可口可樂 (KO) 2020 Q4 法說會逐字稿

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

在這個時候，我想歡迎大家參加可口可樂公司第四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。

(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，因此媒體的問題將不予回答。

Media participants should contact Coca-Cola's Media Relations department if they have any question.

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, I'd like to inform you that we posted schedules under the Financial Reports and Information tab in the Investors section of our company's website at www.coca-colacompany.com.

在開始之前，我想通知您，我們在公司網站 www.coca-colacompany.com 的“投資者”部分的“財務報告和信息”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 through our results as reported under generally accepted accounting principles.

這些時間表協調了某些非公認會計準則財務指標，我們的高級管理人員可能會在今天上午的討論中通過我們根據公認會計原則報告的結果來參考這些指標。

I would also like to note that you can find additional materials in the Investors section of our company's website that provide the accompanying slides for today's discussion and an analysis of our margin structure.

我還想指出，您可以在我們公司網站的“投資者”部分找到其他材料，這些材料為今天的討論和我們的保證金結構分析提供了隨附的幻燈片。

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 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，應與我們的收益發布和公司最近的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 I will turn the call over to James.

現在我將把電話轉給詹姆斯。

Thanks, Tim, and good morning, everyone.

謝謝，蒂姆，大家早上好。

I'd like to begin today's call by reflecting on the past year, including our fourth quarter performance.

我想從回顧過去一年開始今天的電話會議，包括我們第四季度的表現。

Then let's turn the page and look at the new year.

那麼讓我們翻開新的一頁，看看新的一年吧。

I'll provide thoughts on the current environment and how we will continue to manage through near-term volatility.

我將提供有關當前環境的想法，以及我們將如何繼續管理近期的波動。

Finally, I will share how we are thinking about the year ahead and why we remain confident about the future.

最後，我將分享我們對未來一年的看法以及為什麼我們對未來充滿信心。

John will then discuss the quarter and our outlook in more detail.

然後約翰將更詳細地討論本季度和我們的前景。

Now before we dive in, I'd like to address our U.S. income tax dispute with the Internal Revenue Service, including both the case and the opinion that was issued by the U.S. Tax Court in November.

現在，在我們深入研究之前，我想先談談我們與美國國稅局的美國所得稅糾紛，包括案件和美國稅務法院 11 月發布的意見。

We believe that the tax court misinterpreted and misapplied the applicable regulations in its conclusions.

我們認為，稅務法院在其結論中曲解和誤用了適用法規。

We intend to assert our claims on appeal and vigorously defend our position.

我們打算在上訴中主張我們的主張，並大力捍衛我們的立場。

We've consulted with outside advisers and conducted comprehensive analyses.

我們諮詢了外部顧問並進行了全面分析。

We've considered all relevant information, including the unconstitutionality of the IRS' retroactive imposition of tax liability.

我們已經考慮了所有相關信息，包括美國國稅局追溯徵收稅收責任的違憲性。

Putting this all together, we believe we will ultimately prevail on appeal.

綜上所述，我們相信我們最終會在上訴中獲勝。

John will provide insight into the range of risks we see should the case not go in our favor.

如果案件對我們不利，約翰將深入了解我們看到的風險範圍。

I also encourage you to refer to Exhibit 99.2 in the Form 8-K we filed this morning for the updated disclosure.

我還鼓勵您參考我們今天早上提交的表格 8-K 中的附件 99.2 以獲取更新的披露信息。

The tax matter is clearly important, and we are dedicating ample resources to its resolution, but it is likely to take some time.

稅務問題顯然很重要，我們正在投入大量資源來解決這個問題，但這可能需要一些時間。

We remain steadfastly focused on delivering growth in our business and driving long-term value for our stakeholders.

我們始終堅定不移地專注於實現業務增長並為利益相關者創造長期價值。

In 2020, we faced significant challenges posed by the global pandemic.

2020年，我們面臨全球疫情帶來的重大挑戰。

Our company proved resilient, moving with agility to adapt our business and accelerate our strategic transformation.

事實證明，我們公司具有韌性，敏捷地調整我們的業務並加速我們的戰略轉型。

Our work isn't done and I recognize and appreciate the ongoing support, dedication and progress from our people and our system.

我們的工作還沒有完成，我承認並感謝我們的員工和我們的系統持續提供的支持、奉獻和進步。

Turning to the fourth quarter.

轉入第四節。

We saw improving trends through November, but a resurgence in the virus drove renewed lockdowns in many parts of the world.

整個 11 月，我們看到了改善的趨勢，但病毒的死灰復燃推動了世界許多地區的新一輪封鎖。

The rise in restrictions impacted our recovery in many markets, resulting in a modest deceleration in volume in December, which has continued year-to-date with volume currently down mid-single-digits.

限制措施的增加影響了我們在許多市場的複蘇，導致 12 月份的交易量適度減速，今年迄今一直在持續，目前交易量下降了個位數的中位數。

Speaking generally, trends are still tied to our exposure to away-from-home, coupled with the level of lockdown, but our business has become more durable compared to the spring of 2020 based on the learnings and actions we have taken.

總的來說，趨勢仍然與我們在外地的接觸以及鎖定程度有關，但根據我們所採取的學習和行動，與 2020 年春季相比，我們的業務變得更加持久。

Our teams around the world have applied these learnings from the peak of the crisis to better navigate short-term setbacks.

我們在世界各地的團隊已經應用了從危機高峰期學到的這些經驗，以更好地應對短期挫折。

Globally, in the fourth quarter, progress remained mixed and even within regions, there was ongoing recovery as well as challenges.

在全球範圍內，第四季度的進展仍然喜憂參半，即使在區域內，也存在持續的複蘇和挑戰。

For example, in Asia Pacific, countries are at different stages.

例如，在亞太地區，各國處於不同的階段。

In China, we are indeed emerging stronger, thanks to our strategic actions, with Q4 share gains to complement our 2020 share gains in both on and off premise.

在中國，由於我們的戰略行動，我們確實變得更加強大，第四季度的份額增長補充了我們 2020 年在場內和場外的份額增長。

Japan drove incremental transactions through their price pack decoupling, but soft traffic in vending continued to pressure mix.

日本通過其價格包脫鉤推動了增量交易，但自動售貨機的疲軟流量繼續給組合帶來壓力。

In India, challenges remain, but at-home trends were strong, and we saw signs of recovery in away-from-home channels through the holidays.

在印度，挑戰依然存在，但國內趨勢強勁，我們看到假期期間非家庭渠道出現復甦跡象。

EMEA showed resilience despite experiencing varying levels of lockdown through the quarter, driving a dispersion in results between developed and developing markets.

儘管整個季度經歷了不同程度的封鎖，歐洲、中東和非洲地區仍表現出彈性，導致發達市場和發展中市場之間的業績出現差異。

Western Europe was the most affected by the resurgence, while West Africa and Turkey showed positive momentum.

西歐受復甦的影響最大，而西非和土耳其則表現出積極的勢頭。

In North America, away-from-home volumes were impacted by multiple states restricting bars and banning indoor dining.

在北美，多個州限製酒吧和禁止室內用餐，影響了非家庭客流量。

Sparkling water trends remained robust, with the expansion of AHA and Topo Chico mineral water as well as Simply and Fairlife also performing well.

蘇打水趨勢依然強勁，AHA 和 Topo Chico 礦泉水以及 Simply 和 Fairlife 的擴張也表現良好。

In Latin America, trends were strong early in the quarter, but slowed in December due to restrictions and less stimulus support.

在拉丁美洲，本季度初趨勢強勁，但由於限制和刺激支持減少，12 月放緩。

Single-serve is recovering as a percent of mix in our business, and multi-serve refillables grew at a double-digit pace.

單份服務在我們業務中的比例正在恢復，多份可再填充產品以兩位數的速度增長。

Brazil's results remained strong, and Mexico improved sequentially.

巴西的業績依然強勁，墨西哥的業績有所改善。

In Global Ventures, despite the headwind of renewed U.K. lockdowns impacting our Costa retail stores, Express machines performed well.

在 Global Ventures 中，儘管英國重新實施封鎖對我們的 Costa 零售店產生了不利影響，但 Express 機器表現良好。

We continued expansion in China, Japan and further into Europe and are testing Express and Proud to Serve platforms, along with the launch of costacoffee.com in the U.S.

我們繼續在中國、日本和歐洲進一步擴張，並正在測試 Express 和 Proud to Serve 平台，同時在美國推出 costacoffee.com。

Our Bottling Investments Group further improved operating margin performance and made progress on cooler productivity and SKU rationalization.

我們的裝瓶投資集團進一步提高了營業利潤率表現，並在冷卻生產力和 SKU 合理化方面取得了進展。

Almost all markets gained or maintained share, with Vietnam achieving its highest ever sparkling share.

幾乎所有市場都獲得或保持了份額，越南達到了有史以來最高的閃光份額。

From a category perspective, we saw relative outperformance for sparkling in the fourth quarter.

從品類的角度來看，我們在第四季度看到了閃閃發光的相對優異的表現。

Trademark Coke delivered 1% volume growth, delivered by our Zero Sugar offerings, which were up 3% for the quarter and 4% for the year.

商標可樂實現了 1% 的銷量增長，這得益於我們的零糖產品，本季度增長 3%，全年增長 4%。

While our overall market share performance continued to be impacted by channel mix as our higher share away-from-home business remains pressured, we did gain underlying value share in both at-home and away-from-home channels.

儘管我們的整體市場份額表現繼續受到渠道組合的影響，因為我們較高的非家庭業務份額仍然面臨壓力，但我們確實在家庭和非家庭渠道中獲得了潛在的價值份額。

We are poised to emerge stronger in both channels due to our actions to support customers and to ensure seamless execution from a supply chain perspective.

由於我們採取行動支持客戶並確保從供應鏈的角度無縫執行，我們準備在這兩個渠道中變得更強大。

Thinking about 2021.

想著2021年。

There is no doubt the near-term trajectory of our recovery will still be impacted by the presence of the virus in most markets.

毫無疑問，我們復甦的近期軌跡仍將受到大多數市場病毒存在的影響。

It is still early days in the vaccination process, and we'd expect to see further improvements in our business as vaccinations become more widely available over the coming months.

疫苗接種過程仍處於初期階段，隨著未來幾個月疫苗接種的普及，我們預計我們的業務將進一步改善。

It's clear that the pace and availability of vaccines will look different around the world and therefore, we'll likely see some level of asynchronous recovery depending both on vaccine distribution and other macroeconomic factors.

很明顯，世界各地疫苗的速度和供應情況看起來會有所不同，因此，我們可能會看到某種程度的異步復甦，這取決於疫苗的分發和其他宏觀經濟因素。

Amidst this backdrop, we will ensure that the system remains flexible to adjust for near-term uncertainties, while at the same time, continue to push forward on initiatives we have championed to emerge stronger.

在此背景下，我們將確保系統保持靈活，以適應近期的不確定性，同時繼續推進我們倡導的旨在變得更強大的舉措。

So let me touch briefly on our progress against several initiatives today, and we'll provide further detail on these as well as other important business drivers at our virtual CAGNY presentation next week.

因此，讓我簡要介紹一下我們今天針對幾項舉措取得的進展，我們將在下週的虛擬 CAGNY 演示中提供有關這些以及其他重要業務驅動因素的更多詳細信息。

Our network organization is coming together and creating empowerment through clear decision rights and accountability.

我們的網絡組織正在團結起來，通過明確的決策權和問責制來創造權力。

We have our overall operating unit and global category team structures and are already changing the way we work.

我們擁有我們的整體運營部門和全球類別團隊結構，並且已經在改變我們的工作方式。

We've established our new platform services organization.

我們已經建立了新的平台服務組織。

9 hubs are currently being stood up.

目前正在建立9個樞紐。

Our ultimate goal is to scale our resources and capabilities to drive value and growth, including investing in new consumer analytics and digital tools.

我們的最終目標是擴大我們的資源和能力以推動價值和增長，包括投資新的消費者分析和數字工具。

As we go through the transformation, we are ensuring that we have a diverse and equitable representation across our global workforce.

在我們進行轉型的過程中，我們確保我們在全球員工隊伍中擁有多元化和公平的代表性。

Our long-term profitable growth will be powered by our optimized brand portfolio.

我們的長期盈利增長將由我們優化的品牌組合提供動力。

We streamlined our portfolio from 400 to 200 master brands, allowing global category teams to identify the greatest opportunities and allocate investments accordingly.

我們將我們的產品組合從 400 個主品牌精簡到 200 個，讓全球品類團隊能夠發現最大的機會並相應地分配投資。

These targeted investments will leverage our leader brands more effectively and convert challenger and explorer brands into leaders more quickly and consistently.

這些有針對性的投資將更有效地利用我們的領導品牌，並更快、更一致地將挑戰者和探索者品牌轉變為領導者。

Additionally, our portfolio streamlining allows us to focus attention and resources on what we do best: brand building and innovation.

此外，我們的產品組合精簡使我們能夠將注意力和資源集中在我們最擅長的事情上：品牌建設和創新。

This will make room for more consumer-centric products down the road.

這將為未來更多以消費者為中心的產品騰出空間。

Great brand building begins with a deep understanding of our consumer that converts into superior quality products.

偉大的品牌建設始於對我們消費者的深刻理解，並將其轉化為優質產品。

To enhance our marketing effectiveness, we are building targeted experiential campaigns that are data-driven and occasion-based and always on.

為了提高我們的營銷效率，我們正在建立有針對性的體驗活動，這些活動是數據驅動的、基於場合的，並且始終在進行。

We are eager to share upcoming work generated by this new marketing model, including our first ever global Sprite campaign, it's called, Let's Be Clear.

我們渴望分享由這種新營銷模式產生的即將開展的工作，包括我們的第一個全球 Sprite 活動，名為 Let's Be Clear。

It invites drinkers to reset and refresh.

它邀請飲酒者重置和刷新。

And Fanta's new colorful initiative seeks to make stacking moments more playful around the world.

芬達的全新多彩計劃旨在讓世界各地的堆疊時刻變得更加有趣。

At the same time, we are optimizing our marketing spend, focusing on our strongest brands and most compelling opportunities.

與此同時，我們正在優化我們的營銷支出，專注於我們最強大的品牌和最引人注目的機會。

We have a global, creative and media agency review underway, which will improve processes, eliminate duplication and drive efficiency to fuel reinvestment in our brands.

我們正在進行全球、創意和媒體機構審查，這將改進流程、消除重複並提高效率，以推動對我們品牌的再投資。

Our innovation pipeline for 2021 has been shaped and coordinated for scale and impact.

我們 2021 年的創新渠道已針對規模和影響進行了塑造和協調。

It consists of global bets like the new taste and design for Coke Zero Sugar and regional bets across categories like the expansion of our Authentic Tea House franchise across Asia.

它包括全球賭注，如可樂零糖的新口味和設計，以及跨類別的區域賭注，如我們在亞洲的正宗茶館特許經營權的擴張。

We're still pursuing intelligent local experimentation like adding functional benefits to some of our local hydration brands.

我們仍在進行智能本地實驗，例如為我們的一些本地保濕品牌添加功能優勢。

And there's also innovation that leverages our strength in revenue growth management through packaging initiatives.

還有創新，通過包裝計劃利用我們在收入增長管理方面的優勢。

This includes our first 100% recycled PET bottles in the U.S. for smartwater and DASANI, along with a new 13.2 ounce 100% recycled PET bottle for Trademark Coca-Cola.

這包括我們在美國用於 smartwater 和 DASANI 的第一個 100% 回收 PET 瓶，以及用於商標可口可樂的新 13.2 盎司 100% 回收 PET 瓶。

We will also continue to expand Topo Chico Hard Seltzer, which is already launched in several cities in Latin America and Europe.

我們還將繼續擴展已在拉丁美洲和歐洲的幾個城市推出的 Topo Chico Hard Seltzer。

The global pandemic has undoubtedly expedited the shift to a digital world, and we are structuring the organization around this opportunity.

全球大流行無疑加速了向數字世界的轉變，我們正在圍繞這個機會構建組織。

We've been digitizing the enterprise for several years and have stepped up our evolution into an organization that can skillfully execute marketing, commercial, sales and distribution, both off-line and online.

幾年來，我們一直在對企業進行數字化，並加快發展成為一個可以熟練地執行營銷、商業、銷售和分銷（包括離線和在線）的組織。

We're also leveraging existing pockets of excellence in e-commerce around the globe.

我們還利用全球電子商務領域現有的卓越優勢。

The My Coke B2B platform continues to add outlets and is expanding to new markets.

My Coke B2B 平台不斷增加網點，並正在向新市場擴展。

Our O2O partnerships with multiple food aggregators ensure beverage availability and visibility.

我們與多家食品聚合商的 O2O 合作夥伴關係確保了飲料的供應和知名度。

Our multi-platform venture, Wabi: it connects our system and other consumer products companies to store owners and end consumers through an ecosystem of digital apps.

我們的多平台企業 Wabi：它通過數字應用生態系統將我們的系統和其他消費品公司與商店所有者和最終消費者聯繫起來。

Thanks to our network model, Wabi is now available in 23 cities across 5 continents.

由於我們的網絡模式，Wabi 現在可以在 5 大洲的 23 個城市使用。

The ecosystem is powerful and has already attracted bottler interest and collaboration in several regions.

該生態系統功能強大，已經在多個地區吸引了裝瓶商的興趣和合作。

Order alignment also remains an imperative.

訂單對齊也仍然是當務之急。

Seamless system connectivity helps us maintain local relevance while benefiting from global scale.

無縫系統連接幫助我們保持本地相關性，同時受益於全球規模。

We continue to engage with our bottling partners holistically to fuel the network for long-term growth.

我們將繼續與我們的裝瓶合作夥伴全面合作，為網絡的長期增長提供動力。

We are working to lift and shift capabilities.

我們正在努力提升和轉移能力。

We can focus on being successful today while also pursuing our ambitions for the future.

我們可以專注於今天的成功，同時也可以追求我們對未來的抱負。

And before I turn over to John, I wanted to express how proud I am of our support for communities and our sustainability achievements during a year that brought much disruption to the world.

在我向約翰求助之前，我想表達我為我們在一年中對社區的支持和我們在可持續發展方面取得的成就而感到自豪，這給世界帶來了巨大的破壞。

We remain grounded by our purpose, and our ESG work is embedded in our business and the value we create.

我們始終以我們的目標為基礎，我們的 ESG 工作嵌入到我們的業務和我們創造的價值中。

We contributed to COVID-19 relief around the world.

我們為世界各地的 COVID-19 救濟做出了貢獻。

We continue to focus on racial equity, including the introduction of our global social justice framework.

我們繼續關注種族平等，包括引入我們的全球社會正義框架。

We've made progress against priorities such as World Without Waste, which includes setting a new target to reduce the use of virgin PET in our packaging.

我們在世界無浪費等優先事項方面取得了進展，其中包括設定新目標以減少在我們的包裝中使用原生 PET。

We're also making progress against our 2030 science-based carbon target, which is a critical milestone to achieving our ambition to be net 0 carbon by 2050.

我們還在實現 2030 年以科學為基礎的碳目標方面取得進展，這是實現我們到 2050 年實現淨零碳目標的關鍵里程碑。

We accomplished our goal to empower 5 million women by 2020, creating shared value for these women, their families and communities, while growing our business through their involvement in both retail and distribution businesses.

我們實現了到 2020 年賦予 500 萬女性權力的目標，為這些女性、她們的家庭和社區創造共享價值，同時通過她們參與零售和分銷業務來發展我們的業務。

And we won't stop there.

我們不會止步於此。

We'll have more updates in our business and sustainability report and World Without Waste report in the coming months.

在接下來的幾個月中，我們將在我們的業務和可持續發展報告以及世界無浪費報告中提供更多更新。

To summarize.

總結一下。

We are confident that we will successfully navigate through a dynamic market environment in 2021 to deliver against our objectives.

我們有信心，我們將在 2021 年成功度過充滿活力的市場環境，以實現我們的目標。

We'll emerge stronger, with more consumers, higher share, stronger system economics and greater stakeholder impact.

我們將變得更強大，擁有更多的消費者、更高的份額、更強大的系統經濟學和更大的利益相關者影響。

As vaccine distributions continue, we'll have more visibility into how the global recovery will take shape.

隨著疫苗分發的繼續，我們將對全球復甦將如何形成有更多的了解。

And given our confidence in the levers we have to manage the business, we are providing an outlook for 2021.

鑑於我們對管理業務所必須的槓桿充滿信心，我們正在提供 2021 年的展望。

Importantly, we're staying true to our commitment to consumer-centricity and our Beverages for Life strategy.

重要的是，我們恪守以消費者為中心的承諾和我們的生活飲料戰略。

We've made great progress in equipping the company to win for years to come as we will fulfill our purpose to refresh the world and make a difference.

我們在裝備公司以贏得未來幾年的勝利方面取得了長足的進步，因為我們將實現我們刷新世界和有所作為的目標。

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

現在約翰將提供更多關於我們的結果和指導的細節。

Thank you, James, and good morning, everyone.

謝謝你，詹姆斯，大家早上好。

Today, I'll go over our fourth quarter performance and touch on the components of our outlook for 2021.

今天，我將回顧我們第四季度的業績，並談談我們對 2021 年展望的組成部分。

First, let me start with a comment on the tax case that James referred to earlier in the call.

首先，讓我先評論一下詹姆斯早些時候在電話會議中提到的稅務案例。

As he mentioned, we disagree with the U.S. Tax Court opinion and we'll vigorously defend our position.

正如他所提到的，我們不同意美國稅務法院的意見，我們將大力捍衛我們的立場。

In the Form 8-K filed this morning, we provide detail on the process we've undergone in arriving at our current position and determining next steps.

在今天早上提交的 8-K 表格中，我們詳細介紹了我們在達到當前職位和確定下一步措施方面所經歷的過程。

Internal analysis has led us to believe we will ultimately be successful.

內部分析使我們相信我們最終會成功。

And while we have recorded a tax reserve of $438 million in consideration of the alternative transfer pricing methodologies that could be applied by the courts in resolving the litigated matters, we have not made any changes to our underlying effective tax rate going forward.

儘管考慮到法院在解決訴訟事項時可能採用的替代轉讓定價方法，我們已經記錄了 4.38 億美元的稅收儲備，但我們沒有對我們未來的基本有效稅率做出任何改變。

That said, there is no assurance that the courts will ultimately rule in the company's favor.

也就是說，不能保證法院最終會做出有利於公司的裁決。

It is possible that all or some portion of the adjustment proposed by the IRS and affirmed by the Tax Court could be upheld.

美國國稅局提出並經稅務法庭確認的全部或部分調整有可能得到支持。

To this end, we have estimated approximately $12 billion for the aggregate incremental tax liability for years up to and including 2020, including interests accrued through December 31, 2020.

為此，我們估計截至 2020 年（包括 2020 年）的總增量稅負總額約為 120 億美元，包括截至 2020 年 12 月 31 日的應計利息。

This amount assumes the IRS prevails and applies their methodology and considers any adjustments from previously accrued transition tax payable under the Tax Cuts and Jobs Act of 2017.

該金額假設 IRS 佔上風並應用其方法，並考慮了根據 2017 年減稅和就業法案之前應計的過渡稅的任何調整。

We have also indicated that applying their methodology would increase our underlying effective tax rate by approximately 3.5%.

我們還表示，應用他們的方法將使我們的潛在有效稅率提高約 3.5%。

There are many puts and takes that inform the range of incremental liability and potential change in tax rate.

有許多看跌期權可以告知增量負債的範圍和稅率的潛在變化。

I encourage you to refer to the disclosure in the Form 8-K for more in-depth detail.

我鼓勵您參閱 8-K 表格中的披露以獲取更深入的詳細信息。

While there is uncertainty associated with the timing and ultimate resolution, we will continue to prioritize investing in the business to drive long-term growth as well as supporting dividend growth for our shareowners.

儘管時間和最終解決方案存在不確定性，但我們將繼續優先投資業務以推動長期增長並支持股東的股息增長。

And while we strongly believe we will prevail, we are confident we have ample flexibility between our cash generation and balance sheet to manage the range of outcomes outlined in this morning's disclosure.

雖然我們堅信我們會獲勝，但我們相信我們在現金產生和資產負債表之間有足夠的靈活性來管理今天上午披露的結果範圍。

We will be as transparent as possible throughout this process.

在整個過程中，我們將盡可能保持透明。

Turning to our performance in the fourth quarter and fiscal year 2020.

談到我們在第四季度和 2020 財年的表現。

Our Q4 organic revenue decline of 3% showed sequential improvement from the 6% decline in the third quarter and 9% decline for the full year.

我們第四季度的有機收入下降 3%，表明第三季度下降 6% 和全年下降 9% 的連續改善。

October and November volumes were down low-single-digits and approaching flat year-over-year trends, but as James mentioned, we saw a slowdown in December due to a resurgence in the virus and increased lockdown restrictions in many markets.

10 月和 11 月的交易量下降了個位數的低位，接近同比持平的趨勢，但正如詹姆斯所說，由於病毒的死灰復燃和許多市場的封鎖限制增加，我們看到 12 月的放緩。

The contraction in the comparable gross margin was primarily driven by continued pressure on our channel and package mix between away-from-home and at-home as well as currency headwinds.

可比毛利率的收縮主要是由於我們的渠道和離家與在家之間的組合組合以及貨幣逆風的持續壓力。

Additionally, segment mix swung to a headwind in the quarter due to outperformance of our Bottling Investments Group.

此外，由於我們的裝瓶投資集團表現出色，本季度的細分市場組合出現逆風。

Comparable operating margin expanded through ongoing disciplined cost management, more than offsetting pressure from the top line.

通過持續嚴格的成本管理擴大了可比的營業利潤率，抵消了來自頂線的壓力。

It's worth noting the decline in SG&A spend this quarter was impacted by timing due to the phasing effect of marketing reduction over the year.

值得注意的是，由於全年營銷減少的階段性影響，本季度 SG&A 支出的下降受到時間的影響。

As we've previously stated, we have been reintroducing marketing spend in a targeted way, identifying compelling opportunities to invest across countries, categories and brands.

正如我們之前所說，我們一直在以有針對性的方式重新引入營銷支出，確定在國家、類別和品牌之間進行投資的令人信服的機會。

Fourth quarter comparable EPS of $0.47 represents an increase of 6%, and full year comparable earnings of $1.95 reflects an 8% decline relative to our 2019 results.

第四季度可比每股收益為 0.47 美元，增長了 6%，全年可比收益為 1.95 美元，相對於我們 2019 年的業績下降了 8%。

On a comparable currency-neutral basis, earnings were up 14% for the quarter and down 2% for the year.

在可比較的貨幣中性基礎上，本季度收益增長 14%，全年下降 2%。

Throughout the crisis, we have remained intensely focused on our cash flow goals.

在整個危機期間，我們一直高度關注我們的現金流目標。

While our cash from operations was down 6% for the year, we have continued to make good progress on our working capital and have exercised tight management of our capital spend.

儘管今年我們的運營現金下降了 6%，但我們的營運資金繼續取得良好進展，並對資本支出進行了嚴格的管理。

This is exemplified by our 2020 free cash flow performance coming off strong momentum in 2019.

我們 2020 年的自由現金流表現在 2019 年的強勁勢頭就是一個例證。

We finished up 3% for the year and reached free cash flow conversion of over 100% despite the headwinds our business faced.

儘管我們的業務面臨逆風，但我們全年完成了 3% 的增長，並實現了超過 100% 的自由現金流轉換。

As we begin to see prospects for recovery later in 2021, driven by vaccination and consumers returning to many of their previous routines of socializing, work and travel, our focus will be on converting top line growth to maximize returns.

隨著我們開始看到 2021 年晚些時候的複蘇前景，在疫苗接種和消費者恢復到他們以前的許多社交、工作和旅行習慣的推動下，我們的重點將是轉換收入增長以最大化回報。

Our improving level of visibility into a recovery as the year goes on as well as the many lessons we've learned in the last year have enabled us to provide an outlook for 2021.

隨著時間的推移，我們對複甦的可見性水平不斷提高，以及我們在去年吸取的許多教訓，使我們能夠提供 2021 年的展望。

We currently expect organic revenue percentage growth of high single-digits and comparable earnings per share percentage growth of high single-to-low double-digits versus 2020.

我們目前預計與 2020 年相比，有機收入百分比增長為高個位數，可比每股收益百分比增長為高個位數至低兩位數。

While we're confident we will see recovery this year and expect to deliver 2021 earnings that are at or above 2019 levels, we've provided a wider range than usual to account for lingering uncertainty in the near-term as well as the potential for the acceleration to be asynchronous in nature.

雖然我們有信心今年將看到復蘇，並預計 2021 年的收益將達到或高於 2019 年的水平，但我們提供了比平時更寬的範圍，以應對短期內揮之不去的不確定性以及潛在的加速本質上是異步的。

There are many considerations as we think about the drivers of our guidance.

在考慮指導的驅動因素時，有許多考慮因素。

A calendar shift will impact the quarterly cadence, as we have 5 additional days in the first quarter and 6 fewer days in the fourth quarter this year.

日曆變化將影響季度節奏，因為今年第一季度我們增加了 5 天，第四季度減少了 6 天。

The trajectory of the recovery will be a significant factor and we expect to be dealing with COVID-19 for the better part of the year, with the first half likely to be more challenging than the second half.

復甦的軌跡將是一個重要因素，我們預計將在今年的大部分時間裡應對 COVID-19，上半年可能比下半年更具挑戰性。

Currently, year-to-date volume is down mid-single digits, as we lap the toughest quarterly comparison of 2020 before the pandemic hit much of the world.

目前，年初至今的交易量下降了個位數中位數，因為我們在大流行襲擊世界大部分地區之前進行了 2020 年最艱難的季度比較。

To the degree that the top line is driven by away-from-home recovery, we'd expect the channel and package pressures experienced last year to abate, which would drive price/mix improvement and gross margin expansion.

就收入受非家庭經濟復甦的推動而言，我們預計去年經歷的渠道和套餐壓力將減輕，這將推動價格/組合改善和毛利率擴張。

From a cost perspective, we see several factors at play.

從成本的角度來看，我們看到了幾個因素在起作用。

In 2020, there were many operating expenses that were significantly reduced or eliminated that are likely to come back this year.

2020 年，有許多運營費用大幅減少或消除，今年可能會捲土重來。

We will continue to step up levels of investment behind our brands to drive the top line.

我們將繼續加大對品牌的投資力度，以推動收入增長。

We expect the return on that spend to become more favorable as mobility stabilizes and away-from-home channels regain momentum.

我們預計隨著流動性穩定和非家庭渠道重新獲得動力，該支出的回報將變得更加有利。

The changes we are driving with our strategic transformation will lead to more efficient and productive spending over time.

隨著時間的推移，我們通過戰略轉型推動的變革將導致更高效、更富有成效的支出。

These changes include our organizational restructuring, streamlined portfolio, disciplined innovation and optimized marketing approach.

這些變化包括我們的組織重組、精簡的產品組合、嚴格的創新和優化的營銷方法。

We will continue to flex our spend relative to what is dictated by the market conditions around us.

我們將繼續根據我們周圍的市場條件調整我們的支出。

While we are seeing commodity prices begin to rise, given our hedge positions we currently expect the impact to cost of goods sold to be benign.

雖然我們看到商品價格開始上漲，但鑑於我們的對沖頭寸，我們目前預計對銷售成本的影響是良性的。

As we noted in our release, based on current spot rates and our hedge positions, we expect currency to be a tailwind of approximately 2% to 3% to the top line and approximately 3% to 4% to comparable EPS in 2021.

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，我們預計貨幣將成為 2021 年收入增長約 2% 至 3% 和可比每股收益約 3% 至 4% 的順風。

We will continue to focus on free cash flow and expect to deliver at least $10 billion in cash from operations, while we expect capital expenditures of approximately $1.5 billion.

我們將繼續關注自由現金流，並預計從運營中產生至少 100 億美元的現金，而我們預計資本支出約為 15 億美元。

This does not contemplate any payment relating to the tax case.

這不考慮與稅務案件有關的任何付款。

We look forward to providing more insight into the drivers of our outlook during our virtual CAGNY presentation next week.

我們期待在下週的虛擬 CAGNY 演示中提供更多關於我們前景驅動因素的見解。

In the face of this global pandemic, I am extremely grateful for our team around the world and the way they were able to pivot and execute through such a challenging environment.

面對這場全球大流行，我非常感謝我們在世界各地的團隊以及他們能夠在如此充滿挑戰的環境中轉變和執行的方式。

I'm also excited about the work we've undertaken to set us up for a very promising future.

我也對我們為建立一個非常有希望的未來所做的工作感到興奮。

I am confident that our overall strategic direction will enable us to deliver 2021 earnings that are at or above 2019 levels as we emerge stronger.

我相信，隨著我們變得更強大，我們的整體戰略方向將使我們能夠在 2021 年實現等於或高於 2019 年水平的收益。

With that, operator, we are ready to take Q&A.

有了這個，操作員，我們準備好接受問答了。

(Operator Instructions) Your first question comes from the line of Steve Powers from Deutsche Bank.

（操作員說明）您的第一個問題來自德意志銀行的 Steve Powers。

So the profit and the free cash flow flow-through that you've delivered in 2020 and guided to in the year to come is impressive, given the top line headwinds and the complexities you're facing.

因此，考慮到頂線逆風和您面臨的複雜性，您在 2020 年交付並在來年引導的利潤和自由現金流量令人印象深刻。

And I know a lot of that is driven by underlying productivity that's set to continue.

而且我知道其中很多是由將持續下去的潛在生產力驅動的。

But I'd also assume it's been aided by some level of diminished level of strategic investment, marketing capabilities, that kind of thing, that is probably set to continue for a good part of '21 before demand is more clearly on an upswing.

但我也認為它得到了一定程度的戰略投資、營銷能力下降的幫助，這種事情可能會在 21 年的大部分時間裡持續下去，然後需求才會更加明顯地上升。

So I guess the question is, is there a way to frame how much strategic investment is embedded in the '21 outlook, perhaps relative to 2019 or some other benchmark?

所以我想問題是，有沒有辦法確定 '21 展望中嵌入了多少戰略投資，也許是相對於 2019 年或其他基準？

And where do you think the right level of investment will be post-pandemic on a run-rate basis to make sure you're positioned to hit the high end of the long-term algorithm that you've been targeting?

您認為大流行後的正確投資水平將在運行率的基礎上確保您能夠達到您一直瞄準的長期算法的高端？

And if there's a way to talk a little bit about the phasing, does that investment come in coincident with recovery?

如果有辦法談論分階段，那麼投資是否與復蘇同時發生？

Is it -- should we expect it to be ahead of recovery?

是不是——我們應該期待它在復甦之前出現嗎？

Just how you're thinking about those dynamics would be great.

你如何思考這些動態會很棒。

Sure, Steve.

當然，史蒂夫。

Let me start with the future and work backwards.

讓我從未來開始，然後倒退。

When things have become new normal post-pandemic, the world is fully open.

當大流行後事情成為新常態時，世界是完全開放的。

And clearly, we'll be back investing at the sort of pressure levels of marketing and all the other components of the business that we believe is necessary to drive the top line in a margin-accretive fashion that is consistent with the long-term growth model.

顯然，我們將重新投資於營銷壓力水平和我們認為以與長期增長相一致的利潤率增長方式推動收入增長所需的所有其他業務組成部分模型。

And as you think about comparing that to 2019, clearly, we will have baked into that the benefits of the -- not just the new organization, but the fundamental rework of the marketing.

當您考慮將其與 2019 年進行比較時，很明顯，我們將融入其中的好處——不僅僅是新組織，還有營銷的根本改造。

Some of it is a reprogramming of where the marketing goes, and that's most obviously reflected in the advertising number that we show in our disclosures.

其中一些是對營銷方向的重新編程，這最明顯地反映在我們在披露中顯示的廣告數量中。

But there are other marketing spends which typically gets called enabling where we have a major program to really look at how we can make that much more efficient right across the board with all the things we do from relooking at the agencies, relooking at the way we do research, the digitization of many things.

但是還有其他營銷支出通常被稱為使我們有一個主要計劃來真正了解我們如何通過重新審視代理機構所做的所有事情來全面提高效率，重新審視我們的方式做研究，很多東西的數字化。

So there will, when comparing the new normal of 2019, be an embedded degree of efficiency across the board.

因此，在比較 2019 年的新常態時，將有一個全面的嵌入程度的效率。

But in the end, we are of the view that the marketing pressure will need to be similar to the sorts of pressure levels that it was in '18 and '19 when we were achieving the sorts of revenue growth rates.

但最後，我們認為營銷壓力需要與 18 和 19 年我們實現收入增長率時的壓力水平相似。

In time, you'll see the flow-through into profit that we were looking for.

隨著時間的推移，您會看到我們一直在尋找的利潤流入。

In the run-up from now to that future, we have, of course, taken a measured and balanced view of what we think 2021 will look like.

在從現在到未來的準備階段，我們當然對我們認為 2021 年的情況採取了衡量和平衡的看法。

And our guidance ultimately is a corridor where we believe we can manage whether things get better in line with our view or quicker than our view, we'll be in the corridor.

我們的指導最終是一條走廊，我們相信我們可以管理事情是否會按照我們的觀點變得更好，或者比我們的觀點更快，我們將在走廊中。

And we'll start reapplying the pressure of the marketing and the innovation that we believe will drive the revenue growth.

我們將開始重新施加營銷壓力和我們認為將推動收入增長的創新。

Or if things are a little slower on the opening, we'll pull levers and be more cautious about the rate at which we reapply the marketing pressures or in the -- as you mentioned, free cash flow, obviously, one of the levers to sustaining or, in fact, growing free cash flow last year was to back off on some of the CapEx.

或者，如果開盤時情況稍慢，我們將拉動槓桿，並對我們重新施加營銷壓力的速度更加謹慎，或者——正如你提到的，自由現金流，顯然是槓桿之一去年維持或實際上增長的自由現金流是為了減少一些資本支出。

Simply understood, some of our CapEx is in new fountain equipment or new vending equipment.

簡單來說，我們的一些資本支出是在新的噴泉設備或新的自動售貨設備上。

And if those channels are not open, there's no point in putting new equipment in there until they're on the verge of being open.

如果這些渠道不開放，那麼在它們即將開放之前，將新設備放在那裡是沒有意義的。

So there's a self-regulation between the marketing and some of the CapEx on -- if the lockdown is greater, we will logically back off.

因此，營銷和一些資本支出之間存在自我調節——如果鎖定更大，我們將合乎邏輯地退出。

And then as the lockdown reduces and the market is more open, those things will come back on.

然後隨著封鎖的減少和市場的開放，這些事情會重新出現。

And so we'd spend more marketing, more CapEx, but have more revenue.

所以我們會花更多的營銷，更多的資本支出，但有更多的收入。

And that's why we believe we can operate within the corridor of the guidance we've provided and emerge stronger from this and really drive growth into the future.

這就是為什麼我們相信我們可以在我們提供的指導範圍內運作，並從中變得更強大，並真正推動未來的增長。

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

您的下一個問題來自巴克萊銀行的 Lauren Lieberman。

Great.

偉大的。

I want to talk a little bit about North America profitability over the longer term.

我想談談北美長期的盈利能力。

I mean, obviously, this year, there was a nice step-up, but tough to look at 2020 as, I guess, change in isolation.

我的意思是，顯然，今年有一個不錯的進步，但很難將 2020 年視為孤立的變化。

But I was struck by the news, and you mentioned it today, the 13-ounce bottle.

但我被這個消息震驚了，你今天提到了 13 盎司的瓶子。

So I was just curious about efforts to get broader and more aggressive on price pack management, revenue growth management in the U.S. Talk about what that could mean for longer-term profitability in North America, even without addressing the nature of your supply chain here.

所以我只是對在美國在價格包管理、收入增長管理方面變得更廣泛和更積極的努力感到好奇。談論這對北美的長期盈利能力意味著什麼，即使沒有在這裡解決你的供應鏈的性質。

And by the way, if there's anything you are starting to explore in terms of supply chain structure in the U.S.

順便說一句，如果您開始在美國的供應鏈結構方面進行探索的話。

Sure.

當然。

I mean the revenue growth management journey has been a multiyear journey in -- globally, and indeed, more recently in North America.

我的意思是，收入增長管理之旅在全球範圍內是一個多年的旅程，實際上，最近在北美。

We started to see some good benefits come through from that.

我們開始看到從中獲得一些好處。

The 13 -- just over 13-ounce bottle is obviously good from a revenue growth point of view.

從收入增長的角度來看，13 瓶——剛剛超過 13 盎司的瓶子顯然是好的。

It is also worth mentioning that's 100% recycled PET bottle on Coke, which is the first one in the U.S. That's very linked to our World Without Waste strategy.

還值得一提的是，可口可樂採用 100% 回收的 PET 瓶，這在美國是第一個，這與我們的“無浪費世界”戰略息息相關。

So clearly, we are going to continue to explore and drive particularly some of the smaller packages, whether it's the smaller bottle or some of the sleeker cans, as part of providing the sizes that consumers are interested in.

很明顯，我們將繼續探索和推動一些更小的包裝，無論是更小的瓶子還是一些更時尚的罐頭，作為提供消費者感興趣的尺寸的一部分。

This also connects with our revenue growth management story.

這也與我們的收入增長管理故事有關。

And as I said on previous calls, I believe that is a multiyear runway for our efforts on RGM in North America that are starting to pay dividends over time.

正如我在之前的電話會議上所說，我相信這是我們在北美 RGM 努力的多年跑道，隨著時間的推移開始產生紅利。

That is not just helping on the margin front, but frankly, it's helping on the revenue front.

這不僅在利潤率方面有所幫助，而且坦率地說，在收入方面也有所幫助。

So I think there's a lot more that can be done to drive that in North America.

所以我認為在北美還有很多事情可以做。

And that's kind of in the underlying category of margin.

這在保證金的基本類別中。

Of course, there are structural changes to the margin on whether we have refranchised or not to the bottlers and whether we continue what our exact role is in kind of the systems internal supply chain.

當然，在我們是否重新授權給裝瓶商以及我們是否繼續我們在系統內部供應鏈中的確切角色方面，利潤率存在結構性變化。

And therefore, if we do finished products or we get all the bottlers, manufacture those products.

因此，如果我們生產成品或者我們得到所有裝瓶商，就製造這些產品。

Of course, what we will do over time is look to do the most efficient and effective ecosystem of supply options for ourselves and our bottling partners.

當然，隨著時間的推移，我們將做的是為我們自己和我們的裝瓶合作夥伴尋找最有效和最有效的供應選擇生態系統。

We have recently moved some lines to third-party co-packing of water.

我們最近將一些生產線移至第三方聯合包裝水。

And as and when other opportunities are there, we'll consider them.

當有其他機會時，我們會考慮它們。

But ultimately, we have to have the most efficient and effective supply chain between ourselves and the bottlers to satisfy the consumers.

但最終，我們必須在我們自己和裝瓶商之間建立最有效和最有效的供應鏈，以滿足消費者的需求。

Your next question comes from the line of Dara Mohsenian from Morgan Stanley.

您的下一個問題來自摩根士丹利的 Dara Mohsenian。

So John, I just wanted to follow-up on the comments around ample flexibility to handle the tax judgment.

所以約翰，我只是想跟進有關處理稅務判決的充分靈活性的評論。

And I was just looking for a bit more detail on 2 separate scenarios.

我只是在尋找關於 2 個不同場景的更多細節。

One, just more short-term versus the unfavorable $3 billion opinion.

一，與不利的 30 億美元意見相比，只是更短期。

Potentially in order to appeal that, might you have to post cash that could impact your dividend plans?

潛在地為了上訴，您是否必須張貼可能影響您的股息計劃的現金？

How do you think about that as well as capital allocation?

您如何看待這一點以及資本配置？

And then second, if we think about the subsequent decade, if there were to be an unfavorable outcome, I understand that's not what you believe, but a what-if type of scenario, are the cash outflows far enough out that it doesn't have a significant impact in terms of the way you think about the dividend and sustainability?

其次，如果我們考慮接下來的十年，如果有一個不利的結果，我理解這不是你所相信的，而是一種假設類型的情景，現金流出是否足夠遠以至於它不會對您對股息和可持續性的看法產生重大影響？

Or do you have to sort of adjust plans ahead of time in case?

還是您必須提前調整計劃以防萬一？

And how do you think through that conceptually?

你如何從概念上思考這個問題？

Thanks, Dara.

謝謝，達拉。

As I mentioned in the script, I think we've got ample flexibility through both the way in which we've been managing the balance sheet and when we think about the cash generation prospects for the next few years to manage any scenario.

正如我在腳本中提到的那樣，我認為我們在管理資產負債表的方式以及考慮未來幾年的現金生成前景以管理任何情況時都具有足夠的靈活性。

We continue to believe that we have a very strong case and unlikely to have to consider that worst-case scenario.

我們仍然相信我們有一個非常有力的案例，不太可能不得不考慮最壞的情況。

But the work we've done really beginning last year to organize our debt portfolio in a way that gives us more flexibility.

但是我們從去年開始真正開始的工作是以一種給我們更大靈活性的方式組織我們的債務組合。

And when we take that into consideration, along with the cash we'll generate in the next 2 to 3 years, I think we feel pretty confident that we can take care of just about any scenario.

當我們考慮到這一點以及我們將在未來 2 到 3 年內產生的現金時，我認為我們非常有信心我們可以應對任何情況。

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。

I'd like to ask for a few more details on advertising spend.

我想詢問有關廣告支出的更多詳細信息。

I think, John, you mentioned a few phrases, creative media review, marketing efficiency and such.

我想，約翰，你提到了一些短語，創意媒體評論，營銷效率等等。

And then also, I think you mentioned marketing pressure being similar to kind of '18, '19 levels.

然後，我認為您提到營銷壓力類似於 '18、'19 級別。

So if we look at '19, the ad spend was roughly around $4.3 billion.

因此，如果我們查看 19 年，廣告支出約為 43 億美元。

Obviously, it's much lower than that for 2020.

顯然，它遠低於 2020 年的水平。

Should we expect that figure to get back to where it was this year?

我們是否應該期望這個數字回到今年的水平？

Or is it the sort of thing that you've just become more efficient and perhaps it's a figure that's 5% lower, 10% lower than what it was running at before?

或者是你剛剛變得更有效率的那種事情，也許這個數字比以前低 5%，低 10%？

Yes.

是的。

Thanks.

謝謝。

So yes, I don't think we're fixed on a number that's necessarily linked to 2019, given a couple of factors.

所以是的，考慮到幾個因素，我認為我們不會固定在一個與 2019 年必然相關的數字上。

#1, the work that we have highlighted we are doing around efficiency, we believe that there's a tremendous opportunity for us to drive a greater efficiency across the marketing spend portfolio and particularly in the enabling area.

＃1，我們強調我們圍繞效率所做的工作，我們相信我們有一個巨大的機會來提高整個營銷支出組合的效率，特別是在支持領域。

Secondly, we've also become, I think, a lot more flexible.

其次，我認為我們也變得更加靈活。

We've learned a lot in the last year that allows us to, so to speak, turn the tap on and off with much greater fluency than perhaps we've done in the past.

在過去的一年裡，我們學到了很多東西，可以說，我們可以比過去更流暢地打開和關閉水龍頭。

And then thirdly, if you look at the marketing landscape, the mix of spending that will be required market-to-market is going to evolve, and we need to be flexible in order to handle that.

第三，如果你看一下營銷環境，市場對市場所需的支出組合將發生變化，我們需要靈活應對。

So the net-net is we will continue to focus on what our markets need, both in total investment terms as well as in the mix of spend that's appropriate for each of these markets.

因此，我們將繼續關注我們的市場需求，無論是在總投資方面，還是在適合每個市場的支出組合方面。

We will continue to drive the kind of efficiency that we now know is available to us.

我們將繼續推動我們現在知道的那種效率。

And I think the -- we'll land in whatever landing spot that means in terms of total dollars.

而且我認為 - 我們將降落在任何著陸點，這意味著總美元。

But I think we've got a good handle on both being efficient, being effective and investing appropriately as markets recover across the world.

但我認為，隨著全球市場的複蘇，我們已經很好地處理了高效、有效和適當投資的問題。

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

您的下一個問題來自高盛的 Bonnie Herzog。

I wanted to touch on innovation.

我想談談創新。

Obviously, it sounds like you're making a lot of progress on your portfolio streamlining initiatives.

顯然，聽起來您在簡化投資組合計劃方面取得了很大進展。

And you've been doing, I think, a good job at managing all of this.

我認為，你在管理所有這些方面做得很好。

But I guess I'm trying to understand how you're balancing this innovation and messaging your new, more streamlined portfolio strategy within your organization.

但我想我想了解您是如何平衡這種創新並在您的組織內傳達您的新的、更簡化的投資組合策略的。

And then are you at all concerned that this increases some risk of stifling innovation and possibly discouraging risk-taking over the long term?

然後你是否擔心這會增加一些扼殺創新的風險，並可能阻礙長期冒險？

I guess the headline answer is no, we don't think we're going to stifle innovation.

我想標題的答案是否定的，我們認為我們不會扼殺創新。

Quite the opposite.

恰恰相反。

We're looking actually for innovation to continue where it was in '18 and '19 in terms of playing an important role in driving consumer engagement, interest to customers, and therefore, revenue growth and on to profitability.

實際上，我們正在尋找創新，以繼續保持 18 和 19 年的水平，在推動消費者參與、客戶興趣、收入增長和盈利方面發揮重要作用。

And so this is very much about finding a way to be able to identify the biggest bets within the innovation pipeline, understanding that there's still going to be a very important role for experimentation.

因此，這在很大程度上是關於找到一種能夠確定創新管道中最大賭注的方法，並了解實驗仍將發揮非常重要的作用。

There's just no way of knowing from the outset, no matter what one might think from a personal point of view as to which ones are going to be the absolute best going forward.

沒有辦法從一開始就知道，無論從個人角度來看，哪些將是絕對最好的未來。

So we're back to innovation.

所以我們回到了創新。

Clearly, we did less in 2020.

顯然，我們在 2020 年做得更少。

We'll be increasing meaningfully the degree of innovation in 2021.

我們將在 2021 年顯著提高創新程度。

Very focused on are these attracting more consumers to our portfolios?

非常關注這些是否會吸引更多消費者加入我們的產品組合？

Is it allowing them to enjoy our beverages perhaps more frequently or greater financial -- at greater prices?

是否允許他們更頻繁地享用我們的飲料，或者以更高的價格享受更多的經濟利益？

Ultimately, we're looking for more impact.

最終，我們正在尋找更大的影響力。

We had looked at our innovation pipeline.

我們已經查看了我們的創新管道。

And while we have done a lot, we had some inefficiency in it.

雖然我們做了很多工作，但我們的效率有些低下。

So we're driving for greater impact, which we are able to achieve in 2020 and that we will get again in 2021.

因此，我們正在推動產生更大的影響，我們能夠在 2020 年實現這一目標，並且我們將在 2021 年再次實現這一目標。

So I think there's absolutely the right level of focus on innovation.

所以我認為對創新的關注程度絕對是正確的。

We'll continue to learn more as we go through 2021.

隨著 2021 年的到來，我們將繼續了解更多信息。

But none of this rationalization of the portfolio is about stifling [innovation].

但投資組合的這種合理化都不是為了扼殺[創新]。

Quite the contrary.

恰恰相反。

It's about, if you like, clearing away the least successful so there's more room for the most successful and for the next-generation of innovation.

如果您願意，它是關於清除最不成功的，以便為最成功的創新和下一代創新提供更多空間。

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）。

I guess with respect to your restructuring and streamlining plans announced last -- or mid last year, are you seeing any areas for greater opportunity for savings across the organization?

我想關於您去年或去年年中宣布的重組和精簡計劃，您是否看到整個組織有更大的節省機會的領域？

I guess just given that the disruption has dragged on longer than most would have thought at the time.

我想只是考慮到中斷的持續時間比大多數人當時想像的要長。

I think what we have at the moment is a very clear plan, we are -- that we have been implementing on resetting the organization as a go-forward.

我認為我們目前擁有的是一個非常明確的計劃，我們一直在實施重置組織作為前進的方向。

Again, the need and the objectives of the organizational change we made were pre-existing COVID.

同樣，我們所做的組織變革的需求和目標是預先存在的 COVID。

We knew we needed to find a way to make the organization more agile, more focused, and to scale up some of the activities to a more platform level, especially given the ever increasing importance of data and the logic that, that can be done lots of different ways everywhere.

我們知道我們需要找到一種方法來使組織更敏捷、更專注，並將一些活動擴展到更多平台級別，特別是考慮到數據和邏輯的重要性不斷增加，這可以做很多事情到處都有不同的方式。

So it was a pre-existing idea that we took the necessity, if you like, or the opportunity in the course of 2020 to accelerate its implementation.

所以這是一個預先存在的想法，如果你願意，我們會利用必要性或 2020 年的機會來加速其實施。

Of course, there'll be ongoing opportunities and we'll learn.

當然，會有持續的機會，我們會學習。

The world will evolve.

世界將進化。

We will evolve.

我們將進化。

And change will happen into the future.

未來會發生變化。

But I would not start to plan-in that this is recurring levels of productivity at these sorts of levels much beyond the couple of current years it will impact at the moment.

但我不會開始計劃，因為這是在這些水平上反復出現的生產力水平，遠遠超出了目前它將影響的幾年。

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

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

Just a question on the comments of a balanced outlook for 2021.

只是關於 2021 年平衡展望的評論的問題。

I mean, I fully appreciate that you're giving guidance, and it's a wider range, and there's a lot of uncertainty.

我的意思是，我非常感謝您提供指導，而且範圍更廣，存在很多不確定性。

But I mean how do you figure out what sales do look like in the third and fourth quarter this year?

但我的意思是，您如何計算今年第三季度和第四季度的銷售額？

I mean are you going off of vaccination rates by country?

我的意思是你要按國家/地區劃分疫苗接種率嗎？

And then assuming things open up 30 days later, it's -- I appreciate any effort.

然後假設事情在 30 天后開放，這是 - 我感謝任何努力。

But I just don't -- I'm interested to how you do kind of a bottoms-up approach to looking at country-by-country around the world to come up with kind of even a rough ballpark.

但我只是不——我對你如何採取一種自下而上的方法來查看世界各地的國家/地區以提出一種甚至是粗略的估計很感興趣。

Great question, Bill.

好問題，比爾。

Look, we -- relatively early on in the crisis, actually going back to the second quarter of last year, there was a team that did a lot of very intense and interesting work, looking at prior crises, whether military, economic or pandemic, going all the way back to our history for 100 years and looking at what happened and the curves.

看，我們——在危機的相對早期，實際上可以追溯到去年第二季度，有一個團隊做了很多非常緊張和有趣的工作，研究之前的危機，無論是軍事、經濟還是大流行，一路回到我們100年的歷史，看看發生了什麼和曲線。

And we came up with a set of assumptions and a set of analyses that then shaped our view as to what were the various scenarios we faced were.

我們提出了一組假設和一組分析，然後形成了我們對我們面臨的各種情況的看法。

And in simple terms, the biggest indicator or driver was a view on how long the pandemic would last.

簡而言之，最大的指標或驅動因素是對大流行將持續多長時間的看法。

And therefore, how long each country would take to get back to its 2019 levels of GDP.

因此，每個國家需要多長時間才能恢復到 2019 年的 GDP 水平。

So you can take all the countries in the world, and you can segment them into, it will take them one year, it will take them 2 years, it will take them 3 years.

所以你可以把世界上所有的國家，你可以把它們分割成，需要一年，需要2年，需要3年。

And there are countries that will take 4 years to get back there.

有些國家需要 4 年才能回到那裡。

And that is what we've done.

這就是我們所做的。

And we were able to see, obviously, by the end of 2020, that the progress of the world and the progress of countries quite closely followed the scenarios in our model and in that overall macro idea.

很明顯，我們能夠看到，到 2020 年底，世界的進步和國家的進步非常接近我們模型中的情景和整體宏觀理念。

So it has given us some sense, as we continue into year 2, of those projections as to what the sort of corridor we'll be looking at going forward through '21 and into '22 is likely to look like by country or by region.

因此，當我們繼續進入第 2 年時，它讓我們對這些預測有了一些了解，即我們將在 21 年和 22 年看到的那種走廊可能會按國家或地區排列.

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

您的下一個問題來自古根海姆的 Laurent Grandet。

I'd like to focus this morning on the '21 guidance.

今天早上我想把重點放在 21 年的指導上。

It seems soft in term of EPS growth, especially in the year where you expect, I mean, the high single-digit organic top line growth and 3% to 4% ForEx tailwind on top of it.

每股收益增長似乎疲軟，尤其是在你預期的那一年，我的意思是高個位數的有機頂線增長和 3% 至 4% 的外匯順風。

So it probably doesn't embed a fast recovery of the on-premise channel, that is more profitable.

因此，它可能沒有嵌入本地渠道的快速恢復，這更有利可圖。

So -- but could you help reconcile?

所以——但是你能幫忙調和一下嗎？

Or should we think it's a conservative EPS guide?

還是我們應該認為這是一個保守的 EPS 指南？

I think the simple starting point to reconcile this is a few points.

我認為調和這一點的簡單起點是幾點。

One, that the impact in 2020 came -- a lot of it came on some of our finished goods businesses that do not have the same margin levels as the concentrate business.

一，2020年的影響來了——其中很多來自我們的一些成品業務，這些業務的利潤率水平與精礦業務不同。

So for a simple example, the closure of a Costa store has a disproportionate impact on revenue versus profits versus not selling some Coke products through the concentrate business.

因此，舉一個簡單的例子，與不通過濃縮業務銷售一些可口可樂產品相比，關閉一家 Costa 商店對收入與利潤的影響不成比例。

So what we expect in 2021 is a greater recovery in some of these away-from-home, particularly our finished product businesses, whether it be some of the Costa businesses or the BIG bottlers.

因此，我們預計到 2021 年，其中一些離家出走的企業，尤其是我們的成品業務，無論是一些 Costa 業務還是 BIG 裝瓶商，都會出現更大的複蘇。

And those are mechanically -- are headwinds in terms of margin.

這些都是機械的——就利潤率而言是不利的。

The second very important effect in 2021 is, of course, the reversal of our using of resources in 2020.

2021年第二個非常重要的影響，當然是我們2020年資源使用的逆轉。

We clearly took the decision that if there was not good reasons to invest in marketing or in market-facing CapEx or market-facing operating expenses, then we would not do so.

我們明確決定，如果沒有充分的理由投資於營銷或面向市場的資本支出或面向市場的運營費用，那麼我們就不會這樣做。

And those -- the more the recovery occurs in 2021, the more we are going to reinstate those expenses, as well as, of course, a number of elements of the incentive schemes which will be budgeted forward 100% in 2021.

而那些——2021 年的複蘇越多，我們就越要恢復這些費用，當然還有一些激勵計劃的要素，這些要素將在 2021 年 100% 預算。

So that's why we have not gone for line-by-line guidance within 2021.

所以這就是為什麼我們沒有在 2021 年內進行逐行指導的原因。

There's so many moving pieces that are not your typical year of moving from a normal year and comparing it to another normal year.

有很多移動的部分不是你從正常年份轉移到另一個正常年份的典型年份。

You've got these weird effects of what's actually in 2020 and the way we stewarded the resources and we're still able to drive free cash flow.

你已經對 2020 年的實際情況以及我們管理資源的方式產生了這些奇怪的影響，我們仍然能夠推動自由現金流。

That's why we've given some wider corridors and have given the top and the bottom line, which we think are the most measured and balanced approach that we can give today.

這就是為什麼我們給出了一些更寬的走廊並給出了最高和最低線，我們認為這是我們今天可以給出的最衡量和最平衡的方法。

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。

Great.

偉大的。

James, I wanted to spend a little bit of time on the Topo Chico Hard Seltzer launch in the U.S., but sort of within the context of learnings from the launch of the product in Latin America and Europe, you spent a little bit of time earlier in the call.

詹姆斯，我想花一點時間在美國推出 Topo Chico Hard Seltzer，但在從拉丁美洲和歐洲推出該產品的過程中學習的背景下，你早花了一點時間在通話中。

As I recall, the company made some tweaks to Coke Energy on the formulation with some learnings in Europe.

我記得，該公司根據歐洲的一些經驗，對 Coke Energy 的配方進行了一些調整。

So a handful of questions.

所以幾個問題。

How is the product delivering against market share objectives so far in those regions?

到目前為止，該產品在這些地區的市場份額目標如何？

Where is it sourcing occasions?

它在哪裡採購場合？

Has that been in line with the expectations?

這是否符合預期？

And then maybe we spend some time on investment.

然後也許我們會花一些時間在投資上。

Where does the Toco Chico Hard Seltzer launch in the U.S. sort of rank in terms of the other priorities?

就其他優先事項而言，Toco Chico Hard Seltzer 在美國推出的排名在哪裡？

You mentioned a global campaign around Sprite, the importance of tea in Asia.

您提到了圍繞雪碧展開的全球宣傳活動，即茶在亞洲的重要性。

Maybe you can just sort of characterize for us, even at a high level, how big of a priority the product's success is this year in the U.S.

也許你可以為我們描述一下，即使在高層次上，今年產品在美國的成功有多麼重要。

Yes.

是的。

Sure.

當然。

So we've launched Topo Chico Hard Seltzer in a number of Latin American markets: Mexico, Costa Rica, Peru, Chile, Brazil.

因此，我們在多個拉丁美洲市場推出了 Topo Chico Hard Seltzer：墨西哥、哥斯達黎加、秘魯、智利、巴西。

Strong initial feedback from consumers and customers.

來自消費者和客戶的強烈初步反饋。

Still very early to even have market share reads.

甚至有市場份額讀數還為時過早。

But the rate of sale and the repeats look very good.

但是銷售率和重複率看起來非常好。

But obviously, still too early really to tell.

但顯然，現在說還為時過早。

Also, we've launched in a few markets in Europe.

此外，我們已經在歐洲的幾個市場推出。

Again, still very early to tell, but repeat rates and rate of sale look encouraging.

同樣，現在還為時尚早，但重複率和銷售率看起來令人鼓舞。

And so in the coming quarters, we'll be happy to share some of those learnings.

因此，在接下來的幾個季度中，我們將很樂意分享其中的一些經驗。

I'm sure there'll be learnings, and we'll tweak things as we go forward.

我相信會有學習，我們會在前進的過程中進行調整。

Now as it relates to your question about the U.S. It's important here to remember how different the U.S. is versus the rest of the international market.

現在，因為它與您關於美國的問題有關。重要的是要記住美國與國際市場其他地區的不同之處。

Because of U.S. alcohol market regulations, the Topo Chico Hard Seltzer will not be going through the company/the bottling system in the U.S. It will be handled all by a collaboration with the Molson Coors team.

由於美國酒精市場法規，Topo Chico Hard Seltzer 將不會通過美國的公司/裝瓶系統。它將由與 Molson Coors 團隊合作處理。

So it is not competing in any way, shape or form as a priority with all the other things that are going on that are all obviously being done by ourselves and the bottlers in the U.S. And I think Molson Coors is very excited about the opportunity in the U.S. There's certainly been good initial reception from distributors in that marketplace.

因此，它不會以任何方式、形式或形式與所有其他正在發生的事情作為優先事項進行競爭，這些事情顯然都是由我們自己和美國的裝瓶商完成的。我認為 Molson Coors 對在美國的機會感到非常興奮在美國，該市場的分銷商最初肯定受到了良好的歡迎。

More to come in future quarters.

未來幾個季度還會有更多。

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

您的下一個問題來自 Evercore 的 Rob Ottenstein。

Great.

偉大的。

You referred in the earnings call press release that Q4 had better market share trends, roughly even as opposed to down a little bit for the full year.

你在財報電話會議新聞稿中提到，第四季度的市場份額趨勢更好，大致甚至與全年略有下降相反。

How much of that was due to at least the initial reopening of on-premise, and so a channel mix effect?

其中有多少是由於至少最初重新開放內部部署，以及渠道混合效應？

And how much of that was due to commercial momentum, either in particular countries or particular brands, that you would expect to carry on into 2021.

其中有多少是由於您預計將持續到 2021 年的商業勢頭，無論是在特定國家還是特定品牌。

And then just as a follow-up on a prior question, can you just give us an update on Coca-Cola Energy?

然後，作為對先前問題的跟進，您能否向我們提供有關 Coca-Cola Energy 的最新信息？

So fourth quarter market share trends were definitely better than they had been in the previous 2 quarters.

因此，第四季度的市場份額趨勢肯定比前兩個季度要好。

And whilst, yes, we did benefit from the reopening, remembering that we have, generally speaking, a materially higher share in the away-from-home than the at-home, then obviously, the reopening tends to improve the overall share trend.

雖然，是的，我們確實從重新開放中受益，但請記住，總的來說，我們在遠離家鄉的份額比在家的份額要高得多，那麼顯然，重新開放往往會改善整體份額趨勢。

But we were also gaining share in Q4 versus Q3 or Q2 in both at-home and away-from-home.

但我們在第 4 季度與第 3 季度或第 2 季度在家中和外出時的份額也有所增加。

So there is, in the end, commercial momentum built into what was going on in those channels.

因此，最終，這些渠道中正在發生的事情中蘊含著商業動力。

And we would certainly expect to gain share away and at-home in 2021, and therefore, gain share overall, particularly as the reopenings happen.

我們當然希望在 2021 年在客場和主場獲得份額，因此總體上會獲得份額，尤其是在重新開放的情況下。

And then Coke Energy, we will be, obviously, particularly in the U.S., that was -- trying to launch that coming into the beginning of 2020 was particularly difficult given the immediate lockdowns.

然後是可口可樂能源，顯然，我們將在美國，尤其是在美國，考慮到立即的封鎖，試圖在 2020 年初推出這種產品特別困難。

And so we're going to come back on Coke Energy in 2021.

因此，我們將在 2021 年回歸可口可樂能源。

Despite the challenges, we've had interesting repeat rates.

儘管存在挑戰，但我們的重複率仍然很有趣。

We've recruited new users to the category at rates that are very interesting versus other recent launches in the category by bringing new drinkers into Energy and had interesting levels of retail -- dollar retail sales in year 1 compared to other innovations.

我們通過將新飲酒者帶入能源並具有有趣的零售水平 - 與其他創新相比，第 1 年的美元零售額以與該類別中其他最近推出的產品相比非常有趣的速度為該類別招募了新用戶。

So we think there's something working there back to the original hypothesis that there was space in the energy category to come in with a proposition that would attract new drinkers to the category.

所以我們認為有一些東西可以追溯到最初的假設，即能源類別中有空間可以提出一個可以吸引新飲酒者加入該類別的提議。

So we've got reasons to think that it's -- that we should double down again in 2021.

因此，我們有理由認為，我們應該在 2021 年再次加倍努力。

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

您的下一個問題來自摩根大通的 Andrea Teixeira。

So my question is a follow-up on the expense savings from the reorganization.

所以我的問題是對重組節省的費用進行跟進。

And I also have a follow-up on RGM.

我還對 RGM 進行了跟進。

So how much are you embedding in savings from the reorg into EPS guidance this year?

那麼，今年您將多少從重組中節省下來的資金納入 EPS 指導？

And on the clarification, James, on the comments on RGM and the relationship with the bottlers, are you betting higher suggest price -- switch pricing to be executed by the bottlers?

關於澄清，詹姆斯，關於 RGM 的評論以及與裝瓶商的關係，你是否押注更高的建議價格 - 由裝瓶商執行的轉換定價？

Or is these costs on top of the lower trade spend, so perhaps partially offset the mix impact that you had in 2020 and as the pandemic lingers?

還是這些成本是在較低的貿易支出之上，因此可能部分抵消了您在 2020 年以及大流行持續存在的混合影響？

Andrea, let me take that one.

安德里亞，讓我拿那個。

On the expense savings, we had highlighted in our release last year an expected benefit of between $350 million and $550 million.

關於節省開支，我們在去年發布的新聞稿中強調了預期收益在 3.5 億美元到 5.5 億美元之間。

And we're on track to deliver that.

我們正在實現這一目標。

Some of it falls into this year, some of it will fall into the first part of next year, kind of aligned to the progress that we make on the implementation of the new model.

其中一些屬於今年，一些將屬於明年上半年，這與我們在實施新模型方面取得的進展保持一致。

So that's on the expenses.

所以這是關於費用的。

And on the whole topic of RGM, the past year has actually, I think, highlighted even more than ever the importance of having this as a key part of our top line algorithm.

關於 RGM 的整個話題，我認為，過去一年實際上比以往任何時候都更加強調了將其作為我們頂級算法的關鍵部分的重要性。

I don't expect us to have material changes in the how we go about it.

我不指望我們會在我們的工作方式上發生重大變化。

We're very clear on the drivers at the local market level when it comes to both pricing and its relationship with inflation and having the right packaging architecture to enable us to manage it in an optimal way the conditions of any given market.

我們非常清楚當地市場層面的驅動因素，包括定價及其與通貨膨脹的關係，以及擁有正確的包裝架構，使我們能夠以最佳方式管理任何特定市場的條件。

And if anything, I think our teams around the world are even more focused on that area as a way to navigate a path forward that allows us to deliver on the revenue objectives that we've outlined.

如果有的話，我認為我們在世界各地的團隊更加專注於該領域，以此作為導航前進道路的一種方式，使我們能夠實現我們所概述的收入目標。

Your next question comes from the line of Chris Carey from Wells Fargo Securities.

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

Just a higher level or longer-term question.

只是一個更高層次或更長期的問題。

So in the past, the company has had longer-term goals for operating margins.

因此，在過去，該公司對營業利潤率有長期目標。

Clearly, some M&A and tax accounting changes made those margins less relevant.

顯然，一些併購和稅務會計變化使這些利潤的相關性降低。

But given there's even greater focus on efficiency and the recent margin flow-through, and probably that gives you some increased confidence around your ability to lean on margins in case of uncertain outcomes just judging by your outlook for 2021.

但鑑於人們更加關注效率和最近的利潤流動，這可能會讓你對在不確定結果的情況下依靠利潤的能力更有信心，僅從你對 2021 年的前景來看。

And I guess appreciating your response to prior questions around mix and spending levels that could potentially return.

我想感謝您對可能返回的組合和支出水平的先前問題的回答。

But I wonder if you have any just high-level thoughts from the learnings that you had this year about your ability to drive margins, on where you think the company's margin structure might be able to go over the longer-term.

但我想知道你是否從今年的學習中對你提高利潤率的能力有任何高層次的想法，關於你認為公司的利潤率結構可能能夠長期保持在哪裡。

And maybe specifically, how North America factors into that outlook.

也許具體來說，北美是如何影響這一前景的。

Thanks, Chris.

謝謝，克里斯。

Yes.

是的。

Look, I think the answer really is rooted in our belief in the sustainability of our long-term growth algorithm.

看，我認為答案確實植根於我們對長期增長算法可持續性的信念。

And as you know, embedded into that algorithm is an assumption that over time, we can, and we will continue to expand margins.

如您所知，嵌入到該算法中的是一個假設，隨著時間的推移，我們可以並且我們將繼續擴大利潤。

I think any given year needs to be taken in the context of that longer-term perspective.

我認為任何給定的年份都需要從長遠的角度來看。

2020, as you say, was a particularly unusual year.

正如您所說，2020 年是特別不尋常的一年。

And it afforded us the opportunity to, under the umbrella of never-waste-a-crisis, to drive greater efficiency and to have a bump in our operating margin performance for 2020.

它讓我們有機會在永不浪費的危機的保護下，提高效率，並在 2020 年實現營業利潤率表現。

But I would think of the longer-term in the context of the long-term growth model, and we manage a portfolio of very distinctive markets around the world.

但我會在長期增長模式的背景下考慮長期，我們管理著全球非常獨特的市場組合。

And they contribute at different times along that journey.

他們在旅途中的不同時間做出了貢獻。

And North America is no different.

北美也不例外。

We see plenty of opportunity, as James highlighted earlier, in the North American business to improve profitability levels over time.

正如詹姆斯早些時候強調的那樣，我們在北美業務中看到了大量機會，可以隨著時間的推移提高盈利水平。

And that will, I think, be a key factor in our belief that the long-term growth model as it currently is expressed is doable and sustainable.

我認為，這將成為我們相信目前所表達的長期增長模式是可行和可持續的一個關鍵因素。

And so I sort of couched the whole margin topic in that frame.

所以我在那個框架中表達了整個邊緣主題。

Thanks very much, everyone.

非常感謝大家。

Just a few closing thoughts.

只是一些結束的想法。

The objectives and the priorities we set for ourselves at the peak of the crisis has really galvanized the company and are driving our ability to continue to execute through the volatile near-term dynamics.

我們在危機高峰期為自己設定的目標和優先事項確實激勵了公司，並正在推動我們在動蕩的近期動態中繼續執行的能力。

And while the virus is still a factor in the near-term, we're well on our way to emerging stronger and to returning to the path of delivering at the high-end of our long-term growth model.

儘管病毒在短期內仍是一個因素，但我們正朝著變得更強大的道路邁進，並回到我們長期增長模式的高端交付道路上。

The focus and the flexibility of the network model will drive the entire Coke system for years to come.

網絡模型的重點和靈活性將在未來幾年推動整個可口可樂系統。

As always, we thank you for your interest, your investment in our company and for joining us today.

一如既往，我們感謝您對我們公司的關注、投資以及今天加入我們。

Thank you.

謝謝你。

And 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。