百事 (PEP) 2023 Q3 法說會逐字稿

Good morning, and welcome to PepsiCo's 2023 Third quarter earnings question-and-answer session. (Operator Instructions) Today's call is being recorded and will be archived at www.pepsico.com. It is now my pleasure to introduce Mr. Ravi Pamnani, Senior Vice President of Investor Relations. Mr. Pamnani, you may begin.

早安，歡迎參加百事公司 2023 年第三季財報問答會。 （操作員說明）今天的通話正在錄音並將存檔在 www.pepsico.com 上。現在我很高興向大家介紹投資者關係資深副總裁 Ravi Pamnani 先生。帕姆納尼先生，您可以開始了。

Thank you, operator. 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.

謝謝你，接線生。大家，早安。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，這些內容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, guidance and outlook. Forward-looking statements inherently involve risks and uncertainties and only reflect our view as of today, October 10, and we are under no obligation to update. When discussing our results, we refer to non-GAAP measures, which exclude certain items from reported results. Please refer to our third quarter 2023 earnings release and third quarter 2023 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聲明，包括我們的業務計劃、指導和前景。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（10 月 10 日）的觀點，我們沒有義務進行更新。在討論我們的結果時，我們指的是非公認會計準則衡量標準，這些衡量標準從報告的結果中排除了某些項目。請參閱pepsico.com 上提供的2023 年第三季收益發布和2023 年第三季10-Q 表格，了解非GAAP 指標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產生重大影響的因素的討論。與前瞻性陳述不同。

Joining me today are PepsiCo's Chairman and CEO, Ramon Laguarta; and PepsiCo's Vice Chairman and CFO, Hugh Johnston. (Operator Instructions) And with that, I will turn it over to the operator for the first question.

今天和我一起出席的是百事可樂公司董事長兼執行長拉蒙‧拉瓜塔 (Ramon Laguarta)；以及百事公司副董事長兼財務長休·約翰斯頓。 （操作員指示）接下來，我將把第一個問題交給操作員。

(Operator Instructions) Our first question comes from Bryan Spillane with Bank of America.

（操作員說明）我們的第一個問題來自美國銀行的 Bryan Spillane。

So my question is just around volume. There's been a lot of focus on that topic, not just for Pepsi, but just, I think, more broadly. So I know in the prepared remarks, there's a little bit -- there's some commentary about a shift to small packs. But maybe, Ramon, if you could touch on what was happening specifically volumetrically for PBNA in the quarter? And then kind of relative to what your outlook was for volumes coming out of 2Q, just how that might have evolved as the quarter progressed?

所以我的問題只是關於音量。這個主題受到了很多關注，不僅是百事可樂，我認為，更廣泛的領域也是如此。所以我知道在準備好的評論中，有一些關於轉向小包裝的評論。但拉蒙，您能否談談本季 PBNA 的具體銷售情況？然後，相對於您對第二季銷售的預期，隨著本季的進展，這種情況可能會如何演變？

Let me step back beyond PBNA to the broader company. We're seeing sequential volume improvement, if you take the last few quarters. So globally, we're improving our volume. But more philosophically how we're thinking about how we're managing the company. There's there's two big variables that we're trying to optimize. One is consumer interaction with our brands. And the proxy we're using for that is units or specific purchasing act. And then the other one is obviously margin for the overall business. And those are the two variables that we're maximizing. In both cases, units are growing much faster than volume. And we're seeing that -- you mentioned consumers moving to a smaller packs. We're also in a way, facilitating that through our pricing and mix strategy. And then we're obviously optimizing margin that, as you saw it was a good improvement in our margin across the company and the particular businesses that you referred to. So that's how we're thinking about volume and margin. When it comes to PBNA, we've been a bit more aggressive than in the other businesses with regards to volume optimization. And we've made some decisions, especially around take home water that we're able to prune some promotions that were not profitable for the business, and that has almost 2.5 points of volume impact. So that's how we're managing volume. It's clearly an important variable for us, but for efficiency in the plants and some others that unit transaction and consumer interaction with the brands are the metrics that we're trying to maximize as we're making these trade-offs between volume -- net revenue and margin expansion.

讓我從 PBNA 的角度回到更廣泛的公司。如果你看看過去幾個季度，我們會看到銷量連續改善。因此，在全球範圍內，我們正在提高我們的銷售量。但更哲學​​地說，我們如何思考如何管理公司。我們正在嘗試優化兩個大變數。一是消費者與我們品牌的互動。我們使用的代理是單位或特定的購買行為。另外一個顯然是整體業務的利潤。這就是我們最大化的兩個變數。在這兩種情況下，單位的成長速度都快於數量的成長速度。我們看到——你提到消費者正在轉向更小的包裝。在某種程度上，我們也透過我們的定價和組合策略來促進這一點。然後，我們顯然正在優化利潤率，正如您所看到的那樣，我們整個公司以及您提到的特定業務的利潤率得到了很好的改善。這就是我們考慮銷量和利潤的方式。就 PBNA 而言，我們在數量優化方面比其他業務更積極。我們已經做出了一些決定，特別是關於帶回家的水，我們能夠削減一些對業務無利可圖的促銷活動，這對銷量產生了近 2.5 個百分點的影響。這就是我們管理數量的方式。這對我們來說顯然是一個重要的變量，但對於工廠和其他一些工廠的效率來說，單位交易和消費者與品牌的互動是我們在銷售與淨值之間進行權衡時試圖最大化的指標收入和利潤率的擴張。

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勞倫·利伯曼。

Carrying on Bryan's question, but taking it a little bit further out into 2024, and it was great to get kind of some preliminary perspective on next year, so early. But I was also curious how you're thinking about that balancing volume and price mix as we go into next year because price mix has continued to outperform? And so just kind of thinking about that more forward look as well.

繼續 Bryan 的問題，但把問題進一步推到 2024 年，很高興這麼早就對明年有了一些初步的看法。但我也很好奇，當我們進入明年時，您如何考慮平衡銷售和價格組合，因為價格組合繼續跑贏大盤？因此，也要考慮一下更具前瞻性的看法。

Yes, Lauren, we'll give you more details, obviously, in February when it comes to the actual composition of some of our key metrics. But what I would tell you at this point, as we've obviously seen all the commercial plans from the different markets and our innovation plans and our productivity plans and our cost trends that there will be still a higher inflation in our business. And therefore, there will be higher price mix versus not the last couple of years, but if you think about the historical price mix that we had in the past, I think '24 will have a bit more elevated price mix in the equation than in the previous years that.

是的，勞倫，我們顯然會在二月份向您提供更多詳細信息，涉及我們一些關鍵指標的實際構成。但我現在要告訴你的是，我們顯然已經看到了來自不同市場的所有商業計劃、我們的創新計劃、我們的生產力計劃以及我們的成本趨勢，我們的業務仍然會出現更高的通貨膨脹。因此，與過去幾年相比，價格組合將會更高，但如果你考慮我們過去的歷史價格組合，我認為 24 年的價格組合將比過去幾年更高一些。前幾年那個。

Yes. So right, to add a finer point to Ramon's comments, Lauren, if you think of pre-pandemic inflation being kind of in that 2%, 3% range, inflation is going to be a little elevated relative to that. And our pricing will be roughly in line with inflation. So that should at least give you a rough sense as to how things might shake out.

是的。那麼，勞倫，為了對拉蒙的評論補充一點更詳細的觀點，如果你認為大流行前的通貨膨脹在 2%、3% 的範圍內，那麼通貨膨脹相對於此會略高一些。我們的定價將大致與通貨膨脹一致。因此，這至少應該讓您對事情可能如何發展有一個粗略的了解。

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。

So going back to your comments about volumes in PBNA, was that specific to the quarter? Or should we still see about this 2.5% headwind to volumes you included and potentially into the first half of 2024? And if you can also comment on the volumes in Latin America, how we should be thinking towards the end of the year and potentially into 2024?

那麼，回到您對 PBNA 交易量的評論，這是特定於本季的嗎？或者我們仍然應該看到您所納入的銷量以及 2024 年上半年可能出現的 2.5% 的逆風？如果您也能評論一下拉丁美洲的銷量，我們應該如何思考今年年底以及 2024 年的情況？

Yes, Andrea. So with regards to PBNA, we continue to optimize the portfolio. So we should be probably thinking about a few -- a couple more quarters where we will continue to see volume decisions that, again, we're trying to maximize units and transactions. And we're trying to continue to optimize the margin of the business. And you saw that this quarter and the balance of the year, we feel very good about the margin expansion in PBNA. Now when it comes to LatAm, there is mostly our snack business, what you see there in our numbers. And we've been making, again, decisions around affordability making sure that our brands continue to be within affordable price points to consumers that we know that this possible income is limited, and they make decisions a lot based on price points. So we've been reducing size -- portion size of our products, making sure that we're still very affordable. And that has a repercussion on -- has an impact on the actual volume. But again, the transactions are much healthier. And that's a metric that we used to assess the health of the business with regards to consumer along with brand equity and some other metrics that we use, obviously, to understand full consumer picture. So we'll continue to make optimizations, Andrea, as we need to absorb inflation and make sure that our brands remain a choice for consumers that are clearly more limited in their responsible income.

是的，安德里亞。所以對於PBNA，我們繼續優化投資組合。因此，我們可能應該考慮幾個 - 再幾個季度，我們將繼續看到銷售決策，我們再次試圖最大化單位和交易。我們正在努力繼續優化業務利潤率。你看到，本季和今年剩餘時間，我們對 PBNA 的利潤率擴張感到非常滿意。現在說到拉丁美洲，主要是我們的零食業務，你可以在我們的數據中看到這一點。我們一直在圍繞可負擔性做出決定，確保我們的品牌繼續保持在消費者可以負擔的價格範圍內，我們知道這種可能的收入是有限的，而且他們在很大程度上根據價格點做出決定。因此，我們一直在縮小產品的尺寸，以確保我們的價格仍然非常實惠。這會對實際數量產生影響。但同樣，交易要健康得多。我們用這個指標來評估企業在消費者方面的健康狀況，以及品牌資產和其他一些指標，顯然我們用這些指標來了解完整的消費者狀況。因此，安德里亞，我們將繼續進行最佳化，因為我們需要吸收通貨膨脹，並確保我們的品牌仍然是那些責任收入顯然更有限的消費者的選擇。

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。

Could you just discuss the motivation behind the decision to provide guidance for 2024 a bit earlier than is typical? What do you think your level of visibility is at this point versus a typical year? And as you look out maybe what are some of the areas that give you confidence and what might be some of the areas where there's more uncertainty particularly given the volatile consumer environment here?

您能否討論一下比通常情況提前一點提供 2024 年指導的決定背後的動機？與往年相比，您認為目前您的可見度水準如何？當你觀察時，也許哪些領域會給你信心，哪些領域可能有更多不確定性，特別是考慮到這裡不穩定的消費環境？

Dara, I can answer that one. I think in general, as we build the plans, we're focused on a couple of things. Number one is obviously the level of commodity inflation, and you know we buy forward about 9 months. So that's roughly in line with the past. Number two is the balance of the PepsiCo cost structure. And as we've talked about the last couple of quarters, we've put even higher focus than we've had in the past on driving productivity and driving out unnecessary costs using the tools that we've discussed, the investments in digitalization, the investments in global business services, the investments in driving out overlaps within the organization. Because that work has been going on for a longer period of time, I think that gave us earlier line of sight into what we would expect our cost outcome to be for next year. And then number three, we're in a good spot in many of the developed markets in terms of our commercial plans. We do joint business planning with our customers. And we're probably in line to maybe even a little ahead of where we've been historically with all of that. So given the information was available to us a little bit earlier and given there was undoubtedly questions in the investment community on what '24 look like given the evolving pricing and inflationary environment, we thought it was prudent to at least give some indication of what guidance would look like in '24. So that's what drove the decision.

達拉，我可以回答這個問題。我認為總的來說，當我們制定計劃時，我們會專注於幾件事。第一個顯然是商品通膨水平，你知道我們買進大約 9 個月的遠期合約。所以這與過去大致相符。第二是百事公司成本結構的平衡。正如我們在過去幾個季度中所討論的那樣，我們比過去更加關注使用我們討論過的工具、數位化投資來提高生產力並消除不必要的成本，對全球商業服務的投資，對消除組織內部重疊的投資。由於這項工作已經持續了較長一段時間，我認為這讓我們能夠更早了解明年的成本結果。第三，就我們的商業計劃而言，我們在許多已開發市場中處於有利地位。我們與客戶共同進行業務規劃。我們可能比歷史上所有這一切都領先一點。因此，考慮到我們早一點就獲得了這些信息，並且考慮到投資界無疑對不斷變化的定價和通脹環境下的“24 世紀”會是什麼樣子存在疑問，我們認為至少給出一些指導意見是明智的看起來像'24。這就是促使我們做出決定的原因。

Our next question comes from Peter Grom with UBS.

我們的下一個問題來自瑞銀集團的彼得‧葛羅姆。

I actually wanted to follow up on Dara's question there. But just more in the context of your actual performance versus your initial expectations historically because it's really been a while since organic revenue growth has actually fallen short of your initial outlook. So can you maybe just characterize your confidence in the '24 outlook at this stage and really whether or not you've embedded enough conservatism just given what remains a pretty choppy backdrop for the consumer?

我實際上想跟進達拉的問題。但更多的是根據您的實際業績與您最初的歷史預期相比，因為有機收入成長實際上已經低於您最初的預期已經有一段時間了。那麼，您能否描述一下您對現階段 24 世紀前景的信心，以及考慮到消費者仍然面臨相當不穩定的背景，您是否確實表現出足夠的保守主義？

Sure. Happy to address that. We obviously have a long history here of meeting or exceeding expectations, both our internal expectations as well as the guidance, including this quarter, where we beat revenue and we beat EPS. In fact, we've now met or beat consensus for 55 straight quarters. So we tend to be, I think, appropriately conservative in the way that we communicate to you all. So from that perspective, I think you can go into 2024 with a similar expectation that we should at least achieve the numbers that we've laid out for you.

當然。很高興解決這個問題。顯然，我們長期以來一直在滿足或超越預期，包括我們的內部預期和指導，包括本季度，我們超過了收入，也超過了每股收益。事實上，我們現在已經連續 55 個季度達到或超越共識。因此，我認為，我們在與大家溝通的方式上傾向於適當保守。因此，從這個角度來看，我認為您可以帶著類似的期望進入 2024 年，即我們至少應該實現我們為您制定的數字。

Our next question comes from Nik Modi with RBC Capital Markets.

我們的下一個問題來自加拿大皇家銀行資本市場的尼克莫迪。

Hugh, I was hoping maybe you can just provide some of the macro underpinnings that kind of go into your 2024 viewpoints at this point? Just would love to kind of get your state of the union on the consumer or the economy and kind of how you guys are thinking that will shape up as you go through 2024?

休，我希望您現在可以提供一些宏觀基礎來支持您對 2024 年的觀點？只是想了解你們對消費者或經濟的國情咨文，以及你們認為 2024 年會如何發展？

Sure. Why don't I start and then Ramon, obviously, you're super deep on the consumer as well, but I'm happy to start on this one. Number one, I do think that we see the consumer right now being more selective, and you see it in a variety of ways, right? You see some trade down in terms of channels of trade that they're purchasing products in, you see some orientation toward value. At the same time, the things that I usually look at with the consumer to detect whether there's high stress, we see good results in there. Number one is the convenience store channel. Typically, when gas prices are up and consumer incomes are stressed, you see revenue in those channels under stress as well. For Q3, we saw revenue up 5% in beverages and 8% in foods in the convenience channel. Number two is food service, that's also typically a leading indicator, that's still growing double digits. So I think we've gone into the year with an approach that says, given all that I laid out during Dara's question, we expect the consumer to continue to be cautious. And to the degree that they are worse than that, we've got cost plans in place that we would use to mitigate whatever challenges we face. But we think our revenue outlook accommodates an increasingly cautious consumer next year.

當然。為什麼我不開始，然後拉蒙，顯然，你對消費者也非常了解，但我很高興從這個開始。第一，我確實認為我們現在看到消費者變得更加挑剔，你可以透過多種方式看到這一點，對嗎？你會看到他們購買產品的貿易管道下降，你會看到一些價值導向。同時，我通常與消費者一起觀察以檢測是否有高壓力的事情，我們在那裡看到了良好的結果。第一個是便利商店通路。通常，當天然氣價格上漲且消費者收入面臨壓力時，您會發現這些管道的收入也面臨壓力。第三季度，我們看到便利通路的飲料收入成長了 5%，食品收入成長了 8%。第二是食品服務，這通常也是領先指標，仍在以兩位數的速度成長。因此，我認為我們進入這一年的方法是，考慮到我在達拉提問期間提出的所有內容，我們預計消費者將繼續保持謹慎。如果情況比這更糟糕，我們已經制定了成本計劃，可以用來緩解我們面臨的任何挑戰。但我們認為明年的收入前景會適應日益謹慎的消費者。

Yes. And the other thing I would say is all the long-term structural tailwinds of our categories will continue. If you think about urbanization, demographic shifts, lifestyles, et cetera, that have been driving our snacking categories or beverage category, they move from package-to-package. All those things will continue, and they drive a lot of our confidence in our categories, then obviously, we have almost completed. By now, our innovation plans, our commercial plans are -- I think we've got better affordability and premiumization of our portfolio. So we think our share of market will be good next year as well. So that's what's driving our kind of confidence for next year.

是的。我想說的另一件事是，我們類別的所有長期結構性推動因素都將持續下去。如果你考慮一下城市化、人口結構變化、生活方式等一直在推動我們的零食類別或飲料類別的發展，它們就會從一個包裝轉移到另一個包裝。所有這些事情都會繼續下去，它們極大地增強了我們對我們的類別的信心，那麼顯然，我們幾乎已經完成了。到目前為止，我們的創新計劃、我們的商業計劃是——我認為我們的產品組合具有更好的承受能力和高端化。所以我們認為明年我們的市佔率也會很好。這就是我們對明年充滿信心的原因。

Our next question comes from Bonnie Herzog with Goldman Sachs. It looks like they didn't have a question. Do you want me to go and move on to the next person?

我們的下一個問題來自高盛的邦妮·赫爾佐格。看來他們沒有提問。你想讓我繼續去找下一個嗎？

Yes, please.

是的，請。

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克里斯凱裡。

The inflation got a bit worse quarter-over-quarter in the PBNA segment, specifically, whereas in the rest of the segments, the trend is for continued easing. Can you just comment on some of the puts and takes that you're seeing from a commodity inflation standpoint in this segment, particularly and how the beverage side is driving the inflation expectations going into next year relative to food? I'm really speaking to Hugh's comments on above average inflation next year. And just given what we see from commodities in general, I'm trying to parse out where exactly that outlook is coming from?

具體而言，PBNA 領域的通膨季比惡化，而其他領域則呈現持續寬鬆的趨勢。您能否從商品通膨的角度評論一下您在該領域看到的一些看跌期權和看跌期權，特別是飲料方面如何推動明年相對於食品的通膨預期？我實際上是在針對休關於明年通膨率高於平均的評論。鑑於我們從大宗商品中看到的整體情況，我試圖解析這種前景到底來自哪裡？

Yes. Chris, we don't get into by commodity levels of dissecting the numbers and guidance. That's something that historically we haven't done. As you know, the beverage segment is a little more packaging exposed in foods is just by virtue of the nature of the products. But I'd rather not go any further than that to get into the specifics of individual commodities for competitive reasons.

是的。克里斯，我們不會進入剖析數字和指導的商品層面。這是我們歷史上沒有做過的事。如您所知，飲料領域的包裝暴露在食品中的程度要高一些，這只是由於產品的性質所致。但出於競爭原因，我不想進一步深入了解個別商品的具體情況。

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。

I just want to shift a little bit more kind of to the long term. And I was just wondering if you can kind of give us a sense of the vision -- your vision for the business, the beverage business and the food business in the U.S. in light of your large investment in Instacart what you're trying to accomplish there? And other kind of strategic moves you're doing on the digital side and the -- all the underlying work that you're doing in terms of automation and productivity. Just kind of what do you see the business looking like in the future? And how does Instacart play into it?

我只是想把目光轉向長遠。我只是想知道您能否向我們介紹一下您的願景——鑑於您對 Instacart 的巨額投資，您對美國業務、飲料業務和食品業務的願景，以及您想要實現的目標那裡？以及您在數位方面所做的其他策略性舉措以及您在自動化和生產力方面所做的所有基礎工作。您認為未來的業務會是什麼樣子？ Instacart 是如何發揮作用的？

Yes. Good question. Obviously, as Hugh was saying, we continue to drive the transformation of the business with automation at the center of it and digitalization as well. With digitalization, we're trying to obviously give much more precision to our decision-making across everything we do from how we talk to consumers, how we invest in our pricing with our customers? How we run our end-to-end operations from agro to the consumers? How we run our routing and everything all these activities that we do to generate value for our consumers. That is an investment we've been making over time. And we continue -- that still is the priority of the company to make the company more precise on intelligence and empower our front line to make better decisions all the time. with the best information possible real-time and ideally forward information. So that is a continuous investment. Now when it comes to Instacart, there is a commercial relationship trying to enhance the capabilities of our DSD system with the shoppers that they have in store, and that is a continuous focus. I think DSD continues to be a competitive advantage. And I think we can enhance that capability with supporting activities from the Instacart shoppers. And that commercial relation led to a very minor investment in Instacart. And just to reinforce the commitment to the commercial relationship, there's nothing more than that in terms of a strategic long-term intentionality with that investment.

是的。好問題。顯然，正如休所說，我們繼續以自動化和數位化為中心推動業務轉型。透過數位化，我們顯然正在努力使我們所做的一切決策變得更加精確，從我們如何與消費者交談，我們如何投資與客戶的定價？我們如何開展從農業到消費者的端到端營運？我們如何運行我們的路線以及我們為消費者創造價值所做的所有這些活動。這是我們長期以來一直進行的一項投資。我們繼續說，這仍然是公司的首要任務，使公司的情報更加精確，並使我們的第一線人員始終能夠做出更好的決策。提供盡可能最好的即時資訊和理想的轉發資訊。所以這是一項持續的投資。現在，就 Instacart 而言，存在著一種商業關係，試圖增強我們的 DSD 系統與店內購物者的功能，這是我們持續關注的焦點。我認為 DSD 仍然是競爭優勢。我認為我們可以透過支持 Instacart 購物者的活動來增強這種能力。這種商業關係導致對 Instacart 進行了非常小的投資。為了加強對商業關係的承諾，就投資的策略性長期意圖而言，沒有什麼比這更重要的了。

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史蒂芬鮑爾斯。

Two questions, if I could. One, just following up on the '24 outlook given the visibility you have on cost and the commercial planning at this point. Should we be expecting a relatively even performance and cadence of growth, both top and bottom line throughout the year? Or is there a reason to see that growth weighted first half versus second half? And then I did want to ask on Gatorade because the improvement we saw this quarter sequentially volumetrically did occur. It just didn't occur at quite the level of improvement that we were expecting from a shipment perspective. I think we went from down high single digits in the second quarter to down mid in the third. So I just would love some perspective on how you view that business performing?

如果可以的話，有兩個問題。第一，考慮到您目前對成本和商業規劃的了解，只是跟進 24 年的前景。我們是否應該期待全年營收和利潤的業績和成長節奏相對均勻？或有理由看到上半年與下半年的成長加權？然後我確實想詢問佳得樂，因為我們在本季度看到的銷量確實有所改善。從發貨的角度來看，它只是沒有達到我們預期的改進水平。我認為我們從第二季的高個位數下降到第三季的中位數下降。所以我只是想了解一下您如何看待該業務的表現？

Listen, we will not go into more details on '24. We'll cover that in February and June time. When it comes to Gatorade, we're very pleased with the G2 DSD or the movement of Gatorade to the DSD platform over the summer. We're seeing sequential improvement in the performance of the brand. better performance in August that we saw early in the summer, et cetera, inventory on display and a number of secondary location, et cetera. So that move is working. On the velocity of the brand, we also saw that the brand is improving its velocity. It is true that the emergence of Prime in the category took some share from Gatorade less than other brands in the category or less proportionally to the size of the brand. But I would say Prime impacted Gatorade in a way, some transactions during the peak of the season. We're seeing that the size of Prime in the category getting smaller as we go into the fall, which gives us very good optimism that with the new infrastructure we have with our DSD business, some of the innovation with G Fit, Gatorlyte, G Zero, our powders and tablets that are being very well received by consumers that we have a very good -- we're going to have a very good '24 for Gatorade. So we have a stronger foundation to go into next year with potentially weaker competition. But obviously, I don't know what their plans are.

聽著，我們不會談論 24 的更多細節。我們將在二月和六月的時間介紹這一點。說到佳得樂，我們對 G2 DSD 或佳得樂在夏季遷移到 DSD 平台感到非常滿意。我們看到該品牌的業績不斷改善。 8月份的表現較好是我們在夏初看到的，等等，庫存展示和一些次要位置等等。所以這項措施正在發揮作用。在品牌速度上，我們也看到品牌速度正在提高。誠然，Prime 在該品類中的出現從佳得樂獲得的份額比該品類中的其他品牌少，或者與品牌規模的比例較小。但我想說，Prime 在某種程度上影響了佳得樂，在季節高峰期間進行了一些交易。我們看到隨著秋季的到來，該類別中 Prime 的規模越來越小，這讓我們非常樂觀，因為我們的 DSD 業務擁有新的基礎設施，G Fit、Gatorlyte、G 的一些創新零，我們的粉末和片劑深受消費者歡迎，我們有一個非常好的佳得樂“24”。因此，我們有更堅實的基礎進入明年，競爭可能會減弱。但顯然，我不知道他們的計劃是什麼。

Our next question comes from Filippo Falorni with Citi.

我們的下一個問題來自花旗銀行的 Filippo Falorni。

So clearly, there's been a lot of concern in the market around adoption of GLP-1 drugs in the U.S. and the potential impact on your business. So maybe can you comment a bit on what you've seen so far based on your consumer studies, both on the beverage and food side? And how you're thinking that can evolve over the next couple of years, change in consumer behaviors? And then from a Pepsi-specific standpoint, what changes can you make to adopt your portfolio to these new consumer preferences that could emerge if the option is greater than that?

顯然，市場對 GLP-1 藥物在美國的採用及其對您業務的潛在影響存在許多擔憂。那麼，您能否根據您的消費者研究（在飲料和食品方面）對迄今為止所看到的情況發表一些評論？您認為未來幾年消費者行為會發生什麼樣的變化？然後，從百事可樂的特定角度來看，如果選擇比這更大，您可以做出哪些改變來適應您的產品組合這些新的消費者偏好？

Good question. Listen, obviously, we're looking at this along with many other positive and negative potential risk for our business and our category. So far, the impact is negligible in our business. Overall, if you take global consumption, there are obviously a lot of question marks with regards to the obesity drugs when it comes to medical testing or scalability of the usage of this or what is the impact really on consumer choices. So a lot of question marks. We continue to believe that all the structural positive trends that we had to our categories remain, as I mentioned, I referred to that earlier in the conversation. So we're seeing urbanization as a big driver of adoption of our categories. We're seeing middle class development. We're seeing lifestyle and the people snacking to eat, some meals becoming more mini-meals and much more unstructured during the day, being a big driver of our categories, both beverages and snacks. So we're seeing a lot of tailwinds that will continue to drive our categories. Of course, we're observing the growth of these new drugs and its potential impact. The other thing we're looking at is our strategy sound when it comes to portfolio transformation. And everything we've been doing for the last 5, 6 years when it comes to reducing sodium, reducing fat, reducing sugar, reducing the portions of our products, adding some new cooking methods to our snacks, those are all very positive trends that will help us pivot the portfolio if needed in the future. We'll continue to do it. Obviously, it's one of our key strategic pillars. So again, negligible impact today, a lot of these structural trends that are in our category, I think, remain very solid and even we see them accelerating. And our portfolio strategy, we think, is very solid when it comes to a potential protection against some of these future developments 5, 10 years from now.

好問題。聽著，顯然，我們正在考慮這個問題以及我們的業務和類別的許多其他積極和消極的潛在風險。到目前為止，對我們業務的影響可以忽略不計。總體而言，如果考慮全球消費情況，當涉及醫學測試或使用該藥物的可擴展性或對消費者選擇的真正影響時，肥胖藥物顯然存在許多問號。所以打了很多問號。我們仍然相信，我們類別的所有結構性積極趨勢仍然存在，正如我所提到的，我在談話之前提到過這一點。因此，我們將城市化視為我們類別採用的重要推動力。我們看到中產階級的發展。我們看到生活方式和人們吃零食，一些膳食變得更加迷你餐，白天更加無組織，成為我們飲料和零食品類的主要推動力。因此，我們看到許多有利因素將繼續推動我們的類別。當然，我們正在觀察這些新藥的成長及其潛在影響。我們關注的另一件事是我們在投資組合轉型方面的策略是否合理。過去五六年我們所做的一切，包括減少鈉、減少脂肪、減少糖、減少產品的份量、在零食中添加一些新的烹飪方法，這些都是非常積極的趨勢，如果將來需要的話，將幫助我們調整投資組合。我們將繼續這樣做。顯然，這是我們的關鍵策略支柱之一。再說一遍，今天的影響可以忽略不計，我認為，我們類別中的許多結構性趨勢仍然非常穩固，甚至我們看到它們正在加速。我們認為，我們的投資組合策略非常可靠，可以針對 5 到 10 年後的某些未來發展提供潛在保護。

Our last question comes from Brett Cooper with Consumer Edge.

我們的最後一個問題來自 Consumer Edge 的 Brett Cooper。

A question for you on the North American Beverage business. You've said in the past that your our goal is to hold share in that business. when you begin to add CELSIUS in organic business, I'd love to hear how you assess the beverage performance. Are you looking at a whole share with the own portfolio or you distributed brands with component to hold share?

問您一個有關北美飲料業務的問題。您過去曾說過，您我們的目標是持有該業務的份額。當您開始在有機業務中添加 CELSIUS 時，我很想聽聽您如何評估飲料性能。您是在考慮擁有自己的投資組合的整體份額，還是您透過分配的品牌來持有份額？

Yes. Sorry, we missed a little bit of the question, but hopefully, we got what you're trying to ask. CELSIUS obviously is part of our energy drink strategy. We said we had multiple pillars and our ability to distribute in our system, some third-party brands is part of that strategy. Obviously, CELSIUS continues to grow. We've doubled the distribution and the presence in store of the brand in the last year or so, especially in the convenience channel, which is a key channel for energy consumption. That participation of CELSIUS in our drive, makes our full system more efficient. It makes our salesmen more relevant in the store. It makes our cooler more a go-to cooler in the store, and those are all positive that eventually have a halo effect as well in the rest of our portfolio. So I don't know if I'm answering the question because really I couldn't -- we couldn't hear it very well. But I guess you get a sense of the importance of sell-through in our energy strategy and the value we get from both the actual monetization of that distribution, but also the halo it has in the rest of the portfolio.

是的。抱歉，我們錯過了一些問題，但希望我們能得到您想要問的內容。 CELSIUS 顯然是我們能量飲料策略的一部分。我們說我們有多個支柱，我們有能力在我們的系統中分銷，一些第三方品牌是該策略的一部分。顯然，CELSIUS 仍在繼續成長。在過去一年左右的時間裡，我們將品牌的分銷和店面數量增加了一倍，特別是在便利管道，這是能源消耗的關鍵管道。 CELSIUS 對我們驅動的參與使我們的整個系統更有效率。它使我們的銷售人員在商店中更具相關性。它使我們的冷卻器更成為商店裡的首選冷卻器，這些都是正面的，最終也會在我們的其他產品組合中產生光環效應。所以我不知道我是否在回答這個問題，因為我真的不能——我們聽不清楚。但我想您會意識到銷售在我們的能源策略中的重要性，以及我們從該分配的實際貨幣化以及它在投資組合的其餘部分中所具有的光環中獲得的價值。

Okay. So thank you very much for your questions and for joining us today. And especially thank you for the confidence you've placed in us. with your investment. We hope you all stay safe and healthy. Thank you very much.

好的。非常感謝您提出問題並今天加入我們。特別感謝您對我們的信任。與您的投資。我們希望大家保持安全和健康。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，並度過美好的一天。