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.

早上好，歡迎來到百事公司 2021 年第三季度收益問答環節。

(Operator Instructions) Today's call is being recorded and will be archived at www.pepsico.com.

（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.

現在我很高興介紹投資者關係高級副總裁 Ravi Pamnani 先生。

Mr. Pamnani, you may begin.

Pamnani 先生，您可以開始了。

Thank you, operator.

謝謝你，接線員。

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.

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.

在我們開始之前，請注意我們的警告聲明。

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.

我們可能會在今天的電話會議上發表前瞻性陳述，包括關於我們的業務計劃和更新的 2021 年指導以及 COVID-19 大流行對我們業務的潛在影響。

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.

前瞻性陳述本質上涉及風險和不確定性，僅反映我們截至今天 2021 年 10 月 5 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.

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。

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.

請參閱我們在 pepsico.com 上提供的 2021 年第三季度收益發布和 2021 年第三季度表格 10-Q，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顯著影響的因素的討論不同於前瞻性陳述。

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

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。

(Operator Instructions)

（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 obviously very strong top line results again here in Q3.

所以很明顯，第三季度這裡再次獲得了非常強勁的頂線結果。

And for the full year, you now expect 8% organic sales growth, maybe the best result we've seen in recent history.

對於全年，您現在預計有機銷售額增長 8%，這可能是我們在近期歷史上看到的最好結果。

So can you just discuss some of the key drivers behind the recent acceleration in top line growth?

那麼，您能否談談近期收入增長加速背後的一些關鍵驅動因素？

How sustainable they are as you look out longer term?

從長遠來看，它們的可持續性如何？

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?

然後在短期內，您是否有信心根據長期算法維持中個位數的有機銷售增長，尤其是在您趕上供應的情況下？

Or as we look specifically at 2022, could there be some risk as you cycle these difficult comparisons from 2021?

或者當我們特別關注 2022 年時，從 2021 年開始循環進行這些艱難的比較會不會有一些風險？

How you guys think about that conceptually would be helpful.

你們如何從概念上思考這一點會有所幫助。

Dara, yes, listen, I think we're very pleased with the performance of the business overall.

達拉，是的，聽著，我認為我們對整個業務的表現感到非常滿意。

I think it's driven by categories that are healthy.

我認為這是由健康的類別驅動的。

Both our beverage and food categories, snack categories are growing faster than food and beverage overall in the U.S. and globally.

我們的飲料和食品類別，零食類別的增長速度都快於美國和全球的整體食品和飲料。

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.

因此，我認為我們在大流行期間表現非常出色的類別中發揮著作用，現在我們正在全球許多市場中擺脫大流行。

So that's one thing.

所以這是一回事。

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.

我們成功的另一個組成部分是，我認為在我們經營的大多數市場中，我們在這兩個類別中的競爭力都變得越來越強。

And that's been a consequence of the investments we've been making in the brands, I think, pretty good innovation.

這是我們在品牌上進行投資的結果，我認為這是非常好的創新。

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.

顯然，我們在上市能力、新能力、人才以及過去幾年我們一直在與您交談的所有其他方面進行了投資。

So we're seeing the momentum across the business, and we're seeing that momentum continuing into the balance of the year.

因此，我們看到了整個業務的勢頭，並且我們看到這種勢頭將持續到今年的餘額中。

That's why we are kind of elevating our guidance for top line.

這就是為什麼我們要提高對頂線的指導。

And we think that, that momentum will continue well into the 2022.

我們認為，這種勢頭將持續到 2022 年。

I think, Hugh, if you want to (inaudible) the other parts of the question.

我想，休，如果你想（聽不清）問題的其他部分。

Yes.

是的。

I'm happy to jump in as well.

我也很樂意加入。

Yes, Dara, specifically on '22, and I know obviously there's always going to be lots of questions on that.

是的，達拉，特別是在 22 年，我很清楚這方面總會有很多問題。

Historically, you've been with us for a long time.

從歷史上看，你已經和我們在一起很長時間了。

You know we typically don't talk about the following year until we get to February.

你知道我們通常要等到二月份才會談論下一年。

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.

但考慮到問題的程度和波動性的程度，我認為我們認為至少給出一些跡象表明我們在 22 年所處的位置是謹慎的。

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.

簡而言之，我們預計我們的有機收入增長和核心固定貨幣每股收益增長將符合我們在 2022 年的長期目標。

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.

現在我知道這會產生很多額外的問題，坦率地說，我們還沒有準備好深入了解所有細節，因為坦率地說，我們仍處於規劃過程的早期階段。

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.

但我認為我們可以自信地說，我們預計收入和核心固定貨幣每股收益都將符合 22 年的長期目標。

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.

因此，希望這能給每個人帶來一定程度的安慰，因為當我們從第四季度開始時，我們在頂線出現了很大的勢頭，並且企業的供應鏈得到了很好的管理，並且在良好的基礎上再創佳年明年。

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

我們將向高盛的 Bonnie Herzog 提出我們的下一個問題。

I guess I have a bit of a follow-on question as it relates to top line and maybe specifically on innovation.

我想我有一個後續問題，因為它與頂線有關，也許特別是在創新方面。

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.

我們從我們的一些行業聯繫人那裡聽說，你們明年的創新管道，從我們所見所聞來看，它看起來非常強大。

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.

所以只是喜歡聽聽你的一些看法——如果你是，事實上，與前幾年相比，你正在顯著加強你的創新。

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?

如果是這樣，您是否認為您還需要增加 A&M 支出以真正支持該管道並確保這些創新真正獲得底層市場所需的支持？

Thank you, Bonnie.

謝謝你，邦妮。

Well, it's good that you're hearing from our customers is that innovation is good.

嗯，很高興您從我們的客戶那裡聽到創新是好的。

It's always a good feedback.

這總是一個很好的反饋。

Listen, more seriously.

聽著，更認真。

I think we've always seen innovation as a key driver of our competitive advantage in the marketplace.

我認為我們一直將創新視為我們在市場上競爭優勢的關鍵驅動力。

And we've been investing a lot in R&D.

我們一直在研發上投入大量資金。

We're investing a lot in insights.

我們在洞察力方面投入了大量資金。

And we're connecting better, I think, insights with R&D and the whole commercial execution to get the maximum return on those innovations.

我認為，我們正在更好地將洞察力與研發和整個商業執行聯繫起來，以獲得這些創新的最大回報。

So I think the machine is ready and I think it keeps getting better year after year.

所以我認為這台機器已經準備好了，而且我認為它會年復一年地變得更好。

So yes, our pipeline is strong.

所以是的，我們的管道很強大。

I would say our pipeline in 2021 was very strong as well, and we're seeing the return from that innovation across the world.

我想說，我們在 2021 年的管道也非常強勁，我們正在看到全球創新的回報。

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.

我們正在嘗試更加本地化，更加中期或長期，在我們思考創新的方式上更加漸進。

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.

所以，是的，當談到創新背後的投資時，我認為我們在我們的業務中擁有合適的 A&M 水平，Bonnie 可以大力支持創新。

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.

不僅是 A&M，而且，如您所知，我們有一個非常強大的推動系統，使我們能夠為創新提供很多可見性，並將其與其他類別分開，確保試驗水平更高，重複水平更高很好。

So I would say, yes, there will be strong innovation across beverages and snacks.

所以我想說，是的，飲料和零食將會有強大的創新。

We think it's going to be quite incremental.

我們認為這將是相當漸進的。

And we think we have the right level of resources to support that innovation within our current algorithm.

我們認為我們擁有合適的資源水平來支持我們當前算法中的創新。

So I would not expect a higher A&M next year.

所以我預計明年 A&M 不會更高。

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 just wanted to go back to the balance of cost, supply chain and labor.

我只是想回到成本、供應鍊和勞動力的平衡。

In the prepared remarks, Hugh did talk about those.

在準備好的評論中，休確實談到了這些。

Obviously, that's no surprise to anyone.

顯然，這對任何人來說都不足為奇。

But it was a 14 percentage point impact on EBIT.

但這對息稅前利潤產生了 14 個百分點的影響。

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.

而且我知道你的成本通脹一直在中個位數左右 - 因此，我認為就像每股收益和你在第四季度的定價也很強勁。

So should we read the EPS flow of $1.47 a reflection of those -- of increased A&M?

那麼我們是否應該閱讀 1.47 美元的 EPS 流量以反映 A&M 增加的情況？

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.

您說的不一定是 2022 年，但也許您不會僅僅因為這些投資為您在 2022 年做好準備，就將我們在今年迄今為止看到的所有上漲都注入今年的每股收益中。

Is that the way we should read?

那是我們應該閱讀的方式嗎？

Yes, Andrea.

是的，安德里亞。

Good question.

好問題。

I think I would think about it this way.

我想我會這樣想。

Obviously, we've given some pretty specific guidance in terms of where we expect EPS to land for Q4.

顯然，我們已經就第四季度每股收益的預期水平給出了一些非常具體的指導。

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.

您知道我們提前購買 6 到 9 個月；我們在年初的那些對沖，開始減少。

The new ones that are in place are higher cost.

現有的新產品成本更高。

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.

我們在上次電話會議以及今天準備好的評論中分享了我們希望能夠通過我們面臨的通脹來定價，無論是商品通脹還是其他類型的運營費用通脹。

Some of that pricing occurred in the summer.

其中一些定價發生在夏季。

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.

更多的情況發生在飲料行業的秋季，而且實際上，正如我們現在在這幾週所說的那樣，零食/食品行業的所有 2021 年都在發生。

You also know that we forward buy that 6 to 9 months out.

您還知道我們會在 6 到 9 個月後提前購買。

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.

因此，隨著我們進入 2022 年第一季度，我們將更好地掌握 2022 年成本的確切位置。

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.

而且我希望我們定價更高一些，以反映 2022 年期間某些此類成本的最終確定。

So Q4, some of the pricing coming through, the balance of it coming in Q1 of 2022.

所以第四季度，一些定價通過，其餘部分在 2022 年第一季度到來。

And the EPS guidance is reflective of all of that.

EPS 指南反映了所有這些。

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

我們將向巴克萊銀行的 Lauren Lieberman 提出下一個問題。

Just to follow up on that.

只是為了跟進。

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.

我的意思是——休，你對你的評論是提前購買 6 到 9 個月，所以當你進入第一季度進入成本基礎時，你會有更多的知名度。

That suggests a lot of pricing.

這意味著很多定價。

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.

所以我希望你能評論一下彈性，無論你在模型方面看到了什麼，如果你看到的彈性比傳統的要小，因為創新是如此強大。

If it's tough to really get a read because of all of the COVID comparisons that are flowing through consumer behavior right now.

如果由於目前正在通過消費者行為進行的所有 COVID 比較，很難真正得到閱讀。

But curious on the elasticity piece because it does imply a lot of pricing.

但對彈性部分感到好奇，因為它確實意味著很多定價。

Yes, Lauren, I'll take a first go at this and then maybe Hugh can add some more comments.

是的，勞倫，我會先嘗試一下，然後也許休可以添加更多評論。

What we're seeing across the world is much lower elasticity on the pricing that we've seen historically.

我們在世界各地看到的是，我們在歷史上看到的定價彈性要低得多。

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.

這適用於發展中市場、西歐和美國。因此，在全球範圍內，消費者對定價的看法似乎與以前略有不同。

It could be several hypothesis.

這可能是幾個假設。

I think in our case, our brands are stronger and I think our innovation is stronger, as you were saying.

正如您所說，我認為在我們的案例中，我們的品牌更強大，我認為我們的創新更強大。

So that could be a factor.

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.

隨著消費者在商店購物速度更快，也可能會出現一些行為，他們可能不太關注定價作為決策因素。

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.

他們可能會賦予品牌或他們感覺更多的品牌更多相關性 - 更接近或更接近 - 是的，我會說，與我們作為我們的品牌更接近和越來越多的情感依戀。

So we're seeing less elasticity and we're adjusting our models as we go.

所以我們看到彈性越來越小，我們正在調整我們的模型。

And that's obviously informing our decisions as we price balance of the year and into 2022.

這顯然會在我們今年和 2022 年的價格平衡時為我們的決策提供信息。

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

我們將向美國銀行的 Bryan Spillane 提出下一個問題。

My question is around AMESA and APAC.

我的問題是關於 AMESA 和 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?

如果我們看看這兩個部門年初至今的利潤貢獻，它貢獻了大約 1/4 的營業利潤，只是增量美元，對吧？

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.

如果你在貨幣中性的基礎上看待它，你有一個相當健康的差距，正確的，在貨幣中性的營業利潤增長與貨幣中性的有機銷售增長之間。

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?

所以我想我的問題是，我們是否在這兩個領域有足夠的規模，你真的可以開始看到持續的利潤率提高和對未來總利潤的貢獻？

Or is there something just sort of unusual in the near term that's just driving those margins?

還是在短期內有什麼不尋常的事情推動了這些利潤率？

I think, Bryan, your 2 hypotheses are valid.

我認為，布萊恩，你的兩個假設是有效的。

I think there is a lapping effect.

我認為有一個研磨效果。

So especially AMESA last year suffered a lot given its geography.

因此，特別是 AMESA 去年由於其地理位置而遭受了很多苦難。

So India, Pakistan, Middle East and Africa, clearly, they were challenged last year.

因此，印度、巴基斯坦、中東和非洲顯然在去年受到了挑戰。

They're coming back.

他們要回來了。

It's a very beverage-focused business.

這是一個非常專注於飲料的業務。

So clearly, it was more impacted by the COVID mobility restrictions.

很明顯，它受到 COVID 流動性限制的影響更大。

So we're seeing those business coming back.

因此，我們看到這些業務正在回歸。

And we have high scale, and we have high share in many of those markets.

而且我們的規模很大，我們在許多這些市場中佔有很高的份額。

And our advertising and marketing is doing very well.

我們的廣告和營銷做得很好。

So part of that is lapping.

所以其中一部分是研磨。

Your second question on scale.

你關於規模的第二個問題。

Yes, scale is getting -- obviously, every year, you see the growth level on the top line.

是的，規模越來越大——顯然，每年，你都會看到收入的增長水平。

We're getting to scale levels that are pretty good in many of the critical markets in that region.

在該地區的許多關鍵市場中，我們正在達到相當不錯的規模水平。

And that's giving us, obviously, the opportunity to do better in the marketplace and the flow-through is also stronger.

顯然，這給了我們在市場上做得更好的機會，而且流通也更強。

So I think the 2 are relevant.

所以我認為這兩個是相關的。

If you think about the business going forward, those are very strategic markets for us going forward.

如果您考慮未來的業務，那麼這些市場對我們未來來說是非常具有戰略意義的市場。

And we continue to invest in everything from technologies so we can expand the portfolio.

我們將繼續投資於技術等方方面面，因此我們可以擴大產品組合。

Talent, obviously, there's a war for talent in that part of the world.

人才，很明顯，在世界的那個地方有一場人才爭奪戰。

I think we're a scaled company that does a good job with developing talent in that part of the world.

我認為我們是一家規模龐大的公司，在世界那個地區培養人才方面做得很好。

And then, obviously, our go-to-market being very strong.

然後，顯然，我們的市場進入非常強大。

We have very good bottlers.

我們有非常好的裝瓶商。

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.

每當我們擁有自己的業務時，尤其是在食品業務中，我們也會投資於數字化以及與更精確和更敏捷相關的一切。

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.

所以希望我回答的是短期的，但對我來說更特別的是，我們如何看待世界的那一部分的長期，是的。

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

我們將向古根海姆的 Laurent Grandet 提出下一個問題。

And congrats on a strong quarter in that very volatile environment.

並祝賀在那個非常動蕩的環境中取得了強勁的季度。

So talking about innovation, it's great to see you leading the company, pushing the usual boundaries.

所以談到創新，很高興看到你領導公司，突破通常的界限。

So during the quarter, you announced a partnership with The Boston Beer Company to introduce HARD MTN DEW in the U.S.

因此，在本季度，您宣布與波士頓啤酒公司合作，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.

因此，問題不在於該計劃的潛力，而在於您決定選擇的上市路線。

So would like to understand why you decided to create your own distribution rather than rely on The Boston Beer wholesaler network.

所以想了解您為什麼決定創建自己的分銷渠道，而不是依賴波士頓啤酒批發商網絡。

What is the end game here and by extension to your strategy in alcohol here in the U.S. and internationally?

這裡的最終遊戲是什麼，以及你在美國和國際上的酒精戰略是什麼？

Thank you, Laurent.

謝謝你，勞倫特。

Well, listen, we have a good partnership with The Boston Beer Company.

聽著，我們與波士頓啤酒公司有著良好的合作關係。

And they have the R&D and the knowledge in this space that we don't.

他們在這個領域擁有我們沒有的研發和知識。

We have the brand, so Mountain Dew.

我們有品牌，所以激浪。

I think, it will play very well in that space.

我認為，它會在那個領域發揮得很好。

It will be quite differentiated in terms of the flavor profile and the emotional connection.

它在風味特徵和情感聯繫方面會有很大差異。

So that's how we're thinking about it in terms of the first step into this market.

這就是我們在進入這個市場的第一步方面的考慮方式。

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.

從分銷的角度來看，我們認為我們有機會在美國創建一個非常獨特的分銷系統，因為它將是一個集成的分銷系統，可以從一個決策點跨多個州做出協調決策。

And that could be, I think, competitively advantaged.

我認為，這可能具有競爭優勢。

So we're starting with a number of states where we have the license to operate.

所以我們從一些我們有經營許可證的州開始。

And we'll take it from there.

我們將從那裡拿走它。

We feel optimistic.

我們感到樂觀。

We think it will be very incremental.

我們認為這將是非常漸進的。

It would help us with the drop size.

它將幫助我們確定水滴大小。

It will help us with the economics of the routes eventually.

它將最終幫助我們了解路線的經濟性。

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.

在內部 - 就像我們對冷藏配送系統所做的一樣，該系統非常 [流行] 並且是獨一無二的，它覆蓋了整個國家。

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.

我們認為我們最終可以設想一個分銷系統，該系統可以非常流行，並且也可以完全集成到我們產品組合的低酒精部分。

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

我們將向 Cowen 的 Vivien Azer 提出下一個問題。

Yes, I was hoping actually to follow up on the hard seltzer questions, please.

是的，我實際上希望能跟進蘇打水的難題，拜託。

Just curious your impressions of the overall category.

只是好奇您對整個類別的印象。

It's obviously been incredibly contentious, the decelerating trend.

這顯然是令人難以置信的爭議，減速趨勢。

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.

你們是否都討論過將激浪作為罐裝雞尾酒而不是硬蘇打水，因為看起來確實如此，這就是消費者正在移動的地方。

Yes.

是的。

Listen, our view on the category is it's very sizable.

聽著，我們對這個類別的看法是它非常大。

I think it's almost $9 billion retail value now and growing 20% and with high -- good margins, above the average of the category.

我認為它現在的零售價值接近 90 億美元，並且增長了 20%，並且利潤率很高，高於該類別的平均水平。

So clearly, a space whether we should be playing, and that's how we're thinking about this.

很明顯，我們是否應該參加比賽的空間，這就是我們正在考慮的方式。

We see consumer trends that favor that this category will continue to grow in its current form or with new innovation.

我們看到有利於這一類別的消費趨勢將繼續以目前的形式或新的創新增長。

So that's why we decided to participate.

所以這就是我們決定參加的原因。

Our first entry is with Mountain Dew, and Mountain Dew is going to be a flavored malt beverage, not a hard seltzer.

我們的第一個條目是激浪，激浪將是一種調味麥芽飲料，而不是硬蘇打水。

I think will be a differentiated flavor with a very unique brand.

我認為這將是一個具有非常獨特品牌的差異化風味。

So I think we can carve out our own space in that relatively crowded market, and we'll take it from there.

所以我認為我們可以在這個相對擁擠的市場中開闢出自己的空間，我們會從那裡開始。

Obviously, we have a pipeline of ideas that we will be disclosing as we go.

顯然，我們有一系列想法，我們將隨時披露。

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

我們將向杰富瑞諮詢 Kevin Grundy 提出下一個問題。

Congratulations on the strong result.

祝賀你取得了不錯的成績。

Ramon, I wanted to ask you about the decision to sell the juice businesses and sort of overall satisfaction with the portfolio.

拉蒙，我想問你關於出售果汁業務的決定以及對投資組合的總體滿意度。

So the Trop business, of course, has been with the company for, if I'm not mistaken, over 2 decades.

因此，如果我沒記錯的話，Trop 業務當然已經與公司合作了 2 多年。

You go back over the years, the Quaker business has had a nice balance.

回顧這些年來，貴格會的業務取得了很好的平衡。

I think there's been some discussion in the marketplace about a potential divestiture there from time to time.

我認為市場上不時會討論潛在的資產剝離。

Maybe you could just sort of walk us through the decision to sell the juice business, what went into it.

也許你可以告訴我們出售果汁業務的決定，其中的內容。

Hugh, maybe comment on preliminary thoughts on uses of the proceeds when the deal closes.

休，也許會在交易完成時對收益用途的初步想法發表評論。

And then, Ramon, just broadly overall satisfaction and potential other areas of divestiture.

然後，拉蒙，只是廣泛的總體滿意度和潛在的其他剝離領域。

Yes, Kevin.

是的，凱文。

Listen, I think we've been looking obviously at our portfolio since I started with Hugh and the team.

聽著，我認為自從我開始與 Hugh 和團隊合作以來，我們一直在關注我們的投資組合。

And we've added some assets to the company in high-growth spaces long term.

從長遠來看，我們已經在高增長空間為公司增加了一些資產。

We've added assets in Africa.

我們在非洲增加了資產。

We've added assets in China.

我們在中國增加了資產。

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.

我們在美國增加了資產，使我們能夠發展到新的空間、增值乳製品或能源或更健康的零食。

So we've made some decisions over the last 3 years to add assets that will give us accelerated growth.

因此，我們在過去 3 年中做出了一些決定，增加資產以加速增長。

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.

與此同時，我們一直在關注投資組合的其他部分，這些部分的長期增長和長期利潤創造可能不那麼令人興奮。

And in that context is where we see the juice business.

在這種情況下，我們看到了果汁業務。

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.

這是一個很好的業務，但它可能不是我們認為我們可以以我們將百事可樂整體增長的速度和利潤增長的業務。

And that's why we decided to make this -- this decision.

這就是我們決定做出這個決定的原因。

We found a great partner in PAI.

我們在 PAI 找到了一個很好的合作夥伴。

They have very good experience with previous similar partnerships with other large food companies.

他們在與其他大型食品公司的類似合作夥伴關係中擁有非常好的經驗。

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.

我們相信我們有辦法讓我們正在創建的這家合資企業繼續在果汁業務的運營方面創造協同效應，繼續創新，並確保我們的品牌，因為我們將成為其中的 40%合資企業，繼續蓬勃發展並以更好的方式競爭，他們可能會在我們的投資組合中這樣做，我們有很多選擇在哪裡投資和關注哪裡。

So that's the -- that's, Kevin, the logic behind this.

這就是——這就是凱文，這背後的邏輯。

Now Hugh can tell you about the more the financial part, which is also very attractive, I would say.

現在休可以告訴你更多的財務部分，我會說這也很有吸引力。

Yes, Kevin.

是的，凱文。

No change to what we had previously communicated on use of proceeds.

我們之前就收益使用所傳達的內容沒有變化。

Number one, we'll use it to reduce debt.

第一，我們將用它來減少債務。

Obviously, we're losing some EBITDA, so we'll adjust our debt levels to reflect that.

顯然，我們正在損失一些 EBITDA，因此我們將調整我們的債務水平以反映這一點。

Number two, as we have been, we'll use the funds to invest in organic CapEx back into the business.

第二，和我們一樣，我們將利用這些資金將有機資本支出投資於業務。

Obviously, it begs a question, and I can see where people might go into what does it mean for share repurchase in 2022.

顯然，這引出了一個問題，我可以看到人們可能會從哪裡進入 2022 年的股票回購意味著什麼。

And the answer is we'll talk about share repurchase in February on all of that.

答案是我們將在 2 月份討論所有這些的股票回購。

I mean that's a broader question on guidance.

我的意思是，這是一個更廣泛的指導問題。

So -- but I know that question is out there.

所以 - 但我知道這個問題就在那裡。

So I want to at least say we'll deal with that when we get to '22.

所以我至少想說，當我們到 22 歲時，我們會處理這個問題。

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

我們將向花旗銀行的 Wendy Nicholson 提出我們的下一個問題。

And my question is a follow-up, but not specifically on share repurchases.

我的問題是後續問題，但不是專門針對股票回購。

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.

但今年，表面上，你說你不會回購那麼多股票，因為你想投資一些被收購的企業。

And I have 2 questions on that.

我對此有兩個問題。

Number one, we haven't, as of the 9 months, seen CapEx actually pick up meaningfully.

第一，截至 9 個月，我們還沒有看到資本支出真正有意義地回升。

So I'm wondering what sort of the investments you are making.

所以我想知道你正在進行什麼樣的投資。

Is it still CapEx to come in some of those acquired businesses?

進入其中一些被收購的業務是否仍然是資本支出？

But also, you cited those acquired businesses as being a primary reason for your gross margin erosion in the quarter.

而且，您將那些收購的業務列為本季度毛利率下降的主要原因。

And I'm wondering how long that will persist.

我想知道這種情況會持續多久。

Are those businesses just structurally lower-gross margin?

這些業務只是在結構上降低了毛利率嗎？

Do you think that's going to be something in perpetuity?

你認為這將是永恆的事情嗎？

Or are there things you can do, either pricing- or restructuring-wise to get the gross margins in those acquired businesses up?

或者你可以做些什麼，無論是定價還是重組，以提高那些被收購業務的毛利率？

Yes, Wendy, I'll address both of those questions.

是的，Wendy，我會解決這兩個問題。

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.

關於投資，我認為這表明我們將廣泛投資於業務，而不僅僅是專門投資於那些與資本支出相關的收購業務。

Clearly, they're a part of that mix, you're absolutely right, but it was a broader comment about -- around CapEx.

顯然，它們是這種組合的一部分，你是絕對正確的，但這是關於資本支出的更廣泛的評論。

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.

與幾年前相比，資本支出處於更高的持續水平，因為我們正在推動公司更快的增長速度，並使我們的供應鏈也更具彈性。

So I think from that standpoint, the numbers are pretty consistent with the strategic intent that we had articulated a bit earlier.

所以我認為從這個角度來看，這些數字與我們早些時候闡明的戰略意圖非常一致。

Regarding the -- the balance of -- where do we -- what was that?

關於 - 平衡 - 我們在哪裡 - 那是什麼？

International M&A.

國際併購。

Oh, yes.

哦是的。

In terms of the international M&A piece.

在國際併購方面。

We're through the overlap period.

我們正在經歷重疊期。

The biggest driver on that, obviously, was Pioneer to some degree, Be & Cheery as well.

顯然，這方面最大的推動力在某種程度上是 Pioneer，Be & Cheery 也是如此。

It's a lower gross margin business.

這是一個毛利率較低的業務。

We really are through that as of the end of the second quarter.

截至第二季度末，我們確實經歷了這一點。

So that's not an impact in mixing our margins down any further.

因此，這不會進一步降低我們的利潤率。

We're past that as of the Q3 results.

截至第三季度的結果，我們已經過去了。

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

我們將向 RBC Capital Markets 提出 Nik Modi 的下一個問題。

Ramon, I was hoping you can comment on just general strength in packaged beverage.

拉蒙，我希望你能就包裝飲料的一般強度發表評論。

I mean I think all of us have been pretty surprised by the strength, especially with all the pricing in the marketplace.

我的意思是我認為我們所有人都對這種力量感到非常驚訝，尤其是市場上的所有定價。

So I was wondering, just from a consumer insight standpoint, what do you think is driving that despite the mobility improvements we're seeing?

所以我想知道，僅從消費者洞察的角度來看，儘管我們看到移動性有所改善，您認為是什麼推動了這一點？

Yes.

是的。

Nik, listen, yes, clearly, the category is very healthy across the world, obviously, the U.S., Western Europe and also developing markets.

尼克，聽著，是的，很明顯，該類別在全球範圍內都非常健康，顯然是美國、西歐以及發展中市場。

We're seeing, obviously, the away-from-home business picking up.

顯然，我們看到了離家出走的業務正在回升。

We -- I think in Q3, our away-from-home business is 90% indexed to '19.

我們——我認為在第三季度，我們的離家業務有 90% 與 19 年掛鉤。

It keeps going up with every month that goes by.

它隨著每個月的流逝而不斷上升。

So clearly, that's a very positive sign.

很明顯，這是一個非常積極的信號。

Now our convenience store business continues to do very well as consumers are having higher mobility.

現在我們的便利店業務繼續做得很好，因為消費者的流動性更高。

But the remarkable thing is that the in-home consumption continues to be quite high.

但值得注意的是，家庭消費仍然很高。

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.

因此，消費者並沒有 - 仍然將家庭用作中心，繼續在家娛樂並繼續在家做更多事情。

And that's driving additional consumption at home versus the previous '19 level.

與之前的 19 年水平相比，這推動了家庭消費的增加。

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.

所以我認為我們處於一個非常好的地方，家庭消費更高，旅途中的消費正在增加，我們餐飲服務業務的大部分渠道都在回升，所以勢頭很好。

We expect those trends to continue for a while.

我們預計這些趨勢將持續一段時間。

And we think that consumers have changed some of their habits from what we're reading in our insights.

而且我們認為消費者已經改變了他們在洞察力中所讀到的一些習慣。

And we think that the beverage category is in a very positive situation for the upcoming future.

我們認為飲料品類在未來的前景非常樂觀。

We see the same with snacks, by the way.

順便說一下，我們對零食也有同樣的看法。

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.

所以我們 - 零食業務，顯然是我們增長、銷售和利潤的重要組成部分，我們認為該類別在全球範圍內非常一致。

And it was during the pandemic.

那是在大流行期間。

It is now growing a very fast pace as consumers are gaining mobility as well.

隨著消費者的流動性也在增加，它現在的增長速度非常快。

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.

所以我認為，正如我一開始所說，我們經營的兩個類別的增長明顯高於整體食品和飲料類別。

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.

這是我們作為一家公司所擁有的優勢，因為我們在兩個類別中發揮作用，從消費者的角度來看，它們是非常受歡迎的。

Our next question comes from Robert Ottenstein with Evercore.

我們的下一個問題來自 Evercore 的 Robert Ottenstein。

And apologies if somebody asked this, my phone dropped for a few minutes.

如果有人問這個問題，我很抱歉，我的手機掉線了幾分鐘。

But -- so wondering if you can give us any kind of update in terms of your shelf space in North America on beverages.

但是 - 所以想知道您是否可以就您在北美的飲料貨架空間向我們提供任何更新。

There was obviously -- resets were delayed in 2020.

很明顯——重置在 2020 年被推遲了。

We had some this year.

今年我們有一些。

And particularly on the c-store side, where I think you were really focused on improving your positioning there with the energy drink offerings.

尤其是在 c-store 方面，我認為您真正專注於通過提供能量飲料來改善您的定位。

Great.

偉大的。

Yes, listen, I won't go into a lot of specifics.

是的，聽著，我不會詳細說明。

It's widely available information.

這是廣泛可用的信息。

But I would say that we're gaining space both in convenience.

但我想說的是，我們在方便方面都在獲得空間。

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.

正如你所說，這是一個重點，我們投資以獲得額外的空間，不僅是為了我們的能源業務，而且是為了確保我們的創新在空間上是漸進的，因為這才是真正對公司整體產出產生影響的因素。

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.

我們有 - 如果您考慮另一個變量，即次要展示或地板上的整體庫存，因為我們在某些產品中存在一些供應鏈限制，我們已經撤回了一些庫存夏季期間，我會自願說，只是為了確保我們能夠以適當的水平為客戶提供服務。

That's something temporary that, obviously, we will push back as we improve our -- the reliability of the supply chain.

這是暫時的，顯然，隨著我們提高供應鏈的可靠性，我們將予以回擊。

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.

但很明顯，我想說，這是我們的組合、我們的收入增長、我們在所有渠道中為飲料和零食推動的額外空間的一個積極因素。

That's where we see the value of our push model, where DSD is really helping us to execute with precision.

這就是我們看到推送模型價值的地方，DSD 真正幫助我們精確執行。

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.

不僅是肌肉，而且我們正在將越來越多的智能投入到我們駕駛空間的位置，我們如何執行該空間以及我們與地面上的人員，地面上的同事創造的所有積極反饋循環，以使我們公司與眾不同。

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

我們將回答來自德意志銀行的 Stephen Powers 的下一個問題。

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.

回到頂線，Ramon，當您審視新興市場業務的實力時，我想知道您是否可以談談這種實力的來源，從渠道的角度來看，是否平衡或是否您可能會在年初未預料到的地方看到巨大的力量。

And I guess if that answer varies at all by key market, those insights would be helpful as well.

而且我想如果關鍵市場的答案完全不同，那麼這些見解也會有所幫助。

Yes.

是的。

Steve, a couple of things I would say specifically to developing markets.

史蒂夫，我要專門針對發展中市場說幾句話。

We're seeing a higher mobility than we were expecting earlier in the year.

我們看到的流動性比我們今年早些時候的預期要高。

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.

所以我們已經看到了——也許我們在計劃今年 COVID 將如何影響一些發展中市場時有點保守。

Clearly, the consumers have found ways to increase their mobility and going back to their routines of work or of school or whatever.

顯然，消費者已經找到了增加他們的流動性並回到他們的日常工作或學校或其他任何地方的方法。

So that's helped us.

所以這對我們有幫助。

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.

正如我之前提到的，我們看到的另一件積極的事情是定價彈性也比我們最初在我們的模型中更好。

So we're seeing consumers staying with our brands better.

因此，我們看到消費者更好地使用我們的品牌。

I think that's a consequence of the investments we've been putting in our brands.

我認為這是我們對品牌進行投資的結果。

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.

我們執行定價決策的方式更多地受到數據和粒度的影響，我們能夠以非常細微的方式按渠道、按品牌執行不同的策略。

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.

我認為這兩個因素正在減少對我們業務的彈性影響，並使我們的國際業務在大多數市場中更具競爭力和蓬勃發展。

So those 2 would be the elements, Steve, if I had to single out what's been differential versus our original estimations.

因此，史蒂夫，如果我必須挑出與我們最初的估計不同的地方，那麼這兩個就是要素。

And Steve, just to add to Ramon's answer with a few numbers.

還有史蒂夫，只是用幾個數字來補充拉蒙的答案。

Overall, D&E markets were up 19%.

總體而言，D&E 市場上漲了 19%。

So we saw good strong growth across D&E.

因此，我們看到整個 D&E 的強勁增長。

And then some of the biggest markets for us, Brazil, Russia, India, China and Mexico were all up either in the teens or 20%.

然後對我們來說，巴西、俄羅斯、印度、中國和墨西哥的一些最大市場都在十幾歲或 20% 的時間內增長。

So very broad-based growth across all of the big, key D&E markets for us.

因此，對我們來說，在所有重要的大型 D&E 市場中實現了非常廣泛的增長。

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

我們將向瑞士信貸的 Kaumil Gajrawala 提出我們的下一個問題。

Can we -- would you guys mind giving us an update on SodaStream?

我們可以——你們介意給我們提供關於 SodaStream 的最新信息嗎？

You've obviously owned it for a good period of time.

你顯然已經擁有它很長一段時間了。

You're mentioning it a bit more now.

你現在提到的多了一點。

It feels like pandemic could have been a moment that really very structurally changed what the feature of this business might look like.

感覺大流行可能是一個真正非常結構性地改變了這項業務的特徵的時刻。

So maybe just starting with how big is it now, what's household penetration looking like and perhaps some of your plans there.

所以也許只是從它現在有多大開始，家庭滲透率是什麼樣的，也許還有你的一些計劃。

I think that would be useful.

我認為那會很有用。

Yes, Kaumil, let me take -- won't go into specifics side.

是的，Kaumil，讓我接受 - 不會進入細節方面。

But clearly, the business has, as we continue to invest in that business, it's very successful.

但顯然，隨著我們繼續投資該業務，該業務非常成功。

And it's a key strategic driver of our future growth as a company.

它是我們公司未來發展的關鍵戰略驅動力。

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.

就業績而言，我想說我們在核心市場的滲透率不斷提高，核心市場是中歐、北歐、加拿大和美國，以及美國的某些地區，因此家庭滲透率正在增加。

Retention of those households is improving.

這些家庭的保留率正在提高。

There's a few things we're doing structurally with that business that I think will even accelerate its growth.

我們正在對該業務進行結構性的一些事情，我認為這些事情甚至會加速其增長。

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.

一個是我們正在與 SodaStream 建立直接面向消費者的業務，這非常相關，因為它為我們提供了大量第一方數據，它使我們能夠與消費者建立很多個人聯繫，了解他們的行為。

And with that, we can ideate new products, and we can also increase the, let say, the lifetime value of those consumers.

有了這個，我們可以構思新產品，也可以增加這些消費者的生命週期價值。

So that's one big driver.

所以這是一個很大的驅動力。

The other thing we're doing, especially in Europe, we're putting our brands in the SodaStream model.

我們正在做的另一件事，尤其是在歐洲，我們將我們的品牌置於 SodaStream 模式中。

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.

因此，我們不僅為消費者提供了飲用蘇打水的機會，還為消費者提供了飲用他們最喜歡的所有品牌中最喜歡的口味和最佳品牌的蘇打水，無論是氣泡水、百事可樂、山露水、7UP、無論如何，在我們的國際市場上。

So that's a big driver of the -- how we think we can increase the lifetime value of those households and generate additional value.

因此，這是我們認為如何增加這些家庭的終生價值並產生額外價值的一個重要驅動因素。

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.

如果您考慮 - 我們的 pep+ 承諾以及我們認為我們可以如何改變足跡 - 我們類別的環境足跡，SodaStream 是未來消費模式的重要驅動力。

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

我們將向瑞銀的肖恩·金提出下一個問題。

Just a question about energy drinks.

只是關於能量飲料的問題。

I guess you mentioned in the 10-Q seeing double-digit volume growth.

我猜你在 10-Q 中提到了兩位數的銷量增長。

It's not necessarily what we're seeing in the Nielsen data.

這不一定是我們在尼爾森數據中看到的。

Is that how you're defining the category or just channels that we're not capturing in the trade channel data?

您是這樣定義類別還是僅定義我們未在貿易渠道數據中捕獲的渠道？

Yes, Sean, I think it's the latter.

是的，肖恩，我認為是後者。

It's more channels that we're -- you're not capturing in the Nielsen data.

我們擁有更多的渠道——你沒有在尼爾森數據中捕捉到。

Obviously, energy is big in the unmeasured C&G channel.

顯然，在未測量的 C&G 通道中能量很大。

And given the DSD strength that we have, we probably overindex in those channels.

鑑於我們擁有的 DSD 實力，我們可能在這些渠道中過度索引。

So you're just not seeing the data relative to what we have.

因此，您只是看不到與我們擁有的數據相關的數據。

And our final 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 a bit of a higher-level question that relates to a prior answer.

只是一個與先前答案相關的更高級別的問題。

Just -- can you just maybe discuss how pep+ is going to shape this portfolio over the longer term?

只是——你能不能討論一下 pep+ 將如何在長期內塑造這個投資組合？

I mean clearly, Tropicana had financial aspects, as you noted, but there's other concepts, which is health and wellness that are clearly relevant.

我的意思很清楚，正如您所說，Tropicana 有財務方面的問題，但還有其他概念，即健康和保健顯然相關。

There's clearly a desire to scale businesses with no single-use packaging, but obviously that's counter to much of your business today.

顯然，人們希望在沒有一次性包裝的情況下擴大業務規模，但這顯然與您今天的大部分業務背道而馳。

I imagine this pushes innovation streams even more into health and wellness.

我想這會推動創新流更多地進入健康和保健領域。

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.

所以我想問題是，除了你最近的一些交易的明顯財務考慮之外，pep+ 將如何在長期內塑造這個投資組合。

Yes.

是的。

I mean there's 3 pillars to pep+.

我的意思是 pep+ 有 3 個支柱。

One of them is precisely on the portfolio of Positive Choices.

其中之一正是在積極選擇的投資組合中。

And I think you could visualize this as multiple vectors.

而且我認為您可以將其可視化為多個向量。

One is, yes, we want to make sure that our products -- current products are much better.

一個是，是的，我們希望確保我們的產品——當前的產品更好。

So imagine a Lay's, let's say, Lay's, for example.

所以想像一個樂事，比如說樂事。

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.

您應該想像 Lay's 繼續保持同樣的美味，但鈉含量是市場上最低的，並且使用最好的食用油烹製。

I mean that is our commitment.

我的意思是這是我們的承諾。

We are going to continue to give you the best-tasting products in better, let's say, nutritional forms.

我們將繼續以更好的營養形式為您提供最美味的產品。

Now you should also imagine new consumption models.

現在你還應該想像新的消費模式。

As I was saying, Gatorade in powder or in tablets, that's clearly better for the planet and probably easier for consumers as well.

正如我所說，粉末或片劑中的佳得樂顯然對地球更好，對消費者來說也可能更容易。

You should think about SodaStream as a consumption model or you should think about SodaStream professional in the offices.

您應該將 SodaStream 視為一種消費模式，或者您應該將 SodaStream 視為辦公室中的專業人士。

So we move consumption to -- with refillable, reusable models.

因此，我們將消費轉移到 - 使用可再填充、可重複使用的模型。

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.

然後，您還應該以我們為消費者和地球帶來更好的消費品的方式來考慮創新。

For example, more legumes.

例如，更多的豆類。

We're adding legumes to our snacks portfolio.

我們正在將豆類添加到我們的零食產品組合中。

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.

豆類——我們可以使用嗎——可以用作覆蓋作物，明顯影響更好的農業，但同時對消費者、鷹嘴豆和其他人來說更有營養。

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.

您應該考慮像我們正在與 Beyond Meat 合作夥伴合作那樣進行的創新，我們將提供非來自動物的蛋白質解決方案，因此，它對消費者和地球都更好。

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.

因此，我們計劃如何發展投資組合的多個槓桿，非常強調使我們當前的投資組合，它更漂亮，更多，更有營養，創新新的消費模式，也創新更好的新平台為消費者，為地球更美好。

That's how you should visualize the evolution of the portfolio in the coming years.

這就是你應該如何想像未來幾年投資組合的演變。

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.

因此，感謝大家提出的好問題和您的參與，以及您對我們投資的信心。

And we wish you all to stay safe and healthy and look forward to our next interactions.

我們希望大家保持安全和健康，並期待我們的下一次互動。

Thank you.

謝謝你。

This does confirm to -- this does conclude today's PepsiCo Quarter 3 2021 Earnings Conference Call.

這確實證實了——這確實結束了今天的百事可樂公司 2021 年第三季度收益電話會議。

You may disconnect at any time, and have a wonderful day.

您可以隨時斷開連接，度過美好的一天。