百事 (PEP) 2024 Q3 法說會逐字稿

Good morning, and welcome to PepsiCo's 2024 third quarter earnings question and answer session. (Operator Instructions) Today's call is being recorded and will be archived at www.pepsico.com. It is now my pleasure to introduce Mr. Ravi Pamnani, Senior Vice President of Investor Relations. Mr. Pamnani, you may begin.

早安，歡迎參加百事可樂 2024 年第三季財報問答環節。(操作員指示) 今天的通話正在錄音，並將存檔在 www.pepsico.com 上。現在我很高興介紹投資者關係高級副總裁拉維·帕姆納尼先生。帕姆納尼先生，您可以開始啦。

Thank you, Kevin, 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. 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 updated 2024 guidance. Forward looking statements inherently involve risks and uncertainties and only reflect our view as of today, October 8, 2024, and we are under no obligation to update.

謝謝你，凱文，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，它們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。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，僅反映我們截至今天（2024 年 10 月 8 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 third quarter 2024, earnings release and third 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，即從報告的結果中排除某些項目。請參閱 pepsico.com 上提供的 2024 年第三季度收益報告和 2024 年第三季度 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. And with that, I will turn it over to the operator for the first 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。現在，我將把第一個問題交給接線員。

(Operator Instructions)

（操作員指令）

Lauren Lieberman, Barclays.

巴克萊銀行的勞倫·利伯曼。

Thanks. Good morning everyone. So in the release, clear that Frito volumes trended in the right direction in the third quarter category backdrop is still tough and you offered a lot of detail in the prepared remarks and kind of the strategy from here.

謝謝。大家早安。因此，在發布會上，很明顯，Frito 的銷售在第三季度朝著正確的方向發展，但類別背景仍然很艱難，您在準備好的評論和這裡的策略中提供了大量細節。

I wanted to maybe think about the building blocks to a return to volume growth for that business. And if we isolate it between, let's say core lays and some of the promotional work that you started this summer, the expansion efforts we focused on kind of multicultural offerings and value offerings and then the positive choice more premium end of the spectrum.

我想思考一下恢復該業務量成長的基礎。如果我們將其分為核心定位和今年夏天開始的一些促銷工作，那麼我們的擴張工作重點就是多元文化產品和價值產品，然後是更高端的積極選擇。

As we think about the path forward, what do you think about the growth rates for those three, if you will segments or initiatives? Do we think that long term lays gets back to and that kind of core part of the business to be a positive volume contributor or is it more of a -- kind of hold the line and, and avoid losses there? But the other two are really what drives the turnaround as we move forward? Thanks.

當我們思考前進的道路時，如果您考慮這三個細分市場或舉措，您認為它們的成長率是多少？我們是否認為長期來看，業務的核心部分會重新成為積極的銷售貢獻者，還是更多的是一種堅守，避免損失？但另外兩個因素才是真正推動我們前進的轉捩點嗎？謝謝。

Good morning Lauren. Thank you. Listen, let me step back for a minute. If we think about the long term growth potential of the food business in the in the US, we are very positive about the long term trends. We've seen Gen Z snacking patterns and food patterns being in a way that favor the growth of our category. They're snacking more, they're eating mini meals versus large meals and that favors our brands and the number of occasions that they carry will grow. So long term, we feel very good about it.

早安，勞倫。謝謝。聽著，讓我退後一步。如果我們考慮美國食品業務的長期成長潛力，我們對長期趨勢非常樂觀。我們發現 Z 世代的零食模式和飲食模式有利於我們類別的成長。他們吃零食的次數增多，他們吃小餐而不是大餐，這對我們的品牌有利，他們攜帶零食的場合也會增加。所以從長遠來看，我們對此感覺非常良好。

After three years of outsized growth for freedom, if you think about the double digit growth, we knew this year was going to be a year of normalization and that's what's happened. The consumer is reassessing patterns and with mobility and some of the situation.

經過三年的自由度超高速成長，如果你想想兩位數的成長，我們就知道今年將是正常化的一年，而事實也確實如此。消費者正在重新評估模式、行動性和一些情況。

Now going forward within that, the category will continue to grow at the pace of the past because of the long term trends that I referred to. Now, the way we're thinking about our brands playing in that space, potato chips will continue to be a big driver of the growth and we're looking at potato chips to your question on lays as a multitier opportunity and the same with for all the other segments. So we have Las clearly as the main, main part of the category. And within Las, we will have unsalted and we'll have flavors where we know we can create a lot of loyalty and higher value for consumers.

現在展望未來，由於我提到的長期趨勢，該類別將繼續以過去的速度成長。現在，我們思考我們的品牌在該領域的發展，薯片將繼續成為成長的主要動力，對於您關於佈局的問題，我們將薯片視為一個多層次的機遇，所有其他細分市場也是如此。因此，我們顯然將 Las 視為該類別的主要部分。在 Las，我們將提供無鹽產品，並將提供各種口味，我們知道我們可以為消費者創造許多忠誠度和更高的價值。

We'll have sub segments like lightly salted or baked that provide even more permissible options for consumers sustain potatoes. And then we'll have at the upper end of the category, brands like [M Vickki's] that provide a more premium experience.

我們將推出淡鹽馬鈴薯或烤馬鈴薯等細分市場，為消費者提供更多可接受的馬鈴薯選擇。然後，我們將在該類別的高端推出像 [M Vickki's] 這樣的品牌，提供更優質的體驗。

So we're thinking about each one of those categories as multitier where we offer value to some consumers, more specific choices for other consumers that want to stay within our brands. But the overarching -- the way we're thinking about the category is to continue to create growth, continue to ensure that the long term, the category creates occasions and brings consumers into the -- we bring consumers into the category with our brand, programs and our innovation to keep the category growing very healthy in the future for us and for our customers. And that's how you should think about the long term value that we can create with the Frito-Lay business.

因此，我們將每個類別視為多層次的，為某些消費者提供價值，為希望留在我們品牌的其他消費者提供更具體的選擇。但總體而言——我們對該類別的思考方式是繼續創造成長，繼續確保長期來看，該類別能夠創造機會並將消費者帶入——我們透過我們的品牌、計劃和創新將消費者帶入該類別，以確保該類別在未來為我們和我們的客戶保持非常健康的成長。這就是您應該思考我們能透過菲多利業務創造的長期價值的方式。

Bryan Spillane, BofA.

美國銀行的 Bryan Spillane。

Thanks, operator. Good morning everyone. So my question is just how we're approaching, planning for -- I guess, 25 and maybe just the medium term and and Ramon, I guess underneath my question is given that this is sort of in some ways uncharted water in terms of the what we're dealing with the consumer and finding ways to get them to respond.

謝謝，接線生。大家早安。所以我的問題是，我們如何處理、計劃——我想，25 年，也許只是中期，而 Ramon，我想我的問題在於，鑑於這在某種程度上是未知領域，就我們如何與消費者打交道以及尋找讓他們做出回應的方法而言。

How is it affecting the way you're thinking about the balance right between investment, spending to stimulate demand, returns and how it affects the bottom line. And I guess really what I'm asking is how do you gauge or guard against cutting too much cost in order to preserve the bottom line while trying to -- we reaccelerate top line growth?

它是如何影響您對投資、刺激需求的支出和回報之間的平衡的思考，以及它如何影響底線。我真正想問的是，在我們試圖重新加速營收成長的同時，為了保持底線利潤，您如何衡量或防止削減過多成本？

Yeah, great question, Bryan. Listen, we've been thinking about productivity and cost transformation now for some time. We knew it was gonna be a year of normalization after as I said, three years of outside growth. So we've been thinking about productivity in a very pragmatic way and systemic way across the company. And there are some big platforms that we have started to deploy and we continue to deploy over the next few years.

是的，布萊恩，這個問題問得很好。聽著，我們已經考慮生產力和成本轉型已經有一段時間了。正如我所說，我們知道，在經歷了三年的外部成長之後，今年將是正常化的一年。因此，我們一直以非常務實和系統化的方式在整個公司考慮生產力。我們已經開始部署一些大型平台，並將在未來幾年繼續部署。

And these platforms are automation of our supply chain, both warehouses, manufacturing, distribution centers. We have invested a lot in data and and organizing our data in a way that now we can deploy digitalization at scale throughout the value chain. So from the way we procure to the way we run our factories to our transportation, to our go to market, we're really digitalizing the company and that will generate growth and productivity as well.

這些平台是我們供應鏈的自動化，包括倉庫、製造和配送中心。我們在數據和組織數據方面投入了大量資金，現在我們可以在整個價值鏈中大規模部署數位化。因此，從我們的採購方式到我們營運工廠的方式、我們的運輸方式、我們的行銷方式，我們都在真正實現公司數位化，這也將促進成長和生產力的提高。

We invested, we started to create our global business services, shared services. Now we call them global capability centers about a couple of years ago. Now we have them at a maturity level that we can use them much more in how we do labor across the company and how we service our organization.

我們進行了投資，開始創建我們的全球業務服務和共享服務。大約幾年前，我們將它們稱為全球能力中心。現在我們已經達到了成熟的水平，我們可以在整個公司開展工作以及如何為我們的組織提供服務方面更多地使用它們。

A&M optimization or in general demand generation budget optimization, we are much better at understanding ROI. So there's multiple platforms of productivity that will keep deploying in the next few years in the US and internationally. That will give us the optionality to invest in the business as we see best to continue to grow our categories in a responsible way and continue to deliver the financial returns that our investors expect and we are delivering.

A&M 優化或一般需求產生預算優化，我們更善於理解 ROI。因此，未來幾年美國和國際上將繼續部署多個生產力平台。這將為我們提供投資業務的選擇權，因為我們認為最好以負責任的方式繼續發展我們的產品類別，並繼續提供投資者期望的和我們正在提供的財務回報。

One good -- we feel good about this year in the sense that even with a very challenge consumer background, we're able to deliver at the high end of our EPS long term target. That is a very positive and it makes us feel very confident that the productivity, the cost transformation programs that we started with the right levels of investment will deliver for us.

一個好的方面是——我們對今年感到很滿意，即使在消費者市場面臨巨大挑戰的情況下，我們仍然能夠實現 EPS 長期目標的高端。這是非常積極的信號，它讓我們非常有信心，我們以適當的投資水平啟動的生產力和成本轉型計劃將為我們帶來回報。

Again, we're always managing the company for the long term. Even in a year like this, we are challenged on the top line. We keep investing in A&M, we keep investing in the long term transformation of the company, we keep investing in sustainability, making sure that long term we are using less resources. So we're not taking our eyes off the ball on the long term while we deliver on the short term for our investors. Thanks to what I think is best in class productivity, multi prone program, that will continue to deploy in the coming years.

再說一次，我們始終著眼於長期發展公司。即使在這樣的一年裡，我們仍然面臨著營收的挑戰。我們持續投資於 A&M，持續投資於公司的長期轉型，持續投資於永續發展，確保我們長期使用較少的資源。因此，我們在為投資者實現短期利益的同時，不會忽視長期利益。感謝我認為是同類最佳的生產力、多傾向程序，它將在未來幾年繼續部署。

Kaumil Gajrawala, Jefferies.

傑富瑞 (Jefferies) 的 Kaumil Gajrawala。

Hey guys, good morning. If I could just follow up on that -- with the -- other than the details, if organic revenue growth does indeed stay in the sort of low single digit or 1% range, can you still deliver 8% on EPS kind of putting all of that together? Do you have the flexibility to do that for the forward year?

大家早安。如果我可以跟進——除了細節之外，如果有機收入增長確實保持在低個位數或 1% 的範圍內，那麼將所有這些加在一起，您還能實現 8% 的每股收益嗎？您是否可以靈活地在未來一年內做到這一點？

Kaumil, as I said earlier, I think we have a very large productivity set of tools that will keep deploying systematically. At the same time, we don't think our category, it will grow at 1% long term within our category with investments that we're putting back into the business and the health of our brands and the innovation that we have in place for this year and next year, will deliver much more than 1%. So we're not considering that scenario in our planning.

考米爾，正如我之前所說，我認為我們擁有一套非常龐大的生產力工具，將繼續有系統地部署。同時，我們認為，從長期來看，我們的產品類別不會實現 1% 的成長率，因為我們對業務、品牌健康的投資以及我們今年和明年實施的創新將帶來遠超 1% 的成長率。因此我們在計劃中沒有考慮這種情況。

But I would say what we want to do is control what we can control, which is clearly focus on productivity, focusing on the long term health of our category. Continue to keep our consumers in our brands, continue to keep our consumers in our categories, building winning plans with our partners that generate profitable growth for both of us. That's where we're putting the focus.

但我想說，我們想要做的是控制我們能夠控制的事情，這顯然是專注於生產力，並關注我們產品類別的長期健康。繼續讓我們的消費者關注我們的品牌，繼續讓我們的消費者關注我們的產品類別，與我們的合作夥伴一起制定成功的計劃，為我們雙方創造盈利性增長。這就是我們關注的重點。

Long term, as I said earlier, we believe in the long term growth of both our snacks category and our beverage category. Both of them are trillion dollar type of categories with global relevance, growing very healthy in many markets around the world and with long term trends that give us a lot of confidence that this will be sizable growth categories for the long term.

從長期來看，正如我之前所說，我們相信零食類別和飲料類別都能夠實現長期成長。這兩個類別都是具有全球意義的兆美元類別，在全球許多市場都發展非常健康，而且長期趨勢讓我們非常有信心，這兩個類別在長期內都將保持可觀的成長。

Dara Mohsenian, Morgan Stanley.

摩根士丹利的 Dara Mohsenian。

Hey, good morning.

嘿，早安。

Hey, Dara. Good morning.

嘿，達拉。早安.

So Ramon, you touched on earlier and in the prepared remarks, some of the actions you've taken so far in Frito-Lay, just can you take a step back and give us your view in terms of the initial payback you're seeing. But the thrust of the question is really more about going forward, is it sort of tweaking those actions in place already to drive greater payoff going forward? Are there additional actions you're gonna lean heavier on? And just how do you think about sort of changing the magnitude of investment behind some of those?

所以 Ramon，您之前在準備好的發言中提到了您目前在 Frito-Lay 採取的一些行動，您能否退一步來看看，就您所看到的初步回報而言，您的看法是什麼。但問題的重點其實更在於未來發展，是否要對現有的行動進行調整，以推動未來更大的回報？您是否會採取更多其他行動？那麼，您如何看待改變這些投資背後的投資規模呢？

And maybe specifically, you can dial down on providing value to consumers that you mentioned. What it is that sort of mean? Is that more of a promotional focus? Is it taking less pricing? Give us a little more tangible detail on that front. Thanks.

也許具體來說，您可以減少向消費者提供您提到的價值。那是什麼意思呢？這是否更多的是一種促銷重點？是否採用較低的定價？請就這方面給我們一些更具體的細節。謝謝。

Great, Dara. Thank you. Listen. The way we're -- I think it's a multi prone strategy and that will continue with that. So giving more value on the core is super relevant. We feel good about the investments that we put this summer mostly behind the potato chips category and lays. That drove growth in the potato chips business. Lays gained three points of household penetration and we feel good about that return.

太好了，達拉。謝謝。聽。我認為，我們的做法是多方策略，而且我們會繼續這樣做。因此，更加重視核心是十分重要的。我們對今年夏天在薯片和樂事方面的投資感到非常滿意。這推動了薯片業務的成長。樂事的家庭滲透率提高了 3 個百分點，我們對此回報感到十分滿意。

Now we're going to apply that sequentially to other categories. We will use the fall winter season to put more investments behind Doritos and Tostitos. It's the football season. There's a lot of gatherings and those brands belong very well in those gatherings. And it will be a combination of value in the form of bonus packs and more product to -- obviously, these are large, normally large group gatherings. So bonus packs make a lot of sense.

現在我們將按順序將其應用於其他類別。我們將利用秋冬季節對Doritos和Tostitos進行更多投資。現在正是足球賽季。有很多聚會，這些品牌非常適合這些聚會。它將以獎勵包和更多產品的形式提供價值——顯然，這些都是大型的、通常為大型的團體聚會。因此獎勵包非常有意義。

We're giving 20% more product in Tostitos and ruffles some of the brands that belong in those occasions. We're also investing in brand events. So you will see Tostitos and Doritos big brand events around NFL. We'll see lays playing some of the classic, do us a flavor events. So the brands will have a combination of value and big brand events.

我們在 Tostitos 中提供了 20% 以上的產品，並擾亂了一些適合這些場合的品牌。我們也正在投資品牌活動。因此，你會看到在 NFL 周圍舉辦 Tostitos 和 Doritos 大型品牌活動。我們將看到演員們演奏一些經典曲目，為我們帶來一場風味盛會。因此，品牌將會把價值與大型品牌活動結合在一起。

At the same time, we're working on the long term evolution of the portfolio and that is something that we've been working for many, many years. We'll continue. I think is the success of our business long term is based on evolving the portfolio at the speed that the consumer wants to go. So we'll continue to invest on our permissible portfolio.

同時，我們正在致力於投資組合的長期發展，這也是我們多年來一直致力於的事情。我們會繼續。我認為我們業務的長期成功取決於按照消費者期望的速度發展產品組合。因此我們將繼續投資我們允許的投資組合。

This is growing very fast and we continue to put more more legs to that business. Now we have Sunchips, Simply, PopCorners. We have smart foods, we have multiple brands, you guys saw the announcement of CFA. Hopefully that will go through legal approval and we will have another leg to that portfolio of solutions to keep growing the permissible portfolio.

這個業務成長非常快，我們將繼續為該業務投入更多力量。現在我們有Sunchips、Simply、PopCorners。我們有智慧食品，我們有多個品牌，你們已經看到了 CFA 的公告。希望這將通過法律批准，並且我們將為該解決方案組合提供另一個支柱，以繼續擴大允許的組合。

The same with multicultural. We see that with the Hispanic population growing in the United States. We have brands like Sabritas, Sanitas, Gamesa that can work very well to that group. Of consumers, we have those brands in Mexico, we're making them, we're scaling them up in the US.

多元文化也同樣如此。我們看到美國的西班牙裔人口正在成長。我們擁有 Sabritas、Sanitas、Gamesa 等品牌，可以很好地滿足該群體的需求。對於消費者來說，我們在墨西哥擁有這些品牌，我們正在生產它們，並在美國擴大它們。

And the other lever we're playing, there is we're entering new channels. We're trying to expand beyond retail in away from home. In other channels where we can create occasions for our brands that right now are under penetrated. So that's the multipro own approach. We're probably going to lean a bit more on value in the first quarters without taking the ball off the long term investments that we're making consistently in building the portfolio for the future.

我們正在發揮的另一個作用是進入新的管道。我們正嘗試將業務拓展到零售業以外的地方。在其他管道，我們可以為我們的品牌創造目前滲透率較低的機會。這就是 multipro 自己的方法。我們可能會在第一季更依賴價值，但不會放棄我們為建立未來投資組合而持續進行的長期投資。

So you will see us you making those options. But again, I refer back to what I was saying earlier. The optionality that we can create for ourselves with our productivity programs gives us a lot of flexibility and we will be making those adjustments as we see the returns of the different actions and the tactics taking place over the next few months.

所以你會看到我們做出這些選擇。但我再次回顧我之前說過的話。我們可以透過生產力計劃為自己創造的可選性為我們提供了很大的靈活性，我們將在接下來的幾個月中看到不同行動和策略的回報，並做出這些調整。

Filippo Falorni, Citi.

花旗銀行的 Filippo Falorni。

Hey, good morning, everyone. I wanted to ask about the international business. So Ramon, you mentioned in the prepared remarks, geopolitical tensions and some weaker consumer across certain markets. So maybe you can talk about those markets that had a negative impact and quantify any impact in the quarter.

嘿，大家早安。我想詢問有關國際業務的事情。拉蒙，您在準備好的發言中提到了地緣政治緊張局勢以及某些市場的消費疲軟。因此，也許您可以談談那些產生負面影響的市場，並量化該季度的影響。

And then this kind of like looking at the two pieces of the international business, it seems like the deceleration has been more in the convenience food side versus the beverage business continues to do well. So what are the drivers in international? The slow down in snacks and convenient foods is similar to the US or there are other drivers? Thank you.

然後從國際業務的兩個部分來看，似乎方便食品方面的減速更多，而飲料業務則繼續表現良好。那麼國際上的驅動因素是什麼呢？零食和方便食品銷售放緩的情況與美國類似還是有其他因素？謝謝。

Yeah, thank you, Filippo. I'll give you a bit of a sense of -- there are pockets of strength in international. There are markets like in Southeast Asia, India, those are markets that are growing nicely. We see parts of Eastern Europe growing nicely. We see Brazil growing at a good pace. So there there's pockets of growth. There are other markets where we're seeing a bit of a deceleration. So China is a market where consumers are feeling a bit more constrained and we're seeing that in our food business, although we're gaining share. We're seeing a deceleration from double digit to single digit growth.

是的，謝謝你，菲利波。我要跟大家介紹一下──國際上存在一些實力雄厚的群體。東南亞、印度等市場正穩定成長。我們看到東歐部分地區發展良好。我們看到巴西正在以良好的速度發展。因此，存在一些成長空間。我們看到其他市場也出現了一些減速現象。因此，中國市場的消費者感覺受到的限制有些多，我們在食品業務中也看到了這種情況，儘管我們的份額正在增加。我們看到成長率從兩位數放緩至個位數。

We're seeing a bit of a deceleration in Mexico within this has to be related with elections and some of the noise around the flows of social money into the economy. Hopefully that will now stabilize. And we're seeing parts of Western Europe also challenge weather and other dynamics there.

我們看到墨西哥的經濟有所減速，這肯定與選舉以及社會資金流入經濟的一些噪音有關。希望現在情況能夠穩定下來。我們看到西歐部分地區也面臨天氣和其他動態挑戰。

Now the Middle East is a different reality that the fact that we have a big business in the Middle East. And yes, it's been impacted by geopolitical situation and I don't think that's going to change in the coming months. But our teams locally are doing a great job navigating the situation and trying to continue to stay relevant for consumers and drive that business forward. So yes, you're coming on food versus beverages. Yes, the beverage business is growing a little bit faster than the food business globally.

現在中東的現實與我們在中東有大生意的情況有所不同。是的，它受到了地緣政治局勢的影響，我認為未來幾個月不會改變這種情況。但我們當地的團隊在應對情況方面做得很好，並努力繼續保持對消費者的吸引力並推動業務向前發展。所以是的，你選擇的是食物而不是飲料。是的，從全球來看，飲料業務的成長速度比食品業務略快。

Peter Grom, UBS.

瑞銀的 Peter Grom。

Thanks, operator. Good morning, everyone. Maybe just a bit more of a housekeeping question but the full year organic revenue guidance still implies a relatively wide range for the fourth quarter. So just any thoughts on where you would expect to fall within that range.

謝謝，接線生。大家早安。這或許只是一個常規問題，但全年有機收入預期仍意味著第四季的收入範圍相對較廣。所以，您只是想想您認為會落在這個範圍內的哪個位置。

And then within that, any comments on the underlying assumptions embedded, clearly things have been more challenged from an external perspective. So just would be curious if you were assuming kind of the current environment holds or would you anticipate category trying to show some improvement here as we exit 2024? Thanks.

然後在其中，對所包含的基本假設的任何評論，顯然從外部視角來看事情都受到了更大的挑戰。所以我很好奇，您是否認為當前的環境會保持不變，或者您是否預計到 2024 年結束時該類別會嘗試顯示一些改善？謝謝。

Hey, it's Jamie. I'd say that we really don't expect a huge inflection up or down from the conditions that existed in Q3.

嘿，我是傑米。我想說，我們確實不認為第三季的情況會大幅上漲或下跌。

Robert Moskow, TD Cowen.

羅伯特·莫斯科（Robert Moskow），TD Cowen。

Hi. Thank you. Ramon, you have a very thoughtful strategic approach to investing in Frito-Lay. In some areas you're investing in some -- in different ways in different areas. Two questions, I thought that the plan was to also invest behind Tostitos and promote more. I thought it was like similar to the process for lays. Did you put that into market or not? Because we didn't see much yet for Tostitos.

你好。謝謝。拉蒙，您對投資菲多利採取了非常周到的策略方針。在某些領域，您會以不同的方式進行投資。兩個問題，我以為該計劃還對 Tostitos 進行投資並進行更多推廣。我認為這與 lays 的流程類似。你把它投放到市場上了嗎？因為我們還沒有看到太多關於 Tostitos 的資訊。

And then secondly, regarding the positive choice brands, I would have thought that they would be less exposed to value seeking consumer behavior because I think they tend to skew more towards higher income but they've been weak. Can you give us a little bit of the what progress you've made to improve their distribution and where you are in terms of turning them around? Thanks.

其次，關於積極選擇品牌，我原以為它們較少受到尋求價值的消費者行為的影響，因為我認為它們更傾向於高收入群體，但它們一直很弱。您能否向我們介紹一下您在改善其分銷方面取得了哪些進展，以及您在扭​​轉局面方面取得了哪些進展？謝謝。

That's great. Great two questions. On Tostitos, we've made some investments in the summer, but the Tostitos brand has a lot of relevance in the fall season with all the gatherings around TV, watching and tailgating and everything else that happens in the US. So as we will be putting incremental investment behind Tostitos.

那太棒了。很好的兩個問題。我們在夏季對 Tostitos 進行了一些投資，但 Tostitos 品牌在秋季具有很大的相關性，因為秋季有各種圍繞電視、觀看比賽、車尾聚會以及在美國發生的其他一切活動。因此我們將對 Tostitos 進行增量投資。

And as I mentioned, it's going to be around brand investment, so programs on consumer investment and brand investments and also value in the sense of 20% more bonus packs and some other additional value for consumers, that will sure, will create additional penetration for the brand and hopefully growth.

正如我所提到的，它將圍繞品牌投資，因此消費者投資和品牌投資計劃以及價值（即增加 20% 的獎勵包和一些其他額外的消費者價值）將肯定會為品牌創造額外的滲透力，並有望實現成長。

And we're doing the same with Doritos. Doritos, we're investing a bit more sequentially. We started with lays. Now we're moving to Doritos. Doritos being a brand that responds very well to any sort of activity. And we're seeing already in the month of September, October, how the brand is responding. And we'll sequentially improve.

我們對 Doritos 也採取了同樣的做法。多力多滋，我們會繼續加大投資。我們從鋪墊開始。現在我們轉向多力多滋 (Doritos)。Doritos 是一個對任何活動反應都非常好的一個品牌。我們已經看到九月和十月份該品牌的反應。我們會逐步改進。

The other part of the business that -- with the pandemic mobility and returning to different patterns by consumers that is being impacted is multipacks and variety packs was a huge driver of business we're seeing that part of the business kind of slowing down a little bit part is affordability. So some of the larger packs have been impacted. Now we we offer 10 count multipacks to -- before it was more 18 and 24. Now 10 count that's growing very fast.

隨著疫情的流動性和消費者回歸不同模式，受到影響的另一部分業務是多件裝和多種包裝，這是業務的一大驅動力，我們看到這部分業務有所放緩，部分原因是負擔能力。因此一些較大的包裹受到了影響。現在我們提供 10 個裝的多件裝，之前的數量是 18 個和 24 個。現在已有 10 個，而且成長非常快。

Parts of the month the consumers are gravitating toward lower purchase, that's growing very well. We're also giving bonus packs to our multipacks plus two units, plus three units. So this will be all additional value that I think we will have a positive impact in the business in the coming months.

在部分月份，消費者傾向於降低購買量，這一趨勢發展得很好。我們也會為多件裝提供獎勵包，外加兩個單位，外加三個單位。所以我認為這些都是額外的價值，並將對未來幾個月的業務產生正面的影響。

Now when it comes to permissible, we've been working on permissible now for many, many years, both on making our core products more permissible. You see our levels of sodium, our levels of fat are being reduced and that's creating a positive halo for all our brands, but also creating a portfolio of brands that are -- as you say, not necessarily premium.

現在說到允許，我們已經為允許工作了很多年，致力於讓我們的核心產品更加允許。您可以看到，我們的鈉含量和脂肪含量都在降低，這為我們所有的品牌創造了積極的光環，同時也創造了一個品牌組合，正如您所說，這些品牌不一定是高端的。

I think the the penetration is still limited around between 10% and 20% in some of those platforms. But already beyond what is the premium consumer, it's really democratizing positive choices to consumers. It's Sunchips, the Simply range which covers most of our large brands. It is smart foods, it is PopCorners and as I said, some new additions to the family, hopefully we see at they sell.

我認為在某些平台中滲透率仍然限制在 10% 到 20% 之間。但它已經超越了高端消費者的範疇，真正為消費者提供了民主化的正面選擇。它是 Sunchips，Simply 系列，涵蓋了我們的大多數大品牌。這是智慧食品，這是PopCorners，正如我所說，這是家庭的一些新成員，希望我們能看到它們的銷售。

We're keep investing in those. We're seeing penetration increasing, we're seeing positive development of those brands. And everything is impacted by affordability even for medium income consumers or medium high income consumers. So we don't see this as a long term derailer. We see something that will continue to provide the right portfolio at distribution, make sure visibilities at the levels that it needs to be to generate trial, be very intentional with where we invest money behind these brands to generate additional trial.

我們將繼續對此進行投資。我們看到滲透率正在不斷提高，我們看到這些品牌正在積極發展。即使對於中等收入消費者或中高收入消費者來說，一切都受到負擔能力的影響。因此我們並不認為這會是一個長期的阻礙。我們看到，一些東西將繼續在分銷上提供正確的產品組合，確保在需要產生試用的層面上的可見性，並且非常有意識地投資這些品牌以產生額外的試用。

And the fact of the matter is that today with digital advertising and all the information and insights that we have, we can be much more precise and thoughtful and and have much higher returns on how we build these platforms, which as I said earlier, they are meaningful, they are already $2 billion and these are -- this is a large business that is growing and will continue to grow for us in the long term.

事實上，如今借助數位廣告以及我們掌握的所有資訊和見解，我們可以更加精準、更加周到地開展業務，並在建立這些平台上獲得更高的回報。正如我之前所說，這些平台意義重大，目前已達到 20 億美元，這是一項正在成長的大型業務，並且將長期持續成長。

Steve Powers, Deutsche Bank AG

德意志銀行史蒂夫鮑爾斯

Good morning, everybody. Thank you. So I just -- maybe clarify, Ramon if you could talk a little bit more about what drove the step down between 4% organic sales growth for the year and now low single digits, the balance between how much was driven by some of the changes in international markets that you talked about versus less improvement than expected in some of the domestic businesses. Because I'm not 100% clear where the incrementality was.

大家早安。謝謝。所以我只是——也許可以澄清一下，拉蒙，如果你可以再多談一下是什麼導致了今年有機銷售額增長率從 4% 下降到現在的個位數，那麼在多大程度上是由您談到的一些國際市場變化推動的，與一些國內業務的改善低於預期之間的平衡。因為我不是100%清楚增量在哪裡。

And then within that -- within Frito-Lay, specifically, you talked a lot about investments both in incremental brand building and in sort of sharpening price points and the value equation, I guess I'm glean from that we should potentially expect segment pricing to flip negative as we go forward as you realize those investments. And I just wanted to play that back and see if that was an appropriate assumption.

然後在其中 - 在菲多利內部，具體來說，您談了很多關於增量品牌建設以及提高價格點和價值方程的投資，我想我從中可以得知，隨著您實現這些投資，我們應該可以預期細分定價將出現負增長。我只是想重複一遍並看看這是否是一個合適的假設。

Hey, Steve, it's Jamie. On the revision from the four to low single digits, combination of the recovery of the consumer in the US frankly has been slower than we had anticipated. And then to a lesser degree, the, the geopolitics have, have impacted international, that's probably a half point drag on total Pepsico revenue growth in the quarter.

嘿，史蒂夫，我是傑米。關於從四位數修訂為低個位數，坦白說，美國消費者的復甦速度比我們預期的要慢。在較小程度上，地緣政治對國際業務產生了影響，這可能對百事可樂本季的總收入成長造成了半個百分點的拖累。

As far as pricing goes, it's a bit complex. We're investing in affordability where it makes sense, but we're investing in a number of levers to stimulate demand and I think too soon to call on what the pricing outlook is going forward.

就定價而言，這有點複雜。我們正在合理的範圍內投資可負擔性，但我們正在投資一些槓桿來刺激需求，我認為現在判斷未來的定價前景還為時過早。

Andrea Teixeira, JPMorgan.

摩根大通的安德里亞特謝拉 (Andrea Teixeira)。

Thank you. Good morning. I wanted to step back and think about international convenience food. If you also need to see an increased level of reinvestment in marketing to flat volumes in key regions like in LatAm while also keeping momentum in Europe. That was -- that has been a very nice place where I know Ramon, you have a lot of experience in there in negotiating with retailers.

謝謝。早安.我想退一步思考國際方便食品。如果您還需要看到在行銷方面的再投資水平有所提高，以保持拉美等主要地區的銷量平穩，同時保持歐洲的發展勢頭。那是一個非常好的地方，我知道拉蒙，你在那裡與零售商談判方面擁有豐富的經驗。

And should we see -- I mean, my question is rooted on the affordability that we saw also in the US. Is that something that should be pricing for in places like LatAm, specifically in Mexico? I understand the tough calls, but going forward looking at ways to kind of dialing in [RGM] in Latam.

我們應該看到——我的意思是，我的問題在於我們在美國也看到的可負擔性。這是否是拉丁美洲，特別是墨西哥等地應該定價的東西？我明白這些艱難的決定，但我們正在尋求在拉美地區撥打 [RGM] 電話的方法。

And on the Frito-Lay North America, just a bit of a check in and a follow up. In reinvestments you mentioned, should we prepare for margins to remain pressured? It seems until we lack summer next year. And therefore, I mean, we saw a sizable 200 basis points declining in operating margin for Frito-Lay. I'd appreciate that. Thank you.

關於菲多利北美公司，我做一點檢查和跟進。在您提到的再投資中，我們是否應該為利潤率持續承壓做好準備？看來要等到明年夏天了。因此，我的意思是，我們看到菲多利的營業利潤率大幅下降了 200 個基點。我將非常感激。謝謝。

Thank you, Andrea. Listen, I think your question on international is very valid. I think we've always been very good at the affordability and the revenue management in LatAm for our food business and I think we manage well, the ladder, the price ladder and the entry points and the price bags and how we execute that in the point of sale in our racks and in our front facing to the consumer. So we'll continue to dial that up.

謝謝你，安德里亞。聽著，我認為你關於國際的問題非常有效。我認為我們在拉丁美洲食品業務的可負擔性和收益管理方面一直做得很好，而且我認為我們管理得很好，包括價格階梯、切入點和價格包，以及我們如何在貨架銷售點和麵向消費者的前台執行這些。因此我們會繼續撥打該號碼。

The truth is that in LatAm as well, we have great brands and we continue to invest in those brands, make sure that we carry the -- to the consumer into our brands versus strong competitors that we have in the area. So you'll see a balance between both, but it's not a new capability, something that we've been executing for a long time. We're perfecting that as we use leverage the data and the information that we have and we have more precise executional tools versus more broad based execution that we might have had in the past.

事實上，在拉丁美洲我們也擁有優秀的品牌，而且我們會繼續投資這些品牌，確保與該地區強大的競爭對手相比，我們的品牌能夠更好地服務消費者。因此，你會看到兩者之間的平衡，但這不是一項新功能，而是我們已經執行了很長時間的功能。我們正在完善這一點，利用我們擁有的數據和信息，並且擁有更精確的執行工具，而不是像過去那樣擁有更廣泛的執行。

So I think it's -- I believe that we could keep optimizing, but it will be critical in us driving the business performance in the coming years. Now, when it comes to the margin, maybe Jamie, you want to -- over that one, overall Frito-Lay, we put Frito margin in the context of overall Pepsico. So maybe Jamie, you want to talk about how we are approaching margin?

所以我認為——我相信我們可以繼續優化，但這對我們在未來幾年推動業務績效至關重要。現在，說到利潤率，也許傑米，你想 - 總體而言，菲多利的利潤率是放在百事可樂整體的背景下的。那麼也許 Jamie，你想談談我們如何接近利潤？

So Andrea, we're we're managing the margin at a total portfolio level at this point. And with Frito, our focus right now is on stimulating consumer demand, doing it in a responsible disciplined way but overall we're, focused on the total Pepsico margin.

所以安德里亞，我們目前正在從整體投資組合的角度管理利潤。對菲多利來說，我們目前的重點是刺激消費者需求，以負責任、有紀律的方式進行，但總的來說，我們關注的是百事可樂的總利潤。

Over time, I think when the consumer gets a little more healthy and the business to business accelerates, we can put a little more emphasis on managing the margin. But right now we're really focused on the consumer and stimulating demand

隨著時間的推移，我認為當消費者變得更健康並且企業對企業的發展加速時，我們可以更加重視利潤管理。但現在我們真正關注的是消費者和刺激需求

Yeah, this year is a good example how we're able to invest in Frito was expanding PepsiCo margin, meaningfully and substantially. And I think that's the way you should think about the way we run the business in the near future.

是的，今年我們就是一個很好的例子，我們能夠投資 Frito，大幅提高百事可樂的利潤率。我認為這就是我們在不久的將來經營業務的方式。

Chris Carey, Wells Fargo.

富國銀行的克里斯凱裡 (Chris Carey)。

Hi, good morning. Thank you for the question. I just wanted to ask a higher-level question then a follow-up on the line of questioning that Andrea was approaching. Like the higher level question, Ramon as you begin to make pricing investments into this portfolio and other strategic investments that you had outlined for Frito-Lay, you're beginning to see the sort of traction that you're getting or not?

嗨，早安。感謝您的提問。我只是想問一個更高層次的問題，然後再回答安德里亞正在提出的問題。就像更高層次的問題一樣，拉蒙，當您開始對這個產品組合以及您為菲多利概述的其他策略投資進行定價投​​資時，您是否開始看到您獲得了什麼樣的吸引力？

And I just wonder if your assessment of the slowdown that we're seeing is highly cyclical said another way this is purely about value equations or are you seeing any consumption habits which may feel more structural or secular that are moving away from that business? I wonder if the [CST] acquisition is a nod to how you see the direction of travel this business over time?

我只是想知道，您對我們所看到的經濟放緩的評估是否具有高度的周期性，換句話說，這純粹是關於價值方程式，還是您是否看到任何感覺更具結構性或長期性的消費習慣正在遠離該業務？我想知道，對 [CST] 的收購是否表明了您如何看待這項業務未來發展的方向？

And if I could just one follow-up on the line of questioning about total company margins. Just from a productivity standpoint, are there any divisions where you feel better about your productivity initiatives? Nearly Frito profit was under pressure this quarter despite you're going to be expanding the program. So are they international and [TB&A] productivity programs? Is it the visibility there? Just quite good. And so anyway, just expansion on your visibility on cost offsets for the investments that are company and pre-dose. Thanks for entertaining both those.

我可以就有關公司總利潤的問題再問一個後續問題嗎？僅從生產力的角度來看，您是否對自己的生產力措施感到更加滿意？儘管你們要擴大該計劃，但本季菲多利的利潤仍然面臨壓力。那麼它們是國際和[TB&A]生產力計劃嗎？那裡的能見度高嗎？相當不錯。無論如何，這只是擴大了您對公司和預劑量投資的成本抵消的可見性。謝謝你們對我倆的款待。

Yeah, great questions, both. Let me start with the margins and then I'll get back to the long-term growth of the (inaudible) food business. On the margins, with the clear -- very clearly that one of the strategic goals that we have is to keep improving their margins of our beverage business in the US. I think we're on track. Great performance by Rob and the team in improving the efficiency of the business, managing the portfolio towards high margin segments. And the business grew margin last year meaningfully, and it will grow margin this year meaningfully.

是的，兩個問題都很好。讓我先從利潤開始，然後再談（聽不清楚）食品業務的長期成長。從利潤率來看，我們的策略目標之一就是不斷提高我們在美國飲料業務的利潤率。我認為我們正走在正確的軌道上。Rob 和他的團隊在提高業務效率、管理高利潤領域的投資組合方面表現出色。去年業務利潤大幅成長，今年業務利潤也將大幅成長。

And we see a good a good line upside to our intentions of the mid 10s margins in a couple of years and PBNA. So that is working the same internationally. You've seen the margin improvement international. That's driven by scale, but also by efficiency and productivity, effort by all our teams across our key markets and that will continue. So those two are meaningful margin expansion opportunities for PepsiCo. That we will continue to put our hands on approach to the margins on the company.

我們看到，幾年後，PBNA 的利潤率將達到 10% 左右，這與我們的目標相比有很大的上升空間。因此，這在國際上也是同樣的運作方式。您已經看到了國際利潤率的提高。這是由規模推動的，也是由效率和生產力以及我們在主要市場的所有團隊的努力所推動的，而且這種情況會持續下去。因此，這兩者對於百事可樂來說都是有意義的利潤擴張機會。我們將繼續盡力提高公司的利潤率。

And we should be able to expand our margins are investing in the future of the company and providing value to consumers. So those three levers, we feel good about that as you think about PBNA and international as it to contribute to ours to how PepsiCo continues to expand its margins in our responsible way in the coming years.

我們應該能夠擴大利潤率，投資公司的未來並為消費者提供價值。因此，當您考慮 PBNA 和國際業務時，我們對此感到很高興，因為這三個槓桿為我們做出了貢獻，幫助百事可樂在未來幾年以負責任的方式繼續擴大利潤率。

Now when it comes to the food business, your question on a strategic transformation of the portfolio. We have been working for many, many years on evolving our portfolio with the trends of the markets. And these trends are different in different parts of the world. But clear, the consumer has been moving in some parts of the world towards looking for more permissible snacks are going into more and structure meals. Those two are big levers of growth for as long term.

現在談到食品業務，您的問題涉及產品組合的策略轉型。多年來，我們一直致力於根據市場趨勢來改善我們的投資組合。而且這些趨勢在世界各地有所不同。但顯然，世界某些地區的消費者已開始尋求更可接受的零食，並開始更結構化地安排餐點。從長遠來看，這兩個都是巨大的成長槓桿。

One is we -- yes, we are providing consumers with better options to fulfill their needs for either a treat or any other location and social gathering already location is on the snacks. And we feel good about the way our R&D has improved, the way our portfolio offerings have improved in providing permissibility in that category. And we see that India penetration of the category we see in the frequency. I don't think that's going be changing for the long-term.

一是我們——是的，我們正在為消費者提供更好的選擇，以滿足他們對零食或其他地點以及社交聚會地點的需求。我們對我們的研發方式的改進以及我們的產品組合在提供該類別的許可方面所取得的進步感到非常高興。我們看到印度的滲透率達到了我們在頻率中看到的類別。我認為從長遠來看這種情況不會改變。

The big opportunity we see that is is very visible in developed markets. But also in some of the developing markets is consumers are changing their eating habits and they're eating more calories is small portions through the day if they buy it.

我們看到的巨大機會在已開發市場中非常明顯。但在一些發展中市場，消費者的飲食習慣也在改變，如果他們購買食品，他們會在一天中攝取更多的熱量但份量較少。

So the concept of mini meals, the concept of replacing a big meal with a smaller mail, you can think about a [Subra who] with the Tostitos and a banana are is it like this kind of meals are becoming more and more popular and especially if you think about Gen Z, there, you see in the mini-meals much more than we used to have, we used to use it in our in equivalent age.

因此，迷你餐的概念，即用較小的餐食代替大餐的概念，你可以想想 [Subra] 搭配 Tostitos 和香蕉，這種餐食越來越受歡迎，特別是如果你想想 Z 世代，你會看到迷你餐比我們以前的餐食多得多，我們以前在同等年齡時使用它。

So we see the positive trends for the category. We're leaning in with innovation there. We're going to be moving our brands more into those spaces because there are a lot of occasions that our brands belong in and that will be able to satisfy consumers in that space.

因此我們看到該類別的正面趨勢。我們正致力於創新。我們將把我們的品牌更多地推向這些領域，因為我們的品牌屬於許多場合，並且能夠讓這些領域的消費者感到滿意。

So yes, health and wellness, and we're ready and we've been moving their portfolio in that direction. Yes. And structure meals, mini meals, and we're moving the portfolio in that direction. Your assessment is right. The acquisition of see it there hopefully will give us another tool to capture both permissible locations and enter into meals in a way that is sustainable in long term. But there are many other brands in the portfolio that can play in both of those spaces.

是的，健康和保健，我們已經做好了準備，並且一直在將他們的投資組合轉向這個方向。是的。以及結構化餐食、迷你餐食，我們正在將投資組合朝這個方向發展。你的評估是正確的。希望對 see it there 的收購能為我們提供另一種工具，讓我們既能佔領允許的地點，又能以長期可持續的方式進入餐飲市場。但該投資組合中還有許多其他品牌可以在這兩個領域發揮作用。

Robert Ottenstein, Evercore ISI.

羅伯特‧奧滕斯坦 (Robert Ottenstein)，Evercore ISI。

Great. Thank you very much. First off, I was wondering if you can give us a report card on the Gatorade transition. And then related to that, perhaps if you could discuss the DSD system in general in PBNA, and whether through all the great work that you guys have been doing for the last couple of years, have you been able to reengineer the system so that perhaps it's less volume dependent than it was in the past and that is part of your path to the mid teen margins in a few years? Thank you.

偉大的。非常感謝。首先，我想知道您是否可以為我們提供一份關於佳得樂轉型的成績單。與此相關，您是否可以討論一下 PBNA 中的 DSD 系統，以及透過過去幾年你們所做的所有出色工作，您是否能夠重新設計這個系統，以便它不再像過去那樣依賴銷量，而這也是您在幾年內實現中十幾歲利潤率的一部分？謝謝。

Great questions. On Gatorade, we feel good about the Gatorade. Clearly, we learned last year and we've executed better this year. I'm sure that if you ask our customers, they would still seeing that we have a way to improve and I would agree.

很好的問題。關於佳得樂，我們對佳得樂感覺很好。顯然，我們吸取了去年的教訓，今年的表現更好了。我確信如果你問我們的客戶，他們仍然會看到我們還有改進的方法，我同意這一點。

So our service levels have improved meaningfully, but still opportunities will get better as we go. The output of that improvement, we've seen share of market of Gatorade in the sport category going up and within this a sustainable share performance. So that on one side. Along with Gatorade, the one brand that is performing beautifully for us is Propel. And propel is part of also these transformation.

因此，我們的服務水準已經有了顯著提高，但隨著我們的進步，機會將會越來越好。這種改進的結果是，我們看到佳得樂在運動類別的市場份額上升，並且在此範圍內實現了可持續的份額表現。一方面如此。除佳得樂 (Gatorade) 外，對我們來說表現出色的品牌就是 Propel。而推進也是這些轉變的一部分。

Propel is growing double digit is fulfilling some great spaces for consumers complementary to Gatorade and is benefiting as well by the execution that we're putting in place. So that that we feel good about that is improving somehow the economics of our DSD system in some stage phase where we had lower scale with our soft drinks and other parts of the portfolios. That's a good move overall.

Propel 的銷量正在以兩位數的速度增長，為佳得樂 (Gatorade) 的消費者提供了巨大的補充空間，並且也受益於我們實施的措施。因此，我們對此感到高興的是，在某些階段，我們的 DSD 系統的經濟效益有所改善，當時我們的軟性飲料和其他部分投資組合的規模較低。整體來說，這是一個好舉措。

With regards to the productivity journey on PBNA, go-to-market is clearly an opportunity. And we are optimizing a lot of variables, both in our warehouse, our transportation, our delivery models, that will be sources of productivity going forward. And but not only right, we're seeing that we can also be more efficient and in many other bars in how we procure, we can be more efficient in how we invest in demand. We can be more efficient in many areas in the PBNA business.

就 PBNA 的生產力旅程而言，進入市場顯然是一個機會。我們正在優化許多變量，包括我們的倉庫、運輸和交付模式，這些都將成為未來生產力的來源。但不只是這樣，我們還看到，在採購的許多其他方面，我們可以更有效率，在需求投資方面，我們可以更有效率。我們可以在 PBNA 業務的許多領域提高效率。

And that's why I said earlier, we feel good about the trajectory of the of the business. We feel good about profitable growth. We feel good about how this business can get to a -- this platform of mid 10s operating margin that would be great for PepsiCo and will be will be great for obviously our beverage business in North America as well.

這就是我之前說的，我們對業務發展軌跡感到滿意。我們對獲利成長感到滿意。我們對這項業務能夠達到 10% 左右的營業利潤率感到非常滿意，這對百事可樂來說非常有利，而且顯然對我們在北美的飲料業務也非常有利。

Kevin Grundy, BNP Paribas.

法國巴黎銀行的凱文‧格蘭迪 (Kevin Grundy)。

Great. Thanks. Morning, everyone. Thanks for the question. So Ramon, just sticking with North American beverages, maybe we can get an update on the energy drink category. We broadened portfolio strategy here in recent years. Not lost on your course, like salty snacks in the US category remained surprisingly weak.

偉大的。謝謝。大家早安。謝謝你的提問。因此，拉蒙，只要堅持討論北美飲料，也許我們可以了解能量飲料類別的最新情況。近年來，我們拓寬了投資組合策略。當然，這並不意味著你不會迷失自己，像美國鹹味小吃類別中的表現仍然出奇地疲軟。

For a couple of questions, please one, maybe just some updated thoughts on the energy drink category and what the recovery there may look like. And then two, perhaps comment on the sharp slowdown that we see myself, this is market share in your ability for that brand to regain lost momentum in the Pepsi system.Thank you.

請問幾個問題嗎？一個是有關能量飲料類別的一些最新想法，以及那裡的復甦情況。然後第二，也許我可以就我們看到的急劇放緩發表評論，這是該品牌在百事可樂系統中重新獲得失去的動力的能力的市場份額。謝謝。

Thank you, Kevin. Listen, I think the energy needs state by consumers in the US and everyone there will continue for the foreseeable future I think. Everybody needs a bit of an energy boost throughout the day and so that need state will remain. And I think it's it's going to be up to kind of manufacturers or brand owners like us to satisfy those needs, whether it's through soft drinks, through a coffee routine through energy drinks.

謝謝你，凱文。聽著，我認為美國消費者以及每個人對能源的需求在可預見的未來仍將持續下去。每個人全天都需要一點能量補充，因此這種需求狀態將會持續下去。我認為這將取決於像我們這樣的製造商或品牌所有者來滿足這些需求，無論是透過軟性飲料、咖啡還是能量飲料。

So I think that opportunity remains and that opportunity will continue to be an opportunity for innovation and from brand investments. So on the short term and how different segments of the category play out, I think the energy category in the US is clearly been impacted by the traffic and convenience stores. traffic and convenience storeshas gone down, has been going down is I think it's part of the economic cycle that I worry and that will reverse itself in the future once consumers feel better.

所以我認為機會依然存在，而且這個機會將繼續成為創新和品牌投資的機會。因此從短期來看，以及看該類別不同部分如何發揮作用，我認為美國的能源類別顯然受到了交通和便利商店的影響。客流量和便利商店的數量一直在下降，我認為這是我擔心的經濟週期的一部分，一旦消費者感覺好轉，這種情況將在未來逆轉。

So I wouldn't overplay the long term the energy category with regards to sales use, I'll say the same. As I said in the past, we like the partnership we are delivering on our part of the partnership. Our distribution points are going up our service levels keep going up.

因此，我不會誇大與銷售用途相關的長期能源類別，我也會說同樣的話。正如我過去所說的那樣，我們喜歡我們正在建立的合作夥伴關係。我們的分銷點正在增加，我們的服務水準也不斷提高。

So we're executing are part of their partnership with tdiscipline and high standards and we remain optimistic on the partnership. Yeah, so thank you very much everybody for the questions and the dialogue. And obviously, thank you for the confidence that you've placed with PepsiCo, with your investment. We hope that you all stay safe and healthy and look forward to seeing you around. Thank you.

因此，我們正在執行與 tdiscipline 合作的一部分，並且具有高標準，我們對合作仍然持樂觀態度。是的，非常感謝大家的提問和對話。當然，我感謝您對百事可樂的信任與投資。我們希望大家保持安全和健康，並期待與你們見面。謝謝。

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

女士們、先生們，今天的演講到此結束。現在您可以斷開連接並享受美好的一天。