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.

早上好，歡迎來到百事公司 2021 年第一季度收益問答環節。

(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。

Good morning, everyone.

大家，早安。

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.

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, 2021 outlook and the potential impact of the COVID-19 pandemic on our business.

我們可能會就今天的電話會議做出前瞻性陳述，包括關於我們的業務計劃、2021 年展望以及 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, and we are under no obligation to update.

前瞻性陳述固有地涉及風險和不確定性，僅反映我們今天的觀點，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.

在討論我們的結果時，我們可能會參考非公認會計原則措施，這些措施將某些項目排除在報告的結果之外。

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.

請參閱 pepsico.com 上今天的收益發布和 10-Q，以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與前瞻性陳述產生重大差異的因素的討論。

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

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 the line of Dara Mohsenian of Morgan Stanley.

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

So I just wanted to spend some time on gross margins.

所以我只是想花一些時間在毛利率上。

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?

答，首先，您能否告訴我們本季度調整後的毛利率是多少，除了您在準備好的評論中提到的季度末在德克薩斯州提到的收購和供應鏈挑戰？

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.

然後，b，從更長遠的角度來看，我們顯然 - 我們最近看到 CPG 的商品範圍全面顯著上升。

Corn certainly one of those, was up substantially year-over-year.

玉米肯定是其中之一，同比大幅上漲。

So can you talk about how much you're covered for 2021 on commodities?

那麼，您能談談您在 2021 年的商品保障範圍內有多少嗎？

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?

但我真正對戰略更感興趣的是，如果這些較高的商品確實完全流入您的損益表，正如我們在今年晚些時候甚至到 2022 年所看到的那樣，因為確實感覺我們確實處於異常商品中環境，從組織的角度來看，您是如何處理的？

Can we expect more aggressive pricing?

我們可以期待更激進的定價嗎？

And how do you sort of approach that higher commodity spectrum theoretically as an organization, given it does seem like an outsized increase?

從理論上講，作為一個組織，你如何處理更高的商品範圍，因為它看起來確實是一個巨大的增長？

Yes.

是的。

I'll jump in on that one, Dara.

我會加入那個，達拉。

Thanks for the question.

謝謝你的問題。

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.

是的，如果你真的看過去三個季度，我們的毛利率下降實際上主要是由我們最近的國際併購（主要是 Pioneer 收購）的綜合影響推動的，我們預計這種情況將持續到第二季度。

That's the last quarter before we finally lap out of that.

那是我們最終退出之前的最後一個季度。

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.

就 21 年而言，投入通脹肯定更高，但它已被納入 21 年指導，特別是在農業和包裝方面。

In addition to that, we have also factored in the higher freight and transportation costs that we're experiencing out there right now.

除此之外，我們還考慮了我們目前正在經歷的更高的運費和運輸成本。

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.

再次提醒大家，沒有一種商品占我們籃子的 10% 以上，因此我們確實擁有相當廣泛的商品敞口。

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.

在管理它方面，我們將一如既往地採取平衡的方法，在提高生產力和對我們在市場上擁有的淨收入管理機會以減輕壓力之間進行非常手術。

And obviously, our eye is always towards making sure that our brand proposition holds up well with consumers.

顯然，我們的目標始終是確保我們的品牌主張能夠很好地受到消費者的歡迎。

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.

如果我把所有這些放在一起，在 2021 年第一季度的 140 個基點下降中，大約 100 個基點來自國際併購，大約 30 個基點來自我們因冬季而經歷的壓力風暴在該國中部。

Going forward into the back half of the year, we do expect that to moderate considerably.

展望下半年，我們確實預計這種情況會大幅放緩。

And I'd probably put our back half gross margin in the flattish range.

而且我可能會將我們後半部分的毛利率放在持平的範圍內。

As for '22, it's premature really to talk about that.

至於'22，現在談論這個還為時過早。

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.

我的意思是，我們處於商品週期的早期階段，特別是在農業產品上，我認為我們可能應該等待幾個月才能開始投機。

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的 Bonnie Herzog。

I had a question on Frito-Lay.

我有一個關於 Frito-Lay 的問題。

Certainly, a strong quarter despite really it being the toughest comp of the year.

當然，這是一個強勁的季度，儘管它確實是今年最艱難的比賽。

So maybe you could drill down further on some of the momentum you're seeing in this business.

因此，也許您可以進一步深入了解您在這項業務中看到的一些勢頭。

And give us a sense of how strong results could have been without the winter storm.

並讓我們了解如果沒有冬季風暴，結果可能會有多強。

And then separately, could you help us understand consumer consumption patterns around pack sizes?

然後另外，您能幫助我們了解圍繞包裝尺寸的消費者消費模式嗎？

Are your large pack sizes still driving the majority of the growth at Frito-Lay?

您的大包裝尺寸是否仍在推動 Frito-Lay 的大部分增長？

And maybe how you expect that to trend.

也許你期望這種趨勢如何。

And finally, just curious to hear if you've seen any recovery in the impulse portion of that business yet?

最後，只是想知道您是否已經看到該業務的衝動部分有任何復蘇？

And then if not, why?

如果不是，為什麼？

Bonnie, I'll take this one.

邦妮，我要這個。

Yes, Frito, a couple of highlights on their performance.

是的，Frito，他們表演的幾個亮點。

The share performance of Frito has accelerated in the last 6 months, most notably in the last 3 months.

Frito 的股票表現在過去 6 個月內有所加速，尤其是在過去 3 個月內。

So we feel good about that part.

所以我們對那部分感覺很好。

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.

我們一直在投資我們的品牌，不僅是大品牌，還有小品牌和我們的執行能力，我們的供應鏈，以確保我們開始獲得份額。

So that's very positive.

所以這是非常積極的。

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.

顯然，當您查看第一季度的數據時，Frito 尤其受到冬季風暴的影響，因為我們在南部有很多基礎設施。

A lot of our manufacturing and depots are there in the south.

我們的許多製造廠和倉庫都在南部。

So it was particularly impacted.

所以受到的影響特別大。

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.

因此，無論是原材料還是實際製造，我們都在慢慢從這種情況中恢復過來，我們現在非常接近擁有正常的供應鏈。

Your question on consumer trends.

您關於消費趨勢的問題。

I think there is a structural trend that we have discussed in the past.

我認為我們過去討論過一種結構性趨勢。

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.

事實上，我們在零食業務中看到越來越多的小份消費，在某種程度上，在飲料業務中也是如此。

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.

因此，考慮到家庭消費的增加，更小的單位，尤其是現在以合裝包的形式出現，這是增長最快的消費包。

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.

我認為該團隊非常擅長圍繞這一點提供更多的個性化，創造更多的多件組合，最終推動 - 鑑於消費者喜歡多樣性，它推動了性能。

And we're seeing a lot of growth there.

我們在那裡看到了很多增長。

I think that's going to be a structural trend in that business.

我認為這將成為該業務的結構性趨勢。

Now to your question on mobility.

現在回答您關於移動性的問題。

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.

是的，我們顯然看到美國的消費者移動得更多，從定義上講，這對大尺寸和小尺寸的消費趨勢產生了積極影響。

So we're seeing much more single-serve growth in both channels, large format and small format.

因此，我們在大格式和小格式這兩個渠道中看到了更多的單一服務增長。

So those are all -- some trends that we're seeing.

所以這些都是我們看到的一些趨勢。

There's still uncertainty around in-home consumption, I think.

我認為，家庭消費仍然存在不確定性。

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.

在接下來的幾個月裡，我們將獲得更多關於消費者行為的信息，因為消費者決定了他們回到辦公室的時間，以及他們在白天外出吃飯的時間。

So we have obviously a lot of insights, and we're -- all our future projections are based on those insights.

因此，我們顯然有很多見解，而且我們 - 我們所有未來的預測都基於這些見解。

I think the consumer will show us more as we go along in the next, I would say, 6 to 9 months, yes?

我認為隨著我們接下來的發展，消費者會向我們展示更多，我會說，6 到 9 個月，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.

所以我想回到頂線和本季度的節奏，因為你顯然超過了最初的儲藏室負荷，而且，正如我之前提到的，冬季風暴的破壞雖然可能在你身後。

So it's a 2-parter question.

所以這是一個兩部分的問題。

Number one, are you seeing foodservice less negative as you exited the quarter worldwide?

第一，當您在全球範圍內退出本季度時，您是否看到餐飲服務的負面影響減少了？

And then second, your price/mix was pretty strong.

其次，您的價格/組合非常強勁。

And obviously, your pack part of the business, the RGM is -- has been negatively impacted by the large portions, the large size packs.

很明顯，你的包裝部分業務，RGM - 受到大部分，大尺寸包裝的負面影響。

Are you seeing that improving?

你看到這種改善了嗎？

And any opportunity to, along with that, mitigate some of the cost pressures with more pricing?

除此之外，還有什麼機會可以通過更高的定價來減輕一些成本壓力？

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.

安德里亞，是的，關於餐飲服務趨勢，是的，我們顯然看到，隨著去年的封鎖，我們看到該渠道的流量明顯好得多，我們將看到更好的消費，尤其是在我們前進的時候。

Different levels of recovery across different channels within foodservice, but in general, we see positive trends.

餐飲服務內不同渠道的恢復水平不同，但總的來說，我們看到了積極的趨勢。

And that should be very good for both our beverages and snack business.

這對我們的飲料和零食業務都非常有利。

Obviously, that will have implications in in-home as well.

顯然，這也會對家庭產生影響。

So I think we'll see a new equilibrium of consumption going forward.

所以我認為我們將看到一個新的消費平衡。

The rest -- sorry, what was the second one?

其餘的——抱歉，第二個是什麼？

I forgot, Andrea.

我忘了，安德里亞。

Her line has been closed, sir.

先生，她的線路已經關閉。

Okay.

好的。

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.

好吧，聽著，就未來的消費趨勢而言，我認為我之前對邦妮所說的話以及我們在餐飲服務中看到的情況，將決定我們投資組合的未來增長。

Yes.

是的。

Yes.

是的。

Ramon, just to add to that.

拉蒙，只是為了補充一點。

I think she was also asking about large package versus small package.

我想她也在問大包裝和小包裝。

And obviously, as mobility increases, small package will tend to take on a more prominent role, which obviously has positive margin implications for us.

顯然，隨著流動性的增加，小包裝往往會發揮更突出的作用，這顯然對我們有積極的利潤率影響。

Yes, which is along the lines of what I was telling Bonnie about.

是的，這與我告訴邦妮的內容一致。

There's some structural trends on small format that will continue in our 2 categories going forward.

小型格式的一些結構性趨勢將在我們的兩個類別中繼續存在。

Yes.

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的 Lauren Lieberman。

I wanted to talk a little bit maybe about PBNA margins.

我想談談 PBNA 的利潤率。

I know you've talked about objectives to get those margins up significantly through portfolio mix, channel mix, cost savings.

我知道您已經談到了通過產品組合、渠道組合、成本節約來顯著提高這些利潤率的目標。

They were up 100 basis points in this quarter.

他們在本季度上漲了 100 個基點。

I'm guessing the lower promotion helped a bit.

我猜較低的晉升有點幫助。

But if you could just talk a little bit about some of the key inputs to drive that margin improvement.

但是，如果你能談談推動利潤率提高的一些關鍵投入。

And how we should think about cadence.

以及我們應該如何考慮節奏。

Is this quarter the start of it?

這個季度是它的開始嗎？

Or was this more of a one-off in that trajectory?

或者這在那個軌跡中更像是一次性的？

Yes.

是的。

I think we've been improving margins at PBNA now for a few quarters.

我認為我們已經在 PBNA 提高了幾個季度的利潤率。

What you see in Q1 is a realization of the efforts the team are doing in the multiple vectors that we referred to earlier.

您在第一季度看到的是團隊在我們之前提到的多個向量中所做的努力的實現。

So there's better portfolio mix.

所以有更好的投資組合組合。

There is, as you say, a better revenue management across the different channels.

正如您所說，跨不同渠道的收入管理更好。

But there is also an important productivity journey that the team started.

但團隊也開始了一段重要的生產力之旅。

So our cost per unit across many levers of the P&L are also improving.

因此，我們在損益表的許多槓桿上的單位成本也在提高。

So we're seeing both a better mix management, better price realization and a better cost management through the P&L.

因此，我們通過損益表看到了更好的組合管理、更好的價格實現和更好的成本管理。

We're also seeing a better returns on our A&M.

我們還看到我們的 A&M 獲得了更好的回報。

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.

我們看到我們的 A&M 的投資回報率越來越好，這可能會給我們一個機會來優化我們的 A&M，因為我們在這一年中前進。

So multiple vectors and good output from a lot of these different elements that will drive the overall profit improvement of PBNA.

因此，來自許多這些不同元素的多個向量和良好的輸出將推動 PBNA 的整體利潤提升。

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的 Bryan Spillane。

Maybe just wanted to follow up on, Ramon, the comments you just made on A&M efficiencies.

也許只是想跟進一下，Ramon，你剛剛對 A&M 效率發表的評論。

Was looking in the 10-Q.

正在尋找10-Q。

It seems like advertising or marketing was down in a lot of segments.

似乎廣告或營銷在很多方面都下降了。

I'm not sure if it was up or down at all for the total company.

我不確定整個公司是上升還是下降。

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?

但我想我想知道，鑑於我們今天在重新開放階段所處的位置，你仍然——你在營銷方面的支出目前是否處於正常水平？

Or will that kind of unfold as things reopen?

或者隨著事情的重新開始，這種情況會發生嗎？

So really just trying to understand whether or not marketing was up or down.

所以真的只是想了解營銷是上升還是下降。

But more importantly, are you able to kind of spend at full level yet?

但更重要的是，您是否能夠充分消費？

Or is the environment not really there to do that?

還是環境不是真的可以做到這一點？

Bryan, listen, our position on marketing has been always a positive one in terms of continuing to invest in our brands rationally.

布萊恩，聽著，就繼續理性投資我們的品牌而言，我們在營銷方面的立場一直是積極的。

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.

去年我們並沒有有意義地削減我們的 A&M，因為我認為這真的讓我們有權競爭並繼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.

話雖如此，我們正在繼續更好地理解和衡量我們可以為不同品牌、不同渠道、不同類型內容進行的不同類型營銷的投資回報率。

And we're getting better at optimizing that, what is a very sizable A&M budget across the company.

我們在優化方面做得越來越好，這是整個公司非常可觀的 A&M 預算。

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.

很明顯，我們是——我們的戰略定位是繼續投資 A&M，作為長期增長和品牌發展的重要推動力。

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.

顯然，我們正在努力——正如我們在整個公司所做的每一項投資一樣，我們正努力在地理、渠道、品牌和不同機會方面獲得最高的 A&M 回報。

So that -- the end number in the P&L is a combination of those 2 inputs.

所以——損益表中的結束數字是這兩個輸入的組合。

Hey, Ramon, if I can just add to your answer as well.

嘿，拉蒙，如果我也可以補充一下你的答案。

In particular, Bryan, on North America Beverages.

特別是 Bryan，關於北美飲料。

We've talked about in the past that there may be an opportunity to spend at a lower level while maintaining competitiveness.

我們過去曾談到，在保持競爭力的同時，可能有機會在較低水平上進行消費。

And to the degree that opportunity presents itself, we certainly expect to take advantage of it.

就機會出現的程度而言，我們當然希望利用它。

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

您的下一個問題來自古根海姆的 Laurent Grandet。

I'd like to focus a bit on the energy category.

我想稍微關註一下能源類別。

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.

我想了解零售對你們在美國的新能源攻勢的反應，特別是在 Rockstar 的改造、Mtn Dew Rise 的推出以及 Bang 的情況下，如果我們可以這麼說的話，這似乎越來越順利.

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.

所以——理解這一點很重要，因為這個細分市場變得比以前更有活力，有更多的玩家，Monster 擁有自己的一些銷售隊伍。

So really like to understand how the retailers are seeing your offensive here.

所以真的很想了解零售商在這裡如何看待你的進攻。

Good.

好的。

Laurent, thank you.

勞倫特，謝謝。

Listen, it's clearly a focus category for us with a lot of effort, not only in the U.S., but also internationally.

聽著，這顯然是我們付出了很多努力的重點類別，不僅在美國，而且在國際上也是如此。

So let me go one by one on the different components of it.

因此，讓我一一介紹它的不同組成部分。

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.

我要說的第一件事是，星巴克的能源部門，正如你所知，我們多年來一直在努力，繼續以兩位數的速度增長。

So that is very unique and quite defensible for us.

因此，這對我們來說非常獨特且非常有道理。

Our double shot, triple shots continue to grow at a double digit, and our partnership with Starbucks is at a very, very good relationship.

我們的雙倍、三倍繼續以兩位數的速度增長，我們與星巴克的合作關係非常非常好。

Now when you go into the pure energy, a couple of things.

現在，當你進入純粹的能量時，有幾件事。

As you said, the Bang business is stabilized and actually growing very nicely.

正如你所說，Bang 業務已經穩定下來，實際上增長非常好。

So we're feeling good about that part.

所以我們對那部分感覺很好。

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.

當談到我們的品牌時，很早，但消費者早期試用的反應非常積極，我想說，客戶對我們的 Mtn Dew Rise 反應非常強烈。

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.

顯然，我認為我們的營銷團隊和研發團隊在這款產品方面做得非常出色，他們找到了一種非常獨特的洞察力，即需要一種獨特且差異化的早晨能量飲料。

I think the product delivers on that.

我認為產品可以做到這一點。

And the early feedback we're getting from consumers and retailers is very good.

我們從消費者和零售商那裡得到的早期反饋非常好。

The teams are full on in terms of distribution.

球隊在分配方面全力以赴。

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.

如你所知，我們與勒布朗詹姆斯簽約，我認為這將為品牌創造非常非常好的知名度和非常好的早期試驗。

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.

談到 Rockstar，我認為團隊在重新定位品牌、重新制定產品、在國際上發布並在美國重新發布方面做得很好。再一次，它只有 6在市場上幾週，真的，新的圖形和新的重新定位。

We started with Super Bowl on the advertising front.

我們從廣告方面的超級碗開始。

Early reads are very positive compared to what was a flat to negative net sales growth.

與持平至負的淨銷售額增長相比，早期閱讀非常積極。

It's now in the positive territory and quite, quite high.

它現在處於積極的領域，而且非常非常高。

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.

但我想說，現在判斷我們是否真的為品牌帶來了新的消費者以及這些消費者是否會留在品牌中還為時過早。

I think we're going to need a few more quarters to really understand what's happening in the consumer level.

我認為我們還需要幾個季度才能真正了解消費者層面正在發生的事情。

But from the selling and from the customer reaction, very positive across the 4 vectors.

但從銷售和客戶反應來看，這 4 個向量都非常積極。

And it makes us feel confident that we have a good foundation from which to build upon with future innovation and future brand events.

這讓我們充滿信心，我們有一個良好的基礎，可以在此基礎上開展未來的創新和未來的品牌活動。

So good starting point, Laurent.

很好的起點，洛朗。

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.

我希望討論你們的飲料創新戰略，拜託。

As we noticed that last week in Germany, you launched Rockstar + Hemp.

我們注意到上週在德國，你們推出了 Rockstar + Hemp。

So as it relates to that product, can you discuss your broader plans for that offering beyond Germany?

因此，當它與該產品相關時，您能否討論一下您在德國以外的產品的更廣泛計劃？

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?

然後與此相關，您能否也請您討論一下您在美國推出大麻甚至 CBD 飲料產品的興趣，好嗎？

Yes.

是的。

Vivien, listen, yes, we're testing innovation across the world, different consumer spaces.

Vivien，聽著，是的，我們正在世界各地、不同的消費空間測試創新。

And we'll see, depending on the performance of the products, then we'll decide to lift and shift.

我們會看到，根據產品的性能，我們將決定提升和轉移。

I would say the test in Germany is very particular for that country.

我想說德國的考試對那個國家來說非常特殊。

There is a sizable segment of hemp drinks in Germany.

德國有相當一部分大麻飲料。

We'll read that.

我們會讀到的。

I wouldn't take any broader conclusions for the broader company.

對於更廣泛的公司，我不會得出任何更廣泛的結論。

Our focus now is on the pure energy category.

我們現在的重點是純能源類別。

We have identified the morning occasion as an open opportunity that is not well covered by existing propositions.

我們已將上午的場合確定為現有提議沒有很好地涵蓋的開放機會。

And I think we have also the coffee part.

我認為我們也有咖啡部分。

We have some other priorities in our portfolio where we would like the team to focus.

我們的投資組合中還有其他一些優先事項，我們希望團隊能夠集中精力。

And we'll test and learn from some of the other opportunities that we have globally.

我們將測試並從我們在全球範圍內擁有的其他一些機會中學習。

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

您的下一個問題來自巴克萊的 Lauren Lieberman。

I'm glad I got in again.

我很高興我又進來了。

I was hoping to talk a little bit about China.

我希望能談談中國。

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.

因為我的感覺是，中國約佔亞洲的 2/3，如果我在這一點上是對的，那麼那裡的增長一定非常非常強勁。

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.

而且，僅用 2 個月的 COVID 進行比較就不會那麼嚴重，我猜只是農曆新年部分。

So I was wondering if you could talk a little bit about China.

所以我想知道你能不能談談中國。

If there's anything you're doing differently there, share progression.

如果您在那裡做的任何不同之處，請分享進展。

Yes, I'd be curious for an update on China.

是的，我很想知道中國的最新情況。

Thank you.

謝謝你。

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.

是的，鑑於 COVID 顯然與世界其他國家不同，中國現在是一個非常特殊的案例。

We're seeing -- obviously, there's a little bit of noise on our Q1 numbers because of the different timing of Chinese New Year.

我們看到 - 顯然，由於中國新年的時間不同，我們的第一季度數據存在一些噪音。

So clearly, there was a very good performance in China this year.

很明顯，今年在中國的表現非常好。

Part of that is the fact that we capture more Chinese New Year this year versus last year.

部分原因是我們今年比去年捕捉到了更多的中國新年。

But having said that, the trends in China are very positive in terms of consumer mobility and consumer spending.

但話雖如此，中國在消費者流動性和消費支出方面的趨勢非常積極。

We're obviously benefiting from that.

我們顯然從中受益。

On top of it, in snacks, we continue to gain share.

最重要的是，在零食方面，我們繼續獲得份額。

We're building new manufacturing.

我們正在建設新的製造業。

We're building new agro programs.

我們正在建立新的農業項目。

We're building -- we're investing in rural areas for better distribution of our snacks business.

我們正在建設——我們正在農村地區投資，以更好地分配我們的零食業務。

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.

如您所知，我們收購了 Be & Cheery，這是一家擁有大量零食產品組合的中國公司，與我們多年來建立的強大薯片業務相得益彰。

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.

在零食方面，我想說，積極的份額、流動性、我們在農村地區的投資回報和更多的資本分配讓我感到非常鼓舞。

With regards to beverages, it's been a -- it is really a very positive performance for the category.

就飲料而言，這一直是——這對該類別來說確實是一個非常積極的表現。

And we've been holding share, gaining a little bit of share in China, in the categories where we perform.

我們一直持有份額，在中國獲得一點份額，在我們執行的類別中。

Clearly, the away-from-home business in China is improving, and that is giving the category very, very high-growth numbers in general.

顯然，中國的戶外業務正在改善，這使得該類別總體上的增長非常非常高。

So feeling good about China and feeling good about the balance of the year in that country.

所以對中國感覺很好，對那個國家今年的平衡感覺很好。

The growth expectations of the economy are positive, as was recently laid out by the government, and we're seeing that in the consumption.

正如政府最近提出的那樣，經濟增長預期是積極的，我們在消費中看到了這一點。

Obviously, China is a very dynamic market, and what we're seeing is massive changes in channels of consumption.

顯然，中國是一個充滿活力的市場，我們看到的是消費渠道的巨大變化。

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.

因此，有很多新的消費渠道、社交渠道和新型娛樂、電子商務類型的渠道正在推動消費者的變化，以及公司需要適應供應鍊和營銷支出的方式。

But overall, as a country, continues to be a very important and very large business opportunity for us.

但總的來說，作為一個國家，對我們來說仍然是一個非常重要和非常大的商機。

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的 Kaumil Gajrawala。

Can you talk a little bit about -- you mentioned being covered on commodities and the diversity of the commodity base.

你能談談 - 你提到商品和商品基礎的多樣性。

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?

您能否談談勞動力和人員配備，您在價格成本壓力方面看到的情況，以及我們在 COVID 成本方面的預期以及可能逐年下降的情況目前在您的損益表中的 COVID 成本？

Kaumil, yes, 2 things.

Kaumil，是的，有兩件事。

On COVID, we're obviously -- we go with the largest society.

在 COVID 上，我們顯然是——我們與最大的社會一起去。

So whenever there is a drop in cases, our costs go down.

因此，每當病例減少時，我們的成本就會下降。

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.

我們已經在美國看到了這一點。我們在本季度初看到了下降，但現在我們看到了更多病例。

In other parts of the world, we haven't seen a reduction, really.

在世界其他地方，我們還沒有看到減少，真的。

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.

因此，如果你想想拉丁美洲，如果你想想歐洲、非洲，我們看到的病例數實際上與今年年底的病例數幾乎相同。

So our COVID costs will continue to be, obviously, to a lower level than last year, but will continue to be a factor.

因此，顯然，我們的 COVID 成本將繼續低於去年的水平，但仍將是一個因素。

And there is -- we go with how the government or broader society is able to manage the pandemic in the different geographies.

還有——我們了解政府或更廣泛的社會如何能夠管理不同地區的流行病。

So that is the situation.

情況就是這樣。

Hugh, do you want to take the other part?

休，你想參加另一部分嗎？

Yes.

是的。

In terms of labor pressures, right now, in the U.S., Kaumil, it's actually okay.

就勞工壓力而言，現在，在美國，Kaumil，其實還可以。

We haven't seen a lot of labor inflation, and we're able to get employees reasonably well right now.

我們還沒有看到太多的勞動力通脹，而且我們現在能夠很好地僱傭員工。

So how that's going to play going forward remains to be seen as the economy picks up.

因此，隨著經濟的回暖，這將如何發揮作用仍有待觀察。

But at least, as for right now, we're doing fine on that front.

但至少，就目前而言，我們在這方面做得很好。

And then as you know, and as Ramon alluded to as well, last year, we had around $800 million of COVID cost.

然後如你所知，正如拉蒙所暗示的那樣，去年，我們有大約 8 億美元的 COVID 成本。

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.

正如我之前評論過的那樣，我們本季度的退出率大約是，我相信它在某個時期大約 2000 萬美元到 3000 萬美元之間。

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.

正如 Ramon 指出的那樣，我們應該看到這個數字保持不變，隨著時間的推移依次下降，因為隨著 COVID 病例的消失，顯然我們的成本也趨於消失。

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的 Steve Powers。

Maybe as a follow-up in part to where Dara and Bonnie started off the call.

也許作為 Dara 和 Bonnie 開始通話的部分後續行動。

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.

過去，當我們看到影響 Frito-Lay 的玉米和其他投入品的通貨膨脹時，尤其是在北美，我的看法是，百事可樂通常在一段時間內與競爭對手相比具有成本優勢，只是因為我認為你的對沖與同行相比，計劃往往更具結構性和長期性。

So I guess, is that fair?

所以我想，這公平嗎？

And if so, do you see that phenomenon taking shape in the current year as well?

如果是這樣，您是否認為這一現像也在今年形成？

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?

我猜如果你這樣做了，你是否更多地認為這是一個提高盈利能力的機會，也許在你有優勢的時候鞏固更多的份額，或者可能是兩者兼而有之？

Just how you're thinking about that and if my underlying premise is correct in the first place.

你是怎麼想的，如果我的基本前提首先是正確的。

If you want, Ramon, I'll jump in on that one.

如果你願意，拉蒙，我會加入那個。

Steve, with the competition that we have right now, obviously, it's a pretty diverse group.

史蒂夫，在我們現在的競爭中，顯然，這是一個非常多樣化的群體。

My sense is you're probably right.

我的感覺是你可能是對的。

We're probably a little bit further out.

我們可能會走得更遠一些。

In the Frito-Lay business, we're going to sort of run our play.

在 Frito-Lay 的業務中，我們將在某種程度上運行我們的遊戲。

We have our pricing strategies in place right now, and my expectation is we'll execute against those.

我們現在有我們的定價策略，我的期望是我們將執行這些策略。

And frankly, we'll see how competition responds to them.

坦率地說，我們將看到競爭如何應對它們。

So it's a little bit hard for me to project how it is they're going to operate.

所以我有點難以預測他們將如何運作。

But I think we, by and large, have our pricing plans in place.

但我認為，總的來說，我們已經制定了定價計劃。

Again, will we use some surgical net revenue management techniques during the course of the next few quarters?

同樣，我們會在接下來的幾個季度中使用一些外科手術式的淨收入管理技術嗎？

Yes, we will.

是的，我們會。

But by and large, I think we're relatively locked into what we're looking to do for the year.

但總的來說，我認為我們相對鎖定了我們今年要做的事情。

I did want to clarify one thing in regards to Kaumil's question.

關於 Kaumil 的問題，我確實想澄清一件事。

I mentioned $20 million to $30 million a period.

我提到了 2000 萬到 3000 萬美元一個時期。

Period is an internal term that we use.

期間是我們使用的內部術語。

So I should qualify that as $60 million to $80 million a quarter is probably the exit rate that we had on COVID costs.

所以我應該認為每季度 6000 萬到 8000 萬美元可能是我們在 COVID 成本上的退出率。

And then we'll see where we land as the year progresses.

然後，隨著時間的推移，我們將看到我們降落的地方。

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

您的下一個問題來自 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.

想問一個關於在美國促銷中銷售的碳酸軟飲料和飲料百分比的促銷問題。我想知道 - 有點 - 如果你能幫助我們達到 2019 年的水平，它在 2020 年跌至何處，該季度的情況以及您對今年剩餘時間的預期。

Yes, Robert, so listen, we're seeing a very rational environment for pricing and promotions in the U.S. at this point in time.

是的，羅伯特，聽著，我們現在看到美國的定價和促銷環境非常合理。

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.

在該類別中，我認為我們在第一季度看到的促銷水平低於我們去年第一季度的水平。

And we -- our expectations is that we should be seeing a rational market for the balance of the year.

我們 - 我們的期望是，我們應該看到今年餘下時間的市場是理性的。

At this point, there are still shortages in, I think, in supply from many of the players in the category.

在這一點上，我認為該類別中的許多參與者的供應仍然短缺。

And we're all becoming better at understanding the -- improving our net revenue management capabilities and understand the return on promotions.

而且我們都在更好地理解 - 提高我們的淨收入管理能力並了解促銷回報。

And we're becoming more sophisticated, working with our partners on getting the best return on the promotion.

我們正在變得更加成熟，與我們的合作夥伴一起獲得最佳的促銷回報。

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.

所以我認為有一個 - 市場很可能在接下來的幾個季度保持理性，這就是我們自己試圖做的事情。

And I expect the rest of the industry would follow a similar position.

我預計該行業的其他公司也會採取類似的立場。

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

您的下一個問題來自 Jefferies 的 Kevin Grundy。

Great.

偉大的。

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.

拉蒙，我想回到北美飲料公司，只是了解工會的整體狀況，因為當你接任 CEO 時，這當然是你關注的重點。

The question relates to market share progress for key brands, Pepsi, Mountain Dew, Gatorade.

這個問題與百事可樂、激浪、佳得樂等主要品牌的市場份額進展有關。

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.

從尼爾森的數據來看，表現有點喜憂參半，特別是在運動飲料方面，佳得樂繼續失去相當多的份額。

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.

因此，如果您可以評論您對趨勢的總體滿意度、投資的充分性，尤其是當您希望恢復該細分市場的利潤率時——不僅是今年，未來幾年也是如此，這將是有幫助的.

Thank you.

謝謝你。

Listen, we feel very good about our competitiveness in beverages in North America.

聽著，我們對我們在北美飲料領域的競爭力感到非常滿意。

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.

正如我們幾年前製定的那樣，我們想一次只選擇一個品牌，並確保我們的每個大品牌都變得真正具有競爭力。

And we've done it very, I would say, very surgically and very consistently.

我們已經做到了，我想說，非常外科手術，非常一致。

So we started with Pepsi.

所以我們從百事可樂開始。

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.

百事現在正在增長——在過去的 1.5 年裡一直保持著良好的增長水平，並且開始在 CSD 中獲得份額，超過了我們的一些競爭對手。

We went then with Gatorade, our second-largest brand.

然後我們選擇了我們的第二大品牌佳得樂。

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.

再一次，是的，佳得樂在運動飲料類別中的份額並沒有增長，但它是 2020 年對 LRB 整體增長做出貢獻的三大品牌之一，並將在 2021 年繼續增長。

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.

我的意思是，佳得樂的增長非常強勁，這不僅是因為佳得樂零品牌的驚人平台，而且還因為其他產品組合的增長。

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?

然後是第三個，Mountain Dew，這是我們待定的第三個品牌，我們花了更長的時間，但是如果你看到 Mountain Dew 在過去兩個季度，尤其是最後一個季度的增長，它已經非常高了， 正確的？

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.

這不僅是因為我們增加了創新，而且我們的基礎 Mountain Dew 再次以非常好的水平增長。

So we see our 3 core brands continue to -- or starting to be very consistently growing at the category pace or above.

因此，我們看到我們的 3 個核心品牌繼續 - 或開始以或以上的類別速度非常一致地增長。

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?

再加上我們總是說我們希望繼續成為一些增長更快的細分市場的領導者，對吧？

So if you take coffee, a large segment in the beverage category in the U.S., where we're clearly outgrowing everybody else.

所以如果你喝咖啡，這是美國飲料類別中的一個很大的部分，我們顯然超過了其他人。

If you see teas, we're also gaining share in teas with our Pure Leaf and our Lipton brands.

如果您看到茶，我們的 Pure Leaf 和立頓品牌也在茶中獲得份額。

If you think about sparkling water, bubly has been a big success.

如果您想到蘇打水，那麼氣泡水就取得了巨大的成功。

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.

因此，我們繼續在外圍發揮作用，但我們正在取得，我想說的是，在我們業務的核心品牌方面取得了非常好的和持續的進展，顯然，這對整個類別非常有意義。

So we're very happy.

所以我們非常高興。

We will continue to improve.

我們將繼續改進。

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.

正如我之前所說，能源是我們的下一個大空間，我們擁有多種工具，我們將彼此非常增量地使用這些工具來推動，希望也能分享收益——正如 Laurent 之前提到的，這是一個非常動態的類別.

So we feel very good.

所以我們感覺很好。

I think the business is becoming much more competitive.

我認為這項業務正在變得更具競爭力。

The business is becoming much more agile.

業務變得更加敏捷。

The business is becoming much more thoughtful about performing today and investing for the future.

企業對今天的表現和未來的投資變得更加深思熟慮。

So a lot of positives that we see in the North America Beverages in the last, whatever, 2 years.

在過去的兩年裡，我們在北美飲料中看到了很多積極的一面。

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.

鑑於我們在市場表現中看到的趨勢以及我們為我們的品牌計劃的活動，我們非常希望這將是該業務非常好的一年。

So we're feeling good.

所以我們感覺很好。

We're feeling very good about PBNA.

我們對 PBNA 感覺很好。

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

您的下一個問題來自瑞銀的 Sean King。

And just maybe more international focus.

或許更多的國際焦點。

But does your outlook take into account any negative margin mix effects of a beverage rebound versus the tougher comparison on the snacking side?

但是，您的前景是否考慮到飲料反彈與零食方面更嚴格的比較帶來的任何負面利潤組合影響？

Or am I thinking about the dynamics sort of incorrectly with respect to international margins for snacking versus beverage?

還是我在考慮零食與飲料的國際利潤率方面的動態有點不正確？

Hugh, [you want to go with that]?

休，[你想和那個一起去]？

Yes, yes.

是的是的。

If you'd like, Ramon, I'll jump in on that one.

如果你願意，Ramon，我會加入那個。

Yes, Sean, in short, yes, our outlook does account for what you just described.

是的，肖恩，簡而言之，是的，我們的前景確實說明了您剛才描述的情況。

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.

因此，就美國以外的利潤率而言，零食的利潤率往往低於我們作為特許經營公司的飲料。

Obviously, franchise is a higher-margin business.

顯然，特許經營是一項利潤率較高的業務。

But where we operate a company on bottling operation a little -- overall, our outlook sort of captures all of those mix impacts.

但是，我們在裝瓶業務方面經營一家公司——總體而言，我們的前景有點捕捉到所有這些混合影響。

I don't expect anything to be disruptive over the course of 2021.

我預計 2021 年不會有任何破壞性事件。

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

我們的最後一個問題將來自 Wells Fargo Securities 的 Chris Carey。

Just to clarify a prior answer.

只是為了澄清先前的答案。

You mentioned that promo, you expect it to remain rational.

你提到了那個促銷，你希望它保持理性。

Is that to imply that you think it can remain structurally lower for the long term?

這是否意味著您認為它可以在長期結構上保持較低水平？

Or you expect a normalization back to pre-COVID levels?

或者您希望正常化回到 COVID 之前的水平？

I didn't quite get directionally which way you were talking about.

我不太明白你說的是哪種方式。

And then the question just related to pricing.

然後是與定價有關的問題。

It was a historically high price in PBNA, and this is a trend we've been seeing more.

這是 PBNA 的歷史最高價格，這是我們看到的更多趨勢。

Can you just talk about how you view pricing power in that division, whether that is split between certain brands or categories?

您能否談談您如何看待該部門的定價能力，無論是在某些品牌或類別之間劃分嗎？

And just overall, your overall comfort with a price-over-volume driven approach going forward?

總體而言，您對未來價格超過數量驅動方法的整體舒適度？

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

休，你要開始，然後我來補充？

Yes.

是的。

Happy to, Ramon.

很高興，拉蒙。

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.

要明確這一點，是的，我們確實認為北美飲料市場存在長期的機會，您所說的價格合理性，無論是從競爭結構的角度來看，還是從我們認為正確的角度來看都是如此競爭方式，主要圍繞創新、品牌建設和執行。

So we think the environment is well set up for pricing to be positive going forward.

因此，我們認為環境已經為未來的積極定價做好了準備。

That's not a temporary thing based on what's happening in the environment right now.

根據目前環境中發生的情況，這不是暫時的事情。

Yes.

是的。

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.

克里斯，我認為，正如休所說，我們看到每個人都變得更有能力和知識淵博，了解消費者洞察，並適用於促銷、定價和彈性。

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.

因此，我們將看到更多應用這些多重槓桿來為消費者提供良好的價值，而不僅僅是壓低價格，我認為這對業內任何人來說都不是一個好主意。

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.

顯然，鑑於我們在某些商品等方面看到的一系列通脹趨勢，任何人都可能沒有動力去打破我們今天看到的非常理性的環境。

So that's how we're thinking about it and how we're talking to some of our partners in the retail industry.

這就是我們正在考慮的方式以及我們與零售行業的一些合作夥伴交談的方式。

Okay.

好的。

I think that was the last question.

我想這是最後一個問題。

So thank you very much for your time this morning.

非常感謝您今天上午的寶貴時間。

Really appreciate it.

真的很感激。

I hope you guys stay safe and healthy.

我希望你們保持安全和健康。

And especially thank you very much for the confidence that you've all placed in us with your investments.

特別感謝大家對我們的投資給予的信任。

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

非常感謝，我期待著未來的會議。

Thank you.

謝謝你。

Thank you.

謝謝你。

That does conclude PepsiCo's 2021 First Quarter Earnings Question-and-Answer session.

這確實結束了百事可樂公司 2021 年第一季度收益問答環節。

You may now disconnect.

您現在可以斷開連接。