可口可樂 (KO) 2021 Q2 法說會逐字稿

At this time, I'd like to welcome everyone to the Coca-Cola Company's Second Quarter Earnings Results Conference Call.

在這個時候，我想歡迎大家參加可口可樂公司第二季度收益結果電話會議。

Today's call is being recorded.

今天的電話正在錄音。

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

如果您有任何異議，請在此時斷開連接。

(Operator Instructions)

（操作員說明）

I would like to remind everyone that the purpose of this conference is to talk with investors and, therefore, questions from the media will not be addressed.

我想提醒大家，這次會議的目的是與投資者對話，因此媒體的問題不會得到解決。

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

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 Investor Relations, Financial Planning and Analysis.

我現在想介紹一下投資者關係、財務規劃和分析副總裁 Tim Leveridge 先生。

Mr. Leveridge, you may now begin.

Leveridge 先生，您現在可以開始了。

Good morning, and thank you for joining us today.

早上好，感謝您今天加入我們。

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

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。

Before we begin, please note that we posted schedules under the Financial Information tab in the Investors section of our company website at www.coca-colacompany.com.

在開始之前，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”選項卡下發布了時間表。

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.

這些時間表使我們的高級管理人員在今天上午的討論中可能提到的某些非公認會計原則財務指標與我們根據公認會計原則報告的結果相一致。

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

您還可以在我們網站的同一部分找到提供毛利率和營業利潤率分析的時間表。

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

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，並應與我們的收益發布和公司最近的定期美國證券交易委員會報告中包含的警示性陳述一起考慮。

Following prepared remarks this morning, we will turn the call over for your questions.

在今天早上準備好的評論之後，我們將轉接電話以回答您的問題。

(Operator Instructions)

（操作員說明）

Now let me turn the call over to James.

現在讓我把電話轉給詹姆斯。

Thanks, Tim, and good morning, everyone.

謝謝，蒂姆，大家早上好。

In the second quarter, thanks to the tremendous efforts by our associates and our bottling partners, we executed on our key emerging stronger priorities as many parts of the world gradually reopens.

在第二季度，由於我們的員工和裝瓶合作夥伴的巨大努力，隨著世界許多地區逐漸重新開放，我們執行了我們新興的更強大的優先事項。

As we continue to deliver on our transformation, we are encouraged by our results and are raising our top line, bottom line and cash flow guidance even as we are accelerating investments for the future.

隨著我們繼續實現轉型，我們對我們的業績感到鼓舞，並提高了我們的頂線、底線和現金流指導，即使我們正在加速對未來的投資。

At the same time, we also recognize the trajectory may be dynamic and understand that we must remain flexible to respond to changes in the environment.

同時，我們也認識到軌跡可能是動態的，並理解我們必須保持靈活以應對環境的變化。

This morning, I'll provide a business update and discuss how disciplined innovation and more effective and efficient marketing are driving broad-based share gains and are delivering enhanced value for our system.

今天上午，我將提供業務更新，並討論嚴格的創新和更有效和高效的營銷如何推動基礎廣泛的份額增長，並為我們的系統提供更高的價值。

Then I'll hand the call over to John to discuss our financial update, including our improved outlook for the year.

然後我將把電話轉給約翰，討論我們的財務更新，包括我們對今年前景的改善。

Last year, in the face of a global pandemic, we laid out a path to emerge stronger from across 5 strategic priorities.

去年，面對全球大流行，我們制定了一條從 5 個戰略重點中變得更加強大的道路。

We are delivering against those priorities, and this quarter demonstrates the power of our system.

我們正在針對這些優先事項進行交付，本季度展示了我們系統的強大功能。

We started 2021 with promising results.

我們在 2021 年開始時取得了可喜的成果。

Mobility in business levels improved in the first quarter, and this trend continued in the second.

第一季度業務層面的流動性有所改善，這一趨勢在第二季度繼續保持。

Consumer mobility increased in markets where vaccination rates are reaching meaningful levels.

在疫苗接種率達到有意義水平的市場中，消費者流動性增加。

And our business has recovered as we lap last year's biggest lockdown impacts and see our strategies in motion.

隨著我們經歷了去年最大的封鎖影響並看到我們的戰略正在實施，我們的業務已經恢復。

Consumers have started to return to many prior routine.

消費者已經開始回到許多以前的常規。

And as a result, our away-from-home volumes steadily improved as a percent of our business this quarter, driving strong price/mix and margin acceleration across the enterprise.

因此，本季度我們的非家庭業務量占我們業務的百分比穩步提高，推動了整個企業的強勁價格/組合和利潤率加速。

However, the recovery remains asynchronous.

但是，恢復仍然是異步的。

And several parts of the world have dealt with further waves of infections, leading to delayed openings and, in some cases, heightened restrictions.

世界上的一些地區已經應對了進一步的感染浪潮，導致開放延遲，在某些情況下，限制措施更加嚴格。

India and Southeast Asia were our only areas that did not see sequential volume acceleration on a 2-year basis this quarter.

印度和東南亞是我們本季度唯一沒有看到連續兩年銷量增長的地區。

Despite the asynchronous recovery, our revenues and earnings in the second quarter surpassed our 2019 results.

儘管出現了異步復甦，但我們第二季度的收入和收益超過了我們 2019 年的業績。

We also made progress on share this quarter.

我們在本季度的份額方面也取得了進展。

We said many times that gaining share is a key objective in our emerging stronger agenda.

我們多次說過，獲得份額是我們新興的更強大議程的關鍵目標。

And I'm pleased to report that we have achieved that objective with broad-based share gains across categories as well as in both our at-home and away-from-home channels in the quarter.

我很高興地報告，我們已經實現了這一目標，在本季度，我們在各個類別以及我們的家庭和非家庭渠道中都獲得了廣泛的份額增長。

And importantly, despite away-from-home channels not having fully recovered, our value share today is higher than the 2019 levels, confirming that our effective brand building and innovation, along with our advanced revenue growth management and market execution capabilities, are working.

重要的是，儘管非家庭渠道尚未完全恢復，但我們今天的價值份額高於 2019 年的水平，這證實了我們有效的品牌建設和創新，以及我們先進的收入增長管理和市場執行能力，正在發揮作用。

So let me dive a bit deeper into the key drivers across our geographies.

因此，讓我更深入地探討一下我們所在地區的主要驅動因素。

In Asia Pacific, China saw continued momentum across categories driven by both volume and improved mix with Trademark Coca-Cola.

在亞太地區，中國在銷量和與商標可口可樂改善組合的推動下，各品類繼續保持增長勢頭。

We outpaced the overall macroeconomic recovery and by strong performance in away-from-home channels and business-to-consumer e-commerce.

我們在非家庭渠道和企業對消費者電子商務方面的強勁表現超過了整體宏觀經濟復甦。

Australia and New Zealand were bright spots, performing at or close to 2019 levels, but they are currently seeing renewed lockdowns.

澳大利亞和新西蘭是亮點，表現接近或接近 2019 年的水平，但它們目前正在重新實施封鎖。

While Japan is struggling to come out of lockdown, there have been tangible successes with consumer-led innovation, small-pack initiatives and improved customer execution of key initiatives.

雖然日本正在努力擺脫封鎖，但在以消費者為主導的創新、小包裝計劃和改進客戶對關鍵計劃的執行方面取得了切實的成功。

As I mentioned earlier, in India and across much of Southeast Asia, resurgence in the virus impacted further recovery.

正如我之前提到的，在印度和東南亞大部分地區，病毒的死灰復燃影響了進一步的複蘇。

As India's restrictions have eased a bit, we're encouraged by the level of resilience in both the business as well as our system associates as they have navigated this resurgence.

隨著印度的限制有所放寬，我們對企業和我們的系統員工的彈性水平感到鼓舞，因為他們已經駕馭了這種複蘇。

In EMEA, Europe is still being impacted by some level of restriction.

在歐洲、中東和非洲，歐洲仍然受到某種程度的限制的影響。

The vaccination rates and consumer confidence are improving.

疫苗接種率和消費者信心正在改善。

Because of this and our strong bottle alignment and marketing investment, we are seeing a much improved away-from-home mix even as at-home volumes continue to grow.

由於這一點以及我們強大的瓶子對齊和營銷投資，即使在家銷量繼續增長，我們也看到了外出組合的顯著改善。

Great Britain and Russia, where mobility was at the highest, show notable volume outperformance relative to 2019, and sparkling soft drinks gained or maintained share in most of the top 10 markets in Europe.

與 2019 年相比，流動性最高的英國和俄羅斯表現出顯著的銷量表現，起泡軟飲料在歐洲前 10 大市場的大部分市場中都獲得或保持了份額。

Eurasia and the Middle East are performing well despite a diverse recovery landscape.

儘管復甦形勢各異，歐亞大陸和中東地區表現良好。

In Turkey and Pakistan, strong execution during the key Ramadan holiday and emphasis on snacking and meal occasions drove new consumers to the Coke brands.

在土耳其和巴基斯坦，關鍵齋月假期期間的強大執行力以及對零食和用餐場合的重視推動了可口可樂品牌的新消費者。

Africa delivered a strong first half performance, with affordability packages delivering good results despite tightened restrictions heading into the winter season and vaccination rates that are behind the rest of the world.

非洲上半年表現強勁，儘管進入冬季的限制收緊，疫苗接種率落後於世界其他地區，但可負擔性套餐取得了良好的效果。

In North America, the consumer environment improved through the quarter as many states lifted restrictions and consumer mobility increased.

在北美，隨著許多州取消限制和消費者流動性增加，整個季度的消費者環境有所改善。

More frequent social gatherings and rising travel and event activity drove significantly higher demand for our brands in away-from-home channels, while at-home volumes remained robust, leading to broad-based share gains in the quarter.

更頻繁的社交聚會以及不斷增加的旅行和活動活動推動了我們品牌在非家庭渠道的需求顯著增加，而家庭銷量保持強勁，導致本季度的廣泛份額增長。

Within away-from-home, eating and drinking was the strongest performing channel with travel, hospitality and at-work trailing.

在外地，飲食是表現最強勁的渠道，其次是旅行、款待和工作。

In Latin America, lockdowns eased as vaccination programs rolled out in countries such as Mexico and Argentina.

在拉丁美洲，隨著疫苗接種計劃在墨西哥和阿根廷等國家的推出，封鎖有所緩解。

And stimulus programs in Brazil and Chile also helped drive recovery.

巴西和智利的刺激計劃也有助於推動復甦。

Our results and year-to-date share gains in the region continue to be driven by commercial initiatives to improve execution as well as a focus on affordable packs like refillables.

我們在該地區的業績和年初至今的份額增長繼續受到商業舉措的推動，以提高執行力，以及對可再填充等負擔得起的包裝的關注。

Costa's U.K. coffee shop revenues recovered almost entirely to 2019 levels through the reopening phase despite ongoing capacity restrictions.

儘管持續受到產能限制，Costa 在英國的咖啡店收入在重新開業階段幾乎完全恢復到 2019 年的水平。

Increased consumer traffic and digital momentum are also supporting recovery as restrictions eased in other countries where we have a retail presence.

隨著我們在其他有零售業務的國家放寬限制，增加的消費者流量和數字勢頭也支持復甦。

Our Bottling Investments Group faced pandemic-related challenges, particularly in India and Southeast Asia, but managed to sequentially improve or gain share in India, Vietnam, the Philippines and South Africa.

我們的裝瓶投資集團面臨與流行病相關的挑戰，尤其是在印度和東南亞，但成功地在印度、越南、菲律賓和南非連續改善或獲得份額。

BIG also made great progress against its growth and productivity agenda, increasing year-to-date comparable operating margin approximately 300 basis points from the 2019 levels.

BIG 在其增長和生產力議程方面也取得了長足進步，將年初至今的可比營業利潤率比 2019 年的水平提高了約 300 個基點。

Our category teams are collaborating with a global lens, enabling us to move even faster towards our Beverages for Life ambition.

我們的品類團隊正在與全球視野合作，使我們能夠更快地朝著我們的 Beverages for Life 目標邁進。

Our continuously engaging consumers around their passion points and testing ideas in a coordinated and increasingly digital way, we are getting even better at what we've all always done best, building loved brands around the world.

我們不斷吸引消費者圍繞他們的熱情點並以協調和日益數字化的方式測試想法，我們在我們一直做得最好的事情上做得更好，在世界各地建立受人喜愛的品牌。

For a few examples.

舉幾個例子。

The Coke Trademark portfolio is experiencing robust growth, led by brand Coke and driven in part by Coca-Cola Zero Sugar, which has contributed double-digit growth in value and volume year-to-date.

可口可樂商標組合正在經歷強勁增長，由可口可樂品牌引領，部分由可口可樂零糖推動，今年迄今為止，可口可樂的價值和銷量均實現了兩位數的增長。

The new Coca-Cola Zero Sugar recipe has already launched in nearly 50 markets across 6 of our operating units, including last week's announcement in the U.S., with more to come this year.

新的可口可樂零糖配方已經在我們 6 個運營部門的近 50 個市場推出，包括上週在美國發布的產品，今年還會推出更多產品。

Early results indicate the recipe and simplified packaging design are resonating strongly with consumers.

早期結果表明配方和簡化的包裝設計與消費者產生了強烈的共鳴。

In sparkling flavors, we are accelerating our Zero Sugar offerings and executing global campaigns that focus on key occasions.

在起泡口味方面，我們正在加速提供零糖產品，並針對關鍵場合開展全球營銷活動。

Sprite has done well globally, benefiting from the Let's be Clear campaign, which has led to improved share gains.

Sprite 在全球範圍內表現良好，受益於 Let's be Clear 活動，這導致了份額收益的提高。

Likewise, #WhatTheFanta mystery flavor campaign in Europe drove accelerated growth and improved share.

同樣，歐洲的#WhatTheFanta 神秘風味活動推動了加速增長並提高了份額。

Dairy remains an opportunity for the overall portfolio with premium offerings in key brands like Hollandia drinkable yogurt and Santa Clara's flavored milk showing healthy growth.

乳製品仍然是整體產品組合的一個機會，主要品牌的優質產品，如 Hollandia 可飲用酸奶和 Santa Clara 的調味牛奶顯示出健康增長。

We continue to leverage fairlife's great success in the U.S. with a recent expansion in Canada.

我們繼續利用 fairlife 在美國的巨大成功，最近在加拿大進行了擴張。

There are many bright spots in hydration, sports, tea and coffee.

補水、運動、茶和咖啡都有很多亮點。

We see momentum across brands in the U.S., including good results from our renewed focus on smartwater, a new brand bundle from Gold Peak Tea, exciting flavor innovations in Dunkin' coffee and continued growth from expanded distribution of Topo Chico sparkling mineral water.

我們看到了美國各品牌的發展勢頭，包括我們重新關注 smartwater、Gold Peak Tea 的新品牌捆綁、Dunkin' 咖啡中令人興奮的風味創新以及 Topo Chico 起泡礦泉水分銷的持續增長。

We've had early success with Costa ready-to-drink launches in Asia with meaningful share gains in key markets in China and was already voted a hit product in Japan.

我們在亞洲推出的歌詩達即飲飲料取得了早期的成功，在中國的主要市場取得了顯著的份額增長，並且已經被選為日本的熱門產品。

The rapid consumer traction and attractive proposition of healthy indulgence by AHA, which began as an intelligent local experiment in the U.S., led us to believe it can transition to be a bigger bet and travel internationally.

AHA 的快速消費者吸引力和健康放縱的有吸引力的主張，最初是在美國進行的一項明智的本地實驗，使我們相信它可以轉變為更大的賭注和國際旅行。

The recent launch in China with the local name of little universe has been encouraging, with meaningful value share gains in a short period of time.

最近在中國推出的本地名稱小宇宙令人鼓舞，在短時間內獲得了有意義的價值份額增長。

We continue to build on momentum with the launch of AHA's first 360-degree marketing campaign with a significant digital emphasis titled, "Can I Get an AHA?"

隨著 AHA 的第一個 360 度營銷活動的推出，我們繼續鞏固勢頭，其中一個重要的數字重點是“我能獲得 AHA 嗎？”

Finally, last summer, we announced more exploration in the dynamic flavored alcoholic beverage category with the launch of Topo Chico Hard Seltzer.

最後，去年夏天，隨著 Topo Chico Hard Seltzer 的推出，我們宣佈在動態風味酒精飲料類別中進行更多探索。

Topo Chico Hard Seltzer is now in 17 markets worldwide, and we've authorized Molson Coors the right to produce and sell Topo Chico Hard Seltzer in the United States.

Topo Chico Hard Seltzer 現在在全球 17 個市場上銷售，我們已授權 Molson Coors 在美國生產和銷售 Topo Chico Hard Seltzer。

Launching a global brand in markets where the category is at different stages of development comes with many learnings, and our local knowledge allows us to adapt with speed to win or, in some cases, develop this new category.

在該品類處於不同發展階段的市場推出一個全球品牌需要許多學習，我們的本地知識使我們能夠快速適應以贏得勝利，或者在某些情況下，開發這個新品類。

From strong performance in Europe where available, to top 2 position in Mexico, to the U.S. where velocity is robust and the product has enjoyed positive consumer reactions, we are encouraged by recent trends and are gaining valuable insights along the way.

從歐洲的強勁表現，到墨西哥的前 2 位，再到速度強勁且產品受到消費者積極反應的美國，我們對最近的趨勢感到鼓舞，並在此過程中獲得了寶貴的見解。

We continue to make progress with our consumer-facing digital propositions.

我們繼續在面向消費者的數字主張方面取得進展。

Internally, we were building out our platform services organization to support the enterprise as we have a sizable opportunity to become a holistic digital leader.

在內部，我們正在建立我們的平台服務組織來支持企業，因為我們有很大的機會成為一個全面的數字領導者。

Digital is of the utmost importance, and we're also building an integrated ecosystem of platforms that create value across the digital and physical worlds.

數字是最重要的，我們還在構建一個集成的平台生態系統，在數字和物理世界中創造價值。

We are partnering with our bottlers to leverage the power of the system's physical footprint online, creating enhanced value for customers across the globe through a best-in-class eB2B platform.

我們正在與我們的裝瓶商合作，利用系統在線物理足蹟的力量，通過一流的 eB2B 平台為全球客戶創造更高的價值。

With pockets of excellence in many regions, we are working with our bottling partners to evolve and streamline our approach.

憑藉在許多地區的卓越成就，我們正與我們的裝瓶合作夥伴合作，以改進和簡化我們的方法。

Working together as a system allows us to improve distribution economics, solve unmet needs of outlet owners and opens new revenue streams by providing other CPG brands access to our deep customer relationships and global distribution network.

作為一個系統，我們可以通過讓其他 CPG 品牌訪問我們深厚的客戶關係和全球分銷網絡來提高分銷經濟性，解決門店所有者未滿足的需求並開闢新的收入來源。

We are building a digital one-stop shop for customers, seamlessly offering most of the products they need to stock their shelves and operate their daily business.

我們正在為客戶建立一個數字化一站式商店，無縫地提供他們需要的大部分產品來存放他們的貨架和運營他們的日常業務。

We're also ensuring consumers get the frictionless experience they demand with more availability and assortment of the products they need and love.

我們還確保消費者獲得他們所需的無摩擦體驗，提供更多的可用性和他們需要和喜愛的產品種類。

On top of the initiatives discussed today, we also continue to work with our bottlers to embed RGM principles and integrate execution capabilities into our processes to continue driving basket value and incidents as the world reopens.

除了今天討論的舉措之外，我們還繼續與我們的裝瓶商合作，將 RGM 原則和執行能力整合到我們的流程中，以在世界重新開放時繼續推動籃子價值和事件。

Through enhanced execution, we have an opportunity to win with more consumers and grow share by having the right products in the right channel at the right price, supported by the right activations.

通過增強執行力，我們有機會贏得更多消費者，並通過在正確的渠道以正確的價格提供正確的產品並通過正確的激活來增加份額。

We also continue with our sustainability agenda to create shared value for our stakeholders and the communities we serve.

我們還繼續我們的可持續發展議程，為我們的利益相關者和我們所服務的社區創造共享價值。

In addition to integrating ESG considerations into our daily business decisions, during the second quarter, we released our business and ESG report, highlighting progress across all our goals as well as our World Without Waste report, which focuses exclusively on our work to create a circular economy for our packaging materials.

除了將 ESG 考慮因素納入我們的日常業務決策之外，在第二季度，我們還發布了我們的業務和 ESG 報告，強調了我們所有目標的進展以及我們的世界無浪費報告，該報告專注於我們創建循環的工作我們的包裝材料的經濟性。

Highlights include the continued rollout of a 100% recycled PET with 30 markets representing approximately 30% of our total sales offering at least 1 brand in a 100% rPET packaging.

亮點包括持續推出 100% 再生 PET，在 30 個市場中占我們總銷售額的約 30%，提供至少 1 個品牌的 100% rPET 包裝。

We've continued the expansion of refillables and dispense packaging and ultralight-weighting technologies, and we delivered a 60% global collection rate for packaging in 2020.

我們繼續擴展可再填充和分配包裝以及超輕量化技術，我們在 2020 年實現了 60% 的全球包裝回收率。

We are proud of these achievements, and we know there is more work to be done.

我們為這些成就感到自豪，我們知道還有更多工作要做。

Recently, we announced that we've become a global implementation partner for The Ocean Cleanup's river project, supporting the deployment of cleanup systems across 15 rivers across the world.

最近，我們宣布成為 The Ocean Cleanup 河流項目的全球實施合作夥伴，支持在全球 15 條河流中部署清理系統。

We will embed our marketing capabilities into this partnership to create consumer awareness of the issues and the actions we're all taking.

我們將把我們的營銷能力嵌入到這種夥伴關係中，以提高消費者對問題和我們正在採取的行動的認識。

Putting it all together, we realize there's a range of possible outcomes when it comes to the pandemic in the second half of the year given the asynchronous recovery.

綜上所述，我們意識到，鑑於異步復甦，下半年的大流行可能會出現一系列結果。

While we overdelivered relative to our expectations in the first half and have raised guidance for 2021, we are biased towards a growth mentality, and we'll invest behind this momentum going into the rest of the year.

雖然我們在上半年超額完成了我們的預期，並提高了 2021 年的指導，但我們偏向於增長心態，我們將在今年餘下的時間里為這一勢頭進行投資。

Our network organization is beginning to help us move faster to capture opportunities and create value for our stakeholders.

我們的網絡組織開始幫助我們更快地抓住機會並為我們的利益相關者創造價值。

As a system, we are increasingly equipped to win, and we're excited about the future.

作為一個系統，我們越來越有能力取勝，我們對未來感到興奮。

Now I'll turn the call over to John to discuss our second quarter results and the drivers of our updated outlook.

現在我將把電話轉給約翰，討論我們第二季度的業績以及我們更新前景的驅動因素。

Thank you, James.

謝謝你，詹姆斯。

This morning, I'll highlight the drivers of our second quarter performance as well as our revised guidance.

今天早上，我將重點介紹我們第二季度業績的驅動因素以及我們修訂後的指引。

In the second quarter, we built on the momentum from the beginning of the year, and our business mix improved as consumer mobility increased across many markets.

在第二季度，我們鞏固了年初以來的勢頭，隨著許多市場的消費者流動性增加，我們的業務組合得到改善。

Our Q2 organic revenue was up 37%, comprised of concentrate shipments, up 26%, and price/mix improvement of 11% as we lapped the biggest pandemic impacts of 2020.

由於我們經歷了 2020 年最大的大流行影響，我們第二季度的有機收入增長了 37%，其中精礦出貨量增長了 26%，價格/組合改進了 11%。

Unit case growth was 18%.

單位案件增長率為 18%。

Our shipments outpaced unit cases in the quarter and year-to-date due to cycling the destocking we experienced last year and certain timing impacts this year, including 5 additional days in the first quarter.

由於我們去年經歷的去庫存循環和今年的某些時間影響，包括第一季度增加了 5 天，我們的出貨量在本季度和年初至今都超過了單位案件。

Improvement in the away-from-home channels and positive segment mix from higher growth in our finished goods businesses positively impacted our price/mix.

成品業務增長加快導致非家庭渠道的改善和積極的細分市場組合對我們的價格/組合產生了積極影響。

Channel and package mix also affected comparable gross margin, which showed significant improvement relative to last year, even with certain inflationary costs like transportation coming through.

渠道和包裝組合也影響了可比毛利率，與去年相比，毛利率有了顯著改善，即使運輸等某些通貨膨脹成本正在通過。

As we said throughout the pandemic, our goal is to emerge stronger, and we are investing ahead of recovery as markets reopen.

正如我們在整個大流行期間所說的那樣，我們的目標是變得更強大，並且隨著市場重新開放，我們在復甦之前進行投資。

As a result, we have doubled our marketing dollars year-over-year, cycling the significant pullback from the same period last year.

結果，我們的營銷資金同比翻了一番，從去年同期大幅回落。

Even with the step-up in those investments, we delivered a 170 basis point improvement in comparable operating margins driven by the strong top line.

即使這些投資有所增加，在強勁收入的推動下，我們的可比營業利潤率也提高了 170 個基點。

Below operating income, we saw a benefit from improvement in our equity income as our bottling partners also emerged stronger as well as reduced interest expense on a comparable basis.

在營業收入之下，我們看到了權益收入改善帶來的好處，因為我們的裝瓶合作夥伴也變得更強大，並且在可比基礎上降低了利息費用。

As a result, second quarter comparable EPS of $0.68 was an increase of 61% year-over-year.

因此，第二季度可比每股收益為 0.68 美元，同比增長 61%。

We also delivered strong year-to-date free cash flow of approximately $5 billion, double last year's results.

我們還實現了強勁的年初至今自由現金流，約為 50 億美元，是去年業績的兩倍。

Our cash flow performance has also driven the return of our leverage to within the targeted range of 2 to 2.5x.

我們的現金流表現也推動我們的槓桿回報率在 2 至 2.5 倍的目標範圍內。

Since we reiterated guidance last quarter, the operating environment and our business have clearly improved.

自從我們上個季度重申指引以來，經營環境和我們的業務已經明顯改善。

Given the improvement year-to-date and the increased visibility, we are raising our outlook for the full year.

鑑於年初至今的改善和可見度的提高，我們正在提高對全年的展望。

We now expect to deliver year-over-year organic revenue growth of 12% to 14% and comparable EPS growth of 13% to 15% in 2021.

我們現在預計 2021 年有機收入同比增長 12% 至 14%，可比每股收益增長 13% 至 15%。

Our steady focus on cash generation continues to yield progress, and our updated guidance for free cash flow of at least $9 billion implies a dividend payout ratio significantly improved from where we began the year and is edging closer to our targeted level of 75% over the long term.

我們對現金產生的穩定關注繼續取得進展，我們對至少 90 億美元的自由現金流的最新指導意味著股息支付率比我們年初的水平有了顯著提高，並且正在接近我們在 75% 的目標水平。長期。

So as we think about the remainder of the year, a few things to keep in mind.

因此，當我們考慮今年剩餘的時間時，需要記住一些事情。

The recovery phase continues to be asynchronous, creating a dynamic demand environment, in addition to causing many parts of the supply chain to experience tightness as a result.

恢復階段繼續是異步的，創造了一個動態的需求環境，此外還導致供應鏈的許多部分因此而變得緊張。

While experiencing some isolated pressure points, our team is navigating the challenges well through supplier diversification and inventory management.

在經歷一些孤立的壓力點時，我們的團隊正在通過供應商多元化和庫存管理很好地應對挑戰。

Despite recent upward pressures in many commodities driven by the pandemic-related disruptions, we feel good about the rest of the year.

儘管近期許多大宗商品因大流行相關的中斷而面臨上行壓力，但我們對今年餘下的時間感覺良好。

And as we anticipate hedges rolling off in 2022, we are working with our system to take appropriate action in the back half of this year to manage the ongoing volatility using revenue growth management capabilities and supply chain productivity levers.

由於我們預計對沖將在 2022 年減少，我們正在與我們的系統合作，在今年下半年採取適當的行動，利用收入增長管理能力和供應鏈生產力槓桿來管理持續的波動。

With regard to marketing investment, we have 3 priorities: increase consumer-facing marketing spend toward levels similar to 2019, improve the quality of that spend and allocate the spend in a more targeted manner.

在營銷投資方面，我們有 3 個優先事項：將面向消費者的營銷支出增加到與 2019 年相似的水平，提高支出的質量，並以更有針對性的方式分配支出。

Our currency outlook continues to contemplate a tailwind of 1% to 2% to the top line and approximately 2% to 3% to comparable EPS in 2021 based on current spot rates and our hedge positions.

根據當前的即期匯率和我們的對沖頭寸，我們的貨幣前景繼續考慮到 2021 年收入增長 1% 至 2% 和可比每股收益約 2% 至 3%。

That said, the currency markets remain volatile and dependent on recovery from the pandemic as well as macroeconomic factors.

儘管如此，貨幣市場仍然動盪不定，並取決於從大流行中復蘇以及宏觀經濟因素。

We will also have some additional timing considerations with the leveling out of our concentrate shipments that are running a bit ahead year-to-date as well as 6 fewer days in the fourth quarter.

我們還將考慮一些額外的時間考慮，以使我們的精礦出貨量趨於平穩，這些出貨量比年初至今稍早，並且第四季度的天數減少了 6 天。

To summarize, our company and our system have tackled many challenges through the pandemic, but we are emerging stronger, thanks to the hard work of our people and the focus on our strategic priorities.

總而言之，我們的公司和我們的系統在大流行中應對了許多挑戰，但由於我們員工的辛勤工作和對戰略重點的關注，我們正在變得更加強大。

With our network organization up and running, we're on a path to operate more efficiently and effectively and to unlock the enormous potential we have in our brands and across our markets.

隨著我們的網絡組織的建立和運行，我們正走上一條更高效、更有效地運營的道路，並釋放我們在品牌和整個市場中擁有的巨大潛力。

As James mentioned earlier, we remain clear-eyed as we look at the rest of the year, with many markets continuing to face obstacles, such as the spread of the COVID-19 Delta variant, but others continue to see the benefits of reopening.

正如詹姆斯之前提到的，我們在今年餘下的時間裡保持清醒的頭腦，許多市場繼續面臨障礙，例如 COVID-19 Delta 變體的傳播，但其他市場繼續看到重新開放的好處。

Overall, we are pleased with our progress in the first half of the year, and we're grateful for the commitment from the stakeholders across our ecosystem that contributed to our results.

總體而言，我們對上半年取得的進展感到滿意，我們感謝整個生態系統中的利益相關者為我們的業績做出貢獻的承諾。

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 with 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。

Guys, so on the revenue front, in markets like the U.S. where COVID concerns have now dissipated, can you just discuss how quickly consumer behavior is coming back?

伙計們，在收入方面，在像美國這樣的市場，現在對 COVID 的擔憂已經消散，你能談談消費者行為恢復的速度有多快嗎？

How that compares versus what you originally expected?

這與您最初的預期相比如何？

Presumably, it's better than expected with the raise for your top line guidance, but how that impacts your strategy going forward.

據推測，您的頂線指導加薪比預期的要好，但這將如何影響您未來的戰略。

And maybe also what you see is the lasting changes in consumer behavior in some of those markets.

也許您還看到了其中一些市場中消費者行為的持久變化。

Yes.

是的。

Sure, Dara.

當然，達拉。

Well, firstly, I'm not sure I would characterize the U.S. as past COVID.

好吧，首先，我不確定我是否會將美國描述為過去的 COVID。

It certainly moved to a phase like several other markets where there's high levels of vaccination, where the COVID, the most serious parts of the COVID, are affecting mainly the unvaccinated as well as some of the vulnerable.

與其他幾個疫苗接種水平很高的市場一樣，它肯定進入了一個階段，其中 COVID 最嚴重的部分 COVID 主要影響未接種疫苗的人以及一些弱勢群體。

So it's not over, and we can see that in the numbers.

所以這還沒有結束，我們可以從數字中看到這一點。

If you -- if you just take a look for a second at what's happened in the U.S., a couple of interesting things as it's moved into this reopening phase.

如果您-如果您只是看一下美國發生的事情，那麼在進入重新開放階段時會發生一些有趣的事情。

Firstly, consumers.

首先，消費者。

As we've talked before on these calls, we've always believed that humans are social creatures and that once the restrictions come down and the panorama of the virus allows people with confidence to go out, that they will go back out, all of the away-from-home channels.

正如我們之前在這些電話會議上談到的那樣，我們一直認為，人類是社會性動物，一旦限制解除，病毒的全景讓人們有信心走出去，他們就會出去，所有離家出走的頻道。

They want to be social, and they will go after the experiences.

他們想要社交，他們會追求經驗。

And this you can see very much beginning to happen in the second quarter.

你可以看到在第二季度開始發生很多事情。

So if we look at our away-from-home channels, you can obviously see large rebounds compared to the second quarter last year, which is obviously logical given how much they fell last year.

因此，如果我們查看我們的非家庭頻道，您顯然可以看到與去年第二季度相比大幅反彈，考慮到去年的跌幅，這顯然是合乎邏輯的。

But they have not yet all reached the levels of 2019.

但它們尚未全部達到 2019 年的水平。

You can take a couple of channels like QSR, which was one of the ones that went down the least last year as they pushed delivery, as they pushed pickup and closed the in-room dinings.

您可以使用 QSR 等幾個渠道，這是去年下降最少的渠道之一，因為他們推動了送貨，因為他們推動了取貨並關閉了客房內用餐。

Those channels, even though many QSRs have still not yet fully reopened in restaurant dining, they have bounced back and are back kind of at or above 2019 levels.

這些渠道，儘管許多 QSR 尚未在餐廳用餐中完全重新開放，但它們已經反彈並回到了 2019 年或以上的水平。

So for example, QSRs did well, and they're doing very well now.

例如，QSR 做得很好，他們現在做得很好。

Whereas, if you take channels like bars and taverns, they went down by about 3 quarters -- last quarter -- Q2 last year.

然而，如果你使用酒吧和小酒館等渠道，它們下降了大約 3 個季度——上個季度——去年第二季度。

Now of course, they've reopened.

當然，現在他們已經重新開放。

People have flocked back, and they have gone up by 200-odd percent, but that still means they're not back to 2019 levels.

人們蜂擁而至，他們已經上漲了 200% 多，但這仍然意味著他們還沒有回到 2019 年的水平。

And you can go through the various away-from-home channels.

你可以通過各種離家出走的渠道。

Obviously, travel and transportation are very like bars.

顯然，旅行和交通很像酒吧。

So people who had a good second quarter last year generally held on or expanded on those gains in this 2021.

因此，去年第二季度表現良好的人通常會在 2021 年保持或擴大這些收益。

And some which have bounced back are still not there, in part because COVID restrictions are still not fully gone and confidence is still not fully back.

一些已經反彈的股票仍然不存在，部分原因是 COVID 限制仍未完全消除，信心仍未完全恢復。

But interestingly, and I think positively, from the Coca-Cola company's point of view, if you look at the at-home channels, those gains or those -- that extra consumer interaction with brands and products at home over the last 15 months has created some new behaviors and engagement with brands that may well be enduring.

但有趣的是，從可口可樂公司的角度來看，我認為是積極的，如果你看看家庭渠道，那些收益或那些——過去 15 個月內消費者與品牌和產品的額外互動已經創造了一些新的行為和與品牌的互動，這些行為很可能是持久的。

So it's quite possible that, over time, we will both regain the away-from-home business that we had before and hang on to some of the gains in the at-home.

因此，隨著時間的推移，我們很有可能會重新獲得我們之前擁有的離家業務，並保持在家中的一些收益。

I mean you can look at e-commerce, which was the poster child for growth in Q2 last year, which grew exponentially.

我的意思是你可以看看電子商務，它是去年第二季度增長的典型代表，呈指數級增長。

That has basically stabilized, grown a little bit this year.

這已經基本穩定下來，今年有所增長。

So they've held on to a step-up.

所以他們堅持了一步。

But you can also see that in some of the large stores, which obviously did well last year.

但你也可以在一些大型商店中看到這一點，去年顯然做得很好。

They continued to grow this year.

今年它們繼續增長。

So you're getting growth on growth.

所以你在增長中獲得增長。

And even the small stores that were impacted last year are bouncing back.

甚至去年受到影響的小商店也在反彈。

So net-net, if you look at the U.S., you see an enduring resilience in the step-up of the at-home business and a rebound in the away-from-home business that is in progress but not yet complete, and I think that's what's driving the business.

所以net-net，如果你看看美國，你會看到在國內業務的升級中具有持久的彈性，而在進行中但尚未完成的離家業務的反彈，我認為這就是推動業務發展的動力。

And that pattern, I think, is very visible if you look around other countries at like stages of development in the COVID trajectory.

我認為，如果您環顧處於 COVID 發展軌跡中類似發展階段的其他國家，這種模式是非常明顯的。

In other words, restrictions are coming down and there's a high percentage of the population vaccinated and, therefore, big reopening, whether it's the U.K. or other places going into Europe.

換句話說，限制正在減少，並且有很高比例的人口接種了疫苗，因此，無論是英國還是其他進入歐洲的地方，都將重新開放。

Your next question comes from Lauren Lieberman with Barclays.

您的下一個問題來自巴克萊銀行的 Lauren Lieberman。

Great.

偉大的。

John, you offered definitely some perspective on the, bigger picture, profitability.

約翰，你肯定提供了一些關於更大的圖景，盈利能力的觀點。

And I know this quarter was kind of a new high watermark on operating margins.

而且我知道本季度是營業利潤率的新高點。

But I was curious, if you think about the full year, and frankly, even into '22, how you're thinking about the ability to better leverage your sales growth as a result of some of the restructuring work that you've been doing, but also, in the vein of this, come out stronger, and what you've been able to achieve already and think you'll still be able to achieve in terms of changing package mix and premiumization.

但我很好奇，如果你考慮全年，坦率地說，甚至到 22 年，你是如何考慮通過你一直在做的一些重組工作而更好地利用你的銷售增長的能力，而且，在這種情況下，變得更強大，以及您已經能夠實現的目標，並且認為您仍然能夠在改變包裝組合和高端化方面實現目標。

So again, it's sort of a longer-term margin question with the awareness that perhaps this quarter is more timing than something directly related to my question.

再說一次，這是一個長期的保證金問題，因為意識到本季度可能比與我的問題直接相關的事情更合適。

Yes.

是的。

Thanks, Lauren.

謝謝，勞倫。

And you're right, it would take the rest of the call to explain all that's happened in the quarter, so I'll spare you.

你是對的，剩下的電話才能解釋本季度發生的所有事情，所以我會放過你。

But let's take a step back, and I think it's first -- the first part to your question -- or the first part of the answer is, let's think about the 2-year picture.

但讓我們退後一步，我認為這是第一部分——你的問題的第一部分——或者答案的第一部分是，讓我們考慮一下 2 年的情況。

In 2020, we saw -- at the gross margin line, we saw expansion driven primarily by a significant scale-back of our operating costs and marketing investments, even despite there being also some gross margin compression in the same period.

在 2020 年，我們看到 - 在毛利率線上，我們看到擴張主要是由於我們的運營成本和營銷投資的大幅縮減，儘管同期毛利率也有所壓縮。

In 2021, we are pleased with the progress year-to-date on getting gross margins back to where we would like them to be.

在 2021 年，我們對年初至今在將毛利率恢復到我們希望的水平方面取得的進展感到高興。

And I think we'll continue to see us get back close to 2019 levels by the end of the year.

而且我認為我們將繼續看到我們在今年年底前回到接近 2019 年的水平。

But we're also -- as James highlighted in the script, we're also very focused on investing in our brands, in our key markets for the future.

但我們也 - 正如詹姆斯在劇本中強調的那樣，我們也非常專注於投資我們的品牌，投資我們未來的關鍵市場。

We've seen a good step-up already year-to-date, and we continue to have that as a major priority for the second half of the year.

年初至今，我們已經看到了良好的進步，我們繼續將其作為下半年的主要優先事項。

So in a nutshell, if you take the 2-year picture, you're going to see -- on the operating margin front, you'll see 2021 is -- there will be some compression versus 2020, just given the nature of what I've just said, gross margins getting back, not quite there; significant focus on reinvesting back into the business for the mid to long term.

所以簡而言之，如果你拍攝 2 年的照片，你會看到——在營業利潤率方面，你會看到 2021 年——與 2020 年相比會有一些壓縮，只是考慮到什麼的性質我剛剛說過，毛利率正在恢復，但並不完全如此；重點關注中長期業務的再投資。

But the good news, I think, by the end of this year, '21 will be better than 2019.

但好消息是，我認為，到今年年底，'21 會比 2019 年好。

So that's first -- part 1.

這是第一部分——第 1 部分。

Part 2 is if you look at '22 onwards, we've talked about our flywheel driving the business from the top line through a much stronger marketing and innovation agenda to support the streamlined portfolio of brands that we now are focused on.

第 2 部分是，如果您從 22 年開始看，我們已經討論了我們的飛輪通過更強大的營銷和創新議程推動業務從營收增長，以支持我們現在關注的精簡品牌組合。

We've talked about innovation as being a continued driver of growth in the future.

我們已經將創新視為未來增長的持續驅動力。

And that all wraps into execution in the marketplace with our bottling partners and through a variety of levers, and not the least of which is our RGM lever.

這一切都與我們的裝瓶合作夥伴一起通過各種槓桿在市場上執行，其中最重要的是我們的 RGM 槓桿。

So going into '22, '23, '24, the goal is the same as it has been, it's to continue to be hyper-focused on improving our overall margin equation.

所以進入'22、'23、'24，目標和以前一樣，繼續高度關注改善我們的整體利潤率方程。

And Q2 was a good shot in the arm for us to continue on that path.

Q2 是我們繼續走這條路的好機會。

Our next question comes from Nik Modi with RBC.

我們的下一個問題來自 RBC 的 Nik Modi。

I was -- James, I was hoping you can talk a little bit about Wabi and the fact that you're rolling out to more countries.

我是——詹姆斯，我希望你能談談 Wabi 以及你正在向更多國家推出的事實。

Maybe if you could just give us some context on where exactly you're rolling it out.

也許如果你能給我們一些關於你在哪裡推出它的背景信息。

And what have you seen from that initiative and from a data standpoint?

您從該倡議和數據的角度看到了什麼？

Because I know you guys can get direct access to that, whereas maybe some other direct-to-consumer platforms, you won't get that data.

因為我知道你們可以直接訪問它，而也許其他一些直接面向消費者的平台，你不會獲得這些數據。

And if it's something that you think could work in the U.S. market.

如果它是你認為可以在美國市場上運作的東西。

Sure.

當然。

Wabi is a set of features in a digital ecosystem that allow us to both do direct to consumer, and I'll come back to specifically how, and to do B2B, both or either for just the beverages or for multi-category orders.

Wabi 是數字生態系統中的一組功能，允許我們直接面向消費者進行操作，我將回過頭來具體討論如何進行 B2B，或者僅針對飲料或多類別訂單。

Now predominantly, where we're using Wabi in partnership with our bottlers is more in the B2B space.

現在主要是，我們與裝瓶商合作使用 Wabi 的地方更多是在 B2B 領域。

We have done some experiments doing B2C.

我們做了一些做 B2C 的實驗。

But in the case of Wabi, the model that was used, which is very appropriate in Latin America, where you have a very high density of mom-and-pop stores, essentially, the consumer uses the Wabi app to place an order.

但就 Wabi 而言，使用的模式非常適合拉丁美洲，那裡有非常高密度的夫妻店，本質上，消費者使用 Wabi 應用程序下訂單。

If they want to have a whole set of Cokes and Fantas and Sprites or whatever, that order goes into the app, and the app then shops the order to the mom-and-pops that are nearest to the consumer.

如果他們想要一整套可樂、芬達和雪碧或其他什麼，該訂單進入應用程序，然後應用程序將訂單購物到離消費者最近的夫妻店。

And they can accept that order, much like a ride-hailing service.

他們可以接受這個訂單，就像打車服務一樣。

And given that they're likely to be 50, 100, 200 meters from the consumer in these high-density cities, they will just run -- round the product and deliver it in a very short space of time, 15, 20 minutes or less.

鑑於他們可能距離這些高密度城市的消費者 50、100、200 米，他們只會跑——繞著產品跑，並在非常短的時間內交付它，15、20 分鐘或較少的。

And so it is very interesting.

所以這很有趣。

And we've actually also used it -- used that platform with some of the QSR restaurants in places like Argentina to do the same thing.

我們實際上也使用了它——在阿根廷等地的一些 QSR 餐廳中使用該平台來做同樣的事情。

So it's an interesting experiment.

所以這是一個有趣的實驗。

We're getting a lot of insights and data.

我們得到了很多見解和數據。

We have also expanded on the B2C place to actually add other categories of other FMCG partners.

我們還擴展了 B2C 領域，以實際添加其他類別的其他快速消費品合作夥伴。

So now you can place an order at the mom-and-pop for a whole series of categories, not just beverages.

因此，現在您可以在夫妻店下訂單，購買一系列類別，而不僅僅是飲料。

So getting lots of interesting data and insights on that.

因此，獲得了很多有趣的數據和見解。

The other thing that we're doing with B2B with a number of the bottlers is using it to accelerate the digitization of one part of the relationship, particularly with the fragmented trade, whether it be mom-and-pops or restaurants and cafes around the world, which is, of course, now that the rollout of smartphones and smart devices everywhere is expanding, you don't necessarily need the salesperson to turn up at the store in order to capture an order.

我們正在與一些裝瓶商合作 B2B 的另一件事是使用它來加速關係的一部分的數字化，特別是在分散的貿易中，無論是夫妻店還是周圍的餐館和咖啡館世界，當然，現在智能手機和智能設備在各地的推廣都在擴大，你不一定需要銷售人員到商店來獲取訂單。

And so we're blending the use of the sales force to do -- drive account development and drive all the in-store activations that we know create impulse purchases and give us advantaged execution, but leverage the platforms to drive order-taking.

因此，我們正在混合使用銷售人員來做 - 推動帳戶開發並推動所有我們知道會產生衝動購買並為我們提供優勢執行的店內激活，但利用平台來推動訂單接受。

And again, we're getting a lot of learnings with the bottler on how that improves not just efficiency, but just as importantly, the effectiveness of the selling and the execution process.

再一次，我們從裝瓶商那裡學到了很多關於這不僅提高了效率，而且同樣重要的是，提高了銷售和執行過程的有效性。

Again, there are -- depending on where you are in the world, sometimes that's just a beverage approach.

同樣，有 - 取決於你在世界的哪個地方，有時這只是一種飲料方法。

But we've also got some experiments where it's a multi-category approach through the platform, and links to either wholesalers who deliver either all or the non-beverage categories, et cetera.

但我們也有一些實驗，它是通過平台的多類別方法，並鏈接到提供所有或非飲料類別的批發商，等等。

Anyway, standing back, the net of it is, we continue to see the ongoing digitization of the interaction, both of the consumer with the retailer and the retailer with the suppliers.

無論如何，退後一步，我們繼續看到互動的持續數字化，無論是消費者與零售商還是零售商與供應商。

And we think the Coke system globally, with our bottling partners, is in a tremendous position to expand our -- the depth of our relationship with the retailers.

我們認為，全球可口可樂系統與我們的裝瓶合作夥伴一起，處於擴大我們與零售商關係深度的巨大位置。

And we are being open-minded as to exactly what form that takes and working with them to drive a whole set of experiments to see what works.

我們對採取何種形式持開放態度，並與他們合作推動一整套實驗，看看什麼是有效的。

More to come.

更多即將到來。

Our next question comes from the line of Bryan Spillane with Bank of America.

我們的下一個問題來自美國銀行的 Bryan Spillane。

So I think it is just a follow-up to Lauren's question earlier around margins.

所以我認為這只是 Lauren 早些時候圍繞利潤提出的問題的後續行動。

And just two items, John, if you can provide.

約翰，如果你能提供的話，只有兩件。

One is just in terms of marketing for this year, I think I heard, the way I read it was that you've actually increased the spend or planning to increase the spend now more versus, I guess, what was in your original plan.

一個只是在今年的營銷方面，我想我聽說了，我讀到的方式是，您實際上已經增加了支出或計劃現在更多地增加支出，而我想，您最初的計劃是什麼。

And then the second is, I don't know if I missed it, but just can you give us kind of where we stand today in terms of how much of the savings from the reorganization have been captured?

然後第二個是，我不知道我是否錯過了它，但你能否告訴我們我們今天的立場，即重組節省了多少資金？

And how much more there is to go?

還有多少事情要做？

Thanks, Bryan.

謝謝，布萊恩。

Yes, on the first part, I think, again, looking at the year-to-date, I think we saw a big rebound in the second quarter.

是的，在第一部分，我認為，再次回顧年初至今，我認為我們在第二季度看到了大幅反彈。

We're doubling our spend on consumer-facing activities.

我們在面向消費者的活動上的支出增加了一倍。

And for the rest of the year, with an eye to both delivering the year, but also being well prepared for '22, we have a very, very robust investment agenda that will see us getting back to 2019 levels.

在今年剩下的時間裡，著眼於實現這一年，同時也為 22 年做好充分準備，我們有一個非常非常強大的投資議程，這將使我們回到 2019 年的水平。

And that's just comparing dollars.

這只是比較美元。

When you look under the hood, though, I think one of the big changes we've made in recent months is to improve the quality of that spend.

但是，當您深入了解時，我認為我們最近幾個月做出的重大改變之一就是提高了支出的質量。

And so my -- working within all of our objective is to be able to actually generate more with the same.

所以我的 - 在我們所有的目標內工作是能夠實際產生更多相同的東西。

And we're pleased with progress that we're making in that space, particularly as you think about some of the newer areas, digital media, et cetera.

我們對我們在該領域取得的進展感到高興，特別是當您考慮一些較新的領域、數字媒體等時。

Regarding the savings, it's a piece of the overall equation.

關於節省，這是整體方程式的一部分。

And I think, for me, rather than provide hard numbers, it gives us a degree of flexibility to invest behind some of the bigger bets, to think about our ongoing ability to pivot as market conditions dictate.

我認為，對我來說，與其提供硬性數字，不如說它給了我們一定程度的靈活性，可以在一些更大的賭注背後進行投資，考慮我們根據市場條件決定的持續能力。

And so it's really less around taking those savings to the bottom line and much more around having to flex to be well positioned to go after opportunities as we see them.

因此，將這些節省用於底線實際上並沒有那麼重要，而更多的是必須靈活地定位以抓住我們看到的機會。

Our next question comes from the line of Steve Powers with Deutsche Bank.

我們的下一個問題來自德意志銀行的史蒂夫鮑爾斯。

James, I don't know, maybe John wants to answer, too, but following up on where you started with Dara and panning out globally, the updated guidance from today seems to call for a further acceleration in underlying growth on a 2-year basis in the back half versus '19, especially at the top end of the range.

詹姆斯，我不知道，也許約翰也想回答，但是跟進你從 Dara 開始的地方並在全球範圍內推廣，今天的更新指導似乎要求在 2 年的基礎上進一步加速增長與'19相比，後半部分的基礎，尤其是在範圍的頂端。

And I guess, I'm curious where you see that most being sourced from, from a segment perspective, but also whether you have a bias as to that acceleration and sequential improvement being more volume-led versus '19, or price/mix-led as the system fights through inflation, or whether you see that as a bit of both.

而且我想，我很好奇您從細分市場的角度來看，大多數是從哪裡採購的，而且您是否對加速和連續改進更多地以數量為主導而不是 19 年或價格/混合-有偏見在系統與通貨膨脹作鬥爭時領先，或者您是否將其視為兩者兼而有之。

Just how you're thinking about the mix of revenue in the back half.

只是您如何考慮後半部分的收入組合。

Yes.

是的。

Sure.

當然。

So our expectations for the year, obviously, we said we wanted to get back to 2019 levels, and we made good progress.

所以我們對今年的期望，很明顯，我們說我們希望回到 2019 年的水平，我們取得了很好的進展。

And we believe we're emerging stronger, and we're obviously raising the guidance.

我們相信我們正在變得更強大，我們顯然正在提高指導。

As we look into the back half of the year, as John said, we're being clear-eyed about the puts and takes that exist out there.

正如約翰所說，當我們展望今年下半年時，我們對那裡存在的看跌期權持清晰的態度。

I think the first thing I would suggest to you is really take a look at the 2021, whether it's -- whichever quarter you want to look at and have it on a 2-year stack basis, whether that be the volume or the price/mix.

我認為我建議你的第一件事是真正看看 2021 年，無論是 - 無論你想看哪個季度，並在 2 年的基礎上擁有它，無論是數量還是價格/混合。

Obviously, you've got to look through the stocking and destocking of the gallons because, obviously, this time last year, we were destocking gallons rapidly.

顯然，你必須仔細檢查加侖的庫存和去庫存，因為很明顯，去年這個時候，我們正在迅速去庫存加侖。

And then notwithstanding the extra days in the first quarter, we've been restocking gallons in this second quarter.

然後，儘管第一季度有額外的天數，我們在第二季度一直在補充加侖。

But if you look at volume and price/mix on a 2-year basis, what we're expecting to see is, yes, some continued improvement into the back half of the year on a 2-year stacked volume basis as more countries get more vaccinations done and more restrictions come off.

但是，如果您以 2 年為基礎查看數量和價格/組合，我們期望看到的是，是的，隨著越來越多的國家獲得以 2 年疊加的數量為基礎，到今年下半年的一些持續改善完成了更多的疫苗接種，並取消了更多的限制。

Clearly, there's plenty of room for different things to happen, the famous asynchronization, because markets go up and markets go down.

顯然，有很多不同的事情發生的空間，著名的異步，因為市場上漲和市場下跌。

But generally speaking, we expect to see steady -- some steady, although very moderate, sequential improvements on a 2-year basis.

但總的來說，我們預計會在 2 年的基礎上看到穩定的、雖然非常溫和的連續改善。

And similarly, on a price/mix basis, we're looking -- actually, we start looking at price/mix on a 2-year basis in Q2, you see it in the sort of ballpark we've always talked about.

同樣，在價格/組合的基礎上，我們正在尋找 - 實際上，我們在第二季度開始以 2 年為基礎查看價格/組合，你會在我們一直談論的那種球場上看到它。

We've always talked about it in the long-term growth model, that we're kind of expecting 2% to 3% on price on any average year.

我們一直在長期增長模型中談論它，我們預計任何平均年份的價格都會上漲 2% 到 3%。

And when you start looking on an annual -- on a 2-year basis, so taking the annual increase, you start to see that in the second quarter.

當您開始查看年度 - 以兩年為基礎時，考慮年度增長，您會在第二季度開始看到這一點。

And so our expectations of price/mix are not to see something radically different, notwithstanding the 11% you saw in the second quarter.

因此，儘管您在第二季度看到了 11%，但我們對價格/組合的預期不會出現根本不同的情況。

Clearly, it's not going to continue at 11% because it's cycling a much more negative number in Q2 last year, which is heavily driven by package and channel mix.

顯然，它不會繼續保持在 11% 的水平，因為它在去年第二季度的循環負數要大得多，這在很大程度上受到了包裝和渠道組合的推動。

But once you look through all of that, we, in underlying terms, essentially maintaining the same approach that we have had historically pre-COVID during this kind of reopening.

但是，一旦您仔細研究了所有這些，從根本上講，我們基本上會保持與我們在這種重新開放期間歷史上在 COVID 之前所採用的相同方法。

Our next question comes from the line of Bonnie Herzog with Goldman Sachs.

我們的下一個問題來自高盛的 Bonnie Herzog。

I actually had a question on your guidance.

我實際上對您的指導有疑問。

You raised your full year outlook given the strength you saw in the quarter, but you didn't flow through the entire beat, especially on the bottom line, given your new guidance now suggests EPS growth in the second half will be negative.

鑑於您在本季度看到的強勁勢頭，您提高了全年展望，但您並沒有貫穿整個節拍，尤其是在底線上，因為您的新指引現在表明下半年每股收益增長將是負數。

So I was really hoping to understand the drivers behind this.

所以我真的很希望了解這背後的驅動因素。

Is it cost pressures that might have gotten worse in the last few months versus the planned stepped-up investments that you called out ahead of the recovery?

與您在復蘇前呼籲的計劃中加大投資相比，成本壓力在過去幾個月中可能會變得更糟嗎？

Thanks, Bonnie.

謝謝，邦妮。

A couple of comments.

一些評論。

One is, the first half of the year, we saw gallons ahead of cases, which we would expect to normalize in the second half of the year.

一個是，在今年上半年，我們看到病例數超過了加侖，我們預計下半年會正常化。

So I think you've got to factor that into account.

所以我認為你必須考慮到這一點。

Secondly, the first quarter, we had a few extra days, and they will come off in the fourth quarter.

其次，第一季度，我們有幾天的額外時間，他們將在第四季度結束。

So that's a big piece of the equation that we've designed for the full year.

所以這是我們為全年設計的方程式的重要組成部分。

And then secondly, as we've already discussed, in the investment space, too, where we would love to sort of end the full year with our marketing investments continuing to step up and margins back to better than '19, but not as strong as '20, so that's all factored in.

其次，正如我們已經討論過的那樣，在投資領域也是如此，我們希望在全年結束時，我們的營銷投資繼續增加，利潤率回升至優於 19 年，但沒有那麼強勁作為'20，所以這一切都考慮在內。

Our next question comes from the line of Kaumil Gajrawala with Credit Suisse.

我們的下一個問題來自瑞士信貸的 Kaumil Gajrawala。

Can you -- just may be oversimplifying it, but can you maybe help us -- your business has changed a bit in recent years, and maybe if you could just help us with what operating leverage looks like.

你能不能 - 只是可能過於簡單，但你能幫助我們 - 你的業務近年來發生了一些變化，也許你可以幫助我們了解運營槓桿的樣子。

Does the 5% revenue mean a 7% profit growth?

5%的收入是否意味著7%的利潤增長？

Does 6% revenue mean 10%?

6%的收入是否意味著10%？

Can you just give us an idea where the leverage lives down the P&L?

你能告訴我們槓桿在損益表中的位置嗎？

Yes.

是的。

I'd say that -- I'd refer us back to our long-term algorithm.

我會這麼說——我會讓我們回到我們的長期算法。

We're managing to, as we've been discussing, a very, very interesting period.

正如我們一直在討論的那樣，我們正在設法度過一個非常非常有趣的時期。

We still think that the -- when you take all the puts and takes with the businesses that we have at the moment, that the long-term algorithm is still one that best reflects what we can deliver over the coming years.

我們仍然認為 - 當您對我們目前擁有的業務進行所有投入時，長期算法仍然是最能反映我們在未來幾年可以提供的東西的算法。

Now clearly, if the business mix changes, we would need to review that.

現在很明顯，如果業務組合發生變化，我們將需要對其進行審查。

But I think the -- I'd just refer you back to the algorithm, and we don't see that changing in the foreseeable future.

但我認為 - 我只是將您推薦回算法，我們認為在可預見的未來不會發生變化。

Our next question comes from the line of Andrea Teixeira with JPMorgan.

我們的下一個問題來自摩根大通的 Andrea Teixeira。

So I just wanted to go back to the -- how the on-premise has been tracking as we will exit the quarter.

所以我只想回到 - 我們將退出本季度時，內部部署是如何跟踪的。

So I was hoping to see if you can -- it sounds -- James, it sounds that you're confident that we're seeing that lapping and, obviously, looking at the U.S. as an example, as you mentioned, you were quite confident that, worldwide, we're going to see that adding to the recovery and adding to the on -- at-home consumption.

所以我希望看看你能不能——聽起來——詹姆斯，聽起來你有信心我們看到了這種情況，顯然，以美國為例，正如你提到的，你很相信在全球範圍內，我們將看到這將促進復甦並增加持續的家庭消費。

So I was hoping to see how you exit the quarter in places where infections have come back on a global basis.

因此，我希望看到您如何在全球範圍內感染已經捲土重來的地方退出本季度。

And how can you quantify how volumes sit relative to 2019 levels?

您如何量化交易量相對於 2019 年的水平？

I think you called out, in developed, coming back to the same levels, but -- and how your mix, in terms of finished goods and single-serve, is relative to the 2019?

我認為你呼籲，在開發中，回到相同的水平，但是 - 就成品和單份而言，你的組合與 2019 年相比如何？

Sure.

當然。

I'll try and offer a few thoughts that might help.

我會嘗試提供一些可能會有所幫助的想法。

Clearly, when countries have gone -- when infections go up and greater restrictions have come back in during the course of the second quarter, you do see negative impacts on the business.

顯然，當國家離開時——當第二季度感染率上升和更大的限制措施重新出現時，你確實會看到對業務的負面影響。

Now over the last 15 months, we have worked very hard to make our business more adaptable and more agile and able to pivot in the restrictions to help the consumers get the beverages they love, but often, in the very short term, it impacts the business.

現在，在過去的 15 個月裡，我們一直在努力使我們的業務更具適應性和敏捷性，並能夠在限制中進行調整，以幫助消費者獲得他們喜愛的飲料，但通常，在很短的時間內，它會影響商業。

So if you look at places where infections have spiked up recently, in the second quarter, so Vietnam went into some restrictions.

因此，如果你看看最近在第二季度感染激增的地方，越南就採取了一些限制措施。

They've done a good job of avoiding large restrictions.

他們在避免大的限制方面做得很好。

And so they were doing -- they were doing fine the first few months of the year.

所以他們正在做 - 他們在今年的前幾個月做得很好。

And then all of a sudden, they've had some restrictions, and they were negative in June.

然後突然之間，他們受到了一些限制，並且在 6 月份是負面的。

Similarly, India, earlier in the quarter, brought in a strong set of restrictions and the business went negative.

同樣，本季度早些時候，印度實施了一系列嚴格的限制措施，導致業務出現負增長。

But then when they reopened, they bounced back.

但當他們重新開放時，他們又反彈了。

So clearly, whilst we have adapted the business and made it more resilient to levels of lockdown, when these do occur, wherever they do occur around the world, it's going to impact the business.

很明顯，雖然我們已經調整了業務並使其對鎖定級別更具彈性，但當這些確實發生時，無論它們在世界各地發生的任何地方，都會對業務產生影響。

We're going to bounce back quicker, and we're going to suffer less, but it is going to impact the business.

我們將更快地反彈，我們將遭受更少的痛苦，但這會影響業務。

And so as you think about the outlook, clearly, the direction of travel of COVID, its variants, the levels of infections and the levels restrictions are going to make a difference to the business.

因此，當您考慮前景時，很明顯，COVID 的傳播方向、其變體、感染水平和水平限制將對業務產生影響。

And then as it relates to immediate consumption and future consumption, if I look on a worldwide basis and I look on a 2-year stack rate, what you can see is that, now, we have steadily improved through the course of the pandemic such that the immediate consumption volumes are now slightly ahead of 2019 levels as we exited the second quarter in June.

然後因為它與即時消費和未來消費有關，如果我放眼全球，看看兩年的堆疊率，你可以看到，現在，我們在大流行的過程中穩步改善，例如當我們在 6 月結束第二季度時，當前的消費量現在略高於 2019 年的水平。

So -- and as I said in the opening, or in the reflections on that first question from Dara on the U.S., that has not been followed by a mirror-image decline in the at-home.

所以——正如我在開場時所說的，或者在 Dara 關於美國的第一個問題的反思中，這並沒有隨之而來的是家庭鏡像的下降。

Clearly, some of the at-home, on a 2-year stack basis, goes down because people are now out and about and at work.

顯然，一些在家工作的人（以 2 年為基礎）下降了，因為人們現在外出工作和工作。

And so you now see the 2 of them tracking -- you see the at-home tracking at the 2019 levels as well.

因此，您現在可以看到其中 2 個正在跟踪——您也可以看到 2019 年級別的家庭跟踪。

So that's why we feel that there's some sequential improvement coming in the downhill, moderate, but some.

所以這就是為什麼我們覺得下坡路會有一些連續的改善，適度的，但有些。

Our next question comes from the line of Rob Ottenstein with Evercore.

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

Great.

偉大的。

Can you please talk maybe a little bit more about headline pricing and promo intensity?

你能多談談標題定價和促銷強度嗎？

I think I heard you say that, in Q2, your pricing was sort of at historical levels of 2% to 3%.

我想我聽到你說，在第二季度，你的定價處於 2% 到 3% 的歷史水平。

I also heard you say that in the second half of the year, you would look to address higher input costs with revenue growth management initiatives.

我還聽到您說，在今年下半年，您將尋求通過收入增長管理計劃來解決更高的投入成本。

So maybe kind of talk about your thoughts on pricing in an environment where we've seen more inflation than we have in many years, and how able the consumer is in your key geographies to be able to take additional prices?

因此，也許可以談談您對在我們看到的通貨膨脹比多年來更多的環境中定價的想法，以及您主要地區的消費者能夠承受額外價格的能力如何？

Yes.

是的。

So clearly, obviously, the comments I made about pricing are on the 2-year stack basis.

很明顯，很明顯，我對定價的評論是基於 2 年堆棧的。

And we kind of see -- when one takes out the effects of channel and geography, what you would see, if you had all the data, but what I'm saying is that, over the course of the pandemic, we have taken a steady approach to pricing to continue to price for our brand strength and RGM.

我們有點看到 - 當一個人消除渠道和地理的影響時，如果你擁有所有數據，你會看到什麼，但我要說的是，在大流行期間，我們採取了穩定的定價方法繼續為我們的品牌實力和 RGM 定價。

And then, of course, we manage input cost increases over time.

然後，當然，我們管理投入成本隨著時間的推移而增加。

And we use our hedging strategies to not have -- to try and minimize the amount of sudden bumps.

我們使用我們的對沖策略來避免 - 盡量減少突然顛簸的數量。

Because our overall belief is that, if we focus on creating the growth of the beverage category for our retail customers ahead of their overall business, then that will be good for them, and that we will do and gain share within that overall strategy.

因為我們的總體信念是，如果我們專注於在零售客戶的整體業務之前為他們創造飲料類別的增長，那麼這將對他們有利，我們將在該整體戰略中採取行動並獲得份額。

And that is best executed through steady investment in brands, steady investment in execution and the use of RGM to meet the consumer with the pack size and the price points that they want.

最好通過對品牌的穩定投資、對執行的穩定投資以及使用 RGM 來滿足消費者所需的包裝尺寸和價格點。

And that includes then managing through the increases in input costs in a rational and staged way, and we obviously leverage hedging to make that easier for us to do.

這包括以理性和分階段的方式管理投入成本的增加，我們顯然利用對沖使我們更容易做到這一點。

And so we do believe that categories or those people who have brands that have strong consumer resonance will be able to pass through costs, as we have done historically.

因此，我們確實相信，擁有強烈消費者共鳴的品類或品牌的人將能夠像我們過去所做的那樣轉嫁成本。

We've -- whilst in the U.S., inflation has been very moderate for an extended period of time, as it has been in Europe, we have plenty of other countries in the world, which experienced high or double-digit levels of inflation.

我們已經 - 在美國，通脹在很長一段時間內一直非常溫和，就像在歐洲一樣，我們在世界上還有很多其他國家經歷了高或兩位數的通脹水平。

And so the strategy on how to manage through that and stay engaged with the consumer, to keep the momentum in the business and keep the margin structure steady or improving is a capability of the Coke system.

因此，如何管理並與消費者保持互動，保持業務發展勢頭並保持利潤結構穩定或改善的策略是可口可樂系統的一項能力。

Our next question comes from the line of Carlos Laboy with HSBC.

我們的下一個問題來自匯豐銀行的 Carlos Laboy。

James, about 3 to 4 years ago, you said you wanted more robust experimentation, small experiments become big experiments, drive collaboration and revenues, and we see this driving in Latin America.

詹姆斯，大約 3 到 4 年前，你說你想要更強大的實驗，小實驗變成大實驗，推動合作和收入，我們在拉丁美洲看到了這種推動。

But might you share with us, perhaps in some developed markets where we don't have as clear line of sight, how this is coming along?

但是，您能否與我們分享一下，也許在我們沒有那麼清晰的視線的一些發達市場，這是如何發生的？

And maybe are there some wins that really stand out in this area?

也許在這個領域有一些真正脫穎而出的勝利？

Sure.

當然。

Thanks, Carlos.

謝謝，卡洛斯。

I mean we continue to drive the collaborations and the innovations.

我的意思是我們繼續推動合作和創新。

If I just pick up a few of the ones that we've sort of elliptically connected to today, Wabi, which started in Latin America both as B2C and B2B, we have used the platform to work with bottlers in other parts of the world, whether that be Europe or beyond, on helping us work together to improve the digitization and the B2B capability beyond this.

如果我只是挑選一些我們今天有點省略的聯繫，Wabi，它在拉丁美洲以 B2C 和 B2B 的形式開始，我們已經使用該平台與世界其他地區的裝瓶商合作，無論是歐洲還是其他地區，都將幫助我們共同努力提高數字化和 B2B 能力。

So you're seeing expansions of those experiments out of Latin America.

所以你會看到這些實驗在拉丁美洲的擴展。

You'll see expansions of experiments in the U.S., whether it be AHA, which has continued to perform very well in the U.S. so far this year.

你會看到美國實驗的擴展，無論是 AHA，今年迄今為止在美國一直表現良好。

We've launched that in China.

我們已經在中國推出了它。

Or in fairlife, which has done very well in the U.S., we're taking that to China as well.

或者在美國做得很好的 fairlife，我們也把它帶到了中國。

And so there's some kind of moving from the west to the east.

所以有某種從西向東的移動。

You've got experiments that were taking place on Topo Chico Hard Seltzer, which kind of started in a way as a global idea.

你有在 Topo Chico Hard Seltzer 上進行的實驗，這在某種程度上是作為一個全球性的想法開始的。

It's now in each of the continents, and we've continued to expand it.

它現在遍布各大洲，我們還在繼續擴大它。

There are some things going on in Asia, in the kind of nonblack tea segments, where we experimented in some of the ASEAN countries, and it's expanding around.

亞洲正在發生一些事情，在非紅茶領域，我們在一些東盟國家進行了試驗，並且正在擴大。

So there really are some great experiments out there.

所以確實有一些很棒的實驗。

You could even go to some of the packaging ones like the use of rPET, 100% recycled PET, which is really a key factor in driving a circular economy around packaging materials.

您甚至可以使用一些包裝材料，例如使用 rPET、100% 可回收 PET，這確實是推動包裝材料循環經濟的關鍵因素。

It started really in Europe, coming to the U.S. recently with the 13-ounce bottle that we put into the marketplace.

它真正開始於歐洲，最近帶著我們投放市場的 13 盎司瓶子進入美國。

So we're never satisfied, as a kind of a philosophical starting point, but they're certainly starting to see more experiments happen out there and more discipline in working -- which aren't working and stopping them and which have legs to be taken to the next place.

所以我們從不滿足，作為一種哲學的起點，但他們肯定開始看到更多的實驗在那裡發生，更多的工作紀律 - 沒有工作和阻止他們，有腿可帶到下一個地方。

And interestingly, you're starting to see those experiments move in all directions.

有趣的是，你開始看到這些實驗向各個方向發展。

It's not just developed to developing or west to east or any one direction.

它不只是向發展或西向東或任何一個方向發展。

It's actually really starting to be ideas coming from all around the world and really having to go through and work out which ones deserve the shot at expanding globally.

實際上，它真的開始成為來自世界各地的想法，並且真的必須經歷並找出哪些值得在全球擴張的機會。

And if I may, James, I think, in the supply chain, also, there is, over the last 12 to 18 months, a tremendous amount of partnership collaboration that is delivering results in the individual entities across the world that I think will continue.

如果可以的話，詹姆斯，我認為，在過去的 12 到 18 個月裡，在供應鏈中，還有大量的合作夥伴合作正在世界各地的各個實體中取得成果，我認為這將繼續下去.

Our next question comes from the line of Kevin Grundy with Jefferies.

我們的下一個問題來自 Kevin Grundy 與 Jefferies 的對話。

Great.

偉大的。

A question for James, just picking up on the last line of questioning there around innovation.

詹姆斯的一個問題，剛剛回答了關於創新的最後一行問題。

My question is specifically for hard seltzers and some of the early success that you've had there.

我的問題是專門針對硬蘇打水和您在那裡取得的一些早期成功。

So James, you mentioned some of the early learnings.

所以詹姆斯，你提到了一些早期的學習。

I was hoping you could perhaps share those with us, particularly as it pertains to the seltzer category.

我希望你能與我們分享這些，特別是因為它與蘇打水類別有關。

And then, more broadly, James, whether the success that you've had in the alcohol space emboldens the company a bit for further exploration in alcohol sort of outside non-alc.

然後，更廣泛地說，詹姆斯，你在酒精領域取得的成功是否會讓公司更加大膽地進一步探索非酒精之外的酒精。

Your comments there would be helpful.

你的評論會有幫助。

Yes.

是的。

Sure.

當然。

So we're still very much in the learning phase.

所以我們仍然處於學習階段。

It's not a category we're familiar with, particularly with the alcohol.

這不是我們熟悉的類別，尤其是酒精。

It's got a number of important characteristics and regulatory characteristics and business characteristics that we need to learn about.

它有許多我們需要了解的重要特徵和監管特徵以及業務特徵。

So we have not got to the stage of concluding anything more strategic or coming to the point of view that there is a bigger vision for us out there in the flavored alcoholic beverage space.

因此，我們還沒有到得出任何更具戰略性的結論的階段，也沒有得出這樣的觀點，即我們在調味酒精飲料領域有更大的願景。

We want to learn and understand more before we decide anything, one direction or the other.

在我們決定任何事情之前，我們想學習和理解更多，一個方向或另一個方向。

As it relates to some of the learnings so far, I mean, clearly, what we've discovered is, obviously, it makes a difference if the category exists or doesn't exist in any particular country.

由於它與迄今為止的一些學習有關，我的意思是，很明顯，我們發現的是，很明顯，如果該類別在任何特定國家存在或不存在，它會有所不同。

I mean we're in 17 markets to date.

我的意思是迄今為止我們在 17 個市場。

We're on track to be in 28 markets around the world by the end of the year.

我們有望在今年年底前進入全球 28 個市場。

We're learning what it takes to compete where the category exists.

我們正在學習如何在存在該類別的地方進行競爭。

We're learning what it takes to help grow the category where it doesn't exist.

我們正在學習如何幫助發展不存在的類別。

So we're pleased, for example, in Latin America, where, for example, in Mexico, we're the #2 hard seltzer.

所以我們很高興，例如，在拉丁美洲，例如在墨西哥，我們是#2 硬蘇打水。

And getting some good traction and good velocity in Brazil where it's more of an undeveloped category, if there's more kind of development needed, and so we're trying to work out how that happens.

如果需要更多類型的開發，在巴西獲得一些良好的牽引力和良好的速度，它更像是一個未開發的類別，所以我們正在努力弄清楚這是如何發生的。

Similarly, in Europe, it's the #1 or 2 performer in terms of rates and velocity in Europe.

同樣，在歐洲，它在歐洲的速率和速度方面排名第一或第二。

And so I think it's very interesting what's happening there.

所以我認為那裡發生的事情非常有趣。

And obviously, in the U.S., it's got a lot of good traction.

顯然，在美國，它有很大的吸引力。

While it's still, of course, relatively small overall nationally, it's done particularly well where we have focused, or where Molson has focused to launch, which is in Texas.

當然，雖然它在全國范圍內仍然相對較小，但在我們關注的地方，或者 Molson 專注於在德克薩斯州推出的地方，它做得特別好。

And it's done very well in Texas, looking good in kind of the southern states, California, in Florida, too.

它在得克薩斯州做得很好，在佛羅里達州的南部各州、加利福尼亞州也做得很好。

Retail customers, we understand they're very bullish, lots of display activity and activity.

零售客戶，我們了解他們非常看好，大量的展示活動和活動。

So we're looking to see that continue to expand.

因此，我們希望看到這種情況繼續擴大。

Of course, we're conscious that the overall hard seltzer category has come down in terms of its overall growth rates in the U.S. That's not ultimately that big as a surprise to us because it is a category that has been predominantly an at-home channel category, much less bars and restaurants category.

當然，我們意識到整體硬蘇打水類別在美國的整體增長率已經下降。這最終對我們來說並不那麼令人驚訝，因為它是一個主要是家庭渠道的類別類別，更不用說酒吧和餐館類別。

And so as people have gone back out, clearly, some of those occasions have moved from at-home to away-from-home.

因此，隨著人們外出，很明顯，其中一些場合已經從在家轉移到了外出。

So it's not too surprising that some of the strong tailwinds the category got -- in the lockdowns, have lessened.

因此，該類別獲得的一些強勁順風——在封鎖中，已經減弱，這並不奇怪。

But we still think it's very interesting.

但我們仍然認為這很有趣。

It's got some long-term potential in the U.S. It's very on-trend for a lot of consumers.

它在美國有一些長期潛力。對於很多消費者來說，它非常流行。

And so we're continuing to look at that and push on that and invest to see where we can go.

因此，我們將繼續關注這一點並推動這一點並進行投資，看看我們可以去哪裡。

Our next question comes from the line of Sean King with UBS.

我們的下一個問題來自瑞銀的肖恩金。

How do you stand to benefit from the Olympics starting later this week, really, given a pandemic-driven disruption around the world?

鑑於全球大流行導致的中斷，您如何從本週晚些時候開始的奧運會中受益？

Can you shed any light on any marketing activation plans or just a general outlook on this opportunity given the pent-up sort of excitement for this type of event?

鑑於此類活動被壓抑的興奮感，您能否闡明任何營銷激活計劃或只是對這一機會的總體展望？

Yes, I mean in terms of -- kind of 2 ways of looking at it.

是的，我的意思是——有兩種看待它的方式。

One, those countries where the Olympics are broadcast too and then the actual activations in Japan itself.

第一，那些也轉播奧運會的國家，然後是日本本身的實際活動。

I mean clearly, in Japan, given the restrictions, we have dialed back all the physical activations and are supporting appropriately, keeping supply of beverages to the athletes, et cetera.

我的意思很清楚，在日本，鑑於這些限制，我們已經取消了所有的身體活動，並提供了適當的支持，繼續為運動員提供飲料等。

But the physical activation is essentially not going to happen.

但是物理激活基本上不會發生。

And then -- and so really, as much as anything, it's about leveraging the airtime that the Olympics are going to get in places like the U.S. to market our programs.

然後——實際上，最重要的是，它是關於利用奧運會在美國等地的播出時間來推銷我們的節目。

But very specific marketing activation at a large scale isn't going to happen, in part, it was like the uncertainty of whether they were going to happen or not led us to move away from having any large extra fixed cost investment in activating the market -- the Olympics for this year.

但是大規模的非常具體的營銷激活不會發生，在某種程度上，這就像它們是否會發生的不確定性導致我們放棄在激活市場方面進行任何大量額外的固定成本投資——今年的奧運會。

So we will leverage the airtime to market our brands.

因此，我們將利用通話時間來推銷我們的品牌。

You can still note -- even today, the deputy -- one of the people in Tokyo said that, "Who knows what's going to happen, whether it will actually start." So we very much are taking the approach of take away the physical activation, take away any fixed cost that can only be used in the event of the Olympics and use any rights and times we have for the general marketing of our brands.

你仍然可以注意到——即使在今天，副代表——東京的一位人士說，“誰知道會發生什麼，它是否真的會開始。”因此，我們非常採取取消物理激活的方法，取消任何只能在奧運會期間使用的固定成本，並使用我們擁有的任何權利和時間來進行我們品牌的一般營銷。

Our next question comes from the line of Laurent Grandet with Guggenheim.

我們的下一個問題來自古根海姆的 Laurent Grandet。

Got a question on Coca-Cola Zero, please.

有關於可口可樂零的問題，請。

You highlighted in your prepared remarks the relaunch of Coca-Cola Zero with new packaging and recipe boost further to Coke regular.

您在準備好的評論中強調了可口可樂零的重新啟動，新包裝和配方進一步提升了可口可樂常規。

So in countries where it has already been launched, is the volume upside you are seeing coming from regular actually or diets or competition?

因此，在已經推出它的國家，您看到的銷量上昇實際上是來自常規還是飲食或競爭？

So any color would help.

所以任何顏色都會有所幫助。

Yes, Laurent.

是的，勞倫特。

I mean we're -- obviously, the answer is it depends in a way because each country has a slightly different mix of started -- from the starting point of Zero or depending if you're in a country that still got Diet or Light and the size of Classic.

我的意思是我們 - 顯然，答案在某種程度上取決於，因為每個國家的開始組合略有不同 - 從零的起點或取決於你是否在一個仍然有節食或輕食的國家和經典的大小。

And so the starting point matters.

所以起點很重要。

Two, clearly, it's a mix of everything.

二，很明顯，它是所有東西的混合體。

What we like most about driving Coke Zero Sugar is that we get a lot of business that is not self-cannibalization.

我們最喜歡駕駛可樂零糖是因為我們得到了很多不是自我蠶食的業務。

If it was all just coming from Coke and Coke Light, it would be perhaps necessary, but not very exciting.

如果這一切都只是來自可口可樂和可口可樂，那也許是必要的，但不是很令人興奮。

What's exciting about it is that we are helping expand the Coke franchise.

令人興奮的是，我們正在幫助擴大可口可樂的特許經營權。

In other words, if you start standing back and looking at it globally, you can see both the growth of Coke original, the very fast Coke growth of Coke Zero, only some of which is coming from the cannibalization of Coke Light or Diet Coke, depending on wherever you are in the world.

換句話說，如果你開始退後一步，放眼全球，你可以看到可口可樂的原始增長，可樂零可樂的快速增長，其中只有一些來自可口可樂或健怡可樂的蠶食，取決於你在世界上的哪個地方。

So it's a net accretion to the Coke franchise.

所以這是對可口可樂特許經營權的淨增長。

Ladies and gentlemen, this concludes our question-and-answer session.

女士們，先生們，我們的問答環節到此結束。

I would now like to turn the call back over to James Quincey for any closing remarks.

我現在想將電話轉回給 James Quincey，以聽取任何結束語。

Thanks very much, everyone.

非常感謝大家。

As we said at the beginning, look, we're delivering on the priorities we set out for ourselves to emerge stronger.

正如我們在一開始所說的那樣，看，我們正在實現我們為自己設定的優先事項，以變得更強大。

Hopefully, you can see that in both the results and our guidance.

希望您能在結果和我們的指導中看到這一點。

And we just want to take the opportunity to thank once again the extraordinary effort of our associates, of our bottling partners and all our partners that have allowed us to deliver these results and to raise our guidance for the outlook.

我們只想藉此機會再次感謝我們的員工、裝瓶合作夥伴和所有合作夥伴的非凡努力，使我們能夠取得這些成果並提高我們對前景的指導。

Our system is strong.

我們的系統很強大。

Our bottling partners are strong.

我們的裝瓶合作夥伴很強大。

We continue to invest behind momentum and the huge growth opportunity ahead of us.

我們繼續在動力和我們面前的巨大增長機會背後進行投資。

Thanks for your interest, your investment and for joining us today.

感謝您的關注、投資和今天加入我們。

Ladies and gentlemen, this concludes today's conference call.

女士們，先生們，今天的電話會議到此結束。

Thank you for participating.

感謝您的參與。

You may now disconnect.

您現在可以斷開連接。