百勝餐飲集團 (YUM) 2024 Q3 法說會逐字稿

Welcome everyone to the Yum! Brands Inc 2024, third quarter earnings call. My name is Laurie, and I'll be coordinating your call today. There will be an opportunity for questions at the end of the presentation.

歡迎大家來到百勝餐飲集團！ Brands Inc 2024 年第三季財報電話會議。我叫勞裡，今天我將協調您的電話。演示結束時將有機會提問。

If you would like to ask a question, please press star one on your telephone keypad. We kindly ask that you limit yourself to one question only. I will now hand you over to Mark Morris, Head of Investor Relations. To begin, please go ahead.

如果您想提問，請按電話鍵盤上的星號一。我們懇請您只回答一個問題。現在我將把您交給投資者關係主管馬克莫里斯 (Mark Morris)。首先，請繼續。

Thanks, operator. Good morning, everyone, and thank you for joining us.

謝謝，接線生。大家早安，感謝您加入我們。

On our call today are David Gibbs, our Chief Executive Officer, Chris Turner, our Chief Financial Officer, and David Russell, our Senior Vice President Finance and Corporate Controller. Following remarks from David and Chris will open the call to questions.

今天參加我們電話會議的有我們的執行長大衛吉布斯(David Gibbs)、我們的財務長克里斯特納(Chris Turner) 以及我們的高級財務副總裁兼公司財務總監大衛·拉塞爾(David Russell)。大衛和克里斯發表講話後將開始提問。

Before we get started, please note that this call includes forward looking statements that are subject to future events and uncertainties that could cause our actual results to differ materially from these statements are forward looking statements are made only as of the date of this call and should be considered in conjunction with cautionary statements in our earnings release and the risk factors included in our filings with the SEC.

在我們開始之前，請注意，本次電話會議包括前瞻性陳述，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。會議之日做出，並且應該結合我們收益發布中的警告性聲明以及我們向 SEC 提交的文件中包含的風險因素來考慮。

In addition, please refer to our growth, things are leased 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. Please note that during today's call, off-system sales growth in operating profit growth results exclude the impact of foreign currency. As their reminder, several of the Own Brands business units report on a period calendar basis, including the U.S. and Canada brands, KFC U.K., and KFC Australia when forecasting 2024.

此外，請參閱我們的成長、租賃以及我們向 SEC 提交的文件的相關部分，以查找非 GAAP 財務指標和今天電話會議中使用的其他指標的揭露、定義和調整。請注意，在今天的電話會議中，系統外銷售成長、營業利潤成長結果均排除了外匯的影響。作為提醒，一些自有品牌業務部門會按週期進行報告，其中包括美國和加拿大品牌、英國肯德基和澳洲肯德基在預測 2024 年時的情況。

Please keep in mind, this year will include an extra week in the fourth quarter for those entities. For more information on a reporting cash under for each market, please visit the Financial Reports 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 upcoming investor events, our in-person talk consumer they will be held Tuesday, January 28th in downtown Los Angeles. Talk about consumer Day will take place in the morning.

請記住，今年這些實體將在第四季額外增加一週。有關每個市場的現金報告的更多信息，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投資者活動，我們的面對面消費者談話活動將於 1 月 28 日星期二在洛杉磯市中心舉行。談論消費者日將在上午舉行。

There will be preceded by type of those iconic live my life a bit due to limited capacity attends for both of them will be by invitation only. However, direct requests candy made by contact the IR at Yum! Brands Inc. Investor Mailbox at http://www.yum.com/. Our fourth-quarter earnings will be released on February fifth with a conference call on the same day. Now I'd like to turn the call over to David Gibbs.

在此之前，將有一些標誌性的“生活我的生活”，由於容量有限，他們只能透過邀請參加。但是，可以透過聯絡 Yum! 的 IR 直接索取糖果！ Brands Inc. 投資者信箱：http://www.yum.com/。我們將於 2 月 5 日發布第四季收益，並在同一天召開電話會議。現在我想把電話轉給大衛吉布斯。

Thank you, Matt, and good morning, everyone. Despite the complex consumer environment around the globe, our team managed to grow profits 3% year over year with the quarter bringing to life the real strengths of our twin growth engines talk about US, which meaningfully outperformed the industry on comp sales and KFC International, which meaningfully outperformed on unit growth.

謝謝你，馬特，大家早安。儘管全球消費環境複雜，我們的團隊仍設法實現利潤同比增長 3%，本季度充分體現了我們美國雙增長引擎的真正優勢，美國在可比銷售和肯德基國際方面的表現明顯優於行業，這在單位成長方面明顯優於。

Although the US QSR industry experienced negative traffic trends into three, talk about US posted an impressive 4% increase in same store sales for the industry in Q3 on value perception among all QSR users talk about delivered another quarter of significant market share gains, driven by the execution of the brands magic formula involving brand both value category entry points and digital engagement. Talk about competitive advantages in innovation, value leadership at compelling price points and strong consumer connection and our clear reasons why the brand remains a category of one when it comes to winning with consumers in any economic environment.

儘管美國 QSR 行業經歷了三季的負客流量趨勢，但由於所有 QSR 用戶的價值認知，Talk of US 在第三季度該行業的同店銷售額增長了 4%，令人印象深刻。的執行涉及品牌價值類別切入點和數位參與。談論創新方面的競爭優勢、具有吸引力的價格點的價值領先地位以及強大的消費者聯繫，以及我們在任何經濟環境下贏得消費者青睞時該品牌仍然是一類品牌的明確原因。

Our US wind growth engine, KFC and International delivered 9% year-over-year unit growth and incredible resulted led all major competitors, and that reflects the underlying power of the brand and the confidence of our franchise partners in the future of our business. KFC International Development was diverse spending 64 countries. Furthermore, gross unit openings year to date are up nearly 150 units over last year. Building on this momentum, KFC is enhancing its core capabilities to ensure growth over the long term by establishing seven centers of excellence focused on restaurant design, customer insights, market planning, food, innovation and more.

我們的美國風能成長引擎肯德基和國際實現了9% 的同比單位成長，令人難以置信的結果領先於所有主要競爭對手，這反映了品牌的潛在力量以及我們的特許經營合作夥伴對我們業務未來的信心。肯德基國際發展部在 64 個國家進行多元化消費。此外，今年迄今新開的單位總數比去年增加了近 150 個單位。在此勢頭的基礎上，肯德基正在增強其核心能力，透過建立七個卓越中心來確保長期成長，這些中心專注於餐廳設計、客戶洞察、市場規劃、食品、創新等。

These centers will drive operational and marketing effort excellence while leveraging the brand scale, strengthening the competitive mode that has helped KFC grow successfully around the globe in 150 countries and achievement that few global brands have ever accomplished. There's no secret that the global macroeconomic environment remains complex in many parts of the world. Our brands are delivering outstanding growth and outperforming the competition. We continue to see strong sales growth in KFC regions such as Africa, Latin America and the Caribbean and parts of both Europe and Asia. In South Africa, where our KFC sales are up strongly, our teams have improved our value proposition, limiting recent price increases to 1% in comparison to nearly five single digits in affected local competitors. In some other geographies.

這些中心將推動卓越的營運和行銷工作，同時利用品牌規模，加強競爭模式，幫助肯德基在全球 150 個國家取得成功，並取得了少數全球品牌能夠取得的成就。眾所周知，世界許多地區的全球宏觀經濟環境仍然複雜。我們的品牌正在實現出色的成長並超越競爭對手。我們繼續看到肯德基在非洲、拉丁美洲和加勒比地區以及歐洲和亞洲部分地區的銷售強勁成長。在南非，我們的肯德基銷售額強勁增長，我們的團隊改進了我們的價值主張，將最近的價格上漲限制在 1% 之內，而受影響的當地競爭對手則接近五個個位數。在其他一些地區。

Our performance did not meet our expectations, and our teams are working with our franchise partners to reestablish strong value offerings, all while safeguarding franchisee profitability. The complex consumer environment that exists in many markets around the globe has contributed to pronounced regional sales variations, which has caused our system sales growth to fall short of our long-term algorithm this year.

我們的業績沒有達到我們的預期，我們的團隊正在與特許經營合作夥伴合作，重建強大的價值產品，同時保障特許經營商的獲利能力。全球許多市場存在複雜的消費環境，導致區域銷售差異明顯，導致我們今年的系統銷售成長低於我們的長期演算法。

The most pronounced regional headwinds continue to be in the Middle East, Indonesia and Malaysia, stemming from the impact of the Middle East conflict in these markets. KFC same-store sales declines have generally range between 15% and 45% throughout the year, including Q3. We are fortunate that the vast majority of our restaurants are in the hands of highly skilled and well capitalized franchisees around the globe, including American Auto, our largest partner in the Middle East, who can weather temporary headwinds like this over extended periods.

由於中東衝突對這些市場的影響，最明顯的區域阻力仍然是中東、印尼和馬來西亞。肯德基全年同店銷售額下降幅度普遍在 15% 至 45% 之間，包括第三季。我們很幸運，我們的絕大多數餐廳都掌握在全球技術精湛、資本雄厚的特許經營商手中，其中包括我們在中東最大的合作夥伴美國汽車公司，他們可以在較長時間內經受住這樣的暫時逆風。

However, in a few isolated cases, the scale and duration. Each of these sales impacts are affecting the financial health of our list, scaled or less well-capitalized partners. Particularly those restaurants have been most heavily impacted by the Middle East conflict. We are working closely with those specific partners to help them navigate the challenges and implement tactical and strategic changes, including pricing study is introducing new value offerings and adjusting development schedules to improve profitability and position the business for a healthy growth in the future.

然而，在一些孤立的案例中，規模和持續時間都不同。這些銷售影響中的每一個都會影響我們名單上規模較大或資本不足的合作夥伴的財務健康狀況。尤其是那些受到中東衝突影響最嚴重的餐廳。我們正在與這些特定合作夥伴密切合作，幫助他們應對挑戰並實施戰術和戰略變革，包括定價研究、引入新的價值產品和調整開發計劃，以提高盈利能力並為業務未來的健康成長做好準備。

As we mentioned on the second quarter earnings call, the same geo political pressures have grown over time to meaningfully but less severely impact certain markets beyond the Middle East, Malaysia and Indonesia. As an example, we have seen in the U.K., Australia and performance in certain individual stores has been significantly impacted. Importantly, these specific pressures have been location-specific and not indicative of broader global trends.

正如我們在第二季財報電話會議上提到的那樣，隨著時間的推移，同樣的地緣政治壓力也不斷增加，對中東、馬來西亞和印尼以外的某些市場產生了有意義但不太嚴重的影響。例如，我們在英國、澳洲看到某些個別商店的業績受到了重大影響。重要的是，這些特定壓力是針對特定地點的，並不代表更廣泛的全球趨勢。

Specifically, our KFC markets materially impacted by the Middle East conflict reported encouraging low single digit increase in same store sales. As we shift to the US, the overall QSR industry is navigating a conference. Our scale and digital capabilities are an even bigger advantage right now. And our powerhouse Taco Bell business, which represents 75% of our U.S. profit, is thriving. While our Pizza Hut and KFC businesses are more challenged in this environment, we have fantastic leaders in place in these businesses who are working through revised strategy is to create a step change in the results.

具體來說，我們的肯德基市場受到中東衝突的重大影響，同店銷售額出現了令人鼓舞的低個位數成長。當我們轉向美國時，整個快餐業正在召開一場會議。我們的規模和數位能力現在是一個更大的優勢。我們的巨頭 Taco Bell 業務（占我們美國利潤的 75%）正在蓬勃發展。雖然我們的必勝客和肯德基業務在這種環境下面臨更大的挑戰，但我們在這些業務中擁有出色的領導者，他們正在製定修訂後的策略，以實現結果的逐步改變。

Overall, we achieved 5% unit growth year over year and impressive outcome considering the optical space by our teams. Closures have temporarily increase this year, primarily in markets dealing with impacts from the Middle East conflict and in China. Despite the strength in our gross unit openings in this tough environment, the risk of an increase in closures of lower volume units affected by the Middle East conflict could impact our Q4 net new unit growth and put at risk our ability to deliver 5% unit growth target. Given the lower volume nature of these units, we would not expect a material financial impact on their closure. While 2020 for unit growth will reflect a temporary reset on unit closures were encouraged at the pace of our gross unit openings that Chris will discuss in more depth.

總體而言，考慮到我們團隊的光學空間，我們的銷量同比增長了 5%，取得了令人印象深刻的成果。今年關閉數量暫時增加，主要是在受中東衝突影響的市場和中國。儘管在這種嚴峻的環境下，我們的新開單位總量強勁，但受中東衝突影響的低銷量單位關閉的風險增加，可能會影響我們第四季度的新單位淨增長，並使我們實現5 % 單位成長的能力面臨風險目標。鑑於這些單位的產量較低，我們預計它們的關閉不會產生重大的財務影響。雖然 2020 年的單位增長將反映單位關閉的臨時重置，但我們鼓勵單位總開業的速度，克里斯將更深入地討論這一點。

And as we look at our 2025 pipeline, see no change in pace behind our gross opening momentum, giving us confidence in the strong fundamentals of our brands. Now let me highlight our Relevant, Easy and Distinctive brands for red for short in more detail, followed by our unrivaled culture and talent and good growth strategy. I'll then turn it to Chris to provide further updates on our third quarter results, including our Bold Restaurant Development, unmatched operating capabilities and balance sheet position and capital strategy.

當我們審視 2025 年的產品線時，我們發現開業勢頭背後的步伐沒有變化，這讓我們對品牌的強勁基礎充滿信心。現在讓我更詳細地強調我們的相關、簡單和獨特的紅色品牌，其次是我們無與倫比的文化和人才以及良好的成長策略。然後我將請克里斯提供有關我們第三季業績的進一步更新，包括我們大膽的餐廳開發、無與倫比的營運能力以及資產負債表狀況和資本策略。

Starting with the KFC division, which represents 50% of our divisional operating profit system, sales grew 1%. A significant unit growth was offset by the aforementioned Middle East conflict impact and transactions softness in several regions navigating constrained consumer spending. Such challenges have led competitors to introduce incremental value offers, namely, to capture UK, France and India.

從占我們部門營業利潤系統 50% 的肯德基部門開始，銷售額成長了 1%。單位數量的顯著增長被上述中東衝突的影響和幾個地區因消費支出受限而導致的交易疲軟所抵消。這些挑戰促使競爭對手推出增量價值產品，即佔領英國、法國和印度。

The good news is that despite category headwinds, we are gaining or holding share in several of our largest international markets as well as seeing positive transaction growth in markets like Mexico, Poland in Korea, we're also sustaining high system sales growth in larger regions like Africa and Latin America and the Caribbean, where we benefited from product innovation and more stable consumer environments. Helping KFC to remain agile has been the focus of its robust digital strategy.

好消息是，儘管存在品類逆風，但我們在幾個最大的國際市場中獲得或保持了份額，並且在墨西哥、波蘭和韓國等市場看到了積極的交易增長，我們還在更大的地區維持了較高的系統銷售成長像非洲、拉丁美洲和加勒比地區，我們受益於產品創新和更穩定的消費環境。幫助肯德基保持敏捷一直是其穩健的數位策略的重點。

Digital mix now over 55% grew three percentage points over the previous quarter on expanding kiosk and Click & Collect channels in the US, limited time offers underperformed expectations due to a more intense competitive environment, particularly within the chicken QSR category. In Q4, the team will focus on strengthening its value proposition and has recently introduced boneless innovation like Original Recipe chicken tenders. Additionally, the team will capitalize on the success of the KFC rewards membership growth, which has contributed to digital sales growth over 20% from last year. Moving on to Taco Bell, which contribute 37% of our divisional operating profit system, sales grew 5%, driven by a 4% increase in same store sales this quarter talk about gain momentum with the launch of the cheesy Street to lupus marketing, the brand's first, innovation on the Cantina chicken plants.

由於美國的自助服務終端和「點擊提貨」管道不斷擴大，數位組合現已超過55%，比上一季度增長了三個百分點，由於競爭環境更加激烈，限時優惠表現不佳，尤其是在雞肉QSR類別中。在第四季度，該團隊將專注於加強其價值主張，並最近推出了無骨創新產品，例如原味雞柳。此外，該團隊還將利用肯德基獎勵會員成長的成功，這使得數位銷售比去年增長了 20% 以上。接下來是 Taco Bell，該公司貢獻了我們部門營業利潤系統的 37%，在本季同店銷售額增長 4% 的推動下，銷售額增長了 5%。

So from further momentum came from the reintroduction of the Cheez-It and investing behind the $7 lux cravings box. The team tapped into cheesy Street to loop innovation, drive delivery sales by offering exclusive access to and aggregators premium members, which led to seven daily sales records for the aggregator during the quarter. Toward the end of the quarter. The team made this strategic move to make breakfast optional for our franchise partners, providing greater flexibility to spend our marketing dollars more effectively the growth drivers such as contain a chicken and our cravings Value Menu.

因此，進一步的動力來自於 Cheez-It 的重新推出以及對 7 美元奢華零食盒的投資。該團隊利用俗氣的街道來循環創新，透過提供獨家訪問權限和聚合器高級會員來推動送貨銷售，這導致該聚合器在本季度創下了七項每日銷售記錄。到了季度末。團隊採取了這項策略性舉措，使我們的特許經營合作夥伴可以選擇早餐，從而提供更大的靈活性，更有效地將我們的行銷資金用於成長動力，例如包含雞肉和我們渴望的超值菜單。

These are platforms where our marketing spend has had significant success, building new and very profitable sales layers. We expect the net impact from these changes to be less than a one point headwind to same store sales growth and to reintroduce breakfast in the future with a bolder, more distinctive Taco Bell approach in another strategic priority involving growth through its loyalty program. Taco Bell drove impressive advancements with 90-day active loyalty users increasing by 50% year over year.

我們的行銷支出在這些平台上取得了巨大成功，建立了新的且利潤豐厚的銷售層。我們預計這些變化對同店銷售成長的淨影響不會超過一個百分點，並在未來透過更大膽、更獨特的 Taco Bell 方法重新推出早餐，這是另一個涉及透過忠誠度計畫實現成長的策略重點。 Taco Bell 取得了令人矚目的進步，90 天活躍忠誠度用戶年增 50%。

On the digital front, we're talking about US has implemented the majority of the on digital and technology platforms. Digital sales grew an amazing 30% year over year internationally, talk about focused on executing its three core pillars, brand food and value, leading to positive same-store sales growth for the quarter. Very encouragingly, that momentum has continued into Q4 to strengthen brand relevance to the team is connecting more with local cultures, including most recently in the UK with the launch of Encore ours alone stores to stay open late in the music venues to serve fans. After shows, we were also pleased to see our first equity store opened in the UK in late October was a very encourage and consumer response giving us confidence in our accelerated investment in the brand internationally.

在數位方面，我們談論的是美國已經在數位和技術平台上實施了大部分。全球數位銷售額年增 30%，令人驚嘆，專注於執行品牌食品和價值這三大核心支柱，導致本季同店銷售額實現正成長。非常令人鼓舞的是，這種勢頭一直持續到第四季度，以加強團隊的品牌相關性，與當地文化有更多的聯繫，包括最近在英國推出了Encore 我們自己的商店，在音樂場所營業到很晚，為歌迷提供服務。展會結束後，我們還很高興看到我們的第一家股權商店於 10 月底在英國開業，這是一個非常鼓舞人心的消費者反應，讓我們對加速對該品牌的國際投資充滿信心。

Clearly, Taco Bell International has the potential to be a third growth engine for Yum! Brands Inc for many years to come. At Pizza Hut, which represents 13% of our divisional operating profit system, sales declined 1% at the same store sales decline of 4% was partially offset by 2%. Unit growth for the third quarter started strong in the U.S. with momentum from my hub box and a robust marketing plan. The Chicago Taberna style pizza, which translated into positive traffic growth for the full quarter and ahead of the QSR industry.

顯然，塔可鐘國際有潛力成為百勝餐飲集團的第三個成長引擎！品牌公司在未來的許多年。在占我們部門營業利潤系統 13% 的必勝客，銷售額下降了 1%，同店銷售額下降 4% 被 2% 部分抵銷。在我的輪轂盒和強有力的行銷計劃的推動下，美國第三季的銷售量開始強勁成長。芝加哥 Taberna 風格的披薩帶來了整個季度的客流量正成長，並且領先於快餐業。

However, product news and bounce-back offers were not sufficient to compete against deep value offers in the market. Throughout the quarter, several markets became more intentional and pursuing value, including China, India and countries. Within the Middle East. As an example, and some of our pressured markets, we shifted towards a lower price point value over abundant value. At the same time, we are making progress in repositioning the brand over the long term, most recently in hiring a new Chief Brand Officer and have plans to improve and expand our consumer relationship management and loyalty platforms.

然而，產品新聞和反彈報價不足以與市場上的高價值報價競爭。整個季度，包括中國、印度和其他國家在內的多個市場變得更加有意和追求價值。中東境內。舉例來說，在我們的一些壓力市場中，我們轉向較低的價格點價值而不是豐富的價值。同時，我們在長期重新定位品牌方面取得了進展，最近聘請了一位新的首席品牌官，併計劃改進和擴大我們的消費者關係管理和忠誠度平台。

Next year. Lastly, I'd Habit Burger & Grill. While overall sales remained under pressure during the third quarter, there were encouraging signs of momentum as the quarter progressed. Same-store sales trends improved each period in the quarter as a team leverage recent accolades, including being recognized as having been number one grilled chicken sandwich by Daily Mail and the number one, fast-food Burger and side by USA Today.

明年。最後，我習慣漢堡和烤肉。儘管第三季整體銷售仍面臨壓力，但隨著季度的進展，出現了令人鼓舞的勢頭跡象。同店銷售趨勢在本季度的每個時期都有所改善，因為團隊利用了最近的榮譽，包括被《每日郵報》評為排名第一的烤雞肉三明治，以及被《今日美國》評為排名第一的速食漢堡和配菜。

These accolades were impressive, given many of the other contenders have a broader national presence with larger store footprints. Clever marketing efforts combined with refinements to habits, media mix using yields, proprietary marketing analytics platform, successfully ignited consumer excitement, driving visits to the brand to experience the award, winning double char and 10 per the green beans. I'm pleased to see this positive momentum continue into the fourth quarter.

鑑於許多其他競爭者擁有更廣泛的全國影響力和更大的商店足跡，這些榮譽令人印象深刻。巧妙的營銷努力與習慣的改進、利用收益的媒體組合、專有的營銷分析平台相結合，成功地激發了消費者的興奮，推動了對該品牌的參觀訪問，以體驗該獎項，贏得了雙炭和10 個綠豆。我很高興看到這種積極勢頭持續到第四季度。

Now I'll turn to our good growth strategy. Starting with our people pillar, a hallmark of GeoMx and a key driver of our performance is the strength of our talent base, including our deep bench of amazing leaders, always ready to take on bigger roles. I'd like to start by congratulating Erika Burkhardt, who was recently promoted to Chief Legal & Franchise Officer & Corporate Secretary for Young America is a seasoned and respected leaders throughout the room who has been with the Company for over 20 years. She leads, by example, and has earned the trust of our peers and teams like providing invaluable insight and counsel on key initiatives across young and our 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，GeoMx 的一個標誌和我們業績的關鍵驅動力是我們強大的人才基礎，包括我們優秀的領導者的後備陣容，他們隨時準備好承擔更大的角色。我首先要祝賀埃里卡·伯克哈特(Erika Burkhardt)，她最近晉升為Young America 的首席法律和特許經營官兼公司秘書，他是一位經驗豐富且受人尊敬的領導者，已在公司工作了20 多年。她以身作則，贏得了我們同行和團隊的信任，例如為年輕人和我們品牌的關鍵舉措提供寶貴的見解和建議。

I would also like to recognize her predecessor, Scott Mezvinsky for his years of service and the tremendous impact we made at Yum! Brands Inc and our brands as he starts a new chapter outside of the Company. Additionally, as we progress on our journey to becoming the leading global digital restaurant company, I'm pleased to announce Joe Park has been named presence then of young digital and restaurant technology ecosystem.

我還要感謝她的前任 Scott Mezvinsky 多年的服務以及我們在百勝餐飲集團所產生的巨大影響！ Brands Inc 和我們的品牌，他在公司之外開啟了新的篇章。此外，隨著我們在成為全球領先的數位餐廳公司的道路上取得進展，我很高興地宣布 Joe Park 被任命為年輕數位和餐廳技術生態系統的代表。

In addition to his overall Chief Digital and Technology Officer role is doing a fantastic job, bringing our vision to life for fully collaborative digital and technology team across young and is reinventing how the team work to drive increased consistency, fee and efficiency in tools and processes as well as greater deployment of a I driven capabilities, leveraging our global data assets and scaling our proprietary technology.

除了擔任首席數位和技術長之外，他還出色地完成了工作，將我們的願景變為現實，建立年輕的全面協作數位和技術團隊，並正在重塑團隊的工作方式，以提高工具和流程的一致性、費用和效率以及更好地部署人工智慧驅動的能力，利用我們的全球數據資產並擴展我們的專有技術。

Also during the quarter for the first time in over two year as we brought nearly 200 of our most senior leaders from around the world together for our Global Leadership Summit are technology leaders at the summit, made up the largest functional group, demonstrating our focus on leaning into our digital leadership and our investments in data, we showcased the progress we're making on our good growth journey and what we're doing behind the scenes to reinvent how we run the business by better exploiting our scale to drive future growth.

此外，在本季度，我們將來自世界各地的近200 名最高級領導者聚集在一起參加全球領導力高峰會，這是兩年多來的第一次，技術領導者也出席了峰會，他們組成了最大的職能小組，這表明我們對憑藉我們的數位領導力和對數據的投資，我們展示了我們在良好成長之旅中所取得的進展，以及我們在幕後所做的工作，透過更好地利用我們的規模來推動未來成長，從而重塑我們的業務運作方式。

Moving on to the planet pillar of our good growth strategy. Just last month, we published our annual global citizenship and sustainability report. This report highlights Yum! Brands Inc long-standing dedication and continued progress and invest in people who'd and planet. We are on track to reduce our greenhouse gas emissions by nearly 50% by 2030 and continue to make progress around sustainable packaging. Building upon our harmonized cross-brand packaging policy. In closing in a difficult operating environment, we are encouraged by the underlying strength of the fundamentals of our business.

繼續我們良好成長策略的地球支柱。就在上個月，我們發布了年度全球公民和永續發展報告。這份報告重點介紹了百勝餐飲集團！ Brands Inc 長期奉獻、持續進步並投資於人類和地球。我們預計在 2030 年將溫室氣體排放量減少近 50%，並繼續在永續包裝方面取得進展。以我們統一的跨品牌包裝政策為基礎。在艱困的經營環境中，我們對業務基本面的潛在實力感到鼓舞。

Stepping back, our twin growth engines are demonstrating what makes them special through share gains at Taco Bell U.S. and strong franchisee investment in unit expansion in KFC and international. Despite the numerous headwinds, we are proud of the resilience of our overall business model and our ability to deliver 6% core operating profit growth year to date. Importantly, our teams are making great progress in ushering our brands into the next era, leveraging young scale, digital and technology capabilities to improve sales and operations, leading to improved franchisee profitability and value creation for our shareholders. With that, Chris, over to you.

退一步來說，我們的雙重成長引擎正在透過塔可鐘美國公司的份額成長以及肯德基和國際市場的加盟商對單位擴張的大力投資來展示他們的獨特之處。儘管面臨諸多阻力，我們對整體業務模式的彈性以及今年迄今實現 6% 核心營業利潤成長的能力感到自豪。重要的是，我們的團隊在引領我們的品牌進入下一個時代方面取得了巨大進展，利用年輕的規模、數字和技術能力來改善銷售和運營，從而提高加盟商的盈利能力並為我們的股東創造價值。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 are 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. Turning to our third quarter financial results. System sales grew 1%, driven by 5%-unit growth as the third quarter progressed. Sales trended below our expectations due to a more challenged US environment, soft trends in China and continued pressures from the middle at least conflict especially G&A was $232 million for the quarter, less than anticipated due to lower performance-based compensation.

謝謝大衛，大家早安。今天，我將討論我們的財務業績，包括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。轉向我們第三季的財務業績。隨著第三季的進展，系統銷售額成長了 1%，受到單位數量增加 5% 的推動。由於美國環境面臨更大的挑戰、中國的疲軟趨勢以及來自中間至少衝突的持續壓力，銷售趨勢低於我們的預期，特別是本季度的一般管理費用為2.32 億美元，低於預期，因為基於績效的薪酬較低。

Reported G&A was $263 million, including $11 million of special expense related to our ongoing resource optimization process. Graham restaurant level margins were 15.8%, modestly below levels from last year, partially due to KFC, UK and Ireland equity restaurants acquired in the second quarter. Core operating profit grew 3%. Third quarter especially EPS was $1.37. Our ex special tax rate was higher year over year at 24%, translating to a 9% year over year EPS headwind. Now on to development. In the third quarter, we achieved a significant development milestone, surpassing 60,000 restaurants worldwide.

報告的一般管理費用為 2.63 億美元，其中包括與我們正在進行的資源優化流程相關的 1,100 萬美元特殊費用。格雷厄姆餐廳水平利潤率為 15.8%，略低於去年水平，部分原因是第二季度收購了肯德基、英國和愛爾蘭股權餐廳。核心營業利潤成長3%。特別是第三季每股收益為 1.37 美元。我們的前特別稅率年增至 24%，這意味著 EPS 年比下降 9%。現在開始開發。第三季度，我們實現了一個重要的發展里程碑，全球餐廳數量超過 60,000 家。

Overall, we increased our unit count by 547 units, reflecting 1,029 gross openings and 482 closures. KFC drove young unit growth with the team opening 685 gross units led by China, India, Thailand and Japan. Notably, we've seen an acceleration past year and net new unit expansion in markets like Italy, the Philippines and South Africa. Most of our key KFC markets report paybacks less than five years. And as a result, we continue to see a strong appetite by franchisees for unit growth in Saudi Arabia. For example, we expect our store count this year to grow by nearly 30 restaurants with paybacks still under three years. There's despite conflict related sales pressures. Turning to Pizza Hut, we added 63 units this quarter, driven by 292 gross unit openings, offset by 229 closures.

總體而言，我們的單位數量增加了 547 個，即開業總數 1,029 個，關閉總數 482 個。肯德基推動了年輕門市的成長，新開店總數達 685 家，其中中國、印度、泰國和日本領先。值得注意的是，我們看到去年義大利、菲律賓和南非等市場的加速成長和淨新單位擴張。我們大多數主要肯德基市場報告的投資回收期不到五年。因此，我們繼續看到沙烏地阿拉伯特許經營商對單位成長的強烈興趣。例如，我們預計今年的門市數量將增加近 30 家，而投資回報期仍將低於三年。儘管存在與衝突相關的銷售壓力。至於必勝客，本季我們新增了 63 家門市，主要是因為新開店總數為 292 家，被關閉的 229 家所抵銷。

New unit openings were led by China, India and the United States. Taco Bell added nearly 50 gross units led by the US, while 14 other countries contributed to growth. Recall Yum! Brands Inc. China went through a portfolio restructuring earlier this year, resulting in 60 closures and the first half of the year. Excluding China, Taco Bell International unit count increased 7% year over year last month, we also opened our first store in Bosnia and our first equity store in the UK. We expect to open several equity Taco Bell UK stores by year end, providing a fantastic test to generate insights to guide the business model, including an innovation pricing, the technology and restaurant experience.

新單位的開設主要由中國、印度和美國主導。 Taco Bell 增加了近 50 個總銷量，其中以美國為首，其他 14 個國家也為成長做出了貢獻。回想一下百勝！ Brands Inc. China 今年稍早進行了投資組合重組，導致今年上半年關閉了 60 家公司。除了中國外，塔可鐘國際上個月的單位數量同比增長了 7%，我們還在波斯尼亞開設了第一家商店，並在英國開設了第一家股票商店。我們預計到年底將開設幾家 Taco Bell UK 股權店，提供絕佳的測試，以產生指導商業模式的見解，包括創新定價、技術和餐廳體驗。

Moving to our digital and technology initiatives, we continue to make great progress on both of the parallel phases of our journey. Recall, the first phase is focused on acquiring building and scaling a comprehensive suite of platforms to enable ownership of our data control of the digital ecosystem, speed of innovation and cost advantages. These foundational platforms include Poseidon, our young owned cloud-first point of sale system, our e-commerce engine, our delivery optimization platform, Dragon tail super app and integrated restaurant management platform for team members, restaurant general managers and area coaches and a scalable global data platform that houses over 80% of our transaction data. In the second phase, we are focused on maximizing the value creation potential of our platforms through AI and buy less averaging our extensive data assets.

轉向我們的數位和技術計劃，我們繼續在旅程的兩個並行階段取得巨大進展。回想一下，第一階段的重點是收購建構和擴展一套全面的平台，以實現我們對數位生態系統的資料控制、創新速度和成本優勢。這些基礎平台包括波塞冬（Poseidon）、我們年輕人擁有的雲端優先銷售點系統、我們的電子商務引擎、我們的配送優化平台、龍尾超級應用程式和為團隊成員、餐廳總經理和區域教練提供的綜合餐廳管理平台以及可擴展的平台。在第二階段，我們專注於透過人工智慧最大化我們平台的價值創造潛力，並減少購買平均我們廣泛的數據資產。

We believe we are still only scratching the surface of the full value creation potential of our capabilities with exciting innovations, including one touch, labor, scheduling and inventory management, consumer feedback, dashboards, quality control monitoring and personalized AI. driven marketing, to name a few. Let me now discuss additional digital and technology accomplishments for q three across our easy experience as easy operations and easy insights pillars. I'll begin again with our Easy experiences pillar focused on providing frictionless experiences to our consumers.

我們相信，我們透過令人興奮的創新，包括一鍵式、人工、調度和庫存管理、消費者反饋、儀表板、品質控制監控和個性化人工智慧，仍然只是觸及了我們能力的全部價值創造潛力的表面。驅動行銷，僅舉幾例。現在讓我討論第三季度的其他數位和技術成就，將我們的簡單體驗作為簡單操作和簡單洞察的支柱。我將再次從我們的「輕鬆體驗」支柱開始，重點是為消費者提供無摩擦的體驗。

Taco Bell is currently working on two significant digital initiatives in the drive-through, Voice. AI and loyalty program enhancements drive through voice. A I continue to scale across our network with many franchisees eager to test this new innovation. To date, we have processed over two successful orders with the system now in place in over 300 Taco Bell US stores, making Taco Bell, the largest QSR voice AI. brand in the world for loyalty. Taco Bell is using its connected ecosystem to allow loyalty consumers to identify themselves at the drive-through and kiosk, enabling personalization of the ordering experience and earning and redeeming of loyalty rewards.

塔可鐘目前正在汽車餐廳中開展兩項重要的數位化措施：Voice。人工智慧和忠誠度計劃的增強透過語音驅動。答：我繼續擴大我們的網絡，許多特許經營商渴望測試這項新的創新。迄今為止，我們已經成功處理了兩個以上的訂單，該系統現已在 300 多家 Taco Bell 美國商店中使用，使 Taco Bell 成為最大的 QSR 語音人工智慧。世界品牌的忠誠度。 Taco Bell 正在利用其互聯生態系統，讓忠誠度消費者在得來速和自助服務終端上識別自己的身份，從而實現個性化的訂購體驗以及賺取和兌換忠誠度獎勵。

This was rolled to 160 stores in Q three, and we're encouraged with early results, which clearly show an increase in sign-ups and and daily loyalty transactions all without an impact to speed of service. As required enablers of these technologies, we have accelerated deployment of digital menu boards to now over 6,000 restaurants. Digital menu boards will be at Taco Bell brands standard in 2025, along with yarns proprietary point-of-sale system Poseidon. Our other key initiative under this pillar is the rollout of Young's e-commerce engine. We completed migration of a substantial portion of Pizza Hut U.S. traffic in the quarter and are on track to complete migration by year end.

第三季度，該計劃已推廣到 160 家商店，早期結果令我們深受鼓舞，這些結果清楚地表明註冊量和每日忠誠度交易量有所增加，而且服務速度沒有受到影響。作為這些技術所需的推動者，我們已加快在目前 6,000 多家餐廳中部署數位菜單板。數位菜單板以及紗線專有銷售點系統 Poseidon 將於 2025 年成為 Taco Bell 品牌標準。我們在這支柱下的另一個關鍵舉措是推出 Young 的電子商務引擎。我們在本季完成了必勝客美國大部分流量的遷移，並預計在年底前完成遷移。

We also recently launched the young e-commerce engine and Pizza Hut UK, our second international Pizza Hut market and will target to new Pizza Hut International market. Scott are easy operations pillar, where we continue to deploy our world-class technology to provide our franchisees and team members with the key capabilities to operate their stores more effectively and efficiently. This quarter, we started to expand super app to KFC U.S. now having reached 50 countries and nearly 5,000 KFC and 8,000 Pizza Hut stores. With the technology, we are planning to nearly double the KFC penetration by year end. Recall super app is our model modular restaurant management platform that offers a suite of products to managers and team members to simplify their jobs and improve operations. This quarter. We also reached significant scale for our AI-powered labor scheduling now in use in over 5,000 Taco Bell US stores, driving significant improvements in labor planning, accuracy and labor efficiency.

我們最近也推出了年輕的電子商務引擎和必勝客英國，這是我們的第二個國際必勝客市場，並將瞄準新的必勝客國際市場。 Scott 是輕鬆營運的支柱，我們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關鍵能力。本季度，我們開始將超級應用程式擴展到美國肯德基，目前已覆蓋 50 個國家和近 5,000 家肯德基和 8,000 家必勝客門市。借助這項技術，我們計劃在年底將肯德基的滲透率提高近一倍。 Recall 超級應用程式是我們的模組化餐廳管理平台模型，為經理和團隊成員提供一套產品，以簡化他們的工作並改善營運。本季。我們還實現了人工智慧驅動的勞動力調度的大規模應用，現已在 5,000 多家 Taco Bell 美國商店中使用，推動了勞動力規劃、準確性和勞動力效率的顯著提高。

At Taco Bell, we now have a high-powered forecast driving both our labor scheduling and inventory management processes. We expect to scale these solutions to our other brands throughout 2025. Lastly, I'll discuss our Easy insights pillar. This quarter, we successfully launched personalized AI. driven marketing campaigns that relative to traditional digital marketing campaigns generated significant increases in consumer engagement, leading to increased purchases and a reduction in consumer return. This innovation has the potential to greatly improve our marketing return on investment and allow us to extract the unique benefits of our proprietary Global Data Hub, and we expect it to be broadly and easily scalable across brands.

在 Taco Bell，我們現在擁有強大的預測來推動我們的勞動力調度和庫存管理流程。我們預計在 2025 年將這些解決方案擴展到我們的其他品牌。本季度，我們成功推出了個人化AI。與傳統數位行銷活動相比，驅動型行銷活動顯著提高了消費者的參與度，從而導致購買量增加和消費者退貨減少。這項創新有可能大大提高我們的行銷投資報酬率，並使我們能夠發揮我們專有的全球資料中心的獨特優勢，我們希望它能夠廣泛、輕鬆地跨品牌擴展。

Next, I'll provide an update on our balance sheet and liquidity position. Net capital expenditures for the quarter were $34 million, reflecting $52 million in gross CapEx and $18 million in refranchising proceeds. We repurchased $2.1 million shares totaling $277 million. Our net leverage ratio ended the quarter at 4.1 times. As a reminder, we have no debt maturities until 2026. Our capital priorities remain unchanged, 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。本季淨資本支出為 3,400 萬美元，反映出總資本支出 5,200 萬美元和再特許經營收益 1,800 萬美元。我們回購了 210 萬美元的股票，總額達 2.77 億美元。本季末我們的淨槓桿率為 4.1 倍。提醒一下，我們在 2026 年之前沒有債務到期日。

Before I close, let me touch on the outlook for the balance of 2024. We expect Q4 core operating profit growth to be mid to high single digits, excluding contributions from the 53rd week, which we expect will add approximately $35 million. Of course, precise forecasting is difficult in this environment. To finish with guidance, we expect Taco Bell fourth quarter Company operated store margins to be in the range of 23% to 24%.

在結束之前，讓我談談對2024 年剩餘時間的展望。 。當然，在這種環境下進行精確預測是很困難的。最後，我們預計 Taco Bell 第四季公司自營商店的利潤率將在 23% 至 24% 之間。

And lastly, our Q4 net interest expense to be just under $140 million. Taking into consideration the challenging environment, I am incredibly proud of our teams perseverance to open approximately 4,500 gross new restaurants or roughly one store every two hours and in via the restaurant industry into next year will continue our focus on capturing the global whitespace opportunity that offers significant runway for our iconic brands. I'm excited by our continued progress in transforming young into a digital multi-brand powerhouse.

最後，我們第四季的淨利息支出略低於 1.4 億美元。考慮到充滿挑戰的環境，我為我們的團隊堅持不懈地開設約4,500 家新餐廳或大約每兩小時開設一家商店而感到無比自豪，並且透過餐飲業，進入明年，我們將繼續專注於捕捉全球空白機遇，從而提供我們標誌性品牌的重要跑道。我對我們在將年輕人轉變為數位多品牌強國方面不斷取得的進展感到興奮。

We look forward to seeing many of you at our upcoming Taco Bell consumer day in January, where we'll further unpack many of these exciting digital and technology initiatives. With that, operator, we are ready to take any questions.

我們期待在一月份即將到來的塔可鐘消費者日見到你們，屆時我們將進一步推出許多令人興奮的數位和技術舉措。接線員，我們已經準備好回答任何問題了。

Thinking will now begin the Q&A session.

思考現在將開始問答環節。

Thank You. If you would like to ask a question [Operator Instructions]

謝謝。如果您想詢問[操作說明]

Our first question comes from Gregory Francfort, Guggenheim Securities LLC. Quickly, please go ahead.

我們的第一個問題來自古根漢證券有限責任公司的格雷戈里·弗蘭克福特。快點，請繼續。

Hey, thanks for the question. On my question is going to be on operating profit growth that thanks to the thoughts in the fourth quarter. I think that leaves you a little bit below the 8% growth for this year. As you look out to next year, how confident are you in getting that back up to 8%? And what's the maybe from what the outlook looks like this year to what might be big contributors next year?

嘿，謝謝你的提問。我的問題是營業利潤的成長，這要歸功於第四季的想法。我認為這使得今年的成長率略低於 8%。展望明年，您對將這一比例恢復到 8% 有多大信心？從今年的前景來看，明年的主要貢獻者可能會是什麼？

Yes, Gregory Franfort, year to date, we've got 6% core operating profit growth in a really challenging environment. So when we step back and look at that, we think that demonstrates the strength and resilience of our business model. The main change from the last time we updated you on our last call was that our sales didn't meet expectations in a few key markets, including China and the Middle East, where we have outsized exposure.

是的，Gregory Franfort，今年迄今為止，我們在充滿挑戰的環境中實現了 6% 的核心營業利潤成長。因此，當我們退後一步審視這一點時，我們認為這證明了我們商業模式的實力和彈性。與上次我們在電話中向您通報最新情況相比，主要變化是我們在幾個關鍵市場的銷售額未達到預期，包括中國和中東，我們在這些市場的業務量很大。

And as a result, we tempered our expectations in Q4. Of course, that on a full-year basis, if you flow through what we said about Q4, we'd likely we'll end the year below our operating profit algorithm for 2024. But of course, the main driver of that was this a conflict situation. Without that, we would have had a very strong year and been at or above the algorithm.

因此，我們調整了第四季的預期。當然，在全年的基礎上，如果你回顧一下我們關於第四季度的說法，我們很可能會在年底低於 2024 年的營業利潤演算法。如果沒有這一點，我們將度過非常強勁的一年，並且達到或超過演算法。

And of course, we've delivered that while still investing in things that drive the long-term health of the business. Big investments in digital and AI, we talked about voice AI progressing rapidly, marketing driven AI. 40 other AI. driven projects that are happening in the business. So that resilient business model and investing in the long-term growth of the business. We're still working through the plans for 2025. We'll share an update as we always do on the next call. But there's no major things that are unusual right now. As we look at that 2025 plan.

當然，我們在實現這一目標的同時，仍然投資於推動業務長期健康發展的事物。在數位和人工智慧方面的大量投資，我們談到了語音人工智慧的快速發展，行銷驅動的人工智慧。 40個其他人工智慧。業務中正在發生的驅動項目。使業務模式具有彈性並投資於業務的長期成長。我們仍在製定 2025 年的計劃。但目前沒有什麼重大的異常狀況。當我們檢視 2025 年計畫。

But we think about the long-term trajectory of the business, our two growth engines continue to perform and our digital capabilities continue to power the business.

但我們會考慮業務的長期發展軌跡，我們的兩個成長引擎將繼續發揮作用，我們的數位能力將繼續為業務提供動力。

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

謝謝。我們的下一個問題來自 Oppenheimer & Co., Inc. 的 Brian Bittner。

Thank you. Good morning to some a confirmation question then I'll follow up on Taco Bell. Just on the guidance for the fourth quarter as it relates to the mid to high single-digit core operating profit growth, are you able to talk about the base case for global same-store sales that does underpin that outlook by any chance? And just on Taco Bell, very strong relative performance, obviously with your 4% same-store sales.

謝謝。早上好，有一個確認問題，然後我將跟進塔可鐘。僅就第四季度的指導而言，因為它涉及中高個位數的核心營業利潤增長，您能否談談全球同店銷售的基本情況，這是否有可能支撐這一前景？就 Taco Bell 而言，相對表現非常強勁，顯然同店銷售額為 4%。

And you mentioned that you are the best ring by consumers in value within QSR during the quarter and obviously happens at a time where the industry got way more aggressive. So just curious how you protected or even expanded your value positioning in this environment? And is there any new value ideas in the hopper as we move into 2025, particularly as a few large QSRs are eager to put more permanent value on their on their menu? Thanks.

您提到，您是本季 QSR 中消費者最喜歡的價值環，顯然發生在該行業變得更加激進的時期。所以只是好奇你如何在這種環境下保護甚至擴大你的價值定位？進入 2025 年，尤其是一些大型 QSR 渴望在其菜單上賦予更多永久價值時，漏斗中是否會出現任何新的價值理念？謝謝。

Fit-out of Taco Bell's strength. That's obviously something we're incredibly proud of. And you can see that strength is evident in the U.S. with the plus four, we were also positive in international. And the other thing I'll share is that that momentum has continued into Q4. A lot of it is what you said. It has to do with the unique way that Taco Bell can provide value with products that nobody else has. Really if you think about it, you talk about can provide a product that is a value product that's an innovative product and that can help our franchisees margins.

充分體現了塔可鐘的實力。這顯然是我們感到無比自豪的事。你可以看到，美國的加四實力很明顯，我們在國際比賽中也表現得很積極。我要分享的另一件事是，這種勢頭一直持續到第四季。很多都是你說的。這與塔可鐘以其他人沒有的產品提供價值的獨特方式有關。真的，如果你仔細想想，你會說可以提供一種有價值的產品，一種創新的產品，可以幫助我們的特許經營商增加利潤。

That's an incredibly powerful set of tools that we have in our toolbox that our competitors do. So as we move forward, of course, Taco Bell's always got ways to bring in new value right now, you're seeing us launching the decades menu and then you can get some of those products within the $7 lux books, for example, which is a unique way to bring innovation and value to consumers. So I think we're very confident and talk about the ability to win in this environment relative to our peers.

這是我們的工具箱中擁有的一套非常強大的工具，我們的競爭對手也有。當然，隨著我們前進，塔可鐘現在總是有辦法帶來新的價值，你會看到我們推出了幾十年的菜單，然後你可以在7 美元的豪華書籍中獲得其中一些產品，例如，是為消費者帶來創新和價值的獨特方式。所以我認為我們非常有信心並談論在這種環境下相對於我們的同行獲勝的能力。

As far as sales guidance and everything for the quarter, that's obviously a difficult environment to forecast sales globally. But as I said, the trends that we saw in two three are continuing into Q4 for topical thinking.

就本季的銷售指導和一切而言，這顯然是一個很難預測全球銷售的環境。但正如我所說，我們在兩三個季度中看到的趨勢正在持續到第四季度的主題思維。

Thank you. Our next question comes from Jon Tower from Citi. Please go ahead. Great.

謝謝。我們的下一個問題來自花旗銀行的 Jon Tower。請繼續。偉大的。

Thanks. I appreciate all the color you provided in the gross unit openings for the brands across the globe. I was hoping maybe you could drill a little bit more into the net unit number. David, I think you'd mentioned that there's potential risk of not hitting the 5% this year. And then maybe specifically drilling into it, you do have pockets of weakness across the globe. And I think you'd mentioned some of the smaller operators having a hard time keeping the lights on. How does how should that inform your thinking regarding 2025? Is there an opportunity to perhaps consolidate some of those closures into 2024 a 2025 a cleaner year? And or are there opportunities to consolidate some of those stores into larger operators within markets such that your net unit number is not under too much?

謝謝。我很欣賞您為全球品牌提供的毛單位空缺的所有顏色。我希望你能更深入地了解淨單位數。 David，我想你提到今年有達不到 5% 的潛在風險。然後也許專門深入研究一下，你在全球範圍內確實存在一些弱點。我想你提到過一些規模較小的業者很難維持正常運作。這對您對 2025 年的看法有何影響？是否有機會將其中一些關閉合併到 2024 年或 2025 年作為清潔年？或者是否有機會將其中一些商店整合為市場內更大的運營商，以便您的淨單位數量不會太多？

Sure. A couple of things on development, and I'll let Chris give them a little more detail. If you think about a 2024 is obviously a very challenged year in terms of the impact to our sales in certain parts of the world and some of the consumer pullback. So that is for us.

當然。關於開發的一些事情，我會讓 Chris 提供更多細節。如果你考慮一下，2024 年顯然是充滿挑戰的一年，因為我們在世界某些地區的銷售受到了影響，而且消費者也出現了一些退縮。這就是我們的情況。

We're incredibly proud that this year does showcase how rich resilient business model is and the capabilities of the vast majority of our franchisees to continue to grow and invest in the business in this challenging environment like American, our franchisee in the Middle East, you have you would think that this business with disruptive situation without disrupting them more than it has that they just reported.

我們非常自豪，今年確實展示了我們的絕大多數特許經營商在這個充滿挑戰的環境中繼續發展和投資業務的能力，例如美國航空，我們在中東的特許經營商，您是否會認為這項業務具有破壞性的情況，但對他們的干擾卻沒有比他們剛剛報告的更大。

They're positive operating profit in this environment continuing to develop. That has a unique strength of Yom in terms of the capability of our franchisees around the world in 2024 as difficult as it is really is allowing us to showcase at and but that part of our business model really shine. American has got about two thirds of the stores that leaves. So most of our stores are in very good hands as far as the risk that we signaled on net new units. Just to clarify and give you a little more detail that was risk to the 5% right now, the numbers that we're looking at rollup in the 4.5 to 5.0 range.

他們的正營業利潤在這種環境下持續發展。就 2024 年我們在世界各地的特許經營商的能力而言，Yom 具有獨特的優勢，儘管這確實很困難，但我們的商業模式的這一部分確實很出色。美國航空保留了大約三分之二的關門店。因此，就我們在淨新單位上發出的風險而言，我們的大多數商店都處於非常好的管理之下。只是為了澄清並向您提供更多細節，這些細節目前對 5% 構成風險，我們正在考慮在 4.5 到 5.0 範圍內匯總的數字。

So we would still be around 5% on an algorithm book. But the closures are obviously a little elevated this year. If you're going to have a little bit of a shortfall, you'd rather have to see this strong growth development, mostly continuing and then closure of some lower volume stores. If you think about the closure rate is probably about another half, a percent of our store base.

所以我們在演算法書上的投入仍然在 5% 左右。但今年的關閉數量顯然有所增加。如果你打算有一點短缺，你寧願看到這種強勁的成長發展，大部分持續下去，然後關閉一些銷量較低的商店。如果你考慮關閉率可能大約是我們商店基數的一半或百分之一。

And so this is not a widespread issue. Your points about struggling other struggling franchisees, it really isn't widespread issue. It's just a few stores, lower volume that might have closed in the future where those closures were pulled up.

所以這不是一個普遍的問題。你關於其他陷入困境的特許經營商的觀點，這確實不是一個普遍的問題。只有少數商店數量較少，未來可能會關閉，而關閉數量會增加。

I'll let Chris give you a little more color on it yet.

我會讓克里斯給你更多的色彩。

Yes, John, let me give you a little more color on the change in net new unit trajectory. First through a couple of lenses. First, if we just look at the deceleration in net new unit growth from last year to this year, on a geographic perspective, we see that about 40% of the change in trajectory comes from countries and markets in our business that are directly impacted by this complex situation, another 25% that are markets that have some impact from the conflict, not as much as those core markets.

是的，約翰，讓我給你更多關於淨新單位軌跡變化的信息。首先透過幾個鏡頭。首先，如果我們只看去年到今年淨新單位成長的減速，從地理角度來看，我們發現約 40% 的軌跡變化來自我們業務中直接受到影響的國家和市場。另外25%是受到衝突影響的市場，而不是那些核心市場。

But that gives you about two thirds of the change in net new unit trajectory that is in some way tied to the complex situation. So that gives you a little bit of background on it. Of course, history would say we we tip we work through these situations over the long term. Another way to look at it, David mentioned a little bit higher closures this year. As we said before, when units closed in our system, they tend to be lower volume units. And we see that again this year, the average unit volume of the units that are closing this year is about 60% of our global average unit volume.

但這給了你大約三分之二的淨新單位軌跡變化，這在某種程度上與複雜的情況有關。這給了你一些背景知識。當然，歷史會告訴我們，我們建議我們長期努力解決這些情況。從另一個角度來看，大衛提到今年的關閉量有所增加。正如我們之前所說，當我們系統中的單位關閉時，它們往往是成交量較低的單位。我們今年再次看到，今年關閉的單位的平均單位量約為我們全球平均單位量的 60%。

And so when you actually look at the system sales contribution of our net new unit growth this year going to be basically the same as the system sales growth contribution from our higher net new unit rate last year. So the economic implications of this aren't that big on our business that gives you a couple of additional ways to just think about this change in net new unit trajectory. The other thing I'll add you asked about specific franchisee situations.

因此，當您實際查看今年我們的淨新單位成長的系統銷售貢獻時，將與去年較高的淨新單位率對系統銷售成長的貢獻基本相同。因此，這對我們的業務的經濟影響並不大，這為您提供了幾種額外的方法來思考淨新單位軌蹟的這種變化。我要補充的另一件事是您詢問了特許經營商的具體情況。

As David said, our global franchise base is strong. American in the Middle East region has the majority of our stores and navigating this very well. In fact, in the 22 countries in the specific Middle East geography, we only had two countries right now. We're working with franchisees to transition the business into better hands. one of those processes is pretty far along another one. We're working with the franchisees either address some challenges in the business or to get it into the hands.

正如大衛所說，我們的全球特許經營基礎非常強大。美國在中東地區擁有我們的大部分商店，在這方面的經營非常好。事實上，在特定的中東地區的22個國家中，我們現在只有兩個國家。我們正在與特許經營商合作，將業務轉移到更好的人手中。其中一個過程與另一個過程相距甚遠。我們正在與特許經營商合作，要么解決業務中的一些挑戰，要么將其交到手中。

We have another owner. There's some complexity always in the beginning of those situations we might have in Enclosures might have some one-time accounting adjustments that come with it. But our history would say that we typically end up getting the business into 3C franchisee hands and that sets the business up for long-term growth and tunnels.

我們還有另一個主人。在我們可能在附件中遇到的情況一開始總是存在一些複雜性，可能會隨之而來一些一次性的會計調整。但我們的歷史表明，我們通常最終會將業務交到 3C 特許經營商手中，這為業務的長期成長和發展奠定了基礎。

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

謝謝。下一個問題來自瑞銀證券的丹尼斯蓋格。丹尼斯，請繼續。

Great. Thank you. Good morning, guys. Recognizing it's too early to talk about 25 specifically, wondering if you could just comment high level about how you think you think about managing profitability as well as the team has in 24th, macro pressures continue. Maybe specifically, can you talk a little bit about your G&A growth and how you think about that generally looking ahead and answer, that's the ability of the divisions to continue managing costs and profitability. Thank you.

偉大的。謝謝。早安，夥計們。認識到現在具體談論 25 還為時過早，想知道您是否可以就您如何看待管理盈利能力以及團隊在 24 的看法進行高層評論，宏觀壓力仍在繼續。也許具體來說，您能否談談您的一般行政費用成長，以及您如何看待未來的整體情況並回答，這就是各部門繼續管理成本和盈利能力的能力。謝謝。

Yes. As I said earlier, we'll give more of an update on the 2025 plan when we get to the next call it. As I mentioned, there's nothing that's significantly unusual right now as we're tumbling. That plan, we think about the puts and takes are our topline growth engines shared our gross unit outlook for next year is similar to this year. On the G&A front, we've made productivity moves this year will continue to get some benefit from those. Of course, we will have a reset of our incentive comp. So those are a couple of factors that will look at there.

是的。正如我之前所說，我們將在下次會議時提供有關 2025 年計劃的更多更新資訊。正如我所提到的，在我們跌跌撞撞的過程中，目前沒有什麼特別不尋常的事。該計劃，我們認為看跌期權是我們的收入成長引擎，我們明年的毛單位前景與今年相似。在一般行政費用方面，我們今年已經採取了生產力舉措，並將繼續從中受益。當然，我們將重置我們的激勵補償。因此，這些是需要考慮的幾個因素。

But if I think about the long-term trajectory of our business, there's a lot to be excited about. But in particular, with those two primary growth engines, Taco Bell continues to outperform in any sort of economic environment in the U.S. KFC International 9% unit growth in Q3 continues to build units outpacing its competitors. And our digital story continues to strengthen. So if you look over the long term, there's a lot of reasons to be excited and confident in our business model.

但如果我考慮一下我們業務的長期發展軌跡，就會發現有很多值得興奮的地方。但特別是，憑藉這兩個主要成長引擎，塔可鐘在美國任何類型的經濟環境中都持續表現出色。我們的數位故事不斷加強。因此，如果從長遠來看，我們有很多理由對我們的商業模式感到興奮和充滿信心。

Thank you. The next question comes from David Palmer with EVERCORE ISI. Please go ahead.

謝謝。下一個問題來自 EVERCORE ISI 的 David Palmer。請繼續。

Thanks, Bob. I wanted to maybe double-click on a couple of the digital initiatives you are you highlighted the AI. enabled digital marketing that you talked about, Chris and David mentioned the AI. enabled drive-throughs in the release on the on the digital AI. marketing. Is that hyper-personalized push marketing in the app and other you mentioned it was a nice lift where you're rolling it out. Could you maybe give some more color about what that lift was and where the rollout is across your brands on the AI. voice drive-throughs in the U.S.? I'm wondering if that could be a nice profit driver for for Yum! Brands Inc. Brands of any reasons that without scale quickly in 2010, 95 and any offsets to the to the fees collected. Thanks very much.

謝謝，鮑伯。我想雙擊一些突出顯示人工智慧的數位計劃。克里斯和大衛提到了人工智慧，使數位行銷成為可能。在數位人工智慧的發布中啟用了免下車服務。行銷.應用程式中的超個人化推播行銷和您提到的其他應用程式是一個很好的提升，您正在推出它。您能否詳細說明一下這種提升是什麼以及您的品牌在人工智慧上的推廣情況。美國有語音免下車服務嗎？我想知道這是否可以成為百勝餐飲的一個很好的利潤驅動力！ Brands Inc. 品牌因任何原因而在 2010 年沒有迅速擴大規模，95 並抵消了所收取的費用。非常感謝。

Great. These two initiatives that we're very excited about. I'll provide a little more color on the AI. driven marketing business is something we're doing in a coordinated way across our three large brands in the US. We've run pilots in each of the brands. I'm not going to share any specific numbers on it. But I can tell you what enables it is our digital ecosystem. And it's really what we call the AI. factory within that ecosystem that leverages our massive data assets that we've built, which enable us to know our consumers.

偉大的。我們對這兩項舉措感到非常興奮。我會為人工智慧提供更多的色彩。驅動行銷業務是我們在美國的三大品牌以協調方式進行的工作。我們已經在每個品牌中進行了試點。我不會分享任何具體數字。但我可以告訴你，實現這目標的是我們的數位生態系統。這就是我們所說的人工智慧。該生態系統中的工廠利用我們建立的大量數據資產，使我們能夠了解我們的消費者。

If you think about the Taco Bell environment is leverages the fact that we have the Poseidon PLS in the store, the digital menu boards and the ability to actually bring these to life at the store and through our loyalty programs and through our connections with customers in the app. So we've got many ways to bring it to life five, but it essentially allows us to do more personalized tailoring of offers and to learn and refine much more rapidly than we could before.

如果您認為 Taco Bell 環境充分利用了這樣一個事實：我們店裡有 Poseidon PLS、數位菜單板，並且能夠透過我們的忠誠度計劃以及我們與客戶的聯繫，在店內將這些內容真正變為現實。應用程式.因此，我們有很多方法可以將其變為現實，但它本質上使我們能夠對報價進行更加個性化的定制，並且比以前更快地學習和完善。

So we're excited about the potential of this will continue to bring it to life across the brands and across markets as we progress on the voice side, yes, really were driven by how do we enhance the consumer and customer experience in our restaurants and how do we enhance the team member experience. And so far, the results and Taco Bell with voice say, I have been outstanding on both fronts. The customer response has been very positive. And our team members real, we enjoy having what they call an extra pair of hands in the restaurant to help them operate the store.

因此，隨著我們在語音方面取得進展，我們對這一潛力將繼續在各個品牌和各個市場中發揮作用感到興奮，是的，確實是由我們如何增強餐廳和客戶的體驗所驅動的。增強團隊成員的體驗。到目前為止，結果和塔可鐘用聲音說，我在兩方面都表現出色。客戶的反應非常積極。我們的團隊成員說實話，我們很高興在餐廳裡有他們所謂的額外幫手來幫助他們經營商店。

Our rollout pace this year has been much faster than we originally envisioned going into the year. And I think that speaks to how our operators are seeing the capability and how our franchisees are seeing stick-built.

我們今年的推出速度比我們最初設想的要快得多。我認為這說明了我們的運營商如何看待這種能力以及我們的特許經營商如何看待堅持建設。

Thank you. The next question comes from John Ivankoe from JP Morgan. Please go ahead.

謝謝。下一個問題來自摩根大通的約翰·伊万科。請繼續。

Hi, thank you very much. In your prepared remarks, you really did touch on many digital initiatives, many of which have yet to get to the hands of franchisees fully on, especially on a global basis. So the question is on a previous young language bending the curve on G&A. And if there's not a further opportunity and 2025 you're talking about at the rate longer term, how much of an opportunity do we have in your keys in a fee collection from franchisees that will significantly drive their own profitability and ease of running their own businesses? That kind of think about in a fee recapture, if you will, on a basis points of franchisee sales basis, I mean, your sales basis so big collecting even 50basis points or 100 basis points of franchise sales, that obviously be very significant in terms of your total G&A expense. I wanted to see if we could have an opportunity to date it kind of think about the longer-term potential of that.

你好，非常感謝你。在您準備好的發言中，您確實談到了許多數位舉措，其中許多舉措尚未完全落實到特許經營商手中，尤其是在全球範圍內。所以問題在於以前的年輕語言在 G&A 上彎曲了曲線。如果沒有進一步的機會，而且您所說的 2025 年從長遠來看，我們在向特許經營商收取費用方面有多少機會，這將顯著提高他們自己的盈利能力和經營自己的便利性企業？考慮一下費用收回，如果你願意的話，以特許經營商銷售的基點為基礎，我的意思是，你的銷售基礎如此之大，甚至包括50 個基點或100 個基點的特許經營銷售，這顯然是非常重要的您的總管理及行政費用。我想看看我們是否有機會約會，並考慮它的長期潛力。

Yes. Thanks, John. Just a couple of high-level comments on that. I know you and David asked a similar question in that regard. Our goal with technology is to give our franchisees the absolute best phthalate technology in the industry, better than any of our peers at the lowest possible cost better than the better than they can get anywhere else that that is our North Star.

是的。謝謝，約翰。對此只有一些高層評論。我知道你和大衛在這方面也問過類似的問題。我們的技術目標是為我們的特許經營商提供業內絕對最好的鄰苯二甲酸鹽技術，以盡可能低的成本比我們的任何同行都更好，比他們在其他任何地方都可以獲得的更好，這就是我們的北極星。

When it comes to tech, we know that if they get that tech in their restaurants and to drive sales and drives improvement in their business models like voice, AI is doing improving their margins by cutting labor, they'll build more stores. The top line will grow more. And that's that's the best way for us to leverage technology to drive profitability in the business. Of course, we're making investments. We will recover those investments. But Voice.

說到技術，我們知道，如果他們在餐廳中使用該技術，並推動銷售並推動語音等商業模式的改進，人工智慧正在透過削減勞動力來提高利潤，他們將開設更多商店。頂線將會成長更多。這就是我們利用科技提高業務獲利能力的最佳方式。當然，我們正在進行投資。我們將收回這些投資。但是聲音。

AI is great example. We're finding that to our franchisees that what we believe is a much lower cost than our competitive is competitors in the industry are having to pay for other third party solutions, and we will continue to do that. And that is our mission.

人工智慧就是一個很好的例子。我們發現，對於我們的特許經營商來說，我們認為比我們的競爭對手要低得多的成本是行業內的競爭對手必須為其他第三方解決方案付費，我們將繼續這樣做。這就是我們的使命。

Thank you, sir. Next question comes from David Tarantino from Robert W. Baird & Co., Inc. David, please go ahead.

謝謝您，先生。下一個問題來自 Robert W. Baird & Co, Inc. 的 David Tarantino。

Hi, good morning. My question, David, I think you mentioned that as part of your response to your question, the comp trend, Nissan and the third quarter carried over into Q4. I just wanted to make sure that that comment was directly related to Taco Bell and half the global business. And I guess secondly, I was wondering if you could comment on the KFC segment and the comparison we get are quite a bit better or easier in the fourth quarter, but I know you still have some macro pressures are dealing with. So in any sort of directional commentary on the KFC business and how we should think about that for the fourth quarter would be great. Thanks.

嗨，早安。我的問題，大衛，我想你在回答問題時提到了這一點，即比較趨勢、日產和第三季延續到第四季。我只是想確保這個評論與塔可鐘和全球一半的業務直接相關。其次，我想知道您是否可以對肯德基細分市場發表評論，我們在第四季度得到的比較要好得多或更容易，但我知道您仍然面臨一些宏觀壓力。因此，對肯德基業務的任何方向性評論以及我們應該如何考慮第四季度的情況都會很棒。謝謝。

But I hope you have the comment was on Taco Bell. In terms of sales trends, where we sit in the quarter, we feel good about being able continued momentum from Q3. But in the US and internationally, of course, talk about a little bit easier to forecast because Taco Bell's global store footprint is really unaffected by the conflict. It's a lot harder to forecast. Kfc at what I will say is we haven't really gotten to the point where even though we're passed the one-year anniversary of the conflict, we haven't gotten to the point where it's it really started to impact sales. So we don't know how sales will behave on once we get to that last. But certainly, the lab will get better. And that should lead to a change in trajectory of KFC sales.

但我希望你對塔可鐘有評論。就本季的銷售趨勢而言，我們對能夠從第三季繼續保持成長勢頭感到滿意。但在美國和國際上，當然，談論預測會更容易一些，因為塔可鐘的全球商店足跡確實沒有受到衝突的影響。預測要困難得多。我要說的是，肯德基還沒有真正達到這樣的程度：儘管我們已經過了衝突一周年，但我們還沒有達到真正開始影響銷售的程度。因此，我們不知道一旦到達最後一步，銷售情況將如何。但可以肯定的是，實驗室會變得更好。這應該會導致肯德基銷售軌跡發生變化。

Thank you Now hand over to David Gibbs for closing remarks.

謝謝 現在請大衛吉布斯致閉幕詞。

Great. I appreciate everybody's time today. We're excited about the upcoming January 28th Taco Bell Investor Day. So if you don't have that circle that under Calendar of with, please do and we're looking forward to seeing you out in Irvine, California, no events for that meeting. We've got a lot of exciting stuff to share about Taco Bell expert buy stock today.

偉大的。我很感謝大家今天抽出時間。我們對即將到來的 1 月 28 日塔可鐘投資者日感到非常興奮。因此，如果您在“日曆”下沒有那個圓圈，請這樣做，我們期待在加利福尼亞州歐文市見到您，但該會議沒有活動。今天我們有很多關於塔可鐘專家購買股票的令人興奮的事情要分享。

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

今天的電話會議到此結束。感謝大家的加入。現在您可以斷開線路。