百事 (PEP) 2020 Q4 法說會逐字稿

Good morning, and welcome to PepsiCo's Fourth 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，歡迎參加百事公司第四季財報電話會議問答環節。（接線員指示）今天的電話會議將被錄音，並將存檔於 www.pepsico.com。

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

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

Thank you, operator. I hope that everyone has had a chance this morning to review our press release and prepared remarks, both of which are available on our website.

謝謝，接線員。希望大家今天早上都已經有機會閱讀我們的新聞稿與事先準備的講稿，兩者皆可在我們的網站上取得。

Before we begin, please take note of our cautionary statement. We may make forward-looking statements on today's call, including about our business plans, 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。我們在今天的電話會議中可能會做出前瞻性陳述，包括關於我們的業務計畫、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-K 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，該等指標會從已報告結果中排除某些項目。請參閱今日的財報新聞稿以及 pepsico.com 上提供的 10-K，以取得非 GAAP 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）

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

那麼，接下來我把時間交給接線員，進行第一個提問。

(Operator Instructions) Your first question comes from the line of Bonnie Herzog of Goldman Sachs.

（接線員指示）第一個問題來自高盛的 Bonnie Herzog。

I had a question on your marketing and how we should be thinking about your ad spend levels this year. It seems quite obvious, I guess, that you can op right now at lower ad spend levels. So I guess I wanted to clarify with both of you that you do expect to pull back on the absolute level of your ad spend this year. And then how should we think about this from a long-term perspective, especially when I think about the context of the overall health of whether it's your categories and certainly your brand equity and how you're going to maintain that?

我想問一個關於你們行銷的問題，以及我們今年應該如何看待你們的廣告支出水準。看起來很明顯，我想，你們現在可以在較低的廣告支出水準下運作。所以我想跟兩位確認一下，你們是否預期今年會在廣告支出的絕對金額上有所縮減。然後，從長期角度我們應該如何思考，特別是放在整體健康度的脈絡下，不論是你們品類的健康度，當然還有你們的品牌資產，以及你們要如何維持這些？

Yes, Bonnie, this is Ramon. Listen, the advertising levels, I don't think we are maximized on the investments. What we are seeing is that the A&M line has opportunities for optimization, especially in what we call nonworking, and we're working hard on optimizing that part. And obviously, we're working on optimizing the return on investment on the advertising part of the media that impacts the consumer.

是的，Bonnie，我是 Ramon。聽著，關於廣告水準，我不認為我們在投資上已經做到極致。我們看到 A&M（廣告與行銷）費用線有最佳化的機會，特別是在我們所稱的「非工作性」支出上，我們正努力把那一部分最佳化。當然，我們也在最佳化媒體廣告中、能影響消費者的那一部分之投資報酬率。

One of the decisions we took this year was -- and if you look at Frito-Lay, for example, or some of our international business, we actually increased our A&M. And the reason for that is that within the formula for success of our portfolio, we have to have our large brands growing at a decent pace, at the market level, hopefully. And for that, we need to keep them modernized, we have to keep innovating on those large brands. But also, we need to invest in the growth space of the category where sometimes we need to create new brands. And that requires a well-funded kind of support package to get those brands up and running.

我們今年做出的其中一個決策是——如果你看 Frito-Lay，例如，或我們部分國際業務，我們其實提高了 A&M。原因在於，在我們產品組合成功的公式中，我們必須讓大型品牌以不錯的速度成長，最好能達到市場水準。為此，我們需要讓它們保持現代化，我們必須持續在這些大型品牌上創新。但同時，我們也需要投資在品類的成長空間上，有時我們需要創造新品牌。而這需要一套資金充足的支持方案，讓這些品牌能夠建立並順利運作。

For example, if you think about the Frito portfolio, obviously, we want to grow our Cheetos, Doritos, Tostitos, Lays, Ruffles at a very good pace, and I think we're doing that. But at the same time, we need to build healthier portfolios, brands like Off The Eaten Path or Smartfoods or PopCorners or Bare, all those brands need to grow to have a portfolio of the future, the same with our beverage portfolio with bubly or with some of the smaller brands we're creating. So that's how we're thinking about our A&M optimization. Obviously, on the nonworking, get the maximum ROI on the working part, but ensure that we can support the -- both the large brands and the smaller future brands in a way that we have a sustainable growth for the future.

例如，如果你想到 Frito 的產品組合，顯然我們希望 Cheetos、Doritos、Tostitos、Lays、Ruffles 以非常好的速度成長，我認為我們正在做到。但同時，我們也需要建立更健康的產品組合，像 Off The Eaten Path、Smartfoods、PopCorners 或 Bare 等品牌，這些品牌都需要成長，才能形成面向未來的產品組合；我們的飲料產品組合也是如此，例如 bubly 或我們正在打造的一些較小品牌。這就是我們如何思考 A&M 的最佳化：在非工作性支出上做到最佳化，在工作性支出上取得最大的投資報酬率，但同時確保我們能以一種方式支持——既支持大型品牌，也支持較小的未來品牌，讓我們未來能有可持續的成長。

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

下一個問題來自摩根士丹利的 Dara Mohsenian。

So first, just a detailed question. As we look at your earnings guidance for 2021, it's in line with the long-term algorithm despite having nearly $800 million in COVID costs in 2020 that I assume will drop off significantly. So just trying to understand why there couldn't be upside to the long-term algorithm should those costs drop off. Is there assumed reinvestment or higher commodities or other factors?

首先是一個較細節的問題。當我們看你們 2021 年的獲利指引時，儘管 2020 年有接近 8 億美元的 COVID 成本，我假設這些成本將大幅下降，但你們的指引仍與長期演算法一致。所以我想了解，若這些成本下降，為什麼長期演算法不會有上行空間？是否假設會再投資、或原物料成本上升、或其他因素？

And then second, Ramon, just sort of further on the question you just answered. We did see a pretty big shift in A&M spend on the Frito side this year. Obviously, a pullback in beverage given the COVID situation. So I'd love to hear your thoughts on the ROI behind the higher spend in Frito and if you think you're getting significant incremental revenue from that or the yield on those investments as you shifted the allocation within the portfolio in 2020.

第二個問題，Ramon，延續你剛才回答的內容。我們確實看到今年在 Frito 端的 A&M 支出有相當大的轉移。由於 COVID 的情況，飲料端顯然有所縮減。所以我很想聽聽你對於 Frito 端提高支出背後的 ROI 看法，以及當你們在 2020 年於產品組合內部調整資源配置時，你是否認為因此獲得了顯著的增量營收，或這些投資的報酬率如何。

Great. Okay. Hugh, you want to take the first part on the -- how we're thinking about the short term, long term in our algorithm?

很好。好。Hugh，你要先回答第一部分——我們如何思考短期、長期與我們的演算法嗎？

Yes, I'm happy to, Ramon. Dara, obviously, there's a lot of items that are in our P&L. We've identified the COVID costs as something we wanted to call out because it was extraordinary. There will be COVID costs in -- significant COVID costs still in 2021. So you really can't flow all of that to the bottom line. In addition to that, we are reporting some of the A&M, as Ramon mentioned, in snack food business and a bit in the beverage business as well.

好的，Ramon，我很樂意。Dara，顯然我們的損益表中有很多項目。我們把 COVID 成本特別提出來，是因為它屬於非經常性、非常態的項目。2021 年仍會有 COVID 成本——而且仍是顯著的 COVID 成本。所以你不能把這些全部直接流到最終盈餘。此外，正如 Ramon 提到的，我們也在零食業務，以及飲料業務的一部分，投入了一些 A&M。

But as we enter the year, given the level of uncertainty, we felt like being on long-term algorithm from a revenue and profit perspective was an appropriately -- appropriate goal for us. And I think if we hit these numbers as we expected, I think it will be a good (inaudible)

但在進入新年度時，考量到不確定性的程度，我們認為從營收與獲利角度，以長期演算法作為目標是適當的——對我們而言是合適的目標。我想如果我們如預期達成這些數字，我認為這會是一個不錯的（聽不清）。

Yes, Dara. And so that's -- we're thinking about, obviously, maximizing the short term, but not at the expense of the long term. And I think it's -- to start a year thinking about our long-term algorithm is a good way to start focusing the company on a sustainable performance for many years. So that's how we're thinking about it.

是的，Dara。所以這就是——我們的思考方式，顯然是要把短期做到最好，但不以犧牲長期為代價。我認為在一年之初就以長期演算法來思考，是讓公司聚焦於多年可持續表現的好方式。所以我們是這樣看待的。

Then with regards to the marketing ROI, listen, we're getting much better at measuring the ROI on our marketing spend. And we think that, actually, we're -- based on this measurement, we're getting much better at the ROI delivery of our investments. We're putting tools and we're putting kind of performance metrics to our marketing teams. In particular, where you were saying about Frito, Frito has a very low level of advertising. I mean full A&M actually, below 4%, for a brand -- for a business that has so many multiple brands and has so much growth potential, if you think about the share of macro-snacks that we have. So I would think that -- if you think about the levers of growth for Frito in the future, I think A&M and an increased A&M should be part of it. As we think about our push model, it's pretty optimized with our DSD execution capabilities. I think on the pool side, we have opportunities probably to maximize the frequency and to maximize the consumer connection with our brands and Frito versus what we do with other -- with some other parts of our business. So that's how we'll be thinking about the A&M investments at Frito.

至於行銷 ROI，聽著，我們在衡量行銷支出 ROI 方面做得越來越好。我們認為，事實上，根據這些衡量，我們在投資的 ROI 交付上正變得更有效率。我們正在為行銷團隊導入工具，並建立某種績效衡量指標。特別是你提到的 Frito，Frito 的廣告水準非常低。我是說整體 A&M 其實低於 4%；對於一個擁有如此多品牌、且若你想到我們在宏觀零食（macro-snacks）中的市占、具有如此大成長潛力的業務而言，這是很低的。所以我會認為——如果你思考 Frito 未來的成長槓桿，我認為 A&M 以及提高 A&M 應該是其中一部分。當我們思考我們的推式（push）模式時，憑藉我們的 DSD（直送配送）執行能力，它已相當最佳化。我認為在拉式（pull）端，我們可能有機會去最大化觸及頻率，並最大化消費者與我們品牌、以及 Frito 的連結，相較於我們在業務其他部分所做的。這就是我們將如何思考在 Frito 的 A&M 投資。

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 my question is on the use of capital as you deemphasize buybacks and you're focusing more on CapEx, on investment in capacity to meet demand or perhaps M&A. So if you can comment on your capital allocation, Hugh.

所以我的問題是關於資本的運用：在您們淡化股票回購、並更聚焦於資本支出（CapEx）、投資產能以滿足需求，或可能進行併購（M&A）的情況下。Hugh，如果可以的話，請您談談資本配置。

And Ramon, I was positively impressed with Europe and the recovery momentum there. Is that going -- do you think it's going to go and continue to -- into 2021 and embedded in your guidance? And conversely, what are your thoughts on the deceleration in LatAm?

另外，Ramon，我對歐洲以及那裡的復甦動能印象非常正面。您認為這是否會延續到 2021 年，並已反映在您們的指引之中？相對地，您對拉丁美洲（LatAm）成長放緩有何看法？

Okay. Let me start with the geography part, and then Hugh can talk about the capital. The -- I would say, Europe, we're seeing different Europes. Now we're seeing Eastern Europe quite strong. I would say, Russia, extremely strong. Turkey, very strong. Some parts in Central Europe, much better. With Central Europe, I mean Germany, some of the more developed Europe. We're seeing the south of Europe, very impacted by obviously the lack of tourism and people not going there for weekends or longer vacation. So that is how we see Europe.

好的。我先從地理區域的部分開始，接著 Hugh 可以談資本。我會說，歐洲我們看到的是不同的「歐洲」。現在東歐相當強勁。我會說，俄羅斯非常強勁。土耳其也很強。一些中歐地區表現好很多。這裡的中歐，我指的是德國以及一些較成熟的歐洲市場。我們看到南歐受到很大衝擊，顯然是因為缺乏觀光旅遊，以及人們不再去那裡度週末或較長假期。這就是我們對歐洲的觀察。

When we look at '21, we think, obviously, as mobility increases, we're going to see even better performance in Western Europe. And hopefully, we can continue to see the good performance in the East.

當我們看 2021 年時，我們認為，顯然隨著移動性提升，我們將在西歐看到更好的表現。並且希望我們能持續看到東歐的良好表現。

What we can see in Europe across the board is we're becoming more competitive. I think our share of market performance, both in beverages and snacks, was very good this year. So we managed to gain share almost in every single market, which is actually the metric that we're following the most in a period of time where the markets go up and down, depending on lockdowns, et cetera.

我們在歐洲整體看到的是，我們正變得更具競爭力。我認為我們今年在飲料與零食的市占表現都非常好。因此我們幾乎在每一個市場都成功提升市占；在市場因封城等因素而上下波動的期間，這其實是我們最重視、也最追蹤的指標。

In Latin America, actually, Brazil has been very strong throughout the year. And we feel very good about our Brazilian business also in terms of share of market. But also category growth has been very, very positive in Brazil.

在拉丁美洲方面，其實巴西全年都非常強勁。我們對巴西業務也感到非常有信心，包含市占表現。此外，在巴西，品類成長也非常、非常正面。

Mexico, at the beginning of the pandemic, we suffered a little bit in the [capital] part of our business. So the more kind of smaller fragmented trade, we saw traffic down. And that impacted our sales, given that we have a very good distribution and availability in the market. The business came back to much more solid performance in the last quarter in Mexico. And although we've been gaining share across the year, we've seen also the category recovery in Mexico. So hopefully, we see a much better performance in Mexico this year in absolute terms. Relative terms, I think we'll continue to gain share in the market.

墨西哥方面，在疫情初期，我們在業務的 [capital] 部分受到一些影響。也就是較小型、較分散的通路，我們看到人流下降。由於我們在市場上有非常好的配送與鋪貨可得性，這也影響了我們的銷售。墨西哥的業務在上一季已回到更穩健的表現。雖然我們全年都在提升市占，但我們也看到墨西哥品類正在復甦。因此希望今年墨西哥在絕對值上會有更好的表現；相對而言，我認為我們會持續提升市占。

So those are the 2 big markets in Latin America. You get a good sign from those 2.

所以這就是拉丁美洲的兩大市場。從這兩個市場你可以看到正面的訊號。

And Hugh, do you want to talk about the capital principles that we have?

Hugh，你想談談我們的資本原則嗎？

Yes, happy to, Ramon. Overall, our capital allocation strategy hasn't changed. We talked about this many times. Number one, make sure that we fund the business to compete and grow; number two is dividend; number three is tuck-in M&A.; and number four is share repurchase.

是的，很樂意，Ramon。整體而言，我們的資本配置策略沒有改變。我們談過很多次。第一，確保我們為業務提供資金，以便競爭並成長；第二是股利；第三是補強型併購（tuck-in M&A）；第四是股票回購。

One and two, obviously, we've talked about in terms of our guidance. I would not expect -- from the standpoint of the third one, I would not expect much in the way of M&A as we go through the course of this year. And certainly, nothing large. So from that perspective, I think we're -- we've got a lot to digest right now. We're happy with where the portfolio sits.

第一與第二點，顯然我們已在指引中談過。至於第三點，我不預期今年在併購方面會有太多動作，當然也不會有大型交易。從這個角度來看，我認為我們目前有很多需要消化的事情。我們對目前的投資組合配置感到滿意。

And then last, in terms of share repurchase, obviously, we're trying to balance our debt rating versus our cash return to shareholders. We felt like the dividend increase was important. And at the same time, given the level of M&A that we've had over the last couple of years, balancing that out with the debt rating, we made a decision that we weren't going to have significant share repurchase in this year. That's purely based on balancing the debt rating with our return to equity shareholders. Nothing more than that driving that decision.

最後，關於股票回購，顯然我們正試圖在債務評等與回饋股東的現金之間取得平衡。我們認為提高股利很重要。同時，考量過去幾年我們的併購規模，並在此基礎上兼顧債務評等，我們做出決定：今年不會進行大規模的股票回購。這個決策純粹是基於在債務評等與對股權股東的回報之間做平衡，沒有其他因素驅動。

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

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

Would you guys mind providing some just insights on how you're looking at the commodity cost environment, where you're seeing maybe raw material inflation, and then how you plan on addressing it through pricing or mix or trade spend?

你們是否方便提供一些看法：你們如何看待大宗商品成本環境、哪些原物料可能出現通膨，以及你們打算如何透過定價、產品組合或通路費用（trade spend）來因應？

Hugh?

Hugh？

Yes. Yes, I'm happy to take that, Ramon.

是的。是的，我很樂意回答，Ramon。

Kaumil, obviously, there is some pressure in commodities. We're viewing commodities as manageable right now. I'll remind you that we do forward buy on areas where we can open about -- typically about 9 months ahead. But we can't forward buy on everything, and obviously, there's some inflation in certain aspects of our cost structure. That said, we view the overall mix as manageable between pricing and the balance of the P&L, such that we don't expect it to be disruptive to the algorithm this year.

Kaumil，顯然大宗商品確實有一些壓力。我們目前認為大宗商品是可控的。我提醒你，我們在可行的領域會做遠期採購（forward buy），通常大約提前 9 個月。但我們無法對所有項目都做遠期採購，而顯然在我們成本結構的某些面向也有一些通膨。即便如此，我們認為透過定價與損益表（P&L）其他項目的平衡，整體組合仍是可控的，因此我們不預期今年會對我們的既定模型（algorithm）造成干擾。

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。

I guess I had a follow-up question just related to Andrea's question around cash flow. And Hugh, maybe can you talk about the level -- the CapEx levels? And will they be elevated for multiple years? And then, I guess, maybe some color on just where -- like where that incremental CapEx spending is going. Is it capacity? Is it capabilities? Just try to get an understanding of whether or not we're going to be in an elevated CapEx cycle for a while and then also just where the capital is going.

我想我有一個追問，與 Andrea 關於現金流的問題相關。Hugh，也許你可以談談資本支出（CapEx）的水準？它會在多年間維持偏高嗎？另外，也希望你能補充一些背景：新增的 CapEx 支出主要投向哪裡？是產能？是能力建置？我想了解我們是否會在一段時間內處於較高的 CapEx 週期，以及資金的去向。

Yes. Ramon, would you like me to handle that one?

是的。Ramon，你希望我來回答這題嗎？

Yes, please. Go ahead. I'll add to the end.

是的，請。你先說，我最後再補充。

Okay. Bryan, a couple of things on that. Yes, it is elevated. We sort of have been running, as you know, about 5% of sales, and now we're running a little bit north of 6%.

好的。Bryan，關於這點有幾件事。是的，CapEx 確實偏高。如你所知，我們過去大約是銷售額的 5%，現在則略高於 6%。

A couple of big drivers behind it. Number one is the IT and digitalization spending that we're doing. That will be elevated for a couple of years as we sort of get through the combination of an SAP upgrade as well as a whole variety of digitalization efforts that we have going on in our supply chain and selling system.

背後有幾個主要驅動因素。第一是我們正在進行的 IT 與數位化支出。這在未來幾年都會維持較高，因為我們正在推進 SAP 升級，以及供應鏈與銷售系統中各式各樣的數位化工作。

The second piece is primarily around growth capacity, and we expect that to be elevated for a couple of years. If you look at the way that we used to run the business, we ran capacity pretty close to the edge. And as we've pivoted to more of a growth strategy, we're taking capacity utilization down a little bit to enable us to capture more of the growth opportunities that are out there. So that's a big piece of the spin.

第二部分主要與成長產能有關，我們預期這也會在未來幾年維持較高。如果你看我們過去的營運方式，我們的產能運用率通常跑得非常接近上限。而當我們轉向更偏成長的策略時，我們會把產能利用率稍微降下來，以便抓住更多外部的成長機會。所以這是支出的重要部分。

And then the last is productivity CapEx. As we're looking at automation and looking at putting more capabilities into the plants, that will yield cost savings. That obviously is a big driver.

最後是生產力型 CapEx。當我們評估自動化、並在工廠導入更多能力時，將帶來成本節省。這顯然也是一個重要驅動因素。

So I would say I would expect the capital spending to remain elevated for the next couple of years. And then I would expect it to return back to our typical norms.

所以我會說，我預期未來幾年資本支出會維持偏高，之後我預期會回到我們一貫的正常水準。

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。

And congrats on the strong end of the year. I'd like to focus my question on the energy category. So in 2020, we saw you making an aggressive move into the energy category with the acquisition of Rockstar and the agreement to distribute Bang. So could you please update us on where you stand in your journey to become a leading energy player? I'd like to understand your view on the Rockstar revamp. We saw the Super Bowl ad, but I'd like to understand a bit more than that. And obviously, your assessment of the situation with Bang, but also what are you planning to do with other brands like DEW in the energy category.

恭喜你們在年底有強勁表現。我想把問題聚焦在能量飲料品類。2020 年，我們看到你們透過收購 Rockstar 以及簽署 Bang 的經銷協議，大舉進軍能量飲料品類。你們能否更新一下：在成為領先能量飲料玩家的進程中，目前進展到哪一步？我想了解你們對 Rockstar 改造（revamp）的看法。我們看到了超級盃廣告，但我想了解的不只如此。當然也想聽聽你們對 Bang 現況的評估；另外，在能量飲料品類中，對於像 DEW 這類其他品牌，你們有什麼規劃？

Yes. Thank you, Laurent. Yes, good question. Listen, let's talk first about Bang quickly. We're surprised by this move by VPX and especially given that it was a very good performance by PBNA on the distribution metrics. But at the end of the day, we plan to continue being the distributor of Bang until October '23 and we're going to do our best to make that brand well distributed and -- in the marketplace.

是的。謝謝你，Laurent。是的，問得好。聽著，我們先快速談一下 Bang。我們對 VPX 的這個舉動感到意外，尤其是考量到 PBNA 在配銷指標上的表現非常好。但歸根結底，我們計畫在 23 年 10 月之前持續擔任 Bang 的經銷商，我們也會盡最大努力讓這個品牌在市場上獲得良好的鋪貨與——在市場中。

But the core of our energy strategy was never Bang as a distribution cherry on top. It was obviously what we could do with our brands after the acquisition of Rockstar kind of free us up from some of the contractual obligations we had.

但我們的能量飲料策略核心從來不是把 Bang 當作配銷上的錦上添花。顯然，在收購 Rockstar 之後，我們在某種程度上從先前的一些合約義務中解放出來，讓我們能做更多事情。

So the first pillar is obviously Rockstar. Rockstar relaunch, both in the U.S. and in expansion internationally as our core energy kind of mainstream proposition.

所以第一個支柱顯然是 Rockstar。Rockstar 的重新上市（relaunch），不論是在美國，或是作為我們核心能量飲料、偏主流定位的主張向國際擴張。

The -- I would say the integration of Rockstar into our supply chain is starting to happen. It's going to be a bit of a process until we get all the formulations and everything into our system. But obviously, that's going to make it a better supply chain in itself.

我會說——Rockstar 納入我們供應鏈的整合正在開始發生。要把所有配方與各項內容都導入我們的系統，會需要一段流程。但顯然，這本身將使供應鏈變得更好。

From the consumer point of view, we are -- so we're planning to invest in the brand. I think we found the consumer space where it's going to be a bit quite differentiated. And then we're improving the formulas and we're improving -- building different propositions for multiple spaces in that kind of mainstream energy.

從消費者角度來看，我們——我們計畫投資這個品牌。我認為我們已找到一個消費者區隔空間，能夠做出相當差異化的定位。接著我們會改善配方，並且改善——在這種主流能量飲料的範疇中，為多個場景打造不同的產品主張。

At the same time, you will be seeing shortly some announcements on Mountain Dew launch in the springtime. It's going to be the first big move for Mountain Dew into the energy space. We're very happy with the way the product concept, the support package and the support we're getting from our customers in terms of the launch. So that would be a good event. It will be the first move of Mountain Dew and there will be future moves as well from Mountain Dew into the energy space.

同時，你們很快也會看到一些關於 Mountain Dew 在春季推出的公告。這將是 Mountain Dew 進入能量飲料領域的第一個重大動作。我們對產品概念、支援方案，以及客戶在上市方面給予的支持都非常滿意。所以這會是一個很好的事件。這將是 Mountain Dew 的第一步，未來 Mountain Dew 也還會有更多動作進入能量飲料領域。

Obviously, one of our big pillars in energy is our Starbucks partnership, which is, I think, is at an all-time high in terms of the relationship and the market performance. We continue to innovate on the kind of coffee energy, triple shots, double shots. And we have some, I think, good ideas that will -- I'm sure will make into the market shortly.

顯然，我們在能量飲料領域的一大支柱是與 Starbucks 的合作夥伴關係。我認為無論就關係本身或市場表現而言，都處於歷史高點。我們持續在咖啡能量類別上創新，例如 triple shots、double shots。我們也有一些——我認為——不錯的想法，我很確定很快就會推向市場。

So -- and then we're looking at other brands in the sports area and some other kind of spaces within the energy management, energy up, energy down, that I think we can have multiple set of solutions and brands that drive consumer solutions in a space that is obviously growing and has a lot of consumer pool.

所以——然後我們也在運動領域尋找其他品牌，以及能量管理中的其他一些空間：能量提升（energy up）、能量降低（energy down）。我認為我們可以提供多套解決方案與品牌，來滿足消費者需求；而這個領域顯然正在成長，且有龐大的消費者基礎。

So it's important for us, as we said, both from the growth point of view and the margin expansion point of view. And we feel good about the steps we're taking brick by brick to build a solid foundation for us to play in energy over many years.

因此，正如我們所說，這對我們很重要，無論從成長角度或利潤率擴張角度都是如此。我們也對自己一步一步、循序漸進所採取的措施感到有信心，正在建立一個穩固的基礎，讓我們能在能量飲料領域長期耕耘多年。

So that's pretty much, Laurent, and you will see more news from us in the coming weeks.

所以大致就是這樣，Laurent；在接下來幾週你們會看到我們更多消息。

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

下一個問題來自 Cowen 的 Vivien Azer。

I was hoping that you could touch on your agreement with Beyond Meat and explain kind of the aspirations there in terms of the partnership as well as any embedded economic impacts in your 2021 guidance.

我希望你能談談你們與 Beyond Meat 的協議，並說明這項合作在夥伴關係方面的目標與願景，以及在你們 2021 年指引中是否包含任何隱含的經濟影響。

Yes, great. Great question. Yes, as you think about -- we're creating spaces for future growth. One of them is plant-based snacking, plant-based convenient solutions. We think that Beyond Meat was the right partner in terms -- we did a lot of due diligence in terms of R&D capabilities and kind of willingness to share with us in the future. And we have high expectations for that. There should be no implication for our 2021 kind of investment or high sale is going to be still a small business for us in 2021, but we plan to be in the market within this year.

是的，很好。問得很好。是的，當你思考——我們正在為未來成長創造一些空間。其中之一是植物基零食、植物基便利解決方案。我們認為 Beyond Meat 在合作夥伴方面是合適的對象——我們在研發能力以及未來與我們分享的意願方面做了大量盡職調查。我們對此抱有很高期待。這對我們 2021 年的投資不會有任何影響，或是說 2021 年對我們而言仍會是一個小型業務，但我們計畫在今年之內進入市場。

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

下一個問題來自 Barclays 的 Lauren Lieberman。

I was curious, as thinking back to kind of your longer-term plan, Ramon, that you laid out now almost exactly 2 years ago. Is it fair -- I think first order of business was seemingly to kind of shore up and reinvest in your bigger franchises. And I felt like the language in the prepared remarks today, there was a little bit more emphasis on stepping up the investments in the more -- the ancillary but critical growth opportunities, whether it's smaller brands or kind of healthier segments of the categories. Can you speak to the degree to which maybe the environment of the last year kind of accelerated the support you were giving to your big brands and the impact that, that really had on accelerating, I guess, your progress vis-à-vis your long-term goals? I'd be curious to hear sort of a progress report.

我很好奇，回頭看你們較長期的計畫，Ramon，你幾乎正好在兩年前提出的那個。這樣說是否公平——我想首要任務似乎是鞏固並重新投資你們較大的主力品牌。而我覺得今天事先準備的發言中，對於加大投資在較——周邊但關鍵的成長機會上，著墨更多，不論是較小的品牌，或是品類中較健康的區隔。你能否談談，過去一年左右的環境在多大程度上加速了你們對大品牌的支持，以及這對於加速——我想——你們相對於長期目標的進展，實際帶來了什麼影響？我很想聽聽一份進度報告。

Yes, that's great. Good question. Listen, if you think back and you see the growth opportunity for PepsiCo, we are -- you think about the large LRB category globally, we're about less than 10% on a $600 billion category growing at a 4%, 5%. And pretty much the same with macro-snacks, a large category, $500 billion, $600 billion globally, and we are less than 10%. So growth as a lever for the long-term value creation of these companies is clearly the #1.

是的，這很好。問得好。聽著，如果你回頭看並觀察 PepsiCo 的成長機會，我們——以全球大型 LRB（液態即飲飲料）品類來看，我們在一個 6,000 億美元、以 4% 到 5% 成長的品類中，市占不到 10%。宏觀零食（macro-snacks）也是類似：全球 5,000 億到 6,000 億美元的大品類，而我們也不到 10%。因此，成長作為這些公司長期價值創造的槓桿，顯然是第一優先。

As we're thinking about our growth, obviously, there is a lot of growth in our core brands. Our large core brands have a lot of opportunities, both for more penetration and for, obviously, much more frequency. So we're thinking about that pillar is critical. And we are -- I think we're well invested now in our core brands. If you think about the performance, for example, of PBNA and how brick by brick we've been able to get Pepsi to growth, Mountain Dew to growth, Gatorade to growth or to accelerated growth, while we still grow our coffees, our teas and our sparkling waters, I mean that is the growth model.

當我們思考成長時，顯然我們的核心品牌本身就有大量成長。我們的大型核心品牌在提高滲透率以及——顯然——提升消費頻次方面都有很多機會。所以我們認為這個支柱至關重要。而我們——我認為我們現在已對核心品牌投入得相當到位。若你看例如 PBNA 的表現，以及我們如何一步一步讓 Pepsi 恢復成長、讓 Mountain Dew 成長、讓 Gatorade 成長或加速成長，同時我們仍讓咖啡、茶與氣泡水持續成長——這就是成長模型。

If you turn it to the snacks business, the same. You have -- we have our big core categories that play in the fun, social space. And we're building a set of brands in more, let's say, either morning or during the day solo occasions where we're less penetrated at this point. These are brands I was referring earlier, Off The Eaten Path, Smartfoods, some of the recent acquisitions like pop corners, Bare. We are building a beautiful portfolio of solutions for that -- for those spaces. That is the growth of the company long term, a well balanced growth between our core businesses and those smaller niche that one day, 10 years from now, will become the big brands.

如果你把視角轉到零食業務，也是同樣的情況。你有——我們有一些大型核心品類，主打有趣、社交的場景。而我們正在建立一組品牌，更多是在——比方說——早晨或白天獨自食用的情境中，而我們目前在這些情境的滲透率較低。這些就是我先前提到的品牌：Off The Eaten Path、Smartfoods，以及一些近期收購的品牌如 pop corners、Bare。我們正在為那——為那些空間建立一個很漂亮的解決方案組合。這就是公司長期的成長：在核心業務與那些較小的利基之間取得良好平衡；而那些利基有一天——10 年後——會成為大品牌。

If you think about other models that we're working, clearly, our SodaStream has been a fantastic acquisition for us. And it gives us a platform not only to have a sweet spot between better for you and better for the planet, which I think is going to be a sweet spot of growth globally, but also a new way to customize drinks. The same, we're thinking about, for example, the questions I just got, on Beyond Meat and the partnership.

如果你思考我們正在推動的其他模式，顯然 SodaStream 對我們而言是一筆非常成功的收購。它不僅為我們提供一個平台，讓我們在「對你更好」與「對地球更好」之間取得一個甜蜜點——我認為這將是全球成長的甜蜜點——同時也提供一種客製化飲品的新方式。同樣地，我們也在思考——例如我剛剛收到的問題——關於 Beyond Meat 以及這項合作夥伴關係。

So we're building a lot of future opportunities for our portfolios to grow. At the same time, we don't want to keep our eyes off what are the core brands that drive the majority of the growth in absolute dollars of this company and that have a massive runway for growth in the future.

因此，我們正在為我們的產品組合建立許多未來的成長機會。同時，我們也不希望忽略那些核心品牌——它們在公司以絕對美元計的成長中貢獻了大多數，並且在未來仍有巨大的成長跑道。

So that gives you a sense of how we're thinking about growth, growth being our #1 value creation. Profitable growth, obviously. And I think we can do that over time by also creating those smaller spaces where I think we can enter and win in the future.

因此，這讓你大致了解我們如何看待成長——成長是我們創造價值的第一要務。當然，是有利可圖的成長。我也認為，隨著時間推進，我們也能透過打造那些較小的利基空間，在未來進入並取得勝利。

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

下一個問題來自 Jefferies 的 Kevin Grundy。

And congratulations on the strong year. Ramon, and Hugh, for that matter, just building off the last question around sort of balanced growth. I wanted to come back to the margin opportunity at North America beverages because this has come up still on a number of times on previous calls. In your prepared remarks today, it's been more about delivering a better balance and improving profitability. Last quarter, I think, it seemed to me, at least the tone was more on improving profitability. So I'm just -- I just want to get a better understanding here of the current commodity cost environment, which you commented on a moment ago, as well as the spending intentions of your key competitor, because one would argue that they've probably never been more constrained than they have been this past year. So I'm just curious if this will be another year of sort of really limited margin enhancement given these factors at North America beverages and want to get a better understanding of how big a priority this is for the organization? And then when can we expect to return to this sort of elusive mid-teens operating margin?

恭喜你們這一年表現強勁。Ramon，以及 Hugh 也是，延續上一題關於較為均衡成長的討論。我想回到北美飲料的毛利率機會，因為這在之前多次電話會議中仍反覆被提及。你們今天的事先準備發言，更多是在談交付更好的平衡並提升獲利能力。上季我覺得——至少就語氣而言——更偏向提升獲利能力。所以我只是——我只是想更清楚了解目前的大宗商品成本環境（你剛才也提到），以及你們主要競爭對手的支出意圖，因為有人會認為他們可能從未像過去一年這樣受限。因此我想知道，在北美飲料這邊，考量這些因素，今年是否又會是毛利率提升相當有限的一年？也想更了解這對公司而言到底有多高的優先順序？另外，我們何時可以期待回到那種一直難以達成的「十幾％」營業利益率水準？

Great. So let me take it first, and then Hugh can add.

很好。那我先回答，接著 Hugh 可以補充。

I think when we -- I think the conversations we started about a couple of years ago was we want to make sure that we got PBNA to be a growth engine. And I think brick by brick, we've been able to build a -- kind of make sure our brands are all growth brands. And I think we're there. In the latest quarter, a 5-plus growth shows that. Okay, we're -- most of our brands are performing at a very good level. That was critical because we thought that there's no way to cut your costs in a way that is sustainable. So now we have, I think, a good machine that has the right local execution capabilities and the good brands and innovation.

我想我們大概在兩年前開始談的是：我們希望確保 PBNA 成為一個成長引擎。我認為我們一步一腳印地建立——確保我們的品牌都成為成長型品牌。我想我們已經做到。最新一季 5% 以上的成長就證明了這點。好，我們——我們大多數品牌的表現都在非常好的水準。這很關鍵，因為我們認為不可能用一種可持續的方式去削減成本。所以現在我認為我們已經有一個很好的機器：具備正確的在地執行能力、好的品牌與創新。

Now we have the intentions to work, obviously, on the margin expansion of PBNA. That is a priority for us, a priority for the business. We see this business long term at mid-teens. We want to do it in a sustainable way, where we keep growing with the category and expand our margins. And we have, obviously, ideas on how do we pivot to categories, segments of the category that are highly more profitable, how we get better at selling the right pack in the right place at the right price, so our revenue management capabilities. We have a lot of cost opportunities in the end-to-end supply chain management and also the way we support the business, some of our G&A expenses, and a little bit on our A&M, as you mentioned, optimization. So all of that should give us the opportunities to continue to grow, add the category above and it's starting to expand the margins. This year should be a year where you see already some movement in that regard. And as I said earlier, we see this business getting into the teens margins over the long run without sacrificing competitive performance.

現在我們當然有意圖要推動 PBNA 的毛利率擴張。這是我們的優先事項，也是該業務的優先事項。長期來看，我們認為這個業務可以達到十幾％的水準。我們希望以可持續的方式做到：在與品類一起成長的同時擴大毛利率。我們也確實有一些想法：如何轉向更高獲利的品類與細分市場；如何更擅長在正確的地點以正確的價格銷售正確的包裝規格——也就是我們的收益管理能力。我們在端到端供應鏈管理上也有很多成本機會；在支援業務的方式上亦然，包括部分 G&A 費用，以及你提到的 A&M 的一些最佳化。因此，這些都應該帶來機會，讓我們持續成長、跑贏品類，並開始擴大毛利率。今年你應該就會看到在這方面已有一些進展。正如我先前所說，長期來看，我們看到這個業務能在不犧牲競爭表現的情況下，達到十幾％的毛利率水準。

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

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

Ramon, I was hoping you could just talk about what's going on at retail in terms of assortment, SKU management at the retail level, because it seems like retailers are finally starting to focus on higher velocity items and really trying to simplify their shelves because they all learned the lessons of COVID and not having enough stock of higher-turning brands. So just wanted to get your perspective on that. And some of the things we've heard from retailers about Quaker has been under a little bit of space pressure. So just hoping you can provide some clarity there.

Ramon，我希望你能談談零售端在品項組合、SKU 管理方面的情況，因為看起來零售商終於開始把重心放在周轉更快的品項上，並且真的想簡化貨架，因為他們都從 COVID 學到教訓：高周轉品牌的庫存不夠。所以想聽聽你的觀點。另外，我們從零售商那邊聽到一些說法，認為 Quaker 的陳列空間有點受到擠壓。也希望你能在這方面提供一些釐清。

Yes. I think, listen, obviously, we all had to take a look at our supply chain, right, during this year because we -- it's been a challenging year from the supply chain point of view given the number of infected people that we had in our supply chain and so on. So simplifying our portfolios has been a solution to continue to have elevated levels of supply to our customers, which has been our focus.

是的。我想，聽著，顯然今年我們都必須重新檢視供應鏈，對吧？因為——從供應鏈角度來看，這一年很具挑戰性，原因包括我們供應鏈中有很多人感染等等。因此，簡化我們的產品組合一直是一個解方，讓我們能持續向客戶提供較高水準的供應，這一直是我們的重點。

I think as we go forward and consumers move back to more of a -- a bit of -- more of a normal life and physical stores continue to be a meaningful part of their shopping experience, I think consumers will go back to experimenting a little bit more, and they will be looking for innovation and smaller SKUs. So I think we're going to see a small -- slow return back to bit more complex portfolios. But I think we've all learned that maybe the tail of the portfolio was not really delivering the returns that we needed to have for every SKU that we had in the marketplace. So I think there's going to be an optimization of the portfolios but an increasing complexity as well versus what we have today given that the consumers will be asking for a bit more experimentation and especially in our categories where variety is a key driver of purchase.

我認為往前看，隨著消費者回到更——更接近正常的生活，且實體門市仍是他們購物體驗中很重要的一部分，我認為消費者會回到更願意嘗試一些新東西，他們會尋找創新與較小的 SKU。因此我認為我們會看到產品組合慢慢回到稍微更複雜一些。但我想我們也都學到：產品組合尾端其實並沒有為市場上的每一個 SKU 帶來我們需要的回報。因此我認為產品組合會被最佳化，但相較於今天也會增加一些複雜度，因為消費者會要求更多嘗試，尤其在我們這些「多樣性」是購買關鍵驅動因素的品類中更是如此。

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

下一個問題來自 Deutsche Bank 的 Steve Powers。

Maybe just 2 things. First, Hugh, if you could -- given the higher CapEx that you mentioned, just your thoughts on free cash flow and free cash flow conversion for the year. I guess I'm thinking that around about 80% free cash flow conversion is a reasonable place to start for the year, consistent with 2020. But just any thoughts you might have as to why that could be materially higher or lower.

也許兩點。第一，Hugh，鑑於你提到資本支出（CapEx）較高，想請你談談今年的自由現金流以及自由現金流轉換率。我在想，以約 80% 的自由現金流轉換率作為今年的起點應該算合理，與 2020 年一致。但你是否有任何看法，為什麼它可能會顯著更高或更低？

And then, Ramon, I just -- I guess, maybe can you talk a little bit about the Gatorade franchise. It had a really strong 2020 behind Zero and other initiatives. And I'm curious to how you're thinking about it into '21. And maybe as part of that, you mentioned kind of a sports energy convergence in your answer to Laurent's question. And it looks to me like you're increasingly positioning Bolt24 to play in that area. So maybe you could talk a little bit more about how those lines may be blurring.

然後 Ramon，我想——也許你能談談 Gatorade 這個品牌。2020 年在 Zero 和其他舉措帶動下表現非常強勁。我很好奇你們如何看待 2021 年。另外，作為其中一部分，你在回答 Laurent 的問題時提到某種「運動與能量」的融合。看起來你們正越來越把 Bolt24 定位在那個領域。所以也許你能多談談這些界線如何逐漸模糊。

Okay. Hugh, do you want to...

好的。Hugh，你要不要……

Yes. I'll jump in on this. Obviously, Steve, we didn't give specific cash flow guidance. But I think, generally speaking, the profile of our cash flow will be similar to what you saw in 2020.

是的。我來回答這個。顯然，Steve，我們沒有提供具體的現金流指引。但一般而言，我們的現金流輪廓將會與你在 2020 年看到的相似。

Great. No, hold on, let me just say a few words on the Gatorade. I think Gatorade, we're seeing Gatorade clearly growing very fast. Part of it is our innovation, especially Zero has been an amazing innovation. It's crossed the $1 billion retail sales value already for a year. I mean that's a meaningful, sizable innovation. And we're seeing, obviously, people exercising more. And obviously, that's helping us drive additional consumption.

很好。不，等等，讓我再補充幾句關於 Gatorade。我認為我們看到 Gatorade 明顯成長非常快。其中一部分來自我們的創新，尤其是 Zero，是一項非常驚人的創新。它的年度零售銷售額已經跨越 10 億美元。我是說，那是一個很有意義、規模很大的創新。而且我們也看到，顯然，人們運動得更多。這也明顯在幫助我們帶動額外的消費。

As we think about the future of Gatorade, we couldn't be more excited about what we see. Obviously, moving into other spaces, like I said, natural, obviously you mentioned energy, those could be spaces. But where we see the biggest opportunity for Gatorade is in creating more of a personalized solutions for athletes and kind of amateur athletes, like most of us, and creating a much more engaged relationship where we become advisers of the athletes, of their hydration needs, of all their nutrition needs and we see an opportunity to create much more of a full ecosystem of engagement with the consumer. We provide solutions, we provide products and we provide information. And I think that's the real future of Gatorade, which is a massive brand that has so much trust from consumers. I think we can leverage that trust in providing much more than just a liquid hydration.

當我們思考 Gatorade 的未來時，我們對所看到的一切感到無比興奮。顯然，進入其他領域——如我所說的天然（natural），以及你提到的能量（energy）——都可能是方向。但我們認為 Gatorade 最大的機會，在於為運動員以及像我們大多數人這樣的業餘運動者，打造更個人化的解決方案，並建立更深度的互動關係：我們成為運動者的顧問，針對他們的補水需求、以及所有營養需求提供建議；我們看到有機會與消費者建立更完整的互動生態系。我們提供解決方案、提供產品，也提供資訊。我認為這才是 Gatorade 真正的未來——這是一個擁有消費者高度信任的巨大品牌。我想我們可以運用這份信任，提供遠不止於液態補水的價值。

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。

Great. Just first a follow-up question on energy. And that is, can you talk about, as you look at your guidance for 2021, how much does your energy strategy bear into it? What is the impact that you're modeling for Rockstar and Mountain Dew on your 2021 guidance? So that's the -- just kind of follow-up question.

很好。首先是一個關於能量飲料的追問。也就是說，當您看 2021 年的指引時，您的能量策略在其中占了多大比重？您在 2021 年指引中，對 Rockstar 和 Mountain Dew 所建模的影響是什麼？所以這就是——算是一個追問。

And then the bigger picture question is, how do you assess the impact of people staying -- spending more time at home on the snacks business? How much increased demand did you see in 2020 from that, particularly in the U.S. and the likelihood of that continuing?

然後更宏觀的問題是，您如何評估人們待在家裡——在家花更多時間——對零食業務的影響？2020 年您因此看到了多少需求增加，特別是在美國，以及這種情況延續的可能性有多大？

Hugh, do you want to start with the energy?

Hugh，你要先從能量飲料開始嗎？

Energy, yes, happy to. Robert, in terms of being one of the impact items for PBNA, clearly, the energy strategy is important to us. And that's broad based. It's Rockstar. It's what we might do with Mountain Dew. And obviously, Bang is a bit of a contributor as well.

能量飲料，是的，很樂意。Robert，就 PBNA 的影響項目之一而言，顯然能量策略對我們很重要。而且這是廣泛布局的。包括 Rockstar，也包括我們可能會對 Mountain Dew 採取的作為。當然，Bang 也有一些貢獻。

In terms of overall PepsiCo, yes, it matters but I wouldn't call it a make-or-break type of item for the company this year. If things don't go as well as we expect, I think we've got enough of other levers that will be fine. It's important for PBNA, to be sure.

就整體百事公司而言，是的，它確實重要，但我不會把它稱為今年對公司成敗具有決定性的項目。如果事情沒有如我們預期般順利，我認為我們還有足夠多其他槓桿可以運用，仍然會沒問題。對 PBNA 來說，這點確實很重要。

Yes. And on the impact of the kind of the new mobility habits on snacks, I would say we've lost a lot of high-profit volume in both the convenience channel and the away-from-home channel. I mean, we always talk about beverages, but snacks had a pretty good impulse and away-from-home opportunity that we've lost, and that was high margin.

是的。至於新的移動習慣對零食的影響，我會說我們在便利通路以及外出消費通路都流失了大量高獲利的銷量。我的意思是，我們總是在談飲料，但零食也有相當不錯的衝動購買與外出消費機會，而我們失去了這些，而那部分是高毛利的。

On the opposite side, we're obviously seeing more consumption at home, both on kind of indulgence in terms of kind of at the end of the day, there's -- people need a break or during the day some breaks, and we're seeing more solo consumption, so more multipack, small portion formats. At the end, probably a bit of a net positive for the category, but not massively in terms of what we're seeing across the world. Maybe a bit more developed -- in developed markets where we have more in-home consumption, maybe a more positive impact. But in developing markets where there's more of an away-from-home consumption, a negative impact. So that's how full company, those are the drivers, depending on the -- how the per cap -- per capita consumption is built between in-home and out-home and the different occasions.

相反地，我們顯然看到更多在家消費，既包括某種程度的放縱——例如一天結束時，人們需要休息一下，或白天也需要一些休息——我們也看到更多單人消費，因此更多多入裝、小份量的形式。總體而言，對該品類可能是略為淨正面，但就我們在全球看到的情況而言，幅度並不大。也許在已開發市場，由於在家消費更多，影響會更正面一些。但在開發中市場，因為外出消費更多，影響則是負面的。所以就整個公司而言，這些就是驅動因素，取決於——人均消費在家內與家外之間的構成，以及不同的消費情境。

Your final question comes from the line of Chris Carey of Wells Fargo Securities.

您的最後一個問題來自 Wells Fargo Securities 的 Chris Carey。

So I just wanted to follow up a little bit on PBNA and specifically around pricing and promotion, right? So 3 quarters running of strong net pricing in the division. And I guess -- and you can see this showing up in the data as well. I mean, are you getting more comfortable around the concepts of using price as more of a lever in PBNA over time?

我想再追問一下 PBNA，特別是關於定價與促銷，對吧？該部門已連續 3 個季度呈現強勁的淨定價。我想——而且你也能從數據中看到。我是說，隨著時間推移，您是否對在 PBNA 更常把價格作為一個槓桿的概念感到更有信心？

And then maybe specifically, we're at record low promotions across the categories, including for your portfolio in North America. Do you think that you can keep these promotional levels lower as a strategy? And just in general, how sustainable do you think these low promotions are? Or whether we're going to see some sort of reversal in 2021 and that's factored in your outlook?

然後更具體地說，我們看到各品類的促銷都處於歷史低位，包括你們在北美的產品組合。你認為你們能否把這些促銷水準維持在較低水平作為一種策略？整體而言，你認為這種低促銷有多可持續？或者我們是否會在 2021 年看到某種反轉，而這已被納入你們的展望之中？

Yes, I think strategically, we see in the beverage category, trying to understand better the consumer and give the consumer what he or she needs for every occasion with the right pack and the right price. That's a huge lever of growth for our partners, retail partners and for us. So trying to build kind of a profitable growth along the lines of the value we create for the consumer, for the particular occasion, that's a big driver of opportunity. I think we have -- we're getting better at that at PBNA and globally across the world, understanding the -- really the drivers of every occasion and what is best, what is the portion, what is the sizing, what is the -- what will drive purchasing and consumption. So that's our strategic driver.

是的，我認為從策略上來看，在飲料品類中，我們希望更好地理解消費者，並在每一個消費情境中，以合適的包裝與合適的價格提供消費者所需要的產品。這對我們的合作夥伴——零售合作夥伴——以及對我們而言，都是一個巨大的成長槓桿。因此，嘗試沿著我們為消費者在特定情境所創造的價值來建立一種有利可圖的成長，這是一個很大的機會驅動因素。我認為我們在 PBNA 以及在全球範圍內都在這方面做得更好，去理解——真正理解每個情境的驅動因素：什麼是最佳選擇、份量是多少、規格大小是什麼、什麼會驅動購買與消費。所以這就是我們的策略驅動因素。

In terms of the promotional effort, I think we've simplified promotional calendars with our customers everywhere, given the simplification of the supply chain that we had to do. I think we've all learned that there are some opportunities there, but I'm sure there will be a little bit of additional promotional efforts as the world opens up again. But I think we've all learned that the relative price of the beverage category in some formats in the U.S., even you compare to other markets around the world, was very, very low. So I think we -- there is a strategic journey to make this category a bit more higher valued in general terms. And that's the journey that we are all in. And that will obviously drive additional value for our retail partners and for ourselves.

就促銷投入而言，我認為我們在各地都與客戶簡化了促銷行事曆，這也反映了我們必須進行的供應鏈簡化。我想我們都學到其中存在一些機會，但我確信隨著世界再次開放，促銷活動會略有增加。不過我認為我們也都學到，在美國某些規格形式下，飲料品類的相對價格——即使與全球其他市場相比——都非常、非常低。因此我認為我們——在策略上有一段旅程，要讓這個品類在整體上變得更具價值。而這正是我們共同走在其中的旅程。這也將顯然為我們的零售合作夥伴以及我們自己帶來額外價值。

Ladies and gentlemen, this concludes our question-and-answer session. I would now like to turn the call back over to Ramon Laguarta for any closing remarks.

各位女士、先生，問答環節到此結束。現在我想把電話交回給 Ramon Laguarta，請他做任何結語。

Yes. Yes, I wanted to thank you, all of you, for your support during the year and for your investments in PepsiCo. And hopefully, everybody stays safe and all the best to all of you. Thank you.

是的。是的，我想感謝各位在這一年中的支持，以及各位對百事公司的投資。也希望大家都能保持安全，並祝各位一切順利。謝謝。

Thank you for participating in PepsiCo's fourth quarter earnings question-and-answer session. You may now disconnect your lines, and have a wonderful day.

感謝您參與百事公司第四季度財報問答環節。您現在可以掛線，祝您有美好的一天。