PepsiCo, Inc.

Good morning and welcome to PepsiCo's 2023 fourth quarter earnings question and answer session. Your lines have been placed on this and only until it's your turn to ask a 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. 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 plans, guidance, and outlook. Forward-looking statements inherently involve risks and uncertainties and only reflect our view as of today, February 9, 2024, and we are under no obligation to update. When discussing our results, we refer to non-GAAP measures which exclude certain items from reported results. Please refer to our fourth quarter 2023 earnings release and 2023 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. As a reminder, Our reported fourth quarter and fiscal year 2022 financial results included one extra reporting week for our North America businesses. Our reported fourth quarter and fiscal year 2023 financial results in North America reflect the impacts associated with one less reporting week versus when compared to the prior year. Joining me today are PepsiCo's Chairman and CEO Ramon LaGuarta and PepsiCo's Executive Vice President and CFO Jamie Caulfield. We ask that you please limit yourself to one question. With that, operator, I'll turn it over for the first question.

Thank you. In order to ask a question or make a comment, please press star followed by 11 on your touchtone phone. We'll pause for a moment while we compile our Q&A roster. Our first question comes from Brian Splane with Bank of America. Your line is open.