百勝餐飲集團 (YUM) 2016 Q4 法說會逐字稿

Good morning. My name is Amy and I will be your conference operator today. At this time, I would like to welcome everyone to Yum! Brands' fourth-quarter 2016 earnings conference call. (Operator Instructions). Vice President, Investor Relations and Corporate Strategy, Keith Siegner, you may begin your conference.

早上好。我叫艾米，今天我將擔任你們的會議接線員。在此，歡迎大家光臨百勝！ Brands 2016 年第四季度財報電話會議。 （操作員說明）。投資者關係和企業戰略副總裁 Keith Siegner，您可以開始您的會議了。

Thanks, Amy. Good morning, everyone and thank you for joining us. On our call today are Greg Creed, our CEO and David Gibbs, our President and CFO. Following remarks from Greg and David, we will open the call to questions.

謝謝，艾米。大家早上好，感謝您加入我們。今天接聽我們電話的是我們的首席執行官 Greg Creed 和我們的總裁兼首席財務官 David Gibbs。在 Greg 和 David 發言後，我們將開始提問。

Before we get started, I'd like to remind you that this conference call includes forward-looking statements. Forward-looking statements are subject to future events and uncertainties that could cause our actual results to differ materially from these statements. All forward-looking statements should be considered in conjunction with the cautionary statements in our earnings release and the risk factors included in our filings with the SEC. In addition, please refer to the investors sections of the Yum! Brands website, www.yum.com, to find disclosures and reconciliations of non-GAAP financial measures that may be used on today's call.

在我們開始之前，我想提醒您，本次電話會議包含前瞻性陳述。前瞻性陳述受未來事件和不確定性的影響，這些事件和不確定性可能導致我們的實際結果與這些陳述存在重大差異。所有前瞻性陳述都應與我們的收益發布中的警示性陳述以及我們向美國證券交易委員會提交的文件中包含的風險因素一起考慮。此外，請參閱百勝的投資者部分！品牌網站 www.yum.com，查找可能在今天的電話會議上使用的非 GAAP 財務指標的披露和調節。

Please note the following regarding our basis of presentation for today's call. First, system sales results exclude the impact of foreign currency and include our impact of 53rd week unless otherwise noted. Second, core operating profit amounts include the impact of our 53rd week unless otherwise noted. Third, our full-year 2016 and 2015 KFC and Pizza Hut Division results have been restated to include a China license fee for comparability.

請注意以下有關我們今天電話會議的演示基礎的信息。首先，除非另有說明，否則係統銷售結果不包括外彙的影響，包括我們對第 53 週的影響。其次，除非另有說明，否則核心營業利潤金額包括我們第 53 週的影響。第三，我們重述了 2016 年和 2015 年肯德基和必勝客部門的全年業績，以包括中國許可費以實現可比性。

We are broadcasting this conference call via our website and this call is also being recorded and will be available for playback. Please be advised that if you ask a question, it will be included in both our live conference and in any future use of the recording.

我們正在通過我們的網站播放這個電話會議，這個電話也被記錄下來，可以回放。請注意，如果您提出問題，我們的現場會議和將來對錄音的任何使用都會包含該問題。

We would like to make you aware of the following changes and upcoming Yum! investor events. As noted in the earnings release, we are changing the financial reporting calendar to consolidate quarter end dates across the globe to gain efficiencies in our reporting systems. Yum! Corporate will now follow a calendar year beginning in 2017. Further, an 8-K will be filed by the beginning of April with full pro forma results. First-quarter 2017 earnings will be released on Wednesday, May 3 with the conference call following on the same day. The remainder of our 2017 key earnings dates are available on our website. This year, we will be hosting brand days in place of our annual investor and analyst event. The first will be Taco Bell, May 24 and 25 in Irvine, California. Further details will be provided at a later date.

我們想讓您了解以下變化和即將推出的百勝！投資者活動。正如收益發布中所述，我們正在更改財務報告日曆以合併全球的季度結束日期，以提高我們報告系統的效率。百勝！公司現在將遵循從 2017 年開始的日曆年。此外，8-K 將在 4 月初提交，並提供完整的備考結果。 2017 年第一季度收益將於 5 月 3 日星期三發布，電話會議將於同一天召開。我們的網站上提供了我們 2017 年關鍵收益日期的其餘部分。今年，我們將舉辦品牌日活動來代替年度投資者和分析師活動。第一個是 Taco Bell，5 月 24 日至 25 日在加利福尼亞州爾灣舉行。稍後將提供更多詳細信息。

Now, I would like to turn the call over to Mr. Greg Creed.

現在，我想把電話轉給格雷格·克里德先生。

Thank you, Keith and good morning, everyone. Given the weather that I see in the Northeast this morning, I am pleased that you could join us today as we share with you a review of our results and discuss the future opportunities for Yum! Brands.

謝謝你，基思，大家早上好。鑑於我今天早上在東北看到的天氣，我很高興你今天能加入我們，我們將與你分享對我們結果的回顧，並討論百勝未來的機會！品牌。

2016 was truly a landmark year. On October 31, we completed the spinoff of the China business. This marked the largest strategic initiative undertaken by Yum! since our spinoff from Pepsi 20 years ago. I'd like to recognize the work, effort and diligence across the organization that enabled us to complete the spinoff on time and with such success.

2016年確實是具有里程碑意義的一年。 10 月 31 日，我們完成了中國業務的分拆。這標誌著百勝採取的最大戰略舉措！自 20 年前我們從百事可樂分拆以來。我想感謝整個組織的工作、努力和勤奮，使我們能夠按時完成分拆並取得如此成功。

The spinoff and concurrent return of $6.2 billion to shareholders in 2016 concluded step one in our transformation. We all want to extend a heartfelt congratulations to the Yum! China team on completing their first quarter as an independent public company. Micky, Ted and the China team did a great job on their call Tuesday evening and we congratulate Joey on her promotion to President and Chief Operating Officer.

2016 年的分拆和 62 億美元的同時回報股東完成了我們轉型的第一步。我們都想向百勝表示衷心的祝賀！中國團隊作為獨立上市公司完成第一季度。 Micky、Ted 和中國團隊在周二晚上的電話會議上表現出色，我們祝賀 Joey 晉升為總裁兼首席運營官。

Step two of our transformation centers around executing our multiyear strategy to accelerate growth, reduce volatility and increase capital returns to shareholders. We are taking our franchise ownership to the next level and are on track to increase our franchise mix to at least 98% by the end of 2018. By the end of this transformation, we will own less than 1000 stores, reduce annual run rate capital expenditures to approximately $100 million and improve our efficiency by lowering G&A as a percent of system sales to 1.7%.

我們轉型的第二步圍繞執行我們的多年戰略以加速增長、減少波動和增加股東資本回報。我們正在將我們的特許經營所有權提升到一個新的水平，並有望在 2018 年底之前將我們的特許經營組合增加到至少 98%。到這一轉型結束時，我們將擁有不到 1000 家門店，降低年運行率資本支出減少到大約 1 億美元，並通過將 G&A 佔系統銷售額的百分比降低到 1.7% 來提高我們的效率。

In combination, these efforts will not only enable us to reduce the volatility of our cash flows, but improve absolute cash flow at the same time. I'm really happy to reaffirm the long-term targets we've set out at our October investor and analyst conference and I look forward to sharing highlights with you as we progress.

結合起來，這些努力不僅將使我們能夠降低現金流的波動性，同時還能改善絕對現金流。我真的很高興重申我們在 10 月份的投資者和分析師會議上製定的長期目標，我期待著在我們取得進展時與您分享亮點。

Simultaneously, we are strengthening the foundation underlying each of our businesses, changing our mentality to align with our growth transformation and taking the necessary bold actions to position Yum! Brands for even stronger same-store sales and net new unit growth. These are the building blocks of shareholder value creation for a world-class franchisor.

同時，我們正在加強我們每項業務的基礎，改變我們的心態以適應我們的增長轉型，並採取必要的大膽行動來定位百勝！品牌實現更強勁的同店銷售和淨新單位增長。這些是世界級特許人為股東創造價值的基石。

We are championing the customer experience like never before and putting a fierce emphasis on building brands. The linchpin in all of this, of course, is our focused strategy. I'm a firm believer in the power of focus and believe that we can deliver long-term sustainable results by honing in on the key drivers of our business. Our four growth capabilities define every decision and action we undertake and make no mistake; they are driving our business every single day.

我們以前所未有的方式倡導客戶體驗，並高度重視品牌建設。當然，所有這一切的關鍵是我們的重點戰略。我堅信專注的力量，並相信我們可以通過專注於我們業務的關鍵驅動因素來提供長期可持續的結果。我們的四種成長能力定義了我們做出的每一個決定和行動，並且不會出錯；他們每天都在推動我們的業務。

We will win consistently by concentrating on being the best in the world with distinctive relevant brands, unmatched franchise operating capability, bold restaurant development and unrivaled culture and talent. I am energized to lead such a talented team that is spearheading tangible change across our organization. As we outlined at our October investor conference, we are building a stronger growth machine and are well on our way towards our bold goal of 7% annual system sales growth.

我們將通過專注於以獨特的相關品牌、無與倫比的特許經營能力、大膽的餐廳發展以及無與倫比的文化和人才成為世界上最好的品牌來不斷取勝。我充滿活力地領導這樣一支才華橫溢的團隊，該團隊正在引領整個組織的切實變革。正如我們在 10 月份的投資者會議上概述的那樣，我們正在打造一個更強大的增長機器，並且正在朝著 7% 的年系統銷售額增長這一大膽目標邁進。

Now turning to our financial results, across many metrics, Yum! delivered a strong [tier] 2016. Core operating profit increased 27% in the quarter and 13% in the year. This exceeded both our October 2016 investor and analyst conference guidance and our long-term target of high single digit annual growth. Now with this in mind, let's review each division's results.

現在轉向我們的財務業績，包括許多指標，百勝！ 2016 年表現強勁。本季度核心營業利潤增長 27%，全年增長 13%。這超出了我們 2016 年 10 月的投資者和分析師會議指南以及我們高個位數年增長率的長期目標。現在考慮到這一點，讓我們回顧一下每個部門的結果。

First, KFC, whose consistent global performance is impressive. The division grew total system sales 7% in 2016, including the 53rd week, driven by 3% same-store sales growth and 3% net new unit growth. In the quarter, same-store sales grew 3% or 6% on a two-year stack and core operating profit grew 15%, including the 53rd week. Total system sales grew 8% in emerging markets for the year with particular strength in Russia and Continental Europe.

首先是肯德基，其一貫的全球業績令人印象深刻。該部門在 2016 年（包括第 53 週）的系統總銷售額增長了 7%，這得益於 3% 的同店銷售額增長和 3% 的新單位淨增長。本季度，同店銷售額連續兩年增長 3% 或 6%，核心營業利潤增長 15%，包括第 53 週。今年新興市場的系統總銷售額增長了 8%，其中俄羅斯和歐洲大陸的增長尤為強勁。

In international developed markets, total system sales grew 6% with strength in Canada, Australia and Continental Europe. I'd like to point out that the US continued its positive momentum, recording its 10th consecutive quarter of same-store sales growth. The team deserves a lot of credit for delivering remarkable fourth-quarter comps of plus 4% or plus 7% on a two-year stack despite a difficult industry backdrop.

在國際發達市場，系統總銷售額增長了 6%，其中加拿大、澳大利亞和歐洲大陸表現強勁。我想指出，美國繼續保持積極勢頭，連續第 10 個季度實現同店銷售增長。儘管行業背景艱難，但該團隊在兩年的堆棧中實現了出色的第四季度業績增長 4% 或 7%，值得稱讚。

KFC's global strategy to return to the fundamentals across the spectrum is paying off. Our strong pride in the core original recipe is at the center of everything we do and this translates to a focus on the basics in terms of recipe, a well-defined brand positioning, globally based on always original and clear value at memorable price points. Innovation closest to the core is resonating with the consumer. Just look at Nashville Hot and the recently launched Georgia Gold. We did not change the form of our product, only the flavor profile and our customers love it.

肯德基在各個領域回歸基本面的全球戰略正在取得成效。我們對核心原始配方的強烈自豪感是我們所做一切的核心，這轉化為對配方基礎知識的關注，明確的品牌定位，在全球範圍內始終以令人難忘的價格點始終保持原始和明確的價值。最接近核心的創新與消費者產生共鳴。看看 Nashville Hot 和最近推出的 Georgia Gold 就知道了。我們沒有改變我們產品的形式，只是改變了風味特徵和我們的客戶喜歡它。

As we look into 2017 and the future of KFC, I am encouraged by the opportunities we see worldwide. The brand is focused on convenience, making it easier to access KFC anyplace and in any way. For example, we are using flexible footprints, which increase the ease of unit development. With smaller asset types, we can build restaurants in places such as transportation hubs and urban centers and KFC is also making a big push on the digital front in 2017 with self-ordering kiosks and a mobile site.

當我們展望 2017 年和肯德基的未來時，我對我們在全球範圍內看到的機會感到鼓舞。該品牌專注於便利性，讓人們更容易在任何地方以任何方式訪問肯德基。例如，我們正在使用靈活的足跡，這增加了單元開發的便利性。憑藉較小的資產類型，我們可以在交通樞紐和城市中心等地建造餐廳，肯德基也在 2017 年通過自助點餐亭和移動站點大力推動數字化。

Finally, the brand is expanding delivery around the world. Our product has a very shareable occasion and travels incredibly well, which gives us confidence in the upside of this opportunity. In fact, delivery is the fastest-growing channel in the business and while we offer delivery out of more than 5000 restaurants today, we have plans to expand this even further.

最後，該品牌正在擴大全球交付範圍。我們的產品有一個非常適合分享的場合，而且旅行非常順利，這讓我們對這個機會的好處充滿信心。事實上，送貨是業務中增長最快的渠道，雖然我們今天在 5000 多家餐廳提供送貨服務，但我們計劃進一步擴展。

Now turning to Pizza Hut, which grew total system sales 2% in 2016, including the 53rd week, driven by 2% net new unit growth, but offset by a 1% contraction in same-store sales. Pizza Hut is a strong global brand, but the US and international are two distinct stories. We are pleased that our international division is laying the groundwork for prolonged growth and we are particularly invigorated by the team's ability to drive development.

現在轉向必勝客，2016 年系統總銷售額增長 2%，包括第 53 週，受 2% 淨新單位增長的推動，但被同店銷售額收縮 1% 所抵消。必勝客是一個強大的全球品牌，但美國和國際是兩個截然不同的故事。我們很高興我們的國際部門正在為長期增長奠定基礎，我們對團隊推動發展的能力感到特別振奮。

Net new units grew 6% in 2016 and we expect continued growth as the development agreements signed last year take hold. You have already heard from Yum! China about its plans, but here are a few other examples. In 2016, we signed a substantial development agreement for Central and Eastern Europe. Separately, we signed a master franchise agreement in Australia where we are excited our new partner opportunistically acquired another pizza chain. Shortly thereafter will converge into Pizza Huts over time.

2016 年淨新單位增長 6%，隨著去年簽署的開發協議生效，我們預計將繼續增長。你已經聽說過百勝！中國關於它的計劃，但這裡有一些其他的例子。 2016年，我們簽署了中歐和東歐實質性發展協議。另外，我們在澳大利亞簽署了一項總特許經營協議，我們很高興我們的新合作夥伴機會主義地收購了另一家比薩連鎖店。此後不久，隨著時間的推移將匯入必勝客。

At the same time, we are implementing our repeatable model to spread best practices around the world. We've developed a strategy where we improve taste, experience and our value proposition all while clarifying our brand message in order to ensure profitable, strong, transaction-driven unit level economics. We are taking our learnings from the success of Thailand where we grew same-store sales at least 20% for three consecutive quarters in 2016 to other markets.

與此同時，我們正在實施我們的可重複模型，以在全球傳播最佳實踐。我們制定了一項戰略，在闡明我們的品牌信息的同時，我們改善品味、體驗和我們的價值主張，以確保盈利、強大、交易驅動的單位經濟。我們正在從泰國的成功經驗中吸取教訓，在泰國，我們在 2016 年連續三個季度將同店銷售額增長至少 20% 到其他市場。

Korea, for example, has had several months of improvement. Malaysia is in the early days of success and others are implementing it as we speak. We believe there is a significant opportunity for Pizza Hut International to accelerate top line and unit growth and look forward to delivering results consistent with these strategies.

例如，韓國已經有幾個月的進步。馬來西亞正處於成功的初期，其他國家正在實施它。我們相信必勝客國際有一個重要的機會來加速收入和單位增長，並期待提供與這些戰略一致的結果。

On the other hand, Pizza Hut US, which is roughly 10% of total Yum! operating profit, is clearly in turnaround mode. The quarter's results disappointed and are not acceptable. We have undertaken an extensive study of the business utilizing outside experts and found a number of areas where we need to improve in order to take our fair share of growth in this market. These areas include improvements in the digital experience, delivery time, point-of-sale system simplification and asset optimization, among others.

另一方面，必勝客美國，大約佔百勝總數的 10%！營業利潤，顯然處於扭虧為盈模式。該季度的結果令人失望且不可接受。我們已經利用外部專家對業務進行了廣泛的研究，發現了一些我們需要改進的領域，以便在這個市場中獲得公平的增長份額。這些領域包括數字體驗、交貨時間、銷售點系統簡化和資產優化等方面的改進。

As with all turnarounds, this is a journey we need to undertake hand in hand with our franchise partners and will not be complete in 2017. We will share specifics of the plan in time as we implement them, but let me be clear. We see the marketshare opportunity in this category. We will execute initiatives across all aspects of the customer experience to capture our fair share and more. And I'm certain we have the ability and the determination to accomplish this. We've confronted challenges in all of our brands in the past and always overcome them. Most recently, we executed a successful turnaround of our US KFC business, so stay tuned as we have more updates while we deliver on our plans.

與所有轉型一樣，這是一段我們需要與我們的特許經營合作夥伴攜手並進的旅程，並且不會在 2017 年完成。我們將在實施計劃時及時分享計劃的具體細節，但我要明確一點。我們看到了這一類別的市場份額機會。我們將在客戶體驗的各個方面執行舉措，以獲取我們的公平份額等等。我確信我們有能力和決心實現這一目標。過去，我們在所有品牌中都遇到過挑戰，但總能克服這些挑戰。最近，我們成功扭轉了美國肯德基業務的頹勢，敬請關注我們在執行計劃時的更多更新。

And finally, Taco Bell delivered a solid 2016 with system sales growth of 6%, including the 53rd week, driven by net new unit growth of 3% and same-store sales growth of 2%. Taco Bell continued to outperform the category in the fourth quarter with same-store sales of 3% or 7% on a two-year stack. The brand's value-driven, innovation-focused model once again proved its merit and I am pleased with the team's ability to deliver solid results despite difficult industry conditions.

最後，Taco Bell 在 2016 年實現了穩健的系統銷售額增長 6%，其中包括第 53 週，這主要得益於 3% 的淨新單位增長和 2% 的同店銷售額增長。塔可鐘在第四季度的表現繼續優於同類產品，兩年的同店銷售額分別增長 3% 或 7%。該品牌以價值為導向、以創新為中心的模式再次證明了它的價值，我對團隊在困難的行業條件下仍能取得可觀成果的能力感到滿意。

In the quarter, Taco Bell saw particular success with the $1 all day messaging and the rolled chicken tacos. As we look to 2017, we are energized by Taco Bell's high/low value strategy and its innovative marketing calendar, including the $1 double stack tacos and the highly anticipated Naked Chicken Chalupa, which is off to a great start.

在本季度，Taco Bell 在全天 1 美元的消息傳遞和卷雞肉玉米卷方面取得了特別成功。展望 2017 年，我們對 Taco Bell 的高/低價值戰略及其創新的營銷日曆充滿活力，包括 1 美元的雙層炸玉米餅和備受期待的 Naked Chicken Chalupa，這是一個良好的開端。

On the international front, Taco Bell continues to build momentum. We opened 53 new restaurants, another record year of development. We saw strong fourth-quarter same-store sales performance in Canada, Spain and the Philippines. The brand launched in Brazil with five new stores in only three months and we are thrilled with the consumer enthusiasm for the Taco Bell in China, which recently opened and is off to a great start. In fact, I will be visiting this critical market in March and we are already looking for ways to work together with Yum! China to accelerate the growth of Taco Bell going forward.

在國際方面，Taco Bell 繼續保持勢頭。我們開設了 53 家新餐廳，又是創紀錄的一年。我們在加拿大、西班牙和菲律賓看到了強勁的第四季度同店銷售業績。該品牌僅在三個月內就在巴西推出了五家新店，我們對最近開業並取得良好開端的中國塔可鐘的消費者熱情感到興奮。事實上，我將在 3 月份訪問這個關鍵市場，我們已經在尋找與百勝合作的方式！中國將加速 Taco Bell 的發展。

In closing, I'm excited about the future of Yum! and the plans we have to unlock shareholder value. KFC and Taco Bell sustained a category [defying] momentum from December into the new year, which gives me confidence in our 2017 guidance, which David will outline in a few minutes. Every brand is working to improve the key drivers of our business, same-store sales and net new units. We are more focused than ever on collaboration, brand-building and translating this to profitable results for the long term. The path is never linear, but we are relentlessly pursuing our vision of a world with more Yum!.

最後，我對百勝的未來感到興奮！以及我們必須釋放股東價值的計劃。肯德基和塔可鐘從 12 月到新年一直保持著[挑戰]的勢頭，這讓我對我們 2017 年的指導充滿信心，大衛將在幾分鐘內概述。每個品牌都在努力改善我們業務、同店銷售額和淨新單位的關鍵驅動因素。我們比以往任何時候都更加註重協作、品牌建設並將其轉化為長期盈利的結果。這條道路從來都不是線性的，但我們一直在不懈地追求我們對一個擁有更多百勝的世界的願景！

Now before I turn the call over to David, I'd like to take a moment on behalf of everyone at Yum! to express our sympathy for Joe Buckley's family, friends and colleagues at BofA and in the restaurant community. Joe will be sorely missed. With that, David, over to you.

現在，在我將電話轉給大衛之前，我想代表百勝的每個人花點時間！表達我們對喬·巴克利 (Joe Buckley) 在美國銀行和餐廳社區的家人、朋友和同事的同情。我們會非常想念喬。有了這個，大衛，交給你了。

Thank you, Greg and good morning, everyone. I'd like to echo Greg's sentiments regarding Joe Buckley. Beginning with my days as a division CFO, I got to know many in the analyst community, including Joe. I always admired him and looked forward to our conversations. Not only did he have great industry insights, but he always had a smile and a kind word. All of us at Yum! felt this way and we send our condolences to his friends and family.

謝謝你，格雷格，大家早上好。我想附和 Greg 對 Joe Buckley 的看法。從擔任部門首席財務官開始，我就認識了分析師社區的許多人，包括喬。我一直很欽佩他，並期待著我們的談話。他不僅有很好的行業洞察力，而且他總是面帶微笑，說話親切。我們所有人都在百勝！有這種感覺，我們向他的朋友和家人表示哀悼。

Today, I will cover four areas in my following remarks -- our multiyear strategic transformation, our 2016 accomplishments and fourth-quarter operating results, our outlook for 2017 and an update on our refranchising and capital return plan.

今天，我將在接下來的發言中涵蓋四個方面——我們的多年戰略轉型、我們 2016 年的成就和第四季度的經營業績、我們對 2017 年的展望以及我們重新特許經營和資本回報計劃的最新情況。

I will start by emphasizing what Greg said at the beginning of his remarks. We are on a journey towards becoming one of a kind global franchisor with a highly attractive and predictable free cash flow growth profile. By the end of this transformation, we will own less than 1000 stores, reduce annual run rate capital expenditures to approximately $100 million, improve our efficiency by lowering G&A to 1.7% of system sales and increase free cash flow conversion to 100%.

首先，我要強調格雷格在發言開始時所說的話。我們正在努力成為具有高度吸引力和可預測的自由現金流增長概況的全球特許經營商之一。到此次轉型結束時，我們將擁有不到 1000 家門店，將年運行率資本支出減少至約 1 億美元，通過將 G&A 降低至系統銷售額的 1.7% 來提高我們的效率，並將自由現金流轉換率提高至 100%。

As we shared at our October investor and analyst event, much of the EPS growth through 2019 comes from factors that are in our control -- new unit growth, G&A reductions, refranchising efforts and share buybacks. While our long-term guidance doesn't require our system sales growth to reach 7%, we are laying the groundwork to reach this bold goal with same-store sales and unit growth only adding to my confidence in our ability to deliver on our long-term guidance.

正如我們在 10 月份的投資者和分析師活動中所分享的那樣，2019 年每股收益的增長大部分來自我們控制的因素——新單位增長、G&A 減少、重新特許經營和股票回購。雖然我們的長期指導不要求我們的系統銷售額增長達到 7%，但我們正在為實現這一大膽目標奠定基礎，同店銷售額和單位增長只會增加我對我們實現長期目標的能力的信心- 長期指導。

Now let's review what Yum! Brands achieved in 2016. First, we completed the spinoff of our China business. We are pleased that Yum! China is set up for success as a powerful independent growth company and look forward to maintaining our strong relationships with them as we both work towards our common goals. Second, we completed $6.9 billion of debt financing transactions at very attractive rates. The average rate in our total debt outstanding is approximately 4.75% with an average maturity of eight years. 90% of our $9.1 billion of total debt outstanding is fixed. We are now managing a capital structure, which is levered in line with our target of 5 times EBITDA and which we believe provides an attractive balance between optimized interest rates, duration and flexibility.

現在讓我們回顧一下什麼是百勝！品牌在2016年取得的成就。首先，我們完成了中國業務的分拆。我們很高興百勝！作為一家強大的獨立成長型公司，中國正在為成功而努力，並期待在我們共同努力實現共同目標的過程中與他們保持牢固的關係。其次，我們以極具吸引力的利率完成了 69 億美元的債務融資交易。我們未償債務總額的平均利率約為 4.75%，平均期限為八年。在我們 91 億美元的未償債務總額中，90% 是固定債務。我們現在管理的資本結構符合我們 5 倍 EBITDA 的目標，我們相信它在優化利率、期限和靈活性之間提供了有吸引力的平衡。

Third, we returned over $6 billion to shareholders, including share repurchases and dividends, slightly ahead of our original plans. We bought back 58.8 million shares prior to spin at an average price of $83 and an additional 9.1 million shares post-spin at an average price of $63. And as many of you have seen, we announced our first quarterly dividend as New Yum! with a target payout ratio of roughly 45% to 50% of net income.

第三，我們向股東返還了超過 60 億美元，包括股票回購和股息，略高於我們最初的計劃。我們在分拆前以平均 83 美元的價格回購了 5880 萬股，在分拆後以平均 63 美元的價格回購了 910 萬股。正如你們許多人所見，我們宣布了新百勝的第一季度股息！目標派息率約為淨收入的 45% 至 50%。

Last, but not least, we exceeded our New Yum! core operating profit growth guidance of 10% as provided at our October investor and analyst conference. Core operating profit grew 13%, including the 53rd week, with a strong fourth quarter of profit growth across all our brands. Note all numbers we reference today assume a license fee from China for the entire year and are based on restated 2015 numbers to make the comparisons apples-to-apples. So 2016 really was an exceptional year.

最後但同樣重要的是，我們超越了我們的新百勝！我們在 10 月份的投資者和分析師會議上提供了 10% 的核心營業利潤增長指導。核心營業利潤增長 13%，包括第 53 週，我們所有品牌的第四季度利潤增長強勁。請注意，我們今天引用的所有數字均假定全年來自中國的許可費，並且基於重述的 2015 年數字以進行同類比較。所以2016年真的是不平凡的一年。

Now let's take a high-level look at our fourth-quarter performance. We are pleased Yum! Brands delivered year-over-year core operating profit growth of 27% in the quarter, including the 53rd week. This was led by 27% growth at Taco Bell, 21% growth at Pizza Hut and 15% growth at KFC. We were also pleased to see KFC and Taco Bell's third-quarter outperformance of the category continue into the fourth quarter. As Greg already discussed, Pizza Hut International is gaining momentum and we are in the midst of executing a plan to turn around the Pizza Hut US business. Overall, EPS from continuing operations before special items grew 19%, including a negative 3 percentage point impact from foreign currency changes.

現在讓我們從更高的層面看一下我們第四季度的表現。我們很高興百勝！品牌在本季度（包括第 53 週）的核心營業利潤同比增長 27%。其中，Taco Bell 增長了 27%，Pizza Hut 增長了 21%，KFC 增長了 15%。我們也很高興看到肯德基和 Taco Bell 在第三季度的同類產品表現持續到第四季度。正如格雷格已經討論過的那樣，必勝客國際正在獲得發展勢頭，我們正在執行一項扭轉必勝客美國業務的計劃。總體而言，不計特殊項目的持續經營業務每股收益增長 19%，其中包括外匯變動帶來的 3 個百分點的負面影響。

Now I'd like to discuss our outlook. We are confident in our three-year plans and there is no change to our long-term guidance. Given an encouraging start to 2017, with continued momentum at Taco Bell and KFC, we see 2017 as a year where our underlying base business grows operating profits at a healthy high single digit rate entirely consistent with our three-year plan. Underpinning this high single digit base operating profit growth, we are forecasting 2% to 3% global systemwide same-store sales growth and 3% global net new unit growth with each division increasing their pace of development compared to 2016. Combined, we expect global system sales growth of at least 5%, excluding the impact of FX. CapEx is expected to be between $350 million and $400 million.

現在我想談談我們的前景。我們對我們的三年計劃充滿信心，我們的長期指導方針沒有改變。鑑於 2017 年令人鼓舞的開端，以及塔可鐘和肯德基的持續發展勢頭，我們認為 2017 年是我們的基礎業務以健康的高個位數增長率增長營業利潤的一年，完全符合我們的三年計劃。為支持這種高個位數的基本營業利潤增長，我們預測全球全系統同店銷售額增長 2% 至 3%，全球新單位淨增長 3%，與 2016 年相比，每個部門的發展步伐都在加快。綜合來看，我們預計全球系統銷售額增長至少 5%，不包括 FX 的影響。資本支出預計在 3.5 億美元至 4 億美元之間。

I want to note that given two discrete items, which I will outline momentarily, our underlying high single digit base operating profit growth will likely come in closer to mid-single digits in 2017 on a reported core operating profit basis. As a reminder, core operating profit growth only excludes FX and special items.

我想指出，考慮到我將暫時概述的兩個獨立項目，我們潛在的高個位數基礎營業利潤增長可能會在 2017 年以報告的核心營業利潤為基礎接近中等個位數。提醒一下，核心營業利潤增長僅不包括外彙和特殊項目。

First, the 53rd week lap is an approximate 1.5 percentage point drag on operating profit growth, just like it was a tailwind to our 2016 results. Second, we anticipate a mismatch in timing between lost profits from refranchising and the removal of associated G&A, which we expected heading into our transformation. This mismatch is purely timing-related and we estimate a headwind of approximately 1 to 2 percentage points to operating profit growth this year. This is particularly the case in international markets where the benefit of reduced expenses tied to refranchising can trail the actual sale of the restaurants. The magnitude of impact will vary depending on the pacing and sequencing of refranchising by brand and by market and we will update you as the year progresses. Again, this is calendar and timing not base business results and entirely consistent with our expectations and the plan we laid out in October.

首先，第 53 週對營業利潤增長造成了大約 1.5 個百分點的拖累，就像它是我們 2016 年業績的順風車一樣。其次，我們預計重新特許經營的利潤損失與相關 G&A 的移除之間的時間不匹配，我們預計這將進入我們的轉型。這種不匹配完全與時間有關，我們估計今年的營業利潤增長將受到大約 1 到 2 個百分點的不利影響。在國際市場上尤其如此，在國際市場上，與重新特許經營相關的費用減少所帶來的好處可能會落後於餐廳的實際銷售額。影響的大小將根據品牌和市場重新特許經營的節奏和順序而有所不同，我們會隨著時間的推移向您更新。同樣，這是日曆和時間安排，而不是基礎業務結果，完全符合我們的預期和我們在 10 月份制定的計劃。

Given the potential range of refranchising gains that could occur, we don't believe meaningful GAAP operating profit growth guidance can be provided at this time as it is difficult to forecast when specific refranchising transactions might occur due to market and other conditions.

鑑於可能發生的再特許經營收益的潛在範圍，我們認為目前無法提供有意義的 GAAP 營業利潤增長指引，因為很難預測特定的再特許經營交易何時會因市場和其他條件而發生。

We continue to estimate that by completion of the strategic transformation, the overall impact of refranchising and G&A efficiencies on operating profit will be roughly neutral. And while there will likely be interim noise to operating profit owing to timing factors, operating margins, capital returns to shareholders and free cash flow conversion all benefit immediately.

我們繼續估計，到完成戰略轉型後，重新特許經營和 G&A 效率對營業利潤的總體影響將大致保持中性。雖然由於時間因素、營業利潤率、股東資本回報和自由現金流轉換等因素，可能會對營業利潤產生中期影響，所有這些都會立即受益。

Switching to capital returns, over the next three years, we are committed to returning an additional $6.5 billion to $7 billion to shareholders through share repurchases and dividends. We will achieve this through a combination of refranchising proceeds, free cash flow generation and maintaining our 5 times leverage. All in, we are targeting over $13.5 billion of capital return during our transformation, which spans from the fourth quarter of 2015 where we announced our intention to separate into two companies through 2019 year-end.

轉向資本回報，在未來三年內，我們承諾通過股票回購和股息向股東額外返還 65 億至 70 億美元。我們將通過重新特許經營收益、產生自由現金流和維持我們的 5 倍槓桿率相結合來實現這一目標。總而言之，我們的目標是在轉型期間實現超過 135 億美元的資本回報，轉型期從 2015 年第四季度開始，當時我們宣布打算在 2019 年底之前拆分為兩家公司。

Now with regards to refranchising, we have committed to becoming at least 98% franchised by the end of 2018. As of the end of 2016, we were 93% franchised. During 2016, we refranchised 427 restaurants, excluding China. In the fourth quarter specifically, we refranchised 232 stores, including 120 KFCs, 83 Pizza Huts and 29 Taco Bells. We won't provide interim targets as we work towards reaching our new franchise mix of at least 98%. I remain extremely confident in our ability to deliver on our stated target by 2018 year-end.

現在關於重新特許經營，我們承諾到 2018 年底至少達到 98% 的特許經營權。截至 2016 年底，我們的特許經營率為 93%。 2016 年，我們重新授予了 427 家餐廳的特許經營權，不包括中國。具體來說，在第四季度，我們重新授予了 232 家門店的特許經營權，其中包括 120 家肯德基、83 家必勝客和 29 家塔可鐘。我們不會提供中期目標，因為我們正在努力實現至少 98% 的新特許經營組合。我對我們在 2018 年底前實現既定目標的能力充滿信心。

Now I would like to talk about our capital structure. As part of our strategic transformation, we increased our leverage to about 5 times EBITDA last year. Should market conditions and/or government policies potentially change, we will optimize and refine our positioning to ensure we are making the best decisions for our business and stakeholders. But at this time, we are happy with our capital structure and remain committed to maintaining this leverage profile.

現在我想談談我們的資本結構。作為我們戰略轉型的一部分，我們去年將槓桿率提高到 EBITDA 的 5 倍左右。如果市場條件和/或政府政策可能發生變化，我們將優化和完善我們的定位，以確保我們為我們的業務和利益相關者做出最佳決策。但此時，我們對我們的資本結構感到滿意，並繼續致力於維持這種槓桿狀況。

So to wrap things up, we are pleased with our accomplishments in 2016 and with the progress we've made to date on implementing our strategic transformation. Fourth-quarter operating profit growth was solid and ahead of expectations while the new year has gotten off to a good start for both Taco Bell and KFC. I'm very confident in the strength of our business model and am certain we are taking the appropriate actions to ensure it optimizes shareholder value. We believe the disciplined decisions we are making today, coupled with the multiple actions taken in 2016, set us up for strength over the near and long term. And with that, the team and I are happy to take your questions.

因此，總而言之，我們對 2016 年取得的成就以及迄今為止在實施戰略轉型方面取得的進展感到滿意。第四季度營業利潤增長穩健且超出預期，而新的一年對塔可鐘和肯德基來說都有一個良好的開端。我對我們商業模式的實力非常有信心，並且確信我們正在採取適當的行動來確保它優化股東價值。我們相信，我們今天做出的紀律嚴明的決定，加上 2016 年採取的多項行動，使我們在近期和長期內保持實力。因此，我和我的團隊很樂意回答您的問題。

(Operator Instructions). John Ivankoe, JPMorgan.

（操作員說明）。摩根大通的約翰·伊万科。

This is Alex on for John. I was hoping you could talk a little bit about your fiscal 2019 EPS goal and given significant FX headwinds and the turnaround at Pizza Hut, is there any ability for you to flex a little bit more on G&A perhaps below the 1.7% goal?

這是約翰的亞歷克斯。我希望你能談談你的 2019 財年 EPS 目標，考慮到重大的外匯逆風和必勝客的好轉，你是否有能力在 G&A 上稍微調整一點，也許低於 1.7% 的目標？

As far as the 2019 target for EPS, obviously, there are some FX headwinds to that that are setting us back, but our interest rate has come in a little bit better than we expected. So there will be pluses and minuses as we go along the journey. And as far as our pressure on G&A, I am really pleased that the organization has embraced our effort to get more efficient and we are certainly looking for G&A efficiencies continuously as we go forward on this journey. But at this time, our long-term guidance remains the same.

就 2019 年每股收益目標而言，顯然有一些外匯逆風讓我們倒退，但我們的利率比我們預期的要好一些。因此，在我們前進的過程中，會有優點和缺點。就我們對 G&A 的壓力而言，我真的很高興該組織接受了我們為提高效率所做的努力，並且在我們繼續前進的過程中，我們當然會不斷尋求 G&A 的效率。但此時，我們的長期指導方針保持不變。

David Palmer, RBC Capital Markets.

加拿大皇家銀行資本市場的戴維·帕爾默 (David Palmer)。

Just a follow-up on your comment on EPS growth first. If we look at your three-year target, and if we go out to that 375, that's a lot of EPS growth relative to the comments you made on 2017. How do you think about 2018 and 2019 just conceptually in terms of growth versus 2017? And about unit growth specifically, you talked about a modest acceleration in 2017 on unit growth. How are you thinking about that and what are you doing to stimulate unit growth further? Thanks.

先跟進您對 EPS 增長的評論。如果我們看一下你的三年目標，如果我們達到 375，那麼相對於你在 2017 年發表的評論，每股收益增長很大。你如何看待 2018 年和 2019 年的增長與 2017 年相比的概念？ ？特別是關於單位增長，你談到了 2017 年單位增長的適度加速。您如何看待這一點以及您正在做什麼來進一步刺激單位增長？謝謝。

Obviously, our bold goal, David, as you know, is 7% system sales growth and as David outlined, we believe we can get to 2% to 3% same-store sales growth next year and 3% development. I think what's very clear is that we are much more focused on these two. So as I work with the leaders in the organization. I would say we've raised the awareness on the importance of net new unit growth, not just in the US, but outside. In that context, obviously, we had a very strong year at Taco Bell.

顯然，大衛，正如你所知，我們的大膽目標是系統銷售額增長 7%，正如大衛所概述的那樣，我們相信明年我們可以實現 2% 至 3% 的同店銷售額增長和 3% 的發展。我認為非常清楚的是，我們更加關注這兩者。因此，當我與組織中的領導者一起工作時。我想說我們已經提高了對新單位淨增長重要性的認識，不僅在美國，而且在國外。顯然，在這種情況下，我們在 Taco Bell 度過了非常強勁的一年。

Obviously, at KFC, in the US, we've been a net closer. I believe that by the time we get to the end of 2019, we will be a net builder of new units at KFC, so I think that will be a turnaround. We have signed significant development agreements with Pizza Hut International with a number of franchisees around the world. These are in the order of magnitude of 200 to 300 restaurants over like five years and I think that, on the KFC front, our ability to continue to penetrate in emerging markets you know remains.

顯然，在美國的肯德基，我們的差距拉得更近了。我相信，到 2019 年底，我們將成為肯德基新單位的網絡建設者，所以我認為這將是一個轉機。我們與必勝客國際簽署了重要的發展協議，並在全球範圍內擁有多家特許經營商。這些大約是五年內 200 到 300 家餐廳的數量級，我認為，在肯德基方面，我們繼續滲透新興市場的能力仍然存在。

So I feel very good about our ability to continually grow our net new unit growth and I think there is an equal focus on same-store sales growth getting back to really understanding consumer insights, really getting to what makes the consumer different and really understanding that what we are delivering is a food experience, not just food. And I think all of that will help us enormously. So I feel confident that I think we probably grew system sales around 4% last year. We are [tithing] at least 5% this year and I think we are definitely on our way to delivering close to the bold goal of 7% by the end of 2019.

因此，我對我們不斷增加新單位淨增長的能力感到非常滿意，我認為我們同樣關注同店銷售增長，回到真正了解消費者的洞察力，真正了解是什麼讓消費者與眾不同並真正理解我們提供的是美食體驗，而不僅僅是食物。我認為所有這些都會對我們有很大幫助。所以我很有信心，我認為我們去年的系統銷售額可能增長了 4% 左右。今年我們 [什一奉獻] 至少 5%，我認為我們肯定會在 2019 年底實現接近 7% 的大膽目標。

Brian Bittner, Oppenheimer & Co.

布賴恩·比特納 (Brian Bittner)，奧本海默公司

Piggybacking on these questions around 2019 EPS, when you think about that plan to get there, you mentioned that you don't need 7% systemwide sales growth to get there even though that's one of your goals. So maybe you could talk about what is the system sales growth required given what you know today about all the financial controllables that you have much more certainty about. That's the first question.

圍繞 2019 年 EPS 提出這些問題，當你考慮實現目標的計劃時，你提到你不需要 7% 的全系統銷售增長來實現目標，即使這是你的目標之一。因此，鑑於您今天對所有財務可控因素的了解，您可以更加確定，因此也許您可以談談系統銷售增長所需的是什麼。這是第一個問題。

The second question to Greg. I was just wondering if you can take a step back and maybe talk from a high level what you really think the biggest changes taking place within the Company are as you see it as you transform pretty rapidly here from an operating company to more of a franchise company. I think we see all of the external, the financial benefits, obviously, but maybe you can touch on some of the other points and maybe why that is giving you the confidence in the acceleration in systemwide sales growth.

Greg 的第二個問題。我只是想知道您是否可以退後一步，也許可以從高層談談您真正認為公司內部發生的最大變化是什麼，因為您在這裡從一家運營公司迅速轉變為更多的特許經營公司公司。我認為我們顯然看到了所有外部的經濟利益，但也許你可以談談其他一些要點，也許這會讓你對全系統銷售增長的加速充滿信心。

Yeah, as far as the components of our journey to the 2019 EPS guidance, as we have said before, we are not going to get into specific details around sales guidance, for example, other than to just say the reasonable assumptions consistent with historical and our modest expectations for going forward. I will just remind everybody that share repurchases, things that are very much in our control make up the vast majority of this journey, which is why we have confidence in being able to hit the targets.

是的，就我們 2019 年 EPS 指南之旅的組成部分而言，正如我們之前所說，我們不會深入討論銷售指南的具體細節，例如，除了只是說出與歷史和我們對前進的適度期望。我只是提醒大家，股票回購，我們可以控制的事情構成了這一旅程的絕大部分，這就是為什麼我們有信心能夠達到目標。

And to answer the second question, I think there's really three things, Brian. I think the first one is we are much more focused as an organization. We are absolutely focused on driving same-store sales, net new unit and obviously shareholder returns. I think there's four areas that we are more focused in building distinct and relevant brands, obviously enhancing our franchise capability, this bold asset development and unrivaled culture and talent. And internally, even as we did the 2017 AOP, it was very clear across all the divisions that they are more focused on these four things, which we believe will ultimately lead to stronger system sales growth.

回答第二個問題，我認為真的有三件事，布賴恩。我認為第一個是我們作為一個組織更加專注。我們絕對專注於推動同店銷售、淨新單位和明顯的股東回報。我認為我們在四個方面更專注於建立獨特和相關的品牌，明顯增強我們的特許經營能力，這種大膽的資產開發以及無與倫比的文化和人才。在內部，即使我們進行了 2017 年 AOP，所有部門都非常清楚他們更關注這四件事，我們相信這最終將導致更強勁的系統銷售增長。

I think the second thing is we are running the organizations really through what I call a global leadership team, so it's not just the Yum! executive team, but we meet monthly as a global leadership team, which is obviously the division CEOs and Presidents and I think the last meeting, which we had two weeks ago, they remain incredibly confident and optimistic about both 2017, as well as hitting all the three-year transformation plans.

我認為第二件事是我們真正通過我所謂的全球領導團隊來管理組織，所以不僅僅是百勝！執行團隊，但我們作為一個全球領導團隊每月開會，這顯然是部門首席執行官和總裁，我認為我們兩週前舉行的最後一次會議，他們對 2017 年仍然充滿信心和樂觀，並實現了所有目標三年轉型計劃。

And then the last one is we are going to have our first global leadership conference in five years in about a month. This will be bringing the top 200 leaders of the organization together and essentially the core of this meeting is about how do we go from good to great. How do we go from growing 5% system sales and get to 7%? And my objective is to use those 200 leaders to essentially be co-authors of this growth because we are going to have to do things differently. We are going to have to be bolder and I want them to co-author that sort of how. I know they are excited about it and I believe that we will leave with everyone having absolutely clear clarity on what we are doing on the focus that we are changing and I think hopefully bolder and more courageous decisions that will get us from 4% to 5% system sales growth to the 7% number, which is our bold goal.

最後一個是我們將在大約一個月內召開五年來的第一次全球領導力會議。這將把組織的前 200 名領導人聚集在一起，本質上這次會議的核心是關於我們如何從優秀走向卓越。我們如何從增長 5% 的系統銷售額增長到 7%？我的目標是讓這 200 名領導者成為這種增長的共同創造者，因為我們將不得不以不同的方式做事。我們將不得不更加大膽，我希望他們共同創作那種方法。我知道他們對此很興奮，我相信我們會在離開時讓每個人都清楚地了解我們正在做的事情，我們正在改變的重點，我認為希望有更大膽和更勇敢的決定，這將使我們從 4% 到 5% % 系統銷售額增長到 7% 這個數字，這是我們大膽的目標。

Sara Senatore, Bernstein.

薩拉參議員，伯恩斯坦。

I wanted to ask about Pizza Hut, if I could, because, obviously, I think that's the one where you see the most opportunities to improve. But I guess you said Pizza Hut is really a tale of two markets, but if I look even across globally, it is the softest business. So my questions are what are the opportunities here? Are there specific markets that you could point to that really set a path and are very strong and where you could share best practices? And if you can't reaccelerate Pizza Hut, can you still deliver against your targets? Is there a strategy to refranchise that to 100%? Can you help quantify the opportunities and challenges for that? Thank you.

如果可以的話，我想問問必勝客，因為很明顯，我認為這是你看到最多改進機會的地方。但我猜你說必勝客真的是兩個市場的故事，但如果我放眼全球，它是最軟的業務。所以我的問題是這裡有哪些機會？是否有您可以指出的特定市場，這些市場確實開闢了一條道路並且非常強大，您可以在哪里分享最佳實踐？如果你不能重新加速必勝客，你還能實現你的目標嗎？是否有將其重新授予 100% 的策略？你能幫助量化這方面的機遇和挑戰嗎？謝謝。

Sure, Sara. So let me just say I think we did deliver 6% net new unit growth in Pizza Hut International last year and I know the team because of the development agreements we've already signed, very, very confident that we continue to grow net new units in the Pizza Hut world. There are some very good examples, as you mentioned, about what we are calling the repeatable model. So in Thailand, we've turned that business around. I think we've delivered at least 18% sales growth for three quarters in a row. We've obviously captured what we've done there and as I alluded to in my remarks, so taking that to Korea and Malaysia.

當然，薩拉。所以我只想說，我認為我們去年確實在必勝客國際實現了 6% 的新單位淨增長，我了解這個團隊是因為我們已經簽署了開發協議，非常非常有信心我們會繼續增加新單位淨額在必勝客世界。正如您提到的，有一些很好的例子，關於我們所說的可重複模型。所以在泰國，我們扭轉了局面。我認為我們已經連續三個季度實現了至少 18% 的銷售額增長。我們顯然已經了解了我們在那裡所做的事情，正如我在發言中提到的那樣，因此將其帶到了韓國和馬來西亞。

I'm very excited about the master franchise agreement that we've done in Australia. The results in Australia have improved markedly. I happened to meet with the master franchisee when I was there in December. I'm very impressed and I think that you will see both stronger same-store sales growth, as well as, as I said in my remarks, the opportunistic ability to acquire another pizza company and transform those assets into Pizza Hut. So on the international side, I feel very good that we have captured the repeatable model, the things that work and that we have an accelerating net new unit model in place.

我對我們在澳大利亞達成的總特許經營協議感到非常興奮。澳大利亞的成績有了顯著改善。我十二月份在那裡時碰巧遇到了主要特許經營商。我印象非常深刻，我認為你會看到更強勁的同店銷售增長，以及正如我在發言中所說的那樣，收購另一家披薩公司並將這些資產轉化為必勝客的機會主義能力。因此，在國際方面，我感到非常高興，因為我們已經獲得了可重複的模型，有效的東西，並且我們有一個加速的淨新單位模型到位。

In the US, I think it's very clear -- in fact, the way I look at it, I go back to what is the underpinning of why Taco Bell has had a pretty successful ten-year run and what is it that helped us turn around the US KFC business. I think it's really two things. It's the partnership and relationship we have with the franchisees and that then leading to an aligned long-term strategy.

在美國，我認為這很清楚——事實上，我看待它的方式，我回到了塔可鐘十年來非常成功的基礎是什麼，是什麼幫助我們轉向圍繞美國肯德基開展業務。我認為這真的是兩件事。這是我們與特許經營商的伙伴關係和關係，然後導致一致的長期戰略。

And so I think if I look at Taco Bell, I think our relationship with our franchisees is world-class and that enables us not to be in a week-to-week, month-to-month planning cycle, but to be really looking at the long term and have great sort of trajection. I think as I said on the KFC US turnaround, I think Jason Marker and the team, they've changed the relationship with the franchisees. On the basis of that change in the relationship, we've now got a much more long-term sort of strategic alignment.

所以我認為，如果我看一下 Taco Bell，我認為我們與加盟商的關係是世界一流的，這使我們不會處於每週、每月的計劃週期中，而是真正地尋找從長遠來看，並有很大的軌跡。我認為正如我在肯德基美國轉型時所說的那樣，我認為 Jason Marker 和團隊改變了與特許經營商的關係。基於這種關係的變化，我們現在有了更長期的戰略調整。

On the Pizza Hut side, I think the good news is I know that both the franchisees and us want to replicate the results of both Taco Bell and KFC. I think both sides recognize that we need to improve the relationship and out of that relationship will become hopefully a more long-term aligned strategy.

在必勝客方面，我認為好消息是我知道加盟商和我們都想複製塔可鐘和肯德基的結果。我認為雙方都認識到我們需要改善這種關係，而這種關係有望成為一種更長期的一致戰略。

So, while there are many things to do at Pizza Hut, as we have talked about, there's assets, there's technology, there's operating systems, there's communication, I think fundamentally when we get ourselves into an aligned long-term strategy that executes the plan -- we know we've got a plan -- then I believe we will start to see an improvement in Pizza Hut.

所以，雖然必勝客有很多事情要做，正如我們所說的，有資產，有技術，有操作系統，有溝通，我認為從根本上說，當我們讓自己進入一個執行計劃的一致長期戰略時——我們知道我們有一個計劃——然後我相信我們會開始看到必勝客的改進。

So I remain positive that we can do this. We know what's got to get done and I do believe our franchise partners at Pizza Hut want to be successful just as much as we do.

所以我仍然相信我們可以做到這一點。我們知道必須完成什麼，我相信必勝客的特許經營合作夥伴和我們一樣希望取得成功。

And on the refranchising question, of the 427 units that we sold in 2016, 195 of those were US Pizza Huts. So we have reduced our exposure to the US Pizza Hut business a little bit and certainly as we go forward, selling stores in Pizza Hut is part of our strategy along with the other brands, but I won't provide any more specifics on the go-forward plan, but we will update you as we move forward on that.

在再特許經營問題上，我們在 2016 年售出的 427 個單位中，有 195 個是美國必勝客。因此，我們已經稍微減少了對美國必勝客業務的投資，當然，隨著我們的前進，在必勝客中銷售商店是我們與其他品牌戰略的一部分，但我不會在旅途中提供更多細節-前瞻性計劃，但我們會在推進計劃時向您更新。

John Glass, Morgan Stanley.

約翰·格拉斯，摩根士丹利。

Greg, I wanted to ask you where you think delivery fits into the strategic priorities of the Company right now. It's a global phenomenon across your brands and across other brands. Can you maybe sketch out how you think about it and the prioritization, how you think about it by brand and maybe where you are on delivery percentage of sales or however you look at it by each brand and if there's countries where you are getting best learnings?

格雷格，我想問你，你認為交付目前在哪些方面適合公司的戰略重點。這是您的品牌和其他品牌的全球現象。你能不能勾勒出你是如何看待它和優先次序的，你是如何按品牌考慮的，也許你在哪裡交付了銷售額的百分比，或者你如何看待每個品牌，以及是否有你獲得最佳學習的國家？

Well, obviously, the Pizza Hut business is a delivery business and I think in the US, well, through delivery and carry out, more than 90% of the sales come from that now. So the other thing I'm really excited about is Roger's commitment to take KFC and make it more of a global delivery brand. As I said in the prepared remarks, we are already in 5000 stores doing delivery. Obviously, we have over 20,000 KFCs.

好吧，顯然，必勝客業務是一項送貨業務，我認為在美國，好吧，通過送貨和執行，現在 90% 以上的銷售額來自於此。所以我真正感到興奮的另一件事是羅傑承諾接管肯德基並使其成為一個更全球化的外賣品牌。正如我在準備好的發言中所說，我們已經在 5000 家商店進行送貨。顯然，我們有超過 20,000 家肯德基。

The great thing about KFC is it is perfectly set up to be delivered. There is nothing better than a bucket of Original Recipe chicken in terms of a transportation vehicle, product that holds its heat, delivers well. So in that sense, I do believe and I know Roger believes that accelerating delivery is a key part of it.

肯德基的偉大之處在於它完美地為外賣做好了準備。就運輸工具而言，沒有什麼比一桶原味雞肉更好的了，產品能保持熱量，運輸效果很好。因此，從這個意義上說，我確實相信並且我知道羅傑認為加速交付是其中的關鍵部分。

And on Taco Bell, obviously, Brian has started to roll out Taco Bell delivery. This product isn't as well set up to be delivered as the other two brands, but what is interesting is that when people want this product, they will have it delivered. I think we are already in about 400 stores in the US. It's not a huge part of the business at the moment for Taco Bell. I know that Brian and the team are committed to accelerating that. Where we do have delivery, particularly around college towns, it can actually be I think about 4% or 5% of sales, but still a long way to go.

顯然，在 Taco Bell 上，Brian 已經開始推出 Taco Bell 外賣服務。該產品不像其他兩個品牌那樣適合交付，但有趣的是，當人們需要該產品時，他們會安排交付。我認為我們已經在美國開設了大約 400 家商店。對於 Taco Bell 來說，目前這並不是業務的重要組成部分。我知道 Brian 和團隊致力於加快這一進程。在我們有送貨服務的地方，尤其是在大學城附近，我認為它實際上可能佔銷售額的 4% 或 5%，但還有很長的路要走。

So to answer your question, we are focused on it. We really have to turn Pizza Hut into a delivery brand. We are still probably well-known as a dine-in brand, but the delivery brand is what we've got to change the consumer's perception. KFC, we are committed to growing delivery and we have a great product to deliver. And on Taco Bell, our customers want it; we just got to work at how we get it to them. So the answer is we are very focused on that and that will be one of the drivers of growth.

因此，為了回答您的問題，我們專注於此。我們真的必須把必勝客變成一個外賣品牌。我們可能仍然是眾所周知的堂食品牌，但外賣品牌是我們必須改變消費者觀念的東西。肯德基，我們致力於增加交付量，我們有很棒的產品可以交付。在 Taco Bell，我們的客戶想要它；我們只需要研究如何將其提供給他們。所以答案是我們非常關注這一點，這將成為增長的驅動力之一。

The other thing I would add is that Taco Bell is actually in over 900 stores with delivery now and when you think about the Pizza Hut business, one of the challenges we have in the US is more than half the stores have dining rooms attached to them and aren't really ideally set up for delivery. So that is -- part of the journey at Pizza Hut is getting into more delivery-friendly assets over time.

我要補充的另一件事是，Taco Bell 現在實際上在 900 多家商店提供送貨服務，當你想到必勝客業務時，我們在美國面臨的挑戰之一是超過一半的商店有附屬餐廳並沒有真正理想地設置交付。所以這就是——必勝客旅程的一部分是隨著時間的推移進入更多交付友好的資產。

David, if I could just quickly follow up on G&A. I know there's going to be timing issues around refranchising in international, but you must have used the G&A number in your guidance for 2017 in the high single digit or mid-single digit excluding these things. Can you give us some sense of where you think you are at the end of the year in G&A for 2017?

大衛，如果我能快速跟進 G&A 就好了。我知道在國際範圍內重新特許經營會出現時間問題，但您必須在 2017 年的指南中使用高個位數或中個位數的 G&A 編號，不包括這些內容。您能否告訴我們您認為您在 2017 年年底的 G&A 中所處的位置？

Here's what I will say on the G&A front. If you look at what we've released in 2016, it looks like G&A went up about $60 million, but the reality is, if you back out special, it went down about $50 million and that's before the effect of inflation. So we made some considerable progress on G&A in 2016.

這就是我要在 G&A 方面說的話。如果你看看我們在 2016 年發布的數據，看起來 G&A 增加了大約 6000 萬美元，但現實情況是，如果你退出特別計劃，它會減少大約 5000 萬美元，而且這是在通貨膨脹影響之前。因此，我們在 2016 年在 G&A 方面取得了一些重大進展。

In 2017, we've got a different mix of refranchising and G&A cuts that collectively is going to provide this 1 to 2 point headwind, but we are certainly on track with the plans we had to get to the 2019 targets and we are going to make meaningful progress on G&A in 2017, similar to the progress that we made in 2016.

2017 年，我們有不同的特許經營組合和 G&A 削減，這些組合將帶來 1 到 2 點的逆風，但我們肯定會按照我們必須實現 2019 年目標的計劃走上正軌，我們將2017 年在 G&A 方面取得了有意義的進展，類似於我們在 2016 年取得的進展。

Okay, that's helpful. Thank you.

好的，這很有幫助。謝謝。

Gregory Francfort, Bank of America.

格雷戈里·弗蘭克福特，美國銀行。

Just one quick clarification. On tax rate, I think the last update you guys had given was a 26%, 27% tax rate for the new structure, but we are a little bit below that. Is that still the right number as we look out over the next couple years, or should we think about maybe a lower number?

只是一個快速的澄清。關於稅率，我認為你們最後一次更新的是新結構的 26%、27% 的稅率，但我們略低於這個水平。在接下來的幾年裡，這個數字仍然是正確的嗎？還是我們應該考慮一個更低的數字？

No, we believe that is the right number. Obviously, there's uncertainty on that as we see potential changes in policy, but that is our current guidance.

不，我們認為這是正確的數字。顯然，由於我們看到政策可能發生變化，因此存在不確定性，但這是我們目前的指導。

Got it. And then just thinking about technology for the three brands, can you give an update on where you stand around common POS, digital ordering, potentially loyalty? Just an update on the technology front for the different brands.

知道了。然後只考慮這三個品牌的技術，你能更新一下你在普通 POS、數字訂購和潛在忠誠度方面的立場嗎？只是不同品牌的技術前沿更新。

On Pizza Hut, hopefully, by the end of year, we will be at a single POS system in the US, which will help enormously. Internationally, we are looking at getting out of multiple POS systems down to maybe one or two, so that will help dramatically. Taco Bell is almost at a single POS and back-of-house system, which obviously sets them up for e-commerce, digital, social. And KFC is obviously also making progress to get to a more aligned one system. That will help us do things like loyalty, which obviously are critical and important in the marketplace. It sets us up to obviously drive a social agenda and I think all of that will lead to improved growth for the business going forward.

在必勝客上，希望到年底，我們將在美國使用一個單一的 POS 系統，這將有很大幫助。在國際上，我們正在考慮將多個 POS 系統減少到一個或兩個，這將大有幫助。 Taco Bell 幾乎採用單一的 POS 和後台系統，這顯然是為電子商務、數字和社交設置的。肯德基顯然也在取得進展，以建立一個更加統一的系統。這將幫助我們做一些事情，比如忠誠度，這在市場上顯然是至關重要的。它使我們顯然可以推動社會議程，我認為所有這些都將促進未來業務的增長。

Is that more of a end of 2017 and then we start thinking about some of these initiatives kicking in 2018 around loyalty and digital ordering as you think about the outlook on timing?

這是否更像是 2017 年的結束，然後我們開始考慮在 2018 年圍繞忠誠度和數字訂購開展的一些舉措，因為您考慮了時間前景？

Yes, I think obviously, Pizza Hut has got a very big digital ordering business today, but I think the opportunity for us to do loyalty and things like that will obviously happen once we get to this single POS system. Taco Bell already has mobile apps you can obviously order through. I think that business isn't large yet, but what it does do is actually make the brand a relevant brand, so it's one of those things where we may not be getting a lot of business from e-commerce on Taco Bell. It does actually reinforce that this is a millennial-centric brand. And then on KFC, yes, I think it's not going to happen anytime soon, but we definitely know we need to be in the loyalty business and so whether it is late this year, next year, that's probably more the timing that things will occur.

是的，我認為很明顯，必勝客今天擁有非常大的數字訂購業務，但我認為一旦我們使用這個單一的 POS 系統，我們就有機會做忠誠度和類似的事情。塔可鐘已經有了移動應用程序，你顯然可以通過它進行訂購。我認為業務還不是很大，但它所做的實際上是使該品牌成為一個相關品牌，所以這是我們可能無法從 Taco Bell 電子商務中獲得大量業務的事情之一。它確實強化了這是一個以千禧一代為中心的品牌。然後在肯德基，是的，我認為這不會很快發生，但我們肯定知道我們需要從事忠誠度業務，所以無論是今年晚些時候，還是明年，這可能都是事情發生的時機.

Jeffrey Bernstein, Barclays.

杰弗裡伯恩斯坦，巴克萊銀行。

Great, thank you very much. I had one question and then one just reporting clarification. From a question standpoint, following up on the G&A discussion from earlier with the plans to reduce to that 1.7% system sales, just wondering, as we think about the operating margins, below that line, we've seen hundreds of basis points jump at each brand. Whether or not the brand is challenged or not, we've seen big jumps, which is obviously driven by the refranchising, but I am just wondering in terms of your insights, long-term goal by brand maybe, or maybe just at what point we reach a certain level where you say it's hard to see that operating margin expand much beyond that. Just trying to see the pacing and sequencing of what appear to be very big jumps in the operating margin for each brand.

太好了，非常感謝。我有一個問題，然後一個問題只是報告澄清。從問題的角度來看，跟進 G&A 之前的討論，計劃將系統銷售額減少到 1.7%，只是想知道，當我們考慮營業利潤率時，在這條線以下，我們已經看到數百個基點躍升至每個品牌。無論品牌是否受到挑戰，我們都看到了巨大的飛躍，這顯然是由重新特許經營推動的，但我只是想知道你的見解，品牌的長期目標，或者只是在什麼時候我們達到了一定水平，你說很難看到營業利潤率遠遠超過這個水平。只是想看看每個品牌的營業利潤率似乎有很大飛躍的節奏和順序。

And then just from a reporting standpoint, just to make sure that we are all on the same page, it looks like for the fourth quarter of 2016, you adjusted to reflect the pro forma, assuming Yum! China was a franchise model for the period, but we should do the same presumably for the prior three quarters of 2016? I think you had an 8-K out there that gave the 3Q 2016 year-to-date, but just want to make sure I didn't miss anything in terms of the first three quarters separately, so quarter one, two, and three by segment restated as if China was a franchisee for the full year. Thanks.

然後從報告的角度來看，為了確保我們都在同一頁面上，看起來 2016 年第四季度，你進行了調整以反映備考，假設百勝！在此期間，中國是特許經營模式，但我們應該在 2016 年前三個季度採取同樣的做法嗎？我想你有一個 8-K 給出了 2016 年第三季度的年初至今，但只是想確保我沒有分別錯過前三個季度的任何內容，所以第一季度、第二季度和第三季度按部門重述，就好像中國是全年的特許經營商一樣。謝謝。

First, on the margin question, good question and, yes, this is all consistent with the plan. Post the October investor and analyst event, we put a slide up that actually showed pro forma for the whole transformation to at least 98%, what our restaurant-level and EBITDA margins and EBIT margins would look like on a baseline of 2015. So if you look at that, you can actually see pretty explicitly where we think those margins can get to within a vacuum.

首先，關於保證金問題，這是一個很好的問題，是的，這一切都符合計劃。在 10 月份的投資者和分析師活動之後，我們放了一張幻燈片，實際上顯示了整個轉型的備考，至少 98%，我們的餐廳級別和 EBITDA 利潤率以及 EBIT 利潤率在 2015 年的基線上看起來像什麼。所以如果你看看那個，你實際上可以非常明確地看到我們認為這些利潤可以在真空中達到的位置。

On the other front, yes, as I said in my introductory comments, we are going to get you pro forma results for the new fiscal year and for China and we are shooting for early April, so that will be full quarterly just like I -- look, I've been in your shoes and I know what you are looking for and what will be most useful. It is coming. We are shooting for early April.

另一方面，是的，正如我在介紹性評論中所說，我們將為您提供新財年和中國的備考結果，我們將在 4 月初進行拍攝，所以這將是完整的季度，就像我一樣 - - 看，我一直在你的鞋子裡，我知道你在尋找什麼，什麼是最有用的。它來了。我們正在拍攝四月初。

I get it. I was under the impression from the press release that the adjustment you were giving by early April was just the realignment of the months versus the periods you were using. I just wanted to make sure we are also talking about quarterly 2016, the first three quarters individually in terms of each quarter restated with China as a franchisee with a royalty payment coming in by segment.

我得到它。我從新聞稿中得到的印像是，您在 4 月初所做的調整隻是將月份與您使用的期間進行了重新調整。我只是想確保我們也在談論 2016 年的季度，前三個季度分別按照每個季度與中國作為特許經營商進行重述，並按細分市場支付特許權使用費。

Yes.

是的。

Okay. So that's early April?

好的。那是四月初嗎？

Restated for everything.

重述一切。

So at this point, we should be taking the year-to-date we have for the third quarter and doing our best to just cut it up to come up with the first three quarters of 2016 and applying it by segment?

所以在這一點上，我們應該採用第三季度的年初至今，並儘最大努力將其削減以得出 2016 年前三個季度的數據，並按細分市場應用它？

Yes.

是的。

Okay. Thank you.

好的。謝謝。

David Tarantino, Baird.

大衛塔倫蒂諾，貝爾德。

My question is on the comps outlook for this year, 2% to 3% globally. That would be better than what you've been running in recent years and in recent quarters. So just wondering what your degree of confidence in that outlook is as you sit here today and whether it requires some improvement at Pizza Hut or if you are assuming improvement in the other divisions.

我的問題是今年的 comp 前景，全球 2% 到 3%。這會比你最近幾年和最近幾個季度的表現要好。所以只是想知道你今天坐在這裡時對這種前景的信心程度，以及它是否需要在必勝客進行一些改進，或者你是否假設其他部門有所改進。

It obviously is ahead of our run rate. As I think I said earlier, the organization is much more focused on two things -- driving same-store sales and delivering net new units. So I think just the amount of time we are spending on what do we need to do in order to deliver that growth, as we alluded to obviously both KFC and Taco Bell took that Q4 momentum into Q1. We've got the launch of Georgia Gold. You've got the launch of Naked Chicken Chalupa and obviously we still got a lot of work to do on Pizza Hut. So with the plans that we put together for the AOP, I feel really good about the plans across the brands internationally and in the US. It's nice to go into the quarter with some momentum and I think this focus is really starting to pay off and I will be even more excited when we come out of the global management meeting and I've got the top 200 leaders to really help us think about what else can we do from a bold and courageous point of view in order to deliver even more same-store sales growth and even more net new unit growth. I'm really looking for to that meeting because there is nothing better than being asked to co-author your own future. I feel good about that; I feel good about the plans that the divisions presented in 2017 and now we've got to go and execute, which is what we've traditionally been very good at.

它顯然領先於我們的運行速度。正如我之前所說，該組織更專注於兩件事——推動同店銷售和交付淨新單位。所以我認為我們花在我們需要做的事情上的時間是為了實現這種增長，正如我們提到的那樣，肯德基和塔可鐘顯然都將第四季度的勢頭帶入了第一季度。我們推出了 Georgia Gold。 Naked Chicken Chalupa 已經發布，顯然我們在必勝客上還有很多工作要做。因此，根據我們為 AOP 制定的計劃，我對國際和美國品牌的計劃感到非常滿意。帶著一些動力進入這個季度真是太好了，我認為這種關注真的開始得到回報，當我們結束全球管理會議並且我有 200 名前 200 名領導者真正幫助我們時，我會更加興奮從大膽和勇敢的角度思考我們還能做些什麼，以實現更多的同店銷售增長和更多的淨新單位增長。我真的很期待那次會議，因為沒有什麼比被要求共同創造你自己的未來更好的了。我對此感覺很好；我對各部門在 2017 年提出的計劃感到滿意，現在我們必須去執行，這是我們傳統上非常擅長的事情。

Greg, thank you for that comment. Just to be clear, does the guidance this year or reaching the guidance this year require better performance out of Pizza Hut?

格雷格，謝謝你的評論。需要明確的是，今年的指導或今年達到指導是否需要必勝客更好的表現？

Look, our performance will differ obviously across the three brands, so averaging 2% to 3%. I have expectations that maybe one brand will do better, one will do a little less and one will do about that number. So I'm not expecting every brand to deliver that. I think the brands that have got momentum, we can build on that and the brand that doesn't have momentum, we've got to do a lot of work. I sat down with the Pizza Hut US team yesterday. We were reviewing calendar changes for this year, which obviously they are working with the franchise community. So no one is sitting still either. If we are having success, we are trying to build on it. If we are not having success, we are acting quickly in order to change the trend.

看，我們的表現在三個品牌之間會有明顯差異，所以平均在 2% 到 3% 之間。我期望也許一個品牌會做得更好，一個會做得少一點，一個會做那個數字。所以我並不期望每個品牌都能做到這一點。我認為有勢頭的品牌，我們可以以此為基礎，而沒有勢頭的品牌，我們必須做很多工作。昨天我和必勝客美國隊坐了下來。我們正在審查今年的日曆更改，顯然他們正在與特許經營社區合作。所以也沒有人坐以待斃。如果我們取得了成功，我們將努力在此基礎上再接再厲。如果我們沒有取得成功，我們會迅速採取行動以改變趨勢。

Carla Casella, JPMorgan.

卡拉卡塞拉，摩根大通。

I'm wondering if you could just give us the baseline number for the restricted group EBITDA. I know the financials you typically put on the website, but they are not up yet.

我想知道您是否可以給我們提供受限集團 EBITDA 的基線數字。我知道您通常在網站上發布的財務信息，但它們尚未發布。

Carla, we don't have that number with us right now. Give me a call afterwards and we can discuss.

卡拉，我們現在沒有那個電話號碼。之後給我打電話，我們可以討論。

Okay, great. And then one other question. Have you seen any impact on sales internationally as when we see news from Trump that's more domestic-focused or I guess that's causing any rift with international countries?

好的，太好了。然後是另一個問題。當我們看到來自特朗普的消息更側重於國內時，您是否看到對國際銷售的任何影響，或者我猜這會導致與國際國家的任何裂痕？

I think the easiest answer is no. I'm not seeing any impact anywhere. There's obviously a lot of discussion and speculation, but I am not seeing any impact on our business in any country so far.

我認為最簡單的答案是否定的。我沒有看到任何影響。顯然有很多討論和猜測，但到目前為止，我沒有看到對我們在任何國家/地區的業務有任何影響。

David Hargrave, Stifel.

大衛哈格雷夫，Stifel。

Just to echo that last comment, if you guys could put restricted group EBITDA in the press release going forward since bondholders don't really -- we've got a subordinated claim on Taco Bell performance. It would help a lot. It's hard to back into.

只是為了回應最後的評論，如果你們可以在未來的新聞稿中加入受限制的集團 EBITDA，因為債券持有人真的沒有——我們對 Taco Bell 的表現有次要要求。這會有很大幫助。很難回到。

Looking at the deltas in the cash from the third quarter to the fourth quarter, it was a big change and we will back into it in time, but I was just wondering if you could go over the major changes. It looks like you went from about $2.9 billion to $700 million. Could you talk about the big pieces there and then your comfort level with that cash balance? Thanks.

看看第三季度到第四季度的現金增量，這是一個很大的變化，我們會及時回顧它，但我只是想知道你是否可以回顧一下主要變化。看起來你從大約 29 億美元增加到 7 億美元。你能談談那裡的大件，然後談談你對現金餘額的滿意程度嗎？謝謝。

On November 3, we filed an 8-K showing a pro forma end of 3Q balance sheet and cash flow statement for Yum!, excluding China. What you'll see is a lot of the cash you just referenced in the $2.99 billion related to China so we show you actually what it was excluding China as of the end of 3Q. Then if you do the walk from that number to what we show at the end of 4Q, largely that is one quarter of dividend and the share repurchases that were accomplished through the quarter as we outlined in our press release. Give me a call afterwards and we can clarify, but that should be all the pieces you need to get through the walk.

11 月 3 日，我們提交了一份 8-K 報表，顯示百勝集團第三季度資產負債表和現金流量表的備考期末，不包括中國。你會看到你剛才提到的與中國相關的 29.9 億美元中的很多現金，所以我們實際上向你展示了截至第三季度末它不包括中國的情況。然後，如果您從該數字走到我們在第四季度末顯示的數字，這主要是我們在新聞稿中概述的四分之一的股息和整個季度完成的股票回購。之後給我打電話，我們可以澄清一下，但這應該是您完成整個過程所需的全部內容。

But the $700 million is pretty much what you'd expect to have going forward, more or less?

但這 7 億美元幾乎是你所期望的，或多或少？

That's what we have now. Long term in terms of cash needs, it's a little different now given the moving pieces related to refranchising. We still have some company-operated stores. We do not need $700 million as of now and we'd like to knock that down over time. Historically, we've been in the $600 million to $700 million range, including China, so it's less than that now. We will update you as we get closer to run rate at the end of the transformation, but definitely less than the $700 million we have now.

這就是我們現在所擁有的。就現金需求而言，長期來看，考慮到與重新特許經營相關的變動因素，現在情況有所不同。我們還有一些公司經營的商店。我們現在不需要 7 億美元，我們希望隨著時間的推移將其減少。從歷史上看，包括中國在內，我們一直在 6 億到 7 億美元的範圍內，所以現在比這個數字要少。當我們接近轉型結束時的運行率時，我們會向您更新，但絕對低於我們現在擁有的 7 億美元。

Lastly, your 6.25% notes go current in March, so I'm just wondering if you are comfortable having those on the balance sheet till maturity or if you might deal with them proactively?

最後，你的 6.25% 票據在 3 月份生效，所以我想知道你是否願意將這些票據保留在資產負債表上直到到期，或者你是否可以主動處理它們？

As we said, we are monitoring all market and macro conditions constantly, trying to make the best decision and get to the optimal mix of interest rate, duration and flexibility. As we said, we are comfortable with our capital structure right now. If anything changes, we will communicate that in due course.

正如我們所說，我們正在不斷監控所有市場和宏觀狀況，努力做出最佳決策並實現利率、期限和靈活性的最佳組合。正如我們所說，我們現在對我們的資本結構感到滿意。如果有任何變化，我們將在適當的時候進行溝通。

John Ivankoe, JPMorgan.

摩根大通的約翰·伊万科。

The question is on Pizza Hut. In your press release, 47% of Pizza Hut sales are in the US. David, you made a really interesting comment that half of the units in the US are dine-in assets and not really set up for delivery. So you have a big chunky part of your business that is not really optimized for where the consumer is and probably where the consumer is going either. So can we talk about how to isolate that red roof asset, that dine-in asset that really does complicate and make the difficulty of turning around the Pizza Hut brand very different than other platforms that exist that are delivery and carryout only?

問題在必勝客上。在你們的新聞稿中，47% 的必勝客銷售額在美國。大衛，你發表了一個非常有趣的評論，美國有一半的單位是堂食資產，並沒有真正準備好送貨。因此，您的業務中有很大一部分並未真正針對消費者所在的位置以及消費者的去向進行優化。那麼，我們能否談談如何隔離那种红色屋頂資產，這種堂食資產確實使必勝客品牌扭轉局面的難度與現有的僅提供送貨和外賣的平台截然不同？

Well, the good news, John, is that our [delco] model, our small box model, is a really good, economic model. The cash paybacks from building delcos is three years to four years on average. So we have a way to get out of those red roof restaurants that are holding us back. And by the way, not all of them are suboptimized for delivery. Some of them were built more recently. Some of our dine-in stores aren't even red roofs. They were built with the newer model. So there is a mix of assets there. But we do have an economic way to get into a better asset and Artie Starrs, the President of the Pizza Hut US business, is working with the franchisees on a plan to make that happen. And unlike a lot of transformations where you can introduce a new product overnight and it's a quick fix, this one takes a little bit of time.

好消息，約翰，我們的 [delco] 模型，我們的小盒子模型，是一個非常好的經濟模型。建築 delcos 的現金回報平均為三到四年。所以我們有辦法擺脫那些阻礙我們前進的紅屋頂餐廳。順便說一句，並非所有這些都針對交付進行了次級優化。其中一些是最近建造的。我們的一些堂食店甚至都不是紅屋頂的。它們是用較新的模型建造的。所以那裡有多種資產。但我們確實有一種經濟的方式來獲得更好的資產，必勝客美國業務總裁 Artie Starrs 正在與特許經營商合作制定實現這一目標的計劃。與許多可以在一夜之間推出新產品並且很快就能解決的轉型不同，這需要一點時間。

We also have a fast casual model, which we've talked about at previous investor meetings, which really plays into the current trend in the pizza category. We are seeing a lot of growth in fast casual. We've had a lot of success with that, albeit with a small number of units and the franchisees and the Pizza Hut management team are excited about it and using that as another option to get into an asset that's better positioned for delivery but also can add incremental sales through lunch dayparts in this fast casual model.

我們還有一個快速休閒模式，我們在之前的投資者會議上討論過，它真正符合當前披薩類別的趨勢。我們看到快速休閒有很大的增長。我們在這方面取得了很大的成功，儘管單位數量很少，而且特許經營商和必勝客管理團隊對此感到興奮，並將其作為另一種選擇，以進入更適合交付的資產，但也可以在這種快速休閒模式中，通過午餐時段增加銷售額。

A couple of years ago, gosh, maybe it was five years ago, maybe more, you drove a pretty significant contraction of KFC in the US and at the back end of that contraction, you contributed some capital to KFC franchisees as well. I think it was related to ovens and maybe some other things. Do you think the Pizza Hut brand is in that position where you make it a better brand, a smaller brand and perhaps you actually do step up and contribute either some OpEx or CapEx to the US franchisee?

幾年前，天哪，也許是五年前，也許更早，你推動了肯德基在美國的大幅收縮，在收縮的後期，你也向肯德基特許經營商提供了一些資金。我認為這與烤箱有關，也許與其他一些東西有關。您是否認為必勝客品牌所處的位置使它成為一個更好的品牌，一個更小的品牌，也許您實際上確實挺身而出並為美國特許經營商貢獻了一些運營支出或資本支出？

I think, right now, we are obviously having a lot of discussions with the US franchisees, which Artie is leading. And I think until there's an outcome -- as I said earlier, I think the great thing is that the US Pizza Hut franchisees as much as we do want to obviously turn the performance around and be more like KFC and Taco Bell in the US. They understand that it's going to require a partnership. They understand it's going to require long-term strategic alignment and I think how that plays out in terms of what both sides do in order to build that relationship and get ourselves strategically aligned, that is sort of a work in progress, but I am very confident both sides want to obviously get to a better place and get this brand back into growth.

我認為，現在，我們顯然正在與 Artie 領導的美國特許經營商進行大量討論。我認為，在得出結果之前——正如我之前所說，我認為最重要的是美國必勝客特許經營商和我們一樣希望明顯扭轉業績，更像美國的肯德基和塔可鐘。他們明白這需要合作。他們明白這將需要長期的戰略調整，我認為雙方為建立這種關係並使我們在戰略上保持一致所做的工作如何發揮作用，這是一項正在進行的工作，但我非常相信雙方顯然都希望到達一個更好的地方，讓這個品牌恢復增長。

This concludes our question-and-answer session. I will now turn the call back over to Greg Creed for closing remarks.

我們的問答環節到此結束。我現在將把電話轉回給 Greg Creed 以作結束語。

Thanks, everybody, for being on the call. I guess for me 2016 was a landmark year. We successfully spun off Yum! China, we launched this multiyear transformation plan and we returned $6.2 billion to shareholders. I'm very pleased with the results and a solid end to what I think was an extraordinary year. Core operating profit increased 27% in the quarter and 13% for the year, obviously exceeding our guidance.

謝謝大家接聽電話。我想對我來說，2016 年是具有里程碑意義的一年。我們成功剝離了百勝！中國，我們啟動了這項多年轉型計劃，並向股東返還了 62 億美元。我對結果和我認為不平凡的一年的圓滿結束感到非常滿意。本季度核心營業利潤增長 27%，全年增長 13%，明顯超出我們的指引。

I remain very confident in our three-year plan. There is no change to our long-term guidance and I'm encouraged by the early progress we are doing to unlock growth through this focus four growth drivers. We are off to a running start. I think we can accelerate growth, reduce volatility and increase capital return to shareholders.

我對我們的三年計劃仍然非常有信心。我們的長期指導方針沒有改變，我對我們通過這四個增長驅動力來釋放增長所做的早期進展感到鼓舞。我們即將開始。我認為我們可以加速增長、減少波動並增加對股東的資本回報。

So I guess in summary I'm very excited about the future of Yum! and I think we represent an extremely compelling growth story and one that investors I hope will buy into. So thanks for being on the call. Thanks for coming out in the horrible weather and we look forward to speaking to you all very soon. Thanks again.

所以我想總而言之，我對百勝的未來感到非常興奮！我認為我們代表了一個非常引人注目的增長故事，我希望投資者會買賬。感謝您的來電。感謝您在惡劣的天氣中出來，我們期待很快與大家交談。再次感謝。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連接。