百事 (PEP) 2024 Q4 法說會逐字稿

Good morning and welcome to Pepsi PepsiCo's fourth-quarter and full year 2024 earnings question and answer session. Your lives have been placed on listen-only until it's your turn to ask the question. Today's call is being recorded and will be archived at www.pepsico.com.

早安，歡迎參加百事可樂 2024 年第四季和全年收益問答環節。你們的生活將處於只聽狀態，直到輪到你們提出問題為止。今天的電話會議將被錄音並將存檔在www.pepsico.com。

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

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, guidance, and outlook.

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、指導和展望。

Forward-looking statements inherently involve risks and uncertainties. And only reflect our view as of today, February 4, 2025, and we are under no obligation to update. When discussing our results, we refer to non-gap measures which exclude certain items from reported results.

前瞻性陳述本身就涉及風險和不確定性。僅反映我們截至今天（2025 年 2 月 4 日）的觀點，我們沒有義務更新。在討論我們的結果時，我們參考了從報告結果中排除某些項目的非差距措施。

Please refer to our fourth-quarter 2024 earnings release and 2024 Form 10-K 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.

請參閱我們在 pepsico.com 上提供的 2024 年第四季度收益報告和 2024 年 10-K 表，了解非 GAAP 指標的定義和對帳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。我們要求您將問題限制在一個範圍內，然後我將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。

Great thanks so much. Good morning everyone. I wanted to talk with about Frito, significant reinvestment in the business that really started over the summer, but we really saw it presumably step up in the fourth quarter funded by the onetime gain you had. But volumes decelerated, sequentially.

非常好，非常感謝。大家早安。我想和你談談 Frito 的事情，這項業務的重大再投資實際上是從夏天開始的，但我們真正看到，這項投資是在第四季度才開始增加的，這筆資金是由你的一次性收益提供的。但交易量卻陸續下降。

So just curious if you can talk a little bit more about spending and reinvestment in the fourth quarter in particular, how much you would describe as kind of tactical versus laying strategic groundwork for next year, because right now just optically and super simplistically, the ROI on reinvestment, doesn't feel great with volumes kind of taking a step in the wrong direction. Thanks.

所以我很好奇，您是否可以多談談第四季度的支出和再投資，您認為這在多大程度上是戰術性的，還是為明年奠定戰略基礎的，因為現在只是從視覺上和非常簡單的角度來看，再投資的投資回報率並不好，因為交易量似乎朝著錯誤的方向邁出了一步。謝謝。

Hey, good morning, Lauren. It's Jamie. Yeah, look, we're working hard to get the momentum back into the Frito business and just as importantly back into the salty and savory category so it's working for us, working for our customers.

嘿，早上好，勞倫。是傑米。是的，看，我們正在努力讓 Frito 業務重新恢復勢頭，同樣重要的是，讓其重新回到鹹味和鹹味食品類別，這樣它才能為我們服務，才能為我們的客戶服務。

So we're going to continue to invest and what enables us to invest is we're generating productivity to your point, we did have some help from a non-operating gains in the fourth quarter and the investments are intended to improve the performance in the fourth quarter, but more importantly to get us off to a good start going into 2025.

因此，我們將繼續投資，而使我們能夠投資的原因是我們正在創造生產力，正如您所說，我們確實從第四季度的非營業收益中獲得了一定幫助，這些投資旨在提高第四季度的業績，但更重要的是讓我們在進入 2025 年時有一個良好的開端。

Yeah, Lauren, hi this is Ramon, a couple of contexts and how we feel about it. The we're encouraged by the category if you look at Molo plus, the Turana data, the category is starting to grow again in the last periods of the year, including P1. And that's -- that was the number one, objective that we had to get the category back into growth volume, both in volume and hopefully starting to take some, see some pricing price mix, positive price mix. I think we are there so consumers are back into the category, I wouldn't say a large number but delivering growth.

是的，勞倫，嗨，我是拉蒙，我來談談一些背景情況以及我們的感受。如果你看一下 Molo plus 和 Turana 數據，你會發現這個類別令我們感到鼓舞，該類別在今年最後階段又開始成長，包括 P1。這就是我們的首要目標，我們必須讓該類別重新恢復成長，無論是數量還是希望開始採取一些措施，看到一些定價組合，積極的價格組合。我認為我們已經達到了這個水平，因此消費者又回到了這個類別，我不會說數量很大，但會帶來成長。

So that's very positive from here we can build on. The learnings that we had during the year, what are the best ROI as you were saying, ROI investments in value for the category, but most importantly, we understand that the bigger trends where we can innovate, where we can bring to the category new spaces that will drive additional locations into the category.

因此，這是我們可以繼續努力的非常積極的方面。我們在這一年中獲得的經驗是，正如您所說的那樣，最佳的投資回報率是什麼，投資回報率對該類別的價值是什麼，但最重要的是，我們了解更大的趨勢，我們可以在何處進行創新，我們可以在何處為該類別帶來新的空間，從而推動更多地點進入該類別。

Moreover, for our own business, the big opportunity we're also addressing is the away from home opportunity, which is a blue space, a blue ocean of opportunities for us. And as consumers are, being less at home and more away from home, we think that's another area of opportunities. So I would say category growth back to, good levels, we're starting to see some pricing in the category.

此外，對於我們自己的業務而言，我們正在抓住的巨大機會就是客場機遇，這對我們來說是一個藍色空間、一個充滿機會的藍海。而且由於消費者待在家裡的時間越來越少，外出的時間越來越多，我們認為這是另一個機會領域。因此，我想說類別成長回到了良好的水平，我們開始看到該類別的一些定價。

The consumer programs and the commercial programs for next year look very strong addressing innovation spaces that have been unmet at this point, I would say, and obviously for us away from home is a big opportunity in our food business.

我想說，明年的消費者計畫和商業計畫看起來非常強勁，解決了目前尚未滿足的創新空間，顯然對我們來說，離家出走是食品業務的一個巨大機會。

We have more of our business in beverages away from home, but for foods is an underdeveloped opportunity. So those, that's how we're thinking about investments that we put back into the business in Q4, as you said, we're invested most of the one-time gains in building the infrastructure to capture those opportunities in '25.

我們的業務主要集中在外帶飲料方面，而食品方面的業務機會還未充分開發。所以，這就是我們對第四季度重新投入到業務中的投資的想法，正如您所說，我們將大部分一次性收益投資於建設基礎設施，以抓住 25 年的這些機會。

Bonnie Herzog, Goldman Sachs.

高盛的邦妮·赫爾佐格 (Bonnie Herzog)。

Thank you. Good morning everyone. I actually had a question on your guidance for this year, your EPS guidance assumes some leverage but not nearly as much as you've reported in prior years so just, kind of wanted to understand the drivers of this. I assume your productivity savings will remain robust. So should we assume that the level of investments in your businesses are going to ramp a fair amount this year? And if so, could you maybe give us a little bit more of a sense of the types of investments, for instance, are Ramon are you considering more price investments at Frito, and then also you got it an EPS range versus your typical percentage increases is the idea there that you would, ultimate like to have more flexibility this year to maybe push more aggressively on investment levels if needed. Thank you.

謝謝。大家早安。我實際上對您今年的指導有一個疑問，您的每股收益指導假設了一些槓桿作用，但遠沒有您前幾年報告的那麼多，所以只是想了解一下這種現象的驅動因素。我認為您的生產力節省仍將保持強勁。那麼，我們是否應該認為，今年對貴公司企業的投資水準將會增加相當數量？如果是這樣，您能否讓我們更多地了解投資類型，例如，Ramon，您是否考慮在 Frito 進行更多的價格投資，然後您還得到了每股收益範圍與典型的百分比增幅，您的想法是，您最終希望今年擁有更大的靈活性，以便在需要時更積極地推動投資水平。謝謝。

Yeah, I would say, and Jamie will add to this. The way we're thinking about the year is continuing with the systematic productivity, multi-year programs that we talked to you about, so automation, digitalization, global capability centers, simplifying the company, the duplicating, so there's a lot of and we feel very strong about that we are reinvesting into price partitions that we're not participating for Frito. You think about there's sub $1 sub $2 there's multiple price partitions where we're not participating, we're rethinking our, we're redoing our price pack architecture and serve on multi packs and multi-serve to make sure that we attract consumers in, depending on their disposable income during the month they will be able to access our products, across the multiple parts of the portfolio and then to your point we're being cautious like the reality is that the world looks better from the unemployment point of view, there's very low unemployment around the world.

是的，我想說，傑米也會補充這一點。我們今年的思考方式是繼續進行系統性的生產力、我們之前談到的多年期計劃，因此自動化、數位化、全球能力中心、簡化公司、複製等等，我們感到非常強烈地感覺到，我們正在重新投資於我們沒有參與 Frito 的價格分區。您想想，有低於 1 美元、低於 2 美元的價格分區，我們沒有參與其中，我們正在重新考慮，我們正在重新制定我們的價格包架構，並提供多包和多服務，以確保我們吸引消費者，這取決於他們當月的可支配收入，他們將能夠訪問我們的產品，涵蓋產品組合的多個部分，然後正如您所說，我們很謹慎，因為現實情況下看起來更好的世界各地。

There is, I think better inflation in most of the markets. However, the world is very volatile if you think from the geopolitical point of view or some of the potential, decisions that governments might take going forward. So we think it's prudent for us to give a guidance that reflects all that and obviously we can invest in the business and continue to invest for the long term as we always manage the business but also give us flexibility to react to potential circumstances that might come our way in the coming months, especially I would say the first half of the year. I don't know Jamie and also in terms of--

我認為大多數市場的通膨狀況都有所改善。然而，如果從地緣政治的角度或政府未來可能採取的一些潛在決策來看，世界是非常不穩定的。因此，我們認為，給出一個反映所有這些因素的指導是明智之舉，顯然我們可以投資於業務，並繼續進行長期投資，因為我們始終在管理業務，同時也讓我們能夠靈活地應對未來幾個月可能出現的潛在情況，尤其是今年上半年。我不認識傑米，而且…

RX and yeah I'd add, we have about a 3.4 exit obviously the dollar strengthened recently. Peso is the biggest piece of that 4x guide and then below the line we're expecting higher net interest expense, part of that is as we've rolled over debt, it's we've issued at slightly higher rates and then higher debt balances with the acquisitions of CFA and the 50% of Sabra that we did not previously.;'' Own on top of that pension expense is going to be up a bit. So where we typically have maybe a little bit of leverage from below the line items, it'll be a bit of a headwind. So you should expect the sector operating profit to grow in excess of what we're guiding on EPS.

RX，是的，我想補充一下，我們的退出率大約是 3.4，顯然美元最近走強了。比索是該 4 倍指南中最大的一塊，在此線以下，我們預計淨利息支出會增加，部分原因是由於我們已經展期債務，我們以略高的利率發行債券，然後隨著收購 CFA 和 Sabra 的 50% 股份，債務餘額也隨之增加，這是我們之前沒有做過的。除此之外，退休金支出還會增加。因此，我們通常可能會從線下項目中獲得一點槓桿作用，但這會有點不利。因此，您應該預期該部門的營業利潤成長將超過我們對每股盈餘的預期。

Kaumil Gajrawala, Jefferies.

傑富瑞 (Jefferies) 的 Kaumil Gajrawala。

Hey everybody, good morning. A couple questions I guess on the restructuring and sort of realignments, I guess the first thing is I don't know if it was 10 years ago, but there were a lot of conversations around splitting beverage and snack as two different businesses, and I just wonder if these restructurings or maybe a prelude to something bigger down the road or maybe what's your appetite for that and then I guess in the midst of a restructuring like this, does that also mean that. Any other M&A is off the table after these, two recent deals. Thanks.

大家好，早安。我想問幾個關於重組和重新調整的問題，我想第一件事是，我不知道是不是 10 年前，但有很多關於將飲料和零食拆分為兩個不同業務的討論，我只是想知道這些重組是否是未來更大計劃的前奏，或者你對此有什麼興趣，然後我想在這樣的重組中，這是否也意味著這一點。經過這兩筆最近的交易後，任何其他併購交易都不再可行。謝謝。

Take them out the -- I mean the reasons for the for the restructuring are multiple, but I'll summarize, the international growth opportunity is very large for us and we want to have focus between what is a franchise beverage opportunity and what is a mainly a food operating unit opportunity so.

把它們拿出來——我的意思是重組的原因是多方面的，但我總結一下，國際成長機會對我們來說非常大，我們希望重點關注特許經營飲料機會和主要是食品運營單位機會。

We're separating those two, make sure that we have category focus, but most importantly we have a consumer and franchise facing organization and a consumer and operating facing organization internationally capturing what is a very large growth opportunity. Now in the US we have been investing in systems and we've been investing in data, we've been investing in infrastructure. Now we're ready to capture the benefit of some of those investments in, better, short term cost running the business and there's duplications in how, we service the two organizations so that that's an opportunity.

我們將這兩者分開，確保我們有類別重點，但最重要的是，我們有一個面向消費者和特許經營的組織以及一個面向消費者和運營的國際組織，抓住非常大的成長機會。現在在美國，我們一直在投資系統，投資數據，投資基礎設施。現在我們準備好從這些投資中獲得一些好處，以更好地降低短期業務營運成本，而且我們為這兩個組織提供服務的方式存在重複，所以這是一個機會。

We want to continue to have very focused category teams that understand the consumer, innovate, manage the categories separately, but also we see an opportunity to build the future together in a different way. So if you think about infrastructure, if you think about technology investments. You think about a lot of the big decisions that we have to make for the future of the business, we have an opportunity to do that in a much more harmonized way in the US. So those are the three big ideas that I think for the next chapter of the business and our accelerated growth ambitions and, margin expansion is the best way to run the organization.

我們希望繼續擁有非常專注的品類團隊，了解消費者、進行創新、分別管理各個品類，但我們也看到了以不同方式共同建立未來的機會。所以如果你考慮基礎設施，如果你考慮技術投資。想想看，我們必須為業務的未來做出許多重大決策，我們有機會在美國以更協調的方式做出這些決策。所以，我認為這些是公司業務新篇章的三大理念，我們的加速成長目標和利潤率擴大是營運公司的最佳方式。

Dara Mohsenian, Morgan Stanley.

摩根士丹利的 Dara Mohsenian。

Hey, good morning guys. So, just looking at Q4 results for you guys across the CPG industry, clearly a pretty muted top line growth environment in North America. I know you touched on Frito-Lay North America already, but I just love to get a bit more granular on how you're specifically managing the business differently in 2025 relative to the back half of last year, on both the Frito-Lay and beverage side of the business and. Areas you're emphasizing more such as innovation, etc. And just sort of the tweaks and strategy in light of that sustained environment and also just can you give us a quick update on performance in Mexico and Q4 somewhat tied into the same vein of a subdued consumer environment so any update there would be helpful. Thanks.

嘿，大家早安。因此，只看 CPG 產業第四季的業績，顯然北美的營收成長環境相當低迷。我知道您已經談到了菲多利北美公司，但我想更詳細地了解一下您在 2025 年相對於去年下半年在菲多利和飲料業務方面的具體業務管理有何不同。您更加強調的領域是創新等。謝謝。

You there, so, let me start from. The international business remains by far our largest growth opportunity, and we've been investing consistently over the last 10 years. We'll continue to invest to continue to nurture this big opportunity for us to develop our gaps and continue to build scale business with high margins.

你在那裡，那麼，讓我從那裡開始。國際業務仍然是我們迄今為止最大的成長機會，過去十年我們一直在持續投資。我們將繼續投資，繼續培養這一巨大機遇，以便我們彌補差距，繼續建立高利潤的規模業務。

To give you a sense today, our international business already almost a $40 billion dollar business accretive to PepsiCo. So we build the scale, we build the leverage, and that business continues to grow at a very at a very good pace. Now in North America, the -- we're encouraged by what we're seeing, we're encouraged by in the beverage business, a continuous improvement of our margin, and that was something that we put our as a key objective a few years ago. We see our line of sight to a mid-teens margin in our beverage business that continues to be a aspiration.

今天讓大家了解一下，我們的國際業務已經為百事可樂帶來了近 400 億美元的業務增值。因此，我們擴大了規模，建立了槓桿，業務繼續以非常好的速度成長。現在在北美，我們看到的進展令我們感到鼓舞，飲料業務的利潤率不斷提高讓我們感到鼓舞，這也是我們幾年前設定的主要目標。我們認為飲料業務的利潤率應達到十五六成左右，這是我們一直以來的追求。

Now I think we have an opportunity to do better on the top line in beverages and that is the focus for this year. Continue to expand the margin but drive acceleration on the top line behind better price pack, a much more focused innovation against zero against functional hydration, against some of the more the categories where we are leaders like teas and coffees, and we continue to improve our operational excellence.

現在我認為我們有機會在飲料業務上做得更好，這是今年的重點。繼續擴大利潤率，但在更好的價格包裝、更專注的創新（針對零度補水、功能性補水、針對我們處於領先地位的一些類別，如茶和咖啡）的推動下，推動營收加速增長，並且我們將繼續提高我們的卓越運營。

In beverages. So that's the beverage journey, beverage ambition again, productivity at the center. I think the teams have been doing a great job in improving operational efficiency across, buying across, making across, moving and everything else. So that's the journey on beverages.

在飲料中。這就是飲料之旅、飲料雄心、以生產力為中心。我認為團隊在提高營運效率、採購效率、製造效率、運輸效率以及其他所有方面都做得非常出色。這就是飲料之旅。

In snacks, after five years of very fast growth and gaining almost 200 bps of share, '24 has been a slowdown. Our number one priority this year has been stabilizing the category, making sure that consumers come back to the category with good ROI investments. I think we're, we can say that we see that happening, we're seeing, the category starting to grow again on volume in the last three months and a little bit of pricing in the category.

在零食領域，經過五年的快速增長和近 200 個基點的份額後，'24 年增長有所放緩。我們今年的首要任務是穩定該類別，確保消費者能夠透過良好的投資報酬率回歸該類別。我想我們可以說我們看到了這種情況的發生，我們看到該類別的銷量在過去三個月中開始再次增長，並且該類別的價格也有所上漲。

Frito has a very strong program for '25, much better price point execution and partitions, as I said earlier in the call, much better innovation which we're moving more of our A&M dollars towards what we call positive choices or permissible offerings for the consumer, a new line of no artificials. And there simply, which will have all our brands, more effort on baked, more effort on lily salted, more efforts on parts of the portfolio where we see consumers moving, a lot of effort on portion control, a lot of effort on single serve, on multi packs, and a lot of efforts on availability of our small portions.

Frito 擁有非常強大的 25 年計劃，更好的價格點執行和分區，正如我早些時候在電話會議中所說的那樣，更好的創新，我們將更多的 A&M 資金轉向我們所說的對消費者的積極選擇或允許的產品，即一條不含人工成分的全新產品線。簡單來說，我們會把所有的品牌都投入到烘焙食品上，投入到鹹百合食品上，投入到我們看到的消費者喜愛的產品組合的部分上，投入大量的精力在份量控制上，投入大量的精力在單份食品上，投入大量的精力在多份包裝上，投入大量的精力在小份食品的供應上。

And then, as I said earlier, away from home continues to be an investment area for Frito. Something that was in our strategy. Now we're dialling up the opportunity to have our products available away from home, but not only in the form of a conventional bag of our snacks, but also more, elevated experiences in the form of ready to eat almost solutions or mini-meal solutions. That's why the acquisitions of Siete and Sabra feed our strategy as they as they give us not only better for you snacks, but also the option to participate in meals and mini meals in a much more intentional way. So those are, there are the kind of the broad strategies. We'll talk more at CAGNY and how we're thinking about all this for the coming years.

然後，正如我之前所說，客場仍然是 Frito 的投資領域。這是我們的策略的一部分。現在，我們正在抓住機會，讓顧客在外出時也能買到我們的產品，而且不僅僅是以傳統的袋裝零食形式供應，還有更多即食解決方案或迷你餐解決方案等更高級的體驗。這就是為什麼收購 Siete 和 Sabra 符合我們的策略，因為它們不僅為我們提供了更好的零食，而且還讓我們能夠以更有針對性的方式參與正餐和迷你餐的選擇。所以這些都是廣泛的策略。我們將在 CAGNY 上進行更多討論，以及我們對未來幾年這一切的看法。

Bryan Spillane, Bank of America.

美國銀行的布萊恩‧斯皮蘭 (Bryan Spillane)。

Hey, thanks, operator. Good morning everyone. Hey, Ramon, I'd like to pick up on the comments from the previous question and related to Frito and I guess, the focus on some of the more positive choices. And I guess as we step back, right, and we've all been trying to understand both the Frito share and the category, how much of it is just simply price got ahead of the consumer's wallet, how much of this is now a change in preference, right, is healthier, more important objective from here?

嘿，謝謝，接線生。大家早安。嘿，拉蒙，我想接著上一個問題的評論，談談與 Frito 相關的問題，我想重點談談一些更積極的選擇。我想，當我們退一步考慮時，我們都在試圖了解 Frito 的份額和類別，其中有多少只是簡單的價格領先於消費者的錢包，其中有多少是偏好的改變，對吧，從現在起是更健康、更重要的目標？

And then I guess the last is just where Frito kind of fits in many meals because meals have become more expensive. And is there a migration to like, I don't know, what dollar menu relative to a bag of Lays and a Pepsi. So against those three things, which one is the most important?

然後我想最後一個就是 Frito 適合許多餐食，因為餐點已經變得越來越貴了。是否存在一種轉變，例如，我不知道，相對於一袋樂事和一瓶百事可樂，一美元菜單是什麼。那麼對於這三件事，哪一個才是最重要的呢？

And specifically, is there something that you're hearing from consumers that is causing a refocus on the more positive choices?

具體來說，您是否聽到消費者反映有什麼變化，促使他們重新專注於更積極的選擇？

Yeah. It's a great question, and it's actually probably the most strategic question. The -- I think when we talk to consumers, value is the number one decision-maker, and it's the reason why the category slowed down in the last 12 months we think that addressing value given the consumers' choices at different price points, different solutions throughout the month, the consumers will be making choices as they're trying to maximize their disposable income. So I think that continues to be the number one focus. And I think we have a much stronger pricing sizing and promotional activities that address that with high ROI and maximizing the value of the category.

是的。這是一個很好的問題，實際上這可能是最具策略性的問題。我認為，當我們與消費者交談時，價值是首要的決策因素，這也是為什麼該類別在過去 12 個月中增長放緩的原因，我們認為，考慮到消費者在整個月中在不同價格點、不同解決方案上的選擇，價值問題會得到解決，消費者會在試圖最大化可支配收入時做出選擇。因此我認為這仍然是首要關注點。我認為我們擁有更強大的定價規模和促銷活動，可以透過高投資回報率和最大化類別價值來解決這個問題。

I think there is a more awareness from consumers to the food and the drinks that they consume. I think there is a -- this has been a multiyear evolution of the consumer in the US, globally, obviously, as well. And obviously, some parts of the world are more advanced, especially European consumers. But we think there has been more conversations on social and more, we've seen some behaviors as well. So that is maybe an acceleration in the US.

我認為消費者對他們所消費的食品和飲料的認識有了更多的提高。我認為這是美國消費者多年的演變過程，顯然，全球消費者也是如此。顯然，世界上某些地區更加先進，尤其是歐洲消費者。但我們認為社交方面的對話越來越多，我們也看到了一些行為。所以這也許是美國的一個加速。

market that we are very well positioned to capture. You think about portion control, probably the number one solution for consumers to stay in our category is small portions of our favourites ideally improve favourites with lower sodium and lower fat and artificial. So portion control of our favourites is a big strategy. There's also consumers that are looking for more functionality, and they're looking for protein in their snacks. They're looking for a whole grain in their snacks.

我們完全有能力佔領這個市場。您可以考慮控制份量，對於消費者來說，留在我們產品類別中的首要解決方案可能是少量供應我們最喜歡的食物，理想情況下，減少鈉、脂肪和人工成分的攝入，以改善最喜歡的食物。因此，控制我們最愛的食物的分量是一個重要策略。還有消費者在尋求更多的功能，他們希望零食中含有蛋白質。他們正在尋找含有全穀物的零食。

They're looking for other benefits, and we're also well positioned. If you think about sun chips and how sun chips is innovating with wholegrain and now legiums, you think about stages with wholegrain. If you think about quicker with Protein snacks, if you think about pop in and bake in and better frying, lower fat frying options that we're putting on in front of consumers. Those are all tools in our portfolio, enabled by very capable R&D then we will continue to expand. And the truth is that our partners have been great partners in expanding space for us in stores and giving us the tools to maximize consumer impact.

他們正在尋求其他好處，而我們也處於有利地位。如果您想想太陽薯片以及太陽薯片如何透過全麥和現在的 Legiums 進行創新，您會想到全麥的階段。如果您考慮更快地提供蛋白質零食，如果您考慮即時食用和烘烤以及更好的煎炸，那麼我們擺在消費者面前的低脂煎炸選擇就是最好的。這些都是我們產品組合中的工具，由非常有能力的研發部門提供支持，我們將繼續擴展。事實上，我們的合作夥伴非常出色，他們幫助我們擴大了門市空間，並為我們提供工具來最大程度地發揮消費者影響力。

So that will be big in '25, and we're pivoting a lot of our A&M into those spaces. The third pillar is mini meals, and this is not only a value-driven decision, but it's a sequence -- it's been also a multiyear evolution of the category where more occasions more calories are being eaten in small meals versus large meals . And I think that is something that will continue as consumers' lifestyle evolves that way.

所以這在25年會很重要，我們會把很多 A&M 轉向這些領域。第三個支柱是小餐，這不僅是一個價值驅動的決定，而且是一個序列——這也是該類別多年的演變過程，與大餐相比，小餐中攝入的熱量更多。我認為，隨著消費者生活方式的演變，這種情況將會持續下去。

So there, we're participating with our -- with all of our brands. We're trying to create solutions for consumers in those moments of the day where they're looking for a 200 calorie, 300 calorie solution that takes them over for the next few hours into their next job or whatever they're trying to accomplish.

因此，我們正在與我們的所有品牌一起參與。我們正嘗試為消費者在一天中的某些時刻提供解決方案，他們需要 200 卡路里、300 卡路里的能量來支撐他們接下來的幾個小時，完成下一份工作或完成他們想要完成的任何事情。

So those are multi strategies. Now the same applies to beverages. Beverages price points are critical. I think obviously, offering partitions that drive that are critical better for you, so zero and more functional beverages, and we have both in Gatorade and PROPEL and in the whole Zero portfolio and then also elevated experiences away from home. And we have Pepsi (inaudible) that is an elevated experience and multiple other solutions that we have on our away-from-home business.

這些是多種策略。現在同樣的情況也適用於飲料。飲料價格點至關重要。我認為，顯然，提供對您來說至關重要的驅動分區，因此零飲料和更多功能性飲料，我們在佳得樂和PROPEL以及整個零飲料產品組合中都有，並且還提升了外出體驗。我們有百事可樂（聽不清楚），這是一種高級的體驗，還有我們在戶外業務中擁有的多種其他解決方案。

So it is a 3-pronged strategy. It is across food and beverages, and we feel good about our ability to continue to give consumers what they need as the preferences evolve, obviously, during the coming years.

所以這是一個三管齊下的策略。它涵蓋食品和飲料領域，隨著未來幾年消費者偏好的演變，我們很高興能夠繼續滿足消費者的需求。

Filippo Falorni, Citi.

花旗銀行的 Filippo Falorni。

Hi, good morning, everyone. I wanted to ask about your low single-digit organic sales guidance for 2025. And -- can you comment how much is the international contribution versus the North America expectations? And specifically in North America, you called out the performance to improve gradually as the year progresses. Can you give us some sense of when you expect North America to improve? And kind of what are the key drivers of that improvement in '25.

大家早安。我想問一下您對 2025 年低個位數有機銷售額的預期。並且—您能否評論一下國際貢獻與北美預期相比有多少？特別是在北美，您指出業績將隨著時間的推移而逐步改善。您能否告訴我們您預計北美何時會有所改善？那麼，25 年實現這種改善的關鍵驅動因素是什麼？

Filippo, it's Jamie. Yes. So as we mentioned in the prepared comments, we expect North America's performance to improve gradually as we work through the year. Our guidance of low single digits is in the same neighborhood as our exit rate. Clearly, at this point in the year with a lot of global uncertainty, I think we've set the top line guidance to be to be prudent.

菲利波，我是傑米。是的。因此，正如我們在準備好的評論中提到的那樣，我們預計北美的表現將在全年逐步改善。我們對低個位數的預期與我們的退出率大致相同。顯然，在今年這個時候全球存在著許多不確定性的情況下，我認為我們設定的最高準則是謹慎的。

And the cause of all the acceleration or the cause of the acceleration in North America is a lot of what Ramon's been sharing previously on the call. So innovation, getting into new spaces, getting into -- leaning more heavily into away from home. And to be clear, International has been performing very well, and we expect international to continue to be quite resilient and a major contributor to our results in 2025.

所有這些加速的原因，或者說北美加速的原因，很多都是 Ramon 在之前的電話會議上分享過的。因此，創新、進入新領域、進入——更傾向於遠離家鄉。需要明確的是，國際業務一直表現良好，我們預計國際業務將繼續保持相當強的韌性，並成為我們 2025 年業績的主要貢獻者。

Peter Grom, UBS.

瑞銀的 Peter Grom。

Thanks operator. Good morning everyone. Hope you're doing well. So Ramon, you mentioned in response to Lauren's question that you're kind of encouraged by some of the trends that you're seeing in Siete more recently and I know throughout this call, you kind of touched on a lot of the things that the company is doing to improve performance around affordability, innovation, et cetera. But just over the past year, category growth has been shopping and we've seen kind of these periods of growth kind of ultimately reverse.

謝謝接線生。大家早安。祝你一切順利。所以 Ramon，您在回答 Lauren 的問題時提到，您對最近在 Siete 看到的一些趨勢感到鼓舞，而且我知道在整個通話過程中，您談到了公司為提高可負擔性、創新等方面的績效所做的很多事情。但就在過去的一年裡，購物類別一直在成長，我們看到這些成長期最終出現了逆轉。

So I just want to be curious, as you look at it today, is there something that you're seeing that's different that gives you greater confidence that the category is on much better footing today as we move into the balance of '25. Thanks.

所以我只是想知道，當你今天看到它時，你是否看到了一些不同的東西，讓你更有信心，隨著我們進入 25 年的平衡，這個類別今天的基礎會好得多。謝謝。

Yeah. I think listen, I don't think we can read '24 in isolation of the previous three years. Otherwise, I think we're missing some of the major impacts on consumer, both lifestyle, both from home into away-from-home and disposable income challenges with inflation.

是的。我認為，聽著，我們不能孤立地看待《24》與前三年的關係。否則，我認為我們會忽略對消費者的一些重大影響，包括生活方式、在家和在外的消費以及通貨膨脹帶來的可支配收入挑戰。

So we look at '24 in the context over the last four years, and we say, okay, Frito-Lay, and the category has grown above our long-term expectations of Frito-Lay grew 8% in the last 4 years, that's a pretty good compound rate for a company of that scale and that development. So that's positive.

因此，我們結合過去四年的背景來回顧 2024 年，我們會說，好的，菲多利，該類別的增長已經超出了我們對菲多利的長期預期，過去 4 年增長了 8%，對於這種規模和發展的公司來說，這是一個相當不錯的複合增長率。這是積極的。

And Frito-Lay has, I think, gained almost 200 bps of share of market. So that is the contextual reality to understand '24 as a normalization year, inflation going back to normal levels, both on the cost of inputs and the consumer side and the overall trends in the category. Now we're -- yes, we're encouraged by the fact that we're seeing more occasions coming into the category in the last three years of the three months of the year. And that is encouraging because we see consumers coming back to consume our products, consumer -- the products that are being offered by the category.

我認為，菲多利的市佔率增加了近 200 個基點。因此，這就是將 2024 年理解為正常化年份的現實背景，通膨將回到正常水平，包括投入成本和消費者方面以及該類別的整體趨勢。是的，現在我們看到在過去三年的三個月中有更多的活動進入這個類別，這讓我們感到鼓舞。這是令人鼓舞的，因為我們看到消費者回來消費我們的產品，消費者——該類別提供的產品。

Now there is a higher level of consumption in the value segments of the category, but it's also more occasions coming in the premium segments of the category, which also helps us to understand the way to address that opportunity, both with good offerings on the value side, but also innovation and good consumer solutions that consumers are willing to pay more on the premium side.

現在，該類別的價值段的消費水平更高，但該類別的高端段的消費機會也更多，這也有助於我們了解如何抓住這一機遇，既要在價值方面提供良好的產品，也要通過創新和良好的消費者解決方案，讓消費者願意在高端方面支付更多費用。

And that's what I said, we're encouraged. I think our commercial plans address the opportunities at both ends of the category and also trying to be very cautious and very always having ROI at the center of our decisions, not only for PepsiCo, but for the full category, which we think we are guardians of this category for the long term, and that's why we're making some of the decisions we're making.

這就是我所說的，我們受到鼓舞。我認為我們的商業計劃解決了該類別兩端的機遇，同時也試圖非常謹慎，並且始終將投資回報率放在我們決策的中心，不僅適用於百事可樂，而且適用於整個類別，我們認為我們是該類別的長期守護者，這就是我們做出某些決定的原因。

Steve Powers, Deutsche Bank.

德意志銀行的史蒂夫·鮑爾斯。

So I don't want to beat a dead horse, but I just wanted to delve a little further into the topic of Frito investments, specifically the topic of pricing and value. Because I appreciate the comments you made so far, Ramon, but I just -- I guess I'm trying to put a little finer point on it. Because it's the one area where, I guess, you -- you could argue you haven't really yet made clear and considered investments just evidenced by the fact that pricing in Frito is still positive this quarter despite tactical initiatives you discussed coming into the quarter.

所以我不想重複老生常談，我只是想進一步深入探討一下 Frito 投資的話題，特別是定價和價值的話題。因為我很欣賞你迄今為止所發表的評論，拉蒙，但我只是——我想我正在嘗試對此進行更細緻的闡述。因為我想，這是一個你可以爭辯說你還沒有真正明確並考慮投資的領域，儘管你在本季度討論了戰術舉措，但本季度 Frito 的定價仍然為正數，這一事實就證明了這一點。

So the comments you made today Ramon signal a change on that front such that pricing in Frito could potentially start to run negative as we start 2025. I certainly understand the risks and sensitivities of walking back pricing -- but on the flip side, I guess the question would be how would you think about the risks of not investing more in price to reenergize volume, just given that it's been, I guess, 18 months or so, where we've seen category volumes and volumes in your portfolio extend their declines and fall short of expectations. So just -- I think I'm hearing a little bit more so than this, but I just want to--

所以，拉蒙，你今天所作的評論表明這方面將發生變化，到 2025 年，菲多利的價格可能會開始出現負值。我當然了解降低價格的風險和敏感性——但另一方面，我想問題在於您如何看待不在價格上投入更多來重新刺激交易量的風險，因為我想已經有 18 個月左右的時間了，我們看到類別交易量和您的投資組合中的交易量延續了下滑趨勢並低於預期。所以——我想我聽到的比這多一點，但我只是想——

I wouldn't assume that we're going to have negative pricing. I don't think that's our strategy. What I'm saying is we're going to have much more surgical offerings to consumers, especially around price partitions. I think we can do pricing sizing in a way that we give consumers optionality without diluting the pricing of our business or the category. For example, if you think about the multi-pack business, we will be offering lower counts, we'll be offering counts, and we'll be offering and 18 counts and 20 counts, we'll be offering the consumer multiple choices so that the consumer can -- beginning of the month, they might go for an aging count and end of the month, they might take a 6-count head count depending on their budget availability.

我不會認為我們會有負定價。我不認為這是我們的策略。我想說的是，我們將向消費者提供更多外科手術產品，特別是在價格分區方面。我認為，我們可以採取某種方式來制定價格，讓消費者擁有選擇權，同時又不降低我們業務或產品類別的定價。例如，如果您考慮多包裝業務，我們將提供較低數量的產品，我們將提供數量，我們將提供 18 個數量和 20 個數量，我們將為消費者提供多種選擇，以便消費者可以 - 在月初，他們可能會選擇陳舊數量，而在月底，他們可能會根據預算可用性選擇 6 個數量。

That's 1 strategy. The same with the single serve. We've always had the $2 for option for limited channels. Now we're going to have a SAP 2 option that we didn't have. We'll have multiple partitions for different occasions.

這是第一種策略。單份服務也同樣如此。對於有限的頻道，我們一直提供 2 美元的選項。現在我們將擁有以前沒有的 SAP 2 選項。我們將為不同場合設定多個分區。

And obviously, this is the -- our DSD system allows us to have distribution of the different price packs for the occasions that matter for that particular customer or point of sale throughout the year. So those are capabilities that we have in place. Now we would have the offerings we'll have the executions and we'll have the partnership with our customers to try to continue to drive value for the consumer and for our partners and for ourselves.

顯然，這是——我們的 DSD 系統允許我們根據特定客戶或銷售點在全年的重要場合分發不同的價格套餐。這些就是我們已經具備的能力。現在，我們可以提供產品，實施計劃，並與客戶建立合作夥伴關係，努力繼續為消費者、我們的合作夥伴和我們自己創造價值。

I don't think we will have negative pricing. We'll have a much more surgical price pack strategy and execution strategy that we think will drive growth for the category. Even where the consumer is in their disposable income evolution after the high inflation years that we just crossed.

我認為我們不會出現負定價。我們將制定更精準的價格組合策略和執行策略，我們認為這將推動該類別的成長。即使我們剛度過高通膨時期，消費者的可支配收入也發生了變化。

Michael Lavery, Piper Sandler.

麥可·拉弗里，派珀·桑德勒。

Thank you. Good morning. Just want to come back to Frito -- maybe not as much as the pricing piece, but some of the other spending at the end of Lauren's question, you were saying you reinvested most of the onetime gains in infrastructure. And just want to maybe understand a little bit better what that is. I mean I think the optics you pointed out are a little funny. But if we understand that better, I think that's helpful. And just a little bit related.

謝謝。早安.只是想回到 Frito 的話題——也許沒有定價部分那麼多，但在 Lauren 問題結束時提到的其他一些支出，您說您將大部分一次性收益重新投資於基礎設施。只是想更好地理解一下那是什麼。我的意思是，我認為你指出的觀點有點可笑。但如果我們更好地理解這一點，我認為這會很有幫助。並且有一點點相關。

You said that the percentage of sales for advertising and marketing went up in 4Q. Can you maybe touch on what your expectations are for 2025 for that?

您說第四季廣告和行銷的銷售額佔比有所上升。您能否談談您對 2025 年的期望？

I'll start with the A&M. I'd expect our A&M to be pretty consistent as a percent of sales in 2025. Investments and how we reinvested them.

我將從 A&M 開始。我預計到 2025 年，我們的 A&M 銷售額佔比將保持相當穩定。投資以及我們如何再投資。

Yeah. I think going back to the investments, I think we continue to think about long-term portfolio evolution, so continue to invest more on the future platforms that we're trying to create whether it's portion control platforms, whether it is permissible platforms, whether it is the away from home platforms. All of those require investments upfront, especially away from home, require some investments to be able to capture channels and new opportunities. The same with some of the new platforms that we have to invest to get it off the ground. That's why my comment on Q4 investing on those platforms.

是的。回顧投資，我認為我們會繼續考慮長期的投資組合演變，因此我們會繼續在我們試圖創建的未來平台上進行更多投資，無論是份量控制平台、允許平台還是離家平台。所有這些都需要前期投資，特別是在國外，需要一些投資才能抓住通路和新機會。對於一些新平台，我們也需要進行投資才能使其啟動。這就是我對第四季度在這些平台上投資的評論的原因。

But again, we're trying to run the business for the long term, trying to establish good options for the consumer in all the different price partitions, move the portfolio to where we think the new pockets of demand. Again, lower fat products, lower sodium products, better ingredients, now legiums and rice and some other ingredients, giving consumers higher protein, all the different functionalities that consumers are looking for as they enjoy tasting snacks.

但是，我們再次嘗試長期經營該業務，嘗試在所有不同的價格區間為消費者建立良好的選擇，將投資組合轉移到我們認為有新需求的地方。再一次，低脂產品、低鈉產品、更好的成分，現在還有豆類和大米以及一些其他成分，為消費者提供更高的蛋白質，這些都是消費者在享受品嚐零食時所尋求的不同功能。

And then again, the away-from-home opportunity being much bigger, both with mini mills and some ready-to-eat solutions that our brands can participate, we're seeing high demand, and that will require investments to be able to capture for the long term.

而且，戶外市場的機會要大得多，無論是小型工廠還是我們的品牌可以參與的一些即食解決方案，我們都看到了很高的需求，而這將需要投資才能長期把握。

Drew Levine, JP Morgan.

摩根大通的德魯‧萊文 (Drew Levine)。

Hey, can you hear me?

嘿，你聽得到我說話嗎？

Yes, I do, Drew.

是的，我明白，德魯。

Hey there, thanks for taking the question. So I think this is the first quarter in a while where energy wasn't specifically mentioned in the prepared remarks. So wondering, any change in view of the category or PepsiCo's platform in the category and I know the company has previously said you feel good about the service levels and execution. But maybe any color on what the company has planned for -- planning or execution perspective to drive growth in that part of the portfolio? Or if there's anything the partnership can be doing differently or better from your perspective? Thank you.

嘿，謝謝你回答這個問題。因此，我認為這是一段時間以來第一個在準備好的發言中沒有特別提到能源問題的季度。所以想知道，對於該類別或百事可樂在該類別中的平台有任何變化嗎？但也許公司已經制定了計劃或執行角度來推動該部分投資組合的成長？或者從您的角度來看，合作關係是否可以做得不同或更好？謝謝。

Yeah. I think no. We think we continue to see energy as a fundamental part of our beverage growth strategy in the US. There is a demand for energy throughout the day. And I think we have a portfolio that offers that both with our brands and some of the brands that we distribute.

是的。我認為不是。我們認為，我們將繼續把能源視為美國飲料成長策略的一個基本組成部分。全天都需要能量。我認為我們擁有一個能夠提供這種服務的產品組合，包括我們的品牌以及我們分銷的一些品牌。

And we're servicing our consumers and our customers with, I think, full end-to-end solution. So there's no mention because there's nothing special to mention.

我認為，我們正在為消費者和客戶提供完整的端到端解決方案。因此沒有提及，因為沒有什麼特別值得提及的。

Robert Ottenstein, Evercore ISI.

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

This is Greg on for Robert. I was just wondering if you could please talk a bit about the PG&A pricing strategy for 2025 and then a bit more about higher thinking of promo in that segment. And then as a quick other follow-up, maybe just touch on the incrementality of Baja Blast last and just how you guys are thinking about the Mountain Dew franchise? Thank you.

這是格雷格，代替羅伯特。我只是想知道您是否可以談談 2025 年 PG&A 的定價策略，然後再談談該領域促銷的更高想法。然後作為一個快速的後續問題，也許只是談談 Baja Blast 的增量，以及你們對 Mountain Dew 系列的看法？謝謝。

Great. So (inaudible) is a big part of our strategy to make Mountain Dew a bigger contributor to our growth in beverages. It's a large franchise. It's almost $1 billion already between our away from home and our retail business in the neighborhood of $1 billion. We see it is incremental in driving penetration from Mountain Dew with new -- especially with Gen Zs and especially in parts of the country where our core Mountain Dew is less developed.

偉大的。所以（聽不清楚）我們的策略很大一部分就是讓激浪對我們飲料業務的成長做出更大的貢獻。這是一個大型特許經營店。我們的戶外業務和零售業務之間的差額已經接近 10 億美元。我們看到，它正在逐步推動 Mountain Dew 在新消費者中的滲透，尤其是 Z 世代，以及在我們核心 Mountain Dew 尚未開發的地區。

So we see a very good incrementality for us. And we will continue to invest in Baja Blast is one of our bets for the year. It's continuing the development of Baja Blast. We'll have it for Super Bowl and there's a whole program throughout the year to continue to develop this platform. I think it's sustainable, it's incremental.

因此，我們看到了非常好的增量。我們將繼續投資 Baja Blast，這是我們今年的賭注之一。它正在繼續開發 Baja Blast。我們將在超級盃上推出這個平台，並且全年都會有一項計劃來繼續開發這個平台。我認為它是可持續的、漸進的。

It brings new consumers into the franchise. So that's regarding Baja Blast. Regarding the pricing strategy, I think there's very disciplined category pricing, both through price back and through a channel mix, and we'll continue to work on that direction to create value for our powers and for our consumers, giving them the best choices in price packs and promotional offers that create category value and category profitability for our partners and ourselves.

它為特許經營帶來了新的消費者。這就是關於 Baja Blast 的內容。至於定價策略，我認為透過價格回饋和管道組合，品類定價非常有紀律，我們將繼續朝著這個方向努力，為我們的電力和消費者創造價值，讓他們有最好的價格套餐和促銷優惠選擇，為我們的合作夥伴和我們自己創造品類價值和品類盈利能力。

Robert Moskow, TD Cowen.

羅伯特·莫斯科（Robert Moskow），TD Cowen。

Thank you for the question. I was curious, when you went through the list of factors impacting the slowdown in salty snacks. There's no mention of increased GLP usage. And there's a pretty detailed study by numerator Cornell showing that salty snacks was category that was probably most impacted by GLP usage. Would you agree with that assessment? Or do you think it overstates the impact? And then secondly, protein drinks is probably the fastest-growing segment of the drinks market. Would you have any desire to go to become more aggressive in that category given all the growth around it. Thanks.

感謝您的提問。當您瀏覽影響鹹味小吃銷量放緩的因素清單時，我感到很好奇。沒有提及增加 GLP 的使用量。分子康乃爾大學進行的一項非常詳細的研究表明，鹹味零食可能是受 GLP 使用影響最大的類別。您同意這個評估嗎？或者您認為它誇大了其影響？其次，蛋白質飲料可能是飲料市場成長最快的部分。考慮到周圍的所有發展，您是否希望在該類別中變得更具進取心？謝謝。

Yeah. It's great. Listen on the protein beverages, for sure, we're trying to participate in that with a sense of urgency. We're trying to participate in general in the functionality evolution of the beverage category, both from the functional hydration point of view and there with Gatorade and Propel. And we see the opportunity to continue to create more value, both in terms of hydration by hydration glass protein as well in that space.

是的。這很棒。聽聽關於蛋白質飲料的意見，當然，我們正帶著緊迫感嘗試參與其中。我們正嘗試從功能性補水的角度以及佳得樂和Propel的角度參與飲料類別的功能性演變。我們看到了繼續創造更多價值的機會，無論是在水合玻璃蛋白的水合方面還是在該領域。

But yes, in terms of protein, both with -- through muscle milk and some other innovations, we're looking at participating in that in that category, which as you were saying, it is growing faster than total LRB. So for sure, that is an opportunity that we're -- now on salty, listen, I think we continue to study GLP, obviously, with a lot of detail. And at this point, we see that because of the lower levels of adoption and people coming in and out of the treatment, we see very little impact in our business and in our category at this point.

但是的，就蛋白質而言，透過肌肉奶和一些其他創新，我們正在考慮參與該類別，正如您所說，它的增長速度比總 LRB 更快。所以可以肯定的是，這是我們的一個機會 — — 現在聽著，我認為我們會繼續研究 GLP，顯然，會非常詳細。目前，我們發現，由於採用水平較低以及接受和不接受治療的人數較多，因此目前對我們的業務和類別的影響很小。

However, as I said earlier, I think there's a higher level of awareness in general of American consumers towards health and wellness. And this is driven by potentially all the conversation around obesity drugs, but also other conversations that are happening around the space on health and wellness.

不過，正如我之前所說，我認為美國消費者總體上對健康和保健的認識程度更高。這可能是由有關減肥藥物的所有討論所推動的，也可能是由有關健康和保健領域的其他討論所推動的。

So I think, yes, there is a health and wellness higher level of awareness by consumers, and that's driving some behaviors that we're addressing through the strategies that I talked earlier. The most important being portion control. I think portion control is a highly strategic strategy that we've been implementing for many years. But also long-term evolution of our portfolio with lower sodium lower fat, lower sugar, positive ingredients, plant-based protein, haul grains. All those are kind of a strategic adjustment and evolution of our portfolio that we've been making for many years.

所以我認為，是的，消費者對健康和保健的認識程度提高了，這推動了我們透過我之前談到的策略解決的一些行為。最重要的是控制份量。我認為份量控制是我們多年來一直實施的高度策略性的策略。而我們的產品組合也將長期發展，降低鈉、低脂肪、低糖、積極成分、植物蛋白和穀物。這些都是我們多年來一直在進行的投資組合策略調整和演變。

We're accelerating to be able to offer consumers all different options for the multiple occasions that they interact with our category. So Again, we haven't seen a direct impact of GLP, but we're seeing more conversation in social media about health and wellness in general and obviously, that's impacting consumption of food and consumption of beverages and we're very well positioned with our broad portfolio to cater to all these new realities. And this is not new. This is something that we've been working on for many years. This is a sequential evolution of the consumer that both through innovation and through M&A, we've been addressing, I think we have a very broad portfolio.

我們正在加速努力，以便能夠為消費者提供與我們的產品類別互動的多種不同選擇。所以，我們還沒有看到 GLP 的直接影響，但我們在社交媒體上看到更多關於健康和保健的討論，顯然，這影響了食品和飲料的消費，我們廣泛的產品組合完全可以滿足所有這些新現實。這並不是什麼新鮮事。這是我們多年來一直致力於的事情。這是我們透過創新和併購不斷解決的消費者連續演變問題，我認為我們擁有非常廣泛的產品組合。

if you think about the acquisitions of Siete or of Sabra, they're in that context, and they gave us both -- they give us both the opportunity to innovate, but also to enter new spaces like meals where we needed more platforms to take advantage of them.

如果您想想對 Siete 或 Sabra 的收購，它們就是在這樣的背景下進行的，它們不僅為我們提供了創新的機會，還讓我們進入了餐飲等新領域，我們需要更多的平台來利用它們。

Yeah. I just add, I think the protein opportunities beyond protein beverages. So if you look at Quaker today, we've got a number of offerings that are high protein in the breakfast occasion. And I think there's a lot more opportunity to expand that.

是的。我補充一點，我認為蛋白質的機會不僅限於蛋白質飲料。所以如果你今天看看桂格，你會發現我們在早餐中提供了許多高蛋白食品。我認為還有很多機會可以擴展這一點。

Chris Carey, Wells Fargo.

富國銀行的克里斯凱裡 (Chris Carey)。

Hi, thank you. So number one, just on Europe. This has been a segment that has actually seen kind of successfully driven an improvement in volume just even as pricing has normalized, what's specific about what's going on in Europe that has allowed you to see that positive balance of delivery over the course of this year? And do you think this performance is sustainable going into next year? And then just connected, I think there was some view that international profit strength could fund some of the investments in North America. Would you continue to have that view given what we're seeing in the currency environment.

你好，謝謝。首先，只討論歐洲。即使價格已經正常化，這個領域實際上也成功地推動了銷量的提高，歐洲的具體情況是什麼使得您在今年看到交付量的積極平衡？您認為這種表現能夠持續到明年嗎？然後聯繫一下，我認為有人認為國際利潤實力可以為北美的一些投資提供資金。鑑於我們現在看到的貨幣環境，您會繼續持這種觀點嗎？

So just the concept of international still being able to give you that profit lift. So as to fund some of the things that you want to do in North America.

因此，國際化概念仍然能夠為您帶來利潤提升。從而資助你想在北美做的一些事情。

Yeah, great. So international continues to be our largest value creation opportunity, both in the top line and margin expansion. If you look at the margin expansion of international in the last couple of years, it's very remarkable. And I wouldn't say that International World Fund in the US, but as we might as a company in its totality, obviously, international now is a great source of top line. It's a great source of profit and then it gives us flexibility to be much more flexible, I guess, in how we allocate resources and grow the overall business.

是的，很棒。因此，國際化仍然是我們最大的價值創造機會，無論是在營收或利潤擴張方面。如果你看一下過去幾年國際公司的利潤率擴張，你會發現這是非常了不起的。我不會說國際世界基金位於美國，但就我們整個公司而言，顯然國際基金現在是公司營收的重要來源。它是一個巨大的利潤來源，並且它為我們在分配資源和發展整體業務方面提供了更大的靈活性。

With regards to Europe, it's just a, I would say, consistent strategy by our teams. I think the teams have done a great job in being very balanced in simplifying the business, extracting unnecessary costs from the P&L and reinvesting those in growth in platforms that have been very good for us long term, zero sugar beverages, lower sodium and lower fat snacks and executing better in terms of availability, affordability and entering new spaces like away from home.

關於歐洲，我想說這只是我們團隊的一貫策略。我認為團隊在簡化業務、從損益表中提取不必要的成本並將其重新投資於對我們長期有利的平台的增長、零糖飲料、低鈉和低脂肪零食以及在可用性、可負擔性和進入新領域（例如客場）方面做得更好等方面取得了很好的平衡。

So they've been executing very well the strategy of the business, starting, I would say, from a very intentional reduction of cost to invest in top line. And in a difficult context like the European markets with large retailers, they've done a great job. And yes, we think that this is sustainable, within this will continue in this year and coming years.

所以他們一直很好地執行業務策略，我想說，從有意削減成本開始，到投資營收。在擁有大型零售商的歐洲市場這樣困難的環境下，他們仍然做得非常好。是的，我們認為這是可持續的，並且將在今年和未來幾年繼續下去。

And yes, the opportunity is to grow per caps in Europe are still very large, and we have very good teams in the markets and very good strategies to deploy our capabilities against the market.

是的，歐洲人均成長的機會仍然很大，而且我們在市場上擁有非常優秀的團隊，並且擁有非常好的策略來部署我們針對市場的能力。

Kevin Grundy, BNP Paribas.

法國巴黎銀行的凱文‧格蘭迪 (Kevin Grundy)。

Ramon, I wanted to take a step back here and give you the opportunity to perhaps level set on the company's longer-term organic sales guidance of 4% to 6%. So not asking to be redundant in any way but pulling together a lot of themes on the call. It seems like you see issues in the snacks business is more transitory or cyclical as opposed to secular. You sound confident on the strength of the business outside the US, but perhaps maybe cautiously optimistic. Do you have the right plan in place to return snacks to growth.

拉蒙，我想在這裡退一步，讓您有機會對公司 4% 至 6% 的長期有機銷售預期進行調整。因此，我們不會要求以任何方式重複，而是在通話中匯總許多主題。您似乎認為零食產業的問題更多的是暫時性的或週期性的，而不是長期性的。您聽起來對美國以外業務的實力很有信心，但也許還是謹慎樂觀。您是否有正確的計劃來讓零食恢復成長？

Time will tell. But as we sit here today, can you maybe comment on your level of confidence, these are de transitory issues facing the business and that 4% to 6% is still the right growth rate for your current portfolio on an intermediate-term basis? Thank you.

時間會證明一切。但今天我們坐在這裡，您能否評論一下您的信心水平，這些都是企業面臨的暫時性問題，而 4% 到 6% 仍然是您當前投資組合在中期內的正確增長率？謝謝。

Thank you, Great question. And I think, obviously, we see our long-term growth of the business and in those levels, 4% to 6%. And we're obviously going to try to go for the upper end of the long-term guidance. Again, very high growth in international. We're very confident that our North America business will accelerate this year.

謝謝，好問題。我認為，我們顯然看到了業務的長期成長，成長率在 4% 到 6% 之間。我們顯然會盡力達到長期指導的上限。再次，國際成長非常高。我們非常有信心今年我們的北美業務將會加速發展。

We're very confident in our plans and our long term. And we see opportunities, especially away from home as billions of occasions on a daily basis that we need to go and capture with much more intentional products and consumer-facing go-to-market.

我們對我們的計劃和長期目標非常有信心。我們看到了機遇，特別是在外出時，每天有數十億次這樣的機會，我們需要透過更有針對性的產品和麵向消費者的行銷來抓住這些機會。

So those are big opportunities. We remain very committed, and we also remain very committed to translate that growth into a high single-digit EPS. And if you look at our last five years, we've been delivering above our long-term guidance, both in top line and bottom line.

這些都是巨大的機會。我們仍然非常致力於，我們也仍然非常致力於將這種成長轉化為高個位數的每股盈餘。如果你回顧過去五年，你會發現我們的營收和淨利潤都超出了我們的長期預期。

And we don't see any reason why we should not continue to deliver at those high levels if you take the next five years in context.

如果從未來五年來看，我們沒有理由不繼續保持如此高的水準。

So thank you very much. This has been a good conversation, and I really appreciate your questions. Thank you for staying invested in our business. We look forward to the meeting in CAGNY and also hope that you guys enjoy our products during this weekend Super Bowl game.

非常感謝。這是一次很好的談話，我非常感謝您的提問。感謝您一直以來對我們業務的投資。我們期待在CAGNY的會議，也希望大家在本週末的超級盃比賽中享受我們的產品。

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。