PepsiCo (PEP) 9 Feb 242023 Q4 Earnings call transcript

Good morning and welcome to PepsiCo's 2023 Fourth Quarter Earnings Question-and-Answer Session. [Operator Instructions] Today's call is being recorded and will be archived at www.pepsico.com. It is now my pleasure to introduce Mr. Ravi Pamnani, Senior Vice President of Investor Relations. Mr. begin. may you Pamnani,

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

Before our We on make statement. our may guidance plans, please and we including forward-looking about take begin, call, of cautionary note today's business statements outlook.

no X, uncertainties view as Forward-looking our XXXX we statements reflect and inherently update. and involve only obligation are under risks today, February to and of

When we from measures, results. and actual forward-looking of differ discussion fourth our results, of available discussing exclude Please which could measures results that reconciliations earnings to factors materially and XX-K XXXX non-GAAP our regarding non-GAAP results, our on and to including refer will definitions statements. from information cause pepsico.com to certain a release reported items Form quarter for XXXX refer additional

quarter included businesses. week year our As fiscal XXXX and reminder, our results financial for reported a reporting extra North fourth X America

reported week Our impacts less fiscal X results financial to with associated reflect XXXX reporting North year America when prior in year. the compared the quarter versus fourth and

today and PepsiCo's Vice and and Chairman Ramon Laguarta; Executive Caulfield. are CFO, me Jamie PepsiCo's President CEO, Joining

it [Operator first With over operator, Instructions] I'll question. that, turn the for

[Operator America. Instructions] Spillane Bryan Our of first question with Bank comes from

but not I'm back. welcome you other sure or Jamie, who's me more each surprised. seeing again, We're

talk to you again, great to It's Bryan.

guide of if maybe you much a reduction get help is trying a you can of are expecting the maybe sales How And So North questions about how your field versus for just if under the year. the that, guess, guidance about -- just we are things America in not that the can sales things maybe moving I can to have to think dimensionalize, think how improvement how you are we growth the the of sort the understand international? recall, much much for year. parts that external? question, just Just control? I organic are balance today of few but as organic And you

Bryan, minute and last about fits then this for and how X is step that. back into the year next Listen, me Ramon. a let talk years

So years, top growth consistently. line a the the we've seen last few double-digit in business

So as and XX% I an it's think a double-digit XX% or growth CAGR EPS well. consistently

So in 'XX, see a X see and -- of inflation. of very normalization of the years now. good cost, the a We normalization normalization categories we

to long-term So we see trending everything algorithm. our back

to bottom Quaker recall. earnings there's of EPS we we food are upper the least in to We call. and Quaker us the at and at until material. half year first continue our the is both I end the a top the for top in at at to factors the for few safety line. line line think, And it Now guided We chain chain previous back had November, we end moved December in incident that of our normality. maintained which supply to One top line the U.S. for us, a recover for upper I impacted supply impact and least -- think the will the has the X% -- the

beverage And the in from we're are home impacting we're U.S. that QX. Part that consumption is might think slowdown disposable consumption of We element seeing the geopolitical our situation. due and might the first of also next then and a and world in that business the bit We're in seeing continue that, third around between the events is both in a the the which to of income is, food home year. potentially away the half our pivoting also some pricing in Part in seeing that that continue in markets, category slowdown of some category year. U.S., of next

the low in good So guidance. feel We in consumer sense our 'XX very unemployment. of lowering the that's good U.S. we're why about in We the feel

We we by than another go the will fact that wages that next hope will we down interest year. in think summer, And higher income households. about the will for oxygen go and feel good that of source rates create inflation disposable

as consumer feel So elements we we -- but the at why where about least if for you to U.S. top those the line. good about X% in X have the the guidance decided think

[Operator Lauren Instructions] Barclays. from next Lieberman with Our question comes

Great.

Frito. kind Just on that on we're more focusing of continuing Ramon, thread perhaps,

what volume kind The of decline So reported half. than data in I I stack, when steadier looked at look channel at some this business. multiyear look bigger sort when seen second sequentially, But the of hasn't look we've things track great. a for time

So your volume But about thinking much on little just multiyear is -- about a year versus plans, greater more of beginning thinking in pricing? those impact just unit I results driving near-term it these into bit 'XX, curious and consumer expectations the looking guess, -- how growth the backdrop, for maybe the of of Frito pieces. the for Is units comps. X

question. Lauren, volume summarize, the to we're great back it's business Frito think Yes, in I profitable 'XX. seeing to growth going Great. a

business. So thinking how that's we're about the

dynamic is that it there business in in elements the link is volume about think Frito and a you slowdown quite units to versus was QX I that the to, the If relevant. referring you

home meaningfully away As you consumption from the to see different. portion is home, moving size from in

like growth seeing the in, growth implication Xx in So an growth we're home convenience We're in from but volume. obviously has seeing away retail X to stores. on

Frito. strong have commercial we 'XX, very the at look for plan we As a

We invested. have very well -- core our brands

do 'XX, as in planning that A&M in meaningfully, 'XX. to our we're increased we well that saw You

in you in combination almost Xx A&M, big of portfolio the Doritos has a PopCorners, the permissible which, increase all a increase line, has big Lays A&M, that SunChips, So of average whole part about a Smartfood, is if Simply our portfolio, of the Frito. think growing

of -- in the emphasis of that of now that make the that And to going lot part particular chain supply a we're XXX%, more is on portfolio that it executed and portfolio putting even aggressively. the we're is back to well So store. part has push sure

the growth pricing weight will versus recover that in lot consumers category. with fact of the and So what that a better continuation the volume balanced it's with will year. the as Frito-Lay we've seen year market share last that gains rebound of a part think brands, top a we of and that Frito the because our we to have category think couple But also been will overall of years the continue what throughout expect which do profitable well, of for having and feel have that line, we more this will obviously we'll of the

Next question comes from Bonnie Herzog with Goldman Sachs.

goal guess PBNA question margin to so had I I still right. far, reach really haven't we on you the levels. I believe seen operating progress. mid-teen All But have a much a profitability.

could guess just that to do initiatives your to you to refranchising maybe I this achieve you then in this. touch on other see owning to And But past broadly implement changed. making guess with you're have you thoughts your you've do plan at know of the your not, I network. what on if And Ramon, curious some I your to hoping your improve profitability bigger considering there's whether PBNA? if changes hear If bottling possible mentioned structural plans advantages So business? network.

Yes.

of structural the we this point I changes listen, business. say any contemplate would at don't our yes, to So

channels advantages we to business create other e-commerce, operating terms and home in that some going elements execution as from and is that future, direct-to-consumer, us. think think to speed the some that's advantage in continue us where the of We including has away of we business for that for other of an -- see growing, the

making Now we've progress good at margin pace in been improvement. a our

net about If grown PBNA the grown bps. billion $X operating profit think Core XXX margin expanded X revenue has more $X and years, over you the billion. operating for than last has the has

a years So the we PBNA in the business. in see good improvement last few

in coming this step. think actually that's years, continue 'XX, the first We the will

profitable. the are some less We eliminating parts We've optimizing of bottled the were water. not that referred profitable. portfolio to parts referred We're the We've that portfolio of to that multi-serve portfolio. were

of supply optimize chain, digitalizing We chain. our efficiency supply to continue we're our our

We waste to eliminate -- continue from extract that.

services continue that work reduces global the on We business to G&A.

We're to trying to also on investments. ROI trade our and higher A&M get optimizing A&M,

optimizing So business. in P&L all of drive margin those sustainable in will a improvement, that's think trying that that the marketplace. elements And the the continue whilst balance we the with competitive very different this parts we're to strike to continue remain we to

far, So the the feel grew rest with category. we good. of The business

line our If everything with the increased is margin. that you we in and category the grew system, operating take in

and the So achieve at those perspective, increasing that's margins. growing we thinking with this business in the elements of X with PBNA we're point category will how long-term how about obviously, the a and

with Our comes from Gajrawala next Kaumil Jefferies. question

talk up you've particularly need us, suppose but like guess. dealing there's I as anything now, hyperinflation, about bit a I Well, international, nicely. more be average relates it above you the Argentina, Welcome Can to quite to back, Jamie. back anything picking are aware to we if nowhere But scaling also maybe it's welcome of with gone margins that?

can opportunity start The probably a this. opportunity the to have and listen, that remarkable the company. I'll as No, Jamie we and add international listen, continues exciting maybe be -- most to

now. you're and beverages is our $XX saying, As It's very almost scaled international business between snacks. billion

of that's, of goods than companies companies, goods it's compare the the much some consumer if many you it to globally. bigger So consumer

about the have we surface ahead per the many us. consumption have that just and think opportunity in big of a capita opportunity clearly, and you scratched markets when So we have the we

yes, pointed it right. So you

circle a businesses and much it, scale becoming across start many we are virtuous markets. businesses getting reinvestment, the more scale, As and And some expansion of profitable. margin more profitable to obviously, advantaged those you of

different going year this to not is a one. be So

So seeing in the think business. will continue of the year international our many U.S. international We're grow as 'XX, momentum faster businesses. to than that good we start we

is in of position markets. Our investment those

market aggressively drive in growth, that and our and in we're of capabilities per So to brands, reinvestment the reinvestment the in caps share for position. continue systems, going productivity with reinvestments

regards So it's you -- we've Argentina already about material And as growth. big a that sales the shouldn't accounting expect you should any on organic PepsiCo. think for with to and international business opportunity impact hyper taken situation, our

Our question comes from Mohsenian next Stanley. Morgan Dara with

great your again. voice to hear Jamie,

of CSDs, top wanted than there's looking at clearly more drinks, some question share pieces et portfolio cetera. So to struggles in there, bit I drill profit, sports down line on a PBNA, more Bonnie's market the been but

So around from business of a can as the your you we thoughts just changes by how you talk a little bit about going and product more forward? standpoint top trends category I line share guess manage sort strategy look

in of Listen, about from and all portfolio the full We how particular feel the night, business, Good. as overall subcategory. for consumers a or the CSD always at not occasions. as it's full manage the morning we LRB multiple any PBNA. a portfolio looking good business to We're the the everywhere

continue We as we energy an to sports and coffee, in that the our CSD in about position tea, believe our positions well. you portfolio, positions advantaged think if hydration, have our portfolio in we and now have

So a we continue to manage full as LRB.

think us. Zero SKU. a has with Zero. Now permanent a of image, year, had our many advantage Mountain We're launching success additional the as a relaunch Dew if an been to in investment growing and for for and putting an you limited time been priorities lot for Baja LTO we're offer or a continues with be Blast of new as Pepsi Baja years. Blast fast proposition on brand, focus about very

Now this weekend launch Baja Super platform a the we're using We're Bowl Blast. it. to as launching

a with lemon-lime good We to in continue position Starry. first been year. Starry, a it's build

I indexing repeat. had Z. getting over the we're good think brand some we see with Gen We --

see Super and Bowl will continue year. the investment around also You an during

CSD our portfolio. that's So

Gatorade but we're We athletes person. consumers. -- an ecosystem is to our seeing that a we're ecosystem equipment we're and about traction. GFit, Bowl, it's the Gatorade it's it's from for which and very And consumers Gatorlyte, of all not good every it's I high-performing iD, moving launching a bottles others. the Super feel se lot will for And attention more loyalty not tablets, fuel of it's to bring of younger personalized It's it's only now Milk, personalization say, brand active is historically for solutions loyalty under equipment, of liquid Propel, more in solutions, an Muscle would X and and type only umbrella. Gatorade it's around with liquid it's even hydration And Gatorade. per also powders,

obviously, entry On point our portfolio. our of our of Obviously, one success then CELSIUS, into energy that I with which has we the business and moving some to and And been provides side, more beyond for and bring continues coffee Starbucks collaboration Energy, a and we're well refreshers -- with as Starbucks very say, with with would other great ready-to-drink. it -- a tea which our Rockstar happy on go-to-market our collaboration scale Starbucks kind it of Leaf and well to developing Pure more coffee, some customers. their and do now very is our cafes is innovation

a portfolio. think beautiful we have I So

and continue mobility channel for be high-growth grow channel. normal in away to to lot the continue traffic We people This go we is a of share and that more to home putting focus in as forward. will above that as profitable focus back what year, from very gain a we'll going we're we're retail is a and continue us from home, the much to market away grow and seeing getting think in

of hopefully, gives intentionality, business broad investment with and portfolio there. the and sense So you with we're the how is to about execution. innovation, thinking this compete brand good about we're our the with great how And a thinking it willingness

next Peter Our question Grom with from UBS. comes

just the this touched ask but And your you that follow-up be have I of maybe happen, are I or of feel doing I mean, would guidance X%? improve around of internally some that I organic based than Ramon, may more improved on the Or versus some also on misinterpreting the [ upside risk? organic would could consumer But be think will misheard to you the of and to doesn't performance. at source things a question it mentioned greater U.S. the that both response better. growth. would on if ], drive a the assumption Lauren's put backdrop wanted that revenue you Bryan sort

continue consumer what and in its assumption improve will disposable The throughout income current and assumption. is ongoing I year confidence We the the that's said. that think the to its

potential and in program we at consumer gives point, is the investment very the productivity which this think of a also gives to a a different strong have company, us reality. fuel flexibility But us it We the for lot manage assumptions. ongoing this

in grow that we top And -- was tools innovation. will We of where even can at, supply increases, very which brand execution, our distribution with good the years now and in that's we place brands, commercial a what will the to last growth our compared we invest -- our in rely it is a year, we strong partners ago, that invest think innovation, good very couple will chain is programs building, we'll we're our our line. our drive of on

our I'd like to is add, just to remind you, now XX% business of international.

a significant So U.S. business outside we've U.S. got the is but big

Our from next with Pascarelli Wedbush. question comes Gerald

in It's I Ramon, of underperformer result market, relative in drive for have could about have your this just potentially on year? some some And you Bang time. drinks. a coming speak to disruption. energy you energy performance plans maybe kind a Rockstar in the Can into now drinks been back question incremental which

brand this thoughts on and competitive improvement energy within about that drinks in dynamics So year? how thinking maybe an then the maybe you're on color just some driving broader

it's The to as energy continues question. grow, a above great category. see you the Yes. I LRB category mean

which creates category. for continues it and to everyone into new So new occasions, expand participates consumers the obviously in growth that consumer

with So with the parts of been less, as of and our where Doubleshot, it's multiple proud We're we've or we distributed of participate, well there has category. said, proud brand. products We're growing preferred. Starbucks Rockstar are always Rockstar we the country Tripleshot. well the partnership vectors. some and More offer of the some

them, you consumer think where and the functionality Zero of if R&D adoption. trying Both which successful Other down, get of energy Recover is the Rockstar, create with double the country, portfolio. will areas our penetration to with we've think, and where of we're parts advantage. and we parts can the consumer we been The

be Zero So Recover. we're brand. And to pushing the Rockstar those that and the focus Rockstar X platforms, will of continue

with a the into the also activity. from other Hispanic And Hispanic a we've CELSIUS as the And of We've this portfolio with we'll as of an for and very we also Hispanic combined the home. and on gives an we population, the continue penetration drive to commercial been the then of But brand consumer. continue to drive execution. of solutions, of will including that see focusing stores consumers, portfolio in as seen good us multibrand. points point some execution away It entry unit -- convenience creates us portfolio how sale increase

solutions I is of which maybe it's can internationally an from our launching brand other Again, around doing don't many in Latin a or Asia that of the Forgot, parts And Asia in say, we're but Europe part thing of world, the talk we a that have Rockstar some success. growth, we're Rockstar, we're lot as having with well. Sting important in we markets America. brands we complements to Europe, as portfolio to our other that good have

next Our comes Moskow Robert Cowen. from question TD with

because potato any this your Do little prepared commodity costs regard? if In focus some less remarks, in crop relief could down. be that Can on you on you was a And Frito hoping very there's might you year, oil vegetable inputs expect you the that you horizon a for are I more inflation coming see said specific? but big be past higher. Frito agricultural

correct had Rob, moderate from on inputs. of that movement do on We the comment is commodity We we it's basket specific 'XX. practice. that expect don't what but Jamie. inflation the comment in commodity you're Yes, we absolutely to

question Our Teixeira with Andrea comes next from JPMorgan.

back, question investor-facing on and then Jamie, mode. the And X a have having clarification. you I great

retailers especially to drags in your and in elaborate margin you your how your little of if away And your experience I Europe? bit on invest cadence? the North snacks as on the red in we be your share at-home gross have delivery far with in for my anything are to from have And mix And retailers, from given particular is, terms lapping. box as you and back Ramon, channels. was for First, cadence as be more market clarification and like hoping you if organic see in negotiating you're asking strong a guide margin gross in and going as as to in not Europe, in given your lap, and can is delivery should EPS probably -- rollbacks in gains, strong where considering America productivity shift year, to large the growth -- Jamie for home sales promo you from a away

Yes.

So first Andrea, on to the again the interacting we forward. Organic back sales and first growth, growth I'd organic your say, voice as great all, to cadence, of it's half look than hear go half. forward stronger sales

resumption As of front going get the the existed The these half payments. as the year. the And get with be is we laps lap before, student of we've that talked then some have pressures of of we we loan elimination benefits, into get got half -- easier to back about impact recall Quaker into the of We'll stimulus those year. loaded. as consumer

the the the listen, ourselves. our center. we Andrea, -- trying have customer, to that sense both I to we and create always consumer customers build the at in think the the and win-win all We profit plans, -- normally growth with Yes. for we're business regards we grow

continue there for with a events of right, we're this will generate few value that's way growth investment relaunches for consumer through pack our customers there drive holistic more put year. be that to give to large way, customers the to create So in very consumers how for And growth there. to We SKUs us. for joint category thinking a a expand eventually trying with planning in our big brands. creating business, we and innovations customers We'll with it this price, will our our lot that brand of there a will growth about be our customers. But the preference growth through through I promotions, and through, try as be will together innovation some investments said, and the and we have combination investments

an to regards we see or. not home The as I an from and, With home, forgot, Andrea. it sorry, away as from -- away

us area for both to of away So in large seeing to in solutions markets, us, them. home, always lives and quite home. to home from continue And specific away for we been investment an distribution be see be in our It's time. pivot growing away for we're as the everywhere. as some businesses consumers' consumers we'll market try there an from opportunity for And above in from the for

And clearly, consumers food will getting that or this at beyond We're for for we're opportunity better brands Loaded. testing a is us Taco, mixology. will better come. more packaged at trucks. things be So I We're food -- Doritos many an a many what Walking to or think experiences, a getting to in testing We're bottle. can make our available years bag

progress. expecting consumers think much and experience I from we're working more us are making away I on. that's from where we're a Now think holistic home good And

Our Ottenstein Robert comes with next from question Evercore.

Great. CELSIUS. A talk on and question little Gatorade bit more PBNA. of about a to want just And detailed

how the So of Rockstar part has income now. evolved, U.S.? timing And some move Can that big of relationship how statement and your impacted obviously, in us brand about of taking has getting terms the It's company as CELSIUS going DSD in that well? of the the talked pretty in with the then you your terms you -- talk the internationally. how you phenomenally income plan now. impacts Are is could doing And about statement? remind well. CELSIUS, in then international of done to CELSIUS Gatorade, just you terms

Yes.

the enhanced that So have with sharing revenue financial the system that move is, through CELSIUS. is way transition. the we're and is That's results Obviously, happy with works margins we positive on we're on the overall. business. On we XX% performance what Gatorade, we're the on CELSIUS, that the to did,

is be At say, that a point, collaborate opportunity, as not, is markets. collaboration an market-by-market a for well. to and this would us expansion Yes. we're in the very part continues growth I with happy strategy. particular our a of the Listen, opportunity opportunity with it's in scaled There CELSIUS to international

contemplating we at as with I we're term, a and conversations that the leverage an how expansion, option short we're yes, bigger can point. CELSIUS, PepsiCo system this having for nothing So would say,

comes Carey question Fargo. with Our from next Wells Chris

So annual good I topic. this in just revisit a out, disclosures would over be to talked X the past to this now about time forum We've with but I before it wanted about the ask SG&A years. the thought

specifically, can difficult probably the you sense to this looking I'm specifically, wondering over much distribution So discretionary item is the of the line how up we've time frame in maybe your the is able is how a Ramon, about maybe help within specific control, some of for but really And build X been maybe capabilities you've over that that's as this much this seen to and inflation contextualize And XX% realize that I'm years, cost. of how past is distribution opposed X forward? trending past be this years. get going just number making? really increase se. of a underlying curious I'm over SG&A investments that per I PepsiCo not should

Yes.

out, the So as be a The is of you A and one, there. and in our productivity or distribution point a mix drive that. got sector at the in growth what business. distribution to see lot part going investing part time, less And in is you reflection same we're We've of driven But selling you've OpEx in it's so. is; mix of the to biggest market OpEx. components

delivery be we a have of should you is, store mindful thing, direct do Chris, other business. that big One

and in up what's inflation that there well, has which and forth like things We've as investments part had as made bucket. so kind that's gone labor well. capability up. gone SG&A numerous all also in of is various of we've So A&M

distribution wouldn't know hone of on are go reasons. costs, lot get the of a above. just all buckets There's can't the you far for deeper focus in in we that I from XX-K. it's into competitive on So which the I that that

Our Filippo next comes Falorni question from Citi. with

guidance volumes. half possibility you Is and can a of volumes I volume half the positive mentioned give you the breakdown both don't on be there guidance more to And how trends, provide organic in you But you guidance see know is given second Ramon of evolving? on the weighted. year? Jamie, sales the you So growth us in a going second see where your volumes sense of importance

there's sense on you and terms U.S. or us in pricing the front, be also market. can markets, color I any pricing? on emerging then assume it's But will maybe more a what of pricing in of developed assuming And give pricing in you're helpful. the limited

Yes.

think you want I units year. be thinking should to we about -- next grow

had cover will next volume growth where see volume a huge pricing balance increase. obviously, previous see in more We profitable seen year increase OpEx have that between And you'll and you year. we to a commodity and

necessary As pricing commodities OpEx that lever normal and less inflation of our kind normalize has a what normalizes, of levels category will X% of been be outside in the to X%.

what and growth it frame. So you and normalized 'XX the 'XX was a compared to profitable in should of pricing volume thinking about be more time

from next Bernstein. Our Elliott Callum with comes question

build Chris' and your to please A&M the wanted brands. buckets question, upon I behind about and the you spending ask

that's percentage average the percentage quite sales K a over around we're up below a as levels way increase pre-pandemic the around last several points years. I still sales. below as comfortably of a advertising shows think year-on-year XX basis and But of XX% long the and a

of So guess a need I over question sales as see the is, to advertising years? do we coming brands your on the getting upward percentage pressure support? And are spend enough

point. have we That's absolute great. Obviously, Good more much terms, A&M. in

meaningful $X about billion we increase think time year a you So a increased, in over last was frame, if longer And it million. I A&M. think $XXX absolute have

absolute the that's large across our to smaller against take support that We're business. continuing brands multiple into the where brands our we both dollars markets So that go and future. thinking about continuing trend, then portfolio

A&M. So that our should composition be of

for look should Now Russia, which stopped us. advertising few bear mind, the you at in years, in a market was when meaningful we last you

in is relative that reflected or numbers. our So numbers absolute

in optimize a us should have about. to contemplate look you A&M A&M you very if -- the demand innovate, ROI future, about be various to think increase. continue about at to create should in But Obviously, company that how value through about brands. ways thinking But investment should we'll as and to we continue So invest a to and be ways you where and going continues measures thinking you in to consumer. strong that continues as to on create our brands, build we're

we around and obviously, the world was of be compete. us sale cost, say, as of categories which model. that and you as for visibility points demand push would final distribution are asked we lot if our also And of our To impulse for our about create questions where before, our sale selling millions through some of a should for a we about the point think cost also granularly of not way thinking millions the you and brands, I we very only but relevant, where brands to a across the and create, reach execute

Our last question comes with Bank. Deutsche from Steve Powers

this to add to list and Great. you be may excited people Jamie, of me is Actually, you. work question the you again. for with for probably

there generation several made sort business guess cash have and off, we've talking as a been towards calls whole room the the business cash On now process capital conversion. you could give you're of great. be cash flow Or evolving guess, been that it more been on in the flow of a the just here, a flow business eventually on levels trending? and steady would do CFO, last flow time, speed if for acknowledging any little cash just about of we've where perspective the profile how flow level to -- the and of from seeing of state? in you've back assume those conversion from that role is I these years return that that the the see the free us been path And profile opportunities of of cash to free I higher and you the investments you that higher that

Yes.

of percent cash CapEx invested the of to with cash been IT we've a on of priority. the investments the clearly, big of midst flow begin currently of So and on up down Part the continues a capacity. time, you'll CapEx levels sales the about and see focus but I in very flow intentional in be over conversion. help will We're was in that think that to level trend we've catch and capital I'd to digitalization business. as

Great.

for is we longer thank of you've great. Jamie But you, see Thank thank much. conversation in our to you everybody lot there. you happy having and you at a seeing of glad is I'm a couple confidence obviously, very weeks and back in the that CAGNY bonding, many So investment placed forward and that a of everybody. I look

presentation. and conclude gentlemen, Ladies does this today's

You day. a a have disconnect may and now wonderful wonder