可口可樂 (KO) 2021 Q1 法說會逐字稿

At this time, I'd like to welcome everyone to the Coca-Cola Company's First Quarter Earnings Results Conference Call. Today's call is being recorded. If you have any objections, please disconnect at this time. (Operator Instructions) 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一季度收益結果電話會議。今天的電話正在錄音。如果您有任何異議，請在此時斷開連接。 （操盤手須知）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 Investor Relations, Financial Planning and Analysis. Mr. Leveridge, you may now begin.

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。 Leveridge 先生，您現在可以開始了。

(technical difficulty)

（技術難度）

Ladies and gentlemen, this is the operator. I apologize, but there will be a slight delay in today's conference. Please hold and the conference will resume momentarily. Thank you for your patience.

女士們，先生們，這是接線員。我很抱歉，但今天的會議會稍有延遲。請稍等，會議將立即恢復。感謝您的耐心等待。

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。

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. 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 gross and operating margins.

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。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. Following prepared remarks this morning, we'll turn the call over for your questions.

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最近定期美國證券交易委員會報告中包含的警示性聲明一起考慮。在今天早上準備好的發言之後，我們將把電話轉過來回答您的問題。

(Operator Instructions) Now I'll turn the call over to James.

（操作員說明）現在我將把電話轉給詹姆斯。

Thanks, Tim, and good morning, everyone. In what remains a highly dynamic environment, our first quarter results showed promising signs that a broader recovery is on the horizon. We're encouraged by early results in markets where mobility is on the rise.

謝謝，蒂姆，大家早上好。在仍然高度動態的環境中，我們的第一季度業績顯示出令人鼓舞的跡象，表明更廣泛的複蘇即將到來。我們對流動性正在上升的市場的早期結果感到鼓舞。

This morning, I'll share what we're seeing around the world and provide an update on the actions we've taken to accelerate our transformation, including improvements in our portfolio, innovation and marketing approaches enabled by the evolution of our culture and our network organization. Then I'll hand over the call to John to discuss the financial details of the quarter and how we'll continue to deliver on our objectives over the course of the year.

今天上午，我將分享我們在世界各地看到的情況，並提供我們為加速轉型而採取的最新行動，包括通過我們的文化和網絡組織。然後我將把電話交給約翰，討論本季度的財務細節，以及我們將如何在一年中繼續實現我們的目標。

In the first quarter, we positioned our business to recovery while executing against our emerging stronger agenda, equipping our system to win. At the start of the year, pandemic-related lockdowns were still impacting many markets. We moved quickly as conditions changed, improving along the way and getting better at managing each wave and its resulting lockdowns. During the quarter, we saw mobility increase in some parts of the world where lockdowns eased and vaccinations accelerated.

在第一季度，我們將業務定位於復蘇，同時執行我們新興的更強大的議程，為我們的系統贏得勝利。今年年初，與大流行相關的封鎖仍在影響許多市場。隨著條件的變化，我們迅速採取行動，一路進步，並在管理每一波浪潮及其導致的封鎖方面做得更好。在本季度，我們看到世界某些地區的流動性有所增加，這些地區的封鎖有所緩解，疫苗接種速度加快。

Leveraging our learnings, we drove sequential improvement in our business throughout the quarter. And while we saw mid-single-digit volume declines through mid-February, trends have improved since then. We're pleased to say that March marked a return to volume levels seen in March of 2019 prior to the pandemic.

利用我們的經驗，我們在整個季度推動了業務的連續改進。雖然我們在 2 月中旬看到了中個位數的銷量下降，但自那時以來趨勢有所改善。我們很高興地說，3 月的銷量水平已恢復到大流行之前的 2019 年 3 月。

We continue to see ongoing strength in at-home channels, offset by away-from-home trends, which have improved sequentially but remain pressured relative to pre-pandemic levels. We're working with our customers and bottling partners to sustain at-home momentum and capture improving away-from-home demand.

我們繼續看到家庭渠道的持續強勢，但被遠離家庭的趨勢所抵消，這種趨勢有所改善，但相對於大流行前的水平仍然存在壓力。我們正在與我們的客戶和裝瓶合作夥伴合作，以維持在家中的發展勢頭並抓住不斷提高的外出需求。

For example, in Latin America, our Prospera program with our bottlers helps the traditional trade thrive through assistance with their marketing efforts, resulting in outperformance in this critical channel.

例如，在拉丁美洲，我們與裝瓶商合作的 Prospera 計劃通過協助其營銷工作幫助傳統貿易蓬勃發展，從而在這一關鍵渠道中取得優異表現。

In Great Britain, we launched Open, a business accelerator program to support pubs, bars and cafes. In North America, Our use of meal bundles is driving incidents in pickup and delivery transactions with foodservice customers.

在英國，我們推出了 Open，這是一個支持酒吧、酒吧和咖啡館的商業加速器計劃。在北美，我們對套餐的使用正在推動與餐飲服務客戶的取貨和交付交易事件。

In 2020, we gained underlying share in both at-home and away-from-home channels, offset by negative channel mix. This continues to be the dynamic affecting our share year-to-date. Through our ongoing initiatives, and as away-from-home demand improves over the course of the year, we'll seek to build on these wins in 2021. There are clear opportunities to reaccelerate share positions as the recovery plays out, and we'll invest to drive momentum with focus and flexibility.

2020 年，我們在家庭和非家庭渠道的潛在份額均有所增加，但被負面渠道組合所抵消。迄今為止，這仍然是影響我們股票的動態。通過我們正在進行的舉措，並且隨著一年中外出需求的改善，我們將尋求在 2021 年在這些勝利的基礎上再接再厲。隨著復甦的進行，有明顯的機會重新加速股票頭寸，我們將投資以專注和靈活地推動發展勢頭。

In markets at the forefront of the recovery, we've seen early signs that our actions taken during the pandemic are helping us outpace recovery. It's important to note that the path to a full recovery remains asynchronous around the world. Many markets haven't yet turned a corner and are still managing through the restrictions.

在處於復蘇前沿的市場中，我們已經看到了早期跡象，表明我們在大流行期間採取的行動正在幫助我們加快復甦步伐。重要的是要注意，完全恢復的道路在世界各地仍然是異步的。許多市場尚未出現轉機，仍在通過限制進行管理。

Looking around the world. In Asia Pacific, China continues to lead the recovery with volume in the first quarter ahead of 2019 results and foot traffic almost back to pre-pandemic levels. Strong performance in India and Southwest Asia was driven by effective marketing across brands, affordable solutions and distribution expansion with 250,000 new outlets and 45% more new coolers. Despite the unexpected state of emergency earlier in the year, Japan expanded successful RGM initiatives geographically and across brands to help drive improvements later in the quarter.

環顧世界。在亞太地區，中國在 2019 年業績之前的第一季度繼續引領復甦，客流量幾乎恢復到大流行前的水平。印度和西南亞的強勁表現得益於跨品牌的有效營銷、負擔得起的解決方案和分銷擴張（新增 250,000 家門店和增加 45% 的新冷卻器）。儘管今年早些時候出現了意外的緊急狀態，但日本在地理上和跨品牌擴展了成功的 RGM 計劃，以幫助推動本季度晚些時候的改進。

In EMEA, vaccine rollout in Europe has been slower than anticipated, and many countries have been impacted by ongoing lockdowns. In Eurasia and Middle East, brand Coke recruited 4.4 million consumers through affordability packages and a focus on at-home occasions.

在歐洲、中東和非洲，歐洲的疫苗推出速度比預期的要慢，許多國家受到持續封鎖的影響。在歐亞大陸和中東，可口可樂品牌通過經濟實惠的套餐和專注於家庭場合吸引了 440 萬消費者。

New marketing campaigns drove improvement in flavored sparkling soft drinks, and Fuse Tea reached an all-time high value share in Turkey. In Africa, mass vaccination is expected to take longer than the developed markets. And despite ongoing volatility, Africa worked closely with our bottlers to deliver volume growth, led by stepped-up execution through cooler placement and affordability packs like returnable glass bottles.

新的營銷活動推動了風味氣泡軟飲料的改進，Fuse Tea 在土耳其的價值份額達到了歷史最高水平。在非洲，大規模疫苗接種預計需要比發達市場更長的時間。儘管波動持續不斷，但非洲與我們的裝瓶商密切合作以實現銷量增長，這主要是通過更冷的放置和可回收玻璃瓶等經濟實惠的包裝來加強執行。

In North America, the year is off to a good start. Ongoing strength in at-home channels was driven by core brands in our sparkling portfolio as well as Simply, Fair Life and Gold Peak, all with encouraging results. Away-from-home began to improve in March as vaccinations and mobility picked up.

在北美，今年開局良好。家庭渠道的持續實力受到我們閃亮產品組合中的核心品牌以及 Simply、Fair Life 和 Gold Peak 的推動，所有這些都取得了令人鼓舞的結果。隨著疫苗接種和流動性的增加，3 月份外出的情況開始有所改善。

In Latin America, we leveraged our core brand, digital initiatives and refillable packages to recover ahead of the economy and our industry despite ongoing restrictions. While from away-from-home continues to be impacted by lockdowns, we are expanding the at-home consumption opportunity, leveraging consumer dynamics like indulgence and single-serve multipacks.

在拉丁美洲，儘管持續受到限制，我們仍利用我們的核心品牌、數字計劃和可再填充包裝來領先於經濟和我們的行業復甦。雖然離家出走繼續受到封鎖的影響，但我們正在擴大在家消費的機會，利用放縱和單份合裝包等消費者動態。

Global Ventures continued to be impacted by lockdowns in the U.K., but as restrictions loosen, we're focusing on driving digital engagement and traffic back to the Costa stores. Costa Express machines continued to deliver strong performance.

Global Ventures 繼續受到英國封鎖的影響，但隨著限制的放鬆，我們正專注於推動數字參與和流量回到 Costa 商店。 Costa Express 機器繼續提供強勁的性能。

Turning to our transformation. Our operating units are up and running and off to a very good start in the rollout of our new model. Across markets, our newly networked organization has us working more collaboratively with the overall enterprise in mind. Our operating unit and category leadership teams are working together to identify the most promising combinations across the industry based on economic outlook, consumer trends, channel dynamics and execution imperatives.

轉向我們的轉變。我們的運營單位已經啟動並運行，並且在推出我們的新模型時有了一個很好的開端。在整個市場中，我們新建立的網絡組織讓我們與整個企業更加協作。我們的運營部門和品類領導團隊正在共同努力，根據經濟前景、消費者趨勢、渠道動態和執行要求，確定整個行業最有前途的組合。

We're using more disciplined resource allocation to capture the biggest opportunities while making ongoing portfolio decisions faster and at scale. We're focused on our streamlined growth portfolio, actively and thoughtfully transitioning brands to more powerful trademarks using a phased approach to bringing the consumer with us on the journey. And we're maximizing shelf space for new product launches and higher velocity products to drive higher quality growth.

我們正在使用更規範的資源分配來抓住最大的機會，同時更快、更大規模地做出持續的投資組合決策。我們專注於我們精簡的增長組合，使用分階段的方法積極和深思熟慮地將品牌轉變為更強大的商標，讓消費者與我們一起踏上旅程。我們正在為新產品發布和更高速度的產品最大化貨架空間，以推動更高質量的增長。

As we discussed at CAGNY, we're focusing on what we do best, marketing our loved brands in more efficient and effective ways. Our Sprite Let's be Clear campaign kicked off in markets from Asia to Africa to Latin America. The message is resonating with consumers, with impressions, views and engagement levels above last year and intent-to-purchase metrics showing promising signs. This campaign aligns with our transition to a more sustainable clear bottle, which is important in helping us achieve our World Without Waste goals.

正如我們在 CAGNY 所討論的，我們專注於我們最擅長的事情，以更有效的方式營銷我們喜愛的品牌。我們的 Sprite Let's be Clear 活動在亞洲、非洲和拉丁美洲等市場啟動。該信息引起了消費者的共鳴，印象、觀點和參與度高於去年，購買意向指標顯示出有希望的跡象。該活動符合我們向更可持續的透明瓶的過渡，這對於幫助我們實現無浪費世界目標非常重要。

Our media and creative agency reviews are progressing, and we're also executing more targeted opportunities in addition to the big strategic shifts. For instance, we've taken a scaled, digitized approach to buying trade materials, resulting in an up to 15% cost reduction and improved user experience, all while offering more consistent, better quality and sustainable alternatives. We've extended this [pooled] buying opportunity to our bottlers, many of whom are already on board to share the benefits system-wide.

我們的媒體和創意機構審查正在取得進展，除了重大的戰略轉變外，我們還在執行更有針對性的機會。例如，我們採用規模化、數字化的方式購買貿易材料，從而將成本降低 15% 並改善用戶體驗，同時提供更一致、質量更好和可持續的替代品。我們已將這種 [匯集] 購買機會擴展到我們的裝瓶商，其中許多人已經加入，以在整個系統範圍內分享利益。

Our more disciplined innovation approach is yielding results as we balance big bets with intelligent experimentation. Using our network approach, we are scaling our best innovations quickly and effectively while being disciplined with those that don't get the traction required for further investment. Local experiments like Aquarius with functional benefits and Ayataka Cafe Matcha Latte in Japan, Kantar's exciting mystery flavor innovation in Europe and package innovations like the 13.2-ounce recycled PET bottle in North America, could all be lifted and shifted globally over time, similar to what we're doing this year with a half-flavored sparkling water.

當我們在大賭注與智能實驗之間取得平衡時，我們更加嚴謹的創新方法正在取得成果。使用我們的網絡方法，我們正在快速有效地擴展我們最好的創新，同時對那些沒有獲得進一步投資所需牽引力的人進行紀律處分。具有功能優勢的 Aquarius 和日本的 Ayataka Cafe Matcha Latte 等本地實驗、Kantar 在歐洲令人興奮的神秘風味創新以及北美 13.2 盎司可回收 PET 瓶等包裝創新，都可以隨著時間的推移在全球範圍內提升和轉移，類似於今年我們用的是半味蘇打水。

Our big bets for 2021 include ongoing work to scale our coffee platform under Costa. We're expanding ready-to-drink coffee in China and taking a portfolio approach to complement our powerful Georgia coffee brand in Japan.

我們在 2021 年的大賭注包括正在進行的擴大我們在 Costa 旗下的咖啡平台的工作。我們正在中國擴展即飲咖啡，並採取組合方式來補充我們在日本強大的喬治亞咖啡品牌。

We're also rolling out an enhanced formula and package design for Coca-Cola Zero Sugar this month in Europe and Latin America and across markets globally later this year. The improved recipe brings its taste even closer to that as the iconic Coca-Cola original taste. This was influenced by consumer insight and our focus on constant improvement.

本月，我們還將在歐洲和拉丁美洲以及今年晚些時候在全球市場推出可口可樂零糖的增強配方和包裝設計。改進後的配方使其味道更接近於標誌性的可口可樂原味。這受到消費者洞察力和我們對持續改進的關注的影響。

And despite its enormous success, Coca-Cola Zero Sugar still represents a relatively small percentage of the trademark, and we continue to respond to consumer desires for lower sugar options, and the rollout will be supported by a global occasion-based marketing campaign.

儘管取得了巨大的成功，但可口可樂零糖在商標中所佔的比例仍然相對較小，我們將繼續響應消費者對低糖選擇的需求，並且這一推出將得到基於全球場合的營銷活動的支持。

Finally, it's early days, but we're excited to come back and report on our expanded experimentation in flavored alcoholic beverages with Topo Chico Hard Seltzer in Latin America, Europe, and most recently, the U.S.

最後，現在還處於早期階段，但我們很高興能回來報告我們在拉丁美洲、歐洲以及最近在美國使用 Topo Chico Hard Seltzer 在調味酒精飲料方面的擴展實驗。

We also continue to rapidly digitize our ecosystem. For example, our chat body in South Africa engages with consumers on social media to increase away-from-home transactions. In China, we've used digital campaigns to harness consumer data to drive traffic and incidents leading to incremental growth. We're using machine learning and AI tools to stay on top of a rapidly evolving consumer trends and identify emerging needs.

我們還繼續快速數字化我們的生態系統。例如，我們在南非的聊天機構通過社交媒體與消費者互動，以增加外出交易。在中國，我們使用數字營銷活動來利用消費者數據來推動流量和事件，從而實現增量增長。我們正在使用機器學習和人工智能工具來緊跟快速發展的消費趨勢並確定新興需求。

Our dedicated digital transformation structure and leading to strong online to offline growth. We've seen e-commerce share gains in our key advanced markets like North America, Japan and Great Britain, and in markets like Turkey, where the channel is still developing, with more than tripled sales and gained almost 10 points of share versus last year. As always, we are supporting these initiatives with strong revenue growth management and execution.

我們專注於數字化轉型結構，並帶來強勁的線上到線下增長。我們已經看到電子商務在北美、日本和英國等主要發達市場以及土耳其等渠道仍在發展的市場中的份額有所增長，銷售額增長了兩倍多，份額比上一個增長了近 10 個百分點年。與往常一樣，我們通過強大的收入增長管理和執行來支持這些舉措。

Through RGM, we continue to capture at-home occasions with multipack options in both premium and affordable segments, while expanding distribution of smaller packaging like our slick cans in China. And we have affordability plays like our successful refillables in Latin America, the Philippines and now, Africa. And as part of our new organization, we're dedicating more resources to RGM, continuing to raise the bar to even higher standards.

通過 RGM，我們繼續在高端和經濟實惠的細分市場中提供多件裝選項來捕捉家庭場合，同時擴大我們在中國的光滑罐等小型包裝的分銷。我們有負擔得起的遊戲，比如我們在拉丁美洲、菲律賓和現在的非洲成功的可再填充產品。作為我們新組織的一部分，我們正在為 RGM 投入更多資源，繼續將標準提高到更高的標準。

In many markets, we're working with our bottling partners to optimize cooler placement, driving incremental volume through outstanding customer service, higher cooler productivity and innovation. Our bottling partners are executing strongly. And together, we are working on initiatives across the enterprise to identify more efficiencies. We're operating in a networked way, leveraging our platform services organization to scale our collective data, marketing, digital and supply chain capabilities.

在許多市場，我們正與我們的裝瓶合作夥伴合作，優化冷卻器放置，通過出色的客戶服務、更高的冷卻器生產力和創新來增加產量。我們的裝瓶合作夥伴執行力很強。我們正在共同製定整個企業的計劃，以提高效率。我們以網絡化的方式運營，利用我們的平台服務組織來擴展我們的集體數據、營銷、數字和供應鏈能力。

Our system continues to evolve, as shown by the pending combination of Coca-Cola European Partners and Coca-Cola Amatil. And just this morning, we announced our intent to list Coca-Cola Beverages Africa as an independent African bottler through an initial public offering.

我們的系統不斷發展，可口可樂歐洲合作夥伴和可口可樂 Amatil 的待定合併表明了這一點。就在今天早上，我們宣布打算通過首次公開募股將 Coca-Cola Beverages Africa 列為獨立的非洲裝瓶商。

I'm especially proud of how we are delivering on our purpose as a company. Every action is guided by our ambition to create a more sustainable business and better shared future that makes a difference in people's lives, our communities and the planet. Throughout the pandemic, we focused on helping communities through relief funds from the company and the Coca-Cola Foundation. In this next phase, we are supporting vaccination efforts in regions where distribution has been slower.

作為一家公司，我對我們如何實現我們的目標感到特別自豪。我們的每一項行動都以我們的雄心為指導，即創造一個更可持續的業務和更美好的共同未來，從而改變人們的生活、我們的社區和地球。在整個大流行期間，我們專注於通過公司和可口可樂基金會的救濟資金幫助社區。在下一階段，我們將支持分佈較慢的地區的疫苗接種工作。

For instance, in Brazil, our system has partnered with the country's Ministry of Health Co-creator Vaccine Awareness campaign. We're using our network to deliver 700,000 doses with vaccine information to more than 350,000 mom-and-pop stores.

例如，在巴西，我們的系統與該國衛生部共同發起的疫苗意識運動合作。我們正在使用我們的網絡向超過 350,000 家夫妻店提供 700,000 劑疫苗信息和疫苗信息。

Tomorrow, we'll release our 2020 business and ESG report, where we will highlight last year's progress. While 2020 was a milestone year in terms of meeting and exceeding some previous goals like women's empowerment and global water replenishment, we continue to work toward an even more ambitious agenda. This includes our 2025 and 2030 packaging goals, our 2030 climate goal and our new 2030 water security strategy with more details to come later this year.

明天，我們將發布 2020 年業務和 ESG 報告，重點介紹去年的進展。雖然 2020 年是實現並超越以前的一些目標（如增強婦女權能和全球補水）的里程碑之年，但我們將繼續朝著更加雄心勃勃的議程努力。這包括我們的 2025 年和 2030 年包裝目標、我們的 2030 年氣候目標和我們新的 2030 年水安全戰略，更多細節將在今年晚些時候公佈。

In conclusion, we're optimistic about the future and bullish about our ability to continue to deliver on the objectives we laid out at the height of the crisis, more consumers, more share, better system economics and a positive stakeholder impact.

總之，我們對未來持樂觀態度，並看好我們有能力繼續實現我們在危機最嚴重時制定的目標、更多消費者、更多份額、更好的系統經濟性和積極的利益相關者影響。

Now I'll turn the call to John to discuss how we're delivering results through a continued dynamic environment.

現在我將把電話轉給 John，討論我們如何通過持續的動態環境交付成果。

Thank you, James, and good morning to everybody on the call. Today, I will highlight our first quarter performance and go over our top line and earnings guidance, which we are reiterating. Then I'll provide a progress update on working capital, our ability to manage through the current commodity environment and other factors that may impact our outlook.

謝謝你，詹姆斯，大家早上好。今天，我將重點介紹我們第一季度的業績，並回顧我們正在重申的收入和收益指導。然後，我將提供有關營運資金、我們在當前商品環境中的管理能力以及可能影響我們前景的其他因素的最新進展。

2021 is off to a good start with the quarter showing steady sequential monthly improvement. We're leveraging our learnings and strategic initiatives from 2020 and leaning into growth in a thoughtful way. Our Q1 organic revenue was up 6%, driven by concentrate shipments up 5% and price/mix improvement of 1%.

2021 年開局良好，本季度環比穩步改善。我們正在利用我們從 2020 年開始的學習和戰略舉措，並以深思熟慮的方式實現增長。在精礦出貨量增長 5% 和價格/組合改善 1% 的推動下，我們的第一季度有機收入增長了 6%。

While shipments benefit from certain timing impacts and the 5 additional days this quarter versus last year, unit case volume was flat versus the toughest quarterly compare of 2020 and March volume was in line with 2019 levels, largely driven by strength in Asia Pacific. Comparable gross margins, although still down year-over-year, improved sequentially, driven by less pressure from channel and package mix. While currency was still somewhat of a drag, it was less of a headwind than prior quarters.

雖然出貨量受益於某些時間影響以及本季度與去年相比增加了 5 天，但單位箱量與 2020 年最艱難的季度相比持平，3 月量與 2019 年水平一致，主要受亞太地區實力的推動。可比的毛利率雖然仍同比下降，但由於渠道和包裝組合的壓力較小，環比有所改善。儘管貨幣仍然有些拖累，但與前幾個季度相比，阻力較小。

Comparable operating margin expanded through ongoing disciplined cost management. We continue to reintroduce marketing spend in a targeted way, particularly as we ramp up investments in markets that are seeing recovery. First quarter comparable EPS of $0.55 is an increase of 8% year-over-year and was driven by top line growth, margin improvement and some contribution from equity income, offset by currency headwinds.

通過持續嚴格的成本管理擴大了可比的營業利潤率。我們繼續以有針對性的方式重新引入營銷支出，特別是在我們加大對正在復甦的市場的投資時。第一季度可比每股收益為 0.55 美元，同比增長 8%，這是由收入增長、利潤率提高和股票收入的一些貢獻推動的，但被貨幣逆風所抵消。

Regarding our ongoing tax case with the IRS. There are no material updates since our last report. Our decisions and actions from last year certainly were not easy, but we are seeing the results of our efforts start to come through, and our organization is embracing the changes as we move forward into the recovery phase.

關於我們與美國國稅局正在進行的稅務案件。自我們上次報告以來沒有重大更新。我們去年的決定和行動當然並不容易，但我們看到我們的努力開始取得成果，我們的組織正在接受這些變化，因為我們正進入恢復階段。

We've stayed very focused on driving a healthy top line, and we remain on a journey to maximize returns, including strong cash flow generation. We never relented on our cash flow goals and indeed have had an even sharper focus on managing capital spend and working capital. Since we embarked on a journey toward best-in-class working capital performance, we've made great strides in extending our payment terms, generating a working capital improvement of more than $1 billion over 2 years.

我們一直非常專注於推動健康的收入，我們仍在努力實現回報最大化，包括產生強勁的現金流。我們從未放棄我們的現金流目標，並且確實更加關注管理資本支出和營運資本。自從我們踏上實現一流營運資本績效的旅程以來，我們在延長付款期限方面取得了長足的進步，在 2 年內創造了超過 10 億美元的營運資本改善。

In the same vein, we are implementing accounts receivables factoring programs, which are rolling out across a number of markets and also looking at initiatives to better manage inventory days. At the center of these efforts is a robust digitization and automation agenda.

同樣，我們正在實施應收賬款保理計劃，該計劃正在多個市場推出，並且還在研究更好地管理庫存天數的舉措。這些努力的核心是強大的數字化和自動化議程。

In addition, and you've heard us talk conceptually about the network model, this is a great example of the network in action. And when you put the right people from different parts of the organization against key initiatives, it delivers a step change in performance.

此外，您已經聽到我們從概念上談論網絡模型，這是一個很好的網絡實例。當您將來自組織不同部門的合適人員與關鍵計劃相結合時，它會在績效方面發生重大變化。

Last quarter, we said that despite a rising commodity environment, we expected a relatively benign impact in 2021, given our hedged positions. While this continues to be the case, we're closely monitoring upward pressure in some inputs such as high fructose corn syrup, PET, metals and other packaging materials as they impact us as well as our bottling partners.

上個季度，我們表示，儘管商品環境上升，但鑑於我們的對沖頭寸，我們預計 2021 年的影響相對溫和。雖然這種情況繼續存在，但我們正在密切關註一些投入品的上行壓力，例如高果糖玉米糖漿、PET、金屬和其他包裝材料，因為它們會影響我們以及我們的裝瓶合作夥伴。

Given the environment, we'll continue to benefit from revenue growth management initiatives. Through an intelligently diverse price pack architecture, we can produce a range of options that meet the needs of consumers across the income spectrum while also capturing value for customers. 2020 provided great learnings on how to be more surgical and data-driven in our promotions and we'll continue to be purposeful in our approach, driven by the consumer and the strength of our brands. We'll also continue to pursue productivity across the supply chain, pushing all levers at our disposal.

鑑於環境，我們將繼續受益於收入增長管理計劃。通過智能多樣化的價格包架構，我們可以提供一系列選項，滿足不同收入範圍內消費者的需求，同時為客戶獲取價值。 2020 年為我們在促銷活動中如何更加外科手術和數據驅動提供了很好的學習，我們將在消費者和我們品牌實力的推動下，繼續在我們的方法中保持目標。我們還將繼續追求整個供應鏈的生產力，推動我們可以使用的所有槓桿。

Since we last provided guidance, the U.S. dollar has strengthened. And as we noted in our release, we now expect currency to be a tailwind of approximately 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. For the full year, we now expect an underlying effective tax rate of 19.1%.

自我們上次提供指導以來，美元已經走強。正如我們在新聞稿中指出的那樣，根據當前的即期匯率和我們的對沖頭寸，我們現在預計 2021 年貨幣對收入的影響約為 1% 至 2%，對可比每股收益約為 2% 至 3%。對於全年，我們現在預計基本有效稅率為 19.1%。

Putting it all together, our quarterly performance and the momentum we saw in March give us confidence in our ability to achieve our 2021 guidance. We expect high single-digit organic revenue growth and high single-digit to low double-digit growth in comparable earnings per share. We still expect recovery to be asynchronous and to see signs of a return to normal in more markets later in 2021. We are preparing our end-to-end supply chain for stronger demand and we'll fuel the momentum in recovering markets as they emerge from the pandemic by accelerating investments in our brands.

總而言之，我們的季度業績和我們在 3 月份看到的勢頭讓我們對實現 2021 年指導方針的能力充滿信心。我們預計可比每股收益實現高個位數有機收入增長和高個位數至低兩位數增長。我們仍然預計復甦將是異步的，並會在 2021 年晚些時候看到更多市場恢復正常的跡象。我們正在為更強勁的需求準備我們的端到端供應鏈，我們將推動市場復甦的勢頭通過加快對我們品牌的投資來擺脫大流行。

There's no doubt that uncertainty remains. Europe continues to see challenges. And many countries in regions like Latin America and Africa expect further waves and slower vaccine distribution. And India is seeing a surge in cases and responding with localized lockdowns. But as we begin to lap the most difficult periods from last year, we feel good about our position and our ability to navigate the environment as a company and as a system. Based on the lessons we've learned and the agility provided by our new network organization, we remain confident that our actions and the progress we've made will enable us to deliver 2021 earnings at or above 2019 levels.

毫無疑問，不確定性依然存在。歐洲繼續面臨挑戰。拉丁美洲和非洲等地區的許多國家預計會出現更多浪潮和疫苗分發速度放緩。印度的病例激增，並採取了局部封鎖措施。但隨著我們開始經歷去年以來最困難的時期，我們對自己的地位以及作為一家公司和一個系統駕馭環境的能力感到滿意。基於我們吸取的經驗教訓和新網絡組織提供的敏捷性，我們仍然相信，我們的行動和取得的進展將使我們能夠在 2021 年實現或高於 2019 年水平的收益。

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 the line of 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。

So clearly, top line growth in Q1, it recovered to a greater extent than the market expected. You guys mentioned a good start to the year, the sequential improvement. So I guess, a, can you just discuss volume trends in March in markets where restrictions have loosened and mobilities picked up, such as the U.S.? Maybe contrast that with the markets where restrictions are still in place and what that portends going forward? And then, b, totally understand it's a very fluid environment. But with March volume already back to 2019 levels, the top line upside in the quarter, can you just help me understand the unchanged full year top line outlook? Is it just that it's early given the volatility? We only have 1 quarter in the books to become more positive on the full year. Just sort of trying to understand your mindset on the full year revenue guidance relative to the Q1 upside.

所以很明顯，第一季度的收入增長，其恢復程度比市場預期的要大。你們提到了今年的良好開端，連續改善。所以我想，a，您能否僅討論 3 月份限制放鬆且流動性增加的市場（例如美國）的銷量趨勢？也許與仍然存在限制的市場形成對比，這預示著未來的發展？然後，b，完全理解這是一個非常流動的環境。但隨著 3 月份的銷量已經回到 2019 年的水平，該季度的收入上行，你能幫我理解不變的全年收入前景嗎？只是考慮到波動性還為時過早嗎？我們只有 1 個季度在全年變得更加積極。只是想了解你對相對於第一季度上行的全年收入指導的看法。

Sure. Thanks, Dara. So firstly, the first quarter was strong. Absolutely, we gained momentum, and we achieved that good momentum in the first quarter, which is really the fruition of the emerging stronger plan we set out a year ago, saying we wanted to get back to 2019 levels well ahead of the economy by gaining more share, more customers, better system economics. And I think that's what you're starting to see happen in the first quarter. And obviously, we've been driving that by focusing on the brands and on the innovation. And the bottlers have been executing in the marketplace, and it's certainly heartening to see us get back to 2019 volume levels in March.

當然。謝謝，達拉。因此，首先，第一季度表現強勁。毫無疑問，我們獲得了動力，我們在第一季度實現了良好的動力，這確實是我們一年前製定的新興更強計劃的成果，我們說我們希望通過獲得更多的份額，更多的客戶，更好的系統經濟性。我認為這就是你在第一季度開始看到的情況。顯然，我們一直在通過專注於品牌和創新來推動這一點。裝瓶商一直在市場上執行，看到我們在 3 月份恢復到 2019 年的銷量水平當然令人振奮。

And we did all of that whilst doing -- finishing the implementation of the reorganization. So the employees on the company side were able to both deliver the results and stand up the new organization with the operating units and platform services and really hit the ground running. So I think it's actually a super creditable performance in the first quarter.

我們在完成所有這些工作的同時完成了重組的實施。因此，公司方面的員工既能夠交付成果，又能夠通過運營單元和平台服務支持新組織，並真正開始運作。所以我認為這實際上是第一季度非常值得信賴的表現。

Secondly, the downhill and the question about guidance. I mean, ultimately, it's early, and it's not early just in a normal sense. It's early in the context of the pandemic.

其次，下坡和指導問題。我的意思是，歸根結底，現在還早，而且不是正常意義上的早。在大流行的背景下，這是早期的。

Also breaking the news today is the weekly new cases of COVID has hit an all-time peak. So whilst vaccinations are rising in many countries, U.S., U.K., et cetera, the flip side is there's actually a new high in terms of cases. Obviously, a number of developing markets, but also Europe as well, Continental Europe as well. So the visibility into the downhill is very much linked to the trajectory of the pandemic and as it relates to our business, the trajectory of the lockdowns.

今天的另一個重大新聞是，每週新增的 COVID 病例已達到歷史最高水平。因此，儘管美國、英國等許多國家的疫苗接種率正在上升，但另一方面，病例數實際上達到了新高。顯然，一些發展中市場，歐洲也是如此，歐洲大陸也是如此。因此，對下坡的可見性與大流行的軌跡密切相關，因為它與我們的業務有關，所以與封鎖的軌蹟有關。

Very clearly, as we've talked on in previous quarters, lockdowns because we have half our business in away-from-home, are impacted directly by degree of -- the degree of lockdown. And there are still lockdowns coming on, a number in Europe, some of the developing markets.

很明顯，正如我們在前幾個季度所討論的那樣，由於我們有一半的業務在離家，所以封鎖直接受到封鎖程度的影響。歐洲和一些發展中市場的封鎖仍在繼續。

Conversely, as markets start to open, It's worth remembering it's not an on-off switch. There's a phasing of how markets tend to reopen. But that's true in the U.S. So for example, in the U.S., the fountain volumes were still negative in March because whilst people are going out to restaurants and there's more mobility, it's not back to what it was. The occupancy levels of offices are nowhere near 100%. And so reopening is not an on-off switch. There's a rebuilding and there's a series of phases of reopening. And so that's a very important factor. And it's somewhat unpredictable with the downhill.

相反，隨著市場開始開放，值得記住的是它不是一個開關。市場如何傾向於重新開放有一個階段性的。但在美國確實如此。例如，在美國，3 月份的噴泉數量仍為負數，因為雖然人們外出就餐並且流動性增加，但它並沒有恢復到原來的水平。辦公室的入住率遠未達到 100%。所以重新打開不是一個開關。有重建，有一系列重新開放的階段。所以這是一個非常重要的因素。下坡路有些不可預測。

So it's too early to call, not in a business sense, but in a lockdown and reopening sense. And the reality is that there are more cases now than there were a while ago. So we still feel very confident in our guidance on the top and the bottom line. But there's a lot of managing left to do, and we're certainly focused on giving ourselves the flexibility and agility to be able to do that.

所以現在打電話還為時過早，不是在商業意義上，而是在鎖定和重新開放的意義上。而現實情況是，現在的病例比前一段時間還要多。因此，我們仍然對我們在頂線和底線的指導充滿信心。但是還有很多管理工作要做，我們當然專注於為自己提供能夠做到這一點的靈活性和敏捷性。

And which leads me to my third point, which I think is worth making. Unlike normal times, one should not automatically assume that more revenue is always going to flow straight down to the bottom line. Much as we did in 2020, we are going to be very judicious and focused on investing where we believe reopening and demand is coming back, and not investing if we don't think the response in the marketplace is there.

這引出了我的第三點，我認為這是值得的。與平時不同，人們不應自動假設更多的收入總是會直接流入底線。就像我們在 2020 年所做的那樣，我們將非常明智地專注於在我們認為重新開放和需求正在恢復的地方進行投資，如果我們認為市場沒有反應，則不進行投資。

So you're going to see, as we go through 2021, we will be looking at both levers. If we see the demand is coming in at the kind of the higher end, because more reopenings happen more quickly for whatever reason and revenue starts to accelerate, we're also likely to reaccelerate the restitution of the marketing spend. Conversely, if whatever reason, revenue starts to look a little weaker, then we are likely to hold back on some of the marketing. So I think it's important, as you think about the rest of the year, that you don't think of it as a normal times. One has to think about how we are using the resources judiciously and wanting to invest to drive growth and get back to normal.

所以你會看到，隨著我們進入 2021 年，我們將同時關注這兩個槓桿。如果我們看到需求以更高的水平進入，因為無論出於何種原因，更多的重新開放發生得更快，並且收入開始加速，我們也可能會重新加速營銷支出的恢復。相反，如果無論出於何種原因，收入開始看起來有點疲軟，那麼我們可能會阻止一些營銷活動。所以我認為重要的是，當您考慮今年餘下的時間時，不要將其視為正常時期。人們必須考慮我們如何明智地使用資源並希望投資以推動增長並恢復正常。

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

您的下一個問題來自美國銀行的 Bryan Spillane。

John, I wanted to pick up on some of the comments you made relative to inflation. And I guess kind of thinking about it past '21 and into '22, just given the recent trends, which have elevated pretty meaningfully across a lot of inputs really across our whole coverage universe, if that stays in effect for '22, can you talk a little bit about what you can do working with the system, so with the bottlers, to try to manage that inflation and really beyond revenue management? So just how much -- what type of actions can you take in terms of procurement. Maybe finding inefficiencies that exist between the Coca-Cola Company and the bottling system? Just really trying to understand in a scenario where inflation stays meaningfully elevated in a way that we haven't seen in a real long time, just what types of things you could contemplate to try to help the system manage that inflation?

約翰，我想了解一下你關於通貨膨脹的一些評論。而且我想在 21 年和 22 年之前考慮一下，考慮到最近的趨勢，這些趨勢在我們整個覆蓋範圍內的大量輸入中都有相當大的提升，如果這在 22 年仍然有效，你能談談你可以用這個系統做什麼，所以和裝瓶商一起，試圖管理通貨膨脹，真的超越收入管理？那麼在採購方面您可以採取多少行動。也許發現可口可樂公司和裝瓶系統之間存在效率低下？只是真的想了解在通貨膨脹以一種我們很長時間從未見過的方式保持有意義的升高的情況下，你可以考慮採取哪些類型的措施來幫助系統管理通貨膨脹？

Thank you, Bryan. Good topic and one that with our bottling partners around the world, we're looking at it in a very holistic manner. Managing inflation is not new to the system. And it's one -- it's an area that needs to be [looked] as locally and working closely in partnership with our bottlers.

謝謝你，布萊恩。很好的話題，我們與世界各地的裝瓶合作夥伴一起以非常全面的方式看待它。管理通貨膨脹對系統來說並不新鮮。這是一個 - 這是一個需要[被視為]本地並與我們的裝瓶商密切合作的領域。

As you said, the inflationary pressures, particularly surrounding some of our key commodities, it looks like it is going to be more of a headwind in '22, '21. We are, as we said in the release, pretty well-covered and in good shape.

正如您所說，通脹壓力，特別是圍繞我們一些主要商品的通脹壓力，看起來在 22 年和 21 年將更加不利。正如我們在新聞稿中所說，我們的情況非常好，而且狀況良好。

And so when you think about the actions we take, first and foremost, I think it is important to highlight that as an overarching principle around the world, we typically look to take pricing in line with inflation. And I would expect that, that principle will continue to be adhered to as we move into the back half of '21 and even into '22.

因此，當您考慮我們採取的行動時，首先，我認為重要的是要強調，作為世界各地的一項總體原則，我們通常希望根據通貨膨脹來定價。我希望，隨著我們進入 21 年的後半部分，甚至進入 22 年，這一原則將繼續得到遵守。

Secondly, while I know you mentioned beyond RGM, I do think it's important to reinforce, execute a pricing strategy in the most relevant and meaningful fashion locally. And so that will continue to be a key priority.

其次，雖然我知道您在 RGM 之外提到過，但我確實認為以當地最相關和最有意義的方式加強和執行定價策略很重要。因此，這將繼續成為關鍵優先事項。

Thirdly, on the things that we can do on the productivity area. Like I would point to our supply chain, particularly with our bottling partners in the last 6 to 12 months coming through the pandemic and indeed coming out of it, the level of engagement we've had with our -- within the system on unlocking value in the supply chain through greater efficiencies has been phenomenal. And I would expect that momentum to continue into the rest of this year and into 2022.

第三，關於我們在生產力領域可以做的事情。就像我要指出我們的供應鏈一樣，特別是在過去 6 到 12 個月中，我們的裝瓶合作夥伴正在經歷大流行並確實走出了大流行，我們在系統內與我們在釋放價值方面的參與程度在供應鏈中通過更高的效率獲得了驚人的效果。我預計這種勢頭將持續到今年剩餘時間和 2022 年。

We have had, over the last number of years, the benefits of leveraging our cross-enterprise procurement group, a group of people that work on behalf of the entire system around the world that are able to leverage the global scale of the system and I think arrive as some of the most competitive pricing that we can guess, that anybody can guess when it comes to key inputs.

在過去的幾年裡，我們受益於利用我們的跨企業採購團隊，一群代表世界各地的整個系統工作的人能夠利用系統的全球規模，而我認為是我們可以猜到的最具競爭力的定價之一，任何人都可以猜到關鍵輸入。

So when you take sort of an overarching holistic view of it, we've got a -- I think, a tried and trued practice of being able to take pricing in line with inflation, leverage RGM to do it in the most intelligent fashion and increasingly operate as a global system to leverage our scale, taking into account some of the sort of the historic groups we have like cross-enterprise procurement, but also new opportunities are bounding as a result of the overall strategy we've been pursuing during and after the pandemic.

因此，當您對它採取一種總體的整體觀點時，我們有一個 - 我認為，一種能夠根據通貨膨脹進行定價的久經考驗的實踐，利用 RGM 以最智能的方式來做到這一點，並且越來越多地作為一個全球系統運作，以利用我們的規模，考慮到我們擁有的一些歷史群體，如跨企業採購，但由於我們在過去和大流行之後。

Your next question comes from the line of Nik Modi with RBC Capital Markets.

您的下一個問題來自於 RBC Capital Markets 的 Nik Modi。

James, I was hoping you could provide some tangible examples of how the company's new decision-making infrastructure is manifesting better outcomes generally. And maybe just kind of contrast that to what those decisions would have looked like under the older model?

詹姆斯，我希望你能提供一些具體的例子來說明公司的新決策基礎設施如何總體上表現出更好的結果。也許只是與舊模型下這些決定的樣子形成對比？

Sure, Nik. A few examples. One, I think John has already mentioned the cash flow. We struggled for many years to get up into best-in-class cash conversion of working capital. And the work that has been done by the finance network has produced a great result, and that's clearly flowing through not just in terms of the kind of theoretical amount of days working capital, but the actual cash coming into the company in the first quarter, which was a really strong result, and that's something that we have struggled to do in the past.

當然，尼克。幾個例子。一，我認為約翰已經提到了現金流。多年來，我們一直在努力實現一流的營運資金現金轉換。財務網絡所做的工作取得了很好的成果，這顯然不僅體現在理論上的營運資金天數，還體現在第一季度流入公司的實際現金上，這是一個非常強大的結果，這是我們過去一直在努力做的事情。

Another example would be we have -- we've been rolling out a global campaign on Sprite, which has got excellent early traction in terms of consumer engagement, in terms of purchase intent. And that was developed by the category leads and the key operating units and has been rolled out across the world, something that we unable to do or unable to convince ourselves to do historically.

另一個例子是我們——我們已經在 Sprite 上推出了一項全球活動，它在消費者參與和購買意向方面已經獲得了極好的早期牽引力。這是由品類負責人和關鍵運營單位開發的，並已在全球推廣，這是我們無法做到或無法說服自己在歷史上做到的事情。

And so we believe that, that is making some cut through. The supply chain optimization working with the bottlers and really focusing on reducing the unit cost of what we do and looking across all the metrics, an increasing data transparency is happening. And then you go to some of the platform services where we're really starting to be able to implement, especially in those areas where 1 single global solution makes total sense.

所以我們相信，這正在取得一些進展。供應鏈優化與裝瓶商合作，真正專注於降低我們所做工作的單位成本並查看所有指標，數據透明度正在提高。然後你會看到一些我們真正開始能夠實施的平台服務，特別是在那些單一的全球解決方案完全有意義的領域。

We've had examples from buying trade materials through global platforms, driving significant savings for ourselves and the system. And then hopefully, later this month, we'll turn on our latest SAP update, which will go from one that was done 20 years ago, which was probably one of the world's most complicated and therefore, most expensive to a much more effective solution. So I think across the company, from the front end of marketing and engaging with consumers through our operations through to the bottlers, we are able to make the contact points and get faster, better solutions.

我們有通過全球平台購買貿易材料的例子，為我們自己和系統節省了大量資金。然後希望，本月晚些時候，我們將開啟我們最新的 SAP 更新，這將從 20 年前完成的更新，這可能是世界上最複雜，因此也是最昂貴的解決方案之一.所以我認為在整個公司，從營銷的前端，通過我們的運營與消費者互動，再到裝瓶商，我們能夠建立聯繫點並獲得更快、更好的解決方案。

Your next question comes from the line of Lauren Lieberman with Barclays.

您的下一個問題來自巴克萊銀行的 Lauren Lieberman。

This is probably a good lead-in from all 3 of the last questions. But I want to talk a little bit about profitability because it was interesting to me that I think margins in almost every division outside of EMEA were comfortably ahead of where they were in the first quarter of 2019 and knowing that COVID comps weren't necessarily a dynamic for all regions in the first quarter of last year. If I still benchmark back to '19, the profitability improvements are significant.

這可能是最後三個問題的一個很好的引導。但我想談談盈利能力，因為我認為歐洲、中東和非洲以外幾乎每個部門的利潤率都遠遠領先於 2019 年第一季度的水平，而且我知道 COVID 補償不一定是去年第一季度所有地區的動態。如果我仍然以 19 年為基準，盈利能力的提高是顯著的。

And so I was curious how much knowing, James, your comments on wanting to invest to support recovery is a very important dynamic. But how much do you think of that margin improvement that we're seeing so -- at this point is tied to these broad range of cost management initiatives across the board and RGM inclusive versus timing of marketing the need to put back in and continue funding the business? And it may be different region to region, of course, as well.

所以我很好奇，詹姆斯，你對想要投資以支持復甦的評論是一個非常重要的動力。但是，您如何看待我們所看到的利潤率提高——在這一點上，這與這些廣泛的成本管理計劃和 RGM 包容性與營銷時機相關，需要重新投入並繼續提供資金這生意？當然，也可能因地區而異。

Yes. Thanks, Lauren. Look, clearly, the reinvestment of marketing is going to vary somewhat by a region in 2021 for the reasons I outlined in that answer to the first question. So I think it's important as you think about margins to recognize that 2021 is also going to be a somewhat a typical year. There will be markets around the world where we judge the situation such that we don't have a normal level of marketing. And so that does tend to favor margins -- operating margins at that point in time. And so it is important to break it apart and look at it by the different regions.

是的。謝謝，勞倫。顯然，由於我在第一個問題的答案中概述的原因，2021 年各地區的營銷再投資將有所不同。因此，我認為在考慮利潤率時，重要的是要認識到 2021 年也將是典型的一年。世界各地都會有我們判斷情況的市場，以至於我們沒有正常的營銷水平。因此，這確實傾向於有利於利潤率——當時的營業利潤率。因此，將其分解並按不同區域查看是很重要的。

We certainly are not coming out with some numerical margin target for many of the same reasons that we removed the previous target. But we are focused ultimately on growing the business. And embedded in our long-term growth model is an implicit assumption that we can slowly or steadily, perhaps better said, improve margins over time because there is a lot of efficiency work going on within the cost of goods sold, within the DME, particularly the nonworking part of the DME. We've got a lot of focus on the agency roster and how we spend the money we spend before we even get to see the consumer.

出於與我們刪除先前目標相同的許多原因，我們當然不會提出一些數字保證金目標。但我們最終的重點是發展業務。在我們的長期增長模型中嵌入了一個隱含的假設，即我們可以緩慢或穩定地，也許更好地說，隨著時間的推移提高利潤率，因為在 DME 內部，在銷售商品成本方面正在進行大量的效率工作，特別是DME 的非工作部分。我們非常關注代理商名冊以及我們如何在我們見到消費者之前花費我們所花的錢。

And obviously, we've done the networked organization, which was about making us better able to support the growth aspirations, but it is also a more efficient organization. And so all those things will go into the mix. And it would be remiss of me to not include the impact of RGM because to the extent that we can leverage RGM, that also helps on the gross margin and ultimately, operating income margins. So we will be pulling all those levers as we go through 2021. But again, it won't be a fully normal year in every region. And so you will see some of these strange effects.

顯然，我們已經完成了網絡化組織，這使我們能夠更好地支持增長願望，但它也是一個更有效率的組織。所以所有這些東西都會混合在一起。不包括 RGM 的影響是我的疏忽，因為在我們可以利用 RGM 的範圍內，這也有助於提高毛利率，並最終提高營業利潤率。因此，我們將在 2021 年之前拉動所有這些槓桿。但同樣，這不會是每個地區都完全正常的一年。所以你會看到一些奇怪的效果。

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

您的下一個問題來自匯豐銀行的 Carlos Laboy。

Could you give us a sense of where you are seeing some notable progress this past year on digital transformation, perhaps tied into this inflation and margin question, right, by commenting on how digital tools are perhaps helping you mitigate or stay ahead of inflationary pressure in some markets that might be getting ahead of the curve here?

您能否通過評論數字工具如何幫助您緩解或保持領先於通脹壓力的方式，讓我們了解您在過去一年中看到的數字化轉型取得了哪些顯著進展，這可能與通脹和利潤率問題有關一些可能在這裡領先的市場？

I mean the digital transformation is much above and beyond coping with the inflation, although, of course, some of the tools will help us manage if there's an inflationary spike. Clearly, you can look at the digital transformation in terms of our engagement with consumers, and there are some good examples of progress. China, which has started the year very strongly, not just compared to 2020, but compared to 2019, in a much bigger shift into digital engagement with consumers or even in Japan with our own Coke on apps that we use to connect people to the vending machines, and the cashless options and a large uptick in monthly active.

我的意思是數字化轉型遠遠超出了應對通貨膨脹的範圍，當然，如果通貨膨脹飆升，一些工具將幫助我們進行管理。顯然，您可以從我們與消費者互動的角度來看待數字化轉型，並且有一些很好的進步例子。中國在今年的開局非常強勁，不僅與 2020 年相比，而且與 2019 年相比，在與消費者的數字化互動方面甚至在日本使用我們自己的可樂在我們用來將人們與自動售貨機聯繫起來的應用程序上進行了更大的轉變機器，無現金選項和每月活躍的大幅上升。

So there is a great deal of progress being made in terms of how we engage through digital media, how we engage directly with consumers in a digital relationship that's helping there. The system, I used -- I talked about the example of buying materials with digital platforms. But clearly, there's a huge piece of what needs to happen, which is the backbone of both the company and the bottlers and the interoperability of all the data where we're making excellent progress.

因此，在我們如何通過數字媒體參與，我們如何在數字關係中直接與消費者互動方面取得了很大進展，這對我們有幫助。我使用的系統——我談到了使用數字平台購買材料的例子。但很明顯，有很多事情需要發生，這是公司和裝瓶商的支柱，以及我們正在取得巨大進展的所有數據的互操作性。

And ultimately, all those insights and all those efficiencies help us manage the inflationary pressures out there, whether we use the insights to engage more consumers or we use the insights to drive the RGM thinking and implementations or to identify efficiencies.

最終，所有這些見解和所有這些效率都有助於我們管理那裡的通貨膨脹壓力，無論我們使用這些見解來吸引更多的消費者，還是我們使用這些見解來推動 RGM 的思考和實施或確定效率。

I mean, in a way, digital is becoming just the way business is done. And it's just like saying, "I turn up and have to manage the business and use all these tools to do all the things I got to do."

我的意思是，從某種意義上說，數字化正在成為開展業務的方式。這就像說，“我出現並必須管理業務並使用所有這些工具來完成我必須做的所有事情。”

Maybe I'll just add one comment there, James. If you think about the emerging stronger programs that we've outlined over the last 6 to 9 months, it would not have been possible to do 3 years ago. The degree to which we have been able to operate in a fast and efficient manner across the globe to deliver this program is all just the fact that we have essentially become digitized in how we work and how we operate, just to support. But James, [on] your last comment there.

也許我會在那裡添加一條評論，詹姆斯。如果您考慮一下我們在過去 6 到 9 個月中概述的新興更強大的計劃，那麼在 3 年前是不可能做到的。我們能夠在全球範圍內以快速有效的方式運營以交付該計劃的程度只是因為我們基本上已經在我們的工作方式和運營方式上實現了數字化，只是為了提供支持。但是詹姆斯，[關於]你最後的評論。

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

您的下一個問題來自德意志銀行的 Steve Powers。

Maybe pivoting back to the top line. So March volume is back to even with 2019 is just a very key and promising milestone. And we've seen sequential progress over the last few quarters. But I guess I'm curious whether that trend back to 2019 levels has been relatively smooth on a global basis or if there's been more volatility underneath the service than we may appreciate looking at the headline numbers. So maybe if you could just frame for us how performance versus 2019 has trended over the past few months? And if you expect those trends to -- and how you expect those trends to evolve over the course of the year in terms of whether it would be relatively smooth, even or lumpy with case counts and vaccinations and the like. And I guess, ultimately, do you expect to be back to growth versus '19 when the dust settles on April? Or is that too ambitious?

也許回到頂線。因此，即使 2019 年是一個非常關鍵且充滿希望的里程碑，3 月的銷量也將恢復到原來的水平。我們已經看到過去幾個季度的連續進展。但我想我很好奇，這種回到 2019 年水平的趨勢在全球範圍內是否相對平穩，或者服務下的波動性是否比我們從標題數據中可能理解的要大。因此，如果您能告訴我們過去幾個月與 2019 年相比的表現如何？如果您期望這些趨勢 - 以及您期望這些趨勢在一年中如何演變，就其是否會相對平穩，甚至或與病例數和疫苗接種等類似。而且我想，最終，當塵埃落定於 4 月時，您是否期望與 19 年相比恢復增長？還是野心太大？

So the progress, when you stand back and look at the numbers in aggregate, clearly, April was the deepest hole that we fell into in 2020. And then as we adapted the business and really drove what we were doing, then we sequentially got better. So kind of we fell into the hole. I think it was like minus 25 or something in April last year, and then it was negative teens and then negative single digits, slowly improving through the rest of 2020. And then coming into 2021, obviously, we're then cycling the bad year. But if we compare to 2019, it got better as we went from January and February, which was still below the '19 levels, and obviously, March was above.

所以進展，當你退後一步看一下總體數字時，很明顯，4 月是我們在 2020 年陷入的最深的坑。然後隨著我們調整業務並真正推動我們正在做的事情，然後我們依次變得更好.真是太好了，我們掉進了洞裡。我認為這就像去年四月的負 25 或其他東西，然後是負數，然後是負個位數，在 2020 年剩下的時間裡慢慢改善。然後進入 2021 年，顯然，我們正在循環糟糕的一年.但如果我們與 2019 年相比，從 1 月和 2 月開始，情況變得更好，仍然低於 19 年的水平，顯然，3 月高於。

I mean April has started well. It's obviously going to be the weirdest month because we're cycling something very low. I think most importantly, I would refer you back to the comment I made, the second thing I said relative -- in the first answer, which is just because March has got back to the level and that just because April has started well 1 week, there's no guarantee that, that is then some kind of trend that is in the bank. The principal uncertainty remains the risk of additional lockdowns. Much as 2019 -- 2020's numbers were heavily impacted by the degree of lockdown, that will remain true this year.

我的意思是四月開局不錯。這顯然將是最奇怪的一個月，因為我們的騎行速度非常低。我認為最重要的是，我會向您推薦我所做的評論，我說的第二件事是相對的——在第一個答案中，這只是因為 3 月已經恢復到這個水平，而且僅僅因為 4 月已經開始了一周的良好狀態，不能保證，那是銀行中的某種趨勢。主要的不確定性仍然是額外封鎖的風險。就像 2019 年 - 2020 年的數字受到封鎖程度的嚴重影響一樣，今年仍然如此。

So whilst we've got back above the line of flotation in March, there's no guarantee there won't be some extra degree of lockdowns in May or September or December that then puts pressure back on the business. So I don't think -- I know I keep hitting this point. We had a super start to the year, the momentum is building, but this very unusual factor of the pandemic and lockdowns continues to be an uncertainty factor that one can't draw a straight line through the historic data.

因此，雖然我們在 3 月份回到了上市線之上，但不能保證在 5 月、9 月或 12 月不會出現某種程度的額外封鎖，從而給業務帶來壓力。所以我不認為 - 我知道我一直在達到這一點。我們今年開局不錯，勢頭正在增強，但大流行和封鎖這一非常不尋常的因素仍然是一個不確定因素，無法通過歷史數據得出一條直線。

Now once you get under the surface of the overall global numbers, which kind of look like the kind of the tick mark, if you like, going down and then kind of steadily improving, clearly, you get much more variability at a country level, again, heavily influenced by the degree of lockdown. So in a sense, April last year was the worst because you had the most number of countries, most -- the highest degree of synchronization of lockdowns globally. And I think this idea of saying the recovery will be asynchronous is we already see that in the first half. You've got countries where the vaccine levels are going up and the reopening is occurring, U.S., U.K., China, for examples. And yet you've got countries going in exactly the opposite direction with cases shooting up and more levels of lockdown. And that's what we're trying to highlight with this asynchronous. It may be that as a total company, it all looks smoothed out somewhat but this asynchronous feature will be very important in 2021.

現在，一旦你深入了解全球整體數字，如果你願意，哪種看起來像刻度線，下降，然後穩步提高，很明顯，你在國家層面會得到更多的可變性，再次，很大程度上受到鎖定程度的影響。所以從某種意義上說，去年 4 月是最糟糕的，因為你擁有最多的國家，最多 - 全球封鎖同步程度最高。我認為這種說恢復將是異步的想法是我們在上半年已經看到的。你有一些國家的疫苗水平正在上升並且正在重新開放，例如美國、英國、中國。然而，隨著病例激增和更多級別的封鎖，您讓國家朝著完全相反的方向發展。這就是我們試圖用這個異步來強調的。可能作為一家整體公司，這一切看起來都有些平滑，但這種異步功能在 2021 年將非常重要。

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

您的下一個問題來自高盛集團的 Bonnie Herzog。

I was hoping to switch gears a little bit and maybe hear a little bit more color behind your decision to IPO Africa. And I know you guys have explored a sale in the past, but why do you think this is the right decision for that business? And then how do you expect this will impact the performance of the business going forward? And maybe potential benefits you might see.

我希望稍微改變一下，也許能聽到你決定在非洲進行 IPO 背後的更多色彩。而且我知道你們過去曾探索過銷售，但為什麼你認為這對該企業來說是正確的決定？那麼您認為這將如何影響未來的業務績效？也許您可能會看到潛在的好處。

Sure. Thanks, Bonnie. It means, certainly, it's always been our intention to reduce our ownership in CCBA in line with our strategy, as John puts it, to become the world's smallest Coke bottler. And so we were always contemplating how we would refranchise CCBA. I mean the CCBA, Coca-Cola Beverages Africa, is a strong, well-structured, capable bottler. And we have always considered, as one of the options, whether to have it be a freestanding entity in Africa. And we have reached the conclusion that if one thinks about the future potential of the African market and the African continent and how much long growth there is there, I mean it is the youngest billion people are in Africa. We think it would -- we've ultimately concluded it would be right for the development of the business in Africa to have an African-headquartered, African bottler that is operating on the continent. And so the readthrough is we believe in the future of Africa as a continent, as an economy. We think we've got a great capable bottler that can help lead our ability to grow there. And then an IPO will allow us to set that up to be a source of growth for many years to come.

當然。謝謝，邦妮。當然，這意味著我們一直有意減少我們在 CCBA 的所有權，以符合我們的戰略，正如約翰所說，成為世界上最小的可口可樂裝瓶商。因此，我們一直在考慮如何重新授權 CCBA。我的意思是，可口可樂非洲飲料公司 CCBA 是一家實力雄厚、結構合理、有能力的裝瓶商。作為選項之一，我們一直在考慮是否讓它成為非洲的一個獨立實體。我們得出的結論是，如果考慮非洲市場和非洲大陸的未來潛力以及那裡的增長時間有多長，我的意思是非洲最年輕的十億人。我們認為它會 - 我們最終得出結論，在非洲建立一個總部位於非洲的非洲裝瓶商在非洲大陸開展業務是正確的。所以通讀是我們相信非洲作為一個大陸，作為一個經濟體的未來。我們認為我們有一個非常有能力的裝瓶商，可以幫助我們提高在那裡發展的能力。然後，首次公開募股將使我們能夠將其設置為未來許多年的增長源。

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

您的下一個問題來自摩根大通的 Andrea Teixeira。

And so can you quantify how much the impact of the winter storms had in your volumes in Q1? And as a follow-up on your comments before, can you please give us an idea how you're trending in Q2 the same way you did, and it helped us in the first quarter? And just because -- just a quick one on the U.S. tax dispute. What is your base case in terms of the timing for the appeal at this point and your impact on the cash flow?

那麼您能否量化冬季風暴對您第一季度銷量的影響？作為對您之前評論的跟進，您能否像以前一樣告訴我們您在第二季度的趨勢如何，並且在第一季度對我們有所幫助？只是因為 - 只是關於美國稅收爭議的一個簡短說明。就此時的上訴時間以及您對現金流的影響而言，您的基本情況是什麼？

John, do you...

約翰，你...

Yes, I'll take it. I'll maybe start with the tax question. Andrea, thank you for the questions, but let's start with the tax question. In terms of the say on timing, it's -- we do not have a picture at the moment. We are dependent on the outcome of another case before any further developments take place with our own case. And we have no visibility into that outcome. So we'll keep you apprised as we know more.

是的，我會接受的。我可能會從稅收問題開始。安德里亞，謝謝你的問題，但讓我們從稅收問題開始。就時間的說法而言，它是 - 我們目前沒有圖片。在我們自己的案件發生任何進一步的發展之前，我們依賴於另一個案件的結果。我們對這一結果一無所知。因此，當我們了解更多信息時，我們會及時通知您。

On the storms in the U.S., it's not a material impact to our business. And with regard to volumes in Q2, it's very so early in the quarter. Not a lot of -- we've -- not a lot to say at the moment. I think the key highlight really as we look at the downhill is the fact that March was significantly improved in a number of markets where mobility is improving. And we'll continue, I think, to see a close relationship between mobility and our performance.

在美國的風暴中，這對我們的業務沒有重大影響。至於第二季度的交易量，這個季度還太早了。目前沒有很多 - 我們已經 - 沒有太多要說的。我認為，當我們看到下坡路時，真正的關鍵亮點是，3 月份在一些流動性正在改善的市場中得到了顯著改善。我認為，我們將繼續看到流動性與我們的表現之間的密切關係。

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

您的下一個問題來自瑞士信貸的 Kaumil Gajrawala。

And fantastic pronunciation, operator. I don't get that frequently. Thank you. If I may ask, James and John, about competition and maybe particularly in the United States, it looks like Pepsi is getting some momentum. We obviously just heard from them on Friday. Curious, it seems, of course, that pricing remains rational, but perhaps from a competitiveness ex pricing, maybe that's increasing. So if you could just talk about what you're seeing there, that would be useful.

和美妙的發音，操作員。我不經常這樣。謝謝你。如果我可以問一下，詹姆斯和約翰，關於競爭，尤其是在美國，看起來百事可樂正在獲得一些動力。我們顯然是在周五才收到他們的消息。奇怪的是，當然，定價似乎仍然是合理的，但也許從定價的競爭力來看，也許這種情況正在增加。所以如果你能談談你在那裡看到的東西，那將是有用的。

Well, I think the -- certainly, we always are happy to see other companies invest in into the beverage industry because that tends to create more consumer engagement. And obviously, we pay attention to what they're doing because hopefully, we can learn from them. There's a lot of very capable competitors out there. So we like to learn from them. But in the end, we focus on what we can do. And in the U.S., in particular, channel mix aside, we gained share. We gained share going forward in beverages in the U.S. business. And we feel confident that as the channel trends and the reopening bring back the away-from-home businesses, which, of course, they started to do in March, then we will be able to capitalize on those trends as well.

好吧，我認為——當然，我們總是很高興看到其他公司投資於飲料行業，因為這往往會創造更多的消費者參與度。顯然，我們關注他們在做什麼，因為希望我們可以向他們學習。那裡有很多非常有能力的競爭對手。所以我們喜歡向他們學習。但最終，我們專注於我們能做的事情。特別是在美國，除了渠道組合，我們獲得了份額。我們在美國飲料業務中獲得了未來的份額。我們相信，隨著渠道趨勢和重新開放將帶回家的業務帶回，當然，他們在 3 月份開始這樣做，那麼我們也將能夠利用這些趨勢。

And as it relates to promotional activity, I mean, ultimately, we are seeing kind of rational pricing, a promotional environment in the U.S. And we'll certainly be looking to build on that with our RGM capabilities and with the bottling system to really drive and leverage the investments we're collectively making as a system in the marketing and the execution to drive the business forward.

由於它與促銷活動有關，我的意思是，最終，我們在美國看到了一種合理的定價和促銷環境。我們當然會尋求利用我們的 RGM 能力和裝瓶系統來真正推動並利用我們作為營銷和執行系統共同進行的投資來推動業務發展。

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

您的下一個問題來自與 Evercore ISI 的 Rob Ottenstein。

A couple of questions on Topo Chico. It looks like a very strong start in the U.S. with about a 3% market share. But you started even earlier, I think, in October, in Mexico and Brazil and now rolling out in Europe. Can you talk to us a little bit about how you feel about the execution of the bottling network with an adult beverage? Any signs of trends in terms of repeat in some of the earlier markets? And any general learnings that you've gotten so far as you evaluate what could be a new growth engine for the company?

關於 Topo Chico 的幾個問題。在美國，這似乎是一個非常強勁的開端，市場份額約為 3%。但我認為，你在 10 月份開始在墨西哥和巴西更早，現在在歐洲推出。你能和我們談談你對成人飲料裝瓶網絡執行的感受嗎？在一些較早的市場中是否有任何重複趨勢的跡象？在您評估什麼可能成為公司的新增長引擎時，您獲得的任何一般性知識？

Thanks, Robert. So in the markets where it's been in longer, so Latin America and Europe, about 14 markets between them, a couple of things we're seeing. Obviously, the degree of resonance is depending on the degree of category development that might already exist or not exist in some of those markets. And so we've seen different levels of engagement depending on whether the categories there are.

謝謝，羅伯特。因此，在它存在時間較長的市場中，例如拉丁美洲和歐洲，它們之間大約有 14 個市場，我們看到了一些事情。顯然，共鳴程度取決於某些市場中可能已經存在或不存在的品類發展程度。因此，根據是否存在類別，我們看到了不同程度的參與。

Secondly, I mean, we're clearly in the mode of learning how to compete in this category, both from a branding point of view and from an execution point of view. But we're definitely starting to see improving trends and good repeats in the context of the different markets where it's been launched, whether that be Latin America or in Europe. We're still building out distribution in Mexico, for example. But we've done a good start in Europe a little easier, as I said, because the categories are a bit more developed in the West versus the East. And so our focus is maximizing the amount of learning that we're doing.

其次，我的意思是，無論從品牌角度還是從執行角度來看，我們顯然都處於學習如何在這一類別中競爭的模式。但我們肯定開始看到在它推出的不同市場（無論是拉丁美洲還是歐洲）的背景下，趨勢和良好的重複率有所改善。例如，我們仍在墨西哥建立分銷渠道。但正如我所說，我們在歐洲的良好開端稍微容易一些，因為與東方相比，這些類別在西方更加發達。所以我們的重點是最大化我們正在做的學習量。

And as it relates to the U.S., whilst our overall share is 3%, and I would double underline that Topo Chico, as a brand, is well- known in the U.S. and therefore, get -- driving or creating trial on a well-known brand with an innovation is actually relatively straightforward. The key is repeat, and we have not yet got to the point of having good repeat data in the U.S. Having opened a big caveat umbrella, I would comment that Topo Chico Hard Seltzer might have 3% overall in the U.S., but actually in Texas, where we've kind of concentrated some of the launch, it's almost hit a 20 share in the first 2 weeks of launch. So we are encouraged by the early results, but it's all going to come down to repeat, and nothing is worth anything without repeat.

由於它與美國有關，雖然我們的總體份額為 3%，但我要雙重強調，Topo Chico 作為一個品牌，在美國是眾所周知的，因此，在良好的環境中駕駛或創造試驗 -具有創新的知名品牌實際上相對簡單。關鍵是重複，我們還沒有達到在美國擁有良好重複數據的地步。打開了一個很大的警告傘，我會評論說，Topo Chico Hard Seltzer 在美國可能有 3%，但實際上在德克薩斯，我們已經集中了一些發布，它在發布的前兩週幾乎達到了 20 份額。所以我們對早期的結果感到鼓舞，但這一切都會重複，沒有重複就沒有任何價值。

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

您的下一個問題來自 Kevin Grundy 和 Jefferies。

Congratulations on the nice progress this quarter. James, I wanted to come back to your Asia Pacific business, specifically China. Obviously, a really strong result. This comes on the heels of PepsiCo's strong results in China as well. China, obviously, earlier to the pandemic than other countries, and then you're seeing nice strong consumer demand here. So a few questions, please.

祝賀本季度取得了不錯的進展。詹姆斯，我想回到你的亞太業務，特別是中國。顯然，這是一個非常強大的結果。緊隨百事可樂在中國取得強勁業績之後。顯然，中國比其他國家更早發生大流行，然後你會看到這裡的消費需求強勁。所以有幾個問題，請。

One, can you talk about what you're seeing by channel, both at-home and away-from-home? Maybe comment briefly on the trends in April relative to the strong result in the first quarter. And then lastly, just how the strong demand in China may be informing your view with respect to recovery in other markets.

一，你能談談你在家里和外出時通過頻道看到的東西嗎？相對於第一季度的強勁業績，也許可以簡要評論一下 4 月份的趨勢。最後，中國強勁的需求可能如何影響您對其他市場復甦的看法。

Sure. Yes. Clearly, clearly good results, good results in China. We're definitely -- I mean, obviously, we're lapping or beginning to lap the kind of the worst part of 2020. But ahead of 2019, we've lengthened to the reopening and the reenergizing of China with the consumer marketing with a big push into digital engagement with the consumer with a big push into e-commerce, and we are benefiting from that.

當然。是的。很明顯，很明顯的好成績，在中國的成績很好。我們絕對——我的意思是，很明顯，我們正在或開始經歷 2020 年最糟糕的部分。但在 2019 年之前，我們已經延長了中國的重新開放和重新振興消費者營銷的時間。大力推動與消費者的數字互動，大力推動電子商務，我們正從中受益。

It is worth noting that in terms of the channels, almost what we see, and this is true when you look at not just China, but if you start looking at Australia or even in the U.S., you see kind of a -- phases or waves of the reopening. And so as the reopening occurs, actually, you get a lot of people going out to restaurants and the kind of the full service eating away and that goes up, bearing in mind that the universe of mom-and-pop stores and the universe of small restaurants has shrunk. People have -- the number of people running those sorts of businesses has shrunk, and I think we're going to see that all across the world. So there is a consolidation sectors. And as the reopening occurs, you see a lot of going out in the evenings. So all the channels related to that come back first.

值得注意的是，就渠道而言，幾乎與我們所看到的一樣，當您不僅看中國時也是如此，如果您開始看澳大利亞甚至美國，您會看到一種-階段或重新開放的浪潮。因此，實際上，當重新開業時，很多人會去餐館吃飯，那種全方位的服務會吃掉，而且這種情況還會增加，請記住，夫妻店的世界和夫妻店的世界小餐館縮水了。人們已經 - 經營此類業務的人數已經減少，我認為我們將在全世界看到這種情況。於是就有了整合板塊。隨著重新開放，您會看到很多人在晚上外出。因此，與此相關的所有渠道都將首先返回。

The second kind of wave of improvements in channels is loosely in the bucket of office and commuting because as the reopening happens, people go out, yet the offices aren't back to 100% capacity. So you've not got that ecosystem of commuting and lunch time in the big city centers at full. And that's the kind of the second business coming back in China. And actually, you don't see that back yet in the U.S. In March, you see the restaurants kind of bouncing back, but you don't see the kind of the ecosystem (inaudible) of of [rings] kind of phase of channels, whether that be cinemas, concerts, sporting events, et cetera, et cetera. And that's only very partial [climate]. So I think, think of there's kind of a set of waves of reopening as the economy normalizes. And we've thought about that, and we're kind of investing both in the consumer. And the bottlers are doing a great job of investing for the customers and the retailers, and we're seeing a very nice result.

渠道的第二波改進是鬆散地在辦公室和通勤方面，因為隨著重新開放，人們出去了，但辦公室並沒有恢復到 100% 的容量。因此，您還沒有完全在大城市中心獲得通勤和午餐時間的生態系統。這就是第二次回到中國的業務。實際上，你在美國還沒有看到這種情況。在三月份，你會看到餐館在反彈，但你沒有看到 [rings] 那種渠道階段的生態系統（聽不清） ，無論是電影院、音樂會、體育賽事等等。這只是非常部分的[氣候]。因此，我認為，隨著經濟正常化，會出現一系列重新開放的浪潮。我們已經考慮過這一點，並且我們正在對消費者進行投資。裝瓶商在為客戶和零售商進行投資方面做得很好，我們看到了非常好的結果。

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

您的下一個問題來自瑞銀的肖恩·金（Sean King）。

This happened to a number of regions, but APAC concentrate sales came in 11 points ahead of the unit case volume. But what drove that gap besides the, I guess, the calendar shifts? And should we expect like a reversal in this dynamic? Or is it something that is sort of -- is going to continue as we see markets reopen?

許多地區都發生了這種情況，但亞太地區精礦的銷量比單箱銷量高出 11 個百分點。但是，除了日曆變化之外，是什麼推動了這種差距？我們應該期待這種動態的逆轉嗎？或者，隨著我們看到市場重新開放，這種情況會持續下去嗎？

So for APAC, just specifically on your question, yes, APAC did run ahead, mainly due to the extra days in the quarter, and we also had a timing impact with regard to Chinese New Year in China, obviously. And so -- but for the quarter, overall, you saw gallons running ahead, mainly due to the extra days in the quarter.

所以對於亞太地區，就你的問題而言，是的，亞太地區確實領先，主要是由於本季度的額外天數，而且我們顯然也對中國的農曆新年產生了時間影響。所以 - 但對於本季度，總體而言，你看到加侖跑在前面，主要是由於本季度的額外天數。

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

您的下一個問題來自古根海姆的 Laurent Grandet。

Yes, very nice pronunciation as well. Yes, so I'd like to focus on emerging markets. So you said in your remarks that the volume case is curated to the consumer mobility driven by vaccination rates. So as according to the WHO, I mean, vaccination rates should be about 70% by the end of the year in developed market, but sadly just about 20% in emerging markets. So should we consider then that emerging markets would be slower to recover? And really probably maybe you can provide some of your thoughts there and maybe some granularity between those regions.

是的，發音也很好。是的，所以我想關注新興市場。所以你在你的評論中說，批量案例是針對由疫苗接種率驅動的消費者流動性而設計的。所以根據世界衛生組織的說法，我的意思是，到今年年底，發達市場的疫苗接種率應該在 70% 左右，但遺憾的是，新興市場的疫苗接種率只有 20% 左右。那麼，我們是否應該考慮新興市場的複蘇速度會較慢？真的很可能你可以在那裡提供一些你的想法，也許在這些區域之間提供一些粒度。

Sure. So I think, as you say, clearly, the vaccination rates in the developed markets is going to be ahead of the developing markets for the duration of this year. The critical factor to add to that is the market responds to the level of cases or the low vaccination rates in the developing markets. Because the thing that impacts our business most directly is the degree of lockdown. And so it's the response to the level of cases of the COVID and the resulting lockdowns rather than necessarily directly the level of vaccination because there are countries where the level of vaccination is low. But because they had a strong lockdown and then kind of lock the country up, say, Australia or whatever, then they've started to reopen.

當然。所以我認為，正如你所說，很明顯，發達市場的疫苗接種率將在今年內領先於發展中市場。補充這一點的關鍵因素是市場對發展中市場的病例水平或低疫苗接種率作出反應。因為最直接影響我們業務的是鎖定程度。因此，這是對 COVID 病例水平和由此產生的封鎖的反應，而不是對疫苗接種水平的直接反應，因為有些國家的疫苗接種水平很低。但是因為他們有一個強有力的封鎖，然後把這個國家封鎖起來，比如說，澳大利亞或其他什麼地方，所以他們開始重新開放。

So the key factor to look for is the degree of lockdown and think through, for that market, what's likely to happen connected, of course, to the level of vaccination, but also to the level of cases and what the policy response in the country is likely to be. And there'll be countries where I think, frankly and unfortunately, they don't have the wherewithal and the physical capacity to implement large lockdowns, even if they've not got all the vaccines that they want and the markets remain open. And of course, we will look for ways to adapt the business to support the people, support the retailers and continue to engage with consumers as that goes on.

因此，要尋找的關鍵因素是鎖定的程度，並仔細考慮，對於該市場，可能發生的事情當然與疫苗接種水平有關，但也與病例水平以及該國的政策反應有關很可能是。坦率地說，不幸的是，我認為有些國家沒有足夠的資金和身體能力來實施大規模的封鎖，即使他們沒有得到他們想要的所有疫苗並且市場仍然開放。當然，我們將尋找方法調整業務以支持人民，支持零售商，並在此過程中繼續與消費者互動。

Your next question comes from the line of Bill Chappell with Truist Securities.

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

I just want to follow up, and this is fairly near term and acute to the U.S., but I'm just trying to understand kind of the commentary of how you're looking at the business in that. I mean, it seems that the U.S. will be different in kind of the reopening of everywhere else. So high majority of the population will be inoculated in the next 30 days. Just as schools are getting out, just as the weather is getting good, you have kind of sporting events talking about full capacity in June. I mean are you -- is that a scenario you're prepared for and the bottling network is prepared for, if the business -- the on-premise business just explodes? And -- or do you really think that this is just going to be kind of go from Phase 2 to Phase 3 in May and Phase 4 in June and slowly kind of open up over the summer?

我只是想跟進，這對美國來說是相當近期和尖銳的，但我只是想了解你如何看待這方面的業務的評論。我的意思是，美國在其他地方的重新開放方面似乎會有所不同。因此，絕大多數人將在接下來的 30 天內接種疫苗。就在學校放學的時候，就在天氣變好的時候，你有一種體育賽事在談論 6 月份的滿員。我的意思是，如果業務——本地業務剛剛爆發，你是否已經為這種情況做好了準備，並且裝瓶網絡已經為這種情況做好了準備？而且——或者你真的認為這只是從 5 月的第 2 階段到第 3 階段，在 6 月的第 4 階段，然後在夏天慢慢開放？

I think the phases are going to exist, Bill. They're just going to happen very quickly in the U.S. So if I look at what's already happening, I put eating and drinking in the evening in kind of Phase 1. I mean, those -- that bit of the away-from-home was trending negative in volume, strongly negative in volume in January and February and as the reopening happened, it jumps up in March. And as you say, so as education and at work opens, both of which are still running negative in March, I think they're going to jump up again. So what I think we're going to see, as the U.S. completes its kind of rapid vaccination, is a quick succession of the phases rather than a drawn-out set of the phases. Other parts of the world where the vaccination programs are slower, then I think you'll see a more gradual phasing of what happens.

我認為這些階段將會存在，比爾。它們很快就會在美國發生。所以如果我看看已經發生的事情，我會把晚上的吃喝放在第 1 階段。我的意思是，那些——那一點離家出走成交量呈負數趨勢，1 月和 2 月的成交量呈負數趨勢，隨著重新開放的發生，它在 3 月躍升。正如你所說，隨著教育和工作的開放，這兩者在 3 月仍為負數，我認為它們將再次躍升。所以我認為，隨著美國完成這種快速疫苗接種，我們將看到的是一個快速連續的階段，而不是一系列冗長的階段。世界上疫苗接種計劃較慢的其他地區，那麼我認為你會看到發生的事情會逐漸分階段進行。

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

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

Okay. So thanks very much, everyone. It's certainly been great talking to you all. We had an excellent first quarter, very encouraging. Still many of the parts of the world yet to emerge from the pandemic. But as we navigate this kind of dynamic environment, we'll continue to evolve and do better, and we are well-positioned for the recovery as it plays out, both as an organization and as a system. And as always, we thank you for your interest, your investment in our company and for joining us today. Thank you.

好的。非常感謝大家。與大家交談當然很棒。我們有一個出色的第一季度，非常令人鼓舞。世界上仍有許多地區尚未擺脫大流行。但是，當我們在這種動態環境中駕馭時，我們將繼續發展並做得更好，並且無論作為一個組織還是一個系統，我們都為複蘇做好了準備。與往常一樣，我們感謝您對我們公司的關注、投資以及今天加入我們。謝謝你。

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。