百勝餐飲集團 (YUM) 2024 Q1 法說會逐字稿

Hello, everyone, and welcome to the Yum! Brands, Inc. 2024 First Quarter Earnings Call. My name is Nadia, and I'll be coordinating the call today. (Operator Instructions).

大家好，歡迎來到百勝餐飲！ Brands, Inc. 2024 年第一季財報電話會議。我叫納迪亞，今天我將負責協調通話。 （操作員說明）。

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

現在請主持人投資人關係主管馬特莫里斯開始。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 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.

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. On our last earnings call, we announced that we signed an agreement to acquire 218 KFC franchise restaurants in U.K. and Ireland. The transaction closed on April 29. 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. For business units that report on a period basis, first quarter same-store sales growth excludes the benefit from the additional day of sales owing to Leap Day. When forecasting 2024, please keep in mind 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 of the IR 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。在上次財報電話會議上，我們宣布簽署了一項協議，收購英國和愛爾蘭的 218 家肯德基特許經營餐廳。交易於 4 月 29 日結束。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。對於定期報告的業務部門，第一季同店銷售成長不包括閏日帶來的額外銷售天數帶來的收益。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 IR 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. We would like to make you aware of upcoming Yum! investor events and the following. Our second quarter earnings will be released on August 6 with a conference call on the same day. Finally, please mark your calendars for an in-person Taco Bell Consumer Day on December 10 at the Taco Bell headquarters in Irvine, California. Stay tuned for more details and invitations to follow.

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。我們想讓您了解即將推出的百勝餐飲！投資者活動及以下內容。我們的第二季收益將於 8 月 6 日發布，並在同一天召開電話會議。最後，請在您的日曆上標記 12 月 10 日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. I'm pleased to report that Yum! grew core operating profit 6% this quarter despite a challenging operating environment, demonstrating the resilience of our business. As we communicated last earnings, 1Q should represent our most challenging sales quarter this year as we work through tough year ago laps, return to a more normal inflationary environment and navigated discrete consumer demand pressures. While the impacts from the Middle East conflict have been scattered and difficult to measure, we've begun to see improvement in the most impacted markets.

謝謝你，馬特，大家早安。我很高興地報告百勝！儘管經營環境充滿挑戰，本季核心營業利潤仍成長了 6%，證明了我們業務的彈性。正如我們公佈的最新財報一樣，第一季應該是我們今年最具挑戰性的銷售季度，因為我們正在努力度過去年的艱難時期，恢復到更正常的通膨環境並應對離散的消費者需求壓力。雖然中東衝突的影響分散且難以衡量，但我們已經開始看到受影響最嚴重的市場有所改善。

Taco Bell U.S. outperformed the industry on same-store sales and delivered industry-leading margins, while 1Q unit openings at KFC International set us up for a strong unit growth story in 2024. We continue to make significant progress scaling our proprietary digital and AI-powered platforms and are excited by plans to accelerate deployment. Digital sales continued an upward trajectory approaching $8 billion and were up 11% year-over-year. Through continued kiosk deployment, greater adoption of click-and-collect and stable third-party aggregator sales, digital mix improved 5 points and, for the first time ever, represented over 50% of system sales in Q1. We now have $30 billion in annualized digital sales, which by itself would represent one of the largest restaurant companies in the world.

塔可鐘美國公司的同店銷售表現優於行業，並實現了行業領先的利潤率，而肯德基國際第一季的新店開業為我們在2024 年實現強勁的單位增長奠定了基礎。專有的數位和人工智慧方面取得重大進展動力平台，並對加速部署的計畫感到興奮。數位銷售額持續呈上升趨勢，接近 80 億美元，年增 11%。透過持續的自助服務終端部署、更多採用「點擊取貨」以及穩定的第三方聚合商銷售，數位組合提高了 5 個百分點，並且首次佔第一季系統銷售額的 50% 以上。我們現在的年化數位銷售額為 300 億美元，這本身就代表了世界上最大的餐飲公司之一。

Overall, despite a more challenged operating environment, we have reached impressive new milestones and remain on track to deliver on our long-term growth algorithm target of at least 8% core operating profit growth for the full year.

總體而言，儘管經營環境更具挑戰性，但我們已經達到了令人印象深刻的新里程碑，並有望實現全年核心營業利潤成長至少 8% 的長期成長演算法目標。

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

現在我將討論我們的相關、簡單和獨特的品牌，或 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，克里斯將提供我們第一季業績的最新信息，然後是我們大膽的餐廳開發、無與倫比的營運能力和資產負債表狀況。

Starting with the KFC division, which accounts for 51% of our divisional operating profit. KFC grew system sales 4% this quarter, owing to an 8% unit growth and a 2% decline in same-store sales. The same-store sales pressure was partially attributable to impacts from the conflict in the Middle East, which have begun to ease, and we expect a 2-year trend for KFC International overall to accelerate in the same quarter. We saw strong top line growth in other parts of the world including Latin America, Africa and Greater Asia. System sales in Latin America grew 22% on the heels of a strong marketing calendar and continued success of the KFC original nugget. In Africa, system sales grew 11%, thanks to 5% same-store sales growth driven by product innovation and 6% net new unit growth. In Greater Asia where system sales grew 8%, we recently partnered with a new franchisee in Korea, who is driving transaction growth with a calendar focused on core, value and expanding consumer access, which resulted in a 26% growth in same-store sales.

從肯德基部門開始，它占我們部門營業利潤的 51%。由於單位數量增加 8%，同店銷售額下降 2%，肯德基本季度系統銷售額成長 4%。同店銷售壓力部分歸因於中東衝突的影響，該壓力已開始緩解，我們預計肯德基國際整體的兩年趨勢將在同季加速。我們看到世界其他地區的收入強勁成長，包括拉丁美洲、非洲和大亞洲。由於強勁的營銷日曆和肯德基原創雞塊的持續成功，拉丁美洲的系統銷售額增長了 22%。在非洲，由於產品創新推動的同店銷售成長 5% 和新單位淨成長 6%，系統銷售額成長了 11%。在大亞洲地區，系統銷售額成長了8%，我們最近與韓國的一家新特許經營商合作，該經銷商透過專注於核心、價值和擴大消費者接觸範圍的日曆來推動交易成長，這導致同店銷售額成長了26% 。

At KFC U.S., same-store sales were pressured from unfavorable weather events and chicken value promotions from QSR competitors.

在美國肯德基，同店銷售受到不利天氣事件和快餐競爭對手的雞肉促銷活動的壓力。

Moving on to the Taco Bell division, which represents 35% of our divisional operating profit and 75% of our U.S. divisional operating profit. System sales at Taco Bell U.S. grew 4%, led by 2% same-store sales growth and a strong outcome on top of last year's 9% same sales growth. Sales improved throughout the quarter after difficult weather events in January. Taco Bell focused on key levers within its magic formula to drive growth, including building brand buzz, providing value to our consumers and expanding into new category entry points. We know that when we execute on this magic formula, Taco Bell puts itself at the center of the cultural conversation.

接下來是 Taco Bell 部門，該部門占我們部門營業利潤的 35% 和美國部門營業利潤的 75%。 Taco Bell 美國公司的系統銷售額成長了 4%，其中同店銷售額成長了 2%，去年同店銷售額成長了 9%，取得了強勁的業績。經過一月份的惡劣天氣事件後，整個季度的銷售額有所改善。塔可鐘專注於其神奇公式中的關鍵槓桿來推動成長，包括建立品牌知名度、為消費者提供價值以及擴展到新的類別切入點。我們知道，當我們執行這個神奇公式時，塔可鐘將自己置於文化對話的中心。

There was no better example of this than the Live Mas live event Taco Bell held in Las Vegas to share its upcoming innovation calendar, an industry-first event. Of course, it was not surprising that Fast Company named Taco Bell the Most Innovative Company in Dining and #8 overall. Early in the quarter, the team launched a new cravings value menu and ended the quarter with a successful launch of the Chicken Cantina menu. The cravings value menu features industry-leading value with 10 items priced under dollars providing consumers with craveable everyday value offering. Nearly 1/3 of transactions contain an item off the cravings value menu and, when purchased, 80% have at least one other item added, translating to a nearly 10% check uplift compared to non-cravings value menu checks.

沒有比在拉斯維加斯舉辦的 Live Mas 現場活動更好的例子了，Taco Bell 分享了即將推出的創新日曆，這是一場業界首創的活動。當然，《Fast Company》將 Taco Bell 評為餐飲領域最具創新力的公司並整體排名第八也就不足為奇了。本季度初，團隊推出了新的超值菜單，並以成功推出 Chicken Cantina 菜單結束了本季。超值菜單具有業界領先的價值，其中 10 種價格低於 1 美元的商品為消費者提供了令人渴望的日常超值產品。近1/3 的交易包含超值菜單中的某項商品，並且在購買時，80% 的交易中至少添加了一項其他商品，這意味著與非超值菜單支票相比，支票價格上漲了近10%。

The impressive performance of such product launches is compounded by Taco Bell's ability to deliver industry-leading margins on top of a great consumer experience. At Taco Bell International, system sales grew 6% this quarter. The team is focused on building brand category awareness globally. This included markets such as Canada and Latin America where the team elevated the core menu and launched the Chicken Cantina menu to expand their consumer base.

塔可鐘不僅能夠提供業界領先的利潤，還能提供出色的消費者體驗，這使得此類產品的推出取得了令人印象深刻的業績。在 Taco Bell International，本季系統銷售額成長了 6%。該團隊專注於在全球範圍內建立品牌類別知名度。其中包括加拿大和拉丁美洲等市場，團隊提升了核心菜單並推出了 Chicken Cantina 菜單，以擴大其消費群。

Next, at the Pizza Hut division, which comprises 15% of our divisional operating profit. During the first quarter, system sales declined 4% with 5% unit growth and a 7% decline in same-store sales. The year-over-year growth rate in same-store sales was suppressed from difficult year ago lapse and the ongoing impact from the conflict in the Middle East. The team continued to focus on the individual meal occasion this quarter with the India market launching the Melts platform. At Pizza Hut U.S., same-store sales declined 6% as we lapped the launch of Melts and Big New Yorker Pizza. However, the 2-year trend was positive and improved from last quarter.

接下來是必勝客部門，該部門占我們部門營業利潤的 15%。第一季度，系統銷售額下降 4%，單位數量增加 5%，同店銷售額下降 7%。同店銷售的年成長率因去年的困難時期和中東衝突的持續影響而受到抑制。本季團隊繼續專注於個人用餐場合，在印度市場推出了 Melts 平台。在美國必勝客，隨著 Melts 和 Big New Yorker Pizza 的推出，同店銷售額下降了 6%。然而，兩年趨勢是正面的，並且比上個季度有所改善。

Lastly, at The Habit Burger Grill, for the first quarter, system sales declined 2% with 6% unit growth. Margin trends improved throughout the quarter with a combination of initiatives leading to a 60 basis point improvement in store level margins year-over-year.

最後，The Habit Burger Grill 第一季的系統銷售額下降了 2%，單位數量增加了 6%。透過一系列舉措，整個季度的利潤率趨勢有所改善，使門市利潤率較去年同期提高了 60 個基點。

Now I'll turn to our Good Growth strategy, starting with our people pillar. Effective June 1, Alex Barsk will join KFC Global as the new Chief Financial Officer. Alex is joining from Pizza Hut, where she most recently served as global CFO. Alex joined Pizza Hut in 2015 and has held several leadership roles across strategy, finance, development and supply chain. Alex's transition is another great example of Yum! leveraging its talent across brands to help share unique learnings and experiences.

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。自 6 月 1 日起，Alex Barsk 將加入肯德基全球擔任新任財務長。亞歷克斯 (Alex) 此前在必勝客 (Pizza Hut) 任職，她最近擔任該公司的全球首席財務官。 Alex 於 2015 年加入必勝客，並在策略、財務、開發和供應鏈領域擔任多個領導職務。亞歷克斯的轉變是百勝餐飲的另一個很好的例子！利用跨品牌的人才來幫助分享獨特的學習和經驗。

To round out our people pillar, I'd like to congratulate and thank Yum's! Senior Vice President of Finance, Corporate Controller and my friend, Dave Russell, who recently celebrated his 25th anniversary at Yum! with today marking his 100th quarterly earnings announcement. Dave has been with the company since 1999, always serving as a trusted leader who brings his deep knowledge and analytical perspective to our finance and accounting function. Thank you, Dave, for your dedication to our growth over the last 25 years, and I look forward to your continued partnership in the future.

為了完善我們的人才支柱，我要祝賀並感謝百勝餐飲集團！財務高級副總裁、公司財務總監和我的朋友戴夫·拉塞爾 (Dave Russell) 最近慶祝了他在百勝餐飲集團的 25 週年紀念日！今天是他第 100 次公佈季度財報。 Dave 自 1999 年以來一直在公司工作，一直是一位值得信賴的領導者，他將深厚的知識和分析視角帶入我們的財務和會計職能部門。感謝戴夫在過去 25 年為我們的發展做出的貢獻，我期待您在未來繼續合作。

Before I hand it over to Chris, I would like to share a few thoughts on the future of our digital and technology strategy given we achieved an important milestone this quarter with more than half of our sales coming from digital. You'll recall that the first phase of our journey to become the leading global digital restaurant company began in earnest in 2019. That first phase focused on building or acquiring a comprehensive suite of owned platforms, spanning Easy Experiences, Easy Operations and Easy Insights and accelerating deployment of those platforms across our brands and markets. While we still have further to go in deploying these platforms, we have achieved critical mass in several areas.

在將其交給克里斯之前，我想分享一些關於我們數位和技術策略未來的想法，因為我們本季實現了一個重要的里程碑，超過一半的銷售額來自數字。您可能還記得，我們​​成為全球領先的數位餐廳公司的第一階段是在2019 年正式開始的。以及加速在我們的品牌和市場中部署這些平台。雖然我們在部署這些平台方面還有很長的路要走，但我們在幾個領域已經達到了臨界規模。

Taco Bell U.S., one of our twin growth engines, has achieved the most extensive deployment of key platforms, including the Poseidon POS system, the Yum! e-commerce platform and the AIM, inventory management platform. Our other primary growth engine, KFC International, has been accelerating the rollout of those same platforms and is our leader in deploying in-store kiosk technology. Pizza Hut, of course, has been our leader in deploying Dragontail to thousands of restaurants around the globe. Behind the scenes, our global data hub houses data generated from these platforms.

塔可鐘美國公司是我們的雙重成長引擎之一，已實現了最廣泛的關鍵平台部署，包括 Poseidon POS 系統、Yum!電子商務平台和AIM、庫存管理平台。我們的另一個主要成長引擎肯德基國際一直在加速這些平台的推出，並且是我們部署店內自助服務終端技術的領導者。當然，必勝客一直是我們在全球數千家餐廳部署 Dragontail 的領導者。在幕後，我們的全球資料中心保存著這些平台產生的資料。

The deployment of our capabilities in this first phase of our journey has driven the dramatic increase in our digital sales from approximately 20% in 2019 to over 50% now. The impact of this growth has been significant. To share just a couple of examples of impact, our consumers enjoy more convenient and frictionless experiences, leading to high frequency and check sizes. Our franchisees enjoy significant productivity benefits as their team members no longer spend time taking orders and payments for half of all transactions, leading to stronger unit economics. We believe we are still only scratching the surface of the full value creation potential of our capabilities.

我們在第一階段的能力部署推動了我們的數位銷售額大幅成長，從 2019 年的約 20% 增加到現在的 50% 以上。這種成長的影響是巨大的。舉幾個影響的例子，我們的消費者享受到更便捷、無摩擦的體驗，從而導致高頻次和檢查尺寸。我們的加盟商享有顯著的生產力優勢，因為他們的團隊成員不再花時間接受一半交易的訂單和付款，從而帶來更強勁的單位經濟效益。我們相信，我們還只是觸及了我們能力的全部價值創造潛力的表面。

While the first phase of work in deploying our platforms will continue, given the critical mass we have achieved, we have initiated a second parallel phase in our technology journey. This second phase will focus on maximizing the value creation potential of our platforms through the acceleration of AI capabilities in combination with fully leveraging the immense data assets we now own. With our platform-driven approach, we can now more easily integrate AI capabilities across our digital ecosystem. We currently have more than 40 AI initiatives in progress across the company spanning marketing, operations, insights, engineering and our internal back-office functions.

雖然部署我們平台的第一階段工作將繼續進行，但考慮到我們已經達到的臨界質量，我們已經啟動了技術之旅的第二個並行階段。第二階段將專注於透過加速人工智慧功能並充分利用我們現在擁有的巨大數據資產，最大限度地發揮我們平台的價值創造潛力。借助我們的平台驅動方法，我們現在可以更輕鬆地將人工智慧功能整合到我們的數位生態系統中。目前，我們公司正在實施 40 多項人工智慧計劃，涵蓋行銷、營運、洞察、工程和內部後台職能。

While many of these initiatives will remain confidential for now, one example that we have shared publicly is voice AI to enhance our consumer experience. We've been testing this capability at the drive-thru in 5 Taco Bell stores in California. We are expanding that test to 30 stores in Q2 based on positive consumer feedback. Another example is our piloting of AI-powered technology in our Super App restaurant general manager support tool, making it even easier and faster for managers to access critical operational information to make better decisions. Of course, our Dragontail platform was the first AI-enabled next-gen restaurant operational system to enhance the consumer and team member experience in a multichannel fulfillment environment.

雖然其中許多措施目前仍處於保密狀態，但我們公開分享的一個例子是語音人工智慧，以增強我們的消費者體驗。我們一直在加州 5 家 Taco Bell 商店的得來速餐廳測試這個功能。根據消費者的正面回饋，我們將在第二季將測試範圍擴大到 30 家商店。另一個例子是我們在超級應用餐廳總經理支援工具中試用人工智慧技術，使管理人員能夠更輕鬆、更快速地存取關鍵營運資訊以做出更好的決策。當然，我們的 Dragontail 平台是第一個支援人工智慧的下一代餐廳營運系統，旨在增強多通路履行環境中的消費者和團隊成員體驗。

As an example of how we are elevating the use of our data assets, in Q1, we launched the R.E.D. 360 U.S. Consumer Data Insights system. As of Q1, both Pizza Hut U.S. and Taco Bell U.S. have integrated into the system and KFC U.S. will integrate in the second quarter. This system allows us to leverage insights into consumer behavior across our brands in the U.S. After full deployment, R.E.D. 360 will be the first scaled cross-brand U.S. restaurant consumer data engine in the quick service industry and will pave the way for unique insights and personalization opportunities on digital and social channels.

作為我們如何提高數據資產使用率的一個例子，在第一季度，我們推出了 R.E.D. 360美國消費者資料洞察系統。截至第一季度，必勝客美國公司和塔可鐘美國公司均已整合到該系統中，肯德基美國公司將在第二季度整合。該系統使我們能夠深入了解我們品牌在美國的消費者行為。 360 將成為快速服務產業中第一個規模化的跨品牌美國餐廳消費者數據引擎，並將為數位和社交管道上的獨特見解和個人化機會鋪平道路。

For those who may have missed it, Joe Park, our Chief Digital and Technology Officer, was recently interviewed in The Wall Street Journal, bringing to life many of these plans as we become more focused on pursuing AI and data-driven innovation. As we do all of this, we are also continually innovating how our technology teams work internally to better leverage our scale so that we can continue to bend the curve on the net investment impact of these digital and technology initiatives.

對於那些可能錯過了它的人來說，我們的首席數位和技術長Joe Park 最近接受了《華爾街日報》的採訪，隨著我們更加專注於追求人工智慧和數據驅動的創新，其中許多計劃都變成了現實。在我們做這一切的同時，我們也不斷創新技術團隊的內部工作方式，以更好地利用我們的規模，以便我們能夠繼續扭轉這些數位和技術計劃的淨投資影響曲線。

To sum it up, we are excited about having ramped up this second phase in our journey and are doubling down and pursuing the ultimate goal of our digital and technology strategy, which is to better serve our franchisees, providing them with more, better, faster, cheaper and safer technology while simultaneously delighting consumers and maximizing Yum! shareholders' returns. We will continue to provide updates on both phases of our journey on future calls, organized around our easy capability framework.

總而言之，我們很高興能夠加快旅程的第二階段，並加倍努力追求我們的數位和技術策略的最終目標，即更好地服務我們的特許經營商，為他們提供更多、更好、更快的服務，更便宜和更安全的技術，同時取悅消費者並最大化百勝餐飲！股東回報。我們將繼續在未來的電話會議上提供我們旅程的兩個階段的最新信息，並圍繞我們的簡單功能框架進行組織。

In closing, as I look back over the quarter, I'm proud of our teams and their ability to navigate any environment as our brands stand for unmatched value and convenience, providing a range of products and price points to meet any consumers' needs. Our resilient business model, coupled with our strategy to leverage our technology platforms on a global scale, gives me confidence we will continue to improve both franchisee and Yum! economics. Looking ahead, our initiatives to become an even more nimble and data-driven organization are underway, and I'm excited for the shareholder value we will create.

最後，當我回顧本季時，我為我們的團隊及其應對任何環境的能力感到自豪，因為我們的品牌代表著無與倫比的價值和便利，提供一系列產品和價位來滿足任何消費者的需求。我們富有彈性的商業模式，加上我們在全球範圍內利用我們的技術平台的策略，讓我有信心我們將繼續改善特許經營商和百勝餐飲集團！經濟學。展望未來，我們正在努力成為一個更靈活、數據驅動的組織，我對我們將創造的股東價值感到興奮。

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。

Starting with our results. First quarter system sales grew by 2% driven by 6% unit growth. As we communicated on our last call, we expected the first quarter to be our most challenged from a same-store sales perspective due to prior year lapse, a return to a more normal inflationary environment and discrete consumer demand pressures, including markets impacted by the Middle East conflict. We believe the markets most impacted by the conflict collectively created a low single-digit headwind on Yum!'s overall Q1 same-store sales. Despite these challenges, I'm pleased to report Yum! delivered 6% core operating profit growth exceeding our internal plan and demonstrating the resilience of our profit model.

從我們的結果開始。第一季系統銷售額成長 2%，銷量成長 6%。正如我們在上次電話會議中所傳達的那樣，我們預計，從同店銷售的角度來看，第一季將是我們面臨的最大挑戰，原因是去年的時間過去了、通膨環境回歸到更正常的狀態以及消費者需求壓力的離散性，包括受疫情影響的市場。我們認為，受衝突影響最嚴重的市場共同對百勝餐飲集團第一季同店銷售造成了個位數的低阻力。儘管有這些挑戰，我很高興地報告百勝！核心營業利潤成長 6%，超出了我們的內部計劃，展現了我們獲利模式的彈性。

First quarter ex special general and administrative expenses were $265 million, down 4% year-over-year, a continuation of the G&A momentum we had in the fourth quarter. Reported G&A was $286 million and includes $21 million in special expense related to ongoing resource optimization, which we expect to generate additional savings in the second half. Reported operating profit included a 2-point impact in the quarter from foreign currency translation. First quarter ex special EPS was $1.15, which includes negative after-tax impacts of $0.08 from investment losses and $0.03 from foreign currency translation.

第一季扣除特殊一般及行政費用為 2.65 億美元，年減 4%，延續了第四季的一般及行政費用動能。報告的一般管理費用為 2.86 億美元，其中包括 2,100 萬美元與持續資源優化相關的特殊費用，我們預計這將在下半年產生額外的節省。報告的營業利潤包括外幣換算對本季 2 個百分點的影響。第一季除特別每股收益為 1.15 美元，其中包括投資損失帶來的 0.08 美元的稅後負面影響和外幣換算帶來的 0.03 美元的負面影響。

As a reminder, we shared on our last call the intent to purchase 218 KFC U.K. and Ireland stores. We're excited to report we officially closed this acquisition at the end of April. These stores have average unit volumes above $2 million and healthy store level cash margins. 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.

提醒一下，我們在上次電話會議上分享了收購 218 家肯德基英國和愛爾蘭門市的意向。我們很高興地報告，我們已在四月底正式完成了此次收購。這些商店的平均單位銷售量超過 200 萬美元，商店水準的現金利潤率良好。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。

Now let me share greater detail on our first quarter unit growth in the context of our Bold Restaurant Development growth driver. Yum! opened over 800 units in the first quarter. We reached the incredible milestone of opening KFC's 30,000th restaurant globally. As the #1 brand on Entrepreneur Magazine's Top Global Franchise rankings, KFC continues to demonstrate strong desirability among global franchisees with a new store opening every 3 hours. We continue to see an incremental store opportunity of 50,000 KFCs over the long term. Across the global system, the outlook for development in 2024 is strong. We expect to continue to open units in a broad range of markets, which last year included over 100 markets, and to cross the 60,000 unit milestone. Further solidifying Yum!'s position as the world's leading multi-brand restaurant franchisor.

現在讓我在大膽餐廳開發成長驅動力的背景下分享有關我們第一季單位成長的更多細節。嗯！第一季開業超過800個單位。我們實現了在全球開設肯德基第 30,000 家餐廳這一令人難以置信的里程碑。作為《企業家》雜誌全球頂級特許經營排名第一的品牌，肯德基每 3 小時就有一家新店開業，繼續在全球特許經營商中展現出強烈的吸引力。從長遠來看，我們繼續看到 50,000 家肯德基店的增量機會。綜觀全球體系，2024 年的發展前景十分樂觀。我們預計將繼續在廣泛的市場（去年包括 100 多個市場）開設單位，並突破 60,000 單位的里程碑。進一步鞏固百勝集團作為全球領先的多品牌餐廳特許經營商的地位。

There are several reasons we remain confident in these trends. First, we entered 2024 with broad-based development momentum. In Q1, we grew units across 81 brand-country combinations. Second, we have large, committed franchisees who have entered into more unit development commitments for 2024 than in each of the prior 2 years. Approximately 80% of 2024 exceeded new builds for KFC outside of China are part of development commitments.

我們對這些趨勢保持信心有幾個原因。一是進入2024年，發展動能廣泛。第一季度，我們在 81 個品牌國家組合中增加了單位。其次，我們擁有大量忠誠的特許經營商，他們對 2024 年的單位開發承諾比前兩年每年都多。到 2024 年，肯德基在中國以外的新建項目中約有 80% 是發展承諾的一部分。

Third, the development white space remains massive. We have just 6% of the global QSR market. China is a prolific developer and serves only 1/3 of the China population. In India, which is the fastest-growing global economy, KFC and Pizza Hut have been the fastest and third fastest-growing QSR chains, respectively, since 2019. Finally, our brands unit economics remain attractive across key markets where scale and first-mover advantages put our franchisees in a position of strength. Scale leads to unique advantages including access to alternative financing solutions, dedicated development teams and in-depth market knowledge. Scale also offers operating advantages. For instance, our largest partner, Yum China, has AI-enabled digital tools to allow its restaurant general managers to oversee multiple restaurants, creating unmatched savings that can be passed to consumers.

第三，開發空白空間依然巨大。我們僅佔全球 QSR 市場的 6%。中國是多產的開發商，但只服務中國1/3的人口。在全球經濟成長最快的印度，自2019 年以來，肯德基和必勝客分別是成長最快和第三快的速食連鎖店 最後，我們的品牌單位經濟效益在規模和先發者的關鍵市場中仍然具有吸引力優勢使我們的加盟商處於有利地位。規模帶來獨特的優勢，包括獲得替代融資解決方案、專門的開發團隊和深入的市場知識。規模也提供了營運優勢。例如，我們最大的合作夥伴百勝中國擁有人工智慧支援的數位工具，使其餐廳總經理能夠監督多家餐廳，從而創造無與倫比的節省，並可以惠及消費者。

The Serrano Group based in Latin America and Ramcar based in the Philippines run their own poultry processing facilities in addition to distribution capabilities, giving them cost and reliability advantages.

總部位於拉丁美洲的 Serrano 集團和總部位於菲律賓的 Ramcar 除了分銷能力外，還擁有自己的家禽加工設施，這為他們帶來了成本和可靠性優勢。

At a brand level, KFC has food innovation kitchens in Canada, the U.S., Latin America and the Caribbean, United Kingdom, Thailand, Australia, South Africa, India and Singapore. Perhaps underappreciated, our global innovation capabilities are real sources of differentiation.

在品牌層面，肯德基在加拿大、美國、拉丁美洲和加勒比海地區、英國、泰國、澳洲、南非、印度和新加坡設有食品創新廚房。也許我們的全球創新能力未被充分認識，但它是差異化的真正來源。

Moving now to the digital and technology front. Recall that our vision is to empower our franchisees with leading-edge technology solutions with advantaged economics. As David put it, we want to deliver more, better, faster, cheaper and safer technology to our franchise partners. We are advantaged by owning important foundational platforms such as our Poseidon POS system, Yum! e-commerce, Dragontail, Super App and our global data hub, and the impact of these platforms will grow exponentially as we deploy more of them to more stores. Data is becoming a crucial differentiator, enabling us and our franchisees to generate better insights and make better decisions.

現在轉向數位和技術前沿。請記住，我們的願景是為我們的加盟商提供具有優勢經濟優勢的領先技術解決方案。正如大衛所說，我們希望為我們的特許經營合作夥伴提供更多、更好、更快、更便宜和更安全的技術。我們的優勢在於擁有重要的基礎平台，例如我們的 Poseidon POS 系統、Yum!電子商務、龍尾、超級應用程式和我們的全球資料中心，隨著我們將更多平台部署到更多商店，這些平台的影響將呈指數級增長。數據正在成為一個關鍵的差異化因素，使我們和我們的加盟商能夠產生更好的見解並做出更好的決策。

On this front, quick service restaurants will benefit disproportionately because of the high frequency nature of our consumer visits, which results in more data. Within quick service, a few characteristics will separate us from our competitors, including our multi-brand portfolio, our scale and global footprint, our ownership of key platforms and the increasing integration between our platforms. We will leverage our data for insights and to drive more effective marketing and loyalty engagement, and we will deploy advanced AI tools to all aspects of our business. As we leverage our scale more and more in these areas, we can be faster, cheaper and safer through consistency and standardization across our environment.

在這方面，快餐店將受益匪淺，因為我們的消費者訪問頻率很高，從而產生更多數據。在快速服務中，一些特徵將使我們與競爭對手區分開來，包括我們的多品牌產品組合、我們的規模和全球足跡、我們對關鍵平台的所有權以及我們平台之間日益增強的整合。我們將利用我們的數據獲得洞察力並推動更有效的行銷和忠誠度參與，並且我們將在業務的各個方面部署先進的人工智慧工具。隨著我們在這些領域越來越多地利用我們的規模，透過整個環境的一致性和標準化，我們可以更快、更便宜、更安全。

Let me now discuss the digital and technology accomplishments for Q1 across our Easy Experiences, Easy Operations and Easy Insights pillars. Beginning with our Easy Experiences pillar. We continued to onboard Pizza Hut U.S. to the Yum! e-commerce platform with a full cutover planned by Q3, followed by 3 Pizza Hut international markets by year-end. For Taco Bell U.S., where the Yum! Commerce platform is fully operational, we have accelerated viral promotions and have seen Taco Bell's digital ordering capacity increase tenfold relative to the legacy system.

現在讓我討論第一季在「輕鬆體驗」、「輕鬆操作」和「輕鬆洞察」支柱方面取得的數位和技術成就。從我們的「輕鬆體驗」支柱開始。我們繼續登上美國必勝客前往百勝餐飲集團！電子商務平台計劃在第三季全面割接，年底前將完成 3 個必勝客國際市場的割接。對美國 Taco Bell 來說，Yum!商務平台已全面投入運營，我們加速了病毒式促銷，並且看到 Taco Bell 的數位訂購能力相對於舊系統增加了十倍。

Within Easy Operations, the expansion of our world-class technology products and platforms continued. We expanded Poseidon to 1,800 Taco Bell U.S. restaurants, bringing our total to over 7,000 restaurants. We onboarded over 500 Pizza Hut restaurants onto the Dragontail AI platform, bringing our system total to over 7,000 restaurants. In the near future, we plan to nationally roll out Dragontail's kitchen display system and Poseidon to our KFC U.S. restaurants. Finally, our custom-built Super App, which provides smart, automated routine management tools for our restaurant managers, is now used in nearly 9,500 Pizza Hut and KFC restaurants with significant expansion plans underway for KFC.

在 Easy Operations 中，我們世界一流的技術產品和平台的擴展仍在繼續。我們將 Poseidon 擴展到 1,800 家 Taco Bell 美國餐廳，使餐廳總數達到 7,000 多家。我們將超過 500 家必勝客餐廳納入龍尾 AI 平台，使我們的系統總數超過 7,000 家餐廳。在不久的將來，我們計劃在全國範圍內將龍尾的廚房展示系統和波塞冬推廣到我們的肯德基美國餐廳。最後，我們客製化的超級應用程式為我們的餐廳經理提供了智慧、自動化的日常管理工具，現已在近 9,500 家必勝客和肯德基餐廳中使用，肯德基正在進行重大擴張計劃。

For the third pillar of our Easy Strategy, Easy Insights, KFC and Pizza Hut have continued to scale a new experienced management program allowing the brands to draw insights from an expanded source of consumer reviews across digital channels, including third-party aggregators and social media in addition to guest survey responses. KFC is now live in 10,000 restaurants and has seen a fivefold increase in per-store data points. Pizza Hut expanded this service to 7,000 restaurants across more than 50 countries.

對於我們Easy 策略的第三個支柱Easy Insights，肯德基和必勝客繼續擴大新的經驗豐富的管理計劃，使品牌能夠從跨數位管道（包括第三方聚合商和社交媒體）的消費者評論的廣泛來源中取得見解除了賓客調查回覆之外。肯德基現已進駐 10,000 家餐廳，每家商店的數據點增加了五倍。必勝客將這項服務擴展到 50 多個國家的 7,000 家餐廳。

Talking about all of the tremendous advancements underway excites me about the future. This work will be vital as we embark on further innovation behind voice AI, restaurant automation and better leveraging our loyalty programs.

談論正在發生的所有巨大進步讓我對未來感到興奮。這項工作對於我們在語音人工智慧、餐廳自動化和更好地利用我們的忠誠度計劃方面進一步創新至關重要。

Next, I'll provide an update on our balance sheet and liquidity position. Net capital expenditures for the quarter were $38 million, reflecting $49 million in gross CapEx and $11 million in refranchising proceeds. Our net leverage ratio ended the quarter at 4.1x. In the quarter, we sold our minority investment in Devyani for $104 million, representing a $73 million increase in value since acquisition. Our cash balance ended at $652 million, reflecting proceeds from the Devyani investment sale and modest accumulation in cash to finance the KFC U.K. acquisition.

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。本季淨資本支出為 3,800 萬美元，反映出資本支出總額 4,900 萬美元和再特許經營收益 1,100 萬美元。本季結束時，我們的淨槓桿率為 4.1 倍。本季度，我們以 1.04 億美元的價格出售了對 Devyani 的少數股權投資，自收購以來價值增加了 7,300 萬美元。我們的現金餘額為 6.52 億美元，反映了 Devyani 投資出售的收益以及為收購英國肯德基融資而累積的少量現金。

With the KFC U.K. deal behind us, our cash balance will return to a normalized rate of around $400 million, excluding the unrepatriated Devyani proceeds. Thereafter, with no significant debt maturities in 2024 or 2025, we plan to use our excess free cash flow primarily to fund share repurchases, absent accretive investments we choose to make. 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 returning excess cash to our shareholders.

隨著英國肯德基交易的結束，我們的現金餘額將恢復到 4 億美元左右的正常水平，不包括未匯回的 Devyani 收益。此後，由於 2024 年或 2025 年沒有重大債務到期，我們計劃將多餘的自由現金流主要用於為股票回購提供資金，而不選擇進行增值投資。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向股東返還多餘現金。

Subsequent to the quarter end, we renewed our pro rata credit facility, including our revolving credit facility and Term Loan A. We were pleased to renew the $2 billion facility with the same pricing and terms that we achieved in 2021 while also increasing the revolver from $1.25 billion to $1.5 billion.

季度末後，我們按比例續簽了信貸安排，包括循環信貸安排和定期貸款 A。至15 億美元。

Now let me discuss our latest outlook on full year 2024. We are confident that 2024 will showcase a strong unit development story at or above 5% unit growth, led by KFC International as franchisees capitalize on our brand's attractive paybacks. In the U.S., Taco Bell continues to balance core everyday value to cater to a more discerning consumer across income groups with premium innovation to attract new consumers. We expect full year Taco Bell company-operated margins to be in the range of 23% to 24%. Excluding the 53rd week, we now expect ex special G&A to be flat to down slightly for the year, including incremental G&A associated with the KFC U.K. acquisition. Finally, we are confident we will deliver at least 8% core operating profit growth excluding the benefit of the 53rd week.

現在讓我談談我們對2024 年全年的最新展望。充分利用我們品牌有吸引力的回報。在美國，塔可鐘持續平衡核心日常價值，透過優質創新吸引新消費者，以滿足不同收入群體中更有眼光的消費者的需求。我們預計塔可鐘公司全年經營利潤率將在 23% 至 24% 之間。排除第 53 週，我們現在預計今年除特殊一般管理費用將持平或略有下降，包括與英國肯德基收購相關的增量一般管理費用。最後，我們有信心在不計第 53 週收益的情況下實現至少 8% 的核心營業利潤成長。

To close, I am incredibly proud of the progress we have made over the last few years in the areas to which we dedicated our focus and internal resources. Our team continues to manage through industry challenges to position us for a strong year and deliver our long-term operating profit plan, reinforcing the resilience of our business, strength of our talent and commitment to our shareholders. Going forward, we are moving to solidify ourselves as the multi-brand franchisor of choice through a more efficient adaptable, data-driven organization. We are only in the early innings of unlocking the value of our unmatched data, which will help power our aspirations and deliver sustained, above-market shareholder returns.

最後，我對過去幾年我們在重點關注領域和內部資源所取得的進展感到無比自豪。我們的團隊繼續應對行業挑戰，為我們創造強勁的一年並實現長期營業利潤計劃，增強我們的業務彈性、人才實力和對股東的承諾。展望未來，我們將透過更有效率、適應性強、數據驅動的組織來鞏固自己作為首選多品牌特許經營商的地位。我們僅處於釋放無與倫比的數據價值的早期階段，這將有助於增強我們的願望並提供持續的、高於市場的股東回報。

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 goes to Jon Tower of Citigroup.

（操作員指示）我們的第一個問題是花旗集團的 Jon Tower。

Encouraging to see the G&A curve bending. I was hoping you could maybe drill into some of the puts and takes there. Obviously, there were some offsets this quarter with some charges. But curious if you could give us a little bit of context around what's flowing through that line to help move it lower and maybe where you anticipate this moving over the long term for the business. I think historically you've talked about the idea of potentially reaching -- or at one point in time, having that sit at about 1.7% system-wide sales. Is that still a target that you think is reasonable? Or do you feel like you can even move that further as we continue to grow this digital business over time?

看到 G&A 曲線彎曲令人鼓舞。我希望你能深入研究那裡的一些看跌期權和看跌期權。顯然，本季有一些費用的抵消。但我很好奇，您能否向我們提供一些關於流經這條線的背景信息，以幫助降低該線的價格，以及您預計從長遠來看，該業務的發展方向。我認為，從歷史上看，您曾討論過可能達到的想法，或者在某個時間點，達到約 1.7% 的系統範圍銷售額。這仍然是您認為合理的目標嗎？或者，您是否認為隨著我們不斷發展數位業務，您甚至可以更進一步？

Yes. Thanks, Jon. Good question. First, let me just reiterate a couple of details on the G&A guidance. So we expect that ex special G&A on a 52-week basis will be flat to slightly down. As we mentioned on the last call, that assumes a target level of incentive compensation. So that's one factor that could move as we go through the year. But on the factors and levers that help us to achieve that plan first, there are some onetime factors at play. Examples of that include lapping the cyber event last year, a couple of small remnants of the Russia overlap and some lapse of incentive-based compensation last year. Now on the other side, we do have some expenses related to the acquisition of the stores in the U.K. We expect that will add just under $10 million to our G&A in year. But those are the [best] set of factors.

是的。謝謝，喬恩。好問題。首先，讓我重申一下 G&A 指南的一些細節。因此，我們預計 52 週的除特別一般行政費用將持平或略有下降。正如我們在上次電話會議中提到的，這假設了激勵薪酬的目標水準。因此，隨著這一年的發展，這一因素可能會改變。但在幫助我們首先實現該計劃的因素和槓桿上，有一些一次性因素在起作用。這方面的例子包括去年的網路事件、俄羅斯的一些小殘留重疊以及去年基於激勵的薪酬的一些失效。另一方面，我們確實有一些與收購英國商店相關的費用。但這些都是[最佳]因素。

If we go to the longer-term levers that we're pulling, we continue to drive our resource optimization program, which has allowed us to find efficiencies in legacy parts of the business, part of which we've used to fund investments in the D&T strategy. You saw some special charges this quarter which included the impact of some of those moves that we make, but that helps to drive productivity in the business going forward.

如果我們採用我們正在拉動的長期槓桿，我們將繼續推動我們的資源優化計劃，這使我們能夠提高業務遺留部分的效率，其中一部分我們已用於為以下領域的投資提供資金：研發策略。您在本季度看到了一些特殊費用，其中包括我們採取的一些舉措的影響，但這有助於提高未來業務的生產力。

And finally, as you say, we continue to bend the curve on the impact of our D&T investments on the P&L. This happens as we deploy more and more of our technology through increased franchisee adoption. And of course, we're continuing to better leverage our scale and how we operate internally in digital and technology, which is allowing us to do more together across the business. All of that is in service, delivering more, better, faster, cheaper and safer technology to our business, as David said earlier, but bending that curve is a part of the long-term plan.

最後，如您所說，我們繼續扭轉 D&T 投資對損益表影響的曲線。當我們透過增加加盟商採用越來越多的技術來部署越來越多的技術時，就會發生這種情況。當然，我們將繼續更好地利用我們的規模以及我們在數位和技術方面的內部運作方式，這使我們能夠在整個業務中共同完成更多工作。正如大衛之前所說，所有這些都在服務中，為我們的業務提供更多、更好、更快、更便宜和更安全的技術，但彎曲這條曲線是長期計劃的一部分。

The next question goes to Brian Bittner of Oppenheimer & Co.

下一個問題將問奧本海默公司的布萊恩·比特納 (Brian Bittner)。

You reiterated your 2024 target to grow core operating profit in line with your long-term algorithm of at least 8%. And that's impressive given the first quarter where comps were negative and core operating profit growth was below the full year outlook. And I'm assuming this was always built in the plan because of the tough comparisons, and I realize you have a lot of G&A flexibility to hit your operating profit targets. But the question is what's the global same-store sales base case that you're thinking is required for the rest of the year to comfortably reach your operating profit goals.

您重申了 2024 年核心營業利潤成長的目標，符合您至少 8% 的長期演算法。考慮到第一季的公司業績為負且核心營業利潤成長低於全年預期，這一成績令人印象深刻。我假設這始終是在計劃中建立的，因為進行了艱難的比較，而且我意識到您有很大的一般管理費用彈性來實現您的營業利潤目標。但問題是，您認為今年剩餘時間需要什麼全球同店銷售基本狀況才能輕鬆實現營業利潤目標。

Appreciate the question, Brian, and I agree. Hitting 8% in this choppy environment, we're proud of our ability to expect that kind of a result. And I think it speaks to the resilience of our business model and the talent of our leaders. As you know, we don't provide quarter-to-quarter same-store sales guidance, particularly in an environment like this. We're preparing for various scenarios to get to the 8% number. Obviously, one of the lever -- one of the strong levers we have to pull to get to the number is on the development front. And we feel really good about the pipeline that we have in place in development from our partners around the world, and that's something much more so than same-store sales because we can count on to get to the 8%. But as far as forecasting same-store sales growth in this environment, obviously, it's very difficult given the impact that we're seeing.

感謝這個問題，布萊恩，我同意。在這種動盪的環境中達到 8%，我們為自己有能力期待這樣的結果而感到自豪。我認為這說明了我們商業模式的彈性和領導者的才能。如您所知，我們不提供季度同店銷售指導，特別是在這樣的環境下。我們正在為各種情況做準備，以達到 8% 的數字。顯然，為了達到這個數字，我們必須拉動的槓桿之一——強大的槓桿之一是在發展方面。我們對來自世界各地合作夥伴的開發管道感到非常滿意，這比同店銷售更重要，因為我們可以指望達到 8%。但就預測這種環境下的同店銷售成長而言，考慮到我們所看到的影響，顯然這是非常困難的。

The next question goes to David Palmer of Evercore ISI.

下一個問題將詢問 Evercore ISI 的 David Palmer。

I was just hoping to get some more color on international, KFC International, Pizza Hut International. What were some of the highlights and lowlights on same-store sales trends in terms of your brand geography combinations? And more importantly, I'm curious about your reality for 2024 given the exit rates of brand geography combinations. Has any of these changed for the better or worse? How are you feeling about things versus perhaps just a few months ago?

我只是希望對國際、肯德基國際、必勝客國際有更多的了解。就您的品牌地理組合而言，同店銷售趨勢的亮點和亮點是什麼？更重要的是，考慮到品牌地理組合的退出率，我對 2024 年的現實感到好奇。這些變化有變好還是變壞？與幾個月前相比，您對事情的感覺如何？

Thanks, David. Yes. Look, we feel great about our twin engines of growth, right? 80% of our profit comes from Taco Bell U.S. and KFC International. In the international business, to your question, 85% of our profit from KFC International. And if you look at the areas of the world that are less impacted by the Middle East, like Africa, for example, our system sales, you'll see in our release, was up 22%. Latin America, less impacted, really no impact, up 11% -- I'm sorry, Latin America, up 22%; Africa, up 11%. I recently actually made a trip to Africa this quarter with our team and was just blown away by the progress we're making on the ground there, where we're the leader in the industry, and we're widening our margin in terms of that leadership.

謝謝，大衛。是的。看，我們對我們的雙重成長引擎感覺很棒，對吧？我們 80% 的利潤來自 Taco Bell U.S. 和 KFC International。在國際業務方面，對於你的問題，我們85%的利潤來自肯德基國際。如果您看看世界上受中東影響較小的地區（例如非洲），您會在我們的發布中看到我們的系統銷售額成長了 22%。拉丁美洲，受影響較小，確實沒有影響，成長了 11%——對不起，拉丁美洲，成長了 22%；非洲，成長 11%。我最近本季與我們的團隊一起去了一趟非洲，我們在那裡取得的進展令我感到震驚，我們是該行業的領導者，並且我們正在擴大我們的利潤率那個領導。

Whether it's South Africa, which we visited, or Kenya where we've got franchisees that used to be part of our -- the company's system, who's building our brand the right way there, launching breakfast, the employer of choice in the country, leveraging menu innovation to take and actually inspiring some of our innovation around the world. So if you look at places like that, the business is real healthy and doing well. The other -- the impacted parts of the world are obviously much more challenged. But we still see impressive results for KFC International growing system sales 6% in this environment. And if you adjust for Middle East, that's 8%, 9% kind of system sales growth.

無論是我們訪問的南非，還是我們擁有特許經營商的肯尼亞，這些特許經營商曾經是我們公司係統的一部分，他們正在那里以正確的方式打造我們的品牌，推出早餐，是該國的首選雇主，利用菜單創新來實施並真正激發我們在世界各地的一些創新。因此，如果你看看這樣的地方，你會發現業務確實健康且運作良好。另一方面，世界上受影響的地區顯然面臨更大的挑戰。但在這種環境下，我們仍然看到肯德基國際公司的系統銷售額成長了 6%，取得了令人印象深刻的成績。如果針對中東進行調整，系統銷售成長將達到 8%、9%。

And very importantly, we highlighted this in the earnings release, KFC International with net new unit growth up 10% shows the strength of the quality of the development pipeline that we have, which obviously bodes well for the future of the brand. But as far as the international consumer goes, it's probably more of an emphasis on value than there has been in past quarters. We're seeing the same thing in the U.S. That's one that we know with KFC, we're well equipped to navigate.

非常重要的是，我們在財報中強調了這一點，肯德基國際的新單位淨增長達 10%，這表明我們擁有的開發管道質量強勁，這顯然預示著該品牌的未來。但就國際消費者而言，與過去幾季相比，他們可能更加重視價值。我們在美國也看到了同樣的情況，這就是我們在肯德基所知道的，我們有足夠的能力來應對。

The next question goes to John Ivankoe of JPMorgan.

下一個問題是向摩根大通的約翰·伊万科提出的。

I was hoping to get maybe just a little bit more color on bending the curve on digital and technology spend, especially how it might influence '25 and '26 type of total G&A growth. I mean, I think this has been one of the more kind of debated topics of this -- on the Street as -- are we just talking about a lower rate of growth? Or might we actually see declines in dollars in '25 and '26 as you leverage the platform?

我希望能夠對數位和技術支出曲線的彎曲有更多的了解，特別是它可能如何影響 '25 和 '26 類型的總 G&A 成長。我的意思是，我認為這一直是華爾街最有爭議的話題之一——我們只是在談論較低的成長率嗎？或者，當您利用該平台時，我們實際上可能會在 25 年和 26 年看到美元下跌嗎？

And the follow-up to this, and I think it's very related, acquiring technology, building technology is one thing. But of course, maintaining technology with best-of-class technology talent, especially kind of at the leadership end, might be something different. So I just wanted to get your thoughts in terms of acquiring some of this tech talent and Yum!'s ability to both attract and retain this talent going forward as they may have other projects to work on in the future.

對此的後續，我認為這是非常相關的，取得技術、建構技術是一回事。但當然，用一流的技術人才來維護技術，尤其是在領導階層，可能會有所不同。因此，我只是想了解您對收購一些技術人才的想法，以及百勝集團未來吸引和留住這些人才的能力，因為他們將來可能還有其他項目需要進行。

Thanks, John. Look, if you go back over the last few years, we saw the importance of digital and technology to Yum's! future and we invested ahead on behalf of the system to build those capabilities and put them in place across Easy Experiences, Easy Operations and Easy Insights. We thought that was the right thing to do for the business, and it did create some pressure on the G&A line as we did it. As we deploy our platforms to more and more markets and we get increased adoption, of course, that happens when our franchisees see the business cases coming to life and the improvements in their economics and the way the technology impacts their consumers and their team members.

謝謝，約翰。看，如果你回顧過去幾年，我們看到了數位和科技對百勝餐飲的重要性！未來，我們代表系統提前投資來建立這些功能，並將它們落實到簡單體驗、簡單操作和簡單洞察中。我們認為這對業務來說是正確的做法，但在我們這樣做時，它確實給 G&A 線帶來了一些壓力。當然，隨著我們將我們的平台部署到越來越多的市場，我們的採用率也越來越高，當我們的特許經營商看到商業案例變得栩栩如生、他們的經濟狀況得到改善以及技術影響他們的消費者和團隊成員時，就會發生這種情況。

And we're, as we shared on the call, continuing to drive those deployments. In fact, we're now starting to bundle some of those deployments. At Taco Bell, for instance, we are driving both the AIM inventory management in addition to the Trax back-of-house system at KFC U.S. We'll be deploying the Dragontail kitchen display system along with the Poseidon POS system. So we're bundling those together. And as we create more and more examples and proof points of the impact, as we talk to franchisees in additional markets, it becomes easier to prove the business case that our technology is delivering. So that's what supports the long-term deployment path as we move forward.

正如我們在電話會議中分享的那樣，我們將繼續推動這些部署。事實上，我們現在開始捆綁其中一些部署。例如，在 Taco Bell，我們正在推動 AIM 庫存管理以及美國肯德基的 Trax 後台系統。所以我們將它們綁在一起。隨著我們創建越來越多的影響力範例和證據，當我們與其他市場的特許經營商交談時，證明我們的技術所提供的業務案例變得更加容易。這就是我們前進時支援長期部署路徑的因素。

Obviously, we have to continue to make investments in things like AI, better leveraging our data, as David mentioned, and as you said, in continuing to enhance the existing platforms that we have. But as we bend the curve, that reduces the net P&L impact over time. And so in the long run, we expect us to get increasing leverage on our G&A and the G&A as a percent of system sales should come down over the long run.

顯然，我們必須繼續對人工智慧等領域進行投資，更好地利用我們的數據，正如大衛所提到的，正如你所說，繼續增強我們現有的平台。但當我們彎曲曲線時，隨著時間的推移，淨損益影響就會減少。因此，從長遠來看，我們希望我們能夠提高一般行政費用的槓桿率，並且從長遠來看，一般行政費用佔系統銷售額的百分比應該會下降。

The next question goes to Brian Harbour of Morgan Stanley.

下一個問題將由摩根士丹利的布萊恩哈伯提出。

Maybe just following up on that. You spent a lot of time discussing all of these tech initiatives. I think it's probably a little bit harder for us to sort of observe that in terms of comp impact, margin impact. Obviously, we don't kind of see franchisee profitability. But are there any examples you can give of, for example, e-commerce was deployed in certain restaurants and you saw a certain uplift in sales or franchisee profits, what happens to those when you deploy that tech bundle that you just mentioned? I think that would just sort of bring it to life more for us.

也許只是跟進此事。您花了很多時間討論所有這些技術舉措。我認為我們可能有點難以觀察對公司影響和利潤率的影響。顯然，我們看不到特許經營商的獲利能力。但是您是否可以舉出一些例子，例如，某些餐廳部署了電子商務，並且您看到銷售額或特許經營商利潤出現了一定的提升，當您部署您剛才提到的技術捆綁包時，會發生什麼事？我認為這會讓我們的生活更加生動。

Yes. Great question. Look, in all of these deployments, this is us partnering with our franchisees and, of course, they co-invest to bring these platforms to their businesses and they only do that when they see a strong business case. So if you take Taco Bell U.S., which is the one market where we deploy the most of our platforms in combination, I think the tremendous sales results there as they've gone from essentially no digital sales in 2018 to well into the 30% mix now demonstrates the power of the combination of those platforms. In every market around the globe, as we shift sales from nondigital to digital channels, we see increases in check size, we see increases in frequency.

是的。很好的問題。看，在所有這些部署中，這是我們與我們的特許經營商合作，當然，他們共同投資將這些平台引入他們的業務，他們只有在看到強大的業務案例時才會這樣做。因此，如果你以 Taco Bell 美國為例，這是我們組合部署最多平台的市場，我認為那裡取得了巨大的銷售成果，因為他們從 2018 年基本上沒有數字銷售，到了 30% 的混合銷售現在展示了這些平台組合的力量。在全球每個市場，當我們將銷售從非數位管道轉向數位管道時，我們看到支票規模增加，頻率增加。

Now as you said, you don't see all of our franchisees' P&Ls. But on the productivity side for our franchisees, I think our development momentum is the best proof point that digital is adding to unit economics. That's the driver of us continuing to set records on unit development around the globe, and the digital and technology impacts on their P&L is an important part of that. So all of that is enhancing the business model. But as we said, we think we're just getting started on the value creation potential from these platforms and capabilities.

現在，正如您所說，您看不到我們所有特許經營商的損益表。但在我們加盟商的生產力方面，我認為我們的發展動能是數位化增加單位經濟效益的最佳證明。這是我們繼續在全球範圍內創造單位開發記錄的動力，而數位和技術對其損益的影響是其中的重要組成部分。所以這一切都在增強商業模式。但正如我們所說，我們認為這些平台和功能的價值創造潛力才剛開始。

Yes. And just to get in, if you're looking for specifics, as you can imagine, when we move people to digital ordering, we see an uplift in check in almost every case, whether it's kiosk or online. When we move people to things like Dragontail, we know we get a -- for Pizza Hut, we know we get a 4-minute savings on delivery time of pizzas and we know we can get drivers to deliver more orders per hour by using it.

是的。就進入而言，如果您正在尋找具體細節，正如您可以想像的那樣，當我們將人們轉移到數位訂購時，我們幾乎在所有情況下都看到檢查的增加，無論是自助服務終端還是在線。當我們把員工轉移到像 Dragontail 這樣的地方時，我們知道我們會得到——對於必勝客，我們知道我們可以節省 4 分鐘的披薩配送時間，我​​們知道我們可以透過使用它讓司機每小時配送更多訂單。

So to the point of your question, the measures and the financial results from the rollout of these things, there are use cases all over the place for how this improves unit economics for franchisees, which ultimately is the heart of our business. The better their unit economics are, the more they build, the more they can afford to offer the right prices and value to customers and so on.

因此，就您的問題而言，這些措施的推出所帶來的措施和財務結果，到處都有用例來說明如何提高特許經營商的單位經濟效益，這最終是我們業務的核心。他們的單位經濟效益越好，他們建造的越多，他們就越有能力為客戶提供合適的價格和價值等等。

The next question goes to Dennis Geiger of UBS.

下一個問題將由瑞銀集團的丹尼斯·蓋格提出。

Specific to the U.S., I'm wondering if you could speak a bit more to how you think about the trajectory of the brands with some of those tougher comparisons and the weather headwinds behind you, even if it's at sort of a higher level. And sort of maybe how do you think about how the brands are positioned in the U.S. in a seemingly difficult environment and whether there's sort of any notable strategy shifts that you guys contemplate in an environment like this, be it on value or otherwise?

具體到美國，我想知道您是否可以更多地談談您如何看待這些品牌的發展軌跡，以及一些更艱難的比較和您身後的天氣逆風，即使它處於更高的水平。也許您如何看待這些品牌在看似困難的環境中在美國的定位，以及在這樣的環境中，您是否考慮進行任何顯著的策略轉變，無論是價值還是其他方面？

Yes. Thanks, Dennis. I think we referred to this somewhere but I'll -- just for completeness, so in Q1, obviously we had a lot of impact by the weather during the quarter. Our business generally improved sequentially during the quarter. Taco Bell, as you know, is 75% of our U.S. operating profit. Taco Bell improved throughout the quarter. And into Q2, we are seeing an acceleration of same-store sales growth trends. So we're feeling good about how Taco Bell is positioned. Remember, they just launched the Cantina Chicken menu at the end of Q1. So we're excited to share the results of that. But suffice to say, it's been well received by consumers.

是的。謝謝，丹尼斯。我想我們在某處提到過這一點，但我會——只是為了完整性，所以在第一季度，顯然我們受到了該季度天氣的很大影響。我們的業務在本季總體上有所改善。如您所知，塔可鐘占我們美國營業利潤的 75%。塔可鐘整個季度都有所改善。進入第二季度，我們看到同店銷售成長趨勢加速。所以我們對塔可鐘的定位感覺很好。請記住，他們剛剛在第一季末推出了 Cantina Chicken 菜單。因此，我們很高興分享其結果。但可以說，它受到了消費者的好評。

And we think Taco Bell is incredibly well positioned for what I would describe as a more normal consumer environment today. Customers care more about value in the U.S.. Taco Bell, we know from the industry data that value is more important and that others are struggling with value and that Taco Bell is a value leader. You're seeing some low-income consumers fall off in the industry. We're not seeing that at Taco Bell. So a really favorable setup for Taco Bell, which you probably can say about any environment that they operate in given the strength of the brand.

我們認為塔可鐘在我所描述的當今更正常的消費環境中處於非常有利的位置。在美國Taco Bell，客戶更關心價值，我們從行業數據知道，價值更重要，其他人都在為價值而掙扎，而Taco Bell是價值領導者。你會看到一些低收入消費者在這個產業的地位下降。我們在塔可鐘並沒有看到這種情況。因此，對於塔可鐘來說，這是一個非常有利的設置，考慮到該品牌的實力，你可以說他們在任何經營環境中都可以做到這一點。

And for Pizza Hut, obviously, the lapse in the quarter were unusually large. We always intend to lap anything with positive sales. We didn't do that at Pizza Hut U.S. But we are positive on a 2-year basis and we actually did see an acceleration of Pizza Hut's 2-year trends in Q1 versus Q4. I'm excited about the calendar that Pizza Hut has for the balance of the year as well in the U.S.

顯然，對於必勝客來說，本季的下滑異常之大。我們總是打算把任何有正面銷售的東西都包起來。我們在必勝客美國沒有這樣做，但我們對兩年的基礎持樂觀態度，而且我們實際上確實看到必勝客第一季與第四季相比的兩年趨勢有所加速。我對必勝客今年剩餘時間以及美國的日曆感到興奮。

For KFC, it's a different story. The KFC brand in the U.S. has been struggling. And I think we're excited about some of the work that's going on behind the scenes to really boldly reset the brand in the U.S. We have a great playbook for KFC, which is our global business, our international business [is on fire], as I talked about before, the underlying business. We know how to bring that brand to life to connect with consumers around the world, and we have to do a better job of that in the U.S. It's a small part of our operating profit. Obviously, it doesn't really move the needle in the Yum! growth equation, but it is something that's a high priority for us as we move forward.

對肯德基來說，情況就不同了。美國的肯德基品牌一直在苦苦掙扎。我認為我們對幕後正在進行的一些工作感到興奮，這些工作真正大膽地在美國重塑了品牌。進行中]，正如我之前談到的，基礎業務。我們知道如何將這個品牌帶入生活，與世界各地的消費者建立聯繫，我們必須在美國做得更好。顯然，它並沒有真正改變百勝餐飲集團的地位！成長方程，但在我們前進的過程中，它是我們的首要任務。

The next question goes to Sara Senatore of Bank of America.

下一個問題問美國銀行的薩拉參議員。

First, a quick follow-up and then a question. Just about the impact from the Middle East, you said it was dissipating. I was just curious if you're doing anything specific to do that like brand marketing, that type of thing, or if it's just a matter of time?

首先，快速跟進，然後提出問題。就中東的影響而言，你說它正在消散。我只是好奇你是否正在做任何具體的事情，例如品牌行銷之類的事情，或者這只是時間問題？

The question is about unit growth over time and sort of how that translates into system-wide sales maybe this year and beyond. As some of these AUVs are coming in lower as you think about your long-term algorithm, how should we think about that either this year kind of hitting the long-term algorithm from a top line perspective or over time?

問題是隨著時間的推移，單位的增長以及如何轉化為今年及以後的全系統銷售。當您考慮長期演算法時，其中一些 AUV 的得分會降低，因此我們應該如何考慮今年從頂線角度或隨著時間的推移是否會達到長期演算法？

Sure. Thank you, Sara. The first part of your question, no, I don't think we're doing anything special. We've obviously had a lot of experience in the past being -- with the global footprint we have of dealing with different issues around the world, and we have a sense for how these things recover. But everyone is different and time is usually the answer to most of those problems.

當然。謝謝你，薩拉。你問題的第一部分，不，我認為我們沒有做任何特別的事情。顯然，我們過去擁有豐富的經驗——我們在全球範圍內處理過世界各地的不同問題，而且我們對這些事情如何恢復有一定的了解。但每個人都是不同的，時間通常是大多數問題的答案。

As far as unit growth goes, yes, it is true that a lot of times when we're building, we're building particularly with our footprint and our emphasis on development. We're building in emerging markets which tend to have lower average unit volumes. That's how we built the powerhouse business in China back in the day and it's how we're building out markets like India, which tend to have lower volumes.

就單位成長而言，是的，確實很多時候我們在建設時，我們特別注重我們的足跡和對發展的重視。我們正在新興市場建設，這些市場的平均單位銷售量往往較低。這就是我們當年在中國建立強大業務的方式，也是我們建立印度等銷售量往往較低的市場的方式。

But we're also excited about a lot of the development agreements and new franchise partners that we're getting in Western Europe, for example, and some other markets around the world, which are much higher volume markets. And I think it will always be a mix and it will probably always tend to be lower volume than our typical average volume. And that's fine because these are markets that tend to start out with lower volumes and grow faster than a traditional market, and we've seen that all around the world over the last few decades as Yum! has built out its footprint.

但我們也對我們在西歐和世界各地其他一些市場（這些市場的銷量要大得多）獲得的許多開發協議和新的特許經營合作夥伴感到興奮。我認為它永遠是一個混合體，而且它的成交量可能總是低於我們典型的平均成交量。這很好，因為這些市場起步時的銷量往往比傳統市場低，但成長速度比傳統市場快，而且我們在過去幾十年裡在世界各地都看到了這一點，因為百勝餐飲集團！已經建立了它的足跡。

The next question goes to David Tarantino of Baird.

下一個問題將問貝爾德的大衛·塔倫提諾。

My question is on your results in the context of the sales performance. I think you mentioned that the operating profit in Q1 was slightly better than your expectations. I was curious to know how the sales are progressing relative to the expectations you might have had when you gave the guidance originally. And then in particular, I guess, was Q1 about what you expected, better than what you expected?

我的問題是關於您在銷售業績方面的結果。我想您提到第一季的營業利潤略好於您的預期。我很想知道相對於您最初給予指導時的預期，銷售進展如何。我想，特別是第一季是否符合您的預期，是否比您的預期更好？

And then secondly, David, if you could give us some sense of whether you have line of sight to global comps performance turning positive either in the second quarter or in the second half of the year?

其次，大衛，您能否讓我們了解一下您是否認為全球業績在第二季或下半年會轉為正值？

Thanks, David. Obviously, we didn't anticipate the weather impacts in the U.S., for example, in Q1. So it generally was in line with what we expected, perhaps just a tad weaker. But to the point of your question, as we go into Q2, as I mentioned earlier, the Taco Bell business is picking up strength. We are generally on track with our projections for the year, which is why we feel comfortable with our operating profit commitment and the long-term algorithm. But it is going to be a challenging year, and we have a great team out there tackling the challenges. And in any one of these challenging years, it's always an opportunity to grab market share as well. We're doing that through development with the pace of development that you're seeing.

謝謝，大衛。顯然，我們沒有預料到美國的天氣影響，例如第一季。所以它總體上符合我們的預期，也許只是弱了一點。但就你的問題而言，正如我之前提到的，當我們進入第二季時，塔可鐘業務正在增強。我們總體上符合今年的預測，這就是為什麼我們對我們的營業利潤承諾和長期演算法感到滿意。但這將是充滿挑戰的一年，我們有一支出色的團隊來應對挑戰。在這些充滿挑戰的年份中的任何一年，這也始終是搶佔市場份額的機會。我們正在按照您所看到的發展速度來實現這一目標。

And I'll just close with a few comments about the business. We talk about this a lot, but I think this was a quarter that really demonstrated how resilient this business is and how we can navigate just about anything thrown our way. The fact that we're sitting here in this first quarter in this choppy environment and we're able to put up 6% core operating profit growth and reconfirm that 8% plus target, I think, is a testament to the levers that we have to pull and the talent we have around the world.

最後我將就該業務發表一些評論。我們經常談論這個問題，但我認為這個季度真正展示了這項業務的彈性，以及我們如何應對任何遇到的困難。我認為，在第一季度，在這個動蕩的環境中，我們能夠實現 6% 的核心營業利潤增長，並再次確認 8% 以上的目標，這一事實證明了我們擁有的槓桿能力吸引我們在世界各地擁有的人才。

Our twin growth engines which are 80% plus of our operating profit, Taco Bell U.S. and KFC International, their underlying strength of their business is obvious when you look at the 10% unit growth at KFC or you look at Taco Bell's performance with low-income consumers in a value environment and the acceleration we're seeing in 2Q. Our development machine, we actually just put up the second highest quarter for gross development in Yum's! history, obviously on track to meet or exceed that 5% development target.

我們的雙成長引擎塔可鐘美國公司和肯德基國際公司占我們營業利潤的80% 以上，當你看看肯德基10% 的單位增長，或者你看看塔可鐘的低業績表現時，他們業務的潛在實力是顯而易見的。我們的開發機器，實際上我們剛剛在百勝餐飲集團中實現了第二高的季度總開發！歷史上，顯然有望達到或超過 5% 的發展目標。

And then very exciting, the digital inflection point. Passing 50% digital is something I don't think people thought was possible just a few years ago this quickly. It's a real testament to the quality of the teams that we put together. And as you can see from our prepared remarks, we are not at all resting on that as a key accomplishment as we lean in on things like AI and the use of our data to separate ourselves from the rest of the industry.

然後是非常令人興奮的數位轉折點。我認為幾年前人們還認為不可能這麼快地通過 50% 的數位化。這真正證明了我們組建的團隊的品質。正如您從我們準備好的發言中看到的那樣，我們根本沒有將其視為一項關鍵成就，因為我們依靠人工智慧和使用我們的數據等技術來將自己與行業其他公司區分開來。

I'll leave you with one final fact which I heard just the other day which really goes to the core of what we are and the strength of our business. Since January of 2021, 25% of all the Yum! units in the world have been built. That's how new our asset base is. That's how fast we're developing. Think about the impact that, that has on the consumer in terms of how fresh and modern our brands are. Since January '21, 25% of our store base has been built. We don't see that slowing down at any time soon. And in a choppy environment this year, we're very confident that we can get through it, strengthen our business and come out of it delivering that 8% core operating profit growth.

最後我要告訴您一個事實，這是我前幾天聽到的，它真正涉及我們的核心和我們業務的優勢。自 2021 年 1 月以來，佔百勝餐飲總量的 25%！世界各地已建成單位。這就是我們的資產基礎的新程度。這就是我們發展的速度。想想我們品牌的新鮮度和現代感對消費者的影響。自 21 年 1 月以來，我們的商店基地已建成 25%。我們認為這種情況不會很快放緩。在今年動盪的環境中，我們非常有信心能夠度過難關，加強我們的業務，並實現 8% 的核心營業利潤成長。

Thank you for your time today.

感謝您今天抽出時間。

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

謝謝。今天的電話會議到此結束。感謝大家的加入。現在您可以斷開線路。