百勝餐飲集團 (YUM) 2023 Q3 法說會逐字稿

Hello, all, and welcome to Yum! Brands, Inc. Third Quarter 2023 Earnings Call. My name is Lydia, and I'll be your operator today. (Operator Instructions)

大家好，歡迎來到百勝餐飲！ Brands, Inc. 2023 年第三季財報電話會議。我叫莉迪亞，今天我將成為您的接線生。 （操作員說明）

I'll now hand you over to your host, Matt Morris, Head of Investor Relations. Please go ahead.

現在我將把您交給東道主投資者關係主管 Matt Morris。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，接線生。大家早安，感謝您加入我們。今天參加我們電話會議的是我們的執行長 David Gibbs；克里斯‧特納，我們的財務長；以及我們的資深副總裁兼公司財務長 Dave Russell。在大衛和克里斯發表講話後，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有重大差異。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揭露、定義和調整。

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，所有系統銷售成長和營業利潤成長結果均排除了外匯的影響。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 fourth quarter earnings will be released on February 7 with the conference call on the same day.

我們透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 2 月 7 日發布第四季財報，並在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, Matt, and good morning, everyone. Before I go over our third quarter results, I'd like to express our deep concern for those affected by the ongoing violence in Israel and Gaza. The safety of our people in the region is our utmost priority. And in addition to staying in close contact with our local team members and franchisees, our franchise restaurants in the region are only open when it is safe for staff and customers. Yum! is supporting affected employees and contributing to humanitarian organizations that are providing critical aid. Our heartfelt wish is for the safety and well-being of innocent civilians and families in the region impacted by this conflict.

謝謝你，馬特，大家早安。在介紹第三季業績之前，我想對那些受以色列和加薩持續暴力影響的人們表示深切關注。該地區人民的安全是我們的首要任務。除了與當地團隊成員和特許經營商保持密切聯繫外，我們在該地區的特許經營餐廳僅在員工和顧客安全的情況下才開放。嗯！正在支持受影響的員工，並為提供關鍵援助的人道主義組織做出貢獻。我們衷心祝福受這場衝突影響的地區無辜平民和家庭的安全和福祉。

Turning to our third quarter results, which once again reflect our ability to grow our iconic brands globally through our Recipe for Good Growth. I'm proud to share that we delivered 10% system sales growth, led by 6% same-store sales growth and 6% unit growth. We set a Q3 record on unit development, opening an incredible 1,130 gross new units in the quarter. Our digital sales growth remains on fire with sales up more than 20% year-over-year and digital sales setting a record by exceeding $7 billion.

談到我們的第三季業績，這再次反映了我們透過「良好成長秘訣」在全球發展我們的標誌性品牌的能力。我很自豪地告訴大家，我們的系統銷售額成長了 10%，其中同店銷售額成長了 6%，單位銷售額成長了 6%。我們在第三季的單位開發方面創造了記錄，本季新開的單位總數達到令人難以置信的 1,130 個。我們的數位銷售成長依然強勁，銷售額年增超過 20%，數位銷售額突破 70 億美元，創下歷史新高。

Our third quarter core operating profit grew an impressive 16%. KFC International and Taco Bell U.S., which collectively contribute approximately 80% of our divisional operating profit, fueled this quarter's growth. Together, these twin growth engines delivered a remarkable 13% system sales growth in the quarter.

我們第三季的核心營業利潤成長了 16%，令人印象深刻。肯德基國際公司和塔可鐘美國公司合計貢獻了我們部門營業利潤的約 80%，推動了本季的成長。這兩個成長引擎共同推動本季系統銷售額實現 13% 的驚人成長。

KFC International has the most units among quick-service restaurants in 60 countries and has been adding more absolute units than any other retail brand in the world since 2021.

肯德基國際是在 60 個國家擁有最多門市的快餐店，自 2021 年以來，其新增絕對門市數量比世界上任何其他零售品牌都多。

Of course, Taco Bell U.S. is in a class of its own in the domestic QSR category as a culturally iconic brand and clear leader in value perception with the most crave-worthy food in the industry.

當然，塔可鍾美國公司在國內快餐類別中獨樹一幟，是一個具有文化標誌性的品牌，並且在價值認知方面處於明顯的領先地位，提供業內最令人垂涎​​的食品。

Taco Bell has unmatched menu flexibility, exceptional pricing power, industry-leading unit economics and world-class franchise partners. Both businesses are performing at extremely high levels and have ambitious plans to accelerate their growth to even greater heights.

塔可鐘擁有無與倫比的菜單靈活性、卓越的定價能力、行業領先的單位經濟效益和世界一流的特許經營合作夥伴。兩家公司的業績都處於極高水平，並製定了雄心勃勃的計劃，以加速其成長，達到更高的高度。

Now let me discuss the quarter's results in greater detail through the lens of two of our growth drivers: Relevant, Easy and Distinctive, or R.E.D Brands, and Unrivaled Culture and Talent. R.E.D brands are the cornerstone of our strategy, and the way we bring this to life continues to evolve as consumers' behaviors shift and new trends are established. Over the past quarter, we have made significant progress in three specific initiatives: building sales layers through new category entry points, leveraging technology to drive brand loyalty and delivering exciting value offers to broaden appeal. Our brand teams are galvanized around these three focus areas, and we are highly encouraged by the results these areas are driving in our divisions, which I will now highlight.

現在，讓我從我們的兩個成長驅動因素的角度更詳細地討論本季的業績：相關、簡單和獨特，或 R.E.D 品牌，以及無與倫比的文化和人才。 R.E.D 品牌是我們策略的基石，隨著消費者行為的轉變和新趨勢的確立，我們實現這一策略的方式也在不斷發展。在過去的季度中，我們在三項具體舉措上取得了重大進展：透過新的品類切入點建立銷售層、利用技術提高品牌忠誠度以及提供令人興奮的價值優惠以擴大吸引力。我們的品牌團隊圍繞著這三個重點領域受到激勵，這些領域在我們部門所取得的成果讓我們深受鼓舞，我現在將重點放在這一點上。

Starting with the KFC Division, which grew system sales 12% this quarter, driven by 8% unit growth and 6% same-store sales growth. While much of KFC's recent momentum has been led by emerging markets, this quarter, we saw a broad-based strength across a more diverse group of geographies, further proof of our ability to win in any macro environment. A few markets with standout same-store sales growth performance include Africa at 9% growth, Australia with 9% growth and Latin America and Caribbean at 8%. KFC hand-breaded Original Recipe nuggets are a global innovation platform and represent a new category entry point to attract individuals and families.

首先是肯德基部門，在單位數量增加 8% 和同店銷售成長 6% 的推動下，本季系統銷售額增加了 12%。雖然肯德基近期的大部分成長勢頭都是由新興市場帶動的，但本季度，我們在更多元化的地區看到了廣泛的優勢，這進一步證明了我們在任何宏觀環境下獲勝的能力。同店銷售成長表現突出的幾個市場包括非洲成長 9%、澳洲成長 9%、拉丁美洲和加勒比海地區成長 8%。肯德基手工麵包原味雞塊是一個全球創新平台，代表著吸引個人和家庭的新品類切入點。

After a successful launch in the U.S., we expanded nuggets to our Latin America and Caribbean market this quarter and saw incredible consumer reception that helped drive significant sales. The team plans to expand the offering to several more places around the world.

在美國成功推出後，本季我們將業務擴展到了拉丁美洲和加勒比海市場，並看到了令人難以置信的消費者反響，這有助於推動可觀的銷售。該團隊計劃將產品擴展到全球更多地方。

KFC Africa delivered their 11th consecutive quarter of same-store sales growth with a combination of abundant value offers, strong e-commerce sales and the relaunch of their breakfast campaign driving this quarter's performance.

肯德基非洲公司連續第 11 個季度實現同店銷售成長，豐富的價值優惠、強勁的電子商務銷售以及早餐活動的重新推出推動了本季的業績。

Finally, I want to highlight our KFC Australia business as they continue to deliver fantastic performance, with kiosk sales growing more than 90% compared to last year and the advent of a highly personalized value campaign that drove significant owned channel sales. The KFC global team is also making great progress in expanding its loyalty program around the world, including in the U.S. where we soon expect to launch KFC Rewards.

最後，我想強調我們的肯德基澳洲業務，他們繼續提供出色的業績，自助終端銷售額與去年相比增長了90% 以上，並且高度個性化的價值活動的出現推動了自有渠道的巨大銷售。肯德基全球團隊在全球擴大其忠誠度計畫方面也取得了巨大進展，其中包括我們預計很快將在美國推出肯德基獎勵計畫。

Next, I'll discuss our Taco Bell Division, which delivered 11% system sales growth in Q3, led by 8% same-store sales growth and 5% unit growth. At Taco Bell U.S., system sales grew 11% with an impressive 8% same-store sales growth and 3% unit growth. The Taco Bell team leveraged its magic formula that encompasses a balanced set of commercial strategies, including building brand buzz, unparalleled value, Más Occasions and digital initiatives to grow transactions during the quarter. They delivered unparalleled value with the return of fan favorites like the $5 Box, an amazing platform at a compelling price point.

接下來，我將討論我們的 Taco Bell 部門，該部門在第三季度實現了 11% 的系統銷售成長，其中同店銷售成長 8%，銷量成長 5%。在 Taco Bell U.S.，系統銷售額成長了 11%，其中同店銷售額成長了 8%，銷量成長了 3%。 Taco Bell 團隊利用其神奇公式，其中包含一套平衡的商業策略，包括打造品牌知名度、無與倫比的價值、大型場合和數位計劃，以增加本季的交易量。他們提供了無與倫比的價值，重新贏得了粉絲喜愛的產品，例如 5 美元盒子，這是一個價格極具吸引力的令人驚嘆的平台。

Though Taco Bell featured a great value promotion in the quarter, value purchases remained within range of the brand's intended 10% mix target. This, combined with exciting innovation and brand buzz, helped the brand maintain its industry-leading margins of 24%. A key component of the magic formula is Más Occasions, the brand's personal expression of building new category entry points. One such example is the growth in chicken offerings, which the team plans to further expand with the launch of its Cantina Menu. We're excited about the impact these new menu items will have as we roll out these offerings in 2024.

儘管 Taco Bell 在本季度進行了大規模的超值促銷，但超值購買量仍處於該品牌預期的 10% 混合目標範圍內。再加上令人興奮的創新和品牌熱度，幫助該品牌保持了 24% 的行業領先利潤率。這個神奇公式的關鍵組成部分是“Más Occasions”，這是品牌建立新品類切入點的個人表達。其中一個例子是雞肉產品的成長，該團隊計劃透過推出 Cantina 菜單來進一步擴大這一範圍。我們對 2024 年推出這些新菜單項目將產生的影響感到興奮。

Another component of this brand's success is digital, which includes loyalty. While a Taco Bell loyalty customer already spends 40% more per year than a traditional customer, the consumer feedback we've received indicates that we can do an even better job at creating more obvious and exciting ways to both earn and redeem rewards.

該品牌成功的另一個組成部分是數位化，其中包括忠誠度。雖然 Taco Bell 忠誠度客戶每年的支出比傳統客戶高 40%，但我們收到的消費者回饋表明，我們可以做得更好，創造更明顯、更令人興奮的方式來賺取和兌換獎勵。

Starting next year, Taco Bell will enhance its loyalty program and provide easier access across channels to earn and redeem points. Additionally, members will enjoy more exclusive experiences, including more digital innovation, early access to new products and loyalty enabled and experiences. Eventually, the team will integrate its loyalty program with digital menu boards to create an even more personalized experience.

從明年開始，塔可鐘將加強其忠誠度計劃，並提供更輕鬆的跨通路賺取和兌換積分的方式。此外，會員將享受更多獨家體驗，包括更多數位創新、搶先體驗新產品以及忠誠度支援和體驗。最終，該團隊將其忠誠度計劃與數位菜單板相結合，以創造更個性化的體驗。

Taco Bell International delivered 16% system sales growth, driven by 23% unit growth and 1% same-store sales growth. A key contributor to Taco Bell's International business has been robust digital sales, which increased nearly 45% year-over-year this quarter. The global Taco Tuesday campaign that launched in June continued to drive customer engagement around the globe, bringing greater brand awareness and equity with consumers. The international markets are focused on amplifying National Taco Day and providing consumers with both craveable food and everyday value.

受 23% 的銷售成長和 1% 的同店銷售成長的推動，塔可鐘國際 (Taco Bell International) 的系統銷售額成長了 16%。塔可鐘國際業務的一個關鍵貢獻者是強勁的數位銷售，本季較去年同期成長近 45%。 6 月推出的全球 Taco Tuesday 活動繼續推動全球客戶參與度，提高了消費者的品牌知名度和資產。國際市場的重點是擴大全國玉米捲日的影響力，並為消費者提供渴望的食物和日常價值。

Turning to the Pizza Hut Division, which grew system sales 4% driven by 4% unit growth and 1% same-store sales growth. International same-store sales grew 2%, driven by transaction growth in China, continued momentum in Melts and more strategically activating aggregator partnerships in international markets. Same-store sales results in the U.S. were flat as Pizza Hut leaned into its long-term strategy to build new category entry points through individual meal occasions with products like Melts and Wings.

轉向必勝客部門，在 4% 的單位成長和 1% 同店銷售成長的推動下，該部門的系統銷售額成長了 4%。在中國交易成長、Melts 持續成長動能以及更具策略性地啟動國際市場聚合商合作夥伴關係的推動下，國際同店銷售額成長了 2%。必勝客在美國的同店銷售業績持平，因為必勝客傾向於其長期策略，即透過個人用餐場合使用 Melts 和 Wings 等產品建立新的品類切入點。

This quarter, Pizza Hut U.S. teamed up with the Teenage Mutant Ninja Turtles to relaunch our Big New Yorker pizza and deliver pizzas into the New York City subway stations, leading to over 1 billion media impressions. As we head into the fourth quarter, the Pizza Hut U.S. team launched a late-night initiative, strategically expanding operating hours in more than 1,000 restaurants to give consumers even more ways to access the brand.

本季度，美國必勝客與忍者龜合作，重新推出 Big New Yorker 披薩，並將披薩送到紐約市地鐵站，帶來了超過 10 億次媒體曝光。隨著第四季度的到來，必勝客美國團隊發起了一項深夜計劃，策略性地延長了 1,000 多家餐廳的營業時間，為消費者提供更多接觸該品牌的方式。

To wrap up with the Habit Burger Grill, system sales grew 4% driven by 8% unit growth. The new Habit leadership team is settling in well and has placed a distinct focus on building strong unit level economics to set the brand up for long-term success. Of note, the team is developing a new cost-effective packaging range designed for off-premise occasions, along with a new prototype store to optimize CapEx and preopening costs. The Habit is set to launch its first everyday value platform in November called Simple Crafts after a successful test this quarter. We have tremendous confidence in the long-term prospects of this brand and are encouraged by the improvements that the team is making to deliver success in the future.

最後，Habit Burger Grill 的銷量成長了 4%，單位數量增加了 8%。新的 Habit 領導團隊適應得很好，並特別注重建立強大的單位層面的經濟效益，為品牌的長期成功奠定基礎。值得注意的是，該團隊正在開發專為場外場合設計的新的經濟高效的包裝系列，以及新的原型商店，以優化資本支出和開業前成本。經過本季的成功測試後，The Habit 將於 11 月推出第一個日常價值平台，名為 Simple Crafts。我們對品牌的長期前景充滿信心，並對團隊為未來取得成功所做的改進感到鼓舞。

Now I'll turn to our Good Growth strategy, starting with our People pillar. We've held powerful forms this quarter, supporting our unrivaled culture and talent growth driver including a leadership development conference for underrepresented talent and a new program aimed at preparing high-potential female talent to be part of the next generation of senior leadership.

現在我將談談我們的良好成長策略，從我們的人才支柱開始。本季度我們舉行了強有力的形式，支持我們無與倫比的文化和人才增長動力，包括針對代表性不足的人才的領導力發展會議和旨在培養高潛力女性人才成為下一代高級領導力一部分的新計劃。

In addition, we're furthering our culture of collaboration and building capability across our company. Recently, a cross-brand group of leaders gathered for the first R.E.D innovation experience in our innovation lab, where they learned design thinking and real-time problem-solving through new age innovation techniques. We're also making a meaningful impact in the communities we serve through our global unlocking opportunity initiative to create more equality. For example, in the U.K., KFC partnered with a nonprofit with the goal of having 1/3 of its new hires be at-risk youth. In Sri Lanka, Pizza Hut is investing in the development of 30 vocational and technical training facilities to prepare youth for careers in the QSR industry.

此外，我們也正在整個公司範圍內推廣協作文化和能力建構。最近，一群跨品牌的領導者聚集在我們的創新實驗室，進行首次 R.E.D 創新體驗，他們在這裡學習設計思維並透過新時代創新技術即時解決問題。我們也透過全球釋放機會計畫創造更多平等，對我們所服務的社區產生有意義的影響。例如，在英國，肯德基與非營利組織合作，目標是讓 1/3 的新員工是高危險青少年。在斯里蘭卡，必勝客正在投資開發 30 個職業和技術培訓設施，為年輕人在快餐業的職業生涯做好準備。

In terms of our Planet pillar and our focus on reducing greenhouse gas emissions, we're educating suppliers through the supplier leadership and climate transition, a consortium of multinational companies created to accelerate climate action in the supply chain. Many of Yum!'s poultry, beef and dairy suppliers in key markets have joined this program or already have emissions reduction goals.

就我們的地球支柱和對減少溫室氣體排放的關注而言，我們正在透過供應商領導力和氣候轉型對供應商進行教育，這是一個由跨國公司組成的聯盟，旨在加速供應鏈中的氣候行動。百勝集團在主要市場的許多家禽、牛肉和乳製品供應商都已加入該計劃或已經制定了減排目標。

These are just a few of the examples of the great work of our teams, earning us recognition like Newsweek's 2023 America's Greenest Companies.

這些只是我們團隊出色工作的幾個例子，為我們贏得了《新聞周刊》2023 年美國最環保公司等認可。

Overall, we're incredibly pleased with our results for the quarter and year-to-date. Our strategy is clear, and the emphasis we are placing on building sales layers through new category entry points, leveraging technology to drive brand loyalty and delivering exciting value offers to broaden appeal, is going to drive our business forward even faster. As we conclude our internal annual Operating Plan reviews and look forward to 2024, it's clear we have the very best teams in place and are perfectly set up to capture an even greater share of a growing global QSR market and deliver compelling shareholder value going forward.

總的來說，我們對本季和年初至今的業績非常滿意。我們的策略很明確，我們的重點是透過新的品類切入點建立銷售層，利用技術提高品牌忠誠度並提供令人興奮的價值優惠以擴大吸引力，這將推動我們的業務更快地向前發展。當我們結束內部年度營運計畫審查並展望2024 年時，很明顯，我們擁有最優秀的團隊，並且已經做好充分準備，可以在不斷增長的全球QSR 市場中佔據更大份額，並在未來提供令人信服的股東價值。

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 financial results, our Bold Restaurant Development and Unmatched Operating Capability growth drivers followed by an update on our balance sheet and capital strategy.

謝謝大衛，大家早安。今天，我將討論我們的財務表現、大膽的餐廳開發和無與倫比的營運能力成長動力，然後更新我們的資產負債表和資本策略。

I'll begin by discussing our strong results for Q3. We achieved 10% system sales growth, driven by 6% same-store sales growth and 6% unit growth. Our digital sales channels continue to grow with digital sales setting another record this quarter, exceeding $7 billion, an increase of more than 20% year-over-year. Core operating profit grew an impressive 16%. Taco Bell delivered another quarter of exceptional performance, achieving 24% restaurant-level margins while simultaneously driving transaction growth.

我將首先討論我們第三季的強勁業績。在同店銷售額成長 6% 和銷量成長 6% 的推動下，我們實現了 10% 的系統銷售額成長。我們的數位銷售通路持續成長，本季數位銷售額再創新高，超過 70 億美元，較去年同期成長超過 20%。核心營業利潤成長了 16%，令人印象深刻。 Taco Bell 又一個季度表現出色，實現了 24% 的餐廳水平利潤率，同時推動了交易成長。

Global ex-special general and administrative expenses were $263 million, lower than expected in part due to timing with some expenses shifting into the fourth quarter. Our ex-special tax rate of 19% was lower year-over-year.

全球前特殊一般和行政費用為 2.63 億美元，低於預期，部分原因是部分費用轉移到第四季。我們的前特別稅率為 19%，較去年同期較低。

Lastly, our EPS, excluding special items, was $1.44 per share. Ex-special EPS was positively impacted by $0.05 of unrealized investment gains related to our investment in Devyani.

最後，我們的每股盈餘（不包括特殊項目）為 1.44 美元。與我們投資 Devyani 相關的 0.05 美元未實現投資收益對前特別每股收益產生了積極影響。

I'd now like to give a little bit of color on the remainder of the year. We're proud to say that we continue to expect that our results will land well above our long-term growth algorithm for the full year, including achieving low double-digit core operating profit growth.

現在我想對今年剩下的時間做一些闡述。我們很自豪地說，我們仍然預計我們的全年業績將遠高於我們的長期成長演算法，包括實現低兩位數的核心營業利潤成長。

On the fourth quarter specifically, we now expect an operating loss at Habit of approximately $10 million, largely driven by restaurant asset impairment charges, which will be higher than we had initially expected due to anticipated impacts from the California Assembly Bill 12-28, previously referred to as the FAST Act. Even with the previously mentioned timing shift of G&A expenses, we still expect fourth quarter G&A to be slightly lower year-over-year.

具體到第四季度，我們現在預計Habit 的營運虧損約為1000 萬美元，這主要是由於餐廳資產減損費用造成的，由於加州議會第12-28 號法案的預期影響，該損失將高於我們最初的預期。稱為 FAST 法案。即使考慮到前面提到的一般管理費用的時間變化，我們仍然預計第四季度的一般管理費用將比去年同期略有下降。

Moving to reported operating profit. We now expect foreign currency translation to represent a $45 million to $55 million headwind on a full year basis. Finally, we expect our ex-special full year tax rate to land at approximately 20%.

轉向報告的營業利潤。我們現在預計全年外幣換算將帶來 4,500 萬至 5,500 萬美元的阻力。最後，我們預計全年除特殊稅率外的稅率將達到 20% 左右。

Next, I'll cover our Bold Restaurant Development growth driver. We are on track to finish 2023 with net new unit development similar to the record-breaking performances of the last 2 years. This quarter's 6% growth in unit count, led by a Q3 record of 1,130 gross new openings across 65 countries, reflects the continued success of our multiyear effort to accelerate development across our brands.

接下來，我將介紹我們大膽的餐廳開發成長動力。我們預計在 2023 年結束時實現與過去兩年破紀錄的業績類似的新單位淨開發量。本季單位數量增加了 6%，第三季在 65 個國家開設了 1,130 家新店，創歷史新高，這反映了我們多年來為加速各品牌發展所做的努力所取得的持續成功。

By now, you've seen the announcement at Yum! China's recent investor conference, raising their unit growth expectations for our brands in China. This announcement highlights continued strong returns on new restaurant development in our brands in combination with the best-in-class development capabilities that Yum! China leadership team have built in the market.

到目前為止，您已經在百勝餐飲集團看到了該公告！中國最近舉行的投資者會議，提高了他們對我們品牌在中國的單位成長預期。這項公告凸顯了我們品牌新餐廳開發的持續強勁回報以及百勝餐飲集團一流的開發能力。中國市場的領導團隊已經建立。

More broadly, we continue to see excitement for our brands all around the world. As an example, in Vietnam, a market with a high population but relatively low Yum! restaurant penetration, our unit count increased by over 40 units versus last year, reflecting 16% growth. In total, this quarter, KFC achieved 8% unit growth, including 664 gross new units, a Q3 record for the brand. This was led by Yum! China, along with our franchisees in India, Sapphire and Devyani, and IS Holdings in Turkey. At Pizza Hut, we opened 383 gross new units with more than 30 markets contributing to this growth. Our Taco Bell division opened 74 gross new units, led by the U.S., China and India.

更廣泛地說，我們繼續看到我們的品牌在世界各地令人興奮。舉個例子，在越南，這是一個人口較多但百勝餐飲相對較低的市場。餐廳滲透率方面，我們的單位數量比去年增加了 40 多個單位，增加了 16%。肯德基本季度總共實現了 8% 的單位增長，其中新單位總數達到 664 家，創下該品牌第三季的記錄。這是由百勝集團領導的！中國，以及我們在印度的特許經營商 Sapphire 和 Devyani，以及土耳其的 IS Holdings。在必勝客，我們新開設了 383 家門市，超過 30 個市場為此成長做出了貢獻。我們的 Taco Bell 部門新開設了 74 家門市，其中美國、中國和印度的數量最多。

In the midst of a higher interest rate environment, our world-class 3C franchise partners are stepping up and investing to grow share. One of those exceptional franchisees is the Serrano Group, our partner for KFC in multiple countries in Latin America. In just the past 3 years, the Serrano Group has opened over 100 net new units, quadrupling their store count from the past 10 years and building world-class assets that reflect how dynamic and tech forward our brand is in this region.

在利率上升的環境下，我們的世界級 3C 特許經營合作夥伴正在加緊投資以擴大份額。塞拉諾集團就是這些傑出特許經營者之一，它是我們肯德基在拉丁美洲多個國家的合作夥伴。僅在過去3 年裡，Serrano 集團就淨開設了100 多家新店，其門市數量比過去10 年翻了兩番，並建立了世界一流的資產，反映了我們品牌在該地區的活力和技術進步。

Building a network of growth-minded franchise partners is no easy task. It requires persistent effort to identify and engage with like-minded partners to consistently deliver on brand standards, growth ambitions and mutually shared financial objectives, all of which add up to long-term profitable growth for all parties and a competitive advantage for our brands.

建立具有成長意識的特許經營合作夥伴網絡並非易事。它需要堅持不懈的努力，尋找志同道合的合作夥伴並與之合作，以始終如一地實現品牌標準、增長雄心和共同的財務目標，所有這些都將為各方帶來長期的盈利增長，並為我們的品牌帶來競爭優勢。

While we focus on having the right partners, we also work to ensure we have the right restaurant formats and economic models in place. All of our brands are laser-focused on delivering industry-leading franchisee returns by continuously optimizing new store CapEx as well as maintaining a flexible portfolio of formats that meet the unique needs of each trade zone in which we operate.

在我們專注於擁有合適的合作夥伴的同時，我們也努力確保擁有合適的餐廳業態和經濟模式。我們所有的品牌都專注於透過不斷優化新店資本支出以及維持靈活的業態組合來提供行業領先的特許經營商回報，以滿足我們經營所在的每個貿易區的獨特需求。

Taco Bell's newest small box design, Go Mobile 2.0, now open in El Paso, Texas, builds on the original Go Mobile concept. This new design leverages digital capabilities to create more touch points for consumers to order and pick up in a seamless manner.

Taco Bell 最新的小盒子設計 Go Mobile 2.0 現已在德克薩斯州埃爾帕索開業，它以最初的 Go Mobile 概念為基礎。這種新設計利用數位功能為消費者創造更多接觸點，以無縫方式訂購和取貨。

Moving on to our Unmatched Operating Capability growth driver. We continue to focus on delivering a seamless digital experience for our consumers, enabling easier operations for our team members and harnessing our expansive data to make fast and informed decisions. We frame up this approach through three lenses: Easy Experiences, Easy Operations and Easy Insights.

接下來是我們無與倫比的營運能力成長動力。我們繼續專注於為消費者提供無縫的數位體驗，使我們的團隊成員能夠更輕鬆地操作，並利用我們廣泛的數據做出快速、明智的決策。我們透過三個視角來建構這種方法：簡單的體驗、簡單的操作和簡單的洞察。

Within Easy Experiences, we successfully rolled out the Yum! Commerce Platform to the Taco Bell system last quarter and are in the process of rolling the platform out to the Pizza Hut U.S. system. Transitioning our brands onto Yum! owned platforms allows us to scale new capabilities at a rapid pace and build out an ecosystem of proprietary platforms that are designed to work together in a secure and seamless fashion. Our primary focus is to deliver leading-edge capabilities to our franchisees with advantaged economics, and our franchisees continue to co-invest with us as we develop and roll out our solutions.

在 Easy Experiences 中，我們成功推出了 Yum!上個季度將商務平台部署到 Taco Bell 系統，目前正在將該平台推廣到必勝客美國系統。將我們的品牌轉移到百勝餐飲集團！自有平台使我們能夠快速擴展新功能，並建立一個專有平台生態系統，這些平台旨在以安全、無縫的方式協同工作。我們的主要重點是為我們的特許經營商提供領先的能力和有利的經濟條件，並且在我們開發和推出解決方案時，我們的特許經營商將繼續與我們共同投資。

One exciting area of growth is the implementation of in-store kiosks. We now have kiosks in nearly 40% of KFC stores outside of China, all of our Taco Bell U.S. locations excluding licensed stores and almost 70% of our Habit locations.

店內資訊亭的實施是一個令人興奮的成長領域。目前，我們在中國境外近 40% 的肯德基門市、除授權店外的所有 Taco Bell 美國門市以及近 70% 的 Habit 門市均設有自助服務終端。

Looking forward, for our KFC stores outside of China, we expect to drive a 20-point increase in our kiosk penetration next year on the way to reaching the vast majority of stores by the end of 2026. Kiosks not only drive a higher check compared to our traditional front counter, but also drive higher margins through operational efficiencies and generate new opportunities to leverage customer data and create personalized ordering experiences.

展望未來，對於我們在中國以外的肯德基門市，我們預計明年我們的自助終端滲透率將提高 20 個百分點，到 2026 年底涵蓋絕大多數門市。自助終端不僅帶來更高的收入，不僅限於我們傳統的前台櫃檯，還透過營運效率提高利潤，並創造利用客戶數據和創建個人化訂購體驗的新機會。

Within Easy Operations, we're on track to have our recommended ordering technology, which we're calling AIM, or Automated Inventory Management, rolled out across our KFC U.S. system by year-end. As a reminder, this is an in-house developed AI module that predicts and suggests the quantity of each product a restaurant general manager should order. We now have AIM in place at over 7,000 U.S. restaurants, including 2,700 KFC U.S. restaurants added over the past quarter.

在 Easy Operations 中，我們預計在年底前在我們的肯德基美國系統中推出我們推薦的訂購技術，我們稱之為 AIM，即自動庫存管理。提醒一下，這是一個內部開發的人工智慧模組，可以預測並建議餐廳總經理應該訂購的每種產品的數量。目前，我們在 7,000 多家美國餐廳中部署了 AIM，其中包括上季度新增的 2,700 家肯德基美國餐廳。

There is also great momentum behind the Dragontail rollout. We have deployed Dragontail, an AI-driven production and delivery sequencing platform, to nearly 1,400 Pizza Hut U.S. stores as of the end of the quarter and are on track to have Dragontail deployed to around 8,000 restaurants globally by year-end, further proof of our unique ability to scale Yum! owned technologies around the world. We have made significant progress in 2023, building, testing and refining our proprietary technology platforms. In 2024, we will further scale these platforms and continue to realize the value of our owned tech ecosystem.

Dragontail 的推出背後也有著巨大的動力。截至本季末，我們已在近 1,400 家必勝客美國門市部署了由人工智慧驅動的生產和配送排序平台 Dragontail，並預計在年底前將 Dragontail 部署到全球約 8,000 家餐廳，這進一步證明了我們獨特的擴展百勝餐飲的能力！擁有世界各地的技術。 2023 年，我們在建立、測試和完善我們的專有技術平台方面取得了重大進展。 2024年，我們將進一步擴展這些平台，並繼續實現我們擁有的技術生態系統的價值。

Finally, we are excited about the new technologies. Our R.E.D innovation team is in the early stages of piloting in restaurants to support our franchisees and free up team member time to allow them to focus even more on delivering world-class customer experiences.

最後，我們對新技術感到興奮。我們的 R.E.D 創新團隊正處於餐廳試點的早期階段，以支持我們的特許經營商並釋放團隊成員的時間，使他們能夠更加專注於提供世界一流的客戶體驗。

First, we are testing a voice-enabled AI drive-thru platform in a couple of our restaurants in California that elevates the drive-thru experience, increases speed, productivity and efficiencies and generates automated up-sell recommendations.

首先，我們正在加州的幾家餐廳測試支援語音的人工智慧得來速平台，該平台可以提升得來速體驗，提高速度、生產力和效率，並產生自動追加銷售建議。

Second, we have developed a proprietary automated drinks fulfillment system that frees up team member time and increases drive-thru speed and accuracy. We've designed these technologies to integrate seamlessly with our proprietary Poseidon point-of-sale platform, and we look forward to continuing to test, refine and pilot these capabilities.

其次，我們開發了專有的自動化飲料履行系統，可以節省團隊成員的時間並提高得來速速度和準確性。我們設計這些技術是為了與我們專有的 Poseidon 銷售點平台無縫集成，我們期待繼續測試、完善和試點這些功能。

Wrapping up with our Easy Insights pillar. I'm very excited by the progress we have made in building the infrastructure and engineering capabilities required to harness the power of our global data assets. We continue to expand the Yum! Global Data Hub, which captures the vast majority of global transaction level sales data and other key operational and customer metrics. We believe this centralized hub is a key asset and differentiator for Yum! as we develop leading AI capabilities.

結束我們的 Easy Insights 支柱。我對我們在建立利用全球數據資產所需的基礎設施和工程能力方面取得的進展感到非常興奮。我們繼續擴大百勝餐飲集團！全球資料中心，擷取絕大多數全球交易級銷售資料以及其他關鍵營運和客戶指標。我們相信這個集中中心是百勝餐飲集團的關鍵資產和差異化因素！隨著我們開發領先的人工智慧能力。

In 2024, our Easy Insights team will develop and test new AI-driven capabilities that pull from the Global Data Hub and integrate into our own technology platforms. Some examples of these AI-driven capabilities include personalized up-sell recommendations for customers ordering on our digital platforms, intelligent menu pricing recommendations and dynamic restaurant routines for restaurant general managers.

2024 年，我們的 Easy Insights 團隊將開發和測試新的人工智慧驅動功能，這些功能來自全球資料中心並整合到我們自己的技術平台中。這些人工智慧驅動功能的一些例子包括為在我們的數位平台上訂購的客戶提供個人化的追加銷售建議、智慧菜單定價建議以及為餐廳總經理提供動態餐廳例行公事。

Finally, we will begin activating our U.S. cross-brand customer data platform in Q4 and throughout 2024. This cross-brand platform gives us unprecedented visibility into the ordering behaviors of millions of customers across our 4 brands and will also be a breakthrough source of learnings for Collider, the high-impact boutique insights consultancy that we acquired in 2015.

最後，我們將在第四季度和2024 年開始啟動我們的美國跨品牌客戶數據平台。這個跨品牌平台使我們能夠前所未有地了解我們4 個品牌數百萬客戶的訂購行為，也將成為突破性的學習來源Collider 是我們於 2015 年收購的一家具有高影響力的精品洞察顧問公司。

Lastly, I'll provide an update on our balance sheet and capital strategy. As a reminder, our capital priorities remain unchanged: Invest in the business for the long term, maintain a resilient balance sheet, pay a competitive dividend and maximize shareholder value by returning excess capital through debt pay-downs and share repurchases.

最後，我將提供有關我們資產負債表和資本策略的最新資訊。提醒一下，我們的資本優先事項保持不變：長期投資業務，保持有彈性的資產負債表，支付有競爭力的股息，並透過債務償還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 $31 million, reflecting $57 million in gross CapEx and $26 million in refranchising proceeds. Our net leverage ratio ended the quarter at 4.4x. Furthermore, our current outstanding debt has a weighted average maturity of 6 years, and our greater than 90% fixed debt ratio remains highly attractive in the current market environment.

本季淨資本支出為 3,100 萬美元，反映出總資本支出 5,700 萬美元和再特許收益 2,600 萬美元。本季結束時，我們的淨槓桿率為 4.4 倍。此外，我們目前的未償債務加權平均期限為6年，超過90%的固定負債比率在當前市場環境下仍然具有很高的吸引力。

To wrap up, we're very proud of the results in this quarter. We are on a clear path to achieving double-digit core operating profit growth for the full year. We continue to strengthen our position as the global franchisor of choice, a testament to the success of our business strategies and industry-leading talent. We're proud of our incredible continued momentum on unit development and are excited as we further accelerate our tech deployments and AI initiatives to meet the demands of consumers both today and tomorrow.

總而言之，我們對本季的業績感到非常自豪。我們正在明確實現全年核心營業利潤兩位數成長的目標。我們繼續鞏固我們作為全球首選特許經營商的地位，這證明了我們業務策略和行業領先人才的成功。我們為單位開發方面令人難以置信的持續動力感到自豪，並為我們進一步加快技術部署和人工智慧計劃以滿足當今和未來消費者的需求而感到興奮。

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 David Tarantino of Baird.

（操作員說明）我們今天的第一個問題來自貝爾德的大衛·塔倫提諾。

David, my question is on the broader consumer spending backdrop that you're seeing. I'm just wondering if you could maybe comment on some of your major markets and what you're seeing, I guess, exiting the third quarter as we've seen some signs that the environment is getting a bit more challenging in places like the U.S. and in China. So just wondering if you could opine on what's happening with the consumer and also talk about what, if anything, you're changing in your strategy to address that.

大衛，我的問題是關於你所看到的更廣泛的消費者支出背景。我只是想知道您是否可以對您的一些主要市場以及您在第三季度看到的情況發表評論，因為我們已經看到一些跡象表明，在像美國這樣的地方，環境變得更具挑戰性美國和中國。因此，我想知道您是否可以對消費者正在發生的事情發表意見，並談談您正在改變哪些策略來解決這個問題（如果有的話）。

Yes. Thanks, David. I guess, I would start by saying, if you haven't picked up on it, this is our fifth consecutive quarter of double-digit system sales growth globally. So when you think about the consumer and what we're seeing in our business, obviously, it's a pretty good trading environment for us and that momentum continued into Q3. And I'll also share that, that momentum is continuing into Q4.

是的。謝謝，大衛。我想，我首先要說的是，如果您還沒有註意到的話，這是我們在全球範圍內連續第五個季度實現兩位數的系統銷售成長。因此，當您考慮消費者以及我們在業務中看到的情況時，顯然，這對我們來說是一個非常好的貿易環境，並且這種勢頭持續到第三季。我還將分享這一勢頭，這種勢頭將持續到第四季度。

So now part of that is the way that we're managing through some of the consumer pressures around the world. And certainly, you talked about China having their challenges. But there's challenges in every market. The U.K., for example, we've got a lot of consumers faced with variable rate mortgages that's pressuring them. So our local U.K. team has put in place a program to have a twister of the day for GBP 1.98, which is really resonating with consumers they're having in the midst of a good strong year in the U.K.

因此，現在我們應對世界各地的一些消費者壓力的方式就是其中的一部分。當然，您談到中國面臨的挑戰。但每個市場都存在挑戰。例如，在英國，我們有很多消費者面臨浮動利率抵押貸款，這給他們帶來了壓力。因此，我們當地的英國團隊制定了一項計劃，以 1.98 英鎊的價格推出每日扭蛋，這確實引起了英國消費者的共鳴，他們正值英國經濟強勁的一年。

In Latin America and Caribbean, I was just down in that market with our great franchisee Juan Carlos Serrano, visiting our stores in Colombia and Chile, looking at a new model that they've developed using a commissary, which really improves the efficiency of our stores and the quality of product to allow us to provide even more value to customers in a pressured consumer environment.

在拉丁美洲和加勒比海地區，我剛剛與我們偉大的特許經營商胡安·卡洛斯·塞拉諾一起來到該市場，參觀了我們在哥倫比亞和智利的商店，了解了他們使用小賣部開發的新模型，這確實提高了我們的效率商店和產品品質使我們能夠在壓力巨大的消費環境中為客戶提供更多價值。

So certainly, there are pressures out there, but our franchisees, I think, do a better job than most by far of navigating those pressures. I know what's on a lot of people's minds is what's going on in the U.S. It's well documented that there is more pressure on the U.S. consumers, student loan payments coming due. And certainly, our industry has softened a little bit, but the industry is doing better than most industries, if you look at any of the industry-specific data.

當然，壓力是存在的，但我認為，我們的加盟商在應對這些壓力方面比大多數加盟商做得更好。我知道很多人關心的是美國正在發生的事情。有充分證據表明，美國消費者面臨更大的壓力，學生貸款即將到期。當然，我們的行業已經有所疲軟，但如果您查看任何特定行業的數據，該行業的表現比大多數行業都要好。

For us, though, the U.S. is a much more favorable situation because Taco Bell is the majority of our sales and profits in the U.S. You saw the great results we put up for Taco Bell in the U.S. this quarter. On a 1- and 2-year basis, sales accelerated in Q3. But really importantly, and this wasn't in the prepared remarks, I know you'll find it of interest, if we break down the Taco Bell stores in the United States by income demographic, we see really consistent 2% to 3% transaction growth across all income levels. So our stores in lower-income trade areas are performing well with good transaction growth, just like our stores in high-income trade areas.

不過，對我們來說，美國的情況要有利得多，因為塔可鐘是我們在美國銷售額和利潤的大部分。您看到了本季度我們為塔可鐘在美國取得的出色業績。以一年和兩年為基礎，第三季銷售加速。但真正重要的是，這不在準備好的評論中，我知道你會發現它很有趣，如果我們按收入人口細分美國的 Taco Bell 商店，我們會看到真正一致的 2% 至 3% 交易所有收入水準的成長。因此，我們在低收入貿易區的商店表現良好，交易成長良好，就像我們在高收入貿易區的商店一樣。

I think that speaks to the way Taco Bell can play value with things like the $5 Box and how also, in a pressured consumer environment, we're probably benefiting a little bit from some trade down in those higher income trade areas. So our lens on the consumer is obviously biased, but we're putting up strong results. We're seeing plenty of demand and we, once again, I think, are demonstrating we can thrive in any environment.

我認為這說明了塔可鐘如何透過 5 美元盒裝等產品發揮價值，以及在壓力較大的消費環境中，我們可能會從那些高收入貿易領域的一些貿易下降中受益。因此，我們對消費者的看法顯然有偏見，但我們正在提供強有力的結果。我們看到了充足的需求，我認為，我們再次證明我們可以在任何環境中蓬勃發展。

Our next question comes from John Ivankoe of JPMorgan.

我們的下一個問題來自摩根大通的約翰·伊万科。

Obviously, you continue to talk about the Yum! owned proprietary technology platforms, which really are geared for making it easier for franchisees to run stores and, of course, more profitable as well. And over years, I mean, certainly, you're doing much more of that, not less. And the rollouts are continuing, and I imagine new programs will be developed in the future. Can you kind of talk about maybe the context of Yum! as a technology services provider? And should we, in our models, longer term, start to think something like percentage of franchise system sales that you can actually earn as this technology service provider for your franchisees?

顯然，你繼續談論百勝餐飲！擁有專有技術平台，這些平台確實是為了讓特許經營者更容易經營商店，當然也能獲得更多利潤。多年來，我的意思是，當然，你在這方面做得更多，而不是更少。推出仍在繼續，我想未來將會開發新的程式。能談談 Yum! 的背景嗎？作為技術服務提供者？在我們的模型中，從長遠來看，我們是否應該開始考慮作為特許經營商的技術服務提供者實際上可以賺取的特許經營系統銷售額百分比之類的東西？

John, look, our Yum! technology strategy, which we reengineered in 2018, launched in 2019, has driven tremendous results in the system. We were at roughly $12 billion in digital sales in 2019. We'll be close to $30 billion this year, just tremendous growth. And we like everything about those digital sales dollars. Our customers, they have higher checks, higher frequency whenever we transition sales to digital, plus we get all of the benefits in terms of more efficient operations, which help our franchisees sustain strong unit economics.

約翰，看，我們的百勝！我們在2018年重新設計並於2019年推出的技術策略在系統中取得了巨大的成果。 2019 年，我們的數位銷售額約為 120 億美元。今年我們將接近 300 億美元，這是巨大的成長。我們喜歡這些數字銷售收入的一切。我們的客戶，每當我們將銷售轉向數位化時，他們都會受到更高的檢查和更高的頻率，此外，我們還獲得了更高效運營方面的所有好處，這有助於我們的特許經營商維持強勁的單位經濟效益。

So the primary focus of all that is to drive profitable growth for Yum! and our franchisees. And of course, our top priority there is to give our franchisees leading-edge tech capabilities with advantaged economics. That's what we're focused on doing.

因此，所有這一切的首要重點是推動百勝餐飲的獲利成長！和我們的特許經營商。當然，我們的首要任務是為我們的特許經營商提供領先的技術能力和有利的經濟效益。這就是我們專注於做的事情。

Now we have invested ahead of that. I think we shared at the Investor Day in December that over the last 3 years, we've shifted an incremental 10 points of G&A toward digital and technology. So we've made investments. We've continued to do that. But as we implement, and you see this fast pace of implementations continuing to accelerate, franchisees do share in those investments in the form of fees tied to those technologies. Of course, they do that because they see benefits flow to their bottom line.

現在我們已經提前投資了。我認為我們在 12 月的投資者日上分享了過去 3 年中，我們已將 G&A 的 10 個點逐漸轉向數位和技術。所以我們進行了投資。我們一直在做這件事。但當我們實施時，你會看到這種快速的實施速度繼續加快，特許經營者確實以與這些技術相關的費用的形式分享這些投資。當然，他們這樣做是因為他們看到利益流向他們的底線。

The business case on these technologies are strong. As we collect more and more of those fees, that will alleviate some of the P&L burden of the technology investments. We're not going to provide forecasts on how we see that playing out, but that will be one dynamic in the P&L.

這些技術的商業案例很充分。隨著我們收取越來越多的費用，這將減輕技術投資的一些損益負擔。我們不會提供有關如何看待這種情況的預測，但這將是損益表中的一個動態。

The next question today comes from David Palmer of Evercore ISI.

今天的下一個問題來自 Evercore ISI 的 David Palmer。

As maybe a follow-up to that, and I have a primary question, maybe you could give a feeling of what from here you think will be the biggest lifts from perhaps a technology hub that you talked about, quantify perhaps some areas where you think in 2024 and beyond we'll see the biggest help to comps or franchisee margins.

作為可能的後續行動，我有一個主要問題，也許你可以從這裡感受到你認為從你談到的技術中心最大的提升是什麼，量化你認為的一些領域到2024 年及以後，我們將看到公司利潤率或特許經營商利潤率得到最大提升。

And I just wonder also on Taco Bell, you mentioned a new loyalty relaunch. I think that, that brand, a lot of people would think would be in a great position to gain share and perhaps an accelerating degree in '24. Do you agree with that? And then if that were to happen, what would be the biggest reasons for that? You mentioned loyalty, but perhaps there's some other things in the hopper. In the past, you talked about lunch being an area that you wanted to win in. So I just wanted to discuss a little bit about Taco Bell.

我只是想知道塔可鐘，你提到了新的忠誠度重新啟動。我認為，很多人會認為這個品牌將處於有利地位，能夠獲得份額，並且可能會在 24 年加速成長。你同意嗎？如果發生這種情況，最大的原因是什麼？你提到了忠誠度，但也許漏斗裡還有其他一些東西。過去，你談到午餐是你想贏得的領域。所以我只想討論一下塔可鐘。

Yes. Let me share some thoughts on technology to start, and then we'll shift over to Taco Bell. So on the broader technology program, as I mentioned, we like everything about those digital sales dollars as we continue to grow the digital business. We've made tremendous progress. But as we've also said, I still feel like we're in the early innings of getting maximum impact out of the broader digital strategy. Of course, it goes across easy experiences, easy operations, easy insights, and we're still in the early days of bringing all of those elements together in common stores. And we really think there'll be a multiplicative effect as we implement more and more of these technologies together.

是的。首先讓我分享一些關於科技的想法，然後我們將轉向塔可鐘。因此，在更廣泛的技術計劃上，正如我所提到的，隨著我們繼續發展數位業務，我們喜歡這些數位銷售收入的一切。我們已經取得了巨大的進步。但正如我們也所說的，我仍然覺得我們正處於從更廣泛的數位策略中獲得最大影響的早期階段。當然，它涵蓋了簡單的體驗、簡單的操作、簡單的洞察，而我們仍處於將所有這些元素整合到共同商店的早期階段。我們確實認為，隨著我們一起實施越來越多的這些技術，將會產生倍增效應。

If I just took, for example, the labor productivity benefits, helping our team members make their jobs easier in the stores, focus more of their time on customers and help our franchisees drive productivity, as you bring more of these elements together, you're able to take advantage of more of those productivity benefits. So as we start to layer the Poseidon POS which makes running the front end easier, as we continue to take digital sales higher which reduces the workload burden on taking orders and taking payments, you get higher accuracy on order taking which reduces some of the rework and back of house.

例如，如果我只考慮勞動生產力的好處，幫助我們的團隊成員使商店的工作更輕鬆，將更多的時間集中在客戶身上，並幫助我們的特許經營商提高生產力，當你將更多這些元素結合在一起時，你'我們能夠更多地利用這些生產力優勢。因此，當我們開始對Poseidon POS 進行分層時，這使得前端運行變得更加容易，當我們繼續提高數位銷售水平時，這會減少接受訂單和接受付款的工作量負擔，您會獲得更高的訂單接受準確性，從而減少一些返工和房子的後面。

And then you bring on things that we mentioned earlier, voice AI at the drive-thru, fizz automation in terms of automated drink fulfillment, which works with the Poseidon POS. You really start to see a vision for the future where you've got a really great customer experience that you're delivering with high productivity for the franchisees. So we expect on this to continue to build and build.

然後你帶來我們之前提到的東西，汽車餐廳的語音人工智慧，自動飲料履行方面的嘶嘶聲自動化，這些都與 Poseidon POS 配合使用。您真正開始看到未來的願景，您將獲得真正出色的客戶體驗，並以高生產力為特許經營商提供服務。因此，我們期望在此基礎上繼續建設和建設。

If we go to Taco Bell, you mentioned the loyalty program. Loyalty, more broadly, across our brands is a key focus area. We've been at north of 50% of all of our stores around the globe as part of a loyalty program, and that is continuing to grow. We've now implemented in the Middle East. KFC U.S. is coming on later this year, and we continue to refine the way our loyalty programs work.

如果我們去塔可鐘，你提到了忠誠度計畫。更廣泛地說，我們品牌的忠誠度是一個重點領域。作為忠誠度計畫的一部分，我們已經在全球 50% 的商店中開展業務，而且這一比例還在持續增長。我們現在已經在中東實施了。肯德基美國店將於今年稍晚推出，我們將繼續完善忠誠度計畫的運作方式。

You mentioned Taco Bell. They are now starting to really leverage the insights that they've generated from the early days of that program to refine the program over time. And we've implemented the R.E.D 360, which is the first time we're bringing together insights across our brands in the U.S. So that will be a driver of Taco Bell growth.

你提到了塔可鐘。他們現在開始真正利用從該計劃早期獲得的見解，隨著時間的推移不斷完善該計劃。我們已經實施了 R.E.D 360，這是我們第一次將我們在美國的品牌的見解匯集在一起，因此這將成為 Taco Bell 成長的驅動力。

More broadly, on the strategy, as you mentioned, category entry points or use occasions is a big focus. We think there's a massive opportunity at lunch. We continue to focus on breakfast. You've probably seen the ads recently during sporting events. So all of those are part of the bright future ahead for Taco Bell.

更廣泛地說，在策略上，正如您所提到的，品類切入點或使用場合是一個重點。我們認為午餐時間有很大的機會。我們繼續關注早餐。您最近可能在體育賽事期間看到這些廣告。因此，所有這些都是塔可鐘未來光明未來的一部分。

Our next question comes from Andrew Charles of TD Cowen.

我們的下一個問題來自 TD Cowen 的 Andrew Charles。

Great. Another Taco Bell question. Obviously, very encouraging 3Q performance and commentary about the start of 4Q. I was hoping you could elaborate on the Cantina Menu coming in 2024. I recall this menu item driving success in 2012, but was more upscale compared to U.S. consumer that you guys noted is increasingly seeking value today. So can you help us better understand the difference between the upcoming menu versus the one launched a decade ago?

偉大的。另一個塔可鐘問題。顯然，第三季的表現和對第四季開始的評論非常令人鼓舞。我希望您能詳細介紹一下2024 年推出的Cantina 菜單。我記得這個菜單項目在2012 年取得了成功，但與你們指出的美國消費者相比，它的檔次更高，而你們今天也越來越追求價值。那麼您能否幫助我們更了解即將推出的菜單與十年前推出的菜單之間的差異？

Sure. Look, I think one thing Taco Bell does incredibly well in the industry is constantly change and evolve the consumer space. I wouldn't draw an exact parallel to the past Cantina Menu. This is more about the chicken Cantina Menu or Cantina chicken in terms of what that protein can do for us and launching a different version of our chicken. So I think the team's excited about the impact they can have.

當然。聽著，我認為塔可鐘在業界做得非常出色的一件事就是不斷改變和發展消費者空間。我不會將其與過去的 Cantina 菜單完全相似。這更多是關於雞肉小酒館菜單或小酒館雞肉，即蛋白質可以為我們做什麼，並推出不同版本的雞肉。所以我認為團隊對他們所能產生的影響感到興奮。

But there's lots of reasons to be excited about what Taco Bell is doing in 2024. As Chris mentioned, all the impact that the tech can have, the insights we're going to glean from data; Taco Tuesday, now that we've established that in the way that we can leverage that going forward; the momentum we're getting in breakfast; what we can do with loyalty. The business is obviously somewhat on a roll, if you look at the results from the last quarter, and I mentioned those trends are continuing. And so much of that gets right back to the great talent that we have at Taco Bell.

但有很多理由對 Taco Bell 在 2024 年所做的事情感到興奮。正如 Chris 所提到的，科技可以產生的所有影響，我們將從數據中收集的見解；週二玉米餅，既然我們已經確定了這一點，我們就可以利用這一點繼續前進；我們在早餐中獲得的動力；我們可以用忠誠做什麼。如果你看看上個季度的結果，你的業務顯然有些進展，我提到這些趨勢仍在繼續。這很大程度上歸功於塔可鐘的優秀人才。

Sean Tresvant is taking over, and he's got a great team in place. And if you've seen the actual detailed plans for next year, you'd be as excited as I am. I'm, obviously, not going to share a lot of the proprietary stuff. But things line up well for a strong 2024 for Taco Bell.

肖恩·特雷斯萬特 (Sean Tresvant) 即將接任，他組建了一支出色的團隊。如果您看到了明年的實際詳細計劃，您會和我一樣興奮。顯然，我不會分享很多專有的東西。但塔可鐘 2024 年的表現一切順利。

The next question comes from Brian Mullan of Piper Sandler.

下一個問題來自 Piper Sandler 的 Brian Mullan。

Another one I'll talk about, but this one is just specific to the international business. At the Investor Day last year, you shared a goal to get to 2,500 locations as quickly as you can. Related to that, as we look out over the next year, what kind of annual case do you think you can get to from a gross openings perspective?

我將談論另一個問題，但這一個僅針對國際業務。在去年的投資者日上，你們共同設定了一個目標，盡快涵蓋 2,500 個地點。與此相關的是，當我們展望明年時，您認為從總空缺職位的角度來看，您可以獲得什麼樣的年度案例？

And then if you could just comment on the opportunity for Taco Bell in China, specifically, maybe your level of optimism there, that would be great to hear your current thinking.

然後，如果您能評論一下塔可鐘在中國的機會，特別是您在那裡的樂觀程度，那麼很高興聽到您目前的想法。

Yes. Obviously, Taco Bell International is an exciting part of the growth equation for Yum! We don't provide brand-by-brand development targets, and so we're not going to waver from that. But you know our overall development goals are incredibly ambitious, opening up a new unit every other hour around the world. And as you can see from this quarter that we set a record on development this quarter.

是的。顯然，塔可鐘國際公司是百勝餐飲集團成長方程式中令人興奮的一部分！我們不提供逐個品牌的發展目標，因此我們不會動搖這個目標。但你知道我們的整體發展目標非常雄心勃勃，每隔一小時在世界各地開設一個新部門。正如您從本季度看到的那樣，我們在本季度創下了開發記錄。

As far as Taco Bell in the various markets around the world, yes, I just got back from a trip to Spain, where I spent some time with our great franchisee in Spain, one of the early adopters of Taco Bell that got to scale quicker than other markets. And you can see, he's done an amazing job of building a moat around the business and creating a differentiated brand much like in the U.S. And now they're reaping the benefits from that and have very aggressive expansion.

至於塔可鐘在世界各地不同市場的情況，是的，我剛從西班牙旅行回來，在那裡我和我們在西班牙的偉大特許經營商一起度過了一段時間，他是塔可鐘的早期採用者之一，能夠更快地擴大規模比其他市場。你可以看到，他在圍繞業務建立護城河和創建差異化品牌方面做得非常出色，就像在美國一樣。現在他們正在從中受益，並進行了非常積極的擴張。

But when any time you're taking a brand global that's been traditionally a U.S. brand, you're going to -- it's not going to be an even path all the way to the top. There's going to be ups and downs, some markets take off, other markets take a pause. So I think in aggregate, we're very excited about the opportunity for Taco Bell around the world. We think it can be a meaningful growth driver in our equation long term. But we're going to make sure that everywhere we go, we're helping our franchisees build the brand the right way, take whatever time that takes like we did in Spain and the U.K. to establish the brand in a way that ensures its long-term success.

但任何時候，當你將一個傳統上是美國品牌的品牌推向全球時，你會發現——它不會是一條平坦的道路，一路走到頂峰。會有起起落落，有些市場起飛，有些市場暫停。所以我認為總的來說，我們對塔可鐘在世界各地的機會感到非常興奮。我們認為，從長遠來看，它可以成為我們等式中有意義的成長動力。但我們將確保無論我們走到哪裡，我們都在幫助我們的特許經營商以正確的方式建立品牌，像我們在西班牙和英國那樣，不惜一切代價建立品牌，以確保其長期存在長期成功。

Our next question comes from Jon Tower of Citi.

我們的下一個問題來自花旗銀行的 Jon Tower。

Great. Just curious, either David or Chris, perhaps you could shed some light on what you think could happen with the NLRB recent joint employer ruling. It's set to go into effect on 12/26 of this year. And curious to know what your thoughts are, whether or not it does go into effect and how it might impact the relationship between franchisee, franchisor in the U.S. over time and potential impacts on your own P&L.

偉大的。只是好奇，無論是 David 還是 Chris，也許您可以透露一些您認為 NLRB 最近聯合雇主裁決可能發生的情況。該規定將於今年 12 月 26 日生效。我很想知道您的想法是什麼，它是否會生效，隨著時間的推移，它會如何影響美國特許經營商、特許人之間的關係，以及對您自己的損益的潛在影響。

Yes. Sure. Yes, look, I'd start big picture. We've been navigating regulatory environments in 160 countries around the world, and they're always constantly changing. And certainly, the NLRB recent ruling and whether or not that goes into effect, it will have an impact on us. But it's nothing that I don't think we can -- we'll have trouble navigating in the long term.

是的。當然。是的，看，我會開始大局觀。我們一直在探索全球 160 個國家的監管環境，而這些環境總是不斷變化。當然，NLRB 最近的裁決無論是否生效，都會對我們產生影響。但我認為我們沒有做不到的事——從長遠來看，我們會遇到困難。

Look, I've seen our business grow around the United States. I've known -- a lot of our franchisees are good friends of mine for decades. I've seen them start as team members grow to become successful, small business people. And I do think the franchising model is one that's great for our country. It's living the American dream. It's good for the communities that we serve. And we oppose anything that threatens that model, and I know that there is opposition to that ruling in terms of whether it will actually take effect at the end of the year.

看，我看到我們的業務在美國各地不斷成長。我知道——我們的許多特許經營商都是我幾十年來的好朋友。我看到他們從團隊成員成長為成功的小企業人士開始。我確實認為特許經營模式對我們國家來說是一種很好的模式。這是實現美國夢。這對我們服務的社區有好處。我們反對任何威脅到這一模式的事情，我知道有人反對這項裁決是否會在年底真正生效。

But it's really less of an issue for Yum!, if you think about the landscape that we operate in. Our franchisees tend to be much larger. We tend to run more of a decentralized model globally and even in the U.S. because our franchisees have a lot more capability. So I have no doubt that whatever the rules are that we have to operate by, we will be able to, as we've proven all around the world over many, many decades. But this one, obviously, in the short term is something we oppose, and we'll see how it plays out.

但如果你考慮我們經營的環境，這對百勝餐飲集團來說確實不是什麼問題。我們的特許經營商往往規模更大。我們傾向於在全球甚至美國運行更多的分散模式，因為我們的特許經營者擁有更多的能力。因此，我毫不懷疑，無論我們必須遵守什麼規則，我們都能夠做到，正如我們幾十年來在世界各地所證明的那樣。但顯然，短期內我們會反對這一點，我們將看看結果如何。

Our next question today is from Dennis Geiger of UBS.

今天我們的下一個問題來自瑞銀集團的丹尼斯蓋革。

Wondering if you could comment a little bit more on both KFC and Pizza Hut in the U.S., solid gains in general over the years from the work the teams have done. But wondering if you could just frame up how to think about how the brands are positioned in the U.S. right now within their respective categories and where they can go given some of the opportunities that you've highlighted.

想知道您是否可以對美國的肯德基和必勝客進行更多評論，這些年來，團隊所做的工作總體上取得了堅實的成果。但想知道您是否可以框架一下如何思考這些品牌目前在各自類別中在美國的定位，以及考慮到您強調的一些機會，它們可以走向何方。

Sure. Yes, obviously, we're really pleased with the progress we're making on both of those businesses. Pizza Hut U.S., for example, has been taking share in the category now for, I think, third consecutive quarter, and that -- from all the things that we've talked about on these calls and that you're all seeing in the marketplace, the way that they play the aggregators versus their competition, the way they're launching new products and new forms like Melts, which brings in a new consumer. More recently, you probably saw the announcement about late night and how we're owning that part of the category. So Aaron Powell and David Graves, their teams are really leaning in, and they're on their front foot with Pizza Hut. It's a tough category, of course, but one we're really pleased with the progress we're making.

當然。是的，顯然，我們對這兩項業務所取得的進展感到非常滿意。例如，我認為必勝客美國公司現在已經連續第三個季度在該類別中佔據份額，並且從我們在這些電話會議中討論的所有內容以及你們都在市場，他們與競爭對手競爭的方式，他們推出新產品和新形式（如Melts）的方式，這會帶來新的消費者。最近，您可能看到了有關深夜的公告以及我們如何擁有該類別的這一部分。因此，亞倫·鮑威爾 (Aaron Powell) 和大衛·格雷夫斯 (David Graves)，他們的團隊確實在努力，而且他們在必勝客方面處於領先地位。當然，這是一個艱難的類別，但我們對所取得的進展感到非常滿意。

Similarly, KFC, you've seen us do things like launch nuggets and lean in more on the boneless. That's a huge opportunity. It's no secret that chicken is a growing category. We've got the world's greatest chicken brand. We're set up for success there as we evolve our business. And the team that we've got in place there, also a relatively new team, I think, is doing an amazing job of rolling out those kinds of programs that will lead to incremental sales, incremental category entry points as we talked about earlier on the call. So both businesses, I think, poised for lots of growth.

同樣，肯德基，你已經看到我們做了一些事情，例如推出雞塊，並更多地傾向於去骨。這是一個巨大的機會。雞肉是一個不斷增長的類別，這已不是什麼秘密。我們擁有世界上最偉大的雞肉品牌。隨著我們業務的發展，我們已做好了成功的準備。我認為，我們在那裡組建的團隊，也是一個相對較新的團隊，在推出此類計劃方面做得非常出色，這些計劃將帶來增量銷售、增量類別切入點，正如我們之前談到的那樣的電話。因此，我認為這兩項業務都有望大幅成長。

Operator, we have time for one more question.

接線員，我們還有時間再問一個問題。

Our final question today comes from Brian Harbour of Morgan Stanley.

我們今天的最後一個問題來自摩根士丹利的布萊恩哈伯。

I was going to ask about Pizza Hut as well. And if you could provide any comments on kind of delivery versus carryout performance, also how -- if a third party is still kind of a growing channel for you?

我也想問必勝客。如果您可以就交付類型與結轉績效提供任何評論，如果第三方對您來說仍然是一個不斷增長的管道，那麼如何提供評論？

And then I know there's disparities by market, which is growing faster. And what explains some of that? And do you think that in the U.S. -- I think it's fair to say that competition is quite significant right now and will be into next year, but do you think that the U.S. can grow on a same-store basis next year?

然後我知道市場之間有差異，而且成長速度更快。那麼如何解釋其中的一些呢？你認為在美國——我認為可以公平地說，競爭現在相當激烈，並將持續到明年，但你認為美國明年可以在同店基礎上實現增長嗎？

Yes, obviously, we believe Pizza Hut can and will grow sales. In terms of delivery, one aspect of this, maybe it's underappreciated, is the fact that we now have delivery as a service where we can outsource some of our deliveries through our aggregator partners, that actually was one of the unlocks for us to go after late night when it may have been a little bit harder for us to staff with drivers. Being able to hand off those deliveries to our aggregator partners allowed us to extend our hours. I think it's just another proof point in what a nice job the team is doing in thinking through the strategic benefits we can get from the various relationships we have in the category.

是的，顯然，我們相信必勝客能夠並且將會增加銷售額。在交付方面，其中一個方面，也許是被低估的，是我們現在將交付作為一種服務，我們可以透過我們的聚合合作夥伴外包一些交付，這實際上是我們要追求的解鎖之一深夜，我們配備司機可能有點困難。能夠將這些交付交給我們的聚合合作夥伴使我們能夠延長工作時間。我認為這只是另一個證據，證明團隊在思考我們可以從該類別中的各種關係中獲得的策略利益方面做得非常出色。

But here, in a world where the consumer might be a little bit more pressured, obviously, carry out is playing a bigger role and lower price points will play a bigger role in the pizza category. That's one of the reasons why Melts, I think, has landed so well and will be a big part of the growth for Pizza Hut going forward.

但在這裡，在一個消費者可能面臨更大壓力的世界裡，顯然，外送正在發揮更大的作用，而較低的價格點將在披薩類別中發揮更大的作用。我認為，這就是 Melts 如此成功並將成為必勝客未來成長的重要組成部分的原因之一。

I appreciate everybody's time today. Obviously, this is a quarter that we're incredibly proud of, much like the last few quarters and it never gets old. Keep continuing to put up double-digit top line growth and strong bottom line growth.

我很感謝大家今天抽出時間。顯然，這是我們非常自豪的季度，就像過去幾個季度一樣，而且永遠不會過時。繼續保持兩位數的收入成長和強勁的利潤成長。

I'll just end with a few comments about what we saw as we went through our internal annual operating plan reviews in the last few weeks. It's something that you guys don't get a glimpse into. But I can tell you, the spirit in the rooms that -- when we met with the teams, the talent in the room that's displayed and the way that everybody is sort of on their front foot now, we've got the -- all this work that we've done on technology over the last few years firmly planted so that we now have something that we can leverage in a much bigger way to grow sales. I think our franchisee partnerships have never been better. And all of that adds up to what I thought were incredibly inspiring plans going forward to take market share, grow our businesses the right way for the long term and continue to put up results like you saw this quarter.

最後，我將就過去幾週進行內部年度營運計畫審查時所看到的情況發表一些評論。這是你們看不到的東西。但我可以告訴你，房間裡的精神——當我們與團隊會面時，房間裡展示的才華以及每個人現在都處於領先地位的方式，我們已經擁有了——所有我們過去幾年在技術方面所做的工作已經紮根，因此我們現在可以更大程度地利用一些東西來增加銷售。我認為我們的特許經營商合作夥伴關係從未如此良好。所有這些加在一起，構成了我認為令人難以置信的鼓舞人心的計劃，這些計劃將繼續擴大市場份額，以正確的方式長期發展我們的業務，並繼續取得像您在本季度看到的那樣的業績。

So we're incredibly excited about the future. We look forward to talking to you on the next call about a little bit more detail about plans for 2024. Thanks, everybody, for your time today.

所以我們對未來感到非常興奮。我們期待在下次電話會議上與您討論有關 2024 年計劃的更多細節。謝謝大家今天抽出寶貴的時間。

This concludes today's call. Thank you for joining. You may now disconnect your lines.

今天的電話會議到此結束。感謝您的加入。現在您可以斷開線路。