百勝餐飲集團 (YUM) 2024 Q4 法說會逐字稿

Welcome, everyone, to the Yum!

歡迎大家來到 Yum！

Brands 2024 fourth-quarter earnings call.

品牌 2024 年第四季財報電話會議。

My name is Lauren, and I'll be coordinating your call today.

我的名字是勞倫，今天我將負責協調您的電話。

(Operator Instructions) I will now hand you over to Matt Morris, Head of Investor Relations, to begin.

（操作員指示）現在，我將把您交給投資者關係主管 Matt Morris 來開始。

Please go ahead.

請繼續。

Good morning, everyone, and thank you for joining us today.

大家早安，感謝大家今天的參與。

On our call are David Gibbs, our CEO; and Chris Turner, our CFO; and Dave Russell, our Senior Vice President and Corporate Controller.

與我們通話的是我們的執行長 David Gibbs；以及我們的財務長 Chris Turner；以及我們的資深副總裁兼公司財務長 Dave Russell。

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

在大衛和克里斯發言之後，我們將開始提問。

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.

請注意，本次電話會議包含前瞻性陳述，這些陳述受未來事件和不確定因素的影響，可能導致我們的實際結果與這些陳述有重大差異。

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 risk factors discussed in our SEC filings.

所有前瞻性陳述僅在本次電話會議之日做出，應與我們收益報告中的警示聲明和我們提交給美國證券交易委員會的文件中討論的風險因素一起考慮。

Please refer to today's release and filings with the SEC to find disclosures, definitions and reconciliations of non-GAAP financial measures.

請參閱今天的發布和向美國證券交易委員會提交的文件，以了解非公認會計準則財務指標的揭露、定義和對帳。

Please note that during today's call, system sales and operating profit growth will exclude the impact of foreign currency.

請注意，在今天的電話會議中，系統銷售額和營業利潤成長將排除外幣的影響。

Our fourth quarter results included an extra week for business units reporting on a period calendar basis.

我們的第四季度業績包括為業務部門按期間日曆報告額外一周的時間。

However, all figures stated on this call will exclude the extra week.

不過，本次電話會議中所述的所有數字均不包括這額外的一週。

For more information on our reporting calendar for each market, please visit the Financial Reports section of the IR website.

有關每個市場的報告日程表的更多信息，請訪問 IR 網站的財務報告部分。

Finally, our in-person Taco Bell Consumer Day has been rescheduled for Tuesday, March 4th, in New York City.

最後，我們的塔可鐘消費者日活動改期至 3 月 4 日星期二在紐約舉行。

Taco Bell Consumer Day will take place in the morning and will proceed Taco Bell's iconic Live Más LIVE event.

Taco Bell 消費者日將於上午舉行，並將繼續舉辦 Taco Bell 標誌性的 Live Má s LIVE 活動。

Due to the limited capacity, attendance for both events will be by invitation only.

由於容量有限，這兩項活動均需憑邀請參加。

Direct requests can be made by contacting the Investor Relations team.

可以透過聯繫投資者關係團隊直接提出請求。

Now, I'll turn it over to David.

現在我將把話題交給大衛。

Thank you, Matt, and good morning, everyone.

謝謝你，馬特，大家早安。

I'm incredibly proud of what Yum!

我為 Yum！

Brands accomplished this past year.

品牌在過去的一年裡取得了成就。

Despite industry-wide challenges, we continued to deliver strong results, underscoring the resilience of our business model, the power of our iconic brands and the strength of our world-class franchise partners.

儘管整個行業面臨挑戰，我們仍然繼續取得強勁的業績，凸顯了我們商業模式的韌性、我們標誌性品牌的力量以及我們世界級特許經營合作夥伴的實力。

Our momentum is clear.

我們的勢頭是明顯的。

We achieved remarkable milestones generating over 50% of our system sales through digital channels surpassing 60,000 total units globally with more than 30,000 at KFC alone and generating more than $1 billion in core operating profit from the Taco Bell division for the first time ever.

我們取得了令人矚目的里程碑，透過數位管道實現了系統銷售額的 50% 以上，全球總銷量超過 60,000 家，其中僅肯德基就超過 30,000 家，並且塔可鐘部門的核心營業利潤首次超過 10 億美元。

Taco Bell US delivered an incredibly strong year and one that significantly outperformed the industry, showing clearly that Taco Bell is a category of one brand.

塔可鐘美國公司 (Taco Bell US) 今年表現異常強勁，遠遠超過行業平均水平，清楚地表明塔可鐘屬於一個品牌類別。

Our financial results reflect the strength of our business with full year core operating profit growth of 8%, reinforcing the power of our growth strategy and the durability of our business.

我們的財務表現反映了我們業務的實力，全年核心營業利潤成長 8%，增強了我們成長策略的力量和業務的持久性。

One of the biggest drivers of our success and a major unlock for our future is our proprietary technology platform.

我們成功的最大驅動力之一以及我們未來發展的重要開啟因素就是我們的專有技術平台。

In 2024, we accelerated our technology transformation by integrating our digital and technology teams into a unified global team.

2024年，我們透過將數位和技術團隊整合為統一的全球團隊，加速了技術轉型。

Additionally, we are thrilled today to introduce Byte by Yum!, our comprehensive collection of proprietary Software-as-a-Service products that enables our restaurants to deliver faster, more seamless experiences for consumers while streamlining operations and empowering teams.

此外，今天我們非常高興地推出 Byte by Yum!，這是我們全面的專有軟體即服務產品系列，使我們的餐廳能夠為消費者提供更快、更無縫的體驗，同時簡化營運並增強團隊能力。

Integrating our best-in-class yet previously disparate solutions into a comprehensive, easy-to-deploy solution will help accelerate platform adoption.

將我們一流但以前分散的解決方案集成為一個全面、易於部署的解決方案，將有助於加速平台的採用。

KFC, Pizza Hut and Taco Bell US all currently operate on our Byte digital ordering platform and 25,000 Yum!

肯德基、必勝客和美國塔可鐘目前都在我們的 Byte 數位訂餐平台上運營，25,000 家 Yum！

restaurants across the world are using at least one Byte by Yum!

全球各地的餐廳都至少使用一台 Byte by Yum！

product.

產品。

As we continue to raise the bar in digital convenience and engagement, we are seeing clear results, our digital sales grew approximately 15% in 2024, and we're just getting started.

隨著我們不斷提高數位便利性和參與度的標準，我們看到了明顯的成果，我們的數位銷售額在 2024 年增長了約 15%，而這才剛剛起步。

With the strength of our brands, the power of our technology and the dedication of our franchisees and teams, we are well positioned for another year of strong growth ahead.

憑藉我們品牌的實力、我們技術的力量以及我們特許經營商和團隊的奉獻精神，我們已為未來一年的強勁增長做好了準備。

I'll now discuss the strategic drivers that underline our commitment to being the most loved, deeply connected and always trusted brands for consumers around the world.

現在，我將討論一些策略驅動因素，這些因素強調了我們致力於成為全球消費者最喜愛、聯繫最緊密和始終信賴的品牌的承諾。

Afterwards, Chris will provide a deep dive on our fourth quarter results, balance sheet position and capital strategy, followed by our outlook for 2025.

隨後，克里斯將深入探討我們的第四季業績、資產負債表狀況和資本策略，並展望 2025 年。

Starting with our loved pillar and our brands that champion consumer experiences.

從我們熱愛的支柱和倡導消費者體驗的品牌開始。

We're pleased to report that our twin growth engines, Taco Bell US and KFC International, delivered 7% system sales growth and 14% core operating profit growth in the fourth quarter.

我們很高興地報告，我們的雙成長引擎——塔可鐘美國和肯德基國際——在第四季度實現了 7% 的系統銷售額成長和 14% 的核心營業利潤成長。

These two businesses, which represent approximately 80% of our divisional operating profit, continue to be powerful drivers of our long-term success.

這兩項業務約占我們部門營業利潤的 80%，並將繼續成為我們長期成功的強大驅動力。

At KFC, which accounts for 49% of our divisional operating profit, units grew 7%, driving system sales growth of 3% for the full year despite a 2% decline in same-store sales.

肯德基為我們貢獻了部門營業利潤的 49%，儘管同店銷售額下降了 2%，但其門市數量增長了 7%，推動全年系統銷售額增長了 3%。

In the fourth quarter, same-store sales were flat year-over-year with international same-store sales improving to plus 1% and sequential momentum building throughout the quarter.

第四季度，同店銷售額與去年同期持平，國際同店銷售額成長 1%，整個季度的動能持續增強。

We're especially encouraged by strong recoveries in the Middle East, where same-store sales experienced significant growth and robust performance in Africa, Latin America and Canada, all of which saw a mid- to high single-digit same-store sales growth.

我們尤其受到中東地區強勁復甦的鼓舞，該地區同店銷售額顯著增長，非洲、拉丁美洲和加拿大表現強勁，均實現了中高個位數的同店銷售額增長。

In Africa, comps rose 9%, driven primarily by increased traffic, as the team successfully executed a multipronged marketing approach emphasizing boneless and core abundant value offerings while also expanding beverage sales.

在非洲，同店銷售額成長 9%，主要原因是客流量增加，因為團隊成功執行了多管齊下的行銷方式，強調無骨和核心豐富價值產品，同時擴大了飲料銷售。

Latin America's strategy, leaning into everyday value and disruptive promotions, broadens its consumer reach and increased frequency, driving a 6% year-over-year same-store sales increase in Q4.

拉丁美洲的策略傾向於日常價值和顛覆性促銷，擴大了消費者覆蓋範圍並增加了購物頻率，推動第四季度同店銷售額同比增長 6%。

We also saw notable quarter-over-quarter momentum in several key markets, including a 5-point improvement across our Asia business, excluding China.

我們也看到幾個主要市場呈現明顯的季度環比成長勢頭，其中亞洲業務（中國除外）增長了 5 個百分點。

Looking ahead to 2025, we remain focused on deepening market penetration by expanding relevant product offerings, including tenders, nuggets, twisters and sandwiches while enhancing our value perception.

展望 2025 年，我們將繼續致力於透過擴大相關產品供應（包括肉柳、雞塊、高麗菜和三明治）來深化市場滲透，同時提升我們的價值觀念。

This will involve refining pricing strategies and identifying key category pricing threshold to ensure we remain at the top of the consumers' consideration.

這將涉及完善定價策略和確定關鍵類別定價門檻，以確保我們始終處於消費者考慮的首位。

Turning to Taco Bell, which accounts for 37% of our divisional operating profit.

談到塔可鐘，它占我們部門營業利潤的 37%。

The brand continued its strong momentum in 2024, with full year system sales up 6% fueled by exceptional same-store sales growth.

該品牌在 2024 年將繼續保持強勁勢頭，在同店銷售額出色增長的推動下，全年系統銷售額將增長 6%。

Taco Bell not only gained dollar share of total industry spend, but also increased consumer frequency across all income segments, reinforcing its broad consumer appeal.

塔可鐘不僅在行業總支出中所佔的份額有所提升，而且各個收入階層的消費者消費頻率都有所增加，從而增強了其廣泛的消費者吸引力。

This momentum carried into the fourth quarter with same-store sales rising 5% year-over-year, outpacing the US industry by 5 percentage points, driven by the successful execution of Taco Bell's magic formula.

這一勢頭延續到了第四季度，得益於塔可鐘神奇配方的成功實施，同店銷售額同比增長 5%，超過美國行業 5 個百分點。

The decades platform, which brought back five of the brand's most in-demand nostalgic menu items, generated strong product innovation, brand excitement and exclusive merchandise for loyalty members.

這個數十年的平台帶回了該品牌最受歡迎的五種懷舊菜單品，為忠誠會員帶來了強大的產品創新、品牌興奮和獨家商品。

The team also underscored value leadership with the $7 Luxe box, one of the most compelling value offerings in the industry.

該團隊還透過售價 7 美元的 Luxe 禮盒強調了價值領導力，這是業內最引人注目的價值產品之一。

At Taco Bell International, same-store sales grew 3% in Q4, marking the strongest quarter of the year.

塔可鐘國際公司第四季同店銷售額成長 3%，為今年表現最強勁的一個季度。

Several key markets, including the UK, Spain, and India, saw notable sales lifts after successfully refocusing on brand buzz and disruptive value promotions to drive transactions.

英國、西班牙和印度等幾個主要市場在成功重新聚焦品牌知名度和顛覆性價值促銷來推動交易後，銷售量顯著提升。

Taco Bell's consistent market outperformance, innovative product pipeline and strategic value positioning set the stage for continued strong growth in 2025.

Taco Bell 持續的市場優異表現、創新的產品線和戰略價值定位為 2025 年繼續強勁成長奠定了基礎。

Turning to Pizza Hut, which represents 13% of our divisional operating profit.

說到必勝客，它占我們部門營業利潤的 13%。

Full year system sales declined 1%, including 2% net new unit growth.

全年系統銷售額下降 1%，其中新單位淨成長 2%。

In the fourth quarter, same-store sales growth improved 300 basis points sequentially.

第四季度，同店銷售額成長比上一季提高了300個基點。

We saw a standout performance in India from successfully driving brand buzz and consumer engagement with innovative, limited time offerings like the Momo Mia pizza, while also leveraging aggressive value deals to boost frequency and trial.

我們在印度取得了突出的成績，透過 Momo Mia 披薩等創新的限時優惠成功推動了品牌知名度和消費者參與度，同時也利用積極的價值交易來提高頻率和嘗試率。

In the US, sales remained under pressure due to more value competition across both the QSR industry and the pizza category.

在美國，由於快餐業和披薩類別的價值競爭加劇，銷售仍面臨壓力。

We've seen that everyday value offerings such as the $7 deal lovers, effectively drive repeat visits from existing consumers.

我們已經看到，7 美元特價優惠等日常超值優惠有效地吸引了現有消費者的重複訪問。

However, to attract lighter lapsed consumers, we must lean further into disruptive and distinctive value promotions.

然而，為了吸引較輕的流失消費者，我們必須進一步傾向於顛覆性和獨特的價值促銷。

Looking ahead to 2025, our focus will be on striking the right balance between everyday value and disruptive campaigns to engage a broader consumer base.

展望 2025 年，我們的重點將放在在日常價值和顛覆性活動之間取得適當的平衡，以吸引更廣泛的消費者群體。

Additionally, we are committed to enhancing the digital experience with improvements to our app platform that will elevate engagement and bring value to the forefront of the consumer journey with Pizza Hut.

此外，我們致力於透過改進我們的應用平台來增強數位體驗，從而提高參與度並為必勝客的消費者旅程帶來價值。

With the right mix of innovation, value and digital improvements, we are confident in our ability to strengthen Pizza Hut's relative brand positioning and reinvigorate top line momentum.

透過創新、價值和數位化改進的正確組合，我們有信心加強必勝客的相對品牌定位並重振營收動能。

At Habit Burger & Grill, full year system sales grew 1%, driven by unit growth.

在 Habit Burger & Grill，受單位成長的推動，全年系統銷售額成長了 1%。

Encouragingly, same-store sales trends improved in the fourth quarter fueled by a successful marketing campaign highlighting Habits recognition as the #1 burger in America by USA Today Reader's Choice.

令人鼓舞的是，第四季同店銷售趨勢有所改善，這得益於成功的行銷活動，該活動強調 Habits 被《今日美國》讀者選擇評為美國第一漢堡。

The team will continue to leverage this momentum, emphasizing its suite of award-winning menu items including the Double Char Burger and #1 ranked side Tempura Green Beans.

團隊將繼續利用這一勢頭，重點推出其屢獲殊榮的菜單，包括雙層炭燒漢堡和排名第一的天婦羅青豆。

Beyond top line growth, we are pleased to see operational efficiencies translating into improved profitability.

除了營收成長之外，我們很高興看到營運效率的提高轉化為獲利能力的提高。

The ongoing labor productivity initiatives launched in 2024 have driven notable improvements in labor throughput, allowing us to reduce restaurant labor expense as a percentage of sales by 150 basis points despite higher labor rates in California.

2024 年啟動的持續勞動生產力措施推動了勞動生產力的顯著提高，儘管加州的勞動力價格較高，但我們仍能將餐廳勞動費用佔銷售額的百分比降低 150 個基點。

As a result, restaurant-level margins reached 10% in 2024, a 150 basis points higher year-over-year.

因此，餐廳層級的利潤率將在 2024 年達到 10%，年增 150 個基點。

This progress underscores our commitment to enhancing operational efficiency, strengthening brand equity and positioning Habit Burger for a sustained growth in the year ahead.

這項進展凸顯了我們致力於提高營運效率、加強品牌資產以及使 Habit Burger 在未來一年實現持續成長的承諾。

As we embrace a bolder, more creative approach to innovation, we are taking decisive steps to elevate the consumer experience and meet the evolving preferences of the next-generation consumer.

隨著我們採取更大膽、更具創意的創新方式，我們正在採取果斷措施來提升消費者體驗並滿足下一代消費者不斷變化的偏好。

At KFC in December, we opened by Saucy by KFC, a flavor-forward test concept restaurant in Orlando designed for the next generation of boneless chicken lovers.

12 月，我們在肯德基開設了 Saucy by KFC，這是奧蘭多一家專為下一代無骨雞肉愛好者設計的風味前衛測試概念餐廳。

The menu features tenders and sandwiches paired with 11 irresistible sauces complemented by a diverse 11 beverage lineup, including teas, freezes and refreshers.

菜單包括搭配 11 種令人無法抗拒的醬汁的肉排和三明治，以及 11 種豐富多樣的飲料系列，包括茶、冷凍飲料和清涼飲料。

Early engagement has been promising, reinforcing our belief in potential to drive sales and enhance brand relevance.

早期的參與是有希望的，這增強了我們對推動銷售和提升品牌相關性潛力的信心。

At Taco Bell, we are testing Live Más Cafe, an in-store beverage-focused cafe featuring specialty drinks like chillers Agua Refresca, coffees and more.

在 Taco Bell，我們正在測試 Live Má s Cafe，這是一家以飲料為主的店內咖啡館，主打冷飲 Agua Refresca、咖啡等特色飲品。

Consumer response has been strong with the cafe concept driving meaningful incremental sales.

消費者反應強烈，咖啡館理念帶動銷售額大幅成長。

These innovations reflect our commitment to staying ahead of consumer trends, enhancing brand differentiation and creating new avenues for growth.

這些創新體現了我們致力於引領消費趨勢、增強品牌差異化和創造新的成長途徑。

While these are only one unit pilots today, we plan to expand both test concepts this year to better understand their long-term growth potential and role in our portfolio.

雖然目前這些只是一個單位的試點，但我們計劃今年擴大這兩個測試概念，以更好地了解它們的長期成長潛力和在我們產品組合中的作用。

Moving to our connected pillar.

轉向我們的互聯支柱。

We're advancing our ability to serve every consumer everywhere at any time.

我們正在提升隨時隨地為每位消費者提供服務的能力。

The strong momentum in digital sales in 2024 is a testament to targeted brand initiatives, loyalty conversion strategies and continued deployment of our proprietary tech platform.

2024 年數位銷售的強勁勢頭證明了我們針對性的品牌計劃、忠誠度轉換策略和專有技術平台的持續部署。

Yum!

好吃！

Digital sales grew approximately 15% to over $30 billion, underscoring the impact of our digital-first approach.

數位銷售額成長約 15%，達到 300 多億美元，凸顯了我們的數位優先方法的影響。

At KFC, excluding China, digital sales surged more than 20%, driven by expanded kiosk adoption.

肯德基（中國除外）的數位銷售額由於自助服務終端的普及而飆升了 20% 以上。

With more than 50% of stores outside China equipped with kiosks at year-end 2024, our teams are focused on reaching 70% penetration by 2026.

到 2024 年底，中國境外將有超過 50% 的商店配備自助服務終端，我們的團隊致力於在 2026 年實現 70% 的普及率。

As digital engagement grows, so does our loyalty opportunity.

隨著數位化參與度的提高，我們的忠誠度機會也增加。

At KFC, we are scaling our global loyalty program now live in 14 markets and early data is promising.

在肯德基，我們正在擴大我們的全球忠誠度計劃，目前該計劃已覆蓋 14 個市場，早期數據令人鼓舞。

Loyalty members show a 12% increase in visit frequency after joining.

忠誠會員加入後造訪頻率增加了 12%。

Loyalty remains a high potential growth area.

忠誠度仍然是一個具有高潛力的成長領域。

And in 2025, we will sharpen our focus on optimizing program effectiveness.

2025年，我們將更重視優化專案成效。

This includes expanding the adoption of loyalty technology across our portfolio, ensuring we continue to deepen consumer engagement and drive repeat visits through personalized data-driven experiences.

這包括在我們的產品組合中擴大忠誠度技術的採用，確保我們繼續深化消費者參與度，並透過個人化的數據驅動體驗推動重複存取。

At Yum!, we take great pride in our unrivaled culture and talent, including our deep bench of amazing leaders.

在百勝！

I'd like to start by congratulating Scott Mezvinsky, who will assume the role of KFC Division CEO on March 1.

首先，我要祝賀梅茲文斯基 (Scott Mezvinsky)，他將於 3 月 1 日就任肯德基分部執行長。

Scott started 20 years ago as an analyst at KFC US and has had multiple positions at both KFC and Yum!, including key market leadership roles with KFC around the globe and is currently the President of Taco Bell.

20 年前，史考特開始在美國肯德基擔任分析師，之後在肯德基和百勝餐飲集團擔任多個職位，包括在肯德基全球擔任關鍵市場領導職務，目前擔任塔可鐘總裁。

Scott's innovative approach and strategic vision has significantly contributed to the success of Taco Bell, and I have full confidence that his leadership will drive KFC to new heights.

史考特的創新方式和戰略眼光對塔可鐘的成功做出了巨大貢獻，我完全相信他的領導力將推動肯德基走向新的高度。

I would also like to recognize and thank Sabir Sami for his years of service and the tremendous impact he made at KFC.

我還要表彰並感謝薩比爾·薩米多年來為肯德基做出的貢獻以及帶來的巨大影響。

Sabir exemplifies what it means to lead with heart, smart and courage and how these qualities can drive performance.

薩比爾 (Sabir) 充分體現了用心、智慧和勇氣領導的意義，以及這些品質如何推動績效。

Under his leadership, KFC experienced remarkable growth.

在他的領導下，肯德基實現了令人矚目的成長。

As part of our commitment to fostering trust with consumers, communities and partners, we continue to look for new ways to make our packaging reusable, recyclable or compostable.

作為我們致力於與消費者、社區和合作夥伴建立信任的一部分，我們不斷尋找新的方法來使我們的包裝可重複使用、可回收或可堆肥。

KFC US, Taco Bell and Habit recently participated in the Petaluma reusable cup pilot, which was a strategic opportunity for Yum!

KFC US、Taco Bell 和 Habit 最近參與了 Petaluma 可重複使用杯子試點，這對百勝來說是一個戰略機會！

to better understand the feasibility of reusable.

更了解可重複使用的可行性。

In addition, Pizza Hut completed the first two of three phases of its initiative to increase pizza box recycling.

此外，必勝客也完成了提高披薩盒回收率計畫三個階段中的前兩個階段。

This project aims to educate consumers about recycling pizza boxes and encourage positive changes in their behavior.

該計畫旨在教育消費者回收披薩盒並鼓勵他們的行為發生積極的改變。

Although the pilot is currently limited to one market, we hope that proactive communication about recycling will inspire positive consumer action.

雖然目前試點僅限於一個市場，但我們希望有關回收的主動溝通將激發消費者的積極行動。

Before handing it over to Chris, I want to emphasize that delivering 8% core operating profit growth in a challenging year for the QSR industry, while navigating discrete sales headwinds in select global markets, is a testament to the resilience of our business model, the power of our brands and the world-class talent we have leading our businesses around the globe.

在將麥克風交給克里斯之前，我想強調的是，在快餐業面臨挑戰的一年裡，我們實現核心營業利潤增長 8%，同時在全球部分市場克服銷售阻力，這證明了我們商業模式的韌性、我們品牌的力量，以及我們在全球領導業務的世界級人才。

Looking ahead to 2025 and beyond, we are more confident than ever in our ability to create long-term value leveraging these core competencies.

展望 2025 年及以後，我們比以往任何時候都更有信心利用這些核心競爭力創造長期價值。

We are taking bold, decisive actions to evolve our organization, positioning ourselves to capitalize on next-generation growth opportunities.

我們正在採取大膽、果斷的行動來發展我們的組織，定位自己以利用下一代的成長機會。

At the same time, our investments in 2024 involving technology innovation and operational effectiveness will make us more agile and resilient to ensure we emerge even stronger in the next phase of our journey.

同時，我們在 2024 年對技術創新和營運效率的投資將使我們更加敏捷和有彈性，以確保我們在下一階段的旅程中變得更加強大。

Everything we do at Yum!

我們在 Yum! 所做的一切

is anchored in our mission to grow iconic restaurant brands loved by consumers connected through teamwork, technology and our global scale and trusted everywhere we operate.

我們的使命是發展標誌性的餐廳品牌，透過團隊合作、技術和我們的全球規模將品牌聯繫在一起，讓消費者喜愛並在我們經營所在地獲得信賴。

We are privileged to steward a portfolio of world-class globally recognized brands backed by a high-margin, recurring free cash flow business model operated by best-in-class franchisees that fuels long-term growth and delivers compounding shareholder value.

我們很榮幸能夠管理一系列全球知名的世界級品牌，這些品牌由一流的特許經營商運營，採用高利潤、經常性的自由現金流業務模式，推動長期增長並實現複合股東價值。

With that, Chris, over to you.

好了，克里斯，交給你了。

Thank you, David.

謝謝你，大衛。

And good morning, everyone.

大家早安。

Today, I'll discuss our 2024 financial results, our balance sheet and capital strategy and our outlook for the upcoming year.

今天，我將討論我們的 2024 年財務表現、資產負債表和資本策略以及我們對來年的展望。

Starting with the fourth quarter.

從第四季開始。

System-wide sales grew 5%, driven by 5% net new unit growth and 1% same-store sales growth.

全系統銷售額成長 5%，主要得益於淨新單位成長 5% 及同店銷售額成長 1%。

Our top line trends strengthened in the fourth quarter fueled by our twin growth engines as well as improvements in Taco Bell International and Pizza Hut International.

在雙成長引擎以及塔可鐘國際和必勝客國際業務成長的推動下，我們的營收趨勢在第四季得到加強。

Taco Bell's very impressive performance in the US outpaced the market significantly.

塔可鐘 (Taco Bell) 在美國的出色表現遠遠超過市場平均。

At KFC International, a sharper focus on digital engagement, everyday value platforms and disruptive value offers led to a 2-point sequential acceleration in same-store sales growth in markets outside of the Middle East, Indonesia and Malaysia.

肯德基國際更重視數位互動、日常價值平台和顛覆性價值優惠，導致其在中東、印尼和馬來西亞以外市場的同店銷售額成長連續 2 個百分點。

In the Middle East, KFC saw a strong recovery in transactions with traffic showing strong growth and same-store sales increasing by a notable percentage.

在中東地區，肯德基交易量強勢復甦，客流量強勁成長，同店銷售額大幅增加。

By December, transactions had largely rebounded to pre-conflict levels.

截至 12 月，交易量已基本回升至衝突前的水平。

In China, KFC continued to expand its market share, with these gains further accelerating in the fourth quarter.

在中國，肯德基持續擴大市場份額，第四季成長率進一步加快。

We remain highly confident in our long-term potential in China, supported by our strong partnership with Yum!

在與百勝餐飲集團的緊密合作的支持下，我們對公司在中國的長期潛力充滿信心！

China, the largest and most capable restaurant operator in the world.

中國，全球最大規模、最有實力的餐飲業者。

Turning to our cost line items.

轉向我們的成本項目。

Ex special G&A expenses were $319 million, reflecting a 7% year-over-year decline.

除特殊一般及行政開支外，一般及行政開支為 3.19 億美元，較上年同期下降 7%。

Reported G&A included a $27 million special expense related to our resource optimization project and costs for our German acquisition and Turkey termination.

報告的一般及行政費用包括與我們的資源優化項目相關的 2700 萬美元特殊費用以及我們在德國收購和土耳其終止的成本。

Restaurant-level margins improved by 20 basis points year-over-year to 17.6%, reflecting strong gains at both Habit and Taco Bell.

餐廳利潤率年增 20 個基點，達到 17.6%，反映出 Habit 和 Taco Bell 的強勁成長。

As a result, core operating profit grew 12% due to higher restaurant level margins and lower G&A spend.

因此，由於餐廳利潤率提高以及一般行政管理費用降低，核心營業利潤增加了 12%。

Ex special EPS for the fourth quarter was $1.52.

第四季除特殊情況外的每股收益為 1.52 美元。

Moving to our full year results.

轉向我們的全年業績。

We achieved 5% net new unit growth in line with our long-term aspirations.

我們實現了 5% 的淨新單位成長，符合我們的長期目標。

Same-store sales declined 1% for the year, impacted by broader global consumer sentiment, particularly in markets affected by the Middle East conflict.

受全球消費者情緒的影響，尤其是受中東衝突影響的市場，全年同店銷售額下降了 1%。

Ex special G&A was $1.1 billion, down 6% year-over-year.

扣除特別一般及行政開支為 11 億美元，較上年同期下降 6%。

Through our resource optimization program, we aim to drive greater efficiencies, enhanced collaboration across the organization and eliminate duplicative work across brands.

透過我們的資源優化計劃，我們的目標是提高效率、加強整個組織的協作並消除跨品牌的重複工作。

As a result, we removed approximately $25 million in G&A expenditures in 2024, translating to $50 million on an annual basis, some of which we flowed to the bottom line and some we reinvested into organizational capabilities that drive future growth.

結果，我們在 2024 年削減了約 2500 萬美元的 G&A 支出，相當於每年 5000 萬美元，其中一部分流入了底線，一部分重新投資於推動未來成長的組織能力。

As we transition to a more streamlined digital and technology organization with increased productivity and as we continue to deploy our capabilities across our system, we're bending the curve on the net P&L impact of our digital and technology investments.

隨著我們向更精簡的數位和技術組織轉型，生產力不斷提高，隨著我們繼續在整個系統中部署我們的能力，我們正在改變數位和技術投資對淨損益的影響。

Shifting to restaurant profitability.

轉向餐廳盈利能力。

Total restaurant level margins stood at 16.8% with Taco Bell achieving 24.3%, its second highest full year margin rate behind 2020.

餐廳整體利潤率為 16.8%，其中塔可鐘達到 24.3%，是僅次於 2020 年的第二高全年利潤率。

Habit restaurant level margins improved to 10%, rising 150 basis points year-over-year and over 500 basis points relative to 2022.

習慣餐廳水準的利潤率提高至 10%，年增 150 個基點，相對於 2022 年增長 500 個基點以上。

Notably, despite higher labor rates in California, Habit's labor costs, as a percentage of company sales, decreased 150 basis points year-over-year, thanks to strategic labor model enhancements and process optimization.

值得注意的是，儘管加州的勞動力價格較高，但由於戰略勞動力模式的增強和流程優化，Habit 的勞動力成本占公司銷售額的百分比同比下降了 150 個基點。

As a result of these moves and the hard work of our teams, we achieved core operating profit growth of 8%, a strong result given the macroeconomic challenges.

由於這些舉措以及我們團隊的辛勤工作，我們實現了 8% 的核心營業利潤成長，在宏觀經濟挑戰的背景下，這是一個強勁的成績。

This reflects the resilience of our multi-brand global franchise business model.

這反映了我們的多品牌全球特許經營業務模式的彈性。

Our effective tax rate ended the year at 23.5%, outside of our previously communicated range of 21% to 23% due to higher tax expense on the gain realized when we sold our investment in Devyani in 2024.

我們年底的有效稅率為 23.5%，超出了我們先前公佈的 21% 至 23% 的範圍，原因是我們在 2024 年出售對 Devyani 的投資時實現的收益的稅費較高。

This profit growth drove a 4% increase in EPS and to $5.39, excluding special items and the 53rd week impact, but including a higher year-over-year tax rate impact of $0.19 as well as an additional $0.18 headwind due to the combined impacts of year-over-year Devyani net investment losses and current year foreign currency translation headwinds.

利潤成長推動每股收益成長 4% 至 5.39 美元，其中不包括特殊項目和第 53 週的影響，但包括同比提高 0.19 美元的稅率影響以及由於 Devyani 淨投資損失和當年外幣折算阻力的綜合影響而產生的額外 0.18 美元阻力。

Moving on to our robust development engine.

繼續使用我們強大的開發引擎。

We opened over 1,800 new units in Q4 and more than 4,500 for the year, reinforcing the strong investment appeal of our brands and the high confidence of our franchise partners and the long-term growth potential of our brands.

我們在第四季度開設了超過 1,800 家新店，全年開設了超過 4,500 家新店，增強了我們品牌的強大投資吸引力、特許經營合作夥伴的高度信心以及我們品牌的長期成長潛力。

KFC led the way, opening a record nearly 2,900 new units this year across 97 countries with 16 markets opening 25 or more stores.

肯德基一路領先，今年在 97 個國家開設了創紀錄的近 2,900 家新門市，其中 16 個市場開設了 25 家或更多門市。

This year, the brand saw its highest ever store openings with record builds in China, South Africa, Japan, the Philippines, Italy and Chile.

今年，該品牌在中國、南非、日本、菲律賓、義大利和智利的門市開設數量創下了歷史新高。

At Pizza Hut, the team opened 512 units in Q4 and 1,280 for the year, driven by expansion in China, India, Saudi Arabia and Canada.

在必勝客，由於在中國、印度、沙烏地阿拉伯和加拿大的擴張，該團隊在第四季度開設了 512 家門市，全年開設了 1,280 家門市。

In line with our modernization efforts, Pizza Hut introduced a new US restaurant design concept in November, replicating elements of its successful digital-forward model from international markets.

為了配合我們的現代化建設，必勝客於 11 月推出了新的美國餐廳設計理念，複製了國際市場成功的數位化前進模式的元素。

This format aligns with evolving consumer expectations by featuring an open kitchen, self-access pickup cabinets and a digital drive-thru with a streamlined menu of high-demand items.

這種形式符合不斷變化的消費者期望，透過開放式廚房、自助取貨櫃和數位免下車服務，提供高需求商品的精簡菜單。

Taco Bell continued its expansion, adding 347 new units, including 234 in the US and 113 internationally.

Taco Bell 繼續擴張，新增 347 家分店，其中美國 234 家，國際 113 家。

Turning to the Middle East, specifically, the resilience of our business in the region is evidenced by the fact that we opened 171 new stores in 2024 across our KFC and Pizza Hut brands, excluding Turkey, thanks primarily to our largest partner in that region, Americana.

具體來說，談到中東，我們在該地區業務的韌性體現在：2024 年，我們在肯德基和必勝客品牌（土耳其除外）開設了 171 家新店，這主要歸功於我們在該地區最大的合作夥伴 Americana。

On a net new unit basis globally, in total, we delivered 1,301 net new units in the quarter and 2,757 for the year, reflecting the strength of our gross openings, partly offset by an uptick in closures of primarily low volume, low royalty stores tied to underperforming markets.

在全球範圍內，按淨新增單位計算，我們在本季度共交付了 1,301 家淨新增單位，全年共交付了 2,757 家，這反映了我們總開業數量的強勁增長，但部分抵消了由於市場表現不佳而導致的主要是銷量低、特許經營權使用費低的商店關閉數量的增加。

Nothing is more important than maintaining high standards and protecting the reputation of our brands.

沒有什麼比維持高標準和保護我們品牌的聲譽更重要。

In this regard, last month, we terminated our franchise agreements in Turkey and reacquired the master franchise rights for Germany, which will result in the removal of 284 KFC and 254 Pizza Hut stores in Turkey from our unit count in Q1.

在這方面，上個月我們終止了在土耳其的特許經營協議並重新獲得了德國的總特許經營權，這將導致我們在第一季度從土耳其的門市數量中移除 284 家肯德基和 254 家必勝客門市。

From time to time, we removed franchisees from our system when they cannot meet our standards.

有時，當加盟主無法達到我們的標準時，我們會把他們從我們的系統中剔除。

In those situations, the closing units are typically well below our system average AUVs.

在這些情況下，關閉單位通常遠低於我們系統的平均 AUV。

As a result, and as was the case with Turkey, the financial impact is typically not significant to our ongoing financial performance from such terminations.

因此，就像土耳其的情況一樣，此類終止對我們持續的財務表現造成的財務影響通常並不顯著。

These transitions create long-term opportunities for new growth-minded franchise partners, and we are actively searching for the right 3C franchise partner to reopen the Turkey market and drive future success.

這些轉變為新的具有成長意識的特許經營合作夥伴創造了長期機會，我們正在積極尋找合適的 3C 特許經營合作夥伴來重新開放土耳其市場並推動未來的成功。

As a reminder, we had a similar situation in Saudi Arabia in 2020, and that market is now seeing strong growth.

提醒一下，2020 年沙烏地阿拉伯也出現過類似的情況，現在該市場正在強勁成長。

I'll now discuss our connected brand strategy that continues to revolutionize digital and technology across our system, strengthening operations, enhancing consumer experiences and unlocking new insights.

我現在將討論我們的互聯品牌策略，該策略將繼續徹底改變我們整個系統的數位和技術，加強運營，增強消費者體驗並釋放新的見解。

Through Byte, we are making significant strides across our Easy Experiences, Easy Operations and Easy Insights pillars, paving the way for a more connected, data-driven and efficient future.

透過 Byte，我們在輕鬆體驗、輕鬆操作和輕鬆洞察支柱方面取得了重大進展，為更互聯、數據驅動和高效的未來鋪平了道路。

We continue to focus on delivering frictionless consumer experiences under our Easy Experiences pillar.

我們將繼續致力於在「輕鬆體驗」支柱下提供無摩擦的消費者體驗。

In 2024, we made excellent progress deploying our Byte digital ordering platform, formerly the Yum!

2024 年，我們在部署 Byte 數位訂購平台（以前稱為 Yum！）方面取得了巨大進展。

Commerce platform.

商業平台。

Taco Bell, KFC, and Pizza Hut in the US are all now powered by our Byte digital ordering products with Pizza Hut US substantially completing its transition in Q4.

美國的塔可鐘、肯德基和必勝客目前均採用我們的 Byte 數位訂餐產品，其中必勝客美國已在第四季基本完成轉型。

We also migrated three Pizza Hut International markets, including the UK, on to five the Byte digital ordering platform in 2024.

我們也將於 2024 年將包括英國在內的三個必勝客國際市場遷移到五個 Byte 數位訂購平台。

In the UK, the platform facilitated over 50% digital transaction growth on the app channel and drove faster processing times than the previous system.

在英國，該平台促進了應用程式管道數位交易成長50%以上，且處理時間比之前的系統更快。

In 2025, we plan to expand our Byte digital ordering platform to additional markets, while introducing AI-driven personalization and our omnichannel loyalty software.

2025 年，我們計劃將我們的 Byte 數位訂購平台擴展到更多市場，同時推出人工智慧驅動的個人化和全通路忠誠度軟體。

The Byte digital ordering platform and its seamless connection with our Byte restaurant technologies, make it easier for consumers to place digital orders while reducing complexity for our team members.

Byte 數位訂餐平台及其與我們的 Byte 餐廳技術的無縫連接，使消費者更容易下達數位訂單，同時降低了我們團隊成員的複雜性。

Within Easy Operations, we empower franchisees with our best-in-class Byte restaurant management platform to enhance efficiency and optimize operations.

在 Easy Operations 中，我們為特許經營商提供一流的 Byte 餐廳管理平台，以提高效率並優化營運。

In 2024, we more than doubled the number of stores using Byte's restaurant coach mobile app, formerly SuperApp, to over 20,000 KFC and Pizza Hut locations across 120 countries.

2024 年，使用 Byte 餐廳教練行動應用程式（前身為 SuperApp）的商店數量將增加一倍以上，達到 120 個國家的 20,000 多家肯德基和必勝客門市。

This mobile app simplifies routine audits and operations and is the scale platform we will use to deliver AI-driven recommendations to our team members.

這款行動應用程式簡化了常規審計和操作，是我們向團隊成員提供人工智慧驅動建議的規模平台。

Meanwhile, our Byte kitchen and delivery system, formerly Dragontail, is now live in over 8,000 restaurants across multiple markets with full implementation planned for KFC US and Pizza Hut US in 2025 and continued expansion globally.

同時，我們的 Byte 廚房和配送系統（前身為 Dragontail）現已在多個市場的 8,000 多家餐廳上線，計劃於 2025 年在美國肯德基和美國必勝客全面實施，並繼續在全球擴張。

At Taco Bell US, we continue to launch our Byte back-of-house technology, formerly tracks restaurant management system, and reached over 1,500 restaurants in 2024 with plans to scale it across the entire system in 2025.

在美國塔可鐘，我們繼續推出我們的 Byte 後台技術（以前稱為追蹤餐廳管理系統），並計劃在 2024 年覆蓋超過 1,500 家餐廳，並計劃在 2025 年將其擴展到整個系統。

Lastly, I'll discuss our Easy Insights pillar.

最後，我將討論我們的 Easy Insights 支柱。

Our AI and data-driven approach is redefining how we engage with consumers.

我們的人工智慧和數據驅動方法正在重新定義我們與消費者的互動方式。

Our rich hub of transactional detail is combined with operations data, guest experience data and consumer data to power our AI strategies.

我們豐富的交易細節中心與營運數據、客戶體驗數據和消費者數據相結合，為我們的人工智慧策略提供支援。

One area we continue to be excited about is AI-driven marketing to enable hyperpersonalized messaging and experiences.

我們持續興奮的一個領域是人工智慧驅動的行銷，以實現超個人化的訊息傳遞和體驗。

Already, our US brands are leveraging AI to execute targeted campaigns with early tests on e-mail promotions resulting in a doubling of consumer engagement compared to traditional approaches.

我們的美國品牌已經在利用人工智慧進行有針對性的活動，並對電子郵件促銷進行了早期測試，與傳統方法相比，消費者參與度提高了一倍。

This breakthrough is just the beginning.

這項突破僅僅只是一個開始。

We expect to scale AI-driven personalization across all brands and digital channels, creating more relevant and engaging consumer interactions.

我們希望在所有品牌和數位管道擴展人工智慧驅動的個人化，創造更具相關性和吸引力的消費者互動。

With Byte's rapidly expanding capabilities, we are building an intelligent integrated digital platform that strengthens our brands, enhances consumer experiences and empowers our franchisees.

借助 Byte 迅速擴展的功能，我們正在建立一個智慧整合數位平台，以加強我們的品牌、增強消費者體驗並增強我們的特許經營商的能力。

As we scale these innovations, we are confident they will drive long-term growth, deeper consumer connections and a more efficient operating model across our global system.

隨著我們擴大這些創新，我們相信它們將推動長期成長、更深入的消費者聯繫以及整個全球系統更有效率的營運模式。

The future is digital, and we are leading the way.

未來是數位化的，我們正在引領這一進程。

Next, I'll provide an update on our balance sheet and liquidity position.

接下來，我將提供我們的資產負債表和流動性狀況的最新資訊。

Net capital expenditures for 2024 totaled $208 million, reflecting $49 million in refranchising proceeds and $257 million in gross capital expenditures, in line with our commitment to deliver shareholder value, today, we announced an increase in our quarterly dividend to $0.71 per share.

2024 年淨資本支出總計 2.08 億美元，其中特許經營權再融資收益 4,900 萬美元，總資本支出 2.57 億美元，按照我們為股東實現價值的承諾，今天，我們宣布將季度股息提高至每股 0.71 美元。

Throughout the year, we repurchased approximately 3.3 million shares for a total of $440 million.

全年我們回購了約 330 萬股，總額為 4.4 億美元。

Combining dividends and share buybacks, we returned $1.2 billion to shareholders in 2024.

結合股利和股票回購，我們在 2024 年向股東返還了 12 億美元。

Our net leverage ratio ended the year at 4.0 times, with our debt balance remaining largely unchanged.

年底，我們的淨槓桿率為 4.0 倍，債務餘額基本上保持不變。

Given our continued confidence in Yum!'s

鑑於我們對百勝餐飲集團的持續信心

future trajectory and that our leverage has drifted lower by a full turn, we plan to deliver materially higher capital returns going forward than in the past two years.

由於我們的槓桿率已大幅下降，我們計劃在未來實現比過去兩年更高的資本回報。

Specifically, and subject to market conditions, we expect to stop deleveraging and maintain our net leverage ratio at approximately 4 times over the medium term by issuing incremental debt as our business grows.

具體而言，根據市場情況，我們預計透過隨著業務成長發行增量債務來停止去槓桿，並在中期內將淨槓桿率維持在 4 倍左右。

Overall, our capital priorities remain unchanged and focus on maximizing shareholder value through strategic investments in the business, maintaining a strong and flexible balance sheet, offering a competitive dividend and returning excess cash to shareholders.

總體而言，我們的資本優先事項保持不變，重點是透過對業務的策略性投資、維持強勁而靈活的資產負債表、提供有競爭力的股息以及向股東返還多餘的現金來最大化股東價值。

Looking ahead to 2025, we remain confident in our long-term growth trajectory while acknowledging some near-term headwinds.

展望 2025 年，我們對長期成長軌跡依然充滿信心，同時也承認近期存在一些阻力。

Our Q1 unit growth will reflect the 538 units exited in Turkey.

我們第一季的單位成長將反映土耳其退出的 538 個單位。

We will also, in Q1, move forward with expediting closures of a number of Pizza Hut restaurants in a few markets, resulting in an incremental 200 closures.

我們還將在第一季加快關閉幾個市場的多家必勝客餐廳，關閉門市總數將增加 200 家。

Despite the resulting decline in our unit count during the first quarter relative to the end of 2024, we expect full year unit growth in 2025 to reach at least 4% or 5% when excluding the onetime Turkey-related closures.

儘管與 2024 年底相比，我們第一季的單位數量有所下降，但我們預計，如果排除與土耳其相關的一次性關閉事件，2025 年全年單位成長率將達到至少 4% 或 5%。

As always, our unit growth is more heavily weighted to the fourth quarter.

與往常一樣，我們的單位成長主要集中在第四季度。

We anticipate same-store sales performance will improve in many markets supported by stronger value perception scores and an ongoing sales recovery in markets affected by the Middle East conflict, and we anticipate another strong year of sales performance at Taco Bell US.

我們預計，在價值感知得分提高和受中東衝突影響的市場持續銷售復甦的支持下，許多市場的同店銷售業績將有所改善，我們預計塔可鐘美國公司今年的銷售業績將再創佳績。

We expect G&A to increase by a low single-digit percentage, excluding the headwind from the reset of below target incentive compensation experienced in 2024.

我們預計，一般及行政開支將以低個位數百分比成長，不包括 2024 年低於目標的激勵薪酬重置所帶來的不利影響。

Including this onetime headwind and assuming an on-target bonus expense, we expect G&A to increase by a mid-single-digit percentage in 2025.

包括這一一次性不利因素，並假設獎金支出達到目標，我們預計 2025 年 G&A 將以中等個位數百分比成長。

We are pleased to share that this G&A profile coupled with the previously mentioned unit and sales growth drivers, leads us to plan another very strong year of core operating profit growth, delivering on our long-term algorithm target of 8%.

我們很高興地告訴大家，這一一般及行政開支狀況，加上前面提到的單位和銷售成長動力，使我們計劃實現又一個非常強勁的核心營業利潤增長年，實現我們 8% 的長期算法目標。

Turning to items impacting net income.

轉向影響淨收入的項目。

Excluding the impact of the previously mentioned potential incremental debt issuances, we expect interest expense to fall between $500 million and $520 million.

除去前面提到的潛在增量債務發行的影響，我們預計利息支出將在 5 億美元至 5.2 億美元之間。

Regarding our expected tax rate, we, like other multinationals, are seeing ongoing increases in foreign income tax rates and are increasing our forecasted range for taxes to 22% to 24%.

關於我們的預期稅率，與其他跨國公司一樣，我們看到外國所得稅率不斷上調，並將我們的預測稅率範圍上調至 22% 至 24%。

In summary, we are optimistic about the year ahead with strong brand momentum across our portfolio as we enter 2025.

總而言之，隨著我們步入 2025 年，我們對未來的一年充滿樂觀，我們的品牌組合將保持強勁發展勢頭。

As Matt mentioned, we're thrilled to host Taco Bell's Consumer Day in New York City on March 4, where we will showcase Taco Bell Live Más LIVE and unveil the brand's ambitious growth plan. originally scheduled for an earlier date, we decided to reschedule this event to prioritize the safety and well-being of Los Angeles residents affected by the devastating California wildfires and to avoid distracting from the ongoing recovery and rebuilding efforts in that community.

正如馬特所說，我們很高興於 3 月 4 日在紐約舉辦塔可鐘消費者日，屆時我們將展示塔可鐘現場直播並公佈該品牌雄心勃勃的增長計劃。活動原定於較早的日期舉行，但我們決定重新安排時間，以優先考慮受加州毀滅性山火影響的洛杉磯居民的安全和福祉，並避免分散該社區正在進行的恢復和重建工作的注意力。

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

接線員，我們已經準備好回答您的任何問題了。

(Operator Instructions) Dennis Geiger, UBS.

(操作員指示) 丹尼斯蓋格 (Dennis Geiger)，瑞銀。

Great.

偉大的。

I wanted to ask a bit more about International and sort of the solid results and improvement that you saw through 4Q.

我想多問一些關於國際的問題，以及您在第四季看到的堅實成果和改進。

If you could touch to some extent on the health of International franchisees, perhaps how that impacts your growth trajectory expected through '25?

如果您可以在某種程度上談及國際特許經營商的健康狀況，也許這會對您預計到25年的成長軌跡產生什麼影響？

And maybe just any kind of characterization of international conditions, the markets you're in, are they improving?

也許只是對國際條件的任何一種描述，您所在的市場是否正在改善？

Is it stabilization and you're just kind of taking share?

這是穩定嗎？

Any commentary on that would be helpful.

對此的任何評論都會有幫助。

Yes.

是的。

Dennis, thank you for the question.

丹尼斯，謝謝你的提問。

Obviously, international is a complex environment for us in the last year.

顯然，去年的國際環境對我們來說是一個複雜的環境。

But the good news is things are improving, and we feel a lot of confidence going into 2025.

但好消息是情況正在改善，我們對 2025 年充滿信心。

I would break -- let's take KFC since it's one of our twin growth engines, and their international business.

我要打破僵局——讓我們以肯德基為例，因為它是我們的雙重成長引擎之一，也是他們的國際業務。

I would break it down into three parts.

我會將其分為三個部分。

The first is those markets that had a high impact from the conflict in the Middle East, that would be the Middle East markets plus Malaysia and Indonesia.

第一是受中東衝突影響較大的市場，也就是中東市場加上馬來西亞和印尼。

You can see for the full year, our sales -- system sales were down 12% in those markets.

您可以看到，全年而言，我們的銷售額——系統銷售額在這些市場下降了 12%。

But in Q4, we were up 11%.

但在第四季度，我們的成長了 11%。

We're regaining momentum.

我們正在恢復動力。

We're getting the laps that are obviously much more favorable, but then obviously had a fairly significant impact on our full year numbers.

我們獲得的圈數顯然更加有利，但顯然對我們的全年數據產生了相當大的影響。

The flip side of that is there's a number of markets we're tracking where we believe there was no impact.

另一方面，我們認為我們所追蹤的許多市場沒有受到任何影響。

If you look at all those no-impact markets in aggregate, the full year system sales growth was 9%.

如果將所有這些無影響市場綜合起來看，全年系統銷售額成長率為 9%。

That is very encouraging, that unimpacted markets, our business is performing very strongly in KFC.

這是非常令人鼓舞的，沒有受到影響的市場，我們的肯德基業務表現非常強勁。

Now, if you look at the performance in Q4, it actually accelerated.

現在，如果你看看第四季的表現，它實際上加速了。

It's up to 10% system sales growth.

系統銷售額成長高達10%。

So those two things sort of offset each other.

所以這兩件事在某種程度上是互相抵銷的。

And then you've got all the markets in the middle.

這樣你就擁有了中間的所有市場。

And just a comment or two on the markets in the middle.

我只想對中間市場發表一兩則評論。

There are a lot of markets where we are seeing -- where we saw some impact on a trade area by trade area basis.

我們發現很多市場對各個貿易區都產生了一定影響。

Not market-wide, but just trade areas, depending on the communities they serve.

不是整個市場，而只是貿易領域，取決於他們所服務的社區。

Those markets are also recovering.

這些市場也正在復甦。

An example of that would be a market like India that in Q4 saw a 5-point swing in same-store sales growth to the better.

以印度市場為例，其第四季同店銷售額成長了 5 個百分點。

So we're seeing the improvement in the trade area by trade area impacted markets, we're seeing them in the fully impacted markets from last year, and we -- as you add it all up for last year, it was 4% system sales growth.

因此，我們看到各貿易區受影響市場的改善，我們看到這些市場與去年相比受到了全面影響，而且我們 - 如果你把去年的所有數據加起來，系統銷售額增長了 4％。

But as we go into next year, obviously, that creates easier laps and momentum in the business.

但隨著我們進入明年，顯然這將為業務帶來更輕鬆的運行和發展動力。

Chris, I know -- maybe you can talk a little bit to franchisee health.

克里斯，我知道——也許你可以和特許經營商健康部門聊一聊。

Yes.

是的。

Dennis, on franchisee health, if you step back, we obviously aspire to be, and we believe we are the best franchisor in the world in the restaurant industry.

丹尼斯，關於特許經營商的健康，如果你退一步來看，我們顯然渴望成為並相信我們是世界上餐飲業最好的特許經營商。

Top three spots in the entrepreneur franchise ranking last year.

去年企業家特許經營排名前三名。

Taco Bell many years in a row being the head of the Franchise 500.

塔可鐘連續多年位居特許經營 500 強之首。

And the #1 indicator of global franchise health is the gross unit trajectory that we have, 4,500 units this year even when we lost a little bit of the gross unit upside from the Middle East situation, that's the ultimate test.

全球特許經營健康狀況的首要指標是我們的總單位發展軌跡，今年我們有 4,500 個單位，即使我們因為中東局勢而損失了一些總單位的成長空間，這也是最終的考驗。

Always a few situations that we're working.

我們總是在處理一些情況。

You saw a couple of those have a good resolution at Americana acquiring the Pizza Hut Oman business.

您會看到，其中幾個在 Americana 收購必勝客阿曼業務時得到了很好的解決方案。

And so we're continuing to stay close to our franchisees around the globe, but feel good about the overall health of the franchise base.

因此，我們將繼續與全球各地的加盟商保持密切聯繫，同時對加盟商整體的健康狀況感到滿意。

Brian Bittner, Oppenheimer.

奧本海默的布萊恩·比特納。

You talked about 2025 being an on-algorithm year for core operating profit growth of at least 8% and you also mentioned or hinted that unit growth may be a bit below the 5% algorithm because of the Turkey closings in 1Q.

您說過 2025 年是核心營業利潤成長至少 8% 的演算法年，而且您也提到或暗示，由於第一季土耳其工廠的關閉，單位成長率可能略低於 5% 的演算法。

So just curious, how are you modeling the makeup of that small gap?

所以只是好奇，你是如何塑造那個小間隙的妝容的？

Do you anticipate same-store sales to be a bit above the algorithm, maybe as KFC International recovers?

您是否預期同店銷售額將略高於演算法，也許隨著肯德基國際的復甦？

It seems like G&A based on your commentary is not going to be a big tailwind like it was in 2024.

根據您的評論，G&A 似乎不會像 2024 年那樣成為巨大的順風。

So just any additional details on the 2025 algo that you are willing to give would be appreciated.

因此，如果您願意提供有關 2025 演算法的任何其他詳細信息，我們將不勝感激。

Yes.

是的。

As far as the algorithm goes, as you can imagine, you can get to the outcome of the algorithm, 8% core operating profit in a number of different ways as we have varying royalty rates around the world.

就演算法而言，正如你所想像的，由於我們在世界各地的特許權使用費率不同，你可以透過多種不同的方式獲得演算法的結果，即 8% 的核心營運利潤。

The Turkey closures, for example, aren't much of a headwind because that entire Turkey business in aggregate was a $200 million sales business with nonmaterial royalty income.

例如，關閉土耳其業務並不會造成太大的不利影響，因為整個土耳其業務總計是一個價值 2 億美元的銷售業務，而且還附帶非物質特許權使用費收入。

So I think the parts of the business that we feel really good about are going to drive our growth this year and those that are twin growth engines, the recovery in KFC International that I talked about just a second ago.

因此，我認為我們感覺非常良好的業務部分將推動我們今年的成長，而雙重成長引擎，也就是我剛才提到的肯德基國際業務的復甦。

And then Taco Bell US, strong fourth quarter, far outdistancing the category, a lot of momentum in the business.

然後是塔可鐘美國公司，第四季表現強勁，遠遠超過其他同類公司，業務發展勢頭強勁。

I don't want to steal our thunder from the Consumer Day that's coming up in just a couple of weeks on March 4 in New York City.

我不想搶走我們消費者日的風頭，消費者日再過幾週就將在 3 月 4 日於紐約舉行。

But when you take a look at those two twin growth engines and what they're able to do, I think we feel quite confident in our ability to hit that 8% core operating profit number.

但是當你看看這兩個雙重成長引擎以及它們能夠做什麼時，我認為我們對實現 8% 的核心營業利潤目標的能力非常有信心。

David Tarantino, Baird.

大衛·塔倫蒂諾，貝爾德。

My question is on your G&A outlook longer term, Chris.

我的問題是關於你長期的 G&A 前景，Chris。

I was hoping maybe you could frame up where you think that could go as a percent of system sales now that you -- I think you mentioned bending the arc on some of the impact from the tech investments?

我希望您能概括出這在系統銷售額中所佔的百分比，我想您提到過技術投資帶來的一些影響？

So should we expect that to move lower over time or I guess, any way to frame that up would be helpful.

因此，我們是否應該預期，隨著時間的推移，這一數字會逐漸降低，或者我猜，任何可以概括這一數字的方法都會有所幫助。

Yes.

是的。

Thanks, David.

謝謝，大衛。

Look, we're proud of the results that we've achieved with our resource optimization program coupled with the progress with Byte by Yum!

看，我們對資源優化計劃所取得的成果以及 Byte by Yum 的進展感到非常自豪！

on bending the curve of the net P&L impact of those digital and technology investments.

改變這些數字和技術投資對淨損益的影響曲線。

And you saw the results and how that played out in G&A this year.

您已經看到了結果以及它在今年的 G&A 中的表現。

Of course, that was coupled with our incentive comp because of the Middle East trends being below plan.

當然，由於中東的趨勢低於計劃，這與我們的激勵補償有關。

So as we look to this year, you're going to see, as we said in the comments, low single-digit percentage increase, which I think is in the ballpark of a normal increase for a scaled asset-light franchisor, and then on top of that, we've got about a $35 million year-over-year lap on the reset of that incentive comp.

因此，展望今年，正如我們在評論中所說的那樣，你會看到低個位數的百分比增長，我認為這對於規模化的輕資產特許經營商來說是正常增長的大致範圍，在此基礎上，我們在激勵補償重置方面獲得了約 3500 萬美元的同比增幅。

But I think if we go long term, we're going to continue to get leverage on our G&A as we grow the top line.

但我認為，如果從長遠來看，我們將在實現營業收入成長的同時繼續充分利用一般及行政開支。

And so to your point, over the long haul, G&A as a percent of system sales should continue to come down.

所以正如您所說，從長遠來看，G&A 佔系統銷售額的百分比應該會繼續下降。

We, of course, are going to make investments in things that drive the long-term health of the business.

當然，我們將對推動業務長期健康的領域進行投資。

We're doing that in AI right now, organizational capabilities around supply chain.

我們現在正在人工智慧領域進行這項工作，圍繞著供應鏈進行組織能力建構。

So we're always thinking about long-term health, but yes, in general, we're going to get leverage over the long term.

因此，我們始終考慮著長期健康，但是總的來說，我們將獲得長期的槓桿作用。

Gregory Francfort, Guggenheim Securities.

古根漢證券的格雷戈里·弗蘭克福特（Gregory Francfort）。

My question is just maybe going back to what you want Scott to do with the KFC US business and how you envision him maybe making his stamp in improvements there.

我的問題可能只是回到你希望史考特對肯德基美國業務做些什麼，以及你設想他如何在那裡留下自己的印記。

Is this a new product, a new cycle kind of calendar?

這是一個新產品，還是一種新周期的日曆？

Is it asset upgrades?

是資產升級嗎？

Is it kind of a bolder rethink of the box and the format?

這是否是對盒子和格式更大膽的重新思考？

Just any thoughts on what he can do and what you're envisioning that sort of improvement to look like?

您對他能做什麼以及您設想的這種改進會是什麼樣的有什麼看法嗎？

Thanks, Gregory.

謝謝，格雷戈里。

Yes, as far as Scott coming in and taking a leadership with the KFC's brand globally, there's a lot of excitement.

是的，對於斯科特的加入以及領導肯德基的全球品牌，我們感到非常興奮。

Scott's worked all around the world for KFC, knows the business from the inside out, worked through multiple functions, a fantastic leader, has built a great resume of experiences and success at Taco Bell, and we couldn't be more excited about him assuming leadership of KFC.

史考特曾在肯德基的全球各地工作過，對肯德基業務瞭如指掌，擔任過多個職務，是一位出色的領導者，在塔可鐘積累了豐富的經驗和成功履歷，我們對他擔任肯德基的領導感到無比興奮。

As far as -- the fascinating part about all this is he started at KFC US 20 years ago.

至於──最令人著迷的是，他 20 年前就開始在美國肯德基工作了。

So he sees the brand in all these countries around the world and grounded in the KFC US business going back as far as 20 years.

因此，他看到這個品牌遍布全球各個國家，而其根基已經紮根於肯德基美國業務長達 20 年。

I think he's got a lot of thoughts about ways to strengthen that business, which will let him describe to you as we get further into this journey.

我認為他對加強這項業務的方法有很多想法，隨著我們進一步深入這一旅程，他會向您描述這些想法。

But the big issues are just more modernizing the experience for consumers, leaning into digital, which that work has already started.

但最大的問題只是為消費者提供更現代化的體驗，傾向於數位化，這項工作已經開始了。

You've seen what we're doing, and you saw some of the press around our Saucy concept, which certainly the initial results from that, to put it mildly, have been very encouraging.

你已經看到了我們正在做的事情，也看到了一些圍繞我們 Saucy 概念的報道，毫無疑問，我們的初步成果非常令人鼓舞。

So we're going to expand that test pretty dramatically this year to try to get a better read on how elements of that or how that solution would play for the KFC US long-term business.

因此，我們今年將大幅擴大這項測試，以便更好地了解其中的各個要素或解決方案對肯德基美國長期業務的影響。

So there's a number of things working between digital and concepting and menu innovation that I think Scott will be perfectly positioned to help lead and help refine.

因此，在數位化、概念化和菜單創新之間有很多工作要做，我認為斯科特非常適合幫助領導和改進。

David Palmer, Evercore ISI.

大衛·帕爾默（David Palmer），Evercore ISI。

And agree on those comments on Scott, congrats to him on that promotion.

同意對斯科特的評論，祝賀他晉升。

I wanted to ask one about the technology stuff in Byte.

我想問一個關於 Byte 的技術問題。

I think Yum!

我認為味道好極了！

Brands is a little different than fast food franchise or peers in the level of vertical and internal build-out of tech capabilities.

在技​​術能力的垂直和內部建設水平上，品牌與快餐連鎖店或同行略有不同。

And obviously, it's going to -- it might be different in terms of tech fees for the service.

顯然，服務的技術費用可能會有所不同。

So maybe I'm wrong in drawing that distinction between Yum!

因此，也許我對 Yum！

and the peer group.

和同儕群體。

But it's obviously a different strategy for the company, and it's one that's exciting going forward.

但這顯然是該公司的一個不同策略，而且是一個令人興奮的未來策略。

Could you just talk a bit about the arguments for and against this type of thing for the franchisees versus an outsourced model?

您能否談談對於特許經營者而言，與外包模式相比，支持和反對此類模式的論點？

And then what Byte can do for you in your profit growth in '25 and long term?

那麼 Byte 能為您在 25 年及長期的利潤成長帶來什麼幫助呢？

Yes.

是的。

Thanks for the question, David.

謝謝你的提問，大衛。

And it's one of the aspects of the business that we are really excited about.

這是我們真正興奮的業務方面之一。

We just issued a press release this morning about Byte.

我們今天早上剛發布了有關 Byte 的新聞稿。

So it's a little bit of a coming out party in terms of how we talk about it.

所以從我們談論這件事的方式來看，這有點像是出櫃派對。

My experience working in this business for 35 years is when you're beholden to third-party platforms on technology, it's very difficult and it creates a lot of friction in the business.

我在這個行業工作了 35 年，經驗是當你在技術上依賴第三方平台時，會非常困難，並且會在業務中產生很多摩擦。

So we go back 10 years, this strategy was started back then, as I came into the CFO role and wanted to make sure that we control their destiny with the belief that the largest restaurant company in the world, we should have the best technology in the world for our franchise partners at the lowest possible cost and that we've been on a mission to bring that to life over the last few years.

所以，我們回顧 10 年前，這個策略就是當時開始實施的，當時我擔任首席財務官，想確保我們能夠掌控他們的命運，我相信作為世界上最大的餐飲公司，我們應該以盡可能低的成本為我們的特許經營合作夥伴提供世界上最好的技術，過去幾年，我們一直致力於實現這一目標。

We've done that through acquisitions of world-class technology, we've done that through some in-house development.

我們透過收購世界一流的技術實現了這一目標，我們也透過一些內部開發實現了這一目標。

And one of the really important aspects of this, which is in the release, but I just want to highlight, is the way that we have now built a tech stack that works together.

其中一個非常重要的方面是在發布中，但我只想強調一下，那就是我們現在已經建立了一個協同工作的技術堆疊的方式。

There are a lot of people that operate restaurants where you might have dozens of different tech vendors that you're trying to coordinate with to get to your restaurant to work every day.

有很多人經營餐館，你可能會有幾十個不同的技術供應商，你需要與他們協調，以便每天到你的餐館工作。

Think about the complexities of that and trying to get those different disparate platforms to all work together, it's very difficult.

想想其中的複雜性，並嘗試讓這些不同的平台協同工作，這是非常困難的。

We've experienced that first-hand.

我們已經親身經歷過這一點。

By building our own tech stack and making that investment, we're giving our franchisees a much more turnkey solution that gives us more capability in terms of how we can grow sales, make the experience easier for the employees and the restaurant.

透過建立我們自己的技術堆疊並進行投資，我們為我們的特許經營商提供了更加交鑰匙的解決方案，使我們在如何增加銷售額、為員工和餐廳帶來更輕鬆的體驗方面具有更多的能力。

And that is what's behind putting everything under the Byte umbrella and making short all work seamlessly together.

這就是將一切置於 Byte 保護傘下並使所有工作無縫協作的原因。

We now have all the components to do that.

現在我們已經擁有實現這一目標所需的所有元件。

It's been rolled out in parts of the world, as you saw from the numbers.

正如你從數據中看到的那樣，它已經在世界各地推行。

Taco Bell US is ahead of the rest of the world, but the rest of the world in terms of rolling it out, you're seeing the results we're getting there, but the rest of the world is going to catch up.

塔可鐘美國分公司領先世界其他地區，但世界其他地區在推出這項服務方面，您會看到我們所取得的成果，但世界其他地區即將迎頭趕上。

So we're very excited about it.

因此我們對此感到非常興奮。

When Chris Turner joined us, he brought in a lot of expertise in this area, too, and has been the architect along with Joe Park and then prior to Joe, Clay Johnson on all of this.

當 Chris Turner 加入我們時，他也帶來了許多該領域的專業知識，並與喬·帕克 (Joe Park) 一起擔任建築師，在喬之前，還有克萊·約翰遜 (Clay Johnson) 負責所有這些工作。

So I'll let Chris say a few words as well.

因此我也讓克里斯講幾句話。

Yes.

是的。

David, just building on your point that this is a natural milestone on our journey.

大衛，我只是想補充你的觀點，這是我們旅程中的一個自然里程碑。

Keep in mind that the overall purpose of the journey is to deliver advantaged capabilities with advantaged economics to our franchisees that will drive faster top line and bottom line growth for both the franchisees and for Yum!.

請記住，這趟旅程的總體目的是為我們的特許經營商提供優勢能力和優勢經濟，從而推動特許經營商和百勝集團的營收和利潤更快增長。

That's what's driving all of this.

這就是推動這一切的因素。

And of course, Byte, as David said, just indicates the underlying spirit and increasingly the reality of the seamless integration between the elements in the ecosystem, plus it makes it easier for us to communicate that integrated ecosystem.

當然，正如 David 所說，Byte 只是表明了生態系統中各要素之間無縫整合的基本精神和日益明顯的現實，而且它使我們更容易傳達這個整合的生態系統。

I'll give you a couple of examples of how that speed comes to life.

我來舉幾個例子來說明這種速度是如何達成的。

You heard us talk about on the last call and on this call, our AI-driven marketing personalization efforts that we were able to stand up very quickly across all three brands in the US because they all have Byte digital ordering in place.

您在上次和這次電話會議上聽到我們談到了我們的人工智慧驅動的行銷個人化工作，我們能夠在美國所有三個品牌中迅速站穩腳跟，因為它們都採用了 Byte 數位訂購。

Historically, that would have taken us a lot longer to do, and we would have done it at different paces across each of those brands because of all the integration work with third parties that would have been required.

從歷史上看，這將花費我們更長的時間來完成，並且由於需要與第三方進行整合工作，我們會在每個品牌上以不同的速度完成這項工作。

And so that's enabling speed on bringing new capabilities to market.

從而可以快速將新功能推向市場。

That integration between elements of the Byte ecosystem is also a line we were able to move so fast with voice AI at Taco Bell as an example.

Byte 生態系各元素之間的整合也是我們能夠如此快速推進的一條路線，以 Taco Bell 的語音 AI 為例。

So we will continue to drive the strategy.

因此我們將繼續推動這項策略。

We still have a long way to go in deploying Byte across markets around the globe, but we started with our largest brand country combinations in the US.

我們在全球市場部署 Byte 的路還很長，但我們已經開始在美國建立最大的品牌國家組合。

So as we continue to get adoption, that helps us to reduce the impact on the P&L of our investments, but it was the right thing for us to do the last few years to invest ahead on behalf of our franchisees to build and acquire this ecosystem.

因此，隨著我們不斷獲得採用，這有助於我們減少投資對損益的影響，但在過去幾年裡，我們代表我們的特許經營商提前投資以建立和獲得這個生態系統是正確的做法。

As David mentioned, Taco Bell US is the place where we have the most of the elements in place today.

正如 David 所提到的，美國塔可鐘 (Taco Bell) 是我們如今擁有最多元素的地方。

And I think it's undeniable that it is adding to Taco Bell's top line success and the bottom line success for our franchisees.

我認為，不可否認的是，它為塔可鐘的營收成功和我們的特許經營商的盈利成功做出了貢獻。

Brian Harbour, Morgan Stanley.

摩根士丹利的布萊恩哈伯 (Brian Harbour)。

I wanted to ask about that topic, too.

我也想問這個話題。

Is is sort of brand under one umbrella, are you suggesting that there's a pretty significant acceleration in rollout of that this year.

這是同一品牌下的一個品牌，您是否認為今年該品牌的推出將有相當顯著的速度加速？

Have you sort of accounted for the net impact of that in the guidance that you provided?

在您提供的指導中，是否已經考慮到了這種現象的淨影響？

And I guess you point to Taco Bell US, which is doing very well.

我想你會提到塔可鐘美國公司 (Taco Bell US)，它的經營狀況非常好。

Is there any other kind of like illustration in the other brands that you can point to for this is where these technologies are really driving sales or if you sort of separate out some of the markets, have you seen that visible impact?

您能指出其他品牌中是否存在其他類似的例子，說明這些技術真正推動了銷售，或者如果您單獨列出一些市場，您是否看到了明顯的影響？

Yes.

是的。

So we do think that bringing together under the Byte umbrella, again, reflecting the underlying integration that we're building will help us to accelerate over the long term and how we deploy.

因此，我們確實認為，在 Byte 的保護傘下再次聚集在一起，再次反映我們正在構建的底層集成，將有助於我們長期加速部署。

It makes the deployments faster and it makes us easier to communicate to our franchise partners, the benefits of the overall ecosystem.

它使部署更快，並使我們更容易與特許經營合作夥伴溝通整個生態系統的好處。

So yes, we will continue to drive deployments.

所以是的，我們將繼續推動部署。

Of course, at the same time, we think that those deployments will turn into acceleration in top line growth and acceleration and improvements in unit economics, which supports the unit development story.

當然，同時，我們認為這些部署將轉化為營業額成長的加速以及單位經濟的加速和改善，這支持了單位發展的故事。

KFC US has had -- or excuse me, KFC International, as an example, has had tremendous growth in digital ordering and part driven by kiosks.

以美國肯德基（或不好意思，以肯德基國際為例）的數位訂餐業務取得了巨大的成長，部分原因是自助服務終端的推動。

Every time we convert to digital sales, we hit higher check size, we get increase in frequency and we get productivity benefits in the restaurant.

每當我們轉換為數位銷售時，我們的支票金額就會增加，頻率也會增加，餐廳的生產力也會提高。

We talked about KFC loyalty now in 14 markets.

我們討論了目前 14 個市場的肯德基忠誠度。

France, as an example, we had loyalty sales increase by 40%.

以法國為例，我們的忠誠度銷售額成長了 40%。

So elements of the overall strategy are coming to life and helping us to drive improvements in the business around the globe, but there's more to come as we do that.

因此，整體策略的各個要素正在逐漸顯現，並幫助我們推動全球業務的改善，但在這樣做的同時，我們將採取更多的行動。

Of course, at the same time, as we flow this into the economics, we will need to continue to make investments in the next generation of capabilities to stay at the leading edge.

當然，同時，當我們將其融入經濟學時，我們將需要繼續對下一代能力進行投資，以保持領先地位。

Operator, we have time for one more question.

接線員，我們還有時間再回答一個問題。

John Ivankoe, JPMorgan.

摩根大通的約翰伊凡科 (John Ivankoe)。

The question is on the unique challenges and opportunities you may have of attracting, retaining technologists, best-in-class leading edge technologists and Byte with Yum!

問題在於您在吸引、留住技術人員、一流的前沿技術人員以及 Byte with Yum 方面可能面臨的獨特挑戰和機會！

Obviously, being a restaurant analyst we haven't quite through the gold rush of people searching for AI talent and what have you, but it does certainly appear that that's ongoing in many different companies around the US and around the world.

顯然，身為餐廳分析師，我們還沒有完全度過人們尋找人工智慧人才的淘金熱，但看起來，美國和世界各地的許多不同公司確實正在進行這一進程。

So talk about maybe something special or unique you can do to attract and retain the best not just kind of today, but as this technology and the demand for talent evolves?

那麼，您能否談談您可以採取哪些特殊或獨特的措施來吸引和留住最優秀的人才，不僅是當前的情況，而且隨著技術和人才需求的不斷發展？

I'm glad you asked that question, John.

我很高興你問了這個問題，約翰。

It's probably something that I was a little bit concerned about myself early on in this journey.

這可能是我在這段旅程初期有點擔心的事情。

But the great news is if you think about Yum!

但好消息是如果你想想Yum！

known for being one of the great developers of talent in the industry, our culture, the growth that our businesses are experiencing and will be experiencing is a very attractive place to work.

我們被譽為業界最優秀的人才開發者之一，我們的文化、我們的業務正在經歷和將要經歷的成長，都讓我們成為一個非常有吸引力的工作場所。

And we are seeing that.

我們也看到了這一點。

We are able to attract great talent.

我們能夠吸引優秀人才。

Obviously, Joe Park is already becoming an industry icon and leading technology work.

顯然，Joe Park 已經成為了行業偶像並引領技術工作。

We're not seeing very high turnover in technology.

我們沒有看到技術方面的高流動率。

And I can tell you that team is pumped.

我可以告訴你，那支球隊非常興奮。

This announcement today is the result of a lot of their hard work to put Byte together, and we have people looking to come into Yum!

今天宣布的消息是他們為組成 Byte 所付出大量努力的結果，而且我們也有很多希望加入 Yum 的人！

all the time and join the technology team.

並加入技術團隊。

They've got a really exciting journey, and they've got the best case scenario, wide open space, lots of funding and backing and all of our 60,000-plus restaurants to roll this technology out to.

他們經歷了一段非常激動人心的旅程，也擁有最好的情況，廣闊的空間、大量的資金和支持，以及我們所有的 60,000 多家餐廳來推廣這項技術。

And it is one of our competitive advantages in every part of the business that we can attract the best talent in the industry, and that is true in technology.

吸引業界最優秀的人才是我們在各個業務領域的競爭優勢之一，在科技領域更是如此。

I want to thank everybody for the time on the call today.

我要感謝大家今天抽空參加電話會議。

As we talk to investors, one of them had a great way to describe Yum!, which I'll just sort of quote.

當我們與投資者交談時，其中一位投資者對 Yum! 給出了非常棒的描述，我就引用一下吧。

"We are a quality compounding investment with diversified global exposure in the more resilient, less discretionary consumer space."

“我們是一家優質的複合投資公司，在更具彈性、可自由支配的消費領域擁有多元化的全球投資。”

And I think that is really well put.

我認為這確實表達得很好。

And what you saw in 2024 is exactly that.

而你在 2024 年看到的正是如此。

We delivered our 8% core operating profit goal despite some massive headwinds.

儘管面臨巨大阻力，我們仍實現了 8% 的核心營業利潤目標。

And we did that because we have talented leaders around the world, we have world, we have some amazing iconic brands an amazing franchise partners, and that will not change.

我們之所以這樣做，是因為我們在世界各地擁有才華橫溢的領導者，我們擁有世界，我們擁有一些令人驚嘆的標誌性品牌和令人驚嘆的特許經營合作夥伴，這一點不會改變。

So that is our strength.

這就是我們的優勢。

And as we go into 2025, as we've mentioned, all of that is adding up to momentum at the end of Q4, moving into 2025 and tremendous confidence in our twin growth engines, the ability of those growth engines, coupled with Byte and some of the other things we talked about to drive accelerated growth.

正如我們所提到的，當我們進入 2025 年時，所有這些都將在第四季度末形成勢頭，進入 2025 年，我們對我們的雙增長引擎、這些增長引擎的能力以及 Byte 和我們談到的其他一些推動加速增長的東西充滿信心。

I'm looking forward to seeing everybody in New York City on March 4.

我期待著 3 月 4 日在紐約見到大家。

So if you haven't reached out to our IR team and you want to attend, please do so, we'd love to see you there.

因此，如果您尚未聯繫我們的 IR 團隊並且想要參加，請立即聯繫，我們很高興在那裡見到您。

This concludes today's conference call.

今天的電話會議到此結束。

Thank you for joining, everyone.

感謝大家的加入。

You may now disconnect your lines.

現在您可以斷開線路了。