百事 (PEP) 2023 Q4 法說會逐字稿

Good morning and welcome to PepsiCo's 2023 Fourth 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 年第四季獲利問答會。 （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. 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, February 9, 2024 and we are under no obligation to update.

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，這兩者都可以在我們的網站上找到。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（2024 年 2 月 9 日）的觀點，我們沒有義務更新。

When discussing our results, we will refer to non-GAAP measures, which exclude certain items from reported results. Please refer to our fourth quarter 2023 earnings release and 2023 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.

在討論我們的結果時，我們將參考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 年第四季度收益發布和2023 年10-K 表格，以了解非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與實際結果存在重大差異的因素的討論前瞻性陳述。

As a reminder, our reported fourth quarter and fiscal year 2022 financial results included 1 extra reporting week for our North America businesses. Our reported fourth quarter and fiscal year 2023 financial results in North America reflect the impacts associated with 1 less reporting week versus when compared to the prior year.

謹此提醒，我們報告的第四季和 2022 財年財務業績包括北美業務的額外報告週。我們報告的北美第四季和 2023 財年財務表現反映了與前一年相比減少 1 週報告所帶來的影響。

Joining me today are PepsiCo's Chairman and CEO, Ramon Laguarta; and PepsiCo's Executive Vice President and CFO, Jamie Caulfield.

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)；以及百事公司執行副總裁兼財務長 Jamie Caulfield。

(Operator Instructions) With that, operator, I'll turn it over for the first question.

（操作員指示） 那麼，操作員，我將把第一個問題轉過來。

(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。

Jamie, I'm not sure who's more surprised. We're seeing each other again, me or you but welcome back.

傑米，我不確定誰更驚訝。我們又見面了，無論是我還是你，但歡迎回來。

It's great to talk to you again, Bryan.

很高興再次與你交談，布萊恩。

So I have a question, I guess, just -- if you can field a few questions today about the organic sales growth guidance for the year. And maybe if you can help dimensionalize, not just the reduction but how much is recall, things that are sort of external? How much are things that are under your control? And maybe you can think about as we think the balance of that, just how much of improvement are you expecting maybe in North America versus international? Just trying to understand the moving parts of how we get to the organic sales guide for the year.

所以我想我有一個問題——您今天是否可以回答一些有關今年有機銷售成長指導的問題。也許你可以幫助維度化，不僅僅是減少，還有多少是回憶，一些外在的東西？有多少事情是在你的控制之下的？也許您可以考慮一下，就像我們考慮的平衡一樣，您預計北美與國際相比會有多少改進？只是想了解我們如何獲得今年的有機銷售指南的活動部分。

Bryan, this is Ramon. Listen, let me step back for a minute and talk about the last 3 years and then how next year fits into that. So the last few years, we've seen a double-digit growth top line in the business consistently. So I think it's an 11% CAGR and a 14% or double-digit EPS growth consistently as well. So 3 very good years now. We see a -- in '24, we see a normalization of the categories and normalization of the cost, normalization of inflation. So we see everything trending back to our long-term algorithm.

布萊恩，這是雷蒙。聽著，讓我退後一步，談談過去三年，然後談談明年的情況。因此，在過去的幾年裡，我們看到該業務的營收持續保持兩位數的成長。因此，我認為複合年增長率為 11%，每股收益也持續增長 14% 或兩位數。所以現在已經是非常好的三年了。我們看到——在 24 年，我們看到類別的正常化、成本的正常化、通貨膨脹的正常化。所以我們看到一切都趨向於我們的長期演算法。

Now we guided to upper end of the -- both top line and bottom line at the previous earnings call. We maintained the top line at the upper end for the EPS and we moved back to at least 4% for the top line. And there's a few factors that I think are material. One is the Quaker recall. We had a food safety incident in our Quaker supply chain in the U.S. which has impacted us in November, December and it will continue to impact us, I think, for the -- at least for the first half of the year until we recover our supply chain to normality.

現在，我們在先前的財報電話會議上指導了頂線和底線的上限。我們將 EPS 的頂線維持在上限，並將頂線回升至至少 4%。我認為有幾個因素很重要。其中之一是貴格會召回事件。我們在美國的桂格供應鏈發生了一次食品安全事件，該事件在 11 月和 12 月對我們產生了影響，我認為它將繼續影響我們，至少在今年上半年，直到我們恢復正常生產。供應鏈恢復正常。

We're also seeing some geopolitical events around the world that are impacting some of our markets, which might potentially continue in the first half of next year. And then the third element is, we're seeing a bit of a slowdown in the U.S., both the food category and the beverage category in the Q4. Part of that is slowdown due to pricing and disposable income situation. Part of that is also pivoting between in home consumption and away from home consumption that we're seeing in our business in the U.S. We think that, that might continue in next year. So that's why we're lowering our guidance. We feel good about the consumer in '24 in the U.S. We feel good in the sense of very low unemployment.

我們也看到世界各地的一些地緣政治事件正在影響我們的一些市場，這種情況可能會在明年上半年持續下去。第三個因素是，我們看到美國第四季的食品類別和飲料類別都略有放緩。部分原因是定價和可支配收入狀況導致經濟放緩。其中一部分還在於我們在美國業務中看到的家庭消費和非家庭消費之間的轉變。我們認為，這種情況可能會在明年繼續下去。這就是我們降低指導的原因。我們對 24 世紀美國的消費者感覺良好。我們對失業率非常低的感覺很好。

We feel good about the fact that we think wages will go higher than inflation next year. And we hope that by the summer, interest rates will go down and that will create another source of oxygen for disposable income in households. So we feel good about the consumer in the U.S. but if you think about those 3 elements where -- why we decided to have at least 4% as the guidance for the top line.

我們認為明年薪資將高於通膨，對此我們感到很高興。我們希望到夏天，利率將會下降，這將為家庭可支配收入創造另一個氧氣來源。因此，我們對美國的消費者感覺良好，但如果你考慮這 3 個因素，為什麼我們決定將至少 4% 作為營收指引。

(Operator Instructions) Our next question comes from Lauren Lieberman with Barclays.

（操作員說明）我們的下一個問題來自巴克萊銀行的 Lauren Lieberman。

Great. Just kind of continuing on that thread perhaps, Ramon, we're focusing more on Frito. So track channel data hasn't looked great. The reported volume decline sort of bigger than what we've seen in some time for this business. But when I look at a multiyear stack, things look kind of steadier sequentially, when I look at the second half. So just curious how much of maybe these near-term results on Frito and looking into the beginning of the year is more multiyear comps. Is it the consumer backdrop, the impact of pricing? But just thinking a little bit about your expectations for -- plans, I guess, for driving greater units -- unit versus volume growth in '24, thinking about those 2 pieces.

偉大的。也許只是繼續這個話題，拉蒙，我們更專注於菲多利。所以追蹤頻道的數據看起來不太好。報告的銷量下降幅度比我們一段時間以來看到的該業務的下降幅度要大一些。但當我查看多年的堆疊時，當我查看下半年時，情況看起來會逐漸穩定。因此，我只是想知道，Frito 的近期業績和年初的業績有多少是更多的多年比較。是消費者背景、定價的影響嗎？但只要稍微考慮一下您對 24 年銷售成長的預期（我猜是為了推動更大銷售的計劃），請考慮這兩部分。

Great. Lauren, I think it's a great question. Yes, to summarize, we're seeing the Frito business going back to profitable volume growth in '24. So that's how we're thinking about the business. If you think about the slowdown in Q4 and you link it to the elements that I was referring to, there is a units versus volume dynamic in the Frito business that is quite relevant. As you see consumption moving from in home to away from home, the portion size is meaningfully different. So we're seeing growth in convenience stores. We're seeing growth in away from home in, like 2 to 3x the retail growth but obviously has an implication on volume.

偉大的。勞倫，我認為這是一個很好的問題。是的，總而言之，我們看到 Frito 業務在 24 年恢復了盈利量增長。這就是我們對業務的思考方式。如果您考慮第四季度的放緩並將其與我所指的要素聯繫起來，那麼菲多利業務中的單位與數量動態是非常相關的。當您看到消費從在家中轉移到外出時，份量大小顯著不同。所以我們看到便利商店的成長。我們看到客場的成長，大約是零售成長的 2 到 3 倍，但顯然對銷售有影響。

As we look at the '24, we have a very strong commercial plan for Frito. We have -- our core brands very well invested. You saw that in '23, we increased our A&M meaningfully, we're planning to do that as well in '24. So Lays has a big increase in A&M, Doritos has a big increase in A&M, all our permissible portfolio, which, if you think about a combination of SunChips, PopCorners, the whole Simply line, Smartfood, that part of the portfolio is growing almost 3x the average of Frito.

回顧 24 年，我們為 Frito 制定了非常強大的商業計劃。我們對我們的核心品牌進行了大量投資。您看到，在 23 年，我們有意義地增加了 A&M，我們也計劃在 24 年這樣做。因此，樂事(Lays) 的A&M 大幅增加，多力多滋(Doritos) 的A&M 大幅增加，這是我們所有允許的投資組合，如果你考慮一下SunChips、PopCorners、整個Simply line、Smartfood 的組合，那麼這部分投資組合幾乎在成長是 Frito 平均值的 3 倍。

So we're putting a lot of emphasis on that particular part of the portfolio and make sure that it has -- is well executed in the store. And now that supply chain is back to 100%, we're going to push that part of the portfolio even more aggressively. So we think that Frito will have a continuation of the share of market gains that it's been having for the last couple of years and we expect the category will rebound as well, part of that because of what we'll do with our brands, which obviously have a lot of weight in the overall category. But also the fact that we think consumers will continue to feel better throughout the year and that will recover the Frito-Lay top line, with a more balanced profitable volume growth and pricing versus what we've seen this year.

因此，我們非常重視產品組合的特定部分，並確保它在商店中得到良好的執行。現在供應鏈已恢復到 100%，我們將更積極地推動這部分投資組合的發展。因此，我們認為菲多利將繼續保持過去幾年的市場份額成長，我們預計該類別也會反彈，部分原因是我們將對我們的品牌所做的事情，顯然在整個類別中佔有很大的比重。但事實上，我們認為消費者全年將繼續感覺更好，這將恢復菲多利的營收，與我們今年看到的相比，利潤成長和定價更加平衡。

Next question comes from Bonnie Herzog with Goldman Sachs.

下一個問題來自高盛的邦妮·赫爾佐格。

All right. I guess I had a question on PBNA profitability. I believe you still have a goal to reach the mid-teen operating margin levels. But so far, we really haven't seen much progress. So Ramon, I guess hoping you could touch on your plans to achieve this. And then maybe whether you're considering making bigger structural changes to your business? If there's possible refranchising of your bottling network. I know you've mentioned in the past that you do see some advantages with broadly owning your network. But just curious to hear if your thoughts on this have changed. And I guess if not, what other initiatives do you plan to implement to improve profitability at PBNA?

好的。我想我對 PBNA 獲利能力有疑問。我相信您仍然有一個目標，即達到中位數的營業利潤率水平。但到目前為止，我們確實還沒有看到太大的進展。拉蒙，我想希望你能談談你實現這一目標的計劃。那麼您是否正在考慮對您的業務進行更大的結構性變革？您的裝瓶網路是否有可能重新特許經營。我知道您過去曾提到過，您確實看到了廣泛擁有網路的一些優勢。但只是想知道您對此的想法是否有所改變。我想如果沒有，您還計劃實施哪些其他措施來提高 PBNA 的獲利能力？

Yes. So yes, listen, I would say we don't contemplate at this point any of the structural changes to our business. We continue to think that operating the business has advantages for us in terms of speed of execution and some other elements that -- as we see where the business is growing, in e-commerce, away from home and some other channels of the future, including direct-to-consumer, we think that that's going to create an advantage for us. Now we've been making progress at a good pace in our margin improvement. If you think about the last 3 years, the net revenue for PBNA has grown over $5 billion and the operating profit has grown $1 billion. Core operating margin has expanded more than 150 bps. So we see in the last few years a good improvement in the PBNA business.

是的。所以，是的，聽著，我想說我們目前不會考慮對我們的業務進行任何結構性改變。我們仍然認為，經營業務在執行速度和其他一些因素方面對我們有優勢——正如我們看到業務在電子商務、外出和未來的其他一些管道中增長的地方，包括直接面向消費者，我們認為這將為我們創造優勢。現在，我們在利潤率改善方面取得了良好的進展。想想過去 3 年，PBNA 的淨收入成長了 50 億美元以上，營業利潤成長了 10 億美元。核心營業利益率擴大了 150 個基點以上。因此，我們看到過去幾年 PBNA 業務取得了良好的進步。

We think this will continue in the coming years, actually '24, that's the first step. We are optimizing the portfolio. We're eliminating parts of the portfolio that were less profitable. We've referred to bottled water. We've referred to some multi-serve parts of the portfolio that were not that profitable. We continue to optimize our efficiency of our supply chain, we're digitalizing our supply chain. We continue to extract -- eliminate waste from that. We continue to work on global business services that reduces the G&A.

我們認為這將在未來幾年繼續下去，實際上是 24 年，這是第一步。我們正在優化投資組合。我們正在消除投資組合中利潤較低的部分。我們提到了瓶裝水。我們提到了產品組合中一些利潤不高的多服務部分。我們不斷優化供應鏈的效率，我們正在數位化我們的供應鏈。我們繼續從中提取並消除浪費。我們持續致力於減少一般管理費用的全球商業服務。

We're also optimizing A&M, trying to get to higher ROI on A&M and our trade investments. So we continue to think that optimizing all those elements in the different parts of the P&L will continue to drive a sustainable margin improvement, whilst we remain very competitive in the marketplace. And that's the balance that we're trying to strike with this business. So far, we feel good. The business grew with the rest of the category. If you take everything that is in our system, grew in line with the category and we increased the operating margin. So that's how we're thinking at this point about the PBNA business and with a long-term perspective, obviously, in how we will achieve those 2 elements of growing with the category and increasing the margins.

我們也正在優化 A&M，試圖在 A&M 和我們的貿易投資上獲得更高的投資報酬率。因此，我們仍然認為，優化損益表不同部分的所有這些要素將繼續推動可持續的利潤率提高，同時我們在市場上仍然具有強大的競爭力。這就是我們在這項業務中試圖達到的平衡。到目前為止，我們感覺良好。該業務與該類別的其他業務一起成長。如果你把我們系統中的所有內容都與類別保持一致，我們就會增加營業利潤。這就是我們目前對 PBNA 業務的思考方式，並從長遠角度考慮，顯然，我們將如何實現隨品類增長和提高利潤率這兩個要素。

Our next question comes from Kaumil Gajrawala with Jefferies.

我們的下一個問題來自 Jefferies 的 Kaumil Gajrawala。

Welcome back, Jamie. Well, I suppose you've gone nowhere but welcome back to dealing with us, I guess. Can you maybe talk a bit more about international, particularly margins are picking up above the average now, it's scaling quite nicely. But also if there's anything we need to be aware of as it relates to hyperinflation, Argentina, anything like that?

歡迎回來，傑米。好吧，我想你哪裡也沒去，但歡迎回來與我們打交道，我想。能多談談國際化嗎，特別是現在的利潤率正在高於平均水平，它的規模擴展得相當好。但如果有什麼我們需要注意的，因為它與惡性通貨膨脹有關，阿根廷，類似的事情嗎？

No, listen, I'll start and maybe Jamie can add to this. The -- listen, the international opportunity continues to be probably the most remarkable and exciting opportunity that we have as a company. As you're saying, our international business is very scaled now. It's almost $40 billion between beverages and snacks. So that's, if you compare it to some of the consumer goods companies, it's much bigger than many of the consumer goods companies globally. So clearly, a big opportunity and we have just scratched the surface when you think about the per capita consumption that we have in many markets and the opportunity we have ahead of us.

不，聽著，我先開始，也許傑米可以補充。聽著，國際機會可能仍然是我們作為一家公司擁有的最非凡、最令人興奮的機會。正如你所說，我們的國際業務現在已經非常規模化了。飲料和零食之間的價值接近 400 億美元。所以，如果你將它與一些消費品公司進行比較，它比全球許多消費品公司大得多。很明顯，這是一個巨大的機會，當你考慮到我們在許多市場的人均消費以及我們面前的機會時，我們才剛剛觸及表面。

So yes, you pointed it right. As we scale it, some of those businesses are becoming more profitable. And obviously, you start the virtuous circle of scale, reinvestment, margin expansion and getting to a much more profitable and advantaged businesses across many markets. So this year is not going to be a different one. So '24, we continue to think that international will grow faster than the U.S. business. We're seeing good momentum as we start the year in many of our international businesses.

所以是的，你指出的是正確的。隨著我們規模的擴大，其中一些業務的利潤正在變得更高。顯然，你開始了規模、再投資、利潤擴張的良性循環，並在許多市場上建立了利潤更高、優勢更大的業務。因此，今年不會有所不同。因此，24 年，我們仍然認為國際業務的成長速度將快於美國業務。新年伊始，我們的許多國際業務都呈現出良好的勢頭。

Our position is of investment in those markets. So we're going aggressively with productivity and reinvestment for growth, reinvestment in the brands, reinvestments in systems, in capabilities that continue to drive the per caps and our share of market position. So you should think about our international business as a big opportunity for PepsiCo. And with regards to the Argentina situation, it's -- we've already taken that hyper accounting and you shouldn't expect any material impact on organic sales growth.

我們的立場是投資這些市場。因此，我們正在積極提高生產力和再投資以實現成長，對品牌進行再投資，對系統和能力進行再投資，以繼續推動人均產能和我們的市場地位份額。因此，您應該將我們的國際業務視為百事公司的巨大機會。至於阿根廷的情況，我們已經採取了超級會計，你不應該指望會對有機銷售成長產生任何實質影響。

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。

Jamie, great to hear your voice again. So I wanted to drill down a bit more on Bonnie's question but looking at PBNA, top line more than profit, there's clearly been some market share struggles in pieces of the portfolio there, sports drinks, CSDs, et cetera. So I guess can you just talk a little bit more about strategy changes from a top line standpoint how you sort of manage the business by product category and your thoughts around share trends as we look going forward?

傑米，很高興再次聽到你的聲音。因此，我想更深入地探討邦妮的問題，但看看 PBNA，營收比利潤更重要，那裡的投資組合（運動飲料、碳酸飲料等）顯然存在一些市場份額的掙扎。所以我想您能否從頂線的角度多談談策略變化，您如何按產品類別管理業務，以及您對我們未來展望的共享趨勢的想法？

Good. Listen, we feel good about the overall portfolio of PBNA. We manage the business as a full LRB business, not as a CSD or any particular subcategory. We're looking at the full portfolio and how it's always everywhere for consumers from the morning to the night, in all the multiple occasions. We continue to believe that we have an advantaged portfolio, if you think about our positions in sports and hydration, our positions in coffee, tea, now the portfolio we have in energy and our CSD position as well. So we continue to manage as a full LRB. Now if you think about our priorities for the year, relaunch of Pepsi brand, with a new image, with focus on Zero. Zero has been growing very fast and continues to be an advantage proposition for us. We're putting a lot of additional investment in Mountain Dew and we're launching Baja Blast as a permanent SKU. Baja Blast had been a success as an LTO or limited time offer for many years.

好的。聽著，我們對 PBNA 的整體投資組合感覺良好。我們將業務作為完整的 LRB 業務進行管理，而不是作為 CSD 或任何特定子類別進行管理。我們正在研究完整的產品組合，以及它如何在所有多種場合為消費者提供從早到晚的無處不在。我們仍然相信，如果你考慮我們在運動和水化方面的地位，我們在咖啡、茶方面的地位，現在我們在能源方面的地位以及我們在 CSD 方面的地位，我們擁有優勢的產品組合。因此，我們繼續作為完整的 LRB 進行管理。現在，如果您考慮我們今年的優先事項，那就是重新推出百事可樂品牌，以新形象，重點關注「零」。零成長非常快，而且仍然是我們的一個優勢主張。我們對激浪投入了大量額外投資，並將 Baja Blast 作為永久 SKU 推出。 Baja Blast 作為 LTO 或限時優惠多年來一直取得成功。

Now we're launching it. We're using the Super Bowl as a platform this weekend to launch Baja Blast. We continue to build a position in lemon-lime with Starry. Starry, it's been a good first year. I think we had -- we're over indexing with Gen Z. We see the brand getting some good repeat. You will see also an investment around Super Bowl and continue during the year. So that's our CSD portfolio.

現在我們正在啟動它。本週末我們將利用超級盃作為平台推出 Baja Blast。我們繼續與 Starry 建立檸檬酸橙市場的地位。 Starry，第一年過得很好。我認為我們對 Z 世代的索引過度了。我們看到這個品牌得到了很好的重複。您還將看到圍繞超級盃的一項投資並將在年內繼續進行。這就是我們的 CSD 投資組合。

We feel very good about Gatorade. Gatorade is -- we're moving from historically a liquid for high-performing athletes to an ecosystem of solutions in hydration and fuel for every type of active person. And we're seeing a lot of traction. It's not only Gatorade per se but it's Gatorlyte, it's GFit, it's Propel, it's Muscle Milk, all under 1 umbrella. And it's not only liquid solutions, it's powders, it's tablets, it's equipment, personalized equipment bottles and others. And now we're launching around the Super Bowl, Gatorade iD, which is also an ecosystem of loyalty and I would say, personalization for our consumers that will bring even more attention to the brand and more loyalty with younger consumers.

我們對佳得樂感覺非常好。佳得樂正在從歷史上為高水平運動員提供的液體轉變為為各類活躍人士提供補水和燃料解決方案的生態系統。我們看到了很大的吸引力。它不僅是佳得樂本身，還有 Gatorlyte、GFit、Propel、Muscle Milk，所有這些都在 1 個保護傘下。而且它不僅是液體溶液，還有粉末、片劑、設備、個人化設備瓶等。現在，我們圍繞超級盃推出了Gatorade iD，這也是一個忠誠度生態系統，我想說的是，為我們的消費者提供個人化服務，這將為品牌帶來更多關注，並提高年輕消費者的忠誠度。

On Energy, we're very happy with our portfolio. Obviously, the Starbucks coffee energy on one side, Rockstar and obviously, our collaboration with CELSIUS, which is -- which has been a great success and it provides scale to our go-to-market and kind of a point of entry as well with some of our customers. And then our tea business continues to do very well with Pure Leaf and our Starbucks collaboration now moving more into -- beyond coffee, I would say, more refreshers and some other innovation that Starbucks is developing for their cafes and we bring it ready-to-drink.

在能源方面，我們對我們的投資組合非常滿意。顯然，一方面是星巴克的咖啡能量，另一方面是 Rockstar，當然還有我們與 CELSIUS 的合作，這取得了巨大的成功，它為我們進入市場提供了規模，也是一個切入點我們的一些客戶。然後，我們的茶業務繼續在Pure Leaf 的幫助下表現出色，我們與星巴克的合作現在更多地擴展到咖啡之外，我想說，星巴克正在為他們的咖啡館開發更多的提神飲料和其他一些創新產品，我們將其準備就緒-喝。

So I think we have a beautiful portfolio. We continue to grow in retail and we're putting a lot of focus in away from home, as we're seeing that the away from home channel is getting much more traffic as people go back to normal mobility and that will be a focus for us going forward. This year, we think we'll continue to grow above the market and continue to gain share in what is a very profitable and high-growth channel. So this is how we're thinking about the business there. And hopefully, it gives you a good sense of the intentionality, how we're thinking about the broad portfolio and our willingness to compete with innovation, with brand investment and with great execution.

所以我認為我們有一個漂亮的投資組合。我們的零售業務繼續成長，我們將重點放在外出旅遊上，因為我們看到，隨著人們恢復正常的出行方式，外出旅遊管道的流量正在增加，這將成為我們關注的焦點我們繼續前進。今年，我們認為我們將繼續超越市場成長，並繼續在利潤豐厚且高成長的管道中獲得份額。這就是我們思考那裡業務的方式。希望它能讓您更了解我們的意圖、我們如何考慮廣泛的產品組合以及我們透過創新、品牌投資和出色的執行力進行競爭的意願。

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。

Ramon, I just wanted to ask a follow-up based on your response to both Bryan and Lauren's question on the organic growth. And I may have misheard or could be misinterpreting this but you touched on some of the things that you are doing internally that will drive the improved performance. But I think you also mentioned some sort of assumption around maybe the U.S. consumer would feel better. I mean, if that doesn't happen, would that put the organic revenue guidance at risk? Or would it improve [backdrop], be more of a source of upside versus the greater than 4%?

拉蒙，我只是想根據您對布萊恩和勞倫關於有機增長問題的回答詢問後續情況。我可能聽錯了或誤解了這一點，但你談到了你內部正在做的一些事情，這些事情將推動績效的提升。但我認為你也提到了一些關於美國消費者可能會感覺更好的假設。我的意思是，如果這種情況沒有發生，有機收入指引是否會面臨風險？或者它會改善[背景]，與超過 4% 相比，更多地成為上漲的來源嗎？

The current assumption is what I said. We think that the consumer will continue to improve in its confidence and its disposable income throughout the year and that's the ongoing assumption. We have a very strong productivity program in the company, which gives us the fuel for investment and it gives us also a lot of flexibility to manage a potential different consumer reality. But at this point, we think this is the ongoing assumptions. We will invest in our brands, we will invest in our innovation. And now that supply chain is in a very good place compared to what it was a couple of years ago, even last year, we can rely on our -- the tools that we're very good at, which is brand building, innovation, execution, distribution increases, strong commercial programs with our partners and that's where we think we'll grow our -- we will drive the growth of our top line.

目前的假設就是我所說的。我們認為消費者的信心和可支配收入將全年持續提高，這是一個持續的假設。我們公司有一個非常強大的生產力計劃，這為我們提供了投資動力，也為我們提供了很大的靈活性來管理潛在的不同消費者現實。但目前，我們認為這是一個持續的假設。我們將投資我們的品牌，我們將投資於我們的創新。與幾年前甚至去年相比，現在的供應鏈處於非常好的位置，我們可以依靠我們非常擅長的工具，即品牌建設、創新、執行、分銷增加、與合作夥伴的強大商業計劃，這就是我們認為我們將成長的地方—我們將推動我們營收的成長。

I'd like to add, just to remind you, 40% of our business is now international. So U.S. is significant but we've got a big business outside the U.S.

我想補充一點，只是提醒您，我們現在 40% 的業務是國際業務。因此，美國很重要，但我們在美國以外也有很大的業務。

Our next question comes from Gerald Pascarelli with Wedbush.

我們的下一個問題來自韋德布希的傑拉爾德·帕斯卡雷利。

Ramon, I have a question on energy drinks. Can you just speak about your plans to maybe drive performance in Rockstar this year? It's kind of been a relative underperformer in energy drinks for some time. And now you have Bang coming back into the market, which could potentially result in some incremental disruption. So maybe just some color on how you're thinking about driving an improvement in that brand and then maybe broader thoughts on the competitive dynamics within energy drinks this year?

拉蒙，我有一個關於能量飲料的問題。您能否談談今年推動 Rockstar 表現的計劃？一段時間以來，它在能量飲料領域的表現相對較差。現在，Bang 重新進入市場，這可能會導致一些增量中斷。那麼，也許只是談談您如何考慮推動該品牌的改進，然後可能對今年能量飲料的競爭動態進行更廣泛的思考？

Yes. I mean it's a great question. The energy category continues to grow, as you see above the LRB category. So it continues to expand into new consumers and new consumer occasions, which obviously creates growth for everyone that participates in the category. So we participate, as we've always said, with multiple vectors. We're proud of our Starbucks partnership and some of the products we offer Doubleshot, Tripleshot. We're proud of the Rockstar brand. Rockstar has been growing with the category. More or less, there are some parts of the country where it's well distributed and well preferred.

是的。我的意思是這是一個很好的問題。正如您在 LRB 類別上方看到的那樣，能源類別持續成長。因此，它不斷擴展到新的消費者和新的消費場合，這顯然為參與該類別的每個人創造了成長。因此，正如我們一直所說的那樣，我們以多個載體參與。我們為我們與星巴克的合作關係以及我們提供的一些 Doubleshot、Tripleshot 產品感到自豪。我們為 Rockstar 品牌感到自豪。 Rockstar 一直與該類別一起成長。或多或少，在該國的某些地區，它分佈廣泛並且很受歡迎。

Other parts of the country, we're trying to get consumer penetration and consumer adoption. The areas where we've been successful with Rockstar, which we will double down, the Zero and the Recover parts of the portfolio. Both of them, if you think, is energy with functionality and where we think our R&D can create advantage. So we're pushing those 2 platforms, Rockstar Zero and Rockstar Recover. And that will continue to be the focus of the brand.

在該國其他地區，我們正在努力提高消費者滲透率和消費者採用率。我們將在 Rockstar 上取得成功的領域加倍努力，即產品組合中的「零」和「恢復」部分。如果您認為，它們都是具有功能性的能量，並且我們認為我們的研發可以創造優勢。因此，我們正在推動這兩個平台：Rockstar Zero 和 Rockstar Recover。這將繼續成為該品牌的重點。

We've also been focusing on Hispanic consumer. And then also we've seen an increase in the penetration of the brand with the Hispanic population, with Hispanic consumers, will continue to drive that commercial activity. But we see this as a portfolio of solutions, including CELSIUS and how we -- the combined portfolio creates a very good point of execution for us as multibrand. It gives us an entry into convenience stores and some other points of sale away from home. And we'll continue to drive the portfolio as the unit of execution.

我們也一直關注西班牙裔消費者。然後我們也看到該品牌在西班牙裔人口和西班牙裔消費者中的滲透率不斷提高，這將繼續推動這種商業活動。但我們將其視為解決方案組合，包括 CELSIUS 以及我們如何——組合的組合為我們作為多品牌創造了一個非常好的執行點。它讓我們可以進入便利商店和其他一些遠離家鄉的銷售點。我們將繼續推動投資組合作為執行單元。

Forgot, maybe I can say, the other thing we're doing with Rockstar, which we don't talk a lot but it's an important part of our growth, is we're launching Rockstar internationally in many markets around the world, from Asia to Europe, to parts of Latin America. And we're having good success. Again, as a portfolio of solutions that complements our Sting brand that we have in Asia or some other brands that we have in Europe as well.

忘了，也許我可以說，我們與 Rockstar 一起做的另一件事是我們在全球許多市場（從亞洲）推出 Rockstar，這是我們發展的重要組成部分。到歐洲、拉丁美洲部分地區。我們取得了巨大的成功。同樣，作為解決方案組合，補充了我們在亞洲擁有的 Sting 品牌或我們在歐洲擁有的其他一些品牌。

Our next question comes from Robert Moskow with TD Cowen.

我們的下一個問題來自 Robert Moskow 和 TD Cowen。

In your prepared remarks, you said that you expect less commodity inflation but some agricultural inputs might be higher. Can you be more specific? And I was hoping if you could focus a little on Frito because there's a very big potato crop this past year, vegetable oil costs are coming down. Do you see any relief on the horizon for Frito in that regard?

在您準備好的發言中，您表示預計大宗商品通膨將會下降，但某些農業投入可能會更高。你可以說得更詳細點嗎？我希望您能稍微關註一下菲多利（Frito），因為去年馬鈴薯產量很大，植物油成本正在下降。您是否認為菲多利在這方面會有所緩解？

Rob, it's Jamie. Yes, that is the practice. We comment on the basket of inputs. We don't comment on specific commodity movement but you're absolutely correct that we do expect commodity inflation to moderate from what we had in '23.

羅布，我是傑米。是的，這就是實踐。我們對一攬子投入進行評論。我們不對具體的大宗商品走勢發表評論，但您的說法絕對正確，我們確實預計大宗商品通膨將較 23 年有所放緩。

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。

And great having you back, Jamie, on the investor-facing mode. I have 1 question and then a clarification. First, for Ramon, I was hoping to see if you can elaborate a little bit more on how you're going to be lapping. And if you have a red lap, the mix drags and the shift from -- away from -- to away from home and where your market share is not probably as strong as in snacks as you have in at-home channels. And given your strong gross margin delivery in your experience in negotiating with large box retailers, especially in Europe, are retailers asking you to invest back in promo rollbacks given your gross margin delivery and productivity gains, in particular in North America and Europe? And my clarification for Jamie is, in terms of like your organic sales growth and EPS cadence for the year, anything we should be considering on your guide as far as cadence?

傑米，很高興你能回到投資者導向的模式。我有 1 個問題，然後需要澄清。首先，對於拉蒙（Ramon），我希望看看你是否可以詳細說明你將如何研磨。如果你有紅圈，那麼混合就會拖慢，並且從——遠離——到遠離家鄉的轉變，你的市場份額可能不像零食那樣強大，就像你在家庭管道中所擁有的那樣。鑑於您在與大型零售商（特別是在歐洲）談判的經驗中提供了強勁的毛利率，考慮到您的毛利率交付和生產率的提高（特別是在北美和歐洲），零售商是否要求您在促銷回滾上進行投資？我向傑米澄清的是，就您今年的有機銷售成長和每股盈餘節奏而言，就節奏而言，我們應該在您的指南中考慮什麼？

Yes. So on the organic sales growth, first of all, Andrea, it's great to hear your voice again and look forward to interacting as we go forward. Organic sales growth cadence, I'd say, back half stronger than the first half. As we talked about before, we've got the impact of -- the Quaker recall is going to be front half loaded. The laps get easier as we get into the back half of the year. And then some of these consumer pressures that have existed with elimination of stimulus benefits, resumption of student loan payments. We'll lap those as we get into the year.

是的。因此，關於有機銷售成長，首先，Andrea，很高興再次聽到您的聲音，並期待在我們前進的過程中進行互動。我想說，有機銷售成長節奏後半段強於上半年。正如我們之前談到的，我們已經受到了桂格召回的影響。當我們進入下半年時，圈數變得更容易。然後，隨著刺激福利的取消、學生貸款支付的恢復，存在一些消費者壓力。當我們進入今年時，我們將記錄這些。

Yes. Andrea, listen, the -- with regards to the customer, I think we're all trying to build win-win plans, in the sense that we grow the business and we create profit growth for both our customers and ourselves. We normally -- we have always the consumer at the center. So it will be a combination of how we generate growth through, as I said, innovation and we have a few big innovations and brand relaunches this year. We put a lot of investment there together with our customers. We'll continue to try to expand our SKUs with the customers and there will be investments there. And there will be some investments in trying to give more value to consumers in a very holistic way, right, through pack price, through promotions, through consumer events that eventually will drive preference for our brands. But that's the way we're thinking about creating this joint business, planning with our large customers that create growth for the category growth for our customers and growth for us.

是的。安德里亞，聽著，關於客戶，我認為我們都在努力製定雙贏計劃，即我們發展業務並為我們的客戶和我們自己創造利潤增長。通常，我們總是以消費者為中心。因此，正如我所說，這將是我們如何透過創新實現成長的結合，今年我們有一些重大創新和品牌重新推出。我們與客戶一起在那裡投入了大量投資。我們將繼續嘗試與客戶一起擴展我們的 SKU，並將在這方面進行投資。我們將進行一些投資，嘗試以非常全面的方式為消費者提供更多價值，對吧，透過包裝價格、促銷、消費者活動，最終將推動人們對我們品牌的偏好。但這就是我們考慮創建這項聯合業務的方式，與我們的大客戶一起規劃，為我們的客戶和我們的品類成長創造成長。

With regards to away from home -- sorry, I forgot, Andrea. The away from home, we see it as an and, not as an or. So we see as an opportunity for us to continue to be in consumers' lives always everywhere. And as consumers pivot away from home, we'll try to be there for them. It's been an area of investment for us, both in distribution and specific solutions for away from home for quite some time. And we're seeing our businesses in the large markets, growing above the market in away from home. So clearly, this will be an opportunity for us for many years to come. And I think we're getting better at mixology. We're getting better at more food experiences, Walking Taco, Doritos Loaded. We're testing food trucks. We're testing many things that will make our brands available to consumers in -- beyond what is a packaged bag or a can or a bottle. Now I think consumers are expecting from us away from home a much more holistic experience and that's where we're working on. And I think we're making good progress.

關於離開家——抱歉，我忘了，安德里亞。出門在外，我們將其視為“與”，而不是“或”。因此，我們認為這是我們繼續無處不在消費者生活中的機會。隨著消費者遠離家鄉，我們將盡力為他們提供協助。相當長一段時間以來，這一直是我們投資的一個領域，無論是在分銷還是在外出時的具體解決方案方面。我們看到我們的業務在大型市場中的成長超過了國外市場。顯然，這將是我們未來許多年的機會。我認為我們在調酒方面做得越來越好。我們在提供更多美食體驗方面做得越來越好，包括步行玉米捲、多力多滋。我們正在測試餐車。我們正在測試許多東西，這些東西將使我們的品牌能夠以包裝袋、罐頭或瓶子之外的方式向消費者提供。現在我認為消費者期望我們在外出時獲得更全面的體驗，這就是我們正在努力的方向。我認為我們正在取得良好進展。

Our next question comes from Robert Ottenstein with Evercore.

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

Great. A little bit more of a detailed question on PBNA. And just want to talk about Gatorade and CELSIUS. So in terms of Gatorade, could you just remind us in terms of the timing of the move to DSD and how that impacted your income statement? And then in terms of CELSIUS, obviously, the brand has done phenomenally well. It's getting pretty big now. Can you talk about how CELSIUS impacts the income statement in the U.S.? And then how your relationship with the company has evolved, you talked about taking Rockstar internationally. CELSIUS is doing some -- going international now. Are you part of that plan as well?

偉大的。關於 PBNA 的更詳細的問題。我只想談談佳得樂和 CELSIUS。那麼，就佳得樂而言，您能否提醒我們轉向 DSD 的時間以及這對您的損益表有何影響？然後就 CELSIUS 而言，顯然該品牌做得非常好。現在已經變得相當大了。能談談 CELSIUS 對美國損益表的影響嗎？然後您與公司的關係如何發展，您談到了將 Rockstar 推向國際化。 CELSIUS 正在做一些事情——現在正在走向國際化。你也是這個計畫的一部分嗎？

Yes. So on Gatorade, we're 90% through on the transition. Obviously, that move is positive to the financial results overall. That's what we did, is the enhanced performance and we're happy with the margins we have on that business. On CELSIUS, the way that works is, we're sharing the system revenue with CELSIUS.

是的。因此，在佳得樂上，我們的轉型已完成 90%。顯然，這項舉措對整體財務表現是正面的。這就是我們所做的，就是提高業績，我們對業務的利潤率感到滿意。在 CELSIUS 上，有效的方式是，我們與 CELSIUS 分享系統收入。

Yes. Listen, we're happy with the collaboration with CELSIUS and that continues to be a part of our growth strategy. There is an opportunity for us to collaborate in the international expansion as well. At this point, it's not, I would say, a scaled opportunity, is a market-by-market opportunity in very particular markets. So yes, we're contemplating that as an option and we're having conversations with CELSIUS, how we can leverage the PepsiCo system for a bigger expansion, nothing short term, I would say, at this point.

是的。聽著，我們對與 CELSIUS 的合作感到很高興，這仍然是我們成長策略的一部分。我們也有機會在國際擴​​張方面進行合作。在這一點上，我想說，這不是一個規模化的機會，而是一個非常特定市場中逐個市場的機會。所以，是的，我們正在考慮將其作為一種選擇，我們正在與 CELSIUS 進行對話，討論我們如何利用百事可樂系統進行更大的擴張，我想說，目前這不是短期的。

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克里斯凱裡。

So I just wanted to ask about SG&A over the past 4 years. We've talked about this before in this forum but with the annual disclosures now out, I thought it would be a good time to revisit the topic. So specifically, Ramon, can you help contextualize the increase that we've seen in SG&A over the past 4 years, specifically, distribution cost. I'm really curious about maybe how much of this is underlying inflation as opposed to discretionary investments that PepsiCo is making? And I'm not really looking for a specific number per se. I realize that's probably difficult but distribution is up 40% over the past 4 years. And I'm just wondering how much of this is within your control, maybe some of the capabilities that you've been able to build over this time frame and maybe get a sense of how this line item should be trending going forward?

所以我只是想問一下過去 4 年的 SG&A。我們之前在這個論壇上討論過這個問題，但隨著年度披露的發布，我認為現在是重新討論這個主題的好時機。 Ramon，具體而言，您能否幫助我們了解過去 4 年來我們在 SG&A 中看到的成長情況，特別是分銷成本。我真的很好奇，其中有多少是潛在的通貨膨脹，而不是百事公司正在進行的可自由支配的投資？我並不是真的在尋找一個具體的數字本身。我意識到這可能很困難，但過去 4 年分發量增加了 40%。我只是想知道其中有多少是在您的控制範圍內的，也許您在這段時間內能夠建立一些功能，也許了解該訂單項目未來的趨勢應該如何？

Yes. So as you point out, selling and distribution is the biggest part of that. The A part is less so. And it's going to be a reflection of what you see is; one, you've got market mix or sector mix components in there. We've driven a lot of productivity in our OpEx. But at the same time, we're investing in OpEx to drive distribution and growth in the business.

是的。正如您所指出的，銷售和分銷是其中最大的部分。 A 部分則不然。它將反映你所看到的；第一，其中有市場組合或部門組合成分。我們的營運支出大大提高了生產力。但同時，我們正在投資營運支出，以推動業務的分銷和成長。

One other thing, Chris, that you should be mindful of is, we do have a big direct store delivery business. So we've had inflation in various things like labor and so forth and that's what's gone up. A&M has gone up as well, which is also kind of all part of that SG&A bucket. We've made numerous capability investments in there as well. So it's all of the above. I wouldn't hone in just on the distribution costs, which I know you focus on from the 10-K. There's a lot of buckets that go in that are far deeper that we can't get into for competitive reasons.

克里斯，你應該注意的另一件事是，我們確實擁有龐大的直接商店送貨業務。因此，我們在勞動力等各個方面都出現了通貨膨脹，這就是上漲的情況。 A&M 也有所上漲，這也是 SG&A 桶的一部分。我們也在這方面進行了大量的能力投資。所以這就是以上所有內容。我不會只關注分銷成本，我知道您在 10-K 中重點關注這一點。有很多更深的領域​​，但由於競爭原因我們無法進入。

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 Ramon and Jamie, you both mentioned the organic sales growth guidance is going to be more second half weighted. And I know you don't provide breakdown on guidance on volumes. But given the importance of volume trends, can you give us a sense of how you see volumes evolving? Is there a possibility in your guidance where you see positive volumes in the second half of the year?

拉蒙和傑米，你們都提到有機銷售成長指引將更加重視下半年。我知道你們沒有提供數量指導的細目分類。但鑑於交易量趨勢的重要性，您能否讓我們了解您如何看待交易量的變化？在您的指導中，您是否有可能在下半年看到正面的銷售？

And then on the pricing front, maybe you can give us a sense of what you're assuming in terms of pricing? I assume in the U.S. or developed markets, it's limited and there's more pricing in emerging market. But any color on pricing will be also helpful.

然後在定價方面，也許您可以讓我們了解您在定價方面的假設？我認為在美國或已開發市場，定價是有限的，而新興市場的定價更高。但定價上的任何顏色也會有幫助。

Yes. I think you should be thinking about -- we want to grow units next year. We will see profitable volume growth next year. And you'll see a more balance between pricing and volume that you have seen in previous year where obviously, we had to cover a huge commodity increase and OpEx increase. As commodities kind of normalize and OpEx inflation normalizes, that lever will be less necessary outside of what has been a normal pricing levels of our category in the 2% to 3%. So you should be thinking about profitable volume growth and more of a normalized pricing compared to what it was in the '18 and '19 time frame.

是的。我認為你應該考慮——我們希望明年增加單位。明年我們將看到獲利量成長。您會看到價格和銷售量之間的平衡程度比去年有所增加，顯然，我們必須應對商品的巨大成長和營運支出的成長。隨著大宗商品的正常化和營運支出通膨的正常化，除了我們類別的 2% 至 3% 的正常定價水準之外，這種槓桿將不再那麼必要。因此，與 18 年和 19 年的時間範圍相比，您應該考慮獲利量的成長以及更多的標準化定價。

Our next question comes from Callum Elliott with Bernstein.

我們的下一個問題來自卡勒姆·艾利奧特和伯恩斯坦。

I wanted to build upon Chris' question, please and ask you about the A&M buckets and the spending behind your brands. I think the K shows advertising up around 10% year-on-year and that's around a 20 basis points increase as a percentage of sales. But we're still quite a long way below pre-pandemic levels as a percentage of sales and comfortably below the average over the last several years. So I guess the question is, are your brands getting enough support? And do we need to see upward pressure on advertising spend as a percentage of sales over the coming years?

我想以 Chris 的問題為基礎，請詢問您有關 A&M 桶以及您的品牌背後的支出的情況。我認為 K 顯示廣告年增約 10%，佔銷售額的百分比成長約 20 個基點。但我們佔銷售額的百分比仍遠低於疫情前的水平，並且遠低於過去幾年的平均水平。所以我想問題是，你的品牌是否得到了足夠的支持？未來幾年我們是否需要看到廣告支出佔銷售額的百分比面臨上升壓力？

That's great. Good point. Obviously, in absolute terms, we have much more A&M. So I think we have increased, last year it was $500 million. And if you think about a longer time frame, a meaningful over $1 billion increase in absolute A&M. So that's absolute dollars that go against our business. We're thinking about continuing that trend, continuing to support both our large brands across multiple markets and then smaller brands where we take the portfolio into the future. So that should be composition of our A&M.

那太棒了。好點子。顯然，從絕對值來看，我們擁有更多的 A&M。所以我認為我們有所增加，去年是 5 億美元。如果考慮更長的時間範圍，A&M 的絕對值將顯著增加超過 10 億美元。所以這絕對不利於我們的業務。我們正在考慮延續這一趨勢，繼續支持我們跨多個市場的大品牌，以及我們將產品組合推向未來的小品牌。所以這應該是我們 A&M 的組成。

Now when you look at the last few years, you should bear in mind, we stopped advertising in Russia, which was a meaningful market for us. So that is reflected in our absolute numbers or relative numbers. So that you should contemplate about. But as a -- if you think about where and how we're going to create demand in the future, you should be thinking about A&M continue to increase. Obviously, we'll look at ways to optimize A&M and we have very strong measures on ROI and various ways to invest in our brands. But you should be thinking about us as a company that continues to build brands, continues to innovate, continue to create value through investment in consumer.

現在，當您回顧過去幾年時，您應該記住，我們停止了在俄羅斯的廣告，這對我們來說是一個有意義的市場。這反映在我們的絕對數字或相對數字中。以至於你應該思考一下。但作為一個——如果你考慮未來我們將在哪裡以及如何創造需求，你應該考慮 A&M 的持續成長。顯然，我們將研究優化 A&M 的方法，並且我們在投資回報率和品牌投資方面有非常強有力的措施。但你應該將我們視為一家持續打造品牌、持續創新、持續透過對消費者投資創造價值的公司。

And obviously, we also create a lot of demand through our push model. To some of the questions that was asked before, you should be thinking about our selling and distribution cost, not only as a cost but also as a way for us to execute very granularly across millions and millions of points of sale around the world where we reach the final point of sale and we create, I would say, visibility for our brands and impulse for our brands, which are relevant, if you think about the categories where we compete.

顯然，我們也透過推送模式創造了大量需求。對於先前提出的一些問題，您應該考慮我們的銷售和分銷成本，這不僅是一項成本，也是我們在全球數以百萬計的銷售點進行精細化執行的一種方式。到達最終銷售點，我想說，我們為我們的品牌創造了知名度，為我們的品牌創造了動力，如果你考慮我們競爭的類別，這些都是相關的。

Our last question comes from Steve Powers with Deutsche Bank.

我們的最後一個問題來自德意志銀行的史蒂夫鮑爾斯。

Great. Jamie, add me to the list of people excited to work with you again. Actually, this question may be for you and probably is for you. On these calls for the last several years that we've been talking about on and off, just sort of the cash flow profile of the business and the capital investments that have been made in the business and the path eventually back towards a higher level of free cash flow conversion. I guess acknowledging that you've been there in the room the whole time, I guess, now as you assume the role of CFO, do you see any opportunities to speed that process of cash flow generation and a return to higher levels of free cash flow conversion from where we've been trending? Or is it more steady state? And if you could just give us a little perspective on how you're seeing those -- that cash flow profile of the business evolving from here, that would be great.

偉大的。傑米，將我添加到很高興再次與您合作的人員名單中。其實這個問題可能是問你的，也可能是問你的。在過去幾年裡，我們一直斷斷續續地談論這些呼籲，只是業務的現金流狀況和業務中的資本投資以及最終回到更高水平的路徑。自由現金流轉換。我想承認您一直都在房間裡，我想，現在當您擔任首席財務官的角色時，您是否看到任何機會來加快現金流生成過程並返回更高水平的自由現金流轉化來自我們一直關注的趨勢？還是更穩定的狀態？如果你能給我們一些關於你如何看待這些的觀點——從這裡開始發展的業務現金流狀況，那就太好了。

Yes. So clearly, cash flow continues to be a priority. I'd focus on CapEx and we've been very intentional about the levels of capital we've invested in the business. Part of that was to catch up on capacity. We're currently in the midst of big investments in IT and digitalization but over time, I think you'll see the level of CapEx as a percent of sales begin to trend down and that will help with the cash flow conversion.

是的。顯然，現金流仍然是優先事項。我會關注資本支出，我們對投資該業務的資本水準非常有意識。其中一部分是為了趕上產能。我們目前正在進行 IT 和數位化方面的大規模投資，但隨著時間的推移，我認為您會看到資本支出水準佔銷售額的百分比開始下降，這將有助於現金流轉換。

Great. So thank you, everybody. I'm glad everybody is happy that Jamie is back and I see a lot of bonding, great. But obviously, thank you for the confidence that you've placed in our investment and we look forward to seeing many of you at CAGNY in a couple of weeks and having a longer conversation there. Thank you very much.

偉大的。所以謝謝大家。我很高興每個人都對傑米回來感到高興，我看到了很多聯繫，很棒。但顯然，感謝您對我們投資的信心，我們期待幾週後在 CAGNY 見到你們中的許多人，並在那裡進行更長的對話。非常感謝。

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