百勝餐飲集團 (YUM) 2024 Q3 法說會逐字稿

Welcome, everyone, to the Yum!

歡迎大家來到百勝餐飲集團！

Brands 2024 third-quarter earnings call.

Brands 2024 年第三季財報電話會議。

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

我叫勞倫，今天我將協調您的電話。

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

（操作員指示）我現在將把您交給投資者關係主管馬特·莫里斯（Matt Morris）開始。

Please go ahead.

請繼續。

Thanks, operator.

謝謝，接線生。

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

大家早安，感謝您加入我們。

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

今天參加我們電話會議的是我們的執行長 David Gibbs；克里斯‧特納，我們的財務長；以及我們的資深副總裁兼公司財務長 Dave Russell。

Following remarks from David and Chris will open the call to questions.

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.

在我們開始之前，請注意，本次電話會議包含前瞻性陳述，這些陳述受到未來事件和不確定性的影響，可能導致我們的實際結果與這些陳述有重大差異。

All forward-looking statements are made only as of the date of this call and should be considered in conjunction with the cautionary statements in our earnings release and the risk factors included in our filings with the SEC.

所有前瞻性陳述僅在本次電話會議之日作出，並應與我們的收益發布中的警示性陳述以及我們向 SEC 提交的文件中包含的風險因素結合考慮。

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

此外，請參閱我們的收益發布以及我們向 SEC 提交的文件的相關部分，以查找非 GAAP 財務指標和今天電話會議中使用的其他指標的揭露、定義和調整。

Please note that during today's call, [off-system] sales growth and operating profit growth results exclude the impact of foreign currency.

請注意，在今天的電話會議中，[系統外]銷售成長和營業利潤成長結果排除了外匯的影響。

As a reminder, several of the Yum!

提醒一下，有幾個百勝餐飲！

Brands business units report on a period calendar basis, including all US and Canada brands, KFC UK, and KFC Australia.

品牌業務部門按週期進行報告，包括所有美國和加拿大品牌、肯德基英國和肯德基澳大利亞。

When forecasting 2024, please keep in mind, this year will include an extra week in the fourth quarter for those entities.

在預測 2024 年時，請記住，今年這些實體的第四季將多出一週。

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曆的更多信息，請訪問 IR 網站的財務報告部分。

We are broadcasting this conference call via our website.

我們透過我們的網站廣播本次電話會議。

This call is also being recorded and will be available for playback.

此通話也將被錄音並可供回放。

We would like to make you aware of upcoming investor events.

我們想讓您了解即將舉行的投資者活動。

Our in-person Taco Bell Consumer Day will be held Tuesday, January 28, in downtown Los Angeles.

我們的現場 Taco Bell 消費者日將於 1 月 28 日星期二在洛杉磯市中心舉行。

Taco Bell Consumer Day will take place in the morning and will be preceded by Taco Bell's iconic Live Moss Live event.

Taco Bell 消費者日將於上午舉行，之前將舉辦 Taco Bell 標誌性的 Live Moss Live 活動。

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

由於容量有限，這兩項活動均僅限受邀參加。

However, direct requests can be made by contacting IR at yuminvestormailbox@yum.com. Our fourth-quarter earnings will be released on February 5, with a conference call on the same day.

不過，您可以透過 yuminvestormailbox@yum.com 聯絡 IR 提出直接要求。我們將於 2 月 5 日發布第四季財報，並於同日召開電話會議。

Now, I'd like to turn the call over to David Gibbs.

現在，我想把電話轉給大衛吉布斯。

Thank you, Matt, and good morning, everyone.

謝謝你，馬特，大家早安。

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: Taco Bell US, which meaningfully outperformed the industry on comp sales; and KFC International, which meaningfully outperformed on unit growth.

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%，本季度充分發揮了我們雙增長引擎的真正優勢：Taco Bell US，其在可比銷售方面明顯優於行業；肯德基國際的單位成長明顯優於肯德基國際。

Although the US QSR industry experienced negative traffic trends in Q3, Taco Bell US posted an impressive 4% increase in same-store sales and led the industry in Q3 on value perception among all QSR users.

儘管美國 QSR 行業在第三季度經歷了客流量下降趨勢，但 Taco Bell US 的同店銷售額增長了 4%，令人印象深刻，並且在所有 QSR 用戶的價值感知方面在第三季度領先於行業。

Taco Bell delivered another quarter of significant market share gains, driven by the execution of the brand's magic formula involving brand buzz, value, category entry points, and digital engagement.

塔可鐘 (Taco Bell) 在執行品牌神奇公式（涉及品牌知名度、價值、品類切入點和數位參與度）的推動下，市場份額又實現了四分之一的大幅增長。

Taco Bell's competitive advantages in innovation, value leadership at compelling price points, and strong consumer connection are clear reasons why the brand remains a category of one when it comes to winning with consumers in any economic environment.

塔可鐘在創新方面的競爭優勢、在極具吸引力的價格點上的價值領先地位以及強大的消費者聯繫是該品牌在任何經濟環境下贏得消費者青睞的明顯原因。

Our other twin growth engine, KFC International, delivered 9% year-over-year unit growth, an incredible result that 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.

我們的另一個雙成長引擎，肯德基國際，實現了9% 的同比單位成長，這是一個領先所有主要競爭對手的令人難以置信的結果，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未來的信心。

KFC International's development was diverse, spanning 64 countries.

肯德基國際的發展是多元化的，橫跨64個國家。

Furthermore, gross unit openings year to date are up nearly 150 units over last year.

此外，今年迄今新開的單位總數比去年增加了近 150 個單位。

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.

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 excellence while leveraging the brand scale, strengthening the competitive mode that has helped KFC grow successfully around the globe in 150 countries, an achievement that few global brands have ever accomplished.

這些中心將推動卓越營運和行銷，同時利用品牌規模，強化競爭模式，幫助肯德基在全球 150 個國家取得成功，這是少數全球品牌能夠實現的成就。

And it's no secret that the global macroeconomic environment remains complex.

全球宏觀經濟環境依然複雜，這已不是什麼秘密。

In many parts of the world, our brands are delivering outstanding growth and outperforming the competition.

在世界許多地方，我們的品牌正在實現出色的成長並超越競爭對手。

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.

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。

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.

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。

In some other geographies, 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.

在其他一些地區，我們的業績沒有達到我們的預期，我們的團隊正在與我們的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盈利能力。

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.

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.

由於中東衝突的影響，最明顯的區域阻力仍然是中東、印尼和馬來西亞。

In these markets.

在這些市場中。

KFC same-store sales declines have generally ranged between 15% and 45% throughout the year, including Q3.

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。

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 Americana, our largest partner in the Middle East, who can weather temporary headwinds like this over extended periods.

我們很幸運，我們的絕大多數餐廳都掌握在全球技術精湛、資本充足的特許經營商手中，其中包括我們在中東最大的合作夥伴 Americana，他們能夠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 of these sales impacts are affecting the financial health of our less scaled or less well-capitalized partners, particularly those whose restaurants have been most heavily impacted by the Middle East conflict.

然而，在一些孤立的案例中，這些銷售影響的規模和持續時間正在影響我們規模較小或資本較差的合作夥伴的財務健康狀況，特別是那些餐廳受中東衝突影響最嚴重的合作夥伴。

We are working closely with those specific partners to help them navigate the challenges and implement tactical and strategic changes, including pricing studies, introducing new value offerings, and adjusting development schedules to improve profitability and position the business for a healthy growth in the future.

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、引入新的價值產品以及調整開發計劃，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 geopolitical pressures have grown over time to meaningfully, but less severely, impact certain markets beyond the Middle East, Malaysia, and Indonesia.

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那麼嚴重的影響。

As an example, we have seen in the UK, Australia, and New Zealand that KFC same-store sales performance in certain individual stores has been significantly impacted.

例如，我們在英國、澳洲和紐西蘭看到肯德基個別門市的同店銷售業績受到了顯著影響。

Importantly, these specific pressures have been location-specific and not indicative of broader global trends.

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, excluding China, that we believe were not materially impacted by the Middle East conflict, reported an encouraging low-single-digit increase in same-store sales.

具體而言，我們認為除中國外的肯德基市場並未受到中東衝突的重大影響，其同店銷售額出現了令人鼓舞的低個位數成長。

As we shift to the US, the overall QSR industry is navigating a complex consumer environment.

當我們轉向美國時，整個速食產業正在經歷一個複雜的消費者環境。

Of course, our scale and digital capabilities are an even bigger advantage right now.

當然，我們的規模和數位能力現在是一個更大的優勢。

And our powerhouse Taco Bell business, which represents 75% of our U.S. profit, is thriving.

我們的巨頭 Taco Bell 業務（占我們美國利潤的 75%）正在蓬勃發展。

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 strategies to create a step change in the results.

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，他們正在透過修訂策略來實現結果的階躍變化。

Overall, we achieved 5% unit growth year over year, an impressive outcome considering the obstacles faced by our teams.

總體而言，我們的銷售量年增了 5%，考慮到我們團隊面臨的障礙，這是一個令人印象深刻的成果。

Closures have temporarily increased this year, primarily in markets dealing with impacts from the Middle East conflict and in China.

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。

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 our 5% unit growth target.

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，並使我們交付5 % 單位的能力面臨風險。

Given the lower volume nature of these units, we would not expect a material financial impact on their closure.

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。

While 2024 unit growth will reflect a temporary reset on unit closures, we're encouraged at the pace of our gross unit openings that Chris will discuss in more depth.

雖然 2024 年單位增長將反映出單位關閉的暫時重置，但我們對總單位開業的速度感到鼓舞，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.

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。

Now, let me highlight our Relevant, Easy, and Distinctive brands, or RED for short, in more detail, followed by our unrivaled culture and talent and good growth strategy.

現在，讓我更詳細地強調我們的相關、簡單和獨特的品牌（簡稱 RED），然後是我們無與倫比的文化和人才以及良好的成長策略。

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.

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%, as significant unit growth was offset by the aforementioned Middle East conflict impact and transaction softness in several regions navigating constrained consumer spending.

從占我們部門營業利潤 50% 的肯德基部門開始，系統銷售額增長了 1%，因為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抵消了單位數量的顯著增長。

Such challenges have led competitors to introduce incremental value offers, namely, to capture low-ticket transactions in markets such as the UK, France, and India.

這些挑戰促使競爭對手推出增量價值產品，即在英國、法國和印度等市場捕獲低價交易。

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, and Korea.

好消息是，儘管存在品類逆風，我們仍在幾個最大的國際市場中獲得或維持份額，並且在墨西哥、波蘭和韓國等市場看到了積極的交易成長。

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.

我們還在非洲、拉丁美洲和加勒比地區等較大地區保持了系統銷售的高速成長，我們在這些地區受益於產品創新和更穩定的消費環境。

Helping KFC to remain agile has been the focus of its robust digital strategy.

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 3 percentage points over the previous quarter on expanding kiosk and click-and-collect channels.

由於自助服務終端和點擊取貨管道的擴大，數位組合目前已超過 55%，比上一季增加了 3 個百分點。

In the US, limited time offers underperformed expectations due to a more intense competitive environment, particularly within the chicken QSR category.

在美國，由於競爭環境更加激烈，特別是在雞肉快餐類別中，有限的時間表現低於預期。

In Q4, the team will focus on strengthening its value proposition and has recently introduced boneless innovation like Original Recipe chicken tenders.

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。

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.

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。

Moving on to Taco Bell, which contributes 37% of our divisional operating profit, system sales grew 5%, driven by a 4% increase in same-store sales.

塔可鐘 (Taco Bell) 貢獻了我們部門營業利潤的 37%，在同店銷售額增長 4% 的推動下，系統銷售額增長了 5%。

This quarter, Taco Bell gained momentum with the launch of the Cheesy Street to Chalupas, marking the brand's first innovation on the Cantina chicken platform.

本季度，Taco Bell 推出了 Cheesy Street to Chalupas，這標誌著該品牌在 Cantina 雞肉平台上的首次創新，從而獲得了動力。

Further momentum came from the reintroduction of the Cheez-It and investing behind the $7 Luxe cravings box.

進一步的動力來自 Cheez-It 的重新推出以及對 7 美元 Luxe 渴望盒的投資。

The team tapped into Cheesy Street Chalupa innovation to drive delivery sales by offering exclusive access to an aggregator's premium members, which led to seven daily sales records for the aggregator during the quarter.

該團隊利用 Cheesy Street Chalupa 創新技術，透過向聚合商的高級會員提供獨家訪問權限來推動送貨銷售，這使得該聚合商在本季度創下了七項每日銷售記錄。

Toward the end of the quarter, the team made a strategic move to make breakfast optional for our franchise partners, providing greater flexibility to spend our marketing dollars more effectively on growth drivers such as Cantina chicken and our Cravings Value Menu.

到本季末，團隊採取了一項戰略舉措，為我們的特許經營合作夥伴提供了早餐可選服務，從而提供了更大的靈活性，可以更有效地將我們的營銷資金用於增長動力，例如Cantina 雞肉和我們的Cravings Value 菜單。

These are platforms where our marketing spend has had significant success, building new and very profitable sales layers.

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。

We expect the net impact from these changes to be less than a 1 point headwind to same-store sales growth.

我們預計這些變化對同店銷售成長的淨影響將小於 1 個百分點。

We intend to reintroduce breakfast in the future with a bolder, more distinctive Taco Bell approach.

我們打算在未來以更大膽、更獨特的 Taco Bell 方式重新推出早餐。

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.

在另一個涉及透過忠誠度計畫實現成長的策略重點中，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, where Taco Bell US has implemented the majority of the Yum!'s

在數位方面，Taco Bell US 實作了 Yum! 的大部分內容

digital and technology platforms, digital sales grew an amazing 30% year over year.

在數位和技術平台方面，數位銷售額較去年同期成長驚人的 30%。

Internationally, Taco Bell focused on executing its three core pillars: brand, food, and value, leading to positive same-store sales growth for the quarter.

在國際上，塔可鐘專注於執行其三大核心支柱：品牌、食品和價值，導致本季度同店銷售實現積極成長。

Very encouragingly, that momentum has continued into Q4.

非常令人鼓舞的是，這種勢頭一直持續到第四季。

To strengthen brand relevance, the team is connecting more with local cultures, including most recently in the UK with the launch of Encore Hours, allowing stores to stay open late near music venues to serve fans after shows.

為了增強品牌相關性，該團隊正在更多地與當地文化建立聯繫，包括最近在英國推出了 Encore Hours，允許音樂場所附近的商店營業至深夜，以便在演出結束後為粉絲提供服務。

We were also pleased to see our first equity store opened in the UK in late October with a very encourage consumer response, giving us confidence in our accelerated investment in the brand internationally.

我們也很高興看到我們的第一家股權商店於 10 月底在英國開業，消費者的反應非常鼓舞人心，這讓我們對在國際上加速對該品牌的投資充滿信心。

Clearly, Taco Bell International has the potential to be a third growth engine for Yum!

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！

for many years to come.

未來很多年。

At Pizza Hut, which represents 13% of our divisional operating profit, system sales declined 1% as the same-store sales decline of 4% was partially offset by 2% unit growth.

在占我們部門營業利潤 13% 的必勝客，系統銷售額下降了 1%，因為同店銷售額下降 4% 被單位數量增長 2% 部分抵消。

The third quarter started strong in the US with momentum from My Hut Box and a robust marketing plan for the Chicago Tavern-Style pizza, which translated to positive traffic growth for the full quarter and ahead of the QSR industry.

由於 My Hut Box 的強勁勢頭以及芝加哥酒館式披薩的強勁營銷計劃，第三季度在美國市場表現強勁，這轉化為整個季度的客流量正增長，且領先於快餐行業。

However, product news and bounce-back offers were not sufficient to compete against deep value offers in the market.

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。

Throughout the quarter, several markets became more intentional in pursuing value, including China, India, and countries within the Middle East.

整個季度，多個市場變得更加有意追求價值，包括中國、印度和中東國家。

As an example, in some of our pressured markets, we shifted towards a lower price point value over abundant value.

例如，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。

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 next year.

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，併計劃明年改進和擴大我們的消費者關係管理和忠誠度平台。

Lastly, at Habit Burger & Grill, while overall sales remained under pressure during the third quarter, there were encouraging signs of momentum as the quarter progressed.

最後，在 Habit Burger & Grill，雖然第三季的整體銷售仍然面臨壓力，但隨著季度的進展，出現了令人鼓舞的勢頭跡象。

Same-store sales trends improved each period in the quarter as the team leveraged recent accolades, including being recognized as having been number one grilled chicken sandwich by Daily Meal and the number one fast-food burger and side by USA Today.

該團隊利用最近的榮譽，包括被《每日膳食》評為排名第一的烤雞肉三明治以及被《今日美國》評為排名第一的快餐漢堡和配菜，本季度每個時期的同店銷售趨勢都有所改善。

These accolades were impressive, given many of the other contenders have a broader national presence with larger store footprints.

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。

Clever marketing efforts combined with refinements to Habits's media mix using Yum!'s

巧妙的行銷努力與使用 Yum! 的 Habits 媒體組合的改進相結合

proprietary marketing analytics platform, successfully ignited consumer excitement, driving visits to the brand to experience the award-winning Double Char and tempura green beans.

專有的行銷分析平台成功激發了消費者的熱情，吸引了對品牌的參觀，體驗屢獲殊榮的雙炭和天婦羅青豆。

I'm pleased to see this positive momentum continue into the fourth quarter.

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.

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。

A hallmark of Yum!

百勝餐飲集團的標誌！

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.

我們業績的關鍵驅動力是我們強大的人才基礎，包括我們一群出色的領導者，他們隨時準備好承擔更大的角色。

I'd like to start by congratulating Erika Burkhardt, who was recently promoted to Chief Legal Officer and Corporate Secretary for Yum!.

首先，我要祝賀 Erika Burkhardt，最近晉升為百勝集團首席法務官兼公司秘書。

Erika is a seasoned and respected leader throughout Yum!, who has been with the company for over 20 years.

Erika 是百勝餐飲集團一位經驗豐富且受人尊敬的領導者，已在該公司工作了 20 多年。

She leads by example and has earned the trust of our peers and teams alike, providing invaluable insight and counsel on key initiatives across Yum!

她以身作則，贏得了我們同行和團隊的信任，為百勝集團的關鍵舉措提供了寶貴的見解和建議！

and our brands.

和我們的品牌。

I would also like to recognize her predecessor, Scott Catlett, for his years of service and the tremendous impact he made at Yum!

我還要感謝她的前任 Scott Catlett，感謝他多年的服務以及他在百勝集團所產生的巨大影響！

and our brands as he starts a new chapter outside of the company.

和我們的品牌，他在公司之外開啟了新的篇章。

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 President of Yum!'s

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 已被任命為 Yum!'s 總裁

Digital and Restaurant Technology Ecosystem in addition to his overall Chief Digital and Technology Officer role.

除了他的整體首席數位和技術官角色之外，還擔任數位和餐廳技術生態系統。

He's doing a fantastic job bringing our vision to life for a fully collaborative digital and technology team across Yum!

他出色地完成了我們的願景，將我們在百勝餐飲集團建立一個全面協作的數位和技術團隊的願景變為現實！

and is reinventing how the team works to drive increased consistency and efficiency in tools and processes as well as greater deployment of AI-driven capabilities, leveraging our global data assets and scaling our proprietary technology.

並正在重塑團隊的工作方式，以提高工具和流程的一致性和效率，並更好地部署人工智慧驅動的功能，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 years, we brought nearly 200 of our [most] senior leaders from around the world together for our Global Leadership Summit.

同樣在本季度，我們兩年多來首次召集了來自世界各地的近 200 名[最]高級領導人齊聚一堂，參加我們的全球領導力高峰會。

Our technology leaders at the summit made up the largest functional group, demonstrating our focus on leaning into our digital leadership and our investments in AI.

我們在高峰會上的技術領導者組成了最大的職能小組，展示了我們對數位化領導力和人工智慧投資的關注。

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.

我們展示了我們在良好成長歷程中所取得的進展，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的成長，從而重塑我們的業務運作方式。

Moving on to the planet pillar of our good growth strategy.

繼續我們良好成長策略的地球支柱。

Just last month, we published our Annual Global Citizenship and Sustainability Report.

就在上個月，我們發布了年度全球公民和永續發展報告。

This report highlights Yum!'s long-standing

這份報告強調了 Yum! 的長期成就

dedication and continued progress and investments in our three priority pillars of people, food, and planet.

對人類、糧食和地球這三個優先支柱的奉獻精神、持續進步和投資。

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.

我們預計在 2030 年將溫室氣體排放量減少近 50%，並以我們統一的跨品牌包裝政策為基礎，繼續在永續包裝方面取得進展。

In closing, in a difficult operating environment, we are encouraged by the underlying strength of the fundamentals of our business.

最後，在困難的經營環境中，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 US and strong franchisee investment and unit expansion in KFC International.

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股票收益和肯德基國際公司強大的加盟商投資和部門擴張來展示他們的獨特之處。

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.

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。

Importantly, our teams are making great progress in ushering our brands into the next era, leveraging Yum!'s

重要的是，我們的團隊利用百勝餐飲集團的優勢，在引領我們的品牌進入下一個時代方面取得了巨大進展

scale and digital and technology capabilities to improve sales and operations, leading to improved franchisee profitability and value creation for our shareholders.

規模以及數位和技術能力，以改善銷售和運營，從而提高特許經營商的盈利能力並為股東創造價值。

With that, Chris, over to you.

克里斯，接下來就交給你了。

Thank you, David, and good morning, everyone.

謝謝大衛，大家早安。

Today, I'll discuss our financial results, our bold restaurant development and unmatched operating capability, growth drivers, our balance sheet and capital strategy, and provide an update on our outlook for the remainder of the year.

今天，我將討論我們的財務表現、我們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。

Turning to our third-quarter financial results, system sales grew 1%, driven by 5% unit growt.

轉向我們第三季的財務業績，在 5% 的銷售成長的推動下，系統銷售額成長了 1%。

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 East conflict.

隨著第三季的進展，由於美國環境面臨更大的挑戰、中國的疲軟趨勢以及中東衝突的持續壓力，銷售趨勢低於我們的預期。

Ex-special G&A was $252 million for the quarter, less than anticipated due to lower performance-based compensation.

本季除特殊管理費用為 2.52 億美元，由於基於績效的薪酬較低，低於預期。

Reported G&A was $263 million, including $11 million of special expense related to our ongoing resource optimization program.

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計劃相關的 1100 萬美元特殊費用。

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.

餐廳層面的利潤率為 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。

Core operating profit grew 3%.

核心營業利潤成長3%。

Third quarter ex-special EPS was $1.37. Our ex-special tax rate was higher year over year at 24%, translating to a $0.09 year-over-year EPS headwind.

第三季扣除特別費用的每股盈餘為 1.37 美元。我們的前特別稅率年增至 24%，意味著 EPS 年減 0.09 美元。

Now, on to development.

現在，開始開發。

In the third quarter, we achieved a significant development milestone, surpassing 60,000 restaurants worldwide.

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.

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。

KFC drove Yum!'s

肯德基帶動了百勝餐飲集團的發展

unit growth with the team opening 685 gross units led by China, India, Thailand, and Japan.

單位數量增長，以中國、印度、泰國和日本為首的團隊開設了 685 個總單位。

Notably, we've seen an acceleration this past year in net new unit expansion in markets like Italy, the Philippines, and South Africa.

值得注意的是，去年我們看到義大利、菲律賓和南非等市場的新單位淨擴張加速。

Most of our key KFC markets reported paybacks less than five years.

我們大多數主要的肯德基市場報告的投資回收期不到五年。

And as a result, we continue to see a strong appetite by franchisees for unit growth.

因此，我們繼續看到加盟商對單位成長的強烈興趣。

In Saudi Arabia, for example, we expect our store count this year to grow by nearly 30 restaurants with paybacks still under three years despite conflict-related sales pressures.

例如，在沙烏地阿拉伯，我們預計今年的門市數量將增加近 30 家，儘管存在與衝突相關的銷售壓力，但投資回報期仍將低於三年。

Turning to Pizza Hut, we added 63 units this quarter, driven by 292 gross unit openings, offset by 229 closures.

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 家門市所抵銷。

New unit openings were led by China, India, and the United States.

新單位開設數量最多的是中國、印度和美國。

Taco Bell added nearly 50 gross units led by the US, while 14 other countries contributed to growth.

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。

Recall, Yum!

回想一下，嗯！

China went through a portfolio restructuring earlier this year, resulting in 60 closures in the first half of the year.

中國今年稍早進行了投資組合重組，導致上半年關閉了 60 家。

Excluding China, Taco Bell International unit count increased 7% year over year.

不包括中國，塔可鐘國際單位數量較去年同期成長 7%。

Last month, we also opened our first store in Bosnia and our first equity store in the UK.

上個月，我們還在波士尼亞開設了第一家商店，在英國開設了第一家股票商店。

We expect to open several equity Taco Bell UK stores by year end, providing a fantastic test bed to generate insights, to guide the business model, including in innovation, pricing, technology, and restaurant experience.

我們預計到年底將在英國開設幾家 Taco Bell 股權店，為產生見解和指導商業模式（包括創新、定價、技術和餐廳體驗）提供絕佳的測試平台。

Moving to our digital and technology initiatives, we continue to make great progress on both of the parallel phases of our journey.

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。

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.

回想一下，第一階段的重點是獲取、建構和擴展一套全面的平台，以實現數據的所有權、數位生態系統的控制、創新速度和成本優勢。

These foundational platforms include Poseidon, our Yum-owned cloud-first point of sale system, our e-commerce engine, our delivery optimization platform, Dragon Tail, SuperApp, an 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.

這些基礎平台包括百勝集團旗下的雲端優先銷售點系統 Poseidon、電子商務引擎、配送優化平台、龍尾、SuperApp（面向團隊成員、餐廳總經理和區域教練的綜合餐廳管理平台） ，以及一個可擴展的全球數據平台，其中包含我們超過80% 的交易數據。

In the second phase, we are focused on maximizing the value creation potential of our platforms through AI and by leveraging our extensive data assets.

在第二階段，我們專注於透過人工智慧和利用我們廣泛的數據資產來最大限度地發揮我們平台的價值創造潛力。

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.

我們相信，透過令人興奮的創新，我們仍然只是觸及了我們能力的全部價值創造潛力的表面，這些創新包括一鍵式勞動力調度和庫存管理、消費者反饋儀表板、品質控制監控和個性化人工智能驅動的行銷等等。

Let me now discuss additional digital and technology accomplishments for Q3 across our easy experiences, easy operations, and easy insights pillars.

現在讓我討論第三季度在我們的簡單體驗、簡單操作和簡單洞察支柱方面的其他數位和技術成就。

I'll begin with our easy experiences pillar, focused on providing frictionless experiences to our consumers.

我將從我們的輕鬆體驗支柱開始，專注於為消費者提供無摩擦的體驗。

Taco Bell is currently working on two significant digital initiatives in the drive-through: voice AI and loyalty program enhancements.

塔可鐘目前正在汽車餐廳中開展兩項重要的數位措施：語音人工智慧和忠誠度計畫增強。

Drive-through voice.

駕車通過的聲音。

AI continue to scale across our network with many franchisees eager to test this new innovation.

人工智慧繼續在我們的網路中擴展，許多特許經營商渴望測試這項新的創新。

To date, we have processed over 2 million 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.

迄今為止，我們已經處理了超過 200 萬個成功訂單，該系統現已在 300 多家 Taco Bell 美國商店中使用，使 Taco Bell 成為全球最大的 QSR 語音人工智慧品牌。

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.

在忠誠度方面，塔可鐘正在利用其互聯的生態系統，讓忠誠度消費者在得來速和售貨亭識別自己的身份，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 Q3, and we're encouraged with early results, which clearly show an increase in sign-ups and in daily loyalty transactions, all without an impact to speed of service.

第三季度，該計劃已推廣至 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，而所有這些都沒有影響服務速度。

As required enablers of these technologies, we have accelerated deployment of digital menu boards to now over 6,000 restaurants.

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。

Digital menu boards will be at Taco Bell brands standard in 2025, along with Yum!'s

數位菜單板將於 2025 年與 Yum! 一起符合 Taco Bell 品牌標準

proprietary point-of-sale system, Poseidon.

專有的銷售點系統 Poseidon。

Our other key initiative under this pillar is the rollout of Yum!'s e-commerce

我們在這支柱下的另一個關鍵舉措是推出百勝餐飲集團的電子商務

engine.

引擎。

We completed migration of a substantial portion of Pizza Hut's US traffic in the quarter and are on track to complete migration by year end.

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 Yum!

我們最近也推出了 Yum!

e-commerce engine in Pizza Hut UK, our second international Pizza Hut market and will target two new Pizza Hut International markets before year end

必勝客英國的電子商務引擎，這是我們的第二個國際必勝客市場，並將在年底前瞄準兩個新的必勝客國際市場

Next, I'll discuss our easy operations pillar, where we continue to deploy our world-class technology to provide our franchisees and team members with the capabilities to operate their stores more effectively and efficiently.

接下來，我將討論我們的輕鬆營運支柱，我們將繼續部署世界一流的技術，為我們的特許經營商和團隊成員提供更有效和高效地經營商店的能力。

This quarter, we started to expand SuperApp to KFC US, now having reached 50 countries and nearly 5,000 KFC and 8,000 Pizza Hut stores with the technology.

本季度，我們開始將 SuperApp 擴展到美國肯德基，目前該技術已覆蓋 50 個國家、近 5,000 家肯德基和 8,000 家必勝客門市。

We are planning to nearly double the KFC penetration by year end.

我們計劃在年底將肯德基的滲透率提高近一倍。

Recall, SuperApp is our modular restaurant management platform that offers a suite of products to managers and team members to simplify their jobs and improve operations.

回想一下，SuperApp 是我們的模組化餐廳管理平台，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。

This quarter.

本季。

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.

我們還實現了人工智慧驅動的勞動力調度的顯著規模，目前已在超過 5,000 家 Taco Bell 美國商店使用，推動了勞動力計劃準確性和勞動力效率的顯著提高。

At Taco Bell, we now have AI-powered forecast driving both our labor scheduling and inventory management processes.

在 Taco Bell，我們現在擁有人工智慧驅動的預測來驅動我們的勞動力調度和庫存管理流程。

We expect to scale these solutions to our other brands throughout 2025.

我們預計在 2025 年將這些解決方案擴展到我們的其他品牌。

Lastly, I'll discuss our easy insights pillar.

最後，我將討論我們的簡單見解支柱。

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

本季度，我們成功推出了個人化的人工智慧驅動的行銷活動，相對於傳統的數位行銷活動，消費者參與度顯著提高，從而導致購買量增加和消費者減少

[churn].

[攪拌]。

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.

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，我們預計它能夠廣泛、輕鬆地跨品牌擴展。

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

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。

Net capital expenditures for the quarter were $34 million, reflecting $52 million in gross CapEx and $18 million in refranchising proceeds.

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。

We repurchased 2.1 million shares totaling $277 million.

我們回購了 210 萬股股票，總價值 2.77 億美元。

Our net leverage ratio ended the quarter at 4.1 times.

本季末我們的淨槓桿率為 4.1 倍。

As a reminder, we have no debt maturities until 2026.

提醒一下，我們在 2026 年之前沒有債務到期。

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.

我們的資本優先事項保持不變，投資於業務，保持有彈性的資產負債表，提供有競爭力的股息，並將多餘的現金回饋給股東。

Before I close, let me touch on the outlook for the balance of 2024.

在結束之前，讓我先談談 2024 年的展望。

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.

我們預計第四季度核心營業利潤成長將為中高個位數，不包括第 53 週的貢獻，我們預計該利潤將增加約 3,500 萬美元。

Of course, precise forecasting is difficult in this environment.

當然，在這種環境下進行精確預測是很困難的。

To finish with guidance, we expect Taco Bell fourth-quarter company-operated store margins to be in the range of 23% to 24%.

最後，我們預計 Taco Bell 第四季公司自營店的利潤率將在 23% 至 24% 之間。

And lastly, our Q4 net interest expense to be just under $140 million.

最後，我們第四季的淨利息支出略低於 1.4 億美元。

Taking into consideration the challenging environment, I am incredibly proud of our team's perseverance to open approximately 4,500 gross new restaurants or roughly one store every two hours and in via the restaurant industry.

考慮到充滿挑戰的環境，我對我們的團隊堅持不懈地透過餐飲業每兩小時開設約 4,500 家新餐廳或大約一家商店感到無比自豪。

Into next year, we'll continue our focus on capturing the global white space opportunity that offers significant runway for our iconic brands.

進入明年，我們將繼續專注於抓住全球空白機遇，為我們的標誌性品牌提供重要的跑道。

I'm excited by our continued progress in transforming Yum!

我對我們在百勝餐飲轉型方面不斷取得的進展感到興奮！

into a digital multi-brand powerhouse.

成為數位化多品牌巨頭。

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.

我們期待在一月份即將舉行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。

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

接線員，我們已經準備好回答任何問題了。

(Operator Instructions) Gregory Francfort, Guggenheim Securities.

（操作員指示） Gregory Francfort，古根漢證券公司。

Hey, thanks for the question.

嘿，謝謝你的提問。

My question is going to be on operating profit growth, but thanks for the thoughts in the fourth quarter.

我的問題是關於營業利潤成長，但感謝您在第四季度的想法。

I think that leaves you a little bit below the 8% growth for this year.

我認為這使得今年的成長率略低於 8%。

I guess, as you look out to next year, how confident are you in getting that back up to 8%?

我想，當你展望明年時，你對將這一比例恢復到 8% 有多大信心？

And what's the bridge maybe from what the outlook looks like this year to what might be the contributors next year?

從今年的前景到明年的貢獻者可能有什麼橋樑？

Thanks.

謝謝。

Yeah, Greg.

是的，格雷格。

This year -- year to date, we've got 6% core operating profit growth in a really challenging environment.

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。

So when we step back and look at that, we think that demonstrates the strength and resilience of our business model.

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。

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.

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.

因此，我們調整了第四季的預期。

Of course, that on a full-year basis, if you flow through what we said about Q4, we'd likely will end the year below our operating profit algorithm for 2024.

當然，在全年的基礎上，如果你回顧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。

But of course, the main driver of that was this conflict situation.

但當然，主要驅動因素是這種衝突局勢。

Without that, we would have had a very strong year and been on or above the algorithm.

如果沒有這一點，我們將度過非常強勁的一年，並達到或超越演算法。

And of course, we've delivered that while still investing in things that drive the long-term health of the business.

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。

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.

在數位和人工智慧方面的大量投資，我們討論了快速發展的語音人工智慧、行銷驅動的人工智慧，以及業界正在發生的 40 個其他人工智慧驅動的項目。

So that resilient business model and investing in the long-term growth of the business.

使業務模式具有彈性並投資於業務的長期成長。

We're still working through the plans for 2025.

我們仍在製定 2025 年的計劃。

We'll share an update as we always do on the next call.

我們將像往常一樣在下次通話中分享最新消息。

But there's no major things that are unusual right now as we look at that 2025 plan.

但當我們審視 2025 年計畫時，目前並沒有什麼不尋常的重大事情。

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。

(Operator Instructions) Brian Bittner, Oppenheimer.

（操作說明）Brian Bittner，Oppenheimer。

Thank you.

謝謝。

Good morning.

早安.

Just a confirmation question then I'll follow up on Taco Bell.

只是一個確認問題，然後我會跟進塔可鐘。

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?

僅就第四季度的指導而言，因為它與中高個位數的核心營業利潤增長有關，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？

And just on Taco Bell, very strong relative performance, obviously with your 4% same-store sales.

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 ranked by consumers in value within QSR.

您提到，在 QSR 中，您的價值在消費者中排名最高。

During the quarter, that obviously happens at a time where the industry got way more aggressive.

在本季度，這種情況顯然發生在該行業變得更加激進的時期。

So just curious how you protected or even expanded your value positioning in this environment?

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？

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?

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？

Thanks.

謝謝。

Thanks, Brian.

謝謝，布萊恩。

I'm glad you pointed out Taco Bell's strength.

我很高興你指出了塔可鐘的優勢。

That's obviously something we're incredibly proud of.

這顯然是我們感到無比自豪的事。

And you can see that strength is evident in the US with the plus four.

你可以看到，美國的四強的實力是顯而易見的。

We were also positive in the International.

我們在國際賽也表現得很積極。

And the other thing I'll share is that that momentum has continued into Q4.

我要分享的另一件事是，這種勢頭一直持續到第四季。

A lot of it is what you said.

很多都是你說的。

It has to do with the unique way that Taco Bell can provide value with products that nobody else has.

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。

Really, if you think about it, Taco Bell can provide a product that is a value product, that's an innovative product, and that can help our franchisees' margins.

真的，如果你想一想，塔可鐘可以提供一種有價值的產品，一種創新的產品，並且可以幫助我們的特許經營商提高利潤。

That's an incredibly powerful set of tools that we have in our toolbox that our competitors don't.

這是我們的工具箱中擁有的一套極其強大的工具，而我們的競爭對手卻沒有。

So as we move forward, of course, Taco Bell always got ways to bring in new value.

當然，隨著我們不斷前進，塔可鐘總是有辦法帶來新價值。

Right now, you're seeing us launching the Decades Menu and then you can get some of those products within the $7 Luxe box, for example, which is a unique way to bring innovation and value to consumers.

現在，您會看到我們推出了 Decades Menu，然後您可以在 7 美元的 Luxe 盒子中購買其中一些產品，例如，這是為消費者帶來創新和價值的獨特方式。

So I think we're very confident in Taco Bell's ability to win in this environment relative to our peers.

因此，我認為我們對塔可鐘相對於同行在這種環境下獲勝的能力非常有信心。

As far as sales guidance and everything for the quarter, it's obviously a difficult environment to forecast sales globally.

就本季的銷售指導和一切而言，預測全球銷售顯然是一個困難的環境。

But as I said, the trends that we saw in Q3 are continuing into Q4 for Taco Bell.

但正如我所說，我們在第三季看到的趨勢正在延續到塔可鐘的第四季。

Jon Tower, Citi.

喬恩塔，花旗銀行。

Thanks.

謝謝。

I appreciate all the color you provided in the gross unit openings for the brands across the globe.

我很欣賞您為全球品牌提供的毛單位空缺的所有顏色。

I was hoping maybe you could drill a little bit more into the net unit number -- David, I think you mentioned that there's potential risk of not hitting the 5% this year.

我希望您能對淨單位數進行更多的了解 - David，我想您提到今年有達不到 5% 的潛在風險。

And then maybe specifically drilling into -- you do have pockets of weakness across the globe.

然後也許會專門深入研究——全球範圍內確實存在一些弱點。

And I think you'd mentioned some of the smaller operators having a hard time keeping the lights on.

我想你提到過一些規模較小的業者很難維持正常運作。

How should that inform the thinking regarding 2025?

這對 2025 年的思考有何影響？

Is there an opportunity to perhaps consolidate some of those closures into '24, such that '25 is a cleaner year?

是否有機會將其中一些關閉合併到“24”，以便“25”成為更清潔的一年？

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 pressure?

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承受太大壓力？

A couple of things on development, and I'll let Chris give them a little more detail.

關於開發的一些事情，我會讓 Chris 提供更多細節。

If you think about -- 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.

如果你想想，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。

So for us, we're incredibly proud that this year does showcase how resilient our 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 Americana, our franchisee in the Middle East, you have you would think that this business would have disrupted that -- this situation would have disrupted them more than it has, but they just reported.

因此，對我們來說，我們非常自豪，今年確實展示了我們的業務模式有多麼有彈性，以及我們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——就像我們的特許經營商Americana 一樣在中東，你可能會認為這項業務會擾亂這種情況——這種情況會對他們造成更大的擾亂，但他們只是報告了。

Their positive operating profit in this environment is continuing to develop.

在這種環境下，他們的積極營業利潤正在持續成長。

That is a unique strength of Yum!

這就是百勝餐飲的獨特優勢！

in terms of the capability of our franchisees around the world.

就我們世界各地特許經營商的能力而言。

And 2024 is as difficult as it is, really, it's allowing us to showcase that -- but that part of our business model really shine.

2024 年確實很困難，但它讓我們能夠展示這一點——但我們商業模式的這一部分確實很耀眼。

Americana has got about two-thirds of the stores at the Middle East.

Americana 擁有中東約三分之二的門市。

So most of our stores there are in very good hands.

所以我們那裡的大多數商店都得到了很好的管理。

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%.

至於我們在淨新單位上發出的風險信號，只是為了澄清並向您提供更多細節，那是 5% 的風險。

Right now, the numbers that we're looking at roll up in the 4.5% to 5.0% range.

目前，我們關注的數字在 4.5% 到 5.0% 的範圍內。

So we would still be around to 5% on an algorithm.

所以我們在演算法上的投入仍然在 5% 左右。

But the closures are obviously a little elevated this year.

但今年的關閉數量顯然有所增加。

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.

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。

If you think about the closure rate, it's probably about another 0.5% of our store base.

如果考慮關閉率，可能還占我們商店基數的 0.5% 左右。

And so, this is not some widespread issue to your points about struggling -- other struggling franchisees.

因此，這並不是您關於其他陷入困境的特許經營商的觀點的普遍問題。

It really isn't widespread issue.

這確實不是一個普遍的問題。

It's just a few stores, lower volume, that might have closed in the future when those closures were pulled up.

只有少數商店數量較少，未來當關閉時間延長時，它們可能會關閉。

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

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.

是的，約翰，讓我先透過幾個鏡頭給您更多關於淨新單位軌跡變化的資訊。

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.

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。

There's another 25% that are markets that have some impact from the conflict, not as much as those core markets.

還有 25% 的市場受到衝突的影響，但影響程度不如核心市場。

But that gives you about two-thirds of the change in net new unit trajectory that is in some way tied to the conflict situation.

但這給了你大約三分之二的淨新單位軌跡變化，這些變化在某種程度上與衝突局勢有關。

So that gives you a little bit of bound on it.

所以這給了你一點限制。

Of course, history would say we typically work through these situations over the long term.

當然，歷史表明我們通常會長期解決這些情況。

Another way to look at it, David mentioned -- a little bit higher closures this year.

大衛提到，從另一個角度來看，今年的關閉量有所增加。

As we said before, when units closed in our system, they tend to be lower volume units.

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。

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.

今年我們再次看到，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, it's going to be basically the same as the system sales growth contribution from our higher net new unit rate last year.

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，它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。

So the economic implications of this aren't that big on our business.

因此，這對我們業務的經濟影響並不大。

That gives you a couple of additional ways to just think about this change in net new unit trajectory.

這為您提供了幾種額外的方法來思考淨新單位軌蹟的變化。

The other thing I'll add -- you asked about specific franchisee situations.

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.

正如大衛所說，我們的全球特許經營基礎非常強大。

Americana in the Middle East region has the majority of our stores and is navigating this very well.

中東地區的 Americana 擁有我們大部分的商店，並且在這方面做得很好。

In fact, in the 22 countries in the specific Middle East geography, we only had two countries right now where we're working with franchisees to transition the business into better hands.

事實上，在特定中東地區的 22 個國家中，我們目前只有兩個國家正在與特許經營商合作，將業務轉移到更好的人手中。

One of those processes is pretty far along.

其中一個進程已經進行得很遠了。

Another one, we're working with the franchisees either address some challenges in the business or to get it into the hands of another owner.

另一方面，我們正在與特許經營商合作，要么解決業務中的一些挑戰，要么將其交到另一位所有者手中。

There's some complexity always in the beginning of those situations.

這些情況一開始總是會有一些複雜性。

We might have some unit closures, we might have some one-time accounting adjustments that come with it.

我們可能會關閉一些單位，隨之而來的可能是一些一次性的會計調整。

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 health.

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健康奠定了基礎。

Dennis Geiger, UBS.

丹尼斯蓋革，瑞銀集團。

Great.

偉大的。

Thank you.

謝謝。

Good morning, guys.

早安，夥計們。

Recognizing it's too early to talk about '25 specifically, wondering if you could just comment high level about how you think about managing profitability as well as the team has in '24 if macro pressures continue?

認識到現在具體談論 25 年還為時過早，想知道如果宏觀壓力持續下去，您是否可以就您如何看待管理盈利能力以及團隊在 24 年的情況發表高層評論？

Maybe specifically, can you talk a little bit about your G&A growth and how you think about that generally looking ahead and perhaps, the ability of the divisions to continue managing costs and profitability?

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前景，也許還有各部門繼續管理成本和獲利能力的能力？

Thank you.

謝謝。

Yes.

是的。

As I said earlier, we'll give more of an update on the 2025 plan when we get to the next call.

正如我之前所說，我們將在下次電話會議時提供有關 2025 年計劃的更多更新資訊。

As I mentioned, there's nothing that's significantly unusual right now as we're tumbling that plan.

正如我所提到的，當我們推翻該計劃時，目前沒有什麼異常之處。

As we think about the puts and takes, our twin growth engines continue to perform in a strong way, we've shared that our gross unit outlook for next year is similar to this year.

當我們考慮看跌期權時，我們的雙增長引擎繼續以強勁的方式表現，我們表示明年的毛單位前景與今年相似。

On the G&A front, we've made productivity moves this year, we'll continue to get some benefit from those.

在一般行政費用方面，我們今年已經提高了生產力，我們將繼續從中獲得一些好處。

Of course, we will have a reset of our incentive comp.

當然，我們將重置我們的激勵補償。

So those are a couple of factors that we'll look at there.

這些是我們將要考慮的幾個因素。

But if I think about the long-term trajectory of our business, there's a lot to be excited about, in particular, with those two primary growth engines.

但如果我考慮我們業務的長期發展軌跡，有很多值得興奮的地方，特別是這兩個主要成長引擎。

Taco Bell continues to outperform in any sort of economic environment in the US.

塔可鐘在美國的任何經濟環境中都持續表現出色。

KFC International 9% unit growth in Q3 continues to build units, outpacing its competitors.

肯德基國際第三季的銷量成長了 9%，繼續增加銷量，超過了競爭對手。

And our digital story continues to strengthen.

我們的數位故事不斷加強。

So if you look over the long term, there's a lot of reasons to be excited and confident in our business model.

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。

David Palmer, Evercore ISI.

大衛·帕爾默，Evercore ISI。

Thanks.

謝謝。

I wanted to maybe double-click on a couple of the digital initiatives you highlighted: the AI-enabled digital marketing that you talked about, Chris.

我想雙擊您強調的幾個數位舉措：您談到的人工智慧數位行銷，克里斯。

And David mentioned the AI-enabled drive-throughs in the release.

大衛在新聞稿中提到了由人工智慧驅動的免下車服務。

On the digital AI marketing, is that hyper-personalized push marketing in the app and other?

在數位AI行銷方面，是應用程式等方面的超個人化推播行銷嗎？

You mentioned it was a nice lift where you're rolling that out.

你提到這是一個很好的電梯，你正在推出它。

Could you maybe give some more color about what that lift was and where the rollout is across your brands?

您能否詳細說明一下這種提升是什麼以及在您的品牌中的推廣情況？

And on the AI voice drive-throughs in the US, I'm wondering if that could be a nice profit driver for Yum!

至於美國的人工智慧語音得來速服務，我想知道這是否會成為百勝餐飲的一個不錯的利潤驅動力！

Brands?

品牌？

Any reasons that would not scale quickly in 2025 and any offsets to the fees you'll collect there?

有哪些原因導致 2025 年無法快速擴展，以及您將在那裡收取的費用是否有任何抵銷？

Thanks very much.

非常感謝。

Great.

偉大的。

These are two initiatives that we're very excited about.

這是我們非常興奮的兩項措施。

I'll provide a little more color on the AI-driven marketing.

我將為人工智慧驅動的行銷提供更多的色彩。

This is something we're doing in a coordinated way across our three large brands in the US.

這是我們在美國的三個大品牌正在以協調的方式做的事情。

We've run pilots in each of the brands.

我們已經在每個品牌中進行了試點。

I'm not going to share any specific numbers on it.

我不會分享任何具體數字。

But I can tell you what enables it is our digital ecosystem.

但我可以告訴你，實現這目標的是我們的數位生態系統。

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.

這實際上就是我們所說的生態系統中的人工智慧工廠，它利用我們建構的大量數據資產，使我們能夠了解我們的消費者。

If you think about the Taco Bell environment, it leverages the fact that we have the Poseidon POS 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.

如果您考慮 Taco Bell 環境，您會發現它利用了以下事實：我們店內設有 Poseidon POS、數位菜單板，並且能夠透過我們的忠誠度計劃以及我們與應用程式中的客戶。

So we've got many ways to bring it to life, but it essentially allows us to do more personalized tailoring of offers and to learn and refine much more rapidly than we could before.

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, we'll continue to bring it to life across the brands and across markets as we progress.

因此，我們對此的潛力感到興奮，隨著我們的進步，我們將繼續在各個品牌和各個市場中將其變為現實。

On the voice AI side, really, we're driven by how do we enhance the consumer and customer experience in our restaurants?

在語音人工智慧方面，確實，我們的驅動力是如何增強餐廳的消費者和客戶體驗？

And how do we enhance the team member experience?

我們如何增強團隊成員的體驗？

And so far, the results in Taco Bell with voice AI I have been outstanding on both fronts.

到目前為止，Taco Bell 的語音 AI I 在這兩方面都取得了出色的成績。

The customer response has been very positive.

客戶的反應非常積極。

And our team members really enjoy having what they call an extra pair of hands in the restaurant to help them operate the store.

我們的團隊成員非常喜歡在餐廳裡擁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.

我們今年的推出速度比我們最初設想的要快得多。

And I think that speaks to how our operators are seeing the capability and how our franchisees are seeing the

我認為這說明了我們的運營商如何看待我們的能力以及我們的特許經營商如何看待我們的能力

[capability].

[能力]。

John Ivankoe, J.P. Morgan.

約翰‧伊凡科，摩根大通。

Hi, thank you very much.

你好，非常感謝你。

In your prepared remarks, you really did touch on many digital initiatives, many which have yet to get to the hands of franchisees fully, especially on a global basis.

在您準備好的演講中，您確實談到了許多數位計劃，其中許多計劃尚未完全到達特許經營商手中，尤其是在全球範圍內。

So the question is, on a previous Yum!

那麼問題來了，關於之前的百勝餐飲！

language bending the curve on G&A.

語言扭曲了一般行政費用的曲線。

If there's not further opportunity in '25, Taco Bell and (inaudible), longer term, how much of an opportunity do we have to use fee collection from franchisees that will significantly drive their own profitability and ease of running their own businesses?

如果25 年沒有進一步的機會，塔可鐘和（聽不清楚），從長遠來看，我們有多少機會利用特許經營商的收費，這將顯著提高他們自己的盈利能力和經營自己企業的便利性？

To kind of think about in a fee recapture, if you will, on a basis points of franchisee sales basis, I mean, your sales base is so big, collecting even 50 basis points or 100 basis points of franchise sales would obviously be very significant in terms of your total G&A expense.

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，收取甚至50 個基點或100 個基點的特許經營銷售顯然是非常重要的就您的總管理費用而言。

I wanted to see if we could have an opportunity to date to kind of think about the longer-term potential of that?

我想看看我們是否有機會約會，思考一下它的長期潛力？

Yes.

是的。

Thanks, John.

謝謝，約翰。

Just a couple of high-level comments on that.

對此只有一些高層評論。

I know you and David asked a similar question in that regard.

我知道你和大衛在這方面也問過類似的問題。

Our goal with technology is to give our franchisees the absolute best technology in the industry, better than any of our peers at the lowest possible cost, better than they can get anywhere else.

我們的技術目標是為我們的加盟商提供業內絕對最好的技術，以盡可能低的成本比我們的任何同行都更好，比他們在其他地方可以獲得的技術更好。

That is our North Star when it comes to tech.

在科技方面，這是我們的北極星。

We know that if they get that tech in their restaurants and it drives sales and drives improvement in their business models like voice AI is doing, improving their margins by cutting labor, they'll build more stores.

我們知道，如果他們在餐廳中採用這項技術，就會推動銷售並推動商業模式的改進，就像語音人工智慧所做的那樣，透過削減勞動力來提高利潤，他們將開設更多商店。

The top line will grow more.

頂線將會成長更多。

And that's the best way for us to leverage technology to drive profitability in the business.

這是我們利用科技提高業務獲利能力的最佳方式。

Of course, we're making investments.

當然，我們正在進行投資。

We will recover those investments.

我們將收回這些投資。

But voice AI is a great example.

但語音人工智慧就是一個很好的例子。

We're providing that to our franchisees that what we believe is a much lower cost than our competitors in the industry are having to pay for other third-party solutions, and we will continue to do that.

我們向我們的特許經營商提供我們認為比我們行業競爭對手支付其他第三方解決方案的成本要低得多的費用，我們將繼續這樣做。

And that is our mission.

這就是我們的使命。

David Tarantino, Baird.

大衛·塔倫蒂諾，貝爾德。

Hi, good morning.

嗨，早安。

My question, David, I think you mentioned that as part of your response to a question, the comp trend you saw in the third quarter carried over into Q4.

我的問題，大衛，我想你提到，作為你回答問題的一部分，你在第三季看到的比較趨勢延續到了第四季。

I just wanted to make sure that that comment was directly related to Taco Bell and not the global business?

我只是想確保該評論與塔可鐘直接相關，而不是與全球業務相關？

And I guess secondly, I was wondering if you could comment on the KFC segment and the comparison does get quite a bit better or easier in the fourth quarter, but I know you still have some macro pressures you're dealing with.

其次，我想知道您是否可以對肯德基細分市場發表評論，第四季度的比較確實變得更好或更容易，但我知道您仍然面臨一些宏觀壓力。

So any sort of directional commentary on the KFC business and how we should think about that for the fourth quarter would be great.

因此，任何有關肯德基業務的方向性評論以及我們應該如何看待第四季度的業務都會很棒。

Thanks.

謝謝。

The comment was on Taco Bell in terms of sales trends, where we sit in the quarter.

該評論針對的是塔可鐘的銷售趨勢，也就是我們本季的情況。

We feel good about being able to continue the momentum from Q3.

我們對能夠延續第三季的勢頭感到很高興。

But in the US and internationally, of course, Taco Bell will be a bit easier to forecast because Taco Bell's global store footprint is really unaffected by the conflict.

但在美國和國際上，塔可鐘的預測當然會更容易一些，因為塔可鐘的全球門市足跡實際上並未受到衝突的影響。

It's a lot harder to forecast KFC.

預測肯德基就困難得多。

What I will say is we haven't really gotten to the point where even though we're past the one-year anniversary of the conflict, we haven't gotten to the point where it really started to impact sales.

我要說的是，我們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。

So we don't know how sales will behave on once we get to that lap.

因此，我們不知道一旦到達那一圈，銷售情況將如何。

But certainly, the lap will get better.

但可以肯定的是，單圈會變得更好。

And that should lead to a change in the trajectory of KFC sales.

這應該會導致肯德基銷售軌跡的改變。

Thank you.

謝謝。

That is the end of the Q&A session.

問答環節到此結束。

So I'll now hand over to David Gibbs for closing remarks.

現在我將請大衛吉布斯致閉幕詞。

Great.

偉大的。

I appreciate everybody's time today.

我很感謝大家今天抽出時間。

We're excited about the upcoming January 28 Taco Bell Investor Day.

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。

So if you don't have that circled on your calendar, please do and we're looking forward to seeing you out in Irvine -- in Californi and LA.

因此，如果您的日曆上沒有圈出這一點，請圈出，我們期待在歐文、加利福尼亞州和洛杉磯見到您。

Then for that meeting, we've got a lot of exciting stuff to share about Taco Bell.

然後在那次會議上，我們有很多關於塔可鐘的令人興奮的事情要分享。

Thanks for everybody's time today.

感謝大家今天抽出時間。

This concludes today's conference call.

今天的電話會議到此結束。

Thank you for joining, everyone.

謝謝大家的加入。

You may now disconnect your lines.

現在您可以斷開線路。