百事 (PEP) 2024 Q2 法說會逐字稿

Good morning, and welcome to PepsiCo's 2024 second-quarter earnings question-and-answer session. (Operator Instructions) Today's call is being recorded and will be archived at www.pepsico.com.

早安，歡迎參加百事公司 2024 年第二季財報問答會。 （操作員說明）今天的通話正在錄音並將存檔在 www.pepsico.com 上。

It is now my pleasure to introduce Mr. Ravi Pamnani, Senior Vice President, Investor Relations. Mr. Pamnani, you may begin.

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.

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。

We may make forward-looking statements on today's call, including about our business plans and updated 2024 guidance. Forward-looking statements inherently involve risks and uncertainties and only reflect our view as of today, July 11, 2024, and we are under no obligation to update.

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更新的 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 7 月 11 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 second-quarter 2024 earnings release and second-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 年第二季度收益發布和2024 年第二季度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的因素的討論與前瞻性陳述有重大差異。

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.

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。

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

就這樣，我將把第一個問題交給接線員。

(Operator Instructions) Dara Mohsenian, Morgan Stanley.

（操作員指令）Dara Mohsenian，摩根士丹利。

Hey, good morning, guys.

嘿，早上好，夥計們。

Good morning, Dara.

早安，達拉。

So I just wanted to focus on the implied organic sales growth guidance in the back half of the year of mid-single digits to get to the approximate 4% guidance. You've obviously had a great longer-term track record, Ramon, under your tenure. But in this softer US consumer environment, we've seen low single-digit growth in the last couple of quarters.

因此，我只想關注下半年隱含的個位數有機銷售成長指引，以達到約 4% 的指引。拉蒙，在您的任期內，您顯然擁有出色的長期業績記錄。但在美國消費環境疲軟的情況下，過去幾季我們看到了較低的個位數成長。

So what gives you confidence at the corporate level you can get back there? And specifically, I wanted to dial down into Frito-Lay North America, which is presumably a piece of that. Obviously, a pretty soft volume result in Q2. You had taken some initial actions.

那麼，是什麼讓您對公司層面的重返充滿信心呢？具體來說，我想深入了解菲多利北美公司，這可能是其中的一部分。顯然，第二季的銷量相當疲軟。您已經採取了一些初步行動。

So help us understand the incremental actions from here. What gives you confidence you get a volume payback and a top-line payback from that, and how Frito-Lay North America fits into that implied top-line recovery also?

因此，請幫助我們理解這裡的增量操作。是什麼讓您有信心從中獲得銷售回報和營收回報？

That's great, Dara. So I think it's an important area to focus. When we're saying at least four, we were talking more about around five in our minds. Now, we're talking around four. So that's the pivot we're making. There is an adjustment, and it's related to specifically the consumer in the US, and we can talk a little bit more.

太好了，達拉。所以我認為這是一個值得關注的重要領域。當我們說至少四個時，我們更多地談論的是我們腦海中的五個左右。現在，我們正在談論四點左右。這就是我們正在做的支點。有一個調整，特別是與美國的消費者有關，我們可以多談一點。

Now, why do we feel good about our guidance? And it cannot be disconnected from our earnings performance. Because I think the work we've been doing on our productivity and our cost reduction gives us the optionality to reinvest back in half-two in a way that we feel much more comfortable about the performance.

現在，為什麼我們對我們的指導感覺良好？這與我們的獲利表現密不可分。因為我認為我們一直在提高生產力和降低成本方面所做的工作使我們可以選擇以一種讓我們對性能感到更加滿意的方式重新投資一半。

So a couple of, I would say, elements that give us confidence. Now, one is Quaker. Quaker -- you're all familiar with the situation. We're recovering the supply chain. By Q4, we'll be in almost 100% supply. And obviously, the business at that point will be growing materially because we're just refilling the shelves on the pipeline. So that should be out of the picture, and it will be a positive impact for us.

我想說的是，有幾個因素可以帶給我們信心。現在，貴格會就是其中之一。貴格會－你們都熟悉這種情況。我們正在恢復供應鏈。到第四季度，我們將實現幾乎 100% 的供應。顯然，那時的業務將會大幅成長，因為我們只是在重新填滿管道上的貨架。所以這應該是不可能的，這將對我們產生正面的影響。

The second is mathematical, but it's lapping. And we think, obviously, the laps are much better in second half. And that gives us confidence that we can get back to a mid-single-digit type of growth in the second half.

第二個是數學的，但它是重疊的。我們認為，顯然，下半場的圈數要好得多。這讓我們有信心在下半年恢復中個位數的成長。

The third element is international. International is an area we've been investing for the last few years materially, and it's delivering for us. So first half of the year, 7%. We think that we'll continue that same level of growth in the second half of the year, pluses and minuses around the world. But the portfolio is diverse enough, scaled enough, profitable enough around multiple parts of the world that we believe that we can deliver.

第三個要素是國際化。國際化是我們過去幾年大量投資的一個領域，它正在為我們帶來回報。所以上半年是7%。我們認為，今年下半年我們將繼續保持同樣的成長水平，在世界各地都有優點和缺點。但我們相信我們能夠在世界多個地區提供足夠多樣化、足夠規模、足夠盈利的產品組合。

And then now in the US, there is clearly a consumer that is more challenged. And it's a consumer that is telling us that in particular parts of our portfolio, they want more value to stay with our brands. That is not for all the consumers. It's some consumers. That is not for all the portfolio. It's some parts of the portfolio.

現在在美國，顯然有一個消費者面臨更大的挑戰。消費者告訴我們，在我們產品組合的特定部分，他們希望我們的品牌擁有更多價值。這並不適合所有消費者。是一些消費者。這並不適用於所有投資組合。這是投資組合的某些部分。

And we have been working different tactics to give the consumer what they want, and we see that it's working. That's why we feel comfortable about -- given the oxygen that we have in the P&L, that we'll be able to deploy in a very targeted way, thinking long term about the category, making sure that it has good ROI, that we'll be able to turn around, especially what you were referring, the food business, to positive volume and with that, a higher level of net revenue.

我們一直在採取不同的策略來為消費者提供他們想要的東西，我們看到它正在發揮作用。這就是為什麼我們感到放心 - 考慮到我們在損益表中擁有的氧氣，我們將能夠以非常有針對性的方式進行部署，長期考慮該類別，確保它具有良好的投資回報率，我們'我們將能夠扭虧為盈，尤其是你所指的食品業務，實現正銷量，從而實現更高水準的淨收入。

So that's how we're thinking about the second half. Again, we have green shoots with some of the activities we've been executing. And July 4 has been very strong for us, and we feel good about the business.

這就是我們對下半年的看法。我們已經執行的一些活動再次出現了萌芽。 7 月 4 日對我們來說非常重要，我們對業務感覺良好。

Now, the North America beverage business is also to be highlighted. It's a business that we said, over time, we want to stay with, deliver profitable growth, make sure we compete well in the category, but at the same time, improve our margins. We think we're executing the playbook well.

現在，北美飲料業務也備受矚目。我們說，隨著時間的推移，我們希望繼續維持這項業務，實現獲利成長，確保我們在該類別中具有良好的競爭能力，但同時提高我們的利潤率。我們認為我們很好地執行了劇本。

Actually, we've been accelerating the profitable growth delivery of the business and that it should continue in the second half. We're investing in advertising and marketing even more in the platforms that are growing. And that's what, overall, you put it all together, we feel good about the second half of the year and the momentum that will start '25 with that.

事實上，我們一直在加速業務的獲利成長，下半年應該會繼續下去。我們在不斷成長的平台上加大廣告和行銷投資。總的來說，這就是我們對今年下半年以及 25 年開始的勢頭感到良好的原因。

Bonnie Herzog, Goldman Sachs.

邦妮·赫爾佐格，高盛。

Hi. Thank you. Good morning, everyone. I actually had a question on PBNA, Ramon. I know you just touched on it a bit. But I'd be curious to hear if you're satisfied with some of the progress you might be making to reinvigorate the business and maybe what green shoots you are seeing within PBNA.

你好。謝謝。大家，早安。我實際上有一個關於 PBNA 的問題，Ramon。我知道你剛剛觸及了一點。但我很想知道您是否對重振業務所取得的一些進展感到滿意，以及您在 PBNA 中看到的新芽。

And then, I guess, I'm hoping for some color on the initiatives you highlighted in terms of the disciplined commercial investments. Should we assume this will also mean a potential step-up in promos for PBNA? And do you maybe see a need for some brand repositioning? Are there structural opportunities? Essentially, what will be the drivers to re-accelerate growth at PBNA? Thanks.

然後，我想，我希望您在嚴格的商業投資方面強調的舉措有一些色彩。我們是否應該假設這也意味著 PBNA 的促銷活動可能會加強？您是否認為需要重新定位品牌？是否存在結構性機會？本質上，PBNA 重新加速成長的驅動力是什麼？謝謝。

Yeah. It's good. Bonnie, I'll give you a couple of data points that I think are relevant. Gatorade, for example, has been gaining share this year, year to date, meaningfully. It's accelerating. That's a core part of our portfolio and a very profitable part of our portfolio.

是的。很好。邦妮，我會給你一些我認為相關的數據點。例如，今年迄今為止，佳得樂的市場份額一直在大幅增長。它正在加速。這是我們投資組合的核心部分，也是我們投資組合中非常有利可圖的部分。

So that's one data point. We've been investing in Gatorade, not so much on, as you were saying, promos and discounts, but more on innovation, execution, and branding. And that's paying back, the same with Propel. So all that functional hydration space, I think it's a focus for us. It's always been a focus, but now I think that part of the portfolio is working well.

這就是一個數據點。我們一直在投資佳得樂，不是像你所說的那樣投資於促銷和折扣，而是更多地投資於創新、執行和品牌。這就是回報，Propel 也是。因此，所有功能性水合空間，我認為這是我們的重點。它一直是一個焦點，但現在我認為投資組合的一部分運作得很好。

I think some of the G2 DSD challenges that we had last year are behind us. I don't think we're all the way to perfection there, but much better service levels in this early part of the summer, which, obviously, that's when the category peaks and where we have to be ready for perfection.

我認為去年我們遇到的一些 G2 DSD 挑戰已經過去了。我不認為我們已經一路走向完美，但在夏初的服務水平要好得多，顯然，那是該類別達到頂峰的時候，我們必須為完美做好準備。

So that part is clear. If you think about the other brand we've been talking for some time, Mountain Dew is on growth now. It's back to growth.

所以這部分很清楚。如果你想想另一個我們已經談論了一段時間的品牌，激浪現在正在成長。它又恢復成長了。

I think we made the strategic decision to have multiple flavors driving the brand and made Baja a structural part of the portfolio versus just an LTO. That's driving consumers into the brand, incremental consumers, and again, better levels of execution. So just some examples, all the zero part of the portfolio is booming, right?

我認為我們做出了策略決策，以多種口味來推動品牌發展，並使 Baja 成為產品組合的結構部分，而不僅僅是 LTO。這正在推動消費者進入品牌，增加消費者，並再次提高執行水準。所以僅舉一些例子，投資組合的所有零部分都在蓬勃發展，對吧？

If you think about consumer trends, clearly, we know where they're going. We know that internationally, and we know that's going to eventually happen here in the US. So zero, not only on colas, not only on soft drinks, but also on Gatorade, on teas, on coffees -- we're seeing that consumers are going.

如果您考慮一下消費者趨勢，顯然我們知道它們的走向。我們在國際上都知道這一點，我們也知道這最終將在美國發生。所以，零，不僅在可樂上，不僅在軟性飲料上，而且在佳得樂、茶、咖啡上也是如此——我們看到消費者正在走向零。

And then the last part is our food service business is becoming stronger. We're being better at where the profitability is, which is on the fragmented restaurant, local restaurant, and where consumers have a lot of interaction every day.

最後一部分是我們的餐飲服務業務正在變得更加強大。我們更擅長獲利的地方，那就是分散的餐廳、本地餐廳，以及消費者每天都有大量互動的地方。

And that part of the portfolio, we've been investing. We're getting additional distribution. We know we're becoming a better execution company in that particular channel. And we're feeling good about that.

我們一直在投資投資組合的這一部分。我們正在獲得額外的分發。我們知道我們正在成為該特定管道中執行力更好的公司。我們對此感覺良好。

Lauren Lieberman, Barclays.

勞倫·利伯曼，巴克萊銀行。

Great. Thanks so much. Ramon, I wanted to go back to Frito, if I may. Because you commented on some consumers being more valued to stay with our brands. But one thing we've been doing a lot in trying to parse through the data that's available to us, and it looks like the salty snack category as a whole is really pressured.

偉大的。非常感謝。拉蒙，如果可以的話，我想回弗里托。因為您評論說一些消費者更願意選擇我們的品牌。但有一件事我們一直在嘗試解析我們可用的數據，而且看起來鹹味零食類別作為一個整體確實面臨著壓力。

It's not just your brands. I know, given your share, they're one and the same. But it looks like there's a broader category issue. Again, some of the data we've looked at, it feels like the category is not proving terribly responsive to promotion.

這不僅僅是您的品牌。我知道，考慮到你的份額，它們是一體的。但似乎存在更廣泛的類別問題。同樣，我們查看的一些數據表明，該類別對促銷的反應並不十分明顯。

So I just was hoping you could comment on that, if that is or isn't consistent with what you're seeing and how what you're going to be doing will be different. Because, again, what we've seen so far, it doesn't look like there's a lot of response, and it feels like the category is proving more discretionary. So just love your thoughts on that. Thanks.

所以我只是希望你能對此發表評論，如果這與你所看到的一致或不一致，以及你將要做的事情會有何不同。因為，從我們到目前為止所看到的情況來看，似乎沒有太多的反應，而且感覺這個類別變得更加隨意。所以只是喜歡你對此的想法。謝謝。

Yeah. I think -- we feel that the issue is an issue of value. It's not an issue of anything else. And we have a lot of data -- obviously, now, how do you address that value gap versus what consumers want to do, I think, is where the know-how will come.

是的。我認為——我們認為這個問題是一個價值問題。這不是其他任何事情的問題。我們有大量數據——顯然，現在，如何解決價值差距與消費者想要做的事情，我認為，這就是專業知識的來源。

And the sweet spot, for us, is not to promote, but it's to promote to who needs it in their products that need it versus a blanket approach to promotion. So that's where we're investing a lot of time. I think we're much more capable from the insights and diagnostic point of view and also from our ability to execute more granularly all these interventions, be it digital, be it with particular channels or customers.

對我們來說，最佳點不是促銷，而是向那些需要它的產品中需要它的人進行促銷，而不是一攬子促銷方式。這就是我們投入大量時間的地方。我認為，從洞察和診斷的角度來看，以及從我們更精細地執行所有這些幹預措施的能力來看，無論是數位化的，還是針對特定管道或客戶的干預措施，我們的能力都更強。

To give you an example, we feel that the unsalted part of our portfolio, if you think about potato chips or tortilla chips, that needs some value reset and value intervention for some consumers. When we think about flavored potato chips or other parts of our portfolio, no. I mean, consumers are staying in the category, are staying in our brands, and they're buying with pretty high frequency as in the past.

舉個例子，我們認為我們產品組合中的無鹽部分，如果你考慮薯片或玉米片，需要對一些消費者進行一些價值重置和價值幹預。當我們想到調味薯片或我們產品組合的其他部分時，答案是否定的。我的意思是，消費者會留在這個類別中，留在我們的品牌中，並且像過去一樣，他們的購買頻率相當高。

There are other parts of the portfolio that are growing very, very fast, especially the permissible part of -- what we call permissible portfolio, positive choices. This is -- when you think about brands like Sunchips, PopCorners, Smartfood, or the Simply range, Off The Eaten Path, those brands are growing.

投資組合的其他部分成長非常非常快，尤其是我們所說的允許投資組合、積極選擇的允許部分。這是——當你想到 Sunchips、PopCorners、Smartfood 或 Simply range、Off The Eaten Path 等品牌時，這些品牌正在成長。

And there, it's not about value. There, I think, it's more about, and the way we're going to approach it, is more marketing, investment, awareness, execution, availability. So there's different tools that we'll be using to drive the category growth.

在那裡，這與價值無關。我認為，更重要的是，我們要採取的方式是更多的行銷、投資、意識、執行力和可用性。因此，我們將使用不同的工具來推動類別的成長。

To your point on, is it the category, is it PepsiCo brands, I think given our massive participation in the category through many multiple brands, I think it's our responsibility to manage this category for the long term, providing value to consumers in different ways, and continue to have the savory snacks category growing above food structurally as we have done in the past.

就你的觀點而言，是這個類別，還是百事可樂品牌，我認為考慮到我們透過許多多個品牌大量參與這個類別，我認為我們有責任長期管理這個類別，以不同的方式為消費者提供價值，並繼續讓鹹味零食類別在結構上高於食品，就像我們過去所做的那樣。

Now, there is nothing in terms of consumer long-term trends that tells us that that's not possible. I think it's small adjustments in value and in execution and in investment in new innovation areas that will drive it. And we feel very strong about our ability to do that, not in the long term, but actually in the short term, in Q3 and Q4.

現在，消費者長期趨勢並沒有告訴我們這是不可能的。我認為，價值、執行力以及新創新領域投資的小調整將推動這一趨勢的發展。我們對我們做到這一點的能力感到非常強大，不是從長期來看，而是在短期內，在第三季和第四季。

And that's why our guidance reflects a little bit that inflection. Because we're already testing and executing some of these levers, and we see the returns it has in volume and net revenue.

這就是為什麼我們的指導反映了一點這種變化。因為我們已經在測試和執行其中一些槓桿，並且我們看到了它在數量和淨收入方面的回報。

Bryan Spillane, BofA.

布萊恩‧斯皮蘭 (Bryan Spillane)，美國銀行。

Hey, thanks, operator. Good morning, Ramon. Good morning, Jamie. I just wanted to circle back on Frito. And I guess, stepping back, you're able to sort of reset the margins and fund it with just drilling deeper into some of the reservoirs of productivity other places in the organization. So I guess, just if you can comment on two things related to that.

嘿，謝謝，接線生。早安，拉蒙。早安，傑米。我只是想回到菲多利。我想，退一步來說，你可以透過更深入地挖掘組織中其他地方的一些生產力儲備來重置利潤並為其提供資金。所以我想，只要你能評論一下與此相關的兩件事。

One, given that you're tapping more productivity this year, how does that affect next year? Does that affect maybe not having as much productivity to flow through, or is that reservoir very deep?

第一，考慮到今年您將提高生產力，這對明年有何影響？這會影響生產力的降低，還是水庫是否很深？

And then the second is, as we're thinking about Frito margins stepping back in the back half of the year, should we be thinking about that now as the new base to maybe grow off of gradually? Or is that a major step-down, and then you'd expect Frito to have another maybe a step change up in the future?

第二個問題是，當我們考慮菲多利的利潤率在今年下半年回落時，我們現在是否應該考慮將其作為可能逐漸增長的新基地？或者這是一個重大的降級，然後你會期望菲多利在未來有另一個可能的升級？

Yeah. So Brian, let me tell you -- and I think we've talked about this in the past -- we're managing total PepsiCo operating margin. And as you've seen, we keep improving the margin. This quarter was almost 100 bps of operating margin improvement, and it's been consistent for the last few years.

是的。所以布萊恩，讓我告訴你——我想我們過去已經討論過這個——我們正在管理百事公司的總營業利潤率。正如您所看到的，我們不斷提高利潤率。本季營業利潤率提高了近 100 個基點，並且與過去幾年保持一致。

We feel good about our productivity pipeline. It's not tactical. It's super strategic. And it's multi-year, and it's based on automation. It's based on digitalization, simplification of the company, standardization, different service models to the business. So there's a whole portfolio of productivity ideas that are multi-year in nature. And we don't think that we will slow down our productivity in the coming years.

我們對我們的生產力管道感覺良好。這不是戰術性的。這是超級戰略性的。它是多年的，並且基於自動化。它基於數位化、公司簡化、標準化、不同的業務服務模式。因此，有一整套本質上是多年的生產力理念組合。我們認為未來幾年我們的生產力不會下降。

Now as you think about our overall margin, international has continued to grow its margin. PBNA -- we've been very vocal from our side that we want to have that business moving into mid-teens, and we're delivering on that.

現在，當你考慮我們的整體利潤時，國際的利潤率持續成長。 PBNA——我們方面一直非常直言不諱地表示，我們希望該業務進入十幾歲左右，我們正在實現這一目標。

We've always said that the big value of Frito for us is not so much whether it's a 26 or 26.5 or 27.5. That is very relevant, I would say. It's always tremendously accretive for us long term. And the biggest value creation for Frito is to make sure that it grows at a 4% or 5% level.

我們總是說，Frito 對我們來說最大的價值並不在於它是 26、26.5 還是 27.5。我想說，這非常相關。從長遠來看，它總是能為我們帶來巨大的增值。而Frito最大的價值創造就是確保其成長在4%或5%的水平。

And that is going to be our -- continues to be our strategic focus, how do we get Frito to continue to grow above the category, make the category very healthy in terms of growth, keep bringing consumers occasions and opportunities for channel expansion to Frito. And that will continue to be our focus. We'll keep investing until we get it right.

這將是我們的－仍然是我們的策略重點，我們如何讓Frito繼續在品類之上成長，使該品類在成長方面非常健康，不斷為消費者帶來Frito通路擴張的機會和機會。這將繼續是我們的重點。我們將繼續投資，直到做出正確的決定。

We feel good about getting it right rather soon, and that's the way we'll keep managing the overall profitability of the company and Frito, PBNA, and international in particular with different sub-strategies. And obviously, that triggers down to every market around the world when you talk about international. But we have a very good playbook for every country and every line of business in every country, expectations on profitability, and road maps to deliver that kind of growth.

我們對很快就能做到這一點感到很高興，這就是我們繼續管理公司、Frito、PBNA 和國際公司整體盈利能力的方式，特別是透過不同的子策略。顯然，當你談論國際市場時，這會涉及到世界各地的每個市場。但我們為每個國家和每個國家的每個業務線都有一個非常好的劇本、對獲利能力的期望以及實現這種成長的路線圖。

Kaumil Gajrawala, Jefferies.

考米爾·加吉拉瓦拉，傑弗里斯。

Hi, good morning, everybody. Do you believe that the prices at Frito are too high given the increases over recent years?

嗨，大家早安。鑑於近年來的上漲，您是否認為菲多利 (Frito) 的價格太高了？

Listen, Kaumil, I think I kind of touched on the point earlier, but some parts of the portfolio need value adjustments. Some parts of the portfolio don't. Some parts of the portfolio need to be -- for particular consumers, we need some new entry price points and probably, some new promotional kind of mechanics that don't expect for the consumer to invest so much cash in a purchase of salty.

聽著，考米爾，我想我之前已經談過這一點，但投資組合的某些部分需要價值調整。投資組合的某些部分則不然。產品組合的某些部分需求－對於特定的消費者，我們需要一些新的入門價格點，可能還需要一些新的促銷機制，這些機制不希望消費者在購買鹹味食品時投入這麼多現金。

So there's adjustments that we have to make for certain consumers, some parts of the portfolio. I don't think the overall portfolio needs a reset. I think this is going to be about granularity. It's going to be about good execution of that granularity, and that's what I think we're well prepared to do throughout the full value chain.

因此，我們必須針對某些消費者、產品組合的某些部分做出調整。我認為整體投資組合不需要重置。我認為這與粒度有關。這將取決於這種粒度的良好執行，這就是我認為我們在整個價值鏈中做好充分準備的事情。

So yes, there is some value to be given back to consumers after three or four years of a lot of inflation. Our cost allows us to do that wherever we choose to do. And that will be one of the interventions that we'll be making in the second half, but not the only one.

所以，是的，在經歷了三、四年的高通膨之後，消費者還是有一定的價值的。我們的成本使我們能夠在任何我們選擇的地方做到這一點。這將是我們在下半年採取的干預措施之一，但不是唯一的干預措施。

I mean, there's going to be investments in marketing. There's going to be investments in better execution that, overall, will drive the business growth to where we think it will be structurally in the coming years.

我的意思是，將會在行銷方面進行投資。總體而言，我們將在更好的執行方面進行投資，這將推動業務成長到我們認為未來幾年結構性的水平。

Peter Grom, UBS.

彼得‧格羅姆，瑞銀集團。

Thanks, operator. Good morning, everyone. So I was hoping to get some color on Latin America. Organic revenue was the weakest we've seen in some time here. And I think in the prepared remarks, Brazil and Mexico seem solid. So just curious kind of what drove the weakness in the quarter.

謝謝，接線生。大家，早安。所以我希望能對拉丁美洲有所了解。有機收入是我們一段時間以來見過的最弱的。我認為在準備好的演講中，巴西和墨西哥似乎很可靠。所以只是好奇是什麼導致了本季的疲軟。

And then, Ramon, just as we look ahead, you mentioned you still expect strong growth from international in the back half of the year. How does Latin America fit into that equation? Would you anticipate improvement, or should we expect more muted performance to continue? Thanks.

然後，拉蒙，正如我們展望未來一樣，您提到您仍然預計下半年國際業務將出現強勁增長。拉丁美洲如何融入這個等式？您是否預計會有所改善，或者我們應該期待更多的低迷表現繼續下去？謝謝。

No, I think the -- again, I would look at LatAm and all the international business in like six months rather than three months and three months. There's a lot of moving pieces between first quarter, second quarter, Chinese New Year.

不，我想——再說一次，我會在六個月內而不是三個月和三個月內關注拉丁美洲和所有國際業務。第一季、第二季和農曆新年之間有很多令人感動的事情。

In particular, the LatAm situation, in our case, is related to Mexico. And Mexico -- because of the elections, there have been some changes in this possible income given to the families by the government that created some, I would say, some abnormalities in the way those funds were distributed. And that's impacted demand in Mexico.

特別是，就我們而言，拉丁美洲的情況與墨西哥有關。墨西哥—由於選舉，政府向家庭提供的可能收入發生了一些變化，我想說，這些資金的分配方式出現了一些異常。這影響了墨西哥的需求。

What we're seeing in the last three weeks in Mexico is that as those funds have been given back to consumers again, that the demand has come back to our category. So we don't foresee any issue in LatAm.

過去三週我們在墨西哥看到的是，隨著這些資金再次回饋給消費者，需求又回到了我們的類別。因此，我們預期拉丁美洲不會有任何問題。

Again, value continues to be a factor, as it's always been in LatAm. We'll see plus and minuses between the different countries. But as a region, LatAm continues to be a high-performing region for us, where we keep developing the categories and we keep expanding our margins and building scaled businesses, not only in Mexico and Brazil, but across multiple markets.

同樣，價值仍然是一個因素，就像在拉丁美洲一樣。我們將看到不同國家之間的優缺點。但作為一個地區，拉丁美洲對我們來說仍然是一個高績效地區，我們不斷開發產品類別，不斷擴大利潤並建立規模化業務，不僅在墨西哥和巴西，而且在多個市場。

Filippo Falorni, Citi.

菲利波·法洛尼，花旗銀行。

Hey, good morning, everyone. So just staying on the international business. Ramon, you sounded pretty confident on the growth in international. Maybe you can talk more about, like, what regions do you see the greater growth potential in that business?

嘿，大家早安。所以只專注於國際業務。拉蒙，聽起來你對國際業務的成長非常有信心。也許你可以多談談一下，例如，你認為該業務的哪些地區具有更大的成長潛力？

And going back to the question on guidance on top, like for the second half, is the improvement in organic sales mainly driven by an improvement in North America or an acceleration in international? If you can give some color there, it will be helpful.

回到最重要的指導問題，就像下半年一樣，有機銷售的改善主要是由北美的改善還是國際的加速所推動的？如果你可以在那裡給一些顏色，那將會很有幫助。

Yeah, Filippo, hi. You should assume that most of the incremental acceleration of the business comes from mostly North America. And the two factors I mentioned, Quaker, will get back to growth. The labs get better for North America. And then some of the interventions we're making both in value and in additional A&M should drive additional volume. Those are the three factors.

是的，菲利波，你好。您應該假設業務的大部分增量加速主要來自北美。我提到的兩個因素，貴格會，將恢復成長。北美的實驗室變得更好。然後，我們在價值和額外 A&M 方面所做的一些幹預措施應該會推動銷售的增加。這是三個因素。

Internationally, we're assuming that the rate of growth for the first half will continue in the second half. And again, we're seeing parts of the portfolio, accelerating parts of the portfolio, kind of stabilizing some of them, being a little bit softer. But overall, the portfolio at this point is broad enough. We have enough scale across multiple markets that we're kind of hedged geographically.

從國際來看，我們假設下半年將延續上半年的成長率。再一次，我們看到部分投資組合、部分投資組合加速、部分穩定，但有些疲軟。但總體而言，目前的投資組合足夠廣泛。我們在多個市場擁有足夠的規模，可以在地理上進行對沖。

So that's what we're assuming. And we're seeing that the per caps growth of the category will continue. We continue to invest meaningfully incremental funds to both execution and brand development. And we don't see any reason why not. Of course, it could be big geopolitical reasons why we change our mind later in the year. But with information we have today about geopolitics and stability of countries, that's our best guess today.

這就是我們的假設。我們看到該類別的人均收入將持續成長。我們繼續將有意義的增量資金投入執行和品牌發展。我們看不出有什麼理由不這麼做。當然，這可能是我們在今年稍後改變主意的重大地緣政治原因。但根據我們今天掌握的有關地緣政治和國家穩定的信息，這是我們今天最好的猜測。

Robert Moskow, TD Cowen.

羅伯特·莫斯科，TD·考恩。

Hi, thanks. A couple questions. One is, I was hoping you'd give a little more color on the energy drinks category. Growth has slowed dramatically in the US. I just wanted to get your perspective and ask, like, do you think that consumers there are making a value decision as well? There's a lot of premium price drinks there. Do you see any evidence of trading down to maybe higher caffeine carbonated drinks? Thanks.

你好謝謝。有幾個問題。一是，我希望您能對能量飲料類別提供更多的資訊。美國的成長急劇放緩。我只是想了解您的觀點，然後問您，您認為那裡的消費者也會做出價值決定嗎？那裡有很多高價飲料。您是否看到任何證據表明可以轉而購買咖啡因含量較高的碳酸飲料？謝謝。

Listen, I think fundamentally, the energy category continues to provide long-term good prospects for our industry. I think it's a consumer need that will continue to be there. And whether we're able to satisfy that through multiple options, that will continue to grow. There's always small ups and downs of subcategories within LRB that you could argue. Is it because of channel dynamics? Is it because it's very hot and people are moving to other parts of the portfolio?

聽著，我認為從根本上來說，能源類別繼續為我們的產業提供長期良好的前景。我認為消費者的需求將持續存在。無論我們是否能夠透過多種選擇來滿足這一點，這種情況都會繼續增長。 LRB 中的子類別總是存在一些你可能會爭論的小起伏。是因為通路動態嗎？是因為它非常熱門並且人們正在轉向投資組合的其他部分嗎？

Like, we're seeing, for example, in our case, in the recent six weeks, a massive growth in our hydration portfolio because obviously it's been very hot in the US. So I guess there is some cannibalization between energy and hydration for some consumers and they prefer to do that. So I wouldn't over read into the short term of the category. I would try to think about this as a consumer needs energy.

例如，就我們的情況而言，在最近六週內，我們的水合產品組合大幅成長，因為顯然它在美國非常熱。所以我想對於一些消費者來說，能量和水分之間存在著一定的相互蠶食，他們更喜歡這樣做。所以我不會過度解讀該類別的短期前景。我會嘗試將這個問題視為消費者需要能量。

If we're able to provide energy in a consumer-friendly way, including price, probably as you mentioned. But I would say functionality, clean labels. I mean, like a lot of the things that I think the category has been working on, there should be a good runway for that segment of the category. And it's been value creating for a lot of us that participate in it, including the retailer partners and the brand owners.

如果我們能夠以對消費者友善的方式提供能源，包括價格，可能正如您所提到的。但我想說的是功能性、乾淨的標籤。我的意思是，就像我認為該類別一直在做的許多事情一樣，該類別的該部分應該有一個良好的跑道。這為我們許多參與其中的人創造了價值，包括零售商合作夥伴和品牌所有者。

Andrea Teixeira, JPMorgan.

安德里亞·特謝拉，摩根大通。

Thank you. Good morning, everyone. Ramon, Jamie. My question is on the bridge to the mid-single digits organic sales growth in the second half. Assuming international, Ramon, you just mentioned growth, the same kind of mid-single digits into the second half. And of course, understanding the easy comps for Quaker, it still implies a good inflection into Frito and PBNA.

謝謝。大家，早安。拉蒙、傑米.我的問題是如何在下半年實現中個位數的自然銷售成長。假設國際賽，拉蒙，你剛才提到了下半年的成長，同樣的中個位數。當然，理解了 Quaker 的簡單組合，它仍然意味著對 Frito 和 PBNA 的良好變形。

How do you think like we should be thinking about the progress and perhaps, you know, related to that from a channel perspective, the away-from-home for you growing from what it seems to be like a distribution? What is the like for like in sales basically by channel, if you would think about away-from-home and at home?

您認為我們應該如何考慮進展，也許，您知道，從管道的角度來看，與您從看似發行的過程中成長的離家出走有關？如果您考慮外出和在家，基本上按通路進行的銷售是什麼樣的？

Yeah, Andrea, it's Jamie. Yeah, on the acceleration in the back half, as Ramon mentioned, that's going to come mostly from North America for reasons we cited and we're making the investment primarily focused North America. We've got the easier laps and Quaker. So that gives us a lot of confidence on channels. Look, away-from-home has been a focus area for us. We put investment behind that and it's outgrowing the balance of our portfolio. So we'd expect that to continue.

是的，安德里亞，是傑米。是的，正如拉蒙所提到的，關於後半段的加速，由於我們提到的原因，這將主要來自北美，我們的投資主要集中在北美。我們有更容易的圈數和桂格。這讓我們對通路充滿信心。看，出門在外一直是我們的重點領域。我們對此進行了投資，它的成長超出了我們投資組合的平衡。所以我們預計這種情況會持續下去。

Chris Carey, Wells Fargo Securities.

克里斯凱裡，富國銀行證券。

Hi, good morning, everyone. Ramon, I know you mentioned international could be looked at on six months cadence. I was wondering, however, if you could comment on some specific regions, just in Europe, why, to your mind have trends been so resilient? I don't think it's just your portfolio. I think the region in general has been more resilient for longer than many expected.

嗨，大家早安。拉蒙，我知道你提到國際比賽可以按六個月的節奏進行。然而，我想知道您是否可以對歐洲的一些特定地區發表評論，在您看來，為什麼趨勢如此有彈性？我不認為這只是你的投資組合。我認為該地區總體上比許多人預期的更有彈性。

And then in Asia, I think you were clear last quarter that there was some timing benefit. Clearly, we saw that normalized this quarter. What's the right run rate for this division? And do you have any comments on the progress in China? Thank you.

然後在亞洲，我認為上個季度你們就清楚知道有一些時機優勢。顯然，我們看到這種情況在本季已經正常化。該部門的正確運作率是多少？您對中國的進展有何評論？謝謝。

Yeah. So listen, again, we're looking at international as a portfolio of geographies and markets. And we see the portfolio kind of when it's not growing so much here. So at the end, historically, we've learned that the portfolio is quite diversified and that gives us the opportunity to talk about an international business as a total. Obviously, we run the business locally.

是的。因此，請再次聽著，我們將國際視為地理和市場的組合。我們看到投資組合在這裡成長得不是那麼快。因此，最後，從歷史上看，我們了解到投資組合相當多元化，這使我們有機會從整體上討論國際業務。顯然，我們在本地經營業務。

Now, when you go down to different parts of the world, Europe is resilient and is resilient in -- our business has been performing very well, both on top line and share and very importantly, in margin improvement. And that has been a focus of the management team for quite some time. We're getting a lot of traction. That's also giving the business the opportunity to reinvest, which also obviously drives the top line. And I think Europe, in our case, is in a very positive cycle, which we expect to continue in the coming years.

現在，當你深入到世界不同地區時，你會發現歐洲具有彈性，並且具有彈性——我們的業務在營收和份額方面都表現得非常好，非常重要的是，在利潤率改善方面。相當長一段時間以來，這一直是管理團隊的焦點。我們受到了很大的關注。這也為企業提供了再投資的機會，這顯然也推動了營收成長。我認為，就我們而言，歐洲正處於一個非常積極的循環中，我們預計這種循環將在未來幾年持續下去。

Now, I talked about Latin America, so I will not mention much. We continue to see a lot of growth in many parts of our AMESA region, in particular, India is a big growth space for us. And it's an investment area for sure. The opportunity is massive. You think -- you take a decade perspective, and we're putting infrastructure on the ground and we're putting a lot of investing in the brands, make sure that we build the scale to capture what is going to be I think a high demand market for many, many years.

現在我講的是拉丁美洲，所以我就不多說了。我們繼續看到我們的 AMESA 地區的許多地方都有很大的成長，特別是印度對我們來說是一個巨大的成長空間。這肯定是一個投資領域。機會是巨大的。你認為，從十年的角度來看，我們正在建立基礎設施，我們正在對品牌進行大量投資，確保我們建立規模來捕捉未來的發展趨勢，我認為這是一個高水平的發展。年。

Then when it comes to Asia, we're seeing a very cautious consumer in China. The consumer is clearly saving, saving more than spending. And that has an implication for many categories. Our category is a low-ticket item.

然後說到亞洲，我們看到中國的消費者非常謹慎。消費者顯然正在儲蓄，儲蓄多於支出。這對許多類別都有影響。我們的品類是低價商品。

So we continue to see good performance of our categories. And we're gaining shares. It's quite an advantage business what we have in China, especially on the food side. And we continue to invest in different regions of the country, continue to get more penetration, additional distribution. That has been a big driver.

因此，我們繼續看到我們類別的良好表現。我們正在獲得股票。這是我們在中國擁有的一項相當有優勢的業務，尤其是在食品方面。我們繼續在全國不同地區進行投資，繼續獲得更多的滲透、額外的分銷。這是一個很大的推動力。

So additional penetration, additional consumers coming to our brands, coming to the habit of snacking. And that has been very positive. So in spite of a cautious consumer, we have levers to continue to grow the business. Some of that physical availability, some of that is a share of market and better penetration of our brands. I think we have advantage products there. We've been -- we have a very strong R&D center in China that develops East for East products. And that is giving us an advantage versus other companies.

因此，更多的滲透率，更多的消費者來到我們的品牌，養成了吃零食的習慣。這是非常積極的。因此，儘管消費者持謹慎態度，我們仍有能力繼續發展業務。其中一些是實際可用性，一些是市場份額和我們品牌的更好滲透率。我認為我們在那裡有優勢產品。我們在中國擁有一個非常強大的研發中心，為東方產品開發東方產品。這給了我們相對於其他公司的優勢。

So that's how we're seeing the different parts of the world. And again, we'll continue to invest for us. This is a business that you think about our international business, it's almost $40 billion already. So it's been growing very fast over time. It's almost $40 billion. It's accretive to PepsiCo. It's higher margin than the average of PepsiCo. And it's clearly the largest growth opportunity for our company.

這就是我們看待世界不同地區的方式。再說一次，我們將繼續為我們投資。這是一項業務，你想想我們的國際業務，它已經接近 400 億美元了。所以隨著時間的推移，它成長得非常快。幾乎是 400 億美元。這對百事可樂公司來說是有好處的。它的利潤率高於百事可樂的平均水準。這顯然是我們公司最大的成長機會。

If you think about the next decade, and that's where we're putting so much focus, so much investment. We believe that both on the beverage side and on the food side, we have many years of growth in that particular part of the business.

如果你想想下一個十年，你會發現這就是我們投入如此多關注和投資的地方。我們相信，無論是在飲料方面還是在食品方面，我們在該業務的特定部分都有多年的成長。

Robert Ottenstein, Evercore ISI.

羅伯特·奧滕斯坦，Evercore ISI。

Great. Thank you very much. I want to look at a more structural, strategic-type question. And that is to get your thoughts around the Carlsberg-Britvic transaction. And maybe talk a little bit why perhaps it made more sense for Carlsberg to buy Britvic rather than you, given the fact that you generally own your bottlers in the US. Why not Britvick? Does that have any implications in terms of how you're thinking about the US bottlers? And does the fact that maybe combining beer and CSDs makes more sense outside of the US, obviously, for regulatory reasons? How should we think about that component? Thank you.

偉大的。非常感謝。我想研究一個更具結構性、策略性的問題。這是為了了解您對嘉士伯-布里特維克交易的看法。也許可以談談為什麼嘉士伯收購 Britvic 而不是你更有意義，因為事實上你通常在美國擁有你的裝瓶商。為什麼不是布里特維克？這對您如何看待美國裝瓶商有什麼影響嗎？顯然，出於監管原因，將啤酒和碳酸飲料結合起來在美國之外更有意義嗎？我們應該如何考慮該組件？謝謝。

Yeah, I wouldn't extrapolate too much. This is a decision by Carlsberg to make an investment in the UK business. It makes a lot of sense for Carlsberg for multiple reasons. And we partner with Carlsberg in other geographies. We are very happy with the partnership. We trust them as a partner to grow our business. And of course, we supported the transaction.

是的，我不會過多推論。這是嘉士伯對英國業務進行投資的決定。出於多種原因，這對嘉士伯來說很有意義。我們在其他地區與嘉士伯合作。我們對這次合作非常滿意。我們相信他們是發展我們業務的合作夥伴。當然，我們支持這筆交易。

So yeah, I wouldn't over-extrapolate it. Let's make it a UK decision by Carlsberg. And we decided to endorse the transaction because we have a great relationship with Carlsberg and we trust them.

所以是的，我不會過度推論。讓我們將其視為嘉士伯在英國的決定。我們決定支持這項交易，因為我們與嘉士伯有著良好的關係並且我們信任他們。

Carlos Laboy, HSBC.

卡洛斯·拉博伊，匯豐銀行。

Yes, good morning, everyone. Ramon, in keeping with the last two comments you've made and the deal, can you discuss the international franchise doctrine of PepsiCo? In other words, how are you thinking in terms of clarity of what each side is supposed to do and allow to keep, right? I'm trying to get a sense of how you're compelling independent bottlers in these great growth territories that you see to step up investments for the purpose of accelerated system revenue growth and bottling returns.

是的，大家早安。拉蒙，根據您最後發表的兩條評論和這筆交易，您能討論一下百事可樂的國際特許經營原則嗎？換句話說，您如何清晰地思考各方應該做什麼並允許保留什麼，對嗎？我試著了解你們如何在這些龐大的成長領域吸引獨立裝瓶商加大投資，以加速系統收入成長和裝瓶回報。

Yeah, Carlos, listen, we're very pleased with the relationship we have with most of the bottlers on this strategic alignment. Actually, our international beverage business has been one of the growth engines of the company for the last few years. So we keep innovating and building great products that have consumer appeal. And specifically, we've been very successful with our non-sugar business internationally.

是的，卡洛斯，聽著，我們對與大多數裝瓶商在這一策略聯盟方面的關係感到非常滿意。事實上，我們的國際飲料業務過去幾年一直是該公司的成長引擎之一。因此，我們不斷創新並打造對消費者有吸引力的優質產品。具體來說，我們的非糖業務在國際上非常成功。

Our non-sugar Pepsi has been a great driver of growth for many years. Gatorade is also another great platform that we are moving around. So the last is growing 10% historically, and we will continue to invest.

多年來，我們的無糖百事可樂一直是成長的巨大推動力。佳得樂也是我們正在推廣的另一個很棒的平台。所以最後一個歷史成長10%，我們將繼續投資。

Now, are there other opportunities to scale up some of our bottlers? Of course, there's always opportunities to improve the infrastructure. And we're working on that for the long term. But I think this is a part of our business that is going well. It's a part of our business that we are prepared to invest even more.

現在，還有其他機會來擴大我們的一些裝瓶商的規模嗎？當然，改善基礎設施的機會總是存在的。我們正在為此進行長期努力。但我認為這是我們業務進展順利的一部分。這是我們業務的一部分，我們準備好加大投資。

The bottlers know we obviously are very aligned statistically on which markets and which platforms we're going to put our focus and our investments. And I think, as I said, it's part of our international story that I was referring to earlier. There's a food story, and there's a beverage story, and there's a combination of the two story in some markets that we're playing long term.

裝瓶商知道，我們在統計上顯然在我們將重點關注和投資的市場和平台上非常一致。我認為，正如我所說，這是我之前提到的我們國際故事的一部分。有一個食品故事，有一個飲料故事，在我們長期關注的一些市場中，有兩個故事的結合。

So hopefully, I'm answering your question. I don't know if you had some other kind of implications there.

希望我能回答你的問題。我不知道你是否還有其他一些暗示。

Nik Modi, RBC.

尼克莫迪，加拿大皇家銀行。

Yeah, thank you. Good morning, everyone. Ramon, I was hoping you can just kind of share some perspective around overall food volume, right? Because a lot of questions have been asked about where's the volume going? It's not just salty snacks that's been under pressure pretty much across the board in terms of volumes. And so, I was just curious on your thoughts. I mean, I don't think it's GLP-1. I know that's what some might suggest, but I'd love your views on kind of where you think the volume is actually migrating.

是的，謝謝。大家，早安。拉蒙，我希望你能分享一些關於整體食物量的觀點，對吧？因為很多人都問到音量去哪了？不僅是鹹味零食在銷售方面幾乎全面面臨壓力。所以，我只是對你的想法感到好奇。我的意思是，我不認為它是 GLP-1。我知道有些人可能會這麼建議，但我希望您能就您認為卷實際遷移的位置提出看法。

Yeah. Listen, I don't know about all the categories. I know that for many categories, the multiple year inflation that we had to take because our input cost went up has created some perception and some reality in a lot of households that food is expensive and consumers are making choices, and they can make choices to cook versus buy finished goods or finished products, or they can make a lot of decisions around how they spend their money and how do they feed themselves every day with the lowest budget.

是的。聽著，我不知道所有類別。我知道，對於許多類別來說，由於我們的投入成本上升，我們不得不承受多年的通貨膨脹，這在許多家庭中造成了一些看法和現實，即食品價格昂貴，消費者正在做出選擇，他們可以做出選擇做飯而不是購買成品或成品，或者他們可以圍繞如何花錢以及如何以最低的預算每天養活自己做出很多決定。

And I think that's the fundamental question to address for the food companies. Now that our costs are kind of normalizing, our input costs, and we've all been going at productivity, in our case, this has been a very, very strategic focus for us.

我認為這是食品公司需要解決的基本問題。現在我們的成本已經正常化，我們的投入成本以及我們都在提高生產力，就我們而言，這對我們來說是一個非常非常策略性的重點。

Now, how do we deploy those resources against what are the best levers to reignite growth? And again, it will not be a blanket approach. It will be a segmented approach. In our case, it will be very rational. It will be based on data. I think we have a lot of data and we have great segmentation. And I think we can execute with precision so that we don't destroy value, but we create value for the category as we increase the net revenue of the category.

現在，我們如何利用這些資源來利用哪些最佳槓桿來重振成長？再說一遍，這不會是一種全面的方法。這將是一種分段的方法。就我們而言，這將是非常理性的。它將基於數據。我認為我們有很多數據並且我們有很好的細分。我認為我們可以精確執行，這樣我們就不會破壞價值，但隨著我們增加該類別的淨收入，我們會為該類別創造價值。

So that's how we're thinking about it. I don't think GLP at this point, Nik, has material impact in our category for sure. And we have a lot of panels, and we have a lot of conversations with consumers. It's not impacting us. At this point, it's an economic value relationship for our categories, and we will address them in the second half of the year.

這就是我們的想法。 Nik，我認為目前 GLP 肯定不會對我們的類別產生實質影響。我們有很多小組，我們與消費者進行了很多對話。這對我們沒有影響。在這一點上，這是我們類別的經濟價值關係，我們將在下半年解決這些問題。

Kevin Grundy, BNP Paribas.

凱文·格倫迪，法國巴黎銀行。

Great. Thanks. Good morning, everyone. Covered a lot of ground, and not to beat the dead horse, but just to drill down a couple areas, Ramon, if we could, on the demand weakness in snacks.

偉大的。謝謝。大家，早安。涵蓋了很多方面，並不是為了一事無成，而是為了深入研究幾個領域，如果可以的話，拉蒙，關於零食需求疲軟的問題。

So you mentioned some parts of the portfolio, but not all consumers. I apologize if I missed this. What are you seeing beyond the low-income consumer? There's a lot of focus on where is the consumer, and it depends on which management call you're listening to or what industry, frankly. What are you seeing specifically with the middle and high-end consumer? Is the weakness also being seen among that cohort as well?

所以你提到了產品組合的某些部分，但不是所有消費者。如果我錯過了這一點，我深表歉意。除了低收入消費者之外，您還看到什麼？人們非常關心消費者在哪裡，坦白說，這取決於您正在聽哪個管理層的電話或哪個行業。您對中高端消費者有何特別看法？該群體中是否也存在弱點？

And then I think an important question as well, is there anything you're seeing in your market research -- I know you're staying close to the consumer that gives you any pause with the longer-term outlook for the Frito business, which has been so strong for so long? Is there anything there that kind of gives you pause? Or do you view this to be entirely transitory? So thanks for that.

然後我認為還有一個重要的問題，你在市場研究中看到了什麼——我知道你與消費者保持密切聯繫，這讓你對菲多利業務的長期前景猶豫不決，這已經這麼強了這麼久了？有什麼事情讓你停下來嗎？還是您認為這完全是暫時的？所以謝謝你。

Yeah, thanks, Kevin. Listen, I think this need for value or more value consciousness, I think is impacting every household in the US. So it is different levels of income. I think it's impacting everybody, and we're seeing behaviors in different income levels. I would aggregate all that. The consumer is much more price conscious, is looking for more value across.

是的，謝謝，凱文。聽著，我認為這種對價值或更多價值意識的需求正在影響美國的每個家庭。所以收入水平不同。我認為這影響著每個人，我們看到了不同收入水平的行為。我會將所有這些匯總起來。消費者對價格更加敏感，正在尋找更多的價值。

So maybe you see the higher-income consumers that they're not going to expensive restaurants. They're adjusting their behavior to more affordable restaurants, or they stay at home and then they create their own entertainment moments or fun moments at home.

所以也許你會看到高收入消費者不會去昂貴的餐廳。他們正在調整自己的行為，去更便宜的餐館，或待在家裡，然後在家裡創造自己的娛樂時刻或有趣的時刻。

So you see different behaviors happening everywhere. I think the connecting line would be the consumer is more cautious, the consumer is more choiceful, but the consumer is willing to spend in areas where they see value. And we see it in our category, the parts of the category that I was referring to. But also for other parts of the category, they're asking for more value, and they're willing to compromise in some of their decisions. So that's the problem to address.

所以你會看到到處都有不同的行為發生。我認為連接線是消費者更加謹慎，消費者有更多選擇，但消費者願意在他們認為有價值的領域消費。我們在我們的類別中看到了它，即我所指的類別的一部分。但對於該類別的其他部分來說，他們也要求更多的價值，並且願意在一些決定上做出妥協。這就是需要解決的問題。

So I would stay there. And I think once we address that situation, we'll be back in growth, and we feel pretty good about the tools and the resources we have and the actions that we're taking. And we're quite encouraged by recent performance of the business.

所以我會留在那裡。我認為，一旦我們解決了這種情況，我們就會恢復成長，並且我們對我們擁有的工具和資源以及我們正在採取的行動感到非常滿意。我們對最近的業務表現感到非常鼓舞。

Okay, so I think this is the last question. So thank you, everyone, for joining us today and your thoughtful questions, and also obviously for the confidence that you've placed in us with your investments. And we hope everybody has a great summer and that you buy a lot of PepsiCo products. So thank you.

好的，我想這是最後一個問題。感謝大家今天加入我們並提出深思熟慮的問題，當然也感謝你們對我們的投資的信心。我們希望每個人都能度過一個愉快的夏天，並購買大量百事可樂產品。所以謝謝。

Thank you. Ladies and gentlemen, this does conclude today's presentation. You may now disconnect and have a wonderful day.

謝謝。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。