 的增長，但也許重點關注中國以及您對那裡的消費環境的看法，我知道很多其他消費必需品公司都談到了通貨緊縮的環境。那麼，您對消費者有何看法，以及您目前在中國的合理化產品組合以及當地瓶裝飲料的執行情況如何？謝謝。

Yeah. Sure. Thanks, Charlie. Look, we had good momentum in Asia-Pacific this quarter with the 6% volume growth, that was very strongly driven by a good quarter in India, in particular, also with China growing. As you called out, I think the China growth is a function of a number of the actions we were taking last year to focus the portfolio and restage some of the brands. We cope doing better, good Lunar New Year, Sprite a little more of a work in progress. So, good recovery there, perhaps still early to call, but with continued focus on the soft drink portfolio in China and the good growth right there.

是的。當然。謝謝，查理。你看，本季我們在亞太地區的勢頭良好，銷量成長了 6%，這主要是受到印度本季良好表現的推動，當然也包括中國市場的成長。正如您所說，我認為中國市場的成長得益於我們去年採取的一系列行動，包括集中產品組​​合和重塑一些品牌。我們應對得更好，農曆新年好，雪碧還有一點進展。因此，那裡的復甦很好，也許現在下結論還為時過早，但要繼續關注中國軟性飲料產品組合及其良好的成長。

As I said, India, really good start to the year as we brought to activated a number of things in the marketplace there and grew customers and cold drink equipment. Our long-term thesis remains intact. Obviously, it's not necessarily always going to be a straight line. A decent result in Japan and South Korea, Japan continuing to grow, some softness in ASEAN, but we're focused on working through that. So hopefully, that unpacks it a little bit for you.

正如我所說，印度今年的開局非常好，因為我們在那裡的市場上推出了許多產品，增加了客戶和冷飲設備。我們的長期論點依然完好無損。顯然，它不一定總是一條直線。日本和韓國取得了不錯的成績，日本持續成長，東協有些疲軟，但我們正致力於克服這些問題。希望這能為你解答一些問題。

Great, thank you.

太好了，謝謝。

Kevin Grundy, BNP Paribas.

法國巴黎銀行的凱文‧格蘭迪。

Great. Thanks. Good morning, everyone. Thanks for the question. I want to follow up on Chris' margin question from earlier, but more from a North America perspective and within the context of kind of striking the right balance with volume growth. So, North America margin is clearly very strong, 30%. Historically, that's quite good. Price mix has been up materially the past four years, that was the case again in 1Q.

偉大的。謝謝。大家早安。謝謝你的提問。我想跟進克里斯之前提出的利潤率問題，但更多的是從北美的角度以及在與銷量成長取得適當平衡的背景下。因此，北美的利潤率顯然非常高，達到 30%。從歷史上看，這是相當好的。過去四年來價格組合大幅上漲，第一季也出現了這種情況。

Yet volumes have been flattish the past couple of years and took a step back in the first quarter for the reasons that we talked about. So James, can you comment on striking the right balance in North America between margin delivery and perhaps higher levels of volume growth and how that may differ in terms of how the company is going to go about that tactically in the near-term, given the uneven macro and then more in the intermediate term in a more normalized environment? So, thanks for that.

然而，由於我們討論過的原因，過去幾年的銷量一直持平，並且在第一季有所下降。那麼詹姆斯，您能否評論一下如何在北美實現利潤交付和更高水平的銷量增長之間的平衡，以及考慮到不平衡的宏觀經濟形勢，公司在短期內如何採取策略來實現這一平衡，以及在中期更加正常化的環境下，公司在中期如何做到這一點？所以，謝謝你。

Let me take this one. Yes. So in North America, if I step out of the quarter for a moment first, we have been on a journey for the last three years to four years now of consistently improving the overall margin profile of our business in North America. And that has been driven by a stronger core business and a much better revenue growth management approach in that core business. And then, we've had the addition of fairlife into the portfolio that has helped us.

讓我來拿這個。是的。因此，在北美，如果我先暫時離開本季的話，過去三到四年來，我們一直在不斷提高北美業務的整體利潤率。這是由更強大的核心業務和核心業務中更好的收入成長管理方法所推動的。然後，我們將 fairlife 添加到我們的投資組合中，這對我們很有幫助。

So, I think you should think about North America in that context is that, we're -- we continue to see opportunity to improve that margin profile to be more in line with what we have in other parts of the world, the developed world, particularly. And so there's a keen focus on leaning into the growth opportunity to investing behind that. But we also have had for some time now as a core enterprise priority for North America to play a more important and a bigger role in our overall quest to one of the earlier questions to get our overall operating margin back to levels which we are excited to see in the 30s.

因此，我認為你應該從這個角度考慮北美，我們——我們繼續看到改善利潤狀況的機會，以更符合世界其他地區，特別是已開發國家的利潤狀況。因此，我們非常重視抓住背後的成長機會並進行投資。但一段時間以來，我們一直將北美作為企業的核心優先事項，在我們整體尋求解決早期問題之一的過程中發揮更重要、更大的作用，即讓我們的整體營業利潤率回到我們很高興看到的 30% 左右的水平。

Michael Lavery, Piper Sandler.

麥可拉弗里、派珀桑德勒。

Thank you. Good morning. Also just looking at margins and keeping in mind last quarter, you touched on some SG&A leverage, calling out some -- a better marketing productivity. One of the examples you gave was using some generative AI in, working media or the non-working, the development of ads, which conceptually is straightforward enough.

謝謝。早安.另外，只看利潤率並記住上個季度，您提到了一些銷售、一般和行政費用槓桿，呼籲提高行銷生產力。您給出的一個例子是在工作媒體或非工作媒體中使用一些生成性人工智慧來開發廣告，從概念上來說這很簡單。

But I guess in terms of just the total spend, what outcomes do you focus on to know where the right level is and to make sure that the productivity is just efficiency and not reducing any effectiveness and how do you look -- how do you see that playing out as you're making a push to get more efficient this year?

但我想，就總支出而言，您關注的結果是什麼，以了解正確的水平，並確保生產力只是效率，而不會降低任何效率，以及您如何看待 - 您認為在今年努力提高效率的過程中，這將如何發揮作用？

So maybe I can start. Yeah. I think we -- we're very focused on the activities that are needed to support the portfolio. And then working backwards from there, what is the most efficient way to execute those activities versus looking at the other way around and trying to drive efficiency through cutbacks or through taking sort of a blunt weapon at them. So, the approach has changed pretty significantly over the last few years to be, as I say, activity driven. We have a pretty clear understanding as to where the opportunities exist to drive more efficiency.

所以也許我可以開始。是的。我認為我們—我們非常關注支持投資組合所需的活動。然後從那裡反向推導，什麼是執行這些活動的最有效方法，而不是反過來，試圖透過削減或採取某種鈍器來提高效率。因此，正如我所說，在過去幾年裡，方法發生了很大變化，變成了活動驅動。我們非常清楚哪裡存在提高效率的機會。

So, for example, the relationship between the amount we spend on creative work versus the amount that we spend on bringing -- on engaging with those creatives is something that is a high priority and we have a work underway to get that to optimal levels and we're confident that we can do so. The use of new technology to be able to do activities, which in the analog world were more expensive and took a longer time to happen is something that we're embedding more and more into the marketing equation.

舉例來說，我們在創意工作上花費的金額與我們在吸引創意人員上花費的金額之間的關係是高度優先考慮的事情，我們正在開展工作以使其達到最佳水平，我們相信我們可以做到這一點。利用新技術來開展活動，這在模擬世界中更加昂貴，需要更長的時間，而我們正越來越多地將其嵌入到行銷方程式中。

The way in which we are planning our media using a much more sophisticated data sets, etc., etc. is another opportunity to create the same, if not higher impact more efficiently. So I just -- I think the name of the game is, focus on the activities and then challenge ourselves as to how those activities can be delivered either faster, cheaper, or both.

我們使用更複雜的資料集等來規劃媒體的方式是另一個機會，可以更有效地創造相同甚至更高的影響力。所以我只是——我認為遊戲的名稱是，專注於活動，然後挑戰自己，如何更快、更便宜或兩者兼而有之地完成這些活動。

Oh, that's great, thank you.

噢，太好了，謝謝。

Bill Chappell, Truist Securities.

Truist Securities 的 Bill Chappell。

Thanks. Good morning. Just kind of a quick question. Could you remind us kind of what your business look like in both Ukraine and Russia four, five years ago, what it looks like today? And if there was peace there, what could look like down the road?

謝謝。早安.這只是一個簡單的問題。您能否回顧一下四、五年前您在烏克蘭和俄羅斯的業務狀況以及現在的情況？如果那裡和平了，那麼未來會是什麼樣子呢？

Sure. I mean when -- four or five years ago, when we pulled out our brands, I think, we called out it was about a 1% to 2% of revenue and a similar-ish kind of amount of profits. So, that's kind of what we left on the table when we pulled out, whenever that was a few years ago. The Ukraine is a much smaller business. Obviously, it's been impacted by the war and -- but it's that -- it was a good business. We like the market, but it's not so big. I think any thoughts on the future are at this stage premature. There's a long way to go to get from A to B, and I think a lot of water has to pass under the bridge.

當然。我的意思是，四、五年前，當我們撤出我們的品牌時，我想，我們稱這大約佔收入的 1% 到 2%，利潤也差不多。所以，這就是我們幾年前退出時留下的東西。烏克蘭的企業規模小得多。顯然，它受到了戰爭的影響，但事實是，它的生意很好。我們喜歡這個市場，但它不是那麼大。我認為現階段對未來的任何想法都為時過早。從 A 到 B 有很長的路要走，我認為有很多事情要經歷。

Robert Moskow, TD Cowen.

羅伯特·莫斯科（Robert Moskow），TD Cowen。

Hi. Thank you. James and John, could you be a little more specific as to where you think you are on clearing up the misconceptions about Trademark Coke that kind of impacted first quarter? And then secondly, maybe a little more detail on the state of the Hispanic consumer. You're uniquely capable of evaluating how those consumers are thinking, how they're spending in home, away from home. Can you touch on those two things?

你好。謝謝。詹姆斯和約翰，您能否更具體地說明一下，您認為在澄清對第一季度產生影響的有關商標可樂的誤解方面取得了哪些進展？其次，我們或許可以更詳細地了解西班牙裔消費者的狀況。您具有獨特的能力來評估這些消費者的想法以及他們在家中和外出時如何消費。能談談這兩件事嗎？

Yeah. Look, I think as it relates very specifically firstly to the false video, I think that's largely in the rearview mirror in terms of its virality and affecting the business. It wasn't the first piece of misinformation, disinformation, or anything else nefarious about the Coca-Cola brand, and I'm sure it won't be the last. But we are very focused on recovering from it.

是的。你看，我認為因為它首先與虛假影片有非常具體的聯繫，我認為就其病毒式傳播和對業務的影響而言，它在很大程度上已經過時了。這不是第一個關於可口可樂品牌的錯誤訊息、虛假訊息或其他惡意訊息，我相信這也不會是最後一條。但我們非常專注於從中恢復。

I called out some of the actions, particularly around localness, our local economic impact, our connectivity to the values and events that those consumers care about, but also driving affordability with some tailored promotions and value channels. The overall state of the Hispanic consumer, I think partly there was this video, so let's just leave that one aside for now.

我提出了一些行動，特別是圍繞在地化、我們對當地的經濟影響、我們與消費者關心的價值觀和事件的聯繫，同時也透過一些有針對性的促銷和價值管道來提高可負擔性。西班牙裔消費者的整體狀況，我認為部分原因是這個視頻，所以我們暫時先不談這個。

I think there was a little bit of pullback in purchasing and in traffic, not just on the US side of the border. Remember that there's a significant portion of the industrial footprint in Northern Mexico, which provides exports, I mean, the highly integrated nature of the supply chain between Northern Mexico and the US. And I think some of the geopolitical tension was just causing people to be a little more cautious with their spend, a little less going out, a little more keeping the money in the pocket.

我認為購買力和交通量都出現了一些回落，不僅僅是在美國邊境。請記住，墨西哥北部有相當一部分工業足跡，它們提供出口，我的意思是，墨西哥北部和美國之間的供應鏈高度整合。我認為一些地緣政治緊張局勢導致人們在消費方面更加謹慎，減少外出，更多地把錢留在口袋裡。

And I think that will -- there's the kind of the shock of the event happening and then it tends to abate, which was kind of the comment on the US consumer, the difference between -- the marked difference between sentiment and actual spend. Obviously, that as previously advertised could be choppy in the near term as resolution occurs. But that's kind of the general state.

我認為，事件發生後，衝擊會逐漸減弱，這是對美國消費者的一種評論，即情緒和實際支出之間的明顯差異。顯然，正如之前所宣傳的那樣，隨著解決方案的出現，短期內情況可能會出現波動。但這是一種普遍的情況。

I think from our point of view, we've got to focus on our game plan, which is sticking to our all-weather strategy, focusing on the brands, the execution, the local connectivity, reinforcing, the Made in US for the US business and the Hecho en Mexico for the Mexican business. And I think that will see us through as we go through the balance of the year.

我認為從我們的角度來看，我們必須專注於我們的計劃，即堅持我們的全天候策略，專注於品牌、執行、本地連接、強化、針對美國業務的「美國製造」和針對墨西哥業務的「墨西哥製造」。我認為這將幫助我們度過今年的剩餘時間。

Thank you.

謝謝。

Okay. Thanks very much, everyone. So to summarize, enabled by our all-weather strategy, we're focused on prioritizing agility, remaining consumer centric, and partnering closely across our ecosystem for the rest of the year. There'll be many types of environments and we're going to leverage our capabilities to drive the growth and the enduring value. Thank you for your interest, your investment in the company, and for joining us this morning. Thank you.

好的。非常感謝大家。總而言之，在我們的全天候策略的支持下，我們將專注於優先考慮敏捷性、保持以消費者為中心，並在今年剩餘時間內與我們的生態系統緊密合作。環境類型多種多樣，我們將利用我們的能力來推動成長和持久價值。感謝您的關注、對公司的投資以及今天早上的加入我們。謝謝。

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。