寶潔 (PG) 2021 Q4 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. 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.

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。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 Chairman of the Board, President and Chief Executive Officer, David Taylor.

現在我將把電話轉給寶潔的董事會主席、總裁兼首席執行官戴維·泰勒。

Good morning, everyone, and thank you for joining us. Last evening, we announced that I will retire as CEO on November 1, and Jon Moeller was elected as the incoming CEO. I will remain as Executive Chair of the Board.

大家早上好，感謝您加入我們。昨晚，我們宣布我將於 11 月 1 日卸任 CEO，Jon Moeller 當選為新任 CEO。我將繼續擔任董事會執行主席。

We also announced that Shailesh Jejurikar, has been elected Chief Operating Officer effective October 1, 2021, transitioning behind Jon Moeller. These moves have been thoughtfully planned and provide P&G with highly capable and experienced leadership going forward. I truly have full confidence and strongly support these changes.

我們還宣布，Shailesh Jejurikar 已被選為首席運營官，自 2021 年 10 月 1 日起生效，接替 Jon Moeller。這些舉措是經過深思熟慮的計劃，並為寶潔公司提供了高能力和經驗豐富的領導力。我真的有充分的信心並強烈支持這些變化。

Jon, you know well. He has a distinguished track record throughout his 33-year career with P&G, including more than 12 years as CFO. More recently, Jon added responsibility as Vice Chairman and then Chief Operating Officer with P&L responsibility and ownership for our enterprise markets. In my nearly 6 years as CEO, I've had the benefit of partnering with Jon and an outstanding global leadership team to integrate a comprehensive set of strategies to guide our choices and priorities.

喬恩，你很清楚。他在寶潔 33 年的職業生涯中擁有卓越的業績記錄，其中包括超過 12 年的首席財務官。最近，Jon 增加了作為副主席和首席運營官的職責，負責我們企業市場的損益責任和所有權。在我擔任 CEO 近 6 年的時間裡，我受益於與 Jon 和優秀的全球領導團隊合作，整合了一套全面的戰略來指導我們的選擇和優先事項。

Now to go back, in 2012, Jon led the initial work to make productivity an integral part of P&G's business. Our team doubled down on this strategy when we announced our second 5-year $10 billion cost savings program in 2017. Today, productivity is built into our operating model and is an ongoing part of our strategy in every part of our business.

現在回到過去，2012 年，Jon 領導了最初的工作，使生產力成為寶潔業務不可或缺的一部分。當我們在 2017 年宣布第二個為期 5 年的 100 億美元成本節約計劃時，我們的團隊在這一戰略上加倍努力。今天，生產力已融入我們的運營模式，並且是我們業務各個部分戰略的持續組成部分。

We worked together for several years to focus the company's portfolio on faster growing, more profitable daily use categories where products solve problems and performance drives consumer brand choice. The team largely completed this work with the divestiture of several fashion-driven beauty categories in 2016. This strategy continues to guide our disciplined approach to managing our category and brand portfolio.

我們合作了幾年，將公司的產品組合集中在增長更快、利潤更高的日常使用類別上，在這些類別中，產品解決問題，性能推動消費者品牌選擇。該團隊在 2016 年剝離了幾個以時尚為主導的美容品類，從而在很大程度上完成了這項工作。這一戰略繼續指導我們以嚴謹的方式管理我們的品類和品牌組合。

At the CAGNY conference in 2016, we first discussed the tests we were doing on a new approach to our organization design. We refined and formalized the plans and announced the new focused market and enterprise market design at our November 2018 Analyst Day. Our objective was to create a more engaged, agile and accountable organization, which is exactly what we've done.

在 2016 年的 CAGNY 會議上，我們首先討論了我們正在對組織設計的新方法進行的測試。我們對計劃進行了細化和正式化，並在 2018 年 11 月的分析師日宣布了新的重點市場和企業市場設計。我們的目標是創建一個更具參與度、敏捷性和責任感的組織，這正是我們所做的。

In April 2017, we first discussed our work to set a much higher bar for measuring the success of our innovation and execution across products, packaging, brand communication, retail execution and value. If there were any doubts about the importance of consistently delivering irresistible superiority, our results over the last few years should have put those to bed.

2017 年 4 月，我們首次討論了我們的工作，即設定更高的標準來衡量我們在產品、包裝、品牌傳播、零售執行和價值方面的創新和執行是否成功。如果對持續提供不可抗拒的優勢的重要性有任何疑問，我們過去幾年的結果應該可以解決這些問題。

And finally, in 2018, we first talked about the need to lead constructive disruption in our highly dynamic and competitive industry. We continue to drive disruption in innovation, brand building, digitization, supply chain transformation and with our citizenship and ESG efforts.

最後，在 2018 年，我們首次談到了在我們高度活躍和競爭激烈的行業中引領建設性顛覆的必要性。我們繼續推動創新、品牌建設、數字化、供應鏈轉型以及我們的公民身份和 ESG 努力。

Over several years, through many challenges, our organization responded brilliantly as we integrated each element of the strategy, building momentum that is evident in our results in the past 3 fiscal years. The team fully embraced the idea that we must be willing to change anything and everything needed to win. The only things we will not change are our purpose, values and principles and our commitment to winning.

幾年來，通過許多挑戰，我們的組織做出了出色的反應，因為我們整合了戰略的每個要素，建立了在過去 3 個財政年度的業績中顯而易見的勢頭。團隊完全接受了我們必須願意改變任何事情以及贏得勝利所需的一切的想法。我們唯一不會改變的是我們的宗旨、價值觀和原則以及我們對勝利的承諾。

This has been especially evident during the continuing COVID crisis, where the organization has demonstrated tremendous agility to meet the needs of consumers, while ensuring the safety of our employees and supporting communities around the world to deal with the impacts of this crisis. Through all of it, delivering results that should delight owners and do it in a way that makes us proud to be P&Gers.

這在持續的 COVID 危機期間尤為明顯，該組織在滿足消費者需求方面表現出極大的敏捷性，同時確保我們員工的安全並支持世界各地的社區應對這場危機的影響。通過所有這一切，交付的結果應該讓所有者感到高興，並以讓我們為成為寶潔公司而自豪的方式做到這一點。

Put simply, our strategies are working, our team is outstanding, and I could not be more confident in the next generation of leadership that will take the reins of P&G later this year.

簡而言之，我們的戰略正在奏效，我們的團隊非常出色，我對今年晚些時候將接管寶潔的下一代領導層充滿信心。

Now I'll turn it over to Andre Schulten, Chief Financial Officer, to lead us through the fiscal year 2021 fourth quarter and year-end earnings announcement. Andre?

現在，我將把它交給首席財務官 Andre Schulten，帶領我們完成 2021 財年第四季度和年終收益公告。安德烈?

Thank you, David. Good morning, everyone. Joining David and me on the call today are Jon Moeller, Vice Chairman, Chief Operating Officer; and John Chevalier, Senior Vice President, Investor Relations.

謝謝你，大衛。大家，早安。今天與 David 和我一起參加電話會議的還有副董事長兼首席運營官 Jon Moeller；和投資者關係高級副總裁 John Chevalier。

I'll start with an overview of company results for fiscal '21 and fourth quarter, and David will add perspective on our immediate priorities and strategic focus areas. We'll close with guidance for fiscal '22 and then take your questions.

我將從概述 21 財年和第四季度的公司業績開始，大衛將增加對我們當前優先事項和戰略重點領域的看法。我們將以 '22 財政年度的指導結束，然後回答您的問題。

Fiscal 2021 was another very strong year. Our focus on superiority and strong investment in the business funded with strong productivity improvements and cost savings drove market growth, and in turn, strong sales share, earnings and cash results leading to balanced growth and value creation.

2021 財年又是一個非常強勁的一年。我們專注於優勢和對業務的大力投資，以強勁的生產力提高和成本節約為資金推動了市場增長，反過來，強勁的銷售份額、收益和現金業績帶來了平衡的增長和價值創造。

Organic sales for the fiscal year grew more than 6%, up more than 12% on a 2-year stack. Growth was broad-based across business units with each of our 10 product categories growing or holding organic sales: Home Care, up high teens; Oral Care, up double digits; Skin & Personal Care, up high single digits; Grooming, Fabric Care, Feminine Care, Hair Care and Personal Health Care organic sales, each up mid-single digits; family Care grew low singles; baby Care was in line with prior year.

本財年的有機銷售額增長超過 6%，連續兩年增長超過 12%。各個業務部門的增長基礎廣泛，我們的 10 個產品類別中的每一個都在增長或保持有機銷售：家庭護理，高達青少年；口腔護理，上升兩位數；皮膚和個人護理，高個位數；美容、織物護理、女性護理、頭髮護理和個人保健有機銷售額，均增長中個位數；家庭護理成長低單身；嬰兒護理與上一年持平。

We delivered strong results in our 2 largest and most largest and most profitable markets, annualizing strong base periods. Organic sales were up 8% in the U.S. and 12% in Greater China for the fiscal year. Focus markets grew 7% for the year. Enterprise markets were up 5% despite significant market growth impacts from the pandemic. E-commerce sales were up 35% for the year at over $10 billion in sales, representing 14% of company total. Global aggregate market share increased 50 basis points, 33 of our top 50 category country combinations held or grew share for the fiscal year.

我們在兩個最大、最大和最賺錢的市場上取得了強勁的業績，年化了強勁的基期。本財年美國有機銷售額增長 8%，大中華區增長 12%。焦點市場全年增長 7%。儘管大流行對市場增長產生了重大影響，但企業市場仍增長了 5%。電子商務銷售額全年增長 35%，銷售額超過 100 億美元，占公司總額的 14%。全球總市場份額增加了 50 個基點，我們排名前 50 的類別國家組合中有 33 個在本財年保持或增長了份額。

All outlet value share in the U.S. improved through the year growing from 33% over the past 12 months to 33.5% for the past 6 months to 34% over the past quarter, one of the highest absolute value shares in the last 20 years. Consumers are increasingly choosing P&G brands.

美國的所有奧特萊斯價值份額從過去 12 個月的 33% 增長到過去 6 個月的 33.5%，再到上個季度的 34%，全年都在提高，這是過去 20 年來最高的絕對價值份額之一。消費者越來越多地選擇寶潔品牌。

We translated the strong top line growth into strong earnings and cash results. Core earnings per share grew 11% for the year. Currency-neutral core EPS was also up 11%. Within this, core gross margin expanded 20 basis points, up 60 basis points, excluding currency impacts. Core operating margin grew 80 basis points, up 130 points, excluding currency impacts.

我們將強勁的收入增長轉化為強勁的收益和現金業績。全年每股核心收益增長 11%。貨幣中性核心每股收益也增長了 11%。其中，不計匯率影響，核心毛利率擴大 20 個基點，上升 60 個基點。扣除貨幣影響，核心營業利潤率增長 80 個基點，增長 130 個基點。

Productivity improvements helped operating margin by 250 basis points, enabling strong reinvestment in marketing programs. Advertising was at 10.8% of sales, an increase of more than 40 basis points.

生產力的提高幫助營業利潤率提高了 250 個基點，從而能夠對營銷計劃進行強有力的再投資。廣告佔銷售額的 10.8%，增長了 40 多個基點。

Adjusted free cash flow productivity was 107%. We increased our dividend by 10% and returned $19 billion of value to share owners, $8 billion in dividends and $11 billion in share repurchase.

調整後的自由現金流生產率為 107%。我們將股息提高了 10%，並向股東返還了 190 億美元的價值、80 億美元的股息和 110 億美元的股票回購。

Moving on to the April-June quarter. Organic sales grew 4%. Volume, pricing and mix each contributed more than 1 point to top line growth. Growth rates by market reflected the volatility in shipments in the base period.

進入 4 月至 6 月季度。有機銷售額增長了 4%。銷量、定價和產品組合對營收增長的貢獻均超過 1 個百分點。市場增長率反映了基期出貨量的波動。

Organic sales were down 1% in the U.S., however, this is still 18% growth on a 2-year stack. Recall that in the April-June quarter last year, organic sales were up 19% in the U.S., 13 points above tracked channel sales as we work to restock depleted trade inventories. Organic sales in Greater China were up 5%, also comping a strong base period. On a 2-year stack, Greater China, up 19%.

美國的有機銷售額下降了 1%，但是，在 2 年的堆棧中，這仍然是 18% 的增長。回想一下，去年 4 月至 6 月季度，美國的有機銷售額增長了 19%，比跟踪的渠道銷售額高出 13 個百分點，因為我們正在努力補充耗盡的貿易庫存。大中華區的有機銷售額增長 5%，基期也很強勁。在 2 年的時間裡，大中華區上漲了 19%。

Focus markets were up 2%. Enterprise markets were up 14% in the quarter. Strong market share trends with aggregate global value share up 70 basis points. All outlet share in the U.S. increased 260 basis points for the quarter to 34.1%.

焦點市場上漲 2%。企業市場在本季度上漲了 14%。強勁的市場份額趨勢，全球總價值份額上升 70 個基點。本季度美國所有門店份額增加 260 個基點至 34.1%。

On the bottom line, core earnings per share were $1.13, down 3% versus prior year, down 4% on a currency-neutral basis, mainly due to gross margin pressure from higher input costs as we had anticipated. Core gross margin decreased 260 basis points. Currency-neutral core gross margin also down 260 points. This includes 220 basis points impact from higher commodity and freight costs, nearly $400 million in just this quarter. We also saw a sharp headwind from mix of 210 basis points, mainly geographic mix impacts.

歸根結底，每股核心收益為 1.13 美元，較上年下降 3%，在貨幣中性的基礎上下降 4%，主要是由於我們預期的更高投入成本帶來的毛利率壓力。核心毛利率下降 260 個基點。貨幣中性核心毛利率也下降了 260 點。這包括商品和運費上漲帶來的 220 個基點影響，僅在本季度就接近 4 億美元。我們還看到了 210 個基點組合帶來的巨大阻力，主要是地理組合影響。

Recall that in our fourth quarter last year, the U.S. and China accounted for more than 100% of organic sales growth. In this year's fourth quarter, enterprise markets lead the growth.

回想一下去年第四季度，美國和中國占有機銷售額增長的 100% 以上。今年第四季度，企業市場引領增長。

Core operating margin decreased 230 basis points. Currency-neutral core operating margin declined 210 basis points. Productivity improvements were 320 basis points help to the quarter. Adjusted free cash flow in the quarter was 117%.

核心營業利潤率下降 230 個基點。貨幣中性核心營業利潤率下降 210 個基點。生產率提高了 320 個基點，對本季度有所幫助。本季度調整後的自由現金流為 117%。

In summary, we exceeded each of our going-in targets for the year: Organic sales growth; core EPS growth; free cash flow productivity; and cash returned to shareholders. Our team has operated with excellent discipline in a challenging and volatile environment.

總而言之，我們超額完成了本年度的各項目標：有機銷售增長；核心每股收益增長；自由現金流生產力；和現金返還給股東。我們的團隊在充滿挑戰和動蕩的環境中以出色的紀律運作。

And with that, I'll pass it back to David.

有了這個，我會把它傳回給大衛。

Thanks, Andre. As I said at the outset, our team has done some outstanding work over the last 18 months to manage through the challenges of the COVID crisis and make our business even stronger in the process. In our April earnings call last year, we said we would step forward into the challenge of COVID, not back. We said we would double down to serve consumers, and that's exactly what our team has done.

謝謝，安德烈。正如我一開始所說，我們的團隊在過去 18 個月中做了一些出色的工作，以應對 COVID 危機的挑戰，並使我們的業務在此過程中更加強大。在去年 4 月的財報電話會議上，我們表示我們將挺身迎接新冠病毒的挑戰，而不是後退。我們說我們會加倍努力為消費者服務，而這正是我們團隊所做的。

As we continue to manage the crisis, we'll remain focused on the 3 priorities that have been guiding our near-term actions and choices: 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; and third priority, supporting the communities, relief agencies and people who are on the front lines of this global pandemic.

在我們繼續管理危機的過程中，我們將繼續專注於指導我們近期行動和選擇的 3 個優先事項：首先是確保全球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場全球大流行前線的社區、救濟機構和人民。

The strategic choices I outlined earlier are the foundation for balanced top and bottom line growth and long-term 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.

我之前概述的戰略選擇是平衡頂線和底線增長以及長期價值創造的基礎，這是一系列日常使用產品，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、健康和衛生益處。在這些以績效為導向的類別中，我們提高了優勢的各個方面的標準：產品；包裹;品牌傳播；零售執行和價值。

Superior offerings delivered with superior execution drive market growth. And I'd like to share just a few examples. First, in our Oral Care business, superior offerings are driving market growth across forums. Last summer, we launched Oral-B iO power brush, which offers an irresistible consumer brushing experience. The value of this superior performance is evident to the consumers, even with the premium price. P&G's global value share in the brush segment is up more than 2.5 points over the past year, and the U.S. power brush category is up nearly 14 points since the innovation launched, with iO contributing more than half of the category growth.

卓越的產品和卓越的執行力推動市場增長。我想分享幾個例子。首先，在我們的口腔護理業務中，卓越的產品正在推動整個論壇的市場增長。去年夏天，我們推出了 Oral-B iO 強力刷，為消費者提供了無法抗拒的刷牙體驗。這種卓越性能的價值對消費者來說是顯而易見的，即使價格很高。寶潔在刷子領域的全球價值份額在過去一年中增長了超過 2.5 個百分點，美國電動刷子類別自創新推出以來增長了近 14 個百分點，其中 iO 貢獻了該類別增長的一半以上。

We recently launched the next breakthrough in teeth whitening, Crest Whitening Emulsions, create a micro-thin layer of concentrated peroxide droplets, enabling consumers to move beyond occasion-based whitening to a product that can be used up to 4x per day with no rinsing or brushing needed. This innovation is a leading contributor to our more than 20% organic sales growth of our tooth whitening business in fiscal '21 and is driving 2/3 of the U.S. whitening category growth.

我們最近推出了牙齒美白的下一個突破，Crest Whitening Emulsions，創造了一層微薄的濃縮過氧化物液滴，使消費者能夠超越基於場合的美白，每天使用多達 4 次的產品，無需沖洗或需要刷牙。這項創新是我們在 21 財年牙齒美白業務有機銷售額增長超過 20% 的主要貢獻者，並推動了美國 2/3 的美白類別增長。

In Personal Health Care, NyQuil and DayQuil Honey launched last summer, offering a great tasting formula while also delivering powerful relief. NyQuil Honey is the #1 new item in the U.S. respiratory market, and our Vicks share is up 90 basis points over the past 12 months. Despite the soft market due to the very weak cough/cold season, when consumers are shopping in the category, they're increasingly choosing Vicks.

在個人保健領域，NyQuil 和 DayQuil Honey 於去年夏天推出，提供美味的配方，同時也提供強大的緩解作用。 NyQuil Honey 是美國呼吸市場上排名第一的新產品，我們的 Vicks 份額在過去 12 個月中上漲了 90 個基點。儘管由於咳嗽/寒冷季節非常疲軟導致市場疲軟，但當消費者在該類別中購物時，他們越來越多地選擇 Vicks。

For some consumers, the environmental aspects of our product offering are taking on increased importance in their assessment of superiority. We are offering the superior performing products or products that are more sustainable and educating consumers on the benefits of those products with superior brand communication.

對於一些消費者來說，我們產品的環境方面在他們評估優勢時變得越來越重要。我們提供性能卓越的產品或更具可持續性的產品，並通過卓越的品牌傳播教育消費者了解這些產品的好處。

I'll switch to Fabric Care. Here, Tide and Ariel are innovating to extend their superior cleaning performance advantages while encouraging consumers to reduce their carbon footprint. Ariel's new campaign, every degree makes a difference, advocates lower washing temperatures. Up to 60% of laundry's carbon footprint comes from heating the water in the washing machine. Lowering the wash temperature is the single most important thing we can do to reduce the environmental impact of laundry.

我將切換到織物護理。在這裡，Tide 和 Ariel 正在創新以擴展其卓越的清潔性能優勢，同時鼓勵消費者減少碳足跡。愛麗兒的新運動，每度都會有所作為，主張降低洗滌溫度。高達 60% 的洗衣店碳足跡來自加熱洗衣機中的水。降低洗滌溫度是我們可以做的最重要的事情，以減少洗衣對環境的影響。

To achieve our goals, we continue to innovate to ensure superior fabric cleaning performance in cold water, and we utilize superior communication to educate the consumer on the benefits. This innovation has helped contribute to global Fabric Care's 120 basis points of value share growth over the past 12 months.

為了實現我們的目標，我們不斷創新以確保在冷水中具有出色的織物清潔性能，並且我們利用卓越的溝通來教育消費者了解這些好處。這項創新有助於在過去 12 個月中幫助全球 Fabric Care 價值份額增長 120 個基點。

In our European Shave Care business, we're driving superiority across all 5 vectors and improving sustainability along the way. We're moving to a plastic-free packaging on our razor systems, simplifying our lineup, improving on-shelf fundamentals and improving margin for our retail partners. This innovation contributed to mid-single-digit organic sales growth in our European Grooming business in fiscal '21, with market share up 1 point.

在我們的歐洲剃須護理業務中，我們正在推動所有 5 個載體的優勢，並在此過程中提高可持續性。我們的剃須刀系統正在轉向無塑料包裝，簡化我們的產品陣容，改善貨架基礎並提高零售合作夥伴的利潤。這項創新為我們的歐洲美容業務在 21 財年實現中個位數的有機銷售增長做出了貢獻，市場份額上升了 1 個百分點。

Good business results and good for the environment. This packaging innovation will save the equivalent of 85 million water bottles per year when fully launched around the world.

良好的業務成果和良好的環境。這種包裝創新在全球全面推出後，每年將節省相當於 8500 萬個水瓶。

More important, and one example is the common theme of superior innovation and execution drives market growth. Leading category growth builds business for our retail partners, and mathematically, builds market share for P&G. We've made investments to strengthen the long-term health and competitiveness of our brands, and we'll continue to invest to extend our margin of advantage and quality of execution, improving options for consumers around the world.

更重要的是，一個例子是卓越創新和執行推動市場增長的共同主題。領先的品類增長為我們的零售合作夥伴建立了業務，並在數學上為寶潔建立了市場份額。我們已進行投資以加強我們品牌的長期健康和競爭力，我們將繼續投資以擴大我們的優勢和執行質量，為全球消費者提供更多選擇。

The strategic need for investment to contribute to strengthen the long-term health and competitiveness of our brands, the short-term need to manage through the crisis and the ongoing need to drive balanced top and bottom line growth, including margin expansion, underscore the importance of ongoing productivity. We're driving cost savings and cash productivity in all facets of our business.

為加強我們品牌的長期健康和競爭力而進行投資的戰略需求、應對危機的短期需求以及推動包括利潤率擴張在內的頂線和底線平衡增長的持續需求，強調了重要性持續的生產力。我們正在業務的各個方面推動成本節約和現金生產力。

In cost of goods, we're delivering flexible formulations that can allow us to change between ingredients to lower cost or create supply chain flexibility while ensuring no impact on consumer preference for our brands. We're optimizing plastic bottle designs to reduce the amount of plastics we use while also lowering costs. We're improving the efficiency and effectiveness of our advertising investments, bringing some media planning work in-house to achieve greater cost efficiency while also enabling us to place ads with greater precision based on more granular analytics to reduce waste and increase effectiveness.

在商品成本方面，我們提供靈活的配方，使我們能夠在成分之間進行更改以降低成本或創造供應鏈靈活性，同時確保不會影響消費者對我們品牌的偏好。我們正在優化塑料瓶設計，以減少我們使用的塑料量，同時降低成本。我們正在提高廣告投資的效率和效果，在內部進行一些媒體規劃工作以實現更高的成本效率，同時還使我們能夠根據更精細的分析更精確地投放廣告，以減少浪費並提高效率。

No area of cost is left untouched. We've given more authority and accountability to the business units to decide how to balance the need for more resources in some areas of the business with the opportunities for savings in other areas. They need to make the choices that are best for their business as they work to deliver balanced top and bottom line growth.

沒有一個成本領域不受影響。我們賦予業務部門更多的權力和責任，以決定如何平衡某些業務領域對更多資源的需求與其他領域的節省機會。他們需要做出最適合其業務的選擇，因為他們努力實現平衡的頂線和底線增長。

Our success in our highly competitive industry also 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 for the future. In the current environment, that agility and constructive disruption mindset are even more important.

我們在競爭激烈的行業中取得成功還需要敏捷性以及建設性顛覆的心態，願意改變、適應和創造將塑造我們行業未來的新趨勢和技術。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 meet new demands, seamlessly supporting each other to deliver against our priorities around the world. These strategic choices on portfolio, superiority, productivity and constructive disruption and organizational structure and culture are not independent strategies. They reinforce and build on each other.

我們的組織結構產生了一個更強大、更敏捷、更負責任的組織，幾乎沒有重疊或冗餘，可以滿足新的需求，無縫地相互支持，以實現我們在世界各地的優先事項。這些關於投資組合、優勢、生產力和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。

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 the crisis, and they will serve us well on the other end of this crisis. We're confident they remain the right strategic choices as we move through and beyond the pandemic.

如果執行得當，它們會擴大市場，進而增加份額、銷售額和利潤。這些策略在危機之前就取得了顯著成果，在危機期間為我們提供了良好的服務，並且在這場危機的另一端也將為我們提供良好的服務。我們相信，隨著我們度過疫情並超越疫情，它們仍然是正確的戰略選擇。

We delivered strong results in fiscal '21 in a very challenging environment. While we're pleased with these results and the overall strength of our business, the external environment continues to be volatile and difficult to predict, and our eyes are wide open to the many challenges we face.

在充滿挑戰的環境中，我們在 21 財年取得了強勁的業績。雖然我們對這些結果和我們業務的整體實力感到滿意，但外部環境仍然不穩定且難以預測，我們對我們面臨的許多挑戰睜大眼睛。

We compete in product categories against highly capable multinational and local competitors. Raw material and transport freight costs have risen sharply. Increased social unrest and economic distress in many parts of the world are putting pressure on local GDP growth. And the pandemic continues to create risk for consumers, retail partners and supply chains.

我們在產品類別中與能力強的跨國和本地競爭對手競爭。原材料和運輸運費大幅上漲。世界許多地區日益加劇的社會動盪和經濟困境正在給當地 GDP 增長帶來壓力。大流行繼續給消費者、零售合作夥伴和供應鏈帶來風險。

With these challenges, there are also opportunities as we emerge from the pandemic. The relevance of our categories in consumers' lives likely remains elevated. We will serve what will likely become a forever altered cleaning health and hygiene focus for consumers who use our products daily or multiple times each day. There may be a continued increased focus on home, more time at home, more meals at home with related consumption impacts.

面對這些挑戰，隨著我們擺脫大流行病，也有機會。我們的類別在消費者生活中的相關性可能仍然很高。我們將為每天或每天多次使用我們產品的消費者提供可能永遠改變的清潔健康和衛生重點。可能會繼續增加對家庭的關注，更多的在家時間，更多的在家用餐以及相關的消費影響。

The importance of noticeably superior performance potentially grows. There is potential for increased preference for established reputable brands that solve newly-framed problems better than alternatives, potentially less experimentation, potential for a lasting shift to e-commerce, both e-tailers and omnichannel. Our experience to date makes us believe we are generally well positioned in this environment.

顯著卓越性能的重要性可能會增加。有可能會增加對知名品牌的偏好，這些品牌比替代品更好地解決新提出的問題，可能會減少實驗，有可能持久地轉向電子商務，包括電子零售商和全渠道。迄今為止，我們的經驗使我們相信我們在這種環境中總體上處於有利地位。

We're discovering lower-cost ways of working with fewer resources, today's necessity giving rise to the productivity inventions of tomorrow. New digital tools are being brought to the forefront, providing another productivity driver on the factory floor, in our labs and in our office environment.

我們正在發現使用更少資源的低成本工作方式，今天的必要性催生了明天的生產力發明。新的數字工具被帶到了最前沿，為工廠車間、實驗室和辦公環境提供了另一個生產力驅動因素。

Our business exhibited strong momentum well before the crisis. We strengthened our position further during the crisis, and we believe P&G is well positioned to serve the heightened needs and new behaviors of consumers and our retail and distributor partners post crisis. We have the right strategies, we have the right portfolio, we have the right organization structure. We have a team of 100,000 employees focused on executing to delight consumers, win with customers and deliver balanced growth and value creation.

我們的業務在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滿足消費者以及我們的零售和分銷商合作夥伴在危機後的更高需求和新行為。我們有正確的戰略，我們有正確的投資組合，我們有正確的組織結構。我們擁有一支由 100,000 名員工組成的團隊，專注於執行以取悅消費者、贏得客戶並實現平衡的增長和價值創造。

With that, I'll hand it back to Andre to outline our guidance for fiscal 2022. Andre?

有了這個，我會把它交給安德烈，概述我們對 2022 財年的指導。安德烈？

As David said, we will undoubtedly experience more volatility as we move through the crisis. Quarterly results will be heavily influenced by top line volatility embedded in base period results, along with the realities of current year cost pressures and continued effects of the global pandemic.

正如大衛所說，隨著我們度過危機，我們無疑將經歷更多的波動。季度業績將受到基期業績中嵌入的頂線波動性以及本年度成本壓力的現實和全球大流行的持續影響的嚴重影響。

Input costs have risen sharply. Current spot prices for materials such as resins, chemicals and other ingredients are up anywhere from 30% to 200% versus April 2020. Most of the material cost increases occurred in this calendar year and will disproportionately affect the first half of fiscal 2022.

投入成本急劇上升。與 2020 年 4 月相比，樹脂、化學品和其他成分等材料的當前現貨價格上漲了 30% 至 200%。大部分材料成本上漲發生在本日曆年，並將不成比例地影響 2022 財年上半年。

Based on current spot prices, we estimate a $1.8 billion after-tax commodity cost headwind in fiscal '22. Freight costs have also increased substantially due to several factors affecting the supply of drivers and the demand for drivers and trucks, and diesel fuel prices are up 35% so far in the calendar.

根據當前的現貨價格，我們估計 22 財年的稅後商品成本逆風為 18 億美元。由於影響司機供應以及司機和卡車需求的幾個因素，貨運成本也大幅增加，迄今為止，柴油價格上漲了 35%。

We currently expect freight and transportation costs to be an incremental $100 million after-tax headwind in fiscal '22. We will offset a portion of these higher costs with price increases, but there is a lag between the time when costs begin to rise and when pricing is implemented to provide an offset.

我們目前預計運費和運輸成本在 22 財年將增加 1 億美元的稅後逆風。我們將通過價格上漲來抵消這些較高成本的一部分，但在成本開始上漲和實施定價以提供抵消的時間之間存在滯後。

As discussed last quarter, our Baby Care, Feminine Care and adult incontinence businesses have announced increases in the U.S. that will go into effect in mid-September. Earlier this year, we executed a significant product upgrade on our Japan liquid Ariel detergent, coupled with a 35% price increase.

正如上個季度所討論的，我們的嬰兒護理、女性護理和成人失禁業務已宣佈在美國增加業務，該業務將於 9 月中旬生效。今年早些時候，我們對日本愛麗兒液體洗滌劑進行了重大產品升級，同時價格上漲了 35%。

In U.S. Fabric Care, we recently announced a list price increase on Tide Simply, Cheer and Era liquid detergents effective in September. In U.S. Home Care, we've announced double-digit price increases across all product forms of the Swiffer brand. These increases are effective mid-September.

在美國織物護理領域，我們最近宣布了 Tide Simply、Cheer 和 Era 液體洗滌劑的定價上調，自 9 月起生效。在美國家庭護理領域，我們宣布 Swiffer 品牌所有產品形式的價格都實現了兩位數的增長。這些增加從 9 月中旬開始生效。

We have announced price increases in many Central Eastern European markets to offset a portion of currency impacts. In Latin America, we've taken a cumulative high single-digit price increase across our business over the past 12 months.

我們已宣佈在許多中東歐市場上調價格以抵消部分貨幣影響。在拉丁美洲，過去 12 個月，我們的業務累計實現了個位數的高價格增長。

We are analyzing input costs and foreign exchange rate impacts in other categories and markets, and we are assessing the need for additional pricing moves. When opportunities allow, we will close a couple of price increases with new product innovations, adding value for consumers along the way. We believe this is a temporary bottom line rough patch to grow through, not a reason to reduce investment in the business and not a reason to redesign a strategy that has been working well before and during the COVID crisis.

我們正在分析其他類別和市場的投入成本和外匯匯率影響，並且我們正在評估是否需要採取額外的定價舉措。在機會允許的情況下，我們將通過新產品創新完成幾次提價，並在此過程中為消費者增加價值。我們認為，這是一個暫時的底線艱難成長，不是減少業務投資的理由，也不是重新設計在 COVID 危機之前和期間運作良好的戰略的理由。

Our guidance ranges for fiscal '22 incorporate these dynamics. We expect organic sales growth in the range of 2% to 4%. The high end of this range assumes global markets continue growing at about 3% or so, and P&G continues to grow above market level. The low end of this range assumes deceleration in global markets to 2% or lower with P&G growth at or above underlying markets.

我們對 '22 財年的指導範圍包含了這些動態。我們預計有機銷售額增長在 2% 到 4% 之間。該範圍的高端假設全球市場繼續以約 3% 左右的速度增長，並且寶潔繼續增長高於市場水平。該範圍的低端假設全球市場減速至 2% 或更低，而寶潔的增長達到或高於基礎市場。

This range also reflects the strong organic sales growth, more than 8% that we delivered in the first half of fiscal '21. Given this base period dynamic, we expect organic sales growth to be stronger in the back half of fiscal '22 versus the front half.

這一範圍也反映了強勁的有機銷售增長，我們在 21 財年上半年實現了超過 8% 的增長。鑑於這種基期動態，我們預計 22 財年後半段的有機銷售增長將比前半段更強。

On the bottom line, we expect core earnings per share growth in the range of 3% to 6%. This outlook includes headwinds of approximately $1.9 billion from -- after tax from commodity costs and freight, as I mentioned earlier, with a modest offset of around $100 million after tax from an exchange rate benefits. The combined impact of materials, freight and FX is approximately a $0.70 per share headwind to EPS, or a 12% point headwind to EPS growth in fiscal '22.

歸根結底，我們預計核心每股收益增長在 3% 至 6% 之間。正如我之前提到的，這一前景包括來自商品成本和運費的稅後約 19 億美元的不利因素，以及來自匯率收益的稅後約 1 億美元的適度抵消。材料、運費和外彙的綜合影響約為每股 0.70 美元的每股收益逆風，或 22 財年每股收益增長 12% 的逆風。

Considering the cost challenge is weighted heavily towards the front half of the year, earnings growth is expected to be much stronger in the back half of fiscal '22. We are targeting adjusted free cash flow productivity of 90% starting the year. We expect to pay over $8 billion in dividends, and to repurchase between $7 billion and $9 billion of common stock, combined the plan to return $15 billion to $17 billion of cash to shareowners this fiscal year.

考慮到成本挑戰在今年上半年佔很大比重，預計 22 財年下半年的盈利增長將更加強勁。我們的目標是從今年開始將調整後的自由現金流生產率提高到 90%。我們預計將支付超過 80 億美元的股息，並回購 70 億至 90 億美元的普通股，併計劃在本財年向股東返還 150 億至 170 億美元的現金。

This outlook is based on current market growth rate estimates, commodity prices and foreign exchange rates. Significant currency weakness, commodity cost increases, additional geopolitical disruptions, major production stoppages or store closures are not anticipated within this guidance range.

該展望基於當前市場增長率估計、商品價格和外匯匯率。預計貨幣顯著疲軟、商品成本增加、額外的地緣政治中斷、重大停產或商店關閉不在此指導範圍內。

Now back to David for closing comments.

現在回到大衛結束評論。

Thanks, Andre. Our business exhibited strong momentum well before the COVID crisis. We've strengthened our position further during the crisis, and we believe P&G is well positioned to grow through and beyond the crisis.

謝謝，安德烈。我們的業務在 COVID 危機之前就表現出強勁的勢頭。在危機期間，我們進一步鞏固了我們的地位，我們相信寶潔有能力在危機中並超越危機。

We will manage what is likely to be a volatile near term, consistent with the strategy we've outlined many times and against the immediate priorities of ensuring employee health and safety, maximizing availability of our products to serve cleaning, health and hygiene needs and helping society overcome the COVID challenges that still exist in many parts of the world.

我們將根據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以滿足清潔、健康和衛生需求以及幫助社會克服了在世界許多地方仍然存在的 COVID 挑戰。

We'll continue to step forward toward our opportunities, not back. We remain committed to our strategies and fully invested in our business. We remain committed to driving productivity improvements to fund investment and to maintain balanced top and bottom line growth over the long term. We're doing this in our interest, in society's interest and in the interest of our long-term shareowners.

我們將繼續朝著我們的機會前進，而不是倒退。我們將繼續致力於我們的戰略並全力投資於我們的業務。我們仍然致力於推動生產力的提高，為投資提供資金，並在長期內保持平衡的收入和利潤增長。我們這樣做是為了我們的利益、社會的利益和我們長期股東的利益。

Now we'd be happy to take your questions.

現在我們很樂意回答您的問題。

(Operator Instructions) Your first question comes from the line of Lauren Lieberman with Barclays.

（操作員說明）您的第一個問題來自巴克萊銀行的 Lauren Lieberman。

I wanted to talk a little bit about marketing, both in terms of the efficiencies you've been realizing over the last several years and sort of thought process on the amount of spending necessary kind of going forward. So I think -- and also relevant to the succession plans announced last night.

我想談談營銷，無論是在過去幾年中您實現的效率方面，還是對未來必要支出金額的思考過程。所以我認為 - 也與昨晚宣布的繼任計劃有關。

So you've delivered $2 billion in media spending -- efficiencies over 5 years, right? And then marketing reinvestment this quarter was way stronger than we had expected. I think it was up 170 basis points on top of a 270 basis point investment last year.

所以你已經交付了 20 億美元的媒體支出——5 年的效率，對吧？然後本季度的營銷再投資比我們預期的要強得多。我認為它比去年的 270 個基點投資增加了 170 個基點。

So, one, how much is really left to go for on that efficiency side of the equation? Two, as you think about incremental reinvestment, there's so much funding in the base from the past 2 years. How are you thinking about that for fiscal '22? And then finally, I've been asked a few times over e-mail, just CFO becoming a CEO, should the marketers be worried? I'd love to hear everyone's perspective.

那麼，一個，在等式的效率方面還剩下多少呢？第二，當您考慮增量再投資時，過去兩年的基礎資金如此之多。您如何看待 22 財年的情況？最後，我被問過幾次電子郵件，只是首席財務官成為首席執行官，營銷人員應該擔心嗎？我很想听聽大家的看法。

Okay. Let me start with the last part first and then Andre can hit some of the marketing spending numbers. But first, no, the marketers should not be worried. The marketers should feel wonderful in that we've got a senior leadership that is maintaining a high degree of consistency.

好的。讓我先從最後一部分開始，然後安德烈可以達到一些營銷支出數字。但首先，不，營銷人員不應該擔心。營銷人員應該感覺很棒，因為我們有一個保持高度一致性的高級領導。

And you all know Jon very, very well. He has supported these investments in media to the extent they grow the market and grow market share and are helping drive awareness and trial of superior products and brands, that's a good thing. It's about creating value, not reducing or increasing one element of cost. And Jon has been very engaged with me and the leadership team in these decisions.

你們都非常非常了解喬恩。他支持這些媒體投資，以擴大市場和增加市場份額，並幫助提高對優質產品和品牌的認識和試用，這是一件好事。這是關於創造價值，而不是減少或增加成本的一個要素。在這些決定中，喬恩一直與我和領導團隊密切合作。

The other thing about our organization structure, we leave it to the sector CEOs and the enterprise leader to decide how much to invest in their businesses. This is not a decision we make at the headquarters, it's a decision made by each one of the business leaders. And we hold them accountable to create the top and bottom line growth and cash generation for their business. And I think the results for the last 3 years speak for themselves. And so, they actually should feel very good, as do I, that the leadership of the company and the organization structure is working very well.

關於我們的組織結構的另一件事，我們將其留給行業首席執行官和企業領導者來決定對他們的業務進行多少投資。這不是我們在總部做出的決定，而是每個業務負責人做出的決定。我們要求他們負責為他們的業務創造頂線和底線增長和現金產生。我認為過去 3 年的結果不言自明。因此，他們實際上應該和我一樣感覺很好，公司的領導層和組織結構運作良好。

And I'll leave one comment on the marketing spending efficiency, then Andre can add some additional comments. We have increased meaningfully the investment in marketing, but we have also increased the rate of meaningful innovation that grows the market.

我會就營銷支出效率發表評論，然後安德烈可以添加一些額外的評論。我們有意義地增加了對營銷的投資，但我們也增加了有意義的創新以擴大市場的速度。

So one of the key parts is you have to help consumers understand what the product is, how to use it and then help drive awareness and trial. And these investments have done that. It's evidenced, again, in the top line growth. You'll recall very well, if you go back 4, 5 years ago, our average growth was about 2%. We moved up the past 4 years -- past 5 years, we've averaged 4%. In the last 3 years, 6%. And we've got the strongest share growth we've seen in many years, which tells me the combination of the superiority strategy and the brilliant execution by our people is really working. And we'll continue to invest behind both brands that are winning and invest to make sure we get the trial.

所以關鍵部分之一是你必須幫助消費者了解產品是什麼，如何使用它，然後幫助提高意識和試用。這些投資已經做到了這一點。這再次證明了收入的增長。你會記得很清楚，如果你回到 4、5 年前，我們的平均增長率大約是 2%。我們在過去 4 年中上升了——過去 5 年，我們平均上升了 4%。在過去 3 年中，6%。我們擁有多年來最強勁的份額增長，這告訴我優勢戰略和我們員工出色執行力的結合確實奏效了。我們將繼續投資於這兩個獲勝的品牌，並投資以確保我們獲得試驗。

And Andre, any comments on the specific numbers?

Andre，對具體數字有何評論？

Look, I think we've increased our ad spending year-over-year in fiscal '21 versus '20 by $850 million. And as David said, superior communication is a core element of our superiority framework, and we've not reached the point of diminishing return on those investments. So we'll continue to invest at around that level in percent of sales.

看，我認為我們在 21 財年與 20 財年相比，我們的廣告支出同比增加了 8.5 億美元。正如大衛所說，卓越的溝通是我們優勢框架的核心要素，我們還沒有達到這些投資回報遞減的地步。因此，我們將繼續以銷售額的百分比在這個水平上進行投資。

We also do believe that there is significant productivity improvement still within the media spend when you think about shift into digital media, improved targeting capability, with first-party audiences or third-party audiences and ability to sharpen our focus, even on TV audiences with our own data. So there continues to be a significant leverage in terms of direct media spend efficiencies that we can create to improve quantity of reach and quality of reach.

我們也確實相信，當您考慮轉向數字媒體時，媒體支出仍會顯著提高生產力，提高定位能力，第一方觀眾或第三方觀眾，以及加強我們關注的能力，即使是電視觀眾我們自己的數據。因此，在我們可以創造的直接媒體支出效率方面，我們可以繼續發揮重要的槓桿作用，以提高覆蓋面的數量和覆蓋面的質量。

In the indirect space, we're also striving to continue to improve production costs, agency structures. So you'll see us continue to work in that direction, mostly to reinvest in superiority and superior communication.

在間接領域，我們也在努力繼續改善生產成本和代理結構。所以你會看到我們繼續朝著這個方向努力，主要是為了再投資於優勢和卓越的溝通。

And your next question will come from the line of Steve Powers with Deutsche Bank.

您的下一個問題將來自德意志銀行的史蒂夫鮑爾斯。

And congrats to you both this morning, Jon and David. It feels like the business is being passed off with great momentum. So again, congrats to you both.

今天早上祝賀你們，喬恩和大衛。感覺就像這項業務正在以巨大的勢頭被淘汰。再次恭喜你們倆。

I guess, my question, I think it's probably a question for Andre mostly. Andre, I think you said that China was up 5% in the quarter. I don't know if you provided a U.S. growth rate in the quarter, but if you have one, that would be great.

我想，我的問題，我認為這可能主要是安德烈的問題。安德烈，我想你說中國在本季度增長了 5%。我不知道你是否提供了本季度的美國增長率，但如果你有，那就太好了。

And I'm thinking -- the question really is that -- as you said, both those businesses had very difficult comps in the year-ago quarter. Those difficult comparisons continue in the first half of '22. So I just -- in terms of the makeup of growth first half, second half, geographically, is there anything to call out there? Do you feel like the U.S. can stay positive in the first half? Just anything to call out in terms of the context of growth via geography.

而且我在想 - 問題真的是 - 正如你所說，這兩家公司在去年同期都有非常困難的業績。那些艱難的比較在 22 年上半年仍在繼續。所以我只是——就上半年、下半年、地理上的增長構成而言，有什麼要說的嗎？你覺得美國能在上半年保持樂觀嗎？就地理增長的背景而言，只要有任何需要注意的地方。

Yes. Very good. So U.S. quarter 4 growth was minus 1%. If you look on a 2-year stack basis, that's 18%. Last year's quarter 4 was 19% growth. And the strong growth in last year's quarter was mainly driven at about 13 points, I believe, by restocking retailer inventories after strong consumption. So in comparison, minus 1 on a 19% base.

是的。很好。因此，美國第四季度的增長率為負 1%。如果你以 2 年的籌碼量來看，那是 18%。去年第四季度增長了 19%。我相信，去年第四季度的強勁增長主要是通過在強勁的消費後補充零售商庫存來推動的，大約是 13 個百分點。因此，相比之下，在 19% 的基礎上為負 1。

The U.S. consumption, I think we believe at this point in time, will return to normal levels. Most importantly, we see our shares at record levels in the U.S. Our brands are continuing to strive. We're gaining share across categories. Our retail partnerships are strong, and we have very strong innovation programs hitting in the U.S. So we remain confident. But I think you're rightfully cautious in terms of base period effects, especially in the first half.

我認為我們現在相信美國的消費將恢復到正常水平。最重要的是，我們看到我們在美國的股票處於創紀錄水平。我們的品牌正在繼續努力。我們在各個類別中獲得份額。我們的零售合作夥伴關係很強，我們在美國有非常強大的創新計劃，所以我們仍然充滿信心。但我認為你對基期效應的謹慎是有道理的，尤其是在上半年。

On the China side, we expect the market to continue to grow mid-singles, our [month] tries to grow ahead of that. And I would tell you the same thing I told you for the U.S., we feel good about the strength of our brands. In China, we feel good about our go-to-market capabilities. And we'll continue to invest in innovation and supporting those innovations in the market. Same comments considering base period is going to be prudent for China and the entire focus markets environment.

在中國方面，我們預計市場將繼續增長中單，我們的[月]試圖在此之前增長。我會告訴你我在美國告訴你的同樣的事情，我們對我們品牌的實力感覺很好。在中國，我們對自己的上市能力感到滿意。我們將繼續投資於創新並支持市場上的這些創新。考慮到基期的相同評論對於中國和整個焦點市場環境將是謹慎的。

Your next question comes from the line of Dara Mohsenian with Morgan Stanley.

您的下一個問題來自摩根士丹利的 Dara Mohsenian。

So just taking a step back, now that we've got a full quarter in the books where you've cycled a period where COVID was unfortunately with us and the leadership change going forward, I was just hoping you could review maybe some of the more enduring consumer changes that you see post COVID, again, from a consumer perspective and how you think P&G is positioned relative to those changes. And then regarding the CEO change down the road, any sort of tweaks and strategy here or areas of just increased emphasis, either in that post-COVID environment or with the change in leadership?

所以退後一步，既然我們已經有一個完整的季度在你的書中循環了一段不幸的 COVID 和我們在一起並且領導層更替的時期，我只是希望你可以回顧一下再次，從消費者的角度來看，您在 COVID 之後看到的更持久的消費者變化以及您認為寶潔相對於這些變化的定位。然後關於 CEO 的變化，這裡的任何形式的調整和戰略，或者只是在後 COVID 環境中或隨著領導層的變化而更加強調的領域？

A couple of comments about the consumer changes that we think are enduring and then certainly, Andre or Jon can jump in with some comments as well.

關於我們認為經久不衰的消費者變化的一些評論，當然，安德烈或喬恩也可以加入一些評論。

We do believe that the health, cleaning, the hygiene brands will continue to play an increased role. There were these statistics that I saw a while back, that prepandemic, about 5% of people work from home and then post pandemic, estimated 20%. I don't know what the number will be, but certainly, there's a significant number of people that will be in home more than they were prepandemic. That bodes well for us.

我們相信健康、清潔、衛生品牌將繼續發揮更大的作用。我不久前看到了這些統計數據，在大流行前，大約 5% 的人在家工作，然後在大流行之後，估計為 20%。我不知道這個數字是多少，但可以肯定的是，與疫情前相比，有相當多的人待在家裡。這對我們來說是個好兆頭。

I believe the strength of our brands and actually, the shift towards trusted brands will likely last a good while. We've had meaningful increased household penetration on some of our brands as there was a stock up, and then people got exposed to the superior performance. I think that will have a lingering positive impact.

我相信我們品牌的實力，實際上，向可信賴品牌的轉變可能會持續很長時間。由於庫存增加，我們的一些品牌的家庭滲透率顯著提高，然後人們接觸到了卓越的表現。我認為這將產生揮之不去的積極影響。

So you've got both more people at home, now take the U.S. especially, more occasions at home. You've got a shift towards trusted brands and the role that health, cleaning and hygiene plays will anniversary some tough comps. But the health of the brands and the share momentum, to me, gives me a lot of confidence going forward.

所以你有更多的人在家，現在以美國為例，在家裡有更多的場合。你已經轉向值得信賴的品牌，健康、清潔和衛生所扮演的角色將紀念一些艱難的競爭。但對我來說，品牌的健康狀況和分享勢頭給了我很大的信心。

The U.S. and Europe, I call it our biggest focused markets are having some of the strongest share progress they've had. In every one of those categories, in absolute share is higher than they were prepandemic with the exception of Family Care that had a supply issue for the first part, just couldn't supply because of the increased demand, and they're growing share in the fourth quarter.

美國和歐洲，我稱之為我們最大的重點市場，它們的份額進展最為強勁。在這些類別中的每一個類別中，絕對份額都高於大流行前，但家庭護理除外，第一部分存在供應問題，由於需求增加而無法供應，並且它們的份額正在增長第四季度。

So we've got good momentum. Consumers continue to vote for trusted, superior performing brands and that I think those consumer habit changes will likely last.

所以我們的勢頭很好。消費者繼續投票支持值得信賴的、表現出色的品牌，我認為這些消費者習慣的改變可能會持續下去。

What I'd say, maybe -- I think our portfolio positions us well. There were many categories that did not benefit from COVID tailwinds in our portfolio. When you think about adult incontinence, Deodorants, Shave Care, some of the tooth whitening that we see coming back. Personal Health Care had a very low cough/cold season with everyone wearing masks. And our professional business certainly, that serves hotels and restaurants did not do well. So as mobility increases, those businesses pick up, and we see that as a positive going forward, obviously.

我想說的是，也許——我認為我們的投資組合對我們來說很好。在我們的投資組合中，有許多類別沒有從 COVID 順風中受益。當您想到成人失禁時，除臭劑，剃須護理，我們看到的一些牙齒美白功能又回來了。個人醫療保健的咳嗽/感冒季節非常低，每個人都戴著口罩。當然，我們的專業業務，即為酒店和餐館服務的業務表現不佳。因此，隨著流動性的增加，這些業務會有所回升，我們顯然認為這是一個積極的發展方向。

Geographically, many of the markets we operate in, specifically the enterprise markets never did see a benefit in terms of consumption from COVID as consumers and retailers were impacted by the crisis. So hopefully, as these markets work through the pandemic, that will also provide a tailwind from a geographic standpoint.

從地理上看，我們經營的許多市場，特別是企業市場，由於消費者和零售商都受到了危機的影響，因此從未從 COVID 的消費方面受益。因此，希望隨著這些市場在大流行中發揮作用，從地理角度來看，這也將提供順風。

And relative to the question on strategic changes, as we go forward, we will always be responsive to consumers and customers whose needs will continue to evolve over time. I don't foresee that leading to any major change in the strategies that the team has been executing with excellence. But again, we will continue to be very attentive to and responsive to consumer and customer needs.

關於戰略變化的問題，隨著我們的前進，我們將始終響應消費者和客戶的需求，他們的需求將隨著時間的推移而不斷發展。我預計這不會導致團隊一直在卓越執行的戰略發生任何重大變化。但同樣，我們將繼續非常關注並響應消費者和客戶的需求。

Your next question will come from the line of Wendy Nicholson with Citi.

您的下一個問題將來自花旗銀行的溫迪·尼科爾森 (Wendy Nicholson)。

My first question, actually, David, sort of before you go, one of the categories that seems to sort of be -- I don't want to say persistently weak, but kind of lagging in terms of sustained global market share improvements is Baby Care. And I know the last 12 months have been really funny, you've actually had some market share recovery because they were depressed last year given supply issues.

我的第一個問題，實際上，大衛，在你走之前，其中一個類別似乎有點——我不想說持續疲軟，但在全球市場份額持續改善方面有點滯後的是寶貝關心。而且我知道過去 12 個月真的很有趣，你實際上已經有了一些市場份額的恢復，因為去年他們因供應問題而陷入低迷。

But still just sort of in totality, Baby Care just looks to be such a competitive marketplace. I think Kimberly sounded more aggressive and more optimistic about their market share positions. You've obviously got lots of fragmentation in the category with more organic, all-natural players sort of trying to gain traction.

但總的來說，嬰兒護理似乎是一個競爭激烈的市場。我認為金佰利聽起來更有侵略性，對他們的市場份額地位更樂觀。你顯然在這個類別中有很多碎片化，更多的有機、全天然的球員試圖獲得牽引力。

So can you kind of give us a state of the union on Baby Care, in particular, where you think Procter is? Why you think it's been sort of a stubborn business for you in terms of being able to really make progress, especially in China? That would be great.

那麼你能不能給我們一個關於嬰兒護理的聯盟狀態，特別是你認為寶潔公司在哪裡？為什麼你認為這對你來說是一項頑固的事業，才能真正取得進步，尤其是在中國？那太好了。

Sure, happy to. First, it has been a challenging category for several years. And as we -- we were very open, several years ago. It would take time because of the technical changes we needed to make to deliver product superiority. And we continue to make those changes, but I'm actually very encouraged by the progress they've made.

當然，很高興。首先，多年來它一直是一個具有挑戰性的類別。幾年前，我們非常開放。由於我們需要進行技術更改以提供產品優勢，這需要時間。我們繼續做出這些改變，但實際上我對他們取得的進展感到非常鼓舞。

Our focus markets grew top line and profits last year. All-in profits increased, global Baby Care made progress. Our North America business, especially was plus 3%, the highest it's been in 6 years. We're leading the category growth. We actually have strong share growth now in North America, most recent period, it's up 1 point or more.

去年，我們的重點市場收入和利潤均有所增長。綜合利潤增加，全球嬰兒護理取得進展。我們的北美業務，尤其是增長了 3%，是 6 年來的最高水平。我們正在引領品類增長。實際上，我們現在在北美有強勁的份額增長，最近一段時間，它上漲了 1 個百分點或更多。

Our superiority metric, which is really important, back several years ago, it was 25%, which is unacceptable. It's up to 60% rising, and we'll continue to be investing to, again, delight consumers. But with North America doing better, Europe returned to growth for the first time in 6 years, you're right, it's been challenging, both the birth rate, but return to growth, expanded the margins.

我們的優勢指標非常重要，幾年前是 25%，這是不可接受的。它上升了 60%，我們將繼續投資，再次取悅消費者。但隨著北美表現更好，歐洲 6 年來首次恢復增長，你是對的，這一直充滿挑戰，無論是出生率，還是恢復增長，都擴大了利潤。

We addressed some of the challenges we had in our enterprise markets. Jon and his team did a great job there, working to make sure we had structurally profitable businesses and adjusting the business model and supply systems where need be. So you look across those.

我們解決了我們在企業市場中遇到的一些挑戰。 Jon 和他的團隊在那裡做得很好，努力確保我們擁有結構性盈利的業務，並在需要時調整業務模式和供應系統。所以你看看那些。

And then this shift towards fast growth segments. Our wipes business was up 10%. Our Pants business was up 12%. We doubled our bedwetter segment growth to 12% behind the successful Ninjamas launch. So there's a number of things going well.

然後轉向快速增長的細分市場。我們的濕巾業務增長了 10%。我們的褲子業務增長了 12%。在成功推出 Ninjamas 之後，我們的尿床細分市場增長翻了一番，達到 12%。所以有很多事情進展順利。

We still have much work to do, and we understand that. Baby Care does take time, but this was the best year we've had in 6 years, and the trends are positive. We're now playing in fast-growing segments, and the product superiority is getting better each year. So I become more optimistic on Baby Care each year. I think the leader and their team are doing a really nice job recognizing that this is a mid- to long-term game, and they're continuing to make the right investments.

我們還有很多工作要做，我們理解這一點。嬰兒護理確實需要時間，但這是我們 6 年來最好的一年，而且趨勢是積極的。我們現在正在快速增長的細分市場中發揮作用，並且產品優勢逐年提高。所以我每年對嬰兒護理變得更加樂觀。我認為領導者和他們的團隊做得非常好，認識到這是一場中長期的比賽，他們正在繼續做出正確的投資。

Next question will come from Javier Escalante with Evercore ISI.

下一個問題將來自 Evercore ISI 的 Javier Escalante。

Congratulations to David and Jon, from Robert and I. Well deserved. My question has to do with your plan to offset the increases in raw material, the $1.9 billion hit. And if you could split the pricing versus savings, how much you're going to need in terms of not taking pricing? How much is pricing?

恭喜羅伯特和我的大衛和喬恩。當之無愧。我的問題與你抵消原材料增加的計劃有關，即 19 億美元的衝擊。如果你可以將定價與節省分開，那麼在不定價方面你需要多少？定價是多少？

And if you could help us understand what is happening geographically. We have a good feel of the U.S., we do not about Western Europe in particular. And both -- 2 of their competitors, Colgate and Unilever, reported negative pricing in Western Europe, which is surprising. And I think that they were even talking about the inflation. So if you can talk about pricing, in general, and what's leading this deflation. Is it consumer? Is it retailer? Is it competitive dynamics?

如果你能幫助我們了解地理上正在發生的事情。我們對美國有很好的感覺，尤其是對西歐沒有感覺。他們的兩個競爭對手高露潔和聯合利華都報告了在西歐的負定價，這令人驚訝。我認為他們甚至在談論通貨膨脹。因此，如果您可以談論總體上的定價以及導致通貨緊縮的原因。是消費者嗎？是零售商嗎？是競爭動態嗎？

I'll give one quick comment and turn it to Andre. Javier, we have many tools to deal with the commodity cost increase. And one thing that is very clear is that hits everybody. That hits local brands, international brands, equally in many ways, more severely if you don't have scaled supply systems and the buying power that a company like P&G does where we work collaboratively with our suppliers.

我將快速發表評論並將其轉給安德烈。哈維爾，我們有很多工具來應對商品成本的增加。一件非常清楚的事情是影響到每個人。如果您沒有像寶潔這樣的公司在我們與供應商合作的情況下所具備的規模化供應系統和購買力，那麼這對本地品牌和國際品牌的影響在很多方面都會更加嚴重。

So we've got the tools that include innovation, which I think is as strong as I've seen it in years. We have certainly pricing, but we have a very active productivity program. So we've got the tools.

因此，我們擁有包括創新在內的工具，我認為這些工具與我多年來所見的一樣強大。我們當然有定價，但我們有一個非常積極的生產力計劃。所以我們有了工具。

If you get into specifics for Europe and others, I'm going to turn it to Andre to get into, but again, I think we're well positioned to deal with it. And we have our eyes wide open that it's going to be meaningful, and especially in some of the categories that have some of the increased amounts of raw materials that have been hit the most.

如果您了解歐洲和其他國家的具體情況，我將把它交給安德烈進入，但同樣，我認為我們已經準備好應對它。而且我們睜大了眼睛，這將是有意義的，尤其是在某些原材料數量增加的類別中，這些類別受到的打擊最大。

Andre, you want to give any specific comments about Europe?

安德烈，您想對歐洲發表任何具體評論嗎？

What I would say is similar to what David mentioned, I think productivity is going to be a core driver of the offsets that we will continue to focus on. The commodity pressures that we're seeing, as you have heard, are broad-based in the industry, and therefore, the same pressures exist in the market around the world.

我想說的與大衛提到的類似，我認為生產力將成為我們將繼續關注的抵消的核心驅動力。正如您所聽到的，我們所看到的商品壓力在行業中具有廣泛的基礎，因此，同樣的壓力存在於世界各地的市場中。

In terms of pricing, we've mentioned that we've taken and announced pricing in Central and Eastern European markets. We've announced pricing in the U.S., which you referenced that we also have taken pricing cumulatively high single digits in Latin America over the past 12 months.

在定價方面，我們已經提到我們已經採取並宣布了中歐和東歐市場的定價。我們已經宣布了在美國的定價，您提到在過去 12 個月中，我們在拉丁美洲也採取了累積高個位數的定價。

We will continue to evaluate pricing opportunities around the world, and we are encouraged, I think, by our ability to execute pricing in the markets where we have announced. But I cannot comment on any additional pricing that we might or might not take. Again, that is within the discretion of the sector leaders and will come out as we see fit.

我們將繼續評估世界各地的定價機會，我認為，我們在已宣布的市場執行定價的能力令我們感到鼓舞。但我無法評論我們可能會或可能不會採取的任何額外定價。同樣，這在行業領導者的自由裁量權範圍內，並將在我們認為合適的時候出現。

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

下一個問題將來自傑富瑞的 Kevin Grundy。

Great. Congratulations to David and Jon. Broader portfolio question, just to kind of pull back a little bit. So really beyond fiscal '22, and it relates specifically around strategic priorities and where you see the greatest opportunities to accelerate profitable growth.

偉大的。祝賀大衛和喬恩。更廣泛的投資組合問題，只是有點退縮。所以真的在 22 財年之後，它特別涉及戰略優先事項以及您看到加速盈利增長的最大機會的地方。

So Jon, I understand your comments that the strategy is indeed working. It's just going to be sort of a continuation of execution against that. And David, you talked about what the company has done with respect to productivity, structure, culture, innovation and I think there's this sort of general recognition among the investment community. You look at the market share momentum and the results, it is a strategy that's clearly working.

所以喬恩，我理解你的評論，該策略確實有效。這只是一種繼續執行的措施。大衛，你談到了公司在生產力、結構、文化、創新方面所做的事情，我認為投資界對此普遍認可。你看看市場份額的勢頭和結果，這是一個明顯有效的策略。

But that being said, as you look across your geographies, your categories and your cost structure, I would like to get your perspective on the areas where you see the greatest opportunity to accelerate growth and maximize profitability. And Jon, how do you intend to prioritize those?

但話雖如此，當您查看您的地域、類別和成本結構時，我想了解您對加速增長和最大化盈利能力的最大機會的領域的看法。喬恩，你打算如何優先考慮這些？

Yes. I'll give a comment and then I'll turn it to Jon. First, there are many opportunities, but it starts right here in the U.S. It's our largest market. We have -- we declared several years ago, the U.S. is a growth market. We don't have any markets that aren't growth markets. It's our job to create the innovation that drives the growth. And I think it's best illustrated by the U.S. We are averaging 1% to 2%, and we've moved to mid-singles. And certainly the last 2 years, we've been in high singles. And it has driven by the innovation and the communication, just the superiority strategy of being brought to health and executed in a very good way.

是的。我將發表評論，然後將其轉給 Jon。首先，有很多機會，但它始於美國。這是我們最大的市場。我們已經 - 我們幾年前宣布，美國是一個增長市場。我們沒有任何不是增長市場的市場。創造推動增長的創新是我們的工作。我認為最好的例子是美國。我們平均在 1% 到 2% 之間，而且我們已經轉向中單。當然，在過去的兩年裡，我們一直在高單打。並且它以創新和溝通為動力，正是以一種非常好的方式被帶到健康和執行的優勢戰略。

We have had some bolt-on acquisitions that you're well aware of. There have been some categories that we've been open about. We added the Merck international business to our Health Care, and that's done very well, and you've seen the growth recently in our Health Care business. That remains an interesting segment.

我們已經進行了一些你很清楚的附加收購。我們已經開放了一些類別。我們將默克國際業務添加到我們的醫療保健業務中，並且做得非常好，您最近看到了我們醫療保健業務的增長。這仍然是一個有趣的部分。

You've seen some bolt-on acquisitions in the Beauty Care business. Again, that remains an interesting business as well. And each of the sector leaders has the opportunity to evaluate whether they see bolt-on acquisitions or acquisitions that would be helpful.

您已經在美容護理業務中看到了一些補強收購。同樣，這仍然是一項有趣的業務。每個行業領導者都有機會評估他們是否看到補強收購或有用的收購。

The core though is most important, driving the core in the focus markets and then continuing to have smart growth and value creations in the enterprise markets is working. And I believe that's the right strategy.

核心雖然是最重要的，但在重點市場推動核心，然後在企業市場繼續實現智能增長和價值創造正在發揮作用。我相信這是正確的策略。

I'll turn it to Jon to offer any comments about how he's thinking about the future. But we've worked together on these and been very aligned that it starts with delivering the core and seeing market growth is a key responsibility of each category.

我會把它交給喬恩，就他對未來的看法發表任何評論。但我們已經在這些方面進行了合作，並且非常一致地認為，從交付核心開始，看到市場增長是每個類別的關鍵責任。

Kevin, I really like -- and you've heard me talk about this before, each of the categories that we've decided to play in as we've focused and strengthened our portfolio. And I firmly believe that they all have opportunity to grow and to create value. And you're seeing that in the results that Andre described, for example, there's very broad progress that's occurring across those businesses.

凱文，我真的很喜歡——你以前聽過我談論這個，我們決定參與的每個類別，因為我們已經專注並加強了我們的產品組合。我堅信他們都有成長和創造價值的機會。例如，您在安德烈描述的結果中看到，這些業務正在取得非常廣泛的進展。

Similarly, from a geographic standpoint, are -- what people would view as mature markets have significant growth potential that exists within them. You've seen the results in the U.S. If you look at category development outside of the U.S., on average, is 20% of U.S. levels. So there's significant opportunity across geographies to continue to develop these categories, to grow markets and increase consumption.

同樣，從地理角度來看，人們認為成熟的市場具有顯著的增長潛力。你已經在美國看到了結果。如果你看看美國以外的品類發展，平均來說，是美國水平的 20%。因此，各個地區都有很大的機會繼續發展這些類別，發展市場和增加消費。

And historically, while we probably felt that way for the focus markets, we were a little bit concerned about what kind of future the enterprise markets held for us. But the team there has made significant progress in the last couple of years, in dramatically increasing the structural profitability of those businesses. So they are investment grade, and we can take advantage of the population and income growth that will occur in those markets and do so in a very profitable value-accretive way.

從歷史上看，雖然我們可能對焦點市場有這種感覺，但我們有點擔心企業市場為我們帶來什麼樣的未來。但在過去的幾年裡，那裡的團隊在顯著提高這些業務的結構性盈利能力方面取得了重大進展。所以它們是投資級別的，我們可以利用這些市場中將出現的人口和收入增長，並以一種非常有利可圖的增值方式來實現這一點。

We exited last year with one country and the well over 100 countries in the enterprise markets losing any money. So the majority are contributing positively to the company's top line and bottom line.

去年我們退出時，一個國家和超過 100 個國家在企業市場上虧損了。因此，大多數人都對公司的收入和利潤做出了積極貢獻。

So I don't want to, in any way, backhand the question, but I really do believe that we have opportunities for growth and value creation in each of our categories and broadly across the global geography. And then it becomes executing the strategy that we've all talked about a number of times, and that, as Andre mentioned, we will continue to double down on, stepping forward, not back.

所以我不想以任何方式反擊這個問題，但我確實相信我們在每個類別以及在全球範圍內都有機會實現增長和價值創造。然後它變成執行我們都多次討論過的戰略，正如安德烈所說，我們將繼續加倍努力，向前邁進，而不是後退。

And your next question will be from the line of Mark Astrachan with Stifel.

您的下一個問題將來自 Mark Astrachan 和 Stifel。

I wanted to ask about thoughts on sustainability of EBIT margin expansion that we've seen in recent years. I get the comments about the roughly 3 points or so, if my math is right, of input commodity cost headwinds for '22. So I guess broader picture, '21 sounds like you're saying that's a base. You think it can obviously expand over time in a normalized world. I guess maybe you could just talk a bit about how holistically you're thinking about that.

我想問一下我們近年來看到的關於 EBIT 利潤率擴張可持續性的想法。如果我的數學是正確的，我得到關於 22 年輸入商品成本逆風的大約 3 點左右的評論。所以我想更廣泛的情況，'21 聽起來你說這是一個基礎。你認為它顯然可以在一個正常化的世界中隨著時間的推移而擴展。我想也許你可以談談你是如何從整體上考慮這個問題的。

And then maybe drilling in a little bit as well. Looking at segments, most of the -- where the strongest rate of expansion has come from, household products, whether it's a household care or a fabric or baby, et cetera. So how sustainable is that? What can you do there to further improve? And just as I said, broadly, kind of how are you thinking about margins?

然後也許也鑽一點點。從細分市場來看，大多數 - 最強勁的擴張速度來自家庭產品，無論是家庭護理、織物還是嬰兒等等。那麼這有多可持續呢？你可以在那裡做些什麼來進一步改進？正如我所說，從廣義上講，您如何看待利潤率？

So I think, as David explained and Jon explained, we're very pleased with the categories we're operating in. I think they all offer continued growth opportunity. If you think about either growing the market via innovation with the examples that David mentioned earlier, if you think about trading consumers up into premium propositions would have superior profitability in terms of penny profit for us. If you -- for example, liquid fabric enhancers, household penetration in the U.S. is only 37% and only 52% of those households use the fabric enhancer with every load.

所以我認為，正如大衛和喬恩解釋的那樣，我們對我們經營的類別非常滿意。我認為它們都提供了持續增長的機會。如果您考慮通過大衛前面提到的示例通過創新來發展市場，如果您考慮將消費者交易到高端產品中，那麼就我們而言，就一分錢利潤而言，它們將具有更高的盈利能力。如果你——例如，液體織物增強劑，美國的家庭普及率只有 37%，而且只有 52% 的家庭在每次負載時都使用織物增強劑。

So there's tons of runway. When you think about beats, those numbers are even lower. Those propositions are accretive to our portfolio, are accretive to our margin, and we'll continue to focus on those and they provide a good source for future growth, both top and bottom line.

所以有很多跑道。當您考慮節拍時，這些數字甚至更低。這些提議增加了我們的投資組合，增加了我們的利潤，我們將繼續關注這些，它們為未來的增長提供了良好的來源，無論是收入還是利潤。

Productivity is another key lever that still has enormous runway across the balance sheet and across the P&L. Our supply chain continues to have significant opportunity in terms of synchronization, but also every innovation that we bring basically creates a new cost S curve that we can then optimize from.

生產力是另一個關鍵槓桿，它在資產負債表和損益表中仍有巨大的發展空間。我們的供應鏈在同步方面繼續擁有重要機會，而且我們帶來的每一項創新基本上都會創建一條新的成本 S 曲線，然後我們可以從中進行優化。

We talked about media and advertising spend as a significant source of future profitability growth and productivity. And I would add go-to-market, specifically in terms of go-to-market logistics, but also go-to-market spend as a source.

我們談到媒體和廣告支出是未來盈利增長和生產力的重要來源。我會添加進入市場，特別是在進入市場物流方面，以及作為來源的進入市場支出。

So we feel confident in our ability to deliver even with cost headwinds, which is reflected in our guidance for next year. And we do believe there's enough levers in the portfolio from trade-up to usage expansion to be able to continue to do so.

因此，即使在成本逆風的情況下，我們也對我們的交付能力充滿信心，這反映在我們明年的指導中。而且我們確實相信，從交易升級到使用擴展的投資組合中有足夠的槓桿能夠繼續這樣做。

There's a -- some of you have heard me talk about this before, but there's a chart that I share with our leadership team whenever we're together, that highlights the importance of growth on both the top line and margin and delivering top third total shareholder return. We need to do both to dependably deliver top third shareholder return over reasonable periods of time. So that will continue to be the focus and the emphasis.

有一個 - 你們中的一些人以前聽我談論過這個，但是每當我們在一起時，我都會與我們的領導團隊分享一張圖表，它強調了收入和利潤增長以及實現前三分之一總數的重要性股東回報。我們需要同時做到這兩點，以在合理的時間內可靠地提供前三名股東的回報。因此，這將繼續成為焦點和重點。

Having said that, margin as a metric has many issues associated with it. The first being, I can't put margin in a bank. I can't return margin to shareowners. What matters most is what Andre referred to, which is penny profit and overall profit and profitability. And we've got to make sure that we keep our eyes firmly on that as we work to grow the top line.

話雖如此，保證金作為一個指標有許多與之相關的問題。首先，我不能把保證金存入銀行。我不能將保證金退還給股東。最重要的是安德烈所說的，即一分錢利潤和整體利潤和盈利能力。我們必須確保在努力增加收入時密切關注這一點。

Next question will come from the line of Andrea Teixeira with JPMorgan.

下一個問題將來自摩根大通的 Andrea Teixeira。

Congrats to all of you, in particular, David, and thanks for your leadership and congrats to Jon and Shailesh.

祝賀你們所有人，尤其是大衛，感謝你們的領導，並祝賀 Jon 和 Shailesh。

I have a question on the Beauty and follow-up -- Beauty and follow-up on Baby Care. What are you expecting for fiscal '22 in terms of recovery in Skin Care in Japan and China for both SK-II and Olay?

我有一個關於美容和跟進的問題——嬰兒護理的美容和跟進。就 SK-II 和玉蘭油在日本和中國的護膚品復甦而言，您對 22 財年有何期待？

And for baby, David, your comments of improvement most recently, are you putting -- and a question now for Jon, more money behind innovation this fall due to -- because Pampers Pure was a good launch, but it seems that core Pampers is still lagging?

對於寶貝，大衛，你最近對改進的評論，你是否提出了 - 現在喬恩的一個問題，今年秋天創新背後的更多資金是因為 - 因為幫寶適 Pure 是一個很好的發布，但似乎核心幫寶適是還落後？

And a clarification on the $1.9 billion headwind for fiscal '22. Are you embedding that commodities and transportation costs will restabilize or decline? Or have you conservatively assumed that these cost pressures will linger at current levels given understandably, a wide EPS range that you gave?

並澄清了 22 財年 19 億美元的逆風。您是否認為商品和運輸成本會恢復穩定或下降？或者您是否保守地假設這些成本壓力將持續存在於當前水平，這是可以理解的，您給出的 EPS 範圍很廣？

Let me start with a couple of those here. There are quite a few questions there. So you have to help me if we don't answer each one.

讓我從這裡的幾個開始。那裡有很多問題。因此，如果我們不回答每個問題，您必須幫助我。

First, you mentioned our Beauty business, specifically SK-II. I'm very pleased, if I just take SK-II as an example, you would have expected it to get hit very, very hard because of travel retail virtually stopping in Asia, and it's certainly a huge channel. But the team pivoted amazingly well and was able to actually grow the business.

首先，您提到了我們的美容業務，特別是 SK-II。我很高興，如果我只是以SK-II為例，你會預料到它會受到非常非常嚴重的打擊，因為旅行零售幾乎在亞洲停止，而且它肯定是一個巨大的渠道。但是該團隊的轉變非常好，並且能夠真正發展業務。

Last year, the business was up double digits, up 13%. So SK-II is actually healthy and continues to grow nicely because the consumption that did not happen in travel retail happened in the home market. And then there was the duty-free area in Hainan province. They did a really nice job making sure that the brand was both available and had the innovation and communication to win.

去年，該業務增長了兩位數，增長了 13%。所以SK-II實際上是健康的，並且繼續保持良好的增長，因為旅遊零售中沒有發生的消費發生在國內市場。然後是海南省的免稅區。他們做得非常好，確保品牌既可用，又具有創新和溝通來取勝。

So SK-II is healthy, and I expect -- I don't know when travel retail will resume. You can take your guess. It looks like it's going to be a while. But the good news is, at the strong growth that we're seeing already, we're not dependent on that. That will be -- it could be a help if and when it opens up anytime soon.

所以SK-II是健康的，我期待——我不知道旅遊零售什麼時候會恢復。你可以猜一猜。看起來這將是一段時間。但好消息是，在我們已經看到的強勁增長中，我們並不依賴於此。那將是 - 如果它很快就會開放，它可能會有所幫助。

More broadly, the Skin and Personal Care business had a strong year last year as did the overall Beauty business. So again, I feel very good about the business. How strong it grows next year will be dependent again on many of the factors that we've already mentioned. While there's meaningful cost headwinds, the innovation that both Hair Care, Skin and Personal Care has launched and will be launching, I feel very good about. So both businesses had strong years on the top and bottom line and I feel good about those.

更廣泛地說，去年皮膚和個人護理業務和整體美容業務一樣強勁。再說一次，我對這項業務感覺很好。明年它的增長有多強勁將再次取決於我們已經提到的許多因素。雖然存在重大的成本阻力，但頭髮護理、皮膚和個人護理已經推出並將推出的創新，我感覺非常好。因此，這兩家公司的營收和利潤都表現強勁，我對此感覺良好。

Baby Care, I made a number of comments earlier, so I'm not sure what else would be helpful. Yes, we are very committed to the category. The innovation coming will continue to come. We are on a multiyear innovation program. Certainly, part of it has hit the market. You see that improvement in percent superiority from 25% to 60%. We'll continue to work to move that up significantly.

嬰兒護理，我之前發表了很多評論，所以我不確定還有什麼有用的。是的，我們非常致力於該類別。即將到來的創新將繼續到來。我們正在進行一項多年創新計劃。當然，其中一部分已經進入市場。您會看到優勢百分比從 25% 提高到 60%。我們將繼續努力顯著提高這一點。

And we also recognize that for many consumers in many markets, the premiumization is critically important in these high-growth areas. And that allows us to offset some of the challenges that you're well aware of on the birth rate and still grow the category and grow share and create value. And Baby Care did create value this year. It's a very strong year, strong improvement.

我們也認識到，對於許多市場的許多消費者而言，高端化在這些高增長領域至關重要。這使我們能夠抵消您所熟知的出生率方面的一些挑戰，並且仍然可以擴大類別、增加份額並創造價值。嬰兒護理今年確實創造了價值。這是非常強勁的一年，強勁的進步。

So all these businesses to me have meaningful upside and especially the Beauty business has very good momentum, and Baby Care is accelerating. So I feel good about those.

所以所有這些業務對我來說都有有意義的上升空間，尤其是美容業務發展勢頭很好，而嬰兒護理業務也在加速發展。所以我對這些感覺很好。

And Andrea, to answer your question on the commodity exposure and trade exposure, we are forecasting a spot. So we assume that spot prices will sustain throughout the year. So we don't expect an easing of these commodity pressures within the guidance that we've given.

安德里亞，為了回答你關於商品敞口和貿易敞口的問題，我們正在預測一個現貨。因此，我們假設現貨價格將全年維持。因此，我們預計這些商品壓力不會在我們給出的指導範圍內緩解。

Next question will be from 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。

Just 2 specific questions, and I'll keep it brief. So just on Grooming, volumes up for the first time in a while on a fiscal year. Pricing as well. Have we turned the corner in the business?

只有 2 個具體問題，我會保持簡短。因此，僅在 Grooming 上，交易量在一個財政年度中首次出現一段時間。定價也是如此。我們的業務是否已經轉好？

I'm also conscious, there could be some cyclical recovery with return to office. Do you have any perspective on just where you think the business sits on this recovery curve and if that's by geography or price tier? Any perspective would be helpful.

我也意識到，重返辦公室可能會出現一些週期性的複蘇。您對您認為該業務在此復蘇曲線上的位置有任何看法嗎？如果是按地理位置還是價格層？任何觀點都會有所幫助。

And then just one quick follow-up on SK-II. I noticed that in the press release, you talked about in -- pricing premiumization, but not volume. Is it safe to assume it's been more driven by price of late and not volumes? So any clarification there would be helpful.

然後只是對 SK-II 的快速跟進。我注意到在新聞稿中，您談到了定價溢價，而不是數量。可以安全地假設它更多地受到價格而非數量的驅動嗎？因此，任何澄清都會有所幫助。

It's actually very balanced, volume and pricing, but let me take one and then we can give the specific numbers.

它實際上非常平衡，數量和價格，但讓我拿一個，然後我們可以給出具體的數字。

First on Grooming. Grooming had a very strong year. They grew mid-single digits on the top and double digit on the bottom. Importantly, they grew share almost every segment across whether it's male shave, female shave, appliance, all of those making very good progress, which contributed to the strong growth. And as you rightfully said, as people return to working outside their home, I think that will benefit the category.

先說美容。梳理有一個非常強勁的一年。他們在頂部增長了中個位數，在底部增長了兩位數。重要的是，無論是男性剃須刀、女性剃須刀還是電器，它們幾乎在每個細分市場都有增長，所有這些都取得了很好的進展，這促成了強勁的增長。正如你所說的那樣，隨著人們回到家外工作，我認為這將使該類別受益。

And what the team has done, which I think is very strong and very important going into the future, we're no longer a wet shave business. We're truly a grooming business with growth in wet shave, dry shave, which we call appliances.

團隊所做的事情，我認為這是非常強大且對未來非常重要的，我們不再是濕刮業務。我們是一家真正的美容企業，濕剃、幹剃（我們稱之為電器）的增長。

We're also growing in many of the new areas like IPL, the intense pulse light area. All of those, to me, give me confidence. And it's in the new segments as well. We have innovation coming, King C. Gillette, which helps people with facial hair. So it's a broader portfolio, innovation across all those different forms and segments and it's leading to mid-single top and double-digit bottom. So that's the strongest year we've had in many, many years in grooming. And the reason it's strong should continue because it's innovation-driven, consumer-driven.

我們還在許多新領域如強脈衝光領域發展壯大。所有這些，對我來說，都給了我信心。它也在新的細分市場中。我們有創新來了，King C. Gillette，它可以幫助留鬍子的人。因此，這是一個更廣泛的投資組合，所有這些不同形式和細分市場的創新，它導致了中個位數的頂部和兩位數的底部。所以這是我們多年來在美容方面表現最強勁的一年。它強大的原因應該繼續，因為它是創新驅動的，消費者驅動的。

And on SK-II, what David said is certainly right. Growth is very strong, 13%, as David mentioned, for the fiscal year, about 35% for quarter 4. The pricing taken was mid-single. So by far, there's a significant volume component to it as the team shifted consumption into Hainan, which is a big part of the offset to travel retail reduction. So again, the growth on SK-II is both volume and price mix driven.

而在SK-II上，大衛所說的當然是對的。正如大衛所提到的，本財年的增長非常強勁，為 13%，第四季度約為 35%。所採用的定價為中單價。到目前為止，隨著團隊將消費轉移到海南，這其中有很大一部分是對旅遊零售減少的抵消。同樣，SK-II 的增長是由數量和價格組合驅動的。

Your next question will be from the line of Peter Grom with UBS.

您的下一個問題將來自瑞銀的 Peter Grom。

And David and Jon, I want to offer my congratulations as well. So I guess, I just wanted to ask about the business momentum and growth from here. And I mean, the quarterly performance and what we can see in the data is very impressive. So congrats on that. And I know the health of the brand is very strong. But when you think about the magnitude of growth versus your peers, I mean do you expect this level of outperformance to continue? You mentioned record share. Like how much more room do you have on the share side? Because a lot of your competitors are really implementing a similar playbook in attempting to innovate with superiority as well. So just like any comments on the relative outperformance from here would be really helpful.

還有大衛和喬恩，我也想表達我的祝賀。所以我想，我只是想從這裡詢問一下業務發展勢頭和增長情況。我的意思是，季度表現和我們在數據中看到的非常令人印象深刻。恭喜你。而且我知道這個品牌的健康狀況非常好。但是，當您考慮與同行相比的增長幅度時，我的意思是您是否預計這種出色的表現水平會持續下去？你提到了記錄共享。比如你在共享方面還有多少空間？因為您的許多競爭對手實際上也在實施類似的策略，以嘗試以優勢進行創新。因此，就像從這裡對相對優異表現的任何評論一樣，這將非常有幫助。

I won't speculate too much in the relative outperformance. What I can say is the strength of just what you said, the brands are strong and the measures we use, which I think are really important, our superiority metrics are relative to the best competitor in each brand, in each country. So it pushes us to maintain and try to extend the advantage we have.

我不會過多地推測相對優異的表現。我能說的就是你所說的力量，品牌很強大，我們使用的措施，我認為這非常重要，我們的優勢指標是相對於每個品牌、每個國家的最佳競爭對手而言的。因此，它促使我們保持並嘗試擴大我們擁有的優勢。

Now we have full respect for our competitors. And you're right, we have very strong growth in both North America, Europe and Latin America. And in those markets, we'll see what happens next year. But if this share growth has been now sustained in North America for 3 years and in Europe for 3 years, so the focus markets are performing very well.

現在我們充分尊重我們的競爭對手。你說得對，我們在北美、歐洲和拉丁美洲都有非常強勁的增長。在這些市場中，我們將看到明年會發生什麼。但如果這種份額增長現在在北美持續了 3 年，在歐洲持續了 3 年，那麼重點市場的表現非常好。

And as Jon mentioned, we have very strong progress in the enterprise markets. We are mid-singles with double-digit growth in a very, very difficult environment. So that gives me confidence we're at least well positioned.

正如喬恩所說，我們在企業市場上取得了非常大的進步。在非常非常困難的環境中，我們處於兩位數增長的中單。所以這讓我相信我們至少處於有利地位。

But the other thing is very real, you have to earn it every day. And so our teams understand that our competitors are refocusing and those that lost share will come back with their innovations and investments. And it's our job to go earn it. But it's very clear that's what they're accountable to deliver. And based on the last 3 years, I've got confidence they'll continue.

但另一件事是很真實的，你必須每天都去掙。因此，我們的團隊明白，我們的競爭對手正在重新調整重點，而那些失去份額的人將帶著他們的創新和投資回來。我們的工作就是去掙錢。但很明顯，這就是他們負責交付的內容。基於過去 3 年，我有信心他們會繼續下去。

And just a reminder -- excuse me, how you gain share, how we gain share is very important in the answer to this question. And David has talked many times in our discussion this morning, as has Andre about our intent to be a disproportionate driver of market growth.

提醒一下——對不起，你如何獲得份額，我們如何獲得份額在回答這個問題時非常重要。大衛在我們今天早上的討論中多次談到，安德烈也談到了我們打算成為市場增長的不成比例的驅動力。

The math that falls out of that creates share growth. But the notion that we're taking business from competitors, and it's only a matter of time, and -- that's not how we look at things. Our job is to be constantly expanding this pie, constantly expanding the number of households that we serve. And if we do that well, there's no reason that growth shouldn't be sustainable.

從中得出的數學公式會創造份額增長。但是，我們從競爭對手那裡獲取業務的想法，這只是時間問題，而且 - 這不是我們看待事物的方式。我們的工作是不斷擴大這個蛋糕，不斷擴大我們服務的家庭數量。如果我們做得好，增長就沒有理由不可持續。

We'll next go to Bill Chappell with Truist Securities.

接下來，我們將與 Truist Securities 一起前往 Bill Chappell。

I'm not one who typically says congratulations on these type of calls, but I just wanted to take a step, David, the retirement couldn't be more deserved. Looking back 6 years ago in terms of where the company was, and especially where investor sentiment was, it's remarkable where we are today. And Jon, knowing you for a decade plus and how integral you've been in kind of the turnaround, I mean you are -- I think most people would agree on the call, Mr. P&G. So, so well deserved and I applaud the Board and everyone for making these changes because I think it's just well done.

我不是一個通常對這類電話表示祝賀的人，但我只是想邁出一步，大衛，退休再合適不過了。回顧 6 年前公司所處的位置，尤其是投資者情緒的位置，我們今天所處的位置非常了不起。喬恩，認識你十多年了，你在這種轉變中是多麼不可或缺，我的意思是你是——我想大多數人都會同意這個電話，寶潔先生。所以，當之無愧，我讚揚董事會和每個人做出這些改變，因為我認為它做得很好。

So with that, moving on to the actual question. Kind of on trade promotion as we look back, with the pandemic, trade promotion dropped off. It's not coming back kind of to full extent as you would expect as you're taking pricing and what have you. And I just kind of want to understand if you think this is kind of a permanent change, if we've kind of made a shift back to where marketing and innovation really take the lead in terms of investment dollars and trade promotion never really kind of goes back to where it was pre-pandemic levels, or if you do see it starting to creep back into pre-pandemic levels. Any thoughts there would be appreciated.

因此，繼續討論實際問題。回顧過去，有點像貿易促進，隨著大流行，貿易促進下降了。它並沒有像您期望的那樣完全恢復，因為您正在接受定價和您擁有的東西。我只是想了解你是否認為這是一種永久性的改變，如果我們已經轉向營銷和創新在投資方面真正處於領先地位，而貿易促進從來沒有真正的那種回到大流行前的水平，或者如果你確實看到它開始慢慢回到大流行前的水平。任何想法將不勝感激。

I'll just offer a couple of thoughts. First, thank you for the kind words. The organization deserves a ton of credit and the total leadership team, but I appreciate your comments on me and very much agree with your comments on Jon.

我只是提供一些想法。首先，感謝您的客氣話。該組織值得稱讚和整個領導團隊，但我感謝您對我的評論，並且非常同意您對 Jon 的評論。

In terms of trade promotion, certainly, it's in our best interest to bring to our retail partners, programs that build their business and build their margin. I do believe, as you said that, that can best be done by innovation and market-growing plans. And there's roles they play with us in making sort of things like the shelf. The virtual or physical shelf is arranged in a way that creates market growth and helps consumers find the brands that they're most apt to use. We worked with retail partners around the world. And the ones we've partnered with best success is they grow, the market grows, the margin grows and that we help them do it, we get rewarded.

在貿易促進方面，當然，為我們的零售合作夥伴帶來建立業務和提高利潤的計劃符合我們的最大利益。正如您所說，我確實相信，最好通過創新和市場增長計劃來做到這一點。在製作架子之類的東西時，他們與我們一起扮演了角色。虛擬或實體貨架的排列方式可以創造市場增長並幫助消費者找到他們最喜歡使用的品牌。我們與世界各地的零售合作夥伴合作。我們合作過的最成功的人是他們成長，市場成長，利潤增長，我們幫助他們做到這一點，我們得到了回報。

So we will continue with that certainly objective. And certainly, our eyes are wide open. I expect from a very low base, we will see an increase in trade spending. Do I believe it will go all the way back to what it was before? I think many retailers are very interested in finding smart ways and they have the same pressures that we do with the commodity cost. They need as well as we to find ways to create value. So I'm hopeful that we'll see some thoughtful change in promotion strategy that is more value creating for the market.

因此，我們將繼續實現這一目標。當然，我們的眼睛是睜得大大的。我預計，從非常低的基數來看，我們將看到貿易支出增加。我相信它會一直回到以前的樣子嗎？我認為許多零售商都對尋找聰明的方法非常感興趣，他們面臨的壓力與我們在商品成本方面的壓力相同。他們和我們一樣需要找到創造價值的方法。因此，我希望我們會看到促銷策略發生一些深思熟慮的變化，從而為市場創造更多價值。

Yes. And then to add a few numbers to David's statements, quarter 4, in the U.S., we saw trade promotions volume sold on deal back to 27%, which was in line with quarter 3 but it's still below pre-pandemic levels, which was around 33%. So we're certainly getting back to a more normalized level in quarter 4.

是的。然後在大衛的聲明中添加一些數字，第四季度在美國，我們看到交易促銷量回落到 27%，這與第三季度一致，但仍低於大流行前的水平，大約33%。因此，我們肯定會在第 4 季度恢復到更加正常化的水平。

And your final question will come from the line of Jonathan Feeney with Consumer Edge.

您的最後一個問題將來自消費者邊緣的 Jonathan Feeney。

And let me add my congratulations, David, Jon. No one better. The -- a quick one and then a little bit more involved one, please. The quick one, does the point guidance you gave us on cost headwinds and ForEx benefits, does that include hedging, current or anticipated?

讓我祝賀你，大衛，喬恩。沒有人比這更好。 —— 請先來一個快速的，然後再稍微複雜一點。快速的一個，你給我們的關於成本逆風和外匯收益的點指導，是否包括對沖，當前的或預期的？

And then second, maybe a little more involved one is we've had a lot of discussions with consumer staples leaders in the past really 2 weeks about the state of retailer inventory. And that's largely a U.S. question, but it seems all over the board. A lot of retailers are seeing better foot traffic, certain retailers, certain channels have had unprecedented volume that's stuck around, and there's a little bit of a mentality of maybe taking on more inventory and shipping maybe not matching up with measured takeaway, not only in the U.S. but other places. And I think you touched both ways.

其次，可能涉及更多一點的是，在過去的兩周里，我們與消費品行業的領導者就零售商庫存狀況進行了很多討論。這在很大程度上是美國的問題，但似乎是全面的。許多零售商看到了更好的客流量，某些零售商、某些渠道的銷量空前，而且有一種心態可能會增加庫存，運輸可能與衡量的外賣不匹配，不僅在美國，但其他地方。我認為你觸及了這兩種方式。

So I know there's a lot to that question, but anything you could say about retailer inventories, where you think that is. And say, your big markets, your focus markets, where you stand and how that plays into your guidance for '22, your thoughts about that, how that plays in. I'd appreciate it.

所以我知道這個問題有很多，但是你可以說關於零售商庫存的任何事情，你認為那是什麼。比如說，你的大市場，你的重點市場，你的立場以及它如何影響你對 22 年的指導，你對此的想法，它是如何發揮作用的。我會很感激的。

I'll let Andre comment on the hedging question in just a second. The way I think about the retailers' approach to their business, I don't really think about it through an inventory lens so much as I think about it through a desire to maintain dependability of supply. And those manufacturers that can offer that assurance are often being rewarded with increased shelf space and increased focus on the part of our retail partners.

稍後我將讓安德烈評論套期保值問題。在我考慮零售商的業務方式時，我並沒有真正從庫存角度考慮它，而是通過保持供應可靠性的願望來考慮它。那些能夠提供這種保證的製造商通常會獲得更大的貨架空間和對我們零售合作夥伴的更多關注。

There's a small amount of inventory build, but that's not really the focus. The focus is on how do we ensure supply and maintain the satisfaction of our shoppers. And that's a very fertile place for us to play.

有少量的庫存構建，但這並不是真正的重點。重點是我們如何確保供應並保持購物者的滿意度。那是我們玩耍的非常肥沃的地方。

With regard to hedging, Andre?

關於對沖，安德烈?

So yes, the short answer is that $1.9 billion that we've communicated is the net impact to P&G.

所以是的，簡短的回答是，我們傳達的 19 億美元是對寶潔的淨影響。

Very good. Thank you very much. I think that concludes the call. We very much appreciate your engagement. P&G has got strong momentum. We've got a strong leadership, leadership team and organization, and we will continue to work aggressively to deliver strong results and value for our shareowners.

很好。非常感謝你。我認為這結束了通話。我們非常感謝您的參與。寶潔勢頭強勁。我們擁有強大的領導層、領導團隊和組織，我們將繼續積極努力，為我們的股東帶來強勁的成果和價值。

Thank you all for your support and your comments today.

感謝大家今天的支持和評論。

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。