可口可樂 (KO) 2020 Q2 法說會逐字稿

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

在這個時候，我想歡迎大家參加可口可樂公司第二季度收益結果電話會議。

Today's call is being recorded.

今天的電話正在錄音。

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

如果您有任何異議，請在此時斷開連接。

(Operator Instructions) 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.

（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。

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

媒體參與者如有任何問題，請聯繫可口可樂的媒體關係部門。

I would now like to introduce Mr. Tim Leveridge, Vice President, Investor Relations Officer.

我現在想介紹一下副總裁兼投資者關係官 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 Information tab in the Investors section of our company website at www.cocacolacompany.com.

在開始之前，我想通知您，我們在公司網站 www.cocacolacompany.com 的“投資者”部分的“財務信息”選項卡下發布了時間表。

These schedules reconcile certain non-GAAP financial measures which may be referred to by our senior executives during this morning's discussion, to our results as reported under Generally Accepted Accounting Principles.

這些時間表將我們的高級管理人員在今天上午的討論中可能提到的某些非公認會計準則財務指標與我們根據公認會計原則報告的結果進行了核對。

I'd also like to note that you can find additional materials in the Investors section of our company 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 periodic SEC report.

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的定期美國證券交易委員會報告中包含的警示聲明一起考慮。

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

在今天早上準備好的評論之後，我們將把電話轉給您的問題。

(Operator Instructions)

（操作員說明）

Now let me turn the call over to James.

現在讓我把電話轉給詹姆斯。

Thanks, Tim, and good morning, everyone.

謝謝，蒂姆，大家早上好。

We've just closed the books on what has arguably been the toughest and most complex quarter in Coca-Cola history.

我們剛剛結束了可口可樂歷史上可以說是最艱難和最複雜的季度的書籍。

And given the global pandemic, of course, this comes as no surprise.

當然，鑑於全球大流行，這不足為奇。

From the initial lockdowns and closures of hundreds of thousands of our customer outlets to the gradual reopening and now another round of spikes in various countries, the impacts have been profound.

從最初的數十萬客戶網點的封鎖和關閉，到逐步重新開放，再到現在各國的新一輪高峰，影響是深遠的。

In this challenging environment, we've seen some remarkable actions around the world, and I'd like to express my thanks to the countless people on the front lines who are working to improve our communities worldwide.

在這個充滿挑戰的環境中，我們在世界各地看到了一些了不起的行動，我要向無數奮戰在前線的人們表示感謝，他們正在努力改善我們的全球社區。

And I'd also like to recognize my colleagues across the Coca-Cola Company and our bottling system for their tireless efforts in prioritizing the safety of our people, ensuring the resiliency of our supply chain, supporting our millions of customers globally and for being a force for good in their communities.

我還要感謝可口可樂公司的同事和我們的裝瓶系統，感謝他們在優先考慮員工安全、確保供應鏈的彈性、支持全球數百萬客戶以及成為在他們的社區中向善。

As we navigated the quarter, we used a combination of focus and flexibility to manage through what we believe will be the peak levels of the global lockdown.

當我們瀏覽本季度時，我們結合使用重點和靈活性來管理我們認為將是全球封鎖的高峰水平。

John will discuss the results in further detail, but as you think about the quarter and consider the future, I'd like to highlight the strong relationship of our performance with the intersection of 2 key factors.

約翰將更詳細地討論結果，但當您考慮本季度並考慮未來時，我想強調我們的業績與兩個關鍵因素的交集之間的密切關係。

The trajectory of our business trends in the near term is closely linked to the size of our away-from-home business in any given country and the level of lockdowns in the market.

我們近期業務趨勢的軌跡與我們在任何特定國家/地區的離家業務規模和市場鎖定程度密切相關。

For example, markets like Western Europe, which had high levels of restrictions and a meaningful away-from-home exposures; and India, which had an intense lockdown, experienced significant impacts.

例如，像西歐這樣的市場有高度的限制和有意義的離家風險；印度受到了嚴重的封鎖，受到了重大影響。

However, many of our Latin America markets with less restricted measures and a lower away-from-home presence fared better.

然而，我們的許多限制措施較少且外出活動較少的拉丁美洲市場表現較好。

Further, as we went through the quarter and restrictions generally eased globally, our business saw improvements, from the 25% volume decline in April to the single-digit declines we are seeing now in July.

此外，隨著我們度過這個季度並且全球限制普遍放鬆，我們的業務有所改善，從 4 月份 25% 的銷量下降到我們現在在 7 月份看到的個位數下降。

The lockdowns also affected our share performance in the quarter.

封鎖也影響了我們本季度的股票表現。

Our underlying performance in NARTD was positive and benefited from strong share gains in the at-home channel.

我們在 NARTD 的基本表現是積極的，並受益於家庭渠道的強勁份額增長。

However, this was entirely offset by a full point of negative channel mix due to the away-from-home pressure where we have strong shares.

然而，由於我們擁有強大股票的離家壓力，這完全被負面渠道組合所抵消。

And as on-premise begins to revive, we fully expect to return to share growth, and we are already seeing sequential improvements in monthly trends.

隨著內部部署開始復蘇，我們完全期望恢復份額增長，並且我們已經看到月度趨勢的連續改善。

Moving forward, we are maintaining that same level of focus and flexibility that helped us navigate the quarter as we focus on winning during the reopening phases.

展望未來，我們將保持同樣水平的專注和靈活性，這有助於我們在本季度中度過難關，因為我們專注於在重新開放階段取勝。

Thankfully, a good starting point matters.

值得慶幸的是，一個好的起點很重要。

As a system, we went into the crisis in a strong position, and the system has rallied.

作為一個系統，我們在危機中處於強勢地位，並且系統已經反彈。

There is a sense of optimism about what is possible as we move forward.

在我們前進的過程中，人們對可能發生的事情感到樂觀。

Importantly, we are leveraging the crisis as a catalyst to accelerate the business transformation that was already underway, and we remain guided by our purpose, which is to refresh the world and make a difference.

重要的是，我們正在利用這場危機作為催化劑來加速已經在進行的業務轉型，我們仍然以我們的目標為指導，那就是讓世界煥然一新，有所作為。

And we are clear on how we will emerge stronger.

我們很清楚我們將如何變得更強大。

We will win more consumers, gain share, maintain strong system economics, strengthen our impact across our stakeholders and equip our organization to win in the future.

我們將贏得更多消費者，獲得份額，保持強大的系統經濟性，加強我們對利益相關者的影響，並使我們的組織在未來獲勝。

And as we think about that future, there are 2 important points I'd like to make.

當我們考慮未來時，我想提出兩個重要的觀點。

In addition to the near-term realities of the pandemic and consumer shifts, the uncertainty around the trajectory of the macroeconomic environment is significant.

除了大流行和消費者轉變的近期現實外，宏觀經濟環境軌蹟的不確定性也很大。

We generally align with forecasts that imply the global economy could take 2 to 3 years to fully recover.

我們通常與暗示全球經濟可能需要 2 至 3 年才能完全復甦的預測保持一致。

Notwithstanding the macros, our North Star is to return to pre-COVID levels and to do this ahead of the economic recovery.

儘管存在宏觀問題，但我們的北極星將恢復到 COVID 之前的水平，並在經濟復甦之前做到這一點。

Second, we see the underlying structural reasons that Beverages for Life strategy with the consumer at the heart of everything we do remains essential.

其次，我們看到了以消費者為核心的 Beverages for Life 戰略的潛在結構性原因仍然至關重要。

The commercial beverage industry will remain vibrant in the years to come.

商業飲料行業將在未來幾年保持活力。

We know consumers will continue to spend more on commercial beverages, and they will continue to demand greater choice.

我們知道消費者將繼續在商業飲料上花費更多，他們將繼續要求更多的選擇。

This drives the need for a broad, strong portfolio and a powerful, scaled distribution system to supply that demand.

這推動了對廣泛、強大的產品組合和強大、規模化的分銷系統的需求，以滿足該需求。

Our Beverages for Life vision began a transformation of the organization, supported by a refreshed culture focused on a growth mindset.

我們的 Beverages for Life 願景開始了組織的轉型，並得到了專注於成長心態的更新文化的支持。

We are already well on our way down this path and seeing good results.

我們已經在這條道路上走得很好，並看到了良好的結果。

The pandemic is prompting us to move even faster.

大流行正在促使我們更快地行動。

At CAGNY earlier this year, we introduced the key elements of our strategy to accelerate top line growth and maximize returns.

今年早些時候，在 CAGNY，我們介紹了加速收入增長和最大化回報的戰略的關鍵要素。

We recognize that some elements need to evolve and others need to be pushed harder to reflect the new reality.

我們認識到，一些元素需要發展，而另一些元素需要更加努力地反映新的現實。

So we are accelerating our strategy across 5 priorities.

因此，我們正在加快 5 個優先事項的戰略。

First, we are prioritizing a portfolio that combines strong global brands plus regional and scaled local brands to address critical age cohorts, need states and drinking occasions.

首先，我們優先考慮將強大的全球品牌與區域性和規模化的本地品牌相結合的產品組合，以應對關鍵的年齡段、需求狀態和飲酒場合。

Second, we are establishing a more disciplined innovation framework and a new path forward for increased marketing effectiveness and efficiency.

其次，我們正在建立一個更加規範的創新框架和一條新的前進道路，以提高營銷的有效性和效率。

Third, we are strengthening our RGM and execution capabilities to drive relevance and responsiveness.

第三，我們正在加強我們的 RGM 和執行能力，以提高相關性和響應能力。

And to capitalize on these initiatives, we are enhancing our system collaboration and capturing supply chain efficiencies to fuel growth.

為了利用這些舉措，我們正在加強我們的系統協作並獲取供應鏈效率以推動增長。

And as a result, we're continuing to evolve our organization to support the accelerated strategy and invest in new capabilities to accomplish these objectives.

因此，我們將繼續發展我們的組織，以支持加速戰略並投資於實現這些目標的新能力。

John will discuss how we are leveraging each of these initiatives to drive improved returns and prioritize our capital allocation to the most attractive opportunities.

John 將討論我們如何利用這些舉措中的每一項來提高回報，並將我們的資本配置優先用於最有吸引力的機會。

Turning to the portfolio.

轉向投資組合。

At the outset of the pandemic, our goal was to ruthlessly prioritize core brands and SKUs to strengthen the resilience of our supply chain.

在大流行開始時，我們的目標是無情地優先考慮核心品牌和 SKU，以增強我們供應鏈的彈性。

In China, we placed a big emphasis on our sparkling portfolio during the height of the lockdown.

在中國，我們在封鎖高峰期非常重視我們閃閃發光的產品組合。

And as a result, the category grew 14% in volume this quarter, led by trademark Coke, with strong growth in Zero Sugar offerings.

結果，本季度該類別的銷量增長了 14%，其中以商標可口可樂為首，零糖產品增長強勁。

The learnings from the last several months and the insights from our already accelerated SKU rationalization has convinced us to go even deeper on this opportunity by streamlining brands.

過去幾個月的經驗教訓以及我們已經加速的 SKU 合理化的洞察力說服了我們通過精簡品牌來更深入地把握這個機會。

We are shifting to prioritizing fewer but bigger and stronger brands across various consumer needs.

我們正在轉向優先考慮滿足各種消費者需求的更少但更大更強的品牌。

At the same time, we need to do a better job nurturing and growing smaller, more enduring propositions and exiting some zombie brands, not just zombie SKUs.

同時，我們需要更好地培育和發展更小、更持久的主張，並退出一些殭屍品牌，而不僅僅是殭屍SKU。

As a reference point, of our 400 master brands, more than half are single-country brands with little to no scale.

作為參考，在我們的 400 個主品牌中，一半以上是很少甚至沒有規模的單一國家品牌。

The total combined revenue of those brands is approximately 2% of our total.

這些品牌的總收入約為我們總收入的 2%。

They're growing slower than the company average, but each one still requires resources and investment.

它們的增長速度低於公司平均水平，但每一個仍然需要資源和投資。

So in the case of a brand like Odwalla and its chilled direct store delivery, which has struggled over the last several years, we started to stop operations effective July 31.

因此，對於像 Odwalla 這樣的品牌及其冷藏的直營店配送，在過去幾年中一直舉步維艱，我們從 7 月 31 日起開始停止運營。

This gives us the flexibility to support our investments in brands like Minute Maid and Simply and to continue to scale rising stars like Topo Chico.

這使我們能夠靈活地支持我們對 Minute Maid 和 Simply 等品牌的投資，並繼續擴大 Topo Chico 等新星的規模。

Turning to innovation and marketing.

轉向創新和營銷。

Innovation remains critical to our Beverages for Life strategy and launch activity has been on the rise over several years.

創新對於我們的 Beverages for Life 戰略仍然至關重要，並且幾年來推出活動一直在增加。

While this expansion of innovation has been a considerable growth driver for the Coke system, many launches failed to escape the tail and struggled to grow.

雖然這種創新的擴展一直是可口可樂系統的一個相當大的增長動力，但許多新產品未能逃脫尾聲並難以增長。

We can do better.

我們可以做得更好。

We believe the best way forward is to be more choiceful and target bigger, more scalable bets and be disciplined in our experimentation.

我們相信，最好的前進方式是更具選擇性，瞄準更大、更具可擴展性的賭注，並在我們的實驗中自律。

Over time, our leader, challenger and explorer brands can grow to positions that deliver scale and profitability.

隨著時間的推移，我們的領導者、挑戰者和探索者品牌可以成長為提供規模和盈利能力的位置。

We are raising the bar and adding more discipline to our innovation pipeline against defined criteria, either recruiting new consumers, increasing the frequency of existing consumers and/or being margin-accretive.

我們正在提高標準並根據既定標準為我們的創新管道增加更多紀律，要么招募新消費者，增加現有消費者的頻率和/或增加利潤。

We are leading with global bets like the continued opportunity with reduced sugar offerings in brand Coke.

我們在全球押注方面處於領先地位，例如可口可樂品牌提供減糖產品的持續機會。

We'll also continue our high-potential regional and local bets, like AHA flavored sparkling water in the U.S. AHA captured double-digit retail value share in its first 18 weeks and has even more potential given its wide appeal.

我們還將繼續我們的高潛力區域和本地賭注，例如 AHA 風味蘇打水在美國 AHA 在前 18 週內獲得了兩位數的零售價值份額，並且鑑於其廣泛的吸引力，它具有更大的潛力。

With consumers prioritizing health, safety and hygiene even more, there is a runway for innovation in functional benefits and contactless solutions.

隨著消費者更加重視健康、安全和衛生，在功能優勢和非接觸式解決方案方面有一條創新之路。

We'll prioritize innovation centers on products, packaging and equipment.

我們將優先考慮產品、包裝和設備方面的創新中心。

Last week, for example, we announced the introduction of touchless Freestyle machines in the U.S. which allows consumers to choose and pour drinks from their phones in just a few seconds without the need to create an account or download an app.

例如，上週，我們宣佈在美國推出非接觸式 Freestyle 機器，消費者可以在幾秒鐘內從手機中選擇和倒酒，而無需創建帳戶或下載應用程序。

This is an example of leveraging increased flexibility to create a solution, test it and roll it out in a few months.

這是一個利用更高的靈活性來創建解決方案、對其進行測試並在幾個月內推出的示例。

In addressing our marketing effectiveness and efficiency, we are targeting several areas to improve how we do things, in effect taking a fresh approach to ensure all our investments have a future role.

在解決我們的營銷效果和效率方面，我們瞄準了幾個領域來改進我們的做事方式，實際上採取了一種新的方法來確保我們所有的投資都有未來的作用。

We are increasing our focus on the cut-through quality of our messages and their alignment within in-market execution plans through purpose-driven, occasion-based initiatives.

我們通過以目的為導向、基於場合的舉措，越來越關注我們信息的質量以及它們在市場執行計劃中的一致性。

The next phase of our global campaign that started with the pandemic is going live now with a large program pairing Coke and meals.

我們從大流行開始的全球運動的下一階段現在將通過一個大型計劃將可口可樂和膳食配對。

Together Tastes Better will kick off in the U.S. but will be rolled out globally.

Together Tastes Better 將在美國啟動，但將在全球推廣。

Open to Better, another holistic program, invites the world to enjoy the simple and important things in life and will also be introduced this summer across multiple media channels.

Open to Better 是另一個整體計劃，邀請世界享受生活中簡單而重要的事物，也將在今年夏天通過多個媒體渠道推出。

These campaigns are designed to be flexible and were created for Coca-Cola teams around the world to tailor and localize to their markets and platforms.

這些活動設計靈活，是為世界各地的可口可樂團隊量身定制的，並針對他們的市場和平台進行本地化。

They are prime examples of how driving maximum impact and reach with focused investments.

它們是如何通過集中投資推動最大影響力和影響力的主要例子。

Further, on the efficiency side, we are pushing our marketing ratios and reassessing our overall marketing return on investment on everything, from ad viewership across traditional media to improving effectiveness in digital.

此外，在效率方面，我們正在提高我們的營銷比率，並重新評估我們在所有方面的整體營銷投資回報，從傳統媒體的廣告收視率到提高數字媒體的有效性。

Turning to RGM and execution.

轉向 RGM 和執行。

Beyond these brand and innovation initiatives, we are deploying our capabilities in revenue growth management and execution to adapt to changing channel dynamics.

除了這些品牌和創新舉措之外，我們還在部署我們在收入增長管理和執行方面的能力，以適應不斷變化的渠道動態。

Providing beverages people desire at a price they can afford is increasingly important given the macroeconomic pressures could be substantial and enduring.

鑑於宏觀經濟壓力可能是巨大且持久的，因此以他們能夠承受的價格提供人們想要的飲料變得越來越重要。

By segmenting our markets to provide solutions to fit every budget, revenue growth management also creates opportunity to deliver value through more profitable channels and premium packages.

通過細分我們的市場以提供適合每個預算的解決方案，收入增長管理還創造了通過更有利可圖的渠道和優質套餐提供價值的機會。

RGM is not just about price.

RGM 不僅僅與價格有關。

It is about offering a range of solutions to consumers at every part of the value chain and balancing profitability to maintain and grow our consumer base.

它旨在為價值鏈各個環節的消費者提供一系列解決方案，並平衡盈利能力，以維持和擴大我們的消費者群。

In the case of Latin America, we are moving quickly to increase our refillable offerings to address affordability.

就拉丁美洲而言，我們正在迅速採取行動，增加我們的可再填充產品，以解決可負擔性問題。

At the same time, in Japan, we're working to decouple the 500 ml Coke offering to a larger and smaller pack options to help drive both transactions and enhance our revenue per case.

同時，在日本，我們正在努力將 500 毫升可樂產品與更大或更小的包裝選項脫鉤，以幫助推動交易並提高我們的每箱收入。

Beyond RGM, we are working with our bottling partners to improve execution by addressing changing channel dynamics and supporting our customers, be it through periods of elevated demand, like we've seen in grocery and modern trade, or the lockdown-related challenges we're seeing in on-premise channels.

除了 RGM，我們正在與我們的裝瓶合作夥伴合作，通過解決不斷變化的渠道動態和支持我們的客戶來提高執行力，無論是在需求增加的時期，就像我們在雜貨店和現代貿易中看到的那樣，還是我們在與鎖定相關的挑戰中看到的。重新在本地渠道中看到。

In Europe, we're launching a new campaign, Open Like Never Before, as a means to support on-premise reopenings as well as smaller independent outlets and at-home occasions.

在歐洲，我們推出了一項新的活動，即以前所未有的方式開放，作為支持內部重新開放以及較小的獨立網點和家庭活動的一種手段。

In the U.S., we've helped over 300,000 of our foodservice outlets managed through the lockdown, and now we are there to help them get back and be stronger than ever through initiatives like our Rapid Response Resource.

在美國，我們已經幫助超過 300,000 家餐飲服務網點度過了封鎖期，現在我們通過我們的快速響應資源等舉措幫助他們恢復並變得比以往任何時候都更強大。

We are continuing to invest heavily in executing digital strategies to drive sales, efficiencies and data analytics across our business.

我們將繼續大力投資於執行數字戰略，以推動整個業務的銷售、效率和數據分析。

We recently appointed a global VP of Off-line to Online Digital Transformation to work closely with leaders across the system to unify and scale our e-commerce and digital strategy.

我們最近任命了一位負責離線到在線數字化轉型的全球副總裁，與整個系統的領導者密切合作，以統一和擴展我們的電子商務和數字戰略。

We're aggressively going after the omnichannel opportunity with the consumer at the center.

我們正在積極尋求以消費者為中心的全渠道機會。

Partnering with a large e-commerce platform in China, we increased our system revenue through that customer by 65% during the recent 618 festival, the largest midyear shopping festival in China.

與中國大型電子商務平台合作，在最近的中國最大的年中購物節 618 節期間，我們通過該客戶的系統收入增加了 65%。

Our partnerships with third-party aggregators are driving incidence as consumers quickly migrate to mobile delivery for groceries and prepared meals.

隨著消費者迅速轉向移動交付雜貨和預製餐點，我們與第三方聚合商的合作關係正在推動發生率。

For instance, working with large restaurant delivery intermediaries in North America, we added value bundles to over 4,500 restaurant menus in the quarter.

例如，與北美的大型餐廳配送中介合作，我們在本季度為 4,500 多家餐廳菜單添加了超值套餐。

We're also accelerating our B2B platforms to streamline the value chain with modern trade.

我們還在加速我們的 B2B 平台，以通過現代貿易簡化價值鏈。

In the U.S., we've added more than 8,000 outlets to the My Coke digitized ordering platform just this quarter, allowing a contactless relationship with our customers.

在美國，僅在本季度，我們就在 My Coke 數字化訂購平台上增加了 8,000 多家網點，從而實現了與客戶的非接觸式關係。

Finally, we're experimenting with direct-to-consumer by expanding platforms like Coca-Cola En Tu Hogar throughout Latin America.

最後，我們正在通過在整個拉丁美洲擴展可口可樂 En Tu Hogar 等平台來嘗試直接面向消費者。

This web-based solution delivers to homes as quickly as the next day and currently enjoys 1 million household users at a healthy double-digit growth rate.

這種基於 Web 的解決方案可在次日快速送達家庭，目前擁有 100 萬家庭用戶，並以兩位數的健康增長率增長。

To execute these initiatives with speed and effectiveness, we've worked closely with our bottling partners through the crisis.

為了快速有效地執行這些舉措，我們與裝瓶合作夥伴密切合作度過了危機。

The connectivity across the system has been extraordinary.

整個系統的連接性非常出色。

In the last few months, we've held global and regional system meetings with leadership, allowing us to accomplish even more than we thought possible.

在過去的幾個月裡，我們與領導層舉行了全球和區域系統會議，使我們能夠完成比我們想像的更多的事情。

We will continue this increased engagement and sharing of best practices with our bottlers from top to bottom post pandemic as we recognize the opportunity to collaborate even more closely across the supply chain and to leverage our collective global scale.

隨著我們認識到在整個供應鏈中更緊密地合作並利用我們的集體全球規模的機會，我們將繼續與我們的裝瓶商從上到下加強參與和分享最佳實踐。

Ultimately, we aspire to grow faster system-wide and deliver stronger results that will enable us to continue investing and putting our purpose into action.

最終，我們渴望在整個系統範圍內實現更快的增長並提供更強大的成果，這將使我們能夠繼續投資並將我們的目標付諸行動。

Turning to the organization.

轉向組織。

Since we set out on the Beverages for Life journey, we have evolved our organization every step of the way, and we continue to do so to ensure structure follows strategy.

自從我們踏上“終生飲品”之旅以來，我們的組織每一步都在發展，我們將繼續這樣做，以確保結構遵循戰略。

To focus on a growth portfolio of profitable brands with quality leadership positions that is supported by an efficient and effective marketing model, we need to be flexible.

為了專注於由高效且有效的營銷模式支持的具有質量領導地位的盈利品牌的增長組合，我們需要靈活。

Our system is continuing to move further away from a complicated, 3-dimensional organizational structure to more of a network model, improving our agility and maximizing scale.

我們的系統正在繼續從復雜的 3 維組織結構轉向更多的網絡模型，從而提高我們的敏捷性並最大限度地擴大規模。

As the pandemic acts as a catalyst to accelerate our strategy, our organization is moving into the future faster, too, and we must set up properly to empower our system to win.

隨著大流行成為加速我們戰略的催化劑，我們的組織也在更快地走向未來，我們必須正確設置以使我們的系統能夠獲勝。

This will require us to reallocate people resources and could mean some reductions due to our evolving approach.

這將要求我們重新分配人力資源，並且由於我們不斷發展的方法可能意味著一些減少。

There is no doubt that we faced significant pressures in the second quarter, but we exited the quarter with promising signs the most challenging period is indeed behind us in much of the world.

毫無疑問，我們在第二季度面臨著巨大的壓力，但我們在本季度結束時有跡象表明，在世界大部分地區，最具挑戰性的時期確實已經過去。

There's still a lot of work to do, there's no doubt the world will be different following the crisis.

還有很多工作要做，毫無疑問，危機過後世界將變得不同。

In many ways, the future is coming at us faster than ever.

在許多方面，未來比以往任何時候都更快地向我們走來。

We are embracing the changes and pivoting our business to take advantage of new opportunities.

我們正在擁抱變化並調整我們的業務以利用新機遇。

We are poised as a system to accelerate our transformation to return to driving growth in years to come.

我們已準備好作為一個系統來加速我們的轉型，以在未來幾年恢復驅動增長。

Before I hand the call over to John, I'd like to take a moment to comment on the social justice movements that had significant impacts around the world.

在我把電話交給約翰之前，我想花點時間評論一下在世界各地產生重大影響的社會正義運動。

Let me be clear: Our stance is there is no place for racism or institutionalized inequality in the world.

讓我明確一點：我們的立場是，世界上沒有種族主義或製度化不平等的容身之地。

We are taking an active approach and focusing our efforts on listening, leading, investing and advocating.

我們正在採取積極的態度，並將我們的努力集中在傾聽、領導、投資和倡導上。

We're engaging stakeholders, employees and other business leaders, and we've paused social media for the time being while we review our policies to ensure a higher level of accountability and transparency.

我們正在讓利益相關者、員工和其他商業領袖參與進來，並且在我們審查我們的政策以確保更高水平的問責制和透明度時，我們暫時暫停了社交媒體。

We recently committed to spend an incremental $500 million with Black-owned suppliers and are actively contributing to communities on this important issue.

我們最近承諾向黑人擁有的供應商追加 5 億美元，並在這一重要問題上積極為社區做出貢獻。

With that, John will discuss our results and provide more details on how we plan to drive returns as our increased focus provides the flexibility we need.

有了這個，約翰將討論我們的結果，並提供更多關於我們計劃如何推動回報的細節，因為我們更加關注提供了我們需要的靈活性。

Thank you, James, and good morning, everyone.

謝謝你，詹姆斯，大家早上好。

I'd like to spend my time this morning focused on 3 things: One, some commentary on the quarter and the rest-of-year outlook; two, thoughts on the broader and longer-term implications to value creation for our company and our system; and finally, on our capital allocation priorities.

今天早上我想把時間花在三件事上：一，對本季度和今年剩餘時間展望的一些評論；第二，關於對我們公司和我們的系統價值創造的更廣泛和長期影響的想法；最後，關於我們的資本配置優先事項。

As expected, our second quarter was one with significant hurdles to overcome as lockdown and social distancing requirements placed profound pressures on our customers and consumers.

正如預期的那樣，我們的第二季度是一個需要克服的重大障礙，因為封鎖和社交距離要求給我們的客戶和消費者帶來了巨大的壓力。

In the second quarter, volumes were down 16%, driven by declines in higher revenue per case away-from-home channels.

在第二季度，銷量下降了 16%，原因是每箱非家庭渠道的收入增加。

Organic revenues declined 26%, driven by a 22% decline in concentrate shipments and a 4% decline in price/mix.

受精礦出貨量下降 22% 和價格/組合下降 4% 的推動，有機收入下降了 26%。

The gap between concentrate shipments and unit cases this quarter is attributable to cycling the timing of shipments from last year, primarily in EMEA and Latin America, along with rationalization of stock levels after some safety stock-building in the first quarter.

本季度精礦出貨量與單位箱之間的差距歸因於去年的出貨時間循環，主要是在歐洲、中東和非洲和拉丁美洲，以及第一季度一些安全庫存建設後庫存水平的合理化。

The majority of the price/mix pressure during the quarter was driven by segment mix from meaningful declines in our cost of business in Global Ventures as well as Bottling Investments.

本季度的大部分價格/組合壓力是由我們在 Global Ventures 和 Bottling Investments 的業務成本顯著下降導致的細分市場組合驅動的。

Underlying gross margin was down approximately 300 basis points, primarily driven by volume declines in capital-intensive finished goods businesses like Costa, food service in North America and our Bottling Investments in addition to negative package and channel mix pressure.

基礎毛利率下降了約 300 個基點，主要是由於資本密集型成品業務（如 Costa、北美食品服務和我們的裝瓶投資）的銷量下降以及負面的包裝和渠道組合壓力。

Despite the significant pressure on top line and gross margin, in addition to the currency headwinds, comparable operating margins were only slightly lower than last year given the effective management of our SG&A expenses.

儘管頂線和毛利率面臨巨大壓力，但除了貨幣逆風外，鑑於我們有效管理 SG&A 費用，可比營業利潤率僅略低於去年。

While we had a considerable amount of leverage during the quarter from cost management, part of it is attributable to timing due to modifying our full year marketing spend forecast, which included an adjustment from the first quarter.

雖然我們在本季度從成本管理中獲得了相當大的影響力，但部分原因是由於修改了我們的全年營銷支出預測，其中包括對第一季度的調整。

As we look to the remainder of the year, we will continue to hold off on providing full year guidance, given the amount of uncertainty that remains.

展望今年剩餘時間，鑑於仍然存在大量不確定性，我們將繼續推遲提供全年指導。

That said, there are some factors worth highlighting as you think about the second half.

也就是說，當您考慮下半年時，有一些因素值得強調。

While we believe the second quarter will be the most severely impacted, we do expect the top line trajectory to continue to correlate closely to the level of mobility of consumers and the health of the away-from-home channels, as James discussed earlier.

雖然我們認為第二季度將受到最嚴重的影響，但我們確實預計收入軌跡將繼續與消費者的流動性水平和外出渠道的健康狀況密切相關，正如詹姆斯之前討論的那樣。

The pandemic is not behind us.

大流行並沒有落後於我們。

There is still good reason to be cautious as global COVID infections continue to increase, with case growth generally shifting from developed to emerging markets.

隨著全球 COVID 感染繼續增加，病例增長普遍從發達市場轉向新興市場，仍有充分的理由保持謹慎。

While we are seeing sequential improvement, recovery will likely not to be linear.

雖然我們看到連續改善，但恢復可能不是線性的。

Some markets that were recovering are having a second spike in cases like we're seeing in Iran, Australia, Romania and here in the United States.

一些正在復甦的市場出現了第二次高峰，就像我們在伊朗、澳大利亞、羅馬尼亞和美國看到的那樣。

Depending on the trajectory of recovery in away-from-home, channel and package mix will continue to put pressure on our gross margin.

根據非家庭業務的複蘇軌跡，渠道和套餐組合將繼續對我們的毛利率構成壓力。

At the same time, while we do expect continued cost savings in the back half, the amount of leverage should moderate as we look to accelerate our marketing investments, given improving ROI characteristics in a number of markets.

與此同時，雖然我們確實預計下半年將繼續節省成本，但鑑於許多市場的投資回報率特徵有所改善，我們希望加快營銷投資，槓桿率應該會有所放緩。

I'd also add that if the top line improves faster than expectations, we are prepared to reinvest more aggressively to further strengthen our position heading into 2021.

我還要補充一點，如果收入增長快於預期，我們準備更積極地進行再投資，以進一步鞏固我們在 2021 年的頭寸。

And finally, moving to below the line, in an effort to extend the duration of our outstanding debt, in the first half we issued $11.5 billion of long-term maturities, resulting in higher interest expense.

最後，為了延長我們未償債務的期限，我們在上半年發行了 115 億美元的長期到期債券，導致利息支出增加。

While we firmly believe this is the right thing to do longer term, you will continue to see a year-over-year increase in interest expense in the back half of the year.

雖然我們堅信從長遠來看這是正確的做法，但您將繼續看到下半年的利息支出同比增加。

James laid out the approach we are taking on the portfolio, innovation, marketing, execution and system efficiencies to return our company to top line growth at the high end of our growth algorithm.

James 闡述了我們在投資組合、創新、營銷、執行和系統效率方面採取的方法，以使我們的公司在增長算法的高端恢復到頂線增長。

We believe strongly in our future being propelled by top line growth, but we also appreciate the top line must ultimately create value that meets or exceeds our shareholder expectations.

我們堅信我們的未來將受到收入增長的推動，但我們也讚賞收入最終必須創造滿足或超過我們股東期望的價值。

To this end, we are focused on the following critical objectives.

為此，我們專注於以下關鍵目標。

First, we are defining even more sharply the optimal shape of our P&L and balance sheet.

首先，我們更加明確地定義了損益表和資產負債表的最佳形態。

We have developed a clear mission, strategic drivers and financial expectations for each of our business segments and have set objectives to improve margins and free cash flow across the board.

我們為每個業務部門製定了明確的使命、戰略驅動因素和財務預期，並設定了全面提高利潤率和自由現金流的目標。

We leverage these improved returns and invest what is needed to fund continued growth while ensuring our balance sheet remains fit-for-purpose for our future needs.

我們利用這些提高的回報並投資於為持續增長提供資金所需的資金，同時確保我們的資產負債表仍然適合我們未來的需求。

Second, opportunities abound to cultivate more efficient growth.

其次，培育更高效增長的機會比比皆是。

As James discussed earlier, we are moving with speed to optimize marketing spend, consolidated behind our growth portfolio and business segment priorities.

正如詹姆斯之前所討論的，我們正在加快優化營銷支出，鞏固我們的增長組合和業務部門優先事項。

Using our productivity mindset, we are continuing to uncover cost-saving opportunities across the supply chain and operating expenses.

利用我們的生產力思維方式，我們將繼續在整個供應鍊和運營費用中發現節省成本的機會。

But the hallmark of our business is winning locally with our consumers and customers.

但我們業務的標誌是贏得當地消費者和客戶的青睞。

We continue to see opportunities to scale several services across the system to unlock synergies.

我們繼續看到在整個系統中擴展多項服務以釋放協同效應的機會。

In addition, as we evolve the organization to follow this strategy, this too will drive better resource allocation.

此外，隨著我們發展組織以遵循這一戰略，這也將推動更好的資源分配。

As James mentioned, our global system will continue to collaborate as our strategy accelerates and evolves.

正如詹姆斯所說，隨著我們戰略的加速和發展，我們的全球系統將繼續合作。

And together, we are working to be nimbler to sustain the growth that follows.

我們一起努力變得更靈活，以維持隨後的增長。

As we pursue these objectives, our capital allocation priorities remain the same: Reinvest where appropriate in the business to drive momentum; and continue to grow the dividend, returning cash to our shareholders.

在我們追求這些目標時，我們的資本配置優先事項保持不變：在適當的情況下對業務進行再投資以推動發展勢頭；並繼續增加股息，將現金返還給我們的股東。

M&A and share repurchase are unlikely to play a prominent role in the near term.

併購和股票回購在短期內不太可能發揮重要作用。

Our balance sheet is strong, and we remain confident in our liquidity position as we continue to navigate through the crisis.

我們的資產負債表很強勁，在我們繼續度過危機的過程中，我們對我們的流動性狀況充滿信心。

As we work through the system to manage through the current challenges caused by COVID-19, our bottlers are not immune to the effects of the business disruption.

當我們通過該系統來應對當前由 COVID-19 造成的挑戰時，我們的裝瓶商也不能倖免於業務中斷的影響。

That said, approximately 80% of our business volumetrically is in the hands of our top 15 bottlers, are run through our Bottling Investment group.

也就是說，我們大約 80% 的業務量掌握在我們的前 15 名裝瓶商手中，它們是通過我們的裝瓶投資集團運營的。

The remaining 20% are small to midsized.

剩下的 20% 是中小型企業。

Our large public bottlers are well-managed companies with healthy balance sheets, nearly all of our small to midsized bottlers are in a stable position and taking proactive steps on efficient working capital management, expenses and capital to manage the situation.

我們的大型公共裝瓶商是管理良好的公司，資產負債表健康，幾乎我們所有的中小型裝瓶商都處於穩定的地位，並在有效的營運資金管理、費用和資本方面採取積極措施來管理這種情況。

As we close the books on the second quarter, there is no doubt that this has been a challenging time for the Coca-Cola system.

當我們在第二季度結束賬目時，毫無疑問，這對可口可樂系統來說是一個充滿挑戰的時期。

Throughout, our system has remained focused on the journey ahead, pivoting and adapting to ensure that we accelerate our transformation, allowing our system to emerge stronger.

自始至終，我們的系統始終專注於前進的道路，調整和調整以確保我們加快轉型，讓我們的系統變得更強大。

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 Bryan Spillane with Bank of America.

（操作員說明）我們的第一個問題來自美國銀行的 Bryan Spillane。

So I guess my question is just around the balance between efficiency and growth.

所以我想我的問題是關於效率和增長之間的平衡。

We've come a long way in the last couple of years to exit last year to be at the top end of the revenue growth algorithm.

在過去的幾年裡，我們已經走了很長一段路，去年退出了收入增長算法的頂端。

And I guess now we're contemplating trying to get back to that level, but at the same time with a focus on efficiency.

我想現在我們正在考慮嘗試回到那個水平，但同時關注效率。

So James, maybe if you could talk a little bit about organizationally how you're just going to balance trying to achieve both of those things at the same time.

所以詹姆斯，也許你可以從組織上談談你將如何平衡嘗試同時實現這兩個目標。

Yes.

是的。

Thanks, Bryan.

謝謝，布萊恩。

Look, clearly, we've got to do both.

看，很明顯，我們必須同時做這兩件事。

If we just aim for top line growth, we -- I'm sure we'll get back up to the top end of the algorithm where we were the last few years.

如果我們只瞄準收入增長，我們 - 我相信我們會回到過去幾年的算法的頂端。

But if we do that without focusing on efficiency, that's not going to work for the company or work for the bottlers or work for the shareholders.

但是，如果我們這樣做而不注重效率，那對公司、裝瓶商或股東都不起作用。

And the inverse is true.

反之亦然。

If we just stop worrying about the top line and focus on efficiency, we'll do well for a year or 2, but then the wheels will come off.

如果我們不再擔心收入並專注於效率，我們會在一兩年內做得很好，但隨後車輪就會脫落。

So we've got to do both.

所以我們必須兩者都做。

And the way we're going to approach it is to really attack the priorities we've talked about.

我們要解決的方法是真正攻擊我們已經討論過的優先事項。

In the good years, the pre-COVID years, we got up to the top end of the revenue growth thing.

在好年景，也就是新冠疫情之前的幾年裡，我們達到了收入增長的頂峰。

We were doing a lot of innovation.

我們做了很多創新。

We were curating a lot of brands.

我們策劃了很多品牌。

We knew we had things that were working really well and other brands that were struggling.

我們知道我們的產品運作良好，而其他品牌則在苦苦掙扎。

And as we were at the top end of the growth you see, we need to not just remove the zombie SKUs but prune down some of the explorer brands so you can refocus on those with most potential.

由於我們處於增長的頂端，我們不僅需要刪除殭屍 SKU，還需要修剪一些探索者品牌，這樣你就可以重新關注那些最具潛力的品牌。

When times are going well, you set a certain pace for that sort of activity.

當時間進展順利時，你會為這類活動設定一定的節奏。

And now in the COVID times and in these more impaired economic times, for at least for the near future, we need to accelerate that.

現在在 COVID 時代和這些經濟更加受損的時代，至少在不久的將來，我們需要加快這一進程。

So that's why we said, Look, we need to -- let's really bring forward the agenda, of which every wave of innovation generates, you diverge and then you need to converge on the best products investment.

所以這就是為什麼我們說，看，我們需要 - 讓我們真正提出議程，每一波創新都會產生議程，你會分歧，然後你需要集中在最好的產品投資上。

But let's accelerate that.

但讓我們加快這一進程。

Let's get really focused, that will also allow us to get more focused and more efficient on how we do the marketing and where we direct the marketing investments.

讓我們真正專注，這也將使我們能夠更專注和更有效地了解我們如何進行營銷以及我們在哪裡指導營銷投資。

So the 2 things will work together to both be more able to drive the top line because we're more able to get back to the sort of growth rates we want, all the top line, and be able to win new consumers and win share in the marketplace and yet do so in a more efficient way.

因此，這兩件事將共同發揮作用，從而更能推動收入增長，因為我們更有能力恢復到我們想要的增長率，所有收入，並能夠贏得新的消費者並贏得份額在市場上，但以更有效的方式這樣做。

We've also seen over the last number of years, as we've moved to platform services, as we've evolved our organization, we can see that we had things that were ahead of us that could also be done, and we're going to accelerate those.

在過去幾年中，我們還看到，隨著我們轉向平台服務，隨著我們組織的發展，我們可以看到我們前面有一些事情也可以完成，而且我們重新加速這些。

Not just as a company, but we're looking for ways as a system, for how can we build on some of the great collaboration that already exists, like the Cross Enterprise Procurement Group, where we buy collectively our core imports, our core commodities.

不僅作為一家公司，而且我們正在尋找作為一個系統的方法，我們如何在已經存在的一些偉大合作的基礎上建立起來，比如跨企業採購集團，我們在那裡集體購買我們的核心進口產品、我們的核心商品.

How can we take that to the next level?

我們如何才能將其提升到一個新的水平？

So we're really looking for the really -- to build on the learnings of the pre-COVID.

所以我們真的在尋找真正的——建立在 COVID 之前的學習基礎上。

We knew we had things that were to -- that had to be done.

我們知道我們有要做的事情——必須要做的事情。

Let's accelerate those so that we can generate the efficiencies that will both fuel the growth and getting the top line back up and allow us a bridge, in terms of resources, given that the revenue is still impacted in the near term.

讓我們加速這些，以便我們能夠產生效率，既能推動增長，又能恢復收入，並在資源方面為我們提供一座橋樑，因為短期內收入仍會受到影響。

So it's got to be done, and we're going to, the last thought to do that is really -- it's going to build on the cultural work we've done in recent years to focus on a growth mindset.

所以它必須完成，我們將要做，最後一個想法是真的 - 它會建立在我們近年來所做的文化工作的基礎上，專注於成長心態。

We've got to keep pushing that idea and keep looking for what's working, and take the resources from the brands and the ideas and the projects that aren't working and funnel them back to those with the most opportunity.

我們必須繼續推動這個想法並繼續尋找有效的方法，並從品牌、想法和無效項目中獲取資源，並將它們重新提供給最有機會的人。

So it's really an end-to-end idea, from the consumer backwards through to the structure and the culture of the organization, so that actually you end up with an agenda that's not just a mix of 2 things -- strategy and growth and efficiency, but actually each of those components is necessary and enables the other.

所以這真的是一個端到端的想法，從消費者向後到組織的結構和文化，所以實際上你最終得到的議程不僅僅是兩件事的混合——戰略、增長和效率，但實際上這些組件中的每一個都是必要的，並且可以啟用另一個。

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。

I was hoping -- you touched a bit, of course on revenue growth management is an area where we've all been, I think, well educated on revenue growth management as a great tool to drive growth in, let's call it, roughly economic expansion.

我希望——當然，收入增長管理是一個我們都受過良好教育的領域，收入增長管理是推動經濟增長的重要工具擴張。

And then in an economic downturn, still probably a bit less explored.

然後在經濟低迷時期，可能仍然沒有那麼探索。

The price/mix performance in Latin America, and I think you highlighted Mexico in particular in the press release, was really notable.

拉丁美洲的價格/組合表現非常引人注目，我認為您在新聞稿中特別強調了墨西哥。

So if you could talk a little bit about where you are in terms of implementing revenue growth management strategies to benefit you or to help support the business in a downturn.

因此，如果您能談談您在實施收入增長管理戰略以使您受益或在低迷時期幫助支持業務方面的情況。

Is Mexico simply a lead market and there's much more to come on that front?

墨西哥只是一個領先市場嗎？在這方面還有很多事情要做嗎？

But additional color there, I think, could be helpful.

但我認為，那裡的額外顏色可能會有所幫助。

Sure.

當然。

Sure, Lauren.

當然，勞倫。

Yes, I mean, interestingly, the whole approach for revenue growth management, certainly in one of its early iterations at the company with the bottlers, actually came at times of economic difficulty, particularly in Latin America.

是的，我的意思是，有趣的是，收入增長管理的整個方法，當然是在公司與裝瓶商的早期迭代之一，實際上是在經濟困難時期出現的，尤其是在拉丁美洲。

So it is an approach that is a capability, a way of doing things that is just as useful in the good times as it is in the bad times.

所以它是一種能力的方法，一種做事的方式，在好的時候和在壞的時候一樣有用。

And so once you see us applying that capability, which the company, together with the bottlers, have spent the last few years refreshing, it's now being directed at the new challenges.

因此，一旦您看到我們應用了該公司與裝瓶商一起在過去幾年中更新的能力，它現在正面臨新的挑戰。

And as you say, whereas we might have been putting more emphasis on using it to develop the premium opportunities in the last few years, we're going to have to use it to focus on some of the affordability opportunities.

正如你所說，雖然我們可能在過去幾年中更加重視使用它來開發優質機會，但我們將不得不使用它來關註一些可負擔性機會。

Examples of those is really, for example in Mexico, but also places like Brazil and a number of others, really focusing down on refillable packaging.

這些例子確實是，例如在墨西哥，還有巴西和其他一些地方，真正專注於可再填充包裝。

The benefit of refillable packaging in the context of RGM is, of course, you can -- the economics allow you to offer the product at a lower price point.

在 RGM 的背景下，可再填充包裝的好處當然是你可以——經濟允許你以更低的價格提供產品。

So we can really connect to what is likely to be some economic stress on disposable income, and therefore the need for affordable products, for refillables.

因此，我們可以真正聯繫到可支配收入可能面臨的一些經濟壓力，以及對負擔得起的產品和可再填充產品的需求。

And that works in Latin America, that works in Africa, that works in a number of different places.

這適用於拉丁美洲，適用於非洲，適用於許多不同的地方。

But it also can -- as a capability, RGM can work in countries like Japan.

但它也可以——作為一種能力，RGM 可以在日本等國家工作。

In Japan, we sell a lot of half-liter PET bottles for something like Coke.

在日本，我們出售很多半升的 PET 瓶來裝可口可樂之類的東西。

And in this current environment, what we're going to do is try and split that up.

在當前的環境中，我們要做的是嘗試將其拆分。

So have one slightly bigger package and one slightly smaller package.

所以有一個稍微大一點的包裹和一個稍微小一點的包裹。

The smaller package obviously will allow us to offer a lower price point; and the slightly bigger package will be a sharing package which will offer more advantage per liter.

更小的包裝顯然可以讓我們提供更低的價格點；稍大的包裝將是共享包裝，每升將提供更多優勢。

And so we can really use this capability to come in and adapt the portfolio, not just in the emerging markets, but also in the developed markets, knowing that, yes, there will still be people looking for premium products and stock up.

因此，我們真的可以利用這種能力進入並調整投資組合，不僅在新興市場，而且在發達市場，我們知道，是的，仍然會有人尋找優質產品和庫存。

But there are also people under a lot of disposable income pressure, and there, the #1 objective, at least in the beverage category for us, is to bring down the entry price point.

但也有人承受著很大的可支配收入壓力，而第一目標，至少在我們的飲料類別中，是降低入門價格點。

What's the lowest price at which you can buy a Coke?

你能買到可樂的最低價格是多少？

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

您的下一個問題來自摩根士丹利的 Dara Mohsenian。

Just taking a step back.

只是退後一步。

Obviously, the June and July to date unit case volume trends showed a significant sequential improvement versus April and May.

顯然，6 月和 7 月迄今為止的單位案件量趨勢顯示出比 4 月和 5 月顯著的環比改善。

Do you feel like you have enough visibility that it's reasonable at this point to generally expect sequential progress from those July numbers as we look at the balance of the year and the remainder of the back half?

您是否覺得您有足夠的知名度，在我們查看今年的餘額和下半年的剩餘時間時，通常預期這些 7 月份的數字會連續取得進展是合理的嗎？

I know you obviously won't give us a specific number, but more conceptually, perhaps you could touch on that.

我知道你顯然不會給我們一個具體的數字，但從概念上講，也許你可以談一談。

And that's a global question.

這是一個全球性的問題。

But within that answer, I was hoping you could parse out thoughts by region more.

但在那個答案中，我希望你能更多地按地區分析想法。

I'd imagine the answer may be very different in Asia and Europe versus the U.S. and Latin America, just given the relative differences we're seeing in sequential COVID case counts.

考慮到我們在連續 COVID 病例數中看到的相對差異，我想亞洲和歐洲與美國和拉丁美洲的答案可能會有很大不同。

Sure.

當然。

I think the simple answer is no.

我認為簡單的答案是否定的。

And by no, what I mean is there are too many, to use the famous Rumsfeld's little framework, there are too many known unknowns ahead of us.

不，我的意思是有太多，使用著名的拉姆斯菲爾德的小框架，有太多已知的未知數擺在我們面前。

Because whilst, yes, we have seen sequential improvement through the second quarter into the beginning of July, in all geographies, all major geographies around the world, the principal unknown is the degree of lockdown going forward.

因為雖然，是的，我們已經看到從第二季度到 7 月初的連續改善，在所有地區、全球所有主要地區，主要的未知數是未來的封鎖程度。

As we talked about it in the second quarter, the biggest variables affecting the business were: One, the degree of lockdown; and two, the degree of away-from-home business in that country with the lockdown.

正如我們在第二季度談到的那樣，影響業務的最大變量是：一，鎖定程度；第二，在那個國家被封鎖的離家業務的程度。

And the simple fact remains that while things have got better undoubtedly, July is better than June, June was better than May, May was better than April, the reality remains that the virus is not completely under control.

一個簡單的事實是，儘管情況無疑已經好轉，7 月好於 6 月，6 月好於 5 月，5 月好於 4 月，但現實仍然是病毒並未完全得到控制。

There have been countries which have repeated lockdowns or cities and states within countries that have repeated lockdowns.

有些國家多次封鎖，或者國家內的城市和州多次封鎖。

And so honestly, I think we could -- if we saw the virus starting to be under control, we would imagine, yes, we would see sequential improvement through the months and quarters going forward.

老實說，我認為我們可以——如果我們看到病毒開始得到控制，我們會想像，是的，我們會看到未來幾個月和幾個季度的連續改善。

But we cannot discount there might be further waves of lockdowns, partial or full.

但我們不能低估可能會有進一步的部分或全部封鎖浪潮。

Having said that, I am pretty confident that second quarter will ultimately prove to have been the most difficult and the most impacted quarter, principally because I think the governments are getting smarter about how they apply public health measures and getting things under their control, such that we're unlikely to see the whole world entering a lockdown at the same point in time.

話雖如此，我非常有信心第二季度最終將被證明是最困難和受影響最大的季度，主要是因為我認為政府在如何應用公共衛生措施和控制事情方面變得越來越聰明，例如我們不太可能看到整個世界在同一時間點進入封鎖狀態。

I'm not sure that completely helps, but unfortunately, that's the outlook we see, with a strong degree of uncertainty.

我不確定這是否完全有幫助，但不幸的是，這就是我們所看到的前景，具有很強的不確定性。

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

您的下一個問題來自 Nik Modi 與 RBC 的對話。

Maybe I could just take another spin on Dara's question and ask specifically on areas where we've seen the virus kind of come back.

也許我可以對 Dara 的問題再解釋一下，並專門詢問我們已經看到病毒捲土重來的領域。

So you think about Australia, parts of Hong Kong, Texas, et cetera.

所以你想想澳大利亞、香港的部分地區、德克薩斯州等等。

James.

詹姆士。

I mean it's very helpful on understanding kind of the July trends, but things have been moving so quickly.

我的意思是這對了解 7 月份的趨勢非常有幫助，但事情進展得如此之快。

Perhaps you can talk about maybe what you're seeing or just give us some context on some of those markets just so we can get a better understanding of how things have shaped since the end of June.

也許你可以談談你所看到的，或者只是給我們一些關於其中一些市場的背景，這樣我們就可以更好地了解自 6 月底以來情況如何形成。

Sure.

當然。

I mean, look, the -- I think the fairest thing would be to say that those markets where we've seen repeat lockdowns, they have never -- or they have not yet gone down at the same sort of degree they went down in the first round of their lockdown, whether that be February, March or April.

我的意思是，看，我認為最公平的說法是，那些我們已經看到重複封鎖的市場，他們從來沒有——或者他們還沒有以同樣的程度下跌他們的第一輪封鎖，無論是二月、三月還是四月。

And on a global basis, obviously, April was the most difficult month.

在全球範圍內，顯然，四月是最困難的一個月。

So we are not seeing that round 2 is as bad as round 1.

所以我們沒有看到第 2 輪和第 1 輪一樣糟糕。

I think that if you take somewhere like Japan, which started off with the lockdown and they opened up a bit then they locked down again, yes, the number started getting negative again, but they weren't really as bad as they had been at the initial stage.

我認為如果你去像日本這樣的地方，從封鎖開始，然後他們又開放了一點，然後他們又封鎖了，是的，這個數字又開始變成負數，但他們並沒有像以前那麼糟糕初始階段。

So you do get a bit of a wiggly line, so you can't -- that's why I made the point on Dara's question, you can't assume, not that I necessarily think you were, you can't assume it was a straight line from where we are now to good.

所以你確實有點搖擺不定，所以你不能 - 這就是為什麼我在 Dara 的問題上提出這一點，你不能假設，不是我一定認為你是，你不能假設這是一個從我們現在到好的直線。

I think there's going to be some variations as you start to look across the months.

我認為隨著您開始跨月觀察，會有一些變化。

But the second waves have not yet looked as bad as the first waves, whether I look across any of the countries you really mentioned or some of the other ones.

但是第二波看起來還沒有第一波那麼糟糕，無論我看看你真正提到的任何一個國家還是其他一些國家。

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

您的下一個問題來自與 Evercore 的 Rob Ottenstein。

James, I'd like to focus on the chart that you had on the 400 master brands, with 50% accounting for 98% of revenue and 50% just 2% of revenue.

詹姆斯，我想關註一下你對 400 個主品牌的圖表，其中 50% 佔收入的 98%，而 50% 僅佔收入的 2%。

And I know this is a very big question that you could probably talk about for a long time, but kind of high level, how -- what do you think the right mix is?

而且我知道這是一個非常大的問題，你可能會談論很長時間，但有點高水平，如何 - 你認為正確的組合是什麼？

And how do you get to that right mix?

你如何得到正確的組合？

Presumably, there were certain incentives, relationships with the bottlers that got you where you are now.

大概是有某些激勵措施，與裝瓶商的關係讓你走到了現在。

How do you see that evolving over time?

您如何看待隨著時間的推移而演變？

And what do you -- how do you think the financial impact will be when you get to a more optimal mix?

您怎麼看？當您獲得更優化的組合時，您認為財務影響將如何？

Sure.

當然。

I'm not sure there's a destination where there's one right number of the mix between leaders, challengers and explorers.

我不確定是否有一個目的地是領導者、挑戰者和探索者之間的正確組合。

And we will always have a tail of smaller brands.

而且我們將永遠擁有小品牌的尾巴。

That's not the issue that we're after.

這不是我們要解決的問題。

And actually, it would probably be a sign of weakness to have no smaller brands in the portfolio because it would mean we're not nurturing the future, we're not nurturing the explorers that will be challengers, that will be leaders in the future.

實際上，在產品組合中沒有較小的品牌可能是一個弱點的跡象，因為這意味著我們不會培育未來，我們不會培育將成為挑戰者的探索者，這將是未來的領導者.

What we want to see is a steady pipeline of progression of creating ever-stronger brands that have real quality leadership.

我們希望看到的是創建具有真正質量領先地位的更強大品牌的穩步發展。

Obviously, they've got to pass through the challengers phase.

顯然，他們必須通過挑戰者階段。

And therefore, you've got to launch a whole series of explorers, small brands, to try and get there, knowing that most of them will not make it.

因此，你必須推出一系列的探索者、小品牌，去嘗試並到達那裡，因為你知道他們中的大多數人不會成功。

What we're looking at here is that we have not been as assertive enough and directive enough at weeding out the explorers that have not worked and are unlikely to work so that we can redirect the resources on to the explorers and the challengers that have the most opportunity into the future.

我們在這裡看到的是，我們在淘汰那些沒有工作和不太可能工作的探索者方面不夠自信和有足夠的指導性，因此我們可以將資源重新分配給擁有未來的最大機會。

So it's not a question of a certain number of explorers are right or wrong, it's a question of, are they succeeding or not?

所以這不是一定數量的探索者是對還是錯的問題，而是他們成功與否的問題？

And we -- I think we talked at the Investor Day that the success criteria for explorer is very fast growth and starting to gain a core of very engaged and loyal consumers, and that you're really starting to make waves in the category even though small.

而且我們——我認為我們在投資者日談到了探索者的成功標準是非常快速的增長並開始獲得一個非常投入和忠誠的消費者核心，而且你真的開始在這個類別中掀起波瀾，儘管小的。

And that the success criteria for a challenger was being able to gain enough market share that, over time, you could believe you were going to get to leadership.

挑戰者的成功標準是能夠獲得足夠的市場份額，隨著時間的推移，你可以相信你會成為領導者。

Because at leadership, you have both scale and disproportionately more favorable economics and margin versus the other 2 categories.

因為在領導層，與其他兩個類別相比，您擁有規模和不成比例的更有利的經濟和利潤率。

So what we're looking at here is, in a way, the result of lots of experimentation and exploration, which is a good thing, but we are looking at an incomplete task of weeding out the ones that work.

所以我們在這裡看到的，在某種程度上，是大量實驗和探索的結果，這是一件好事，但我們正在尋找一個不完整的任務，即淘汰那些有效的任務。

And so what we're looking at, particularly in a large bucket of smaller brands, is they stayed small for some good period of time, and they're not growing, so they're not meeting the success criteria for saying -- there as an explorer brand.

因此，我們正在研究的，尤其是在一大群較小的品牌中，它們是否在一段時間內保持小規模，並且沒有增長，因此它們不符合以下成功標準：作為探索者品牌。

And that's true across all categories.

在所有類別中都是如此。

I mean our objective remains to create a broad portfolio of leaders across all sorts of categories.

我的意思是，我們的目標仍然是在各種類別中創建廣泛的領導者組合。

And so really, we are just accelerating the work that we knew needed to happen on all those explorer brands that were not meeting our own success criteria: If they were going somewhere, they were growing, et cetera.

所以真的，我們只是在加速我們知道需要在所有那些不符合我們自己的成功標準的探索者品牌上進行的工作：如果他們要去某個地方，他們就會成長，等等。

And that will allow us to redirect resources to those that are best positioned to grow.

這將使我們能夠將資源重新分配給最適合增長的資源。

So again, we'll be fueling top line growth more efficiently, allowing us to get back to where we were in 2019 and emerge stronger ahead of the pack with better margins for our system.

因此，我們將再次更有效地推動收入增長，使我們能夠回到 2019 年的水平，並以更高的利潤領先於我們的系統。

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。

I guess a question for me on capital allocation.

我想我有一個關於資本配置的問題。

John, you were pretty clear on the priorities and the near-term deemphasis on M&A and share repurchase.

約翰，您非常清楚併購和股票回購的優先事項和近期重點。

But the implication there is that you have high confidence in your ability to both reinvest heavily in the business and also continue to maintain, even grow, the dividend, whereas the market's been increasingly concerned about your ability to do just that in recent weeks and months.

但這意味著你對自己在業務上進行大量再投資以及繼續維持甚至增長股息的能力充滿信心，而市場在最近幾周和幾個月內越來越關注你這樣做的能力.

So can you maybe expand on what drives your confidence there?

那麼，您能否詳細說明是什麼推動了您對那裡的信心？

And is there any set of circumstances that you can envision in the near to medium term that might better challenge your ability to defend the dividend, again, given the takes in your prioritization?

考慮到您的優先順序，您是否可以在中短期內預見到可能會更好地挑戰您捍衛紅利的能力的任何情況？

Thanks, Steve.

謝謝，史蒂夫。

First and foremost, I think the decisions on capital allocation, we take into account not just the short term, but also taking a view as to where we think the business will be over the next couple of years.

首先，我認為關於資本配置的決定，我們不僅要考慮短期，還要考慮我們認為未來幾年業務的發展方向。

And as we look at that, even though, as James said, there are a number of known unknowns, you got -- I think you got to divide the calendar into a few parts.

當我們看到這一點時，儘管正如詹姆斯所說，有許多已知的未知數，你得到 - 我認為你必須將日曆分成幾個部分。

One is what's happening in the here and now, number two is the sort of the length and shape of the recovery and then number three is getting back to some degree of what people are, I think, calling a new normal.

一個是此時此地正在發生的事情，第二個是複甦的長度和形狀，然後第三個是在某種程度上恢復到人們所說的新常態。

So we've got tremendous confidence in the beverage industry in general.

因此，我們對整個飲料行業充滿信心。

We think that the fundamentals for growth going forward longer-term remain the same, albeit with the challenges in the near term.

我們認為，未來長期增長的基本面保持不變，儘管近期面臨挑戰。

And we think that we can and we'll get back to the high end of our long-term growth algorithm over time.

我們認為我們可以並且隨著時間的推移我們將回到我們長期增長算法的高端。

And so with that context, we're comfortable in maintaining our position around our capital allocation and, first and foremost, continuing to support the business as we go forward in terms of capital and marketing investments; and then number two, continuing to support the dividend in that period.

因此，在這種情況下，我們可以放心地保持我們在資本配置方面的立場，首先，在我們在資本和營銷投資方面繼續支持業務；然後是第二個，繼續支持該時期的股息。

Wrapped around that, of course, is our overall debt strategy.

當然，圍繞這一點的是我們的整體債務戰略。

We are confident, with the decisions we've taken year-to-date, that the balance sheet is strong enough to withhold the near-term pressures.

我們有信心，根據我們今年迄今做出的決定，資產負債表足夠強大，可以承受近期壓力。

And we're -- while we may go slightly outside of our range this year, we see that being a short-term blip.

而且我們 - 雖然今年我們可能會稍微超出我們的範圍，但我們認為這是一個短期的現象。

So I'll also say we're confident in the industry, in our ability to emerge stronger.

所以我還要說，我們對這個行業充滿信心，對我們變得更強大的能力充滿信心。

And with that in mind, the priorities that we lay out, we think, are achievable.

考慮到這一點，我們認為我們制定的優先事項是可以實現的。

Obviously, as James just said, there are lots of kind of known unknowns, and we will continue to review and adapt as those unknowns become more known.

顯然，正如詹姆斯剛才所說，有很多已知的未知數，隨著這些未知數的增加，我們將繼續審查和調整。

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。

James, I'd like to focus my question on the on-premise channel.

詹姆斯，我想把我的問題集中在本地渠道上。

Can you please unbundle the on-premise performance and trends?

你能解開本地性能和趨勢嗎？

So what are you seeing in QSRs versus casual dining, contract caterers or sports/concert venues or travel?

那麼，您在 QSR 與休閒餐飲、合同餐飲服務商或運動/音樂會場地或旅行中看到了什麼？

Trying to figure out the pace of the recovery by those subchannels.

試圖弄清楚這些子渠道的恢復速度。

And is it fair to assume that the piece that is recovering the fastest, like QSR, is probably not the most profitable?

假設像 QSR 這樣恢復最快的部分可能不是最有利可圖的，這是否公平？

Sure.

當然。

I'll try and add a little bit of texture on this one for you.

我會嘗試為你添加一點紋理。

But the first thing to bear in mind is the predominant effect is the degree of lockdown in the country as it relates to those channels.

但首先要記住的是，主要影響是該國與這些渠道相關的封鎖程度。

So there isn't really a way to describe the global trends by those different channels because it very much depended -- or does depend still on what sorts of measures governments have put in place to -- for health reasons.

因此，實際上並沒有辦法通過這些不同的渠道來描述全球趨勢，因為出於健康原因，它在很大程度上取決於——或者確實仍然取決於政府採取了哪些措施。

And so there's -- the global trend is not really that meaningful.

因此，全球趨勢並沒有那麼有意義。

I would just urge you to look more at the degree of lockdown on the total business.

我只是敦促您更多地了解整個業務的鎖定程度。

If we take one country and look at what we see as to have happened there, and take the U.S., which is the one you're probably most familiar with.

如果我們以一個國家為例，看看我們所看到的那裡發生的事情，然後以美國為例，這可能是你最熟悉的那個國家。

If we look at the away-from-home channels, first point to know is there was sequential improvement as we went from April to May to June.

如果我們看一下離家渠道，首先要知道的是，從 4 月到 5 月到 6 月，我們有連續的改善。

And so things got better.

所以事情變得更好了。

Clearly, the biggest determinant of how a channel did was what percent of its business needed people to be inside the building.

顯然，渠道運作方式的最大決定因素是其業務中需要人員進入大樓的百分比。

So you mentioned QSR.

所以你提到了QSR。

Actually, QSR was one of the, in aggregate in the U.S., was at the better end of the impact.

實際上，QSR 是美國總體上處於影響較好端的其中之一。

Why?

為什麼？

Because many of them have well-developed drive-thru and digitally enabled takeaway businesses.

因為他們中的許多人都擁有發達的得來速和數字化外賣業務。

So actually, they not only improved, but they were not the most affected of the eating-away channels.

所以實際上，他們不僅有所改善，而且還不是外賣渠道中受影響最大的。

The sorts of channels that were most impacted by the lockdowns were bars, full-service restaurants, at-work locations.

受封鎖影響最大的渠道是酒吧、提供全方位服務的餐廳和工作場所。

Some of these places were, simply put, there was no foot traffic.

簡單地說，其中一些地方沒有人流。

And so the declines were significant.

所以下降幅度很大。

And given that many offices are still not going back to full working, if at all.

鑑於許多辦公室仍然沒有恢復全面工作，如果有的話。

For example, at-work remains one of the most affected channels, much more so than QSR or other casual dining or even bars and restaurants.

例如，工作場所仍然是受影響最大的渠道之一，遠遠超過 QSR 或其他休閒餐飲，甚至酒吧和餐館。

So the simplest way to think about or to analyze the away-from-home channels is simply to look at the degree that the restrictions in place [and] how that affects their business, vis-à-vis do they have takeaway or business that can leave the location?

因此，考慮或分析離家渠道的最簡單方法是簡單地查看限制的程度[以及]這如何影響他們的業務，相對於他們是否有外賣或業務可以離開位置嗎？

And to what extent are they dependent fully on people being in the location?

他們在多大程度上完全依賴當地人？

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 actually had a question on the ramping of your marketing spend in the second half as it sounds like you've started to accelerate spending ahead of the recovery.

實際上，我對下半年營銷支出的增加有疑問，因為聽起來您已經開始在復甦之前加速支出。

So I really wanted to understand how quickly you expect the spending to impact the top line, given there's typically a lag.

因此，鑑於通常存在滯後，我真的很想了解您預計支出會以多快的速度影響收入。

And then I assume there will be a bigger drag on your margins from the stepped-up spending in the second half.

然後我認為下半年增加的支出會對您的利潤率造成更大的拖累。

But maybe clarify that and then maybe highlight any offsets you might have or levers you can pull to minimize the impact from this.

但也許要澄清這一點，然後可能會突出顯示您可能擁有的任何偏移量或您可以拉動的槓桿以最大程度地減少由此產生的影響。

Thanks, Bonnie.

謝謝，邦妮。

Let me take that one.

讓我拿那個。

Again, as I mentioned here, I think it's important to kind of divide the calendar up.

同樣，正如我在這裡提到的，我認為劃分日曆很重要。

As you know, for the second quarter, we did take a significant step back from marketing because we didn't think it was going to be that effective.

如您所知，在第二季度，我們確實從營銷方面退了一大步，因為我們認為它不會那麼有效。

And as we look to the second half of the year, I think the name of the game is to stay flexible and be able to adapt as quickly as possible.

展望下半年，我認為遊戲的名稱是保持靈活性並能夠盡快適應。

With that in mind, as we see the shape of the recovery taking place around the world, there are opportunities to step up, to step back up our investment levels.

考慮到這一點，當我們看到世界各地正在發生復甦的情況時，就有機會加強，加強我們的投資水平。

And I think there's also an opportunity to use this time to completely rethink the amount of investment a market actually needs in an optimal level going forward.

而且我認為還有機會利用這段時間來徹底重新考慮市場在未來最佳水平上實際需要的投資量。

So that's very much a key priority for the second half of the year.

因此，這是今年下半年的一個關鍵優先事項。

In terms of specific numbers, I don't have specific numbers to provide because I think it's, again, going back to what I said about being flexible, it's a function of being able to adapt and react as markets demonstrate the trajectory that they're on.

就具體數字而言，我沒有具體數字可提供，因為我認為這再次回到我所說的靈活，它是一種能夠隨著市場展示其軌跡而適應和反應的功能重新開始。

But as we go forward and as we go into 2021, a key priority is to emerge stronger, as James alluded to earlier, and to emerge stronger faster.

但隨著我們前進和進入 2021 年，一個關鍵的優先事項是變得更強大，正如詹姆斯之前提到的那樣，並且更快地變得更強大。

And so with that in mind, it's a key objective in the second half of the year, is to position ourselves well for 2021, and particularly in the markets that are really important to us and the markets where the competitive pressures are strongest.

因此，考慮到這一點，下半年的一個關鍵目標是為 2021 年做好準備，特別是在對我們非常重要的市場和競爭壓力最大的市場。

So stepping it up on a case-by-case basis in the second half of the year and being ready for '21.

因此，在下半年逐案加強，並為 21 年做好準備。

And for sure, as I said in the script, as we look into the second half of the year, you're not going to potentially see the same cost efficiencies that drove the sort of the operating margin impact in the second quarter in the second half of the year as we continue to look at our marketing needs and take decisions accordingly.

當然，正如我在劇本中所說，當我們展望下半年時，您不會看到與第二季度第二季度的營業利潤率影響相同的成本效率今年上半年，我們將繼續關注我們的營銷需求並做出相應的決定。

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

您的下一個問題來自 SunTrust 的 Bill Chappell。

James, I just wanted to step back, trying to understand like how we should look at the -- in the slide deck, the announcements today, because, I mean, on one side, you can say, look, we're trying to be more nimble, we're trying to be stronger coming out.

詹姆斯，我只是想退後一步，試圖了解我們應該如何看待——在幻燈片中，今天的公告，因為，我的意思是，一方面，你可以說，看，我們正在努力更靈活，我們正在努力變得更強大。

The other side, you can say, look, earnings don't matter this year, they might not really matter this year.

另一方面，你可以說，看，今年的收入並不重要，今年可能並不重要。

Let's -- don't waste a good crisis, let's step up all our spending and move forward and we can really accelerate everything over the next year.

讓我們 - 不要浪費一個好的危機，讓我們增加所有支出並繼續前進，我們可以在明年加速一切。

And if it's the latter, then you didn't really talk about kind of how much this is going to cost and whether it's going to impact this year and next year in terms of costs.

如果是後者，那麼你並沒有真正談論這將花費多少，以及它是否會在成本方面影響今年和明年。

So maybe a little more color on which way it is and what you're expecting to spend.

因此，可能會在它的方式以及您期望花費的費用上增加一點顏色。

I'm not sure whether you are referring as much to DME or any additional costs because we're changing our product.

我不確定您是指同樣多的 DME 還是任何額外費用，因為我們正在改變我們的產品。

But let me try a couple of things and then see whether it answers the question.

但是讓我嘗試一些事情，然後看看它是否回答了這個問題。

I mean, firstly, let me just underline what John said.

我的意思是，首先，讓我強調一下約翰所說的話。

We are going to be good stewards of our capital.

我們將成為我們資本的好管家。

And yes, of course, we could just pile on the marketing spend because "no one cares about the earnings this year." Yes, but that still comes from our bottom line and our capital available.

是的，當然，我們可以增加營銷支出，因為“沒有人關心今年的收入”。是的，但這仍然來自我們的底線和我們的可用資金。

And if you look -- if you ignore calendar years and just think about the business, why would I want to spend money in a period if I can't get the return, particularly if there's a strong lockdown?

如果你看 - 如果你忽略日曆年而只考慮業務，如果我無法獲得回報，我為什麼要在一段時間內花錢，特別是如果有一個強大的鎖定？

So we don't take an approach of overly thinking in the calendar years when it comes to marketing.

因此，在營銷方面，我們不會在日曆年中採取過度思考的方法。

We're about generating momentum for the brands and the business.

我們正在為品牌和業務創造動力。

And as John said, if we see opportunities to invest and generate and accelerate the top line growth, that's what we're going to do, which is the inverse of what we saw in the second quarter.

正如約翰所說，如果我們看到投資和產生並加速收入增長的機會，這就是我們要做的，這與我們在第二季度看到的相反。

We thought no marketing is going to make much difference in the second quarter, so we pulled back heavily.

我們認為第二季度沒有營銷活動會產生太大影響，因此我們大幅撤回。

And then we'll have to gauge and be adaptable as we work through the uncertainty in these known unknowns as to where or which countries and which categories versus which lockdowns is it going to make sense to spend?

然後，我們必須衡量並適應這些已知未知因素中的不確定性，即在哪里或哪些國家以及哪些類別與哪些封鎖措施是有意義的支出？

So we are going to be judicious in our use of marketing, in our use of capital expenditure.

因此，我們將明智地使用營銷，使用資本支出。

We -- much as you can see the sales trend improving through the quarter in July, our expectation is that the general direction of travel is sequential improvement, therefore we expect to come back and spend more marketing.

我們——正如你所看到的，整個 7 月份的季度銷售趨勢有所改善，我們的預期是總體的發展方向是連續改善，因此我們預計會回來並花費更多的營銷費用。

But we're going to be focused on getting that right.

但我們將專注於做到這一點。

But said more generally, if we're going to emerge stronger, we need to get the business back to the right level of investment to drive the top line growth.

但更籠統地說，如果我們要變得更強大，我們需要讓業務恢復到正確的投資水平，以推動收入增長。

That's what's going to create the profit growth for the Coca-Cola Company.

這就是為可口可樂公司創造利潤增長的原因。

And that is going to go behind the revamped approach to the portfolio, the revamped approach to how we continue to do marketing.

這將落後於改進的投資組合方法，改進我們如何繼續進行營銷的方法。

If we do have to let go of some brands, potentially even ones we've acquired, like Odwalla, we may need to take some charges.

如果我們不得不放棄一些品牌，甚至可能是我們已經收購的品牌，比如 Odwalla，我們可能需要承擔一些費用。

And even though it wouldn't affect the cash flow because we're using it, perhaps we converted the brand to something else or maybe it wasn't making any money, but there might have to be some charges.

即使它不會影響現金流，因為我們正在使用它，也許我們將品牌轉換為其他東西，或者它可能沒有賺錢，但可能需要收取一些費用。

Obviously, our intent would be to make those decisions as quickly as possible and recognize them as soon as they're made.

顯然，我們的意圖是盡快做出這些決定，並在做出決定後立即識別它們。

I hope that provides something of color to your question.

我希望這能為你的問題提供一些色彩。

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。

So I'm wondering if you can elaborate more on the efficiency and ROI commentary that you guys just made.

所以我想知道你們是否可以詳細說明你們剛剛所做的效率和投資回報率評論。

If you can see operating margins inflect already in the third quarter year-over-year, or more of a fourth quarter aspiration?

如果您可以看到第三季度的營業利潤率已經同比下降，或者更多的是第四季度的願望？

And a clarification on John's comments about capital allocation.

並澄清約翰關於資本分配的評論。

Is there any room to accelerate the divestitures of the Bottling Investments that you've done so far and become even more asset-light to repurpose the funds into dividends and buybacks?

是否有任何空間可以加速您迄今為止所做的 Bottling Investments 的剝離，並變得更加輕資產以將資金重新用於股息和回購？

So on -- thanks, Andrea.

等等——謝謝，安德里亞。

On the second question, there's -- as we've talked in previous calls, I think we have a very open book with respect to the balance sheet and rightsizing and optimizing the balance sheet as we go forward.

關於第二個問題，正如我們在之前的電話會議中談到的那樣，我認為我們在資產負債表以及在我們前進的過程中調整和優化資產負債表方面有一本非常開放的書。

And there's no investment on the balance sheet that does not get a regular review and determination as to whether it should still be there.

資產負債表上的任何投資都沒有得到定期審查和確定它是否應該仍然存在。

With respect to that part of the decision-making, our Bottling Investments group is an important piece of the equation.

關於決策的這一部分，我們的裝瓶投資小組是一個重要的組成部分。

We don't have a timetable for further refranchising, but it certainly is our longer-term goal to be more asset-light, just as we have, I think, stated on previous occasions, and have acted accordingly with previous refranchising efforts.

我們沒有進一步重新特許經營的時間表，但我們的長期目標肯定是更加輕資產，正如我認為，正如我們在以前的場合所說的那樣，並且已經採取了相應的行動來配合以前的重新特許經營努力。

So that will and continues to be a part of the agenda, but not a specific time line on it.

因此，這將並繼續成為議程的一部分，但不是具體的時間表。

And then with respect to the comment on operating margins, I don't have a clear number to give you for either Q3 or Q4.

然後關於營業利潤率的評論，我沒有一個明確的數字給你第三季度或第四季度。

But it goes without saying, is that as we looked at the opportunities that present themselves, we're not necessarily as focused on the months, but we're more focused on building momentum for the business and sustaining it in the -- particularly in the markets that have got outsized importance to us.

但不言而喻，當我們審視自身出現的機會時，我們不一定會專注於幾個月，但我們更專注於為業務建立動力並在 - 特別是在對我們來說非常重要的市場。

So we'll make those decisions as they come and as they appear to be the right ones to make at the right time, and the consequences will flow through accordingly.

因此，我們將在這些決定到來時做出這些決定，並且它們似乎是在正確的時間做出正確的決定，並且後果將相應地產生。

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。

You note big sparkling declines in India, Western Europe and fountain in the U.S. Have deep structural changes, such as heavy client turnover, in any of those 3 situations prompted you to move toward a reset of the model in those 3 businesses?

您注意到印度、西歐和美國噴泉的大幅下滑。在這 3 種情況中的任何一種情況下，是否有深刻的結構性變化（例如大量客戶流動）促使您重新設定這 3 種業務的模式？

Carlos, no, I don't think I would describe any of those as a deep structural change that has driven some sort of reset of the model.

卡洛斯，不，我認為我不會將其中任何一個描述為導致某種模式重置的深層結構變化。

Again, they're very, very linked to the degree of lockdown that has been mandated because of COVID.

同樣，它們與因 COVID 而強制執行的鎖定程度非常、非常相關。

And if you just take those 3 -- both, I mean, fountain or food service and on-premise in the U.S. and a lot of EMEA, particularly the Western Europe, has a lot of away-from-home business, the outlets were shut.

如果你只考慮這 3 個——我的意思是，噴泉或食品服務以及美國的內部場所和許多歐洲、中東和非洲地區，尤其是西歐，有很多離家出走的業務，這些網點是關閉。

And what we found is that as the outlets start to open, the business starts to flourish again.

我們發現，隨著網點開始營業，業務又開始蓬勃發展。

And India, simply put, there isn't a modern trade as you'd understand it in the developed markets at a large scale.

而印度，簡單地說，在發達市場上並沒有你所理解的大規模現代貿易。

And so when they had a lockdown, it locked down all the small stores.

所以當他們被封鎖時，所有的小商店都被封鎖了。

And so literally, the whole marketplace was closed down at that point in time in what would have been a peak season in India.

從字面上看，整個市場在那個時間點被關閉，而這本來是印度的旺季。

So it's really lockdown-related.

所以它真的與鎖定有關。

And I think as they come off, you'll see the reopenings.

而且我認為隨著它們的關閉，您會看到重新開放。

We are social creatures, as humans, and we like experiences.

作為人類，我們是社會性生物，我們喜歡體驗。

People will want to go out.

人們會想出去。

There will be habits that will have changed, but we will go out and experience the world, and these channels will bounce back.

會有一些習慣會改變，但我們會走出去體驗這個世界，這些渠道會反彈回來。

John?

約翰？

Yes, James, just -- if I could just add to that.

是的，詹姆斯，只是——如果我能補充一點的話。

I think, Carlos, I think what we will see, both in some of the developing markets like India and even here in the United States, is I think there will be a higher turnover, particularly of small customers, in both the sort of more modern away-from-home as well as the traditional away from home.

我認為，卡洛斯，我認為我們將看到，無論是在印度等一些發展中市場，甚至在美國，我認為都會有更高的營業額，尤其是小客戶的營業額，現代的離家出走，以及傳統的離家出走。

So I think we expect to see that.

所以我認為我們希望看到這一點。

But that in and of itself, I don't think means a structural reset is necessary.

但就其本身而言，我認為並不意味著結構性重置是必要的。

It could just mean there will be more new ones coming along.

這可能只是意味著會有更多新的出現。

And for our system, it just -- it will be a key area of focus as we come out of the recovery period.

而對於我們的系統來說，它只是——隨著我們走出恢復期，這將是一個關鍵的關注領域。

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。

I wanted to come back to investment levels.

我想回到投資水平。

It was talked about with a couple of different prior questions, but ask it differently and really focus on North America.

之前討論過幾個不同的問題，但提出的問題不同，並且真正關注北美。

And my question isn't so much about cadence, but really more about adequacy.

我的問題不是關於節奏，而是更多關於充分性。

And the context being that your key competitor has committed to supporting its brands, this is on the heels of stepped-up investment levels last year.

在您的主要競爭對手承諾支持其品牌的背景下，這是繼去年投資水平提高之後。

They're now trying to hit an external earnings number, and market share is an increasing focus.

他們現在正試圖達到一個外部收益數字，市場份額越來越受到關注。

If I'm not mistaken, it's also a bigger part of executive comp.

如果我沒記錯的話，這也是高管薪酬的重要組成部分。

And then of course, the snack side of the business is thriving, which gives them some flexibility to lean in on beverages.

當然，零食業務正在蓬勃發展，這給了他們一些依賴飲料的靈活性。

So setting aside the COVID-related pressures, can you comment on what you're seeing competitively in North America?

因此，拋開與 COVID 相關的壓力，您能否評論一下您在北美看到的競爭情況？

I think you commented a moment ago that there's also willingness internally at the Coca-Cola Company to forgo any sort of profit targets to lean in and make sure that you're adequately reinvested in key markets, presumably the U.S. would be included in that.

我想你剛才評論說，可口可樂公司內部也願意放棄任何形式的利潤目標，以確保你在關鍵市場上得到充分的再投資，大概美國會包括在其中。

Maybe you just can confirm it.

也許你可以確認一下。

And then maybe talk a little bit about some of the governors and key metrics that you guys are looking at: Brand equity, market share, absolute levels of A&M spending, to ensure that your brands are indeed adequately supported and that you don't end up vetted into year-end, and looking out to next year, falling short if you're underinvested?

然後也許談談你們正在關注的一些州長和關鍵指標：品牌資產、市場份額、A&M 支出的絕對水平，以確保您的品牌確實得到充分支持並且您不會結束審查到年底，展望明年，如果你投資不足，你會失敗嗎？

Do you want a go, John?

你想去嗎，約翰？

So I'll go ahead.

所以我會繼續。

I'll start, then maybe you can jump in.

我會開始，然後也許你可以跳進去。

Clearly, we are go -- I mean, we've set a North Star: Emerge stronger, which is gain more -- engage with more consumers, gain more drinkers, gain share and reestablish system economics for us and the bottling system.

顯然，我們要走了——我的意思是，我們已經樹立了北極星：變得更強大，獲得更多——與更多的消費者接觸，獲得更多的飲酒者，獲得份額並為我們和裝瓶系統重建系統經濟學。

So that is where we're headed.

這就是我們要去的地方。

And very clearly, that we're going -- if we have to choose between investing and not investing in making more money, but damaging the top line, we're going to invest to drive the top line.

很明顯，我們要前進——如果我們必須在投資和不投資賺更多錢之間做出選擇，但會損害收入，我們將投資以推動收入。

The fundamentals of the Coke system work when we can get back where we were precrisis, which was the top end of the growth algorithm on the top line, and that then flows through with the leverage into the bottom line.

當我們可以回到危機前的狀態時，可口可樂系統的基本原理就起作用了，這是增長算法的最高端，然後隨著槓桿作用流向底線。

So that is going to be the North Star globally.

所以這將成為全球的北極星。

And in North America, we need to make sure that happens.

在北美，我們需要確保這種情況發生。

And clearly, we're going to do that in a flexible way that John talked about the DME.

顯然，我們將以約翰談到 DME 的靈活方式來做這件事。

Having said that, we fully expect to be spending sequentially more DME in North America in Q3 and into Q4.

話雖如此，我們完全預計第三季度和第四季度將在北美連續花費更多的二甲醚。

Obviously, we have key metrics by brand as to what we expect from each brand and what they're doing and going for that.

顯然，我們有按品牌劃分的關鍵指標，了解我們對每個品牌的期望以及他們正在做的事情和為此做的事情。

And what we see in the marketplace is, again, a bit like the total volume performance.

我們在市場上看到的又有點像總銷量表現。

In terms of share, what we see is that where the world is open, we've been able to gain share.

在份額方面，我們看到的是，在世界開放的地方，我們已經能夠獲得份額。

The predominant negative effect is channel mix.

主要的負面影響是渠道混合。

And it's worth remembering that our -- we have half as much a gain market share in away-from-home channels as we have in at-home channels.

值得記住的是，我們在非家庭渠道中獲得的市場份額是在家渠道中的一半。

So the closing of the away-from-home, of course, makes a negative impact to our market share.

因此，關閉離家出走當然會對我們的市場份額產生負面影響。

So what we've done -- what we're focusing on is in the channels that are open, let's focus on gaining share where the world is still working, knowing that as the reopenings occur, and being social humans, we'll go out for the experiences, that we will structurally have gained share in channels and then we'll be favored as those where we have historically been stronger start their reopening.

所以我們所做的——我們關注的是開放的渠道，讓我們專注於在世界仍在運作的地方獲得份額，知道隨著重新開放的發生，作為社會人，我們會去出於經驗，我們將在結構上獲得渠道份額，然後我們將受到青睞，因為我們歷來更強大的那些開始重新開放。

So that's our approach overall and in North America.

這就是我們在北美的整體方法。

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

女士們，先生們，我們的問答環節到此結束。

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

我現在想將電話轉回給 James Quincey，以聽取任何結束語。

Thank you, everyone.

謝謝大家。

So to sum up, we're using the current moment of the pandemic as an opportunity to accelerate the implementation of our strategies.

總而言之，我們正在利用當前的大流行時刻作為加速實施我們戰略的機會。

With a portfolio of strong brands, a focus on high-impact marketing innovation and a structure that fits the strategy, we are confident that our system will emerge stronger from this crisis and return to delivering good growth for the years to come.

憑藉強大的品牌組合、對高影響力營銷創新的關注以及符合戰略的結構，我們相信我們的系統將在這場危機中變得更加強大，並在未來幾年恢復良好的增長。

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。

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。