百事 (PEP) 2019 Q1 法說會逐字稿

Good morning, and welcome to PepsiCo's First Quarter 2019 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）2019 年第一季財報電話會議。(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 today's call with some brief prepared comments from Ramon and Hugh, and then we'll open the call up to your questions.

謝謝，接線員，各位早安。今天早上與我一同出席的有百事公司董事長暨執行長 Ramon Laguarta，以及百事公司副董事長暨財務長 Hugh Johnston。我們將先由 Ramon 與 Hugh 做一些簡短的事先準備發言，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 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，請留意我們的警示性聲明。本次電話會議包含前瞻性陳述，包括根據目前可得資訊所提出的 2019 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）提交的定期報告中所載的警示性聲明與其他資訊一併考量。

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 translation, 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 Investors section of PepsiCo's website under the Earnings Information 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，我們將提及若干非 GAAP 指標，該等指標會自我們的已報告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、處分、結構性及其他變動，以及重組費用的影響。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（Investors）下「Earnings Information」分頁，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.

接下來我很榮幸介紹 Ramon Laguarta。

Thank you, Jamie. Good morning, everyone. About 2 months ago, we shared with you in some detail our priorities for the business and our financial goals for 2019. So today, we're keeping our prepared comments short, just touching on the highlights for the quarter, and then we will leave enough time to get to all your questions.

謝謝你，Jamie。各位早安。大約 2 個月前，我們已相當詳細地與各位分享了我們對業務的優先事項以及 2019 年的財務目標。因此今天我們的事先準備發言會保持精簡，只觸及本季重點，並保留足夠時間回答各位的問題。

I'll just start by simply saying that we're very pleased with our results for the very -- for the first quarter. Our rate of organic revenue growth accelerated to 5.2%, our highest rate of quarterly growth in more than 3 years. This top line performance was broad-based with particularly strong organic revenue growth at Frito-Lay North America, which grew 6%, and our international divisions, while negatively affected on reported basis by ForEx and refranchising, delivered organic revenue growth of 8% in ESSA and 10% in both Latin America and AMENA. We also had solid growth and continued progress at PepsiCo Beverages North America where organic revenue was up 2% -- 2.5% in the quarter.

我先簡單說，我們對第一季的表現非常滿意。我們的有機營收成長率加速至 5.2%，為超過 3 年來最高的單季成長率。這項營收表現相當全面，其中北美菲多利（Frito-Lay North America）有機營收成長特別強勁，成長 6%；而我們的國際事業部雖在已報告基礎上受到外匯（ForEx）與重新特許經營（refranchising）的負面影響，但在 ESSA 仍繳出 8% 的有機營收成長，拉丁美洲與 AMENA 則皆達 10%。我們在百事公司北美飲料（PepsiCo Beverages North America）也有穩健成長並持續取得進展，本季有機營收成長 2%——2.5%。

We invested, as planned, across our businesses, and this included a double-digit increase in advertising and marketing. And our productivity and restructuring actions were all implemented according to plan.

我們依計畫在各項業務中進行投資，其中包括廣告與行銷的兩位數成長。我們的生產力提升與重組行動也都依計畫落實。

Our strong performance in the quarter is emblematic of a number of key strengths in the business, amongst them: the health and resilience of our categories; our leading brands; our broad-based portfolio capable of evolving to satisfy consumer tastes; our developed geographic footprint with strong positions in our largest markets; a suite of strong and relevant capabilities across the value chain; scale that allow us to run our operations very efficiently; and of course, our highly engaged and motivated associates, who execute every day in a way that enables us to win in the marketplace.

本季的強勁表現，體現了我們業務的多項關鍵優勢，其中包括：我們所處品類的健康度與韌性；我們的領導品牌；能隨消費者口味演進的多元產品組合；我們成熟的地理布局，並在最大市場中具備強勢地位；橫跨價值鏈的一系列強大且具相關性的能力；使我們能非常高效率營運的規模；當然還有我們高度投入且充滿動力的同仁，他們每天的執行讓我們能在市場上勝出。

So with strong start to the year and 1 quarter under our belt, we remain confident in achieving the 2019 financial goals we shared with you 2 months ago.

因此，在今年強勁開局並完成第一季之後，我們仍有信心達成 2 個月前與各位分享的 2019 年財務目標。

Looking ahead, we're staying focused on the priorities we shared with you in February namely: to accelerate our top line growth in a sustainable way; to compete more effectively to win in most of our markets; and more rapidly evolve our capabilities to widen our advantages versus the competition.

展望未來，我們將持續聚焦於 2 月與各位分享的優先事項，也就是：以可持續的方式加速營收成長；在我們多數市場中更有效競爭以取得勝利；並更快速地演進我們的能力，以擴大相對競爭對手的優勢。

To achieve these objectives, we're focused on becoming faster, stronger and better. We'll become faster by being more consumer-centric and accelerating investment for top line growth and winning in the marketplace. This means: broadening our portfolio and packaging formats to win locally; fortifying our North American businesses by investing in Frito-Lay North America and PepsiCo Beverages North America; and accelerating our international expansion with a disciplined focus on right-to-win markets.

為了達成這些目標，我們將專注於變得更快、更強、更好。我們將透過更以消費者為中心、並加速投資以推動營收成長與在市場中取勝，來變得更快。這意味著：擴大我們的產品組合與包裝形式以在各地市場取勝；透過投資北美菲多利與百事公司北美飲料來強化北美業務；並以嚴謹聚焦於「有勝出權利」（right-to-win）的市場，加速國際擴張。

We'll become stronger by transforming our capabilities and our culture. This means driving savings through holistic cost management to invest in the marketplace, developing and scaling the core capabilities necessary to better understand and meet new consumer trends, strengthen our brands and improve customer service, and building a differentiated organization, talent base and culture.

我們將透過轉型我們的能力與文化來變得更強。這意味著透過整體性的成本管理來推動節省，以便投資市場；發展並擴大必要的核心能力，以更好地理解並滿足新的消費趨勢、強化品牌並改善客戶服務；以及打造具差異化的組織、人才基礎與文化。

And finally, we'll become better by integrating our purpose agenda into our business strategy with a particular focus on 4 critical initiatives: first, advancing farming practices to optimize crop yields, protect human rights, improve farmer livelihoods and secure supply; second, replenishing more water than we use in water-stressed areas; third, creating a circular economy for plastics; and fourth, increasing the appeal of our products by reducing added sugars, sodium and saturated fats and adding more positive ingredients.

最後，我們將把使命（purpose）議程整合進商業策略，並特別聚焦 4 項關鍵倡議，以變得更好：第一，推進農業實務以最佳化作物產量、保障人權、改善農民生計並確保供應；第二，在缺水地區補充（回補）我們使用量以上的水資源；第三，為塑膠建立循環經濟；第四，透過降低添加糖、鈉與飽和脂肪並增加更多正向成分，提升我們產品的吸引力。

The entire organization, from the Board to our frontline, is moving forward with urgency, and we look forward to updating you on our progress as the year progresses.

整個組織從董事會到第一線都以緊迫感向前推進，我們也期待在今年進行期間持續向各位更新我們的進展。

And now let me hand it off to Hugh.

接下來我把時間交給 Hugh。

Great. Thank you, Ramon, and good morning, everyone. I have just a few comments on the balance of year outlook. As we mentioned in the release, we are reiterating each of the components of our 2019 guidance, namely: we continue to expect organic revenue growth of 4%; a core effective tax rate of approximately 21%; core constant-currency EPS to decline approximately 1%; free cash flow of approximately $5 billion; and total cash returned to shareholders of approximately $8 billion comprised of dividends of approximately $5 billion and share repurchases of approximately $3 billion.

好的。謝謝你，Ramon，各位早安。我對今年剩餘期間的展望只有幾點補充。如同我們在新聞稿中提到的，我們重申 2019 年指引的各項組成，亦即：我們仍預期有機營收成長 4%；核心有效稅率約 21%；核心固定匯率 EPS 約下降 1%；自由現金流約 50 億美元；以及回饋股東的現金總額約 80 億美元，其中包含約 50 億美元股利與約 30 億美元庫藏股回購。

With both organic revenue growth and core constant-currency EPS growth higher in Q1 than in our full year targets, that implies the growth rate for the balance of the year will be below the Q1 growth rates. So let me address how you should think about that, starting with the top line.

由於第一季的有機營收成長與核心固定匯率 EPS 成長都高於我們的全年目標，這表示今年剩餘期間的成長率將低於第一季的成長率。因此我先從營收端開始，說明你們應如何看待這件事。

First, the rate of organic revenue growth at FLNA in Q1 was extraordinary. We don't expect that rate of growth to continue for the balance of the year. And second, Q1 represented our easiest lap of the year so balance of year laps will be more difficult especially in the back half of the year.

第一，北美菲多利（FLNA）第一季的有機營收成長率非常突出。我們不預期這樣的成長速度會在今年剩餘期間持續。第二，第一季是我們今年最容易比較的基期，因此今年剩餘期間的比較基期會更具挑戰，尤其是下半年。

From an EPS perspective, you should consider the following. One, in Q1, we had the benefit of lapping the onetime frontline bonus from 2018; and we also benefited from approximately $50 million of insurance recoveries in the current year. Two, over the balance of the year, we will be lapping gains from various strategic asset sales and refranchising gains and insurance recoveries, most notably in Q2. Three, our rate of net commodity inflation, which includes the impact of transactional foreign exchange, is expected to accelerate in the second quarter. And finally, our pace of planned reinvestments will accelerate over the course of the year, and you will see this reflected both in core EPS as well as in our operating margin performance.

就 EPS 而言，你們應考量以下幾點。第一，第一季我們受惠於 2018 年一次性第一線獎金的比較基期效應；同時也受惠於本年度約 5,000 萬美元的保險理賠回收。第二，在今年剩餘期間，我們將面臨各項策略性資產出售收益、重新特許經營收益以及保險理賠回收的比較基期效應，其中以第二季最為明顯。第三，我們的淨大宗商品通膨率（包含交易性外匯的影響）預期將在第二季加速。最後，我們計畫中的再投資步伐將在今年過程中加快，你們將在核心 EPS 以及營業利益率表現上看到這一點的反映。

Now we'll open it up for your questions. Operator, we'll take the first question.

現在我們開放大家提問。接線生，請接第一位提問者。

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

(接線生指示) 我們的第一個問題來自巴克萊（Barclays）的 Lauren Lieberman。

The -- I was curious if you could talk a little bit about gross margins. Obviously, really solid in the quarter, kind of as expected, but I was curious about, one, in the near term, kind of next year let's call it, thinking about commodity inflation environment and so on, how you might expect that to progress? And then also longer term, as mix in the portfolio evolves, I guess category mix within beverages, price tiering, some of the things you've talked about in emerging markets, how should we think about gross margins from a longer-term perspective?

我想請教一下毛利率的部分。顯然本季表現非常穩健，也大致符合預期，但我想問的是：第一，短期來看，姑且以明年為例，在大宗商品通膨環境等因素下，您預期毛利率走勢會如何演變？第二，長期來看，隨著產品組合在投資組合中持續演進——我指的是飲料內部的品類組合、價格帶分層，以及您在新興市場談到的一些作法——我們應該如何從更長期的角度看待毛利率？

Yes. Happy to, Lauren, the 2. A couple of things. One, obviously, we don't give gross margin guidance, so I'll talk more conceptually than I will specifically to numbers. We were obviously pleased with gross margins in the first quarter, but as I just mentioned, we do expect to see more commodity inflation in the balance of the year, and transactional ForEx will pressure commodities as well. So I think in the first quarter, we saw probably, I'd call it, very strong gross margin performance.

好的。很樂意回答，Lauren，這兩點我說明一下。第一，顯然我們不提供毛利率指引，所以我會以概念性的方式來談，而不是針對具體數字。我們對第一季的毛利率表現當然感到滿意，但如我剛才提到的，我們確實預期今年剩餘期間會看到更多大宗商品通膨，而交易性外匯（ForEx）也會對大宗商品成本造成壓力。因此我認為第一季的毛利率表現可以說是非常強勁。

In the balance of the year, we'll see how it plays out based on how FX and commodities play out. Longer term, obviously, we're looking to increase gross margins over time, and that's driven primary by productivity in the cost of goods area.

至於今年剩餘期間，將取決於匯率與大宗商品的實際走勢。長期來看，我們當然希望毛利率能隨時間提升，而這主要是由製造成本（cost of goods）領域的生產力提升所驅動。

Lauren, there's 3 capabilities we're working on to make sure we protect our gross margins long term, expand it. One is net revenue management, key capability. The other one is innovation. And the other one is holistic cost management. So those 3 capabilities are the ones where we'll invest in and develop in the team to make sure that we protect gross margin long term.

Lauren，我們正在打造三項能力，以確保長期能保護並擴大毛利率。第一是淨營收管理（net revenue management），這是一項關鍵能力。第二是創新。第三是整體性的成本管理。我們會在這三項能力上投入並培養團隊，確保長期能保護毛利率。

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 obviously, a pretty strong quarter from an organic revenue growth perspective, particularly as you called out some of the international markets in ESSA and AMENA. Maybe you could give us a little bit more color just in terms of what you've seen in category versus your market share in some of your key markets. And Hugh, you commented on sort of the strength in ESSA not repeating in the back half of the year. So maybe a little bit more color just why you don't think that, that will be sustainable in the balance of the year.

從有機營收成長的角度來看，這一季顯然相當強勁，尤其是您提到 ESSA 與 AMENA 的一些國際市場。能否請您再多補充一些細節，說明在幾個關鍵市場中，您觀察到的品類成長相較於貴公司的市占表現如何？另外，Hugh，您提到 ESSA 的強勁表現不會在下半年重現。能否再多說明一下，為什麼您認為這樣的表現無法在今年剩餘期間持續？

Judy, this is Ramon. Yes, we're very pleased with the growth in international. And really, the macros have been very, very positive, I would say, during the quarter. We haven't seen any major geopolitical or big devaluation in any of our markets.

Judy，我是 Ramon。是的，我們對國際業務的成長非常滿意。而且我會說，本季整體宏觀環境非常、非常正面。我們在任何市場都沒有看到重大的地緣政治事件或大幅貨幣貶值。

So with your comments on ESSA, we've been investing in ESSA for many years now in building a sustainable marketplace performance, and that's coming across. Most of our markets are gaining share, both in beverages and snacks. Turkey has been the only country where we're seeing some ForEx disruption, and the team is doing a great job going through that.

至於你對 ESSA 的提問，我們多年來一直在 ESSA 投資，致力於建立可持續的市場表現，而現在成果正在顯現。我們大多數市場在飲料與零食兩個品類都在提升市占。土耳其是唯一一個我們看到一些外匯（ForEx）擾動的國家，而團隊在應對這些狀況方面做得非常好。

The same in AMENA. We had a great Chinese New Year, very, very strong Chinese New Year. The team prepared very well, and we're getting better at capturing that big seasonal opportunity there in that large market. So we're seeing very positive.

AMENA 也是一樣。我們的農曆新年表現非常好，非常、非常強勁。團隊準備得很充分，我們也越來越擅長在那個大型市場中把握這個重大的季節性機會。所以我們看到非常正面的趨勢。

Same with Mexico. Mexico's had a great quarter, gaining share consistently already for 3 quarters and continues to be a very solid performing business. So we're seeing good macros and good performance across most of our operations.

墨西哥也是如此。墨西哥本季表現很出色，已連續三季穩定提升市占，並且持續是一個表現非常穩健的業務。因此在我們大多數營運地區，我們都看到良好的宏觀環境與良好的營運表現。

Yes. And Judy, just to clarify, the only thing I'd add about the laps, my comment about the laps being tougher in the back half of the year are about the company laps, not just specifically about ESSA.

是的。Judy，我再澄清一下：我提到下半年比較難的「基期」是指公司整體的比較基期，而不只是特別針對 ESSA。

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 I guess my question, Ramon, it's -- I know it's early in the year, but you now have the ability to begin to kind of measure or assess the efficacy of the step-up in marketing and advertising, especially in PBNA. So I guess can you give us some color on whether you think it's: a, it's going to be enough; and b, are you beginning to see the consumer response, the lift from the investments that you're making.

Ramon，我想問的是——我知道現在還在年初，但你們現在已經可以開始衡量或評估行銷與廣告加碼的成效，特別是在 PBNA。所以能否請你多分享一些：a，您認為這樣的投入是否足夠；b，您是否已開始看到消費者的反應，以及你們投資所帶來的拉抬效果？

Bryan, yes, of course. Listen, it's the third quarter of growth in NAB, so we feel good about the progress we're making in NAB. We feel good about a couple of areas. First, I think we're really strengthening the brands. We feel very good about how Pepsi is performing, so yes, the investment in Pepsi and some of the portfolio innovation and especially packaging innovation is working very well in Pepsi. We're seeing an improvement in Gatorade. The velocity of Gatorade is improving as well. I think we have some more work to do in Dew, and we will be investing more in Dew during the year. So we feel good about that part of our investments.

Bryan，當然可以。你看，NAB 已經是連續第三季成長，所以我們對 NAB 的進展感到不錯。我們對幾個面向也很有信心。第一，我認為我們確實在強化品牌力。我們對百事可樂（Pepsi）的表現非常滿意，所以是的，對 Pepsi 的投資、以及部分產品組合創新，尤其是包裝創新，在 Pepsi 上的效果非常好。我們也看到佳得樂（Gatorade）有所改善。佳得樂的銷售速度（velocity）也在提升。我認為我們在激浪（Dew）上還需要再做一些工作，我們今年也會加大對 Dew 的投資。因此在投資的這一塊，我們感覺良好。

I think what we feel really good is about our innovation. Innovation is really working very well in North America beverages. So if you think about LIFEWTR, third year of growth, doubling velocities as we increase distribution, still, the velocity is going very fast. We're feeling very good about Game Fuel, some of the innovation we have in the energy area. Gatorade Zero is going to be a big incremental opportunity for us. It's driving category growth, and it's driving share for Gatorade. So we feel good about our innovation and some of our brand investments.

另外，我們對創新也非常有信心。創新在北美飲料業務的表現確實非常好。以 LIFEWTR 來看，已是第三年成長，隨著我們擴大通路覆蓋，銷售速度倍增，而且目前速度仍然非常快。我們對 Game Fuel 也很有信心，這是我們在能量飲料領域的一些創新。佳得樂 Zero 將會是我們一個很大的增量機會。它正在帶動品類成長，也在帶動佳得樂的市占提升。因此我們對創新以及部分品牌投資感到樂觀。

The areas where we are still working on is executional excellence, and we made the new division structure. That's going to help us a lot in terms of becoming a much more strong and local operator whilst keeping a very good customer service to our large national customers. So we keep investing in that area, but we feel good about the velocity of the brands, as I mentioned, the innovation. And we'll get better execution as we invest and take maximum benefit from the new organization.

我們仍在努力的領域是執行卓越（executional excellence），而我們也建立了新的事業部架構。這將在我們成為更強、更在地化的營運者方面提供很大幫助，同時也能對大型全國性客戶維持非常好的客戶服務。因此我們會持續在這方面投資；但如我所提到的，我們對品牌的銷售速度、以及創新都感到不錯。隨著我們投資並從新組織中取得最大效益，我們的執行力也會更好。

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 actually have 2 questions. One is just a clarification on the one-timers. Because as we add them up, I understand last year about the insurance recoveries and everything else, it seems like there's about $100 million swing from last year to this year in these one-timers or about $0.05 a share. And I just want to make sure we're kind of getting to roughly the right number, as you guys think about it. And that's probably for Hugh.

我其實有兩個問題。第一個是想釐清一次性項目（one-timers）。因為我們把它們加總後，理解去年有保險理賠回收以及其他項目，看起來這些一次性項目從去年到今年大約有 1 億美元的擺動，或約每股 0.05 美元。我只是想確認，從你們的角度來看，我們是否大致抓到正確的數字。這個問題可能是問 Hugh。

And then the broader question is about the ROI and the nature of reinvestments, not because 5% organic sales growth isn't good. I mean, we thought you'd round up to 5%. You ran it down to 5%, so that's all great. But is really in North America driven more by price/mix versus volume? So trying to understand the nature of your investments. We would have expected a little bit more, I guess, volume-driven or demand-building type investments given the plan that you'd laid out before for marketing, et cetera. So those 2 questions would be really helpful, please.

接著更廣泛的問題是關於投資報酬率（ROI）以及再投資的性質，並不是因為 5% 的有機銷售成長不好。我的意思是，我們原本以為你們會把它四捨五入到 5%。你們把它精確算到 5%，所以這都很好。但北美的成長是否其實更多是由價格/組合而非銷量所驅動？所以想了解你們投資的性質。考量到你們先前提出的行銷等計畫，我想我們原本預期會看到更多由銷量帶動或建立需求類型的投資。因此，這兩個問題若能協助回答將非常有幫助，謝謝。

Yes, I'll answer -- I'll take the question around one-timers. Depending on what you characterize as onetime, I think that's about right, $100 million swing. In addition to that, obviously, the tax rate was higher in the quarter this year. But I think a $100 million swing is about right.

是的，我來回答——我先回答關於一次性項目的問題。取決於你如何界定一次性項目，我認為大致正確，約有 1 億美元的擺動。此外，顯然今年這一季的稅率也較高。但我認為 1 億美元的擺動大致是對的。

Yes. And on the investment, Ali, I think it's still premature to get any good readings on the return on investment. However, we're seeing, as I said, velocity of the brands improving. We're seeing market share recovery in a lot of the segments. We're seeing the brand equity better. We're seeing some of our numerical distribution and customer service KPIs improving. So we feel good about how our investments are turning into positive operating numbers. And we feel good about the progress we're making.

是的。至於投資方面，Ali，我認為現在要對投資報酬率做出任何可靠判讀仍為時過早。不過，如我所說，我們看到品牌的銷售動能（velocity）正在改善。我們看到許多品類的市占正在回升。我們看到品牌資產（brand equity）變得更好。我們也看到部分數值型配銷（numerical distribution）與客戶服務 KPI 正在改善。因此，我們對投資正在轉化為正向的營運數字感到樂觀。我們也對目前取得的進展感到滿意。

Your next question comes from the line of Andrea Teixeira of JP Morgan.

下一個問題來自 JP Morgan 的 Andrea Teixeira。

So I wanted to just follow-up on FLNA. And volumes continue to be strong on a [tourist] snack and running about 3% in pricing the same way. I was just wondering if you can give us comfort that you're seeing good quality on that growth? And I think you called out in the Q on the big franchises is still running at a very high pace. So if you can comment on how you see the progress into the goal of this 5%? And how sustainable you see it going forward?

我想就 FLNA 追問一下。在（旅遊）零食方面，銷量持續強勁，而定價也同樣大約在 3% 左右。我想請問你們是否能讓我們更有信心，確認你們看到這個成長的品質良好？另外我記得你們提到，大型主力品牌（big franchises）的 Q 仍以非常快的速度在跑。所以能否談談你們如何看待朝這個 5% 目標的進展？以及你們認為未來的可持續性如何？

Yes. Andrea, the category in savories is performing very, very well in the U.S., and I think it's a combination of our investments. Obviously, we have a big share of this category and some other players investing. We are obviously having a very good partnership with our customers, building -- increasing the space of this category in the stores. So it's a compounded impact of multiple factors that is driving the category. Within this category, Frito-Lay is improving its share performance as well, so we're seeing the double impact of that.

是的。Andrea，美國的鹹味零食（savories）品類表現非常、非常好，我認為這是我們投資的綜合結果。顯然，我們在這個品類中占有很大的份額，且也有其他業者在投入。我們也顯然與客戶維持非常良好的合作夥伴關係，持續在門店中擴大——增加這個品類的陳列空間。因此，是多重因素疊加的影響在推動整個品類。在這個品類內，Frito-Lay 的市占表現也在改善，所以我們看到這種雙重效應。

The -- you were referring to pricing and we're getting better at net revenue management and how we're capturing the maximum pricing of every occasion. So I think Frito has done a great job of managing their mix to obviously maximize revenue of the demand that there is in the market. And then they've made some operational adjustments to some of the supply chain bottlenecks that we had in the past. And we've been able to capture some of the seasonal opportunity, especially around Super Bowl in -- I would say, in a very, very impactful way together with our beverages business as well. So we had a very good Super Bowl.

至於——你提到定價，我們在淨營收管理（net revenue management）方面做得更好，也更能在每一個消費情境中捕捉到最大的定價。所以我認為 Frito 在管理產品組合（mix）方面做得很出色，顯然能把市場需求的營收最大化。此外，他們也針對過去供應鏈的一些瓶頸做了營運調整。我們也得以把握一些季節性機會，尤其是超級盃期間——我會說，我們與飲料業務一起以非常、非常顯著的方式把握住了。所以我們的超級盃表現非常好。

So you put it all together and the category is healthy. I think this category will continue to have strong tailwinds as consumers -- we've talked this in the past, consumers go into more on unstructured meals during the day. So we have -- I think we have tailwinds. Plus our investments, I think, are accelerating the performance of this category. So we feel good about Frito. Obviously, also, we're working on productivity and make sure that the business continues to generate the efficiencies to reinvest, make sure that this model is sustainable long term.

所以把這些因素綜合起來，這個品類是健康的。我認為這個品類將持續有強勁的順風，因為消費者——我們過去談過——白天的用餐型態更偏向非結構化（unstructured meals）。因此我們——我認為我們有順風。再加上我們的投資，我認為正在加速這個品類的表現。所以我們對 Frito 感到樂觀。當然，我們也在推動生產力，並確保業務持續產生可再投資的效率，確保這個模式長期可持續。

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

下一個問題來自 Wells Fargo 的 Bonnie Herzog。

I wanted to ask about CSDs. There's a fairly wide delta remaining between your share performance and that of your largest branded competitor, especially in the U.S. So could you guys update us on some of your initiatives in CSDs, specifically innovation which you didn't mention any plans that I heard? And then how successful has your stepped-up spending been in that category specifically? And then finally, I guess, I'd like to understand how big of a priority CSDs are relative to the other beverage categories in term of the investment spend and allocation of resources?

我想問關於 CSD（碳酸飲料）。你們的市占表現與你們最大的品牌競爭對手之間仍有相當大的差距，尤其是在美國。你們能否更新一下在 CSD 的一些舉措，特別是創新（innovation），因為我聽起來你們沒有提到任何計畫？另外，你們在該品類加大支出到目前為止成效如何？最後，我想了解相較於其他飲料品類，CSD 在投資支出與資源配置上到底有多高的優先順序？

Okay. Good. So listen, of course, CSD is a very critical category for us, and we talked about that. And we need to have a balanced growth between CSDs and NCBs if we really want to make progress in this business. So from that point of view, it's clear that we're treating both segments of the market with a very clear intention of allocation of resources, with CSDs taking a very important role for us.

好的。很好。所以聽著，當然，CSD 對我們而言是非常關鍵的品類，我們也談過這點。如果我們真的想在這項業務上取得進展，就需要在 CSD 與 NCB（非碳酸飲料）之間達成均衡成長。因此，從這個角度來看，很清楚我們以非常明確的資源配置意圖來對待市場的兩個區隔，而 CSD 對我們而言扮演非常重要的角色。

Within CSDs, our first priority was Pepsi. And we started investing in Pepsi last year. The good news is that the Pepsi brand is gaining share of CSDs already so -- and pretty good growth compared to our cola competitor. So we feel good about that large segment of CSDs.

在 CSD 之內，我們的第一優先是 Pepsi。我們去年就開始加大對 Pepsi 的投資。好消息是，Pepsi 品牌已經在 CSD 中提升市占——而且相較於我們的可樂競爭對手，成長相當不錯。所以我們對 CSD 這個大型區隔感到樂觀。

Now as I said before, we're working on Dew. Dew is also improving its performance in its core portfolio, and we have some laps that are over as of March, so you will see an improvement in CSD share. We continue to invest against Dew. You'll see -- I already mentioned the innovation. There is innovation on Dew brand. Game Fuel is one of the innovations in Dew brand. We have other innovations coming up in this summer that you guys will be able to see in the marketplace, and you'll see some very strong activations of the brand coming up in the summer.

接著如我先前所說，我們正在推進 Dew。Dew 在其核心產品組合的表現也在改善，而且截至 3 月我們有一些比較基期（laps）已經結束，所以你們會看到 CSD 市占的改善。我們會持續對 Dew 投資。你們會看到——我已經提到創新。Dew 品牌會有創新。Game Fuel 是 Dew 品牌的創新之一。今年夏天我們還會推出其他創新，你們將能在市場上看到，同時也會看到今年夏天一系列非常強力的品牌行銷啟動（activations）。

So we feel good about Pepsi, and it's a combination of brand, it's the combination of non-sugar doing very well, mini cans doing very well. So the portfolio transformation we've made as well is helping us to -- for Pepsi to outgrow the CSD market. And now Dew is the next area of focus, and I'm confident we'll see performance improvement in the next quarters in Dew.

所以我們對 Pepsi 感到樂觀，而這是品牌因素的結合，也是無糖（non-sugar）表現非常好、迷你罐（mini cans）表現非常好的結合。因此，我們所做的產品組合轉型也在幫助我們——讓 Pepsi 的成長超越 CSD 市場。而現在 Dew 是下一個聚焦領域，我有信心在接下來幾個季度會看到 Dew 的表現改善。

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

下一個問題來自 Cowen and Company 的 Vivien Azer。

So I was just hoping also to talk about beverages and ask for an update on SodaStream. How that's going? And any update on your thinking on the role that will play in your broader beverage initiative?

所以我也希望談談飲料，並請你更新一下 SodaStream 的情況。目前進展如何？以及你們對它在更廣泛飲料策略中將扮演的角色，有沒有新的想法？

Yes, I think we talked during the strategic review. SodaStream is a long-term strategic bet for us, and it's in multiple dimensions. One is we think consumers will be looking for customization of their beverages solutions at home, and I think SodaStream, it is a very good tool to provide that to consumers. Obviously, we're going to innovate in improving the flavor experience and some other options for consumers to really capture that need. Obviously, it is -- there is a sustainability angle to SodaStream. And when we think that we're -- we can provide consumers with very good beverage experiences without packaging, without waste. And that's, I think, a big, big plus for this opportunity.

是的，我想我們在策略檢討時談過。SodaStream 對我們而言是一項長期的策略性押注，而且涵蓋多個面向。其中之一是，我們認為消費者會希望在家中能客製化他們的飲料解決方案，而我認為 SodaStream 是一個非常好的工具，能為消費者提供這點。顯然，我們會持續創新，提升風味體驗以及提供其他選項，真正滿足消費者的需求。當然，SodaStream 也有永續性的面向。當我們思考到，我們可以在沒有包裝、沒有廢棄物的情況下，為消費者提供非常好的飲料體驗。我認為這對這個機會而言是一個非常、非常大的加分。

The performance is good. It's accelerated versus the past. We're not going to disclose specifics. But if you know the past performance of SodaStream, it is accelerating. The penetration in most of the European countries, which is the #1 KPI we're measuring, keeps increasing. The same in Canada, the same in the U.S. which are the largest markets for this business. So we feel good about the operational results, and we feel good about the value that PepsiCo as a company is adding to SodaStream, especially in the areas of R&D and flavor innovation, customer relationships and some of the direct-to-consumer opportunities that this business has.

表現不錯。相較於過去已經加速。我們不會揭露具體細節。但如果你了解 SodaStream 過去的表現，它正在加速。在多數歐洲國家的滲透率——這是我們衡量的第一大 KPI——持續提升。加拿大也是如此，美國也是如此，而這兩個都是這項業務最大的市場。所以我們對營運結果感到樂觀，也對百事公司作為一家公司為 SodaStream 帶來的價值感到樂觀，特別是在研發與風味創新、客戶關係，以及這項業務所具備的一些直接面向消費者（DTC）的機會等領域。

Your next question comes from the line of Kaumil Gajrawala of Crédit Suisse.

下一個問題來自瑞士信貸（Crédit Suisse）的 Kaumil Gajrawala。

Ramon, presumably, when you first started, you developed a 1-year, 3-year, 5-year plan and such. And as we think about that, do we think about this year's investment spending as a bit of a one and done, and the investment becomes part of the base and we're back to algorithm? Or do you think of it as, this is the first full year, we have some critical things to do and then next year, there's a new set of initiatives that require further step-up to hold momentum or maybe even something different.

Ramon，我推測你剛上任時，應該制定了 1 年、3 年、5 年等計畫。那我們在思考這件事時，今年的投資支出是否有點像一次性的、做完就結束，之後投資就成為基礎的一部分，然後我們回到既定的成長演算法？或者你會把它視為：這是第一個完整年度，我們有一些關鍵事項要做，然後明年會有一套新的倡議，需要再進一步加碼投資以維持動能，或甚至是不同的方向？

No, when we talked in February, we were quite clear I think on this is a year where we -- we're obviously taking some of our internal monies and redirecting them, that we needed some additional investments to make sure that we stepped up our performance in some areas. And also, we are starting to create some capabilities that will hopefully drive the sustained performance in the future. So we remain with the same investment position as we said in February.

不，當我們在二月談到時，我想我們講得很清楚：今年是我們——顯然會把部分內部資金重新配置——而且我們需要額外投資，以確保在某些領域把表現拉升。同時，我們也開始建立一些能力，希望能在未來帶動可持續的表現。因此，我們仍維持二月所說的同樣投資立場。

And to add to that and just to reiterate what Ramon was saying, Kaumil, we talked about next year, we would be back on long-term algorithms. So...

補充一下，也再次重申 Ramon 的意思，Kaumil，我們談過明年我們會回到長期的成長演算法。所以……

Correct.

沒錯。

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。

I wonder if you could talk a little bit about the other categories in beverages. There's stepped-up competition coming in coffee. We're just seeing a lot of new brands as well as the Monster coffee business is doing pretty well; and then needless to say, energy; and again, some great new brands both in sports and energy and almost a merging of those 2 categories. So if you could talk about your approach to defending share in coffee and to growing against energy and sports against the newer players, that would be really helpful.

我想請你談談飲料中其他品類。咖啡領域的競爭正在升溫。我們看到很多新品牌出現，另外 Monster 的咖啡業務表現也相當不錯；更不用說能量飲料；而且在運動飲料與能量飲料兩邊都有一些很棒的新品牌，幾乎出現這兩個品類融合的趨勢。所以如果你能談談你們在咖啡如何守住市占，以及在能量與運動飲料面對新進玩家時如何成長的策略，會非常有幫助。

Yes. Different market positions in different market segments, right? So in energy, we're challengers, and our opportunity in energy is clearly innovate to go into spaces that the current players are not playing. So we're addressing energy from the coffee market. We're addressing energy from energy, like Game Fuel, with specific positionings within that, narrower but probably more functional. And so we are challengers, and we want to have that mentality of going after existing leaders in this category and trying to get market share from that segment.

是的。不同市場區隔有不同的市場地位，對吧？在能量飲料方面，我們是挑戰者，而我們在能量飲料的機會很明確，就是透過創新切入現有玩家尚未涉足的空間。所以我們從咖啡市場切入能量飲料。我們也從能量飲料本身切入，例如 Game Fuel，並在其中採取更聚焦、但可能更具功能性的特定定位。因此我們是挑戰者，我們希望具備那種心態：去挑戰這個品類的既有領導者，並嘗試從該區隔取得市占。

In the other 2 categories that you mentioned, our critical role is to keep building the -- make sure that those categories remain very healthy. They keep growing above NRB, and that's what's happening with coffees and with sports drinks. They're both growing fast. Our biggest innovation in beverages is Gatorade Zero. I think it's going to be a very good innovation, very incremental to the category and good for our share of market. So we're investing big into Gatorade Zero, and we're investing big into Gatorade. Of course, Propel is doing very well. So we have a broad-based approach to the sports category, and we see our velocities improving.

至於你提到的另外兩個品類，我們的關鍵角色是持續打造——確保這些品類保持非常健康。它們持續以高於 NRB 的速度成長，而咖啡與運動飲料目前就是如此。兩者都在快速成長。我們在飲料方面最大的創新是 Gatorade Zero。我認為這會是一項非常好的創新，對品類帶來很強的增量，也有利於我們的市占。所以我們大力投資 Gatorade Zero，也大力投資 Gatorade。當然，Propel 表現非常好。因此我們對運動品類採取廣泛布局的策略，也看到我們的銷售速度（velocities）正在改善。

When it comes to coffee, the same approach. And we think our role is to continue to innovate in this category, make sure that we premiumize. At the same time, we give value. We cover all the different spaces where the category can go. And we see our Starbucks coffee partnership very strong and clearly, growing above what is the average of our company, so very accretive.

談到咖啡，也是同樣的做法。我們認為我們的角色是持續在這個品類創新，確保我們推動高端化（premiumize）。同時，我們也提供價值。我們涵蓋這個品類可能發展的所有不同空間。而我們與 Starbucks 的咖啡合作夥伴關係非常強勁，且顯然成長速度高於公司平均，因此非常具增益性（accretive）。

Some of these players that are coming into our categories, they -- some of them, they stay for long time. Some of them, they come in, and then 2 years later, they're not there. So our approach to this category is sustained innovation; consumer insights to drive the category long term; keep investing; make sure that we keep driving the growth, the margin expansion of those categories long term.

有些進入我們品類的玩家——其中一些會長期留下。也有一些進來之後，兩年後就不見了。所以我們對這些品類的做法是持續創新；以消費者洞察驅動品類的長期發展；持續投資；確保我們長期推動這些品類的成長與利潤率擴張。

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。

So Ramon, you talked at CAGNY about the importance of investing, among other areas, in more impactful science and design-led innovation. And you've highlighted on this call, and just in response to the last question, some of the initiatives you have underway this year as it relates to beverages. But when you step back, how would you assess the 2019 innovation and new product pipeline globally relative to what you hope to bring to market in 2020 or '21? And where might you say you see the most room for incremental improvement there?

Ramon，你在 CAGNY 談到投資的重要性，其中包括在更具影響力的科學與設計導向創新等領域。你在這通電話中也強調了，並在回應上一題時提到今年在飲料方面正在推進的一些倡議。但如果你退一步看，你會如何評估 2019 年全球的創新與新產品管線，相較於你希望在 2020 或 2021 年推出到市場的內容？以及你認為在哪些方面最有空間做額外的提升？

Yes. Listen, we're -- as part of the capabilities we're building is this one that you referred to. I think it's critical for us to continue to drive the growth of our categories, continue to create value for our customers in a sustained way, right? And that's where we're investing. We'll talk to you in the -- probably in the summer about how we're looking at innovation, and from the capability point of view. How we're segmenting different ways of innovate. I think it's very different how you do a local refresh innovation versus what are the big bets for the company versus how do you do lift and adapt or lift and shift globally, which is a huge opportunity, as you can imagine, from a -- for a global company. So we'll talk more in the future.

是的。聽著，我們——作為我們正在建立的能力之一，就是你所提到的這項。我認為這對我們至關重要：持續推動我們品類的成長，並以可持續的方式持續為客戶創造價值，對吧？而這正是我們投資的方向。我們會在——可能在夏天——跟你們談談我們如何看待創新，從能力建構的角度來看。我們如何把不同的創新方式做區隔。我認為做在地的更新型創新，與公司層級的大型押注，或是如何在全球做 lift and adapt 或 lift and shift，是非常不同的；而對一家全球公司而言，這是一個巨大的機會，你可以想像，從一個——對一家全球公司而言。所以我們未來會再多談。

But of the capabilities that we're investing heavily, and we're repurposing money from other cost lines of our P&L into capabilities, it is innovation, and it is especially the different types of innovation that you were talking about.

但就我們正在大力投資的能力而言，而且我們正把資金從損益表（P&L）其他成本項目重新配置到這些能力上，其中之一就是創新，尤其是你剛才提到的不同類型的創新。

We feel good about 2019 from the innovation point of view. And the fact that we're growing 5.2%, it is a reflection of we're growing the core, but we're also adding some new segments that are very incremental to our top line and also to our categories and our customers who we want to position ourselves as a key growth contributor to our customers through innovation, through category growth.

從創新的角度來看，我們對2019年感到樂觀。而我們成長5.2%這件事，反映出我們一方面在推動核心業務成長，同時也在新增一些對我們營收（top line）具有高度增量貢獻的新區隔；這些也會為我們的品類與客戶帶來增量。我們希望透過創新、透過品類成長，把自己定位為客戶的關鍵成長貢獻者。

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

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

A few related questions on Frito-Lay North America. First, you mentioned that you expect the growth to slow as the year progresses. Is that purely a function of tougher comps?

有幾個彼此相關、關於北美Frito-Lay的問題。第一，你提到你預期隨著年度推進，成長會放緩。這純粹是因為比較基期（comps）變得更具挑戰嗎？

Second, can you talk about the impact of mix in the quarter, both in terms of the pricing and volume?

第二，你能談談本季產品組合（mix）的影響嗎？包括在定價與銷量兩方面。

And third, I think it's mentioned in the 10-Q that you had double-digit declines in Santitas. If you could talk a little bit about what's going on there?

第三，我想在10-Q裡提到Santitas出現兩位數下滑。你能稍微談談那邊發生了什麼事嗎？

Yes. Robert, it's Hugh. I'll handle that one. Some of the commentary I gave on Frito-Lay with performance balance of the year is driven by the laps as you've anticipated. In addition to that, we had a particularly good January as we had some tightening in areas of our supply chain. We addressed those issues, and we really had a very big Super Bowl, bigger than we've had in previous years because we unlocked some areas of the supply chain. So I think that was a big driver for the quarter. Obviously, that's a onetime event. We don't see that repeating over the balance of the year because it was much more driven by January challenges.

好的。Robert，我是Hugh。這題我來回答。我先前對Frito-Lay在全年其餘期間的表現平衡所做的一些評論，確實如你所預期，主要是受到比較基期的影響。除此之外，我們1月表現特別好，因為我們供應鏈某些環節曾出現一些緊縮狀況。我們解決了那些問題，而且我們的超級盃檔期表現非常強，甚至比過去幾年都更好，因為我們打通了供應鏈的一些瓶頸。所以我認為那是本季的一個重要驅動因素。顯然，那是一次性的事件。我們不認為它會在今年其餘期間重複出現，因為它更多是由1月的挑戰所驅動。

Regarding mix in the quarter, it was quite positive, so we certainly feel good about where Frito-Lay mix is.

至於本季的產品組合（mix），表現相當正面，因此我們對Frito-Lay的組合狀況確實感到滿意。

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。

Ramon, you mentioned good macros in most of your markets during the quarter. Can you just outline for us how do you see that evolving for the rest of the year? IMF recently cut down global growth outlook a little bit. Can you just talk about how you'll see that developing for the rest of the year as well, please?

Ramon，你提到本季你們大多數市場的總體環境（macro）不錯。你能為我們概述一下，你如何看待這在今年其餘時間的演變嗎？IMF最近稍微下調了全球成長展望。也請你談談你如何看待今年其餘時間的發展，謝謝。

Yes, happy to. Listen, we're seeing very good demand for our categories globally. And so obviously, I mean, we sell snacks and we sell beverages, so low-price-point product. But sometimes, the big GDP fluctuations are driven by other components of the GDP, not so much consumption, not so much consumption of our categories. So the way we tend to look at our business is, is employment good? Is wages and salaries, are they moving in the right direction? So we see that stay. And we don't see any reasons why in the U.S. or in some of our big markets, this is changing.

好的，很樂意。聽著，我們看到全球對我們品類的需求非常強勁。而且很明顯，我們賣的是零食與飲料，屬於低單價產品。但有時候，GDP的大幅波動是由GDP的其他構成要素所驅動，未必是消費所致，也未必是我們品類的消費所致。因此我們看待業務的方式通常是：就業狀況好嗎？薪資與工資是否朝正確方向變動？我們看到這些仍維持良好。而且我們看不出在美國或我們一些主要市場，這些狀況會有改變的理由。

ForEx is a big -- has a big impact to our P&L, especially in markets where we -- some of the supply chain comes from outside of the country. And so far, ForEx has been good, has been stable in the ruble, the euro, the peso, Mexican pesos. So some of our big markets, the ForEx has been good. So our estimates are that it's going to continue to be quite stable. Having said that, there's always the possibility, obviously, of geopolitical events or some others that might disrupt some of the demand. So -- but at this point, we feel good about the projections for macros for the balance of the year.

外匯（ForEx）對我們的損益表（P&L）影響很大，特別是在一些市場中，我們的部分供應鏈來自境外。到目前為止，外匯表現不錯且相對穩定，例如盧布、歐元、披索、墨西哥披索。因此在我們一些主要市場，外匯狀況是好的。我們的估計是外匯將會持續相當穩定。話雖如此，當然仍然存在地緣政治事件或其他因素的可能性，可能會擾動部分需求。不過就目前而言，我們對今年其餘期間的總體環境預測感到樂觀。

Your next question comes from the line of Bill Chappell of SunTrust.

下一個問題來自SunTrust的Bill Chappell。

Just want to go back to North America Beverage and just try to understand your commentary. You said you're pleased with the kind of progress of CSDs in the quarter, that Pepsi was kind of gaining share and pleased with the progress there. But we're only kind of 2 quarters removed or, really, 1 quarter removed from changing the strategy, reinvesting and kind of taking a step back. So trying to understand, are things moving faster than you expected? Was advertising -- have a bigger impact than you expected this quarter? Or are we still expect -- are there still kind of a step-change from here?

我想回到北美飲料業務，試著理解你們的評論。你說你對本季碳酸飲料（CSDs）的進展感到滿意，百事可樂（Pepsi）似乎正在提升市占，你也對那邊的進展感到滿意。但我們距離改變策略、重新投資並稍微退一步，其實才過了大概2個季度，或者說真的只有1個季度。所以我想理解的是：事情進展是否比你預期更快？本季廣告的影響是否比你預期更大？或者我們仍然預期接下來還會有某種「階躍式」的變化？

No, we are -- I think the teams are doing a great job. And things are coming as planned, right? So it's a combination of innovation, it's a combination of good advertising, quantity of advertising, execution in stores and Pepsi has been the focus of our execution in stores, implementing the innovation and also improving the looks of the products. So things are coming as planned, as you said, 3 into quarters this turnaround strategy, and we're pleased with the results. I mean growing above CSD category is -- I think is a very good output of the inputs that we put into this. So we feel good about it.

不，我們——我認為團隊做得非常好。而且事情正如計畫推進，對吧？所以這是創新、良好廣告、廣告投放量、店內執行的綜合結果；而Pepsi一直是我們店內執行的重點，包括導入創新，同時也改善產品的外觀呈現。因此一切都如計畫進行；如你所說，這個扭轉策略已推進到第3個季度，我們對結果感到滿意。我的意思是，成長高於碳酸飲料（CSD）品類——我認為這是我們投入這些要素後所產生的非常好的成果。所以我們對此感到樂觀。

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

下一個問題來自Guggenheim的Laurent Grandet。

I'd like to focus my question on the profitability of your international segments. Those increased significantly. Could you give us more color on where the improvement is coming from? And how sustainable that is in the coming quarters?

我想把問題聚焦在你們國際事業部的獲利能力。那部分顯著提升。你能提供更多細節，說明改善主要來自哪些方面嗎？以及在接下來幾個季度，這樣的改善有多可持續？

Yes. Happy to, Laurent. I mean, we saw profitability improvement across all 3 of the big segments. We did benefit, to some degree, in both Russia and in Mexico from some insurance recoveries. And we put all that in the disclosure so you can back those onetime items out. That said, we saw a good solid fundamental operating profit performance improvement basically across the big segments even ex those gains.

好的。很樂意，Laurent。我的意思是，我們在三大事業部的獲利能力都看到改善。我們確實在俄羅斯與墨西哥某種程度上受益於一些保險理賠回收。我們也在揭露中把這些都列出來，因此你可以把那些一次性項目剔除。即便如此，基本面上我們仍看到主要事業部的營業利益表現有良好且扎實的改善，即使不計入那些收益也是如此。

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

下一個問題來自Jefferies的Kevin Grundy。

First question I have is just housekeeping for Hugh. Free cash flow conversion for the business longer term, understanding that you're ramping up some spending this year, what's the right free cash flow conversion? And over what period of time do you think you can get a return to it?

我第一個問題是給Hugh的，算是例行性問題。就長期而言，考量你們今年正在加大一些支出，這項業務合理的自由現金流轉換率（free cash flow conversion）應該是多少？你認為需要多長時間才能回到那個水準？

And then the strategic question for Ramon. I'm just trying to reconcile some of your comments on sports drinks with what we're seeing in the scan data from a market share perspective, with PepsiCo down -- or excuse me, Gatorade down 360 basis points in the most recent 4 weeks, and over the past year, down close to 400 basis points. So when should we expect to see that get better? I'm sure that cannot be satisfying and then not what you'd expect going forward. When should we expect to see some of those trends get better? And is there anything tactically you need to do differently, whether this is more advertising? Your promos are down quite a bit. Your competitor's is up materially. So questions around Gatorade and anything you need to do tactically and when do share trends get better?

接著是給 Ramon 的策略性問題。我只是想把你對運動飲料的一些評論，和我們從市占角度在掃描數據中看到的情況對照起來：百事公司下滑——抱歉，是佳得樂在最近 4 週下滑了 360 個基點，而在過去一年下滑接近 400 個基點。那麼我們應該何時預期這會改善？我確信這不可能令人滿意，也不是你們對未來的預期。我們應該何時預期其中一些趨勢會好轉？以及在戰術上你們是否需要做些不同的事，像是增加廣告投放？你們的促銷力度下降了不少。你們競爭對手的促銷則明顯增加。所以問題是關於佳得樂：你們在戰術上需要做什麼，以及市占趨勢何時會改善？

Why don't I handle the free cash flow question first. We don't give specific guidance on free cash flow. The one thing that we did comment on in the past, just as a reminder, is that we would see a step-up in CapEx this year and lesser so in the next several years. And we would expect over the course of about 4 years for that go back -- for that to go back to something around 5%. So as you model that out, I think you'll get to a reasonable overall cash flow number. Nothing else should be notably different relative to the historical projections on cash flow. It's just a step-up in CapEx.

我先來回答自由現金流的問題。我們不提供自由現金流的具體指引。提醒一下，我們過去曾提到的一點是：今年資本支出（CapEx）會有一個上台階式的增加，而接下來幾年增幅會小一些。我們預期在大約 4 年的時間裡，資本支出占比會回到——會回到大約 5% 左右。因此當你把這些納入模型推算時，我想你會得到一個合理的整體現金流數字。相較於歷史上的現金流預測，其他方面不應該有顯著差異。主要就是資本支出上升。

Yes. And with regards to Gatorade, we're investing in several areas. We're investing in improving our communication and the amount of advertising as you're saying. We're improving the packaging of the product. I think there is an opportunity to improve the packaging. And then, most importantly, we're going after additional consumers. And Gatorade Zero is a very strategic intentional innovation to go after consumers that had left Gatorade franchise because of the sugar level, so people that still want the same efficacy when it comes to hydration but want less sugar. From the early reads that we have on Gatorade Zero, it is performing as we intended in terms of expanding the category, capturing new consumers and driving incrementality for the brand. So we're very hopeful that those 3 levers will help us regain growth.

是的。至於佳得樂，我們正在幾個領域加大投資。我們正在投資以改善溝通方式並提高廣告投放量，正如你所說。我們也在改善產品包裝。我認為包裝有提升的空間。然後最重要的是，我們正在爭取更多消費者。佳得樂 Zero 是一項非常具策略性且有意為之的創新，目標是吸引那些因含糖量而離開佳得樂系列的消費者——也就是仍希望在補水方面有同樣功效，但想要更少糖分的人。從我們對佳得樂 Zero 的早期觀察來看，它在擴大品類、吸引新消費者以及為品牌帶來增量方面的表現符合我們的預期。因此我們非常有信心，這三個槓桿將幫助我們重拾成長。

The fact of the matter is that we also have other brands play in that space. Propel is a great brand that we have in that space of sports hydration with a different positioning, but growing very fast. And we will come up with some other innovations. Obviously, I cannot disclose for competitive reasons, but there is new innovation coming up that hopefully will attack some spaces in the current sports overall category where we probably are weaker. But that's the way we're approaching.

事實上，我們在那個領域也有其他品牌參與競爭。Propel 是我們在運動補水領域的一個很棒的品牌，定位不同，但成長非常快。而且我們也會推出其他創新。顯然，出於競爭原因我不能披露，但我們即將推出新的創新，希望能切入目前整體運動品類中一些我們可能相對較弱的區塊。這就是我們的做法。

This is a very important business for us. It's part of our management conversations quite often. And I think we will, as I'm saying, we will improve the performance of our sports set of brands and products in the coming quarters.

這對我們而言是一項非常重要的業務。它經常出現在我們的管理層討論中。而且我認為，正如我所說，我們將在接下來幾個季度改善我們運動類品牌與產品組合的表現。

Your next question comes from the line of Sean King of UBS.

下一個問題來自 UBS 的 Sean King。

I guess now that you've closed the CytoSport deal, how do you see the -- I guess, do see any incremental channel or category innovation opportunities to build on that investment?

我想，既然你們已經完成 CytoSport 交易，你們如何看待——我想是，你們是否看到任何額外的通路或品類創新機會，可以在這項投資之上進一步拓展？

Yes. Sean, this is Hugh. I think you'll see us now that we sort of have control of the brand there, combined with the Gatorade shakes business that we have, sort of craft a premium and mainstream approach to that business and to clearly appeal to different consumer segments. And we think by virtue of owning that business, we'll be able to have more success with both of those brands. So more to come on that, but that's sort of the broad thinking behind the move that we made.

是的。Sean，我是 Hugh。我想你會看到我們在取得該品牌的控制權之後，結合我們既有的佳得樂奶昔（shakes）業務，打造一個同時涵蓋高端與主流的策略，並清楚地吸引不同的消費者族群。我們認為，憑藉對該業務的所有權，我們將能讓這兩個品牌都取得更大的成功。後續還會有更多內容，但這就是我們做出這項動作背後的整體思路。

Yes. And we think there is, obviously, executional opportunities with these brands, but most importantly, we think that this category, it's going to grow fast in the coming years. And we want to make sure that we have full ownership of the full value chain so we can innovate both, as Hugh was saying, with multiple brands, to make sure that we cover all these spaces, more functional, more lifestyle, more premium, more value. So there's a lot of -- I think there's a lot of ways how we can help accelerate a category that has a lot of consumer tailwinds already. So it's a good strategic acquisition for us and make sure that we drive this category to its maximum.

是的。我們認為，這些品牌當然有執行層面的機會，但更重要的是，我們認為這個品類在未來幾年會快速成長。我們希望確保我們對完整價值鏈擁有完全所有權，這樣我們就能如 Hugh 所說，透過多個品牌進行創新，確保我們覆蓋所有這些區隔：更功能性、更生活風格、更高端、更超值。所以有很多——我認為有很多方式可以幫助加速一個本來就有強勁消費者順風的品類。因此，這對我們而言是一項良好的策略性收購，並確保我們把這個品類推動到最大化。

Okay, so this is the last question. Thank you, all of you, for your time and participation in this morning's call. To conclude, just a summary. We're pleased with our results for the first quarter. We're executing against our key priorities with a very high sense of urgency. We remain on track to achieve our 2019 financial goals. And lastly, we thank you for your confidence that you've placed in PepsiCo with your investment. Thank you.

好的，這是最後一個問題。感謝各位今天早上撥冗參與本次電話會議。最後做個總結。我們對第一季的業績感到滿意。我們以非常高的緊迫感在推進我們的關鍵優先事項。我們仍按計畫達成 2019 年的財務目標。最後，感謝各位以投資百事公司所給予我們的信任。謝謝。

Thank you. This does conclude PepsiCo's First Quarter 2019 Earnings Conference Call. You may now disconnect.

謝謝。百事公司 2019 年第一季財報電話會議到此結束。您現在可以掛線。