百事 (PEP) 2021 Q2 法說會逐字稿

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

各位早安，歡迎參加百事公司（PepsiCo）2021 年第二季財報問答環節。（接線員指示）今天的電話會議將被錄音，並將存檔於 www.pepsico.com。

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

現在我很榮幸介紹投資人關係資深副總裁 Ravi Pamnani 先生。Pamnani 先生，您可以開始。

Thank you, operator. 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。各位早安。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, 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, July 13, 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。我們可能在今天的電話會議中作出前瞻性陳述，包括關於我們的業務計畫、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 7 月 13 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 Q2 2021 earnings release and 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，我們會提及非 GAAP 衡量指標，該等指標會自已報告結果中排除某些項目。請參閱我們於 pepsico.com 提供的 2021 年第二季財報新聞稿與 10-Q 表格，以取得非 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.

那麼，我將把電話交回接線員，開始第一個問題。

(Operator Instructions) Our first question is coming from Bonnie Herzog of Goldman Sachs.

（接線員指示）我們的第一個問題來自高盛（Goldman Sachs）的 Bonnie Herzog。

I guess I wanted to ask about PBNA, hoping you could provide a little bit more color on that business and the drivers of the robust top line growth that you saw in the quarter. I guess I'm wondering if the growth accelerated each month in the quarter and if you're seeing this double-digit growth continue so far in July.

我想問一下 PBNA，希望你們能就該業務提供更多細節，並說明本季你們看到強勁營收成長的驅動因素。我想了解的是，本季成長是否在每個月都加速，以及你們是否看到這種兩位數成長在 7 月迄今仍在延續。

Also, how big of a driver was the stepped-up marketing and advertising spend, which you mentioned was up double digits in the quarter? How much did that help drive the top line?

另外，你們提到本季行銷與廣告支出以兩位數成長、且有所加碼。這在多大程度上是驅動因素？對營收成長的帶動有多大？

And then maybe finally on this business, you mentioned revenue in your on-premise business doubled in the quarter. Clearly, that's off of a very easy comp, but just curious when you expect revenues from that business to be back to normal levels.

最後，關於這項業務，你們提到本季在外食通路（on-premise）業務的營收翻倍。顯然這是建立在非常容易的比較基期之上，但我想了解你們預期該業務的營收何時能回到正常水準。

Yes. Bonnie, let me try to answer a few of those elements. Yes, I think the results of the PBNA business are a consequence of the work we've been doing for the last, I would say, 3 years or so, trying to improve the equity of the brands, improve the execution, improve the organizational focus, et cetera.

好的。Bonnie，我來嘗試回答其中幾個部分。是的，我認為 PBNA 業務的成果，是我們過去大約 3 年左右所做工作的結果：努力提升品牌資產、改善執行力、提升組織聚焦等等。

We're very pleased with the performance of all our brands. We are -- if you think about Mountain Dew, Pepsi, Gatorade, all our large brands are growing very nicely. And then on top of that, our, let's say, small or medium-sized brands like Starbucks or Pure Leaf or bubly, others are also growing at a very nice pace. So I think the portfolio is working very well for us as a consequence of the great work the team has done on innovation and brand and the field teams are doing on execution. So that is the area we feel more proud about.

我們對所有品牌的表現都非常滿意。我們——如果你想到 Mountain Dew、Pepsi、Gatorade，我們所有大型品牌都成長得非常好。除此之外，我們一些中小型品牌，例如 Starbucks、Pure Leaf、bubly 等，也都以非常不錯的速度成長。因此我認為，這個產品組合對我們運作得非常好，這是團隊在創新與品牌方面出色工作的成果，也是前線團隊在執行方面努力的結果。這是我們最感到自豪的部分。

Obviously, as you mentioned, there is a channel shift as consumers are moving more in the U.S. There's more mobility. The foodservice, away from home channel, is growing faster in Q2 obviously as you compare to last year. And that's a tailwind to the business that I think will continue. -- over the next quarters. But the most important thing, I think, for us to assess is that the business has been investing, and it's delivering as a consequence of that. We're gaining share if you -- I'm sure you've looked at the share numbers for the business in the last few months, and the business keeps gaining share, keeps getting more competitive. So that's a good sign of the return on those investments.

如你所提到的，顯然通路正在轉移，因為美國消費者的流動性提高。餐飲服務、外出消費通路在第二季的成長速度顯然更快，因為是與去年相比。這對業務是一股順風，我認為在接下來幾個季度會持續——。但我認為對我們而言最重要的評估是：這項業務一直在投資，而也正因為投資而交出成果。如果你——我相信你已經看過過去幾個月該業務的市占數據，這項業務持續提升市占、持續變得更具競爭力。因此，這是投資報酬的良好訊號。

The only thing I wanted to add to that, Bonnie, is A&M was up about 30% in the quarter to that specific question in PBNA -- oh, sorry, total. Yes.

Bonnie，我唯一想補充的是，針對你在 PBNA 的那個具體問題，本季 A&M 約成長 30%——喔，抱歉，是總體而言。是的。

Our next question comes from the line of Dara Mohsenian of Morgan Stanley.

我們的下一個問題來自摩根士丹利（Morgan Stanley）的 Dara Mohsenian。

So just to build on that question. Obviously, a strong organic sales result in the quarter, to your average trends also accelerated sequentially. And presumably, it was -- the top line was better than you expected with the raised full year sales guidance. So I was just hoping for a bit more granularity on how much of the upside or the acceleration sequentially was driven by stronger category growth. You mentioned the on-premise strength, obviously, in beverages versus accelerating corporate market share. And maybe just give us a little more detail and the numbers around market share performance?

我想在剛才的問題上延伸。顯然本季有機銷售表現強勁，你們的平均趨勢也呈現逐季加速。而且在上調全年銷售指引的情況下，推測營收端也優於你們原先預期。因此我希望能更細緻地了解：這些超預期或逐季加速的部分，有多少是由更強的品類成長所驅動？你們提到飲料的在外食通路（on-premise）表現強勁，相較於企業整體市占加速。也請就市占表現提供更多細節與數據？

And then on a go-forward basis, given the strong market share trends, given the gross margin pressure we saw in Q2, can you just talk a little bit, conceptually, about pricing plans going forward in Frito and beverages and how the near-term promotional environment also may impact that, but just sort of your thoughts around pricing going forward in light of the market share strength and some of the gross margin pressure?

另外，展望未來，考量強勁的市占趨勢，以及我們在第二季看到的毛利率壓力，能否從概念上談談未來在 Frito 與飲料業務的定價計畫？以及短期促銷環境可能如何影響定價？也就是在市占強勁與部分毛利壓力之下，你們對未來定價的想法。

Yes. Let me try to cover, and then Hugh will also add onto it. I think when you look at the overall PepsiCo business, obviously, I mean, the biggest highlight for me is that the resilience of our snack business, right? So if you think about last year, it grew high single digits. This year, it's growing high single digit. That is extraordinary if you think about the shift in consumer behavior, how our portfolio is able to adapt to more of an in-home consumption pattern or a more of an away-from-home consumption part. And so that part of the business is solid. It continues to grow at very high level in the U.S. and also internationally.

好的。我先嘗試涵蓋，Hugh 也會補充。我認為當你看百事公司整體業務時，對我而言最大的亮點是我們零食業務的韌性，對吧？如果你回想去年，它以高個位數成長；今年，它仍以高個位數成長。考量消費者行為的轉變，以及我們的產品組合如何能適應更多居家消費型態或更多外出消費型態，這是非常了不起的。因此這部分業務很穩健，並且在美國以及國際市場都持續以很高的水準成長。

Obviously, the beverage category is benefiting from the change of patterns and behaviors of consumers and it was very negatively affected in the away-from-home consumption last year. Obviously, we're benefiting now from that and you see that in the acceleration of, obviously, our North America business. But globally, our beverage business is growing much faster in the away-from-home business, obviously, as stores are open and people are moving around. So that's from the category dynamics.

顯然，飲料品類正受惠於消費者模式與行為的改變，而去年外出消費的下滑對其造成非常負面的影響。現在我們顯然正受惠於此，你也能在我們北美業務的加速中看到。但在全球範圍內，隨著店家恢復營業、人們開始外出活動，我們的飲料業務在外出消費端的成長顯然快得多。這就是品類動態所帶來的影響。

Across the board, we're seeing a share of market momentum in the business as a consequence of the investments we've been making for the last few years. And this is not only the U.S. This is across most of our large markets internationally, developing and emerging markets. And that, as I said, is we're having better innovation, better focus on our brand messaging, better execution in store, better demand to supply connectivity. And so all that is working very well to our advantage. So that's in terms of growth and the key levers as you were asking on what's driven the acceleration of the business.

整體而言，我們看到業務的市占動能正在提升，這是我們過去幾年持續投資的結果。而且這不僅限於美國；在我們多數大型國際市場、已開發與新興市場皆是如此。正如我所說，我們有更好的創新、更聚焦的品牌訊息、更好的店內執行、更佳的需求與供應連結。因此，這一切都非常有利於我們。以上是就你所問的成長，以及驅動業務加速的關鍵槓桿。

When you come to our pricing and our -- how we're going to deal with pricing in the coming months, I would say, obviously, same as everybody else, we're seeing inflation in our business, across many of our raw ingredients and some of our inputs in labor and freight and everything else. So we operate in the same context. We feel very --quite comfortable or confident that through a combination of net revenue management initiatives and increased productivity, we can navigate this. And, I mean, we're looking at, obviously, staying within our long-term guidance for the coming year. So it is a combination of tools that we're having. We're working with our partners in the retail space and in the away-from-home space to make the right decisions in pricing to keep the consumers with us whilst we improve our margin, yes.

談到我們的定價，以及未來幾個月我們將如何應對定價，我會說，很明顯地，和其他所有人一樣，我們在業務中也看到通膨，涵蓋許多原物料，以及部分勞動力與運輸等各項投入成本。因此我們是在相同的環境下營運。我們感到非常——相當安心或有信心，透過淨營收管理（NRM）措施與提升生產力的組合，我們可以順利因應。並且，我的意思是，我們顯然會以維持在明年長期指引範圍內為目標。所以我們會運用一系列工具。我們正與零售通路以及外食通路的合作夥伴一起，做出正確的定價決策，在提升我們利潤率的同時，讓消費者持續選擇我們，是的。

Our next question comes from the line of Lauren Lieberman of Barclays.

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

I'd love to hear a little bit about PBNA's margins this quarter, obviously, very strong top line, so there's going to be some operating leverage. But I was curious if you could talk a little bit about building blocks on the margin this quarter, what you're thinking of as a -- we've kind of reached a new sustainable level in that build to that aspiration to build PBNA margins back into the mid-teens type level. So if you can share any kind of building blocks, channel mix, absence of COVID costs, straight -- lower promotion, that would be really helpful context.

我想多聽一些關於 PBNA 本季利潤率的情況。顯然，營收表現非常強勁，因此會有一些營運槓桿。但我好奇的是，您能否談談本季利潤率的組成要素（building blocks），以及您如何看待——我們似乎已經達到一個新的可持續水準，朝著把 PBNA 利潤率拉回到「中十幾％」那種目標水準的路徑上。因此如果您能分享任何組成要素，例如通路組合、沒有 COVID 成本、單純——促銷降低等，將會是非常有幫助的背景資訊。

Yes. Lauren, it's Hugh. Actually, you just mentioned a couple of the important factors for sure. Channel mix, obviously, is a benefit as small foodservice as well as the convenience store channel continues to do well. Convenience grew double digits. The foodservice channel, as you saw doubled, and that's a good profitable channel for us. So that clearly was a tailwind. But keep in mind, that's really getting us back to normal in a lot of ways as well. so I don't view this as extraordinary. I'd just view it as we're getting back to sort of a more normal world, although clearly not all the way back.

好的。Lauren，我是 Hugh。其實你剛剛提到的幾個確實是重要因素。通路組合顯然帶來助益，因為小型餐飲服務以及便利商店通路持續表現良好。便利商店成長達雙位數。餐飲服務通路如你所見翻倍成長，而那對我們而言是高獲利的通路。所以這顯然是一股順風。但請記住，這在很多方面其實只是讓我們回到正常狀態。因此我不把它視為特別異常；我會把它視為我們正在回到一個較為正常的世界，雖然顯然還沒有完全回到過去。

In addition to that, the energy category, which we participate in, in a bigger way, obviously, has higher margins. Mtn Dew Rise is off to a terrific start. ROCKSTAR, we're slowly steadily making progress on that. As we said, we believe that would take some time, and we continue to believe that'll take some time, but we're seeing some of the right indications there.

此外，我們參與程度更高的能量飲料品類，顯然具有較高的利潤率。Mtn Dew Rise 開局非常出色。ROCKSTAR 我們正在緩慢但穩健地取得進展。正如我們所說，我們相信這需要一些時間，而我們也仍然相信這會需要一些時間，但我們正在看到一些正確的跡象。

And then as you noted, the combination of sort of operating leverage in the business plus a reduction in COVID costs, as we expected, also contributed. So some of the things that we've talked about in past quarters in terms of getting PBNA on the road to much stronger margins, we are certainly very acutely aware of it, and we are focused, as a team, on continuing to drive that improved performance.

然後如你所指出的，業務中的營運槓桿效應加上 COVID 成本如我們預期般下降，也有所貢獻。因此，對於我們在過去幾季談到的、讓 PBNA 走上更強勁利潤率之路的那些事項，我們確實非常高度重視，而且我們作為一個團隊也專注於持續推動這項改善表現。

Our next question comes from the line of Kevin Grundy of Jefferies.

下一個問題來自 Jefferies 的 Kevin Grundy。

Congratulations on the strong results. Question on the extension of the restructuring initiative and how this may translate to profitability. So you now expect $1 billion in incremental annual savings through 2026. I think this was generally expected by the market and translates to over 100 basis points per annum of margins pre- any sort of reinvestment.

恭喜你們取得強勁的業績。我的問題是關於重組計畫延長，以及這可能如何轉化為獲利能力。因此你們現在預期到 2026 年每年可新增 10 億美元的年度節省。我認為市場大致已預期到這點，且在未進行任何再投資之前，這相當於每年超過 100 個基點的利潤率提升。

So the question is, do you see a greater likelihood that shareholders could see a greater degree of earnings flow through in this phase of the restructuring program? And I ask that in the context of a clearly healthier top line coming out of the pandemic and multiyear investments that the company has made, some of which we've discussed on this call that have already been put into the P&L. So -- and if the answer is no, what do you see as the most attractive areas of investments within the portfolio, whether this is by product line or geography?

所以問題是，在這一階段的重組計畫中，你是否看到股東更有可能看到更高程度的獲利（earnings）流入？我這麼問的背景是：疫情後營收端顯然更健康，以及公司多年來的投資，其中一些我們在本次電話會議中已討論過，且已經反映在損益表（P&L）中。所以——如果答案是否，那麼你認為投資組合中最具吸引力的投資領域是哪些？不論是按產品線或按地理區域？

Yes. Kevin, it's Hugh. A couple of things on that. Number one, look, we've obviously been delivering $1 billion of productivity, over $1 billion a year for a number of years. and we continue to find opportunities to do that. Number two, part of what we're trying to do is shape the company for the future. And in doing so, we're obviously taking cost out in certain places, and then we're investing in certain places like digitalizing the supply chain and making our interactions with customers and consumers much more efficient than they were in the past.

好的。Kevin，我是 Hugh。關於這點有幾件事。第一，你看，我們多年來顯然每年都在交付 10 億美元以上的生產力提升（節省），而我們也持續找到這樣的機會。第二，我們正在做的一部分工作，是為未來塑造公司。在這個過程中，我們顯然會在某些地方削減成本，同時也會在某些地方投資，例如供應鏈數位化，並讓我們與客戶及消費者的互動比過去更有效率。

So I think what you'll see is, to some degree, those things will balance out. We've always talked about something in the range of 30 bips of margin improvement, that 20 to 30 range that we've been in. And I think you should assume that, that's where we're going to be going forward as well on an ongoing basis. Now obviously, quarter-to-quarter, those things may shift around a little bit, but that's sort of the track that we remain on along with accelerated revenue growth. So the combination of accelerating revenue growth and 20 to 30 basis points of margin improvement translates into nice EPS. How much we deliver in every quarter, obviously, will be a product of the specifics of that quarter.

所以我認為你會看到，在某種程度上，這些事情會彼此平衡。我們一直談到大約 30 個基點的利潤率改善，也就是我們所處的 20 到 30 個基點區間。我認為你應該假設，未來我們也會在持續性的基礎上維持在那個水準。當然，逐季來看，這些因素可能會有些變動，但這就是我們仍然所走的軌道，再加上加速的營收成長。因此，加速的營收成長與 20 到 30 個基點的利潤率改善相結合，會轉化為不錯的 EPS。我們每一季能交付多少，顯然會取決於該季的具體情況。

Our next question comes from the line of Bryan Spillane of Bank of America.

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

Hugh, just wanted to touch a little bit on the kind of the dynamics within gross margin, both in the quarter and I guess as we're looking forward. It's -- we know we've got raw material and commodity costs moving. Labor costs are higher. It sounds like there's also some just tightness in supply and some packaging items. So I guess to the extent that raw material inflation probably is going to be with us for a while, just trying to understand, as we're looking forward, how much of what you're seeing currently you expect to sort of stick around for a while? And how much of that you think begins to fade as we move -- as we begin to exit 2021?

Hugh，我想稍微談一下毛利率內部的動態，不論是本季或是展望未來。我們知道原物料與大宗商品成本在變動。勞動成本更高。聽起來供應也有些緊張，還有一些包材項目。我想在原物料通膨可能會伴隨我們一段時間的情況下，試著理解：展望未來，你預期目前看到的狀況有多少會持續一段時間？又有多少你認為會在我們——當我們開始走出 2021 年時逐漸消退？

Yes. Happy to answer that, Bryan. And maybe shape a couple of summary comments to sort of help frame the numbers a bit. Obviously, gross margin was down in the quarter. That was no surprise to anyone. The biggest driver of that, by far, were the big international acquisitions that we had that are just inherently lower gross margin businesses. Still good businesses to be sure, but lower gross margin. So the math of that, obviously dragged them down to some degree.

好的，Bryan，很樂意回答。也許我先整理幾點總結性的說明，幫助大家更好地理解這些數字。顯然，本季毛利率下滑。這對任何人都不意外。造成這點的最大驅動因素，遠遠超過其他因素，是我們進行的幾項大型國際併購案；那些業務本質上就是毛利率較低的業務。當然仍然是好生意，但毛利率較低。因此，這樣的結構性數學效應，顯然在一定程度上拉低了毛利率。

In addition to that, obviously, there's sort of ongoing inflationary pressure. We insulate ourselves to some degree based on our forward buying program, and that has actually helped us clearly this year. There'll be a bit more pressure in the back half. But at the same time, as you know, we tend to take pricing after Labor Day in both of our businesses, and I think you would expect to see that pattern continue. So is there somewhat more inflation out there? There is. Are we going to be pricing to deal with it? We certainly are. The investments in our brands and the investments that we've made in supplying our customers, I think, is what enables us to take that pricing as we have every year.

此外，顯然還存在持續的通膨壓力。我們透過遠期採購計畫在一定程度上為自己提供了緩衝，而這確實在今年明顯幫助了我們。下半年壓力會更大一些。但同時，如你所知，我們通常在勞動節（Labor Day）之後在兩大業務中進行提價，我認為你可以預期這種模式會持續。因此，外部是否有更多通膨？是的。我們是否會透過定價來應對？我們當然會。我們對品牌的投資，以及我們在供應客戶方面所做的投資，我認為正是讓我們能像每一年一樣進行提價的原因。

Our next question comes from the line of Andrea Teixeira of JPMorgan.

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

Congrats on the strong results. So I think my question is a bit like you just said, Hugh, on the sales recovery. It implies -- the guidance implies about 4% to 5% growth in the second half. And it's basically a deceleration on a 2-year stack. So what is driving this more conservative assumptions?

恭喜你們交出強勁的業績。所以我想我的問題有點像你剛才提到的，Hugh，關於銷售復甦。指引所暗示的是下半年約 4% 到 5% 的成長。而以兩年疊加來看，基本上是成長放緩。所以是什麼在驅動這些較為保守的假設？

Is that something outside the U.S., the lack of visibility, given that you have to be opening. You have the single-serving coming back. You just had post Labor Day. You have the pricing coming in. And you also commented on energy becoming bigger for you. So all of those, can you help us bridge why the second half would be acceleration on a 2-year stack?

這是否與美國以外的市場、能見度不足有關，考量到你們必須重新開放？單杯裝正在回來，你們剛過完勞動節後的時點；你們也有定價開始落地；而且你們也提到能量飲料對你們變得更重要。綜合以上這些，你們能否幫我們銜接一下，為什麼下半年在兩年疊加的基礎上會是加速？

Yes. Andrea, a couple of things, I think, that went to our guidance. First, and I'll always start with this. When we deliver guidance to you all, it is a number that we intend to hit, and we have high, high assurance of hitting it. So as we sort of evaluate scenarios for the balance of the year, we obviously contemplate both the opportunity factors that you've mentioned, all of which are quite real as well as the risk factors of we're not fully out of the pandemic at this point yet.

是的。Andrea，我想有幾點影響了我們的指引。首先，而且我總是先從這點開始：當我們向各位提供指引時，那是一個我們打算達成的數字，而且我們對達成它有非常、非常高的把握。因此，當我們評估今年剩餘期間的各種情境時，我們當然會同時考量你提到的機會因素——這些都非常真實——以及風險因素：我們目前還沒有完全走出疫情。

There's sort of lots of volatility to some degree in the U.S. and developed countries, but to an even greater degree in developing and emerging countries. So as we sort of think about our guidance, we sort of package all of that up, and we adopt the posture that gives us the ability to deliver under pretty well almost all scenarios, and that's why we've been as consistent as we have been in delivering our guidance. So I think as you think about our posture, I'll just remind you that, that's the way we tend to approach this.

在某種程度上，美國與已開發國家仍存在相當的波動，但在開發中與新興市場的波動更為明顯。因此，當我們思考指引時，我們會把這些因素打包納入，並採取一種立場，使我們幾乎在所有情境下都能交付成果；這也是為什麼我們在兌現指引方面一直如此一致。所以當你思考我們的立場時，我只想提醒你，我們通常就是用這種方式來處理。

Yes. I think, Andrea, as to build on what Hugh is saying, I think we're seeing, obviously, positive trends in many markets, but we also see the reality of the pandemic. And I was just in Europe last week working with the European team. And when we thought it were going to be out of the COVID lockdowns, they're back into lockdowns in many markets.

是的。我想，Andrea，延續 Hugh 的說法，我們在許多市場確實看到明顯的正向趨勢，但我們也看見疫情的現實。我上週才在歐洲與歐洲團隊一起工作。當我們以為即將走出 COVID 封鎖時，許多市場又重新進入封鎖。

So I think, as Hugh said, we're confident on the -- our marketplace performance. I think that will continue. We'll continue -- I think we're confident on the resilience of our categories. But also, we're aware of the ups and downs that may come in the coming months, especially as we move into the colder months in the northern hemisphere. So that is all included in the forecast for the balance of the year.

所以我想，如同 Hugh 所說，我們對我們在市場上的表現有信心，我認為這會持續。我們也會持續——我想我們對品類的韌性有信心。但同時，我們也意識到未來幾個月可能出現的起伏，特別是當北半球進入較冷的月份。因此，這些都已納入今年剩餘期間的預測之中。

And the one thing I will remind you of is, we're delivering 6% on a full year basis. That's on top of a 4.2% last year and on top of a 4.5% the previous year. So it's pretty strong overall top line performance for the year.

另外我想提醒你的是，我們全年基礎上交出 6% 的成長。這是在去年 4.2% 之上，也是在前一年 4.5% 之上。所以就全年而言，營收端（top line）的整體表現相當強勁。

Our next question comes from the line of Laurent Grandet of Guggenheim.

我們的下一個問題來自 Guggenheim 的 Laurent Grandet。

And I'd like to come back to some of the comments you made on the energy category. I mean you did say in your pre-remarks, it was pretty strong, and you mentioned that you still have some work to do on ROCKSTAR. So clearly, we are seeing that Starbucks and Rise, to some extent, and Bang are doing very well. But ROCKSTAR is a bit behind. So could you maybe give us a bit more granularity about the relaunch? And when you're seeking numbers should come in, in the U.S., but also internationally, specifically, in Europe for ROCKSTAR. And also some indication about Mtn Dew Rise, so that we understand what's going on in the energy category for you guys.

我想回到你們對能量飲料品類的一些評論。我的意思是，你在開場談話中確實說這個品類相當強勁，也提到你們在 ROCKSTAR 上仍有一些工作要做。所以很明顯，我們看到 Starbucks 和 Rise 在某種程度上，以及 Bang 的表現都很好。但 ROCKSTAR 稍微落後一些。你能否就重新上市（relaunch）提供更細的資訊？以及你們預期相關數字何時會在美國出現、也包括國際市場，特別是歐洲的 ROCKSTAR？另外也請提供一些關於 Mtn Dew Rise 的指標，讓我們理解你們在能量飲料品類的進展。

Yes, listen, I think you mentioned the 4 pillars of our strategy, right? So let me go back one by one. Starbucks, we're super happy with the performance of that portfolio and the partnership with Starbucks is stronger than ever. And we continue to innovate. And I think the new products are excellent. The execution is excellent. That business is growing. When take-home and now away-from-home, it's really firing in all cylinders.

是的。聽著，我想你提到了我們策略的 4 大支柱，對吧？那我就逐一回應。Starbucks 方面，我們對該產品組合的表現非常滿意，而且與 Starbucks 的合作關係比以往任何時候都更強。我們也持續創新。我認為新產品非常出色，執行也非常到位。那個業務正在成長。無論是居家消費（take-home）以及現在的外出消費（away-from-home），都在各方面全面發力。

The Mtn Dew Rise, we're very happy with the initial execution and the initial consumer reaction. So execution was very good from our teams. We tend to do that quite well. We have good DSD system that executes granularly at a good level. And we're seeing very good initial trial from consumers, very good repeats. If you follow on social networks, all the comments are extremely positive about the taste, about the efficacy of the product, so good. It's 1% of energy, 1% share is clearly -- we're aspiring for much more, but it's only been in the market for 3 months. So very a good start. I think it's a solid foundation for what is going to be, I think, a great business. As you say, we continue to distribute the bank business as per our commitment, and that's going well.

Mtn Dew Rise 方面，我們對初期的執行與消費者的初期反應非常滿意。我們團隊的執行非常好，而這通常是我們很擅長的。我們有很好的 DSD 系統，能在細緻層級上有效執行。我們看到消費者非常好的初期試用（trial），以及非常好的回購（repeats）。如果你關注社群網路，大家對口味、對產品功效的評論都非常正面，所以很好。它目前在能量飲料中約 1% 的份額——我們顯然希望達到更多——但它上市才 3 個月。所以這是非常好的開始。我認為這是未來將成為一門很棒生意的堅實基礎。正如你所說，我們也依照承諾持續經銷 Bang 業務，而那也進展順利。

And then on ROCKSTAR, we were always very transparent. This is a multiyear effort, right? We're trying to put strong foundations, strong foundations in the areas of product. So we're changing some of the formulas. I think the nonsugar portfolio is excellent. And that's the area of the category that's growing the fastest.

然後是 ROCKSTAR，我們一直都非常透明：這是一個多年期的努力，對吧？我們正在嘗試打下強而有力的基礎，尤其是在產品面。我們正在調整部分配方。我認為無糖（nonsugar）產品組合非常出色，而那也是這個品類成長最快的領域。

Our execution is improving a lot. We gain distribution, and we gain better visibility of the brand. And I think our brand position is quite good. We found a niche that is -- wasn't there, clearly, is differentiated from Red Bull and from Monster, and it's a unique position in that we plan to insist on, and I think we're getting good feedback as well on that positioning. So we -- as I said, it's going to be a multiyear. We're very focused on the domestic business here in the U.S., but also the international teams are very focused on that priority. and we will execute on a multiquarter, multiyear basis. And we're very positive with what we're seeing. Again, we'll keep updating you every quarter on how things are evolving, but positive so far.

我們的執行正在大幅改善。我們提升了鋪貨（distribution），也提升了品牌的能見度。我認為我們的品牌定位相當不錯。我們找到了一個利基——很明顯以前並不存在——而且與 Red Bull 與 Monster 有所區隔；這是一個獨特的定位，我們計畫持續強化，我也認為我們在這個定位上收到不錯的回饋。所以——如我所說——這會是多年期的。我們非常聚焦於美國本土業務，但國際團隊也同樣把這視為優先事項。我們會以多季、多年的節奏來執行。我們對目前看到的情況非常正向。同樣地，我們會每一季持續向各位更新進展，但到目前為止是正面的。

Our next question comes from the line of Vivien Azer of Cowen.

我們的下一個問題來自 Cowen 的 Vivien Azer。

I was hoping you could please comment on trends for SodaStream in the quarter and in particular, how that business has responded to the recovery in away-from-home consumption in the U.S.

我希望你們能評論一下本季 SodaStream 的趨勢，特別是該業務在美國外出消費復甦後的反應如何。

Yes, good. Vivien, the SodaStream business is a global business, right? So it has a very solid penetration in Europe. That business continues to thrive, I would say, in Europe and also in the U.S.. We're gaining a lot of household penetration in the U.S.. What we're -- the latest thing we're doing, and it's working quite well is putting some of our large beverage brands into the SodaStream, let's say, consumption model. We started in Europe. In the U.S., we started with bubly. bubly drops are working very, very well as an enhancer of the SodaStream experience, and we continue to push that combination of the bubly flavors and the SodaStream sparkling water experience.

是的，很好。Vivien，SodaStream 是一個全球性業務，對吧？它在歐洲有非常扎實的滲透率。我會說該業務在歐洲以及在美國都持續蓬勃發展。我們在美國的家庭滲透率提升很多。我們最近在做、而且效果相當好的一件事，是把我們一些大型飲料品牌導入 SodaStream 的——姑且稱之為——消費模式。我們先從歐洲開始。在美國，我們從 bubly 開始。bubly drops 作為提升 SodaStream 體驗的增味產品，表現非常、非常好；我們也持續推動 bubly 口味與 SodaStream 氣泡水體驗的這種組合。

So I would say, still far from its potential. I mean, the household penetration is good in some sales. The European market is low. Everywhere else, we continue to build that. We continue to build the direct-to-consumer model, trying to get many more insights on consumption behaviors, and that is helping us, not only to develop the SodaStream business, but to develop the rest of our innovation and categories.

所以我會說，距離其潛力仍然很遠。我的意思是，在某些銷售中，家庭滲透率不錯。歐洲市場偏低。在其他所有地方，我們都持續在建設。我們持續打造直面消費者（direct-to-consumer）模式，試圖取得更多對消費行為的洞察，而這正在幫助我們，不僅發展 SodaStream 業務，也推動我們其餘的創新與品類發展。

So a pretty good ecosystem we're building of consumption at home, but also insights and innovation for the broader business. So we feel good about the momentum of the business, and we'll continue to -- it's going to continue to be a priority for us going forward.

因此，我們正在建立一個相當不錯的居家消費生態系，同時也為更廣泛的業務帶來洞察與創新。我們對業務動能感到樂觀，並且我們將持續——未來它仍會是我們的優先事項。

Our next question comes from the line of Steve Powers of Deutsche Bank.

我們的下一個問題來自德意志銀行（Deutsche Bank）的 Steve Powers。

Ramon, you commented on this just there a bit in the context of SodaStream. But if you step back, I was hoping you could expand on how you're viewing the performance of your recently acquired businesses in aggregate and where you're at in terms of integrating them into the broader portfolio relative to your plans coming into the year.

Ramon，你剛才在談到 SodaStream 的脈絡時稍微提到了一些。但如果退一步看，我希望你能更進一步說明你如何看待近期收購業務的整體表現，以及在將它們整合進更廣泛的產品組合方面，相較於你們年初的計畫，目前進展到哪裡。

And then, Hugh, in that context, I guess just to validate whether it's fair to assume that with the financial performance expected this year, that you feel you'll be on track to remove some of financial the constraints that you posed upon yourself this year in terms of being able to resume elective buybacks and/or reenter the M&A market looking out beyond the end of this fiscal year. Just a health check there would be great.

另外，Hugh，在這個脈絡下，我想確認一下：是否可以合理地假設，依照今年預期的財務表現，你們覺得有望按計畫解除今年你們對自己設定的一些財務限制，從而能夠恢復選擇性的庫藏股回購（buybacks）以及／或在本財政年度結束之後重新進入併購（M&A）市場？做個健康檢查會很有幫助。

Yes. That's great. Steve, let me years ago around the different M&A and give you an update. The -- obviously, we started with SodaStream. I think it's, as I say, it's in a future consumption model that we're betting on. It's great in terms of consumer personalization of the product and obviously better for the planet. It's going very well. It's going above our initial expectations for the business. We'll continue to invest.

是的。很好。Steve，讓我回到幾年前我們在不同併購（M&A）上的布局，並給你一個更新。——顯然，我們先從 SodaStream 開始。我認為，正如我所說，這是一個我們正在押注的未來消費模式。它在消費者對產品的個人化方面很出色，而且顯然也更有利於地球。進展非常順利，表現超出我們對該業務的初始預期。我們會持續投資。

When it comes to the U.S., several acquisitions, the CytoSport business, which that was a Muscle Milk brand, and EVOLVE brand and some others. That business is really thriving. Clearly, we see that consumers are moving into protein and sports, and that's a space that will continue to grow. Very positive momentum with the 2 brands. And there were some jewels in that business like EVOLVE and some others that we're trying to take the maximum out of those brands as you will see in the coming future.

談到美國的幾項收購，CytoSport 業務（旗下有 Muscle Milk 品牌）、EVOLVE 品牌以及其他一些品牌。那個業務確實蓬勃發展。很明顯，我們看到消費者正在轉向蛋白與運動營養，這個領域將持續成長。這兩個品牌的動能非常正向。而且該業務中也有一些「明珠」般的資產，例如 EVOLVE 等，我們正努力把這些品牌的價值發揮到最大，你們在未來會看到。

ROCKSTAR, I mentioned. ROCKSTAR was an acquisition that gave us a great business, but also an enablement for a broader strategy. I think we're executing against those plans and we feel very good about it. The other acquisition we did in the U.S. in the snack business was the Better For You company, the PopCorners brands and some other brands that, that business had. That is an amazing performance. And we knew that there was a space for the pop-in technology and for the PopCorners brands playing in the healthier space for snacking and a bit premium.

我提過 ROCKSTAR。ROCKSTAR 這項收購不僅帶來了一個很棒的業務，也為更廣泛的策略提供了支撐。我認為我們正依照那些計畫在執行，並且感覺非常好。我們在美國零食業務的另一項收購是 Better For You 公司，旗下有 PopCorners 品牌以及該業務擁有的其他品牌。那個業務表現非常驚人。我們也知道，爆米（pop-in）技術以及 PopCorners 品牌在更健康、略偏高端的零食領域有其空間。

The truth is that we keep adding capacity. And the Frito team are really doing a fantastic work in terms of expanding distribution and building the brand. So we feel very good about that one. Then when you go internationally, there were 2 focused acquisitions, 1 based in the Africa expansion, Pioneer business. And that is -- we're in the middle of the integration. Obviously, COVID has had an impact in the integration of that business. But we're proceeding -- this is a horizon-5 type of investment. Africa will be a source of growth for all our companies around the world in the coming decades. And that's an investment with that time of that type of perspective.

事實上，我們持續在增加產能。而 Frito 團隊在擴大通路分銷與打造品牌方面做得非常出色，所以我們對那一項感到非常滿意。接著看國際市場，有兩項重點收購：一項是以非洲擴張為基礎的 Pioneer 業務。我們——正處於整合的中期。顯然，COVID 對該業務的整合造成了影響。但我們仍在推進——這是一項「五年期視野（horizon-5）」類型的投資。未來幾十年，非洲將成為我們全球所有公司成長的來源。因此，這是一項以那種時間尺度與視角所做的投資。

And then the other business was the Be & Cheery business in China, which is a direct-to-consumer snack business that complement our potato chips and corn business in China with a lot of local snacks and a new go-to-market in the form of direct-to-consumer. That is also working very well. We're starting to integrate. We're launching some of the Be & Cheery products into our, let's say, brick-and-mortar distribution system that we -- that's pretty good in China.

另一項業務是中國的 Be & Cheery（百草味），這是一個直面消費者的零食業務，透過大量在地零食以及以直面消費者為形式的新上市路徑（go-to-market），補足我們在中國的洋芋片與玉米零食業務。這也運作得非常好。我們正開始整合，並把部分 Be & Cheery 產品導入我們在中國相當不錯的——可以說是——實體通路分銷體系。

And the other way around, we're putting some of our brands into the Be & Cheery direct-to-consumer model. So I would say the execution is good. The strategic intent that we had with all these acquisitions is working. The business case continues to be as we thought. So good progress, I would say, in all these different acquisitions.

反過來，我們也把部分自有品牌導入 Be & Cheery 的直面消費者模式。所以我會說執行狀況良好。我們對所有這些收購所設定的策略意圖正在奏效，商業案例也持續如我們所預期。因此我會說，這些不同收購案都取得了不錯的進展。

And then, Steve, to follow up on your questions on capital allocation, no change at all to what I've previously said regarding M&A and no change regarding buybacks.

另外，Steve，針對你關於資本配置的追問：我先前對併購（M&A）所說的內容完全沒有改變，對回購（buybacks）也沒有任何改變。

Our next question comes from the line of Nik Modi of RBC Capital Markets.

我們的下一個問題來自 RBC Capital Markets 的 Nik Modi。

So the question is really on international. You can provide -- obviously, you had some pretty strong performance. The COVID situation seems a bit asymmetric, obviously, between the U.S. and other parts of the world. I just wanted to get some context on away from home, at home, what you saw there. And then some of the channel work that we've done with [Jeff] has to go hot. At least, beverage has been quite active in the retail trade with promotions, so I just wanted to get some context around that. Was this just an opportunity that you saw of kind of pushing people into away-from-home consumption because of the -- sorry, at-home consumption because away-from-home was under pressure due to COVID?

我的問題主要是關於國際市場。你們的表現顯然相當強勁。COVID 的情況看起來在美國與世界其他地區之間有些不對稱。我想了解一下外食（away from home）與居家（at home）兩種情境下你們看到的狀況。然後，我們與 [Jeff] 在通路端做的一些工作也開始升溫。至少在飲料方面，零售通路的促銷活動相當活躍，所以我也想請你提供一些背景。這是否只是你們看到的一個機會：因為 COVID 使外食消費承壓，所以你們某種程度上推動人們轉向——抱歉，是轉向居家消費？

Nik, let me tell you a bit how the -- how we see the situation in the different markets around the world. Obviously, starting with China. China is obviously out of COVID already for some time. And the trends are the away-from-home business grew last year. It continues to grow. Our snacks business continues to do very strong, the same with beverages. So good macros in China. The rest of Asia, a bit more challenged. So we're seeing -- when you think about Vietnam, Thailand, Japan, even in Australia, there have been challenges more there in the -- I think consumers are going back to normal behavior. So that might take a little bit of time.

Nik，我來談談我們如何看待全球不同市場的情況。顯然先從中國開始。中國很明顯已經有一段時間走出 COVID。趨勢是：外食業務去年成長，現在仍在成長。我們的零食業務持續非常強勁，飲料也是如此。所以中國的宏觀環境不錯。亞洲其他地區則更具挑戰。我們看到——當你想到越南、泰國、日本，甚至澳洲，都面臨更多挑戰——我認為消費者正在回到正常行為，因此可能還需要一點時間。

Obviously, Africa, Middle East, India, you guys are reading the news now. So there's a lot of -- still a lot of challenges there with running normal operations in all those markets. So it will be a while before those markets go back to normality.

顯然，非洲、中東、印度——你們現在也在看新聞。所以在那些市場要恢復正常營運仍有很多——仍有很多挑戰。這些市場要回到常態還需要一段時間。

Eastern Europe, very strong, actually, in spite of some of the COVID challenges in Russia specifically. Consumers are moving around. And Eastern Europe is very strong, Turkey included where they had some latest lockdowns. So we see those markets performing very well.

東歐其實非常強勁，儘管俄羅斯特別面臨一些 COVID 挑戰。消費者在外出活動。東歐表現非常強，土耳其也包括在內，儘管他們最近有一些封鎖。因此我們看到那些市場表現非常好。

Western Europe, obviously, away-from-home is improving compared to last year. But still, you don't see the normal traffic North, South in Europe this time of the day -- this time of the year, sorry. Consumers are staying in their countries. They are not -- there's not going to be the usual movement of people in Europe, North South. So that's -- we plan for that, and we plan to execute our summer programs around that.

西歐方面，顯然外食相較去年有所改善。但在一年中的這個時點——抱歉，是這個季節——你仍看不到北歐、南歐之間的正常人流。消費者留在自己的國家，他們不會——歐洲不會出現以往那種人群在歐洲南北移動的情況。因此——我們已為此做了規劃，也計畫圍繞這一點來執行我們的夏季方案。

Latin America, and I happen to be -- I was in Mexico a few weeks ago. Still, the pandemic is very visible. But consumers are increasing their mobility. And that obviously is having positive impact in our small shops performance and somehow the restaurant business. The same with Brazil. So that hopefully gives you a little bit of a picture of how the different parts of the world are behaving and the trends in our channels.

拉丁美洲，而我剛好——我幾週前在墨西哥。儘管如此，疫情仍然非常明顯。但消費者正在提高其外出移動性。而這顯然對我們小店通路的表現，以及某種程度上對餐飲業務帶來正面影響。巴西也是如此。所以希望這能讓你對世界各地不同區域的表現，以及我們各通路的趨勢，有一點概念。

Yes. The only thing I'd add is, broadly, the environment seems quite rational. I mean we're managing through this successfully. And it obviously shows up in the results. The growth numbers were quite strong pretty well around the world.

是的。我唯一要補充的是，整體而言，環境看起來相當理性。我的意思是，我們正在成功地應對這一切。而這也很明顯反映在結果上。全球各地的成長數字都相當強勁。

Our next question comes from the line of Rob Ottenstein of Evercore.

我們下一個問題來自 Evercore 的 Rob Ottenstein。

Great. Still early days and may be premature, but love to get your thoughts on what the new normal is going to look like for the consumer channels, any long-lasting behaviors that you're starting to pick up on that we'll see post-COVID? And to the extent there are, how you're changing or adapting the company to meet them?

很好。現在仍是早期階段，可能談這個還有點早，但很想聽聽你對消費者通路「新常態」會是什麼樣子的看法；是否已開始觀察到一些會在 COVID 之後持續存在的長期行為？如果有的話，你們如何改變或調整公司以因應？

Yes. Good question. Listen, we're still obviously looking at consumer behaviors, and I think consumers are also trying to figure it out at this point. We see some trends that I think -- we -- are going to stay. The most important one probably is the shopping behavior is changing. I think e-commerce or, let's call it, e-commerce in a broader sense, it's going to continue to be a preferred way of shopping, something that a lot of families tried during the pandemic, and we're seeing those families stick into that behavior. So that is going to be a permanent trend.

是的。好問題。聽著，我們顯然仍在觀察消費者行為，而我想消費者此刻也在摸索。我們看到一些趨勢，我認為——我們——會持續下去。最重要的一點可能是購物行為正在改變。我認為電商，或者更廣義地說，電商將會繼續成為偏好的購物方式；許多家庭在疫情期間嘗試過，而我們看到這些家庭持續維持這種行為。所以這將是一個永久性的趨勢。

And obviously, we've been investing in e-commerce for quite some time, capabilities, supply chain, advertising models, et cetera. And we're working very closely with all our customers to pivot to that. So that -- I think that's something that's going to stay.

而且很明顯地，我們在電商方面已投資相當長一段時間，包括能力建置、供應鏈、廣告模式等等。我們也正與所有客戶非常緊密合作，轉向這個方向。所以——我認為這是會持續下去的。

The home as a hub is also a trend that we're seeing more. I think consumers are venturing out, but they're still doing a lot of their activities at home. And we foresee a flexible working model where consumers are going to spend more time at home, and they're not going to go back to the office kind of every day of the week. Obviously, certain type of people, not everybody. We see that as an opportunity for our snacks and our breakfast and our food business in general and also for our beverages business.

「以家為樞紐」也是我們看到更明顯的趨勢。我認為消費者正在外出，但他們仍在家中進行許多活動。我們預期會出現更彈性的工作模式，消費者將花更多時間在家裡，而不會回到辦公室一週每天都去。當然，某些類型的人，不是每個人。我們把這視為我們零食、早餐、整體食品業務以及飲料業務的機會。

We see consumers in general being more concerned about what we call holistic health, so mental health, physical health. Consumers are exercising more. Consumers are more -- making more balances between their food choices, which, for us, generates a couple of important trends. Portion control, we're seeing that as a strategy consumers are following, and that's giving us a huge growth in our variety packs and multipacks, and that is a trend that we're capturing, I think, will continue.

我們看到消費者整體而言更關注我們所說的「整體健康」，也就是心理健康、身體健康。消費者運動更多。消費者也更——在食物選擇上做更多平衡；對我們而言，這帶來幾個重要趨勢。份量控制，我們看到這是消費者正在採取的一種策略，這讓我們的綜合包與多入裝出現大幅成長，而這是我們正在掌握的趨勢，我認為會持續下去。

The other one is consumers move into healthier spaces in our categories. Clearly, nonsugar is growing very fast. I think we're very well positioned from the R&D point of view and the innovation point of view on nonsugar. And the same with more permissible snacks where we -- in the last few years, we've been -- between acquisitions and on development, we have a very good portfolio that is gaining share in that particular space. So those are some of the trends that we're seeing. Obviously, consumers will continue to evolve. But obviously, we're following very close what's happening across different parts of the world and adapting very fast our brands and our innovation, our channel resources to that -- to those new trends.

另一個是消費者在我們的品類中轉向更健康的領域。很明顯地，無糖成長非常快。我認為從研發與創新角度來看，我們在無糖方面的布局非常到位。同樣地，在更「可負擔得起的放縱」零食方面，我們——在過去幾年——透過併購與自我開發，我們擁有非常好的產品組合，在那個領域持續提升市占。所以這些是我們看到的一些趨勢。當然，消費者會持續演變。但我們也非常密切追蹤世界各地正在發生的事情，並非常快速地調整我們的品牌與創新，以及我們的通路資源，以因應——因應那些新趨勢。

And we have time for one more question. Our final question will come from the line of Chris Carey of Wells Fargo Securities.

我們還有時間再接一個問題。我們最後一個問題將來自 Wells Fargo Securities 的 Chris Carey。

So you just noted on the trend to consume healthier products. And in your prepared remarks also talked about continuing to invest behind zero sugar, both on the carbonated and noncarbonated side. I wonder if you could maybe just help lay the land here on how the portfolio is performing and how you see it positioned and where you think the investments will go, both on a product and geographic basis?

你剛才提到消費更健康產品的趨勢。而在你準備好的發言中也談到，會持續加大對零糖的投資，涵蓋碳酸與非碳酸品類。我想請你幫我們梳理一下目前的情況：產品組合的表現如何、你認為其定位如何，以及你認為投資會流向哪裡——不論是從產品面或地理區域面？

I mean obviously, in the U.S., Diet Mountain Dew has been losing some share; maybe Diet Pepsi, about flat; max, gaining, but still relatively small; bubly, doing quite well. And so just any perspective on how important or the go-forward trends that you see in this business and where you really expect to focus in the near, medium and longer term.

我的意思是，很明顯在美國，健怡 Mountain Dew 的市占在下滑；健怡 Pepsi 大致持平；Max 在成長，但規模仍相對小；bubly 表現相當不錯。所以想請你分享一下你對這個業務未來趨勢的重要性或走向的看法，以及你預期在短期、中期與長期會把重點放在哪裡。

Yes. Happy to do so. Listen, I think the -- obviously, consumers are moving, I think -- and it's going to be a long-term trend into healthier choices in beverages and in snacks, right? And so we've been working on this for a long time in our R&D. And I think we're getting very good at providing the consumers with very good taste experiences and functional experiences with zero sugar. And that is a great capability we have in the system.

是的。很樂意。聽著，我認為——很明顯地，消費者正在轉向，我想——而且這會是一個長期趨勢——在飲料與零食方面做出更健康的選擇，對吧？因此我們在研發上已經投入很長時間。我認為我們在以零糖為消費者提供非常好的口味體驗與功能性體驗方面，做得越來越好。而這是我們體系中一項很強的能力。

We have great examples of that. If you only think about for example, Gatorade Zero, right? I mean, this is a massive innovation. It's over $1 billion innovation with only for, I would say, 20 months, something like that in the marketplace. So we're able to provide functionality, good taste at a zero sugar even in spaces like Gatorade.

我們有很好的例子。如果你只想想，例如 Gatorade Zero，對吧？我的意思是，這是一項巨大的創新。它是一個超過 10 億美元的創新，而在市場上僅僅——我會說——大約 20 個月左右。所以即使在像 Gatorade 這樣的領域，我們也能在零糖的情況下提供功能性與好口味。

Clearly, for more refreshing experiences or more indulgent experiences, I think the Pepsi Zero solution or the Mountain Dew Zero solutions, those are extremely great tasting products that are getting a lot of consumer favor.

很明顯地，若是更清爽的體驗或更偏享受型的體驗，我認為 Pepsi Zero 的方案或 Mountain Dew Zero 的方案，都是口味極佳的產品，獲得許多消費者青睞。

If you think about our European business, for example, the equivalent of Pepsi Zero, which is Pepsi Max in Europe is leader in many of the European markets. We have a much higher share in the nonsugar category than we have in the sugar category. And I think that's where we've been investing for a long time. We'll continue to invest. We see that trend not stopping for the foreseeable future. And it's where we are putting our R&D investments, our brand investments and our innovation investment.

如果你看看我們的歐洲業務，例如 Pepsi Zero 的對應產品——在歐洲是 Pepsi Max——在許多歐洲市場都是領導品牌。我們在無糖品類的市占遠高於含糖品類。我認為這正是我們長期投資的方向。我們會持續投資。我們看到這個趨勢在可預見的未來不會停止。而這也是我們投入研發投資、品牌投資與創新投資的重點所在。

Okay. I think we ran out of time. So thank you very much, everybody, for joining us today and for the confidence you've placed in PepsiCo and in us with your investments. So we hope that you all stay healthy and safe. Thank you very much, and talk to you again.

好的。我想我們時間到了。非常感謝各位今天加入我們，也感謝你們對百事公司以及對我們的投資所給予的信心。希望大家都能保持健康與安全。非常謝謝，我們再聯繫。

Thank you, ladies and gentlemen. This does conclude today's call. You may now disconnect.

謝謝各位女士、先生。今天的電話會議到此結束。您現在可以掛線。