百事 (PEP) 2020 Q2 法說會逐字稿

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

早安，歡迎參加百事公司第二季財報問答環節。(接線員指示) 今天的電話會議將被錄音，並會在 www.pepsico.com 存檔。

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 the 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 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以及 COVID-19 疫情對我們業務的潛在影響。前瞻性陳述本質上涉及風險與不確定性，且僅反映我們截至今日的觀點，我們沒有義務更新。

When discussing our results, we may refer to non-GAAP measures which exclude certain items from reported results. Please refer to today's earnings release and 10-Q available on pepsico.com for definitions and reconciliations of non-GAAP measures and additional information regarding our results, including a discussion of factors that could cause actual results to materially differ from forward-looking statements.

在討論我們的業績時，我們可能會提及非 GAAP 指標，該等指標會自已報告的結果中排除某些項目。請參閱今日的財報新聞稿以及可於 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. (Operator Instructions)

今天與我一同出席的有百事公司董事長兼執行長 Ramon Laguarta，以及百事公司副董事長兼財務長 Hugh Johnston。(接線員指示)

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

那麼，我將把時間交回接線員，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的 Dara Mohsenian。

First of all, the format's very helpful, so kudos to your IR team for sort of pioneering this new format on the Street.

首先，這種形式非常有幫助，所以要稱讚你們的投資人關係團隊，在華爾街率先採用這種新形式。

Yes. I was hoping for a bit more color on some of the more volatile areas of your business. You obviously mentioned improvements sequentially within the quarter and guided to the organic sales growth acceleration globally in Q3. So A, can you just give us a better sense of what specifically is driving that? And then B, I was hoping you could spend some time within that just discussing what you're seeing channel-wise in the U.S. beverage business and what you're seeing across snacks and beverages in some of your key emerging markets. Are you expecting pretty linear progress sequentially going forward in terms of improving sales growth and more volatility, particularly with some of the state restrictions cropping back up in the U.S.? And just given the developing market, country performance is pretty divergent in Q2.

是的。我希望能對你們業務中一些波動較大的領域多了解一些細節。你們顯然提到本季內按序改善，並指引第三季全球有機銷售成長將加速。所以 A，你們能否更清楚說明具體是什麼在推動這點？然後 B，我也希望你們能在此基礎上花點時間談談你們在美國飲料業務各通路的觀察，以及在一些關鍵新興市場中，零食與飲料的情況。就銷售成長改善而言，你們是否預期未來按序會相當線性地進展，還是會有更多波動，特別是美國部分州的限制措施又開始出現？另外，鑑於第二季開發中市場各國表現差異相當大。

Okay. Dara, I hope you're doing well. Listen, let me try, and then Hugh will add some comments as well.

好的。Dara，希望你一切都好。聽我先嘗試回答，然後 Hugh 也會補充一些評論。

Listen, we're -- as we look around the world, we see a couple of factors that are driving our business. #1, as you can imagine, is overall mobility in the country, and that is by far the #1 factor. And we're monitoring mobility through various means just to understand potential future performance of the business. That's #1.

聽著，我們——當我們放眼全球時，我們看到有幾個因素在推動我們的業務。第 1，如你所想像，是該國整體的移動性，而這無疑是第 1 大因素。我們透過各種方式監測移動性，以了解業務未來表現的潛在走向。這是第 1。

#2, and that impacts mostly developing market, is the universe of stores that are opened. What we're seeing in developing markets is that when situation -- when the infection goes up in the country, there's about 10% to 15% of the stores that close and sometimes even higher, and that drives a lot of the performance. So that's #2.

第 2，且這主要影響開發中市場，是開門營業的店家範圍。我們在開發中市場看到的是，當該國感染情況上升時，大約有 10% 到 15% 的店家會關閉，有時甚至更高，而這會大幅驅動整體表現。所以這是第 2。

#3, obviously, is where do people eat most of their meals? And that's related to whether people are working from home or they're not working from home. And so that's a third factor that is impacting most of the food consumption. So that could be mobility, but then people still have their meals at home.

第 3，顯然是人們大多在哪裡用餐？這與人們是否在家工作有關。因此，這是影響大部分食品消費的第三個因素。這可能與移動性有關，但人們仍然在家用餐。

And so those 3 are the key factors. Obviously, there's a fourth factor I think will be more important going forward, which is disposable income in the economy. And that's related to unemployment and that's related to how much money the governments are putting back into the economy. And that is -- it hasn't impacted the U.S. yet. It is impacting some of the other countries around the world as the governments don't have the muscle to put so much money back into the economy.

因此，這 3 點是關鍵因素。顯然，我認為還有第 4 個因素在未來會更重要，也就是經濟中的可支配所得。這與失業率有關，也與政府向經濟回注多少資金有關。而這——目前尚未影響美國。但在世界其他一些國家，因為政府沒有能力向經濟回注那麼多資金，它正在產生影響。

So those 4 are probably the most critical kind of factors that impact the business, and that's what we're modeling for various scenarios as we go forward. So that's kind of from a very macro point of view.

所以，這 4 點大概是影響業務最關鍵的因素，而我們在往前走時，正針對各種情境進行建模。以上是從非常宏觀的角度來看。

Obviously, I said in the last conf call that we had in April that this was not going to be a linear recovery, right? There's going to be a lot of ups and downs. And we're seeing this happening as we speak, right, in the business. You see countries that we thought the pandemic was behind, especially in the Far East, that the pandemic is going back. In very local situations, but still impacting both the actual supply chain and also consumer perception, right?

顯然，我在 4 月上一次財報電話會議中說過，這不會是線性的復甦，對吧？會有很多起起落落。而我們此刻正看到這種情況在業務中發生。你會看到一些我們原以為疫情已經過去的國家，尤其在遠東地區，疫情又回來了。雖然是非常局部的情況，但仍會影響實際供應鏈，也會影響消費者觀感，對吧？

We're seeing this here in the U.S., obviously, as we're all familiar with it. So first it was the Northeast, now it's other parts of the country that are being severely impacted by the infection, and that obviously impacts our organization because we operate within a community, right? And obviously, the number of impacted associates in our business is a consequence of the community infection. So that puts a lot of pressure on our supply chain as well.

我們在美國也看到這種情況，顯然大家都很熟悉。一開始是東北部，現在是國內其他地區受到感染的嚴重衝擊，而這顯然會影響我們的組織，因為我們是在社區中營運，對吧？而且，我們業務中受影響員工的人數，是社區感染的結果。因此也對我們的供應鏈造成很大壓力。

So hopefully, that gives you a sense of the different variables. And the fact that this is going to be a roller coaster, if you want, going forward, I think we're getting much better at managing our supply chain within this complexity. We're hiring more people. We're training more people. We're making sure that we can maintain the supply chain in any circumstance. But still, it's pretty complex, as you can imagine.

希望這能讓你了解不同的變數。而且，如果你願意這麼說，未來這將像坐雲霄飛車一樣起伏不定；我認為我們在這種複雜情況下管理供應鏈的能力正變得更好。我們正在招募更多人。我們正在培訓更多人。我們確保在任何情況下都能維持供應鏈運作。但如你所想像，仍然相當複雜。

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的 Bryan Spillane。

I hope everybody is doing well. So my question is just related to the COVID-related expenses in the quarter. And you were at $378 million for the quarter. And I think if I've got it right in the 10-Q, about $224 million of that was employee compensation expense. So I guess as we're trying to frame the size of the expense in the back half of the year, is $378 million a good run rate?

希望大家都一切安好。我的問題與本季 COVID 相關費用有關。你們本季是 3.78 億美元。而我想如果我在 10-Q 裡理解正確，其中約 2.24 億美元是員工薪酬費用。所以我想，當我們試著評估下半年費用規模時，3.78 億美元是否是一個合理的常態水準（run rate）？

And as we're looking at the components of this expense, maybe if you could help us just walk through what we should be looking at as recurring for the next 3 or 4 quarters and what might fall off.

另外，當我們看這項費用的構成時，也許你們可以協助我們梳理一下：未來 3 到 4 個季度中，哪些部分應視為會持續發生，哪些可能會消退。

Hugh, you want to try out this one?

Hugh，你要試著回答這題嗎？

Yes, happy to. Hey, Bryan. No. Bryan, that's not a good run rate going forward. The number going forward will be less than that. And it will still be substantial, but nowhere near that number.

是的，很樂意。嗨，Bryan。不。Bryan，往後來看那不是一個好的常態水準。未來的數字會比那個少。仍然會是相當可觀，但遠遠不會接近那個數字。

If you break it into pieces, things like personal protective equipment, that's obviously going to continue. Things like sanitation, that's going to continue. The allowance for doubtful accounts on customers, obviously, is going to be variable depending on what we learn over time and how the customer base responds to the current environment. Frontline and employee costs will still be there, but that number should be moderated pretty significantly going forward.

如果把它拆開來看，像是個人防護裝備，這顯然會持續。像是環境清潔與消毒，也會持續。至於對客戶應收款項的備抵呆帳，顯然會因我們隨時間所掌握的資訊，以及客戶群對當前環境的反應而有所變動。第一線與員工相關成本仍會存在，但往後這個數字應該會相當明顯地趨於緩和。

So we're not kind of getting into piecemeal guidance, but that should give you a little bit of a sense as to the types of things that are going to be ongoing and the types of things that ought to diminish pretty significantly.

所以我們不會提供那種零碎的指引，但這應該能讓你稍微了解哪些類型的事項會持續發生，以及哪些類型的事項理應會相當明顯地減少。

Yes. Bryan, the most important component, as you can imagine, or factor that impacts this is the number of infected employees that we have, right? And therefore, the guarantee number. I mean the biggest factor is when you have an employee that is -- that's got the virus or supposed to have the virus, then we quarantine a lot of people. That's the #1 driver of cost. And obviously, that will depend on the evolution of the pandemic in different parts of the world. So right now, Hugh, I think mentioned the different components and how we're thinking about it. But obviously, if the pandemic goes up massively, then that cost will go up.

是的。Bryan，如你所想像，影響這件事最重要的組成或因素，是我們有多少名員工感染，對吧？因此也會影響到保證（guarantee）的數字。我的意思是，最大的因素在於當你有一名員工——他感染了病毒或被認為感染了病毒——我們就會隔離很多人。這是成本的第一大驅動因素。而且顯然，這將取決於疫情在世界不同地區的演變。所以目前，Hugh 我想已經提到不同的組成以及我們如何思考。但顯然，如果疫情大幅升溫，那成本就會上升。

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 you're doing well. And I understand that this is not a straight line. And you comment that, obviously, the emerging markets is the main question mark. But could you help us understand how you left the second quarter in terms of cadence on the on-premises and convenience and gas? And so I'm trying -- just trying to bridge the low single digits in the 3 quarters that you guided for.

希望你們一切都好。我也理解這不是一條直線式的變化。你提到，顯然新興市場是最大的問號。但你能否協助我們理解，你們在第二季結束時，就店內（on-premises）以及便利店與加油站通路的節奏（cadence）是怎麼看的？我只是想——試著把你們對第三季所給的低個位數成長指引串起來理解。

Andrea, yes. Listen, just to give you a sense of how the different components I was referring to earlier impact the different channels. Obviously, mobility has a very direct correlation with small store sales, right? And in the U.S., it's convenience stores; around the world, it's other channels that play that same role. But we see a big correlation between mobility and convenience store or on-premise -- sorry, small channel performance. Obviously, as we went through the quarter, April was very low consumption in that channel. Second half of May, June was an improvement, substantial improvement in that channel.

Andrea，是的。聽著，我先讓你了解一下我先前提到的不同組成因素，如何影響不同通路。顯然，移動性（mobility）與小店通路銷售有非常直接的相關性，對吧？在美國是便利店；在全球其他地方，則是扮演相同角色的其他通路。但我們看到移動性與便利店或店內——抱歉，是小通路表現之間有很高的相關性。顯然，隨著我們走過這一季，4 月在該通路的消費非常低迷。5 月下半與 6 月在該通路有所改善，而且是顯著改善。

The away-from-home channel is much more complex, right? There's a lot of different need states that consumers are going after there. And so there, we saw also an improvement overall throughout the quarter, but still substantially below last year. I mean like a big number below last year. And also different components of the channel with different levels of performance. So you see channels like transportation still very low, hospitality is still very low, universities closed. You saw restaurants coming back, especially more informal type of restaurants coming back, and more formal restaurants less so. So you see different performances, Andrea, across the different channels.

離家消費（away-from-home）通路要複雜得多，對吧？消費者在那裡追求的需求情境（need states）有很多不同類型。因此，我們也看到該通路在整個季度整體有所改善，但仍明顯低於去年。我的意思是，比去年低很多。而且通路內不同組成的表現程度也不同。所以你會看到像交通運輸仍然很低迷、旅宿（hospitality）仍然很低迷、各大學仍關閉。你也看到餐廳回來了，尤其是較非正式類型的餐廳回升較快，而較正式的餐廳則相對較少。所以你會看到不同通路之間有不同表現，Andrea。

In terms of geography, China came back pretty quickly, I would say, almost in growth in the last part of the quarter. You saw Europe slower, the comeback of the -- both the kind of the small store channel and the away-from-home channel in Europe was a bit slower. We're seeing it better lately as people are starting to move around Europe and going on vacation to some areas in the South of Europe. So let's see how it evolves now. Obviously, there's less people moving around Europe compared to other years, but it's improved.

就地理而言，中國回來得相當快，我會說在本季後段幾乎回到成長。你看到歐洲較慢，歐洲的小店通路與離家消費通路的復甦都慢一些。最近我們看到情況更好，因為人們開始在歐洲移動，並到南歐一些地區度假。所以我們看看接下來如何演變。顯然，與往年相比，在歐洲移動的人較少，但確實有所改善。

In the U.S., we saw an improvement, as I said, in the -- in May, June, in especially everything that had to do with smaller channels. Now let's see how this latest news in the evolution of the pandemic in the South and the West of the country impacts those channels and the decisions that regulators take in terms of protecting the overall community, right?

在美國，我們看到改善，如我所說，在——在 5 月、6 月，尤其是所有與較小通路相關的部分。現在就看看這些關於疫情在該國南部與西部演變的最新消息，會如何影響這些通路，以及監管機關為了保護整體社區而在決策上會採取什麼措施，對吧？

So that probably gives you a sense of how this is impacting. As we see the pandemic evolving now into Africa, South America, parts of the Middle East, India, we're seeing, obviously, an impact in the traffic in stores, and that drives the business. Now so it's still very fluid. Overall, it's an improvement versus the April time frame, for sure, and that's why we're guiding to a small growth in the Q3.

所以這大概能讓你了解它如何造成影響。隨著我們看到疫情現在擴散到非洲、南美洲、中東部分地區、印度，我們顯然看到店內人流受到影響，而這會驅動業務表現。所以目前仍非常多變。整體而言，與 4 月那段時間相比，確實有所改善，這也是為什麼我們對第三季給出小幅成長的指引。

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

下一個問題來自 Jefferies 的 Kevin Grundy。

I hope that you're doing well. Ramon, I had a strategy-related question for you specifically around market share. Because it certainly seems to be an area of greater emphasis under your leadership, and if I'm not mistaken, also taking on a more prominent role in management incentive structure as well. So with that as context, is that a fair characterization? Number one.

希望你一切都好。Ramon，我有一個與策略相關、特別是圍繞市占率的問題想請教你。因為看起來在你的領導之下，這確實成為更被強調的領域；而且如果我沒記錯，市占率在管理層的激勵結構中也扮演更突出的角色。所以在這個背景下，這樣的描述是否公平？第一個問題。

If so, how do you drive that behavior? How do you intend to prioritize innovation and premiumization and mix to support market share initiatives? And how do you balance that with the potential risk that this push on market share does not devolve into more promotional pricing? Like particularly North America carbonated soft drinks, where the industry's gotten away from that behavior now for a number of years.

如果是的話，你要如何驅動這種行為？你打算如何優先推動創新、高端化（premiumization）與產品組合（mix），以支持市占率的倡議？以及你如何在此與潛在風險之間取得平衡——也就是這種推動市占率的作法不會演變成更多促銷式定價？例如北美碳酸軟性飲料，這個產業已經多年不再採取那種行為了。

Thank you, Kevin, and that's a good -- it's a very good question. Yes. Listen, the share of market is being central to our strategy, and it will continue so, right? It has been, during the pandemic, one of the key principles that we have set for ourselves that we're going to try to improve market share.

謝謝你，Kevin，這是個——非常好的問題。是的。聽著，市占率是我們策略的核心，並且會持續如此，對吧？在疫情期間，這一直是我們為自己設定的關鍵原則之一：我們將努力提升市占率。

Obviously, we are trying to develop our market share position in a sustainable way. So it's more related to the strength of our supply chain, the strength of our go-to-market execution, our ability to innovate faster into spaces that we see consumer value, our customer relationships. Those elements that we think are sustainable, the part of our brands, obviously. And you saw us making a lot of investments in '19, both in capacity and infrastructure, in stronger brands. We innovated into new spaces. That's helping us. That's helping us navigate better the current situation, and we'll continue to do so.

顯然，我們正試圖以可持續的方式來建立我們的市占率地位。因此，這更多與我們供應鏈的強度、我們市場執行（go-to-market execution）的強度、我們更快在我們看到消費者價值的領域進行創新的能力、以及我們的客戶關係有關。我們認為這些要素是可持續的，當然也包括我們品牌本身的力量。你也看到我們在 2019 年做了大量投資，無論是產能與基礎設施，或是更強的品牌。我們在新領域進行創新。這正在幫助我們。這正在幫助我們更好地應對當前情勢，而我們也會持續這麼做。

There are some spaces in the market that are -- I think will determine the share of market of the future. For example, I think e-commerce, if you see the growth of e-commerce, it is going to be quite strategic, I think. Whoever wins in e-commerce now and is able to capture those families that are trying this e-grocery service for the first time, I think, is going to win those families in the future. So we're investing heavily in trying to be the first in that channel and trying to -- and again, the investments that we made in the last few years, last year in particular, are helping us both from the data availability, the agility of our infrastructure to supply those channels, et cetera. So e-commerce is a key area where we think we can gain market share.

市場上有一些領域——我認為——將決定未來的市占率。例如，我認為電子商務，如果你看到電商的成長，它將會相當具有策略性。現在在電商勝出、並能抓住那些第一次嘗試線上雜貨（e-grocery）服務的家庭的人，我認為未來就能贏得那些家庭。因此我們正大力投資，力求在該通路成為第一，並且嘗試——而且再次強調，我們過去幾年、尤其是去年所做的投資，無論在數據可得性、基礎設施供應這些通路的敏捷性等方面，都在幫助我們。因此，電商是我們認為可以提升市占率的關鍵領域。

Second is the strength of our DSD system and our ability to service the stores directly, I think is a capability that is quite unique. And it gives us the advantage to keep the supply chain going in spite of all the challenges we're all facing. So that's also an area where we plan to double down. That improves our execution in store and the inventory in store. And that is also a sustainable advantage.

第二個是我們 DSD 系統的強韌性，以及我們直接服務門市的能力，我認為這是一項相當獨特的能力。這讓我們即使面對大家都在承受的各種挑戰，仍能維持供應鏈運作。因此，這也是我們計畫加碼投入的領域。這能提升我們在門市端的執行力以及門市庫存狀況。而這同樣也是一項可持續的優勢。

The third one is brands. And we have -- we're seeing consumers going back to brands that they trust. And we have quite a lot in many markets that consumers trust. There's big brands that have been around for some time. We've modernized them. We've kept them relevant to the consumer.

第三個是品牌。我們看到消費者正在回到他們信任的品牌。而在許多市場中，我們擁有相當多消費者信任的品牌。有些大型品牌已經存在一段時間。我們已將它們現代化。我們讓它們持續與消費者保持相關性。

And then we're seeing spaces, like healthier parts of the consumer demand, where we have a lot of beautiful brands as well. And we're investing in those brands, either the Zero propositions in beverages, both Pepsi, Mountain Dew, Gatorade, we're investing a lot in those parts of the portfolio, and they keep growing. And also in snacks with brands like Off the Eaten Path or Smartfood or the all the Simply range or PopCorners or whatever. So there's a lot of spaces where we think that if we invest in those spaces, we're going to capture market share for the future.

此外，我們也看到一些領域，例如消費需求中較健康的部分，我們同樣擁有許多很棒的品牌。我們正在投資這些品牌，包括飲料中的 Zero（零糖）主張，Pepsi、Mountain Dew、Gatorade 都涵蓋在內；我們在產品組合的這些部分投入很多，而它們也持續成長。另外在零食方面，像是 Off the Eaten Path、Smartfood、以及整個 Simply 系列、PopCorners 等等。因此，我們認為有許多領域，只要我們持續投資，就能在未來取得市占率。

The other one we're investing very substantial amounts, and it's working very well for us is SodaStream, right? SodaStream is a beautiful business for this situation we're living today. So we -- consumers don't have to leave their houses. They have perfect choices. We're putting our Pepsi brands in the SodaStream model in Europe, and it's working very well. We're investing in those.

另一個我們投入非常可觀資金、而且對我們成效很好的就是 SodaStream，對吧？SodaStream 對於我們今天所處的這種情境而言，是一門很棒的生意。因此，消費者不必離開家。他們有非常好的選擇。我們正在歐洲把 Pepsi 的品牌導入 SodaStream 模式，效果非常好。我們也在持續投資。

So it's sustainable, long-term market share across multiple parts of the value chain that I think is going to give us a stronger -- is going to make us a stronger company going forward. So that's how we're thinking about share of market and sustainable share of market.

因此，我認為在價值鏈多個環節上取得可持續、長期的市占率，將使我們未來成為一家更強的公司。這就是我們對市占率以及可持續市占率的思考方式。

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 price/mix of 1.5% in the quarter, which was better than expected, especially for PBNA, where your price/mix was up 3%. So hoping you could drill down on some of the key drivers of this. I guess I'm trying to understand the strength in your price/mix given the negative channel mix shift and then I assume negative packaging mix. So is the strong price/mix in PBNA a function of lower promos in the quarter? And then really, how sustainable is this positive price/mix going forward, especially in this environment?

我想問一下你們本季 1.5% 的價格/組合（price/mix），表現優於預期，尤其是 PBNA，你們的價格/組合上升了 3%。希望你們能深入說明其中一些關鍵驅動因素。我想了解的是，在通路組合轉移為負、以及我推測包裝組合也為負的情況下，你們的價格/組合為何仍然這麼強。所以，PBNA 強勁的價格/組合是否是因為本季促銷力度較低所致？另外，展望未來，在這樣的環境下，這種正向的價格/組合有多可持續？

Hugh, you want a go at this?

Hugh，你要先回答這題嗎？

Sure. Happy to, Ramon. Yes, price/mix at 1.5% for the company. Obviously, that's a complicated number because it's global and sort of incorporates almost everything.

當然。很樂意，Ramon。是的，公司整體價格/組合為 1.5%。顯然這是一個複雜的數字，因為它是全球口徑，幾乎涵蓋了所有因素。

Going a little bit deeper on PBNA. I think the primary factors were around less promotional depth than what we had seen in the past. So I think frequency is pretty similar, but the depth wasn't quite there. Obviously, supply can -- supply chains were a bit constrained in that regard, so it didn't make sense to go as deep. So I think that's the biggest factor.

再更深入看 PBNA。我認為主要因素是促銷折扣深度比過去看到的要小。所以我認為促銷頻率差不多，但折扣幅度沒有那麼大。顯然在那方面供應——供應鏈有些受限，因此也不適合做得那麼深。所以我認為這是最大的因素。

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

下一個問題來自 Cowen 的 Vivien Azer。

Ramon, I appreciate your commentary around investing behind emerging brands and relevant brands like SodaStream. Just hoping for either you or Hugh to comment on the reduction in nonessential advertising and really just reconciling that. It seems like perhaps the COVID recovery is taking longer than perhaps we would have anticipated when you reported earnings a quarter ago. So just curious to hear how you're thinking about that line item.

Ramon，我很感謝你對於投資新興品牌與具相關性的品牌（如 SodaStream）的評論。我希望你或 Hugh 能談談非必要廣告的縮減，以及如何把這件事串起來理解。看起來 COVID 的復甦可能比我們在一季前你們公布財報時所預期的更久。所以想請教你們如何看待這個費用項目。

Advertising is a key component of our strategy and -- Vivien, and it will continue. We're still think that it's critical that we continue to use that lever to drive penetration of the brands and trial and just the image of the brands. So that is -- hasn't changed at all.

Vivien，廣告是我們策略的關鍵組成部分——而且未來也會持續如此。我們仍然認為，持續運用這個槓桿來推動品牌滲透率、試用，以及品牌形象，是至關重要的。所以這點——完全沒有改變。

There has been a bit of an adjustment, especially in some markets early on in the quarter, because the truth is that the consumer habits changed a lot and we modified some of the A&M decisions. We also have become a bit more selective about the type of A&M that we're doing. And some of the activities that had lower ROI, we're stopping them, and we're putting more money against the initiatives that had more return on investment.

確實有做一些調整，特別是在本季初期的某些市場，因為事實是消費者習慣改變很大，我們也調整了一些 A&M（廣告與行銷）決策。我們也在所做的 A&M 類型上變得更有選擇性。一些投資報酬率較低的活動我們會停止，並把更多資金投入到投資報酬率更高的計畫上。

So I think we are -- we become better. And sometimes, a crisis helps to be more selective and to be more impactful and to kind of generate internal momentum against simplification and against focus, against fewer and bigger. And that's what we're trying to do. It's -- as you see from our results, it is working quite well.

所以我認為我們——做得更好了。有時候，危機會促使我們更有選擇性、更有影響力，並在內部形成動能，推動簡化與聚焦，朝向「更少但更大」的方向。這就是我們正在做的事。從你們看到的結果來看，這運作得相當好。

Obviously, balance of the year, we continue to invest as we see the consumers moving around and demand for our products starting to be a bit higher. Yes, we'll keep investing. And again, not trying to lose that focus on fewer and bigger and trying to minimize the lower-ROI initiatives that sometimes we have in what is a very large business. So that's how we're thinking about A&M.

顯然，在今年剩餘時間，隨著我們看到消費者活動增加、對我們產品的需求開始更高，我們會持續投資。是的，我們會繼續投資。同時，我們也會維持「更少但更大」的聚焦，並盡量降低那些投資報酬率較低的計畫——在這樣一個非常龐大的業務中，有時候確實會出現這類計畫。這就是我們對 A&M 的思考方式。

Hugh, I don't know if there's anything else from your side.

Hugh，我不知道你那邊是否還有要補充的。

Yes. The one thing I wanted to add as well, Ramon, is, Vivien, as we've talked about being stronger, part of that has been building some more capability to do A&M in-house. It's got a couple of benefits. One, it improves our speed; and number two, it has proven to be more efficient over time. So we can actually get same or more value for less money, which is obviously a terrific outcome for the company.

有的。Ramon，我也想補充一點：Vivien，正如我們談到要變得更強，其中一部分是建立更多把 A&M 內製的能力。這有幾個好處。第一，它提升我們的速度；第二，長期來看已證明更有效率。因此，我們實際上可以用更少的錢取得相同或更多的價值，這對公司而言顯然是非常好的結果。

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

下一個問題來自 Barclays 的 Lauren Lieberman。

Great. I felt like in the prepared remarks, that the tone around kind of cost control and reinvestment was maybe a little bit different than it was 3 months ago. I'd describe it maybe as a little bit more measured. Where last quarter, you were talking about staying on the attack. Of course, still a strong criteria for ROI. And this quarter, we're talking about 0-based mindset, earning your budget.

很好。我覺得在事先準備的發言中，關於成本控制與再投資的語氣，可能和 3 個月前有點不一樣。我會形容為更為審慎一些。上季你們談到要持續進攻。當然，投資報酬率仍然是很強的標準。而這一季，我們談的是零基礎思維（0-based mindset）、以及要「賺得」你的預算。

So I guess by no stretch do I think that you didn't anticipate that the environment was going to be rough. I think that was very clear 3 months ago, and it's remained as such. But what is it that's really changing your thinking in your approach then versus now?

所以我想，我完全不認為你們沒有預期環境會很艱難。這在 3 個月前就很清楚，而且至今仍然如此。但究竟是什麼讓你們在方法上，從當時到現在的思考出現改變？

Yes. I just -- it did feel a bit different. Still very proactive, but sort of from a different stance.

是的。我只是——確實感覺有點不同。仍然非常積極主動，但立場似乎有所不同。

Yes. Good, Lauren. The idea -- the concept of holistic cost management that we've put early on, I mean, it was early last year as one of the principles of how we would get stronger, it's a capability we've been, I would say, investing and focusing everybody around the company in this concept of holistic cost management. Which basically, it is the concept that you're referring to, which is you earn your budget every year. And we're trying to be much more granular around composition of the budget and what really is required now going forward versus what it was required, let's say, last year or 2 years ago. And going through that process of rethinking the budget every year and reallocating costs against what's going to give us the best return in the year and going forward.

是的。很好，Lauren。這個想法——也就是我們先前提出的「整體成本管理」概念，我是說，早在去年年初我們就把它作為讓我們變得更強的原則之一；我會說，這是一項能力，我們一直在投資，並讓公司上下所有人都聚焦在這個整體成本管理的概念上。基本上，這就是你所提到的概念，也就是每一年都要「賺得」你的預算。而我們正嘗試更細緻地拆解預算的構成，並釐清未來真正需要的是什麼，相較於例如去年或兩年前所需要的。透過每年重新思考預算並將成本重新配置到能在當年及未來帶來最佳回報的項目上。

So that capability is there. We're emphasizing it more because, obviously, what we're seeing is that there is a -- it's a challenging time. We're having to put $500 million of cost in COVID-related expenses. We will have to put some more going forward. So we have to find ways to fund that, and we have to find ways to continue to invest in our brands and our commercial activities to keep growing and gaining market share. So we have to be super selective on where do we put the money in every single line of the P&L.

所以這項能力是存在的。我們更強調它，因為很明顯，我們所看到的是——這是一段充滿挑戰的時期。我們必須承擔5億美元與COVID相關的費用。未來我們還得再投入一些。因此我們必須找到資金來源，同時也必須找到方法持續投資於我們的品牌與商業活動，以維持成長並提升市占率。所以在損益表（P&L）的每一個科目上，我們都必須非常審慎地選擇把錢花在哪裡。

So we're emphasizing that from the position that every cent has to work for the growth drivers of the company. So that is the principle that we're -- that is being adopted across the organization in every single market.

因此我們強調這一點的出發點是：每一分錢都必須為公司的成長驅動因素發揮作用。所以這就是我們——也就是正在被整個組織、每一個市場所採納的原則。

On the other side, we're seeing that, potentially, as unemployment goes up in several parts of the world, I think companies will have to be much more cautious about, obviously, the resources that we use and how do we use those resources. So I think this capability is going to come very helpful for us. And that's what we're talking about it in the sense of let's be very diligent in how we look at every single line of our budget and how would we reallocate those monies into the highest return on investment growth drivers.

另一方面，我們也看到，隨著全球多個地區失業率可能上升，我認為企業在資源的使用以及如何使用這些資源方面，必須更加謹慎。所以我認為這項能力將會對我們非常有幫助。而我們談論它的意思是：讓我們非常嚴謹地檢視預算中的每一個科目，並把這些資金重新配置到投資報酬率最高的成長驅動因素上。

And with that, I think we'll be successful in gaining share of market and driving growth and hopefully flowing that growth back into profits for the sustainability of the company.

我認為如此一來，我們將能成功提升市占率並推動成長，並希望把這些成長回流為利潤，以確保公司的永續經營。

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

下一個問題來自Guggenheim的Laurent Grandet。

And first, congratulation on the different, very specific initiatives you are taking to address Black Live Matters.

首先，恭喜你們採取了多項不同且非常具體的措施來回應「Black Lives Matter」。

Like to focus my question on the energy category. In the -- in your prior remarks, you mentioned the Bang business was already almost fully transferred into your system. That was much quicker than most expected, so that's great. Could you please tell us what was the retailers' reaction to the push you are making in the energy category and what they expect from PepsiCo?

我想把問題聚焦在能量飲料品類。在你先前的發言中，你提到Bang業務幾乎已經完全轉入你們的系統。這比大多數人預期的快得多，這很棒。能否請你談談零售商對你們在能量飲料品類所推動的策略有何反應，以及他們對百事可樂（PepsiCo）有何期待？

And also regarding ROCKSTAR specifically. How long do you think it would take to reenergize the brand?

另外，關於ROCKSTAR本身。你認為要花多久時間才能讓這個品牌重新振作？

Yes. Laurent, yes, good question. Listen, yes, we're almost completed with the integration of the Bang brand into our selling systems. It's been a complex process because Bang had between 250, 300 distributors across the country. So as you can imagine, the details of that transition has been quite exhausting for Kirk and the beverage team, but they've done a great job of integrating that brand. And also the same with integrating ROCKSTAR in parts of the country that we didn't distribute the brand in the past. So that is -- I would say by the end of July, that will be almost complete and then we're ready to go.

是的。Laurent，是的，好問題。聽著，是的，我們幾乎已完成將Bang品牌整合進我們的銷售系統。這是一個複雜的流程，因為Bang在全國有大約250到300家經銷商。所以你可以想像，這次轉換的細節讓Kirk和飲料團隊相當疲憊，但他們在整合這個品牌方面做得非常出色。同樣地，我們也在整合ROCKSTAR，尤其是在過去我們未曾經銷該品牌的部分地區。所以我會說，到7月底這些工作將幾乎完成，然後我們就準備好全力推進。

From the customer relationship point of view, I think the customers see us as a very good partner that can bring insight, that can bring activation to the brands, that can bring better store execution, a lot of drivers that we know we can deliver and will drive growth for the category. So I would say the reception from our retail partners has been very positive. And early signals of it is that they're -- we're getting support and that we're executing with good quality.

從客戶關係的角度來看，我認為客戶把我們視為非常好的合作夥伴：我們能帶來洞察、能為品牌帶來市場推廣（activation）、能帶來更好的店內執行，還有許多我們知道自己能交付、並能推動品類成長的驅動因素。所以我會說，我們零售夥伴的反應非常正面。而早期訊號顯示，他們——我們正在獲得支持，而且我們的執行品質良好。

And it's -- the fact that we have now a full portfolio that has Bang, ROCKSTAR and some of the Mountain Dew brands as an energy offer, it is a positive development for us versus having smaller brands. So we're seeing positive signals. And as we said last call in April, this is very strategic for us. We continue to focus on the 3 components of the strategy, driving, revitalizing ROCKSTAR.

而且——我們現在擁有完整的產品組合，包含Bang、ROCKSTAR以及部分Mountain Dew品牌作為能量產品的供給，這相較於只擁有較小品牌，對我們而言是一項正向發展。因此我們看到正面的訊號。正如我們在4月上次電話會議所說，這對我們非常具策略性。我們持續聚焦於策略的三個組成部分，其中之一就是推動並重振ROCKSTAR。

And you will see some news coming out of ROCKSTAR soon, both on the advertising front and the packaging front, reformulation; integrating Bang into our business. And there's distribution opportunities and velocity opportunities in some parts of the country. And then moving Dew with more intentionality into spaces of energy that are not well covered, we think, today and that we can do a better job. Obviously, we continue to be very focused on Starbucks. Starbucks is a critical part of our energy strategy, and Triple Shot, Double Shot are -- is booming, and even more now with people at home.

而你很快就會看到一些關於ROCKSTAR的消息，包含廣告面與包裝面，以及配方調整；把Bang整合進我們的業務。此外，在全國某些地區也存在通路分銷機會與提升銷售速度（velocity）的機會。接著是更有意識地把Dew帶入目前覆蓋不足的能量飲料場景，我們認為現階段這些場景覆蓋得不夠好，而我們可以做得更好。很明顯，我們也持續高度聚焦於Starbucks。Starbucks是我們能量策略中的關鍵部分，而Triple Shot、Double Shot正——正快速成長，尤其現在人們更多待在家裡。

So we're seeing all those components working for us in the future. We're very optimistic about this part of the business. And certainly, there's a lot of energy in our teams to get it done. And the team is doing a fantastic job, by the way.

所以我們看到所有這些組成部分在未來都會對我們有利。我們對這一塊業務非常樂觀。而且可以肯定的是，我們的團隊充滿幹勁要把它做好。順帶一提，團隊確實做得非常出色。

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

下一個問題來自Evercore的Rob Ottenstein。

Great. So wondering if you could talk a little bit about how your dialogue with retailers has evolved from March through June, July, how that's changed. Maybe also touch on the various things that you are doing to help retailers get through this.

很好。想請你談談你們與零售商的對話從3月到6月、7月是如何演變的，以及有哪些改變。也請談談你們正在做哪些事情來協助零售商度過這段期間。

And where things are in terms of shelf sets. A lot of the -- or most of the spring resets never really happened. When do you expect that to happen? And how you look positioned for those?

以及在貨架陳列調整（shelf sets）方面目前的進展如何。很多——或者說大多數的春季重置（resets）其實都沒有真正發生。你預期什麼時候會發生？以及你們如何看待自己在那些調整中的準備與定位？

Great. Good question, Robert. Listen, in our principles, and as we started the pandemic, taking care of our associates was priority #1 and taking care of our customers was priority #2, similar to #1. So I think that was the focus of the company, trying to even elevate even more the partnership with our -- with all our customers across any country around the world. And so that is a focus of the teams. I think we've been agile. We've been closer to our partners. We've been transparent with our supply chain challenges in some cases.

很好。Robert，好問題。聽著，依照我們的原則，當疫情開始時，照顧我們的員工是第一優先，照顧我們的客戶是第二優先，幾乎等同於第一優先。所以我認為這就是公司的重點：努力進一步提升我們與——與全球各國所有客戶的合作夥伴關係。因此這也是各團隊的工作重點。我認為我們一直很敏捷。我們與合作夥伴更貼近。在某些情況下，我們也對供應鏈挑戰保持透明。

But I would say, in general, we're getting very positive comments from our partners on how we are talking to them, helping them to stay in stock and on time, driving business for both and evolving for the future of demand, especially around the space of e-commerce that I mentioned earlier, that is clearly growing at a very fast pace, faster than we had all forecasted about 0.5 year ago. So that's the dynamic.

但我會說，整體而言，我們從合作夥伴那裡收到非常正面的回饋，關於我們如何與他們溝通、如何協助他們維持有貨（in stock）並準時到貨（on time）、如何為雙方推動業務，以及如何因應未來需求的演變，特別是在我先前提到的電子商務領域——它顯然正以非常快的速度成長，比我們所有人在大約半年前所預測的還要快。所以這就是目前的動態。

We've made some choices in our supply chain to -- we've reduced some of the tail of our portfolio. We've discussed that with our partners, retail partners. And we both agreed that it's probably the best thing to do, to eliminate the less -- let's say, the smaller SKUs in the portfolio to maximize the best-selling SKUs and be in stock. As I said earlier, our DSD system, I think, is a fundamental advantage in the way we're able to service our customers. And I think they appreciate that, that we've made the effort, adjusting delivery schedules and increasing delivery schedules to make sure that we keep our brands in stock and we help, obviously, our partners.

我們在供應鏈上做出了一些選擇——我們縮減了產品組合中一些長尾部分。我們已與合作夥伴、零售合作夥伴討論過。我們雙方都同意，這可能是最好的做法：淘汰產品組合中較不——也就是說較小的 SKU，以最大化暢銷 SKU 並確保有貨。如我先前所說，我們的 DSD 系統，我認為，是我們能夠服務客戶方式上的一項根本優勢。我想他們也很感謝我們所做的努力：調整配送時程並增加配送頻次，以確保我們的品牌保持有貨，並且當然也協助我們的合作夥伴。

So that is the level of the commitment we have with our partners. And I think the dialogue is in a very good space. And I think this situation will give us a strategic relationship with our partners that I think we had in the past, but it's probably at a higher level today.

這就是我們對合作夥伴承諾的程度。我認為目前的對話處於非常良好的狀態。我也認為，這種情況將使我們與合作夥伴建立一種策略性關係；我想我們過去也有，但今天可能提升到更高的層級。

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。

Yes. Great. So I know you sped up your R&D processes considerably over the course of time. But as we think about today's consumer behavior relative to just a few months ago and the difficulty of predicting where we'll be in the quarters ahead, how is that impacting how your teams are thinking about new plans and product introductions, even looking out to 2021? Because I think those plans might differ in a world where we're at home versus in a world where we're on the move.

是的。很好。我知道你們在一段時間內大幅加快了研發流程。但當我們思考相較於幾個月前、當前消費者行為的變化，以及難以預測未來幾季的走向時，這對你們團隊在思考新計畫與產品上市（甚至展望到 2021 年）有何影響？因為我認為，在居家為主的世界與在外奔波的世界裡，這些計畫可能會有所不同。

And I guess is there a way to think about that? Or is it that your cycle times on new products at this point are such that you feel like you can keep pace with the change that we're all going through right now?

我想，有沒有一種方式可以這樣思考？或者說，你們目前新產品的週期時間已經短到讓你們覺得可以跟上我們現在正在經歷的變化？

Listen, I think we have improved a lot, as you mentioned. We segmented our innovation processes in different quick-cycle innovations, more lift and shift, more strategic innovation that takes longer. So we have a good segmentation of processes across the company and ways of investing and dealing with innovation through different stage, case, approvals and everything related to the size and the velocity that we want from each type of innovation.

聽著，我認為我們確實如你所說改善了很多。我們將創新流程分成不同類型：不同的快速週期創新、較偏向移植與調整（lift and shift）的創新，以及需要更長時間的更具策略性的創新。因此，我們在全公司對流程有良好的分層，並且在投資與推動創新方面，會依不同創新類型所需的規模與速度，透過不同的階段、商業案例、核准流程，以及所有相關機制來管理。

The truth is that we're never satisfied enough, right? I mean so the sense of urgency in anything we do is going up. And I think we have improving innovation and we want to improve even more. So from that point of view, we'll continue to make the adjustments to some of the process required.

事實是我們永遠不會覺得已經足夠滿意，對吧？也就是說，我們在任何事情上的緊迫感都在提升。我認為我們的創新能力正在改善，而且我們希望再更進一步。因此，從這個角度來看，我們會持續對部分必要流程做出調整。

In terms of what you're saying, are consumers changing meaningfully some of their needs, and are we adopting quickly enough? I would say there are a few spaces where we're trying to move quickly, immunity being one, and we're seeing that consumers are looking for immunity more. Our juice business is booming, and we think that we can come up with other beverages and even snacks that go against that need.

就你所說的，消費者是否在某些需求上出現顯著改變，而我們是否足夠快速地因應？我會說有幾個領域我們正努力快速推進，其中之一是免疫力，我們看到消費者更在意提升免疫力。我們的果汁業務正在蓬勃成長，我們也認為可以推出其他飲料，甚至零食，來滿足這項需求。

Our snacks business are being part of meals. We're seeing that, more and more, consumers are cooking more at home. And that means that, obviously, brands like Quaker or some of our Quaker portfolio is being incorporated into meals. But also some of our snacks, like Tostitos, obviously Sabra, and some other brands are being used for meals, right? A Lay's or Ruffles. We're going to obviously move our advertising and our consumer support in terms of giving them recipes and helping them with solutions that kind of go incentivize that habit. So there's a marketing element to this. There's also an innovation element to this in terms of packaging or other solutions that we can help consumers move into that space.

我們的零食業務正在成為餐食的一部分。我們看到消費者越來越常在家下廚。這表示，像桂格（Quaker）或我們桂格產品組合中的一些產品，正在被納入餐食中。但同時，我們的一些零食品牌，例如 Tostitos、當然還有 Sabra，以及其他一些品牌，也被用來搭配正餐，對吧？像 Lay's 或 Ruffles。我們顯然會調整廣告投放與對消費者的支持，例如提供食譜並協助他們找到解決方案，以某種方式去鼓勵這個習慣。所以這裡有行銷面的因素。同時也有創新面的因素，例如包裝或其他解決方案，幫助消費者進入這個使用情境。

So yes, we're moving quickly. We're never satisfied with our speed of our capabilities. And if you hear the conversations with our internal teams, speed is a key word and we're trying to get better at that. We're trying to be the -- as close as we can to a startup with the scale of a large company. So that is one of our aspirations. And I think it's going to be a long journey of improvement, but we're in the right direction.

所以是的，我們正在快速行動。我們對自身能力的速度永遠不會滿足。如果你聽我們內部團隊的對話，「速度」是一個關鍵字，我們正努力在這方面做得更好。我們希望盡可能——在大型公司的規模下——做到接近新創公司的敏捷。這是我們的其中一項願景。我認為這會是一段長期的改善旅程，但我們正朝正確方向前進。

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

最後一個問題來自瑞銀（UBS）的 Sean King。

Hugh, you mentioned $3 billion in the full year e-com or roughly 5% of sales. I guess that doubled in North America in the quarter. How much of that is transitory due to the stay-at-home dynamics? Or can some of that continue?

Hugh，你提到全年電商約 30 億美元，或約占銷售額的 5%。我想北美在本季大約翻倍。其中有多少是因居家防疫（stay-at-home）帶來的短期現象？或者其中有一部分能夠延續？

Yes. Sean, happy to get in on that one. A couple of things. One, just to be clear, that $3 billion number is a retail sales number. It's not a net revenue number for PepsiCo, so you've got to discount it for that.

是的。Sean，我很樂意回答這題。有幾點。第一，先說清楚，這個 30 億美元是零售銷售額（retail sales）的數字。它不是百事公司（PepsiCo）的淨營收（net revenue）數字，所以你必須把這點折算進去。

Number two, that is the great question. Not clear at this point. I think a lot of that will be dependent on how much consumers or shoppers find that the experience is very good for them. Out-of-stocks, obviously, is always going to be a big question for them because if you get a lot of out-of-stocks, you have to go to the store anyway, which sort of defeats the purpose.

第二，這確實是個好問題。目前還不清楚。我認為其中很大一部分將取決於消費者或購物者是否覺得這個體驗對他們非常好。缺貨（out-of-stocks）顯然永遠會是他們的一大疑問，因為如果缺貨很多，你最後還是得去實體店，這就有點失去原本的目的。

And then the other one is, to the degree that they're paying any kind of an up-charge, is, is it worth the money? So don't have a real good projection on that right now. We're prepared for it to stay large, and we can manage that well if it need be the case, both from an execution perspective as well as from a financial perspective. But not clear at this point.

另外一點是，在他們需要支付任何形式的加價（up-charge）的情況下，是否值得這個錢？所以我們目前沒有很好的預測。我們已準備好讓它維持在較高水準；如果確實如此，無論在執行面或財務面，我們都能妥善管理。但目前仍不明朗。

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，請他做結語。

Yes. Thank you, everyone, for joining us today. It's great to hear from everybody, and for the confidence you've placed in us with your investments. We hope you all stay safe and healthy. And we look forward to updating you as the year progresses. Thank you again, and have a great day.

是的。感謝各位今天加入我們。很高興聽到大家的聲音，也感謝各位以投資對我們展現的信心。希望大家都能平安健康。我們也期待在今年接下來的進展中，持續向各位更新。再次感謝，祝各位有美好的一天。

Thank you for participating in PepsiCo's Second 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二季財報問答環節。您現在可以掛斷電話，祝您有美好的一天。