百事 (PEP) 2021 Q3 法說會逐字稿

Good morning, and welcome to PepsiCo's 2021 Third 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）2021 年第三季財報問答環節。(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，您可以開始了。

Thank you, operator. 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。希望大家今天早上都已經有機會閱讀我們的新聞稿與事先準備的講稿，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 and updated 2021 guidance 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, October 5, 2021, and we are under no obligation to update.

在開始之前，請留意我們的警示性聲明。我們在今天的電話會議中可能會做出前瞻性陳述，包括關於我們的業務計畫與更新後的 2021 年指引，以及 COVID-19 疫情對我們業務的潛在影響。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（2021 年 10 月 5 日）的觀點，我們沒有義務進行更新。

When discussing our results, we refer to non-GAAP measures, which exclude certain items from reported results. Please refer to our Q3 2021 earnings release and Q3 2021 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 衡量指標，其會自已報告的結果中排除某些項目。請參閱我們的 2021 年第三季財報新聞稿與 2021 年第三季 Form 10-Q（可於 pepsico.com 取得），以了解非 GAAP 衡量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 Vice Chairman and CFO, Hugh Johnston. (Operator Instructions)

今天與我一同出席的有百事公司董事長兼執行長 Ramon Laguarta，以及百事公司副董事長兼財務長 Hugh Johnston。(接線員指示)

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

接下來，我將把時間交給接線員，進行第一個提問。

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

(接線員指示) 我們的第一個問題來自摩根士丹利（Morgan Stanley）的 Dara Mohsenian。

So obviously very strong top line results again here in Q3. And for the full year, you now expect 8% organic sales growth, maybe the best result we've seen in recent history. So can you just discuss some of the key drivers behind the recent acceleration in top line growth? How sustainable they are as you look out longer term?

很明顯，第三季的營收表現再次非常強勁。而就全年而言，你們現在預期有機銷售成長 8%，這可能是我們近年來看到的最佳表現。能否請你們談談近期營收成長加速背後的一些關鍵驅動因素？從更長期來看，這些因素的可持續性如何？

And then also just near term, are you confident you can sustain the mid-single-digit organic sales growth in line with the long-term algorithm, particularly as maybe you catch up on supply? Or as we look specifically at 2022, could there be some risk as you cycle these difficult comparisons from 2021? How you guys think about that conceptually would be helpful.

另外，就短期而言，你們是否有信心能維持符合長期演算法的中個位數有機銷售成長，特別是在供應逐步追上之後？或者就 2022 年來看，當你們面對 2021 年這些較具挑戰性的比較基期時，是否可能存在一些風險？你們如何從概念上看待這點，若能說明會很有幫助。

Dara, yes, listen, I think we're very pleased with the performance of the business overall. I think it's driven by categories that are healthy. Both our beverage and food categories, snack categories are growing faster than food and beverage overall in the U.S. and globally. So I think we're playing in categories that are doing very well, I would say, during pandemic, now as we are exiting the pandemic in many markets around the world. So that's one thing.

Dara，是的，聽著，我想我們對整體業務表現非常滿意。我認為這是由健康的品類所驅動。我們的飲料與食品品類、零食品類，在美國以及全球的成長速度都快於整體食品與飲料市場。因此我認為我們所參與的品類表現非常好——我會說，在疫情期間如此，而現在在全球許多市場逐步走出疫情之際亦是如此。這是其中一點。

The other component of our success is I think we're becoming much more competitive across both our categories in most of the markets where we operate. And that's been a consequence of the investments we've been making in the brands, I think, pretty good innovation. Obviously, investments we've made in go-to-market capacity, new capabilities, talent, everything else we've been talking to you for the last couple of years.

我們成功的另一個要素是，我認為在我們營運的大多數市場中，我們在兩大品類上都變得更具競爭力。這是我們對品牌所做投資的結果，我認為也包括相當不錯的創新。當然，也包括我們在市場進入能力（go-to-market capacity）、新能力、人才，以及過去幾年我們一直與各位談到的其他各項投資。

So we're seeing the momentum across the business, and we're seeing that momentum continuing into the balance of the year. That's why we are kind of elevating our guidance for top line. And we think that, that momentum will continue well into the 2022. I think, Hugh, if you want to (inaudible) the other parts of the question.

因此我們看到整個業務的動能，也看到這股動能在今年剩餘期間持續。這也是為什麼我們上調了營收端的指引。我們認為這股動能將延續到 2022 年。Hugh，如果你想（聽不清）問題的其他部分。

Yes. I'm happy to jump in as well. Yes, Dara, specifically on '22, and I know obviously there's always going to be lots of questions on that. Historically, you've been with us for a long time. You know we typically don't talk about the following year until we get to February. But given the level of question and given the level of volatility, I think we thought it was prudent at least to give some indication of where we are on '22.

是的。我也很樂意補充。是的，Dara，特別是關於 2022 年，我知道這方面一定會有很多問題。從歷史來看，你跟著我們很久了。你知道我們通常要到 2 月才會談下一年度。但鑑於提問的程度以及波動的程度，我們認為至少提供一些我們對 2022 年的看法是審慎之舉。

In short, we expect our organic revenue growth and our core constant currency EPS growth to be in line with our long-term objectives in 2022. Now I know that's going to sort of create a lot of additional questions and, candidly, we're not ready to get into all of the details of that because, frankly, we're still early in our planning process. But I think we can say with confidence that we expect both revenue and core constant currency EPS to be in line with the long-term objectives for '22. So hopefully, that gives everyone some level of comfort that as we emerge from Q4, we emerge with a lot of momentum in the top line as well as a business that has got its supply chain well managed and on good footing to deliver another good year next year.

簡而言之，我們預期 2022 年的有機營收成長，以及核心固定匯率 EPS 成長，將與我們的長期目標一致。我知道這可能會引發更多問題，而坦白說，我們還沒準備好深入所有細節，因為老實說，我們仍處於規劃流程的早期階段。但我想我們可以有信心地說，我們預期 2022 年的營收與核心固定匯率 EPS 都將符合長期目標。希望這能讓大家在某種程度上感到安心：當我們走出第四季時，我們將帶著強勁的營收動能，同時也將是一個供應鏈管理良好、基礎穩健的業務，能在明年再交出一個好年度。

And we will take our next question from Bonnie Herzog with Goldman Sachs.

接下來我們將接聽高盛（Goldman Sachs）的 Bonnie Herzog 的提問。

I guess I have a bit of a follow-on question as it relates to top line and maybe specifically on innovation. We're hearing from some of our industry contacts that your innovation pipeline for next year, from what we've seen and what we've heard, it looks very robust. So just love to hear some color from you in terms of -- if you are, in fact, stepping up your innovation significantly versus prior years. And if so, do you think you're going to need to also step up your A&M spend to really support that pipeline and ensure that these innovations really get the support they need in the bottom market?

我想我有一個與營收相關的延伸問題，可能更聚焦在創新上。我們從一些產業聯絡人那裡聽到，從我們看到與聽到的情況來看，你們明年的創新產品管線似乎非常強勁。因此很想請你們多分享一些細節——你們是否確實相較於過去幾年大幅提升創新力度？如果是的話，你們是否也認為需要提高 A&M（廣告與行銷）支出，以真正支援這條產品管線，並確保這些創新在終端市場獲得所需的支持？

Thank you, Bonnie. Well, it's good that you're hearing from our customers is that innovation is good. It's always a good feedback.

謝謝你，Bonnie。嗯，你從我們的客戶那裡聽到創新做得很好，這是件好事。這總是很好的回饋。

Listen, more seriously. I think we've always seen innovation as a key driver of our competitive advantage in the marketplace. And we've been investing a lot in R&D. We're investing a lot in insights. And we're connecting better, I think, insights with R&D and the whole commercial execution to get the maximum return on those innovations. So I think the machine is ready and I think it keeps getting better year after year.

聽著，更嚴肅地說。我認為我們一直把創新視為我們在市場上競爭優勢的關鍵驅動因素。我們在研發（R&D）上投入很多。我們在洞察（insights）上也投入很多。而且我認為我們更好地把洞察與研發，以及整體商業執行連結起來，以在這些創新上取得最大的回報。因此我認為這套機器已經準備就緒，而且一年比一年更好。

So yes, our pipeline is strong. I would say our pipeline in 2021 was very strong as well, and we're seeing the return from that innovation across the world. We're trying to be much more local, much more midterm or long term, much more incremental in the way we think about our innovation.

所以是的，我們的創新管線很強。我會說我們在2021年的創新管線也非常強，而我們正看到那項創新在全球各地帶來的回報。我們正努力讓創新思維更在地化、更偏中期或長期，也更偏向循序漸進。

So yes, when it comes to the investment behind the innovation, I think we have the right level of A&M, Bonnie, in our business to support innovation in a big way. And it's not only A&M but, as you know, we have a very strong push system that allows us to give innovation a lot of visibility and separate it from the rest of the category, make sure that the trial levels are higher and the repeat levels are good.

所以是的，談到創新背後的投資，我認為我們的業務在A&M（廣告與行銷）投入水準上是恰當的，Bonnie，足以大力支持創新。而且不僅是A&M，如你所知，我們有非常強的推動系統，能讓創新獲得很高的能見度，並將其與品類其他產品區隔開來，確保試用率更高、回購率也良好。

So I would say, yes, there will be strong innovation across beverages and snacks. We think it's going to be quite incremental. And we think we have the right level of resources to support that innovation within our current algorithm. So I would not expect a higher A&M next year.

所以我會說，是的，飲料與零食都會有強勁的創新。我們認為這將是相當具增量的。我們也認為在目前的既定策略（algorithm）下，我們有適當的資源水準來支持這些創新。因此我不預期明年的A&M會更高。

Our next question comes from Andrea Teixeira with JPMorgan.

下一個問題來自摩根大通（JPMorgan）的Andrea Teixeira。

I just wanted to go back to the balance of cost, supply chain and labor. In the prepared remarks, Hugh did talk about those. Obviously, that's no surprise to anyone. But it was a 14 percentage point impact on EBIT. And I understand that your cost inflation had been running around mid-single digits in such -- and as such, I think like the EPS and you having the pricing coming through also in the fourth quarter strongly.

我想回到成本、供應鏈與勞動力之間的平衡。在事先準備的發言中，Hugh確實談到了這些。顯然，這對任何人來說都不意外。但這對EBIT造成了14個百分點的影響。我理解你們的成本通膨一直大約在中個位數百分比左右；因此我認為像是EPS，以及你們的定價也在第四季強勁地反映出來。

So should we read the EPS flow of $1.47 a reflection of those -- of increased A&M? You said not necessarily for 2022, but perhaps you're not going to flow all the upside that we saw so far in the year into the EPS for the year just because of these investments to set you up for a strong 2022. Is that the way we should read?

所以我們是否應將EPS為1.47美元的走勢解讀為——反映了A&M增加？你說2022年不一定，但也許你們不會把今年迄今看到的所有上行空間都流入全年EPS，因為這些投資是為了讓你們在2022年有強勁表現。我們應該這樣解讀嗎？

Yes, Andrea. Good question. I think I would think about it this way. Obviously, we've given some pretty specific guidance in terms of where we expect EPS to land for Q4. You know that we forward buy 6 to 9 months; those hedges that we had in the beginning of the year, starting to roll off. The new ones that are in place are higher cost.

是的，Andrea。好問題。我會這樣看待。顯然，我們已就第四季EPS落點提供了相當具體的指引。你也知道我們會提前6到9個月進行遠期採購；年初做的那些避險開始到期。目前新建立的避險成本更高。

We had shared on the last call as well as in the prepared remarks today that we expect to be able to price through the inflation that we're facing, whether it be commodities inflation or other types of operating expense inflation. Some of that pricing occurred in the summer. Much more of it is occurring in the fall in the beverage business and substantially, all of it for 2021 in the snack/food business is occurring really as we speak during these weeks right now. You also know that we forward buy that 6 to 9 months out.

我們在上次電話會議以及今天的事先準備發言中都分享過，我們預期能透過定價來轉嫁我們面臨的通膨，不論是大宗商品通膨或其他類型的營運費用通膨。其中一部分定價在夏季已發生。更多的定價在秋季於飲料業務發生；而在零食/食品業務方面，2021年的定價幾乎全部正如我們所言，就在這幾週當下進行中。你也知道我們會提前6到9個月進行遠期採購。

So we'll have a better handle on where exactly 2022 costs are going to land as we get into the first quarter of 2022. And I would expect us to price a bit more to be reflective of some of that sort of finalization of costs during the course of 2022. So Q4, some of the pricing coming through, the balance of it coming in Q1 of 2022. And the EPS guidance is reflective of all of that.

因此，當我們進入2022年第一季時，將能更清楚掌握2022年成本最終會落在哪裡。而我預期在2022年期間，我們會再多做一些定價，以反映成本在過程中最終定案的情況。所以第四季會反映部分定價，其餘的會在2022年第一季反映。而EPS指引已反映上述所有因素。

We will take our next question from Lauren Lieberman with Barclays.

下一個問題來自巴克萊（Barclays）的Lauren Lieberman。

Just to follow up on that. I mean the -- Hugh, your comments on you forward buy 6 to 9 months, and so you'll have more visibility as you get into the first quarter into the cost base. That suggests a lot of pricing. And so I was hoping you could just comment on elasticity, whether what you're seeing in terms of your models, if you're seeing less elasticity than traditionally because the innovation has been so strong. If it's tough to really get a read because of all of the COVID comparisons that are flowing through consumer behavior right now. But curious on the elasticity piece because it does imply a lot of pricing.

我想就此追問一下。我是說——Hugh，你提到你們會提前6到9個月遠期採購，因此進入第一季後，對成本基礎會有更高的能見度。這暗示會有不少定價。所以我希望你能談談需求彈性：就你們模型所見，是否因為創新非常強勁，而看到的彈性比傳統上更低。或者因為COVID的比較基期正影響當前消費者行為，使得很難真正判讀。但我對彈性這一塊很好奇，因為這確實意味著會有不少定價。

Yes, Lauren, I'll take a first go at this and then maybe Hugh can add some more comments. What we're seeing across the world is much lower elasticity on the pricing that we've seen historically. And that applies to developing markets, Western Europe and the U.S. So across the world, consumer seems to be looking at pricing a little bit differently than before.

是的，Lauren，我先回答，之後也許Hugh可以再補充一些。我們在全球看到的情況是，對於我們所採取的定價，其需求彈性遠低於歷史水準。這適用於新興市場、西歐以及美國。因此在全球範圍內，消費者對價格的看法似乎與以往有些不同。

It could be several hypothesis. I think in our case, our brands are stronger and I think our innovation is stronger, as you were saying. So that could be a factor.

這可能有幾種假設。我認為就我們而言，我們的品牌更強，我們的創新也更強，正如你所說。所以這可能是一個因素。

There could be also some behaviors as consumers are shopping faster in store, and they might be paying less attention to pricing as a decision factor. And they might be giving more relevance to the brands or brands that they feel more -- a bit closer to or more close -- yes, I would say, closer and more and more emotionally attached to us as our brand. So we're seeing less elasticity and we're adjusting our models as we go. And that's obviously informing our decisions as we price balance of the year and into 2022.

也可能有一些行為因素：消費者在店內購物速度更快，可能較少把價格作為決策因素。他們可能更重視品牌，或是他們覺得更——更貼近的品牌；是的，我會說，更貼近、且在情感上與我們的品牌連結越來越深。因此我們看到較低的彈性，並在過程中調整我們的模型。而這顯然也在我們今年剩餘期間以及進入2022年的定價決策中提供資訊。

And we will take our next question from Bryan Spillane with Bank of America.

下一個問題來自美國銀行（Bank of America）的Bryan Spillane。

My question is around AMESA and APAC. And if we look at the year-to-date profit contribution from those 2 segments, it's contributing about 1/4 of the operating profit, just incremental dollars, right? If you look at it on a currency-neutral basis, you've got a pretty healthy gap, right, on currency-neutral operating profit growth versus what the currency-neutral organic sales growth is.

我的問題是關於AMESA與APAC。如果我們看這兩個部門年初至今的利潤貢獻，它們大約貢獻了營業利潤的四分之一，就增量美元而言，對吧？如果以固定匯率（currency-neutral）來看，你會看到一個相當健康的差距，也就是固定匯率的營業利潤成長，相較於固定匯率的有機銷售成長要高不少。

So I guess my question is, just are we at a point in those 2 segments where there's enough scale where you could really start to see a sustained margin improvement and profit contribution to the total going forward? Or is there something just sort of unusual in the near term that's just driving those margins?

所以我的問題是：在這兩個部門，我們是否已經到了規模足夠大、可以開始看到可持續的利潤率改善，並在未來對整體利潤貢獻增加的階段？還是說短期內有一些比較不尋常的因素正在推動這些利潤率？

I think, Bryan, your 2 hypotheses are valid. I think there is a lapping effect. So especially AMESA last year suffered a lot given its geography. So India, Pakistan, Middle East and Africa, clearly, they were challenged last year. They're coming back. It's a very beverage-focused business. So clearly, it was more impacted by the COVID mobility restrictions. So we're seeing those business coming back. And we have high scale, and we have high share in many of those markets. And our advertising and marketing is doing very well. So part of that is lapping.

我認為，Bryan，你的兩個假設都成立。我認為存在比較基期效應。特別是AMESA去年因其地理分布而受到很大衝擊。所以印度、巴基斯坦、中東與非洲，顯然去年都面臨挑戰。它們正在復甦。那是一個以飲料為主的業務。因此很明顯，它更受到COVID行動限制的影響。所以我們看到這些業務正在回升。而我們在許多市場具有很高的規模與很高的市占。我們的廣告與行銷表現也非常好。所以其中一部分是比較基期效應。

Your second question on scale. Yes, scale is getting -- obviously, every year, you see the growth level on the top line. We're getting to scale levels that are pretty good in many of the critical markets in that region. And that's giving us, obviously, the opportunity to do better in the marketplace and the flow-through is also stronger. So I think the 2 are relevant.

你第二個問題是關於規模。是的，規模正在擴大——很明顯地，每一年你都會看到營收端（top line）的成長幅度。我們在該區域許多關鍵市場的規模水準已經達到相當不錯的程度。而這也顯然讓我們有機會在市場上做得更好，同時利潤轉化（flow-through）也更強。所以我認為這兩者是相關的。

If you think about the business going forward, those are very strategic markets for us going forward. And we continue to invest in everything from technologies so we can expand the portfolio. Talent, obviously, there's a war for talent in that part of the world. I think we're a scaled company that does a good job with developing talent in that part of the world.

如果你思考未來的業務發展，這些對我們而言都是非常具策略性的市場。而我們也持續投資，從技術到各個面向，以便擴展產品組合。人才方面，顯然在世界那一端正有一場人才爭奪戰。我認為我們是一家具規模的公司，在當地的人才培育上做得不錯。

And then, obviously, our go-to-market being very strong. We have very good bottlers. And whenever we have our own operations, especially in the food business, we're also investing in digitalization and everything that goes with being more precise and more agile. So hopefully, I'm answering both the short term, but also more especially for me, the long term of how we see that part of the world, yes.

再來，顯然我們的上市策略（go-to-market）也非常強。我們有非常優秀的裝瓶商。而只要是我們自營的營運，特別是在食品業務上，我們也在投資數位化，以及所有能讓我們更精準、更敏捷所需的一切。所以希望我同時回答了短期，以及對我而言更重要的長期——我們如何看待世界那一端的發展，是的。

And we will take our next question from Laurent Grandet with Guggenheim.

接下來我們將請 Guggenheim 的 Laurent Grandet 提問。

And congrats on a strong quarter in that very volatile environment. So talking about innovation, it's great to see you leading the company, pushing the usual boundaries. So during the quarter, you announced a partnership with The Boston Beer Company to introduce HARD MTN DEW in the U.S.

在如此波動的環境下，恭喜你們交出強勁的一季表現。談到創新，很高興看到你們帶領公司、推動突破既有界線。本季你們宣布與 The Boston Beer Company 合作，在美國推出 HARD MTN DEW。

So the question is not so much about the potential of that initiative, but more on the route to market you decided to choose. So would like to understand why you decided to create your own distribution rather than rely on The Boston Beer wholesaler network. What is the end game here and by extension to your strategy in alcohol here in the U.S. and internationally?

所以我的問題與其說是關於這項計畫的潛力，不如說是你們選擇的上市路徑（route to market）。我想了解為什麼你們決定建立自有的配送，而不是依賴 The Boston Beer 的批發商網路。這裡的最終目標是什麼？以及延伸來看，你們在美國與國際市場的酒精飲品策略是什麼？

Thank you, Laurent. Well, listen, we have a good partnership with The Boston Beer Company. And they have the R&D and the knowledge in this space that we don't. We have the brand, so Mountain Dew. I think, it will play very well in that space. It will be quite differentiated in terms of the flavor profile and the emotional connection. So that's how we're thinking about it in terms of the first step into this market.

謝謝你，Laurent。嗯，聽著，我們與 The Boston Beer Company 有很好的合作關係。他們在這個領域擁有我們所沒有的研發能力與專業知識。我們擁有品牌，也就是 Mountain Dew。我認為它在這個領域會有很好的表現。在風味輪廓與情感連結方面，它會相當具差異化。所以就我們如何看待踏入這個市場的第一步而言，大致是這樣思考的。

From the distribution point of view, we think we have an opportunity to create a distribution system in the U.S. that is quite unique in the sense that it will be an integrated distribution system that can make coordinated decisions across multiple states from one decision point. And that could be, I think, competitively advantaged. So we're starting with a number of states where we have the license to operate. And we'll take it from there.

從配送的角度來看，我們認為在美國有機會打造一個相當獨特的配送系統；其獨特之處在於，這將是一個整合式的配送系統，能夠從單一決策點，對多個州做出協同一致的決策。我認為這可能帶來競爭優勢。因此我們先從若干我們已取得營運許可的州開始。接下來再逐步推進。

We feel optimistic. We think it will be very incremental. It would help us with the drop size. It will help us with the economics of the routes eventually. And within -- the same as we're doing with the chilled distribution system that goes very [copular] and is unique and it covers the whole country. We think we could eventually vision a distribution system that can be quite copular and quite integrated on the low alcohol part of our portfolio as well.

我們感到樂觀。我們認為這會帶來非常增量的成長。它將有助於提升每次配送的投放量（drop size）。最終也將改善配送路線的經濟效益。而且——就像我們正在做的冷藏配送系統一樣，那套系統非常[copular]、很獨特，並覆蓋全國。我們認為，最終也可以在我們產品組合中低酒精的部分，構想出一套同樣相當[copular]且高度整合的配送系統。

We will take our next question from Vivien Azer from Cowen.

接下來我們將請 Cowen 的 Vivien Azer 提問。

Yes, I was hoping actually to follow up on the hard seltzer questions, please. Just curious your impressions of the overall category. It's obviously been incredibly contentious, the decelerating trend. And whether you had all discussed perhaps introducing Mountain Dew as a canned cocktail as opposed to a hard seltzer because it does seem that, that's where the consumer is moving.

是的，我其實希望追問一下關於硬蘇打（hard seltzer）的问题。想請教你們對整體品類的觀察。很明顯這個品類競爭非常激烈，而且成長趨勢正在放緩。以及你們是否曾討論過，或許把 Mountain Dew 以罐裝調酒（canned cocktail）的形式推出，而不是硬蘇打，因為看起來消費者正在往那個方向移動。

Yes. Listen, our view on the category is it's very sizable. I think it's almost $9 billion retail value now and growing 20% and with high -- good margins, above the average of the category. So clearly, a space whether we should be playing, and that's how we're thinking about this.

是的。聽著，我們對這個品類的看法是：它的規模非常可觀。我認為目前零售價值已接近 90 億美元，且成長 20%，並且具有高——不錯的利潤率，高於該品類的平均水準。所以很明顯，這是一個我們應該參與的領域，我們也是這樣思考的。

We see consumer trends that favor that this category will continue to grow in its current form or with new innovation. So that's why we decided to participate. Our first entry is with Mountain Dew, and Mountain Dew is going to be a flavored malt beverage, not a hard seltzer. I think will be a differentiated flavor with a very unique brand. So I think we can carve out our own space in that relatively crowded market, and we'll take it from there. Obviously, we have a pipeline of ideas that we will be disclosing as we go.

我們看到消費者趨勢支持這個品類將以目前的形式持續成長，或透過新的創新繼續成長。因此我們決定參與其中。我們的第一個切入點是 Mountain Dew，而 Mountain Dew 將會是調味麥芽飲料（flavored malt beverage），不是硬蘇打。我認為它會以非常獨特的品牌，帶來差異化的風味。所以我認為我們能在這個相對擁擠的市場中開闢出自己的空間，然後再從那裡繼續推進。當然，我們也有一系列的構想管線，會在推進過程中逐步對外揭露。

We will take our next question from Kevin Grundy with Jefferies.

接下來我們將請 Jefferies 的 Kevin Grundy 提問。

Congratulations on the strong result. Ramon, I wanted to ask you about the decision to sell the juice businesses and sort of overall satisfaction with the portfolio. So the Trop business, of course, has been with the company for, if I'm not mistaken, over 2 decades. You go back over the years, the Quaker business has had a nice balance. I think there's been some discussion in the marketplace about a potential divestiture there from time to time.

恭喜你們取得強勁的成果。Ramon，我想問你們出售果汁業務的決策，以及對整體產品組合的滿意度。Trop 業務當然已在公司旗下——如果我沒記錯——超過 20 年。回顧過去幾年，Quaker 業務的組合平衡一直不錯。我想市場上也不時討論到可能剝離該業務。

Maybe you could just sort of walk us through the decision to sell the juice business, what went into it. Hugh, maybe comment on preliminary thoughts on uses of the proceeds when the deal closes. And then, Ramon, just broadly overall satisfaction and potential other areas of divestiture.

也許你可以帶我們梳理一下出售果汁業務的決策過程，以及背後考量是什麼。Hugh，也許你可以談談交易完成後，對資金用途的初步想法。然後，Ramon，更廣泛地談談你對整體產品組合的滿意度，以及是否還有其他可能剝離的領域。

Yes, Kevin. Listen, I think we've been looking obviously at our portfolio since I started with Hugh and the team. And we've added some assets to the company in high-growth spaces long term. We've added assets in Africa. We've added assets in China. We've added assets here in the U.S. that allow us to grow into new spaces, value-added dairy or energy or healthier snacks. So we've made some decisions over the last 3 years to add assets that will give us accelerated growth.

是的，Kevin。聽著，我想自從我和 Hugh 以及團隊一起開始以來，我們顯然一直在檢視我們的產品組合。而我們也在長期高成長的領域為公司加入了一些資產。我們在非洲增加了資產。我們在中國增加了資產。我們也在美國本土增加了資產，讓我們能成長到新的領域，例如加值乳品、能量飲料或更健康的零食。因此在過去 3 年，我們做出了一些決策，新增能帶來加速成長的資產。

At the same time, we've been looking at other parts of the portfolio where probably the long-term growth and the long-term margin creation is less exciting. And in that context is where we see the juice business. It's a good business, but it's probably not a business that we think we can grow at the speed and with the margins that we're going to grow Pepsi overall.

同時，我們也一直在檢視投資組合中的其他部分，這些部分的長期成長與長期利潤率創造可能沒那麼令人振奮。在這樣的脈絡下，我們看到的就是果汁業務。這是一門好生意，但它可能不是我們認為能以我們整體百事（Pepsi）將要達到的速度與利潤率來成長的業務。

And that's why we decided to make this -- this decision. We found a great partner in PAI. They have very good experience with previous similar partnerships with other large food companies. We believe we have a way for this JV that we're creating to continue to create synergies on the operational side for the juice business, continue to innovate, and make sure that our brands, because we're going to be 40% of that JV, continue to thrive and compete in a better way that they would probably do in our portfolio where we have a lot of choices where to invest and where to focus. So that's the -- that's, Kevin, the logic behind this. Now Hugh can tell you about the more the financial part, which is also very attractive, I would say.

這就是我們決定做出這個——這個決策的原因。我們在 PAI 找到了一個很棒的合作夥伴。他們在過去與其他大型食品公司進行類似合作方面有非常好的經驗。我們相信，透過我們正在成立的這個合資企業（JV），能夠在果汁業務的營運端持續創造協同效益、持續創新，並確保我們的品牌——因為我們將持有該 JV 的 40%——能夠持續茁壯並以更好的方式競爭；相較之下，若放在我們的投資組合中，因為我們有很多投資與聚焦的選擇，這些品牌可能未必能獲得同樣的資源與關注。所以這就是——Kevin，這就是背後的邏輯。現在 Hugh 可以跟你談談更多財務面的部分，我會說那也非常有吸引力。

Yes, Kevin. No change to what we had previously communicated on use of proceeds. Number one, we'll use it to reduce debt. Obviously, we're losing some EBITDA, so we'll adjust our debt levels to reflect that. Number two, as we have been, we'll use the funds to invest in organic CapEx back into the business.

是的，Kevin。關於資金用途，沒有改變我們先前所溝通的內容。第一，我們會用來降低負債。顯然，我們會少掉一部分 EBITDA，所以我們會調整負債水準以反映這點。第二，如同我們一直以來所做的，我們會把資金用於回投到業務中的有機資本支出（CapEx）投資。

Obviously, it begs a question, and I can see where people might go into what does it mean for share repurchase in 2022. And the answer is we'll talk about share repurchase in February on all of that. I mean that's a broader question on guidance. So -- but I know that question is out there. So I want to at least say we'll deal with that when we get to '22.

顯然，這也引出一個問題，我可以理解大家可能會想到這對 2022 年的股票回購意味著什麼。答案是，我們會在 2 月談到股票回購的相關事項。我的意思是，那是關於指引的更廣泛問題。所以——但我知道這個問題確實存在。因此我至少想先說，我們會在談到 2022 年時一併處理。

And we'll take our next question from Wendy Nicholson with Citi.

接下來我們將接聽來自花旗（Citi）的 Wendy Nicholson 的提問。

And my question is a follow-up, but not specifically on share repurchases. But this year, ostensibly, you said you wouldn't be buying back as much stock because you wanted to invest in some of the acquired businesses. And I have 2 questions on that.

我的問題是延伸追問，但不是特別針對股票回購。不過今年，表面上你們說不會回購那麼多股票，因為你們想投資於一些收購的業務。我對此有兩個問題。

Number one, we haven't, as of the 9 months, seen CapEx actually pick up meaningfully. So I'm wondering what sort of the investments you are making. Is it still CapEx to come in some of those acquired businesses?

第一，截至 9 個月的數據，我們並沒有看到資本支出（CapEx）有明顯增加。所以我想了解你們正在進行哪些類型的投資。那些收購業務是否仍有一些 CapEx 將在之後發生？

But also, you cited those acquired businesses as being a primary reason for your gross margin erosion in the quarter. And I'm wondering how long that will persist. Are those businesses just structurally lower-gross margin? Do you think that's going to be something in perpetuity? Or are there things you can do, either pricing- or restructuring-wise to get the gross margins in those acquired businesses up?

另外，你們也提到這些收購業務是本季毛利率下滑的主要原因。我想知道這種情況會持續多久。那些業務在結構上就是較低毛利率嗎？你們認為這會是長期（永久性）的狀況嗎？或者你們是否能透過定價或重整等方式，把這些收購業務的毛利率拉升？

Yes, Wendy, I'll address both of those questions. Regarding the investments, I think the indication was that we're going to invest broadly back in the business, not just specifically into those acquired businesses as it relates to CapEx. Clearly, they're a part of that mix, you're absolutely right, but it was a broader comment about -- around CapEx.

是的，Wendy，我會回答這兩個問題。關於投資，我認為我們的表述是要廣泛地把資金再投回業務中，而不僅僅是就 CapEx 而言、只投到那些收購的業務。很明顯，它們確實是其中的一部分，你說得完全正確，但那是一個更廣泛、關於——圍繞 CapEx 的評論。

And CapEx is at a higher sustained level than it was perhaps a few years ago as we're driving a faster rate of growth in the company and making our supply chain more resilient as well. So I think from that standpoint, the numbers are pretty consistent with the strategic intent that we had articulated a bit earlier. Regarding the -- the balance of -- where do we -- what was that?

而且，隨著我們推動公司更快的成長速度、同時也讓供應鏈更具韌性，CapEx 維持在比幾年前更高且更持續的水準。所以從這個角度來看，這些數字與我們先前所闡述的策略意圖相當一致。至於——那個——平衡的——我們——那是什麼？

International M&A.

國際併購（M&A）。

Oh, yes. In terms of the international M&A piece. We're through the overlap period. The biggest driver on that, obviously, was Pioneer to some degree, Be & Cheery as well. It's a lower gross margin business. We really are through that as of the end of the second quarter. So that's not an impact in mixing our margins down any further. We're past that as of the Q3 results.

喔，是的。就國際併購（M&A）那一塊而言。我們已經度過重疊期。其中最大的驅動因素，顯然在某種程度上是 Pioneer，Be & Cheery 也是。那是一個毛利率較低的業務。截至第二季末，我們基本上已經走過那段影響期。因此，它不會再進一步把我們的毛利率組合往下拉。就第三季的結果來看，我們已經過了那個階段。

We will take our next question from Nik Modi with RBC Capital Markets.

接下來我們將接聽來自 RBC Capital Markets 的 Nik Modi 的提問。

Ramon, I was hoping you can comment on just general strength in packaged beverage. I mean I think all of us have been pretty surprised by the strength, especially with all the pricing in the marketplace. So I was wondering, just from a consumer insight standpoint, what do you think is driving that despite the mobility improvements we're seeing?

Ramon，我希望你能評論一下包裝飲料整體的強勁表現。我的意思是，我想我們所有人都對這樣的強度感到相當驚訝，尤其是在市場上已經有這麼多漲價的情況下。所以我想從消費者洞察的角度，你認為在我們看到行動力（mobility）改善的同時，究竟是什麼在推動這樣的表現？

Yes. Nik, listen, yes, clearly, the category is very healthy across the world, obviously, the U.S., Western Europe and also developing markets. We're seeing, obviously, the away-from-home business picking up. We -- I think in Q3, our away-from-home business is 90% indexed to '19. It keeps going up with every month that goes by. So clearly, that's a very positive sign.

是的。Nik，你聽我說，是的，這個品類在全球都非常健康，當然包括美國、西歐以及新興市場。我們也看到，顯然，外出（away-from-home）業務正在回升。我——我想在第三季，我們的外出業務相對於 2019 年已恢復到 90% 的指數水準。而且每過一個月都在持續上升。所以很明顯，這是一個非常正面的訊號。

Now our convenience store business continues to do very well as consumers are having higher mobility. But the remarkable thing is that the in-home consumption continues to be quite high. So consumers are not -- are still using the home as a hub and continue to entertain at home and continue to do more things at home. And that's driving additional consumption at home versus the previous '19 level.

現在，隨著消費者行動力提高，我們的便利商店業務持續表現非常好。但值得注意的是，居家（in-home）消費仍然維持在相當高的水準。所以消費者並沒有——仍然把家當作一個樞紐，持續在家招待聚會，也持續在家做更多事情。這推動了相較於先前 2019 年水準更高的居家消費。

So I think we're in a very good place where consumption at home is higher, consumption on the go is increasing and most of the channels in our food service business are picking up, so pretty good momentum. We expect those trends to continue for a while. And we think that consumers have changed some of their habits from what we're reading in our insights. And we think that the beverage category is in a very positive situation for the upcoming future.

所以我認為我們處於一個非常好的位置：居家消費更高、外出即飲（on the go）消費正在增加，而且我們餐飲服務（food service）業務的大多數通路都在回升，因此動能相當不錯。我們預期這些趨勢還會持續一段時間。而且從我們的洞察來看，我們認為消費者已經改變了一些習慣。我們也認為，飲料品類在未來一段時間將處於非常正面的態勢。

We see the same with snacks, by the way. So we -- the snack business, which, obviously, a big part of our growth and sales and profits, we see that category very consistent across the world. And it was during the pandemic. It is now growing a very fast pace as consumers are gaining mobility as well.

順帶一提，我們在零食上也看到同樣的情況。所以我們——零食業務顯然是我們成長、銷售與獲利的重要部分，我們看到這個品類在全球都非常一致。疫情期間是如此。而現在，隨著消費者行動力也在提升，它正以非常快的速度成長。

So I think, as I said at the beginning, our 2 categories where we operate are growing significantly higher than the food and beverage categories overall. And that is an advantage that we have as a company as we play in 2 categories that are, from the consumer point of view, are very preferred.

所以我認為，正如我在一開始所說，我們營運的兩個品類，其成長顯著高於整體食品與飲料品類。而這是我們作為一家公司的優勢，因為從消費者角度來看，我們所參與的兩個品類都非常受偏好。

Our next question comes from Robert Ottenstein with Evercore.

下一個問題來自 Evercore 的 Robert Ottenstein。

And apologies if somebody asked this, my phone dropped for a few minutes. But -- so wondering if you can give us any kind of update in terms of your shelf space in North America on beverages. There was obviously -- resets were delayed in 2020. We had some this year. And particularly on the c-store side, where I think you were really focused on improving your positioning there with the energy drink offerings.

如果有人已經問過這個問題，先跟各位致歉，我的手機掉線了幾分鐘。不過——想請教你們能否就北美飲料的貨架空間提供任何更新。顯然——2020 年的重置（reset）被延後了。今年我們做了一些。尤其是在便利商店（c-store）通路這一端，我認為你們非常專注於透過能量飲料產品來改善你們在那裡的陳列位置。

Great. Yes, listen, I won't go into a lot of specifics. It's widely available information. But I would say that we're gaining space both in convenience. As you were saying, it was a focus and we invested to gain additional space, not only for our energy business, but for making sure that our innovation was incremental in space as that's what really makes a difference in the overall output of the company.

很好。是的，聽我說，我不會談太多細節。這些都是廣為人知的資訊。但我會說，我們在便利通路的貨架空間正在增加。如你所說，這一直是我們的重點，我們也投入資源來爭取更多空間，不僅是為了我們的能量飲料業務，也為了確保我們的創新能帶來額外的貨架增量空間，因為那才是真正能影響公司整體產出的關鍵。

We have -- if you think about the other variable, which is secondary displays or overall inventory on the floor, because we've had some supply chain constraints in some of our products, we've pulled back on some of the inventory on the perimeter during the summer, voluntarily I would say, just to make sure that we were able to service the customers at the right level. That's something temporary that, obviously, we will push back as we improve our -- the reliability of the supply chain.

我們——如果你考慮另一個變數，也就是次要陳列（secondary displays）或賣場地面上的整體庫存，因為我們部分產品的供應鏈受到一些限制，我們在夏季期間自願性地縮減了外圍區域的一些庫存，我會這麼說，主要是為了確保我們能以適當的水準服務客戶。這是暫時性的措施，顯然，隨著我們提升供應鏈的——可靠性，我們會再把它推回去。

But clearly, it's a positive element, I would say, of our mix, of our top line growth, the additional space that we're driving for both our beverages and snacks across all the channels. That's where we see the value of our push model, where DSD is really helping us to execute with precision. And not just muscle, but we're putting more and more intelligence in where we drive the space, how do we execute that space and all the positive feedback loop that we're creating with our people on the ground, our associates on the ground, to make that a differentiation for our company.

但很明顯，我會說，這是我們組合與營收成長中的正面因素：我們在所有通路同時推動飲料與零食的額外貨架空間。這也讓我們看到推式（push）模式的價值，DSD（直送配送）確實幫助我們精準執行。而且不只是靠力氣，我們也在越來越多地導入智慧：在哪裡推動空間、如何執行該空間，以及我們與第一線人員、第一線同仁所建立的所有正向回饋循環，讓這成為我們公司的差異化。

We will take our next question from Stephen Powers with Deutsche Bank.

下一個問題由德意志銀行（Deutsche Bank）的 Stephen Powers 提問。

Going back to the top line, Ramon, as you look across the strength across your emerging market businesses, I wonder if there's anything you could speak to in terms of where that strength is coming from, from a channel perspective, whether it's balanced or whether you're seeing outsized strength perhaps in places where you may have not expected it when the year began. And I guess if that answer varies at all by key market, those insights would be helpful as well.

回到營收表現（top line），Ramon，當你觀察新興市場業務的強勁表現時，我想請你談談這股強勢從通路角度來看是來自哪裡——是相對均衡，還是你看到某些通路的強度特別突出，甚至是年初時你可能沒有預期到的。另外，如果不同關鍵市場的答案有所差異，這些洞見也會很有幫助。

Yes. Steve, a couple of things I would say specifically to developing markets. We're seeing a higher mobility than we were expecting earlier in the year. So we've seen -- maybe we're a bit conservative as we were planning the year in terms of how COVID would impact some of the developing markets. Clearly, the consumers have found ways to increase their mobility and going back to their routines of work or of school or whatever. So that's helped us.

是的。Steve，針對開發中市場，我會特別提兩點。我們看到的流動性（mobility）高於年初的預期。所以我們看到——在規劃今年時，對於 COVID 對部分開發中市場的影響，我們可能稍微保守了一些。很明顯，消費者已經找到方法提升他們的流動性，並回到工作、上學或其他日常例行活動。這對我們有幫助。

The other thing we've seen positive, as I mentioned earlier, is that the elasticity to pricing has been better than we had initially in our models as well. So we're seeing consumers staying with our brands better. I think that's a consequence of the investments we've been putting in our brands. And the way we're executing our pricing decisions are much more informed by data and granularity, and we're able to execute different strategies by channel, by brand in a very nuanced way. I think those 2 elements are reducing the elasticity impact on our business and making our international business, I think, more competitive and thriving in the majority of the market. So those 2 would be the elements, Steve, if I had to single out what's been differential versus our original estimations.

另一個我們看到的正面因素，如我先前提到的，是價格彈性（elasticity）比我們一開始模型中的假設更好。所以我們看到消費者對我們品牌的黏著度更高。我認為這是我們持續投入品牌的結果。而且我們在執行定價決策時，更加以數據與細緻度為基礎，能依通路、依品牌以非常細膩的方式執行不同策略。我認為這兩個因素降低了價格彈性對我們業務的影響，並讓我們的國際業務在多數市場更具競爭力、也更蓬勃。所以如果要我點出相較於原先估計的差異化因素，Steve，就是這兩點。

And Steve, just to add to Ramon's answer with a few numbers. Overall, D&E markets were up 19%. So we saw good strong growth across D&E. And then some of the biggest markets for us, Brazil, Russia, India, China and Mexico were all up either in the teens or 20%. So very broad-based growth across all of the big, key D&E markets for us.

Steve，我再補充 Ramon 的回答，提供幾個數字。整體而言，D&E 市場成長 19%。所以我們在 D&E 各市場都看到良好且強勁的成長。接著，我們的一些最大市場——巴西、俄羅斯、印度、中國與墨西哥——都成長在十幾個百分點或 20% 多。因此，我們在所有大型、關鍵的 D&E 市場都呈現非常廣泛的成長。

And we will take our next question from Kaumil Gajrawala with Crédit Suisse.

下一個問題由瑞士信貸（Crédit Suisse）的 Kaumil Gajrawala 提問。

Can we -- would you guys mind giving us an update on SodaStream? You've obviously owned it for a good period of time. You're mentioning it a bit more now. It feels like pandemic could have been a moment that really very structurally changed what the feature of this business might look like. So maybe just starting with how big is it now, what's household penetration looking like and perhaps some of your plans there. I think that would be useful.

我們能否——你們介意就 SodaStream 提供一個最新進展嗎？你們顯然已經持有它一段時間了。你們現在也更常提到它。感覺疫情可能是一個時點，從結構上大幅改變了這項業務的樣貌。所以也許先從它現在的規模有多大、家庭滲透率（household penetration）看起來如何，以及你們可能的一些計畫談起。我想這會很有幫助。

Yes, Kaumil, let me take -- won't go into specifics side. But clearly, the business has, as we continue to invest in that business, it's very successful. And it's a key strategic driver of our future growth as a company.

是的，Kaumil，我來回答——我不會談太多細節。但很明顯，隨著我們持續投資這項業務，它非常成功。而且它是我們公司未來成長的關鍵策略驅動因素。

In terms of the performance, I would say we keep gaining penetration in what are the core markets, core markets being Central Europe, Northern Europe, Canada and the U.S., some parts of the U.S. So household penetration is increasing. Retention of those households is improving.

就表現而言，我會說，我們在核心市場持續提升滲透率；所謂核心市場包括中歐、北歐、加拿大與美國（美國的部分地區）。因此家庭滲透率正在提高。

There's a few things we're doing structurally with that business that I think will even accelerate its growth. One is we're building a direct-to-consumer business with SodaStream that is very relevant as it gives us a lot of first-party data, and it allows us to have a lot of individual connection with consumers, understand their behaviors. And with that, we can ideate new products, and we can also increase the, let say, the lifetime value of those consumers. So that's one big driver.

我們在這項業務上正做幾件結構性的事情，我認為將進一步加速其成長。其中之一是我們正在為 SodaStream 建立直面消費者（direct-to-consumer, DTC）業務，這非常重要，因為它能提供我們大量第一方數據（first-party data），也讓我們能與消費者建立更多一對一的連結，理解他們的行為。有了這些，我們可以構思新產品，也能提升——比如說——這些消費者的終身價值（lifetime value）。所以這是一個重要的驅動因素。

The other thing we're doing, especially in Europe, we're putting our brands in the SodaStream model. So we're giving consumers the opportunity not only to drink sparkling water, but to drink sparkling water with the best preferred flavors and the best brands of all their favorite brands, be it bubly, be it Pepsi, be it Mountain Dew, 7UP, whatever, in our international markets. So that's a big driver of the -- how we think we can increase the lifetime value of those households and generate additional value. If you think about the -- our pep+ commitments and how we think we can change the footprint -- environmental footprint of our categories, SodaStream is a big driver of that future consumption model.

我們正在做的另一件事，特別是在歐洲，是把我們的品牌導入 SodaStream 模式。因此，我們讓消費者不僅能喝氣泡水，還能喝到加入最受偏好風味、以及他們最喜愛品牌中最好的品牌所推出的氣泡水，不論是 bubly、Pepsi、Mountain Dew、7UP 等等，在我們的國際市場皆是如此。因此，這是推動因素之一——也就是我們認為如何提高這些家庭的終身價值並創造額外價值。如果你想想——我們的 pep+ 承諾，以及我們認為如何改變——我們各品類的環境足跡，SodaStream 是推動未來消費模式的一大動力。

We will take our next question from Sean King with UBS.

我們下一個問題由 UBS 的 Sean King 提問。

Just a question about energy drinks. I guess you mentioned in the 10-Q seeing double-digit volume growth. It's not necessarily what we're seeing in the Nielsen data. Is that how you're defining the category or just channels that we're not capturing in the trade channel data?

我想問一個關於能量飲料的問題。我想你在 10-Q 中提到看到銷量出現雙位數成長。但這不一定是我們在尼爾森數據中看到的情況。這是因為你們對品類的定義不同，還是因為有一些通路是我們在交易通路數據中沒有捕捉到的？

Yes, Sean, I think it's the latter. It's more channels that we're -- you're not capturing in the Nielsen data. Obviously, energy is big in the unmeasured C&G channel. And given the DSD strength that we have, we probably overindex in those channels. So you're just not seeing the data relative to what we have.

是的，Sean，我認為是後者。也就是有更多通路——你們在尼爾森數據中沒有捕捉到。顯然，能量飲料在未被衡量的 C&G 通路中占比很大。而且考量到我們擁有的 DSD 優勢，我們在那些通路的占比可能更高。所以你們只是沒有看到相對於我們實際情況的那些數據。

And our final question comes from Chris Carey with Wells Fargo.

我們最後一個問題來自 Wells Fargo 的 Chris Carey。

Just a bit of a higher-level question that relates to a prior answer. Just -- can you just maybe discuss how pep+ is going to shape this portfolio over the longer term? I mean clearly, Tropicana had financial aspects, as you noted, but there's other concepts, which is health and wellness that are clearly relevant. There's clearly a desire to scale businesses with no single-use packaging, but obviously that's counter to much of your business today. I imagine this pushes innovation streams even more into health and wellness. So I guess the question is just how pep+ is going to shape this portfolio over the longer term beyond just what are obvious financial considerations of some of your recent transactions.

我想問一個較高層次的問題，與你先前的一個回答有關。你能否談談 pep+ 在更長期將如何塑造這個產品組合？我的意思是，正如你提到的，Tropicana 的確有財務層面的考量，但還有其他概念，例如健康與福祉，顯然也很相關。也顯然有意願去擴大不使用一次性包裝的業務，但這顯然與你們目前相當大一部分業務相矛盾。我想這會讓創新方向更進一步聚焦在健康與福祉上。所以我的問題是：除了你們近期交易中顯而易見的財務考量之外，pep+ 長期將如何塑造這個產品組合？

Yes. I mean there's 3 pillars to pep+. One of them is precisely on the portfolio of Positive Choices. And I think you could visualize this as multiple vectors. One is, yes, we want to make sure that our products -- current products are much better. So imagine a Lay's, let's say, Lay's, for example. You should imagine Lay's continuing to have the same great taste but having the lowest sodium levels in the market and being cooked with the best cooking oils. I mean that is our commitment. We are going to continue to give you the best-tasting products in better, let's say, nutritional forms.

是的。我的意思是，pep+ 有三大支柱。其中之一正是「正向選擇（Positive Choices）」的產品組合。我想你可以把它想像成多個向量。其中之一是，沒錯，我們希望確保我們的產品——現有產品變得更好。所以以 Lay's 為例，假設是 Lay's。你應該想像 Lay's 會持續保持同樣的美味口感，但同時擁有市場上最低的鈉含量，並使用最好的烹調用油來製作。我的意思是，這就是我們的承諾。我們將持續提供最好吃的產品，但以更好、可以說更具營養的形式呈現。

Now you should also imagine new consumption models. As I was saying, Gatorade in powder or in tablets, that's clearly better for the planet and probably easier for consumers as well. You should think about SodaStream as a consumption model or you should think about SodaStream professional in the offices. So we move consumption to -- with refillable, reusable models.

現在你也應該想像新的消費模式。正如我所說，Gatorade 以粉末或錠劑形式呈現，這顯然對地球更好，對消費者而言可能也更方便。你應該把 SodaStream 視為一種消費模式，或把辦公室中的 SodaStream professional 視為一種消費模式。因此，我們把消費轉向——採用可補充、可重複使用的模式。

And then you should also think about innovation in a way that we bring to the consumer products that are better for the consumer and better for the planet. For example, more legumes. We're adding legumes to our snacks portfolio. Legumes are -- can we use -- can be used as cover crops that clearly impact better agriculture, but at the same time are more nutritional to consumer, chickpeas and others. You should think about innovations like we are working on with our Beyond Meat partnership, where we're going to have protein solutions that are none from animals and, therefore, it will be better for consumers and better for the planet.

然後你也應該把創新想成：我們為消費者帶來對消費者更好、也對地球更好的產品。例如，更多豆類。我們正在把豆類加入我們的零食產品組合。豆類——我們能否使用——可作為覆蓋作物，明顯有助於更好的農業，但同時也更具營養價值，例如鷹嘴豆等。你也應該想到像我們與 Beyond Meat 合作所推動的創新，我們將提供非動物來源的蛋白質解決方案，因此對消費者更好，也對地球更好。

So multiple levers of how we're planning to evolve the portfolio, with a lot of emphasis on making our current portfolio, which is beautiful, more, say more nutritious, innovating in new consumption models and also innovating in new platforms that will be better for consumers and better for the planet. That's how you should visualize the evolution of the portfolio in the coming years.

因此，我們計劃透過多個槓桿來推動產品組合的演進，並非常強調讓我們目前的產品組合——它很出色——變得更、可以說更有營養；在新的消費模式上創新；也在新的平台上創新，讓它對消費者更好、對地球也更好。這就是你應該如何想像未來幾年產品組合的演進。

So thank you to everybody for your good questions and your engagement and for your confidence that you've placed in us with your investments. And we wish you all to stay safe and healthy and look forward to our next interactions. Thank you.

因此，感謝各位提出很好的問題、積極參與，也感謝你們以投資對我們所給予的信任。我們祝福各位保持安全與健康，並期待下一次的交流互動。謝謝。

This does confirm to -- this does conclude today's PepsiCo Quarter 3 2021 Earnings Conference Call. You may disconnect at any time, and have a wonderful day.

這也確認——這也結束了今天的百事公司 2021 年第三季財報電話會議。您可隨時掛線，祝您有美好的一天。