百事 (PEP) 2024 Q1 法說會逐字稿

Good morning, and welcome to PepsiCo's 2024 first 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 2024 年第一季財報問答會。 （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, and good morning, everyone. I hope everyone has had a chance this morning to review our press release and prepared remarks, both of which are available on our website.

謝謝接線員，大家早安。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。

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 2024 guidance. Forward-looking statements inherently involve risks and uncertainties and only reflect our view as of today, April 23, 2024, and we are under no obligation to update.

在我們開始之前，請注意我們的警告聲明。我們可能會在今天的電話會議上發表前瞻性聲明，包括我們的業務計劃和 2024 年指引。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 4 月 23 日）的觀點，我們沒有義務更新。

When discussing our results, we refer to non-GAAP measures, which exclude certain items from reported results. Please refer to our first quarter 2024 earnings release and first quarter 2024 Form 10-Q available on pepsico.com for definitions and reconciliations of non-GAAP measures and additional information regarding our results, including a discussion of factors that could cause actual results to materially differ from forward-looking statements.

在討論我們的結果時，我們指的是非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2024 年第一季收益發布和2024 年第一季度10-Q 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產生重大影響的因素的討論。

Joining me today are PepsiCo's Chairman and CEO, Ramon Laguarta; and PepsiCo's Executive Vice President and CFO, Jamie Caulfield. We ask that you please limit yourself to one question. 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)；以及百事公司執行副總裁兼財務長 Jamie Caulfield。我們要求您只回答一個問題。就這樣，我將把第一個問題交給接線員。

(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 really strong international profit results for the third quarter in a row here. Can you just take a step back, Ramon, and maybe give us some perspective on that international performance over the last few quarters. And, a, just looking forward, short term, how confident are you in the sustainability of that in the balance of the year? But, b, also just long term as you think about international development over the last few quarters. Give us some perspective looking out over the next few years, both from a top line perspective and then the margin flow through?

因此，國際利潤連續第三季表現強勁。拉蒙，您能否退後一步，也許給我們一些關於過去幾季國際表現的看法。而且，展望未來，短期而言，您對今年餘下時間的可持續性有多大信心？但是，b，當你考慮過去幾季的國際發展時，這也只是長期的。請給我們一些展望未來幾年的視角，無論是從營收角度還是從利潤流向？

Great. Thank you, Dara. And yes, we're very pleased with the performance of international businesses in Q1 but also in the last few quarters, as you mentioned. And this has been an area of investment for us now for a few years, both in snacks and in beverages and trying to build scaled businesses in most of the markets where the scale in terms of population and profitable growth. So I feel very good about our ability to continue to outperform our categories in international and to keep our categories growing both food and beverages in the future.

偉大的。謝謝你，達拉。是的，正如您所提到的，我們對第一季以及過去幾季的國際業務表現非常滿意。幾年來，這一直是我們在零食和飲料領域的投資領域，並試圖在人口和利潤成長規模較大的大多數市場建立規模化業務。因此，我對我們在國際上繼續超越我們的類別並在未來保持我們的食品和飲料類別成長的能力感到非常滿意。

Our innovation is strong. Our ability to understand local rituals and local food and beverage occasions is better than ever. We are adapting our portfolio to that. Our ability to attract the best talent in the markets where we participate and build really capable teams is better than ever. We've been investing in capacity. We're -- right now, we're in the process of opening factories in Vietnam and in China and in India and in Mexico and we just opened one in Poland. So we keep expanding our manufacturing and our go-to-market capabilities in those markets. So we feel good and I think that it's going to continue to be a big source of growth for us.

我們的創新能力很強。我們對當地儀式和當地餐飲場合的理解能力比以往任何時候都更好。我們正在調整我們的投資組合以適應這一點。我們比以往任何時候都更有能力在我們參與的市場上吸引最優秀的人才並建立真正有能力的團隊。我們一直在進行產能投資。我們現在正在越南、中國、印度和墨西哥開設工廠，我們剛在波蘭開設了一家工廠。因此，我們不斷擴大在這些市場的製造和上市能力。所以我們感覺很好，我認為這將繼續成為我們成長的一大來源。

As we mentioned in CAGNY, I think our international business is already $36 billion and it's growing at a very high single-digit level and with very good profitability. So it is part of the future growth story for PepsiCo for sure.

正如我們在 CAGNY 中提到的，我認為我們的國際業務已經達到 360 億美元，並且正在以非常高的個位數水平增長，並且盈利能力非常好。因此，這肯定是百事公司未來成長故事的一部分。

One moment for our next question. Our next question comes from Bonnie Herzog with Goldman Sachs.

請稍等一下我們的下一個問題。我們的下一個問題來自高盛的邦妮·赫爾佐格。

I had a question on Frito-Lay op margins, which were a little soft in the quarter. So hoping you could talk through some of the key puts and takes on your margins in the quarter and then moving forward? And then is it realistic to assume Frito-Lay's op margins will expand in '24? And I'm thinking about that in the context of commodity cost pressures, easing a bit or how do we think about your level of reinvestment as these cost savings maybe in an effort to drive faster top line growth? And then ultimately, curious to hear if Frito-Lay margins can ultimately return to the low 30% range? And if so, by when, how do we think about that?

我對菲多利的營運利潤率有疑問，該季度的利潤率有點疲軟。那麼希望您能討論本季利潤率的一些關鍵看跌期權和看跌期權，然後繼續前進嗎？那麼，假設 Frito-Lay 的營運利潤率將在 24 年擴大是否現實？我正在考慮在大宗商品成本壓力的背景下，稍微放鬆一下，或者我們如何考慮您的再投資水平，因為這些成本節約可能是為了推動更快的收入成長？最後，我想知道菲多利的利潤率最終能否回到 30% 的低水平？如果是這樣，那麼到什麼時候，我們如何看待這個問題？

Bonnie, it's Jamie here. Yes, on Frito, when you look at the Q1 profit, the thing to keep in mind is last year, we're lapping 24% growth in the first quarter of last year. I think we had 180 basis points of margin improvement last year. And we don't want to push the P&L that hard. The growth last year, growth this year, part of that has to do with investment timing, the flow of productivity. But I think you'll see margin improvement over time at Frito, but this is a business that has very healthy margins already, and we want to make sure that we're investing back in the business to sustain growth.

邦妮，我是傑米。是的，在 Frito 上，當你查看第一季利潤時，要記住的是去年，我們去年第一季的成長率為 24%。我認為去年我們的利潤率提高了 180 個基點。我們不想把損益表推得太高。去年和今年的成長，部分與投資時機、生產力流動有關。但我認為隨著時間的推移，你會看到菲多利的利潤率有所提高，但這是一家已經擁有非常健康利潤率的業務，我們希望確保我們對業務進行投資以維持成長。

Yes, Bonnie. I think on top of what Jamie said, for the long term, the key goal for Frito in the U.S. is to continue to grow the salty savory category at a very high rate and continue to get occasions from other parts of macro snacks into the savory and from meals into savory, and continue to gain share of that category as it has been doing and including Q1. So that's the ultimate goal. Because that, if you think about the high margin that we have in that business and the impact it would have in the overall PepsiCo margins, that's the role that Frito-Lay has in the portfolio.

是的，邦妮。我認為，除了Jamie 所說的之外，從長遠來看，Frito 在美國的主要目標是繼續以非常高的速度增長鹹味鹹味類別，並繼續將其他大型零食領域的機會引入鹹味鹹味食品中。這就是最終目標。因為，如果你考慮我們在該業務中的高利潤率以及它對百事可樂整體利潤率的影響，那就是菲多利在投資組合中所扮演的角色。

Our next question comes from Bryan Spillane with BofA.

我們的下一個問題來自美國銀行的 Bryan Spillane。

Ramon, I guess, a question on PBNA and specifically on Gatorade and Mountain Dew. The volumes are still -- with Gatorade noticeably weak in the quarter. And so can you just talk about, one, how much in the quarter might have been affected by the weather? And then second, I guess, as we're thinking about volume recovery for the whole for the enterprise at PBNA, just what's on tap for both Mountain Dew and Gatorade to stabilize the volume trend?

Ramon，我想，這是一個關於 PBNA 的問題，特別是關於佳得樂和激浪的問題。佳得樂本季的銷量仍然明顯疲軟。那麼您能否談談本季可能受到天氣影響的程度呢？其次，我想，當我們考慮 PBNA 企業整體銷售恢復時，激浪和佳得樂可以採取什麼措施來穩定銷售趨勢？

That's good, Bryan. Just actually we feel good about those 2 brands. Those 2 brands actually gained share in Q1, so Mountain Dew and Gatorade, in their own category. So that's a meaningful good performance, I would say. Now Gatorade, as you mentioned, a little bit of weather impact. So we're not concerned about Gatorade this year as the weather improves, I think we have the right investments, the right commercial programs. Our G2 DSD was impactful to us last year operationally. I think we've learned a lot on how to deal with a very high seasonality product and category and give the better service to our customers and maintain the product in stock and available.

很好，布萊恩。事實上我們對這兩個品牌感覺很好。這兩個品牌實際上在第一季增加了份額，激浪和佳得樂在各自的類別中也是如此。所以我想說，這是一個有意義的好表演。現在，正如您所提到的，佳得樂有一點天氣的影響。因此，隨著今年天氣的好轉，我們並不擔心佳得樂，我認為我們有正確的投資，正確的商業計劃。我們的 G2 DSD 去年對我們的營運產生了影響。我認為我們在如何處理季節性非常高的產品和類別、為客戶提供更好的服務以及保持產品庫存和可用方面學到了很多東西。

So we feel good about we have the platform to take Gatorade to higher market share in a faster growing category. Now with regards to Dew, the launch of Baja Blast has been very, very good to the brand. We launched it as a permanent additional flavor to the portfolio early in the year. It's been obviously successful. We knew it was a successful LTR and therefore, it's a successful permanent product. And it's been bringing incremental consumers to the brand and help us gain share now. Obviously, we will keep investing in the portfolio and the brand, and we have strong programs for the summer. Hopefully, that will deliver as we expect, and we'll continue to build Mountain Dew in the category. So feeling good about those 2 brands.

因此，我們對擁有這個平台讓佳得樂在成長更快的類別中獲得更高的市場份額感到很高興。現在，對於 Dew 來說，Baja Blast 的推出對該品牌非常非常有利。我們在今年年初將其作為產品組合的永久附加口味推出。顯然已經成功了。我們知道這是一個成功的 LTR，因此，它也是一個成功的永久性產品。它為該品牌帶來了更多的消費者，並幫助我們現在獲得了份額。顯然，我們將繼續投資於產品組合和品牌，並且我們有強大的夏季計劃。希望這能達到我們的預期，我們將繼續在該類別中打造激浪。所以對這兩個品牌感覺很好。

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。

In the prepared remarks, I noticed in the discussion of PBNA and plans to improve profitability there. There were 2 new bullets. The first 2 talking about deemphasizing certain product and package combinations and the second around revenue management. An increasingly precise consumer value proposition. So I was curious if you could just -- I know there's new management for that business as well. So I would love to get a little bit more color maybe around those 2 points? I thought would be helpful.

在準備好的演講中，我注意到對 PBNA 的討論以及提高盈利能力的計劃。有 2 顆新子彈。前兩個討論的是不再強調某些產品和套餐組合，第二個討論的是收入管理。日益精確的消費者價值主張。所以我很好奇你是否可以 - 我知道該業務也有新的管理層。所以我想在這兩點周圍獲得更多的色彩？我認為會有幫助。

Yes. Lauren, I think the -- I don't know, maybe we have put a bit more detail, but the intentionally was always there. And I mentioned last time from the last couple of calls that we're making choices in PBNA in terms of making sure that we deliver profitable growth, and we'll continue to make those choices emphasizing the parts of the portfolio where there is a better return on the investments for us and eliminating those parts of the portfolio where the margins are not that attractive and they're going to get probably not that better over time.

是的。勞倫，我認為——我不知道，也許我們已經提供了更多細節，但有意的總是存在的。我上次在最後幾次電話會議中提到，我們正在 PBNA 中做出選擇，以確保我們實現盈利增長，並且我們將繼續做出這些選擇，強調投資組合中具有更好表現的部分。投資回報，並消除投資組合中那些利潤不那麼有吸引力的部分，而且隨著時間的推移，它們可能不會變得更好。

So we've been referring to categories like packed water or some of the less profitable take-home formats, where we will be making choices. We feel good about both the productivity at PBNA under margin expansion of PBNA. And we feel that, that will continue based on the ideas that we have and the organizational focus that the team has been putting under the new management, but also the old management in PBNA. There's much more focus on becoming a better operating machine in the supply chain and sales and expanding the margin. So we feel good about PBNA margin expansion and profitable growth delivery this year.

因此，我們一直在提到包裝水或一些利潤較低的帶回家的形式等類別，我們將在這些類別中做出選擇。我們對 PBNA 的生產力和 PBNA 的利潤率擴張感到滿意。我們認為，這將繼續基於我們的想法以及團隊在新管理層和 PBNA 舊管理層的領導下的組織重點。人們更加關注成為供應鏈和銷售中更好的營運機器以及擴大利潤。因此，我們對 PBNA 今年的利潤率擴張和獲利成長感到滿意。

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 Ramon, if you can please comment on the overall consumption and in particular for snacks and how consumer behavior evolved in the context of your comments about normalization? And then a clarification for Jamie, on the margin outlook. On the prepared remarks, you mentioned a more benign commodities environment but that has recently changed in particular, for oil and looking at DSD. Hoping to get some clarification on the diesel impact or this is going to be more further down and perhaps not even impacting 2024?

拉蒙，您能否評論一下整體消費情況，特別是零食的消費情況，以及在您對正常化的評論背景下消費者行為如何演變？然後傑米就利潤率前景進行了澄清。在準備好的發言中，您提到了更良性的大宗商品環境，但這種情況最近發生了變化，特別是對於石油和 DSD 而言。希望得到一些關於柴油影響的澄清，或者這會進一步下降，甚至可能不會影響 2024 年？

Yes. So listen, Andrea. The -- I would say the consumer globally, we think is very resilient. And we see it in, as you saw from our international business performance. And it's basically supported by 2 facts, very low unemployment or quite low unemployment globally and wages growing at a good pace in majority of the countries where we participate. So those 2 things make us feel quite good about the consumer. Now when you double click, there is probably 2 areas that were -- that probably surface. One is Chinese consumers. I think Chinese consumers are being very cautious and we're seeing the savings rate really going very high in China.

是的。所以聽著，安德里亞。我想說的是，我們認為全球消費者非常有彈性。正如您從我們的國際業務表現中看到的那樣，我們也看到了這一點。它基本上有兩個事實支持：全球失業率極低或相當低，以及我們參與的大多數國家的工資增長良好。所以這兩件事讓我們對消費者感覺很好。現在，當您雙擊時，可能會出現 2 個區域。一是中國消費者。我認為中國消費者非常謹慎，我們看到中國的儲蓄率確實非常高。

Our category is still resilient in China, but especially we're delivering growth through share of market gains in China. So that's a good performance by the team, but an area of watch out for us. The other double-click is in the, I would say, the lower income consumer in the U.S. The lower income consumer in the U.S. is stretched, is making a lot of -- he is strategizing a lot to make their budgets get to the end of the month. And that's a consumer that is choosing what to buy, where to buy and making a lot of choices.

我們的品類在中國仍然具有彈性，但尤其是我們透過在中國的市佔率成長來實現成長。所以這是團隊的良好表現，但也是我們需要注意的領域。另一個雙擊是，我想說的是，美國的低收入消費者。消費者正在選擇買什麼、在哪裡買並做出很多選擇。

That's a consumer that we're emphasizing in our commercial programs. I think we're learning how best to keep that consumer in our categories and the frequency that we want that consumer, and we are pivoting our commercial plans, our innovation, giving that consumer the right innovation, the right value in different parts of the month through different channels, digital and physical. Making sure that the ROI on the investments are the best ROIs. So those 2 are the consumers that I would say we're paying more attention in terms of specific commercial programs.

這是我們在商業計劃中強調的消費者。我認為我們正在學習如何最好地讓該消費者留在我們的類別中以及我們想要該消費者的頻率，並且我們正在調整我們的商業計劃和創新，為該消費者提供正確的創新，在不同領域提供正確的價值月透過不同的管道，數位的和實體的。確保投資的投資報酬率是最佳投資報酬率。所以我想說，這兩個消費者是我們在具體商業計劃上更關注的消費者。

But I would say the consumer is very resilient everywhere else. And our teams, I think, are pivoting to maintain our brands top of mind in their baskets at the frequency that we want and continue to gain market share. So this applies to beverages and to snacks. Your question was more on snacks, but I think it applies to both categories. So now Jamie on.

但我想說，其他地方的消費者都非常有彈性。我認為，我們的團隊正在努力以我們想要的頻率將我們的品牌放在他們的購物籃中的首位，並繼續獲得市場份額。因此這適用於飲料和零食。你的問題更多的是關於零食，但我認為它適用於這兩個類別。現在傑米上場了。

Yes. Andrea, on commodities, really no change in the outlook. A couple of points I just want to emphasize. One is the diversity of the inputs in the basket. So no single commodity accounts for more than 10% of the total. So that diversification kind of smooths things out. And the other point I'd make is we do tend to forward buy and hedge, so that we've got good visibility for the year that helps us with planning the business overall. And so outlook Q2 through Q4, so relatively benign inflation and not a lot of volatility in the rate of inflation quarter-to-quarter.

是的。安德里亞，對於大宗商品，前景確實沒有改變。我只想強調幾點。一是籃子裡投入品的多樣性。所以沒有任何一種商品佔總量的10%以上。因此，多元化可以讓事情變得順利。我要說的另一點是，我們確實傾向於遠期購買和對沖，因此我們對今年有良好的了解，這有助於我們整體規劃業務。因此，對第二季到第四季的展望是，通膨相對溫和，季度間通膨率波動不大。

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。

So I was hoping to get an update on the CELSIUS agreement and kind of just your broader energy drink strategy at this point. In the release, you spoke positively about the partnership, but I think there were some changes to the incentive structure a few weeks back. So maybe first, just any thoughts on how the brand is performing as part of your energy drink portfolio? And then just like anything you can share in terms of what changed with the agreement? But maybe specifically, how does it really help Pepsi? And maybe what benefit does it provide for CELSIUS, if anything?

因此，我希望了解 CELSIUS 協議的最新情況以及你們目前更廣泛的能量飲料策略。在新聞稿中，您對合作夥伴關係做出了積極的評價，但我認為幾週前激勵結構發生了一些變化。那麼，也許首先，您對該品牌作為您的能量飲料產品組合的一部分錶現如何有什麼想法？然後就像您可以分享的協議中發生的變化一樣？但也許具體來說，它對百事可樂有何真正幫助？也許它能為 CELSIUS 提供什麼好處（如果有的話）？

Yes. Thank you, Peter. I will not talk too much about the agreement other than saying that it's a good alignment of the long-term interest of both companies, and it's great for PepsiCo shareholders. The partnership with CELSIUS is strong and it's helping us to gain scale in our go-to-market, specifically in some channels where we need volume to justify some of the economics of the call. So that role continues. We're pleased with the partnership.

是的。謝謝你，彼得。我不會過多談論該協議，只是說這是兩家公司長期利益的良好結合，並且對百事可樂股東來說是件好事。與 CELSIUS 的合作夥伴關係非常牢固，它幫助我們在進入市場時擴大規模，特別是在一些我們需要銷售來證明通話經濟效益的管道中。所以這個角色仍在繼續。我們對此合作感到滿意。

Energy is a fast-growing category, profitable, that is great for our portfolio. So that's what I would say. We remain pleased with the partnership and we'll continue to build the partnership going forward.

能源是一個快速成長的類別，獲利能力強，這對我們的投資組合來說非常有利。這就是我要說的。我們對這種夥伴關係仍然感到滿意，並將繼續發展這種夥伴關係。

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 I wanted to go back to Frito but on the top line trends. Clearly, you guys were setting the toughest comp of the year in Frito-Lay. You mentioned you expect some sequential improvement. So maybe you could talk about volume trajectory, particularly for the business? And Ramon, you spoke in the past about the cycling of this shift towards smaller pack sizes. So maybe you can give us an update on that and also any potential impact from cycling the reduction is not benefit from last year?

所以我想回到Frito，但關注的是頂線趨勢。顯然，你們正在為菲多利制定今年最艱難的比賽。您提到您預計會有一些連續的改進。那麼也許您可以談談銷量軌跡，特別是對於業務而言？拉蒙，您過去談到了向更小包裝尺寸轉變的循環。那麼也許您可以向我們提供最新情況，並且騎行減少的任何潛在影響不會從去年受益嗎？

Yes. I would say the Frito-Lay continues to outperform the category. And as I said earlier, the big opportunity for Frito-Lay is continue to create occasions for our savory category, bringing them from broader macro snacks or snacks and meals overlap, how do we bring more category stores, more occasion store snacking. So those are the 2 big strategic objectives of Frito-Lay. And all our innovation and pricing and channel mix and everything else is against that large objective and do it faster than others, so that we continue to gain shares.

是的。我想說菲多利的表現繼續優於同類產品。正如我之前所說，菲多利的巨大機會是繼續為我們的鹹味品類創造機會，將它們從更廣泛的宏觀零食或零食和餐食重疊中引入，我們如何帶來更多品類商店、更多場合商店零食。這就是菲多利的兩大戰略目標。我們所有的創新、定價、管道組合以及其他一切都是為了這個大目標，並且比其他人做得更快，以便我們繼續獲得份額。

So as we -- as we look at the business performance, as you said, this is the toughest lap. I think last year, we grew 16% in Q1 and that lap is still high in Q2, but then it gets much better than half 2. So we should expect a gradual sequential improvement of our volume for Frito-Lay, especially in the second half of the year and we'll continue to be the guardian of the savory category and make sure it's valued properly, and it generates growth for our customers ahead of what food generates for our customers, and we continue to capture a disproportionate share of that very fast-growing and profitable business.

正如您所說，當我們審視業務績效時，這是最艱難的一圈。我認為去年，我們在第一季度增長了16%，在第二季度仍然很高，但隨後它比第二季度的一半要好得多。是在第二季度今年下半年，我們將繼續成為鹹味食品類別的守護者，並確保它得到適當的估值，並且它為我們的客戶帶來的增長領先於食品為我們的客戶帶來的成長，我們將繼續佔據其中不成比例的份額非常快速成長且獲利的業務。

Our next question comes from Kaumil Gajrawala with Jefferies.

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

Just you mentioned multiple times on gaining share within the category. Could you just give us some -- in multiple regions, can you just give us some context on what the categories are growing or at least what -- maybe what they're expected to grow as you think about the next year or so?

剛才您多次提到在該類別中獲得份額。您能否給我們一些資訊——在多個地區，您能否給我們一些有關這些類別正在增長的背景信息，或者至少是——也許您認為明年左右它們預計會增長什麼？

We -- yes, I mean, like what I said is that our goal is always for our categories to grow faster than overall food and beverages. I think that makes us a very attractive partner with our retail partners, and we deliver growth for them. And our categories are profitable. So it's a good combination of growth and profitability for our customers. So that's what we're trying to do. I think our categories will continue to grow faster than food and beverages in the majority of the countries around the world, given the trends on urbanization and the secular trends that we've been talking about both for convenient foods and beverages.

我們——是的，我的意思是，就像我所說的那樣，我們的目標始終是讓我們的品類增長速度快於整體食品和飲料。我認為這使我們成為對零售合作夥伴來說非常有吸引力的合作夥伴，並且我們為他們帶來了成長。我們的品類是有利可圖的。因此，對於我們的客戶來說，這是成長和獲利能力的良好結合。這就是我們正在努力做的事情。我認為，考慮到城市化趨勢以及我們一直在談論的方便食品和飲料的長期趨勢，我們的品類將繼續比世界上大多數國家的食品和飲料增長得更快。

So we feel good about that and our commercial programs, innovation and investments are in to deliver that for our partners. Obviously, there are countries around the world where we do better, others we do less well. And our goal is to keep emphasizing the ones we do better and improve the ones that we don't do so well. And that's how we're managing the company.

因此，我們對此感到滿意，我們的商業計劃、創新和投資致力於為我們的合作夥伴實現這一目標。顯然，世界上有些國家我們做得更好，而有些國家我們做得較差。我們的目標是不斷強調我們做得更好的方面，並改進我們做得不太好的方面。這就是我們管理公司的方式。

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。

The 4% price mix benefit in Frito-Lay North America is pretty impressive in a food industry where there's just not a lot of pricing left. And I imagine a lot of it is from price pack architecture or maybe even consumers shifting to different pack sizes. Can you help delineate a little bit more like what's -- which of those is driving it more than the other? Or if it's about the same? And how do you expect it to evolve for the rest of the year? Do you expect it to be pretty constant?

Frito-Lay 北美公司 4% 的價格組合優勢對於定價已所剩無幾的食品業來說相當令人印象深刻。我想這很大程度上是由於價格包裝結構，甚至可能是消費者轉向不同的包裝尺寸。您能否幫助描述一下，其中哪一個比另一個更能推動它？或者如果是一樣的話？您預計今年剩餘時間它會如何發展？你預計它會相當穩定嗎？

Robert, it's Jamie. And it's majority is price, but there's an element of mix in there. I'd put it at probably 2/3 price and 1/3 mix. And yes, comment earlier on our inflationary trends, we expect them to be fairly moderate for the balance of the year, fairly smooth through the balance of the year. So I wouldn't expect a lot of volatility in that buying revenue relationship.

羅伯特，是傑米。其中大部分是價格，但其中也有混合的因素。我認為大概是 2/3 的價格和 1/3 的混合。是的，早些時候評論我們的通膨趨勢，我們預計今年剩餘時間通膨趨勢將相當溫和，在今年剩餘時間相當穩定。因此，我預期購買收入關係不會有太大波動。

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。

Two kind of follow-ups, if I may. Can you please talk about the spring shelf sets? Is it pretty much done? And your -- how do you feel good about what you're seeing both on the Frito-Lay side and on the beverage side? And I understand on the beverage side, you're discontinuing some SKUs. So are you gaining shelf space where you want to? And then just a follow-up to an earlier question on CELSIUS. Maybe if you give us an idea of how your energy drink strategy overall is evolving and what's going on with Rockstar, Starbucks, Mountain Dew in terms of the overall energy drink strategy?

如果可以的話，有兩種後續行動。能談談彈簧架組嗎？是不是已經差不多完成了？您對菲多利食品和飲料方面所看到的情況有何感想？據我了解，在飲料方面，你們將停止銷售某些 SKU。那麼，您是否在想要的地方獲得了貨架空間？然後是對先前關於 CELSIUS 的問題的後續。也許您可以讓我們了解一下您的能量飲料策略總體上是如何演變的，以及 Rockstar、星巴克、Mountain Dew 在整體能量飲料策略方面的進展如何？

Yes. Listen, I'll step back a little bit. I would say our customer negotiations have been good and completed all over the world and especially Europe took a bit longer, but it's a very positive impact to our overall, I would say, European business and other parts of the world are less impacted by this type of negotiations -- are good. We feel good, including the U.S. To your specific question on space gains, I think it's going to be a good reset time for us across snacks and beverages. It's not completed yet. It's way normally I would say, probably another 6 weeks or so. We're feeling good about where we've seen already reset the performance improvement in the business.

是的。聽著，我會退後一點。我想說，我們的客戶談判進展順利，並在世界各地完成，特別是歐洲，花了更長的時間，但這對我們的整體產生了非常積極的影響，我想說，歐洲業務和世界其他地區受此影響較小談判的類型——很好。我們感覺很好，包括美國。它還沒有完成。我會說，這很正常，可能還要 6 週左右。我們對已經看到的業務績效改進感到滿意。

So that's good, well done by the commercial teams. So yes, we feel good overall, and that's why we are reaffirming our guidance to grow at least over 4% in our net revenue for this year.

所以這很好，商業團隊做得很好。所以，是的，我們總體感覺良好，這就是為什麼我們重申今年淨收入成長至少超過 4% 的指導。

Our next question comes from Chris Carey with Wells Fargo Securities.

我們的下一個問題來自富國銀行證券的克里斯凱裡。

So one question on APAC division. Ramon, I think you were a bit more cautious or balanced on the Chinese consumer and yet double-digit growth in the quarter in China. I just wonder how APAC came in relative to your own expectations that whether there's any timing dynamic here or whether you see these results as perhaps a bit more durable going forward? And if I could just sneak in from the at-home versus away-from-home consumption globally, as you see some of the weaker trends from the lower income consumer, are you seeing any acceleration in that shift, which might be helping your business on a global basis as well?

關於亞太地區劃分的一個問題。拉蒙，我認為您對中國消費者的態度更加謹慎或平衡，但中國本季的成長卻達到了兩位數。我只是想知道亞太地區的情況與您自己的預期相比如何，這裡是否有任何時間動態，或者您認為這些結果可能會更持久？如果我能從全球範圍內的在家消費與外出消費的對比中窺探一下，當你看到低收入消費者的一些疲軟趨勢時，你是否看到這種轉變有任何加速，這可能有助於你的業務在全球範圍內也是如此嗎？

Two things, thanks. Good questions. I think the APAC performance is a little bit impacted by the timing of Chinese New Year. So there is a bit of benefit in our Q1 numbers versus Q2. It was a bit earlier this year. But the reality is that the APAC region is improving, I would say, outside of China. China still, as I mentioned earlier, I think the consumer is cautious and the consumer is saving a lot. And it might not impact so much the low price, let's say, products as ours. It might probably impact some other categories a bit harder than ours.

有兩件事，謝謝。好問題。我認為亞太地區的表現受到中國農曆新年時間的影響。因此，我們第一季的數據與第二季相比有一些優勢。今年的時間有點早了。但我想說，現實情況是，除了中國以外，亞太地區正在改善。正如我之前提到的，中國的消費者仍然很謹慎，而且正在節省很多錢。它可能不會對我們的低價產品產生太大影響。它可能對其他一些類別的影響可能比我們的更嚴重。

The truth is that in China, as I said earlier, our team is not only this year but already consistently for the last 4, 5 years, been gaining share and creating a very capable and profitable business in China, we're very proud of. Now to your other question on away-from-home, in-home, we're seeing mobility obviously, going back to pre-pandemic times and I think we all forgot COVID anymore. And we're seeing, obviously, that impact in the consumption of food between home and away from home, especially in the U.S., I would say, it's probably the country that is having more impact. So yes, away-from-home is growing faster than in-home for us and we're pivoting resources to away from home both in our food business and our beverage business, and we're trying to capture as much as possible that consumption that is moving to away from home.

事實是，在中國，正如我之前所說，我們的團隊不僅在今年，而且在過去的4、5 年裡一直在增加份額，並在中國創建了一個非常有能力和盈利的業務，我們對此感到非常自豪。現在，關於你關於外出、在家的另一個問題，我們明顯看到了流動性，回到了大流行前的時代，我想我們都已經忘記了新冠病毒。顯然，我們看到了家庭和外出之間食物消費的影響，尤其是在美國，我想說，這可能是影響更大的國家。所以，是的，對我們來說，外出消費的增長速度比在家消費要快，我們正在將食品業務和飲料業務的資源轉向外出消費，並且我們正在努力盡可能多地捕獲消費那就是搬到遠離家鄉的地方。

Internationally as well, I would say that is a huge wide space for growth for our business, both in trying to improve the availability of our current products and also creating new solutions that are more targeting meals and meal replacement as consumers buy more food away from home. And I think our brands belong in some of those occasions and as I mentioned at CAGNY, we're building both innovation and business models that can help us capture this meal location away from home with some of our large brands like Lays, Doritos, Tostitos, some of our well-known global brands.

在國際上也是如此，我想說，這對我們的業務來說是一個巨大的成長空間，既可以努力提高我們現有產品的可用性，也可以創建新的解決方案，這些解決方案更加針對膳食和代餐，因為消費者會購買更多的食物家。我認為我們的品牌適合其中一些場合，正如我在CAGNY 提到的，我們正在建立創新和商業模式，可以幫助我們通過樂事(Lays)、多力多滋(Doritos)、托斯蒂托(Tostitos)等大品牌佔領這個遠離家鄉的用餐地點，我們的一些知名全球品牌。

Our next question comes from Steve Powers with Deutsche Bank.

我們的下一個問題來自德意志銀行的史蒂夫鮑爾斯。

Ramon, maybe it ties to the pressures you mentioned earlier on the lower-income consumers in the U.S. or maybe even your comments just now on at home versus away from home. But if I think back over the last 6-plus months, we've seen arguably unexpected slowing across many categories, but really in many immediate consumption categories where I think it was most unexpected across savory snacks, sweet snacks, arguably a number of beverage categories as well.

拉蒙，也許這與您之前提到的美國低收入消費者面臨的壓力有關，甚至可能與您剛才關於在家與外出時的評論有關。但如果我回想一下過去6 個多月的時間，我們可以看到許多品類的增長都出乎意料地放緩，但實際上在許多直接消費品類中，我認為鹹味零食、甜味零食以及可以說是許多飲料的成長最為出乎意料。

Do you agree with that kind of unexpected slowing comments? And if so, how do you see the drivers? How do you stack up the drivers? Where do you think we are in that cycle? And how does that factor into your expectations on momentum recovery across your North American beverages -- sorry, North American businesses? I think the easing comps are obvious. I'm just -- I'm curious about sort of the -- your expectations on demand itself sequentially improving.

您同意這種意想不到的放緩評論嗎？如果是這樣，您如何看待司機？如何堆疊驅動程式？您認為我們處於這個週期的哪個位置？這如何影響您對北美飲料勢頭復甦的預期——對不起，北美企業？我認為寬鬆政策是顯而易見的。我只是──我很好奇──你對需求本身的期望不斷提高。

That's great. Now this is a great question and I think we need to step back and look at the bigger numbers. Obviously, there was huge inflation in our categories driven by input inflation over the last couple of years and operating cost inflation. Now what makes us feel optimistic is a couple of data. Number one, I think wages are growing above inflation, and we see that not only in the U.S. but across the world. And we see our consumer packaged food inflation below, I would say, total CPI. So those 2 numbers make us feel comfortable that the consumers will start coming back to our categories at the frequency and with the same level of -- or higher frequency than in the past.

那太棒了。這是一個很好的問題，我認為我們需要退後一步，看看更大的數字。顯然，過去幾年的投入通膨和營運成本通膨推動了我們的類別出現了巨大的通膨。現在讓我們感到樂觀的是一些數據。第一，我認為薪資成長高於通貨膨脹，我們不僅在美國而且在全世界都看到這一點。我想說，我們的消費者包裝食品通膨率低於總消費者物價指數。因此，這兩個數字讓我們感到放心，消費者將開始以與過去相同水平或更高的頻率回到我們的類別。

So those are 2 big numbers. Obviously, each one of us with our commercial programs, our innovation, our channel strategy is trying to accelerate that pivot back. But we feel good about the price volume mix that we see in our business, and that's how we think that we will continue to sequentially improve over the balance of the year into further years.

所以這是兩個大數字。顯然，我們每個人的商業計劃、我們的創新、我們的通路策略都在努力加速這一轉變。但我們對業務中看到的價量組合感到滿意，這就是我們認為我們將在今年餘下的時間裡繼續逐步改善的方式。

Our North Star remains the same, is to make sure that, as I said earlier, we have innovation and consumer programs and channel programs that continue to drive savory snacks ahead of macro snacks, ahead of food and the same with LRB ahead of overall liquid consumption and ahead of food and beverages. So that drives value for our business and that drives value for our customers and that's how we think about driving the company long term.

我們的北極星保持不變，是為了確保，正如我之前所說，我們擁有創新、消費者計劃和渠道計劃，繼續推動鹹味零食領先於宏觀零食、領先於食品，同樣，LRB 領先於整體液體食品消費並領先食品和飲料。因此，這會為我們的業務帶來價值，也會為我們的客戶帶來價值，這就是我們考慮推動公司長期發展的方式。

Our next question comes from Brett Cooper with Consumer Edge Research.

我們的下一個問題來自消費者邊緣研究中心的布雷特·庫柏。

A question on the international business. On these calls over the years, PepsiCo has spoken about managing international profit delivery to provide affordability to consumers and support recruitment. And if we look at margins in the international business, they're up versus pre-COVID levels. So can you help us understand beyond the headline financial results that we can see, I guess, evidence of what you look at to ensure you're providing proper levels of affordability for category development to support the very long term for that business?

關於國際業務的問題。多年來，在這些電話會議上，百事公司一直談到管理國際利潤交付，以向消費者提供負擔能力並支持招募。如果我們看看國際業務的利潤率，就會發現它們比新冠疫情爆發前的水平有所上升。那麼，除了我們可以看到的整體財務結果之外，您能否幫助我們了解您所關注的證據，以確保您為品類開發提供適當水平的承受能力，以支持該業務的長期發展？

Yes. And the -- we're always very conscious of the relative value of our product versus other potential substitute products in the categories that we participate. So if you think about snacks, the big opportunities to transform and packaged snacks into packet snacks or other macro snacks into savory snacks. And we always look at that value ratio in every market, in every geography for different types of consumers. Now the same with beverages, right, moving from noncommercial beverages to commercial beverages that is always the opportunity for us as an industry. We look at that very carefully.

是的。我們始終非常清楚我們的產品與我們參與的類別中其他潛在替代產品的相對價值。因此，如果您考慮零食，那麼將包裝零食轉變為小包零食或將其他大型零食轉變為鹹味零食的機會很大。我們始終關注每個市場、每個地區不同類型消費者的價值比率。現在飲料也是一樣，從非商業飲料轉向商業飲料，這對我們這個行業來說始終是機會。我們非常仔細地看待這一點。

Now why are our margins expanding internationally because as we gain scale and obviously, that our fixed cost leverage is much better and that's how we're getting to more profitable businesses in international markets, especially the large markets, whilst we keep affordability at the center of our strategy because that's long term, including other things that we do, obviously, with availability and with innovation. We make our categories continue to grow at a very fast pace. But as you mentioned, affordability and relative value of our category is a key KPI that we measure all the time in every market because it's the key source of continuous growth for our categories.

現在為什麼我們的利潤率在國際上擴大，因為隨著我們規模的擴大，顯然，我們的固定成本槓桿要好得多，這就是我們如何在國際市場，特別是大型市場上獲得更有利可圖的業務，同時我們將負擔能力放在中心位置我們的策略，因為這是長期的，包括我們所做的其他事情，顯然，在可用性和創新方面。我們使我們的品類繼續以非常快的速度成長。但正如您所提到的，我們類別的承受能力和相對價值是我們在每個市場中一直衡量的關鍵關鍵績效指標，因為它是我們類別持續成長的關鍵來源。

Our next question comes from Gerald Pascarelli with Wedbush Securities.

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

Question on Europe. Another really strong quarter here, like the seventh consecutive quarter of double-digit revenue growth. It looks like it accelerated on an underlying 2-year basis. So maybe if you could provide some color on the driver markets, ones that maybe came in better than your expectations? And then how you would compare, how developed markets in Europe are performing relative to what we're seeing in the U.S.?

關於歐洲的問題。這是另一個非常強勁的季度，例如連續第七個季度實現兩位數的收入成長。看起來它在兩年的基礎上加速了。那麼，也許您可以在驅動程式市場上提供一些顏色，這些顏色可能比您的預期更好？那麼您如何比較歐洲已開發市場與美國市場的表現如何？

Yes. Thank you and a good observation. I think our team in Europe is doing a fantastic work. It started with strong productivity, simplifying the business and driving cost control, eliminating duplication and then reinvesting that money back into our brands and becoming more competitive and also driving our availability and driving our brand preference. And that is a flywheel that is working for us across both developing and developed markets in Europe. Obviously, developing markets a bit more. So if you think about kind of Eastern Europe markets are growing a little bit faster than Western Europe markets.

是的。謝謝你和良好的觀察。我認為我們歐洲的團隊做得非常好。它始於強大的生產力，簡化業務並推動成本控制，消除重複，然後將資金重新投資到我們的品牌，變得更具競爭力，同時提高我們的可用性並推動我們的品牌偏好。這是一個對我們在歐洲發展中和已開發市場都有效的飛輪。顯然，發展中市場更多。因此，如果您考慮東歐市場的成長速度比西歐市場快一點。

Western Europe markets have been impacted a little bit in this first quarter by some of the negotiations and that's not atypical in Europe. But I think we have a good flywheel in Europe and Europe will be expanding its portfolio along the lines of what the U.S. has been doing, which will give us additional consumers and additional penetration in households across developed and developing markets. So we feel good about the flywheel in Europe.

西歐市場在第一季受到一些談判的影響，這在歐洲並不罕見。但我認為我們在歐洲有一個很好的飛輪，歐洲將按照美國一直在做的方式擴大其產品組合，這將為我們帶來更多的消費者以及對發達和發展中市場家庭的更多滲透。所以我們對歐洲的飛輪感覺很好。

But at the center of that is a very strong productivity, cost discipline and reinvestment strategy that is, in a way, what we're trying to do across the full company, elevating our productivity and driving their investments both into affordability, availability, a better brand equity and then investing back into our future, digitalization and sustainability at the center of that investment. So it's a flywheel that we're trying to do for all the world. Clearly, Europe is doing a good job at implementing it.

但其核心是非常強大的生產力、成本控制和再投資策略，這在某種程度上是我們在整個公司努力做的事情，提高我們的生產力並推動他們的投資轉向可負擔性、可用性、更好的品牌資產，然後投資我們的未來，數位化和永續發展是投資的核心。所以這是我們正在努力為全世界做的飛輪。顯然，歐洲在實施方面做得很好。

Thank you. Ladies and gentlemen, this does conclude the question-and-answer session. I would like to turn the call back to Ramon Laguarta for any closing remarks.

謝謝。女士們、先生們，問答環節到此結束。我想把電話轉回拉蒙·拉瓜塔（Ramon Laguarta），請他發表結束語。

Yes. Thank you, everyone, for joining us this morning and for the confidence that you've placed in us and in our stock. And we hope that you all stay healthy and safe.

是的。感謝大家今天早上加入我們，感謝你們對我們和我們的股票的信任。我們希望你們都保持健康和安全。

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。

Thank you, gentlemen. I appreciate your help.

謝謝你們，先生們。我感謝您的幫助。