百事 (PEP) 2025 Q1 法說會逐字稿

Good morning, and welcome to PepsiCo's 2025 first quarter earnings (Operator Instructions) today's call is being recorded and will be archived at www.pepsico.com.

早安，歡迎參加百事可樂 2025 年第一季收益（操作員指示）今天的電話會議正在錄音，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。

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.

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，這兩份文件都可以在我們的網站上查閱。

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, updated 2025 guidance and outlook. Forward-looking statements inherently involve risks and uncertainties and only reflect our view as of today, April 24, 2025 and we are under no obligation to update.

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、更新的 2025 年指引和展望。前瞻性陳述本身涉及風險和不確定性，僅反映我們截至 2025 年 4 月 24 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 first quarter 2025 earnings release and first quarter 2025 Form 10-Q available on pepsico.com for definitions and reconciliations of non-GAAP measures and additional information regarding our results, including a discussion of factors that could cause actual results to materially differ from forward-looking statements.

在討論我們的結果時，我們參考非公認會計準則指標，該指標從報告結果中排除了某些項目。請參閱 pepsico.com 上提供的 2025 年第一季度收益報告和 2025 年第一季度 10-Q 表，了解非 GAAP 指標的定義和對賬以及有關我們業績的其他信息，包括可能導致實際結果與前瞻性陳述存在重大差異的因素的討論。

Joining me today are PepsiCo's Chairman and CEO, Ramon Laguarta; and PepsiCo's Executive Vice President and CFO, Jamie Caulfield. We ask that you please limit yourself to one question.

今天與我一起出席的還有百事公司董事長兼執行長 Ramon Laguarta；以及百事公司執行副總裁兼財務長 Jamie Caulfield。我們要求您只問一個問題。

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

接下來，我將把第一個問題交給接線員。

(Operator Instructions)

（操作員指示）

Bonnie Herzog from Goldman Sachs.

高盛的邦妮·赫爾佐格。

Hi, good morning.

嗨，早安。

Good morning.

早安.

I have a question on Frito. Last quarter, you emphasized your step-up investments with a particular focus on improved price pack architecture, and then also an emphasis on the sizable away from home opportunity. So, Ramon, I'd be curious to hear how some of those investments are paying off?

我對 Frito 有一個疑問。上個季度，您強調了加強投資力度，特別注重改進價格包架構，同時也強調了相當大的客場機會。那麼，拉蒙，我很好奇想知道這些投資的回報如何？

And then, if you're making any changes to your strategy, especially given the pressured consumer environment? For instance, do you now see a need to increase your investments to ultimately return Frito back to growth? Thank you.

那麼，您是否會對您的策略做出任何改變，特別是在面臨壓力的消費環境下？例如，您現在是否認為有必要增加投資以最終使 Frito 恢復成長？謝謝。

Hey, Bonnie. So, I think we're executing the playbook that we talked late last year, early this year, and the playbook has multiple legs. One is, as you said, granular, good return on invested value investments. The second is portfolio transformation.

嘿，邦妮。所以，我認為我們正在執行去年年底、今年年初討論的劇本，而且該劇本有多個支柱。一是，正如你所說，細緻的、投資價值投資的良好回報。二是組合轉型。

And the third is operational excellence in a broader way, execution and cost. So, we're executing the three pillars with a sense of urgency at Frito. And we're starting to see the returns on some of the value and new price points investments that we're making. It's still early in the rollout of the strategy, but if you think about our dual size strategy in single serve, so below $2, above $2 where we have executed that strategy, we're seeing a meaningful improvement in units, especially when we attach the kind of the below $2 to meal deals. And that is especially in convenience stores.

第三是更廣泛的卓越運營，執行和成本。因此，我們在 Frito 懷著緊迫感執行這三大支柱。我們開始看到我們所做的一些價值和新價格點投資的回報。該戰略的推出仍處於早期階段，但如果您考慮一下我們在單人份量上的雙重尺寸戰略，那麼在低於 2 美元和高於 2 美元的價格範圍內，我們都執行了該戰略，我們會看到單位數量出現顯著改善，尤其是當我們將低於 2 美元的價格與套餐聯繫起來時。尤其是在便利商店。

We're also seeing the when you take multi-packs and multi-pack has been a big growth segment of the business for the last few years.

我們也看到，當你採用多包裝時，多包裝已經成為過去幾年業務的一大成長部分。

We're seeing the 10-count assortment. We've increased that assortment as an entry, much lower price point for consumers. That's also delivering good returns. So, as we're optimistic that as we execute the playbook, the full playbook, including take home eventually later in the year, that that's going to keep consumers in the category and it's going to increase the frequency of consumption of those consumers, which at the end is what we're trying to do with new price pack.

我們看到的是 10 個種類。我們增加了該品種的種類，為消費者提供入門級、更低的價格。這也帶來了良好的回報。因此，我們樂觀地認為，當我們執行劇本時，完整的劇本，包括最終在今年晚些時候帶回家，這將使消費者留在該類別中，並增加這些消費者的消費頻率，這最終是我們試圖透過新的價格包來做的事情。

At the same time, we're working hard at portfolio transformation and that is a key pillar, offering consumers more options where consumers want to go. And basically here is more permissibility, more functionality in our snacks. And we're also working on improving the operational excellence of Frito, both in terms of rightsizing the cost and improving the field rates and improving the granular execution in go-to-market.

同時，我們正在努力進行產品組合轉型，這是一個關鍵支柱，為消費者提供更多他們想去的地方的選擇。基本上，我們的零食具有更多的可允許性和更多的功能性。我們也致力於提高 Frito 的卓越營運水平，包括優化成本、提高現場費率以及改善上市的細粒度執行。

Frito went through an SAP implementation, it just finished. And like any big system implementation, there has been some learnings for the organization. I think in the coming months that will be behind us and it will clearly have an impact on improved service levels and better visibility to execution.

Frito 經歷了 SAP 實施，剛剛完成。和任何大型系統實施一樣，組織也從中獲得了一些經驗教訓。我認為在接下來的幾個月裡，我們將能夠解決這個問題，並且它顯然會對提高服務水準和提高執行可見性產生影響。

So, that is the full playbook and we will keep investing and we'll keep making sure that, that business continues to grow for the long-term and that's the perspective that we're putting on the business all the time.

所以，這就是完整的劇本，我們將繼續投資，我們將繼續確保業務長期持續成長，這就是我們一直以來對業務的看法。

Steve Powers from Deutsche Bank.

德意志銀行的史蒂夫·鮑爾斯。

Great. Good morning. I was hoping that you could maybe just decompose in a bit more detail just the drivers of the reduced full-year earnings outlook. With organic growth not really changing in the aggregate, the implication is that the vast majority of that, if not all of that is related to tariffs. If that's right, just kind of the pockets of tariff friction that you're encountering and plans long-term to offset it, assuming they stick around. But then also if there's other things in there, if there are incremental investments, just sort of the relative bridge between prior full-year outlook and today? Thank you.

偉大的。早安.我希望您能更詳細地分析一下導致全年獲利前景下降的因素。由於有機成長總體上並沒有真正改變，這意味著其中絕大部分（如果不是全部）都與關稅有關。如果這是正確的，那麼這只是您所遇到的關稅摩擦的一種表現，並且有長期計劃來抵消它，假設它們持續存在。但是，如果其中還有其他因素，如果有增量投資，那麼先前的全年展望和今天之間的相對橋樑是什麼呢？謝謝。

Hey, Steve, it's Jamie. The rationale behind the guidance adjustment that we announced today is really driven by three things in a number of ways that are a little bit related to one another. The first is tariffs. So, that is new news since we gave our initial guidance at the beginning of the year.

嘿，史蒂夫，我是傑米。我們今天宣布的指導調整背後的理由實際上是由三件事驅動的，這三件事在許多方面都彼此有點關聯。首先是關稅。所以，這是自我們年初給出初步指導以來的新消息。

So, we've factored in what we know about tariffs today and we factored in mitigation plans, which we continue to work. Some of those we'll be able to execute more quickly. Some of those will take more time to execute.

因此，我們考慮了目前對關稅的了解，並制定了緩解計劃，我們正在繼續努力。其中一些我們將能夠更快地執行。其中一些將需要更多時間來執行。

The second is just the heightened macro and consumer uncertainty. I'm sure you saw the Consumer Confidence Index that's really nosedive. So, relative to where we were three months ago, we probably aren't feeling as good about the consumer now as we were a few months ago.

第二是宏觀和消費者不確定性加劇。我確信您已經看到消費者信心指數確實急劇下降。因此，相對於三個月前的情況，我們現在對消費者的感覺可能不如幾個月前那麼好。

And then third, and this is also related to the consumer picture is Frito's subdued performance and we've got clear plans to continue to turn the business around, but that'll take a little while too. Now on the top line guidance, you saw Q1 versus our low-single-digit guide for the year.

第三，這也與消費者的形像有關，那就是菲多利的業績表現低迷，我們有明確的計劃來繼續扭轉業務，但這也需要一段時間。現在，在頂線指引方面，您會看到第一季與我們對今年的低個位數指引相比有所差異。

We put up 1% as we called out in the prepared remarks because our international quarter is only two months for the first quarter. If we included the third month in the first quarter, we would have grown too. So, we're solidly in the band of top line guidance that we gave back at the beginning of the year.

正如我們在準備好的發言中所說的那樣，我們提出了 1%，因為我們的國際季度只有兩個月，即第一季。如果我們將第三個月也算進第一季，我們的業績也會成長。因此，我們穩固地處於年初給出的營收指引範圍內。

Filippo Falorni from Citi.

花旗銀行的 Filippo Falorni。

Hey, good morning, everyone. I was wondering if you could talk a bit about the expectations for the international business going forward clearly, solid 5% growth in the quarter. You mentioned also including the March, total company would have been 2% organic. So, you're expecting acceleration from here? Any color you could provide would be great. Thank you.

嘿，大家早安。我想知道您是否可以談談對未來國際業務的預期，顯然本季將實現 5% 的穩健成長。您也提到，如果算上三月份，整個公司的有機成長率將達到 2%。那麼，您期望從這裡開始加速嗎？您能提供的任何顏色都很好。謝謝。

Yeah, good morning, Filippo. Listen, the international business continues to be the largest growth engine for the company. And, we continue to invest in that business. As you well said, it started the year at a good pace, if you take March, even faster. We see the international business continuing those trends during the balance of the year.

是的，早安，菲利波。聽著，國際業務繼續成為該公司最大的成長引擎。而且，我們將繼續投資該業務。正如您所說，今年的開局步伐很好，如果以三月為例，速度甚至更快。我們看到，國際業務在今年餘下時間仍將延續這些趨勢。

There are markets that we're seeing a bit of a slowdown in the consumer, namely China. China is a market where we've seen the consumer hurting a little bit. We're seeing Mexico in a way impacted by what happens in the US.

我們看到一些市場的消費有所放緩，例如中國。我們發現中國市場的消費者受到了一些影響。我們看到墨西哥在某種程度上受到了美國的影響。

And, I think those two markets will continue to be connected in consumer sentiment and probably consumer disposable income as well. We're seeing Europe navigating quite well. The first signs that we have in Europe are positive.

而且，我認為這兩個市場在消費者情緒和消費者可支配收入方面將繼續保持聯繫。我們看到歐洲的航行相當順利。我們在歐洲看到的最初跡像是積極的。

We're seeing India in a good place. We're seeing Brazil in a good place. So, overall, the portfolio of markets where we have the highest percentage of business are in a positive place. And, we see the international business continuing to contribute to our growth at that mid-single digit. Some markets obviously have high single digits in the balance of the year.

我們看到印度處境很好。我們看到巴西的處境很好。因此，整體而言，我們業務佔比最高的市場組合處於正面狀態。而且，我們看到國際業務繼續為我們帶來中等個位數的成長貢獻。一些市場在今年餘下時間明顯出現了較高的個位數成長。

Dara Mohsenian from Morgan Stanley.

摩根士丹利的 Dara Mohsenian。

Hey, good morning.

嘿，早安。

Hi, Dara.

你好，達拉。

So, just wanted to follow-up on Bonnie's question, the magnitude and durability of the volume weakness in Frito in North America continues to disappoint. So, it was helpful to hear about all the fixes you're putting in place here today as well as at CAGNY.

所以，只是想跟進邦妮的問題，菲多利在北美的銷量疲軟程度和持續時間繼續令人失望。因此，聽到您今天在這裡以及在 CAGNY 實施的所有修復措施非常有幫助。

Just wanted to get your perspective on if at some point you think we might need a more substantial level of re-investment behind FL&A to turn around trends in that business, some type of more dramatic step up in investment.

只是想聽聽您的觀點，您是否認為在某個時候我們可能需要在 FL&A 背後進行更大規模的再投資，以扭轉該業務的趨勢，需要更大幅度地增加投資。

And maybe you can split that into just potentially the need to reinvest more on pricing in this consumer environment or investing more behind the business, whether it's frontline spend or marketing? And, just how you think about that balance in this consumer environment and if you might need more aggressive plans at some point to turn around trends there? Thanks.

也許您可以將其分為在這種消費環境下可能需要在定價上進行更多再投資，還是需要在業務上進行更多投資，無論是前線支出還是行銷？您如何看待這種消費環境中的平衡？您是否可能需要在某些時候制定更積極的計劃來扭轉這種趨勢？謝謝。

Hey, Dara, Jamie. Look, the way we're managing through this is we want to make sure we protect the long-term health of the franchise. We've talked about providing value to the consumer, so we're doing that. But, we're not going to do it in a way that we damage the long-term health and profitability of the business.

嘿，達拉，傑米。你看，我們處理這個問題的方式是，我們希望確保保護特許經營權的長期健康。我們已經討論過為消費者提供價值，所以我們正在這樣做。但是，我們不會以損害企業長期健康和獲利能力的方式去做這件事。

We are driving greater levels of productivity that provide the investment that we're making in the business. And, that's not only in revenue management tactics, but it's also in stepping up our execution capability.

我們正在提高生產力水平，以提供我們在業務上所做的投資。這不僅體現在收入管理策略上，也體現在加強我們的執行能力。

And the other part on productivity is we are looking at how do we -- as you saw in the first quarter, quite a bit of fixed cost deleverage, so we're going after costs with even more intentionality.

關於生產力的另一部分是，我們正在研究如何——正如您在第一季看到的那樣，相當多的固定成本去槓桿，因此我們將更有意識地追求成本。

Yeah, I think the three pillars that we talked, Dara, they are equally important. So, the value investment is relevant and it impacts our core brands. And, I think putting more intelligence behind the investment, making sure that we get the best return, that for every occasion and for every channel we have the right package versus destroying value by over-investing in value. I think that an intelligent reinvestment of value is an important one.

是的，達拉，我認為我們談到的三大支柱同等重要。因此，價值投資是相關的，它會影響我們的核心品牌。而且，我認為在投資背後投入更多的智慧，確保我們獲得最佳回報，確保我們針對每個場合和每個管道都有合適的方案，而不是因為過度投資而破壞價值。我認為明智的價值再投資非常重要。

Now, it is as critically important for us to make sure that we participate in all the sub-segments of the market where the consumers are going. And, the consumers love existing spaces. But, they are also driving consumption in other spaces where we need to participate very intentionally.

現在，對我們來說，確保參與到消費者所關注的所有細分市場中是至關重要的。而且，消費者喜歡現有的空間。但它們也在推動其他領域的消費，我們需要非常有意識地參與其中。

And that's what we're doing. There's some moves we're making organically our -- we obviously have visibility to next year's innovation plan. They're very strong. And we're also making some acquisitions, as you saw, between south Russia, that we have now two platforms to drive additional participation in new segments.

這正是我們正在做的事情。我們正在有機地採取一些舉措——我們顯然對明年的創新計劃有了清晰的認識。他們非常強壯。如您所見，我們還在俄羅斯南部進行了一些收購，現在我們擁有兩個平台來推動更多人參與新的領域。

And the third pillar is not something that is small. The operational excellence of the business is improving. We now have better data, we have better systems. We have talent stability. COVID was a disruption for the organization. We have better leaders in place and, we've gone through a system implementation that has been, in a way, a little bit complex as you imagine a business of that size, that it's also behind us.

而第三支柱也並非小事。業務營運卓越性正在提高。我們現在擁有更好的數據，擁有更好的系統。我們有人才穩定性。COVID 給該組織帶來了困擾。我們擁有更優秀的領導者，我們已經完成了系統實施，從某種程度上來說，對於如此規模的企業來說，這有點複雜，但我們已經完成了。

So, you should think about a multiple vector execution that will drive the performance of the business, value being important and good return on investment in value. It's how we're thinking about our investments in that part of the of the business.

因此，您應該考慮多向量執行來推動業務績效，價值很重要，價值投資具有良好的回報。這就是我們如何考慮對該部分業務的投資。

Andrea Teixeira from J.P. Morgan.

摩根大通的 Andrea Teixeira。

Yeah, good morning. Thank you for taking the question. I wanted to go back, sorry, to Frito North America. As you look at the price ladders, are you seeing more declines in the higher price points or in bigger packs? So in other words, on a comparable basis.

是的，早安。感謝您回答這個問題。對不起，我想回到 Frito North America。當您查看價格階梯時，您是否看到價格較高的產品或較大包裝的產品價格下降幅度更大？換句話說，在可比較的基礎上。

And Ramon, you spoke over the past, I would say, a few quarters even, about like moving -- reaching -- your multipack reaching $5 billion against like $1 billion business before. Is that the 4% decline that we saw, I think, in the 10-Q, correct me if I'm wrong, but just on Frito-Lay North America in declining volumes?

拉蒙，我想說，您在過去幾個季度中談到過，您的多包裝業務的銷售額將從之前的 10 億美元增長至 50 億美元。我認為這是我們在 10-Q 中看到的 4% 的下降嗎（如果我錯了請糾正我），但這只是菲多利北美銷量的下降嗎？

On average, are you seeing a much deeper decline in those large packs where consumers may be thinking -- may be feeling more pressure because of the cash outlay?

平均而言，您是否看到大包裝香菸的銷量下降幅度更大，消費者可能會認為大包裝香菸的銷售下降是因為現金支出讓他們感到了更大的壓力？

And conversely, you're seeing less -- or smaller declines in the small packs. I mean I'm trying to gauge where, on a mix-neutral basis, are you seeing those movements. And how are you reacting to those? Or in other words, or you got tapped off that multi-pack at some point and both of them are declining at similar paces and how to protect that?

相反，小包裝的下降幅度較小或較少。我的意思是，我試圖從混合中性的角度來判斷您在哪裡看到了這些走勢。您對此有何反應？或者換句話說，或者您在某個時候放棄了那個多包裝，並且它們都以相似的速度下降，如何保護它？

Yeah, Andrea it's a -- revenue management clearly is becoming more complex as consumers are feeling more challenged with their disposable income. And that obviously is different for different levels of income across the American consumer. Now what we're seeing is that consumers are giving a lot of value to absolute dollars now.

是的，安德里亞，隨著消費者對可支配收入的挑戰越來越大，收入管理顯然變得越來越複雜。顯然，不同收入水平的美國消費者的情況有所不同。現在我們看到的是，消費者現在非常重視絕對美元。

So, clearly, entry price points and absolute outlay of money per unit is a very important, relevant metric. And so, we're putting more emphasis on those entry price points and making sure that we're not asking for large amount of money for participating in our brands, and that is something that we're very -- that's why smaller single serve smaller multi-packs, those are all tools for us to keep the consumers in the brand and make sure that the frequency is there as well.

因此，顯然，入門價格點和每單位絕對支出是一個非常重要且相關的指標。因此，我們更加重視入門價格點，並確保我們不會要求參與我們品牌的大量資金，這是我們非常重視的——這就是為什麼較小的單份較小的多包裝，這些都是我們讓消費者留在品牌中的工具，並確保也有頻率。

There are different behaviors beginning of the month versus end of the month, so maybe beginning of the month consumers are looking for more price per kilos of more quantities at a good value end of the month, maybe absolute price per unit, and again, very complex how that works per location and per cohort.

月初和月末的行為有所不同，因此，也許月初的消費者希望以更好的價格買到更多數量的商品，而月末則希望以更優惠的價格買到每公斤更高的商品，也許是以絕對的單位價格買到，而且，每個地點和每個群體的運作方式非常複雜。

But that, those are where I think the intelligence, the data, the tools that we have now in the hands of our people can help us get their best return on the investment. Now, there is a channel that is convenience stores that is impacted there's less traffic in the channel and our participation in that channel is very irrelevant both in beverages and snacks.

但我認為，我們現在掌握的情報、數據和工具可以幫助我們獲得最佳的投資回報。現在，便利商店這個管道受到了影響，這個管道的流量減少了，而且我們在這個管道的參與度無論是在飲料還是零食方面都變得無關緊要了。

So, how do we help our partners in the convenience store business to have traffic, but also have higher incidents is a very important part of our operating plan. And that's why I was referring to meal deals. I was referring to some specific offers that will have in that channel because that is an important part of our business and it's impacting our single serve performance.

那麼，如何幫助便利商店業務的合作夥伴在擁有流量的同時，也能降低事故發生率，是我們營運計畫中非常重要的一部分。這就是我提到套餐的原因。我指的是該管道中的一些特定優惠，因為這是我們業務的重要組成部分，並且會影響我們的單一服務表現。

Lauren Lieberman from Barclays.

巴克萊銀行的勞倫·利伯曼。

Great, thanks. Good morning. I was hoping you could talk a little bit around how the business can deal with some of the new legislation around, ingredients and colors. And sort of I know you've got lots of technology and lots of technology and different markets around the world, but if the outlook currently built in some of the incremental costs, you'll need to be absorbing to manage through this.

太好了，謝謝。早安.我希望您能稍微談談企業如何應對一些有關成分和顏色的新法規。我知道你們擁有很多技術，而且世界各地都有不同的市場，但如果目前的前景已經包含一些增量成本，那麼你們就需要吸收這些成本來應對。

And also just any perspective on snap. I know there's just, a lot out there, but anything you can offer on sensitivity to business or exposure to the business with regard to snap. Thanks.

以及關於 snap 的任何觀點。我知道有很多，但是您可以提供任何有關 Snap 的業務敏感性或業務曝光度的資訊嗎？謝謝。

That's great. Two good questions, I'm very relevant, we've been leading the transformation of the industry now for a long time. On sodium reduction, sugar reduction and better fats, and we already have a portfolio when we talk about the US and the food business a 60 plus percent of our business today doesn't have any artificial color, so we're well undergoing that transition. And for example, brands like Lays will be out of artificial colors by the end of this year.

那太棒了。兩個很好的問題，我非常關心，我們長期以來一直引領著產業的轉型。在減少鈉、減少糖和改善脂肪方面，當我們談論美國和食品業務時，我們已經有一個產品組合，今天我們 60% 以上的業務都沒有任何人工色素，所以我們正在順利進行這一轉變。例如，樂事等品牌將在今年底前停止生產人工色素。

The same with Tostitos. So, some of our big brands, so we're well underway. Ideally, we obviously we stand by the science and we we're products are very safe and there's nothing to worry about this, but we understand that there's going to be a probably a consumer demand for more natural ingredients, and we're going to be accelerating that transition. Ideally, we can do this in a very pragmatic, orchestrated way as an industry and not create unnecessary panic or chaos.

Tostitos 也是一樣。因此，我們的一些大品牌進展順利。理想情況下，我們顯然堅持科學，我們的產品非常安全，沒有什麼好擔心的，但我們知道消費者可能會對更多天然成分有需求，我們將加速這種轉變。理想情況下，我們可以以非常務實、有序的方式作為一個行業來做到這一點，而不會造成不必要的恐慌或混亂。

But, we'll lead that transition. And in the next couple of years, we'll have migrated all the portfolio into natural colors or at least provide the consumer with natural color options. And obviously every consumer will have the opportunity to choose what they prefer. So, that's the journey we're undergoing. In terms of snap, again, there is a lot of conversation in different states and we're seeing that some of our categories could be exposed to some restrictions.

但是，我們將引領這一轉變。在接下來的幾年裡，我們將把所有產品組合轉移到天然色素中，或至少為消費者提供天然色素選擇。顯然，每個消費者都有機會選擇自己喜歡的產品。這就是我們正在經歷的旅程。就 Snap 而言，不同州對此進行了大量的討論，我們發現我們的某些類別可能會受到一些限制。

I think this has -- will have a very limited impact in the business as we are calculating today. And we will need to see how the eventual legislation gets implemented. It's still a lot of unknowns on how this is going to be happening.

我認為，正如我們今天所計算的，這對業務的影響非常有限。我們需要看看最終的立法如何實施。對於這一切將如何發生，仍有許多未知數。

(Operator Instructions)

（操作員指示）

Bryan Spillane from BofA.

美國銀行的 Bryan Spillane。

Hey, thanks operator. Good morning everyone. So, Ramon, maybe just to step back, the last few years, some of the messaging, I think if I've heard it correctly from you has been. As you're looking at the business over the next few years, right? More of the growth sourced from international, and you've done a lot, right? The company's done a lot to build and begin to scale more international, more countries contributing growth.

嘿，謝謝接線生。大家早安。所以，拉蒙，也許只是回顧一下過去幾年，一些訊息，我想如果我沒有聽錯的話，是這樣的。您正在展望未來幾年的業務，對嗎？更多的成長來自於國際市場，你們做了很多，對嗎？該公司已經付出了很多努力來擴大其國際規模，為更多國家的成長做出了貢獻。

So, I know some of this has maybe been forced by the external environment, but when we look at the top line in a two, if we had three full months of international, it just seems like from a revenue perspective your international contribution kind of puts you in a position to maintain the longer term growth objectives, even with what would be, I guess a natural slowing of Frito in North America. So, one, is that kind of the right way to think about this?

所以，我知道這其中有些可能是由外部環境所致，但是當我們看一下兩個月的營業額時，如果我們有三個月的國際業務，從收入角度來看，您的國際貢獻似乎使您能夠維持長期增長目標，即使我認為北美菲多利的自然增長會放緩。那麼，首先，這是思考這個問題的正確方法嗎？

And then, second, if that's true, are we scaled enough to be able to drive profit growth alongside revenue growth? Is it -- if it's a more international heavy revenue model, I guess over the next few years? So I guess what I'm basically asking is, are we at a point now where international can really contribute more if Frito's going to naturally slow to a more modest growth over time?

其次，如果這是真的，我們的規模是否足以推動利潤成長和收入成長？是不是——如果這是一個更國際化的收入模式，我猜在未來幾年內會是這樣？所以我想我基本上想問的是，如果菲多利的成長速度隨著時間的推移自然放緩至更溫和的水平，那麼我們現在是否處於國際市場能夠真正做出更多貢獻的階段？

I think two. I mean, this is a great question, Brian and it's probably for a long conversation. I think international will continue to be a growth and profit key driver for the company for the long term. And it's -- if you look at the population inside, outside of the company, outside of the US and how develop our per caps are internationally versus in the US you could see right away that is the growth.

我認為有兩個。我的意思是，布萊恩，這是一個很好的問題，而且可能需要進行一次長時間的對話。我認為國際市場將繼續成為公司長期成長和利潤的關鍵驅動力。如果你看一下公司內部、外部、美國以外的人口，以及我們的人均國際水準與美國水準的比較，你會立即看到成長。

And fortunately, we're now at a stage in the growth development of the company where that business is accretive to the company. So, two elements, high growth, high right to succeed in those markets, in the majority of those markets, both in beverages and in snacks and foods, and, accretive business.

幸運的是，我們現在正處於公司成長發展的階段，該業務可以為公司帶來增值。因此，有兩個要素：高成長、在大多數市場（包括飲料、零食和食品）中取得成功的高權利、以及增值業務。

So, that part, and we'll continue to invest. We're investing in capacity, we're investing in talent, we're investing in go-to-market. We're investing in portfolio and the brands, and that will continue.

所以，對於這一部分，我們將繼續投資。我們正在投資產能、投資人才、投資市場進入能力。我們正在對投資組合和品牌進行投資，並將繼續下去。

Now, what I disagree with you is in the fact that the US business cannot grow at a faster speed than it is growing today. I think I have -- I think the US business, both beverages and foods, will continue to grow at a very good rate in the US

現在，我不同意你的觀點，美國企業不可能以比現在更快的速度成長。我認為——我認為美國的飲料和食品業務將繼續以非常快的速度成長

And when you think about the overall opportunity, both from the better execution to evolving the portfolio, to moving into new channels like away from home, we have, tremendous opportunities to take our brands into new spaces, leverage the capability of our business.

當你考慮整體機會時，無論是從更好的執行到發展產品組合，還是進入新的管道，例如離家，我們都擁有巨大的機會將我們的品牌帶入新的領域，充分利用我們業務的能力。

And now that we have an operating model that will be more integrated in the U.S. that will give us more resources, will be less duplicated in some areas and synergize in other areas where we can drive growth in new service models direct-to-consumer, direct to B2B, whatever the we choose to play. So, I think the U.S., we see it as a girl driver.

現在，我們在美國擁有更一體化的營運模式，它將為我們提供更多的資源，減少某些領域的重複，並在其他領域產生協同效應，我們可以推動直接面向消費者、直接面向 B2B 的新服務模式的成長，無論我們選擇哪種模式。所以，我認為在美國，我們將其視為女司機。

We see it as a source of funding for the rest of the world, but also a growth opportunity for the company. Way above where we are today, I think we're today in a broad emphasis given by all the consumer dynamics and some other dynamics that are happening in the us but that will go through -- we'll have a more relevant portfolio.

我們將其視為世界其他地區的資金來源，也是公司的成長機會。遠高於我們現在的水平，我認為我們今天正處於廣泛的重點關注之下，這是由所有消費者動態以及美國正在發生的一些其他動態決定的，但這將經歷——我們將擁有更相關的投資組合。

We'll be in the relevant channels. We'll have the right price points, and the consumer will be in a better place eventually in the US So, we see the two components of growth, obviously international, we will grab that opportunity with the right investments, the right talent, the right brand strategies and challenge strategies. But the US. it's a great opportunity for us and we think we have the right to win. And we have the fundamentals of brands and market presence to capture that opportunity as well.

我們將在相關管道發布。我們將擁有合適的價格點，最終美國消費者將處於更好的境地。因此，我們看到成長的兩個組成部分，顯然是國際成長，我們將透過正確的投資、正確的人才、正確的品牌策略和挑戰策略來抓住這個機會。但美國。這對我們來說是一個很好的機會，我們認為我們有權獲勝。我們擁有品牌和市場地位的基礎來抓住這個機會。

Michael Lavery from Piper Sandler.

派珀·桑德勒 (Piper Sandler) 的邁克爾·拉弗里 (Michael Lavery)。

Thank you. Good morning. I just wanted to unpack the guidance change a little bit further. You touched on the three pieces, the tariffs, the macro uncertainty and the Frito North America weakness. But the second and third are, have a top line component and you've held the revenue outlook constant.

謝謝。早安.我只是想進一步解釋一下指導變化。您提到了三個面向：關稅、宏觀不確定性和菲多利北美市場的疲軟。但第二和第三點是，有一個頂線組成部分，並且你保持收入前景不變。

Is it just because of the impact, is modest enough to be in the wiggle room of low single digits, or is it an offset from international? I guess how do we think about the top line piece that's wrapped into that and then just on the tariff piece.

這只是因為影響，還是夠小到處於低個位數的波動空間內，還是與國際狀況的抵銷？我想我們該如何考慮其中包含的頂線部分以及關稅部分。

Is your outlook based on current estimates, and I guess just simply, would we be right to assume that if, for example, the 90 day pause gets extended or if there's any changes there, it could certainly drive some upside if you get a little relief out of that.

您的展望是否基於當前的估計？我想，簡單地說，我們可以正確地假設，例如，如果 90 天的暫停期延長，或者如果出現任何變化，如果您因此得到一點緩解，它肯定會帶來一些好處。

Okay. So, I think there was two questions in there. The first Michael, yes. The momentum in international is one of the key underpinnings of the guidance that we reiterated on the topline. And as I mentioned, you look at the first quarter sort of normalize it for the -- our accounting calendar thing. And we're right in the middle of that low single-digit guidance.

好的。所以，我認為這裡有兩個問題。是的，第一個邁克爾。國際業務的發展勢頭是我們在財報中重申的指導方針的關鍵支撐之一。正如我所提到的，您可以查看第一季的數據，以將其標準化為我們的會計日曆。我們正處於低個位數指導的中間。

On tariffs, we're not going to get too much into piecemeal analysis. We based our guidance on what we observe today. We've run various scenarios of what could happen, and I think based on what we know today, that's what we factored into the guidance.

關於關稅，我們不會進行過多的零碎分析。我們的指導是基於我們今天的觀察。我們對可能發生的各種情況進行了模擬，我認為根據我們今天所了解的情況，這些情況已經納入了我們的指導範圍。

Kaumil Gajrawala from Jefferies.

來自 Jefferies 的 Kaumil Gajrawala。

Hey guys, it's Bring Your Kid to Workday at Jefferies. So, if you don't mind, my daughter Melaina's going to ask the question.

大家好，今天是 Jefferies 的“帶孩子上班日”。所以，如果你不介意的話，我的女兒梅萊娜會問這個問題。

That's awesome.

太棒了。

So what do you think about the launch of GLP-1 oral medications coming to market next year?

那麼，您對明年上市的 GLP-1 口服藥物有何看法？

Yes, just an.

是的，只是一個。

That was entirely her own.

那完全是她自己的。

Yes, that's good. That's good. And I think it's relevant and it's again I would. Kaumil, and I don't know your daughter's name. But obviously we've been transforming the portfolio and we'll continue to give the consumer offerings that help them in any sort of dietary preferences that they have. So, whether they're in a GLP situation or they're not, we will keep providing them.

是的，很好。那挺好的。我認為這是相關的，而且我也會這麼做。Kaumil，我不知道你女兒的名字。但顯然，我們一直在改變產品組合，我們將繼續為消費者提供能夠滿足他們各種飲食偏好的產品。因此，無論他們是否處於 GLP 情況，我們都會繼續為他們服務。

What we're seeing with GLP consumers is again, they're driving more consumption on protein space, on fiber, on hydration. I think we're well positioned for both fiber and hydration solutions and we will increase the availability of products in those two areas. I think we're a bit less well-positioned in protein and that we're innovating.

我們再次看到 GLP 消費者在蛋白質、纖維和水分方面的消費量增加。我認為我們在纖維和水合解決方案方面都處於有利地位，我們將增加這兩個領域的產品供應。我認為我們在蛋白質方面的地位還不夠高，我們正在進行創新。

Our teams are working on innovation for against protein, both on the beverage and the food business. And you will see some late this year, early next year. And that's the space that I think we can capture more incremental value.

我們的團隊致力於飲料和食品產業的蛋白質創新。您將在今年年底或明年年初看到一些。我認為這是我們能夠獲得更多增量價值的空間。

Now, the other thing we're seeing in GLP consumers is that they're keeping our branch in their repertoire probably in, in a smaller portion. So, they're going for -- and that's the way they're actually eating across most of their choices.

現在，我們在 GLP 消費者中看到的另一件事是，他們可能只將我們的分支保留在他們的產品系列中較小的一部分。所以，他們選擇的是——實際上，這就是他們在大多數飲食選擇中採用的方式。

They're eating less quantities, so our offerings in the small portions and whether it's in multi-pack or some other options that we provide keeps our brands in their repertoire and it's still relevant. So, again, portfolio transformation, portion control, and the right offerings for those consumers will make sure that, our brands stay relevant to those consumers.

他們吃的量越來越少，因此我們提供的小份產品以及多包裝或其他選擇使我們的品牌保留在他們的產品系列中並且仍然具有相關性。因此，再次強調，產品組合轉型、份額控制以及為這些消費者提供合適的產品將確保我們的品牌與這些消費者保持相關性。

And I don't know whether that the current participation I think is about an eight, seven, 8%. And there's obviously still a lot of trial and error from consumers in that space, but I think it's going to be relevant in the future and something that every food company is thinking about and we are obviously thinking about it and reacting.

我不知道目前的參與率是否大約是 8%、7% 或 8%。顯然，消費者在該領域仍會進行大量的嘗試和錯誤，但我認為這在未來將具有現實意義，也是每家食品公司都在思考的事情，我們顯然也在思考並做出反應。

Robert Ottenstein from Evercore ISI.

Evercore ISI 的 Robert Ottenstein。

Yes. Hi, this is Greg on Robert. We have two questions on the PB&A business. I guess first, if you could talk about kind of the rationale behind the acquisition of Poppi and what you're planning to do with the brand. And then, second of all if you could talk about the drivers for PB&A margins, kind of how you're thinking about that segment and the set up, and any new thoughts on where you see the margin goal being over the medium term. Thank you.

是的。嗨，我是羅伯特的格雷格。我們對 PB&A 業務有兩個問題。我想首先，您能談談收購 Poppi 背後的理由以及您計劃如何處理該品牌嗎？其次，您能否談談 PB&A 利潤率的驅動因素，您對該部分和設定的看法，以及您對中期利潤率目標的任何新想法。謝謝。

Yeah, and listen, we're feeling good about our beverage business in North America. And we made choices a few years ago. We're executing those choices and I think we're executing quite well. And I need to thank the team for their focus and their good execution of the playbook.

是的，聽著，我們對我們在北美的飲料業務感覺很好。幾年前我們就做出了選擇。我們正在執行這些選擇，而且我認為我們執行得相當好。我要感謝球隊的專注和對戰術的出色執行。

Now, one of the key pillars was improving the margin of the business. And you can see these in a multi-year trend that we keep improving. Q1 was a good step in the right direction. I think there's. There's opportunities still to become a better operating business and keep driving better excellence out of everything of our value chain from making, moving and selling.

現在，關鍵支柱之一是提高業務利潤率。您可以從我們多年來不斷改進的趨勢中看到這一點。Q1 是朝著正確方向邁出的良好一步。我認為有。我們仍有機會成為營運狀況較好的企業，並持續推動我們的價值鏈（從製造、運輸到銷售）各個環節更加卓越。

So, good progress there. We're also very, very optimistic about our brands and if you think about our soft drink business or CSD business, Pepsi is growing faster than in the last few years. Pepsi actually is starting to gain share of carbonated soft drinks, and it is been the focus on zero sugar. It's been the focus on Pepsi and food and all the activation of the brand in that space that is giving us very good results.

因此，那裡進展良好。我們對我們的品牌也非常非常樂觀，如果你想想我們的軟性飲料業務或碳酸飲料業務，百事可樂的成長速度比過去幾年要快。百事可樂其實已經開始搶佔碳酸軟性飲料的份額，並且一直專注於零糖。我們一直專注於百事可樂和食品，並在此領域大力推廣品牌，這為我們帶來了非常好的成果。

We're also happy with Gatorade. Gatorade is also a business that is starting to regain share in the sports drink category. If you add to that Propel and the functional hydration, that space where clearly we're leaders and we keep we keep driving better performance.

我們對佳得樂也很滿意。佳得樂也是一家開始在運動飲料領域重新奪回份額的企業。如果再加上 Propel 和功能性補水功能，那麼在這個領域我們顯然是領導者，而且我們會繼續追求更好的效能。

Now, our powders and tablets, our enhancer business is also gaining share. So, that is again a multi prone strategy that is starting to deliver for us. So, we feel good about it. There are areas where we need to keep improving, right? So if you think about Mountain Dew, we've been working on it for a while. There's a big re-launch of the brand in a few weeks. We would feel optimistic as well about Baja Blast being a good addition to the portfolio that will drive a structural demand for the brand.

現在，我們的粉末和片劑以及增強劑業務的份額也在增加。所以，這又是一個開始為我們帶來效益的多傾向策略。因此，我們對此感覺良好。我們還有一些地方需要繼續改進，對嗎？如果您想到激浪 (Mountain Dew)，我們已經為此努力了一段時間。幾週後該品牌將進行大型重新推出。我們也對 Baja Blast 感到樂觀，認為它將成為產品組合的良好補充，並推動品牌的結構性需求。

So, we're feeling good about both the operating improvement. We're feeling good about some of the brands and we're feeling good about some of the inorganic moves that we're making. Again, this is all subject to regulatory approval. So, when things are approved, then I think we can talk more about Poppy and how we're planning to integrate that into the business.

因此，我們對營運改善感到滿意。我們對一些品牌感覺良好，對我們所做的一些無機舉措感覺良好。再次強調，這一切都需要獲得監管部門的批准。因此，當事情獲得批准時，我想我們可以更多地談論 Poppy 以及我們計劃如何將其融入業務中。

Peter Grom from UBS.

瑞銀的 Peter Grom。

Thanks, operator. Good morning, everyone. Ramon, I wanted to follow-up on your commentary there around beverages and just the commentary around the portfolio. But can you maybe just give us an update on energy drinks? I think it's one of the few categories that has seen some sequential improvement year-to-date from a category perspective.

謝謝，接線生。大家早安。拉蒙，我想跟進你關於飲料的評論以及關於投資組合的評論。但是您能否向我們介紹一下能量飲料的最新情況？我認為從類別角度來看，這是今年迄今為止少數幾個出現連續改善的類別之一。

Celsius has seen some improved performance as well. And then, just when you think about your partnership with Celsius, they obviously have brought on a new brand in Alani Nu. So, can you just talk about your willingness to kind of bring that brand on through your distribution network? Thanks.

Celsius 的性能也得到了一些提升。然後，當您想到與 Celsius 的合作關係時，他們顯然已經在 Alani Nu 推出了一個新品牌。那麼，您能否談談您是否願意透過分銷網絡推廣該品牌？謝謝。

Yeah, Listen, we feel good about energy and we feel good about the strategy and the partnerships that we have in this space. We're having conversations with Celsius, obviously after they acquired new brands and still I would say early discussions about how we can find ways to participate or not in this new acquisition. It's still too early to make any kind of public comment on this.

是的，聽著，我們對能源感到滿意，我們對我們在這個領域的策略和合作夥伴關係感到滿意。我們正在與 Celsius 進行對話，顯然是在他們收購新品牌之後，我仍然會說，我們正在進行早期討論，討論的是我們如何找到參與或不參與這次新收購的方法。現在就此事發表任何公開評論還為時過早。

Chris Carey from Wells Fargo Securities.

富國證券的克里斯凱裡 (Chris Carey)。

Hi, good morning, everyone. I did want to follow-up on a question around PBNA, specifically on the Pepsi brand. It gained market share in the quarter as highlighted in the prepared remarks, which is certainly encouraging.

大家好，早安。我確實想跟進有關 PBNA 的問題，特別是有關百事可樂品牌的問題。正如準備好的評論中所強調的那樣，它在本季度獲得了市場份額，這無疑是令人鼓舞的。

Do you think that this is the start of something that can be a bit more durable? What are your expectations for the brand from here? And then if we take a step back, it's a little bit like Brian's question, but more toward North America and specifically on beverages.

您是否認為這是一個更持久的事情的開始？您對該品牌有何期望？然後，如果我們退一步來看，這有點像布萊恩的問題，但更多的是針對北美，特別是飲料。

Your peers have delivered pretty dynamic results in their North American beverage business in recent years. Certainly, you've been active in the environment as well. But has your thought process on this business changed over time?

近年來，您的同行在北美飲料業務上取得了相當可觀的表現。當然，您也一直積極參與環境保護活動。但是您對這個業務的思考過程是否隨著時間的推移而改變了？

I will tell you my personal view is that it feels like there's a lot of focus on margins from the investment community and less so from growth certainly that wouldn't be your starting point with your pillars of profitable growth. But maybe just as you canvass this North American beverage environment over the past few years, has that evolved your thinking on what this business is capable of going through the medium term? Thanks so much.

我會告訴你，我的個人觀點是，投資界似乎非常關注利潤率，而較少關注成長，這當然不會成為你實現獲利成長支柱的起點。但是，也許正如您在過去幾年中對北美飲料環境的調查一樣，這是否改變了您對該行業在中期內能夠如何發展的看法？非常感謝。

Yeah, listen, it's a good, it's a very good question. And as I would refer back to my previous answer, we were feeling very good about the progress that we're making and these large businesses is about clear focus, clear tradeoffs, clear areas of where do you want to improve the business and over time you execute and we're feeling good about both the operational excellence.

是的，聽著，這是一個好問題，一個非常好的問題。正如我之前提到的，我們對所取得的進展感到非常滿意，這些大型企業有明確的重點、明確的權衡、明確的改進業務的領域，並且隨著時間的推移，你會執行，我們對卓越的運營感到非常滿意。

So, the margin improvement is not only a margin improvement, it's an operational excellence, it's an operating improvement metrics across make, move and sell and that's where the business is focused. So, it is a long-term improvement in capabilities, in infrastructure, in data and technology and all that is being rolled out to make the business more capable and more granular and more intelligent.

因此，利潤率的提高不僅僅是利潤率的提高，它是一種卓越的運營，是涵蓋製造、行動和銷售的營運改善指標，而這正是業務的重點。因此，這是能力、基礎設施、數據和技術的長期改進，所有這些都是為了使業務更強大、更精細、更智慧而推出的。

Now, on the brands as well, obviously we have been investing regularly in consistently in our brands with focus on Pepsi and Gatorade and those two brands are starting to gain share. We feel good about the positioning, we'll feel good about the advertising, we'll feel good about the portfolio. If you think about Pepsi Zero, it's a great addition to the portfolio and it's performing very well.

現在，就品牌而言，顯然我們一直在定期對我們的品牌進行持續投資，重點是百事可樂和佳得樂，這兩個品牌的市場份額開始成長。我們對定位感到滿意，對廣告感到滿意，對產品組合感到滿意。如果您想到百事零度可樂，它是產品組合的一個很好的補充，而且表現得非常好。

If you think about Gatorade, rapid hydration is a big consumer space that we're participating with Gatorade. Gatorade Zero as well has been a good addition to the portfolio, a very, very large scale part of the business now.

如果您想想佳得樂，快速補水是我們與佳得樂合作的一大消費領域。佳得樂零度 (Gatorade Zero) 也對產品組合進行了很好的補充，目前已成為公司業務中規模非常大的一部分。

And we're investing in powders and tablets because we see the consumer moving there. We're now going to have new infrastructure, new assets that help us increase our offerings and probably add more functionality to that part of the portfolio.

我們正在投資粉末和片劑，因為我們看到消費者正在轉向這些領域。我們現在將擁有新的基礎設施、新的資產，以幫助我們增加產品系列，並可能為產品組合的這一部分添加更多功能。

I think there are still opportunities on the brand. Some of them will be organic. Some of that would be inorganically or through partnerships as you mentioned with CELSIUS on the energy space, with Starbucks on the coffee space.

我認為該品牌仍有機會。其中一些是有機的。其中一些將是無機的，或透過與 CELSIUS 在能源領域、與星巴克在咖啡領域建立合作夥伴關係。

And we have also, I think, a pretty good development of the tea category ahead of us with our partnership with Unilever. So, again, through a partnership, organic or inorganic, I think the portfolio, we have very good strategic intentions of where we want to take the portfolio, where the consumer is going. And, we feel good about the progress we are making.

而且我認為，透過與聯合利華的合作，我們的茶品類也將迎來相當不錯的發展。因此，再次強調，透過合作關係，無論是有機的還是無機的，我認為，我們對投資組合有著非常好的策略意圖，我們希望將投資組合帶到哪裡，消費者將要去哪裡。並且，我們對所取得的進展感到滿意。

This is not going to be an overnight. We knew that. This is going to be a year after year progress. But, the way the business is performing, the way we are building the talent, the way we are building it step-by-step, the capabilities of the business make us feel very good about this business long-term.

這不是一朝一夕就能完成的。我們知道這一點。這將是逐年進步的過程。但是，業務的運作方式、我們培養人才的方式、我們逐步建立的方式以及業務的能力讓我們對這項業務的長期發展感到非常滿意。

Kevin Grundy from BNP Paribas.

法國巴黎銀行的凱文‧格蘭迪。

Great. Thanks. Good morning, everyone. Question for Ramon, just on the decision to recast your segment results, but really from a strategic perspective, so, as you're aware, it's not uncommon for such moves to be a precursor to more impactful strategic considerations from a company's board, particularly when a stock's been under pressure.

偉大的。謝謝。大家早安。我想問 Ramon，關於重塑分部業績的決定，但確實是從戰略角度來看，所以，正如您所知，此類舉措往往是公司董事會採取更有影響力的戰略考慮的前兆，尤其是在股票承受壓力的時候。

So, I wouldn't expect you to front run anything, of course, on a call like this today. But, perhaps provide context, one, for the decision to recast your segment results. And then, two, what you believe investors may under appreciate about the story of PepsiCo that perhaps becomes more evident with the company's new financial segment reporting. So, thank you for that.

所以，當然，我不會指望你在今天這樣的電話會議上搶先做任何事情。但是，也許可以提供背景信息，首先，為重新制定細分結果的決定提供背景資訊。其次，您認為投資者可能低估了百事可樂的故事，而這在該公司新的財務部門報告中可能會變得更加明顯。所以，謝謝你。

No, Kevin, I think we have a new -- as we think about maximizing the growth of the company in the future, we think there is an opportunity to both provide more focus in some parts of the business, either beverage or foods, or operating model, COBO or FOBO, in our international business. So, that has been the majority of the recast.

不，凱文，我認為我們有了新的——當我們考慮未來最大化公司的成長時，我們認為有機會在我們的國際業務中更加關注業務的某些部分，無論是飲料還是食品，還是營運模式，COBO 或 FOBO。這就是重鑄的大部分內容。

And so, it provides a separation of the FOBO business international versus the operating units where we control from the manufacturing all the way to the selling. And so, this is a very simple way for our international business, which is where you scale today to have a bit more focus on the value we provide to our partners in the FOBO business and the operating infrastructure around our company-owned businesses, and how we apply technology, and how we provide services to our operating units.

因此，它將 FOBO 國際業務與我們控制從製造到銷售的整個過程的營運單位分開。因此，這對我們的國際業務來說是一種非常簡單的方式，今天我們擴大國際業務的規模，以便更加關注我們為 FOBO 業務的合作夥伴和我們公司自有業務的運營基礎設施提供的價值，以及我們如何應用技術，以及如何為我們的營運部門提供服務。

So, it's more on the let's make sure that we're well-positioned for the long-term growth of our international business and nothing else. Now on the North America business, Quaker has been part of the food business now for a couple of years. So, we're just recognizing something that is the way we're thinking about the business and running the business. And then, the beverage business continues to be separate.

因此，更重要的是確保我們為國際業務的長期成長做好準備，而不是其他。就北美業務而言，桂格已涉足食品業好幾年了。因此，我們只是認識到了我們思考業務和運營業務的方式。然後，飲料業務繼續獨立。

Now what we're adding in North America, it's a North America integration opportunity, both from running the business more efficiently in the short term, but most importantly about how we can grow the business in a different way in the future, especially as we look at common infrastructure for some of our supply chain or some of our go-to-market models for particular channels where I think the scale could give more value than the separation.

現在我們在北美增加的業務是一個北美整合的機會，不僅在短期內可以更有效地運營業務，而且最重要的是，我們可以在未來以不同的方式發展業務，特別是當我們考慮部分供應鏈的通用基礎設施或某些特定渠道的上市模式時，我認為規模比分離更有價值。

And, that's how you should be thinking about why we've made some of these changes. The North American one is not on the reporting, it's more on the operating. The international one is the reporting and the operating both.

這就是您應該思考我們為什麼要做出這些改變的原因。北美的重點不在於報告，而在於操作。國際化的是報告和運作。

Robert Moskow from TD Cowen.

TD Cowen 的 Robert Moskow。

Thanks. Kaumil's daughter took my first question. But, fortunately, I have a backup here. So, last year, you characterized potato chips and other kind of unflavored chip products as being more commoditized. And that was where you wanted to be more forward on your promotional activity.

謝謝。考米爾的女兒回答了我的第一個問題。但幸運的是，我這裡有備份。所以，去年，您認為薯片和其他無味薯片產品更加商品化。這就是您希望在促銷活動中取得更大進展的地方。

And there's not much talk about that this year. So, Ramon, I wanted to know do you feel like in terms of your value actions, you need to be more active on that part of the portfolio, or do you feel like you've got it where you need to be.

今年關於這個主題的討論並不多。所以，拉蒙，我想知道，就你的價值行動而言，你是否覺得你需要對投資組合的這一部分更加積極，或者你是否覺得你已經達到了你需要的水平。

Yeah, I think the strategic intent remains the same in areas where we have less consumer differentiation. We need to probably be a bit more intentional in our revenue management initiatives. In areas where we are more differentiated, we can probably be also more intentional, but in the other direction, right?

是的，我認為在消費者差異化程度較低的地區，我們的策略意圖保持不變。我們可能需要在收入管理計劃上更有目的性。在我們差異化更強的領域，我們可能也會更有目的性，但從另一個方向來說，對嗎？

In terms of capturing more value from consumers where our products provide more uniqueness and they, obviously consider, consumers will give us more recognition for that value. So, nothing has changed. We're not talking the details because obviously we're not going so much into that space. But in the work that teams are doing.

在從消費者那裡獲取更多價值方面，我們的產品更加獨特，而且他們顯然會認為消費者會更認可我們的價值。所以，什麼都沒有改變。我們不會談論細節，因為顯然我們不會深入探討這個領域。而是在團隊正在做的工作中。

We have -- we understand where we provide value and value, it's in the product, it's in the brand, it's in the experience, it's in multiple elements of value. And then, obviously where we have less differentiation or we provide less value, we need to have, we can afford less gap versus competitors in terms of pricing.

我們了解我們提供的價值在哪裡，它存在於產品中，存在於品牌中，存在於體驗中，存在於多種價值要素中。然後，顯然，當我們的差異化程度較低或提供的價值較低時，我們需要在定價方面與競爭對手保持較小的差距。

So I mean, the principle, the strategic principles of our pricing versus our value remain the same. Actually I think we've gotten better at understanding really our value and the drivers of value and how then our pricing needs to reflect those elements in particular occasions or particular brands. I think the organization has become more nuanced, more granular, more intelligent in what is a critical element of our profitability and our growth.

所以我的意思是，我們的定價與價值的策略原則保持不變。實際上，我認為我們已經更了解我們的價值和價值驅動因素，以及我們的定價如何在特定場合或特定品牌中反映這些因素。我認為，對於我們的獲利能力和成長而言，組織變得更加細緻、更加精細、更加智慧。

Charlie Higgs from Redburn Atlantic.

來自 Redburn Atlantic 的 Charlie Higgs。

Hi, Ramon and Jamie. Good morning, as well. I just wanted to dig into the organic sales growth guidance please, because I think you are now including high inflation economies in that, can I just confirm and what you are building in for the rest of the year as a contribution from these high inflation economies? Thank you.

你好，Ramon 和 Jamie。早安.我只是想深入了解有機銷售成長指引，因為我認為您現在將高通膨經濟體納入其中，我能否確認一下，以及您在今年剩餘時間內將從這些高通膨經濟體中獲得哪些貢獻？謝謝。

So, yes, I'll confirm that we do include it. And frankly, that was to put us on a comparable basis with many of our close in peers. It's not going to be a significant part of the revenue generation for the year. And it wasn't a significant contributor in the first quarter.

所以，是的，我確認我們確實將其包括在內。坦白說，這是為了讓我們與許多同行處於可比地位。這不會成為今年收入的重要組成部分。而且它在第一季的貢獻並不大。

Yeah, Charlie, it's Ravi. It's immaterial and there's no impact on earnings either. Just to make sure we clarify that. Benefit or impact? Nothing.

是的，查理，我是拉維。這無關緊要，對收益也沒有影響。只是為了確保我們澄清這一點。好處還是影響？沒有什麼。

Great. Okay. I think this is the last question and we close the call by now. Thank you very much for your participation and obviously thank you very much, especially for the trust you have in ourselves and in PepsiCo for your investment. Thank you.

偉大的。好的。我想這是最後一個問題了，我們現在就結束通話。非常感謝您的參與，當然也非常感謝您對我們以及百事可樂的信任與投資。謝謝。

Ladies and gentlemen, this concludes 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。