百事 (PEP) 2020 Q1 法說會逐字稿

Good morning, and welcome to PepsiCo's First 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一季財報問答環節。（接線員指示）今天的電話會議將被錄音，並將存檔於 www.pepsico.com。

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

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

Thank you, operator. I hope everyone has had the chance this morning to read our press release and listen to our 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閱讀我們的新聞稿並收聽我們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 and 2020 guidance 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與 2020 年指引，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，其會自已揭露的結果中排除某些項目。請參閱今日的財報新聞稿與 10-Q（可於 pepsico.com 取得），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，我將把時間交給接線員，開始第一個問題。

(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 Dara Mohsenian。

Gentlemen, hope you're well in this environment. So Ramon, I just wanted to touch on the market share opportunity in snacks and beverages going forward. It sounded like the momentum was pretty strong through February pre-COVID and in the COVID environment. But I was hoping you could discuss if there's opportunity for improved share structurally longer term as you look coming out of the COVID crisis. Theoretically in snacks, there's a shift to larger, trusted brands, which is in your wheelhouse, and you've got the DSD distribution advantage. So from a retailer and consumer standpoint, there could potentially be a shift there. And then in beverages, theoretically less exposure to the away-from-home channel than some of your competitors should enable you to invest behind the business. So just sort of curious if you could run through how you're positioning yourselves for market share advantages coming out of this COVID crisis and if you think there could be some structural improvement longer term beyond what you've already seen over the last year or so.

兩位先生，希望你們在這樣的環境下都安好。Ramon，我想談談未來零食與飲料的市占機會。聽起來在 COVID 之前到 2 月為止，以及在 COVID 環境中，動能都相當強。不過我希望你能談談，當我們走出 COVID 危機後，從結構面來看是否有機會在較長期改善市占。理論上在零食方面，消費者可能轉向更大、更值得信賴的品牌，這正是你們的強項，而且你們也有 DSD 直送配送的優勢。因此從零售商與消費者角度，可能會出現某種轉移。至於飲料方面，理論上你們相較部分競爭對手對外食/外出通路的曝險較低，應能讓你們更有餘裕加大對業務的投資。所以想請你談談，你們如何在這次 COVID 危機後布局以取得市占優勢，以及你是否認為除了過去一年左右已看到的表現之外，長期還可能出現一些結構性的改善。

Yes, it's a good question. Obviously, in a moment when it's hard to predict where the category will go, right, in the coming months, then share of market becomes clearly the #1 priority for the organization. And as you were saying, the investments we made in the business last year, both in our structural capabilities but also the strength of our brands and in particular markets, gave us a lot of momentum. And as you saw in Q1, it was our fastest-growing quarter in a long time even if you deduct the last couple of weeks where we had a positive impact from the stockpiling in the U.S.

是的，這是個好問題。顯然，在很難預測未來幾個月品類走向的時刻，市占就會清楚成為組織的第一優先事項。正如你所說，我們去年在業務上的投資，不論是在結構性能力上，或是在品牌實力以及特定市場上的投入，都帶來了很大的動能。你在第一季也看到，即使扣除美國最後幾週因囤貨帶來的正面影響，這仍是我們很長一段時間以來成長最快的一季。

So you would -- if you were to ask our people on the ground, share of market is the key variable. We see ourselves, as you were saying -- it's a moment where large brands that people trust, strong supply chains and go-to-markets like we have. Very importantly, the talented people that we have in the marketplace, experienced and very talented, I think, superior teams probably in the marketplace should give us an edge in terms of competing in these few months ahead of us where there's going to be a lot of volatility and being agile and strong. I think it's going to be a very positive opportunity for us, yes.

所以如果你去問我們第一線的同仁，市占就是關鍵變數。我們認為，正如你所說，這是一個人們更信任大型品牌、供應鏈更強韌、以及像我們這樣的上市路徑（go-to-market）更具優勢的時刻。非常重要的是，我們在市場端擁有的人才——經驗豐富且非常優秀——我認為我們在市場上的團隊可能更勝一籌，這應能讓我們在接下來幾個月面對高度波動時，在競爭上取得優勢，並保持敏捷與強韌。我認為這對我們會是非常正面的機會，是的。

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

下一個問題來自美國銀行美林 Bryan Spillane。

And maybe just a follow-up on Dara's question. As I was listening to the recorded message, I guess what I took away from it was there is going to be still some investment in SG&A this year, some of it in response to the environment, some of it maybe be opportunistic in terms of market share gains. So I guess is that a correct characterization of it as we're thinking about as the year unfolds and sort of the pressure points or the stresses in the P&L? You're looking to sort of spend in SG&A this year because you want the business to exit stronger and also there's going to be some investments to adapt to the environment?

我想延續 Dara 的問題追問一下。我在聽錄製的訊息時，我的理解是今年在 SG&A 上仍會有一些投資，其中一部分是因應環境，一部分可能是為了把握市占提升的機會。所以，當我們思考今年接下來的發展，以及損益表上的壓力點或緊繃之處時，這樣的描述是否正確？也就是說，你們今年會在 SG&A 上投入，因為你們希望公司在年底能以更強的狀態走出來，同時也會有一些投資用來適應環境？

Yes. Of course, we're -- I mean, we were in an investment position, and we were very selective, obviously, where we're putting the investments and trying to look for the highest-ROI investments everywhere around the world in the different categories. We're not planning to change that position even we might have opportunities ahead of us that tell us that probably the best decision would be to even double down on some of those market opportunities where we can take maybe a short-term advantage now and -- which will be structural gains for long term.

是的。當然，我們——我的意思是，我們原本就處於投資狀態，而且我們非常有選擇性地決定投資投向，並在全球不同品類中尋找最高投資報酬率（ROI）的投資。我們不打算改變這個立場；即便未來出現一些機會，讓我們判斷最好的決策可能是對某些市場機會加碼，因為我們現在也許能取得短期優勢，而這些優勢將在長期形成結構性的收穫。

On the other hand, we're looking at all our discretionary costs with a lot of intensity. And as we said in the note, we're looking holistically and very intentionally at unnecessary costs in our P&L at this point, both, obviously, to things that are unnecessary, we're going to stop them, but also to have the flexibility to reallocate into areas of the business where we see acceleration.

另一方面，我們也以非常高的強度檢視所有可裁量成本。正如我們在說明中提到的，我們此刻正以整體且非常有意識的方式，檢視損益表中不必要的成本：一方面，對於明顯不必要的事項，我們會停止；另一方面，也要保有彈性，把資源重新配置到我們看到正在加速的業務領域。

For example, we're seeing, obviously, as you're hearing from everybody else, e-commerce being a high-growth channel at this point. So we're reallocating resources from other parts of the P&L into e-commerce and capturing consumers in that particular channel. And then obviously, we'll be -- keep investing to retain those consumers as they probably stay in the e-commerce.

例如，正如你從其他人那裡也聽到的，電商目前是一個高成長通路。因此我們正把資源從損益表的其他部分重新配置到電商，並在該通路中掌握消費者。接著，當這些消費者可能持續留在電商時，我們也會持續投資以留住他們。

We're -- there are some brands that are benefiting from this more consumption at home like Quaker. Well, they'll -- I think we want to invest in some of those brands that are getting consumer tailwinds now because we want to retain those consumers with the brands as we exit the crisis situation. So yes, our mentality was -- going into the crisis was a mentality of attack. I think we continue to be on the attack, same mentality, obviously put in some strong criteria of ROI to those investments and being very, very kind of tough with every single line of our P&L to make sure that whatever is unnecessary is not there anymore.

另外，有些品牌因為居家消費增加而受益，例如桂格（Quaker）。我們希望在這些目前受到消費者順風帶動的品牌上加大投資，因為我們希望在走出危機情境時，仍能讓消費者持續選擇這些品牌。所以是的，我們在進入危機前的心態——是一種進攻的心態。我認為我們仍維持進攻，同樣的心態；當然，會對這些投資設定一些嚴格的 ROI 標準，並且非常、非常嚴格地逐行檢視損益表，確保任何不必要的支出都不再存在。

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

下一個問題來自高盛 Bonnie Herzog。

I have a few questions for you guys on energy drinks. You're certainly stepping up your game here with the announcement you made this morning to distribute Bang. So hoping you could give us a little more color on how you're going to manage the energy category with the different brands. Now you've got Rockstar and now distributing Bang and then eventually Mountain Dew. So curious to hear how you're going to prioritize these different brands and how you see the different positioning of them. And then could you guys give us a sense as to how you're going to hit the ground running now that the Rockstar deal is closed? I'm just curious if your plans have changed given everything going on with COVID also as it relates to Mountain Dew.

我有幾個關於能量飲料的問題。你們今天早上宣布將負責 Bang 的經銷配送，顯然是在這個領域加大力道。希望你們能更具體說明，將如何以不同品牌來管理能量飲料品類。現在你們有 Rockstar，並且開始經銷 Bang，之後還會有 Mountain Dew。所以想聽聽你們會如何在這些不同品牌之間排定優先順序，以及你們如何看待它們各自的定位差異。另外，Rockstar 交易已完成，你們打算如何立即展開行動、快速落地？也想了解在 COVID 的情況下，你們的計畫是否有所調整，尤其是與 Mountain Dew 相關的部分。

Yes. Yes, let me give you a -- I mean this is consistent with what we have been saying in the past, that we see the energy need state as a very large need state that will stay for many years. I think consumers will need energy during the day in developing markets, developed markets all over the world and that we're going after that consumer occasion with multiple vectors.

是的。是的，我來補充一些——我的意思是，這與我們過去一直在說的相一致：我們認為「能量」這個需求狀態（need state）是一個非常大的需求狀態，並且會持續很多年。我認為不論在新興市場或成熟市場、全球各地，消費者在一天當中都會需要能量，而我們將以多個方向去切入這個消費情境。

We're playing with the coffee category, and we continue to think that the coffee category is a great opportunity to capture a lot of occasions there. So with our partnership with Starbucks and some of the innovation we had there, we've been very successful to play in energy need state. Obviously, we have our own innovation with GameFuel and some other innovations we had in the past.

我們也在咖啡品類中布局，並且持續認為咖啡品類是捕捉大量消費情境的絕佳機會。因此，透過我們與星巴克（Starbucks）的合作，以及我們在那裡推出的一些創新，我們在「能量」需求狀態的布局上非常成功。當然，我們也有自己的創新，例如 GameFuel，以及過去的一些其他創新。

The Rockstar deal gives us the opportunity to play with more of these spaces in -- that energy provides. So yes, we'll have the Rockstar portfolio, which I think has been underinvested in the past. So now there are more incentives for our people to drive that business, and we're going to invest in Rockstar. So that's going to be a good segment for us.

Rockstar 這筆交易讓我們有機會在能量飲料所涵蓋的更多領域中參與競爭。所以是的，我們將擁有 Rockstar 的產品組合，而我認為它過去的投資不足。現在我們的團隊有更多誘因去推動這項業務，我們也會投資 Rockstar。因此這將會是我們的一個良好區隔/板塊。

Obviously, Bang has been a beautiful addition to our portfolio in terms of a differentiated brand that has a lot of momentum in the U.S. in particular channels. A lot of opportunities still in terms of additional distribution and some channels that are not available. So I think our distribution muscle will give Bang an additional push, and there's clearly a lot of consumer positive reception to that brand. So we'll benefit from that.

顯然，Bang 以其差異化品牌、且在美國特定通路特別具有強勁動能，已成為我們投資組合中一項很漂亮的補強。在額外鋪貨以及一些尚未覆蓋的通路方面，仍然有很多機會。因此我認為，我們的通路分銷能力將為 Bang 帶來額外推力，而且消費者對這個品牌的正面反應也非常明顯。所以我們將從中受益。

And then as we said in the past, we have a brand in our portfolio, Mountain Dew, that I think has a lot of opportunities in that space as well, and it's kind of natural for Mountain Dew to play in the energy boost category. So you will see some more innovation of our Mountain Dew brand to play more intentionally in that space.

另外，如同我們過去所說，我們的投資組合中有一個品牌 Mountain Dew，我認為在那個領域也有很多機會，而且 Mountain Dew 進入能量提振（energy boost）品類其實很自然。因此你們會看到我們的 Mountain Dew 品牌會有更多創新，更有意識地在那個領域發力。

And that's how we think about the multiple tools that we can use to play into what is a huge need state. And I think we'll continue with people moving to mega cities and people having very hectic lifestyles.

這就是我們如何看待可用來切入這個龐大需求狀態的多種工具。我認為，隨著人們移居到超級城市、生活節奏越來越忙碌，這個趨勢也會持續。

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 can talk about go-to-market, and I'm thinking more on the Gatorade side. I mean, clearly, having availability in a time like this has been critical. And so when you think about warehouse versus DSD of Gatorade between the channels, small format, large format, and some of the tests that you're running in the Midwest then, I was hoping you could just kind of opine on how you think this should evolve in the future given that this could potentially happen again at some point in the future.

Ramon，我希望你能談談上市路徑（go-to-market），我想更聚焦在 Gatorade 這邊。我的意思是，很明顯，在像現在這樣的時期，供貨可得性一直都很關鍵。因此當你思考 Gatorade 在不同通路之間採用倉配（warehouse）對比 DSD（直送）時——小型通路、大型通路，以及你們在中西部所做的一些測試——我希望你能大致談談，你認為未來應該如何演進，考量到這種情況未來某個時點可能還會再發生。

Yes, that's a great question. I think probably the difficult logistic situation that we've seen in the marketplace in the last few weeks in the U.S. but across the world has probably brought more light to the opportunity that we have in finding better ways to move our Gatorade products into the stores. And although we have been with great collaboration with all our customers and our partners to find solutions to get that brand quickly into the store because there is a lot of demand for it, we've seen some bottlenecks.

是的，這是個很好的問題。我認為，過去幾週我們在美國、但其實也包括全球市場看到的艱難物流情況，可能更凸顯了我們在尋找更好方式把 Gatorade 產品送進門店方面的機會。雖然我們與所有客戶與合作夥伴高度協作，努力找出解決方案，讓這個品牌能更快進店，因為需求非常強，但我們也看到了一些瓶頸。

So as you say, we're considering multiple options. Obviously, the final decision is always a combination of top line growth and additional cost and complexity to the organization. So it's a complex decision given the size of the brand and the complexities from the logistics point of view. It's a very seasonal brand that has a lot of volume between, say, May to September, right? So it's a huge spike to our logistics system.

所以如你所說，我們正在考慮多種選項。當然，最終決策永遠是營收成長與額外成本、以及組織複雜度之間的綜合權衡。因此，考量到品牌規模以及物流端的複雜性，這是一個複雜的決策。這是一個非常季節性的品牌，例如 5 月到 9 月之間的量很大，對吧？所以對我們的物流系統而言會出現巨大的尖峰。

So it is a big strategic decision. It's one that we're, as you say, we're testing different options. We're giving it a lot of thinking time, and the decision will be made together with our partners in the retail space and obviously internally looking at all the different variables. It's a potentially big outlook for Gatorade but also a difficult decision from many points of view.

因此這是一個重大的策略性決策。正如你所說，我們正在測試不同選項，也投入很多時間深入思考；最終決策將與零售端的合作夥伴共同做出，當然也會在內部把所有不同變數都納入評估。這對 Gatorade 可能是很大的前景，但從多個角度來看也都是一個艱難的決策。

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

下一個問題來自 JPMorgan 的 Andrea Teixeira。

I hope all is well with all of you. So I was hoping if you can talk about the strength in at-home consumption. So I'm assuming your shipping is still below your demand and you are not worried about any stock -- destocking in the second quarter. So I was just thinking in your outlook of the low single-digit decline for the second quarter. Are you just assuming, as we cycle through the immediate consumption channels, they're still going to be very much impaired through most of the second quarter? And if you can give us an idea what happened in some of the places where the restrictions were lifted.

希望你們一切都好。我想請你談談居家消費（at-home consumption）的強勁表現。所以我假設你們的出貨仍低於需求，而且你們不擔心第二季會出現任何庫存——去庫存（destocking）。因此我在想，你們對第二季低個位數下滑的展望，是不是只是基於這樣的假設：隨著我們進入即時消費（immediate consumption）通路的比較基期，這些通路在第二季大部分時間仍會受到很大影響？另外，如果你能分享一下在某些解除限制的地區發生了什麼，也會很有幫助。

Listen, we're seeing a lot of uncertainties on how the economies will go back to normal, right? And we have -- obviously, as you can imagine, we have multiple scenarios in what could happen. There are a lot of scenarios that say that it's not going to be so linear, as you -- well, you're saying that economies will go back to opening right away and that's going to be it, right? I think there might be some scenarios where there will be ups and downs in the way the virus spreads, and there will be some particular local areas that could be more exposed in particular moments of time and so on that might require some additional lockdown decisions or other sort of decisions by the government. So our -- the fact that we're saying that we see uncertainties on geography channels and categories is because we're -- many of our scenarios done are not as linear as you're saying.

聽著，我們看到經濟如何回到正常狀態存在很多不確定性，對吧？而且——如你所能想像的——我們對可能發生的情況有多種情境。很多情境都顯示，事情不會像你——嗯，你的說法那樣線性：經濟立刻重新開放，然後就結束了，對吧？我認為可能會有一些情境是，病毒傳播的走勢會有起伏，某些特定地區在特定時間點可能更暴露，等等，這可能需要政府做出額外的封鎖決策或其他類型的決策。因此我們——之所以說在地理、通路與品類上都存在不確定性，是因為我們做的許多情境並不像你所說的那麼線性。

You're right in pointing out that most of the impact in our categories, especially beverages, is related to lack of mobility of people, and then there are particular channels that are very linked to mobility and transportation and, obviously, some of the out-of-home food. Obviously, if consumers are moving around, there will be more consumption, especially in convenience and gas channel and a bit more on workplaces where we have a good business as well. So that should improve assuming that the consumer will stay -- will be able to continue to move around for the foreseeable months.

你指出得沒錯，我們品類（尤其是飲料）的大部分影響，都與人們缺乏流動性有關；而且有一些通路與移動、交通高度相關，當然也包括部分外食。顯然，如果消費者開始外出活動，消費就會增加，特別是在便利店與加油站通路；另外在工作場所方面也會多一些，而我們在那裡也有不錯的業務。因此，假設未來幾個月消費者能持續外出活動，這些都應該會改善。

Now -- but the reason why we're seeing more uncertainty is because we don't think it's going to be a straight line once people go back to moving around. It's going to be a restricted mobility, I think, and with potential second waves in some particular markets. That's why we're staying cautious and we prefer to have that kind of flexibility in our guidance at this point.

但是——我們之所以看到更多不確定性，是因為我們不認為一旦人們恢復外出活動，情況就會是一條直線式的改善。我認為會是受限的流動性，並且在某些特定市場可能出現第二波。這就是為什麼我們保持審慎，並且在此時點更希望在指引上保有那種彈性。

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

下一個問題來自 Crédit Suisse 的 Kaumil Gajrawala。

Can you talk a bit more about the Bang deal? It obviously makes sense, and congratulations on becoming a lot more meaningful in the energy space in what seems like a fairly short period of time. But maybe just some more specifics. It looks like it's a distribution deal. And historically, distribution deals have favored the founder or supplier a bit more than they favored the distributor. Is there a path to ownership? I think there's been some deals in the past where a lack of a path to ownership has been detrimental. And maybe just some other basics as in time horizon, how long is this deal? Is it perpetual? Things like that.

你能再多談一點 Bang 這筆交易嗎？它顯然很合理，也恭喜你們在看似相當短的時間內，讓自己在能量飲料領域變得更具份量。不過也許可以更具體一些。看起來這是一筆分銷協議。而歷史上，分銷協議往往更偏向創辦人或供應商，而不是分銷商。是否有通往持股（ownership）的路徑？我想過去有些交易因為缺乏通往持股的路徑而造成不利。也請談談一些基本條款，例如時間跨度，這份協議多久？是永久性的嗎？諸如此類。

Hugh, you want to give it your perspective, please?

Hugh，你願意從你的角度分享一下嗎？

Yes. Happy to do that, Ramon. A couple of things on it. Obviously, we're not going to disclose all of the details of the deal.

好的，Ramon，我很樂意。關於這件事有幾點。顯然，我們不會披露交易的所有細節。

The way I'd characterize it is I think it presents great upside for the Bang people. It gives them broader and deeper distribution than what they've had to date. It also -- it represents a nice win for us, and it really helps us fill out the energy portfolio as we move to a more assertive posture on this category.

我會這樣描述：我認為這對 Bang 團隊而言有很大的上行空間，因為它能讓他們獲得比迄今更廣、更深的通路覆蓋。同時——這對我們而言也是一個不錯的勝利，並且在我們對這個品類採取更積極的姿態之際，確實有助於補齊我們的能量飲料產品組合。

In terms of any forward deals or sort of M&A contemplated, none of that is in there. So we expect this to sustain for a good period of time.

至於任何未來的交易或某種併購（M&A）規劃，協議裡並沒有包含這些。因此我們預期這會在相當一段時間內持續。

And the last comment I'd make is, unlike the Rockstar deal, we really don't have meaningful restrictions in terms of the way that we manage our portfolio. So we certainly feel as we take a more assertive posture, we have the freedom to operate in the energy space a great deal.

我最後想補充的是，與 Rockstar 的交易不同，我們在管理投資組合的方式上並沒有實質性的限制。因此，當我們採取更積極的姿態時，我們確實覺得自己在能量飲料領域有很大程度的營運自由度。

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

下一個問題來自 Barclays 的 Lauren Lieberman。

Great. In your -- in the prepared remarks, you guys have talked about developing in emerging markets, feeling pressure, and that, that was sort of thing you were thinking about, discretionary coming under pressure and how the macroeconomic could hurt categories. So I just wanted to get a little bit more on that, your thoughts around, because I think category development of packaged snacks is a big part of the kind of long-term plan in international markets and the investments that you've been making particularly to promote and support some of your bigger brands, make them a bigger global footprint. So I know it's still pretty early days in all of this, but if you could just talk about D&E market development for snacks as you think about how this crisis unfolds.

很好。在你們——在事先準備的發言中，你們談到新興市場的發展、感受到壓力，以及你們在思考可選性支出（discretionary）承壓、以及總體經濟可能如何傷害品類。我想就此再多了解一些你們的想法。因為我認為，包裝零食的品類發展是國際市場長期計畫中的重要一環，也是你們一直在投入的方向，特別是為了推廣並支持一些較大的品牌，讓它們擁有更大的全球版圖。我知道目前仍是早期階段，但希望你能談談，當你們思考這場危機如何演變時，對於零食在已開發與新興（D&E）市場的市場開發（market development）有何看法。

Yes. Yes. Just a bit of -- as you say, it's still very early, right, in -- if you think about Latin America or Middle East, Africa. Eastern Europe has been in the crisis for a bit longer, parts of Asia.

是的。是的。就像你說的，現在仍然非常早期，對吧——如果你看拉丁美洲或中東、非洲。東歐進入危機的時間更長一些，還有亞洲的部分地區。

What we're seeing in short term is twofold. One is there's a good part of the universe of outlets that we service that are shut down or partially shut down during the lockdown. So -- and that impacts a numerical distribution but also the initial channel sell-in, and that impacts our sales. Then the -- if you think about the consumer occasions in those markets, developing markets, there's a lot of on-the-go occasions in those markets, especially -- it tends to be a younger population that buys our products, snacks especially. And a lot of the occasion had to do with moving around or either from school to home or hanging out with friends on the streets. I mean those kind of occasions are big. And those are somehow limited, right, in the current realities. So that is being impacted.

我們短期內看到的情況有兩個面向。第一個是，我們所服務的通路據點中，有相當一部分在封城期間關閉或部分關閉。因此——這會影響數值鋪貨率（numerical distribution），也會影響通路初期進貨（channel sell-in），進而影響我們的銷售。其次——如果你想想那些市場、也就是新興市場的消費情境，當地有很多「外出即食」的情境，尤其——購買我們產品（特別是零食）的族群往往較年輕。而許多情境與外出移動有關，像是從學校到家，或是在街上和朋友一起玩。我是說，這類情境占比很大。但在目前的現實狀況下，這些情境某種程度上受到限制，對吧？所以這部分正在受到影響。

Structurally, we don't see any challenge to date, right? What we see is actually probably the opposite. I think we have, as I was saying at the beginning, very strong supply chains in most of these markets, and the brands are quite established. And we're very good at managing the affordability levels in those markets. So where price points or pack price is very important, we have a lot of flexibility in our snack business to adapt the price points in the packs to whatever the currency impacts are in the cost and the price points.

從結構面來看，我們目前為止沒有看到任何挑戰，對吧？我們看到的其實可能正好相反。我想我們如同一開始所說，在這些市場多數都擁有非常強健的供應鏈，而且品牌相當成熟。我們也很擅長管理這些市場的可負擔性水準。因此在價格點或單包價格非常重要的地方，我們的零食業務有很大的彈性，可以依據匯率對成本與價格點的影響，調整包裝的價格點。

So I think there is a lot of know-how. I think we see this as an opportunity for us to even go deeper in the -- in our distribution eventually and to double down to accelerate share of market in those -- in a lot of the geographies where we participate. So we see some short-term impact because of the distribution challenges that I told you at the beginning.

所以我認為這裡面有很多專業know-how。我們把這視為一個機會，讓我們最終能在——在我們的鋪貨上更深入，並加碼投入，以加速我們在——在許多我們參與的地理區域提升市占。因此，我們確實看到一些短期影響，原因是我一開始提到的鋪貨挑戰。

As soon as the retailers are back to business and we see that happening in many markets after a couple of weeks, obviously they cannot be opened from the family income point of view. They go back to opening their stores and then life goes back to normal.

一旦零售商恢復營業——而我們在許多市場看到這在幾週後就會發生——很明顯地，他們從家庭收入的角度來看不可能一直不開門。他們會回去開店，然後生活就會回到正常。

So we think that this could be actually a boost to our acceleration of the per cap development, our market share presence in a lot of the international markets. The relative size of our business versus competitors tends to be quite large in a lot of our snack businesses globally, and we see that as an opportunity today.

因此我們認為，這其實可能會推動我們加速人均（per cap）發展、以及在許多國際市場的市占布局。我們的業務相對於競爭對手的規模，在全球許多零食業務中往往相當大，而我們今天把這視為一個機會。

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

下一個問題來自 Evercore 的 Rob Ottenstein。

Great. Guys, at a time when a lot of companies are suspending or cutting their dividend, cutting or stopping share buybacks, you guys have basically committed to your initial guidance on those, $2 billion of share buybacks, which is just a tremendous financial strength. My question is, is given how the world has changed, how you're thinking about capital allocation now and priorities. Does opportunistic M&A make more sense? How are you weighing all these things in terms of priority, also including perhaps even stepping up marketing, which was increased a lot last year? And in Q4, you said it may or may not be increased ahead of sales this year. That was something you were considering. So just kind of big picture how you're reevaluating capital allocation.

很好。各位，在許多公司都在暫停或削減股利、削減或停止庫藏股回購的時候，你們基本上仍承諾維持原先對這些項目的指引，也就是 20 億美元的庫藏股回購，這展現了非常強的財務實力。我的問題是：鑑於世界已經改變，你們現在如何思考資本配置與優先順序？機會型的併購（opportunistic M&A）是否更有意義？你們如何在這些事項之間權衡優先順序，也包括可能加碼行銷——去年行銷投入增加很多。而在第四季你們提到，今年行銷可能會也可能不會在銷售之前提前增加，這是你們正在考慮的事情。所以想請你們從大方向談談，如何重新評估資本配置。

Hugh, do you want to take that one?

Hugh，你要回答這題嗎？

Yes. Happy to. Rob, in a lot of ways, there really isn't much change in the way that we think about capital allocation relative to what we've talked about in the past. You're right, we do have terrific financial strength. We've actually been in the debt markets, both short term and long term, and are able to get money at extended maturities at quite attractive rates. So we do have the financial flexibility to continue with the share repurchase as well as obviously pay the dividend.

好的，很樂意。Rob，在很多方面，我們對資本配置的思考方式，和過去談過的相比其實沒有太大改變。你說得對，我們確實有非常出色的財務實力。我們其實也已進入債券市場，包含短期與長期，並且能以相當具吸引力的利率取得期限更長的資金。因此，我們確實具備財務彈性，可以持續進行股票回購，當然也能支付股利。

In terms of the capital allocation priorities, it's really, number one, invest in the business, and we'll do that as we see opportunity to do that. Number two, we'll pay the dividend. Number three, we'll continue to look at M&A. But as always, we're very selective in the past and as in -- very selective as in the past. And for the number of things that we look at, we execute against very, very few.

就資本配置的優先順序而言，第一，投資於業務，我們會在看到機會時這麼做。第二，我們會支付股利。第三，我們會持續尋找併購機會。但一如既往，我們非常挑剔，和過去一樣非常挑剔。我們看的標的很多，但真正執行的非常、非常少。

And then last, share repurchase. So no real change in that regard. And thankfully, because of the way that we've put together the balance sheet and because of the strength of the cash flows of the company, we're in a position to continue to execute cash return to shareholders.

最後是股票回購。所以在這方面沒有真正的改變。也幸好，因為我們打造資產負債表的方式，以及公司現金流的強勁，我們有能力持續執行對股東的現金回饋。

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 to dive a little bit deeper on your commentary around increased at-home per capita consumption during your prepared remarks around consumers eating more breakfast and snacking more at home. That seems to be apparent in the Nielsen data that's come out today where salty snacks continues to grow, though it did decelerate. But I think it does kind of raise the bigger question that it seems like some categories are seeing a pantry load and a de-load like with sports drinks down in the current 4-week period and some still stronger. So as you're thinking about the second quarter, which categories do you think can sustain higher levels of per capita consumption in the at-home occasion? And where do you expect to see some pantry destocking?

我希望能更深入探討你們在事先準備的發言中提到的：居家人均消費增加，消費者在家吃更多早餐、也在家吃更多零食。這似乎也反映在今天公布的 Nielsen 數據中，鹹味零食仍在成長，雖然增速放緩。但我想這也引出一個更大的問題：看起來有些品類出現囤貨與去庫存（pantry load / de-load），例如運動飲料在目前 4 週期間下滑，而有些品類仍相對強勁。所以當你們思考第二季時，哪些品類你們認為能在居家情境下維持較高的人均消費水準？又在哪些地方你們預期會看到一些家庭儲藏室去庫存（pantry destocking）？

Good. Yes, let me try that. We're seeing, yes, as you're saying, both, obviously, our Quaker range increasing penetration massively. So the number of families that have bought Quaker in the last 6 weeks has gone up a lot.

好的。是的，我來試著回答。我們確實看到——如你所說——我們的桂格（Quaker）產品線滲透率大幅提升。也就是在過去 6 週內購買桂格的家庭數量大幅增加。

And we're seeing, obviously, I mean, there's one clear reason, right? People are cooking at home and, therefore, they're using the product more. And we're seeing the cycle of repurchase also good. So I don't think there's much stocking in the house as long as people continue to have breakfast or continue to cook at home.

而且我們也看到——很明顯地——有一個清楚的原因，對吧？人們在家做飯，因此使用產品的頻率更高。我們也看到回購循環表現良好。所以只要人們持續在家吃早餐或持續在家做飯，我不認為家裡會出現太多囤貨。

And we're emphasizing in our marketing not only the breakfast opportunity but also the cooking and the recipes where our oats can be part of that cooking opportunity. And this is here in the U.S., but it's also in Latin America where we've moved 100% to recipes on oats and some of our Quaker products.

我們在行銷上強調的不僅是早餐機會，也包括烹飪與食譜，讓我們的燕麥能成為這些烹飪情境的一部分。這在美國是如此，在拉丁美洲也是如此；我們已經 100% 轉向以燕麥與部分桂格產品的食譜作為溝通主軸。

The good news for us is we've made a lot of positive changes to Quaker products, right? We reduced sugar, we reduced artificials, we improved the formulas. I think we have better-tasting products as well. So hopefully, this is an opportunity for the consumers to reassess the brand and to give it a structural boost. So we're dedicating our market investments to that particular trial and repurchase of the Quaker range of product, which I think are extremely good and great tasting.

對我們來說的好消息是，我們對桂格產品做了很多正向改變，對吧？我們降低了糖分、減少了人工添加物、改善了配方。我認為我們的產品也更好吃了。因此希望這能成為一個機會，讓消費者重新評估這個品牌，並給它一個結構性的提升。所以我們把市場投資聚焦在桂格產品線的試用與回購上；我認為這些產品非常好、而且口感很棒。

Then when you see the snack product, obviously, I mean, there's many more occasions in the family now with the kids at home and with -- we're all taking breaks during the day between our busy days and then occasions watching TV together as a family or whatever. So there are a lot of occasions at home now that they were not there 6 or 7 weeks ago. So we're also emphasizing the -- in our advertising the opportunities that the snacks category give consumers to have moments of enjoyment during this confinement.

接著看零食產品，顯然——我的意思是——現在家裡的情境更多了，孩子在家，而且——我們在忙碌的一天中也都會在白天休息一下，還有像是全家一起看電視之類的情境。也就是說，現在家中的情境比 6、7 週前多了很多。因此我們也在廣告中強調——零食品類能為消費者在這段居家隔離期間帶來享受時刻的機會。

We're seeing our multipacks, our variety packs increasing massively. We're seeing our Tostitos brand, our dips going up a lot. I mean, obviously, every single brand, but those are where we're seeing the highest growth.

我們看到我們的多入裝（multipacks）、綜合口味包（variety packs）大幅成長。我們看到 Tostitos 品牌、以及我們的沾醬（dips）成長很多。我的意思是，幾乎每個品牌都在成長，但這些是我們看到成長最高的部分。

And the beauty -- to your point on stocking, the beauty of our snacks is that it can only last for a certain period of time, and they have expiry dates. So consumers will eat them. They will not stock them forever. So we see the cycles of repurchase also very clear on the snack business, and those are products that people buy, put in their pantry, and they get consumed by the whole family.

而且——回到你提到的囤貨——我們零食的優勢在於，它只能保存一定期間，而且有有效期限。所以消費者會把它吃掉，不會永遠囤著。因此我們也很清楚看到零食業務的回購循環；這些產品人們買回家放進儲藏室，然後會被全家一起消耗掉。

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。

Hope you're well. Ramon, looking out over the horizon, and I guess building on some of the comments you made in response to Andrea's question, I was hoping you could elaborate a bit further on your early thoughts around an exit strategy from current lockdown conditions specifically in North America and Western Europe, maybe building on any lessons learned from China and commenting on whether that strategy and its timing is likely to vary at all, snacks versus beverages, in your view. And I guess I'd also love any thoughts you have as -- or expectations around how your approach and the timing may differ across markets, whether based on consumer, customer mentalities, your competitive standing or just governmental policy. Just what does the exit strategy look like?

希望你一切都好。Ramon，放眼未來——我想延伸你在回覆 Andrea 問題時的一些評論——我希望你能更進一步談談你對於從目前封鎖狀態退出策略的初步想法，特別是北美與西歐；也許可以結合從中國學到的經驗，並評論在你看來，這個策略及其時點是否會因零食與飲料而有所不同。我也很想聽聽你對於——或你對於不同市場之間你們做法與時點可能如何不同的看法或預期，無論是基於消費者與客戶心態、你們的競爭地位，或只是政府政策。退出策略會是什麼樣子？

Yes. No, I was -- my point was more about the fact that will it be very linear or not. And I think as we're obviously looking at all the different scenarios and as we're -- imagine, managing the company now is -- there's a lot of scenario planning and a lot of options and staying super agile. That's kind of the way we're empowering the front line, being super agile and just playing scenarios. I mean that's the way we're managing the company today.

是的。不，我——我的重點更多是在於它是否會非常線性。我認為，因為我們顯然在看所有不同的情境，而且我們——想像一下，現在管理公司——有大量的情境規劃、很多選項，並且保持高度敏捷。這就是我們賦能第一線的方式：保持高度敏捷，並且只是推演各種情境。我的意思是，這就是我們今天管理公司的方式。

So in our scenario planning, I mean, the chances of every country opening up and every state opening up and not having second waves, I think, are low, right? I mean you've seen the virus. The virus is still around. We don't have treatments, and we don't have vaccines. So until we have good treatments and good vaccines, we should be very cautious, right? And therefore, it's going to be down to a lot of -- billion of people individual behaviors whether we get contaminated or not. So that's what I meant, right, when I said we need to be careful that we don't project straight lines the moment the state opens we're all free and that business will come back. I think there's going to be a lot of iterations.

所以在我們的情境規劃中，我的意思是，每個國家都開放、每個州都開放，而且不出現第二波的機率，我認為很低，對吧？我的意思是，你已經看到這個病毒了。病毒仍然存在。我們沒有治療方法，也沒有疫苗。所以在我們有好的治療方法和好的疫苗之前，我們應該非常謹慎，對吧？因此，最終將取決於——數十億人的個人行為——我們是否會被感染。所以這就是我的意思，對吧，當我說我們需要小心，不要在州一開放的那一刻就投射直線式的假設，認為我們都自由了、業務就會回來。我認為會有很多反覆的迭代。

Our approach to this is, I would say, extremely aggressive on the commercial side in the sense that we want to be the first knocking at the door or every single store that opens with our mechanics and our salesmen trying to fix the equipment and refill the coolers and putting our racks in the first position and making sure that every consumer that walks into that store buys our products. So that's -- from the commercial mentality, that's how we're approaching this opportunity of restarting a lot of points of sale.

我們對此的做法，我會說，在商業端是極其積極的，意思是我們希望成為第一個去敲每一家重新開門的店的門的人，帶著我們的維修技師和業務員，嘗試修好設備、補滿冷藏櫃、把我們的陳列架放在第一位置，並確保每一位走進那家店的消費者都買我們的產品。所以——從商業心態來看，這就是我們如何把握這個重啟許多銷售點的機會。

From the safety of our employees, obviously, we're being extremely cautious and want to make sure that our people are extremely well protected and that we are -- we care for them in a way that is better than anybody else.

從員工安全的角度來看，顯然，我們非常謹慎，並希望確保我們的人員得到非常充分的保護，而且我們——以一種比任何人都更好的方式關懷他們。

So those are the tensions in the business: on the one hand, protecting our people 100%; on the other hand, being the most aggressive commercially so that when a store opens in any state, in any country around the world, we're the first company that knocks on the door to place our equipment. And that's the balance that we're trying to be the best at. And that's why I was referring earlier at the beginning that having very good people on the ground, extremely talented, very experienced, with a lot of -- having been through a lot of ups and downs in the marketplace gives me a lot of confidence that we can deliver in an advantaged way. And that's how we're thinking about all this complexity ahead of us.

所以這就是業務中的拉扯：一方面，100%保護我們的人；另一方面，在商業上最積極，讓任何州、任何國家、世界各地只要有店開門，我們就是第一家去敲門、擺放我們設備的公司。這就是我們努力做到最好的平衡。這也是為什麼我先前在一開始提到，擁有非常優秀的在地團隊——極具才華、經驗豐富，並且——經歷過市場上許多起伏——讓我非常有信心，我們能以更具優勢的方式交付成果。這就是我們如何思考眼前這些複雜性。

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, innovative format to read your results this morning. I like that. I have a follow-up question on energy, actually. On Bang, how much will you be able to distribute immediately? And how fast are you planning to exit from existing distribution agreements? And then clearly, upside in energy is primarily affecting the U.S. Could you help us understand how internationally -- international could benefit from the Rockstar acquisition? As in some countries like in the U.K., I mean, the current distributor has been communicating that there was no change to its distribution agreement. And also, why Bang distribution did it just for the U.S.? So what's the plan basically for international in energy?

Ramon 和 Hugh，今天早上用創新的形式宣讀你們的業績。我喜歡。我其實有一個關於能量飲料的追問。關於 Bang，你們能立即分銷多少？你們計畫多快退出現有的分銷協議？另外，能量飲料的上行顯然主要影響美國。你們能否幫助我們理解，國際市場——國際市場如何能從收購 Rockstar 中受益？例如在英國等一些國家，我的意思是，現有的經銷商一直在對外溝通說其分銷協議沒有變更。另外，為什麼 Bang 的分銷只做美國？所以，基本上國際能量飲料的計畫是什麼？

Yes. Listen, I won't give you a lot of details on the details of the movement from the existing distribution network of Bang to our network. But it will be progressive. It will start in some channels as early as early May. And I would assume that by the beginning of Q4, it should pretty much be in our tracks. I mean that's how we're thinking about it. There will be exceptions, but that should be -- that's our ongoing assumptions.

是的。聽著，我不會就 Bang 從現有分銷網路轉移到我們網路的細節提供太多細節。但它會是循序漸進的。它會在一些通路最早於 5 月初開始。我會假設到第四季初，應該基本上會納入我們的體系。我的意思是，我們是這樣思考的。會有例外，但那應該是——這是我們目前的假設。

Internationally, we have very strong energy businesses in many countries with our own brands. Sting or Ad Rush in Russia and all of Eastern Europe are pretty strong brands. Now the Rockstar brand and formulations give us another tool to penetrate that market. It's going to be elevated as one of the priorities of the company internationally in our beverage business. And obviously, we will be applying the framework that we applied to any opportunity in our beverage market, which is stronghold, battleground or challenge your markets and make sure that we segment the way we operate our priorities commercially in those markets based on that framework. So we'll do the same with Rockstar. But you should -- obviously, long term, you'll see more markets carrying our Rockstar brands internationally and being a bit more of an active player in the energy category.

在國際市場，我們在許多國家以自有品牌擁有非常強的能量飲料業務。Sting 或 Ad Rush 在俄羅斯以及整個東歐都是相當強勢的品牌。現在，Rockstar 的品牌與配方為我們提供了另一個工具來滲透該市場。它將被提升為公司在國際飲料業務中的優先事項之一。顯然，我們會套用我們在飲料市場對任何機會所採用的框架，也就是把市場分為「堡壘市場、戰場市場或挑戰市場」，並確保我們依據該框架來分割我們在那些市場的商業運作優先順序。所以我們也會用同樣方式來推動 Rockstar。但你應該——顯然，長期來看，你會看到更多國際市場販售我們的 Rockstar 品牌，並且在能量飲料品類中成為更積極的參與者。

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

下一個問題來自 UBS 的 Sean King。

Mountain Dew, I guess, returned to growth. Is this the sustainable inflection we were looking for? Or is there an aspect of pre-COVID pantry loading to help drive that?

Mountain Dew 我想是恢復成長了。這是我們一直在尋找的可持續拐點嗎？還是說有一部分是疫情前（COVID 前）囤貨帶動的？

Listen, we've been investing a lot in Mountain Dew. And obviously, there's a return on that investment, right? The growth in Q1, there's been a very good innovation for us that has been Zero Mountain Dew, and that seems to be getting a lot of good reception by consumers. And we knew that we were losing some segment of consumers to other nonsugar brands. So the fact of having a zero proposition in Mountain Dew, I think it's getting some of those consumers back into the franchise.

聽著，我們在 Mountain Dew 上投入了很多。顯然，這些投資是有回報的，對吧？第一季的成長，我們有一項非常好的創新，就是 Mountain Dew Zero，而且看起來獲得消費者非常好的反應。我們也知道，我們正在把一部分消費者流失到其他無糖品牌。因此，Mountain Dew 推出零糖主張，我認為正在把其中一些消費者帶回到這個品牌系列。

Our marketing is also obviously helping us to get consumers into high frequency levels. I think the fact that we now have more freedom to innovate in Mountain Dew and be a bit more intentional about energy would also give us another vector of opportunity for Mountain Dew. So I wouldn't say that we're 100% out of the woods in Mountain Dew, but I see a lot of bright spots in how the brand is performing in particular channels.

我們的行銷也顯然在幫助我們把消費者帶到更高的購買頻次。我認為，現在我們在 Mountain Dew 上有更大的創新自由，並且能更有意識地切入能量屬性，也會為 Mountain Dew 帶來另一個機會向量。所以我不會說 Mountain Dew 已經 100% 脫離困境，但我看到這個品牌在特定通路的表現有很多亮點。

It is now impacted a little bit more than others in convenience stores. I mean that brand has particular higher penetration in impulse channel and convenience stores. So the fact that convenience stores are down in traffic and obviously given the current transportation limitations, that impacts Mountain Dew a bit more than other brands. But obviously, as soon as people are driving around and moving around, we'll see that brand coming back, and we'll be ready with our commercial programs when that circumstance occur.

它現在受到的影響比其他品牌稍大一些，尤其是在便利商店。我的意思是，這個品牌在即飲衝動型通路和便利商店的滲透率特別高。因此，便利商店來客量下滑，再加上目前的交通限制，對 Mountain Dew 的影響比其他品牌更大。但顯然，一旦人們開始開車出行、四處移動，我們會看到這個品牌回來，而當那種情況出現時，我們也會準備好相應的商業方案。

Our final question today will come from the line of Bill Chappell of SunTrust.

我們今天最後一個問題將來自 SunTrust 的 Bill Chappell。

Just a quick question on kind of commodity outlook and any changes you're doing or thinking about in terms of near- or long-term hedges and how we should look at it in terms of is it largely -- the benefit largely offset by currency in terms of kind of your outlook. I realize you're not giving guidance but just kind of how we should think about it. Or is there more we just have yet to see as it kind of flows through the supply chain over the next 2, 3 quarters? So any color there would be great.

我想快速問一下大宗商品展望，以及你們在近期或長期避險方面正在做或考慮做的任何改變；以及我們應該如何看待——就你們的展望而言，這個好處是否在很大程度上被匯率所抵消。我知道你們不提供指引，但想請你們談談我們應該如何思考。或者說，是否還有更多我們尚未看到、但會在未來 2、3 個季度沿著供應鏈逐步反映出來的影響？如果能提供一些看法就太好了。

Hugh, do you want to take that, please?

Hugh，你願意回答這個問題嗎？

Yes. Yes, I've got it. As you know, we've been sort of systematically buying for a number of years now. We tend to be 6 to 18 months out. Right now, we expect low single-digit commodity inflation, both for Q2 and for the balance of the year, and that includes transaction FX. At this point, we're about 80% covered on market-traded commodities and about 2/3 over the entire basket.

是的。是的，我來回答。如你所知，我們多年來一直以某種系統性的方式進行採購。我們通常會提前 6 到 18 個月鎖定。現在，我們預期第二季以及全年剩餘期間的大宗商品通膨為低個位數，且包含交易性外匯（transaction FX）。目前，我們對市場交易型大宗商品的覆蓋率約 80%，而就整個籃子而言約覆蓋 2/3。

We haven't made any huge material changes. We did go a little bit longer on oil as the market went so far down as to be in, in a lot of cases, below the cost of production. But other than that, I would expect us to continue to run our systematic forward-buying program because it has set us up well for predictability in cost as well as predictability in pricing in the marketplace. So I think that strategy continues to serve us well.

我們沒有做任何重大的實質性變更。當油價市場跌得非常深、在很多情況下低於生產成本時，我們確實把原油的鎖定期限拉長了一點。但除此之外，我預期我們會繼續運行我們系統性的遠期採購計畫，因為它讓我們在成本可預測性以及市場定價可預測性方面都處於良好狀態。所以我認為這個策略仍然很好地為我們服務。

Very good. So thank you all for joining us today and for the confidence that you've placed in us with your investments. We hope that you all stay safe and healthy, and we look forward to updating you on -- as the year progresses on our performance. Thank you very much. Stay safe, please.

非常好。那麼，感謝各位今天加入我們，也感謝各位透過投資所給予我們的信任。我們希望大家都能保持安全與健康，並期待在今年進展過程中，向各位更新——我們的業績表現。非常感謝。請務必注意安全。

Thank you for participating in PepsiCo's First Quarter 2020 Earnings Q&A Session. You may now disconnect your lines, and have a wonderful day.

感謝您參與百事公司（PepsiCo）2020 年第一季財報問答會。您現在可以掛斷電話，祝您有美好的一天。