百事 (PEP) 2018 Q4 法說會逐字稿

Good morning, and welcome to PepsiCo's Fourth Quarter 2018 Earnings Conference Call. (Operator Instructions) Today's call is being recorded and will be archived at www.pepsico.com.

早安，歡迎參加百事公司（PepsiCo）2018 年第四季財報電話會議。(接線員指示) 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, and good morning, everyone. I'm joined this morning by PepsiCo's Chairman and CEO, Ramon Laguarta; and PepsiCo's Vice Chairman and CFO, Hugh Johnston. We'll begin with approximately 25 minutes of prepared comments from Ramon and Hugh, and then open the call up to your questions.

謝謝接線員，大家早安。今天早上與我一同出席的有百事公司董事長兼執行長 Ramon Laguarta，以及百事公司副董事長兼財務長 Hugh Johnston。我們將先由 Ramon 與 Hugh 進行約 25 分鐘的事先準備發言，接著開放各位提問。

Before we begin, please take note of our cautionary statement. This conference call includes forward-looking statements, including statements regarding 2019 guidance and long-term targets, 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.

在開始之前，請留意我們的警示聲明。本次電話會議包含前瞻性陳述，包括根據目前可得資訊所作之 2019 年指引與長期目標相關陳述。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有重大差異。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 from our reported results. Such items include the impacts of certain tax-related matters, foreign exchange translations, acquisitions, divestitures, structural and other changes, and restructuring charges. You should refer to the glossary and other attachments to this morning's earnings release and to the Investor section of PepsiCo's website under the Events and Presentations tab to find full explanations and reconciliations of these non-GAAP measures.

在今日電話會議討論我們的財務結果時，我們將提及若干非 GAAP 指標，該等指標會自我們的申報結果中排除某些項目。此類項目包括特定稅務相關事項、外匯換算、併購、資產剝離、結構性及其他變動，以及重組費用之影響。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「Events and Presentations」分頁下的資料，以取得這些非 GAAP 指標的完整說明與調節表。

And now it's my pleasure to introduce Ramon Laguarta.

現在我很榮幸介紹 Ramon Laguarta。

Thank you, Jamie, and good morning, everyone. We'll begin this morning's call with a brief recap of 2018 performance, and then move on to a discussion at -- of go-forward priorities, long-term targets and the financial outlook for 2019.

謝謝你，Jamie，大家早安。今天早上的電話會議，我們將先簡要回顧 2018 年的表現，接著討論未來的優先事項、長期目標以及 2019 年的財務展望。

So let's begin with 2018, which was a very successful year. We met or exceeded each of the financial targets we outlined at the beginning of the year. Organic revenue grew 3.7%, which was a meaningful sequential acceleration from 2017. And within the year, we saw the rate of growth accelerate from 2.5% in the first half to 4.7% in the second half.

那麼先從 2018 年開始，這是非常成功的一年。我們達成或超越了年初所提出的每一項財務目標。有機營收成長 3.7%，相較 2017 年有顯著的逐季加速。而在年度內，我們看到成長率從上半年 2.5% 加速至下半年 4.7%。

Frito-Lay North America and each one of the international divisions performed very well, and NAV made progress throughout the year with a return to organic revenue growth and improved pricing. At the same time, we continued to make investments in the business, and the solid momentum we have as we enter 2019 is a good indication that those investments are working.

北美菲多利（Frito-Lay North America）以及各個國際事業部表現都非常出色；同時，NAV 在全年持續取得進展，恢復有機營收成長並改善定價。與此同時，我們持續對業務進行投資；而我們在邁入 2019 年時所具備的穩健動能，正是這些投資正在發揮效果的良好指標。

Now on to priorities. As most of you know, I assumed the role of CEO in early October, and I'm pleased to report that the transition has gone very well. And I'm fortunate step into the role at such a well-positioned company. PepsiCo competes in attractive, large and growing categories. We've been leading -- we have leading brands and a broad portfolio, capable of evolving into new growth spaces. We have a very well-developed geographic footprint, with a stronghold positions in our largest markets and very competitive positions in a number of other rapidly growing markets. We have a suite of strong and very relevant capabilities across the value chain that we've been -- that have been built and strengthened over the years.

接著談優先事項。如各位多數人所知，我在 10 月初接任執行長一職，我很高興報告交接進行得非常順利。我也很幸運能在一家定位如此良好的公司接下這個角色。百事公司在具吸引力、規模龐大且持續成長的品類中競爭。我們擁有領先品牌與廣泛的產品組合，能夠演進並進入新的成長領域。我們的地理布局非常完善，在最大市場具備穩固的領導地位，並在多個其他快速成長市場中擁有極具競爭力的地位。我們在價值鏈各環節具備一系列強大且高度相關的能力，這些能力多年來持續建立並強化。

We have scale that allows us to run our operations very efficiently and to leverage our capability investments across a large and global business.

我們的規模使我們能非常有效率地營運，並能在龐大且全球化的業務中，充分槓桿化我們在能力上的投資。

We have highly engaged associates, a strong cohesive management team and deep talent bench. And we have a distinct winning culture that has its -- at its foundation, well embodied values and a strong sense of purpose.

我們擁有高度投入的員工、強而凝聚的管理團隊，以及深厚的人才梯隊。我們也擁有獨特的致勝文化，其基礎是明確體現的價值觀與強烈的使命感。

These traits have enabled us to perform well in an environment characterized by highly-dynamic retail and competitive landscapes, shifting consumer habits and preferences, and volatile currencies, commodities and geopolitics.

這些特質使我們能在零售與競爭格局高度動態、消費者習慣與偏好轉變，以及匯率、原物料與地緣政治波動的環境中，仍能維持良好表現。

Over the past 6 years, organic revenue growth has averaged 3.8%. Core operating margin has expanded by 1.6 percentage points. Core constant currency earnings per share growth has averaged 9%. Core ROIC has expanded by 9.5 percentage points to 24.8%. Dividends per share have grown 9% on a compound basis and we're returning $45 billion to shareholders through a combination of dividends and share repurchases.

過去 6 年，有機營收成長平均為 3.8%。核心營業利益率擴張 1.6 個百分點。核心固定匯率每股盈餘成長平均為 9%。核心投入資本報酬率（ROIC）提升 9.5 個百分點至 24.8%。每股股利以複合基礎成長 9%，並且我們透過股利與庫藏股回購的組合，已向股東回饋 450 億美元。

I've spent the past 4 months deeply engaged in the business, connecting with our consumers, our customers and associates as well as spending considerable time together as a senior leadership team, having no holds barred debates with a goal of focusing on what the opportunities are to make our company even faster, stronger and better. We looked for opportunities to improve our strategies, our portfolio of businesses, the strength and breadth of our capabilities, how we organize and get work done, how we can take our execution to new heights and how we can elevate our sense of purpose. And from this review and assessment, we emerged with a set of what I'll call observation and a very clear set of go-forward priorities.

過去 4 個月，我深度投入業務，與消費者、客戶及同仁建立連結；同時也以高階領導團隊的形式投入大量時間，進行毫無保留的辯論，目標是聚焦於有哪些機會能讓公司更快、更強、更好。我們尋找改善策略、業務組合、能力的強度與廣度、組織與工作方式、如何將執行力提升到新高度，以及如何提升使命感的機會。透過這次檢視與評估，我們形成了一組我稱之為「觀察」的結論，以及一套非常清晰的未來優先事項。

Let me begin with the observations. Fundamentally, we're a highly-focused convenient food and beverage company. We compete in very attractive, large, growing and highly complementary categories that share many common characteristics, including consumers, customers, shoppers and occasions. Our ability to leverage the scale of our business to invest in and deploy new capabilities and technologies is a competitive advantage. Furthermore, we have tremendous potential to expand consumption across multiple dimensions. We believe we can capture a greater share of consumption occasions by considering to broaden our portfolio to provide greater choice to satisfy consumers' evolving taste, whether they are seeking for an indulgent treat or a more nutritious snack, hydration or a functional drink, on-the-go convenience or take-home value. And we also see the opportunity to continue to increase consumers' perceived visibility of our products as an additional growth avenue.

我先從觀察談起。從根本上來說，我們是一家高度聚焦的便利食品與飲料公司。我們在非常具吸引力、規模龐大、持續成長且高度互補的品類中競爭，這些品類共享許多共同特徵，包括消費者、客戶、購物者與消費情境。我們能夠運用業務規模來投資並部署新能力與新技術，這是一項競爭優勢。此外，我們在多個面向擴大消費方面具備巨大的潛力。我們相信，透過持續擴大產品組合以提供更多選擇、滿足消費者不斷演變的口味——無論他們尋求的是放縱型享受或更營養的零食、補水或機能性飲品、外出即食的便利或居家囤貨的價值——我們都能在更多消費情境中取得更高的占比。我們也看到另一條成長途徑：持續提升消費者對我們產品的可見度（感知能見度）。

Relatedly, we believe our product and geographic portfolios make sense. And we do not currently see the need to shed or acquire businesses in any significant way. Those businesses are not squarely on strategy, are relatively small and generate very healthy cash flows. And there is no apparent value-creating path to divest them because of tax consequences and/or transaction complexity.

相關而言，我們認為我們的產品組合與地理布局是合理的。目前我們並不認為有必要以任何重大方式剝離或收購業務。那些不完全符合策略的業務規模相對較小，但能產生非常健康的現金流。而由於稅務影響及／或交易複雜性，並沒有明顯可創造價值的路徑來進行資產剝離。

Let me go now into our individual businesses. Frito-Lay in North America, our largest sector by profit, is an extremely strong businesses -- strong business that generates consistently attractive top line growth and has industry-leading margins and returns on invested capital.

現在讓我逐一談談我們各個業務。北美的 Frito-Lay 是我們按利潤計最大的部門，是一項極其強勁的業務——一項能持續帶來具吸引力的營收成長，並擁有業界領先的利潤率與投資資本報酬率的強勁業務。

The core of Fritos' business remains very strong and growing. Over the years, Frito has successfully adapted its portfolio to address new demand spaces, mainly in more permissible and premium snacking. We've added new brands and product lines to capitalize on those opportunities, with products like Simply, SunChips, Smartfood, Off the Eaten Path and Imagine. And we expect this approach will enable Frito to continue to compete very effectively across the spectrum of the snacks category.

Fritos 業務的核心依然非常強勁且持續成長。多年來，Frito 已成功調整其產品組合，以因應新的需求空間，主要是在更「更可接受」與高端的零食領域。我們新增了新品牌與產品線以把握這些機會，例如 Simply、SunChips、Smartfood、Off the Eaten Path 和 Imagine 等產品。我們預期這種做法將使 Frito 能夠在零食品類的各個區間持續非常有效地競爭。

Furthermore, we see more runway to continue to source volume from other micro snacks occasions in what that played to Fritos strengths -- in ways that play to Frito's strength.

此外，我們也看到仍有更多空間，能在其他微型零食食用情境中持續取得銷量——以能發揮 Fritos 優勢的方式——以能發揮 Frito 優勢的方式。

Operationally, Frito runs extremely efficient and highly optimized supply chain and go-to-market systems. However, capacity utilization is very high on average and there are pockets where capacity is overstretched. We believe with added capacity, Frito will be even better positioned to capture new growth opportunities.

在營運方面，Frito 擁有極其高效率且高度優化的供應鏈與上市（go-to-market）系統。然而，整體平均產能利用率非常高，且部分區域的產能已被過度拉伸。我們相信，隨著新增產能，Frito 將能更好地把握新的成長機會。

Let me move now to North America Beverages. NAB, our largest sector by revenue, is an attractive business. It has many leading brands in growing beverage categories and operates a differentiated integrated business model. We believe our operating model is a competitive advantage that provides superior customer and system alignment, speed to market and system-wide efficiency.

接下來我談北美飲料業務。NAB 是我們按營收計最大的部門，是一項具吸引力的業務。它在成長中的飲料品類中擁有多個領導品牌，並採用差異化的一體化商業模式運作。我們相信，我們的營運模式是一項競爭優勢，能帶來更佳的客戶與系統協同、更快的上市速度，以及全系統的效率提升。

With that said, in a dynamic market, NAB has faced a number of challenges over the past 18 months. New entrants have come to market in some of our stronghold categories. There are opportunities to improve some of our brand marketing and consumer engagement and there are areas where we can step up our local marketplace execution.

話雖如此，在一個動態的市場中，NAB 在過去 18 個月面臨了多項挑戰。在我們部分優勢品類中，新的競爭者已進入市場。我們在部分品牌行銷與消費者互動方面仍有改善空間，也有一些領域可加強在地市場的執行力。

We have good plans in place to address these opportunities. We've increased both the quality and level of A&M on key core brands, including Pepsi and Mountain Dew. We've increased our innovation to address new category entrants and to drive success in higher growth segments, with innovations like LIFEWTR, bubly, Gatorade Zero, new variants of Propel and extensions within our successful Starbucks and pure life -- Pure Leaf Tea guidance.

我們已制定完善計畫來因應這些機會。我們提高了關鍵核心品牌（包括 Pepsi 與 Mountain Dew）的 A&M（廣告與行銷）品質與投入水準。我們也加大創新力度，以因應新品類進入者並推動在高成長區隔的成功，推出如 LIFEWTR、bubly、Gatorade Zero、Propel 的新口味變體，以及在我們成功的 Starbucks 與 pure life——Pure Leaf Tea guidance 之內的延伸產品。

At the same time, we're having good success with Pepsi Zero Sugar, and this has been a key element in stabilizing the performance of our trademark Pepsi business.

同時，我們在 Pepsi Zero Sugar 上也取得良好成果，這一直是穩定我們 Pepsi 主品牌業務表現的關鍵要素。

And we're making changes to our NAB organization structure and adding frontline resources to make us a more agile in responding to local commercial opportunities and local competitive actions.

我們也正在調整 NAB 的組織架構，並增加第一線資源，使我們能更敏捷地回應在地商業機會與在地競爭動作。

While there is more work to do, we're very encouraged by this steady sequential improvement we've seen in the business. We are confident that with more well-placed investments, we'll see continued improvement in any of these performance.

雖然仍有更多工作要做，但我們對業務中所見到的穩定、逐步的連續改善感到非常鼓舞。我們有信心，透過更多更到位的投資，我們將在這些表現上看到持續改善。

Let me talk a bit about international now. We have a very well developed international footprint, and our international businesses are performing very well. We have strong market positions in snacks globally and within most of our key markets. And in beverages, we have very competitive market positions, either outright or in combination with our bottling partners who provide scale and round out our beverage product portfolio.

現在讓我談談國際業務。我們擁有非常完善的國際布局，而我們的國際業務表現非常出色。我們在全球零食領域以及大多數關鍵市場中都擁有強勢的市場地位。在飲料方面，我們也擁有非常具競爭力的市場地位，無論是我們單獨取得，或是與提供規模並完善我們飲料產品組合的裝瓶合作夥伴共同取得。

In most of our key markets, we're the #1 or #2 overall food and beverage supplier. Our categories travel well. And we had success innovating and marketing in ways that make our products highly relevant at a local level. We have a very well qualified playbook to expand our business in developing and emerging markets by exploiting our global capabilities to grow penetration and frequency. A key element of the playbook is lifting and shifting our ideas from market to market, still that we continue to hold. We believe with greater focus on capability deployments, increasing the local relevance of our products and achieving greater scale, our international business, especially in D&E markets, can be a source of even greater growth and higher profitability.

在我們大多數關鍵市場中，我們是整體食品與飲料供應商的第 1 或第 2 名。我們的品類具備良好的跨市場可移植性。我們也成功以能在地化的方式進行創新與行銷，使我們的產品在當地層面高度相關。我們有一套非常成熟的作戰手冊，透過運用我們的全球能力來提升滲透率與消費頻次，以擴展我們在開發中與新興市場的業務。這套手冊的一個關鍵要素，是將我們的想法在不同市場之間「移植與複製」，而這仍是我們持續保有的能力。我們相信，若能更聚焦於能力部署、提高產品的在地相關性並達成更大規模，我們的國際業務——尤其是在開發中與新興（D&E）市場——將能成為更大成長與更高獲利的來源。

Underpinning all we do is our commitment to a strong environmental, social and governance agenda. Our sense of purpose is a great inspiration to our associates and makes us a very attractive place to build a career. Furthermore, we understand that we're an integral member of the communities we operate in.

支撐我們所有作為的，是我們對強健的環境、社會與治理（ESG）議程的承諾。我們的使命感對同仁是一大激勵，也使我們成為建立職涯的極具吸引力之處。此外，我們理解自己是所營運社區中不可或缺的一員。

We embrace the notion that we can and should make big positive impacts in our communities by leveraging our scale and deploying our capabilities to help our communities thrive. We believe a strong ESG agenda is fundamental to long-term value creation. Our dedication to environmental, social and governance leadership will not waver.

我們認同並擁抱這樣的理念：我們可以、也應該透過運用我們的規模並部署我們的能力，為社區帶來重大的正向影響，協助社區蓬勃發展。我們相信，強健的 ESG 議程是長期價值創造的基礎。我們對環境、社會與治理領導力的投入不會動搖。

So with these observations in mind, let me move on to our priorities. Our first set of priorities relates to becoming faster, specifically, accelerating our rate of organic revenue growth. And if there's one thing I'd like you to take from our discussion today is that we view topline acceleration as the single biggest opportunity to create more shareholder value. To achieve accelerated topline growth, we intend to strengthen and broaden our product portfolio and packaging formats to win locally in convenient foods and beverages. And this means growing our core businesses as we continue to evolve our product portfolio and sharpening our focus on key geographies.

基於以上觀察，接下來我談我們的優先事項。我們的第一組優先事項與「更快」有關，具體而言，是加速我們的有機營收成長率。如果今天的討論你只帶走一件事，那就是：我們將營收加速視為創造更多股東價值的最大單一機會。為了實現更快的營收成長，我們打算強化並擴大我們的產品組合與包裝形式，以在便利食品與飲料領域於各地市場取勝。這意味著在持續演進產品組合的同時，推動核心業務成長，並更聚焦於關鍵地理區域。

Across snacks and beverages, we'll invest to capture a greater share of consumption occasions, from indulgent to functional, social to individual, value to premium, and across day parts from morning to night. We plan to do this by continuing to grow our core brands, which include $22 billion brands, and building and/or acquiring new brands to cover new demand spaces, as we have recently done with bubly, LIFEWTR, update in PAB or Bare.

在零食與飲料兩大領域，我們將投資以取得更多消費情境的份額——從享樂型到機能型、從社交到個人、從平價到高端，並涵蓋從早到晚的各個時段。我們計畫透過持續成長我們的核心品牌（其中包括 220 億美元規模的品牌），並建立及／或收購新品牌以覆蓋新的需求空間來達成；正如我們近期在 bubly、LIFEWTR、PAB 的更新或 Bare 等方面所做的。

Within snacks, we intend to further capitalize on the consumer trends of convenience and on-the-go in locally relevant ways. Here, we see themes of convenient mini meals, local street foods and local recipes, just a few inspirations to evolve our portfolio in very locally relevant ways.

在零食方面，我們打算以更貼近在地的方式，進一步把握消費者對便利與隨行（on-the-go）的趨勢。在這裡，我們看到一些主題，例如便利的迷你餐、在地街頭小吃與在地食譜等，這些都能為我們以高度在地相關的方式演進產品組合提供靈感。

We intend to rapidly scale our beyond the bottle initiative, building on the foundations of our recent acquisition of SodaStream and our internally developed Spire, Drinkfinity and Aquafina water station platforms to offer consumers even greater variety and choice in beverage formats.

我們打算快速擴大「超越瓶裝」（beyond the bottle）計畫的規模，建立在我們近期收購 SodaStream 的基礎上，並結合我們內部開發的 Spire、Drinkfinity 與 Aquafina 取水站平台，為消費者提供更多元的飲料形式選擇。

From a geographic perspective, our priorities are clear: #1, invest to sustain Frito-Lay North America's growth and leadership; #2, strengthen North America Beverages to grow sustainably with the market; and third, accelerate our international expansion with a disciplined focus on right to win markets.

從地理布局角度來看，我們的優先事項很清楚：第一，投資以維持北美 Frito-Lay 的成長與領導地位；第二，強化北美飲料業務，使其能隨市場永續成長；第三，以嚴謹聚焦於「有勝算」的市場，加速我們的國際擴張。

Across each of these initiatives, we'll deploy a simple, clear and very effective growth model that's highly focused on the consumer that is providing the consumer 4 key benefits: variety, that is what I want; ubiquity, where I want it; desirability, from a brand I trust; and value, with the benefits or affordability that appeals to me. Our entire commercial agenda is centered on delivering these 4 benefits to the consumer.

在上述每一項倡議中，我們將部署一個簡單、清晰且非常有效的成長模式，並高度以消費者為中心，為消費者提供 4 項關鍵利益：多樣性——我想要的；無所不在——我想要的地方就買得到；吸引力——來自我信任的品牌；以及價值——具備我所重視的效益或可負擔性。我們整體的商業議程都以向消費者交付這 4 項利益為核心。

Our second set of priorities relates to becoming stronger. This involves becoming more capable, leaner, more agile and less bureaucratic. In doing so, we will drive down cost and that enables us to plow the savings back into the business to develop scale and sharpen core capabilities that drive even greater efficiency and effectiveness, creating a virtuous cycle.

我們的第二組優先事項與變得更強大有關。這包括變得更有能力、更精實、更敏捷且更少官僚作風。藉此，我們將降低成本，並使我們能將節省下來的資金再投入業務，以發展規模並強化核心能力，進一步提升效率與效能，形成良性循環。

Our productivity programs will be guided by a set of universally applied principles, namely: achieving local affordability; simplifying and standardizing processes; collaborating across functions rather than optimizing within functions to achieve lowest cost end-to-end processes; relentlessly automating and merging the best of our optimized business models with the best new thinking and technologies.

我們的生產力計畫將以一套普遍適用的原則為指引，即：達成在地可負擔性；簡化並標準化流程；跨職能協作，而非在各職能內部各自最佳化，以實現端到端最低成本流程；持續不懈地自動化，並將我們已最佳化的商業模式之精華與最新思維與技術相融合。

Just as importantly, we're also adopting a philosophy that recognizes that not all the capabilities or costs are equal, so we'll be very discriminating in where we need to pay for best-in-class or we should pay for just good enough. These principles will be applied across the entire cost structure, from labor to discretionary costs, and advertising and marketing, to fixed assets.

同樣重要的是，我們也採納一種理念：並非所有能力或成本都相同，因此我們會非常審慎地判斷哪些領域需要為同級最佳付費，哪些則只需達到「夠好」即可。這些原則將適用於整體成本結構，從人力到可自由裁量的費用，以及廣告與行銷，到固定資產。

The savings from our productivity programs will be substantially reinvested to develop and scale a set of core capabilities that we believe are necessary to deliver the consumer benefits I mentioned earlier. These capabilities are: indispensable brand building; science and design-led innovation; point of choice excellence across all channels, whether traditional or emerging; consumer intimacy, that is leveraging technology and connecting data to deepen our relationships with consumers, moving from relationships with groups of consumers to relationships with individual consumers. This enables a number of benefits, from individually-based media and marketing engagement to personalized pricing; and finally, supply chain agility, where we deploy integrated and more robust data to improve demand forecasting and automation, advance robotics and other technology to make our manufacturing assets and go-to-market systems much more flexible to satisfy that demand with greater speed, precision and efficiency.

我們生產力計畫所節省的資金，將有相當大部分再投資，用於發展並擴大一組我們認為能交付我先前提到之消費者利益所必需的核心能力。這些能力包括：不可或缺的品牌打造；以科學與設計為導向的創新；在所有通路（無論傳統或新興）皆具備的「選擇點」卓越表現；消費者親密度，也就是運用科技並連結數據以深化我們與消費者的關係，從與一群消費者的關係，轉向與個別消費者的關係。這帶來多項效益，從以個人為基礎的媒體與行銷互動到個人化定價；最後是供應鏈敏捷性，我們將部署整合且更強健的數據以改善需求預測與自動化，推進機器人技術及其他科技，使我們的製造資產與上市（go-to-market）系統更具彈性，以更快速度、更高精準度與更高效率滿足需求。

And of course, executing this aggressive agenda of top line acceleration productivity and capability building will require fostering a high-performance culture, one that is aligned on a common set of leadership behaviors and is supported by the right incentive systems.

當然，執行這項積極的議程——營收加速、生產力提升與能力建構——將需要培育高績效文化；該文化需在一套共同的領導行為上保持一致，並由適當的激勵制度加以支持。

Among the values we are emphasizing throughout the organization are being more center on the consumer, acting like owners, and moving with focus and speed.

我們在全組織強調的價值觀包括：更以消費者為中心、以主人翁精神行事，以及專注且快速地行動。

And finally, we're examining ways to refine our incentive and pay systems to encourage local empowerment and accountability as well as even greater alignment between management, our shareholders.

最後，我們正在檢視如何精進我們的激勵與薪酬制度，以鼓勵在地賦權與問責，同時也促進管理層與股東之間更高度的一致性。

And our third and final objective relates to being a better company, with -- by being purpose-led. Performance with Purpose has been a cornerstone of PepsiCo for 12 years. It's guided our strategy and has been a point of differentiation. We're very proud of the progress we've made to date and equally excited about the continued evolution of our purpose agenda. With this in mind, our organization is committing to winning with purpose, which marks a new chapter in our purpose agenda. It acknowledges PepsiCo's leadership in integrating sustainability with a strategy for more than a decade and conveys our belief that sustainability can be an even greater contributor to our success in the marketplace.

我們第三項也是最後一項目標，與成為一家更好的公司有關——也就是以使命為引領。「以使命驅動的績效」（Performance with Purpose）12 年來一直是百事公司（PepsiCo）的基石。它引導了我們的策略，並成為差異化要素。我們對迄今取得的進展深感自豪，也同樣對使命議程的持續演進感到振奮。基於此，我們的組織承諾以使命致勝（winning with purpose），這標誌著我們使命議程的新篇章。這承認百事公司十多年來在將永續性融入策略方面的領導地位，並傳達我們的信念：永續性可以在市場上成為我們成功更大的貢獻者。

Essential to our winning with purpose agenda will be a sharpened focus on advancing sustainability -- advancing sustainable agricultural practices, a holistic strategy to support the creation of a circle or plastic economy, a striving for positive water impact and continuing to make our products more permissible to consumers.

我們「以使命致勝」議程的關鍵，將是更聚焦於推進永續性——推進永續農業實務；以整體策略支持循環或塑膠經濟的建立；致力於達成正向水資源影響；並持續讓我們的產品對消費者而言更可接受。

As we work to execute each one of these priorities, our overarching goal is to accelerate the rate of topline growth to enable us to deliver balanced, sustainable financial performance that creates greater long-term sharehold value.

在我們致力於落實上述每一項優先事項之際，我們的總體目標是加速營收成長率，使我們能交付均衡且可持續的財務表現，進而創造更高的長期股東價值。

With that, now let me hand it over to Hugh to cover the financial goals in more detail.

接下來，讓我把時間交給 Hugh，請他更詳細說明財務目標。

Great. Thank you, Ramon, and good morning, everyone. The plans Ramon just laid out are intended to create durable, attractive long-term financial performance and total shareholder returns, driven by organic revenue growth of 4% to 6%, 20 to 30 basis points of average annual core operating margin expansion, high single-digit core constant currency EPS growth, growing core net returns on invested capital, and attractive free cash flow and cash returns to shareholders.

很好。謝謝你，Ramon，各位早安。Ramon 剛才闡述的計畫，旨在創造持久且具吸引力的長期財務表現與股東總報酬，其驅動因素包括：4% 至 6% 的有機營收成長、核心營業利益率平均每年擴張 20 至 30 個基點、核心固定匯率每股盈餘（EPS）高個位數成長、核心投入資本報酬率（ROIC）淨額持續提升，以及具吸引力的自由現金流與回饋股東的現金回報。

To support our free cash flow and core net ROIC goals, we remain committed to disciplined capital allocation with our existing priorities intact, namely: #1, investing in the business, #2, paying a dividend; #3, tuck-in acquisitions; and #4, returning residual cash to shareholders through share repurchases.

為支持我們的自由現金流與核心 ROIC 淨額目標，我們仍致力於在既有優先順序不變的前提下，進行嚴謹的資本配置，即：#1 投資於業務；#2 發放股利；#3 補強型併購（tuck-in acquisitions）；以及 #4 透過庫藏股回購將剩餘現金回饋股東。

Productivity is a key component of our go-forward plans, providing both fuel for reinvestment and improving our operating margins. We're extending our productivity savings target of more than $1 billion annually through 2023. Contributing to this goal are savings we expect from restructuring actions we announced in this morning's release.

生產力是我們未來計畫的關鍵組成部分，既提供再投資的燃料，也改善我們的營業利益率。我們將把每年超過 10 億美元的生產力節省目標延長至 2023 年。對此目標的貢獻之一，是我們預期來自今早新聞稿中宣布之重組行動的節省。

We intend to make substantial investments in the business in 2019 in A&M, manufacturing and go-to-market capacity, end-to-end supply chain transformation, and global systems harmonization and standardization.

我們打算在 2019 年對業務進行大幅投資，涵蓋 A&M（廣告與行銷）、製造與上市（go-to-market）產能、端到端供應鏈轉型，以及全球系統的整合與標準化。

While there are investments in each category in each operating sector, in terms of emphasis, in Frito-Lay North America and our international sectors, there is relatively greater emphasis on adding manufacturing and go-to-market capacity and supply chain transformation. In the case of North America Beverages, there is relatively greater emphasis on investing to support the core brands, ramped up innovation, and adding and redirecting resources to drive enhanced local marketplace execution. And across all the sectors as well as at the corporate center, we're investing to drive global systems harmonization and standardization.

雖然各營運部門在每一類別都有投資，但就重點而言，在北美菲多利（Frito-Lay North America）與我們的國際部門，相對更著重於增加製造與上市產能以及供應鏈轉型。至於北美飲料（North America Beverages），相對更著重於投資以支持核心品牌、加速創新，並增加與重新配置資源，以推動更強的在地市場執行。此外，跨所有部門以及公司總部，我們都在投資以推動全球系統的整合與標準化。

These investments are being made with the aim of building the capabilities and implementing the processes that will support the achievement of the strategic priorities Ramon just reviewed, especially the achievement of sustained accelerated topline performance. We deeply analyze and assess each of the planned investments. We've established detailed guideposts to measure our progress and success against each one and we're confident that the investments will return meaningful value to investors over time.

這些投資旨在建立能力並導入流程，以支持 Ramon 剛才回顧的策略優先事項之達成，尤其是持續加速的營收表現。我們對每一項規劃中的投資都進行深入分析與評估。我們已建立詳細的衡量指標，用以評估各項投資的進度與成效，並有信心這些投資將隨時間為投資人帶來具意義的價值回報。

Beyond the stepped-up investments, our 2019 core earnings performance will be impacted by 3 other factors: first, we're lapping a number of strategic asset sale and refranchising gains and insurance recoveries net of a frontline bonus that contributed approximately $0.17 to earnings in 2018; second, we expect the core tax rate to increase to approximately 21% in 2019 from a rate of 18.8% in 2018; and third, we expect foreign exchange translation to be an approximate 2 percentage point headwind to both revenue and EPS performance in 2019.

除了加碼投資之外，我們 2019 年的核心盈餘表現還將受到另外三項因素影響：第一，我們將面臨若干策略性資產出售與再特許經營（refranchising）收益，以及保險理賠（扣除第一線獎金後）的比較基期影響；這些項目在 2018 年約為盈餘貢獻 0.17 美元；第二，我們預期 2019 年核心稅率將由 2018 年的 18.8% 上升至約 21%；第三，我們預期外匯換算將對 2019 年的營收與 EPS 表現造成約 2 個百分點的不利影響。

Taking all of this together, for 2019, we expect organic revenue growth of 4% and core EPS of approximately $5.50. Importantly, we expect to see a return to high single-digit core constant currency EPS growth in 2020.

綜合以上因素，對於 2019 年，我們預期有機營收成長 4%，核心 EPS 約為 5.50 美元。重要的是，我們預期 2020 年核心固定匯率 EPS 成長將回到高個位數。

For 2019, we also expect free cash flow of approximately $5 billion, reflecting a step-up in CapEx to approximately $4.5 billion. Most of the increased capital spending is associated with accelerating progress on our strategic priorities. Following 2019, we expect our capital spending to moderate and to return to approximately 5% of revenue by 2022.

就2019年而言，我們也預期自由現金流約為50億美元，反映資本支出（CapEx）提高至約45億美元。增加的資本支出大多與加速推進我們的策略優先事項相關。2019年之後，我們預期資本支出將趨於溫和，並於2022年前回到約占營收5%的水準。

We expect total cash returns to shareholders of approximately $8 billion in 2019, comprised of dividends of approximately $5 billion and share repurchases of approximately $3 billion.

我們預期2019年對股東的現金回饋總額約為80億美元，其中包含約50億美元股利以及約30億美元股票回購。

With that, we'll now open it up to your questions. Operator, we'll take the first question.

接下來，我們現在開放各位提問。接線員，我們先進行第一個問題。

(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摩根士丹利（Morgan Stanley）的Dara Mohsenian。

So Ramon and Hugh, your 2019 guidance clearly implies some substantial reinvestment, both from a P&L standpoint and on the CapEx line. Just at a high level, how did the organization come to that decision under new leadership? Is this more sort of underutilized opportunities under a new CEO you're looking at, as you highlighted maybe on the Frito capacity side? Or is it more a need to reboost coffers after a tough external environment the last few years that may have pressured spend a bit? Because you do appear to be leaving 2018 with some nice momentum from a topline perspective. So just trying to better understand the decision at a high level. And then also it would be helpful if you could give us some more granular detail on which product categories or geographies that incremental spend is particularly focused on, both from a P&L and CapEx standpoint and what gives you confidence around the ROI behind that spend as you look out, getting it back to that high single-digit algorithm beyond 2019?

Ramon和Hugh，你們對2019年的指引顯然意味著相當可觀的再投資，無論是從損益表（P&L）的角度，或是在資本支出（CapEx）項目上。先從較高層次來看，在新領導團隊之下，組織是如何做出這個決定的？這比較像是在新任CEO之下，你們看到一些先前未充分利用的機會（如你們提到可能在Frito產能方面）？還是說，這更像是在過去幾年外部環境艱困、可能對支出造成一些壓力之後，需要重新充實資源？因為從營收成長（topline）的角度來看，你們在2018年結束時似乎帶著不錯的動能。所以只是想更好地理解這個決策在高層次上的考量。另外，如果你們能更細緻地說明這些新增支出特別聚焦在哪些產品類別或地理區域（無論是P&L或CapEx角度），以及在展望未來、希望在2019年之後回到高個位數成長算法（algorithm）時，你們對這些支出背後投資報酬率（ROI）的信心來源，將會很有幫助。

Okay. Let me start. The -- I mean the process was a, say a 4-month process that we've -- you know we've been together as a management team over a series of meetings, trying to define what would be the next chapter of PepsiCo. And we came to the realization that we have a good company, we can be a great company. And there is a, say an aligned vision to be a much faster growing company, because we see that our categories are very healthy and large, growing across the world. And we have been performing okay against the category, but there is further growth and further opportunities for us to grow share in those categories. And the process started with, let's see how we can refocus the discretionary funds that we have in each one of our business against the growth opportunities. So we're doing that as part of the AOP for '19. And then we came to the realization, there is even further opportunities for us to invest and grow our top line in a very competitive way and profitable way. So that's what -- that's where we are. In terms of the areas of spend, you should think about we're investing across all the businesses, from our North America business to our international businesses. And we're investing in brand building, selling capacity and supply chain capacity. Those are the big areas. And also, we've been in building capabilities for the last few years, and we are going to continue to do in areas like away from home, e-commerce, some of the large channels that are driving a lot of growth for the categories.

好的。我先開始。這個——我的意思是，這個流程大概是為期4個月的流程；我們——你知道的——作為管理團隊在一系列會議中一起討論，試著界定百事公司（PepsiCo）的下一個篇章會是什麼。我們意識到，我們是一家好公司，但我們可以成為一家偉大的公司。而且我們有一個一致的願景：成為一家成長速度更快的公司，因為我們看到我們所處的品類在全球都非常健康且規模龐大，並且持續成長。我們相對於品類的表現還可以，但在這些品類中仍有進一步成長、以及提升市占的更多機會。這個流程一開始是：看看我們如何能把各個事業中可自由運用的資金，重新聚焦到成長機會上。因此我們在2019年的年度營運計畫（AOP）中正在做這件事。接著我們也意識到，我們還有更多機會可以投資，並以非常具競爭力且獲利的方式推動營收成長。所以這就是——這就是我們目前的狀態。就支出領域而言，你可以把它想成我們在所有事業上都在投資，從北美事業到國際事業。我們投資在品牌建設、銷售能力以及供應鏈產能。這些是主要領域。此外，過去幾年我們一直在建立能力，我們也將持續在例如外食通路（away from home）、電子商務，以及一些推動品類大量成長的大型通路等領域持續投入。

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

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

So just 2 questions related to the investments this year. One, is there incremental -- is it $1 billion of incremental productivity also in 2019? And then second, I guess, as we look at -- there were some investments that went into the business in '18 and then some incremental investments that goes into the business in '19. So in trying to understand like how much of that goes in and stays in the business. Kind of the relative size of that? I mean back of the envelope, I was set of getting to about $500 million. So if you can give us any sense as to whether that's close to the ballpark in terms of the size of the reinvestment?

我有兩個與今年投資相關的問題。第一，2019年是否也有額外——也就是10億美元的額外生產力提升（incremental productivity）？第二，我想，當我們來看——2018年有一些投資投入到業務中，而2019年又有一些額外投資投入到業務中。所以在試著理解有多少會投入並留在業務中時，其相對規模大概是多少？我的粗略估算大概是約5億美元。所以如果你們能提供一些看法，這個數字在再投資規模上是否大致接近合理範圍？

Yes. Bryan, it's Hugh. So in terms of the size of the reinvestment, we haven't gotten overly specific with the numbers. But if you think about what our normal EPS is versus what we're doing this year, I would think about somewhere between 40% and 50% of it being reinvestment and then the other factors. We've mentioned the tax rate and the one-timer lapping being the other parts of it. As to the other part of your question, as you know, even in late 2017 and into 2018, we did start making some reinvestments back into the business, because with the tax cut and other things, we had the opportunity to do that in '18. The thing that gives us a lot of confidence and gives us a belief that the ROIs are going to be good is the money that we've invested so far, we have actually seen good payback. The reason for that is, obviously, we participate in 2 great categories, convenient foods and beverages. And when we invest money in those businesses, there's good consumer and customer response to it. So the fact that we put money into the businesses and we've seen such good response is what gives us confidence that going forward, we should continue to do that into 2019. The one thing I do want to stress in all of this is, we started with making the internal cost structure of the company more efficient and have done everything we can do with that, and the restructuring is part of doing that. The incremental portion of it, obviously, is what we're talking to you about as investors, but I want to assure you all that we've worked hard to make sure PepsiCo is as efficient as it can possibly be, and we'll continue to strive to do that as well.

是的。Bryan，我是Hugh。關於再投資的規模，我們沒有把數字講得非常具體。但如果你把我們正常的每股盈餘（EPS）表現，和我們今年正在做的事情相比，我會把其中約40%到50%視為再投資，其餘則是其他因素。我們提到過稅率以及一次性因素的比較基期（one-timer lapping）是其中的其他部分。至於你問題的另一部分，如你所知，即使在2017年末到2018年期間，我們確實已開始把一些資金再投資回到業務中，因為在減稅及其他因素之下，我們在2018年有機會這麼做。讓我們很有信心、也相信投資報酬率（ROI）會不錯的原因是：到目前為止，我們已投入的資金其實看到了良好的回收。原因很明顯，我們參與的是兩個很棒的品類：便利食品與飲料。當我們在這些業務上投入資金時，消費者與客戶的反應都很好。因此，我們把錢投入業務並看到如此良好的反應，正是讓我們有信心在未來、並在2019年持續這麼做的原因。我確實想在這裡強調一點：在所有這些事情上，我們是從讓公司內部成本結構更有效率開始的，並且已經把能做的都做了，而重組也是其中的一部分。其中的增量部分，當然就是我們現在與各位投資人討論的內容，但我想向各位保證，我們一直努力確保百事公司（PepsiCo）盡可能有效率，而且我們也會持續朝這個方向努力。

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

下一個問題來自巴克萊（Barclays）的Lauren Lieberman。

I know that you very specifically talked about 2020 earnings growth coming back to kind of the high single-digit range. But in the long-term guidance, you did lower the long-term operating margin target to like 20 to 30 basis points from something more like 30 to 50. So can you just talk a little bit about what's driving that view of the long-term margin in the business? Is it a change in what's possible from a gross margin perspective? It sounds like a lot of the productivity and restructuring that you're doing should be yielding a more efficient cost structure for the long term. So I was curious why there's sort of less operating leverage in the long-term model.

我知道你們非常明確地談到2020年的獲利成長將回到大約高個位數的區間。但在長期指引中，你們把長期營業利益率目標下調到大約20到30個基點，而不是原先更像30到50個基點。所以你們能否談談，是什麼因素驅動你們對業務長期利潤率的這個看法？這是否代表毛利率（gross margin）層面可達成的空間有所改變？聽起來你們正在做的許多生產力提升與重組，應該會在長期帶來更有效率的成本結構。所以我很好奇，為什麼在長期模型中，營運槓桿（operating leverage）看起來反而比較少。

Yes. Let me start and then Hugh can give you a few more details. If you think about the 3 things we're trying to do, which is become faster, stronger and better, we want to first, invest in the business and opportunities that we see ahead of us, and that's going to make us faster, and that's -- they're investments we put in the business last year. As Hugh said, we've optimized, we've seen the ROIs, and we're deploying again this year with some incremental investments. The second concept of being stronger goes to the question that you're posing here which is we're trying to look at adapting technology and data much more in our business, in the way we do business. That will drive a lot of savings that we'll be reinvesting in the new capabilities we've been talking about. We believe that will give us a competitive -- sustained competitive advantage over the long term. These are capabilities in the areas of basically consumer, customer and supply chain agility. So yes, you will see a, I think, a virtuous cycle of additional savings, being both brought to the bottom line and what we think is a 0.2, 0.3 margin expansion every year, but very importantly, we want to make sure that the business gets the reinvestment required to become -- to stay as a very competitive business long-term.

是的。我先開始，然後Hugh可以再補充一些細節。如果你想想我們正試圖做的三件事，也就是變得更快、更強、更好，我們首先希望投資於我們看到的前方業務與機會，而這將讓我們更快——這些是我們去年投入到業務中的投資。如Hugh所說，我們已經做了最佳化、看到了投資報酬率（ROI），今年我們會在此基礎上再次部署，並增加一些額外投資。第二個「更強」的概念，回到你在這裡提出的問題：我們正試圖在業務中、在我們做生意的方式上，更加運用科技與數據。這將帶來大量節省，而我們會把這些節省再投資到我們一直在談的新能力上。我們相信，這將在長期帶給我們競爭——可持續的競爭優勢。這些能力主要在於消費者、客戶以及供應鏈敏捷性等領域。所以是的，你會看到我認為是一個良性循環：額外的節省，一部分會反映到淨利（bottom line），以及我們認為每年約0.2、0.3的利潤率擴張；但非常重要的是，我們要確保業務獲得所需的再投資，以便——長期維持為一個非常具競爭力的業務。

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

下一個問題來自Bernstein的Ali Dibadj。

So I have actually 3 questions and all under the umbrella of your philosophy, Ramon. One is that you mentioned you met with clients and consumers and employees. But it doesn't seem like you'd done a lot of meetings with shareholders in forming your observations and priorities and I just wanted to understand why, because we have lot of folks on this call are your owners. Secondly, your philosophy on reinvestments, how does that apply to your philosophy on price/mix rationality, for a lack of a better term, i.e., kind of measured increases in pricing over the past few years in beverages has taken that industry out of the penalty box for investors. So, I'd love to hear your philosophy there. And lastly, your level of confidence that one year of reinvestments is enough to get back to your accelerated long-term growth algorithm 2020 and beyond.

我其實有三個問題，都在你的理念這個框架之下，Ramon。第一，你提到你與客戶、消費者和員工會面。但看起來你在形成觀察與優先事項時，並沒有與股東進行很多會面；我想了解原因，因為這通電話上有很多人是你們的所有人。第二，關於你對再投資的理念，這如何適用於你對價格/組合（price/mix）理性（rationality）的理念——姑且這麼說，也就是過去幾年飲料業較為克制、循序漸進的提價，已經讓這個產業在投資人眼中不再是「懲罰區」。所以我很想聽聽你在這方面的理念。最後，你對於「一年」的再投資就足以讓你們回到2020年及以後加速的長期成長算法（growth algorithm）的信心程度如何？

Ali, let me start from the last one, I think it's a core, the essence of what we're trying to do. As Hugh said, we started investing in '18 back in the business. I mean the tax reduction helped us there and we saw areas where we had very high ROIs, which some area where we didn't have so much high ROIs. So we, at the beginning of this year, we went through a what I think is a pretty rigorous process of filtering investments and saying, "okay, these are areas where we need to double down," and we're adding some more resources to those areas. And it's across, what I said, branding, selling capacity, manufacturing capacity, supply chain capacity and some of the new capabilities. But again, the essence of the model is not this one-year effort that we're trying to make with additional resources. The essence is how we're transforming the machine, the operating machine of PepsiCo with technology and data, and really looking very hard our cost structures to drive sustained savings that we'll reinvest in these new capabilities that we need for the future. That is really the essence of the model. But don't think of a one-year investment, which would be a 2-year investment, because '18, we already started investing. But think of this as an acceleration and then a very clear transformation of capabilities that will make the acceleration sustainable. And it's a virtuous cycle of adopting technologies, driving savings and reinvesting those savings into what we think are the things that will make us best-in-class in our industry, and it's doubling down on consumer intimacies, doubling down on innovation, doubling down in brand-building, it's multichannel go-to-market capabilities and then flexible supply chain. That's how we are -- how we see the long-term momentum.

Ali，我先從最後一個問題開始，我認為那是核心，是我們試圖做的事情的本質。如Hugh所說，我們在2018年就開始把投資重新投入到業務中。我的意思是，減稅在那方面幫了我們，我們也看到了投資報酬率（ROI）非常高的領域，也有一些領域ROI沒那麼高。因此，在今年年初，我們經歷了一個我認為相當嚴謹的投資篩選流程，並說：「好，這些是我們需要加碼的領域」，我們也在這些領域增加了一些資源。而這涵蓋了我所說的品牌、銷售能力、製造能力、供應鏈能力以及一些新能力。但再次強調，這個模式的本質不是我們用額外資源做的一年努力。本質在於：我們如何用科技與數據來改造百事公司的運營機器（operating machine），並且非常仔細地檢視我們的成本結構，以推動可持續的節省，然後把這些節省再投資到我們未來所需的新能力上。這才是真正的模式本質。但也不要把它想成一年投資——其實會是兩年投資，因為2018年我們就已經開始投資了。而是把它視為一次加速，然後是一次非常清晰的能力轉型，讓這個加速能夠可持續。這是一個良性循環：採用科技、推動節省，並把這些節省再投資到我們認為能讓我們在產業中成為最佳典範（best-in-class）的事情上——加碼消費者洞察與親密度、加碼創新、加碼品牌建設、建立多通路的市場進入（go-to-market）能力，然後是更具彈性的供應鏈。這就是我們——我們看待長期動能的方式。

And Ali, to follow-up on your question on price rationality, we do think there's price rationality in the market right now. And a part of our long-term algorithm is continued price rationality in the marketplace.

Ali，接續你關於價格理性的問題，我們確實認為目前市場上存在價格理性。而我們長期算法的一部分，就是市場中持續的價格理性。

Yes.

是的。

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

下一個問題來自高盛（Goldman Sachs）的Judy Hong。

So I guess I wanted to actually ask about Frito-Lay North America, Ramon. So clearly, that business has been on a pretty solid footing. You talked about the potential opportunities to grow that business further. A lot of the growth in the last few years has come from price/mix. So I'm just wondering if you can elaborate on more specific programs to really drive consumption and volume increases in Frito-Lay. And then separately, Ramon, I think you talked about being happy with the portfolio, and not really making a big changes to your portfolio, either acquisition or divestiture. I know you guys have been looking at North America beverage business from a refranchising perspective. Is that now off the table as you kind of went through the review in the last 4 months?

我想我其實想問的是北美Frito-Lay，Ramon。很明顯，那項業務一直相當穩健。你談到進一步成長該業務的潛在機會。過去幾年的許多成長來自價格/組合（price/mix）。所以我想知道，你是否能更具體說明有哪些計畫，能真正推動Frito-Lay的消費與銷量提升。另外，Ramon，我記得你提到你對產品組合感到滿意，並不打算對產品組合做重大變動，不論是併購或剝離。我知道你們一直從重新特許經營（refranchising）的角度檢視北美飲料業務。在你們過去4個月完成檢視之後，這件事現在是否已經不再考慮（off the table）？

Okay. Let me start with Frito. Listen, Frito is probably one of the, I would say, best consumer companies in the world, I would say, and we continue to find ways to transform ourselves, both on the portfolio and on the capabilities and infrastructure of the business. So the way we're thinking about Frito is you think our share of market is about 65% of salty, about 39% of what we call savory and only 19% of micro snacks. We see great opportunities for Frito to grow into new day parts, into new channels, into even grow within existing channels and within existing consumer occasions. So the growth opportunities for Frito are multiple. I think the team has done a great job in keeping a very healthy core, our Doritos, Cheetos, Lay's, Ruffles, Tostitos brands are growing very healthy, and build additional brands that cover new spaces, either cohorts or day parts. So we see a very strong growth model from the brand perspective, from the channel perspective. And what we're trying to do is make sure Frito gets -- is well-funded to go after all these opportunities, grow from the P&L and from the CapEx point of view, because the ROIC on those investments is unbeatable. And I believe we have an amazing team that is extremely capable, it proves it every day in the marketplace and is very rigorous in how they manage the investments. So empowering that team with the right resources and giving them the higher vision of grow even faster and gain more share in the U.S. snack business, I think is the right thing to do for the -- for PepsiCo.

好的。我先從Frito開始。聽著，Frito大概是——我會說——世界上最好的消費品公司之一，而且我們持續在產品組合以及業務能力與基礎設施兩方面，尋找自我轉型的方法。所以我們對Frito的思考方式是：我們在鹹味零食（salty）的市占約65%，在我們所稱的風味零食（savory）約39%，而在微型零食（micro snacks）只有19%。我們看到Frito有很大的機會，能拓展到新的時段（day parts）、新的通路，甚至在既有通路與既有消費情境中進一步成長。因此，Frito的成長機會是多元的。我認為團隊在維持非常健康的核心方面做得很棒——我們的Doritos、Cheetos、Lay's、Ruffles、Tostitos等品牌都在非常健康地成長——同時也打造更多能覆蓋新領域的品牌，不論是新族群（cohorts）或新時段。所以我們從品牌角度、從通路角度，都看到非常強勁的成長模型。而我們要做的是，確保Frito獲得——並且資金充足——去追逐所有這些機會；無論從損益表（P&L）或資本支出（CapEx）的角度都能成長，因為這些投資的投入資本報酬率（ROIC）無可匹敵。我相信我們有一支令人驚豔、能力極強的團隊，他們每天都在市場上證明這一點，而且在投資管理上非常嚴謹。因此，用適當的資源賦能這個團隊，並給他們更高的願景——在美國零食業務中成長得更快、取得更多市占——我認為這對——對百事公司而言，是正確的做法。

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

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

So Ramon, best of luck as the CEO. And I just wanted to ask you about the company's long-term organic revenue growth, the target of 4% to 6%. So could you maybe help us to compose this target between your expectations for snacks and beverages globally as well as in developed and developing markets? And just a clarification on Judy's second question, I think, about refranchising. Should we -- have you decided not to refranchise NAB at this time, or is it still on the table?

那麼 Ramon，祝你擔任執行長一切順利。我想請教公司長期的有機營收成長目標 4% 到 6%。你能否協助我們拆解這個目標，說明你對全球零食與飲料，以及已開發與開發中市場的成長預期各占多少？另外也想釐清一下我理解 Judy 的第二個問題，關於再特許經營（refranchising）。你們是否已決定目前不對 NAB 進行再特許經營，還是仍在考慮中？

Okay. Let me address both. I mean the way you should think, Andrea, about our 4% to 6% is we have a great portfolio of geographies and categories around the world, and we see this more side of opportunities where we're investing to drive growth and be more competitive short-term and long-term and should be thinking about the overall portfolio delivering this number of between 4% to 6%. So we won't go into the details of how are going to grow in each one of these categories. You will see us as we unfold the results going forward. With regards to NAB, yes, I think, sorry I did -- I forgot to answer the question before, yes, we spent a lot of time as a management team, obviously, studying NAB and the different options we have there. We love NAB business. We think it's a great business that will play a very important role in the future of PepsiCo, and we're convinced it will drive very good results for us. And we believe that the key areas of success, I think, for NAB going forward will be around having the very strong brands in the different spaces and cohorts. And we think we have the brands and we've may be may have to strengthen some of the brands or we have those brands and we'll be able to create new brands with -- as we've proven with bubly or LIFEWTR or some of our new innovations. Second will be, our ability to execute in the marketplace, both with the very large customers and also in the local up and down the street. And I think we can do that, and we are a great operating company, and we know we can do this without refranchising. Third point will be having a very flexible and cost competitive supply chain and that there will be having the right high-performance culture in the business. All of those 4 success factors to me are not related to refranchising, plus refranchising per se will be a very complex and disruptive event for us as a company. So yes, you should assume that we're going to compete very hard in this business. We're going to invest sustainably and rationally. And we'll keep building a very strong company that I'm convinced will do great for us in the near future.

好的。我來一起回應這兩個問題。Andrea，你應該這樣看待我們的 4% 到 6%：我們在全球擁有非常好的地域與品類組合，我們看到更多的機會面，正在投資以推動成長，並在短期與長期提升競爭力；因此應以整體投資組合來思考，交付 4% 到 6% 之間的成長。所以我們不會深入到每一個品類將如何成長的細節。你會在我們未來逐步揭露的結果中看到。至於 NAB，是的，我想，抱歉，我之前忘了回答這個問題；是的，我們管理團隊花了很多時間，當然也研究了 NAB 以及我們在那裡的不同選項。我們很喜歡 NAB 這個業務。我們認為這是一個很棒的業務，未來將在百事公司（PepsiCo）的發展中扮演非常重要的角色，而且我們確信它會為我們帶來非常好的成果。我們相信，NAB 未來成功的關鍵領域，首先在於在不同細分領域與消費族群（cohorts）中擁有非常強勢的品牌。我們認為我們已經擁有這些品牌；也許需要強化其中一些品牌，或者我們擁有這些品牌並能夠創造新品牌——正如我們在 bubly、LIFEWTR 或其他一些新創新產品上所證明的。第二點是我們在市場端的執行能力，既包括面對非常大型的客戶，也包括在地端、街頭巷尾的通路。我認為我們做得到；我們是一家很強的營運型公司，我們知道即使不進行再特許經營也能做到。第三點是擁有非常彈性且具成本競爭力的供應鏈，以及在業務中建立正確的高績效文化。對我而言，這四個成功因素都與再特許經營無關；而且再特許經營本身對我們公司而言會是一個非常複雜且具破壞性的事件。所以，是的，你可以假設我們會在這個業務上非常積極地競爭。我們會以可持續且理性的方式投資。我們也會持續打造一家非常強的公司，我深信它在不久的將來會為我們帶來很好的成果。

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

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

And I was hoping we could just dig a little bit further into your strategic outlook. If we think about PepsiCo in 2025, what does being the great company that you mentioned at the outset really look like? How would you describe it? And how important is it to you that you can arrive at that destination without the need for another sidestep or effective algorithm reset somewhere between? And maybe as you just talked about that future vision, just going to the prior conversation, I'd just love some color on what you -- what role you think, the long-standing Better Together, Power Of One strategy plays within that? It sounds like something you remain committed to. So do you think maybe can be strengthened further? But I'll just love if you could expand on that as well.

我希望我們能再更深入一點談談你們的策略展望。如果我們思考 2025 年的百事公司，你在開場提到的「偉大的公司」實際上會是什麼樣子？你會如何描述？而對你而言，在不需要中途再來一次側向調整或某種程度的「演算法重置」的情況下，就能抵達那個目標，有多重要？另外，既然你剛談到未來願景，回到前面的對話，我也很想聽聽你對長期以來的 Better Together、Power Of One 策略在其中扮演什麼角色的看法。聽起來你仍然致力於這個策略。那你是否認為它還可以進一步強化？也希望你能就此多做一些延伸說明。

You should think of PepsiCo as a, I said, a company that plays in 2 huge large categories that globally, have a lot of tailwind. And our ability to perform on a very high competitive level in those 2 categories globally gives us the ability to be a top-performing investment for you guys in the consumer goods space. So I think you should be thinking about a company that has a long-term value creation model, center around accelerated growth and sustained growth, and gaining share consistently in our 2 large categories. That's how I would envision how we do it. I think we painted a picture on how we're thinking about our portfolio and how we're going to be look very holistically at the opportunities in each one of our categories. And there's multiple demand spaces, there's a lot of coffers, there's a lot of different day parts in those categories that provide for immense opportunities for us to innovate and build brands and continue to grow. Geographically, you should be thinking about a company that is, I would say, skewed to developed markets, Western Europe and the U.S. And obviously, long-term, we would like to be stronger in some of our developing markets, where we have strong positions to build on top. And so we have strong talent, we have strong market position in some of those markets. And you should think about us growing very fast in those geographies and adding to our -- how we reach consumers around the world. Think of us, we sell 1.5 billion servings a day, so we touch conceptually 1.5 billion people around the world every day. So, our ambition is to become at least a 2 -- we touch at least 2 billion people every day, that's some of the aspiration we have as a management team. So you should be thinking around the vectors of how many people we serve every day and around what do we offer that people in terms of the both the convenient foods and the beverage categories.

你應該把百事公司視為一家——我說過——在全球兩個非常龐大的品類中競爭的公司，而這兩個品類都有很強的順風（tailwind）。而我們在這兩個品類中、以非常高的競爭水準在全球範圍內表現的能力，使我們有機會成為你們在消費品領域的頂尖投資標的。所以我認為，你們應該把我們視為一家擁有長期價值創造模型的公司，其核心在於加速成長與持續成長，並在兩個大型品類中持續穩定地提升市占。這就是我對我們如何做到的想像。我想我們已描繪了我們如何看待投資組合，以及我們將如何以更整體、全盤的方式審視各品類中的機會。在這些品類中有多個需求空間，有很多「金庫」（coffers），也有很多不同的消費時段（day parts），為我們帶來巨大的機會去創新、打造品牌並持續成長。在地域上，你們應該把我們視為一家——我會說——較偏向已開發市場的公司，例如西歐與美國。而且很明顯，從長期來看，我們希望在一些開發中市場更強，因為我們在那裡已有很強的基礎可供擴張。因此，我們在其中一些市場擁有強大的人才，也有很強的市場地位。你們應該預期我們在這些地區成長非常快，並提升我們——我們如何觸及全球消費者的能力。想想看，我們每天銷售 15 億份（servings），所以概念上我們每天觸及全球 15 億人。因此，我們的企圖心是至少——每天觸及至少 20 億人，這是我們管理團隊的一些願景。所以你們應該從我們每天服務多少人，以及我們提供人們什麼——包括便利食品與飲料兩大品類——這些向量來思考。

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

您的下一個問題來自麥格理（Macquarie）的 Caroline Levy。

My question is around -- I'm just hoping you can actually elaborate on what you can do in the route to market field, just a little more detail, because if I think about the beverage business, it feels like you have some catch-up, particularly in North America. In snacks, you're already really, really good. So taking the 2 different sides, are you going to focus more on the small channels, where brands are often built and nurtured? And how do you manage an online business when you're shipping heavy beverages? So just touching on that range of opportunity.

我的問題是關於——我希望你能更進一步說明你們在市場通路（route to market）方面能做些什麼，提供更多一點細節；因為如果我看飲料業務，感覺你們還有一些需要追趕的地方，特別是在北美。在零食方面，你們已經非常、非常強。所以從這兩個不同面向來看，你們會更聚焦在小型通路嗎？品牌往往是在那裡被建立與培育的。另外，當你們要運送重量較高的飲料時，要如何經營線上業務？所以想請你談談這一整個機會範圍。

Yes. Listen, thanks for the question. The -- you know the value creation of a category is proportionate in the impulse part of our business. So obviously, we want to maximize our go to market where we can generate impulse occasions, we capture much more value for our -- I think we provide more value to the consumer and we capture more profit as a company. So obviously, as you think about the areas where we'll be investing money to become much more of a great -- a customer service company, we will invest against the large customers and they are critical for us to serve a lot of households. And there, I think, the opportunity to put all our categories together to serve customers like Walmart, Amazon, et cetera, is a big idea. Then in terms of the capillarity and the ubiquity of distribution of our categories, I don't think we're satisfied with NAB or we're satisfied with Frito or we're satisfied with any of our companies. There are almost unlimited numbers of point of sale for our categories. And our strategic intent is to be everywhere where there could be an occasion to serve our consumer to buy a snack or a beverage. And it's not only the conventional points of sale that you're thinking about. It could be endless numbers. So how do we become -- how do we make money in servicing those stores is the biggest strategic idea. We have a lot of technology to unlock this. I mean we're playing obviously across nonconventional ways to get to those points of sale, and that's a core capability of the company.

是的。聽著，謝謝你的提問。你知道，品類的價值創造在我們業務中的「衝動型」部分是成正比的。所以很明顯地，我們希望在能夠創造衝動消費情境的地方，最大化我們的上市策略；如此一來，我們為消費者提供更多價值，而公司也能捕捉到更多利潤。因此，當你思考我們將把資金投向哪些領域、讓我們更像一家卓越的——客戶服務公司時，我們會針對大型客戶加大投資，而他們對我們服務大量家庭至關重要。在那裡，我認為把我們所有品類整合起來，去服務像沃爾瑪、亞馬遜等客戶，是一個很大的構想。接著，就我們各品類的分銷滲透度與無所不在的覆蓋而言，我不認為我們對NAB感到滿意，或對Frito感到滿意，或對我們任何一家公司感到滿意。我們品類的銷售點幾乎是無限多的。而我們的策略意圖是：在任何可能出現消費情境、讓消費者購買零食或飲料的地方，我們都要無所不在。而且不只是你所想到的那些傳統銷售點。可能是無數種。所以，我們要如何在服務那些店家時也能賺錢，是最大的策略構想。我們有很多科技可以解鎖這件事。我的意思是，我們顯然正在以非傳統方式觸達那些銷售點，而那是公司的核心能力。

Your next question comes from the line of Nik Modi of RBC.

你的下一個問題來自RBC的Nik Modi。

Ramon, you talked about the reinvestment and you talked about frontline, putting more investment in frontline. Can you maybe help us understand in terms of kind of the percentages you're allocating or you're thinking about in terms of increases in advertising and then also the in-store execution portion in NAB? And then the second question is you also talked about perhaps adding more capacity in the Frito business. So does that mean you're going to reduce your alliance on copackers?

Ramon，你談到了再投資，也談到了第一線，把更多投資放在第一線。你能否幫我們理解一下，就你在配置或思考的比例而言，廣告投放的增加，以及NAB在店內執行那一塊的投入，各大概是怎麼想的？第二個問題是，你也提到可能會在Frito業務增加更多產能。那是否意味著你們會降低對代工夥伴（copackers）的依賴？

I'll just start with Frito. Yes, we -- with the growth of the business, we're stretched on some of our technologies, which impacts the service, the demand on some of our products, so we'll be investing in additional capacity in Fritos. We're actually investing, and you should see it in -- I would assume, in additional share of market gain from us in the coming years. With regards to NAB investments, obviously, I cannot give you detail. This is a very sensitive information of where we're going to invest in our S&P money, but you should think about us adding selling capacity across the U.S. for both our food service and our small format outlets.

我先從Frito開始。是的，隨著業務成長，我們在部分技術能力上變得吃緊，這會影響服務水準，以及部分產品的需求承接，所以我們將在Frito增加額外產能投資。我們確實正在投資，而你應該會看到——我猜想——未來幾年我們會取得更多市占率提升。至於NAB的投資，很明顯我不能給你細節。這是我們將把S&P資金投向何處的高度敏感資訊，但你可以把它理解為：我們會在全美範圍內，為餐飲服務通路與小型門店通路增加銷售產能。

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

你的下一個問題來自Wells Fargo的Bonnie Herzog。

All right. I certainly sensed an overall level of urgency from you, based on your comments this morning. And specifically, on NAB, you mentioned you're stepping up innovation investment to reignite growth. So I guess I've got a couple of questions. First, how much of a lag do you anticipate before you anticipate seeing improvements on your top line? And then, in general, how do you think about balancing this higher level of spending with your ability to drive profitability growth, and then more importantly, your ability to expand margins in NAB specifically, again, over the long term?

好的。根據你今天早上的評論，我確實感受到你整體上有一種緊迫感。特別是在NAB方面，你提到你們正在加大創新投資以重新點燃成長。所以我有幾個問題。第一，你預期在看到營收端改善之前，會有多長的滯後期？第二，更一般地說，你如何看待在提高支出水準的同時，仍能推動獲利成長，並且更重要的是，長期來看在NAB特別是擴大利潤率的能力之間的平衡？

Yes. We've been investing in NAB now for a year or so in -- especially in our brands, but also in some of our execution capabilities. And we're seeing good returns on some of those investments and not so good returns from some others. So what we're doing is, clearly, optimizing our investments against the areas where we see we're getting more overall return. The performance of the company, as you saw in our Q4 numbers, is improving, right? So we're doing -- we had a good 2.5% in Q3, we grew 2% in Q4. So we'll keep investing in the business to get to a -- to stay positive. And our ultimate ambition is to grow with the market, and the timeline we're aspiring to do that is by the end of this year. It might take us a bit longer. The way I see this is -- and this is my experience with businesses, large business that need to turn around is, you need to agree on a long-term objectives. In our case, is growing with the market and eventually growing share. And then give -- empower the team with the right resources, make them feel that you support them and give them very clear milestones to go after those -- that turnaround. That's what we're doing with NAB. The team is responding. We're having very clear process internally to monitor progress. And we feel good. We feel good and we feel fortunate to have the rest of the company portfolio to -- that we can still deliver a very good performance to the company and invest in what is going to be a very powerful business for us in the future.

是的。我們在NAB的投資已經進行了一年左右——特別是在品牌上，也包括一些執行能力。我們在其中一些投資上看到了不錯的回報，而另一些則回報不那麼好。所以我們正在做的事情很清楚：把投資優化到那些我們看到能帶來更高整體回報的領域。如你在我們第四季數字中所見，公司表現正在改善，對吧？所以我們正在——第三季有不錯的2.5%，第四季成長2%。因此我們會持續投資這項業務，以達到——並維持正成長。我們最終的企圖是跟隨市場成長，而我們希望達成的時間點是今年年底。也可能會花更久一點。我對此的看法是——以我在需要扭轉的大型業務上的經驗來說——你必須先就長期目標達成共識。就我們而言，就是跟隨市場成長，並最終提升市占。然後賦能團隊，給他們正確的資源，讓他們感受到你支持他們，並給他們非常清楚的里程碑去推進那個——扭轉。這就是我們在NAB所做的。團隊正在回應。我們內部有非常清楚的流程來監控進展。而我們感覺良好。我們感覺良好，也覺得很幸運，因為公司其餘的產品組合——我們仍然能為公司交出非常好的表現，同時投資於未來將對我們非常有力的一項業務。

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

你的下一個問題來自Jefferies的Kevin Grundy。

So I wanted to come back to portfolio considerations with beverages and snacks. So particularly, Ramon, the ability to drive more consumption occasions, so under sort of the thinking of that 2 are Better Together. And it sounds like you too are of the view that the beverage and snacks do belong together. But I think there have been some questions on how successful the company has been in that pursuit of cross-selling over the years, particularly given some of the notable challenges in beverages. So do you see it that way? Is that an unfair assessment that the company has not done as well as it could possibly could in terms of cross-selling and utilizing the strength of both of these businesses. And as you're thinking about the priorities of how to reaccelerate growth in NAB, is there a greater cohesiveness with Frito that could be part of that strategy? So any comments there will be helpful.

我想回到飲料與零食在產品組合上的考量。特別是，Ramon，關於推動更多消費情境的能力，也就是在「兩者搭配更好」（2 are Better Together）這種思路之下。而聽起來你也認為飲料與零食確實應該放在一起。但我想，多年來外界一直有些疑問：公司在交叉銷售這件事上到底有多成功，尤其考量到飲料業務的一些顯著挑戰。所以你也這麼看嗎？認為公司在交叉銷售、以及運用這兩項業務的優勢方面，沒有做到它本來可能做到的那麼好——這樣的評估是否不公平？以及當你在思考如何讓NAB的成長重新加速的優先事項時，與Frito之間是否會有更高的協同性，並可能成為該策略的一部分？所以任何相關評論都會很有幫助。

Yes. Listen, I've been -- as you guys know, I've been in Europe for a few years. And there, we have this kind of what we call Power of One model in some countries, not only, in a lot of countries, actually. And so I understand the value of where the scale makes sense and where the focus makes sense. And more or less, I mean it's not a science. It's almost an art on where does the scale give you a competitive advantage and where the scale defocuses you. And so, listen, I don't know if you guys walk around the stores for the Super Bowl. But if you see the displays we're able to build together as an organization, the amount of traffic we build for our customers because of those displays, and the combined consumption that was between our 2 categories because of those displays, you would see that there is a very clear opportunity for us to dial up that as an opportunity. Also, on the cost side, we're doing a lot of things together, right? So if you think about freight, for example, it's a great area where we're in a lot of productivity because of combined freight. And as you think about future capabilities, we're trying to build them as a combined company. Our e-commerce capability, some of the ones I referred to this morning, the consumer intimacy, so our ability to attract talent, special talent, retain talent and challenge talent is much, much -- we have a much higher likelihood to succeed if we do it as a full PepsiCo. So we see many areas of value for Power of One, but we also see areas where Power of One could derail the performance of each one of the businesses. So you will see, yes, there are opportunities, but we have to address them very carefully and with -- and with trial and error. We'll make mistakes in some areas. We'll get better in others. So that's how you should think, but yes, of course, for us it's a competitive advantage, and we would not be doing the best for our shareholders if we don't explore this area to the maximum.

是的。聽著，正如各位所知，我在歐洲待了好幾年。在那裡，我們在一些國家採用一種我們稱為「Power of One（合一力量）」的模式；其實不只是在少數國家，而是在很多國家。因此，我理解規模在哪裡能發揮效益、聚焦在哪裡能發揮效益的價值。而且或多或少地說，這不是一門科學。更像是一門藝術：規模在哪裡能帶來競爭優勢、又在哪裡會讓你失焦。所以，聽著，我不知道各位是否在超級盃期間逛過門市。但如果你看到我們作為一個組織能一起打造的陳列展示、因為那些展示為我們的客戶帶來的客流量，以及因為那些展示而在我們兩個品類之間產生的合併消費，你就會看到我們很清楚有機會把這件事作為一個機會加大力度。另外，在成本端，我們也一起做了很多事情，對吧？例如你想想運輸（freight），這就是一個很好的領域：因為合併運輸，我們在生產力提升上做了很多。而當你思考未來能力建設時，我們也在嘗試以一個合併公司的方式來打造。我們的電商能力、我今天早上提到的一些能力、消費者親密度（consumer intimacy），以及我們吸引人才、特別人才、留住人才並激勵人才的能力——如果以完整的百事公司（PepsiCo）來做，我們成功的可能性會高得多、也高很多。所以我們在「Power of One」上看到許多價值領域，但我們也看到一些領域，「Power of One」可能會拖累各個業務的表現。因此你會看到，是的，確實有機會，但我們必須非常謹慎地處理，並且——並且透過試錯來推進。我們在某些領域會犯錯。在其他領域會做得更好。所以你應該這樣理解；但沒錯，當然，對我們而言這是競爭優勢，如果我們不把這個領域探索到最大化，就等於沒有為股東做到最好。

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

下一個問題來自 Guggenheim 的 Laurent Grandet。

Lots of question about NAB and Frito-Lay. I like to -- would be interesting to having your perspective on the Quaker business and the role of Quaker in PepsiCo's portfolio in the near or long-term future. Is its margin now is at a relatively high level, especially in comparison to other sales, I mean, businesses? Now, it has not been growing for a while and it seems like it's not really at the center of the impulse occasion, you said was the strength of PepsiCo. So really, would like to have your perspective on the Quaker business going forward.

大家問了很多關於 NAB 和 Frito-Lay 的問題。我想——我很想聽聽你對桂格（Quaker）業務的看法，以及桂格在百事公司投資組合中在短期或長期未來所扮演的角色。它目前的利潤率處於相對較高的水準，尤其是與其他銷售——我是說，其他業務相比。但它已經有一段時間沒有成長了，而且看起來它並不真正位於你所說、作為百事公司強項的「衝動型消費情境」的核心。所以，我真的想聽聽你對桂格業務未來走向的看法。

Okay. Laurent, listen, we love our Quaker business. I think it's a -- it complements our portfolio, and it makes us strong in a day part that in we're weaker otherwise. Now, we need to be better at exploiting some of the opportunities of that brand internationally. So we have a very strong business in Europe and it's doing very well. Here domestically, you could think of the more we see clearly breakfast becoming an on-the-go occasion. It is -- people are rushing for to get to work early in the morning. There is a huge opportunity for us to play with Quaker in that, I would say, higher value, new consumer demand moment of breakfast on the go. You're going to see us innovating in that space. And you might -- you will see, again, another vector of Power of One as we leverage some of our go-to-market strength to deliver on the convenience on the go for Quaker. So I think it plays a role in our portfolio, apart from the, obviously, the cash flow it generates and the great returns we get from that business, but I -- we see it as part of our broader strategic opportunity of capturing demand moments we're not very strong in right now.

好的。Laurent，聽著，我們很喜歡我們的桂格業務。我認為它——它能補強我們的產品組合，並讓我們在一天中的某個時段（day part）更強，而在那個時段我們原本相對較弱。現在，我們需要更善於在國際市場上挖掘這個品牌的一些機會。因此我們在歐洲有非常強的業務，而且表現非常好。在美國本土，你可以看到我們越來越清楚地看到早餐正在變成一個「隨行（on-the-go）」的消費情境。人們一大早趕著去上班。對我們而言，桂格在那個我會稱之為更高價值、符合新消費者需求的「隨行早餐」需求時刻上，有巨大的發揮機會。你會看到我們在這個領域進行創新。而且你可能——你也會再次看到「Power of One」的另一個向量：我們將運用我們部分的市場進入（go-to-market）優勢，為桂格提供「隨行便利」的交付能力。所以我認為它在我們的產品組合中扮演角色；除了它顯然帶來的現金流，以及我們從該業務獲得的優異回報之外，我——我們也把它視為更廣泛策略機會的一部分，用來捕捉我們目前還不夠強的需求時刻。

Okay. I think we ran out of time. So thank you all of your time and participation in this morning's call. To conclude, I'd like to leave you with just 3 key thoughts: first, our overarching objective, as you saw, is to accelerate in a sustainable way, our top line growth; secondly, we're investing to lift performance across the business, making our best businesses better and our productively lower performing businesses stronger; and third, we expect that investments we're making would not only benefit 2019 with accelerated top line growth, but will provide a solid foundation for sustainable, attractive market place and financial performance for the years to come.

好的。我想我們時間不夠了。因此，感謝各位今天早上參與本次電話會議並撥冗出席。最後，我想用三個重點作結：第一，我們的整體目標，如各位所見，是以可持續的方式加速營收（top line）成長；第二，我們正在投資以提升全業務表現，讓我們最好的業務更好，並讓生產力較低、表現較弱的業務更強；第三，我們預期這些投資不僅將在 2019 年帶來加速的營收成長，也將為未來多年可持續且具吸引力的市場與財務表現奠定堅實基礎。

We look forward to updating you on the progress throughout the year, and we thank you for the confidence you've placed in us with your investments. Thank you.

我們期待在全年持續向各位更新進展，也感謝各位以投資對我們所給予的信心。謝謝。

Thank you. That does conclude today's PepsiCo's fourth quarter 2018 earnings conference call. You may now disconnect your lines, and have a wonderful day.

謝謝。以上即為百事公司 2018 年第四季財報電話會議的全部內容。各位現在可以掛線，祝各位有美好的一天。