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  "documentTitle": "PepsiCo (PEP)",
  "authorId": "06_Trian_Partners",
  "authorName": "Nelson Peltz",
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  "presentationDate": "2014-02-19 00:00:00",
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  "notes": "The slide uses two tables to contrast historical performance with recent declines, highlighting a failure to meet promised growth targets.",
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      "text": "It goes without saying that this performance cannot continue or the future of PepsiCo's beverage business will be bleak.",
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      "text": "volume growth: (9%)",
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      "text": "PepsiCo's Americas business performed poorly in 2013, losing volume and value share to Coca-Cola. Specifically, PepsiCo reported Americas Beverages case volumes down 3% in 2013 compared to flat volumes at Coca-Cola, implying a 300 bps swing.",
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      "kind": "paragraph",
      "text": "than ever. We question whether this is responsible decision-making by management or whether pride and legacy traditions are standing in the way of shareholders' best interests.",
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      "text": "PepsiCo's N. American beverage volumes are down significantly across both CSDs and non-CSDs in recent years, with the rate of decline accelerating (see Table 1). Meanwhile, PepsiCo has lost market share across most beverage categories (see Table 2).",
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      "kind": "quote",
      "text": "\"the benefits from which will be increasingly seen in the second half of 2012 and into 2013,\" — PepsiCo Management (Q2'12 earnings call)",
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      "text": "PepsiCo Cumulative Change in Volume: 2010-2011 vs 2012-YTD 2013 for Liquid Refreshment, CSD, and NCSD.",
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      "text": "Cumulative Change in Market Share PepsiCo vs. Coca-Cola 2010-YTD 2013 across 9 categories.",
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      "text": "Table 2: PepsiCo has lost market share to Coca-Cola in 7 of 9 major N. American categories",
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