可口可樂 (KO) 2022 Q1 法說會逐字稿

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

在這個時候，我想歡迎大家參加可口可樂公司第一季度收益結果電話會議。今天的電話正在錄音。如果您有任何異議，請在此時斷開連接。 （操作員說明）

I would like to remind everyone that the purpose of this conference is to talk with investors, and therefore, questions from the media will not be addressed. Media participants should contact Coca-Cola's Media Relations department if they have any questions.

我想提醒大家，這次會議的目的是與投資者對話，因此媒體的問題不會被解決。媒體參與者如有任何問題，請聯繫可口可樂的媒體關係部門。

I would now like to introduce Mr. Tim Leveridge, Vice President of IR and FP&A. Mr. Leveridge, you may now begin.

我現在想介紹一下 IR 和 FP&A 副總裁 Tim Leveridge 先生。 Leveridge 先生，您現在可以開始了。

Good morning, and thank you for joining us today. I'm here with James Quincey, our Chairman and Chief Executive Officer; and John Murphy, our Chief Financial Officer.

早上好，感謝您今天加入我們。我和我們的董事長兼首席執行官 James Quincey 在一起；和我們的首席財務官約翰·墨菲。

Note that we posted schedules under Financial Information in the Investors section of our company website at www.coca-colacompany.com. These schedules reconcile certain non-GAAP financial measures, which may be referred to by our senior executives during this morning's discussion to our results as reported under generally accepted accounting principles. You can also find schedules in the same section of our website that provide an analysis of our gross and operating margins.

請注意，我們在公司網站 www.coca-colacompany.com 的投資者部分的財務信息下發布了時間表。這些時間表協調了某些非公認會計原則的財務指標，我們的高級管理人員在今天上午的討論中可能會提到我們根據公認會計原則報告的結果。您還可以在我們網站的同一部分找到對我們的毛利率和營業利潤率進行分析的時間表。

In addition, this call may contain forward-looking statements, including statements concerning long-term earnings objectives, which should be considered in conjunction with cautionary statements contained in our earnings release and in the company's periodic SEC reports.

此外，本次電話會議可能包含前瞻性陳述，包括有關長期收益目標的陳述，應與我們的收益發布和公司定期 SEC 報告中包含的警示性陳述一起考慮。

Following prepared remarks this morning, we'll turn the call over for questions. (Operator Instructions)

在今天早上準備好的評論之後，我們將把電話轉過來提問。 （操作員說明）

Now I'll turn the call over to James.

現在我將把電話轉給詹姆斯。

Thanks, Tim, and good morning, everyone. First and foremost, on behalf of our company and our entire system, I'd like to share our deepest sympathies to all those who have been affected by what's happening in Ukraine. The safety of our people and their families continues to be our top priority. And as we highlighted in our release this morning, we are taking actions to provide that support.

謝謝，蒂姆，大家早上好。首先，我代表我們公司和整個系統，向所有受到烏克蘭事件影響的人表示最深切的同情。我們人民及其家人的安全仍然是我們的首要任務。正如我們在今天上午的新聞稿中強調的那樣，我們正在採取行動提供這種支持。

Now this morning, I'll discuss how we drove strong results in the quarter and that we are reiterating our guidance even in the face of incremental challenges. Then John will discuss the financial details of the quarter and how our work has prepared us for whatever may be around the corner.

現在今天早上，我將討論我們如何在本季度取得強勁的業績，並且即使面對越來越多的挑戰，我們也會重申我們的指導。然後約翰將討論本季度的財務細節，以及我們的工作如何讓我們為即將到來的任何事情做好準備。

We all know that much has happened in the world since we last talked with you in February, leading, for sure, to an operating environment that is fast changing and increasingly complex. However, we remain confident about the future and are well equipped to manage external factors worldwide through our strengthened leadership position with the right portfolio, the right strategy and the right execution in the marketplace.

我們都知道，自從我們上次在 2 月份與您交談以來，世界上發生了很多事情，這無疑導致了一個瞬息萬變且日益複雜的運營環境。然而，我們仍然對未來充滿信心，並有能力通過我們在市場上正確的投資組合、正確的戰略和正確的執行來加強領導地位，從而管理全球的外部因素。

After a promising start to the year, the operating environment soon changed with very significant geopolitical conflict, a resurgence of COVID in various places, record-high inflation and continued challenges on the supply chain front. Nonetheless, we've consistently sustained our momentum from last year, moving with agility acquisitions changed to generate strong top and bottom line growth in the quarter.

在今年開局良好之後，經營環境很快就發生了變化，地緣政治衝突非常嚴重，各地新冠病毒捲土重來，通貨膨脹率創歷史新高，以及供應鏈方面的挑戰持續存在。儘管如此，我們一直保持去年的勢頭，隨著敏捷收購的變化，本季度實現了強勁的收入和利潤增長。

We delivered 8% unit case volume growth, primarily driven by strong recovery in away-from-home channels and continued growth in at-home channels. Volume growth was strong across all operating segments, driven by marketing investments and aided by an increase in consumer mobility as the impact of the pandemic abated in most regions. Our enhanced capabilities helped us gain value share overall in both at-home and away-from-home channels globally and across most of our geographic operating segments, a clear indicator of the power of our new approach.

我們實現了 8% 的單位案件量增長，主要受非家庭渠道強勁復甦和家庭渠道持續增長的推動。在營銷投資的推動下，隨著大流行在大多數地區的影響減弱，消費者流動性增加，推動了所有運營部門的銷量增長強勁。我們增強的能力幫助我們在全球範圍內的家庭和非家庭渠道以及我們大部分的地理運營部門中獲得了整體價值份額，這清楚地表明了我們新方法的力量。

Amidst the dynamic macro conditions and an inflationary cost backdrop, we focused on delivering growth. The key competitive edge of the Coca-Cola system continues to be rebuilded to deliver value for our consumers and our customers in any environment. Our accelerated agenda in marketing and innovation is tying our beverages to daily consumption occasions, adding and creating value for our brands.

在動態的宏觀環境和通脹成本背景下，我們專注於實現增長。可口可樂系統的關鍵競爭優勢將繼續重建，以便在任何環境中為我們的消費者和客戶創造價值。我們在營銷和創新方面的加速議程正在將我們的飲料與日常消費場合聯繫起來，為我們的品牌增加和創造價值。

Additionally, we continue to work with our bottling partners to expand package offerings and strengthen distribution to capture growth opportunities, using all the available revenue growth management levers, including price, to win in the marketplace. These scaled global initiatives are coming to life at a local level all around the world.

此外，我們將繼續與我們的裝瓶合作夥伴合作，擴大包裝產品和加強分銷，以抓住增長機會，利用所有可用的收入增長管理槓桿，包括價格，在市場上取勝。這些規模化的全球倡議正在世界各地的地方層面上實現。

So let's start with Asia Pacific. In India, we drove excellence in integrated execution as consumer mobility have improved across channels by stepping up product availability, adding approximately 240,000 outlets and over 50,000 coolers. We also continue to build relevance through innovation by launching Maaza Aam Panna to leverage our equity in Mango and Fanta Apple to expand our footprint in the fast-growing fruit-flavored sparkling subcategory.

讓我們從亞太地區開始。在印度，我們推動了卓越的集成執行，因為通過提高產品可用性，增加了大約 240,000 個網點和 50,000 多個冷卻器，跨渠道的消費者流動性得到了改善。我們還通過推出 Maaza Aam Panna 繼續通過創新建立相關性，以利用我們在 Mango 和 Fanta Apple 的股權來擴大我們在快速增長的水果味起泡子類別中的足跡。

Japan is emerging from the extended state of emergency, and we've increased our consumer base and driven market share gains in key categories. The Coke On app reached 35 million app downloads, continuing the direct engagement with consumers to create and capture value. We also continued our focus on ESG initiatives with 100% recycled PET bottles now available in Japan for 5 key brands, including Coke and Georgia Coffee.

日本正在擺脫延長的緊急狀態，我們擴大了消費者基礎並推動了關鍵類別的市場份額增長。可口可樂應用的應用下載量達到 3500 萬次，繼續與消費者直接互動以創造和獲取價值。我們還繼續關注 ESG 舉措，目前在日本為 5 個主要品牌提供 100% 回收的 PET 瓶，包括可口可樂和喬治亞咖啡。

In China, a strong start in January, led by an excellent Chinese New Year brand activation with Coke, was followed by strict COVID lockdowns. And this resulted in reduced consumer mobility. Momentum reversed in February and March and led to a decline in unit case volume during the quarter. We're moving fast to focus on core SKUs and ensure product availability. We're adapting how we engage with consumers depending upon local market conditions, and we're working in close collaboration with our bottling partners to focus on execution basics like increasing multipack availability and maximizing share of visible inventory in channels and regions that are open.

在中國，1 月份的強勁開局，由可口可樂出色的農曆新年品牌激活引領，隨後是嚴格的 COVID 封鎖。這導致消費者流動性降低。 2 月和 3 月勢頭逆轉，導致本季度單位案件量下降。我們正在快速行動，專注於核心 SKU 並確保產品可用性。我們正在根據當地市場條件調整與消費者互動的方式，並且我們正在與我們的裝瓶合作夥伴密切合作，專注於執行基礎知識，例如提高多包裝可用性和最大化開放渠道和區域中可見庫存的份額。

In ASEAN and South Pacific, we gained share in key countries and across most categories, while consumer mobility was mixed and supply chain headwinds remained. Growth was led by trademark Coke and sparkling flavors, driven by strong end-to-end execution of the Zero Words, Sprite Heat Happens and the Fanta Colorful People brand campaigns.

在東盟和南太平洋，我們在主要國家和大多數類別中獲得了份額，而消費者流動性參差不齊，供應鏈逆風依然存在。增長由可口可樂商標和起泡口味引領，由零詞、雪碧熱火和芬達多彩人品牌活動的強大端到端執行推動。

In EMEA, notwithstanding the conflict in Ukraine and an uptick in inflation, we delivered a strong performance in Europe in the quarter. The continued rollout of new and improved Coca-Cola Zero Sugar across key markets helped drive 5 percentage points of sparkling single-serve mix growth, which is ahead of pre-pandemic levels.

在歐洲、中東和非洲地區，儘管烏克蘭發生衝突和通貨膨脹上升，但我們在本季度在歐洲取得了強勁的表現。在主要市場持續推出新的和改進的可口可樂零糖有助於推動單份混合飲料增長 5 個百分點，高於大流行前的水平。

Topo Chico Hard Seltzer is closing the gap with the #1 hard seltzer brand in Europe, and the eB2B business with MyCCEP.com accounted for low double-digit contribution to total revenue. We are keeping a close watch on the spillover reflex of the conflict in Ukraine on the health of the consumer, and we remain ready to pivot and adapt.

Topo Chico Hard Seltzer 正在縮小與歐洲排名第一的硬蘇打水品牌的差距，而 MyCCEP.com 的 eB2B 業務對總收入的貢獻僅為兩位數。我們正在密切關注烏克蘭衝突對消費者健康的溢出反應，我們仍然準備好調整和適應。

In Africa, macroeconomic recovery is underway, although conditions remained challenging due to inflationary pressure. In South Africa, we accelerated refillable PET expansion and the execution of in-store sampling to retain consumers. We are connecting with our existing customers in the digital space and have surpassed 65,000 outlets on the Wabi eB2B platform, significantly ahead of plan. Despite macro volatility and intense inflation in the region, Eurasia and Middle East drove top line growth through a strong suite of marketing programs across categories, led by sparkling and ready-to-drink tea.

在非洲，宏觀經濟正在復蘇，儘管由於通脹壓力，情況仍然充滿挑戰。在南非，我們加快了可再填充 PET 的擴張和店內抽樣的執行，以留住消費者。我們正在與數字空間中的現有客戶建立聯繫，並且在 Wabi eB2B 平台上已超過 65,000 個網點，大大提前計劃。儘管該地區宏觀波動和通貨膨脹劇烈，但歐亞大陸和中東地區通過一系列強大的跨品類營銷計劃推動了收入增長，其中包括起泡茶和即飲茶。

In Turkey, Coca-Cola Zero Sugar became the #2 immediate consumption player in value share behind brand Coke. In Pakistan, Coke Studio, a platform that unites diverse cultures through the power of music, drove social engagement that reached an all-time high in terms of impressions and viewings.

在土耳其，可口可樂零糖分成為價值份額僅次於可口可樂的第二大直接消費參與者。在巴基斯坦，可口可樂工作室是一個通過音樂的力量將不同文化融合在一起的平台，它推動了社會參與度，在印象和觀看方面達到了歷史最高水平。

In North America, we are seeing more inflation and are continuing to navigate supply chain dynamics. We're closely monitoring further pressure in some inputs such as high fructose corn syrup, PET and metals, along with wages and transportation as they impact us as well as our bottling partners. Despite these challenges, we continue to gain share in both at-home and away-from-home channels and across most categories. The strong rollout of Real Magic platform and the successful launch of Coke Starlight resulted in Coke trademark being the fastest-growing trademark in measured retail, driving household penetration up a full point.

在北美，我們看到了更多的通貨膨脹，並繼續在供應鏈動態中導航。我們正在密切關註一些投入的進一步壓力，例如高果糖玉米糖漿、PET 和金屬，以及工資和運輸，因為它們會影響我們以及我們的裝瓶合作夥伴。儘管存在這些挑戰，我們仍繼續在家庭和非家庭渠道以及大多數類別中獲得份額。 Real Magic 平台的強勢推出和 Coke Starlight 的成功推出，使 Coke 商標成為零售中增長最快的商標，將家庭滲透率提高了一個百分點。

POWERADE (inaudible) launched during NCAA March Madness, generating more than 1 billion impressions. We also continued to learn from the returnable glass-bottled pilot that has been implemented in the Southwest.

POWERADE（聽不清）在 NCAA March Madness 期間推出，產生了超過 10 億次展示。我們還繼續向西南地區實施的可回收玻璃瓶試點學習。

In Latin America, we delivered strong performance despite challenging macro conditions, and the investments we made to sustain momentum are paying off. We remain focused on integrated execution and drove revenue growth faster than transaction growth, both of which grew faster than unit case volume growth. Our work to strengthen the traditional trade is paying off as the channel showed the best underlying performance across all channels.

在拉丁美洲，儘管宏觀環境充滿挑戰，我們仍取得了強勁的業績，我們為維持勢頭所做的投資正在取得回報。我們仍然專注於綜合執行，推動收入增長快於交易增長，兩者的增長都快於單位案件量的增長。我們加強傳統貿易的工作正在取得成效，因為該渠道在所有渠道中都表現出最佳的潛在表現。

The Prospera loyalty program added nearly 50,000 retailers in the quarter while continuing to advance our customer-focused digital expansion. Notably, we have digitized nearly 2 million customers in the region, and we are leveraging the strong system alignment with our bottling partners and are continuing to execute for growth.

Prospera 忠誠度計劃在本季度增加了近 50,000 家零售商，同時繼續推進我們以客戶為中心的數字擴張。值得注意的是，我們已將該地區近 200 萬客戶數字化，我們正在利用與裝瓶合作夥伴的強大系統一致性，並繼續執行增長。

Within Global Ventures, despite an inflationary backdrop in the U.K., Costa continued to recover driven by retail and strong like-for-like sales with Costa Express. In China, while retail sales were impacted by store closures due to the pandemic, Costa ready-to-drink coffee sustained its #2 position and continue to innovate with Costa Cha.

在 Global Ventures 中，儘管英國存在通脹背景，但在零售和與 Costa Express 的強勁同類銷售的推動下，Costa 繼續復甦。在中國，儘管零售額因疫情而受到商店關閉的影響，但歌詩達即飲咖啡仍保持第二的位置，並繼續與歌詩達茶一起創新。

Finally, our Bottling Investments Group delivered strong Q1 performance, driven by the expansion of affordable immediate consumption entry packs in key markets, and this resulted in share gains in sparkling. We also continue to make progress towards optimizing trade promotions and Costa serve in our key markets and raise the bar on operational excellence.

最後，我們的裝瓶投資集團在第一季度取得了強勁的業績，這得益於主要市場可負擔的即時消費入門包裝的擴張，這導致了起泡酒的份額增長。我們還將繼續在優化貿易促銷和 Costa 服務於我們的主要市場並提高卓越運營標準方面取得進展。

Clearly, the operating environment is proven to be more challenging, but we're pleased with the results we delivered in the first quarter. We continue to believe the recovery in 2022 will be asynchronous. We anticipate many new chapters and challenges, including, but not limited to, ongoing geopolitical conflict; uncertain consumer sentiment amidst the increasingly inflationary environment; accelerated cost pressures and ongoing supply challenges; and of course, continued evolution of pandemic. That said, the changes we have made during the pandemic have left us better positioned than ever to capture growth, increasing our confidence in the future.

顯然，運營環境被證明更具挑戰性，但我們對第一季度取得的成果感到滿意。我們仍然相信 2022 年的複蘇將是異步的。我們預計會有許多新的篇章和挑戰，包括但不限於持續的地緣政治衝突；在日益通脹的環境下，消費者情緒不確定；加速的成本壓力和持續的供應挑戰；當然，還有大流行的持續演變。也就是說，我們在大流行期間所做的改變使我們比以往任何時候都更有能力抓住增長，增強了我們對未來的信心。

The multiple levers of revenue growth management have never been more important, and our investments in building this capability over the past few years are giving us a clear advantage. Further actions on pricing will depend on the consumer and inflationary environment as the year progresses, but we will continue to rely on a mix of price, package differentiation and ever-sharper promotional strategies. Through integrated RGM and execution capabilities, we adapt to local market conditions and give consumers what they want, where they want it and at the right price.

收入增長管理的多重槓桿從未像現在這樣重要，過去幾年我們在建立這種能力方面的投資給我們帶來了明顯的優勢。隨著時間的推移，定價方面的進一步行動將取決於消費者和通脹環境，但我們將繼續依賴價格、包裝差異化和更清晰的促銷策略的組合。通過集成的 RGM 和執行能力，我們適應當地市場條件，並以合適的價格為消費者提供他們想要的東西、他們想要的東西。

By extending package offerings to keep transaction driving price points in play, we retain consumers through affordability while also driving premiumization with innovation and targeted pricing. For example, in Latin America, we are continuing the expansion of refillables to sparkling flavors and juices, and this remains a compelling consumer proposition to address the need for affordability.

通過擴展套餐產品以保持交易推動價格點發揮作用，我們通過負擔能力留住消費者，同時通過創新和有針對性的定價推動高端化。例如，在拉丁美洲，我們正在繼續將可再灌裝的產品擴展到起泡口味和果汁，這仍然是滿足消費者對可負擔性需求的一個引人注目的主張。

In North America, we're maximizing value by initiatives like the one expanding the availability of mini cans for consumption across occasions such as breaks and meals and by offering 6 packs, 10 packs and 30 packs, driving an approximate 45% increase in retail dollars in measured channels and then near 20% increase in total distribution points.

在北美，我們通過諸如在休息和用餐等場合擴大迷你罐的供應以及提供 6 包、10 包和 30 包等舉措來實現價值最大化，推動零售美元增長約 45%在測量的渠道中，然後在總分配點增加近 20%。

Our networked organization structure extends our system. Our bottling partners complement our progress against our capabilities by continuing to invest in the marketplace, and they have put our purpose into action. We have strong partners with highly capable and experienced leadership, and we continue to build and foster our business and each in our relationship that drive system health and long-term growth opportunities.

我們的網絡化組織結構擴展了我們的系統。我們的裝瓶合作夥伴通過繼續投資市場來補充我們的能力進步，他們已經將我們的目標付諸行動。我們擁有強大的合作夥伴，擁有高素質和經驗豐富的領導，我們將繼續建立和促進我們的業務以及我們關係中的每個人，以推動系統健康和長期增長機會。

With our purpose to refresh the world to make a difference, we continue to focus our ESG work on issues where we can have a measurable positive impact on communities as well as create opportunities for our business to grow. We release our fourth combined business and ESG report tomorrow, an integrated approach to reporting that is a strong demonstration of how sustainability is linked to our business, builds resilience and demonstrates transparency. We have a long history of assuring select sustainability metrics while also providing key public disclosures against the TCFD recommendations as well as other reporting frameworks such as SASB, GRI and the UN Global Compact.

我們的目標是讓世界煥然一新，從而有所作為，我們繼續將 ESG 工作重點放在可以對社區產生可衡量的積極影響並為我們的業務發展創造機會的問題上。我們將於明天發布第四份業務和 ESG 合併報告，這是一種綜合報告方法，有力地證明了可持續性如何與我們的業務聯繫在一起、建立彈性並展示透明度。我們在確保選定的可持續性指標方面有著悠久的歷史，同時還針對 TCFD 建議以及其他報告框架（如 SASB、GRI 和聯合國全球契約）提供關鍵的公開披露。

In the report, we highlight how we and our bottling partners are driving business growth through our interconnected ESG goals and how we continue to seek an exponentially greater impact by fostering collective action, partnering across industry, government and society to address shared challenges.

在報告中，我們強調了我們和我們的裝瓶合作夥伴如何通過相互關聯的 ESG 目標推動業務增長，以及我們如何通過促進集體行動、跨行業、政府和社會合作應對共同挑戰來繼續尋求成倍增長的影響。

In conclusion, while there is no doubt the world is more uncertain and the operating environment remains highly dynamic, our strategy remains the same: to execute for sustainable growth through strengthened capabilities in innovation, marketing, RGM and execution.

總之，儘管毫無疑問，世界變得更加不確定，運營環境仍然充滿活力，但我們的戰略仍然不變：通過加強創新、營銷、RGM 和執行能力來實現可持續增長。

Now I'll turn the call over to John.

現在我將把電話轉給約翰。

Thank you, James, and good morning, everyone. Today, I'll highlight our first quarter performance and discuss our full year 2022 earnings guidance; then I'll provide commentary on the overall operating environment and how our organization is navigating effectively to drive results.

謝謝你，詹姆斯，大家早上好。今天，我將重點介紹我們第一季度的業績，並討論我們的 2022 年全年收益指引；然後，我將對整體運營環境以及我們的組織如何有效地推動結果進行評論。

Let me first start by saying how pleased we are with the results in the first quarter. We delivered strong organic revenue growth of 18%; unit cases grew 8%, with strong growth across all operating segments; concentrate sales were ahead of unit cases by 3 points in the quarter, primarily due to the timing of shipments in Latin America and EMEA. Our price/mix of 7% was driven by strategic pricing, revenue growth management initiatives, further improvement in away-from-home channels in most markets and positive segment mix.

讓我首先說我們對第一季度的結果感到多麼高興。我們實現了 18% 的強勁有機收入增長；單位案件增長 8%，所有運營部門均實現強勁增長；本季度精礦銷售額比單位案例高 3 個百分點，這主要是由於拉丁美洲和歐洲、中東和非洲地區的發貨時間。我們 7% 的價格/組合是由戰略定價、收入增長管理計劃、大多數市場的離家渠道的進一步改善和積極的細分市場組合推動的。

Comparable gross margin for the quarter was down approximately 90 basis points versus the prior year, primarily due to the impact of 2 items: one, consolidating the BODYARMOR; and two, currency headwinds. Underlying gross margin expanded despite continued pressure from commodity costs, due to pricing actions in the market and a benefit from the timing of concentrate shipments. We continue to prioritize consumer-facing marketing to maximize returns while driving productivity in our operating costs leading to leverage in the P&L.

本季度的可比毛利率與去年同期相比下降了約 90 個基點，主要是由於兩個項目的影響：一，整合 BODYARMOR；第二，貨幣逆風。儘管商品成本持續承壓，但由於市場定價行為和精礦發貨時機的好處，基本毛利率仍有所擴大。我們繼續優先考慮面向消費者的營銷，以最大限度地提高回報，同時提高運營成本的生產力，從而在損益表中發揮槓桿作用。

Comparable operating margin expanded by approximately 50 basis points despite acquisition and currency headwinds. First quarter comparable EPS of $0.64 grew 16% year-over-year. This was driven by strong top line growth, which benefited from the timing of concentrate shipments and operating margin improvements, partially offset by currency and cost headwinds.

儘管存在收購和貨幣逆風，可比營業利潤率仍增長了約 50 個基點。第一季度可比每股收益為 0.64 美元，同比增長 16%。這是由強勁的收入增長推動的，這得益於精礦出貨的時機和營業利潤率的提高，部分被貨幣和成本逆風所抵消。

On the cash flow front, we delivered free cash flow of approximately $400 million in the first quarter as our strong business performance was more than offset primarily by 2 items: one, cycling the timing of working capital benefits in the prior year; and two, higher 2021 annual incentives paid in the first quarter. We remain confident in our ability to deliver on our cash flow goals for the full year. Our balance sheet continues to be strong, with net debt leverage within our targeted range of 2x to 2.5x.

在現金流方面，我們在第一季度實現了約 4 億美元的自由現金流，因為我們強勁的業務表現主要被兩個項目所抵消：第一，在上一年循環流動資金收益的時間；二是提高第一季度支付的 2021 年年度獎勵。我們對實現全年現金流目標的能力仍然充滿信心。我們的資產負債表繼續強勁，淨債務槓桿率在我們的 2 倍至 2.5 倍目標範圍內。

As James mentioned, much has happened since we last gave guidance in February. The conflict in Ukraine has created further volatility in the world as well as added to the inflationary backdrop and impacted the currency market. The resurgence of COVID in China and some other geographies around the world is a clear indication that the pandemic is still very much a part of the conversation, and a reminder that the recovery path has been and will continue to be asynchronous.

正如詹姆斯所說，自我們上次在 2 月份提供指導以來發生了很多事情。烏克蘭的衝突進一步加劇了世界動盪，加劇了通脹背景並影響了貨幣市場。 COVID 在中國和世界其他一些地區的死灰復燃清楚地表明，大流行仍然是對話的重要組成部分，並提醒人們恢復路徑已經並將繼續是異步的。

Obviously, there are lots of puts and takes at play, and we see a number of potential futures coming at us. But notwithstanding this backdrop, we believe our organization is better prepared today, and we're confident in the flexibility we've built and our ability to manage what's around the corner. We continue to spin the growth flywheels faster, and our local businesses are adapting and executing for growth.

顯然，有很多看跌期權在起作用，我們看到了許多潛在的未來。但儘管有這樣的背景，我們相信我們的組織今天準備得更好，我們對我們建立的靈活性和管理即將到來的事情的能力充滿信心。我們繼續更快地旋轉增長飛輪，我們的本地企業正在適應和執行增長。

With that in mind, this morning, we are reiterating our guidance for 2022. We continue to expect organic revenue growth of approximately 7% to 8% and comparable currency-neutral earnings per share guidance of 8% to 10% growth versus 2021. Based on current rates and our hedge positions, we are reiterating our currency outlook of a 2- to 3-point currency headwinds to comparable net revenues and a 3- to 4-point currency headwinds to comparable earnings per share for full year 2022.

考慮到這一點，今天上午，我們重申了對 2022 年的指導。我們繼續預計有機收入增長約為 7% 至 8%，與 2021 年相比，可比貨幣中性每股收益增長 8% 至 10%。就當前利率和我們的對沖頭寸而言，我們重申我們對 2022 年全年可比淨收入和可比每股收益 3 到 4 個百分點的貨幣逆風的貨幣前景。

Additionally, taking into account our current understanding of recently issued regulations, we now expect an effective tax rate of 19.5% in 2022 versus the 20% that we had guided to previously. All in, we continue to expect comparable earnings per share growth of 5% to 6% versus 2021. And we continue to expect to generate approximately $10.5 billion of free cash flow for 2022 through approximately $12 billion in cash from operations, less approximately $1.5 billion in capital investments.

此外，考慮到我們目前對最近發布的法規的理解，我們現在預計 2022 年的有效稅率為 19.5%，而我們之前指導的稅率為 20%。總而言之，我們繼續預計與 2021 年相比，每股可比收益將增長 5% 至 6%。我們繼續預計 2022 年將通過約 120 億美元的運營現金產生約 105 億美元的自由現金流，減去約 15 億美元在資本投資方面。

To put this guidance in context, there are some considerations to keep in mind for 2022. The direct impact of the Ukraine conflict and the resulting suspension of business in Russia is estimated to be approximately $0.04 to comparable EPS. The recent increases in commodity costs are having an incremental effect. But based on current rates and hedge positions, we expect the commodity price inflation to remain in the range of mid-single digit impact on comparable cost of goods sold in 2022. Additionally, we see incremental cost pressure coming from areas like wages and transportation. The consolidation of the BODYARMOR finished goods business will continue to have a mechanical effect on margins.

為了將這一指導放在上下文中，2022 年需要牢記一些注意事項。烏克蘭衝突的直接影響以及由此導致的俄羅斯業務暫停估計約為可比每股收益 0.04 美元。最近商品成本的上漲正在產生增量效應。但根據目前的利率和對沖頭寸，我們預計商品價格通脹對 2022 年可比商品銷售成本的影響將保持在中個位數的範圍內。此外，我們看到來自工資和運輸等領域的成本壓力增加。 BODYARMOR 成品業務的整合將繼續對利潤率產生機械影響。

When it comes to capital allocation, our priorities remain the same, and we continue to balance financial flexibility with efficient capital structure. For 2022, we announced a dividend increase of 5%, a higher rate than in recent years; and we also announced the resumption of share repurchases with approximately $500 million in net share repurchases expected this year.

在資本配置方面，我們的優先事項保持不變，我們繼續平衡財務靈活性和有效的資本結構。 2022年，我們宣布股息增長5%，高於近幾年；我們還宣布恢復股票回購，預計今年將進行約 5 億美元的淨股票回購。

Despite uncertainties around the world, our strategic transformation has fortified the organization to weather the storm, and we are extremely proud of how our people are responding and delivering. We are keeping consumers at the center, operating more effectively and efficiently and unlocking the immense potential of our growth portfolio of brands. This gives us confidence that we can deliver on our guidance for 2022.

儘管世界各地存在不確定性，但我們的戰略轉型使組織能夠經受住風暴，我們為員工的響應和交付方式感到非常自豪。我們以消費者為中心，更有效地運營，並釋放我們品牌增長組合的巨大潛力。這使我們有信心實現 2022 年的指導。

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

有了這個，接線員，我們準備好回答問題了。

(Operator Instructions) Our first question comes from Lauren Lieberman from Barclays.

（操作員說明）我們的第一個問題來自 Barclays 的 Lauren Lieberman。

I was hoping we could talk a little bit more about Latin America, an area like you called out about performance, in particular, Mexico and Brazil this quarter. And I had sort of 2 sets of questions. One is this is a region where your partnership with Bottling has been particularly strong certainly versus the past. And if you could talk a little bit about how that may be enabling your ability to be performing as well as you are in this challenging time? So that's kind of one.

我希望我們能多談談拉丁美洲，像你這樣談論業績的地區，特別是本季度的墨西哥和巴西。我有兩套問題。一是與過去相比，您與 Bottling 的合作夥伴關係在該地區特別牢固。如果你能談談這如何讓你在這個充滿挑戰的時期表現得和你一樣好？所以這是一種。

And then two was there was a mention in the release about shares being down. It's look -- I'm guessing it might be in [due] because I think you talked about sparkling being up, but anything in particular you're doing or the degree to which the market share performance is an area, a watch point for you and how you're balancing that versus thinking about recovering cost inflation?

然後兩個是在新聞稿中提到了股價下跌。看起來——我猜這可能是 [到期] 因為我認為你談到了閃閃發光的上漲，但你正在做的任何特別的事情或市場份額表現的程度是一個領域，一個觀察點您以及您如何平衡這一點與考慮恢復成本通脹？

Yes. Those -- I think we'll call out several questions.

是的。那些——我想我們會提出幾個問題。

I never do it, though. So I'm sorry. It's the first time.

不過，我從不這樣做。所以我很抱歉。這是第一次。

Okay. We'll be -- in the spirit of generosity, we'll try because they're very related. Look, we have a great partnership with our bottlers in Latin America from the 2 very big ones called FEMSA, Arca Continental, through Andina and some of the more country-based bottlers. And we have developed collectively the system, many capabilities on many fronts, whether it be marketing automation, but particularly, the levers of revenue growth management and execution in volatile times. It escapes no one's attention that Latin America is a place that has had a rollercoaster of economic growth and inflation and difficulties. And we have a very deep partnership with these bottlers to work through these times. And that, I think, you see reflected in this quarter as we had a lot of good growth.

好的。我們會 - 本著慷慨的精神，我們會嘗試，因為它們非常相關。看，我們與我們在拉丁美洲的裝瓶商建立了良好的合作夥伴關係，從兩個非常大的稱為 FEMSA、Arca Continental 到 Andina 和一些更多的國家裝瓶商。我們共同開發了該系統，在許多方面都具有許多功能，無論是營銷自動化，尤其是在動盪時期的收入增長管理和執行槓桿。毫無疑問，拉丁美洲是一個經濟增長過山車、通貨膨脹過山車、困難重重的地方。我們與這些裝瓶商建立了非常深厚的合作夥伴關係，以度過這些時期。我認為，這反映在本季度，因為我們有很多良好的增長。

The share did come in negative overall. I think there's a couple of things going on there. As you say, we did a lot better in sparkling, a lot of good execution in sparkling. And there was some pressure as much in juice or some of the juice drink categories, but also category mix. We are very much focused on, as we've talked about previously that when you are in a cost environment, that those cost increases, whether it be commodities or wages or logistics or marketing costs, need to go through over time. We have to earn the right for the brands to take if they need to go through. Sometimes when you're in a very high share market like Latin America and you lead on pricing, not all competitors necessarily follow immediately, and that can have temporary impacts on share. But we, with the bottlers, will be very focused on not only continuing to carry on growing, but to regain and expand our share position.

總體而言，該份額確實為負數。我認為那裡發生了幾件事。正如你所說，我們在起泡方面做得更好，在起泡方面做得很好。果汁或某些果汁飲料類別以及類別組合也存在一些壓力。正如我們之前談到的那樣，我們非常關注當您處於成本環境中時，這些成本增加，無論是商品、工資、物流或營銷成本，都需要隨著時間的推移而發生。如果他們需要通過，我們必須為品牌贏得權利。有時，當您在拉丁美洲這樣的高份額市場中領先定價時，並非所有競爭對手都必須立即跟進，這可能會對份額產生暫時的影響。但我們和裝瓶商將非常專注於不僅繼續增長，而且要重新獲得和擴大我們的份額。

Our next question comes from Dara Mohsenian from Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Dara Mohsenian。

So I just want to focus on top line visibility here. You obviously kept the full year top line guidance despite the Russia impact. So underlying sales are moving up ex-Russia, and Q1 was another strong quarter. But clearly, there's risk consumer spending might weaken with the unprecedented inflation we're seeing.

所以我只想在這里關注頂級可見性。儘管受到俄羅斯的影響，您顯然仍保留了全年的頂線指導。因此，除俄羅斯以外的基礎銷售額正在上升，第一季度是另一個強勁的季度。但顯然，隨著我們所看到的史無前例的通脹，消費者支出可能會減弱。

So first, maybe just looking backwards, can you give us an update on if you're seeing any signs of consumer stress in terms of impact on your business or pushback to higher pricing around the world, either late in Q1 or in April? And then also on a go-forward basis, can you juxtapose the positive impact of normalization of COVID behavior on your business as away-from-home recovers maybe versus any potential macro pressure you could see or consumer spending weakness? And how that impacts your visibility in terms of full year top line view?

因此，首先，也許只是回顧一下，您能否向我們提供最新信息，說明您是否在第一季度末或 4 月看到任何消費者壓力對您的業務的影響或在全球範圍內對更高定價的抵制跡象？然後，在前進的基礎上，您能否將 COVID 行為正常化對您的業務的積極影響與您可能看到的任何潛在宏觀壓力或消費者支出疲軟並列？以及這如何影響您在全年收入視圖方面的知名度？

Well, clearly, my active generosity, I mean, Lauren has unleased the torrents of multi-question question, but it would be hard to cut it off at this stage there. Look, a couple of things. We did come in with strong momentum out of 2021 and coming to this year. And as I and John and we talked about previously on calls, we believe that pricing for our business has to be earned for the brands. We have to give the consumer and the retailer reason for the price increase and for the value of our brands, whether it's the marketing, the innovation, the execution or the packaging options, we do that. It's not a cost-plus business, although we do seek, of course, to protect the margin structure by moving through changes in commodities and other costs.

好吧，顯然，我的積極慷慨，我的意思是，勞倫已經釋放了多問題的洪流，但在這個階段很難切斷它。看，有幾件事。從 2021 年到今年，我們確實以強勁的勢頭進入了市場。正如我和約翰以及我們之前在電話中談到的那樣，我們認為必須為品牌贏得我們業務的定價。我們必須向消費者和零售商說明價格上漲和品牌價值的原因，無論是營銷、創新、執行還是包裝選擇，我們都會這樣做。這不是一項成本加成業務，儘管我們確實尋求通過商品和其他成本的變化來保護利潤率結構。

But we very much foresee as the experience and history, who was it -- Mark Twain said, "History doesn't repeat itself, it just rhymes." But when you go into high inflation, consumers come under pressure. There's clearly reductions in real purchasing power going on for some segments of the population, if not everyone around the world. And so our focus is very much to find those packaging and price options by channel where we can stay connected to people who are coming under purchasing power pressure, very much the affordability just building on the Latin America example for the last question; a lot of focus on returnable, refillable bottles because the economics of those packages work to an extent that you can have a lower price point for the package. And with reductions in purchasing power, we very much see the actual out-of-pocket price point and keeping a low entry point into the category is very important, also pushing the expansion of refillables in places like South Africa.

但我們非常預見經驗和歷史，它是誰——馬克吐溫說，“歷史不會重演，它只是押韻。”但是當你進入高通脹時，消費者就會承受壓力。如果不是全世界的每個人，某些部分人口的實際購買力顯然正在下降。因此，我們的重點是通過渠道找到那些包裝和價格選項，以便我們可以與面臨購買力壓力的人保持聯繫，非常像最後一個問題的拉丁美洲示例的可負擔性；很多關注可回收、可再填充的瓶子，因為這些包裝的經濟性在一定程度上可以使包裝的價格更低。隨著購買力的下降，我們非常看到實際的自付費用價格點，保持該類別的低切入點非常重要，這也推動了可再填充產品在南非等地的擴張。

So very much acting on the signs of consumer purchasing power pressure, but very much also anticipating that it will increase. It would be great if there were a perfect landing out of this inflationary environment. The rhyme of history would tell you that at some point, either inflation or reduction in purchasing power or supply constraints eventually create a bump. And at that point, we will want to both be accessing the premium opportunities that have but very much with an anchor in the affordability and entry price point opportunities and necessities as consumers come under pressure.

因此，非常依賴於消費者購買力壓力的跡象，但也非常期待它會增加。如果能在這種通脹環境中完美著陸，那就太好了。歷史的韻律會告訴你，在某個時候，通貨膨脹或購買力下降或供應限制最終會造成衝擊。到那時，我們都希望獲得優質機會，但在消費者承受壓力時，這些機會在可負擔性和入門價格點機會和必需品方面非常重要。

Our next question comes from Steve Powers from Deutsche Bank.

我們的下一個問題來自德意志銀行的史蒂夫鮑爾斯。

When I think about -- just to approach the capital allocation and business reinvestment, as you talked about it in the prepared remarks, you framed it as essentially unchanged as a framework. But with all the variability you called out in the operating environment, I guess I'm curious as to where there are areas of your going in plans where maybe you pulled back a bit versus other areas where you found yourself now leading in more? Maybe James, to your answer to the last question, maybe it's affordability or something like that. But just again, the overall spending as you framed it and that the guidance supplies seems intact but my sense is it's moving around a lot under the cover. So just I'm curious how that kind of agility is manifesting in terms of reallocations of spend?

當我考慮 - 只是為了處理資本分配和業務再投資，正如你在準備好的評論中談到的那樣，你將它作為一個框架基本上沒有變化。但是，鑑於您在運營環境中提到的所有可變性，我想我很好奇您在計劃中的哪些領域可能會有所回落，而不是您發現自己現在領先的其他領域？也許詹姆斯，對於你對最後一個問題的回答，也許是負擔能力或類似的東西。但再說一次，你所描述的總體支出和指導用品似乎完好無損，但我的感覺是它在掩護下移動了很多。所以我只是好奇這種敏捷性是如何在支出重新分配方面體現出來的？

Thanks, Steve, it's John. Let me first just lay the picture of total capital allocation. The first priority is to invest in the business. And as we -- as James just said, when you think about the environment that we're -- we have been dealing in and we will be dealing with the rest of the year, the name of the game right now is to do exactly that is to continue to invest in our brands so that we have the wherewithal to manage through whatever comes out of.

謝謝，史蒂夫，我是約翰。讓我先介紹一下總資本配置的情況。第一要務是投資業務。正如我們 - 正如詹姆斯剛才所說，當你考慮我們所處的環境時 - 我們一直在處理，我們將在今年剩下的時間里處理，現在遊戲的名稱就是做那就是繼續投資於我們的品牌，以便我們有足夠的資金來管理所產生的一切。

I think at a local level, the mix of investment is something that we continue to be very flexible with. And we are leveraging the work that we have been doing over the last couple of years to be even more effective in how we're spending our marketing dollars, whether it's on building our brands or whether it's on supporting our RGM efforts in the marketplace.

我認為在地方層面，投資組合是我們繼續非常靈活的事情。我們正在利用我們在過去幾年中所做的工作，以更有效地利用我們的營銷資金，無論是建立我們的品牌還是支持我們在市場上的 RGM 努力。

The other areas of our capital allocation framework, supporting the dividend, looking at opportunistic M&A and share repurchase, we covered in the script with the dividend and share repurchase, we continue to be very open as to what opportunities may be out there. But in the here and now, the top priority is investing appropriately in the business. And as I say, the mix of that investment is something that varies and will continue to vary depending on what we probably need to do locally.

我們資本分配框架的其他領域，支持股息，著眼於機會性併購和股票回購，我們在腳本中涵蓋了股息和股票回購，我們繼續對可能存在的機會持非常開放的態度。但在此時此地，當務之急是對業務進行適當的投資。正如我所說，這種投資的組合會有所不同，並將繼續根據我們在當地可能需要做的事情而有所不同。

Our next question comes from Bonnie Herzog from Goldman Sachs.

我們的下一個問題來自高盛的 Bonnie Herzog。

I had just a big picture question about how you're working with your bottlers who are experiencing pretty sharp cost pressures to essentially help them navigate through this tough environment? If you guys could talk about that. And also looking at the equity income in the quarter, it remained relatively strong. But is the expectation going forward that there will be a greater impact in the next couple of quarters, given some of these pressures?

我有一個大問題，關於您如何與面臨巨大成本壓力的裝瓶商合作，從根本上幫助他們度過這個艱難的環境？如果你們能談談這個。而且從本季度的股票收入來看，它仍然相對強勁。但是，鑑於其中的一些壓力，未來幾個季度會有更大的影響嗎？

Yes. Sure, Bonnie. I mean, I'm not sure it would be appropriate to comment on equity income into the future for our bottling partners. But as we go into a tough environment, as we always do historically, we make sure that we intensify our collaboration and partnership with our bottlers, both to work on what are the marketing programs and the innovation programs that are going to work in the consumer and the retail environment that we face wherever we are in the world, and also the execution initiatives and focus areas that bottlers can drive on.

是的。當然，邦妮。我的意思是，我不確定是否適合對我們的裝瓶合作夥伴未來的股權收入發表評論。但是當我們進入一個艱難的環境時，正如我們歷來所做的那樣，我們確保加強與裝瓶商的合作和夥伴關係，以製定哪些營銷計劃和創新計劃將在消費者中發揮作用以及我們在世界各地所面臨的零售環境，以及裝瓶商可以推動的執行計劃和重點領域。

Because firstly, the environment is not the same in every country around the world. Some are opening up exuberantly and actually chasing and keeping up with demand and the kind of the reopening euphoria, all the way across the spectrum to parts of China like Shanghai, which is in full lockdown as though it were April 2020. So the environment is absolutely not the same in every country, and we have to work where on the curve of all the change are we and be very clear.

因為首先，世界上每個國家的環境都不一樣。有些人正在積極地開放，實際上是在追逐並跟上需求和那種重新開放的興奮，一直到中國部分地區，比如上海，就像在 2020 年 4 月一樣全面封鎖。所以環境是每個國家絕對不一樣，我們必須在所有變化的曲線上工作，並且非常清楚。

And in terms of the pressures, you talked about it, the pressure is both headwind and tailwind. Clearly, there are headwinds in terms of cost, whether it be commodities, logistics, wages. And as I said earlier in one of the questions, we work with our system, our bottling partners, to make sure we protect and sustain the margin structure over time. That's not necessarily true every single quarter, but that is our overall objective: earning the right to price the brands so that the system has the sort of margin structure and stability of that over the course of time, if not every single quarter.

就壓力而言，你談到了它，壓力既是逆風也是順風。顯然，在成本方面存在不利因素，無論是商品、物流還是工資。正如我之前在其中一個問題中所說，我們與我們的系統、我們的裝瓶合作夥伴合作，以確保我們隨著時間的推移保護和維持利潤結構。這不一定是每個季度都如此，但這是我們的總體目標：贏得對品牌定價的權利，以便系統在一段時間內（如果不是每個季度）具有那種利潤率結構和穩定性。

But there are headwinds there. Balancing those headwinds, there are tailwinds out there, as I said. The reopenings provide fuel not just for overall demand, but improvements in channels, away-from-home channels where we're strong and leaning in with investment produces great results. So this is -- there's a lot of variables at play in the downhill of the year and really just the key is the intense partnership with our bottlers to make the most of the opportunity ahead of us and to prepare ourselves for the step 2 and step 3 further down the road.

但是那裡有逆風。正如我所說，平衡這些逆風，那裡有順風。重新開放不僅為整體需求提供動力，而且還改善了渠道，我們強大並傾向於投資的非家庭渠道產生了巨大的成果。所以這是 - 在今年的下坡中有很多變數，真正的關鍵是與我們的裝瓶商密切合作，以充分利用我們面前的機會，並為第 2 步和第 2 步做好準備3 再往下走。

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

我們的下一個問題來自美國銀行的 Bryan Spillane。

James, I wanted to just circle back to the comments you made in the prepared remarks about ESG and, I guess, tying it to comp. If I understood the proxy correctly, there has been 2 changes. One is the ESG component now being a portion of both the annual and long-term comp. I think it moves to 10%. And then also for your annual long-term incentive comp, the amount that's paid out in stock options, I think, goes up from like 1/3 to 1/2. So just wanted to sort of get your perspective on why make those changes now? And just what it signals about your focus going forward?

詹姆斯，我想回到你在準備好的關於 ESG 的評論中發表的評論，我想，我想把它與 comp 聯繫起來。如果我正確理解了代理，則有 2 處更改。一是 ESG 部分現在已成為年度和長期薪酬的一部分。我認為它會移動到 10%。然後對於您的年度長期激勵補償，我認為以股票期權支付的金額從 1/3 上升到 1/2。所以只是想了解一下為什麼現在要進行這些更改？以及它對您未來關注的信號是什麼？

Yes. Thanks, Bryan. Yes, I mean, firstly, we'd refer everyone who wants a greater depth to the proxy that's out there on our website, and we've tried to layout some of the mechanics and our thinking behind the two things. We have made some changes, as you point out, Bryan, to the way the long-term incentives or more specifically, the performance share units, which are kind of a 3-year program. We've got a 10% element in that that's linked to our ESG goals. And so we are laying out some very specific targets that will drive a portion of those payouts. And because some of those ESG objectives take some time to execute against, we felt they were better embedded into the 3-year stock award programs.

是的。謝謝，布萊恩。是的，我的意思是，首先，我們會將所有想要更深入了解的人推薦給我們網站上的代理，並且我們已經嘗試佈局一些機制和我們在這兩件事背後的想法。正如你所指出的，Bryan，我們已經對長期激勵的方式進行了一些改變，或者更具體地說，是績效分享單位，這是一個為期 3 年的計劃。我們有 10% 的元素與我們的 ESG 目標相關聯。因此，我們制定了一些非常具體的目標，這些目標將推動部分支出。而且由於其中一些 ESG 目標需要一些時間來執行，我們認為將它們更好地嵌入到 3 年期股票獎勵計劃中。

And then secondly, as you point out, with the Board and with the Compensation Committee, we felt to increase greater alignment with shareowners. We would readjust the balance of performance share units versus options for myself and push that up to 50%. I mean you can take that as a confidence in the future, but that's one very small stone on the large pile of stones of things we do to demonstrate that we believe this is a great company with a great future.

其次，正如您所指出的，與董事會和薪酬委員會一起，我們覺得要加強與股東的一致。我們將為我自己重新調整績效份額單位與期權的平衡，並將其提高到 50%。我的意思是你可以把它當作對未來的信心，但這只是我們所做的一大堆事情中的一小塊石頭，以證明我們相信這是一家擁有美好未來的偉大公司。

Our next question comes from Nik Modi from RBC Capital Markets.

我們的下一個問題來自加拿大皇家銀行資本市場的 Nik Modi。

This is Filippo Falorni on for Nik. My question is on pricing. Clearly, price realization has been very strong in the carbonated soft drink category and particularly North America with a very rational environment in the industry and pretty low elasticity so far. So can you comment how you balance the need to take pricing while ensuring affordability using price/pack architecture, your revenue growth management, given this inflationary environment, the impact on consumer wallets in North America and in other parts of the world? And then secondly, if you think you will see more promotional activity in the industry in the balance of the year.

這是 Nik 的 Filippo Falorni。我的問題是關於定價。顯然，碳酸軟飲料類別的價格實現非常強勁，尤其是北美，行業環境非常合理，到目前為止彈性很低。那麼，您能否評論一下您如何平衡定價的需要，同時使用價格/包裝架構確保可負擔性，您的收入增長管理，鑑於這種通貨膨脹環境，對北美和世界其他地區消費者錢包的影響？其次，如果您認為您會在今年餘下的時間裡看到更多的行業促銷活動。

I mean our approach to pricing, I've commented a little bit on it already. Firstly, the highest level principle is the brand has to earn the right for pricing. And that is the combination of its activities in marketing, in innovation, in execution and the investments in the store and of course, in RGM to make the packaging and pricing architecture fit the consumers' needs. Obviously, what goes into a piece of that puzzle is also the cost environment, whether that be commodities, marketing, logistics, et cetera, et cetera. And we seek to balance the various challenges using RGM. As I said earlier, clearly, as we go into reducing consumer purchasing power, we need to have affordability as front and center, and depending on where you are in the world, can take the shape of different packaging but it all becomes about the entry price point to the category, not the kind of the higher-end price towards the category. But you balance that out by having -- moving up the price points on other package combinations.

我的意思是我們的定價方法，我已經對此發表了一些評論。首先，最高層次的原則是品牌必須獲得定價權。這就是它在營銷、創新、執行和商店投資方面的活動的結合，當然還有 RGM，以使包裝和定價架構符合消費者的需求。顯然，這個難題的一部分也是成本環境，無論是商品、營銷、物流等等。我們尋求使用 RGM 平衡各種挑戰。正如我之前所說，很明顯，當我們開始降低消費者購買力時，我們需要將負擔能力作為前沿和中心，並且根據您在世界的哪個位置，可以採用不同的包裝形式，但這一切都與入口有關價格指向品類，而不是那種價格指向品類的高端。但是您可以通過提高其他套餐組合的價格點來平衡這一點。

It all has to go in the mix. And it is all done with a perspective that not necessarily every single day, but in a reasonable timeframe, the margin structure of the system needs to be sustained. You definitely don't want to get to a point where there's been a substantial cost push through, and that has not yet been passed on into the marketplace when any recessionary impact appears. Trying to catch up on pricing in a recessionary environment is very hard. And so we have a bias to action. In the same way, we have a bias to invest behind our brands in marketing innovation. We have a bias to keep up with cost pressures as they occur. And that, of course, leads us to take pricing more or less frequently depending on where you are in the world, and I expect to see more of that in the rest of the year.

這一切都必須混合在一起。這一切都是從一個角度來看，不一定是每一天，而是在一個合理的時間範圍內，系統的保證金結構需要維持。您絕對不希望出現大量成本推高，並且在出現任何衰退影響時尚未轉嫁到市場的地步。在經濟衰退的環境中試圖趕上定價是非常困難的。所以我們有行動的偏見。同樣，我們傾向於在營銷創新方面投資於我們的品牌。我們傾向於在成本壓力發生時跟上它們。當然，這導致我們根據您在世界的哪個位置或多或少地定價，我希望在今年餘下的時間裡看到更多這樣的情況。

Our next question comes from Kaumil Gajrawala from Credit Suisse.

我們的下一個問題來自瑞士信貸的 Kaumil Gajrawala。

This should be a quick one and a single question. Is there any update on the tax litigation matter perhaps. Maybe not just on your end, but some of the other moving parts, I suppose, on what needs to happen there beforehand?

這應該是一個快速且單一的問題。是否有關於稅務訴訟問題的最新消息。也許不只是在你這邊，還有其他一些活動的部分，我想，需要事先在那裡發生什麼？

Quick answer. No updates -- no developments during the quarter. We'll keep you posted as they happen.

快速回答。沒有更新——本季度沒有進展。我們會及時通知您。

Our next question comes from Carlos Laboy from HSBC.

我們的下一個問題來自匯豐銀行的 Carlos Laboy。

I was hoping you could give us an update on some of the stepped-up efforts on -- for renewable -- for refillable packages in Latin America and how that's going, please?

我希望你能給我們提供一些關於拉丁美洲可再生包裝的加緊努力的最新信息，以及進展如何，好嗎？

Yes, sure. Thanks, Carlos. Clearly, as part of both our RGM initiatives, because the refillable, reusable packages tend to give you the opportunity especially in larger sizes, have a lower entry price point, which is particularly useful in developing and emerging markets. And so you have an intersection of a very important business imperative on affordability and the fact that ultimately, a refillable package is less likely to go to waste and has a lower carbon footprint. And so it really complements our world without waste ESG strategy where we're looking to create a circular economy around our packaging material.

是的，當然。謝謝，卡洛斯。顯然，作為我們 RGM 計劃的一部分，因為可再填充、可重複使用的包裝往往為您提供機會，尤其是在較大尺寸的情況下，具有較低的入門價格點，這在發展中和新興市場特別有用。因此，您有一個非常重要的業務需求，即可負擔性與最終可再填充包裝不太可能浪費並且碳足跡較低這一事實的交集。因此，它真正補充了我們的世界，不浪費 ESG 戰略，我們希望圍繞我們的包裝材料創建循環經濟。

So the 2 intersect and give us 2 imperatives at both point in the same direction. And so we're very much looking to invest behind refillable packaging, making progress in gaining in mix in Latin America, also been driving that in parts of Africa. We've even taken to experimenting with returnable glass in the Southwest of the U.S. And so we are very focused on this because it does work for both of these imperatives, and so expect to see kind of more focus and more investment behind keeping that up and working with retailers to make it simple for the consumers to get the credits when they return these reusable bottles. So very much an investment focus.

所以 2 相交並在同一方向的兩個點上給我們 2 個命令。因此，我們非常希望投資於可再填充包裝，在拉丁美洲取得進展，也在非洲部分地區推動這一進程。我們甚至已經開始在美國西南部試驗可回收玻璃。所以我們非常關注這一點，因為它確實適用於這兩個當務之急，因此希望看到更多的關注和更多的投資來保持這一點並與零售商合作，讓消費者在退回這些可重複使用的瓶子時輕鬆獲得積分。所以非常注重投資。

Our next question comes from Andrea Teixeira from JPMorgan.

我們的下一個問題來自摩根大通的 Andrea Teixeira。

James, just to conclude on pricing, you mentioned that you continue to monitor further inflation pressures and also alluded to potentially further pricing. Are you seeing -- I'm assuming you're seeing better-than-anticipated price elasticity. Do you see room for additional pricing perhaps in developed markets and in particular in certain clusters in the U.S.? And if not, any flexibility to protect the bottom line with SG&A efficiencies that you can highlight at this point?

詹姆斯，就定價而言，您提到您將繼續監控進一步的通脹壓力，並暗示可能會進一步定價。你看到了嗎——我假設你看到的價格彈性好於預期。您是否認為在發達市場，特別是在美國的某些集群中可能存在額外定價的空間？如果沒有，您現在可以強調通過 SG&A 效率來保護底線的任何靈活性嗎？

Well, clearly, I mean, I've talked about our approach to pricing several times. And that is going to lead to more -- I mean there are going to be more price increases depending on where you are in. I mean there are countries with inflation well into double digits. And you do see multiple price increases during the year, as a matter, of course, when you're in those sorts of circumstances, with cost pressures to push through as you seek to sustain margins all the time.

嗯，很明顯，我的意思是，我已經多次談到我們的定價方法。這將導致更多——我的意思是，根據你所處的位置，價格會上漲更多。我的意思是有些國家的通貨膨脹率達到兩位數。當然，當您處於這種情況時，您確實會在一年中看到多次價格上漲，因為您一直在尋求維持利潤率，因此需要承受成本壓力。

Let me just address the elasticity question. It has been apparent, and other people have commented on less elasticity in recent times as price increases have gone through. I do not expect elasticities to be inelastic going forward. There's a reason you got the name elasticity. And so I fully expect, as I commented earlier on, inflation generally ends with some pressure somewhere. I expect elasticity to increase at some point in the future. Will that be next quarter? Or will that be next year? I can't give you the answer to that because it's very dependent on some macros, and it's probably going to vary by country. But we are very attuned to it, which is why I talked about how we are leaning into investing behind our brands so that we earn the right for the price increases, so that we can minimize the elasticity and that we keep a sharp eye on affordability, which again tends to minimize elasticity if we use RGM well.

讓我來談談彈性問題。很明顯，最近隨著價格上漲，其他人評論說彈性較小。我預計未來的彈性不會缺乏彈性。彈性這個名字是有原因的。因此，正如我之前評論的那樣，我完全預計通脹通常會在某個地方出現一些壓力。我預計彈性會在未來的某個時候增加。會是下個季度嗎？還是明年會這樣？我不能給你答案，因為它非常依賴於一些宏，而且它可能會因國家而異。但我們非常適應它，這就是為什麼我談到我們如何傾向於投資於我們的品牌，以便我們獲得價格上漲的權利，以便我們可以最大限度地減少彈性並密切關注可負擔性，如果我們很好地使用 RGM，這又傾向於最小化彈性。

But as I say, if the choice comes down to -- we think the elasticity is going up or we're going to have to not pass through some cost, we're going to err towards taking the price increase rather than not taking the price increase. As I said earlier, not seeing the cost go through and arriving at a recession being behind the curve is less desirable than embarking and having to take the hit from a greater elasticity in the short term. And so that's our kind of modus operandi, and we will certainly seek to earn the right to take the price increases. We certainly aren't looking to take price increases just because we can. We want to earn them as a brand, and we want to make sure we recover the cost over time.

但正如我所說，如果選擇歸結為——我們認為彈性正在上升，或者我們將不得不不承擔一些成本，我們將錯誤地接受價格上漲而不是不接受價格上漲。正如我之前所說，沒有看到成本通過並在曲線後面到達衰退比開始並不得不在短期內承受更大彈性的打擊更可取。這就是我們的作案手法，我們肯定會尋求獲得接受價格上漲的權利。我們當然不會僅僅因為我們可以就接受價格上漲。我們希望將它們作為一個品牌來贏得，我們希望確保隨著時間的推移收回成本。

Our next question comes from Rob Ottenstein from Evercore.

我們的下一個問題來自 Evercore 的 Rob Ottenstein。

James, in the opening comments, you mentioned that you had digitally connected, I believe, with 2 million customers in Latin America. Can you elaborate on what that allows you to do? What that means? The upside there? What you're seeing in the market from that? And how you expect to or how you plan to roll that out globally?

詹姆斯，在開場評論中，您提到您已經與拉丁美洲的 200 萬客戶建立了數字聯繫。你能詳細說明一下你可以做什麼嗎？那是什麼意思？那裡的好處？你在市場上看到了什麼？您期望如何或計劃如何在全球範圍內推廣它？

Yes. Thanks, Robert. This is a very important area for us and our bottling partners. Simply put, the idea of connecting these customers is essentially that our retailers, particularly the traditional trade and the fragmented trade, remembering that on a global basis, about half of our sales go to the fragmented trade, whether that's from grocery side or fragmented in terms of being away-from-home and eatery, so about half of the global sales go to that, is being able -- that they can order the Cokes they need or the rest of the portfolio that they need, they don't have to necessarily wait for the salesperson to turn up. This isn't about replacing the salesperson, very far from it. This is about enabling the selling system to be even more effective in that being able to connect with the retailers, generate orders.

是的。謝謝，羅伯特。對於我們和我們的裝瓶合作夥伴來說，這是一個非常重要的領域。簡而言之，連接這些客戶的想法本質上是我們的零售商，尤其是傳統貿易和零散貿易，請記住，在全球範圍內，我們約有一半的銷售額來自零散貿易，無論是來自雜貨店還是零散貿易就離家和餐館而言，因此大約一半的全球銷售額用於這方面，他們能夠訂購他們需要的可樂或他們需要的其他產品組合，但他們沒有必須等待銷售人員出現。這不是要更換銷售人員，遠非如此。這是為了使銷售系統更加有效，因為能夠與零售商聯繫，生成訂單。

And so very much it's about sales force enablement system, such that in the same way that consumers in the developed world can just use their phones to -- with whatever system, with whatever app is appropriate to order things, and they don't have to go to the store to get them. We see that the bottling system will be able to sell more and very much in the -- where we've implemented these systems, where it's a complement to the sales force, it has driven extra sales and driven retailer loyalty. And so we think we can see -- and obviously, we're very much engaged with the bottling partners to drive the connectivity, particularly for the fragmented trade so that they could order whatever they want, whenever they want from the Coke portfolio. And that's as true in the rollout, as you called out in Latin America, MyCCEP.com is the same basic idea. It's all about technologically enabling the selling system to be more effective for the retailers.

非常重要的是銷售人員支持系統，就像發達國家的消費者可以使用他們的手機一樣 - 使用任何系統，使用任何適合訂購東西的應用程序，而他們沒有去商店買。我們看到裝瓶系統將能夠在我們實施這些系統的地方銷售更多和非常多的產品，它是對銷售隊伍的補充，它推動了額外的銷售並提高了零售商的忠誠度。因此，我們認為我們可以看到 - 顯然，我們與裝瓶合作夥伴密切合作以推動連接，特別是對於分散的貿易，以便他們可以隨時隨地從可口可樂產品組合中訂購任何他們想要的東西。正如您在拉丁美洲所說的那樣，在推出時也是如此，MyCCEP.com 是相同的基本理念。這一切都是為了在技術上使銷售系統對零售商更有效。

Your next question comes from Laurent Grandet from Guggenheim.

您的下一個問題來自古根海姆的 Laurent Grandet。

I'd like to come back to the progress of Costa Cafe. I mean, it was mentioned in your prepared remark, I mean Coffee was up 27%. But some of it was -- of that growth was coming from cycling in (inaudible) store closures. Could you expand maybe more on the non-store business progress? Hot and cold, where are you expanding the brand, which countries? And what are you seeing in terms of consumer reaction?

我想回到歌詩達咖啡廳的進展。我的意思是，在你準備好的評論中提到了，我的意思是咖啡上漲了 27%。但其中一些是——增長來自（聽不清）商店關閉的循環。您能否進一步擴展非商店業務的進展？忽冷忽熱，你在哪裡拓展品牌，哪些國家？您在消費者反應方面看到了什麼？

Yes. Laurent, looking at the non-retail bits of Costa, the Express machines, the kind of vending digital barista machine had a very strong quarter with transactions growing strongly, and we're starting -- and we're seeing now that reopenings have occurred, we're starting to see a focus on placement of new machines across Europe and the Middle East and also in China, although that's got a little harder in the last couple of months. But the Express machine is still doing very well. Obviously, they need the opening of the world to happen. And then on the Proud to Serve front, which is kind of providing the beans and machines to independent outlets, starting to ramp that up more in the Europe.

是的。 Laurent，看看 Costa 的非零售部分，Express 機器，那種自動售貨數字咖啡師機器的季度表現非常強勁，交易量增長強勁，我們正在開始 - 我們現在看到重新開放已經發生，我們開始關注在歐洲和中東以及中國放置新機器，儘管在過去幾個月裡這變得有點困難。但是Express機器仍然做得很好。顯然，他們需要世界的開放才能發生。然後在 Proud to Serve 方面，這是一種向獨立網點提供咖啡豆和機器的方式，開始在歐洲進一步推廣。

Europe environment, again, early days. We did launch some tests in at-home. That's too early to kind of call. And then Costa ready-to-drink has done pretty well in China. It's sustained its #2 position. It's continuing to grow, and we've launched it also in some of the European markets. So starting to see those innovations roll out, and we'll see how they do in the coming quarters.

歐洲環境，再次，早期。我們確實在家中進行了一些測試。現在打電話還為時過早。而歌詩達即飲飲料在中國的表現也相當不錯。它保持了它的＃2位置。它還在繼續增長，我們也在一些歐洲市場推出了它。因此，開始看到這些創新推出，我們將在未來幾個季度看到它們的表現。

Our next question comes from Kevin Grundy from Jefferies.

我們的下一個問題來自 Jefferies 的 Kevin Grundy。

James, I wanted to pivot to your business in China, given the uptick in COVID cases there and related lockdown measures. Perhaps you could just comment on: one, what you're seeing from a demand perspective? Two, perhaps the exit rate for March, and what you're seeing in April? And then three, maybe just more broadly, the company's ability to better execute in your view, despite lower levels of consumer mobility now over 2 years into the pandemic?

詹姆斯，鑑於那裡的 COVID 病例增加和相關的封鎖措施，我想專注於您在中國的業務。也許您可以評論一下：一，您從需求的角度看到了什麼？二，也許是 3 月份的退出率，以及你在 4 月份看到的情況？然後是三個，也許更廣泛地說，在您看來，儘管消費者流動性水平較低，但在您看來，該公司有能力更好地執行大流行已超過 2 年？

Yes, sure. I mean, clearly, China is an important market to us. As I said in the script, we had a strong start to the year going into Chinese New Year. But the lockdowns, particularly Shanghai, took the steam out of things, and we ended the quarter negative. It's -- the key factor will be the degree of mobility. And we had -- and depending on how big that is will make a huge difference to the level of results. I don't think there's anything to call from the early days of April that's different to what was happening at the back end of March. The lockdowns, as you can read in the newspapers, are still in full force, so to speak, in those cities where they're locking down. And I think that's going to remain the biggest factor.

是的，當然。我的意思是，很明顯，中國對我們來說是一個重要的市場。正如我在劇本中所說的，我們在農曆新年的開局良好。但是封鎖，尤其是上海，讓事情失去了動力，我們以負數結束了這個季度。這是 - 關鍵因素將是流動性的程度。我們有 - 取決於這有多大將對結果水平產生巨大影響。我認為 4 月初的情況與 3 月底發生的情況沒有什麼不同。正如您在報紙上看到的那樣，可以說，在那些被封鎖的城市中，封鎖仍然全面有效。我認為這仍然是最大的因素。

Of course, we're going to focus on what we can control. We certainly had 2 years of trying to look at what that looked like over the last couple of years, and we'll continue to build on those learnings and the playbook that we had and adapt as necessary. It's a little difficult to predict exactly what it's going to look like, but we feel -- say it a different way, we feel better prepared and more resilient for the COVID journey of 2022 in China than we did in 2020.

當然，我們將專注於我們可以控制的事情。在過去的幾年裡，我們當然有 2 年的時間來嘗試看看這是什麼樣的，我們將繼續在這些學習和我們擁有的劇本的基礎上再接再厲，並根據需要進行調整。準確預測它會是什麼樣子有點困難，但我們感覺——換一種說法，與 2020 年相比，我們為 2022 年在中國的 COVID 之旅做好了更好的準備，更有彈性。

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

我們的下一個問題來自 Wells Fargo Securities 的 Chris Carey。

So actually, following up a bit on the prior question, but more globally. John said in the prepared remarks, there was improvement in away-from-home channel in most markets, but not all. I appreciate Asia Pacific will have specific impacts in the quarter, as just noted. But I wonder if you could just give us a sense of the progression of the away-from-home channel recovery globally, perhaps relative to 2019? And if you have any context on total company or key region, that would be helpful. Really underlying the question here is just a sense of the current state of the channel as we all contemplate prospects of slowing global growth and how the company will manage through any reversal back of the away-from-home with levers at its disposal.

所以實際上，對前面的問題進行了一些跟進，但更多的是全球性的。約翰在準備好的講話中說，大多數市場的外地渠道都有改善，但不是全部。正如剛才所說，我很欣賞亞太地區將在本季度產生具體影響。但我想知道您是否可以讓我們了解全球非家庭渠道恢復的進展情況，也許是相對於 2019 年？如果您對整個公司或關鍵地區有任何了解，那將很有幫助。這裡真正的問題只是對渠道當前狀態的感覺，因為我們都在考慮全球增長放緩的前景，以及公司將如何利用可支配的槓桿來應對遠離家鄉的任何逆轉。

Sure. I mean, firstly, let me step back both. The away-from-home channels, whilst we have recovered to our 2019 levels, the away-from-home channels have not yet fully recovered. And in part, that -- and we -- I think I've talked about this on previous call, we've lost outlets in the course of the pandemic. That's true of the away-from-home, and that's also true of the fragmented grocery trades. And so there has been an impact on the number of outlets. It's not fully back.

當然。我的意思是，首先，讓我退後一步。外地頻道，雖然我們已經恢復到 2019 年的水平，但外地頻道還沒有完全恢復。部分原因是——還有我們——我想我在之前的電話會議上已經談過了，我們在大流行期間失去了出口。離家如此，零散的雜貨行業也是如此。因此，網點的數量受到了影響。還沒有完全恢復。

Of course, there is a distinction by subchannel with away-from-home, particularly QSR has done well, particularly those with digital and drive-through have done well. So the away-from-home channel, even in a country, can't be considered as a thing. You need to break it down into the different subcategories and really look at it by that. But again, globally, it's not quite back at the 2019. There are big distinctions depending on what sort of subchannel we're looking at.

當然，子渠道和離家有區別，特別是QSR做得很好，尤其是數字和drive-through做得很好。所以離家出走的頻道，即使是在一個國家，也不能算是一個東西。你需要把它分解成不同的子類別，然後真正地看待它。但同樣，在全球範圍內，它還沒有完全回到 2019 年。根據我們所關注的子渠道類型，存在很大差異。

In terms of the current global status, yes, China very much impacted by COVID lockdowns. But there are other parts of Asia Pacific, Southeast Asia where there were pressures on the away-from-home channel. I mean, let me include Japan, which only just lifted the state of emergency, and we should start to see that improve. So as you think about the rest of the year, there are places where there is recovery yet to come. And of course, if there are recessionary impacts, either because of recession or loss of purchasing power in the face of inflation in certain parts of the world, then that will be an offsetting factor as we go into it.

就目前的全球狀況而言，是的，中國受到 COVID 封鎖的影響很大。但在亞太地區、東南亞的其他地區，外地渠道存在壓力。我的意思是，讓我包括剛剛解除緊急狀態的日本，我們應該開始看到這種改善。因此，當您考慮今年餘下的時間時，有些地方還沒有復蘇。當然，如果存在衰退影響，無論是因為衰退還是世界某些地區面臨通貨膨脹導致購買力下降，那麼這將是我們研究它時的一個抵消因素。

Our next question comes from Brett Cooper from Consumer Edge Research.

我們的下一個問題來自 Consumer Edge Research 的 Brett Cooper。

Can you address your thoughts on adding non-owned products to your or your systems offerings to win in digitization of your customer relationships? And then maybe an alcohol specifically to help scale the system in what is a new area for the company on an aligned basis across markets?

您能否談談在您或您的系統產品中添加非自有產品以贏得客戶關係數字化的想法？然後可能是一種酒精，專門用於幫助在公司的一個新領域在跨市場的一致基礎上擴展系統？

I mean, we have a whole series of different situations around the world. I think the starting point is there's not one universal answer to this question. And part of that is because the nature of the retail landscape, the nature of the distribution systems and the nature of the alcohol regulation is different in different parts of the world.

我的意思是，我們在世界各地有一系列不同的情況。我認為起點是這個問題沒有一個普遍的答案。部分原因是零售環境的性質、分銷系統的性質和酒精法規的性質在世界不同地區是不同的。

We certainly start from the principle that our primary interest is in the brands of The Coca-Cola Company. To the extent -- and you've heard me talk about like never say never in a kind of a probabilistic view of things, to the extent that a case can be made for other products being on the trucks, probably other beverage products, including alcohol, and that is somehow going to make the system, the bottlers and it's going to sell more of our brands, then that is a question we're going to look at. And there are certainly parts of the world. We're going down that road, has been successful in selling more Coke products.

我們當然從我們的主要興趣在於可口可樂公司的品牌這一原則出發。在某種程度上——你已經聽過我在某種概率的觀點中談論“永不言敗”，以至於可以為卡車上的其他產品提供案例，可能是其他飲料產品，包括酒精，這將以某種方式使系統、裝瓶商及其銷售更多我們的品牌，然後這是我們要研究的問題。世界上肯定有一些地方。我們正沿著這條路走下去，已經成功地銷售了更多的可樂產品。

Chile would be an example of that where there are other beverage brands, typically alcoholic ones, whether that be beer or spirits on the truck and in the selling system, which has allowed us to have more salespeople with a digital overlay as we talked about on the previous question so retailers can order things. But ultimately, it's successful not because we can get more things on the truck, it's successful because we can sell more of the Coke brands. And that was demonstrably true in Chile.

智利就是一個例子，那裡有其他飲料品牌，通常是酒精品牌，無論是卡車上和銷售系統中的啤酒還是烈酒，這使我們能夠擁有更多的銷售人員，正如我們談到的那樣上一個問題，以便零售商可以訂購東西。但最終，它的成功並不是因為我們可以在卡車上裝更多東西，而是因為我們可以銷售更多的可口可樂品牌。這在智利顯然是正確的。

Other parts of the world and not necessarily the same initial starting point, and it might make more sales. But the question will always come back to, I'm always open to hear any ideas that are going to drive more business results and better business results. And my starting point for more and better business results is selling more Cokes and Coke products.

世界其他地區的初始起點不一定相同，而且可能會賺更多的銷售額。但問題總是會回到，我總是樂於聽取任何將推動更多業務成果和更好業務成果的想法。而我想要獲得更多更好的業務成果的出發點是銷售更多的可樂和可樂產品。

Our next question comes from Bill Chappell from Truist Securities.

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

This is Stephen Lango on for Bill Chappell. Can you help us understand the ultimate goal of the GOP marketing campaign comparing regular Coke to Coke Zero? Is there a potential expectation that Coke Zero may be bigger than regular Coke in North America within the next 5 years?

這是比爾查普爾的斯蒂芬蘭戈。您能否幫助我們了解共和黨營銷活動的最終目標，將普通可樂與零可樂進行比較？未來 5 年內，是否有可能預期零可樂在北美的銷量可能會超過普通可樂？

That's a simple one, no. I'm not sure there's anywhere in the world that Coke Zero is bigger than Coke. There are certainly some countries in the world where the combination of Diet Coke and Coke Zero sell approximately the same as Coke Classic. In the end, Coke is a great franchise. We make available the classic version, the Coke Zero Sugar version, and we invite consumers to drink the 1 that best suits them. We are not trying to predetermine the mix structure. We are trying to offer the alternatives to get the -- invite the consumers into the franchise. But no, specifically, I don't expect Coke Zero to overtake Coke Classic in North America in the short term.

這是一個簡單的，不。我不確定世界上是否有零可樂比可樂大。世界上肯定有一些國家的健怡可樂和零可樂的組合銷售與經典可樂大致相同。最後，可口可樂是一個偉大的特許經營權。我們提供經典版零糖可樂版，並邀請消費者飲用最適合他們的 1 款。我們不是試圖預先確定混合結構。我們正在嘗試提供替代方案來邀請消費者加入特許經營權。但不，具體來說，我不認為可口可樂在短期內會在北美超越可口可樂經典。

Ladies and gentlemen, this concludes our question-and-answer session. I would now like to turn the call back over to James Quincey for any closing remarks.

女士們，先生們，我們的問答環節到此結束。我現在想將電話轉回給 James Quincey，以聽取任何結束語。

Thank you, operator. Well, just to summarize, obviously, we're very pleased with our first quarter results. And while there are clearly more clouds on the horizon, and our strategy is intact, and we are well equipped to execute and invest for sustained growth. Thank you for your interest, your investment in our company and for joining us this morning.

謝謝你，接線員。好吧，總結一下，顯然，我們對第一季度的業績感到非常滿意。雖然地平線上顯然有更多的雲，我們的戰略是完整的，我們有能力執行和投資以實現持續增長。感謝您對我們公司的關注和投資以及今天早上加入我們。

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

女士們，先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。