百勝餐飲集團 (YUM) 2025 Q1 法說會逐字稿

Hello, everyone, and thank you for joining the 2025 first-quarter earnings call.

大家好，感謝大家參加2025年第一季財報電話會議。

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

我叫薩米 (Sammy)，今天我將負責協調您的通話。

(Operator Instructions)

（操作員指示）

I would now like to hand over to your host, Matt Morris, Head of Investor Relations to begin.

現在我想把主持人、投資者關係主管 Matt Morris 交給他。

Please go ahead, Matt.

請繼續，馬特。

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

大家早安，感謝大家今天加入我們。

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

參加我們電話會議的是我們的執行長 David Gibbs；我們的財務長 Chris Turner；以及我們的高級副總裁兼公司財務總監 Dave Russell。

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

在大衛和克里斯發言之後，我們將開始提問。

Please note that this call includes forward-looking statements that are subject to future events and uncertainties that could cause our actual results to differ materially from these statements. All forward-looking statements are made only as of the date of this call and should be considered in conjunction with the cautionary statements in our earnings release and risk factors discussed in our SEC filings. Please refer to today's release and filings with the SEC to find disclosures, definitions, and reconciliations of non-GAAP financial measures. Please note that during today's call, system sales and operating profit growth will exclude the impact of foreign currency. For more information on our reporting calendar for each market, please visit the Financial Reports section of the IR website. We are broadcasting this conference call via our website.

請注意，本次電話會議包含前瞻性陳述，這些陳述受未來事件和不確定性的影響，可能導致我們的實際結果與這些陳述有重大差異。所有前瞻性陳述僅截至本次電話會議之日做出，應與我們收益報告中的警示性聲明以及我們提交給美國證券交易委員會的文件中討論的風險因素一起考慮。請參閱今天的發布和向美國證券交易委員會提交的文件，以了解非公認會計準則財務指標的揭露、定義和對帳。請注意，在今天的電話會議中，系統銷售額和營業利潤成長將排除外幣的影響。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。我們正在透過我們的網站播放此次電話會議。

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

此次通話也將被錄音並可供播放。

We would like to make you aware our second quarter earnings will be released on August 5 with the conference call on the same day.

我們想讓您知道，我們的第二季收益將於 8 月 5 日發布，並於同一天召開電話會議。

Now I'll turn it over to David.

現在我將把話題交給大衛。

Thank you, Matt, and good morning, everyone.

謝謝你，馬特，大家早安。

I'm thrilled to report that we delivered a strong first quarter with core operating profit up 8% fueled by exceptional results from our twin growth engines, Taco Bell US and KFC International. The success evident in the performance of these two businesses reflects significant and durable competitive advantages, including the operational advantage provided by our AI powered digital platform Byte by Yum!

我很高興地報告，我們第一季表現強勁，核心營業利潤成長 8%，這得益於我們的雙成長引擎 Taco Bell US 和 KFC International 的出色業績。這兩項業務的成功表現體現了顯著而持久的競爭優勢，包括由我們的人工智慧數位平台 Byte by Yum 提供的營運優勢！

Our ability to quickly integrate new technology that leverages Yum!'s vast proprietary data sets into our digital ecosystem, along with an ability to scale and grow with highly capable 3C partners is an enormous competitive advantage in the global restaurant space.

我們能夠快速整合利用 Yum! 的新技術將大量專有資料集融入我們的數位生態系統，並能夠與高能力的 3C 合作夥伴一起擴展和發展，這在全球餐飲領域具有巨大的競爭優勢。

Earlier this quarter, I announced my intention to retire next year after what will be a 37 year career with the company. I reached this decision after much reflection and recognition of the great work that has been done over the last year to set up the business for long-term success.

本季度早些時候，我宣布了我打算明年退休，屆時我將在公司工作 37 年。經過深思熟慮並認識到過去一年來為實現企業的長期成功所做的出色工作後，我做出了這個決定。

With the business in a position of strength, this feels like the right time for a transition, and having a year to identify a successor ensures we can do so thoughtfully and seamlessly. I'll be working closely with the Board to ensure a smooth leadership transition.

由於業務實力雄厚，現在似乎是過渡的最佳時機，而用一年的時間來確定繼任者可以確保我們能夠周到且無縫地完成這項任務。我將與董事會密切合作，確保領導層的順利過渡。

That said, I couldn't be more excited about the direction of the business and the momentum we're seeing across our key growth engines to start the year.

話雖如此，我對今年年初的業務方向以及我們主要成長引擎所看到的勢頭感到非常興奮。

Let's start with our twin growth engines. First, Taco Bell US delivered a staggering 9% increase in same-store sales, an impressive achievement, especially against the backdrop of soft industry trends. Notably, this quarter, Taco Bell saw a significant expansion in consumer penetration, reflecting our efforts to elevate our positioning and broaden our relevance, which helped us to grow traffic low single digits.

讓我們從我們的雙重成長引擎開始。首先，塔可鐘美國分店的同店銷售額實現了驚人的 9% 成長，這是一個令人印象深刻的成就，尤其是在行業趨勢疲軟的背景下。值得注意的是，本季度，塔可鐘的消費者滲透率顯著擴大，這反映了我們為提升定位和擴大相關性所做的努力，這幫助我們實現了低個位數的客流量成長。

Taco Bell's digital momentum is also accelerating. Byte by Yum! has reduced system limitations, empowering Taco Bell's world-class advertising team to push creative boundaries. One area in marketing with enormous potential is the expansion of AI-driven decisioning to enable personalized experiences for consumers.

塔可鐘的數位化勢頭也在加速。由 Yum 提供！減少了系統限制，使塔可鐘的世界級廣告團隊能夠突破創意界限。行銷中一個具有巨大潛力的領域是擴展人工智慧驅動的決策，為消費者提供個人化的體驗。

For example, we are testing the use of these tools to enable us to deliver one-to-one communication to our consumers. Recall at the Taco Bell Consumer Day, the team shared that they expect to generate over $225,000 in additional per store sales by 2030 or an approximate 10% increase to AUVs through expanded digital channels and loyalty membership.

例如，我們正在測試這些工具的使用，以便我們能夠與消費者進行一對一的溝通。回想在塔可鐘消費者日上，該團隊表示，他們預計到 2030 年，透過擴大數位管道和忠誠度會員資格，每家店的銷售額將增加 225,000 美元以上，或平均銷售額增加約 10%。

What truly sets Taco Bell US apart, however, is its unique ability to deliver compelling value while improving store level margins, a rare combination in the industry. This winning combo helped drive an astounding 16% increase in operating profits for the quarter.

然而，塔可鐘美國分店的真正優勢在於其獨特的能力，即在提供引人注目的價值的同時提高門市層面的利潤率，這在業內是罕見的組合。這一成功組合幫助推動本季營業利潤實現了驚人的 16% 成長。

With such a stark contrast in performance versus the industry, it's no wonder Taco Bell was once again named the number one franchise by Entrepreneur magazine's Franchise 500 for the fifth consecutive year. This honor reflects Taco Bell's brand strength, loyal consumer base, and the confidence of our franchise partners.

憑藉著與業界如此鮮明的業績對比，塔可鐘連續第五年被《企業家》雜誌評選為特許經營 500 強第一名，這也就不足為奇了。這項榮譽體現了塔可鐘的品牌實力、忠實的消費者群體以及我們特許經營合作夥伴的信心。

Our other twin growth engine, KFC International, also earned top honors for the second consecutive year as Entrepreneur magazine's fastest-growing international franchise. Additionally, with 524 gross openings across 50 plus countries, KFC International outpaced its first quarter development plan.

我們的另一個雙重成長引擎肯德基國際也連續第二年榮獲《企業家》雜誌評選的成長最快的國際特許經營企業稱號。此外，肯德基國際在 50 多個國家共開設了 524 家門市，超越了其第一季的發展計畫。

KFC International posted accelerating same-store sales and strong gains in brand perception driven by bold investments in value, craveworthy new offerings, and distinctive media and innovative partnerships. Globally, KFC International achieved low single digit traffic growth, including in markets like China, which delivered its ninth consecutive quarter of traffic growth.

肯德基國際的同店銷售額不斷增長，品牌認知度也大幅提升，這得益於對價值的大膽投資、令人垂涎的新產品以及獨特的媒體和創新的合作夥伴關係。在全球範圍內，肯德基國際實現了低個位數客流量成長，其中中國等市場連續第九個季度實現客流量成長。

This quarter also highlighted strong progress in the bold initiatives designed to meet the next generation of consumers and add new layers of growth. At Taco Bell, our first Live Más Cafe, a specialty beverage concept featuring drinks like chillers, Agua Refrescas, coffees, and more alongside the classic menu launched in December and is off to a phenomenal start.

本季度還強調了旨在滿足下一代消費者並增加新的成長層次的大膽舉措取得的強勁進展。在 Taco Bell，我們的第一家 Live Má s Cafe 是一家特色飲料概念店，除了 12 月推出的經典菜單外，還提供冷飲、Agua Refrescas、咖啡等飲品，並且取得了驚人的開局。

The test location has experienced a 40% sales lift with guests purchasing over 300 specialty beverages daily on average. Energized by this strong performance, we are planning a rapid expansion this year. Look for an exciting update on Live Más Cafe from Taco Bell in the coming weeks.

測試地點的銷售額增加了 40%，客人平均每天購買超過 300 杯特色飲料。在這一強勁表現的激勵下，我們計劃今年實現快速擴張。請關注未來幾週 Taco Bell 的 Live Má s Cafe 的令人興奮的更新。

We piloted KWENCH by KFC in 38 restaurants in the UK, the first KFC market to experience our innovative entry into the fast-growing specialty beverage category, a globally led initiative born from insights by Collider Labs, Yum! strategy branding and innovation consultancy, KWENCH features 10 handcrafted drinks across 4 specialty drink categories lemonades, refreshers, shakes, and iced coffees.

我們在英國的 38 家餐廳試行了 KWENCH by KFC，這是第一個體驗我們創新進入快速增長的特色飲料類別的肯德基市場，這是一項全球領先的計劃，源於 Collider Labs、Yum！的洞察。策略品牌與創新顧問公司 KWENCH 提供 4 個特色飲品類別的 10 種手工飲品：檸檬水、清涼飲料、奶昔和冰咖啡。

Early results have been promising, with participating restaurants seeing growth in both transactions and beverage sales, outperforming previous specialty drink offers. Building on this momentum, we have expanded the pilot to Australia, where results are already exceeding forecast and driving incremental traffic.

早期結果令人鼓舞，參與的餐廳交易量和飲料銷售額均有所增長，超過了以前的特色飲品優惠。在這股動能的基礎上，我們將試點範圍擴大到澳大利亞，目前的結果已經超出預期，並推動了客流量的成長。

Plans are in motion to scale to additional markets in the coming months. In the US, our bold new concept, Saucy is exceeding expectations. Sales are at more than double the US system average, placing this Saucy location among the top 15 locations in the KFC US system.

我們計劃在未來幾個月內擴大業務範圍，拓展至更多市場。在美國，我們大膽的新概念 Saucy 超出了預期。銷售額是美國系統平均水平的兩倍多，使這家 Saucy 餐廳躋身肯德基美國系統排名前 15 的餐廳之列。

We're planning a phased expansion to at least 20 stores targeting sites that will allow us to unlock marketing synergies through geographic proximity.

我們計劃分階段擴張至至少 20 家商店，目標地點將使我們能夠透過地理位置接近實現行銷協同效應。

I'll now discuss the strategic drivers that underline our commitment to being the most loved, deeply connected, and always trusted brands for consumers around the world. Afterwards, Chris will provide a deep dive on our first quarter results, balance sheet position and capital strategy followed by our outlook for the balance of 2025.

現在，我將討論我們致力於成為全球消費者最喜愛、最緊密、永遠信賴的品牌的策略驅動力。之後，克里斯將深入探討我們的第一季業績、資產負債表狀況和資本策略，並展望 2025 年的平衡情況。

Starting with our loved pillar and our brands that champion consumer experiences. The KFC division, which accounts for 51% of our divisional operating profit, grew system sales by 5%, driven by 6% unit growth and 2% same-store sales growth.

從我們喜愛的支柱和倡導消費者體驗的品牌開始。肯德基部門占我們部門營業利潤的 51%，其係統銷售額增長了 5%，這得益於 6% 的單位增長和 2% 的同店銷售額增長。

Internationally, we reset core value across several markets while modernizing the brand through menu upgrades and breakthrough innovation, including the Double Down zinger in the UK, Crispy Naan in France, and Zinger Nachos in Australia.

在國際上，我們重置了多個市場的核心價值，同時透過菜單升級和突破性創新實現了品牌現代化，包括英國的 Double Down zinger、法國的 Crispy Naan 和澳洲的 Zinger Nachos。

Sustained investment in the value layer improved our net value score by 7 points versus our largest competitor. Relevant partnerships and new media strategies also drove a 2 point gain in brand perception among younger consumers globally.

對價值層的持續投資使我們的淨值得分比最大的競爭對手提高了 7 個百分點。相關的合作夥伴關係和新媒體策略也使全球年輕消費者的品牌認知度提高了 2 個百分點。

The number of markets experienced meaningful momentum, including Canada, where same-store sales accelerated to 6%, reflecting strong consumer engagement following a collaboration with Mike's Hot Honey. Korea delivered 13% same-store sales growth and double digit transaction gains fueled by expanded lunch and snacking options and higher delivery sales.

許多市場都經歷了顯著的成長勢頭，其中包括加拿大，其同店銷售額增長了 6%，反映出與 Mike's Hot Honey 合作後消費者的參與度很高。由於午餐和零食選擇的擴大以及外賣銷售額的增加，韓國同店銷售額增長了 13%，交易額也實現了兩位數的增長。

Africa recorded 8% same-store sales growth, supported by improving consumer sentiment and effective value-led promotions. US performance was driven by a double value promotion, $5 bowls and the $10 Tuesday bucket, leading to low single digit transaction growth.

由於消費者信心的改善和有效的價值主導促銷，非洲同店銷售額成長了 8%。美國市場的業績受到雙倍價值促銷、5 美元一碗和 10 美元週二桶裝食品的推動，導致交易量出現低個位數增長。

Taco Bell, which accounts for 37% of our divisional operating profit, delivered an exceptional quarter with system sales up 11%, fueled by impressive same-store sales growth of 9%. Top line performance was driven by low single digit traffic increases across all income cohorts.

塔可鐘 (Taco Bell) 占我們部門營業利潤的 37%，該季度表現出色，系統銷售額增長 11%，這得益於同店銷售額 9% 的驚人增長。營收表現的動力來自於所有收入群體的低個位數客流量成長。

The brand generated strong buzz with the success of its crispy chicken nuggets, milk bar churros, cheesy dipping burritos, and steak and queso crunchwrap sliders. The $5, $7 and $9 Luxe boxes offered compelling value with the $9 Luxe cravings box featuring rotating limited time innovations.

該品牌的脆皮雞塊、牛奶吧油條、起司蘸醬墨西哥捲餅以及牛排和起司脆皮捲餅小漢堡大獲成功，引起了強烈反響。售價 5 美元、7 美元和 9 美元的 Luxe 禮盒具有極高的價值，其中 9 美元的 Luxe 渴望禮盒具有輪換的限時創新產品。

Taco Bell also expanded category entry points with bold offerings like caliente cantina chicken and steak nacho fries. We've now seen multiple quarters of rapid adoption in digital with mix reaching 42% and sales growing 37% year over year.

Taco Bell 也透過大膽推出的特色產品（如熱食雞和牛排玉米片薯條）擴大了品類切入點。我們已經看到數位化技術連續多個季度快速應用，產品組合達到 42%，銷售額年增 37%。

In March, Taco Bell hosted both its Consumer Day and Live Más LIVE events, spotlighting the brand's bold innovation and powerful fan connection. At Consumer Day, the team unveiled the ambitious global R-I-N-G, ring the bell strategy, outlining a compelling long-term vision to drive sales, improve margins, expand its footprint, and accelerate digital growth.

3 月，塔可鐘舉辦了消費者日和 Live Má s LIVE 活動，重點突出了品牌的大膽創新和強大的粉絲聯繫。在消費者日，該團隊公佈了雄心勃勃的全球 R-I-N-G 敲響鐘聲策略，概述了引人注目的長期願景，以推動銷售、提高利潤率、擴大影響力並加速數位成長。

Live Más LIVE brought together top social media influencers and diehard Taco Bell fans for an immersive celebration of the brand's boldest new menu innovations and experiences. The event buzzed with excitement, blending exclusive tastings, live entertainment, and behind the scenes access to what's next for Taco Bell, including exclusive limited edition merch collaboration and awards for its most loyal supporters.

Live Má s LIVE 匯集了頂級社交媒體影響者和忠實的 Taco Bell 粉絲，以身臨其境的方式慶祝該品牌最大膽的新菜單創新和體驗。活動氣氛熱烈，融合了獨家試吃、現場娛樂以及塔可鐘未來發展的幕後花絮，包括獨家限量版商品合作和為其最忠實的支持者頒發的獎項。

Pizza Hut, which represents 12% of our divisional operating profit, had system sales decline 3% in Q1. The decline in system sales was primarily attributable to disappointing same-store sales performance in the US. Excluding the US, same-store sales were positive for the quarter, with meaningful improvements across Asia, Europe, and the Middle East.

必勝客占我們部門營業利潤的 12%，其第一季系統銷售額下降了 3%。系統銷售的下降主要歸因於美國同店銷售業績令人失望。除美國外，本季同店銷售額呈正成長，亞洲、歐洲及中東地區均有顯著改善。

In the US, sales started soft in January and improved through February and March, with the last few weeks showing sequential gains in revenue and transaction growth. The US business faced an intense competitive environment.

在美國，1 月銷售額開始疲軟，2 月和 3 月有所回升，最近幾週營收和交易量連續成長。美國業務面臨激烈的競爭環境。

To drive Momentum, Pizza Hut US leaned into a group of occasions with its stuffed crust and wings promotion and ultimate hut bundle, both of which increased check and attracted new users. During the Super Bowl, the Ultimate Hut Bundle helped deliver Pizza Hut's highest ever digital sales per restaurant.

為了推動發展勢頭，必勝客美國公司利用一系列活動，推出了芝心餅皮和雞翅促銷以及終極必勝客套餐，這兩項活動都增加了銷售額並吸引了新用戶。在超級盃期間，終極必勝客套餐幫助必勝客實現了每家餐廳有史以來最高的數位銷售額。

Looking ahead, Pizza Hut US will focus on its three D strategy, distinctive offerings for group occasions, dependable everyday value through platforms such as the $7 deal lovers, and disruptive innovation to gain share in a competitive market.

展望未來，必勝客美國公司將專注於其三維策略，即為團體活動提供獨特的產品、透過 7 美元特價優惠等平台提供可靠的日常價值以及顛覆性創新，以在競爭激烈的市場中贏得份額。

Habit Burger & Grill system sales growth was flat this quarter. Tempura Avocado Wedges launched this quarter and became one of the brand's highest performing side LPOs in recent history. This quarter, Habit shifted its marketing to focus on brand fame, including an amplified social media presence and the Super Bowl placement that drove 10 million total impressions.

Habit Burger & Grill 系統本季銷售額成長持平。天婦羅酪梨角於本季推出，並成為該品牌近期表現最好的副 LPO 之一。本季，Habit 將行銷重點轉向品牌知名度，包括擴大社群媒體影響力和超級盃廣告投放，總曝光量達 1,000 萬次。

Looking ahead, Habit is in the early stages of expanding local restaurant marketing through on the ground field teams. Strong same-store sales growth in Florida, Washington, and New Jersey reinforce our confidence in the brand's long-term growth potential and the impact of market-specific engagement.

展望未來，Habit 正處於透過實地團隊擴大本地餐廳行銷的早期階段。佛羅裡達州、華盛頓州和新澤西州的強勁同店銷售成長增強了我們對該品牌長期成長潛力和特定市場參與影響的信心。

Moving to our connected pillar. We're advancing our ability to serve every consumer everywhere at any time. Earlier this year, we announced Byte by Yum!, our proprietary suite of AI-powered software-as-a-service products designed to deliver integrated, seamless technology across our restaurants.

轉向我們的連結支柱。我們正在提升隨時隨地為每位消費者提供服務的能力。今年早些時候，我們宣布推出 Byte by Yum!，這是我們專有的一套基於人工智慧的軟體即服務產品，旨在為我們的餐廳提供整合、無縫的技術。

This strategic investment is delivering results with digital sales up 12% year over year. As mentioned previously, Pizza Hut US achieved its highest Super Bowl sales ever, with every digital order processed through Byte commerce, marking a major milestone in our digital transformation.

這項策略性投資取得了成果，數位銷售額較去年同期成長了 12%。如前所述，必勝客美國公司實現了有史以來最高的超級盃銷售額，每一份數位訂單都透過 Byte Commerce 處理，這標誌著我們數位轉型的一個重要里程碑。

This success highlights the scalability and reliability of our platform. We're also seeing stronger consumer engagement, including a 4.5 million quarter over quarter increase in KFC loyalty members. At Taco Bell, active loyalty membership grew 45% year over year, fueled by unique experiences like Build Your Own Luxe box and the spring break fan favorite vote.

這項成功凸顯了我們平台的可擴展性和可靠性。我們也看到了更強的消費者參與度，其中肯德基忠誠會員數量比上一季增加了 450 萬。在塔可鐘，活躍的忠誠會員數量同比增長了 45%，這得益於“自選豪華套餐”和春假粉絲最愛投票等獨特體驗。

Looking ahead, we're excited about our new partnership with NVIDIA, which will accelerate the development of innovative AI technologies across Yum! worldwide. Chris will share more about this shortly. The cornerstone of Yum! Brands is our unrivaled culture and talent, and I would like to congratulate two executives who are taking on larger leadership roles.

展望未來，我們對與 NVIDIA 的新合作夥伴關係感到非常興奮，這將加速 Yum 創新 AI 技術的發展！全世界。克里斯很快就會分享更多相關資訊。Yum! 的基石品牌是我們無與倫比的文化和人才，我要祝賀兩位擔任更重要領導角色的主管。

Meg Farren, who was previously GM of KFC UK and Ireland, was promoted to the position of President of Taco Bell North America effective February 10, and Catherine Tan-Gillespie, formerly the CMO and CDO for KFC US, became President of KFC US effective April 1.

曾任肯德基英國和愛爾蘭地區總經理的梅格法倫 (Meg Farren) 自 2 月 10 日起升任塔可鐘北美地區總裁，而曾任肯德基美國首席營銷官兼首席數據官的凱瑟琳譚吉萊斯皮 (Catherine Tan-Gillespie) 自 4 月 1 日起出任肯德基美國總裁。

I am confident Meg and Catherine will help lead these storied brands to even greater success. Speaking of the talent in the system, we recently witnessed the company's collaborative culture in action when nearly 1,000 people attended our global franchise convention in Australia.

我相信梅格和凱瑟琳將幫助這些傳奇品牌取得更大的成功。說到系統中的人才，我們最近在澳洲舉行的全球特許經營大會上見證了公司協作文化的實際作用，有近 1,000 人參加了我們的會議。

The four-day summit was attended by world-class franchisees from all over the globe, with some traveling more than 10,000 miles to attend. The power of each brand and Yum! collectively was on display, demonstrating the advantages our system has in driving profitable growth for franchisees and Yum! alike.

為期四天的峰會吸引了來自世界各地的世界級特許經營商參加，其中一些甚至跋涉 10,000 多英里前來參加會議。每個品牌和 Yum 的力量！共同展出，展示了我們的系統在推動特許經營商和百勝的盈利增長方面的優勢！一樣。

This strong sense of unity and shared purpose among our global franchise partners is also reflected in the way the company integrates responsibility and community impact into its core values. Those efforts were recognized by the conference Board, which presented the company with its corporate responsibility award on April 23.

我們的全球特許經營合作夥伴之間的這種強烈的團結意識和共同目標也體現在公司將責任和社區影響融入其核心價值的方式上。這些努力得到了世界大型企業聯合會的認可，並於 4 月 23 日向該公司頒發了企業責任獎。

The award celebrates organizations that have fully embedded responsible business practices into their core strategies, driving business efficiencies and creating long-term value.

該獎項旨在表彰那些將負責任的商業實踐完全融入其核心策略、提高業務效率和創造長期價值的組織。

To wrap up, I'm thrilled with our first quarter results, which clearly demonstrate the strength of the Taco Bell brand and the momentum in KFC. Our recent investments in KFC to enhance our value proposition, modernize our brand, and update our menu are delivering sustainable improvements in top line trends.

總而言之，我對我們的第一季業績感到非常興奮，這清楚地證明了塔可鐘品牌的實力和肯德基的發展勢頭。我們最近對肯德基的投資增強了我們的價值主張，使我們的品牌現代化，並更新了我們的菜單，從而為營收趨勢帶來了可持續的改善。

I left our global franchise convention knowing Yum! is simply one of the best positioned QSRs with an unbelievable international franchise base that is more than ever committed to grow their portfolios and capitalize on the strong financial returns offered by our brands.

我離開我們的全球特許經營大會時了解到 Yum！是定位最佳的 QSR 之一，擁有令人難以置信的國際特許經營基礎，並且比以往任何時候都更加致力於擴大其投資組合併利用我們的品牌提供的強勁財務回報。

For investors and as the long term shareholder myself, the bold initiatives we're taking that will give us a leading edge in all markets is an aspect to our story that can't be ignored. And I look forward to sharing the continued progress in that pursuit and unlocking the multiple unique levers for profitable growth.

對於投資者和身為長期股東的我來說，我們所採取的大膽舉措將使我們在所有市場中佔據領先地位，這是我們故事中不可忽視的一個面向。我期待分享這項追求的持續進展，並解鎖實現獲利成長的多種獨特槓桿。

With that, Chris, over to you.

好了，克里斯，交給你了。

Thank you, David, and good morning, everyone.

謝謝你，大衛，大家早安。

Today, I'll discuss our first quarter financial results, our balance sheet and capital strategy, and our outlook for 2025.

今天，我將討論我們的第一季財務表現、資產負債表和資本策略以及我們對 2025 年的展望。

As David mentioned, we are off to a good start in 2025 with momentum in our top line, impressive growth in digital mix, and strong profit flow through to the bottom line. First quarter system sales grew 5%, driven by 3% same-store sales growth and 3% unit growth.

正如 David 所提到的，我們在 2025 年取得了良好的開端，我們的營業收入成長勢頭強勁，數位組合成長顯著，利潤流向了底線。第一季系統銷售額成長 5%，其中同店銷售額成長 3% 且單位銷售額成長 3%。

Ex-special G&A expenses were $274 million, up 3% year over year. Reported G&A was $302 million and includes $24 million in special expenses related to our resource optimization program that is unlocking efficiency in the organization along with investments related to our brand headquarters consolidation.

除特殊一般及行政開支外，一般及行政開支為 2.74 億美元，年增 3%。報告的 G&A 費用為 3.02 億美元，其中包括與我們的資源優化計劃相關的 2,400 萬美元特殊費用，該計劃旨在提高組織效率，以及與我們品牌總部整合相關的投資。

Yum!'s core operating profit was $586 million, up 8%, highlighting the strength of our global multi-brand portfolio. Delivering an 8% core operating profit is a strong result in a complex consumer environment driven by the contributions of our twin growth engines.

Yum! 的核心營業利潤為 5.86 億美元，成長 8%，突顯了我們全球多品牌組合的實力。在雙重成長引擎的推動下，在複雜的消費環境下，實現 8% 的核心營業利潤是一個強勁的成績。

Taco Bell delivered 16% core operating profit growth, led by double digit system sales growth and strong profit flow through on flat G&A. KFC grew operating profit at 9%, driven by 5% system sales growth and lower G&A, a good example of the impact of the strategic actions we've taken to remove duplicative work across the system.

塔可鐘 (Taco Bell) 的核心營業利潤增長了 16%，這得益於兩位數的系統銷售額增長和強勁的利潤流，而一般及行政費用則持平。肯德基的營業利潤成長了 9%，這得益於系統銷售額成長了 5% 以及 G&A 成本降低，這是我們為消除整個系統中的重複工作而採取的策略行動產生的影響的一個很好的例子。

At Pizza Hut, first quarter operating profit growth was negatively impacted by 7 percentage points, or approximately $6 million due to expenses associated with transitioning stores from four franchise entities to new ownership and by 3 percentage points due to timing of technology spending within franchise, advertising, and other services expenses.

必勝客第一季營業利潤成長受到負面影響，減少了 7 個百分點，即約 600 萬美元，原因是將門市從四個特許經營實體過渡到新所有權所產生的費用，以及特許經營、廣告和其他服務費用中的技術支出時機所致的 3 個百分點。

One important driver of Yum!'s overall performance is our store level margin performance, particularly for our largest equity estate, Taco Bell. Taco Bell's magic formula allows it to deliver category leading value while also maintaining industry leading margins.

Yum! 的一個重要驅動因素整體表現是我們門市層級的獲利表現，特別是我們最大的股權資產 Taco Bell。塔可鐘的神奇配方使其能夠提供品類領先的價值，同時保持業界領先的利潤率。

The expansion of Taco Bell's Luxe cravings box lineup at $5, $7, and $9 price points delivered exceptional value across income levels with the $5 Luxe box becoming a massive win with low income consumers. As we announced at Live Más LIVE, we expect Taco Bell US full year margins to come in at 24% to 25%.

Taco Bell 的 Luxe 渴望盒系列擴展到 5 美元、7 美元和 9 美元價位，為各個收入水平的消費者帶來了卓越的價值，其中 5 美元的 Luxe 盒在低收入消費者中獲得了巨大的成功。正如我們在 Live Má s LIVE 上宣布的那樣，我們預計塔可鐘美國全年利潤率將達到 24% 至 25%。

At Habit, restaurant level margin performance was commendable, with an impressive 310 basis point improvement year over year despite meaningful labor headwinds in California. Another factor supporting store level margins across all brands is the acceleration in digital sales.

在 Habit，餐廳層面的利潤表現值得稱讚，儘管加州面臨嚴重的勞動力阻力，但利潤率仍比去年同期提高了 310 個基點。支持所有品牌店面利潤率的另一個因素是數位銷售的加速。

At Taco Bell, digital mix reached 42%, while Habit expanded digital mix 10 points, driven by kiosk sales increasing to 17% of mix, up from 10% last year. First quarter, ex-special EPS was $1.30. Reported EPS was $0.90, including an unfavorable tax impact of $0.33 relating to a tax reserve in a foreign jurisdiction.

在塔可鐘，數位組合達到了 42%，而 Habit 將數位組合擴大了 10 個百分點，這得益於自助服務終端銷售額從去年的 10% 增長至 17%。第一季度，除特殊情況外的每股收益為 1.30 美元。報告的每股收益為 0.90 美元，其中包括與外國司法管轄區的稅收儲備相關的 0.33 美元的不利稅收影響。

Finally, in general, our business has minimal supply chain related tariff risk, as most markets source within their country or with countries where there is not currently tariff risk. As a result, we expect tariffs to have an immaterial impact on our system-wide supply chain.

最後，整體而言，我們的業務與供應鏈相關的關稅風險很小，因為大多數市場在其國內或目前沒有關稅風險的國家進行採購。因此，我們預期關稅將對我們整個系統的供應鏈產生非實質的影響。

Our global scale offers our system advantages to drive supply chain efficiencies, and our expert teams are partnering with suppliers and franchisees on the limited items where there is potential impact.

我們的全球規模為我們提供了系統優勢，可以提高供應鏈效率，我們的專家團隊正在與供應商和特許經營商就可能產生影響的有限項目進行合作。

Now on to development. While Q1 development reflects previously signaled and planned closures, including in Turkey and across Pizza Hut, unit development in the first quarter was in line with our forecast, and we are on track to deliver 5% unit growth excluding Turkey this year.

現在開始開發。雖然第一季的發展反映了先前發出的信號和計劃中的關閉，包括土耳其和必勝客的關閉，但第一季的單位發展符合我們的預測，我們預計今年將實現土耳其以外 5% 的單位增長。

Our development engine remains healthy, with 751 new stores opened in Q1, roughly in line with Q1 last year across 68 countries. KFC led the way with 528 openings, the second highest for a first quarter in their history, driven by growth in China, India, Japan, and Thailand.

我們的發展引擎依然健康，第一季在 68 個國家開設了 751 家新店，與去年第一季大致相當。肯德基以 528 家新開店的數量領先，這是其歷史上第一季第二高的開店數量，這得益於中國、印度、日本和泰國市場的成長。

Globally, KFC offers highly attractive paybacks with the global average below five years. And even stronger paybacks in markets like China, Thailand, and the Middle East. Pizza Hut delivered solid development with 198 new units across 34 markets, while Taco Bell added 24 gross units.

在全球範圍內，肯德基提供的回報極具吸引力，全球平均回報期不到五年。在中國、泰國和中東等市場，回報更為豐厚。必勝客發展穩健，在 34 個市場新增了 198 家門市，而塔可鐘則增加了 24 家門市。

Taco Bell's net unit development in Q1 reflects planned phasing, closures in Malaysia, and the closure of remaining restaurants in China's Tier 2 cities. As announced at Taco Bell Consumer Day in March, the team is on track to deliver 100 international net new units this year, with growth strongest in the UK, Spain, and India.

塔可鐘第一季的淨門市發展反映了計畫分階段實施、馬來西亞門市關閉以及中國二線城市剩餘門市的關閉。正如 3 月在塔可鐘消費者日上宣布的那樣，該團隊預計今年將實現 100 家國際淨新店開張，其中英國、西班牙和印度的成長最為強勁。

Lastly, Habit continues to improve its store level paybacks and is exploring opportunities to capitalize on lower cost conversions from fast casual brands closing stores in its core markets. As a reminder, the termination of our franchise agreement in Turkey resulted in 537 closures, 283 KFC locations, and 254 Pizza Hut locations.

最後，Habit 繼續提高其門市層級的回報率，並正在探索利用快餐休閒品牌在其核心市場關閉門市所帶來的低成本轉換機會。提醒一下，我們在土耳其的特許經營協議終止導致 537 家門市關閉，其中 283 家肯德基門市和 254 家必勝客門市關閉。

As shared on our last call, the Pizza Hut team also accelerated planned closures or engaged with franchise partners to strengthen our system, specifically in markets such as Chile, the UK, and the US. Notably, in the US and UK, we facilitated a transfer of more than 200 stores to more capable franchise partners.

正如我們上次電話會議中所分享的，必勝客團隊還加快了計劃中的關閉或與特許經營合作夥伴合作以加強我們的系統，特別是在智利、英國和美國等市場。值得注意的是，在美國和英國，我們促成了 200 多家門市轉移給更有能力的特許經營合作夥伴。

In Latin America recently, the Serrano Group signed a binding agreement for majority ownership in a joint venture with IMC, our KFC franchisee in Brazil. The Serrano Group is one of our world-class 3C partners who started with their first KFC store in Ecuador and now manages nearly 800 stores across 6 countries in Latin America.

最近，在拉丁美洲，塞拉諾集團與我們在巴西的肯德基特許經營商 IMC 簽署了一項具有約束力的協議，獲得了合資企業的多數股權。Serrano集團是我們世界級的3C合作夥伴之一，其第一家肯德基門市始於厄瓜多爾，目前在拉丁美洲6個國家管理近800家門市。

Over the past three years, they've opened 183 new stores leveraging a sophisticated supply chain that includes in-house commissaries and chicken processing facilities. We believe this strategic deal paves the way for accelerated unit growth in a large and under penetrated market.

在過去三年中，他們利用包括內部配送中心和雞肉加工廠在內的複雜供應鏈開設了 183 家新店。我們相信，這項策略交易為在龐大且滲透率較低的市場中加速單位成長鋪平了道路。

As David mentioned, earlier this month, we hosted our global franchise convention in Sydney, Australia, bringing together franchisees from around the world. The energy and enthusiasm were unmistakable. Over several days, we aligned on brand strategy, covering everything from world class development capabilities to cutting edge marketing analytics while showcasing the power of our global network and the competitive advantage that comes from sharing best practices across markets.

正如大衛所提到的，本月早些時候，我們在澳洲雪梨舉辦了全球特許經營大會，匯集了來自世界各地的特許經營商。那種活力和熱情是顯而易見的。幾天來，我們就品牌策略進行了協調，涵蓋了從世界一流的開發能力到尖端的營銷分析的方方面面，同時展示了我們全球網絡的力量以及跨市場分享最佳實踐所帶來的競爭優勢。

We also celebrated franchise partners who delivered outstanding results, underscoring the strength of our system. The chance to speak with so many of our franchisees made it clear that sentiment in the Yum! system is strong, with many eager to grow their portfolios and help to reinforce one of Yum!'s greatest advantages, a network of strong corporate-minded franchise partners who see opportunity and are willing to invest even in times of macro volatility.

我們也對取得優異成績的特許經營夥伴進行了表彰，彰顯了我們體系的實力。有機會與這麼多特許經營商交談讓我們清楚地認識到 Yum！的這種情緒。系統很強大，許多人渴望擴大他們的投資組合，並幫助加強百勝餐飲集團的最大的優勢在於擁有強大的企業意識的特許經營合作夥伴網絡，他們能夠發現機會並願意在宏觀波動時期進行投資。

I'll now discuss our connected brand strategy that continues to revolutionize digital and technology across our system, strengthening operations, enhancing consumer experiences, and unlocking new insights. Byte by Yum!, with emphasis on both foundational and AI-driven capabilities was showcased extensively at the franchise convention, and our D&T leaders engaged in meaningful one-on-one conversations with our largest and most strategic franchisees, deepening relationships and reinforcing our shared vision for growth.

我現在將討論我們的互聯品牌策略，該策略將繼續徹底改變我們整個系統的數位和技術，加強運營，增強消費者體驗，並釋放新的見解。Byte by Yum! 在特許經營大會上進行了廣泛展示，重點強調了基礎能力和人工智能驅動能力，我們的 D&T 領導者與我們最大、最具戰略意義的特許經營商進行了有意義的一對一對話，加深了關係並強化了我們共同的增長願景。

We held in-depth product demonstrations for our Byte platform and highlighted some of the unique innovations only possible with an integrated technology stack. As a result of this, we have overwhelming interest from our franchisees in adopting Byte in their restaurants.

我們為 Byte 平台舉行了深入的產品演示，並重點介紹了一些只有透過整合技術堆疊才能實現的獨特創新。因此，我們的特許經營商對在其餐廳採用 Byte 表現出極大的興趣。

Completing the rollout of Byte in our US brands remains a top priority in 2025, but given the level of interest, we're beginning to work with our international franchisees on how we can scale Byte into their markets in an accelerated fashion over the coming years.

在我們美國品牌中完成 Byte 的推廣仍然是 2025 年的首要任務，但考慮到人們的興趣程度，我們開始與我們的國際特許經營商合作，研究如何在未來幾年內以加速的方式將 Byte 擴展到他們的市場。

We are also thrilled to announce our partnership with NVIDIA this quarter, a milestone that enables us to accelerate the development and deployment of cutting edge AI technology solutions across our system. We're focusing on three key areas of the business, voice automated drive-through and call center operations to deliver more natural and seamless ordering experiences for our consumers.

我們也很高興地宣布本季與 NVIDIA 建立合作夥伴關係，這是一個里程碑，使我們能夠加速在整個系統中開發和部署尖端 AI 技術解決方案。我們專注於業務的三個關鍵領域，即語音自動駕車透過和呼叫中心運營，為我們的消費者提供更自然、更無縫的訂購體驗。

Computer vision technology to enhance backup house and drive through efficiency through real-time analytics. And advanced restaurant intelligence to equip general managers with personalized action plans that drive operational excellence.

電腦視覺技術透過即時分析來提高備用房屋和驅動效率。先進的餐廳智慧為總經理提供個人化的行動計劃，推動卓越營運。

These innovations will enhance operational performance, support our teams, and elevate the guest experience across our brands. We believe AI will become the new operating system of restaurants, and our partnership with NVIDIA positions Yum! at the forefront of that revolution.

這些創新將提高營運績效、支持我們的團隊並提升我們品牌的客戶體驗。我們相信 AI 將成為餐廳的新作業系統，我們與 NVIDIA 的合作使 Yum！處於這場革命的最前線。

Now let me highlight the significant strides across our easy experiences, easy operations, and easy insights pillars. Starting with our easy experiences pillar where we prioritize delivering frictionless consumer experiences.

現在，讓我重點介紹一下我們在輕鬆體驗、輕鬆操作和輕鬆洞察支柱方面取得的重大進展。從我們的輕鬆體驗支柱開始，我們優先提供無摩擦的消費者體驗。

This quarter, Pizza Hut UK, powered by the launch of our Byte commerce platform, achieved impressive digital momentum with a 67% year over year increase in mobile app transactions. In 2025, we're set to scale Byte commerce to four new Pizza Hut international markets and introduce AI-powered personalization to drive higher average order value and accelerate transaction growth.

本季度，必勝客英國公司在推出 Byte 商務平台的推動下，實現了令人矚目的數位化發展勢頭，行動應用交易量較去年同期成長 67%。2025 年，我們將把 Byte Commerce 擴展到四個新的必勝客國際市場，並引入人工智慧個人化服務，以提高平均訂單價值並加速交易成長。

KFC is also making strong progress in this area with kiosks now representing its largest digital sales channel, accounting for nearly 50% of all digital sales, excluding China, highlighting the growing consumer preference for this convenient ordering option.

肯德基在這一領域也取得了長足的進步，自助服務終端現已成為其最大的數位銷售管道，佔中國以外所有數位銷售額的近 50%，凸顯了消費者對這種便捷訂購方式的日益青睞。

Turning to our easy operations pillar, where we're focused on optimizing operations to support and empower our team members. In Q1, we expanded Byte restaurants coach to an additional 5,000 stores. The Byte coach's digital routine tools and training have enabled more proactive, consistent, and scalable performance management across our restaurants.

轉向我們的輕鬆操作支柱，我們專注於優化操作以支援和授權我們的團隊成員。在第一季度，我們將 Byte 餐廳教練擴展到另外 5,000 家門市。Byte 教練的數位常規工具和培訓使我們的餐廳的績效管理更加主動、一致和可擴展。

At Taco Bell US, we onboarded an additional 1,500 restaurants to Byte's backup house platform, bringing the total stores live to 3,000. This continued momentum reflects strong operator engagement and meaningful progress toward building a fully connected kitchen ecosystem that drives efficiency and data-informed decision making.

在美國塔可鐘 (Taco Bell US)，我們將另外 1,500 家餐廳納入 Byte 的備用門市平台，使上線門市總數達到 3,000 家。這種持續的勢頭反映了運營商的大力參與以及在構建完全互聯的廚房生態系統方面取得的重大進展，該生態系統可以提高效率並促進數據驅動的決策。

Lastly, under our eays insights pillar, we're leveraging data to drive smarter, more informed decision-making. Our US brands are harnessing our powerful data engine and first of its kind cross-brand consumer data platform to deliver personalized marketing campaigns which for our first test through the email channel delivered 2 times the improvement in consumer engagement compared to traditional email marketing.

最後，在我們的 eays insights 支柱下，我們正在利用數據來推動更聰明、更明智的決策。我們的美國品牌正在利用我們強大的數據引擎和首個跨品牌消費者數據平台來開展個人化行銷活動，透過電子郵件管道進行的首次測試表明，與傳統電子郵件行銷相比，消費者參與度提高了 2 倍。

Since the end of last year, we've expanded AI-driven marketing use cases across our brands, further embedding intelligence into how we engage and convert consumers. These advancements are driving smarter targeting, increased efficiency, and stronger returns on our digital marketing investments.

自去年年底以來，我們已經在我們的品牌中擴展了人工智慧驅動的行銷用例，進一步將智慧嵌入到我們吸引和轉換消費者的方式中。這些進步正在推動更智慧的定位、更高的效率以及我們數位行銷投資的更高回報。

Next, I'll provide an update on our balance sheet and liquidity position. Net capital expenditures for the quarter totaled $56 million, reflecting $15 million in re-franchising proceeds and $71 million in gross capital expenditures.

接下來，我將提供我們的資產負債表和流動性狀況的最新情況。本季淨資本支出總計 5,600 萬美元，其中包括 1,500 萬美元的再特許經營收益和 7,100 萬美元的總資本支出。

Throughout the quarter, we repurchased approximately 1.56 million shares for a total of $228 million. Our net leverage ratio ended the quarter at 3.9 times. Subsequent to quarter end, we took advantage of a favorable window of interest rate volatility to enter into a new three year interest rate hedge, reducing our exposure to interest rate risk on $1.5 billion of variable rate debt for which hedges had recently expired.

整個季度，我們回購了約 156 萬股，總計 2.28 億美元。本季末我們的淨槓桿率為 3.9 倍。季度末之後，我們利用利率波動的有利窗口，簽訂了新的三年期利率對沖協議，降低了對沖最近已到期的 15 億美元浮動利率債務的利率風險敞口。

As a result, we expect $10 million in interest rate savings versus our planned interest expense for 2025, which had contemplated higher interest rates on that debt. As I shared on the last call, subject to market conditions, we expect to maintain our net leverage ratio at approximately 4 times over the medium term by issuing incremental debt subject to market conditions as our business grows.

因此，我們預計節省的利息為 1000 萬美元，而我們計劃 2025 年的利息支出則考慮到了該債務的更高利率。正如我在上次電話會議上所分享的，根據市場情況，隨著業務的增長，我們預計透過根據市場情況發行增量債務，在中期內將我們的淨槓桿率維持在 4 倍左右。

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

總體而言，我們的資本重點保持不變，並專注於透過對業務的策略性投資、保持強勁而靈活的資產負債表、提供有競爭力的股息以及向股東返還多餘的現金來實現股東價值最大化。

Now let me share our latest outlook for the full year. 2025 is shaping up to be a complex year to navigate given economic uncertainty and geopolitical challenges. However, we believe this is another year that will demonstrate the resilience of our business model.

現在讓我分享我們對全年的最新展望。鑑於經濟不確定性和地緣政治挑戰，2025 年將是難以應對的複雜一年。然而，我們相信今年又將展現我們商業模式的韌性。

In the US, Taco Bell, which represents approximately 80% of our US profit, is incredibly well positioned to navigate this environment as the value leader. With an opportunity to take share from higher priced competitors, its robust innovation pipeline, including the return of crispy chicken nuggets in Q2, reinforces our view.

在美國，塔可鐘 (Taco Bell) 的利潤約占我們美國利潤的 80%，作為價值領導者，它在這種環境下佔據著極其有利的地位。憑藉著從價格較高的競爭對手手中奪取市場份額的機會，其強大的創新管道（包括第二季回歸的脆皮雞塊）強化了我們的觀點。

Internationally, we are seeing that KFC, which represents 85% of our international profits, is recovering from the Middle East conflict and gaining momentum around the world. More broadly, the strength of our diversified portfolio of four brands and more than 155 countries combined with our well capitalized 3C partners allows us to manage country specific challenges and continue investing through uncertainty.

在國際上，我們看到占我們國際利潤85%的肯德基正在從中東衝突中恢復過來，並在全球範圍內獲得發展勢頭。更廣泛地說，我們擁有四大品牌和超過 155 個國家的多元化投資組合，再加上我們資金雄厚的 3C 合作夥伴，使我們能夠應對特定國家的挑戰，並在充滿不確定性的情況下繼續投資。

Given these advantages and after a strong Q1 performance, we remain confident in our plan to deliver 8% core operating profit growth this year excluding the lap of the benefit of the 53rd week in 2024. As for the shape of the profit growth this year, in Q2, we expect to experience lower profit growth in part due to one-time expenses such as our global franchise convention.

鑑於這些優勢以及第一季的強勁表現，我們仍對今年實現 8% 核心營業利潤成長的計畫充滿信心，不包括 2024 年第 53 週的收益。至於今年獲利成長的情況，我們預計第二季獲利成長將有所下降，部分原因是我們的全球特許經營大會等一次性費用。

As a result, we expect second half operating profit growth to be higher than the first half, landing us on algorithm for the full year. Finally, on FX, with the US dollar's recent move lower, at current spot rates, we expect a $10 million tailwind to GAAP operating profit for the remainder of the year.

因此，我們預計下半年營業利潤成長將高於上半年，從而使我們全年的業績達到演算法水準。最後，在外匯方面，隨著美元近期走低，以目前的現貨匯率，我們預計今年剩餘時間內 GAAP 營業利潤將增加 1,000 萬美元。

To close, while the near term macro environment remains uncertain, our leaders at Yum! are focused on the long term opportunity, the vast under penetrated white space around the globe. We're making significant progress toward becoming a more efficient, adaptable, and data-driven organization.

最後，雖然短期宏觀環境仍然不確定，但 Yum 的領導者！專注於長期機遇，即全球廣闊的尚未滲透的空白領域。我們正在朝著成為一個更有效率、適應性更強、數據驅動的組織的方向取得重大進展。

And in a challenging consumer environment, we remain energized by the momentum behind bold initiatives like Live Más Cafe, Saucy, and KWENCH, each offering distinct avenues to grow our top line and expand market share.

在充滿挑戰的消費環境中，我們仍然受到 Live Más Cafe、Saucy 和 KWENCH 等大膽舉措背後的動力的激勵，這些舉措都提供了獨特的途徑來增加我們的收入並擴大市場份額。

Our 98% franchise structure, global footprint, and consistent cash generation give us flexibility and confidence, no matter the near term noise.

無論短期內有何動靜，我們 98% 的特許經營結構、全球業務以及持續的現金產生都為我們提供了靈活性和信心。

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)

（操作員指示）

Brian Bittner, Oppenheimer.

奧本海默的布萊恩·比特納。

My question is on KFC International. It's obviously a very important driver of the Yum! model and it was very encouraging to see the same-store sales for KFC International accelerate in the first quarter to that 3% level. We're sensing some worry by investors out there that perhaps American brands like KFC could be seeing softness outside the US from geopolitical dynamics, although it's really hard to find evidence of that happening.

我的問題是關於肯德基國際的。這顯然是 Yum! 的一個非常重要的驅動因素。模型，看到肯德基國際第一季同店銷售額加速成長至 3% 的水平，我們感到非常鼓舞。我們感覺到一些投資人擔心，像肯德基這樣的美國品牌可能會因為地緣政治動態而在美國以外地區表現疲軟，儘管很難找到這種情況發生的證據。

So I would love for you to address your take on this. And how you're thinking about the sustainability of KFC's improved trends moving forward?

因此我希望您能談談對此的看法。您如何看待肯德基未來改進趨勢的可持續性？

Yeah, we agree. We're encouraged by what we're seeing out of KFC International. You mentioned the 3% same-store sales growth. Actually, there was an issue with Ramadan timing that negatively impacted the quarter and backed out China, our sales internationally were up 5%, same-store sales.

是的，我們同意。肯德基國際的業績令我們感到鼓舞。您提到了同店銷售額成長 3%。實際上，齋戒月時間問題對本季產生了負面影響，導致中國業務受挫，但我們的國際銷售額成長了 5%，同店銷售額也成長了 5%。

So and that growth is actually quite widespread. If you look at a table in our earnings release, you can see system sales was up in all 10 markets that we measured. So we are sort of putting the issues from the Middle East behind us and most of the world and feel good about the recovery there.

所以這種成長其實相當普遍。如果您查看我們的收益報告中的表格，您會發現我們測量的所有 10 個市場的系統銷售額都有所上升。因此，我們基本上已經把中東和世界大部分地區的問題拋在腦後，並對那裡的復甦感到樂觀。

And we have not seen -- and we obviously monitor this and any other kind of consumer change in behavior. We have not seen any anti-American sentiment impacting our stores. One thing I will say is I think the team is doing an amazing job navigating this environment.

我們還沒有看到——我們顯然在監控這種以及任何其他類型的消費者行為變化。我們尚未看到任何反美情緒影響我們的商店。我想說的是，我認為團隊在駕馭這種環境方面做得非常出色。

They're leaning in a little bit more on value. The Canadian market was up strongly this quarter, leaning in on the $5 price point. Korea did a buy one, get one free. I mentioned some of the innovation they're doing -- that we're doing around the world.

他們更加傾向於價值。本季加拿大市場強勁上漲，價格接近 5 美元。韓國實行買一送一。我提到了他們正在進行的一些創新——我們在世界各地也正在進行這些創新。

In the UK, we launched the double down zinger burger and stole share from competitors in France. We had a really creative offering. I think I mentioned in the prepared remarks, the Crispy Naan Burger, that drove really strong sales growth outdistancing the market and taking share from others.

在英國，我們推出了雙層辣味漢堡，搶佔了法國競爭對手的市場份額。我們提供了非常有創意的產品。我想我在準備好的演講中提到過，脆皮烤餅漢堡推動了非常強勁的銷售成長，超越了市場並搶佔了其他產品的份額。

So there's a lot to like about the recovery for KFC globally. It's widespread and sets us up for a good year on KFC.

因此，肯德基在全球範圍內的復甦有很多值得期待的地方。它廣為流傳，為我們在肯德基度過美好的一年奠定了基礎。

David Tarantino, Baird.

大衛·塔倫蒂諾，貝爾德。

Chris, I wanted to ask about the full year guidance, and I appreciate your comments on your confidence in achieving the 8% operating income growth. But I wanted to ask related to the back weighted nature of that, your degree of confidence in the second half acceleration in the profit growth and what gives you that confidence in light of maybe an uncertain macro backdrop?

克里斯，我想問一下全年指導情況，我很感謝您對實現 8% 營業收入成長的信心的評論。但我想問的是，與這種後加權性質相關的是，您對下半年利潤成長加速的信心程度，以及在不確定的宏觀背景下是什麼讓您有這種信心？

If we look at the full year, we're off to a good start in Q1, 8% core operating profit in Q1, despite the impact of the strategic moves that we mentioned at Pizza Hut. If I think about the rest of the year, company store margins were on plan in Q1. But Q1 is seasonally low.

如果我們看全年業績，儘管受到我們提到的必勝客策略舉措的影響，但我們在第一季度取得了良好的開端，核心營業利潤達到 8%。如果我考慮今年剩餘的時間，公司門市利潤率在第一季符合計畫。但第一季是季節性低迷期。

So if we look at the full year, we expect to be on plan in terms of our company store profit margins. Full year, we mentioned on Taco Bell, like 24% to 25%. Pizza Hut, if you look at the quarter of those strategic moves and the timing that we mentioned was about an $8 million impact.

因此，如果我們著眼於全年，我們預計公司商店的利潤率將符合計劃。我們提到塔可鐘全年的銷售額將成長 24% 至 25%。必勝客，如果你看一下這些策略舉措的季度，我們提到的時間影響約為 800 萬美元。

So big for Pizza, but small in the grand scheme of things at Yum! And if we look at the back part of the year on Pizza Hut, we've got some favorable profit laps that the team thinks that they can lap. And if we look at our full year plan right now for Pizza Hut, we expect to get to roughly flat profit on the full year.

對於 Pizza 來說如此之大，但對於 Yum 來說卻很小！如果我們回顧一下必勝客今年後半段的業績，我們會發現團隊已經取得了一些有利的利潤成長，並且認為他們有能力實現這些成長。如果我們現在看一下必勝客的全年計劃，我們預計全年利潤將大致持平。

Obviously, we're working to drive sales every day. We're pleased with Q1, but our plan isn't dependent on sequential acceleration on same-store sales in the US throughout the year. We've got plenty of levers to drive the full year profit. We're confident in the 8%.

顯然，我們每天都在努力推動銷售。我們對第一季的業績感到滿意，但我們的計劃並不依賴全年美國同店銷售額的連續成長。我們擁有足夠的槓桿來推動全年利潤。我們對8%有信心。

Dennis Geiger, UBS.

瑞銀集團的丹尼斯蓋格。

I wanted to ask you another on the broader international or sort of impacts on the global macro environment, but specifically on store development across the portfolio. Could you talk a little bit more about that new development outlook for the year in thinking sort of what sounds like a strong trajectory excluding the planned closures?

我想問您另一個關於更廣泛的國際影響或對全球宏觀環境的影響的問題，特別是對整個投資組合中的商店發展的影響。您能否再多談談今年的新發展前景，想想除了計劃關閉的工廠之外，什麼樣的發展軌跡聽起來很強勁？

Sounds like ran these are in a good spot. Returns are encouraging, but any additional commentary on sort of the confidence in the development outlook, even if the macro were to have a downturn in your confidence there to kind of continue to hit numbers.

聽起來這些都是在一個好位置。回報是令人鼓舞的，但對於發展前景的信心，任何額外的評論，即使宏觀經濟出現下滑，你的信心也會繼續下降，達到某種程度的數字。

Yeah. We're confident in the development plan. As we said, we were just in Australia with our global franchise convention. The mood was incredibly upbeat despite all the complexities around the globe. Our franchisees are confident in the future of our brands.

是的。我們對發展計劃充滿信心。正如我們所說，我們剛剛在澳洲舉行了全球特許經營大會。儘管全球情勢錯綜複雜，但人們的情緒卻異常樂觀。我們的特許經營商對我們品牌的未來充滿信心。

And of course, as you know, our franchisees are larger and more sophisticated and well capitalized on average than franchisees in other systems, so they think long term and they invest through near term noise. If you look at the year, gross openings in Q1 for the company were higher than in 2023.

當然，如您所知，我們的特許經營商比其他系統的特許經營商規模更大、更成熟、平均資本更充足，因此他們會考慮長遠，並透過短期噪音進行投資。如果回顧今年的情況，該公司第一季的總開業數量高於 2023 年。

So we're off to a good start on gross. Really what we had were the planned closures in Turkey and the strategic closures in Pizza Hut. Of course, those closures were significantly lower volume than our system's averages.

因此，我們的整體業績開局良好。我們實際上有計劃地關閉土耳其門市，並策略性地關閉必勝客門市。當然，這些關閉的數量明顯低於我們系統的平均水平。

So the economic impact wasn't significant on those. KFC, second highest Q1 ever from a gross build standpoint. We opened in 53 countries in Q1 versus 43 countries last year. Paybacks remained strong in KFC.

因此，這些產品受到的經濟影響並不大。從整體建設角度來看，肯德基第一季業績為史上第二高。我們第一季在 53 個國家開設了分店，而去年同期則在 43 個國家開設了分店。肯德基的回報依然強勁。

If you go to Pizza Hut, obviously, Q1 was lower than normal given all the factors that we just described. But if we look at the next three quarters for the remainder of the year, we expect net development will be higher year over year.

如果你去必勝客，顯然，考慮到我們剛才描述的所有因素，第一季的業績低於正常水平。但如果我們展望今年剩餘時間的後三個季度，我們預期淨發展將年增。

So on a full year basis, we feel good about the development plan. We feel good about the confidence of our franchisees.

因此，從全年來看，我們對發展計劃感到滿意。我們對加盟主的信心感到十分滿意。

I'll just. You caught China's call this morning, they reiterated their confidence in their development plan and their guidance, which obviously is a big part of our development plan.

我就這麼做。今天早上你們聽到了中國的電話，他們重申了對其發展計劃和指導方針的信心，這顯然是我們發展計劃的重要組成部分。

David Palmer, Evercore ISI.

大衛·帕爾默（David Palmer），Evercore ISI。

David, congratulations on what will be -- I was just checking this out on your bio that you're going to have a 37 year career at Yum! and yet somehow, you still seem pretty young. So good job. Well done on that. That's pretty incredible.

大衛，恭喜你——我剛剛在你的簡歷上看到，你將在 Yum 工作 37 年！但不知為何，你看起來仍然很年輕。幹得真好。做得好。這真是太不可思議了。

At Taco Bell, I wanted to ask you, Chris, on Byte. It feels like early days in a good way for Byte, not just at Taco Bell, but for Yum! as an enterprise and for your franchisees and other systems. And what I wonder is, right now, maybe this is a period of investment in that you're going to be training models like your voice AI, for example, in the drive-through.

在 Taco Bell，我想問你關於 Byte 的問題，克里斯。對於 Byte 來說，這似乎是一個好的開始，不僅對於 Taco Bell 如此，對於 Yum 也是如此！作為企業以及您的加盟商和其他系統。我想知道的是，現在也許這是一個投資期，你將在其中訓練語音 AI 等模型，例如在免下車服務中。

It's going to be getting better. So maybe the benefits today are going to be a fraction of what they'll be as that those models get stronger and more robust and the fidelity is greater and you get to over 90% fulfillment and those things could happen more rapidly than we think.

情況會越來越好。因此，也許今天的好處只是將來好處的一小部分，因為這些模型會變得更強大、更穩健、保真度更高，實現率會超過 90%，而且這些事情發生的速度可能比我們想像的要快。

Maybe it's one or two years and you have something that even becomes an external revenue source for Yum! as you're sharing these tools and becomes a sort of an AWS for you guys. So maybe a comment on that.

也許一兩年後，你的產品甚至會成為 Yum 的外部收入來源！因為你們分享這些工具，它們就變成了你們的一種 AWS。所以也許可以對此發表評論。

And then separately, on Saucy. We visited that concept, down when we were at the ICR. And it's a great concept. I wonder what you're going to do with that. That was a converted KFC, but that kind of looks expensive. Do you -- it's doing big volume.

然後分別在 Saucy 上。當我們在 ICR 時，我們參觀了那個概念。這是一個很棒的概念。我不知道你要用它做什麼。那是一家改裝的肯德基，但看起來很貴。您是否--它的音量很大。

So maybe it becomes a growth concept in of itself. But maybe you can find some ways to sprinkle a little Saucy onto your existing KFCs in a more of an approachable price point.

所以也許它本身就成為一個成長概念。但也許您可以找到一些方法，以更實惠的價格為您現有的肯德基增添一點醬汁。

Two good questions. I'll start on Byte. The $1 billion we've invested in our digital technology strategy over the last several years is one of the best investments that Yum! has ever made. And you're seeing it come to life. We shared a lot of the data and insights from the impact on the Taco Bell system at the Live Más LIVE event, the Consumer Day event just a few weeks back.

兩個好問題。我將從 Byte 開始。在過去幾年裡，我們在數位技術策略上投資了 10 億美元，這是百勝集團做出的最佳投資之一！曾經做過。你會看到它變得生動起來。就在幾週前的消費者日活動 Live Má在 s LIVE 活動上，我們分享了大量有關塔可鐘系統受到影響的數據和見解。

The data is indisputable. Where we see Byte helping to drive digital mix expansion, you see faster top line growth and faster bottom line growth for our franchisees. And we're really just getting started. We've made a lot of progress in the US, but at our global franchise convention, Joe Park and the team did an incredible job bringing Byte to life.

這些數據是無可爭議的。我們看到 Byte 幫助推動數位組合擴張，我們特許經營商的營收成長和利潤成長都更快。而我們才剛開始。我們在美國取得了很大進展，但在我們的全球特許經營大會上，喬·帕克和他的團隊出色地完成了讓 Byte 煥發生機的任務。

And we had a ton of interest from franchisees there. So we're looking forward to how we grow Byte outside of the US. And that's -- our priority is to continue to deliver for our system. As you say, as we incorporate AI, the acceleration should continue in terms of the impact that we can deliver.

我們在那裡引起了大量加盟商的興趣。因此，我們期待 Byte 在美國以外的發展。這就是—我們的首要任務是繼續為我們的系統提供服務。正如您所說，隨著我們融入人工智慧，我們所能產生的影響將會繼續加速。

I won't rule out someday that we may be able to serve restaurants beyond the system, but our priority right now is serving our franchisees in the system. If I go to Saucy, as you said, it's a great experience, a great start with the concept, Saucy by KFC down in that one store in Orlando.

我不會排除有一天我們能夠為系統以外的餐廳提供服務的可能性，但我們目前的首要任務是為系統內的特許經營商提供服務。如果我去 Saucy，就像你說的，那將是一次很棒的體驗，對這個概念來說是一個很好的開始，肯德基在奧蘭多的那家店推出了 Saucy。

We're four months in. Lots of learnings, but we're very pleased with the start. As we said on the call, one of the highest performing stores in the KFC system in the US. We are looking at multiple avenues to expand. Of course, we always over the long term grow with our franchise partners.

我們已經四個月了。學到了很多東西，但我們對這個開始感到非常滿意。正如我們在電話中所說，這是美國肯德基系統中業績最好的門市之一。我們正在尋找多種擴張途徑。當然，我們始終與我們的特許經營合作夥伴一起長期成長。

So you could expect in the long-term franchise stores and company stores. But we're being very methodical, making sure we pick the very best partners to work with. And we want to scale it while preserving the unique identity that comes to life when you're there in that restaurant.

因此，您可以期待長期特許經營店和公司專賣店。但我們非常有條理，確保選擇最好的合作夥伴。我們希望在擴大規模的同時，保留餐廳獨特的特色。

Plus we've got to scale the supply chain and real estate that goes along with it.

此外，我們還必須擴大供應鏈和隨之而來的房地產規模。

So more to come as we go forward on Saucy.

隨著我們在 Saucy 上的不斷進步，我們將迎來更多精彩內容。

Danilo Gargiulo, Bernstein.

達尼洛·加吉烏洛，伯恩斯坦。

I want to ask a question beyond the dual engine of growth. So it's very clear, the dual engine of growth is working exceptionally well. But for an acceleration further, you might need to lean more into the remaining 20% of the operating profit.

我想問一個超越雙引擎成長的問題。很明顯，雙增長引擎運作良好。但為了進一步加速，您可能需要更依賴剩餘的 20% 的營業利潤。

So KFC US and Pizza Hut. And this might be offering outside returns given that there is a relatively compressed expectations from the investor base. So can you spend more on the 3D strategy? And by when do you expect to see the sales and traffic to be more sustainably positive?

所以是美國肯德基和必勝客。鑑於投資者群體的預期相對較低，這可能會帶來外部回報。那麼，您可以在 3D 策略上投入更多資金嗎？您預計什麼時候銷售額和客流量能夠持續維持正成長？

Yeah. Great question.

是的。好問題。

Obviously, the twin growth engines are what powers our long term algorithm. But that doesn't mean that we aren't incredibly excited about that other 17% and what it can do to further accelerate our growth. Taco Bell International in particular is really starting to get a lot of traction.

顯然，雙重成長引擎是我們長期演算法的動力。但這並不意味著我們對另外 17% 以及它如何進一步加速我們的成長感到不興奮。塔可鐘國際 (Taco Bell International) 尤其開始受到廣泛關注。

One of the things that came out of this global franchise convention was just massive enthusiasm from our existing franchise base at Pizza Hut and KFC and starting to get more involved with Taco Bell as we're seeing more success around the world.

這次全球特許經營大會的成果之一是，我們現有的必勝客和肯德基特許經營基地表現出了極大的熱情，隨著我們在全球範圍內取得越來越多的成功，我們開始更多地參與塔可鐘的特許經營業務。

So we talked about that we'll get to 100 new units this year. But their plans are much more aggressive as we go forward. And that will start to become a meaningful contributor to our growth model. In the US, KFC International, KFC US actually had positive transaction growth this quarter.

所以我們說過今年我們將增加 100 個新單位。但隨著我們不斷前進，他們的計劃會變得更加積極。這將開始對我們的成長模式產生有意義的貢獻。在美國，肯德基國際、肯德基美國本季的交易量實際上實現了正成長。

And I think with Catherine Tan coming in to lead that business, some of the work that's being done on that traditional business, as well as the opportunity to leverage Saucy, as David Palmer noted, I think there's lots of reasons to be excited about the future of KFC US.

我認為，隨著 Catherine Tan 來領導這項業務，一些在傳統業務上所做的工作，以及利用 Saucy 的機會，正如 David Palmer 所說，我認為有很多理由對肯德基美國的未來感到興奮。

And then finally, at Pizza Hut, Pizza Hut's in a tough category right now in QSR in the US. And certainly, the pizza category with everybody reporting negative sales is pressured. But we've obviously seen Pizza Hut have significant growth in years past when they do -- when they get the thing -- the offerings right for consumers like with Melts and value.

最後，說到必勝客，必勝客目前在美國的 QSR 領域處境艱困。毫無疑問，披薩品類的銷售量都呈現負成長，面臨壓力。但我們顯然已經看到，必勝客在過去幾年中取得了顯著的成長，當他們做到了——當他們找到適合消費者的產品時——例如 Melts 和價值。

I know Carl Loredo, who just assumed the leadership role of Pizza Hut US last year around this time. He's got big plans to grow the brand and accelerate expansion in the US and internationally. Aaron and the team have, as we, as we've commented, it got pretty good positive sign for sales growth last quarter internationally and lots of reasons to be excited about the recovery that's occurring there coming out of the Middle East.

我認識卡爾‧洛雷多 (Carl Loredo)，他去年這個時候剛出任必勝客美國公司的領導職務。他制定了宏偉計劃來發展該品牌並加速其在美國和國際上的擴張。正如我們所評論的那樣，Aaron 和他的團隊上個季度的國際銷售成長呈現出相當積極的信號，並且有很多理由對中東地區的經濟復甦感到興奮。

So we don't -- we manage each and every business that we have as a growth business, invest in it and have robust plans for their growth going forward. It's just we talk about the twin growth engines obviously because that's the majority of where our profit comes today.

因此，我們不會——我們將我們擁有的每一項業務都作為增長型業務來管理，對其進行投資，並為其未來成長制定強有力的計劃。我們只是在談論雙重成長引擎，顯然是因為這是我們今天利潤的主要來源。

John Ivankoe, JPMorgan.

摩根大通的約翰‧伊凡科。

The question is on the NVIDIA partnership. Really what Yum! expects to accomplish, I guess, both in the short term and the medium term and if you can help educate us of what is exclusive or proprietary or unique between NVIDIA and Yum! that you will be able to take advantage of that presumably many others in your industry that you compete against will not be able to?

問題是關於 NVIDIA 的合作關係。真的太好吃了！我認為，無論是在短期還是中期，都有望實現這一目標，如果您能幫助我們了解 NVIDIA 和 Yum 之間獨有的、專有的或獨特的東西，那我們該怎麼辦呢？您將能夠利用這一優勢，而您所在行業的許多其他競爭對手可能無法做到這一點？

Obviously, we're incredibly excited about the partnership with NVIDIA. This has been over a year in the making. I was there in the first meeting with their team when we started to discuss this and could see their eyes light up when they started to realize the capabilities that we had at Yum! that we built with thousands of people in our tech department.

顯然，我們對與 NVIDIA 的合作感到非常興奮。此事已籌備了一年多。當我們開始討論這個問題時，我參加了與他們團隊的第一次會議，當他們開始意識到 Yum 所擁有的能力時，我看見他們的眼睛亮了起來！它是由我們技術部門數千人共同打造的。

In terms of what we're working on, obviously, a lot of that is going to be proprietary. What we've said publicly is we're we're working them on voice AI. We're working with them on vision, and we're working with them on analytics.

就我們正在進行的工作而言，顯然其中許多將是專有的。我們已經公開表示，我們正在研究語音人工智慧。我們正在與他們合作實現願景，我們正在與他們合作進行分析。

But we have 40 different AI initiatives that are staffed and distinct projects at Yum! right now. So there's a world of opportunity for us to work together. And I think they recognize that in the restaurant space, there's nobody that's built the capability that we have.

但在 Yum，我們有 40 個不同的 AI 計劃，並且配備了專門的人員和獨特的項目！現在。因此，我們之間存在著無限的合作機會。我認為他們體認到，在餐飲領域，沒有人能夠擁有我們這樣的實力。

We're the perfect partner for them. The relationship is off to a fantastic start. And as I think somebody said earlier, we really just scratched the surface on what we can do with the tech that we've built. It's been $1 billion investment.

我們是他們的完美合作夥伴。兩國關係開局良好。我認為有人之前說過，我們只是觸及了我們能用我們所建造的技術做什麼的表面。投資金額已達10億美元。

We've built this Ferrari. Now it's -- we're just starting to get it out on the track and hit the gas. So I'm excited about the impact that we can have on all parts of our business across the customers, employees, franchisees and their profitabilities.

我們製造了這輛法拉利。現在——我們剛開始將它開上賽道並加大油門。因此，我很高興我們能夠對客戶、員工、特許經營商及其盈利能力等業務的各個部分產生影響。

It just has -- it's a virtuous cycle. The better our tech gets, the more we can do with it.

這只是──一個良性循環。我們的技術越先進，我們能做的事情就越多。

We have time for one more question.

我們還有時間再回答一個問題。

Andrew Charles, TD Cowen.

安德魯查爾斯 (Andrew Charles)，TD Cowen。

And just to echo, David, congrats on a story career at Yum! Very encouraging Taco Bell performance in the first quarter in a very tough US domestic backdrop. I'm curious is it realistic to expect that Taco Bell is up 10% performance on a two year basis can persist throughout 2025?

再次強調，大衛，恭喜你在 Yum 的故事事業取得成功！在美國國內經濟情勢十分嚴峻的情況下，塔可鐘第一季的業績非常令人鼓舞。我很好奇，期望塔可鐘兩年內業績成長 10% 並能持續到 2025 年是否現實？

Yeah. First of all, Andrew, thank you for the comments on my career, and thank you for acknowledging what is the absolutely standout quarter for Taco Bell, plus 9% when we're seeing everybody else reporting negative numbers and we know the industry is flat to negative.

是的。首先，安德魯，感謝您對我職業生涯的評價，也感謝您承認這是塔可鐘絕對出色的一個季度，當我們看到其他公司都報告負數並且我們知道整個行業持平甚至為負數時，塔可鐘的業績卻增長了 9%。

And to the point about, well, if the trends continue, I would say, yeah, I'm not going to be very specific guidance for the full year on exactly where Taco Bell sales are going to end because it's we're constantly navigating changing environment.

至於如果這種趨勢持續下去，我想說，是的，我不會對塔可鐘全年銷售額的最終水平給出非常具體的指導，因為我們在不斷應對不斷變化的環境。

But I will say in terms of April trends, and we have seen a general continuation of what we saw in Q1. I know this is a tough operating environment for everybody else in the industry. It just is probably an environment that favors Taco Bell, and that's what you're seeing.

但我想說，就四月份的趨勢而言，我們看到了第一季趨勢的整體延續。我知道對業內其他人來說，這都是一個艱難的經營環境。這可能只是一個有利於塔可鐘的環境，而這正是你所看到的。

They're firing on all cylinders. We talked about in the prepared remarks, how their penetration is going up. So we're bringing more customers into the brand. That's with things like Cantina Chicken, which launched a year ago and is bringing light and lapsed users into the brand.

他們正全力以赴。我們在準備好的演講中談到了他們的滲透率是如何上升的。因此，我們正在吸引更多的客戶關注我們的品牌。例如，Cantina Chicken 於一年前推出，為該品牌帶來了新用戶和流失用戶。

The value that we're offering really stands out in this environment. Nobody else has the $5, $7, $9 box offerings we have coupled with the cravings value. And then of course, the hallmark of Taco Bell is their innovation and things like crunch wrap sliders.

我們提供的價值在這種環境下確實脫穎而出。沒有人能像我們一樣，將 5 美元、7 美元、9 美元的盒裝產品與渴望價值結合在一起。當然，塔可鐘 (Taco Bell) 的標誌是他們的創新和諸如脆皮捲餅之類的產品。

We can go have an event like Live Más LIVE and unveil our innovation for the entire year and not have to worry about anybody copying it because nobody sells anything close to what we sell. And that is a very enviable position in the industry.

我們可以舉辦像 Live Má s LIVE 這樣的活動，展示我們全年的創新，而不必擔心有人抄襲它，因為沒有人銷售任何接近我們銷售的產品。這在業界是一個非常令人羨慕的地位。

It's why we call Taco Bell a category of one brand. And yes, we are seeing a continuation of the trends into Q2 although our lap obviously gets much harder as we start to lap Cantina Chicken. So the one year numbers have come down a little.

這就是我們稱塔可鐘為一個品牌類別的原因。是的，我們看到這種趨勢將延續到 Q2，儘管當我們開始跑 Cantina Chicken 時，我們的跑道顯然變得更加困難。因此一年的數字略有下降。

So we're excited about the impact that Taco Bell is going to have this year. But really the way it's set up for success, very much fueled by that the digital work that Chris has been talking about.

因此，我們對塔可鐘今年將產生的影響感到非常興奮。但實際上，它的成功很大程度上得益於克里斯一直在談論的數位化工作。

So just to wrap up, I think this is another quarter that demonstrated the strength of the Yum! business model, the resiliency of that model. In 2024, we delivered on our 8% core operating profit commitment when most of our competitors were not able to given the international challenges.

總而言之，我認為這是另一個展現 Yum 實力的季度！商業模式，以及該模式的彈性。2024年，當我們的大多數競爭對手因國際挑戰而無法實現8%的核心營業利潤承諾時，我們卻實現了。

And we did it again this quarter with the backdrop of a lot more challenges and the softer US consumer. The consistency of our growth, I think, is the envy of the industry. Our twin growth engines are firing on all cylinders.

本季度，在面臨更多挑戰和美國消費者疲軟的背景下，我們再次取得了這樣的成績。我認為，我們的持續成長令業界羨慕不已。我們的雙增長引擎正全力運轉。

And the milestones that we reached this quarter on digital, I think we'll look back is incredibly important, the launch of Byte by Yum!, the action that we've gotten from the international franchise community, the partnership with NVIDIA, the $1 billion investment is really starting to pay dividends, hitting 55% digital sales this quarter.

回顧本季我們在數位領域取得的里程碑，我認為這些里程碑非常重要，例如 Byte by Yum! 的推出、我們從國際特許經營界獲得的行動、與 NVIDIA 的合作，10 億美元的投資確實開始帶來回報，本季數位銷售額達到了 55%。

Numbers that would have been unheard of just a few years ago. So we're off to a good start for the year and I'm excited about finishing this year really strong.

幾年前，這樣的數字還是聞所未聞的。因此，我們今年有了一個良好的開端，我很高興今年能夠圓滿成功。

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

今天的電話會議到此結束。非常感謝您的加入。現在您可以斷開線路了。