百事 (PEP) 2021 Q4 法說會逐字稿

Good morning, and welcome to PepsiCo's 2021 Fourth Quarter Earnings Question and Answer Session. (Operator Instructions) Today's call is being recorded and will be archived at www.pepsico.com.

早上好，歡迎來到百事公司 2021 年第四季度收益問答環節。 （操作員說明）今天的電話正在錄音，並將存檔在 www.pepsico.com。

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

現在我很高興介紹投資者關係高級副總裁 Ravi Pamnani 先生。 Pamnani 先生，您可以開始了。

Thank you, operator, 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.

謝謝接線員，大家早上好。我希望每個人今天早上都有機會查看我們的新聞稿和準備好的評論，這兩者都可以在我們的網站上找到。

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, 2022 guidance, and long-term financial targets and the potential impact of the COVID-19 pandemic on our business. Forward-looking statements inherently involve risks and uncertainties and only reflect our view as of today, February 10, 2022, and we are under no obligation to update.

在我們開始之前，請注意我們的警告聲明。我們可能會就今天的電話會議做出前瞻性陳述，包括關於我們的業務計劃、2022 年指導和長期財務目標以及 COVID-19 大流行對我們業務的潛在影響。前瞻性陳述固有地涉及風險和不確定性，僅反映我們截至今天（2022 年 2 月 10 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 fourth quarter and full year 2021 earnings release and 2021 Form 10-K available on pepsico.com for definitions and reconciliations of non-GAAP measures and additional information regarding our results, including a discussion of factors that could cause actual results to materially differ from forward-looking statements.

在討論我們的結果時，我們指的是非 GAAP 措施，這些措施將某些項目排除在報告的結果之外。請參閱我們在 pepsico.com 上提供的 2021 年第四季度和全年收益發布和 2021 年表格 10-K，了解非公認會計原則措施的定義和調節以及有關我們結果的其他信息，包括對可能導致實際結果的因素的討論與前瞻性陳述大不相同。

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

今天加入我的是百事可樂的董事長兼首席執行官 Ramon Laguarta；和百事可樂的副主席兼首席財務官休約翰斯頓。 （操作員說明）

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

有了這個，我將把它交給接線員來回答第一個問題。

(Operator Instructions) Our first question comes from Dara Mohsenian with Morgan Stanley.

（操作員說明）我們的第一個問題來自摩根士丹利的 Dara Mohsenian。

So I wanted to focus on the 2022 top line guidance. Obviously, very strong Q4 results. But look, you're guiding towards the higher end of the long-term range in terms of 6% organic sales growth in 2022 despite a really tough comparison if we look at 2021. So I just wanted to understand the key drivers for 2022 top line, particularly price mix versus volume. And any thoughts on demand elasticity?

所以我想專注於 2022 年的頂線指導。顯然，第四季度業績非常強勁。但是看，儘管我們看 2021 年的比較非常艱難，但您正在指導 2022 年 6% 有機銷售增長的長期範圍的高端。所以我只是想了解 2022 年頂部的關鍵驅動因素線，特別是價格組合與數量。對需求彈性有什麼想法嗎？

And then also just from a broader long-term perspective as you look out beyond 2022, are you more confident your strategies are sustainably paying off? Could top line growth be more at the higher end of that mid-single-digit long-term top line range? How do you think about the long term beyond 2022, given what's expected to be pretty robust growth despite the tough comp?

然後，從更廣泛的長期角度來看，當您展望 2022 年以後，您是否更有信心您的戰略能夠持續獲得回報？頂線增長會更多地處於中個位數長期頂線範圍的高端嗎？您如何看待 2022 年以後的長期發展，儘管經濟形勢嚴峻，但預計增長將相當強勁？

Yes. Dara, let me start and maybe Hugh can add. We see our categories very healthy moving into '22 and long term, both our convenient foods and beverages. So that makes us feel very comfortable. The investments that we have made over the last 3 years in brands, in more capable go-to-market systems, in more insights, better execution, that's clearly paying off in the form of share of market gains in -- across multiple developing markets, snacks and beverages.

是的。達拉，讓我開始吧，也許休可以補充一下。我們看到我們的類別非常健康地進入 22 世紀和長期，無論是我們的方便食品和飲料。所以這讓我們感覺很舒服。過去 3 年，我們在品牌、更有能力的上市系統、更多洞察力、更好的執行力方面所做的投資，這顯然以在多個發展中市場的市場收益份額的形式獲得了回報、零食和飲料。

So we feel good about our ability to continue to grow ahead of our categories in '22 and beyond. And obviously, we are big players in those categories. So we carry the responsibility to make this category stay healthy and stay growing faster than food overall. So that's how we see our long term.

因此，我們對我們在 22 年及以後繼續領先於我們的類別的能力感到滿意。顯然，我們是這些類別的大玩家。因此，我們有責任讓這一類別保持健康，並保持比整體食品更快的增長速度。所以這就是我們如何看待我們的長期。

And yes, we -- obviously, if you think about next year, yes, we're at the top end of our long-term guidance. This year, obviously, we -- I mean, last year, we obviously crossed that long-term guidance. So you see compounded, yes, we're at the high end of our 4% to 6%. And obviously, we -- that's the objective of the whole organization, to stay within the -- that guidance and beat it in good years.

是的，我們 - 顯然，如果你考慮明年，是的，我們處於長期指導的頂端。今年，顯然，我們 - 我的意思是，去年，我們顯然超過了長期指導。所以你看到復合了，是的，我們處於 4% 到 6% 的高端。顯然，我們 - 這是整個組織的目標，保持在 - 指導範圍內並在好年景中擊敗它。

Yes. And the only thing I'll add there in terms of some of the financial pieces that you saw in Q4, we had about 5 points of volume and about 7 points of price/mix. Obviously, we're -- as our hedges roll off and we move into a new round of commodities, we're going to price in a way that allows us, at least for the full year, to try to keep our margins pretty well intact, which means that, that 7 pricing will probably be around there. Maybe even a little bit stronger for the year.

是的。我唯一要補充的就是你在第四季度看到的一些財務部分，我們有大約 5 個點的數量和大約 7 個點的價格/組合。顯然，我們是——隨著我們的套期保值減少，我們進入新一輪大宗商品，我們將以一種允許我們至少在全年內保持利潤率相當好的方式定價完好無損，這意味著，這 7 個定價可能會在那裡。今年甚至可能會更強一些。

We'll see how it plays out and react to what happens with the facts in the marketplace. But it's going to be a pretty healthy pricing year to accommodate the cost increases.

我們將看到它是如何發揮作用的，並對市場上發生的事實做出反應。但這將是一個非常健康的定價年，以適應成本增加。

And if I can follow up or -- what are you assuming in terms of demand elasticity? And what's been the experience so far you've seen in terms of consumer demand elasticity to pricing? It seemed like there clearly wasn't a lot in Q4, but what are you assuming for 2022?

如果我可以跟進或 - 你在需求彈性方面假設什麼？到目前為止，您在消費者需求對定價的彈性方面看到了什麼經驗？似乎第四季度顯然沒有很多，但是您對 2022 年的假設是什麼？

Yes. So I mean, for '22, Dara, you're right. Obviously, there wasn't a lot in Q4, but that's a relatively short period of time. Right now, we've built multiple scenarios around elasticity. And we have plans to react to any of them. So frankly, we'll -- we're going to have to be very agile this year in the way that we plan. But you know that our history on guidance is, we tend to have multiple ways to get there, and we'll react to what the marketplace gives us.

是的。所以我的意思是，對於 22 年，達拉，你是對的。顯然，第四季度沒有很多，但這是一個相對較短的時間。目前，我們圍繞彈性構建了多個場景。我們計劃對其中任何一個做出反應。坦率地說，我們將 - 今年我們必須按照我們計劃的方式非常靈活。但你知道，我們在指導方面的歷史是，我們往往有多種方式來實現這一目標，我們會對市場給我們的東西做出反應。

I think, Dara, if you think about all the investments we've made in the last few years, both in the brand's strength or some of our net revenue capabilities, even our execution capabilities, the granularity that we can execute in the stores, that's clearly giving us a lot of, I would say, tools to play the marketplace and to manage the price increases in better ways than we used to do it in the past. So we're also contemplating that as a factor as we're building our '22 scenarios.

我想，Dara，如果你想想我們過去幾年所做的所有投資，無論是在品牌實力還是我們的一些淨收入能力，甚至是我們的執行能力，我們可以在商店執行的粒度，我想說，這顯然為我們提供了很多工具來玩市場並以比過去更好的方式管理價格上漲。因此，我們也在考慮將其作為我們構建 '22 場景的一個因素。

Our next question comes from Bonnie Herzog with Goldman Sachs.

我們的下一個問題來自高盛的 Bonnie Herzog。

All right. Actually had a question on your A&M spend in the quarter. I guess, on a dollar basis, it seemed to have almost doubled in the quarter versus Q3 and then came in at maybe a record as a percentage of sales at almost 8% in the quarter versus your typical call it, I don't know, 6.5%. So I just was hoping you guys could give us a little more color on where you stepped up the spending in the quarter, and then how much do you think that did contribute to your robust top line growth in Q4.

好的。實際上對您在本季度的 A&M 支出有疑問。我想，以美元計算，該季度與第三季度相比幾乎翻了一番，然後在本季度以近 8% 的銷售額百分比創下歷史新高，而您通常稱之為，我不知道, 6.5%。所以我只是希望你們能給我們更多的信息，說明你們在本季度增加支出的地方，然後你們認為這對你們第四季度強勁的收入增長有多大貢獻。

And then thinking about it, typically, there is a lag with spending. So I'm also wondering if this is partly what you expect to drive your top line guidance at the high end of your long-term growth [algo].

然後考慮一下，通常情況下，支出存在滯後。因此，我還想知道這是否是您期望在長期增長 [algo] 的高端推動您的頂線指導的部分原因。

Yes. Bonnie, it's Hugh. A couple of things on that. One, A&M for the year was up 11%. For the quarter, it was up 15%. But remember, when you're dealing with the quarter, that's not necessarily what's in the marketplace. That's sort of the A&M curve, and we book A&M on the revenue curve.

是的。邦妮，是休。有幾件事。一，A&M 全年增長 11%。本季度，它上漲了 15%。但請記住，當您處理季度時，這不一定是市場上的情況。這有點像 A&M 曲線，我們在收入曲線上預訂 A&M。

In terms of spend, it was -- spend was up in the quarter for sure. I don't know that it was disproportionately up relative to the rest of the year. And in terms of go-forward, I expect our A&M, as it generally has, will probably be in or around the same level of growth as the sales growth number is.

就支出而言，本季度的支出肯定增加了。我不知道它相對於今年剩餘時間不成比例地上升。就前進而言，我預計我們的 A&M 和一般情況一樣，可能會達到或接近與銷售增長數字相同的增長水平。

Obviously, we feel terrific about the advertising we're doing. We think it's having the right impact. But we clearly were the beneficiaries of, in North America, some reduction. And we think that's also played well. We generally are spending at a competitive level, and we're trying to compete on quality of the A&M, not necessarily the quantity of the A&M.

顯然，我們對我們正在做的廣告感覺很棒。我們認為它產生了正確的影響。但在北美，我們顯然是部分減產的受益者。我們認為這也發揮得很好。我們通常在競爭水平上支出，我們試圖在 A&M 的質量上競爭，而不一定是 A&M 的數量。

Yes. Bonnie, one of the things we're -- I think we're getting better at is measuring our return on investment on our marketing. And we're -- the more data we have, and obviously, we're becoming a better data company, we're able to put better numbers to those investments and have the marketing teams and the commercial teams overall choosing different levers that give us the best return overall. And that's playing very well.

是的。 Bonnie，我們正在做的一件事——我認為我們在衡量我們的營銷投資回報方面做得越來越好。而且我們 - 我們擁有的數據越多，顯然，我們正在成為一家更好的數據公司，我們能夠為這些投資提供更好的數字，並讓營銷團隊和商業團隊整體選擇不同的槓桿，我們總體上是最好的回報。這玩得很好。

It's obviously one of the reasons why we're gaining market share across many categories. It's -- strategically, we want to continue with this kind of investments, being very rational in the way we invest in A&M, but understanding that a company like ours, the core competence is building brands. And that's what give us, in situations like we're having this year where we have to price, we have consumers following us in spite of higher prices. So I think strategically, it's a very important element in our overall growth strategy.

這顯然是我們在許多類別中獲得市場份額的原因之一。這是 - 從戰略上講，我們希望繼續進行這種投資，我們對 A&M 的投資方式非常理性，但要了解像我們這樣的公司，核心競爭力是建立品牌。這就是給我們的原因，在今年我們必須定價的情況下，儘管價格更高，但仍有消費者跟隨我們。所以我認為從戰略上講，這是我們整體增長戰略中一個非常重要的元素。

Our next question comes from Lauren Lieberman with Barclays.

我們的下一個問題來自巴克萊銀行的 Lauren Lieberman。

Great. I wanted to just talk about PBNA volumes because accelerated sequentially and on a 2-year basis and now putting up growth on growth. And I was just curious how you might kind of bucket the drivers of that. And I'm going to guess, part of it, you're going to say, oh, it's a little bit of everything. But zeros have been in the market, I think, arguably all year. And I thought maybe there's something to be said for the reorganization of the markets and that may be starting to click in, in a different way. So just curious on any perspective on the accelerating trends in PBNA. That would be great.

偉大的。我只想談談 PBNA 的交易量，因為它在 2 年的基礎上連續加速，現在增長增長。我只是很好奇你會如何把它的驅動因素放在一邊。我猜，其中的一部分，你會說，哦，這就是一切。但我認為，可以說全年都在市場上出現零。而且我認為也許對市場的重組有話要說，並且可能會以不同的方式開始起作用。所以只是好奇關於 PBNA 加速趨勢的任何觀點。那很好啊。

Yes. Lauren, the -- I would say, if you take a bigger picture, I think there is an elevated in-home consumption that has stayed like that. I think home as a hub is a clear trend, and we're seeing -- we're capturing pretty good consumption at home. And obviously, during the quarter, there's been more mobility across the multiple markets in the U.S., obviously. But -- globally, I would say. And then some of the away from home business has accelerated as well. So what you see there is a combination of all these channels, I think, playing at a very high level.

是的。勞倫，我想說，如果你放眼大局，我認為家庭消費的增長一直如此。我認為家庭作為樞紐是一個明顯的趨勢，我們正在看到——我們正在捕捉到相當不錯的家庭消費。顯然，在本季度，美國多個市場的流動性明顯增加。但是——我會說，在全球範圍內。然後一些離家出走的業務也加速了。所以你看到的是所有這些渠道的組合，我認為，在一個非常高的水平上播放。

Then if you go into our own business, I would say it's a combination of branding, better execution. And the truth is that in Q4, we've seen an improvement sequentially of our supply chain. And some of our large brands, and I would name Gatorade, for example, clearly has improved substantially in its running rates and fill rates in the last part of the quarter. So that's reflected as well in a better, overall performance for the business.

然後，如果您進入我們自己的業務，我會說這是品牌推廣和更好執行力的結合。事實是，在第四季度，我們的供應鏈順序有所改善。我們的一些大品牌，例如佳得樂（Gatorade），顯然在本季度最後一部分的運行率和填充率上有了顯著提高。因此，這也反映在更好的整體業務表現中。

But we're very pleased in general with the way the North America business is performing in beverages and snacks as well. And both the margin expansion, the top line, the fact that it grew with the market a bit faster than the market in a very challenging year with a lot of supply chain complexities and bottlenecks for several reasons.

但總的來說，我們對北美業務在飲料和零食方面的表現感到非常滿意。利潤增長、收入增長、在充滿挑戰的一年中，隨著市場的增長，其增長速度略快於市場，原因有很多，供應鏈非常複雜和瓶頸。

So we're very pleased. We're feeling comfortable as well for '22. It's very strong commercial programs, very strong brand programs. And as you were saying, probably a better execution machine, for many reasons, data and intelligence, but also more empowered organization that makes more local decisions, and that's obviously reflected in the performance of the business.

所以我們非常高興。對於 22 年，我們也感到很舒服。這是非常強大的商業節目，非常強大的品牌節目。正如您所說，可能是更好的執行機器，原因有很多，數據和智能，但也有更強大的組織，可以做出更多本地決策，這顯然反映在業務績效中。

Our next question comes from Andrea Teixeira with JPMorgan.

我們的下一個問題來自摩根大通的 Andrea Teixeira。

I have a question on sports drinks and then a clarification on the pricing. First, on Gatorade. It was a brand that obviously was pressured in 2021 from supply chain challenges and competition. And as you go into '22, can you talk about the supply dynamics there and inventory for the brand?

我有一個關於運動飲料的問題，然後是關於定價的澄清。首先，關於佳得樂。這個品牌在 2021 年顯然受到了供應鏈挑戰和競爭的壓力。當你進入 22 年時，你能談談那裡的供應動態和品牌的庫存嗎？

And then on the pricing, I think embedded in your guidance, I understand that it's assuming only the pricing that is already in the market. And therefore, I wanted to see if we can bridge from Hugh's comments and seeing the visibility of the gross margin curve potentially recovered by the end of the year and potentially being up year-over-year for the full year.

然後關於定價，我認為嵌入在你的指導中，我理解它只是假設市場上已經存在的定價。因此，我想看看我們是否可以從休的評論中架起橋樑，並看到毛利率曲線的可見性可能在年底前恢復，並可能在全年同比上升。

Yes, Andrea. I'll -- let me talk to you about the Gatorade and then Hugh can talk more about the enterprise. We're very optimistic with this sports drink category. But we think of it broadly than just hydration, we think about overall nutrition. And the way Gatorade is playing in that space along with some other brands like Propel, Muscle Milk, EVOLVE and some other some other assets that we have in that space. It is growing very fast. We see continued consumer adoption of this category. Consumers are exercising more, and we think that's a very positive trend for the segment.

是的，安德里亞。我會 - 讓我和你談談佳得樂，然後休可以更多地談論企業。我們對這個運動飲料類別非常樂觀。但我們不僅僅考慮補水，還考慮整體營養。佳得樂與其他一些品牌，如 Propel、Muscle Milk、EVOLVE 以及我們在該領域擁有的其他一些資產，在該領域的發展方式。它的增長速度非常快。我們看到消費者繼續採用這一類別。消費者鍛煉得更多，我們認為這對該細分市場來說是一個非常積極的趨勢。

When it comes to Gatorade, the brand equity is stronger than ever. And the innovation that we've done this year, and you will see more next year, be it Zero, be it Gatorade Light, be it some of the more science related with the Sweat Patch and how we can be much more customized for the consumer based on their hydration profile. So there's a lot of positive value that, I think, we can create in higher parts of the category with Gatorade and some of the other brands. So we feel good about the demand momentum.

談到佳得樂，品牌資產比以往任何時候都要強大。以及我們今年所做的創新，明年你會看到更多，無論是零，無論是佳得樂之光，還是與 Sweat Patch 相關的更多科學，以及我們如何為消費者根據他們的水合狀況。因此，我認為，我們可以通過佳得樂和其他一些品牌在該類別的更高部分創造很多積極價值。因此，我們對需求勢頭感覺良好。

On the supply, obviously, we have reacted to the situation. And we've expanded capacity, both ourselves and some of our co-packers. And we're ready for what we think will be another year of successful growth for Gatorade and continue to build the brand in spaces that will be hard to match by a competitor. So that's how we are approaching Gatorade and the full category next year.

在供應方面，顯然，我們已經對這種情況做出了反應。我們已經擴大了產能，包括我們自己和我們的一些合作包裝商。我們已經準備好迎接我們認為佳得樂又一個成功增長的一年，並繼續在競爭對手難以匹敵的領域建立品牌。這就是我們明年接近佳得樂和整個類別的方式。

Yes. And I'll expand on the -- your question on the other side. Yes, our assumptions on the guidance are based on the pricing that we have in the marketplace right now. And that pricing is based on the visibility that we have into both the productivity and the cost structure and commodities, which we have pretty good visibility into. On the commodities about 8, 9 months of the year, as you would expect, based on some of the things I've communicated in the past. Q4 is a bit -- still a bit open, but there are obviously pricing windows as we get into the fourth quarter as well. So as those facts become more known, we'll make decisions on that front.

是的。我將在另一邊擴展您的問題。是的，我們對指導的假設是基於我們目前在市場上的定價。該定價基於我們對生產力、成本結構和商品的可見性，我們對此有很好的可見性。正如你所預料的那樣，根據我過去交流過的一些事情，關於一年中大約 8、9 個月的商品。第四季度有點——仍然有點開放，但隨著我們進入第四季度，顯然有定價窗口。因此，隨著這些事實越來越廣為人知，我們將在這方面做出決定。

Regarding your question on margins, obviously, we don't give guidance on margins. But I think given the combination of what we know about costs and what we know about pricing, we ought to be able to get through the year pretty well intact on margins, acknowledging the fact that earlier in the year, the cost pressure is a little bit higher than it is later in the year.

關於您關於利潤的問題，顯然，我們不提供有關利潤的指導。但我認為，結合我們對成本的了解和對定價的了解，我們應該能夠在利潤率上完好無損地度過這一年，並承認今年早些時候成本壓力有點小比今年晚些時候高一點。

Our next question comes from Bryan Spillane with Bank of America.

我們的下一個問題來自美國銀行的 Bryan Spillane。

Just 2 -- maybe just 2 follow-ups. One is just, Hugh, your answer in response to Andrea's question. When you're saying margins, are you talking about EBIT margins or gross margins?

只有 2 次——也許只有 2 次跟進。一個只是，休，你對安德里亞問題的回答。當您說利潤率時，您是在談論 EBIT 利潤率還是毛利率？

Both actually.

實際上兩者都是。

Okay. Okay. And then my question is about just the share repurchases coming back in this year. Hugh, can you talk a little bit about where we stand now in terms of cash return to shareholders? I think part of the motivation to maybe pull back on repurchases at the beginning of '21 was -- your CapEx is going to be elevated for a while. And I know you're watching the leverage -- the credit rating. So is this just a -- now you're -- there's more comfort with being able to return more cash to shareholders? Or is it a change in CapEx outlook? Just trying to understand if we can -- how you're thinking about that.

好的。好的。然後我的問題是關於今年回來的股票回購。休，你能談談我們現在在給股東的現金回報方面的立場嗎？我認為可能在 21 年初撤回回購的部分動機是——你的資本支出將在一段時間內提高。我知道你正在關注槓桿——信用評級。那麼這只是 - 現在你 - 能夠向股東返還更多現金會更舒服嗎？還是資本支出前景的變化？只是想了解我們是否可以 - 你是如何考慮的。

Yes. I mean we -- obviously, we made the decision not just based on what we see this year, but what we see over the next couple of years. Number one, we really had a pretty good year on cash generation last year, which gave us a little bit of extra room. In addition to that, obviously, we had the Tropicana transaction, which brought us some room as well. And we just really closed that over the course of the last week or so.

是的。我的意思是我們 - 很明顯，我們做出決定的不僅僅是我們今年看到的，而是我們未來幾年看到的。第一，去年我們在現金產生方面確實度過了相當不錯的一年，這給了我們一點額外的空間。除此之外，很明顯，我們進行了 Tropicana 交易，這也為我們帶來了一些空間。在過去一周左右的時間裡，我們真的關閉了它。

So the combination of those 2 factors led us to the decision. As I mentioned last year, CapEx will be elevated for another year or 2. But frankly, I think that's well within the sort of overall envelope that we're working on, and we got comfortable with going back to share repurchase. And obviously, it's one of the levers we use to help drive company performance and shareholder returns.

因此，這兩個因素的結合使我們做出了決定。正如我去年提到的，資本支出將再增加一到兩年。但坦率地說，我認為這完全在我們正在努力的總體範圍內，我們對回去進行股票回購感到滿意。顯然，這是我們用來幫助推動公司業績和股東回報的槓桿之一。

Our next question comes from Laurent Grandet with Guggenheim.

我們的下一個問題來自古根海姆的 Laurent Grandet。

Well, I do -- I'd like to focus this morning on the energy platform. So it has been about 2 years since the acquisition of Rockstar that unlocked the energy platform, an advantage PepsiCo has over your competitor, that is limited because of its contract with Monster. So could you please update us on where you are seeing your -- where you're heading? Because the beginning has been a bit more challenged than expected, with the difficulty with Bang management, Mtn Dew Rise name change and Rockstar taking a bit more time to [settle right]. So that is a high growth, high profitability segment of the business, it doesn't impact on PP&M and the rest of the business. So could you please update us on what you are seeing and where you're heading?

嗯，我願意——今天早上我想把重點放在能源平台上。因此，自收購 Rockstar 以來，該能源平台已經解鎖了大約 2 年，這是百事公司相對於您的競爭對手的優勢，由於與 Monster 的合同，這是有限的。那麼，您能否向我們介紹您在哪裡看到您的 - 您要去哪裡？因為一開始的挑戰比預期的要大，Bang 管理困難，Mtn Dew Rise 更名，Rockstar 需要更多時間來 [解決]。所以這是一個高增長、高盈利的業務部分，它不會影響 PP&M 和其他業務。那麼，您能否向我們介紹一下您所看到的以及您要去的地方？

Thank you, Laurent. Good to talk to you. Listen, we're executing the playbook, as we told you, we've been quite consistent on the last few calls. And we're quite pleased with what we're seeing.

謝謝你，勞倫特。很高興和你談談。聽著，我們正在執行劇本，正如我們告訴你的那樣，我們在最近幾次電話會議上一直非常一致。我們對我們所看到的感到非常滿意。

Obviously, Rockstar, we always said it was the most complex transformation. We repositioned the brand, we changed packaging. We're seeing growth in Rockstar, both in the areas where it's more developed, areas of the country that's more developed and new areas, obviously, where the distribution system is making a difference. We're seeing especially very good performance in new innovation segments like no sugar and some more Hispanic-focused innovation. So we're hopeful on Rockstar, and we're seeing the metrics that we set for ourselves are becoming reality.

顯然，Rockstar，我們總是說這是最複雜的轉型。我們重新定位了品牌，改變了包裝。我們看到 Rockstar 的增長，無論是在它更發達的地區，更發達的國家地區和新的地區，顯然，分銷系統正在發揮作用。我們在新的創新領域看到了特別非常好的表現，比如無糖和更多以西班牙裔為重點的創新。所以我們對 Rockstar 充滿希望，我們看到我們為自己設定的指標正在成為現實。

Then on Mountain Dew Energy, we had this legal situation, which we move very quickly. Super agile, actually. The teams did a great job turning that in 6 weeks. And it's in the market, and it's gone back to the platform exactly where it was. So clearly, there is a consumer that likes the product. And it's -- we're ready to now invest, obviously, this year, in building that platform under the Mountain Dew Energy branding. And that's a pretty good position even though we had that legal situation.

然後在激浪能源上，我們遇到了這種法律情況，我們很快就採取了行動。實際上，超級敏捷。團隊在 6 週內完成了出色的工作。它在市場上，它又回到了原來的平台。很明顯，有一個消費者喜歡這個產品。它是 - 我們現在準備投資，顯然，今年，在山露能源品牌下建立這個平台。即使我們有這種法律情況，這也是一個非常好的立場。

With Bang, which was the other part of the strategy, we -- after that initial hiccup, I think we're -- actually, we're doing a pretty good job as a distributor of the brand, and the brand is more points of sale than it used to be. And we continue to focus on driving that performance during the length of the contract.

有了 Bang，這是戰略的另一部分，我們——在最初的打嗝之後，我認為我們——實際上，作為品牌的分銷商，我們做得很好，品牌更重要銷售量比以前大。我們將繼續專注於在合同期限內提高業績。

And then -- but the other one that we're very pleased is the Starbucks relationship. That is -- that JV relationship is better than ever, I would say. And both Doubleshot, Tripleshot is growing at very high levels. And I don't know if you're aware, we just launched Baya Energy which is a full natural energy brand, new brand to the system. It's the first time we launched it both in retail and in Starbucks outlets. Great product, good levels of caffeine coming from natural source. We're very optimistic on that platform. It's very incremental if you see the full portfolio of brands that we have on energy. So Baya will be a positive addition incremental.

然後 - 但我們非常高興的另一個是星巴克的關係。那就是 - 我會說，合資關係比以往任何時候都好。 Doubleshot、Tripleshot 都在以非常高的水平增長。而且我不知道你是否知道，我們剛剛推出了Baya Energy，這是一個全天然能源品牌，系統的新品牌。這是我們第一次在零售店和星巴克門店推出它。很棒的產品，來自天然來源的咖啡因含量很高。我們對該平台非常樂觀。如果您看到我們在能源方面擁有的完整品牌組合，這是非常漸進的。所以Baya將是一個積極的增量增量。

So I think the machine is firing in a lot of cylinders. It is -- as always, it is an area of focus. You need to test and learn and adjust and tweak your execution. I'm pleased with what I'm seeing.

所以我認為這台機器在很多氣缸中點火。它是 - 與往常一樣，它是一個重點領域。你需要測試和學習，調整和調整你的執行。我對我所看到的感到滿意。

The other element that we don't talk so much about Rockstar is that this year, it's going to be in 17 international markets. It was in 10 markets. We expanded in '21 to -- I think it was 22, 23 markets. Now next year -- this year '22, we'll be in 70 markets. So clearly, another part of the growth story of Rockstar as we acquired the business. So we'll keep updating you in our regular calls, but we're positive on how the full energy strategy is working.

另一個我們不太談論 Rockstar 的元素是，今年它將進入 17 個國際市場。它在10個市場。我們在 21 年擴展到 - 我認為是 22、23 個市場。現在明年——今年 22 年，我們將進入 70 個市場。很明顯，在我們收購該業務時，Rockstar 的另一部分成長故事。因此，我們將在定期電話中不斷向您更新，但我們對完整能源戰略的運作方式持積極態度。

Your next question comes from Vivien Azer with Cowen.

您的下一個問題來自 Vivien Azer 和 Cowen。

I wanted to follow up, please, on Dara's question on price elasticities. Hugh, I appreciated your comment that you guys are looking at multiple scenarios and clearly do have a lot of levers at your disposal. But I was hoping you could dive a little bit more, please, on Pepsi Beverages North America. And specifically, how you think about cross-category elasticities across your U.S. beverage business. And as a quick follow-up to that, to the extent that consumers' ability to absorb pricing were to diminish at all, like are there certain categories you'd be watching more closely as a leading indicator of that?

我想跟進 Dara 關於價格彈性的問題。休，我很欣賞你的評論，你們正在研究多種情況，顯然確實有很多槓桿可供你使用。但我希望你能在 Pepsi Beverages North America 多潛水一點。具體來說，您如何看待美國飲料業務的跨品類彈性。作為對此的快速跟進，在消費者吸收定價能力完全減弱的情況下，您是否會更密切地關注某些類別作為領先指標？

Yes. Happy to go there a bit. And as I said, elasticities to me are basically a portfolio of risks that we try to manage rather than kind of zeroing in a single number, right? And a portfolio as complex as this, it's hard to have that conversation.

是的。很高興去那裡一點。正如我所說，對我來說，彈性基本上是我們試圖管理的風險組合，而不是歸零於一個數字，對吧？像這樣複雜的投資組合，很難進行這種對話。

What I would tell you, Vivien, that we've seen over the last couple of years is, in the North America beverage business, category elasticities are relatively low. I think the reason for that is, particularly in the multi-bag, multi-serve area, prices are pretty remarkably low, right? Whether you're looking at 2 liters or 12 packs. And if you compare those prices to elsewhere in the world, the prices in this market are actually quite low. It's a tremendous value for consumers.

Vivien，我要告訴你的是，我們在過去幾年看到的是，在北美飲料業務中，品類彈性相對較低。我認為原因是，特別是在多袋多服務區，價格非常低，對吧？無論您是看 2 升還是 12 包。如果你將這些價格與世界其他地方的價格進行比較，這個市場的價格實際上是相當低的。這對消費者來說是一個巨大的價值。

So as we sort of move into a world of higher inflation, I do expect that the category prices probably will go up. And at least to date, we haven't seen much in the way of elasticity. As you might imagine, I can't point to any one. I think we sort of watch elasticities on everything, both the value packages and the premium packages. And the good news is our system is agile enough to react to it. But right now, the elasticities are in line with our expectations. And frankly, that's what gives us confidence in the guide for the year.

因此，當我們進入一個通貨膨脹率較高的世界時，我確實預計該類別的價格可能會上漲。至少到目前為止，我們還沒有看到太多的彈性方式。正如您可能想像的那樣，我無法指出任何人。我認為我們在某種程度上關注所有東西的彈性，包括超值套餐和高級套餐。好消息是我們的系統足夠靈活，可以對其做出反應。但目前，彈性符合我們的預期。坦率地說，這就是讓我們對今年的指南充滿信心的原因。

Our next question comes from Kevin Grundy with Jefferies.

我們的下一個問題來自 Jefferies 的 Kevin Grundy。

Great. First, just a clarification on Laurent's line of questioning around energy. Ramon, can you just comment -- you mentioned firing on all cylinders and you're pleased with energy. Would you rule out M&A? So if you could just comment on that, that would be helpful. My broader strategic question is really on the business venture with Boston Beer regarding HARD MTN DEW. Can you just update us on how that partnership has progressed? And importantly, as you spend more time studying the alcohol space, can you provide some updated thoughts on broader ambitions to play, not only as it pertains to new product innovation, but also the potential to distribute non-PepsiCo alcohol products through your distribution?

偉大的。首先，只是澄清一下 Laurent 圍繞能源提出的質疑。拉蒙，你能不能評論一下——你提到了所有氣缸都開火，你對能量很滿意。你會排除併購嗎？因此，如果您可以對此發表評論，那將很有幫助。我更廣泛的戰略問題實際上是關於與波士頓啤酒有關 HARD MTN DEW 的商業風險。您能否向我們介紹一下這種夥伴關係的進展情況？重要的是，隨著您花更多時間研究酒類領域，您能否就更廣泛的野心提供一些最新想法，不僅涉及新產品創新，還涉及通過您的分銷渠道分銷非百事可樂酒類產品的潛力？

Yes, Kevin. Listen, on M&A, I think we have sufficient brands, right, to play in that space. So I -- we're not thinking about any M&A in the energy space at this point.

是的，凱文。聽著，在併購方面，我認為我們有足夠的品牌，對，在那個領域發揮作用。所以我 - 我們目前沒有考慮在能源領域進行任何併購。

Now with regards to alcohol, great question. And I think it's a very interesting development for the LRB category and for the alcohol category. So clearly, consumers are choosing to converge in a way. And so we see that space as strategically, very incremental. It's sizable and it's profitable. So obviously, we'd like to participate in a consistent and structural way for us.

現在關於酒精，很好的問題。我認為對於 LRB 類別和酒精類別來說，這是一個非常有趣的發展。很明顯，消費者正在選擇以某種方式融合。因此，我們認為該空間具有戰略意義，非常漸進。它規模可觀，而且有利可圖。很明顯，我們希望以一種一致且結構化的方式參與。

Obviously, we will play from the brand point of view on innovation, licensing our brands to beer manufacturers that can help us with the manufacturing. We don't have the technologies to make some of these products, but we're creating strong partnerships. You mentioned one. And I think we have brands that can extend into those spaces. So that will be one way how we do it.

顯然，我們將從品牌的角度進行創新，將我們的品牌授權給可以幫助我們進行製造的啤酒製造商。我們沒有製造其中一些產品的技術，但我們正在建立強大的合作夥伴關係。你提到了一個。我認為我們擁有可以擴展到這些領域的品牌。所以這將是我們做到這一點的一種方式。

On the other hand, I think there is a very interesting play for us to leverage some of our distribution assets to provide capital distribution and consistent execution across the country. And we're working on that solution. We have obviously some market tests undergoing. And we'll continue to roll out those -- that potential distribution opportunity.

另一方面，我認為我們可以利用我們的一些分銷資產在全國范圍內提供資本分配和一致的執行，這對我們來說是一件非常有趣的事情。我們正在研究這個解決方案。我們顯然正在進行一些市場測試。我們將繼續推出那些潛在的分銷機會。

I think it could be an advantage for us if we do it well, and that's what we're planning to do. So we see us participating from the consumer point of view and also from the infrastructure and execution and granularity of execution point of view as well. Those 2 areas could create value for PepsiCo long term.

我認為如果我們做得好這對我們來說可能是一個優勢，這就是我們計劃做的事情。因此，我們看到我們從消費者的角度以及從基礎設施和執行以及執行粒度的角度參與。這兩個領域可以為百事可樂創造長期價值。

Our next question comes from Rob Ottenstein with Evercore.

我們的下一個問題來自 Evercore 的 Rob Ottenstein。

We focused mostly on the U.S. today. I was wondering if you could talk a little bit about how you're viewing your global footprint. In the past, for instance, the company has made acquisitions to expand the offerings in Russia and South Africa. Any thoughts along those lines in other geographies? Any things that is going on, on the international side that we should be aware of in terms of strategic direction or changes of how you're looking at the business?

我們今天主要關注美國。我想知道您能否談談您如何看待您的全球足跡。例如，過去，該公司進行了收購以擴大在俄羅斯和南非的產品。在其他地區有類似的想法嗎？在戰略方向或您如何看待業務的變化方面，我們應該了解國際方面正在發生的任何事情？

And then just a quick follow-up. On the hedging and the commodities, it would be -- I think it would be helpful if, to the extent you can, kind of talk about some of the key commodities and what percentage of your cost structure they represent.

然後只是快速跟進。在對沖和大宗商品方面，我認為，如果您可以在某種程度上談論一些關鍵商品以及它們在您的成本結構中所佔的百分比，那將是有幫助的。

Great. Robert, I'll talk about international a bit and then Hugh can talk about the commodities. And you know we're quite limited on what we'd say about our detailed P&L. The -- on international, I've always said and continue to say that this is the -- by the largest growth opportunity we have in PepsiCo. I think we're -- we have a strong market positions in snacks and pretty good in beverages in many markets. Some others, a bit more challenging positions, but we're working to strengthen those.

偉大的。羅伯特，我會談談國際，然後休可以談談商品。而且您知道我們對詳細損益表的看法非常有限。在國際上，我一直說並繼續說這是我們在百事可樂最大的增長機會。我認為我們是——我們在零食方面擁有強大的市場地位，在許多市場的飲料方面也相當不錯。其他一些，更具挑戰性的職位，但我們正在努力加強這些職位。

I think we have the portfolio of brands and we have the portfolio of assets and the teams in place to continue to work on that opportunity. Last year, we grew double-digit internationally pretty much across the board, from Asia, to Middle East, Africa, Europe was very close to double-digit full year, if I recall. And then Latin America did double-digits. So pretty good performance. And if I look at the top 15 markets for the company, we are gaining share in most of those markets, which is, to me, the key indicator of progress in the system. Obviously, as we scale up those markets, profitability gets much better. And that's the model we're trying to play.

我認為我們擁有品牌組合，我們擁有資產組合和團隊，可以繼續利用這個機會。去年，我們在國際上幾乎實現了兩位數的增長，從亞洲到中東、非洲，如果我記得的話，歐洲非常接近全年兩位數。然後拉丁美洲實現了兩位數。所以表現還不錯。如果我查看公司的前 15 個市場，我們在其中大部分市場中都獲得了份額，對我來說，這是系統進步的關鍵指標。顯然，隨著我們擴大這些市場的規模，盈利能力會變得更好。這就是我們正在嘗試使用的模型。

For next year, we see good signs. Obviously, the geopolitics in some parts of the world are complex. We hope that, that will not materialize in anything that will impact our system. And we see inflation going up everywhere. We have the brands. And we have, again, the capabilities to price as what we're doing in majority of the market. We feel good about the elasticities, as we discussed earlier, both developing markets and emerging.

明年，我們看到了良好的跡象。顯然，世界某些地區的地緣政治是複雜的。我們希望，這不會在任何會影響我們系統的事情中實現。我們看到各地的通貨膨脹都在上升。我們有品牌。而且，我們有能力按照我們在大多數市場上所做的那樣進行定價。正如我們之前討論的那樣，我們對發展中市場和新興市場的彈性感覺良好。

I'm a bit more cautious on emerging markets. I want to see a few more months to understand how the consumer is kind of absorbing all these high costs in multiple parts of their budget, household budgets. But we're feeling good about how consumers are staying loyal to our brands in spite of some of our pricing decisions. So yes, that should cover international. And maybe the -- yes.

我對新興市場更加謹慎。我想再看幾個月，以了解消費者如何在其預算的多個部分（家庭預算）中吸收所有這些高成本。但是，儘管我們做出了一些定價決定，但我們對消費者如何保持對我們品牌的忠誠度感到滿意。所以是的，這應該涵蓋國際。也許——是的。

Yes. So in terms of commodities, just a couple of facts. Number one, the overall commodity basket is about $16 billion, $17 billion. It's a super broad basket. There's not a single commodity that even accounts for 10% of the overall spend, so a fairly diverse basket. But that said, clearly, commodities are inflationary pretty well across the board. And that's what we're dealing with, so...

是的。因此，就商品而言，只有幾個事實。第一，整個商品籃子約為 160 億美元，170 億美元。這是一個超寬的籃子。沒有一種商品甚至佔總支出的 10%，因此是一個相當多樣化的籃子。但話雖如此，很明顯，大宗商品的通貨膨脹率相當高。這就是我們正在處理的問題，所以...

Our last question comes from Chris Carey with Wells Fargo.

我們的最後一個問題來自富國銀行的 Chris Carey。

Just on that last line of questioning there on commodities. Did you expect pricing to offset commodities just in the context of your comments on full year margins? And then on North America, there was a comment in the prepared remarks just around expectations for PBNA margins to expand next year. I think the margin drivers of this business have obviously evolved with product mix and pricing and I wonder if you could just comment on how you see the drivers of that business go forward in the context of some evolution of the business.

就在商品問題的最後一行。您是否期望僅在您對全年利潤率的評論背景下，定價會抵消商品？然後在北美，準備好的評論中有一條評論只是圍繞著明年 PBNA 利潤率將擴大的預期。我認為這項業務的利潤驅動因素顯然隨著產品組合和定價而發展，我想知道您是否可以評論一下您如何看待該業務的驅動因素在業務發展的背景下向前發展。

Sure. In terms of commodities and the way we approach it from a pricing perspective, obviously, we always try to do what we can in terms of productivity to manage an inflationary environment. But obviously, when inflation is this high, we need to take some pricing. In general, in developed markets, we do price through the commodity increases. In developing and emerging, we have the variable to consider of affordability and consumer reaction to it.

當然。就大宗商品以及我們從定價的角度處理它的方式而言，顯然，我們總是在生產力方面盡我們所能來管理通脹環境。但顯然，當通貨膨脹如此之高時，我們需要採取一些定價。一般來說，在發達市場，我們通過商品上漲來定價。在發展和新興方面，我們需要考慮可負擔性和消費者對此的反應。

And our history has been, we'll initially price through 2/3 to 3/4 and then go back and get the rest of it later. That said, overall, as I mentioned earlier in the call, I think the combination of our productivity and our pricing should put us in a position where we ought to be able to keep margins pretty well intact for the year. So that's kind of where I think we land on that.

我們的歷史一直是，我們最初會從 2/3 到 3/4 定價，然後再回去拿剩下的。也就是說，總的來說，正如我之前在電話會議中提到的那樣，我認為我們的生產力和定價的結合應該使我們能夠在今年保持利潤率完好無損。所以這就是我認為我們的目標。

In terms of PBNA, we do expect margins to continue to improve as we've talked about in the past. Drivers are generally the same ones that we've talked about. It's a combination of some pricing, some product mix as the energy category is more successful for us, some level of productivity as we get returns on the investments we've made in capacity and digitalization and the like. And we continue to use global business services as a mechanism to drive G&A productivity as well.

就 PBNA 而言，我們確實預計利潤率將繼續提高，正如我們過去所說的那樣。驅動程序通常與我們討論過的相同。這是一些定價、一些產品組合的組合，因為能源類別對我們來說更成功，在我們在產能和數字化等方面的投資獲得回報時，一定程度的生產力。我們繼續使用全球商業服務作為推動 G&A 生產力的機制。

So it's a broad bucket of actions that over the course of several years, we'll get PBNA margins closer and closer to the company average.

因此，在幾年的過程中，我們將採取一系列廣泛的行動，使 PBNA 的利潤率越來越接近公司的平均水平。

Great. I think this is the last question. So I just would like to say thank you for everyone that joined us today and for the confidence you've placed in PepsiCo and in all of us with your investment. And we hope that you guys stay safe and healthy. So thank you very much.

偉大的。我想這是最後一個問題。因此，我只想對今天加入我們的所有人表示感謝，感謝你們對百事可樂和我們所有人的投資所給予的信任。我們希望你們保持安全和健康。所以非常感謝。

Ladies and gentlemen, this does conclude today's presentation. You may now disconnect, and have a wonderful day. Speakers, please stand by.

女士們，先生們，今天的演講到此結束。您現在可以斷開連接，度過美好的一天。演講者，請稍候。