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，歡迎來到百事公司 2024 年第三季財報問答環節。 （操作員說明）今天的通話正在錄音並將存檔在 www.pepsico.com 上。現在我很高興向大家介紹投資者關係資深副總裁 Ravi Pamnani 先生。帕姆納尼先生，您可以開始了。

Thank you, 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。我希望今天早上每個人都有機會閱讀我們的新聞稿和準備好的評論，這兩者都可以在我們的網站上找到。在我們開始之前，請注意我們的警告聲明。我們可能會在今天的電話會議上做出前瞻性聲明，包括我們的業務計劃和更新的 2024 年指引。前瞻性陳述本質上涉及風險和不確定性，僅反映我們截至今天（2024 年 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，我們指的是非公認會計準則衡量標準，這些衡量標準從報告的結果中排除了某些項目。請參閱pepsico.com 上提供的2024 年第三季度收益發布和2024 年第三季度10-Q 表，了解非GAAP 指標的定義和調節以及有關我們結果的其他信息，包括對可能導致實際結果發生變化的因素的討論。

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有百事公司董事長兼執行長拉蒙‧拉瓜塔 (Ramon Laguarta) 和百事公司執行副總裁兼財務長傑米‧考爾菲爾德 (Jamie Caulfield)。我們要求您只回答一個問題。就這樣，我將把第一個問題交給接線員。

(Operator Instructions)

（操作員說明）

Lauren Lieberman, Barclays.

勞倫·利伯曼，巴克萊銀行。

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，在發布的新聞稿中，要明確的是，在第三季度的品類背景下，菲多利的銷量朝著正確的方向發展仍然很困難，您在準備好的評論中提供了很多細節，並從這裡介紹了策略。

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.

我想考慮一下該業務恢復銷量成長的基石。如果我們把它分開，比如說核心層和今年夏天開始的一些促銷工作，我們專注於多元文化產品和價值產品的擴張努力，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，如果您要細分或採取舉措，您對這三個方面的成長率有何看法？我們是否認為長期投資會回歸到業務的核心部分，從而成為積極的銷售貢獻者，還是更多地是一種——堅守陣地，避免損失？但另外兩個因素真的是我們前進過程中推動轉變的因素嗎？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產業的長期成長潛力，我們對長期趨勢非常樂觀。我們已經看到 Z 世代的零食模式和食物模式有利於我們類別的成長。他們吃的零食更多，他們吃小餐而不是大餐，這對我們的品牌有利，而且他們攜帶的場合數量將會增加。從長遠來看，我們對此感覺非常好。

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.

經過三年的自由大幅成長，如果你考慮兩位數的成長，我們就知道今年將是正常化的一年，而這就是發生的事情。消費者正在重新評估模式和流動性以及某些情況。

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，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，我們考慮我們的品牌在該領域的發展方式，薯片將繼續成為成長的主要推動力，我們正在將薯片視為一個多層機會，以解決您關於外賣的問題。因此，我們顯然將 Las 作為該類別的主要組成部分。在 Las 中，我們將提供無鹽產品和口味，我們知道我們可以為消費者創造更多的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.

我們將有一些子細分市場，例如淡鹽或烘焙，為消費者提供更多允許的選擇來維持馬鈴薯。然後，我們將擁有該類別的高端品牌，如 [M Vickki's]，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，我們將這些類別中的每一個視為多層，我們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。但最重要的是——我們思考該類別的方式是繼續創造成長，繼續確保從長遠來看，該類別創造機會並將消費者帶入——我們透過我們的品牌將消費者帶入該類別，計劃和我們的創新，使該類別在未來為我們和我們的客戶保持健康發展。這就是您應該如何考慮我們可以透過菲多利業務創造的長期價值。

Bryan Spillane, BofA.

布萊恩‧斯皮蘭 (Bryan Spillane)，美國銀行。

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接近、規劃——我想，25，也許只是中期，拉蒙，我想在我的問題下面，這在某種程度上是未知的領域我們正在與消費者打交道並找到讓他們做出回應的方法。

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?

它如何影響您對投資、刺激需求支出、回報之間平衡的思考方式以及它如何影響利潤。我想我真正要問的是，您如何衡量或防止削減太多成本，以保持利潤，同時試圖 - 我們重新加速收入成長？

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，很好的問題，布萊恩。聽著，我們思考生產力和成本轉型已經有一段時間了。我們知道，正如我所說，在經歷了三年的外部成長之後，這將是正常化的一年。因此，我們一直在整個公司以非常務實和系統化的方式思考生產力。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、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，再到我們的運輸，再到我們進入市場的方式，我們真正實現了公司的數位化，這也將帶來成長和生產力。

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.

我們投資，開始創造我們的全球商業服務、共享服務。大約幾年前，我們將它們稱為全球能力中心。現在，它們已達到成熟水平，我們可以在整個公司的工作方式以及為組織提供服務的方式中更多地使用它們。

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，我們更擅長理解投資報酬率。因此，未來幾年，美國和國際上將繼續部署多種生產力平台。這將使我們可以選擇投資該業務，因為我們認為最好以負責任的方式繼續發展我們的類別，並繼續提供投資者期望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.

一個好處是，我們對今年感覺良好，因為即使消費者背景非常具有挑戰性，我們也能夠實現每股收益長期目標的高端。這是非常積極的，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.

再次強調，我們總是以長遠的眼光來管理公司。即使在這樣的一年裡，我們的營收也面臨挑戰。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，確保長期使用較少的資源。因此，當我們為投資者提供短期服務時，我們不會將目光從長期上移開。感謝我認為同類中最好的生產力、多傾向程序，該程序將在未來幾年繼續部署。

Kaumil Gajrawala, Jefferies.

考米爾·加吉拉瓦拉，傑弗里斯。

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?

嘿夥計們，早安。如果我能跟進這一點——除了細節之外，如果有機收入增長確實保持在較低的個位數或 1% 的範圍內，那麼你還能實現每股收益 8% 的增長嗎？一起？您是否可以靈活地在接下來的一年中做到這一點？

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.

Kaumil，正如我之前所說，我認為我們擁有一套非常大的生產力工具，並將繼續有系統地部署。同時，我們認為，透過我們對業務、品牌健康度和創新的投資，我們的品類從長遠來看不會以 1% 的速度成長。所以我們的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.

但我想說的是，我們想要做的是控制我們能控制的事情，這顯然是專注於生產力，關注我們類別的長期健康。繼續讓我們的消費者留在我們的品牌中，繼續讓我們的消費者留在我們的品類中，與我們的合作夥伴一起制定制勝計劃，為我們雙方帶來利潤增長。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.

從長遠來看，正如我之前所說，我們相信零食類別和飲料類別的長期成長。這兩個類別都是價值數萬億美元且具有全球影響力的類別，在全球許多市場中都非常健康地增長，並且其長期趨勢使我們充滿信心，從長遠來看，這將是一個可觀的成長類別。

Dara Mohsenian, Morgan Stanley.

達拉莫森尼安，摩根士丹利。

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?

Ramon，您之前在準備好的發言中談到了您迄今為止在菲多利採取的一些行動，您能否退後一步，就您所看到的初始回報向我們提供您的看法。但問題的主旨實際上更多的是關於前進，是否對已經到位的這些行動進行了某種調整，以推動未來更大的回報？您還會更依賴其他行動嗎？您如何看待改變其中一些項目背後的投資規模？

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，您可以減少為您提到的消費者提供價值的力度。這是什麼意思？這更多的是促銷重點嗎？是不是定價要低一些？在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.

太棒了，達拉。謝謝。聽。我們的方式——我認為這是一個多傾向的策略，並且將繼續下去。因此，為核心賦予更多價值是非常相關的。我們對今年夏天主要投資於薯片和外送品類的投資感到滿意。這推動了薯片業務的成長。樂事的家庭滲透率獲得了三個百分點，我們對此回報感到滿意。

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到其他類別。我們將利用秋冬季節對 Doritos 和 Tostitos 進行更多投資。現在是足球賽季。有很多聚會，這些品牌非常適合這些聚會。這將是獎金包和更多產品形式的價值組合——顯然，這些都是大型的、通常是大型的團體聚會。所以獎勵包很有意義。

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.

我們為 Tostitos 提供了 20% 的額外產品，並激怒了一些屬於這些場合的品牌。我們也投資品牌活動。所以你會看到圍繞 NFL 的 Tostitos 和 Doritos 大品牌活動。我們會看到外行人演奏一些經典曲目，讓我們感受一下賽事的風采。所以品牌將會有價值和大品牌活動的結合。

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，我們正在致力於產品組合的長期發展，這是我們多年來一直在努力的事情。我們會繼續。我認為我們業務的長期成功取決於以消費者想要的速度發展產品組合。因此，我們將繼續投資於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.

該業務成長非常快，我們將繼續加大對該業務的支援。現在我們有 Sunchips、Simply、PopCorners。我們有智慧食品，我們有多個品牌，你們看到了CFA的公告。希望這將獲得法律批准，我們將在該解決方案組合中佔據另一條腿，以不斷擴大允許的組合。

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.

多元文化也是如此。隨著美國西班牙裔人口的增長，我們看到了這一點。我們擁有 Sabritas、Sanitas、Gamesa 等品牌，非常適合該群體。對於消費者來說，我們在墨西哥擁有這些品牌，我們正在製造它們，我們正在美國擴大它們的規模。

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槓桿是我們正在進入一個新的管道。我們正在努力將業務擴展到遠離家鄉的零售領域。在其他管道中，我們可以為目前尚未滲透的品牌創造機會。這就是 multipro 自己的方法。我們可能會在第一季更依賴價值，而不會放棄我們為未來建立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所說的。我們可以透過生產力計劃為自己創造的選擇性為我們提供了巨大的靈活性，當我們看到未來幾個月發生的不同行動和策略的回報時，我們將做出這些調整。

Filippo Falorni, Citi.

菲利波·法洛尼，花旗銀行。

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。我想問一下國際業務。拉蒙，您在準備好的演講中提到了地緣政治緊張局勢以及某些市場的消費者疲軟。因此，也許您可以談論那些產生負面影響的市場，並量化本季的任何影響。

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，看看國際業務的兩個部分，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。那麼國際上的驅動力是什麼？零食和方便食品的放緩與美國相似還是有其他驅動因素？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。我會讓你感覺到——國際上有一些力量。東南亞、印度等市場成長良好。我們看到東歐部分地區成長良好。我們看到巴西正在以良好的速度成長。因此，存在一些增長點。我們也看到其他市場出現了一些減速。因此，在中國市場，消費者感覺受到更多限制，我們在食品業務中也看到了這一點，儘管我們的份額正在增加。我們看到成長從兩位數減速到個位數。

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成長放緩，這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的挑戰。

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.

現在中東是一個不同的現實，我們在中東有一個大生意。是的，它受到地緣政治局勢的影響，我認為這種情況在未來幾個月內不會改變。但我們的本地團隊在應對情況方面做得很好，並努力繼續與消費者保持聯繫並推動業務向前發展。所以是的，你會吃食物而不是飲料。是的，全球飲料業務的成長速度略快於食品業務。

Peter Grom, UBS.

彼得‧格羅姆，瑞銀集團。

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。也許只是一個更多的內務問題，但全年有機收入指引仍然意味著第四季的範圍相對較寬。因此，只要有關於您期望落在該範圍內的任何想法即可。

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，任何對嵌入的基本假設的評論，顯然從外部角度來看，事情都受到了更大的挑戰。因此，我想知道，您是否假設當前環境保持不變，或者您是否預計當我們退出 2024 年時，該類別會試圖顯示出一些改進？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，這是傑米。我想說的是，我們確實預計第三季的情況不會出現巨大的上升或下降。

Robert Moskow, TD Cowen.

羅伯特·莫斯科，TD·考恩。

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。 Ramon，您對投資菲多利採取了非常深思熟慮的策略方法。在某些領域，你正在對某些領域進行投資——在不同領域以不同的方式進行投資。有兩個問題，我認為該計劃也是在托斯蒂托斯背後進行投資並推廣更多。我認為這與外行人的過程類似。你把它投入市場了嗎？因為我們還沒有看到托斯蒂托斯的太多資訊。

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，關於積極選擇的品牌，我原以為他們會更少受到價值追求的消費者行為的影響，因為我認為他們更傾向於更高的收入，但他們一直很弱。您能否向我們介紹一下您在改善分銷方面取得的進展以及在扭轉局面方面取得的進展？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 品牌在秋季與圍繞電視、觀看和車尾聚會以及在美國發生的所有其他活動有很大的相關性。因此，我們將為 Tostitos 提供增量投資。

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，它將圍繞品牌投資展開，因此有關消費者投資和品牌投資的計劃以及為消費者提供20% 以上的獎金包和其他一些附加價值的價值，這肯定會為消費者創造額外的滲透率。

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.

我們對多力多滋也做了同樣的事情。多力多滋，我們會依序進行更多投資。我們從外行人開始。現在我們要轉向多力多滋了。多力多滋是對任何類型的活動都反應良好的品牌。我們已經在九月、十月看到了該品牌的反應。我們將逐步改進。

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.

業務的另一部分——隨著大流行的流動性和受到影響的消費者回歸不同的模式，合裝包和多樣化包裝是業務的巨大推動力，我們看到這部分業務的成長速度略有放緩位部分是負擔能力。因此一些較大的包受到了影響。現在，我們提供 10 件裝多件裝，之前是 18 件和 24 件裝。

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.

本月部分時間，消費者傾向於減少購買，這一趨勢成長得非常好。我們也為我們的合裝包加兩件、三件提供獎勵包。因此，我認為這將是我們將在未來幾個月對業務產生積極影響的所有附加價值。

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，說到許可，我們多年來一直致力於許可，都是為了讓我們的核心產品更加許可。你會看到我們的鈉含量和脂肪含量正在降低，這為我們所有的品牌創造了積極的光環，同時也創造了一系列品牌組合——正如你所說，不一定是優質品牌。

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.

我認為其中一些平台的滲透率仍然限制在 10% 到 20% 左右。但它已經超越了高端消費者的範圍，真正使消費者的積極選擇民主化。這就是 Sunchips，Simply 系列涵蓋了我們大部分的大品牌。這是智慧食品，是 PopCorners，正如我所說，是這個家族的一些新成員，希望我們能在他們的銷售中看到。

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.

我們將繼續在這些方面進行投資。我們看到滲透率不斷增加，我們看到這些品牌的積極發展。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，我們不認為這是一個長期的脫軌因素。我們看到一些東西將繼續在分銷中提供正確的產品組合，確保其可見性達到產生試用所需的水平，並且非常有意識地在這些品牌背後投資資金以產生額外的試用。

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.

事實是，今天有了數位廣告以及我們擁有的所有資訊和見解，我們可以更加精確和深思熟慮，並且在如何建立這些平台方面獲得更高的回報，正如我之前所說，他們是有意義的，它們已經是20 億美元了，這是一項正在成長的大型業務，並且從長遠來看將繼續為我們成長。

Steve Powers, Deutsche Bank AG

史蒂夫鮑爾斯，德意志銀行

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- 也許澄清一下，Ramon，如果你能多談談是什麼推動了今年4% 的有機銷售增長與現在的低個位數之間的下降，以及由某些變化推動的程度之間的平衡您談到的國際市場的改善程度低於預期，而一些國內業務的改善程度卻低於預期。因為我並不是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 - 具體來說，在菲多利內部，您談到了很多關於增量品牌建設和銳化價格點和價值方程式的投資，我想我從中收集到我們應該潛在地預期細分定價當你意識到這些投資時，我們就會轉向負面。我只是想回放一下，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。從四位數修正為低個位數，坦白說，美國消費者的復甦速度比我們預期的要慢。然後，在較小程度上，地緣政治對國際市場產生了影響，這可能會拖累百事可樂本季總收入增長半個百分點。

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，有點複雜。我們在有意義的地方投資於負擔能力，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.

安德里亞·特謝拉，摩根大通。

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。如果您還需要增加行銷再投資水平，以在拉丁美洲等關鍵地區實現銷量持平，同時保持歐洲的勢頭。那是一個非常好的地方，我在那裡認識拉蒙，你在那裡有很多與零售商談判的經驗。

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.

我們是否應該看到——我的意思是，我的問題源於我們在美國也看到的負擔能力。在拉丁美洲，特別是墨西哥，這是否應該定價？我理解這些艱難的呼籲，但我會繼續尋找在拉丁美洲撥打 [RGM] 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.

在菲多利北美公司，只需進行一些檢查和跟進。在您提到的再投資中，我們是否應該為利潤率繼續受壓做好準備？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。我將不勝感激。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的食品業務的承受能力和收入管理方面一直非常擅長，我認為我們管理得很好，階梯、價格階梯、切入點和價格袋以及我們如何在銷售點位於我們的貨架上以及面向消費者的前面。因此，我們將繼續努力解決這個問題。

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.

事實是，在拉丁美洲，我們也擁有偉大的品牌，我們將繼續投資這些品牌，確保我們向消費者傳達我們的品牌與我們在該地區的強大競爭對手相比的訊息。因此，您會看到兩者之間的平衡，但這不是一項新功能，而是我們長期以來一直在執行的功能。當我們利用我們擁有的數據和資訊時，我們正在完善這一點，我們擁有更精確的執行工具，而不是我們過去可能擁有的更廣泛的執行工具。

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，但這對於我們在未來幾年推動業務績效至關重要。現在，當談到利潤時，也許傑米，你想——在整個菲多利公司的利潤率方面，我們將菲多利利潤率放在整個百事可樂的背景下。那麼也許傑米，您想談談我們如何接近利潤率？

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.

安德里亞，我們目前正在整個投資組合層級管理利潤。對於Frito，我們現在的重點是刺激消費者需求，以負責任、規範的方式做到這一點，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加速發展時，我們可以更加重視管理利潤。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，今年是一個很好的例子，我們透過投資菲多利來擴大百事可樂的利潤，有意義且實質的。我認為這就是您應該考慮我們在不久的將來經營業務的方式。

Chris Carey, Wells Fargo.

克里斯凱裡，富國銀行。

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。謝謝你的提問。我只是想問一個更高層次的問題，然後是安德里亞正在接近的問題的後續問題。就像更高層次的問題一樣，拉蒙，當你開始對這個投資組合和你為菲多利概述的其他策略投資進行定價投​​資時，你開始看到你是否獲得了某種吸引力？

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週期性，換句話說，這純粹是關於價值方程式，或者您是否看到任何可能感覺更具結構性或世俗性的消費習慣正在遠離該業務？我想知道收購 [CST] 是否表明您如何看待這項業務隨著時間的推移的發展方向？

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.

我是否可以對公司總利潤率的問題進行後續調查。僅從生產力的角度來看，您對哪些部門的生產力計劃感覺更好？儘管您將擴大該計劃，但本季度菲多利的利潤幾乎面臨壓力。那麼它們是國際性的[TB&A]生產力計劃嗎？是那裡的能見度嗎？剛剛好。因此無論如何，只需擴大您對公司和預投投資的成本抵消的可見性即可。感謝您招待這兩個人。

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。讓我從利潤開始，然後我將回到（聽不清楚）食品業務的長期成長。在利潤方面，非常明確的是，我們的策略目標之一是不斷提高我們在美國飲料業務的利潤率。我想我們已經步入正軌了。 Rob 和團隊在提高業務效率、管理投資組合以實現高利潤細分市場方面表現出色。去年該業務的利潤率大幅成長，今年也將大幅成長。

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 10 多歲的利潤率和 PBNA 的預期有很大的上升空間。所以這在國際上也是一樣的。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，而且這種情況將持續下去。因此，這兩個對於百事可樂來說是有意義的利潤擴張機會。我們將繼續致力於提高公司的利潤率。

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.

我們應該能夠透過投資公司的未來並為消費者提供價值來擴大利潤。因此，當您想到 PBNA 和國際業務時，我們對這三個槓桿感到滿意，因為它有助於百事可樂在未來幾年繼續以負責任的方式擴大利潤。

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.

現在談到食品業務時，您的問題是關於投資組合的策略轉型。多年來，我們一直致力於根據市場趨勢發展我們的產品組合。這些趨勢在世界不同地區是不同的。但很明顯，世界某些地區的消費者已經開始尋找更多允許的零食，並將其用於更多和結構性飲食。從長遠來看，這兩個因素都是成長的重要槓桿。

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任何其他場所和社交聚會的需求，而零食已經成為了他們的場所。我們對研發的改進方式以及我們的產品組合在提供該類別授權方面的改進方式感到滿意。我們看到印度對該類別的滲透率很高。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，消費者正在改變他們的飲食習慣，如果他們購買的話，他們一天中攝取的熱量會增加，但攝取的熱量卻很少。

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.

所以迷你餐的概念，用小郵件代替大餐的概念，你可以想一下[Subra who]與Tostitos和香蕉是這樣的餐食越來越受歡迎，尤其是如果你想想Z 世代，你會發現迷你餐比我們以前吃的要多得多，我們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.

所以我們看到了該類別的正面趨勢。我們正致力於那裡的創新。我們將把我們的品牌更多地轉移到這些領域，因為我們的品牌屬於許多場合，並且能夠滿足該領域的消費者。

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.

所以，是的，健康和保健，我們已經準備好了，我們一直在朝著這個方向發展他們的投資組合。是的。並安排膳食、迷你餐，我們正在朝這個方向調整產品組合。你的評價是對的。希望看到它的收購將為我們提供另一種工具，以捕獲允許的位置並以長期可持續的方式進入膳食。但產品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，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，我想知道您能否給我們一份關於佳得樂轉型的成績單。然後與此相關的是，也許您可以在 PBNA 中總體討論 DSD 系統，以及透過您過去幾年所做的所有出色工作，您是否能夠重新設計該系統，以便也許與過去相比，它對銷售的依賴程度降低了，這是您在幾年內達到青少年中期利潤率的一部分？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。在佳得樂上，我們對佳得樂感覺很好。顯然，我們去年吸取了教訓，今年我們執行得更好。我確信，如果您詢問我們的客戶，他們仍然會看到我們有改進的方法，我會同意。

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，我們的服務水準有了顯著提高，但隨著我們的發展，機會仍然會變得更好。透過這種改進，我們看到佳得樂在運動類別中的市場份額不斷上升，並且在這種情況下實現了可持續的份額表現。所以一方面。除了佳得樂之外，Propel 也是表現出色的品牌。推動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 正在以兩位數的速度成長，為消費者提供了一些與佳得樂互補的廣闊空間，並從我們實施的執行中受益。因此，我們感覺良好的是，在某些階段，我們的 DSD 系統的經濟性得到了一定程度的改善，在這個階段，我們的軟性飲料和產品組合的其他部分的規模較小。總體而言，這是一個很好的舉措。

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 的生產力之旅而言，進入市場顯然是一個機會。我們正在優化倉庫、運輸和交付模式中的許多變量，這些變量將成為未來生產力的來源。但不僅是對的，我們還看到，在許多其他酒吧的採購方式上，我們也可以更有效率，在需求投資方面，我們也可以更有效率。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.

這就是為什麼我之前說過，我們對業務的發展軌跡感到滿意。我們對獲利成長感到滿意。我們對這項業務如何達到 10 多美元的營運利潤率感到滿意，這對百事可樂公司來說非常有利，顯然對我們在北美的飲料業務也非常有利。

Kevin Grundy, BNP Paribas.

凱文·格倫迪，法國巴黎銀行。

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。早安，大家。謝謝你的提問。所以拉蒙，只要堅持北美飲料，也許我們可以得到能量飲料類別的最新資訊。近年來，我們擴大了投資組合策略。並沒有迷失方向，就像美國類別的鹹味零食仍然出乎意料地疲軟。

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.

對於幾個問題，請提出一些關於能量飲料類別的最新想法以及那裡的復甦可能會是什麼樣子。然後兩個，也許是對我們自己看到的急劇放緩的評論，這是您使該品牌重新獲得百事可樂系統失去的動力的能力的市場份額。

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，我認為美國消費者和每個人的能源需求狀況在可預見的未來都會持續下去。每個人全天都需要補充一點能量，因此這種需求狀態將持續存在。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.

因此，我認為機會仍然存在，並且該機會將繼續是創新和品牌投資的機會。因此，從短期來看，以及該類別的不同細分市場如何發揮作用，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。交通和便利商店已經下降，一直在下降，我認為這是我擔心的經濟週期的一部分，一旦消費者感覺好一點，這種情況就會在未來逆轉。

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，從長遠來看，我不會誇大能源類別在銷售用途上的作用，我也會這麼說。正如我過去所說，我們喜歡我們在合作關係中所提供的夥伴關係。我們的配送點不斷增加，我們的服務水準不斷提高。

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，我們正在執行他們與紀律和高標準合作關係的一部分，我們對這種夥伴關係保持樂觀。是的，非常感謝大家的提問和對話。顯然，感謝您對百事公司的信任與投資。我們希望大家保持安全和健康，並期待與您見面。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。您現在可以斷開連接並度過美好的一天。