Kenvue Inc (KVUE) 2024 Q1 法說會逐字稿

Hello, and welcome to Kenvue First Quarter 2024 Earnings Conference Call. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎參加 Kenvue 2024 年第一季財報電話會議。 （操作員指示）謹此提醒，本次會議正在錄製中。

It is now my pleasure to introduce your host, Tina Romani, Head of Investor Relations for Kenvue.

現在我很高興向您介紹主持人，Kenvue 投資者關係主管 Tina Romani。

Good morning, everyone, and welcome to Kenvue's First Quarter 2024 Earnings Conference Call. I'm pleased to be joined today by Thibaut Mongon, Chief Executive Officer; and Paul Ruh, Chief Financial Officer.

大家早安，歡迎參加 Kenvue 2024 年第一季財報電話會議。我很高興今天邀請執行長蒂博·蒙貢 (Thibaut Mongon) 加入我們的行列。和財務長 Paul Ruh。

Before we get started, I'd like to remind you that today's call includes forward-looking statements regarding, among other things, our operating and financial performance, market opportunities and growth. These statements represent our current beliefs or expectations about future events and are subject to various risks, uncertainties and assumptions that could cause our actual results to differ materially. For information regarding these risks and uncertainties, please refer to our earnings materials related to this call posted on our website and our filings with the SEC.

在我們開始之前，我想提醒您，今天的電話會議包含有關我們的營運和財務表現、市場機會和成長等方面的前瞻性陳述。這些陳述代表了我們目前對未來事件的信念或預期，並受到各種風險、不確定性和假設的影響，可能導致我們的實際結果出現重大差異。有關這些風險和不確定性的信息，請參閱我們網站上發布的與本次電話會議相關的盈利材料以及我們向 SEC 提交的文件。

During this call, we've also referenced certain non-GAAP financial information. The presentation of this non-GAAP financial information is not intended to be considered in isolation as a substitute for financial information presented in accordance with U.S. GAAP. These non-GAAP financial measures should be viewed in conjunction with the most comparable GAAP financial measures. A reconciliation of these items to the nearest U.S. GAAP measure can be found in this morning's press release and our presentation available on our IR website, investors.kenvue.com.

在這次電話會議中，我們也參考了某些非公認會計準則財務資訊。本非 GAAP 財務資訊的呈現不應被孤立地視為根據美國 GAAP 呈現的財務資訊的替代品。這些非公認會計原則財務指標應與最具可比性的公認會計原則財務指標結合起來看待。這些項目與最接近的美國公認會計準則衡量標準的調節可以在今天早上的新聞稿和我們的投資者關係網站 Investors.kenvue.com 上的簡報中找到。

With that, I'll turn it over to Thibaut.

有了這個，我會把它交給蒂博。

Thank you, Tina, and thank you to everyone for joining us today. I'm pleased to be here with you this morning to discuss our solid start to the year with Q1 results coming in ahead of expectations.

謝謝你，蒂娜，也謝謝大家今天加入我們。我很高興今天早上與大家一起討論我們今年的良好開端，第一季的業績超出了預期。

Earlier this year, I shared with you how we are committed to transform our organization with 3 clear strategic priorities in 2024: Reaching more consumers, freeing up resources to invest for growth and fostering a culture of performance and impact. Our teams around the world are focused on executing with precision the changes required to bring these 3 priorities to life. And everywhere in the organization, you start seeing Kenvue shaping up as a different company.

今年早些時候，我與大家分享了我們如何致力於在 2024 年透過 3 個明確的策略重點來實現組織轉型：吸引更多消費者、釋放資源用於投資成長以及培育績效和影響力文化。我們遍布世界各地的團隊專注於精確執行所需的變革，以實現這三個優先事項。在組織的任何地方，您都開始看到 Kenvue 正在成為一家不同的公司。

We are early in this journey, and this transformation will not happen overnight, but this quarter's encouraging performance, the key program initiated throughout the organization and the high level of employee engagement, do reinforce my confidence in our ability to deliver the plan this year and deliver our long-term value-creation algorithm from 2025 onwards.

我們正處於這一旅程的早期階段，這種轉變不會在一夜之間發生，但本季令人鼓舞的業績、整個組織發起的關鍵計劃以及高水平的員工敬業度，確實增強了我對我們今年和實現該計劃的能力的信心。

The solid financial performance this quarter, beginning with our 1.9% organic growth on top of 11.2% last year, reflect the power of the Kenvue portfolio and the quality of our people. As anticipated, volumes are not yet a contributor to our growth with a 3.1% decline versus prior year, and we are not yet where we want to be in Skin Health and Beauty. But at the same time, we continue to strengthen our leadership position in Self Care, and our innovations are a strong contributor to our growth in Essential Health.

本季穩健的財務業績，從去年 11.2% 的有機成長到 1.9%，反映了 Kenvue 投資組合的力量和我們員工的素質。正如預期的那樣，銷售尚未對我們的成長做出貢獻，與去年相比下降了 3.1%，而且我們在皮膚健康和美容領域還沒有達到我們想要的目標。但同時，我們繼續加強在自我照護領域的領導地位，我們的創新為我們在基本健康領域的成長做出了強有力的貢獻。

And we do all of this while exiting TSAs, reinventing our ways of working, freeing up resources to invest behind our brands and nurturing our new culture of performance and accountability. All of this positions us well for the future. So let's have a closer look at our progress on each of our 3 strategic priorities.

我們在退出 TSA 的同時完成所有這些工作，重塑我們的工作方式，釋放資源來投資我們的品牌，並培養我們新的績效和責任文化。所有這些都為我們的未來奠定了良好的基礎。因此，讓我們仔細看看我們在 3 個策略重點中每一項的進展。

Beginning with reaching more consumers and starting with our largest segment, Self Care, let me first share with you what we see in the Self Care market. We see consumers continuing to look for science-based, efficacious solutions to take care of themselves and their loved ones. But this quarter, volumes were affected by 2 factors: First, the cough, cold and flu season was shorter and slower than last year. And second, we saw some U.S. retailers reducing their inventory levels. These factors will continue to have a meaningful impact on Q2 volumes, and in a quarter where we will lap tough compares, will mask the underlying strength of our brands.

從接觸更多消費者開始，從我們最大的細分市場「自我照顧」開始，讓我先與您分享我們在「自我照顧」市場中看到的情況。我們看到消費者繼續尋找基於科學的有效解決方案來照顧自己和親人。但本季的銷售量受到兩個因素的影響：首先，咳嗽、感冒和流感季節比去年更短、更慢。其次，我們看到一些美國零售商降低了庫存水準。這些因素將繼續對第二季度的銷售產生有意義的影響，並且在我們將進行嚴格比較的季度中，將掩蓋我們品牌的潛在實力。

In this context, our teams delivered outstanding performance. In Self Care, we delivered 4.2% growth on top of 15.3% growth last year and continued to outperform the market, owing to the breadth of our portfolio in terms of categories and geographies. In the U.S., for example, each one of our largest brands grew share during the quarter. Tylenol, the #1 pain care brand in the world, achieved its seventh consecutive quarter of share growth in the U.S., further widening the spread between us and our next competitor.

在此背景下，我們的團隊表現出色。在 Self Care 領域，我們在去年 15.3% 的基礎上實現了 4.2% 的成長，並且由於我們的產品組合在類別和地理方面的廣度，繼續跑贏市場。例如，在美國，我們每個最大品牌的份額在本季都有所成長。泰諾（Tylenol）是全球排名第一的疼痛護理品牌，在美國的市場份額連續第七個季度實現成長，進一步擴大了我們與下一個競爭對手之間的差距。

Regardless of the intensity of the season, our objective is always to advance the category and continue to gain share. And this is what our teams actively pursued this quarter despite a softer season, with stronger media investment, expanded distribution and a significant increase in in-store display support.

無論賽季的激烈程度如何，我們的目標始終是推動該類別的發展並繼續獲得份額。這就是我們的團隊在本季積極追求的目標，儘管季節較淡，媒體投資加大，分銷範圍擴大，店內展示支持顯著增加。

We also continue to launch category-leading innovation. This quarter, we launched Tylenol Easy to Swallow with Gentleglide technology with the aim at helping approximately 20% of people who hesitate to take a pill.

我們也持續推出類別領先的創新。本季度，我們推出了採用 Gentleglide 技術的泰諾易吞嚥藥，旨在幫助約 20% 猶豫服藥的人。

We are activating the same playbook in allergy. While the category is down so far this year on colder weather and sporadic storm patterns, Adult Zyrtec is the only brand in the category increasing penetration and has now been #1 in value share for 102 consecutive weeks. Similar to Tylenol, you see Zyrtec building on its category leadership ahead of the season with expanded distribution, strengthened in-store execution with a higher number of displays and continued excellence in health care professional and consumer engagement activities.

我們正在針對過敏啟動同樣的策略。雖然今年迄今該類別因天氣寒冷和零星風暴模式而有所下降，但成人仙特明是該類別中唯一一個滲透率不斷提高的品牌，目前已連續 102 週位居價值份額第一。與 Tylenol 類似，您會看到 Zyrtec 在本季之前透過擴大分銷、透過更多展示加強店內執行以及在醫療保健專業人士和消費者參與活動中持續卓越表現來鞏固其品類領導地位。

This quarter, we also relaunched Zyrtec Oral Dissolve Tablets that melts in your mouth and dissolve in seconds, a strong benefit for consumers in oral antihistamines. And we actively deploy the same recipe in the rest of the world and see the same strong performance in Asia with brands like Tylenol and Motrin growing double digit in China. Or in Europe, with brands like Imodium or Microlax in Digestive Health and Nicorette in smoking cessation driving double-digit growth. All of this as a result of the precision in the execution of our brand activation plans by our teams in each market. So another solid quarter for our Self Care brands.

本季度，我們還重新推出了 Zyrtec 口服溶解片，它在口腔中融化並在幾秒鐘內溶解，這對口服抗組織胺的消費者來說是一個巨大的好處。我們在世界其他地區積極部署相同的配方，並在亞洲看到同樣強勁的表現，泰諾 (Tylenol) 和美林 (Motrin) 等品牌在中國的增長率達到兩位數。或者在歐洲，消化健康領域的 Imodium 或 Microlax 以及戒菸領域的 Nicorette 等品牌推動了兩位數的成長。所有這一切都是我們每個市場團隊精確執行品牌激活計劃的結果。因此，我們的 Self Care 品牌又迎來了一個穩健的季度。

Next, moving to Essential Health, where we grew 4.9% this quarter on top of 4% last year. The team's focus on executing initiatives to reach more consumers and expand our categories is yielding positive results.

接下來，轉向基本健康，本季我們在去年 4% 的基礎上成長了 4.9%。團隊專注於執行吸引更多消費者和擴大我們品類的舉措，並且正在取得正面成果。

In Oral Care, where Listerine is 5x larger than the next name competitor, we see growth across all regions. In the U.S., our scaled business has now delivered more than 63 weeks of continued consumption growth, and we are not stopping there. At CAGNY, I told you about our launch of Listerine Clinical Solutions, our new premium line of alcohol and non-alcohol mouthwash focused on specific health benefits, which is a great example of what we do to expand the categories in which we are leaders. Early reads indicate this innovation already accounts for 0.6% share of the U.S. market and is highly incremental, bringing 72% incremental shoppers to the Listerine brand.

在口腔護理領域，李施德林的規模是其下一個競爭對手的 5 倍，我們看到所有地區都在成長。在美國，我們規模化的業務現已實現超過 63 週的持續消費成長，而且我們不會就此止步。在CAGNY，我向您介紹了我們推出的李施德林臨床解決方案，這是我們新的優質酒精和非酒精漱口水系列，專注於特定的健康益處，這是我們為擴大我們領先的類別所做的努力的一個很好的例子。早期數據表明，這項創新已占美國市場 0.6% 的份額，並且增量很高，為李施德林品牌帶來了 72% 的增量購物者。

You see us doing the same thing in the baby category. Our global leadership remains strong with Johnson's Baby and Aveeno Baby as the #1 and #2 brands in baby toiletries globally. We are now expanding our penetration in children's toiletries, building Aveeno Kids as the fastest-growing brand for children in the U.S. We see an opportunity to develop this new market where we are seeing increased demand. And we will continue to deploy this strategy across the segment with relevant innovation powered by increased investments, precise in-store execution and expanded distribution.

您會看到我們在嬰兒類別中做同樣的事情。我們的全球領導地位依然強勁，Johnson's Baby 和 Aveeno Baby 分別是全球嬰兒洗護用品第一和第二品牌。我們現在正在擴大在兒童洗護用品領域的滲透率，將 Aveeno Kids 打造成美國成長最快的兒童品牌。我們將繼續在整個細分市場部署這項策略，透過增加投資、精確的店內執行和擴大分銷來推動相關創新。

Now moving to Skin Health and Beauty, where we saw our business declined 4.5% in the quarter with a 6.9% decline in volume. As we have discussed, stabilizing this business is a key priority for us. In the U.S., our team is activating a 3-pronged approach: Increasing in-store presence, elevating consumer and dermatologist engagement and amplifying innovation.

現在轉向皮膚健康和美容，我們的業務在本季度下降了 4.5%，銷量下降了 6.9%。正如我們所討論的，穩定這項業務是我們的首要任務。在美國，我們的團隊正在採取三管齊下的方法：增加店內存在、提高消費者和皮膚科醫生的參與度以及擴大創新。

While more work needs to be done and it is too early to see results, I'm encouraged with the progress the team is making against each priority, and I believe we are moving in the right direction. The U.S. team is laser-focused on strengthening in-store presence and prominence through better planning with customers, enhanced packaging that clearly articulates dermatological benefits and more prominent in-store brand activation.

雖然還需要做更多的工作，而且現在看到結果還為時過早，但我對團隊在每個優先事項上取得的進展感到鼓舞，我相信我們正在朝著正確的方向前進。美國團隊專注於透過與客戶進行更好的規劃、明確說明皮膚病學益處的改進包裝以及更突出的店內品牌激活來加強店內影響力和知名度。

For example, the teams have moved quickly to improve the awareness and shopability of Neutrogena Hydro Boost water cream, the latest Neutrogena innovation launched last year. New packaging with updated graphics is underway; media investments are up nearly 15%; and in-store, we implemented on-shelf signage that more effectively communicate our product's dermatological benefits to shoppers.

例如，團隊迅速採取行動，提高露得清 Hydro Boost 水霜的認知度和可購買性，這是露得清去年推出的最新創新產品。帶有更新圖形的新包裝正在進行中；媒體投資成長近 15%；在店內，我們採用了貨架標牌，可以更有效地向購物者傳達我們產品的皮膚病學益處。

As part of our strategy to increase our impact with dermatologists, Kenvue showed up strong at the American Academy of Dermatology Annual Meeting in March, where more than 10,000 dermatologists came together. We presented 22 new pieces of scientific research and hosted a panel moderated by Neutrogena brand ambassador, Jennifer Garner, to showcase our science-led approach to innovation. We amplified our presence on social media and achieved #1 share of voice, ahead of all other skin care brands.

作為我們提高對皮膚科醫生影響力策略的一部分，Kenvue 在 3 月的美國皮膚病學會年會上表現強勁，共有 10,000 多名皮膚科醫生齊聚一堂。我們展示了 22 項新的科學研究成果，並舉辦了由露得清品牌大使 Jennifer Garner 主持的小組討論，展示我們以科學為主導的創新方法。我們擴大了在社群媒體上的影響力，並獲得了排名第一的話語權，領先所有其他護膚品牌。

With a positive showing at AAD, coupled with expanded detailing sales force and a significant increase of our in-practice sampling, we quickly won 3 points of dermatologist recommendations for Neutrogena face and moisturizing treatment, regaining our position as the #1 recommended brand by the dermatologists in this category.

憑藉在AAD 上的積極表現，再加上細節銷售隊伍的擴大以及實踐抽樣的顯著增加，我們很快就贏得了皮膚科醫生對露得清面部和保濕護理的3 分推薦，重新奪回了我們作為第推薦品牌的地位。

We are also strengthening consumer engagement through compelling and modern marketing campaigns appealing to young consumers. A good example of this is the activation of our partnership with the Coachella Festival in April, where Neutrogena was the exclusive sun care partner. Beyond offering great sun protection to the more than 650,000 festival-goers with over 120 gallons of sunscreen, the Neutrogena team amplified our activation on social media and through influencers, earning #1 share of voice in the U.S. skin care category during the festival, similar to what we achieved at AAD the month prior.

我們也透過吸引年輕消費者的引人注目的現代行銷活動來加強消費者參與。一個很好的例子是四月我們與科切拉音樂節的合作關係，露得清是該音樂節的獨家防曬合作夥伴。除了為超過650,000 名音樂節觀眾提供超過120 加侖的防曬霜外，露得清團隊還通過社交媒體和影響力人士擴大了我們的活躍度，在音樂節期間在美國護膚類別中贏得了第一名的份額，類似的與我們上個月在 AAD 取得的成就相比。

We are encouraged by the early indications that we are moving in the right direction. That said, we are not where we want to be in terms of market share. The recovery will take time and will not be linear, but as you can tell, we are laser-focused on executing on our plan to improve our market performance and better reflect the strength of our brands.

早期跡象表明我們正在朝著正確的方向前進，這讓我們感到鼓舞。也就是說，就市場佔有率而言，我們還沒有達到我們想要的水平。復甦需要時間，而且不會是線性的，但正如你所知，我們正專注於執行我們的計劃，以提高我們的市場表現並更好地反映我們品牌的實力。

To amplify these efforts, during the quarter, we announced a decision that will allow us to operate in a more integrated manner. Recruitment for a new global segment leader to be located in the U.S. is underway, and we are in the process of relocating our Los Angeles office to New Jersey, where our brand team will work side-by-side with R&D to drive innovation, cohesive execution and growth.

為了加強這些努力，我們在本季度宣布了一項決定，使我們能夠以更一體化的方式運作。位於美國的新的全球細分市場領導者的招聘工作正在進行中，我們正在將洛杉磯辦事處遷至新澤西州，我們的品牌團隊將在那裡與研發部門並肩工作，以推動創新、凝聚力執行力和成長。

Now moving to our next priority, freeing up resources to invest behind our brands. As discussed with you previously, we continue our journey of transforming Kenvue from a segment of Johnson & Johnson to an independent company focused on accelerating growth. This quarter, we started investing more behind brand activation, where we see opportunities to unlock profitable growth, in line with our plan to increase our investment by 15% in 2024. And we fund these investments through the continued expansion of our gross margins and the transformation of our cost structure as we exit TSAs. I'm pleased with the progress we are making on both fronts.

現在轉向我們的下一個優先事項，釋放資源來投資我們的品牌。正如之前與您討論的那樣，我們將繼續將 Kenvue 從強生公司的一個部門轉變為專注於加速成長的獨立公司。本季度，我們開始在品牌活化方面進行更多投資，我們看到了釋放利潤成長的機會，這符合我們在 2024 年將投資增加 15% 的計劃。我們的成本結構將會發生轉變。我對我們在這兩方面的進展感到高興。

Adjusted gross margin expanded 290 basis points in Q1, adding to our strong track record in this space, and freeing up resources to invest in the brand activation plans I described earlier. In parallel, we are taking action to structurally change our cost base, leveraging the unique opportunity we have in front of us as we exit TSAs. You will hear from Paul more details about our view forward our program to become a leaner, more agile and fast-moving organization ultimately with a lower cost base. The team are focused on executing with precision this program that spans over 2024 and 2025.

第一季調整後的毛利率擴大了 290 個基點，增加了我們在這一領域的良好記錄，並釋放資源來投資我之前描述的品牌激活計劃。同時，我們正在採取行動，從結構上改變我們的成本基礎，利用我們退出 TSA 時所面臨的獨特機會。您將從保羅那裡聽到更多關於我們對計劃的看法的詳細信息，該計劃旨在最終以更低的成本基礎成為一個更精簡、更敏捷和快速發展的組織。該團隊致力於在 2024 年至 2025 年期間精確執行該計劃。

We are at the beginning of this journey, but every day, we seek Kenvue transforming a bit more into a company focused on unleashing the full potential of its portfolio of brands, better positioned to deliver on our long-term algorithm of earnings growth ahead of sales growth and durable cash flow generation. Which brings me to our third priority: To foster a culture of impact and performance, where we are moving in the right direction, transforming our company operationally and culturally. Starting with strategic alignment, we rallied all Kenvuers behind our 3 company priorities via our robust goal-setting process, part of our new approach to performance and pay. In addition, we clarified the responsibilities and decision rights throughout the company. We streamlined processes, encouraging faster decision-making, improved execution, heightened accountability and enhanced collaboration.

我們正處於這一旅程的開始，但每一天，我們都在尋求 Kenvue 進一步轉型為一家專注於釋放其品牌組合全部潛力的公司，更好地在未來實現我們的長期盈利增長算法。的現金流產生。這讓我想到了我們的第三個優先事項：培養一種影響力和績效的文化，我們正在朝著正確的方向前進，在營運和文化上轉變我們的公司。從策略調整開始，我們透過強大的目標設定流程（我們新的績效和薪酬方法的一部分）將所有 Kenvuer 團結起來支持我們的 3 個公司優先事項。此外，我們也明確了整個公司的責任和決策權。我們簡化了流程，鼓勵更快的決策、改善執行、加強責任和加強協作。

As we continue our journey to grow Kenvue into the undisputed leader in consumer health, we are intentionally bringing in high-performing external talent. A couple of weeks ago, I was pleased to announce that Russ Dyer will be joining my leadership team as Chief Corporate Affairs Officer; an important leadership role as we continue our journey to grow.

在我們繼續將 Kenvue 發展成為消費者健康領域無可爭議的領導者的過程中，我們有意引進高績效的外部人才。幾週前，我很高興地宣布 Russ Dyer 將加入我的領導團隊，擔任首席企業事務長；在我們繼續發展的過程中發揮重要的領導作用。

In addition to instilling an owner mindset across the organization to elevate operational performance, we are also committed to operating the business responsibly. With the understanding that human health is inseparably linked to environmental health, during the quarter, we affirmed our commitment to our Healthy Lives Mission, our ESG strategy aiming to advance the well-being of both people and the planet. And last week, we announced that Kenvue's near-term greenhouse gas emissions reduction targets were validated by the Science- based Targets Initiative, and this in less than 1 year since becoming a public company, demonstrating our team's passion and commitment on this front. We look forward to publishing our inaugural Healthy Lives Mission Report in June, where you will see how Kenvue is maximizing its impact for good.

除了在整個組織中灌輸主人翁意識以提高營運績效之外，我們還致力於負責任地經營業務。我們認識到人類健康與環境健康密不可分，在本季度，我們重申了對健康生活使命的承諾，這是我們的 ESG 策略，旨在促進人類和地球的福祉。上週，我們宣布 Kenvue 的近期溫室氣體減排目標得到了科學目標倡議組織的驗證，而這距離成為上市公司不到一年的時間，體現了我們團隊在這方面的熱情和承諾。我們期待在 6 月發布首份健康生活使命報告，您將在報告中看到 Kenvue 如何最大限度地發揮其積極影響。

So as you can tell, you are starting to see a different Kenvue in action in 2024. We are off to a good start for the year. Our teams are laser-focused on our 3 strategic priorities, we are making progress on our journey to transform our company, all of which makes us confident in our ability to deliver our plans for the year and execute on our long-term algorithm in 2025 and beyond.

如您所見，您將在 2024 年開始看到一個不同的 Kenvue。我們的團隊專注於我們的 3 個策略重點，我們在公司轉型之路上正在取得進展，所有這些都讓我們對交付今年計劃並在 2025 年執行長期演算法的能力充滿信心超越。

Before I turn it over to Paul, I would like to thank our Kenvuers around the world. Every day, they help consumers realize the extraordinary power of everyday care. They embrace change and are actively contributing to our transformation. They are the ones delivering the results I just shared with you, and it is an honor to work alongside such a great team.

在交給 Paul 之前，我要感謝世界各地的 Kenvuer。他們每天都在幫助消費者認識到日常護理的非凡力量。他們擁抱變革，並積極為我們的轉型做出貢獻。他們是我剛剛與你們分享的結果的人，我很榮幸能與這樣一個偉大的團隊一起工作。

And now over to you, Paul.

現在輪到你了，保羅。

Thank you, Thibaut, and good morning, everyone. I'll start by echoing Thibaut's sentiment that I am proud of how our teams are coming together. Our colleagues are embracing change, rallying behind our transformation and executing on our strategic priorities, all while delivering strong results this quarter.

謝謝蒂博，大家早安。首先，我同意蒂博的觀點，即我為我們團隊的團結感到自豪。我們的同事正在擁抱變革，團結起來支持我們的轉型並執行我們的策略重點，同時在本季度取得了強勁的業績。

Our teams began executing against our first priority: To reach more consumers. Across the portfolio, we deploy more relevant, impactful and distinctive brand experiences. We're beginning to see a difference in how our portfolio is coming to life in store and with our consumers.

我們的團隊開始執行我們的首要任務：接觸更多消費者。在整個產品組合中，我們部署了更具相關性、影響力和獨特的品牌體驗。我們開始看到我們的產品組合在商店和消費者中的表現方式有所不同。

Now this work is just beginning, but we are energized by the opportunities we see to continue strengthening our relationships with new and existing consumers all around the world, which brings me to the next priority: To free up resources to invest more behind our brands. In our press release this morning, we announced that our Board formally approved our initiatives to build on Kenvue's strength and optimize its cost structure. This initiative is part of our program to optimize the way we work. We call this Our Vue Forward.

現在這項工作才剛開始，但我們看到了繼續加強與世界各地新舊消費者關係的機會，這讓我們充滿活力，這讓我想到了下一個優先事項：釋放資源，為我們的品牌投入更多資金。在今天早上的新聞稿中，我們宣布董事會正式批准了我們旨在增強 Kenvue 實力並優化其成本結構的舉措。這項舉措是我們優化工作方式計畫的一部分。我們稱之為「我們的 Vue Forward」。

Thibaut spoke about the unique opportunity we have to reinvent with work and lower our cost base as we exit TSAs with J&J. Our Vue Forward equips us to do 4 things: First, to optimize our geographic footprint to drive connection, collaboration and synergy across our teams and maximize our service hubs.

Thibaut 談到了在我們退出強生 TSA 時我們必須透過工作重塑並降低成本基礎的獨特機會。我們的 Vue Forward 使我們能夠做四件事：首先，優化我們的地理足跡，以推動我們團隊之間的聯繫、協作和協同作用，並最大限度地利用我們的服務中心。

Second, to eliminate redundancies across the organization as we broaden spans of control and reduce layers of hierarchy to drive faster decision-making, creativity and innovation and more effective organizational communication.

其次，消除整個組織的冗餘，擴大控制範圍並減少層級，以推動更快的決策、創造力和創新以及更有效的組織溝通。

Third, to implement new systems and automation to strengthen our capabilities in areas, like our ability to uncover and apply consumer insights, improving forecasting and responding real-time to market dynamics.

第三，實施新系統和自動化，以增強我們在某些​​領域的能力，例如發現和應用消費者洞察、改進預測和即時回應市場動態的能力。

And finally, to better leverage our procurement partnerships, ensuring we build strategic relationship with our suppliers that are rooted in shared value creation. As an example, next week, we will bring our top suppliers from around the world together with our team to share knowledge and align on priorities.

最後，為了更好地利用我們的採購合作關係，確保我們與供應商建立植根於共享價值創造的策略關係。例如，下週，我們將把來自世界各地的頂級供應商與我們的團隊聚集在一起，分享知識並協調優先事項。

Our Vue Forward will enable Kenvue to operate more effectively and ultimately more competitively. We have already begun to realize efficiencies to support our investments in 2024 and expect the ongoing annualized benefit after full implementation of the initiative to be approximately $350 million per annum beginning in 2026. This initiative will result in a net reduction to our global workforce of approximately 4%, and we expect to incur restructuring costs totaling approximately $550 million, split roughly evenly between 2024 and 2025 with a payback period of approximately 18 months.

我們的 Vue Forward 將使 Kenvue 能夠更有效地運營，並最終更具競爭力。我們已經開始提高支持 2024 年投資的效率，並預計從 2026 年開始全面實施該計劃後，每年的持續年化效益將達到約 3.5 億美元。我們預計重組成本總計約5.5 億美元，在2024 年至2025 年之間大致平均分配，投資回收期約為18 個月。

Importantly, as I am sure you may have the question, there is no change to our capital allocation priorities. Our healthy balance sheet allows for strategic investment in our business for growth, our #1 priority, in addition to commitments to a strong dividend, our delevering program and share buyback to offset dilution.

重要的是，我相信您可能會有疑問，我們的資本配置優先順序沒有變化。我們健康的資產負債表允許對我們的業務進行策略性投資以實現成長，這是我們的第一要務，此外還承諾提供強勁的股息、我們的去槓桿化計劃和股票回購以抵消稀釋。

In this unique moment of transformation, we believe Our Vue Forward will generate the greatest long-term value creation for our stakeholders, accomplishing 2 goals: Reducing our cost base; and as importantly, allowing Kenvue to deploy best-in-class ways of working that move us towards our ambition to become the undisputed leader in consumer health.

在這個獨特的轉型時刻，我們相信我們的 Vue Forward 將為我們的利害關係人創造最大的長期價值，實現兩個目標：降低我們的成本基礎；同樣重要的是，讓 Kenvue 能夠部署一流的工作方式，推動我們實現成為消費者健康領域無可爭議的領導者的雄心壯志。

These initiatives, along with continued adjusted gross margin improvement will enable us to fund incremental $300 million investment behind our brands that we committed to in 2024. As such, there is no change to our adjusted earnings per share guidance. Beyond this year, this initiative will continue through 2025, supporting continued incremental investment behind our brands while staying aligned to the delivery of our long-term algorithm centered around earnings growth ahead of sales growth.

這些舉措以及持續調整後的毛利率改善將使我們能夠為我們承諾在 2024 年增加的 3 億美元品牌投資提供資金。今年之後，這項舉措將持續到 2025 年，支持我們品牌背後的持續增量投資，同時與我們以收入成長先於銷售成長為中心的長期演算法的交付保持一致。

Moving to our first quarter results, which demonstrate progress against our third priority: Fostering a culture of performance and impact with heightened accountability. Coming in ahead of expectations, first quarter organic sales growth of 1.9% was strong, particularly when considering our 11.2% organic growth last year. Momentum in Self Care and essential health continued, partially offset by underperformance in Skin Health and Beauty, as anticipated.

轉向我們的第一季業績，該業績表明我們的第三個優先事項取得了進展：透過加強問責制來培養績效和影響力的文化。第一季 1.9% 的有機銷售成長強勁，超出預期，尤其是考慮到去年 11.2% 的有機成長。正如預期的那樣，自我護理和基本健康方面的勢頭仍在繼續，但部分被皮膚健康和美容方面的表現不佳所抵消。

Value realization contributed 5 points to growth with approximately 75% carryover and the remaining coming from new value realization primarily outside the U.S. It's important to note that even as volume is at the forefront of conversations today, value realization will continue to play an important role in our growth algorithm as the superiority and the efficacy of our products fosters loyalty in our categories and specifically with our brands.

價值實現對成長貢獻了5 個百分點，其中約75% 結轉，其餘部分主要來自美國以外的新價值實現。重要作用：我們的成長演算法作為我們產品的優越性和功效，培養了我們產品類別、特別是我們品牌的忠誠度。

Now talking about volume. Volume improved meaningfully from fourth quarter trends across all segments, in line with our expectations. Taken together, approximately 2/3 of the 3.1% volume decline is attributable to the expected lapping of a onetime inventory rebuild last year and the impact of retailer trade inventory reduction by some U.S. customers this year. We have continued opportunity here, and we expect volume to stabilize and grow in the second half of the year.

現在談論音量。所有細分市場的銷售量較第四季趨勢均顯著改善，符合我們的預期。總而言之，銷售量​​下降 3.1% 的約 2/3 歸因於去年一次性庫存重建的預期結束以及今年一些美國客戶零售商貿易庫存減少的影響。我們在這裡有持續的機會，我們預計下半年銷售將穩定並成長。

Now let's take a look at our segments. Self Care performance was strong at 4.2% organic growth on top of 15.3% last year. Notably, we continue to gain share even on strong value realization of 5.6 points. As Thibaut mentioned, this performance reflects not only the diversity of our portfolio and strength across geographic markets but also consumers' ongoing demand for efficacious health solutions they trust. Volumes were down 1.4 points, driven entirely by the lapping of a large onetime inventory rebuild as retailers replenish supply following the tripledemic last year.

現在讓我們看看我們的細分市場。 Self Care 表現強勁，有機成長 4.2%，高於去年的 15.3%。值得注意的是，即使價值實現強勁，達到 5.6 個點，我們的份額仍繼續增加。正如蒂博所提到的，這一業績不僅反映了我們產品組合的多樣性和跨地域市場的實力，而且反映了消費者對他們信任的有效健康解決方案的持續需求。成交量下降了 1.4 個百分點，這完全是由於去年三重疫情後零售商補充供應而進行的大規模一次性庫存重建所致。

As you consider your models for Q2, in addition to factoring the strong 2023 compare of 14.2%, there are also a couple of unique dynamics to bear in mind. First, in Europe, due to a shorter cold, cough and flu season this year compared to a more prolonged season last year, we do not expect the same level of replenishment that we saw in 2023. Second, in Asia Pacific, we do not expect the same level of incidence in China, where we experienced a large surge following the reopening last year. And lastly, in the U.S., we expect continued trade inventory contraction at some retailers.

當您考慮第二季的模型時，除了考慮 2023 年 14.2% 的強勁比較之外，還需要記住一些獨特的動態。首先，在歐洲，由於今年的冒險、咳嗽和流感季節比去年更長，因此我們預計補貨水準不會達到2023 年的水準。 2023 年的水準。最後，在美國，我們預期一些零售商的貿易庫存將持續收縮。

Given these dynamics, alongside the soft start to the allergy season that Thibaut spoke about, we expect growth to be low single-digit negative in Q2, masking the continued strength of in-market performance we expect to see in the quarter. We remain confident in the underlying strength of the Self Care sellers portfolio, and there are no changes to expectations for growth to accelerate in the back half, particularly as we lap easier compares.

考慮到這些動態，加上蒂博談到的過敏季節的軟啟動，我們預計第二季的成長將為低個位數負數，掩蓋了我們預期本季市場表現的持續強勁。我們對自助賣家投資組合的潛在實力仍然充滿信心，並且對下半年加速成長的預期沒有變化，特別是當我們取得更容易的比較時。

Moving to Essential Health, where momentum continued. Organic growth of 4.9% was comprised of 6.8 points value realization, partially offset by 1.9 points of volume decline. Similar to self-care, the strength and diversity of our Essential Health portfolio fueled our growth. Thibaut shared a few examples of how we are driving growth in Oral Care and Baby Care. We are doing the same thing in our Women's Health businesses across EMEA, LatAm and Asia Pacific.

轉向基本健康，勢頭仍在繼續。 4.9% 的有機成長由 6.8 個百分點的價值實現組成，部分被 1.9 個百分點的銷售下降所抵消。與自我保健類似，我們基本健康產品組合的優勢和多樣性推動了我們的成長。 Thibaut 分享了一些我們如何推動口腔護理和嬰兒護理領域成長的例子。我們在歐洲、中東和非洲、拉丁美洲和亞太地區的女性健康業務中也在做同樣的事情。

In India, for example, we are seeing strong growth in our Stayfree brand through consistent efforts in premium product distribution expansion, supported by strong media presence as we build strength in the growing women's health category internationally. Overall, Q1 performance and sequential volume improvement reflect the value of our brands to consumers, and we are confident in our ability to drive growth for the year.

例如，在印度，我們看到我們的 Stayfree 品牌透過不斷努力擴大優質產品分銷，並在強大的媒體影響力的支持下強勁增長，同時我們在國際上不斷增長的女性健康類別中建立了實力。總體而言，第一季的業績和環比銷量的成長反映了我們品牌對消費者的價值，我們對推動今年成長的能力充滿信心。

Moving now to Skin Health and Beauty. While Q1 performance is in line with our expectations, as Thibaut discussed, our results do not demonstrate our ambition nor the full potential of our brands. Organic sales declined 4.5% with 6.9 points of volume decline, partially offset by 2.4 points of positive value realization.

現在轉向皮膚健康和美容。正如蒂博所討論的，雖然第一季的業績符合我們的預期，但我們的結果並沒有體現出我們的雄心，也沒有體現出我們品牌的全部潛力。有機銷售額下降 4.5%，銷售量下降 6.9 個百分點，但被正值實現的 2.4 個百分點部分抵銷。

The U.S. Skin Health and Beauty team is heads-on focused on stabilizing the business, and we are still a few quarters away from seeing the impact of this work in our results. However, what I am seeing today is a team that is operating differently. As Thibaut mentioned, we are in the process of bringing our U.S.-based teams together under one roof to drive more collaboration and innovation.

美國皮膚健康與美容團隊正專注於穩定業務，距離看到這項工作對我們業績的影響還有幾個季度的時間。然而，我今天看到的是一支以不同方式運作的團隊。正如蒂博所提到的，我們正在將美國團隊聚集在一個屋簷下，以推動更多的協作和創新。

We are increasing our engagement with health care professionals, with dermatologist recommendations increasing for Neutrogena Face. We're also increasing engagement with our customers. For example, last week, we met our customers at NACDS to collaborate on long-term innovation pipelines.

我們正在加強與醫療保健專業人員的接觸，皮膚科醫生對露得清面部護理的建議也有所增加。我們也增加了與客戶的互動。例如，上週，我們在 NACDS 與客戶會面，就長期創新管道進行合作。

Simply put, the teams are executing the plan that we laid out at the start of the year with focus and energy to stabilize the business in this year. We are seeing encouraging signs, but we certainly recognize there is more work to do.

簡而言之，團隊正在集中精力執行我們年初制定的計劃，以穩定今年的業務。我們看到了令人鼓舞的跡象，但我們當然意識到還有更多工作要做。

Moving to adjusted gross margins. Value realization alongside continued executional excellence in supply chain productivity drove 290 basis points of margin expansion as our teams have accelerated efforts to free up resources and generate the fuel to invest behind our brands. This quarter's strong performance benefited from moderating inflation, which was a slight benefit as market favorability in logistics, energy and agrochemicals outpaced increasing labor pressure alongside slightly favorable currency movements.

轉向調整後的毛利率。隨著我們的團隊加快努力釋放資源並為我們的品牌投資提供動力，價值實現以及供應鏈生產力持續卓越的執行力推動了利潤率成長 290 個基點。本季的強勁表現得益於通膨放緩，這是一個輕微的好處，因為市場對物流、能源和農業化學品的青睞程度超過了勞動力壓力的增加，同時貨幣走勢略有利好。

We have a strong track record of preserving and expanding gross margin, and you can expect that to continue as we move through 2024 and beyond. At the start of the year, we shared that we expected adjusted gross margin to near 2021 levels or 59%. Given where foreign exchange and net input cost inflation have moved, we now expect to be slightly above this level, though recognizing the environment in terms of inflation and FX continues to be volatile.

我們在維持和擴大毛利率方面擁有良好的記錄，您可以預期，隨著我們進入 2024 年及以後，這種情況將繼續下去。今年年初，我們表示預計調整後的毛利率將達到 2021 年附近的水平，即 59%。考慮到外匯和淨投入成本通膨的變化，我們現在預期通膨率將略高於這一水平，儘管我們認識到通膨和外匯方面的環境仍然不穩定。

Turning to adjusted operating income. First quarter adjusted operating income increased 70 basis points to 22%. This increase is primarily due to strong gross margin, partially offset by incremental stand-alone public company costs that we did not have in the first quarter of last year and increased investment behind our brands.

轉向調整後的營業收入。第一季調整後營業收入成長 70 個基點，達到 22%。這一成長主要是由於強勁的毛利率，部分被我們去年第一季沒有的增量獨立上市公司成本以及我們品牌背後的投資增加所抵消。

Let me clarify what we mean when we say increased investment behind our brands. We are referring to advertising investment as well as consumer and product promotion and health care professional spend. It is important to note that, similar to our U.S. peers, but the difference from some of our international peers, our advertising disclosure in our 10-K only represents our pure advertising spend: Digital advertising, television, radio and print media. The disclosure does not include other consumer or product promotion or health care professional spend. When we speak about our $300 million incremental investment, we are referring to the increased brand investment across all 3 categories of spend.

讓我澄清一下當我們說增加品牌背後的投資時我們的意思。我們指的是廣告投資以及消費者和產品促銷以及醫療保健專業支出。值得注意的是，與我們的美國同行類似，但與一些國際同行不同的是，我們在 10-K 的廣告揭露僅代表我們的純廣告支出：數位廣告、電視、廣播和印刷媒體。此揭露不包括其他消費者或產品促銷或醫療保健專業支出。當我們談到 3 億美元的增量投資時，我們指的是所有 3 個支出類別中增加的品牌投資。

Now as you think about SG&A for the remainder of the year, given our increased investment behind our brands, it is fair to assume SG&A as a percentage of net sales will be at similar levels as Q1 for the remainder of the year. Interest expense net for the quarter was $95 million, in line with our guidance.

現在，當您考慮今年剩餘時間的銷售及管理費用時，考慮到我們對品牌的投資增加，可以合理地假設今年剩餘時間的銷售及管理費用佔淨銷售額的百分比將與第一季的水平相似。本季利息支出淨額為 9,500 萬美元，與我們的指導一致。

For taxes, the first quarter adjusted effective tax rate was 28.3%. The increase in the adjusted effective tax rate versus the prior year is primarily attributable to jurisdictional mix of earnings, release of prior year tax reserves due to statute of limitations expiring, and negative impact of share-based compensation in the current period. For the full year, we continue to expect an adjusted effective tax rate of 25.5% to 26.5%, which reflects changes in tax laws as well as tax-optimization strategies that the company intends to pursue.

稅務方面，第一季調整後有效稅率為28.3%。調整後有效稅率較上年增加的主要原因是盈利的司法管轄區組合、上年稅收儲備因時效到期而釋放以及本期股權激勵的負面影響。對於全年，我們繼續預期調整後的有效稅率為25.5%至26.5%，這反映了稅法的變化以及公司打算追求的稅收優化策略。

And finally, adjusted net income was $547 million for the quarter. Adjusted diluted earnings per share was $0.28. On a like-for-like basis, normalizing for interest expense, public company costs, share count and tax rate, earnings per share grew 7.7% versus last year, which brings me to the outlook for the remainder of the year.

最後，該季度調整後淨利潤為 5.47 億美元。調整後攤薄每股收益為 0.28 美元。在同等基礎上，將利息支出、上市公司成本、股票數量和稅率標準化後，每股收益比去年增長了 7.7%，這讓我對今年剩餘時間的前景進行了展望。

We are maintaining our outlook for organic growth in the range of 2% to 4% and earnings per share to be in the range of $1.10 to $1.20. This range assumes about a $0.04 foreign exchange headwind based on current rates. Our outlook balances our solid first quarter while acknowledging macroeconomic dynamics impacting consumer confidence. Our guidance also considers the possibility for unknowns in our seasonal businesses, including sun; allergy; and cold, cough and flu.

我們維持有機成長在 2% 至 4% 範圍內、每股收益在 1.10 美元至 1.20 美元範圍內的預期。根據目前匯率，該範圍假設外匯逆風約為 0.04 美元。我們的展望平衡了第一季的穩健表現，同時承認宏觀經濟動態影響消費者信心。我們的指導也考慮了季節性業務中未知因素的可能性，包括陽光；過敏;以及感冒、咳嗽和流感。

As we talked about, Q2 has a few unique dynamics, including strong compares an expected U.S. retailer trade inventory reduction that will impact our results. We continue to expect an acceleration in the back half of the year as compares ease and our plans take hold. All other guidance metrics, which can be found in the slides accompanying our remarks, remain unchanged.

正如我們所討論的，第二季度有一些獨特的動態，包括與預期的美國零售商貿易庫存減少相比，這將影響我們的業績。我們繼續預計今年下半年會加速，因為比較輕鬆並且我們的計劃得到落實。所有其他指導指標（可以在我們的評論隨附的幻燈片中找到）保持不變。

In summary, I would like to leave you with 3 key takeaways: We had a strong start to 2024; we're executing against our strategic priorities for the year; and we have the right plans, talented people and strategic investments in place to deliver our long-term algorithm.

總而言之，我想給您留下 3 個要點： 2024 年我們有一個好的開局；我們正在執行今年的戰略重點；我們擁有正確的計劃、人才和策略投資來交付我們的長期演算法。

Thank you. And with that, we will take your questions.

謝謝。接下來，我們將回答您的問題。

(Operator Instructions) And your first question comes from the line of Andrea Teixeira from JPMorgan.

（操作員說明）您的第一個問題來自摩根大通的 Andrea Teixeira。

Thibaut and Paul, you both mentioned that the destocking in the Self Care business will likely continue in Q2, and you gave some color on what to expect in organic sales growth. But in terms of how we should be thinking across the divisions in terms of the Skin Health and Beauty, is that something we should -- I understand that there is still a job to be done and it takes time and you mentioned, Paul, a couple of quarters or several quarters, I think, was the language. But should we expect things to improve sequentially? How we should be thinking of Skin Health and Beauty as we progress?

Thibaut 和 Paul，你們都提到自助業務的去庫存可能會在第二季度繼續，並且你們對有機銷售成長的預期給出了一些解釋。但就我們應該如何跨部門思考皮膚健康和美容而言，這是我們應該做的事情——我知道仍有工作要做，這需要時間，你提到，保羅，我認為，幾個季度或幾個季度就是語言。但我們是否應該期望事情會逐步改善？隨著我們的進步，我們應該如何思考皮膚健康和美麗？

All right. Andrea. And so many questions in your question, let me take the first one very quickly on inventory. We mentioned that we saw an impact of the inventory reduction in some U.S. retailers in Q1 in Self Care, but across categories, I would say. And we expect this to continue in Q2, but not last beyond Q2 in terms of this

好的。安德里亞.你的問題中有這麼多問題，讓我快速地談談庫存中的第一個問題。我們提到，我們看到一些美國零售商第一季庫存減少對 Self Care 的影響，但我想說的是，這是跨類別的。我們預計這種情況將在第二季度繼續，但不會持續到第二季​​度之後

Ladies and gentlemen, we are experiencing some technical difficulties. Please stand by.

女士們先生們，我們遇到了一些技術困難。請稍候。

(technical difficulty)

（技術難度）

Hi, everyone. Apologies for that. We had some technical difficulties in our room. We will just go back to Thibaut answering your first question from Andrea.

大家好。對此表示歉意。我們的房間遇到了一些技術困難。我們將回到蒂博來回答安德里亞提出的第一個問題。

All right. So Andrea, I was responding to your question. I'm not sure how much you got out from my answer. I would start -- go back to the beginning, your question about retail inventory reduction and potential impact in Q2.

好的。安德里亞，我正在回答你的問題。我不知道你從我的回答中得到了多少收穫。我想回到開頭，你關於零售庫存減少和第二季潛在影響的問題。

We see -- we saw an impact in Q1 of the retail inventory reduction with some retailers in the U.S. in Self Care, but I would say across categories. And you would expect this impact to continue into Q2, but not beyond the first half.

我們看到 - 我們看到第一季零售庫存減少對美國一些零售商的自助服務產生了影響，但我想說的是跨類別的影響。您預計這種影響將持續到第二季​​度，但不會超過上半年。

Regarding your question on the Skin Health segment and how -- what we should expect moving forward in Skin Health. Our diagnostic has not changed. I've always said that our recovery would not happen overnight, will not be linear. We have developed a thoughtful plan. It's a priority for us. Jan and his team in the U.S. are laser-focused on executing this plan, the objective to stabilize brand in 2024 with improving volumes as the year goes on and deliver growth from 2025 onwards.

關於您關於皮膚健康領域的問題以及我們應該期望在皮膚健康領域取得什麼進展。我們的診斷沒有改變。我一直說我們的復甦不會在一夜之間發生，也不會是線性的。我們制定了一個深思熟慮的計劃。這是我們的首要任務。 Jan 和他在美國的團隊正專注於執行這項計劃，目標是在 2024 年穩定品牌，隨著時間的推移不斷提高銷量，並從 2025 年起實現成長。

It's early. It's early, but I'm encouraged, as you heard in my remarks, with what I call the anecdotal evidence that we are moving in the right direction. We saw this quarter once again that when we activate our brands properly, whether it's with dermatologists or consumers, we see a response, a pretty quick response.

現在還早。現在還為時過早，但正如你們在我的演講中聽到的那樣，我受到了鼓舞，我稱之為“軼事證據”，表明我們正在朝著正確的方向前進。我們在本季度再次看到，當我們正確激活我們的品牌時，無論是與皮膚科醫生還是消費者一起，我們都會看到反應，相當快的反應。

Now we know that we will need more of these activities to have an impact at scale on the business. And we also know that these activities take time to translate into sales and share gains. But we should -- we are definitely hyper-focused on executing the plan in the balance of 2024 to stabilize this business through our focus on in-store presence and prominence, our focus on elevating consumer and dermatologist engagement and on amplifying innovation.

現在我們知道，我們需要更多此類活動才能對業務產生大規模影響。我們也知道，這些活動需要時間才能轉化為銷售和份額收益。但我們應該——我們絕對會高度關注在 2024 年餘下時間執行該計劃，透過關注店內影響力和知名度、提高消費者和皮膚科醫生的參與度以及擴大創新來穩定這項業務。

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

您的下一個問題來自高盛 (Goldman Sachs) 的邦妮·赫爾佐格 (Bonnie Herzog)。

So I wanted to ask because we're hearing from some of your peers that they're seeing a step-up in promotional intensity and they're expecting this going forward. So could you talk about what you're seeing in your markets and some of your key categories and if that's consistent? And basically what your approach will be for the rest of the year. And then how do we think about this in the context of robust gross margin delivery in the quarter? And finally, how does that feed into your expectations for continued contribution from net price realization going forward?

所以我想問這個問題是因為我們從一些同行那裡聽說他們看到促銷力度有所加強，並且他們期待這種情況繼續下去。那麼您能否談談您在市場和一些關鍵類別中看到的情況以及這些情況是否一致？基本上，今年剩餘時間你的方法會是什麼。那麼，在本季毛利率強勁的背景下，我們該如何看待這一點？最後，這如何滿足您對未來淨價實現持續貢獻的預期？

Yes. So what do we see in our categories? We see that our categories continue to be resilient and strong, that's probably unique to -- linked to the unique nature of the consumer health categories compared other stable categories you may be familiar with. In our categories, consumers are looking for efficacious solutions at a compelling value proposition, but it is exactly what we offer at Kenvue.

是的。那麼我們在我們的類別中看到了什麼？我們看到我們的類別繼續保持彈性和強勁，這可能是獨一無二的——與您可能熟悉的其他穩定類別相比，消費者健康類別的獨特性有關。在我們的產品類別中，消費者正在尋找具有令人信服的價值主張的有效解決方案，但這正是我們 Kenvue 提供的產品。

If I look at one indicator, which is the penetration of private label in our categories, we don't see that moving around the world. Actually, the penetration was down in the U.S. in the most recent read. It's also linked to the fact that our Kenvue brands are strong. We are typically #1 and #2 in our respective categories. We offer very strong value proposition at different price points for different types of consumers. And so we cater to different needs of different consumers through our portfolio.

如果我看一個指標，即自有品牌在我們類別中的滲透率，我們不會看到這種情況在世界範圍內發生變化。事實上，根據最近的數據，美國的滲透率有所下降。這也與我們 Kenvue 品牌的強大有關。我們通常在各自類別中排名第一和第二。我們以不同的價位為不同類型的消費者提供非常強大的價值主張。因此，我們透過我們的產品組合來滿足不同消費者的不同需求。

Now it's not something we take for granted. Every day, our teams are focused on making sure that we increase the relevancy of our brands with consumers, our credibility with health care professionals, to maintain our leadership position.

現在，這不再是我們認為理所當然的事。每一天，我們的團隊都致力於確保提高我們品牌與消費者的相關性以及我們在醫療保健專業人員中的可信度，以保持我們的領導地位。

Let me take the other part of your question. When we think about the impact of promotional spend to gross margin, we always look at all activation and investment with an eye to return on investment. So when we think about how we deploy our promotional spend, as well as for media, we look at how we can maximize the spend in investable propositions. So we do balance growth and profitability.

讓我回答你問題的另一部分。當我們考慮促銷支出對毛利率的影響時，我們總是著眼於投資回報來看待所有活化和投資。因此，當我們考慮如何部署促銷支出以及媒體支出時，我們會考慮如何最大限度地提高可投資主張的支出。因此，我們確實平衡成長和獲利能力。

In fact, we're very pleased with how our gross margin is evolving so far. I had mentioned the 290 basis points of gross margin expansion, that comes from both value realization and the excellent work that our supply chain team is doing across the board. And we expect this to continue in the balance of the year.

事實上，我們對迄今為止毛利率的變化感到非常滿意。我曾提到毛利率成長了 290 個基點，這既來自價值實現，也來自我們供應鏈團隊全面進行的出色工作。我們預計這種情況將在今年剩餘時間內持續下去。

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

您的下一個問題來自德意志銀行的史蒂夫鮑爾斯（Steve Powers）。

Thibaut, I wanted to ask about Our Vue Forward program. It seems like it was really just approved by the Board yesterday. So maybe you could give some perspective on just initial reactions internally across the organization, and what steps you've taken to maybe help ensure that this is a program that's viewed as a program of acceleration that people can rally around versus maybe a potential source of disruption.

Thibaut，我想問我們的 Vue Forward 計劃。看來真的是昨天才獲得董事會批准的。因此，也許您可以對整個組織內部的初步反應提出一些看法，以及您採取了哪些步驟來幫助確保這是一個人們可以團結起來的加速計劃，而不是一個潛在的來源。

And in that vein, if you could talk a little bit about where you see reinvestments to be prioritized as the savings are realized over the next couple of years, that would be great as well.

本著這種精神，如果您能談談您認為隨著未來幾年實現節省，再投資的優先順序，那就太好了。

Yes. So let me take the first part of your question, Steve, and I'll have Paul answer the second one on the reinvestment. Our Vue Forward has always been a key element of our plan. We see the opportunity of exiting TSAs to not only clone the way of working we had as a division of J&J, but as an opportunity to reinvent our ways of working to make Kenvue more competitive and a company focused on profitable growth. And that's what Our Vue Forward is all about.

是的。史蒂夫，讓我回答你問題的第一部分，我將讓保羅回答關於再投資的第二部分。我們的 Vue Forward 一直是我們計劃的關鍵要素。我們認為退出 TSA 的機會不僅是克隆我們作為強生部門的工作方式，而且是重塑我們工作方式的機會，使 Kenvue 更具競爭力，成為一家專注於盈利增長的公司。這就是我們的 Vue Forward 的意義所在。

We are -- we have been thoughtful about putting together a comprehensive program that covers our global operations. As you said, our Board formally approved this work this week. And so today, we are sharing the details with you. We are -- everybody at Kenvue is mobilized to transform our company. That's something that we started doing from day 1, but we are clearly ramping up our efforts in this area as we enter our first full year as an independent company.

我們一直在考慮制定一個涵蓋我們全球業務的綜合計劃。正如你所說，我們的董事會本周正式批准了這項工作。所以今天，我們與您分享詳細資訊。我們 Kenvue 的每個人都被動員起來改造我們的公司。這是我們從第一天就開始做的事情，但隨著我們進入作為一家獨立公司的第一個全年，我們顯然正在加強在這一領域的努力。

And as I said, everybody understands that -- and is excited that the TSA exits is really an opportunity for us to reinvent our ways of working and become more nimble, more agile, closer to the consumer with better defined roles and responsibilities, having our teams co-located for better collaboration, innovation, creativity. And that's what we are all going after through this program.

正如我所說，每個人都明白這一點，並且很高興TSA 的退出確實是我們重塑工作方式的機會，變得更加靈活、更加敏捷、更加貼近消費者，具有更明確的角色和責任，讓我們團隊位於同一地點，以實現更好的協作、創新和創造力。這就是我們透過這個計劃所追求的目標。

Yes. Let me provide some more details about how we're spending the $275 million both in '24 and '25. First, a large is going towards streamlining operations, mostly in our functions, where we are clarifying roles and responsibilities, we're simplifying processes, eliminating redundancies and the associated costs are primarily related to severance and footprint.

是的。讓我提供一些有關我們如何在 24 年和 25 年花費 2.75 億美元的更多細節。首先，我們正在大力簡化運營，主要是在我們的職能方面，我們正在澄清角色和責任，我們正在簡化流程，消除冗餘，相關成本主要與遣散費和占地面積有關。

A second large bucket is related to the upgrade of IT infrastructure that will allow us to be more competitive with our peers, allowing for faster and more informed decision-making. That is the second part of our investment. Ultimately, all of these investments position Kenvue to be much more agile at a lower cost of infrastructure and allowing us to be more competitive.

第二桶與 IT 基礎架構的升級有關，這將使我們能夠在同行中更具競爭力，從而能夠更快、更明智地做出決策。這是我們投資的第二部分。最終，所有這些投資使 Kenvue 能夠以更低的基礎設施成本變得更加敏捷，並使我們更具競爭力。

I want to reiterate all of this has been contemplated in our guidance, and it bolsters into delivering on our long-term algorithm on growing income faster than sales.

我想重申，所有這些都已在我們的指導中考慮到，並且它有助於實現我們收入成長快於銷售額成長的長期演算法。

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

您的下一個問題來自加拿大皇家銀行資本市場 (RBC Capital Markets) 的尼克莫迪 (Nik Modi)。

Just a quick clarification in terms of how you overdeliver, just wanted to make sure I understood exactly what the source of the upside was.

只是快速澄清一下如何超額交付，只是想確保我準確地理解優勢的來源是什麼。

And then, Thibaut just -- when you think about new leadership for Skin Health and Beauty, are there any specific characteristics you're looking for in terms of the new leadership? Just any perspective around that would be helpful.

然後，蒂博，當您考慮皮膚健康和美容領域的新領導層時，您在尋找新領導層時是否有任何具體特徵？任何圍繞這一點的觀點都會有所幫助。

Thank you, Nik. And let me take the first one, what drove the outperformance in Q1. Remember, we guided to about flat, and the outperformance was driven by price, a little bit by a little bit by volume as well. And from a regional perspective, Europe is doing very well, slightly ahead of our expectations, and Essential Health from a segment perspective is also performing very well both in EMEA and LatAm. The rest is performing in our expectations. So pockets of strength across the portfolio as we execute against our priorities.

謝謝你，尼克。讓我來看第一個，是什麼推動了第一季的優異表現。請記住，我們指導的價格基本上持平，而表現優異是由價格驅動的，也一點點由數量驅動。從區域角度來看，歐洲表現非常好，略高於我們的預期，從細分市場角度來看，Essential Health 在歐洲、中東和非洲和拉丁美洲的表現也非常好。其餘的表現符合我們的預期。因此，當我們執行我們的優先事項時，整個投資組合中都充滿了力量。

I'll let you answer the second part of your question.

我會讓你回答你問題的第二部分。

On Skin Health, we have made the decision this quarter to relocate our segment leader position from Asia to the U.S. to work more closely with, again, in the spirit of being co-located with the majority of our teams and foster collaboration and creativity.

在皮膚健康方面，我們本季決定將我們的細分市場領導者職位從亞洲轉移到美國，以便再次本著與我們大多數團隊同地辦公並促進協作和創造力的精神，更加密切地合作。

As we look for a new leader for this segment, you will see a new leader coming in with an experience in the dynamic skin care category, but also with experience in growing global megabrands because that's what you are talking about when you are talking about brands like Neutrogena, Aveeno and others that are megabrands present all over the world. So that's what you will see moving forward.

當我們為這個細分市場尋找新的領導者時，您會看到一位新領導者不僅擁有動態護膚品類的經驗，而且還擁有發展全球大品牌的經驗，因為這就是您在談論品牌時所談論的內容像是露得清 (Neutrogena)、艾維諾 (Aveeno) 和其他遍布世界各地的大品牌。這就是您將看到的進展。

And then, Nik, maybe just to add on because it's an important point just in terms of Q1's outperformance. Paul talked through some of the unique dynamics. There's also unique dynamics in the second quarter that will absorb some of that. So overall for the first half, kind of in line with expectations in terms of performance.

然後，尼克，也許只是補充一下，因為就第一季的優異表現而言，這是一個重要的點。保羅談到了一些獨特的動態。第二季也有獨特的動態，將吸收其中的一些。整體而言，上半年的表現符合預期。

And for the full year, in line with our expectations as well.

全年情況也符合我們的預期。

Your next question comes from the line of Anna Lizzul from Bank of America.

您的下一個問題來自美國銀行的 Anna Lizzul。

I just wanted to follow up on Bonnie's question. I wanted to ask how you plan to split some of the incremental investment in your brands, maybe between marketing and promotion. And how should we think about a potential increase of promotion or trade spend on price/mix as we move through the year?

我只是想跟進邦妮的問題。我想問您計劃如何分配品牌的部分增量投資，也許是在行銷和促銷之間分配。隨著這一年的推移，我們應該如何考慮價格/組合方面的促銷或貿易支出的潛在增加？

And then in Skin Health and Beauty, how much of the volume weakness was driven by Dr.Ci:Labo in China? Are you beginning to see a recovery there? And how should we think about the volume performance in Skin Health and Beauty by region this quarter?

那麼，在皮膚健康與美容領域，銷量下滑有多少是由中國城野醫生造成的？您開始看到那裡的復甦嗎？我們該如何看待本季皮膚健康與美容按地區的銷售表現？

Thank you for the question, Anna. Let me take the first part, and Thibaut will the second one. In terms of how we plan to spend our investments in our brands, remember, we always take a digital-first ROI-driven approach. We are on track to investing the $300 million more that we mentioned at our Q4 earnings. And we began Q1 with a focus on our 15 priority brands, considering what we call investable propositions, and those are the ones where we maximize the return on investment. We are increasing investment across a spectrum of activities, from in-store activation to media, digital influencers, and also HCP endorsement with a focus to amplify our innovation.

謝謝你的提問，安娜。讓我來講第一部分，蒂博講第二部分。就我們計劃如何投資品牌而言，請記住，我們始終採取數位優先、投資報酬率驅動的方法。我們預計將再投資我們在第四季度收益中提到的 3 億美元。我們從第一季開始，專注於 15 個優先品牌，考慮我們所謂的可投資主張，而這些主張是我們最大化投資回報的主張。我們正在增加對一系列活動的投資，從店內激活到媒體、數位影響力，以及 HCP 認可，重點是擴大我們的創新。

Now the timing of the payback, you may ask, may vary. For example, in-store promotion has a more immediate but short-lived payback. And when we think about on the other extreme, HCP engagement is generally more of a long-term, more durable impact. But we're balancing all of those activities, focusing on the 15 priority brands, and we're encouraged by what we are seeing in Q1. And we'll continue to deploy in the balance of the year to maximize reach and return on investment.

您可能會問，現在回報的時間可能會有所不同。例如，店內促銷的回報更直接但短暫。當我們考慮另一個極端時，HCP 的參與通常會產生更長期、更持久的影響。但我們正在平衡所有這些活動，並專注於 15 個優先品牌，我們對第一季所看到的情況感到鼓舞。我們將在今年剩餘時間繼續部署，以最大限度地擴大覆蓋範圍和投資回報。

Thibaut, let me pass on the second question to you.

蒂博，讓我向您轉達第二個問題。

Sure. So your question on volume in China and Dr.Ci:Labo is a great question because it gives me the opportunity to talk about our China business. I feel that it's not always well understood.

當然。因此，您關於中國和 Dr.Ci:Labo 銷售的問題是一個很好的問題，因為它讓我有機會談論我們的中國業務。我覺得這並不總是很好理解。

So China grew nicely last year, and we saw China continuing to do very well in Q1, growing double digit. A couple of facts about our business in China. You may recall that China represents approximately 7% of our business. So it's not an overly developed market for us, ample opportunity for Kenvue to grow in that market.

中國去年成長良好，我們看到中國在第一季繼續表現出色，成長了兩位數。關於我們在中國業務的一些事實。您可能還記得，中國約占我們業務的 7%。因此，這對我們來說並不是一個過度發展的市場，Kenvue 在該市場中有充足的發展機會。

The other thing is that the majority of our business in China is in Self Care segment. We continue to see the categories growing as macro trends in China support growth, especially with a very ambitious Healthy China 2030 agenda by the China government. We see Chinese consumers continuing to be attracted to science-based efficacious solutions like ours. We are operating in China for many years with a very strong team. We are investing in our Self Care pipeline.

另一件事是，我們在中國的大部分業務都在自我照護領域。隨著中國宏觀趨勢支持成長，尤其是中國政府制定了雄心勃勃的「健康中國2030」議程，我們繼續看到這些類別不斷增長。我們看到中國消費者繼續被像我們這樣基於科學的有效解決方案所吸引。我們在中國運作多年，擁有一支非常強大的團隊。我們正在投資我們的自我照護管道。

Just a fun fact for you. Last year, we launched more innovation in China than we launched in the past 11 years combined in Self Care. And we have a very strong leadership position in that market across analgesics, pediatrics, allergy, antifungals. So when you hear me talking about our business in China, you see why we are pleased with the performance of our China -- the teams in China.

對你來說只是一個有趣的事實。去年，我們在中國推出的創新數量比過去 11 年在 Self Care 領域推出的創新數量總和還要多。我們在鎮痛藥、兒科、過敏、抗真菌藥物市場上擁有非常強大的領導地位。因此，當您聽到我談論我們在中國的業務時，您就會明白為什麼我們對中國團隊的表現感到滿意。

Then there is a small part of our business that is not Self Care. That's where Dr.Ci:Labo and other brands are hosted. And here, as everybody else, we saw a deceleration of that part of business. We see the consumer being more cautious. As I indicated at the beginning of the year, we are not investing ahead of the curve in that part of the business. We have not assumed any recovery in the back half of our plan -- back half of the year in our plan and our outlook for the year.

我們的業務中有一小部分不是自我照顧。這裡是 Dr.Ci:Labo 和其他品牌的所在地。在這裡，和其他人一樣，我們看到這部分業務的減速。我們看到消費者更加謹慎。正如我在年初指出的那樣，我們並沒有提前投資這部分業務。我們沒有假設我們的計劃後半段會出現任何復甦——我們的計劃和今年的展望是今年後半段。

And -- but as I've always said, we are committed to the long-term prospect in China and that view has not changed. China is a positive contributor to our growth, and we expect it to be the case again in 2024.

而且，正如我一直說的，我們致力於中國的長期前景，這一觀點並沒有改變。中國為我們的成長做出了積極貢獻，我們預計 2024 年仍將如此。

Your next question comes from the line of Filippo Falorni from Citi.

您的下一個問題來自花旗銀行的 Filippo Falorni。

Just a quick clarification. In the Q1 results, in the 1.9% organic, was there any impact from hyperinflation or repricing? Most of your peers have called it out. So I just wanted to check on that.

只是快速澄清一下。在第一季的結果中，有機率為 1.9%，惡性通膨或重新定價是否有任何影響？你的大多數同行都已經指出了這一點。所以我只是想檢查一下。

And then a bigger question. You mentioned Q2, you expect low single-digit declines in Self Care. Maybe you can give some color for the other segment on expectations as well. And as you think about the second half, what gives you that confidence that volume will accelerate? Some of it is easy comps? Is it benefit from your investment action and investment in marketing advertising? Any more color there would be helpful.

然後是一個更大的問題。您提到第二季度，您預計自我照護業務將出現低個位數下降。也許你也可以為其他部分的期望提供一些顏色。當您思考下半年時，是什麼讓您有信心成交量將會加速？其中一些是簡單的比較？它是否受益於您的投資行動和行銷廣告投入？任何更多的顏色都會有幫助。

Yes. Thank you for the question, Filippo. Hyperinflation, particularly in both Argentina and in Turkey, represented about 90 basis points in Q1 with no impact to earnings. We are taking the appropriate pricing. That's why there's no impact to earnings. Hyperinflation is expected to have about 50% benefits for the top line for the full year as this 90 basis points in Q1 was particularly high given the compares versus last year.

是的。謝謝你的提問，菲利波。第一季的惡性通貨膨脹（尤其是阿根廷和土耳其）約為 90 個基點，但對獲利沒有影響。我們正在採取適當的定價。這就是為什麼對收入沒有影響的原因。惡性通貨膨脹預計將為全年營收帶來約 50% 的收益，因為與去年相比，第一季的 90 個基點特別高。

Do you want to take second one?

你想拿第二個嗎？

I will take the second one about the unique dynamics of the Self Care segment in Q2. Filippo, there are a few dynamics for you to consider in Q2 as you think about Q2 for the Self Care segment specifically.

我將討論第二個關於第二季自我照護細分市場的獨特動態的問題。 Filippo，當您專門考慮第二季的自我照顧細分市場時，您需要在第二季考慮一些動態。

One, we are going to have compares -- the difficult compares to absorb. We grew double digit in the second quarter last year. So that will be a strong compare. The second one is that we do not expect the same seasonal strength that we saw in China in the second quarter when China reopened. We expect continued impact of trade inventory reduction in -- by some customers in the U.S. And I told you that, so far, we saw a slow start to the allergy season which will weigh on volumes in Q2.

第一，我們將進行比較──難以吸收的比較。去年第二季我們實現了兩位數的成長。所以這將會是一個強而有力的比較。第二個問題是，我們預計不會出現第二季中國重新開放時所看到的季節性強勁勢頭。我們預計美國一些客戶的貿易庫存減少將繼續產生影響。

Having said that, we -- you should also see it as non-operational elements masking the underlying in-market performance of our Self Care business. So that's what is driving our current thinking for Self Care in Q2.

話雖如此，我們——你也應該將其視為掩蓋我們自我照顧業務基本市場表現的非營運因素。這就是推動我們目前對第二季自我照顧的思考的原因。

Regarding the back half of the year, we see no change in our expectations for the back half, and that's why we reaffirm our guidance for 2024 this morning. It's going to be a combination of the easier compares, to your point, but also seeing our plans taking hold as we execute our -- against our 2024 priorities.

關於今年下半年，我們認為對下半年的預期沒有變化，這就是為什麼我們今天早上重申對 2024 年的指導。就您的觀點而言，這將是更簡單的比較的結合，同時也會看到我們的計劃在我們執行 2024 年優先事項時得到落實。

Your last question comes from the line of Korinne Wolfmeyer from Piper Sandler.

你的最後一個問題來自 Piper Sandler 的 Korinne Wolfmeyer。

I'd like to touch a little bit more on the gross margin. It came in a little bit higher this quarter. I know you talked a little bit about some of the drivers there. Is there any way you can help us quantify the specific drivers and help us better understand which ones are going to be more sticky throughout the course of the year? And then any color on how to think about the cadence of the gross margin throughout the remainder of the year?

我想多談談毛利率。本季的收入略高一些。我知道你談過那裡的一些司機。您有什麼方法可以幫助我們量化具體的驅動因素，並幫助我們更好地了解哪些驅動因素在一年中會更具黏性？那麼，關於如何思考今年剩餘時間內毛利率的節奏，有什麼顏色嗎？

Yes. Korinne, thank you for the question. We're actually very, very proud of the work that team is doing. Gross margin is a strong muscle for Kenvue. And pricing, that is value realization, continues to be a component our gross margin enhancement along with continuous efficiencies in our operations. The impact of inflation is also moderating with agrochemicals becoming now a tailwind and is still offset by some headwinds in labor and energy. And we're mindful of the unique dynamics and the volatility that we still see in the commodity markets. But we're very confident that we will be reaching, as I said in my prepared remarks, our stated goal of 59% by -- that we had back in 2021 this year. So we're more optimistic about the gross margin enhancement that will help fuel the brand activation and getting closer to our consumers and customers.

是的。科琳，謝謝你的提問。事實上，我們對團隊所做的工作感到非常非常自豪。毛利率是 Kenvue 的一大優勢。定價，即價值實現，仍然是我們提高毛利率以及持續提高營運效率的一個組成部分。通膨的影響也在減弱，農業化學品現在成為順風，但仍然被勞動力和能源的一些逆風所抵消。我們注意到商品市場仍然存在的獨特動態和波動性。但我們非常有信心，正如我在準備好的演講中所說，我們將在 2021 年實現 59% 的既定目標。因此，我們對毛利率的提高更加樂觀，這將有助於促進品牌活化並拉近與消費者和客戶的距離。

As to what it means in terms of the cadence of the year, there's always a natural seasonality in our business. But I would -- it's fair to assume that our gross margins will be slightly better than we originally anticipated, that will continue to allow to fuel our investments in our brands.

至於一年的節奏意味著什麼，我們的業務總是存在著自然的季節性。但我會——公平地假設我們的毛利率將略高於我們最初的預期，這將繼續推動我們對品牌的投資。

We have reached the end of our question-and-answer session. I would now like to turn the floor back over to Thibaut Mongon for closing remarks.

我們的問答環節已經結束。現在我想請蒂博·蒙貢 (Thibaut Mongon) 致閉幕詞。

So thank you all for participating on today's call, and apologies again for the technical glitch at the beginning.

感謝大家參加今天的電話會議，並對一開始的技術故障再次表示歉意。

As you can see, we are pleased with our solid start to the year. As we have discussed, we are committed to continue to transform our organization with our 3 clear strategic priorities: Reaching more consumers, freeing up resources to invest in our brands and fostering a culture of performance and impact at Kenvue. So our teams are all focused on executing with excellence, and we look forward to updating you on our progress throughout the year.

正如您所看到的，我們對今年的良好開局感到滿意。正如我們所討論的，我們致力於透過 3 個明確的策略重點繼續改造我們的組織：吸引更多消費者、釋放資源投資我們的品牌以及在 Kenvue 培養績效和影響力的文化。因此，我們的團隊都專注於卓越執行，我們期待向您通報我們全年的進展。

Have a great day, everyone.

祝大家有個美好的一天。

This concludes today's conference. Thank you for your participation. Have a wonderful day. You may disconnect your lines at this time.

今天的會議到此結束。感謝您的參與。祝你有美好的一天。此時您可以斷開線路。