百事 (PEP) 2022 Q4 法說會逐字稿

Good morning, and welcome to PepsiCo's 2022 Fourth 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 年第四季度收益問答環節。 （操作員說明）今天的通話正在錄製中，並將在 www.pepsico.com 上存檔。

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, and good morning, everyone. 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.

謝謝接線員，大家早上好。我希望今天早上每個人都有機會閱讀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 and plans and 2023 guidance. Forward-looking statements inherently involve risks and uncertainties and only reflect our view as of today, February 9, 2023, 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發表前瞻性陳述，包括我們的業務和計劃以及 2023 年的指導方針。前瞻性陳述本質上涉及風險和不確定性，僅反映我們截至 2023 年 2 月 9 日的觀點，我們沒有義務更新。

As a reminder, PepsiCo's fourth quarter 2022 includes 17 weeks of results, and our fiscal 2022 year includes 53 weeks of results. When discussing our results, we refer to non-GAAP measures, which exclude certain items from reported results. Please refer to our Q4 2022 earnings release and 2022 Form 10-K 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.

提醒一下，百事公司 2022 年第四季度包括 17 週的業績，而我們 2022 財年包括 53 週的業績。在討論我們的結果時，我們指的是非 GAAP 指標，它從報告的結果中排除了某些項目。請參閱我們的 2022 年第四季度收益發布和 pepsico.com 上提供的 2022 年 10-K 表格，了解非 GAAP 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與前瞻性結果存在重大差異的因素的討論- 看起來陳述。

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

今天加入我的是百事可樂公司的董事長兼首席執行官 Ramon Laguarta；以及百事公司的副董事長兼首席財務官休·約翰斯頓。我們要求您只回答 1 個問題。有了這個，我會把它交給接線員來回答第一個問題。

(Operator Instructions) Our first question comes from Dara Mohsenian with Morgan Stanley.

（操作員說明）我們的第一個問題來自摩根士丹利的 Dara Mohsenian。

So I just want to focus on the 2023 top line growth outlook after another very strong quarter here in Q4. Can you just give us a quick update on the business so far in 2023, given there's some concerns around macros in the consumer? Are you seeing momentum continue or any signs of incremental consumer weakness?

因此，在第四季度又一個非常強勁的季度之後，我只想關注 2023 年的收入增長前景。考慮到消費者對宏的一些擔憂，您能否快速向我們介紹一下 2023 年迄今為止的業務情況？您是否看到勢頭繼續或有任何跡象表明消費者疲軟？

And then second, how does that translate to price mix? Obviously, very strong pricing in Q4. In theory, there's need for more pricing given the continued cost pressures in '23. But as I just mentioned, there are some worries around the consumer and in theory, more retailer pushback. So just help us understand within that organic sales growth outlook, how much is price mix? Are you -- is a lot of that carryover pricing from 2022? Or are you assuming more pricing in 2023?

其次，這如何轉化為價格組合？顯然，第四季度的定價非常強勁。從理論上講，鑑於 23 世紀持續的成本壓力，需要更多的定價。但正如我剛才提到的，消費者存在一些擔憂，理論上，零售商會進行更多的抵制。因此，請幫助我們了解有機銷售增長前景中的價格組合是多少？你是 - 很多結轉定價是從 2022 年開始的嗎？還是您假設 2023 年定價更高？

This is Ramon. Listen, the way we feel about the consumer is based on employment data and wage growth around the world is positive. In our assumption for the year, we're thinking elasticities might get worse going into the second half of the year based on multiple scenarios that we have. Obviously, they are very changing. We just had some recent changes in some other -- in multiple parts of the world.

這是拉蒙。聽著，我們對消費者的看法是基於就業數據，全球工資增長是積極的。在我們對今年的假設中，我們認為根據我們擁有的多種情景，彈性可能會在今年下半年變得更糟。顯然，他們正在發生很大的變化。我們剛剛在世界多個地方的其他一些地方發生了一些最近的變化。

But we're feeling that, that might happen, that there are worse elasticities in the second half of the year, and that's why we're guiding to a 6%. We feel comfortable with the way the business is going. As you could saw from Q4, a good momentum in our brands and good share momentum in many geographies around the world.

但我們感覺，這可能會發生，下半年的彈性會更差，這就是我們將目標定為 6% 的原因。我們對業務的發展方式感到滿意。正如您從第四季度看到的那樣，我們的品牌勢頭良好，在全球許多地區的份額勢頭良好。

But the key -- the most important thing for you to think about is we're going to keep investing in the quality of our products. We're going to keep investing in the strength of our brands. We'll keep making our go-to-market systems stronger. So no matter what happens with the consumer, we're going to be, I think, preferred choice for a lot of the consumers and our customers, and that's how we are planning for next year.

但關鍵——你要考慮的最重要的事情是我們將繼續投資於我們產品的質量。我們將繼續投資於我們品牌的實力。我們將繼續加強我們的上市系統。因此，無論消費者發生什麼，我認為我們將成為許多消費者和我們客戶的首選，這就是我們明年的計劃。

Our next question comes from Lauren Lieberman with Barclays.

我們的下一個問題來自巴克萊銀行的 Lauren Lieberman。

I was curious in the release, there were a couple of mentions of 2 things. One, brand exits and portfolio management, and the other was there were a number of impairments. And I know anyone who acquired a business pre-pandemic is pretty much taking an impairment. So that's kind of due course. But I thought it might be a good opportunity to get an idea on how some of these businesses have been faring in the sense of what they've added capability or portfolio-wise, or maybe where they've fallen short. Again, notwithstanding the pandemic dynamics. And then just color on what some of those brand exits and portfolio management mentions were in reference to.

我對新聞稿很好奇，有幾次提到了兩件事。一是品牌退出和投資組合管理，二是存在一些減值。而且我知道任何在大流行前獲得業務的人都在遭受損失。所以這是理所應當的。但我認為這可能是一個很好的機會，可以了解其中一些企業在增加的能力或投資組合方面的表現如何，或者它們可能存在哪些不足。同樣，儘管大流行動態。然後只是對其中一些品牌退出和投資組合管理提到的內容進行著色。

Lauren, it's Hugh. I'll handle that one. It was really a couple of things that drove it. Number 1 is, obviously, as you mentioned, pre-pandemic interest rates were roughly low and prices were pretty high for a number of these assets. And as we've sort of moved forward, we've taken a hard look at the cash flows sort of in a post-pandemic world. Combine that with the fact that interest rates are obviously materially higher, so we're discounting those cash flows at a different rate.

勞倫，我是休。我會處理那個。確實有幾件事推動了它。顯然，正如你提到的，第一是大流行前的利率大致很低，而其中許多資產的價格都相當高。隨著我們向前邁進，我們認真審視了大流行後世界的現金流量。再加上利率明顯更高的事實，所以我們以不同的利率對這些現金流進行貼現。

The couple that I'd point to during the course of the year, Mobel in Brazil was 1 pioneer a little bit as well. And then SodaStream where -- SodaStream is more of a consumer discretionary type of purchase compared to our -- the balance of our portfolio, and as you would expect behaved more like a consumer discretionary purchase. So we took the opportunity to look at the numbers going forward on that and the investment posture we were going to have in that business. And as a result, we wrote down a piece of that business as well. So I think we put ourselves in a spot now, we're in a higher interest rate world. We're in a better position in terms of where we've marked those assets too.

我在這一年中要指出的那對夫婦，巴西的莫貝爾也有點先驅。然後是 SodaStream，與我們的投資組合餘額相比，SodaStream 更像是一種消費者可自由支配的購買類型，正如您所期望的那樣，它的行為更像是一種消費者可自由支配的購買。因此，我們藉此機會研究了未來的數字以及我們將在該業務中擁有的投資態勢。結果，我們也記下了該業務的一部分。所以我認為我們現在處於一個位置，我們處於一個更高利率的世界。我們在標記這些資產的位置方面也處於更好的位置。

Yes, Lauren, strategically, SodaStream continues to be very central to the transformation of the beverage category. We think that there is a huge opportunity to enable consumers to personalize their drinks and have a type of consumption where there's no plastics and where there's a lot of convenience for consumers at home or in offices, or even on the go.

是的，勞倫，從戰略上講，SodaStream 仍然是飲料品類轉型的核心。我們認為，這是一個巨大的機會，可以讓消費者個性化他們的飲料，並擁有一種沒有塑料的消費方式，消費者在家里或辦公室，甚至在旅途中都可以享受到很多便利。

So it continues to be very central. But as Hugh was saying, there was obviously a situation, especially in Europe with inventories and the discretionary consumption that we took this opportunity to reassess the value of the asset.

所以它仍然是非常重要的。但正如 Hugh 所說，顯然存在一種情況，尤其是在存在庫存和可自由支配消費的歐洲，我們藉此機會重新評估了資產的價值。

Our next question comes from Andrew Teixeira with JPMorgan.

我們的下一個問題來自摩根大通的 Andrew Teixeira。

If you can talk about how to think about operating leverage. You have historically been able to use about $1 billion per year in productivity to offset inflation. And now coming in to this year on top of like a very strong inflation, but also really healthy carryover from pricing. How should we be thinking in terms of like the ability to flex your P&L? Any particular you invested? I think we all appreciate that you invested a lot more in A&P, strong double-digit growth in the last quarter. How to think about A&P investments into 2023?

如果你能談談如何思考經營槓桿。從歷史上看，您每年能夠使用大約 10 億美元的生產力來抵消通貨膨脹。現在進入今年，就像非常強勁的通貨膨脹一樣，而且定價也非常健康。我們應該如何考慮靈活調整損益的能力？你有什麼特別的投資嗎？我想我們都感謝您在 A&P 上投入了更多資金，上個季度實現了兩位數的強勁增長。如何考慮 2023 年的 A&P 投資？

Yes, I'll take care of that one, Andrea. A couple of comments on that. Number 1, obviously, inflation is still out there as a factor for us, partly the fact that inflation is still high. It's not as high as it was before, but the numbers are still relatively high.

是的，我會處理好那個，安德里亞。對此有幾點評論。第一，顯然，通貨膨脹仍然是我們的一個因素，部分原因是通貨膨脹率仍然很高。它不像以前那麼高，但數字仍然相對較高。

Number 2, in terms of the way we're approaching the year, we're looking to drive a lot of productivity this year. And at the same time, we're looking to continue to put investments back into the business because we think that's what's driving the top line and consumers are clearly responding positively to it. So if you net all of that out, my expectation is that our gross and operating margins will be at least in line with where we were in 2022 and perhaps a little bit better.

第二，就我們迎接這一年的方式而言，我們希望今年能大幅提高生產力。與此同時，我們希望繼續將投資重新投入到業務中，因為我們認為這是推動收入增長的因素，而且消費者顯然對此反應積極。因此，如果你將所有這些都扣除掉，我的預期是我們的毛利率和營業利潤率至少會與 2022 年的水平持平，甚至可能會好一點。

Our next question comes from Bryan Spillane with Bank of America.

我們的下一個問題來自美國銀行的 Bryan Spillane。

Hugh, I wanted to ask you a question about cash flow and capital allocation. And I guess, in terms of cash flow, just the free cash flow this year stepped down versus last year. So if you could talk a little bit about just what's happening in cash from operations? Is it a timing thing? It looks like working capital has ticked up a bit.

休，我想問你一個關於現金流和資本配置的問題。我想，就現金流而言，今年的自由現金流與去年相比有所下降。那麼，您能否談談運營現金方面的情況？是時間問題嗎？看起來營運資金有所增加。

And then second, the dividend going up 10% this year, just what you announced today. So can you just remind us again just how you're thinking about capital allocation as part of a total shareholder return model and just how that factors into decision-making in terms of capital allocation going forward?

其次，今年的股息增加了 10%，正如您今天宣布的那樣。那麼，您能否再次提醒我們，您是如何將資本配置視為股東總回報模型的一部分的，以及這將如何影響未來資本配置的決策？

Yes, happy too, Bryan. Let me start broad and then I'll sort of narrow it in. Very broadly, the capital allocation principles we have are no different than what we've had in the past, the 4 basics of make sure we invest in the business, pay the dividend, tuck-in acquisitions and share repurchase.

是的，也很高興，布萊恩。讓我從廣義上開始，然後再縮小範圍。從廣義上講，我們的資本配置原則與過去沒有什麼不同，確保我們投資於業務的 4 個基本原則，支付股息、收購和股份回購。

If I zero it in a little bit more for the environment that we're in right now with some of the changes, I think our biggest priorities right now are going to be continuing to invest in the business and growing the dividend. And that's not -- just a today's statement, although obviously, 10% dividend growth is a pretty healthy growth in our current environment. But I think those are our bigger priorities relative to perhaps tuck-in and relative to perhaps share repurchase. The 10% dividend growth is bigger than what we've done in a number of years, and I think -- you'll see us prioritize that a bit more over time.

如果我將它歸零為我們現在所處的環境並進行一些更改，我認為我們現在最大的優先事項將是繼續投資於業務並增加股息。那不是——只是今天的聲明，儘管很明顯，10% 的股息增長在我們當前的環境下是一個相當健康的增長。但我認為，這些是我們相對於可能的回購和可能的股票回購而言更大的優先事項。 10% 的股息增長比我們多年來所做的要大，我認為——隨著時間的推移，你會看到我們更優先考慮這一點。

So I'm sorry. And then the last piece is about working capital. Yes, the -- we basically had a timing issue on that. You know we're doing some IT implementations. And in terms of the IT implementations, essentially, we paid for it about 2 weeks' worth of payables just to take some pressure off the IT systems because we had some freezes at the beginning of the year. So that's what pulled that number down. That was probably worth about $500-or-so million right at the end of the year. It's not a material change in cash flow. It's a 2-week timing issue. So I think you'll see that bounce back as we get to the end of '23.

所以我很抱歉。然後最後一塊是關於營運資金的。是的，我們基本上有一個時間問題。你知道我們正在做一些 IT 實施。在 IT 實施方面，我們基本上支付了大約 2 週的應付款項，只是為了減輕 IT 系統的壓力，因為我們在年初有一些凍結。所以這就是拉低這個數字的原因。就在今年年底，這可能價值約 500 萬美元左右。這不是現金流量的重大變化。這是一個 2 週的時間問題。所以我認為當我們到 23 年底時，你會看到反彈。

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。

So you're rolling out a new and approved Pepsi Zero Sugar. So just hoping for some more color behind this initiative? And really how incremental do you think this can be? I mean maybe you guys could give us a sense of how big your Zero platform is currently? And what percentage of your portfolio this could be in the next few years? And then finally, just maybe some insight in terms of how big of a push you plan to be making behind the rollout in terms of marketing spend, activation, et cetera? Any color on some of these initiatives would be helpful.

所以你要推出一種新的和批准的百事可樂零糖。所以只是希望這項倡議背後有更多色彩？您真的認為這可以增加多少？我的意思是，也許你們可以讓我們了解你們的零平台目前有多大？在接下來的幾年中，這可能佔您投資組合的百分比是多少？最後，也許只是一些關於您計劃在營銷支出、激活等方面推動推出的力度有多大的見解？其中一些舉措的任何顏色都會有所幫助。

Yes, Bonnie. Yes. Listen, yes, Zero is clearly a segment of the beverage category that is growing much faster than, kind of, full sugar all over the world. And Pepsi Zero has -- or Pepsi Max, as we call it in some markets, has been a very strategic product for us in Europe and in other parts of the world.

是的，邦妮。是的。聽著，是的，Zero 顯然是飲料類別的一部分，其增長速度遠快於全世界的全糖。百事可樂零 - 或者我們在某些市場稱之為百事可樂最大，對於我們在歐洲和世界其他地區來說是一種非常具有戰略意義的產品。

In the U.S., we were investing in other parts of the Pepsi brand. Now this is going to be the center of the strategy for the Pepsi brand. We think that the nonsugar segment of Colas will continue to grow very fast in this country. We're seeing consumers pivoting. I think the R&D in our company has done a great job in giving consumers zero sugar choices that are as good as full sugar choices or better from the taste point of view, and we're asking consumers zero sacrifice to pivot to zero sugar version.

在美國，我們正在投資百事可樂品牌的其他部分。現在，這將成為百事可樂品牌戰略的中心。我們認為，可樂的非糖分部在美國將繼續快速增長。我們看到消費者正在轉向。我認為我們公司的研發在為消費者提供零糖選擇方面做得很好，這些選擇與全糖選擇一樣好，或者從口味的角度來看更好，我們要求消費者零犧牲以轉向零糖版本。

So that's the principle why we think that the category will continue to pivot and why the brand will continue to invest in moving consumers into that space. How big it's going to be? I think eventually, it's going to be a large part of the brand, not only here in the U.S., but all over the world.

因此，這就是我們認為該類別將繼續發展以及該品牌將繼續投資以將消費者帶入該領域的原因。它會有多大？我認為最終，它將成為該品牌的重要組成部分，不僅在美國，而且在全世界。

We improved the formula. We moved the formula closer to the formula we have in Western Europe and some other parts of the world. It's a more refreshing formula. It's closer to our original flavor. And I think -- I mean, the initial results are very good. The consumer testing was excellent. We're going to be investing now in the Super Bowl, but we continue throughout the year. It's going to be one of the pillars of growth of our CSD business in the U.S.

我們改進了公式。我們將公式更接近西歐和世界其他一些地區的公式。這是一個更清爽的配方。更接近我們的原味。我認為 - 我的意思是，初步結果非常好。消費者測試非常好。我們現在將投資於超級碗，但我們將全年繼續。這將成為我們在美國的 CSD 業務增長的支柱之一。

And Bonnie, just to give you a data point. Pepsi Zero Sugar grew 26% volume in the fourth quarter. So that business is really growing.

邦妮，只是給你一個數據點。第四季度百事可樂零糖銷量增長 26%。因此，該業務確實在增長。

Our next question comes from Peter Grom with UBS.

我們的下一個問題來自瑞銀的 Peter Grom。

So I wanted to ask about the long-term organic revenue algorithm of 4% to 6% and recognizing that a lot of the upside the past few years have been driven by pricing, but this is now the third straight year, you're expecting to be at the high end or above the high end of the range.

所以我想問一下 4% 到 6% 的長期有機收入算法，並認識到過去幾年的很多上行空間都是由定價驅動的，但現在已經是連續第三年了，你在期待處於該範圍的高端或高於該範圍的高端。

And I guess as you take a step back and looking at your performance and thinking about the path ahead, has anything changed in how you think about that target, you mentioned increased spending is driving the top line. Do you have a higher degree of confidence that Pepsi can consistently be at the higher end of that range longer term? So just like any perspective on whether you feel differently today about the building blocks of the algorithm versus maybe 2019 would be really helpful.

我想當你退後一步，看看你的表現並思考未來的道路時，你對這個目標的看法是否發生了任何變化，你提到增加支出正在推動收入增長。您是否更有信心百事可樂能夠長期保持在該範圍的高端？因此，就像任何關於您今天對算法構建塊的看法與 2019 年是否有所不同的觀點都會非常有幫助。

Yes, of course. We feel good about the return that we're getting on our investments that we've made both in our brands. And you see our A&M has gone up significantly since '19 and the same with our CapEx, right? We've added a lot of capacity, a lot of go-to-market strength to our business. And we see the consumer reacting to that very positively.

是的當然。我們對我們在兩個品牌上所做的投資所獲得的回報感到滿意。你看到我們的 A&M 自 19 年以來顯著上升，我們的資本支出也是如此，對吧？我們已經增加了很多產能，為我們的業務增加了很多進入市場的力量。我們看到消費者對此反應非常積極。

We've also invested a lot in quality on our brands. Our products are better, are more consistent, are better tasting. So yes, from that point of view, we're happy to the -- we're winning market share in many markets around the world. So yes, we're feeling good that we can be close to the top end of the -- of our long-term growth algorithm for the continuous future.

我們還在品牌質量上投入了大量資金。我們的產品更好，更一致，味道更好。所以是的，從這個角度來看，我們很高興——我們在全球許多市場贏得了市場份額。所以是的，我們感覺很好，我們可以接近我們持續未來的長期增長算法的頂端。

Now obviously, the last 2 years, there's been a bit more pricing that would expect going forward long term. But if you think about the mix of growth between developed and developing markets, I think we have tremendous opportunities for growth in developing markets. The per capita is still very, very good. And we have good playbooks to develop those per caps in a lot of those consumer bases. And we know how to grow developed markets as well.

現在很明顯，在過去的 2 年裡，預計未來會出現更多的定價。但如果你考慮發達市場和發展中市場的混合增長，我認為我們在發展中市場有巨大的增長機會。人均還是非常非常好的。而且我們有很好的劇本來在很多這樣的消費者基礎上開發這些人均值。我們也知道如何發展發達市場。

So you will see us continuing to invest in our brands, continue to invest in our go-to-market and what drives the top line, what makes consumers stay with our brands. And we'll guide every year to the particular circumstances of volume and pricing that we see for that particular year.

所以你會看到我們繼續投資於我們的品牌，繼續投資於我們的上市以及推動收入的因素，是什麼讓消費者留在我們的品牌中。我們每年都會指導我們在特定年份看到的特定數量和定價情況。

And Peter, just as a reminder, both Ramon and I have said in the past that our goal is to be at the high end of that guidance. And also as a reminder, recall 5 years or so ago, our long-term guidance was 4% to 6%, but we were struggling to get to 4%. We were averaging somewhere in the low to mid-3s. So it's obviously a material acceleration where we've been as recently as 5 years ago.

彼得提醒一下，拉蒙和我過去都說過，我們的目標是達到該指導的高端。還要提醒一下，回想一下 5 年前左右，我們的長期指導是 4% 到 6%，但我們很難達到 4%。我們的平均水平在 3 分到 3 分之間。所以這顯然是我們最近 5 年前的物質加速。

Our next question comes from Kevin Grundy with Jefferies.

我們的下一個問題來自 Jefferies 的 Kevin Grundy。

Great. Congratulations on the strong results this year. I would like an update on PBNA, please, on 2 fronts, Mountain Dew and then segment margins more broadly. So market share, nice to Gatorade performing well, though the company's market share continues to slide here a bit in CSDs, most notably with one of your power brands in Mountain Dew. So Ramon, perhaps an update there on your investment plans behind Mountain Dew to try to turn around some of the share loss. And then just relatedly, how does the scope of your investment, not just in Dew, but broadly in PBNA, how does that impact your other key priority within that segment of restoring margins towards mid-teens?

偉大的。祝賀今年取得的優異成績。我想更新 PBNA，請在 2 個方面，Mountain Dew，然後更廣泛地細分利潤率。因此，市場份額對佳得樂的表現很好，儘管該公司的市場份額在 CSD 中繼續下滑，最顯著的是你們在 Mountain Dew 的一個強大品牌。所以 Ramon，也許是關於你在 Mountain Dew 背後的投資計劃的最新情況，以試圖扭轉部分股票損失。然後，與此相關的是，您的投資範圍，不僅是在 Dew，而且廣泛地在 PBNA 中，如何影響您在將利潤率恢復到十幾歲中期的那部分中的其他關鍵優先事項？

Thank you, Kevin. We feel good about or very good, actually, about the progress that PBNA is making in this triangle of growing the top line, improving the margins and keeping share. And that's the balance we're trying to strike every year as we go forward. Now there are things of the portfolio, we feel very good and things that we have to do work, things that we feel very good as you mentioned, all the sports nutrition category. Gatorade, obviously, but Propel and some of the other brands are doing very, very well. That's a big area of investment when you are getting the returns.

謝謝你，凱文。實際上，我們對 PBNA 在增加收入、提高利潤率和保持份額的三角關係中取得的進展感覺良好或非常好。這就是我們在前進的過程中每年都試圖達到的平衡。現在有投資組合的東西，我們感覺很好，我們必須做的事情，正如你提到的，我們感覺很好的事情，所有運動營養類別。顯然，佳得樂，但 Propel 和其他一些品牌做得非常非常好。當您獲得回報時，這是一個很大的投資領域。

We feel very good about the Pepsi brand. Pepsi brand is growing well. Now we're investing behind Zero, as we discussed. We feel good about the coffee portfolio. Finally, we've gone beyond some of the supply chain challenges, and that Starbucks range is going to be very, very good for us. Already, we saw it in Q4. It's going to continue this year.

我們對百事品牌感覺很好。百事可樂品牌發展良好。正如我們所討論的，現在我們正在投資零。我們對咖啡組合感覺良好。最後，我們已經超越了一些供應鏈挑戰，星巴克系列產品對我們來說非常非常好。我們已經在第四季度看到了它。今年還會繼續。

We feel good about energy. We feel what about energy, the steps we're making to improve ROCKSTAR, as I said, the coffee portfolio. And then the CELSIUS integration into our portfolio has gone very smoothly, and that brand has keeps gaining market share behind our improved distribution, and I think the attractiveness of the product. So that is a very strong set of growth opportunities that we're going to continue to dial up in our investments and our execution and our customer plans, which are very strong for '23.

我們對能量感覺良好。我們對能源有什麼看法，我們正在採取哪些措施來改善 ROCKSTAR，正如我所說，咖啡組合。然後 CELSIUS 融入我們的產品組合進行得非常順利，該品牌在我們改進分銷的背後不斷獲得市場份額，我認為產品的吸引力。因此，這是一組非常強大的增長機會，我們將繼續增加我們的投資、我們的執行和我們的客戶計劃，這些在 23 年非常強勁。

Now as you mentioned, an opportunity is Mountain Dew. Mountain Dew, we keep refining the positioning. We keep refining the product, and we're going to be investing. But this is just a small part of a very large portfolio, and there's a lot of positives in that portfolio. Now when you see the triangle, we're trying to improve the margins as well. As we said, we are not deviating from our long-term goal, actually, not so long-term goal to go to mid-teens with this business. You saw we're progressing in Q4. It was a good step forward, and that continues to be the plan for '23 and beyond.

正如你提到的，Mountain Dew 是一個機會。激浪，我們不斷完善定位。我們不斷改進產品，我們將進行投資。但這只是一個非常大的投資組合的一小部分，並且該投資組合中有很多積極因素。現在當你看到三角形時，我們也在努力提高利潤率。正如我們所說，我們並沒有偏離我們的長期目標，實際上，並不是將這項業務發展到十幾歲的長期目標。你看到我們在第四季度取得了進展。這是向前邁出的一大步，這將繼續成為 23 年及以後的計劃。

So we're going to dial-in up efficiency. We're going to dial-in up our investment behind the key brands. And we're improving our execution, which has been painful throughout the COVID and subsequent year, especially as labor market was very tight.

所以我們要提高效率。我們將加大對主要品牌的投資。我們正在改進我們的執行力，這在整個 COVID 和隨後的一年中一直很痛苦，尤其是在勞動力市場非常緊張的情況下。

And Kevin, just to add a few numbers to that. For the year, PBNA grew revenue of 11%, which is obviously quite strong, and operating profit grew strongly as well. As Ramon mentioned, the mid-teens margin thesis is still very much intact and the drivers are still very much intact.

凱文，只是為了增加一些數字。這一年，PBNA 的收入增長了 11%，這顯然相當強勁，營業利潤也增長強勁。正如 Ramon 提到的那樣，十幾歲中期的保證金論點仍然完好無損，驅動程序仍然完好無損。

For the year, we improved operating margins 43 basis points in the business. And in the fourth quarter, margins were up 110 basis points. So we're making good progress and good momentum on both fronts. Top line has obviously been terrific, and we're making good progress on the cost side as well, and I expect we'll continue to see improvement into '23.

今年，我們將該業務的營業利潤率提高了 43 個基點。第四季度，利潤率上升了 110 個基點。因此，我們在這兩個方面都取得了良好的進展和良好的勢頭。收入顯然非常好，我們在成本方面也取得了很好的進展，我希望我們將繼續看到 23 年的改善。

Our next question comes from Vivien Azer with Cowen.

我們的下一個問題來自 Vivien Azer 和 Cowen。

I was hoping that we could dive into the Frito-Lay margin expectations, please. Obviously, the top line has seriously benefited from very effective advertising, but we have seen a couple of years of margin compression there. So how should we think about that going forward, please?

我希望我們能深入探討 Frito-Lay 的利潤率預期。顯然，頂線已經從非常有效的廣告中受益匪淺，但我們已經看到了幾年的利潤率壓縮。那麼我們應該如何考慮未來呢？

Yes. Listen, the Frito business is the jewel of PepsiCo. And this business, we've put a lot of investments in the last couple of years and continues to respond even every year better to those investments. Investments went into quality of product, investments went into increased advertising, broader portfolio of brands that we're supporting. Investments went into go-to-market. Even some infrastructure bottlenecks that we had in our distribution systems.

是的。聽著，Frito 業務是百事可樂的明珠。而這項業務，我們在過去幾年中進行了大量投資，並且每年都在繼續更好地響應這些投資。投資於產品質量，投資於增加廣告，擴大我們支持的品牌組合。投資進入上市階段。甚至我們的分發系統中存在一些基礎設施瓶頸。

The truth is that we feel very good about this business growing very close to 18%, I think, in the -- for the full year. And the operating profit growth of Frito this year is in the double digits, which we haven't seen in -- like in the history almost. So we're feeling good about the balance of growth, top line, bottom line that we see in Frito. And as you can imagine, we will continue to invest in Frito-Lay in the coming years because that's the highest margin business in PepsiCo and the highest ROIC that we can have in our investment.

事實上，我們對這項業務增長非常接近 18% 感到非常滿意，我認為，在全年中。今年 Frito 的營業利潤增長是兩位數，這是我們從未見過的——幾乎就像歷史上一樣。因此，我們對我們在 Frito 看到的增長、頂線和底線的平衡感覺良好。正如你可以想像的那樣，我們將在未來幾年繼續投資 Frito-Lay，因為這是百事可樂利潤率最高的業務，也是我們在投資中可以獲得的最高 ROIC。

Yes. And again, just to put a few numbers to the points Ramon was making. We have a Frito business with a 27% operating margin for the full year, which is a really wonderful operating margin, obviously. And when you have a margin that high, your goal should be grow that business as fast as you possibly can. We grew at 18% in the fourth quarter and 17% for the full year. This is Frito-Lay, 17% full year revenue growth.

是的。再一次，只是為了給拉蒙提出的觀點加上一些數字。我們的 Frito 業務全年營業利潤率為 27%，這顯然是一個非常好的營業利潤率。當您的利潤率如此之高時，您的目標應該是盡可能快地發展該業務。我們在第四季度增長了 18%，全年增長了 17%。這就是 Frito-Lay，全年收入增長 17%。

So look, obviously, you can't continue to see margins go down. But at the same time, with 11% dollar operating profit growth for Frito-Lay, that's terrific operating profit growth. That's an equation we're certainly happy with for the year. We feel like Frito had just an outstanding year. We'd love to have a couple more like this one.

所以看，顯然，你不能繼續看到利潤率下降。但與此同時，Frito-Lay 的營業利潤增長了 11%，這是一個了不起的營業利潤增長。這是我們今年肯定滿意的方程式。我們覺得 Frito 剛剛度過了出色的一年。我們希望有更多這樣的一對。

What we feel very strong is about the quality of our commercial execution in a broader sense from the way we're innovating to the way our brands are coming in front of consumers, both our large brands, right, Doritos, Lay's, Ruffles, Cheetos, but also the smaller brands, small portfolio there, we're building a beautiful small brands like Smartfoods or PopCorners or Off The Eaten Path and some others that are competing that portfolio to compared to multiple occasions, different type of cohorts. And I think the team is doing a fantastic job.

從我們創新的方式到我們的品牌出現在消費者面前的方式，我們的大品牌，對吧，Doritos、Lay's、Ruffles、Cheetos，我們感到非常強烈的是我們在更廣泛意義上的商業執行質量，還有較小的品牌，那裡的產品組合較小，我們正在建立一個漂亮的小品牌，如 Smartfoods 或 PopCorners 或 Off The Eaten Path 以及其他一些與多種場合、不同類型的群體競爭該產品組合的品牌。我認為團隊做得非常出色。

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. Just wanted to kind of circle back to Dara's first question and maybe if you could give us a little bit of sense. I mean the 6% sales growth, is there -- are you contemplating any volume in that? Or is it all -- you could almost be almost a rollover pricing from '22. So just trying to get a little bit more granular on that. And then how does the -- in the U.S., how does the promotional environment look? Are you seeing any sense or any pull from retailers to do a little bit more promo?

偉大的。只是想回到 Dara 的第一個問題，也許你能給我們一點意義。我的意思是 6% 的銷售額增長，你是否考慮過其中的任何數量？還是這一切——你幾乎可以從 22 年開始採用滾動定價。所以只是想更詳細一點。那麼在美國，促銷環境如何？您是否認為零售商有任何意義或有任何吸引力來做更多的促銷活動？

Yes, Robert, it's Hugh. Let me try to take a shot at that. Look, obviously, 6% revenue growth in Consumer Products is still a very healthy growth rate, and we certainly feel good about that as the guide. Would we expect volumes to be down? Perhaps they'll be down a little bit. Let's see how the year plays out. Right now, the consumer is still quite good. But we also have to plan for multiple scenarios. And in the back half of the year, given interest rates are as high as they are, it wouldn't be shocking if there were a mild recession in the U.S. and in some of our developed markets.

是的，羅伯特，是休。讓我嘗試一下。很明顯，消費品業務 6% 的收入增長仍然是一個非常健康的增長率，作為指導，我們當然對此感到滿意。我們會期望銷量下降嗎？也許他們會低一點。讓我們看看這一年的結果如何。眼下，消費還是相當不錯的。但我們也必須為多種情況做好計劃。而在今年下半年，鑑於目前的利率如此之高，如果美國和我們的一些發達市場出現溫和衰退也不足為奇。

We've taken actions in terms of productivity to make sure in a recessionary environment, we're still well insulated to hit our numbers. But we've got to plan the business such that with interest rates as high as they are, you could certainly see some impact over time on the top line. So that's kind of the way that we're thinking about this one. And then let's see how the year plays out. If the year plays out better, then that's great. We'll invest back. And I think we'll -- everybody will be happy with that outcome.

我們在生產力方面採取了行動，以確保在經濟衰退的環境中，我們仍然能夠很好地實現目標。但我們必須規劃業務，以便在利率如此之高的情況下，隨著時間的推移，你肯定會看到對收入的一些影響。所以這就是我們考慮這個問題的方式。然後讓我們看看這一年的結果如何。如果今年表現更好，那就太好了。我們會投資回來。我認為我們會——每個人都會對這個結果感到滿意。

Yes. I think we've discussed in previous conversations. The way we do these processes, we have multiple scenarios of things that could happen actually the last few years, if we've learned something is that we should expect the unexpected. So all these scenarios, we feel good about delivering our guidance in any of those scenarios. Now the role of each one of our business unit leaders is to beat the plan. So that's how we're starting the year and how we will play the year.

是的。我想我們在之前的談話中已經討論過了。我們執行這些過程的方式，我們有過去幾年實際可能發生的事情的多種情景，如果我們學到了一些東西，那就是我們應該預料到意想不到的事情。因此，在所有這些情況下，我們很樂意在任何這些情況下提供我們的指導。現在，我們每一位業務部門負責人的職責就是完成計劃。這就是我們如何開始新的一年以及我們將如何度過這一年。

Our next question comes from Nik Modi with RBC.

我們的下一個問題來自 RBC 的 Nik Modi。

Two quick questions. First, Hugh, on China and just the reopening. Just wanted to get your thoughts on how we should be thinking about some of the implications and if it's been kind of contemplated in your guidance. I mean, obviously, oil and gas pricing could -- is the obvious. But is there anything else we should be thinking about?

兩個快速問題。首先，休，關於中國和重新開放。只是想了解您的想法，了解我們應該如何考慮其中的一些影響，以及您的指導中是否考慮到了這一點。我的意思是，很明顯，石油和天然氣定價可以——這是顯而易見的。但是還有什麼我們應該考慮的嗎？

And then Ramon, I wanted to ask kind of how perhaps PepsiCo thinks about various substrates within the Frito-Lay business. So you think about [cauliflower] rice, I mean, Frito-Lay dominates corn and potato. And just given long term, consumers seem to be kind of adopting some of these new substrates. Just wanted to understand the plans PepsiCo has in terms of capacity build? Or if you don't think these substrates are actually going to be meaningful in the future?

然後是拉蒙，我想問一下百事可樂如何看待 Frito-Lay 業務中的各種基材。所以你想想[花椰菜]大米，我的意思是，Frito-Lay 主宰玉米和土豆。從長遠來看，消費者似乎有點接受這些新基材中的一些。只是想了解百事公司在產能建設方面的計劃？或者，如果您認為這些底物在未來實際上沒有任何意義？

Yes. Let me -- you mistake that. I'll cover the China, I like China consumer business well. I think, listen, China, obviously, we're seeing the consumer kind of happy to be free kind of. And the consumer will obviously spend more. I think that's obvious. So there is an opportunity in reassessing the China demand and what it means for all the businesses in that country. So obviously, we have 2 meaningful businesses, snacks and beverages. And we'll -- I think we'll benefit from that increased demand.

是的。讓我——你誤會了。我會報導中國，我很喜歡中國消費者業務。我想，聽著，中國，很明顯，我們看到消費者很高興獲得自由。消費者顯然會花更多錢。我認為這是顯而易見的。因此，有機會重新評估中國的需求及其對該國所有企業的意義。很明顯，我們有 2 項有意義的業務，即零食和飲料。而且我們將 - 我認為我們將從需求增加中受益。

Will it change the PepsiCo growth? No, I think that it's an important market, but not to that extent. Now with regards to the Frito-Lay innovation portfolio beyond our potatoes, our corn or wheat. We have already large businesses in rice snacks, for example, you think about the Quaker snacks. We have a pretty sizable business that is in rice snacks and it's growing very fast.

它會改變百事可樂的增長嗎？不，我認為這是一個重要的市場，但還沒有到那個程度。現在關於 Frito-Lay 創新產品組合，超越我們的土豆、玉米或小麥。我們在大米零食方面已經有很大的業務，例如，您可以考慮桂格零食。我們有一個相當可觀的大米零食業務，而且增長非常快。

Within the Frito portfolio, there are also different substrates that we're playing. Off the Eaten Path is a great example. You have multigrains, then you have smaller substrates. One substrate that we like a lot is chickpea. Chickpea has a high nutritional values, and it's -- I think it's a substrate that we are starting to work on agro, and we're starting to work on different layers to create advantage in that substrate.

在 Frito 產品組合中，還有我們正在玩的不同基材。 Off the Eaten Path 就是一個很好的例子。你有雜糧，然後你有更小的基質。我們非常喜歡的一種基質是鷹嘴豆。鷹嘴豆具有很高的營養價值，我認為它是我們開始研究農業的基質，我們開始研究不同的層次以在該基質中創造優勢。

So yes, we see that strategically as an incremental opportunity to broaden our portfolio beyond the more traditional substrates where we build a lot of supply chain advantage and innovation advantage and brand advantage. But I think our brands can expand into other spaces, especially some of those smaller brands, but also we're thinking about some of our bigger brands as well.

所以是的，我們從戰略上將其視為一個增量機會，可以擴大我們的產品組合，超越更傳統的基板，我們在這些基板上建立了很多供應鏈優勢、創新優勢和品牌優勢。但我認為我們的品牌可以擴展到其他領域，尤其是一些較小的品牌，但我們也在考慮一些較大的品牌。

And Nick, just to put a finer point on Ramon's narrative around China. Well, it's strategically quite an important market for us, obviously, given the size and potential there. Currently, it's about 3% of PepsiCo's sales. So it's not going to be a major driver in the numbers for a few years.

還有尼克，只是為了更好地說明拉蒙在中國的敘述。嗯，很明顯，考慮到那裡的規模和潛力，它在戰略上對我們來說是一個非常重要的市場。目前，它約佔百事可樂銷售額的 3%。因此，它不會在幾年內成為數字的主要驅動力。

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 you elaborate a bit more perhaps on the beverage alcohol strategy. It's been a bit of time now since you first kicked it off. And maybe the big question is you talked about Frito-Lay. You have several very large, very profitable businesses. This isn't yet one of them. But how big or how far does it have to get before it can be more relevant to the overall Pepsi story?

您能否詳細說明一下飲料酒精策略。自從您第一次啟動它以來已經有一段時間了。也許最大的問題是你談到了 Frito-Lay。你有幾個非常大、非常有利可圖的企業。這還不是其中之一。但它必須達到多大或多遠才能與整個百事可樂故事更相關？

Yes. Listen, we see an opportunity in expanding our distribution capabilities to other spaces in the U.S. and maybe eventually in other parts of the world in beverages and also in snacks. So the alcohol distribution strategy that we have is one that is, I would say, [embryonnaire] in the way that both geographically and from the amount of brands that we carry in our portfolio. We are very focused in getting it right, in getting the learnings, getting the execution right, is different, right, and selling our soft drinks, our sport drinks or other brands.

是的。聽著，我們看到了將我們的分銷能力擴展到美國其他地區的機會，也許最終會擴展到世界其他地區的飲料和零食領域。因此，我們的酒類分銷策略是，我想說的是 [embryonnaire]，無論是在地理上還是在我們的產品組合中所擁有的品牌數量上。我們非常專注於正確行事，學習，正確執行，與眾不同，正確，並銷售我們的軟飲料、運動飲料或其他品牌。

There are more nuances, regulatory-wise and execution-wise. So we're in that process of learning. I think strategically, you should see this becoming an important part of our business in the U.S. But we're going to learn before we scale up.

在監管和執行方面存在更多細微差別。所以我們正處於學習的過程中。我認為從戰略上講，你應該看到這成為我們在美國業務的重要組成部分。但我們會在擴大規模之前學習。

And I wouldn't think about this as we're going to be an alcohol distributor. I think we're going to choose a few partners that will create brands with us and products, and we will be distributors of a small portfolio of high-potential brands rather than just a lot of brands in our distribution system, which will be too complex and probably little value for us.

我不會考慮這個，因為我們將成為酒類經銷商。我認為我們將選擇一些合作夥伴來與我們一起創造品牌和產品，我們將成為一小部分高潛力品牌的分銷商，而不僅僅是我們分銷系統中的許多品牌，這太複雜，對我們來說可能沒什麼價值。

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。

Hugh, I wanted to actually ask about just SG&A. Certainly, investment has been a key topic for the company as ever, but including this year and especially in Q4 with how the year ended. But I'm also looking at your filings this morning, which show that distribution costs have probably been the one line item where the SG&A increases have been most significant. Clearly, marketing is growing, but not as big of a contributor.

休，我實際上想問的只是 SG&A。當然，投資一如既往地是公司的一個關鍵話題，但包括今年，尤其是在第四季度，以及今年的結束情況。但我今天早上也在看你的文件，這表明分銷成本可能是 SG&A 增加最顯著的一個項目。顯然，市場營銷正在增長，但貢獻並不大。

And so I'm just trying to understand what's going on here specifically. Is this your being offensive with investments into your shipping and handling network? Is this natural inflation? Should this level of inflation on that line item specifically continue? Or as freight rates are starting to ease, should we start thinking about inflation here easing and perhaps you can start investing in other areas? So I'm really just trying to understand the complexion of spending here just being a little bit different than where I would have thought it'd come in. So any context would be very helpful.

所以我只是想了解這裡具體發生了什麼。這是您對運輸和處理網絡投資的冒犯嗎？這是自然通貨膨脹嗎？該行項目的這種通貨膨脹水平是否應該特別持續？或者隨著運費開始下降，我們是否應該開始考慮這裡的通貨膨脹放緩，也許你可以開始投資其他領域？所以我真的只是想了解在這裡消費的情況與我想像的有點不同。所以任何背景都會非常有幫助。

Sure. Sure, Chris. Let me just share a couple of thoughts on that. Number one, just as a reminder, distribution is obviously highly variable with the volume and with revenue as well because we paid salesman on commissions. So that's obviously going to be a factor in the numbers.

當然。當然，克里斯。讓我就此分享一些想法。第一，提醒一下，由於我們向推銷員支付佣金，因此分銷顯然隨數量和收入而變化很大。所以這顯然將成為數字的一個因素。

Number two, the costs that are embedded in there also include the cost of creating displays in the marketplace. And that's part of what we represent as investments. So whether it's coolers on the beverage side, either in convenience stores or front-end coolers and supermarkets or in mass merchants and the like, and also fountain equipment in the food service channels, where we're growing at a very healthy clip, is a part of all that as well.

第二，其中包含的成本還包括在市場上創建展示的成本。這就是我們所代表的投資的一部分。因此，無論是飲料方面的冷卻器，無論是在便利店還是前端冷卻器和超市，還是在大眾商戶等，以及食品服務渠道中的噴泉設備，我們都在以非常健康的速度增長，是這也是其中的一部分。

In addition to that, even on the food side, display racks and POS, all of those things that are really outsized contributors to growth that frankly, we've created a ton of win-win solutions with our customers on is part of what makes them continue to vote for us as the #1 supplier in Cantor. Those investments are value-producing investments for both the customers and us.

除此之外，即使在食品方面、陳列架和 POS，所有這些對增長真正做出巨大貢獻的東西坦率地說，我們已經與客戶創造了大量雙贏的解決方案，這是使他們繼續投票支持我們作為康托爾的第一供應商。這些投資對客戶和我們來說都是創造價值的投資。

So without getting into the granular details of how much exactly is in each of those buckets. I think a lot of what you're seeing is a reflection of the things that we're doing in the selling and distribution system to drive the kind of growth that we've been seeing.

因此，無需詳細了解每個桶中究竟有多少。我認為你所看到的很多東西都反映了我們在銷售和分銷系統中所做的事情，以推動我們所看到的那種增長。

Yes. And to your question on Q4, yes, we decided to invest both in consumer, as you saw from our A&M growth in the quarter, and also as Hugh was saying, in making sure our installed equipment base in the market, and this is very relevant in the U.S. But also internationally, we continue to gain space, space being a key lever of -- for categories like ours that are imposed-based categories, space and it's a critical lever of performance in the marketplace, and it is a driver of share of market. So those 2 were there. We also invested in systems and some of the capabilities, especially digitalization capabilities that we thought we had a window of investment in Q4.

是的。對於您關於第四季度的問題，是的，我們決定既投資於消費者，正如您從本季度的 A&M 增長中看到的那樣，也正如 Hugh 所說，以確保我們在市場上安裝的設備基礎，這非常在美國相關但也在國際上，我們繼續獲得空間，空間是一個關鍵槓桿——對於像我們這樣基於強加的類別的類別，空間是市場績效的關鍵槓桿，它是一個驅動因素的市場份額。所以那兩個人在那裡。我們還投資於系統和一些能力，尤其是我們認為我們在第四季度有投資窗口的數字化能力。

Our last question comes from Gerald Pascarelli with Wedbush.

我們的最後一個問題來自 Wedbush 的 Gerald Pascarelli。

Mine is actually on energy drinks. So now that the CELSIUS transition has been completed, I was just looking for some color around your market strategy for driving distribution for both ROCKSTAR and CELSIUS in tandem. Are there any specific strategies or considerations around channel mix to be mindful of, in particular given how under-penetrated the CELSIUS products are at convenience? Any color you could provide on your strategy would be helpful.

我的實際上是能量飲料。因此，既然 CELSIUS 過渡已經完成，我只是想了解一下您的市場策略，以同時推動 ROCKSTAR 和 CELSIUS 的分銷。是否有任何關於渠道組合的具體策略或註意事項需要注意，特別是考慮到 CELSIUS 產品的滲透率很低？您可以在策略中提供的任何顏色都會有所幫助。

Yes. Good question. And clearly, as we said, we have 4 pillars in the energy strategy. They all become an integrated portfolio as we execute in stores. So having this set of solutions with ROCKSTAR, CELSIUS, Mountain Dew Energy and coffee gives us the opportunity to go to our customers and strategize with them, new space opportunities that we didn't have in the past.

是的。好問題。很明顯，正如我們所說，我們的能源戰略有 4 個支柱。當我們在商店中執行時，它們都成為一個集成的組合。因此，擁有 ROCKSTAR、CELSIUS、Mountain Dew Energy 和咖啡的這套解決方案讓我們有機會去接觸我們的客戶並與他們一起制定戰略，這是我們過去沒有的新空間機會。

So I think it's very positive for CELSIUS, and we're already seeing that. If you look at the Nielsen numbers or any distribution metrics that you want to check, distribution is improving. Displays are improving. The same with ROCKSTAR. ROCKSTAR was a brand that was very Western-based and some parts of the U.S., and now we're expanding to other parts of the U.S.

所以我認為這對 CELSIUS 非常有利，我們已經看到了這一點。如果你查看 Nielsen 數字或任何你想檢查的分佈指標，分佈正在改善。顯示器正在改進。與 ROCKSTAR 相同。 ROCKSTAR 是一個非常基於西方和美國部分地區的品牌，現在我們正在擴展到美國的其他地區。

So I think there is a lot of synergies in the point-of-sale execution as we have a portfolio that is catering to different cohorts, complements each other and gives our customers the opportunity to get better return on their space. So that's the strategy is working well. Clearly, CELSIUS is gaining market share. ROCKSTAR is growing.

因此，我認為在銷售點執行方面存在很多協同效應，因為我們擁有適合不同群體的產品組合，相互補充，讓我們的客戶有機會獲得更好的空間回報。所以這個策略運作良好。顯然，CELSIUS 正在獲得市場份額。 ROCKSTAR 正在成長。

As I said earlier, the Starbucks portfolio is growing very fast now that we have better supply chain opportunities. So I think we feel good about Energy. It's a category that is growing ahead of LRB again, and we need to play strong in that segment to be -- to gain share as we -- obviously were planning to do, obviously, this year.

正如我之前所說，由於我們擁有更好的供應鏈機會，星巴克的產品組合增長非常快。所以我認為我們對能源感覺良好。這是一個再次領先於 LRB 的類別，我們需要在該領域發揮強大的作用，才能像我們一樣獲得份額，顯然，今年顯然計劃這樣做。

Great. I think this is the end of our conversation. So thank you very much for joining us in the conversation today. And especially thank you for the confidence that you've placed in PepsiCo with your investments. We wish you the best and hope you all stay safe and healthy. Thank you.

偉大的。我想我們的談話到此結束。非常感謝您今天加入我們的對話。特別感謝您對百事可樂的投資信心。我們祝您一切順利，並希望大家保持安全和健康。謝謝。

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，並度過美好的一天。