百事 (PEP) 2020 Q3 法說會逐字稿

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

早安，歡迎參加百事公司第三季財報問答環節。（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. I hope everyone has had a chance this morning to review our press release and prepared comments, 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發言內容，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, 2020 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、2020 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，該等指標會自已公布的結果中排除某些項目。請參閱今日的財報新聞稿以及可於 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.

今天與我一同出席的有百事公司董事長暨執行長 Ramon Laguarta，以及百事公司副董事長暨財務長 Hugh Johnston。

(Operator Instructions) And with that, I will turn it over to the operator for the first question.

（接線員指示）那麼，我將把時間交回接線員，進行第一個問題。

(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。

Hi. Can you hear me?

嗨。你們聽得到我嗎？

We can.

聽得到。

Okay, great. So with the better-than-expected results here in Q3 and for full year earnings guidance, we're likely to end up with a pretty solid 2020 earnings result, all things considered, post-COVID. So I know you won't guide explicitly for next year, but just trying to understand at a high level, do you view 2020 as a depressed earnings result and sort of a depressed earnings base that we should see outsized growth off of as we look out to 2021, particularly as COVID costs drop off? Or is your bias more to reinvest any assumed drop-off in COVID cost?

好的，很好。那麼，鑑於第三季表現優於預期，以及全年每股盈餘指引，我們很可能在各項因素綜合考量下，在 COVID 之後仍能交出相當穩健的 2020 年獲利結果。我知道你們不會明確提供明年的指引，但我想從較高層次了解：你們是否將 2020 年視為一個獲利被壓抑的年度、也就是一個被壓抑的獲利基期，因而在展望 2021 年時（特別是當 COVID 相關成本下降時）應該會出現較大幅度的成長？或者，你們的傾向是把任何假設的 COVID 成本下降，重新投入到業務之中？

And perhaps you can just discuss some of the key puts and takes potentially looking out to 2021 relative to what's obviously an abnormal 2020?

另外，也請你們談談相較於顯然不尋常的 2020 年，展望 2021 年時一些關鍵的利多與利空因素。

Okay, Dara. Yes. Listen, we're very happy with the quarter and how our investments are starting to deliver in terms of, I would say, a global market share improvement and sustained top line acceleration, and also how some of that is flowing down to the bottom of the P&L, as you saw in our EPS numbers.

好的，Dara。是的。聽著，我們對本季非常滿意，也看到我們的投資開始帶來成果：我會說，全球市占率有所改善、營收端（top line）加速成長得以延續；同時，你也看到其中一部分如何反映到損益表（P&L）的底線，正如我們每股盈餘（EPS）的數字所呈現。

In terms of your question of are we going to keep investing or not? I think you know our philosophy. We've been trying to have sustainable growth for the business, top line, bottom line, very balanced in that respect. I think there are continuous reinvestments required in terms of brands pivoting into new spaces or new capabilities required because of the new ways consumers are shopping, especially around the omni-channel transformation. There are sustainability reinvestments required.

至於你問我們是否會持續投資？我想你了解我們的理念。我們一直致力於讓業務維持可持續的成長，在營收端與獲利端之間保持非常均衡。我認為，品牌要轉向新的領域，或因應消費者新的購物方式（特別是全通路轉型）所需的新能力，都需要持續再投資。此外，也需要在永續方面進行再投資。

So we're going to continue to run the business in a very balanced way, right? Where we're going to flow to the bottom line along the lines of what we said a couple of years ago when we defined our high single-digit ambition for EPS long term. And -- but makes sure that we don't sacrifice the reinvestments that are required for a company of our scale to remain competitive long term, given what's going on externally.

因此，我們會以非常均衡的方式持續經營業務，對吧？我們會如同幾年前在設定長期 EPS 高個位數成長目標時所說的那樣，讓成果逐步反映到獲利端。但同時也要確保，在外部環境變化之下，我們不會犧牲一家我們這種規模的公司為了長期保持競爭力所必須進行的再投資。

So that's how we're thinking about the business. Obviously, we'll give you more information in February. We'll know more about how the pandemic evolves, the costs that will still be required to run the business. I would not be assuming at this point that the pandemic cost will go away by next year. I think we'll continue to have to put some costs back into the business to run the business safely.

這就是我們看待業務的方式。當然，我們會在二月提供更多資訊。屆時我們會更清楚疫情如何演變，以及為了安全營運仍需要承擔哪些成本。我目前不會假設疫情相關成本到明年就會消失。我認為我們仍將需要把部分成本投入回業務，以確保能安全地營運。

So more in February, but I just wanted you to get the philosophy, how we're thinking about the long-term reinvestment in the business and the delivery of our EPS on a yearly basis.

所以二月再談更多，但我想先讓你了解我們的理念：我們如何思考對業務的長期再投資，以及我們如何逐年交付 EPS。

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

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

I hope all is well. So you spoke on the resilience of the business in developed markets and the recovery in beverages, in particular in North America and also in Europe. So I was hoping if you can elaborate more, Ramon, on the trends for the on-premises with the reopening. And how are you planning your price points in places in emerging markets where the recession may be hitting more, the consumer?

希望大家都一切順利。你提到成熟市場業務的韌性，以及飲料業務的復甦，特別是在北美以及歐洲。我想請你再多談一些，Ramon，關於隨著重新開放，外食／外出消費（on-premises）通路的趨勢。另外，在新興市場中，景氣衰退可能對消費者衝擊更大，你們在那些地區如何規劃定價水準？

Yes, Andrea. Good. Yes, listen -- yes, I can give you a bit more color on the away-from-home business. It has rebounded from the very lows of April, May, right? It's better. There's more mobility. There's more traffic in some channels. I would say there's a lot of innovation in a lot of the customers. So they're adapting to the new reality. Especially, restaurants and some entrepreneurs are finding ways to adjust. But still is a very big drag in our business, I would say in the levels of 30% to 40% versus year ago, negative, still in most of the developed markets.

是的，Andrea。好的。是的，聽著——我可以再提供一些關於外出消費（away-from-home）業務的補充說明。它已經從四月、五月的極低點反彈，對吧？情況更好了。人們的移動增加了。某些通路的客流也增加了。我會說，許多客戶都在做很多創新。因此他們正在適應新的現實。尤其是餐廳以及一些創業者正在找到調整的方法。但我會說，這仍然是我們業務的一個很大的拖累：在多數成熟市場，相較去年仍為負成長，大約落在 -30% 到 -40% 的水準。

So still a very negative. It's better than the minus 60s, 70s that we had in the April, May. But I'm sure it's going to be improving, right? We see some channels still hurting a lot, like hospitality or entertainment or transportation. Those are still very low. We see some other channels improving, and we're obviously going to lean into those channels to capture most of the growth. So that's the first part.

所以仍然非常負面。它比我們在四月、五月看到的 -60%、-70% 要好。但我確信它會持續改善，對吧？我們看到某些通路仍然受創很深，例如旅宿、娛樂或運輸。那些仍然非常低迷。我們也看到其他一些通路正在改善，而我們顯然會加大在那些通路的投入，以掌握大部分的成長。以上是第一部分。

On the second part, Andrea, the -- yes, we see developing markets, especially, I would say, Latin America, parts of Africa, Middle East, starting to feel the economic challenges for a lot of the households. So people are starting to -- there's a bit more unemployment, and there's obviously these possible income challenges for many families. We tend to do well in those circumstances. We can adjust our price points quite fast, and we have good playbooks on how to play in recessions, how to adjust entry points to the category, how to deliver good value on some of the family sizes that are now preferred as well.

第二部分，Andrea，呃——是的，我們看到新興市場，尤其是我會說拉丁美洲、非洲部分地區與中東，開始感受到許多家庭面臨的經濟挑戰。因此人們開始——失業率略有上升，且顯然許多家庭可能面臨收入方面的挑戰。在這種情況下，我們通常表現不錯。我們可以相當快速地調整價格帶，而且我們有很好的作戰手冊，知道在衰退時如何應對、如何調整品類的入門價位，以及如何在目前也更受偏好的家庭規格上提供良好價值。

So I think we're going to do okay. We tend to do okay in these situations. But yes, there is, I would say Latin America and Africa, Middle East, signs of economic challenges for many households.

所以我認為我們會做得還可以。我們在這些情境下通常都能做得不錯。但確實，我會說在拉丁美洲、非洲與中東，已出現許多家庭面臨經濟挑戰的跡象。

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

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

I had a question on your FY '20 guidance, which implies that organic sales growth should, I guess, modestly accelerate to, I think, around 5% in Q4 versus the 4.2% you reported in Q3. But then when I think about your full year EPS guidance, that implies EPS growth in the fourth quarter will moderate a fair amount to around -- or from the 9% that you're reporting Q3 to around 3%. So I just really wanted to understand how conservative your guidance might be, especially as I think about you facing maybe even fewer COVID-related headwinds as you round out the year.

我想問一下你們 2020 財年的指引（FY '20 guidance）。這似乎意味著有機銷售成長在第四季應該會小幅加速到——我想大約 5%，相較於你們第三季報告的 4.2%。但當我看你們全年 EPS 指引時，這又意味著第四季 EPS 成長會明顯放緩——從你們第三季報告的 9% 降到大約 3%。所以我主要想了解你們的指引可能有多保守，特別是考量到你們在年底時可能面臨更少與 COVID 相關的逆風。

And then maybe you guys could touch on what that assumes for A&M spending in Q4. I guess it could assume a pretty big step-up and maybe put pressure on your margins, but drive an acceleration on your top line. So any color there would be helpful.

另外，也許你們可以談談這對第四季 A&M（廣告與行銷）支出做了哪些假設。我猜這可能假設支出會大幅增加，或許會對你們的利潤率造成壓力，但也會帶動營收端加速。所以若能提供一些補充說明會很有幫助。

Hugh, you want to cover this one?

Hugh，你要回答這題嗎？

Yes, happy to. A couple of things. Maybe you and Ravi can talk a little bit. My math is a little different on the top line for Q4. I think it lands somewhere in the mid-4s based on the implied full year backing into Q4.

好的，很樂意。有幾點。也許你和 Ravi 可以再稍微談一下。我對第四季營收端的計算有點不同。我認為根據全年隱含數、倒推第四季，應該落在 4% 中段左右。

And in terms of the margin implications, probably the biggest factor in all of it will continue to be the COVID cost. We mentioned that we had about $150 million worth of COVID cost in Q3, and that will continue to some degree in Q4 as well. And it's a bit of a longer quarter in that regard.

至於利潤率的影響，整體中最大的因素大概仍會是 COVID 成本。我們提到第三季大約有 1.5 億美元的 COVID 成本，而第四季也會在某種程度上持續。而且就這方面而言，第四季是一個相對更長的季度。

In addition to that, you know that our A&M spend is booked on a curve. And as we get into the fourth quarter, the curve will be affected by the full year A&M spend. So I think it's a bit more of a drag in Q4 than it was in Q3. So nothing beyond those things, nothing in terms of other big, notable costs, other than higher A&M and COVID costs that will continue based on what you've seen so far.

此外，你也知道我們的 A&M 支出是依曲線入帳的。當我們進入第四季時，這條曲線會受到全年 A&M 支出水準的影響。所以我認為第四季的拖累會比第三季更大一些。除此之外沒有其他因素——沒有其他重大、顯著的成本；除了 A&M 較高以及依你目前所見將持續的 COVID 成本之外。

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

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

Wanted to ask a question about PBNA and good sequential improvement in the third quarter. And I guess, Ramon, what I'd like to understand now is, now that you've got an energy drink -- a more comprehensive energy drink portfolio, can you elaborate a little bit more on some of the things you're going to do to potentially, I guess, take advantage of this situation? You've got a largely company-owned bottling system. You've got the resources to spend. So are there opportunities to begin to accelerate market share from here?

我想問一下 PBNA，第三季有不錯的連續改善。我想了解的是，Ramon，現在你們已經有一個——更完整的能量飲料產品組合，你能否更詳細說明一下你們接下來可能會做哪些事情，以便——我想——把握這個情勢？你們擁有以公司自有為主的裝瓶系統。你們也有資源可以投入。所以從這裡開始，有沒有機會加速提升市占率？

And then maybe if you could just touch on, in the third quarter specifically, were there any market share issues or any issues with out of stocks relative to maybe can shortages or packaging?

另外，如果你能簡單談一下第三季本身，是否有任何市占方面的問題，或是相較之下有缺貨（out of stocks）問題，可能與鋁罐短缺或包材有關？

Yes, good question. Listen, when we talked about PBNA about a year ago, we said we're going to try to go 1 step at a time trying to fix all the different opportunities we had with the different brands, right? And the truth is that Q3 is a good reflection of that effort that the team has done over the last year, 1.5 years. If you look at every one of our large brands, is accelerating. So Pepsi is growing; Mountain Dew, good growth; Gatorade, good -- very good growth, I would say; our coffees, our teas, our juices are growing double digit. So very good performance across.

是的，好問題。聽著，當我們大約一年前談到 PBNA 時，我們說過會一步一步來，嘗試修正我們在不同品牌上所看到的各種機會，對吧？而事實是，第三季正很好地反映了團隊在過去一年到一年半所做的努力。如果你看我們每一個大型品牌，都在加速。所以百事可樂在成長；激浪（Mountain Dew）成長良好；佳得樂（Gatorade）成長良好——我會說非常好；我們的咖啡、茶與果汁都呈現雙位數成長。所以整體表現非常好。

We've then -- with regards to the energy integration, as you can imagine, there's a lot of small details, right, in -- operational details in integrating a business like Bang, which is quite sizable, and trying to move it from a very dispersed distribution setup to a more consolidated one. So in every state, we have different anecdotes, and also the ROCKSTAR integration. So I think the team has done very good job in terms of both the integration. Now we're starting to run it as a full business.

接著——關於能量飲料的整合，如你所想像，有很多小細節，對吧——在營運細節上，要整合像 Bang 這樣規模相當大的業務，並嘗試把它從非常分散的配送架構轉為更集中化的架構。因此在每個州我們都有不同的案例，另外還有 ROCKSTAR 的整合。所以我認為團隊在整合兩者方面做得非常好。現在我們開始把它當作一個完整的業務來運作。

So to your question on the future, I think we're going to continue to double down on what I think has driven the success, which is very good innovation, right? So if you think about all our Zero innovation, it's doing very well. Gatorade Zero, massive innovation; Mountain Dew Zero is doing very well and starting to bring new consumers into the franchise, younger consumers that we had not been very successful with, so we feel good about that. Pepsi Zero growing very nicely. Then obviously bubly continues to do very well.

所以回到你對未來的問題，我認為我們會持續加碼我們認為驅動成功的因素，也就是非常好的創新，對吧？如果你看我們所有的 Zero 系列創新，表現非常好。Gatorade Zero 是一個重大的創新；Mountain Dew Zero 表現也非常好，並開始為這個品牌系列帶來新的消費者——更年輕的消費者，而我們過去在這方面並不是很成功，所以我們對此感到樂觀。Pepsi Zero 也成長得很不錯。然後當然，bubly 也持續表現非常好。

So we'll continue to double down on innovation as a lever. We'll continue to double down on execution and becoming a better operating company. So I think the changes we've made to our organization to more of a division structure is giving us more granularity and more local excellence, if you wish, in terms of execution. We're going to double down on that.

因此我們會持續把創新作為一個槓桿來加碼。我們也會持續加碼執行力，並成為一家更好的營運型公司。所以我認為我們對組織所做的調整——更偏向事業部（division）架構——讓我們在執行上有更細的顆粒度，以及如果你願意這麼說，更在地的卓越。我們會在這方面加碼。

The energy portfolio gives us much more scale in the convenience channel, which was a -- some sort of a weakness for us. And so we're improving in that channel. If you see the market share in convenience stores in the summer, great progress. So we're happy with how we're doing in that respect. So we'll continue with the playbook. It's working for us. Now we have 1 more set of tools in our arsenal with this energy portfolio.

能量飲料產品組合讓我們在便利通路擁有更大的規模，而那曾經——算是我們的一個弱項。因此我們正在改善這個通路的表現。如果你看夏季在便利商店的市占率，進展非常好。所以我們對這方面的表現感到滿意。因此我們會持續沿用這套作戰手冊。它對我們有效。現在，透過這個能量飲料產品組合，我們的武器庫又多了一套工具。

We're happy with the way Gatorade is working. We're seeing a lot of more people exercising. It's a good trend. We like it, that people are exercising at home. People are embracing daily routines of exercising. That helps the sports drink category and obviously Gatorade as a leader in that category.

我們對佳得樂（Gatorade）的運作方式感到滿意。我們看到更多人開始運動。這是一個很好的趨勢。我們也喜歡人們在家運動這件事。人們正在養成每日運動的日常習慣。這有助於運動飲料品類，當然也有助於作為該品類領導者的佳得樂。

So we see a lot of positives for growth in the portfolio. And then we're happy with Mountain Dew. Mountain Dew Zero has been a great addition to the team. And it's -- I mean, it's getting scale and it's getting very good trial, very good repeats and is very incremental to the brand.

因此，我們在產品組合的成長方面看到了很多正面因素。另外，我們也對激浪（Mountain Dew）感到滿意。激浪零糖（Mountain Dew Zero）一直是團隊的一個很棒的新增成員。而且它——我的意思是——正在形成規模，也獲得非常好的試用表現、非常好的回購率，並且對品牌帶來非常增量的貢獻。

So I think you will see, I think, that sustained performance in PBNA. And hopefully, we can yet improve our market competitiveness as we go along.

所以我認為你會看到，我認為，PBNA 的表現將會持續。並且希望隨著時間推進，我們還能進一步提升市場競爭力。

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。

I just had a quick clarification question, and then my real question. Ramon, I was hoping you could just clarify your comments around the COVID-related costs, in saying that you expect them to stick around in 2021 or beyond this year. I just wanted to see if you can just clarify how much of it actually, out of the total pool of COVID costs, do you actually think will stick around?

我先有一個很快的澄清問題，然後才是我的主要問題。Ramon，我希望你能澄清一下你對與 COVID 相關成本的評論，你提到你預期這些成本會在 2021 年或今年之後仍然存在。我想確認的是，在 COVID 成本的總額中，你實際上認為有多少會持續存在？

And then my actual question is just on Pepsi Beverages North America and its margin profile. So margins today are 400, 500 basis points below the peak. So I'm just trying to understand how you're philosophically thinking about the migration of that margin back up to kind of where they used to be. I mean, is this something that you want to really see happen quickly? Or do you think it will be a much more of a measured pace? Any thoughts around that would be helpful.

然後我真正的問題是關於百事北美飲料（Pepsi Beverages North America，PBNA）及其利潤率結構。目前的利潤率比峰值低了 400 到 500 個基點。所以我想了解，你們在理念上如何看待利潤率回升到過去水準的路徑。我的意思是，這是你們希望很快發生的事情嗎？還是你們認為會以更為審慎、循序漸進的速度？任何相關想法都會很有幫助。

Yes. Yes. On the COVID cost, my point is, I don't know how the pandemic will evolve, but I think it's going to be very likely that we still have to be very careful and keep our people safe for a large part of the year next year. It's not going to be as much as what we had this year, especially at the beginning. I think we're getting better at this. We're finding more effective ways to run the business under this difficult circumstances. But there's going to be a -- still some inefficiency and some additional cost because of COVID. So that was my point.

是的。是的。關於 COVID 成本，我的意思是，我不知道疫情會如何演變，但我認為很可能在明年相當長的一段時間內，我們仍必須非常謹慎並確保員工安全。這不會像今年、尤其是年初那麼高。我認為我們在這方面做得越來越好。我們正在找到更有效的方法，在這種艱難情況下營運業務。但仍會有——一些效率損失以及因 COVID 而產生的額外成本。所以這就是我的重點。

With regards to the PBNA business and the shape of its -- the portfolio and the profitability. Obviously, we want to get back to at much higher levels. The speed of the transition to the higher levels will depend on our success to drive market share and to drive efficiency on our -- especially S&D and supply chain, which is where I think we have more of the opportunity.

至於 PBNA 業務以及其——產品組合的形態與獲利能力。顯然，我們希望回到更高的水準。回升到更高水準的速度，將取決於我們推動市占率以及提升效率的成功程度——特別是在銷售與配送（S&D）以及供應鏈方面，我認為那裡有更多機會。

So we have a sense of urgency in all these, in becoming a better-performing top line company and in improving the efficiency of the business. As you can see from the Q3 results, it's a good performance, but we're not going to sacrifice the long term for the short term. So we're going to continue to invest in our brands, make sure that they're well-funded, that we'll continue to keep our consumers in our brands, keep them engaged. We innovate with well-funded innovation, and that we invest in data. Especially, data and infrastructure investments are required to pivot to the multi -- the omnichannel world that we're living. And we're not going to sacrifice those investments for an accelerated profit improvement. But you should see profit improvement in PBNA going forward.

因此，我們在這些方面都有緊迫感：成為一家營收端表現更好的公司，以及提升業務效率。從第三季的結果你可以看到，表現不錯，但我們不會為了短期而犧牲長期。所以我們會持續投資於我們的品牌，確保資金充足，並持續讓消費者留在我們的品牌中、保持互動。我們以充足資金支持創新。並且我們投資於數據。尤其是，為了轉向我們所處的多——全通路（omnichannel）世界，需要進行數據與基礎設施投資。我們不會為了加速獲利改善而犧牲這些投資。

Ramon, if I can just add to Nik's question a bit on the COVID cost. Nik, to build on Ramon's answer a bit. Obviously, up front, there were sort of 2 implications. One was around taking reserves around potential losses due to customers exiting their businesses, particularly in the food service area. And then the second piece of the cost is personal protective equipment and sanitation and things like that, which is more ongoing. In Q3 and Q4, those numbers are sort of landing at about $150 million or so. Depending on the course of the pandemic for next year, obviously, we're going to need to continue to protect our people. So those costs, obviously, will continue until we get to a point where we have a different outcome from the perspective of the virus.

Ramon，如果可以的話，我想在 Nik 關於 COVID 成本的問題上再補充一點。Nik，延伸 Ramon 的回答。顯然，一開始大致有兩個影響。第一個是針對可能的損失提列準備，原因是部分客戶退出其業務，特別是在餐飲服務領域。第二部分成本是個人防護裝備、消毒清潔等，這部分更具持續性。在第三季和第四季，這些數字大約落在 1.5 億美元左右。視明年疫情走向而定，顯然我們仍需要持續保護我們的員工。因此，這些成本顯然會持續，直到我們在病毒的結果/情勢上出現不同的局面。

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

下一個問題來自 Barclays 的 Lauren Lieberman。

You touched a little bit on your ability to move quickly in emerging markets to adjust pricing in a challenging macroeconomic environment. I was curious, number one, the degree to which you've already started to make those moves. Because in some of those markets, the price/mix is a little bit below what I'd modeled, but volume was a bit better. So I was curious kind of to what degree we've already started to put that playbook into place.

你稍微提到在新興市場中，你們能夠快速調整定價以因應具挑戰性的總體經濟環境。我好奇的是，第一，你們已經在多大程度上開始採取這些行動？因為在其中一些市場，價格/組合（price/mix）略低於我模型中的預期，但銷量表現稍好一些。所以我想了解，我們在多大程度上已經開始把那套作法（playbook）落地執行。

And then from a longer-term perspective, Ramon, I think 1.5 years ago, when you first started communicating with The Street about your longer-term plans, you talked about the need to broaden out the portfolio in international snacking into the value tiers, and that's where kind of your share performance wasn't quite what it could be. So I was curious if you've made any progress on that front. Of course, knowing COVID kind of interrupted business as usual, but I was curious about any progress there as well.

然後從更長期的角度來看，Ramon，我記得大約 1.5 年前，當你第一次開始與華爾街溝通你的長期計畫時，你談到需要在國際零食業務中把產品組合擴展到更具價值的價格帶（value tiers），而你們的市占表現當時在那一塊並沒有達到應有水準。所以我想了解你們在這方面是否已有任何進展。當然也知道 COVID 某種程度打斷了正常營運，但我也想了解那邊是否有任何進展。

Yes, yes. It's good. No, listen, I think international is probably the biggest opportunity we have long term, right? I mean, the per caps in both our beverages and our snacks still very low. And we see that as our #1 driver of future value for the company. So that's a big focus for us. We think the levers to drive per capita consumption, affordability clearly is a big one for us. And we continue to make progress on adjusting our cost structures to the different market realities. And that allows us to have much more flexibility on the price points and on the -- then what we decide to do with the different levels of tiering of the market.

是的，是的。很好。不，聽著，我認為國際市場可能是我們長期最大的機會，對吧？我的意思是，我們的飲料和零食的人均消費量仍然非常低。而我們把這視為公司未來價值的第一大驅動因素。所以這是我們的一個重點。我們認為推動人均消費的槓桿中，可負擔性（affordability）顯然是我們的一個重要因素。而且我們持續在調整成本結構方面取得進展，以符合不同市場的現實情況。這讓我們在價格點以及——以及我們決定如何在市場的不同分層（tiering）上採取行動時，擁有更大的彈性。

So the big enabler, if you want, for being a really affordable product, and that would drive per caps, is our cost structures. And I think we're making great progress on adjusting a lot of the levers of that at the NR -- the cost, be it in the supply chain, be it in the G&A, be it in the selling and distribution. So I think we're making great progress on adjusting the decisions we make on supply, delivery and management for the different realities in the different developing markets. And that's driving affordability. That's driving, as you were saying, volume increase, even in a situation where a lot of those markets are suffering. Obviously, a lot of small stores are still closed.

所以，如果你願意這麼說，真正能讓產品變得非常可負擔、並推動人均消費的最大推動因素，是我們的成本結構。我認為我們在 NR 端調整許多槓桿方面已取得很大進展——無論是供應鏈成本、一般與行政費用（G&A），或是銷售與配送。因此，我認為我們在針對不同開發中市場的不同現實，調整我們在供應、交付與管理上的決策方面，進展非常好。而這正在提升可負擔性。也正如你所說，即使在許多市場正遭受衝擊的情況下，這也在推動銷量成長。顯然，許多小型商店仍然關閉。

And there's a lot of adjustment to the COVID reality in many of those markets from the consumer and customer point of view. But our strategic intent continues to be that one, reduction of costs, adjustment of the price points and continue to invest in the brands and the innovation that will drive the per cap development in international.

而且，從消費者與客戶的角度來看，許多市場都在因應 COVID 的現實而做出大量調整。但我們的策略意圖仍然是：第一，降低成本；調整價格帶；並持續投資於品牌與創新，以推動國際市場的人均消費發展。

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

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

Can we talk a little bit about Quaker? And if we should be thinking about Quaker differently long-term in that right now, obviously, it's benefiting from the environment that we're in. But is there anything happening there that might suggest trends could look different on a run rate basis for that part of your business?

我們能否談談桂格（Quaker）？以及從長期來看，我們是否應該用不同的方式看待桂格——因為很明顯，它目前正受惠於我們所處的環境。但那邊是否有任何正在發生的事情，可能意味著就該業務部分的常態化（run-rate）而言，趨勢可能會有所不同？

Yes. Listen, a couple of things there. Number one, we are gaining penetration in a good way with Quaker, most of the segments in the Quaker business, in these last 6 months. So we've gained penetration. We're investing to retain those new families and obviously to increase frequency in the -- it was a pretty large penetrated brand, it's not a small penetrated. So make sure that consumers kind of reconnect with the brand; and with the transformation we've made to the portfolio in the last few years, eliminating artificials or making the product, I would say, more forward-looking products. So I think that work is in motion, and I think consumers are voting that they like our products, and we're gaining share in many of the subsegments of the Quaker family.

是的。聽著，這裡有幾點。第一，在過去 6 個月裡，桂格業務中多數細分品類的滲透率都以良性的方式提升。所以我們的滲透率提高了。我們正在投資以留住這些新家庭，並且顯然也要提升消費頻次——這原本就是一個滲透率相當高的品牌，不是滲透率很低的品牌。因此要確保消費者能某種程度上重新與品牌連結；而且，隨著我們過去幾年對產品組合所做的轉型——去除人工添加物，或是讓產品更具前瞻性——我認為這項工作正在推進中，而且我認為消費者正在用行動投票，表示他們喜歡我們的產品；我們也在桂格家族的許多子品類中提升市占。

Now going forward, our assumptions, and -- but it's still to be validated with future -- we need to see where the consumer really ends up. I think there's going to be more cooking and eating occasions at home going forward. And especially, we think that breakfast, there will be at least 1 or 2 more occasions at home every week because I don't think we're going to go back to work in the same way that we used to. And that's our assumption at this point.

展望未來，我們的假設是——但仍需由未來情況驗證——我們需要看看消費者最終會落在什麼狀態。我認為未來在家烹飪與在家用餐的情境會更多。尤其是早餐，我們認為每週至少會多出 1 到 2 次在家用餐的機會，因為我不認為我們會以過去同樣的方式回到辦公室上班。這是我們目前的假設。

Obviously, we can be right or we can wrong. But if you judge by how, in developed markets, everybody is thinking about their return to the offices, I think it's going to be a much more flexible environment, a much more tech-enabled remote kind of work where consumers will be at home a few days of the week. And that will drive, I think, a different behavior in terms of breakfast consumption and potentially some of the other mills during the day, especially lunch.

當然，我們可能對，也可能錯。但如果你觀察已開發市場中大家如何思考重返辦公室，我認為未來會是一個更具彈性的環境、更加科技賦能的遠距工作型態，消費者每週會有幾天待在家裡。而我認為這將帶動早餐消費行為的改變，並可能影響白天其他餐次，尤其是午餐。

So that's how we're thinking about the long-term category growth, and we're trying to position ourselves to compete well in that new environment, where there should be more occasions for our products.

因此，這就是我們對長期品類成長的思考方式；我們也正努力讓自己在這個新環境中具備良好的競爭定位，因為我們的產品應該會有更多的食用情境。

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

下一個問題來自 Evercore 的 Rob Ottenstein。

First, just a clarification of your prerecorded tape, in which you said you expect the U.S. to be fairly steady, but international being somewhat choppy. I'm wondering if you could tell us kind of what you actually saw in September in international markets to drive that.

首先，針對你預錄內容的一點釐清：你提到你預期美國會相當穩定，但國際市場會有些起伏。我想請你談談，9 月份你在國際市場實際看到了什麼，促使你做出這樣的判斷？

And then my main question is you put out now some very interesting direct-to-consumer businesses in the U.S. Realizing that they're very small today, but can you talk about what you're learning from those in terms of the consumer behavior, habits and innovation, and how you expect to use those direct-to-consumer channels in the future.

然後我的主要問題是：你們現在在美國推出了一些非常有意思的直面消費者（DTC）業務。雖然它們目前規模很小，但你能否談談你們從中學到什麼——包括消費者行為、習慣與創新——以及你們預期未來將如何運用這些直面消費者通路？

Yes. The direct-to-consumer models, as you're saying, is more of an attempt for us to stay closer to the consumer, read them, understand reaction to early innovation, and then obviously take it mainstream into the balance of the channels. It is still, as you're saying, very embryo-nary, smaller percentage. But we're getting good insights, and we plan to obviously scale them up a little bit and get better at reading consumers early, test and learning with our innovation. And also improving the way we segment consumers. We have prototypes with consumers that we can innovate and talk to in our communication. So that's the journey going forward.

是的。如你所說，直面消費者模式更多是我們嘗試更貼近消費者、讀懂他們、理解他們對早期創新的反應，然後顯然再把它推向主流，導入其他通路。它目前仍然如你所說，非常早期，占比也較小。但我們正在獲得不錯的洞察；我們也計畫把規模再擴大一些，並更擅長在早期讀懂消費者，透過創新進行測試與學習。同時也改善我們進行消費者分群的方式。我們有一些面向消費者的原型（prototypes），可以用來創新，並在溝通中與他們對話。這就是未來的旅程。

In terms of the COVID in international, as you read around, there is an increase in COVID cases in especially Europe, I would say. They had managed to control the pandemic pretty well. Now September, they've seen a number of cases going up. The way we're seeing governments managing the situation so far is with local restrictions. When that happens, the business gets a little bit impacted, but not as much, obviously, as it was during the April, May, more dramatic restrictions on people mobility.

就國際市場的 COVID 而言，如你所見，COVID 病例數正在上升，尤其是在歐洲。他們原本把疫情控制得相當好。但到了 9 月，他們看到病例數有所增加。到目前為止，我們看到各國政府管理情勢的方式是採取局部限制。當這種情況發生時，業務會受到一些影響，但顯然不會像 4、5 月那種對人員流動施加更劇烈限制時那麼大。

So we're not seeing the business being impacted much at this point. That doesn't mean that as the winter comes and there is -- if they have -- the governments have to take more restrictions, that the business may be a little bit more impacted, especially on the away-from-home and some of the more capital channels.

因此，目前我們沒有看到業務受到太大影響。但這不代表隨著冬季到來，如果——如果各國政府必須採取更多限制，業務可能會受到更大一些的影響，尤其是在外食（away-from-home）以及一些更偏向餐飲等渠道。

So far, we haven't seen that. And we're seeing the governments making very -- a bit more balanced decisions between keeping the economy going and trying to protect everybody against the spread of the pandemic. So that's the situation, especially in Europe, as we've seen the situation evolving there.

到目前為止，我們還沒有看到那種情況。而且我們看到各國政府在「維持經濟運轉」與「保護所有人免於疫情擴散」之間，做出更——更為平衡的決策。因此，這就是目前的情況，尤其是在歐洲，隨著那邊情勢演變，我們所看到的狀況。

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

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

Ramon, when you think back to the original faster, better, stronger framework that you laid out early last year and the investment priorities that you laid out alongside that, I guess I'm curious just to hear whether the experiences of 2020 have altered those priorities at all. I'm interested whether there are key things that have been permanently accelerated or added new to the mix versus other things that maybe have been deprioritized even if only temporarily.

Ramon，當你回想去年年初你提出的「更快、更好、更強」框架，以及你同時提出的投資優先事項時，我想知道 2020 年的經驗是否在任何程度上改變了這些優先順序。我也想了解，是否有一些關鍵事項被永久性地加速，或新增進組合之中；相對地，是否有其他事項被降低優先順序，即便只是暫時性的。

And I guess related to that, maybe this is for Hugh. Just -- I just note that CapEx for the year is about the -- is now coming in about $1 billion lower versus the original outlook when 2020 started. And should we consider that simply a deferral? Or have you found efficiencies to more structurally reduce those investments?

我想這也相關，或許這題給Hugh。我只是注意到，今年的資本支出（CapEx）相較於2020年初的原始展望，現在大約少了10億美元。我們是否應將其視為單純的遞延？還是你們已找到效率提升，能更結構性地降低這些投資？

That's good question. Listen, I think we're happy that we had that framework going into this pandemic, right? Both the PepsiCo ways with very clear behaviors for our people, it has helped us a lot in managing through the pandemic, especially when we have now a more kind of empower organization, making more decisions in the front line. And they have a very, I think, good framework, clarity on what's expected, and I think that's helping us perform.

這是個好問題。聽著，我認為我們很高興在進入這場疫情之前就有那套框架，對吧？無論是百事公司的做事方式（PepsiCo ways），對我們員工有非常清楚的行為準則，這在我們度過疫情、尤其是在我們現在是一個更賦權的組織、讓第一線做出更多決策時，幫助很大。他們有一個我認為很好的框架，對期望非常清楚，而我認為這正在幫助我們表現。

In terms of the 3 vectors you were referring to, the faster, stronger, better. We're happy with the faster. Clearly, we're becoming more competitive in the marketplace. As we look into the future, I think we're going to have to probably go more after drivers of share because categories might slow down a little bit. So I think innovation brands, execution will play a very high role in trying to capture that market share.

就你提到的三個向量：更快、更強、更好。我們對「更快」感到滿意。很明顯地，我們在市場上正變得更具競爭力。展望未來，我認為我們可能必須更積極地追求市占的驅動因素，因為品類成長可能會稍微放緩。因此我認為創新、品牌與執行力，將在爭取市占方面扮演非常重要的角色。

When you look at the stronger, we had some -- obviously, it was part of the agenda to invest in becoming a much better omni-channel company, right? So e-commerce was big, supply chain flexibility was big to enable that omnichannel. Obviously, I mean, the -- what's happened, you saw the numbers, the penetration of e-commerce or e-grocery has just accelerated by 3 years. So what we had forecasted to be 3, 4 years from now, it's happening now. So that is a big focus of the organization. How do we accelerate the pivot into the omnichannel much faster? Which means that we're going to have to up some of the capabilities that we have.

談到「更強」，我們有一些——顯然，議程的一部分是投資讓我們成為更好的全通路公司，對吧？所以電商很重要，供應鏈彈性也很重要，以支援全通路。很明顯地，你看到那些數字，電商或線上雜貨（e-grocery）的滲透率已經加速了3年。所以我們原本預測3到4年後才會發生的事情，現在就正在發生。因此這是組織的一大重點。我們如何更快加速轉向全通路？這意味著我們必須提升我們所具備的一些能力。

I think we've made great progress in how we deal with consumer data and how we have much more performance in marketing, we're improving a lot of those capabilities, creating internal content. All that is happening on the flexibility of the supply chain as well. I think we were lucky that we made a lot of investments in additional capacity last year, and that's helping us this year big time and helping us to have more flexibility. So good progress there. I think we need to pivot with more of a sense of urgency.

我認為我們在處理消費者數據、以及讓行銷更具成效方面已取得很大進展；我們正在大幅提升這些能力，並建立內部內容製作能力。這些也都發生在供應鏈彈性的提升上。我認為我們很幸運，去年在額外產能上做了大量投資，這在今年帶來很大幫助，並讓我們更有彈性。所以那方面進展良好。我認為我們需要以更強的急迫感來轉型。

The other area where we're doubling down is what we call holistic cost management. Holistic cost management was a capability we had. But clearly, we need more of that in terms of being able to repurpose money from one part of the P&L to another part of the P&L., and where we have inefficiencies, get rid of those inefficiencies to reinvest back we're going to get the best ROI in terms of growth and flow-through. So that capability, I think we've made good progress. That's another area where we're putting a lot of emphasis.

另一個我們正在加碼的領域，是我們所稱的「整體性成本管理」。整體性成本管理是我們原本就具備的一項能力。但很明顯地，我們需要更強化它，以便能把資金從損益表（P&L）的某一部分重新配置到另一部分；並在存在低效率之處，消除這些低效率，將資金再投資回報率（ROI）最佳、能帶動成長與利潤流入（flow-through）的地方。因此在這項能力上，我認為我們已取得良好進展。這也是我們非常著力的另一個領域。

On the better side, I would say the social consciousness, I mean, the need for becoming much more of a social company -- not social company, but social-aware company, both in terms of the environment and the inequalities, I think has also increased given the pandemic. So you saw we increased the foundation funding. We're also quite focused on improving all our environmental footprint.

在「更好」這一面，我會說社會意識——也就是需要成為一家更具社會責任感的公司——不是社群公司，而是更具社會覺察的公司；無論在環境面或不平等議題上，我認為在疫情之後這種需求也提高了。所以你看到我們提高了基金會的資助。我們也非常專注於改善我們整體的環境足跡。

So those are areas that, more than changing the trajectory, is more a sense of urgency to get them done earlier as the consumer and society is expecting us to, I think, go faster in those areas.

所以這些領域與其說是改變方向，不如說是更有急迫感，要更早把它們完成，因為我認為消費者與社會期待我們在這些方面加快腳步。

Yes. Steve, to finish off on your question around CapEx. Clearly, there's some element of timing as COVID's made it more difficult to execute capital projects. But I would also tell you, we spent a lot of time and energy around identifying new low-cost sources of capital and doing things in a much more efficient way. That clearly is going to benefit the level of spending going forward. So in terms of specifics, more to come in February. But I would tell you, we are getting more efficient with capital spending.

是的。Steve，回到你關於資本支出（CapEx）的問題作個收尾。很明顯地，COVID確實讓資本專案更難執行，因此有一部分是時點因素。但我也要告訴你，我們投入了大量時間與精力，去辨識新的低成本資金來源，並以更有效率的方式做事。這顯然會讓未來的支出水準受益。至於更具體的內容，2月會有更多資訊。但我會說，我們在資本支出上正變得更有效率。

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

下一個問題來自Jefferies的Kevin Grundy。

Great. Congratulations, guys. Great results so far year to date. Ramon, question for you. We've covered a lot of ground. I did want to ask you about your openness to moving into the alcohol space, specifically hard seltzers. So as you know, the category has been growing rapidly. You've seen Coca-Cola's launch here with Topo Chico in Latin America recently. They plan to launch in the U.S. next year with Molson Coors. There's also discussion that Monster and perhaps some others, non-alcohol players, may be moving into the space.

太好了。恭喜各位。截至目前為止，今年以來的成果非常出色。Ramon，我有個問題想請教你。我們已經談了很多面向。我確實想問你們對進入酒精飲品領域、特別是硬蘇打（hard seltzers）的開放程度。如你所知，這個品類成長非常快速。你也看到可口可樂最近在拉丁美洲以Topo Chico推出產品。他們計畫明年與Molson Coors合作在美國推出。另外也有討論指出，Monster以及可能其他一些非酒精業者，可能會進入這個領域。

So I was hoping you could comment on your openness to moving into hard seltzers. Is this an area that PepsiCo is looking at? How much time are you spending internally? And then maybe some of the governors that may be in place around that possible decision.

所以我希望你能評論一下你們對進入硬蘇打的開放程度。這是百事公司正在評估的領域嗎？你們內部花了多少時間在這上面？另外，關於這個可能的決策，是否有一些約束或治理機制（governors）在其中？

Yes, welcome. No, listen, our focus today, 100% focus, is getting the energy strategy right. Right, in terms of executing that. I think, as I said earlier, it's a multi-vector strategy that requires both ROCKSTAR doing very well, it requires to do a great job with Bang, it requires innovation in Mountain Dew to move into that space and then do a great job with Starbucks. So those 4 big pillars, that's taking a lot of our focus, and that's going to be our priority, right, especially 2021. And I think you will see great progress in all those 4 front.

是的，歡迎。不，聽著，我們目前的焦點是100%把能量飲料策略做對。對吧，就執行而言。我想，如我先前所說，這是一個多向量策略：需要ROCKSTAR表現得非常好，需要把Bang做得很出色，需要在Mountain Dew上做創新以切入那個領域，然後也要把Starbucks做得很好。所以這四大支柱占用了我們大量的關注，而這也將是我們的優先事項，對吧，尤其是2021年。我認為你們會看到在這四個面向都取得很大進展。

Now obviously, we look at every opportunity, right, there is in the industry. And a couple of years ago, it was CBD, now it's more alcohol. So we get a lot of opportunities in front of us. Of course, we're looking at all of them, and of course, we have people that are thinking more long-term versus the very immediate 2021. So we're reflecting, we're thinking what are the best options, and we will make decisions in the coming quarters whether this is an area where PepsiCo wants to play. And then more importantly, how do we capture a lot of value of this opportunity? Given the 3-tier system, it's not obvious how you capture a lot of value.

顯然，我們會審視產業中出現的每一個機會，對吧。幾年前是 CBD，現在更多是酒精飲品。所以我們面前有很多機會。當然，我們都在看，而且我們也有人在思考更長期的布局，而不只是非常短期的 2021 年。因此我們在反思、在思考哪些是最佳選項，並且會在接下來幾個季度做出決策，判斷這是否是百事公司想要參與的領域。然後更重要的是，我們要如何從這個機會中捕捉大量價值？在三層分銷體系（3-tier system）之下，要如何捕捉大量價值並不明顯。

So there is a -- first, I would say, do we play or not? Second, very important, is who do we play with and who do we partner to maximize the value for PepsiCo?

所以我會說，第一，是我們要不要參與？第二，非常重要的是，我們要跟誰一起參與、要與誰合作，才能為百事公司把價值最大化？

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

下一個問題來自 Guggenheim 的 Laurent Grandet。

Ramon and Hugh, and despite the current environment, definitely a strong quarter. So congrats to the entire team. A lot has been covered, so just a clarification maybe on PBNA results. Strong results in the quarter, especially as the economics in there continued to suffer. So maybe you could help us reconcile the difference between what we are seeing in Nielsen from your reported numbers. So could you tell us how big now is e-commerce and on-premise channels for PBNA and the growth you are seeing in those 2 channels.

Ramon 和 Hugh，儘管目前環境如此，本季表現確實很強勁。所以恭喜整個團隊。很多內容都已經談過了，所以我可能只是想釐清一下 PBNA 的結果。本季結果很強，尤其是在那裡的經營環境（economics）仍持續承壓的情況下。所以也許你們可以幫我們釐清：我們在 Nielsen 看到的數據與你們公布的數字之間的差異。你們能否說明目前 PBNA 的電商與外食/店內（on-premise）通路各自有多大，以及你們在這兩個通路看到的成長情況？

Yes, Laurent. I mean, there's been quite a discrepancy always between the Nielsen numbers and the full performance of PBNA. So I would not go into the details of what is each channel. Obviously, e-commerce is booming and e-commerce is large. But there's much more than e-commerce between the final, I would say, results of the company and what Nielsen covers in its review sample. So that's as much as I can say. There's obviously away from home. There's many channels that are not well covered, including some, I would say, organized channels that are not well covered by Nielsen.

是的，Laurent。我的意思是，Nielsen 的數字與 PBNA 的整體表現之間一直都有相當大的落差。所以我不會深入到每個通路各自的細節。顯然，電商正在蓬勃發展，而且電商規模很大。但在公司的最終整體結果與 Nielsen 在其抽樣檢視中所涵蓋的範圍之間，還有遠不止電商這一塊。我能說的大概就這些。顯然還有外出消費（away from home）。還有許多通路覆蓋得不夠完整，包括一些我會說是有組織的通路（organized channels），Nielsen 也沒有很好地涵蓋。

Our final question will come from the line of Bill Chappell of Truist Securities.

我們最後一個問題將來自 Truist Securities 的 Bill Chappell。

This is actually Grant on for Bill. Just a quick one on Frito and the competitive dynamics in that space. You had a fairly large regional competitor that is now public and talked about some geographic expansion opportunities across the U.S. So wondering if you guys have seen anything different so far in the competitive dynamics or pricing in that space, or if you would expect to maybe over the next couple of years. I know there's been a focus on share and holding share, gaining share in this call. So wondering if that would change your strategy or their strategy going forward.

其實我是代 Bill 提問的 Grant。我想快速問一個關於 Frito 以及該領域競爭態勢的問題。你們有一家規模相當大的區域性競爭對手，現在已經上市，並談到在全美各地的地理擴張機會。所以想請問你們到目前為止是否看到該領域的競爭態勢或定價有任何不同，或你們是否預期未來幾年可能會出現變化。我知道這通電話中一直強調市占、守住市占、提升市占。所以想問這是否會改變你們未來的策略，或是改變他們未來的策略。

Yes, great question. We like -- obviously, our category is savory, and there's a lot of people that like it as well. So it's obviously driving new entrants from people that were not playing in savory and people that were playing in savory and have extended their ambitions to play beyond their original geographical limitation.

是的，問得很好。我們喜歡——顯然，我們的品類是鹹味零食（savory），也有很多人同樣喜歡。所以這顯然正吸引新的進入者：包括原本不做鹹味零食的人，以及原本就在鹹味零食領域、但把企圖心擴大到超越其原有地理限制的人。

So I think we welcome competition in that sense. To me, the more competitors, the more investments in the brands, the higher -- the larger the category becomes. That's my experience globally, and I think it's everywhere in the world. So we welcome players to the arena. Players that -- they play with the levers that I think develop the category, which is advertising, innovation, better products. Those are the levers that develop a category, and we welcome anyone in the business.

所以我認為在這個意義上，我們歡迎競爭。對我來說，競爭者越多、品牌投資越多，品類就會變得更大——規模更大。這是我在全球的經驗，我認為世界各地都是如此。所以我們歡迎玩家進入這個競技場。玩家——他們運用我認為能推動品類發展的槓桿，也就是廣告、創新、更好的產品。這些就是推動品類成長的槓桿，我們歡迎任何人加入這個生意。

It's hard to compete with freedom, right? Given the advantages that the company has, the scale of the brands, the distribution systems, the cost advantage, everything else. So it's not easy to compete with Frito, but I think it's good that we have multiple competitors, and that develops a category.

要跟「自由」競爭很難，對吧？考量到公司所具備的優勢：品牌規模、分銷體系、成本優勢，以及其他一切。所以要跟 Frito 競爭並不容易，但我認為有多個競爭者是好事，這會推動品類發展。

That was our final question. Are there any closing remarks?

以上是我們最後一個問題。請問有任何結語嗎？

Yes. Thank you very much, everybody, for your time this morning and your questions, insightful questions. And thank you for the confidence you've put in the company and your investments in PepsiCo. And please stay safe, and look forward to talking to you soon. Thank you.

有的。非常感謝各位今天早上的時間與提問，都是很有洞見的問題。也感謝各位對公司的信心，以及對百事公司的投資。也請大家注意安全，期待很快再與各位交流。謝謝。

Thank you. That does conclude today's PepsiCo Third Quarter Earnings Conference Call. You may now disconnect.

謝謝。以上即為今日百事公司第三季財報電話會議的全部內容。您現在可以掛線。