百勝餐飲集團 (YUM) 2023 Q2 法說會逐字稿

Hello, everyone, and welcome to the Second Quarter 2023 Yum! Brands, Inc. Earnings Conference Call. My name is Emily and I'll be coordinating your call today. (Operator Instructions)

大家好，歡迎來到百勝集團 2023 年第二季度！ Brands, Inc. 收益電話會議。我叫艾米麗，今天我將協調您的電話。 （操作員說明）

I will now turn the call over to Jodi Dyer, Vice President of Investor Relations. Please go ahead, Jodi.

我現在將把電話轉給投資者關係副總裁喬迪·戴爾 (Jodi Dyer)。請繼續，喬迪。

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 the remarks from David and Chris, we'll open the call to questions.

謝謝，接線員。大家早上好，感謝您加入我們。今天參加我們電話會議的是我們的首席執行官 David Gibbs；克里斯·特納，我們的首席財務官；以及我們的高級副總裁兼公司財務總監 Dave Russell。在大衛和克里斯發言之後，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. 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.

在我們開始之前，請注意，本次電話會議包含前瞻性陳述，這些陳述受到未來事件和不確定性的影響，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之日作出，並應與我們的收益發布中的警示性陳述以及我們向 SEC 提交的文件中包含的風險因素結合起來考慮。此外，請參閱我們的收益發布以及我們向 SEC 提交的文件的相關部分，以查找非 GAAP 財務指標和今天電話會議中使用的其他指標的披露、定義和調節。

Please note that during today's call, all system sales growth and operating profit growth results exclude the impact of foreign currency. For more information on our reporting calendar for each market, please visit the Financial Reports section of our website.

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均排除了外彙的影響。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 third quarter earnings will be released on November 1, 2023, with the conference call on the same day.

我們通過我們的網站廣播本次電話會議。此通話也將被錄音並可供回放。展望未來，我們將於 2023 年 11 月 1 日發布第三季度財報，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大衛·吉布斯。

Thank you, Jodi, and good morning, everyone. At our Investor Day last December, we shared our long-term vision for Yum! to deliver accelerated global growth. I'm proud to say that our second quarter results are further evidence of our ability to execute against this vision.

謝謝喬迪，大家早上好。在去年 12 月的投資者日上，我們分享了百勝餐飲集團的長期願景！實現加速的全球增長。我很自豪地說，我們第二季度的業績進一步證明了我們執行這一願景的能力。

Two of Yum!'s differentiated capabilities, our Bold Restaurant Development engine, including 1,025 gross new units in the current quarter; and our distinctive digital capabilities, which drove record digital sales, fueled the second quarter's 13% growth in system sales. I'm especially pleased to report that based on our strong year-to-date results and the continued momentum we see in our business, we expect to deliver full year 2023 results well above our long-term growth algorithm.

百勝餐飲集團的兩項差異化能力，即我們的 Bold Restaurant Development 引擎，包括本季度新增 1,025 家餐廳；我們獨特的數字能力推動了創紀錄的數字銷售，推動第二季度系統銷售增長 13%。我特別高興地向大家報告，基於我們今年迄今為止的強勁業績以及我們在業務中看到的持續勢頭，我們預計 2023 年全年業績將遠高於我們的長期增長算法。

I'll start with a few high-level thoughts on our second quarter results before sharing some additional details through the lens of the Relevant, Easy and Distinctive Brands and Unrivaled Culture and Talent pillars of our Recipe for Good Growth framework. Chris will then provide some additional color on our second quarter results, followed by an update on our Bold Restaurant Development and Unmatched Operating Capabilities growth pillars.

我將從對第二季度業績的一些高層想法開始，然後通過我們良好增長框架框架的相關、簡單和獨特的品牌以及無與倫比的文化和人才支柱的鏡頭分享一些額外的細節。然後，克里斯將為我們第二季度的業績提供一些額外的信息，然後更新我們大膽的餐廳開發和無與倫比的運營能力增長支柱。

For the second quarter, we delivered same-store sales growth of 9% and unit growth of 6%, with KFC setting the pace with a remarkable 19% system sales growth on the foundation of our industry-leading development momentum, distinctive marketing campaigns and relevant new product layers such as the launch of original recipe hand-breaded chicken nuggets here in the U.S. And as I'm sure you've all heard, Taco Bell, in partnership with another global icon, LeBron James, successfully liberated Taco Tuesday in a way no other brand could mimic.

第二季度，我們的同店銷售額增長了9%，單位增長了6%，其中肯德基憑藉行業領先的發展勢頭、特色營銷活動和相關的新產品層，例如在美國推出原創配方手工麵包雞塊。我相信你們都聽說過，塔可鐘與另一位全球偶像勒布朗·詹姆斯合作，週二成功解放了塔可這是其他品牌無法模仿的方式。

As we also discussed in December, our Recipe for Good Growth strategy will be powered by digital and technology. Our distinctive digital capabilities, which enable easier experiences and greater access to our iconic brands, continues to unlock incremental sales through higher spend and frequency as well as incremental profitability for our system. On that note, I'm pleased to report another quarter of double-digit growth, resulting in $7 billion in digital sales, representing over 45% of our global system sales.

正如我們在 12 月討論的那樣，我們的良好增長戰略將由數字和技術提供支持。我們獨特的數字功能可以讓您獲得更輕鬆的體驗並更方便地訪問我們的標誌性品牌，並通過更高的支出和頻率以及我們系統的增量盈利能力繼續釋放增量銷售。在這一點上，我很高興地報告又一個季度實現兩位數增長，數字銷售額達到 70 億美元，占我們全球系統銷售額的 45% 以上。

Turning back to our Recipe for Good Growth and our iconic R.E.D. brands, let me start with the KFC division, which represents 50% of our divisional operating profits. Second quarter system sales growth of 19% was driven by 13% same-store sales growth and 7% unit growth. Widespread transaction growth and a strong recovery in our China market, as Yum! China detailed in their results earlier this week, powered our same-store sales growth. However, even outside of China, KFC Global same-store sales growth was up an impressive 10% in the quarter. KFC represents our largest digital business globally on a dollar basis and showed continued momentum with strong year-over-year growth in both digital sales and mix.

回到我們的良好成長秘訣和我們標誌性的 R.E.D.首先是肯德基部門，它占我們部門營業利潤的 50%。第二季度系統銷售額增長 19%，主要得益於 13% 的同店銷售額增長和 7% 的銷量增長。作為百勝餐飲集團的中國市場，交易量廣泛增長且強勁復甦。本週早些時候公佈的中國業績推動了我們同店銷售的增長。然而，即使在中國以外，肯德基全球同店銷售額本季度的增長也達到了令人印象深刻的 10%。以美元計算，肯德基代表了我們全球最大的數字業務，並在數字銷售和產品組合方面呈現出持續強勁的同比增長勢頭。

Among KFC's emerging markets, I'd like to highlight our Middle East team for the work they did to drive system sales with a focus on their core menu and new snacking product offerings; and the South Africa team for their efforts to grow the breakfast layer through a bold marketing campaign with Trevor Noah. Thanks to unlocking additional customer use occasions, compelling value offerings and continued digital growth, both markets posted strong same-store sales growth. Among our developed markets, Western Europe led the way with strong results in check and transactions by balancing disruptive value and core menu items.

在肯德基的新興市場中，我想強調我們的中東團隊為推動系統銷售所做的工作，重點關注其核心菜單和新的零食產品；以及南非團隊通過與特雷弗·諾亞 (Trevor Noah) 合作開展的大膽營銷活動，努力發展早餐層。由於解鎖了更多的客戶使用場合、引人注目的價值產品和持續的數字增長，這兩個市場都實現了強勁的同店銷售增長。在我們的發達市場中，西歐通過平衡顛覆性價值和核心菜單項目，在支票和交易方面取得了強勁的成果。

Turning to KFC U.S. Same-store sales grew 5%, improving sequentially with the combination of product innovation and an always-on-value strategy. Building on first quarter momentum behind wraps, KFC U.S. launched hand-breaded original recipe chicken nuggets to expand its off-the-bone chicken offerings, leveraging the learnings from our significant off-the-bone business at KFC International.

以肯德基美國為例，同店銷售額增長了 5%，通過產品創新和始終追求價值的戰略相結合，環比實現了增長。在第一季度的強勁勢頭的基礎上，美國肯德基推出了手工裹麵包屑的原味雞塊，以擴大其脫骨雞肉產品範圍，並藉鑑了肯德基國際公司重要的脫骨雞肉業務的經驗教訓。

This product innovation was met with an immediate positive consumer reaction resulting in over 100 million nuggets sold in the first 8 weeks after launch. These boneless offerings appeal to younger and new KFC customers and build upon an already well-established sales layer following the successful launch of the chicken sandwich in 2021.

這項產品創新立即得到了消費者的積極反應，推出後的前 8 週內售出了超過 1 億塊金塊。這些去骨產品吸引了年輕的肯德基新顧客，並在 2021 年成功推出雞肉三明治後建立了已經完善的銷售層。

Moving on to the Taco Bell division, which represents 35% of our global divisional operating profit and roughly 75% of our U.S. divisional operating process. Once again, I'm thrilled to share more external recognition of Taco Bell's brand power and relevance with the brand's inclusion on the TIME100 list of the World's Most Influential Companies. This Category of One brand remains ever relevant by pushing boundaries and introducing and reintroducing exciting and craveable menu items and always being part of the cultural moment and conversation. Congrats to the entire Taco Bell team and our incredible franchisees for yet another well-deserved honor.

接下來是 Taco Bell 部門，該部門占我們全球部門運營利潤的 35%，約占美國部門運營流程的 75%。我很高興再次分享外界對 Taco Bell 品牌影響力和相關性的更多認可，該品牌被列入 TIME100 全球最具影響力公司名單。這一類別的品牌通過突破界限、引入和重新引入令人興奮和令人渴望的菜單項，並始終成為文化時刻和對話的一部分，始終保持相關性。祝賀整個 Taco Bell 團隊和我們令人難以置信的特許經營商再次獲得當之無愧的榮譽。

For the second quarter, Taco Bell's global system sales grew 7%, led by 4% same-store sales growth and 5% unit growth. Taco Bell continues to execute its magic growth formula through a balanced set of commercial strategies, including building brand buzz, unparalleled value, Más occasions and digital initiatives.

第二季度，Taco Bell 的全球系統銷售額增長 7%，其中同店銷售額增長 4%，銷量增長 5%。塔可鍾繼續通過一套平衡的商業戰略來執行其神奇的增長公式，包括建立品牌知名度、無與倫比的價值、Má's 場合和數字計劃。

This quarter, the team launched a campaign to liberate Taco Tuesday in a first-ever global Taco Tuesday campaign spanning 19 markets in partnership with a true global icon, LeBron James. The campaign created massive brand buzz with engagement and mentions in 1 week for Taco Tuesday liberation, surpassing the entirety of the highly successful Mexican pizza relaunch last year.

本季度，該團隊與真正的全球偶像勒布朗·詹姆斯 (LeBron James) 合作，發起了一項解放 Taco Tuesday 的活動，這是有史以來首次全球 Taco Tuesday 活動，覆蓋 19 個市場。該活動在一周內為“Taco Tuesday 解放”活動創造了巨大的品牌知名度，參與度和提及率超過了去年非常成功的墨西哥披薩重新推出的整體效果。

Other promotions in the quarter contributing to Taco Bell's winning magic growth formula include both our $5 Cravings Trios and Deluxe Build Your Own Cravings Box that helped sustain our strong consumer value proposition and maintain over 25% margins. In addition, an expansion of trading hours with strong growth at both the breakfast and late night dayparts helped Taco Bell's second quarter results.

本季度為Taco Bell 的神奇增長公式做出貢獻的其他促銷活動包括我們的5 美元Cravings Trios 和Deluxe Build Your Own Cravings Box，它們有助於維持我們強大的消費者價值主張並保持超過25% 的利潤率。此外，交易時間的延長以及早餐和深夜時段的強勁增長也有助於塔可鐘第二季度的業績。

Finally, the team continues to create incremental demand for their digital channels. In the U.S., digital sales increased almost 35% year-over-year, with kiosks now deployed in 100% of Taco Bell stores. Taking all of this into account, it is no surprise Taco Bell continues to be a leader in value perception while also delivering amazing unit economics.

最後，該團隊繼續為其數字渠道創造增量需求。在美國，數字銷售同比增長近 35%，目前 100% 的 Taco Bell 商店都部署了自助服務終端。考慮到所有這些，塔可鍾繼續成為價值認知領域的領導者，同時提供令人驚嘆的單位經濟效益也就不足為奇了。

For Taco Bell International, system sales grew 18% driven by development momentum. The global Taco Tuesday campaign, which launched in June and will continue through the third quarter, leverages Taco Bell's U.S. cultural leadership, building brand equity and consumer awareness with a consistent look and feel around the world.

對於 Taco Bell International，在發展勢頭的推動下，系統銷售額增長了 18%。全球 Taco Tuesday 活動於 6 月啟動，並將持續到第三季度，利用 Taco Bell 在美國的文化領導力，在全球範圍內以一致的外觀和感覺建立品牌資產和消費者意識。

I also want to highlight Taco Bell's continued progress against our Recipe for Good Growth strategy that included raising $20 million so far this year through its RoundUp fundraiser. Throughout the quarter, the Taco Bell Foundation donated these funds to over 400 nonprofits and nearly 1,000 Live Más Scholarships.

我還想強調 Taco Bell 在我們的“良好增長秘訣”戰略方面取得的持續進展，其中包括今年迄今為止通過 RoundUp 籌款活動籌集了 2000 萬美元。整個季度，Taco Bell 基金會將這些資金捐贈給了 400 多個非營利組織和近 1,000 個 Live Más 獎學金。

Next, I'll discuss the Pizza Hut division, which accounts for 14% of our divisional operating profit. System sales grew 7% for the quarter, driven by 4% same-store sales growth and 4% unit growth. Pizza Hut International grew system sales 11%, led by 6% same-store sales growth and 5% unit growth.

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 14%。在同店銷售額增長 4% 和銷量增長 4% 的推動下，本季度系統銷售額增長 7%。必勝客國際系統銷售額增長 11%，其中同店銷售額增長 6%，單位數量增長 5%。

The individual occasion continued to be a growth driver largely on incremental transaction growth from the Melts platform, which in the U.S. has proven to be a self-sustaining layer at an attractive entry price point. Since launching in the U.S. late last year, Melts has now reached 35 markets, up significantly from the 11 markets in the first quarter now in over half of our global store base.

個別場合繼續成為增長動力，主要依靠 Melts 平台的增量交易增長，該平台在美國已被證明是一個自我維持的層，具有有吸引力的入門價格。自去年年底在美國推出以來，Melts 現已覆蓋 35 個市場，較第一季度的 11 個市場大幅增加，目前已占我們全球門店總數的一半以上。

Melts is delivering encouraging early results alongside MyBox, our other international individual occasion product offering. Our team is focused on providing distinctive value offerings across markets such as the Super Limo abundant value deal in the UAE and the National Pizza Party promotion in Australia. Pizza Hut U.S. grew system sales 2%, driven by 1% same-store sales growth. In the U.S., we introduced new flavor profiles to our Melts platform, providing yet another reason for customers to order from Pizza Hut.

Melts 與我們的另一款國際個人場合產品 MyBox 一起取得了令人鼓舞的早期成果。我們的團隊專注於在各個市場提供獨特的價值產品，例如阿聯酋的超級豪華轎車超值優惠和澳大利亞的全國披薩派對促銷。受同店銷售額增長 1% 的推動，必勝客美國系統銷售額增長 2%。在美國，我們在 Melts 平台上推出了新的口味，為顧客從必勝客訂購提供了另一個理由。

The Habit Burger Grill Division grew system sales 9% on 7% unit growth. The Habit team continues to lean into its menu strategy of culinary forward limited time offerings, highlighting its craft brand positioning through their elevated craveable offerings. We continue to expand access points for our customers with the rollout of kiosks now in over 60% of stores. On average kiosk sales see 10% higher checks compared with front counter sales and excellent profit flow-through, yet another proof point of the value from converting to digital sales.

Habit Burger Grill 部門的系統銷售額增長了 9%，單位銷售額增長了 7%。 Habit 團隊繼續採用其限時烹飪美食的菜單策略，通過其令人垂涎的優質產品突出其手工品牌定位。我們繼續擴大客戶的接入點，現已在超過 60% 的商店推出自助服務終端。與櫃檯銷售相比，自助服務終端銷售的支票平均高出 10%，並且利潤流轉良好，這是轉換為數字銷售的價值的另一個證明。

Moving to our Unrivaled Culture and Talent growth driver, which continues to be the foundation of our success. To start, I'd like to recognize Taco Bell division CEO, Mark King, who will retire at the end of the year. As we celebrate the legacy that Mark will leave at Taco Bell, we're thrilled that Sean Tresvant will become the CEO of the Taco Bell division effective January 2024.

轉向我們無與倫比的文化和人才增長動力，這仍然是我們成功的基礎。首先，我要感謝塔可鐘部門首席執行官馬克·金（Mark King），他將於今年年底退休。在我們慶祝 Mark 將在 Taco Bell 留下的遺產之際，我們很高興 Sean Tresvant 將於 2024 年 1 月起擔任 Taco Bell 部門的首席執行官。

Sean joined Taco Bell as Chief Brand Officer 2 years ago, and earlier this year, expanded his role to Global Chief Brand and Strategy Officer. With Sean's clear vision and strong track record of driving transformative R.E.D. innovation, I'm confident that Taco Bell will continue to successfully execute its long-term global growth strategies.

Sean 於兩年前加入 Taco Bell 擔任首席品牌官，今年早些時候，他的職位擴大為全球首席品牌和戰略官。憑藉 Sean 清晰的願景和推動 R.E.D. 變革的良好記錄。創新，我相信塔可鐘將繼續成功執行其長期全球增長戰略。

This is a great reminder of how people are truly at the center of everything we do, which is also reinforced in our Global Citizenship & Sustainability Report, which was published last month. The report outlines our strategic investments in socially responsible growth, risk management and sustainable stewardship of our 3 priority pillars of people, food and planet. I'd like to take a moment to highlight work on key issues across each pillar, including equality, packaging and carbon reduction.

這很好地提醒我們，人是我們所做一切事情的真正中心，這一點在我們上個月發布的《全球公民與可持續發展報告》中也得到了強化。該報告概述了我們在對社會負責的增長、風險管理和人類、糧食和地球三大優先支柱的可持續管理方面的戰略投資。我想花點時間強調每個支柱的關鍵問題上的工作，包括平等、包裝和碳減排。

We remain committed to our purpose of Unlocking Opportunity in part through our $100 million commitment over 5 years that we announced in 2020 to knock down barriers to equity inclusion, education and entrepreneurship around the world. Through our unlocking opportunity initiative, we have funded and activated more than 30 social impact programs in 11 countries, enabling markets to develop localized programs to deliver meaningful change in communities where we operate.

我們仍然致力於實現“釋放機遇”的目標，部分是通過我們在 2020 年宣布的 5 年內投入 1 億美元來消除全球公平包容、教育和創業的障礙。通過我們的釋放機會計劃，我們已在 11 個國家/地區資助並啟動了 30 多個社會影響項目，使市場能夠制定本地化項目，為我們經營所在的社區帶來有意義的變革。

We also continue to make progress toward achieving gender parity in leadership roles by 2030, with 43% of global leadership roles held by women in 2022. These are just 2 examples of the great progress we've made and of how Yum!'s commitment to its people-first culture has never been stronger.

我們還繼續在 2030 年實現領導職位性別平等方面取得進展，到 2022 年，全球領導職位將由 43% 的女性擔任。這些只是我們所取得的巨大進步以及百勝集團承諾的兩個例子以人為本的文化從未如此強烈。

In addition, we continue to make progress around sustainable packaging, building upon our harmonized cross-brand packaging policy that was introduced last year. Furthermore, we've had great success as we march toward our climate goals to reduce our greenhouse gas emissions by nearly 50% by 2030. To date, our teams have achieved a 57% reduction in greenhouse gas emissions at corporate restaurants and offices, coupled with a 28% reduction at franchise restaurants.

此外，我們在去年推出的統一跨品牌包裝政策的基礎上，繼續在可持續包裝方面取得進展。此外，我們在實現到2030 年將溫室氣體排放量減少近50% 的氣候目標方面取得了巨大成功。迄今為止，我們的團隊已將企業餐廳和辦公室的溫室氣體排放量減少了57%，再加上特許經營餐廳折扣28%。

Reflecting on the first half of the year, our teams have put forward an impressive set of results. And looking forward, the picture we see for the second half of the year will be similarly strong. Our confidence comes from our Recipe for Good Growth strategy and the fact that category leaders, Taco Bell U.S. and KFC International, drive 80% of Yum!'s divisional operating profit. The vast majority of our U.S. operating profit is driven by Taco Bell, a leading brand in both cultural relevancy and affordability; while globally, KFC is positioned with unmatched scale advantages and growth-minded franchise partners eager to capitalize on opportunities in their markets and widen their competitive moat.

回顧今年上半年，我們的團隊取得了一系列令人印象深刻的成果。展望未來，我們看到的下半年的情況也將同樣強勁。我們的信心來自我們的“良好增長秘訣”戰略，以及品類領導者 Taco Bell U.S. 和 KFC International 為百勝集團 80% 的部門營業利潤帶來的事實。我們美國營業利潤的絕大部分來自塔可鐘 (Taco Bell)，該品牌在文化相關性和可承受性方面都是領先品牌；在全球範圍內，肯德基擁有無與倫比的規模優勢和具有成長意識的特許經營合作夥伴渴望利用其市場機會並擴大其競爭護城河。

In an uncertain environment, we know that consumers make decisions with value in mind. The good news is that our brands have always stood for tremendous value in addition to convenience, experience and craveable food. This is a winning combination that will continue to differentiate us from our competitors. And when coupled with our Recipe for Good Growth strategy, I am confident that we can continue to deliver on our long-term vision for accelerated global growth in 2023 and beyond.

在不確定的環境中，我們知道消費者在做出決策時會考慮到價值。好消息是，除了便利、體驗和令人垂涎的食物之外，我們的品牌始終代表著巨大的價值。這是一個成功的組合，將繼續使我們從競爭對手中脫穎而出。結合我們的“良好增長秘訣”戰略，我相信我們能夠繼續實現 2023 年及以後加速全球增長的長期願景。

With that, Chris, over to you.

克里斯，接下來就交給你了。

Thank you, David, and good morning, everyone. Today, I'll discuss our second quarter financial results and our Bold Restaurant Development and Unmatched Operating Capability growth drivers before turning to our capital strategy.

謝謝大衛，大家早上好。今天，在討論我們的資本戰略之前，我將討論我們第二季度的財務業績以及我們大膽的餐廳開發和無與倫比的運營能力增長動力。

I'll begin with our second quarter results. We delivered 13% system sales growth driven by 9% same-store sales growth and 6% unit growth. Digital sales improved at all 4 of our brands with total digital sales up nearly 30% year-over-year. Core operating profit for the quarter grew 12%. Taco Bell store level margins were an impressive 25.6%.

我將從第二季度的業績開始。在同店銷售額增長 9% 和銷量增長 6% 的推動下，我們的系統銷售額增長了 13%。我們所有 4 個品牌的數字銷售均有所改善，數字總銷售額同比增長近 30%。該季度核心營業利潤增長 12%。 Taco Bell 店面利潤率為 25.6%，令人印象深刻。

We continue to expect full year Taco Bell company-operated margins to be similar to margins in 2022. Taco Bell's ability to deliver such strong margin performance despite mid-single-digit inflation once again demonstrates the power and resilience of their business model and preserves their compelling unit economics, which remain near an all-time high.

我們繼續預計塔可鐘公司全年經營利潤率將與2022 年的利潤率相似。儘管通脹處於中個位數，但塔可鐘仍能實現如此強勁的利潤率表現，再次證明了其業務模式的力量和彈性，並保持了其引人注目的單位經濟效益，仍接近歷史最高水平。

For Habit, company-operated margins improved to 11%, thanks to better leverage of Yum!'s purchasing scale as well as efforts to improve store-level labor productivity. We're encouraged with the margin improvement progress at Habit and we'll continue to invest in the long-term growth of the business, and as a result, we expect a small operating loss for the division this year. Ex special, general and administrative expenses were $280 million, in line with our expectations. The ex special tax rate for the quarter was 18%.

對於 Habit 來說，由於百勝集團採購規模的槓桿效應以及提高門店勞動生產率的努力，公司經營利潤率提高至 11%。我們對 Habit 的利潤率改善進展感到鼓舞，我們將繼續投資於該業務的長期增長，因此，我們預計該部門今年將出現小幅運營虧損。除去特殊、一般和行政費用為 2.8 億美元，符合我們的預期。本季度的前特別稅率為 18%。

Finally, our second quarter EPS, excluding special items, was $1.41 per share. Second quarter EPS was positively impacted by unrealized investment gains of $0.09 relating to our investment in Devyani, offset by a negative foreign currency translation impact of $0.05.

最後，我們第二季度的每股收益（不包括特殊項目）為 1.41 美元。第二季度每股收益受到與我們對 Devyani 投資相關的 0.09 美元未實現投資收益的積極影響，但被外幣換算的 0.05 美元負面影響所抵消。

Given our strong first half results and continuing momentum into the second half of the year, I'm happy to report that we expect on a full year basis to over deliver on all components of our long-term growth algorithm. We expect full year 2023 core operating profit to grow low double digits, which is ahead of our long-term guidance of at least 8%.

鑑於我們上半年的強勁業績和下半年的持續勢頭，我很高興地報告，我們預計全年將超額實現長期增長算法的所有組成部分。我們預計 2023 年全年核心營業利潤將實現低兩位數增長，這超出了我們至少 8% 的長期指導。

We expect second half G&A expenses to be modestly higher relative to our initial plan, primarily attributable to above-target incentive compensation accruals resulting from our strong performance and which we began recording in Q2. As a reminder, employee incentive compensation is tied to internal performance targets linked to components of our long-term growth algorithm. The accrual we book throughout the year can go up or down depending on our performance.

我們預計下半年的一般管理費用將略高於我們最初的計劃，這主要是由於我們在第二季度開始記錄的強勁業績導致的應計激勵薪酬高於目標。提醒一下，員工激勵薪酬與內部績效目標掛鉤，而內部績效目標又與我們長期增長算法的組成部分相關。我們全年預訂的應計費用可能會根據我們的表現而上升或下降。

Consistent with our prior G&A guidance, we still expect our year-over-year G&A growth to be lower in the second half of the year. Balance of year, we expect the third quarter year-over-year G&A growth rate to look similar to the growth rate in the first half, followed by a year-over-year decline in the fourth quarter. Finally, we've faced a $44 million foreign currency headwind year-to-date, and our current forecast is for little to no FX impact to reported operating profit in the balance of the year.

與我們之前的 G&A 指引一致，我們仍然預計下半年 G&A 同比增長將較低。今年餘下的時間裡，我們預計第三季度總管理費用同比增長率將與上半年的增長率相似，隨後第四季度將同比下降。最後，我們今年迄今面臨 4400 萬美元的外匯逆風，我們目前的預測是，外匯對今年剩餘時間報告的營業利潤幾乎沒有影響。

Now moving on to Bold Restaurant Development. We opened 1,025 gross new units during the quarter, contributing to 6% unit growth. We are encouraged by the excitement among our growth-ready franchise partners who see broad consumer appeal for our brands and enormous white space opportunity in their markets and who are enthusiastic about Yum!'s unmatched operating capabilities.

現在轉向大膽的餐廳開發。本季度我們新開業了 1,025 個單位，推動了 6% 的單位增長。我們對成長型特許經營合作夥伴的興奮感到鼓舞，他們看到了我們品牌的廣泛消費者吸引力和市場上巨大的空白機會，並且對百勝餐飲無與倫比的運營能力充滿熱情。

We continue to expect that the benefits of our scale and the health of our franchise system will allow us to further widen our development advantage relative to the industry. As you've heard me say before, the Yum! system is made up of world-class franchise partners who are truly 3C: committed, capable and well-capitalized. As a result, we expect 2023 will be another incredible year of development, similar to 2021 and 2022, which were both industry record-setting years.

我們繼續期望，我們的規模優勢和健康的特許經營體係將使我們能夠進一步擴大我們相對於行業的發展優勢。正如你之前聽我說過的，百勝！系統由世界一流的特許經營合作夥伴組成，他們是真正的3C：忠誠、有能力、資本充足。因此，我們預計 2023 年將是又一個令人難以置信的發展年，類似於 2021 年和 2022 年，這兩個年都是行業創紀錄的年份。

Let me share a few highlights of our unit development in the quarter, beginning with the KFC division, which opened 600 gross new units. Yum China's development momentum reaccelerated with 375 gross new units opened this quarter, putting their year-to-date development ahead of last year's pace. The remainder of KFC's unit growth was widespread across markets led by India, the Middle East and Asia.

讓我分享一下本季度我們單位發展的一些亮點，首先是肯德基部門，該部門新開設了 600 家單位。百勝中國的發展勢頭再次加速，本季度新開業門店數量達到 375 家，年初至今的增長速度領先於去年。肯德基剩餘的銷量增長主要分佈在以印度、中東和亞洲為首的市場。

As for the Pizza Hut division, the team opened 357 gross new units, led by China, India, Spain, Turkey and the U.S. with each opening at least 20 units. In June, the Flynn Restaurant Group announced its first international expansion with an agreement to acquire Pizza Hut Australia, which owns approximately 260 Pizza Hut units. This is a great example of a 3C partner eager to grow within our system.

至於必勝客部門，該團隊共開設了 357 家新店，其中中國、印度、西班牙、土耳其和美國領先，每個國家新開店至少 20 家。 6 月，弗林餐廳集團 (Flynn Restaurant Group) 宣布首次國際擴張，協議收購必勝客澳大利亞公司 (Pizza Hut Australia)，後者擁有約 260 家必勝客店。這是 3C 合作夥伴渴望在我們的系統中成長的一個很好的例子。

For those unfamiliar with the Flynn Restaurant Group, they are the largest franchised operator in the U.S. restaurant industry with roughly 2,400 restaurants, including nearly 300 Taco Bells and nearly 1,000 Pizza Huts. For some perspective, in 2022, Flynn accounted for roughly 20% of the Pizza Hut U.S. new builds, and their overall same-store sales growth significantly outperformed the rest of the U.S. system.

對於那些不熟悉弗林餐廳集團的人來說，他們是美國餐飲業最大的特許經營商，擁有大約 2,400 家餐廳，其中包括近 300 家 Taco Bells 和近 1,000 家必勝客。從某些角度來看，2022 年，弗林約佔必勝客美國新建門店的 20%，其整體同店銷售增長顯著優於美國系統的其他部門。

Taco Bell development remains on track for another record-setting year with 63 gross new units, including 27 in international markets across 8 countries. Totaling it all up Yum!'s first half unit development reflects nearly 1,800 gross new units, a fantastic result that demonstrates the resilience of Yum!'s development engine despite a more challenging macro environment.

Taco Bell 的開發項目仍有望再創歷史新高，今年將新增 63 套新公寓，其中 27 套位於 8 個國家的國際市場。總計起來，百勝餐飲集團上半年的單位開發量反映了近 1,800 個新單位總量，這一出色的結果表明，儘管宏觀環境更具挑戰性，但百勝餐飲集團的發展引擎仍具有彈性。

Next, I'll turn to our Unmatched Operating Capabilities that contribute to our position as the global franchisor of choice. This includes our distinctive digital strategy to unlock improved customer experiences that lead to faster sales growth and better store level margins.

接下來，我將談談我們無與倫比的運營能力，這些能力有助於我們成為全球首選特許經營商。這包括我們獨特的數字戰略，以改善客戶體驗，從而實現更快的銷售增長和更好的商店利潤。

With that, let me discuss the 3 pillars of our digital strategy. Beginning with the Easy Experiences pillar, this quarter, the KFC U.S. team leveraged the Yum! Commerce Platform, which was first launched with KFC U.S. in 2021 to enable a Diablo IV limited-time promotion in partnership with Activision Blizzard and offered customers exclusive in-game rewards in exchange for KFC purchases. By leveraging our in-house technology, we were able to build the necessary infrastructure and integrations to support this exciting gaming promotion in a matter of weeks.

接下來，讓我討論一下我們數字戰略的三大支柱。從輕鬆體驗支柱開始，本季度肯德基美國團隊利用了 Yum! Commerce Platform 於 2021 年首次與美國肯德基推出，與動視暴雪合作推出《暗黑破壞神 IV》限時促銷，並為客戶提供獨家遊戲內獎勵，以換取肯德基購買。通過利用我們的內部技術，我們能夠在幾週內構建必要的基礎設施和集成來支持這一令人興奮的遊戲促銷活動。

Previously, the process would have taken months, with significant third-party expense. This quarter, we achieved a significant milestone in expanding the Yum! Commerce Platform as Taco Bell U.S. migrated its digital traffic onto the platform. All of Taco Bell's web, mobile and delivery-as-a-service digital transactions are now processed through this platform.

以前，這個過程需要幾個月的時間，並且需要大量的第三方費用。本季度，我們在擴大百勝餐飲集團方面實現了一個重要的里程碑！美國 Taco Bell 將其數字流量遷移到該平台的商務平台。 Taco Bell 的所有網絡、移動和交付即服務數字交易現在都通過該平台進行處理。

Additionally, Pizza Hut Peru became the first international market to begin using the Yum! Commerce Platform this quarter. We will continue to migrate additional brands and markets to the Yum! Commerce Platform over the coming quarters, including Pizza Hut U.S. throughout 2023 and several international markets.

此外，秘魯必勝客成為第一個開始使用 Yum! 的國際市場。本季度的商務平台。我們將繼續將更多品牌和市場遷移到百勝餐飲集團！未來幾個季度的商務平台，包括 2023 年的必勝客美國市場和幾個國際市場。

Within the Easy Operations pillar, we continued to expand adoption of both Recommended Ordering and our Yum! point-of-sale system. As you may recall, recommended ordering is an AI machine learning module that predicts and recommends the quantity of each product a Restaurant General Manager should order. Recommended Ordering was deployed in another 800 stores this quarter and is now live in over 4,400 KFC and Taco Bell U.S. stores.

在“輕鬆操作”支柱內，我們繼續擴大推薦訂購和百勝餐飲的採用範圍！銷售點系統。您可能還記得，推薦訂購是一個人工智能機器學習模塊，可以預測並推薦餐廳總經理應訂購的每種產品的數量。本季度另外 800 家商店部署了推薦訂購，目前已在 4,400 多家肯德基和 Taco Bell 美國商店中使用。

Our Yum! next-generation cloud-first point of sale system improves operational efficiencies and enhances team member effectiveness. Taco Bell U.S. is leading this rollout, having deployed this system to 1,000 stores this quarter and targeting 5,000 stores by year-end.

我們的百勝！下一代云優先銷售點系統可提高運營效率並提高團隊成員的效率。 Taco Bell 美國公司在此次推廣中處於領先地位，本季度已將該系統部署到 1,000 家商店，目標是到年底部署到 5,000 家商店。

Finally, for our Easy Insights pillar, we are advancing our digital strategy and using a new customer data platform solution to provide a unified view of customers across our U.S. brands and third-party aggregators. This will enable us to improve digital experiences for our customers and ultimately increase customer frequency. Eventually, this and other internal programs will provide the infrastructure to unlock personalized marketing, joint branding and future automation. This is the latest step in our vision to one day achieve 100% of sales powered by digital.

最後，對於我們的 Easy Insights 支柱，我們正在推進我們的數字戰略，並使用新的客戶數據平台解決方案來提供我們美國品牌和第三方聚合商的統一客戶視圖。這將使我們能夠改善客戶的數字體驗，並最終提高客戶頻率。最終，該項目和其他內部項目將提供基礎設施來解鎖個性化營銷、聯合品牌和未來自動化。這是我們實現 100% 數字化銷售的願景的最新一步。

Lastly, I'll provide an update on our balance sheet and liquidity position. As a reminder, our strategy is to enable growth while maximizing shareholder value. In doing that, our capital priorities remain unchanged: investing in the business for the long term; maintaining a resilient balance sheet; paying a competitive dividend; and maximizing shareholder value by returning excess capital through debt paydowns and share repurchases.

最後，我將提供有關我們的資產負債表和流動性狀況的最新信息。提醒一下，我們的戰略是在實現增長的同時最大化股東價值。在此過程中，我們的資本優先事項保持不變：長期投資業務；維持有彈性的資產負債表；支付有競爭力的股息；通過償還債務和股票回購返還多餘資本，實現股東價值最大化。

Net capital expenditures for the quarter were $34 million, reflecting $60 million in gross CapEx and $26 million in refranchising proceeds. Our net leverage ratio declined to 4.7x, reflecting our previously stated intention to allow net leverage to drift modestly lower this year. Keep in mind, we have an upcoming bond maturity of $325 million in November of this year, our only maturity until 2026.

本季度淨資本支出為 3400 萬美元，反映出總資本支出 6000 萬美元和再特許收益 2600 萬美元。我們的淨槓桿率下降至 4.7 倍，反映出我們之前表示的允許今年淨槓桿率小幅下降的意圖。請記住，我們的 3.25 億美元債券將於今年 11 月到期，這是我們在 2026 年之前唯一到期的債券。

Furthermore, our current outstanding debt has a weighted average remaining term of 6 years. And our greater than 90% fixed floating ratio is attractive in the current market environment. We paid down $164 million on our revolver, leaving a minimal balance at the end of the quarter. We continue to evaluate the best use of our excess capital, and at current interest rates, we believe funding our upcoming debt maturity before share repurchases best optimizes shareholder value.

此外，我們目前的未償債務的加權平均剩餘期限為6年。而我們超過90%的固定浮動比率在當前的市場環境下是有吸引力的。我們為左輪手槍支付了 1.64 億美元，在季度末留下了最低限度的餘額。我們繼續評估過剩資本的最佳利用方式，按照目前的利率，我們相信在股票回購之前為即將到期的債務提供資金最能優化股東價值。

To round out our prepared remarks, I'm incredibly pleased with our strong year-to-date results and continued momentum, giving us confidence we will deliver full year 2023 results well above our long-term growth algorithm. Our brand teams and franchise operators remain vigilant in the pursuit to maximize performance, and in turn, deliver exceptional shareholder value.

最後，我對我們今年迄今為止的強勁業績和持續的勢頭感到非常滿意，這讓我們有信心實現 2023 年全年業績遠高於我們的長期增長算法。我們的品牌團隊和特許經營商始終保持警惕，追求業績最大化，進而創造卓越的股東價值。

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

接線員，我們已經準備好回答任何問題了。

(Operator Instructions) Our first question today comes from Dennis Geiger with UBS.

（操作員說明）我們今天的第一個問題來自 UBS 的 Dennis Geiger。

I wanted to ask a question on the 2023 outlook commentary for growth, well ahead of the algo at low double digit. Could you touch maybe a bit more on the momentum that you spoke to heading into the second half, including any sort of visibility that you have into the top line, which I think is particularly encouraging in the current environment? And then any additional puts and takes to profitability beyond the helpful callouts that you mentioned on the call?

我想問一個關於 2023 年增長前景評論的問題，遠遠領先於低兩位數的算法。您能否更多地談談您所說的進入下半年的勢頭，包括您對營收的任何可見度，我認為這在當前環境下特別令人鼓舞？除了您在電話會議中提到的有用標註之外，還有其他任何看跌期權和看跌期權可以實現盈利嗎？

Yes. Look, as far as the second half of the year, obviously, we're confident, we're well above algorithm. We confirmed that in our prepared remarks. Just to give you a little visibility on why we feel that way, Taco Bell U.S., for example, has got a very strong momentum as we come into Q3. They've launched value. And if we look at all of our businesses on a 2-year sales trend, which I think evens out some anomalies, we see basically a continuation of what we saw in the first half of the year.

是的。看，就今年下半年而言，顯然，我們有信心，我們遠遠高於算法。我們在準備好的發言中證實了這一點。只是為了讓您稍微了解一下我們為什麼有這種感覺，例如，塔可鍾美國公司在進入第三季度時就獲得了非常強勁的勢頭。他們已經推出了價值。如果我們以兩年的銷售趨勢來觀察我們所有的業務（我認為這消除了一些異常現象），我們基本上會看到上半年情況的延續。

And then, Dennis, on the profit trends we mentioned that we now expect full year core operating profit to be low double digits, and I think we gave a lot of color in my comments earlier on the drivers of that around G&A and expectations in the back part of the year, continuing trends from the first half in Q3 and then a year-over-year decline in Q4.

然後，丹尼斯，關於利潤趨勢，我們提到我們現在預計全年核心營業利潤將低至兩位數，我認為我們在之前關於一般行政費用和預期的驅動因素的評論中給出了很多色彩。今年下半年，延續第三季度上半年的趨勢，然後第四季度同比下降。

We were also pleased to have improving margins in our company-operated store base. You saw a 200-basis-point improvement there in our biggest -- driven by improvements in our biggest store bases, and we're going to continue to manage that. I don't think there's anything else to call out in terms of color on that part of the year.

我們還很高興公司經營的商店基地的利潤率有所提高。你看到我們最大的商店基地的改善推動了 200 個基點的改善，我們將繼續管理這一點。我認為一年中這個時期的顏色沒有什麼值得稱道的。

Our next question comes from the line of Brian Bittner with Oppenheimer & Co.

我們的下一個問題來自布萊恩·比特納 (Brian Bittner) 與奧本海默公司 (Oppenheimer & Co.) 的對話。

You've consistently said that Yum! Brands is built to showcase blue-chip-like resiliency, positioned to win in any environment. And that dynamic seems to be proving out with 9% same-store sales growth in the second quarter, and you seem to be pointing to a continuation of healthy trends.

你一直說嗯！ Brands 旨在展示藍籌股般的彈性，定位於在任何環境下獲勝。第二季度同店銷售額增長 9% 似乎證明了這一動態，而且您似乎指出了健康趨勢的延續。

Can you just help us understand what the drivers currently are for this resiliency, and if you believe the macro has indeed become more challenged recently across your portfolio despite obviously a continuation of very strong results?

您能否幫助我們了解目前這種彈性的驅動因素是什麼？您是否認為，儘管您的投資組合明顯延續了非常強勁的業績，但最近宏觀經濟確實面臨著更大的挑戰？

Sure. And I appreciate the commentary. Just as far as why are we able to navigate this kind of environment, look, I have a lot of confidence in our brand leaders and our marketing teams around the world. In so many ways, we're writing the playbook for how to build brands in this industry.

當然。我很欣賞你的評論。至於為什麼我們能夠應對這種環境，我對我們的品牌領導者和世界各地的營銷團隊充滿信心。我們正在通過多種方式編寫如何在這個行業建立品牌的劇本。

We have Collider, which is an internal group that provides so much to us in terms of our -- the insights on consumer behavior. And I think that all just shows up in the way we build these brands, being top 100 brands in the world.

我們有 Collider，這是一個內部小組，它為我們提供了很多關於消費者行為的見解。我認為這一切都體現在我們打造這些品牌的方式上，成為世界 100 強品牌。

As far as the macro challenges, this is an environment that I would say is a more normal operating environment. We've come out of a series of years where things have been a little bit more different than we've ever had in the past. But I wouldn't call it a difficult environment to operate in.

就宏觀挑戰而言，我認為這是一個更正常的運營環境。我們經歷了一系列的歲月，事情與過去有所不同。但我不認為這是一個難以運作的環境。

One way to think about it is just to break down our markets between developed and emerging. In the developed markets, we saw mid-single-digit sales growth this quarter. It's a stable positive environment, and we're past really inflation peak in most markets. Obviously, in the U.S., that's been well documented.

思考這個問題的一種方法就是將我們的市場分為發達市場和新興市場。在發達市場，本季度我們的銷售額實現了中個位數增長。這是一個穩定的積極環境，而且大多數市場已經過了真正的通脹高峰。顯然，在美國，這是有充分記錄的。

And this is an environment where we can succeed. Value is rising in importance, but we have solutions, and in many ways, our leaders with our brands. KFC U.S., for example, in the quarter, the most growth was seen in their low-income consumers because they had always-on-value for the quarter, as I mentioned in my prepared remarks. So we can win in this environment in developed markets.

這是我們能夠成功的環境。價值的重要性正在上升，但我們擁有解決方案，並且在很多方面，我們的領導者擁有我們的品牌。例如，肯德基美國公司在本季度中，其低收入消費者的增長最快，因為他們本季度始終保持價值，正如我在準備好的發言中提到的那樣。所以我們可以在發達市場的這種環境下獲勝。

Similarly, Western Europe has been documented as a challenged environment for a lot -- for us. We had good results there. Our France and German markets did a great job of mixing innovation and value and delivering strong growth there. So developed markets, a little bit more of a return to normal, more stable, and our brands are built to win in those markets.

同樣，西歐對我們來說也是一個充滿挑戰的環境。我們在那裡取得了很好的成績。我們的法國和德國市場在融合創新和價值方面做得很好，並實現了強勁的增長。如此發達的市場，更多地回歸正常，更加穩定，我們的品牌就是為了在這些市場上獲勝而建立的。

In emerging markets, it's a little bit of a different story. We're seeing double-digit sales growth for the quarter. A little bit more vary, but in general, we're not past the peak of inflation in a lot of these markets. So we're still taking pricing some of these markets to cover that inflation, able to pass it on to consumers. But very importantly, we've got positive transaction growth in those markets.

在新興市場，情況略有不同。我們看到本季度銷售額實現兩位數增長。雖然存在更多差異，但總的來說，許多市場尚未度過通脹高峰期。因此，我們仍在對其中一些市場進行定價，以應對通貨膨脹，從而將其轉嫁給消費者。但非常重要的是，我們在這些市場上實現了積極的交易增長。

So we're still growing our share in the industry. At the same time, we're navigating a little bit more challenging environment in those emerging markets. But when you add it all up, as you said, we've proven to demonstrate how resilient our brands are and how we can operate really in any environment and win.

因此，我們在行業中的份額仍在增長。與此同時，我們正在這些新興市場應對更具挑戰性的環境。但當你把這一切加起來時，正如你所說，我們已經證明了我們的品牌有多麼有彈性，以及我們如何能夠在任何環境下真正運作並獲勝。

Our next question comes from the line of Jon Tower with Citi.

我們的下一個問題來自喬恩·塔爾（Jon Tower）與花旗集團的對話。

Great. I wanted to zero in on the Commerce Platform that you're expanding across a number of the brands including Taco Bell now and some of the others that across the globe are hopping onto the platform. Does the company collect any sort of fees from franchisees hopping on to this platform? And if so, how should we think about it rolling into the P&L over time?

偉大的。我想將商務平台歸零，您正在向包括 Taco Bell 在內的多個品牌進行擴展，而全球其他一些品牌也正在跳入該平台。公司是否向進入該平台的加盟商收取任何費用？如果是這樣，我們應該如何考慮它隨著時間的推移計入損益表？

Yes, Jon. We're excited about the progress that we're making on all aspects of the digital strategy. And so you're asking about the e-Commerce Platform, which is a core part of our Easy Experiences capability set. And we talked about some of the benefits that we derive whenever we platform systems like this. We think it really ultimately drives faster profitable growth for our franchisees and for us.

是的，喬恩。我們對數字戰略各個方面所取得的進展感到興奮。因此，您詢問的是電子商務平台，這是我們輕鬆體驗功能集的核心部分。我們討論了每當我們構建這樣的系統平台時我們所獲得的一些好處。我們認為這最終確實會為我們的特許經營商和我們帶來更快的利潤增長。

The ways that you do that, we talked about the Diablo IV experience in KFC U.S. It allowed us to implement a marketing campaign much faster than we normally would. And of course, as you get that platform across more markets, across more brands, we talked about the big milestone implementing in Taco Bell, you then are able to implement campaigns in multiple geographies or multiple brands much more quickly because you don't have to build integrations for each discrete technology platform that we've had previously across the business.

我們談到了暗黑破壞神 IV 在美國肯德基的體驗，它使我們能夠比平常更快地實施營銷活動。當然，當您在更多市場、更多品牌中獲得該平台時，我們談到了在Taco Bell 中實施的重大里程碑，您就可以更快地在多個地區或多個品牌中實施營銷活動，因為您沒有為我們之前在整個業務中擁有的每個離散技術平台構建集成。

In addition, you've got just robust capabilities at the base and you build tailored front ends that are relevant to each market and brand on top. So at the end of the day, we're driving profitable growth for our franchisees and for us through this strategy. Franchisees obviously benefit from that and they share in the investments that we make through our digital fees that we have in certain markets. But at the end of the day, this is an ROI-driving move for both our franchisees and for us.

此外，您在基礎上擁有強大的功能，並且您可以構建與每個市場和品牌相關的定制前端。因此，歸根結底，我們正在通過這一戰略為我們的特許經營商和我們自己推動利潤增長。特許經營商顯然從中受益，他們通過我們在某些市場的數字費用分享我們的投資。但歸根結底，這對於我們的特許經營商和我們來說都是一個提高投資回報率的舉措。

Our next question comes from the line of John Ivankoe with JPMorgan.

我們的下一個問題來自摩根大通的約翰·伊万科。

Obviously, quick service in the U.S. and in Europe has been driven by a very high amount of average ticket increase over 2019 at least. And a lot of that has been priced, but also the consumer trading up on the menu, larger sizes, what have you, premiumization. There's been a lot of different factors of that.

顯然，至少 2019 年平均票價大幅增長推動了美國和歐洲的快速服務。其中很多已經定價，但消費者也在菜單上進行交易，更大的尺寸，你有什麼，高端化。這有很多不同的因素。

I was wondering if you kind of see -- I don't know if I want to say risk or opportunity for kind of an unwind of that to some extent. Obviously, quick service over time, especially the franchisors of quick service, have been very focused on driving incremental transactions because it's very rare where an incremental transaction doesn't drive incremental profit.

我想知道你是否明白——我不知道我是否想說在某種程度上緩解這種情況的風險或機會。顯然，隨著時間的推移，快速服務，尤其是快速服務的特許經營商，一直非常注重推動增量交易，因為增量交易不帶動增量利潤的情況非常罕見。

So do we have an opportunity, I guess, over time to kind of think about a higher transaction-driven model, higher dollar profit-driven model that actually might sacrifice percent margin? I mean it's -- we came off of such an unusual period in ticket growth over the next 4 years, I'm wondering kind of how you see the future in terms of the direction of ticket and transactions.

那麼，我想，隨著時間的推移，我們是否有機會考慮更高的交易驅動模型、更高的美元利潤驅動模型，而這種模型實際上可能會犧牲利潤率？我的意思是，我們在接下來的四年裡經歷了門票增長如此不尋常的時期，我想知道您如何看待門票和交易方向的未來。

Yes. Thanks for the question, John. You're absolutely right. Obviously, one of the first things that got disrupted in the pandemic was sort of transactions and ticket size. The one thing I would add to the list that you mentioned is also party size. As we became much more of an off-premise delivery business, we did see a number of parties per ticket go up. So that might have translated to a slight decline in transactions, but not in the number of eaters in our business.

是的。謝謝你的提問，約翰。你是絕對正確的。顯然，大流行中首先受到干擾的事情之一是交易和門票規模。我要添加到您提到的列表中的一件事也是聚會規模。隨著我們越來越成為一家場外交付業務，我們確實看到每張票的參與人數有所增加。因此，這可能會導致交易量略有下降，但不會導致我們店裡的食客數量下降。

But the great news is, for this quarter, we had good transaction growth in our businesses. And that's what I was talking about, a more return to normal. We are seeing more individual meal occasions and party sizes go back down, which I think is just the reality of coming out of the pandemic. And our business is growing transactions and growing share all around the world.

但好消息是，本季度我們的業務交易增長良好。這就是我所說的，更加回歸正常。我們看到更多的個人用餐場合和聚會規模回落，我認為這正是疫情結束後的現實。我們的業務正在全球範圍內不斷增長交易和不斷增長的份額。

So I think you're probably right. We're going to get back into that kind of environment. And that's just -- not to sound like a broken record, but I feel like we're winning playing that game.

所以我認為你可能是對的。我們將回到那樣的環境。這聽起來不像是破紀錄，但我覺得我們在這場比賽中獲勝。

The next question comes from David Palmer with Evercore ISI.

下一個問題來自 Evercore ISI 的 David Palmer。

Lots to like in the quarter with the unit growth, the KFC results, the 30% digital sales growth, too. I'm wondering, though, I know there's going to be some curiosity about Pizza Hut, particularly in the U.S. And then just maybe a comment about whether you see this thing -- this division being an ongoing stable same-store sales grower.

本季度的單位數量增長、肯德基業績以及 30% 的數字銷售增長也有很多值得稱讚的地方。不過，我想知道，我知道人們會對必勝客感到好奇，尤其是在美國。然後也許只是評論一下你是否看到了這個東西——這個部門是一個持續穩定的同店銷售增長者。

I wanted to ask because a lot's happened. So there's been improved marketing, innovation like Melts, the third-party delivery. The system is a lot more profitable today, but big competitors now doing business with third-party delivery and comps were slower in the quarter. So -- also, I'm sure there's going to be some curiosity about how you think the brand will do in a slowing economy. So any sort of thoughts about how you think that brand is positioned well to be an ongoing same-store sales positive brand.

我想問，因為發生了很多事情。因此，營銷和創新（如 Melts）和第三方交付得到了改善。如今，該系統的利潤要高得多，但目前與第三方交付和競爭開展業務的大型競爭對手在本季度的速度較慢。所以——而且，我相信大家會對你認為這個品牌在經濟放緩的情況下會如何表現感到好奇。因此，關於您認為該品牌如何定位為持續同店銷售積極品牌的任何想法。

Great. Thanks for the question. I'll take the first part, and then I'll let Chris talk about the aggregator landscape. First of all, on Pizza Hut, big picture, 7% system sales growth in the quarter is on algorithm. They're a nice contributor to Yum!'s overall growth. And really importantly, they're gaining share in the category to do the numbers on -- relative to some of their peers.

偉大的。謝謝你的提問。我將討論第一部分，然後讓克里斯談談聚合器的前景。首先，就必勝客而言，總體而言，該季度 7% 的系統銷售額增長是基於算法的。他們為 Yum! 的整體增長做出了重要貢獻。真正重要的是，相對於一些同行，他們正在該類別中獲得份額以進行數據統計。

So we love what's going on in Pizza Hut. A lot of that is the leadership team. Aaron Powell and the team that he's built leading that brand are doing a lot of things differently. You're seeing them innovate with things like Melts, which is bringing in a lot more individual occasions, accessing incremental business for us.

所以我們喜歡必勝客的一切。其中很大一部分是領導團隊。亞倫·鮑威爾（Aaron Powell）和他建立的領導該品牌的團隊正在做很多不同的事情。你會看到他們在 Melts 等方面進行創新，這帶來了更多的個人場合，為我們帶來了增量業務。

The other thing about the way they're operating, which gives me a lot of confidence in the future, is we're able to run brand like a global brand. That hasn't always been the case. So what you saw with Melts, for example, is they're now already in over 50% of the stores around the world. That's sort of unprecedented for us to be -- you do some -- you launch something in the U.S., it works pretty well, but every market's got their own challenges, you've got supply chain challenges, you've got different business cases. But they've got the whole world united sharing data, sharing best practices, and that is only leading to a stronger business for us at Pizza.

他們的運營方式的另一件事讓我對未來充滿信心，那就是我們能夠像全球品牌一樣運營品牌。但情況並非總是如此。例如，您在 Melts 上看到的是，它們現在已經出現在全球 50% 以上的商店中。這對我們來說是前所未有的——你做了一些——你在美國推出了一些東西，效果很好，但每個市場都有自己的挑戰，你有供應鏈挑戰，你有不同的業務案例。但他們讓全世界團結起來共享數據、共享最佳實踐，這只會為我們披薩帶來更強大的業務。

So we -- I think we're pretty happy with where we are at Pizza Hut, particularly when you're on algorithm and gaining share, that's a pretty good starting point. I'll let Chris talk a little bit about the aggregator space and how we're thinking about the competitors there.

所以我們——我認為我們對必勝客的現狀非常滿意，特別是當你在算法上並獲得份額時，這是一個非常好的起點。我會讓克里斯談談聚合器領域以及我們如何看待那裡的競爭對手。

Yes. Look, on the aggregator front, if I zoom way out, at a Yum! level, we're very pleased with our aggregator approach around the globe and the results that's produced in each of our brands and in a large number of markets around the globe. In Pizza Hut, and specifically in Pizza Hut U.S., we implemented last year, and we've been pleased with the incremental customers that we found on the marketplaces and the incremental delivery capacity that we've been able to utilize when needed.

是的。看，在聚合器前端，如果我縮小距離，就會看到百勝餐飲！我們對我們在全球範圍內的聚合方法以及我們每個品牌和全球大量市場所產生的結果感到非常滿意。在必勝客，特別是在必勝客美國，我們去年實施了這一舉措，我們對在市場上發現的增量客戶以及我們在需要時能夠利用的增量交付能力感到滿意。

Of course, keep in mind, this was always our strategy. I wasn't here in 2018 when the leadership team started this aggregator strategy. But recall that we knew, that team knew that aggregators would have an impact on the industry. We wanted to be where the customers wanted to transact with us. And we made an investment in one of the aggregators that gave us a front row seat to understanding how this space would evolve.

當然，請記住，這始終是我們的策略。 2018 年，當領導團隊啟動這一聚合器戰略時，我並不在場。但請記住，我們知道，該團隊知道聚合器會對行業產生影響。我們希望成為客戶希望與我們進行交易的地方。我們對其中一個聚合器進行了投資，這讓我們能夠了解這個領域將如何發展。

And remember, it was our Pizza Hut CEO who actually sat on the Board of that aggregator. That experience helped to define our strategy. We always intended to implement in Pizza Hut, and it's gone as planned. And of course, going forward, we think we have some differentiating capabilities that will help us sustain our competitive advantage in pizza with the aggregators.

請記住，我們的必勝客首席執行官實際上是該聚合商的董事會成員。那次經驗幫助我們制定了戰略。我們一直打算在必勝客實施，但現在已經按計劃進行了。當然，展望未來，我們認為我們擁有一些差異化能力，這將幫助我們維持我們在披薩方面與聚合商的競爭優勢。

One of those is Dragontail, which helps to optimize the delivery operations in our restaurants, including our interface with the aggregators, plus we've got some first-mover advantages around marketing expertise and talent in that space that we think will help us continue to drive that business going forward in Pizza Hut.

其中之一是Dragontail，它有助於優化我們餐廳的配送運營，包括我們與聚合商的界面，此外，我們在該領域的營銷專業知識和人才方面擁有一些先發優勢，我們認為這將幫助我們繼續推動必勝客的業務向前發展。

Our next question comes from the line of Brian Harbour with Morgan Stanley.

我們的下一個問題來自布萊恩·哈伯 (Brian Harbor) 與摩根士丹利 (Morgan Stanley) 的對話。

I just wanted to ask about some of the kind of cost trends that your franchisees are seeing. Obviously, we can kind of see your company store margins. But curious if that's also true for a lot of your franchisees on food costs. Is some of that favorability starting to show in other markets? Or do you think that will be more about 2024 as they sort of pass peak inflation?

我只是想問一下您的加盟商所看到的一些成本趨勢。顯然，我們可以看到你們公司的商店利潤率。但很好奇，對於許多特許經營商來說，食品成本是否也是如此。其他市場是否也開始顯現出這種好感？或者你認為這會更多地發生在 2024 年，因為通貨膨脹峰值已經過去了？

Yes, good question. Our focus is on ensuring that we always are providing strong relative value to our customers and that our franchisees always have strong unit economics in the long run. That second piece forces a key driver of our differentiated development capability. If we think about where unit economics are around the globe, they are still very strong.

是的，好問題。我們的重點是確保我們始終為客戶提供強大的相對價值，並且從長遠來看，我們的特許經營商始終擁有強大的單位經濟效益。第二部分是我們差異化開發能力的關鍵驅動力。如果我們考慮一下全球哪些地方的單位經濟效益，它們仍然非常強勁。

Now from a market-to-market standpoint, you've got puts and takes in terms of the timing of when inflation is hitting the market, the nature of it. In developed markets, we believe we're past the point of peak year-over-year inflation. And that's part of what David was mentioning in terms of a return to a more normal operating environment.

現在，從市場對市場的角度來看，您可以根據通貨膨脹衝擊市場的時間及其性質來確定看跌期權和賣出期權。在發達市場，我們相信我們已經過了同比通脹的峰值點。這就是大衛提到的恢復更正常的運營環境的一部分。

In some emerging markets that -- those inflationary ways were a bit delayed relative to developed markets. But in all markets, we are using our scale to offset as much of those inflationary pressures as we can. We're optimizing the business model with the franchisees. And of course, we use pricing as needed to help ensure the unit economics remain strong while still providing us strong relative value. If you think about our development results in the quarter, 1,025 units open, that's the best evidence that unit economics remain strong. Our 3C franchisees continue to put their capital to work.

在一些新興市場，這些通脹方式相對於發達市場來說有點延遲。但在所有市場中，我們都在利用我們的規模來盡可能地抵消通脹壓力。我們正在與加盟商優化商業模式。當然，我們根據需要使用定價來幫助確保單位經濟效益保持強勁，同時仍然為我們提供強大的相對價值。如果您考慮一下我們本季度的開發成果，即 1,025 個單位開放，這是單位經濟效益保持強勁的最佳證據。我們的 3C 加盟商繼續投入資金。

Operator, we have time for one more question, please.

接線員，我們還有時間再問一個問題。

Our final question today comes from the line of David Tarantino with Baird.

我們今天的最後一個問題來自大衛·塔倫蒂諾和貝爾德的台詞。

My question, Chris, is on the G&A outlook. I was wondering if you could -- I think you gave us an actual dollar number the last time. I was just wondering if you could maybe clarify what that number looks like now with the higher bonus accruals.

克里斯，我的問題是關於一般行政費用的前景。我想知道你是否可以——我想你上次給了我們一個實際的美元數字。我只是想知道您是否可以澄清一下隨著應計獎金的增加，這個數字現在是什麼樣子的。

And then I guess, secondly, just as you think longer term about G&A, if you could just update us on your thoughts on where that should sit on a long-term basis as a percentage of system sales, that would be great.

其次，我想，正如您對一般行政費用的長遠考慮一樣，如果您能向我們介紹一下您的最新想法，即從長遠來看，一般行政費用應佔系統銷售額的百分比，那就太好了。

Yes. Thanks, David. Overall, in G&A, we take a lean philosophy. We've talked about that before. And that implies that we will invest in the areas that drive long-term growth, health in the business and we're going to be efficient on everything else. We came into the year that was with a plan that was consistent with that philosophy. That plan is largely intact.

是的。謝謝，大衛。總的來說，在 G&A，我們採取精益理念。我們之前已經討論過這一點。這意味著我們將投資於推動長期增長、業務健康發展的領域，並且我們將在其他方面保持高效。我們進入這一年時制定了與這一理念相一致的計劃。該計劃基本上完好無損。

But as we said, in the back part of the year, we will see modestly higher G&A relative to that initial plan. And the primary driver of that is higher incentive comp owing to our strong performance. Of course, as you think about next year, that incentive comp resets each year. But that's been the primary driver on the change in the plan.

但正如我們所說，在今年下半年，我們將看到相對於最初計劃的一般管理費用略有上升。其主要驅動力是由於我們強勁的業績而獲得的更高的激勵薪酬。當然，當你考慮明年時，激勵補償每年都會重置。但這是計劃改變的主要驅動力。

We talked earlier about the color on the back part of the year around Q3 looking similar to the first half and then a year-over-year decline in Q4. But net-net on the full year, we expect G&A leverage, and of course, our long-term algorithm implies G&A leverage in the business. So I think it's -- that gives you a pretty good picture of how we're thinking about it and how the results are playing out.

我們之前討論過第三季度下半年的顏色看起來與上半年相似，然後第四季度同比下降。但就全年而言，我們預計 G&A 槓桿，當然，我們的長期算法意味著業務中的 G&A 槓桿。所以我認為這讓你很好地了解了我們是如何思考這個問題以及結果是如何發揮出來的。

Thanks, Chris. And I'll wrap up. I want to thank everybody for being on the call and just reiterate, this was another really strong quarter for Yum! with widespread growth, all brands contributing. System sales at all of our brands were on or above algorithm. And that 19% system sales number at KFC is something to be proud of.

謝謝，克里斯。我會結束。我要感謝大家參加電話會議，並重申，這是百勝集團又一個非常強勁的季度！隨著廣泛的增長，所有品牌都做出了貢獻。我們所有品牌的系統銷量均達到或高於算法。肯德基 19% 的系統銷售額是值得驕傲的。

We're doing -- we're getting those results the right way. It's all about the digital growth, the development, our franchisees being profitable. And a lot of that comes back to the talent that we have at Yum!. I was pleased to announce this quarter that Sean is taking over for Mark. Very few companies have that kind of talent in place to just step in, and we know he won't miss a beat, and he'll take the business to a higher level at Taco Bell.

我們正在以正確的方式取得這些結果。這一切都與數字增長、發展以及我們的特許經營商的盈利有關。這在很大程度上要歸功於我們百勝餐飲集團的人才。我很高興地宣布本季度肖恩將接替馬克。很少有公司擁有這樣的人才來介入，我們知道他不會錯過任何一個機會，他將把塔可鐘的業務提升到更高的水平。

I will share one fun stat with you if you haven't done the math on this. Just in the last 2.5 years, we have added 10,000 new gross units to the Yum! system. That's nearly 20% of our stores were built in the last 2.5 years. So you think about our brands with 60-plus years operating history, but they couldn't be more new and fresh to consumers, and they couldn't really be performing any better if you think about the results for the quarter.

如果您還沒有對此進行數學計算，我將與您分享一項有趣的統計數據。僅在過去 2.5 年裡，我們就為百勝餐飲集團新增了 10,000 個總單位！系統。我們近 20% 的商店是在過去 2.5 年裡建成的。因此，你想想我們擁有 60 多年經營歷史的品牌，但它們對消費者來說再新鮮不過了，如果你想想本季度的業績，它們的表現也真的再好不過了。

So truly astounding. I want to thank all of our team members and our franchise partners that help bring that growth to life every day, and thank you all for being on the call.

真是太令人震驚了。我要感謝我們所有的團隊成員和我們的特許經營合作夥伴，他們每天都在幫助我們實現這種增長，並感謝你們所有人的參與。

Thank you, everyone, for joining us today. This concludes today's conference, and you may now disconnect.

謝謝大家今天加入我們。今天的會議到此結束，您現在可以斷開連接了。