百事 (PEP) 2021 Q1 法說會逐字稿

Good morning, and welcome to PepsiCo's 2021 First 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 年第一季財報問答環節。(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. Good morning, everyone. I hope everyone has had the 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, 2021 outlook 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, and we are under no obligation to update.

在開始之前，請留意我們的警示性聲明。我們可能會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、2021 年展望，以及 COVID-19 疫情對我們業務可能造成的影響。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的觀點；我們沒有義務更新。

When discussing our results, we may refer to non-GAAP measures, which exclude certain items from reported results. Please refer to today's earnings release and 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，我們可能會提及非 GAAP 指標，該等指標會自已報告的結果中排除某些項目。請參閱今日的財報新聞稿與可於 pepsico.com 取得的 10-Q，以了解非 GAAP 指標的定義與調節表，以及與我們業績相關的其他資訊，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，我將把時間交給接線員，開始第一個提問。

(Operator Instructions) Our first question comes from the line of Dara Mohsenian of 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 I just wanted to spend some time on gross margins. A, first, just can you give us some sense of what adjusted gross margins would have been in the quarter, ex the acquisitions and the supply chain challenges you mentioned in Texas at quarter end that you mentioned in the prepared remarks?

我想花點時間談談毛利率。A，首先，能否請你們說明一下，本季若排除收購案以及你們在事先準備講稿中提到、季末在德州發生的供應鏈挑戰，調整後毛利率大概會是多少？

And then, b, looking out more longer term, we've obviously -- we're seeing a really pronounced rise in the commodity spectrum across the board in CPG lately. Corn certainly one of those, was up substantially year-over-year. So can you talk about how much you're covered for 2021 on commodities?

接著，B，從更長期來看，我們顯然——最近在民生消費品（CPG）領域看到各類大宗商品全面且明顯上漲。玉米當然也是其中之一，年增幅相當可觀。所以你們能否談談 2021 年在大宗商品方面的覆蓋（避險/鎖價）程度有多少？

But what I'm really more interested in strategically is in the event that these higher commodities do fully flow through to your P&L, as we look later in the year or even into 2022, because it does feel like we're certainly in abnormal commodity environment, how do you approach that from an organizational standpoint? Can we expect more aggressive pricing? And how do you sort of approach that higher commodity spectrum theoretically as an organization, given it does seem like an outsized increase?

但我更關心的是策略層面：如果這些較高的大宗商品成本確實完全反映到你們的損益表（P&L）上，當我們看向今年稍晚甚至 2022 年，因為目前確實像是處於異常的大宗商品環境，你們從組織角度會如何因應？我們是否可以預期更積極的定價？以及，面對這種理論上偏高的大宗商品成本環境，從組織層面你們會如何處理，考量到這看起來像是幅度特別大的上升？

Yes. I'll jump in on that one, Dara. Thanks for the question. Yes, if you look at really over the last 3 quarters, the gross margin decline we've had has really primarily been driven by the mix impact of our recent international M&A, primarily the Pioneer acquisition, and we expect that to continue into Q2. That's the last quarter before we finally lap out of that.

好的。Dara，這題我先回答。謝謝你的問題。是的，如果你回顧過去 3 個季度，我們的毛利率下滑主要是由近期國際併購的組合影響所驅動，主要是 Pioneer 的收購案；我們預期這種情況會延續到第二季。那將是我們最終完成「消除基期影響（lap out）」之前的最後一季。

In terms of '21, there is certainly higher input inflation, but it's been factored into the '21 guidance, notably in terms of agricultural and packaging. In addition to that, we have also factored in the higher freight and transportation costs that we're experiencing out there right now. And again, just to remind you all, no single commodity accounts for more than 10% of our basket, so we do have a fairly broad exposure to commodities.

就 2021 年而言，投入成本通膨確實較高，但已納入 2021 年的指引中，特別是在農產品與包材方面。此外，我們也已將目前正在面臨的較高運費與運輸成本納入考量。再提醒各位，沒有任何單一商品占我們成本籃子的比重超過 10%，因此我們對大宗商品的曝險相當分散。

In terms of managing it, we'll take a balanced approach on this, as we always have, between driving productivity and then being very surgical with the net revenue management opportunities that we have in the marketplace to mitigate pressures. And obviously, our eye is always towards making sure that our brand proposition holds up well with consumers.

在管理方面，我們會一如既往採取平衡作法：一方面推動生產力提升，另一方面在市場上運用我們的淨營收管理（NRM）機會，以非常精準的方式來緩解壓力。當然，我們也始終關注，確保我們的品牌價值主張能在消費者端維持良好表現。

If I put it all together, for 2021, Q1, of the 140 basis point decline, about 100 basis points of that came out of the International M&A and about 30 basis points came out of the pressures that we experienced as a result of the winter storm in the middle of the country. Going forward into the back half of the year, we do expect that to moderate considerably. And I'd probably put our back half gross margin in the flattish range.

綜合來看，2021 年第一季毛利率下滑 140 個基點，其中約 100 個基點來自國際併購，約 30 個基點來自美國中部冬季風暴所造成的壓力。展望今年下半年，我們預期這些影響將顯著趨緩。我大概會把下半年的毛利率定位在大致持平的區間。

As for '22, it's premature really to talk about that. I mean, we're so early in the commodity cycle, particularly on ag products that I think that's something that we probably ought to wait some months before we start speculating on.

至於 2022 年，現在談還太早。我的意思是，我們在大宗商品循環上仍處於非常早期階段，特別是農產品；我認為我們可能應該再等幾個月，再開始推測。

Our next question comes from the line of Bonnie Herzog of Goldman Sachs.

我們的下一個問題來自高盛（Goldman Sachs）的 Bonnie Herzog。

I had a question on Frito-Lay. Certainly, a strong quarter despite really it being the toughest comp of the year. So maybe you could drill down further on some of the momentum you're seeing in this business. And give us a sense of how strong results could have been without the winter storm.

我有一個關於 Frito-Lay 的問題。儘管今年第一季其實是全年最艱難的比較基期，但仍然繳出強勁的一季。所以也許你們可以更深入談談你們在這項業務上看到的一些動能。並請你們說明一下，如果沒有冬季風暴，業績可能會有多強。

And then separately, could you help us understand consumer consumption patterns around pack sizes? Are your large pack sizes still driving the majority of the growth at Frito-Lay? And maybe how you expect that to trend.

另外，能否協助我們理解消費者在包裝規格（pack sizes）上的消費模式？Frito-Lay 的成長是否仍主要由大包裝規格所帶動？以及你們預期這個趨勢會如何演變。

And finally, just curious to hear if you've seen any recovery in the impulse portion of that business yet? And then if not, why?

最後，我也想了解你們是否已看到該業務中「衝動購買（impulse）」部分有任何復甦？如果還沒有，原因是什麼？

Bonnie, I'll take this one. Yes, Frito, a couple of highlights on their performance. The share performance of Frito has accelerated in the last 6 months, most notably in the last 3 months. So we feel good about that part. And we've been investing in our brands, not only the big brands, but the smaller brands and on our execution capabilities, our supply chain to make sure that we started to gain share. So that's very positive.

Bonnie，這題我來回答。是的，關於 Frito 的表現有幾個重點。Frito 的市占表現過去 6 個月加速提升，尤其是最近 3 個月最為明顯。因此我們對這部分感到樂觀。我們一直在投資我們的品牌，不僅是大型品牌，也包括較小的品牌，同時也投資在執行能力與供應鏈上，以確保我們開始提升市占。所以這是非常正面的。

Obviously, as you look at the Q1 numbers, Frito was particularly impacted by the winter storm because we have a lot of infrastructure in the south. A lot of our manufacturing and depots are there in the south. So it was particularly impacted. So we're slowly recovering from that situation, both raw materials and actual manufacturing, and we're very close to having a normal supply chain now.

顯然，從第一季數字來看，Frito 受到冬季風暴的影響特別大，因為我們在美國南部有很多基礎設施。我們許多製造據點與配送倉庫都在南部。因此受到的衝擊特別明顯。我們正從該情況中逐步復原，包含原物料與實際製造端；目前我們已非常接近恢復正常的供應鏈狀態。

Your question on consumer trends. I think there is a structural trend that we have discussed in the past. And it's the fact that we're seeing more and more small-portion consumption in the snacks business and to a certain extent, also in the beverage business. So smaller units, especially now in the form of multipacks, given there is an increase in home consumption, that's the consumer packages that is growing the fastest. And I think that the team has been very good at providing more personalization around that, creating more combination of multipacks, which drives eventually -- given that consumers like variety, it drives performance. And we're seeing a lot of growth there. I think that's going to be a structural trend in that business.

您關於消費者趨勢的問題。我認為我們過去討論過一個結構性趨勢。也就是我們在零食業務中看到越來越多的小份量消費，在某種程度上，飲料業務也是如此。因此是更小的單位，尤其是現在以多入組合包（multipacks）的形式出現，鑑於居家消費增加，這類消費者包裝是成長最快的。我認為團隊在此方面做得非常好，提供更多個人化選擇，創造更多多入組合包的搭配，最終——鑑於消費者喜歡多樣性——這會帶動表現。我們在那裡看到很多成長。我認為這將會是該業務的一個結構性趨勢。

Now to your question on mobility. Yes, we're seeing consumers in the U.S., obviously, moving around much more, which has a positive impact, by definition, in consumption trends in both large format and small format. So we're seeing much more single-serve growth in both channels, large format and small format. So those are all -- some trends that we're seeing.

現在回到您關於流動性的問題。是的，我們看到美國消費者顯然更常外出移動，這按定義而言，對大包裝與小包裝兩種形式的消費趨勢都有正面影響。因此我們在兩個通路——大包裝與小包裝——都看到更多單份（single-serve）的成長。所以這些都是——我們正在看到的一些趨勢。

There's still uncertainty around in-home consumption, I think. And we're going to have more information about consumer behavior in the next few months as consumers decide how much they go back to working offices, how much they venture out for some of their meals during the day. So we have obviously a lot of insights, and we're -- all our future projections are based on those insights. I think the consumer will show us more as we go along in the next, I would say, 6 to 9 months, yes?

我認為居家消費仍然存在不確定性。未來幾個月，隨著消費者決定有多少回到辦公室工作、白天有多少外出用餐，我們將會獲得更多關於消費者行為的資訊。因此我們顯然有很多洞察，而我們——所有未來預測都以這些洞察為基礎。我認為接下來大概6到9個月，消費者會在我們前進的過程中展現更多，是嗎？

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

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

So I wanted to go back to the top line and the cadence of the quarter as you obviously lapped the initial pantry load, but also, as I mentioned before, the disruptions of the winter storms albeit likely behind you. So it's a 2-parter question. Number one, are you seeing foodservice less negative as you exited the quarter worldwide?

我想回到營收（top line）以及本季的節奏，因為你們顯然已經度過了最初的囤貨效應（pantry load），同時如我先前提到的，冬季風暴造成的干擾也很可能已經在你們身後。所以這是一個兩部分的問題。第一，當你們在全球範圍內走出本季時，是否看到餐飲服務（foodservice）的負面影響變小了？

And then second, your price/mix was pretty strong. And obviously, your pack part of the business, the RGM is -- has been negatively impacted by the large portions, the large size packs. Are you seeing that improving? And any opportunity to, along with that, mitigate some of the cost pressures with more pricing?

第二，你們的價格/組合（price/mix）相當強勁。而且很明顯，你們業務中的包裝組合部分，RGM（收益成長管理）——受到大份量、大尺寸包裝的負面影響。你們是否看到這方面正在改善？以及是否有機會在此同時，透過更多定價來緩解部分成本壓力？

Andrea, yes, on the foodservice trends, yes, we're seeing, obviously, as we're lapping the lockdowns of last year, we're seeing obviously much better traffic in that channel, and we're going to see better consumption, especially as we go forward. Different levels of recovery across different channels within foodservice, but in general, we see positive trends. And that should be very good for both our beverages and snack business. Obviously, that will have implications in in-home as well. So I think we'll see a new equilibrium of consumption going forward.

Andrea，是的，關於餐飲服務趨勢，是的，我們看到，隨著我們跨過去年封鎖的比較基期，我們顯然在該通路看到更好的客流量，而且隨著我們往前走，將會看到更好的消費，尤其是未來。餐飲服務內部不同通路的復甦程度不一，但整體而言，我們看到正向趨勢。這對我們的飲料與零食業務都會非常有利。顯然，這也會對居家消費產生影響。因此我認為未來我們會看到一個新的消費均衡。

The rest -- sorry, what was the second one? I forgot, Andrea.

其餘的——抱歉，第二個是什麼？我忘了，Andrea。

Her line has been closed, sir.

先生，她的線路已經關閉了。

Okay. Well, listen, in terms of future consumption trends, I think what I said to Bonnie earlier and what we're seeing in foodservice, that will determine the future growth of our portfolio. Yes.

好的。那麼，聽著，就未來消費趨勢而言，我認為我先前對Bonnie說的，以及我們在餐飲服務看到的情況，將決定我們產品組合未來的成長。是的。

Yes. Ramon, just to add to that. I think she was also asking about large package versus small package. And obviously, as mobility increases, small package will tend to take on a more prominent role, which obviously has positive margin implications for us.

是的。Ramon，我補充一下。我想她也在問大包裝與小包裝的問題。而且很明顯，隨著流動性增加，小包裝會傾向扮演更突出的角色，這對我們的毛利率顯然有正面影響。

Yes, which is along the lines of what I was telling Bonnie about. There's some structural trends on small format that will continue in our 2 categories going forward. Yes.

是的，這與我剛才對Bonnie說的方向一致。在我們的兩個品類中，小規格（small format）有一些結構性趨勢，未來仍會持續。是的。

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

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

I wanted to talk a little bit maybe about PBNA margins. I know you've talked about objectives to get those margins up significantly through portfolio mix, channel mix, cost savings. They were up 100 basis points in this quarter. I'm guessing the lower promotion helped a bit. But if you could just talk a little bit about some of the key inputs to drive that margin improvement. And how we should think about cadence. Is this quarter the start of it? Or was this more of a one-off in that trajectory?

我想或許談一下PBNA的利潤率。我知道你們談過要透過產品組合、通路組合與成本節省，讓這些利潤率顯著提升的目標。本季上升了100個基點。我猜較低的促銷可能有些幫助。但如果你們能稍微談談推動利潤率改善的一些關鍵投入因素。以及我們應該如何看待節奏。這一季是起點嗎？還是這在那條軌跡上更像一次性的因素？

Yes. I think we've been improving margins at PBNA now for a few quarters. What you see in Q1 is a realization of the efforts the team are doing in the multiple vectors that we referred to earlier. So there's better portfolio mix. There is, as you say, a better revenue management across the different channels. But there is also an important productivity journey that the team started. So our cost per unit across many levers of the P&L are also improving. So we're seeing both a better mix management, better price realization and a better cost management through the P&L.

是的。我認為我們在PBNA的利潤率已經連續幾季在改善。你在第一季看到的是團隊在我們先前提到的多個面向上努力的成果體現。因此有更好的產品組合。也如你所說，在不同通路之間有更好的收益管理。但同時團隊也啟動了一段重要的生產力提升旅程。因此我們在損益表（P&L）多個槓桿上的單位成本也在改善。所以我們同時看到更好的組合管理、更好的價格實現，以及透過損益表帶來的更好的成本管理。

We're also seeing a better returns on our A&M. We're seeing ROI on our A&M getting better, which will give us probably an opportunity also to optimize our A&M as we go forward in the year. So multiple vectors and good output from a lot of these different elements that will drive the overall profit improvement of PBNA.

我們也看到我們在A&M（廣告與行銷）上的報酬更好。我們看到A&M的投資報酬率（ROI）在改善，這也可能讓我們在今年接下來有機會進一步優化A&M。因此是多個面向，以及這些不同要素帶來的良好輸出，將推動PBNA整體獲利改善。

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

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

Maybe just wanted to follow up on, Ramon, the comments you just made on A&M efficiencies. Was looking in the 10-Q. It seems like advertising or marketing was down in a lot of segments. I'm not sure if it was up or down at all for the total company. But I guess was wondering, given where we sit today in terms of the stage of reopening, you still -- are you spending like, at marketing, at normal levels currently? Or will that kind of unfold as things reopen? So really just trying to understand whether or not marketing was up or down. But more importantly, are you able to kind of spend at full level yet? Or is the environment not really there to do that?

Ramon，我想追問一下你剛才關於A&M效率的評論。我在看10-Q。看起來很多事業部的廣告或行銷支出都有下降。我不確定整個公司合計是上升還是下降。但我想問的是，考量到我們目前所處的重啟階段，你們——在行銷方面目前仍以正常水準在投入嗎？還是會隨著重啟進展而逐步展開？所以我主要是想了解行銷支出到底是增加還是減少。但更重要的是，你們現在是否已經能以完整水準投入？還是環境其實還不太允許這麼做？

Bryan, listen, our position on marketing has been always a positive one in terms of continuing to invest in our brands rationally. And we didn't cut meaningfully our A&M last year because I think that really gives us the right to compete and continue to develop the brand equity of our brands.

Bryan，聽著，我們在行銷方面的立場一直是正面的，也就是會理性地持續投資於我們的品牌。而且我們去年並沒有大幅削減我們的A&M，因為我認為那確實讓我們有資格去競爭，並持續發展我們品牌的品牌資產。

Having said that, we're continuing to get much better at understanding and measuring the ROI of the different types of marketing we can do for the different brands, the different channels, the different types of content. And we're getting better at optimizing that, what is a very sizable A&M budget across the company.

話雖如此，我們也持續更擅長於理解與衡量我們能為不同品牌、不同通路、不同內容類型所做的各種行銷之投資報酬率（ROI）。而且我們也更擅長於在全公司相當可觀的A&M預算上進行最佳化。

So clearly, we are -- our strategic position is to continue to invest in A&M as a big driver of long-term growth and brand development. Obviously, we're trying to -- as we do with every investment that we make across the company, we're trying to have the highest return on that A&M, both in terms of geographies, channels, brands and different opportunities. So that -- the end number in the P&L is a combination of those 2 inputs.

因此很明確地，我們——我們的策略立場是持續投資A&M，作為長期成長與品牌發展的重要驅動力。顯然地，我們也在努力——就像我們對公司內每一項投資所做的一樣——力求讓這些A&M投資取得最高報酬，無論是在地理區域、通路、品牌或不同機會面向。因此——損益表（P&L）上的最終數字，是這兩項投入的綜合結果。

Hey, Ramon, if I can just add to your answer as well. In particular, Bryan, on North America Beverages. We've talked about in the past that there may be an opportunity to spend at a lower level while maintaining competitiveness. And to the degree that opportunity presents itself, we certainly expect to take advantage of it.

嘿，Ramon，如果我也可以補充一下你的回答。特別是，Bryan，關於北美飲料業務。我們過去談過，在維持競爭力的同時，可能有機會以較低的水準投入支出。而只要這個機會出現到一定程度，我們當然預期會加以利用。

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

您的下一個問題來自Guggenheim的Laurent Grandet。

I'd like to focus a bit on the energy category. I'd like to understand the retail reception to your new energy offensive in the U.S., specifically in the revamp of Rockstar, the launch of Mtn Dew Rise and the situation with Bang, which seems to be getting more smoothly, if we can say so.

我想把焦點放在能量飲料類別上。我想了解零售端對你們在美國新一波能量飲料攻勢的反應，特別是Rockstar的改版、Mtn Dew Rise的上市，以及Bang的情況——如果可以這麼說——看起來進展更順利了。

So -- and that is important to understand because the segment is becoming even more dynamic than before with many more players, Monster having some of its own sales force. So really like to understand how the retailers are seeing your offensive here.

所以——而這點很重要，因為這個區隔正變得比以前更具動態，參與者更多，而且Monster也有部分自有銷售團隊。因此真的很想了解零售商如何看待你們在這裡的攻勢。

Good. Laurent, thank you. Listen, it's clearly a focus category for us with a lot of effort, not only in the U.S., but also internationally. So let me go one by one on the different components of it.

好的。Laurent，謝謝你。聽著，這顯然是我們的重點類別，我們投入了大量努力，不僅在美國，也在國際市場。所以我會針對不同組成部分逐一說明。

The first thing I would say, the Starbucks energy segment, which is, as you know, we've been working on it for many years now, continues to grow double digit. So that is very unique and quite defensible for us. Our double shot, triple shots continue to grow at a double digit, and our partnership with Starbucks is at a very, very good relationship.

我首先要說的是，Starbucks能量飲料這個區隔——如你所知，我們已經耕耘很多年——仍然維持雙位數成長。因此這對我們而言非常獨特，也相當具有防禦性。我們的Double Shot、Triple Shots仍持續以雙位數成長，而我們與Starbucks的合作關係也非常、非常良好。

Now when you go into the pure energy, a couple of things. As you said, the Bang business is stabilized and actually growing very nicely. So we're feeling good about that part.

接著談到純能量飲料，有幾點。如你所說，Bang業務已經穩定下來，實際上也成長得相當不錯。所以我們對那一塊感覺良好。

When it comes to our brands, very early, but very positive reaction from the consumer early trial, I would say, from the customer, very strong reaction on our Mtn Dew Rise. Clearly, that's a product where I think our marketing teams and our R&D teams have done a phenomenal job in finding a very particular insight on there is a need for a morning energy drink that is unique and differentiated. I think the product delivers on that. And the early feedback we're getting from consumers and retailers is very good. The teams are full on in terms of distribution. And as you know, we signed with LeBron James, and that's going to create, I think, very, very good awareness for the brand and very good early trials.

至於我們自有品牌，雖然還很早，但消費者的早期試用反應非常正面；我也會說，從客戶端來看，對我們Mtn Dew Rise的反應非常強烈。很明顯地，這是一個我認為我們行銷團隊與研發團隊做得非常出色的產品，他們洞察到一個非常具體的需求：市場需要一款獨特且差異化的晨間能量飲料。我認為產品確實做到了。而我們從消費者與零售商那裡得到的早期回饋都非常好。團隊在鋪貨與通路佈建方面也全力以赴。而如你所知，我們與LeBron James簽約，我認為這將為品牌帶來非常、非常好的知名度，以及非常好的早期試用。

When it comes to Rockstar, also, I think the teams have done a great job with the repositioning of the brand, with the reformulation of the product, with the international launch and relaunch here in the U.S. The early -- again, it's only 6 weeks in the market, really, with the new graphics and the new repositioning. We started with Super Bowl on the advertising front. Early reads are very positive compared to what was a flat to negative net sales growth. It's now in the positive territory and quite, quite high.

談到Rockstar，我也認為團隊在品牌重新定位、產品重新配方、國際上市，以及在美國的上市與再上市方面都做得很好。早期——同樣地，這只是新包裝圖像與新定位上市後大約6週，真的還很短。我們在廣告面向以超級盃作為起點。相較於先前持平到負成長的淨銷售成長，早期數據讀數非常正面。現在已轉為正成長區間，而且相當、相當高。

But I would say, it's too early to call whether we're really bringing new consumers to the brand and whether those consumers stay with the brand. I think we're going to need a few more quarters to really understand what's happening in the consumer level. But from the selling and from the customer reaction, very positive across the 4 vectors. And it makes us feel confident that we have a good foundation from which to build upon with future innovation and future brand events. So good starting point, Laurent.

但我會說，現在要下結論還太早，尚無法判斷我們是否真的為品牌帶來新消費者，以及這些消費者是否會留在品牌上。我認為我們還需要再觀察幾個季度，才能真正了解消費者層面發生了什麼。但從銷售端與客戶反應來看，在這四個向量上都非常正面。這讓我們有信心，我們已經有一個良好的基礎，未來可以在此之上推進後續創新與後續品牌活動。所以，Laurent，這是一個好的起點。

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

您的下一個問題來自Cowen的Vivien Azer。

I was hoping to discuss your beverage innovation strategy, please. As we noticed that last week in Germany, you launched Rockstar + Hemp. So as it relates to that product, can you discuss your broader plans for that offering beyond Germany?

我希望能討論一下你們的飲料創新策略。我們注意到上週你們在德國推出了Rockstar + Hemp。因此就該產品而言，你能否談談你們在德國以外、對這項產品更廣泛的規劃？

And then related to that, can you also please discuss your appetite to introduce hemp or even a CBD beverage offering in the U.S., please?

然後相關地，也請你談談你們在美國推出大麻（hemp）甚至CBD飲料產品的意願，好嗎？

Yes. Vivien, listen, yes, we're testing innovation across the world, different consumer spaces. And we'll see, depending on the performance of the products, then we'll decide to lift and shift. I would say the test in Germany is very particular for that country. There is a sizable segment of hemp drinks in Germany. We'll read that. I wouldn't take any broader conclusions for the broader company.

是的。Vivien，聽著，是的，我們正在全球各地、不同的消費者場景中測試創新。我們會視產品表現而定，再決定是否複製推廣到其他市場。我會說，德國的測試對那個國家而言非常特定。德國有相當規模的hemp飲料市場區隔。我們會解讀那邊的結果。我不會因此對整個公司做出更廣泛的結論。

Our focus now is on the pure energy category. We have identified the morning occasion as an open opportunity that is not well covered by existing propositions. And I think we have also the coffee part. We have some other priorities in our portfolio where we would like the team to focus. And we'll test and learn from some of the other opportunities that we have globally.

我們目前的重點在純能量飲料類別。我們已將「早晨」這個飲用時機辨識為一個尚未被現有產品主張充分覆蓋的開放機會。而且我認為我們也有咖啡這一塊。在我們的產品組合中，還有一些其他優先事項希望團隊聚焦。我們也會針對全球其他一些機會進行測試並從中學習。

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

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

I'm glad I got in again. I was hoping to talk a little bit about China. Because my sense is that with China being about 2/3 of Asia, if I'm right at this point, the growth there has to have been very, very strong. And the comparisons in terms of COVID with only 2 months wouldn't have been that severe, just, I guess, the Chinese New Year portion. So I was wondering if you could talk a little bit about China. If there's anything you're doing differently there, share progression. Yes, I'd be curious for an update on China.

很高興我又能提問了。我希望稍微談一下中國。因為我的感覺是，如果我現在的理解沒錯，中國約占亞洲的 2/3，因此那裡的成長一定非常、非常強勁。而且就 COVID 的比較而言，只有 2 個月的影響應該不會那麼嚴重，我想主要就是農曆新年那一段。所以我想請您談談中國的情況。是否有任何你們在那裡做得不一樣的地方，分享一下進展。是的，我也想了解一下中國的最新狀況。

Thank you. Yes, China is a bit of a very special case now, given that how COVID is clearly a different cycle than in other countries around the world. We're seeing -- obviously, there's a little bit of noise on our Q1 numbers because of the different timing of Chinese New Year. So clearly, there was a very good performance in China this year. Part of that is the fact that we capture more Chinese New Year this year versus last year. But having said that, the trends in China are very positive in terms of consumer mobility and consumer spending. We're obviously benefiting from that.

謝謝。是的，中國現在算是一個相當特殊的案例，因為 COVID 的週期顯然與全球其他國家不同。我們看到——很明顯，由於農曆新年的時間點不同，我們第一季的數字會有一些雜訊。所以很清楚，今年中國的表現非常好。其中一部分原因是，相較去年，我們今年涵蓋到更多的農曆新年期間。但即便如此，中國在消費者移動性與消費支出方面的趨勢都非常正向。我們顯然也因此受益。

On top of it, in snacks, we continue to gain share. We're building new manufacturing. We're building new agro programs. We're building -- we're investing in rural areas for better distribution of our snacks business. And we are, as you know, we bought Be & Cheery, which is a Chinese company that has a portfolio of macro snacks, which complements our strong potato chip business that we've been building for many years.

此外，在零食方面，我們持續提升市占。我們正在興建新的製造產能。我們正在建立新的農業計畫。我們也在——如你所知——投資於鄉村地區，以改善我們零食業務的配送與分銷。而且我們也收購了 Be & Cheery，這是一家中國公司，擁有一個「大眾化零食」的產品組合，能與我們多年來打造的強勢洋芋片業務形成互補。

On the snack side, I would say, very encouraged by the positive share, by the mobility, by the return on the investments we've made on rural areas and more capital distribution.

在零食端，我會說，我們對市占的正向表現、對移動性的回升，以及對我們在鄉村地區投資與更多資本投入所帶來的回報，都感到非常鼓舞。

With regards to beverages, it's been a -- it is really a very positive performance for the category. And we've been holding share, gaining a little bit of share in China, in the categories where we perform. Clearly, the away-from-home business in China is improving, and that is giving the category very, very high-growth numbers in general. So feeling good about China and feeling good about the balance of the year in that country.

至於飲料，這個品類的表現一直——確實非常正向。而且在中國，在我們有表現的品類中，我們維持市占，並小幅提升市占。很明顯，中國的外食（away-from-home）業務正在改善，這也讓整體品類普遍呈現非常、非常高的成長數字。因此，我們對中國以及該國今年剩餘期間的表現都感到樂觀。

The growth expectations of the economy are positive, as was recently laid out by the government, and we're seeing that in the consumption. Obviously, China is a very dynamic market, and what we're seeing is massive changes in channels of consumption. And so there are a lot of new channels of consumption developing, social channels and new kind of entertainment, e-commerce type of channels that are driving changes in the consumer and the way companies need to adapt in their supply chain and their marketing spend. But overall, as a country, continues to be a very important and very large business opportunity for us.

經濟成長的預期是正向的，政府近期也已闡述，我們在消費端也看到了這點。當然，中國是一個非常動態的市場，我們看到消費通路正在發生巨大的變化。因此，許多新的消費通路正在發展，包括社交通路與新型態的娛樂、電商類通路，這些都在推動消費者行為的改變，也改變企業在供應鏈與行銷費用投入上需要如何調整。但整體而言，作為一個國家，中國對我們仍然是一個非常重要且規模非常大的商機。

Your next question comes from the line of Kaumil Gajrawala of Credit Suisse.

您的下一個問題來自瑞士信貸（Credit Suisse）的 Kaumil Gajrawala。

Can you talk a little bit about -- you mentioned being covered on commodities and the diversity of the commodity base. Can you talk a bit about labor and staffing, what you're seeing there in terms of any price cost pressure as well as what we should be expecting in terms of the -- of COVID costs and maybe the fading year-over-year of COVID costs that are in your P&L at the moment?

能否談談——你提到你們在大宗商品方面已有覆蓋（對沖），且大宗商品基礎相當多元。能否也談談勞動力與人員配置方面，你們在那裡看到的情況，包括任何價格/成本壓力；以及我們在 COVID 成本方面應該預期什麼，還有目前損益表（P&L）中的 COVID 成本在年對年比較下可能逐步淡化的情況？

Kaumil, yes, 2 things. On COVID, we're obviously -- we go with the largest society. So whenever there is a drop in cases, our costs go down. And we've seen that in the U.S. We've seen a drop early in the quarter, but then we see more cases now.

Kaumil，是的，有兩點。關於 COVID，我們顯然——我們的情況會跟著整體社會走。所以每當病例數下降，我們的成本就會下降。我們在美國已經看到這點。我們在本季初看到病例下降，但現在又看到更多病例。

In other parts of the world, we haven't seen a reduction, really. So if you think about Latin America, if you think about Europe, Africa, we see actually pretty much the same number of cases that were seen late in the year. So our COVID costs will continue to be, obviously, to a lower level than last year, but will continue to be a factor. And there is -- we go with how the government or broader society is able to manage the pandemic in the different geographies. So that is the situation.

在世界其他地區，我們其實沒有看到明顯的下降。所以如果你看拉丁美洲、歐洲、非洲，我們看到的病例數基本上與去年年底看到的差不多。因此，我們的 COVID 成本顯然會低於去年，但仍會持續是一個因素。而且——我們會取決於各地政府或更廣泛的社會在不同地區管理疫情的能力。所以目前情況就是如此。

Hugh, do you want to take the other part?

Hugh，你要不要回答另一部分？

Yes. In terms of labor pressures, right now, in the U.S., Kaumil, it's actually okay. We haven't seen a lot of labor inflation, and we're able to get employees reasonably well right now. So how that's going to play going forward remains to be seen as the economy picks up. But at least, as for right now, we're doing fine on that front.

好的。就勞動力壓力而言，Kaumil，目前在美國其實還可以。我們沒有看到太多勞動力通膨，而且目前我們也能相對順利地招募到員工。所以未來隨著經濟回升會如何發展，還有待觀察。但至少就目前而言，這方面我們做得不錯。

And then as you know, and as Ramon alluded to as well, last year, we had around $800 million of COVID cost. And as I've commented before, our exit rate on the quarter was about, I believe it was somewhere in the neighborhood of $20 million to $30 million a period. We ought to see that number stay the same to sequentially decline over time, as Ramon noted, given the -- as COVID cases go away, obviously, our costs tend to go away as well.

另外，如你所知、Ramon 也提到，去年我們大約有 8 億美元的 COVID 成本。而且如我之前評論過的，我們在該季度的期末（exit rate）大約是每期 2,000 萬到 3,000 萬美元左右，我記得大概是在那個區間。我們應該會看到這個數字維持相近，並隨時間推移呈現逐季下降；正如 Ramon 所說，因為——當 COVID 病例消退時，我們的成本顯然也會隨之消退。

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

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

Maybe as a follow-up in part to where Dara and Bonnie started off the call. In the past, when we've seen inflation in corn and other inputs that impact Frito-Lay, especially in North America, my perception is that PepsiCo has often ended up cost advantage for a period of time versus competition just because I think your hedging programs tend to be more structural and long dated versus peers. So I guess, is that fair? And if so, do you see that phenomenon taking shape in the current year as well? And I guess if you do, do you see that more as an opportunity to improve profitability, maybe consolidate a bit more share while you are advantaged or perhaps a combination? Just how you're thinking about that and if my underlying premise is correct in the first place.

也許作為一個追問，部分延續 Dara 和 Bonnie 在電話會議一開始提到的內容。過去，當我們看到玉米及其他影響 Frito-Lay 的投入成本出現通膨、尤其是在北美時，我的印象是百事公司（PepsiCo）往往會在一段時間內相較競爭對手具有成本優勢，原因只是我認為你們的避險計畫通常更具結構性、且期限更長，相較同業。所以我想問，這樣的看法公平嗎？如果是的話，你們是否也看到這種現象在今年同樣成形？另外，如果確實如此，你們會把它更多視為提升獲利能力的機會、或是在你們具備優勢時進一步鞏固更多市占，或是兩者兼具？想請你談談你們如何思考這件事，以及我一開始的基本前提是否正確。

If you want, Ramon, I'll jump in on that one. Steve, with the competition that we have right now, obviously, it's a pretty diverse group. My sense is you're probably right. We're probably a little bit further out.

如果你願意，Ramon，我可以先回答那一題。Steve，以我們目前面對的競爭來看，顯然是一個相當多元的群體。我的感覺是你可能說得對。我們可能還要再晚一點。

In the Frito-Lay business, we're going to sort of run our play. We have our pricing strategies in place right now, and my expectation is we'll execute against those. And frankly, we'll see how competition responds to them. So it's a little bit hard for me to project how it is they're going to operate. But I think we, by and large, have our pricing plans in place.

在Frito-Lay業務方面，我們會照著我們的既定打法來執行。我們目前已經有定價策略，我的預期是我們會依此落實執行。坦白說，我們也會觀察競爭對手如何回應。所以要我預測他們會怎麼操作，確實有點困難。但整體而言，我們的定價計畫大致已經就位。

Again, will we use some surgical net revenue management techniques during the course of the next few quarters? Yes, we will. But by and large, I think we're relatively locked into what we're looking to do for the year.

再說一次，接下來幾個季度我們會不會運用一些外科手術式的淨營收管理（NRM）技巧？會的。但整體而言，我認為我們今年要做的事情相對已經鎖定了。

I did want to clarify one thing in regards to Kaumil's question. I mentioned $20 million to $30 million a period. Period is an internal term that we use. So I should qualify that as $60 million to $80 million a quarter is probably the exit rate that we had on COVID costs. And then we'll see where we land as the year progresses.

我想就Kaumil的問題澄清一點。我提到每個period是2,000萬到3,000萬美元。period是我們內部使用的術語。所以我應該補充說明：以季度來看，COVID成本的退出水準（exit rate）大概是每季6,000萬到8,000萬美元。接著我們會看隨著年度推進，最後會落在哪裡。

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

下一個問題來自Evercore的Rob Ottenstein。

Want to just turn to a question on promos in the percentage of CSDs and beverages sold on promo in the U.S. And I was wondering if -- kind of -- if you kind of help us sort of level set maybe where it was in 2019, where it fell down to in 2020, what it looks like for the quarter and your expectations for the rest of the year.

我想問一下關於美國CSD（碳酸軟性飲料）與飲料在促銷（promo）下銷售的比例。我想請你們協助我們大致校準一下：2019年大概在哪個水準、2020年降到什麼程度、這一季看起來如何，以及你們對今年剩餘期間的預期。

Yes, Robert, so listen, we're seeing a very rational environment for pricing and promotions in the U.S. at this point in time. In the category, I think the level of promotions that we're seeing in Q1, that we had in Q1 was lower than what we had in Q1 last year. And we -- our expectations is that we should be seeing a rational market for the balance of the year.

好的，Robert，聽我說，我們目前在美國看到的是一個在定價與促銷方面非常理性的環境。就這個品類而言，我認為我們在第一季看到的促銷水準（我們第一季的促銷水準）低於去年第一季。而我們的預期是，今年剩餘期間市場應該會維持理性。

At this point, there are still shortages in, I think, in supply from many of the players in the category. And we're all becoming better at understanding the -- improving our net revenue management capabilities and understand the return on promotions. And we're becoming more sophisticated, working with our partners on getting the best return on the promotion. So I think there is a -- there's probably a high likelihood that the market will remain rational for the next quarters, and that's what we're trying to do ourselves. And I expect the rest of the industry would follow a similar position.

目前我認為這個品類的許多業者在供應端仍然有短缺。而我們也都更擅長理解並提升我們的淨營收管理能力，並了解促銷的報酬。我們也變得更成熟，與合作夥伴一起合作以取得促銷的最佳回報。因此我認為市場在接下來幾個季度很可能會維持理性，而這也是我們自己努力的方向。我也預期產業其他公司會採取類似立場。

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

下一個問題來自Jefferies的Kevin Grundy。

Great. Ramon, I wanted to return to North America Beverages, just sort of overall state of the union because this, of course, was a big focus for you when you took over as CEO. The question relates to market share progress for key brands, Pepsi, Mountain Dew, Gatorade. Looking at the Nielsen data, performance has been a bit mixed, particularly in sports drinks where Gatorade continues to lose quite a bit of share. So if you could comment on your overall level of satisfaction with trends, adequacy of investment, particularly as you look to restore margins in the segment here in the -- not just this year, but in the coming years as well, that would be helpful.

很好。Ramon，我想回到北美飲料（North America Beverages），從整體狀況來看，因為這當然是你接任CEO時的重點之一。問題與主要品牌的市占進展有關：Pepsi、Mountain Dew、Gatorade。從尼爾森（Nielsen）數據來看，表現有些參差不齊，尤其是在運動飲料，Gatorade仍持續流失不少市占。因此如果你能評論一下你對趨勢的整體滿意度、投資是否足夠，特別是當你們在本年度以及未來幾年都希望恢復該事業部門的利潤率時，這會很有幫助。

Thank you. Listen, we feel very good about our competitiveness in beverages in North America. And as we laid out a couple of years ago, we wanted to go one brand at a time and make sure that each one of our big brands became really competitive. And we've done it very, I would say, very surgically and very consistently. So we started with Pepsi. Pepsi now is growing -- has been growing for the last 1.5 years at a good level and is starting to gain share in CSDs, outgrowing some of our competitors.

謝謝。聽我說，我們對北美飲料的競爭力感到非常有信心。正如我們在幾年前所說，我們希望一次聚焦一個品牌，確保每一個大型品牌都真正具備競爭力。而我們做得非常——我會說——非常精準且非常一致。所以我們先從Pepsi開始。Pepsi現在正在成長——過去一年半以來一直以不錯的水準成長，並開始在CSD中提升市占，成長速度超過部分競爭對手。

We went then with Gatorade, our second-largest brand. And again, yes, Gatorade is not growing share in the sports drink category, but it's been 1 of the top 3 brands contributing to overall growth of LRB in 2020 and continues in 2021. I mean, the growth of Gatorade has been very strong, not only because of what has been an amazing platform for the brand in Gatorade Zero, but also by growing the rest of the portfolio.

接著我們轉向Gatorade，我們第二大的品牌。同樣地，是的，Gatorade在運動飲料品類中並沒有提升市占，但它在2020年是推動LRB（液態即飲飲料）整體成長的前三大品牌之一，並且在2021年仍然如此。我的意思是，Gatorade的成長非常強勁，不僅因為Gatorade Zero為品牌提供了極佳的平台，也因為我們帶動了其餘產品組合的成長。

And then third, Mountain Dew, which was our pending third brand, where we -- it took us a little bit longer, but if you see the growth of Mountain Dew in the last 2 quarters, especially the last quarter, it's been very high, right? And it's not only the fact that we've added innovation, but our base Mountain Dew is growing again at a very good level.

第三個是Mountain Dew，原本是我們待強化的第三大品牌；我們——花的時間稍微久一點，但如果你看Mountain Dew在最近兩個季度、尤其是上一季的成長，幅度非常高，對吧？而且不只是我們加入了創新，我們的基本款Mountain Dew也再次以非常不錯的水準成長。

So we see our 3 core brands continue to -- or starting to be very consistently growing at the category pace or above. That, complemented with the fact that we always said we want to continue to be leaders in some of the subsegments that are growing faster, right? So if you take coffee, a large segment in the beverage category in the U.S., where we're clearly outgrowing everybody else. If you see teas, we're also gaining share in teas with our Pure Leaf and our Lipton brands. If you think about sparkling water, bubly has been a big success. So we continue to play on the periphery, but we're making, what I would say, very good and consistent progress in what are the core brands of our business and, obviously, very meaningful for the overall category.

所以我們看到三個核心品牌持續——或開始——非常一致地以品類的速度或更快的速度成長。再加上我們一直說，我們希望在一些成長更快的子領域持續保持領導地位，對吧？例如咖啡，在美國飲料品類中是一個很大的區塊，而我們顯然成長速度超過所有其他人。再看茶飲，我們也透過Pure Leaf與Lipton品牌在茶飲中提升市占。如果談到氣泡水（sparkling water），bubly一直是很大的成功。因此我們持續在周邊領域布局，但我會說，我們在業務核心品牌上取得了非常良好且一致的進展，而且顯然對整體品類也非常重要。

So we're very happy. We will continue to improve. As I said earlier, energy is our next big space where we have multiple tools that we will use very incrementally to each other to drive, hopefully, share gains as well in that -- in what is a very dynamic category, as Laurent mentioned earlier.

所以我們非常滿意。我們會持續改善。如我先前所說，能量飲料（energy）是我們下一個重要領域；我們有多種工具，會以循序漸進、彼此搭配的方式運用，希望也能在那個——如Laurent先前提到、非常動態的品類中——推動市占提升。

So we feel very good. I think the business is becoming much more competitive. The business is becoming much more agile. The business is becoming much more thoughtful about performing today and investing for the future. So a lot of positives that we see in the North America Beverages in the last, whatever, 2 years. And we're very hopeful that this will be a pretty good year for that business, given the trends that we see in the market performance and the activities that we have planned for our brand. So we're feeling good. We're feeling very good about PBNA.

所以我們感覺非常好。我認為這個業務正變得更具競爭性。這個業務正變得更加敏捷。這個業務在兼顧當下表現與投資未來方面也變得更周全。因此，過去大概兩年裡，我們在北美飲料業務看到很多正面因素。鑑於我們在市場表現上看到的趨勢，以及我們為品牌規劃的各項活動，我們非常有信心這將會是該業務相當不錯的一年。所以我們感覺很好。我們對 PBNA 的感覺非常好。

Your next question comes from the line of Sean King of UBS.

下一個問題來自 UBS 的 Sean King。

And just maybe more international focus. But does your outlook take into account any negative margin mix effects of a beverage rebound versus the tougher comparison on the snacking side? Or am I thinking about the dynamics sort of incorrectly with respect to international margins for snacking versus beverage?

我想把焦點放在國際業務上。不過，你們的展望是否已納入飲料回升相較於零食端更艱難比較基期，可能帶來的負面毛利率組合影響？或者我在思考國際毛利率動態時，對於零食與飲料之間的差異理解有誤？

Hugh, [you want to go with that]?

Hugh，[你要回答這題嗎]？

Yes, yes. If you'd like, Ramon, I'll jump in on that one. Yes, Sean, in short, yes, our outlook does account for what you just described. So in terms of margins outside the U.S., the snack margins tend to be lower relative to beverages where we're a franchise company. Obviously, franchise is a higher-margin business. But where we operate a company on bottling operation a little -- overall, our outlook sort of captures all of those mix impacts. I don't expect anything to be disruptive over the course of 2021.

是的，是的。如果你願意，Ramon，我來回答這一題。是的，Sean，簡而言之，是的，我們的展望確實已把你剛才描述的情況納入考量。就美國以外的毛利率而言，零食的毛利率相對飲料通常較低，因為我們在飲料上是特許經營（franchise）公司。顯然，特許經營是毛利率較高的業務。但在我們以公司自營方式進行裝瓶營運的地方——整體而言，我們的展望已大致涵蓋所有這些組合影響。我不預期在 2021 年期間會有任何具破壞性的情況。

Our final question will come from the line of Chris Carey of Wells Fargo Securities.

我們最後一個問題來自 Wells Fargo Securities 的 Chris Carey。

Just to clarify a prior answer. You mentioned that promo, you expect it to remain rational. Is that to imply that you think it can remain structurally lower for the long term? Or you expect a normalization back to pre-COVID levels? I didn't quite get directionally which way you were talking about.

我想釐清你先前的一個回答。你提到促銷，你預期會維持理性。這是否意味著你認為長期而言促銷可以在結構上維持較低水準？還是你預期會回歸到 COVID 之前的水準？我沒有完全聽清楚你所指的方向是哪一邊。

And then the question just related to pricing. It was a historically high price in PBNA, and this is a trend we've been seeing more. Can you just talk about how you view pricing power in that division, whether that is split between certain brands or categories? And just overall, your overall comfort with a price-over-volume driven approach going forward?

另外一個問題與定價有關。PBNA 的價格水準歷來偏高，而且這是我們近來更常看到的趨勢。你能談談你如何看待該事業部的定價能力嗎？是否集中在某些品牌或品類？以及整體而言，你對未來採取「以價格帶動、而非以量帶動」的策略有多大把握？

Hugh, do you want to start, and then I'll complement?

Hugh，你要先開始嗎？然後我再補充。

Yes. Happy to, Ramon. To be clear on that one, yes, we do think that there is an opportunity for longer term, what you term, price rationality in the North American Beverage marketplace, both from the standpoint of competitive structure as well as what we think is the right way to compete, which is primarily around innovation and brand building and execution. So we think the environment is well set up for pricing to be positive going forward. That's not a temporary thing based on what's happening in the environment right now.

好的。很樂意，Ramon。先把這點說清楚：是的，我們確實認為北美飲料市場存在長期的、你所說的「價格理性」機會，這既來自競爭結構的角度，也來自我們認為正確的競爭方式——主要是圍繞創新、品牌建設與執行力。因此，我們認為未來的環境很適合讓定價保持正向。這不是基於當前環境所發生事情的短期現象。

Yes. Chris, I think, to what Hugh said, we're seeing everybody becoming more kind of capable and knowledgeable on consumer insights and apply to promotions and pricing and elasticities. And so we're going to see more application of those multiple levers to provide good value to the consumer rather than just driving prices down, which I don't think is a big idea for anybody in the industry.

是的。Chris，我想延續 Hugh 的說法，我們看到大家在消費者洞察方面變得更有能力、也更有知識，並把這些洞察應用到促銷、定價與需求彈性上。因此，我們會看到更多運用多種槓桿來為消費者提供良好價值，而不是單純把價格往下壓；我不認為那對產業中的任何人來說是個好主意。

And obviously, with the set of inflation trends that we've seen in some of the commodities and so on, there's probably going to be very little incentive for anybody to break what is a very rational environment that we see today. So that's how we're thinking about it and how we're talking to some of our partners in the retail industry.

而且顯然，考量到我們在部分大宗商品等方面看到的通膨趨勢，任何人幾乎都不會有誘因去破壞我們今天所看到的這個非常理性的環境。這就是我們的思考方式，也是我們與零售業一些合作夥伴溝通時的說法。

Okay. I think that was the last question. So thank you very much for your time this morning. Really appreciate it. I hope you guys stay safe and healthy. And especially thank you very much for the confidence that you've all placed in us with your investments.

好的。我想那是最後一個問題了。非常感謝各位今天早上的時間。真的非常感激。希望大家都能保持安全與健康。也特別感謝各位以投資對我們所展現的信心。

Thank you very much, and I look forward to future meetings. Thank you.

非常感謝，我期待未來的會面。謝謝。

Thank you. That does conclude PepsiCo's 2021 First Quarter Earnings Question-and-Answer session. You may now disconnect.

謝謝。百事公司 2021 年第一季財報電話會議問答環節到此結束。您現在可以掛線。