億滋國際 (MDLZ) 2018 Q3 法說會逐字稿

Good day, and welcome to the Mondelez International Third Quarter 2018 Earnings Conference Call. Today's call is scheduled to last about 1 hour, including remarks by Mondelez management and the question-and-answer session. (Operator Instructions)

大家好，歡迎參加億滋國際2018年第三季財報電話會議。今天的電話會議預計持續約 1 小時，包括億滋國際管理層的演講和問答環節。（操作說明）

I'd now like to turn the call over to Mr. Shep Dunlap, Vice President, Investor Relations from Mondelez. Please go ahead, sir.

現在我想把電話交給億滋國際投資者關係副總裁謝普‧鄧拉普先生。請繼續，先生。

Thank you. Good afternoon, and thanks for joining us. With me today are Dirk Van de Put, our Chairman and CEO; and Luca Zaramella, our CFO.

謝謝。下午好，感謝各位的參與。今天陪同我的是我們的董事長兼執行長 Dirk Van de Put，以及我們的財務長 Luca Zaramella。

Earlier today, we sent out our press release and presentation slides, which are available on our website, mondelezinternational.com/investors.

今天早些時候，我們發布了新聞稿和演示文稿，這些內容可在我們的網站 mondelezinternational.com/investors 上找到。

During this call, we'll make forward-looking statements about the company's performance. These statements are based on how we see things today. Actual results may differ materially due to risks and uncertainties. Please refer to the cautionary statements and risk factors contained in our 10-K and 10-Q filings for more details on our forward-looking statements.

在本次電話會議中，我們將對公司的績效做出前瞻性陳述。這些說法是基於我們今天看待事物的方式。由於風險和不確定因素，實際結果可能與預期有重大差異。有關我們前瞻性聲明的更多詳情，請參閱我們 10-K 和 10-Q 文件中包含的警示性聲明和風險因素。

Some of today's prepared remarks include non-GAAP financial measures. Today, we will be referencing our non-GAAP financial measures unless otherwise noted. You can find the GAAP to non-GAAP reconciliations within our earnings release and at the back of the slide presentation.

今天準備的發言稿中部分內容涉及非GAAP財務指標。除非另有說明，今天我們將使用非GAAP財務指標。您可以在我們的獲利報告中以及投影片簡報的背面找到 GAAP 與非 GAAP 的調整表。

And with that, I'll now turn the call over to Dirk.

接下來，我將把電話交給德克。

Thank you, Shep, and good afternoon.

謝謝你，謝普，下午好。

We delivered very solid results for the third quarter. We continued to build momentum on the top line while increasing both adjusted growth and operating margin, and we delivered another double-digit increase in adjusted earnings per share.

第三季我們取得了非常穩健的業績。我們在營收方面持續保持成長勢頭，同時提高了調整後的成長和營業利潤率，並實現了調整後每股收益的另一個兩位數成長。

Our third quarter organic net revenue grew 1.2%, which includes 60 basis points of headwind for onetime malware effects last year, and it was supported by positive volume growth. We also delivered adjusted EPS growth of 18% at constant currency and solid free cash flow, which is now $1.1 billion year-to-date.

我們第三季的有機淨收入成長了 1.2%，其中包括去年一次性惡意軟體影響造成的 60 個基點的不利影響，但銷售量的正面成長支撐了這一成長。我們也實現了以固定匯率計算的調整後每股收益成長 18%，以及穩健的自由現金流，今年迄今已達 11 億美元。

As I laid out at our Investor Day last month, we are excited about the growth potential of snacking. Vibrant categories like chocolate and biscuits are growing faster than other areas in food. I want to thank many of you for attending and giving us an opportunity to share our vision and priorities around growth, execution and culture. Mondelez is well positioned to lead the future of snacking, thanks to our unique portfolio of iconic global and local brands and our advantaged geographic footprint.

正如我上個月在投資者日上所闡述的那樣，我們對零食產業的成長潛力感到興奮。巧克力和餅乾等充滿活力的品類比其他食品類別成長更快。我要感謝各位的出席，並感謝你們給我們機會分享我們在成長、執行和文化方面的願景和優先事項。憑藉我們獨特的標誌性全球和本地品牌組合以及我們優越的地理佈局，億滋國際已做好充分準備引領零食產業的未來。

Nearly 40% of our revenues come from fast-growing emerging markets, which we expect will disproportionately contribute to future snacking growth. In the third quarter, emerging markets continued to show strong momentum and delivered an increase in revenues of 6%. This was driven by positive volume and pricing with particular strength in Russia, India, Mexico, China, Southeast Asia and Africa. Excluding Argentina, emerging markets grew 4.5%.

我們近 40% 的收入來自快速成長的新興市場，我們預計這些市場將對未來的零食市場成長做出不成比例的貢獻。第三季度，新興市場持續保持強勁成長勢頭，營收成長了 6%。這主要得益於銷售和價格的正面成長，尤其是在俄羅斯、印度、墨西哥、中國、東南亞和非洲市場表現強勁。除阿根廷外，新興市場成長4.5%。

In North America, as we discussed with you before, we are working to address several issues in our business which, as expected, continue to impact results. On the biscuits consumer side, overall consumption and our share were positive with key brands such as Oreo, Ritz and belVita performing well, but we have more work to do to improve our service delivery.

正如我們之前與您討論的那樣，在北美，我們正在努力解決業務中的幾個問題，不出所料，這些問題繼續影響著業績。在餅乾消費方面，整體消費量和我們的市佔率都表現良好，奧利奧、麗滋和焙朗等主要品牌表現優異，但我們還有更多工作要做，以改善我們的服務交付。

Over the past couple of years, we've already made significant changes in North America, and we are now producing around 60% of our volume on advantaged assets in the region. We are continuing with additional end-to-end investments in capacity, systems and people, and we are seeing the progress. However, it will take us time to fix and, as such, progress will not be linear.

在過去的幾年裡，我們已經在北美進行了重大變革，目前我們在該地區的優勢資產上生產了約 60% 的產量。我們正在繼續增加對產能、系統和人員的全面投資，並且已經看到了成效。然而，解決這個問題需要時間，因此，進展不會是線性的。

Turning to our long-term growth strategy, I would like to share with you the progress we are making towards our strategic growth priorities. But before I do, let me remind you what they are. First, we are accelerating consumer-centric growth. Second, we are driving operational excellence in everything we do. And third, we are building a winning growth culture. Our long-term goal is to deliver volume-led top line growth that translates into high single-digit adjusted EPS growth and attractive free cash flow generation. Unlocking further growth requires us to put the consumer at the heart of our work. We will do so by further contemporizing our brands, capitalizing on untapped growth opportunities in channels and geographies and overhauling our marketing and innovation agenda. Let's look at innovation in a bit more detail.

談到我們的長期成長策略，我想與大家分享我們在實現策略成長重點方面所取得的進展。但在此之前，讓我先提醒你們它們是什麼。首先，我們正在加速以消費者為中心的成長。其次，我們致力於在所有工作中追求卓越營運。第三，我們正在打造一種持續成長的文化。我們的長期目標是實現銷售驅動的營收成長，從而轉化為高個位數的調整後每股收益成長和可觀的自由現金流。要進一步成長，我們需要將消費者置於我們工作的核心。我們將透過進一步使我們的品牌現代化，利用通路和地域中尚未開發的成長機會，並徹底改革我們的行銷和創新議程來實現這一目標。讓我們更詳細地了解一下創新。

As I explained at our Investor Day, we're implementing a more agile innovation model founded on the test, learn and scale principle and grounded in local consumer insights. A good example of this is the recent introduction in Europe of Joy Fills, an innovative product platform that we're launching under the Oreo, Cadbury and Milka brands at the same time. Our European team has taken this idea to market in record time, creating an entirely new product format for consumers to munch on. Imagine it as a crispy, pea-sized biscuit with a creamy filling that offers a light, but indulgent, treat. Early indications are positive, and we're looking forward to seeing more.

正如我在投資者日上所解釋的那樣，我們正在實施更敏捷的創新模式，該模式基於測試、學習和規模化原則，並以本地消費者洞察為基礎。一個很好的例子就是我們最近在歐洲推出的 Joy Fills，這是一個創新的產品平台，我們同時以 Oreo、Cadbury 和 Milka 品牌推出這個平台。我們的歐洲團隊以創紀錄的速度將這一理念推向市場，為消費者創造了一種全新的零食產品形式。想像一下，它就像一塊酥脆的豌豆大小的餅乾，裡麵包裹著奶油餡料，帶來輕盈卻又令人愉悅的美味享受。初步跡象令人鼓舞，我們期待看到更多進展。

Over in India, our recently launched Lickables product continues to do well with consumers, helping deliver 90 basis points of chocolate share gains year-to-date in a market where we already have strong leadership. And here in the U.S., Oreo, which is already posting a mid-single-digit growth in the third quarter, is getting ready for the launch of the biggest Oreo cookie yet, the Most Stuf edition.

在印度，我們最近推出的 Lickables 產品繼續受到消費者的歡迎，幫助我們在巧克力市場份額今年迄今為止增長了 90 個基點，而我們已經在該市場擁有強大的領導地位。在美國，奧利奧第三季度已經實現了中等個位數的成長，並且正準備推出迄今為止最大的奧利奧餅乾——「超大夾心」版。

While we're driving the test, learn and scale model in local markets, we're simultaneously dialing up our overall commitment to innovation with a platform called SnackFutures, which will be dedicated to unlocking future snacking growth opportunities around the world.

在我們在本地市場推行測試、學習和規模化模式的同時，我們也在透過一個名為 SnackFutures 的平台，加大對創新的整體投入，該平台將致力於挖掘全球零食市場的未來成長機會。

SnackFutures will bring together internal and external talent to drive 3 mandates: inventing new businesses and brands in key strategic areas, reinventing smaller brands with untapped potential, and creating ventures with early-stage entrepreneurs to seed new businesses. We are excited about the potential of this platform to help us drive the future of snacking. We will share more with you in the coming weeks about this.

SnackFutures 將匯聚內部和外部人才，以實現 3 項使命：在關鍵策略領域創建新業務和品牌，重塑具有未開發潛力的較小品牌，以及與早期企業家創建合資企業，為新業務播下種子。我們對這個平台的潛力感到興奮，它有望幫助我們引領零食產業的未來。未來幾週，我們將與您分享更多相關資訊。

Another route to drive additional growth is M&A. Our recent acquisition, Tate's Bake Shop, performed well in the quarter, growing strong double-digit, above our expectation, as it continues to ramp up distribution in the U.S. We remain excited about this platform and the opportunity we have to scale the business while preserving what makes it unique.

推動成長的另一個途徑是併購。我們最近收購的 Tate's Bake Shop 在本季度表現出色，實現了強勁的兩位數成長，超越預期，並且正在不斷擴大其在美國的分銷管道。我們對這個平台以及在保持其獨特性的同時擴大業務規模的機會仍然感到興奮。

Turning to the second pillar of our strategy, we remain highly focused on our driving -- on driving operational excellence in all facets of our business. In recent years, we have focused mainly on productivity improvements, and we continue to make progress in this area.

談到我們策略的第二個支柱，我們仍然高度專注於推動業務各個方面的卓越營運。近年來，我們主要致力於提高生產效率，並且我們在這一領域不斷取得進展。

In the third quarter, we drove productivity even further, which helped us deliver 110 basis point increase in our adjusted gross margin to 40.6%. Beyond this, we are also looking to drive end-to-end improvements in our processes and systems to help make us more efficient and, specifically, to iron out the operational challenges that are impacting North America.

第三季度，我們進一步提高了生產效率，這幫助我們實現了調整後毛利率成長 110 個基點，達到 40.6%。除此之外，我們還希望推動流程和系統的端到端改進，以提高效率，特別是解決影響北美地區的營運挑戰。

Finally, we remain committed to changing not just what we do but how we do it, by building a winning growth culture. As such, we are altering our ways of working to provoke a shift in mindset and behaviors. Starting January 1, we will shift to a new local commercial structure that will drive greater consumer focus and reduce the complexity caused by organizational overlap, but we will continue to manage our operations by region to leverage regional operating scale. We are creating 13 geographic business units, each reporting into one of our 4 regions.

最後，我們仍然致力於改變我們所做的事，以及我們做事的方式，從而建立一種成功的成長文化。因此，我們正在改變工作方式，以促使人們的思維方式和行為轉變。從 1 月 1 日起，我們將轉向新的本地商業結構，這將更加註重消費者，並減少因組織重疊而造成的複雜性，但我們將繼續按地區管理我們的運營，以利用區域運營規模。我們正在創建 13 個地理業務部門，每個部門都向我們的 4 個區域之一報告。

This move clarifies accountabilities, and we are aligning our incentive structure to drive greater ownership of local business results. We believe this change will enable volume-driven top line growth and absolute profit dollar growth. With the rollout of this new structure in the regions, we will create a more agile company that can react faster to local consumer preferences without losing the benefits of our scale and global expertise in marketing, manufacturing and innovation.

此舉明確了責任劃分，我們正在調整激勵機制，以推動員工對本地業務成果承擔更大的責任。我們相信這項變化將帶來銷售驅動的營收成長和絕對利潤成長。隨著這項新架構在各地區的推出，我們將打造一家更靈活的公司，能夠更快地響應當地消費者的偏好，同時又不失去我們在行銷、製造和創新方面的規模優勢和全球專業知識。

We have also announced today that Hubert Weber, Executive Vice President and Regional President of our European business, has decided to retire from the company at the end of January. Hubert has led our European business during a period of exceptional change, delivering a strong track record in terms of profitability and setting up this important region for future growth. We thank him for his 29 great years with the company and wish him all the best.

我們今天也宣布，公司執行副總裁兼歐洲業務區域總裁休伯特韋伯 (Hubert Weber) 已決定於 1 月底從公司退休。在一段充滿變革的時期，Hubert 領導著我們的歐洲業務，在獲利能力方面取得了顯著成就，並為這一重要地區的未來成長奠定了基礎。我們感謝他為公司奉獻的29年，並祝福他一切順利。

Hubert will be replaced by Vinzenz Gruber, currently President, Western Europe, who brings extensive marketing and commercial experience as well as strong leadership credentials both from within this company and outside. We are confident Vince will step in right away and continue to build on the great momentum we have in our European business.

Hubert 將由 Vinzenz Gruber 接任，他目前是西歐區總裁，擁有豐富的行銷和商業經驗，以及來自公司內外的強大領導能力。我們相信，文斯會立即接手，並繼續鞏固我們在歐洲業務方面取得的巨大發展勢頭。

During our Investor Day, I also talked about our purpose, which is to empower people to snack right, a purpose we believe we can fulfill by providing the right snack at the right moment, made the right way. We are already seeing compelling evidence of our new purpose in action. Our ambition to produce snacks the right way, for instance, is manifested in our recently announced commitment to ensure that all our packaging is recyclable by 2025. And we strongly believe that if we make our products the right way, our consumers will continue to choose our beloved and iconic brands for years to come.

在我們的投資者日上，我還談到了我們的宗旨，讓人們能夠正確地享用零食。我們相信，透過在適當的時間以合適的方式提供合適的零食，我們可以實現這一宗旨。我們已經看到了新目標在實踐中得到有力體現的證據。例如，我們致力於以正確的方式生產零食，這一點體現在我們最近宣布的承諾中，即到 2025 年確保我們所有的包裝都是可回收的。我們堅信，如果我們以正確的方式生產產品，我們的消費者在未來的許多年裡仍會繼續選擇我們備受喜愛和標誌性的品牌。

In summary, our third quarter results were solid. Our year-to-date momentum continues, and we are well set to deliver our commitments for the year. The underlying strengths of our snacking categories, particularly in emerging markets, together with our early progress on our strategic initiatives, gives us confidence that we are on the right track to generate attractive, long-term total returns for shareholders.

總而言之，我們第三季的業績表現穩健。今年以來，我們的發展動能依然強勁，我們完全有能力實現今年的各項承諾。我們零食品類（尤其是在新興市場）的潛在優勢，以及我們在策略舉措方面取得的早期進展，使我們有信心，我們正走在正確的道路上，為股東創造有吸引力的長期總回報。

Now I'd like to turn it over to Luca.

現在我想把麥克風交給盧卡。

Thanks, Dirk, and good afternoon.

謝謝你，德克，下午好。

We performed well across a number of financial metrics and continued to see good revenue and volume momentum as well as solid margin performance that is consistent with our outlook.

我們在多項財務指標上表現良好，營收和銷售持續保持良好成長勢頭，利潤率表現穩健，這與我們的預期相符。

Organic net revenue increased 1.2%. This top line performance includes a headwind of 60 basis points related to the lapping of the malware recovery. Emerging market performance stands out in the quarter as it was broad-based with strong volume growth. China, India, Mexico, Russia, Southeast Asia and Africa all delivered good results. These results reflect solid execution by our commercial teams as well as robust market dynamics in our categories.

有機淨收入成長1.2%。這一整體業績包含了與惡意軟體復原相關的 60 個基點的不利因素。本季新興市場表現突出，其成長基礎廣泛，銷售成長強勁。中國、印度、墨西哥、俄羅斯、東南亞和非洲都取得了良好的成績。這些業績反映了我們銷售團隊的出色執行力以及我們所在品類強勁的市場動態。

On a regional basis for the quarter, Europe's organic net revenue increased 0.2%, though underlying growth was better as these results included approximately 150 basis points of headwind related to the malware incident. Russia posted mid-single-digit revenue growth and share gains in both chocolate and biscuits. And Germany delivered solid growth in biscuit, where the Milka-branded chocobakery portfolio continues to fuel strong performance.

從區域層級來看，本季歐洲的有機淨收入成長了 0.2%，但實際成長情況較好，因為這些結果包含了與惡意軟體事件相關的約 150 個基點的不利影響。俄羅斯巧克力和餅乾的營收和市場份額均實現了中等個位數成長。德國的餅乾市場實現了穩健成長，其中 Milka 品牌的巧克力烘焙產品組合繼續推動強勁的業績成長。

AMEA grew 4.6%, with broad-based growth across all key areas. India and Southeast Asia continued to execute well with high and mid-single-digit growth, while China delivered its fifth consecutive quarter of growth fueled by biscuit and e-commerce. We also saw strong double-digit results in Africa.

AMEA地區成長4.6%，所有關鍵領域均實現全面成長。印度和東南亞繼續保持良好表現，實現了高個位數和中等個位數的成長，而中國在餅乾和電子商務的推動下，連續第五個季度實現成長。我們在非洲也看到了兩位數的強勁成長。

Latin America grew 4.6%. Although the region was impacted by inflation-driven growth in Argentina, we continued to see good momentum in Mexico, which grew mid-single digits behind both gum and candy. Brazil declined low single-digits in the quarter. We are addressing price gaps and have also made steps around innovation that will help to improve the trajectory of our business in Brazil.

拉丁美洲成長了4.6%。儘管阿根廷的通貨膨脹推動了該地區的成長，但我們仍然看到墨西哥保持著良好的成長勢頭，口香糖和糖果的成長都達到了中等個位數。巴西本季經濟出現個位數下滑。我們正在解決價格差距問題，並在創新方面也採取了一些措施，這將有助於改善我們在巴西的業務發展軌跡。

North America declined 2%. While we saw positive U.S. biscuits category and share dynamics, we continue to face a number of operational challenges which impacted volume. As Dirk mentioned, we are making investments in people, processes, systems and capacity to address our operational issues and expect improvements moving forward, although it will take time and progress will not be linear. Let me describe what the nature of the issue is.

北美地區下降了2%。雖然我們看到美國餅乾類別和市佔率呈現正面態勢，但我們仍面臨許多影響銷售的營運挑戰。正如德克所提到的那樣，我們正在對人員、流程、系統和能力進行投資，以解決我們的營運問題，並期望未來有所改進，儘管這需要時間，而且進展不會是線性的。讓我來描述一下問題的性質。

While we have invested significantly in North America over the last several years, creating a state-of-the-art greenfield plant in Salinas, Mexico, and installing new Lines of the Future in existing plants in the U.S. and Canada, around 40% of our volume is still made on lines that do not provide full reliability. To compound the situation, volume demand growth is putting more pressure on our network.

雖然過去幾年我們在北美進行了大量投資，在墨西哥薩利納斯新建了一座最先進的綠地工廠，並在美國和加拿大的現有工廠安裝了新的未來生產線，但我們約 40% 的產品仍然是在可靠性不足的生產線上生產的。雪上加霜的是，銷售需求的成長給我們的網路帶來了更大的壓力。

We are making the necessary investments to stabilize the U.S. factory network while enhancing our capabilities through people and systems as far as supply and demand planning are concerned. We are seeing some progress already. But installing capacity where needed, stabilizing some of the lines, improving our systems and adding capabilities will require some time.

我們正在進行必要的投資，以穩定美國工廠網絡，同時透過人員和系統來增強我們在供需計畫方面的能力。我們已經看到一些進展。但是，在需要的地方增加產能、穩定一些線路、改善我們的系統和增加能力都需要一些時間。

Now let's review our margin performance. In Q3, adjusted gross profit dollars grew more than 4% on a constant currency basis. Positive pricing, net of commodities, and productivity savings drove the margin expansion. We are benefiting from favorable cocoa cost, which was partially offset by continued freight and logistics cost inflation. We also continue to maintain pricing discipline to protect our margins in the medium to long term and have already announced and taken pricing in a number of countries this year, including our U.S. business, while striking the right balance with volume and overall profit.

現在我們來回顧一下我們的利潤率表現。第三季度，經調整後的毛利以固定匯率計算成長超過 4%。扣除大宗商品成本後的積極定價以及生產力提升推動了利潤率的擴張。我們受益於有利的可可價格，但持續的貨運和物流成本上漲部分抵消了這一利好。我們繼續保持定價紀律，以保護中長期利潤率，並且今年已經在包括美國在內的多個國家/地區公佈並實施了定價，同時在銷售和整體利潤之間取得了適當的平衡。

Adjusted operating income grew by 4% on a constant currency basis with margins of 17.1%, up 40 basis points as a result of higher gross margins. There were several items in other income and expense line that were unfavorable when compared to prior year, partially muting the gross profit margin expansion. Cost savings in the SG&A line continued to provide offset to inflation.

以固定匯率計算，調整後的營業收入成長了 4%，毛利率為 17.1%，由於毛利率提高，毛利率上升了 40 個基點。與前一年相比，其他收入和支出項目中有幾項不利，部分抵消了毛利率的成長。銷售、一般及行政費用方面的成本節約繼續抵銷通貨膨脹的影響。

On a regional basis, gross margin expansion and cost execution drove margin improvements in 3 of 4 regions. Europe grew 110 basis points to 19.8%. North America decreased by 90 basis points to 20.6%, driven by higher conversion costs in U.S. factories and customer service and logistics costs. Latin America increased by 30 basis points to 18.1%, and AMEA improved by 120 basis points to 14.2%.

從區域角度來看，毛利率擴張和成本控制推動了 4 個區域中 3 個區域的利潤率提高。歐洲經濟成長110個基點，至19.8%。北美地區的佔比下降了 90 個基點，至 20.6%，主要原因是美國工廠的加工成本以及客戶服務和物流成本上升。拉丁美洲成長 30 個基點至 18.1%，AMEA 成長 120 個基點至 14.2%。

Now let me take a moment to discuss category highlights. The snacking categories continue to display good dynamics and solid growth, building on the past 4 quarters with growth of 2.7%. We remain encouraged by the overall health of our categories.

現在讓我花點時間談談各類別亮點。零食品類持續保持良好的發展勢頭和穩健的成長，在過去四個季度的基礎上實現了 2.7% 的成長。我們對各品類整體的健康狀況感到鼓舞。

Overall, we held or gained share in 60% of our business. Year-to-date, our biscuits organic net revenue grew more than 3%. Approximately 75% of our revenue grew or held share in this category, including our U.S., France, China, Germany businesses.

總體而言，我們保持或增加了 60% 的業務份額。今年迄今，我們的餅乾有機淨收入成長超過 3%。約 75% 的收入來自該類別，包括我們在美國、法國、中國和德國的業務，這些收入實現了成長或維持了市場份額。

In chocolate, our business continues to perform well, growing 3.5%. India, Australia and Brazil all posted growth during the quarter. Approximately 40% of our revenue grew or held share in this category, including Germany, Russia and India.

在巧克力業務方面，我們的業績持續良好，成長了 3.5%。印度、澳洲和巴西在本季均實現了成長。約 40% 的收入來自該類別，包括德國、俄羅斯和印度，這些國家的市場份額有所增長或保持穩定。

Gum and candy growth was flat, reflecting soft but improved results in developed markets. About 40% of our revenue in this business gained or held share, including China.

口香糖和糖果的成長持平，反映出已開發市場業績雖有所改善，但略顯疲軟。我們在該業務中的收入約有 40% 實現了市場份額的成長或保持成長，其中包括中國市場。

Now turning to earnings per share, we delivered another strong quarter of adjusted EPS growth, which increased 18% on a constant currency basis. These results were driven by favorable operating gains, taxes and share repurchases.

現在來看每股收益，我們又實現了強勁的季度調整後每股收益成長，以固定匯率計算成長了 18%。這些業績主要得益於有利的經營收益、稅收和股票回購。

With respect to capital deployment, we returned approximately $800 million in capital to shareholders in Q3 and $2.6 billion year-to-date. During the quarter, we repurchased approximately $500 million in stock and paid more than $300 million in cash dividends.

在資本部署方面，我們在第三季向股東返還了約 8 億美元的資本，今年迄今已返還了 26 億美元。本季度，我們回購了約 5 億美元的股票，並支付了超過 3 億美元的現金股利。

Turning to free cash flow, the third quarter was a solid quarter of cash flow generation as working capital management and higher cash earnings drove results. Year-to-date, we have generated $1.1 billion in free cash flow. Our team remains focused on closing out the year and delivering our full year 2018 target with a strong Q4.

從自由現金流來看，第三季現金流表現穩健，營運資本管理和更高的現金收益推動了業績成長。今年迄今為止，我們已創造了 11 億美元的自由現金流。我們的團隊將繼續專注於完成今年的工作，並力爭在第四季度取得強勁的成績，實現 2018 年全年目標。

Now let me spend a minute on our outlook for the year. Overall, we now expect our top line outlook for the full year to be approximately 2%. We are encouraged by our top line results as emerging markets trends and overall category growth trends remain solid. We are maintaining our outlook for the year with respect to our adjusted OI margin, adjusted EPS and free cash flow. As you think about Q4 modeling, second half operating margins should be roughly comparable to the first half of this year.

現在讓我花一分鐘時間談談我們對今年的展望。總體而言，我們現在預計全年營收成長約為 2%。新興市場趨勢和整體品類成長趨勢依然穩健，我們的營收績效令人鼓舞。我們維持今年調整後營業利益率、調整後每股盈餘和自由現金流的預期。在考慮第四季業績預測時，下半年的營業利潤率應該與今年上半年大致相當。

With that, let's open the line for questions.

接下來，我們開放提問環節。

(Operator Instructions) We will take our first question from the line of Bryan Spillane with Bank of America.

（操作員說明）我們首先來聽取來自美國銀行的布萊恩·斯皮蘭提出的問題。

So 2 questions for me. One, I guess, just specifically in the quarter, it looked, I think relative to where we were, you ended up delivering much better in gross profit dollars, but the SG&A was a little bit higher than I guess we expected it to be. So Luca, if you could just walk us through, was that more marketing? Did you -- were you better than expected and spent more back? Or was there other sort of noise that we should just think about that flowed through SG&A in the quarter? And then I have a follow-up.

我有兩個問題。首先，我想具體來說，就本季而言，相對於我們之前的情況，你們的毛利金額確實好得多，但是銷售、一般及行政費用比我們預期的要高一些。盧卡，你能給我們解釋一下嗎？那也是行銷手段嗎？你的情況是否比預期更好，花費更多？或者，是否還有其他類型的干擾因素導致本季銷售、一般及行政費用增加？然後我還有一個後續問題。

Yes. Thank you, Bryan.

是的。謝謝你，布萊恩。

So quite pleased with the gross profit growth, more than 4%. Gross margin, as you said, up 110 basis points, so delivering our commitments. It didn't translate fully into OI margin as last year we had a few positives into the other income line and, this year, we had a few unfavorable items in the other income line that resulted in unfavorable comparisons. But in terms of overall specifically, I would say that we did a good job, in the quarter, continuing the cost savings you have seen so far this year, and we have been offsetting inflation.

我對毛利成長非常滿意，超過 4%。正如您所說，毛利率上升了 110 個基點，我們實現了承諾。由於去年其他收入項有一些利多因素，而今年其他收入項有一些不利因素，導致同比數據不佳，因此並未完全轉化為營業利潤率。但就整體而言，我認為我們在本季度做得很好，延續了今年以來的成本節約，並且抵消了通貨膨脹的影響。

And as far as A&C goes, in general, it is in line with last year, so no major changes. But we have unlocked some more investments, specifically in the quarter in a couple of places where we see good momentum, and there will be more to come in Q4. So it was not -- A&C in total in the quarter, it was not overhead cost, it was the -- some unfavorability this quarter in other income lapping favorability last year as we had asset sales and a little bit of insurance claims that were refunded.

至於A&C方面，整體上與去年持平，所以沒有重大變化。但我們已經釋放了一些新的投資潛力，尤其是在本季我們看到良好發展勢頭的幾個領域，第四季還會有更多投資。所以，這並非本季度 A&C 總額，也不是間接費用，而是本季其他收入的一些不利因素抵消了去年同期的有利因素，因為我們出售了資產，並且獲得了一些保險賠償。

Okay. And then, I guess, as a follow-up to that, Dirk, it's early -- I guess you're beginning to make early progress against your strategic plan. And I guess, as that's unfolding, could you just sort of give us an idea of how you're thinking about spending levels for 2019 and how should -- we should think about that as we're looking at our models and looking at the opportunities going into next year?

好的。然後，我想，作為 Dirk 的後續，現在還為時過早——我想你已經開始在戰略計劃方面取得初步進展了。我想，隨著事態的發展，您能否大致談談您對 2019 年支出水準的看法，以及我們在審視我們的模型和展望明年機會時應該如何考慮這一點？

Yes, yes, Bryan. Well, first of all, maybe a little bit on the strategy in general.

是的，是的，布萊恩。首先，或許可以先簡單談談整體策略。

We had a number of premises in our strategy as we announced it in September. The first one was that snacking is a great place to be in food these days, and the quarter confirmed that with the 2.7% growth of our categories worldwide, even if we had a significant heat wave in Europe which, obviously, impacts chocolate sales.

我們在九月公佈的策略中包含了幾個前提條件。第一個原因是，如今零食市場前景廣闊，而本季的數據也證實了這一點，我們全球各品類的成長率為 2.7%，即使歐洲遭遇了嚴重的熱浪，這顯然影響了巧克力的銷售。

And then the other premise was that emerging markets will continue to drive growth, and they were particularly strong in this quarter with 6% growth. So we feel good about those 2 premises, they were confirmed.

另一個前提是新興市場將繼續推動成長，而且它們在本季表現尤為強勁，成長了 6%。所以我們對這兩個前提感到滿意，它們得到了證實。

And then as it relates to the other 3 strategies that we laid out: accelerated consumer-centric growth; we continue with our new marketing playbook; we did a number of innovations that were launched, I talked about a few; and we keep on being focused on M&A, operational excellence. We talked about gross margin. Also, the new organization we're putting in place, the recyclable packaging. And then as it relates to the culture, again, that new organization which pushes accountability closer and the new incentive plan that will reward profit dollars and volume growth.

至於我們提出的其他 3 項策略：加速以消費者為中心的成長；我們繼續推行新的行銷策略；我們推出了一系列創新舉措，我談到了其中幾項；我們繼續專注於併購和卓越營運。我們討論了毛利率。此外，我們正在建立新的組織架構，採用可回收包裝。然後，就文化而言，新的組織將進一步加強問責制，新的激勵計劃將獎勵利潤和銷售成長。

So we're on track, we're making progress on all these 3 strategies and can go deeper into detail if you would like to. But overall, what we're expecting for the spending next year, and we're still, of course, finalizing the plans, but we expect those to be the 4 big areas. The first one would be, of course, A&C; the second one, in overall capabilities of the company; the third one, in quality; and the fourth one, in route to market. The specific levels are probably a little bit early to comment on, but we're expecting those 4 areas to see a significant increase next year.

所以，我們一切進展順利，這三項策略都在穩步推進，如果您願意，我們可以深入探討細節。但總的來說，我們對明年的支出預期是這樣的，當然，我們仍在最終確定計劃，但我們預計這將是以下 4 個主要領域。第一個當然是A&C；第二個是公司的整體能力；第三個是品質；第四個是上市途徑。現在評論具體數值可能還為時過早，但我們預計這四個領域明年將顯著增長。

But fair to say that's still concorporated in the guidance that you gave us for '19 back in September.

但公平地說，這仍然包含在您去年 9 月給我們的 2019 年指導方針中。

Yes, yes, yes. No change there.

是的，是的，是的。情況沒有變化。

Our next question comes from the line of Ken Goldman with JPMorgan.

我們的下一個問題來自摩根大通的 Ken Goldman。

I'd like to ask one quick one and then a broader one, if I can. For the fourth quarter -- or for the second half, I think you said that you expect your operating margin on a pro forma basis to be roughly the same as in the first half of the year. I think that implies maybe an operating margin in the fourth quarter lower than the annual average, maybe something like 16.3, 16.4 on a percent basis. Can you confirm that I'm doing my math there, very quickly? I just want to make sure because -- as we think about the modeling.

如果可以的話，我想先問一個簡短的問題，然後再問一個更廣泛的問題。對於第四季度——或者說下半年，我想您曾說過，您預計按備考基準計算的營業利潤率將與上半年大致相同。我認為這可能意味著第四季度的營業利潤率低於年度平均水平，可能在 16.3% 到 16.4% 之間。你能很快確認一下我的計算結果對嗎？我只是想確認一下，因為——當我們考慮建模時。

Look, I think, and as you think about our margin year-to-date, OI margin is roundabout 16.8%. I think as we guided the full year to approximately 17%, I would say Q4 is roundabout in line with the year-to-date number.

你看，我認為，當你考慮我們今年的利潤率時，未實現營業利潤率約為 16.8%。我認為，鑑於我們先前預測全年成長率約為 17%，第四季的成長率與年初至今的成長率大致持平。

Okay. And then I'll follow up on that.

好的。然後我會跟進此事。

My broader question is, I just wanted to ask about pricing in the U.S. I think the number you had, over 1%, was the best in a few years this quarter, and the comparison was relatively difficult. So can you just help us out, understand a little bit about the balance between list pricing? How much is list pricing driving the success versus lower promotions? I really just want to get a better idea of how sustainable this pricing is, because it's obviously a very sensitive topic for many, many CPG companies in the U.S. today.

我更廣泛的問題是，我想問美國的定價情況。我認為你們給的數字，超過 1%，是近年來本季最好的，而且比較起來也比較困難。所以，您能幫我們理解一下標價和定價之間的平衡嗎？與促銷力道相比，標價對成功的影響有多大？我只是想更了解這種定價方式的可持續性，因為這顯然是當今美國許多消費品公司非常敏感的話題。

Look, I think we have work to do in the U.S., quite honestly, but I think pricing and the right balance between volume and pricing is something that we feel quite good about. If you look at the U.S. market and what we have done in biscuit not only this quarter but over the last few quarters, I think you'll see, in consumption terms, a nice balance in biscuit between volume and pricing.

說實話，我認為我們在美國還有很多工作要做，但我認為我們在定價以及銷售和價格之間的適當平衡方面做得相當不錯。如果你看看美國市場以及我們不僅本季度，而且過去幾個季度在餅乾領域所做的工作，我認為你會看到，就消費而言，餅乾的銷量和價格之間達到了一個很好的平衡。

So going back to your specific question, we implemented pricing earlier in the year, which was a line pricing increase on some of our local brands, and that is coming in effect now. We have optimized promo spending. And again, I think we found the sweet spot in some of our brands where, I think, there were some inefficient promotions in place. And as I've said, we are pleased seeing volume and pricing growth in the marketplace in consumption terms. And we introduced some price pack architecture. So we really used a full array of tools to implement pricing in the U.S.

回到您提出的具體問題，我們在今年稍早實施了定價調整，提高了部分本地品牌的商品價格，現在這項調整正式生效。我們已優化促銷支出。而且，我認為我們在某些​​品牌中找到了最佳平衡點，因為我認為這些品牌之前的一些促銷活動效率不高。正如我所說，我們很高興看到市場在消費方面實現了銷售和價格的成長。我們也引入了一些價格包架構。因此，我們確實運用了一系列工具來在美國實施定價策略。

In addition, as we said, we have announced additional pricing across biscuits, gum and candy. And that pricing will be effective as of Q1 next year, and it will be for the vast majority line pricing.

此外，正如我們所說，我們還宣布了餅乾、口香糖和糖果的額外定價。此定價方案將於明年第一季生效，並將適用於絕大多數產品線定價。

I think based on what we see these days, quite happy with the share gains and the balance, as I said. So we have confidence in the fact that this is the right move. And I think, as you look at the sustainability of the category and the ability we have to invest, I think, clearly, given the inflationary pressure we see in some commodities and logistics costs, this is the right thing to do.

正如我之前所說，根據我們目前所看到的，我對市場佔有率的成長和平衡相當滿意。因此，我們相信這是正確的舉措。我認為，考慮到該品類的可持續性和我們的投資能力，鑑於某些大宗商品和物流成本的通膨壓力，這樣做顯然是正確的。

Your next question comes from the line of Andrew Lazar with Barclays.

你的下一個問題來自巴克萊銀行的安德魯·拉扎爾。

Just 2 quick ones for me. I'd say, first, to reach 2% organic top line for the full year, it suggests around 1% organic top line in the fourth quarter, obviously, slower than the 2.3% rate year-to-date and even down sequentially from the third quarter of 1.8%, if you exclude the malware impact. So I guess I'm just trying to get a sense, is there something specific that you see is slowing the organic down in 4Q or really just sort of thinking conservatively at this point?

我只問兩個問題。首先，我認為，要實現全年 2% 的有機營收成長，意味著第四季度有機營收成長約為 1%，顯然低於年初至今的 2.3% 的成長率，甚至低於第三季的 1.8%（如果排除惡意軟體的影響）。所以我想了解一下，您認為第四季有機成長放緩的具體原因是什麼？或者您目前只是比較保守地看待這個問題？

Look, we are clearly encouraged by the top line evolution. And we see clearly momentum, specifically across emerging markets. We are happy with the volume and pricing balance. Categories, as we said, are quite vibrant, specifically in emerging markets.

你看，我們顯然對總業績的成長感到鼓舞。我們明顯看到了成長勢頭，尤其是在新興市場。我們對銷售和價格的平衡感到滿意。正如我們所說，各個品類都非常活躍，尤其是在新興市場。

Having said that, I think we want to be thoughtful about the fourth quarter. As you know, that's -- in the U.S., there might still be some challenges even if we see improvements clearly in Q4 and in October, specifically. So I think it is just us wanting to be thoughtful about the fourth quarter, and I think we see light to the 2% even in Q4, quite honestly, around about 2%.

話雖如此，我認為我們應該認真考慮第四季的情況。如您所知，即使我們在美國第四季和10月份看到明顯的改善，但仍然可能面臨一些挑戰。所以我覺得我們只是想認真考慮第四季度的情況，而且我認為即使在第四季度，我們也看到了 2% 的成長前景，坦白說，大概在 2% 左右。

Got it. And then the -- I guess, when you think about the 2% to 3% organic top line growth forecast for 2019, I guess, what is the, at least currently, your category growth expectation that's sort of built into that number? And really what I'm trying to get at is how much in the way of share gains are really needed at this stage, your best guess, to hit that 2% to 3% for next year?

知道了。那麼——我想，當你考慮到 2019 年 2% 到 3% 的有機營收成長預測時，我想，至少目前，你對這個數字中包含的品類成長預期是多少？我真正想問的是，現階段究竟需要多少市佔率成長才能實現明年 2% 到 3% 的目標？你估計需要多少成長？

Well, we see the category, so we see them at the moment growing at 2.7%. In our strat plan, we had foreseen that they would be around 3%. Us aiming at 2.5% for next year means that we do not see any market share gain for next year. We are largely aiming to stay in line with the market.

嗯，我們看到這個類別目前成長了 2.7%。在我們的策略計劃中，我們曾預測它們會佔 3% 左右。我們明年的目標是2.5%，這意味著我們預計明年不會有任何市佔率成長。我們的主要目標是與市場保持同步。

Your next question comes from the line of Alexia Howard with Bernstein.

你的下一個問題來自 Alexia Howard 與 Bernstein 的對話。

Can I ask about the product strategy here in the U.S? I've been looking at the Nielsen data, and it seems as though the big launch of the chocolate product a couple of years ago seems to be being undone. Gum seems to be getting a little bit better sequentially. I don't know whether you're putting more investment in there as you also try to migrate one of those brands into the mint segment.

請問貴公司在美國的產品策略是什麼？我一直在查看尼爾森的數據，看起來幾年前巧克力產品的大推出似乎正在功虧一簣。口香糖的情況似乎逐漸好轉了一些。我不知道您是否正在加大投資，因為您也在嘗試將其中一個品牌轉型到薄荷糖領域。

Obviously, you've still got the cookie strategy going strongly. I think there may have been some innovations that didn't quite work in crackers. Could you just give us a sort of quick summary of what you're actually focusing on and what the strategy is product category by product category here?

顯然，你們的 cookie 策略仍然進展順利。我認為餅乾製作中可能有一些創新並沒有完全奏效。能否簡單概括一下你們目前的工作重點以及各個產品類別的策略？

Yes. So maybe I'll start with chocolate. Yes, we entered the U.S. chocolate market, which is highly competitive. And we know that it will take some time, but we're trying to leverage the power of the Oreo brand there. I think it's a good example of extending our brands to play in adjacent categories but, obviously, it's going to be a niche type of play. And we see very positive indicators as it relates to Oreo chocolates, a very strong consumer response with the highest repeat rate of any recent innovation in the category. So overall, we think -- we feel pretty good about it. We just are going through the second year after the launch, and I think it's normal to see a little bit of a decline there.

是的。那我或許就從巧克力開始吧。是的，我們進入了競爭非常激烈的美國巧克力市場。我們知道這需要一些時間，但我們正在努力利用奧利奧品牌在那裡的影響力。我認為這是一個很好的例子，說明我們如何將品牌拓展到相鄰的品類，但顯然，這將是小眾類型的競爭。我們看到奧利奧巧克力也呈現出非常正面的跡象，消費者反應非常強烈，復購率是該品類近期所有創新產品中最高的。總的來說，我們覺得——我們對此感覺相當不錯。目前正處於產品發布後的第二年，我認為有些下滑是正常的。

As it relates to gum, yes, the gum market itself has been doing better. We are seeing a very nice category growth coming back in the U.S. And you see a little bit of a better performance from us driven also by a new innovation called Trident Vibes that -- which we have also launched in China under the Stride brand. And we're seeing good results there with an early share taking of 1.2 points.

就口香糖而言，是的，口香糖市場本身的情況確實有所改善。我們看到美國市場出現了非常不錯的品類成長。同時，我們也看到，由於一項名為 Trident Vibes 的創新產品，我們的業績也有所提升——該產品我們也已在中國以 Stride 品牌推出。我們看到了不錯的結果，早期市佔率已提升了 1.2 個百分點。

And then, as it relates to cookies, I would say the crackers are relatively flat as we see our shares. But in the rest of the cookie segment, we are seeing quite interesting growth. Oreo is around mid-single digits. belVita is up quite nicely. Ritz is doing well. So as you saw there, Alexia, we're doing quite well in our cookies approach.

至於餅乾，我認為從我們目前的份額來看，這些餅乾相對來說比較平。但在其他餅乾類別中，我們看到了相當可觀的成長。奧利奧的銷量大約在個位數中段。belVita運作得相當不錯。麗茲酒店經營狀況良好。正如你所看到的，Alexia，我們的 cookies 方法做得相當不錯。

But overall, I would say there's some wins and some losses there. But overall, we feel pretty good about how things are going. You didn't mention candy, but Sour Patch Kids is doing quite well in the candy segment. So it's -- yes, there are some ins and outs. But overall, I think, if you look at all the categories, we're increasing our market share.

但總的來說，我認為有贏有輸。但總的來說，我們對目前的情況感覺還不錯。你沒提到糖果，但酸味軟糖在糖果領域表現相當不錯。所以——是的，這裡面有一些來龍去脈。但總的來說，我認為，如果你看一下所有類別，我們的市佔率正在不斷擴大。

Our next question comes from the line of Chris Growe with Stifel.

我們的下一個問題來自 Stifel 的 Chris Growe。

Just had a question for you, if I could. I wanted to ask around the chocolate category where you have seen cocoa costs come down. Are you seeing more competition emerge in that category? I thought you were holding or gaining share in only 40% of the category, yet the sale is strong in the category and for your business as well. So I'm just curious how the competitive dynamic is shaping up in that category.

我有個問題想問你，可以嗎？我想問大家，在巧克力領域，你們有沒有看到可可成本下降的情況？您是否注意到該領域出現了更多競爭？我原以為你們只佔該品類 40% 的市場份額，但實際上該品類的銷售額以及你們公司的銷售額都很強勁。所以我很好奇這個領域的競爭格局是目前如何。

Yes, the category growth is strong. It's about 3.6%. Our revenue growth was 3.5%, so quite close. Yes, we, at 40%, are holding or gaining share. That is largely due to, I would say, the -- some areas, Australia, New Zealand. We lost some share in France, Sweden. But overall, if I look at the performance, I don't think it's particularly something that we are concerned about.

是的，該品類成長強勁。大約是3.6%。我們的收入成長率為 3.5%，非常接近目標。是的，我們目前擁有 40% 的市場份額，並且正在保持或擴大市場份額。這主要歸因於——有些地區，例如澳洲和紐西蘭。我們在法國和瑞典失去了一些市場份額。但總的來說，從表現來看，我認為這不是我們特別需要擔心的事情。

We're seeing big competition showing up. For instance, in chocolates, the overall growth is still quite strong, in mid-single digits overall, but the emerging markets are growing high single digits. And the developed markets maybe took back a little bit in the third quarter. But overall, I think we feel pretty strong about our chocolate performance.

我們看到激烈的競爭正在出現。例如，巧克力市場的整體成長依然相當強勁，整體成長率為中等個位數，但新興市場的成長率為高個位數。已開發市場在第三季可能有所回落。但總的來說，我認為我們對巧克力業務的表現相當滿意。

Okay, no areas of price competition emerging as costs get a little more favorable there, certainly in cocoa.

好的，由於成本變得更加有利，價格競爭領域不會出現變化，尤其是在可可領域。

No.

不。

No, I don't think there is really anything to worry about. We are lapping a quite high share number last year in Q3. We gained quite a bit of share across the board. So I think, think about that as phasing. It will come back.

不，我覺得沒什麼好擔心的。我們在第三季的市佔率比去年同期高得多。我們在各方面都獲得了相當大的市場份額。所以我覺得，可以把這看成是分階段的過程。它會回來的。

Okay. And I just had a quick question to follow up on North America. And it's one where we have seen the prior year, obviously, the comp issues. But we have seen of late the consumption data weaken a little bit and yet still very strong in cookies, I would say. Can you just react to that and give a little better feel for how that should shape up in the fourth quarter given some of the lingering issues you've had in that division?

好的。我還有一個關於北美的問題想快速問一下。而且很明顯，我們在前一年就已經看到了薪資方面的問題。但最近我們看到消費數據略有減弱，不過餅乾的消費量仍然非常強勁。您能否就此作出回應，並就第四季度該如何應對該分區的一些遺留問題給出更清晰的展望？

Yes, the lap for cookies versus last year, there was a big buildup for the hurricane last year. So yes, the overall category growth was a little bit slower, but we attribute that largely to a very tough comparison for last year. Year-to-date, we see the category at 1.9%, with our share being up 0.7%. In the last quarter, our share grew a full point. We expect the category to be coming back to higher levels as we don't have that lap effect anymore. So we have no particular indication that the category would be slowing down.

是的，今年的餅乾圈比去年大得多，去年颶風來襲前，餅乾圈的規模已經很大了。所以，是的，該類別的整體成長速度略有放緩，但我們認為這主要是由於去年同期基數過高造成的。今年迄今為止，該類別佔比為 1.9%，我們的份額增長了 0.7%。上個季度，我們的市佔率成長了一個百分點。我們預計該類別將恢復到更高水平，因為我們不再受到圈速效應的影響。因此，我們沒有具體跡象表明該類別會放緩。

Your next question comes from the line of Steve Strycula with UBS.

你的下一個問題來自瑞銀集團的史蒂夫·斯特里庫拉。

A 2-part question. I wanted to ask about Latin America and 3 of your bigger businesses there with Brazil, Mexico and Argentina. Given the inflation that we're seeing in some of those markets and volatility around elections, can you talk about how you're managing each of those businesses from both a pricing and a volume strategy and comment on how some of the key competition, whether -- particularly local competition, if it's following? That would be very helpful.

這是一個包含兩個部分的問題。我想詢問拉丁美洲的情況，以及你們在巴西、墨西哥和阿根廷的三家規模較大的企業。鑑於我們目前在一些市場看到的通貨膨脹以及選舉前後的波動，您能否談談您是如何從定價和銷售策略兩方面管理這些業務的，並評論一下一些主要競爭對手的情況，特別是本地競爭對手的情況（如果它們正在跟進的話）？那將非常有幫助。

Yes, maybe I'll comment a little bit and then hand it over to Luca specifically on pricing.

是的，我可能會簡單評論一下，然後把定價的問題交給盧卡來討論。

Overall, in Latin America, we see -- we continue to see very positive organic growth, and I think we're managing well through the emerging market volatility. The revenue growth in Q3 was driven largely by Argentina and Mexico, and Brazil declined. I'll leave it up to Luca to comment a little bit on Argentina and the situation there.

總體而言，在拉丁美洲，我們看到——我們繼續看到非常積極的內生成長，我認為我們正在很好地應對新興市場的波動。第三季營收成長主要由阿根廷和墨西哥推動，而巴西則出現下滑。關於阿根廷及其局勢，我將由盧卡來簡單評論一下。

Mexico, we are very positive. We had a very solid performance, mid-single-digit, and gum and candy continued to be very strong. And then in Brazil, yes, we had a decline, which was in line with expectations. But the good thing there is that we are addressing some of the chocolate price gaps that we've had in the beginning of the year, and that is helping us to regain some market share in chocolate. So we feel pretty good about that.

我們對墨西哥的看法非常樂觀。我們表現非常穩健，實現了個位數中段的增幅，口香糖和糖果的銷售依然非常強勁。而在巴西，是的，我們出現了下滑，這符合預期。但好消息是，我們正在解決年初出現的一些巧克力價格差距問題，這有助於我們重新奪回一些巧克力市場份額。所以我們對此感覺相當不錯。

Overall, I would say, as it relates to management, Mexico, we don't see a particular need. Argentina, seeing the high inflation, yes, we need to be very vigilant. And then -- and again, Luca will comment on that. But Brazil, we feel pretty optimistic about next year in Brazil. We see indications that things will improve, and we are counting on a positive sales growth in Brazil for next year. Luca?

總的來說，就管理而言，我認為在墨西哥，我們沒有看到任何特殊需求。鑑於阿根廷的高通膨，是的，我們需要非常警惕。然後——盧卡會再次對此發表評論。但對於巴西，我們對明年在巴西的發展前景相當樂觀。我們看到一些跡象顯示情況將會好轉，我們期待明年巴西的銷售額能夠實現正成長。盧卡？

So specifically in Argentina, it is roundabout 2% of our revenue. And given the high inflationary environment, we are managing it, quite frankly, a little bit differently than the other 2 countries that Dirk mentioned, Brazil and Mexico. It is a disciplined approach, the one we are taking, to protecting cash flow and value. In fact, in the quarter and consistently throughout the year, we did double-digit pricing that drove revenue.

具體來說，在阿根廷，這大約占我們收入的 2%。鑑於當前的高通膨環境，坦白說，我們的應對方式與德克提到的另外兩個國家——巴西和墨西哥——略有不同。我們採取的是一種嚴謹的保護現金流和價值的方法。事實上，本季以及全年，我們都採取了兩位數的定價策略，推動了營收成長。

We're happy with the way we are protecting cash flow and value in that country. In fact, I can tell you that our margin in the quarter was in line with last year. So it is a fine line between understanding how to price, protecting cash flow and also with the look of not losing too much scale in the country as it is tough to see it, but I think, potentially one day, that is a country with a sound economy that could grow and be a good business for us. So it is a fine balance, but it is a different way of managing it as we have compared to other countries in Latin America.

我們對目前在該國保護現金流和價值的方式感到滿意。事實上，我可以告訴你，我們本季的利潤率與去年同期持平。因此，如何在定價、保護現金流以及避免在該國損失太多規模之間取得平衡，是一門學問。雖然很難看到這一點，但我認為，或許有一天，這個國家經濟穩健，能夠發展壯大，成為我們的好生意。所以這是一種微妙的平衡，但我們採取的管理方式與拉丁美洲其他國家不同。

I have a quick follow-up, if I can. Wanted to ask about the different moving pieces with the coffee business, how you've recasted the financials there. What should we be using as the 2017 baseline for all the coffee equity income from last year? And then, ultimately, not specific guidance, but how would you generically guide it for the full year 2018, again, given the change in reporting that you guys put out there?

如果可以的話，我還有一個後續問題。我想問一下咖啡產業的各個環節，以及你們是如何調整財務狀況的。我們應該以去年所有咖啡股權收益的多寡作為 2017 年的基準線？最後，我並不想給出具體的指導，而是想請教各位，鑑於你們發布的報告方式有所改變，你們將如何為 2018 年全年提供總體指導？

No, it is a tricky question to guide you on coffee because, clearly, KDP is a publicly traded company. And that is one of the reasons we decided to go on a lag. There was an 8-K earlier in the month, where you can find the detail by quarter. But simply said, the impact of moving us to a lag, it is not going to be material in the year. So I can give you more details, maybe separately, and take you through some of the highlights of the 8-K, but think about consistency with what we said before in the context of double-digit EPS and the synergies that KDP is going to deliver.

不，這是一個很難回答的問題，因為很明顯，KDP 是一家上市公司。這也是我們決定暫停一段時間的原因之一。本月初有一份 8-K 表格，您可以在其中找到按季度劃分的詳細資訊。但簡單來說，將我們調整到滯後狀態的影響，今年內不會產生實質的影響。所以我可以給你更多細節，也許會單獨講解，並帶你了解 8-K 報告的一些亮點，但請記住，這與我們之前所說的兩位數 EPS 以及 KDP 將帶來的協同效應是一致的。

Your next question comes from the line of Robert Moskow with Crédit Suisse.

你的下一個問題來自瑞士信貸的羅伯特·莫斯科。

Dirk, I think you mentioned new pricing that's going into effect in first quarter across multiple categories. Can you remind us what markets those price increases are going into effect? And if it's in the U.S., what was the pitch to the trade for raising price? Is it to offset commodities or freight? And did you make any kind of product quality improvements to help justify the increase?

德克，我想你提到過，第一季將在多個類別中實施新的定價策略。能否提醒我們一下，這些價格上漲將在哪些市場生效？如果是在美國，那麼提高價格的談判策略是什麼？是為了抵銷大宗商品還是運費？為了證明漲價的合理性，你們是否對產品品質進行了任何改進？

Yes, well, I will first comment on North America. As we explained before, we did -- in the middle of the year, we did an increased spread between a line price increase, a price pack architecture and a promotional optimization on the local brands that we have. And then we are doing a price increase across the line at the beginning of next year. The -- we will do more of the same as it relates to those 3 mechanisms of increasing prices, but it's a bit more line price increase at the beginning of the year.

是的，那我先談談北美的情況。正如我們之前解釋的那樣，我們在年中對我們擁有的本地品牌進行了調整，包括提高產品線價格、調整價格包裝結構以及優化促銷活動。然後，我們將在明年年初對所有產品進行漲價。我們將繼續沿用先前提到的三種漲價機制，但年初的漲價幅度會更大一些。

We believe that it's the right move for us, seeing the overall environment and the way our categories are behaving at the moment. It will allow us to make the right investments in our brands and in our categories. So at this stage, we think that is probably the best way to do it.

鑑於目前的整體環境以及我們各個品類的發展狀況，我們認為這對我們來說是正確的舉措。這將使我們能夠對我們的品牌和產品類別進行正確的投資。所以現階段，我們認為這可能是最好的方法。

Of course, there are cost pressures also related to this as it relates to freight and some commodities; the trade is well aware of that. So they understand that, that is some of the reasons why we are doing those price increases. Around the world, I would say it's a little bit the same story, although less pronounced. We're doing some price increases in other countries, but it is not of the magnitude that we have to do in North America. Luca?

當然，這其中也存在著與運費和某些商品相關的成本壓力；業內人士對此心知肚明。所以他們明白，這就是我們提價的部分原因。放眼全球，情況大致相同，只是程度不同而已。我們在其他國家也進行了一些價格上漲，但漲幅遠不及我們在北美需要進行的漲價幅度。盧卡？

Okay. In chocolate -- go ahead.

好的。巧克力味的——請便。

Sorry. Excuse me?

對不起。打擾一下？

I wanted to follow up on chocolate in Europe, whether that is included in the price increases in the first quarter or no pricing?

我想了解一下歐洲巧克力的價格上漲情況，第一季的價格上漲是否包括巧克力，還是沒有價格上漲？

Look, we cannot comment on specific pricing actions. As we said about pricing, the vast majority of pricing, it is coming in effect in emerging markets, excluding Argentina. We are pleased with what we see there. I think, if you look and extract Argentina from the number of emerging market, you see a growth that is 4.5%. It is underpinned by pricing, but there is also a nice component of volume.

我們無法對具體的定價措施發表評論。正如我們之前提到的定價問題，絕大多數定價措施將在新興市場生效，阿根廷除外。我們對那裡所看到的感到滿意。我認為，如果你把阿根廷從新興市場數量中剔除出來，你會發現其成長率為 4.5%。價格是其主要支撐因素，但銷售量也是重要的因素。

So think about pricing being in effect in emerging markets pretty much on the vast majority of those markets. And we are watching closely volume dynamics because we don't want to lose momentum, and we want to preserve that operating leverage that is the foundation of the plan we presented at the Investor Day.

因此，請考慮在新興市場中，定價機制幾乎在絕大多數新興市場都有效。我們正在密切關注銷售動態，因為我們不想失去成長勢頭，我們希望保持我們在投資者日上提出的計劃的基礎——營運槓桿。

Your next question comes from the line of David Driscoll with Citi.

你的下一個問題來自花旗銀行的 David Driscoll。

One quick clarification. I think you said that the first half operating margin, which I think was 16.7%, and the second half operating margin will be same as first half, but then the full year guidance is like 17%. Can you just clear that up for me just for -- and I hate to be so particular on basis points, but it almost sounds like the 2 pieces of the guidance would mathematically come out with a number below 17%. And maybe that is the right answer. But can you just clear that up right now?

一個簡短的澄清。我想你說過上半年的營業利潤率是 16.7%，下半年的營業利潤率將與上半年相同，但全年預期是 17%。您能幫我澄清一下嗎？ ——我不想在基點上這麼較真，但聽起來這兩項指導意見從數學角度來看，得出的數字似乎會低於 17%。或許這才是正確答案。但你現在能澄清一下嗎？

Yes. So as I said, on a year-to-date basis, the margin is 16.8%. I think it was roundabout 16.7% in the first half. As we guided to approximately 17%, see Q4 pretty much in line with both the first half and the Q3 year-to-date number. So it will be approximately 17%, a little bit below and in line with the full year guidance we gave.

是的。正如我所說，今年迄今為止，利潤率為 16.8%。我認為上半年大約是 16.7%。正如我們之前預測的約 17% 一樣，預計第四季將與上半年和第三季年初至今的數據基本持平。因此，增幅約為 17%，略低於我們先前給出的全年預期，與預期基本一致。

Okay, that's fine. And then on the U.S. pricing that you have going into January 1, what was the size of the price announcements that you made implementing on January 1?

好的，沒問題。那麼，關於您1月1日生效的美國定價，您在1月1日實施的價格調整公告規模有多大？

We are not getting into specific details. But as we said, it would be across the 3 categories: biscuit, gum and candy. And it will be different by brand. And we have looked into potential elasticity impacts, and we are trying to strike the right balance between preserving the volume and pricing momentum that we see in the marketplace these days and preserving margins going forward.

我們不打算透露具體細節。但正如我們所說，它將涵蓋餅乾、口香糖和糖果這三大類。不同品牌的情況也會有所不同。我們已經研究了潛在的彈性影響，並且正在努力在維持目前市場上的銷售和價格動能與維持未來的利潤率之間取得適當的平衡。

A final one for me is, volume was positive on the year-to-date basis but negative in the third quarter. When you move into the fourth quarter, does volume turn positive again, leading us into 2019 with the expectation of positive volumes?

最後一點是，年初至今的成交量為正，但第三季為負。進入第四季度，銷售是否會再次轉正，使我們預期 2019 年銷售量也將保持正成長？

Look, this quarter comps are clearly affected by the malware additional shipments last year. But I can assure you that the underlying dynamics are pretty much unchanged versus the previous quarters. I think you should look at the year-to-date volume and pricing balance. And as you look at that, I think what you see is that growth is half attributable to volume and the other half is pricing.

你看，本季的業績明顯受到了去年惡意軟體額外出貨量的影響。但我可以向你保證，其基本動態與前幾季相比幾乎沒有變化。我認為你應該看看年初至今的銷售和價格平衡。仔細觀察就會發現，成長一半歸功於銷量，另一半歸功於價格。

Think about those dynamics continuing in Q4, but don't look at Q3 and draw the conclusion that volume was soft because we are lapping malware last year. And I think, again, as you look at the dynamics of emerging markets, Europe and Latin America, it is, quite frankly, in line with what we have seen so far this year.

考慮這些動態在第四季度繼續發展，但不要只看第三季就得出結論，認為銷售疲軟是因為去年的惡意軟體數量超過了第三季。而且我認為，當你觀察新興市場、歐洲和拉丁美洲的動態時，坦白說，這與我們今年迄今為止所看到的情況是一致的。

And then I would like to add that for 2019, we have studied the elasticity of our price increases quite carefully, so we don't provide any specific guidance on splits between volume mix and pricing. But we are working towards that goal of a volume-led growth over the long term, and we feel that the current dynamic we're seeing of the positive volume mix year-to-date, that we can continue that into next year.

此外，我還想補充一點，對於 2019 年，我們已經非常仔細地研究了價格上漲的彈性，因此我們不提供關於銷售組合和定價之間比例的任何具體指導。但我們正在努力實現長期銷售驅動成長的目標，我們認為，從今年迄今的銷售成長動能來看，我們可以將這種勢頭延續到明年。

And our last question comes from the line of Rob Dickerson with Deutsche Bank.

最後一個問題來自德意志銀行的羅伯‧迪克森。

So I guess, just to, I guess, beat the horse till he's dead, excuse my phrase. Just in terms of 2019 and, as we have stressed, the price increase across the categories, the expectation would that there would still be a balance between the pricing and the volume? Or are we thinking even though the goal, obviously, the target is to have volume-driven top line longer term, that maybe in '19, it's a little bit more tilted to pricing upfront? Is that fair? That's my first question.

所以我想，大概就是為了，我想，把這事鬧到馬死為止吧，恕我直言。僅就 2019 年而言，正如我們所強調的那樣，各個類別的價格都在上漲，人們是否預期價格和銷售量之間仍能保持平衡？或者我們是否在考慮，儘管目標顯然是長期實現銷售驅動的營收成長，但在 2019 年，或許應該稍微專注於前期定價？這樣公平嗎？這是我的第一個問題。

Yes. As I -- and just that it's -- we're counting on the same good balance between volume mix and pricing to continue into next year. We will see how the things play out. But at the moment, we are planning for something similar to this year. As we said, we have means of playing around with promotional spending, and that allows us to play around with how much we will get from volume. So I wouldn't expect that it's going to be a huge change for next year. At this stage, we feel pretty confident that the current formula that is working for us, that we can extend it into 2019.

是的。正如我所料——也僅此而已——我們指望銷售組合和價格之間能夠繼續保持良好的平衡到明年。我們拭目以待。但目前，我們正在計劃與今年類似的方案。正如我們所說，我們有辦法調整促銷支出，這使我們能夠調整銷售量帶來的收益。所以我預計明年不會有太大的改變。現階段，我們相當有信心，目前對我們行之有效的模式可以延續到 2019 年。

Okay, fair. And then just housekeeping items, and that's all I have, is, from the Investor Day, I believe you had said the expectation was, essentially into next year, favorable trends in terms of GDP improvements, which would drive, let's call it, that 3% category growth. It seems like snacking may be -- all-in may be driven more by biscuits. In Q3, it came in a bit. It sounds like the category growth is a bit below what the strat plan showed, as you said.

好吧，沒問題。然後就是一些家務事項，這就是我全部要說的了。在投資者日上，我相信您曾說過，預計到明年，GDP 改善方面將出現有利趨勢，這將推動我們稱之為 3% 的類別成長。看來零食消費——尤其是餅乾——可能更受驅動。第三季度，它有所增加。正如你所說，該品類的成長似乎略低於策略計畫的預期。

So I guess the first question is, is there anything that really kind of changed in terms of biscuit growth trajectory into '19? And is that partially driven off of different GDP expectations? And then just secondly and simplistically, it looked like the currency effect for next year that you had mentioned at your Investor Day was the same that you put out today. But it did seem like the currency complex changed a bit over the past 2 months. So I'm just curious if there were any go-forward currency shifts relative to 2 months ago for '19. That's it.

所以我想問的第一個問題是，到 2019 年，餅乾的成長軌跡是否發生了任何真正的變化？這是否部分源自於不同的GDP預期？其次，簡單來說，您在投資者日上提到的明年匯率影響似乎與您今天公佈的相同。但在過去兩個月裡，貨幣市場似乎確實發生了一些變化。所以我很好奇，與兩個月前相比，2019 年的貨幣匯率是否有任何後續變化。就是這樣。

Yes, let me start maybe with the ForEx impact. The ForEx impact is the same as we had for Investor Day, but it happened to be a coincidence. There were various puts and takes. And I can tell you that, in general, with the profit component of emerging market, EPS was improved. But we had the eurozone that lost a bit. So it happens to be the same. It was refreshed as of last week. So the number is the same, but it is a coincidence.

是的，或許我可以先從外匯市場的影響說起。外匯市場受到的影響與投資者日的情況相同，但這純屬巧合。期間有多次出手和反擊。我可以告訴你，總體而言，新興市場的利潤部分提高了每股盈餘。但歐元區損失了一些。所以碰巧是一樣的。上週已更新。所以數字相同，但這純屬巧合。

In terms of categories, look, I think the guidance we gave you in terms of top line for next year, which is 2% to 3%, calls for a category dynamic that is in line with what we have seen this year and in line, certainly, with the 2.7% on a year-to-date basis. There might be puts and takes, but that is where we see the category, the snacking category, playing out for us this year and next year.

就品類而言，我認為我們給出的明年營收成長預期是 2% 到 3%，這要求品類動態與我們今年看到的趨勢一致，當然也與今年迄今為止 2.7% 的成長率一致。可能會有起有落，但這就是我們看到零食品類今年和明年的發展趨勢。

Okay. So in closing, I'm proud of the work of our teams across the business and the results that we are currently seeing. We are very encouraged by the progress in our emerging markets, which were particularly strong this quarter, and of course, where we see the significant amount of our future growth to be derived. Europe remains a solid business for us. And there is work to do in North America, but I'm also confident in the opportunity for that business to start growing.

好的。最後，我為我們公司各團隊的工作以及我們目前的成果感到自豪。我們對新興市場的進展感到非常鼓舞，這些市場在本季表現尤為強勁，當然，我們也認為未來大部分成長將來自這些市場。歐洲市場對我們來說依然穩健。北美市場還有很多工作要做，但我對這項業務的發展前景充滿信心。

I would say that our new long-term strategy is generating excitement in our business. We are building from a position of leadership in our markets, and we are taking steps to further strengthen our capabilities and capture opportunity, as we explained. I'm here thinking particularly of the change in our commercial model, which is more consumer-focused and will drive greater local accountability. I'm also excited about the test, learn and scale approach that we are taking in innovation and then our increased focus on M&A, and that is a good example of what is more to come.

我認為，我們的新長期策略正在為我們的業務帶來振奮人心的局面。正如我們之前解釋的那樣，我們正以市場領先地位為基礎，並採取措施進一步加強自身能力，抓住機會。我在這裡主要指的是我們商業模式的轉變，這種轉變更加以消費者為中心，並將推動更大的本地問責。我也很興奮我們正採取測試、學習和規模化的方法進行創新，以及我們越來越重視併購，這很好地預示著未來會有更多發展方向。

And we also mentioned that we are planting the seeds for future growth with the launch of our new SnackFutures platform, of which we will inform you more in the coming weeks. And there is -- overall, incentive structure is changing.

我們也提到，我們正在透過推出新的 SnackFutures 平台為未來的成長播下種子，我們將在未來幾週內向您提供更多相關資訊。整體而言，激勵機制正在改變。

So we feel good about this quarter and then good about the coming quarter and next year. So I look forward to sharing more of our progress with you in the quarters to come, and thank you for your interest in the company.

所以我們對本季、下個季度以及明年都感到樂觀。因此，我期待在接下來的幾季與您分享我們取得的更多進展，並感謝您對公司的關注。

This concludes today's call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連線了。