2024-07-23 The Coca-Cola Company (KO) Q2 2024 Earnings Call Transcript

The Coca-Cola Company (NYSE:KO) Q2 2024 Earnings Conference Call July 23, 2024 8:30 AM ET

可口可乐公司 (NYSE:KO) 2024 年第二季度收益电话会议美国东部时间 2024 年 7 月 23 日上午 8:30

Company Participants 公司参与者

Robin Halpern - VP, Head of IR

Robin Halpern - 副总裁兼投资者关系负责人

James Quincey - Chairman and CEO

詹姆斯-昆西 - 主席兼首席执行官

John Murphy - President and CFO

约翰-墨菲 - 总裁兼首席财务官

Conference Call Participants

电话会议与会者

Dara Mohsenian - Morgan Stanley

Dara Mohsenian - 摩根士丹利

Lauren Lieberman - Barclays

Lauren Lieberman - 巴克莱银行

Bryan Spillane - Bank of America

布莱恩-斯皮兰 - 美国银行

Bonnie Herzog - Goldman Sachs

邦妮-赫尔佐格 - 高盛集团

Stephen Powers - Deutsche Bank

Stephen Powers - 德意志银行

Filippo Falorni - Citi Filippo Falorni - 花旗银行

Chris Carey - Wells Fargo Securities

Chris Carey - 富国证券

Andrea Teixeira - JPMorgan

Andrea Teixeira - 摩根大通

Kaumil Gajrawala - Jefferies

Rob Ottenstein - Evercore ISI

Peter Grom - UBS 彼得-格罗姆 - 瑞银

Charlie Higgs - Redburn 查理-希格斯 - Redburn

Kevin Grundy - BNP Paribas

Kevin Grundy - 法国巴黎银行

Robert Moskow - TD Cowen

Operator 操作员

At this time, I'd like to welcome everyone to the Coca-Cola Company's Second Quarter 2024 Earnings Results Conference Call. Today's call is being recorded.[Operator Instructions]

现在，我欢迎大家参加可口可乐公司 2024 年第二季度财报电话会议。今天的电话会议正在录音。

I would now like to introduce Ms. Robin Halpern, Vice President and Head of Investor Relations. Ms. Halpern, you may now begin.

现在我想向大家介绍罗宾-哈尔彭女士，她是公司副总裁兼投资者关系部主管。哈尔彭女士，您现在可以开始了。

Robin Halpern 罗宾-哈尔彭

Good morning, and thank you for joining us. I'm here with James Quincey, our Chairman and Chief Executive Officer; and John Murphy, our President and Chief Financial Officer.

早上好，感谢您的光临。在我身边的是我们的董事长兼首席执行官詹姆斯-昆西（James Quincey）和总裁兼首席财务官约翰-墨菲（John Murphy）。

We've posted schedules under financial information in the Investors section of our Company website. These reconcile certain non-GAAP financial measures that may be referred to this morning to result as reported under generally accepted accounting principles. You can also find schedules in the same section of our website that provide an analysis of our growth and operating margins.

我们已在公司网站的 "投资者 "部分的财务信息下发布了附表。这些附表将今天上午可能提到的某些非公认会计原则（Non-GAAP）财务指标与根据公认会计原则报告的结果进行了核对。您还可以在我们网站的同一栏目中找到附表，对我们的增长和运营利润率进行分析。

This call may contain forward-looking statements, including statements concerning long term earnings objectives, which should be considered in conjunction with cautionary statements contained in our earnings release and in the Company's periodic SEC reports. Following prepared remarks, we will take your questions. Please limit yourself to one question. Reenter the queue to ask follow-ups.

本电话会议可能包含前瞻性声明，包括有关长期盈利目标的声明，这些声明应与我们的财报和公司定期向美国证券交易委员会提交的报告中的警示性声明一并考虑。在准备好的发言之后，我们将接受您的提问。请以一个问题为限。请重新排队提问。

Now, I will turn the call over to James.

现在，我将把电话转给詹姆斯。

James Quincey 詹姆斯-昆西

Thanks Robin, and good morning everyone.

谢谢罗宾，大家早上好。

After a good start of the year, we continued our momentum in the second quarter. In a world with a wide spectrum of market dynamics, our all-weather strategy is working. We're winning in the marketplace by leveraging our scale and continuing to foster a growth mindset. Given our strong year-to-date results, we are raising both our top-line and our bottom line guidance today.

在今年取得良好开局之后，我们在第二季度继续保持良好势头。在市场动态千变万化的今天，我们的全天候战略正在发挥作用。我们利用规模优势，继续培养增长思维，从而赢得市场。鉴于今年迄今为止的强劲业绩，我们今天将上调最高和最低业绩指引。

This morning, I'll start by discussing the current operating environment and reviewing our second quarter performance, then I'll explain how we're enhancing our capabilities to drive more effective and efficient operations, including leveraging digital and tech-enabled innovations to ultimately contribute to our earnings growth. Finally, John will discuss our financial results and the raised 2024 guidance.

今天上午，我将首先讨论当前的运营环境，并回顾我们第二季度的业绩表现，然后我将解释我们如何增强我们的能力，以推动更有效、更高效的运营，包括利用数字和科技创新，最终促进我们的盈利增长。最后，约翰将讨论我们的财务业绩和上调后的 2024 年指导目标。

In the second quarter, we grew volume, generated strong organic revenue growth and expanded margins while continuing to invest in our business, we also gained value share. This culminated in 7% comparable earnings per share growth despite 10% currency headwinds and 2% headwinds from bottler refranchising. Overall, our industry remains attractive and is expanding. We believe we're well positioned to capture the vast opportunities available to us.

在第二季度，我们增长了交易量，实现了强劲的有机收入增长，并在继续投资业务的同时扩大了利润率，我们还获得了价值份额。尽管面临10%的货币逆风和2%的装瓶商再特许经营逆风，我们的每股收益同比增长了7%。总体而言，我们的行业依然具有吸引力并正在扩张。我们相信我们完全有能力抓住我们面前的巨大机会。

Across the world, we're continuing to navigate many varying market dynamics locally to deliver our global objectives. In Asia Pacific, we had strong performance across most of our footprints. In ASEAN and South Pacific, the refranchising of the Philippines is off to a good start. In the Philippines, we grew volume by double digits and drove strong value share gains by increasing focus on affordable packages, including accessible price points and refillable offerings. Growth across ASEAN and South Pacific was driven by strong end-to-end execution across our sparkling portfolio.

在全球范围内，我们继续应对各地不同的市场动态，以实现我们的全球目标。在亚太地区，我们在大多数业务领域都有强劲的表现。在东盟和南太平洋地区，菲律宾的重新特许经营有了一个良好的开端。在菲律宾，我们实现了两位数的交易量增长，并通过更加关注平价套餐，包括可接受的价格点和可再装填的产品，推动了价值份额的强劲增长。东盟和南太平洋地区的增长是由我们整个气泡饮料组合的强劲端到端执行推动的。

Our business in India recovered nicely from a slower start to the year, driven by Sprite and Fanta, as well as strong local brands such as Thumbs Up and Maaza. Strong end-to-end execution across our growth flywheel led to double-digit volume growth.

在雪碧和芬达，以及 Thumbs Up 和 Maaza 等当地强势品牌的推动下，我们在印度的业务从年初的低迷中很好地恢复过来。我们在整个增长飞轮上的端到端执行力很强，从而实现了两位数的销量增长。

In China, consumer confidence remains subdued. We continue to focus on our core business and invest behind profitable long term growth. Lastly, in Japan and South Korea, we generated volume growth during the quarter and won value share. We successfully relaunched Ayataka, a much loved local tea brand in Japan, and we're also benefiting from stronger execution in e-commerce channels.

在中国，消费者信心依然低迷。我们将继续专注于我们的核心业务，为长期盈利性增长进行投资。最后，在日本和韩国，我们在本季度实现了销量增长，并赢得了价值份额。我们成功地在日本重新推出了深受喜爱的当地茶叶品牌 Ayataka，同时我们也受益于电子商务渠道更强的执行力。

In EMEA, the external environment remains mixed. In Europe, we saw pressure in our away from home business due to some reduced foot traffic and adverse weather in Western Europe. To capture value, we're investing in several highly anticipated activations, including music festivals, the Euro 2024 Football Championship, and of course, the Paris Olympics.

在EMEA地区，外部环境仍然复杂多变。在欧洲，由于西欧地区客流量减少和不利天气影响，我们的外出业务面临压力。为了抓住价值，我们正在投资几个备受期待的活动，包括音乐节、2024年欧洲足球锦标赛，当然还有巴黎奥运会。

We're increasing our focus on brands with strong momentum across our total beverage portfolio, including Fuze Tea and Powerade, and on promising sparkling innovations such as Coke Lemon and Reformulated Sprite.

我们更加关注在整个饮料产品组合中势头强劲的品牌，包括 Fuze Tea 和 Powerade，以及有前途的起泡创新产品，如可乐柠檬和改良雪碧。

In Eurasia and Middle east, geopolitical tensions and economic uncertainty continue to impact our business. We're working closely with our local partners to navigate these headwinds while investing for the longer term.

在欧亚大陆和中东地区，地缘政治紧张局势和经济不确定性继续影响着我们的业务。我们正与当地合作伙伴密切合作，以克服这些不利因素，同时进行长期投资。

In Africa, despite multiple currency devaluations, strong integrated execution led to robust performance across our markets. For example, in Nigeria, our system quickly responded to the intense inflationary environment by focusing on affordable packages, including accessible price points and refillable offerings, and increasing outlet coverage to win both volume and value share. Across Africa, we grew volume in mid-single digits and similarly won both volume and value share.

在非洲，尽管货币多次贬值，但强大的综合执行力使我们在各个市场都取得了强劲的业绩。例如，在尼日利亚，我们的系统迅速应对了严峻的通胀环境，重点推出了经济实惠的套餐，包括平易近人的价位和可补充装产品，并扩大了销售点覆盖范围，从而赢得了销量和价值份额。在非洲，我们的销量实现了中等个位数增长，同样赢得了销量和价值份额。

In North America, we generated robust topline and bottom line growth and one value share. Our volume decline was driven by softness in away from home channels. To offset this, we're partnering with foodservice customers to market food and drink combo meals to drive traffic and beverage incidents.

在北美，我们的销售额和销售额都实现了强劲增长，价值份额也有所提高。我们的销售量下降主要是由于家庭以外渠道的疲软。为了抵消这一影响，我们与餐饮客户合作，推出餐饮套餐，以提高客流量和饮料销量。

Excluding mainstream packaged water, at-home volumes held up well. Fairlife and Trademark Coke finished number one and number two as the at-home retail sales growth leaders for the industry during the quarter. Our juice business also had a strong quarter and recent innovations including Sprite Chill and Topo Chico Sabores, are off to solid starts.

不包括主流包装水，家庭消费量保持良好。Fairlife和可口可乐商标在本季度家庭零售销售增长方面分别位居行业第一和第二。我们的果汁业务也迎来了强劲的季度，最近推出的创新产品，包括Sprite Chill和Topo Chico Sabores，都取得了稳固的开端。

In Latin America, volume momentum continued, led by strength in Mexico and Brazil. Growth was driven across our entire total beverage portfolio. Coca Cola Zero Sugar had a standout quarter with over 20% volume growth, and we're continuing to take integrated execution to the next level by increasing investments behind cold drink equipment to win share of visible inventory and create additional consumer demand.

在拉丁美洲，在墨西哥和巴西的强势带动下，销量继续保持增长势头。我们的整个饮料产品组合都实现了增长。零糖可口可乐在本季度表现突出，销量增长超过 20%，我们将继续加大对冷饮设备的投资力度，以赢得可见库存份额并创造更多的消费需求，从而使综合执行力更上一层楼。

Finally, in global ventures, despite pressures in key markets such as the United Kingdom and China, we generated organic revenue growth and expanded margins. Costa is driving loyalty through targeted promotions like treat drop and innocent gain value share in Europe. Putting it all together, despite an ever changing external environment, our business remains very resilient.

最后，在全球化投资方面，尽管在英国和中国等关键市场面临压力，我们实现了有机收入增长并扩大了利润率。Costa通过有针对性的促销活动如“特惠投放”来提高顾客忠诚度，而innocent在欧洲获得了价值份额。综合来看，尽管外部环境不断变化，我们的业务仍然非常具有韧性。

The power of our portfolio, amplified by our system's unique capabilities is a clear advantage. While we're delivering on our near term commitments, we're also building capabilities and innovating across our flywheel to become a more agile, effective and efficient organization.

我们产品组合的力量，再加上我们系统的独特能力，是一个明显的优势。在兑现近期承诺的同时，我们还在飞轮上进行能力建设和创新，以成为一个更加灵活、有效和高效的组织。

Starting with marketing and innovations. Last year, we stood up Studio X, which is our digital and organizational ecosystem that integrates marketing capabilities and connects them to our global network structure. We're producing tailored content at scale and with speed and are able to measure impact in real time. We're also refining our innovation process to prioritize bigger and bolder bets, and we're removing barriers to deliver a more holistic approach, shorten the time to launch and improve success rates.

从营销和创新开始。去年，我们成立了 Studio X，这是我们的数字和组织生态系统，它整合了营销能力，并将其与我们的全球网络结构连接起来。我们正在大规模、快速地制作量身定制的内容，并能够实时衡量影响。我们还在完善我们的创新流程，优先考虑更大、更大胆的赌注，我们正在消除障碍，以提供更全面的方法，缩短启动时间，提高成功率。

We know that innovations that grow in the second year have a much greater odds for multiyear success and deliver far greater impact. So we focused on sustaining investment and have consistently improved second year performance success rates in each of the past four years. Continued innovation successes include Sprite and Fanta reformulations, Fuze Tea in Europe and Minute Maid Zero Sugar in North America, among many others.

我们知道，在第二年取得发展的创新项目更有可能在多年内取得成功，并产生更大的影响。因此，我们专注于持续投资，并在过去四年中不断提高第二年的业绩成功率。不断取得成功的创新产品包括雪碧和芬达的改良配方、欧洲的 Fuze Tea 和北美的 Minute Maid Zero Sugar 等。

As a result of these combined initiatives, we have greatly improved our ability to rapidly produce and deliver marketing content, integrate activations with timely innovations and scale successes to drive the greatest impact. One example from the second quarter, Coca-Cola's partnership with Marvel, which featured nearly 40 different limited edition collectible graphics and QR codes on our packaging to connect consumers with unique augmented reality experiences.

通过这些综合举措，我们大大提高了快速制作和交付营销内容、将活动与及时创新相结合以及扩大成功规模以推动最大影响力的能力。第二季度的一个例子是，可口可乐与漫威的合作，在我们的包装上印制了近 40 种不同的限量版收藏图案和二维码，将消费者与独特的增强现实体验联系在一起。

We collaborated closely with Marvel Studios and the Walt Disney Company and tapped into the best-in-class animation and activation to quickly scale to over 50 markets. As a result of this and other growth initiatives, Trademark Coca-Cola grew volume and won volume and value share during the quarter. Our marketing and innovation transformation journey contributed to Trademark Coke winning creative brand of the year for the first time ever at the Cannes Lions in June. We won 18 different awards at Cannes Lions.

我们与漫威影业和华特迪士尼公司密切合作，利用一流的动画和活动迅速扩展到 50 多个市场。由于采取了这些措施和其他增长举措，商标可口可乐在本季度实现了销量增长，并赢得了销量和价值份额。我们的营销和创新转型之旅促使商标可口可乐在 6 月份的戛纳国际广告节上首次赢得年度创意品牌奖。我们在戛纳国际广告节上赢得了 18 个不同奖项。

Beyond marketing and innovation, we're flexing our muscle in revenue growth management and integrated execution to sustain competitive advantage. Even in markets with very well developed capabilities, there's potential to be even better. For example, Mexico is one of the markets at the forefront of revenue growth management, and has the highest cold drink equipment density in the world.

除了营销和创新，我们还在收入增长管理和综合执行方面大显身手，以保持竞争优势。即使在能力非常发达的市场，我们也有潜力做得更好。例如，墨西哥是收入增长管理最前沿的市场之一，也是全球冷饮设备密度最高的市场。

During the quarter, we drove affordability with refillables and premiumization with single-serve transactions. Our system also added over 80,000 coolers year-to-date. Through these and similar initiatives, we grew volume mid-single digits during the quarter, continuing the momentum from the past few quarters. Each day, consumers enjoy approximately 2.2 billion servings of our products translating into about 800 billion servings annually.

在本季度，我们通过可补充饮料和单份饮料交易推动了经济性。今年迄今为止，我们的系统还增加了 80,000 多个冷藏箱。通过这些举措和类似举措，本季度我们的销量实现了中等个位数的增长，延续了过去几个季度的势头。每天，消费者约可享用 22 亿份我们的产品，每年约为 8000 亿份。

过去10年PE的中间值是26.99，当前是27.72，巴菲特的投资组合还是很值得关注的，过度偏离了会有问题。

This kind of scale gives us unique insights into the consumer, which helps us to better tailor offerings. Emerging technologies, including those enhanced by AI, have the potential to create value for retailers and consumers. For example, we're piloting an AI-based price pack channel optimization tool, across several markets that evaluates opportunities, to better tailor solutions to drive incremental volume and revenue.

这种规模让我们对消费者有独特的洞察力，有助于我们更好地定制产品。新兴技术，包括人工智能技术，有可能为零售商和消费者创造价值。例如，我们正在多个市场试行基于人工智能的价格包渠道优化工具，该工具可评估各种机会，从而更好地定制解决方案，推动销量和收入的增长。

Early results show that the tool helps improve both our offerings, and speed to market. Our system is also piloting an AI-driven initiative to push personalized messages, to retailers with suggested items based on previous orders and market data. Initial pilots indicate that retailers who receive the messages, are over 30% more likely to purchase recommended SKUs, which results in incremental sales for our retailers and the system. We're just scratching the surface of what's possible, and we're taking steps to seize opportunities down the road.

早期结果表明，该工具有助于改善我们的产品，加快产品上市速度。我们的系统还在试行一项人工智能驱动的举措，根据以往的订单和市场数据，向零售商推送个性化信息，推荐商品。初步试点表明，收到信息的零售商购买推荐商品的可能性提高了 30%，这为我们的零售商和系统带来了增量销售。我们只是触及了可能实现的表面，我们正在采取措施抓住未来的机遇。

广告宣传上有价值。

To sum it all, while we recognize there's still much work to be done, to capture the vast opportunities available; we're encouraged by our year-to-date results and efforts to improve, every aspect of how we do business. As we look forward to the second half of the year, the external backdrop remains uncertain, including some signs of pressure in various consumer segments across developed markets.

总而言之，尽管我们认识到要抓住现有的巨大机遇，仍有许多工作要做，但我们对年初至今的业绩以及为改进业务各个方面所做的努力感到鼓舞。展望下半年，外部环境仍不明朗，包括发达市场各消费领域出现的一些压力迹象。

However, thanks to the power of our portfolio, and the unwavering dedication of our system employees, we are confident we will deliver on our updated 2024 guidance and longer-term commitments.

然而，得益于我们强大的投资组合，以及我们系统员工坚定不移的奉献精神，我们有信心实现 2024 年的最新指导目标和长期承诺。

With that, I'll turn the call over to John.

下面请约翰发言。

John Murphy 约翰-墨菲

Thank you, James, and good morning, everyone.

谢谢你，詹姆斯，大家早上好。

In the second quarter, we delivered strong results. We grew organic revenues 15%. This consisted of 2% unit case growth. Concentrate sales were ahead of volume by four points, driven primarily by timing of concentrate shipments, and some disruptions in the global supply chain that we partly expect, to reverse next quarter.

在第二季度，我们取得了强劲的业绩。我们的有机收入增长了15%。这包括2%的单位箱量增长。浓缩液销售额比销量高出四个百分点，主要是由于浓缩液发货时间的安排，以及我们部分预期在下个季度会逆转的全球供应链中的一些干扰。

Our price/mix growth of 9% in the quarter was primarily driven by two items: one, approximately five points of intense inflationary pricing, across a handful of markets to offset significant currency devaluation. And two, an array of pricing and mix actions across our markets. Excluding the impacts from concentrate shipment timing and pricing from markets with intense inflation.

我们本季度的价格/组合增长了9%，主要由两个因素驱动：首先，大约5个百分点的强烈通胀性定价，这在少数几个市场上实施，以抵消货币的显著贬值。其次，在我们各个市场上进行了一系列定价和组合操作。如果排除浓缩液发货时间的影响以及在强烈通胀市场中的定价影响。

Organic revenue growth during the quarter was at the high end of our long-term growth algorithm. Comparable gross margin was up approximately 200 basis points, driven by underlying expansion, and the benefit from bottler refranchising partially offset by currency headwinds. Comparable operating margin expanded approximately 120 basis points.

本季度的有机收入增长处于我们长期增长算法的高端。可比毛利率增长了约 200 个基点，这主要得益于基本的扩张，以及装瓶商重新特许经营带来的收益，但部分收益被货币逆风所抵消。同比营业利润率增长了约 120 个基点。

Comparable operating margin expansion was less than comparable gross margin expansion, due to less benefit from bottler refranchising and greater currency headwinds to comparable operating margin. Putting it all together, second quarter comparable EPS of $0.84 was up 7% year-over-year despite 10% currency headwinds and 2% headwind from bottler refranchising.

同比营业利润率的增长低于可比毛利率的增长，这是由于装瓶商重新特许经营带来的收益较少，以及货币因素对同比营业利润率的影响较大。综合来看，第二季度同比每股收益为 0.84 美元，同比增长了 7%，尽管货币逆差为 10%，瓶装商特许经营带来的逆差为 2%。

Free cash flow was approximately $3.3 billion, down approximately $700 million versus the prior year, due to higher tax payments, cycling working capital benefits from the prior year and higher capital expenditures. We continue to take actions, to achieve a fit for purpose balance sheet that, will best support our growth agenda.

自由现金流约为 33 亿美元，与上一年相比减少了约 7 亿美元，原因是上一年的税收支出、循环运营资本收益以及资本支出增加。我们将继续采取行动，实现资产负债表的合理性，为我们的增长议程提供最佳支持。

During the quarter, we raised approximately $4 billion in cash by issuing long-term debt for general corporate purposes. This may include pre-funding upcoming payments related to the IRS tax case and the Fairlife contingent consideration.

本季度，我们通过发行长期债务筹集了约 40 亿美元现金，用于一般公司用途。这可能包括为即将到来的与国税局税务案件和 Fairlife 或有对价相关的付款预先提供资金。

With respect to our IRS tax case, which we continue to vigorously defend. We're making progress to our next steps, and we expect we will be able to move forward an appeal by the end of the year. Given the continued outperformance of Fairlife, we recorded a charge of $1.3 billion during the quarter. Our estimated final payment related to this acquisition is $5.3 billion, which will be made in 2025. We are encouraged by Fairlife's performance and the value it has created for our company.

关于我们继续积极辩护的IRS税务案件，我们正在取得进展，准备采取下一步行动，我们预计将能够在年底前提出上诉。鉴于Fairlife持续的出色表现，我们在本季度记录了13亿美元的费用。与此次收购相关的我们估计的最终支付额为53亿美元，将在2025年支付。我们对Fairlife的表现及其为我们公司创造的价值感到鼓舞。

So far this year, we've realized nearly $3 billion in gross proceeds from bottler refranchising and streamlining our equity investments. We'll continue to prioritize higher growth businesses, and take passive capital off the table. Return on invested capital is 24%, up approximately five points from three years ago.

今年到目前为止，我们通过装瓶商再特许经营和简化股权投资实现了近30亿美元的毛收入。我们将继续优先考虑高增长业务，并撤出被动资本。投资资本回报率为24%，比三年前提高了大约五个百分点。

Our balance sheet is strong, as demonstrated by our net debt leverage of 1.5 times EBITDA, which is well below our targeted range of 2 to 2.5 times. We have ample capacity to pursue our capital allocation agenda, which prioritizes investing to drive further growth, continuing to support our dividend and staying dynamic, agile and opportunistic.

我们的净债务杠杆为息税折旧摊销前利润（EBITDA）的 1.5 倍，远低于 2 至 2.5 倍的目标范围，这表明我们的资产负债表十分稳健。我们有充足的能力来实施我们的资本分配议程，即优先投资以推动进一步增长，继续支持我们的分红，并保持活力、灵活性和机会主义。

As James mentioned, we're proactively managing our portfolio to deliver on our commitments. Our updated 2024 guidance reflects the momentum of our business in the first half of the year, and our confidence in our ability to execute on our plans during the second half of this year. We now expect organic revenue growth of 9% to 10%, and comparable currency-neutral earnings per share growth of 13% to 15%.

正如James所提到的，我们正在积极管理我们的投资组合以实现我们的承诺。我们更新的2024年指导反映了我们业务在今年上半年的势头，以及我们对自己在下半年执行计划能力的信心。我们现在预计有机收入增长将在9%到10%之间，同比货币中性每股收益增长将在13%到15%之间。

这个目标是比较高的，在过去 3 年中，每股收入增长率的平均值为每年 11.40%。在过去 5 年中，每股收入增长率的平均值为每年 5.70%。在过去 10 年中，每股收入增长率的平均值为每年-0.80%。

Bottler refranchising is still expected to be a four to five-point headwind, to comparable net revenues. And we now expect a one to two-point headwind, to comparable earnings per share. Based on current rates and our hedge positions, we now anticipate an approximate five to six-point currency headwind, to comparable net revenues and an approximate eight to nine-point currency headwind, to comparable earnings per share for full year 2024.

装瓶商再特许经营预计仍将对可比净收入产生四到五个百分点的不利影响。我们现在预计，对可比每股收益将产生一到两个百分点的不利影响。根据当前汇率和我们的对冲头寸，我们现在预计2024年全年，货币将对可比净收入产生大约五到六个百分点的不利影响，对可比每股收益产生大约八到九个百分点的不利影响。

This increase in currency headwind is driven by a small number of intensive treasury markets, while the rest of the currency basket is relatively neutral to our results. All in, we now expect comparable earnings per share growth of 5% to 6% versus $2.69 in 2023. There are some considerations to keep in mind. We expect unit cases and concentrate shipments to be relatively in line with each other for the full year 2024.

这种货币逆风的增加是由少数几个密集的国债市场推动的，而其余的货币篮子对我们的业绩相对中性。总的来说，我们现在预计与2023年的2.69美元相比，可比每股收益增长5%到6%。有一些需要考虑的因素。我们预计2024年全年单位箱数和浓缩液发货量将相对一致。

这是比较正常的数据，巴菲特很少买入PE超过15倍的股票，预期收益r=c/DCF+g，15倍对应6%的收益，再加上每年5-6%的增长（这部分不确定），两部分加在一起还算过得去，如果是12倍的PE会更好，12倍对应8%的当下收益率，当下的权重大于未来的权重。

Please keep in mind there are two extra days in the fourth quarter. Taking everything into consideration, we expect earnings growth during the remainder of 2024, will be weighted towards the fourth quarter. To summarize, we're encouraged by our track record and the underlying momentum of our business.

请记住，第四季度多了两天。综合考虑，我们预计 2024 年剩余时间的盈利增长将以第四季度为主。总之，我们对自己的业绩记录和业务发展势头感到鼓舞。

Our system remains incredibly focused and motivated to drive growth. We're continuing to drive quality top line growth, expand margins, grow comparable earnings per share and improve the return profile of our business. And we're confident we will deliver on our guidance, and longer-term objectives.

我们的系统仍然非常专注和积极地推动增长。我们将继续推动高质量的顶线增长，扩大利润率，提高可比每股收益，并改善我们业务的回报状况。我们有信心实现我们的指导目标和长期目标。

With that, operator, we are ready to take questions.

好了，接线员，我们可以开始提问了。

Question-and-Answer Session

问答环节

Operator 操作员

[Operator Instructions] Our first question comes from Dara Mohsenian from Morgan Stanley. Please go ahead. Your line is open.

[操作员说明] 第一个问题来自摩根士丹利的 Dara Mohsenian。请说您的电话已接通。

Dara Mohsenian 达拉-穆赫辛尼扬

Hi, good morning. It'd be helpful to get an update on North America, given questions around consumer spending. Can you just discuss any demand impact you're seeing on your business, any variance in channel performance and how that informs your view going forward? And then also as we transition to a more normalized cost environment, can you give us any perspective on what's a more sustained price mix run rate going forward in North America? Thanks.

嗨，早上好。考虑到消费者支出方面的问题，了解一下北美地区的最新情况会很有帮助。您能否谈谈您看到的需求对业务的影响、渠道表现的差异以及您对未来的看法？另外，随着我们向更加正常化的成本环境过渡，您能否告诉我们北美地区未来更持久的价格组合运行率？谢谢。

James Quincey 詹姆斯-昆西

Yes, sure. No problem, Dara. Firstly, overall, it'd be fair to say that the consumer sentiment in aggregate is actually pretty strong, pretty resilient. Within that, there are some softer spots, particularly, I think, which has been relatively put out there already some softness in away-from-home channels, with a little lower traffic and some increase in value seeking for combo meals.

是的，当然。没有问题，Dara。首先，总体上，可以说消费者情绪实际上是相当强劲的，相当有韧性的。在这其中，有一些较软的地方，特别是，我认为，已经相对明显地提出了一些在外消费渠道的疲软，客流量略有下降，对套餐餐寻求价值的意愿有所增加。

So definitely, there's a piece of the lower income consumers, which are either going out slightly less. But when they do go somewhere looking for greater value through combo meals. And then, of course, in the at-home channels, there's a slightly greater focus by those consumers on getting kind of value deals or promo deals. Having said that, there are just as much consumers spending on more premium categories or more premium price points and experiences.

因此，低收入消费者中肯定有一部分人外出就餐的次数会略有减少。但当他们外出时，会通过套餐寻找更多的价值。当然，在家庭渠道中，这些消费者也会更注重获得超值优惠或促销优惠。尽管如此，还是有很多消费者在更高档的类别或更高档的价位和体验上消费。

最近几年的保险费用涨的非常快，接近20%的幅度连涨3年，最近几个公司的季报都显示消费转入疲软。

So that's all aggregating out at a sort of resilience, for the average overall consumer. Within that, I think we've done very well. We've seen strong growth across the portfolio. We saw a strong growth in Coke trademark in Fairlife, in Topo Chico and juices itself and in aggregate, we won value share in the quarter. So broad-based growth, some hotspots in terms of demand up demand down.

因此，对于普通消费者而言，这一切都具有一定的抗风险能力。在这种情况下，我认为我们做得很好。我们的产品组合增长强劲。可口可乐（Coke）、Fairlife、Topo Chico 和果汁本身都实现了强劲增长，总的来说，我们在本季度赢得了价值份额。因此，增长基础广泛，在需求上升需求下降方面有一些热点。

But overall resilience for the consumer. And as you look out, the first thing that I think is worth underlining in North America, in particular, is the nature of the price mix. Remember that our North American business, a typically compared to the other parts of the world, we consolidate a set of vertically integrated businesses and a set of franchise kind of concentrate businesses, such that the growth of a channel or a category can produce a mix effect independent of pricing in the marketplace.

但总体而言，消费者还是有韧性的。展望未来，我认为首先值得强调的是北美地区的价格组合。请记住，与世界其他地区相比，我们的北美业务通常整合了一系列纵向一体化业务和一系列特许经营类集中业务，因此渠道或品类的增长可以产生独立于市场定价的组合效应。

As you look at the 11 points of price mix in the second quarter in North America, it's important to understand that, only half of that is actually price. The other half is mix. So when the juice drinks and Fairlife and the juice business grows, Topo Chico grows and Dasani is weaker, you get a mechanical business mix effect that, makes the price mix look like it's gone up, but it hasn't really in the marketplace.

当你看到北美第二季度的11个百分点的价格组合时，重要的是要理解，实际上只有一半是价格。另一半是组合。所以当果汁饮料和Fairlife以及果汁业务增长，Topo Chico增长而Dasani较弱时，你会得到一个机械性的业务组合效应，使得价格组合看起来像是上升了，但实际上在市场上并没有真正上升。

So think of it as half of it is business mix, and half of it is real pricing in the marketplace, which gets you to a much more logical match, to the level of inflation that's going out - going on in the marketplace in general, such that I think in North America and actually overall in general, around the world, excluding the high - the intense inflation markets John mentioned in the comments.

因此，一半是业务组合，一半是市场上的实际定价，这样就能更合理地与市场上的通胀水平相匹配，我认为在北美，实际上是在全球范围内，不包括约翰在评论中提到的高通胀市场。

We see that inflation is largely coming into the landing zone, yes, central banks would like to squeeze out another point or so. But generally, we're getting there, and I think that's reflected in our price mix. We still have input costs that are going up, typically, the agricultural ones rather than the metal, or commodity-based ones. But in the end, our strategy remains yes, there'll be cost inflation, yes, we'll look to put it through.

我们看到，通胀在很大程度上进入了着陆区，是的，央行希望再挤出一个点左右。但总体而言，我们正在实现这一目标，我认为这反映在我们的价格组合中。我们的投入成本仍在上升，通常是农业成本，而不是金属或大宗商品成本。但归根结底，我们的策略仍然是，是的，会有成本上涨，是的，我们会努力克服它。

Yes, we'll work on productivity. But any pricing we're going to take, we're going to have to earn with the marketing and the innovation and the execution. But it is, as I said earlier, approaching the normalization zone.

是的，我们会努力提高生产率。但是，我们的任何定价都必须通过营销、创新和执行来实现。但正如我之前所说，我们正在接近正常化区域。

Operator 操作员

Our next question comes from Lauren Lieberman from Barclays. Please go ahead. Your line is open.

下一个问题来自巴克莱银行的劳伦-利伯曼。请说。您的电话已接通。

Lauren Lieberman 劳伦-利伯曼

Great, thanks so much. I'd love to have a similar conversation about Western Europe because James, you mentioned a bit on some -- also slowness in away from home. But the summer sports kind of has already kicked off, June was certainly part of it. And so the weather has been challenging, but maybe a little surprising to see the softness in the unit case volume in EMEA. So I'd love some - just a similar run through as you just did in North America on some of the dynamics, particularly in Western Europe? Thanks.

非常感谢。我很想就西欧进行类似的讨论，因为James，你提到了一些——也包括在家外消费的缓慢。但是夏季运动已经开始了，6月当然是其中的一部分。所以天气一直是个挑战，但在EMEA看到单位箱量有所下降，这有点令人惊讶。所以我很希望——就像你在北美所做的那样，对西欧的一些动态进行类似的梳理，特别是西欧的情况？谢谢。

James Quincey 詹姆斯-昆西

Yes, sure. So let me first just separate Europe from EMEA, which obviously includes the Middle East and Africa. Africa had a strong second quarter. Volume - good volume growth, building on good volume growth. In the first quarter, price mix. Obviously, there's a lot of swings and roundabouts macro-economically going on in Africa, but actually net-net, the Africa business had a really good quarter, winning volume and value share, managing through the inflation and growth on -- good volume growth and good price growth.

是的，当然。首先，请允许我把欧洲和欧洲、中东和非洲地区（EMEA）分开，后者显然包括中东和非洲地区。非洲在第二季度表现强劲。销量--在良好的销量增长基础上，实现了良好的销量增长。在第一季度，价格组合。显然，非洲的宏观经济出现了很多波动，但实际上，非洲业务在净利润方面的季度表现非常好，赢得了销量和价值份额，应对了通胀和增长，实现了良好的销量增长和价格增长。

The flip side is Middle East. Obviously, the conflict is continuing to affect the business in that part of the world. So there's some headwinds there. And then, if you come to Europe within EMEA, Europe was overall not where we'd like it to be. We'd like to see a little more growth coming out of the European business. And really, it's a complete mix across the countries in Europe.

反观中东。显然，冲突继续影响着该地区的业务。因此，那里存在一些不利因素。然后，如果你来到欧洲、中东和非洲地区的欧洲，欧洲的整体情况并不尽如人意。我们希望看到欧洲业务有更多的增长。实际上，欧洲各国的情况完全不同。

There's more pressure on the away from home in the West than the East. Yes, some of the sporting programs have certainly help, whether it was UEFA that's already happened or Olympics, which is imminently going to start. The sporting has helped, but there's been some pressure on the away from home, as I said in the West, and so the immediate consumption packs have been growing slower there.

在西欧，在家外消费的压力比东欧要大。是的，一些体育项目当然有所帮助，无论是已经举行的欧洲足球锦标赛（UEFA）还是即将开始的奥运会。体育活动有所帮助，但正如我所说的，在西欧，在家外消费存在一些压力，因此即时消费包装的增长在那里变得更慢。

But the strong programs, but not yet enough to offset the weather in some of the countries, and the same general effect as the U.S. in terms of the lower income consumers seeking a value, and doing less away from home trips. So big picture, Europe, not too dissimilar from the U.S., perhaps a little worse weather and a little more sporting events, but in an aggregate sense, very similar.

但强劲的计划还不足以抵消一些国家的天气影响，而且低收入消费者追求价值，减少了外出旅行，这与美国的总体影响相同。因此，从大局来看，欧洲与美国并无太大区别，也许天气稍差，体育赛事稍多，但总体而言，非常相似。

Operator 操作员

Our next question comes from Bryan Spillane from Bank of America. Please go ahead. Your line is open.

下一个问题来自美国银行的 Bryan Spillane。请说您的电话已接通

Bryan Spillane 布莱恩-斯皮兰

Hi. Thanks operator. Good morning everyone. John, just a question for you, two points maybe related to the concentrate shipments. One is, I don't think you've talked about expecting that, they'll line up by the end of the year. But I guess, can you talk a little bit about what's driving this? How much of it is the Red Sea and I don't know, just its maybe more difficult to get stuff around versus, just kind of the regular timing differences. And I guess what's underneath this is, should we expect a little bit more volatility in the near term, just around shipments versus units just simply, because the world's a little bit unsettled right now. And the second, if you can just give us a perspective on how much margin gross margin benefited, from the excess shipments in the quarter? Thanks.

您好。感谢主持人。大家早上好。John，想问您两个可能与浓缩液发货有关的问题。一是，我想您没有谈到预期它们会在年底前排好。但我猜，您能稍微谈谈是什么在推动这一点吗？其中有多少是红海，我不知道，可能更多的是因为运输困难，与通常的时间差异相比。我想这背后的问题是，我们应该预期在短期内，围绕发货量与单位之间的波动会更大一些，只是因为现在世界有点不稳定。第二，如果您能给我们一个关于本季度额外发货对毛利有多大好处的视角？谢谢。

John Murphy 约翰-墨菲

Okay. Thanks, Bryan. So on the first question, yes, we had number of events during the quarter that affected that relationship between unit cases and concentrate. You mentioned a couple of them, the ingestion and the Red Sea and Singapore - in LatAm, we had some restocking in the wake of the floods in Brazil, and in our India operations. We had some stocking up to anticipate some future demand.

好的，谢谢，Bryan。关于第一个问题，是的，我们在本季度有一些事件影响了单位箱数和浓缩液之间的关系。你提到了一些，红海和新加坡的摄取 - 在拉丁美洲，我们在巴西洪水之后进行了一些补货，以及我们在印度的业务。我们储备了一些库存以预测未来的一些需求。

So a range of factors, none of them with a threat - a common threat to them. Our guidance assumes a more normal second half of the year. But as you rightly highlighted, there is likely to be something ahead of us that, we have not anticipated. And if that were to happen, we'd certainly we certainly advise. But our goal is over the longer haul, is to continue to have cases and gallons in line.

一系列因素，它们之间没有共同的威胁。我们的指导假设下半年会更加正常。但正如你所正确指出的，我们面前可能会有一些我们没有预料到的事情。如果发生这种情况，我们肯定会提供咨询。但我们的长期目标是继续使箱数和加仑数保持一致。

And with regards to the gross margin impact, there's a slight benefit on both the gross and operating margins related to the stocking, but it's in the tens of basis points and again, reflected in our guidance a year ago, with that leveling out that we expect.

至于对毛利率的影响，与库存相关的毛利率和营业利润率都略有收益，但只有几十个基点，这也反映在我们一年前的指导意见中，我们预计会趋于平稳。

Operator 操作员

Our next question comes from Bonnie Herzog from Goldman Sachs. Please go ahead. Your line is open.

下一个问题来自高盛集团的 Bonnie Herzog。请说您的电话已接通

Bonnie Herzog 邦妮-赫尔佐格

All right, thank you. Good morning, everyone. I did want to ask a little bit more about your away-from-home business, James, which you did touch on. I guess I was hoping to hear how much your business in this channel decelerated in Q2 versus Q1 and what your outlook is for the remainder of the year? And then assuming growth in the channel moderates further, how do we think about the impact this may have on your top line and margins? And maybe just touch on any initiatives you've implemented to accelerate growth in this channel moving forward. I think that would be helpful? Thank you.

好的，谢谢。大家早上好。我确实想问一些关于您的在外消费业务的问题，James，您已经提到了一些。我想了解的是，与第一季度相比，您的业务在这个渠道在第二季度的增长放缓了多少，以及您对今年剩余时间的展望是什么？然后假设该渠道的增长进一步放缓，我们应该如何考虑这可能对您的收入和利润率的影响？也许还可以简要介绍一下您为加速该渠道增长而实施的任何举措。我认为这将有所帮助？谢谢。

James Quincey 詹姆斯-昆西

Yes, sure. Thanks, Bonnie. I don't think it would be worth saying as a big deceleration going on as we come into the second quarter from the first quarter. If you just stand back a bit and look at what happened, and I think we were already calling out some softness in away from home, in the back end of last year. And so, I would characterize it more as there's been a slow build, from the back half of last year through the first and the second quarter.

好的，没问题。谢谢，Bonnie。我认为从第一季度到第二季度，我们的业务并没有出现大幅放缓。如果你稍微回顾一下发生了什么，我想我们已经在去年年底指出了一些在家外消费的疲软。所以，我更倾向于将其描述为从去年下半年到今年第一和第二季度的一种缓慢的增长。

对经济周期的反应应该是温和的，2008年危机以后，2010年就创了新高，很多企业停滞了4-5年。

First and second quarter may be a little more negative than the back half of last year. But really, it's been a kind of a slow softening rather than anything major and abrupt and it's not like accelerating off a cliff. It's kind of a slow softening it's kind of just running at a softness level when thinking about away from home in the U.S. And then in terms of what we're doing about it, which is obviously the key question, is we've really got - being more focused.

与去年下半年相比，第一季度和第二季度的负面影响可能更大一些。但实际上，这是一种缓慢的疲软，而不是什么重大的、突然的变化，也不像从悬崖上加速坠落。就我们正在采取的措施而言，这显然是一个关键问题，那就是我们必须更加集中精力。

On how can we make sure that we bring to bear in the away-from-home channels in a sense, all the thinking that we have historically done on affordability, and price pack architecture in some of the mom-and-pop and line at home channels, to make sure working with our partners across the different channels that we can provide, whether it's the meal combos, or whatever format of offerings.

如何确保我们在家庭外渠道中运用我们历来在可负担性、价格包装结构方面的所有思考，这些思考我们曾在一些夫妻店和家庭渠道中实施过，以确保与我们跨不同渠道的合作伙伴合作，我们可以提供，无论是套餐组合，还是任何形式的产品供应。

So that there's a laddering of pricing to allow people to stay within the category and the channel. And so, those are rolling out as we speak. We expect to see them making an impact in the years to go.

这样就有了一个阶梯定价，使人们能够在类别和渠道内进行选择。因此，在我们发言的同时，这些产品正在推出。我们希望在未来几年看到它们产生影响。

Operator 操作员

Our next question comes from Steve Powers from Deutsche Bank. Please go ahead. Your line is open.

下一个问题来自德意志银行的史蒂夫-鲍尔斯（Steve Powers）。请说。您的电话已接通。

Stephen Powers 斯蒂芬-鲍尔斯

Thank you and good morning. Maybe, John, just to maybe put a wrap around the margin driver conversation and the impact of mix and concentrate timing, et cetera. Year-to-date, the underlying margin performance, both in the quarter and year-to-date, I guess, has been strong. As I'm penciling it outright, I don't - doesn't feel like you're expecting a material difference in the underlying margin performance of the business in the back half despite the slower concentrate sales and some of the macro drivers going, to play that back and confirm that? And if there are any material differences, maybe you could just help us as to what are the other drivers?

谢谢，早上好。也许，John，只是想总结一下关于利润率驱动因素的讨论，以及组合和浓缩液发货时间等的影响。到目前为止，基础利润率表现，无论是本季度还是年初至今，我想，一直很强劲。正如我直接写下的，我感觉你们并不期望在下半年业务的基础利润率表现会有实质性差异，尽管浓缩液销售放缓和一些宏观经济驱动因素的变化，能否回应并确认这一点？如果有实质性差异，也许您可以帮助我们了解其他驱动因素是什么？

John Murphy 约翰-墨菲

Sure, Steve, thanks. So on gross margin, just to maybe highlight the big drivers typically our underlying performance any structural changes we have in the quarter, most of which nowadays as relates to our refranchising activity and then had a currency impact. So year-to-date, we're reflecting almost 200 basis points of increase. And that's primarily driven by structural and underlying with some offset on currency.

好的，史蒂夫，谢谢。关于毛利率，我想强调一下我们本季度基本业绩的主要驱动因素和结构性变化，其中大部分与我们的特许经营活动有关，然后是货币影响。因此，年初至今，我们的业绩增长了近 200 个基点。这主要是受结构性和基本因素的影响，同时也有一些货币因素的抵消。

And for the second half of the year, typically, the margin profile in the second half of the year is slightly lower than the first half. But I would say the overall trends in the second half of the year will be similar, to what we've seen in the first half. And maybe just to step it down on one - down to the operating margin line, not dissimilar. We have had more benefit on the underlying margin in the first half of the year than on structural.

下半年的利润率通常略低于上半年。但我认为，下半年的整体趋势将与上半年相似。也许再往下看--从营业利润率来看，也没有什么不同。今年上半年，我们在基本利润率方面比结构性利润率受益更多。

And then the second half of the year, I expect it to be more even. And yet, as we've discussed in prior calls, we sort of reserve the right to stay flexible in the event that we make investment decisions that linked to what's happening in our many markets around the world.

下半年，我预计情况会更加平衡。然而，正如我们在之前的电话会议上所讨论的，我们保留保持灵活性的权利，以备我们做出与全球众多市场所发生的情况相关联的投资决策。

But overall direction of travel on both the gross and operating line is our margin profile to be strengthening and to be pretty much in line with some of the previous conversations we've had on this topic.

但是，我们在毛利和运营方面的总体发展方向是，我们的利润率将得到加强，并与我们之前就这一话题进行的一些讨论基本一致。

Operator 操作员

Our next question comes from Filippo Falorni from Citi. Please go ahead. Your line is open.

下一个问题来自花旗银行的 Filippo Falorni。请说。您的电话已接通。

Filippo Falorni 菲利普-法罗尼

Hi, good morning everyone. I wanted to ask about the Latin America business. It continues to be a very strong driver of your total company growth with very strong unit case volume. Still very strong price mix. There was obviously some temporary impact with the flooding in Brazil. But just curious a, what is working well? I know your baller relationship have improved significantly over the last couple of years. And also just a general sense of how the consumer is behaving in your key markets, Brazil, Mexico and some of the other countries.

您好，早上好。我想问一些关于拉丁美洲业务的问题。它继续是您公司总增长的一个非常强劲的驱动力，单位箱量非常强劲。价格组合仍然非常强劲。显然，巴西的洪水对业务有一些暂时性的影响。但我只是好奇，哪些方面运作良好？我知道过去几年，您的球迷关系有了显著改善。以及消费者在您的关键市场，如巴西、墨西哥和其他一些国家的行为有何普遍感受？

James Quincey 詹姆斯-昆西

Yes. Sure, Filippo. Yes. Latin America had another strong result in the quarter, sustained the volume momentum, as you mentioned, clearly being driven from Mexico and Brazil. It's a pretty broad-based category success story, including not just Coke trademark, but now Coke Zero at 20% volume growth.

是的，当然，菲利波好的。拉丁美洲在本季度又取得了强劲的业绩，正如你所提到的，墨西哥和巴西明显保持了销量增长势头。这是一个基础广泛的品类成功故事，不仅包括商标可乐，现在零度可乐的销量也增长了 20%。

Obviously, part of this is a long-term capability and momentum building approach with our bottlers in Latin America, really bringing together all of the components of the strategy that we talk about, whether it be the marketing transformation, the focus on innovation, the execution of price packaging in the marketplace, particularly in markets like Latin America, making sure we both have premiumization and opportunities.

显然，这部分是我们与拉丁美洲装瓶商的长期能力建设和动量积累方法，真正汇集了我们所谈论的战略的所有组成部分，无论是市场转型、专注于创新、在市场中执行价格包装，特别是在像拉丁美洲这样的市场，确保我们既有高端化的机会，也有其他机会。

But also critically important affordability options, whether that be with regular packaging or returnable packaging, but really making sure we have ways of keeping people in the franchise and all executed by the bottling system which has really doubled down, not just on traditional execution, and putting more cool doors out there, but the digitization of their relationships with the retailers.

但同样至关重要的是可负担性选择，无论是通过普通包装还是可回收包装，真正确保我们有方法让品牌保持活力，所有这些都由装瓶系统执行，他们不仅加倍重视传统执行，增加更多冷藏展示柜，还包括与零售商关系的数字化。

So really, representation of what is possible when all the elements of the strategy of the system are executed in the marketplace. I think it's worth noting that, obviously, yes, strong volume performance of 5%. Please do take in mind that the price mix is heavily affected by the Argentinian high inflation and two-thirds of the price mix is actually, due to Argentina.

所以，这真正展示了当系统的所有战略要素在市场中得到执行时可能实现的成果。我认为值得指出的是，显然，5%的强劲销量表现。请注意，价格组合受到阿根廷高通胀的严重影响，价格组合的三分之二实际上是由于阿根廷。

So that leaves you about roughly 6% for normal inverted e-commerce pricing for the rest of the countries. Nevertheless, a very strong result. In Latin America, very pleasing and looking forward to seeing that continue into the future.

这意味着对于其他国家来说，正常的电子商务价格倒挂大约剩下6%。尽管如此，这是一个非常强劲的结果。在拉丁美洲，非常令人满意，并期待看到这种情况在未来继续发展。

Operator 操作员

Our next question comes from Chris Carey from Wells Fargo Securities. Please go ahead. Your line is open.

下一个问题来自富国证券的 Chris Carey。请说。您的电话已接通

Chris Carey 克里斯-凯里

Hi, good morning. I wanted to ask a question on just balance sheet cash flow, specifically around Fairlife. Clearly, it's a positive development that Fairlife continues to do so well. The liability does, however, continue to grow. John, can you just maybe comment on what you can do, to perhaps limit the negative impact from raising additional capital to cover fair life, to cover the escrow payment, and specifically from a cash flow perspective in the next 12 to 18 months. And perhaps just an overall view, on how you see net interest expense versus income trending as you have some of these major payments ahead? Thanks.

您好，早上好。我想问一个关于资产负债表现金流的问题，特别是关于Fairlife的。显然，Fairlife继续表现良好是一个积极的发展。然而，负债确实在继续增长。John，您是否可以评论一下，您能做些什么，可能限制因筹集额外资本以覆盖Fairlife，以支付托管款项而产生的负面影响，特别是从未来12到18个月的现金流角度来看。也许只是从整体上看看，随着您面临一些重大支付，您如何看待净利息支出与收入的趋势？谢谢。

John Murphy 约翰-墨菲

Sure, Chris, thank you. Well, firstly is we're very pleased with the performance of Fairlife, and the end is in sight relative to the overall construct of the deal we have in place there. With regard to the broader free cash flow conversation, yes the sources we have are cash from operations. And in the short-term, as we continue to re-franchise some of our businesses from the proceeds that come in from that.

好的，Chris，谢谢你。首先，我们对Fairlife的表现非常满意，并且相对于我们在那里达成的交易的整体结构，目标已经近在咫尺。关于更广泛的自由现金流对话，是的，我们的来源是来自运营的现金。而且短期内，随着我们继续从特许经营权的收益中重新特许我们的一些业务。

During the second quarter, we also went into the debt market and we issued some long-term debt. And so, it's really a combination of those three that we are managing very closely, to deal with the end of this year and into 2025, on the outflows that we see. Balance sheet remains strong. We go into 2025 with a clear line of sight as to what needs to be taken care of.

第二季度，我们还进入债务市场，发行了一些长期债务。因此，我们对这三者的结合进行了非常严格的管理，以应对今年年底到 2025 年的资金外流。资产负债表依然强劲。进入 2025 年，我们对需要解决的问题有清晰的认识。

And yet, as we have discussed on many occasions, relative to our overall capital allocation strategy. We will continue to invest in the business as appropriate, to support the dividend file. We take care of the Fairlife acquisition and the tax payment that is, is on the horizon with relative to the IRS tax case.

然而，正如我们在许多场合所讨论的那样，相对于我们的整体资本分配战略而言。我们将继续对业务进行适当的投资，以支持分红计划。我们会处理好 Fairlife 的收购事宜，以及与国税局税务案件有关的税款支付事宜。

So all in all, it's going to be an interesting 18 months to work through. But we feel very confident that the work we've done today prepares us well to manage through it.

因此，总的来说，这将是一个有趣的 18 个月。但我们坚信，我们今天所做的工作已经为我们渡过难关做好了充分准备。

Operator 操作员

Our next question comes from Andrea Teixeira from JPMorgan. Please go ahead. Your line is open.

下一个问题来自摩根大通的 Andrea Teixeira。请说。您的电话已接通。

Andrea Teixeira 安德烈娅-特谢拉

Thank you, good morning. So James, on the price mix in North America, you mentioned about half of the 11.3 in my mix and the other pretty much pricing, but still quite driven by innovation. Can you talk about the cadence of what you expect moving ahead? Of course, you've done amazing well in the team there in terms of the marketing campaigns, and marketing and around packaging and all of that RGM playbook that you have. The booking ahead, is there any additional gains you expect, and how we should be thinking? I guess, broadly, even not only in North America, but also in Brazil and Mexico, how to think of additional gains in there and as well as in India? Thank you.

谢谢，早上好。所以James，在北美的价格组合上，你提到了11.3中的一半是我的组合，另一半主要是定价，但仍然非常受创新的驱动。你能谈谈你对未来发展的预期节奏吗？当然，你们在营销活动、包装以及你们拥有的RGM剧本方面做得非常出色。在预订方面，你是否预期有任何额外的收益，我们应该如何考虑？我想，总的来说，不仅在北美，还在巴西和墨西哥，我们应该如何考虑额外的收益，以及在印度的情况？谢谢。

James Quincey 詹姆斯-昆西

Sure, I mean, absolutely, we're going to continue to press ahead with the marketing, with the innovation, with the price factor, with the execution. That's the way we earn the right to take a reasonable level of pricing. Clearly, some of the inflationary effects and some of the mix effects, are likely to become more subdued as we go into the back half of the years.

当然，我的意思是，绝对的，我们将继续推进营销、创新、价格因素和执行。这样我们才能赢得合理定价的权利。显然，随着我们进入下半年，一些通胀效应和一些混合效应可能会变得更加低迷。

So I'm not expecting, for example in North America, half of it is from mix and half of it is from core pricing. I think the mixed piece will start to train down over time and in part it does so, because it starts cycling itself. And so I think it's, the key for me is to look through the kind of the mix and the inflation effects and thinking about core pricing. And if you do that as an overall company level and look at the second quarter in its totality.

我不预期，在北美，一半来自组合，另一半来自核心定价。我认为组合部分将随着时间的推移开始下降，部分原因是它开始自我循环。所以我认为，对我来说，关键是看穿组合和通胀效应，考虑核心定价。如果你从整体公司层面做这件事，并全面审视第二季度的情况。

Again there's, as I said, a big piece of it was inflation. You take it out and you're at the 4-ish percent in core pricing, offer 2% volume. There you are right in the sweet spot of the top end of the algorithm that, we've been looking to deliver on. So I think, the kind of the central assumption is a kind of landing zone for these effects like inflation and mix and starting to see more of the price mix being the core actions across the strategy flywheels driving the business.

再次，正如我所说，其中很大一部分是通货膨胀。如果将其剔除，核心定价约为4%，销量增长2%。在这种情况下，您正好处于我们一直希望实现的算法高端的理想位置。因此，我认为，核心假设是这些效应，如通货膨胀和组合，开始看到更多价格组合成为战略飞轮驱动业务的核心行动。

过去10年最低的PE值是18.5，2023年10月出现过21倍的PE，投资是需要大量基础性的工作，也需要耐心，平均值以上买入往往是不划算的。

Operator 操作员

Our next question comes from Kaumil Gajrawala from Jefferies. Please go ahead. Your line is open.

下一个问题来自 Jefferies 的 Kaumil Gajrawala。请说。您的电话已接通

Kaumil Gajrawala 考米尔-加杰拉瓦拉

Hi, you delivered 2% case volume growth, and we look across sort of the rest of staples. We're seeing quite a bit of slowdown in volumes. I think you're positive everywhere with the exception maybe of North America. Can you maybe just talk a bit more as you provided your operating environment views, but also AI innovation, new sports, sporting events, these types of things. What should we be looking at over the medium term in terms of volume growth?

您好，您实现了2%的箱量增长，而当我们看到其他消费品行业时，我们发现销量有相当大的放缓。我认为除了北美以外，您在所有地方都是正增长。也许您能再谈谈，正如您提供了您的运营环境观点，还有人工智能创新、新体育、体育赛事等这类事情。在中期来看，我们应该关注哪些方面，以实现销量增长？

James Quincey 詹姆斯-昆西

Yes, so we as from a strategy perspective, have taken the approach over the last number of years, it cannot say even longer, that it's critically important, particularly when times get tougher to try and keep as many consumers in the franchise as possible, rather than trying to re-recruit them at some later stage. And they're in our focus not just on marketing innovation, but affordability within the price pack architecture.

是的，从战略角度来看，我们在过去几年，甚至更长时间里，采取了一种方法，那就是在时期变得更加艰难时，尤其是要尽可能地保持更多的消费者在品牌中，而不是试图在某个后期阶段重新招募他们。我们的重点不仅仅在于营销创新，还在于价格包装结构中的可负担性。

So clearly an objective of ours is not to see negative volumes, and to make sure we keep people in and use all the elements to do that. And so, as you say, we've got 2%. In the corridor, we've got - we've had a run right there. We've talked in the past, it remains true today that the central long-term growth algorithm, we're looking for a revenue of 4% to 6%, and we've set ourselves the ambition of staying in the 5% to 6% range, with a balance of volume and price mix.

因此，我们的目标显然是不出现负增长，并确保我们能留住人们，利用所有因素来实现这一目标。因此，正如你所说，我们的增长率达到了 2%。在走廊上，我们已经--我们已经在那里跑了一圈。我们过去曾说过，我们的核心长期增长算法是将收入保持在 4% 到 6% 之间，我们为自己设定的目标是保持在 5% 到 6% 之间，同时兼顾数量和价格组合。

So that's essentially a way of, you know, if you've split that you're saying 2% to 3% in volume and 2% to 3% in price. We were kind of in that range in the quarter with the 2% volume. So I think in the long run, we'll continue to pursue that. Talked earlier this year that, in the shorter term, it's likely to be slightly more price and slightly less volume, which was kind of exactly what happened in the second quarter.

因此，这实质上是一种方式，你知道，如果你把它拆分开来，你就会说，销量为 2% 至 3%，价格为 2% 至 3%。本季度，我们的销量在 2% 的范围内。因此，我认为从长远来看，我们会继续这样做。今年早些时候，我们曾说过，在短期内，价格可能会略微上涨，销量可能会略微下降，而这正是第二季度的情况。

非常清晰的策略。

So it would not surprise me, as we go through the rest of the year that that remains true, that we see slightly less volume than the kind of standard algorithm, and slightly more price - as pricing tends towards, inflation tends towards the landing zone. And I think that's likely to be true as we go through - the rest of the summer, hopefully the weather gets a bit better. But we're likely to see that slightly less volume, slightly more price.

因此，在今年余下的时间里，如果情况依然如此，销量略低于标准算法，价格略高于标准算法--因为定价趋向于通胀，通胀趋向于着陆区，我也不会感到惊讶。我认为，随着夏季的结束，希望天气会好一点，这种情况很可能会发生。但我们很可能会看到数量略有减少，价格略有上升。

And probably a repetition of where that volume's coming from in terms of the rest of the year, the positives largely being the developing economies, Latin America, India, Africa, Southeast Asia, and to some extent Japan, and the kind of weighing on it a little, the kind of parts of North America and Europe channel and income specific and some of the disruptions from the Middle East.

今年下半年的销量可能会与去年持平，主要是发展中经济体、拉美、印度、非洲、东南亚以及一定程度上的日本。

But net-net, we think we've got a strong strategy that's playing out and is winning. And we're confident that we can drive that to get the balanced algorithm of growth, through the rest of this year, for our guidance and into the future.

但总的来说，我们认为我们已经制定了一个强有力的战略，并且正在实施和取得成功。我们有信心在今年余下的时间里，按照我们的指导意见，并在未来实现均衡增长。

Operator 操作员

Our next question comes from Robert Ottenstein from Evercore ISI. Please go ahead. Your line is open.

下一个问题来自 Evercore ISI 的 Robert Ottenstein。请说。您的电话已接通。

Rob Ottenstein 罗布-奥滕斯坦

Great, thank you very much. I'd like to go back to North America, but look at it more on a category basis [technical difficulty] that I can think of sparkling is doing better than energy as a sector. I'd love to get your thoughts on maybe what the drivers are there. Second, sports strengths, how your new strategy is working, combining Powerade and BODYARMOR under one management team. And then third, any other particular things that you're seeing on the category side that are worth noting? Thank you.

非常感谢。我想回到北美市场，但更想从品类角度来看[技术困难]我能想到的是气泡饮料的表现比能量饮料行业更好。我很想听听您对那里的驱动因素的看法。第二，体育优势，您的新战略是如何运作的，将Powerade和BODYARMOR合并在一个管理团队下。第三，您在品类方面还看到哪些特别值得关注的事情？谢谢。

James Quincey 詹姆斯-昆西

Yes, sure Robert. So definitely North America had a good second quarter. The standouts in terms of growth, clearly, actually what's interesting is actually if you look at the Nielsen Universe, and you look at which two trademarks provided most dollar retail growth in Q2, and the answer is Fairlife and Coca-Cola. And so, in a way, you can see that as a sort of microcosm for the overall strategy working.

是的，当然，罗伯特。北美地区第二季度的业绩肯定不错。在增长方面，很明显，有趣的是，如果你看看尼尔森全球的数据，看看哪两个商标在第二季度的零售额增长最多，答案是 "Fairlife "和 "可口可乐"。因此，在某种程度上，你可以把这看作是整体战略奏效的一个缩影。

You've got broad ends of the portfolio working and it's being executed in the marketplace and driving really substantial growth. So good performance by Fairlife, good performance by the overall Coca-Cola with growth obviously being led by Coca-Cola Zero. In the sports category, getting better. We had some positive volume growth in BODYARMOR and Powerade.

您拥有广泛的产品组合在市场中得到执行并推动了真正的显著增长。Fairlife表现良好，整体可口可乐品牌也表现良好，增长显然由零度可口可乐带动。在运动饮料类别中，情况正在改善。我们在BODYARMOR和Powerade都取得了积极的销量增长。

And we're really starting to see, the kind of stabilization with the marketing and the innovation, and some packed price work going on there. We're not yet gaining all the share we want again, but we've stabilized and starting to turn the corner with some of those innovations on Zero and Flash I.V. and Powerade power. So a good kind of step forward and turning the corner and clearly looking to do better. I'm not sure there's much more to say, great quarter and long may at last.

我们真正开始看到，随着市场推广和创新，以及一些包装价格策略的实施，市场出现了稳定的迹象。我们还没有获得我们想要的所有市场份额，但我们已经稳定了局面，并开始借助零度可口可乐和Flash I.V.以及Powerade Power的一些创新，转过拐角。所以这是一个向前迈进的好步骤，并且显然希望做得更好。我不确定还有什么更多要说的，这是一个很棒的季度，希望这种势头能持续下去。

Operator 操作员

Our next question comes from Peter Grom from UBS. Please go ahead. Your line is open.

下一个问题来自瑞银集团的彼得-格罗姆（Peter Grom）。请说。您的电话已接通。

Peter Grom 彼得-格罗姆

Thanks operator and good morning. I guess I just wanted to follow-up on Robert's questions specifically on energy drinks Sprite. I mean, it's one of the few categories where we've seen a pretty notable change here. So, do you have any perspective James on what maybe driving the weaker performance. And then as you look ahead, would you anticipate maybe some of this pressure to be short-lived? Is there something you're seeing that would suggest this weakness can persist through the balance of the year and into maybe '25? Thanks.

谢谢主持人，大家早上好。我想跟进一下Robert的问题，特别是关于能量饮料和雪碧的问题。我的意思是，这是我们看到的少数几个有显著变化的品类之一。所以，James，您是否有任何观点，可能是什么导致了表现不佳？然后，展望未来，您是否预计这种压力可能是短暂的？您是否看到了一些迹象表明这种疲软可能会持续到今年余下的时间，甚至延续到2025年？谢谢。

James Quincey 詹姆斯-昆西

Sure. Well I think therefore. You need to kind of break it up a bit. I mean firstly look, we've had a great partnership with Monster, created tremendous value for Monster for us Coca-Cola and for the bottling partners. Clearly in the case of the U.S., there's been what happens in every category when people create a category, and there's one or two brands. People look for the white spaces and start to innovate, and start to bring new news to the category. I think that's what's happening in energy, particularly in the US.

当然。嗯，我认为你需要稍微分析一下。我的意思是，首先，我们与Monster有着极好的合作关系，为Monster、我们可口可乐以及装瓶合作伙伴创造了巨大的价值。显然，在美国，当人们创建了一个品类，并且有一两个品牌时，会发生在每个品类中的事情。人们寻找空白领域并开始创新，开始为品类带来新的消息。我认为这就是在美国能量饮料品类中正在发生的事情。

And so, I think working with Monster that will respond to the evolution of the way, the consumers looking at the category. I think it's also important to understand that the energy category, is one of the categories that responds to an overall consumer needs state, of being fueled for their lives. And so, from a company point of view, we see that as something where we bring multiple brands, to bear against that needs state.

因此，我认为与Monster合作，将响应消费者对品类的看法的演变。我认为同样重要的是要理解，能量饮料品类是响应消费者整体需求状态的品类之一，为他们的生活提供动力。所以，从一个公司的角度来看，我们认为这是我们可以通过多种品牌来满足这种需求状态的地方。

And each brand in each category needs to play its part in kind of delivering on that. Each one has to do their own work to do it. But I think there's more to be done across the board, including in the Monster energy portfolio. We're working with them on that. And then I think internationally, there's robust growth in the energy category and making good progress around the world in different ways and different forms.

每个品牌在每个品类中都需要发挥其作用，以实现这一目标。每个品牌都必须做自己的工作来实现它。但我认为，包括在Monster能量产品组合中，还有更多的工作要做。我们正在与他们合作进行这方面的工作。然后我认为，在国际上，能量饮料品类有着强劲的增长，并以不同的方式和形式在全球范围内取得了良好的进展。

So I think, one has to kind of pull apart energy category and look at it kind of geographically, to see that overall it's still got some good growth, and there's different jobs to be done in different parts of the world.

因此，我认为人们需要将能量饮料品类分开来，并从地理上对其进行观察，以看到总体上它仍然有一些良好的增长，并且在世界的不同地区需要完成不同的工作。

Operator 操作员

Our next question comes from Charlie Higgs from Redburn. Please go ahead. Your line is open.

下一个问题来自 Redburn 的查理-希格斯（Charlie Higgs）。请说您的电话已接通

Charlie Higgs 查理-希格斯

Hi James, John. Hope you're both well. I've got a question on Asia Pacific. The performance in Q2, please. Where volumes are up 3% and price mixed is down 3%. Can you maybe just talk a bit more about the volumes up 3%, and specifically how China performed, and what you're seeing on the ground there in China in Q2. And then the price mix down 3%, is that purely just negative geographic mix from India and Philippines, also in Japan, or was there negative pricing within that? Thank you.

嗨，詹姆斯，约翰。希望你们都好。我有一个关于亚太地区的问题。请介绍一下第二季度的表现。销量增长了 3%，混合价格下降了 3%。你能不能多谈谈销量增长 3%，特别是中国市场的表现，以及你在中国看到的第二季度的实际情况。价格组合下降 3%，是纯粹来自印度和菲律宾以及日本的负面地域组合，还是其中存在负面定价？谢谢。

James Quincey 詹姆斯-昆西

Yes, sure. I'll take it in reverse order, Charlie. Yes, the negative pricing is more than driven by the mix effect. So core pricing is positive if you went operating unit-by-operating unit, but overall Asia price mix is negative, because of the way the mathematics of the thing works. But the central answer there is it's more than just geography mix.

好的当然我倒过来说，查理。是的，负定价主要是受混合效应的影响。因此，如果逐个经营单位来看，核心定价是正数，但由于数学运算的方式，亚洲的整体价格组合是负数。但核心答案是，这不仅仅是地域组合的问题。

Geography mix is consuming core pricing and taking it down to minus 3%. Then if I go back to the performance of the different operating units, clearly the big swing in Asia-Pacific is driven by the bounce back of India. You'll remember that in the first quarter, India had a soft first quarter. The second quarter was very strong. And so that produces obviously a big swing in the results.

地域组合消耗了核心定价，使其下降到负 3%。如果我再看一下不同运营部门的表现，很明显，亚太地区的大幅波动是由印度的反弹推动的。大家应该还记得，在第一季度，印度第一季度表现疲软。第二季度则非常强劲。因此，这显然对业绩产生了很大的影响。

So India had a good double-digit growth of volume in the second quarter. Still very bullish on India. Still very realistic in terms of it won't be a straight line into the future, but they certainly had a good quarter in the second quarter. We also saw good volume growth across Southeast Asia, including also volume growth across Japan and South Korea. Volumes were negative in the China operating unit.

因此，印度在第二季度的销量增长达到了两位数。我们仍然非常看好印度市场。我们仍然非常现实地认为，未来不会是一条直线，但他们在第二季度的表现肯定不错。我们在东南亚也看到了良好的销量增长，包括日本和韩国的销量增长。中国业务部门的销量出现了负增长。

There's two parts to this story. The first is, yes, there's a general macro softness as the overall economy works through some of the structural issues around real estate, pricing, et cetera, et cetera. But within the things that we control, we have essentially been prioritizing and restructuring where we invest across the category portfolio. And focusing more on sparkling and juice drinks and teas.

这个故事有两个部分。第一，确实存在整体宏观疲软，因为整体经济正在解决一些与房地产、定价等相关的结构性问题。但在我们能够控制的方面，我们基本上一直在优先考虑和重组我们在整个类别投资组合中的投资，并更加关注气泡饮料、果汁饮料和茶。

And deprioritizing what is essentially case-packed water, where we - don't make money in China. So the overall volumes were negative in China, but that's entirely driven by the de-prioritization of the water. And actually, I think the sparkling volume was slightly positive in China for the quarter.

并降低了基本上是整箱包装水的优先级，因为我们在中国没有盈利。因此，中国的整体销量是负的，但这完全是由于水的优先级降低。实际上，我认为本季度中国的气泡水销量略有增长。

Operator 操作员

Our next question comes from Kevin Grundy from BNP Paribas. Please go ahead. Your line is open.

下一个问题来自法国巴黎银行的凯文-格兰迪（Kevin Grundy）。请说。您的电话已接通。

Kevin Grundy 凯文-格兰迪

Great. Thanks. Good morning, everyone. Question for John, please, just kind of building on some of the questions earlier on cash flow. Can we get an update, please, on timing of potential bottler re-franchising? I think it's probably largely a question on CCBA, and understanding that market conditions may potentially dictate. But can you help us how you're currently thinking about potential timing there? And then as you're thinking about value creation for shareholders, how much does EPS solution come into that? We hear that from shareholders sometimes, if at all, as you're thinking about moving forward with that? Thanks.

好的。谢谢。大家早上好。请问约翰，有一个问题，想在之前关于现金流的一些问题基础上再问一下。我们能否获得关于潜在瓶装商重新特许经营的时间更新？我想这可能主要是关于 CCBA 的问题，并且理解市场条件可能会影响。但您能否告诉我们您目前对潜在时间的考虑？然后在您考虑为股东创造价值时，EPS 解决方案在其中占多大比重？我们有时听到股东提到这一点，您在考虑推进这一点时是否有考虑？谢谢。

John Murphy 约翰-墨菲

So regarding the timing, we're not giving out dates as to when we expect the refranchising process to finish, we're staying very thoughtful, disciplined in recruiting new partners in the areas that are still outstanding. And so, there's good work underway, but no imminent decisions and we'll advise as that work bear fruition. But I think the overall message is, we continue to be very clear internally on the path forward.

因此，关于时间安排，我们不会透露预计完成重新特许经营进程的日期，我们会在仍未完成的领域招聘新的合作伙伴，我们的工作非常周到、严谨。因此，我们的工作正在有条不紊地进行，但还没有马上做出决定。但我认为，总的来说，我们内部对未来的道路仍然非常清晰。

And we'll expect over the couple of years to have the both of the refranchising, John, if not all of us. With regard to the impact on EPS dilution, it's a mechanical effect that comes from the broader strategic decisions that, we've - that we believe are right for the Coca-Cola Company, and over time for the Coca-Cola system. The refranchising work that started back in the mid-teens is demonstrating time and again that the overall system benefits, when there's a step change in overall performance.

我们预计在接下来的几年中会有两项特许经营的工作，约翰，如果不是我们所有人。关于每股收益稀释的影响，这是一个机械效应，源于我们认为对可口可乐公司以及可口可乐系统长期有利的更广泛战略决策。从十几年前中期开始的特许经营工作一次又一次地证明，当整体表现发生重大变化时，整个系统都会受益。

And with that step change, we benefit over the longer haul to - as you've seen this year, there is a mechanical impact on the EPS line. But longer term, we think that the broader value proposition of the Coca-Cola Company is staying very focused on what we do best, and having a balance sheet then that's designed to support what we do best, working in partnership with great partners around the world, is the recipe for us to ease and exceed our long-term growth model.

有了这一步的改变，我们将长期受益于--正如你们今年所看到的，对每股收益产生了机械性的影响。但从长远来看，我们认为，可口可乐公司更广泛的价值主张是始终专注于我们最擅长的领域，并拥有一个旨在支持我们最擅长领域的资产负债表，与全球优秀的合作伙伴携手合作，这才是我们轻松实现并超越长期增长模式的秘诀。

Operator 操作员

Our last question today will come from Robert Moskow from TD Cowen. Please go ahead. Your line is open.

今天的最后一个问题来自 TD Cowen 的 Robert Moskow。请说。您的电话已接通。

Robert Moskow 罗伯特-莫斯科

Hi, thanks for the question Maybe I missed it, but did you make any commentary about your intentions on marketing investment for the year, whether anything has changed since the start of the year. I think you talked about maybe some surgical efforts in certain markets in certain categories. But can I assume that there's no signal here that, needs to be incremental investment to improve volume?

您好，谢谢您的问题。也许我遗漏了，但您是否对今年的营销投资意图做出过任何评论？是否有任何自年初以来的变化？我记得您提到过可能在某些市场和某些类别中进行一些精准的努力。但我能否假设这里没有信号表明需要增加投资来提高销量？

James Quincey 詹姆斯-昆西

Let me attack the answer in a different way. Our bias is to lean in and invest where we see opportunities. And to the extent that we continue to see opportunities, we continue to invest. And if we see more opportunity, we'll invest more. And the contrary is also true. If we see softness that doesn't warrant certain level of investment, then we will look to pull back.

让我换一种方式来回答这个问题。我们的偏向是在我们看到机会的地方进行投资。只要我们继续看到机会，我们就会继续投资。如果我们看到更多的机会，我们就会投资更多。反之亦然。如果我们发现市场疲软，没有必要进行一定程度的投资，那么我们就会寻求回撤。

Having said that, there's nothing particularly in the guidance that's trying to tell you, is changing radically in one direction or the other. Yes, we continue to see the need for marketing pressure. It's not a fixed sum that, is not subject to inflation. But there's nothing in the guidance that's trying to tell you something radically different. It's very much we continue to invest and drive the top line, and we see the two marching together.

话虽如此，但指导意见中并没有什么特别的东西要告诉你，正在朝着一个方向或另一个方向发生根本性的变化。是的，我们仍然认为有必要施加营销压力。这不是一个固定的金额，不会受到通货膨胀的影响。但指导意见中并没有试图告诉你一些根本不同的东西。在很大程度上，我们将继续投资并推动业绩增长，我们认为这两者将齐头并进。

Okay. Thanks, Robert. That was the last question. So to summarize, we're building a culture that emphasizes improving every aspect of how we do business. We have lots of opportunities in front of us. We think we're well positioned to capture these opportunities, and we're confident that we will successfully execute our strategy and create value for - our stakeholders. Thank you for your interest. Your investment in our company and for joining us this morning. Thank you.

好的谢谢，罗伯特。这是最后一个问题。总而言之，我们正在建立一种文化，强调改进我们业务的方方面面。我们面前有很多机会。我们相信，我们将成功执行我们的战略，为我们的利益相关者创造价值。感谢您的关注。感谢您对我们公司的投资，感谢您参加今天上午的会议。谢谢大家。

Operator 操作员

Ladies and gentlemen, this concludes today's conference call. Thank you for participating. You may now disconnect.

女士们，先生们，今天的电话会议到此结束。感谢各位的参与。现在可以挂断电话。

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