百勝餐飲集團 (YUM) 2023 Q1 法說會逐字稿

Hello, everyone, and welcome to the First Quarter 2023 Yum! Brands Earnings Conference Call. My name is Bruno, and I'll be the operator of today. (Operator Instructions)

大家好，歡迎來到2023年第一季度百勝！品牌收益電話會議。我叫布魯諾，我將擔任今天的接線員。 （操作員說明）

I would now like to hand over to your host, Jodi Dyer, Vice President of Investor Relations. Please go ahead.

現在我想請主持人，投資者關係副總裁 Jodi Dyer 發言。請繼續。

Thanks, operator. Good morning, everyone, and thank you for joining us. On our call today are David Gibbs, our CEO; Chris Turner, our CFO; and Dave Russell, our Senior Vice President and Corporate Controller. Following remarks from David and Chris, we'll open the call to questions.

謝謝，運營商。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 David Gibbs；我們的首席財務官 Chris Turner；和我們的高級副總裁兼公司財務總監 Dave Russell。在 David 和 Chris 發言後，我們將開始提問。

Before we get started, please note that this call includes forward-looking statements that are subject to future events and uncertainties that could cause our actual results to differ materially from these statements. All forward-looking statements are made only as of the date of this call and should be considered in conjunction with the cautionary statements in our earnings release and the risk factors included in our filings with the SEC.

在我們開始之前，請注意本次電話會議包含前瞻性陳述，這些陳述受未來事件和不確定因素的影響，可能導致我們的實際結果與這些陳述存在重大差異。所有前瞻性陳述僅在本次電話會議召開之日作出，應與我們的收益發布中的警示性陳述以及我們提交給美國證券交易委員會的文件中包含的風險因素一起考慮。

In addition, please refer to our earnings release and relevant sections of our filings with the SEC to find disclosures, definitions and reconciliations of non-GAAP financial measures and other metrics used on today's call.

此外，請參閱我們的收益發布和我們提交給美國證券交易委員會的文件的相關部分，以查找非 GAAP 財務指標的披露、定義和對賬以及今天電話會議中使用的其他指標。

Please note that during today's call, all system sales growth and operating profit growth results exclude the impact of foreign currency. Please also note the following financial reporting treatment related to our exit from Russia. As a reminder, as of the beginning of the second quarter of 2022, we elected to remove the Russia business from key performance metrics.

請注意，在今天的電話會議中，所有系統銷售增長和營業利潤增長結果都排除了外彙的影響。另請注意以下與我們退出俄羅斯相關的財務報告處理。提醒一下，從 2022 年第二季度開始，我們選擇將俄羅斯業務從關鍵績效指標中刪除。

For the purpose of this call, all references to system sales growth and unit growth results for the quarter are adjusted to remove our Russia business from the prior year base. This negatively impacted both our worldwide unit growth and worldwide system sales growth by 2 percentage points. These units were removed from our same-store sales calculations and, thus, do not impact same-store sales results for the first quarter.

出於本次電話會議的目的，本季度系統銷售增長和單位增長結果的所有參考都進行了調整，以將我們的俄羅斯業務從去年的基數中移除。這對我們的全球單位增長和全球系統銷售增長產生了 2 個百分點的負面影響。這些單位已從我們的同店銷售計算中刪除，因此不會影響第一季度的同店銷售結果。

All GAAP figures reported continue to include the impacts of Russia operations for KFC for the full quarter. These GAAP figures primarily include royalty revenues from continued franchise operations and G&A to support our Russia business.

報告的所有 GAAP 數據繼續包括整個季度俄羅斯業務對肯德基的影響。這些 GAAP 數據主要包括來自持續特許經營業務的特許權使用費收入和支持我們俄羅斯業務的 G&A。

Additionally, our GAAP G&A includes expenses incurred relating to the transfer of ownership of the business. As a result of our decision to exit our Russia business, we have reclassed net operating profits from the operating segments in which they are earned subsequent to the start of the conflict to corporate and unallocated and reflected those net operating profits as a special item within the other income and expense line.

此外，我們的 GAAP G&A 包括與業務所有權轉讓相關的費用。由於我們決定退出我們的俄羅斯業務，我們已將衝突開始後獲得的經營部門的淨營業利潤重新分類為公司和未分配，並將這些淨營業利潤作為特殊項目反映在其他收入和支出項目。

As a reminder, in April, we completed the exit of the Russia market by selling the KFC business in Russia to Smart Service Ltd., including all Russian KFC restaurants operating systems, master franchise rights and the trademark for the Rostik's brand.

提醒一下，4 月份，我們將俄羅斯的肯德基業務出售給 Smart Service Ltd.，包括所有俄羅斯肯德基餐廳操作系統、主特許經營權和 Rostik 品牌商標，從而完成退出俄羅斯市場。

Beginning in the second quarter, the Russia business will no longer be reported in our GAAP results, including franchise revenue and G&A.

從第二季度開始，我們的 GAAP 業績將不再報告俄羅斯業務，包括特許經營收入和 G&A。

For more information on our reporting calendar for each market, please visit the Financial Reports section of our website.

有關每個市場的報告日曆的更多信息，請訪問我們網站的財務報告部分。

We are broadcasting this conference call via our website. This call is also being recorded and will be available for playback. Looking ahead, our second quarter earnings will be released on August 2, 2023, with the conference call on the same day.

我們正在通過我們的網站播放本次電話會議。此通話也正在錄製中，並且可以播放。展望未來，我們將於 2023 年 8 月 2 日發布第二季度財報，並於同一天召開電話會議。

Now I'd like to turn the call over to David Gibbs.

現在我想把電話轉給 David Gibbs。

Thank you, Jodi, and good morning, everyone. Our first quarter results provide further proof of the power of our portfolio of iconic brands, both the diverse nature of our global footprint and the advantages of our business model enable us to thrive in any environment. Our incredible teams and franchise partners delivered another strong quarter with 13% system sales growth driven by 8% same-store sales growth and 5% unit growth. A strong set of commercial strategies that balance compelling value and craveable, distinctive products fueled our first quarter sales momentum.

謝謝你，Jodi，大家早上好。我們第一季度的業績進一步證明了我們標誌性品牌組合的力量，我們全球足蹟的多樣性和我們商業模式的優勢使我們能夠在任何環境中蓬勃發展。我們令人難以置信的團隊和特許經營合作夥伴在同店銷售額增長 8% 和單位銷售額增長 5% 的推動下，實現了又一個強勁的季度，系統銷售額增長了 13%。一套強大的商業戰略平衡了引人注目的價值和令人渴望的獨特產品，推動了我們第一季度的銷售勢頭。

We continue to execute on our digital strategy to create more seamless, personalized experiences to drive greater customer engagement and easier access to our brands. These efforts resulted in broad-based acceleration in digital sales growth, leading to a record quarter for both digital system sales of nearly $7 billion and a digital sales mix that exceeded 45%.

我們繼續執行我們的數字戰略，以創造更加無縫、個性化的體驗，以推動更高的客戶參與度和更輕鬆地訪問我們的品牌。這些努力導致數字銷售增長的廣泛加速，導致數字系統銷售額近 70 億美元和數字銷售組合超過 45% 的創紀錄季度。

Importantly, our core operating profit grew 11% in the first quarter, including a 1 point headwind from the removal of Russia profits, giving us great confidence in delivering on our long-term growth algorithm this year.

重要的是，我們的核心營業利潤在第一季度增長了 11%，其中包括俄羅斯利潤減少帶來的 1 個百分點的逆風，這讓我們對今年實現長期增長算法充滿信心。

Before I discuss our first quarter results, I wanted to provide an update on Russia. In April, we announced the completion of our sale of the KFC Russia business to Smart Service Ltd., a local operator including all Russian KFC restaurants operating systems, master franchise rights and the trademark for the Rostik's brand. As part of the sale and purchase agreement, Smart Service has agreed to retain our company employees in Russia. With the completion of this transaction, we have ceased our corporate presence in Russia.

在我討論我們的第一季度業績之前，我想介紹一下俄羅斯的最新情況。 4 月，我們宣布完成將肯德基俄羅斯業務出售給當地運營商 Smart Service Ltd.，包括所有俄羅斯肯德基餐廳操作系統、主特許經營權和 Rostik 品牌商標。作為買賣協議的一部分，Smart Service 已同意保留我們在俄羅斯的公司員工。隨著此項交易的完成，我們已停止在俄羅斯開展業務。

Now I'll discuss our first quarter results through the lens of our Recipe for Good Growth framework. I'll begin by talking about our Relevant, Easy and Distinctive brands or R.E.D. for short, and our Unrivaled Culture & Talent. Chris will then share the details of our first quarter financial results before discussing our Bold Restaurant Development and Unmatched Operating Capabilities.

現在，我將通過我們的“良好增長秘訣”框架來討論我們第一季度的業績。我將從談論我們的 Relevant、Easy and Distinctive 品牌或 R.E.D. 開始。簡而言之，我們無與倫比的文化和人才。在討論我們大膽的餐廳開發和無與倫比的運營能力之前，克里斯將分享我們第一季度財務業績的細節。

First, let's discuss our iconic R.E.D. brands, beginning with the KFC Division, which represents 50% of our divisional operating profit. First quarter system sales grew 15%, driven by 9% same-store sales growth and 7% unit growth, reflecting broad-based strength. Globally, KFC is consistently executing its winning recipe of core menu innovation, disruptive value, expanding category use occasions and doubling down on digital initiatives.

首先，讓我們討論一下我們標誌性的 R.E.D.品牌，從肯德基分部開始，占我們分部營業利潤的 50%。第一季度系統銷售額增長 15%，受同店銷售額增長 9% 和單位銷售額增長 7% 的推動，反映了廣泛的實力。在全球範圍內，肯德基始終如一地執行其核心菜單創新、顛覆性價值、擴大類別使用場合和加倍數字計劃的成功秘訣。

We were pleased to see strong year-over-year growth in our KFC China business. As usual, Joey Wat and her team did a great job navigating the complex operating environment as consumers became more mobile in the quarter and KFC was there to meet their needs.

我們很高興看到肯德基中國業務同比增長強勁。與往常一樣，Joey Wat 和她的團隊在復雜的運營環境中表現出色，因為本季度消費者的移動性越來越強，肯德基可以滿足他們的需求。

Additionally, our International, ex China same-store sales, grew 11%, fueled by strong transaction and check growth. We attribute this exceptional performance to strong value offerings, the continued return of dine-in traffic, digital initiatives and strategic third-party partnerships. We've seen sustained momentum across many of our emerging markets, including Latin America and the Middle East.

此外，在強勁的交易和支票增長的推動下，我們的國際（中國除外）同店銷售額增長了 11%。我們將這種卓越的表現歸功於強大的價值產品、就餐流量的持續回歸、數字計劃和戰略性第三方合作夥伴關係。我們已經看到我們許多新興市場的持續發展勢頭，包括拉丁美洲和中東。

Additionally, we've seen renewed strength in many European markets where the team is promoting value at several price points to appeal to a broader customer base while innovating around our core menu offerings.

此外，我們在許多歐洲市場看到了新的實力，團隊在圍繞我們的核心菜單產品進行創新的同時，以多個價位提升價值以吸引更廣泛的客戶群。

The focus at KFC U.S. is targeting new audiences and category use occasions by using relevant value and product innovation, as demonstrated with the introduction of boneless offerings, including the return of the Double Down sandwich and launch of 2 for $5 wraps in the first quarter and the national launch of the much-anticipated chicken nuggets early in the second quarter.

肯德基美國的重點是通過使用相關的價值和產品創新來瞄準新的受眾和類別使用場合，正如無骨產品的推出所證明的那樣，包括 Double Down 三明治的回歸以及在第一季度推出 2 件 5 美元包裝和萬眾期待的炸雞塊在二季度初全國上市。

Moving on to the Taco Bell Division, which represents 34% of our divisional operating profit. Before I get to results for the quarter, I want to highlight that Mark King was recently named the 2023 Restaurant Business Leader of the Year for the incredible progress Taco Bell has made, growing the brand while expanding unit economics and strengthening relationships with franchisees under his leadership. Seeing our world-class talent recognized more broadly across our industry gives all of us at Yum! great pride.

轉到 Taco Bell 部門，該部門占我們部門營業利潤的 34%。在我得出本季度的結果之前，我想強調的是，馬克金最近被評為 2023 年度餐廳商業領袖，以表彰塔可鐘取得的令人難以置信的進步，在他的領導下擴大了單位經濟並加強了與特許經營商的關係，從而發展了品牌領導。看到我們的世界級人才在我們的行業中得到更廣泛的認可，這讓我們所有人都在百勝！非常自豪。

Taco Bell first quarter system sales grew 12%, led by 8% same-store sales growth and 6% unit growth. These incredible results build on years of sustained top line strength as the team executes on its consistent growth formula, which leverages the combination of brand buzz with unparalleled value offerings, [mas] occasions and digital initiatives.

Taco Bell 第一季度系統銷售額增長 12%，同店銷售額增長 8%，單位銷售額增長 6%。這些令人難以置信的結果建立在多年持續的頂線實力之上，因為團隊執行其一致的增長公式，該公式利用品牌口碑與無與倫比的價值產品、[mas] 場合和數字計劃的結合。

This quarter, Taco Bell created customer buzz around craveable product offerings that included the Crispy Melt Taco and the Grilled Cheese Burrito while still providing everyday value through $2 Burritos on the Cravings Value Menu. Strong demand for the Grilled Cheese Burrito is a fantastic example that proves Taco Bell can win in the big burrito category and participate in higher price points while maintaining value leadership.

本季度，Taco Bell 圍繞包括 Crispy Melt Taco 和 Grilled Cheese Burrito 在內的令人垂涎的產品引起了客戶的熱議，同時仍然通過 Cravings Value Menu 上的 2 美元捲餅提供日常價值。對烤奶酪捲餅的強勁需求是一個很好的例子，證明塔可鐘可以在大捲餅類別中獲勝，並參與更高的價格點，同時保持價值領先地位。

Taco Bell U.S. is leaning into its digital initiatives to drive customer engagement, with year-over-year digital sales up approximately 60%, leading to an 8-point improvement in its digital mix. Taco Bell recently launched delivery-as-a-service through its mobile app to create easier access for our customers to get our craveable products.

Taco Bell U.S. 正在依靠其數字計劃來推動客戶參與，數字銷售額同比增長約 60%，導致其數字組合提高 8 個百分點。 Taco Bell 最近通過其移動應用程序推出了送貨即服務，讓我們的客戶更輕鬆地獲得我們渴望的產品。

Additionally, the team also continues to make progress against our Recipe for Good Growth strategy with the ongoing transition of their packaging suite to more recycle-ready options.

此外，該團隊還繼續在我們的 Recipe for Good Growth 戰略方面取得進展，不斷將他們的包裝套件過渡到更易於回收的選項。

Taco Bell International grew system sales 25% in the quarter, driven by continued development momentum and strong value proposition through core menu innovation offerings.

受持續發展勢頭和通過核心菜單創新產品提供的強大價值主張的推動，塔可鍾國際在本季度的系統銷售額增長了 25%。

Next, I'll discuss the Pizza Hut division, which accounts for 17% of our divisional operating profit. System sales grew 10% for the quarter, driven by 7% same-store sales growth and 3% unit growth. Same-store sales growth accelerated sequentially from the fourth quarter, driven by China and continued strength in the U.S.

接下來，我將討論必勝客部門，該部門占我們部門營業利潤的 17%。在同店銷售額增長 7% 和單位銷售額增長 3% 的推動下，本季度系統銷售額增長了 10%。在中國和美國持續強勁的推動下，同店銷售增長從第四季度開始連續加速

Pizza Hut International, which accounts for 9% of our divisional operating profit, grew system sales 10%, led by 5% same-store sales growth and 5% unit growth.

占我們部門營業利潤 9% 的必勝客國際公司在同店銷售額增長 5% 和單位銷售額增長 5% 的帶動下，系統銷售額增長了 10%。

Following the successful launch of Melts in the U.S., the team launched this breakthrough product in 10 additional markets, including the U.K., Canada and several markets in Latin America. I'd like to recognize our global pizza team for their collaborative efforts to scale this winning innovation quickly. Our markets not only shared consumer insights and product innovation at unprecedented speed, but the operations team also used augmented reality to expedite training of our international team members through our intelligent coaching app.

在美國成功推出 Melts 之後，該團隊又在另外 10 個市場推出了這一突破性產品，包括英國、加拿大和拉丁美洲的幾個市場。我想感謝我們的全球比薩餅團隊，感謝他們的協作努力，以迅速擴大這項成功的創新。我們的市場不僅以前所未有的速度分享消費者洞察和產品創新，而且運營團隊還使用增強現實技術通過我們的智能教練應用程序加快對我們國際團隊成員的培訓。

Pizza Hut U.S., which represents 8% of our divisional operating profit, achieved 10% system sales growth with 8% same-store sales growth and flat unit growth. Melts, in combination with the Big New Yorker in the quarter, helped to drive positive transaction growth by attracting new and repeat customers. The team continues to expand strategic partnerships and is now integrated with the 3 major food aggregators in the U.S. We view aggregator marketplaces as an additional channel to provide customer's greater access to our brand, while also attracting an incremental customer.

占我們部門營業利潤 8% 的必勝客美國實現了 10% 的系統銷售額增長，同店銷售額增長 8%，單位銷售額增長持平。 Melts 與本季度的 Big New Yorker 相結合，通過吸引新客戶和回頭客，幫助推動了積極的交易增長。該團隊繼續擴大戰略合作夥伴關係，現已與美國 3 大食品聚合商整合。我們將聚合商市場視為一個額外的渠道，可以讓客戶更好地接觸我們的品牌，同時吸引更多客戶。

The Habit Burger Grill Division grew system sales 8% with 8% unit growth and flat same-store sales growth. The Habit team continues to focus on expanding its digital capabilities through growing it's mobile app user base and partnering with third-party aggregators.

Habit Burger Grill 部門的系統銷售額增長了 8%，單位銷售額增長了 8%，同店銷售額增長持平。 Habit 團隊繼續專注於通過擴大其移動應用程序用戶群和與第三方聚合商合作來擴展其數字能力。

Before moving on to our Unrivaled Culture & Talent, I want to take a moment to thank Russ Bendel and celebrate his accomplished career in the restaurant industry as he plans to retire next month. Russ' passion for restaurants has always shined through and anyone who knows Russ knows that what he really values above all else is people. Everyone is a friend to Russ, and he is beloved by all who have had the privilege to work beside him, whether in a kitchen or an office.

在繼續介紹我們無與倫比的文化和人才之前，我想花點時間感謝 Russ Bendel，並慶祝他在餐飲業取得的成就，因為他計劃下個月退休。 Russ 對餐廳的熱情一直閃耀著光芒，任何認識 Russ 的人都知道，他真正看重的是人。每個人都是 Russ 的朋友，所有有幸在他身邊工作的人都愛他，無論是在廚房還是在辦公室。

We recently announced that Russ's successor is former KFC Global Division CFO, Shannon Hennessy. Shannon is an exceptional leader, and we're excited to have her drive the next chapter of growth for Habit and continue Russ' focus on people.

我們最近宣布，Russ 的繼任者是前肯德基全球分部首席財務官 Shannon Hennessy。 Shannon 是一位傑出的領導者，我們很高興她能推動 Habit 翻開新的發展篇章，並繼續 Russ 對人的關注。

More broadly on our Unrivaled Culture & Talent growth driver, we've held powerful forums this year that galvanized our franchisees and top talent around our Recipe for Good Growth. In February, we hosted our 11th International Franchise Convention in Singapore, bringing together our global brand leadership teams and many of our 1,500 franchisees from around the world. Having attended this convention for many years, I've never seen this level of unity and enthusiasm for growth, particularly as it relates to development and broad strategic alignment with our franchise community. Our franchisees are some of the most growth-minded entrepreneurs in the world, and the international franchise convention was an opportunity to learn from, recognize and celebrate each other's achievements.

更廣泛地說，在我們無與倫比的文化和人才增長動力方面，我們今年舉辦了強大的論壇，圍繞我們的良好增長秘訣激發了我們的加盟商和頂尖人才。 2 月，我們在新加坡舉辦了第 11 屆國際特許經營大會，匯集了我們的全球品牌領導團隊和來自世界各地的 1,500 家加盟商中的許多人。多年來參加這個大會，我從未見過這種程度的團結和對增長的熱情，特別是因為它涉及到與我們的特許經營社區的發展和廣泛的戰略一致性。我們的特許經營商是世界上一些最具成長意識的企業家，國際特許經營大會是一個學習、認可和慶祝彼此成就的機會。

Our partnership with our franchisees is as strong as it's ever been. We are strategically aligned to keep our iconic brands R.E.D. and our global growth momentum strong by leveraging the investments we've made in consumer insights, our digital ecosystem, innovative technologies and data analytics.

我們與特許經營商的合作夥伴關係一如既往地牢固。我們在戰略上保持一致，以保持我們的標誌性品牌 R.E.D.通過利用我們在消費者洞察、數字生態系統、創新技術和數據分析方面的投資，我們的全球增長勢頭強勁。

Additionally, we are focused on unlocking opportunities for our people and communities while promoting equity inclusion and belonging across all aspects of our business. We were proud that many of our leaders, including myself, participated in the Women's Foodservice Forum as we focus on elevating all voices in achieving gender parity globally by 2030.

此外，我們專注於為我們的員工和社區釋放機會，同時在我們業務的各個方面促進公平包容和歸屬感。我們感到自豪的是，我們的許多領導人，包括我自己，都參加了女性餐飲服務論壇，因為我們專注於提高所有人對到 2030 年實現全球性別平等的聲音。

We also announced the launch of Franchise Fast Start, the program funded by Lafayette Square to provide lending support to expand Yum! franchise ownership in underserved communities in the U.S.

我們還宣布推出 Franchise Fast Start，該計劃由 Lafayette Square 資助，旨在提供貸款支持以擴大百勝！美國服務欠缺社區的特許經營所有權

As a result of our efforts, we've recently been named to Newsweek's America's Greatest Workplaces for Women and Forbes America's Best Employers for Diversity List.

由於我們的努力，我們最近被《新聞周刊》評為美國最佳女性工作場所和福布斯美國最佳多元化雇主名單。

To wrap up, I'm always thrilled to start the year with fantastic momentum, especially when the strength is broad-based across our global portfolio. I remain confident in our ability to navigate any economic environment as our brands stand for unmatched value and convenience, providing a range of products and price points to meet all customers' needs. We are poised to maintain a robust sales momentum given our pipeline of R.E.D. product innovation, accelerating digital sales, strengthening operational execution and compelling value across our global portfolio of iconic brands.

總而言之，我總是很高興以驚人的勢頭開始新的一年，尤其是當我們的全球投資組合實力廣泛時。我對我們駕馭任何經濟環境的能力充滿信心，因為我們的品牌代表著無與倫比的價值和便利性，提供一系列產品和價位以滿足所有客戶的需求。鑑於我們的 R.E.D. 產品線，我們準備保持強勁的銷售勢頭。產品創新、加速數字銷售、加強運營執行力以及在我們的全球標誌性品牌組合中創造引人注目的價值。

With that, Chris, over to you.

有了這個，克里斯，交給你了。

Thank you, David, and good morning, everyone. Today, I'll discuss our financial results, our Bold Restaurant Development and Unmatched Operating Capability growth drivers followed by our capital strategy.

謝謝你，大衛，大家早上好。今天，我將討論我們的財務業績、我們大膽的餐廳開發和無與倫比的運營能力增長驅動因素，以及我們的資本戰略。

I'll begin with our first quarter results, which reflects strong fundamental performance across all of our core financial metrics. We delivered 13% system sales growth driven by 8% same-store sales growth and 5% unit growth. Core operating profit growth for the quarter came in at 11%, which includes a 1 point headwind from the removal of Russia profits. Reported operating profit includes a $27 million negative impact from foreign currency translation. We expect foreign currency translation to be a $10 million to $20 million headwind to second quarter operating profit.

我將從我們的第一季度業績開始，它反映了我們所有核心財務指標的強勁基本面表現。在同店銷售額增長 8% 和單位銷售額增長 5% 的推動下，我們實現了 13% 的系統銷售額增長。本季度核心營業利潤增長 11%，其中包括俄羅斯利潤減少帶來的 1 個百分點的逆風。報告的營業利潤包括 2700 萬美元的外幣換算負面影響。我們預計外幣換算將對第二季度營業利潤造成 1000 萬至 2000 萬美元的不利影響。

Our digital sales accelerated across our 3 global brands, leading to a record quarter with nearly $7 billion in digital sales. We are confident our digital strategies are working, considering we reached a new high in our digital sales mix, exceeding 45% this quarter.

我們的 3 個全球品牌的數字銷售加速增長，實現創紀錄的季度數字銷售額近 70 億美元。考慮到我們的數字銷售組合達到了新高，本季度超過 45%，我們相信我們的數字戰略正在發揮作用。

Taco Bell store level margins were 22%, flat year-over-year, ex special, general and administrative expenses were $278 million, in line with our expectations. As we previously mentioned, we expect our year-over-year G&A growth will be higher in the first half of the year.

Taco Bell 店面利潤率為 22%，同比持平，不包括特殊、一般和管理費用為 2.78 億美元，符合我們的預期。正如我們之前提到的，我們預計今年上半年我們的 G&A 同比增長將會更高。

The ex special tax rate for the quarter was 19%. Our first quarter EPS, excluding special items, was $1.06, roughly flat over the prior year. First quarter EPS was negatively impacted by unrealized investment losses of $0.07 relating to our investment in Devyani and foreign currency translation impact of $0.08.

本季度的前特殊稅率為 19%。我們第一季度的每股收益（不包括特殊項目）為 1.06 美元，與去年同期大致持平。第一季度每股收益受到與我們在 Devyani 投資相關的 0.07 美元未實現投資損失和 0.08 美元外幣換算影響的負面影響。

As David mentioned, we completed the sale of our Russia business last month. Beginning in the second quarter, the Russia business will no longer be reported in our GAAP results, including franchise revenue and G&A. For modeling purposes, KFC Russia's quarterly franchisee fee revenue and G&A have averaged approximately $20 million and $5 million, respectively, over the last few quarters.

正如大衛所說，我們上個月完成了俄羅斯業務的出售。從第二季度開始，我們的 GAAP 業績將不再報告俄羅斯業務，包括特許經營收入和 G&A。出於建模目的，過去幾個季度肯德基俄羅斯的季度特許經營費收入和 G&A 平均分別約為 2000 萬美元和 500 萬美元。

We are pleased to see inflationary pressures, staffing challenges, and supply chain disruptions abate in the U.S. as we return to a more normalized operating environment. While we've seen similar trends in some international markets, there are others where our franchisees continue to face outsized inflationary pressures. We continue to partner with our franchisees to protect restaurant-level profitability while ensuring we maintain strong relative value for our customers. We're encouraged by trends in commodity inflation and labor availability as both bode well for the health of our franchise system, which is the foundation of our industry-leading development engine.

我們很高興看到美國的通脹壓力、人員配備挑戰和供應鏈中斷有所減輕，因為我們回到了更加正常化的運營環境。雖然我們在一些國際市場上看到了類似的趨勢，但在其他市場上，我們的特許經營商繼續面臨著巨大的通貨膨脹壓力。我們繼續與我們的特許經營商合作，以保護餐廳級別的盈利能力，同時確保我們為客戶保持強大的相對價值。我們對商品通脹和勞動力可用性的趨勢感到鼓舞，因為這兩者都預示著我們特許經營系統的健康發展，這是我們行業領先的發展引擎的基礎。

Now moving on to Bold Restaurant Development. We opened 746 gross new units during the quarter. Full year 2023 is shaping up to be another incredible year of development, similar to 2021 and 2022. But it's important to note the quarterly cadence of development will be weighted more heavily towards the second half of the year.

現在繼續進行大膽的餐廳開發。我們在本季度開設了 746 個新單位。 2023 年全年將成為又一個令人難以置信的發展年，類似於 2021 年和 2022 年。但重要的是要注意季度發展節奏將在下半年更加重要。

As we've said before, we have great line of sight into our development pipeline, with over 80% of 2023 planned units at KFC and Pizza Hut outside of China committed with well-capitalized growth-ready franchise partners.

正如我們之前所說，我們對我們的開發管道有很好的視野，肯德基和必勝客在中國境外的 2023 年計劃單位中有超過 80% 承諾與資本充足、準備好增長的特許經營合作夥伴合作。

Let me share a few highlights of our diverse development drivers, beginning with the KFC Division, which opened 385 gross units this quarter. China, India and our Latin America markets led the charge this quarter, with each opening more than 20 units. I'd like to recognize our KFC team in the Philippines for their efforts to drive our good growth agenda by using solar panels to build more sustainable restaurants.

讓我分享我們多元化發展驅動力的一些亮點，首先是肯德基部門，該部門本季度新開了 385 家門店。中國、印度和我們的拉丁美洲市場在本季度處於領先地位，每個市場都開設了 20 多個單位。我想感謝我們在菲律賓的肯德基團隊，感謝他們通過使用太陽能電池板建造更可持續的餐廳來推動我們的良好增長議程。

As for the Pizza Hut Division, the team opened 271 gross units this quarter, including the China, India and Turkey markets each opening more than 20 units. As we had anticipated, we exited our Pakistan Pizza Hut franchise partner and closed all 77 stores in the market. We are committed to partnering with capable, committed and well-capitalized franchisees. In some instances, the best thing for our brands and business in the long term is to exit a market and reopen with the right 3C franchise partner, which is exactly what we plan to do in this situation.

至於必勝客部門，該團隊本季度新開了 271 家單位，其中中國、印度和土耳其市場各開設了 20 多家。正如我們所預料的那樣，我們退出了巴基斯坦必勝客特許經營合作夥伴，並關閉了市場上的所有 77 家門店。我們致力於與有能力、忠誠且資本充足的加盟商合作。在某些情況下，從長遠來看，對我們的品牌和業務來說最好的事情是退出市場並與合適的 3C 特許經營合作夥伴重新開放，這正是我們在這種情況下計劃做的事情。

Turning to Taco Bell. The team opened 79 gross units in Q1. The Taco Bell team continues to leverage unique store designs to enhance both the digital and drive-through experience for our customers.

轉向塔可鐘。該團隊在第一季度開設了 79 個單位。 Taco Bell 團隊繼續利用獨特的商店設計來增強我們客戶的數字和得來速體驗。

Taco Bell International is off to a record-breaking start, with 46 units opened this quarter, and Taco Bell China becoming our fourth international market to cross the 100-unit threshold, along with Spain, the U.K. and India. These top 4 markets accounted for 60% of new builds this quarter, illustrating the power and scale to drive accelerated growth.

Taco Bell International 開局破紀錄，本季度新開 46 家門店，Taco Bell 中國成為繼西班牙、英國和印度之後第四個突破 100 家門檻的國際市場。這四大市場佔本季度新建建築的 60%，說明了推動加速增長的力量和規模。

In summary, we remain confident in our ability to maintain our industry-leading development momentum.

總之，我們對保持行業領先發展勢頭的能力充滿信心。

Next, I'll discuss our unmatched operating capabilities and the 3 pillars of our digital strategy: Easy Experiences, Easy Operations and Easy Insights.

接下來，我將討論我們無與倫比的運營能力和我們數字戰略的三大支柱：輕鬆體驗、輕鬆運營和輕鬆洞察。

First, our commitment as a franchise-first organization and unmatched operating capabilities are contributing to our position as the global franchisor of choice. We mentioned on our fourth quarter earnings call that Taco Bell was ranked #1 in Entrepreneur Magazine's Franchise 500 ranking in North America. Building on that recognition, just last week, Entrepreneur Magazine announced its 2023 Top Global Franchise Rankings and our 3 largest brands made the top 5, led by KFC in the #1 spot.

首先，我們作為特許經營第一組織的承諾和無與倫比的運營能力有助於我們成為全球首選特許經營商。我們在第四季度財報電話會議上提到，Taco Bell 在《企業家》雜誌北美特許經營 500 強排名中排名第一。基於這一認可，就在上週，《企業家雜誌》公佈了其 2023 年全球頂級特許經營排名，我們的 3 個最大品牌躋身前 5 名，其中肯德基位居第一。

Moving on to the pillars of our digital strategy. Beginning with the Easy Experiences pillar. We continued to enhance our digital ordering capabilities and launched new ordering channels. In fact, Tictuk completed its single largest market deployment for chat ordering to date this quarter.

繼續我們數字戰略的支柱。從 Easy Experiences 支柱開始。我們繼續增強數字訂購能力並推出新的訂購渠道。事實上，Tictuk 在本季度完成了迄今為止最大的聊天訂購市場部署。

Customers are now able to order KFC across 1,000 stores in South Africa using WhatsApp. Early results in the market show this new ordering channel is sticky, with more than 40% of users placing multiple orders in the first 90 days after launch.

客戶現在可以使用 WhatsApp 在南非的 1,000 家商店訂購肯德基。市場早期結果表明，這個新的訂購渠道具有粘性，超過 40% 的用戶在推出後的前 90 天內多次下單。

Within the Easy Operations pillar, Dragontail launched in over 1,000 stores across KFC and Pizza Hut this quarter, led by the Pizza Hut U.S. system, which doubled its store count to reach approximately 1,000 restaurants in total. Additionally, KFC Canada launched nearly 400 restaurants on the platform.

在 Easy Operations 支柱中，Dragontail 本季度在肯德基和必勝客的 1,000 多家門店推出，其中以必勝客美國系統為首，其門店數量翻了一番，達到約 1,000 家餐廳總數。此外，加拿大肯德基在該平台上推出了近 400 家餐廳。

Restaurants that implement Dragontail consistently see improvements in product quality and customer satisfaction scores as the order sequencing algorithm and driver dispatch capabilities ensure customers' favorite Yum! products arrive hot and fresh.

實施 Dragontail 的餐廳始終看到產品質量和客戶滿意度得分的提高，因為訂單排序算法和司機調度功能確保客戶最喜歡百勝！產品到達時又熱又新鮮。

Additionally, the first quarter marked an exciting collaboration milestone for our restaurant technology teams. The core platform that powers Hutbot, Pizza Hut's Coach in your pocket application that supports over 20,000 Pizza Hut Managers in 85 countries will now be managed centrally by Yum! [billing] technology. This shift allows us to scale mobile-first technology for our restaurant managers more quickly across our brands and ensures continued product enhancement and future AI-based innovation under the Yum! Super App banner.

此外，第一季度對我們的餐廳技術團隊來說是一個激動人心的合作里程碑。為 Hutbot 提供支持的核心平台，必勝客的口袋應用程序教練，支持 85 個國家/地區的 20,000 多名必勝客經理，現在將由百勝集中管理！ 【計費】技術。這一轉變使我們能夠在我們的品牌中更快地為我們的餐廳經理擴展移動優先技術，並確保在百勝集團下持續改進產品和未來基於人工智能的創新！超級應用橫幅。

Finally, for our Easy Insights pillar, we rolled out recommended ordering to nearly 600 additional stores and are live in over 3,600 stores in KFC and Taco Bell U.S. Recommended ordering is an AI module that recommends the quantity of product a restaurant manager should order each week. It reduces the time restaurant managers spend ordering product, improves forecast accuracy and reduces waste and time-consuming off-cycle orders and cross-store transfers. At Taco Bell, we have seen a 70% reduction in off-cycle orders and store transfers which frees up our managers to focus on delivering great guest experiences.

最後，對於我們的 Easy Insights 支柱，我們向近 600 家額外的商店推出了推薦訂購，並在肯德基和塔可鍾美國的 3,600 多家商店中使用。推薦訂購是一個 AI 模塊，可以推薦餐廳經理每週應該訂購的產品數量.它減少了餐廳經理花在訂購產品上的時間，提高了預測的準確性，並減少了浪費和耗時的非週期訂單和跨店轉移。在 Taco Bell，我們發現非週期訂單和門店轉移減少了 70%，這讓我們的經理可以騰出時間專注於提供卓越的客戶體驗。

Lastly, I'll provide an update on our balance sheet and liquidity position. Our capital priorities remain unchanged: invest in the business, maintain a resilient balance sheet, offer a competitive dividend and continuously evaluate the optimal use of our excess cash. We constantly revisit the allocation of our capital to optimize shareholder returns. Our net leverage ratio ended the quarter at 4.9x. As a reminder, we expect our leverage ratio to drift modestly lower this year.

最後，我將提供我們資產負債表和流動性狀況的最新情況。我們的資本優先事項保持不變：投資於業務，保持有彈性的資產負債表，提供有競爭力的股息，並不斷評估我們過剩現金的最佳使用情況。我們不斷重新審視我們的資本分配，以優化股東回報。我們的淨槓桿比率在本季度結束時為 4.9 倍。提醒一下，我們預計我們的槓桿率今年會小幅走低。

Our net capital expenditures for the quarter were $57 million, reflecting $5 million in refranchising proceeds and $62 million in gross CapEx.

我們本季度的淨資本支出為 5700 萬美元，反映了 500 萬美元的重新特許經營收益和 6200 萬美元的資本支出總額。

As it relates to our share buyback program, during the quarter, we repurchased approximately 400,000 shares at an average share price of $129 per share, totaling approximately $50 million.

由於與我們的股票回購計劃有關，在本季度，我們以每股 129 美元的平均股價回購了約 400,000 股股票，總計約 5000 萬美元。

To close, we're incredibly pleased with our results for the quarter. With a great start to the year, we're confident in delivering on our long-term growth algorithm in 2023. Our relevant and iconic brands consistently demonstrate that they are uniquely positioned to thrive in any macro environment and create lasting shareholder value.

最後，我們對本季度的業績感到非常滿意。憑藉今年的良好開端，我們有信心在 2023 年實現我們的長期增長算法。我們相關的標誌性品牌始終表明，它們具有獨特的優勢，可以在任何宏觀環境中蓬勃發展並創造持久的股東價值。

With that, operator, we are ready to take any questions.

有了這個，接線員，我們準備好回答任何問題。

(Operator Instructions) Our first question comes from Gregory Francfort from Guggenheim Securities.

（操作員說明）我們的第一個問題來自古根海姆證券公司的 Gregory Francfort。

The first one I had, after your comments on staffing environment and the labor environment getting better, sounds like globally, but also definitely the U.S. Are you seeing changes in wage inflation in your core markets and in the U.S. market? Or is it mostly staffing? I'm just curious. Any more details you can provide that would be helpful.

我的第一個問題是，在你對員工環境和勞動力環境變得更好發表評論之後，聽起來像是全球性的，但也肯定是美國。你是否看到核心市場和美國市場的工資通脹發生變化？還是主要是人員配備？我只是好奇。您可以提供的任何更多詳細信息都會有所幫助。

Yes, good question around the labor environment. If you step back at a macro level, we think about this in developed versus emerging markets. And in our developed markets, we have had some labor challenges that have been well publicized, not only in the restaurant sector, but in all sectors over the last couple of years. Those labor challenges are abating. We're seeing application rates increase, retention rates continue to increase, and our staffing levels are back to, at or near 2019 levels. And we've seen labor inflation abate in those markets which is helping our franchisees from a margin standpoint.

是的，關於勞動環境的好問題。如果你退回到宏觀層面，我們會在發達市場和新興市場中考慮這一點。在我們的發達市場，過去幾年，我們遇到了一些廣為人知的勞工挑戰，不僅在餐飲業，而且在所有行業。這些勞動力挑戰正在減弱。我們看到申請率增加，保留率繼續增加，我們的人員配備水平回到或接近 2019 年的水平。我們已經看到這些市場的勞動力通脹有所減弱，這從利潤率的角度幫助了我們的特許經營商。

If we go globally, because of the position of our brands and the employment markets in those emerging markets, we really haven't had big labor challenges there. And we've seen less labor inflation throughout the last 3 to 4 years, and that trend continues. I'm sure there's some pockets for franchisees who are dealing with that, but in general, the Yum!'s culture, and focus on talent, plus the way that our franchisees have led their teams during the last couple of years, plus our digital innovations in our Easy Operations area, which make running the restaurants easier, are all contributing to an improving labor environment.

如果我們走向全球，由於我們品牌的地位和新興市場的就業市場，我們在那裡確實沒有遇到大的勞動力挑戰。在過去的 3 到 4 年裡，我們看到勞動力通脹有所下降，而且這種趨勢仍在繼續。我敢肯定加盟商有一些錢來處理這個問題，但總的來說，百勝的文化和對人才的關注，加上我們的加盟商在過去幾年領導他們團隊的方式，再加上我們我們輕鬆運營領域的數字創新使餐廳的經營更加輕鬆，所有這些都有助於改善勞動環境。

Our next question comes from Brian Bittner from Oppenheimer.

我們的下一個問題來自 Oppenheimer 的 Brian Bittner。

As it relates to your core operating profit in the first quarter, it was very strong 11%, very strong start to the year. And interestingly, it actually doesn't really incorporate yet a strong recovery from China. So as it relates to your guidance, core operating profit of at least 8% for the year, kind of in line with your long-term algorithm, I'm wondering if you can unpack whether this is possibly tilting a bit conservatively after your strong results in the first quarter? Or maybe you can guide us through the puts and takes as the year unfolds with your core operating profit.

由於它與第一季度的核心營業利潤相關，因此非常強勁，達到 11%，今年開局非常強勁。有趣的是，它實際上並沒有真正包含來自中國的強勁復甦。因此，由於它涉及到你的指導，今年至少 8% 的核心營業利潤，有點符合你的長期算法，我想知道你是否可以解開這是否可能在你的強勢之後有點保守第一季度的結果？或者，也許您可以在您的核心營業利潤展開時指導我們完成看跌期權和看跌期權。

Yes. Thanks, Brian. Obviously, it was a strong quarter from a core operating profit standpoint. And as you say, we have further upside as we step through the year if China's results continue.

是的。謝謝，布萊恩。顯然，從核心營業利潤的角度來看，這是一個強勁的季度。正如你所說，如果中國的成績繼續下去，我們將在今年繼續前進。

As you know, our long-term algorithm is just that, it's a long-term algorithm over many years, and we don't revise it every quarter. But clearly, we have -- we've gotten off to a strong start to the year, and we feel good about how the year is shaping up.

大家知道，我們的長期算法就是這樣，它是一個多年的長期算法，我們不會每個季度都修改它。但很明顯，我們已經 - 我們今年開局良好，我們對今年的發展情況感到滿意。

Importantly, we just raised that algorithm in the last year at our investor conference, and I love the fact that we've started off the year beating all the components of the algorithm.

重要的是，我們剛剛在去年的投資者會議上提出了這個算法，我很高興我們從今年開始就擊敗了算法的所有組成部分。

Our next question comes from Jon Tower from Citi.

我們的下一個問題來自花旗的 Jon Tower。

I was hoping you could offer some insights from your end on what's going on in the franchisee environment, specifically in the U.S. I think there's a growing concern, particularly with what's happening with regional banks, that franchisees might have difficulty accessing capital and therefore perhaps having challenges growing in the U.S. I think your brands are positioned differently and you guys are in a different spot than smaller competitors, but I was hoping you could kind of dive into that a little bit, please.

我希望您能就特許經營環境中正在發生的事情提供一些見解，特別是在美國。在美國增長的挑戰我認為你們的品牌定位不同，你們與較小的競爭對手處於不同的位置，但我希望你們能稍微深入一下，拜託。

Yes. Thanks, Jon. Good question. I'm going to step back and start at a global level. And if you think about our development, keep in mind more than 90% of our development is outside of the U.S. And when you think about where that development is driven, we shared at the Investor Day that 60% of our global development is driven by 15 publicly traded franchisees.

是的。謝謝，喬恩。好問題。我將退後一步，從全球層面開始。如果您考慮我們的發展，請記住我們 90% 以上的發展都在美國以外。當您考慮推動發展的地方時，我們在投資者日分享了我們 60% 的全球發展是由15 家上市特許經營商。

If you go look at the financial factors on those franchisees, you see that they've got, on average, less than 1 turn of leverage. The 2 largest have significant cash on hand with no debt. So the financial health, in general, of our 3C franchisee base around the globe is very strong and we think gives us a competitive advantage in this sort of environment to continue to strengthen development. Whereas competitors whose franchise systems aren't as strong, we think, will be a disadvantage.

如果您查看這些特許經營商的財務因素，您會發現他們的槓桿率平均不到 1 輪。最大的 2 家手頭有大量現金，沒有債務。因此，總的來說，我們在全球的 3C 加盟商基礎的財務狀況非常強勁，我們認為在這種環境中為我們提供了競爭優勢，可以繼續加強發展。而我們認為，特許經營系統不那麼強大的競爭對手將處於劣勢。

If I drill into the U.S., keep in mind that Taco Bell is the vast majority of our development in the U.S. Our margins at Taco Bell U.S. have continued to be strong. You saw our restaurant margins this year were a slight improvement versus last year. So we continue to drive strong growth at Taco Bell with strong margins. Those are strong returns on those new units. So we feel like we're in a very competitively advantaged position relative to that issue.

如果我深入美國，請記住 Taco Bell 是我們在美國發展的絕大部分。我們在 Taco Bell U.S. 的利潤率一直很強勁。你看到我們今年的餐廳利潤率與去年相比略有提高。因此，我們繼續以高利潤率推動 Taco Bell 的強勁增長。這些是這些新單位的豐厚回報。所以我們覺得我們在這個問題上處於非常有競爭力的優勢地位。

We really haven't heard anecdotes and stories of franchisees getting concerned about accessing capital.

我們真的沒有聽說過加盟商擔心獲得資金的軼事和故事。

Our next question comes from John Ivankoe from JPMorgan.

我們的下一個問題來自摩根大通的 John Ivankoe。

I think a pretty consistent theme that's emerging for 2023 are some of the bigger, well-capitalized, more desirable brands that are really coming back and focusing and enforcing on operational standards that maybe we're back to '19 levels or even maybe even better than '19 levels as their systems are so desirable and so many people want to be a part of them.

我認為 2023 年出現的一個非常一致的主題是一些更大、資本充足、更受歡迎的品牌真正回歸併專注於執行運營標準，也許我們回到了 19 年的水平，甚至可能更好而不是 19 級，因為他們的系統是如此令人嚮往，而且有如此多的人想成為其中的一部分。

So it's always hard to talk about multiple brands across the global business, but can you kind of grade, if you can, your operational execution across the brands? Do you see any big pockets of opportunity? And not really problems, any big pockets of opportunity that you see out there of just saying, hey, execution is obviously a very important part of the Yum! business and you have some significant pockets of opportunity that could really move the needle from this point going forward as we're now post crisis.

因此，在全球業務中談論多個品牌總是很困難，但如果可以的話，您能否對您在各個品牌的運營執行情況進行評分？你看到任何大的機會嗎？並不是真正的問題，你看到的任何大量機會只是說，嘿，執行顯然是百勝的一個非常重要的部分！業務，你有一些重要的機會，可以真正推動這一點向前發展，因為我們現在正處於危機之後。

Yes, Jon, I'd say, in general, we all know that providing a great customer experience at the restaurant is critical to our business. And if you look at our [sales growth] results, double-digit growth in -- from a system sales standpoint for all 3 of our big global brands, we feel like, in general, we're doing a very good job of that. Are we always looking to improve? Of course.

是的，喬恩，我想說，總的來說，我們都知道在餐廳提供良好的客戶體驗對我們的業務至關重要。如果你看看我們的[銷售增長]結果，兩位數的增長——從我們所有 3 個全球大品牌的系統銷售角度來看，我們覺得，總的來說，我們在這方面做得很好.我們是否一直在尋求改進？當然。

I go to our digital capabilities as one example of how we're elevating operations. You go to that Easy Operations pillar, one of 3 areas of our digital strategy, and we talked about, we continue to implement tools that make the restaurants easier to operate and then improve the customer experience.

我將我們的數字能力作為我們如何提昇運營的一個例子。你去 Easy Operations 支柱，我們數字戰略的 3 個領域之一，我們談到，我們繼續實施使餐廳更容易經營的工具，然後改善客戶體驗。

Dragontail being a great example. David and I were in the U.K. just a couple of weeks back, and we got to see in Pizza Hut how Dragontail times the pizzas coming out of the oven, with the delivery drivers getting to the restaurant. That's translating to better customer experience. They're getting hotter, fresher pizzas faster. So that's just one example of how we elevate on that front.

龍尾就是一個很好的例子。幾週前，大衛和我還在英國，我們在必勝客看到了 Dragontail 如何計算從烤箱中出來的比薩餅的時間，以及送貨司機到達餐廳的時間。這轉化為更好的客戶體驗。他們變得越來越熱，越來越新鮮的比薩餅更快。所以這只是我們如何在這方面提升的一個例子。

Where we do have small pockets of significant improvement opportunity, we manage those situations, and we referenced that on the call. We talked about the Pakistan situation where we felt it was the right move to make a move in our franchise base. The strength of our overall global development gave us the room to do that. But that's just one example of where we made a targeted change to improve our operations.

在我們確實有少量重大改進機會的地方，我們會管理這些情況，並在電話會議上引用它。我們談到了巴基斯坦的情況，我們認為在我們的特許經營基礎上採取行動是正確的舉動。我們全球整體發展的實力給了我們這樣做的空間。但這只是我們進行有針對性的更改以改善我們的運營的一個例子。

The only thing I would add is, the last few years have obviously been a challenging operating environment. I think at the end of the day though, it has made us stronger as an operator, and I feel better about the quality of our ops around the world today than I have at any point in my long career.

我唯一要補充的是，過去幾年顯然是一個充滿挑戰的經營環境。不過，我認為歸根結底，它使我們作為運營商變得更加強大，而且我對當今世界各地運營商的質量感覺比我長期職業生涯中的任何時候都好。

We're clearly headed in the right direction. We have leaders at the brands such as Sabir Sami at KFC, who was the Chief Operating Officer of KFC. So we're putting a very strong emphasis on operations. We know that, that can pay off.

我們顯然正朝著正確的方向前進。我們有品牌的領導者，例如肯德基的 Sabir Sami，他是肯德基的首席運營官。所以我們非常重視運營。我們知道，這可以帶來回報。

The other component of this is, as Chris mentioned, getting the right franchisees in. In the U.S., as you know, we had a big change in terms of the ownership of our largest Pizza Hut franchisee. That's having a very positive payoff for us at Pizza Hut because they're running the stores better and a great reminder of how important it is to have the right franchise partners.

正如克里斯提到的，另一個組成部分是讓合適的特許經營商加入。在美國，如你所知，我們最大的必勝客特許經營商的所有權發生了巨大變化。這對我們必勝客來說是一個非常積極的回報，因為他們更好地經營商店，並且很好地提醒我們擁有合適的特許經營合作夥伴是多麼重要。

Our next question comes from Dennis Geiger from UBS.

我們的下一個問題來自瑞銀集團的 Dennis Geiger。

Given the momentum that you've got in the business and across the brands, even in a tough environment, I'm just wondering if you could talk a little bit more about the momentum that you expect to continue going through the rest of the year, particularly in the U.S. And within that, just wondering if you could touch high level at least on pricing presumably rolling off some in the U.S. and sort of how you think about the traffic outlook and, therefore, the overall outlook for sales momentum to continue. If you could touch on that.

鑑於您在業務和各個品牌中的勢頭，即使在艱難的環境中，我只是想知道您是否可以多談談您希望在今年餘下時間繼續發展的勢頭，特別是在美國，只是想知道你是否可以至少在定價方面觸及高水平，可能會在美國推出一些，以及你如何看待交通前景，因此，銷售勢頭的整體前景將繼續.如果你能談談那個。

Yes. Thanks, Dennis. Obviously, we had a strong start to the year with Q1. And we don't normally comment on trends intra-quarter, but what I will say is, we're off to another strong start in Q2. No significant change in momentum from Q1. Of course, the puts and takes will look different. Some businesses are doing a little bit better than in Q1. Some have tougher laps. But it gives us a lot of confidence that our teams are doing all the right things to connect with consumers.

是的。謝謝，丹尼斯。顯然，我們在第一季度開局良好。我們通常不會對季度內的趨勢發表評論，但我要說的是，我們將在第二季度迎來另一個強勁的開端。與第一季度相比，勢頭沒有顯著變化。當然，puts 和 takes 看起來會有所不同。一些企業的表現比第一季度好一些。有些人有更艱難的圈數。但這讓我們充滿信心，我們的團隊正在做所有正確的事情來與消費者建立聯繫。

And this environment is a healthy environment for us, particularly with our brands. When you talk about the U.S. consumer, Taco Bell is just so well positioned to weather any kind of -- there was some kind of pullback, as you saw from the strength they had in Q1, their ability to offer Value Menu offerings under $2 Cravings Value Menu, but also offer innovation like the Grilled Cheese Burrito for people that might be trading into the category, if the economy started to soften.

這種環境對我們來說是一個健康的環境，尤其是我們的品牌。當你談論美國消費者時，Taco Bell 完全有能力經受住任何一種 - 有某種回調，正如你從他們在第一季度的實力中看到的那樣，他們有能力提供低於 2 美元的超值菜單產品Value Menu，但如果經濟開始疲軟，也為可能會進入該類別的人們提供諸如烤奶酪捲餅之類的創新。

So from where we sit, we feel really good about the momentum in the business. And the pricing actions that you referenced were -- will probably start to roll off a little bit. But at the same time, we've seen inflation abate.

因此，從我們所處的位置來看，我們對業務的發展勢頭感到非常滿意。你提到的定價行動可能會開始下降一點。但與此同時，我們看到通貨膨脹有所減弱。

I'll give you another good fun stat. In Q1, KFC, as you know, rolled out those $5 wraps. The strongest sales that they saw in a customer segment in Q1 were with the lowest-income consumers. So the part of the business -- the part of the consumer base lifting sales was from low-income consumers because they did a great job connecting with them through that offering. Same thing could be said with Pizza Hut and their $6.99 Melts. So we know we have all the tools in our arsenal to win in these competitive environments.

我會給你另一個有趣的統計數據。如您所知，在第一季度，肯德基推出了 5 美元的包裝。他們在第一季度的客戶群中看到最強勁的銷售來自收入最低的消費者。因此，業務的一部分 - 提高銷售額的消費者基礎部分來自低收入消費者，因為他們通過該產品與他們建立了很好的聯繫。必勝客及其 6.99 美元的 Melts 也是如此。所以我們知道我們擁有在這些競爭環境中取勝的所有工具。

Our next question comes from David Palmer from Evercore.

我們的下一個問題來自 Evercore 的 David Palmer。

Wondering if you could provide any details on the ongoing sales recovery versus pre-COVID levels for key KFC International markets. We don't often get to see some of the country-level statistics. And I'm wondering how you're thinking about that multiyear recovery. Where is it still accelerating? And perhaps, if it's slowing in certain places, why would that be, maybe shifting patterns between delivering at home or other consumer weakness perhaps cropping up here or there.

想知道您是否可以提供有關主要肯德基國際市場的持續銷售恢復與 COVID 前水平的任何詳細信息。我們不經常看到一些國家級統計數據。我想知道您如何看待多年的複蘇。哪裡還在加速？也許，如果它在某些地方正在放緩，為什麼會這樣，可能是在家里或其他消費者弱點之間轉移模式，可能會突然出現在這里或那裡。

Yes. Just talking in terms of trends, David. You saw from the sales breakouts in our release that we've got widespread system sales growth at the numbers that we report. In fact, the vast majority of the businesses that we track are up double digits.

是的。就趨勢而言，大衛。您從我們發布的銷售突破中看到，我們在報告的數字上實現了廣泛的系統銷售增長。事實上，我們追踪的絕大多數企業都實現了兩位數的增長。

I think we identified early on in the pandemic that developed markets were doing a little bit better than emerging markets. And then that has sort of flipped more recently as emerging markets have recovered. They've been the one sort of leading the charge. And we're now entering a phase in which I think we're sort of more back to the normal cadence of developed markets and emerging markets contributing to our growth.

我認為我們在大流行初期就發現發達市場的表現比新興市場好一點。然後隨著新興市場的複蘇，這種情況最近發生了逆轉。他們一直是帶頭的人。我們現在正進入一個階段，我認為我們在某種程度上回到了發達市場和新興市場為我們的增長做出貢獻的正常節奏。

So obviously, we have 300 brand country combinations, we could talk about a lot of different ones, but I think that gives you a pretty good sense of what the landscape is like. And that's why we've talked a number of times today already about returning more to a normal cadence in the business, which is good for us.

很明顯，我們有 300 個品牌國家/地區組合，我們可以討論很多不同的組合，但我認為這可以讓您很好地了解景觀是什麼樣的。這就是為什麼我們今天已經多次談到要更多地恢復正常的業務節奏，這對我們有好處。

Our next question comes from Andrew Charles from TD Cowen.

我們的下一個問題來自 TD Cowen 的 Andrew Charles。

Great. I recognize that 1Q is a seasonally light development quarter, but can you speak to a sequential cadence of growing 5.9% net restaurant growth in 4Q that fell a bit to 5.3% in 1Q, excluding Russia. 1Q certainly exceeded the 5% ongoing guidance, but it was perhaps a bigger step down that we were expecting. So you guys spoke about the robust development commitments. And so I'm just curious, I mean, do you expect that the percentage of year-over-year growth is going to pick up perhaps as 2023 progresses?

偉大的。我認識到第 1 季度是一個季節性較淡的開發季度，但你能說說第 4 季度餐廳淨增長 5.9% 的連續節奏，第 1 季度略微下降至 5.3%，不包括俄羅斯。第一季度當然超過了 5% 的持續指導，但這可能是我們預期的更大的降幅。所以你們談到了強大的發展承諾。所以我很好奇，我的意思是，你是否預計隨著 2023 年的進展，同比增長的百分比可能會回升？

Yes. Thanks a bunch. Good question. If we talk about Q1 specifically, I think all the factors that David mentioned around our confidence in long-term development trajectory still hold. We've got strong unit economics. We've got tremendous franchise partners. We've got lots of white space out there. And we've got the best development teams in the business.

是的。非常感謝。好問題。如果我們具體談論第一季度，我認為大衛提到的圍繞我們對長期發展軌蹟的信心的所有因素仍然存在。我們擁有強大的單位經濟效益。我們有大量的特許經營合作夥伴。我們那裡有很多空白。我們擁有業內最好的開發團隊。

If I go into Q1, keep in mind, don't read too much. We said that this year would be more weighted towards later parts of the year. But in Q1, we put up 746 gross new units. That's our second-highest total ever. That reflects that our franchisees are investing to build restaurants. And that was despite what you heard on the Yum! China call yesterday, which is, they were dealing with delays related to the Chinese New Year, delays in contract signing and building permitting that were tied to COVID. And they talked about their view on the strength of their pipeline going forward.

如果我進入 Q1，請記住，不要讀太多。我們說過，今年將更側重於今年晚些時候。但在第一季度，我們推出了 746 個新單位。這是我們有史以來第二高的總數。這反映出我們的加盟商正在投資建設餐廳。儘管你在百勝上聽到了什麼！中國昨天打來電話，也就是說，他們正在處理與中國新年有關的延誤、與 COVID 相關的合同簽署和建築許可延誤。他們談到了他們對未來管道實力的看法。

If I go to the net new unit side, one of the things that we're doing is we're using our strength in growth development to advance our asset -- to strengthen our global asset base. I talked about how we, in certain cases, strengthen the franchisee base with the Pakistan situation.

如果我去淨新單位方面，我們正在做的一件事是我們正在利用我們在增長發展方面的優勢來提升我們的資產——加強我們的全球資產基礎。我談到了在某些情況下，我們如何根據巴基斯坦的情況加強加盟商基礎。

Another thing we're doing is continuing the Pizza Hut asset transformation where when we close a unit, we're opening another one in the same trade area that is a stronger, higher-performing unit.

我們正在做的另一件事是繼續必勝客資產轉型，當我們關閉一個單位時，我們會在同一貿易區開設另一個更強大、績效更高的單位。

And the third thing we're doing is when we have a few low-volume units that need to be cleaned up, we'll take advantage of opportunities to do that.

我們正在做的第三件事是，當我們有一些小批量單元需要清理時，我們會抓住機會進行清理。

But in general, we remain really confident about the long-term trajectory. And as I said, we expect this year to look similar to 2021 and 2022.

但總的來說，我們對長期發展軌跡仍然充滿信心。正如我所說，我們預計今年會與 2021 年和 2022 年相似。

Yes. I mean the only thing I'll add is, we know how important development is to our growth algorithm. Obviously, this is a big focus of ours. We think we have upside. Any numbers that we set out, throw out there, and that's our focus is how do we keep on trying to beat these numbers. And obviously, we've been pretty clear that don't draw too many conclusions from one data point at the beginning of the year, historically is not correlated. And it was a strong quarter. Yes, it was a really strong quarter. So we're proud of what happened in Q1 and feel good about 2023 looking just like '21 and '22.

是的。我的意思是我唯一要補充的是，我們知道發展對我們的增長算法有多重要。顯然，這是我們的一個重點。我們認為我們有優勢。我們設定的任何數字，扔在那裡，我們的重點是我們如何繼續努力擊敗這些數字。顯然，我們已經非常清楚，不要從年初的一個數據點得出太多結論，從歷史上看是不相關的。這是一個強勁的季度。是的，這是一個非常強勁的季度。因此，我們為第一季度發生的事情感到自豪，並對 2023 年看起來就像 21 年和 22 年一樣感覺良好。

Our next question comes from Jeffrey Bernstein from Barclays.

我們的下一個問題來自巴克萊銀行的杰弗裡伯恩斯坦。

Great. Noticing, as I think about your brands, the single customer serve opportunity. It feels like Taco Bell has always been about serving individuals rather than big portions of big families. But does seem like there's been a major change in menu strategy elsewhere. KFC, just recently between the sandwiches, the nuggets and the wraps, all for individuals. And Pizza Hut seemingly doing well with the Melts. I'm just wondering if you can maybe just talk about the mix of business for each of your brands, for family versus single-serve. And maybe whether these new products change your mix of sales by daypart.

偉大的。注意，當我想到你的品牌時，單一客戶服務機會。感覺 Taco Bell 一直在為個人服務，而不是為大家庭的大部分人服務。但其他地方的菜單策略似乎確實發生了重大變化。肯德基，最近在三明治、雞塊和捲餅之間，都是為個人準備的。必勝客似乎與 Melts 相處得很好。我只是想知道您是否可以談談每個品牌的業務組合，家庭與單一服務。也許這些新產品是否會按時段改變您的銷售組合。

I would think that would help build the lunch business, especially at Pizza Hut. But presuming this is a conscious decision at all brands, just wondering if you can give some high-level thoughts on the mix of business or family versus singles and daypart opportunity.

我認為這將有助於建立午餐業務，尤其是在必勝客。但假設這是所有品牌的有意識決定，只是想知道您是否可以就商務或家庭與單身和白天機會的組合給出一些高層次的想法。

Yes. A good question. And you're spot on, obviously. Our goal obviously is to be there for our customers for every occasion, not just for family meals or just for individual meals.

是的。一個好問題。很明顯，你是正確的。我們的目標顯然是在任何場合都為我們的客戶服務，而不僅僅是家庭聚餐或個人聚餐。

Pizza Hut has a very conscious strategy. Through Melts in the U.S., which has gotten a lot of the headlines, but also an offering that they have called My Box, which is an individual meal offered around the world to go after more individual occasions. It's -- Pizza is obviously traditionally a family-sharing occasion.

必勝客有一個非常有意識的策略。通過美國的 Melts，它登上了很多頭條新聞，還有他們稱為 My Box 的產品，這是一種在世界各地提供的個人餐，用於更多個人場合。這是 - 比薩顯然是傳統的家庭共享場合。

So Pizza Hut and KFC with buckets tend to skew more towards family sharing. And Taco Bell with their multiple individual items that you can piece together for your own meal, skew more towards individual meals. And that's why at the beginning of the pandemic, you saw Taco Bell rolling out family meal options because that became the preferred way that people were accessing our brands early in the pandemic during lockdown.

所以帶桶的必勝客和肯德基更傾向於家庭共享。 Taco Bell 有很多單獨的項目，你可以拼湊起來做自己的飯菜，更傾向於單獨的飯菜。這就是為什麼在大流行開始時，您會看到 Taco Bell 推出家庭用餐選擇，因為這成為人們在大流行早期鎖定期間訪問我們品牌的首選方式。

So they're continuing to lean in on ways that they can capture more of the family sharing occasion. And then Taco Bell -- and then Pizza Hut and KFC are leaning more on individual meals. Obviously, nuggets, the $5 wrap deal and other offerings we have around the world, the launch of sandwiches more recently, are all designed for individual meals.

因此，他們將繼續依靠可以捕捉更多家庭共享場合的方式。然後是塔可鐘——然後是必勝客和肯德基，它們更傾向於單獨用餐。顯然，金塊、5 美元打包交易和我們在世界各地提供的其他產品，以及最近推出的三明治，都是為個人餐設計的。

Our last question comes from David Tarantino from Baird.

我們的最後一個問題來自 Baird 的 David Tarantino。

Just a couple of clarifications, Chris, on the outlook. First, on the unit growth commentary, you said you expect this year to look a lot like the last 2 years. Are you talking about net unit growth or gross opening? So I guess your net unit growth has been close to 6% ex Russia in the past few years. So I just wanted to clarify that.

克里斯，關於前景的一些澄清。首先，關於單位增長評論，你說你預計今年看起來很像過去兩年。您是在談論淨單位增長還是總營業額？所以我猜你的單位淨增長率在過去幾年裡接近 6%（不包括俄羅斯）。所以我只想澄清一下。

And then secondly, I was wondering if you have an update on your G&A guidance for the year.

其次，我想知道你是否有關於今年 G&A 指南的最新信息。

Yes. Thanks, David. First, on development. Of course, our long-term growth algorithm specifies 5% net new unit growth. We've been a little ahead of that. And we're working hard to continue our development momentum. And as we've said multiple times on the call, we continue to have real confidence in our ability to deliver that type of net new unit growth into the future.

是的。謝謝，大衛。第一，關於發展。當然，我們的長期增長算法指定 5% 的淨新單位增長。我們已經領先了一點。我們正在努力保持我們的發展勢頭。正如我們在電話會議上多次說過的那樣，我們繼續對我們在未來實現這種新單位淨增長的能力充滿信心。

On G&A, just a couple of things. First, note that about $4 million of our reported G&A in Q1 was classified as special. So then when you look at the ex special year-over-year increase, we had said on the last call that this year, our year-over-year increases would be weighted a little more to the beginning of the year.

關於 G&A，只有幾件事。首先，請注意，我們在第一季度報告的 G&A 中約有 400 萬美元被歸類為特殊費用。因此，當您查看除特殊情況下的同比增長時，我們在上次電話會議上表示，今年我們的同比增長將更多地集中在年初。

There were really 2 factors that drove that. So coming into the year, we had obviously planned to make some targeted investments in G&A in specific parts of the business to support our long-term growth strategies.

確實有兩個因素推動了這一點。因此，進入這一年，我們顯然計劃在業務的特定部分對 G&A 進行一些有針對性的投資，以支持我們的長期增長戰略。

The second part, we did encounter some expenses that we were not anticipating prior to the year primarily related to the cyber event that we had in January.

第二部分，我們確實遇到了一些我們在今年之前沒有預料到的費用，主要與我們在 1 月份發生的網絡事件有關。

But still, when we step back and we look at the plan for the full year, we still expect full year G&A to land at approximately $1.15 billion, and we'll provide further updates on the Q2 call as needed.

但是，當我們退後一步並查看全年計劃時，我們仍然預計全年 G&A 將達到約 11.5 億美元，我們將根據需要提供有關第二季度電話會議的進一步更新。

Well, thanks, everybody. I appreciate all the good questions. And obviously, we're excited about the strong start to the year, the momentum that we have continuing into Q2 and the fact that we've raised our algorithm and are beating it on all measures today. Look forward to updating you on our progress on our Q2 call.

嗯，謝謝大家。我感謝所有的好問題。顯然，我們對今年的強勁開局感到興奮，我們繼續進入第二季度的勢頭以及我們已經提高了我們的算法並在今天的所有措施中擊敗它的事實。期待向您通報我們在第二季度電話會議上的進展情況。

Ladies and gentlemen, this concludes today's call. Thank you for joining. You may now disconnect your lines. Thank you.

女士們，先生們，今天的電話會議到此結束。感謝您的加入。您現在可以斷開線路。謝謝。