百事 (PEP) 2019 Q2 法說會逐字稿

Good morning, and welcome to PepsiCo's Second Quarter 2019 Earnings Conference Call. (Operator Instructions) Today's call is being recorded and will be archived at www.pepsico.com. It is now my pleasure to introduce Mr. Jamie Caulfield, Senior Vice President of Investor Relations. Mr. Caulfield, you may begin.

早安，歡迎參加百事公司 2019 年第二季財報電話會議。（接線員指示）今天的電話會議將被錄音，並將存檔於 www.pepsico.com。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。

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 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. We will make forward-looking statements on today's call, including about our plans and 2019 guidance. Forward-looking statements inherently involve risks and uncertainties and reflect our view as of today, and we are under no obligation to update. When discussing our results, we refer to non-GAAP measures, which exclude certain items from reported results. Please refer to today's earnings release and 10-Q available on pepsico.com for definitions and reconciliations of non-GAAP measures and additional information regarding our results and for a discussion of factors that could cause actual results to differ materially from forward-looking statements.

在開始之前，請留意我們的警示性聲明。我們在今天的電話會議中將作出前瞻性陳述，包括關於我們的計畫與 2019 年指引。前瞻性陳述本質上涉及風險與不確定性，並反映我們截至今日的觀點；我們沒有義務更新。在討論我們的業績時，我們會引用非 GAAP 指標，該等指標會自已報告結果中排除某些項目。請參閱今日的財報新聞稿與 10-Q（可於 pepsico.com 取得），以了解非 GAAP 指標的定義與調節表、關於我們業績的其他資訊，以及可能導致實際結果與前瞻性陳述出現重大差異之因素的討論。

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

現在我很榮幸介紹 Ramon Laguarta。

Thank you, Jamie. Good morning, everyone. We'd just -- 4 things we'd like to highlight before I move on to a brief recap of the operating sectors' results.

謝謝你，Jamie。各位早安。在我簡要回顧各營運部門的業績之前，我們想先強調——4 件事。

First, we're very pleased with our results for the second quarter. Organic revenue grew 4.5% overall, with each of our 6 operating sectors contributing to the growth. I believe the solid growth we had in the second quarter is a good indication of the strength of both our product and geographic portfolios. And it also gives us a confidence that the plans we shared with you at the beginning of the year are being very well executed.

第一，我們對第二季的業績感到非常滿意。整體有機營收成長 4.5%，我們 6 個營運部門皆對成長有所貢獻。我認為第二季的穩健成長，良好地顯示了我們產品組合與地理布局組合的實力。同時也讓我們更有信心：我們在年初與各位分享的計畫正被非常有效地執行。

Second, we continue to make progress on our productivity agenda and remain on track to achieve a full year productivity target savings.

第二，我們在生產力議程上持續取得進展，並仍按計畫達成全年生產力目標節省。

Third, we're on track with our investment priorities, amongst which we've stepped up our brand investments, which is evident in the increase in A&M in the first half of 56 basis points as a percent of net revenue. We've invested in advance data and analytics to enhance our consumer and shopper insights and sharpen the precision of our execution.

第三，我們的投資優先事項進展順利，其中我們加大了品牌投資，這可從上半年 A&M（廣告與行銷）占淨營收比重提高 56 個基點看出。我們投資於先進資料與分析，以強化我們對消費者與購物者的洞察，並提升執行的精準度。

We invested in increased go-to-market capacity and capability, including routes, other front selling -- frontline selling resources and e-commerce. We invested in increased manufacturing capacity with additional lines and plans to support our fastest-growing brands. We invested to drive greater global systems harmonization and standardization, and we took steps to transform our culture to become more effective by being more consumer-centric, nimble and collaborative.

我們投資於提升上市（go-to-market）能力與量能，包括路線、其他前線銷售——前線銷售資源以及電子商務。我們投資於提升製造產能，增設產線並制定計畫以支援我們成長最快的品牌。我們投資以推動更高程度的全球系統整合與標準化，並採取措施轉型企業文化，透過更以消費者為中心、更敏捷且更具協作性來提升效能。

And fourth, we're reaffirming our full year guidance.

第四，我們重申全年指引。

So let me move on to the sectors' results, starting with Frito-Lay North America. FLNA continued to post strong growth in the second quarter with organic revenue up 5% and solid market performance. We delivered good net revenue growth in our key trademarks, including Lay's, Doritos, Cheetos and Ruffles. In addition, we posted good growth across all channels in the U.S. led by high single-digit growth in convenience and dollar stores.

接著我來談各部門的業績，先從北美菲多利（Frito-Lay North America）開始。FLNA 在第二季持續繳出強勁成長，有機營收成長 5%，市場表現穩健。我們的核心商標品牌淨營收成長良好，包括 Lay's、Doritos、Cheetos 與 Ruffles。此外，我們在美國各通路均取得良好成長，其中以便利商店與一元商店的高個位數成長領先。

We continued to invest across the business with the aim to drive sustainable, better-than-industry growth, and this includes investing in plant and warehouse capacity, routes, sales technology, enhanced consumer and shopper data and insights and brand media. To this point, in the second quarter, FLNA's A&M was up high single digits with investments across our portfolio of brands. And we're pleased to note that FLNA was once again the largest contributor to total food and beverage U.S. retail sales growth in the quarter.

我們持續在整體業務上投資，目標是推動可持續、優於產業的成長；其中包括投資於工廠與倉儲產能、路線、銷售科技、強化的消費者與購物者資料與洞察，以及品牌媒體。就此而言，第二季 FLNA 的 A&M 以高個位數成長，投資涵蓋我們的品牌組合。我們也很高興指出，FLNA 再次成為本季美國食品與飲料零售銷售成長的最大貢獻者。

PepsiCo Beverages North America delivered 2% organic net revenue growth with solid benefit from net price realization. Trademark Pepsi and trademark Mountain Dew showed sequential volume improvement. And our ready-to-drink coffee and water volumes grew in the high and mid-single digits, respectively. A&M spending was up strong double digits for the quarter.

百事公司北美飲料（PepsiCo Beverages North America）有機淨營收成長 2%，淨價格實現帶來穩健助益。Pepsi 商標與 Mountain Dew 商標的銷量呈現逐季改善。我們的即飲咖啡與水的銷量分別以高個位數與中個位數成長。本季 A&M 支出以強勁的雙位數成長。

Beyond brand investment, we also directed investment on innovation to address new category entrants and to drive success in higher-growth category segments. And this is evident with innovations like Mountain Dew Game Fuel, Gatorade Zero and Gatorade Bolt24, LIFEWTR, bubly, new variants of Propel, and extensions within our successful Starbucks and Pure Leaf tea lineups.

除了品牌投資之外，我們也將投資導向創新，以因應新進入者並推動在高成長品類區隔中的成功。這可從多項創新看出，例如 Mountain Dew Game Fuel、Gatorade Zero 與 Gatorade Bolt24、LIFEWTR、bubly、Propel 的新口味變體，以及我們成功的 Starbucks 與 Pure Leaf 茶產品線的延伸。

We're encouraged by the steady improvement we've seen in the business and we believe that as we execute our planned investment agenda, we'll see a return to sustained competitive performance.

我們對業務持續改善感到鼓舞，並相信隨著我們執行既定的投資議程，將回到可持續的競爭性表現。

Rounding out North America, the second quarter was Quaker's strongest quarter of organic revenue growth in 3 years with organic revenue up 3% driven by net price realization and modest volume gains.

北美的最後一部分，第二季是桂格（Quaker）近 3 年來有機營收成長最強的一季，有機營收成長 3%，主要由淨價格實現與溫和的銷量增長所帶動。

We've restored brand support across the Quaker portfolio and we've returned to volume growth in Aunt Jemima and ready-to-eat cereals, each of which delivered mid-single-digit volume growth.

我們已恢復對桂格品牌組合的品牌支持，並讓 Aunt Jemima 與即食穀物（ready-to-eat cereals）重回銷量成長；兩者的銷量皆達到中個位數成長。

Now moving on to international. Despite ongoing macroeconomic volatility in a number of key markets and poor weather in parts of Western Europe, each of our international divisions delivered solid organic revenue growth in the second quarter. Notably, developing and emerging market organic revenue increased 8% driven by particularly good growth in a number of our key markets.

接著談國際市場。儘管多個關鍵市場的總體經濟仍持續波動，且西歐部分地區天候不佳，我們各個國際事業部在第二季仍繳出穩健的有機營收成長。值得注意的是，開發中與新興市場的有機營收成長 8%，主要由我們多個關鍵市場的特別亮眼成長所帶動。

Mexico and Russia were up high single digits. Brazil was up more than 20%, in part reflecting the benefit of lapping last year's transport strike. China grew strong double digits, and India increased mid-single digits. These results are a reflection of the benefits of the increased investments we're making in the business and reinvigorated emphasis on marketplace execution driving local relevance and local affordability, expanding our global brand portfolio and leveraging our global capabilities to drive higher per capita consumption and market share gains.

墨西哥與俄羅斯以高個位數成長。巴西成長超過 20%，部分反映去年運輸罷工的比較基期效應。中國以強勁雙位數成長，印度則以中個位數成長。這些結果反映了我們加大對業務投資所帶來的效益，以及重新強調市場端執行以推動在地相關性與在地可負擔性、擴大全球品牌組合，並運用我們的全球能力來提升人均消費並取得市占率成長。

And with this, let me hand it off to Hugh.

接下來，我把時間交給 Hugh。

Thank you, Ramon, and good morning, everyone. I have just a few comments on the balance of year outlook. As Ramon just mentioned, we're 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 returns to shareholders of approximately $8 billion comprised of dividends of approximately $5 billion and share repurchases of approximately $3 billion.

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 Ramon 剛才提到的，我們重申 2019 年指引的各項組成。也就是說，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。

As you model out the balance of the year, I call your attention to the fact that the organic revenue growth comparisons get meaningfully more challenging in the second half. And from an EPS perspective, you should consider the following. First, over the balance of the year, we will be lapping gains from various strategic asset sales and refranchising gains and insurance recoveries. And second, our pace of planned reinvestments in the business will accelerate over the balance of the year, and you will see this reflected both in core EPS as well as in our operating margin performance.

當你們推演今年剩餘期間的表現時，我想提醒各位一點：下半年有機營收成長的比較基期將顯著變得更具挑戰性。而從每股盈餘（EPS）的角度，你們應考量以下幾點。第一，在今年剩餘期間，我們將面臨先前各項策略性資產出售收益、重新特許經營（refranchising）收益以及保險理賠回收的比較基期效應。第二，我們在業務上的既定再投資步伐將在今年剩餘期間加速，你們將會在核心EPS以及營業利益率表現中看到這一點的反映。

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

現在我們開放提問。接線生，我們先接第一個問題。

(Operator Instructions) Your first question comes from the line of Bryan Spillane of Bank of America Merrill Lynch.

(接線生指示) 你們的第一個問題來自美國銀行美林（Bank of America Merrill Lynch）的 Bryan Spillane。

Ramon, I guess, kind of stepping back, you've had now a half a year of this step-up investment. And I think if we look at the organic sales, the composition of organic sales, particularly North America, it's a little bit more price-heavy and less volume. So I guess 2 questions around that. One, do you think that the -- is the investment allowing for maybe more pricing and mix than maybe what existed previously? And second, would you expect that we'd start to see maybe more of a pickup in volume or demand as more of these marketing initiatives get into the market for the balance of the year?

Ramon，我想先退一步看，你們現在已經進行這一波加碼投資半年了。而我認為如果我們看有機銷售、尤其是北美有機銷售的組成，會發現它更偏向價格帶動、而非量的成長。所以我有兩個相關問題。第一，你認為這些投資是否讓你們能夠在定價與產品組合（mix）上，比過去更有發揮空間？第二，隨著更多行銷計畫在今年剩餘期間陸續進入市場，你是否預期我們會開始看到銷量或需求有更明顯的回升？

Yes. Bryan, yes. Listen, we're seeing balanced growth in the U.S. and very rational pricing in our categories, both in snacks and beverages. Last year, remember, we had a higher commodity inflation, so I think that's being reflected a little bit in the pricing this year. But, nevertheless, what we're trying to do is trying to understand much better the consumer, trying to understand the different occasions the consumer is going into our categories, and maximize, obviously, the opportunities for revenue in each one of those occasions. We're investing a lot in net revenue management across the company. And that's translating into, I would say, a better mix management, channel management, transaction per unit management. And that's what you should be seeing in the future as well.

是的。Bryan，是的。聽著，我們在美國看到的是均衡成長，而在我們的品類中—不論是零食或飲料—定價都非常理性。記得去年我們面臨較高的原物料通膨，我認為這在今年的定價上多少有所反映。但無論如何，我們正在做的是更深入地理解消費者，理解消費者進入我們品類的不同消費情境，並在每一種情境中最大化營收機會。我們在全公司大力投資淨營收管理（net revenue management）。我會說，這正轉化為更好的組合管理、通路管理、以及每單位交易管理。而這也是你們未來應該會持續看到的。

The most important thing from the investor point of view is we're seeing very rational pricing across the industry. And everybody is trying to generate value by investing in brands, improving distribution, connecting better with consumers versus just using price as the only lever of attracting consumers to your brands. So I think it's pretty, pretty powerful good situation for our categories, I would say.

從投資人的角度來看，最重要的是我們看到整個產業的定價都非常理性。大家都在透過投資品牌、改善配銷、與消費者建立更好的連結來創造價值，而不是只把價格當作吸引消費者購買品牌的唯一槓桿。所以我認為，對我們的品類而言，這是一個相當、相當有力的良好局面。

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

下一個問題來自摩根士丹利（Morgan Stanley）的 Dara Mohsenian。

So just to get a bit more granularity on the pricing. We've obviously seen Frito-Lay North America, the balance has tilted much more towards pricing recently with the strong organic sales growth over the last few quarters. So can you give us a little more granularity on what specifically has been driving that? And should we expect more of a balance going forward between pricing and volume? And then also on the beverage side, obviously, very strong pricing in the last few quarters post the fall increase. You just commented that the competitive environment is pretty rational. But just any thoughts on pricing potential in NAB when you cycle those increases in the fall would be helpful.

我想更細緻地了解一下定價。我們顯然看到北美Frito-Lay，近來在過去幾季強勁的有機銷售成長下，成長動能的平衡更明顯地偏向定價。你能否更具體說明，究竟是哪些因素在驅動這件事？以及往後你是否預期定價與銷量之間會回到更均衡的狀態？另外在飲料端，顯然在秋季調價之後，過去幾季的定價非常強勁。你剛提到競爭環境相當理性。但當你們在秋季進入這些調價的比較基期（cycle）時，對NAB的定價潛力有何看法？若能分享會很有幫助。

I would say, and Hugh will add to my comments that what we're seeing in the industry is a trend toward smaller packs. So consumers are somehow either size of the household or the particular occasions where they're consuming our products, consumers are moving to smaller packs. And if you recall, when we talked about our -- some of our investments in the past, in the past call, we said we were going to put additional capacity because we're seeing that the consumer is moving to smaller packs and some of our capacities under -- there are some bottlenecks in our capacity because of that, right? So as we move into -- as the consumer moves into smaller packs, you realize more pricing. Price per kilo is better, price per liter is better.

我會說，而且Hugh也會補充我的看法，我們在產業中看到的一個趨勢是朝向更小包裝。所以不論是因為家庭規模，或是消費者食用我們產品的特定情境，消費者正在轉向更小包裝。如果你還記得，我們過去談到一些投資時，在上一次電話會議中我們說過會增加額外產能，因為我們看到消費者轉向更小包裝，而因此我們部分產能出現—有一些產能瓶頸，對吧？因此，當我們轉向—當消費者轉向更小包裝時，你會實現更高的定價。每公斤價格更好、每公升價格也更好。

The second trend is consumers are looking for higher-value products. So more functional, more -- they're looking for more benefits in the consumption of our categories, be it snacks or beverages. And that is also -- tends to be also higher price per liter, price per kilo. So I think you will continue to see those trends going forward in our categories, especially in more developed markets. In developing markets, there's a bit of a different game where you have to be very mindful of the price points and the affordability lenses. So if you cross certain price points, clearly, your products become out of reach for a lot of consumers. Where in developed markets, we see smaller packs and more functional benefits driving what I would say positive pricing environment. Then also we see more consumption in convenience channels, channels where consumers are willing to be a bit less price sensitive and they pay more for our -- for every transaction. So those are trends that you could see as positive trends for the category. I don't know, Hugh, if you...

第二個趨勢是消費者在尋求更高價值的產品。也就是更具功能性、更多—他們希望在我們品類的消費中獲得更多效益，不論是零食或飲料。而這也—通常也意味著更高的每公升價格、每公斤價格。所以我認為你們未來會在我們的品類中持續看到這些趨勢，尤其是在較成熟的市場。在新興市場，情況有些不同，你必須非常留意價格帶與可負擔性（affordability）的考量。因此如果你跨越某些價格點，顯然你的產品就會超出許多消費者的可及範圍。而在成熟市場，我們看到小包裝與更多功能性效益，正在推動我所說的正向定價環境。此外，我們也看到在便利通路的消費增加；在這些通路中，消費者願意對價格較不敏感，且每筆交易願意為我們的—每一筆交易支付更多。所以這些都是你可以視為對品類有利的正向趨勢。我不知道，Hugh，你是否…

Yes, I totally agree. I was going to say a lot of the same things. The only small pieces I would add to it, number one, Dara, in particular with Frito-Lay Sabra, where we record the volume, but we don't capture the revenue, we only pick it up in equity income. That was about a 1-point drag on Frito-Lay's volume. So if you take that out, then Frito-Lay's volume to revenue looks a little bit closer, obviously. And then number two is, as Ramon said, I think in developed markets, we probably can expect a couple of points of visual and then a couple of points of consumer-driven mix that will enable us to get pricing in the future. So that I think is a reasonable expectation going forward.

是的，我完全同意。我本來也要說很多相同的事情。我唯一想補充的兩個小點：第一，Dara，特別是在Frito-Lay Sabra這塊，我們會記錄銷量，但不會認列營收；我們只會在權益法收益（equity income）中反映。這大約對Frito-Lay的銷量造成了1個百分點的拖累。所以如果把這個因素排除，Frito-Lay的銷量與營收之間的表現看起來就會更接近，顯然如此。第二，如Ramon所說，我認為在成熟市場，我們大概可以預期有幾個百分點來自視覺呈現（visual），再加上幾個百分點來自消費者驅動的組合（mix），這將使我們未來能夠取得定價。因此我認為，這是對未來合理的預期。

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 just want to go back to the investments that you've been making now over the past 6 months. And where you expect that to appear in the top line. Is it rate? Is it mix? Is it volume? Ramon, I appreciate your commentary in the first question about price rationality in the marketplace, certainly. But the incrementality of the investments I would have imagined would like to show up in one of the top line drivers, and we're not quite seeing it yet. So just trying to understand how you think about the investment and where it's supposed to appear, the ROI of that and whether you're adjusting anything, as it doesn't look like it's actually showing up in your particular results in terms of incremental investment. And in particular, I'm talking about PBNA.

我想回到你們在過去6個月所做的投資。以及你們預期這些投資會如何反映在營收端（top line）。會反映在成長率（rate）嗎？會反映在組合（mix）嗎？還是反映在銷量（volume）？Ramon，我很感謝你在第一個問題中對市場定價理性的評論，當然。但我原本以為這些增量投資應該會在某個營收驅動因子上顯現出來，而我們目前還不太看到。所以我想了解你如何看待這些投資、它應該在哪裡顯現、其投資報酬率（ROI），以及在看起來尚未在你們的具體結果中反映出增量投資效益的情況下，你們是否正在調整任何作法。而我特別指的是PBNA。

Okay, Ali. Listen, I won't go into very specifics for each one of the business. What I'll tell you is the philosophy behind these investments. We're trying to have a very high growth -- sustained high-growth company going forward. I think we are -- we have accelerated clearly from the 2%, 3% sort of sustained 4% to 5% growth. Our ambition is to stay within those parameters, as we said, in the 4% to 6% top line growth. And that would require multiple layers of investment across multiple parts of the business, right? So if you think what we've been doing, we've been investing in what you could call more short-term levers of acceleration, whether there would be new routes in the markets or more selling capacity or improving some of our warehousing bottlenecks that we had in some of our businesses because of high growth, or some of the investments we're putting now in capacity because, really, the demand is quite high for some of our technologies. So that you will see reflected -- it is being reflected. I mean if you see Frito-Lay 4.5% growth or acceleration in a lot of the water brands, in PBNA or some of the coffees, or whatever. I mean, it is being reflected. But the big idea, I think, for us and the philosophy of how we're investing and we're trying to run the company is how do we keep investing in capabilities that will give us that 4.5% or 5% or 4%., like between the 4% and 6% going forward on a sustained basis. And not only the U.S. but really across the company. And those have to do with new capabilities in insights and how do we digitalize the company and how do we what we call precision at scale, and how do we execute our portfolios in every store with the right level of insights and precision. And we have close looks on execution so that our people can execute consistently at those high levels. How do we continue to innovate in new platforms and have the right amount of resources to invest in new platforms versus taking money from the core and giving to those new platforms. So that is the philosophy, and that's what we're doing. And to tell you the truth, we're pretty happy with the way the business is responding, the way we're seeing our market share evolving in our key markets and our markets to be in the future. So I think we feel pretty good. And the investment will come in all the different areas that I told you. And with this idea of sustained -- very sustained high performance at top line, that will be the big driver of value for you guys as shareholders of the company.

好的，Ali。聽著，我不會針對各個業務逐一談得非常具體。我想告訴你的是這些投資背後的理念。我們正努力在未來打造一家高成長——且能持續高成長的公司。我認為我們——我們已經明顯加速，從過去2%、3%那種、或是較為持續的4%到5%的成長。我們的企圖心是如同我們所說，維持在這些參數之內，也就是營收（top line）4%到6%的成長。而這將需要在業務的多個部分、以多層次的方式進行投資，對吧？所以如果你回想我們一直在做的事，我們一直在投資於你可以稱之為較短期的加速槓桿——不論是在市場上開闢新路線、增加銷售產能、改善我們在部分業務因高成長而出現的倉儲瓶頸，或是我們現在在產能上的一些投資，因為坦白說，對我們某些技術的需求相當高。所以你會看到這些反映出來——而且已經在反映了。我的意思是，如果你看到Frito-Lay 4.5%的成長，或是PBNA的一些水品牌、部分咖啡等的加速成長，諸如此類。我的意思是，這些都已經反映出來了。但我認為對我們而言更大的核心想法，以及我們投資的理念、我們試圖經營公司的方式，是：我們如何持續投資於能力建設，讓我們在未來能以可持續的方式維持4.5%或5%或4%——也就是介於4%到6%之間的成長。而且不僅是在美國，而是整個公司層面。這些能力包括新的洞察能力、如何推動公司數位化、以及我們所說的「規模化精準」（precision at scale），以及我們如何在每一家門店以適當的洞察與精準度來執行我們的產品組合。我們也會密切檢視執行狀況，讓我們的人員能夠在高水準上持續一致地執行。我們如何持續在新平台上創新，並配置適當資源投資新平台，而不是從核心業務抽走資金再挪給新平台。這就是我們的理念，也是我們正在做的事。坦白說，我們對業務的回應方式感到相當滿意——我們看到在關鍵市場以及我們未來要布局的市場中，市占率的演變情況。所以我想我們感覺相當不錯。而投資會落在我剛才提到的各個不同領域。並且以「可持續——非常可持續的營收端高績效」為核心理念，這將是為各位——作為公司股東——創造價值的最大驅動力。

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 Ramon, I think you cited improvement in NAB, particularly around the Pepsi trademark and Mountain Dew. But, I guess, one area that's still somewhat soft is Gatorade. So maybe from your perspective, if you can talk a little bit about what you're seeing from a Gatorade standpoint. Obviously, you have innovation around the trademark with the Bolt24. So how does that kind of fit into the strategy? And when you think that we should see some more tangible improvement on that brand?

Ramon，我想你提到NAB的改善，特別是在Pepsi商標以及Mountain Dew方面。但我想，有一個領域仍然有些疲弱，就是Gatorade。所以也許從你的角度，能否談談你們在Gatorade方面看到的情況。顯然你們在該商標下有Bolt24的創新。那這在策略上是如何契合的？以及你認為我們何時能在這個品牌上看到更具體的改善？

Yes. Listen, Gatorade is clearly a big brand for us and one that is very solid with the consumer. All the metrics on the brand are fantastic in terms of consumer engagement and consumer brand equity. It's, in all dimensions, very strong. Now what we're doing is innovate against that umbrella. The big innovation we -- I mean you mentioned Bolt, but the big innovation has been Gatorade Zero, right? So with Gatorade Zero, we've been able to expand the consumer base of the brand to some consumers that actually were athletes but they put a lot of, I guess, emphasis on sugar and therefore the less of some of the occasions that they were consuming the brand to move into other opportunities. So now with Gatorade Zero, we've seen that we're expanding again the consumer base of the brand. And that's going to be very, very incremental for us going forward. We're seeing incrementality for the category, we're seeing incrementality for the brand. It's -- Gatorade Zero is already the #1 zero sports drink in the country by quite a distance, I would say. And we'd see, every week, the velocity of the brand improving. So I think that this is a brand that will be very big for us.

是的。聽著，Gatorade顯然是我們的一個大品牌，而且在消費者端非常穩固。就消費者互動與消費者品牌資產（brand equity）而言，這個品牌的各項指標都非常出色。在各個面向都非常強。我們現在做的是在這個品牌傘下持續創新。我們最大的創新——你提到了Bolt，但最大的創新其實是Gatorade Zero，對吧？透過Gatorade Zero，我們得以把品牌的消費者基礎擴大到一些消費者——他們其實是運動員，但他們對糖分非常在意，因此在某些飲用情境下會減少對該品牌的消費，轉而尋找其他選擇。所以現在有了Gatorade Zero，我們看到品牌的消費者基礎再次擴大。而這在未來對我們將是非常、非常增量的貢獻。我們看到對品類有增量、對品牌也有增量。我會說，Gatorade Zero已經是全美第一的零糖運動飲料，而且領先幅度相當大。而且我們每週都看到該品牌的動銷速度（velocity）在改善。所以我認為這將會是對我們非常重要的一個品牌。

Now Propel is another big opportunity for us in sports drink and sports hydration, and we see Propel growing also double digit consistently for the last few years. It's a brand intended for what we call more casual exercisers, and we're trying to give them a good combination of hydration with lower calories. That's working very well. We're -- now we're adding vitamins and some other positive functionality.

另外，Propel在運動飲料與運動補水方面也是我們的另一個重大機會，我們看到Propel在過去幾年也持續維持雙位數成長。這個品牌是為我們所說較為休閒型的運動者所設計，我們希望為他們提供兼具補水、且熱量較低的良好組合。這運作得非常好。我們——現在也在加入維生素以及其他正向的功能性。

And then we have Bolt. Bolt24 is a new platform for us. It's going to be a functional platform trying to -- it's catering to the athlete off the field. I think the consumptions to be off the field. We're trying to give hydration to the athlete during the day with functional benefits that are all-natural. I mean now Bolt24 is watermelon water plus sea salt. That's how the consumer will get its electrolytes. And then we're adding some vitamins for antioxidants and whatever. So -- and you will see more innovation coming under that platform. There will be off-the-field functionality for the core athlete. We're very positive about the image, the functionality, the brand that we can create about -- around Bolt. That is going to be one more example of how Gatorade understands consumers and continues to innovate against all the needs of consumers in the sports arena. So we're very positive about the continued share of market development that we have in this segment and how we'll be able to grow the category which is at the end our biggest responsibility as the leader of the category.

然後我們還有Bolt。Bolt24對我們而言是一個新平台。它將是一個功能性平台，試圖——它是針對運動員在場外的需求。我認為其飲用情境是在場外。我們希望在一天當中為運動員提供補水，並帶來全天然的功能性益處。我的意思是，目前Bolt24是西瓜水加上海鹽。消費者將透過這種方式獲得電解質。然後我們還會加入一些維生素，用於抗氧化等功能。所以——你也會看到在這個平台下推出更多創新。它將為核心運動員提供場外的功能性。我們對於能夠圍繞Bolt打造的形象、功能性與品牌非常正面。這將是另一個例子，展現Gatorade如何理解消費者，並持續針對運動領域中消費者的各種需求進行創新。因此，我們對於在這個細分市場中持續推動市占發展、以及我們將如何帶動品類成長都非常正面——而作為品類領導者，帶動品類成長最終也是我們最大的責任。

Your next question comes from Lauren Lieberman of Barclays.

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

Great. I was hoping we could talk a little bit about the international strategy. So Ramon, you talked about sort of this like challenger stronghold battleground framework for thinking about market, I was just hoping you could maybe shed a little bit more light on kind of the investment priorities, whether you want to talk about by geography, by category. And do you think kind of the game changer for you in accelerating performance or market share performance is about -- is it more about innovation or is it more about capabilities and execution?

很好。我希望我們可以稍微談一下國際策略。所以 Ramon，你談到用一種類似「挑戰者／堡壘／戰場」的框架來思考市場；我想請你再多分享一些投資優先順序的看法，無論是按地理區域或按品類來談都可以。另外，你認為加速業績或市占表現的關鍵變革因素是——更偏向創新，還是更偏向能力建設與執行？

Okay. Listen, we are -- we see international as a huge growth opportunity for this company long term. And I think we've been growing international 2 to 3x the U.S. growth for the last few years. I think that should continue in the future when you see the per caps of both our snacks and our beverage categories in the -- around the world and the U.S. We see a lot of opportunities in snacks by moving unpackaged to packaged, and that's a huge trend. We're seeing that our snacks business benefits a lot by urbanization. And as we see people moving into big cities in developing markets, that's a huge opportunity.

好的。聽著，我們——我們把國際市場視為這家公司長期的巨大成長機會。而且我認為過去幾年國際業務的成長速度是美國的 2 到 3 倍。我認為未來也應該會持續如此，當你看到我們的零食與飲料品類在全球相較於美國的人均消費量（per caps）時。我們在零食方面看到很多機會，因為未包裝轉向包裝化是一個巨大的趨勢。我們也看到零食業務從都市化中受益很大。隨著開發中市場的人口移入大城市，這是一個巨大的機會。

We have a very good playbook on how we develop per caps of our snacks business. I think we'll keep qualifying that better and better. And we have a very -- I think a quite advantaged playbook and we're demonstrating that in many markets around the world. So you should see us continue to invest in our snacks business internationally and that should be a big engine of growth for us.

我們在如何提升零食業務的人均消費量方面有一套非常好的作戰手冊（playbook）。我認為我們會持續把它做得越來越精準、越來越好。而且我們有一套——我認為相當具優勢的作戰手冊，並且正在全球許多市場中證明這一點。因此，你應該會看到我們持續在國際市場投資零食業務，而這將成為我們重要的成長引擎。

When you go to the beverage category, the same principles in terms of how big is the growth opportunity as consumers are moving from, I would say, noncommercial liquids to more commercial liquids everywhere in the world. And there -- the nuance in our strategy is, obviously, we have another competitor that is trying to develop a category with us. And then we have to be smart where we have a, I would say, a higher growth share position -- a higher share position versus a medium share position versus a large share position. And our strategies need to change, obviously. It doesn't mean then we're not going to aspire to gain share in every single market around the world, but the tools we use and the number of complexities we choose to add to the business will be different depending on the market position we play in every market. So that's the nuance between the beverage and the snacks business. You should see international as a huge growth opportunity for us globally for many, many years to come. And I think we're realizing them. You see the numbers that we're posting every quarter, and they show the -- both the top line and the bottom line opportunity that, that has for PepsiCo going forward.

談到飲料品類，同樣的原則也適用：隨著消費者在全球各地從我所說的非商業化液體轉向更商業化的液體，成長機會有多大。而我們策略上的細微差異在於，顯然我們還有另一個競爭對手正試圖與我們一起培育這個品類。因此我們必須聰明地判斷：在哪些市場我們處於較高的成長與市占位置——較高市占位置、相對中等市占位置、或是很大的市占位置。而我們的策略顯然需要隨之改變。這並不代表我們不會在全球每一個市場都以提升市占為目標，但我們使用的工具，以及我們選擇為業務增加的複雜度程度，會因我們在各市場的定位而不同。這就是飲料與零食業務之間的細微差異。你應該把國際市場視為我們在全球未來很多很多年都將擁有的巨大成長機會。而且我認為我們正在把這些機會實現出來。你可以看到我們每季公布的數字，它們顯示了這對百事公司（PepsiCo）未來在營收端與獲利端所帶來的機會。

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。

Great. So maybe to build on some of what you said, I think, in response to Ali's question. I just want to step back and validate your confidence in being able to resume your long-term algorithm come 2020, that 4% to 6% top line, 20 to 30 basis points margin improvement formula. Because despite the first half investments, your guidance, as Hugh highlighted in his remarks, seems to allow for some deceleration in the back half on the tougher comps. So I guess I'm first trying to understand how confident you are in your ability to maintain first half top line momentum, not only in the back half, but out to 2020 and beyond. And then secondly, to the extent you are able to sustain or accelerate the top line from here, do you see all businesses now being in a position to contribute to necessary margin improvement come 2020? Or will certain businesses require another year of more investment beyond 2019?

很好。那也許延續你剛才的部分說法，我想是在回應 Ali 的問題時提到的。我想先退一步，確認你對於在 2020 年恢復長期演算法（long-term algorithm）的信心：營收成長 4% 到 6%，以及利潤率提升 20 到 30 個基點的公式。因為儘管上半年有投資，你們的指引——如 Hugh 在發言中強調的——似乎允許在下半年面對更具挑戰的比較基期（tougher comps）時出現一些放緩。所以我首先想了解，你對於維持上半年營收動能的信心有多高，不僅是在下半年，也包括延伸到 2020 年及之後。其次，如果你們能夠從現在起維持或加速營收成長，你是否認為到 2020 年所有業務都已處於能夠貢獻必要利潤率改善的位置？還是某些業務在 2019 年之後仍需要再多一年、更進一步的投資？

Listen, I think, obviously, we stayed true to the long-term guidance that we gave a few months ago, right? Like 5 or 6 months ago. We thought very carefully about that framework for growth, and we, obviously, are seeing that. We're capable of delivering that. And we have the portfolio of categories and the portfolio of geographies that allow us to deliver that on a sustained basis. Assuming that we make the right choices around productivity of our investments and we make the right choices on where we put this money for investment, the capabilities we're building and what we're planning to innovate. I think we stayed true to that long-term framework.

聽著，我認為，很明顯地，我們仍然忠於幾個月前給出的長期指引，對吧？大概是 5 或 6 個月前。我們非常仔細地思考過那個成長框架，而我們也確實正在看到它。我們有能力交付那樣的成果。而且我們擁有一個品類組合與地理區域組合，使我們能夠以可持續的方式交付。前提是我們在投資生產力（productivity of our investments）方面做出正確選擇，並且在投資資金的配置、我們正在打造的能力，以及我們計畫推動的創新上做出正確選擇。我認為我們仍然忠於那個長期框架。

The -- remember, when we talked about the reinvestment year for 2019, we said that, first, we did a few things, right, in the process. First, we looked at existing budgets and we tried to reallocate those budgets into the areas that would give us the better returns, so that have been internal. Second, we said we're going to really double down on our productivity and that productivity would be reinvested for growth, and we're doing that in the sense that our productivity is quite strong and we're reinvesting. And third, we said, we probably need a year of additional reinvestments that would put a solid foundation for the years to come, whether it is in A&M, whether it is in some of the other capabilities we talked about or capacities in terms of manufacturing or supply chain. So we're doing all that. With that, we feel pretty good about the future. Yes, the company, as you see in many of our industry, we need to keep investing to transforming ourselves, right? So this is, I think, a never-ending story for the future in terms of systems, in terms of new technologies, in terms of adding new brands. So there will continue to be additional investment needs in the company going forward. I think we can fund most of them with our productivity efforts and reallocating existing budgets, which, in a company of our size, we can make a lot of discretionary decisions on what our priority is year-after-year. So I don't know, Hugh, if you have anything else to add, but that's how we see, as a management team, the following 3, 4 years.

另外——請記得，當我們談到 2019 年是再投資年（reinvestment year）時，我們說過，首先，我們在過程中做了幾件事，對吧。第一，我們檢視了既有預算，並嘗試把這些預算重新配置到能帶來更好回報的領域，這些都是內部調整。第二，我們說我們會真正加倍投入生產力，而這些生產力成果將再投資以促進成長；我們正在這麼做，因為我們的生產力相當強勁，而且我們正在再投資。第三，我們說我們可能需要額外一年的再投資，為未來幾年打下堅實基礎，不論是在 A&M（廣告與行銷），或是在我們談到的其他能力，或是在製造或供應鏈方面的產能。所以我們正在做所有這些事。在此基礎上，我們對未來感到相當樂觀。是的，如你在我們許多同業中所見，我們需要持續投資以推動自我轉型，對吧？因此我認為，未來在系統、新技術、以及新增品牌方面，這會是一個永無止境的故事。所以公司未來仍會持續有額外的投資需求。我認為我們可以透過生產力提升與重新配置既有預算來為其中大部分提供資金；以我們這樣規模的公司而言，我們每年都能就優先順序做出許多可裁量的決策。所以我不知道 Hugh 你是否還有要補充的，但這就是我們管理團隊對接下來 3、4 年的看法。

Right, I agree with that. And, Steve, just to add a little bit to it. As Ramon mentioned, we said we expect to be back on algorithm come 2020. You know, as a management team, we've been pretty disciplined about -- talking about next year in February when we get to next year. So I think with the context Ramon has given you, we'll talk about more details next February.

對，我同意。另外，Steve，我再補充一點。如Ramon所提到的，我們說過預期在2020年回到既定的演算法（algorithm）軌道。你知道，作為管理團隊，我們一直相當自律——到了明年二月、當我們真正進入明年時，才談明年的事。所以我想在Ramon給你的脈絡之下，我們會在明年二月再談更多細節。

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。

I have a follow-up and then a margin question. So can you comment on the state of the consumer in the U.S., as alluded before? The results this morning have been supportive, but scanner data has been softer as of late. Is this just timing or weather related or are you seeing the consumer a bit more cautious? And on the gross margin, Hugh, you had called out the timing of commodities pressures in the first quarter earnings and into the second quarter, but the gross margins too expanded well, so have we cycled most of the pressures?

我有一個追問，然後是一個毛利率的問題。所以你們能否評論一下美國消費者的狀況，如先前提到的？今天早上的結果是支持性的，但近期掃描器數據（scanner data）較為疲弱。這只是時間點或天氣因素，還是你們看到消費者變得更謹慎一些？另外關於毛利率，Hugh，你曾提到第一季財報以及延伸到第二季的大宗商品壓力的時間點，但毛利率也擴張得不錯，所以我們是否已經度過了大部分的壓力？

Andrea, 2 comments on the consumer and then Hugh can talk on the gross margin. We're seeing, in our snacks business, macro snacks pretty healthy growth. We're seeing good acceleration versus previous years. The number of occasions are going up. The price per occasion is growing nicely as you saw. And we are capturing above fair share of that growth as a company. So in snacks, I see a lot of good tailwinds. In terms of beverages, it's been a little bit erratic and quite linked to weather actually. So we've seen -- you take the Q2 -- in the second quarter, we had a fantastic April, but then somehow a lower May and June from the scans point of view because the weather has been quite wet and cold, and that obviously impacts some parts of the category, especially the hydration-related parts of the business. We're seeing it coming back. So it's good. We see a healthy consumer, a consumer that -- where price elasticities are good. And so we cannot see any signals that tells us the consumer is slowing down, at least in our categories, right, which are low-priced, quite routine category that are very well penetrated, very high penetrated across all the U.S.

Andrea，關於消費者我有兩點評論，然後Hugh可以談毛利率。我們在零食業務看到，整體零食（macro snacks）成長相當健康。我們看到相較於前幾年有不錯的加速。消費情境（occasions）的次數在增加。每次情境的價格也如你所見，成長得很好。而且作為公司，我們取得了高於公平份額（above fair share）的成長。所以在零食方面，我看到很多正向順風。至於飲料，表現有點不穩定，且其實與天氣高度相關。所以我們看到——以Q2來看——第二季四月非常出色，但從掃描數據角度看，五月和六月不知何故偏低，因為天氣相當潮濕且寒冷，而這顯然會影響品類中的某些部分，特別是與補水（hydration）相關的業務。我們看到它正在回升。所以情況不錯。我們看到消費者是健康的——價格彈性（price elasticities）也良好。因此我們看不到任何訊號顯示消費者正在放緩，至少在我們的品類中是如此；這些品類單價低、相當例行，且在全美的滲透率非常高。

Yes. And then on gross margins, Andrea, yes, you're right, I mentioned in the last call, I think, that the tougher comparisons were in the first half. As you know, on commodities, we tend to lock about 6 to 9 months out, so we've got high visibility into the back half, and the commodities comparison in the back half get a little bit easier.

是的。至於毛利率，Andrea，是的，你說得對，我想我在上次電話會議提到過，較艱難的比較基期在上半年。如你所知，在大宗商品方面，我們通常會提前約6到9個月鎖定，因此對下半年有很高的能見度，而下半年的大宗商品比較會稍微容易一些。

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

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

Ramon, you mentioned on several occasions the effective mix whether premium products, channel mix, pack sizes, all of which sound like long-term trends. Can you give us a bit of a read on how much mix contributed in this quarter? And then also, given that's where it seems like much of the CapEx is going and where your capabilities are expanding, how we should maybe think about mix as part of your algorithm longer term.

Ramon，你多次提到有效的組合（mix），不論是高端產品、通路組合、包裝規格，這些聽起來都是長期趨勢。你能否讓我們了解一下，本季組合貢獻了多少？另外，鑑於資本支出（CapEx）似乎多數投向這些方向、你們的能力也在擴張，我們應該如何在較長期的演算法（algorithm）中看待組合作為其中一部分？

Yes, Kaumil, I'm happy to comment on that. Obviously, it moves around quite a bit depending on the -- which portion of the year we're in, which businesses are doing well, but it's probably been, on average, contributing about 1 point.

是的，Kaumil，我很樂意評論。顯然，它會因為——一年中的哪個時段、哪些業務表現較好——而有相當大的波動，但平均而言，大概貢獻約1個百分點。

Yes, if you think about some of the capabilities we're trying to build for the company, and we're not the only ones in this consumer goods space, then in this capability is net revenue management. Net revenue management is a combination of insights, analytics and ability to manage channels and consumer innovation and branding. And that is a capability we're going to keep evolving, right? Because the likelihood of consumers willing to pay more for the same thing is -- it's going to reduce, right, going forward. So we need to be able to give the consumer much more value through different ways, and that's a capability we are -- I think we're good at, we're going to get better at. And we -- the fact that we have -- we tend to control our execution all the way to the consumer in many channels, I think that gives us a competitive advantage going forward.

是的，如果你想想我們試圖為公司建立的一些能力，而且在這個消費品領域不只我們如此，其中一項能力就是淨營收管理（net revenue management）。淨營收管理是洞察、分析，以及管理通路與消費者創新和品牌打造能力的結合。而這是一項我們會持續演進的能力，對吧？因為未來消費者願意為同樣的東西支付更多的可能性——將會降低，對吧。所以我們需要能以不同方式為消費者提供更多價值，而這正是我們——我認為我們做得不錯、而且會做得更好的能力。而且——我們在許多通路往往能一路掌控到面向消費者的執行，我認為這會在未來帶給我們競爭優勢。

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

您的下一個問題來自RBC的Nik Modi。

Ramon, maybe you can just give us a state of the union on the NAB reorganization. Any early learnings, any hiccups? Anything you can share on that would be helpful.

Ramon，也許你可以就NAB重組做個整體近況更新。有任何早期學習、任何小插曲嗎？你能分享的任何資訊都會很有幫助。

Yes, that's good. Listen, this is a -- thank you for asking. This is a -- going to be, I think, a factor to our continued sustained performance in the future in NAB. I think the fact that we're able to understand the U.S. market as one full market and then able to segment it into pieces and execute with local relevance is going to be, I think, a driver of growth for us and sustained growth. And for us to be better serving our customers and much more nuance ways, so that was the intention. The -- as any large restructuring, you're dealing with the people issues, right? I've seen moving families location to location, all that. I think that's pretty much behind now during this summertime. Most of the families will move and we'll have everybody in place and ready to execute full mind.

是的，這很好。聽著，這是——謝謝你提問。我認為這將會是我們未來在NAB持續、穩健表現的一個因素。我認為我們能把美國市場視為一個完整市場來理解，然後再把它切分成不同區塊，並以在地相關性來執行——這將會是我們成長與持續成長的驅動力。也讓我們能以更細緻的方式更好地服務客戶，這就是初衷。而且——如同任何大型重整，你會面對人員議題，對吧？我看到有家庭從一個地點搬到另一個地點等等。我認為在今年夏天這些大致都已經過去了。大多數家庭都會搬遷完成，我們也會讓所有人就定位，準備好全力執行。

So obviously, I think we started in March. Now it's July, so we've had 3, 4 months of a little bit of transition, I would say, in the business. I think the management has done a great job in terms of working diligently to get people in place and make sure that the employees feel well treated by the company and I think we're there. We should see the benefits of what this organization should deliver in the second half of the year, but most important is the move we're making for the future. So in terms of distribution in the more popular parts of the business in terms of how do we serve regional customers, how do we segment our consumer strategies depending on our market positions in the different states, in all those capabilities that we didn't have so much in the past should be reflected in the new -- in the new organization.

所以很明顯地，我想我們是從三月開始。現在是七月，所以我們大概有3到4個月的過渡期，我會說在業務上有些轉換。我認為管理團隊做得非常好，勤勉地讓人員就位，並確保員工感受到公司有妥善對待他們，我想我們已經做到這點。我們應該會在下半年看到這個組織應能帶來的效益，但更重要的是我們為未來所做的調整。因此，在配送方面、在業務中更受歡迎的部分——例如我們如何服務區域型客戶、如何依據我們在不同州的市場地位來區隔消費者策略——所有這些過去我們較欠缺的能力，都應該會在新的——新的組織中反映出來。

So we're feeling good. And as always, it's been a process of people management and talent management. And as you can imagine, this is a lot of people, right, and so -- but it's behind us now.

所以我們感覺很好。而且一如既往，這一直是一個人員管理與人才管理的過程。而且如你所想，這牽涉到很多人，對吧，所以——但現在已經過去了。

Your next question comes from Bonnie Herzog of Wells Fargo.

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

I was hoping you could update us on SodaStream and some of your initiatives around reducing or even eliminating packaging. And then are there any examples beyond SodaStream to which you can point where you're actively working again to eliminate packaging?

我希望你能向我們更新一下 SodaStream 的情況，以及你們在減少甚至消除包裝方面的一些舉措。另外，除了 SodaStream 之外，是否還有其他例子可以分享，說明你們正在積極努力再次消除包裝？

Yes. The SodaStream is doing very well actually. I mean it's exceeding our expectations in terms of the growth potential and growth execution. So we're feeling good. We're understanding more about this platform. We're starting to put more of the PepsiCo capabilities against the SodaStream business, especially around flavors and around some of the consumer experience with flavors, which I think were underoptimized direct-to-consumer opportunities. So we're trying to insert some capabilities into SodaStream, but we're running it as a separate business that should be agile and nimble and going after actually disrupting the bottle business. And that's the strategy and that is how we want to run this business going forward.

是的。SodaStream 其實表現非常好。我的意思是，就成長潛力與成長執行而言，它超出我們的預期。所以我們感覺很好。我們對這個平台的理解也更深入。我們開始把更多百事公司（PepsiCo）的能力導入 SodaStream 業務，特別是在風味方面，以及在某些與風味相關的消費者體驗方面；我認為這些原本在直面消費者（DTC）的機會上並未被充分優化。因此我們正嘗試把一些能力嵌入 SodaStream，但我們仍把它作為一個獨立業務來運作，使其能夠敏捷、靈活，並且真正去顛覆瓶裝業務。這就是策略，也是我們未來希望如何經營這項業務。

In terms of how we're looking at the plastic reduction, plastic waste reduction, a couple of things. Obviously, SodaStream is a big one for us, and we made some commitments recently in the U.S. and we'll continue to make commitments across the world in terms of -- so what we did in the U.S., I don't know if you read it recently is LIFEWTR will be 100% recycled brand, recycled PET brand. We will have no plastics on bubly. And we're going to be testing Aquafina in cans in some parts of the U.S., mostly the West Coast. We made a commitment in the European Union that we'll be 50% recycled by 2030 I think it is. We're also exploring some circular waste management opportunities with our snacks bags in Europe, especially in the U.K., and also in India. So we're really exploring a lot of the physical circularity and making some commitments on which packaging solutions we'll use. Long term, obviously, we have efforts in the chemical recycling and new materials and alliances with other players in the value chain of chemical industry and the collection industry and the -- some of our partners in the brand business, competitors and noncompetitors, where we're trying to make a difference in ingredient and material solutions, chemical recycling, collection systems, everything else, to try to minimize this plastic going into waste versus plastic coming back into our systems and us being able to provide the consumers with what I think are very affordable and functional solutions that -- but they don't go to waste, right? So that's the principle.

就我們如何看待減塑、減少塑膠廢棄物而言，有幾點。顯然，SodaStream 對我們來說是一個重要項目；我們最近在美國做出了一些承諾，並且會持續在全球各地做出承諾——就像我們在美國所做的，我不知道你最近是否有看到：LIFEWTR 將成為 100% 再生材質品牌、再生 PET 品牌。bubly 將不使用塑膠。我們也將在美國部分地區（主要是西岸）測試以罐裝形式推出 Aquafina。我們在歐盟也做出承諾：到 2030 年我們將達到 50% 再生材質（我想是這個時間點）。我們也在歐洲（特別是英國）以及印度，探索零食包裝袋的循環式廢棄物管理機會。因此，我們正在深入探索許多實體循環（physical circularity），並就將採用哪些包裝解決方案做出一些承諾。長期來看，顯然我們也在化學回收、新材料方面投入，並與化工產業價值鏈、回收收集產業的其他參與者建立聯盟，以及——還有一些品牌業務的合作夥伴（競爭者與非競爭者），我們希望在配方與材料解決方案、化學回收、收集系統等各方面帶來改變，盡量減少塑膠進入廢棄物流，並讓塑膠回到我們的系統中；同時讓我們能為消費者提供我認為非常可負擔且功能性很強的解決方案——但它們不會變成廢棄物，對吧？這就是原則。

Your next question comes from Kevin Grundy of Jefferies.

下一個問題來自 Jefferies 的 Kevin Grundy。

Ramon, I had a question on a couple of brands in North America Beverages. So Mountain Dew, which has clearly been an area of focus, but the brand continues to lose some share based on what we see in the syndicated data. Can you give us an update there on your strategy to stabilize the share trends? And then maybe you could just briefly touch on bubly, which has done quite well but the distribution has ramped up here and then you've spent some money behind advertising. Maybe talk about how you see the opportunity for that brand now with distribution looking rather full.

Ramon，我想問北美飲料業務中幾個品牌的問題。以 Mountain Dew 為例，這顯然一直是重點，但根據我們在綜合（syndicated）數據中看到的情況，該品牌仍在流失一些市占。你能否更新一下你們穩定市占趨勢的策略？另外也許你可以簡要談談 bubly：它表現相當不錯，但目前通路鋪貨已經加速，而且你們也投入了一些廣告費用。能否談談在通路看起來相當飽和的情況下，你如何看待這個品牌現在的機會？

Yes, thank you. You're right on the 2 diagnostics. I think we have an opportunity in Mountain Dew to recover share, and we have a huge opportunity ahead of us in bubly in creating a whole new category of beverages. So on Dew, we're -- we tried to approach -- we had to work on Pepsi, we had to work on Mountain Dew, we had to work on Gatorade. I think we're feeling good about Pepsi, we're feeling good about Gatorade. Now we're going fully into Mountain Dew investments. We have ramped up A&M, started in April, May, we're quite heavy across the summer and then in Q4. We have a lot of innovation as well that should help the core Dew consumer to have more options in what is a high-loyalty brand.

是的，謝謝。你對這兩項診斷判斷得沒錯。我認為 Mountain Dew 有機會收復市占，而 bubly 在打造一個全新的飲料品類方面，前方有非常巨大的機會。所以就 Dew 而言，我們——我們嘗試採取一種方式——我們必須先把 Pepsi 做好、把 Mountain Dew 做好、把 Gatorade 做好。我想我們對 Pepsi 感覺很好，對 Gatorade 也感覺很好。現在我們將全面加大對 Mountain Dew 的投資。我們已提高 A&M（廣告與行銷）投入，從 4 月、5 月開始，整個夏季以及第四季都會相當重。我們也有很多創新，應能幫助 Dew 的核心消費者在這個高忠誠度品牌中擁有更多選擇。

The -- we have -- next to Mountain Dew, there is the energy category, right? So we're trying to move Dew into the energy category in small steps. Kickstart was one that we did. Kickstart is -- was a great platform. It decreased a little bit. It's starting to go up again. That should solidify Mountain Dew.

另外——在 Mountain Dew 旁邊，還有能量飲料品類，對吧？所以我們正嘗試以小步快跑的方式，將 Dew 帶入能量品類。Kickstart 是我們做過的一個。Kickstart——是一個很棒的平台。它曾經下滑了一點。現在又開始回升。這應該能鞏固 Mountain Dew。

And then we just launched Mountain Dew Game Fuel to put one foot into the energy category with a differentiated position and more towards the gaming and that kind of demand opportunity. It is doing very well. We plan to continue to innovate in that segment.

此外，我們剛推出 Mountain Dew Game Fuel，讓我們以差異化定位把一隻腳踏入能量品類，並更偏向遊戲玩家以及那類需求機會。它表現非常好。我們計畫持續在該細分領域創新。

The numbers you see for Mountain Dew do not include Game Fuel, so that's -- it is part of the brand but is not in all your information systems. It doesn't show up as part of the Dew brand. But that's how we see the brand growing.

你看到的 Mountain Dew 數據不包含 Game Fuel，所以——它是品牌的一部分，但並未納入你們所有的資訊系統。它不會顯示為 Dew 品牌的一部分。但這就是我們看待品牌成長的方式。

We're investing in the core Dew consumer, very loyal, giving them their preferred product in nonsugar and sugar options, innovating in flavors in Dew and then moving Dew slowly into other spaces where we think the brand has a role to play and I think we are able to formulate products that will be very competitive in that space as well.

我們正在投資於 Dew 的核心消費者——他們非常忠誠——提供他們偏好的產品，包括無糖與含糖選項；在 Dew 的風味上持續創新，並逐步把 Dew 帶入其他我們認為品牌能發揮作用的領域；而且我認為我們也能配方出在那些領域同樣非常具競爭力的產品。

Sorry, on bubly, we're super happy, really, with this opportunity. And sparkling water is always -- it's been underdeveloped in the U.S. if you compare with some of the European markets, and we saw there was a big opportunity there. I think the R&D team did an amazing job. We have a very good product and we see that by the levels of repeat and loyalty we're creating with some of those flavors. I think the personality of the brand is fun, it's modern, it's young. So the consumers are coming back to bubly. Bubly has double velocity. I mean really, it's double velocity per point of distribution in the last 3, 4 months after the Super Bowl with this new advertising. I agree with you that there is a lot of distribution opportunities yet and it takes a while for our partners, our retailer partners, to give these brands that are growing so fast the right space in the store. Obviously, there's a lot of dialogues with our partners, retail partners, to expand bubly space. So we see this brand as a brand of the future. We're going to be innovating in this brand not only flavors but other occasions that I think we can attack. You're going to see mini cans. You're going to see larger cans. It is going to be a no-plastic brand. I think that is a very, very good positioning that we can have for this brand going forward for the modern consumer, the millennial, and the younger mother that I think is adopting this brand for her kids. So we're feeling very good about this brand. This could be one of our next $1 billion brands. That's our goal with the NAB team, and they're executing every step of the way with a lot of precision. So we're very, very happy with this new brand in our portfolio.

抱歉，談到 bubly，我們對這個機會真的非常、非常高興。而氣泡水一直——如果你拿美國和一些歐洲市場相比——在美國的開發程度一直偏低，我們看到那裡有很大的機會。我認為研發團隊做得非常出色。我們有一個非常好的產品，從某些口味所帶來的回購率與忠誠度水準就看得出來。我覺得這個品牌的個性很有趣、很現代、很年輕。所以消費者會回到 bubly。bubly 的動銷速度是雙倍。我的意思是，真的，在超級盃之後的過去 3、4 個月，搭配這波新的廣告，在每一個配銷點（distribution point）上的動銷速度是雙倍。我同意你說的，配銷端仍然有很多機會，而我們的合作夥伴——零售合作夥伴——要在店內給這些成長很快的品牌適當的陳列空間，確實需要一些時間。很明顯地，我們與合作夥伴、零售合作夥伴之間有很多對話，來擴大 bubly 的陳列空間。所以我們把這個品牌視為未來的品牌。我們會在這個品牌上持續創新，不只是口味，還包括我認為我們可以切入的其他飲用情境。你們會看到迷你罐。你們會看到更大罐。它將會是一個「無塑」品牌。我認為，對於現代消費者、千禧世代，以及我認為正在為孩子採用這個品牌的年輕媽媽而言，這會是一個非常、非常好的未來定位。所以我們對這個品牌的感覺非常好。這可能會成為我們下一個 10 億美元品牌之一。這是我們與 NAB 團隊的目標，而他們在每一步的執行都非常精準。所以我們對投資組合中的這個新品牌非常、非常滿意。

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

下一個問題來自 ISI 的 Robert Ottenstein。

Ramon, in your opening comments, you talked about evolving the culture of the company. Wondering if you could give us a little bit more granularity on what that means. Perhaps talk about what you saw on the culture as you were there and took the helm, what you liked about it, what you thought needed changing and then, more specifically, how you're implementing those changes? Have they maybe reinforced with your incentive programs?

Ramon，在你的開場評論中，你談到要推動公司文化的演進。想請問你是否能更具體一些，說明這代表什麼。也許可以談談你在到任並接掌之初所看到的文化，你喜歡哪些部分、你認為哪些需要改變，以及更具體地，你如何落實這些改變？這些是否也可能透過你的獎酬／激勵制度來強化？

Yes. Thanks. Great question. I think we're convinced that the culture will be a competitive advantage for us going forward, and that's why the whole management team is spending a lot of time in, first, defining a set of leadership behaviors that we think are core to PepsiCo, and we call this The PepsiCo Way. And now rolling out those behaviors across the company in every geography. And it's been quite exciting to go around the company and see how fast the organization is embracing these behaviors, and it makes us very optimistic about the future. The behaviors, there's a few that are critical for U.S. investors and it should impact our performance. One of them is being very consumer-centric. So we want to have an organization that creates a lot of values, a lot of value for the company and for the investors by being -- by understanding the consumer with a lot of details, making decisions around innovation, but not only innovation but the whole management of the company around the consumer. I think, long term, that's going to give us a lot of differentiation and market share.

是的。謝謝。問得很好。我想我們深信，文化在未來會成為我們的競爭優勢，因此整個管理團隊投入了大量時間，首先，去定義一套我們認為對百事公司至關重要的領導行為，我們稱之為「The PepsiCo Way（百事之道）」。接著把這些行為在各個地區、在全公司推行。走訪公司各處、看到組織如此快速地擁抱這些行為，令人相當振奮，也讓我們對未來非常樂觀。在這些行為中，有幾項對美國投資人特別關鍵，並且應該會影響我們的績效。其中之一是以消費者為中心。因此我們希望打造一個組織，透過——以非常細緻的方式理解消費者，圍繞創新做決策，但不僅是創新，而是圍繞消費者來進行整體公司管理——為公司與投資人創造大量價值。我認為，長期而言，這將帶給我們很大的差異化與市占率。

Then there's a lot of -- there's a few values around how -- about speed and ownership, which I think it's -- if you think about large companies of our scale and the competitors we have in the marketplace, we need to act with speed and we need to act as owners, right? And that's something that you can lose over time because we're -- sometimes we become more internal than we should and we become more process-driven than we should. So what we're trying to do is make sure that our -- each one of our employees feels that he is an owner of the company and that he is expected to act with empowerment and speed and simplicity. And we're trying to simplify our processes and allow people to really behave as owners in the company. Of course, integrity is core to our values. And when we operate in so many countries around the world, that has to be core to our -- the way we operate. And then there's values around raising the talent and diversity. And I would think that long term, for companies like ours, bringing in new capabilities and making sure the new generations feel very good in our company would create the environment for them to thrive is critical. So we're trying to also put talent and diversity at the center of those leadership behaviors and how we recruit the best and how we make sure that they feel that this is a place where they can make a difference and they can voice their opinions and challenge the status quo and make sure that, that is part of how we run the business, right, with diversity and making sure that everyone has a point of view and everyone has a -- feels that they have the right to have that point of view heard by everybody around the company. Of course, then we can only do a few things and we will have to make the choices and everything else, but that culture is critical. So speed and ownership, talent and diversity and opinion, consumer centricity, integrity, those are some of the values that we want to reinforce. It's not that we don't have it, but we think it's just worth reemphasizing with the final output being a great company that is focused on growth and creates value with winning in the marketplace. And, of course, we don't want to lose the purpose. I think purpose is critical in any company, in any organization, in any individual today. And especially if you talk to new generations, they feel very strong about making a difference in the planet. So we want to make sure that purpose is part of our commercial strategy, that our brands talk purpose, that our commercial teams talk about purpose and our organizations are very well rooted in every community, making a difference in how people live around us, right? So that is the -- those are the different components of the culture change that we're making. And as I said, I feel extremely excited because everybody is embracing this and, obviously, we're traveling a lot around the world, and I see how people are talking about those behaviors and that language very consistently across the company.

另外還有一些——有幾項價值觀與速度與主人翁精神（ownership）相關；我認為——如果你想想我們這種規模的大公司，以及我們在市場上的競爭對手，我們需要快速行動，也需要以主人翁的心態行動，對吧？而這是你可能會隨著時間而流失的東西，因為我們——有時候會變得比應有的更偏內部導向，也會變得比應有的更流程導向。所以我們要做的是，確保我們——每一位員工都覺得自己是公司的主人，並且被期待以授權、速度與簡化的方式行事。我們也在嘗試簡化流程，讓大家真的能以主人翁的方式在公司裡行動。當然，誠信是我們價值觀的核心。而當我們在全球這麼多國家營運時，誠信必須是我們——營運方式的核心。此外還有一些價值觀是關於培育人才與多元化。我認為長期而言，對我們這樣的公司來說，引進新的能力，並確保新世代在公司裡感覺良好、創造讓他們能夠茁壯的環境，是關鍵。因此我們也嘗試把人才與多元化放在這些領導行為的中心：我們如何招募最優秀的人才，以及如何確保他們覺得這是一個可以帶來改變的地方，他們可以表達意見、挑戰現狀，並確保這成為我們經營業務方式的一部分——也就是多元化，並確保每個人都有觀點、每個人都——覺得自己有權利讓這個觀點被公司各處的人聽見。當然，接著我們只能做少數幾件事，我們必須做出取捨，其他事情也是如此，但那種文化至關重要。所以速度與主人翁精神、人才與多元化與意見、以消費者為中心、誠信，這些是我們想要強化的一些價值觀。並不是說我們沒有這些，而是我們認為值得再次強調，最終的成果是成為一家專注於成長、並透過在市場上取勝來創造價值的卓越公司。當然，我們也不想失去使命（purpose）。我認為使命對今天的任何公司、任何組織、任何個人都很關鍵。尤其當你和新世代對話時，他們對於為地球帶來改變有非常強烈的感受。所以我們要確保使命是我們商業策略的一部分：我們的品牌傳達使命，我們的商業團隊談使命，而我們的組織也深深扎根於每個社區，在我們周遭人們的生活方式上帶來改變，對吧？所以這就是——我們正在推動的文化變革的不同組成部分。而如我所說，我感到非常興奮，因為每個人都在擁抱這些；而且很明顯地，我們在全球各地頻繁出差，我看到大家在全公司範圍內，以非常一致的方式談論這些行為與這套語言。

Your next question comes from Laurent Grandet of Guggenheim.

您的下一個問題來自 Guggenheim 的 Laurent Grandet。

Building on Lauren's question, I'd like to understand how we -- you see in international brands or platform expansion in beverages specifically. So we were surprised by the launch of the Lavazza lineup in the U.K. Is that a departure from a potential Starbucks partnership outside of the Americas or do you think both brands could potentially coexist in the future? So basically, how your coffee strategy is evolving here. And then on Gatorade, we keep talking about the U.S., but I'd like to understand your plans to make the brand more available outside of the U.S., please.

延續 Lauren 的問題，我想了解我們——您如何看待國際品牌或平台在飲料領域、尤其是在飲品方面的擴張。因此，我們對 Lavazza 產品線在英國的推出感到意外。這是否意味著在美洲以外與 Starbucks 潛在合作夥伴關係的改變，還是您認為兩個品牌未來可能共存？基本上，就是想了解您這裡的咖啡策略如何演進。另外關於 Gatorade，我們一直在談美國市場，但我想了解您讓該品牌在美國以外更容易取得的計畫，謝謝。

So 2 things. On -- obviously, Starbucks is our very strong partner for many years and we value that relationship. It's a super -- I would say we've very aligned. We're building a -- I think, a very powerful business together in the U.S. and some other parts of the world. Unfortunately, in Europe, Starbucks had a -- some previous relationships, and that's why if we wanted to compete in the coffee space, we needed to find another partner and that's Lavazza. We chose Lavazza. So there's nothing in terms of, I would say, the relationship. On the contrary, it's an extremely powerful relationship where we're creating a lot of value for both companies, just the European piece is a bit of a separate relationship because of existing contracts, et cetera.

有兩點。關於——顯然，Starbucks 多年來一直是我們非常強大的合作夥伴，我們很重視這段關係。這是一個非常——我會說我們高度一致。我們正在共同打造——我認為——在美國以及世界其他一些地區非常強大的業務。不幸的是，在歐洲，Starbucks 之前有——一些既有合作關係，因此如果我們想在咖啡領域競爭，就需要找另一個合作夥伴，那就是 Lavazza。我們選擇了 Lavazza。所以就關係而言，沒有任何——我會說——變化。相反地，這是一段極其強大的關係，我們正在為兩家公司創造大量價值；只是歐洲部分因既有合約等因素而是較為獨立的合作關係。

In terms of the Gatorade brand, this is really a global brand in terms of consumer understanding and consumer awareness. We just made some priorities in the past of Latin America, U.S. and China being the core markets where we want to build this brand. In the markets like Western Europe or Eastern Europe, we're choosing much more of an e-commerce type of way to develop the brand. So a lighter investment, if you wish. But it's a big priority for us and it's a brand that we think we have a competitive advantage in terms of the product solutions. And clearly, the brand is very well recognized and it's very well perceived by many consumers around the world because of the sport -- the assets that we have in the sports world. And, obviously, people watch TV everywhere, right? So they can see the soccer, the football, the basketball, any of our assets, and the brand continues to develop. So you should see us both working on coffee and sports around the world.

就 Gatorade 品牌而言，從消費者理解與消費者認知的角度來看，這確實是一個全球性品牌。過去我們做了一些優先順序的取捨，把拉丁美洲、美國和中國作為我們要打造這個品牌的核心市場。在西歐或東歐等市場，我們更傾向以電商的方式來發展品牌。也就是說，投資會更輕量。但這對我們是很大的優先事項，而且我們認為在產品解決方案方面，這個品牌具備競爭優勢。而且很明顯，因為我們在體育領域擁有的資產，該品牌在全球許多消費者之間具有很高的知名度且口碑良好。當然，人們到處都看電視，對吧？所以他們能看到足球、美式足球、籃球，以及我們任何一項資產，品牌也持續發展。因此，您會看到我們在全球同時推進咖啡與運動相關業務。

Your next question comes from Caroline Levy of Macquarie.

您的下一個問題來自 Macquarie 的 Caroline Levy。

Just very briefly if you could touch on what you're seeing in terms of the macros in -- you mentioned Brazil being very strong and some other countries. Is that -- is the Brazil really just a onetime comp issue? But more importantly was a more strategic question around price/mix realization because historically in the world of bottling where you own distribution, price/mix is more valuable than volume because there's less incremental cost associated with that than delivering new volume. And so I'm just wondering if, over time, that holds true, that your margins will improve as a function of price/mix improving given that you own your distribution.

如果可以的話，請您非常簡短地談談您對總體環境（宏觀）所看到的情況——您提到巴西非常強勁以及其他一些國家。那——巴西是否真的只是一次性的可比基期（comp）問題？但更重要的是一個更具策略性、關於價格/組合實現（price/mix realization）的问题：因為歷史上在裝瓶業務中，當你擁有自有配送時，價格/組合比銷量更有價值，因為相較於交付新增銷量，提升價格/組合所帶來的增量成本更低。所以我想知道，隨著時間推移，這個邏輯是否仍然成立——鑑於你們擁有自有配送，當價格/組合改善時，你們的利潤率是否會因此提升？

Got you. Yes, Caroline, it's Hugh. In general, I think that the macros down in Brazil are slowly improving. We talked about the fact that we were lapping some extraordinary things, which made for a very high growth rate in the quarter in Brazil, but I do think we see the macros there slowly improving. In addition to that, we are using the playbook that Ramon referred to in terms of building out our salty snack business and being very methodical about it. It's a business that I've been around for a long time and has gone through multiple cycles. But I really do feel that with the leadership we have both at the sector level as well as at the business unit level, we've got the right people to execute and build that business in a very solid foundational brick-by-brick way to build another good profit platform for PepsiCo.

了解。是的，Caroline，我是 Hugh。整體而言，我認為巴西的宏觀環境正在緩慢改善。我們談到過，我們正在跨越一些非常特殊的因素所形成的高基期，這使得巴西本季的成長率看起來非常高，但我確實認為那裡的宏觀環境正在逐步改善。此外，我們正在運用 Ramon 提到的作戰手冊（playbook），以非常有方法地擴展我們的鹹味零食業務。這是一個我參與很久、也經歷過多個景氣循環的業務。但我真的覺得，憑藉我們在事業部門層級以及業務單位層級的領導團隊，我們擁有正確的人才來執行，並以非常扎實、打地基、一步一腳印的方式建立這項業務，為百事公司再打造一個良好的獲利平台。

As regards the specifics of the beverage business, I think our interest with the bottler in that market are very well aligned, so we benefit both from volume and from price/mix. And I expect we'll continue to work closely with them to improve what's obviously a relatively small beverage business for us.

至於飲料業務的具體情況，我認為我們與該市場的裝瓶商之間的利益高度一致，因此我們同時受益於銷量與價格/組合。我預期我們會持續與他們密切合作，改善這個對我們而言相對較小的飲料業務。

Your next question comes from Bill Chappell of SunTrust.

您的下一個問題來自 SunTrust 的 Bill Chappell。

Just a question on the energy category. I mean I get and I think most do that you're not interested in buying some of the smaller brands that are out there. But I'm surprised that we haven't heard or seen something about a Pepsi energy drink. And I understand that Mountain Dew and you have other kind of plays in the energy market, but is there something that, on the cola flavor, you don't think that plays as well in the energy market or you don't see as much opportunity be it outside the U.S. for the Pepsi brand and other flavors for the Pepsi brand? Just trying to understand especially with what Coke have said and kind of their optimism about the Coke energy product, why we haven't seen a Pepsi energy product.

我想問一個關於能量飲料品類的問題。我的意思是，我理解——我想大多數人也理解——你們對收購市面上一些較小品牌沒有興趣。但我很意外我們一直沒有聽到或看到關於百事（Pepsi）能量飲料的消息。我理解 Mountain Dew 以及你們在能量市場還有其他布局，但是否在可樂口味方面，你們認為它在能量市場的表現不如預期，或是你們不認為百事品牌（以及百事品牌的其他口味）在美國以外有那麼多機會？我只是想了解，尤其是可口可樂所說的、以及他們對 Coke 能量產品的樂觀態度，為什麼我們還沒看到百事能量產品。

Yes. All right. Good question. The energy is clearly a growing market across the world, and we think that the consumer will continue to ask for products that give them that functionality of higher energy or boost. We're approaching this from many angles, right? From the coffee, from the sports, from obviously the energy category itself, right? So we're capturing some of those occasions already now.

是的。好。好問題。能量飲料顯然是全球成長中的市場，我們認為消費者會持續尋求能提供更高能量或提神功能的產品。我們正從多個角度切入，對吧？從咖啡、從運動飲料，當然也包括能量品類本身，對吧？所以我們現在已經在捕捉其中一些消費情境。

In the case of U.S. energy, we have a pretty good partner for many years with ROCKSTAR being our partner, and we've been playing in this segment for a few years together, and it's working also in some international markets. So we plan, obviously, to continue that relationship, innovating and see how we can accelerate our participation in that growth category.

就美國能量市場而言，我們多年來與 ROCKSTAR 有相當不錯的合作關係，ROCKSTAR 一直是我們的合作夥伴；我們也已經一起在這個細分市場耕耘了幾年，而且在一些國際市場也運作良好。因此我們顯然計畫持續這段合作關係，推動創新，並看看我們如何加速參與這個成長型品類。

With regards to Pepsi energy or Coke energy, I mean those are -- we're all trying, I think, as a strategy to make our global brands play in more spaces, right? So we're trying to do that with Lay's or we're trying to do that with Doritos or we're trying to do that with Pepsi. Pepsi, actually, if you see our growth internationally, it's a lot on flavors, Pepsi flavors, a lot on Pepsi nonsugar, zero. And obviously, Pepsi regular in multiple formats. I think we will keep expanding Pepsi into other spaces, whether it's energy or some other spaces, we'll see when we get to the market. If you look at the -- if you think about the core energy consumer, it's looking for something different than what brand Coke or brand Pepsi can offer. I'm not saying that there will not be occasions where some of those consumers will go into our brands, but I think they're looking for different propositions. And if you think about Red Bull, Monster or ROCKSTAR or some of the other brands that are capturing majority of that space, they have a very different proposition, right? So I'm not saying it's not a big business opportunity. I'm saying that it's not going to be the center of the category, I think. But more to see in the coming quarters, and, of course, we'll keep thinking about how do we make our brands, our global brands play in more spaces because that is a very high return on investment normally for us, as you can see with Gatorade Zero, with Pepsi Zero, those are -- when you put your big brands into new spaces, that is a huge, huge, huge business opportunity.

關於百事能量飲料或可口可樂能量飲料，我的意思是——我想我們大家都在嘗試，作為一項策略，讓我們的全球品牌在更多領域發揮作用，對吧？所以我們正嘗試讓樂事（Lay's）做到這點，或讓多力多滋（Doritos）做到這點，或讓百事可樂做到這點。百事可樂其實，如果你看我們在國際市場的成長，很多來自口味——百事的各種口味——也有很多來自百事無糖、零糖。當然，還有多種包裝形式的百事原味。我認為我們會持續把百事拓展到其他領域，不論是能量飲料或其他領域，等我們推向市場時再看。如果你看——如果你思考核心能量飲料消費者，他們在尋找的是可口可樂品牌或百事品牌所能提供的不同東西。我不是說不會有某些場合，這些消費者會選擇我們的品牌，但我認為他們在尋找不同的價值主張。而如果你想想紅牛、魔爪（Monster）、ROCKSTAR 或其他一些占據該領域大部分份額的品牌，它們的價值主張非常不同，對吧？所以我不是說這不是一個很大的商機。我是在說，我認為它不會成為該品類的核心。不過未來幾個季度會有更多可看之處；當然，我們也會持續思考如何讓我們的品牌、我們的全球品牌在更多領域發揮作用，因為這通常對我們而言是非常高的投資報酬率——正如你在佳得樂零糖（Gatorade Zero）、百事零糖（Pepsi Zero）所看到的那樣——當你把大型品牌帶入新領域時，那是一個非常、非常、非常巨大的商業機會。

Your next question comes from Amit Sharma of BMO Capital.

下一個問題來自 BMO Capital 的 Amit Sharma。

Ramon, a question for you. You talked about stronger growth in the convenience store channel as one of the reasons for, maybe, a little bit more price/mix that we saw, especially for the snacks business. Can you talk about that dynamic in terms of online? As you grow your online business, should that also be a price/mix positive from a relative contribution perspective and then the relative size of your businesses online at this time?

Ramon，我有個問題想請教你。你提到便利商店通路成長更強，是我們看到（也許）價格／組合略為更有利的原因之一，特別是在零食業務上。你能談談線上通路的這種動態嗎？隨著你們線上業務成長，從相對貢獻的角度來看，這是否也應該對價格／組合有正面影響？以及目前你們線上業務的相對規模是多少？

Yes, Amit. It's Hugh. Yes, what we said in the past is our online business is over $1 billion. And generally speaking, it is going to tend towards smaller packages. So it's not going to be that the multiserve -- it will tend towards multipacks and singles and things like that. So generally speaking, that is going to be a positive from a mix perspective. Obviously, we're in very early days on online, but I -- my expectation is, as that market continues to evolve, it will be both premium in all likelihood, more singles and multipacks.

是的，Amit。我是 Hugh。是的，我們過去說過，我們的線上業務已超過 10 億美元。一般來說，它會傾向於較小的包裝。所以不會是那種多人份——它會更傾向於多入組合包、單件裝之類的產品。因此一般而言，從組合的角度來看，這會是正面的。顯然，我們在線上仍處於非常早期的階段，但我——我的預期是，隨著市場持續演進，它很可能會同時呈現更高端的特性，更多單件裝與多入組合包。

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

下一個問題來自 UBS 的 Sean King。

I believe you mentioned a few specific reinvestment areas over the last couple of quarters, including small can capacity and Frito Variety Packs. Where do you stand against those specific initiatives? And are you still, I guess, capacity constrained?

我相信你在過去幾個季度提到幾個具體的再投資領域，包括小罐產能以及 Frito 綜合包（Variety Packs）。你們在這些具體措施上的進展如何？以及你們是否仍然——我想——受到產能限制？

Yes, the -- we're putting capacity against that. And I think as I mentioned before, I think this is going to be a long-term consumer trend. Consumers are looking for variety packs and consumers are looking for smaller portion packs. So we've put a lot of capacity in place. What we're seeing that the more capacity we put, we still are behind demand in some of those packs, in some of the geographies around the world. So we're going to have to keep investing in those formats. And it's a great problem to have, I would say that you have a lot of demand for your business and that you need to put capacity on what are very high-margin parts of your business. So yes, I think we're putting capacity, but we're seeing that the consumer is ready to buy more of our products in those formats. So you'll see more of that -- of those CapEx going in the future.

是的——我們正在為此配置產能。而且我想如我之前提到的，我認為這將是一個長期的消費者趨勢。消費者在尋找綜合包，消費者也在尋找較小份量的包裝。所以我們已經建置了大量產能。我們看到的是，產能增加得越多，在某些包裝形式、以及全球某些地區，我們仍然落後於需求。因此我們必須持續在這些規格上投資。我會說，這是一個很好的問題：你的業務有很強的需求，而你需要把產能投向那些毛利非常高的業務部分。所以是的，我們正在增加產能，但我們也看到消費者已準備好在這些規格上購買更多我們的產品。因此你未來會看到更多——更多這類資本支出（CapEx）。

So thank you for the time and participation in the call. It's been a very, I think, open and good dialog. To conclude, we're pleased with our results for the second quarter and for the first half of the year. We're executing well against our key priorities. We remain on track to achieve our 2019 financial goals. And we thank you for the confidence that you've placed in us with your investment. Thank you.

那麼，感謝各位撥冗並參與本次電話會議。我認為這是一場非常開放且良好的對話。總結來說，我們對第二季以及上半年業績感到滿意。我們正針對關鍵優先事項執行得很好。我們仍按計畫達成 2019 年的財務目標。也感謝各位以投資對我們所給予的信心。謝謝。

Thank you for participating in PepsiCo's Second Quarter 2019 Earnings Conference Call. You may now disconnect.

感謝您參與百事公司 2019 年第二季財報電話會議。您現在可以掛線。