PepsiCo, Inc.

Good morning and welcome to PepsiCo's 2022 fourth quarter earnings question and answer session. Your lines have been placed on listen only until it's your turn to ask the question. 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. Pamnani, you may begin.

Thank you, Operator, and good morning, everyone. I hope everyone has had a chance this morning to review our press release and prepared remarks, both of which are available on our website. Before we begin, please take note of our cautionary statement. We may make forward-looking statements on today's call, including about our business and plans and 2023 guidance. Forward-looking statements inherently involve risks and uncertainties and only reflect our view as of today, February 9th, 2023, and we are under no obligation to update. As a reminder, PepsiCo's fourth quarter 2022 includes 17 weeks of results. and our fiscal 2022 year includes 53 weeks of results. When discussing our results, we refer to non-GAAP measures, which exclude certain items from reported results. Please refer to our Q4 2022 earnings release and 2022 Form 10-K 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. Joining me today are PepsiCo's Chairman and CEO, Ramon Laguarta, and PepsiCo's Vice Chairman and CFO, Hugh Johnston. We ask that you please limit yourself to one question. And with that, I will turn it over to the operator for the first question.

Ladies and gentlemen, if you have a question or a comment at this time, please press star 1-1 on your touchstone phone. If your question has been answered and you wish to move yourself from the queue, please press star 1-1 again We'll pause for a moment while we compile our Q&A roster. Our first question comes from Darrell Moschini with Morgan Stanley. Your line is open.