百事 (PEP) 2022 Q3 法說會逐字稿

Good morning, and welcome to PepsiCo's 2022 Third Quarter Earnings Question-and-Answer session. (Operator Instructions) Today's call is being recorded and will be archived at www.pepsico.com.

早上好，歡迎來到百事公司 2022 年第三季度收益問答環節。 （操作員說明）今天的電話正在錄音，並將存檔在 www.pepsico.com。

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

現在我很高興介紹投資者關係高級副總裁 Ravi Pamnani 先生。 Pamnani 先生，您可以開始了。

Thank you, operator. I hope everyone has had a chance this morning to review our press release and prepared remarks both of which are available on our website.

謝謝你，接線員。我希望每個人今天早上都有機會查看我們的新聞稿和準備好的評論，這兩者都可以在我們的網站上找到。

Before we begin, please take note of our cautionary statement. We may make forward-looking statements on today's call, including about our business plans and our updated 2022 guidance. Forward-looking statements inherently involve risks and uncertainties and only reflect our view as of today, October 12, 2022, and we are under no obligation to update.

在我們開始之前，請注意我們的警告聲明。我們可能會在今天的電話會議上做出前瞻性陳述，包括關於我們的業務計劃和更新的 2022 年指導。前瞻性陳述本質上涉及風險和不確定性，僅反映我們截至今天 2022 年 10 月 12 日的觀點，我們沒有義務更新。

When discussing our results, we refer to non-GAAP measures, which exclude certain items from reported results. Please refer to our third quarter 2022 earnings release and our third quarter 2022 Form 10-Q available on pepsico.com for definitions and reconciliations of non-GAAP measures and additional information regarding our results, including a discussion of factors that could cause actual results to materially differ from forward-looking statements.

在討論我們的結果時，我們指的是非 GAAP 措施，這些措施將某些項目排除在報告的結果之外。請參閱我們在 pepsico.com 上獲得的 2022 年第三季度收益發布和 2022 年第三季度表格 10-Q，了解非公認會計原則措施的定義和調節以及有關我們結果的其他信息，包括對可能導致實際結果的因素的討論與前瞻性陳述大不相同。

Joining me today are PepsiCo's Chairman and CEO, Ramon Laguarta; and PepsiCo's Vice Chairman and CFO, Hugh Johnston.

今天加入我的是百事可樂的董事長兼首席執行官 Ramon Laguarta；和百事可樂的副主席兼首席財務官休約翰斯頓。

We ask that you please limit yourself to 1 question. And with that, I will turn it over to the operator for the first question.

我們要求您將自己限制在 1 個問題上。有了這個，我將把它交給接線員來回答第一個問題。

(Operator Instructions) Our first question comes from Andrea Teixeira with JPMorgan.

（操作員說明）我們的第一個問題來自摩根大通的 Andrea Teixeira。

Congrats on the results. I was hoping to get more clarity on both the price elasticity and the reinvestments you called out. We all appreciate that you're conservative but it seems that you're embedding a 7% organic growth for the fourth quarter. And given the high single-digit pricing, are you expecting volumes to be negative in the range of 2% or 3% against the 1% negative that you got in the Q3? And then if I may, I can -- I want to ask a cash flow question.

祝賀結果。我希望能更清楚地了解價格彈性和你所說的再投資。我們都讚賞您的保守，但您似乎在第四季度實現了 7% 的有機增長。鑑於高個位數定價，您是否預計銷量會在 2% 或 3% 的範圍內出現負數，而您在第三季度獲得的負數為 1%？如果可以的話，我可以——我想問一個現金流問題。

Yes. Andrea, it's Hugh. Obviously, we've seen elasticity continue to be strong and stronger than expected through 3 quarters of the year. So in terms of the math that you've done, the math is certainly accurate. And obviously, we are carefully watching what happens with the consumer. We obviously exited the third quarter with the consumer still very healthy in terms of our particular categories. I'm not sure that's true broadly with housing and other big ticket purchases. So we'll see what elasticities look like in the fourth quarter, but I don't disagree with your math. What you said is accurate.

是的。安德里亞，是休。顯然，我們已經看到彈性在今年 3 個季度繼續保持強勁且強於預期。所以就你所做的數學而言，數學當然是準確的。顯然，我們正在仔細觀察消費者的情況。就我們的特定類別而言，我們顯然退出了第三季度，消費者仍然非常健康。我不確定這是否適用於住房和其他大宗商品的購買。所以我們會看看第四季度的彈性情況，但我不同意你的數學。你說的很準確。

If I can squeeze the -- sorry.

如果我可以擠壓 - 對不起。

Yes, this is Ramon. With regards to reinvestments, the philosophy we've been using the last few years to continue to balance the short term and long term, I think it's realizing in good performance. We continue to invest in our brands. We're investing a lot in digitalizing the company and some of the long-term sustainability bets that we're making as well. So we continue with that, and next quarter will not be different than any of the other quarters than in the year. So you should assume that we're looking at reinvesting in the next quarter and entering '23 with strength on the commercial side and on the investment side.

是的，這是拉蒙。關於再投資，我們過去幾年一直在使用的理念來繼續平衡短期和長期，我認為它正在以良好的表現實現。我們繼續投資於我們的品牌。我們在公司數字化以及我們正在進行的一些長期可持續發展方面投入了大量資金。因此，我們繼續這樣做，下一季度將與今年其他任何季度沒有什麼不同。因此，您應該假設我們正在考慮在下一季度進行再投資，並在商業方面和投資方面以實力進入 23 年。

Our next question comes from Lauren Lieberman Barclays.

我們的下一個問題來自 Lauren Lieberman Barclays。

I was just struck again by the strength in the pricing everywhere, but particularly in Europe, and how even though volumes are off, holding on really well. So just curious knowing how much of that business is skewed towards Western Europe. If you could talk a little bit about revenue management versus straight list pricing? What you can tell us just to put a little bit more context and color around how that magnitude of pricing is being realized?

我再次被各地定價的力量所震驚，尤其是在歐洲，即使銷量下降，仍然保持得很好。所以只是好奇知道該業務中有多少偏向西歐。如果你能談談收入管理與直接定價？您能告訴我們什麼，只是為如何實現定價幅度提供更多背景和色彩？

Yes. Europe, as you will say, it has been impacted more than other parts of the world on the cost. And therefore, we've had to lean into revenue management, probably stronger than other regions in the business. The team has been investing in those capabilities for some time already. And it's been a combination of mix management and pure pricing across most of the geographies, East and West.

是的。正如您將說的那樣，歐洲在成本方面受到的影響比世界其他地區更大。因此，我們不得不依靠收入管理，這可能比業務中的其他地區更強大。一段時間以來，該團隊一直在投資這些能力。它是東西方大部分地區的混合管理和純定價的結合。

We've had a good summer, which tends to drive more impulse sales and those channels have higher price per liter or price per kilo. So that is reflected in the pricing in Q3. And then also the teams have been courageous in some of the large brands and in home formats as well across what you call Western Europe.

我們度過了一個美好的夏天，這往往會推動更多的衝動銷售，並且這些渠道的每升價格或每公斤價格更高。這反映在第三季度的定價中。然後，這些團隊在一些大品牌和家庭賽制以及你們所謂的西歐地區也很勇敢。

So a combination of visual pricing and some channel management. The truth is that our brands have -- the investment we've made in the brands in the last few years are paying off in the sense that our brands are being stretched to higher price points and consumers are following us in Europe and in other parts of the world as you saw with the volume to pricing realization in the U.S. or even other emerging markets.

所以結合了視覺定價和一些渠道管理。事實是，我們的品牌 - 我們在過去幾年對品牌所做的投資正在獲得回報，因為我們的品牌正被推向更高的價格點，消費者在歐洲和其他地區追隨我們正如您在美國甚至其他新興市場的定價實現量所看到的那樣。

Our next question comes from Dara Mohsenian with Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Dara Mohsenian。

I was just hoping to get a bit of perspective on the sustainability of the organic sales growth we're seeing as you look out longer term. Obviously, the second straight year of double-digit organic sales growth, so very robust levels, but there is some COVID recovery in beverages. There's excess pricing with limited demand elasticity. So just looking for some long-term perspective on if you're incrementally positive to the mid-single-digit long-term trajectory after the last couple of years. And as you look at some of those key drivers of growth, which ones are more sustainable longer term?

我只是希望對我們看到的長期有機銷售增長的可持續性有一些看法。顯然，連續第二年兩位數的有機銷售增長，非常強勁的水平，但飲料中出現了一些 COVID 復甦。存在需求彈性有限的超額定價。因此，只需尋找一些長期觀點，看看您在過去幾年之後是否對中個位數的長期軌跡持積極態度。當您查看其中一些關鍵的增長驅動力時，哪些是更長期可持續的？

And then if I can slip the second part in, just a follow-up on Andrea's question. Have you seen anything in the business in September or October so far in Q4 that's different than generally the underlying momentum you saw in Q3, just given some worries about macros here, et cetera, and some short-term volatility?

然後，如果我可以插入第二部分，只需跟進 Andrea 的問題。到目前為止，您是否在第四季度的 9 月或 10 月看到了與您在第三季度看到的總體潛在動力不同的任何情況，只是考慮到對宏觀經濟等方面的一些擔憂，以及一些短期波動？

Yes. Dara, it's Hugh. A couple of things. Number one, you know our long-term guidance on revenue is 4% to 6%. And as Ramon and I have talked about in the past, we've always been pushing ourselves to how do we get to the upper end of the range on that on a more consistent basis. Given the combination of high pricing right now as well as relatively low elasticity, it's difficult to figure out exactly how that might project going forward. And that's sort of a long-term comment. I'm not going to get into '23 on today's call, as is our practice. We'll talk about that in February.

是的。達拉，是休。有幾件事。第一，你知道我們對收入的長期指導是 4% 到 6%。正如拉蒙和我過去所說的那樣，我們一直在推動自己如何在更一致的基礎上達到該範圍的上限。鑑於目前的高定價以及相對較低的彈性，很難準確地弄清楚這可能會如何發展。這是一種長期的評論。我不會像我們的慣例那樣在今天的電話會議上進入 23 年。我們將在二月份討論這個問題。

But our aspiration remains the same, which is we want to go and push hard on top line. We think it's great for the organization. We think it ultimately creates more value than any other strategy. But no change in terms of long-term guidance at this point. It's just been -- the times are just so interesting, it's hard to figure out what that projects forward into.

但我們的願望是一樣的，那就是我們想在頂線上努力前進。我們認為這對組織來說很棒。我們認為它最終創造了比任何其他策略更多的價值。但在這一點上，長期指導沒有變化。只是——這個時代太有趣了，很難弄清楚它的未來發展方向。

Dara, what I would say on top of what Hugh was saying is that our categories seem to be growing faster than food and food is growing faster than nonfood. I don't think that's going to change. We've seen, I think, affordable treats and small moments of pleasure continue to be a key need state, I think, in consumers today. And our categories play in that space. So that -- I think we should assume that, that will continue in spite of all the ups and downs potentially economically around the world.

達拉，除了休所說的，我還要說的是，我們的類別似乎比食品增長得更快，而食品比非食品增長得更快。我認為這不會改變。我認為，我們已經看到，負擔得起的款待和短暫的快樂仍然是當今消費者的關鍵需求狀態。我們的類別在那個領域發揮作用。所以——我認為我們應該假設，儘管全球經濟可能出現所有起伏，但這種情況將繼續下去。

The second element, I think it's fair to assume as well is that we are gaining share in many, many markets across our geographies, both in snacks and beverages. We should assume that given the investments we're making, the quality of brands and people that we have in a lot of the markets, we should assume that in the future, we will continue to gain share. At least that's our aspiration, and we try to continue to invest and get better every quarter in that respect.

第二個因素，我認為也可以公平地假設，我們正在我們地區的許多市場中獲得份額，包括零食和飲料。我們應該假設，鑑於我們正在進行的投資、我們在許多市場中擁有的品牌和人員的質量，我們應該假設在未來，我們將繼續獲得份額。至少這是我們的願望，我們努力在這方面繼續投資並在每個季度都做得更好。

So when you compare to the average of food, you should assume we'll do better and hopefully will do better than our categories. Those are the variables that we look at every month as we assess our performance. And as Hugh was saying, our long-term 4% to 6%, I think remains valid. Clearly, a 16% quarter is an outstanding quarter. With a lot of pricing we don't think that's a sustainable performance for the business. But obviously, we're aspiring to beat our long term as many quarters as possible.

因此，當您與食物的平均水平進行比較時，您應該假設我們會做得更好，並希望會比我們的類別做得更好。這些是我們每個月在評估績效時都會查看的變量。正如休所說，我認為我們長期的 4% 到 6% 仍然有效。顯然，一個 16% 的季度是一個出色的季度。由於定價很多，我們認為這對企業來說不是可持續的表現。但顯然，我們渴望在盡可能多的季度中擊敗我們的長期業績。

Our next question comes from Bonnie Herzog with Goldman Sachs.

我們的下一個問題來自高盛的 Bonnie Herzog。

Your top line growth in the quarter, as we've all been discussing, was very impressive, but it was fully driven by strong price realization. So I guess my question is on your market share. Could you give us a sense of how your share has been trending in both maybe your beverage and Frito-Lay businesses?

正如我們一直在討論的那樣，您在本季度的收入增長非常令人印象深刻，但這完全是由強勁的價格實現推動的。所以我想我的問題是關於你的市場份額。您能否告訴我們您在飲料和菲多利業務中的份額趨勢如何？

And then I know a priority of yours is to improve your op margins in PBNA, especially. So maybe give us a sense of how you're going to balance market share growth with profitability growth going forward.

然後我知道您的首要任務是提高您在 PBNA 的運營利潤率，尤其是。因此，也許讓我們了解您將如何平衡市場份額增長與未來的盈利能力增長。

Yes. Bonnie, let me start with the share and then probably Hugh will top it up with the margin philosophy on PBNA. On share, we're seeing consistent with the trends that we saw last year and earlier this year, we've seen gains in, I would say, 70%, 75% of our markets in what we call foods, convenient foods, the salty snacks. And we're seeing about 70% gains in about -- in the beverage markets internationally. So that's -- basically, we're competing well across most of our geographies, emerging markets, developing markets and developed markets across both categories.

是的。邦妮，讓我從份額開始，然後休可能會用 PBNA 的保證金理念來補充它。在份額方面，我們看到的趨勢與去年和今年早些時候看到的趨勢一致，我們已經看到了 70%、75% 的市場，我們稱之為食品、方便食品、咸點心。我們看到全球飲料市場大約增長了 70%。這就是 - 基本上，我們在我們的大部分地區、新興市場、發展中市場和發達市場的兩個類別中都在競爭。

In particular, to the U.S., as you mentioned, Frito-Lay is accelerating its share gains. Q3 was very strong. It was almost a couple of points of share gains in what we measure as savory market, both in value and also there was a share gain in volume, so both volume and value.

特別是對於美國，正如你所提到的，菲多利正在加速其份額增長。第三季度非常強勁。在我們衡量的美味市場中，無論是在價值上，還是在數量上的份額增加，所以無論是數量還是價值，這幾乎是幾個點的份額增長。

When we look at the beverage business in the U.S., we held share in total LRB in the quarter. That's a good performance with very good performance in sports. So sports has been a priority category for us. The recovery of the Gatorade brand. We have invested a lot for the last couple of years. Our innovation is working. Our brand building is working. Our commercial execution is working and we gained meaningful share in the quarter, which makes us very happy, obviously, given the efforts the team has put in that brand.

當我們查看美國的飲料業務時，我們在本季度的 LRB 總份額中佔有一席之地。這是一個很好的表現，在體育運動中表現非常好。因此，體育一直是我們的優先類別。佳得樂品牌的複蘇。在過去的幾年裡，我們投入了大量資金。我們的創新正在發揮作用。我們的品牌建設正在發揮作用。我們的商業執行正在發揮作用，我們在本季度獲得了有意義的份額，這讓我們非常高興，顯然，考慮到團隊為該品牌所做的努力。

We're gaining share in teas. We're gaining share in coffees. So multiple categories where the business is performing very well. And we are losing share in CSDs. I would say Pepsi is doing quite well, Mountain Dew is a brand that we're working on to continue to gain share. But overall, we measure our performance as total LRB and total LRB share in the quarter was flat to the category, as you saw double-digit growth, which is a pretty good performance for PBNA.

我們在茶中獲得份額。我們在咖啡中的份額正在增加。因此，業務表現非常出色的多個類別。我們正在失去在 CSD 中的份額。我想說百事可樂做得很好，Mountain Dew 是一個我們正在努力繼續獲得份額的品牌。但總體而言，我們衡量我們的表現是因為本季度總 LRB 和總 LRB 份額與該類別持平，因為您看到了兩位數的增長，這對 PBNA 來說是一個相當不錯的表現。

Right. And I'll build on that, Bonnie. One of our goals clearly is to both gain share and to grow margins. And frankly, that's something that I think we can do. I don't view it as an either/or, I view it as an and. We ought to be able to do both. Obviously, we try to price through inflation and we always set that out as a goal.

正確的。我會在此基礎上再接再厲，邦妮。我們的目標之一顯然是既獲得份額又增加利潤。坦率地說，這是我認為我們可以做的事情。我不認為它是非此即彼的，我認為它是一個和。我們應該能夠做到這兩點。顯然，我們試圖通過通貨膨脹來定價，我們總是將其作為一個目標。

We were a little bit short of that in the quarter. Gross margins were down by about 20 basis points as I'm sure you've noted. But then we also focus on the balance of the cost structure, making sure that we're as efficient as we can possibly be and try and to eliminate waste wherever we can find it. We were successful on that in the third quarter as well. So operating margins were up about 30 basis points.

我們在本季度有點少。我相信您已經註意到，毛利率下降了約 20 個基點。但隨後我們也關注成本結構的平衡，確保我們盡可能高效，並嘗試在我們能找到的任何地方消除浪費。我們在第三季度也取得了成功。因此營業利潤率上升了約 30 個基點。

So our plan is to be able to do exactly that, gain share, ideally price through inflation. If we're a little bit short of that, we're going to continue to focus on driving the balance of the cost structure so that if the revenue growth does start to soften up a little bit, we'll still be in a position to deliver superior financial results.

所以我們的計劃是能夠做到這一點，獲得份額，理想情況下是通過通貨膨脹來定價。如果我們還差一點，我們將繼續專注於推動成本結構的平衡，以便如果收入增長確實開始稍微放緩，我們仍將處於有利位置以提供卓越的財務業績。

Regarding PBNA specifically and the margin goal that we've set out there of getting to mid-teens, that is still very, very much intact. That is absolutely the plan. So that's where we stand.

特別是關於 PBNA 以及我們設定的達到 10 歲中期的利潤目標，這仍然非常非常完整。這絕對是計劃。這就是我們的立場。

Our next question comes from Kevin Grundy with Jefferies.

我們的下一個問題來自 Jefferies 的 Kevin Grundy。

Congratulations on the strong results. A question for Hugh on commodity inflation from here. And you may be a little bit constrained, I know you don't want to give forward guidance. But we're starting to see key inputs soften here, oil, resin, aluminum, among others, as you're well aware. Hoping to get your updated thoughts on your inflation outlook. Anything you'd be willing to share with respect to hedge positions, preliminary outlook looking out to next year.

祝賀你取得了不錯的成績。從這裡向休提出關於商品通脹的問題。而且您可能會受到一些限制，我知道您不想提供前瞻性指導。但我們開始看到這裡的關鍵輸入軟化，如您所知道的，油、樹脂、鋁等。希望得到您對通脹前景的最新看法。關於對沖頭寸，您願意分享的任何內容，初步展望明年。

And then your ability to continue to offset with pricing and cost and RGM tools. Is it fair to assume that kind of going forward, it will be a little bit more reliant on cost management, revenue growth management as opposed to pricing? Do you feel like you'd be maybe a little bit more constrained given the extent of the pricing that's been taken so far? So 2-part question. Any thoughts there would be helpful.

然後您有能力繼續通過定價、成本和 RGM 工具進行抵消。假設這種未來會更加依賴成本管理、收入增長管理而不是定價，這是否公平？鑑於迄今為止採取的定價範圍，您是否覺得您可能會受到更多限制？所以兩部分的問題。那裡的任何想法都會有所幫助。

Yes. Happy to try, Kevin, although I think it might have been 4 parts, not 2, but we'll go with it anyway. Anyway, a couple of things. Number one, commodity for this year, high teens is where we're going to land. That's not a change relative to what we've talked about in the past. In terms of hedge positions and forward buy, as we've discussed before, we tend to be out about 6 to 9 months, and that's consistent with past practice. That's the way we're operating the commodity cycle. That clearly puts us somewhat into next year, but not anywhere near all the way through next year.

是的。凱文，很高興嘗試，雖然我認為它可能是 4 部分，而不是 2 部分，但無論如何我們都會繼續這樣做。無論如何，有幾件事。第一，今年的商品，高青少年是我們要登陸的地方。與我們過去討論的內容相比，這並沒有改變。就對沖頭寸和遠期買入而言，正如我們之前所討論的，我們往往會退出 6 到 9 個月，這與過去的做法是一致的。這就是我們操作商品週期的方式。這顯然讓我們有點進入明年，但不會一直到明年。

As you've noted or observed, some of the commodity inputs for us, although I'll remind you, our basket is pretty dispersed. There's not a single commodity that even accounts for 10% of the basket. But you've seen some softening in commodity prices, that will play its way into our commodities going forward.

正如您已經註意到或觀察到的，我們的一些商品投入，儘管我會提醒您，我們的籃子相當分散。沒有一種商品甚至佔籃子的 10%。但是您已經看到大宗商品價格出現了一些疲軟，這將在我們的大宗商品中發揮作用。

And then regarding specific numbers for next year, I'm sure I won't surprise you by telling you, we'll talk about that in February for a couple of reasons. The biggest of which is we'll have more line of sight to be able to give you a better number and frankly, to give you something that you really can model and rely on. At this point, I think it's just a little bit too early for that. And in addition, it just takes us to a place where -- frankly, we just wind up doing a lot of partial analysis, which I don't think is productive for you or for the company.

然後關於明年的具體數字，我相信我不會因為告訴你而讓你感到驚訝，我們將在 2 月份討論這個問題，原因有幾個。其中最大的一點是我們將擁有更多的視線，以便能夠給你一個更好的數字，坦率地說，給你一些你真正可以建模和依賴的東西。在這一點上，我認為現在還為時過早。此外，它只是把我們帶到了一個地方——坦率地說，我們最終只是做了很多部分分析，我認為這對你或公司來說都沒有成效。

Regarding pricing, we increased prices at the beginning of the fourth quarter based on what we knew at that point. And going forward, with the investments that we've made in brands, I still think we're capable of taking whatever pricing we need.

關於定價，我們在第四季度初根據我們當時所知道的情況提高了價格。展望未來，憑藉我們對品牌的投資，我仍然認為我們有能力接受我們需要的任何定價。

Our next question comes from Stephen Powers with Deutsche Bank.

我們的下一個問題來自德意志銀行的 Stephen Powers。

Ramon, I wanted to ask on Gatorade and Fast Twitch. First, I'd love some -- just more detail around your expectations for that particular innovation and the role you see it playing in the Gatorade portfolio generally. But I guess more broadly, I'm wondering how you're thinking about the intersection of sports nutrition and the energy drink categories on a broad basis? How far you think Gatorade may be able to expand into what we've traditionally thought of as the energy drink end market? And where that ranks in terms of the priorities for future Gatorade investment?

Ramon，我想問一下 Gatorade 和 Fast Twitch。首先，我喜歡一些——關於你對特定創新的期望以及你看到它在佳得樂產品組合中所扮演的角色的更多細節。但我想更廣泛地說，我想知道您如何從廣義上考慮運動營養和能量飲料類別的交叉點？您認為佳得樂能在多大程度上擴展到我們傳統上認為的能量飲料終端市場？就未來佳得樂投資的優先事項而言，這在哪裡排名？

Thank you, Steve. It's a very good question and one that we're obviously spending a lot of time thinking about how far can we take at Gatorade, which is obviously a very strong franchise along with, I would say, high performance athletes but broader than that. What we're seeing is a lot of the innovation that we put under the brand in the last 1.5 years or so, 2 years is working very well, starting with Zero. Zero has been a great success for Gatorade. It's brought into the franchise a lot of lapse consumers that had left the brand because of the sugar content, especially, I would say, people that just exercise regularly but not at high performance level, that's one.

謝謝你，史蒂夫。這是一個非常好的問題，我們顯然花了很多時間思考我們在佳得樂能走多遠，這顯然是一個非常強大的特許經營權，我想說的是，高性能運動員，但范圍更廣。我們看到的是在過去 1.5 年左右的時間裡，我們在品牌下投入的很多創新，2 年運作良好，從零開始。零對佳得樂來說是一個巨大的成功。它帶來了許多因含糖量而離開品牌的失敗消費者，尤其是我想說的是，那些只是定期鍛煉但沒有達到高水平的人，就是這樣。

Then we -- the 2 recent innovations, Gatorlyte and G Fit also are working well for the brand, bringing incremental consumers or incremental occasions to the category. So we're happy with obviously core Gatorade but the 2 other -- the 3 other new innovations.

然後我們——最近的兩項創新，Gatorlyte 和 G Fit 也為品牌運作良好，為該類別帶來更多的消費者或更多的場合。因此，我們對明顯的核心佳得樂感到滿意，但還有另外 2 項——其他 3 項新創新。

With regards to Fast Switch, what we're seeing is that more and more athletes are drinking caffeine and then also hydration during the game or before the game or at the end of the game, so different parts of their exercise. So we think there is a role for Gatorade to play in that space providing some additional stimulant to the performance, but also providing the hydration in one single consumption. We've been told by the trainers and by other people that work with the athletes to go and help them.

關於 Fast Switch，我們看到越來越多的運動員在比賽期間或比賽前或比賽結束時喝咖啡因，然後補充水分，因此他們運動的不同部分。因此，我們認為佳得樂可以在該領域發揮作用，為性能提供一些額外的刺激，同時在一次消費中提供水合作用。教練員和其他與運動員一起工作的人告訴我們去幫助他們。

So this drink has been developed with the athletes, developed with the trainers with that occasion in mind, and within that Gatorade plays very well. It has a lot of, I think, credibility to play in that space of hydration and caffeine for better performance. So we're launching it, as you know, with the NFL and we'll go full blast as of early next year.

因此，這種飲料是與運動員一起開發的，與教練一起開發時考慮到了這種情況，而佳得樂在這種情況下表現得非常好。我認為，在水合作用和咖啡因的空間中發揮更好的性能，它有很多可信度。因此，如您所知，我們將與 NFL 一起推出它，我們將在明年初全面展開。

Our next question comes from Robert Ottenstein with Evercore ISI.

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

Great. First question, just a follow-up on the pricing on Frito-Lay North America. If you could kind of give us a breakout between headline pricing, product mix and channel. And then my real question is, you're introducing a lot of additional complexity into the portfolio with different flavors and package sizes. Can you just talk a little bit about how you're looking at that from a supply chain side?

偉大的。第一個問題，只是對 Frito-Lay North America 定價的跟進。如果你能給我們一個標題定價、產品組合和渠道之間的突破。然後我真正的問題是，您在具有不同口味和包裝尺寸的產品組合中引入了許多額外的複雜性。你能談談你是如何從供應鏈方面看待這個問題的嗎？

Yes, listen, as with any one of our businesses, we're looking at multiple ways to increase our revenue per kilo in this case with continuing to maintain the consumer in our brands and obviously gain share as we do that. So that's the strategy. We'll use multiple levers. So visual pricing, lower promotions, pushing for the formats where we have higher revenue per liter or per kilo, moving into channels, obviously, where we can price more because the consumer has different price expectations.

是的，聽著，就像我們的任何一項業務一樣，在這種情況下，我們正在尋找多種方法來增加每公斤的收入，同時繼續保持我們品牌的消費者，並在我們這樣做的過程中顯然獲得份額。所以這就是策略。我們將使用多個槓桿。因此，視覺定價，較低的促銷活動，推動我們每升或每公斤收入更高的格式，進入渠道，顯然，我們可以定價更高，因為消費者有不同的價格預期。

All those tools are well integrated into our full commercial program. And that's the way Frito is doing it, but the same is being done in beverages North America or any of our international markets emerging or developing or developed. So that's a consistent capability we've been investing. We're becoming much more digital, we're becoming much more insightful and precise as a company. And that applies -- linking to your second question, that applies also to our supply chain. I think we're becoming much more integrated in our forecast into -- demand forecast into supply and we're able to execute a certain level of higher complexity in our business. We're automating, we're becoming better at execution in that respect.

所有這些工具都很好地集成到我們的完整商業計劃中。這就是 Frito 的做法，但在北美飲料或我們的任何新興、發展或發展的國際市場中也是如此。所以這是我們一直在投資的一致能力。我們正變得更加數字化，作為一家公司，我們正變得更有洞察力和精確度。這適用 - 鏈接到您的第二個問題，這也適用於我們的供應鏈。我認為我們在預測中變得更加整合 - 需求預測到供應中，我們能夠在我們的業務中執行一定程度的更高複雜性。我們正在自動化，我們在這方面的執行力越來越好。

I would say we're not running a perfect company at this point, given all the challenges there is still in supply chain of ingredients and some of the transportation bottlenecks, but I would say we're able to cope with higher levels of complexity throughout the Frito-Lay, given your question, or any of the other organizations that we have around the world.

我想說的是，鑑於原料供應鏈中仍然存在所有挑戰以及一些運輸瓶頸，我想說我們目前並不是一家完美的公司，但我想說我們能夠應對自始至終的更高級別的複雜性鑑於您的問題，Frito-Lay 或我們在世界各地擁有的任何其他組織。

However, I will say that we have very strict processes of portfolio optimization that are being run quarterly in each one of our businesses. So each one of the business goes through a pretty strict process of rationalization and elimination of unnecessary complexity regularly.

但是，我要說的是，我們有非常嚴格的投資組合優化流程，每季度都會在我們的每一項業務中運行。因此，每一項業務都會定期經歷一個非常嚴格的合理化和消除不必要復雜性的過程。

So on the one side, we want to have more complexity because we know that consumers appreciate personalization and a lot of variety is a key, I think, advantage for us in our categories. But at the same time, we go through rigid processes that eliminate unnecessary complexity and keep our cost down given supply chain but in any respect, even given what it is to run a good business.

因此，一方面，我們希望有更多的複雜性，因為我們知道消費者喜歡個性化，而且我認為，多樣化是我們在我們的類別中的關鍵優勢。但與此同時，我們經歷了嚴格的流程，消除了不必要的複雜性並降低了我們的成本給定的供應鏈，但在任何方面，即使考慮到經營一家好企業的意義。

Our next question comes from Kaumil Gajrawala with Credit Suisse.

我們的下一個問題來自瑞士信貸的 Kaumil Gajrawala。

Can we talk just a bit more about cash flow. And with the year coming in better than expected, is there excess cash on the balance sheet? Or any thoughts around that?

我們能多談談現金流嗎？隨著這一年的到來好於預期，資產負債表上是否有多餘的現金？或者有什麼想法？

And then maybe in the same context, just maybe an update on what the M&A environment looks like at the moment, given we're going through kind of a difficult period. I wonder if assets are more -- perhaps more interesting than they would have been before.

然後也許在同樣的背景下，也許只是對目前併購環境的更新，因為我們正在經歷一段艱難的時期。我想知道資產是否更多——也許比以前更有趣。

Yes, I'm happy to jump in on that one, Kaumil. In terms of cash flow, you're right. We are performing well this year on cash flow and obviously, feel terrific about that. I wouldn't necessarily characterize it as excess cash. But certainly, we're coming from a relatively strong cash position.

是的，我很高興參與其中，考米爾。就現金流而言，你是對的。我們今年在現金流方面表現良好，顯然，對此感覺非常好。我不一定將其描述為多餘的現金。但可以肯定的是，我們的現金狀況相對強勁。

In addition to that, and you know our philosophy on how we manage the balance sheet well, we actually are very much fixed in terms of our debt rates, and our average maturity now, I think, is about 12 years at this point. So the refinancing elements of what we need to do are relatively small. Our towers going forward are about $2.5 billion to $3 billion a year going forward. So we've got a lot of flexibility in terms of managing rising interest rates.

除此之外，您知道我們如何管理資產負債表的理念，實際上我們的債務利率非常固定，我認為我們現在的平均到期時間約為 12 年。所以我們需要做的再融資要素比較少。未來，我們的塔樓每年將耗資約 25 億至 30 億美元。因此，我們在管理不斷上升的利率方面擁有很大的靈活性。

In terms of where that might take us in the future, again, we'll talk about that in '23. Regarding M&A, no real change in our capital allocation policies broadly. M&A has obviously played something of a role in our past. We're still largely focus on tuck-ins where, frankly, we can realize a lot of value. But beyond that, it's really difficult to speculate on what might or might not happen.

就未來可能帶我們去哪里而言，我們將在 23 年再次討論這個問題。在併購方面，我們的資本配置政策總體上沒有真正的變化。併購顯然在我們過去發揮了某種作用。我們仍然主要專注於折疊，坦率地說，我們可以實現很多價值。但除此之外，很難推測可能會發生什麼或不會發生什麼。

Certainly not setting any indications at all that we've got anything on the horizon whatsoever. But we'll always be looking at things. We don't really pass in terms of taking a look at anything. But as you know, we rarely transact. So I don't expect any change at all in that regard.

當然，根本沒有設置任何跡象表明我們已經有任何事情即將發生。但我們會一直關注事物。我們並沒有真正通過看任何東西。但如您所知，我們很少進行交易。所以我不期望在這方面有任何改變。

Our next question comes from Chris Carey with Wells Fargo.

我們的下一個問題來自富國銀行的 Chris Carey。

Can you just comment on the stickiness of pricing across CPG? There's been a growing debate about whether some of these price increases would need to be dealt back with either list price reversal of accelerated promotion. I suppose the logic goes that it's such in a typical commodity environment, it makes the environment change every day typically.

你能評論一下整個 CPG 定價的粘性嗎？關於這些價格上漲中的一些是否需要通過加速促銷的標價逆轉來應對的爭論越來越多。我想邏輯是，在典型的商品環境中，它通常會使環境每天都在變化。

The other way is during a recession or perhaps demand slows that price rollbacks are not entirely out of the question, even if they're not historically a consistent practice. What are your thoughts on how the business might confront pricing versus promotion, especially in an environment of commodity deflation, especially if demand starts to slow?

另一種方式是在經濟衰退或需求放緩期間，價格回落並非完全不可能，即使它們在歷史上並不是一貫的做法。您對企業如何面對定價與促銷有何看法，尤其是在商品通貨緊縮的環境中，尤其是在需求開始放緩的情況下？

Yes, listen, I think this is a difficult question to answer at this point. The environment clearly is still very inflationary with a lot of supply chain challenges across the industry and everybody trying to have responsible behaviors to maximize the value of its brands. So our philosophy is the same. We continue to invest in advertising and marketing, make sure that we have very strong innovation, very strong commercial plans. That's where we put the focus of our organization. We're trying to be growth drivers to our customers.

是的，聽著，我認為這是一個很難回答的問題。環境顯然仍然非常通貨膨脹，整個行業都面臨著許多供應鏈挑戰，每個人都試圖採取負責任的行為來最大化其品牌價值。所以我們的理念是一樣的。我們繼續投資於廣告和營銷，確保我們有非常強大的創新，非常強大的商業計劃。這就是我們組織的重點所在。我們正在努力成為客戶的增長動力。

I mean if you look at the majority of our conversation with our customers, center around growth and how do we develop our categories, continue to bring consumers into the category, continue to bring new occasions into the category, and that's the role I think we play to our customers and to the -- how we create value for the company long term.

我的意思是，如果您查看我們與客戶的大部分對話，圍繞增長以及我們如何開發我們的類別，繼續將消費者帶入該類別，繼續為該類別帶來新的場合，我認為這就是我們的角色發揮我們的客戶和我們如何為公司長期創造價值的作用。

So we'll continue with that focus, trying to create brands that can stand for higher value to consumers and consumers are willing to pay more for our brands. We'll continue with that philosophy. And we'll see where the cost environment goes in the coming years. Obviously, we're -- if anything, that these last 2 years have taught us is that we really want to become more agile and more nimble and more flexible, and that's what we're doing across the company.

因此，我們將繼續關注這一重點，努力打造能夠為消費者帶來更高價值的品牌，並且消費者願意為我們的品牌支付更多費用。我們將繼續這一理念。我們將看到未來幾年成本環境的走向。很明顯，我們——如果有的話，過去 2 年教會我們的是，我們真的想要變得更敏捷、更敏捷、更靈活，這就是我們在整個公司正在做的事情。

Our last question comes from Peter Grom with UBS.

我們的最後一個問題來自瑞銀的 Peter Grom。

I hope you're doing well. So I wanted to ask about the CELSIUS distribution agreement. Maybe just to start, why was the structure of this partnership the right one for PepsiCo? And then I guess maybe any initial views on kind of how the transition to your distribution network is going? And maybe just last, if I can squeeze it in here. Just bigger picture, I guess, like what have you learned from either your own brands, what happened with Bang, that really gives you greater confidence in the success of this partnership looking ahead?

我希望你一切都好。所以我想問一下 CELSIUS 分銷協議。也許只是開始，為什麼這種夥伴關係的結構適合百事可樂？然後我想可能對向您的分銷網絡過渡的方式有任何初步看法？如果我能把它擠在這裡，也許只是最後一次。我想，只是更大的圖景，比如你從自己的品牌中學到了什麼，Bang 發生了什麼，這真的讓你對未來這種合作夥伴關係的成功更有信心嗎？

Sure. Happy to talk about that, Peter. First, the transition is going very well. We're, at this point, over 80% integrated CELSIUS into the PepsiCo system, and we think it's off to a terrific start, and I think you'd probably hear the same thing from the folks down at CELSIUS. We're excited about the business. We think it got a nicely differentiated proposition, and we're proud and happy to have it on our trucks and think it's going to be a great business for us.

當然。很高興談論這個，彼得。首先，轉型進展順利。在這一點上，我們將超過 80% 的 CELSIUS 集成到 PepsiCo 系統中，我們認為這是一個了不起的開端，我想你可能會從 CELSIUS 的人們那裡聽到同樣的話。我們對這項業務感到興奮。我們認為它有一個很好的差異化主張，我們為將它安裝在我們的卡車上感到自豪和高興，並認為這對我們來說將是一項偉大的業務。

In terms of the structure, frankly, we looked at it and said, look, we'd like to do a distribution agreement, but we knew we were going to create some additional value for the company and we felt like we should participate in that value. And we set up a structure that enabled us to do that. It doesn't take us any further than what you see right now, and it puts us in a position where it's a preferred. So we'll either get paid based on the preferred or down the road at the relatively small position we have could convert at some point. So we felt like it was a good value-creating structure for PepsiCo. I wouldn't read anything more into it than that.

在結構方面，坦率地說，我們看著它說，看，我們想做一個分銷協議，但我們知道我們將為公司創造一些額外的價值，我們覺得我們應該參與其中價值。我們建立了一個結構，使我們能夠做到這一點。它不會比您現在看到的更進一步，它使我們處於首選的位置。因此，我們要么根據首選獲得報酬，要么在我們可以在某個時候轉換的相對較小的位置獲得報酬。所以我們覺得這對百事可樂來說是一個很好的創造價值的結構。我不會讀到比這更多的東西。

And then more broadly, on the energy portfolio, our approach has been one of having a portfolio of brands. We like that approach because we think as the energy category starts to segment into different types of consumers and different types of need states, having a portfolio approach will ultimately position us best to take advantage of that.

然後更廣泛地說，在能源組合上，我們的方法是擁有一個品牌組合。我們喜歡這種方法，因為我們認為隨著能源類別開始細分為不同類型的消費者和不同類型的需求狀態，採用組合方法最終將使我們能夠最好地利用這一點。

Obviously, we're in a building position here, whether it's ROCKSTAR or Mountain Dew Energy or what we're doing with CELSIUS, or for that matter, even the Starbucks Coffee Energy business. But we now think we have 3 or 4 different ways to compete to capture that consumer's business. So we like where we sit in that regard.

顯然，無論是 ROCKSTAR、Mountain Dew Energy 還是我們正在與 CELSIUS 合作的項目，或者就此而言，甚至是星巴克咖啡能源業務，我們都處於建設地位。但我們現在認為我們有 3 或 4 種不同的方式來競爭以獲取該消費者的業務。所以我們喜歡我們在這方面所處的位置。

Yes. I would -- Peter, I would endorse what Hugh was saying. I think from the portfolio point of view, CELSIUS probably brings -- it's a better complement to the rest of brands or vectors of growth that we had in this category earlier. We feel good. I think it appeals to consumers that are different than what ROCKSTAR would appeal to or what some of the Starbucks or obviously, some of the Gatorade consumers would appeal to.

是的。我會-- 彼得，我會贊同休所說的話。我認為從產品組合的角度來看，CELSIUS 可能會帶來 - 它是對我們之前在該類別中擁有的其他品牌或增長載體的更好補充。我們感覺很好。我認為它所吸引的消費者不同於 ROCKSTAR 所吸引的消費者，或者某些星巴克或顯然，一些 Gatorade 消費者所吸引的消費者。

So I think we're in a better place to play in the broader category to continue to bring consumers to our franchise. And as Hugh said, the partnership is strong. We've learned also on the -- how to build stronger and more statistically aligned partnerships. And hopefully, this one, I'm sure it is going to be a much more durable and much more value creating for both companies. So it's still too early, obviously. We only started October 1, and it's 80% of the territories, but early signs are very positive, and the alignment and the commercial collaboration between the 2 companies is very strong.

因此，我認為我們在更廣泛的類別中處於更好的位置，可以繼續將消費者帶入我們的特許經營權。正如休所說，這種夥伴關係很牢固。我們還了解瞭如何建立更強大、更符合統計數據的伙伴關係。希望這一次，我相信它將為兩家公司帶來更持久和更多的價值創造。所以現在顯然還為時過早。我們從 10 月 1 日才開始，佔了 80% 的地區，但早期跡象非常積極，兩家公司之間的一致性和商業合作非常強。

Okay. So I think the Q&A is over. So I'd like to thank everyone for joining us today and for, obviously, the confidence that you've placed in us with your investments. We hope that you guys all stay safe and healthy. Thank you very much.

好的。所以我認為問答結束了。因此，我要感謝大家今天加入我們，顯然，感謝您對我們的投資對我們的信任。我們希望你們都保持安全和健康。非常感謝。

Ladies and gentlemen, this does conclude today's presentation. You may now disconnect, and have a wonderful day.

女士們，先生們，今天的演講到此結束。您現在可以斷開連接，度過美好的一天。