寶潔 (PG) 2022 Q2 法說會逐字稿

Good morning, and welcome to Procter & Gamble's Quarter End Conference Call. Today's event is being recorded for replay.

早上好，歡迎來到寶潔公司的季度末電話會議。正在錄製今天的事件以供重播。

This discussion will include a number of forward-looking statements. If you will refer to P&G's most recent 10-K, 10-Q and 8-K reports, you will see a discussion of factors that could cause the company's actual results to differ materially from these projections.

本次討論將包括一些前瞻性陳述。如果您參考寶潔最近的 10-K、10-Q 和 8-K 報告，您將看到可能導致公司實際結果與這些預測存在重大差異的因素的討論。

As required by Regulation G, Procter & Gamble needs to make you aware that during the discussion, the company will make a number of references to non-GAAP and other financial measures. Procter & Gamble believes these measures provide investors with useful perspective on underlying business trends and has posted on its Investor Relations website, www.pginvestor.com, a full reconciliation of non-GAAP financial measures.

根據 G 條例的要求，寶潔需要讓您意識到，在討論過程中，公司將多次提及非公認會計原則和其他財務措施。 Procter & Gamble 認為這些措施為投資者提供了有關潛在業務趨勢的有用視角，並已在其投資者關係網站 www.pginvestor.com 上發布了對非公認會計原則財務措施的全面調整。

Now I will turn the call over to P&G's Chief Financial Officer, Andre Schulten.

現在我將把電話轉給寶潔的首席財務官安德烈·舒爾滕。

Good morning, everyone. Joining me on the call today are Jon Moeller, President and Chief Executive Officer; and John Chevalier, Senior Vice President, Investor Relations. We're going to keep our prepared remarks brief and then turn straight to your questions.

大家，早安。今天和我一起參加電話會議的是總裁兼首席執行官 Jon Moeller；和投資者關係高級副總裁 John Chevalier。我們將保持我們準備好的評論簡短，然後直接轉向您的問題。

Q2 was a strong quarter, very strong top line growth, sequential earnings progress in the face of significant cost headwinds, continued strong cash productivity. Our progress enables us to confirm fiscal year EPS guidance while increasing our estimates for top line growth, cash productivity and cash return to shareowners.

第二季度是一個強勁的季度，收入增長非常強勁，面對重大成本逆風，連續盈利取得進展，現金生產力持續強勁。我們的進展使我們能夠確認財年每股收益指引，同時增加我們對收入增長、現金生產力和股東現金回報的估計。

Organic sales grew more than 6%, volume contributed 3 points of sales growth, pricing added 3 points as September, October price increases flow through and as year-on-year promotion comparisons normalize. Mix was neutral for the quarter.

有機銷售額增長超過 6%，銷量貢獻了 3 個百分點的銷售增長，定價增加了 3 個百分點，隨著 9 月、10 月價格上漲的流動以及同比促銷比較正常化。本季度的混合是中性的。

These strong company results are grounded in broad-based category and geographic strength. Each of the 10 product categories grew or held organic sales in the quarter. Personal Health Care grew 20%; Fabric Care and Feminine Care were up double digits; Baby Care, up high singles; Grooming grew mid-singles. Home Care, Oral Care, Hair Care and Skin and Personal Care each grew low single digits. Family Care organic sales were in line with prior year.

這些強勁的公司業績基於廣泛的類別和地理優勢。 10 個產品類別中的每一個都在本季度增長或保持有機銷售額。個人醫療保健增長 20%；織物護理和女性護理增長兩位數；嬰兒護理，高單打；修飾在單打中增長。家庭護理、口腔護理、頭髮護理以及皮膚和個人護理均增長低個位數。家庭護理有機銷售額與上一年持平。

Focus markets grew 6% and enterprise markets were up 7%. In focus markets, U.S. organic sales were up 9% despite 12% growth in the base period. On a 2-year stack basis, U.S. organic sales are up 21%.

焦點市場增長 6%，企業市場增長 7%。在重點市場，儘管基期增長了 12%，但美國有機銷售額增長了 9%。在兩年的基礎上，美國的有機銷售額增長了 21%。

Europe focus markets were up 5%. Greater China organic sales were in line with prior year against a strong 12% base period comp and due to slower market growth in the quarter. In addition, we took proactive steps in the quarter to encourage our network of distributors to reduce inventory levels to reflect short-term consumer demand softness in the market.

歐洲焦點市場上漲 5%。由於本季度市場增長放緩，大中華區有機銷售額與去年同期持平，基期增長率為 12%。此外，我們在本季度採取了積極措施，鼓勵我們的分銷商網絡降低庫存水平，以反映市場短期消費者需求疲軟。

Latin America led the growth in enterprise markets, up 15%. Global aggregate market share increased 60 basis points. 38 of our top 50 category country combinations held or grew share for the quarter. Our superiority strategy continues to drive strong market growth and in turn, share growth for P&G. All channel market value in the U.S. categories in which we compete grew nearly 3.5% this quarter. P&G value share continued to grow, up nearly 1.5 points versus same quarter last year, now at 34%.

拉丁美洲引領企業市場的增長，增長 15%。全球總市場份額增加 60 個基點。本季度，我們排名前 50 的類別國家組合中有 38 個保持或增長了份額。我們的優勢戰略繼續推動強勁的市場增長，進而推動寶潔的份額增長。本季度，我們競爭的美國類別的所有渠道市場價值增長了近 3.5%。寶潔價值份額繼續增長，與去年同期相比增長近 1.5 個百分點，目前為 34%。

Importantly, the share growth is broad-based. Nine of 10 product categories grew share over the past 3-, 6- and 12-month periods in the U.S.

重要的是，份額增長基礎廣泛。在過去的 3 個月、6 個月和 12 個月期間，美國 10 個產品類別中有 9 個的份額有所增長。

Consumers continue to prefer P&G brands and superior performance they provide even as inflation is impacting household budgets. On the bottom line, core earnings per share were $1.66, up 1% versus the prior year. On a currency-neutral basis, core EPS increased 2%.

即使通貨膨脹正在影響家庭預算，消費者仍然更喜歡寶潔品牌及其提供的卓越性能。最重要的是，每股核心收益為 1.66 美元，比上年增長 1%。在貨幣中性的基礎上，核心每股收益增長 2%。

Core gross margin decreased 400 basis points, and currency-neutral core gross margin was down 410 basis points. Higher commodity and freight cost impacts combined were a 460 basis points hit to gross margins. Mix was a 140 basis point headwind, mainly from product mix impacts. Productivity savings and pricing each provided partial offsets to the gross margin headwinds.

核心毛利率下降 400 個基點，貨幣中性核心毛利率下降 410 個基點。較高的商品和貨運成本影響加起來對毛利率造成了 460 個基點的打擊。組合是一個 140 個基點的逆風，主要來自產品組合的影響。生產力節省和定價各自為毛利率逆風提供了部分抵消。

Within SG&A, advertising spending increased versus prior year as we continue to invest to communicate the superiority of our brands. However, overall marketing expense as a percentage of sales decreased 80 basis points driven by sales leverage and savings in nonworking marketing costs. Core operating margin decreased 250 basis points. Currency-neutral core operating margin declined 240 basis points. Productivity improvements were 150 basis points help to the quarter. Free cash flow productivity was 106%.

在 SG&A 中，由於我們繼續投資以宣傳我們品牌的優勢，因此廣告支出與去年相比有所增加。然而，由於銷售槓桿和非工作營銷成本的節省，總體營銷費用佔銷售額的百分比下降了 80 個基點。核心營業利潤率下降 250 個基點。貨幣中性核心營業利潤率下降 240 個基點。生產率提高了 150 個基點，對本季度有所幫助。自由現金流生產率為 106%。

We returned nearly $7 billion of cash to shareowners, approximately $2.2 billion in dividends and $4.8 billion in share repurchase.

我們向股東返還了近 70 億美元的現金、約 22 億美元的股息和 48 億美元的股票回購。

In summary, while input costs and supply chains remain challenging, we delivered good results for the second quarter and for the first half of the fiscal year, keeping us on track to deliver our going-in earnings estimates and to raise estimates for sales, cash productivity and cash return to shareowners, which I'll come back to later.

總而言之，雖然投入成本和供應鏈仍然充滿挑戰，但我們在第二季度和本財年上半年取得了良好的業績，使我們能夠繼續實現盈利預測並提高對銷售、現金的預測生產力和現金回報給股東，我稍後再談。

Moving on to strategy. Our team continues to operate with excellence and stays focused on the near-term priorities and long-term strategies that enabled us to create strong momentum prior to the COVID crisis and to make our business even stronger since the crisis began. We continue to step forward into the challenges and to double down our efforts to delight consumers. As we continue to manage through this crisis, we remain focused on the 3 priorities that have been guiding our near-term actions and choices.

繼續戰略。我們的團隊繼續以卓越的方式運營，並始終專注於近期優先事項和長期戰略，這使我們能夠在 COVID 危機之前創造強勁勢頭，並使我們的業務自危機開始以來更加強大。我們將繼續迎接挑戰，並加倍努力取悅消費者。在我們繼續度過這場危機的過程中，我們仍然專注於指導我們近期行動和選擇的三個優先事項。

First is ensuring the health and safety of our P&G colleagues around the world; second, maximizing the availability of our products to help people and their families with their cleaning, health and hygiene needs; third priority is supporting the communities, relief agencies and people who are on the front lines of this global pandemic.

首先是確保我們在世界各地的寶潔同事的健康和安全；其次，最大限度地提高我們產品的可用性，以幫助人們及其家人滿足他們的清潔、健康和衛生需求；第三個優先事項是支持處於這一全球大流行前線的社區、救濟機構和人民。

The strategic choices we've made are the foundation for balanced top and bottom line growth and value creation, a portfolio of daily-use products, many providing cleaning, health and hygiene benefits in categories where performance plays a significant role in brand choice. In these performance-driven categories, we've raised the bar on all aspects of superiority, product, package, brand communication, retail execution and value.

我們所做的戰略選擇是平衡頂線和底線增長和價值創造的基礎，這是一系列日常用品，其中許多產品在性能在品牌選擇中發揮重要作用的類別中提供清潔、健康和衛生方面的好處。在這些以績效為導向的類別中，我們提高了優勢、產品、包裝、品牌傳播、零售執行和價值等各個方面的標準。

Superior offerings delivered with superior execution drive market growth in our categories. This drives value creation for our retail partners and builds market share for P&G brands. The superiority model works in each of our categories. Take the 3 category growth drivers this quarter: Personal Health Care, Fabric Care and Feminine Care. Very different categories, different competitors, different geographic footprints and different materials and manufacturing processes, each delivering superiority and each growing organic sales double digits. In each of these categories, P&G is driving disproportionate share of overall category value growth, growing the pie for all participants.

以卓越的執行力交付的卓越產品推動了我們類別的市場增長。這推動了我們零售合作夥伴的價值創造，並為寶潔品牌建立了市場份額。優勢模型適用於我們的每個類別。以本季度的 3 個類別增長驅動力為例：個人保健、織物護理和女性護理。非常不同的類別、不同的競爭對手、不同的地理足跡以及不同的材料和製造工藝，每一個都提供優勢，每一個有機銷售額都在增長兩位數。在每一個品類中，寶潔都在推動整體品類價值增長的不成比例份額，為所有參與者做大蛋糕。

We've made investments to strengthen the health and competitiveness of our brands across innovation, supply chains and brand equity and we'll continue to invest to extend our margin of advantage and quality of execution, improving solutions for consumers around the world.

我們已進行投資，以加強我們品牌在創新、供應鍊和品牌資產方面的健康和競爭力，我們將繼續投資以擴大我們的優勢和執行質量，為全球消費者改進解決方案。

Building on the strength of our brands, we are thoughtfully executing tailored price increases. We closed a couple of price increases with innovation to improve consumer value along the way. The strategic need for investment to continue to strengthen the superiority of our brands, the short-term need to manage through this challenging cost environment and the ongoing need to drive balanced top and bottom line growth, including margin expansion, underscore the importance of ongoing productivity.

基於我們品牌的實力，我們正在深思熟慮地執行量身定制的價格上漲。我們通過創新結束了幾次價格上漲，以提高消費者的價值。繼續加強我們品牌優勢的戰略投資需求、在這一充滿挑戰的成本環境中進行管理的短期需求以及推動包括利潤增長在內的平衡頂線和底線增長的持續需求，都凸顯了持續生產力的重要性.

We're committed to driving cost savings and cash productivity in all facets of our business. No area of cost is left untouched. Each business is driving productivity within their P&L and balance sheet to support balanced top and bottom line growth and strong cash generation.

我們致力於在業務的各個方面推動成本節約和現金生產力。沒有一個成本領域不受影響。每個企業都在提高其損益表和資產負債表中的生產力，以支持平衡的頂線和底線增長以及強勁的現金生成。

Success in our highly competitive industry requires agility that comes with a mindset of constructive disruption, a willingness to change, adapt and create new trends and technologies that will shape our industry in the future. In the current environment, that agility and constructive disruption mindset are even more important.

在我們競爭激烈的行業中取得成功需要敏捷性，這種思維方式具有建設性的顛覆性思維，願意改變、適應和創造新的趨勢和技術，這些趨勢和技術將在未來塑造我們的行業。在當前環境下，這種敏捷性和建設性的顛覆心態更為重要。

Our organizational structure yields a more empowered, agile and accountable organization with little overlap or redundancy flowing to new demands, seamlessly supporting each other to deliver against our priorities around the world. These strategic choices of portfolio, superiority, productivity, constructive disruption and organization structure and culture are not independent strategies. They reinforce and build on each other. When executed well, they grow markets, which, in turn, grow share, sales and profit. These strategies were delivering strong results before the crisis, have served us well during these volatile times, and we're confident they remain the right strategic framework as we move through and beyond the crisis.

我們的組織結構產生了一個更強大、更敏捷和更負責任的組織，幾乎沒有重疊或冗餘流向新的需求，無縫地相互支持，以實現我們在世界各地的優先事項。這些投資組合、優勢、生產力、建設性顛覆以及組織結構和文化的戰略選擇不是獨立的戰略。它們相互加強和建立。如果執行得當，他們會擴大市場，進而增加份額、銷售額和利潤。這些策略在危機之前取得了顯著成果，在這些動蕩的時期為我們提供了良好的服務，我們相信，當我們度過危機並超越危機時，它們仍然是正確的戰略框架。

Moving on to guidance. We said last quarter that we would undoubtedly experience more volatility as we move through the fiscal year. The Omicron variant has certainly proven this to be correct.

繼續指導。我們在上個季度說過，隨著整個財年的推進，我們無疑會經歷更多的波動。 Omicron 變體當然已經證明這是正確的。

As we saw in the first half of the fiscal year, growth results going forward will be heavily influenced by base period effects, along with these realities of current year cost pressures, foreign exchange volatility and continued effects of the global pandemic on supply chains and consumer behavior. Transportation and labor markets remain tight. Availability of materials remains stretched. In some categories and in some markets, inflationary pressures are broad-based with little sign of near-term relief.

正如我們在本財年上半年看到的那樣，未來的增長結果將受到基期效應的嚴重影響，以及本年度成本壓力、外匯波動以及全球大流行對供應鍊和消費者的持續影響等現實行為。運輸和勞動力市場仍然緊張。材料的供應仍然捉襟見肘。在某些類別和某些市場中，通脹壓力是廣泛的，短期內幾乎沒有緩解的跡象。

These costs and operational challenges are not unique to P&G, and we won't be immune to the impact. However, we think the strategies we've chosen, the investments we've made and the focus on executional excellence have positioned us well to manage through this volatility over time.

這些成本和運營挑戰並非寶潔獨有，我們也無法倖免於影響。然而，我們認為我們選擇的策略、我們所做的投資以及對卓越執行的關注使我們能夠很好地應對這種波動。

The recent spike in virus cases and resulting lockdowns increased the risk of additional work stoppages in our operations or in those of our suppliers. Based on current spot prices, we now estimate a $2.3 billion after-tax commodity cost headwind in fiscal '22. Since our last update, we've seen continued increases in diesel and chemicals, with little offset in other materials.

最近病毒病例激增以及由此導致的封鎖增加了我們或我們的供應商進一步停工的風險。根據當前的現貨價格，我們現在估計 22 財年的稅後商品成本逆風為 23 億美元。自我們上次更新以來，我們看到柴油和化學品的持續增長，而其他材料幾乎沒有抵消。

Trade costs have continued to increase. We now expect freight and transportation costs to be an incremental $300 million after-tax headwind for fiscal '22. Foreign exchange rates have also moved against us since our last guidance. We now expect FX to be a $200 million after-tax headwind to earnings for the fiscal year.

貿易成本持續增加。我們現在預計 22 財年的運費和運輸成本將增加 3 億美元的稅後逆風。自我們上次指導以來，外匯匯率也對我們不利。我們現在預計外匯對本財年的收益構成 2 億美元的稅後阻力。

We will offset a portion of these cost pressures with price increases and with productivity savings. We've now announced price increases in each of our 10 product categories in the U.S.; increases in Baby Care, Feminine Care, Adult Incontinence, Family Care, Home Care, Hair Care, Grooming, Oral Care, Skin Care are now effective in market. We also increased prices on mid-tier liquid detergents and powder detergents over the last few months.

我們將通過提高價格和節省生產力來抵消部分成本壓力。我們現在宣佈在美國的 10 個產品類別中的每一個都漲價；嬰兒護理、女性護理、成人失禁、家庭護理、家庭護理、頭髮護理、美容、口腔護理、皮膚護理的增加現在在市場上有效。在過去的幾個月裡，我們還提高了中檔液體洗滌劑和粉末洗滌劑的價格。

In mid-December, we announced to retailers that effective February 28, we are increasing pricing on the balance of our Fabric Care portfolio. This includes Tide, Gain, Downey, Bounce and Unstopables, and includes all forms, liquid and unit dose detergents, scent beads, liquid fabric softeners and dryer sheets.

12 月中旬，我們向零售商宣布，自 2 月 28 日起，我們將提高面料護理產品組合的價格。這包括 Tide、Gain、Downey、Bounce 和 Unstopables，並包括所有形式的液體和單位劑量洗滌劑、香珠、液體織物柔軟劑和乾衣片。

Just yesterday, we announced to retailers that we are increasing pricing on certain Personal Health Care brands in the U.S. effective mid-April. The degree and timing of these moves are very specific to the category, brand and sometimes the product form within a brand. This is not a one-size-fits-all approach. We're also taking pricing in many markets outside the U.S. to offset commodity, freight and foreign exchange impacts. As we've said before, we believe this is a temporary bottom line rough patch to go through not a reason to reduce investment in the business. We're sticking with the strategy that has been working well before and during the COVID crisis.

就在昨天，我們向零售商宣布，我們將從 4 月中旬開始提高美國某些個人保健品牌的定價。這些舉措的程度和時間非常具體到品類、品牌，有時甚至是品牌內的產品形式。這不是一種萬能的方法。我們還在美國以外的許多市場定價，以抵消商品、貨運和外彙的影響。正如我們之前所說，我們認為這是一個暫時的底線艱難時期，而不是減少業務投資的理由。我們堅持在 COVID 危機之前和期間一直運作良好的策略。

Moving to the key metric guidance. We now expect organic sales growth in the range of 4% to 5% for the fiscal year, up from our initial range of 2% to 4%. We expect pricing to be a larger contributor to sales growth in the back half of the fiscal year as more of our price increases become effective in the market. As this pricing reaches store shelves, we'll be closely monitoring consumption trends. So far, we haven't seen noticeable changes in consumer behavior. Demand for our best-performing premium-priced offerings remains very strong as do our market share trends.

轉向關鍵指標指導。我們現在預計本財年的有機銷售額增長范圍為 4% 至 5%，高於我們最初的 2% 至 4%。隨著我們更多的價格上漲在市場上生效，我們預計定價將成為本財年後半段銷售增長的更大貢獻者。隨著這個定價到達商店貨架，我們將密切關註消費趨勢。到目前為止，我們還沒有看到消費者行為發生明顯變化。對我們表現最好的高價產品的需求仍然非常強勁，我們的市場份額趨勢也是如此。

On the bottom line, we're confirming our outlook of core earnings per share growth in a range of 3% to 6%.

歸根結底，我們確認核心每股收益增長在 3% 至 6% 範圍內的前景。

In total, our revised outlook for the impact of materials, freight and foreign exchange is now a $2.8 billion after-tax headwind for fiscal '22 earnings or roughly $1.10 per share, a 20 percentage point headwind to core EPS growth. Despite these cost challenges, we are committed to maintaining strong investment in our brands. As pricing goes into effect and as we annualize the initial spike in input costs, earnings growth should be sequentially stronger in the third and fourth quarter of the fiscal year.

總的來說，我們對材料、貨運和外匯影響的修正展望現在是 22 財年收益的稅後逆風 28 億美元，或每股約 1.10 美元，對核心每股收益增長造成 20 個百分點的逆風。儘管存在這些成本挑戰，我們仍致力於保持對我們品牌的強勁投資。隨著定價的生效以及我們對投入成本的初始峰值進行年化處理，本財年第三和第四季度的收益增長應該會依次走強。

We are increasing our outlook for adjusted free cash flow productivity to 95%, and we are raising our guidance for cash return to shareowners. We continue to expect to pay over $8 billion in dividends, and we now plan to repurchase $9 billion to $10 billion of common stock; combined, a plan to return $17 billion to $18 billion of cash to shareowners this fiscal year. This outlook is based on current market growth rate estimates, commodity price and foreign exchange rates. Significant additional currency weakness, commodity cost increases, geopolitical disruption, major supply chain disruptions or store closures are not anticipated within the guidance ranges.

我們將調整後的自由現金流生產率預期提高至 95%，並提高對股東現金回報的指導。我們繼續預計將支付超過 80 億美元的股息，我們現在計劃回購 90 億至 100 億美元的普通股；加起來，計劃在本財年向股東返還 170 億至 180 億美元現金。該展望基於當前市場增長率估計、商品價格和外匯匯率。預計不會在指導範圍內出現明顯的額外貨幣疲軟、商品成本增加、地緣政治中斷、主要供應鏈中斷或商店關閉。

To conclude, our business exhibited strong momentum well before the COVID crisis. We strengthened our position further during the crisis, and we believe P&G is well positioned to grow beyond the crisis. We will manage through the near-term cost pressures and continued market level volatility with the strategy we've outlined many times and against the immediate priorities of ensuring employee health and safety, maximizing availability of our products and helping society overcome the COVID challenges that still exist in many parts of the world. We'll continue to step forward toward our opportunities and remain fully invested in our business. We remain committed to driving productivity improvements to fund growth investments, mitigate input cost challenges and to maintain balanced top and bottom line growth.

總而言之，我們的業務在 COVID 危機之前就表現出強勁的勢頭。我們在危機期間進一步鞏固了我們的地位，我們相信寶潔有能力在危機之後發展壯大。我們將通過我們多次概述的戰略以及確保員工健康和安全、最大限度地提高我們產品的可用性和幫助社會克服仍然存在的 COVID 挑戰等當務之急來應對近期的成本壓力和持續的市場水平波動存在於世界許多地方。我們將繼續朝著我們的機會邁進，並繼續對我們的業務進行全面投資。我們仍然致力於推動生產力的提高，為增長投資提供資金，緩解投入成本挑戰，並保持平衡的收入和利潤增長。

With that, we'll be happy to take your questions.

有了這個，我們很樂意回答您的問題。

(Operator Instructions) Your first question comes from the line of Dara Mohsenian with Morgan Stanley.

（操作員說明）您的第一個問題來自摩根士丹利的 Dara Mohsenian。

So on the top line side, clearly strong results across the board, but Beauty top line growth was below consensus in the quarter. So just any thoughts on the Beauty top line performance. And specifically, maybe you can talk about China Beauty from a category and market share perspective in the December quarter. And any go-forward thoughts on China Beauty or China in general, given the flattish year-over-year trends in the quarter.

因此，在收入方面，整體業績明顯強勁，但美容產品收入增長低於本季度的共識。所以只是對美容頂線表現的任何想法。具體來說，也許你可以從 12 月季度的品類和市場份額的角度來談談中國美妝。考慮到本季度同比持平的趨勢，對中國美容或整個中國的任何前瞻性想法。

And then on the rest of the business, with the strong market share results, can you just talk about your level of confidence going forward in sustaining those share gains? And how supply chain and consumer and retailer acceptance of price increases may impact the forward outlook from a market share perspective?

然後在其他業務方面，憑藉強勁的市場份額結果，您能否談談您對保持這些份額增長的信心水平？從市場份額的角度來看，供應鏈以及消費者和零售商對價格上漲的接受程度可能會如何影響前瞻前景？

All right. Dara, that's a lot. So let me start with maybe 2 and focus on Beauty and China within that. Look, if you look at our Beauty business over a longer period of time, the business has actually delivered about $3 billion in incremental sales over the past 5 years; more than $1 billion of incremental profit; significant contribution to shareholder return; 25 consecutive quarters of organic sales growth, including this quarter.

好的。達拉，很多。因此，讓我從 2 開始，並在其中關注美容和中國。看，如果你從更長的時間來看我們的美容業務，該業務在過去 5 年中實際上實現了約 30 億美元的增量銷售額；超過 10 億美元的增量利潤；對股東回報作出重大貢獻；連續 25 個季度有機銷售額增長，包括本季度。

When we look at this quarter on a 2-year stack, on Beauty, it's a 7% for quarter 2; quarter 1 was a 9% stack; Hair Care growing 2%; Skin and Personal Care growing 3%. So we feel good about the overall performance of the Beauty business and the strength of the core portfolio. There is significant runway. I'll comment on China in a minute. We certainly saw a slowdown in some of the Beauty portfolio, namely SK-II, which we've mentioned before; store closures of department stores, lower traffic there; and also slower key consumption periods in some of the China events. And honestly, our unwillingness to go into very deep discount levels on the brand have contributed to a slower growth in quarter 2.

當我們以 2 年的堆棧來看本季度時，在美容方面，第 2 季度為 7%；第 1 季度是 9% 的籌碼；頭髮護理增長 2%；皮膚和個人護理產品增長 3%。因此，我們對美容業務的整體表現和核心產品組合的實力感到滿意。有顯著的跑道。我馬上評論中國。我們當然看到了一些美容產品組合的放緩，即我們之前提到的 SK-II；百貨商店關閉，那裡的客流量減少；以及一些中國活動中的關鍵消費期放緩。老實說，我們不願意對品牌進行非常高的折扣水平，這導致第二季度的增長放緩。

Overall, the portfolio is strong, we believe, has very strong growth potential in the future. We are also excited about the acquisitions we've announced, Tula, Farmacy Beauty and Ouai, all focused on the premium end of the trade in the U.S premium consumers, which is giving us opportunity for additional top line growth and value creation in the U.S. and also globally.

總體而言，我們認為，該投資組合強勁，未來具有非常強大的增長潛力。我們也對我們宣布的收購 Tula、Farmacy Beauty 和 Ouai 感到興奮，它們都專注於美國高端消費者的高端交易，這為我們提供了在美國實現額外收入增長和價值創造的機會並且在全球範圍內。

On China, I'll start with a similar comment. China, over the past 4 or 5 years, has delivered high singles or low teens sales growth. We have a stable of very strong brands. We continue to believe that consumption after a weaker period in quarter 1, as you have seen, and quarter 2 in the market, consumption in our categories will return to mid singles. And we feel well positioned to benefit from that growth with a strong organization, strong supply chain and strong R&D capability on the ground.

關於中國，我將從類似的評論開始。在過去的 4 或 5 年裡，中國的單身人士或青少年的銷售額增長幅度很大。我們擁有穩定的非常強大的品牌。我們仍然相信，在第一季度和第二季度市場的疲軟時期之後，我們類別的消費將回到中單。我們認為，憑藉強大的組織、強大的供應鍊和強大的實地研發能力，我們可以從這種增長中受益。

The other point to note, even with China being flat in the quarter, from a global perspective, we were able to grow more than 6%. And part of that is the strength of the geographic portfolio that we need to focus on because in some markets, we might have to invest. China certainly is, at this point in time, as you point out, weaker in an overall -- from an overall consumption standpoint.

另一點需要注意的是，即使中國在本季度持平，從全球角度來看，我們也能夠增長超過 6%。其中一部分是我們需要關注的地理投資組合的優勢，因為在某些市場上，我們可能必須進行投資。正如您所指出的，從整體消費的角度來看，中國在這個時候肯定是整體上較弱的。

So I'll stop there. I'm sure we'll get back to your other questions and some of the other comments, Dara.

所以我會停在那裡。我相信我們會回复你的其他問題和其他一些評論，Dara。

Your next question will come from the line of Lauren Lieberman with Barclays.

您的下一個問題將來自巴克萊銀行的 Lauren Lieberman。

I was curious to talk a little bit about productivity. The contribution this quarter was only, I think, it's 80 basis points that was cited in the release. And just I would guess that means a big ramp up in the second half. So I was curious why, relative to timing of it, if it has to do with COVID and absenteeism, if it's related to how you calculate just based on raw material access and so on. But just anything you can share on productivity plans and timing would be helpful.

我很想談談生產力。我認為本季度的貢獻只是發布中引用的 80 個基點。只是我猜這意味著下半年會有很大的提升。所以我很好奇為什麼，相對於它的時間，它是否與 COVID 和曠工有關，是否與你如何僅根據原材料獲取等進行計算有關。但是，您可以在生產力計劃和時間安排上分享的任何內容都會有所幫助。

Yes, Lauren, productivity, the number of 80 basis points in the quarter, we expect about $800 million BT productivity contribution from cost of goods for the year. And it's a little bit lighter than what we would have done in previous years. But most importantly, we remain fully committed to productivity as a core driver of margin expansion.

是的，勞倫，生產力，本季度的 80 個基點的數量，我們預計今年商品成本對英國電信生產力的貢獻約為 8 億美元。它比我們前幾年所做的要輕一些。但最重要的是，我們仍然完全致力於將生產力作為利潤率擴張的核心驅動力。

In the short term, there are a couple of effects that I want to spend a minute on. Number one, when you think about cost savings projects, they require line time. That line time is competing with the need to ship cases in a very constrained supply chain. When we think about innovation, we talk frequently about our desire to close a couple of price increases with innovation. Innovation also needs line time. So cost savings projects on the line also compete with innovation, and they compete with our desire and need to ship the business.

在短期內，我想花一分鐘時間討論幾個效果。第一，當您考慮成本節約項目時，它們需要生產線時間。該生產線時間與在非常有限的供應鏈中運送箱子的需求相競爭。當我們想到創新時，我們經常談論我們希望通過創新來結束幾次價格上漲的願望。創新也需要生產線時間。因此，在線成本節約項目也與創新競爭，它們與我們的願望和需要競爭業務。

Therefore, in a constrained environment, as you point out, our businesses make the decision to focus on innovation, focus on shipping the business, which is better for retailers, better for consumers, better for us in terms of value creation, but it has an impact on cost savings.

因此，正如您所指出的，在受限的環境中，我們的企業決定專注於創新，專注於運輸業務，這對零售商更好，對消費者更好，在價值創造方面對我們更好，但它已經對成本節約的影響。

The good news is these cost savings are available to us in the future. They don't go anywhere, but you see a little bit slower ramp-up in that context.

好消息是我們將來可以節省這些成本。他們不會去任何地方，但在這種情況下，你會看到增長速度有點慢。

Second element I would mention is the global pressure on supply chain and the flexibility that we've talked about that our supply people have generated doesn't come for free. So when we need to shift to alternate materials, when we need to shift to alternate suppliers, all our sources of materials geographically, that comes as a premium, which goes against productivity. Again, the right choice, because shipping the cases is financially more viable than creating the cost saving, but it has an impact.

我要提到的第二個因素是全球對供應鏈的壓力以及我們談到的供應人員所產生的靈活性並不是免費的。因此，當我們需要轉向替代材料時，當我們需要轉向替代供應商時，我們所有的材料來源在地理上都是溢價，這不利於生產力。再次，正確的選擇，因為運輸箱子在經濟上比節省成本更可行，但它有影響。

And then the last point I'll make is negotiating commercial savings when everyone is trying to get the materials in sufficient quantity is also a bit more difficult.

然後我要說的最後一點是，當每個人都試圖獲得足夠數量的材料時，就商業節約進行談判也有點困難。

So all of that to say, short-term pressure, longer term, fully committed to productivity being a core driver of margin expansion and balanced growth model, and you'll see progress quarter-by-quarter.

綜上所述，短期壓力、長期壓力、完全致力於將生產力作為利潤率擴張和平衡增長模式的核心驅動力，你會看到逐季進步。

And I would just add, Lauren, that Omicron hasn't helped. It further pressurizes the dynamics that Andre spoke about, and it just reduces the resources we have available at any point in time to work on these things. When -- as people become infected and need to quarantine, as they need to take care of family members, as children's schools are closed, all of those things have a real impact, which, to Andre's point, should lighten as hopefully everyone on the call, please cross your fingers as we go forward.

我只想補充一點，勞倫，Omicron 沒有幫助。它進一步加強了安德烈所說的動力，它只是減少了我們在任何時間點可用於處理這些事情的資源。當人們被感染並需要隔離時，因為他們需要照顧家人，隨著兒童學校關閉，所有這些事情都會產生真正的影響，在安德烈看來，這應該像希望每個人一樣減輕打電話，請在我們前進時交叉手指。

Next question comes from the line of Steve Powers with Deutsche Bank.

下一個問題來自德意志銀行的史蒂夫鮑爾斯。

Maybe building on that a little bit. So as we think about the back half and the levers that you have at your disposal to offset the $2.8 billion in commodity freight currency headwinds that you now face, I guess can you talk a little bit -- let's just elaborate a little bit more on the initiatives that you've put in place specifically over the last 3 months to help with that as we get into calendar '22?

也許在此基礎上有所建樹。因此，當我們考慮後半部分以及您可以使用的槓桿來抵消您現在面臨的 28 億美元商品貨運貨幣逆風時，我想您能談談 - 讓我們詳細說明一下當我們進入 22 年日曆時，您在過去 3 個月中專門採取的措施來幫助解決這個問題？

And I guess I'm specifically curious, when we think about the second half P&L, as to how you anticipate the drivers of organic growth shaking out, price versus volume, number one. And then number two, whether we should expect marketing, inclusive of nonworking media productivity, to remain a continued source of positive leverage as the year continues.

我想我特別好奇，當我們考慮下半年的損益表時，你會如何預測有機增長的驅動因素，價格與數量，第一。然後第二，我們是否應該期望營銷，包括非工作媒體生產力，隨著今年的繼續，繼續成為積極槓桿的來源。

Steve. All right. So from a gross margin perspective, a couple of things will come to play here. If you assume that the existing commodity foreign exchange rate and transportation and warehousing pressures remain at this level, which is our basis for planning, we will benefit from more pricing flowing through the P&L. Most of our price increases, as you've seen in our prepared remarks, have gone -- or some have gone into effect in September and October, but the majority of the price increases are still coming into effect over December, quarter 1, quarter 3 and quarter 4. So the contribution of pricing both to the gross margin recover as well as to the price mix line within the top line is going to increase sequentially as we go through the fiscal year.

史蒂夫。好的。因此，從毛利率的角度來看，有幾件事會在這裡發揮作用。如果您假設現有的商品外匯匯率和運輸和倉儲壓力保持在這個水平，這是我們規劃的基礎，我們將受益於更多通過損益表流動的定價。正如您在我們準備好的評論中看到的那樣，我們的大部分價格上漲已經過去——或者有些已經在 9 月和 10 月生效，但大部分價格上漲仍在 12 月、第 1 季度、第 1 季度生效3 和第 4 季度。因此，隨著我們整個財政年度，定價對毛利率恢復以及對收入中的價格組合線的貢獻將依次增加。

We also will see, in the base period, the commodity pressures are coming into the base gross margin, starting with the third quarter and then really flowing in, in the fourth quarter base comparison. So that's going to help the gross margin comparison as well.

我們還將看到，在基期，商品壓力正在進入基數毛利率，從第三季度開始，然後在第四季度基數比較中真正流入。因此，這也將有助於毛利率比較。

And lastly, the continuation of, hopefully, more stability in the labor force, more stability around COVID as we exit this winter, will allow us to increase contribution from productivity, as I've talked before, which will also help gross margin recovery in the second half.

最後，希望勞動力更加穩定，隨著我們今年冬天的退出，COVID 周圍更加穩定，這將使我們能夠增加生產力的貢獻，正如我之前所說的，這也將有助於恢復毛利率下半場。

On the pricing contribution versus volume contribution, I expect price to become a bigger part, as I said, logically, because of the timing of the price increases that we have announced. And in terms of ability to sustain the pricing, we have seen -- for the price increases where we have sufficient read period at this point in time, we have seen a more benign reaction of the consumer. The consumer is healthy generally and is preferring our brands. We are starting with strong superiority, and price elasticity has generally been lower than what we would have seen historically, which also speaks to the fact that we hopefully will continue to see volume growth in combination with the stronger price growth in the back half.

關於價格貢獻與數量貢獻，我預計價格將成為更大的一部分，正如我所說，從邏輯上講，因為我們已經宣布了價格上漲的時機。在維持定價的能力方面，我們已經看到 - 對於我們目前有足夠閱讀時間的價格上漲，我們看到消費者的反應更加溫和。消費者普遍健康，並且更喜歡我們的品牌。我們以強大的優勢開始，價格彈性普遍低於我們歷史上看到的水平，這也說明了我們希望繼續看到銷量增長以及下半年更強勁的價格增長的事實。

I just want to underscore something that Andre said. Remember that the pricing that we've announced, even though pricing has taken effect at shelf, we didn't have a full quarter benefit from in the quarter we just completed. So that simple roll forward is a help. And the majority of the pricing that we've announced has not yet taken place.

我只想強調安德烈所說的話。請記住，我們宣布的定價，即使定價已在貨架上生效，我們在剛剛完成的季度中並沒有獲得完整的季度收益。所以這個簡單的前滾是一個幫助。我們宣布的大部分定價尚未發生。

Next question will be from Jason English with Goldman Sachs.

下一個問題將來自高盛的 Jason English。

I wanted to drill a little bit deeper on the cost and price outlook. So a couple of things. First, in response to that last question, I think I got the sense -- well, clearly telegraphed this, that the pricing will continue to build. Back half, it sounds like you're looking for at least 4%, if not more, price contribution or at least about a $1.5 billion or so net sales contribution. If we look at your cost of both commodities and freight in the $2.6 billion, I think from your margin bridge, it implies that you've already absorbed around $1.7 billion in the front half. So in other words, you're expecting $1 billion or less in the back half, and we should, therefore, expect a price cost surplus to emerge. I want to make sure I had all my math right on that, at least directionally.

我想更深入地研究成本和價格前景。所以有幾件事。首先，在回答最後一個問題時，我想我明白了——好吧，清楚地傳達了這一點，即定價將繼續上漲。後半部分，聽起來你正在尋找至少 4%（如果不是更多）的價格貢獻，或者至少大約 15 億美元左右的淨銷售額貢獻。如果我們看看你們 26 億美元的商品和運費成本，我認為從你們的保證金橋樑來看，這意味著你們已經在前半部分吸收了大約 17 億美元。所以換句話說，你預計後半部分會出現 10 億美元或更少，因此我們應該預計會出現價格成本盈餘。我想確保我所有的數學都正確，至少在方向上。

And then second part, you've clearly had to revise your commodity and freight outlook up the last few quarters. Remind us again what the current commodity outlook is predicated on so that we can get a proper sense of what the upside, downside risks are to that.

然後第二部分，您顯然不得不在過去幾個季度修改您的商品和貨運前景。再次提醒我們當前的大宗商品前景是基於什麼預測的，以便我們能夠正確了解其上行和下行風險。

Yes. Jason, on the commodity and transportation, warehousing timing, yes, I mean, I assume your math is right. I won't check it here, but we can certainly follow up as needed.

是的。傑森，關於商品和運輸、倉儲時間，是的，我的意思是，我假設你的數學是正確的。我不會在這裡檢查它，但我們當然可以根據需要跟進。

We assume in our forecast in our guidance, spot prices for both the commodity basket and for transportation and warehousing, we've seen increases still in this last cycle as reflected in the increase in commodities and transportation and warehousing. But we're also seeing a slower rate of increase. So hopefully, meaning that we reach the peak here soon. But we are building our financial forecast and our financial planning on that level. So we don't assume any easing in terms of transportation and warehousing or commodity cost impact or foreign exchange for that matter.

在我們的指導預測中，我們假設商品籃子以及運輸和倉儲的現貨價格在上一個週期中仍然上漲，這反映在商品以及運輸和倉儲的增加中。但我們也看到增長速度放緩。所以希望，這意味著我們很快就會到達這裡的頂峰。但我們正在這個層面上建立我們的財務預測和財務規劃。因此，我們認為運輸和倉儲或商品成本影響或外匯方面不會出現任何緩解。

Next question will come from Robert Ottenstein with Evercore ISI.

下一個問題將來自 Evercore ISI 的 Robert Ottenstein。

I was wondering if you could give us some sense of how you assess your revenue management skills at this point. Clearly, the results would suggest they're pretty positive. But I'd love to understand maybe some of the changes that you've done over the last few years to improve your ability to manage in an inflationary environment if, in fact, that is what we're headed into for a long period; your ability to work with different elasticities; manage trade spend, et cetera, both in the U.S. and overseas. And how it may be better than it was in the past?

我想知道您是否可以讓我們了解您目前如何評估您的收入管理技能。顯然，結果表明它們非常積極。但我很想了解您在過去幾年中所做的一些改變，以提高您在通貨膨脹環境中的管理能力，如果事實上，這就是我們長期要做的事情；你在不同彈性下工作的能力；管理美國和海外的貿易支出等。它怎麼可能比過去更好？

Very good. Robert, if I step back, I think we're better positioned for dealing with an inflationary environment or revenue management in that sense than we've ever been before, starting with a portfolio that is focused on daily-use categories, health, hygiene and cleaning that are essential to the consumer versus discretionary categories, which in these environments, are the first ones to lose focus from the consumer. Secondly, starting with a portfolio that is 75% superior by our assessment and reflected probably in the market share results and trends that we're seeing. We also, over time, have built much stronger price ladders. So we have offerings for the consumer at different price points and different cash outlays.

很好。羅伯特，如果我退後一步，我認為我們比以往任何時候都更有能力應對通脹環境或收入管理，從專注於日常用品類別、健康、衛生的投資組合開始與非必需品類別相比，對消費者至關重要的清潔和清潔，在這些環境中，是最先失去消費者關注的類別。其次，從我們評估的 75% 優越的投資組合開始，並且可能反映在我們所看到的市場份額結果和趨勢中。隨著時間的推移，我們還建立了更強大的價格階梯。因此，我們以不同的價格點和不同的現金支出為消費者提供產品。

When you think about diapers, you can get a large diaper for $0.15 a diaper, Swaddlers at $0.30 a or Pure diaper at $0.38. And that's generally true across all categories, across all brands. So that means the consumer has a choice within our portfolio. So in that sense, I think we are set up well from a starting point to deal with inflation and related pricing.

當您考慮尿佈時，您可以以每塊 0.15 美元的價格購買大號尿布，以每塊 0.30 美元的價格購買 Swaddlers 或以 0.38 美元的價格購買純尿布。這通常適用於所有類別、所有品牌。這意味著消費者可以在我們的產品組合中做出選擇。所以從這個意義上說，我認為我們從一開始就做好了應對通貨膨脹和相關定價的準備。

From an execution standpoint, I think we also benefit from a couple of things. Number one, the organizational redesign in focus markets and enterprise markets enables much faster and much clearer decision-making, which is critical in these processes, and also much more diligence in terms of where to take pricing, country, brand, SKU level.

從執行的角度來看，我認為我們也從幾件事中受益。第一，重點市場和企業市場的組織重新設計可以更快、更清晰地做出決策，這在這些流程中至關重要，並且在定價、國家、品牌、SKU 級別方面也更加勤奮。

And the other element here is that from an execution standpoint, we certainly have seen that innovation can play a significant role. And the strength of our innovation pipeline and our ability to combine pricing with innovation is certainly helping us in this environment.

這裡的另一個因素是，從執行的角度來看，我們當然已經看到創新可以發揮重要作用。在這種環境下，我們創新渠道的實力以及我們將定價與創新相結合的能力無疑對我們有所幫助。

Last point I'll make, and then Jon will probably have comments here as well, we've been operating in high-inflation environments around the world for many years. Think about Turkey, Nigeria, Argentina, those are high inflation markets and environments. So we know how to deal with that. Obviously, we hope we don't get to that place, but generally well positioned for the reasons I tried to outline here.

我要說的最後一點，然後喬恩可能也會在這裡發表評論，我們多年來一直在世界各地的高通脹環境中運營。想想土耳其、尼日利亞、阿根廷，這些都是高通脹市場和環境。所以我們知道如何處理它。顯然，我們希望我們不會到達那個地方，但由於我試圖在這裡概述的原因，我們通常處於有利位置。

And just a reminder of the obvious, we're dealing with commodity cost increases that affect every competitor, both multinational and local, which changes the dynamic pretty considerably versus, for example, pricing for foreign exchange, which has a differential impact across the competitive set. So it's not an easy job, but it's an easier job that we've managed, as Andre said, successfully in many geographies in the recent past.

提醒一下顯而易見的是，我們正在處理影響每個競爭對手的商品成本增加，包括跨國和本地，這極大地改變了動態，例如外匯定價，這對整個競爭者產生了不同的影響放。所以這不是一項容易的工作，但正如安德烈所說，這是一項更容易的工作，正如安德烈所說，最近在許多地區都取得了成功。

Next question will come from the line of Kevin Grundy with Jefferies.

下一個問題將來自傑富瑞的 Kevin Grundy。

I wanted to pivot and ask about M&A on a couple of different fronts, please. Just number one, the openness to larger-scale M&A at this point. I think there was clearly a period in recent years, post the portfolio rationalization, where the company was sensibly very focused on turning around the portfolio, larger-scale M&A wasn't really on the table. So is the organization in a better place? Is the Board open to larger-scale deals at this point? And if so, maybe you could put some guardrails around that.

我想在幾個不同的戰線上詢問併購的問題，拜託。第一，目前對大規模併購的開放程度。我認為，在投資組合合理化之後的幾年裡，顯然有一段時間，公司明智地非常專注於扭轉投資組合，更大規模的併購並沒有真正擺在桌面上。那麼組織是否處於更好的位置？董事會目前是否對更大規模的交易持開放態度？如果是這樣，也許你可以在周圍設置一些護欄。

And then relatedly, Andre, you touched on some of the smaller tuck-in deals in Prestige Beauty, which have been picked up here. Maybe just spend a moment there to find the approach in Prestige Beauty given past missteps and the decision to exit some of the larger brands that were once in the portfolio there, I think that would be helpful.

然後相關地，安德烈，您談到了 Prestige Beauty 中的一些較小的折扣優惠，這些優惠已在這裡找到。考慮到過去的失誤以及退出曾經在該產品組合中的一些較大品牌的決定，我認為這可能會有所幫助。

Kevin, this is Jon. A couple of points on large M&A. The first very, very important point is we like our current portfolio. We have confidence that we can create value with that portfolio. And frankly, all parts of it are working. Andre mentioned that we're growing market share in 9 out of 10 of those categories. And importantly, that market share growth is not taking business, it's creating business in large part, affecting the overall growth of the market. So we're in a very healthy situation with a very healthy portfolio that's underpinned with a clear set of priorities and a very effective tightly integrated set of strategies.

凱文，這是喬恩。關於大型併購的幾點看法。第一個非常非常重要的一點是我們喜歡我們目前的投資組合。我們有信心利用該投資組合創造價值。坦率地說，它的所有部分都在工作。 Andre 提到，我們在其中 10 個類別中的 9 個類別中的市場份額正在增長。重要的是，市場份額的增長並沒有奪走業務，而是在很大程度上創造了業務，影響了市場的整體增長。因此，我們處於非常健康的狀況，擁有非常健康的投資組合，其基礎是一套明確的優先事項和一套非常有效的緊密整合的戰略。

And we're adding -- or we're strengthening our strategic execution by a focus on 4 areas. One is supply, the second is digital confidence across the value chain, the third is employee value and the fourth is sustainability. We like that hand overall.

我們正在添加 - 或者我們正在通過專注於 4 個領域來加強我們的戰略執行。一是供應，二是整個價值鏈的數字信心，三是員工價值，四是可持續性。我們總體上喜歡那隻手。

Second point, our algorithm, growing slightly ahead of the market with EPS up mid to high singles, assumes 100% organic growth. So again, we don't need large M&A to deliver against that. And we certainly haven't utilized large M&A in the last 4- or 5-year period when we've been delivering very regularly on that expectation.

第二點，我們的算法在 EPS 達到中高單價的情況下略微領先於市場增長，假設有機增長為 100%。再說一次，我們不需要大型併購來實現這一目標。在過去的 4 年或 5 年期間，我們當然沒有利用大型併購，因為我們一直非常定期地實現這一預期。

A couple of other points, and then I'll get to Beauty, and then Andre may have some comments on Beauty as well. The -- we have said many times that there -- that we'd intend to win in these 10 categories that we've selected. And that acquisition would be a part of the way that we may choose to fill out categories in order to win. And we've talked about 2 categories, in particular, that would be particular focus areas. One is Skin Care, and the other is Personal Health Care. So all of that remains as true.

其他幾點，然後我會談到美女，然後安德烈可能也會對美女發表一些評論。 - 我們已經多次說過 - 我們打算在我們選擇的這 10 個類別中獲勝。此次收購將成為我們可能選擇填寫類別以獲勝的方式的一部分。我們已經討論了 2 個類別，特別是它們將是特別關注的領域。一是護膚，二是個人保健。所以所有這些都是真實的。

The last point I would make, which is, I realize, not very helpful to the audience at hand, but as a matter of policy, we don't comment further than what I just have on acquisition or divestiture.

我要說的最後一點，我意識到，這對手頭的聽眾沒有多大幫助，但作為政策問題，我們不會對收購或資產剝離發表更多評論。

On Beauty, I want to clarify what I think has been a little bit of a misunderstanding. When we made the portfolio decisions as to what we were going to move out on Beauty and what we were going to stay in, we did not make price tier decisions. We did not exit premium Beauty. We made category decisions. And we exited several categories that were more discretionary, that were not daily use and where performance had a lower role in driving brand choice.

關於美，我想澄清一下我認為有點誤解的地方。當我們做出投資組合決定時，我們將在美妝領域撤出什麼以及我們將留在什麼領域，我們沒有做出價格層級決定。我們沒有退出優質美容。我們做出了類別決定。我們退出了幾個更隨意、非日常使用且性能在推動品牌選擇方面的作用較低的類別。

So for example, we maintained our most premium Beauty offering, SK-II. So this notion that we're -- we've got out of a price tier and now we're getting back in is not the way to think about it. We got out of categories, and we're strengthening those categories. And these -- the brands that we have purchased, as Andre said earlier, play in the premium portion of the beauty categories, which are the fastest growing from a market standpoint to date and obviously give us ample opportunity to create value given their margin structure. Andre, anything to add?

例如，我們維持了我們最優質的美容產品 SK-II。因此，我們已經擺脫了價格層，現在我們又回到了價格層，這種想法不是考慮它的方式。我們擺脫了類別，我們正在加強這些類別。而這些——正如安德烈之前所說，我們購買的品牌在美容品類的高端部分發揮作用，從市場角度來看，這些品類是迄今為止增長最快的，鑑於它們的利潤率結構，顯然為我們提供了創造價值的充分機會.安德烈，有什麼要補充的嗎？

Nothing to add.

沒什麼可補充的。

Your next question comes from the line of Andrea Teixeira with JPMorgan.

您的下一個問題來自摩根大通的 Andrea Teixeira。

This is actually Kojo on for Andrea here. So just in terms of service levels, can you please comment on your ability to fulfill just given the impacts of employee absenteeism? And has it improved from the peak on Omicron worldwide?

這實際上是 Andrea 的 Kojo 在這裡。那麼就服務水平而言，您能否就員工缺勤的影響評價一下您的履行能力？它是否已從全球 Omicron 的高峰期有所改善？

Our ability to supply is relatively stable, it's stable actually. If you look at our on-shelf availability, for example, in the U.S., last quarter, we reported that was around 94%. We're still running at around 94%, which is not where we want to be, which would be more in the 98%, 99% range, but good relative to peer group and good given, again, the overall challenges the industry is seeing, the retail environment is seeing. So -- and that is true around the world. Our supply chain people, who deserve all the credit here, continue to do an absolutely amazing job, making sure that our retail partners have the products available that our consumers want to buy. And there are no major outages given the flexibility we've created within the supply chain.

我們的供應能力是比較穩定的，實際上是穩定的。如果您查看我們的上架可用性，例如，上個季度在美國，我們報告的可用性約為 94%。我們仍然以 94% 左右的速度運行，這不是我們想要達到的水平，這將更多地處於 98%、99% 的範圍內，但相對於同行群體來說還是不錯的，並且再次考慮到行業的整體挑戰是看到，零售環境正在看到。所以——全世界都是如此。我們的供應鏈人員在這裡值得稱讚，他們繼續做著絕對令人驚嘆的工作，確保我們的零售合作夥伴擁有我們的消費者想要購買的產品。鑑於我們在供應鏈中創造的靈活性，沒有出現重大中斷。

Even in China, as we saw regional lockdowns, we were able to shift production into alternative sites and thereby maintain supply. So continued great work by our supply organization, relatively stable situation. We'll continue to monitor closely because this is not over. So great success now with no guarantee for the future, but we certainly feel well positioned.

即使在中國，當我們看到區域封鎖時，我們也能夠將生產轉移到其他地點，從而維持供應。所以我們的供應組織繼續做大工作，情況比較穩定。我們將繼續密切關注，因為這還沒有結束。現在取得瞭如此巨大的成功，但未來無法保證，但我們當然感覺自己處於有利地位。

Next question will be from the line of Chris Carey with Wells Fargo Securities.

下一個問題將來自富國銀行證券公司的 Chris Carey。

So one quick follow-up on SK-II. Are you seeing that slowdown as temporary, some normalization in demand? Or do you think the brand is reaching some ceiling on growth and hence, you've made these additional moves?

因此，對 SK-II 進行了快速跟進。您是否認為這種放緩是暫時的、需求正常化？還是您認為該品牌的增長達到了一定的上限，因此您採取了這些額外舉措？

And then a broader question just on pricing in Baby. Price mix in the category has really accelerated. It doesn't seem like it was that long ago that the category was seeing higher promotional activity to drive volumes. Can you just expand on the step change there, the drivers of the move on pricing and premiumization, why it's the right move? And then maybe any broader thoughts on there's been some discussion around a little bit of a mini baby boom. And I wonder if you have any thoughts there.

然後是一個更廣泛的問題，只是關於 Baby 的定價。該類別的價格組合確實加速了。似乎不是很久以前，該類別才看到更高的促銷活動以推動銷量。您能否擴展一下那裡的步驟變化，定價和高端化的驅動因素，為什麼這是正確的舉動？然後可能有任何更廣泛的想法，圍繞著一些小型嬰兒潮進行了一些討論。我想知道你是否有任何想法。

All right. On SK-II, certainly no ceiling for the brand in terms of growth. The brand continues to carry enormous equity with existing users, enormous appeal to new users, specifically in the Asia space. So we continue to be very encouraged by both the current strength of the brand, but also by the future pipeline and the initiatives that are to come. But the brand is operating in channels that are most impacted by the pandemic. That has an impact on our business. It has an impact on total consumption.

好的。在 SK-II 上，品牌在增長方面當然沒有上限。該品牌繼續在現有用戶中擁有巨大的資產，對新用戶有著巨大的吸引力，特別是在亞洲領域。因此，我們繼續對品牌當前的實力以及未來的管道和即將推出的舉措感到非常鼓舞。但該品牌在受疫情影響最大的渠道中運營。這對我們的業務有影響。它對總消費量有影響。

And lastly, I mentioned this in the earlier question, we don't believe that heavy discounting is the right strategy in the short term to overcome some of these challenges. So we're focusing on building the equity, building product efficacy and running our business model to return to stronger growth here in the future.

最後，我在之前的問題中提到了這一點，我們認為短期內大幅折扣不是克服其中一些挑戰的正確策略。因此，我們專注於建立股權、建立產品功效和運行我們的商業模式，以在未來恢復更強勁的增長。

On the Baby category, you're right, price/mix, when you look at the U.S., but also globally is increasing, which is encouraging for 2 reasons. Encouraging, number one, Baby Care is one of the hardest-hit categories from a commodity impact. So it's good to see that the pricing that was taken is flowing through to the P&L to help with productivity, offset some of that commodity pressure. And we see the pricing in Baby flowing through really globally, so that's a core driver. And every player in the industry, as Jon mentioned before, has to find a way to offset these cost pressures that are very significant in this category.

在嬰兒類別中，您是對的，價格/組合，當您查看美國時，但在全球範圍內也在增加，這有兩個原因令人鼓舞。令人鼓舞的是，第一，嬰兒護理是受商品影響最嚴重的類別之一。因此，很高興看到所採取的定價正在流入損益表以幫助提高生產力，抵消了部分商品壓力。我們看到 Baby 的定價確實在全球範圍內流動，所以這是核心驅動力。正如 Jon 之前提到的，該行業的每個參與者都必須找到一種方法來抵消這些在這一類別中非常重要的成本壓力。

More encouraging to me is, in our portfolio, the desire of the consumer to move up to higher premium offerings because they truly provide better value for the consumer. When you think about the U.S., for example, most of the growth, if not the absolute majority of the growth, comes from Tier 1, our swaddlers proposition, comes from Cruisers 360, which is a very unique proposition in the pants form for active babies, comes from Pampers Pure and comes from Ninjamas, which is a bed-wetting product, which we reentered the category, created significant growth in the category and built a 9% share position.

對我來說更令人鼓舞的是，在我們的產品組合中，消費者希望升級到更高的優質產品，因為它們確實為消費者提供了更好的價值。例如，當您考慮美國時，大部分增長（如果不是絕對大部分增長）來自第 1 層，我們的襁褓主張來自 Cruisers 360，這是一個非常獨特的運動褲形式的主張嬰兒，來自幫寶適純，來自忍者，這是一種尿床產品，我們重新進入該類別，在該類別中創造了顯著的增長，並建立了 9% 的份額。

So the portfolio strategy we're executing, the innovation we're bringing is rewarded by the consumer with trade up. And that is a significant contributor to price/mix and hopefully, and I think sustainable given the true benefits we are seeing the consumer appreciate.

因此，我們正在執行的投資組合策略，我們帶來的創新得到了消費者的回報。這是價格/組合的重要貢獻者，並且希望，考慮到我們看到消費者欣賞的真正好處，我認為是可持續的。

Just a couple of additional points on SK-II to hopefully make it clearer and bring it to life what's actually happening here. If you dramatically simplify the SK-II business, you would simplify it historically into 2 primary channels. One is travel retail and the other is department store. And in both of those channels, it was -- it's typically been a counseled product, meaning there's some -- there's a knowledgeable person in the store to help you understand the benefits of the product and which elements are right for you.

只需在 SK-II 上添加幾個要點，希望能使其更清晰，並讓這裡實際發生的事情栩栩如生。如果您大幅簡化 SK-II 業務，您將在歷史上將其簡化為 2 個主要渠道。一個是旅遊零售，另一個是百貨公司。在這兩個渠道中，它通常是一種建議的產品，這意味著有一些——商店裡有一個知識淵博的人來幫助你了解產品的好處以及哪些元素適合你。

With COVID, travel retail largely closed. In many parts of Asia, inability of counselors to go to work for the multitude of reasons we're all familiar with, including some regulatory prohibitions. If you look at Japan, you have that dynamic, plus you have what was a major source of business, which was Chinese travelers going to Japan to department stores to buy a product to bring back to their friends and family, that's not happening.

由於 COVID，旅遊零售業基本關閉。在亞洲的許多地方，輔導員無法上班的原因有很多我們都熟悉，包括一些監管禁令。如果你看看日本，你就會發現這種活力，再加上你有一個主要的業務來源，那就是中國遊客去日本百貨公司購買產品帶回給他們的朋友和家人，這並沒有發生。

So when you ask why is SK-II currently soft, those are the reasons and, as Andre indicated, has nothing to do with the equity or strength of the brand. We've converted, and I really applaud the team for doing this, a fair amount of that purchase from those channels to more local channels that support local consumption, but still the impact has been significant.

所以當你問為什麼 SK-II 目前很軟，這些都是原因，正如 Andre 所說，與品牌的資產或實力無關。我們已經轉換了，我真的很讚賞團隊這樣做，相當多的購買從這些渠道轉向支持本地消費的更多本地渠道，但影響仍然很大。

Next question will come from Wendy Nicholson with Citi.

下一個問題將來自花旗的 Wendy Nicholson。

I wanted to just go back and talk about the M&A strategy for a minute, just with regard to not just the smaller brands that you've just recently announced acquiring, but maybe looking back. And can you give us kind of a little bit of an update on some of the smaller brands you've bought historically, whether it's First Aid Beauty, whether it's Native or This Is L., just to sort of tell us how have they done? Has it been worth the effort? How fully integrated are they?

我想回過頭來談一談併購戰略，不僅僅是關於你最近宣布收購的小品牌，也許是回顧一下。你能不能給我們一些關於你歷史上購買的一些小品牌的更新，無論是急救美容，無論是原生的還是這是 L.，只是為了告訴我們他們是怎麼做的?值得付出努力嗎？它們的集成程度如何？

Because again, back to the earlier discussion about M&A, I think the question I would have is these are small companies that obviously are growing rapidly now, but is it worth the hassle? Is it worth the effort? Is it worth the money to bring them into the P&G fold? Can they really ever move the needle? So just sort of updating us on maybe your track record with regard to the prior small acquisitions you've made.

因為再一次回到前面關於併購的討論，我想我會問的是這些小公司現在顯然正在快速增長，但值得麻煩嗎？值得付出努力嗎？將他們帶入寶潔公司值得花錢嗎？他們真的能動針嗎？因此，只需向我們更新一下您之前進行的小額收購的記錄。

Yes, very good. So when we have these discussions on this, their value in integrating these small tuck-in acquisitions, we're obviously asking the exact same question. And the track record within Beauty is actually very good.

是的，很好。因此，當我們對此進行這些討論時，它們在整合這些小型收購中的價值時，我們顯然在問完全相同的問題。並且在 Beauty 內部的業績記錄實際上非常好。

When you look at First Aid Beauty and Native as good examples, we've been able to bring these brands in, built on their existing sales basis, expand distribution, expand innovation and marketing support across channels and significantly grow both the net sales and value base. So the Beauty organization's ability to take these small brands, maintain their character and user base and apply our strength to grow them is actually very promising. And that's the underlying hypothesis and reason why we believe these 3 acquisitions will create significant value for Beauty as well.

當您將 First Aid Beauty 和 Native 視為很好的例子時，我們已經能夠在這些品牌的現有銷售基礎上引入這些品牌，擴大分銷，擴大跨渠道的創新和營銷支持，並顯著增加淨銷售額和價值根據。所以美妝組織能夠抓住這些小品牌，保持他們的個性和用戶群，並運用我們的力量來發展他們，實際上是非常有前途的。這就是我們相信這 3 次收購也將為 Beauty 創造重大價值的基本假設和原因。

Their approach of bringing these brands in is also unique in the sense that the Beauty organization is really taking time to bring the existing organization into the P&G ecosystem, have them operate more independently than we've done in the past to ensure that the character of the brand and the key strength of the brand are maintained and then we carefully build on top. So high confidence based on previous experience would be my summary.

他們引入這些品牌的方法也是獨一無二的，因為美容組織確實花時間將現有組織帶入寶潔生態系統，讓它們比我們過去更獨立地運作，以確保保持品牌和品牌的核心力量，然後我們在上面精心打造。基於以往經驗的高度自信將是我的總結。

Let me just add a couple of things here, Wendy. Our Beauty business, historically, has been built this way. So we acquired, for example, Old Spice. We acquired Olay. Pantene and Head & Shoulders were tiny. We're talking less than $100 million in sales and now they are 2 of the largest shampoos in the world. That doesn't give us any guarantee, but it's certainly, as Andre was indicating, a strong track record to build from. That's point one.

溫迪，讓我在這裡補充幾件事。從歷史上看，我們的美容業務就是這樣建立的。例如，我們收購了 Old Spice。我們收購了玉蘭油。潘婷和海飛絲都很小。我們談論的銷售額不到 1 億美元，現在它們是世界上最大的 2 種洗髮水。這並不能給我們任何保證，但正如安德烈所指出的那樣，它肯定是一個可以建立的強大記錄。這是第一點。

Point two, relative to the company's ability to handle M&A -- and by the way, and spending time on this, I'm not suggesting that the emphasis or focus has shifted in that direction by any stretch of the imagination. The best example that I can point to, because we've had the longest track record with it, is the Merck OTC acquisition. Different category, but so far, an incredibly successful acquisition. Our OTC business grew at 20% in the quarter that we just completed and is doing so very profitably.

第二點，相對於公司處理併購的能力——順便說一句，花時間在這方面，我並不是說重點或重點已經通過任何想像力轉移到那個方向。我可以指出的最好的例子是默克非處方藥的收購，因為我們擁有最長的記錄。不同的類別，但到目前為止，這是一次非常成功的收購。在我們剛剛完成的那個季度，我們的場外交易業務增長了 20%，而且利潤非常豐厚。

Having said all that, probably more than any other person, and I don't mean to personalize this, I've got more blood on my back from cleaning up lots of small brands. I spent 4 years of my life doing it. We are going to be very disciplined, and we'll get an early read on whether we think things are going to work according to plan or not. And if not, we'll pivot.

說了這麼多，可能比其他任何人都多，我並不是要個性化這個，我清理了很多小品牌，我的背上有更多的血。我花了 4 年的時間來做這件事。我們將非常自律，我們將儘早了解我們是否認為事情會按計劃進行。如果沒有，我們將轉向。

Our next question will come from the line of Nik Modi with RBC.

我們的下一個問題將來自 Nik Modi 與 RBC 的對話。

Just a housekeeping or a follow-up and then a broader question. On the follow-up, Andre, is there any way you can provide any quantification on the out-of-stock impacts on organic revenue growth this quarter?

只是一個家務或後續行動，然後是一個更廣泛的問題。關於後續行動，安德烈，您有什麼方法可以量化本季度缺貨對有機收入增長的影響嗎？

And then the broader question, I guess, this would be for you, Jon, is just when you think about the consumer segmentation strategy at P&G, when you think about the Gen Z consumer, do you think that you have -- the core brand set is broad enough to reach that consumer? Or do you feel like you need to either launch new brands or make some of these acquisitions that you've discussed, you've been discussing during this call, to really cater to those particular consumers?

然後更廣泛的問題，我想，這將是給你的，喬恩，只是當你考慮寶潔的消費者細分策略時，當你考慮 Z 世代消費者時，你認為你有 - 核心品牌設置是否足夠廣泛以覆蓋該消費者？或者你覺得你需要推出新品牌或進行一些你已經討論過的收購，你在這次電話會議中一直在討論，以真正迎合那些特定的消費者？

Nik, on the first part of the question, I can't really give you a number. It's impossible to estimate. I can give you anecdotal evidence of what we're seeing. When you think about Oral-B iO, for example, $299 toothbrush, very premium item. And obviously, we're impacted by the chip shortage just as everybody else. And we -- the demand -- the consumer demand for that product despite the price point is significantly higher than anything we can deliver. That's probably on the extreme end because for chips, there's a limited alternative -- alternatives available. But there is some impact. It's just not possible to give you a meaningful number at this point.

尼克，關於問題的第一部分，我真的不能給你一個數字。這是無法估計的。我可以為你提供我們所看到的軼事證據。例如，當您想到 Oral-B iO 時，299 美元的牙刷，非常優質的產品。顯然，我們和其他人一樣受到芯片短缺的影響。我們——需求——儘管價格點，消費者對該產品的需求明顯高於我們所能提供的任何東西。這可能是極端情況，因為對於芯片來說，有一個有限的替代方案——可用的替代方案。但是有一些影響。在這一點上，只是不可能給你一個有意義的數字。

But directionally, Nik, which is what leads you to your question, there is no doubt at present that demand is stronger than supply. Andre is absolutely right. I don't know how to quantify it either. But as we address some of the opportunities, and that's how I view it, within the supply community, there should be upside beyond kind of our internal forecast and what you might expect. That's assuming, of course, that demand continues at current levels.

但是從方向上來說，尼克，這就是你提出問題的原因，目前毫無疑問，需求強於供應。安德烈是絕對正確的。我也不知道怎麼量化。但是，當我們處理一些機會時，我就是這麼看待的，在供應界，應該有超出我們內部預測和你可能期望的上行空間。當然，這是假設需求繼續保持在當前水平。

Relative to Gen Z consumers, and you proffered several avenues to reach and delight those consumers, I think all are on the table.

相對於 Z 世代消費者，您提供了多種途徑來接觸和取悅這些消費者，我認為所有這些都已擺在桌面上。

There's another group of consumers that we're working to expand our coverage to. And we're, frankly, underdeveloped, and that's the multicultural consumer in the U.S. as an example. The good news is these are the same consumers. The multicultural consumer or the Gen Z population is multicultural by definition. So in terms of having a size of prize here that merits consideration of all the choices you mentioned, it's significant, and we're all over it.

還有另一組消費者，我們正在努力擴大我們的覆蓋範圍。坦率地說，我們是不發達的，這就是美國的多元文化消費者的例子。好消息是這些都是相同的消費者。根據定義，多元文化消費者或 Z 世代人口是多元文化的。因此，就這裡的獎金規模而言，值得考慮您提到的所有選擇，這很重要，我們已經完成了。

Next question will come from the line of Peter Grom with UBS.

下一個問題將來自瑞銀的 Peter Grom。

So I was hoping to dive into the updated commodity outlook a bit. I know there are a lot of moving pieces here. And Andre, you mentioned chemicals and diesel are moving higher. But you also say that you're not really seeing relief across the other buckets. So just would be curious, like what are you seeing in commodities, like pulp and resin, which seem to be trending marginally lower at least versus where we were back in September and October.

所以我希望深入了解更新後的商品前景。我知道這裡有很多動人的作品。 Andre，你提到化學品和柴油價格上漲。但你也說你並沒有真正看到其他桶的緩解。所以只是好奇，就像你在大宗商品中看到的那樣，比如紙漿和樹脂，至少與我們在 9 月和 10 月的水平相比，它們的趨勢似乎略有下降。

And then maybe building on that, just on the phasing of gross margin in the second half, building on Steve and Jason's questions earlier. Maybe I'm reading too much into it, but your response seems to imply that 3Q gross margin will be under pressure but an improvement sequentially as pricing build, productivity ramps and cost pressures are in the base. And based on where things stand now, that you could return to gross margin expansion in 4Q. I know a lot can change over the next 6 months, but is that a fair read based on where we are today? Or are there other impacts that I'm not really thinking of that could impact that trajectory?

然後也許在此基礎上，只是在下半年逐步調整毛利率，以史蒂夫和傑森早些時候的問題為基礎。也許我讀得太多了，但您的回應似乎暗示第三季度毛利率將面臨壓力，但隨著定價的建立、生產力的提高和成本壓力的基礎，毛利率將逐步改善。根據目前的情況，您可能會在第四季度恢復毛利率擴張。我知道在接下來的 6 個月裡會發生很多變化，但從我們今天的情況來看，這是一個公平的解讀嗎？或者是否還有其他我沒有真正想到的影響可能會影響該軌跡？

Yes, to begin with commodity guidance, within our guidance, we see a 44% increase across all commodity classes. So if you take our total basket average, it is up 44%. Chemicals, up the highest now, more than 60%; resins, up almost 60%; pulp, up more than 30%, et cetera. So it continues down the line. All of these numbers are in that same range.

是的，從商品指導開始，在我們的指導範圍內，我們看到所有商品類別都有 44% 的增長。因此，如果您採用我們的總籃子平均值，則上漲了 44%。化工類，目前漲幅最高，超過60%；樹脂，上漲近 60%；紙漿，上漲超過 30%，等等。所以它繼續下去。所有這些數字都在同一範圍內。

And we see some reduction in resin prices, for example, or in pulp prices from a temporary peak. But when we look at Q2 pricing relative to a year ago, resin last quarter or quarter -- same quarter last year was $54. It's now $136. When you look about pulp, it's up more than 30%. So there is fluctuation in the short term but the increases year-over-year continue to be very material.

例如，我們看到樹脂價格有所下降，或者紙漿價格從暫時的高位回落。但是，當我們看第二季度相對於一年前的定價時，上一季度或上一季度的樹脂價格——去年同一季度為 54 美元。現在是 136 美元。當您查看紙漿時，它上漲了 30% 以上。因此，短期內存在波動，但同比增長仍然非常重要。

From a gross margin standpoint, I'll leave it at what I've said before, we'll see sequential progress in the gross margin, driven by productivity, pricing and commodity costs coming into the base. I will not go beyond that in terms of giving a forecast. There's just too many moving pieces at this point in time. So I'll leave it at that, but we'll reiterate, we expect sequential progress.

從毛利率的角度來看，我將保持我之前所說的那樣，在生產力、定價和商品成本進入基礎的推動下，我們將看到毛利率的連續增長。在給出預測方面，我不會超越這一點。在這個時間點有太多的移動部件。所以我會保留它，但我們會重申，我們期望連續取得進展。

Next, we'll come to Mark Astrachan with Stifel.

接下來，我們將與 Stifel 一起來到 Mark Astrachan。

I wanted to ask about the state of the consumer through the implied back half guidance. So you're going to get more pricing. Volume comparisons are easy. You raised sales guidance but basically the level that you had achieved in the first half of the fiscal year. So I wanted to ask what are the assumptions or what are your views of volumes and of just the general consumer outlook in your 2 key markets of the U.S. and of China?

我想通過隱含的後半指導詢問消費者的狀態。所以你會得到更多的定價。體積比較很容易。你提高了銷售指導，但基本上是你在本財年上半年達到的水平。所以我想問一下，您對美國和中國這兩個主要市場的銷量以及總體消費者前景有何假設或看法？

And maybe just to unpack it, one of the fears, I think, folks have is you're going to start lapping stimulus in the U.S. Lower income consumer seems a little weaker. Does that factor into your thinking there, especially as pricing goes up? And then in China, there's obviously been lockdowns. There's Olympics. Is that any sort of the consideration as well in terms of your thinking about volume trends there and maybe a switch from traditional retail to offline or to online as well?

也許只是為了解開它，我認為人們的恐懼之一是你將開始在美國實施刺激措施。低收入消費者似乎有點弱。這是否會影響您的想法，尤其是在價格上漲的情況下？然後在中國，顯然有封鎖。有奧運會。就您對那裡的銷量趨勢的思考以及從傳統零售到線下或線上的轉變而言，這是否也是一種考慮？

I'll start by saying the consumer continues to favor our brands, our categories. Again, daily use, essential needs of the consumer and health, hygiene and cleaning, and the efficacy of our products and brands really helps us with the priority that we can provide to trade the consumer up within our portfolio. And as we take pricing, we see a lower reaction from the consumer in terms of price elasticity than what we would have seen in the past.

我首先要說消費者繼續青睞我們的品牌、我們的品類。同樣，日常使用、消費者和健康、衛生和清潔的基本需求，以及我們產品和品牌的功效，確實有助於我們在我們的產品組合中優先考慮消費者的交易。當我們進行定價時，我們發現消費者對價格彈性的反應比我們過去看到的要低。

To give you some concrete data, in the U.S., we see on those brands where we've taken pricing in September and October, which are normally highly price-elastic, we've seen price elasticity in the range of 20% to 30% lower than what we would have expected based on historic data. So we take comfort in the strength of our brands, the broad-based growth of the portfolio globally, the broad-based growth of the portfolio across categories and the short-term reaction of the consumer as we take pricing and our ability to combine that pricing with innovation, which actually then stimulates the consumer to trade up in everything that we've seen.

為了給你一些具體的數據，在美國，我們在那些我們在 9 月和 10 月定價的品牌上看到了通常具有高度價格彈性的品牌，我們看到價格彈性在 20% 到 30% 的範圍內低於我們根據歷史數據的預期。因此，我們對我們的品牌實力、全球產品組合的廣泛增長、跨類別產品組合的廣泛增長以及消費者在我們定價時的短期反應以及我們將其結合起來的能力感到欣慰以創新定價，這實際上會刺激消費者購買我們所看到的一切。

We assume -- I think we hope that as some of these stimulus payments phase out, labor rate participation will increase. And hopefully, one level of income will be replaced by another, to be seen. But everything that we see at the moment, the combination of our categories being essential and relative consumer strength, give us confidence for the volume growth also in the second half.

我們假設 - 我認為我們希望隨著這些刺激支付中的一些逐步取消，勞動力參與率將會增加。希望一種收入水平會被另一種收入水平所取代，這有待觀察。但我們目前看到的一切，我們的類別組合是必不可少的和相對的消費者實力，讓我們對下半年的銷量增長充滿信心。

The only thing I would say on China, the element that will help us here is, hopefully, with COVID easing and the regional lockdowns disappearing, that should be a positive driver of growth in China, but too early to confirm, obviously.

關於中國，我唯一想說的一點是，希望對我們有所幫助的因素是，隨著 COVID 的緩解和區域封鎖的消失，這應該是中國增長的積極推動力，但顯然還為時過早。

And our next question will come from the line of Bill Chappell with Truist.

我們的下一個問題將來自Truist 的Bill Chappell。

Just on the metric of 75% superiority of your portfolio. Obviously, it's helped you immensely over the past few years in terms of kind of gaining market share or what have you. But I think we've been at 75% for about 3, if not, 4 years now. So just is that kind of the ceiling would be one question. Has the pandemic really slowed down your R&D pipeline kind of with trying just to fill the supply chain not wanting to roll out as many new products? Or just any color around that? Is this as good as it gets? Or can we expect that to move up to a higher number over the next few years as you kind of re-ramp up R&D?

僅以您投資組合的 75% 優勢為標準。顯然，在過去幾年中，它在獲得市場份額或您擁有什麼方面為您提供了極大的幫助。但我認為我們已經保持了 75% 大約 3 年，如果不是，4 年了。所以只是那種天花板是一個問題。大流行真的減慢了你的研發渠道嗎？只是為了填補供應鏈不想推出盡可能多的新產品？或者只是周圍的任何顏色？這是最好的嗎？或者，隨著你們重新加大研發力度，我們是否可以期望在未來幾年內這一數字會上升？

Yes, I think the numerical stability of 75% might be misleading here, because it's not static at all. Once we reach, in a category, call it 80%, 90% of superiority, we reset the benchmark to ensure that we look to the next frontier in terms of where the consumer would go, what really is relevant here for the consumer.

是的，我認為 75% 的數值穩定性在這裡可能會產生誤導，因為它根本不是靜態的。一旦我們在一個類別中達到 80%、90% 的優勢，我們就會重新設置基準，以確保我們著眼於消費者將去向的下一個前沿領域，即與消費者真正相關的領域。

So one example on single-unit dose, for example, we've changed the benchmark from competitive single-unit dose offering to actually test whether our [tight ports] are strong enough to incent consumers to trade up from liquid detergent to single-unit dose. That's the new measure. When you change that measure, the percentage decreases, which is implied and is the intent. So the strategy of superiority is really dynamic.

舉一個單劑量的例子，例如，我們已經將基準從具有競爭力的單劑量產品更改為實際測試我們的 [tight ports] 是否足夠強大以激勵消費者從液體洗滌劑換成單劑量劑量。這就是新措施。當您更改該度量時，百分比會降低，這是隱含的並且是意圖。因此，優勢戰略確實是動態的。

And if we were ever to reach 99%, we would have done something wrong because we would have not looked at the external environment and as it evolves. Jon, anything you want to add here?

如果我們曾經達到 99%，我們就會做錯事，因為我們不會關注外部環境及其演變。喬恩，你想在這裡添加什麼嗎？

Just the point of Bill's question on innovation. We've called out many times our supply organization. Our innovation organization deserves tremendous credit. You don't contribute disproportionately to market growth across our breadth of categories and, as a result, grow share past 3, 6 and 12 months in 9 out of 10 categories without an incredible innovation capability and effort.

正是比爾關於創新的問題的重點。我們已經多次召集我們的供應組織。我們的創新組織值得稱讚。您不會對我們廣泛類別的市場增長做出不成比例的貢獻，因此，在沒有令人難以置信的創新能力和努力的情況下，10 個類別中有 9 個在過去 3、6 和 12 個月內增長了份額。

And one of the first things we did as we were meeting every morning, literally daily when COVID started, was to figure out what were the health protocols that would allow us to get our R&D colleagues back in the office working together, collaborating, innovating, creating superior offerings as quickly as possible. And they've -- there are certainly challenges but they have done a tremendous job of keeping this pipeline intact. And I've never felt better about our innovation capability, in our ability, as Andre describes, to keep raising the bar on superiority.

我們每天早上開會時做的第一件事就是弄清楚什麼是健康協議，可以讓我們的研發同事回到辦公室一起工作、合作、創新、盡快創造出優質的產品。他們已經 - 當然存在挑戰，但他們在保持這條管道完好無損方面做了巨大的工作。正如安德烈所描述的那樣，我對我們的創新能力以及我們不斷提高優勢標準的能力感到前所未有的好。

The next question will come from the line of Chris Pitcher with Redburn.

下一個問題將來自 Chris Pitcher 和 Redburn。

Just going back to China. Could you say, in this environment, you're seeing increased local competition rather than just a softer market and especially in reference to, say, skin, hair and fabric? And if so, whether this competition is more promotional led as you may have suggested? Or whether you're seeing an improvement in local product quality and functionality? And in the context of China looking to build its own domestic production capabilities, can you just confirm what percentage of your sales are made in the Mainland?

剛回中國。您能否說，在這種環境下，您會看到本地競爭加劇，而不僅僅是市場疲軟，尤其是在皮膚、頭髮和麵料方面？如果是這樣，這場比賽是否像您所建議的那樣以促銷為主導？或者您是否看到本地產品質量和功能有所改善？在中國尋求建立自己的國內生產能力的背景下，您能否確定您的銷售額中有多少是在大陸製造的？

Almost all of our products that are consumed in China are made in China. Local competition is strong and continues to get stronger, which is a good thing. It's a constructive force in the market. It leads to market growth and expansion. It leads to positive consumer experiences with a category or a segment, and it's something that we welcome.

我們在中國消費的幾乎所有產品都是中國製造的。本地競爭很激烈，而且還在不斷變強，這是一件好事。這是市場的建設性力量。它導致市場增長和擴張。它會為某個類別或細分市場帶來積極的消費者體驗，這是我們歡迎的。

I don't have specific numbers for you in terms of progress of local versus international offerings but that's current status. And I know it's not why you asked your question but there have been understandably a fair number of questions on China.

在本地與國際產品的進展方面，我沒有具體的數字，但這是目前的狀態。我知道這不是你問問題的原因，但可以理解的是，有很多關於中國的問題。

I would just draw your view, as Andre said earlier, importantly, at any point in time, in any quarter, we're going to have challenges. Those challenges so far haven't led to major business loss. They've led to growth slowdown in some cases, which we fully offset in other parts of the world. It's a pretty incredible feat. Sorry for the self-congratulatory tone, but I'm really congratulating the broad organization. To have flat growth in a quarter in your second largest market and deliver over 6% top line growth, it really speaks to the strength of the portfolio, the strength of the strategy, which I'll come back to at the very end of this call.

正如安德烈早些時候所說，我只想畫出你的觀點，重要的是，在任何時間點、任何季度，我們都會面臨挑戰。迄今為止，這些挑戰並未導致重大業務損失。在某些情況下，它們導致增長放緩，而我們在世界其他地區完全抵消了這種影響。這是一個非常不可思議的壯舉。對於自我祝賀的語氣感到抱歉，但我真的祝賀廣大組織。要在您的第二大市場在一個季度內實現平穩增長並實現超過 6% 的收入增長，這確實說明了投資組合的實力，戰略的實力，我將在本文的最後談到這一點稱呼。

And your last question will come from the line of Kaumil Gajrawala with Credit Suisse.

您的最後一個問題將來自瑞士信貸的 Kaumil Gajrawala。

Two questions. One following up on Mark's question about the state of the consumer. Obviously, it's healthy at the moment. Your view is that it continues to stay healthy. But can you talk a little bit about any guardrails you may have in place in case that changes quickly, in case the impact of inflation really starts to turn on impact to the consumer. Obviously, there's stimulus, child tax credits, these sorts of things.

兩個問題。一個跟進馬克關於消費者狀態的問題。顯然，目前它是健康的。您的觀點是它繼續保持健康。但是，如果通貨膨脹的影響真的開始對消費者產生影響，您能否談談您可能擁有的任何防護措施，以防萬一發生迅速變化。顯然，有刺激措施、兒童稅收抵免之類的東西。

And then secondly, can you provide a little more detail on what pricing is going to look like outside of the United States versus domestically, specifically so that as we start to see the data coming through in the coming months, we have a good understanding of what we're seeing here and how it may compare to what's happening elsewhere.

其次，您能否提供更多關於美國以外的定價與國內定價的細節，特別是當我們開始看到未來幾個月的數據時，我們對我們在這裡看到的以及與其他地方發生的情況相比如何。

Yes. I'll start. I'm sure Jon has a few points to add. On the consumer state, I think in terms of guardrails, what I'd tell you, the strongest guardrails and mitigations we have are the strength of the portfolio. We're innovating across price tiers. We are building pricing out in a way that price tiers remain accessible for the consumer, key cash outlays remain accessible. And within the portfolio that we have, depending on the strength of the consumer, they will find an offering that matches their affordability level, their cash outlay level and still give them a superior performance versus the competitive peer set.

是的。我會開始的。我確信 Jon 有幾點要補充。關於消費者狀態，我認為就護欄而言，我要告訴你的是，我們擁有的最強大的護欄和緩解措施是產品組合的優勢。我們正在跨價格層進行創新。我們正在製定定價方式，即消費者仍然可以訪問價格層級，關鍵現金支出仍然可以訪問。在我們擁有的產品組合中，根據消費者的實力，他們將找到與他們的承受能力水平、現金支出水平相匹配的產品，並且仍然能夠為他們提供與競爭同行相比更出色的表現。

Important to note that superiority does not mean that we're trying to trade up the consumer or trying to innovate only at the top end of the portfolio. Superiority is defined as superiority at each price tier we're competing in. So the price ladder remains intact and we innovate across, and that's probably the best protection we can offer at this point in an inflationary environment.

重要的是要注意，優勢並不意味著我們試圖提升消費者或試圖只在投資組合的高端進行創新。優勢被定義為我們競爭的每個價格層的優勢。因此，價格階梯保持不變，我們不斷創新，這可能是我們在通脹環境中目前所能提供的最佳保護。

The pricing we take outside the U.S. is very similar to what you see in the U.S. Broad range across categories and about mid-singles is what I would tell you. In addition to that, we're taking pricing for significant FX devaluation in some markets, mainly Turkey to mention, to recover short-term margin there. But broadly, I would guide you to mid-singles around the world on 60%, 70% of the portfolio, similar to what we have done.

我們在美國以外採取的定價與您在美國看到的非常相似。我要告訴您的是跨類別和中單的廣泛範圍。除此之外，我們正在為某些市場（主要是土耳其）的匯率大幅貶值定價，以恢復那裡的短期利潤。但從廣義上講，我會引導你在全球 60%、70% 的投資組合中找到中單，類似於我們所做的。

So I just have a couple of closing comments. One, on pricing. Remember, pricing is an inherent part of our business model. As an innovation-centered company, we aim to create products that address better every day consumer needs and problems and can typically command some pricing while increasing the overall value proposition to consumers with those more efficacious offerings.

所以我有幾個結束評論。一，關於定價。請記住，定價是我們商業模式的固有部分。作為一家以創新為中心的公司，我們的目標是創造能夠更好地滿足消費者日常需求和問題的產品，並且通常可以控制一些定價，同時通過這些更有效的產品增加對消費者的整體價值主張。

Pricing has been a positive component of our top line for 42 out of the last 45 quarters and 17 out of the last 18 years. So while the level of pricing we're talking about here, to be fair, is typically a different level, this is not a dynamic that we're unfamiliar with. And as Andre said earlier, we certainly have significant historical and recent experience in developing markets. None of that is a guarantee but this is not new territory.

在過去 45 個季度中的 42 個季度和過去 18 年中的 17 個季度中，定價一直是我們收入的一個積極組成部分。因此，雖然我們在這裡談論的定價水平，公平地說，通常是一個不同的水平，但這並不是我們不熟悉的動態。正如安德烈早些時候所說，我們在發展中市場當然擁有重要的歷史和近期經驗。這些都不是保證，但這不是新領域。

Last thing I want to leave you with, there will be bumps in this road. There will be cases where we take pricing, and we either encounter the consumer reaction that some of you are rightly looking to or a competitive reaction. There is no doubt in my mind that there will be bumps in this road. But so far, it's going very well.

最後一件事是我想留給你的，這條路上會有顛簸。在某些情況下，我們會採取定價，我們要么遇到你們中的一些人正確期待的消費者反應，要么是競爭反應。毫無疑問，這條路一定會有坎坷。但到目前為止，進展非常順利。

Related to that, there has never been more volatility that we're having to manage across the geopolitical spectrum, the regulatory spectrum, the health spectrum, the supply spectrum, the labor spectrum. So I guarantee you, as we said in the last quarter discussion, that we will encounter sources of volatility and degrees of volatility that, sitting here today, we can't imagine. That's been true each day, week and month of the last 2 years.

與此相關的是，我們必須在地緣政治範圍、監管範圍、健康範圍、供應範圍和勞動力範圍內管理前所未有的波動。所以我向你保證，正如我們在上個季度的討論中所說，我們將遇到波動的來源和波動程度，今天坐在這裡，我們無法想像。在過去 2 年中，每天、每周和每月都是如此。

And so when you look at any one variable or one scenario, it's difficult to find relevance. My encouragement is to reflect back to strategy, portfolio, ability to execute to identify those companies that will get through this the best, albeit with bumps on the road. And I think we've demonstrated, thus far, incredible strength of portfolio, of strategy, of execution, and we're committed to keep that going.

因此，當您查看任何一個變量或一個場景時，很難找到相關性。我的鼓勵是反思戰略、投資組合和執行能力，以確定那些能夠最好地度過難關的公司，儘管道路上有坎坷。而且我認為，到目前為止，我們已經展示了令人難以置信的投資組合、戰略和執行力，我們致力於保持這種勢頭。

We're here the balance of the day. John is, Andre is and don't hesitate to contact us.

我們在這裡是一天的平衡。約翰是，安德烈是，不要猶豫與我們聯繫。

Thanks, everyone. That concludes the call for today. Thank you for joining us. Have a great day.

感謝大家。今天的呼籲到此結束。感謝您加入我們。祝你有美好的一天。

And ladies and gentlemen, that concludes today's conference. Thank you for your participation. You may now disconnect. Have a great day.

女士們，先生們，今天的會議到此結束。感謝您的參與。您現在可以斷開連接。祝你有美好的一天。