可口可樂 (KO) 2018 Q4 法說會逐字稿

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

現在，我歡迎大家參加可口可樂公司第四季獲利電話會議。

Today's call is being recorded.

今天的通話正在錄音。

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

如果您有任何異議，請此時斷開連接。

(Operator Instructions)

（操作員說明）

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

我想提醒大家的是，這次會議的目的是與投資人對話，因此不會回答媒體的提問。

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

媒體參與者如有任何疑問，請聯絡可口可樂媒體關係部門。

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

現在我想介紹副總裁兼投資者關係官 Tim Leveridge 先生。

Mr. Leveridge, you may now begin.

萊弗里奇先生，您現在可以開始了。

Good morning, and thank you for joining us today.

早安，感謝您今天加入我們。

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

我和我們的執行長 James Quincey 一起來到這裡。凱西‧沃勒 (Kathy Waller)，我們的財務長；以及我們即將上任的財務長約翰‧墨菲 (John Murphy)。

Before we begin, I'd like to remind you that 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.

在我們開始之前，我想提醒您，本次電話會議可能包含前瞻性陳述，包括有關長期盈利目標的陳述，並應與我們的盈利報告和公司最重要的財務報告中包含的警示性陳述結合起來考慮。最近的 SEC 定期報告。

As a reminder, we will be hosting a separate modeling call at 10:30 a.m.

謹此提醒，我們將在上午 10:30 舉辦單獨的建模電話會議。

this morning to review our 2019 outlook in greater detail and allow sufficient time to address questions pertaining to guidance.

今天上午，我們將更詳細地回顧 2019 年展望，並留出足夠的時間來解決與指導相關的問題。

We've posted schedules under the Financial Reports and Information tab in the Investors section of our company website.

我們已在公司網站「投資者」部分的「財務報告和資訊」標籤下發布了時間表。

These schedules reconcile certain non-GAAP financial measures, which may be referred to by our senior executives during this morning's discussion, to results as reported under generally accepted accounting principles.

這些時間表將某些非公認會計準則財務指標（我們的高階主管在今天早上的討論中可能會提到的）與根據公認會計原則報告的結果進行了協調。

Finally, during today's call, when our senior executives refer to comparable performance, they're referring to comparable performance from continuing operations.

最後，在今天的電話會議中，當我們的高階主管提到可比業績時，他們指的是持續營運的可比績效。

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

在今天早上準備好的發言之後，我們將轉交電話詢問您的問題。

(Operator Instructions)

（操作員說明）

Let me now hand 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，大家早安。

2018.

2018.

We concluded another quarter of solid operating performance, capping off a successful year.

我們又一個季度取得了穩健的營運業績，為成功的一年畫上了圓滿的句號。

The nonalcoholic beverage industry was stronger in 2018 as emerging and developing markets accelerated from the prior year, while the developed world held its volume trajectory on top of stronger pricing.

由於新興和發展中市場較上一年加速成長，非酒精飲料產業在 2018 年表現更為強勁，而已開發國家在定價走強的基礎上保持了銷售軌跡。

Our business performed well across all key dimensions in 2018 as we leveraged our transformation as a total beverage company.

2018 年，我們充分利用了全面飲料公司的轉型，在所有關鍵維度上的業務都表現良好。

Most notably, we gained global value share, and those share gains were broad-based.

最值得注意的是，我們獲得了全球價值份額，而且這些份額的成長基礎廣泛。

We held or grew value share across each of our geographic segments.

我們在每個地理區域都保持或增加了價值份額。

Organic revenue grew 5% versus our goal of 4%, driven by strengths across all operating segments.

在所有營運部門的優勢推動下，有機收入成長了 5%，而我們的目標是 4%。

Underlying operating income grew 11% versus our goal of 8% to 9% as we built momentum through the year while accelerating the capture of productivity savings.

基礎營業收入成長了 11%，而我們的目標是 8% 至 9%，因為我們在這一年建立了勢頭，同時加速了生產力節省。

This resulted in an approximate 170 basis point expansion in the underlying operating margin.

這導致基本營業利潤率擴大約 170 個基點。

And comparable EPS grew 9%, in line with our guidance of 8% to 10%, despite absorbing $600 million in stronger currency and structural headwinds than we anticipated at the beginning of the year.

儘管由於貨幣和結構性阻力比我們年初的預期更強而吸收了 6 億美元，但可比每股收益增長了 9%，與我們 8% 至 10% 的指導一致。

Our results reflect actions taken over the past several years to transform our business for long-term success.

我們的業績反映了過去幾年為實現業務轉型以獲得長期成功而採取的行動。

Execution is getting better.

執行力越來越好。

We set ourselves up for the future with an energized bottling system that is bringing a renewed focus on execution around the world and, in particular, several key markets, including North America, where we have completed our refranchising activities.

我們透過充滿活力的裝瓶系統為未來做好了準備，該系統使我們重新關注世界各地的執行，特別是幾個關鍵市場，包括北美，我們已經在那裡完成了我們的再特許經營活動。

Pricing power is improving.

定價能力正在增強。

We are delivering accelerated top line growth as we continue to implement revenue growth management initiatives in markets around the world.

隨著我們繼續在世界各地市場實施收入成長管理計劃，我們正在實現加速的收入成長。

And marketing is becoming sharper.

行銷也變得更加尖銳。

We're focusing on innovation that leverages brand edge and ritual building, with increased efforts to digitally connect with consumers.

我們專注於利用品牌優勢和儀式建立的創新，並加強與消費者進行數位化聯繫。

And we have begun embedding a productivity mindset across the organization.

我們已經開始在整個組織中植入生產力思維。

Now let's talk specifically about how we drove disciplined growth this past year.

現在讓我們具體談談過去一年我們如何推動有紀律的成長。

First, we strengthened our sparkling soft drink portfolio, leveraging brand edge and innovation to build consumption rituals by offering people what they want, when and where they want it.

首先，我們加強了起泡軟性飲料產品組合，利用品牌優勢和創新，透過在人們想要的時間和地點為他們提供他們想要的東西來建立消費習慣。

Trademark Coke grew volume 2%, driven by solid performance in brand Coke and supported by innovation such as Coca-Cola Plus Coffee and Coke origins as well as strong growth in our No Sugar variance.

商標可口可樂銷量成長了 2%，這得益於可口可樂品牌的穩健表現，並受到 Coca-Cola Plus Coffee 和可口可樂原產地等創新以及無糖差異強勁增長的支持。

Coca-Cola Zero Sugar delivered yet another year of double-digit volume growth globally.

可口可樂零糖全球銷售又有兩位數成長。

And in North America, we reinvigorated Diet Coke with the brand growing retail value 3% after multiple years of declines.

在北美，我們重振健怡可樂，該品牌的零售價值在經歷多年下滑後成長了 3%。

Trademark Sprite also performed well, growing global volume 2% through premium innovation such as Sprite plus fiber in China.

Sprite 商標也表現出色，透過中國的 Sprite plus 纖維等優質創新，全球銷量成長了 2%。

Second, we rapidly scaled successful brands like Fuze Tea, smartwater and AdeS across more markets.

其次，我們迅速將 Fuze Tea、smartwater 和 AdeS 等成功品牌擴展到更多市場。

With the launch of Fuze Tea in Europe, we delivered over 100 million incremental cases in EMEA, offsetting the volume loss from the dissolution of Beverage Partners Worldwide.

隨著 Fuze Tea 在歐洲的推出，我們在歐洲、中東和非洲地區交付了超過 1 億箱增量，抵消了 Beverage Partners Worldwide 解散造成的銷售損失。

This enabled us to gain leadership positions within the ready-to-drink tea category across 11 European markets, highlighting what an aligned system can accomplish.

這使我們在 11 個歐洲市場的即飲茶類別中獲得了領導地位，凸顯了統一的系統可以實現的目標。

Of course, driving disciplined growth isn't just about expanding our beverage portfolio.

當然，推動有序成長不僅僅是擴大我們的飲料產品組合。

We need to allocate resources to those brands and strategic initiatives that are delivering the highest returns.

我們需要將資源分配給那些能帶來最高回報的品牌和策略舉措。

To that end, we eliminated over 700 underperforming zombie SKUs.

為此，我們淘汰了 700 多個表現不佳的殭屍 SKU。

By finding ways like this to reduce complexity, we ensure that our system sales force is focused, our supply chain is efficient and our latest innovations get more space and visibility at the point-of-sale.

透過尋找這樣的方法來降低複雜性，我們確保我們的系統銷售人員專注，我們的供應鏈高效，我們的最新創新在銷售點獲得更多空間和可見性。

Third, we expanded our portfolio through M&A and strategic investments.

第三，我們透過併購和策略投資擴大了我們的投資組合。

This included smaller investments like BODYARMOR, one of the fastest-growing beverage trademarks in the U.S. Of course, our biggest announcement was the acquisition of Costa, which we closed on January 3 this year.

其中包括 BODYARMOR 等規模較小的投資，BODYARMOR 是美國成長最快的飲料商標之一。當然，我們最大的公告是收購 Costa，我們在今年 1 月 3 日完成了收購。

Costa platform will give us the ability to scale within the $500 billion global hot beverage category and create a world-class global coffee business, allowing us to better serve our customers and strengthen our ready-to-drink portfolio.

Costa 平台將使我們能夠在價值 5000 億美元的全球熱飲料類別中進行擴展，並創建世界一流的全球咖啡業務，使我們能夠更好地服務客戶並增強我們的即飲產品組合。

All of this shows how we've been pursuing the vision we first shared with you a couple of years ago.

所有這些都表明我們如何追求幾年前首次與您分享的願景。

Now one of the most important enablers of this work is having the right leadership team and operating structure in place.

現在，這項工作最重要的推動因素之一是擁有合適的領導團隊和營運結構。

In 2018, we appointed our President and Chief Operating Officer to bring accelerated focus on execution and talent development.

2018 年，我們任命了總裁兼首席營運官，以加快對執行力和人才發展的關注。

We announced an orderly transition for the CFO with Kathy's retirement and John's shift from operations to finance.

隨著凱西 (Kathy) 的退休以及約翰 (John) 從營運部門轉向財務部門，我們宣布財務長將有序過渡。

We added 2 new group presidents with considerable experience.

我們增加了兩位經驗豐富的新集團總裁。

And we created a new group, Global Ventures, to ensure we connect and globally scale key acquisitions, investments and partnerships like Costa Coffee, Innocent and Monster.

我們還創建了一個新的集團 Global Ventures，以確保我們在全球範圍內連接並擴大關鍵收購、投資和合作夥伴關係，例如 Costa Coffee、Innocent 和 Monster。

The changes we've made are significant, and they help set us up for more success in the years to come across our geographies.

我們所做的改變是重大的，它們幫助我們在未來的歲月裡在我們的地區取得更大的成功。

Looking around the world.

環顧世界。

We are already delivering better performance in key markets.

我們已經在關鍵市場提供了更好的業績。

In EMEA, we grew organic revenue 7%, delivering a second sequential year of accelerated top line growth.

在歐洲、中東和非洲地區，我們的有機收入成長了 7%，實現了營收連續第二年加速成長。

We accomplished this in part due to revenue growth management initiatives that focus on small baskets and pack sizes.

我們實現這一目標的部分原因是針對小籃子和包裝尺寸的收入成長管理措施。

These were phased in to multiple markets over the year.

這些產品在一年內逐步進入多個市場。

As we continue to build on these actions in 2019, we expect continued good performance.

隨著 2019 年我們繼續在這些行動的基礎上繼續發展，我們預計將繼續取得良好的業績。

In Asia Pacific, good results across several large emerging markets drove our strongest organic revenue growth in over 5 years.

在亞太地區，幾個大型新興市場的良好業績推動了我們五年多來最強勁的有機收入成長。

We had a stronger innovation pipeline, solid digital initiatives and steadily improving execution by our bottling partners.

我們擁有更強大的創新管道、紮實的數位化措施以及裝瓶合作夥伴穩步提高的執行力。

For example, in India, 25% of our revenue growth came from new products.

例如，在印度，我們 25% 的營收成長來自新產品。

And in China, digital initiatives, coupled with a robust innovation pipeline, resulted in solid performance.

在中國，數位化措施加上強大的創新管道帶來了穩健的業績。

During the fourth quarter, our B2C business capitalized on Singles Day, the massive online shopping holiday.

第四季度，我們的 B2C 業務充分利用了雙十一這一大型線上購物節日。

Both our digital B2C and B2B businesses grew over 40% for the year and now account for over 5% of the system revenues in the market.

我們的數位 B2C 和 B2B 業務今年成長了 40% 以上，目前佔市場系統收入的 5% 以上。

And collectively, across the group, our bottling system opened approximately 1 million new customer outlets.

總的來說，整個集團的裝瓶系統開設了大約 100 萬個新客戶網點。

Turning to Latin America.

轉向拉丁美洲。

We delivered 11% organic revenue growth for the year as we continued to execute against the fundamentals amidst varying macro environments.

我們在不同的宏觀環境中繼續根據基本面執行任務，因此今年實現了 11% 的有機收入成長。

In Argentina, the economy tipped into recession in the back half of 2018, so we adjusted quickly our plan to maintain affordability and protect our consumer base.

在阿根廷，2018年下半年經濟陷入衰退，因此我們迅速調整計劃以維持負擔能力並保護我們的消費者基礎。

In Mexico, our business continued to perform well amidst a volatile backdrop.

在墨西哥，我們的業務在動盪的背景下繼續表現良好。

And in Brazil, the operating environment became more certain after the elections.

而在巴西，選舉後的經營環境變得更加確定。

The turnaround of our business there is taking hold, and our strategies are driving improved performance.

我們在那裡的業務正在好轉，我們的策略正在推動業績的改善。

Finally, in North America, we continued to deliver strong performance in the marketplace and gain value share, supported by a stronger, fully refranchised bottling system.

最後，在北美，在更強大、全面重新特許經營的裝瓶系統的支持下，我們繼續在市場上取得強勁表現並獲得價值份額。

During the year, we undertook a significant package resizing initiative across our chilled juice and tea portfolios and implemented pricing actions across our sparkling soft drink portfolio to manage through a challenging cost environment while adding over $1 billion in incremental retail value to our customers for the brands the Coke system sales.

這一年裡，我們對冰鮮果汁和茶產品組合進行了重大的包裝調整，並對起泡軟性飲料產品組合實施了定價行動，以應對充滿挑戰的成本環境，同時為我們的客戶增加超過10 億美元的增量零售價值。可口可樂系統銷售。

Due to the strength of our brands and increased investments from our independent bottling partners we were able to capture price/mix in the marketplace while beating historical elasticity.

由於我們品牌的實力以及獨立裝瓶合作夥伴增加的投資，我們能夠在市場上捕捉價格/組合，同時打破歷史彈性。

So lots of activity across our various regions.

我們各個地區都有許多活動。

Overall, there is a consistent thread in what's driving better results across our territories.

總體而言，在我們各個地區取得更好成果的推動因素上存在著一致的線索。

We've strengthened our brands, including Coca-Cola, through strategic innovation and more disciplined ritual building.

透過策略創新和更有紀律的儀式建設，我們強化了包括可口可樂在內的品牌。

And our bottling partners have increased investments and improved execution.

我們的裝瓶合作夥伴增加了投資並提高了執行力。

And together, we're aligned as a system on how to capture the growth opportunities before us.

我們作為一個系統共同努力，如何抓住擺在我們面前的成長機會。

Before moving on to 2019, let me provide some context on the fourth quarter.

在進入 2019 年之前，讓我先介紹一下第四季的背景。

We continued to grow global organic revenues 5%.

我們的全球有機收入持續成長 5%。

The composition of the growth changed.

生長的成分發生了變化。

We delivered stronger sequential price/mix, while unit case volume was flat.

我們提供了更強勁的連續價格/組合，而單位箱量持平。

Volume was impacted by slowing economic conditions in some countries like Argentina, plus decisions to focus on value over volume in certain markets.

銷售量受到阿根廷等一些國家經濟狀況放緩以及某些市場注重價值而非銷售的決定的影響。

However, we've seen a good start to 2019 with more balanced volume and price/mix, and this is consistent with our expectation for the full year.

然而，我們看到 2019 年有一個良好的開端，銷售量和價格/結構更加平衡，這與我們對全年的預期一致。

Looking ahead, we're seeing the impact of some increasing uncertainty and volatility in global macroeconomic conditions.

展望未來，我們看到全球宏觀經濟狀況的不確定性和波動性不斷增加所產生的影響。

Consumers are under more pressure as we head into the new year.

進入新的一年，消費者面臨更大的壓力。

However, demand for our categories remain healthy, and our business is built to perform even if the tailwinds behind us moderate somewhat.

然而，對我們類別的需求仍然健康，即使我們背後的順風稍微緩和，我們的業務也能表現良好。

Ultimately, we'll focus on what we can control, taking steps to manage the business as we become a total beverage company: further lifting, shifting and scaling on-trend brands like Fuze Tea, smartwater and Innocent across markets; reformulating products to reduce sugar levels; rolling out revenue growth initiatives across additional territories to improve performance within our sparkling soft drink portfolio; connecting Costa across many of our business units to build a leading global coffee business; and leveraging digitization to build a business for the future.

最終，我們將專注於我們可以控制的事情，在我們成為一家綜合飲料公司時採取措施管理業務：在市場上進一步提升、轉移和擴展 Fuze Tea、smartwater 和 Innocent 等流行品牌；重新配製產品以降低糖含量；在其他地區推出收入成長計劃，以提高我們的起泡軟性飲料產品組合的表現；將 Costa 與我們的許多業務部門聯繫起來，打造全球領先的咖啡業務；並利用數位化打造面向未來的業務。

Therefore, we feel confident that we can deliver against our 2019 guidance.

因此，我們有信心實現 2019 年的指導目標。

Finally, I'd like to thank Kathy.

最後，我要感謝凱西。

Kathy has made significant contributions to our company, our system and our people, working her way from financial analyst all the way to the most senior financial role in the company, truly a testament to the value she has brought through every phase of her journey.

凱西為我們的公司、我們的系統和我們的員工做出了重大貢獻，從財務分析師一直到公司最高級的財務職位，這真正證明了她在職業生涯的每個階段所帶來的價值。

As CFO, she has stewarded the company's financials through an extremely complex refranchising process, and she is leaving a strong foundation for John to build upon.

身為財務官，她透過極其複雜的再特許經營流程管理公司的財務狀況，為約翰的發展奠定了堅實的基礎。

Finally, she has been a critical partner to me, and I have appreciated all of her valuable support.

最後，她一直是我的重要夥伴，我感謝她所有寶貴的支持。

With that, let me turn it over to Kathy.

那麼，讓我把它交給凱西。

Thank you, James, and good morning, everyone.

謝謝你，詹姆斯，大家早安。

During my time as CFO, I've met personally with many people who are on the call this morning, from analysts who follow our industry to investors in our company, to many of our associates and partners that I know are listening this morning.

在擔任財務長期間，我親自會見了許多今天早上參加電話會議的人，從關注我們行業的分析師到我們公司的投資者，再到我知道今天早上正在聽電話的許多同事和合作夥伴。

I thank each and every one of you and many others for your help, whether it was in the form of guidance, support, prodding or challenging.

我感謝你們每一個人以及其他許多人的幫助，無論是指導、支持、激勵或挑戰。

Each encounter helped me to be a better CFO and a better representative of this company that I love.

每一次遭遇都幫助我成為更好的財務官，並成為我所愛的公司更好的代表。

Effective March 15, I retire after 30-plus years with The Coca-Cola Company.

自 3 月 15 日起，我在可口可樂公司工作 30 多年後退休。

From the very beginning, with my start in accounting research, I have had amazing opportunities to learn and grow and, eventually, become a leader in the company.

從一開始，從我從事會計研究開始，我就擁有了絕佳的學習和成長機會，並最終成為公司的領導者。

I am very proud to have been a part of this company and this system.

我非常自豪能夠成為這家公司和這個系統的一部分。

Coca-Cola is about experiences and making lives better for everyone who touches our system, from the smallest shop or kiosk owner to the largest customer to those who simply enjoy drinking our products.

可口可樂致力於為接觸我們系統的每個人（從最小的商店或售貨亭所有者到最大的客戶，再到那些只是喜歡飲用我們產品的人）提供體驗並讓他們的生活變得更好。

It has been my privilege to be a part of this extraordinary business, and it will be my pleasure to watch Coca-Cola continue to grow and evolve under the leadership of James, Brian and John and the rest of the leadership team, along with the hard work and support of the 700,000 people who are taking the system into the future.

我很榮幸能夠成為這個非凡企業的一部分，我很高興看到可口可樂在詹姆斯、布萊恩和約翰以及領導團隊其他成員的領導下繼續成長和發展，以及700,000 名將系統帶向未來的人們的辛勤工作和支持。

And with that, I will hand this call over to the future and let John take it from here.

就這樣，我將把這通電話交給未來，讓約翰從這裡接手。

Thank you, Kathy.

謝謝你，凱西。

You have been a great partner over the years, and you leave behind a tremendous legacy.

多年來，您一直是一位出色的合作夥伴，並留下了巨大的遺產。

My congratulations to you on your retirement, and my appreciation as well for your many contributions over the years to the company and especially to many people in the company.

我祝賀您退休，並對您多年來為公司，特別是公司中的許多人所做的貢獻表示感謝。

Now I look forward to partnering with James and Brian to drive the business going forward.

現在，我期待與詹姆斯和布萊恩合作，推動業務向前發展。

And before I begin, let me just take a moment to talk about my key priorities going into this role.

在開始之前，讓我花點時間談談我擔任這個角色的主要優先事項。

Number one will be to drive healthy top line growth, leveraging our expanding portfolio.

第一是利用我們不斷擴大的產品組合來推動健康的營收成長。

Number two will be to improve margins in all our operating segments.

第二是提高我們所有營運部門的利潤率。

Number three will be to optimize our balance sheet and allocate capital in a disciplined manner to our highest-return activities.

第三是優化我們的資產負債表，並以嚴格的方式將資本分配給我們回報率最高的活動。

Number four will be to drive a culture of agility and productivity across the enterprise.

第四是在整個企業內推動敏捷性和生產力的文化。

And number five will be to develop our people and build the capabilities that we need as a company going forward.

第五點是培養我們的員工並建立我們公司未來發展所需的能力。

Ultimately, I will be looking to push our enterprise to find opportunities to sustainably maximize free cash flow and returns.

最終，我將推動我們的企業尋找機會，可持續地最大化自由現金流和回報。

Turning to our financial performance.

轉向我們的財務表現。

As James said, 2018 was a good year.

正如詹姆斯所說，2018年是美好的一年。

We delivered 9% comparable EPS growth due to momentum in the underlying business, accelerated productivity and a favorable tax rate.

由於基礎業務的發展勢頭、生產力的提高和優惠的稅率，我們實現了 9% 的可比每股收益成長。

Our press release covered our fourth quarter results in detail, so I will focus on our 2019 guidance.

我們的新聞稿詳細介紹了我們第四季度的業績，因此我將重點關注我們的 2019 年指導。

At a high level, we expect 4% organic revenue growth, double-digit comparable currency-neutral operating income growth, comparable EPS to range from plus 1% to minus 1% and free cash flow of at least $6 billion.

在較高水準上，我們預期有機收入成長 4%，可比貨幣中性營業收入成長兩位數，可比每股收益在正 1% 到負 1% 之間，自由現金流至少為 60 億美元。

Now let me touch on the key considerations and assumptions embedded in our outlook.

現在讓我談談我們展望中的關鍵考慮因素和假設。

We expect global growth to be slightly lower than in 2018, with continued growth in the developed world and macroeconomic challenges in certain emerging markets.

我們預計全球成長將略低於 2018 年，已開發國家持續成長，而某些新興市場面臨宏觀經濟挑戰。

However, there is a significant amount of uncertainty and geopolitical tension, which could result in further changes in this macro environment.

然而，存在大量不確定性和地緣政治緊張局勢，這可能導致宏觀環境進一步變化。

That said, we focus on the things we can control, and the actions we've taken over the past few years have set us up for continued success despite shifting macros.

也就是說，我們專注於我們可以控制的事情，過去幾年我們採取的行動使我們在宏觀政策變化的情況下仍能持續取得成功。

We expect organic revenue growth to benefit from our continued focus on lifting, shifting and scaling products, such as Coca-Cola Zero Sugar and Fuze Tea, as well as implementing revenue growth management activities across more markets.

我們預計有機收入的成長將受益於我們對可口可樂零糖和 Fuze Tea 等產品的提升、轉變和擴展的持續關注，以及在更多市場實施收入成長管理活動。

In addition to solid organic growth, we expect an 8- to 9-point benefit to revenue from net M&A and structural activity.

除了穩健的有機成長之外，我們預計淨併購和結構性活動的收入將提高 8 至 9 個百分點。

We completed our North American franchising efforts and divested our company-owned bottlers in Uruguay and Guatemala last year.

去年，我們完成了北美特許經營工作，並剝離了該公司在烏拉圭和危地馬拉的裝瓶商。

We also took full ownership of our Philippines bottler in the fourth quarter.

我們還在第四季度完全擁有了菲律賓裝瓶商。

And earlier this year, we closed the acquisitions of both Costa Coffee and the remaining stake in Chi, Africa's leading value-added dairy and juice company.

今年早些時候，我們完成了對 Costa Coffee 以及非洲領先的增值乳製品和果汁公司 Chi 剩餘股權的收購。

We expect the net effect of these transactions to result in lower comparable gross margins for the year, driven by the Philippines bottling operations.

我們預計，在菲律賓裝瓶業務的推動下，這些交易的淨效應將導致今年的可比毛利率下降。

In the U.S., while freight costs are expected to remain above historical levels, we do not expect to see the same level of year-over-year increases we saw last year.

在美國，雖然貨運成本預計將保持在歷史水準之上，但我們預計不會出現與去年相同水準的同比增長。

And we have $600 million remaining in growth productivity to capture in 2019.

2019 年，我們還有 6 億美元的成長生產力可供利用。

A portion of these savings will be reinvested in the business.

這些節省的一部分將重新投資於業務。

Recent investments are generating a good return, as evidenced by our strong top line relative to most CPG peers.

最近的投資正在產生良好的回報，相對於大多數消費品同行而言，我們強勁的營收證明了這一點。

So all-in, we expect solid pricing, a continued focus on expense management and a net benefit from acquisitions to deliver 10% to 11% comparable currency-neutral operating income growth.

因此，總而言之，我們預計穩健的定價、對費用管理的持續關注以及收購帶來的淨收益將帶來 10% 至 11% 的可比貨幣中性營業收入成長。

We expect currency to be a 6% to 7% headwind to operating income as we face a strengthened dollar and cycle hedging gains in 2018.

由於 2018 年我們面臨美元走強和週期對沖收益，我們預期貨幣將對營業收入造成 6% 至 7% 的阻力。

Below the line, we expect deleverage, driven by higher net interest expense.

在此線下方，我們預計將在淨利息支出上升的推動下實現去槓桿化。

And we expect an effective tax rate of 19.5%.

我們預計有效稅率為 19.5%。

However, this rate could vary from quarter-to-quarter.

然而，該比率可能因季度而異。

So in summary, we expect double-digit comparable currency-neutral operating income growth, but the impact of currency, along with higher income and taxes, will lead to the stated range of plus 1% to minus 1% for comparable EPS growth in 2019.

總而言之，我們預計不計匯率因素的營業收入將實現兩位數的成長，但貨幣的影響以及收入和稅收的增加將導致 2019 年可比每股收益增長在正 1% 至負 1% 的範圍內。

As you model the flow of the year, there are a few items to consider in terms of phasing.

當您對一年的流量進行建模時，在分階段方面需要考慮一些項目。

The first quarter will have 1 less day than in 2018.

第一季將比 2018 年減少 1 天。

Easter will fall in the second quarter this year compared to the first quarter last year.

與去年第一季相比，今年的復活節將在第二季。

Due to the timing of Fed rate increases, the year-over-year increase in interest expense will be more heavily skewed to the first half of 2019 than the back half.

由於聯準會升息的時間安排，利息支出的年增率將更傾向於2019年上半年而不是下半年。

And similarly, because of when the dollar strengthened last year, we expect a more significant currency headwind in early 2019, which will then begin to moderate as we move through the year.

同樣，由於去年美元走強，我們預計 2019 年初將出現更嚴重的貨幣逆風，然後隨著全年的推移，這種逆風將開始減弱。

As James said, we created a new operating group, Global Ventures.

正如詹姆斯所說，我們創建了一個新的營運集團 Global Ventures。

This will be a new reporting segment in 2019 and will include Costa Coffee, Dogadan Tea, Innocent and Monster.

這將是 2019 年新的報告分部，將包括 Costa Coffee、Dogadan Tea、Innocent 和 Monster。

As such, we will provide the revised operating segment financial information reflecting this change before first quarter results are released.

因此，我們將在第一季業績發布之前提供反映此變更的修訂後的營運部門財務資訊。

I realize that at times our company can be complex to model.

我意識到有時我們公司的模型可能很複雜。

For example, our M&A and structural changes impact several of our operating segments this year.

例如，我們的併購和結構變化今年影響了我們的幾個營運部門。

Our Investor Relations team will host a call at 10:30 this morning to answer any further questions as you build out your models for the year.

我們的投資者關係團隊將於今天上午 10:30 召開電話會議，回答您在建立今年模型時提出的任何進一步問題。

So in summary, we delivered against our EPS guidance in 2018 amidst stronger headwinds than anticipated at the beginning of the year.

總而言之，我們在 2018 年的每股盈餘指引上實現了比年初預期更強的阻力。

We maintain a disciplined approach to our use of capital, and we are well positioned to capture growth opportunities as we enter 2019.

我們對資本使用保持嚴格的態度，並且在進入 2019 年時我們已做好充分準備抓住成長機會。

Operator, we are now ready for questions.

接線員，我們現在準備好提問了。

(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。

Kathy, just again, one more time, just congratulations on a great career, and wish you all the best as you move on.

凱西，再一次，再次祝賀您取得了偉大的職業生涯，並祝您在繼續前進時一切順利。

So I guess, James, I just -- my one question is really around EPS guidance this year being flat.

所以我想，詹姆斯，我只是 - 我的一個問題實際上是圍繞今年每股收益指導持平。

And I think, previously, we've talked before about kind of a commitment to dollar EPS growth.

我認為，之前我們已經討論過對美元每股收益成長的某種承諾。

So I guess, one, is that still sort of a commitment going forward?

所以我想，第一，這仍然是一種未來的承諾嗎？

But more importantly, maybe talk about some of the considerations.

但更重要的是，也許可以談談一些考慮因素。

I understand the currency headwinds being a big part of it this year, but just what other trade-offs you might have made in terms of what you're choosing to invest this year versus maybe dropping more to the bottom line.

我知道貨幣逆風是今年的一個重要組成部分，但就今年選擇的投資而言，您可能會做出其他權衡，而不是可能會進一步降低利潤。

Sure, Bryan.

當然，布萊恩。

Firstly, the whole idea of the, in a way, the 3-legged stool is still absolutely valid and important.

首先，在某種程度上，三腳凳的整個想法仍然是絕對有效和重要的。

And just to recap what I meant by that, this is a business that predominantly wins, or loses, but our focus is on winning in the local marketplaces.

回顧我的意思，這是一個主要是贏或輸的業務，但我們的重點是在當地市場獲勝。

We focus on getting the consumers and growing customer value in each and every country.

我們專注於吸引每個國家的消費者並提高客戶價值。

And so there's very much a focus on getting that to work.

因此，我們非常關注如何使其發揮作用。

And I think, over the last few years, you've seen accelerated performance of us able to drive the industry growth and capture share within that.

我認為，在過去的幾年裡，您已經看到我們能夠推動行業成長並在其中佔據份額，從而加速業績成長。

And that's the starting point of value creation for the Coke company, to work on then making sure the operating margins of how we do that are the same or better, such that we turn that revenue growth into profit growth at a local level.

這是可口可樂公司創造價值的起點，然後努力確保我們的營運利潤相同或更好，以便我們將收入成長轉化為當地的利潤成長。

And then, as you say, we have, in more recent years, had a more intense focus on making sure the sum of the parts is more than just the sum of the parts and to pull the levers necessary to turn that into U.S. dollar EPS earnings after a number of years where currency had eroded that and the EPS had effectively declined.

然後，正如你所說，近年來，我們更加關注確保各部分之和不僅僅是各部分之和，並採取必要的槓桿將其轉化為美元每股收益經過多年貨幣侵蝕，每股收益實際上下降了。

That's still our going-in objective.

這仍然是我們的目標。

The guidance is -- where we stand today, it's a really strong operating plan for 2019.

我們今天的指導意見是，這是一個非常強大的 2019 年營運計劃。

I think we're being cautious about the macro economics and how that's going to be a little softer than 2018, but a strong plan behind the marketing, the execution and innovation.

我認為我們對宏觀經濟持謹慎態度，宏觀經濟將比 2018 年稍微疲軟，但行銷、執行和創新背後有一個強有力的計劃。

And absolutely, we are reflecting here in our guidance where currency and interest rates and tax sit today, which are the 3, in a way, noncontrollable factors.

當然，我們在指導下反映了當前貨幣、利率和稅收的情況，這在某種程度上是三個不可控因素。

There's a long way to the end of the year, and they could change markedly.

距離年底還有很長的路要走，他們可能會發生顯著的變化。

But our focus will remain, and our ambition will remain to end the year with positive EPS growth.

但我們的重點仍然是，我們的目標仍然是在年底實現每股收益正成長。

We would be disappointed if it wasn't positive.

如果不是正面的，我們會感到失望。

But we wanted to share with you where things stand today, and we will focus on pulling the levers that we can pull to get to the result that we want.

但我們想與大家分享目前的情況，我們將專注於拉動我們可以拉動的槓桿，以達到我們想要的結果。

And 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勞倫·利伯曼。

Great.

偉大的。

I was hoping you guys could talk a little bit about North America this quarter.

我希望你們這個季度能談談北美。

So the flat organic sales growth looks pretty different than what we've seen in the Nielsen data.

因此，平穩的有機銷售成長看起來與我們在尼爾森數據中看到的非常不同。

So I think a big question would be kind of what drove that gap?

所以我認為一個大問題是什麼導致了這種差距？

And if you could give us any update, specific to North America outlook.

如果您能為我們提供任何有關北美前景的最新消息。

I think everyone's worried about is you have a resurgent set of competitors.

我想每個人都擔心的是你的競爭對手死灰復燃。

Is that driving an impact?

這會產生影響嗎？

Or even how you're planning for that as you look into '19?

或甚至在你展望 19 世紀時你是如何規劃的？

Sure.

當然。

Yes, we were a little softer in the fourth quarter in North America.

是的，我們在北美第四季的表現有些疲軟。

And I think part of that is we took the midyear price increase going into the -- or in the middle of the summer.

我認為部分原因是我們將年中的價格上漲帶到了夏季中期。

And it took a while for it to flow all the way through to the consumers.

它花了一段時間才完全流向消費者。

That's a really -- I think, it was more fully in the marketplace by the end of the summer and, obviously, then coming into the fourth quarter.

我認為，到夏末，它就更全面地進入市場，顯然，然後進入第四季。

So I think you saw a little of the effect of the price increase more actually in the fourth quarter than in the third quarter when we -- when the system was taking it.

因此，我認為您在第四季度比第三季度更實際地看到了價格上漲的一些影響，當時我們系統正在採取價格上漲。

And I think that, kind of, combined with a little bit of consumer outlook malaise in that period of time.

我認為，這與那段時間消費者前景的一些萎靡不振有關。

So you saw a little softening in the volume.

所以你看到音量有點軟化。

But then it started to pick up.

但隨後情況開始好轉。

So we started the year well, this year, in terms of North America volume.

因此，就北美銷量而言，今年我們開局良好。

And price/mix was also -- continued to be the positive through the back of the year.

價格/組合在今年下半年仍保持積極態勢。

I know it's only come through as 2% in the fourth quarter for North America.

我知道北美第四季的成長率僅為 2%。

Bear in mind, this carries with it some of the oddities of which business system was growing because the juice business, which is a finished goods business where we were rightsizing the packaging and seeing volumes go down, obviously, finished goods versus the sparkling, which is concentrate.

請記住，這帶來了業務系統成長的一些奇怪現象，因為果汁業務是一項成品業務，我們對包裝進行了調整，發現產量明顯下降，成品與起泡酒相比，這是集中。

And it has that mechanical effect that the faster the sparkling business grows, the more it actually affects mix in a negative way.

它具有機械效應，即閃閃發光的業務成長越快，它實際上對組合的負面影響就越大。

But that doesn't affect profits, and it doesn't affect the marketplace.

但這不會影響利潤，也不會影響市場。

So there's a little bit of mix and the freight and all that noise.

所以有一點混合、貨運和所有噪音。

But let's draw a line because the good news is 2018 has ended.

但讓我們劃清界線吧，因為好消息是 2018 年已經結束了。

The freight accounting issue has disappeared for 2019.

2019 年運費會計問題已經消失。

The marketplace pricing is clear and positive going into 2019.

進入 2019 年，市場定價清晰且積極。

And the business has started with a foot forward.

業務已經開始向前邁進。

And so we are confident we have the right strategy for North America and that we will see the benefits of that strategy flowing more simply and more clearly through to the results in 2019.

因此，我們相信我們針對北美地區制定了正確的策略，並且我們將看到該策略的好處更簡單、更清晰地體現在 2019 年的成果中。

And our next question comes from Judy Hong with Goldman Sachs.

我們的下一個問題來自高盛的 Judy Hong。

Kathy, again, congratulations from my end as well.

凱西，我也再次表示祝賀。

I guess, James, just your comment about good start to the year, was that specific to North America, as you alluded to the prior question?

我想，詹姆斯，您對今年良好開局的評論是針對北美的嗎？正如您提到的上一個問題一樣？

And then as you kind of think about the comment about increased volatility in the global marco environment, maybe you can talk a little bit about some of the key markets where some of that concerns persist and how much is that sort of factored into that 4% organic revenue guidance.

然後，當您思考有關全球宏觀環境波動性加劇的評論時，也許您可以談論一些仍然存在一些擔憂的關鍵市場，以及這 4% 的因素有多少有機收入指引。

Sure.

當然。

The -- my comment about the good start to the year was both about North America and globally.

我對今年良好開局的評論既涉及北美，也涉及全球。

We have started the year, it's only 6 weeks.

我們已經開始新的一年了，只有六個星期。

It's a long year.

這是漫長的一年。

But what is good is it started off well in terms of volume.

但好處是它在數量方面起步良好。

And therefore, we see ourselves starting the year with a good balance of volume growth and price/mix that is very consistent with having a balanced contribution to driving the top line guidance.

因此，我們認為今年伊始銷售成長和價格/組合之間取得了良好的平衡，這與對推動營收指引的平衡貢獻非常一致。

And as I said, North America is good.

正如我所說，北美很好。

We seem to have had a good Chinese New Year.

我們似乎度過了一個美好的農曆新年。

You never quite really know until the end of February, but it seems like it's been a strong Chinese New Year.

直到二月底你才能真正知道，但這似乎是一個很重要的農曆新年。

Brazil is looking a little better.

巴西的情況看起來好一點。

Mexico seemed to have started well, given some poor weather at the back end of last year.

考慮到去年年底的一些惡劣天氣，墨西哥似乎開局不錯。

You heard about the European outlook today this morning.

今天早上您聽說了歐洲前景。

So we think we started well, a long year to go.

所以我們認為我們開局良好，還有很長的一年要走。

Great plans, lots of that will need managing, no doubt.

毫無疑問，偉大的計劃，其中許多都需要管理。

And the volatility, look, we've baked in what we know today.

看看我們今天所知道的波動性。

Clearly, there's the places where weakness is apparent, Argentina went down quite strongly in the fourth quarter.

顯然，有些地方存在明顯的弱點，阿根廷隊在第四季的表現相當強勁。

That's likely to continue in the first half of this year.

今年上半年這種情況可能會持續下去。

Turkey, very similarly; some parts of the Middle East.

土耳其，非常相似；中東的一些地區。

So we've baked in what we see and what we believe is likely to be the softening of the global macro outlook.

因此，我們已經考慮到了我們所看到的和我們認為的全球宏觀前景可能會疲軟的情況。

And in the countries, which are more apparent, clearly, the visibility is more apparent in the first half of the year than in the second half.

在那些更明顯的國家中，上半年的可見度比下半年更為明顯。

Hopefully, the world will turn a little, and the second half will improve.

希望世界能有所轉變，下半年會有所改善。

And that will certainly help us reap even more benefits from our strong plan.

這肯定會幫助我們從我們強有力的計劃中獲得更多好處。

But that's kind of where we stand today.

但這就是我們今天的立場。

And our next question comes from Ali Dibadj with Bernstein.

我們的下一個問題來自阿里·迪巴吉和伯恩斯坦。

Look, I think you may have missed the memo on lowering 2019 expectations.

看，我想你可能錯過了關於降低 2019 年預期的備忘錄。

We're all kind of thinking Pepsi would do that tomorrow and not Coke today.

我們都認為百事可樂明天會這樣做，而不是可口可樂今天。

And so I'm a little confused about the drivers of it.

所以我對它的驅動因素有點困惑。

And if you'd start with top line, you're saying approximately 4%.

如果從營收開始，你會說大約 4%。

Not too long ago, you insisted on 4% to 6% being the right number.

不久前，您堅持認為 4% 到 6% 是正確的數字。

Then you have a big gap from that to 10% to 11% OI, which seems aggressive, so big improvement there.

然後你就可以看到 10% 到 11% OI 的差距很大，看起來很激進，進步很大。

And then I'm still confused about the move from 10% to 11% OI to flat EPS even with FX at, I guess, negative 6% to 7%.

然後我仍然對 OI 從 10% 到 11% 到 EPS 持平的轉變感到困惑，即使我猜外匯匯率為負 6% 到 7%。

That doesn't jive with what we're seeing from a currency level today.

這與我們今天所看到的貨幣水平並不相符。

So are you assuming things getting worse?

那麼你認為事情會變得更糟嗎？

I see the taxes change that you're describing.

我看到您所描述的稅收變化。

I don't really know why.

我真的不知道為什麼。

So I know you've tried to explain it in bits and pieces, but there are a lot of moving parts, and I want to understand the moving parts.

所以我知道你已經嘗試過零碎地解釋它，但是有很多變化的部分，我想理解這些變化的部分。

I don't want to wait until 10:30, I don't think many of us do, to at least understand the drivers of why we're getting so disappointed here, both on top line and on the EPS.

我不想等到 10:30，我想我們中的很多人都不會這樣做，至少要了解為什麼我們在這裡如此失望的驅動因素，無論是在營收還是在每股收益上。

Sure.

當然。

Well, I think, at the highest level, the story is a simple story.

嗯，我認為，在最高層面上，這個故事是一個簡單的故事。

We started off last year -- well, obviously, we have a long-term growth model of 4% to 6% on the top line.

我們從去年開始——顯然，我們的長期成長模型是 4% 到 6% 的營收。

We've been delivering within that range for the last 6 quarters.

過去 6 個季度我們的交付量一直在這個範圍內。

We are being prudent in our outlook for 2019, given the multiple reductions in global economic growth outlook for 2019 and our own experience in some of the emerging and developing markets.

鑑於2019年全球經濟成長前景的多次下調以及我們在一些新興和發展中市場的經驗，我們對2019年的前景持謹慎態度。

I think 4% is a prudent number.

我認為4%是一個謹慎的數字。

We have a strong plan that's backed up by the marketing, the innovation and the execution.

我們有一個強有力的計劃，並得到行銷、創新和執行的支持。

So I think we're going to be in great shape on growing, continuing to grow the top line.

因此，我認為我們將處於良好的成長狀態，並繼續成長營收。

And I think that number will end up being at the higher end of consumer products companies in terms of revenue growth for '19 in the same way the number for '18 was at the high end of consumer products companies.

我認為，就 19 年的營收成長而言，這個數字最終將處於消費品公司的高端，就像 18 年的數字處於消費品公司的高端一樣。

You're seeing then the benefits of a lot of our actions over the last number of years in terms of productivity, in terms of our focus on smaller packages and revenue growth and innovation and premiumization of our portfolio, such that we are getting operating leverage.

然後，您將看到我們過去幾年在生產力方面採取的許多行動所帶來的好處，包括我們對較小包裝的關注、收入增長以及我們產品組合的創新和高端化，從而使我們獲得了運營槓桿。

Operating leverage is not just driven by productivity but by better work on the portfolio.

營運槓桿不僅由生產力驅動，也由更好的投資組合工作驅動。

And you see that flowing through, obviously, with some of the tailwinds from the acquisitions and divestitures, a small piece, so that we're getting excellent leverage from our revenue growth into our operating income growth at the 10% to 11%.

很明顯，你會看到，收購和資產剝離帶來了一些順風，一小部分，因此我們從收入增長中獲得了極好的槓桿作用，使我們的營業收入增長達到 10% 至 11%。

Obviously, the currency is where it is.

顯然，貨幣就在那裡。

That is currencies as they stand today.

這就是今天的貨幣。

We're not making a forecast as to what the currencies will be by the end of the year.

我們不會預測年底前的貨幣狀況。

There is a piece to that, that we're cycling hedging gains in 2018, as we commented earlier.

正如我們之前評論的那樣，我們正在循環對沖 2018 年的收益。

But the number of the 6% to 7% is as things stand today.

但6%到7%的數字是目前的情況。

How it will stand at the end of the year, we'll see.

到年底情況會如何，我們拭目以待。

And then of course, we're losing some leverage from operating income finally down to EPS through the higher tax rates, which the Fed has taken through the year, and through the changes in the tax rates.

當然，透過聯準會今年採取的更高稅率以及稅率的變化，我們失去了營業收入的一些槓桿作用，最終降至每股盈餘。

The interest rates from the Fed and the tax rates -- the tax rate is going to be slightly higher in 2019 than it was in '18.

聯準會的利率和稅率—2019 年的稅率將比 18 年略高。

So that's pretty, pretty straightforward.

這非常非常簡單。

Clearly, that's leading to an EPS growth that is not what we aspire to.

顯然，這導致每股收益成長並不是我們所期望的。

We're going to focus on controlling what we can control and driving the business.

我們將專注於控制我們可以控制的事物並推動業務發展。

We'll be pulling the levers, as I talked about earlier on the call, to make sure we focus on our aspiration of returning our winning local plans into growth of dollar EPS.

正如我早些時候在電話會議上談到的那樣，我們將拉動槓桿，以確保我們專注於將我們獲勝的本地計劃轉化為美元每股收益增長的願望。

But we want to be prudent in our outlook guidance, given the macro environment, despite a strong, good momentum winning plan and to put the FX as it stands today.

但考慮到宏觀環境，儘管有強勁、良好的勝利計劃，但我們仍希望對前景指引持謹慎態度，並維持當前匯率不變。

What's -- the only thing that's for sure is it'll be different tomorrow, and we will update it as we go through the year.

唯一可以確定的是明天會有所不同，我們將在這一年中更新它。

And 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。

So I just wanted to quickly clarify your answer to Bryan's question earlier.

所以我只是想快速澄清你之前對布萊恩問題的答案。

I understand that 2019 underlying profit outlook is solid ex items if, in fact, you deliver it.

據我所知，如果您確實交付了 2019 年的基本利潤前景，那麼它是可靠的。

But I think you had intimated before that you were really looking to drive earnings growth even in the face of FX pressures.

但我認為您之前曾暗示過，即使面臨外匯壓力，您也確實希望推動獲利成長。

So obviously, we've talked about 2019 guidance already.

顯然，我們已經討論過 2019 年的指導。

But as we think about the earnings trajectory post-2019, is it more in line with the long-term algorithm that you guys have outlined, plus or minus currency?

但當我們思考 2019 年後的獲利軌跡時，它是否更符合你們概述的長期演算法，加上或減去貨幣？

Or do you still think there's some levers that you can pull over time, that even if FX continues to be unfavorable, you can hit your earnings growth targets?

或者您仍然認為隨著時間的推移，您可以使用一些槓桿，即使外匯繼續不利，您也可以實現獲利成長目標？

I don't know if that'll count as my question or not, but first, maybe clarify that.

我不知道這是否算我的問題，但首先，也許澄清一下。

And if I can ask another, and you're willing to be generous, go ahead; if not, move to the next person.

如果我可以問另一個人，並且你願意慷慨，那就繼續吧；如果沒有，請轉移到下一個。

Okay.

好的。

I think it sort of seems all wrapped up in one version of the same idea.

我認為這似乎都包含在同一個想法的一個版本中。

Look, we are committed to growing the earnings of the company.

看，我們致力於增加公司的收入。

I mean, in simple terms, the earnings of the company are the fuel to pay the dividends of the company and drive the stock price and reinvest back in the business.

我的意思是，簡單來說，公司的獲利是支付公司股利、推動股價和再投資於業務的燃料。

So without dollar-increased earnings of EPS, it's not going to be a growth company.

因此，如果每股盈餘的美元收益沒有增加，它就不會成為一家成長型公司。

And therefore, we reaffirmed the long-term growth model at some of our previous investor presentations, the 4% to 6% on revenue and the growth in EPS.

因此，我們在先前的一些投資者演講中重申了長期成長模式，即營收成長 4% 至 6% 以及每股盈餘成長。

Yes, there'll be years where currency will weigh on it more heavily.

是的，未來幾年貨幣的壓力將會更大。

We certainly have the aspiration that there will be no negative years.

我們當然有一個願望，就是不要有負面的歲月。

We have said we will not do things that are irrational just to get a positive EPS, but we will focus on trying to pull the levers to get there.

我們已經說過，我們不會僅僅為了獲得正的每股收益而做一些非理性的事情，但我們將專注於努力拉動槓桿來實現這一目標。

But as you look out into the future, we absolutely expect to keep focusing on coming back to the long-term growth model.

但展望未來，我們絕對希望繼續專注於回歸長期成長模式。

Now to the question, "well, what happens if the dollar always gets stronger", well then, simply put, assuming that there still is a global trading system, that will export inflation to the other parts of the world.

現在的問題是，“如果美元總是走強，會發生什麼”，那麼，簡單地說，假設仍然存在一個全球貿易體系，它將向世界其他地區輸出通貨膨脹。

And therefore, if we enter some very long, extended period of dollar strengthening, then we will logically expect to see higher pricing in other parts of the world that will compensate for some prolonged ongoing strengthening of the dollar.

因此，如果我們進入一段非常漫長的美元走強時期，那麼我們合乎邏輯地預期世界其他地區的定價將會上漲，這將彌補美元長期持續走強的影響。

So either way, we want to get back to our long-term growth model in dollars realized for the shareholders.

因此，無論哪種方式，我們都希望回到為股東實現的長期成長模式。

And our next question comes from Steve Powers with Deutsche Bank.

我們的下一個問題來自德意志銀行的史蒂夫鮑爾斯。

Kathy, thank you from me as well, and best wishes for the future.

凱西，我也謝謝你，並祝你未來一切順利。

And John, my congratulations again on the new role.

約翰，我再次祝賀你擔任新職務。

James, for you, I say good job.

詹姆斯，我對你說，幹得好。

And then actually, my gift to you is I'm going to ask Kathy and/or John a question.

實際上，我給你的禮物是我要問凱西和/或約翰一個問題。

Related to the free cash flow guidance for next year, it implies another year of about 2/3 conversion of net income to free cash flow, which is below the company's 90%-plus target.

與明年的自由現金流指引相關，這意味著又一年將約2/3的淨利潤轉換為自由現金流，這低於公司90%以上的目標。

So I'm assuming there is still a good number of structural costs flowing through with respect to refranchising and the recent acquisitions.

因此，我假設在重新特許經營和最近的收購方面仍然存在大量結構性成本。

But can you help us get underneath those dynamics at all and paint a picture of what it will take to get back to that -- or get to that 90-plus percent conversion ratio on a consistent basis?

但您能否幫助我們深入了解這些動態，並描繪出如何恢復到這一目標，或始終如一地達到 90% 以上的轉換率？

And can we look to 2020 to be that year of inflection?

我們能否期待 2020 年成為轉捩點之年？

So let me start.

那麼就讓我開始吧。

For 2019, while cash from operations is expected to increase at least 10%, it's going to be largely offset by increased CapEx from a free cash flow standpoint.

2019 年，雖然營運現金預計將增加至少 10%，但從自由現金流的角度來看，這將在很大程度上被資本支出的增加所抵消。

And that increased CapEx is primarily due to 3 factors.

資本支出的增加主要歸因於三個因素。

One is the acquisition of Costa and some CapEx related to investing for the future there.

一是收購 Costa 以及與那裡的未來投資相關的一些資本支出。

Secondly, with BIG taking on the Philippines.

其次，BIG 對菲律賓。

And then thirdly, we have a couple of strategic initiatives in the digital arena and in our concentrate business to invest in, in 2019.

第三，2019 年我們在數位領域和我們的重點業務領域有一些策略性舉措可供投資。

As we go forward, we do have a clear line of sight to get to the 90% to 95%.

隨著我們前進，我們確實有一個清晰的目標，可以達到 90% 到 95%。

One area of focus is going to be to drive greater efficiencies in working capital productivity.

重點領域之一是提高營運資本生產力的效率。

Secondly, would be to reduce the cash flow impact from the timing of payments of onetime items related to restructuring and refranchising.

其次，將減少與重組和再特許經營相關的一次性項目的付款時間對現金流的影響。

And then finally, we would love to see some of our upfront CapEx investments scaling back.

最後，我們希望看到我們的一些前期資本支出投資減少。

So whether it's 2020 or 2021, I think it's too early to say.

所以無論是2020年還是2021年，我認為現在說還太早。

But clearly, the focus is to have that number back to the 90% to 95%, but as I say we have a very clear line of sight as to how to get there.

但顯然，重點是讓這個數字回到 90% 到 95%，但正如我所說，我們對於如何實現這一目標有著非常清晰的目標。

And our next question comes from Bonnie Herzog with Wells Fargo.

我們的下一個問題來自富國銀行的邦妮·赫爾佐格。

I wanted to circle back to your top line guidance, which, James, you did mention, is prudent.

我想回到你的頂線指導，詹姆斯，你確實提到過，這是謹慎的。

So I guess, I was hoping you could drill down a little further and give us a sense as to how fast you expect your different category clusters to grow over the next year and then maybe where you see potential for faster growth year.

所以我想，我希望您能進一步深入了解，讓我們了解您期望不同類別集群在明年增長的速度，然後也許您認為今年有更快增長的潛力。

I guess, I'm just trying to understand how we should think about your sparkling cluster growth, for instance, versus some of the other clusters like tea and coffee, especially everything that you've done last year, and then possibly touch on your juice and dairy.

我想，我只是想了解我們應該如何看待你閃閃發光的集群增長，例如，與茶和咖啡等其他一些集群相比，特別是你去年所做的一切，然後可能會涉及你的果汁和乳製品。

Sure.

當然。

I think the -- well, firstly, before I jump into the clusters, I think some of the prudence is being derived from developing and emerging markets, whether that be some of the ones like Argentina or Turkey or aforementioned Middle East and some parts of Africa as well.

我認為——嗯，首先，在我進入集群之前，我認為一些審慎的態度來自於發展中和新興市場，無論是阿根廷、土耳其還是前面提到的中東和某些地區。非洲也是如此。

So I think the prudence on the softening is more geographic-based than it is cluster-based.

因此，我認為軟化的謹慎更多是基於地理而不是基於群聚。

Having said that, I think we are expecting to see, in 2019, continued growth of the sparkling category.

話雖如此，我認為我們預計 2019 年氣泡酒類別將持續成長。

We've clearly aimed going into the future to see a strategy that is more price/mix than volume in the developed markets and more, perhaps, volume-centered in the developing and emerging.

我們明確的目標是在未來看到一種在已開發市場中價格/組合比數量更多的策略，並且在發展中和新興市場中可能更加以數量為中心。

So as we look out into '19, I expect the sparkling business to continue to grow.

因此，當我們展望 19 年時，我預計起泡業務將繼續成長。

And I think we'll see a little more price/mix than volume, given some of the things that are happening in the developing markets.

考慮到發展中市場正在發生的一些事情，我認為我們會看到價格/組合比數量更多。

As we move through some of the other categories, clear -- I mean, clearly, coffee is going to grow much faster because of the incorporation of Costa and as we start to realize the synergy plans.

當我們進入其他一些類別時，很明顯——我的意思是，由於 Costa 的合併以及我們開始實現協同計劃，咖啡的增長速度將會更快。

But that's not driving the, obviously, the 4% organic, which is like-for-like, so it doesn't include the acquisition in that sense.

但顯然，這並沒有推動 4% 的有機成長率，因此它不包括這個意義上的收購。

In terms of tea, we're expecting to do better in tea in 2019 than we did in 2018.

在茶方面，我們預計2019年的茶業務會比2018年做得更好。

2018 has the kind of base effect of pulling out of the Beverage Partners Worldwide joint venture, which -- where we counted volume but we didn't count revenue.

2018 年有一種退出 Beverage Partners Worldwide 合資企業的基本效應，我們在該合資企業中計算了銷量，但沒有計算收入。

And then obviously, that made it very hard to cycle the volume in 2018 but made it easier to get the revenue.

顯然，這使得 2018 年的銷量很難循環，但更容易獲得收入。

As we go into '19, we expect to see continued growth in tea in Fuze and leverage Gold Peak in the U.S., which should see a bit more balanced growth.

進入 19 年，我們預計 Fuze 的茶葉銷售將持續成長，並利用美國的 Gold Peak，這應該會看到更平衡的成長。

In juice, we'll come off the period of the rightsizing of the packaging in North America.

在果汁方面，我們將結束北美包裝尺寸調整的時期。

And so I think we will see better performance from the juice business, particularly the premium end of the juice business, there may be parts of the world where we will question some of the juice drinks and the values that they bring.

因此，我認為我們將看到果汁業務的表現，特別是果汁業務的高端，我們可能會在世界某些地區質疑某些果汁飲料及其帶來的價值。

Obviously, in aggregate, juice will do better because we'll have the incorporation of Chi, which is a great business in West Africa, but that's not part of the organic growth drivers.

顯然，總的來說，果汁會做得更好，因為我們將合併 Chi，這是西非的一項偉大業務，但這不是有機成長動力的一部分。

And then in hydration, we'll be focused on more of the premium parts of hydration, whether it be sports drinks, leveraging our partnership with BODYARMOR, driving things like Topo Chico and smartwater or smartwater with its new variants like alkaline.

然後在水合作用方面，我們將專注於水合作用的更多優質部分，無論是運動飲料，利用我們與BODYARMOR 的合作夥伴關係，推動Topo Chico 和smartwater 等產品或smartwater 及其新變體（如鹼性）。

We still may see some backing off of very low-value water in some parts of the world.

在世界某些地區，我們仍然可能會看到價值極低的水減少。

So I think you'll see positive results in the different clusters going forward.

因此，我認為您會在未來的不同集群中看到積極的結果。

And I think, versus 2018, you're likely to see a continued strong picture across the portfolio.

我認為，與 2018 年相比，您可能會看到整個投資組合持續強勁的前景。

I think the places where you would see some places where we would sacrifice some volume would be the lower-value end of water and juice drinks.

我認為你會看到我們犧牲一些產量的地方將是水和果汁飲料的低價值端。

But otherwise, a strong focus across the portfolio and balanced growth.

但除此之外，我們也專注於整個投資組合和平衡成長。

And our next question comes from Laurent Grandet with Guggenheim.

我們的下一個問題來自古根漢的洛朗‧格朗台。

James, Kathy and welcome, John.

詹姆士、凱西，歡迎約翰。

Kathy, I mean, congrats on your extremely successful career at Coke.

凱西，我的意思是，恭喜你在可口可樂公司的職業生涯取得了巨大成功。

And personally, I'd like to thank you for helping me embark into the Coke system a few years ago.

就我個人而言，我要感謝您幾年前幫助我進入可口可樂系統。

Really, a question about Costa.

確實，關於科斯塔的問題。

You mentioned at the time of the acquisition that Costa will be slightly accretive to earnings in first full year.

您在收購時提到，科斯塔將在第一年全年略微增加盈利。

In the current context of the U.K. economic and political situation and the potential hard Brexit looming, did that change?

在當前英國經濟和政治情勢以及潛在的硬脫歐迫在眉睫的背景下，這種情況是否發生了變化？

And if you can update us more generally on the Costa integration and expansion plan and specifically we'd like to understand if you're planning to refranchise, there's still 51% fully-owned stores.

如果您能更全面地向我們介紹 Costa 整合和擴張計劃，特別是我們想了解您是否計劃重新特許經營，目前仍有 51% 的全資門市。

Sure.

當然。

Look, on the Costa thing, obviously, we managed -- the team did a great job in closing the acquisition well ahead of schedule in January rather than April.

看，在科斯塔的事情上，顯然我們成功了——團隊做得很好，在一月份而不是四月提前完成了收購。

And we're now in the phase of the transition period of really connecting it in a system sense and also being able to finally sit down with management and bring together that kind of base on the line growth plan with our views on synergies and acceleration.

我們現在正處於過渡期，從系統意義上真正將其連接起來，並且最終能夠與管理層坐下來，將生產線增長計劃的基礎與我們對協同效應和加速的看法結合起來。

That's a process that's going to take a little bit of time to work through to really validate all of those synergy plans.

這個過程需要一些時間來真正驗證所有這些協同計劃。

Once we've got to the end of that process, of course, we'll be able to come out and be more specific about how we see the Costa being rolled out against our coffee strategy of driving coffee against the pillars using the stores that we have as the experience, serving as a provider of a total beverage portfolio in foodservice, whether it's beans or machines or the vending, selling the coffee at the at-home and, of course, the potential for ready-to-drink.

當然，一旦我們完成了這個過程，我們就能夠更具體地說明我們如何看待Costa是如何根據我們的咖啡策略推出的，即利用以下商店將咖啡推向支柱。我們擁有豐富的經驗，作為餐飲服務領域整體飲料組合的供應商，無論是咖啡豆、機器或自動販賣機、在家銷售咖啡，當然還有即飲咖啡的潛力。

So that's -- the strategy remains clear.

所以說——策略仍然很明確。

We're putting more flesh and detail on the bones of the plans as it rolls out.

隨著計劃的推出，我們將在計劃的骨架上添加更多的內容和細節。

And then of course, Brexit will be Brexit.

當然，英國脫歐就是英國脫歐。

I'm not sure anyone knows how it's going to end at this stage.

我不確定有人知道現階段將如何結束。

We clearly have contingency plans for this business and for our other businesses in the U.K. and in the European environment.

我們顯然針對這項業務以及我們在英國和歐洲環境中的其他業務制定了應急計劃。

It's something that we'll be -- have to manage through.

這是我們必須克服的。

But it'll be -- whatever it's going to be, it's likely to only be a short-term disruption effect if indeed it ends up in that scenario, and we will manage through it.

但它會是——無論它會是什麼，如果確實最終出現這種情況，它很可能只是短期的破壞效應，而我們將設法解決它。

And our next question comes from Kevin Grundy with Jefferies.

我們的下一個問題來自 Jefferies 的 Kevin Grundy。

I wanted to come back to advertising and marketing levels in the 2019 outlook and what's embedded in your guidance because as was alluded to earlier on the call, the market widely expects higher investment from Pepsi this year likely directed at North America beverages, and we'll find out in less than 24 hours whether that's true or not.

我想回到2019 年展望中的廣告和行銷水平以及您的指導中包含的內容，因為正如之前在電話會議中提到的那樣，市場普遍預期百事可樂今年可能會針對北美飲料進行更多投資，而我們'不到 24 小時就會知道這是否屬實。

So can you talk about advertising and marketing levels for fiscal '19?

那麼您能談談 19 財年的廣告和行銷水平嗎？

Does that look similar as a percent of sales, higher as a percent of sales?

佔銷售額的百分比看起來是否相似，佔銷售額的百分比是否更高？

Many companies in CPG will guide on that.

許多消費品公司都會對此進行指導。

So I'm not sure if you can comment on it.

所以我不確定你是否可以對此發表評論。

And then number two to that, have you left adequate cushion in your guidance should you need to react to higher levels of investment spending?

第二個問題是，如果您需要對更高水準的投資支出做出反應，您是否在指導中留下了足夠的緩衝？

Sure.

當然。

Look, we grew advertising spend in 2018.

看，我們 2018 年的廣告支出有所增加。

We expect to grow our advertising spend in 2019.

我們預計 2019 年的廣告支出將會增加。

Of course, we continue to work on how to drive productivity in our nonworking marketing investments and to leverage our scale with our advertising partners and with our properties.

當然，我們將繼續致力於如何提高非有效行銷投資的生產力，並利用我們與廣告合作夥伴和我們的資產的規模。

So we're going to continue to invest in advertising.

因此，我們將繼續在廣告方面進行投資。

I think it's also worth saying that we are being even more disciplined as we look through the framework of leader, challenger and explorer.

我認為也值得一提的是，當我們審視領導者、挑戰者和探索者的框架時，我們變得更加自律。

Obviously, it's our leader brands, which are the brands that make best use of TV commercial advertising spend.

顯然，這是我們的領導品牌，這些品牌充分利用了電視商業廣告支出。

As we drive the challengers and the explorer brands there, it's some of -- other parts of the marketing mix that often become a more predominant element of making them work.

當我們在那裡推動挑戰者和探索者品牌時，行銷組合的其他部分往往成為使它們發揮作用的更主要因素。

And then if our competitors are going to increase investment, you know what, it's going to increase the growth of the categories.

然後，如果我們的競爭對手要增加投資，你知道嗎，這將促進該類別的成長。

Ultimately, if there are more competitors investing, it drives more market growth.

最終，如果有更多競爭對手投資，就會推動更多市場成長。

We believe that we have strong brands and strong plans.

我們相信我們擁有強大的品牌和強大的計劃。

And I think, net-net, it's going to be overall beneficial to the industry.

我認為，整體而言，這將對整個行業有利。

And 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。

Kathy, I wanted, again, to thank you for your leadership and legacy, and all the best to you and John in the new role.

凱西，我想再次感謝你的領導和遺產，並祝你和約翰在新職位上一切順利。

So I was hoping if you could revisit the 2020 operating margin expansion target that you outlined at CAGNY last year of 34% and plus.

因此，我希望您能重新審視您去年在 CAGNY 制定的 34% 以上的 2020 年營業利潤率擴張目標。

I realized there have been a number of key changes in accounting, in acquisitions and FX since then.

我意識到從那時起，會計、收購和外匯方面發生了許多關鍵變化。

But with the guidance that you have now implying operating margins down year-on-year in 2019.

但根據目前的指導，2019 年營業利潤率將年減。

I don't know if, like, the puts and takes.

我不知道是否有類似的投入和採取。

But how should we think about the reinvestments and other moving pieces that relates to the 2020 target?

但我們該如何看待 2020 年目標相關的再投資和其他動態因素？

Yes.

是的。

So the 34% target that was outlined is one that was outlined, I think, at a time to provide guidance to the refranchising process.

因此，我認為，所概述的 34% 目標是為再特許經營過程提供指導的。

And today, we are on track to get to that 34% over the next couple of years.

今天，我們預計在未來幾年內達到 34%。

We've had some margin expansion over the last couple of years, and there's implied margin expansion in our 2019 numbers.

過去幾年我們的利潤率有所成長，2019 年的數據也隱含著利潤率的成長。

However, given the fact that we have new businesses coming into the mix, I would like to really focus on improving margins across all of our different business segments as we go into 2019, 2020, maintaining the underlying objective outlined in the 34% margin target.

然而，考慮到我們有新業務加入這一事實，在進入 2019 年和 2020 年時，我希望真正專注於提高所有不同業務部門的利潤率，維持 34% 利潤率目標中概述的基本目標。

We've been a lot more focused on making sure that our core business, our Global Ventures business and our BIG business are delivering margin expansion as they develop their respective portfolios and businesses.

我們更加重視確保我們的核心業務、全球創投業務和大型業務在開發各自的投資組合和業務時實現利潤率擴張。

And our next question comes from Robert Ottenstein with Evercore ISI.

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

Over the last year, 1.5 years or so, you've been more assertive on taking price and driving that in North America and in Europe, and we see some of the results.

在過去的一年（大約 1.5 年）中，您在北美和歐洲的定價和推動方面更加自信，我們看到了一些結果。

But I was wondering if you could kind of stand back and give us an assessment of what you've learned from that change in tactics, or strategy, if you will, and in terms of your brand equity and need to perhaps tweak investment in certain areas, your bottler execution in terms of executing on those price increases and then, obviously, kind of the general customer demand.

但我想知道你是否可以退一步，給我們一個評估，看看你從戰術或戰略的變化中學到了什麼，如果你願意的話，以及你的品牌資產和可能需要調整某些方面的投資。領域，您的裝瓶商在執行這些價格上漲方面的執行情況，然後，顯然，是一般客戶的需求。

So just kind of big picture what you've learned from the price initiatives over the last year or so.

所以，請大致了解您從過去一年左右的價格舉措中學到的東西。

Sure, Robert.

當然，羅伯特。

So I think the simple conclusion is the following.

所以我認為簡單的結論如下。

If we just think we can depend on headline rate increases in the absence of other -- everything else, then we are very likely to see high elasticity.

如果我們只是認為我們可以在沒有其他因素的情況下依賴整體利率的成長，那麼我們很可能會看到高彈性。

And therefore, what we've learned and, I guess, relearned is that it's really important that pricing become part of our strategy, a strategy that starts with the right brands, the investment behind the brands to build equity with the consumers, and then to provide the consumers the innovation, not just in the brands and the product, but also in the packaging that allows pricing to be taken sometimes with the headline price, sometimes through mix.

因此，我們學到的，我想，重新學到的是，定價成為我們策略的一部分非常重要，而這項策略始於正確的品牌，品牌背後的投資以建立與消費者的公平性，然後為消費者提供創新，不僅在品牌和產品上，而且在包裝上，允許有時透過標題價格，有時透過混合定價。

And it's the sum of all those pieces backed up by good execution that creates the willingness of the customer to go with the plan because it creates more value for the customers in their stores.

良好的執行力支撐著所有這些因素的總和，才讓顧客願意遵守計劃，因為它為商店裡的顧客創造了更多價值。

Often, the beverage industry then grows faster than the average.

通常，飲料行業的成長速度快於平均水平。

And so the learning and the relearning is it's the complex task of pulling all the pieces together that earns you the opportunity to drive price/mix perhaps ahead of where we had been.

因此，學習和再學習是將所有部分整合在一起的複雜任務，為您贏得了推動價格/組合可能領先於我們之前的機會。

And I think that's something that we and the bottling partners have dedicated ourselves to even more over the last number of years.

我認為這是我們和裝瓶合作夥伴在過去幾年中更加致力於的事情。

I think it's showing through in some of the headline numbers that you see, and we absolutely are going to stick to strategy.

我認為這在你看到的一些標題數字中得到了體現，我們絕對會堅持策略。

And our next question comes from Carlos Laboy with HSBC.

我們的下一個問題來自匯豐銀行的卡洛斯·拉博伊。

James, your Brazil business looked unbelievable last week, lots of innovation and new SKUs.

詹姆斯，您的巴西業務上週看起來令人難以置信，有很多創新和新的 SKU。

But how do you see beer in Brazil and the importance of keeping these Coke bottlers competitive on beer?

但您如何看待巴西的啤酒以及保持這些可口可樂裝瓶商在啤酒方面的競爭力的重要性？

And while on the subject of M&A, if you could just give us a quick update on the refranchising process in general and the urgency to see through the sale of the remaining properties.

在談到併購主題時，您能否給我們快速介紹一下一般的再特許經營流程以及出售剩餘房產的緊迫性。

Sure.

當然。

Well, thank you for the feedback on the Brazil business.

好的，感謝您對巴西業務的回饋。

I'm sure the Brazil team will be pleased with that.

我相信巴西隊會對此感到滿意。

They have had a number of years trying very hard to adapt and update the business and bring the affordability and the innovation in line with the marketplace.

他們多年來一直在努力調整和更新業務，並使負擔能力和創新與市場保持一致。

And I think with the improvements in the macro conditions in Brazil, that business is starting to do a lot better.

我認為隨著巴西宏觀環境的改善，該業務開始做得更好。

And it's a multichannel business, and they distribute the beer only in some of those channels.

這是一個多通路業務，他們只在其中一些通路分銷啤酒。

So that's a work in progress as their relationship with Heineken is in question.

因此，這項工作正在進行中，因為他們與喜力的關係存在問題。

And I think as we see the refranchising business -- or the refranchising strategy, we've largely refranchised the world without -- so just a small percentage of the volume.

我認為，當我們看到再特許經營業務或再特許經營策略時，我們基本上已經在沒有的情況下對世界進行了再特許經營，所以只佔總量的一小部分。

It's been very successful, whether it was North America, the creation of bottlers like European Partners or the Japan bottler.

無論是在北美，還是像歐洲合作夥伴這樣的裝瓶商或日本裝瓶商的創建，它都非常成功。

And so we think that has been very successful.

所以我們認為這是非常成功的。

Clearly, we're still working on Beverages Africa in terms of the refranchising strategy.

顯然，我們仍在非洲飲料公司的再特許經營策略方面開展工作。

It's obviously been slower than anyone would have liked.

這顯然比任何人所希望的都要慢。

I think some of that is being process- and macros-related.

我認為其中一些與流程和巨集相關。

We're still working on that one.

我們仍在研究這個問題。

And that leaves us, obviously, with a Southeast Asian set of bottlers.

顯然，這給我們留下了一群東南亞裝瓶商。

Obviously, we'll be thinking about what's the right strategic direction for that part of the world.

顯然，我們將考慮世界該地區的正確戰略方向是什麼。

But the ongoing curation of refranchising is not refranchising for the sake of refranchising.

但正在進行的再特許經營並不是為了再特許經營而再特許經營。

It's in the service of creating a stronger and more energized bottling system that is an aligned set of partners with the company to drive our collective business with more growth and with better margins into the future.

它旨在創建一個更強大、更有活力的裝瓶系統，該系統是與公司合作的一組合作夥伴，以推動我們的集體業務在未來實現更大的成長和更高的利潤。

And that takes different forms and places.

這有不同的形式和地點。

And of course, we allocate capital within that process, whether it's owning bottlers or having stakes in bottlers.

當然，我們會在這個過程中分配資本，無論是擁有裝瓶商還是持有裝瓶商的股份。

We drive that process with the objective of using capital as and when necessary, sometimes yes, sometimes no, to get the most energized bottling system out there bringing new partners in.

我們推動這項流程的目標是在必要時（有時是，有時不是）使用資本，以獲得最有活力的裝瓶系統，引入新的合作夥伴。

And that's an ongoing management as we curate our remaining bottling operations and some of our other investments in bottlers.

當我們策劃剩餘的裝瓶業務以及對裝瓶商的其他一些投資時，這是一項持續的管理。

Ladies and gentlemen, thank you for participating in today's conference.

女士們、先生們，感謝你們參加今天的會議。

This does conclude today's program, and you may all disconnect.

今天的節目到此結束，大家可以斷線了。

Everyone, have a wonderful day.

祝大家有美好的一天。