億滋國際 (MDLZ) 2023 Q1 法說會逐字稿

Good day, and welcome to the Mondelez International First Quarter 2023 Earnings Conference Call. Today's call is scheduled to last about one hour, including remarks by Mondelez management and the question-and-answer session. (Operator Instructions)

美好的一天，歡迎來到億滋國際 2023 年第一季度收益電話會議。今天的電話會議計劃持續約一個小時，包括 Mondelez 管理層的講話和問答環節。 （操作員說明）

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

我現在想把電話轉給 Mondelez 投資者關係副總裁 Shep Dunlap 先生。請繼續，先生。

Good afternoon, and thank you for joining us. With me today are Dirk Van de Put, our Chairman and CEO; and Luca Zaramella, our CFO. Earlier today, we sent out our press release and presentation slides, which are available on our website.

下午好，感謝您加入我們。今天和我在一起的是我們的董事長兼首席執行官 Dirk Van de Put；和我們的首席財務官 Luca Zaramella。今天早些時候，我們發送了新聞稿和演示幻燈片，可在我們的網站上獲取。

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, Q and 8-K filings for more details on our forward-looking statements.

在這次電話會議中，我們將對公司的業績做出前瞻性陳述。這些陳述是基於我們今天的看法。由於風險和不確定性，實際結果可能存在重大差異。請參閱我們的 10-K、Q 和 8-K 文件中包含的警示性聲明和風險因素，以了解有關我們前瞻性聲明的更多詳細信息。

As we discuss our results today, unless that is reported, we'll be referencing our non-GAAP financial measures, which adjust for certain items included in our GAAP results. In addition, we provide our year-over-year growth on a constant currency basis, unless otherwise noted. You can find the comparable GAAP measures and GAAP to non-GAAP reconciliations within our Q1 2023 earnings release at the back of the slide presentation.

在我們今天討論我們的結果時，除非報告，否則我們將參考我們的非 GAAP 財務指標，這些指標針對我們 GAAP 結果中包含的某些項目進行了調整。此外，除非另有說明，否則我們以固定貨幣為基礎提供同比增長。您可以在幻燈片演示文稿後面的 2023 年第一季度收益發布中找到可比的 GAAP 措施和 GAAP 與非 GAAP 對賬。

Today, Dirk will provide a business and strategy update, followed by a review of our financial results and outlook by Luca. We will close with Q&A. I'll now turn the call over to Dirk.

今天，Dirk 將提供業務和戰略更新，隨後 Luca 將回顧我們的財務業績和前景。我們將以問答結束。我現在將電話轉給德克。

Thanks, Shep, and thanks to everyone for joining the call today. I will start on Slide 4. I'm pleased to share that we are off to a record start in 2023, with very strong double-digit top line growth in the first quarter driven by effective pricing and ongoing volume growth. We continue to execute on our long-term strategy, and we see robust momentum across geographies and categories. We delivered strong performance in both emerging and developed markets, and we successfully implemented circa 80% of our price increases in Europe. Our robust profit dollar growth was driven by volume leverage, cost discipline and pricing to offset cost inflation.

謝謝 Shep，也感謝大家今天加入電話會議。我將從幻燈片 4 開始。我很高興地與大家分享，我們在 2023 年創下了一個創紀錄的開端，在有效定價和持續的銷量增長的推動下，第一季度收入實現了非常強勁的兩位數增長。我們繼續執行我們的長期戰略，我們看到了跨地區和跨類別的強勁勢頭。我們在新興市場和發達市場都取得了強勁的業績，我們在歐洲成功實施了大約 80% 的提價。我們強勁的利潤美元增長是由數量槓桿、成本控制和定價驅動的，以抵消成本通脹。

Our strategic decision to focus our portfolio on the attractive categories of chocolates, biscuits and baked snacks continues to bear fruit with consumers gravitating to those categories. We continue to invest in our brands, in our capabilities and our portfolio-reshaping initiatives to accelerate and compound growth on both the top and bottom lines. We are confident that the strength of our brands, our proven strategy, our continued investments and especially our talented people position us well to deliver another strong year. Based on the strength of these Q1 results and our latest view across businesses, we are raising our revenue and adjusted earnings outlook to 10% plus for the year.

我們將我們的產品組合集中在巧克力、餅乾和烘焙零食等具有吸引力的類別上的戰略決策繼續取得成果，消費者被這些類別所吸引。我們繼續投資於我們的品牌、我們的能力和我們的投資組合重塑計劃，以加速收入和利潤的複合增長。我們相信，憑藉我們品牌的實力、我們行之有效的戰略、我們的持續投資，尤其是我們的人才，我們將有能力再創佳績。基於這些第一季度業績的強勁表現和我們對企業的最新看法，我們將今年的收入和調整後的盈利前景提高到 10% 以上。

Turning to Slide 5. You can see that the first quarter showed continued momentum across our entire business. Volume mix for the quarter was more than 3 percentage points, on pace with recent performance, demonstrating the continued strength and resiliency of our beloved brands and categories even in an inflationary environment. We delivered organic net revenue growth of $1.5 billion versus prior year. At 19.4% growth, we delivered our best quarter ever, significantly ahead of our already strong 12% in full year 2022. We also delivered adjusted gross profit dollar growth of $0.5 billion. Again, we are well ahead of last year's pace with 18.2% growth.

轉到幻燈片 5。您可以看到第一季度顯示我們整個業務的持續增長勢頭。本季度的銷量組合超過 3 個百分點，與最近的表現保持同步，這表明即使在通脹環境下，我們鍾愛的品牌和品類的持續實力和彈性。與上一年相比，我們實現了 15 億美元的有機淨收入增長。我們以 19.4% 的增長率實現了有史以來最好的一個季度，大大超過了 2022 年全年已經強勁的 12%。我們還實現了 5 億美元的調整後毛利潤增長。同樣，我們以 18.2% 的增長率遠遠領先於去年。

We're proud of our team's continued focus and agility, which enable us to continue investing to drive further growth acceleration with an A&C increase of 19% for the quarter. These results translated into strong adjusted OI growth of close to $300 million, up nearly 21% and again, well ahead of last year's pace. We remain confident that our virtuous cycle of strong gross profit dollar growth, fueling local-first commercial execution, increasing investment in our iconic brands empowered by winning culture will continue to consistently deliver attractive growth.

我們為我們團隊的持續專注和敏捷性感到自豪，這使我們能夠繼續投資以推動進一步的增長加速，本季度 A&C 增長 19%。這些結果轉化為調整後的 OI 強勁增長近 3 億美元，增長近 21%，再次遠高於去年的增速。我們仍然相信，我們強勁的毛利潤美元增長、推動本地優先商業執行、增加對我們以成功文化為動力的標誌性品牌的投資的良性循環將繼續持續帶來有吸引力的增長。

On Slide 6, a few examples of our brand strategy in action. We continue to invest in our core categories of chocolates, biscuits and baked snacks with strong creative assets, digital personalization at scale, new product launches and great in-store execution. All this continues to strengthen our already strong brand loyalty. It is clear that we're playing in the right categories with attractive growth in volume and dollars, combined with solid profitability characteristics. There is also significant headroom in both penetration and per capita consumption in developed and developing markets.

在幻燈片 6 上，我們的品牌戰略的幾個例子。我們繼續投資於我們的核心品類巧克力、餅乾和烘焙零食，擁有強大的創意資產、大規模數字個性化、新產品發布和出色的店內執行力。所有這一切繼續加強我們已經強大的品牌忠誠度。很明顯，我們在正確的類別中進行遊戲，銷量和美元的增長具有吸引力，並且具有穩固的盈利能力。發達市場和發展中市場的滲透率和人均消費量也有很大的上升空間。

We continue to expand the breadth and reach of our chocolate leadership in the attractive and growing Latin America region. For example, we recently launched our Chocolate brand, Milka, into Colombia. Additionally, we launched 2 Milka ice cream products in Argentina in association with Froneri. We're excited about these opportunities to explore a new segment and reach more consumers, while expanding one of our most iconic brands into a new consumption occasion.

我們繼續擴大我們在極具吸引力和不斷發展的拉丁美洲地區的巧克力領導地位的廣度和影響力。例如，我們最近在哥倫比亞推出了我們的巧克力品牌妙卡。此外，我們與 Froneri 合作在阿根廷推出了 2 款妙卡冰淇淋產品。我們很高興有這些機會來探索新的細分市場並吸引更多的消費者，同時將我們最具標誌性的品牌之一擴展到新的消費場合。

We hit another milestone in the biscuits category. As Chips Ahoy!, a $1 billion brand, celebrates its 60th birthday, our fifth largest brand globally, Chips Ahoy! has delivered almost double-digit revenue growth annually since 2018, yielding positive results from our increased A&C spend during that time period. The brand's current key markets are the United States and China where the business is on a $200 million run rate. But Chips Ahoy! also has a sizable presence in Canada, Latin America and Southeast Asia. We have exciting plans to further expand this franchise as we grow our leadership in both core biscuits and new chocobakery innovations around the world.

我們在餅乾類別中達到了另一個里程碑。 Chips Ahoy! 是一個市值 10 億美元的品牌，慶祝其 60 歲生日，我們的全球第五大品牌 Chips Ahoy!自 2018 年以來每年實現近兩位數的收入增長，我們在此期間增加的 A&C 支出產生了積極成果。該品牌目前的主要市場是美國和中國，其業務的營業額為 2 億美元。但是薯片嗨！在加拿大、拉丁美洲和東南亞也有相當大的影響力。隨著我們在全球核心餅乾和新型巧克力烘焙創新領域的領導地位不斷增強，我們制定了進一步擴大這一特許經營權的激動人心的計劃。

Oreo continues to show strong momentum across markets as consumers continue to demonstrate that this iconic brand is truly the world's favorite cookie. Give & Go is a success story in our baked snacks line. It grew strong double digits in Q1, driven by solid pricing execution, expansion into adjacencies such as mini donuts and strong category demand. These are just a few examples of our team's ongoing focus on delivering our growth and acceleration strategy as we continue to reinvest in and drive our very powerful brands.

隨著消費者不斷證明這個標誌性品牌確實是世界上最受歡迎的餅乾，奧利奧在各個市場繼續表現出強勁的勢頭。 Give & Go 是我們烘焙零食系列的成功案例。在穩健的定價執行、擴展到迷你甜甜圈等周邊產品以及強勁的品類需求的推動下，它在第一季度實現了兩位數的強勁增長。這些只是我們團隊持續專注於實現我們的增長和加速戰略的幾個例子，因為我們繼續對我們非常強大的品牌進行再投資和推動。

Now let's take a look at our chocolate strategy on Slide 7. Tablets remain the centerpiece of our chocolate franchise. Mondelez accounts for more than 1/3 of this segment, more than 3x the size of the #2 player, and we continue to lead this segment year after year. 2023 is off to a very strong start, aided by the recent launch of our renovated Milka formulation, the creamiest, most tender Milka ever, combined with some strong local jewels. Our Tablet business is up nearly 0.5 point in market share with particularly strong growth in Australia, Canada, Germany and Brazil.

現在讓我們來看看我們在幻燈片 7 上的巧克力策略。平板電腦仍然是我們巧克力特許經營的核心。 Mondelez 佔該細分市場的 1/3 以上，是排名第二的玩家的 3 倍多，而且我們年復一年地繼續領先該細分市場。 2023 年開局非常強勁，這得益於我們最近推出的翻新妙卡奶粉配方，這是有史以來最細膩、最柔嫩的妙卡奶粉，並結合了一些強勁的本地珠寶。我們的平板電腦業務的市場份額增長了近 0.5 個百分點，在澳大利亞、加拿大、德國和巴西的增長尤為強勁。

We're also performing well in the incremental segments of seasonal and gifting chocolate products. We delivered a record sell-in for the Easter season across markets, with Milka celebrating its first ever Easter in Chile. Our Cadbury team executed another successful virtual Easter egg hunt,, reaching more than 300,000 people in the United Kingdom, Ireland and South Africa, making our seasonal products even more iconic.

我們在季節性和禮品巧克力產品的增量部分也表現良好。我們為整個市場的複活節銷售創造了創紀錄的銷量，妙卡在智利慶祝了有史以來的第一個複活節。我們的 Cadbury 團隊又一次成功地進行了虛擬復活節彩蛋搜尋活動，在英國、愛爾蘭和南非吸引了超過 300,000 人，使我們的季節性產品更具標誌性。

We also are growing in the premium chocolate space. For example, Toblerone, volume is up more than 15% in Q1, fueled by its relaunch with updated (inaudible). We are further strengthening the Toblerone portfolio with additional offerings, including (inaudible) personalized gifting.

我們也在優質巧克力領域發展壯大。例如，Toblerone，在第一季度的銷量增長超過 15%，這得益於其重新推出更新（聽不清）。我們通過其他產品進一步加強 Toblerone 產品組合，包括（聽不清）個性化禮品。

Switching to Slide 8. Solid execution against our integration playbook is delivering a strong start to the year for our recently acquired businesses. We are pleased that Clif in Q1 posted double-digit revenue growth and grew profitability by more than 1,000 basis points. We're making strong operational improvements, focusing on enhancing service levels and improving supply chain efficiencies, and we successfully implemented 2 rounds of pricing. Additionally, we recently announced a consolidation of creative and advertising agencies under a single partner, which will accelerate productivity in our media spend, while continuing to strengthen brand equity and loyalty. Similarly, our Ricolino business continues to demonstrate strong momentum in the fast-growing and strategically important Mexican market, and we are making solid progress on integration.

切換到幻燈片 8。對我們的整合劇本的可靠執行為我們最近收購的業務帶來了良好的開端。我們很高興 Clif 在第一季度實現了兩位數的收入增長，並將盈利能力提高了 1,000 多個基點。我們正在大力改進運營，專注於提高服務水平和提高供應鏈效率，並成功實施了 2 輪定價。此外，我們最近宣布將創意和廣告代理機構合併為一個合作夥伴，這將提高我們媒體支出的生產力，同時繼續加強品牌資產和忠誠度。同樣，我們的 Ricolino 業務在快速增長且具有重要戰略意義的墨西哥市場繼續展現強勁勢頭，我們正在整合方面取得穩步進展。

Along with our financial performance, I'm pleased to share that we continue to make significant progress in our sustainability strategy. We firmly believe that helping to drive positive change at scale is an integral part of value creation with positive returns for all of our stakeholders. As you can see on Slide 9, this quarter, we announced the next chapter of Harmony, our European Wheat Sustainability Program. With regenerative agriculture at its heart, this next chapter aims to mitigate climate change and reverse biodiversity losses, while investing in research seeking to demonstrate that more sustainable wheat is also better quality (inaudible).

除了我們的財務業績，我很高興與大家分享我們在可持續發展戰略方面繼續取得重大進展。我們堅信，幫助推動大規模積極變革是價值創造不可或缺的一部分，並為我們所有的利益相關者帶來積極回報。正如您在幻燈片 9 中看到的那樣，本季度，我們宣布了 Harmony 的下一章，即我們的歐洲小麥可持續發展計劃。下一章以再生農業為核心，旨在緩解氣候變化和扭轉生物多樣性的喪失，同時投資於旨在證明更可持續的小麥質量也更好的研究（聽不清）。

Created as the first program of its kind in 2008 with just a handful of farmers, the Harmony Program now collaborates with more than 1,300 farmers across 7 European countries. Our enhanced program will support these farmers in implementing a stronger charter of more sustainable farming practices such as further diversifying crop rotation, protecting pollinators and other wildlife, and reducing pesticide use. Our goal is to grow 100% of the wheat volume needed for our European biscuit production under our expanded Harmony Regenerative Charter by 2030.

Harmony 計劃是 2008 年首個此類計劃，只有少數農民參與，現在與 7 個歐洲國家的 1,300 多名農民合作。我們的強化計劃將支持這些農民實施更強有力的更可持續農業實踐憲章，例如進一步實現作物輪作多樣化、保護授粉媒介和其他野生動物，以及減少農藥使用。我們的目標是根據我們擴大的和諧再生憲章，到 2030 年種植 100% 的歐洲餅乾生產所需的小麥。

This is just one example of the way that we are fully integrating our sustainability agenda within our day-to-day business operations and growth strategy. I'm proud of Team Mondelez's continued progress in helping to make positive impact on critical environmental and social issues, while creating value for shareholders and other stakeholders.

這只是我們將可持續發展議程完全融入日常業務運營和增長戰略的方式之一。我為 Mondelez 團隊在幫助對關鍵環境和社會問題產生積極影響，同時為股東和其他利益相關者創造價值方面不斷取得進展感到自豪。

With that, I'll turn it over to Luca to share additional insights on our financials.

有了這個，我將把它交給盧卡來分享對我們財務的更多見解。

Thank you, Dirk, and good afternoon. Q1 was a great start to the year. Broad-based volume, pricing, profit dollar growth, brand investment, earnings and free cash flow, all indicate that our strategy is sound and our focus on execution in paying off. Our model is working well, while meaningful opportunities still exist to further drive our long-term ambitions.

謝謝你，德克，下午好。第一季度是今年的一個良好開端。廣泛的銷量、定價、利潤美元增長、品牌投資、收益和自由現金流，都表明我們的戰略是合理的，我們對執行的關注是有回報的。我們的模式運作良好，同時仍有重要機會進一步推動我們的長期目標。

For the quarter, revenue growth was plus 19.4% with more than 3 points from volume mix. Emerging markets grew more than 25% with strong performance across the overwhelming majority of countries. 4.5 points of this growth were attributable to volume mix. Developed markets grew 15.8% in Q1 with across-the-board strength and more than 2 points of growth coming from volume mix. To note, the customer disruption in Europe was more benign than we anticipated.

本季度，收入增長 19.4%，銷量增長超過 3 個百分點。新興市場增長超過 25%，絕大多數國家表現強勁。這一增長的 4.5 個百分點歸因於銷量組合。發達市場在第一季度增長 15.8%，表現全面強勁，銷量組合增長超過 2 個百分點。需要注意的是，歐洲的客戶中斷比我們預期的要溫和得多。

Turning to portfolio performance on Slide 12. Chocolates, biscuits, gum and candy all posted robust double-digit increases in Q1. Biscuits grew plus 16.9%, with positive volume mix despite substantial price increases. Oreo, Reese, Chips Ahoy!, Give & Go and Club Social were among brands that delivered double-digit growth. Albeit not contributing to organic growth, Clif posted good growth versus last year, too. Chocolate grew more than 18% with significant growth across both developed and emerging markets. Volume was positive despite some customer disruptions in Europe, albeit lower than anticipated. Cadbury Dairy Milk, Milka, Lacta and Toblerone, all delivered robust growth, and we had a record Easter sell-in that based on preliminary data, also resulted in record high sell-out. Gum & Candy grew 35%, with robust growth across all of our key markets.

轉向幻燈片 12 的投資組合表現。巧克力、餅乾、口香糖和糖果在第一季度均實現了兩位數的強勁增長。餅乾增長了 16.9%，儘管價格大幅上漲，但銷量仍然不錯。 Oreo、Reese、Chips Ahoy!、Give & Go 和 Club Social 等品牌實現了兩位數的增長。儘管沒有促進有機增長，但 Clif 與去年相比也實現了良好的增長。巧克力增長超過 18%，發達市場和新興市場均有顯著增長。儘管歐洲有一些客戶中斷，但銷量仍為正，儘管低於預期。 Cadbury Dairy Milk、Milka、Lacta 和 Toblerone 都實現了強勁增長，根據初步數據，我們的複活節銷量創下歷史新高，也導致銷量創下歷史新高。口香糖和糖果業務增長了 35%，我們所有主要市場都實現了強勁增長。

Now let's review market share performance on Slide 13. We held or gained share in 60% of our revenue base, which includes 10 points of headwinds coming from EU customer disruption. The U.S. continues to make service level improvements, ending Q1 with good on-shelf availability and case fill rates, resulting in share being flat to last year. Given stabilization of the supply chain, we feel confident that share will continue to improve during the year in the U.S.

現在讓我們回顧一下幻燈片 13 上的市場份額表現。我們持有或獲得了 60% 的收入基礎，其中包括來自歐盟客戶中斷的 10 個不利因素。美國繼續提高服務水平，以良好的貨架可用性和案例填充率結束第一季度，導致份額與去年持平。鑑於供應鏈的穩定，我們有信心今年在美國的份額將繼續提高。

Turning to Page 14. We delivered strong double-digit to high dollar growth driven by a gross profit increase of more than $540 million. These results enable us to continue to significantly fund our business for future growth, while also providing strong earnings and cash flow.

翻到第 14 頁。在超過 5.4 億美元的毛利潤增長的推動下，我們實現了強勁的兩位數至高美元增長。這些結果使我們能夠繼續為我們的業務未來增長提供大量資金，同時也提供強勁的收益和現金流。

Moving to regional results on Slide 15. We delivered double-digit revenue growth and posted volume mix increases in all regions. This growth, fueled by pricing and volume leverage, drove robust OI dollar growth across all regions.

轉到幻燈片 15 的區域結果。我們實現了兩位數的收入增長，並公佈了所有地區的銷量組合增長。在定價和銷量槓桿的推動下，這種增長推動了所有地區的 OI 美元強勁增長。

Europe grew plus 18.9% with high single-digit (inaudible). We have made progress in lending expected pricing increases with circa 80% of our customers, and we lowered disruption than we anticipated. We are still planning for some disruption in Q2, which has been factored into our revised outlook as the remaining 20% of our customer base is not on yet. Consumers' confidence has stabilized in much of the region with many key countries trending back to spring 2022 levels. Elasticities of biscuits and chocolate are overall less negative than we anticipated, including in the U.K., where the impact of HFSS is less material than what we had forecasted. Overall, rather than cutting back significantly on size of their basket, consumers are shopping around to find attractive deals and trading up and down in terms of tax sizes based on their specific needs and consumer occasions. They remain loyal to branded products, particularly in chocolate. Having said that, our focus is now on lending the remaining part of the price increases.

歐洲以高個位數（聽不清）增長了 18.9%。我們在為大約 80% 的客戶提供貸款預期價格上漲方面取得了進展，並且我們減少了比我們預期的中斷。我們仍在計劃在第二季度出現一些中斷，這已被納入我們修訂後的展望，因為我們剩餘的 20% 的客戶群尚未開啟。該地區大部分地區的消費者信心已經穩定，許多主要國家/地區趨於回到 2022 年春季的水平。餅乾和巧克力的彈性總體上沒有我們預期的那麼消極，包括在英國，HFSS 的影響沒有我們預測的那麼大。總的來說，消費者並沒有大幅減少他們購物籃的數量，而是貨比三家以尋找有吸引力的交易，並根據他們的具體需求和消費場合在稅收規模方面上下交易。他們仍然忠於品牌產品，尤其是巧克力。話雖如此，我們現在的重點是放貸剩餘的價格上漲部分。

North America grew plus 17.3% with OI dollar growth of more than 40% driven by higher pricing, solid volume mix and strength from our ventures, particularly Clif. We are reassured by the quality of the P&L in the region and by the fact that volume is holding up well, while we still have opportunity of returning market share to steady growth.

北美增長 17.3%，其中 OI 美元增長超過 40%，這得益於更高的定價、穩固的銷量組合以及我們的風險投資（尤其是 Clif）的實力。我們對該地區的損益質量以及銷量保持良好這一事實感到放心，同時我們仍有機會使市場份額恢復穩定增長。

EMEA grew plus 13.8% with strong volume mix of nearly 6%. OI dollars increased plus 15.6%. India continues to be a key driver of success in the region, and we also have ambitious plans in China that will benefit from a broader reopening after COVID.

歐洲、中東和非洲地區增長了 13.8%，銷量組合強勁，接近 6%。 OI 美元增長 15.6%。印度仍然是該地區成功的關鍵驅動力，我們在中國也有雄心勃勃的計劃，這些計劃將受益於 COVID 之後更廣泛的重新開放。

Latin America grew plus 39% with a high dollar growth of more than 47%. We are very pleased with the performance in the region with clear progress made over the last couple of years in terms of execution and ability to drive key brands like Oreo (inaudible). Ricolino is off to a strong start, but we have not yet realized the benefit of the full integration that will happen towards the end of the year.

拉丁美洲增長了 39%，美元增長率超過 47%。我們對該地區的表現感到非常滿意，過去幾年在執行和推動奧利奧（聽不清）等主要品牌的能力方面取得了明顯進步。 Ricolino 有了一個良好的開端，但我們還沒有意識到將在年底發生的全面整合的好處。

Next to EPS on Slide 16. EPS grew plus 17.3% in constant currency or nearly plus 10% at reported dollars driven primarily by strong operating gains.

在幻燈片 16 的每股收益旁邊。每股收益按固定匯率計算增長 17.3%，或按報告的美元計算增長近 10%，這主要是由於強勁的運營收益。

Turning to Slide 17. We generated free cash flow of $900 million in Q1, returning $900 million to shareholders through dividends and share repurchases.

轉到幻燈片 17。我們在第一季度產生了 9 億美元的自由現金流，通過股息和股票回購向股東返還了 9 億美元。

A few words on our recent KDP sell-down on Page 19. This investment has been highly successful, demonstrating our disciplined and flexible approach to managing our investments and assets over time. Including dividends received and the market value of our remaining stake, this investment has generated a return of approximately 3.3x, our initial investment over a 7-year period. We received approximately $1 billion in net proceeds from the most recent sale, and our remaining stake is now 3.2%. From an accounting perspective, we will no longer account for this under the equity method but rather recognizing dividends as the only income as of the dividend record date. We will adjust out mark-to-market quarterly remeasurements of the stake, in line with the gains that have been obtained after each sell-down. These adjustments will be recorded in a new P&L line item, which will be below interest expenses.

關於我們最近在第 19 頁的 KDP 拋售的幾句話。這項投資非常成功，證明了我們隨著時間的推移管理我們的投資和資產的紀律和靈活的方法。包括收到的股息和我們剩餘股份的市場價值，這項投資產生了大約 3.3 倍的回報，這是我們 7 年期間的初始投資。我們從最近的銷售中獲得了大約 10 億美元的淨收益，我們剩餘的股份現在是 3.2%。從會計的角度來看，我們將不再採用權益法核算，而是將股息確認為截至股息記錄日的唯一收入。我們將根據每次拋售後獲得的收益調整按市值計價的股權季度重新計量。這些調整將記錄在一個新的損益表項目中，該項目將低於利息費用。

In terms of net EPS impact for 2023, purely on the basis of the different accounting treatment, we expect a headwind of approximately $0.03. I want to reiterate that this is merely accounting-driven and not changing the essence of the investment itself. The gain on this sale, which is approximately $0.5 billion, will run through the same account that we have used for (inaudible).

就 2023 年的淨每股收益影響而言，純粹基於不同的會計處理，我們預計逆風約為 0.03 美元。我想重申，這只是會計驅動，並沒有改變投資本身的本質。此次銷售的收益約為 5 億美元，將通過我們用於（聽不清）的同一賬戶運行。

Finally, albeit a subsequent event to the quarter, you might have noticed that we sold down also some stock for JDE Peet. The transaction was equivalent to approximately EUR 400 million through an equal combination of an outright sale and auctions at an all-in net discount of 2% to 3% versus the JDE stock price at the time of the transaction. Auctions add maturity, which is about 6 months.

最後，儘管是本季度的後續事件，您可能已經註意到我們還為 JDE Peet 出售了一些股票。該交易相當於通過直接出售和拍賣的同等組合，以相對於交易時 JDE 股票價格 2% 至 3% 的全部淨折扣的等量組合進行，相當於約 4 億歐元。拍賣增加了期限，大約為 6 個月。

Both transactions put us in a good spot in terms of our leverage and debt profile. And together with the expected proceeds of developed market (inaudible) pretty much balanced the outflows related to the acquisition of Clif and Ricolino.

這兩筆交易使我們在槓桿和債務狀況方面處於有利地位。再加上發達市場的預期收益（聽不清），與收購 Clif 和 Ricolino 相關的資金流出基本平衡。

Turning to our outlook on Page 20. Given the strength of our Q1 results and the overall operating environment across our business, we are raising our full year outlook for revenue growth and EPS. We now expect top line growth of 10% plus versus our original outlook of 5% to 7%. EPS growth is expected to be 10% plus versus our previous outlook of high single-digit growth. In terms of the assumptions, inflation is still expected to increase double digit for 2023 driven by elevated costs in packaging, energy, ingredients and labor, while lapping favorable hedges in 2022. In terms of interest expenses, we now expect $400 million for the year, given recent coffee transactions. We now expect $0.09 of EPS of headwinds related to Forex impact for the year versus $0.04 in our previous outlook.

轉向我們在第 20 頁的展望。鑑於我們第一季度業績的強勁表現和我們業務的整體運營環境，我們提高了對收入增長和每股收益的全年展望。我們現在預計營收增長 10% 以上，而我們最初的預期為 5% 至 7%。與我們之前的高個位數增長預期相比，每股收益增長預計將超過 10%。就假設而言，由於包裝、能源、配料和勞動力成本上升，預計 2023 年通脹仍將增長兩位數，同時在 2022 年獲得有利的對沖。就利息支出而言，我們現在預計全年為 4 億美元，鑑於最近的咖啡交易。我們現在預計今年與外匯影響相關的逆風每股收益為 0.09 美元，而我們之前的展望為 0.04 美元。

The outlook revision reflects our increased confidence in another exceptionally strong year, given the resilience of consumer consumption in our categories, more benign elasticities than we planned and share dynamics in half 2 as well as lower actual disruption and better environment in Europe. Having said that, we might have some more disruption for the remaining pricing, which will potentially affect Q2. Finally, continued strength in our emerging markets is what supports our improved guidance. This current outlook does not consider a material deterioration of geopolitical environment surrounding some areas of our business.

展望修訂反映了我們對又一個異常強勁的一年的信心增強，因為我們類別中消費者消費的彈性、比我們計劃的更良性的彈性和半年 2 的共享動態以及歐洲實際中斷的減少和更好的環境。話雖如此，我們可能會對剩餘定價產生更多干擾，這可能會影響第二季度。最後，我們新興市場的持續走強支持我們改進指引。目前的展望並未考慮圍繞我們某些業務領域的地緣政治環境的實質性惡化。

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

有了這個，讓我們打開問題熱線。

(Operator Instructions) And we'll take our first question from Andrew Lazar with Barclays.

（操作員說明）我們將從安德魯·拉扎爾和巴克萊銀行提出我們的第一個問題。

I guess first off, Dirk, I was hoping you could double-click a little bit on the emerging markets performance, which was obviously dramatically better than I think most had certainly modeled than we're expecting. Organic sales were up 25%. And I guess, I'm just looking for some color on some key drivers and, maybe more importantly, sort of on the sustainability of the performance and how we should think about that as the year progresses?

我想首先，德克，我希望你能雙擊一下新興市場的表現，這顯然比我認為大多數人肯定比我們預期的模型要好得多。有機銷售額增長了 25%。而且我想，我只是在尋找一些關鍵驅動因素的顏色，也許更重要的是，關於性能的可持續性以及隨著時間的推移我們應該如何考慮它？

Okay. Yes, so definitely a very strong performance this quarter, but I would say already for several quarters that we have strengthened our emerging markets. Emerging markets for us are about 40% of our business and, as you said, 25% growth in Q1. I think it's important also to see that there has been very strong or solid volume growth, around 4%, 4.5%, 5%. So it's not just pricing.

好的。是的，本季度的表現絕對非常強勁，但我要說的是，我們已經加強了幾個季度的新興市場。對我們來說，新興市場約占我們業務的 40%，正如您所說，第一季度增長了 25%。我認為同樣重要的是要看到非常強勁或穩定的銷量增長，大約 4%、4.5%、5%。所以這不僅僅是定價。

If I go a little bit through the markets. India keeps on growing at a very accelerated pace, strong double digit, no real signs of a slowdown. Our outlook for '23 remains optimistic. And we have to invest in capacity increases, which we are doing. But as you know, it's a combination of the strength of our Cadbury and Oreo franchises, we are receiving heavy support with strong innovations as well as distribution expansion where we still have a runway for several years to go.

如果我稍微瀏覽一下市場。印度繼續以非常快的速度增長，強勁的兩位數，沒有真正放緩的跡象。我們對 23 年的前景仍然樂觀。我們必須投資於我們正在做的產能增加。但正如你所知，這是我們吉百利和奧利奧特許經營權的結合，我們正在通過強大的創新和分銷擴張獲得大力支持，我們還有幾年的跑道。

In China, we also have strong momentum There, we also see good share gains. We have in the past quarters been establishing Chips Ahoy! as a second biscuit brand after Oreo. Our business, as you know, is mainly biscuits and gum. And I think with the post-COVID period now in China, we see the confidence of the consumer going up, and we're expecting a strong year in China also.

在中國，我們也有強勁的發展勢頭在那裡，我們也看到了不錯的份額增長。我們在過去幾個季度一直在建立 Chips Ahoy！作為繼奧利奧之後的第二個餅乾品牌。如您所知，我們的業務主要是餅乾和口香糖。而且我認為隨著中國現在的後 COVID 時期，我們看到消費者的信心在上升，我們預計中國也將迎來強勁的一年。

Same thing as in India, heavy support in our brands, good innovations, building extra capacity and still a big upside on increasing our distribution.

與印度一樣，對我們品牌的大力支持、良好的創新、建設額外的產能以及增加我們的分銷仍然有很大的優勢。

In Mexico, we now, with the acquisition of Ricolino, have significantly increased our distribution power. So there, we will see the distribution of the Mondelez brands increasing significantly in the coming months. We also have double-digit growth in the quarter, and the whole acquisition and integration of Ricolino is on track.

在墨西哥，我們現在通過收購 Ricolino 顯著提高了我們的分銷能力。因此，在接下來的幾個月裡，我們將看到 Mondelez 品牌的分銷顯著增加。我們在本季度也有兩位數的增長，Ricolino 的整個收購和整合都在進行中。

And then maybe adding Brazil. Brazil is also double-digit growth. We have -- we continue to see strong demand, and we are expanding our distribution also in Brazil.

然後也許加入巴西。巴西也有兩位數的增長。我們有 - 我們繼續看到強勁的需求，我們也在擴大我們在巴西的分銷。

So I would say overall, the key markets in our emerging markets group are doing well. And particularly in Latin America, I would add to that, that the whole economic environment is pretty strong. Important to note is that they have delivered and are delivering reported dollar growth in top and bottom line and that the cash flow that we are generating is also very strong. So the return on our investments in emerging markets is very good.

所以我想說，總體而言，我們新興市場集團的主要市場表現良好。特別是在拉丁美洲，我要補充一點，整個經濟環境非常強勁。需要注意的重要一點是，他們已經實現並正在實現報告的頂線和底線美元增長，而且我們產生的現金流也非常強勁。所以我們在新興市場的投資回報非常好。

And I would say that we believe that we have a sustainable growth engine that will continue for the foreseeable future. The reasons for that, that we have stepped up in execution in a major way, we now for several years in a row have continued heavy reinvestment in our business. We have these distribution opportunities that I've been mentioning, and we keep on going deeper and deeper into distribution, setting up routes and presence, which are having a very good return, and we keep on doing it year after year. And as I said, macroeconomics in Latin America are helping. And then also the gum business, which during the pandemic suffered, is one of the drivers of our growth in Latin America.

我要說的是，我們相信我們擁有可持續的增長引擎，在可預見的未來將繼續存在。其原因是，我們在很大程度上加強了執行力，我們現在連續幾年繼續對我們的業務進行大量再投資。我們有我一直提到的這些分銷機會，並且我們繼續深入分銷，建立路線和存在，這有很好的回報，我們年復一年地繼續這樣做。正如我所說，拉丁美洲的宏觀經濟學正在提供幫助。然後，在大流行期間遭受損失的口香糖業務也是我們在拉丁美洲增長的驅動力之一。

At this stage, consumer confidence is relatively strong. We have high loyalty in our brands, and private label in emerging markets remains a relatively small challenge. So we continue to be very optimistic for '23 and beyond. We feel that we have plenty of opportunity. We have a lot of headroom for accelerated growth, I would say. Our -- the penetration of our categories is very low. The distribution runway in places like China, India, but even in places like Brazil and Mexico are high. And our brands like Oreo. Oreo, for instance, is really exploding in Latin America. But Cadbury in India, Milka that we are now launching throughout Latin America. So we see all this combined gives us the confidence that we'll keep on doing well in our emerging markets.

現階段，消費者信心比較強。我們對自己的品牌有很高的忠誠度，新興市場的自有品牌仍然是一個相對較小的挑戰。因此，我們繼續對 23 年及以後非常樂觀。我們覺得我們有很多機會。我想說，我們有很大的加速增長空間。我們 - 我們類別的滲透率非常低。中國、印度等地的分銷跑道，甚至巴西和墨西哥等地的分銷跑道也很高。我們的品牌包括奧利奧。例如，奧利奧在拉丁美洲真的很火。但是吉百利在印度，我們現在正在整個拉丁美洲推出妙卡。因此，我們看到所有這些結合起來讓我們有信心在新興市場繼續保持良好表現。

Really helpful. Appreciate that rundown. And then just super briefly, Luca, just from a guidance standpoint, it does not seem as though your expectations for the remainder of the year have necessarily changed that much and that the upward guidance revision primarily is based on the better-than-forecast 1Q results. So I guess my question is maybe, how should investors think about the sort of the plus in the revised 10% plus constant currency EPS growth outlook, like the sort of the puts and takes or things to consider there?

真的很有幫助。欣賞那個破敗。然後非常簡短，盧卡，從指導的角度來看，你對今年剩餘時間的預期似乎沒有必要改變那麼多，向上指導修訂主要是基於好於預期的第一季度結果。所以我想我的問題可能是，投資者應該如何考慮修訂後的 10% 加上固定貨幣 EPS 增長前景中的那種加號，比如看跌期權和看跌期權或那裡需要考慮的事情？

Yes. Thank you, Andrew. Clearly, as we move through the year, we will be lapping a materially higher quarter than Q1 last year, which is the only one quarter we had with high single digit. I think we moved obviously sequentially to higher revenue growth throughout the year.

是的。謝謝你，安德魯。顯然，隨著這一年的推進，我們將獲得比去年第一季度高得多的季度，這是我們唯一一個高個位數的季度。我認為我們在全年明顯順序地實現了更高的收入增長。

Reality is there might be a scenario there where we exceed the 10% (inaudible) that we have guided you to in terms of both revenue and EPS. But I think while I feel quite good on the underlying trends of the business, particularly in emerging markets, the strong momentum is there. And obviously, we still have headroom to accelerate to a certain extent. I think I'm very pleased, obviously, with the U.S. and North America, which is on an upward trend, excellent pricing execution, supply chain improving. I think the watchout is a little bit on the European side. Happy with the improved profit in Q1, which is the result of the 80% of the pricing kicking in. But profitability in Europe is still not where it should be, so the remaining 20% of the pricing that is being implemented is important.

現實情況是，在收入和每股收益方面，我們可能會超過我們指導您達到的 10%（聽不清）。但我認為，雖然我對業務的基本趨勢感覺很好，尤其是在新興市場，但強勁的勢頭依然存在。顯然，我們在一定程度上仍有加速空間。顯然，我對美國和北美市場感到非常滿意，它們處於上升趨勢，定價執行出色，供應鏈得到改善。我認為歐洲方面有點提防。對第一季度利潤的改善感到滿意，這是 80% 的定價生效的結果。但歐洲的盈利能力仍未達到應有的水平，因此正在實施的剩餘 20% 的定價很重要。

Unknowns are in relation to this further pricing that is needed, a potentially related disruption and some macro volatility. But obviously, as anywhere else in the business, we continue to invest and that, coupled with additional pricing that will kick in, should result in top and bottom line. So look, I think it is very early for us to guide you to something that is materially better than what we are saying at this point. But if everything plays out, we might have further opportunities.

未知數與所需的進一步定價、潛在相關的中斷和一些宏觀波動有關。但顯然，與業務中的其他任何地方一樣，我們繼續投資，再加上額外的定價，應該會帶來最高和最低的收益。所以看，我認為我們現在指導你做一些比我們現在所說的更好的事情還為時過早。但如果一切順利，我們可能會有更多機會。

I think the other one I want to hit briefly on it is the assumptions that we are making around commodities. We still see double-digit inflation rates into 2023, with obviously energy, sugar, ingredients causing most of the pressure. A good part of this inflationary pressure, as I reminded this audience a few times, it is due to the favorable coverage we had in 2022. But in general, overall costs are not coming down materially. The most recent spikes in terms of (inaudible) sugar prices are offsetting some of the other benefits that we see.

我想我想簡要介紹的另一個是我們圍繞商品所做的假設。到 2023 年，我們仍然看到兩位數的通貨膨脹率，顯然能源、糖和原料造成了大部分壓力。正如我多次提醒聽眾，這種通脹壓力的很大一部分是由於我們在 2022 年的有利報導。但總的來說，總體成本並沒有實質性下降。最近的（聽不清）糖價飆升抵消了我們看到的其他一些好處。

I think you might have in the back of your mind percentage margins, too. I said it a few times, we continue to be obsessed with dollar growth and cash, and there might be some pressure in percentage terms, particularly in the next couple of quarters. But sequentially, we will be much better throughout the year. And we plan to end, clearly, the year on a gross margin percentage positivity. But reality is we prefer driving a strategy that has been proven to be compelling for everyone, and that is about dollar growth.

我認為您的腦海中可能也有百分比利潤率。我說過幾次，我們繼續痴迷於美元增長和現金，並且在百分比方面可能會有一些壓力，特別是在接下來的幾個季度。但依次來看，我們全年都會好得多。很明顯，我們計劃以毛利率百分比正數結束這一年。但現實是，我們更喜歡推動一項已被證明對每個人都具有吸引力的戰略，那就是美元增長。

And we'll take our next question from Ken Goldman with JPMorgan.

我們將接受肯·戈德曼 (Ken Goldman) 和摩根大通的下一個問題。

I wanted to ask, most companies that we cover or at least that I cover now, pricing is exceeding their COGS inflation. For you, it's still not a full offset. I think you mentioned that it was only a partial offset to the inflation. So I'm just curious, is there a point this year when you do get pricing ahead of inflation? Is there any way to kind of forecast that? I just want to kind of get a sense of how we think about some of those potential tailwinds ahead from that perspective?

我想問，我們覆蓋的大多數公司，或者至少我現在覆蓋的公司，定價都超過了他們的 COGS 通貨膨脹率。對你來說，它仍然不是完全抵消。我想你提到這只是部分抵消了通貨膨脹。所以我很好奇，今年有什麼時候你會在通貨膨脹之前進行定價嗎？有什麼辦法可以預測嗎？我只是想了解一下我們如何從這個角度考慮未來的一些潛在順風？

I think all in all, we are quite pleased with the level of pricing that we have at this point in time. If you look at the 3 major pricing actions we have taken in places like the U.S., I mean that is something that you see in the P&L with the segment profit growth that we have explained here, which is 40%. Obviously, in that number, there is synergies coming out of the ventures. But in general, we are happy with the level of pricing.

我認為總而言之，我們對目前的定價水平感到非常滿意。如果你看一下我們在美國等地採取的 3 項主要定價行動，我的意思是你在損益表中看到的是我們在這裡解釋的分部利潤增長，即 40%。顯然，在這個數字上，這些企業產生了協同效應。但總的來說，我們對定價水平感到滿意。

The same in emerging markets overall. If you look at Latin America, you realize how disciplined we have been with pricing. The model in EMEA is slightly different in the sense that the volume leverage is absolutely critical in some of these places, and so maybe we have been a little bit less aggressive on pricing than we could have been. But all in all, the P&L is working very well. And I think they quoted that A&C year-on-year is up almost 20%, and that gives you the understanding of how much we are investing in the business and also thinking ahead out of a potential inflationary period.

總體而言，新興市場也是如此。如果你看看拉丁美洲，你就會意識到我們在定價方面是多麼的自律。歐洲、中東和非洲地區的模式略有不同，因為在其中一些地方，數量槓桿是絕對關鍵的，所以我們在定價上可能沒有那麼積極。但總而言之，損益表運行良好。我認為他們引用了 A&C 同比增長近 20%，這讓你了解我們在業務上投資了多少，並提前考慮了潛在的通貨膨脹期。

Where pricing is not necessarily where it should be at this point in time, it is Europe. We told you 80% is being -- has been implemented already with a little disruption compared to what we had anticipated. There is still 20% to go. But I think once you get the 20%, the picture will look quite a bit different. And in fact, Europe is the biggest segment we have.

在這個時間點定價不一定是它應該在的地方，那就是歐洲。我們告訴過您，80% 的計劃已經實施，與我們的預期相比略有中斷。還有20%要走。但我認為一旦獲得 20%，情況就會大不相同。事實上，歐洲是我們擁有的最大部分。

And I don't want to give the impression that we were shy on pricing, quite the opposite. We have done what was necessary. But obviously, in our case, we want to keep volume leverage. I think looking at the 3% plus volume mix is something that is remarkable in Q1, and that leverage into the P&L. and the profit dollar growth that we are showing, I think it is a winning formula, at least for us.

我不想給人留下我們在定價方面害羞的印象，恰恰相反。我們已經做了必要的事情。但顯然，就我們而言，我們希望保持交易量槓桿作用。我認為查看 3% 以上的交易量組合在第一季度是非常了不起的，並且對損益產生了影響。以及我們所展示的利潤美元增長，我認為這是一個成功的公式，至少對我們而言。

And we'll take our next question from Bryan Spillane with Bank of America.

我們將接受來自美國銀行的 Bryan Spillane 的下一個問題。

Luca, 2 quick ones for you. One is a clarification. Just with the KDP accounting change, is the earnings base that we're using for '22 to calculate the EPS growth for '23, is that $2.89, so $0.06 below previous or is it $0.03? Because I think on one of the slides, it said the net effect was $0.03. So I just want to make sure we're using the right '22 base as a starting point. And then I have a follow-up.

盧卡，給你 2 個快速的。一是澄清。就 KDP 會計變更而言，我們用於計算 23 年 EPS 增長的 22 年盈利基礎是 2.89 美元，比之前低 0.06 美元還是 0.03 美元？因為我認為在其中一張幻燈片上，它說淨效應是 0.03 美元。所以我只想確保我們使用正確的 '22 基礎作為起點。然後我有一個後續行動。

Look, the simple answer to that question is we have to take out all the income that was related to KDP last year. And it was about, I think, post taxes, $90 million, give or take. We are replacing that with dividends. And the net effect between a dividend payout, which is about 48% or 50% depending on the base and the fact that we stripped out earnings last year in the tune of the $90 million I told you is causing the headwind of $0.03. As we restated the base, the impact was $0.06. But the year-on-year impact is -- due to accounting is really $0.03.

看，這個問題的簡單答案是我們必須去掉去年與 KDP 相關的所有收入。我認為，這大約是稅後 9000 萬美元，給予或接受。我們正在用股息代替它。股息支付（根據基數約為 48% 或 50%）與我們去年以我告訴過你的 9000 萬美元剝離收益這一事實之間的淨效應造成了 0.03 美元的逆風。當我們重申基數時，影響為 0.06 美元。但同比影響是——由於會計真的是 0.03 美元。

Yes. So the -- I guess it's clear, the base is $2.89, but as we're adding back, you're capturing $0.03 of that $0.06 headwind back in '23, right? So -- but we're still starting -- our starting point is $2.89 to start the calculations off of -- for the forward guide?

是的。所以——我想很明顯，基數是 2.89 美元，但隨著我們加回來，你在 23 年的 0.06 美元逆風中獲得了 0.03 美元，對吧？所以——但我們仍在開始——我們的起點是 2.89 美元來開始計算——對於前瞻性指南？

That's correct. .

這是正確的。 .

Okay. Okay. And then I just had a follow-up and I think it's a follow-up to Ken's question just now and just thinking about pricing and percentage margins. In the quarter, I think it was an $81 million hit to operating income from currencies, which was like $0.06 of the $0.09 for the year. I'm assuming it's a little bit of a bigger hit at the gross profit line. We were thinking somewhere between 90 to 100 basis points, maybe a gross margin. So I guess if we're kind of thinking about margin progression, percentage margins and gross profit dollars, it seems like this is the worst of it, right, unless things change in this quarter in terms of the FX piece. And like one tailwind we should see, assuming other things hold, is just that, that drag from foreign exchange should become a lot less severe as we move through, especially the second half. Just want to make sure I'm thinking about that correctly.

好的。好的。然後我剛剛進行了跟進，我認為這是對 Ken 剛才的問題的跟進，只是考慮定價和百分比利潤率。在本季度，我認為貨幣營業收入減少了 8100 萬美元，相當於當年 0.09 美元中的 0.06 美元。我假設它對毛利潤線的影響更大一些。我們當時考慮的是 90 到 100 個基點之間的某處，也許是毛利率。所以我想如果我們在考慮利潤率增長、利潤率百分比和毛利潤美元，這似乎是最糟糕的，對吧，除非本季度外匯方面的情況發生變化。就像我們應該看到的順風一樣，假設其他因素成立，外彙的拖累應該會隨著我們的前進而變得不那麼嚴重，尤其是下半年。只是想確保我正確地考慮了這一點。

I can tell you that sequentially, the gross margin percentage, albeit I don't like talking about it, should improve throughout the year. Reality is today if I look at gross margin and gross profit dollar growth throughout North America, Latin America and, as I said, a good portion of EMEA, I'm very happy with the numbers I'm seeing. Europe is still impacted by the fact that there is 20% of pricing to go. And as we implement that, the situation should sequentially improve.

我可以告訴你，雖然我不喜歡談論它，但毛利率在全年應該會有所改善。今天的現實是，如果我看看整個北美、拉丁美洲以及正如我所說的 EMEA 的很大一部分的毛利率和毛利潤美元增長，我對我所看到的數字感到非常滿意。歐洲仍然受到定價 20% 的影響。隨著我們的實施，情況應該會逐步改善。

Okay. But the FX drag should -- again, assuming things don't change from here, the FX drag should become less of a -- much less of an impact than it has been?

好的。但是外匯阻力應該——再一次，假設事情沒有從這裡發生變化，外匯阻力應該變得更小——影響比以前小得多？

Absolutely, it should.

絕對應該。

And we'll take our next question from David Palmer with Evercore ISI.

我們將從 David Palmer 和 Evercore ISI 提出下一個問題。

Strong results in so many areas, but I'd be interested to hear if you had to choose 2 or 3 that really drove your increase versus in guidance or upside versus your internal expectations, whether those are current trends or maybe just sources of visibility. I would imagine what's going on in Europe with retailer and consumer response to pricing is high on the list, but I'd be interested to hear what also makes that sort of top 3.

在很多領域都取得了強勁的成果，但我很想知道你是否必須選擇 2 或 3 個真正推動你的增長與指導或上升與你的內部預期相比，無論這些是當前趨勢還是僅僅是可見性來源。我可以想像歐洲發生的事情，零售商和消費者對定價的反應排在榜單前列，但我很想知道是什麼也讓這種前三名成為可能。

Yes. The top 3 for me would be, yes, for sure, Europe where we were expecting a bigger client disruption, and that did not occur in Q1. As Luca said, we're only 80% done with the price increases, and we still have some negotiations going on. We could still see a part of that client disruption in Q2, but that has been included in our outlook for the year. But that's certainly significantly better than we had anticipated.

是的。對我來說，前 3 名是，是的，可以肯定的是，歐洲我們預計會有更大的客戶中斷，而這在第一季度沒有發生。正如 Luca 所說，我們只完成了 80% 的提價，我們仍在進行一些談判。我們仍然可以在第二季度看到部分客戶中斷，但這已包含在我們今年的展望中。但這肯定比我們預期的要好得多。

The second one that I would mention is the U.S., whereby you see a very solid top line. But the bottom line is probably the strongest increase driven by, first of all, an improvement in our supply chain but then also a very strong recovery of Clif bars profitability since the acquisition. And we expect that, that positive trend for North America will continue.

我要提到的第二個是美國，你會看到一個非常穩固的頂線。但底線可能是最強勁的增長，首先是我們供應鏈的改善，然後是自收購以來 Clif 酒吧盈利能力的強勁復甦。我們預計，北美的這種積極趨勢將繼續下去。

And the third one is probably the ongoing strength in emerging markets. I already went there. But if I compare our emerging markets sort of growth of (inaudible) well above any of our colleagues, and that has been going on for several quarters now. So those would be my top 3, I would say, of what's carrying the quarter for us, and probably it's going to carry the year for us.

第三個可能是新興市場的持續實力。我已經去過那裡了。但是，如果我比較我們新興市場的增長（聽不清）遠高於我們的任何同事，而且這種情況已經持續了幾個季度。因此，我會說，這些將是我認為對我們來說是本季度的前三名，而且可能會為我們帶來這一年。

That's helpful. And I'm wondering to what degree this year and what you're seeing going on maybe internally, not just some of the macros, informs how you view your company in the long-term growth rate of your company. And to some degree, we've had COVID obscure what might have been happening in terms of all the changes that have happened. And of course, you've made plenty of acquisitions that are adding to your long-term growth rate. So does this make you feel more optimistic that the long-term growth rate is heading in the right direction and higher?

這很有幫助。我想知道今年在多大程度上以及你所看到的可能是內部發生的事情，而不僅僅是一些宏觀因素，會影響你如何看待你公司的長期增長率。在某種程度上，我們已經讓 COVID 掩蓋了所有已經發生的變化可能發生的事情。當然，您進行了大量收購，這些收購增加了您的長期增長率。那麼，這是否讓您對長期增長率朝著正確的方向和更高的方向更加樂觀？

Well, I think the recipe that we have is a strong recipe. We -- I went a little bit, for instance, in emerging markets through the different growth vectors that we have. But the fundamental principle is to make sure that we are well positioned from a pricing perspective, that we continue to invest heavily in our brands, that we drive distribution in-store presence, we work RGM. So we seem to have a recipe and a way of working that is really starting to click. So it certainly gives us confidence that we've got something going here that is very strong.

好吧，我認為我們擁有的食譜是一個強大的食譜。我們 - 例如，我通過我們擁有的不同增長向量在新興市場進行了一些研究。但基本原則是確保我們在定價方面處於有利地位，我們繼續大力投資我們的品牌，我們推動店內分銷，我們與 RGM 合作。因此，我們似乎有了真正開始奏效的秘訣和工作方式。所以它肯定讓我們相信我們在這裡有一些非常強大的東西。

What that exactly means going forward, because we are in a very particular period where last year and this year, we have to implement significant price increases and, I guess, to our delight, the consumer has not reacted by buying less products, they keep on buying the same or more product. But as we get through those price increases, growth will come down. We will have to see what happens with input costs going forward. So it's difficult to say, but I can certainly say that we are in durable categories that are doing particularly well in the circumstances, that we are performing well within those categories.

這究竟意味著什麼，因為我們處於一個非常特殊的時期，去年和今年，我們必須實施大幅提價，我想，令我們高興的是，消費者並沒有通過購買更少的產品來做出反應，他們繼續購買相同或更多產品。但隨著價格上漲，增長將會下降。我們將不得不看看未來投入成本會發生什麼。所以很難說，但我可以肯定地說，我們屬於耐用類別，在這種情況下表現特別好，我們在這些類別中表現良好。

So we feel very good about our long-term algorithm. I think we have to wait a little bit to see where things will pan out as we get through these price increases, and that will be the moment to restate our long-term growth algorithm. But so far, I would say, very strong, and we feel that we are in line or above our long-term growth algorithm for sure.

所以我們對我們的長期算法感覺很好。我認為我們必須稍等片刻，看看隨著價格的上漲，事情會發生什麼變化，那將是重申我們的長期增長算法的時刻。但到目前為止，我想說非常強勁，我們認為我們肯定符合或高於我們的長期增長算法。

And we'll take our next question from Alexia Howard with Bernstein.

我們將與伯恩斯坦一起接受 Alexia Howard 的下一個問題。

So 2 quick questions. First of all, where are we on the cost synergy recouping for the recent deals that you've done? It seems as though that was quite a strong benefit to profit growth recently, but I'm just wondering how much more there is.

所以 2 個快速問題。首先，對於您最近完成的交易，我們在哪裡可以收回成本協同效應？似乎這對最近的利潤增長有很大的好處，但我只是想知道還有多少。

So let's start with Clif. We have announced a new organization. Clif started from a relatively high level of SG&A. We have protected and increased A&C, an area in which we have been able to obtain about $10 million of synergy a year, given better rates that we have. That has already caused opportunities coming into the P&L in the area of selling and administration. The new organization is already in place. The next step is really to go and get synergies in the area of COGS. So there is still quite a bit of an opportunity.

那麼讓我們從 Clif 開始吧。我們宣布了一個新的組織。 Clif 從較高級別的 SG&A 開始。我們已經保護並增加了 A&C，在這個領域，我們每年能夠獲得約 1000 萬美元的協同效應，因為我們擁有更好的利率。這已經為銷售和管理領域的損益錶帶來了機會。新組織已經到位。下一步實際上是在 COGS 領域獲得協同效應。所以還是有不少機會的。

Just for a reference point. As we acquired this business, the EBIT margin was not great. I think today, in Q1, particularly given the pricing we have taken, which is the other area where we brought quite a bit of discipline, the margin is just shy of 20%. So it's quite a good outcome at this point in time.

僅供參考。當我們收購這項業務時，息稅前利潤率並不高。我認為今天，在第一季度，特別是考慮到我們採取的定價，這是我們帶來相當多紀律的另一個領域，利潤率略低於 20%。所以在這個時間點這是一個很好的結果。

There is still more to come. We are thinking potentially about leveraging DSD and doing other things. And obviously, the biggest opportunity we see is establishing this brand internationally. So that hasn't started yet as a work stream.

還有更多的事情要做。我們正在考慮潛在地利用 DSD 和做其他事情。顯然，我們看到的最大機會是在國際上建立這個品牌。所以這還沒有作為一個工作流開始。

On Ricolino, we just doubled the business. We have TSAs in place still with Bimbo. As we implement SIP and as we move towards the end of the year, that's the moment where will start getting SG&A costs and cost synergies. The reality is the biggest opportunity here is to sell Oreo through the system, and revenue synergy can be very, very material. So there is still more to come on both platforms. And I would say, in general, in the other ventures, there is still work to be done and so potential synergies coming out there, too.

在 Ricolino 上，我們的業務剛剛翻了一番。 Bimbo 仍然有 TSA。隨著我們實施 SIP 並在接近年底時，那將是開始獲得 SG&A 成本和成本協同效應的時刻。現實是這裡最大的機會是通過系統銷售奧利奧，收入協同效應可以非常非常重要。因此，這兩個平台上還有更多內容。我會說，總的來說，在其他企業中，仍有工作要做，因此也有潛在的協同效應。

Great. And then just as a quick follow-up. Can you just quantify how much the retailer inventory rebuild benefited North America this quarter? And is there any more to come on that? And I'll pass it on.

偉大的。然後作為快速跟進。您能否量化本季度北美地區零售商庫存重建的受益程度？還有更多嗎？我會把它傳遞下去。

I think there was a slight positivity due to that. The reality is we have been promoting less than optimal. And now that inventory is available, there is opportunity for us to do selective promotions and boost our brands now that pricing is implemented. So it hasn't been material, I would say. And obviously, in a context where you see this growth rate, it is minimal, but we still have opportunities to really replenish stock more. And now that we have potentially a little bit of more promotions coming, I think we are in a good position.

我認為因此有輕微的積極性。現實情況是我們一直在推廣不太理想的產品。現在有了庫存，我們就有機會進行選擇性促銷，並在實施定價後提升我們的品牌。所以我想說，這並不重要。顯然，在你看到這種增長率的情況下，它是微乎其微的，但我們仍然有機會真正補充更多庫存。現在我們可能會有更多的促銷活動，我認為我們處於有利地位。

And we'll take our next question from Jason English with Goldman Sachs.

我們將從 Jason English 和 Goldman Sachs 提出下一個問題。

A couple of quick questions, both also sticking on North America for a moment. Great news on the margin progression on Clif. Congrats on that. That's impressive in such a short duration. We have been assuming that it was going to be a margin mix drag to both gross margins overall in the segment with 1,000 basis points improvement that you've seen so far. Is it still margin dilutive? Or are you now closer to parity with the segment?

幾個簡短的問題，都暫時停留在北美。關於 Clif 保證金進展的好消息。對此表示祝賀。在如此短的時間內，這令人印象深刻。我們一直假設這將成為該細分市場整體毛利率的混合拖累，到目前為止您已經看到了 1,000 個基點的改善。它仍然會稀釋利潤嗎？還是您現在更接近於與該細分市場持平？

It is still margin dilutive on the overall segment. But again, as we think about potential opportunities in the year to come, this is another platform that we are going to integrate into SIP in the second part of the year. I'm sure the margins will get better. And pricing has been announced for the last round, but it hasn't kicked in yet. And there is now that we have (inaudible) more opportunities to really activate the point of sales (inaudible) we call them, i.e., the right assortment by store is an area of opportunity that we have. So I'm confident that the margins will look quite close to the U.S. business going forward.

它仍然會稀釋整個部門的利潤率。但同樣，當我們考慮來年的潛在機會時，這是我們將在今年下半年整合到 SIP 中的另一個平台。我相信利潤會變得更好。上一輪的定價已經公佈，但尚未開始。現在我們有（聽不清）更多機會來真正激活我們稱之為銷售點（聽不清），即，按商店正確分類是我們擁有的一個機會領域。因此，我相信未來的利潤率將非常接近美國業務。

That's good to hear. And sticking on North America, it seems like supply chain has been this overhang that we've been talking about in North America for a year, upon year, upon year. And maybe I'm exaggerating just because it feels that long. But it's great that you're over the hump and you're seeing improvement, and very nice to see the sales side of that. How about on the margin side? Clearly, this has been costly to the business. How much of a margin drag have supply chain issues been? And how much of a tailwind can that be as you look to sort of rebuild that?

聽起來還不錯。堅持北美，似乎供應鏈一直是我們在北美討論了一年又一年的懸而未決的問題。也許我只是因為感覺那麼長而誇大其詞。但很高興你已經度過了難關，看到了進步，很高興看到銷售方面的進展。保證金方面怎麼樣？顯然，這對企業來說代價高昂。供應鏈問題對利潤率的拖累有多大？當你希望重建它時，這會有多大的順風？

Well, I would say there's the whole -- there's a mix going on with the price increases that we have implemented, together with some of the extra cost we had to incur during the pandemic to get the right service and so on. We see -- in the recuperation phase, we also promoted less than we were planning because our inventories were low. So it's quite a complex picture to exactly pinpoint how much was due to the disruption since we had to go through all these additional effects.

好吧，我想說的是整體——我們已經實施的價格上漲，以及我們在大流行期間為獲得正確的服務而不得不承擔的一些額外費用，等等。我們看到——在休養階段，我們的促銷活動也比我們計劃的要少，因為我們的庫存很低。因此，由於我們必須經歷所有這些額外的影響，因此要準確查明有多少是由於中斷造成的，這是一幅相當複雜的圖景。

But what certainly is the case that the headwinds have moderated quite significantly about the labor market, the logistic situation. Our external manufacturers' network has improved significantly. So a lot of the cost headwinds that we were facing have now eased. That still doesn't mean that the costs have come back. There's been significant inflation. But I would say the resulting effects from our supply chain improvements, that our inventory levels are back to the expected level, service levels are reaching 90%, our own sales availability is 96%, we still have some issues in our confectionery brands where the demand is higher than anticipated. And also Clif by the service levels, they're fully recuperated.

但可以肯定的是，勞動力市場和後勤狀況的不利因素已經明顯減弱。我們的外部製造商網絡已顯著改善。因此，我們面臨的許多成本逆風現在已經緩解。這仍然並不意味著成本已經回來了。出現了嚴重的通貨膨脹。但我要說的是我們供應鏈改進的結果，我們的庫存水平回到了預期水平，服務水平達到 90%，我們自己的銷售可用性為 96%，我們的糖果品牌仍然存在一些問題需求高於預期。從服務水平來看，Clif 也完全恢復了。

So at this stage, I would say the cost effects and the top line effects have largely eased, and we can now start to function normally with higher promotional levels and cost levels that are better. But it's very difficult for us to estimate exactly what it was. But going forward, things we're doing is we are increasing our capacity. We have changed our way of working and our relationship with our external manufacturers. The inventories are rebuilt. We have simplified our portfolio. We've increased our -- sorry, our warehousing capacity on top of our manufacturing capacity. And we have implemented labor strategies for retention and an improvement in temporary labor.

所以在這個階段，我想說成本效應和頂線效應已經大大緩解，我們現在可以開始正常運作，促銷水平更高，成本水平更好。但我們很難準確估計它是什麼。但展望未來，我們正在做的事情是增加我們的能力。我們改變了工作方式以及與外部製造商的關係。重建庫存。我們簡化了我們的產品組合。我們已經增加了我們的 - 抱歉，我們的倉儲能力超出了我們的製造能力。我們還實施了保留和改善臨時工的勞動力戰略。

So I think apart from easing the costs, we've also put in place long-term solutions for our supply chain situation. Difficult to give you the exact number. But hopefully, you can feel that we are in a much better spot as it relates to our supply chain in North America.

所以我認為除了降低成本外，我們還為我們的供應鏈情況制定了長期解決方案。很難給你確切的數字。但希望您能感覺到我們在北美的供應鏈方面處於更好的位置。

And we'll take our next question from John Baumgartner with Mizuho.

我們將與 Mizuho 一起接受 John Baumgartner 的下一個問題。

I wanted to ask about profitability in EMEA. You're heavy into reinvestment mode there. You also mentioned the pricing disparities in an earlier question. So I'm curious, at this point, how are you thinking about the point at which volume mix growth relative to reinvestment? But I guess what I also think is pretty strong potential for accretive product mix over time. When that begins to yield leverage and tip the region back to margin expansion? Or is a mid-teens margin just the structural ceilings for EMEA?

我想問一下 EMEA 的盈利能力。你在那裡沉迷於再投資模式。您還在之前的問題中提到了定價差異。所以我很好奇，在這一點上，你如何看待相對於再投資的數量混合增長點？但我想我也認為隨著時間的推移，增加產品組合的潛力非常大。什麼時候開始產生影響力並使該地區回到利潤率擴張的狀態？還是 15% 左右的利潤率只是 EMEA 的結構性上限？

I don't think there is a structural ceiling in EMEA. EMEA is quite good in terms of profitability overall. I think when you look very closely to EMEA, there are a set of countries that are -- I call them cash machines.

我認為 EMEA 沒有結構性上限。就整體盈利能力而言，EMEA 相當不錯。我認為當你仔細觀察 EMEA 時，有一組國家是——我稱之為提款機。

The India or the China of the regions run on profit margins that are north of the average of the company. We invest in both businesses about 15% of A&C as a percentage of revenue, which is materially higher than the average of the company. And we have cash conversion cycles, whereby growing these companies, not only we get the volume leverage that runs through a very sizable and oiled machine both from a manufacturing standpoint, supply chain and sales, but also on negative cash conversion cycle, the cash throughput is impressive.

這些地區的印度或中國的利潤率高於公司平均水平。我們對這兩項業務的投資約佔收入的 15%，這大大高於公司的平均水平。我們有現金轉換週期，通過這些公司的成長，我們不僅從製造、供應鍊和銷售的角度，而且在負現金轉換週期，現金吞吐量，都獲得了通過一台非常龐大和上油的機器運行的數量槓桿令人印象深刻。

There are countries where we have a little bit less material scale, the likes of Southeast Asia. There are certain countries in Southeast Asia where the business is still developing, where categories like chocolate are not well established yet, and we are investing to make these categories much bigger for us. And there, I think it is a matter of time because the scale and the volume we are adding will get to a point where the P&L will make a perfect sense. As you might imagine that in these countries, we are investing both in terms of price points and support ahead of material expansion that I think it will come.

在有些國家，我們的物質規模稍微小一些，比如東南亞。在東南亞的某些國家，業務仍在發展，巧克力等類別尚未建立，我們正在投資使這些類別對我們來說更大。在那裡，我認為這是一個時間問題，因為我們增加的規模和數量將達到損益將完全有意義的程度。正如您可能想像的那樣，在這些國家/地區，我們在價格點和支持方面進行投資，我認為它會到來。

And then obviously, you have countries like Australia that are, again, more mature markets where volume grows. And we're happy with Australia overall, but it doesn't grow high single digit or double digit as in other places (inaudible).

然後很明顯，像澳大利亞這樣的國家再次成為銷量增長的更成熟市場。我們對澳大利亞整體感到滿意，但它並沒有像其他地方那樣增長高個位數或兩位數（聽不清）。

So as you think about EMEA, very happy with this sizable market that are doing very well. In our emerging markets, very happy with Australia. The rest is the untapped opportunity we are looking at, and we have the obligation to invest for future growth and margins. I think it will come.

因此，當您考慮 EMEA 時，對這個表現非常好的龐大市場感到非常滿意。在我們的新興市場，對澳大利亞非常滿意。剩下的就是我們正在尋找的未開發機會，我們有義務為未來的增長和利潤進行投資。我想它會來的。

And we'll take our last question from Michael Lavery with Piper Sandler.

我們將與 Piper Sandler 一起接受 Michael Lavery 的最後一個問題。

Just wanted to understand -- I love like on Slide 5 how clear it is that your A&C spending is almost identical to your sales growth. So clearly, your percentage -- your spending as a percent of sales is holding about constant. But you get really some operating leverage there, just given the amount of pricing that's driving the top line growth. And so on a per unit basis, you're really coming out ahead. How do you think about managing that going forward? Is it sort of a luxury you want to maintain? Could some of that maybe get adjusted to fall to the bottom line? Or just help us understand how brand spending might evolve given how that dynamic sets it up?

只是想了解 - 我喜歡幻燈片 5 上的 A&C 支出與銷售增長幾乎相同的清晰度。很明顯，你的百分比——你的支出佔銷售額的百分比保持不變。但是，考慮到推動收入增長的定價數量，你真的可以獲得一些運營槓桿。因此，在每個單位的基礎上，你真的領先了。您如何看待未來的管理？你想保持這種奢侈嗎？其中一些可能會被調整以降到底線嗎？或者只是幫助我們了解品牌支出在這種動態如何設置的情況下可能會如何演變？

Clearly, the 20% might be something that is on the high side now. I can tell you one thing. One of the biggest differentiators of this company over the last 3 years, it has been a level of investment, it has been quality of marketing, it has been brand support. We, in the end (inaudible) and it is important that we keep line of sight to that. And I don't think you're going to see consistently a 20% A&C increase. But at this point in time, where we are moving price points, where we are trying to retain and increase our consumer pools, it is important that we use this as an important accelerator of growth for the years to come. And that's what it is at this point in time.

顯然，20% 現在可能偏高。我可以告訴你一件事。這家公司在過去 3 年中最大的差異化因素之一是投資水平、營銷質量和品牌支持。最後，我們（聽不清），重要的是我們要關注這一點。而且我認為您不會持續看到 20% 的 A&C 增長。但在這個時間點，我們正在改變價格點，我們正在努力保留和增加我們的消費者群體，重要的是我們將其用作未來幾年增長的重要加速器。這就是現在的情況。

When this inflationary cycle is done and things will get more normal, I think what is a big differentiator is the level of volume and the scale businesses are still going to have or not have. In our case, if you look consistently over the last few quarters, we have been growing volume. And there is a correlation between the level of investments we are making, both in terms of marketing and distribution. And so I don't think we are going to see consistently 20%, but reality is that is still a big opportunity for us to get our brand (inaudible), which is higher sales, hopefully, quarter after quarter.

當這個通貨膨脹週期結束並且事情會變得更加正常時，我認為最大的區別在於數量水平以及企業的規模是否仍然存在。就我們而言，如果您在過去幾個季度中始終如一地觀察，我們的銷量一直在增長。我們在營銷和分銷方面的投資水平之間存在相關性。因此，我認為我們不會一直看到 20%，但現實是，這仍然是我們獲得品牌（聽不清）的好機會，希望每個季度都有更高的銷售額。

Thank you. With that, we've come to the end of the call. Obviously, a strong quarter. We're looking forward at this stage to a strong year. Thank you for your attendance. And any other questions, please refer to Shep and the IR team (inaudible). Thank you.

謝謝。這樣，我們就結束了通話。顯然，這是一個強勁的季度。在這個階段，我們期待著強勁的一年。感謝您的出席。如有任何其他問題，請諮詢 Shep 和 IR 團隊（聽不清）。謝謝。

Thank you, everyone.

謝謝大家。

That concludes today's teleconference. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。