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，歡迎參加百事可樂 2024 年第二季財報問答環節。（操作員指示）今天的通話將被錄音並將存檔在 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。

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.

謝謝您，接線生。大家早安。我希望大家今天早上都有機會閱讀我們的新聞稿和準備好的發言稿，這兩份文件都可以在我們的網站上查閱。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做出前瞻性陳述，包括有關我們的業務計劃和更新的 2024 年指引。前瞻性陳述本身涉及風險和不確定性，僅反映我們截至 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，我們參考非公認會計準則指標，該指標從報告結果中排除了某些項目。請參閱 pepsico.com 上提供的 2024 年第二季度收益報告和 2024 年第二季度 10-Q 表，了解非 GAAP 指標的定義和對賬以及有關我們業績的其他信息，包括可能導致實際結果與前瞻性陳述存在重大差異的因素的討論。

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.

今天與我一起出席的還有百事公司董事長兼執行長 Ramon Laguarta 和百事公司執行副總裁兼財務長 Jamie Caulfield。我們要求您只問一個問題。

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

接下來，我將把第一個問題交給接線員。

(Operator Instructions) Dara Mohsenian, Morgan Stanley.

（操作員指示）摩根士丹利的 Dara Mohsenian。

Hey, good morning, guys.

嘿，大家早安。

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有機銷售成長指引，即中等個位數，以達到大約 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，過去幾季的成長率一直保持在個位數以下。

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，是什麼讓您有信心您能夠重返公司層面呢？具體來說，我想深入了解菲多利北美公司，這大概是其中的一部分。顯然，第二季的銷量相當疲軟。您已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從這裡開始的增量行動。是什麼讓您有信心從中獲得銷售回報和營業收入回報？菲多利北美公司如何適應這種隱含的營業收入復甦？

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.

太棒了，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，我們心裡談論的更多的是五個左右。現在，我們討論的是四個左右。這就是我們正在做出的轉變。有一個調整，它與美國消費者特別相關，我們可以多談談。

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.

那麼，為什麼我們對我們的指導感到滿意呢？這與我們的獲利表現是密不可分的。因為我認為我們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讓我們對績效感到更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.

所以我想說，有幾個因素給了我們信心。現在，一個是貴格會教徒。貴格會教徒——你們都熟悉這種情況。我們正在恢復供應鏈。到第四季度，我們的供應量將幾乎達到 100%。顯然，那時的業務將實現實質成長，因為我們只是在補充管道上的庫存。所以這應該不可能發生，而且這對我們來說將產生正面的影響。

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，但它是重疊的。我們認為，顯然，下半場的表現要好得多。這使我們有信心在下半年恢復中等個位數的成長。

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。國際是我們過去幾年來一直在大力投資的領域，並且正在為我們帶來成果。因此，今年上半年的成長率為7%。我們認為，今年下半年我們將維持同樣的成長水平，全球有好有壞。但我們的投資組合足夠多樣化，規模足夠大，在世界多個地區具有足夠的盈利能力，因此我們相信我們能夠實現這一目標。

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，消費者顯然面臨更大的挑戰。消費者告訴我們，對於我們產品組合中的特定部分，他們希望我們的品牌能獲得更多的價值。但這並不適合所有消費者。這是一些消費者。但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.

我們一直在採用不同的策略來滿足消費者的需求，我們看到這些策略是有效的。這就是為什麼我們感到安心——考慮到我們在損益表中的氧氣，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，我們將能夠扭轉局面，特別是您所提到的食品業務，實現正銷量，從而實現更高水平的淨收入。

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.

這就是我們對下半場的想法。再次，我們執行的一些活動已出現復甦的跡象。7 月 4 日對我們來說意義重大，我們對業務感到非常滿意。

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，北美飲料業務也值得關注。我們說過，隨著時間的推移，我們希望繼續經營這個業務，實現獲利性成長，確保我們在該領域具有良好的競爭力，但同時提高我們的利潤率。我們認為我們正在很好地執行劇本。

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.

實際上，我們一直在加速實現業務的獲利成長，而這種趨勢將在下半年繼續下去。我們正在不斷成長的平台上加大廣告和行銷方面的投資。總的來說，我們對今年下半年以及 2025 年伊始的勢頭充滿信心。

Bonnie Herzog, Goldman Sachs.

高盛的邦妮·赫爾佐格。

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。我實際上對 PBNA 有一個疑問，Ramon。我知道你剛剛稍微提到了這一點。但我很想知道，您是否對為重振業務而取得的一些進展感到滿意，以及您在 PBNA 內部看到的復甦跡象。

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，我希望對您強調的有關有紀律的商業投資的舉措進行一些說明。我們是否應該認為這也意味著 PBNA 的促銷活動可能會增加？您是否認為有必要對品牌進行重新定位？是否存在結構性機會？從本質上講，哪些因素將推動 PBNA 重新加速成長？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，佳得樂今年迄今的市佔率一直在顯著成長。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，但投資重點並不在於您所謂的促銷和折扣，而是創新、執行和品牌建立。這就是回報，Propel 也是。因此，我認為所有這些功能性補水空間都是我們關注的重點。這一直是一個重點，但現在我認為投資組合的這一部分運作得很好。

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.

我認為我們去年遇到的一些 G2 DSD 挑戰已經過去了。我認為我們還沒有達到完美的程度，但在初夏，我們的服務水平會好很多，顯然，那時是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.

所以那部分很清楚。如果您想想我們一段時間以來一直在談論的另一個品牌，那麼激浪 (Mountain Dew) 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，以多種口味推動品牌發展，並將 Baja 打造為產品組合的結構性組成部分，而不僅僅是 LTO。這會吸引消費者關注品牌，增加消費者，並再次提高執行水準。僅舉幾個例子，投資組合中所有零部分都在蓬勃發展，對嗎？

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.

如果你考慮消費者趨勢，顯然，我們知道它們的發展方向。我們知道國際上有這種情況，我們也知道這最終會在美國發生。因此，不僅可樂、軟性飲料、佳得樂、茶、咖啡等都降為零——我們看到消費者正在降價。

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.

最後一點是我們的餐飲服務業務正在變得更加強大。我們在獲利領域做得更好，這些領域是分散的餐廳、本地餐廳，以及消費者每天進行大量互動的領域。

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.

我們一直在投資該部分投資組合。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能力較佳的公司。我們對此感到很高興。

Lauren Lieberman, Barclays.

巴克萊銀行的勞倫·利伯曼。

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，我想回到 Frito。因為您評論說有些消費者更看重我們的品牌。但我們一直在努力分析現有數據，發現鹹味零食類別整體確實面臨壓力。

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，從你的分享來看，它們是同一個。但看起來這似乎是一個更廣泛的類別問題。再次，我們查看了一些數據，感覺該類別對促銷的反應並不十分正面。

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.

所以我只是希望您能對此發表評論，看看這是否與您所看到的一致，以及您將要做的事情有何不同。因為，就我們目前所見，似乎沒有太多的回應，而且感覺這個類別顯得更加隨意。我非常喜歡你對此的想法。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。這不是別的問題。我們擁有大量數據——顯然，現在，如何解決與消費者想要做的事情之間的價值差距，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，最佳點不是推廣，而是向需要它的人推廣他們的產品，而不是採取一刀切的推廣方式。所以我們在這方面投入了大量的時間。我認為，從洞察和診斷的角度來看，我們的能力更強，而且我們能夠更細緻地執行所有這些幹預措施，無論是數位化的，還是針對特定管道或客戶。

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，如果你想到薯片或玉米片，對於一些消費者來說，需要進行一些價值重置和價值幹預。當我們考慮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，消費者仍然停留在該類別，停留在我們的品牌，而且他們的購買頻率與過去一樣相當高。

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快，特別是允許的部分——我們稱之為允許的投資組合，積極的選擇。這是——當您想到像 Sunchips、PopCorners、Smartfood 或 Simply 系列、Off The Eaten Path 這樣的品牌時，這些品牌都在不斷發展。

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.

這與價值無關。我認為，這更多的是關於，我們處理這個問題的方式是更多的行銷、投資、意識、執行和可用性。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.

至於您提到的，這是品類，是百事可樂的品牌嗎？我認為，鑑於我們透過多個品牌大量參與該品類，我認為我們有責任長期管理該品類，以不同的方式為消費者提供價值，並繼續像過去一樣，在結構上使鹹味零食品類高於食品。

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，從消費者的長期趨勢來看，沒有任何跡象表明這是不可能的。我認為價值、執行和新創新領域的投資方面的小調整將推動這一進程。我們對自己做到這一點的能力非常有信心，不僅是在長期，而且實際上是在短期，在第三和第四季。

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的一些手段，而且我們看到了它在數量和淨收入方面的回報。

Bryan Spillane, BofA.

美國銀行的布萊恩·斯皮蘭（Bryan Spillane）。

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 Frito 的話題。我想，退一步來說，你能夠重新設定利潤率，並透過深入挖掘組織中其他地方的一些生產力儲備來為其提供資金。所以我想，如果你能就與此相關的兩件事發表評論的話。

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，鑑於今年你們要提高生產力，這對明年有何影響？這會導致生產力下降，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?

第二點是，當我們考慮到菲多利的利潤率在下半年會回落時，我們現在是否應該將其視為可能逐步成長的新基礎？或者這是一次重大的降級，然後您是否期望 Frito 在未來再一次實現階躍變化？

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——我想我們過去已經談論過這個問題——我們正在管理百事可樂的總營業利潤率。如您所見，我們不斷提高利潤率。本季的營業利潤率提高了近 100 個基點，並且在過去幾年中保持穩定。

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到滿意。這不是戰術性的。這是非常具有戰略意義的。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，存在著一系列本質上是多年期的生產力概念。我們認為，未來幾年我們的生產力不會放慢。

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，當您考慮我們的整體利潤率時，國際利潤率持續成長。PBNA—我們一直明確表示，我們希望該業務的成長率達到十幾歲，而且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.

我們一直說，Frito 對我們來說最大的價值並不在於它是 26 英寸、26.5 英寸還是 27.5 英寸。我想說，這很重要。從長遠來看，這對我們來說總是有巨大的增值空間。而對菲多利來說，最大的價值創造就是確保其成長率達到4%或5%。

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.

這將是我們的策略重點，我們如何讓 Frito 繼續超越同類產品，使該類別在成長方面非常健康，並持續為消費者帶來 Frito 通路擴展的機會。這將繼續是我們的關注重點。我們會繼續投資，直到我們取得成果。

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.

我們很高興很快就能把事情做好，這就是我們將繼續透過不同的子策略來管理公司以及 Frito、PBNA 和國際業務的整體獲利能力的方式。顯然，當你談論國際時，這會涉及到世界各地的每個市場。但是，我們針對每個國家以及每個國家的每個業務線都制定了非常好的劇本、獲利預期以及實現這種成長的路線圖。

Kaumil Gajrawala, Jefferies.

傑富瑞的 Kaumil Gajrawala。

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

大家好，早安。您是否認為，考慮到近年來 Frito 的價格上漲，其價格過高了？

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，我想我之前已經提到過這一點，但是投資組合的某些部分需要進行價值調整。投資組合中的某些部分並非如此。產品組合的某些部分需求－針對特定的消費者，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，這些機制不需要消費者在購買鹹味產品上投入那麼多現金。

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、某些產品組合做出調整。我認為整體投資組合不需要重置。我認為這與粒度有關。這將關乎對粒度的良好執行，我認為我們已經做好了在整個價值鏈中充分準備。

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、四年的通貨膨脹之後，我們可以為消費者帶來一些價值。我們的成本允許我們在任何地方進行這樣的活動。這將是我們下半年採取的干預措施之一，但不是唯一的措施。

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，我們將在行銷方面進行投資。我們將對更好的執行進行投資，總體而言，這將推動業務成長，我們認為未來幾年將在結構上實現成長。

Peter Grom, UBS.

瑞銀的 Peter Grom。

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。所以我希望了解一些關於拉丁美洲的情況。有機收入是我們一段時間以來見過的最弱的。我認為在準備好的發言中，巴西和墨西哥的表現似乎很穩健。所以我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，當我們展望未來時，您提到您仍然預計今年下半年國際業務將實現強勁增長。拉丁美洲如何融入這個方程式？您是否預期情況會有所改善，還是我們應該預期情況會繼續保持低迷？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，我認為——我會再說一次，用六個月而不是三個月的時間來審視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變動。

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.

具體來說，在我們看來，拉丁美洲的情況與墨西哥有關。而墨西哥——由於選舉，政府給予家庭的可能收入發生了一些變化，我認為，這導致了這些資金分配方式的一些異常。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情況是，隨著這些資金再次回饋給消費者，我們類別的需求又回來了。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.

再一次，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，我們在這裡不斷開發產品類別，不斷擴大利潤率並建立規模化業務，不僅在墨西哥和巴西，而且在多個市場。

Filippo Falorni, Citi.

花旗銀行的 Filippo Falorni。

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。所以只繼續從事國際業務。拉蒙，聽起來你對國際業務的成長非常有信心。也許您可以進一步談談，例如，您認為哪些地區的業務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.

回到上面關於指引的問題，例如對於下半年，有機銷售額的成長主要是由北美地區的成長還是國際市場的加速所推動的？如果您可以提供一些顏色，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。您應該假設業務增量加速主要來自北美。我提到的兩個因素，桂格，將會恢復成長。北美的實驗室變得越來越好。然後，我們在價值和額外的 A&M 方面採取的一些幹預措施應該會推動額外的交易量。這就是三個因素。

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，我們預計下半年的成長率將延續上半年的水平。再次，我們看到投資組合的某些部分正在加速，其中一些部分正在穩定，並且變得稍微軟一些。但整體而言，目前的投資組合已經足夠廣泛。我們在多個市場擁有足夠的規模，因此我們在地理上具有一定的對沖性。

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成長將會持續下去。我們將繼續向執行和品牌發展投入有意義的增量資金。我們看不出有什麼理由不這麼做。當然，我們在今年稍後改變主意可能是出於重大的地緣政治原因。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（Robert Moskow），TD Cowen。

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。幾個問題。一是，我希望您能對能量飲料類別進行更多的介紹。美國經濟成長急劇放緩。我只是想了解您的觀點並問一下，您是否認為那裡的消費者也在做出價值決策？那裡有很多高價飲料。您是否看到任何證據表明人們正在轉向飲用咖啡因含量更高的碳酸飲料？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會持續存在。無論我們是否能夠透過多種選擇來滿足這項需求，這項需求都將持續成長。您可能會爭辯說，LRB 內部的子類別總是存在細微的起伏。是因為通路動態嗎？是因為它非常熱門，人們正在轉向投資組合的其他部分？

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，我們的補水產品組合出現了大幅增長，因為美國的天氣顯然非常炎熱。所以我猜想對某些消費者來說，能量和水分之間存在某種相互抵觸的關係，而他們更喜歡這樣做。所以我不會過度解讀該類別的短期意義。我嘗試從消費者需要能源的角度來思考這個問題。

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.

如果我們能夠以消費者友善的方式提供能源，包括價格，可能正如您所說。但我想說的是功能性、清晰的標籤。我的意思是，就像我認為該類別一直在努力的許多事情一樣，該類別的這一部分應該有一個良好的發展平台。它為許多參與者創造了價值，包括零售商合作夥伴和品牌所有者。

Andrea Teixeira, JPMorgan.

摩根大通的安德里亞特謝拉 (Andrea Teixeira)。

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。我的問題是關於下半年有機銷售額如何實現中等個位數成長。拉蒙，您剛才提到了國際成長，下半年也將維持同樣的中位數個位數成長。當然，了解桂格的簡單比較，它仍然意味著向 Frito 和 PBNA 的良好轉變。

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看待這項進展？或許，從通路角度來看，對您來說，從分銷的角度來看，客場業務的成長如何？如果您考慮一下在家和在家以外的銷售情況，那麼按通路劃分，銷售額基本上如何？

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，我是傑米。是的，正如拉蒙所提到的，下半年的加速主要將來自北美，原因我們已​​提到過，而我們的投資主要集中在北美。我們有更輕鬆的圈數和桂格。所以這讓我們對通路充滿信心。瞧，客場一直是我們關注的重點領域。我們對此進行了投資，其成長超過了我們的投資組合餘額。因此我們預計這種情況將會持續下去。

Chris Carey, Wells Fargo Securities.

富國證券的克里斯凱裡 (Chris Carey)。

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.

大家好，早安。拉蒙，我知道你提到過可以以六個月為間隔來審視國際情勢。不過，我想知道，您是否可以評論一下某些特定地區，例如歐洲，為什麼您認為趨勢如此具有彈性？我認為這不僅僅是你的投資組合。我認為該地區總體上比許多人預期的更具復原力。

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，我認為上個季度你已經清楚，存在一些時間優勢。顯然，我們看到本季這種情況已正常化。這個部門的正確運作率是多少？您對中國在這方面的進展有何評價？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。所以，再說一遍，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並沒有成長太多。所以最後，從歷史上看，我們了解到投資組合非常多樣化，這使我們有機會談論整個國際業務。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，當你看向世界不同地區時，你會發現歐洲具有韌性，我們的業務一直表現良好，無論是在營收和市場份額方面，而且非常重要的是，在利潤率的提高方面。這一直是管理團隊關注的重點。我們正獲得很大的進展。這也為企業提供了再投資的機會，顯然也推動了營業收入的成長。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繼續下去。

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，我談到了拉丁美洲，因此我不會提及太多。我們繼續看到 AMESA 地區的許多地方大幅成長，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。這個機會是巨大的。你想想——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佔領我認為在未來很多年內都會有高需求的市場。

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.

談到亞洲，我們看到中國消費者非常謹慎。消費者顯然在儲蓄，儲蓄多於支出。這對許多類別都有影響。我們的類別是低價商品。

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，我們繼續看到我們的產品類別表現良好。我們的份額正在增加。我們在中國的業務具有相當大的優勢，特別是在食品方面。我們將繼續在全國不同地區進行投資，不斷提高滲透率並增加分銷。這是一個巨大的推動力。

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，更多的滲透者、更多的消費者選擇我們的品牌，養成吃零食的習慣。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。其中一些是實物可用性，一些是市場份額以及我們品牌的更好滲透。我認為我們在那裡有優勢產品。我們在中國擁有非常強大的研發中心，專門為東方國家開發產​​品。這使得我們比其他公司更具優勢。

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.

這就是我們看到的世界的不同部分。再次強調，我們將繼續投資。想想我們的國際業務，規模已經接近 400 億美元。因此，隨著時間的推移，它增長非常快。這幾乎是400億美元。這對百事可樂來說是一種增值。其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.

如果你考慮未來十年，你會發現我們會把這麼多的注意力、這麼多的投資放在未來十年。我們相信，無論是在飲料方面還是在食品方面，我們在特定業務領域都已經擁有多年的成長空間。

Robert Ottenstein, Evercore ISI.

羅伯特‧奧滕斯坦 (Robert Ottenstein)，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。我想看一個更具結構性和策略性的問題。這就是您對嘉士伯和 Britvic 交易的看法。也許可以稍微談談為什麼嘉士伯收購 Britvic 比收購你更有意義，因為你們的瓶裝廠通常都在美國。為什麼不是布里特維克？這對您對美國瓶裝企業的看法有什麼影響嗎？出於監管方面的原因，在美國以外，將啤酒和碳酸飲料結合起來是否更有意義？我們應該如何看待這個組件？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，我不會推斷太多。這是嘉士伯對英國業務進行投資的決定。出於多種原因，這對嘉士伯來說意義重大。我們也與嘉士伯在其他地區合作。我們對這次合作感到非常高興。我們信任他們作為合作夥伴來發展我們的業務。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.

是的，我不會過度推論。讓我們把這件事看成是嘉士伯在英國做出的決定。我們決定支持這筆交易，因為我們與嘉士伯關係很好，我們信任他們。

Carlos Laboy, HSBC.

卡洛斯·拉博伊（Carlos Laboy），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，結合您之前發表的兩條評論以及這筆交易，您能討論一下百事可樂的國際特許經營原則嗎？換句話說，您如何明確雙方應該做什麼以及允許保留什麼，對嗎？我想了解您是如何說服這些高成長地區的獨立瓶裝企業加大投資，以加速系統收入成長和瓶裝回報的。

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，我們對與這個策略聯盟中大多數瓶裝商建立的關係感到非常滿意。事實上，我們的國際飲料業務是過去幾年公司的成長引擎之一。因此，我們不斷創新並打造吸引消費者的優質產品。具體來說，我們的國際非糖業務非常成功。

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重要動力。佳得樂也是我們正在推廣的另一個出色的平台。因此，最後一個歷史成長率為 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瓶裝廠的規模嗎？當然，總是有機會改善基礎設施。我們正在為此做出長期努力。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，我們準備投入更多。

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.

瓶裝商知道，從統計上來看，我們在重點關注和投資哪些市場和平台方面顯然非常一致。我認為，正如我所說，這是我之前提到的我們的國際故事的一部分。我們有食品故事，也有飲料故事，在我們長期涉足的一些市場中，還有兩種故事的結合。

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。我不知道您是否還有其他意義。

Nik Modi, RBC.

尼克·莫迪，RBC。

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，對嗎？因為很多人問到銷量去哪了？不僅是鹹味零食在銷售方面面臨壓力，幾乎所有零食都面臨壓力。所以，我只是好奇你的想法。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，但我很想聽聽你對資料量實際遷移方向的看法。

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，我不知道所有的類別。我知道，對於許多類別而言，由於投入成本上升，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，他們可以選擇自己做飯還是購買成品或製成品，或者他們可以就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、投入成本都趨於正常化，而且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重要的策略重點。

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，我們如何部署這些資源，以找到重振成長的最佳槓桿？再次強調，這不會是一刀切的做法。這將是一種分段的方法。就我們的情況而言，這將是非常合理的。它將基於數據。我認為我們擁有大量數據，並且進行了很好的細分。我認為我們可以精確執行，這樣我們就不會破壞價值，而是在增加該類別的淨收入的同時為該類別創造價值。

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。我們有很多小組討論，並且與消費者進行了很多對話。它沒有影響到我們。目前，這是我們各個類別的經濟價值關係，我們將在今年下半年解決這些問題。

Kevin Grundy, BNP Paribas.

法國巴黎銀行的凱文‧格蘭迪。

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。涵蓋了很多內容，並不是要重複老生常談，而只是深入探討幾個領域，拉蒙，如果可以的話，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?

所以您提到了投資組合的某些部分，但並非所有消費者。如果我錯過了這一點，我深感抱歉。除了低收入消費者之外，您還看到了什麼？人們非常關心消費者在哪裡，坦白說，這取決於你聽取的是哪種管理層意見或哪個行業。您對於中高端消費者有何具體看法？這個群體中是否也存在著弱點？

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是，您在市場調查中是否看到了什麼——我知道您一直密切關註消費者，這讓您對長期以來一直非常強勁的 Frito 業務的長期前景感到擔憂？那裡有什麼東西讓你停下來思考？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。所以收入水平是不同的。我認為這會影響到每個人，而且我們看到不同收入水平的人都有這樣的行為。我會把所有這些匯總起來。消費者更重視價格，尋求更多的價值。

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.

因此，您可能會發現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，去更便宜的餐廳吃飯，或待在家裡，然後在家裡創造自己的娛樂時刻或有趣的時光。

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.

所以你會看到不同的行為隨處可見。我認為連接線是消費者更加謹慎，消費者更有選擇性，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，也就是我所指的類別的部分。但對於該類別的其他部分，他們也要求更高的價值，並且願意在某些決定上做出妥協。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，一旦我們解決了這個問題，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。我們對近期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，我認為這是最後一個問題。所以，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所給予的信任。我們希望大家度過一個愉快的夏天併購買許多百事可樂產品。所以謝謝你。

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。現在您可以斷開連接並享受美好的一天。