百勝餐飲集團 (YUM) 2024 Q2 法說會逐字稿

Hello. Welcome to the Yum! Brands 2024 second quarter earnings call. My name is Lauren, and I'll be coordinating your call today. (Operator Instructions) I will now hand you over to Matt Morris, Head of Investor Relations. To begin, please go ahead.

你好。歡迎來到百勝餐飲集團！ Brands 召開 2024 年第二季財報電話會議。我叫勞倫，今天我將協調您的電話。 （操作員指示）我現在將您交給投資者關係主管馬特·莫里斯（Matt Morris）。首先，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, Senior Vice President and Corporate Controller. Following the 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；以及資深副總裁兼公司財務長 Dave Russell。在大衛和克里斯發言之後，我們將開始提問。

Before we get started, please note that this call include 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 should be considered in conjunction with the cautionary statements on 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。所有前瞻性陳述僅截至本次電話會議之日作出，應與我們的收益發布中的警告性陳述以及我們向 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 財務指標以及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 Yum! brand business units report on a period calendar basis, including all U.S. and Canada brands, KFC UK, and KFC Australia. 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 refresh market, please visit the financial report section of the IR website. 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 the upcoming Yum! investor events and the following. Our third quarter earnings will be released November 5, with the conference call on the same day. Finally, on our last call, we shared the timing for our talk about consumer date originally planned for December of this year.

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，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。有關我們的報告日曆刷新市場的更多信息，請訪問 IR 網站的財務報告部分。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舉行的百勝餐飲節！投資者活動及以下內容。我們的第三季財報將於 11 月 5 日發布，同一天召開電話會議。最後，在我們的最後一次電話會議上，我們分享了原計劃於今年 12 月討論消費者日期的時間。

We are finalizing a revised day for early next year. Please stay tuned for more details to invitations to follow. Now I'd like to turn the call over to David Gibbs.

我們正在敲定明年初的修訂日期。請繼續關注後續邀請的更多詳細資訊。現在我想把電話轉給大衛吉布斯。

Thank you, Matt, and good morning, everyone. Despite the continued challenging operating environment, I'm pleased Yum! was able to deliver 10% growth in core operating profit this quarter, thanks to our team's strong execution and progress on the initiatives laid out on our last call. While we take comfort and improving global trends and still expect the first quarter will mark the low for same-store sales growth, significant volatility remains, and we recognize sales of some markets are not where we want them to be. The impacts from the Middle East conflict, in addition to a more cost conscious consumer have presented headwinds to same-store sales.

謝謝你，馬特，大家早安。儘管經營環境持續充滿挑戰，但我很高興百勝！本季核心營業利潤能夠實現 10% 的成長，這要歸功於我們團隊的強大執行力以及我們在上次電話會議上製定的舉措上取得的進展。儘管我們對全球趨勢改善感到安慰，並仍然預期第一季同店銷售成長將創下新低，但仍存在巨大波動，而且我們認識到某些市場的銷售並未達到我們希望的水平。中東衝突的影響，加上消費者成本意識增強，都為同店銷售帶來了阻力。

Despite these tougher waters, we are confident we will deliver on profit growth in line with our long-term algorithm for 2024 and their setup for continued strong growth in 2025. Fortunately, we are well positioned to navigate these consumer headwinds, given the strength of our brands and reputation for value no matter the environment. Nonetheless, ensuring we provide consumers affordable options has been an area of greater focus for us since last year, with all of our brands having offered disruptive deals and introduced or reintroduced attractive everyday value, with examples in the U.S. such as KFC's Taste of KFC deals, Pizza Hut's $7 Deal Lover's and Taco Bell's Cravings Value Menu.

儘管情況嚴峻，我們仍然有信心實現利潤增長，符合我們 2024 年的長期演算法以及 2025 年持續強勁增長的安排。儘管如此，自去年以來，確保為消費者提供負擔得起的選擇一直是我們更加關注的領域，我們所有的品牌都提供了顛覆性的優惠，並引入或重新引入了有吸引力的日常價值，例如肯德基的Taste of KFC 優惠、Pizza Hut 的 7 美元 Deal Lover's 和 Taco Bell 的 Cravings 超值菜單。

As a result, our brands experienced improving trends relative to the first quarter in the U.S. market. And we continue to refine our offerings in international markets to recapture similar momentum. The second quarter offered signs of improving fundamentals. For example, at Taco Bell, we begun to see sensitivities to check management stabilize to improve from Q1 into Q2 and have witnessed year-over-year check growth led by (inaudible) per transaction. Internationally, KFC markets excluding China, that we believe not impacted materially by the Middle East conflict reported an encouraging mid single-digit increase in same store sales. Across our system, our 2024 commodity inflation has come in lower than we expected heading into the year, helping our franchise partners navigate recent sales volatility.

因此，與第一季相比，我們的品牌在美國市場的趨勢有所改善。我們繼續完善我們在國際市場上的產品，以重新獲得類似的動力。第二季出現了基本面改善的跡象。例如，在塔可鐘，我們開始看到支票管理的敏感度從第一季到第二季穩定改善，並見證了每筆交易（聽不清楚）帶動的逐年支票增長。在國際上，除中國外，我們認為未受到中東衝突重大影響的肯德基市場同店銷售額出現了令人鼓舞的中個位數成長。在我們的系統中，2024 年商品通膨率低於我們今年的預期，幫助我們的特許經營合作夥伴應對近期的銷售波動。

Furthermore, momentum in the critical and strategic areas of our business remains strong. This includes robust increases in digital sales, progress leveraging our scale, continued deployment of our proprietary technology ecosystem and efficiency improvements in our cost structure from efforts underway in the next phase of our journey to be a leading global digital restaurant company. Our twin growth engines, Taco Bell U.S. and KFC International helped Yum! deliver 3% system sales growth, driven by market share gains at Taco Bell U.S. and strong unit growth at KFC International. Combined, these two powerful business units delivered 7% operating profit growth.

此外，我們業務的關鍵和策略領域的勢頭依然強勁。這包括數位銷售的強勁成長、利用我們規模的進展、持續部署我們的專有技術生態系統以及我們在成為全球領先的數位餐廳公司的下一階段的努力中所進行的成本結構的效率改進。我們的雙成長引擎－塔可鐘美國公司和肯德基國際公司為百勝餐飲集團提供了幫助！在 Taco Bell 美國市場佔有率成長和肯德基國際強勁的銷售成長推動下，系統銷售額成長 3%。這兩個強大的業務部門相結合，實現了 7% 的營業利潤成長。

At an individual level, unmatched innovation fuel Taco Bell U.S.'s 7% increase in system sales with Cantina Chicken performing above our expectations. Taco Bell is a clear standout in today's environment, not only achieving same-store sales growth well ahead of the QSR category, but delivering restaurant level margins near a record high.

就個人而言，無與倫比的創新推動 Taco Bell U.S. 的系統銷售額增長了 7%，其中 Cantina Chicken 的表現超出了我們的預期。塔可鐘在當今的環境中脫穎而出，不僅實現了遠遠領先於快餐類別的同店銷售增長，而且餐廳層面的利潤率也接近歷史新高。

In addition, Taco Bell's same-store sales grew mid single digits across all income cohorts, proving that craveable innovation, even at a higher price point, wins with today's consumers. At KFC International on a quarter-over-quarter basis, same store sales showed strong improvement on a two-year trend and unit growth in the quarter was an impressive 9% year-over-year as franchisees take advantage of strong paybacks.

此外，塔可鐘的同店銷售額在所有收入群體中均實現了中個位數增長，這證明即使價格較高，令人渴望的創新也能贏得當今消費者的青睞。與上一季相比，肯德基國際的同店銷售額較兩年來的趨勢強勁改善，由於特許經營商充分利用了強勁的回報，本季度的銷量同比增長了 9%，令人印象深刻。

I know from experience this powerful brand is not constrained by expansion opportunity, but rather it's growth and success are tied closely with having the right franchise partner. This is why we are very intentional about who we choose to allow into our system. For example, our new franchise partner in South Korea took over in April 2023 and has drastically improved performance with same-store sales, up 17% this quarter. And that being the KFC team has tirelessly working to give our franchisees the tools to succeed, including furthering the expansion of SuperApp and the KFC global loyalty program, which is now live in 14 markets.

我從經驗中知道，這個強大的品牌並不受擴張機會的限制，而是它的成長和成功與擁有合適的特許經營合作夥伴密切相關。這就是為什麼我們非常謹慎地選擇允許哪些人進入我們的系統。例如，我們在韓國的新特許經營合作夥伴於 2023 年 4 月接任，同店銷售額大幅提高，本季成長 17%。肯德基團隊孜孜不倦地努力為我們的特許經營商提供成功的工具，包括進一步擴展 SuperApp 和肯德基全球忠誠度計劃，該計劃現已在 14 個市場推出。

Now I'll discuss our Relevant, Easy and Distinctive brands or RED for short, followed by our Unrivaled Culture and Talent and good growth strategy. Chris will provide an update on our second quarter results, followed by our Bold Restaurant Development, Unmatched Operating Capabilities and balance sheet position and capital strategy. Beginning with the KFC division, which accounts for 49% of our divisional operating profit, we grew system sales 2%, led by 8% unit growth.

現在我將討論我們的相關、簡單和獨特的品牌（簡稱 RED），然後是我們無與倫比的文化和人才以及良好的成長策略。克里斯將提供我們第二季度業績的最新信息，然後是我們大膽的餐廳開發、無與倫比的運營能力以及資產負債表狀況和資本戰略。從占我們部門營業利潤 49% 的肯德基部門開始，我們的系統銷售額增加了 2%，單位數量增加了 8%。

Our same-store sales were down 3%, largely on account of scattered pockets of weakness in a number of markets relating to the Middle East conflict and underperformance in the U.S. market. This quarter, we did not see an improvement in the most directly impacted markets.

我們的同店銷售額下降了 3%，主要是由於中東衝突導致多個市場出現零星疲軟以及美國市場表現不佳。本季度，我們沒有看到受影響最直接的市場出現改善。

If Q2 trends hold, the pressure on same-store sales growth for the set of directly impacted markets will begin to abate as we lap the prior year's sales impact beginning in November. Beyond the most significantly impacted markets of the Middle East, Malaysia and Indonesia, we've seen sales impacts from the Middle East conflict surface and several other markets based on store performance comparisons across neighborhoods. In other parts of the world, we witnessed trends improved from the first quarter, including Canada and Central and Eastern Europe, while South Africa's transactions began to improve during the quarter.

如果第二季的趨勢持續下去，隨著我們從 11 月開始消除上一年的銷售影響，直接受影響市場的同店銷售成長壓力將開始減弱。除了中東、馬來西亞和印尼等受影響最嚴重的市場之外，根據各社區的商店業績比較，我們也看到了中東衝突地區和其他幾個市場對銷售的影響。在世界其他地區，我們看到趨勢較第一季有所改善，包括加拿大和中歐和東歐，而南非的交易在本季開始改善。

Another exciting development in the quarter was Yum! China celebrating its 200th K-COFFEE, which consists of an adjacent storefronts that is part of an existing KFC, allowing a reduced investment and lower operating costs from sharing KFC kitchen facilities. The Yum! China team has averaged one new K-COFFEE per day since the beginning of 2024.

本季度另一個令人興奮的發展是 Yum！中國慶祝成立第 200 家 K-COFFEE，其相鄰店面是現有肯德基的一部分，透過共享肯德基廚房設施可以減少投資並降低營運成本。百勝！自2024年初以來，中國團隊平均每天一杯新K-COFFEE。

While these do not count as new units in our system, they are a driver of future same-store sales growth. This quarter, we acquired 216 KFC restaurants in the UK and Ireland, and we have started to optimize restaurant operations there. Lastly, KFC digital sales, excluding China, grew nearly 20% with an impressive 40% growth in kiosk sales.

雖然這些在我們的系統中不算新單位，但它們是未來同店銷售成長的驅動力。本季度，我們收購了英國和愛爾蘭的 216 家肯德基餐廳，並開始優化那裡的餐廳營運。最後，肯德基數位銷售額（不包括中國）成長了近 20%，其中自助終端銷售額成長了 40%，令人印象深刻。

Moving on to the Taco Bell division, which represents 37% of our divisional operating profit. U.S. same-store sales grew 5%, outpacing the US QSR industry by a wide margin. Taco Bell executed its winning formula this quarter through introducing a variety of compelling innovations such as the Cheez-It and Secret Aardvark Fries. The second quarter also reflected sales contribution from the Cantina chicken menu, our foray into an elevated chicken offering and a new platform to innovate around.

接下來是 Taco Bell 部門，該部門占我們部門營業利潤的 37%。美國同店銷售額成長 5%，大幅超過美國速食業。 Taco Bell 在本季推出了各種引人注目的創新產品，例如 Cheez-It 和 Secret Aardvark Fries，從而執行了其致勝法則。第二季度也反映了 Cantina 雞肉菜單的銷售貢獻、我們對高端雞肉產品的嘗試以及圍繞創新的新平台。

Since the platforms launched, Taco Bell's chicken sales mix has increased 10 points with nearly one in four orders, including a Chicken Cantina item. Another part of the teams' winning formulas is digital, in which digital sales continued to grow at a breakneck pace. In Q2, Taco Bell's loyalty sales were up over 30%. At Taco Bell International, the team is working on building brand relevance. It is still early days in many markets and trends remain volatile, but we remain confident in the long-term opportunity.

自平台推出以來，Taco Bell 的雞肉銷售組合增加了 10 個百分點，訂單量接近四分之一，其中包括 Chicken Cantina 商品。團隊獲勝秘訣的另一部分是數位化，其中數位化銷售額繼續以驚人的速度成長。第二季度，Taco Bell 的忠誠度銷售額成長了 30% 以上。在塔可鐘國際公司，團隊正在致力於建立品牌相關性。許多市場仍處於早期階段，趨勢仍然不穩定，但我們對長期機會仍充滿信心。

A restored emphasis on value has forced our teams to be creative with the more limited national marketing budget. In more mature markets within Europe, which accounts for over 40% of Taco Bell International system sales, we saw encouraging signs of improvement with the introduction of value offers.

重新強調價值迫使我們的團隊在更有限的國家行銷預算的情況下發揮創造力。在歐洲較成熟的市場（佔 Taco Bell International 系統銷售額的 40% 以上），我們看到了透過推出價值優惠而出現的令人鼓舞的改善跡象。

Next, I'll discuss our Pizza Hut division, which accounts for 14% of our divisional operating profit. System sales were flat this quarter and units expanded 3% year-over-year. International same-store sales remain negative in part because of a stalled recovery in Malaysia and Indonesia.

接下來，我將討論我們的必勝客部門，該部門占我們部門營業利潤的 14%。本季系統銷量持平，銷量較去年同期成長 3%。國際同店銷售額仍為負，部分原因是馬來西亞和印尼的復甦停滯。

We're encouraged Pizza Hut same-store sales trends have improved four points from last quarter with progressing trends in the U.S. and encouraging recoveries in Thailand and Hong Kong. Around the world, our team is actively expanding My Hut Box and introducing Melts, including most recently in India and Thailand. Both platforms lift underdeveloped dayparts, expanded individual meal occasions and provide attractive price points to our consumers.

我們感到鼓舞的是，必勝客同店銷售趨勢較上季提高了四個百分點，美國的趨勢不斷進步，泰國和香港的復甦令人鼓舞。在世界各地，我們的團隊正在積極擴展 My Hut Box 並引入 Melts，包括最近在印度和泰國。這兩個平台都提升了未開發的時段，擴大了個人用餐場合，並為我們的消費者提供了一個有吸引力的價格點。

Since joining Pizza Hut as CEO in 2021, Aaron Powell has assembled an amazing team and is providing strong leadership to drive efficiency, increase accountability, reduce complexity and align the brand to consumer trends. In the U.S., momentum accelerated throughout the quarter with an increase in weekly per restaurant average transactions attributable to a number of value-based promotions and the launch of My Hut Box.

自 2021 年加入必勝客擔任執行長以來，亞倫鮑威爾組建了一支出色的團隊，並提供強有力的領導力，以提高效率、增強責任感、降低複雜性並使品牌適應消費者趨勢。在美國，由於一系列基於價值的促銷活動和 My Hut Box 的推出，每家餐廳每周平均交易量有所增加，整個季度的勢頭加速。

Lastly, at the Habit Burger Grill, second quarter system sales declined by 1%. Habit's restaurant count increased 5% year-over-year as a result of new regulations and Habit's Home market of California that have raised the clock to do business have his leadership team has been focused on protecting profitability to remain competitive.

最後，Habit Burger Grill 第二季系統銷售額下降了 1%。由於新法規的出台以及加州 Habit's Home 市場的開展，Habit 的餐廳數量同比增長了 5%，而他的領導團隊一直致力於保護盈利能力以保持競爭力。

Those efforts led to a comprehensive store level labor optimization effort, which contributed to an impressive 520 basis point expansion of restaurant level margins from the first quarter, despite a double digit increase in restaurant level labor rates in California stores. Same-store sales growth remained suppressed, but we're encouraged by the improvement from first quarter trends despite a more challenged regional backdrop.

這些努力帶來了全面的商店層面勞動力優化工作，儘管加州商店的餐廳層面勞動力率出現了兩位數的增長，但餐廳層面的利潤率較第一季實現了令人印象深刻的520 個基點的增長。同店銷售成長仍然受到抑制，但儘管區域背景面臨更大挑戰，但第一季趨勢的改善令我們感到鼓舞。

Subsequent to quarter end, I was pleased to learn Habit's Double Char Burger reigns supreme in USA TODAY's 10Best Reader's Choice Award for Best Quick-Service Burger, landing the number one spot and beating out all other QSR and better burger competitors.

季度末後，我很高興地得知Habit's Double Char Burger 在《今日美國》的10 最佳讀者選擇獎最佳快速服務漢堡中佔據主導地位，奪得第一名，並擊敗了所有其他QSR 和更好的漢堡競爭對手。

Now I'll turn to our good growth strategy, starting with our people pillar. One of Yum!'s hallmarks is our people first culture, which drives recruitment of amazing talent and also build a deep bench of leaders within the organization. I'm excited about the great work going on at Pizza Hut from a talent perspective, where we recently welcomed Carl Laredo as the brand's U.S. President. Karl is a seasoned marketing leader with deep experience in delivering impressive results at some of the world's largest and best-known brands.

現在我將談談我們良好的成長策略，從我們的人才支柱開始。百勝集團的標誌之一是我們以人為本的文化，它推動了優秀人才的招聘，並在組織內建立了深厚的領導者後備力量。從人才角度來看，我對必勝客正在進行的出色工作感到興奮，我們最近歡迎卡爾·拉雷多 (Carl Laredo) 擔任該品牌的美國總裁。 Karl 是一位經驗豐富的行銷領導者，在為一些世界上最大和最知名的品牌提供令人印象深刻的業績方面擁有豐富的經驗。

We also welcomed former PepsiCo executive Kalen Thornton as Global Chief Brand Officer, leading the Pizza Hut divisions' global brand strategy in marketing, including harnessing the power of engaging consumer connections across physical and digital touch points . It is also rewarding to see leaders from Yum!'s deep bench of talent assume bigger roles. Melissa Friebe recently joined Pizza Hut U.S as Chief Marketing Officer after spending 27 years at Taco Bell in various finance, marketing, insights and brand strategy positions.

我們也歡迎百事公司前高階主管 Kalen Thornton 擔任全球首席品牌官，領導必勝客部門的全球品牌行銷策略，包括利用跨實體和數位接觸點吸引消費者聯繫的力量。看到百勝集團的領導者們擔任更重要的角色也是一件值得高興的事。 Melissa Friebe 在 Taco Bell 工作了 27 年，擔任過各種財務、行銷、洞察和品牌策略職位，最近加入必勝客美國公司擔任首席行銷長。

In addition to recruiting and promoting talented professionals, were furthering our culture of collaboration and building capability across our company in powerful forums such as KFC's annual global marketing planning meeting. KFC gathered marketing leaders, franchise partners and vendors from around the world to share best practices and consumer insights to keep our iconic brand, RED, discuss innovative strategies and sample delicious products from various markets.

除了招募和提拔有才華的專業人士外，我們還透過肯德基年度全球行銷規劃會議等強大的論壇，進一步推進我們整個公司的合作文化和能力建設。肯德基聚集了來自世界各地的營銷領導者、特許經營合作夥伴和供應商，分享最佳實踐和消費者見解，以保持我們的標誌性品牌 RED，討論創新策略並品嚐來自不同市場的美味產品。

Moving on to the Planet pillar of our good growth strategy. We are making progress on our global goal of reducing greenhouse gas emissions, nearly 50% by 2030 with a focus on renewable energy and energy efficiencies in our restaurants and ongoing collaboration with our food suppliers. For example, KFC has reduced emissions by focusing on key areas such as cooking and holding systems, refrigeration and cooling and lighting, while Pizza Hut and Taco Bell are collaborating with partners to reduce on-farm emissions and encourage sustainable practices.

繼續我們良好成長策略的地球支柱。我們正在朝著 2030 年減少近 50% 溫室氣體排放的全球目標取得進展，重點關注餐廳的可再生能源和能源效率以及與食品供應商的持續合作。例如，肯德基透過專注於烹飪和保溫系統、冷藏和冷卻以及照明等關鍵領域來減少排放，而必勝客和塔可鐘則與合作夥伴合作減少農場排放並鼓勵永續實踐。

In terms of packaging, we are making progress against our global goals, with many markets eliminating unnecessary plastic items like straws, cup lids, stirrers and cutlery. And finally, we're also making a meaningful impact in the communities we serve by continuing to unlock opportunities. As an example, in Thailand, KFC partnered with nonprofits and the Thai government to launch the country's first ever flexible learning curriculum to help students who dropped out of school gain critical job and entrepreneurial skills.

在包裝方面，我們正在朝著全球目標取得進展，許多市場消除了不必要的塑膠製品，如吸管、杯蓋、攪拌器和餐具。最後，我們也透過繼續釋放機會，對我們所服務的社區產生有意義的影響。例如，在泰國，肯德基與非營利組織和泰國政府合作推出了全國首個靈活的學習課程，以幫助輟學的學生獲得關鍵的工作和創業技能。

To wrap up before handing over to Chris, we are pleased our second quarter bill to a 10% growth in core operating profit despite system sales pressures. While our teams work to improve system sales trends, we are confident the investments we're making in tandem to be more agile, resilient and stronger as part of the next phase in our technology journey will lead to a promising year in 2025.

在交給 Chris 之前總結一下，儘管系統銷售面臨壓力，但我們對第二季的核心營業利潤仍實現了 10% 的成長感到高興。雖然我們的團隊致力於改善系統銷售趨勢，但我們相信，作為科技旅程下一階段的一部分，我們為變得更加敏捷、更有彈性和更強大而進行的投資將在2025 年帶來充滿希望的一年。

All these efforts underscore our commitment to be the franchise of choice and deliver more better, faster, cheaper and safer technology services to our partners. I'm excited about our plans to harness the power of A.I., including the expansion of drive-thru voice A.I. technology, with plans to roll this capability out to hundreds of Taco Bell U.S. stores by year end.

所有這些努力都強調了我們致力於成為首選特許經營商並為我們的合作夥伴提供更好、更快、更便宜和更安全的技術服務的承諾。我對我們利用人工智慧力量的計劃感到興奮，包括擴展駕車餐廳語音人工智慧。技術，並計劃在年底前將功能推廣到數百家 Taco Bell 美國商店。

In addition to testing with KFC in an international market, we are hard at work driving the next phase of our technology journey to unlock future growth by strengthening our business resilience and ensuring we deliver exceptional shareholder value in the years ahead. With that, Chris, over to you.

除了在國際市場上與肯德基進行測試之外，我們還努力推動技術之旅的下一階段，透過增強我們的業務彈性並確保我們在未來幾年提供卓越的股東價值來釋放未來的成長。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, our balance sheet and capital strategy, and provide an update on our outlook for the remainder of the year.

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、我們的資產負債表和資本策略，並提供我們對今年剩餘時間的展望的最新資訊。

Beginning with our second quarter results. System sales grew 3%, driven by 5% unit growth. Consumer sentiment relating to the conflict in the Middle East continued to pressure system sales growth in the quarter. The recovery trajectory we observed in Q1 for the Middle East, Malaysia and Indonesia flattened in Q2. And while hard to precisely quantify, we continue to observe conflict related impacts in a broader set of markets. Despite these pressures, Yum! delivered an impressive 10% core operating profit growth, reflecting the resilience of our scale, global, multi-brand business model.

從我們的第二季業績開始。在銷量成長 5% 的推動下，系統銷售額成長了 3%。與中東衝突相關的消費者情緒持續對本季系統銷售成長構成壓力。我們在第一季觀察到的中東、馬來西亞和印尼的復甦軌跡在第二季趨於平緩。雖然很難精確量化，但我們繼續在更廣泛的市場中觀察到衝突相關的影響。儘管有這些壓力，百勝！核心營業利潤實現了令人印象深刻的 10% 成長，反映了我們規模化、全球性、多品牌業務模式的彈性。

The increasing benefits of our digital and technology strategy and the expert management of the business by our leaders around the globe . A prime example of factors underpinning our resilience was profitability in our 488 company-owned Taco Bell stores in the U.S., our single largest state of company-owned stores, representing approximately half of our total global company-owned store revenue. Store-level margins were 25.6% with mature stores achieving over 27%, reflecting the strength of the Taco Bell business model and its magic formula, which enables the brand to simultaneously deliver an outstanding consumer experience, tremendous consumer value and exceptional store-level margins for our franchisees and Yum!.

我們的數位和技術策略以及我們全球領導者對業務的專家管理帶來的好處不斷增加。支撐我們韌性因素的一個主要例子是我們在美國的 488 家公司自營 Taco Bell 商店的盈利能力，這是我們公司自營商店最大的一個州，約占我們全球公司自營商店總收入的一半。門市層面利潤率為25.6%，其中成熟門市超過27%，體現了Taco Bell 商業模式的優勢及其神奇公式，使該品牌能夠同時提供卓越的消費者體驗、巨大的消費者價值和卓越的門市層面利潤為我們的特許經營商和百勝餐飲集團服務。

Importantly, Taco Bell operations leaders are taking advantage of the continued growth in digital sales mix, which is now 35% to further digitally enable our operations in ways that not only improve consumer and team member experiences, but also improve labor productivity. Another contributor to profit growth was improved expense leverage. As we shared in January, we expected throughout the year to see the benefits of our ongoing resource optimization program, which strategically leverages our scale to free up general and administrative expense for reinvestment in future growth drivers such as A.I., which will benefit both Yum! and our franchisees.

重要的是，Taco Bell 營運領導者正在利用數位銷售組合的持續成長（目前已成長 35%），進一步數位化地支持我們的運營，不僅改善消費者和團隊成員的體驗，還提高勞動生產力。利潤成長的另一個貢獻者是費用槓桿的改善。正如我們在一月份分享的那樣，我們預計全年都能看到我們正在進行的資源優化計劃的好處，該計劃戰略性地利用我們的規模來釋放一般和管理費用，用於對人工智能等未來成長動力的再投資，這將使百勝餐飲集團和百勝餐飲集團受益匪淺。和我們的特許經營商。

In addition to some beneficial one-time G&A expense overlaps, second quarter ex-special G&A expense was $256 million, down 9% year-over-year. Reported G&A was $281 million, reflecting $25 million of special expense related to our resource optimization program.

除了一些有益的一次性 G&A 費用重疊外，第二季扣除特殊 G&A 費用為 2.56 億美元，年減 9%。報告的一般管理費用為 2.81 億美元，反映了與我們的資源優化計劃相關的 2500 萬美元的特殊費用。

We expect to generate additional savings on an ex-special basis from the resource optimization program in the second half of the year. Reported operating profit increased 6% as foreign currency translation continued to be a headwind with a $12 million negative impact in the quarter. Historically, given our global footprint, foreign currency translation has at times been a significant tailwind to our reported operating profit and at other times, a headwind. Since interest rates in the U.S. began to rise in Q1 2022, our current annual operating profit reflects a headwind of nearly $180 million in foreign currency, equivalent to roughly one year of operating profit growth under our long-term growth algorithm during that period.

我們預計下半年的資源優化計畫將在特殊情況下產生額外的節省。報告的營業利潤增加了 6%，因為外幣換算仍然是一個不利因素，對本季造成了 1,200 萬美元的負面影響。從歷史上看，考慮到我們的全球足跡，外幣換算有時是我們報告的營業利潤的重要推動因素，有時又是不利因素。由於美國利率從 2022 年第一季開始上升，我們目前的年度營業利潤反映了近 1.8 億美元的外匯逆風，相當於我們在此期間的長期成長演算法下約一年的營業利潤成長。

Second quarter ex-special EPS was $1.35, reflecting a $0.2 negative impact from a higher year-over-year tax rate and lower year-over-year investment gains. Additionally, foreign currency translation unfavorably impacted Q2 EPS by $0.03. Moving on to our Bold Restaurant Development growth driver, Yum! opened 894 units, the second highest number of Q2 gross openings in Yum!'s history, leading to our unit count expanding 5% year-over-year, contributing four points to total system sales growth.

第二季扣除特別費用的每股盈餘為 1.35 美元，反映出年比稅率上升和投資收益年減帶來 0.2 美元的負面影響。此外，外幣換算對第二季每股收益產生了 0.03 美元的不利影響。接下來是我們大膽的餐廳發展成長動力，百勝餐飲集團！開設 894 家單位，是百勝集團歷史上第二季度總開業數量第二多的單位，導致我們的單位數量同比增長 5%，為系統總銷售額增長貢獻了 4 個百分點。

In the quarter, we transferred certain rights related to the trademarks of the Gino's Pizza and Telepizza brands in Latin America to our local franchisee, enabling our teams in Latin America to focus exclusively on driving growth in the Pizza Hut brand. As a result, we removed 120 low volume and low royalty rate units associated with those brands from our store base in exchange for a nominal compensation.

本季度，我們將與拉丁美洲的 Gino's Pizza 和 Telepizza 品牌商標相關的某些權利轉讓給我們當地的特許經營商，使我們在拉丁美洲的團隊能夠專注於推動必勝客品牌的成長。因此，我們從我們的商店基地中刪除了 120 個與這些品牌相關的低銷售和低特許權使用費單位，以換取像徵性的補償。

Excluding the impact of this transfer, our unit growth was 6%. Our growth remains diversified across brands and countries with 195 brand country combinations contributing growth during the last 12 months. Moving to brand-specific development. In the KFC division, we opened 598 units across 57 countries. This brings our year-to-date gross openings in KFC to 1,107 units, a new all-time record for KFC for the first half of the year.

排除此次轉讓的影響，我們的單位成長率為 6%。我們的成長在各個品牌和國家/地區保持多元化，過去 12 個月內有 195 個品牌國家組合貢獻了成長。轉向品牌特定的開發。在肯德基部門，我們在 57 個國家開設了 598 家門市。這使得肯德基今年迄今的總開業數量達到 1,107 家，創下了肯德基上半年的新紀錄。

China, India, Thailand and Japan lead the development. Over the last year, we've seen positive development trends in South Africa, the Philippines and Brazil. In the quarter, we closed on the transaction to purchase 216 stores in the U.K. and Ireland, one of our highest average annual unit volume markets. Our total equity estate at KFC is now 434 stores, the majority of which are located in the U.K. market.

中國、印度、泰國和日本引領發展。去年，我們看到南非、菲律賓和巴西出現了正面的發展趨勢。本季度，我們完成了在英國和愛爾蘭購買 216 家商店的交易，這兩個國家是我們平均年銷量最高的市場之一。目前，我們在肯德基的總資產為 434 家門市，其中大部分位於英國市場。

The Pizza Hut division opened 236 units across 30 countries. Pizza Hut's year-over-year unit growth is trending higher from this time last year for several of our largest markets, including China and Japan, which is offsetting closures in the U.S. and the conflict related slowing of development in Indonesia and Malaysia.

必勝客部門在 30 個國家開設了 236 家分店。與去年同期相比，必勝客在中國和日本等幾個最大市場的銷量同比增長呈上升趨勢，這抵消了美國的關閉以及印尼和馬來西亞因衝突而導致的發展放緩。

At Taco Bell, we opened 56 units this quarter, including 17 new units in our international markets across 10 countries. Our U.S. gross openings are running higher year-over-year for the first half, and we expect international store growth to pick up in the second half of the year.

在 Taco Bell，我們本季開設了 56 家門市，其中包括在 10 個國家的國際市場上新開設的 17 家門市。上半年，我們在美國的新店開幕總額年增，我們預計下半年國際門市的成長將加快。

Excluding China, Taco Bell International unit count was up 7% year-over-year.

不包括中國，Taco Bell International 的單位數量年增 7%。

Moving to our digital and technology initiatives. You will recall that on our last earnings call, David and I discussed our journey to become the leading global digital restaurant company. The first phase of this journey is focused on acquiring, building and scaling a comprehensive suite of owned platforms that enable ownership of our data, control the digital ecosystem, speed of innovation and cost advantages through scale leverage. Within this phase, we are accelerating deployment of our foundational platforms, such as the Poseidon POS system, the Yum! e-commerce platform, Dragontail, SuperApp and our global data hub.

轉向我們的數位和技術計劃。您可能還記得，在我們上次的財報電話會議上，大衛和我討論了我們成為全球領先的數位餐廳公司的歷程。這趟旅程的第一階段重點是獲取、建構和擴展一套全面的自有平台，這些平台使我們能夠擁有數據、控制數位生態系統、創新速度並透過規模槓桿獲得成本優勢。在這個階段，我們正在加速基礎平台的部署，例如 Poseidon POS 系統、Yum!電子商務平台、龍尾、SuperApp 和我們的全球資料中心。

In the next phase, we are focused on maximizing the value creation potential of our platforms through AI and leveraging our extensive data assets. Data is becoming a crucial differentiator, enabling us and our franchisees to generate better insights and make better decisions. We believe we are still only scratching the surface of the full value creation potential of our capabilities.

在下一階段，我們的重點是透過人工智慧和利用我們廣泛的數據資產來最大限度地發揮我們平台的價值創造潛力。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。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。

Let me now discuss additional digital and technology accomplishments for Q2 across our easy experiences, easy operations and easy insights pillars. I will begin with our easy experiences pillar, focused on providing frictionless experiences to our consumers. As you recall, last quarter, we discussed plans to expand drive thru voice A.I. technology to more Taco Bell stores. I'm excited to announce that given our encouraging early results, the team has accelerated the rollout. And as of today, we now have this technology operational in over 100 Taco Bell stores. We plan to scale this technology to several hundred stores by year end. While a pilot test is underway in KFC Australia, in our tests, we have witnessed consistent consumer experiences and higher team member productivity.

現在讓我討論第二季度在我們的簡單體驗、簡單操作和簡單洞察支柱方面的其他數位和技術成就。我將從我們的輕鬆體驗支柱開始，專注於為消費者提供無摩擦的體驗。您還記得，上個季度，我們討論了擴大駕車通過語音人工智慧的計劃。將科技推廣到更多 Taco Bell 商店。我很高興地宣布，鑑於我們令人鼓舞的早期成果，該團隊已經加快了推出速度。截至今天，我們已在 100 多家 Taco Bell 商店中使用這項技術。我們計劃在年底將這項技術推廣到數百家商店。雖然澳洲肯德基正在進行試點測試，但在我們的測試中，我們見證了一致的消費者體驗和更高的團隊成員生產力。

This technology leverages digital menu boards, which will be a Taco Bell brand standard in 2025 & Yum!'s proprietary point-of-sale system, Poseidon. On the e-commerce front, we have made significant progress in implementing the Yum! e-commerce platform at Pizza Hut U.S. We are currently transitioning to this platform at Pizza Hut in the U.K., which will be the second international Pizza Hut market to operate on Yum! e-commerce platform with Pizza Hut Canada next in line.

該技術利用數位菜單板（到 2025 年將成為 Taco Bell 品牌標準）和 Yum! 專有的銷售點系統 Poseidon。在電子商務方面，我們在實施百勝餐飲集團方面取得了重大進展！美國必勝客的電子商務平台 我們目前正在英國必勝客過渡到該平台，這將是在百勝餐飲集團上運營的第二個國際必勝客市場。接下來是加拿大必勝客的電子商務平台。

Next, I'll discuss our easy operations pillar, where we continue to deploy our world-class technology to provide our franchisees and team members with the capabilities to operate their stores more effectively and efficiently. We have fully deployed our Poseidon point-of-sale system within Taco Bell U.S. and are in the early stages of incorporating this system into the KFC U.S. estate. With respect to Dragontail, our A.I.- enabled restaurant management system. We plan to have the system rolled out to nearly the entire Pizza Hut U.S systeam by year-end. As an example of Dragontails' impact ,in the first 1,000 Pizza Hut U.S. stores to implement the technology, we have measured at 7% increase in overall consumer satisfaction due to hotter and fresher pizzas leading to improved consumer frequency. Finally, we are in the process of scaling SuperApp, our restaurant general managers support app at Pizza Hut U.S., and we plan to achieve the 10,000 store milestone across KFC globally by year end.

接下來，我將討論我們的輕鬆營運支柱，我們將繼續部署世界一流的技術，為我們的特許經營商和團隊成員提供更有效和高效地經營商店的能力。我們已在美國 Taco Bell 全面部署了 Poseidon 銷售點系統，並且正處於將該系統納入美國肯德基莊園的早期階段。關於 Dragontail，我們的人工智慧餐廳管理系統。我們計劃在年底前將該系統推廣到幾乎整個必勝客美國系統團隊。作為Dragontails 影響的一個例子，在美國首批1,000 家實施該技術的必勝客商店中，我們測量到，由於更熱、更新鮮的披薩提高了消費者的消費頻率，整體消費者滿意度提高了7% 。最後，我們正在擴展 SuperApp，這是我們在美國必勝客的餐廳總經理支持應用程序，我們計劃到年底在全球肯德基實現 10,000 家商店的里程碑。

Lastly, I'll discuss our easy insights pillar. We deepened our A.I. pursuit this quarter, taking steps to unlock the benefits of our R.E.D 360 database and engage with an innovative startup in the A.I. driven personalization space to leverage our massive first-party data assets. This partnership covers the application and integration of a deep learning A.I. approach known as reinforcement learning, which we expect to be broadly and easily scalable across brands.

最後，我將討論我們的簡單見解支柱。我們深化了 A.I.本季的目標是，採取措施釋放我們的 R.E.D 360 資料庫的優勢，並與人工智慧領域的創新新創公司合作。驅動個人化空間以利用我們大量的第一方資料資產。此次合作涵蓋深度學習人工智慧的應用和整合。我們希望這種方法能夠在各個品牌之間廣泛且輕鬆地擴展。

This partnership will focus on our basic CRM channels and in the future, may extend to our other consumer sales and communications channels, for instance, paid media.

這種合作夥伴關係將重點關注我們的基本 CRM 管道，未來可能會擴展到我們的其他消費者銷售和通訊管道，例如付費媒體。

Next, I'll provide an update on our balance sheet and liquidity position. As a reminder, our capital priorities are guided by maximizing shareholder value and include investing in the business, maintaining a resilient balance sheet, offering a competitive dividend and returning excess cash to our shareholders.

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。需要提醒的是，我們的資本優先事項以股東價值最大化為指導，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。

Net capital expenditures for the quarter were $31 million, reflecting $50 million in gross CapEx and $19 million in refranchising proceeds. Our net leverage ratio ended the quarter at 4.1 times. We have a strong balance sheet and no debt maturities until 2026. During the second quarter, we are pleased to have resumed share repurchases by buying back $50 million in our stock, which for context, is the same value of shares repurchased during the entire year of 2023.

本季淨資本支出為 3,100 萬美元，反映出資本支出總額 5,000 萬美元和再特許收益 1,900 萬美元。本季末我們的淨槓桿率為 4.1 倍。我們擁有強大的資產負債表，並且在 2026 年之前沒有債務到期。 2023 年。

Going forward, absent any attractive investment opportunities like our recent acquisition of KFC U.K. restaurants, once we plan to continue to return excess cash flow to shareholders through share repurchases. Finally, I'll discuss our outlook on the balance of 2024. We remain on track to achieve 5% unit growth for the full year despite the extended impact of the Middle East conflict.

展望未來，如果沒有任何有吸引力的投資機會，例如我們最近收購肯德基英國餐廳，一旦我們計劃繼續透過股票回購將多餘的現金流返還給股東。最後，我將討論我們對 2024 年全年的展望。

On a global basis, our planned number of gross unit openings for the full year is expected to be similar to our number of gross openings in 2023. We should also note some uncertainty on the future path in the Middle East markets. For example, there are approximately 210 restaurants currently temporarily closed across the Middle East, Malaysia and Indonesia.

在全球範圍內，我們全年計劃的總開業數量預計將與 2023 年的總開業數量相似。例如，中東、馬來西亞和印尼目前約有 210 家餐廳暫時關閉。

While there are plans in place to reopen and some of those restaurants starting later this month and throughout the second half of the year, there is risk that some could close permanently pending the future trajectory of the conflict impact.

雖然計劃重新開業，其中一些餐廳將於本月晚些時候和整個下半年開始，但有些餐廳可能會永久關閉，具體取決於衝突影響的未來軌跡。

These stores have not been producing royalties while temporarily closed, but our reported unit count would be negatively impacted if these stores were to permanently close. With respect to company store profitability, we expect full year Taco Bell company operated store margins to be in the range of 23%-24%. Regarding G&A, excluding the 53rd week, we now expect ex-special G&A expense to be lower on a year-over-year basis by a low single-digit percentage. As for sequencing, Q3 G&A will be higher year-over-year as we lap last year's recovery of cyber-related insurance proceeds, and as we incur costs relating to our Global Leadership Summit. Finally, despite updating our balance of year sales outlook to reflect the continued softness we're seeing tied to the Middle East conflict. We remain confident that we will deliver at least 8% core operating profit growth on a full-year basis, excluding the benefit of the 53rd week.

這些商店在暫時關閉期間並未產生特許權使用費，但如果這些商店永久關閉，我們報告的單位數量將受到負面影響。就公司門市獲利能力而言，我們預計全年 Taco Bell 公司自營門市利潤率將在 23%-24% 範圍內。關於一般管理費用，不包括第 53 週，我們現在預計前特殊一般管理費用將比去年同期下降較低的個位數百分比。至於排序，由於我們去年收回了與網路相關的保險收益，並且我們產生了與全球領導力高峰會相關的成本，因此第三季的一般費用將比去年同期更高。最後，儘管我們更新了年度平衡銷售前景，以反映我們看到的與中東衝突有關的持續疲軟。我們仍有信心全年核心營業利潤成長至少 8%（不包括第 53 週的收益）。

I'm very proud of the work are teams continue to do to position Yum! as a resilient growth business going forward and to further cement Yum! as the global franchise or of choice, we are making incredible strides toward our distinctive digital and technology ambitions, our 50% plus digital sales mix, and our continued rollout of distinctive digital and A.I. technologies are testaments to that pursuit. In markets around the world, we have the privilege of working with outstanding 3C that is capable, well-capitalized and committed franchisees who want to grow with our system and our iconic brands. With that, operator, we are ready to take any questions.

我對團隊繼續為百勝定位所做的工作感到非常自豪！作為一個有彈性的成長業務，並進一步鞏固百勝餐飲集團！作為全球特許經營權或首選，我們正在朝著我們獨特的數位和技術雄心、我們50% 以上的數位銷售組合以及我們持續推出獨特的數位和人工智慧的目標邁出令人難以置信的步伐。技術就是這種追求的證明。在世界各地的市場中，我們有幸與優秀的 3C 合作，他們有能力、資本充足、忠誠，希望與我們的系統和標誌性品牌一起成長。接線員，我們已經準備好回答任何問題了。

Thank you. (Operator Instructions) Our first question comes from David Tarantino from Baird. David, your line is muted. Please proceed with your question.

謝謝。 （操作員說明）我們的第一個問題來自貝爾德 (Baird) 的大衛·塔倫蒂諾 (David Tarantino)。大衛，你的線路已靜音。請繼續你的問題。

Hi, good morning. My question is on your outlook given all the crosscurrents first thing in the macro environment. And I was wondering if you could maybe elaborate on how you're thinking the same-store sales could progress since the second half lays out. And I know you have easing comparison, but there's a lot of uncertainty and a lot of markets that you called out. So just wondering if you could provide some context on how you're thinking about it within your 8% profit growth or core profit guidance for the year?

早安.我的問題是考慮到宏觀環境中所有的逆流，您的前景如何。我想知道您是否可以詳細說明您認為自下半年以來同店銷售如何取得進展。我知道你有寬鬆的比較，但存在著許多不確定性和你提到的許多市場。因此，我想知道您是否可以提供一些背景信息，說明您在今年 8% 的利潤增長或核心利潤指導中如何看待這一問題？

Yes. Thanks, David. I think our thinking hasn't changed that we learn more obviously every week. As I think we said beginning of the year, as we progress through the year, we see sequential improvement every single quarter in same-store sales growth. Obviously Q4 becomes a much easier lap as we start to lap the Middle East conflict. Q3 is actually slightly harder lap for Taco Bell, but in general, an easier lap for Yum! And therefore, we are -- we continue to forecast an improvement quarter-to-quarter in same-store sales growth ,tough to forecast. But we know we have all the right levers to pull in our brokers are performing well despite some of these challenges. I mean, KFC International, for example, was up 11% on a two-year basis despite the Middle East impacts you saw what Taco Bell did in Q2. I think there's a lot of reasons to be optimistic. But as you say, a choppy environment, we know we can get through it this year, then obviously gets much easier lap next year.

是的。謝謝，大衛。我認為我們的想法沒有改變，我們每週都會學到更多明顯的東西。正如我們在年初所說的那樣，隨著這一年的進展，我們看到每季的同店銷售成長都在連續改善。顯然，當我們開始關注中東衝突時，第四季變得更加容易。對於 Taco Bell 來說，Q3 的單圈實際上稍微困難一些，但總的來說，對於 Yum 來說，這是一個更容易的單圈！因此，我們繼續預測同店銷售成長將逐季改善，但很難預測。但我們知道，儘管存在一些挑戰，我們擁有所有正確的槓桿來吸引我們的經紀人表現良好。我的意思是，例如，儘管塔可鐘 (Taco Bell) 在第二季度的表現受到了中東的影響，但肯德基國際 (KFC International) 的股價在兩年內上漲了 11%。我認為有很多理由保持樂觀。但正如你所說，在一個動盪的環境中，我們知道今年我們可以度過難關，明年顯然會變得更容易。

Thank you.

謝謝。

Our next question comes from Jon Tower from Citi. John, please go ahead.

我們的下一個問題來自花旗銀行的 Jon Tower。約翰，請繼續。

Great. Thanks. I was hoping to dive a little bit in the G&A because obviously that seems to be a mover on the core operating profit growth for the year. And I was hoping you could maybe provide a little bit more color on some of the puts and takes through the first half and then what you see in the back half unfolding? And specifically how we should think about this piece for the business growing into '25. Should we expect it to return back to kind of normal cadence, especially if incentive comp resets again?

偉大的。謝謝。我希望在一般行政費用上稍微投入一些，因為顯然這似乎是今年核心營業利潤成長的推動者。我希望你能在上半場的一些看跌期權和看跌期權上提供更多的色彩，然後你在後半場看到了什麼？具體來說，我們應該如何考慮這個問題，以促進業務發展到 25 世紀。我們是否應該期望它恢復到正常節奏，特別是如果激勵補償再次重置？

Yes. Thanks, Jon. Look, I think what you're seeing happen this year is the plan that our management team has been driving is playing out as expected. If I were to kind of sum up what we're doing, we're reallocating and streamlining our G&A to drive faster and more efficient growth for Yum! and or our franchisees. And there's a few buckets of levers that are driving that. Of course, we've said that there are some one-time benefits this year on a net basis for the year. The second, digital and technology is an important area here. So we talked about that this year. We're starting to bend the curve. And what we mean by that is over the past few years, we invested ahead on behalf of our franchisees, which burdened the P&L a little bit.

是的。謝謝，喬恩。聽著，我認為今年你所看到的情況是我們的管理團隊一直在推動的計劃正在按預期進行。如果我要總結我們正在做的事情，我們正在重新分配和簡化我們的一般管理費用，以推動百勝餐飲集團更快、更有效率的成長！和/或我們的特許經營商。有幾個槓桿在推動這一點。當然，我們已經說過，今年在淨值基礎上有一些一次性的好處。第二，數位和技術是這裡的一個重要領域。所以我們今年討論過這個問題。我們開始扭轉曲線。我們的意思是，在過去的幾年裡，我們代表我們的特許經營商提前投資，這給損益帶來了一些負擔。

But as we get more and more adoption of our platforms and we have a fee income from that, it reduces that burden. We also acquired four companies, hired a lot of people the last several years. Those capabilities are maturing. And as we mature, we find ways to operate more effectively internally to organize better.

但隨著我們的平台越來越多地被採用，並且我們從中獲得費用收入，它減輕了這種負擔。我們也收購了四家公司，在過去幾年僱用了許多人。這些能力正在日趨成熟。隨著我們的成熟，我們找到了更有效地內部運作的方法，以便更好地組織起來。

And that allows us to get more done at lower costs, which benefits Yum! and our franchisees. And we've got strong governance of our tech spend in place. I'd say the third area is productivity and other parts of the business. We've been driving this resource optimization program. We're finding ways to operate more effectively in parts outside of D&T. Now, in some cases, that's enabled by becoming a more digital company. And then finally, as we said in the remarks, our GMs are doing a really good job driving their plans as they see how the businesses unfolding around the globe.

這使我們能夠以更低的成本完成更多的工作，這對百勝餐飲集團有利！和我們的特許經營商。我們對技術支出實施了強而有力的治理。我想說第三個領域是生產力和業務的其他部分。我們一直在推動這個資源優化計劃。我們正在尋找在 D&T 之外的部分更有效運作的方法。現在，在某些情況下，這是透過成為一家更數位化的公司來實現的。最後，正如我們在評論中所說，我們的總經理在推動他們的計劃方面做得非常好，因為他們看到了全球業務的發展。

So those are the factors that are driving the G&A trends this year. Now it's important to note that we are reinvesting at the same time. We're putting investments into A.I. We mentioned over the last call, 40 plus A.I. projects in motion. We're investing it in areas like our marketing capabilities, supply chain and the culture and talent. So at the same time, we're driving the long-term health of the business. If we look to 2025 and beyond, we're going to continue to get leverage on the G&A line. You set aside year-over-year factors like changes and in incentive comp, we expect to get leverage on the G&A line. And I think you'll see a normal growth rate in terms of G&A for an asset like a company like ours.

這些就是推動今年 G&A 趨勢的因素。現在值得注意的是，我們同時進行了再投資。我們正在對人工智慧進行投資。我們在上次電話會議中提到，40 plus A.I.正在進行中的項目。我們將其投資於行銷能力、供應鏈以及文化和人才等領域。因此，同時，我們正在推動業務的長期健康發展。如果我們展望 2025 年及以後，我們將繼續在 G&A 專案上獲得槓桿作用。拋開變化和激勵補償等同比因素，我們希望在 G&A 線上獲得槓桿作用。我認為對於像我們這樣的公司來說，您會看到一般資產的正常成長率。

Thank you. Our next question comes from currently comes Andew Charles from TD Cowen. Please go ahead.

謝謝。我們的下一個問題來自 TD Cowen 的 Andew Charles。請繼續。

Great. Thank you. I have a two-part question on Taco Bell. I'm looking to understand how you retain Taco Bell's U.S. 2Q same-store sales trends. Did you ship promotional focus to new menu items away from Cantina Chicken while the remainder of the drive-thru segment intensified the focus on value? And the bigger question is that can you share your confidence in the ability to hold Taco Bell's 2Q to your trends in the back half of 2024? Thanks.

偉大的。謝謝。我有一個關於塔可鐘的問題，分成兩個部分。我想了解你們如何保持塔可鐘美國第二季同店銷售趨勢。您是否將促銷重點從 Cantina Chicken 轉向了新菜單項目，而其餘的得來速細分市場則加強了對價值的關注？更大的問題是，您能否分享一下您對 Taco Bell 在 2024 年下半年保持第二季度趨勢的信心？謝謝。

Sure. Obviously, Taco Bell is a lot of really positive results coming in in Q2, and we feel good about Taco Bell for the balance of the year. Why do we feel so good about the brand? First of all, in this environment where the consumer versus public pulling back a little bit being the always on value brand. Remember, Taco Bell's cravings value menu is always on. It's got 10 items. They're unique items that nobody else in the industry has. And they're not like junior size, diversions of a core item, they're unique. They stand in their own, right?

當然。顯然，塔可鐘在第二季度取得了許多非常積極的成果，我們對塔可鐘今年剩餘的時間感覺良好。為什麼我們對這個品牌感覺這麼好？首先，在這種環境下，消費者相對於大眾來說，對永遠有價值的品牌的態度有所退縮。請記住，塔可鐘 (Taco Bell) 的超值菜單始終為您提供。它有 10 件物品。它們是業內其他人所沒有的獨特產品。它們不像初級尺寸，是核心產品的替代品，它們是獨一無二的。他們有自己的立場，對嗎？

They're incredibly craveable. That has served us well, and it really puts a moat around us when it comes to value. In addition, we have a one-time offerings like the Luxe Box, at a $7 price point, which is an incredible amount of great-tasting food for that price. So we have a great way to play value that makes it hard for others to compete.

他們非常令人渴望。這對我們很有幫助，而且在價值方面確實為我們樹立了護城河。此外，我們還有一次性產品，例如 Luxe Box，價格為 7 美元，對於這個價格來說，這是一個令人難以置信的美味食物。因此，我們有一種發揮價值的好方法，讓其他人難以競爭。

And then when you couple that with things like the Cantina Chicken launch in Q2, which is really a platform that will continue to innovate off of as we move forward. You saw in Q3 , we just launched the Cantina Chicken Cheesy Street Taco Chalupas that are off to a good start. That's an example of what we can do with that menu. We'll probably rehit Cantina Chicken in Q4. And then you've got all sorts of other great things going on at Taco Bell, like speed of service, improving loyalty program launches.

然後，當你將其與第二季推出的 Cantina Chicken 之類的東西結合時，這確實是一個隨著我們前進而不斷創新的平台。您在第三季看到，我們剛剛推出了 Cantina Chicken Cheesy Street Taco Chalupas，這是一個很好的開始。這是我們可以使用該選單執行的操作的範例。我們可能會在第四季重新推出 Cantina Chicken。然後，塔可鐘 (Taco Bell) 還開展了各種其他很棒的事情，例如服務速度、改善忠誠度計劃的推出。

So hopefully you're getting the sense of the confidence we have in Taco Bell as we move forward. And in this environment, I think we're really seeing Taco Bell stand out from the crowd, outperforming the QSR industry by a wide margin.

因此，希望您能感受到我們對塔可鐘的前進充滿信心。在這種環境下，我認為我們確實看到塔可鐘脫穎而出，大幅超越快餐業。

Thank you. Our next question comes from Brian Bittner from Oppenheimer. Brian, please go ahead.

謝謝。我們的下一個問題來自奧本海默的布萊恩·比特納。布萊恩，請繼續。

Thanks. Good morning. Congrats on navigating a challenging backdrop. You delivered 8% core operating profit growth year to date, despite negative same-store sales year to date. In this operating profit growth in the first half is on par with the full year guidance, of course, and I know the environment is still challenged, but there is reason to believe that overall, Yum! will have better sales trends in the second half.

謝謝。早安.恭喜您在充滿挑戰的背景下航行。儘管今年迄今同店銷售額為負，但今年迄今，您的核心營業利潤成長了 8%。當然，上半年的營業利潤成長與全年指引持平，而且我知道環境仍然面臨挑戰，但有理由相信，總體而言，嗯！下半年會有更好的銷售趨勢。

First, the first half as comparisons ease as we've talked about in this call and G&A's going to remain favorable in the second half. I know there's some timing differences between the third quarter and fourth quarter, but is there enough to the -- for profit growth to accelerate in the second half? Is a guidance for 8% now that you've already have that in the bag in the first half, possibly conservative?

首先，上半年的比較有所緩和，正如我們在本次電話會議中所討論的那樣，G＆A 在下半年仍將保持有利。我知道第三季和第四季之間存在一些時間差異，但下半年獲利成長是否足以加速？既然你已經在上半年完成了 8% 的指導，這可能是保守的嗎？

Or is there anything maybe on that looking at it in the second half versus first half, that should be more aware of?

或者說，與上半場相比，下半場有什麼是應該更加註意的嗎？

Yes, Brian, as we said on the call, we remain confident in delivering at least 8%. Of course, as you mentioned, its a complex operating environment there. Lots of unknowns still yet to unfold in the back part of the year. But as David said, we do have sequential improvement in the forecast quarter to quarter from a sales standpoint. And as we said, we expect full year G&A to be down. So we're going into the back half of the year with a good starting point here at the midpoint.

是的，Brian，正如我們在電話會議上所說，我們仍然有信心實現至少 8% 的目標。當然，正如你所提到的，那裡的運作環境很複雜。今年下半年仍有許多未知因素尚未揭曉。但正如大衛所說，從銷售的角度來看，我們的預測確實逐季度有所改善。正如我們所說，我們預計全年一般行政費用將會下降。因此，我們將以一個好的起點進入今年下半年。

And it's our job to deliver as much profit growth as possible while still investing in the long-term health of the business. And so that's what our management teams are focused on doing driving, the short-term and long-term simultaneously.

我們的工作是實現盡可能多的利潤成長，同時仍投資於業務的長期健康發展。這就是我們的管理團隊專注於同時推動短期和長期的工作。

Thank you. Our next question comes from Dennis Geiger from UBS. Dennis, please go ahead.

謝謝。我們的下一個問題來自瑞銀集團的丹尼斯·蓋格。丹尼斯，請繼續。

Great. Thank you. I wanted to ask a little bit more about the strength of global unit development. Obviously, some macro pressures out there, but impressive growth even still particularly at KFC. So could you talk a little bit more about how the brand and the franchisees are effectively managing the challenges, continuing to open restaurants at a solid rate and specifically, if there's anything else to offer on visibility, you've got into development looking ahead, including how that pipeline looks, etc.

偉大的。謝謝。我想多詢問一下全球單位開發的實力。顯然，存在一些宏觀壓力，但仍然令人印象深刻的成長，尤其是肯德基。那麼，您能否多談談品牌和特許經營商如何有效地應對挑戰，繼續以穩定的速度開設餐廳，具體來說，如果還有什麼可以提供知名度，那麼您就已經開始展望未來的發展，包括管道的外觀等。

Yes. Thanks, Dennis. The development picture is really one that is strongly encouraging. When you think about the impact of the conflict on sales in particular markets, we are still seeing quite widespread growth all around the world. I think I mentioned in my remarks, two-thirds of our brand country combinations over the last 12 months have built a store. There's a lot of countries that are quite small that don't even have an opportunity to build the smaller stores. So that is impressive right there, that it's widespread.

是的。謝謝，丹尼斯。發展前景確實令人鼓舞。當你考慮衝突對特定市場銷售的影響時，我們仍然看到全球相當廣泛的成長。我想我在發言中提到過，在過去 12 個月裡，我們的品牌國家組合中有三分之二都建立了商店。有很多國家很小，甚至沒有機會建立較小的商店。所以這令人印象深刻，它很普遍。

As we mentioned, our ability to open gross units looks like it's going to be very similar to what we did in 2022 and 2023. Now we would like that number to go up every year. So there's probably some small impact from the Middle East that's showing up in that gross unit line and potential for some, as Chris mentioned in his remarks, potential for some additional closures, perhaps with the greater than normal in the second half of the year. But any stores that were closed, particularly Middle East markets would have been lower volume stores that people are just pruning the portfolio.

正如我們所提到的，我們開放總單位的能力看起來將與我們在 2022 年和 2023 年所做的非常相似。因此，中東可能會產生一些小的影響，這會體現在總單位線中，正如克里斯在演講中提到的那樣，有可能會出現一些額外的關閉，也許下半年會比正常情況更大。但任何關閉的商店，尤其是中東市場，都將是銷量較低的商店，人們只是在修剪產品組合。

We expect the full year impact from development in terms of the ability to drive additional system sales to be very similar this year to last year. So the development story is good. Why is that? Because I think the franchisees have a lot of long-term of confidence in the strength of our brands and their businesses around the world and they're getting good paybacks. We meticulously track the paybacks in every market around the country to make sure that our franchisees are getting good returns on their investments

我們預計今年開發對推動額外系統銷售的能力所產生的全年影響與去年非常相似。所以發展故事還是不錯的。這是為什麼？因為我認為特許經營者對我們品牌的實力及其在世界各地的業務有很大的長期信心，並且他們正在獲得良好的回報。我們仔細追蹤全國每個市場的投資回報，以確保我們的加盟商獲得良好的投資回報

Thank you. Our next question comes from Brian Harbour from Morgan Stanley. Brian, please go ahead.

謝謝。我們的下一個問題來自摩根士丹利的布萊恩哈伯。布萊恩，請繼續。

Yes, thanks. Good morning, guys. I think you mentioned in your prepared remarks, just some broader impacts of some of the Middle East issues. I was curious what markets you're referring to with that? And I guess just more broadly, could you comment on like Europe or some of the other markets that you sometimes highlight as being stronger or weaker? If there was anything to call out there?

對了謝謝。早上好傢伙。我認為你在準備好的發言中提到了一些中東問題的一些更廣泛的影響。我很好奇你指的是哪些市場？我想更廣泛地說，您能否對歐洲或您有時強調的其他一些市場更強或更弱的市場進行評論？那裡有什麼需要注意的嗎？

Look, I think in general, we've highlighted obviously that Middle East markets have been impacted in addition to Indonesia and Malaysia in terms of significant markets for us.

看，我認為總的來說，我們已經明顯強調，除了印尼和馬來西亞之外，中東市場對我們的重要市場也受到了影響。

Beyond that, we're not going to -- first of all, it's very hard to pull out the impact because it can be trade area by trade area in a given market. But you can imagine the types of markets that would be further impacted. It is not -- but it's not a precise science. We just know them from the stories that we're hearing from the field, from some of the data that we see trade area by trade area in markets that the impact is a little bit broader than just the Middle East and Indonesia, Malaysia, but very hard to measure. I think the important thing is despite all that, I mentioned at the start of the Q&A, we've seen 11%, two-year same-store sales growth for KFC around the world.

除此之外，我們不會——首先，很難消除影響，因為它可能是特定市場中逐一貿易區域的影響。但你可以想像哪些類型的市場會受到進一步影響。它不是——但它不是一門精確的科學。我們只是從現場聽到的故事以及我們在市場中逐個貿易區域看到的一些數據中了解到它們，其影響比中東和印度尼西亞、馬來西亞要廣泛一些，但是很難衡量。我認為重要的是，儘管如此，我在問答開始時提到，我們已經看到肯德基在全球的兩年同店銷售額增長了 11%。

If we back out and just take a look at some of the markets where we know there's very -- with very little impact from the Middle East, we're seeing at a mid single digit growth for KFC in places like L.A. and C., which really are a clean read on our business ex-Middle East, no impact at all. We're saying they put the second KFC put up a second consecutive quarter of plus 13% same-store sales growth. That's on top of a 10% last year. So it's 23% same-store sales growth in Latin America for KFC. You can tell the foundation of our business is really quite strong. And we getting through this headwind from the Middle East really as best as could be imagined.

如果我們退出並看看一些我們知道受到中東影響很小的市場，我們會看到肯德基在洛杉磯和加利福尼亞等地的中個位數增長，這確實是對我們除中東地區業務的清晰解讀，完全沒有影響。我們說他們預計第二家肯德基將連續第二季同店銷售額成長 13% 以上。這比去年的 10% 還要高。因此，肯德基在拉丁美洲的同店銷售額成長了 23%。可以看出，我們的業務基礎確實非常雄厚。我們確實以可以想像的最好的方式度過了來自中東的逆風。

Operator, we have time for one more question.

接線員，我們還有時間再問一個問題。

Thank you. Our final question comes from Danilo Gargiulo from Bernstein. Please go ahead.

謝謝。我們的最後一個問題來自伯恩斯坦的達尼洛·加吉烏洛（Danilo Gargiulo）。請繼續。

Thank you. I have a question on the sustainability of margins at Taco Bell. So the margins are quite impressive in the context of labor pressures you're seeing in California, the value-oriented spend from consumer. So how sustainable do you think this margin improvement are at Taco Bell? And what incremental levers do you expect to deploy going forward? In other words, like wouldn't be able to talk about maybe 26%, 27% margin in the next two to three years. Thank you.

謝謝。我對塔可鐘利潤的可持續性有疑問。因此，考慮到加州的勞動力壓力和消費者以價值為導向的支出，利潤率相當可觀。那麼，您認為塔可鐘的利潤率改善具有多大的可持續性？您期望未來部署哪些增量槓桿？換句話說，在未來兩到三年內，不可能談論 26%、27% 的利潤率。謝謝。

Yes. Thanks, Danilo. Look, I think the Taco Bell margin story is very impressive in the context of a value- oriented environment. The Taco Bell business is serving consumers, creating buzz in the market, bringing great innovation to bear and delivering value when consumers need it. And yet you're seeing us maintain these industry-leading margins that comes from leveraging our scale on our food purchases and our franchisees take advantage of that scale. And I think in the long run, you'll see us continue to be more and more productive in terms of how we operate the restaurants as we become more and more digital, 35% digital mix.

是的。謝謝，達尼洛。看，我認為塔可鐘的利潤率故事在價值導向的環境中非常令人印象深刻。塔可鐘的業務是為消費者服務，在市場上引起轟動，帶來偉大的創新，並在消費者需要時提供價值。然而，您會看到我們保持了領先業界的利潤，這來自於利用我們的食品採購規模，而我們的特許經營商也利用了這一規模。我認為從長遠來看，隨著我們變得越來越數位化（35% 的數位化組合），您會看到我們在經營餐廳方面將繼續變得越來越有效率。

You've heard us talk about voice A.I., which is accelerating at a time faster pace than we expected just three months ago. And that is just one more example of a digital lever that allows us to provide a great customer experience, a great team member experience and be more productive in back of house. Lots of other things happening on that front. I think it sets up well for us to continue to be able to provide strong value to consumers and great margins for our franchisees and for our company stores going forward.

您已經聽過我們談論語音人工智慧，它的發展速度比我們三個月前的預期還要快。這只是數位槓桿的另一個例子，它使我們能夠提供出色的客戶體驗、出色的團隊成員體驗並提高後台工作效率。這方面還發生了很多其他事情。我認為這對我們繼續能夠為消費者提供強大的價值以及為我們的特許經營商和我們公司商店提供豐厚的利潤奠定了良好的基礎。

Well, thank you, everyone, for your time today. Appreciate all the questions. Obviously, we're proud of the results we put up this quarter despite the headwinds, but we're even more proud and excited about the future as we go into the second half of this year and into 2025.

好的，謝謝大家今天抽出時間。感謝所有的問題。顯然，儘管存在阻力，我們對本季度取得的業績感到自豪，但隨著我們進入今年下半年和 2025 年，我們對未來更加自豪和興奮。

Inflation is moderating, margins are getting stronger, were -- our brands are getting stronger in this environment. Taco Bell, putting up really good numbers. The work that we're doing behind the scenes to reinvent how we run the business and reallocate G&A to really lean in on our digital leadership and our investments in A.I., the laps are getting easier.

通貨膨脹正在放緩，利潤率越來越高，我們的品牌在這種環境下變得越來越強大。塔可鐘，取得了非常好的數字。我們在幕後所做的工作是重塑我們的業務運作方式並重新分配一般管理費用，以真正依靠我們的數位領導力和對人工智慧的投資，一切都變得越來越容易。

We talked about our twin growth engines and how they performed this quarter. But there are also this quarter, I spent some time with our international Taco Bell franchisees at Taco Con, where we get everybody together from around the world to talk, compare marketing calendars and the excitement at that convention about the future of Taco Bell was incredibly strong, the quality of the partners that we have for their brand. And although we're not calling that one of the growth, the twin growth engines today, it's clear, that the future for Taco Bell International is quite bright and another reason to be excited about the future. So a quarter that I think demonstrated the resilience of our business model and the strength of our brands and excitement about the future as we go into Q3. Thank you, everybody, for your time.

我們討論了我們的雙重成長引擎以及它們本季的表現。但也有這個季度，我在Taco Con 上與我們的國際Taco Bell 特許經營商一起度過了一些時間，我們讓來自世界各地的每個人聚集在一起討論，比較營銷日曆，在這次大會上，人們對Taco Bell 的未來感到非常興奮。儘管我們不稱其為當今的成長雙引擎之一，但很明顯，塔可鐘國際公司的未來相當光明，這也是我們對未來感到興奮的另一個原因。因此，我認為這個季度展示了我們業務模式的彈性和品牌的實力，以及進入第三季時對未來的興奮。謝謝大家抽出時間。

This concludes today's conference call. You may now disconnect your lines.

今天的電話會議到此結束。現在您可以斷開線路。