百事 (PEP) 2026 Q2 法說會逐字稿

Good morning and welcome to PepsiCo's 2026 second-quarter earnings question-and-answer session. (Operator Instructions) Today's call is being recorded and will be archived at www.pepsico.com.

早安，歡迎參加百事公司（PepsiCo）2026 年第二季財報問答環節。(接線員指示) 今天的電話會議將被錄音，並將存檔於 www.pepsico.com。

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

現在我很榮幸介紹投資人關係資深副總裁 Ravi Pamnani 先生。Pamnani 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，Kevin，大家早安。希望各位今天早上都已經有機會閱讀我們的新聞稿與事先準備的發言稿，兩者皆可在我們的網站上取得。

Before we begin, please take note of our cautionary statement. We may make forward-looking statements on today's call, including about our business plans, guidance, and outlook. Forward-looking statements inherently involve risks and uncertainties and only reflect our view as of today, July 9, 2026, and we are under no obligation to update.

在開始之前，請留意我們的警示性聲明。我們可能在今天的電話會議中作出前瞻性陳述，包括關於我們的業務計畫、指引與展望。前瞻性陳述本質上涉及風險與不確定性，且僅反映我們截至今日（2026 年 7 月 9 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 second-quarter 2026 earnings release and second-quarter 2026 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.

在討論我們的業績時，我們會引用非 GAAP 指標，該等指標會自已報告結果中排除某些項目。請參閱 pepsico.com 上的 2026 年第二季財報新聞稿與 2026 年第二季 Form 10-Q，以取得非 GAAP 指標的定義與調節表，以及關於我們業績的其他資訊，包括可能導致實際結果與前瞻性陳述存在重大差異之因素的討論。

Joining me today are PepsiCo's Chairman and CEO, Ramon Laguarta; and PepsiCo's CFO, Stephen Schmitt. (Operator Instructions)

今天與我一同出席的有百事公司董事長暨執行長 Ramon Laguarta，以及百事公司財務長 Stephen Schmitt。(接線員指示)

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

接下來，我把時間交給接線員進行第一個提問。

(Operator Instructions) Bonnie Herzog, Goldman Sachs.

(接線員指示) Goldman Sachs 的 Bonnie Herzog。

I had a question on PFNA. Your volume was flat in the quarter despite what seems to be a stepped-up affordability initiatives and innovation. So hoping you could spend some time helping us understand the changes you've made -- maybe what's working, what's not working. And then whether you need to lean in further maybe on affordability or maybe innovation to drive better volume growth. Thank you.

我有一個關於 PFNA 的問題。本季你們的銷量持平，儘管看起來你們加大了可負擔性措施與創新。因此希望你們能花點時間協助我們理解你們做了哪些改變——也許哪些有效、哪些無效。另外，你們是否需要在可負擔性或創新方面進一步加碼，以帶動更好的銷量成長。謝謝。

Good morning, Bonnie. And let me just step back for a minute and give a full company perspective. There's a lot of things we feel good about the business. And there's a few things that we're going to be very focused in the second half to accelerate the business.

早安，Bonnie。我先退一步，從全公司角度說明。我們對業務有很多方面感到滿意。同時也有幾件事，我們會在下半年非常聚焦，以加速業務表現。

So if you step back, the company, the first half reported almost 7% revenue growth. And we've grown global volumes, 3% in foods and 2% in beverages. That's the fastest growth in volume since 2022, including that -- those volume growth is the volume growth in the US Foods business, which it was very strategic for us to get the category back to volume growth and to get our business to gain share of volume in the category. So we feel good about that particular turnaround, and it's -- we feel good about how the business is performing.

如果你退一步看，公司上半年報告的營收成長接近 7%。我們的全球銷量也成長：食品 3%、飲料 2%。這是自 2022 年以來最快的銷量成長，其中也包含美國食品業務的銷量成長；對我們而言，讓該品類回到銷量成長、並讓我們的業務在該品類中取得銷量市占提升，是非常具策略性的目標。因此我們對這次特定的扭轉感到滿意，也對業務的運行表現感到樂觀。

There are two pillars to how that happened. One was as you mentioned, affordability investments; and the second one has been the growth on the permissible part of the portfolio and the portion console part of the portfolio. That part is going very well.

促成這一切有兩個支柱。第一個如你所提到的，是可負擔性投資；第二個則是產品組合中「可適度享用（permissible）」部分以及「portion control（份量控制）」部分的成長。這一部分進展非常順利。

Now on the affordability part, we feel good about the investment. I think in the second half of the year, we're going to have to optimize the return on investment on some of those pricing investments. It depends by channel, by customer, and the teams are learning. But I want you to step back and take the bigger picture that a category that was negative in volume now is positive in volume. We were losing share in volume. Now we're gaining share in volume, and that is all very, very positive. And it was the first strategic intent that we had early in the year when we decided to lower the prices of the business.

至於可負擔性方面，我們對這些投資感到滿意。我認為在下半年，我們需要在部分定價投資上優化投資報酬率。這會因通路、因客戶而異，團隊也正在學習。但我希望你從更大的角度來看：原本銷量為負成長的品類，現在已轉為正成長。我們原本在銷量市占上流失。現在我們在銷量市占上轉為成長，這些都非常、非常正面。而這也是我們年初在決定調降業務價格時所設定的第一個策略意圖。

I don't know, Steve, anything else from your side?

Steve，你那邊還有要補充的嗎？

I think that pretty much covers it.

我想這基本上已經涵蓋了。

Filippo Falorni, Citi.

Citi 的 Filippo Falorni。

So Ramon, you mentioned in the prepared remarks that in the US, consumer behavior clearly were impacted by rising inflationary pressures in the quarter. I was wondering if you can give us an update on what you've seen more recently. Have you seen like an improvement in consumer behaviors as gas prices and some other inflationary metrics have come down?

Ramon，你在事先準備的發言中提到，在美國，消費者行為在本季明顯受到通膨壓力上升的影響。我想請你更新一下近期你們看到的情況。隨著油價以及其他一些通膨指標回落，你們是否看到消費者行為有所改善？

And then as we think about the back half, before you talked about a potential to get to the higher end of the organic sales range, can you give us an update on how you're thinking about the back half at this point? Thank you.

另外，談到下半年，在你先前提到有機銷售可能達到區間高端之前，你能否更新一下你目前對下半年的看法？謝謝。

Yes. So I think the -- obviously, the Iran war and the impact on gas prices has been meaningful, not only in the US but across the world. Our international business, as you saw, continues very strong, and we were able to grow 7% accelerating.

是的。我認為——顯然，伊朗戰爭及其對油價的影響相當顯著，不僅在美國，在全球也是如此。如你所見，我們的國際業務持續非常強勁，並且我們得以加速成長 7%。

In the US, we're seeing the consumer change in behaviors, basically an acceleration of some of the behaviors we saw in the past, probably some channels, more the impulse channels have been impacted where there is more of a correlation with the price of gas, certain convenience stores and some other independent. We're seeing a slowdown of the conversion of traffic into purchases. So we're seeing that.

在美國，我們看到消費者行為的改變，基本上是我們過去看到的一些行為在加速；某些通路受到的影響更大，尤其是即興購買（impulse）通路，因為那裡與油價的相關性更高，例如某些便利商店以及其他獨立通路。我們看到來客數轉化為購買的速度放緩。所以我們確實看到這個現象。

Now will it change in the coming months? It all depends on the price of gas. So clearly, that's something that is beyond our control. We continue to invest in affordability. In those particular channels, we're working with our customer partners in solutions to convert more of the traffic in the store, bundles, link into meals, solutions to address that particular channel. But no, we're not -- that is the only element that we're seeing in the last few months.

那麼未來幾個月會不會改變？這完全取決於油價。因此很明顯，這是我們無法控制的因素。我們持續投入可負擔性。在那些特定通路，我們正與客戶夥伴合作提出解決方案，以提高店內來客的轉化率，例如組合包、與餐食連結的方案，以及用以因應該通路的解決方案。但除此之外，沒有——這就是我們在過去幾個月看到的唯一因素。

Now we continue to see, as we look at the second half of the year, a very strong international business and it's continuing to perform well into the summer. We see an acceleration of our US business, both in the Foods and the Beverage business, and we continue to have a line of sight to the low end of our long-term 4% to 6% in the second half of the year.

此外，當我們展望下半年，我們持續看到國際業務非常強勁，並且在夏季期間仍維持良好表現。我們看到美國業務加速，食品與飲料業務皆然；同時，我們仍然清楚可見在下半年達到我們長期 4% 到 6% 區間低端的路徑。

We were fighting for that. We see a lot of green shoots in our portfolio transformation. We feel good about our permissible. We feel good about some of the innovation that we launched. We're going to scale them in the second half. And we see our affordability investments to return better for us in the second half as we optimize the tactics for different channels, different consumers.

我們正在為此努力。我們在產品組合轉型上看到許多正向的初步跡象。我們對「可適度享用（permissible）」產品感到樂觀。我們也對已推出的一些創新感到滿意。我們將在下半年擴大規模。而且隨著我們針對不同通路、不同消費者優化策略，我們預期可負擔性投資在下半年將帶來更好的回報。

Ramon, it's Steve. The -- just maybe a little bit on guidance since we talked a little bit about that. So if we think about guidance overall, you saw that we reaffirmed our guidance for the year. If I take a step back and look at the performance of the whole company and to reiterate some of what Ramon said a minute ago, the overall net revenue of the company grew 7% in the first half of the year, and Ramon just talked about the volume growth that we're seeing globally that makes us feel really good about the health of the brands.

Ramon，我是 Steve。——關於指引部分，既然我們剛剛也稍微談到。如果我們從整體指引來看，你們也看到我們重申了全年指引。如果我退一步看全公司的表現，並重申 Ramon 剛才提到的一些內容，公司上半年整體淨營收成長 7%，而 Ramon 也剛談到我們在全球看到的銷量成長，這讓我們對品牌的健康狀況感到非常良好。

Reported EPS grew 6% in the first half. Constant currency EPS grew 3%. We continue to see strong international performance and a softer North America business than we expected in Q2.

已報告每股盈餘（EPS）在上半年成長6%。以固定匯率計算的EPS成長3%。我們持續看到國際業務表現強勁，而北美業務在第二季（Q2）較我們預期疲弱。

And so how does that play out for the rest of the year? So as we look at the second half, we continue to expect the International business to remain strong. We expect the North America business to gradually improve, but at a more moderate pace than we thought coming into Q2 as Q2 was less than what we expected.

那麼這對今年剩餘時間會如何發展？因此，當我們看下半年時，我們仍預期國際業務將維持強勁。我們預期北美業務將逐步改善，但改善速度會比我們在進入Q2時所想的更為溫和，因為Q2的表現低於我們的預期。

We do expect some more pressure on the business from a commodity standpoint. But we also expect refund claims for tariffs paid last year to help offset some of the commodity pressures that we have and allow us to continue to play offense. And the refund claims on the tariffs paid last year will be about a full -- one full point of EPS growth for the year. And the other piece is we expect to maybe keep pushing productivity on the business.

我們確實預期從大宗商品角度來看，業務會面臨更多壓力。但我們也預期，針對去年已支付關稅的退稅申請將有助於抵銷部分我們面臨的大宗商品壓力，並讓我們能持續採取進攻策略。而去年已支付關稅的退稅申請，將為全年EPS成長貢獻約整整——一個完整百分點。另外一點是，我們預期可能會持續推動業務的生產力提升。

So we've taken costs out. We'll continue to do that. We have more work to do here. I think what's important for you to know is we're not making decisions that hurt the top line in our assessment. We're going to continue to make investments in growth. The North America advertising and marketing expense is projected to increase in the second half versus prior year as an example. So we're going to continue to play offense.

因此我們已經削減了成本。我們會持續這麼做。我們在這方面還有更多工作要做。我認為你需要知道的重要一點是，在我們的評估中，我們不會做出傷害營收（top line）的決策。我們將持續進行成長投資。例如，北美的廣告與行銷費用預計在下半年相較去年同期將增加。因此我們將持續採取進攻策略。

And so when we add it all up, we're in a position to reaffirm our full year guidance. And as Ramon said, it might be towards the low end of the EPS range that we've given.

因此，當我們把所有因素加總起來，我們有條件重申全年指引。而如Ramon所說，結果可能會落在我們所給EPS區間的低端。

Dara Mohsenian, Morgan Stanley.

Dara Mohsenian，摩根士丹利。

So obviously, strong international results in the quarter, but I wanted to focus on North America a bit. We talked about the sequential improvement in volume in PFNA in Q2, but I don't think it was to the level you expected. And maybe you can also comment on PBNA, where it looked like the volumes were also weaker than expected.

本季國際業績顯然很強勁，但我想把焦點放在北美一些。我們談到PFNA在Q2的銷量呈現季比改善，但我認為並未達到你們預期的程度。也許你們也可以評論一下PBNA，看起來其銷量也比預期更疲弱。

And just was hoping for a little more of a short-term report card, do you think that's less payback on some of the initiatives you put in place? Is it more the general consumer environment? But really, what I want to focus on is more longer term. Just your perspective on the level of spending behind that North American business as we look out longer term, do you think to sort of revitalize organic sales growth in this environment?

我只是希望得到一個更短期的成績單：你認為這是你們已推出的一些措施回收效益較少嗎？還是更多是整體消費者環境所致？但我真正想聚焦的是更長期的部分。就你們的觀點而言，展望更長期，北美業務背後的支出水準需要到什麼程度，才能在這樣的環境下重新振興有機銷售成長？

You might need some level of greater spending, a bit of an earnings reset as you look out. And just how do you think about investment levels behind the business looking out given both the short-term performance you're seeing in the consumer environment?

你們是否可能需要更高程度的支出，並在展望未來時進行一些獲利的重置（earnings reset）？考量你們在消費者環境中看到的短期表現，你們如何看待未來在該業務背後的投資水準？

That's a good question, Dara. And the way we think about it is the we still see the -- International business has obviously continued to be very strong, and this is a business now is going to cross $40 billion in this year. International beverage volumes is two-thirds of the total company volumes and international food volumes is over 50%. So clearly, the International business is becoming a very scaled part of our business and profit accretive. So we're creating a diversification in our business that long term will give us a lot of rewards.

這是個好問題，Dara。我們的看法是：我們仍然看到——國際業務顯然持續非常強勁，而這項業務今年將突破400億美元。國際飲料銷量占公司總銷量的三分之二，國際食品銷量則超過50%。因此很明顯，國際業務正成為我們業務中規模非常大的部分，且對獲利具有增益（profit accretive）。因此我們正在為業務建立多元化，長期而言將帶來許多回報。

Now when you focus on the US, we continue to think that the three pillars that we said were going to help us transform and accelerate our growth in the US. One was affordability investments to make sure that our brands are in consumers' lives in the portions and prices that consumers can afford today. That's one vector, continue to transform the portfolio at a faster pace, following the new dietary habits and food habits and food and beverage habits of consumers. And the third one was accelerate Away From Home as incremental locations for us to capture new occasions for our brands.

現在聚焦美國，我們仍然認為，我們所說的三大支柱將幫助我們在美國轉型並加速成長。第一是可負擔性投資，確保我們的品牌以消費者今天負擔得起的份量與價格，融入消費者生活。這是一個方向；第二是以更快速度轉型產品組合，順應消費者新的飲食習慣、食品習慣，以及食品與飲料的消費習慣。第三是加速「外食／外出消費」（Away From Home），作為我們捕捉品牌新消費情境的增量據點。

The portfolio transformation is working very well. We feel good about the non-sugar part of our Beverage business. We feel good about the functional hydration. We feel good about our Energy business, and we feel good about some of the innovation that we're going to scale in the second half of the year. So that part is good.

產品組合轉型運作得非常好。我們對飲料業務中的無糖部分感到樂觀。我們對機能補水（functional hydration）感到樂觀。我們對能量飲料業務感到樂觀，也對我們將在下半年擴大規模的一些創新感到樂觀。所以這部分是好的。

We feel good about the permissible portfolio in Foods. It's already $3 billion. They're going almost double digit, the portion control. So all those elements that we explained quite well in our prepared remarks, we feel good. And I think that is really the long term of the business as you see how consumers will engage with our categories.

我們對食品中的「可適量享用」（permissible）產品組合感到樂觀。它已經達到30億美元。份量控制（portion control）接近雙位數成長。因此，我們在事先準備的發言中已相當清楚說明的所有這些要素，我們都感到樂觀。我認為這確實是業務的長期方向，因為你會看到消費者將如何與我們的品類互動。

The Away From Home business continues to be a priority internationally in the US. It slowed down a little bit in Q2. We think that it's going to help us accelerate in the second half, but it's a strategic opportunity where we're innovating, creating new business models and adding some incremental locations.

「外食／外出消費」（Away From Home）業務在國際市場與美國仍然是優先事項。它在Q2放緩了一點。我們認為它將在下半年幫助我們加速，但這是一個策略性機會：我們正在創新、打造新的商業模式，並增加一些增量據點。

Now the affordability part, which is the one you're referring to, it's -- we accomplished what we wanted to accomplish, which was to get volume back into our categories in our core brands. And that was not an obvious thing to do, and we managed to do this in the first half of the year.

至於可負擔性部分，也就是你所提到的那一塊——我們達成了我們想達成的目標，也就是讓核心品牌的品類重新帶回銷量。這並不是一件顯而易見就能做到的事，而我們在今年上半年成功做到了。

Now we're optimizing the return on those investments. And what we learned is that, yes, because of the consumer environment and the fact that gasoline prices were higher, consumers felt a little bit more the economic impact. But we think that we will continue to optimize the investments for grocery, high loathers one type of investments for everyday low price at the top of investments, et cetera. And the system is getting much knowledgeable and much more intelligent in how we get the best return from those investments.

現在我們正在最佳化這些投資的報酬。我們學到的是：是的，由於消費者環境以及汽油價格較高，消費者更明顯感受到經濟衝擊。但我們認為，我們將持續最佳化在雜貨通路的投資，例如高低價位帶的一類投資、日常低價（everyday low price）在頂端的投資等等。而整個系統在如何從這些投資中取得最佳報酬方面，正變得更有知識、也更聰明。

Now what was different this quarter that we were not planning is the performance on the impulse channels. And that is something that we're working on to tell you the truth in the last few months to try to get more conversion between people getting into the gas station and convert it into purchases of beverages and foods. And that's something that we're working with our partners.

而本季與我們原先規劃不同的是，衝動型通路（impulse channels）的表現。老實說，這是我們過去幾個月一直在努力的事情，試圖提高轉換率：讓進入加油站的人，轉化為飲料與食品的購買。這也是我們正與合作夥伴一起推動的工作。

That is new. The gas prices have impacted. The gas prices will at one point come down, and then that will become hopefully less of an issue second half of the year or early into next year.

這是新的情況。汽油價格已造成影響。汽油價格終究會在某個時間點下降，屆時希望在今年下半年或明年初，這就會變得比較不是問題。

So that's the full picture. We don't think we need any sort of reset because we have a very strong productivity, record productivity in the first half of the year. We're going to add new layers of productivity second half of the year to be able to fund all these growth investments, be it price, be it portfolio transformation or the growth into Away From Home, which will drive the portfolio acceleration.

所以這就是全貌。我們不認為需要任何形式的重置，因為我們在上半年展現了非常強的生產力，且是創紀錄的生產力。我們將在下半年新增更多層次的生產力，以便為所有這些成長投資提供資金，不論是價格、產品組合轉型，或是「外食／外出消費」（Away From Home）的成長，這些都將推動產品組合加速。

So that's how we're thinking about this now. Steve, any --?

所以這就是我們目前對此的思考方式。Steve，有沒有--？

You've covered it well.

你已經講得很完整了。

Okay.

好的。

Andrea Teixeira, JPMorgan.

Andrea Teixeira，摩根大通。

On the guidance for the second half, you're now adding about, I believe, $0.07 to $0.09 in EPS from the tariffs every investment. And then -- and you also mentioned that EPS would be more back loaded into the Q4.

關於下半年的指引，你們現在把關稅每一項再投資對EPS的貢獻提高到大約、我相信是0.07到0.09美元。然後——你們也提到EPS會更偏向在第四季入帳。

So I just wanted to double click on what Ramon just said about the affordability pillar. Should we expect more price rollback similar to what your biggest customer in the US has recently announced rolling to other retailers? And if so, can you give us some examples of how these reinvestments have converted into better volumes?

所以我想就Ramon剛才提到的「可負擔性」支柱再深入追問一下。我們是否應該預期會有更多降價回調（price rollback），類似你們在美國最大的客戶最近宣布、並推廣到其他零售商的做法？如果是的話，你能否舉一些例子，說明這些再投資如何轉化為更好的銷量（volume）？

You just talked about the CNG, the convenience and gas. Anything you can point out to one of your biggest partners that would allow us to think about like volumes finally reflecting some of these channels in Away For Home?

你剛才也談到CNG，也就是便利通路與加油站。你能否指出一些你們與其中一個最大合作夥伴的情況，讓我們可以認為銷量終於會在「外食以外／居家外」（Away From Home）這些通路上反映出來？

And when you think about the $0.07 to $0.09 reinvestment, it implies more flattish 3Q. I just wanted to double check that math. And if that's the case, how you would -- we should be thinking? Is that mostly to absorb the commodity pressures that you highlighted or the A&P investments or A&M investments or should we think about the affordability of pricing investments being the bulk of it? Thank you.

另外，當你們談到0.07到0.09美元的再投資時，這意味著第三季會更偏平（flattish）。我只是想再確認一下這個計算。如果確實如此，我們應該如何思考？這主要是用來吸收你們提到的大宗商品壓力，還是A&P投資或A&M投資？或者我們應該認為定價可負擔性的投資會占大宗？謝謝。

Andrea, it's Steve. Thank you for your question. It's good to hear from you. I think on the first part of it, we're going to continue to run our play. We have a strategy that we believe in. Ramon talked a little bit about maybe we'll likely have to make some tweaks based on what we're learning. From a value standpoint, but we're going to continue to run our play there.

Andrea，我是Steve。謝謝你的提問。很高興聽到你的聲音。我想在第一部分，我們會持續按照我們的打法來執行。我們有一個我們相信的策略。Ramon也提到，基於我們學到的東西，可能需要做一些調整。就價值（value）的角度而言，但我們會持續照這個打法推進。

On the impact to -- from the tariffs, maybe I'll talk a little bit about Q3 and then Q4 because you mentioned both. Look, on the -- if I talk about Q3, and I don't like to give specific guidance on quarters, but I think it's relevant to give you a little bit about the timing since I shared some in my prepared remarks.

至於關稅的影響——也許我會分別談一下第三季與第四季，因為你兩個都提到了。你看，關於——如果我談第三季，我不太喜歡對單一季度給出具體指引，但鑑於我在事先準備的發言中分享了一些內容，我認為在時點上給你一些說明是有相關性的。

On the positive side, we continue to expect international to be strong. And we do expect, like you said, about approximately 1 point of EPS benefit from tariff refund claims likely in the quarter.

在正面因素方面，我們仍然預期國際業務會維持強勁。而且我們確實預期，如你所說，關稅退稅申請在該季度可能帶來約1個百分點的EPS利多。

We expect a gradual improvement in North America, and we will be using the tariff, essentially, the refunds to help offset some commodity inflation that we're seeing and allow us to continue to play offense in the business. So that's how we're thinking about that.

我們預期北美會逐步改善，而我們將運用關稅——基本上是退稅——來協助抵銷我們看到的部分大宗商品通膨，並讓我們能在業務上持續採取進攻策略。所以我們是這樣思考的。

Also, unique to Q3, we expect to have a higher tax rate year-over-year than what we've seen so far this year. So that should go into the math. And there will be timing of certain costs and investments that we expect to impact Q3 more than Q4. So we'll continue to focus on productivity. We expect more productivity in Q4 and Q3, but that's kind of how we're thinking about the overall math of the back half.

另外，第三季有一個獨特因素：我們預期稅率將較去年同期更高，也高於今年迄今為止的水準。所以這應該納入你的計算。此外，某些成本與投資的認列時點，我們預期對第三季的影響會大於第四季。因此我們會持續聚焦生產力。我們預期第四季與第三季都會有更多生產力，但這大致就是我們對下半年整體數學關係的看法。

Yeah, Andrea, if you think about the big picture, the -- clearly, the impact of the gas prices or the oil price in our cost of goods globally and the impact of higher gas prices and demand, these are new elements that obviously we're looking at to compensate with higher productivity. The tariff refunds comes obviously very handy and some other trade-offs that we have to make in the business.

是的，Andrea，如果你從大局來看——很明顯，油價或汽油價格對我們全球銷貨成本的影響，以及汽油價格上升對需求的影響，這些都是新的因素，我們顯然正在評估，並以更高的生產力來加以補償。關稅退稅顯然非常有幫助，另外我們也必須在業務中做出一些取捨。

So these are normal trade-offs that we make during the year because there's no new data points on some elements of our P&L that we have to compensate with others. So that's how we're thinking about the overall pool of money that we have available to continue with our guidance, which is the higher order deliverable now on the high growth and the EPS numbers that we gave you earlier in the year.

所以這些都是我們在一年當中會做的正常取捨，因為在我們的損益表（P&L）上，有些要素沒有新的數據點，我們就必須用其他要素來補償。因此，這就是我們對可用資金池的整體思考方式，以便我們能持續維持我們的指引——也就是目前更高層級的交付目標：高成長以及我們在年初給出的EPS數字。

Kevin Grundy, BNP Paribas.

Kevin Grundy，法國巴黎銀行。

Great. I wanted to come back -- sorry for beating a dead horse here, but I wanted to come back to the North America food performance. Ask from a little bit different angle, maybe play back some of your comments, Ramon. And specifically, the thrust of the question is around performance currently versus the strength that you saw in the test markets back in the fall, where there's a lot of enthusiasm, both from a PepsiCo perspective as well as from a retail perspective, as best we gather.

很好。我想再回到——抱歉一直重複這個問題，但我想再回到北美食品的表現。我想從稍微不同的角度來問，或許回應一下你的一些評論，Ramon。具體來說，問題的核心是：目前的表現相較於你們去年秋天在測試市場看到的強勁表現有何差異？據我們所知，當時無論是百事公司端或零售端都非常有熱情。

So can you help us sort of delineate between the macro factors? You talked about tighter consumer budgets and high levels of inflation versus more company-specific factors and how that looks versus say, nine months ago or so when you performed when you did the test market work.

所以你能否協助我們區分宏觀因素？你提到消費者預算更緊、通膨水準偏高；相對地，也請談談更多公司自身的因素，以及這些因素相較於大約九個月前你們做測試市場時的情況有何不同。

And I guess on the call, I'm hearing better -- you're looking for better ROI on some of the price investment, maybe better execution in the impulse channels, but really just trying to gauge the key factors, the big areas that have changed since the best market work versus what we should expect now going forward and why things may get better. So thank you.

另外，我在電話會議上聽到你們提到：希望在部分價格投資上取得更好的投資報酬率（ROI），也希望在衝動型通路（impulse channels）有更好的執行。我的重點是想掌握：自測試市場工作以來，哪些關鍵因素、哪些主要領域發生了變化？以及我們接下來應該期待什麼、為什麼情況可能會改善。謝謝。

Yeah. The -- I would say higher order is we've been able to accelerate volume growth in the category. Salty snacks is one of the few categories that is growing volume in the overall food space in the US. So that was a positive. That was the number one in 10.

是的。——我會說更高層級的重點是：我們已經能夠加速該品類的銷量成長。在美國整體食品市場中，鹹味零食是少數仍在成長銷量的品類之一。所以這是正面的。這是前十項中的第一項。

The second one is for us to be a driver of that volume. We're gaining share of volume in the US in salty snacks, which was also the other objectives. So that's the number one.

第二項是，我們要成為這個銷量成長的推動者。我們在美國鹹味零食的銷量市占正在提升，這也是另一個目標。所以這是第一點。

Now is the volume as much as we expected? No, not in Q2. And we -- it's a couple of elements. I think the consumer is worse than what we had anticipated and driven mainly by gas prices. Second, the execution of the price investment in some customers have had some delays, I would say, because of multiple commercial reasons. That has been solved, so we'll see an acceleration in the second half.

那麼銷量是否如我們預期那麼多？沒有，第二季不是。而且——有幾個因素。我認為消費者狀況比我們預期更差，主要是由汽油價格所驅動。第二，在部分客戶端，價格投資的執行出現了一些延遲，我會說是因為多種商業原因。這已經解決了，所以我們會在下半年看到加速。

The consumer reaction to the investments is pretty much along the lines of what we had initially anticipated. So I wouldn't question the strategic logic of the investment. There are tweaks that we have to make commercially, and there are obviously different circumstances in the US consumer budget trade-offs that consumers are making given some of the inflation -- recent inflation, especially on gas prices.

消費者對這些投資的反應，大致符合我們最初的預期。所以我不會質疑這項投資的策略邏輯。我們在商業面需要做一些微調，而美國消費者在預算取捨上也確實出現不同情況，因為近期通膨——特別是汽油價格——所帶來的影響。

So that's where I would leave it here. We remain focused, as Stephen said -- as Steve said, on continuing the playbook. We continue to invest on our portfolio. We continue to invest on our affordability. We continue to invest in our Away from Home. And we think that the Food business in the US will continue to grow volume and grow net revenue in the coming quarters.

所以我就先在這裡告一段落。我們仍然聚焦，如 Stephen 所說——如 Steve 所說，持續執行既定策略。我們持續投資於我們的產品組合。我們持續投資於我們的可負擔性。我們持續投資於我們的「居家以外」（Away from Home）業務。而我們認為，美國的食品業務在接下來幾個季度將持續實現銷量成長並帶動淨營收成長。

Peter Grom, UBS.

Peter Grom，瑞銀（UBS）。

Great. Thank you. Good morning, everyone. Maybe there's been a lot of focus on North America this morning. So maybe just pivoting to the International business. Ramon, maybe you could just give us a walk around the world in terms of what you're seeing around category growth health of the consumer? Were there any notable differences in any key regions as you move through the quarter here?

很好。謝謝。各位早安。今天早上可能大家把焦點放在北美很多。所以也許我們把話題轉到國際業務。Ramon，也許你可以帶我們環視一下全球，談談你所看到的品類成長、消費者健康狀況？在本季進行的過程中，你在任何關鍵區域是否看到明顯差異？

And then Steve, maybe that's not to get too specific, but when you speak to international growth remaining resilient in the balance of the year, should we be extrapolating the growth that we saw in the second quarter for the balance of the year? Thanks.

然後 Steve，也許不要問得太細，但當你提到國際成長在今年剩餘期間仍具韌性時，我們是否應該把第二季看到的成長幅度外推到今年剩餘期間？謝謝。

Yeah. So yeah, thanks for putting the International business in the center of the conversation. Yes, I mean, this is a business that, as you know, we've been investing for the last five, six years, and it's now as I said earlier, a big part of our volume globally and a big part of our revenue and profit globally. So this is clearly a success story for the company and will continue to be a big driver of growth for us in the coming years given the per capita and given the share of market opportunities that we have globally.

是的。所以，謝謝你把國際業務放到討論的核心。是的，我的意思是，這是一項業務，如你所知，我們在過去五、六年持續投資，而現在如我先前所說，它已成為我們全球銷量的重要部分，也是我們全球營收與獲利的重要部分。因此，這顯然是公司的一個成功故事；考量到人均（消費）以及我們在全球擁有的市占機會，未來幾年它也將持續成為我們成長的重要驅動力。

Around the world, I would say, going into the quarter, we were a little bit concerned obviously with the performance around the Middle East and some of the Asian markets, where the gasoline prices were more obvious. The truth is that all those markets have remained very resilient of, I think, about Vietnam, Thailand China, some of the markets where the gas prices were elevated.

放眼全球，我會說，在進入本季時，我們確實有點擔心中東以及部分亞洲市場的表現，因為那裡的汽油價格上漲更為明顯。但事實是，所有這些市場都保持了很強的韌性——我想到的是越南、泰國、中國等一些油價偏高的市場。

And the same with the Middle East. Our Middle East business continues to perform at a very good level. We're seeing that our procurement global capabilities and the agility of the business is proving to be an advantage for us, in some of the markets where we're pivoting faster than competition in terms of raw materials availability and ability to compensate for the inflation.

中東也是一樣。我們的中東業務持續維持在非常好的表現水準。我們看到，我們全球採購能力以及業務的敏捷性正在成為我們的優勢；在一些市場中，我們在原物料可得性以及抵消通膨的能力方面，比競爭對手更快調整。

Europe remains resilient, more pretty good. Clearly, the World Cup is helping. And the fact that we're sponsoring the World Cup in our Food business is helping us to activate the category in a better way. It's creating locations. We're capturing, and we started Q3 very strong in International.

歐洲仍具韌性，表現相當不錯。顯然，世界盃正在帶來助益。而我們在食品業務贊助世界盃，也幫助我們以更好的方式帶動品類的活化。它正在創造（銷售）場景。我們正在掌握機會，而且我們在國際業務的第三季開局非常強勁。

Latin America, a little bit less growth than in the rest of the business, as you saw. But clearly trending very positive and the World Cup obviously having a very big impact in that part of the world. So overall, a broad, good performance. Part of that is category acceleration. Part of that is better share of market. I would say better in Beverages than in Food. In Food, we still have opportunities to improve our share of market in some parts of the world. But we continue to see the business trend in well throughout the summer and into the winter.

拉丁美洲的成長比其他業務板塊稍弱一些，如你所見。但趨勢明顯非常正向，而世界盃顯然在那個地區帶來非常大的影響。所以整體而言，是廣泛且良好的表現。其中一部分來自品類加速。一部分來自更好的市占。我會說飲料的表現優於食品。在食品方面，我們在世界某些地區仍有提升市占的機會。但我們持續看到，整個夏季並延續到冬季，業務趨勢都表現良好。

And Peter, just to answer your question on what we would expect in the second half, the -- as I look at the business, the signs are pointing towards continued strong growth. Ramon mentioned the volume growth that we've seen, and that's a pretty good indicator of the health of the business in International.

Peter，回到你對下半年的問題——就我對業務的觀察，各項跡象都指向成長將持續強勁。Ramon 提到我們看到的銷量成長，而這是國際業務健康狀況的一個相當好的指標。

The -- maybe one thing to call out is we do expect some commodity inflation, probably more so in EMEA in the back half of the year, but it seems to have been very proactive in mitigating some of the inflation that we expect to come through.

——也許有一點需要特別指出：我們確實預期下半年會有一些大宗商品通膨，可能在 EMEA（歐洲、中東與非洲）更為明顯，但看起來我們一直非常積極主動地在緩解我們預期將出現的部分通膨影響。

And one thing just to point out to demonstrate not just the top-line growth of the International business, but the second quarter operating margin grew by a full point. And so we feel good about the top line, and we also feel good about the efficiency of how sales are running through the P&L.

另外再補充一點，為了說明國際業務不只是營收端成長：第二季的營業利益率提升了整整 1 個百分點。因此我們對營收端感到樂觀，同時也對銷售如何有效率地流入損益表（P&L）的表現感到樂觀。

Lauren Lieberman, Barclays.

Lauren Lieberman，巴克萊（Barclays）。

Just want to talk a little bit about the margin pressure that you saw in PBNA this quarter and how to think about profitability over the balance of the year, just knowing the ongoing focus on improving margins here. But then you've got the realities of higher inflation. And I'm assuming this is also an area there will be some incremental investment to support your volume ambition. So just talking a little bit about profitability in PBNA. Thanks.

我想稍微談一下你們本季在 PBNA 看到的利潤率壓力，以及在今年剩餘期間該如何看待獲利能力，特別是考量你們仍持續聚焦改善利潤率。但同時又面臨更高的通膨現實。而我也假設，為了支持你們的銷量目標，這個領域也會有一些額外投資。所以想請你們談談 PBNA 的獲利能力。謝謝。

Sure. I'll take that. If you think about the PBNA business, from a margin perspective, operating margin was down about 90 basis points in the quarter, but that was driven by gross profit rate. The gross profit rate decline, I'd call out three things. About half of the rate decline was driven by the business we have through Alani and the commercial arrangement we have there. That's about half the gross profit line.

好的。我來回答。如果你從利潤率角度看 PBNA 業務，本季營業利益率約下降 90 個基點，但主要是由毛利率所驅動。毛利率下滑我會點出三件事。大約一半的下滑來自我們透過 Alani 的業務，以及我們在那裡的商業合作安排。這大約占毛利率下滑的一半。

The other pieces would be more around -- the convenience and gas channel that Ramon was talking about, that was particularly soft in the quarter as well as some of the just product mix overall. Those would be the three things that I'd call out. And on the G&A side, the team continues to push the productivity envelope there.

其他因素則更多與——Ramon 提到的便利店與加油站通路有關，該通路本季特別疲弱，以及整體產品組合的一些影響。這三點是我會特別提出的。而在 G&A（一般及行政費用）方面，團隊仍持續推動生產力提升。

Going forward, I think, as Ramon talked about, we need to see some improvement in the convenience and gas channel and hopefully, we'll get some tailwinds from gas prices to do that, and we'll continue to push the productivity side.

展望未來，我認為，如 Ramon 所說，我們需要看到便利店與加油站通路有所改善；希望油價能帶來一些順風，促成改善，同時我們也會持續推動生產力。

Michael Lavery, PSC.

Michael Lavery，PSC。

Just wanted to come back to the PFNA and if you could add some color on just shelving and distribution updates. I know at the beginning of the year, you were expecting some upside. And curious if you could just maybe give us a sense of timing, how much maybe still has to come. How much might be permanent secondary displays or maybe just temporary ones? And just how to think about how that unfolds.

我想回到 PFNA，想請你們補充一些關於上架陳列與通路鋪貨的最新進展。我知道在年初時，你們預期會有一些上行空間。也想請你們談談時程：大概還有多少尚未到位？其中有多少可能是永久性的次要陳列（secondary displays），或只是暫時性的？以及該如何看待後續的展開。

Yeah. I would say the space increase that we had initially planned has been coming throughout the year. There's still more to come. There's been some channels where it's taken a little bit longer to execute that space increases, but we will see those coming in the second half of the year as some of the commercial conversations are coming to fruition.

是的。我會說，我們最初規劃的陳列空間增加，已在全年陸續落地。後面仍會有更多到位。有些通路在執行這些空間增加上花的時間稍長一些，但隨著一些商業洽談逐步落實，我們將在下半年看到這些進展。

So I would say increasing permanent space -- the perimeter space, as I said earlier, is going to come more in the second half of the year, particularly in some channels where we had to come up with some different solutions with the customers.

所以我會說，增加永久陳列空間——也就是我先前提到的周邊陳列空間——會更多發生在今年下半年，特別是在一些通路上，我們必須和客戶一起提出一些不同的解決方案。

But this is -- long term, this is going to happen, I mean, long term, in second half of the year, and we should have some acceleration in the return on investments in those particular customers.

但這是——從長期來看，這會發生；我的意思是，長期而言，在今年下半年會發生，而且我們應該會在那些特定客戶上看到投資報酬率的加速提升。

Steve Powers, Deutsche Bank.

Steve Powers，德意志銀行。

Yes. Great. Thanks so much. I guess a little bit of a follow-up on that, Ramon. So from the outside, I think that's the prior question was getting at. It just seems like a lot of the initiatives that we discussed coming into the year, especially along the lines of affordability and package and product innovation appear largely in the market.

是的。很好。非常感謝。我想就此再追問一下，Ramon。所以從外部來看，我認為前一個問題想問的是：看起來我們在年初討論的許多舉措，特別是可負擔性以及包裝與產品創新方面，似乎大多已經在市場上推出了。

And I guess the go-forward question there, is it more about optimizing and scaling the efforts that you've already put in motion? Or are there additional actions that could -- that remain ahead that can serve as catalysts? And shelf space is part of that, I guess, but anything more along the lines of --?

我想接下來的問題是：這是否更關乎於優化並擴大你們已經啟動的努力？還是仍有其他尚待採取的行動——可以成為催化劑？我想貨架空間是其中一部分，但還有沒有其他更偏向於——？

I would say yeah. I would say the -- we're in the journey of the three pillars that I mentioned. On the portfolio transformation, most of the innovation that we launched is working quite well with North America. We're scaling up Naked. We're scaling up the Doritos Protein in some of those new platforms that will contribute to the overall permissible portfolio growth and the portion control.

我會說是的。我會說——我們正在我提到的三大支柱旅程中前進。在產品組合轉型方面，我們推出的大多數創新在北美的表現相當不錯。我們正在擴大 Naked 的規模。我們也在一些新平台上擴大 Doritos Protein 的規模，這些將有助於整體「可允許」產品組合的成長以及份量控制。

In the portion control, we made some investments in opening price points for multipacks and variety packs that are also working very well. So I think portion controlled portfolio transformation, that part, I think, is well in its execution, and we're scaling up those platforms.

在份量控制方面，我們投資於多入裝與綜合包的入門價位點，這些也運作得非常好。所以我認為，份量控制與產品組合轉型這一塊，在執行上進展良好，我們也正在擴大這些平台的規模。

The Away from Home acceleration, I'd say we took a -- there were a couple of elements between supply chain and customer execution in the Away From Home part of the business that slowed down in Q2 and now has accelerated in Q3. That will be a pillar of acceleration.

至於「離家消費」加速，我會說我們在第二季遇到一些——在離家消費這塊業務中，供應鏈與客戶端執行之間有幾個因素使其放緩，而現在在第三季已經加速。這將會是一個加速的支柱。

On the affordability investments, as I mentioned, there are channels where the investments are working very well. And there are other channels where we had to make some tweaks, and we're executing those tactical mechanics of the value to the consumer. And that is being put in place. And we'll see the benefits in the second half. So that's more or less in the overall picture of the three pillars of the Food business in North America acceleration. That's where we are.

在可負擔性投資方面，如我所提，有些通路的投資效果非常好。而在其他通路，我們必須做一些調整，我們正在執行那些針對消費者價值的戰術性機制。這些正在到位中。我們會在下半年看到效益。所以整體而言，這就是北美食品業務加速的三大支柱的全貌。我們目前就是在這個位置。

Peter Galbo, Bank of America.

Peter Galbo，美國銀行。

Steve, just to put a finer point on your prepared remarks, you talked a bit about the gradual rate of improvement in North America for the second half. I just wanted to understand if there's big differences in terms of the two segments and the rate of improvement or if they should look relatively similar as we think about the back half of the year. Thanks very much.

Steve，為了更精準理解你在事先準備的發言中所說的，你提到北美在下半年會以逐步改善的速度前進。我想了解的是：就兩個事業部門而言，改善速度是否有很大的差異？還是說在我們思考今年下半年時，它們看起來應該會相對類似？非常感謝。

Sure. Thanks for your question. Look, if I had to take North America and dissect it a little bit, I would expect more profit improvement faster from the PBNA business than in Foods as we make the value investments and the tweaks that Ramon talked about on how that ripples through the system. So that would be the additional color I would provide. And then in Q4, obviously, I would expect more better profit performance than in Q3.

當然。謝謝你的問題。你看，如果我要把北美稍微拆解一下，我會預期 PBNA 業務的獲利改善會比食品業務更快、更明顯，因為我們正在進行價值投資，以及 Ramon 提到的那些調整，並觀察其如何在系統中傳導。這就是我能補充的額外說明。然後在第四季，顯然我會預期獲利表現會比第三季更好。

Robert Ottenstein, Evercore ISI.

Robert Ottenstein，Evercore ISI。

Great. Thank you very much. Just kind of stepping back a little bit more of a maybe a strategic question. I mean, the difference in performance, right, between the US business and the International is pretty stunning. And you noted that in a lot of markets around the world, higher gasoline prices were an issue.

很好。非常感謝。我想稍微退一步，問一個可能更偏策略性的問題。我的意思是，美國業務與國際業務之間的表現差異相當驚人。而你也提到，在全球許多市場，汽油價格上漲是一個問題。

To what extent do you think that, hey, the US market is just a pretty mature market? And the rest of the world, there's much greater opportunity. Does it make sense -- or maybe you're doing it, we don't really have a view into it, but are you perhaps overinvesting in the US, under investing internationally given the growth potential of both of those markets? And you've noted that the International business now is margin accretive.

你認為在多大程度上，嗯，美國市場就是一個相當成熟的市場？而世界其他地區有更大的機會。這是否合理——或者也許你們已經在做，只是我們看不到——你們是否可能在美國投資過多、在國際投資不足，考量到兩個市場的成長潛力？而你也指出國際業務現在對毛利率是增益的。

So that's kind of the big picture question. And then tied to that, perhaps is maybe if you could give us an update on the integration testing that you're doing in Texas as a way to lower your cost basis in the US. Thank you.

所以這算是大方向的問題。另外與此相關的，也許你可以更新一下你們在德州進行的整合測試進展，作為降低美國成本基礎的一種方式。謝謝。

That's great. Robert, thanks. Yeah, the two are related. But in a way, we've been investing in International for many years and one of the -- obviously, with things we're very careful about is make sure we're going to start international of the capital or of the investments to continue to grow that business. Because as you said, if you think about the company 5, 10 years from now, that will be the biggest source of growth, and that is where the biggest opportunity is for us to continue to expand our brands and develop our categories.

很好。Robert，謝謝。是的，這兩者是相關的。但某種程度上，我們多年來一直在投資國際業務，而其中——顯然，我們非常謹慎的一點是，確保我們會持續投入國際端的資本或投資，以繼續推動該業務成長。因為如你所說，如果你想像公司在 5 年、10 年後的樣子，那將是最大的成長來源，也是我們持續擴張品牌、發展品類的最大機會所在。

Now the US is critical for us in the short term and the long term. And we believe that both keeping our brands in consumers' occasions that we have today, but also providing new offerings both in Foods and Beverages that cater to the new trends in food consumption in the US and also expanding on our Away From Home is a way for our North America business to continue to be a compounder for us at a good pace. And it's not currently -- we're growing at 1%. It's more towards the 3% levels that we think the US total business can grow in the future.

同時，美國對我們在短期與長期都至關重要。我們相信，一方面要讓品牌持續出現在消費者目前的消費情境中；另一方面也要在食品與飲料上提供符合美國食品消費新趨勢的新產品，同時擴大我們的離家消費業務，這些都是讓北美業務能以良好速度持續成為我們複利成長引擎的方法。而目前——我們的成長是 1%。我們認為未來美國整體業務更接近可達到 3% 的成長水準。

Now to fund that growth, we don't want to starve International. Therefore, some of the big productivity initiatives we have in the US are precisely for that to make sure that we can fund the transformation of the US business without starving the international business.

為了支應那樣的成長，我們不希望讓國際業務挨餓。因此，我們在美國推動的一些大型生產力計畫，正是為了確保我們能在不犧牲國際業務的情況下，資助美國業務的轉型。

To those points, I think automation, we are expanding automation through our business. We're expanding some of the digitalization and that would make us much more effective and productive. And one of the pillars that you referred to is how do we combine the scale of our two American businesses to change the cost structure of the overall business, especially on the logistics side of the business, right? The warehouse in the transportation and delivery -- -and we're making good progress.

就這些點而言，我認為自動化方面，我們正在整個業務中擴大自動化。我們也在擴大一些數位化，這會讓我們更有效率、更具生產力。而你提到的其中一個支柱是：我們如何結合我們在美洲的兩個業務規模，來改變整體業務的成本結構，特別是在物流端，對吧？包括倉儲、運輸與配送——我們正在取得良好進展。

We'll have an update for you with more detail later in the year, early next year. But I would say where we're testing in Texoma we're seeing mixing centers being a big idea for us, and that is scaling. These are combined mixing centers where we put the inventory from the two categories that gives us a lot of flexibility to service our customers and lowers our cost. Now we're testing incremental ideas like combined delivery, combined fleet, those are big transformations and where it requires systems required assets, but all of this is in motion and with positive return so far.

我們會在今年稍晚、或明年初提供更詳細的更新。但我會說，在我們於 Texoma 進行測試的地方，我們看到「混合中心」對我們而言是一個很大的構想，而且正在擴大規模。這些是把兩個品類的庫存放在一起的整合混合中心，讓我們在服務客戶時更有彈性，並降低成本。現在我們也在測試一些增量想法，例如合併配送、合併車隊；這些都是重大轉型，需要系統與資產，但目前所有這些都在推進中，而且迄今為止有正向的回報。

Now there are other transformations that we're doing in terms of integrating our G&A and integrating our systems that would allow us to have a lower cost business that is more affordable and can invest in the growth spaces in the US.

目前我們也在進行其他轉型，包括整合我們的 G&A（一般與行政費用）以及整合我們的系統，這將使我們能以更低成本運營，提升可負擔性，並能投資於美國的成長領域。

So great question and one of the clear strategic funding resourcing decisions that we have in the company. And what we want to tell you is that we are not starving the International business to fund the US business. The International business has enough capital, enough A&M, enough talent investment to continue to be a great source of growth for us and a compounder at the levels that you're seeing for the last five, six years.

所以這是個很好的問題，也是我們公司在策略性資金與資源配置上的明確決策之一。我們想告訴各位的是，我們並沒有為了資助美國業務而讓國際業務資源不足。國際業務擁有足夠的資本、足夠的 A&M（廣告與行銷）以及足夠的人才投資，能持續成為我們重要的成長來源，並在你們過去五、六年所看到的水準上持續複利成長。

Robert Moskow, TD Cowen.

Robert Moskow，TD Cowen。

There was an article on the press about six weeks ago about a 10% to 20% price increase that you're taking on Frito-Lay smaller bags. And I suspect that that is really for the convenience channel. And now today's results indicate that convenience has been weak.

大約六週前媒體有一篇文章提到，你們對 Frito-Lay 的小包裝調漲 10% 到 20%。我猜那主要是針對便利通路。而今天的結果顯示便利通路表現疲弱。

In terms of the investments you're making, are you taking steps to kind of cushion the blow for consumers so that affordability doesn't kind of get worse in that channel from here?

就你們正在進行的投資而言，你們是否採取措施來某種程度上緩衝消費者的衝擊，讓該通路的可負擔性不至於從現在開始變得更差？

I mean, that channel is critical for us. And the way we're trying to increase the incidence of purchase in that channel is through bundles and some other incentives for purchase that we're actually partnering with our customers across the country. And that we see the benefit when we have good offers and bundles, beverages and foods -- of food -- and food or snacks and foods, we see that being a great accelerator of the performance of the different customers.

我的意思是，那個通路對我們至關重要。而我們試圖提高該通路購買發生率的方式，是透過組合包（bundles）以及其他一些購買誘因；我們實際上正與全國各地的客戶合作推動這些方案。我們也看到，當我們有好的優惠與組合包時——飲料與食品——食品——以及食品或零食與食品——我們看到這能大幅加速不同客戶的業績表現。

So we're not trying to raise prices in the single-serve business to pay for the investments in the Take Home business. That's not what we're trying to do.

所以我們並不是想在單次即食（single-serve）業務上漲價，來支付 Take Home（居家/帶回家）業務的投資。這不是我們想做的事。

Chris Carey, Wells Fargo Securities.

Chris Carey，Wells Fargo Securities。

Can you just give us a sense of performance and opportunities of some of your recent acquisitions, perhaps most specifically Siete and poppi, and in general, give us a sense about how you're viewing the M&A environment, willingness for additional acquisitions and how in general, that factors in your medium-term plans? Thank you.

你能否簡要說明一下你們近期一些收購案的表現與機會，或許特別是 Siete 和 poppi；並且更廣泛地談談你們如何看待併購（M&A）環境、對進一步收購的意願，以及整體而言這如何納入你們的中期規劃？謝謝。

So both Siete and poppi are doing well. Poppi, we had a -- the transition between the distributor system that poppi had and our system had a few -- obviously, there's a big transition. There's a lot of distributors, and we had a bit of an impact in the first part of the year.

Siete 和 poppi 兩者表現都不錯。Poppi 方面，我們——poppi 原本的經銷商體系與我們的體系之間的轉換有一些——顯然這是一個很大的轉換。經銷商很多，因此在今年前段時間我們受到了一些影響。

Now that is pretty much solved. The business is flowing through our supply chain, and we're seeing the benefits of that in additional consumption points and additional customers and that will continue. We're seeing poppi growing again at a good pace. Siete as well, Siete was integrated earlier. We had some issues with some of the ingredients in Siete that impacted the performance of the business in the April-May time frame that has been solved as well.

現在這個問題基本上已經解決。業務已經透過我們的供應鏈運作，我們也在新增的消費接觸點與新增客戶上看到效益，而且這會持續下去。我們看到 poppi 再次以不錯的速度成長。Siete 也是，Siete 較早完成整合。我們在四到五月期間，Siete 的部分原料出現一些問題，影響了業務表現，這也已經解決。

So we -- they are both very critical parts of our strategy to transform of our portfolio. We mentioned we're going to be innovating with our brands into new spaces, but there will be spaces where we continue to think that buying a brand and expanding that brand within our system is a great return and Siete and poppi are good examples.

所以我們——它們兩者都是我們推動產品組合轉型策略中非常關鍵的一部分。我們提到會以我們的品牌在新領域進行創新，但也會有一些領域，我們仍然認為收購一個品牌並在我們的體系內擴張該品牌能帶來很好的報酬；Siete 和 poppi 就是很好的例子。

We're also looking at partnerships like the CELSIUS and Alani Nu, that's another way that we're using to expand our offerings to consumers and to leverage our capabilities, be it go to market, be it others, to provide consumers opportunities in spaces where it would be hard to scale innovation from ourselves. But as you saw from our prepared remarks, we're innovating with our brands in many of these new spaces and leveraging our R&D and our brands and our teams to provide each solutions, be it new packs, new functionality in new occasions that continue to add business to our brands in the US.

我們也在尋找像 CELSIUS 和 Alani Nu 這樣的合作夥伴關係，這是我們用來擴大對消費者提供選擇的另一種方式，並運用我們的能力——不論是通路上市（go to market）或其他能力——在一些我們自身難以把創新規模化的領域，為消費者提供機會。但如同你們從我們事先準備的發言中所看到的，我們正以我們的品牌在許多這些新領域進行創新，並運用我們的研發（R&D）、品牌與團隊，提供各種解決方案——不論是新包裝、在新使用情境中的新功能——持續為我們在美國的品牌帶來更多業務。

Kaumil Gajrawala, Jefferies.

Kaumil Gajrawala，Jefferies。

I guess I'm just struggling a little bit to understand what optimizing return on investment means. Does that mean that perhaps some discounts were not working and they're not worth doing anymore? Or is it something else to drive more volume? Just I understand it conceptually, but not practically in terms of like what's actually changing and what the goals are for that. Is it a profit? Is it intentions for ROI for profits or intentions for shifting where you're deploying capital to drive volumes faster than whatever they're like -- how they're growing now?

我想我有點難以理解「最佳化投資報酬率」到底是什麼意思。這是否表示某些折扣可能沒有奏效，因此不值得再做了？還是說是其他方式來帶動更多銷量？我在概念上理解，但在實務上不太清楚到底改變了什麼，以及目標是什麼。是利潤嗎？是以利潤為導向的 ROI 意圖，還是把資本部署轉移到能讓銷量成長更快的地方——相較於它們現在的成長方式——之類的？

I think it's trying to get more volume from the investments, Kaumil. And there's high low customers, there's every day low customers and the mechanics, how you can maximize the return on the trade investments or offers that you make to the consumers can drive more volume or less.

我認為這是希望從這些投資中取得更多銷量，Kaumil。有高低價（high-low）型的客戶，也有天天低價（everyday low）型的客戶；而你如何最大化你對消費者所做的通路/促銷投資或優惠的報酬，其運作機制可能帶來更多或更少的銷量。

So that is how we are -- what we mean by optimizing the return on the investments. And it will -- it's a very specific customer by customer, holiday by holiday, beginning of the month versus end of the month, all those details and how we execute that with our customers. And it's simple on the everyday low-price customers, a bit more complex on the high low, and that's where we're trying to tweak.

所以這就是我們所說的「最佳化投資報酬」的意思。而這會——它非常具體，會因客戶而異、因節日而異、因月初與月底而異，包含所有這些細節，以及我們如何與客戶一起執行。在天天低價型客戶上相對簡單，在高低價型客戶上則更複雜，而這正是我們想要微調的地方。

So thank you very much all for your conversation and for joining us today and the confidence you're placing with your investment in our stock. Thank you very much, and have a great day.

非常感謝各位今天的交流與參與，也感謝各位投資我們股票所給予的信心。非常謝謝，祝各位有美好的一天。