可口可樂 (KO) 2021 Q4 法說會逐字稿

At this time, I'd like to welcome everyone to the Coca-Cola Company's Fourth Quarter Earnings Results Conference Call. Today's call is being recorded. If you have any objections, please disconnect at this time. (Operator Instructions) I would like to remind everyone that the purpose of this conference is to talk with investors, and therefore, questions from the media will not be addressed. Media participants should contact Coca-Cola's Media Relations department if they have any questions.

在這個時候，我想歡迎大家參加可口可樂公司第四季度財報電話會議。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。 （操盤手須知）我想提醒大家，這次會議的目的是和投資者交流，因此媒體的提問不予回答。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 SG&A. Mr. Leveridge, you may now begin.

我現在想介紹一下 IR 和 SG&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聲明，包括有關長期收益目標的聲明，應與我們的收益發布和公司定期 SEC 報告中包含的警示性聲明一起考慮。

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

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）現在我將把電話轉給詹姆斯。

Thanks, Tim, and good morning, everyone. Today, I'd like to reflect on the past year and how we've emerged stronger from the pandemic, including positive performance in the fourth quarter. I'll also highlight the broader macro environment and how we're executing in the marketplace. Finally, I'll touch briefly on the accelerators for growth that give us confidence we can achieve the 2022 guidance we've provided today, with more on them to come at CAGNY later this month. John will then discuss financial results for the quarter and our outlook in more detail.

謝謝，蒂姆，大家早上好。今天，我想回顧過去的一年，以及我們如何從大流行中變得更加強大，包括第四季度的積極表現。我還將重點介紹更廣泛的宏觀環境以及我們在市場上的表現。最後，我將簡要介紹一下增長的加速器，這些加速器讓我們有信心實現我們今天提供的 2022 年指導，本月晚些時候將在 CAGNY 上提供更多關於它們的信息。約翰隨後將更詳細地討論本季度的財務業績和我們的展望。

But before I get to it, I'd like to acknowledge that our ability to emerge stronger would not have been possible without the efforts of our dedicated employees and system partners around the world, and I'd like to thank them for their hard work, their contribution not only to our results, but to our curious, empowered, inclusive and agile culture.

但在我開始之前，我要承認，如果沒有我們在世界各地的敬業員工和系統合作夥伴的努力，我們不可能變得更強大，我要感謝他們的辛勤工作，他們不僅對我們的成果做出了貢獻，而且對我們好奇、授權、包容和敏捷的文化也做出了貢獻。

In 2021, the operating environment remained dynamic as the pandemic continued to evolve and factors like inflation and supply chain disruptions brought additional challenges. But over the year, our organization and the system continued to manage through these circumstances with focus and flexibility. We are pleased with the results, which were above 2019 across key metrics, and we remain focused on building a stronger total beverage company.

2021 年，隨著疫情的持續發展以及通貨膨脹和供應鏈中斷等因素帶來更多挑戰，經營環境依然充滿活力。但在這一年裡，我們的組織和系統繼續以專注和靈活的方式應對這些情況。我們對所有關鍵指標均高於 2019 年的結果感到滿意，我們仍然專注於打造一家更強大的整體飲料公司。

Now looking more closely at our fourth quarter results. We saw another quarter of sequential improvement versus 2019, and we ended the year with volume ahead of 2019. Notably, it was the first quarter in which away-from-home volume was also ahead of 2019 while at-home channels remained strong.

現在更仔細地查看我們的第四季度業績。與 2019 年相比，我們看到了另一個季度的連續改善，並且我們在 2019 年之前的銷量結束了這一年。值得注意的是，這是第一個季度，在家外的銷量也超過了 2019 年，而在家的渠道仍然強勁。

So recapping the quarter 4 performance around the world, starting with Asia Pacific. China delivered strong performance in the quarter by capturing a growing trend among consumers' 0-calorie offerings, we doubled our Zero Sugar sparkling portfolio in terms of volume compared to the fourth quarter of 2019. We leveraged RGM strategies and targeting investments to gain share in e-commerce, thus driving growth for the overall business.

因此，回顧一下全球第四季度的表現，從亞太地區開始。通過捕捉消費者零卡路里產品的增長趨勢，中國在本季度實現了強勁表現，與 2019 年第四季度相比，我們的零糖起泡產品組合的銷量翻了一番。我們利用 RGM 策略和目標投資來獲得市場份額電子商務，從而推動整體業務的增長。

In India, initiatives to build omnichannel presence and marketing campaigns around key occasions by leveraging festivals and passion points through occasion-led marketing and integrated execution drove a sequential increase in market share and nearly 30% growth in transactions for the quarter. Additionally, our local Thums Up brand became $1 billion brand in India, driven by focused marketing and execution plans.

在印度，通過利用節日和激情點，通過場合主導的營銷和綜合執行，圍繞關鍵場合建立全渠道存在和營銷活動的舉措推動了本季度市場份額的連續增長和近 30% 的交易增長。此外，在重點營銷和執行計劃的推動下，我們本地的 Thums Up 品牌在印度的銷售額達到了 10 億美元。

In Japan, while our system was faced with a very challenging year, we gained value share and consumers driven by successful innovation and commercial strategies.

在日本，雖然我們的系統面臨著非常具有挑戰性的一年，但我們在成功的創新和商業戰略的推動下獲得了價值份額和消費者。

In ASEAN and South Pacific, there were strict restrictions and limited reopenings in many markets for a large part of the year. In Q4, acceleration of vaccine efforts and strong results from the Fanta Colorful People and Sprite Make it Clear campaigns helped drive our recovery.

在東盟和南太平洋，許多市場在一年中的大部分時間裡都受到嚴格的限制和有限的重新開放。在第四季度，疫苗工作的加速以及 Fanta Colorful People 和 Sprite Make it Clear 活動的強勁成果幫助推動了我們的複蘇。

In EMEA, volume in Europe in the quarter surpassed 2019 despite mobility restrictions, particularly in Western Europe. Despite the recovery remaining asynchronous in the region, increased investments behind our brands in the marketplace resulted in our system driving the highest incremental retail value among FMCG players in the region.

在歐洲、中東和非洲地區，儘管有流動性限制，本季度歐洲的銷量超過了 2019 年，尤其是在西歐。儘管該地區的複蘇仍然不同步，但我們在市場上對我們品牌的投資增加導致我們的系統在該地區的快速消費品參與者中推動了最高的增量零售價值。

In Africa, volume continued to be ahead of 2019 in the fourth quarter, driven by our key markets with strong double-digit growth in Nigeria and Egypt. Additionally, increased investments behind our affordability and multi-serve packages drove value share for the full year above 2019 in the region.

在非洲，第四季度的銷量繼續領先於 2019 年，這得益於我們在尼日利亞和埃及實現兩位數強勁增長的主要市場。此外，我們的可負擔性和多服務套餐背後的投資增加推動了該地區全年的價值份額高於 2019 年。

In Eurasia and Middle East, the top line continued to expand faster than the macro environment, driven by strong revenue growth management, execution and digital capabilities. Turkey, one of our key markets, grew 7 points of value share for the year in digital as total digital commerce expanded by close to 90%.

在歐亞大陸和中東，在強勁的收入增長管理、執行和數字能力的推動下，收入繼續增長快於宏觀環境。土耳其是我們的主要市場之一，今年在數字領域的價值份額增長了 7 個百分點，因為總數字商務增長了近 90%。

In North America, despite COVID cases leading to business closings and some mobility restrictions, value share growth was strong in the quarter, driven by pricing, revenue growth management and strong execution in the market. The new Coca-Cola Zero Sugar continued to deliver strong results, outpacing category growth, while Sprite and smartwater grew drinker base and buy rates. Innovations also delivered strong performances, led by Coke with Coffee and Simply Almond.

在北美，儘管 COVID 案例導致業務關閉和一些流動性限制，但在定價、收入增長管理和市場執行力強的推動下，本季度價值份額增長強勁。新的可口可樂零糖繼續帶來強勁的業績，超過了品類的增長，而雪碧和 smartwater 則增加了飲用者基礎和購買率。在可口可樂和Simply Almond 的引領下，創新也帶來了強勁的表現。

Latin America delivered another quarter of strong performance with mid-single-digit volume growth versus 2019. This resilience of the system has been driven by years of experience navigating volatile environments through strong and effective execution.

與 2019 年相比，拉丁美洲又實現了一個季度的強勁表現，銷量增長中位數。系統的這種彈性是由多年通過強大而有效的執行來應對動盪環境的經驗推動的。

Within Global Ventures, Costa continued to recover through the year but was impacted in Q4 due to COVID-related restrictions. Costa Express continued its strong performance in the U.K., delivering results ahead of expectations. In China, the Costa ready-to-drink expansion continued with availability now in more than 300,000 outlets, continuing to drive our share position ahead of our key competitor.

在 Global Ventures 中，Costa 全年繼續復甦，但由於與 COVID 相關的限制，在第四季度受到了影響。歌詩達快運繼續在英國表現強勁，業績超出預期。在中國，歌詩達即飲飲料繼續擴張，現已在超過 300,000 家門店供應，繼續推動我們的市場份額領先於我們的主要競爭對手。

Finally, our Bottling Investment Group continues to focus on productivity and transformation initiatives, delivering strong operating margin expansion for full year 2021.

最後，我們的裝瓶投資集團繼續專注於生產力和轉型計劃，在 2021 年全年實現強勁的營業利潤率增長。

Due to improved mobility throughout the year, our industry is growing in both volume and value. Gaining share was a key objective in our Emerging Stronger agenda. And this year, we gained value share in both at-home and away-from-home channels. Our NARTD market share is above 2019 levels at a global level and in both at-home and away-from-home channels. We will continue to identify and address opportunities to further improve our value share, driven by data-backed insights.

由於全年流動性的改善，我們的行業在數量和價值上都在增長。獲得市場份額是我們 Emerging Stronger 議程中的一個關鍵目標。今年，我們在家庭和非家庭渠道都獲得了價值份額。我們的 NARTD 市場份額在全球範圍內以及在家庭和非家庭渠道中均高於 2019 年的水平。在數據支持的洞察力的推動下，我們將繼續識別和把握機會，進一步提高我們的價值份額。

As we close the chapter on 2021, we emerge stronger by delivering both top line and EPS ahead of 2019, and we gained share in a growing industry. The actions we took during the pandemic have resulted in an agile, a focused organization that is poised to capture the sizable opportunities that exist. And we continue to look to the future to build on our momentum and drive growth.

隨著我們在 2021 年結束這一章，我們通過在 2019 年之前實現收入和每股收益而變得更加強大，並且我們在不斷發展的行業中獲得了份額。我們在大流行期間採取的行動導致了一個敏捷、專注的組織，準備抓住現有的大量機會。我們將繼續展望未來，以鞏固我們的勢頭並推動增長。

As we turn to 2022, while it is impossible for us to know whether this variant will be the last, what is clear is that our consumers, our customers and our business are learning and adapting with great resilience. For example, while we have seen some impacts from the Omicron variant through the first few weeks of the year, we are not seeing the same level of disruption as previous waves, and our system is better equipped.

當我們轉向 2022 年時，雖然我們不可能知道這個變體是否會是最後一個變體，但很明顯，我們的消費者、我們的客戶和我們的企業正在以極大的彈性學習和適應。例如，雖然我們在今年的前幾週看到了 Omicron 變體的一些影響，但我們沒有看到與前幾波相同程度的破壞，而且我們的系統裝備精良。

Further recovery in 2022 will be determined by macro factors, including overall consumer sentiment as well as supply chain challenges; labor shortages; and of course, the inflationary pressures and interest rates. We are confident we are well equipped to navigate this environment and deliver on the guidance we provided today.

2022年的進一步復甦將取決於宏觀因素，包括整體消費者情緒以及供應鏈挑戰；勞動力短缺；當然，還有通脹壓力和利率。我們有信心，我們有能力駕馭這種環境並提供我們今天提供的指導。

Now I'll touch on some of the capabilities we've built to unlock the next stage of growth and will elaborate more at our virtual CAGNY presentation later this month.

現在，我將介紹我們為解鎖下一階段的增長而構建的一些功能，並將在本月晚些時候的虛擬 CAGNY 演示中詳細說明。

We're excited about where we are today and the substantial initiatives we have in place for 2022. The consumer continues to be at the center of our strategy. And through our total beverage company agenda, we are adapting to the macro and micro trends which are shaping consumer habits.

我們對我們今天所處的位置以及我們在 2022 年採取的實質性舉措感到興奮。消費者仍然是我們戰略的中心。通過我們整個飲料公司的議程，我們正在適應正在塑造消費者習慣的宏觀和微觀趨勢。

We advanced our total beverage company agenda last year by streamlining our portfolio, focusing on the core and investing behind a portfolio of brands that allows us to meet the evolving needs of consumers. We completed much of this work on brand eliminations while being deliberate with brand transitions. This optimized portfolio will ensure we follow the consumer and win in emerging and fast-growing categories. And is complemented by the recent strategic acquisition of BODYARMOR; as well as relationships like the new agreement with Constellation Brands, which will launch Fresca Mixed; and the extended relationship with Molson Coors, which will launched Simply Spiked Lemonade in the U.S.

去年，我們通過精簡我們的產品組合、專注於核心並投資於品牌組合來推進我們的整體飲料公司議程，使我們能夠滿足消費者不斷變化的需求。我們完成了大部分關於品牌消除的工作，同時對品牌轉型進行了深思熟慮。這種優化的產品組合將確保我們跟隨消費者並在新興和快速增長的類別中獲勝。並輔以近期對 BODYARMOR 的戰略收購；以及與 Constellation Brands 的新協議等關係，後者將推出 Fresca Mixed；以及與 Molson Coors 的擴展關係，後者將在美國推出 Simply Spiked Lemonade。

Our network marketing model, with global category teams and local operating units, is allowing us to focus on end-to-end consumer experiences that are data-driven and always on. Our announcement of WPP as our global marketing network partner is a foundational component of our new marketing model. This new agency approach gives us access to the best creative lines, regardless of source, and is underpinned by leading-edge data and technology capabilities.

我們擁有全球品類團隊和本地運營部門的網絡營銷模式使我們能夠專注於數據驅動且始終在線的端到端消費者體驗。我們宣布 WPP 作為我們的全球營銷網絡合作夥伴是我們新營銷模式的基礎組成部分。這種新的代理方法使我們能夠獲得最好的創意產品線，無論來源如何，並以領先的數據和技術能力為基礎。

The Real Magic campaign is the first campaign which was cocreated internally leveraging this new end-to-end approach. And the campaign is showing strong results with the consumers. We have good visibility into the benefits of the new marketing model. The approach will allow us to deliver best-in-class consumer-centric marketing experiences across our categories and around the world.

Real Magic 活動是第一個利用這種新的端到端方法在內部共同創建的活動。該活動在消費者中顯示出強勁的效果。我們對新營銷模式的好處有很好的了解。該方法將使我們能夠在我們的類別和全球範圍內提供一流的以消費者為中心的營銷體驗。

We also built more discipline into our innovation process in 2021 with a key focus on scalable bets that can build momentum year-over-year. It's still early, but the approach is working. Revenue per launch and gross profit per launch were up 30% and 25%, respectively, versus prior year. And we took intelligent local experiments and moved more rapidly to scale them across geographies. Sustainable packaging like refillables and labelless bottles, along with brands like Coke with Coffee, fairlife, AHA, Costa ready-to-drink and Lemondo, are all examples of local winners that have been extended to more markets.

我們還在 2021 年的創新過程中建立了更多的紀律，重點關注可以逐年建立勢頭的可擴展賭注。現在還為時尚早，但這種方法正在奏效。與去年同期相比，每次發布的收入和每次發布的毛利潤分別增長了 30% 和 25%。我們進行了智能本地實驗，並更快地移動以跨地域擴展它們。可再填充和無標籤瓶等可持續包裝，以及可口可樂、fairlife、AHA、Costa 即飲和 Lemondo 等品牌，都是當地贏家的例子，這些品牌已擴展到更多市場。

For 2022, our innovation process is increasingly supported by data, and our pipeline is robust with built-in agility and consists of big bets along with many shots on goal.

到 2022 年，我們的創新流程將越來越多地得到數據的支持，我們的管道非常穩健，具有內置的敏捷性，包括大賭注和多次射門得分。

The system has stepped up its RGM and execution capabilities, which is helping us navigate an inflationary environment, driving value growth in a segmented way. Due to the strength of our bottling partners and the stronger than ever alignment of the system, we are prepared to address opportunities as well as challenges that may lie ahead. Our network organizational structure is designed to better connect functions and operating units to help our system scale ideas faster.

該系統增強了其 RGM 和執行能力，這有助於我們在通脹環境中度過難關，以分段方式推動價值增長。由於我們裝瓶合作夥伴的實力和系統比以往任何時候都更強大，我們準備好應對未來可能面臨的機遇和挑戰。我們的網絡組織結構旨在更好地連接職能和運營單位，以幫助我們的系統更快地擴展想法。

As we've emerged stronger, we kept moving forward on integrating sustainability work into our business as it is a key driver of future growth. During the quarter, we were recognized for our commitment to transparency and action to address environmental risks by earning an A score in CDP's Assessment for Water, an improvement over last year. We improved or maintained our score in CDP's assessments on other important areas, like climate and forests.

隨著我們變得更強大，我們不斷將可持續發展工作整合到我們的業務中，因為它是未來增長的關鍵驅動力。在本季度，我們通過在 CDP 的水資源評估中獲得 A 分，對透明度和應對環境風險的行動的承諾得到了認可，這比去年有所改善。我們在 CDP 對氣候和森林等其他重要領域的評估中提高或保持了我們的分數。

Additionally, to complement our World Without Waste goals, we announced a new global goal to reach 25% reusable packaging by 2030. Increasing refillable and reusable packaging options responds to consumer affordability and our sustainability aspirations, and it helps create a circular economy as refillable packages have extremely high levels of collection and are low carbon footprint beverage containers.

此外，為了補充我們的“無垃圾世界”目標，我們宣布了一項新的全球目標，即到 2030 年達到 25% 的可重複使用包裝。增加可再填充和可重複使用的包裝選擇符合消費者的承受能力和我們的可持續發展願望，它有助於創造循環經濟作為可再填充包裝具有極高的收集水平，並且是低碳足蹟的飲料容器。

Finally, before I turn over to John, I want to say a big thank you and recognize our associates from both the company and our bottling partners, who worked with great dedication and unwavering commitment throughout another challenging year.

最後，在我轉交給 John 之前，我要非常感謝您，並感謝我們公司的同事和我們的裝瓶合作夥伴，他們在又一個充滿挑戰的一年中以極大的奉獻精神和堅定的承諾工作。

We expect the recovery will remain asynchronous, but we are encouraged by our growing industry, our unparalleled system strength and a strategic transformation that enables us to be agile and to adapt. Our actions drove strong results in 2021, and we have confidence in our ability to deliver another year of strong performance in 2022 and over the long term.

我們預計復甦將保持同步，但我們對不斷發展的行業、無與倫比的系統實力以及使我們能夠敏捷和適應的戰略轉型感到鼓舞。我們的行動在 2021 年推動了強勁的業績，我們有信心在 2022 年和長期內實現又一年的強勁表現。

Now John will provide more details on our results and our 2020 guidance.

現在，約翰將提供有關我們的結果和 2020 年指導的更多詳細信息。

Thank you, James, and good morning, everyone. In the fourth quarter, we closed the year with strong results, despite the impact of the Omicron variant across many parts of the world.

謝謝你，詹姆斯，大家早上好。儘管 Omicron 變體對世界許多地區產生了影響，但我們在第四季度以強勁的業績結束了這一年。

Our Q4 organic revenue growth was 9%. Our price/mix of 10% was driven by a combination of factors, including targeted pricing, revenue growth management initiatives as well as further improvement in away-from-home channels in many markets. Unit case growth showed further sequential improvement on a 2-year basis, and concentrate sales lagged unit cases by 10 points in the quarter, primarily due to 6 fewer days in the quarter.

我們第四季度的有機收入增長為 9%。我們 10% 的價格/組合是由多種因素共同推動的，包括有針對性的定價、收入增長管理計劃以及許多市場的非家庭渠道的進一步改善。單位案件增長顯示在 2 年的基礎上進一步連續改善，本季度精礦銷售額落後單位案件 10 個百分點，主要是由於本季度減少了 6 天。

Despite the commodity market inflation and the dynamic supply chain environment, comparable gross margin for the quarter was relatively flat versus prior year. Pricing initiatives and favorable channel and package mix were offset by the impact of consolidating the fast-growing finished goods BODYARMOR business, along with incremental investments to sustain momentum in the overall business for 2022.

儘管商品市場通脹和供應鏈環境充滿活力，但本季度的可比毛利率與去年同期相比相對持平。定價舉措以及有利的渠道和包裝組合被整合快速增長的成品 BODYARMOR 業務的影響以及為維持 2022 年整體業務勢頭而進行的增量投資所抵消。

We continued to invest in markets as they recovered and stepped up year-over-year marketing dollars again in Q4, spending in a targeted way to maximize returns. This increase in marketing investments, along with some top line pressure from 6 fewer days in the quarter, resulted in comparable operating margin compression of approximately 500 basis points for the quarter.

隨著市場的複蘇，我們繼續投資於市場，並在第四季度再次增加了同比營銷資金，以有針對性的方式進行支出以最大限度地提高回報。營銷投資的增加，加上本季度減少 6 天帶來的一些頂線壓力，導致本季度可比營業利潤率壓縮約 500 個基點。

For the full year, comparable operating margin was down approximately 100 basis points versus prior year as improved comparable gross margin was offset by the significant step-up in marketing. Importantly, versus 2019, a key measure we have focused on, comparable operating margin was up approximately 100 basis points.

全年，可比營業利潤率較上年下降約 100 個基點，因為可比毛利率的提高被營銷的顯著提升所抵消。重要的是，與我們關注的一項關鍵指標 2019 年相比，可比營業利潤率上升了約 100 個基點。

Putting it all together. Fourth quarter comparable earnings per share of $0.45 was a decline of 5% year-over-year, resulting in full year comparable earnings per share of $2.32, an increase of 19% versus the prior year, as the strong resurgence in the business also benefited from a 3-point tailwind from currency and tax.

把它們放在一起。第四季度每股可比收益為 0.45 美元，同比下降 5%，導致全年每股可比收益為 2.32 美元，比上年增長 19%，因為業務的強勁復甦也受益來自貨幣和稅收的 3 點順風。

We delivered strong free cash flow of $11.3 billion in 2021, with free cash flow conversion of approximately 115% and a dividend payout ratio well below our long-term target of 75%. With these results, we exceeded guidance on every metric for full year 2021. We have done tremendous work to emerge ahead of 2019 and set the stage to drive our growth agenda for years to come.

我們在 2021 年實現了 113 億美元的強勁自由現金流，自由現金流轉換率約為 115%，股息支付率遠低於我們 75% 的長期目標。憑藉這些結果，我們在 2021 年全年的每個指標上都超出了預期。我們為在 2019 年之前做出了巨大的努力，並為推動我們未來幾年的增長議程做好了準備。

We are spinning the strategy flywheels faster and more effectively. Our organization is focused on execution and enhancing our capabilities to fuel growth. As James mentioned, the pandemic will be one of the many factors, along with the dynamic macro backdrop that we face in the coming year. But our local businesses are ready to adapt and execute for growth.

我們正在更快、更有效地旋轉戰略飛輪。我們的組織專注於執行和增強我們推動增長的能力。正如詹姆斯所說，大流行將是眾多因素之一，以及我們在來年面臨的動態宏觀背景。但我們的本地企業已準備好適應和執行增長。

With that in mind, this morning, we provided guidance for 2022 that builds our momentum from 2021. We expect organic revenue growth of approximately 7% to 8%, and we expect comparable currency-neutral earnings per share growth of 8% to 10% versus 2021. Based on current rates and our hedge positions, we anticipate an approximate 3 point currency headwind to comparable revenue and an approximate 3 to 4 points currency headwind to comparable earnings per share for full year 2022.

考慮到這一點，今天上午，我們提供了 2022 年的指導，從 2021 年開始建立勢頭。我們預計有機收入增長約為 7% 至 8%，我們預計可比貨幣中性每股收益增長 8% 至 10%與 2021 年相比。根據目前的匯率和我們的對沖頭寸，我們預計 2022 年全年可比收入的貨幣逆風約為 3 點，可比每股收益的貨幣逆風約為 3 至 4 點。

Additionally, due to a certain change in recent regulations, we estimate an effective tax rate increase from 18.6% in 2021 to 20% for 2022, which is an estimated 2 percentage points headwind to EPS. Therefore, all in, we expect comparable earnings per share growth of 5% to 6% versus 2021, including the combined 5- to 6-point headwind from currency and tax.

此外，由於近期法規的某些變化，我們估計有效稅率將從 2021 年的 18.6% 增加到 2022 年的 20%，這估計對每股收益有 2 個百分點的不利影響。因此，總而言之，我們預計與 2021 年相比，每股可比收益將增長 5% 至 6%，包括來自貨幣和稅收的 5 至 6 個百分點的逆風。

We expect to generate approximately $10.5 billion of free cash flow over 2022 through approximately $12 billion in cash from operations, less approximately $1.5 billion in capital investments. This implies the fourth consecutive year of free cash flow conversion above our long-term range of 90% to 95%. We continue to raise the performance bar across the organization and are confident in delivering on this 2022 guidance.

我們預計到 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 億美元的資本投資。這意味著自由現金流轉換連續第四年高於我們 90% 至 95% 的長期範圍。我們繼續提高整個組織的績效標準，並有信心實現這一 2022 年指導方針。

In summary, we expect to deliver another year of strong top line-driven growth, along with maximized returns, driven by the strategic changes we have made in our business.

總而言之，在我們對業務進行的戰略變革的推動下，我們預計將實現又一年強勁的收入驅動增長，以及最大化的回報。

There are several considerations to keep in mind for 2022. Overall, inflationary and supply chain pressures continue to impact costs across several fronts in the business, including input costs, transportation, marketing and operating expenses.

2022 年有幾個考慮因素需要牢記。總體而言，通脹和供應鏈壓力繼續影響業務多個方面的成本，包括投入成本、運輸、營銷和運營費用。

With regards to commodity costs. After benefiting from our hedging strategy in 2021, we remain well hedged in 2022, but at higher levels. Based on current rates and hedge positions, we continue to expect commodity price inflation to have a mid-single-digit impact on comparable cost of goods sold in 2022. However, we are taking actions in the marketplace using multiple levers, including RGM in its many forms, along with our productivity initiatives, to help offset much of the impact.

關於商品成本。在受益於我們 2021 年的對沖策略後，我們在 2022 年仍保持良好的對沖水平，但處於更高水平。根據當前利率和對沖頭寸，我們繼續預計商品價格通脹將對 2022 年銷售的可比成本產生中個位數的影響。但是，我們正在使用多種槓桿在市場上採取行動，包括 RGM 在其許多形式，連同我們的生產力計劃，以幫助抵消大部分影響。

As a reminder for your modeling, the consolidation of the recently acquired fast-growing BODYARMOR finished goods business will have a mechanical effect on margins.

作為對您建模的提醒，最近收購的快速增長的 BODYARMOR 成品業務的合併將對利潤率產生機械影響。

When it comes to capital allocation, our balance sheet remains strong, and our improving cash flow position is allowing us to be even more vigorous in pursuit of priorities that balance financial flexibility with efficient capital structure, first and foremost, to invest in our business; secondly, continuing our track record to grow our dividend; thirdly, to seek opportune M&A; and to repurchase shares with excess cash. And finally, due to the calendar shift, there will be 1 less day in the first quarter and 1 additional day in the fourth quarter.

在資本配置方面，我們的資產負債表依然強勁，我們不斷改善的現金流狀況使我們能夠更加積極地追求平衡財務靈活性和有效資本結構的優先事項，首先是投資我們的業務；其次，繼續我們的業績記錄以增加我們的股息；三是尋求併購時機；並用多餘的現金回購股票。最後，由於日曆變化，第一季度將減少 1 天，第四季度將增加 1 天。

Despite another year of uncertainty, in 2021, we came together as a system to emerge stronger and position ourselves to drive sustainable growth. We are encouraged by the momentum in our business and are clear on the direction we're headed. As we look to 2022, we feel confident in our ability to deliver on the commitments we outlined today.

儘管又一年充滿不確定性，但在 2021 年，我們作為一個系統齊心協力，變得更強大，並為推動可持續增長做好準備。我們對我們業務的發展勢頭感到鼓舞，並且清楚我們前進的方向。展望 2022 年，我們對我們兌現今天概述的承諾的能力充滿信心。

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 Dara Mohsenian from Morgan Stanley.

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

So I wanted to focus on the 7% to 8% organic sales growth guidance for 2022, obviously, a robust level. Can you give us a bit more detail around the key drivers there? And I'm wondering specifically how much of a tailwind is less COVID impact for 2022 that occurred in 2021? Or above-trend pricing given the cost situation and limited demand elasticity relative to a typical year?

因此，我想專注於 2022 年 7% 到 8% 的有機銷售增長指導，顯然，這是一個強勁的水平。你能給我們詳細介紹一下那裡的關鍵驅動因素嗎？我特別想知道，2021 年發生的 2022 年 COVID 影響會減少多少順風？或者考慮到成本情況和相對於典型年份的有限需求彈性，定價高於趨勢？

And the point behind the question is sort of why are you above the 4% to 6% long-term algorithm? Is it more sustainable factors that can sustain as we look beyond 2022? Is it more -- factors more specific for 2022? It would be helpful to have a bit more detail there.

問題背後的重點是為什麼你高於 4% 到 6% 的長期算法？當我們展望 2022 年以後，是否有更可持續的因素可以維持？是不是更多——2022 年的因素更具體？那裡有更多細節會很有幫助。

Sure. Dara, firstly, we're coming out of 2021 with good, strong momentum. We've seen an improvement on the growth rate relative to 2019, both in the at-home channels and the away-from-home channels. So we're coming into the year with good momentum, notwithstanding some ups and downs due to Omicron in certain parts of the world in December and January.

當然。達拉，首先，我們將以良好、強勁的勢頭走出 2021 年。我們已經看到相對於 2019 年的增長率有所改善，無論是在家渠道還是在外渠道。因此，儘管 Omicron 在 12 月和 1 月在世界某些地區出現了一些起伏，但我們以良好的勢頭進入了這一年。

And I'm going to answer the second part first. The above-algorithm growth in 2022 is more primarily due to the factors of COVID and inflation, but I'll come back to that. And so as you look out into the long term, it is much more likely we will move back into the long-term algorithm.

我將首先回答第二部分。 2022 年上述算法的增長更主要是由於 COVID 和通貨膨脹的因素，但我會回到這一點。因此，當您著眼長遠時，我們更有可能回到長期算法。

Just to refresh, we're in a robust industry that has been growing historically. It's coming back to growth. And if that's an industry that's growing at 4% or 5%, and we have a long-term track record of gaining share in the industry, you can see why we focus attention on being the top half of the revenue growth rate in the algorithm we put out that allows us to then drive the business into the future.

只是為了刷新，我們處於一個歷史上一直在增長的強大行業。它正在恢復增長。如果這是一個以 4% 或 5% 的速度增長的行業，並且我們在該行業中擁有長期的份額增長記錄，您就會明白為什麼我們將注意力集中在算法中收入增長率的上半部分我們推出的產品使我們能夠將業務推向未來。

So we still think that is a sound long-term perspective in terms of both the industry growth rate and our ability, not just to be the leader, but to be the winner, in terms of share and to drive in the top half of the algorithm.

所以我們仍然認為從行業增長率和我們的能力來看，這是一個良好的長期前景，不僅要成為領導者，而且要成為贏家，在份額和推動上半部分。算法。

Coming back to the near term and 2022 in particular, a couple of things that support an above-algorithm number. Firstly, there are a number of countries that are not yet back at their 2019 levels of revenue, or indeed, even volume. And whilst we are not expecting everything to be rosy in 2022, we do expect to see ongoing improvements around the world in terms of reopening, in terms of reactivation. And so we think there are additional tailwinds in 2022 from a reopening perspective that will support the volume side.

回到近期，特別是 2022 年，有幾件事支持上述算法的數字。首先，有一些國家的收入甚至還沒有回到 2019 年的水平。雖然我們並不期望 2022 年一切都變得美好，但我們確實希望看到世界各地在重新開放和重新激活方面不斷改善。因此，從重新開放的角度來看，我們認為 2022 年還有額外的順風將支撐成交量。

And then in terms of pricing, clearly, it's a slightly more inflationary environment than normal. And we, as we have talked on previous calls, with our bottling partners, very much look to price in the marketplace. We do have a view that we have to have brands that earn the right to take pricing.

然後在定價方面，很明顯，這是一個比正常情況稍微更加通脹的環境。而且，正如我們在之前的電話中談到的那樣，我們與裝瓶合作夥伴非常關注市場價格。我們確實認為，我們必須擁有能夠獲得定價權的品牌。

And secondly, we very much are not looking to just pass through in price, but to do it intelligently. Because whilst it's easy to respond to inflation by putting up the prices, there is clearly, as there is broad-based inflation, going to be a squeeze on real incomes in a number of countries. And so we, with very long experience in the system of managing inflationary moments when you get a squeeze on real incomes, we very much want to, yes, the company opportunities on premiumization, leverage our strong marketing, leverage our strong innovation. But we do not want to lose consumers out of the industry, so we also will have a foot in affordability. And this is a scenario where we have a lot of experience, the system has a lot of experience, and we intend to push it forward.

其次，我們非常不希望僅僅通過價格，而是明智地做到這一點。因為雖然通過提高價格來應對通貨膨脹很容易，但很明顯，由於存在廣泛的通貨膨脹，許多國家的實際收入將受到擠壓。因此，我們在管理實際收入受到擠壓的通貨膨脹時刻的系統方面擁有非常豐富的經驗，我們非常希望，是的，公司在高端化方面的機會，利用我們強大的營銷，利用我們強大的創新。但我們不想讓消費者失去這個行業，所以我們也將涉足負擔能力。而這是一個我們有很多經驗的場景，系統有很多經驗，我們打算推進它。

The net of all that is likely to mean that we see a balance between volume and price/mix within the overall revenue guidance that we've given you.

總而言之，這可能意味著我們在我們提供給您的整體收入指導中看到了數量和價格/組合之間的平衡。

(Operator Instructions) our next question comes from Lauren Lieberman from Barclays.

（操作員說明）我們的下一個問題來自巴克萊的 Lauren Lieberman。

The first thing is not a question. It's just I'm going to mention the free cash conversion and leave it at that. And say, my goodness, how much things have changed.

第一件事不是問題。只是我要提一下免費現金轉換並留在那裡。說，天哪，事情發生了多少變化。

My question though was that I wanted to talk a little bit about North America supply chain. My understanding is there's still -- that's still been pretty challenged. And I just was looking for any kind of update you could offer on fourth quarter and outlook into next year. Because clearly, the market share performance, everything is great, but that's still with the supply chain constraints. And I was wondering how that's shaping up.

不過我的問題是我想談談北美供應鏈。我的理解是仍然存在 - 這仍然受到很大挑戰。我只是在尋找您可以在第四季度提供的任何更新以及對明年的展望。因為很明顯，市場份額的表現，一切都很好，但這仍然受到供應鏈的限制。我想知道這是如何形成的。

Yes, sure. So I think the system in the U.S. has done an exceptional job in trying to manage through all the different needles that needed to be threaded in terms of the supply chain to provide brands for our consumers and our customers and have availability of the product. Was it perfect last year? No. Is it likely to be perfect this year? No. But we are doing the maximum we can to optimize our full availability. And there are issues across a number of dimensions.

是的，當然。因此，我認為美國的系統在嘗試管理供應鏈方面需要穿線的所有不同針頭方面做得非常出色，從而為我們的消費者和客戶提供品牌並提供產品。去年完美嗎？不，今年可能會完美嗎？不，但我們正在盡最大努力優化我們的全部可用性。並且存在多個維度的問題。

I would say 2 things on the line -- underlie this, and we can take some examples. There is 2 effects going on. One, which I've talked about on previous calls, which is the kind of the temporal supply shock. When you have a crisis, things whip around. You suddenly sell less fountain and want to sell more cans and the system is not set up for that. And so you get this kind of big swings, a bit like the famous case study of the Beer Game at business school. And there, you get the shock waves, a bit like an earthquake, that continue to ripple through the system. And so we saw that last year, and we will see some of that again in 2022. But they're temporal.

我要說兩件事——這是這方面的基礎，我們可以舉一些例子。有2個效果。一個，我在之前的電話會議上談到過，這是一種暫時的供應衝擊。當你遇到危機時，事情就會發生。你突然賣掉了更少的噴泉，想賣更多的罐頭，但係統並沒有為此設置。所以你會得到這種巨大的波動，有點像商學院著名的啤酒遊戲案例研究。在那裡，你會得到衝擊波，有點像地震，繼續在系統中產生漣漪。所以我們去年看到了這一點，我們將在 2022 年再次看到其中的一些。但它們是暫時的。

But also there, I believe, were a set of underlying structural squeezes going on in the supply chain that perhaps had not been fully addressed by ourselves or by the industries involved, pre-COVID. And the advent of COVID just doubled down the pressure on them. So examples of that would be trucking and freight in the U.S. There's been a long-term squeeze on the availability of trucking, whether it be the hours, regulations, the aging out of the drivers. You had COVID, where people didn't take the tests. And so some of these structural problems are coming home to roost. Everyone, including ourselves, are very involved in fixing them.

但我相信，供應鏈中存在一系列潛在的結構性壓力，這些壓力可能我們自己或相關行業（在 COVID 之前）尚未完全解決。而新冠病毒的出現只是讓他們承受的壓力翻了一番。因此，這方面的例子是美國的卡車運輸和貨運。卡車運輸的可用性長期受到擠壓，無論是工作時間、法規還是司機的老化。你有 COVID，人們沒有參加測試。因此，其中一些結構性問題正在歸巢。每個人，包括我們自己，都非常參與修復它們。

Similarly, for example, on cans, can capacity, manufacturing cans have been flat for a decade. But really, can use and attraction actually have been creeping up. And that just got squeezed as the away-from-home closed and the at-home spiked up in COVID. People are building new canning plants, new capacity is coming online.

同樣，例如在罐頭上，罐頭產能、製造罐頭十年來一直持平。但說真的，能用和吸引力居然一直在爬升。隨著離家的關閉和在家中COVID的激增，這一切都受到了擠壓。人們正在建造新的罐頭廠，新的產能正在上線。

So I think what you're going to see play out through 2022 is the reduction in the kind of temporal amplitudes from the swings from COVID and the steady fixing of some of these structural issues that will still take some time through 2022. Obviously, we are going to do the maximum possible to leverage our portfolio of brands, our portfolio of packaging options to maximize our ability to put the drinks into the hands where the people want them and the customers want to sell them.

因此，我認為到 2022 年，您將看到的是 COVID 波動帶來的時間幅度的減少，以及到 2022 年仍需要一段時間才能穩定解決的一些結構性問題。顯然，我們將盡最大可能利用我們的品牌組合、我們的包裝選擇組合，以最大限度地提高我們將飲料送到人們想要的地方和客戶想要出售的地方的能力。

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

您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 for Nick. So first, on your outlook, can you discuss what level of global consumer mobility are you assuming relative to 2019 levels? And whether the lower impact that you saw from Omicron compared to prior waves gives you more confidence that your trends are decoupling from COVID cases and the away-from-home business?

這是尼克的菲利波法洛尼。首先，關於您的展望，您能否討論一下您假設相對於 2019 年水平的全球消費者流動性水平是多少？與之前的浪潮相比，您從 Omicron 看到的較低影響是否讓您更有信心相信您的趨勢正在與 COVID 病例和離家業務脫鉤？

And if you can comment on the benefit from your recent reorganization in terms of better market share and better top line growth performance.

如果你能評論一下你最近的重組在更好的市場份額和更好的收入增長表現方面的好處。

Well, clearly, we've been gaining market share. And my favorite metric is market share versus 2019, both in the away-from-home and at-home channels we've gained overall. We've gained in the away-from-home and we've gained in the at-home.

嗯，很明顯，我們一直在獲得市場份額。我最喜歡的指標是與 2019 年相比的市場份額，無論是在我們總體上獲得的在家外渠道還是在家渠道中。我們在客場取得了勝利，我們在主場也取得了勝利。

And we are -- in terms of consumer business, we are assuming a greater degree of reopening. We can certainly begin to see that in Europe as the Omicron variant has moved through . The U.S., just this week, mask mandates are coming down. So there is going to be an improvement in mobility across the world.

而且我們 - 就消費者業務而言，我們正在假設更大程度的重新開放。隨著 Omicron 變體的普及，我們當然可以開始在歐洲看到這一點。就在本週，美國對口罩的要求正在下降。因此，全球流動性將會有所改善。

It's not going to be back to 2019 fully in 2022. And I think that's going to be true, both in terms of domestic mobility and international. But I don't know if you meant per country or people moving around the world. But anyway, the answer is basically the same, which is we are assuming an improvement in mobility, but we're not assuming a return yet to the full 2019 levels.

它不會在 2022 年完全回到 2019 年。我認為這將是真的，無論是在國內流動性還是國際流動性方面。但我不知道你是指每個國家還是世界各地的人。但無論如何，答案基本上是相同的，即我們假設移動性有所改善，但我們還沒有假設恢復到 2019 年的全部水平。

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

您的下一個問題來自美國銀行的 Bryan Spillane。

John, I had a question just about the guidance. And if we look at the currency-neutral spread between earnings growth and organic sales growth, can you just give us a little bit more color in terms of where the leverage in the income statement will be? Because the tax rate's moving up. Interest expense, net interest expense, I guess, will be higher because of the BODYARMOR deal. So it didn't seem like there's a lot of leverage below the operating income line. So I was just trying to get a better understanding of just where the leverage is in the net -- on the P&L.

約翰，我有一個關於指導的問題。如果我們看一下盈利增長和有機銷售增長之間的貨幣中性價差，你能否就損益表中的槓杆位置給我們更多的顏色？因為稅率在上升。我想，由於 BODYARMOR 的交易，利息費用和淨利息費用會更高。因此，在營業收入線以下似乎沒有很多槓桿作用。所以我只是想更好地了解槓桿在淨資產中的位置——在損益表上。

Thanks, Bryan. Yes, on the -- as you walk down through the P&L currency-neutral, I think -- and the first point is top line is very robust. We have done a really nice job, I think, going into '22 on optimizing to our RGM efforts and the innovation pipeline that we have at play.

謝謝，布萊恩。是的，我認為，當你走下盈虧貨幣中性線時，第一點是頂線非常穩健。我認為，在進入 22 年優化我們的 RGM 工作和我們正在發揮的創新管道方面，我們做得非常好。

And then secondly, coming out of the reorg work that we've done over the last couple of years, we are doing I think a much tighter job on overall resource allocation. Finding the good balance between investing as we need to for -- to support the top line. But also taking into account the opportunities that we have driven in the efficiency Work that we've done.

其次，從我們過去幾年所做的重組工作中走出來，我認為我們在整體資源分配方面做得更加嚴格。在我們需要的投資之間找到良好的平衡——以支持收入。但也要考慮到我們在我們所做的效率工作中帶來的機會。

So I feel confident that we have some flex from the gross margin line, down in the currency-neutral basis. And below the operating line are actually our net interest expense, given the tremendous work we've done to completely restructure our debt portfolio, is actually a net benefit for us in 2022.

所以我相信我們在毛利率線上有一些彈性，在貨幣中性的基礎上有所下降。鑑於我們為徹底重組債務組合所做的巨大工作，運營線以下實際上是我們的淨利息支出，這實際上是我們在 2022 年的淨收益。

Your next question comes from Kaumil Gajrawala from Credit Suisse.

您的下一個問題來自瑞士信貸的 Kaumil Gajrawala。

A couple of things on just kind of understanding the balance between the pricing needs of your own and the commodity inflation you're seeing versus the kind of pricing needs of your bottlers. I certainly understand that you work as a system, but you're obviously different businesses and different regions and such. So how do you work that balance between the 2?

關於了解您自己的定價需求與您所看到的商品通脹與裝瓶商的定價需求之間的平衡的幾件事。我當然理解你作為一個系統工作，但你顯然是不同的企業和不同的地區等等。那麼你如何在兩者之間取得平衡呢？

Let me separate the businesses into the vast majority of the business, which goes through the bottling system, and then some bits that go in parallel.

讓我將業務分成絕大多數業務，這些業務通過裝瓶系統，然後是一些並行的部分。

The -- when we're talking about pricing needs of the concentrate business, the bit that goes through the bottler, in the -- almost all cases, we have a system whereby we operate what's called incidence pricing. So we have agreements with the bottlers, where our revenue will be a percent of the revenue that they achieve in the marketplace. So therefore, we're both incentivized to work diligently to increase the total size of the pie in a much more aligned way in terms of both trying to drive the same outcome.

- 當我們談論精礦業務的定價需求時，通過裝瓶商的部分，在 - 幾乎所有情況下，我們都有一個系統來操作所謂的發生率定價。因此，我們與裝瓶商達成協議，我們的收入將佔他們在市場上實現的收入的百分比。因此，我們都被激勵努力工作，以更加一致的方式增加餡餅的總大小，以努力實現相同的結果。

So in that sense, the bottlers, we work together and the bottlers take the pricing in the marketplace, whether it's rate pricing or working on the mix between the brands and the packages and the channels. And then we take a percentage of that. And of course, we're both looking at the various input cost challenges that we have, and we work through and come up with a pricing plan. And the bottlers take that to the marketplace, and it gets it done.

所以從這個意義上說，裝瓶商，我們一起工作，裝瓶商在市場上定價，無論是價格定價還是品牌、包裝和渠道之間的混合。然後我們取其中的一部分。當然，我們都在研究我們面臨的各種投入成本挑戰，我們努力解決並提出定價計劃。裝瓶商把它帶到市場上，它就完成了。

We do have A few businesses where we sell the finished goods, whether that be some of the, for example, the chilled juice businesses here in the U.S. or in Europe, or the Costa business or the BIG business. Clearly, there, we're operating the vertically integrated businesses. And we're doing -- very much what we do with the bottlers, we do our own for those businesses, and we work it all through.

我們確實有一些銷售成品的業務，例如美國或歐洲的冷凍果汁業務，或 Costa 業務或 BIG 業務。顯然，我們在那裡經營著垂直整合的業務。我們正在做 - 我們對裝瓶商所做的非常多，我們為這些企業做自己的事情，我們一直在努力。

So I think you can take it as we work very much in alignment, working back from the consumer, trying to drive value for the customers. And we manage the portfolio for all the different input costs, including our needs to kind of invest in marketing, invest in innovation and invest in execution capacity, as the bottlers would do.

所以我認為你可以接受它，因為我們非常一致地工作，從消費者那裡回過頭來，努力為客戶創造價值。我們為所有不同的投入成本管理投資組合，包括我們需要投資於營銷、投資於創新和投資於執行能力，就像裝瓶商會做的那樣。

Your next question comes from Andrea Teixeira from JPMorgan.

您的下一個問題來自摩根大通的 Andrea Teixeira。

My question is on the pricing that you embed in your guide. And is it pricing actions yet to be implemented or already in the market?

我的問題是關於您在指南中嵌入的定價。它是尚未實施還是已經在市場上實施定價行動？

And can you elaborate a bit more on -- James, on your commentary about balancing volumes and pricing in 2022? Which implies you probably expect an additional low-single digit volume growth in 2022. And is that predicated mostly on the on-premise recovering, as you've pointed out; and an improvement in supply of cans? And how we should parse it out.

您能否詳細說明一下——詹姆斯，關於您在 2022 年平衡數量和定價的評論？這意味著您可能預計 2022 年將出現額外的低個位數增長。正如您所指出的，這主要是基於內部恢復；以及罐頭供應的改善？以及我們應該如何解析它。

Sure. So yes, the -- clearly, the -- by saying we're expecting a balance between volume and price in our overall [revenue guidance], there is an implicit volume growth. That is broad-based geographically. Obviously, more tends to be faster -- or rather, tends to be in emerging markets and slower in the developed markets.

當然。所以是的，很明顯，通過說我們期望在我們的整體[收入指導]中實現數量和價格之間的平衡，存在隱含的銷量增長。這在地理上是廣泛的。顯然，更多往往更快——或者更確切地說，往往出現在新興市場，而在發達市場則更慢。

Yes, it is predicated on improvements in away-from-home, particularly in those countries which are not yet back to 2019 levels.

是的，這取決於外出活動的改善，特別是在那些尚未恢復到 2019 年水平的國家。

Whilst we have emerged stronger and our total business is bigger than it was in 2019, whether that be volume, revenue or profits, that is not true in every country. And so -- and actually, in total, away-from-home is not back to where it was in 2019. So there's clearly more left to come back, which is why, effectively implicitly, there's a little more volume into 2022 guidance than in the normal long-term algorithm.

雖然我們變得更強大，我們的總業務比 2019 年更大，但無論是數量、收入還是利潤，但並非每個國家都是如此。所以——實際上，總的來說，遠離家鄉並沒有回到 2019 年的水平。所以顯然還有更多的東西要回來，這就是為什麼實際上隱含地，2022 年的指導量比在正常的長期算法中。

And similarly, with price/mix, it's going -- as I commented earlier, it's going to be implicitly a little more than usual. And I think you'll have to kind of look at -- I would encourage everyone to look at some of the 2-year stacked rates in terms of volume and price to look at how it's been moving by group and by business segment as you think about your modeling going into 2022.

同樣，對於價格/組合，它正在發展——正如我之前評論的那樣，它會隱含地比平時多一點。而且我認為您將不得不看一下-我鼓勵每個人從數量和價格方面看一些 2 年的疊加率，以了解它是如何按集團和業務部門移動的想想你的模特進入 2022 年。

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

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

Just following up on that line of -- that line around channel mix going into next year and how that factors into volume. Certainly, channel mix should be a pretty good story for gross margins going into next year. Would you expect sequential improvement from the Q4 level with the away-from-home being ahead of 2019 levels for the first time? Would you expect, barring geopolitical risk or otherwise, that, that sequential improvement should continue? And can you just frame how we should be thinking about how that might benefit your gross margin rate for the year?

只是跟進那條線 - 圍繞明年渠道組合的那條線以及這些因素如何影響銷量。當然，渠道組合對於明年的毛利率來說應該是一個不錯的故事。您是否預計第 4 季度的水平會出現連續改善，並且首次超過 2019 年的水平？除非存在地緣政治風險或其他風險，您是否期望這種連續改善應該繼續？您能否描述一下我們應該如何思考這將如何有利於您今年的毛利率？

Thanks, Chris. And just to confirm, you're talking about sequential improvement in gross margins?

謝謝，克里斯。只是為了確認一下，您是在談論毛利率的連續提高？

Sequential improvement in the away-from-home business from the Q4, and how that can impact and benefit your gross margins as you get through the year.

從第四季度開始，離家業務的連續改善，以及在您度過這一年的過程中，這將如何影響和受益您的毛利率。

Yes. Okay. Clearly, as we talked about on the last question, we are expecting some extra improvement in the away-from-home going into 2022. As I said, it's not yet back to the 2019 levels, and that is a plus from a gross margin point of view. I would not want to characterize that as the biggest thing happening next year. There's a lot more moving pieces going on. So I think it is a factor. It's probably more important, the overall growth of the business and the reopenings in the different geographies. But I think that's the key.

是的。好的。顯然，正如我們在最後一個問題上所討論的那樣，我們預計到 2022 年，離家出走會有一些額外的改善。正如我所說，它還沒有回到 2019 年的水平，這是毛利率的一個加分點觀點看法。我不想將其描述為明年發生的最重要的事情。還有更多動人的作品。所以我認為這是一個因素。可能更重要的是業務的整體增長和不同地區的重新開業。但我認為這是關鍵。

I think, John, do you want to add something?

我想，約翰，你想補充點什麼嗎？

Yes. No, I think it's a good juncture maybe to just say a little bit about gross margins because I know there will be questions on what we expect. And I think I'd like to just emphasize there's really several factors that are playing into the 2022 picture. We do have the mechanical effect of the BODYARMOR acquisition that I think is important to take into account. We had a slight currency head -- tailwind in '21, and that's going to be kind of negated with a similar expected headwind in 2022. I think it's important to keep in mind what we discussed on the impact of the commodity pressures.

是的。不，我認為這是一個很好的時機，也許只是談談毛利率，因為我知道我們的預期會有問題。我想我只想強調一下，有幾個因素正在影響 2022 年的前景。我們確實有收購 BODYARMOR 的機械效應，我認為這一點很重要。我們在 21 年遇到了輕微的貨幣逆風——這將被 2022 年類似的預期逆風所抵消。我認為重要的是要記住我們討論的關於大宗商品壓力影響的內容。

There will be, I think offsetting against that, the benefit of some of the pricing power and brand leadership that we have that James has mentioned. And that will, I think, also be complemented by an improving channel mix outlook. But I think it's important to take into account all of the factors, and hence, the -- that feeds into the guidance that we provided this morning.

我認為，詹姆斯提到的一些定價權和品牌領導力的好處將抵消這一點。我認為，這也將得到渠道組合前景改善的補充。但我認為重要的是要考慮所有因素，因此，我們今天早上提供的指導中包含這些因素。

Your next question comes from Carlos Laboy from HSBC.

您的下一個問題來自匯豐銀行的 Carlos Laboy。

First of all, congratulations on this 25% refillable goal, because it redirects the industry, this course, completely for investors on PET waste solutions.

首先，祝賀這個 25% 的可再填充目標，因為它重新引導了行業，這門課程，完全針對 PET 廢物解決方案的投資者。

My question is about marketing and innovation. What might worry you about readiness for normality and about these new marketing and innovation processes for creating new demand and new brand equity for pricing power?

我的問題是關於營銷和創新。什麼可能讓您擔心正常的準備情況以及這些新的營銷和創新流程以創造新的需求和新的品牌資產以獲得定價權？

Well, thank you for calling out the reusable goal, Carlos. Clearly, achieving it will mean using much less of virgin PET and make it easier to achieve our objectives of a World Without Waste, where we intend to collect back a bottle or can for every one we sell by 2030.

好吧，感謝您提出可重複使用的目標，卡洛斯。顯然，實現這一目標將意味著使用更少的原生 PET，並使我們更容易實現我們的世界無浪費目標，我們打算在 2030 年之前為我們銷售的每一瓶或罐回收一瓶或一罐。

In terms of the marketing and the innovation question, I'm not quite sure I completely capture what you're going for there. But let me throw out some thoughts, and I think that will help.

在營銷和創新問題方面，我不太確定我是否完全理解了你的目標。但是讓我拋出一些想法，我認為這會有所幫助。

The consumer elasticity and pricing power. Yes, I think a lot of people have noted, it's been relatively inelastic in recent times. It's certainly our historical experience that when multiple categories go up at the same time, that there is less elasticity. But it is also our experience that, often, that is in an environment of crisis, where there's a support of a lot of injection of money into the economy, which I think is what has been happening over the last couple of years. Eventually, it moves to another phase, where there's inflation and a squeeze on the incomes. And so we are very attuned to the need to be -- burn our pricing as we go forward.

消費者彈性和定價能力。是的，我想很多人都注意到了，最近它相對缺乏彈性。當然，我們的歷史經驗是，當多個類別同時上漲時，彈性會變小。但我們的經驗也是，通常是在危機環境中，有大量資金注入經濟支持，我認為這是過去幾年發生的情況。最終，它進入另一個階段，出現通貨膨脹和收入緊縮。因此，我們非常適應需要——在我們前進的過程中燒毀我們的定價。

And earnings, whether it's with the marketing that really engages with the consumers, whether it's with the innovation that, again, engaging with the consumers and gives our customers the opportunity to do different things and more interesting things in the stores; or whether we earn it through the excellence in execution and the in-store presence that our bottling partners are so good at, because the next phase is much harder than the previous phase. It's easier to do pricing in a stimulus environment where everyone else is going up. It's much harder when there's a real squeeze on incomes.

以及收益，無論是真正與消費者互動的營銷方式，還是與消費者互動的創新，讓我們的顧客有機會在商店裡做不同的事情和更有趣的事情；或者我們是否通過我們的裝瓶合作夥伴非常擅長的卓越執行和店內存在來贏得它，因為下一階段比前一階段要困難得多。在其他所有人都在上漲的刺激環境中進行定價更容易。當收入真正受到擠壓時，情況會更加困難。

So we're very focused on winning in the next phase. It's something that we and our bottling partners have a lot of experience with. And it will certainly be an opportunity and a necessity to deploy the whole toolkit from marketing innovation through execution to continue winning as we go forward.

所以我們非常專注於下一階段的勝利。這是我們和我們的裝瓶合作夥伴擁有豐富經驗的東西。在我們前進的過程中，部署從營銷創新到執行的整個工具包，以繼續贏得勝利，這肯定是一個機會和必要性。

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。

I guess it kind of builds on that theme. I'm thinking about it in the context of the '22 outlook. And I [missed] all the cost pressures that we've spoken about and your plans to drive forward operating leverage and continued progress on operating profit. I guess, can you just talk a little bit more about the investment flexibility you have and your plans around strategic investments in '22 specifically? Where those are targeted? What level of strategic investment, whether it's A&P or capabilities-building? Just to give us a little bit more context about your ability to support the volume momentum, justify pricing, not only in '22, but to set yourself up for '23 and beyond.

我想它是建立在這個主題上的。我是在 22 年展望的背景下考慮的。我[錯過了]我們談到的所有成本壓力，以及您推動經營槓桿和經營利潤持續進步的計劃。我想，您能多談談您擁有的投資靈活性以及您在 22 年圍繞戰略投資的計劃嗎？這些目標在哪裡？什麼級別的戰略投資，無論是 A&P 還是能力建設？只是為了讓我們更多地了解您支持銷量勢頭的能力，證明定價的合理性，不僅是在 22 年，而且要為 23 年及以後做好準備。

Yes, sure. I mean, we have a kind of approach where we've come, we switched during the crisis and leaning into growth or a bias to invest. As you can see through the course of the crisis and into 2021, we steadily increased our level of investment on marketing, restarted the engines on innovation. And similarly, the bottlers will do so on execution and actually investments in supply chain.

是的，當然。我的意思是，我們有一種我們已經到來的方法，我們在危機期間轉換並傾向於增長或偏向投資。正如您所看到的，從危機進程到 2021 年，我們穩步提高了營銷投資水平，重新啟動了創新引擎。同樣，裝瓶商將在執行和實際投資供應鏈時這樣做。

So that's our bias going into the year. We're going to invest for growth. We've got a lot of ability to drive, not just the market innovation. I would also underline the advances in the digitization of the business, whether it's the connection with the consumer, whether it's the connection with the retailers and what the bottlers are doing to digitize that part of the business. So we are leaning into growth.

這就是我們今年的偏見。我們將投資增長。我們有很多驅動能力，而不僅僅是市場創新。我還要強調業務數字化方面的進步，無論是與消費者的聯繫，還是與零售商的聯繫，以及裝瓶商正在為這部分業務數字化所做的工作。所以我們傾向於增長。

But what we have achieved over the last few years is to increase our degree of flexibility, or adaptability, better said. It's not that everyone is sitting out there with talks of flexibility, it's more that we can adapt as circumstances change. We doubled down on our ability to make quicker, clearer decisions coming in to the crisis.

但我們在過去幾年中取得的成就是提高了我們的靈活性或適應性，更好的說法是。並不是每個人都坐在那裡談論靈活性，更多的是我們可以隨著情況的變化而適應。我們加倍提高了在應對危機時做出更快、更清晰決策的能力。

And with the reorganization that we did recently, have a more networked organization, we feel good about our ability to prioritize and redirect resources as and when needed during the year, whether that's to move from one part of the world to the other or one brand to another, or even to pull back where the growth is not there. So we feel we've got the levers at hand, and we feel we've become more agile in using them.

隨著我們最近進行的重組，建立了一個更加網絡化的組織，我們對我們在一年中根據需要優先考慮和重新分配資源的能力感到滿意，無論是從世界的一個地方轉移到另一個地方還是一個品牌到另一個，甚至拉回沒有增長的地方。所以我們覺得我們已經掌握了槓桿，並且我們覺得我們在使用它們時變得更加靈活。

Your next question comes from Bill Chappell from Truist Securities.

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

Just wanted a quick question on Costa -- or not quick. But a question on Costa and kind of how you're viewing it going forward. I guess 2, 3 years ago, when it was purchased, it was kind of thought that it was going to be a big splash or a bigger splash into coffee for the system. And obviously, the pandemic showed up. But at the same point, you've kind of moved more aggressively into alcohol and to BODYARMOR and to other things. And so I didn't know if the thought process had changed or evolved in terms of wanting to move forward and expand that kind of worldwide. Or if it's another kind of arrow in the quiver, which was always part of the plan.

只是想快速詢問關於 Costa 的問題——或者不快速。但是關於科斯塔的一個問題以及你如何看待它的未來。我猜 2 、 3 年前，當它被購買時，有人認為它會為系統帶來巨大的轟動或更大的轟動。顯然，流行病出現了。但與此同時，你更積極地轉向酒精、BODYARMOR 和其他事物。所以我不知道在想要向前推進和在全球範圍內擴展這種思維過程方面是否發生了變化或演變。或者，如果它是箭筒中的另一種箭頭，這始終是計劃的一部分。

Sure. I think the short answer first, it was always intended to be one of the arrows in the quiver. The longer version of that answer is, clearly, COVID impacted not just our total business, but it impacted the Costa business, which is an almost entirely away-from-home business. And so it was very much a bit like our fountain business in the U.S. It was very much in the crosshairs of the COVID impact, particularly in 2020 at the beginning when the lockdowns were very severe. And in fact, most of those coffee shops are all closed in 2020. So it was very hard on the Costa business. But 2021 made a lot of progress, reopenings, not back to where we were yet. So the coffee stores are bouncing back, but not back to where they were yet.

當然。我認為首先是簡短的答案，它總是打算成為箭筒中的箭頭之一。答案的更長版本顯然是，COVID 不僅影響了我們的整體業務，還影響了 Costa 業務，該業務幾乎完全是遠離家鄉的業務。因此，這很像我們在美國的噴泉業務。它非常處於 COVID 影響的十字準線，尤其是在 2020 年初，當時封鎖非常嚴重。事實上，這些咖啡店中的大多數都在 2020 年關閉了。因此，Costa 的業務非常艱難。但是 2021 年取得了很大進展，重新開放，而不是回到我們還沒有的地方。所以咖啡店正在反彈，但還沒有回到原來的位置。

The vision we have for coffee included a number of other components. One was the Express machines, the digital kind of barista. Obviously, 2020 was hard to install new machines, but the performance of the existing machines was extraordinary and very positive. And that last year, we began to install thousands of new machines. And then we've launched and partnered with our bottlers to have Proud to Serve, where they provide the beans, the machines to the HORECA channel. And we've launched ready-to-drink, where it's done really well in certain parts of the world.

我們對咖啡的願景包括許多其他組成部分。一種是 Express 機器，一種數字咖啡師。顯然，2020 年很難安裝新機器，但現有機器的性能卻非常出色，非常積極。去年，我們開始安裝數千台新機器。然後我們推出並與我們的裝瓶商合作，讓他們為 HORECA 渠道提供咖啡豆和機器。我們還推出了即飲，在世界某些地區做得非常好。

So the vision is still there. We see it as one of the arrows in the quiver. Clearly, we've lost a couple of years. I mean, there's no beating around the bush, and we're going to have to bounce back from it. But the learnings we had and the experience was where we were able to do things give us some confidence and belief that we need -- that we have an opportunity to execute against the vision, which, of course, we still need to do.

所以願景還在。我們將其視為箭筒中的一支箭。顯然，我們已經失去了幾年。我的意思是，沒有拐彎抹角，我們將不得不從中反彈。但是我們學到的東西和經驗是我們能夠做事情的地方，這給了我們一些我們需要的信心和信念——我們有機會按照願景執行，當然，我們仍然需要這樣做。

Your next question comes from Kevin Grundy from Jefferies.

您的下一個問題來自 Jefferies 的 Kevin Grundy。

Question for John on share repurchases. And I'd also like to tie it into the bottling divestitures and potential proceeds there because the topic is related. So again, to echo sentiment earlier, great job on improving free cash flow conversion. That's outstanding. As you sit here now at $10 billion in share buybacks, in addition to the fact that you have the CCBA offering coming up later this year, you've been very clear about your intent to divest the remaining bottling assets.

約翰關於股票回購的問題。而且我還想將其與裝瓶剝離和潛在收益聯繫起來，因為這個主題是相關的。再說一次，為了更早地回應情緒，在改善自由現金流轉換方面做得很好。這很出色。當您現在坐在這裡進行 100 億美元的股票回購時，除了您將在今年晚些時候推出 CCBA 產品這一事實外，您已經非常清楚您打算剝離剩餘的裝瓶資產。

So kind of tying this together, number one, what are thoughts? What's embedded on repurchases? When can you get back to that? The company has been fairly inactive for reasons that we understand.

所以把這些聯繫在一起，第一，什麼是想法？回購中嵌入了什麼？你什麼時候才能回到那個狀態？由於我們理解的原因，該公司一直相當不活躍。

And then relatedly, with the proceeds from CCBA and what potentially may come in the near to intermediate term around further bottling divestitures, does it seem likely that you would put that -- put those proceeds towards buybacks?

然後與此相關的是，隨著 CCBA 的收益以及可能在近期到中期進一步剝離裝瓶資產的可能性，您是否可能會將這些收益用於回購？

Thanks, Kevin. Yes, there was a -- the reason we used the word sort of a more vigorous pursuit in the script, because as you said, the -- our situation today is very different to where it was and not that long ago with our free cash conversion gone from 70% to over 100%. Our net debt leverage has gone from well outside of our range to -- at the low end of it. Dividend conversion is now at 70%, more or less. And as I mentioned earlier on the call, the restructuring of the debt portfolio has been a very robust piece of work.

謝謝，凱文。是的，有一個原因——我們在劇本中使用了“更積極的追求”這個詞，因為正如你所說，我們今天的情況與不久前我們的自由現金大不相同轉化率從 70% 上升到 100% 以上。我們的淨債務槓桿率已經從遠超出我們的範圍下降到 - 在它的低端。股息轉換率現在或多或少為 70%。正如我之前在電話會議上提到的，債務組合的重組是一項非常強大的工作。

So as we look through the future, I think at your question, we need to couch it in the context of the broader capital allocation agenda. We continue to prioritize growth of the business. We touched upon some of that in the earlier questions, both in terms of the capital that we need to drive some of the businesses that we're in and the marketing that we need to support the brands.

因此，當我們展望未來時，我認為在你的問題上，我們需要在更廣泛的資本分配議程的背景下提出它。我們繼續優先考慮業務的增長。我們在前面的問題中談到了其中的一些問題，無論是推動我們從事的一些業務所需的資本，還是支持品牌所需的營銷。

Secondly, we don't waver from our ongoing support and objective to continue to grow the dividend. And then we're left with the 2 more dynamic areas, the M&A agenda and share repo.

其次，我們不會動搖我們持續增加股息的持續支持和目標。然後我們剩下兩個更具活力的領域，併購議程和股票回購。

So on both of those, we -- I think on M&A, we'll be opportunistic. There's not a lot of obvious candidates out there, but we will continue to be very open to that whole area. And not on this call on the whole topic of share repurchases, but it's certainly an area that, with excess cash that, as we have communicated in the past, we will love to leverage. So more to come on those topics as we go through the year.

所以在這兩個方面，我們 - 我認為在併購方面，我們將是機會主義的。那裡沒有很多明顯的候選人，但我們將繼續對整個領域非常開放。而不是這次關於股票回購整個話題的電話會議，但正如我們過去所傳達的那樣，這肯定是一個擁有過剩現金的領域，我們很樂意利用這一點。隨著我們這一年的到來，這些話題還有更多。

Our next question comes from Laurent Grandet from Guggenheim.

我們的下一個問題來自古根海姆的 Laurent Grandet。

James, John, I'd like to focus this morning on BODYARMOR. So if I'm correct, BODYARMOR manufacturing is not expected to migrate to the concentrate model this year in the U.S., but wherever you are launching it internationally, the brand will be in concentrate model. So if I'm correct, and please correct me if I'm not, when are you planning to migrate the U.S. manufacturing to the concentrate model? And obviously, it has a significant impact on top line, margins.

詹姆斯，約翰，今天早上我想把重點放在 BODYARMOR 上。因此，如果我是正確的，BODYARMOR 製造預計今年不會在美國遷移到濃縮模型，但無論你在國際上推出它，該品牌都將是濃縮模型。因此，如果我是正確的，如果我不是，請糾正我，您打算什麼時候將美國製造業遷移到濃縮模型？顯然，它對收入和利潤率有重大影響。

And also, any indication of your launch plan outside of the U.S. would be great.

而且，任何有關您在美國以外的發射計劃的跡像都會很好。

Yes. Thanks, Laurent. I mean, as you say, it's -- and as John has noted, it's a finished product business that we are integrating into our company and have had some mechanical effects. And as you say, we have not chosen to change it to a concentrate model. In fact, to be more specific, we're keeping the current operating model, where the manufacturing of the product is largely done with co-packers. And that is what has been driving the momentum. And we have no plans to change the model with using the co-packers at this stage. They're doing a great job. And then obviously, the distribution of the product is done through the Coke bottling system here in the U.S.

是的。謝謝，勞倫特。我的意思是，正如你所說，它是——正如約翰所指出的，這是我們正在整合到我們公司中的成品業務，並產生了一些機械效應。正如您所說，我們沒有選擇將其更改為濃縮模型。事實上，更具體地說，我們保留了當前的運營模式，產品的製造主要由聯合包裝商完成。這就是推動這種勢頭的原因。我們沒有計劃在現階段使用聯合包裝機來改變模型。他們做得很好。然後很明顯，產品的分銷是通過美國的可樂裝瓶系統完成的。

If we were to try and change to concentrate model, that, we would let you know in due course. We have no immediate plans to do so. Again, it would be a mechanical effect on the revenue and the gross margin because it wouldn't be changing the profit coming from BODYARMOR. It would be more of a mechanical effect on the top, on the gross margin, for operating model reasons.

如果我們要嘗試更改集中模式，我們會在適當的時候通知您。我們沒有立即這樣做的計劃。同樣，這將對收入和毛利率產生機械影響，因為它不會改變來自 BODYARMOR 的利潤。出於運營模式的原因，這將更多地是對頂部、毛利率的機械影響。

But as I said, our intention is to operate it very broadly as we do at the moment, connected but not integrated, so that we can continue to drive the growth at what have been a very successful brand. They tripled sales in the last 3 years, gained a lot of share in the sports drink category, actually expanded the category and has done a really good job. So we're going to kind of keep focused on driving that into more success in the current year.

但正如我所說，我們的目的是像現在一樣廣泛地運營它，連接但不整合，這樣我們就可以繼續推動這個非常成功的品牌的增長。他們在過去 3 年的銷售額翻了三倍，在運動飲料類別中獲得了很多份額，實際上擴大了類別並且做得非常好。因此，我們將繼續專注於在今年推動它取得更大的成功。

Then as we expand internationally, we have not decided where and when as of yet. We will be doing that work this year. And then as we get there, we will, of course, in that process, look at the appropriate operating model, whether there's any -- whether it should be finished product or concentrate.

然後，隨著我們向國際擴張，我們還沒有決定何時何地。我們將在今年做這項工作。然後，當我們到達那裡時，我們當然會在那個過程中查看適當的運營模式，是否有任何 - 是否應該是成品或集中。

Clearly, our preferred route to market is to the bottlers, and it will certainly seem to make more sense to organize it as a concentrate model. Whether that's then co-packed or produced by the bottlers is very situational and capacity-driven. But see that concentrate versus finished product has a mechanical effect on top line rather than an impact on the bottom line. But our focus is driving the growth of the business.

顯然，我們首選的市場途徑是裝瓶商，將其組織為濃縮模型似乎更有意義。無論是由裝瓶商共同包裝還是由裝瓶商生產，都是非常受情境和容量驅動的。但是請注意，精礦與成品對頂線的影響是機械效應，而不是對底線的影響。但我們的重點是推動業務增長。

Our next question comes from Rob Ottenstein from Evercore.

我們的下一個問題來自 Evercore 的 Rob Ottenstein。

James, you've done a lot over the last couple of years in terms of the organization and the culture to drive more agility, accountability, leaner, reward/risk-taking. Wondering if you maybe can talk about how that has played out in your mind. Maybe kind of benchmark or kind of give yourself a report card on that. And any new moves or further evolution of that this year? And then more specifically, one of the actions that you took was the brand and SKU rationalization. Can you quantify the impact of that on results in '21? And any potential results in '22?

詹姆斯，在過去的幾年裡，你在組織和文化方面做了很多工作，以推動更多的敏捷性、責任感、精簡、獎勵/冒險。想知道您是否可以談論這在您的腦海中是如何發生的。也許是某種基准或某種給自己的成績單。今年有什麼新舉措或進一步發展嗎？然後更具體地說，您採取的行動之一是品牌和 SKU 合理化。你能量化它對 21 年結果的影響嗎？ 22 年有什麼潛在的結果嗎？

Sure. I'm going to go with the back half of -- or we'll call it one question. I'll go with the back half of the expanded question firstly and then come back to it.

當然。我將選擇後半部分——或者我們將其稱為一個問題。我將首先討論擴展問題的後半部分，然後再回到它。

The rationalization of the brands and SKUs -- and remember that, that rationalization, some of the brands we stopped. Some of them, we transitioned into other brand names. And some of them -- actually a couple of them, we either discontinued or sold.

品牌和 SKU 的合理化——請記住，我們停止了一些品牌的合理化。其中一些，我們過渡到其他品牌。其中一些——實際上有幾個，我們要么停產，要么賣掉。

My take is the impact in 2021 was minimal and the impact in 2022 is going to be negligible. And the reason I say that is, firstly, the sum of all these brands was a relatively small, low single-digit percent of sales and contribution, but with a high -- a much higher number in terms of occupation of SKUs and mind space and supply chain. And so we've removed the slower-growing or declining brands with the least long-term potential to be leaders in their categories to free up more space or the brands that really are moving and for future innovations and future brands.

我的看法是，2021 年的影響微乎其微，而 2022 年的影響將微不足道。我這麼說的原因是，首先，所有這些品牌的總和是一個相對較小的、較低的個位數百分比的銷售額和貢獻，但在 SKU 和思維空間的佔有率方面，這個數字要高得多。和供應鏈。因此，我們移除了增長較慢或下滑的品牌，這些品牌在其類別中成為領導者的長期潛力最小，以騰出更多空間或真正正在發展的品牌，以及未來的創新和未來品牌。

So actually, I'm entirely comfortable making the argument that even just stopping them actually could have been positive to sales and profit because it freed up space for those brands and those SKUs that are doing much better. So I think it was -- if you'd like to say it was pruning the garden to let the better plants grow. And so I actually see it as positive to the business, even though you're cutting off something that in theory has some sales and profits.

所以實際上，我完全願意提出這樣的論點，即即使只是停止它們實際上也可能對銷售和利潤產生積極影響，因為它為那些做得更好的品牌和 SKU 騰出了空間。所以我認為是——如果你想說它是在修剪花園，讓更好的植物生長。所以我實際上認為這對業務是積極的，即使你正在切斷理論上有一些銷售和利潤的東西。

And we are largely complete with that process. We've -- the brand eliminations is about 75%, and we're not quite halfway with the brand transition. So we're in good shape, but I wouldn't -- if you're thinking about it from a modeling point of view, I would just like assume it's negligible.

我們在很大程度上完成了這個過程。我們已經 - 品牌淘汰率約為 75%，而且我們還沒有完成品牌轉型的一半。所以我們的狀態很好，但我不會——如果你從建模的角度考慮它，我想假設它可以忽略不計。

In terms of the culture in the organization, clearly, we made a lot of moves. We're very focused on driving agility of the organization in terms of the culture and the growth behaviors and staying constructively discontent about the future and looking for the opportunities.

在組織的文化方面，顯然，我們採取了很多措施。我們非常專注於推動組織在文化和增長行為方面的敏捷性，並對未來保持建設性的不滿並尋找機會。

I think we still have another year to bed down what we've done over the last couple of years. Big changes in the marketing model. We've got some campaigns coming out already. They're doing very well in the marketplace. We're pleased with consumer impact and the effectiveness of them. We've obviously got our platform services that are up and running. But there's like, you have to do X before you can do Y before you can do Z. And so we still have things left to do to bring that to the kind of level of performance that we're looking for, similarly in terms of some of the supply chain stuff.

我認為我們還有一年的時間來完成我們在過去幾年中所做的事情。營銷模式發生重大變化。我們已經推出了一些活動。他們在市場上做得很好。我們對消費者的影響及其有效性感到滿意。顯然，我們的平台服務已經啟動並運行。但是就像，你必須先做 X，然後才能做 Y，然後才能做 Z。所以我們還有很多事情要做，以達到我們正在尋找的那種性能水平，類似地在一些供應鏈的東西。

So I think we should see 2022 as a year of really fine-tuning and optimizing the work that we've done in terms of the organization over the last couple of years and continue to really focus the culture on a growth mindset.

因此，我認為我們應該將 2022 年視為對過去幾年我們在組織方面所做的工作進行真正微調和優化的一年，並繼續真正將文化重點放在成長心態上。

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

女士們，先生們，我們的問答環節到此結束。我現在想把電話轉回給 James Quincey 做結束語。

Great. Thanks very much, everyone. To summarize, as we move to 2022, our flywheels for growth are really working in unison, propelling the organization. We're going to drive top line growth, maximize returns. And again, it's an attractive and growing industry. Our innovation pipeline is robust and scaled for impact. Our marketing agenda is designed to deliver the most effective consumer engagement with agility and speed. Our bottlers are engaged and executing in the marketplace. And we're bringing this vision to life.

偉大的。非常感謝大家。總而言之，隨著我們邁向 2022 年，我們的增長飛輪確實在齊心協力，推動著整個組織。我們將推動收入增長，最大化回報。同樣，這是一個有吸引力且不斷發展的行業。我們的創新渠道是強大的，並且可以擴大影響。我們的營銷議程旨在以敏捷和速度提供最有效的消費者參與。我們的裝瓶商參與並在市場上執行。我們正在將這一願景變為現實。

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

因此，感謝您對公司的關注、對公司的投資以及今天早上加入我們的行列。

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。