百勝餐飲集團 (YUM) 2023 Q4 法說會逐字稿

Hello, everyone, and welcome to the Yum! Brands, Inc. 2023 Fourth Quarter Earnings Call. My name is Charlie and will be coordinating the call today. (Operator Instructions)

大家好，歡迎來到百勝餐飲！ Brands, Inc. 2023 年第四季財報電話會議。我叫查理，今天將協調電話會議。 （操作員說明）

I will now hand it over to our host, Matt Morris, Head of Investor Relations, to begin. Matt, please go ahead.

現在我將把它交給我們的主持人、投資者關係主管馬特莫里斯（Matt Morris）開始。馬特，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有：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.

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。

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

此外，請參閱我們的收益發布以及我們向 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. As a reminder, several of Yum! Brands business units report on a period calendar basis, including all U.S. and Canada brands, KFC U.K. and KFC Australia. When forecasting 2024, please keep in mind that this year will include an extra week in the fourth quarter for those entities. For more information on our reporting calendar for each market, please visit the Financial Reports section via 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。提醒一下，有幾個百勝！品牌業務部門按週期進行報告，包括所有美國和加拿大品牌、肯德基英國和肯德基澳大利亞。在預測 2024 年時，請記住，今年這些實體的第四季將多出一週。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.

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。

We'd like to make you aware of upcoming Yum! investor events in the following. Our first quarter earnings will be released on May 1 with a conference call on the same day. Finally, please mark your calendars for an in-person Taco Bell Consumer Day in December at the Taco Bell headquarters in Irvine, California. Stay tuned for more details and invitations to follow.

我們想讓您了解即將推出的百勝餐飲！投資者事件如下。我們將於 5 月 1 日發布第一季財報，並於同日召開電話會議。最後，請在您的日曆上標記 12 月在加利福尼亞州歐文市 Taco Bell 總部舉辦的現場 Taco Bell 消費者日活動。請繼續關注更多詳細資訊和後續邀請。

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 discuss our results, I want to express our continued concern for those impacted by the ongoing conflict in the Middle East. We continue to prioritize the safety and well-being of our franchisees and employees in the region.

謝謝你，馬特，大家早安。在討論我們的結果之前，我想表達我們對受中東持續衝突影響的人們的持續關注。我們繼續優先考慮該地區加盟商和員工的安全和福祉。

Turning to 2023. It was a remarkable year for Yum! Brands as we crossed the $60 billion system sales threshold and exceeded all aspects of our long-term growth algorithm. Despite facing numerous challenges around the world, our incredible teams delivered another exceptional year of growth across our business. We set an industry development record for the third straight year. We made massive strides in scaling our proprietary digital and AI-driven ecosystem. And we continued to build the talent base that I believe is the best in the industry.

展望 2023 年。對於百勝餐飲集團來說，這是非凡的一年！品牌，因為我們跨越了 600 億美元的系統銷售額門檻，並超越了我們長期成長演算法的各個方面。儘管在世界各地面臨著眾多挑戰，我們令人難以置信的團隊在我們的業務中實現了非凡的成長。我們連續第三年創造了產業發展紀錄。我們在擴展專有的數位和人工智慧驅動的生態系統方面取得了巨大進展。我們繼續建立我認為業內最好的人才基礎。

We delivered 6% unit growth, 10% system sales growth and 12% core operating profit growth. We enter 2024 having opened just shy of 10,000 net new restaurants over the past 3 years and are well on our way to reaching 60,000 restaurants this year. This growth would not be possible were not for our world-class franchise partners, who continue to deploy their own capital based on their confidence to invest behind the long-term potential of our brand.

我們實現了 6% 的銷量成長、10% 的系統銷售額成長和 12% 的核心營業利潤成長。進入 2024 年，我們在過去 3 年淨新開設了近 10,000 家餐廳，今年預計將達到 60,000 家餐廳。如果沒有我們世界級的特許經營合作夥伴，這種成長是不可能實現的，他們有信心投資我們品牌的長期潛力，繼續部署自己的資本。

Along with the record-breaking success we've had on development, our digital strategy has helped to propel top line results and improve bottom line profits. Digital sales approached $30 billion in 2023, up 22% year-over-year with mix now exceeding 45%. At the same time, we have accelerated the deployment of our proprietary technologies to optimize back-of-house operations and make it easier to run our restaurants. In doing so, we are equipping our franchise partners with distinctive capabilities that differentiate them from the competition, especially in emerging markets.

除了我們在開發方面取得的破紀錄的成功之外，我們的數位策略還幫助推動了頂線業績並提高了底線利潤。 2023 年，數位銷售額將接近 300 億美元，年增 22%，目前佔比已超過 45%。同時，我們加快了專有技術的部署，以優化後台運營，讓餐廳的經營變得更加容易。在此過程中，我們為我們的特許經營合作夥伴提供獨特的能力，使他們在競爭中脫穎而出，尤其是在新興市場。

I'll now share some more details on the fourth quarter specifically. During the quarter, top line sales were impacted by the conflict in the Middle East region with varying degrees of impact across markets in the Middle East, Malaysia and Indonesia. This represented a low single-digit headwind to Yum!'s overall fourth quarter same-store sales growth. This trend has continued into the first quarter, and we expect the sales impact to decrease over the course of 2024.

現在我將具體分享有關第四季度的更多細節。本季度，營收受到中東地區衝突的影響，中東、馬來西亞和印尼市場受到不同程度的影響。這對百勝餐飲集團第四季同店銷售整體成長構成了個位數的低阻力。這一趨勢一直持續到第一季度，我們預計銷售影響將在 2024 年期間減少。

Key to our growth is the performance of our twin growth engines, KFC International and Taco Bell U.S., which account for approximately 70% of Yum!'s system sales and roughly 80% of Yum!'s division operating profit. In 2023, KFC International opened nearly 2,700 new restaurants, reaching 10% growth with restaurants opened across 96 countries. More than 80% of unit growth came from our 15 publicly traded franchisees. Entering 2024, I have strong confidence in the durability of KFC's global expansion for which we continue to see an incremental 50,000 restaurant opportunity over the long term.

我們成長的關鍵是我們的雙重成長引擎—肯德基國際公司和塔可鐘美國公司的業績，它們約佔百勝集團系統銷售額的 70%，約佔百勝集團部門營業利潤的 80%。 2023年，肯德基國際新開餐廳近2,700家，成長10%，餐廳遍佈96個國家。超過 80% 的單位增長來自我們的 15 家上市特許經營商。進入 2024 年，我對肯德基全球擴張的持久性充滿信心，從長遠來看，我們將繼續看到新增 50,000 家餐廳的機會。

On a global basis, Taco Bell crossed the $15 billion system sales milestone this year, reflecting the growing scale of this powerhouse brand. Turning to Taco Bell U.S., which contributes more than 75% of our U.S. divisional operating profit, the brand maintained its 2-year same-store sales trend in the fourth quarter, outperforming the QSR industry. Taco Bell continued to deliver industry-leading margins at 24% this year while at the same time, leading the QSR industry in several key value perception indicators.

在全球範圍內，Taco Bell 今年的系統銷售額突破了 150 億美元的里程碑，反映出這個強大品牌的規模不斷擴大。至於 Taco Bell 美國公司，其貢獻了我們美國部門營業利潤的 75% 以上，該品牌在第四季度維持了兩年來的同店銷售趨勢，表現優於 QSR 行業。 Taco Bell 今年繼續實現業界領先的 24% 利潤率，同時在幾個關鍵價值認知指標上領先快餐業。

Now I'll discuss our Relevant, Easy and Distinctive Brands, or R.E.D. for short, followed by our Unrivaled Culture & Talent and Good Growth strategy. Chris will then provide an update on our fourth quarter results and balance sheet position, followed by our Bold Restaurant Development and Unmatched Operating Capability.

現在我將討論我們的相關、簡單且獨特的品牌（R.E.D）。簡而言之，其次是我們無與倫比的文化和人才以及良好的成長策略。然後，克里斯將提供有關我們第四季度業績和資產負債表狀況的最新信息，然後是我們大膽的餐廳開發和無與倫比的營運能力。

Starting with the KFC division, which accounts for 50% of our divisional operating profit and will soon cross this incredible milestone of 30,000 units. For the year, system sales grew 12% with 8% unit growth and 7% same-store sales growth. For the quarter, KFC achieved 7% system sales growth owing to 8% unit growth and 2% same-store sales growth.

從肯德基部門開始，該部門占我們部門營業利潤的 50%，很快就會跨越 30,000 份這一令人難以置信的里程碑。今年，系統銷售額成長 12%，其中銷量成長 8%，同店銷售額成長 7%。本季度，由於單位數量增長 8% 和同店銷售額增長 2%，肯德基實現了 7% 的系統銷售額增長。

Sales trends decelerated during the quarter in several markets as a result of the conflict in the Middle East. KFC China grew system sales by an impressive 20% during the quarter. We had several other standout markets this quarter, including 16% system sales growth in Latin America and 13% system sales growth in both Africa and Thailand.

由於中東衝突，本季多個市場的銷售趨勢有所放緩。肯德基中國本季的系統銷售額成長了 20%，令人印象深刻。本季我們還有其他幾個表現優異的市場，包括拉丁美洲的系統銷售額成長 16%，非洲和泰國的系統銷售額成長 13%。

In Latin America, we targeted new consumers and dayparts using compelling value offers, and we expanded our KFC Original nuggets. In Africa, the team boosted its breakfast daypart with new beverages, including signature coffees at a great price. The Thailand market saw strong transaction growth driven by smart value offerings across all dayparts.

在拉丁美洲，我們透過極具吸引力的價值優惠瞄準新消費者和時段，並擴大了肯德基原味雞塊。在非洲，團隊推出了新飲料，包括價格優惠的招牌咖啡，以豐富早餐時段。泰國市場在所有時段的智慧價值產品的推動下實現了強勁的交易成長。

At KFC U.S., same-store sales were flat this quarter with trends on a 2-year basis remaining consistent from the prior quarter. In Q1, the team has planned a range of exciting initiatives, including the Smash'd Potato Bowl, the first bowl innovation since 2019, and the rollout of KFC's first loyalty rewards program.

在肯德基美國，本季同店銷售額持平，兩年趨勢與上一季保持一致。在第一季度，該團隊計劃了一系列令人興奮的舉措，包括自 2019 年以來的首個碗創新 Smash'd Potato Bowl，以及肯德基首個忠誠度獎勵計劃的推出。

Moving on to Taco Bell division, which represents 36% of our divisional operating profit. At Taco Bell U.S., fourth quarter same-store sales grew 3% and 15% on a 2-year basis, outperforming the QSR industry by 3 points. Taco Bell U.S. faced tough laps early in the quarter but finished the year strong with comps up over 5% in the final period. The quarter included a record digital sales mix, which reached 31%, up 7 points year-over-year. Growth in kiosk sales was a large driver with in-store kiosk sales mix increasing 15 points from Q4 last year.

接下來是 Taco Bell 部門，該部門占我們部門營業利潤的 36%。在 Taco Bell 美國，第四季同店銷售額較兩年前成長 3% 和 15%，跑贏速食業 3 個百分點。 Taco Bell 美國公司在本季初遭遇了艱難的考驗，但以強勁的表現結束了這一年，最後一個時期的業績增長了 5% 以上。該季度數位銷售組合創歷史新高，達 31%，年增 7 個百分點。自助終端銷售的成長是一大推動力，店內自助終端銷售組合較去年第四季成長了 15 個百分點。

Optimizing our digital channels is also contributing to growth in Taco Bell's loyalty program with active loyalty users growing 17% in 2023. The team plans to bring exciting enhancements to the loyalty program in the second half of 2024 to capitalize on digital engagement and provide an easier experience for customers to earn and redeem points.

優化我們的數位管道也有助於Taco Bell 忠誠度計劃的成長，活躍忠誠度用戶到2023 年將增長17%。該團隊計劃在2024 年下半年對忠誠度計劃進行令人興奮的增強，以利用數字參與並提供更輕鬆的體驗客戶賺取和兌換積分的體驗。

While not surprising, I'm always proud to see our incredible Taco Bell team's efforts being recognized with Entrepreneur magazine naming the brand the #1 franchisor for the fourth year running and with Nation's Restaurant News crowning Taco Bell the 2023 Brand Icon. With an unprecedented range of exciting innovations launching this year, including at least one new product every 5 weeks, twice the rate of 2023, I'm confident Taco Bell will remain a brand icon for years to come.

雖然並不奇怪，但我總是很自豪地看到我們令人難以置信的Taco Bell 團隊的努力得到認可，《企業家》雜誌連續第四年將該品牌評為第一大特許經營商，並且《國家餐廳新聞》將Taco Bell 評為2023 年品牌偶像。今年推出了一系列前所未有的令人興奮的創新產品，其中包括每 5 週至少推出一款新產品，這一速度是 2023 年的兩倍，我相信 Taco Bell 將在未來幾年繼續成為品牌標誌。

At Taco Bell International, we delivered 14% unit growth this year. The majority of this growth was contributed by our big 4 scaled markets, including Spain, which opened 19 new units this year and is on track to reach 150 units in Q1. As we enter 2024, we will work with our franchise partners in these markets to build brand and category awareness with Mexican food, particularly in Europe and Asia, leaning into fan favorites and expanding protein offerings. Additionally, we are working on scaling and entering new markets that will enable a broader base from which to grow.

在 Taco Bell International，我們今年的銷量成長了 14%。這一增長的大部分來自我們的四大規模市場，其中包括西班牙，該市場今年開設了 19 個新單位，並預計在第一季達到 150 個單位。進入 2024 年，我們將與這些市場的特許經營合作夥伴合作，建立墨西哥食品的品牌和品類知名度，特別是在歐洲和亞洲，迎合粉絲的最愛並擴大蛋白質產品。此外，我們正在努力擴大規模並進入新市場，以建立更廣泛的成長基礎。

Next, at the Pizza Hut division, which comprises 15% of our divisional operating profit and will soon eclipse 20,000 units. In Q4, system sales grew 1% with 4% unit growth and a 2% decline in same-store sales. Sales trends decelerated during the quarter in several markets as a result of the conflict in the Middle East. For the full year, system sales grew 5%, including 4% unit growth and 2% same-store sales growth.

接下來是必勝客部門，該部門占我們部門營業利潤的 15%，數量很快就會超過 20,000 家。第四季度，系統銷售額成長 1%，單位數量成長 4%，同店銷售額下降 2%。由於中東衝突，本季多個市場的銷售趨勢有所放緩。全年系統銷售額成長 5%，其中銷量成長 4%，同店銷售額成長 2%。

At Pizza Hut International, same-store sales were flat for the quarter. The team continues to roll out Melts across the globe to build the individual eater occasion. Strength in the aggregator channel continues to be a bright spot across several markets, including Canada and Latin America. Buy one, get one deals coupled with aggregator promotions drove transaction growth in Canada during the quarter. In Latin America, the promotion of our own digital channels in Brazil, combined with a New York-style pizza, helped boost sales for that market.

必勝客國際公司本季同店銷售額持平。團隊繼續在全球推出 Melts，以打造個人用餐場合。聚合通路的實力仍然是加拿大和拉丁美洲等多個市場的亮點。買一送一交易加上聚合促銷活動推動了本季加拿大的交易成長。在拉丁美洲，我們在巴西推廣自己的數位管道，再加上紐約風格的披薩，有助於提高該市場的銷售額。

At Pizza Hut U.S., same-store sales declined 4% for the quarter while growing 1% for the full year. The Melts launch and the promotion of the Detroit-style pizza in the prior year contributed to a difficult lap this quarter. Pizza Hut U.S. will face another challenging lap in Q1 as same-store sales increased 8% last year, reflecting full quarter of sales from the Melts platform and the Big New Yorker.

必勝客美國公司的同店銷售額本季下降 4%，而全年增長 1%。去年 Melts 的推出和底特律風味披薩的推廣導致了本季的艱難發展。必勝客美國公司將在第一季面臨另一個充滿挑戰的挑戰，去年同店銷售額成長了 8%，反映了 Melts 平台和 Big New Yorker 整個季度的銷售額。

However, we expect performance trends on a 2-year basis to improve in the first quarter. In Q1, the team will launch two limited-time offers, including Hot Honey Pizza and Wings, a perfect pairing for fans to enjoy in the run-up to the Super Bowl. In the months ahead, the team will be announcing some exciting innovations to the Melts platform.

然而，我們預計第一季的兩年業績趨勢將有所改善。在第一季度，該團隊將推出兩項限時優惠，包括熱蜂蜜披薩和雞翅，這是球迷在超級盃前夕享用的完美搭配。在接下來的幾個月中，該團隊將宣布 Melts 平台的一些令人興奮的創新。

Lastly, at the Habit Burger Grill, for the full year, system sales grew 6%, led by 8% unit growth. Reflecting on 2023, Habit's new leadership team focused on improving all elements of Habit's operations, including expediting a robust kiosk rollout, implementing a sales-driven labor optimization model and harnessing Yum!'s co-op purchasing group to lower procurement costs and rationalize SKUs. As a result of these efforts, the team achieved a 380 basis point increase in full year store-level margins despite softness in sales.

最後，Habit Burger Grill 全年的系統銷售額成長了 6%，單位數量增加了 8%。回顧 2023 年，Habit 的新領導團隊專注於改善 Habit 營運的所有要素，包括加快強大的自助服務終端的推出、實施銷售驅動的勞動力優化模型以及利用 Yum! 的合作採購團隊來降低採購成本並合理化 SKU 。透過這些努力，儘管銷售疲軟，該團隊的全年商店利潤率仍實現了 380 個基點的成長。

Now I'll turn to our Good Growth strategy, starting with our People pillar. We take great pride in developing our talent and ensuring we have a strong bench to drive performance. And we were thrilled to be recognized in TIME Magazine's inaugural list of the Best Companies for Future Leaders with Yum! ranking an impressive 32nd among U.S. companies.

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。我們為培養人才並確保擁有強大的後盾來推動績效感到非常自豪。我們很高興與百勝餐飲集團一起入選《時代》雜誌首屆「未來領袖最佳公司」名單。在美國公司中排名第 32 位，令人印象深刻。

The strength of our talent is evident through Sean Tresvant's official transition to Taco Bell Division CEO on January 1. Sean joined Yum! in 2022 and is a visionary business leader with a proven track record of driving transformative brand-building through his previous role as the Taco Bell Global Chief Brand and Strategy Officer. I'd like to again congratulate Sean as he takes the helm at Taco Bell. And I'm confident he and the rest of the team will continue to successfully deliver the brand's long-term global growth strategy.

Sean Tresvant 於 1 月 1 日正式轉任 Taco Bell 部門首席執行官，由此可見我們的人才實力。Sean 加入百勝餐飲集團！ 2022 年，他是一位富有遠見的商業領袖，之前擔任 Taco Bell 全球首席品牌和策略官，在推動變革性品牌建立方面擁有良好的記錄。我想再一次祝賀肖恩掌管塔可鐘。我相信他和團隊其他成員將繼續成功實現品牌的長期全球成長策略。

I'd also be remiss if we didn't take another opportunity to recognize Mark King for everything he did as Taco Bell Division CEO to set the brand up for future success, including handpicking Sean as his successor and ensuring that Taco Bell would be in more-than-capable hands. On behalf of the entire Yum! system, I want to thank Mark for his people-first leadership that drove strong results, inspired restless creativity and solidified Taco Bell's unique brand identity that makes it an undisputed global icon.

如果我們沒有再次利用機會表彰馬克金(Mark King) 作為塔可鐘(Taco Bell) 部門首席執行官所做的一切，他為品牌未來的成功奠定了基礎，包括親自挑選肖恩(Sean) 作為他的繼任者，並確保塔可鐘(Taco Bell) 能夠在更有能力的雙手。代表整個百勝集團！在我的系統中，我要感謝馬克以人為本的領導，他推動了強勁的業績，激發了永不停歇的創造力，並鞏固了塔可鐘獨特的品牌形象，使其成為無可爭議的全球偶像。

Additionally, Pizza Hut Global Chief Technology Officer, Joe Park, will be moving into the Yum! Chief Digital and Technology Officer role currently held by Clay Johnson, who will continue as a senior adviser. I want to thank Clay for his incredible leadership joining Yum! in 2019, including developing our digital and technology capabilities from the ground-up and establishing Yum! as a clear leader in technology in global QSR.

此外，必勝客全球技術長 Joe Park 將搬入百勝餐飲集團！首席數位和技術長目前由克萊·約翰遜擔任，他將繼續擔任高級顧問。我要感謝克萊在加入百勝餐飲集團時所發揮的令人難以置信的領導力！ 2019 年，包括從頭開始發展我們的數位和技術能力並建立百勝餐飲集團！作為全球 QSR 領域明顯的技術領導者。

Since joining Yum!, Joe formed our first-ever long-range innovation team before moving on to Pizza Hut, our most digital brand, where he partnered with our global operations and technology leaders to deliver new levels of ease to our customers and improved unit economics for our franchisees. I'm confident he is the perfect person to lead us into the next chapter on our digital and technology journey.

自從加入百勝集團以來，Joe 組建了我們有史以來第一個長期創新團隊，然後轉到我們數位化程度最高的品牌必勝客，在那裡他與我們的全球營運和技術領導者合作，為我們的客戶提供了新的便利水準並改進了單位我們的加盟商的經濟效益。我相信他是帶領我們進入數位和科技之旅新篇章的最佳人選。

Moving on to the Planet pillar of our Good Growth strategy. In 2023, we remained focused on efforts under our priority areas of greenhouse gas reduction and sustainable packaging. We've made progress on our goal of reducing greenhouse gas emissions nearly 50% by 2030 through investments in renewable energy and energy efficiencies in our restaurants and through ongoing commitments with our food suppliers.

繼續我們良好成長策略的地球支柱。 2023 年，我們仍專注於減少溫室氣體排放和永續包裝等優先領域的工作。透過對餐廳再生能源和能源效率的投資以及與食品供應商的持續承諾，我們在實現到 2030 年將溫室氣體排放量減少近 50% 的目標方面取得了進展。

In terms of packaging, we are increasing our global use of more widely recyclable plastics in our consumer packaging. And we continue to remove plastic packaging in the form of bags and cutlery in addition to eliminating styrofoam. Our continued progress in sustainability has been underscored by several recent recognitions, including being named to the 2024 Dow Jones Sustainability Index North America for the eighth consecutive year and being listed by Newsweek as one of America's Most Responsible Companies for 2024.

在包裝方面，我們正在全球消費包裝中增加使用更廣泛的可回收塑膠。除了消除聚苯乙烯泡沫塑膠之外，我們還繼續消除袋子和餐具形式的塑膠包裝。最近的多項認可凸顯了我們在永續發展方面的持續進步，包括連續第八年入選2024 年道瓊北美永續發展指數，以及被《新聞週刊》列為2024 年美國最具責任感的公司之一。

Before I wrap, I want to pay tribute to our incredible partners at Yum China. In December, my team and I traveled to Shanghai to meet with CEO Joey Wat and her executive team. That trip reinforced our view that Yum China is without question the world's most capable restaurant operator. They enable rapid growth and structural cost efficiencies through their dynamic development capabilities and their robust in-house supply chain.

在結束之前，我想向百勝中國優秀的合作夥伴致敬。 12 月，我和我的團隊前往上海與執行長 Joey Wat 和她的管理團隊會面。那次旅行強化了我們的觀點：百勝中國毫無疑問是世界上最有能力的餐廳經營者。他們透過動態的開發能力和強大的內部供應鏈實現快速成長和結構性成本效率。

Our team sampled amazing new menu items in their innovation kitchen. And we saw firsthand the digital capabilities that enable Yum China to engage with an astounding 470 million members in its loyalty program. These advantages enable consistent paybacks of 2 to 3 years in KFC and Pizza Hut despite evolving market conditions, a further testament to their clear competitive advantages in the market.

我們的團隊在他們的創新廚房中品嚐了令人驚嘆的新菜單項目。我們親眼目睹了百勝中國憑藉其忠誠度計劃與驚人的 4.7 億會員互動的數位化能力。這些優勢使得肯德基和必勝客能夠在不斷變化的市場條件下持續 2 至 3 年獲得回報，進一步證明了它們在市場上的明顯競爭優勢。

As I look back over the last year, the unique advantages of our diversified system shone through. While the business faced persistent inflation across the globe and navigated shifts in consumer sentiment stemming from regional conflicts, we responded with a focused determination to execute our growth plan, including growing units in 110 countries, meaningfully scaling our technology systems, deepening collaboration across our brands and delivering both sales and profits well above our long-term growth algorithm.

回顧過去的一年，我們多元化體系的獨特優勢凸顯出來。儘管我們的業務面臨全球持續的通貨膨脹，並應對區域衝突引起的消費者情緒的變化，但我們以堅定的決心執行我們的成長計劃，包括在110 個國家/地區增加分支機構、有意義地擴展我們的技術系統、深化我們品牌之間的合作銷售額和利潤均遠高於我們的長期成長演算法。

We're confident 2024 will be another banner year with a number of exciting sales-driving opportunities, such as enhancing the range of protein offerings at Taco Bell, expanding new category entry points and significantly boosting the impact of our loyalty program. With a world-class team, globally iconic brands, industry-leading franchisees and a relentless appetite for growth, the future is brighter than ever. And I am confident that we will continue to maximize value for our shareholders.

我們相信2024 年將是另一個輝煌的一年，將帶來許多令人興奮的銷售驅動機會，例如增強Taco Bell 的蛋白質產品範圍、擴大新的品類切入點以及顯著提升我們的忠誠度計劃的影響力。憑藉世界一流的團隊、全球標誌性品牌、業界領先的特許經營商和不懈的成長慾望，未來比以往任何時候都更加光明。我相信我們將繼續為股東創造最大價值。

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，然後介紹我們的資產負債表和資本策略的最新情況。

As David mentioned, 2023 was an exceptional year with Yum! exceeding all components of our long-term growth algorithm. Full year same-store sales grew a very robust 6%. We opened 4,754 gross new units, the equivalent of 13 restaurants a day or 1 restaurant roughly every 2 hours. KFC set a brand development record, opening over 2,700 new units across 97 different countries. I also want to extend congratulations to the Yum China team, who crossed 10,000 KFC restaurants this quarter with nearly 40% of those restaurants built in the last 3 years.

正如 David 所提到的，2023 年對百勝餐飲來說是不平凡的一年！超過我們長期成長演算法的所有組成部分。全年同店銷售額強勁成長 6%。我們總共新開了 4,754 家餐廳，相當於每天 13 家餐廳，或大約每 2 小時 1 家餐廳。肯德基創下了品牌發展記錄，在 97 個不同國家開設了 2,700 多家新店。我還要向百勝中國團隊表示祝賀，他們本季的肯德基餐廳數量突破了 10,000 家，其中近 40% 的餐廳是在過去 3 年建成的。

Turning to our results. Full year system sales grew 10% with fourth quarter system sales up 5%, led by 6% unit growth and 1% same-store sales growth. Yum!'s twin growth engines, KFC International and Taco Bell U.S., grew system sales 12% this year.

轉向我們的結果。全年系統銷售額成長 10%，其中第四季系統銷售額成長 5%，銷量成長 6%，同店銷售額成長 1%。百勝餐飲集團的雙重成長引擎—肯德基國際公司和塔可鐘美國公司，今年的系統銷售額成長了 12%。

Fourth quarter ex special general and administrative expenses were $344 million, down 4% year-over-year due to strict cost control. Reported G&A was $353 million for the quarter, including $9 million in special expense related to an ongoing resource optimization project. For the full year, ex special general and administrative expenses were $1.17 billion.

由於嚴格的成本控制，第四季扣除特殊管理費用為 3.44 億美元，年減 4%。本季度報告的一般管理費用為 3.53 億美元，其中包括與正在進行的資源優化項目相關的 900 萬美元特殊費用。全年扣除特別一般及行政費用後為 11.7 億美元。

Core operating profit grew 8% for the quarter and 12% for the full year. Reported operating profit included a negligible impact in the quarter from foreign currency translation and a $49 million headwind for the full year. Our ex special tax rate was 26% in the quarter and slightly under 21% for the full year.

本季核心營運利潤成長 8%，全年核心營運利潤成長 12%。報告的營業利潤包括本季外匯換算帶來的微不足道的影響以及全年 4,900 萬美元的逆風。本季我們的前特別稅率為 26%，全年略低於 21%。

Fourth quarter ex special EPS was $1.26, a decline year-over-year, stemming from a $0.23 headwind from fluctuations in our quarterly tax rate that drove our effective tax rate above our guided range in 2023 and below our guided range in 2022. Full year ex special EPS was $5.17, a 14% increase year-over-year.

第四季度除特殊每股收益為 1.26 美元，同比下降，原因是季度稅率波動帶來 0.23 美元的阻力，導致我們的有效稅率高於 2023 年指導範圍，低於 2022 年指導範圍。全年扣除特殊每股收益為5.17 美元，較去年同期成長14%。

Now let me share some greater detail on our fourth quarter unit growth in the context of our Bold Restaurant Development growth driver. Yum! opened just shy of 1,900 units in the fourth quarter with approximately 87% of that growth coming from our international markets. The KFC division was the largest driver, finishing the year with units up 8%. China, India, Thailand, South Africa and Spain drove KFC's development this year and were part of a group of 15 countries that grew unit count by more than 25 restaurants.

現在，讓我在大膽餐廳開發成長驅動力的背景下分享一些有關第四季度單位成長的更多細節。嗯！第四季新開店數量接近 1,900 家，其中約 87% 的成長來自我們的國際市場。肯德基部門是最大的推動者，全年銷量成長了 8%。中國、印度、泰國、南非和西班牙推動了肯德基今年的發展，它們是肯德基門市數量增加超過 25 家的 15 個國家之一。

In December, we were pleased to announce that we signed an agreement to acquire 218 KFC restaurants from our largest franchisee in the U.K. This is an exciting opportunity for us to purchase restaurants with average unit volumes above $2 million and healthy store-level cash margins in a market where we have an exceptional local management team who run our existing KFC U.K. equity store base.

12 月，我們很高興地宣布，我們簽署了一項協議，從我們在英國最大的特許經營商手中收購218 家肯德基餐廳。這對我們來說是一個令人興奮的機會，可以購買平均單位銷售超過200 萬美元且門市級現金利潤率良好的餐廳。在這個市場，我們擁有一支出色的本地管理團隊，他們負責經營我們現有的肯德基英國股票店基地。

We expect the addition of these units to provide approximately $40 million of incremental EBITDA in the 12 months after acquisition while the benefit to our operating profit will be largely offset over the next several years due to depreciation and amortization, including amortization of reacquired franchise rights, which will be reflected in store-level margins post acquisition. We anticipate this transaction to close during the second quarter.

我們預計這些單位的增加將在收購後12 個月內提供約4000 萬美元的增量EBITDA，而我們的營業利潤收益將在未來幾年內因折舊和攤銷（包括重新獲得的特許經營權的攤銷）而在很大程度上被抵消，這將反映在收購後的商店層面的利潤中。我們預計這筆交易將在第二季完成。

At Pizza Hut, the division opened 575 units for the quarter and nearly 1,600 units for the year, a record for the brand. There were 73 markets that contributed to the brand's development. China, India, Turkey, Japan and Canada led Pizza Hut's growth internationally with more than 900 units opened across those countries. The Taco Bell division opened 201 units in Q4 and 417 units for the full year. In the U.S., unit development was also on fire with 244 gross new units. Our longer-term growth engines that include Habit and Taco Bell International opened 208 units on a combined basis and grew unit count by 12%.

必勝客該部門本季新開 575 家店，全年新開近 1,600 家店，創下品牌的紀錄。有73個市場為該品牌的發展做出了貢獻。中國、印度、土耳其、日本和加拿大引領必勝客的國際成長，在這些國家開設了 900 多家門市。 Taco Bell 部門第四季新開 201 家店，全年新開 417 家門市。在美國，公寓開發也火熱進行，新公寓總數達 244 套。我們的長期成長引擎（包括 Habit 和 Taco Bell International）合計開設了 208 家門市，門市數量增加了 12%。

We finished 2023 with unit growth occurring in 110 countries. We now have units in 293 brand country combinations, providing an unmatched level of diversity geographically as well as in consumer preference with leading brands in the chicken, pizza and Mexican categories. Looking ahead, we expect development in 2024 to continue at a robust pace.

到 2023 年，我們的銷售量在 110 個國家/地區成長。我們現在在 293 個品牌國家組合中擁有分支機構，在地理和消費者偏好方面提供了無與倫比的多樣性，其中包括雞肉、披薩和墨西哥類別的領先品牌。展望未來，我們預計 2024 年的發展將持續保持強勁步伐。

In the first half, KFC will reach an incredible 30,000 units and Pizza Hut will top 20,000 units. At KFC, we enter 2024 with more development commitments than last year. We recently returned from an inspiring visit to China in December and were reminded of the incredible runway for KFC's growth in the market, where Yum China has over 10,000 KFC restaurants yet serves only 1/3 of the population.

上半年，肯德基將達到令人難以置信的3萬份，必勝客將突破2萬份。在肯德基，我們帶著比去年更多的發展承諾進入 2024 年。最近，我們在12 月結束了一次鼓舞人心的中國之行，回想起肯德基在中國市場的驚人增長，百勝中國在中國擁有10,000 多家肯德基餐廳，但服務的人口卻只佔中國1/3 的人口。

Taco Bell International will continue to expand their footprint, though the growth rate will temporarily slow as the brand looks to stabilize same-store sales performance in emerging markets and partner with franchisees to optimize site selection, leveraging KFC and Pizza Hut market-mapping data.

塔可貝爾國際公司將繼續擴大其足跡，但成長速度將暫時放緩，因為該品牌希望穩定新興市場的同店銷售業績，並與特許經營商合作，利用肯德基和必勝客的市場測繪數據來優化選址。

Moving on to our Unmatched Operating Capabilities growth driver, which I'll speak to through the lens of our digital strategy involving our Easy Experiences, Easy Operations and Easy Insights pillars. 2023 was a landmark year for successfully scaling our suite of proprietary technologies across our global restaurant base.

接下來是我們無與倫比的營運能力成長動力，我將透過我們的數位策略的鏡頭來談論這一成長動力，其中包括我們的簡單體驗、簡單操作和簡單洞察支柱。 2023 年是我們在全球餐廳基地成功推廣我們的專有技術套件的具有里程碑意義的一年。

Beginning with our Easy Experiences pillar. We have successfully deployed our Yum! Commerce Platform to KFC U.S. and Taco Bell U.S. and are continuing to onboard the Pizza Hut U.S. system. Looking ahead, we will start to deploy this platform to two Pizza Hut International markets in the first half of 2024.

從我們的「輕鬆體驗」支柱開始。我們已經成功部署了 Yum!肯德基美國和塔可貝爾美國的商務平台，並將繼續加入必勝客美國系統。展望未來，我們將於 2024 年上半年開始將平台部署到必勝客國際的兩個市場。

Kiosks remain an important priority in delivering a consistent customer experience, driving ticket uplift and streamlining our restaurant operations. Globally, we've increased our kiosk penetration in KFC restaurants by 70% over the past year outside of China. We ended the year with kiosks in approximately 500 KFC U.S. restaurants, a huge step-up from nearly 0 only 2 quarters before. Our KFC Latin America markets also began the rollout of kiosks using our proprietary Tictuk platform this year and plan to triple the restaurant count in 2024.

自助服務終端仍然是提供一致的客戶體驗、推動門票上漲和簡化餐廳營運的重要優先事項。在全球範圍內，去年我們在中國以外的肯德基餐廳的自助終端滲透率提高了 70%。去年年底，我們在大約 500 家肯德基美國餐廳設立了自助服務終端，比兩個季度前的近 0 家餐廳有了巨大的進步。我們的肯德基拉丁美洲市場今年也開始使用我們專有的 Tictuk 平台推出自助服務終端，並計劃在 2024 年將餐廳數量增加兩倍。

Within Easy Operations, this quarter, we continued to fire on all cylinders, significantly expanding the rollout of our world-class technology products and platforms. Poseidon, our proprietary point-of-sale system, which was expanded to an additional 1,700 Taco Bell U.S. restaurants, resulting in 5,000 restaurants having been onboarded this year.

本季度，在 Easy Operations 方面，我們繼續全力以赴，顯著擴大了我們世界一流技術產品和平台的推出。 Poseidon 是我們專有的銷售點系統，已擴展到另外 1,700 家 Taco Bell 美國餐廳，今年已有 5,000 家餐廳加入。

We also ramped up the deployment of our Dragontail AI platform with an additional 1,000 locations onboarded this quarter and over 4,000 new restaurants added for the full year. We now have Dragontail in place in nearly 7,000 restaurants across Pizza Hut and KFC. Our 2024 rollout will include launching Dragontail in nearly 6,000 more restaurants, further evidence of our ability to scale software globally at a rapid pace.

我們也加大了 Dragontail AI 平台的部署力度，本季新增了 1,000 家店，全年新增了 4,000 多家新餐廳。現在，我們在必勝客和肯德基的近 7,000 家餐廳中部署了 Dragontail。我們 2024 年的推出將包括在近 6,000 家餐廳推出 Dragontail，進一步證明我們有能力在全球快速擴展軟體。

Our AI-driven Automated Inventory Management system is now being used in 90% of our KFC U.S. locations and roughly half of our Taco Bell U.S. restaurants, driving more seamless and more accurate inventory ordering processes for our restaurant managers. More than 3,000 additional restaurants across KFC, Taco Bell and Pizza Hut will be onboarded to the Automated Inventory Management system in 2024.

我們的人工智慧驅動的自動化庫存管理系統現已在美國 90% 的肯德基門市和大約一半的 Taco Bell 美國餐廳中使用，為我們的餐廳經理提供更無縫、更準確的庫存訂購流程。肯德基、塔可鐘和必勝客的另外 3,000 多家餐廳將於 2024 年加入自動庫存管理系統。

Finally, our custom-built Super App, which provides smart automated routine management tools for our restaurant managers, is now used in over 8,500 Pizza Hut restaurants globally. And KFC has plans to roll this out to approximately 6,000 restaurants in 2024.

最後，我們客製化的超級應用程式為我們的餐廳經理提供智慧自動化日常管理工具，現已在全球超過 8,500 家必勝客餐廳使用。肯德基計劃在 2024 年將其推廣到約 6,000 家餐廳。

For the third pillar of our Easy strategy, Easy Insights, we are fully leveraging our unique global scale to bring new insights and enable even smarter and quicker decision-making. This year, we expanded the reach of our Yum! global data hub, which captures the vast majority of global transaction-level sales data and other key operational and customer metrics.

對於我們 Easy 策略的第三個支柱，Easy Insights，我們正在充分利用我們獨特的全球規模來帶來新的見解，並實現更明智、更快速的決策。今年，我們擴大了百勝餐飲集團的覆蓋範圍！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。

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, including personalized upsell recommendations for customers ordering on our digital platforms, intelligent menu pricing recommendations and dynamic restaurant routines for general managers.

到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，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、智慧菜單定價建議和動態餐廳總經理的日常工作。

Stepping back, it's incredibly encouraging to see this digital ecosystem come to life in our restaurants. By the end of 2024, we are likely to have our Taco Bell U.S. restaurants operating substantially all of these key technologies through the Yum! ecosystem, from the Poseidon point-of-sale system to the Yum! Commerce Platform, our Automated Inventory Management software and the [tracks] restaurant management application, truly a power brand powered by world-class technology.

退一步來說，看到這個數位生態系統在我們的餐廳中得以實現，真是令人鼓舞。到 2024 年底，我們的 Taco Bell 美國餐廳可能會透過 Yum! 經營幾乎所有這些關鍵技術。生態系統，從 Poseidon 銷售點系統到 Yum!商務平台、我們的自動庫存管理軟體和 [tracks] 餐廳管理應用程序，真正是由世界一流技術提供支援的強大品牌。

Next, I'll provide an update on our balance sheet and liquidity position. Our net leverage ratio ended the year at 4.2x, down from 5x last year. As we had previously shared, we had planned for our net leverage ratio to drift lower during 2023 based on pausing new debt financing, paying our $279 million revolver balance in Q1 and retiring a $325 million bond maturity in Q4. Our capital expenditures for the quarter, net of refranchising proceeds, were $103 million. Our net capital expenditures for the year came in at $225 million, reflecting $60 million in refranchising proceeds and $285 million in gross CapEx.

接下來，我將提供有關我們的資產負債表和流動性狀況的最新資訊。截至年底，我們的淨槓桿率為 4.2 倍，低於去年的 5 倍。正如我們之前所分享的，我們計劃在2023 年期間降低淨槓桿率，原因是暫停新的債務融資，在第一季度支付2.79 億美元的循環餘額，並在第四季度註銷3.25 億美元的債券到期日。扣除再特許經營收益後，我們本季的資本支出為 1.03 億美元。我們今年的淨資本支出為 2.25 億美元，其中包括 6,000 萬美元的再特許收益和 2.85 億美元的總資本支出。

For the full year, we repurchased approximately 400,000 shares totaling $50 million. With the November bond maturity behind us and no significant debt maturities in 2024 or 2025, we will return to using our excess free cash flow to fund the share repurchases and any accretive investments we choose to make, for example, the U.K. KFC acquisition. In addition, we were pleased to recently announce an 11% increase to the dividend. I will reiterate that our capital priorities are guided by maximizing shareholder value. This includes investing in the business, maintaining a resilient balance sheet, offering a competitive dividend and continuously evaluating the optimal use of our excess cash.

全年，我們回購了約 40 萬股股票，總價值 5,000 萬美元。隨著11 月債券到期日過去，並且2024 年或2025 年沒有重大債務到期，我們將重新使用多餘的自由現金流為股票回購和我們選擇進行的任何增值投資（例如收購英國肯德基）提供資金。此外，我們最近很高興地宣布將股息增加 11%。我要重申，我們的資本優先事項以股東價值最大化為指導。這包括投資業務、維持有彈性的資產負債表、提供有競爭力的股息以及不斷評估我們多餘現金的最佳使用方式。

Finally, let me shed some light on how 2024 is shaping up. Despite a more challenging operating environment, including the impact of the conflict in the Middle East, we expect to deliver our long-term growth algorithm in 2024. This includes core operating profit growth to be at least 8%, excluding the benefit of the 53rd week. We have a strong unit development pipeline, thanks to attractive and reliable paybacks and growth-minded franchisees, which gives us confidence in our ability to deliver strong system sales growth.

最後，讓我簡單介紹一下 2024 年的情況。儘管營運環境更具挑戰性，包括中東衝突的影響，我們預計將在 2024 年實現長期成長演算法。這包括核心營運利潤成長至少 8%，不包括第 53 屆的收益星期。我們擁有強大的單位開發管道，這得益於有吸引力且可靠的回報和具有成長意識的特許經營商，這使我們對實現強勁系統銷售成長的能力充滿信心。

For the shape of the year, we expect top line trends in Q1 to be the most challenged with same-store sales trends improving sequentially as laps cease and a range of sales-driving initiatives take hold. We expect full year Taco Bell company operated margins to be in the range of 23% to 24%. We anticipate flat ex special G&A growth as we manage spend across the organization. Remember that G&A can vary due to the nature of our performance-based compensation plan. Lastly, we expect our full year tax rate to be in the range of 21% to 23%.

就今年的情況而言，我們預計第一季的營收趨勢將面臨最大的挑戰，隨著圈數的停止和一系列銷售驅動措施的實施，同店銷售趨勢將逐步改善。我們預計 Taco Bell 公司全年營業利潤率將在 23% 至 24% 之間。當我們管理整個組織的支出時，我們預計除特殊管理費用外的成長將持平。請記住，一般行政費用可能會因我們基於績效的薪酬計劃的性質而有所不同。最後，我們預計全年稅率將在 21% 至 23% 之間。

To close, I am incredibly proud of our performance this year. Sales trends became a little more challenging in the second half and yet we delivered profit growth above our algorithm as our teams quickly adjusted marketing calendars to meet demand and kept a strict focus on managing costs. It is our teams' relentless focus to stay vigilant on all areas of the business that gives me confidence we will deliver our long-term growth algorithm in 2024. The unbeatable combination of our iconic brands, best-in-class franchisees and resilient business model will enable us to deliver growth and shareholder value creation for years to come.

最後，我對我們今年的表現感到非常自豪。下半年的銷售趨勢變得更具挑戰性，但我們的利潤成長超出了我們的演算法，因為我們的團隊迅速調整了行銷日曆以滿足需求，並嚴格關注管理成本。正是我們的團隊對業務各個領域保持警惕的不懈專注，讓我有信心我們將在 2024 年實現長期增長演算法。我們的標誌性品牌、一流的特許經營商和彈性業務模式的無與倫比的結合將使我們能夠在未來幾年實現成長並創造股東價值。

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 comes from Gregory Francfort of Guggenheim.

（操作員說明）我們的第一個問題來自古根漢的格雷戈里·弗蘭克福特。

I mean, the question I had, as we look into 2024, there's obviously been some pockets of weakness around the world. But in terms of your development, you touched a little bit in the first half on some of the milestones you're going to reach. But what do you think about the pace of development globally in 2024 and 2025? Do you expect that to kind of hold around this 6% range? Or any thoughts there would be helpful.

我的意思是，我的問題是，當我們展望 2024 年時，世界各地顯然存在一些弱點。但就你的發展而言，你在上半場接觸了一些你將要達到的里程碑。但您如何看待2024年和2025年全球的發展速度？您預計這個比例會維持在 6% 左右嗎？或任何想法都會有幫助。

Yes. Thank you for the question, Gregory. Obviously, in our prepared remarks, and I'll reiterate in my comments now, we are very confident in the pace of development. The pipeline has never looked better for us. Obviously, it varies country-by-country, but franchisees are getting great returns. You've heard yesterday, Yum China commit to continued strong growth and the great returns they're getting through development. Even Pizza Hut U.S. is picking up the pace of development. We see lots of reasons to be hopeful.

是的。謝謝你的提問，格雷戈里。顯然，在我們準備好的發言中，我現在將在我的評論中重申，我們對發展速度非常有信心。管道對我們來說從未如此美好。顯然，不同國家的情況有所不同，但加盟商卻獲得了豐厚的回報。您昨天已經聽說，百勝中國致力於持續強勁成長並透過發展獲得豐厚回報。就連美國必勝客也在加快發展步伐。我們有很多理由充滿希望。

And we have a lot of good visibility into the pipeline, the development agreements that we've struck with franchisees. And the way we're evolving our asset types, I think, is another tailwind for us on development. I think we mentioned when we were in China, we've seen this new model that they've come up with, the satellite Pizza Hut delco store, which they -- we believe they can blow out and be a real growth driver for them is just one example.

我們對管道以及我們與特許經營商達成的開發協議有很多良好的了解。我認為，我們不斷發展資產類型的方式是我們發展的另一個動力。我想我們在中國時提到過，我們看到了他們提出的這種新模式，必勝客德爾科衛星店，我們相信他們可以蓬勃發展並成為他們真正的增長動力這只是一個例子。

Our next question comes from Brian Bittner of Oppenheimer.

我們的下一個問題來自奧本海默的布萊恩·比特納。

As it relates to 2024, Chris, you said you expect it to be a year that you're going to perform in line with your algorithm, of course, meaning that you can grow your operating profits at least 8%, excluding the extra week. I just want to dive a little more into this and your confidence around it.

克里斯，就 2024 年而言，您說過您希望這一年的表現符合您的演算法，當然，這意味著您的營業利潤至少可以增長 8%，不包括額外的一周。我只是想更深入地了解這一點以及您對此的信心。

I know unit growth is a source of confidence. Clearly, you've outlined that on today's call. But what about the same-store sales required to get to that algorithm, just given the ongoing headwinds from the Middle East, a potentially more challenging U.S. environment? How do you think about what's required from a same-store sales perspective after the first quarter as it relates to the need for them to accelerate?

我知道單位增長是信心的來源。顯然，您在今天的電話會議上概述了這一點。但是，考慮到來自中東（可能更具挑戰性的美國環境）的持續阻力，達到該演算法所需的同店銷售額又如何呢？您如何看待第一季之後同店銷售的需求，因為這與他們加速發展的需要有關？

Yes. Thanks, Brian. If we talk about the algorithm this year and our confidence in delivering it, I'll start by reiterating our primary growth driver, which David just talked about on development, obviously, one of our strongest pipelines in recent years, lots of reasons to be excited about development continuing at or above that 5% in the algorithm. We talked about from a same-store sales standpoint, we expect sequential improvement through the year.

是的。謝謝，布萊恩。如果我們談論今年的演算法以及我們對交付它的信心，我將首先重申我們的主要成長動力，大衛剛剛談到了開發，顯然，這是我們近年來最強大的管道之一，有很多理由對演算法的開發繼續達到或超過5% 感到興奮。我們從同店銷售的角度進行了討論，我們預計今年將持續改善。

Our two primary growth drivers, KFC International and Taco Bell U.S., continue to have strong positions in their markets around the globe. Obviously, we've got the Middle East headwind that we mentioned that we'll deal with. But we expect sequential improvement throughout the year. And so we're confident in the trajectory on that piece. But then you get to the 8% -- at least 8% core operating profit growth, which is really what the algorithm is intended to drive. And that's where we've got even more levers at our disposal.

我們的兩個主要成長動力，肯德基國際和塔可鐘美國，繼續在全球市場中佔據強勢地位。顯然，我們已經提到我們將應對中東的逆風。但我們預計全年都會出現連續改善。所以我們對那件作品的發展軌跡充滿信心。但隨後你會得到 8%——至少 8% 的核心營業利潤成長，這正是演算法的真正目的。這就是我們可以使用更多槓桿的地方。

So we mentioned that we expect flat G&A year-over-year, which reflects how we're managing that component of the P&L. And so we've got confidence in the actions that we're taking there. There's a component of that around our digital and technology approach. As our capabilities become more and more mature, we get more and more leverage out of those capabilities. And of course, we're doing all of that in service of our franchisees, where we're building leading-edge capabilities at the lowest cost for them and we've invested ahead.

因此，我們提到，我們預期總管理費用將同比持平，這反映了我們管理損益表這一部分的方式。因此，我們對我們正在採取的行動充滿信心。我們的數位和技術方法是其中的一個組成部分。隨著我們的能力變得越來越成熟，我們從這些能力中獲得越來越多的影響力。當然，我們所做的所有這些都是為了為我們的特許經營商服務，我們以最低的成本為他們建立領先的能力，並且我們已經進行了提前投資。

But we also mentioned the productivity programs that we continue to drive, which in the past few years have been used to fund those incremental investments in D&T, but we're going to continue to drive those productivity improvements. And then finally, we're lapping some larger-than-normal incentive programs that will help from a G&A standpoint as well. So you add it all up, we're very confident in delivering that at least 8% core operating profit growth in our algorithm.

但我們也提到了我們繼續推動的生產力計劃，在過去幾年中，這些計劃已用於資助 D&T 的增量投資，但我們將繼續推動這些生產力的提高。最後，我們正在實施一些比正常情況更大的激勵計劃，從一般行政費用的角度來看，這也將有所幫助。因此，將所有因素加起來，我們非常有信心在我們的演算法中實現至少 8% 的核心營業利潤成長。

Our next question comes from David Palmer of Evercore.

我們的下一個問題來自 Evercore 的 David Palmer。

Lots of great stuff on this call. I don't know if this is going to be something you can answer this call, but maybe something for the future. Your digital sales growth and mix increased very strong, a 22% growth this quarter, you said. And I just wonder how incremental you think that growth is to sales or other benefits that you see in terms of loyalty and even labor efficiency. So I know we would all be very open to hearing how incremental that is, obviously a quarter like this when you have a lot of headwinds and noise, but maybe for a future call even if you don't have that handy.

這次通話中有很多很棒的內容。我不知道這是否是你可以接聽電話的事情，但也許是未來的事情。您說，您的數位銷售成長和組合成長非常強勁，本季成長了 22%。我只是想知道您認為這種增長對銷售或您在忠誠度甚至勞動效率方面看到的其他好處有多大的增量。所以我知道我們都很願意聽到這個增量是多少，顯然是在遇到很多逆風和噪音的情況下的一個季度，但也許是為了將來的電話，即使你沒有那麼方便。

But another separate question, maybe easier to answer, you talked about the 2-year trend accelerating for Pizza Hut U.S. in the first quarter. And even if we were to say that, that was a couple of points of acceleration on a 2-year, that could imply flat comps starting in the second quarter on a year-over-year basis. I'm wondering if you think that, that sort of stabilization in comps is a reasonable expectation for Pizza Hut starting in the second quarter.

但另一個單獨的問題，也許更容易回答，您談到了必勝客美國第一季的兩年趨勢加速。即使我們這麼說，這也是兩年期的幾個百分點的加速，這可能意味著從第二季開始將同比持平。我想知道您是否認為，對必勝客第二季開始的這種業績穩定是合理的預期。

Yes. Thanks so much. I'll start with digital. So yes, look, our digital capabilities continue to drive actually all elements of our algorithm. They support strong unit economics. As you heard, we continue to expand the Easy Operations capabilities, which make our restaurants easier for our team members to operate and it helps our franchisees drive productivity. And so that is helping us ensure that our franchisees continue to have strong unit economics, which allows them to invest in building new stores. If you look at that 10% global system sales growth for the full year, we think digital played a big part of that, both on the unit side and on the same-store sales side.

是的。非常感謝。我將從數字開始。所以，是的，我們的數位能力實際上繼續驅動著我們演算法的所有元素。他們支持強大的單位經濟效益。正如您所聽到的，我們不斷擴展「輕鬆運作」功能，使我們的團隊成員更輕鬆地經營我們的餐廳，並幫助我們的特許經營商提高生產力。因此，這有助於我們確保我們的特許經營商繼續擁有強勁的單位經濟效益，這使他們能夠投資建造新店。如果你看看全年 10% 的全球系統銷售成長，我們認為數位化在其中發揮了重要作用，無論是在單位銷售方面還是在同店銷售方面。

And then as I said from a profitability standpoint for Yum!, as those capabilities continue to mature, we can get more and more leverage out of the -- our digital and technology teams and capabilities in-house. And so that's part of us bending the curve on those investments that I mentioned in our G&A plan for the year. So again, we're very pleased with the progress on the digital front, and we still have a lot of that journey ahead of us. We described big plans this year to continue to accelerate the rollout.

正如我從百勝獲利的角度所說，隨著這些能力的不斷成熟，我們可以從我們的數位和技術團隊以及內部能力中獲得越來越多的槓桿作用。因此，這是我們扭轉我在今年的一般管理費用計劃中提到的那些投資曲線的一部分。再說一次，我們對數位化的進展感到非常滿意，而且我們還有很長的路要走。我們描述了今年繼續加速推出的宏偉計劃。

Yes, I'll talk about pizza. But on the digital front, one thing I really want to emphasize is just the talent we've been able to attract to the digital space, both at Yum! and at the brands, is unbelievable. We are becoming a talent magnet in digital. It's a great place to work. We're investing behind this. Our franchisees are quickly adopting it. And even though we're at $30 billion of sales and growing fast, we're still in the early innings of what this can do to the business and the way it can transform us. So we could not be more excited about digital. And we will continue to report on the various metrics, loyalty and things like that, as we go forward and keep you guys informed on the journey.

是的，我要談談披薩。但在數位方面，我真正想強調的一件事是我們能夠吸引到數位領域的人才，無論是在百勝集團！對於品牌來說，這是令人難以置信的。我們正在成為數位領域的人才磁石。這是一個工作的好地方。我們正在為此進行投資。我們的加盟商正在迅速採用它。儘管我們的銷售額已達 300 億美元並且成長迅速，但我們仍處於這對業務的影響以及它對我們的變革方式的早期發展階段。因此，我們對數位化感到非常興奮。隨著我們的前進，我們將繼續報告各種指標、忠誠度等，並讓大家了解這個過程。

On Pizza Hut, yes, obviously, sometimes we forget when you look at 1-year numbers without really looking at the full picture, Q1 for Pizza Hut U.S., we have an enormous lap. And obviously, I have to take that into account as we launched Melts last year very successfully and are now rolling that around the world. But we certainly are planned for Pizza Hut U.S. to be positive for the year. The team has a number of things planned for the calendar as we go forward. And we love the fact that Pizza Hut globally hit a new record on net new unit development and is becoming a bigger contributor to that part of our growth. And certainly, Yum China last night talked a lot about the great success and the wide runway they have for Pizza Hut in that market.

在必勝客上，是的，顯然，有時我們會忘記，當你看一年的數字而不真正看全貌時，必勝客美國的第一季度，我們已經跑了一大圈。顯然，我必須考慮到這一點，因為我們去年非常成功地推出了 Melts，現在正在全球推廣。但我們當然計劃讓必勝客美國公司今年取得積極進展。隨著我們的前進，團隊已經為日曆計劃了許多事情。我們喜歡這樣一個事實：必勝客在全球新單位淨開發方面創下了新紀錄，並且正在成為我們成長的更大貢獻者。當然，百勝中國昨晚談論了很多關於必勝客在該市場的巨大成功和廣闊的跑道。

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。

A quick clarification and a question. On the G&A guidance for '24, is that just on a dollar basis? Can you maybe just level set us where that -- what your expectation is? Is it flat on a 52-week basis? Or obviously, you've got an extra week in some of the divisions.

快速澄清和提問。在 24 年的 G&A 指導中，這只是以美元為基礎嗎？您能否告訴我們您的期望是什麼？以 52 週為基礎是否持平？或者顯然，你在某些部門還有額外的一週時間。

And then the question itself is more along the lines of how franchisees -- how you're working with the franchisees to approach pricing in 2024, I guess, more focused on the U.S. there, given that, that's the market where I think there's some incremental pressure on the lower-income consumer. But how are you guiding them to think about it, given some of the pressures on labor that are going to be manifesting themselves throughout the year?

然後問題本身更多的是特許經營商如何與特許經營商合作來製定 2024 年的定價，我想，更關注美國，因為我認為這是一個市場低收入消費者承受的壓力越來越大。但是，考慮到全年都會顯現出來的一些勞動力壓力，您如何引導他們思考這個問題？

Yes. So the G&A, we ended the year ex special at $1.17 billion. We expect to be flat on that in the 52 weeks. So it should be an apples-to-apples comparison on that commentary around flat.

是的。因此，除特殊情況外，我們年底的一般管理費用為 11.7 億美元。我們預計 52 週內將持平。因此，這應該是對有關平坦的評論的同類比較。

Yes. And as far as the U.S. consumer and pricing, just some good news to share there at least from a Yum! perspective. As we think about the U.S. consumer, the best way for us to look at it is obviously through the lens of our Taco Bell business, which is the vast majority of our U.S. sales and profits. Throughout 2024, we saw a slight outperformance from our restaurants that were in low -- 2023, the restaurants that were in low-income trade areas versus the rest of the business. So with the low-income consumer, I know there's been a lot of talk about are they dropping out.

是的。就美國消費者和定價而言，至少來自百勝餐飲集團的一些好消息值得分享！看法。當我們考慮美國消費者時，我們看待這個問題的最佳方式顯然是透過塔可鐘業務的視角，該業務占我們美國銷售額和利潤的絕大多數。在整個 2024 年，我們看到處於低收入水平的餐廳的表現略勝一籌，而到 2023 年，處於低收入貿易區域的餐廳與其他行業的餐廳相比，表現略勝一籌。因此，對於低收入消費者，我知道有很多關於他們是否會退出的討論。

Certainly, for Taco Bell, that actually looks -- it looks like we're doing a great job of holding on to them. And in fact, in both the entire year and in Q4, we saw the low-income consumer trade areas outperform the rest of the business. And I think that speaks to the strength of Taco Bell in this environment. It is a value leader in so many ways. When you talk to consumers about value, they win on every value perception score. And they can do value with innovation, which is also a great combination. And they can do value while having industry-leading margins.

當然，對於塔可鐘來說，實際上看起來我們在保留它們方面做得很好。事實上，無論是全年或第​​四季度，我們都看到低收入消費貿易領域的表現優於其他業務領域。我認為這說明了塔可鐘在這種環境下的實力。它在很多方面都是價值領導者。當你與消費者談論價值時，他們會在每一個價值感知分數上獲勝。而且他們可以透過創新創造價值，這也是一個很好的結合。他們可以在創造價值的同時擁有行業領先的利潤率。

So you think about the room that we have to compete with everybody else in the category, I really, really like our position with Taco Bell. Obviously, as we move into Q1, we've got tougher laps. U.S. weather really played havoc on sales early in the quarter. And as we've said, it's going to be the lowest quarter of the year. But we think this environment is one that obviously we can thrive in the U.S. And there will be less pricing to the point of your question, but it's not going to slow Taco Bell down in terms of being able to connect with consumers and grow transactions.

所以你想想我們必須與該類別中的其他人競爭的空間，我真的非常喜歡我們與塔可鐘的地位。顯然，當我們進入第一季時，我們的圈數變得更加艱難。美國的天氣確實對本季初的銷售造成了嚴重破壞。正如我們所說，這將是今年最低的季度。但我們認為這種環境顯然是我們可以在美國蓬勃發展的環境，而且定價會降低到你所問的問題，但這不會減慢塔可鐘與消費者建立聯繫和增加交易的速度。

Our next question comes from Jeffrey Bernstein of Barclays.

我們的下一個問題來自巴克萊銀行的傑弗裡·伯恩斯坦。

Just following up on that, you did talk about a more challenging macro into '24. And I assume that's above and beyond the Middle East. So specific to the U.S., again just any change in behavior you're seeing in any of your three core brands, consumer trading around the menu?

緊隨其後，您確實談到了 24 年更具挑戰性的宏觀。我認為這超出了中東的範圍。那麼具體到美國，您在三個核心品牌中看到的行為有任何變化嗎？消費者圍繞菜單進行交易？

Specifically, I know that from television advertising, each of your three big brands has what appears to be a pretty compelling value offer. So I'm just wondering how those value offers are performing, the consumer demand for them, maybe the mix shift of value today, however you define that, versus where it's been in years past? Any color on that would be great.

具體來說，我從電視廣告中知道，你們的三個大品牌中的每一個似乎都提供了相當引人注目的價值。所以我只是想知道這些價值提供的表現如何，消費者對它們的需求，也許今天價值的混合變化，不管你如何定義它，與過去幾年的情況相比？任何顏色都會很棒。

Sure. Yes, just to build on my comments about the Taco Bell business in the U.S. and how it's set up to thrive in this environment, the value menu that we've recently tweaked in the U.S. to be $3 and under is actually over-indexing a little bit with consumers versus test and expectations, which isn't a bad thing because it's a real competitive advantage for us. And it's designed to maintain franchisee profitability.

當然。是的，只是根據我對塔可鐘在美國的業務以及它如何在這種環境下蓬勃發展的評論，我們最近在美國將價值菜單調整為 3 美元及以下，實際上是過度索引了與消費者相比，與測試和期望相比，這並不是一件壞事，因為這對我們來說是一個真正的競爭優勢。它旨在維持特許經營商的盈利能力。

So there may be some small shifts in consumer behaviors. But as I said on previous calls, we just are slowly returning to a more normal operating environment, where value is always important in the category as is convenience and food innovation capability. And we think we just win on all those fronts with Taco Bell and why we're excited about 2024.

因此，消費者行為可能會發生一些微小的變化。但正如我在之前的電話中所說，我們正在慢慢恢復到更正常的營運環境，在該環境中，價值在該類別中始終很重要，便利性和食品創新能力也是如此。我們認為，我們與 Taco Bell 一起在所有這些方面取得了勝利，這也是我們對 2024 年感到興奮的原因。

Our next question comes from David Tarantino of Baird.

我們的下一個問題來自貝爾德的大衛·塔倫提諾。

I just wanted to come back to your comp outlook for the year. And I know you mentioned several times some of the reasons you expect things to maybe get better as the year goes on. But I'm hoping that you could maybe elaborate on your view there, whether you think it's the macro getting better or you think it's more what you have in your initiative pipeline. And then I guess, the second part of the question would be if that doesn't materialize the way that you anticipate, do you have levers to pull to still deliver the profit growth that you're expecting for the year?

我只是想回顧一下你們今年的薪資展望。我知道您多次提到了您期望隨著時間的推移情況可能會變得更好的一些原因。但我希望你能詳細闡述你的觀點，無論你認為是宏觀情況變得更好，還是你認為這更像是你的計畫管道中的內容。然後我想，問題的第二部分是，如果這沒有按照您預期的方式實現，您是否有辦法繼續實現您預期的今年利潤成長？

Well, in terms of the comp outlook, obviously, the Middle East creates some uncertainty for the environment. And Chris just talked about one of the levers that we have to pull, which is improving our efficiency and holding G&A flat year-over-year. But the bigger picture is we're really excited about the initiatives that each of the brands has going. Just to give you a glimpse, Taco Bell in 2024 is going to have twice the innovation on the calendar that they had in 2023. And I've obviously seen a lot of this innovation and excited about the impact it's going to have with consumers.

嗯，就比較前景而言，顯然，中東為環境帶來了一些不確定性。克里斯剛剛談到了我們必須採取的措施之一，那就是提高我們的效率並保持 G&A 同比持平。但更重要的是，我們對每個品牌所採取的舉措感到非常興奮。讓您一睹為快，Taco Bell 在 2024 年的創新將是 2023 年的兩倍。顯然，我已經看到了很多此類創新，並對它將對消費者產生的影響感到興奮。

I mentioned the fact that in the U.S., it's a brand that thrives in a value environment. But around the world, just to give you some more color on Q4, we have positive transaction growth in Q4 despite the impact of the Middle East -- that the Middle East had on our overall business. So we think the year sets up where, obviously, the Middle East is a big variable. But putting that aside, we think the year sets up to be another great year for Yum! all around the world with sales growth.

我提到過，在美國，這是一個在價值環境中蓬勃發展的品牌。但在全球範圍內，為了讓您對第四季度有更多的了解，儘管中東對我們的整體業務產生了影響，但我們第四季度的交易量仍然出現了積極的增長。因此，我們認為中東顯然是一個很大的變數。但拋開這些不談，我們認為今年對百勝來說將是另一個偉大的一年！隨著銷售額的成長，遍布世界各地。

And a lot of it is driven by us leaning in more on what we call category entry points opening up new lines of business for us. So I'm excited in a couple of days to head to South Africa to see the great work that, that team is doing in terms of launching breakfast and the beverage work that they're doing that's really having a positive impact on their sales. But we've got stories like that going on all around the world.

這在很大程度上是由我們更依賴所謂的品類切入點所推動的，為我們開闢了新的業務線。因此，我很高興幾天後前往南非，看看該團隊在推出早餐和飲料方面所做的出色工作，這些工作確實對他們的銷售產生了積極的影響。但世界各地都有這樣的故事發生。

And then David, as you mentioned, we do have multiple levers to ensure that we land the ultimate component of the algorithm, which is at least 8% core operating profit growth. We've talked about the flat G&A plan, and we also referenced in the comments some of the productivity projects that we have going on. So we're laser-focused on that component as well and have plenty of levers we can pull.

然後大衛，正如你所提到的，我們確實有多種槓桿來確保我們實現演算法的最終組成部分，即至少 8% 的核心營業利潤成長。我們已經討論了統一的一般管理費用計劃，我們也在評論中提到了我們正在進行的一些生產力項目。因此，我們也高度關注該組件，並且有很多可以使用的槓桿。

Our final question today comes from Dennis Geiger of UBS.

我們今天的最後一個問題來自瑞銀集團的丹尼斯蓋格。

Just another on Taco Bell, I guess, David, in light of the strength in the multiyear trends in December and then the initiatives that you highlight, I guess, is it fair for Taco Bell, given the fact that you're seeing pretty good strength across consumers for the brand plus the initiatives, that you could see sort of a widening market share or traffic share outperformance gap at Taco Bell this year, given the environment and given the plans you have in place, if anything to share on that?

大衛，我想，這只是塔可鐘的另一件事，鑑於12 月份多年趨勢的強勁勢頭，以及你強調的舉措，我想，這對塔可鐘來說公平嗎，因為你看到的情況相當不錯考慮到環境和您制定的計劃，您可能會看到今年塔可鐘的市場份額或流量份額表現差距不斷擴大，如果有什麼可以分享的嗎？

Yes, thank you, Dennis. Yes, so look, Taco Bell in Q4, just to put a little bit more numbers around it, put up a 2-year number of a plus 15%. Again, going back to -- sometimes we forget what we were lapping. We were lapping massive Mexican pizza performance. They were able to lap that and grow on that. And in a challenging consumer environment, we think that favors them.

是的，謝謝你，丹尼斯。是的，所以看，塔可鐘在第四季度，只是為了在它周圍放更多的數字，放一個加 15% 的 2 年數字。再次回到——有時我們會忘記我們正在研磨的東西。我們正在欣賞大規模的墨西哥披薩表演。他們能夠超越這一點並在此基礎上成長。在充滿挑戰的消費者環境中，我們認為這對他們有利。

And absolutely, what you said is absolutely true. We're constantly looking to gain market share. And the Taco Bell business has been doing that for now for many years, and we think this is an environment that favors them. So I couldn't be more excited about the growth that Taco Bell has ahead of it in the U.S., and we've really just begun with that brand. And I'm excited about Sean and the team we've got in place to lead that.

絕對，你說的絕對是真的。我們不斷尋求獲得市場份額。塔可鐘公司多年來一直這樣做，我們認為這是一個有利於他們的環境。因此，我對塔可鐘在美國領先的成長感到無比興奮，而我們實際上才剛開始使用這個品牌。我對肖恩和我們領導的團隊感到興奮。

I'll wrap up by one of my fun facts that -- we get hit with so many of them as we're preparing for these calls. But if you're not aware, in the last 3 years, 25% of all Yum! restaurants have been built. Now you're talking about brands that have been 50 to 70 years and older. But yet in the last 3 years, nearly 25% of our restaurants were built in the last 3 years.

我將以我的一個有趣的事實來結束——當我們準備這些電話時，我們受到了很多這樣的打擊。但如果您不知道的話，在過去 3 年裡，25% 的人都喜歡百勝餐飲！餐館已經建成。現在您談論的是已有 50 至 70 年或更久歷史的品牌。但在過去 3 年裡，我們有近 25% 的餐廳是在過去 3 年建成的。

It gives you a sense for, first of all, how the condition of our asset base around the world and how new it feels, given the age of the brands, but also the commitment that our franchisees have to this business. They're investing their capital and building those stores. And we always talk about net new units, that's gross new units. A lot of those stores replaced the stores that had reached the end of their useful life.

首先，它讓您了解我們在世界各地的資產基礎狀況如何，以及考慮到品牌的歷史以及我們的特許經營商對這項業務的承諾，它給人的感覺有多新鮮。他們正在投資並建造這些商店。我們總是談論淨新單位，即新單位總量。其中許多商店取代了已達到使用壽命的商店。

So it shows their commitment to the next 20, 30 years of the brand, and they have been fantastic partners. They've always been our competitive advantage. We're seeing that even just managing through the Middle East and how Americana has done such a good job of that. And we couldn't be more excited, given the development pipeline, the commitment that our franchisees have and the strength of our brands as we head into 2024. Thank you for your time today.

這顯示了他們對品牌未來 20 年、30 年的承諾，他們是出色的合作夥伴。它們一直是我們的競爭優勢。我們看到，即使只是在中東進行管理，美國航空也能在這方面做得如此出色。進入 2024 年，考慮到開發管道、特許經營商的承諾以及我們品牌的實力，我們感到非常興奮。感謝您今天抽出時間。

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

女士們、先生們，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。