百事 (PEP) 2018 Q3 法說會逐字稿

Good morning, and welcome to PepsiCo's Third Quarter 2018 Earnings Conference Call. (Operator Instructions)

早安，歡迎各位參加百事公司（PepsiCo）2018 年第三季財報電話會議。（接線員指示）

Today's call is being recorded and will be archived at www.pepsico.com.

今天的電話會議將被錄音，並將存檔於 www.pepsico.com。

It is now my pleasure to introduce Mr. Jamie Caulfield, Senior Vice President of Investor Relations. Mr. Caulfield, you may begin.

現在我很榮幸介紹投資人關係資深副總裁 Jamie Caulfield 先生。Caulfield 先生，您可以開始了。

Thank you, operator. With me today are Indra Nooyi, PepsiCo's Chairman and CEO; and Hugh Johnston, PepsiCo's CFO.

謝謝，接線員。今天與我一同出席的有百事公司董事長暨執行長 Indra Nooyi，以及百事公司財務長 Hugh Johnston。

We'll lead off today's call with a review of our third quarter performance and full year 2018 outlook, and then we'll move on to Q&A.

我們將先回顧第三季表現與 2018 全年展望，接著進入問答環節。

Before we begin, please take note of our cautionary statement.

在開始之前，請留意我們的警示性聲明。

This conference call includes forward-looking statements, including statements regarding 2018 guidance based on currently available information. Forward-looking statements inherently involve risks and uncertainties that could cause our actual results to differ materially from those predicted. Statements made on this conference call should be considered together with cautionary statements and other information contained in today's earnings release and in our most recent periodic reports filed with the SEC.

本次電話會議包含前瞻性陳述，包括基於目前可得資訊所作之 2018 年指引相關陳述。前瞻性陳述本質上涉及風險與不確定性，可能導致我們的實際結果與預測結果出現重大差異。本次電話會議中的陳述，應與今日財報新聞稿以及我們最近向美國證券交易委員會（SEC）提交之定期報告中所載的警示性聲明與其他資訊一併審閱。

When discussing our financial results on today's call, we will refer to certain non-GAAP measures, which exclude certain items such as the impact of the U.S. Tax Cuts and Jobs Act and other tax-related items, foreign exchange translation and acquisitions, divestitures, structural and other changes from our reported results. You should refer to the Glossary and other attachments to this morning's earnings release and to the Investors section of PepsiCo's website under the Events and Presentations tab to find full explanations and reconciliations of these non-GAAP measures.

在今天的電話會議中討論財務結果時，我們將引用若干非 GAAP 指標；該等指標自已報告結果中排除某些項目，例如《美國減稅與就業法案》（U.S. Tax Cuts and Jobs Act）及其他稅務相關項目之影響、外匯換算以及併購、剝離、結構性與其他變動等影響。請參閱今早財報新聞稿中的詞彙表與其他附件，以及百事公司網站投資人專區「活動與簡報」分頁，以取得這些非 GAAP 指標的完整說明與調節表。

Now it's my pleasure to introduce Indra Nooyi.

現在我很榮幸介紹 Indra Nooyi。

Thank you, Jamie, and good morning, everyone. Thank you all for joining us.

謝謝你，Jamie，各位早安。感謝各位加入我們。

As most of you know, we announced in August that I'm stepping down as CEO of PepsiCo after 12 years in the role, effective tomorrow. And so today will be my final conference call with you, actually my 75th and final if you also include the calls I participated in as CFO.

如各位多數人所知，我們在 8 月宣布我將在擔任百事公司執行長 12 年後卸任，自明日起生效。因此，今天將是我與各位的最後一次電話會議；若也包含我擔任財務長期間參與的電話會議，這其實是我第 75 次、也是最後一次。

After we complete the primary business at hand, reviewing the results and outlook and taking your questions, I'd like to ask for your patience and allow me to make a few concluding remarks at the end of the call.

在我們完成主要議程——回顧業績與展望並回答各位問題——之後，我想請各位稍加耐心，讓我在電話會議結束前做幾點總結性發言。

So moving on to business.

那麼進入業務內容。

For the quarter, we generated $16.5 billion of net revenue, driven by 4.9% organic revenue growth, and delivered core earnings per share of $1.59, a 9% increase on a core constant currency basis. Overall, we are pleased with our operating and financial performance in the quarter.

本季我們創造 165 億美元淨營收，主要由 4.9% 的有機營收成長所帶動；核心每股盈餘為 1.59 美元，以核心固定匯率基礎計算年增 9%。整體而言，我們對本季的營運與財務表現感到滿意。

The organic revenue growth represents another quarter of sequential acceleration and the highest rate of organic revenue growth in 12 quarters. The majority of our businesses again performed well, with particularly strong performances by our international sectors and solid performance by Frito-Lay North America. And while North American Beverages profit performance was impacted by inflation and a double-digit increase in advertising expense, the sector posted 2.5% organic revenue growth with a good balance between volume growth and net price realization.

有機營收成長代表又一季的逐季加速，並創下 12 個季度以來最高的有機營收成長率。我們大多數業務再次表現良好，其中特別亮眼的是國際事業部門，而北美菲多利（Frito-Lay North America）也有穩健表現。儘管北美飲料（North American Beverages）的獲利表現受到通膨與廣告費用兩位數成長的影響，該部門仍繳出 2.5% 的有機營收成長，且在銷量成長與淨價格實現之間取得良好平衡。

Frito-Lay North America delivered balanced volume growth and net price realization, driven by strong innovation and brand marketing. For example, in June, we launched Stacy's Cheese Petites. Inspired by French cheese puffs, these bite-sized cheese snacks have real cheese baked inside, creating a sophisticated snacking experience. In fact, cheese is the primary ingredient. Petites are a good source of calcium and have 6 grams of protein per serving. And they come in a resealable pouch, making them great for a convenient on-the-go experience.

北美菲多利在強勁創新與品牌行銷的帶動下，實現了均衡的銷量成長與淨價格實現。例如，我們在 6 月推出 Stacy's Cheese Petites。這些一口大小的起司點心靈感來自法式起司泡芙，內含真正起司並以烘焙方式製作，帶來更精緻的零食體驗。事實上，起司是其主要成分。Petites 是鈣的良好來源，每份含 6 公克蛋白質。此外採用可重複密封的袋裝，讓消費者外出攜帶更方便。

Over the summer, Doritos and Mountain Dew partnered on our Worlds Collide program to appeal to our Gen Z consumers who thrive on exhilarating experiences. The program highlighted the brand's recent innovations, Doritos Blaze and Dew Ice, and rewarded consumers who purchased both products with merchandise and experiences. The 8-week media campaign supporting the program spanned social media channels. It was also featured on Pandora to reach our consumers' distinctive music.

在夏季期間，Doritos 與 Mountain Dew 透過我們的 Worlds Collide 計畫合作，以吸引熱衷刺激體驗的 Z 世代消費者。該計畫聚焦品牌近期創新產品 Doritos Blaze 與 Dew Ice，並以周邊商品與體驗回饋同時購買兩項產品的消費者。支持該計畫的 8 週媒體活動涵蓋各社群媒體管道。我們也在 Pandora 上曝光，以觸及消費者獨特的音樂偏好。

Tostitos' growth was fueled by new products such as Roasted Red Pepper and Black Bean & Garlic. To support the product launches, we created a program to drive trial during the summer get-togethers. Our Buy. Ride. Get Together. already program allowed consumers to scan a code of specially marked bags to redeem a $5 Lyft credit, making it even easier for our consumers to get safety to and from summer parties.

Tostitos 的成長由新產品帶動，例如 Roasted Red Pepper 以及 Black Bean & Garlic。為支持產品上市，我們推出一項計畫，在夏季聚會期間推動試用。我們的 Buy。Ride。Get Together。計畫讓消費者掃描特別標示包裝袋上的代碼，即可兌換 5 美元 Lyft 抵用金，使消費者更容易安全往返夏季派對。

And Cheetos benefited from the launch of Cheetos FLAMIN' HOT Chipotle Ranch earlier this year, appealing to consumers' growing desire for intense flavors. Cheetos further benefited from our Cheetos Museum Win What You See campaign, with our first-ever Cheetos promotion supported by TV commercials directing consumers to WinWhatYouSee.com, where we invited our fans to find and submit unique Cheeto shapes to have a chance to win what they see. We garnered more than 80,000 submissions, and the program has now been localized and rolled across 7 additional countries and counting.

此外，Cheetos 受惠於今年稍早推出的 Cheetos FLAMIN' HOT Chipotle Ranch，迎合消費者對濃烈風味日益增加的偏好。Cheetos 也進一步受惠於我們的「Cheetos Museum Win What You See」活動；這是我們史上首次 Cheetos 促銷活動，並以電視廣告導流至 WinWhatYouSee.com，邀請粉絲尋找並提交獨特的 Cheeto 形狀，以獲得「所見即所得」的得獎機會。我們收到超過 80,000 份投稿，而該計畫目前已在另外 7 個國家完成在地化並持續擴展中。

Turning to North American Beverages. While the marketplace remains highly competitive, we are encouraged by improving overall category growth trends and a generally rational pricing environment. We had another quarter of sequential organic revenue performance improvement. Organic revenue growth of 2.5% is the best we have seen at NAB in 8 quarters and was driven by retail sales growth in Starbucks Ready-to-Drink coffee, Lipton ready-to-drink tea, Gatorade, our water portfolio, Pepsi and Mountain Dew. Certainly, strong innovation across the portfolio is contributing to the improving performance. For example, LIFEWTR continues its journey advancing and showcasing sources of creativity with the launch of our Series 6 bottles themed Diversity in Design. LIFEWTR achieved more than $150 million in measured retail sales in 2017, which was its introductory year. And it's on pace to achieve more than $200 million in measured retail sales in 2018.

接著談北美飲料。儘管市場競爭依然激烈，我們對整體品類成長趨勢的改善以及相對理性的定價環境感到鼓舞。我們又一季實現有機營收表現的逐季改善。2.5% 的有機營收成長是北美飲料（NAB）在 8 個季度以來的最佳表現，主要由 Starbucks 即飲咖啡、Lipton 即飲茶、Gatorade、我們的水產品組合、Pepsi 與 Mountain Dew 的零售銷售成長所帶動。毫無疑問，產品組合的強勁創新正促成表現改善。例如，LIFEWTR 持續推進並展現創意來源，推出以「設計多元性」為主題的第 6 系列瓶身。LIFEWTR 在 2017 年（上市首年）的可衡量零售銷售額超過 1.5 億美元。而 2018 年可衡量零售銷售額可望超過 2 億美元。

bubly, our new flavored sparkling water that has no artificial flavors, colors or calories, which we launched in February of this year, continues to perform exceedingly well and is projected to exceed $100 million in measured retail sales in its first year.

bubly 是我們今年 2 月推出的新款風味氣泡水，不含人工香料、色素或熱量，持續表現極為出色，預計在上市首年可衡量零售銷售額將超過 1 億美元。

Mountain Dew's performance is benefiting from the launch of Mountain Dew Ice, another launch which should surpass $100 million of retail in its first year from launch, and from the return of Mountain Dew Baja Blast as our summer limited-time offering.

Mountain Dew 的表現正受惠於 Mountain Dew Ice 的推出；這是另一項新品上市，預期自上市起第一年零售額可突破 1 億美元；同時也受惠於 Mountain Dew Baja Blast 作為我們夏季限時供應產品的回歸。

And in June, we launched Gatorade Zero. With zero sugar and all the electrolytes of Gatorade Thirst Quencher, Gatorade Zero is providing hydration options for more athletes in more locations and is off to a strong start. And we believe our stepped-up advertising and marketing, particularly on trademarks Pepsi and Mountain Dew, are also starting to contribute to improved performance as we saw sequential net revenue acceleration in both trademarks in the third quarter.

此外，我們在 6 月推出了 Gatorade Zero。Gatorade Zero 零糖且保有 Gatorade Thirst Quencher 的所有電解質，正在為更多地點的更多運動員提供補水選擇，且開局表現強勁。我們也相信，我們加碼的廣告與行銷投入，特別是針對 Pepsi 與 Mountain Dew 等商標，亦開始對表現改善有所貢獻，因為我們在第三季看到這兩個商標的淨營收較前一季加速成長。

Commodity inflation, operating cost inflation, particularly in transportation costs, product mix and a stepped-up advertising expense each pressured our profit performance in the quarter. However, we expect that our recently implemented pricing actions will improve profit performance in the coming quarter.

大宗商品通膨、營運成本通膨（尤其是運輸成本）、產品組合變化，以及加碼的廣告費用，皆在本季對我們的獲利表現造成壓力。然而，我們預期近期已實施的定價措施將在下一季改善獲利表現。

At Quaker Foods North America, our hot cereal business posted its fifth consecutive quarter of market share gains, supported by a marketing campaign highlighting the functional benefits of oatmeal and innovation like SIMPLE & WHOLESOME organic hot cereal, a multigrain hot cereal with no artificial colors or preservatives. In addition, Quaker lite snacks gained market share with high single-digit retail sales growth. And our Aunt Jemima pancake business grew retail sales for the eighth consecutive quarter.

在北美桂格食品（Quaker Foods North America），我們的熱穀物（hot cereal）業務在強調燕麥功能性益處的行銷活動支持下，連續第五季取得市占率成長，並搭配如 SIMPLE & WHOLESOME 有機熱穀物等創新產品——這是一款不含人工色素或防腐劑的多穀熱穀物。此外，Quaker lite 點心以零售銷售高個位數成長帶動市占率提升。我們的 Aunt Jemima 煎餅業務也連續第八季實現零售銷售成長。

And to close out our conversation on North America, we are pleased to report that in the third quarter, PepsiCo was the largest contributor to food and beverage growth at retail in the United States.

作為我們北美話題的收尾，我們很高興報告：在第三季，百事公司（PepsiCo）是美國零售端食品與飲料成長的最大貢獻者。

Turning to our sectors outside of North America. We are extremely pleased with the 10% organic revenue growth we saw in our developing and emerging markets as a group, which is a continuation of the strength we experienced across many of these markets in the first half. Strong marketplace execution led to continued solid growth across many of our key international markets.

接著談談北美以外的事業部門。我們對開發中與新興市場整體所呈現的 10% 有機營收成長感到非常振奮，這延續了我們在上半年於多個市場所見的強勁態勢。強而有力的市場執行，帶動我們多個關鍵國際市場持續穩健成長。

Within Latin America, organic revenue grew 10%, driven by high single-digit growth in Mexico and double-digit growth in Argentina, Brazil and Colombia. The LatAm team is doing an excellent job building our business and growing our market share in key countries in the region.

在拉丁美洲，有機營收成長 10%，主要由墨西哥的高個位數成長，以及阿根廷、巴西與哥倫比亞的雙位數成長所帶動。拉美團隊在建立我們的業務並提升本區域關鍵國家的市占率方面表現非常出色。

In our Europe Sub-Sahara Africa sector, Russia and South Africa each grew organic revenue high single digits, while Turkey and Poland had double-digit organic revenue growth. Even within the developed markets of Europe, we saw mid-single-digit organic revenue growth in the U.K. and France, again continued good performance from this team.

在歐洲—撒哈拉以南非洲事業部門，俄羅斯與南非的有機營收各自成長高個位數，而土耳其與波蘭則達到雙位數有機營收成長。即使在歐洲的成熟市場中，我們在英國與法國也看到中個位數的有機營收成長，再次展現該團隊持續良好的表現。

And in AMENA, we had strong double-digit organic revenue growth in China, Saudi Arabia, India and Egypt, and high single-digit organic revenue growth in Australia. Excellent results from our AMENA team. This strong top line performance translated into impressive bottom line results, with core constant currency operating profit up 12% in our international divisions as a group.

在 AMENA，我們在中國、沙烏地阿拉伯、印度與埃及取得強勁的雙位數有機營收成長，並在澳洲取得高個位數有機營收成長。AMENA 團隊交出非常優異的成績。這樣強勁的營收表現也轉化為令人印象深刻的獲利成果：我們國際事業群整體的核心固定匯率營業利益成長 12%。

The international results reflect our initiatives to continue to expand distribution of our big global brands and to innovate in locally relevant ways. For example, we continue to drive international growth of our Zero Sugar Pepsi Black and Pepsi Max trademarks with introductions of lime and cherry flavors across Eastern Europe, lime in the Nordics and lime and vanilla flavors in the Philippines.

國際市場的成果反映了我們持續擴大全球大型品牌的通路覆蓋，以及以符合在地需求的方式進行創新的各項措施。例如，我們持續推動零糖 Pepsi Black 與 Pepsi Max 等商標在國際市場的成長：在東歐推出萊姆與櫻桃口味、在北歐推出萊姆口味，並在菲律賓推出萊姆與香草口味。

We're driving growth in Doritos internationally, whether through expansion to new markets like China, where the brand just celebrated its first anniversary since launch, to innovation in existing markets like India, where we launched Doritos Heat Wave.

我們也在國際市場推動 Doritos 的成長，無論是擴展到像中國這樣的新市場（該品牌自上市以來剛慶祝一週年），或是在像印度這樣的既有市場進行創新（我們推出了 Doritos Heat Wave）。

And the Quaker trademark continues its global expansion, from the launch of Quaker super foods in Mexico to our launches of Quaker Kids and Quaker multigrain instant oatmeal platforms in China.

Quaker 商標也持續在全球擴張，從在墨西哥推出 Quaker super foods，到在中國推出 Quaker Kids 與 Quaker 多穀即食燕麥平台。

Finally, during the quarter, we reached an agreement to acquire SodaStream. As we said on the day of the initial announcement, we believe PepsiCo and SodaStream are an inspired match. Daniel Birnbaum and the rest of the SodaStream team have built an extraordinary company that is offering consumers the ability to make great-tasting beverages while reducing the amount of waste generated. That focus is well aligned with Performance with Purpose, our philosophy of making more nutritious products while limiting our environmental footprint. Together, we can advance our shared vision of a healthier, more sustainable planet. SodaStream will also add to our growing water portfolio while accelerating our ability to offer personalized in-home beverage solutions around the world. From breakthrough innovations like Drinkfinity to beverage dispensers like Spire for foodservice and Aquafina water stations for colleges and universities, we are finding new ways to reach consumers beyond the bottle, and the SodaStream acquisition is fully in line with that strategy.

最後，在本季期間，我們達成協議將收購 SodaStream。正如我們在最初公告當天所說，我們相信 PepsiCo 與 SodaStream 是天作之合。Daniel Birnbaum 與 SodaStream 團隊其他成員打造了一家非凡的公司，讓消費者能製作美味飲品，同時減少所產生的廢棄物。這樣的聚焦與「以使命促進績效」（Performance with Purpose）高度一致——這是我們在提供更營養產品的同時，限制環境足跡的理念。我們將共同推進對更健康、更永續地球的共同願景。SodaStream 也將為我們持續成長的水品類組合增添動能，同時加速我們在全球提供個人化居家飲品解決方案的能力。從如 Drinkfinity 這類突破性創新，到如 Spire 這類餐飲服務用飲料分配設備，以及供大專院校使用的 Aquafina 供水站，我們正尋找超越瓶裝的全新方式觸及消費者，而收購 SodaStream 完全符合該策略。

As we previously announced, the acquisition was unanimously approved by the boards of both companies. The transaction is subject to a SodaStream shareholder vote, certain regulatory approvals and other customary conditions, and consummation of the transaction is expected by January of 2019.

如我們先前所公告，該收購案已獲兩家公司董事會一致通過。本交易仍須經 SodaStream 股東投票、取得特定監管核准及其他慣常條件，預期將於 2019 年 1 月完成交割。

Net, we are encouraged by the momentum we are seeing across many of our international markets. In North America, Frito-Lay continues to perform well, North American Beverages is making steady improvement, and our recently implemented pricing actions will help improve profit performance in North America. And finally, we are excited about the new opportunities that the pending SodaStream acquisition represents.

整體而言，我們對在多個國際市場所見的動能感到鼓舞。在北美，Frito-Lay 持續表現良好，北美飲料業務正穩步改善，而我們近期已實施的定價措施將有助於提升北美的獲利表現。最後，我們也對待完成的 SodaStream 收購案所代表的新機會感到振奮。

With that, let me turn it over to Hugh Johnston.

接下來，我把時間交給 Hugh Johnston。

Thank you, Indra, and good morning, everyone. I'll just provide a quick update on the outlook, and then we'll move to your questions.

謝謝你，Indra，各位早安。我將就展望做個簡短更新，接著我們會進入提問。

After considering our year-to-date performance and other factors, we have updated our guidance for 2018. Specifically, we now expect at least 3% organic revenue growth for the full year. We now expect our core effective tax rate to be between 19% and 20%. We continue to expect core constant currency EPS growth of 9%. However, we now expect core earnings per share in U.S. dollar terms of $5.65, which reflects a 1-point headwind from foreign exchange translation based on current market consensus rates due to the recent strengthening of the U.S. dollar. This is an 8% increase compared to 2017 core earnings per share of $5.23.

在考量我們年初至今的表現及其他因素後，我們已更新 2018 年的財測指引。具體而言，我們目前預期全年至少達成 3% 的有機營收成長。我們目前預期核心有效稅率介於 19% 至 20%。我們仍預期核心固定匯率 EPS 成長 9%。然而，我們目前預期以美元計的核心每股盈餘為 5.65 美元；此數字反映在目前市場共識匯率下，因近期美元走強而造成外匯換算帶來 1 個百分點的不利影響。相較於 2017 年核心每股盈餘 5.23 美元，這代表成長 8%。

We continue to expect strong cash flow and to exercise disciplined capital allocation with prudent reinvestment into the business. For 2018, we continue to expect free cash flow of approximately $6 billion, which includes approximately $9 billion in cash flow from operations, including a $1.4 billion discretionary pension contribution made in the first quarter, and we now expect net capital spending of approximately $3.3 billion.

我們仍預期將有強勁的現金流，並以審慎再投資於業務的方式，執行有紀律的資本配置。就 2018 年而言，我們仍預期自由現金流約 60 億美元，其中包含約 90 億美元的營運現金流（包括第一季所進行的 14 億美元自主性退休金提撥），且我們目前預期淨資本支出約 33 億美元。

We continue to expect to return approximately $7 billion to shareholders in 2018 with cash dividends of approximately $5 billion, reflecting a 15% increase in the annualized dividend per share that began with the June payment and share repurchases of approximately $2 billion.

我們仍預期在2018年向股東返還約70億美元，其中現金股利約50億美元，反映自6月發放開始的每股年化股利提高15%，以及約20億美元的股票回購。

Finally, as you update your models, I'd like to highlight the following items to consider for the fourth quarter. Frito-Lay North America is lapping 5% organic revenue growth from the fourth quarter of 2017. We expect operating profit to decline in our AMENA division as we lap strong results and a refranchising gain in Jordan from the fourth quarter of 2017. We expect the previously announced refranchising of our Czech Republic, Hungary and Slovakia business operations to benefit ESSA operating profit in the fourth quarter. And finally, based on market consensus forecast, we expect foreign exchange translation to negatively impact both net revenue and operating profit by approximately 3 percentage points in the fourth quarter.

最後，在各位更新模型時，我想強調以下幾點，供第四季參考。Frito-Lay 北美將面臨2017年第四季5%的有機營收成長基期。我們預期 AMENA 事業部的營業利益將下滑，因為2017年第四季的強勁表現以及約旦再特許經營收益形成較高基期。我們預期先前已宣布的捷克共和國、匈牙利與斯洛伐克業務營運再特許經營，將在第四季有利於 ESSA 的營業利益。最後，根據市場共識預測，我們預期外匯換算在第四季將使淨營收與營業利益各自受到約3個百分點的負面影響。

With that, operator, we're ready to take the first question.

接下來，接線員，我們準備開始回答第一個問題。

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

(接線員指示) 我們的第一個問題來自 Morgan Stanley 的 Dara Mohsenian。

Congratulations, Indra, on an illustrious career at Pepsi, and best wishes for you in the future.

Indra，恭喜你在百事公司擁有輝煌的職涯，也祝福你未來一切順利。

Thank you.

謝謝。

So the quarter itself clearly saw a large acceleration of your organic sales in emerging and developing markets. That's in contrast to some of the fears out there over slowing macros. So I was just hoping you could give us some more detail there on what drove the sequential improvement. Do you think it's more category growth accelerating or Pepsi market share picking up? Maybe some of the key countries behind that. And then most importantly, just are those drivers sustainable as you look going forward beyond Q3 as you think about the strength in the business in the quarter?

就本季而言，你們在新興與開發中市場的有機銷售顯然大幅加速。這與市場上對總體環境放緩的一些擔憂形成對比。因此我希望你能更詳細說明，究竟是什麼推動了這種環比改善。你認為是品類成長加速，還是百事的市占率提升？也請談談背後的一些關鍵國家。最重要的是，當你展望第三季之後、往前看時，這些驅動因素是否具可持續性，並支撐本季業務的強勁表現？

Hugh?

Hugh？

Yes, Dara. So from an international perspective, I think we saw remarkably broad-based results. The list of countries that had a strong quarter is probably too long to enumerate on the call. We'd use up our entire time doing that. Maybe most notably, I think we saw strong volume growth both in snacks and in beverages. Snacks were somewhere between 4% and 5% volume growth, beverages between 3% and 4%. And I think it really does sort of demonstrate the -- both the power of the portfolio and then, in addition to that, the relatively broad-based strength of economic performance around the world. So I think we do expect international to continue to perform very well. I think the portfolio is sturdy and well insulated. Look, at any given time, as countries are disrupted, we always have some exposure to those disruptions. But by and large, I think we have a remarkably powerful international business.

是的，Dara。從國際業務角度來看，我認為我們看到的成果相當廣泛且均衡。本季表現強勁的國家名單可能長到無法在電話會議上一一列舉。如果要講完，恐怕會用掉我們全部時間。尤其值得一提的是，我們在零食與飲料兩大品類都看到強勁的銷量成長。零食銷量成長約在4%到5%之間，飲料約在3%到4%之間。我認為這確實展現了——一方面是產品組合的力量，另一方面則是全球經濟表現相對廣泛的韌性。因此，我們確實預期國際業務將持續表現非常好。我認為我們的產品組合穩健且具良好緩衝。你看，在任何時點，當某些國家出現擾動時，我們總會對這些擾動有一定曝險。但整體而言，我認為我們擁有非常強大的國際業務。

And our execution also picked up quite a bit.

而且我們的執行力也提升了不少。

Absolutely.

完全同意。

Your next question comes from the line of Kevin Grundy of Jeffries.

下一個問題來自 Jeffries 的 Kevin Grundy。

And I want to extend my congratulations as well. Can we start on the North America Beverage business? Results improving, so congratulations on that. But coming at a cost when we look at the margin pressure year-over-year and understanding that freight and commodities are pulling apart. But you're also picking up your advertising and marketing spending. So maybe you could touch on the ROI on the spend, if you're satisfied at this point. And then, two, maybe touch on the necessity to maintain higher levels here into Q4 and even next year, particularly behind CSDs and sports drinks as we look at some of the market share trends we see in the Nielsen data, in order to maintain this level of growth.

我也想表達我的祝賀。我們可以先從北美飲料業務談起嗎？業績正在改善，先恭喜你們。但從年對年來看，利潤率承壓似乎也付出了代價；我理解運輸與大宗商品成本正在分化。不過你們也提高了廣告與行銷支出。所以也許你可以談談這些支出的投資報酬率（ROI），目前是否滿意。第二點，也請談談是否有必要在第四季甚至明年維持較高的支出水準，特別是在碳酸飲料（CSD）與運動飲料方面；因為從尼爾森數據所見的一些市占趨勢來看，為了維持目前的成長水準，可能需要這樣做。

Yes, it's Hugh Johnston. A couple of things on that. You're right, the P&L was negatively impacted by 2 things. Number one was cost pressure. Both transport costs and aluminum were up. Number two was the increase in advertising and marketing spend across a number of our businesses. Maybe just we'll step back a little bit in terms of the way that we think about advertising and spending levels. Our intention, generally speaking, is to be competitive on advertising and spending levels but not to accelerate beyond competition. Our goal is to win based on the quality of our advertising and the execution that follows that advertising rather than the level itself. So I think we will maintain levels of spending that are competitive but not beyond competitive. Regarding the input cost inflation, whether it's transport or whether it's aluminum, our history has always been to price through inflation in our developed markets. We'll look to do that here. We did that post Q3. It's fairly unusual to take pricing in the middle of the summer. So despite the fact that we felt some of that pressure in the summer, we didn't take pricing until September. I think you will see the profit picture improve in Q4 as a result of that pricing.

是的，我是 Hugh Johnston。關於這點有幾件事。你說得對，損益表（P&L）受到兩個因素的負面影響。第一是成本壓力。運輸成本與鋁價都上升。第二是我們在多項業務中增加了廣告與行銷支出。也許我先退一步，談談我們如何看待廣告與支出水準。一般而言，我們的意圖是讓廣告與支出水準具競爭力，但不會加速到超過競爭對手。我們的目標是靠廣告品質，以及廣告之後的執行來取勝，而不是靠支出水準本身。因此，我認為我們會維持具競爭力、但不超越競爭的支出水準。至於投入成本通膨，不論是運輸或鋁，我們一貫的作法是在已開發市場透過定價來轉嫁通膨。我們也會在這裡採取同樣作法。我們在第三季之後已經這麼做了。在夏季中段調價相當不尋常。因此，儘管我們在夏季感受到部分壓力，我們直到9月才調價。我認為你會在第四季看到因這次調價而使獲利情況改善。

Your next question comes from the line of Bryan Spillane of Bank of America Merrill Lynch.

下一個問題來自美國銀行美林（Bank of America Merrill Lynch）的 Bryan Spillane。

And Indra, really I just want to wish you the best going forward. It's been a pleasure the last 20 years covering you.

Indra，我真的只想祝福你未來一切順利。過去20年能夠追蹤報導你是一種榮幸。

Thank you. Thank you very much.

謝謝。非常感謝。

I guess the bigger question I would have is just as you're looking at the business today or in this year, right, we've seen some increase in investment for advertising and marketing. We've also seen SodaStream as a, relative to some of the acquisitions you've done in the past, a little bit bigger, which sort of suggests that there's just more of a need to sort of invest to continue to drive the top line. So I guess, Indra, if you could just sort of address this. Are we at a point now where there's just a need to spend more, whether it's operating expense or M&A, to sort of drive the top line? Or was this year sort of more of an anomaly?

我想我更大的問題是，當你看今天或今年的業務時，我們確實看到廣告與行銷投資有所增加。我們也看到 SodaStream 相較於你們過去做過的一些收購案，規模稍微更大一些，這似乎暗示為了持續推動營收成長，確實需要更多投資。所以我想，Indra，如果你能回應一下：我們是否已經來到一個需要投入更多支出——不論是營運費用或併購（M&A）——來推動營收的階段？還是說今年比較像是個例外？

Yes, it's Hugh. Those are 2 fairly different points, so let me address them separately. In terms of capital allocation broadly, no change in policy here. We've talked about $500 million a year in tuck-ins, that, that continues to be our stated policy. SodaStream, in a lot of ways, is a unique asset in that it gets into a completely different market that we really weren't touching at all, which are consumers who prefer to prepare beverages at home, whether they be just sparkling water or whether they be flavored beverages. So I would view that one as a unique opportunity then in trend. Regarding is the cost of doing business going up more broadly, particularly in terms of driving top line, I actually don't think so. I wouldn't interpret our increase in advertising and marketing in the beverage business as anything more than a response to a competitive increase. And that's a competitive increase that remains to be seen as to where it goes in the future. I think our expectation, as we've said before, is we want to compete on execution, we want to compete on the quality of innovation and we want to compete on the quality of our marketing. And we think we're well positioned to do that, particularly with our integrated system.

是的，我是Hugh。這是兩個相當不同的點，我分開回應。就廣義的資本配置而言，政策沒有改變。我們談過每年約5億美元用於補強型併購（tuck-ins），這仍然是我們既定的政策。SodaStream在很多方面都是一項獨特資產，因為它切入了一個我們過去幾乎完全沒有觸及的不同市場，也就是偏好在家自製飲品的消費者，不論只是氣泡水或是調味飲料。因此我會把那筆交易視為一個獨特的機會，並且符合趨勢。至於更廣泛而言經營成本是否在上升，特別是推動營收成長（top line）方面，我其實不這麼認為。我不會把我們在飲料業務增加廣告與行銷解讀為其他原因，而是對競爭加劇的回應。而這種競爭加劇未來會走向何處，仍有待觀察。我想我們的期待，如同先前所說，是要在執行力上競爭、在創新品質上競爭，也要在行銷品質上競爭。我們認為自己具備良好條件做到這一點，尤其是憑藉我們的整合式系統。

Your next question comes from the line of Ali Dibadj of Bernstein.

下一個問題來自Bernstein的Ali Dibadj。

First, Indra, very sorry to see you go. You've really transformed the company and, frankly, the whole industry, so you should feel very good about yourself. Would love to hear what made you decide to go after 12 great years. And maybe that'll be in the closing remarks, but we'd love to hear that an hour later. And then more specifically about the quarter, clearly top line has been very good. The margin has seen a little bit of pressure, and we understand both the advertising increases as well as some of the commodity and other costs that are in there. But historically, you've been able to insulate a lot of that through the $1 billion-a-year cost savings plan that we've seen here. Where do you think you are on that? Are you towards the end of that and that's why we're seeing a little bit more pressure on the margins? Or do you think that has legs to continue for many more years and continue to insulate you guys from what we're seeing, for example, this quarter and the most recent quarters on margin pressure?

首先，Indra，很遺憾看到你要離開。你確實改造了公司，坦白說也改變了整個產業，所以你應該對自己感到非常自豪。很想聽聽是什麼讓你在12個精彩的年頭後決定離開。也許你會在結語提到，但我們也很想在一小時後就先聽到。然後更具體談本季，顯然營收表現非常好。毛利率承受了一點壓力，我們也理解其中包含廣告增加以及部分大宗商品與其他成本。但過去你們一直能透過我們看到的每年10億美元成本節省計畫來抵消不少影響。你覺得目前進度到哪裡了？你們是否已接近尾聲，所以我們才看到毛利率壓力稍微變大？或者你認為這個計畫仍有延續動能，還能再持續很多年，並繼續讓你們免於我們看到的、例如本季與最近幾季的毛利率壓力？

Ali, why don't I handle your second question first? In terms of productivity going forward, the bucket which we drive productivity we call operating expense is about a $28 billion bucket. It's got a natural rate of inflation of about 3% to 4%, partly because the bucket is more tilted internationally where inflation rates are higher. So I do think we've got years and years of productivity to come in the future. I'm not here to announce a specific new program right now beyond what we've announced, but I do we think have lots of opportunity out there for further productivity. Regarding your question on whether we can continue to drive growth through the P&L funded by productivity, I think broadly, the answer to that is yes. In a lot of ways, I think that the third quarter was reflective of the timing of our pricing decisions, where we decided to take those post Q3 rather during the quarter, which obviously pressured margins a little bit. And it was also reflective of continued investments that we're making in top line growth initiatives, whether it's advertising and marketing, which was up about 6% in the quarter, R&D spending was up about 22% in the quarter, e-commerce spending was roughly double in the quarter. So I think in many ways, what you saw was a timing issue in terms of the timing of commodity increases versus the pricing increase and continued investment in the business while delivering the short-term performance that, frankly, in many ways, has been emblematic of Indra's entire 12 years in running the company and -- or posture in doing so over the last 20 or more years with the company.

Ali，我先回答你的第二個問題。就未來的生產力而言，我們推動生產力的那個「桶」我們稱為營運費用（operating expense），規模約280億美元。它的自然通膨率約3%到4%，部分原因是這個桶更偏向國際市場，而那裡的通膨率較高。所以我確實認為未來還有很多很多年的生產力可挖掘。我今天不會在已宣布內容之外再宣布一個具體的新計畫，但我確實認為仍有大量進一步提升生產力的機會。至於你問到我們是否能持續透過生產力來支撐損益表（P&L）並推動成長，我想整體而言答案是肯定的。在很多方面，我認為第三季反映了我們定價決策的時點：我們選擇在Q3之後才調價，而不是在季度內調價，這顯然讓毛利率承受了一些壓力。同時也反映了我們持續在營收成長（top line growth）計畫上的投資，不論是廣告與行銷，本季約成長6%；研發支出本季約成長22%；電商支出本季大約翻倍。所以我認為你看到的在很多方面是時點問題：大宗商品成本上升的時點相對於調價的時點，以及我們在交出短期表現的同時仍持續投資於業務——坦白說，這在很多方面一直是Indra在領導公司這12年、以及她在公司過去20多年或更久期間所展現的特徵與作風。

Ali, and I'll answer your first question in my closing comments for sure.

Ali，至於你的第一個問題，我會在結語中一定回答。

Your next question comes from the line of Judy Hong of Goldman Sachs.

下一個問題來自Goldman Sachs的Judy Hong。

And congratulations, Indra, and best wishes from me as well.

也恭喜你，Indra，我也向你致上最好的祝福。

Thank you.

謝謝。

And so I guess, first, on the guidance, Hugh. So the FX obviously came down by about 1%. The core EPS didn't change. The revenue went up. The tax rate came down. So maybe there's a little bit of a additional pressure kind of between those lines, so maybe a little bit color there. And then just follow-up on NAB pricing. So Q3 -- post Q3, the price increase. Can you just give us a little bit color, just the magnitude of the price increases and the categories that you announced the price increases and what you think the elasticity might be in terms of the pricing impact?

那我想先談指引（guidance），Hugh。外匯（FX）顯然下修了大約1%。核心每股盈餘（core EPS）沒有改變。營收上調了。稅率下調了。所以在這些項目之間，可能隱含了一些額外壓力，想請你補充一些說明。然後再追問一下NAB定價。Q3之後的調價。你能否再多給我們一些細節，例如調價幅度大概是多少、哪些品類宣布調價，以及你認為就價格影響而言需求彈性可能會如何？

Yes. So in terms of the point that you made regarding the P&L, we've said all along to the degree that we have upsides from tax and things like that, we intend to deliver our guidance and invest back in the business. You just heard me articulate a few of the areas that we've been investing in. Regarding pricing in the marketplace, the -- what we said broadly is the pricing will be somewhere in the low to mid-single digits, and that pricing is basically in right now in the beverage business.

好的。就你提到的損益表（P&L）那點，我們一直說，只要在稅務等方面有上行空間，我們的意圖就是達成我們的指引，並把資源再投回業務。你剛剛也聽到我闡述了幾個我們正在投資的領域。至於市場上的定價——我們大致說過，調價幅度會落在低到中個位數百分比，而這個定價目前基本上已在飲料業務中到位。

Your next question comes from the line of Lauren Lieberman of Barclays.

下一個問題來自Barclays的Lauren Lieberman。

Indra, I was hoping to just take this opportunity to ask you kind of as you look forward and you think about what are the biggest opportunities you think that are still ahead for PepsiCo, what do you think some of the biggest challenges are? There's a lot that has been built under your watch, the continued development, for example, of DSD in the U.S., and yet we've got the dramatic changes in retail. So if you can just give us some thoughts on kind of opportunities but then also some of the challenges and adjustments that might need to be made in the business model going forward as you set to your retirement from the company.

Indra，我想趁這個機會請教你：當你展望未來、思考百事公司（PepsiCo）接下來最大的機會是什麼時，你認為最大的挑戰又是什麼？在你任內建立了很多成果，例如美國DSD（直送配送）系統的持續發展，但同時零售端也正發生劇烈變化。所以如果你能分享一些對機會的看法，以及未來在你即將退休之際，商業模式可能需要做出的挑戰與調整，我們將非常感謝。

Thanks, Lauren. And I think PepsiCo has the scale and scope to remain one of the most successful food and beverage companies well into the future. I think over the years, we've assembled a portfolio that is very synergistic, has tremendous growth potential. And more importantly, we built out a geographic footprint which is quite impressive. Going forward, I think there's still tremendous amount of growth available in emerging markets. I think there's growth available in rethinking some of our businesses as platforms rather than just products. For example, we still haven't fully exploited how snacks can be mini meals and what we can do with the combination of our snacks and dips. And that's something our teams are looking at very seriously. How do we look at sports beverages more as a holistic sports -- nutritional sports fuel platform? And our teams are looking at that. And so our growth prospects, whether it's the developed markets or the developing markets and emerging markets, is actually what we imagine it to be, not necessarily what the reported numbers are. So that's the first top line opportunity. I think the wonderful thing about PepsiCo is that we reinvent ourselves constantly, whether it's rethinking innovation and top line, new capabilities we need to invest behind or if it's rethinking the cost structure. As I've said to many of you, I think there's lots of technology-driven disruptions that are coming down the pike that are going to force us to rethink many, many parts of our cost structure. But we started that work several years ago. And I think over the next year or so, you'll start seeing a lot of these taking root. And how we implement these in the company and reshape our cost structure for the new realities is really going to separate the great companies from the not-so-great companies. And I'm confident PepsiCo is among the great companies, and we will reshape our cost structure using technology as a big driver. And I think we'll also use data analytics and insights to think about innovation a whole lot differently. So I feel good about where we are. We've made a lot of the investments. The trick now is to keep investing in the company judiciously so that we deliver a good balance of short-term results and make investments to keep this engine going into the future.

謝謝你，Lauren。我認為百事公司具備規模與廣度，未來很長一段時間仍將是最成功的食品與飲料公司之一。我認為多年來，我們建立了一個高度協同、具備龐大成長潛力的產品組合。更重要的是，我們打造了相當令人印象深刻的全球地理版圖。展望未來，我認為新興市場仍有非常龐大的成長空間。我也認為，若把我們部分業務重新定位為「平台」而不只是「產品」，同樣存在成長機會。例如，我們仍未完全發揮零食可作為迷你餐點的潛力，以及如何結合我們的零食與沾醬所能做的事。這也是我們團隊正在非常認真研究的方向。我們要如何把運動飲料視為更整體的運動——營養運動補給燃料平台？我們的團隊也正在研究這一點。因此，我們的成長前景，不論是在已開發市場或開發中與新興市場，實際上是我們想像中的樣子，而不一定只是已揭露的數字所呈現的樣子。所以這是第一個營收端（top line）的機會。我認為百事公司最棒的一點是，我們不斷自我再造——不論是重新思考創新與營收端、需要投資的新能力，或是重新思考成本結構。正如我對許多人說過的，我認為有許多由科技驅動的顛覆正在逼近，將迫使我們重新思考成本結構中的許多、許多部分。但我們幾年前就已開始這項工作。我認為在接下來一年左右，你們會開始看到其中許多措施落地生根。而我們如何在公司內推動落實、並因應新現實重塑成本結構，將真正區分偉大公司與不那麼偉大的公司。我有信心百事公司屬於偉大公司之列，我們將以科技作為重要驅動力來重塑成本結構。我也認為我們會運用數據分析與洞察，以截然不同的方式思考創新。所以我對我們目前的狀況感到樂觀。我們已做了大量投資。現在的關鍵是要審慎地持續投資公司，在交付良好短期成果的同時，也投入資源讓這具引擎在未來持續運轉。

Your next question comes from the line of Bonnie Herzog of Wells Fargo.

下一個問題來自富國銀行（Wells Fargo）的 Bonnie Herzog。

And congratulations from me too, Indra. We all wish you really the very best in the future. I had a quick question on your guidance. Your outlook for organic sales is now slightly higher for the year, but it implies a sequential deceleration in Q4. So could you guys first reconcile that for us? And then whether you're being conservative or is there something else going on? And then I was also hoping to hear an update on your current thinking on the strategic options you're exploring for your beverage business in North America. Guess I'm wondering if you guys have made any more progress in determining the right path for this business. And really what your latest thoughts are on potential benefits of refranchising.

我也要向你致上恭喜，Indra。我們都真心祝福你未來一切順利。我有一個關於你們財測指引的簡短問題。你們對今年有機銷售（organic sales）的展望現在略為上調，但這意味著第四季（Q4）將出現逐季放緩。所以你們能否先幫我們釐清這點？另外，你們是採取保守假設，還是有其他因素在發生？我也希望聽到你們對北美飲料業務正在探索的策略選項，目前思考的最新進展。我想知道你們在判斷這項業務的正確路徑上，是否又有更多進展。以及你們對於可能透過重新特許經營（refranchising）所帶來效益的最新看法。

Yes, happy to jump in on that. Number one, I would remind you that the Q4 lap on revenue is more difficult than Q3 was. So while the guidance does imply a sequential slowdown in Q4, some of our thinking is driven by that. And frankly, the guidance we've laid out there is at least 3%, so we'll see how the quarter comes in. Regarding North America Beverage and refranchising, nothing new to report on that. We've said we look at it as we always do. The one thing that I would say generally is, we do think the integrated system does make us more innovative. It does make us faster to respond to customer needs. And it does make us more cost competitive. So those are the hurdles that we have to overcome if we were to see some benefit through refranchising in the future.

好的，我很樂意回答。第一，我想提醒你，第四季在營收上的比較基期（lap）比第三季更具挑戰。因此，雖然指引確實暗示第四季將逐季放緩，但我們部分思考是受此影響。坦白說，我們給出的指引至少是 3%，所以我們會看看本季實際表現如何。至於北美飲料與重新特許經營，目前沒有新的進展可報告。我們已表示會一如既往地持續評估。我想一般性地補充一點：我們確實認為整合式系統能讓我們更具創新力。也能讓我們更快回應客戶需求。同時也能讓我們在成本上更具競爭力。因此，如果未來要透過重新特許經營看到一些效益，這些就是我們必須克服的門檻。

Your next question comes from the line of Caroline Levy of Macquarie.

下一個問題來自麥格理（Macquarie）的 Caroline Levy。

Indra, congratulations. I really can't wait to see what you're up to next. And you've been a great role model for many women, so congratulations. I just -- my question is on Frito-Lay North America, where the margin growth hasn't been as robust this year as it has historically. And I'm wondering how you're thinking about the fourth quarter, which has a very difficult lap. I know you had some onetime payments in the first quarter on bonuses. But is -- Frito has always been such a great driver of growth for the total company, Frito-Lay North America. Is there a point at which the margin expansion story, thinking longer term, maybe needs to slow as you invest in new opportunities?

Indra，恭喜你。我真的迫不及待想看看你接下來會做什麼。你一直是許多女性很棒的榜樣，所以恭喜。我想——我的問題是關於北美菲多利（Frito-Lay North America），今年的毛利率/營業利益率成長不如以往那麼強勁。我想了解你們如何看待第四季，因為第四季的比較基期非常困難。我知道第一季在獎金方面有一些一次性支付。但——菲多利一直是整體公司成長的重要驅動力，北美菲多利。從更長期來看，是否會有某個時間點，為了投資新機會，利潤率擴張的故事可能需要放慢？

Yes, Caroline, it's Hugh. I think the answer to your question is no because we think that, that business is so strong in its ability to leverage new ideas and new technology and to scale them relatively quickly to provide increased margin over time. In terms of the short-term numbers that you're speaking to, one of the factors affecting Frito-Lay this year is transport cost. Now transport in Frito is more heavily internal relative to beverages, which uses more common carrier. So beverages has been more exposed to the driver shortage and the impact in terms of transport cost. But Frito-Lay is not immune to that. It does use some common carrier. And there is some wage inflation in the driver pool as well. One of the things you will see Frito-Lay do is take some pricing in the fourth quarter, particularly in single-serve, which I think will mitigate the impact of the inflation, and you'll see the margin performance return to a more normal margin improvement.

好的，Caroline，我是 Hugh。我認為你問題的答案是否定的，因為我們認為該業務在運用新想法與新技術、並相對快速地擴大規模方面非常強，能隨時間推進帶來更高的利潤率。就你提到的短期數字而言，今年影響菲多利的一個因素是運輸成本。菲多利的運輸相較於飲料更偏向內部自營，而飲料更多使用公共承運商（common carrier）。因此，飲料業務更暴露於司機短缺，以及其對運輸成本的影響。但菲多利也並非不受影響。它也使用部分公共承運商。同時司機人力池也存在一定的薪資通膨。你們會看到菲多利在第四季進行一些提價，特別是在單份包裝（single-serve）上；我認為這將緩解通膨的影響，並且你們會看到利潤率表現回到較正常的改善水準。

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

下一個問題來自摩根大通（JPMorgan）的 Andrea Teixeira。

And Indra, thank you for making history indeed. And best wishes for you and Ramon as well.

Indra，也確實感謝你創造歷史。也祝福你與 Ramon 一切順利。

Thank you.

謝謝。

My question is related to NAB. Why are we encouraged to see the volumes return to positive, but the trends continue to decelerate on a 2-year stack? So how should we think about volume performance on a sequential basis as you move through the fourth quarter? I'm assuming that you're going to have some of the results of your increased investments and also execution at the trade.

我的問題與 NAB 有關。為什麼我們被鼓勵去看待銷量回到正成長，但在兩年疊加的基礎上趨勢仍持續放緩？那麼，當你們進入第四季時，我們應該如何以季比（sequential）的角度來看待銷量表現？我假設你們會看到部分加大投資的成果，以及在通路端的執行落地。

Yes, Andrea, I'm not going to -- I don't want to go into guidance on a division through a specific perspective and -- on a division-specific quarterly perspective, particularly not. I would view it as the business is both improving, but it's improving in a broad-based way. So watching volume alone may not be as meaningful as watching the combination of volume and revenue, particularly in light of the fact that where we're seeing the best growth is oftentimes in non-carbs and premium products, which are obviously, they move the needle less on volume but they move the needle on revenue in a substantive way. So again, I think the message here in terms of North America Beverage is continued sequential improvement in the overall business. The pricing will obviously help in Q4 as well. And we think we're getting that business back on track with the investments behind advertising and the innovation that we have.

是的，Andrea，我不會——我不想就某個事業部、以特定角度來提供指引——尤其不會以事業部別的季度視角來談。我會把它看作是業務確實在改善，而且是廣泛性的改善。因此，單看銷量可能不如同時觀察銷量與營收的組合來得有意義，特別是考量到我們看到最佳成長的地方往往是在非碳酸與高端產品上；這些品類顯然對銷量的拉動較小，但對營收的拉動相當顯著。所以再說一次，我認為北美飲料（North America Beverage）的訊息是整體業務持續逐季改善。定價在第四季也會帶來幫助。而且我們認為，透過在廣告與創新上的投資，我們正讓這項業務回到正軌。

Your next question comes from the line of Steve Powers of Deutsche Bank.

下一個問題來自德意志銀行（Deutsche Bank）的 Steve Powers。

And congrats, and thank you from me as well, Indra.

也恭喜你，Indra，我也向你致謝。

Thank you, Steve.

謝謝你，Steve。

I guess I had a question on, I guess, the question that Bryan asked earlier on SodaStream, but from a different perspective. If we step back and look at what's happened over the course of this summer with the official creation of KDP with the alliance between Nestlé and Starbucks, with Coke purchasing BODYARMOR and then Costa coffee and your own action with SodaStream. It just -- it feels like there's a tremendous amount of activity and change all across beverages right now. I just -- I'd love your thoughts as to why there's so much activity right now. And what does it say about the future of the LRB category and PepsiCo's role in it amidst all this change.

我想我有個問題，算是延續 Bryan 先前對 SodaStream 的提問，但從不同角度。如果我們退一步看，今年夏天發生的事情：KDP 正式成立、Nestlé 與 Starbucks 結盟；可口可樂收購 BODYARMOR，接著又買了 Costa coffee；以及你們自己對 SodaStream 的行動。這——感覺現在整個飲料領域到處都有大量活動與變化。我很想聽聽你對於為什麼現在會有這麼多動作的看法。以及在這些變化之中，這對 LRB 類別的未來意味著什麼？百事公司在其中又將扮演什麼角色？

Go ahead.

請繼續。

Yes. Steve, I agree with you there is a large amount of activity right now, and you just cited a couple of competitors coming at it from a couple of different angles. I don't want to speculate on their strategies. Now those are questions probably best asked of them. I do think you have people using different approaches to reach for growth and to reconstruct their portfolios to some degree. From PepsiCo's perspective, by and large, we like the construction of our portfolio right now. It's been built over the better part of the last 2 decades. And we think it's well positioned to compete, well positioned to innovate on as we build on the platforms that have existed here for a long time. SodaStream, I wouldn't compare to the other things that you cited. I think it's an exception to the rule because it actually gets into a market that we weren't playing in at all up until now and, frankly, I don't think any of the other people that you mentioned are playing in, in a substantive way at all either. So I wouldn't compare our move in SodaStream with some of the other competitive moves because I think it's been driven by a new opportunity for us as opposed to getting into categories that some of those folks are already in, they just weren't scaled up at.

是的。Steve，我同意你，現在確實有大量活動，而你剛才也舉了幾個競爭對手從不同角度切入的例子。我不想揣測他們的策略。那些問題可能最好由他們來回答。我確實認為，大家正用不同的方法去追求成長，並在某種程度上重塑各自的產品組合。就百事公司而言，整體來說，我們喜歡目前的產品組合架構。這個組合是在過去將近 20 年的大部分時間裡建立起來的。我們認為它具備良好的競爭定位，也很適合在既有、長期存在的平台上持續創新。SodaStream 我不會拿來和你提到的其他事情相比。我認為它是個例外，因為它其實讓我們進入了一個直到現在我們完全沒有參與的市場；坦白說，我也不認為你提到的其他公司在那個市場有任何實質性的布局。因此，我不會把我們在 SodaStream 的動作與其他競爭動作相提並論，因為這更多是由我們的新機會所驅動，而不是去切入那些其他人已經在其中、只是規模尚未做大的品類。

Your next question comes from the line of Vivien Azer of Cowen.

下一個問題來自 Cowen 的 Vivien Azer。

Indra, congratulations. One of the things that I think has rung through, through your tenure at Pepsi that's certainly coming through loud and clear on this call is the focus on the innovation and how that really helps differentiate the story. So with that in mind, I was wondering whether you could speak at all to how Pepsi is thinking about an opportunity in cannabis-based products and specifically non-psychoactive cannabis as an additive to nonalcoholic drinks?

Indra，恭喜。我認為在你任職百事期間，有一件事一直貫穿始終，而在這通電話會議上也非常清楚地呈現出來：對創新的重視，以及創新如何真正幫助差異化整個故事。基於此，我想請問你是否能談談百事如何看待大麻基產品的機會，特別是將非致幻性大麻作為添加物加入無酒精飲料？

I mean, really, I don't have anything to say. Now Hugh, I don't know if you want to add something there.

我的意思是，真的，我沒有什麼可以說的。Hugh，我不知道你是否想補充一下。

Yes, I mean, obviously, we -- I think it's fair to say we look at everything. But I think the difficulties in investing in that category, particularly in the U.S. where federally these things are still not legal, are quite a considerable challenge. So we look at everything, but certainly no plans at this point to do anything.

是的，我的意思是，很明顯，我們——我想可以說我們會看所有事情。但我認為，在那個品類投資的困難，特別是在美國，因為在聯邦層級這些仍然不合法，確實是相當大的挑戰。所以我們會看所有事情，但目前當然沒有任何計畫要採取行動。

Your next question comes from the line of Amit Sharma of BMO Capital Markets.

下一個問題來自 BMO Capital Markets 的 Amit Sharma。

And very best wishes for you after the time in here. Two questions, if I may. One, Hugh, to your response on the NAB franchising and perfectly accept the [blind term] , I just want to look at it from when you look at your potential partners from a bottling side, is that also a consideration in your decision to keep the current structure intact? And then second, as we look to the end of this year or next year, there is a ton of contribution from below the line in terms of EPS. As you look at next year, how much room do you have in that below the lines in terms of flexibility? Or should we expect operating profit to be generally in line with earnings growth next year?

也祝你在這裡這段時間之後一切順利。如果可以的話，我有兩個問題。第一個，Hugh，關於你對 NAB 特許經營（franchising）的回應，我完全接受那個[聽不清的詞]，我只是想從另一個角度看：當你從裝瓶端（bottling side）評估潛在合作夥伴時，這是否也是你決定維持現有架構不變的考量之一？第二個，當我們看今年年底或明年，EPS 在營業利益以下（below the line）有大量貢獻。展望明年，在「線下項目」方面你們有多少彈性空間？或者我們是否應該預期明年的營業利益大致會與盈餘成長同步？

Yes, Amit, happy to answer both of those. In terms of the potential bottling partners, we have a lot of high-quality bottlers in our business. So that's not a factor in the decision. The factors are the ones that I mentioned earlier. Regarding your question on 2019, we're always quite disciplined around not talking about guidance for 2019 or even things that potentially impact guidance until we get to that year. So we'll talk about that in February.

是的，Amit，很樂意回答這兩個問題。就潛在的裝瓶合作夥伴而言，我們的業務中有許多高品質的裝瓶商。所以那不是這項決策的因素。因素是我先前提到的那些。至於你對 2019 年的問題，我們一向相當嚴謹，不會談 2019 年的指引，甚至也不會在尚未進入該年度前談可能影響指引的事項。所以我們會在二月再談。

Your next question comes from the line of Pablo Zuanic of SIG.

下一個問題來自 SIG 的 Pablo Zuanic。

All the best, Indra, all the best. Two quick questions, if I can. A bit forward thinking in terms of snacks. It seems to me that, yes, Frito is very strong in salty. But a lot of innovation is more on the savory side, I would argue. We have seen a lot of the food companies coming into snacks. So just help us frame how Pepsi fits in there. Because from my perspective, the company obviously protects its very strong salty franchise, and they're obviously into adjacencies very lightly maybe perhaps not to dilute the core. But the market seems to be moving and shifting away from salty into those other categories. So is that a concern? How should we think about that? And the second, very, very, very brief. Is there room for a closer collaboration with Starbucks in the guise of coffee? I mean, obviously, Starbucks now is doing things with Nestlé overseas and in the U.S. Is there room for Pepsi to do something with NESCAFÉ, for example? If you can comment on that.

祝一切順利，Indra，祝一切順利。如果可以的話，兩個很快的問題。先稍微前瞻性地談零食。在我看來，是的，Frito 在鹹味零食（salty）非常強。但我會認為，很多創新其實更偏向「風味／鹹香」（savory）那一側。我們也看到很多食品公司正在進入零食領域。所以請幫我們框架一下百事在其中如何定位。因為從我的角度，公司顯然在保護其非常強的鹹味核心特許經營（franchise），而且在相鄰品類（adjacencies）的布局顯然相對輕，或許是為了不稀釋核心。但市場似乎正在移動，並從鹹味轉向其他類別。這會是個擔憂嗎？我們應該如何看待？第二個，非常非常非常簡短。在咖啡的名義下，是否有空間與 Starbucks 進行更緊密的合作？我的意思是，顯然 Starbucks 現在在海外與美國都在和 Nestlé 做一些事情。百事是否有空間與例如 NESCAFÉ 做些什麼？如果你能評論一下。

Yes. Pablo, it's Hugh. Regarding Frito-Lay, I think we've continued to inch out of salty into savory really over the course of the past decade or more, whether it's our Sabra joint venture or whether it's Stacy's. There's a lot of examples where we've gotten beyond salty and into savory. I think the good news is the combination of our consumer insights, which are broad based around how people consume snacks, I think leads us into savory in a fairly effective way. The reality of it is consumers don't think in these industrial terms like salty or savory. They think about occasions, and they think about what they feel like eating. Frito-Lay's insights, I think, are extremely well positioned to pick the right areas to go and to develop the right products to take advantage of those consumer opportunities. And then in addition to that, the scale of the Frito-Lay operation, once a decision is made to enter a new subcategory, I think, allows us to be very, very successful very, very quickly, the scale being from the perspective of brands, from the production systems, from the distribution systems. So I think you'll see Frito-Lay continue to be very successful in the savory area. Regarding your second question around Starbucks, look, we've had the Starbucks partnership now for the better part of 20 years. It's been remarkably successful for both of us. I think you'll continue to see us expand and build on the relationship with Starbucks.

是的。Pablo，我是Hugh。關於Frito-Lay，我認為在過去十年甚至更久的時間裡，我們確實持續從「鹹味」逐步延伸到「鹹香／鹹鮮（savoury）」領域，不論是我們與Sabra的合資企業，或是Stacy's。有很多例子顯示我們已經超越單純的鹹味，進入更廣義的鹹香品類。我認為好消息是，我們對消費者的洞察相當廣泛，圍繞人們如何食用零食的方式，這些洞察能以相當有效的方式引導我們進入鹹香領域。現實是，消費者不會用這種產業術語來思考，例如鹹味或鹹香。他們想的是情境（occasion），以及當下想吃什麼。我認為Frito-Lay的洞察能力非常到位，能選對要切入的領域，並開發合適的產品來把握這些消費者機會。此外，Frito-Lay營運規模也很關鍵；一旦決定進入某個新的子品類，我認為我們能非常、非常成功且非常、非常快速地做起來。這個規模體現在品牌面、製造系統面與配送／通路系統面。所以我認為你會看到Frito-Lay在鹹香領域持續非常成功。至於你第二個關於星巴克的問題，你看，我們與星巴克的合作夥伴關係至今已將近20年。對我們雙方而言都非常成功。我認為你會持續看到我們擴大並深化與星巴克的關係。

The only thing we're not going to do is get into the restaurant business with Starbucks.

唯一我們不會做的，就是和星巴克一起進入餐廳業務。

Correct. Correct.

沒錯。沒錯。

Your next question comes from the line of Robert Ottenstein with Evercore ISI.

下一個問題來自Evercore ISI的Robert Ottenstein。

Two questions, Indra. A little bit more big picture. First, a few years ago you described -- and I think you were talking more about that the U.S. consumer as somewhat confused on health and wellness issues in terms of how they were viewing sugar and artificial sweeteners. I think it was probably 3 years ago. So I'd love to get an update in terms of your thinking about how the U.S. consumer is looking at the health and wellness space, and particularly with regards to sugar and artificial sweeteners. And then the other question is perhaps maybe give us a little bit more insight into your successor. Obviously, he has done a fantastic job on the international front. But maybe a little bit of thought of kind of the things that he has done in his past that could be very helpful with the rest of the organization.

兩個問題，Indra。比較偏宏觀一點。第一，幾年前你曾描述——我想你主要是在談美國消費者——在健康與福祉議題上有些困惑，尤其是在他們如何看待糖與人工甜味劑方面。我想大概是3年前。所以我很想請你更新一下你的看法：美國消費者如今如何看待健康與福祉這個領域，特別是對糖與人工甜味劑的態度。第二個問題是，或許能否再多分享一些你接班人的情況。顯然，他在國際業務方面做得非常出色。但能否談談他過去做過哪些事情，可能對公司其他部分的組織運作非常有幫助。

Yes. So I'll just speak to the U.S. consumer. What we have been seeing over the past 3 years is that even though there's occasional confusion on artificial sweeteners, Good-for-You or not, why not real sugar, what's wrong with high-fructose corn syrup, those kinds of questions, there is a general trend towards health and wellness. Whether it's consumption of more 0-calorie flavored waters or drinking diet products or lower-calorie products, there's definitely a trend towards whole grains, closer to nature. So that trend might vary in speed year-over-year, but the trend is there. And as the millennials age, I think they're driving this trend more and more. And the availability of more healthy products, whether it's really ready-prepared meals or home delivery of anything that's healthy, is actually taking away any barriers to buying a healthier product, whether it's Better for You or Good-for-You products. So I think you're going to see an acceleration towards that trend as the years go by. Now Ramon is just an outstanding executive, and you'll get a chance to get to know him over the next few weeks and months. The good thing is a lot of the trends we are seeing in the U.S. have already happened in Europe, whether it's retail consolidation, whether it's trends towards health and wellness, competition amongst all the European food and beverage companies, where warehouse-delivered products are really -- have to negotiate hard with the retailers, all of those trends, Ramon is a veteran of. And he's going to bring all those skills to the United States. Second, as you know, over the last year as President, Ramon has been leading the productivity program for the company, been leading innovation. So I think he's uniquely suited to bring a fresh pair of eyes to everything we do here in North America while preserving his knowledge of the international markets. Finally, he's just a good guy. I think you'll find his mix of operating expertise plus his ability to think about customers, consumers and bring the 2 together to be refreshing. So get to know him. I think you will be very happy with what you see.

好的。我先談美國消費者。我們在過去3年看到的是：即使對人工甜味劑仍偶爾有些困惑——到底是不是Good-for-You（對你有益）？為什麼不使用真正的糖？高果糖玉米糖漿到底哪裡不好？諸如此類的問題——但整體趨勢仍是朝向健康與福祉。不論是更多人飲用0卡路里的風味水、喝無糖／低糖（diet）產品或低熱量產品，或是明顯朝向全穀物、更加貼近天然的選擇，這股趨勢確實存在。這個趨勢的速度每年可能有快有慢，但趨勢本身是明確的。而隨著千禧世代年齡增長，我認為他們正越來越推動這股趨勢。此外，更健康產品的可得性——不論是即食／預製餐，或是任何健康產品的到府配送——其實正在消除購買更健康產品的障礙，不管是Better for You或Good-for-You產品。所以我認為未來幾年你會看到這股趨勢加速。至於Ramon，他是一位非常傑出的高階主管，接下來幾週到幾個月你會有機會更了解他。好的一點是，我們在美國看到的許多趨勢在歐洲其實已經發生過了，不論是零售通路整併、健康與福祉趨勢，或是歐洲各食品飲料公司之間的競爭；在那裡，倉配（warehouse-delivered）的產品確實——必須與零售商進行艱難的談判——所有這些趨勢，Ramon都是老手。他會把這些能力帶到美國。第二，如你所知，過去一年他以總裁身分領導公司的生產力計畫，也在帶領創新。因此我認為他非常適合以全新的視角審視我們在北美所做的一切，同時保留他對國際市場的理解。最後，他人也很好。我想你會覺得，他兼具營運專長，以及思考客戶與消費者並把兩者結合的能力，會讓人耳目一新。多認識他。我想你會對你所看到的非常滿意。

Your next question comes from the line of Laurent Grandet of Guggenheim.

下一個問題來自Guggenheim的Laurent Grandet。

Indra, so let me first congratulate you on -- for having been at the forefront of consumer goods company, will spur for us your vision that redefine, I think, the company role in society and embrace, I mean, the new reality of consumer mindsets. So...

Indra，先讓我恭喜你——你一直站在消費品公司的最前線，並以你的願景推動我們前進；我認為這重新定義了公司在社會中的角色，也擁抱了消費者心態的新現實。所以……

Thank you.

謝謝。

Having seen this from the inside, I can only relay your passion and commitment were second to none.

從內部親眼見證，我只能轉述：你的熱情與承諾無人能及。

Thank you.

謝謝。

So maybe something you will cover in your closing remarks, what will you have done differently should you have the opportunity to rewind time. And then more in the business right now. I mean, your campaign Pepsi Generations and increased A&M behind the brand are probably enough to stabilize the brand Pepsi this year. Now good thing that the campaign was probably pleasing to boomers with some nostalgia retro back, but I'm not sure it's attracting new consumer into the franchise. So could you please share with us, I mean, Pepsi-specific, I mean, brand KPIs, especially as -- in regards to millennial consumers, please?

所以也許你會在結語中提到：如果有機會把時間倒轉，你會有哪些事情想做得不一樣。然後回到目前的業務面。我想，你們的Pepsi Generations行銷活動，以及在品牌背後增加的A&M（廣告與行銷）投入，可能足以在今年穩定百事可樂（Pepsi）這個品牌。當然，這個活動帶有一些懷舊復古元素，可能很討嬰兒潮世代喜歡，但我不確定它是否正在吸引新的消費者加入這個品牌陣營。所以能否請你分享一些百事可樂特定的品牌KPI，特別是——就千禧世代消費者而言？

Yes. So as you might imagine, the KPIs on Pepsi are the ones that you would traditionally look at first at the highest-level market share performance and velocities in the stores. From a consumer perspective, we tend to look at purchase intent regard relevance to consumers. A lot of this stuff is done through survey work. And we have seen over time the metrics that we measure, while they may not be immediately responsive, they do tend to prove out over time sales trends both positively and negatively. And the good news is what we are starting to see are, given the increases in advertising, early green shoots of improvement in those performance metrics that, again, do over time tend to correlate with sales performance.

好的。如你所料，百事可樂的KPI，我們首先會看最上層級的指標：市占表現，以及在店內的動銷速度（velocities）。從消費者角度，我們通常會看購買意圖，以及對消費者的相關性。其中很多是透過調查研究來完成。而我們也看到，隨著時間推移，我們衡量的這些指標雖然不一定會立刻反映，但往往會在一段時間後驗證並對應到銷售趨勢的正向或負向變化。好消息是，隨著廣告投放增加，我們開始看到這些績效指標出現早期改善的「綠芽」（green shoots）；而這些指標同樣會在時間推移中與銷售表現呈現相關。

Thank you all for your questions. Just let me make some closing comments.

感謝各位提出的問題。最後讓我做一些結語。

After 12 years at the helm of the company, today is my final day as CEO. It ends my 24-year career as a PepsiCo Executive. I've been blessed to have had the opportunity to lead such a great company and work with such incredible people, including our outstanding board, executives and other associates, our customers and other partners, our shareholders and all our other stakeholders.

在掌舵公司 12 年之後，今天是我擔任執行長的最後一天。這也為我 24 年的百事公司高階主管職涯畫下句點。我很有福氣能有機會領導這麼卓越的公司，並與這麼多傑出的人共事，包括我們優秀的董事會、管理團隊與其他同仁、我們的客戶與其他合作夥伴、我們的股東以及所有其他利害關係人。

12 years is a long time as a CEO. And even though I have a lot of fuel still left in my tank, I wanted to do something different with my life, spend more time with my family and give the next generation in PepsiCo a chance to lead this great company.

擔任執行長 12 年是一段很長的時間。即使我仍然精力充沛，我也希望在人生中做些不同的事，多花時間陪伴家人，並讓百事公司的下一代有機會領導這家偉大的公司。

Throughout my tenure, however, we've strived to achieve a difficult balance between attending to short-term pressures while managing for the long term. And I leave today proud of the work our team has done. We were pioneers in business sustainability and social responsibility and embedded a sense of purpose in everything PepsiCo does, guided by our Performance with Purpose philosophy. We've transformed our product portfolio by growing our Good-for-You and Better for You options from about 38% of revenue in 2006 to roughly 50% in 2017. We more than doubled our investment in research and development to expand our more nutritious offerings and minimize our environmental impact. We became an even more valued partner to our retail customers. We were selected as the #1 food and beverage supplier in the United States in the most recent 2017 Advantage Report and named Best-in-Class Manufacturer by Kantar for the second year in a row. We made positive contributions to communities around the globe in which we operate through our support of access to clean drinking water, human rights, nutrition, agricultural programs and many more initiatives. And we invested significantly in new capabilities in areas like design and e-commerce to better position our company for a successful future.

然而在我任內，我們一直努力在因應短期壓力與長期經營之間取得艱難的平衡。而我今天離任時，對我們團隊所完成的工作深感自豪。我們是企業永續與社會責任的先驅，並在「以使命驅動績效」（Performance with Purpose）理念的指引下，把使命感融入百事公司所做的一切。我們透過擴大「對你更好」（Good-for-You）與「更好選擇」（Better for You）產品，將其占營收比重從 2006 年約 38% 提升至 2017 年約 50%，從而轉型了我們的產品組合。我們將研發投資提高到原來的兩倍以上，以擴充更具營養的產品供應並降低對環境的影響。我們也成為零售客戶更受重視的合作夥伴。在最新的 2017 年 Advantage Report 中，我們被評為美國排名第 1 的食品與飲料供應商，並連續第二年獲 Kantar 評選為同級最佳製造商（Best-in-Class Manufacturer）。我們透過支持取得乾淨飲用水、人權、營養、農業計畫以及更多倡議，對全球我們營運所在的社區做出正面貢獻。此外，我們也在設計與電子商務等領域大幅投資新能力，以更好地讓公司為成功的未來做好定位。

In the midst of managing the business for the long term, we also delivered strong and consistent financial performance. Specifically, during the period 2006 to 2017, net revenue grew more than 80%. We added a new billion-dollar brand almost every other year. We returned $79 billion to shareholders through dividends and share repurchases. Our market capitalization increased by $68 billion. Dividends per share nearly tripled from $1.16 to $3.17. And we generated total shareholder return of 162%.

在以長期角度經營業務的同時，我們也交出了強勁且穩健一致的財務表現。具體而言，在 2006 年至 2017 年期間，淨營收成長超過 80%。我們幾乎每隔一年就新增一個十億美元品牌。我們透過股利與庫藏股回購向股東回饋 790 億美元。我們的市值增加了 680 億美元。每股股利幾乎從 1.16 美元增加到 3.17 美元，接近三倍。而我們創造了 162% 的股東總報酬。

Finally and very importantly, we have been on Ethisphere's list of most ethical companies for the past 12 years.

最後且非常重要的是，我們在過去 12 年一直名列 Ethisphere 最具道德企業名單。

For all of this, I'm grateful to my outstanding PepsiCo associates, who gave so much to PepsiCo and me over the past 12 years.

對於這一切，我要感謝我們傑出的百事公司同仁，在過去 12 年為百事公司以及我付出了這麼多。

And now I'm handing the reins to Ramon Laguarta, who becomes PepsiCo's sixth CEO. Ramon is a terrific executive with a long and proven track record of growing businesses. He has a deep understanding of the changing preferences of consumers and other critical trends unfolding around the world, and he has demonstrated that he knows how to navigate them successfully. He has been a critical partner to me in running the company, and I'm confident he will lead PepsiCo to new and greater heights in the years to come. The potential for PepsiCo is enormous.

現在我將把接力棒交給 Ramon Laguarta，他將成為百事公司的第六任執行長。Ramon 是一位卓越的高階主管，擁有長期且經得起驗證的業務成長實績。他對消費者偏好變化以及全球正在發展的其他關鍵趨勢有深刻理解，並已證明他知道如何成功因應。他一直是我經營公司時的重要夥伴，我相信他將在未來幾年帶領百事公司邁向新的、更高的里程碑。百事公司的潛力非常巨大。

Finally, I want to thank you, our investors and analysts. During my time as CEO and CFO, I've had a lot of spirited and fascinating conversations with many of you. I've always valued your perspectives, even in those instances when we may have disagreed. You often challenged me, offered your opinions and provide different perspectives. My interactions with you over the years helped make me a better executive and helped make PepsiCo a better company. Thank you all for your time today and your engagement through the years, and thank you for the confidence you've placed in us with your investment. Thanks.

最後，我要感謝各位投資人與分析師。在我擔任執行長與財務長期間，我與許多各位進行了許多熱烈且引人入勝的交流。我一直很重視各位的觀點，即使在我們可能意見不一致的時候也是如此。各位經常向我提出挑戰、提供意見，並帶來不同的觀點。多年來與各位的互動，幫助我成為更好的高階主管，也幫助百事公司成為更好的公司。感謝各位今天撥冗參與，以及多年來的投入，也感謝各位以投資對我們所寄予的信任。謝謝。

Thank you. That does conclude today's PepsiCo Third Quarter 2018 Earnings Conference Call. You may now disconnect.

謝謝。以上即為百事公司 2018 年第三季財報電話會議的全部內容。您現在可以掛線。