可口可樂 (KO) 2020 Q1 法說會逐字稿

At this time, I'd like to welcome everyone to the Coca-Cola Company's First Quarter Earnings Results Conference Call. Today's call is being recorded. (Operator Instructions) I would now like to introduce Mr. Tim Leveridge, Vice President and Investor Relations Officer. Mr. Leveridge, you may now begin.

在這個時候，我想歡迎大家參加可口可樂公司第一季度收益結果電話會議。今天的電話正在錄音。 （操作員說明）我現在想介紹一下副總裁兼投資者關係官 Tim Leveridge 先生。 Leveridge 先生，您現在可以開始了。

Good morning. And thank you for joining us today. I'm here with James Quincey, our Chairman and Chief Executive Officer; and John Murphy, our Chief Financial Officer.

早上好。感謝您今天加入我們。我和我們的董事長兼首席執行官 James Quincey 在一起；和我們的首席財務官約翰·墨菲。

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 website at www.coca-colacompany.com. These schedules reconcile certain non-GAAP financial measures, which may be referred to by our senior executives during this morning's discussion, to our results as reported under generally accepted accounting principles. I would also like to note that you can find additional materials in the Investors section of our company website that provide an analysis of our margin structure.

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。這些時間表使我們的高級管理人員在今天上午的討論中可能提到的某些非公認會計原則財務指標與我們根據公認會計原則報告的結果相一致。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，這些材料提供了對我們保證金結構的分析。

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

此外，本次電話會議可能包含前瞻性陳述，包括有關長期收益目標的陳述，應與我們的收益發布和公司最近定期美國證券交易委員會報告中包含的警示性陳述一起考慮。

Following prepared remarks this morning, we will turn the call over to your questions. We recognize there will be a good deal of questions. (Operator Instructions)

在今天早上準備好的講話之後，我們將把電話轉給您的問題。我們認識到會有很多問題。 （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. I'll start by noting that we're operating in truly extraordinary times. Times of great challenges, but also times in which we can see many key opportunities ahead.

謝謝，蒂姆，大家早上好。我首先要指出的是，我們正處於非常特殊的時期。充滿挑戰的時代，也是我們可以看到許多關鍵機遇的時代。

First and foremost, on behalf of our company and our entire system, I'd like to share our deepest sympathies for all those who have been affected by this global pandemic. We also sincerely thank those who've been working to keep all of us safe through the crisis, particularly those on the front lines in the health care community. I also want to recognize our system associates who are ensuring we can continue to supply beverages all around the world.

首先，我謹代表我們公司和整個系統，向所有受到這一全球流行病影響的人表示最深切的同情。我們也衷心感謝那些一直在努力確保我們所有人安全度過危機的人，特別是那些在醫療保健社區前線的人。我還想感謝我們的系統員工，他們確保我們能夠繼續在世界各地供應飲料。

We're still in the most intense first phase of the crisis in many places, if not most of the world. Through it all, we remain grounded in our purpose to refresh the world and make a difference. We start with employee health and safety, which is paramount, followed by business continuity and our support of communities around the world.

在許多地方，即使不是世界上大多數地方，我們仍處於危機最激烈的第一階段。通過這一切，我們始終堅持讓世界煥然一新並有所作為的目標。我們從最重要的員工健康和安全開始，然後是業務連續性和我們對世界各地社區的支持。

The vast majority of our office-based employees are working remotely. For those associates in our manufacturing and distribution facilities, we're using enhanced hygiene and sanitation practices. Through these practices, we are ensuring our system associates are well and our products are safe and that they're delivered safely to our customers and consumers.

我們絕大多數的辦公室員工都在遠程工作。對於我們製造和分銷設施中的那些員工，我們正在使用增強的衛生和衛生措施。通過這些做法，我們確保我們的系統員工身體健康，我們的產品是安全的，並且可以安全地交付給我們的客戶和消費者。

We're closely linked with our bottlers on business continuity, which includes contingency planning for our global supply chain. And thanks to these hard work efforts across the whole system, we don't foresee any material disruptions at this time.

我們在業務連續性方面與裝瓶商密切聯繫，其中包括我們全球供應鏈的應急計劃。由於整個系統的這些辛勤工作，我們目前預計不會出現任何重大中斷。

It's important to note that our business has a long heritage of supporting communities in times of need. The Coca-Cola system has made significant commitments to support relief efforts in markets impacted across the globe. Our system is committed to contributing more than $100 million and is focused on community relief programs, medical supplies and equipment during the outbreak phase as well as on developing other actions for the recovery phase in markets hit hardest by the pandemic. Those commitments to date include the $40 million charitable grant from the Coca-Cola Foundation.

重要的是要注意，我們的業務在需要時支持社區的悠久傳統。可口可樂系統已做出重大承諾，以支持全球受影響市場的救援工作。我們的系統承諾提供超過 1 億美元的資金，並專注於疫情爆發階段的社區救濟計劃、醫療用品和設備，以及為受疫情影響最嚴重的市場的恢復階段製定其他行動。迄今為止，這些承諾包括可口可樂基金會提供的 4000 萬美元慈善贈款。

We are working collaboratively with governments at all levels: federal, state and local, to help steer the nation and the world towards recovery. We are all confident that we can, with the communities we proudly call home, rebound if we all work together for a better future.

我們正在與各級政府合作：聯邦、州和地方，以幫助引導國家和世界走向復甦。我們都相信，如果我們共同努力，為更美好的未來而努力，我們可以與我們自豪地稱之為家的社區一起反彈。

Now as we look to the future, we recognize these are truly unprecedented times. And for that reason, we will take a different approach to our guidance and our discussion today. Recognizing that the operating backdrop has changed rapidly in the last several weeks, we will spend limited time discussing our first quarter results.

現在，當我們展望未來時，我們認識到這些確實是前所未有的時代。出於這個原因，我們今天將對我們的指導和討論採取不同的方法。認識到過去幾周經營背景發生了迅速變化，我們將花有限的時間討論我們的第一季度業績。

In addition, given the great uncertainty in the current environment, we feel it's prudent to hold off providing fiscal year 2020 guidance. We expect to come back in our second quarter call in July with greater clarity.

此外，鑑於當前環境的巨大不確定性，我們認為推遲提供 2020 財年指導是謹慎的做法。我們預計將在 7 月的第二季度電話會議中更加清晰地回來。

Today, I'd like to share, one, what we've been learning and observing as the situation evolves. Second, the actions we're taking now both to adapt to the current environment and to best position ourselves for the future. Third, and finally, what gives me confidence that we will emerge even stronger. And lastly, I'll turn it over to John to discuss our financial strategy.

今天，我想分享一個，隨著形勢的發展，我們一直在學習和觀察到什麼。其次，我們現在採取的行動既是為了適應當前的環境，也是為了更好地為未來做好準備。第三，也是最後一點，是什麼讓我相信我們會變得更加強大。最後，我將把它交給約翰討論我們的財務戰略。

The first quarter began with good momentum coming off strong results in 2019. We were successfully executing our long-term strategy. Through February, we had solid broad-based strength across the globe with the exception of China, where the progression of the virus was already well ahead of the rest of the world. Looking at it, excluding China, our business was growing volumes 3%, and we were continuing to gain value share.

第一季度開局勢頭良好，2019 年業績強勁。我們成功地執行了我們的長期戰略。到 2 月份，我們在全球範圍內擁有堅實的基礎實力，但中國除外，中國的病毒發展已經遠遠領先於世界其他地區。看看它，不包括中國，我們的業務量增長了 3%，我們繼續獲得價值份額。

But as shelter at home and social distancing practice increased rapidly and globally, there has been temporary but profound pressure on our customers and our business. The biggest impact has been a sharp decline in the important away-from-home portion of our business, which includes our eating and drinking channels as well as our on-the-go orientated channels like convenience retail.

但是，隨著居家避難所和社交距離措施在全球範圍內迅速增加，我們的客戶和業務面臨著暫時但巨大的壓力。最大的影響是我們業務中重要的非家庭部分急劇下降，其中包括我們的飲食渠道以及便利零售等面向移動的渠道。

While our exposure varies across markets, away-from-home broadly represents about half of our business given our strong share positions. In some markets, like the U.S., drive-thru operations and carryout have helped offset some of the pressure, but most restaurants are operating on limited hours and are seeing overall trips decline sharply.

雖然我們的風險敞口因市場而異，但鑑於我們強大的市場份額，離家業務大致占我們業務的一半左右。在美國等一些市場，得來速運營和外帶服務幫助抵消了部分壓力，但大多數餐廳的營業時間有限，整體客流量急劇下降。

In the at-home channels, we've seen some early pantry loading, particularly in certain developed markets at the beginning of many of the lockdown phases. Then as we get past the initial phases of the lockdown, however, we are seeing levels normalize.

在家庭渠道中，我們看到了一些早期的食品儲藏室裝載，特別是在許多鎖定階段開始時的某些發達市場。然而，當我們度過鎖定的初始階段時，我們看到水平正常化。

In other markets, like India, for example, the severity of the distancing measures has negatively impacted at-home as well, simply due to the significant reduction in shopping trips. At this stage, it's a little too early to determine exactly what level at-home trends will stabilize at.

例如，在印度等其他市場，距離措施的嚴重性也對家庭產生了負面影響，這僅僅是因為購物旅行的大幅減少。在這個階段，要確切地確定家庭趨勢將穩定在什麼水平還為時過早。

We've also seen a significant increase in e-commerce channels, where we have been accelerating our presence versus the pre crisis. However, given the net effect of these shifts, we expect a temporary but significant impact on our business in the second quarter primarily coming from the slowdown in our away-from-home business.

我們還看到電子商務渠道的顯著增加，與危機前相比，我們一直在加速我們的存在。然而，鑑於這些轉變的淨影響，我們預計第二季度對我們的業務產生暫時但重大的影響，主要來自我們的非家庭業務放緩。

For context, if we look at our April month-to-date trends, we are seeing volumes down globally approximately 25%, driven by the sharp declines in our away-from-home businesses. Fortunately, based on the latest projections, we do expect the second quarter to be the most severely impacted.

就背景而言，如果我們看看 4 月至今的趨勢，我們看到全球銷量下降了約 25%，這是由於我們的非家庭業務急劇下降。幸運的是，根據最新預測，我們確實預計第二季度將受到最嚴重的影響。

With that said, there is still a good deal of uncertainty around the trajectory of the pandemic as well as the resulting macroeconomic impact. While we're seeing different impacts across geographies and at different times, generally, we expect 3 phases. The outright with its corresponding social distancing measures; a period of graduated reopenings; and finally, a return to a new normal.

話雖如此，大流行的軌跡以及由此產生的宏觀經濟影響仍然存在很大的不確定性。雖然我們在不同地區和不同時間看到不同的影響，但一般來說，我們預計會有 3 個階段。徹底採取相應的社會疏離措施；逐步重新開放的時期；最後，回歸新常態。

Consumer mindset and shopping behavior will be different in each phase, and they'll vary across markets, but we foresee some similar patterns that I'll discuss in greater detail. Of course, we can look to China for some early learnings about the various phases. I'm happy to say that our plants there are all operating and employees have returned to company offices in Shanghai.

每個階段的消費者心態和購物行為都會有所不同，並且會因市場而異，但我們預計會有一些類似的模式，我將更詳細地討論這些模式。當然，我們可以向中國尋求有關各個階段的一些早期經驗。我很高興地說，我們那裡的工廠都在運轉，員工已經回到了上海的公司辦公室。

We're seeing encouraging signs of increased consumption as outlets reopen, resulting in sequential improvement in China. However, the consumption is still lower than prior year, and we expect the full recovery to take time especially as there are still limits on crowd sizes.

隨著門店的重新開業，我們看到了令人鼓舞的消費增長跡象，從而導致中國的連續改善。然而，消費仍低於去年，我們預計全面恢復需要時間，尤其是在人群規模仍然有限的情況下。

As we anticipate a recovery in China, we're planning key actions with bottlers to regain momentum, including our pre summer sales promotion and increased cooler placement. We will follow the strategy that has proved successful before the pandemic, adjusted with greater focus on channels and packages that will have traction as the new normal unfolds.

由於我們預計中國將復蘇，我們正計劃與裝瓶商採取關鍵行動以恢復勢頭，包括我們的夏前促銷和增加冷藏箱的放置。我們將遵循在大流行之前證明是成功的策略，並進行調整，更加關注隨著新常態的展開將具有牽引力的渠道和套餐。

While we're encouraged by the improving trends in China, we recognize other countries may not follow the same trajectory and changes in social distancing practices may be gradual. And the situation in China could certainly continue to evolve. It is simply too soon to estimate exactly what might lay ahead.

雖然我們對中國的改善趨勢感到鼓舞，但我們認識到其他國家可能不會遵循相同的軌跡，社會疏離做法的變化可能是漸進的。中國的情況肯定會繼續發展。現在準確估計未來可能發生的事情還為時過早。

That's why we're taking swift action now to adapt in the near term while best positioning ourselves for success later. Our global workforce is a critical asset, and protecting people and roles is a high priority. Teams around the world are being asked to work differently and they're rising to the occasion. We have implemented real-time network collaboration routines to accelerate knowledge sharing. We're adapting local market strategies across our system, including supply chain, stakeholder engagement and workforce management. We've adopted dynamic resource allocation practices in many regions, matching people to projects and scaling the best ideas across geographies.

這就是為什麼我們現在迅速採取行動，在短期內適應，同時最好地為以後的成功做好準備。我們的全球員工隊伍是一項重要資產，保護人員和角色是重中之重。世界各地的團隊都被要求以不同的方式工作，他們正在迎難而上。我們已經實施了實時網絡協作程序來加速知識共享。我們正在整個系統中調整本地市場戰略，包括供應鏈、利益相關者參與和勞動力管理。我們在許多地區採用了動態資源分配做法，將人員與項目相匹配，並在不同地區推廣最佳創意。

In many ways, the strategy we laid out at CAGNY remains the same, centered around brand building, innovation, revenue growth management and execution. Having the ability to dial up and recalibrate aspects of that strategy is critical in this environment.

在許多方面，我們在 CAGNY 制定的戰略保持不變，以品牌建設、創新、收入增長管理和執行為中心。在這種環境下，能夠調整和重新調整該策略的各個方面是至關重要的。

A culture of agility is key. We are working seamlessly with our bottlers and retail customers to meet real-time demand given the rapid shifts in customer patterns. Bottler alignment has never been more important, and the work we've done to strengthen the system in recent years is bearing fruit in stepped up execution.

敏捷文化是關鍵。鑑於客戶模式的快速變化，我們正在與我們的裝瓶商和零售客戶無縫合作，以滿足實時需求。裝瓶機對齊從未像現在這樣重要，我們近年來為加強系統所做的工作正在加強執行中取得成果。

For our retail customers, grocery stores, for example, we're focused on maximizing system efficiency by ruthlessly prioritizing to deliver on core SKUs and key brands and help customers simplify their supply chains. We're also taking this opportunity to reshape our innovation pipeline to eliminate a longer tail of smaller projects and allocate resources to fewer, larger, more scalable and more relevant solutions for this environment.

例如，對於我們的零售客戶（例如雜貨店），我們專注於通過無情地優先交付核心 SKU 和關鍵品牌並幫助客戶簡化供應鏈來最大限度地提高系統效率。我們還藉此機會重塑我們的創新管道，以消除較小項目的長尾，並將資源分配給針對這種環境的更少、更大、更具可擴展性和更相關的解決方案。

With shoppers spending less time browsing, it's crucial that we work to minimize out of stocks and maximize share of visible inventory. In markets around the world, we've redeployed on-the-ground sales reps and especially those orientated towards the on-premise trade and refocused them on merchandising, resulting in increased share of displays of stock on the floor.

隨著購物者花費更少的時間瀏覽，我們必須努力減少缺貨並最大化可見庫存的份額。在世界各地的市場中，我們重新部署了現場銷售代表，尤其是那些面向內部交易的銷售代表，並將他們重新集中在商品推銷上，從而增加了現場庫存展示的份額。

As consumers adjust to stay-at-home lifestyle, they're making fewer shopping trips and filling bigger baskets often based on availability and orientate to known, trusted brands. Therefore, we are working with our customers to maximize promotional effectiveness and reconsidering multipack promotions and frequency to ensure the mix of our product and packaging offerings are meeting their needs.

隨著消費者適應居家生活方式，他們減少了購物次數，並經常根據可用性和麵向知名、值得信賴的品牌購買更大的購物籃。因此，我們正在與客戶合作，以最大限度地提高促銷效果，並重新考慮多件裝促銷和頻率，以確保我們的產品和包裝產品組合能夠滿足他們的需求。

Our consumer-centric total beverage strategy has enabled us to deliver products that shoppers want when stocking up on essentials, whether it's to refresh, hydrate or provide functional benefits. We also recognize the importance of customers, both big and small, and are working to support independent retailers.

我們以消費者為中心的整體飲料戰略使我們能夠在購物者囤積必需品時提供他們想要的產品，無論是提神、補水還是提供功能性好處。我們也認識到大小客戶的重要性，並正在努力支持獨立零售商。

We're implementing measures to support small retailers in many countries. For example, in Brazil, mom-and-pop stores face mounting pressure, and they are a key pillar not only of our business, but local communities. We have played a leading role in the formation of the small trade activity recovery or STAR program. Along with consumer product peers, the STAR coalition will connect companies, government and small retail associations to help small and medium retailers.

我們正在採取措施支持許多國家/地區的小型零售商。例如，在巴西，夫妻店面臨越來越大的壓力，它們不僅是我們業務的關鍵支柱，也是當地社區的關鍵支柱。我們在小貿易活動復甦或 STAR 計劃的形成中發揮了主導作用。與消費品同行一起，STAR 聯盟將連接公司、政府和小型零售協會，以幫助中小型零售商。

We've also experienced an upsurge in e-commerce across the globe, with the growth rate of the channel doubling in many countries. Consumers are getting necessities delivered to their door, in many cases, with contactless delivery. Revenue growth management plays a key role in our current strategy as we shift towards package sizes that are fit-for-purpose online sales and as we reallocate consumer and trade promotions to digital. For grocery e-delivery companies, we've increased in-app visibility with a focus on multi packs so consumers can access our beverage within a click's reach of desire.

我們還經歷了全球電子商務的熱潮，許多國家的渠道增長率翻了一番。在許多情況下，消費者通過非接觸式交付將必需品送到他們家門口。隨著我們轉向適合在線銷售的包裝尺寸，以及我們將消費者和貿易促銷重新分配給數字化，收入增長管理在我們當前的戰略中發揮著關鍵作用。對於雜貨電子配送公司，我們增加了應用程序內的可見性，重點是多包裝，這樣消費者就可以在點擊所需的範圍內訪問我們的飲料。

We are also acting fast to address the needs of restaurant partners as they adapt to the current environment. In North America, we've offered our foodservice restaurant partners an alternative to fountain drink by ensuring bottle can availability for delivery. In the U.S., we partnered with the national leading food aggregators to increase our product profile and accelerate customer menu optimization via included beverage options and value bundles. Also, we've recently played an active role in The Great American Takeout movement with the National Restaurant Association.

我們也在迅速採取行動，以滿足餐廳合作夥伴適應當前環境的需求。在北美，我們為我們的餐飲服務餐廳合作夥伴提供了一種噴泉飲料的替代品，確保瓶罐可送達。在美國，我們與全國領先的食品聚合商合作，通過包含的飲料選項和超值套餐來增加我們的產品配置並加速客戶菜單優化。此外，我們最近還與美國國家飯店協會一起在 The Great American Takeout 運動中發揮了積極作用。

We're also being mindful about the right level of brand marketing and new product launches given the consumer mindset across markets. We've developed and determined that in this initial phase, there is limited effectiveness to broad-based brand marketing. With this in mind, we've reduced our direct consumer communication; we'll pause sizable marketing campaigns through the early stages of the crisis and reengage when the timing is right. These plans will vary from market to market, with our earliest reengagement focusing on the recovery in China. At the same time, we are leveraging our associates to address longer-term opportunities, recognizing that near-term realities will subside.

考慮到整個市場的消費者心態，我們還關注品牌營銷和新產品發布的正確水平。我們已經開發並確定，在這個初始階段，廣泛的品牌營銷效果有限。考慮到這一點，我們減少了直接的消費者溝通；我們將在危機的早期階段暫停大規模的營銷活動，並在時機成熟時重新參與。這些計劃將因市場而異，我們最早的重新參與側重於中國的複蘇。與此同時，我們正在利用我們的員工來應對長期機遇，並認識到近期現實將會消退。

Looking ahead, we may not know the exact shape of the recovery, but we are taking action today to be prepared for the future. For the recovery phase, RGM is key as we prepare to strike the right balance of affordability and recruitment packs in addition to premium offerings. This is one area where we are much better positioned versus our system 10 years ago when our portfolio and SKU optionality was not nearly as sophisticated as it is today.

展望未來，我們可能不知道復甦的確切形式，但我們今天正在採取行動，為未來做好準備。對於恢復階段，RGM 是關鍵，因為我們準備在可負擔性和招聘包以及優質產品之間取得適當的平衡。與 10 年前的系統相比，我們在這一領域的定位要好得多，當時我們的產品組合和 SKU 可選性還沒有今天那麼複雜。

We'll also embrace some seismic consumer behavior shifts that are taking place, especially in e-commerce. We believe the accelerating expansion of the channel is sustainable, and we want to continue to be well positioned for long-term growth. We are investing in digital capabilities to strengthen consumer connections and further piloting several different digital-enabled initiatives using fulfillment methods, whether B2B to home or B2C platforms in many countries to capture online demand for at-home consumption in the future. We're seeing good results in these early days and are looking to scale similar partnerships with more customers.

我們還將接受一些正在發生的巨大的消費者行為轉變，尤其是在電子商務領域。我們相信渠道的加速擴張是可持續的，我們希望繼續為長期增長做好準備。我們正在投資數字能力以加強消費者聯繫，並使用履行方法進一步試行幾種不同的數字化舉措，無論是 B2B 到家庭還是許多國家的 B2C 平台，以捕捉未來對家庭消費的在線需求。我們在早期看到了良好的結果，並正在尋求與更多客戶擴大類似的合作夥伴關係。

In times when crises hit, it can be easy to lose sight of the long term, but we will continue to build a more sustainable business for the future. Late last year, we refreshed our purpose statement: to refresh the world and make a difference, and our company's purpose is now more important than ever. Tomorrow, the company will publish its 2019 Business and Sustainability Report, reflecting a continued journey towards driving a more sustainable business.

在危機襲來的時候，很容易忽視長遠，但我們將繼續為未來建立更可持續的業務。去年年底，我們更新了我們的目標聲明：讓世界煥然一新，有所作為，我們公司的目標現在比以往任何時候都更加重要。明天，該公司將發布其 2019 年業務和可持續發展報告，以反映推動更可持續業務的持續旅程。

While there are still many unknowns ahead, we do know that over 134 years of business, we've seen many types of crises, be they military, economic or pandemic, and the Coca-Cola Company has always emerged stronger in the end. We are in a better position today than we were heading into previous periods of challenge. We've made meaningful progress in accelerating our capabilities, reshaping our bottling system, pivoting our portfolio and transforming our culture. Undoubtedly, there will be ups and downs in the coming months. But with our bottling partners, we are clear on what needs to be done, both now and into the future, to manage our business, focus our strategies, accelerate our actions and redirect our investments.

儘管未來仍有許多未知數，但我們知道，在 134 年的經營歷程中，我們已經看到了許多類型的危機，無論是軍事危機、經濟危機還是大流行病，可口可樂公司最終總是變得更加強大。我們今天的處境比我們之前面臨的挑戰時期要好。我們在提高我們的能力、重塑我們的裝瓶系統、調整我們的產品組合和轉變我們的文化方面取得了有意義的進展。毫無疑問，未來幾個月將會有起有落。但與我們的裝瓶合作夥伴一起，我們清楚地知道現在和未來需要做什麼來管理我們的業務、集中我們的戰略、加快我們的行動和重新定向我們的投資。

With that, I'll turn the call over to John.

有了這個，我會把電話轉給約翰。

Thank you, James, and thanks to all of you for joining us. I'd like to complement James' remarks with a particular focus on the following areas: our people, 2020 profitability and cash flow, capital allocation priorities, our bottling system and our post-COVID readiness.

謝謝你，詹姆斯，也感謝你們所有人加入我們。我想補充詹姆斯的講話，特別關注以下領域：我們的員工、2020 年的盈利能力和現金流、資本分配優先事項、我們的裝瓶系統和我們在 COVID 後的準備情況。

It may be a little unusual to start the finance review on people. But in these times, it is absolutely the right place to start. The manner in which we have seen sacrifice, commitment, resilience and adaptability in the past weeks has stood out, and we have been able to accomplish things which in normal times would have seemed impossible.

開始對人員進行財務審查可能有點不尋常。但在這些時候，它絕對是正確的起點。在過去的幾周里，我們看到犧牲、承諾、復原力和適應能力的方式非常突出，我們已經能夠完成在正常情況下似乎不可能完成的事情。

As with many companies, job security is a concern for our people. And for us, it has been a key priority as we navigate through this period. Where necessary, we have furloughed some employees, and we have done so on full pay through June. The length, severity and overall impact of the crisis will ultimately determine how we will come out of this, and we will be very thoughtful on our approach.

與許多公司一樣，工作保障是我們員工關心的問題。對我們來說，這是我們度過這一時期的關鍵優先事項。在必要時，我們已經讓一些員工休假，並且我們已經在 6 月份之前支付了全薪。這場危機的持續時間、嚴重程度和整體影響將最終決定我們將如何擺脫困境，我們將非常考慮我們的方法。

What we do see, as James mentioned, is a lot of redeployment, enabling the company to pivot quickly with the work that matters most in these times. The agility we are seeing across the world in this regard has been impressive and is opening the door to new ways of working that are allowing us to be a lot more responsive. For me, some of the work that matters most is smart use of the many levers we have at our disposal to maximize profit and cash flow.

正如詹姆斯所說，我們看到的是大量的重新部署，使公司能夠迅速轉向當前最重要的工作。在這方面，我們在世界各地看到的敏捷性令人印象深刻，並為新的工作方式打開了大門，使我們的響應速度更快。對我來說，最重要的一些工作是巧妙地利用我們擁有的許多槓桿來最大化利潤和現金流。

On the revenue side, we have made substantial changes to our brand pack portfolio focus and are leveraging the playbooks on affordability and value that have served us so well in past crises around the world.

在收入方面，我們對品牌包裝組合的重點進行了重大改變，並正在利用在過去全球危機中為我們提供如此好的可負擔性和價值的劇本。

On the expenditure side, I would divide it into 4 key focus areas and with a particular emphasis on quarter 2. One, as James mentioned, we have been pulling back on our marketing spend for now. Staying close to our consumers in a relevant way is a key guiding principle. And staying disciplined to demand an appropriate ROI is a close second.

在支出方面，我將其分為 4 個重點領域，並特別強調第 2 季度。正如詹姆斯所說，我們目前一直在縮減營銷支出。以相關的方式與我們的消費者保持密切聯繫是一項關鍵的指導原則。保持自律以要求適當的投資回報率緊隨其後。

Two, we are taking a similar approach with our trade dollars. While much of that spend is managed by our bottlers in both our bottling investments and North America businesses, this is an important area to effectively manage and be willing to reengineer.

第二，我們對貿易美元採取了類似的方法。雖然在我們的裝瓶投資和北美業務中，大部分支出都由我們的裝瓶商管理，但這是一個有效管理和願意重新設計的重要領域。

Three, we are attacking all discretionary operating expenses and challenging what is essential and making sure every dollar being spent on services, travel, meetings, et cetera, is appropriate. And four, we have paused all capital spend other than what is absolutely essential or has already been committed.

第三，我們正在打擊所有可自由支配的運營費用，並挑戰必要的東西，並確保在服務、旅行、會議等方面花費的每一美元都是適當的。第四，我們已經暫停了所有資本支出，除了絕對必要的或已經承諾的。

By moving quickly and decisively, we will avoid waste, improve ROI and spend, and give us maximum flexibility for the second half of the year as we gain clarity on the outlook. Finally, as a quick reminder for your models, the reductions to marketing and trade spend will get phased over the balance of the year.

通過快速果斷的行動，我們將避免浪費、提高投資回報率和支出，並在我們對前景更加清晰的情況下為下半年提供最大的靈活性。最後，作為對您的模型的快速提醒，營銷和貿易支出的減少將在今年的餘額中分階段進行。

Our capital allocation priorities should be framed against our liquidity position and our balance sheet. With the actions taken since March, our overall liquidity is strong and so too is our balance sheet. We will, of course, continue to focus on protecting the progress we made on working capital and free cash flow in 2019. And in this context, our capital allocation priorities remain very much focused on investing wisely to support our business operations and continuing to prioritize our dividend. Specifically, with regard to the dividend, we currently have no intentions to change our approach.

我們的資本配置優先事項應根據我們的流動性狀況和資產負債表來確定。自 3 月以來採取的行動，我們的整體流動性很強，我們的資產負債表也是如此。當然，我們將繼續專注於保護我們在 2019 年在營運資本和自由現金流方面取得的進展。在這種情況下，我們的資本配置重點仍然非常注重明智地投資以支持我們的業務運營並繼續優先考慮我們的股息。具體而言，關於股息，我們目前無意改變我們的做法。

Regarding M&A, we do not foresee any significant activity going forward this year nor do we intend to repurchase shares. We are also mindful of staying close to the debt range we have previously highlighted. We will, of course, review our overall approach to capital allocation as we know more about the length and severity of the crisis.

關於併購，我們預計今年不會有任何重大活動，也不打算回購股票。我們還注意保持接近我們之前強調的債務範圍。當然，隨著我們對危機的持續時間和嚴重程度有了更多了解，我們將審查我們對資本配置的總體方法。

James spoke earlier about how our global bottling system is adapting to the coronavirus pandemic. I cannot overstate the admiration we all have for everything our bottling partners are doing to stay close to their people, their customers and their communities. Many of them are battle hardened when it comes to managing crises, and I know they are proactively taking steps to preserve cash, strengthen their balance sheets and manage their P&Ls.

詹姆斯早些時候談到了我們的全球裝瓶系統如何適應冠狀病毒大流行。對於我們的裝瓶合作夥伴為貼近他們的員工、客戶和社區所做的一切，我怎麼強調都不為過。在管理危機方面，他們中的許多人都戰戰兢兢，我知道他們正在積極採取措施來保存現金、加強資產負債表並管理他們的損益表。

Currently, we do not have any major concerns surrounding our bottling partners from a liquidity perspective, and we are working closely with them to anticipate and deal effectively with a scenario where the coronavirus situation is longer and more severe than currently anticipated.

目前，從流動性的角度來看，我們對裝瓶合作夥伴沒有任何重大擔憂，我們正在與他們密切合作，以預測和有效應對冠狀病毒情況比當前預期更長、更嚴重的情況。

As we noted in our release, we are unable to provide an update to our full year 2020 financial outlook. We expect to have a better picture of how the recovery will unfold when we report our second quarter results in July. Meantime, I would like to highlight the following.

正如我們在新聞稿中指出的那樣，我們無法提供 2020 年全年財務展望的更新。當我們在 7 月報告第二季度業績時，我們希望能夠更好地了解復甦將如何展開。同時，我想強調以下幾點。

In looking at currency impacts for comparable net revenues based on current spot rates and including the impact of hedge positions, we expect a mid-single-digit full year headwind. For comparable operating income, also based on current spot rates, expect a high single-digit headwind with most of the headwind coming from our developing and emerging markets. We still expect the company's underlying effective tax rate to be 19.5% for the year.

在根據當前即期匯率以及包括對沖頭寸的影響來研究可比淨收入的貨幣影響時，我們預計全年會有中個位數的逆風。對於可比的營業收入，同樣基於當前的即期匯率，預計會有很高的個位數逆風，其中大部分逆風來自我們的發展中和新興市場。我們仍預計公司全年的基本有效稅率為 19.5%。

Looking ahead, it's important that we adapt quickly to the current environment, while also best positioning ourselves to win in the post-COVID world. Emerging stronger from this crisis demands a willingness to challenge the status quo. To that end, we are using this time to do just that. The last couple of months have already taught us how to do many things very differently.

展望未來，重要的是我們要迅速適應當前環境，同時最好地定位自己以在後 COVID 世界中取勝。從這場危機中變得更強大需要挑戰現狀的意願。為此，我們正在利用這段時間來做到這一點。過去幾個月已經教會了我們如何以非常不同的方式做很多事情。

In closing, let me say I have never been more proud to be part of the Coca-Cola system or indeed more optimistic. It's a testament to the culture of transformation taking hold across the organization. Our people and the strategic alignment of our system give me the confidence in our ability to not only manage through the current crisis, but to emerge from it stronger.

最後，讓我說，我從未像現在這樣為成為可口可樂系統的一員感到自豪，也從未如此樂觀。這證明了變革文化在整個組織中紮根。我們的員工和我們系統的戰略調整讓我相信我們不僅有能力度過當前的危機，而且能夠更強大地擺脫危機。

With that, operator, we are ready for questions.

有了這個，接線員，我們準備好提問了。

(Operator Instructions) Our first question comes from Steve Powers with Deutsche Bank.

（操作員說明）我們的第一個問題來自德意志銀行的 Steve Powers。

I hope you're all well. And I guess building on where you focused your prepared remarks, James, I think everyone on the call is likely trying to tease out to some extent the depth and duration of what hopefully is a bottom in 2Q and then how the system is likely to emerge on the back side. When you think about what you and your bottling partners have seen thus far in China, but also Italy, elsewhere in Europe and the U.S., are there common experiences, whether positive or negative, that you can pass along that can help us better get underneath that question? And how are you handicapping the forward prospects in key emerging markets like Brazil or India, where arguably, the implications are just now taking shape?

我希望你們一切都好。詹姆斯，我想根據你準備好的評論集中在哪裡，我認為電話會議上的每個人都可能試圖在某種程度上梳理出希望在第二季度觸底的深度和持續時間，以及系統可能會如何出現在背面。當您思考您和您的裝瓶合作夥伴迄今為止在中國、意大利、歐洲和美國其他地方所看到的情況時，是否有共同的經驗，無論是積極的還是消極的，您可以傳遞給我們，以幫助我們更好地了解情況那個問題？您如何阻礙巴西或印度等主要新興市場的前景，這些市場的影響可能剛剛形成？

Let me offer a few thoughts and see whether that helps. Firstly, there's a set of, in the famous expression, known unknowns here that heavily influence the shape of how long this -- the virus crisis will last and the resulting economic crisis and the degree of ups and downs and volatile on the way. And those known unknowns are all out there, and we can't determine which way they're going to take us. And I think that's important because while there are some learnings from the earlier markets like China, South Korea or even some of the European markets, we're still at the beginning. We're still at the beginning.

讓我提供一些想法，看看是否有幫助。首先，這裡有一組著名的表達方式，即已知的未知數，它們嚴重影響了這種情況的形成——病毒危機將持續多久，由此產生的經濟危機，以及途中的起伏和波動程度。而那些已知的未知數都在那裡，我們無法確定它們會帶我們走哪條路。我認為這很重要，因為雖然從中國、韓國甚至一些歐洲市場等早期市場中吸取了一些教訓，但我們仍處於起步階段。我們還處於起步階段。

What do I mean by that? We can see the path of how China or South Korea or Singapore, some of those countries came into the crisis, how the lockdowns occurred by channel, by pack, by brand, the change in consumer behavior; and then being able to follow that journey as they have opened up and the thing has started to stabilize.

我的意思是什麼？我們可以看到中國、韓國或新加坡，其中一些國家是如何陷入危機的，封鎖是如何按渠道、按包裝、按品牌發生的，以及消費者行為的變化；然後能夠跟隨那段旅程，因為他們已經開放並且事情已經開始穩定下來。

And you can see China, we were doing great in January. We had a fantastic start to the year, double-digit growth. It was a very profound lockdown in February, much deeper than the minus 25% we're currently seeing globally, and we started to build back up volatile from week-to-week in March. And we're kind of getting close towards neutral in China now, still below where we were last year and where we were in January.

你可以看到中國，我們在一月份做得很好。我們今年的開局非常出色，實現了兩位數的增長。 2 月份的封鎖非常嚴重，比我們目前在全球看到的負 25% 的封鎖要嚴重得多，而且我們在 3 月份開始逐週回升。我們現在在中國有點接近中立，仍然低於去年和一月份的水平。

But I think it's important to emphasize that doesn't mean it's over. We can see from Singapore or Tokyo, Japan, they have a kind of a second wave of the lockdown. So what we see is very clear experiences on what happens in the first phase of the lockdown, pantry load, channel changes, et cetera, et cetera, and we've done a great job of moving those link around the world.

但我認為重要的是要強調這並不意味著它已經結束。我們可以從新加坡或日本東京看到，他們有一種第二波封鎖。因此，我們看到的是在鎖定、食品儲藏室負載、頻道更改等的第一階段發生的事情的非常清晰的經驗，我們在將這些鏈接轉移到世界各地方面做得很好。

Now we expect to see the next phase of the crisis come, which is post generalized global lockdowns. We're going to see a graduated set of reopenings around the world. How long they will take to get from where we are now to the new normal depends on these known unknowns, and could include further retreats to lockdowns as we've seen in a couple of countries. So we can't -- known unknown.

現在，我們預計會看到危機的下一階段到來，即全面封鎖後的全球封鎖。我們將在世界各地看到一系列畢業的重新開放。從我們現在的位置到新常態需要多長時間取決於這些已知的未知數，並且可能包括我們在幾個國家看到的進一步撤退到封鎖。所以我們不能——已知未知。

What we can do is focus on what we're good at. We can focus on a few simple ideas. One, the beverage industry is a great industry. As I said on the call, every previous crisis, military, economic or pandemic in the last 134 years, the Coke company has come out stronger. We've done that by doing essentially 2 things at the same time. One, using the DNA of our system, which knows how to manage in an economic crisis resulting from whatever, manage the business on a day-to-day, week-to-week, quarter-to-quarter basis, having the flexibility and adaptability to do the right amount of brand building, innovation, revenue growth management and execution in the market. But at the same time, have an eye on where is this going in the long term, such that as we work our way through the winding path of what the crisis takes us, we end up emerging stronger. And so I would emphasize, and that's obviously why we haven't provided full year guidance: we are still at the beginning. We may be at the end of the big global lockdown, but we are still some way from the new normal.

我們能做的就是專注於我們擅長的事情。我們可以專注於一些簡單的想法。一、飲料行業是一個偉大的行業。正如我在電話會議上所說，過去 134 年來的每一次危機、軍事、經濟或流行病，可口可樂公司都變得更加強大。我們通過基本上同時做兩件事來做到這一點。一，使用我們系統的 DNA，它知道如何在因任何原因導致的經濟危機中進行管理，每天、每週、每季度管理業務，具有靈活性和在市場中進行適量的品牌建設、創新、收入增長管理和執行的適應性。但與此同時，請關注長期的發展方向，這樣當我們在危機所帶來的曲折道路上努力工作時，我們最終會變得更強大。所以我要強調，這顯然是我們沒有提供全年指導的原因：我們仍處於起步階段。我們可能正處於全球大封鎖的盡頭，但距離新常態還有一段距離。

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

我們的下一個問題來自美國銀行的 Bryan Spillane。

So I guess just thinking about the comments, James, that you made about maybe changes in packaging. And maybe linking that to, as we get past this initial lockdown phase and thinking about the business maybe a year out, what is the sort of dynamic that you're sort of trying to focus on? Is it, one, a recession and a consumer maybe more focused on value? Or is it the second being more the consumer-focused -- changes in consumer behavior patterns, maybe consumers buying more e-commerce, more reluctant to have that away-from-home consumption? Just trying to understand how you're kind of thinking about how the business changes once we get past that lockdown phase? And again, does it imply maybe a greater shift to the at-home packaging versus away-from-home?

所以我想只是想一想詹姆斯，你對包裝可能會發生變化的評論。也許將其與我們度過最初的鎖定階段並考慮可能一年後的業務聯繫起來，您試圖關注的動態是什麼？是不是經濟衰退和消費者可能更關注價值？還是第二個更以消費者為中心——消費者行為模式的變化，也許消費者購買了更多的電子商務，更不願意進行離家消費？只是想了解一旦我們度過了鎖定階段，您會如何思考業務將如何變化？再說一次，這是否意味著可能會更大地轉向家庭包裝而不是離家包裝？

Yes, great question. Look, you could clearly see a set of clear trends on the packaging. I mean in the lockdown, obviously the away-from-home channels are down heavily, which means the immediate consumption packaging are down heavily. And we're much more focused on at-home, which tends to be larger or multi packs. But it also sees a big step-up in e-commerce. We've seen a near doubling of our -- of the importance of the growth of e-commerce for us.

是的，很好的問題。看，你可以清楚地看到包裝上的一組明顯趨勢。我的意思是，在封鎖期間，很明顯，外出渠道大幅下降，這意味著直接消費包裝大幅下降。而且我們更專注於在家，這往往是更大的或多包的。但它也看到了電子商務的巨大進步。我們已經看到電子商務增長對我們的重要性幾乎翻了一番。

So once we get past the lockdown, I think we'll see an environment through these graduated reopenings of society still with the specter of the virus over us with the reality of an impacted economy. And I think what we'd like to see is a step change in some already ongoing trends like a step-up in e-commerce. It is both economically attractive and kind of "specter of the virus" friendly, so I think we'll see a lot more e-commerce. I think it will take time for the highest aggregation channels to come back, but I think they will come back in the end. In the new normal, there will be new consumer behavior at that point in time because ultimately we are social animals. That aggregation will come back.

因此，一旦我們度過了封鎖期，我認為我們將通過這些逐步重新開放的社會看到一個環境，仍然存在病毒的幽靈籠罩著我們，以及經濟受到影響的現實。而且我認為我們希望看到的是一些已經持續存在的趨勢的逐步變化，例如電子商務的升級。它既具有經濟吸引力，又對“病毒的幽靈”友好，所以我認為我們會看到更多的電子商務。我認為最高聚合渠道的回歸需要時間，但我認為它們最終會回歸。在新常態下，屆時會有新的消費者行為，因為最終我們是社會動物。該聚合將回來。

But I think we're also going to see a very profound theme of affordability. What we're seeing in the lockdown is not just the effect of the lockdown of certain channels, but I think an anticipation by the consumer of where the economy is going. There's going to be an economic impact. We're in the face of all this uncertainty. So we're going to see a lot more -- a lot more affordability where we've launched refillable PET back again in South Africa. We're investing in refillables in Latin America. We're really looking at how we can drive affordability for them. So a lot more e-commerce in the future. We're certainly going to see a profound theme of affordability coming up in the next years.

但我認為我們還將看到一個非常深刻的可負擔性主題。我們在封鎖中看到的不僅僅是某些渠道封鎖的影響，而且我認為消費者對經濟走向的預期。會有經濟影響。我們正面臨所有這些不確定性。因此，我們將看到更多——更多的可負擔性，我們再次在南非推出了可再填充的 PET。我們正在拉丁美洲投資可再填充產品。我們真的在研究如何為他們提高負擔能力。所以未來會有更多的電子商務。我們肯定會在未來幾年看到一個深刻的負擔能力主題。

We're going to see a lot of attempts by governments, by us as well, to support the smaller outlet base as those will be the ones who've most suffered in the lockdown, whatever channel they're in. So we have been able to pivot, and we expect to continue to pivot our brand marketing, our innovation, our revenue growth management, and the execution by the bottlers through each stage of this crisis as it moves forward. Because in the end, the crisis management DNA is out there in the system. We may not have faced a global pandemic in living memory, but all around the world in the system, we have lots of managers who've been in countries which have faced crises. And as the specter of the virus lifts, what we'll be left with is an impacted economy -- some new consumer behaviors, but an impacted economy. And this is when the Coke system can shine and always has shone in the past.

我們將看到各國政府以及我們自己的許多嘗試來支持較小的出口基地，因為無論他們在哪個渠道，這些都是在封鎖中受害最深的人。所以我們一直能夠轉向，我們預計將繼續圍繞我們的品牌營銷、我們的創新、我們的收入增長管理以及裝瓶商的執行來度過這場危機的每個階段。因為最終，危機管理 DNA 存在於系統中。在我們的記憶中，我們可能沒有遇到過全球流行病，但在世界各地的系統中，我們有很多管理人員曾在面臨危機的國家工作。隨著病毒幽靈的消散，我們將剩下的是一個受影響的經濟——一些新的消費者行為，但一個受影響的經濟。這就是可口可樂系統可以發光的時候，並且在過去一直發光。

Our next question comes from Nik Modi with RBC.

我們的下一個問題來自 RBC 的 Nik Modi。

James, you talked about really focusing on the core, some core SKUs in order to have it in stock obviously with the demand surge. But can you talk a little bit about how your interaction with the retail community has been in terms of how they're thinking about some of the longer-lasting impacts of the decisions they make in terms of how many products they shelve and the kind of assortment they carry? Any perspective around that? I know it's early, but I'm already starting to hear some of this coming back in the retail community in terms of how they're thinking about streamlining their assortment and portfolio choices. So just curious if you've been hearing the same.

詹姆斯，你談到真正關注核心，一些核心 SKU，以便在需求激增的情況下顯然有庫存。但是，您能否談談您與零售社區的互動如何，就他們如何考慮他們做出的決定所產生的一些長期影響，包括他們擱置的產品數量和類型他們攜帶的品種？對此有什麼看法嗎？我知道現在還為時過早，但我已經開始在零售社區聽到一些關於他們如何考慮簡化他們的分類和投資組合選擇的消息。所以只是好奇你是否聽到過同樣的聲音。

Yes, absolutely. And 2 things come together in the short term, and they both work in the same direction, which is the crisis management of keeping the supply chain open while we have all these restrictions in the period of the lockdown and the virus crisis. And then I think you've got this likelihood of an impacted economy going forward for some period of time.

是的，一點沒錯。有兩件事在短期內結合在一起，它們都朝著同一個方向工作，那就是保持供應鏈開放的危機管理，而我們在封鎖和病毒危機期間受到所有這些限制。然後我認為你有可能在一段時間內受到影響的經濟。

In both those circumstances, both of those things lead you to a similar set of actions, whether you're a manufacturer or an at-home retailer, which is to focus on the biggest, most important, most well-known brands and affordability and making sure you can get availability in store. I mean one of the -- one of -- we've had a lot of focus on supporting the grocery customers because, of course, we've got a strong bottling system that can deliver reliable supply onto the floor. So we've seen ourselves be able to gain share of inventory in the store because we've been able to sustain the supply chain. So really being able to be there for the customers and execute and deliver product on the floor. But both us and them will also be driving to a rationalization on focusing on what's the most effective set of brands and SKUs to push through, which will mean a cutting of the longer tail in this coming period.

在這兩種情況下，無論你是製造商還是家庭零售商，這兩件事都會引導你採取類似的行動，即專注於最大、最重要、最知名的品牌和可負擔性，以及確保您可以在商店獲得可用性。我的意思是其中之一——其中之一——我們非常關注支持雜貨客戶，因為當然，我們有一個強大的裝瓶系統，可以在地板上提供可靠的供應。因此，我們已經看到自己能夠在商店中獲得庫存份額，因為我們已經能夠維持供應鏈。因此，真正能夠為客戶服務並在現場執行和交付產品。但我們和他們都將推動合理化，專注於最有效的品牌和 SKU 組合，這將意味著在未來一段時間內剪掉更長的尾巴。

Will more choice, more innovation come back when new normal and economy reestablishes itself? Yes, I'm sure it will. But in this period, it's going to be a question of focus.

當新常態和經濟重新建立起來時，更多的選擇、更多的創新會回來嗎？是的，我相信它會的。但在這個時期，這將是一個焦點問題。

Our next question comes from Dara Mohsenian with Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Dara Mohsenian。

Guys, I hope you all are well. James, I just want to press a bit more on Steve's question, and I know it's hard to answer. But if one sort of makes the assumption that government-mandated closures and the social distancing is oh by the end of Q2, it doesn't reemerge, this disease, in a major way this summer. Could you just give us some thoughts on the pace of recovery you're expecting on your business as you look out over the next few quarters? And I'm trying to sort of separate out the direct social distancing impact more from the secondary economic impact as we look going forward. Is it more of a V-shaped recovery in your mind for your business or U-shaped or even L-shaped as we look through year-end 2020?

伙計們，我希望你們一切都好。詹姆斯，我只想在史蒂夫的問題上再強調一點，我知道這很難回答。但是，如果有人假設政府規定的關閉和社會疏遠到第二季度末就可以了，那麼今年夏天這種疾病就不會再次出現。在您展望未來幾個季度時，您能否就您對業務的複蘇步伐提出一些想法？在我們展望未來時，我正試圖將直接的社會疏遠影響與次要經濟影響區分開來。當我們展望 2020 年底時，您的業務是否更像是 V 型複蘇，還是 U 型甚至 L 型？

And then just taking a step back, thinking about 2021, obviously you're not giving expectations any time soon. But again, assuming the social distancing doesn't reemerge in a big way in the winter, how confident are you that whatever the volume degradation ends up being in 2020 is mostly recovered in 2021? Is it most of it? Is it hard to imagine a lot of that comes back? Just conceptually, how do you think about these things longer term?

然後退後一步，想想 2021 年，顯然你不會很快給出期望。但同樣，假設社交距離在冬天不會再次出現，你有多大信心相信 2020 年的銷量下降最終會在 2021 年大部分恢復？是大部分嗎？很難想像很多東西會回來嗎？只是從概念上講，你如何看待這些事情的長期？

Sure. I would love to be able to tell you there's an answer to that question, but there isn't. What we do know is what is -- we can see the shape of the social distancing measures into the coming months, and there are already governments that have distancing measures into Q3. We're very focused as ever on picking up on the reopenings. Those reopenings, if we take Europe and the U.S. in May and June, that people in government that are talking about 3 phases, and they're talking about the reopening part of phase 1, not yet 2 and 3 are happening in the same quarter. So I think we will see social distancing measures for some period of time into Q3. Hopefully, they will not be as severe as the second quarter. Maybe they will last through the fourth, maybe not. We just cannot know.

當然。我很想能夠告訴你這個問題有答案，但沒有。我們所知道的是——我們可以看到未來幾個月社會隔離措施的形式，並且已經有政府在第三季度採取了隔離措施。我們一如既往地專注於重新開放。那些重新開放，如果我們在 5 月和 6 月以歐洲和美國為例，政府中的人們正在談論 3 個階段，他們正在談論第一階段的重新開放部分，但第二階段和第三階段正在同一季度發生.因此，我認為我們將在第三季度的一段時間內看到社會疏離措施。希望它們不會像第二季度那樣嚴重。也許他們會堅持到第四節，也許不會。我們只是無法知道。

What we have to focus on is, in a way to use your -- this alphabet soup of scenarios, the U, the V and L, we have to be ready in case it's a V. If it does bounce back, we don't want to be so conservative, we are not ready for a spring back of the economy and a spring back in demand. And we want to be ahead of the curve. I don't think it's -- I have said before, I don't think the V is the most likely scenario, but we will be ready if it occurs.

我們必須關注的是，以某種方式使用你的 - 這個字母湯，U，V和L，我們必須準備好以防它是V。如果它確實反彈，我們不會'我們不想這麼保守，我們還沒有準備好迎接經濟的反彈和需求的反彈。我們希望走在曲線的前面。我不認為它——我之前說過，我認為 V 不是最有可能發生的情況，但如果它發生，我們會做好準備。

The U, clearly you want to take the middle scenario, we understand. And certainly, I think the U is more likely than the V and how that's going to go forward. And clearly, we need to prepare to act on that one with a lot of the measures we took up.

U，顯然你想採取中間方案，我們理解。當然，我認為 U 比 V 更有可能，以及這將如何發展。很明顯，我們需要準備好採取很多措施來採取行動。

Is the L possible? Yes, the L is possible too.

L有可能嗎？是的，L 也是可能的。

Our approach is to make sure we are both flexible and ready and have the plans charged and ready to go when the spring back comes. We also need to manage the recessionary period and the lockdown periods and social distancing periods with specific and tailored plans to do the best we can in those things. And of course, we need to be prepared and understand that if it is the L or anything along those lines, we need to have given ourselves some flexibility to respond to those scenarios as well.

我們的方法是確保我們既靈活又準備就緒，並準備好計劃並在春天來臨時準備好實施。我們還需要通過具體和量身定制的計劃來管理衰退期、封鎖期和社會疏離期，以便在這些事情上做到最好。當然，我們需要做好準備並理解，如果是 L 或類似的任何東西，我們也需要給自己一些靈活性來應對這些情況。

So the key that we are focused on is how we anticipate the scenarios that could be ahead of us across the whole range, how do we give ourselves the flexibility to act on them and make sure we manage the business day-to-day, week-to-week, month-to-month, quarter-to-quarter, to get the best possible result as we go along this winding path, because we cannot see over the horizon, and yet retain a focus that by the end of this crisis, the Coca-Cola Company will have emerged stronger and be better set up for the long term, as it has always done in every previous crises for its 134 years.

因此，我們關注的關鍵是我們如何預測可能在整個範圍內擺在我們面前的情景，我們如何讓自己靈活地採取行動並確保我們每天、每週管理業務每週，每月，每季度，以在我們沿著這條蜿蜒的道路前進時獲得最佳結果，因為我們無法看到地平線，但在此結束時仍保持專注在危機中，可口可樂公司將變得更強大，並在長期內得到更好的建立，就像它在過去 134 年的每一次危機中所做的那樣。

Our next question comes from Bonnie Herzog with Goldman Sachs.

我們的下一個問題來自高盛的 Bonnie Herzog。

All right. I was hoping you could give us a little more color on what you're doing to ensure your supply chain really is accommodating some of the demand volatility that we've seen in recent weeks. And how is this different in the U.S. versus across some of your emerging markets, for instance?

好的。我希望你能給我們更多的了解你正在做的事情，以確保你的供應鏈真正適應我們最近幾週看到的一些需求波動。例如，這在美國與您的一些新興市場有何不同？

And then along those same lines, you probably have a lot of excess capacity at this point for servicing restaurants and in your fountain business. So curious how you manage that side of your supply chain, given there's probably a lot of excess capacity there?

然後按照同樣的思路，此時您可能有大量過剩產能用於服務餐廳和噴泉業務。很好奇你是如何管理供應鏈的那一邊的，因為那裡可能有很多過剩的產能？

Sure. We're clearly very focused on adapting the supply chain. And if I break it down into a few pieces, there's of course, sourcing the ingredients that we use in the concentrate in the bottling plant, our own concentrate manufacturing or fountain manufacturing, the bottling plants and then on through the distribution.

當然。我們顯然非常專注於調整供應鏈。如果我把它分解成幾部分，當然，我們在裝瓶廠、我們自己的濃縮液製造或噴泉製造、裝瓶廠以及分銷中採購我們在濃縮物中使用的成分。

There's been a lot of challenges. But I would like to congratulate the supply chain teams at the company and at all of the bottling partners for the incredible work they've done at basically keeping everything running. I was certainly on record a few weeks ago saying the supply chains around the world will be creaking. There's been a lot of pressure at the borders, whether it's the provincial -- province-to-province borders in some countries or country-to-country borders in other parts of the world, moving some of the ingredients that are basically shipped around the world. But once they're within the country, which is the larger of these, the great advantage of the Coke system is that the Cokes are made locally. All our drinks are basically made locally. The drinks in the U.S. are made in the U.S., the drinks in Germany are made in Germany, the drinks in Kenya are made in Kenya. And so the local supply chain is then able to work, designated as part of the food system so an essential service, to allow to run the production systems and distribution.

有很多挑戰。但我要祝賀公司的供應鏈團隊以及所有裝瓶合作夥伴在基本保持一切正常運行方面所做的令人難以置信的工作。幾週前，我當然曾公開表示，世界各地的供應鏈將會嘎嘎作響。邊境壓力很大，無論是一些國家的省——省際邊境，還是世界其他地區的國與國邊境，把一些基本上是在各地運輸的原料都轉移了。世界。但是一旦它們進入國內，這是其中較大的一個，可樂系統的最大優勢在於可樂是在當地生產的。我們所有的飲料基本上都是本地生產的。美國的飲料是美國製造的，德國的飲料是德國製造的，肯尼亞的飲料是肯尼亞製造的。因此，本地供應鏈能夠運作，被指定為食品系統的一部分，因此是一項必不可少的服務，以允許運行生產系統和分銷。

So we've had relatively -- we've had some issues on timing of ingredients. Those are much better than they were a few weeks ago. Production facilities are largely running. We made a lot of adaptations to ensure safety and sanitation and security for the employees. And that's true over the concentrate plants and most of the bottling plants, just a couple of places that we see some plant shutdown.

所以我們相對 - 我們在成分的時間安排上遇到了一些問題。這些比幾週前要好得多。生產設施大部分都在運行。我們做了很多調整，以確保員工的安全、衛生和安保。這在濃縮廠和大多數裝瓶廠都是如此，只是我們看到一些工廠關閉的幾個地方。

And then distribution, we've largely kept up and running everywhere and doubled down on that. Yes, there are issues in the odd countries here and there on the -- on availability of -- in some of the logistics for drivers or having to swap drivers at borders. But generally speaking, it's been -- we've been able to adapt, and it's the great strength of having ultimately a local supply chain in each country.

然後分發，我們在很大程度上保持並在所有地方運行並加倍努力。是的，在一些奇怪的國家/地區存在問題 - 在可用性方面 - 在一些司機的物流或不得不在邊境交換司機。但總的來說，我們已經能夠適應，這是最終在每個國家擁有本地供應鏈的巨大優勢。

And yes, there are some parts of the supply chain that are running 24/7. And there are some places -- parts like the fountain supply that are much more low utilization. And we'll have to manage through that as we see how these graduated reopenings start to take place in the coming months and quarters.

是的，供應鏈的某些部分 24/7 全天候運行。還有一些地方——比如噴泉供應的部分，利用率要低得多。當我們看到這些畢業的重新開放如何在未來幾個月和幾個季度開始發生時，我們必須設法解決這個問題。

Our next question comes from Kaumil Gajrawala with Crédit Suisse.

我們的下一個問題來自瑞士信貸的 Kaumil Gajrawala。

John, if you could just maybe link 2 things you talked about. You mentioned comfort in your liquidity, in the various areas of liquidity you have available as well as a small conversation about the bottlers and such. But can you link them in some way that if we do end up in an environment where some of the bottlers need some assistance, do you feel like you have the liquidity to either buy them in again or perhaps bail out? Or will something like that need to be reliant on consolidation within the bottlers?

約翰，如果你能把你談到的兩件事聯繫起來。您提到了流動性方面的舒適度、您可用的各個流動性領域以及關於裝瓶商等的小對話。但是，您能否以某種方式將它們聯繫起來，如果我們最終處於某些裝瓶商需要一些幫助的環境中，您是否覺得您有足夠的流動性來再次購買它們或者可能會紓困？或者這樣的事情是否需要依賴裝瓶商內部的整合？

Thanks, Kau. Let me frame the liquidity position that we have and indeed some of our bottlers first. We've -- as I mentioned, we've taken quick actions in March to anticipate whatever outcome in the back half of the year, good, bad or indifferent. Keep in mind that with our bottlers, over 50% of our business globally is in the hands of our large publicly owned bottlers, all of whom came into 2020 with strong balance sheets and I believe are doing a very good job also to anticipate a number of different outcomes for the year.

謝謝，考。讓我首先確定我們擁有的流動性頭寸，實際上是我們的一些裝瓶商。我們已經 - 正如我所提到的，我們在 3 月份採取了快速行動，以預測下半年的任何結果，無論是好是壞還是無關緊要。請記住，對於我們的裝瓶商，我們全球超過 50% 的業務掌握在我們的大型公有裝瓶商手中，他們都以強勁的資產負債表進入 2020 年，我相信他們也做得很好，預計會有一些一年的不同結果。

We are staying very close to all of our bottlers around the world, small, medium and large. And yes it will be on a case-by-case basis as to what eventually happens in the coming months, but we feel that we have plenty of gunpowder available to manage whatever situation evolves in that period. So all in all, we're confident in the overall strength of the system to withstand the coming months.

我們與世界各地的所有裝瓶商保持密切聯繫，無論是小型、中型還是大型。是的，未來幾個月最終會發生什麼將視具體情況而定，但我們認為我們有足夠的火藥來應對這一時期發生的任何情況。總而言之，我們對系統的整體實力充滿信心，能夠承受未來幾個月的考驗。

Our next question comes from Lauren Lieberman with Barclays.

我們的下一個問題來自巴克萊銀行的 Lauren Lieberman。

I was hoping -- you talked a lot about sort of the various actions that you're taking on equity expenses and so on and ability to protect profitability from that perspective. But when you're also thinking about gross margins, I was hoping you could just try to weave together all the different things you've talked about, trimming the tail, I guess, the smaller innovation efforts; affordability pack efforts; impact on right now just with the shortfall in immediate consumption; the relative profitability of fountain foodservice. Just -- I think it's -- because for me anyway, gross margin, no one was talking about the quarter, but gross margins were quite strong in the quarter. And so I'm just trying to think forward as we weave together all these different elements, how we should think about gross margin as we work through these times?

我希望 - 你談了很多關於你在股權支出等方面採取的各種行動以及從這個角度保護盈利能力的能力。但是，當您還考慮毛利率時，我希望您可以嘗試將您談論的所有不同事物編織在一起，修剪尾巴，我猜是較小的創新努力；負擔能力包的努力；僅因即時消費不足而對現在產生影響；噴泉餐飲服務的相對盈利能力。只是 - 我認為是 - 因為無論如何對我來說，毛利率，沒有人在談論本季度，但本季度的毛利率相當強勁。因此，當我們將所有這些不同的元素編織在一起時，我只是想向前思考，在我們度過這些時期時，我們應該如何考慮毛利率？

Yes. So for the quarter, gross margins were positively impacted with the mix of the inventory build and a relatively poor performance from our lower-margin segments.

是的。因此，在本季度，毛利率受到庫存增加和我們低利潤率細分市場相對較差的表現的積極影響。

With respect to the outlook, what I would focus on a couple of points that James also made is that the system is using a number of playbooks. If you think about where revenue growth management started in the world, in our world, it was really born in Argentina and Latin America during the crisis of the early 2000s. And we're leveraging many of the lessons and indeed the capabilities to focus on our core sparkling brands which, as you know, have a more favorable margin, to be very clear on the price pack architectures to be able to get full benefit from both an affordability play, but as well as to be able to segment in our channels and markets with the appropriate packs for value.

關於前景，我將重點關注詹姆斯還提出的幾點，即該系統正在使用許多劇本。如果您考慮一下收入增長管理在世界上的起點，在我們的世界中，它確實誕生於 2000 年代初期的危機期間的阿根廷和拉丁美洲。我們正在利用許多經驗教訓以及專注於我們的核心起泡品牌的能力，如您所知，這些品牌擁有更有利的利潤，非常清楚價格包架構，以便能夠從兩者中充分受益一個負擔得起的遊戲，但也能夠通過適當的包裝在我們的渠道和市場中進行細分以獲得價值。

And also during this period, it's been an opportunity to trim back significantly the long tail, which as we've highlighted in previous calls, that tail is typically comprised of some of the more -- the younger explorer and challenger brands which, by nature, are lower margins. So I think a combination of the playbooks that we know work, a focus on the bigger brands and the key packages that typically are higher margin, and being in the position to prioritize our leader brands and packages, gives us comfort that the, on the gross margin front, that we can continue to build on the momentum that we've had for the last couple of years.

同樣在此期間，這是一個顯著削減長尾的機會，正如我們在之前的電話會議中強調的那樣，長尾通常由一些更年輕的探險家和挑戰者品牌組成，這些品牌本質上是, 是較低的利潤。因此，我認為結合我們所知道的有效策略、專注於大品牌和通常利潤率較高的關鍵包裝，以及能夠優先考慮我們的領先品牌和包裝，讓我們感到欣慰的是，在毛利率方面，我們可以繼續鞏固過去幾年的勢頭。

Our next question comes from Bill Chappell with SunTrust.

我們的下一個問題來自 SunTrust 的 Bill Chappell。

I guess more specifically, maybe you can talk a little bit about kind of the -- sorry about that.

我想更具體地說，也許你可以談談-- 抱歉。

Bill, yes, we lost you. We can hear you now.

比爾，是的，我們失去了你。我們現在可以聽到你的聲音了。

Can you hear me now?

你能聽到我嗎？

Yes. Yes.

是的。是的。

Sorry about that. I just wanted to talk a little bit more about the sports event business and kind of how you plan for that over the next couple of quarters. And when I say that, everything from the Olympics to football to what have you, it seems like there's a longer time frame before we have those type of group events. And so I guess, trying to understand how movable some of your expenditures are in terms of can you quickly cancel those and move them around? And also, how do you plan for not having those type of events to supply for probably 6 months plus?

對於那個很抱歉。我只是想多談談體育賽事業務，以及您在接下來的幾個季度中對此有何計劃。當我這麼說時，從奧運會到足球再到你所擁有的一切，似乎在我們舉辦此類團體賽事之前還有更長的時間框架。所以我想，試圖了解你的一些支出是如何移動的，你能快速取消這些支出並轉移它們嗎？此外，您如何計劃在大約 6 個月內不提供此類活動？

Yes. Certainly, the expectation when you look at the -- to the extent that there are public reopening plans and talk about what the phases would look like, most sporting events sit in phase 3, i.e., towards the back end. So I think that it's pretty clear that we're going to see a relatively limited, not say none, amount of large sporting events with audiences in the next couple of quarters, but it's not likely. Hopefully, it will come to pass, but I think it's going to be difficult.

是的。當然，當你看到 - 在有公共重新開放計劃並談論階段會是什麼樣子的情況下，大多數體育賽事都處於第 3 階段，即後端。所以我認為很明顯，在接下來的幾個季度中，我們將看到相對有限的大型體育賽事，而不是說沒有，但不太可能。希望它會實現，但我認為這會很困難。

Now how we adapt to that, and obviously, the biggest one of that is the Olympics, which has now been pushed out to next year. Obviously, there's some degree of fixed investment in the asset, in the sponsorship. And obviously, we're talking to all our partners about how this disruption of the virus impacts the assets and what we can do together.

現在我們如何適應它，顯然，其中最大的一個是奧運會，現在已經推遲到明年。顯然，在資產、贊助中存在一定程度的固定投資。顯然，我們正在與所有合作夥伴討論病毒的這種破壞如何影響資產以及我們可以一起做些什麼。

The majority of the spend is largely in the activation of the marketing programs with the asset. And those tend to be variable cost media buys of one sort or another or a marketing activation where we can actually repurpose that money to other things.

大部分支出主要用於激活資產的營銷計劃。這些往往是一種或另一種可變成本的媒體購買或營銷活動，我們實際上可以將這筆錢重新用於其他事情。

So as John talked about on the call, we have been very assertive in increasing the degree of flexibility and reprioritization of all the marketing and OpEx, put all the marketing spend in the downhill of the year to maximize flexibility. Because we just don't know which channels or events are going to open up when and potentially change from one day to the next.

因此，正如約翰在電話會議上所說，我們在提高所有營銷和運營支出的靈活性和重新優先級方面非常自信，將所有營銷支出放在今年的下坡路，以最大限度地提高靈活性。因為我們只是不知道哪些渠道或事件將在何時開放，並且可能從一天到另一天發生變化。

And so we're maximizing flexibility. The good news is most of the marketing spend, the large majority of the marketing spend, is variable. And we retain the opportunity to change our plans as we go through the year.

因此，我們正在最大限度地提高靈活性。好消息是大部分營銷支出，大部分營銷支出是可變的。在這一年中，我們保留了改變計劃的機會。

Our next question comes from Robert Ottenstein with Evercore.

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

Great. I was wondering if you can talk a little bit about as kind of moving into the post-COVID environment, how you feel you're situated for the affordability issue given changes in your price pack architecture that you've done over the last 10-or-so years?

偉大的。我想知道您是否可以談談進入後 COVID 環境的方式，考慮到您在過去 10 年中所做的價格包架構的變化，您對負擔能力問題的感覺如何-大約幾年？

And also, what changes you've done in your culture, right? I mean one of the big things that you've tried to do from the beginning, the first days is make some significant changes in the culture of the Coca-Cola Company. Perhaps you can add to what are you doing along those lines either to push that forward and to meet the challenges and accountability and the speed that you're looking for given the crisis environment?

還有，你對你的文化做了哪些改變，對吧？我的意思是你從一開始就嘗試做的一件大事，第一天是對可口可樂公司的文化做出一些重大改變。也許您可以在這些方面添加您正在做的事情，以推動這一進程，並在危機環境下應對挑戰和問責制以及您正在尋找的速度？

Sure. We commented a little earlier that responding in a crisis has certainly been part of the DNA of the Coke system. From a cultural point of view, we have been clearly focused in the last few years on -- through some of the organizational changes through some of the work on training, skill building and developing the culture to increase the degree of agility, the nimbleness of the global organization, but also the degree of networking. It's become a much more networked organization, which obviously the 2 things work together, which has been fantastic in a way because there's no better time to have got better at those 2 things than when you've got a global crisis. And the value of the learnings that can be moved around the world is certainly very high.

當然。我們之前評論過，在危機中做出反應肯定是可口可樂系統 DNA 的一部分。從文化的角度來看，在過去的幾年裡，我們一直明確地專注於——通過一些組織變革，通過一些培訓、技能培養和發展文化的工作來提高敏捷度、敏捷性全球性的組織，也是網絡化的程度。它已經成為一個更加網絡化的組織，顯然這兩件事可以協同工作，這在某種程度上非常棒，因為沒有比當你遇到全球危機時更好的時間在這兩件事上做得更好了。可以在世界各地傳播的知識的價值肯定非常高。

So we've been focusing on a number of things, the culture, but certainly ramping up the agility and the network, creating a networked organization has certainly helped us in this crisis.

所以我們一直專注於很多事情，文化，但肯定會提高敏捷性和網絡，創建一個網絡化的組織肯定在這場危機中幫助了我們。

And then as we focused in on affordability, John mentioned it earlier, the revenue growth management approach has been part of our crisis management, actually was born in a crisis or many crises. And we have developed that capability around the world over the years. Actually over the last couple of years, we had another big push to drive revenue management capability throughout the world. It wasn't just that we were looking for premium pricing and smaller packaging. Yes, we were looking for those things, but they were an output of a capability we were building that is now going to be turned towards responding to the different environments that we'll see across the different countries as their macros perform.

然後當我們關注可負擔性時，約翰之前提到過，收入增長管理方法一直是我們危機管理的一部分，實際上是在一次或多次危機中誕生的。多年來，我們已經在全球範圍內開發了這種能力。實際上，在過去的幾年裡，我們再次大力推動全球收入管理能力的發展。這不僅僅是因為我們在尋找高價和更小包裝。是的，我們一直在尋找這些東西，但它們是我們正在構建的能力的輸出，現在將轉向響應我們將在不同國家/地區看到的不同環境，因為它們的宏執行。

And so the system, us and the bottlers, have upgraded our ability to really pivot towards affordability, in whatever shape that means in the country you're in and using whichever brands is relevant in the phase we're talking about. So I think we are in the best shape we've been going into a global crisis than we have been for a long time.

因此，系統，我們和裝瓶商，已經提升了我們真正轉向可負擔性的能力，無論在您所在的國家/地區意味著什麼形式，並使用與我們正在談論的階段相關的任何品牌。因此，我認為我們處於全球危機中的最佳狀態，這是長期以來的最佳狀態。

And James, if I just could add on the cost management side to sort of amplify the point on networking and agility. I think as we go into the rest of the year, we had the opportunity over the last 4 to 6 weeks to work very closely with all markets to be clear on what's fixed, what's variable, what's committed, what's noncommitted, and then what are the key decision points that we will have over the coming weeks to be able to pivot appropriately into the second half of the year. And it will be very market centric. In some markets, we will want to accelerate investments, and in some markets, pull back. But the network that's in place, the digital infrastructure we have to allow us to connect is -- certainly are elements that are serving us very well at the moment.

還有詹姆斯，如果我能在成本管理方面增加一點，以放大網絡和敏捷性的觀點。我認為隨著我們進入今年剩下的時間，我們有機會在過去的 4 到 6 週內與所有市場密切合作，以明確什麼是固定的、什麼是可變的、什麼是承諾的、什麼是非承諾的，然後是什麼我們將在未來幾週內做出關鍵決策點，以便能夠適當地進入下半年。它將非常以市場為中心。在某些市場，我們將希望加速投資，而在某些市場，我們會撤出。但是已經到位的網絡，我們必須允許我們連接的數字基礎設施 - 當然是目前為我們提供良好服務的元素。

Our next question comes from Andrea Teixeira with JPMorgan.

我們的下一個問題來自摩根大通的 Andrea Teixeira。

Are you seeing at-home consumption accelerate or decelerate in April against March? And do you view the fewer shopping trips you alluded to mostly offset by commerce in most places, and the negative impact mostly localized in some countries, like you said, in India and epicenter cities like New York? In other words, I'm trying to see how concerned are you with pantry stock -- destocking at this point. Are there still a lot of out-of-stocks in your view at retail? And we could actually see at-home accelerate as you progress your revenue management initiatives? And should we expect a negative price/mix impact because of the bigger weight of the multi-serve in the next few quarters? I really appreciate.

與 3 月相比，4 月的家庭消費是加速還是減速？你是否認為你提到的購物旅行減少了，大多數地方的商業活動大多被商業抵消，負面影響主要集中在一些國家，就像你說的，在印度和紐約等中心城市？換句話說，我想看看你對食品儲藏室的存貨有多關心——此時正在去庫存。在您看來，零售業是否仍有大量缺貨？隨著您推進收入管理計劃，我們實際上可以看到在家中加速？由於未來幾個季度多服務的權重更大，我們是否應該預期負面的價格/組合影響？我真的很感激。

Sure. Taking it a bit in reverse order, yes, if we -- if there's a big shift in the mix towards future consumption packages versus immediate consumption in any given country, that will be a headwind to mix in the coming quarters. There may be all sorts of other effects as John mentioned. Some of our vertically integrated businesses have been impacted. We run the fountain business or course through our BIGs. So there'll be a lot of mix effects in the coming quarters, but that one will be a headwind as we think about the future quarters.

當然。稍微顛倒一下，是的，如果我們 - 如果任何特定國家的未來消費組合與即時消費相比發生重大轉變，那麼這將是未來幾個季度的逆風。正如約翰所提到的，可能還有各種各樣的其他影響。我們的一些垂直整合業務受到了影響。我們通過我們的 BIG 經營噴泉業務或課程。因此，未來幾個季度會產生很多混合效應，但當我們考慮未來幾個季度時，這將是一個逆風。

In terms of the trajectory of at-home, one can't simply look at March versus April because each country is following its own path. What we see is as the virus has started to take off, you start to see footfall starting to decline in some of the away-from-home channels. Then the lockdown starts to get -- occur and you get big declines in footfall in the away-from-home channels. And you get a spike in stock-up volumes in the at-home for a few weeks. And then you obviously are into the lockdown and then the numbers start to normalize, and you start to see some stability in the future consumption.

就在家的軌跡而言，不能簡單地看 3 月和 4 月，因為每個國家都在走自己的路。我們看到的是，隨著病毒開始流行，您開始看到一些離家渠道的客流量開始下降。然後鎖定開始 - 發生並且您在離家渠道的客流量大幅下降。幾週後，您在家中的庫存量會激增。然後你顯然進入了封鎖狀態，然後數字開始正常化，你開始看到未來消費的一些穩定性。

Now what's happening within the at-home channel is you have to, I think, layer on conceptually not just a closure of channels and consumers moving from A to B, but an anticipation or at least a consumer response to the uncertainty of where we're all going economically, and therefore, shift in the prioritization of the categories that they buy even within the at-home channel.

現在在家庭渠道中發生的事情是，我認為，你必須在概念上進行分層，不僅僅是關閉渠道和消費者從 A 轉移到 B，而是預期或至少是消費者對我們在哪裡的不確定性的反應。一切都在經濟上進行，因此，即使在家庭渠道中，他們購買的類別的優先級也會發生變化。

So it's quite clear and it's a visible pattern, not always the same categories, but it's a very visible pattern around the world. You see what consumers deem as essential spikes up and stays up in the at-home channels. Some things like beverages sell more, but not nearly enough to compensate for the losses in the away-from-home channels. And then some categories and the smaller SKUs get heavily deprioritized, both by the customers and by the consumers. So it's important to see those complete trends.

所以很清楚，這是一個可見的模式，並不總是相同的類別，但它是一個在世界範圍內非常可見的模式。您會看到消費者認為必不可少的東西在家庭渠道中飆升並保持不變。有些東西，比如飲料賣得更多，但還不足以彌補非家庭渠道的損失。然後某些類別和較小的 SKU 會被客戶和消費者嚴重降低優先級。因此，重要的是要看到這些完整的趨勢。

It's certainly not the case that e-commerce is offsetting the losses from away-from-home. Relatively, e-commerce even though it's doubled in sales, for a beverage category, it's still a very small percentage of the total beverage category. So there's a lot of adaptation going on, and you literally need to go place by place.

電子商務肯定不會抵消離家造成的損失。相對而言，電子商務雖然銷售額翻了一番，但對於飲料品類來說，在整個飲料品類中所佔的比例仍然很小。所以有很多適應正在進行，你真的需要一個地方一個地方去。

Our next question comes from Laurent Grandet with Guggenheim.

我們的下一個問題來自古根海姆的 Laurent Grandet。

Many thanks for your detailed comments on how you approach the crisis. One question on the advertising spend, you mentioned in your pre-remarks, you are pushing back your advertising spend to later in the year. So could you please give us a bit more direction on how we should think about the sequencing by quarter and also by brand? And finally also, should we think your strong innovation pipeline and for the year is now put on hold?

非常感謝您對如何應對危機的詳細評論。關於廣告支出的一個問題，您在前言中提到，您將廣告支出推遲到今年晚些時候。那麼，您能否就我們應該如何考慮按季度和品牌進行排序給我們提供更多指導？最後，我們是否應該認為你們強大的創新渠道和今年現在被擱置了？

Sure. Yes...

當然。是的...

Go on, John.

繼續，約翰。

Okay. Go ahead, James.

好的。繼續，詹姆斯。

Yes, so the approach, as we talked for the rest of the year, has been to really stay close to the consumer in a relevant way. And in the second quarter that actually means in many markets, coming off air. We have had a number of communications announcing that we will take a pause for now while we focus our efforts on our communities and on other priorities and that we'll be back later in the year.

是的，所以正如我們在今年餘下的時間裡所說的那樣，這種方法是以一種相關的方式真正貼近消費者。在第二季度，這實際上意味著在許多市場中，即將停播。我們已經進行了多次溝通，宣布我們將暫時暫停，同時將精力集中在我們的社區和其他優先事項上，我們將在今年晚些時候回來。

What "back later in the year" looks like is going to be very much dependent on the shape of the recovery. And so for the quarter, the upcoming quarter, we're creating as much optionality as we can so that markets can do the right thing in the second half of the year. Tim and the team can take you through some of the implications on the -- that I alluded to in my remarks on the phasing for the rest of the year.

“今年晚些時候”的樣子將在很大程度上取決於復甦的形式。因此，對於本季度，即將到來的季度，我們正在創造盡可能多的選擇權，以便市場能夠在下半年做正確的事情。蒂姆和他的團隊可以帶你了解我在關於今年剩餘時間的分階段的評論中提到的一些影響。

Our next question comes from Carlos Laboy with HSBC.

我們的下一個問題來自匯豐銀行的 Carlos Laboy。

In some key -- if some key emerging markets remain weak or go into a protracted recession here, how do you prompt North America and Europe to accelerate the pace of change and growth? There were some promising momentum. What kind of things can you do to step up the rate of transformation in developed markets here?

在一些關鍵方面——如果一些關鍵的新興市場仍然疲軟或陷入長期衰退，你如何促使北美和歐洲加快變革和增長的步伐？有一些有希望的勢頭。您可以採取哪些措施來加快發達市場的轉型速度？

I mean we're going to have to manage the portfolio here. Certainly, we will have to look at each part of the world and adopt the strategy and the approach and the right balance of marketing, innovation, RGM and execution that's appropriate for the macro and the context of the consumer behaviors. We had a great program and a lot of momentum coming back into the North American business and also the European business. We'll have to manage each step as we take it. I mean certainly

我的意思是我們將不得不在這裡管理投資組合。當然，我們必須著眼於世界各地，採用適合宏觀和消費者行為背景的營銷、創新、RGM 和執行的戰略和方法以及適當的平衡。我們有一個很棒的計劃和很大的動力回到北美業務和歐洲業務。我們必須管理每一步，因為我們採取它。我的意思是當然

(technical difficulty)

（技術難度）

And so we will have lots of things ready to roll against the different scenarios we see coming out. So we certainly would be looking to see North America and Europe doing better as we come out of the new normal.

因此，我們將準備好很多東西來應對我們看到的不同場景。因此，隨著我們擺脫新常態，我們當然希望看到北美和歐洲表現得更好。

Our next question comes from Kevin Grundy with Jefferies.

我們的下一個問題來自 Jefferies 的 Kevin Grundy。

We've covered a lot of ground. I wanted to ask James on emerging markets. Historically, the company has tried to offset some of these FX headwinds in EMs with pricing. But sort of building on some of your early commentary, do you foresee that some of the demand challenges broadly in a number of these key markets are going to compromise your ability to put your pricing to offset some of these FX? And how are you sort of weighing market share objectives, overall health of consumer with profitability over the next 12 months?

我們已經覆蓋了很多領域。我想問詹姆斯關於新興市場的問題。從歷史上看，該公司曾試圖通過定價來抵消新興市場中的一些外匯逆風。但是，在您的一些早期評論的基礎上，您是否預見到這些主要市場中廣泛存在的一些需求挑戰會損害您通過定價來抵消其中一些外彙的能力？您如何權衡未來 12 個月的市場份額目標、消費者的整體健康狀況和盈利能力？

Sure. Our starting point is the approach that we compete locally. The economics of the industry are more local than they are dollar. So we focus on staying close to consumers and the customers and competing locally to build the franchise, to gain market share and to sustain or improve profitability in a local sense.

當然。我們的出發點是我們在本地競爭的方法。該行業的經濟比美元更本地化。因此，我們專注於與消費者和客戶保持密切聯繫，並在當地競爭以建立特許經營權、獲得市場份額並維持或提高當地意義上的盈利能力。

In the short term, we do not -- that does not mean we use pricing to track and try and offset ForEx that will make us less competitive in the local context. Over the long run, clearly as currencies devalue, they tend to import inflation. And therefore, the pricing over the medium term tends to track to offset the FX.

在短期內，我們不會——這並不意味著我們使用定價來跟踪並嘗試抵消外匯交易，這將使我們在當地環境中的競爭力下降。從長遠來看，顯然隨著貨幣貶值，它們往往會引入通貨膨脹。因此，中期的定價往往會抵消外匯。

We've been hit hard, harder this year than we expected from some of the emerging markets. And we don't see ourselves pricing just to try and offset that. We will obviously be driving affordability to try and drive demand and sustain the business. And therefore, on the top line, we can try and make sure that we get the right level of profitability.

今年我們受到的打擊比我們預期的一些新興市場還要嚴重。而且我們不認為自己定價只是為了試圖抵消這一點。我們顯然將推動負擔能力，以嘗試推動需求並維持業務。因此，最重要的是，我們可以嘗試確保我們獲得適當的盈利水平。

Now over the last few years, we have tried to say, look, we do not aim for the Coca-Cola Company to just be the sum of all the local wins and occasional losses in the local marketplaces. We are pulling levers as a corporation to balance out the portfolio, to achieve objectives of making sure the shareholders get returns in U.S. dollars.

現在，在過去的幾年裡，我們試圖說，看，我們的目標不是讓可口可樂公司成為當地市場上所有當地贏家和偶爾輸家的總和。作為一家公司，我們正在拉動槓桿來平衡投資組合，以實現確保股東獲得美元回報的目標。

Clearly, this year is going to be a very atypical year. We're going to manage the year as we've described. But going into the future, we will certainly be back to try and balance the 3 legs of the stool as we have tried in prior years.

顯然，今年將是非常不典型的一年。我們將按照我們所描述的那樣管理這一年。但在未來，我們肯定會像往年一樣嘗試平衡凳子的 3 條腿。

Our next question comes from Sean King with UBS.

我們的下一個問題來自瑞銀的肖恩·金。

I wanted to dig into your commodity hedging exposure and if there is any opportunity to benefit from the relative correction we've seen in certain input prices. I mean on the other side with ethanol production near shuttered, do you see any risk throughout the system for CO2 supply?

我想深入了解您的商品對沖風險，以及是否有機會從我們在某些輸入價格中看到的相對修正中受益。我的意思是在乙醇生產接近關閉的另一邊，您認為整個系統的二氧化碳供應有任何風險嗎？

Sean, thanks for the question. I'm glad you raised it because I should have highlighted in my remarks earlier with Lauren's question on commodities. The commodity outlook is favorable overall. And so I expect that both the company with our finished goods businesses, and indeed our bottling system, can take advantage of some of those commodity pricing in the rest of the year and into 2021.

肖恩，謝謝你的問題。我很高興你提出這個問題，因為我應該在之前的發言中強調 Lauren 關於商品的問題。大宗商品前景總體看好。因此，我希望擁有成品業務的公司，以及我們的裝瓶系統，都可以在今年剩餘時間和 2021 年利用其中的一些商品定價。

On the CO2 front, yes, we're aware of the challenges, particularly in the U.S., due to the bioethanol raw gas feedstock sourcing depletion. But our team has got a number of contingency plans in place, and we don't foresee an issue in the foreseeable future at this point.

在二氧化碳方面，是的，我們意識到了挑戰，特別是在美國，由於生物乙醇原料氣原料來源枯竭。但是我們的團隊已經制定了一些應急計劃，我們目前在可預見的未來還沒有預見到問題。

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

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

Thank you. Coca-Cola has a history of leadership, of resilience and of doing the right thing, no matter whether the times are good or whether challenges exist. And this time will be no different. We've never been better positioned than we are today to manage through this situation and come out even stronger.

謝謝你。可口可樂擁有領導力、韌性和做正確事情的歷史，無論時代是否美好或是否存在挑戰。而這一次也不例外。我們從來沒有像今天這樣更好地應對這種情況並變得更加強大。

So as always, we thank you for your interest, your investment in the company and for joining us today. Have a great day.

因此，我們一如既往地感謝您對公司的關注、對公司的投資以及今天加入我們。祝你有美好的一天。

Ladies and gentlemen, this concludes today's conference call. Thank you for participating. You may now disconnect.

女士們，先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。