百事 (PEP) 2023 Q1 法說會逐字稿

Good morning, and welcome to PepsiCo's 2023 First 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 2023 年第一季度收益問答環節。 （操作員說明）。今天的電話會議正在錄音中，並將存檔在 www.pepsico.com 上。

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，運營商。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 plans and updated 2023 guidance. Forward-looking statements inherently involve risks and uncertainties and only reflect our view as of today, April 25, 2023, 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.

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，包括我們的業務計劃和更新的 2023 年指南。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 4 月 25 日的觀點，我們沒有義務更新。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。

Please refer to our first quarter 2023 earnings release and 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.

請參閱我們的 2023 年第一季度收益發布和 pepsico.com 上提供的 10-Q 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預期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 one 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。我們要求您只回答一個問題。

And with that, I will turn it over to the operator for the first question.

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 very impressive price mix result in the quarter at 16%. Can you just give us an update on the competitive environment you're seeing in your key business segments and geographies, both in terms of just price increases but also promotion and if that's picking back up to more normalized levels? And if that favorable environment is continuing. And just as you look going forward, obviously, very strong levels of pricing, how do you think about the [moderation] of that back to more normalized levels going forward the next few quarters and the ability of volume to recover as that pricing dissipates on a year-over-year basis?

如此令人印象深刻的價格組合導致本季度達到 16%。您能否向我們介紹一下您在關鍵業務部門和地區看到的競爭環境的最新情況，無論是價格上漲還是促銷，以及是否回升到更正常的水平？如果這種有利的環境繼續下去。就像你展望未來一樣，很明顯，非常強勁的定價水平，你如何看待未來幾個季度[緩和]回到更正常的水平以及隨著定價消散而數量恢復的能力同比增長？

Yes. Thank you, Dara. Let me cover that and then Hugh can add some comments. We're seeing a competitive environment. We're all trying to protect the health of the categories and then make sure that our brands are participating in those categories in a competitive way. We are investing in our innovation, investing in our brands, investing obviously in value in different ways, pricing, sizing in mostly.

是的。謝謝你，達拉。讓我介紹一下，然後 Hugh 可以添加一些評論。我們看到了一個競爭激烈的環境。我們都在努力保護類別的健康，然後確保我們的品牌以競爭的方式參與這些類別。我們正在投資於我們的創新，投資於我們的品牌，顯然以不同的方式投資於價值，主要是定價和規模。

So we're seeing a good positive competitive environment in the U.S., in Europe, and also in our developing markets consistently across the world. When it comes to pricing, as we said earlier in February, we have mostly taken the pricing already this year that we needed to cover for our cost increases. And that is where we stand at this point. We're seeing a deceleration of inflation, not a reduction of cost, but a deceleration of inflation.

因此，我們在美國、歐洲以及我們在世界各地的發展中市場都看到了良好的積極競爭環境。在定價方面，正如我們在 2 月初所說的那樣，我們今年大部分時間已經採用了我們需要彌補成本增加的定價。這就是我們目前的立場。我們看到通貨膨脹減速，不是成本降低，而是通貨膨脹減速。

And we think that with the pricing that we've taken already most of our business around the world, that should be sufficient. Obviously, there are some markets, highly inflationary markets around the world where we might have to take additional pricing. If you think about Argentina, Turkey, Egypt though those kind of markets where the currencies are suffering, but the majority of our pricing is already done.

而且我們認為，根據我們已經在全球範圍內開展的大部分業務的定價，這應該足夠了。顯然，世界上有一些市場，高度通脹的市場，我們可能不得不採取額外的定價。如果你想想阿根廷、土耳其、埃及，雖然這些市場的貨幣正在遭受損失，但我們的大部分定價已經完成。

Yes. And the only thing I'd add to that, Dara, as a reminder, you know we tend to buy commodities 9 to 12 months out. So to the degree that the rate of inflation decreases, and it will be a decrease in the rate of inflation, not deflation, by any stretch of imagination that's going to happen very slowly over the course of '23. I think that's more of a '24 thing to the degree it happens even then.

是的。我唯一要補充的是，達拉，作為提醒，你知道我們傾向於購買 9 到 12 個月後的商品。因此，就通貨膨脹率下降的程度而言，根據任何想像，這將是通貨膨脹率的下降，而不是通貨緊縮，這將在 23 世紀的過程中非常緩慢地發生。我認為這更像是 24 世紀發生的事情。

Our next question comes from Andrea Teixeira with JPMorgan.

我們的下一個問題來自摩根大通的 Andrea Teixeira。

I wanted to go back to a little bit of what you spoke in the prepared remarks that you were -- and you also on an earlier interview Hugh that you gave, that you're not seeing the fact that inflation is still high throughout the 6 to 9 months that you're seeing here. And it doesn't look like you're seeing the need for promotional environment, but more in the context of what has happened in LatAm, I think it's the only region that you haven't seen a reacceleration and every other region, you've seen an acceleration.

我想回顧一下你在準備好的發言中所說的話——你也在早些時候接受休的採訪時說，你沒有看到整個 6 年通脹率仍然很高的事實到你在這裡看到的 9 個月。看起來你並沒有看到對促銷環境的需求，但更多的是在拉美髮生的事情的背景下，我認為這是唯一一個你沒有看到重新加速的地區，而其他所有地區，你'我們看到了加速。

And I'm seeing -- I'm talking -- I'm asking this question more of the point of strength rather than a point of weakness. Of course, it's really hard not to like the numbers here. Just thinking of how to think of the volume decline you saw in snacks and to think about how to parse it out or it's more about the comparison getting tougher?

我看到——我在說——我問這個問題更多的是關於優勢點而不是弱點。當然，真的很難不喜歡這裡的數字。只是想想如何看待你在零食中看到的銷量下降，並考慮如何解析它，或者更多的是比較變得更難？

Yes, Andrea. A couple of things. Just for clarity, in terms of the snack food or the community food volume, Pioneer was a big driver of that. There are challenges with the power grid down in South Africa. And obviously, Pioneer makes a lot of heavy products. Ex-Pioneer Snacks volume was basically flat for the quarter and beverages obviously was up a small amount for the quarter.

是的，安德里亞。幾件事。為清楚起見，就休閒食品或社區食品量而言，先鋒是其中的重要推動者。南非的電網面臨著挑戰。很明顯，先鋒製造了很多重型產品。本季度 Ex-Pioneer Snacks 銷量基本持平，而飲料銷量明顯小幅增長。

In terms more broadly of sort of the rate of growth of all of the businesses. From a revenue standpoint, I think generally speaking, you see the consumer continuing to buy our products. Elasticities are still holding up quite well across most of the globe. And then despite the fact that we're taking pricing driven by the inflation that we're facing into.

從更廣泛的意義上說，所有業務的增長率。從收入的角度來看，我認為一般來說，你會看到消費者繼續購買我們的產品。在全球大部分地區，彈性仍然保持良好。然後儘管事實上我們正在接受我們所面臨的通貨膨脹驅動的定價。

In terms of operating performance, I think what you're seeing more than anything is a reflection of the productivity initiatives that we've put into place, whether they be automation in the supply chain or digitalization across the company, we're leveraging global business services. So when we talk about sort of an acceleration in the operating income performance, I think it's a consumer that's responding to the brand advertising we're doing. And in addition to that, the productivity that we're driving.

就運營績效而言，我認為你看到的最重要的是我們已經實施的生產力舉措的反映，無論是供應鏈中的自動化還是整個公司的數字化，我們都在利用全球商業服務。因此，當我們談論營業收入表現的某種加速時，我認為是消費者對我們正在做的品牌廣告做出了回應。除此之外，我們正在推動的生產力。

Our next question comes from Kevin Grundy with Jefferies.

我們的下一個問題來自 Jefferies 的 Kevin Grundy。

Great. Just picking up on some of your prior commentary there. And just the decision to raise the EPS guidance at this juncture of the year, which I think is noteworthy because the company's delivery against guidance has historically been quite good, as you're well aware, but historically, the tax has been to maintain it and then as the year moves on to edge it higher.

偉大的。只是了解你之前的一些評論。就在今年這個時候提高 EPS 指導的決定，我認為這是值得注意的，因為正如你所知道的那樣，公司根據指導的交付歷來相當好，但從歷史上看，稅收一直是為了維持它然後隨著時間的推移，它會走高。

So I -- just some context here. Was it that the first quarter was that good relative to your expectations, just came in that much better? Because it's noteworthy within the context of all the prognostication around potential recession and market volatility for the raise at this juncture of the year, so maybe just some historical context around it and relative to the first quarter results, I think, would be helpful.

所以我 - 這裡只是一些背景。是不是第一季度相對於您的預期那麼好，只是好得多？因為在今年這個時候圍繞潛在衰退和市場波動的所有預測的背景下，這是值得注意的，所以我認為，也許只是一些圍繞它的歷史背景以及相對於第一季度結果的幫助。

Yes, Kevin. I think you're right. Your assessment is right. We're seeing both better elasticities than some of the worst-case scenarios we were planning for. And also, we're seeing the teams delivering better productivity. So we're seeing the -- in general, the flow of materials, the availability of labor, transportation, all those elements that were making us a suboptimal company if you just to call it somehow in terms of operating metrics, that's getting better, which is giving us the opportunity to improve some of the metrics in our operations faster than what we thought.

是的，凱文。我想你是正確的。你的評價是對的。與我們計劃的一些最壞情況相比，我們看到了更好的彈性。而且，我們看到團隊提供了更高的生產力。所以我們看到 - 總的來說，材料的流動，勞動力的可用性，運輸，所有這些使我們成為次優公司的因素，如果你只是在運營指標方面以某種方式稱呼它，那就越來越好，這讓我們有機會比我們想像的更快地改進我們運營中的一些指標。

So it's both an improvement in productivity on the cost side and better elasticity. I think the commercial programs were strong. You saw that we've increased A&M again in the first quarter. And I think the commercial plan, the innovation plans are very strong. So we feel comfortable that even -- and we always play out a lot of scenarios before we give a -- give you guys a guidance. We feel comfortable that even at this early point in the year, we can raise our top line and bottom line estimates.

因此，這既是成本方面生產力的提高，也是更好的彈性。我認為商業程序很強大。你看到我們在第一季度再次增加了 A&M。而且我認為商業計劃，創新計劃非常強大。所以我們感到很自在，甚至 - 我們總是在給出一個 - 給你們一個指導之前玩很多場景。我們感到欣慰的是，即使在今年年初，我們也可以提高我們的收入和利潤估計。

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。

I had a question on organic revenue growth at PBNA. Your price mix in the quarter was incredibly impressive, but your volumes were down slightly again. So could you touch on where you're primarily (technical difficulty) pressure. And then maybe what you're seeing from the consumer. Also, it seems that incremental pricing may be a bit harder to come by and promotional levels may need to increase in beverages this year. So could you touch on that as well as maybe your key initiatives to stabilize or turn your volume trends around that PBNA -- is your Pepsi rebranding or the new logo and visual identity for the brand, one of those key initiatives, for instance?

我對 PBNA 的有機收入增長有疑問。你們在本季度的價格組合令人印象深刻，但你們的銷量再次略有下降。那麼你能否談談你主要（技術難度）壓力在哪裡？然後也許你從消費者那裡看到了什麼。此外，似乎增量定價可能更難實現，今年飲料的促銷水平可能需要提高。那麼，您能否談談這一點，以及您圍繞 PBNA 穩定或扭轉銷量趨勢的關鍵舉措——例如，您的百事可樂品牌重塑或品牌的新徽標和視覺識別是這些關鍵舉措之一嗎？

Thank you, Bonnie. We don't see -- actually, we see the momentum in the beverage category, very strong in terms of demand. We're seeing away from home, very strong. We're seeing the convenience channel, very strong, and we're seeing most of the in-home channels also quite strong. So we don't feel that there is a competitive environment that is getting worse in beverages. There's some one-off in the first quarter because we're -- as you know, we're moving Gatorade from a warehouse system to a DSD system and in that transition, there is some inventory reduction overall in the system that is impacting Q1.

謝謝你，邦妮。我們沒有看到——實際上，我們看到了飲料類別的勢頭，在需求方面非常強勁。我們正在遠離家鄉，非常強大。我們看到便利渠道非常強大，而且我們看到大多數家庭渠道也非常強大。所以我們不覺得飲料的競爭環境越來越差。第一季度出現了一些一次性情況，因為我們——如您所知，我們正在將佳得樂從倉庫系統轉移到 DSD 系統，在這種轉變中，系統整體庫存有所減少，這影響了第一季度.

But we don't think that the competitive environment in beverages in the U.S. is getting worse and that we need to do anything special. We have a very strong commercial program, both innovation, brands, commercial execution and customer programs. So that will be the way we're planning to continue to compete vigorously in the market.

但我們不認為美國飲料行業的競爭環境正在惡化，我們需要做任何特別的事情。我們有一個非常強大的商業計劃，包括創新、品牌、商業執行和客戶計劃。因此，這將是我們計劃繼續在市場上積極競爭的方式。

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。

Great. So you've already been asked about raising the guidance early in the year, and it would sort of be mechanically hard not to, given how strong the quarter was. But your prior outlook you had baked in what we thought was one of the more conservative set of assumptions around the macro environment at least for the second half of the year across our coverage anyway. And so I was just curious if you're seeing anything more recently that has you more optimistic on the macro trajectory. Anything in terms of that broader market outlook or consumer outlook that's informing your ability to raise the guidance? Or is it really more tied to just the momentum in your own business?

偉大的。因此，您已經被問及是否會在今年年初提高指導意見，考慮到該季度的強勁表現，從機械上講很難不這樣做。但你之前的展望是在我們認為至少在今年下半年我們的報導中圍繞宏觀環境的一組更保守的假設中提出的。所以我很好奇你最近是否看到任何讓你對宏觀軌跡更加樂觀的東西。就更廣泛的市場前景或消費者前景而言，有什麼能告訴你提高指導的能力嗎？或者它真的更依賴於你自己業務的發展勢頭？

Yes, Lauren, it's mostly related to the fact that we're already 1/3 of the year is passed, and we have better information on our costs and everything else that complex operating. There are a few things we're still concerned about. One is where is the consumer going to be in second half of the year. We continue to be -- have multiple scenarios. And some of the scenarios are more optimistic, some best, and we continue to have various scenarios.

是的，Lauren，這主要與我們已經過去了 1/3 的事實有關，而且我們對我們的成本和復雜操作的其他一切有了更好的信息。我們仍然擔心一些事情。一個是下半年消費者的去向。我們繼續 - 有多種情況。有些情況更樂觀，有些情況最好，我們繼續有各種情況。

The second one, geopolitics and that might impact the business, and therefore, we want to be cautious there as well. And the third one, as I mentioned earlier, there are some currencies in some emerging and developing markets that we don't know where some of those markets will go in the second half of the year. And we also want to make sure that we have the right financial scenarios around those options.

第二個是地緣政治，這可能會影響業務，因此，我們也希望在這方面保持謹慎。第三個，正如我之前提到的，一些新興市場和發展中市場的一些貨幣，我們不知道下半年其中一些市場將走向何方。我們還希望確保圍繞這些選項有正確的財務方案。

So those are the three variables that could define where the business goes. As I said earlier, operationally, the business is better. We're seeing better labor availability, better flow of materials, suppliers are obviously getting better as well. Transportation is getting better. So operationally, the business is in a better place than it was in 2022.

因此，這些是可以定義業務發展方向的三個變量。正如我之前所說，在運營方面，業務更好。我們看到更好的勞動力可用性，更好的材料流動，供應商顯然也在變得更好。交通越來越好了。因此，在運營方面，該業務比 2022 年更好。

Next question comes from Bryan Spillane with Bank of America.

下一個問題來自美國銀行的 Bryan Spillane。

Hugh, I wanted to ask about accounts payable. Just it was a pretty meaningful shift year-over-year. I understand there's a sequential or a seasonal piece to it. But I think it's up more than $1 billion versus the first quarter last year. So is that tied to the Gatorade DSD distribution change? Or I don't know, if there is something else going on with accounts payables that just is driving such a meaningful change?

休，我想問一下應付賬款。這是一個非常有意義的年復一年的轉變。我知道它有連續的或季節性的片段。但我認為它比去年第一季度增加了 10 億美元以上。那麼這是否與佳得樂 DSD 發行版更改有關？或者我不知道，是否還有其他與應付賬款有關的事情正在推動如此有意義的變化？

Yes. Bryan, it's really two things. One is a seasonal inventory build on the Gatorade thing, as you mentioned. The second is, we've got a number of significant capital projects that are in flight right now and the timing of the payables on the capital equipment is what drove that number. So I would take it as a one-off, not a change in trend by any stretch of the imagination. It's just a one-off when the quarter ended.

是的。布萊恩，這真的是兩件事。正如您提到的，一種是建立在佳得樂產品基礎上的季節性庫存。第二個是，我們現在有許多重要的資本項目正在進行中，而資本設備的應付時間是推動這一數字的原因。所以我認為這是一次性的，而不是任何想像中的趨勢變化。當季度結束時，這只是一次性的。

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 maybe just touch on how investment and priorities will evolve in 2023. I think one of the key takeaways from 2022 was distribution costs between shipping, handling and merchandising activity was a key driver of SG&A inflation, but I'm conscious of double-digit increases with added marketing spending out of the gates into Q1. So can you maybe just frame how overall investment will be evolving over the course of this year in the context, maybe some easing on inflation and certain SG&A buckets and an ability to put more spending in others.

您能否談談 2023 年的投資和優先事項將如何演變。我認為 2022 年的主要收穫之一是運輸、處理和銷售活動之間的分銷成本是 SG&A 通貨膨脹的主要驅動因素，但我意識到雙重 -隨著進入第一季度的營銷支出增加，這一數字也會增加。那麼，您能否在這種情況下，框架下今年整體投資將如何演變，可能會放鬆通脹和某些 SG&A 桶，以及在其他方面投入更多支出的能力。

Yes, Chris. Listen, I think the framework of investment is similar to what we expressed in the past. We mean #1 priority for us is to make sure that our categories remain highly visible in consumers' minds in a complex consumer choices environment. And our brands do very well in those categories. So that's priority #1, make sure that we continue to be a preferred brand with our consumers.

是的，克里斯。聽著，我認為投資的框架與我們過去表達的類似。我們的意思是，我們的第一要務是確保我們的類別在復雜的消費者選擇環境中在消費者心目中保持高度可見。我們的品牌在這些類別中做得很好。所以這是第一要務，確保我們繼續成為消費者的首選品牌。

Second, we continue to invest in transformation of the business, digitalization and productivity at the center of the strategy systems. We've been investing on that for quite a while. That continues to be an enabler of all the data strategy that we have in the business.

其次，我們繼續投資於戰略體系核心的業務轉型、數字化和生產力。我們已經在這方面投資了很長一段時間。這仍然是我們在業務中擁有的所有數據策略的推動者。

And those are the two big projects, we continue to invest in capacity. There is good volume growth across many of our markets around the world, and that continues to be a priority in enabling the brands to continue to grow. So those are the principles. I don't know, Hugh, if there's anything else.

這是兩個大項目，我們繼續投資產能。我們在世界各地的許多市場都有良好的銷量增長，這仍然是使品牌繼續增長的首要任務。所以這些就是原則。我不知道，休，是否還有其他事情。

No, I think that's the only thing -- and I think where Chris is going with the question from his perspective as well. Chris, I think you'll see more of the financial impact of those investments in SG&A significantly less selling cost of goods. So as you're modeling it out, SG&A is a place where you'll see all the items that Ramon referenced will be hitting.

不，我認為這是唯一的事情——而且我認為 Chris 也從他的角度來看這個問題。克里斯，我認為你會看到更多的 SG&A 投資的財務影響大大減少了商品的銷售成本。因此，當您對其進行建模時，SG&A 是您將看到 Ramon 引用的所有項目的地方。

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 was hoping to get more color on the international performance in the quarter. But maybe specifically in China. I know it was called out in the prepared remarks is a market where you gained share, and maybe I missed this, but I don't think it was mentioned when discussing growth in the quarter. So can you maybe share a view on the current environment in China how that evolved through the quarter and kind of how you see that progressing from here?

所以我希望在本季度的國際表現上獲得更多的色彩。但也許特別是在中國。我知道在準備好的評論中提到它是一個你獲得份額的市場，也許我錯過了這一點，但我認為在討論本季度的增長時沒有提到它。那麼，您能否分享一下對中國當前環境的看法，該環境在本季度是如何演變的，以及您如何看待從這裡開始的進展？

Yes. Yes, we're seeing, obviously, in China, a optimism in consumers and optimism in the customers and that's driving volume for us across the -- across both our food and our beverage business. The organic share, especially in snacks. Snacks has been performing very well through the pandemic and continues to outgrow the category. And in beverages as well, we're seen competing quite well in Colas and sports hydration. So yes, obviously, this is going to be a tailwind for us as the year progresses both in away from home and in-home consumption.

是的。是的，很明顯，我們在中國看到了消費者的樂觀情緒和客戶的樂觀情緒，這推動了我們整個食品和飲料業務的銷量。有機份額，尤其是在零食中。零食在大流行期間表現非常好，並且繼續增長超過這一類別。在飲料方面，我們看到我們在可樂和運動型水化方面的競爭相當激烈。所以，是的，很明顯，隨著今年外出和家庭消費的進展，這對我們來說將是順風。

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. Given the strong start to the year and your confidence in the year, I thought I'd ask a longer-term question. And that is, as you look at the categories that you're in, over time in the past, you've expanded in certain countries a little bit outside of beverages and snacks either for reasons of scale or growth opportunities or maybe that's just what was available as part of an acquisition. Over the next, call it, next 5 years or so, do you believe that you're in the right categories to drive your algorithm? Or do you see potentially the need or desirability to expand and do some adjacent areas. And given the advances that you've made in IT and logistics, perhaps that's even a greater opportunity than in the past?

偉大的。鑑於今年的強勁開局和你們對這一年的信心，我想我會問一個更長期的問題。也就是說，當你查看你所處的類別時，隨著過去的時間，你已經在某些國家/地區擴大了一些飲料和零食之外的範圍，無論是出於規模原因還是增長機會，或者也許這就是什麼作為收購的一部分提供。在接下來的 5 年左右，你認為你屬於正確的類別來驅動你的算法嗎？或者您是否看到潛在的需要或希望擴展和做一些相鄰的區域。考慮到您在 IT 和物流方面取得的進步，也許這是一個比過去更大的機會？

It's a great question. Listen, we believe our categories are large and growing at a very fast pace, around 5% globally. I think our main responsibility is to maintain the innovation and make sure that the portfolio evolves with consumers, the brands continue to be super relevant. And that is where we want to focus our efforts. We're making some small moves, as you saw, for example, when we're going into low alcohol here in the U.S., expanding the brands. We're making small moves like Cheetos going into Mac and Cheese. So we're expanding some of our brands organically into some new spaces that make sense from the consumer point of view that we believe our categories are large, global, healthy, and we -- our responsibility is to give them healthy and growing very fast.

這是一個很好的問題。聽著，我們相信我們的品類很大，而且增長速度非常快，全球增長率約為 5%。我認為我們的主要責任是保持創新，並確保產品組合隨著消費者的變化而發展，品牌繼續保持高度相關性。這就是我們要集中精力的地方。正如您所見，我們正在採取一些小舉措，例如，當我們在美國進入低酒精度時，擴大品牌。我們正在做一些小動作，比如奇多進軍通心粉和奶酪。因此，我們正在將我們的一些品牌有機地擴展到一些新的空間，從消費者的角度來看，我們相信我們的品類是龐大的、全球化的、健康的，我們的責任是讓他們健康并快速成長.

Our next question comes from Vivien Azer with Cowen.

我們的下一個問題來自 Vivien Azer 和 Cowen。

I wanted to ask about Pepsi Zero Sugar given the reformulation and the broad-based international distribution. Can you offer some perspective on how that's performing relative to expectations? And as well, could you possibly update us on how the organization is tracking towards your 2025 ESG target to drive 60, 70% of volumes from lower added sugar beverages?

考慮到重新配方和廣泛的國際分銷，我想問一下百事可樂零糖。您能否就相對於預期的表現提供一些看法？此外，您能否向我們介紹該組織如何跟踪您的 2025 年 ESG 目標，以推動 60%、70% 的銷量來自低添加糖飲料？

Great question. And it's essential to our strategy, continue to drive low sugar and nonsugar products as kind of the portfolio transformation. In the case of Pepsi, obviously, that is very relevant for us given the size and scale of Pepsi brand for us. The relaunch in the U.S. with a new formula is very -- it's been very well received by consumers based on our early data of repeats and preferences. The brand is growing 60%, if I remember correctly, in the first quarter, and that's driven a little bit by distribution, but it's mostly velocity. So clearly, the consumers are -- they like the product and they're coming back to the product. Globally, we also see big growth of the nonsugar segment in the category 2, 3x, the average of the category in most of the markets. And we are driving that growth along with some of our key competitors. I think it's a strategy that is working and it's keeping the category very relevant for consumers. We'll continue to invest in nonsugar as a driver of growth for our brands.

很好的問題。這對我們的戰略至關重要，繼續推動低糖和非糖產品作為一種投資組合轉型。就百事可樂而言，顯然，考慮到百事可樂品牌的規模和規模，這對我們來說非常重要。根據我們早期的重複和偏好數據，在美國重新推出新配方非常受歡迎。如果我沒記錯的話，該品牌在第一季度增長了 60%，這在一定程度上是由分銷驅動的，但主要是速度。很明顯，消費者是——他們喜歡這個產品，而且他們會回來使用這個產品。在全球範圍內，我們還看到第 2、3 類非糖分部的大幅增長，這是大多數市場中該類別的平均水平。我們正在與我們的一些主要競爭對手一起推動這種增長。我認為這是一種行之有效的策略，它使該類別與消費者保持密切相關。我們將繼續投資於非糖，作為我們品牌增長的驅動力。

Our next question comes from Gerald Pascarelli with Wedbush.

我們的下一個問題來自 Wedbush 的 Gerald Pascarelli。

In U.S. measured channels for salty snacks, we've seen private label products gained share of the overall category for the past few months now. This has obviously have seen in tandem with very strong performance and market share gains for Frito as well, which is great. But I was just curious if you've seen any near-term changes, some broad consumer purchase patterns in this category relative to maybe a few months ago? Any thoughts there would be helpful.

在美國的鹹味零食測量渠道中，我們已經看到自有品牌產品在過去幾個月中在整個類別中的份額有所增加。這顯然與 Frito 非常強勁的業績和市場份額增長同時出現，這很好。但我只是想知道你是否看到任何近期變化，與幾個月前相比，這一類別的一些廣泛的消費者購買模式？任何想法都會有所幫助。

Yes. In general, we're seeing private label growth in some of the categories where we participate, especially waters, juices that we used to participate in some categories in salty snacks as well as you mentioned. As you will say, Frito-Lay is -- I think it's growing share of market at the fastest pace that we've seen in the last, maybe 10 years, if I recall, as a consequence of the great work the team is doing in terms of execution, but mostly innovation and brand building.

是的。總的來說，我們看到我們參與的一些類別中的自有品牌增長，特別是水，我們曾經參與某些類別的鹹味零食以及你提到的果汁。正如你所說，Frito-Lay 是——我認為它的市場份額正在以我們在過去，也許 10 年裡看到的最快速度增長，如果我記得的話，這是團隊所做的出色工作的結果在執行方面，但主要是創新和品牌建設。

So I think we see both private label increasing, although from a very low base in salty snacks. But most importantly for us, we're seeing our brands continue to gain loyalty, expand their consumer base and be preferred in that segment. But yes, private label is slowly increasing and in -- from a very, very low base as I said, in some subsegments of the salty snacks business.

所以我認為我們看到自有品牌都在增加，儘管鹹味零食的基數非常低。但對我們來說最重要的是，我們看到我們的品牌繼續獲得忠誠度、擴大消費者基礎並在該細分市場中受到青睞。但是，是的，自有品牌正在緩慢增長，而且正如我所說，在鹹味零食業務的某些細分市場中，基數非常非常低。

Our next question comes from Brett Cooper with Consumer Edge.

我們的下一個問題來自 Consumer Edge 的 Brett Cooper。

With about a year in of [Blue Cloud] and Hard Mountain dew, I was hoping you could provide some color on your view of the performance of the brand and the operation to date, any learnings? And then how you think about proceeding from here?

在 [Blue Cloud] 和 Hard Mountain dew 大約一年的時間裡，我希望你能就你對品牌表現和迄今為止的運營的看法提供一些色彩，有什麼經驗教訓嗎？然後你如何考慮從這裡開始？

Yes. Listen, we're happy with the learnings that we're taking, both in the operation of this category, which is new to us and also in how we create consumer demand and consumer loyalty, and we continue to find partners to create new solutions for consumers with our brands. We just launched a tea version, a hard tea version with Lipton and FIFCO Company. They developed a great product, which we're going to start distributing through our system in the next few weeks. So we're going to go into the summer with 2 main products, Mountain Dew -- Hard Mountain Dew and Hard Lipton.

是的。聽著，我們對我們正在學習的知識感到滿意，無論是在這個類別的運營中，這對我們來說都是新的，也是在我們如何創造消費者需求和消費者忠誠度方面，我們將繼續尋找合作夥伴來創造新的解決方案對於擁有我們品牌的消費者。我們剛剛推出了一款茶飲版，與立頓和FIFCO公司合作的硬茶版。他們開發了一個很棒的產品，我們將在接下來的幾週內開始通過我們的系統進行分發。因此，我們將帶著兩種主要產品 Mountain Dew 進入夏季——Hard Mountain Dew 和 Hard Lipton。

As I said, our intention is not to build a large portfolio of products and complex portfolio, but is to focus on a few good brands developed with strategic partners and then leverage our distribution capabilities to give it to consumers all across the country. That's our journey. We're not rushing. We're going at a speed that we learn and we make this business solid with the right margins and the right consumer propositions.

正如我所說，我們的目的不是建立一個龐大的產品組合和復雜的組合，而是專注於與戰略合作夥伴開發的幾個好品牌，然後利用我們的分銷能力將其提供給全國各地的消費者。那就是我們的旅程。我們並不著急。我們正在以我們學習的速度前進，我們以適當的利潤率和正確的消費者主張使這項業務穩固。

Our next question comes from Filippo Falorni with Citi.

我們的下一個問題來自花旗的 Filippo Falorni。

Question on the Pepsi Beverage North America business. It seems clearly this year, you're making a lot of investments. The Pepsi Logo change, the Starry launch, a lot of other launches, with expansion of Pepsi Zero Sugar and Hard Mountain Dew. Just bigger picture, what are your expectations from kind of a market share standpoint in the business? What would you consider a success for this year? And then secondly, how do you balance these investments that you're making with your target of getting back to a mid-teens margin for the business?

關於百事飲料北美業務的問題。今年似乎很明顯，您進行了大量投資。百事可樂標誌的變化、Starry 的發布，以及許多其他的發布，以及百事可樂零糖和 Hard Mountain Dew 的擴展。從更大的角度來看，從業務的市場份額角度來看，您的期望是什麼？你認為今年的成功是什麼？其次，您如何平衡您正在進行的這些投資與您恢復到十幾歲中期的業務利潤率的目標？

Yes. I mean we've expressed this in the past. We want to have a business that grows and the category pace or above and expand its margins to the mid-teens levels that we have mentioned as well in the next 2 to 3 years. So that is the strategic intent for this business. I think the team is executing very well. The way we measure our share is full LRB. So it's the full set of brands that we have in our portfolio, not just small segments within the category. And obviously, I think we're progressing well against that growth target for the year, whilst also expanding the margins for the business. We feel good about the margin expansion this year.

是的。我的意思是我們過去已經表達過這一點。我們希望在未來 2 到 3 年內擁有一個增長且類別速度或更高的業務，並將其利潤率擴大到我們提到的中等水平。這就是這項業務的戰略意圖。我認為團隊執行得很好。我們衡量份額的方式是完整的 LRB。因此，這是我們產品組合中的全套品牌，而不僅僅是該類別中的小部分。顯然，我認為我們在實現今年的增長目標方面進展順利，同時也擴大了業務的利潤率。我們對今年的利潤率擴張感到滿意。

Our last question comes from Charlie Higgs with Redburn.

我們的最後一個問題來自 Charlie Higgs 和 Redburn。

I was just wondering if you could talk a little bit more about the Frito-Lay North America division and the volume growth there. How did Lays, Doritos, Cheetos perform? Is there any color you can give on a single-serve pack versus multi-packs? And then just how you see the very strong margin growth in Q1 progressing throughout the year would be useful.

我只是想知道你是否可以多談談 Frito-Lay 北美分部和那裡的銷量增長。樂事、多力多滋、奇多的表現如何？單份包裝和多份包裝有什麼顏色可以區分嗎？然後你如何看待全年第一季度非常強勁的利潤率增長將很有用。

Yes. Great. Listen, as I said earlier, Frito-Lay, I think, it's in the U.S. and -- but also the whole snack business globally is doing extremely well. But if we focus on the U.S., I think the team is doing a fantastic job growing the large brands, as you mentioned, Lays, Doritos, Ruffles, Tostitos, Cheetos. And at the same time, building peripheral brands that cover some spaces that we're not covering with the big brands. Let's call it, PopCorners or SunChips (inaudible). We're really building a portfolio of brands that covers different cohorts and different need stays in a unique way.

是的。偉大的。聽著，正如我之前所說，我認為 Frito-Lay 在美國，而且全球整個零食業務都做得非常好。但如果我們專注於美國，我認為該團隊在發展大品牌方面做得非常出色，如你提到的 Lays、Doritos、Ruffles、Tostitos、Cheetos。同時，建立外圍品牌，覆蓋一些我們沒有覆蓋大品牌的空間。我們稱它為 PopCorners 或 SunChips（聽不清）。我們真的在建立一個品牌組合，以獨特的方式覆蓋不同的人群和不同的需求。

We're also innovating in new formats. You mentioned multipack, which has been a great hit for us in terms of variety and empowering consumers for personalization. But this year, a few months ago, we launched Minis, which is also an incredible innovation. If you think about the convenient -- the additional convenience it gives consumers and putting our best brands in that format opens a whole set of new occasions for the business.

我們也在創新新格式。你提到了多件裝，它在多樣性和賦予消費者個性化方面對我們來說是一個巨大的打擊。但今年，幾個月前，我們推出了 Minis，這也是一項令人難以置信的創新。如果你考慮方便——它給消費者帶來的額外便利，並且以這種形式展示我們最好的品牌，就會為企業打開一整套新的機會。

So we feel very good about the innovation strategy and how we keep capturing new occasions into our brands. As I said earlier, I think the business is becoming better operationally as the supply of materials is getting better, labor availability is getting better. So we should see operational metrics improving, and that's what you're seeing in the margins, although the Q1 margin was a little bit elevated. The strategic intent with Frito-Lay is growing it very, very fast and keeping the margins at those high levels because that's super accretive for the PepsiCo overall business.

因此，我們對創新戰略以及我們如何不斷將新場合融入我們的品牌感到非常滿意。正如我之前所說，我認為隨著材料供應越來越好，勞動力可用性越來越好，業務在運營方面正在變得更好。因此，我們應該看到運營指標有所改善，這就是您在利潤率中看到的，儘管第一季度利潤率略有提高。 Frito-Lay 的戰略意圖是使其增長得非常非常快，並將利潤率保持在高水平，因為這對百事可樂的整體業務來說是超級增值的。

Okay. I think this is the last question. So really appreciate the conversation this morning, and thank you, everyone, for joining today and especially for the confidence that you're all placed in our company and the investments you're making in our company. Thank you very much, and have a great day.

好的。我認為這是最後一個問題。所以非常感謝今天早上的談話，感謝大家今天的加入，特別是感謝你們對我們公司的信任以及你們對我們公司的投資。非常感謝，祝你有美好的一天。

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。