百事 (PEP) 2025 Q2 法說會逐字稿

Good morning, and welcome to PepsiCo's 2025 second-quarter earnings question-and-answer session. (Operator Instructions)

早安，歡迎參加百事可樂 2025 年第二季財報問答環節。（操作員指示）

Today's call is being recorded and will be archived at www.pepsico.com. It is now my pleasure to introduce Mr. Ravi Pamnani, Senior Vice President of Investor Relations. Mr. Pamnani, you may begin.

今天的電話會議已錄音，並將存檔於www.pepsico.com。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. 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, 2025 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，這兩份文件都可以在我們的網站上查閱。在我們開始之前，請注意我們的警告聲明。我們可能會在今天的電話會議上做出前瞻性陳述，包括我們的業務計劃、2025 年指導和展望。

Forward-looking statements inherently involve risks and uncertainties and only reflect our view as of today, July 17, 2025, and we are under no obligation to update. When discussing our results, we refer to non-GAAP measures, which exclude certain items from reported results.

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 7 月 17 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。

Please refer to our second quarter 2025 earnings release and second 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. 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.

請參閱 pepsico.com 上提供的 2025 年第二季度收益報告和 2025 年第二季度 10-Q 表，了解非 GAAP 指標的定義和對賬以及有關我們業績的其他信息，包括可能導致實際結果與前瞻性陳述存在重大差異的因素的討論。今天與我一起出席的還有百事公司董事長兼執行長 Ramon Laguarta 和百事公司執行副總裁兼財務長 Jamie Caulfield。我們要求您只問一個問題。

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

接下來，我將把第一個問題交給接線員。

(Operator Instructions)

（操作員指示）

Bonnie Herzog, Goldman Sachs.

高盛的邦妮·赫爾佐格。

All right, thank you. Good morning everyone. I guess I was hoping for some more color on your accelerated productivity initiatives and your efforts to ultimately rightsize your asset footprint. My sense is your business is built for faster growth.

好的，謝謝。大家早安。我想我希望能夠更詳細地介紹一下你們加速生產力的舉措以及最終調整資產足跡的努力。我的感覺是，您的業務是為了更快的成長而建立的。

And as we're seeing growth moderate, I guess, you're understanding the need to shrink your asset base and attempt to mitigate the impact that you might be seeing from some deleverage moving forward. So first, could you quantify the productivity savings you're hoping to generate this year? And how much above the typical $1 billion run rate it will be?

隨著我們看到經濟成長放緩，我想，你會明白需要縮減資產基礎，並試圖減輕未來去槓桿可能帶來的影響。那麼首先，您能否量化今年您希望實現的生產力節約？那麼，它的營運成本將比典型的 10 億美元高出多少呢？

And then second, could you frame for us how you're balancing your reduced asset footprint with ultimately ensuring your business will still be built for growth over the medium and long term? And I guess, along those lines, how should we think about your long-term algo and realistic category growth? Thanks.

其次，您能否為我們闡述如何在減少資產佔用的同時，最終確保您的業務在中長期內仍能成長？我想，沿著這個思路，我們應該如何看待您的長期演算法和現實類別成長？謝謝。

Good, Bonnie. A lot of questions there. Listen, let me talk first about how we're thinking about productivity in a multiyear horizon. And then maybe Jamie can give you a bit more sense of the numbers. Now we're thinking about productivity.

很好，邦妮。那裡有很多問題。聽著，首先讓我談談我們如何從多年視角考慮生產力。然後也許傑米可以讓您更多地了解這些數字。現在我們考慮的是生產力。

You're asking about Frito, but think about [BB&A] as well our international business. Every one of those businesses have been optimizing their cost structure for multiyears. Now we've been investing in technology. We've been investing in AI. We've been investing in data.

您問的是 Frito，但請想想 [BB&A] 以及我們的國際業務。這些企業多年來一直在優化其成本結構。現在我們一直在投資科技。我們一直在投資人工智慧。我們一直在投資數據。

Those businesses now have opportunities to improve even more of their productivity as a stand-alone business. When it comes to the North America market, we have one new layer of opportunity that is going to give us a lot of opportunities to improve our cost structure over the next three, four years, which is the North America integration.

這些企業現在有機會作為獨立企業進一步提高生產力。談到北美市場，我們有一個新的機遇，它將為我們提供許多機會在未來三到四年內改善我們的成本結構，這就是北美整合。

We have two large businesses, almost $30 billion each that have been operating almost a full value chain side by side. Now with the investments we've made in technology, with the new data that we have in systems, we can start looking at those businesses in a more integrated way to perform some of the value chain task in an integrated way. With that, we create both efficiency and cost reduction, but also growth opportunities for the business in a combined way.

我們有兩家大型企業，每家價值近 300 億美元，它們幾乎並行運作整個價值鏈。現在，憑藉我們在技術方面的投資以及系統中的新數據，我們可以開始以更全面的方式審視這些業務，以全面的方式執行部分價值鏈任務。透過這種方式，我們既可以提高效率、降低成本，又可以創造業務成長機會。

Think about rural areas in the country. Think about how we service small stores, or away from home restaurants. Think about some of those opportunities, how we lower the cost to serve and at the same time, we can increase frequency, we can increase time to sell.

想想該國的農村地區。想想我們如何為小商店或遠離家鄉的餐廳提供服務。想想其中的一些機會，我們如何降低服務成本，同時，我們可以增加頻率，我們可以增加銷售時間。

So those are stand-alone opportunities, combined opportunities as North America. And the third layer is how we, as a company, have been investing for now multiple years in global capability centers around the world to service our businesses as one PepsiCo with one technology, with one set of processes with one set of information.

所以這些都是獨立的機會，也是北美的綜合機會。第三層是，作為一家公司，我們多年來一直在全球投資全球能力中心，以百事公司為核心，採用同一種技術、一套流程和一套資訊為我們的業務提供服務。

That is live, and that will also create a lot of value for our businesses going forward. So think about productivity, not as a one-year event, but a multiyear opportunity for us to reduce our costs, invest in growth and obviously, the food business in North America that you're referring to is one of the, obviously business, we're looking at improved cost structure in the coming months and the coming years.

這是即時的，也將為我們未來的業務創造很多價值。因此，生產力不是一年一次的事件，而是一個多年期的機會，讓我們能夠降低成本，投資於成長，顯然，您所提到的北美食品業務就是其中之一，顯然我們正在考慮在未來幾個月和幾年內改善成本結構。

Now Jamie, do you want to talk a bit more about the details of the costs?

現在 Jamie，你想再多談談費用的細節嗎？

Hi Bonnie, so yes, in the second half we're expecting to deliver about 70% more productivity than we delivered in the first half. Now that's across the entire enterprise. But given the size of Frito in the portfolio and the particular need to rightsize the assets and some of the other fixed costs, it skews more to Frito delivering that stepped up productivity. What we're going after, I think we've mentioned in the past, we've closed two plants. We do have excess manufacturing capacity given the volume performance over the past couple of years.

你好，邦妮，是的，我們預計下半年的生產力將比上半年提高約 70%。現在這已經覆蓋了整個企業。但考慮到菲多利在投資組合中的規模以及調整資產規模的特殊需求和一些其他固定成本，菲多利更傾向於提高生產力。我想我們過去曾提到過，我們的目標是關閉兩家工廠。從過去幾年的產量表現來看，我們的生產能力確實過剩。

We want to be careful not to your point, take out so much that we don't have room to grow. So we're being very intentional about this. Within our other manufacturing plants, we've shuttered some lines, but we can bring those back into service when volume returns.

我們要小心，不要像你所說的那樣，拿出太多東西，以致我們沒有成長的空間。所以我們對此非常有意。在我們的其他製造工廠中，我們已經關閉了一些生產線，但當產量恢復時，我們可以讓它們重新投入使用。

And then we're rightsizing the workforce and over time, you can flex the workforce up and down depending on the volume growth. But beyond the fixed cost, addressing the fixed cost deleverage, we've got a lot of other initiatives in play, where we've got the procurement savings, a lot of that is enabled by the investments we've made in the ERP system.

然後，我們會調整勞動規模，隨著時間的推移，你可以根據產量的成長來調整勞動力的規模。但除了固定成本、解決固定成本去槓桿問題之外，我們還採取了許多其他舉措，實現了採購節省，其中很大一部分是透過我們在 ERP 系統上的投資實現的。

We've got changes to our operating model where we're getting better leverage out of our management layer. We're going after everything. Travel and expense. We're looking at third-party contracts. So we're pushing on every cost lever that is available and that's what's going to drive the incremental productivity in the second half.

我們對營運模式進行了改變，以便從管理層獲得更好的槓桿作用。我們會追尋一切。旅行和費用。我們正在考慮第三方合約。因此，我們正在利用一切可用的成本槓桿來推動下半年生產力的提升。

Steve Powers, Deutsche Bank.

德意志銀行的史蒂夫·鮑爾斯。

Great. Can you hear me?

偉大的。你聽得到我嗎？

Yes Steve.

是的，史蒂夫。

Okay. Great. So if we stay on North America, but maybe pivot to the top line, both [PFNA, PVNA]. Your prepared remarks run through a number of initiatives that you have underway to leverage the capabilities that you just talked about in response to Bonnie's question to drive improved momentum.

好的。偉大的。因此，如果我們繼續關注北美市場，但可能轉向營收，那麼[PFNA，PVNA]。您準備好的發言中介紹了您正在進行的一系列舉措，旨在利用您剛才在回答 Bonnie 的問題時談到的能力來推動發展勢頭。

And I guess my question is, if there's a way to distill those initiatives down to maybe the top one, two or three things that you would say are the most critical, the most important to get right as we run through the back half of the year to drive improvement?

我的問題是，是否有辦法將這些措施提煉為最重要的一、二或三件事，您認為這些事情是我們在下半年推動改進時最需要做好的？

And then, I guess, relatedly, what does success look like as we think about exiting the year in both those divisions? Where do you want to be? What does your outlook kind of assume that you will be in terms of the run rate exiting the year?

然後，我想，當我們考慮在今年年底這兩個部門取得怎樣的成功時，相關的是，成功是什麼樣子的？你想去哪裡？就今年年底的運行率而言，您認為前景如何？

Yeah. Steve, listen, I'll give you a bit of a sense of what we're trying to do in the two businesses. We're -- obviously, in the food business, our number one priority has been trying to stabilize the category as leaders in the category. We're always looking at the health of the category. We're trying to make granular investments in value, make sure that consumers say within our brands.

是的。史蒂夫，聽著，我給你稍微介紹一下我們在這兩項業務中嘗試做的事情。顯然，在食品行業，我們的首要任務是努力穩定該類別並成為該類別的領導者。我們始終關注該類別的健康狀況。我們正在嘗試對價值進行細緻的投資，確保消費者對我們的品牌有發言權。

Better entry points, better value every day, and that has been successful. Also, obviously, we're trying to improve our competitiveness within the different subsegments of the category. So we're happy at the progress in many of the subsegments of the food business.

更好的切入點，每天都有更好的價值，而且已經成功了。此外，顯然我們正在努力提高我們在該類別中不同細分領域的競爭力。因此，我們對食品業許多子領域的進展感到高興。

If you think about the performance of [Cheetos] in the extruded segment, if you think about the performance of Doritos, Tostitos chips, if you think about our permissible portfolio becoming much more relevant in our overall mix. It's over $2 billion with brands like SunChips, brands like PopCorners, brands like Siete and the relaunch of Simply, which has been done now over the summer, and we're getting very, very good positive results.

如果您考慮 [Cheetos] 在擠壓食品領域的表現，如果您考慮 Doritos、Tostitos 薯片的表現，如果您考慮我們允許的產品組合在我們的整體產品組合中變得更加相關。該公司的品牌價值超過 20 億美元，包括 SunChips、PopCorners、Siete 等品牌，以及已於今年夏天重新推出的 Simply，並且取得了非常非常好的積極成果。

Still work to do in potato chips, and we're very encouraged by the latest -- last two periods, performance in [lavor] potato chips with Tostitos and the (inaudible). So first priority to make sure the category is stabilized. Second, improved performance in each one of the subsegments. Success in some, more success come in, as you saw in the prepared remarks, we are relaunching Lays is our biggest brand. We're trying to elevate the real food perception of Lays.

在薯片方面我們仍需努力，最近兩個時期，Tostitos 和（聽不清楚）。因此，首要任務是確保類別穩定。其次，提升各個子領域的績效。一些成功，更多的成功即將到來，正如您在準備好的發言中看到的那樣，我們正在重新推出樂事，這是我們最大的品牌。我們正在努力提升人們對樂事薯片真實食品的認知。

If you think about the simplest and more natural snack is a potato chip. This is a potato, it's oil and is a little bit of salt, the most simpler, no artificials as we go into the end of the year. And also, we're relaunching Tostitos because we think we can also elevate the food credentials of the brands, and that's what we're going to be doing in Q4 and Q1. So that's food. Now one element that maybe is not captured in Serkan so much, but it's been the focus of the business for many, many quarters now, a year is our away-from-home business.

如果你想想最簡單、最天然的零食就是洋芋片。這是一個土豆，有油，還有一點點鹽，最簡單的，沒有任何人工成分，因為我們快到年底了。此外，我們重新推出 Tostitos 是因為我們認為我們還可以提升品牌的食品資質，這就是我們將在第四季和第一季所做的事情。這就是食物。現在，Serkan 可能沒有太多關注某個元素，但它已經成為我們一年來許多季度的業務重點，那就是我們的戶外業務。

We've been putting a lot of emphasis on our way from home. That's giving us a lot of incremental locations to the category and where our products and our focus is giving us very good returns, both in Foods and in beverages. When it comes to beverages, the focus has been in improving Colas. And Colas is a good success for us. We've been focusing on the no-sugar Colas, we've been focusing on food and Pepsi, and we've been focusing on the taste challenge.

我們一直非常重視從家裡出發的路。這為我們在該類別中提供了大量的增量位置，我們的產品和重點為我們帶來了非常好的回報，無論是在食品還是飲料領域。說到飲料，我們的重點是改進可樂。對我們來說，Colas 是一個巨大的成功。我們一直專注於無糖可樂，我們一直專注於食物和百事可樂，我們一直專注於口味挑戰。

And those three elements have driven share -- positive share performance for Pepsi, which is something we feel very good about. Not only in the US but globally. Now the other big focus for us has been sports to make sure that the recover share in sports, and that's the first half of the year, we're gaining share. And then adding some new platforms to the functional hydration with Propel being a great success if you think about the last few years and how that brand continues to develop.

這三個因素推動了百事可樂的市佔率表現積極，我們對此感到非常高興。不僅在美國，而且在全球範圍內。現在，我們的另一個重點是體育，以確保恢復體育領域的份額，而今年上半年，我們的份額正在增加。然後，在功能性補水方面添加一些新平台，如果您回顧過去幾年以及品牌如何繼續發展，您會發現 Propel 取得了巨大的成功。

Now what would be success for us? Success would be sequential improvement of our top line, sequential improvement of our share of market performance with a goal to be back at the low end of our algorithm in top line over the next few quarters.

那麼對於我們來說什麼才算是成功呢？成功將意味著我們的營業收入和市場份額的連續提高，目標是在接下來的幾個季度中回到我們營業收入演算法的低端。

That would be a success. That's where we're really having a sense of urgency as an organization, and all the businesses are improving all the operational metrics, are very focused on delivering that over the next few quarters. That's our goal, and we will try to be there over the next few quarters.

那就算成功了。這就是我們作為一個組織真正感到緊迫的地方，所有業務都在改善所有營運指標，並非常專注於在接下來的幾個季度內實現這一目標。這就是我們的目標，我們將努力在接下來的幾個季度內實現這一目標。

Filippo Falorni, Citi.

花旗銀行的 Filippo Falorni。

Hi, good morning everyone. Ramon, I wanted to go back to one of your comments on the away from home, which is a bright spot, definitely in the results. Can you give us a sense of how big is away from home, both for the beverage side and the food side?

大家早安。拉蒙，我想回到你對客場的評論之一，這是一個亮點，絕對是結果的亮點。您能否向我們介紹客場球隊的規模有多大，包括飲料方面和食物方面？

And you called out in the PBNA, it was up high single digits in the quarter. Should we expect that to continue in the balance of the year? And maybe also a little bit longer term, what's the opportunity longer term for your way from home business?

您在 PBNA 中提到，本季它的成長率高達個位數。我們是否應該預期這種情況在今年餘下時間會持續下去？也許從更長遠的角度來看，在家工作對您的長期業務有何機會？

Yeah. Away from home for us is a way -- obviously, as consumers move their consumption patterns to more calories away from home, it is obviously an opportunity for us to create more occasions, accelerate growth in our categories, growth in our brands.

是的。對我們來說，外食是一種方式——顯然，隨著消費者的消費模式轉向在外消費更多卡路里，這顯然是我們創造更多機會、加速我們產品類別和品牌成長的機會。

So it's been a focus for us for quite some time. It's been more of a physical availability effort. Now we're adding layers of innovation, some other solutions that in terms of mini meals and some ready-to-eat solutions, that we'll talk to you in the future.

因此，這已經成為我們關注的焦點很長一段時間了。這更多的是一種物理可用性的努力。現在我們正在增加創新層次，一些其他的解決方案，例如迷你餐和一些即食解決方案，我們將來會與您討論。

But that will be beyond physical availability. That's what we're trying to do. Now it is very sizable. It is more -- it is a bigger part of the business in beverages than it is in food. And it is margin accretive for both businesses.

但這超出了物理可用性。這正是我們正在努力做的事情。現在它的規模已經非常大了。它在飲料業務中所佔的份額比在食品業務中所佔的份額更大。這對兩家企業來說都是一種利潤成長。

It's a higher-margin business for both beverages and snacks in -- and away from home than it is in retail. So growth opportunity, very incremental focus area and margin accretive. So you will see us talking about it more in the future. You will see us putting more resources against that channel. And also as I said, having more innovation beyond what is the physical availability of our products in those channels.

無論是在國內還是國外，飲料和點心的利潤率都比零售業高。因此，成長機會、非常增量的重點領域和利潤成長。因此您將來會看到我們更多地談論它。您會看到我們向該管道投入了更多資源。而且正如我所說的，我們的產品在這些管道上的實際可用性之外還有更多的創新。

Dara Mohsenian, Morgan Stanley.

摩根士丹利的達拉‧莫森尼安 (Dara Mohsenian)。

Hey, good morning, guys. So Jamie, I just wanted to maybe extend Bonnie's productivity question a bit to full year earnings. Can you just help us understand your visibility and the assumptions behind the acceleration in the back half of the year relative to the first half? It's a pretty large magnitude. Obviously, currency is a big swing factor that helps. But I imagine a lot of that is eaten up by tariffs.

嘿，大家早安。所以傑米，我只是想將邦妮的生產力問題稍微延伸到全年收益。您能否幫助我們了解您對下半年相對於上半年加速發展的前景和假設？這是一個相當大的幅度。顯然，貨幣是扮演重要角色的波動因素。但我想其中很大一部分已經被關稅吞噬了。

So just trying to understand your level of confidence there, what the key drivers are? Is it mainly productivity? Or are there other factors there? And then also just longer term, Ramon or Jamie, as you think about investing behind the business, I'm not hearing a ton about reinvestment on this call. So just, can you talk about the decision to sort of drop that to the bottom line versus reinvest behind the business?

所以只是想了解您的信心水平，關鍵驅動因素是什麼？主要是生產力嗎？還是有其他因素？然後從長遠來看，拉蒙或傑米，當您考慮投資這項業務時，我在這次電話會議中沒有聽到太多關於再投資的內容。那麼，您能否談談將其降至底線還是將其重新投資於業務的決定？

Obviously, some nice growth internationally, opportunity to continue to invest there. You're looking to drive better trends in North America, still below long-term goals from a top line standpoint. So just curious how reinvesting behind the business fits into your plans and the ability to accelerate organic sales growth as we look out beyond this year?

顯然，國際上出現了一些良好的成長，有機會繼續在那裡投資。您希望推動北美地區出現更好的趨勢，但從營收角度來看，這仍低於長期目標。所以我只是好奇，在展望今年以後時，業務再投資如何融入您的計劃以及加速有機銷售成長的能力？

So Dara, I'll start on the confidence level with productivity. I'd put that at high. When you look at the phasing of this, as we've got into 2025, I would say, became increasingly clear that the external environment was going to be pretty challenging.

所以達拉，我將從生產力的信心水準開始。我會把它放在高位。當你看到這個階段的進展時，隨著我們進入 2025 年，我想說，越來越清楚的是，外在環境將會非常具有挑戰性。

So end of Q1, and the beginning of Q2, we doubled down on identifying incremental initiatives to drive the ramp up in productivity, which will start to accrue -- incremental productivity really accrues in the second half of the year. So we've got all the actions I identified, some we've already executed on.

因此，在第一季末和第二季初，我們加倍努力尋找漸進式措施來推動生產力的提升，這將開始累積——增量生產力真正在下半年累積。因此，我們已經採取了我所確定的所有行動，其中一些我們已經執行了。

So a very high degree of confidence there. On tariffs, we factored that. Obviously, it's a bit volatile, but we feel good about the mitigating actions that we've already taken. We have some other mitigants that we have under consideration. So we've factored that into the back half.

因此，我們的信心程度非常高。關於關稅，我們已經考慮到了這一點。顯然，它有點不穩定，但我們對已經採取的緩解措施感到滿意。我們正在考慮一些其他緩解措施。所以我們已將其納入後半部。

Yeah, when it comes to [reinvestment], there are a few areas that were obviously -- first is technology, and we've been investing in technology for a long time. We'll continue to take a lot of our productivity, put it back into technology as we -- obviously, that gives us additional intelligence and additional efficiency. So that's one area. We're investing a lot in value.

是的，說到[再投資]，有幾個領域顯然是——首先是技術，我們在技術方面已經投資了很長時間。我們將繼續把大量的生產力投入到科技中——顯然，這會為我們帶來更多的智慧和更高的效率。這是一個領域。我們在價值方面投入了大量資金。

We're doing that, although very surgically. And I think we're getting better at understanding the return on the investment in value. Right now, our biggest investments have been in entry points, have been in everyday low price across most of the key categories. And then we're investing, as I was saying, in away from home. We're investing in building new capabilities so that we can drive physical availability outside of our retail channels, and also innovation that will drive.

我們正在這樣做，儘管方式非常精確。我認為我們對投資價值回報的理解越來越深刻。目前，我們最大的投資是在切入點，在大多數關鍵類別中都是每日低價。然後，正如我所說，我們正在進行客場投資。我們正在投資建立新的能力，以便我們能夠推動零售通路以外的實體供應，並推動創新。

Now our [E&M] levels have been pretty high over the last five years. We've been putting a lot of [A&M] against the business or incremental A&M. We keep those levels going forward. I think the brands are sharpening their plants. We have better productivity as well in the A&M media space.

過去五年來，我們的 [E&M] 水準一直相當高。我們一直在針對業務或增量 A&M 進行大量 [A&M] 投入。我們會繼續保持這些水平。我認為各品牌正在磨練他們的工廠。我們在 A&M 媒體領域的生產力也更高。

So we feel we're -- we have enough resources there to defend the core and also build some incremental platforms for growth. So those are the big areas where we're thinking about the reinvestment. I think we've been driving the company for the long term since I started, and that continues to be the way we're looking at the business. Good levels of productivity to fund good levels of investment in the business going long term.

因此，我們認為我們擁有足夠的資源來捍衛核心，並建立一些增量平台以實現成長。這些是我們正在考慮再投資的重大領域。我認為，自從我開始工作以來，我們一直在為公司的長遠發展而努力，而且這仍然是我們看待業務的方式。良好的生產力水準可以為企業的長期良好投資提供資金。

Lauren Lieberman, Barclays.

巴克萊銀行的勞倫·利伯曼。

Great, thanks so much. I wanted to talk a little bit about portfolio transformation. And you've been pretty active on the permissibility side of things and you spoke about the Simply restage. I can tell you, I've seen a ton of more incremental merchandising and display for -- to the Simply lines in store.

太好了，非常感謝。我想談談投資組合轉型。您在事情的許可方面一直非常活躍，並且談到了簡單的重新安排。我可以告訴你，我已經看到大量針對商店中 Simply 線路的增量商品推銷和展示。

Yes, a lot. And I was just curious, I guess, first specifically how that's going, because I know that on Simply something that you've spoken about in the past is that the impediment was not having the products are making them available was, frankly, consumer engagement and interest in them.

是的，很多。我只是很好奇，首先具體情況是怎樣的，因為我知道您過去曾談到過，障礙不是產品無法供應，坦白說，是消費者的參與和對產品的興趣。

So I'm curious on what kind of uptake you're seeing on that front? And then also in the release, you had mentioned some upcoming innovation for Frito around fiber, and protein and other things in ingredient profile.

所以我很好奇您在這方面看到了什麼樣的進展？另外，在發布會上，您也提到了 Frito 即將在纖維、蛋白質和其他成分方面進行的一些創新。

And I was just curious if you've done anything in terms of like consumer testing? Because when I think about the brand equities, I would think an open question is whether or not some of your brands have the right to play, if you will, in a space like protein, in the space like fiber? And just how you're thinking through kind of the risk of diluting brand equity by stretching them too far?

我只是好奇您是否做過類似消費者測試的事情？因為當我考慮品牌資產時，我會想到一個懸而未決的問題是，如果你願意的話，你的一些品牌是否有權在蛋白質、纖維等領域發揮作用？您如何看待過度擴張品牌資產可能帶來的稀釋風險？

Yeah, That's a good question. So the permissible portfolio in foods and obviously, no sugar in beverages, and some functional platforms and beverages, have been a focus of the company for quite some time. Permissible snacks, which is where your question was going, has been -- it's over a $2 billion business already. We're by far the largest permissible snacking company in the US.

是的，這是個好問題。因此，食品中的允許組合，顯然還有飲料中的無糖，以及一些功能平台和飲料，一直是該公司關注的重點。您的問題涉及的允許零食已經是一個價值超過 20 億美元的產業。我們是迄今為止美國最大的獲準銷售零食的公司。

with multiple platforms. So SunChips a very successful platform based around multigrain. We have PopCorners, more focus on baked, never fried. We have multiple -- now we have, obviously, as a new member of the family. And then Simply trying to address the [no-artificials] and is natural in the big brands.

擁有多個平台。所以，SunChips 是一個以多種穀物為基礎的非常成功的平台。我們有 PopCorners，更注重烘焙，從不油炸。我們有多個——現在我們顯然有了家庭的新成員。然後簡單地嘗試解決[無人工]問題，這在大品牌中是自然的。

Those platforms continue to grow, and I'm very happy that you're saying you're seeing more physical availability of Simply. That was the bottleneck for consumption. It was not really consumer appetite for the product, but more availability of the product and the right affordability, the right price points that drive the trial. I think we've worked on both availability and affordability, and that will drive trial. We're seeing increased trial in simply.

這些平台不斷發展，我很高興您說您看到了 Simply 的更多實體可用性。這就是消費的瓶頸。推動試用的其實並不是消費者對產品的興趣，而是產品的可用性、適當的負擔能力、適當的價格點。我認為我們已經在可用性和可負擔性方面做出了努力，這將推動試驗。我們看到，簡單的試驗正在增加。

And those are great products that a lot of consumers that were kind of sitting on the fence of some of our large brands Doritos, Cheetos and Laser Ruffles are now opting to come into the brand. So good feelings and that will continue to be a focus of our A&M, of our sales force, as you saw, and our customer plans.

這些都是很棒的產品，許多消費者之前對我們的一些大品牌 Doritos、Cheetos 和 Laser Ruffles 猶豫不決，現在都選擇購買該品牌。感覺很好，如您所見，這將繼續成為我們 A&M、銷售團隊和客戶計劃的重點。

Now going into the future, a big -- a couple of big innovation ideas. One is the relaunch of Lays and relaunch of Tostitos. Those are two huge platforms that we want to elevate the real food credentials of the two brands.

現在展望未來，有幾個重大的創新想法。一是重新推出樂事 (Lays) 和 Tostitos。我們希望透過這兩個巨大的平台來提升這兩個品牌的真正食品資質。

These are very -- these are [anchor] on potatoes, on corn. Very traditional cooking methods on both, very simple ingredients. Great, great food for our consumers. We will relaunch them, we'll put a lot of resources against. We'll eliminate artificial from those two big brands, and that will happen Q4 and Q1 and then into next year.

這些非常——這些是關於馬鈴薯、玉米的[錨點]。兩種烹飪方法都非常傳統，原料也非常簡單。為我們的消費者提供非常美味的食物。我們將重新啟動它們，並投入大量資源。我們將消除這兩個大品牌的人工成本，這將在第四季和第一季以及明年實現。

Yes, we're also -- in our remarks, we're talking about some innovation in more functional spaces with our food business. Yes, protein. In some brands like PopCorners, some brands like the [Quicker Snacks] and eventually in some of our larger brands.

是的，我們在演講中也談到了食品業務在更多功能空間方面的一些創新。是的，蛋白質。在某些品牌中，例如 PopCorners，在某些品牌中，例如 [Quicker Snacks]，最終在我們的一些較大的品牌中。

And to your question, we've been very surprised, positively surprised, how consumers are seeing our brands expanding into those more functional spaces with credibility. So we'll push hard.

對於您的問題，我們感到非常驚訝，甚至可以說是驚喜，因為消費者看到我們的品牌以可信度擴展到更具功能性的領域。所以我們會努力。

The big push to protein though is going to be on the -- on our beverage business where we have some big launches coming up in Q4 and Q1. We will be participating in the liquid protein space with, I think, superior propositions that have no artificials, that are great tasting, and that I think will give us the return on what is clearly a consumer trend that is scaling up in the US and it's part of the [repertoire] our consumers. So those are the areas we will obviously talk more in the coming quarters. It's a little bit early, and we obviously, for confidential reasons, competitive reasons, we don't want to disclose too much at this point.

不過，對蛋白質的大力推動將集中在我們的飲料業務上，我們將在第四季和第一季推出一些重大產品。我們將參與液體蛋白質領域，我認為，我們將提供優質的產品，這些產品不含任何人工成分，味道鮮美，而且我認為這將為我們帶來回報，這顯然是一種正在美國不斷擴大的消費趨勢，也是我們消費者的一部分。因此，這些顯然是我們在未來幾季會更多討論的領域。現在還為時過早，而且顯然，出於保密和競爭的原因，我們不想在此時透露太多資訊。

Michael Lavery, Piper Sandler.

麥可拉弗里、派珀桑德勒。

Thank you. Good morning. Just maybe shifting gears a little bit to international. It's done quite nicely and -- just maybe you gave some color in the prepared remarks, obviously, but hoping you could maybe call out a couple of the key drivers? Just some of what's really driving working there? And then maybe if there's any watch-outs for the second half, or even opportunities for further acceleration you can flag and just unpack that a little bit for us?

謝謝。早安.可能只是稍微轉向國際化。做得非常好——也許您在準備好的發言中給出了一些說明，但希望您能指出幾個關鍵驅動因素？真正推動在那裡工作的是什麼？那麼，如果下半場有什麼需要注意的地方，或者甚至是進一步加速的機會，您可以標記一下並為我們稍微解釋一下嗎？

Yeah. I mean, yeah, International has been a success story for us. It's been a focus of the company. Obviously, we're very developed in the US and international is a big opportunity for growth. A lot of consumers and a lot of opportunities for growth and frequency build in most of the markets develop and developing. So we continue to invest in international, both foods and snack -- foods and beverages.

是的。是的，我的意思是，國際化對我們來說是一個成功的故事。這一直是公司的重點。顯然，我們在美國已經非常發達，國際市場是一個巨大的成長機會。大多數市場正在發展壯大，湧現出大量消費者，並帶來大量成長和頻率機會。因此，我們繼續投資國際食品、零食和飲料。

Both categories are doing well, mid-single-digit growth. That's where we're trying to continue balance of the year, and that's what's in our guidance, and our long term, how we think about the business long term. So yes, in terms of specific markets, I would say we're very pleased with LatAm.

這兩個類別都表現良好，均實現了中等個位數的成長。這就是我們試圖在今年繼續保持平衡的目標，也是我們的指導方針，也是我們的長期目標，也是我們對長期業務的看法。所以是的，就具體市場而言，我想說我們對拉丁美洲非常滿意。

We're very pleased with some parts of Europe where we see strength. We're pleased with some parts of the Middle East. China, a little bit weaker. As you think about the Chinese consumer, post the Chinese New Year a little bit softer. India continues to be a double-digit growth.

我們對歐洲部分地區的實力感到非常高興。我們對中東部分地區感到滿意。中國稍微弱一點。想想中國消費者，農曆新年過後，情況會稍微好一點。印度持續保持兩位數成長。

So overall, I would say our business, strong competitiveness. We continue to invest in category growth, which at the end is the long-term driver of the business. And the important thing for us is this was a business that had -- the profitability was below PepsiCo average in the past. Now it is accretive to PepsiCo. So it is a very good investment opportunity for us.

所以總的來說，我認為我們的業務具有很強的競爭力。我們將繼續投資於品類成長，最終將成為業務的長期驅動力。對我們來說重要的是，這項業務過去的獲利能力低於百事可樂的平均值。現在它對百事可樂來說具有增值作用。所以這對我們來說是一個非常好的投資機會。

Peter Grom, UBS.

瑞銀的 Peter Grom。

Thanks operator and good morning everyone. Ramon, I wanted to go back to your response to Steve's question on just what success looks like. And I think you mentioned potentially returning to the organic growth and kind of the low end of the algorithm.

謝謝接線員，大家早安。拉蒙，我想回到你對史蒂夫關於成功到底是什麼樣子的問題的回答。我認為您提到了可能恢復有機增長和演算法的低端。

Can you maybe just give us a sense in terms of your level of confidence, or visibility, into getting to that today, where we sit today, versus maybe where we've been over the last kind of 12 months? It sounds like you're more confident today versus where we've been. I'm not sure if that's a fair statement or not.

您能否向我們介紹一下您對實現這一目標的信心程度或預見性，以及我們目前的狀況與過去 12 個月的狀況相比如何？聽起來你今天比我們以前更有自信了。我不確定這是否是一個公平的說法。

But if so, what kind of drives that improved confidence?

但如果是這樣，那麼是什麼樣的動力增強了信心呢？

Yeah, The confidence comes from -- we see sustained international growth, and we see a sequential improvement of our North America business. When you put that together, yes, we should go back to the lower end of our long-term algorithm. Whether this is three quarters, four quarters, I don't know. I don't have a magic ball, but clearly, the business is working on this.

是的，信心來自於——我們看到了持續的國際成長，也看到了北美業務的連續改善。當你把它們放在一起時，是的，我們應該回到長期演算法的低端。這是否是三個季度，四個季度，我不知道。我沒有魔法球，但顯然企業正在努力實現這一點。

We're becoming much more competitive in multiple subsegments of the category. And will continue to be very granular on our investments, continue to increase our productivity, so we can reinvest back in value and portfolio innovation. And the away from home business, which, as I said, is giving us a lot of great returns, and we'll continue to do that.

我們在該類別的多個細分領域中的競爭力正在增強。我們將繼續細化我們的投資，並繼續提高我們的生產力，以便我們能夠重新投資於價值和投資組合創新。正如我所說，戶外業務為我們帶來了豐厚的回報，我們將繼續這樣做。

Andrew Tellam, JP Morgan.

摩根大通的安德魯泰勒姆。

Thank you. Good morning, everyone. So Ramon, you spoke about permissible offerings. And I know how much effort the company has been putting into these offerings for a very long time. But you're getting to $2 billion out of like close to $27 billion to $30 billion in sales in North America for convenience foods. And assuming that includes also your acquisitions. Why do you think -- I mean, just as a step back, that why do you think the consumer -- the consumer is searching for healthy snack.

謝謝。大家早安。拉蒙，您談到了允許的祭品。我知道公司長期以來為這些產品付出了多少努力。但在北美方便食品的銷售額接近 270 億至 300 億美元中，你只獲得了 20 億美元。並假設這也包括您的收購。您為什麼認為——我的意思是，退一步來說，您為什麼認為消費者——消費者正在尋找健康的零食。

The share of healthy snacks for you did not improve that much relative to what I think the consumer desire is. So perhaps in this high single-digit percentage of total, how can you kind of improve that as you go forward?

我認為，相對於消費者的需求而言，健康零食的份額並沒有太大的提高。那麼，也許在這個較高的個位數百分比中，您如何在未來有所改善？

And do you think is more of a form situation where you obviously have a massive market share, which, I mean, benefit to you? And obviously, kudos to that effort in chips. And then the consumer is more looking for different forms and perhaps the right to win.

您是否認為這更像是一種形式，即您顯然擁有巨大的市場份額，這對您有利？顯然，我們在晶片方面的努力值得稱讚。然後消費者就會尋求更多不同的形式和可能的獲勝權利。

It's in forms like shakes, or nuts, or fruits, or protein bars that you may not have any. And if that's the case, why not leaning towards more of that and perhaps for acquisitions? So I just want to take a step back and think about strategically.

它的形式可能是奶昔、堅果、水果或蛋白質棒，而你可能沒有吃過。如果事實確實如此，為什麼不傾向於更多這樣的做法，甚至進行收購呢？所以我只想退一步，從戰略上思考。

Yeah, yes, Andrea. It's a good question. And I think -- when you think about permissibility in our category, I would include, I mean, some of the levers we have obviously, is innovation and portfolio, as you were referring to.

是的，是的，安德里亞。這是個好問題。我認為 - 當您考慮我們類別中的可允許性時，我會包括，我的意思是，我們顯然擁有的一些槓桿是創新和投資組合，正如您所提到的。

So a lot of the multiple choices that we're giving consumers and we'll give that platform -- of those platforms much more visibility and affordability because those were drivers that maybe we were not emphasizing enough in the past. Now clearly, there is.

因此，我們為消費者提供了多種選擇，並為這些平台提供了更多的可見性和可負擔性，因為這些是我們過去可能沒有足夠強調的驅動因素。現在顯然有。

But think about the other lever of permissibility in our category is portion control. I think portion control will be critical going forward and our brands will be in consumer lives more and more that in smaller portions. If you think about the efforts that we've been putting for many, many years now, in building a multipack business, a variety pack business, a single-serve business. Right now, over 60% of our volume in the US, food business is in smaller formats. That will continue to grow.

但請想一想，我們類別中允許的另一個槓桿是份量控制。我認為份量控制在未來將至關重要，我們的品牌將越來越多地以小份量的形式出現在消費者的生活中。如果您想想我們多年來為建立多包裝業務、多種包裝業務和單一服務業務所付出的努力。目前，我們在美國的食品業務有 60% 以上的銷售量都是小規模的。這一數字也將持續成長。

I think it's a great way for our brands to participate in what is a very healthy diet. And improve the permissibility of our category in general. So think about permissibility probably in broader sense. Obviously, there is -- it is an ingredient element. It is a cooking method element.

我認為這是我們的品牌參與健康飲食的好方法。並從整體上提高我們類別的可允許性。因此，請從更廣泛的意義上考慮可允許性。顯然，存在──它是一種成分元素。它是一種烹飪方法元素。

It is a format and a number of calories per serving. So there's a lot of levers that we're playing, because I think the number of occasions will continue to grow for our category. We want to participate in those occasions as on-the-go lifestyles will continue to develop. And that is the long-term opportunity for our categories. Participated on-the-go lifestyles with permissible solutions, affordable solutions that are in consumers' life in multiple locations.

它是一種格式和每份的卡路里數。所以我們正在採取很多措施，因為我認為我們這個類別的場合數量將會繼續增長。隨著忙碌的生活方式不斷發展，我們希望參與這些活動。這是我們各個類別的長期機會。透過可行的解決方案和可負擔的解決方案參與消費者在多個地方的生活。

That's what we're trying to do. So I'm very optimistic about the growth opportunities of our food business. I'm also extremely obviously optimistic about the growth opportunities in our beverage business, where clearly the permissibility within the no-sugar offerings and the functionality of the category, both with hydration, with energy with the protein is already more developed than it is in the food business.

這正是我們正在努力做的事情。因此我對我們的食品業務的成長機會非常樂觀。我對我們的飲料業務的成長機會也非常樂觀，顯然，無糖產品的可接受性和該類別的功能性（包括補水、補充能量和蛋白質）已經比食品業務更加發達。

Peter Galbo, Bank of America.

美國銀行的彼得‧加爾博 (Peter Galbo)。

Hey, good morning, Ramone and Jamie. Thanks for the question. Ramon, just going back through your comments on kind of sequential improvement expected in the food business over the rest of the year, and maybe even into next year.

嘿，早上好，拉蒙和傑米。謝謝你的提問。拉蒙，我再回顧你對今年剩餘時間，甚至明年食品業預計會出現連續改善的評論。

Just maybe wanted to put that into context of Q3 in particular, as you kind of lap some of the promotional efforts from last year, the volume compare is a bit more difficult. So is it possible that we see maybe a step back in that volume trend before it reaccelerates or kind of how we should think about it there again over the course of the year?

也許只是想把它放在第三季的背景下，當你回顧去年的一些促銷活動時，數量比較會更加困難。那麼，我們是否有可能看到交易量趨勢在重新加速之前出現回落，或者我們應該如何在一年內再次考慮這一趨勢？

Peter, I will not go into the details. My question was, PepsiCo will get to the low end of its long-term top line algorithm in the next few quarters as a combination of international business continued to perform at a very high level and sequential improvement in our North America business.

彼得，我不想講細節。我的問題是，由於國際業務繼續保持高水準表現，且北美業務連續改善，百事可樂將在未來幾季達到其長期營收演算法的低端。

Kaumil Gajrawala, Jefferies.

傑富瑞的 Kaumil Gajrawala。

Hey guys, good morning, Ramon, that was [quite the Ts] on the big launch in protein. There is anything you could add, I'm sure we'd all be interested? Is it an existing brand, new brand? Any context? And then on -- when I look at your comments in the opening remarks, many of the comments started with a focus on value as being responsible for this improvement in inflection.

嘿，大家好，拉蒙，這是關於蛋白質的大型發布會的[相當精彩的]。您還有什麼可以補充的嗎？我相信我們都會感興趣的。它是現有品牌還是新品牌？有上下文嗎？然後——當我看到您在開場白中的評論時，許多評論都是從關注價值開始的，認為價值是導致這種曲率改善的原因。

So can you maybe just talk about sort of the journey and offering more value where you feel you are? Is there more work to do are things reset into a place that you like?

那麼，您能否談談您的旅程以及您認為可以提供的更多價值？還有更多工作要做嗎？是否要將事物重置到您喜歡的位置？

Yeah, listen, with regards to the protein. I think protein is clearly a subsegment in our food and beverages categories that is growing fast. Consumers are adopting protein solutions in the diet at a pace that was not the case in a few months back, a few years back. So we -- as we always do, we follow the consumer, and we try to offer consumer solutions.

是的，聽著，關於蛋白質。我認為蛋白質顯然是我們食品和飲料類別中快速成長的子類別。消費者在飲食中採用蛋白質解決方案的速度與幾個月前或幾年前的速度不同。因此，我們一如既往地關註消費者，並嘗試為消費者提供解決方案。

Not small solutions, but solutions with our big brands because that's the beauty of our company, and we can provide democratize solutions at large scale, that's what we're trying to do. You will see more in the due time. And it's not too long from now. It's a few months from now, that will obviously make more detailed announcements of our new platforms.

不是小解決方案，而是與我們的大型品牌合作的解決方案，因為這是我們公司的優勢所在，我們可以大規模地提供民主化的解決方案，這就是我們正在努力做的事情。您將在適當的時候看到更多。而且距離現在也已經不遠了。幾個月後，我們顯然會發布有關我們新平台的更詳細的公告。

And on affordability for sure. And I mean affordability. You said value. So value has a number of dimensions, one of which is affordability, but it's also availability. It's a variety, and we pull on all of those levers.

並且肯定是負擔得起的。我指的是可負擔性。你說的是價值。因此，價值有許多維度，其中之一是可負擔性，但也是可用性。這是一種多樣性，我們會利用所有這些槓桿。

And we expect to continue to innovate and change in response to how the consumers are defining value in the marketplace. So -- and we're able to do that. Our analytics are getting much sharper as we've invested a lot in data and IP. So yes, we'll continue to use value as a lever and affordability, we're addressing with a lot more precision. So by channel, by pack size, by time of the month.

我們希望根據消費者在市場上如何定義價值而繼續創新和改變。所以——我們能夠做到這一點。由於我們在數據和 IP 方面投入了大量資金，我們的分析能力變得越來越敏銳。所以是的，我們將繼續利用價值作為槓桿，並以更精確的方式解決可負擔性問題。因此，可以按通路、按包裝大小、按月份來劃分。

Robert Ottenstein, Evercore ISI.

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

Great, thank you very much. Just a couple of follow-up questions, if I may. Revisiting the international business, beverages did much better than food. Can you talk maybe about -- a little bit about the drivers of why the beverages did so well? You mentioned Sting, I think for the first time that I can remember. I know it's an energy drink that's big in Southeast Asia.

太好了，非常感謝。如果可以的話，我只想問幾個後續問題。回顧國際業務，飲料的表現比食品好得多。您能否稍微談談導致這些飲料如此暢銷的原因？你提到了斯汀，我想這是我記得的第一次。我知道這是一種在東南亞很流行的能量飲料。

I think you got it from the [Rockstar] transaction. So a little bit about your international strategy on the beverage side? And then a follow-up on the comments about North America and that integration. Is the integration that you're working on to such an extent that it would preclude any future consideration of refranchising? Or would that be an option in the future even with the integration?

我認為您是從 [Rockstar] 交易中獲得的。那麼，您能簡單介紹一下您在飲料方面的國際策略嗎？然後跟進有關北美和一體化的評論。您正在進行的整合是否已經到了排除未來再特許經營考慮的程度？或者即使進行了整合，這在未來是否也是一種選擇？

Yes. A couple of things. So Sting is a brand that we created in -- actually originated in Vietnam. And now it's available in multiple markets in developing and emerging markets, and it's part of our Formula 1 now sponsorship and is a brand that we think -- I mean we know it has opportunities in many markets across our portfolio of markets. Now beverages has been a successful story for us.

是的。有幾件事。所以 Sting 是我們創建的品牌——實際上起源於越南。現在，它在發展中市場和新興市場的多個市場上都有銷售，它是我們現在贊助的一級方程式賽車的一部分，也是我們認為的一個品牌——我的意思是，我們知道它在我們的市場組合的許多市場中都有機會。現在飲料對我們來說已經是一個成功的案例。

We've been gaining share in multiple markets. And basically, we have three big platforms that we're focusing on. One is no sugar Colas, no sugar [CSDs], but Colas in particular. And no sugar Pepsi has been an amazing success in many, many markets, in many markets around the world. We're leaders in Colas because of Pepsi, no sugar.

我們的市佔率已在多個市場不斷擴大。基本上，我們關注的有三個大平台。一類是無糖可樂，無糖[CSD]，但具體來說是可樂。無糖百事可樂在世界各地的許多市場都取得了驚人的成功。由於百事可樂不含糖，所以我們成為可樂領域的領導者。

Second platform is energy and Sting plays a big role in that portfolio, but not only we have other brands that are very successful in multiple markets. Third platform is hydration and in hydration Gatorade plays an important role and Gatorade can grow meaningfully around the world, and we're tweaking the American propositions to better fit the profile of international consumers in many markets. So those are the -- we're also -- I think our bottlers are improving their performance. They're investing in their technologies and in their execution. And there is a good -- a very good partnership between us and our bottlers.

第二個平台是能源，Sting 在這個產品組合中扮演著重要角色，但我們不僅擁有在多個市場都非常成功的其他品牌。第三個平台是補水，佳得樂在補水方面發揮著重要作用，佳得樂可以在全球範圍內實現有意義的增長，我們正在調整美國的主張，以更好地適應許多市場的國際消費者的形象。所以這些是——我們也——我認為我們的裝瓶商正在提高他們的表現。他們正在對其技術和執行進行投資。我們和我們的瓶裝商之間有著良好的合作關係。

And that obviously is resulting in better performance. And that -- we don't see any reason why this would not continue in the coming years. We have now a very dedicated organization, international beverages franchise. That is a great way of connecting end-to-end the whole world and making sure that we focus on the right platforms. We leverage platforms like Champions League, like Formula 1, and others to create growth for long term for us.

這顯然會帶來更好的表現。而且——我們看不出這種情況在未來幾年不會繼續下去的任何理由。我們現在有一個非常專注的組織，國際飲料特許經營權。這是端到端連接整個世界並確保我們專注於正確平台的絕佳方式。我們利用冠軍聯賽、一級方程式賽車等平台為我們創造長期成長。

The other point I'd make is on the international foods business. In a number of D&E markets we have what I'll call some basic food products. They tend to be very heavy but low value per pound. They also tend to be pretty volatile. If you look at just our savory snacks within international and exclude those basic foods, the growth rate would be about 4 points higher.

我想談的另一點是關於國際食品業務。在許多 D&E 市場中，我們都擁有一些我稱之為基本食品的產品。它們通常很重，但每磅的價值很低。它們也往往非常不穩定。如果只看國際市場上的鹹味小吃，並排除那些基本食品，成長率將高出約 4 個百分點。

When it comes to North America, what I said earlier, this is a big opportunity for us to -- and it's not available to many other companies to synergize two large operating businesses that are sitting side-by-side servicing the same geographies, the same customers and the same consumers.

說到北美，正如我之前所說，這對我們來說是一個巨大的機會——而且許多其他公司無法實現兩家大型營運企業的協同效應，這兩家公司並肩服務於相同的地理位置、相同的客戶和相同的消費者。

And that, for us, is a huge idea to optimize how we do most of the task in our value chain. How we do this at low cost and a better performance. So this will be our priority and where we will focus our efforts for the next three, four years to capture value and come out of this as a lower cost business and better performing business.

對我們來說，這是一個偉大的想法，可以優化我們在價值鏈中完成大部分任務的方式。我們如何以低成本實現這一目標並獲得更好的性能。因此，這將是我們的首要任務，也是我們未來三、四年內努力的重點，以獲得價值，並實現成本更低、業績更好的業務。

Chris Carey, Wells Fargo Securities.

富國證券的克里斯凱裡 (Chris Carey)。

Hi, good morning, everyone. I wanted to ask about PBNA. Well, actually, and just in the context of the global beverage business. The President made some comments last night about ingredient changes, or ingredient evolution in one of your competitors.

大家好，早安。我想詢問有關 PBNA 的問題。嗯，實際上，僅就全球飲料業務而言。總統昨晚就你們某個競爭對手的成分變化或成分演變發表了一些評論。

And it got me thinking in a way is how flexible is the system to responding to ingredient changes? And I'm really asking is in the context of the prepared remarks, talked about removing artificial flavors from a number of ingredients from a number of food offerings.

這讓我開始思考，系統對於成分變化的反應有多靈活？我真正想問的是，在準備好的發言中，談到了從多種食品中的多種成分中去除人工香料。

And it really got me thinking about the beverage side and where you see this portfolio today and that kind of evolution toward healthier cleaner ingredients, and kind of how you see your North America versus international businesses on that journey of x percent today, but we think we can be at x percent in the coming years, and whether our North America and international business. So really about the evolution of cleaner ingredients within your beverage portfolio and how flexible the system is to respond to those changing requirements? Thanks.

這確實讓我開始思考飲料方面，以及您今天看到的這個產品組合，以及向更健康、更清潔的成分的演變，以及您如何看待北美業務與國際業務在今天的 x% 旅程中，但我們認為我們可以在未來幾年達到 x%，以及我們的北美和國際業務。那麼，你們的飲料產品組合中清潔成分的演變如何？系統對這些不斷變化的需求的反應有多靈活？謝謝。

Listen, same journey that we have in foods, we're following in beverages. It is a consumer-centric strategy. We're following the consumer. If the consumer is telling us that they prefer products that have sugar and they prefer products that have natural ingredients. We will give the consumer products that have sugar and have natural ingredients.

聽著，我們在食品領域走過的路，我們在飲料領域也走過的路。這是一個以消費者為中心的策略。我們關注的是消費者。如果消費者告訴我們他們更喜歡含糖的產品，並且更喜歡含有天然成分的產品。我們將為消費者提供含糖和天然成分的產品。

So this is a journey of following the consumer, trying to be a little bit maybe one step ahead of the consumer, but not too many steps. And it applies to both beverages and food. In particular, we have a journey to -- and a technical road map to eliminate artificial colors and artificial flavors from our beverages the same as we do for our food business, and we'll be able to execute as the regulations evolve, or consumer preference evolve.

所以這是一個跟隨消費者的旅程，試圖領先消費者一步，但不要太多。它既適用於飲料，也適用於食品。具體來說，我們有一個歷程和一個技術路線圖，以消除飲料中的人工色素和人工香料，就像我們對食品業務所做的那樣，並且我們將能夠隨著法規的發展或消費者偏好的發展而執行。

Kevin Grundy, BNP Paribas.

法國巴黎銀行的凱文‧格蘭迪。

Great. Thanks. Good morning, everyone. Thanks for taking the question. Ramon, I wanted to come back to North America beverages and energy drinks. It's an area we haven't spent a ton of time on, but it was certainly an area when you took over, you kind of do a line in the sand.

偉大的。謝謝。大家早安。感謝您回答這個問題。拉蒙，我想回到北美飲料和能量飲料領域。我們沒有在這個領域花太多時間，但當你接手這個領域時，你肯定會在這個領域劃一條線。

I think if you'd agree with that characterization, so you wanted to see PepsiCo play in a more substantial way. I think Rockstar has probably proven to be a little bit more difficult to turn, kick start sort of same deal with Mountain Dew, and sort of difficulty gaining traction. So I'd like to get your updated thoughts on sort of overall satisfaction with the energy during strategy.

我認為，如果您同意這種描述，那麼您就會希望看到百事可樂以更實質的方式發揮作用。我認為 Rockstar 可能有點難以扭轉局面，就像 Mountain Dew 那樣難以啟動交易，並且難以獲得關注。所以我想了解您對戰略期間能源整體滿意度的最新看法。

Kind of how you see the role of CELSIUS potentially a lot of new, not asking to make any comments, of course, if you can't. But just looking out over the next three to five years, what would you share with investors? What would you share with the market success in energy drinks look like from a PepsiCo perspective? Thank you.

您如何看待 CELSIUS 可能發揮的許多新作用，當然，如果您不能，我不會發表任何評論。但展望未來三到五年，您會與投資人分享什麼？從百事可樂的角度來看，您認為能量飲料市場的成功是如何的？謝謝。

Yes. Listen, we continue to see energy as a large and growing category in our beverage business and consumers are adopting those beverages in their lifestyle, and I think that will continue. The way we're participating is multiple, right?

是的。聽著，我們繼續將能量飲料視為我們飲料業務中一個龐大且不斷增長的類別，消費者正在將這些飲料融入他們的生活方式中，我認為這種情況將會持續下去。我們參與的方式是多種多樣的，對嗎？

We're participating in ownership of some businesses like CELSIUS. And we're also creating value by distributing some of those brands in the marketplace, and that makes our business stronger with our customers, but also, obviously, we create value from our infrastructure and our assets.

我們正在參與一些企業的所有權，例如 CELSIUS。我們也透過在市場上分銷一些品牌來創造價值，這使我們與客戶的業務更加強大，而且顯然，我們也從我們的基礎設施和資產中創造了價值。

So that's the way we're participating. On top of that, we have a JV with Starbucks that is very successful and will continue to provide energy solutions, [Energy+] solutions, not only energy in the coming years. And that's another way how PepsiCo strikes value, both from the ownership of the JV and also obviously, the distribution of those beverages in the marketplace.

這就是我們參與的方式。除此之外，我們與星巴克的合資企業非常成功，並將在未來幾年繼續提供能源解決方案、[Energy+] 解決方案，而不僅僅是能源。這是百事可樂實現價值的另一種方式，既包括合資企業的所有權，也顯然包括這些飲料在市場上的分銷。

And as the consumer evolves and there might be different spaces that get created, how maybe sports drinks and energy get combined in the future, we'll be able to create as well solutions with some of our platforms that satisfy those needs for consumers. So I think it's both from an innovation point of view, from an ownership of -- in the case of the JV with Starbucks, or participating in the ownership of CELSIUS.

隨著消費者的不斷發展，可能會出現不同的空間，未來運動飲料和能量飲料可能會如何結合，我們也將能夠利用我們的一些平台創造出滿足消費者需求的解決方案。因此，我認為這既是從創新的角度來看，也是從所有權的角度來看——就與星巴克的合資企業而言，或者從參與 CELSIUS 的所有權的角度來看。

And then obviously, leveraging our vast distribution infrastructure for both away from home and for a small format, basically, where these drinks get a lot of consumption and where a lot of value gets created, we will continue to participate. So think about our long-term value creation in energy, which I think is a long-term growth part of the category in that way. Yes. Okay. Thank you.

然後顯然，利用我們龐大的分銷基礎設施，無論是在外地還是小規模，基本上，這些飲料在消費量大、價值創造量大的地方，我們都會繼續參與。因此，想想我們在能源領域的長期價值創造，我認為這是該類別的長期成長部分。是的。好的。謝謝。

Thank you for a good call, and thank you for joining us today. And as I -- as we were saying during the call, we're very pleased with our performance in Q2. Also, we have the right tools, and we're taking the right steps to deliver on the year and create a very stronger PepsiCo for the long term. And we see a lot of opportunities for growth across our categories, and we're making the right investments to deliver on those opportunities. Thank you again, and have a great summer.

感謝您的來電，也感謝您今天加入我們。正如我在電話會議中所說的那樣，我們對第二季的表現非常滿意。此外，我們擁有正確的工具，並正在採取正確的步驟來實現今年的目標，並為長期打造一個更強大的百事可樂。我們看到各個類別都存在著許多成長機會，並且我們正在進行正確的投資以實現這些機會。再次感謝您，祝您有個愉快的夏天。

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

謝謝。女士們、先生們，今天的演講到此結束。現在您可以斷開連接，享受美好的一天。