Filippo Falorni: Question on the Pepsi Beverage North America business. It seems clearly this year, you’re making a lot of investments. The Pepsi Logo change, the Starry launch, a lot of other launches, with expansion of Pepsi Zero Sugar and Hard Mountain Dew. Just bigger picture, what are your expectations from kind of a market share standpoint in the business? What would you consider a success for this year? And then secondly, how do you balance these investments that you’re making with your target of getting back to a mid-teens margin for the business?
Ramon Laguarta: Yes. I mean we’ve expressed this in the past. We want to have a business that grows and the category pace or above and expand its margins to the mid-teens levels that we have mentioned as well in the next 2 to 3 years. So that is the strategic intent for this business. I think the team is executing very well. The way we measure our share is full LRB. So it’s the full set of brands that we have in our portfolio, not just small segments within the category. And obviously, I think we’re progressing well against that growth target for the year, whilst also expanding the margins for the business. We feel good about the margin expansion this year.
Operator: Our last question comes from Charlie Higgs with Redburn.
Charlie Higgs: I was just wondering if you could talk a little bit more about the Frito-Lay North America division and the volume growth there. How did Lays, Doritos, Cheetos perform? Is there any color you can give on a single-serve pack versus multi-packs? And then just how you see the very strong margin growth in Q1 progressing throughout the year would be useful.
Ramon Laguarta: Yes. Great. Listen, as I said earlier, Frito-Lay, I think, it’s in the U.S. and — but also the whole snack business globally is doing extremely well. But if we focus on the U.S., I think the team is doing a fantastic job growing the large brands, as you mentioned, Lays, Doritos, Ruffles, Tostitos, Cheetos. And at the same time, building peripheral brands that cover some spaces that we’re not covering with the big brands. Let’s call it, PopCorners or SunChips . We’re really building a portfolio of brands that covers different cohorts and different need stays in a unique way. We’re also innovating in new formats. You mentioned multipack, which has been a great hit for us in terms of variety and empowering consumers for personalization.
But this year, a few months ago, we launched Minis, which is also an incredible innovation. If you think about the convenient — the additional convenience it gives consumers and putting our best brands in that format opens a whole set of new occasions for the business. So we feel very good about the innovation strategy and how we keep capturing new occasions into our brands. As I said earlier, I think the business is becoming better operationally as the supply of materials is getting better, labor availability is getting better. So we should see operational metrics improving, and that’s what you’re seeing in the margins, although the Q1 margin was a little bit elevated. The strategic intent with Frito-Lay is growing it very, very fast and keeping the margins at those high levels because that’s super accretive for the PepsiCo overall business.
Okay. I think this is the last question. So really appreciate the conversation this morning, and thank you, everyone, for joining today and especially for the confidence that you’re all placed in our company and the investments you’re making in our company. Thank you very much, and have a great day.
Operator: Ladies and gentlemen, this does conclude today’s presentation. You may now disconnect, and have a wonderful day.
