百勝餐飲集團 (YUM) 2025 Q2 法說會逐字稿

Hello, everyone, and thank you for joining the Yum! Brands 2025 second-quarter earnings call. My name is Sammy, and I'll be coordinating your call today. (Operator Instructions) I would now like to hand over to our host, Matt Morris, Head of Investor Relations, to begin. Please go ahead, Matt.

大家好，感謝大家加入 Yum！品牌 2025 第二季財報電話會議。我叫薩米 (Sammy)，今天我將負責協調您的通話。（操作員指示）現在，我想將時間交給我們的主持人、投資者關係主管 Matt Morris。請繼續，馬特。

Good morning, everyone, and thank you for joining us today. On our call are David Gibbs, our CEO; Chris Turner, our CFO; and Dave Russell, our Senior Vice President and Corporate Controller. Following remarks from David and Chris, we'll open the call to questions.

大家早安，感謝大家今天加入我們。參加我們電話會議的有我們的執行長戴維·吉布斯 (David Gibbs)、我們的財務長克里斯·特納 (Chris Turner) 和我們的高級副總裁兼公司財務總監戴夫·拉塞爾 (Dave Russell)。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 the risk factors discussed in our SEC filings.

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向美國證券交易委員會提交的文件中討論的風險因素一起考慮。

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

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。

We are broadcasting this conference call via our website. This call is also being recorded and will be available for playback. We would like to make you aware our third quarter earnings will be released on November 4 with a conference call on the same day.

我們正在透過我們的網站播放此次電話會議。此次通話也將被錄音並可供播放。我們想通知您，我們的第三季財報將於 11 月 4 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. Thank you for joining us today. Before we dive into this quarter's results, I want to acknowledge that this will be my final earnings call as CEO before I officially pass the baton to Chris on October 1.

謝謝你，馬特，大家早安。感謝您今天加入我們。在深入探討本季的業績之前，我想承認，這將是我作為執行長的最後一次財報電話會議，之後我將於 10 月 1 日正式將接力棒交給克里斯。

As one of the biggest champions of our brands and having personally recruited Chris to Yum! many years ago, I am thrilled that the Board unanimously elected Chris as our next CEO, yet again demonstrating the strength of Yum!'s internal talent. I couldn't think of a better person to lead this company. To ensure a seamless transition, I will serve as an adviser until the end of 2026.

作為我們品牌的最大擁護者之一，並親自招募克里斯加入 Yum！多年前，我很高興董事會一致選舉克里斯為我們的下一任首席執行官，這再次證明了百勝餐飲集團的實力。內部人才。我想不出還有誰比他更適合領導這家公司。為了確保順利過渡，我將擔任顧問直至2026年底。

Now, turning to the second quarter results. I'm proud that Yum! Brands delivered another strong quarter in a tough consumer environment. System sales grew 4%, driven by strong unit growth at KFC International and persistent market share gains at Taco Bell US, with both businesses delivering positive transaction growth.

現在，談談第二季的業績。我為 Yum 感到自豪！在嚴峻的消費環境下，各品牌又迎來了強勁的季度表現。系統銷售額成長 4%，這得益於肯德基國際的強勁銷售成長和塔可鐘美國公司市場份額的持續成長，兩家公司均實現了交易量的正成長。

Yum! delivered 386 net new units, including 871 gross openings, reflecting the enduring appeal of our brands and the strength of our diversified system. This quarter, Yum! achieved a new digital sales milestone with digital mix reaching 57%, 7 percentage points higher year-over-year.

好吃！淨交付 386 個新單位，其中包括 871 個新開幕單位，反映了我們品牌的持久吸引力和多元化體系的實力。本季度，Yum！實現了新的數位銷售里程碑，數位組合達到 57%，比去年同期高出 7 個百分點。

Notably, KFC's digital sales grew 22% and mix climbed to over 60%. Digital sales growth is undeniably due to the continued expansion of digital channels and the global rollout of Byte in which we made additional progress in international deployments and new service offerings across our US portfolio. We also made strides with expanding AI-driven personalized one-to-one advertising for which having a high digital mix will become a massive strategic advantage.

值得注意的是，肯德基的數位銷售額成長了 22%，產品組合成長至 60% 以上。數位銷售的成長無疑歸功於數位管道的持續擴張和 Byte 的全球推廣，我們在美國產品組合的國際部署和新服務提供方面取得了進一步的進展。我們也在擴大人工智慧驅動的個人化一對一廣告方面取得了進展，擁有高數位組合將成為巨大的策略優勢。

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 second quarter results, balance sheet position, and capital strategy, followed by our current outlook for 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二季業績、資產負債表狀況和資本策略，並介紹我們對 2025 年的當前展望。

Starting with KFC. KFC contributes 52% of Yum!'s divisional operating profit with KFC International accounting for 85% of our international operating profit. KFC International grew same-store sales 3%, driven by strong performance in key markets, including South Africa, Spain, Canada, Japan, and the UK.

從肯德基開始。肯德基佔百勝餐飲集團 52% 的份額部門營業利潤，其中肯德基國際占我們國際營業利潤的 85%。肯德基國際同店銷售額成長 3%，得益於南非、西班牙、加拿大、日本和英國等主要市場的強勁表現。

Even with a solid overall top line performance, we have opportunities to improve performance in underperforming regions, such as the US and parts of Europe, where challenges stem from gaps in value perception, inconsistent consumer experience, and innovation that has not fully resonated with consumers. As a first step, KFC U.S. recently introduced the Kentucky Fried comeback campaign aimed at striking the right balance between innovative, relevant products, and strong consumer value.

即使整體營收表現穩健，我們仍有機會提升表現不佳的地區（例如美國和歐洲部分地區）的業績，這些地區的挑戰源於價值觀念的差距、消費者體驗不一致以及創新尚未完全引起消費者共鳴。作為第一步，美國肯德基最近推出了肯德基回歸活動，旨在在創新、相關產品和強大的消費者價值之間取得適當的平衡。

In Europe, the teams are focused on delivering distinctive product offerings and meaningful partnership activations that resonate with local consumers, along with tailoring individual and snacking occasions in the EUR3 to EUR5 price range.

在歐洲，團隊專注於提供獨特的產品和有意義的合作活動，以引起當地消費者的共鳴，同時在 3 歐元至 5 歐元的價格範圍內定制個人和零食場合。

On March 1, Scott Mezvinsky assumed the role of KFC's CEO, bringing fresh energy and a clear vision for the brand's next chapter. Scott has articulated a compelling strategy focused on energizing the brand, enhancing its cultural relevance, and deepening consumer engagement worldwide leaning on his findings at Taco Bell.

3月1日，史考特·梅茲文斯基出任肯德基首席執行官，為品牌的下一篇章帶來了新的活力和清晰的願景。史考特根據他在塔可鐘的研究成果，闡述了一項引人注目的策略，重點是激發品牌活力、增強品牌文化相關性、深化全球消費者的參與度。

A key pillar of this approach involves modernizing the brand to attract younger consumers, in part by leveraging local standout innovations like the Korean barbecue chicken sandwich inspired by Squid Game in Spain, a product the team has recently introduced in select additional European markets as part of ongoing efforts to learn and scale regional successes. Scott is encouraging boldness and creativity in innovation and marketing.

這項方法的一個關鍵支柱是對品牌進行現代化改造，以吸引更年輕的消費者，部分是透過利用當地的傑出創新，例如受西班牙魷魚遊戲啟發的韓國烤雞三明治，該產品是團隊最近在其他部分歐洲市場推出的，作為持續學習和擴大區域成功的一部分。斯科特鼓勵創新和行銷方面的大膽和創造力。

As an example, the United Kingdom elevated KFC's visibility and appeal with a younger audience through successful launches, such as the Dirty Louisiana Burger and strategic cultural partnerships like Limitless Live, the UK's largest free music event, leading to a 5% increase in same-store sales.

例如，英國透過成功推出「Dirty Louisiana Burger」等新品以及與英國最大的免費音樂活動 Limitless Live 等策略文化合作夥伴提升了肯德基在年輕受眾中的知名度和吸引力，使同店銷售額增長了 5%。

Moving to Taco Bell, which accounts for 37% of our divisional operating profit, with Taco Bell US accounting for 82% of Yum!'s US profit. Taco Bell delivered 4% same-store sales growth, outpacing the limited service category in the US by 4 percentage points.

轉到塔可鐘 (Taco Bell)，它占我們部門營業利潤的 37%，其中塔可鐘美國 (Taco Bell US) 佔 Yum! 美國業務的 82%。利潤。塔可鐘 (Taco Bell) 同店銷售額成長 4%，比美國有限服務類餐廳高出 4 個百分點。

I'm thrilled that the progress Taco Bell made to elevate and broaden its menu with new occasions, including its focus on crispy chicken and an expanded beverage lineup. This quarter, Taco Bell reintroduced crispy nuggets, and unleashed full flavor and full-size versions of Crispy Chicken in the innovative new items to start Q3, such as the Crispy Chicken Taco and Crispy Chicken Burrito.

我很高興看到塔可鐘在新場合提升和擴大菜單方面取得的進展，包括專注於脆皮雞和擴大飲料陣容。本季度，塔可鐘重新推出了脆皮雞塊，並在第三季度開始的創新新品中推出了全口味和全尺寸版本的脆皮雞，例如脆皮雞肉玉米捲和脆皮雞肉捲餅。

The success of growing our chicken sales layer is undeniable with total chicken sales up over 50% in two years. We expect the momentum in chicken to continue as Crispy Chicken becomes a permanent platform in 2026, while the momentum behind new occasions will continue with shredded beef later this year.

我們的雞肉銷售成長取得了不可否認的成功，兩年內雞肉總銷量成長了 50% 以上。我們預計，隨著脆皮雞在 2026 年成為永久平台，雞肉的勢頭將持續下去，而今年晚些時候，牛肉絲的勢頭將繼續延續。

As for beverages, the team has bold ambitions to make beverages as iconic as their food, aiming for $5 billion in total system sales by 2030. At the very start of Q3, they took a significant step with the release of a nationwide lineup of flavorful Refresca and announced plans to expand its innovative beverage concept, Live Mas Cafe.

至於飲料，團隊雄心勃勃，要讓飲料像食物一樣具有標誌性，目標是到 2030 年實現 50 億美元的總系統銷售額。在第三季初，他們邁出了重要一步，在全國推出了一系列風味濃鬱的 Refresca，並宣布計劃擴展其創新飲料概念 Live Mas Cafe。

Despite executing an unprecedented level of limited time offer innovation, Taco Bell's order accuracy has improved and maintained exceptional drive-through performance in the US. Internationally, Taco Bell's momentum remained robust. Same-store sales being 5% in Europe with double-digit increases in Canada and India.

儘管實施了前所未有的限時優惠創新，塔可鐘的訂單準確率仍然有所提高，並在美國保持了卓越的免下車服務表現。在國際上，塔可鐘的發展動能依然強勁。歐洲同店銷售額成長 5%，加拿大和印度實現兩位數成長。

Moving on to Pizza Hut, which accounts for 11% of Yum!'s divisional operating profit. In the US, innovation with Cheesy Bites and Ranch Lovers Flights mixed well with existing consumers but an insufficient value message amid a competitive value landscape resulted in transaction softness.

再來說說必勝客，它佔據了 Yum! 的 11%部門營業利潤。在美國，Cheesy Bites 和 Ranch Lovers Flights 等創新產品與現有消費者融合良好，但在競爭激烈的價值格局中，價值資訊不足導致交易疲軟。

The team has learned from this and going forward, the US team is establishing compelling value propositions including the recent launch of Wing Wednesday and Tuesday's $2 personal pan pizzas. Following the recent new mobile app launch this year, the team plans to double down on mobile app acquisitions to start the third quarter.

該團隊從中吸取了教訓，並將繼續推進美國團隊制定引人注目的價值主張，包括最近推出的 Wing Wednesday 和 Tuesday 的 2 美元個人平底鍋披薩。繼今年新推出的行動應用程式之後，該團隊計劃在第三季開始時加倍加大行動應用程式的收購力度。

Internationally, Pizza Hut grew same-store sales 2% driven by the Middle East recovery, positive transaction growth in the UK, and strong performance in South Asia. Habit Burger and Grilled year-over-year system sales trends in Q2 declined 1%, consistent with the trend observed in Q2 last year.

在國際上，受中東經濟復甦、英國交易量成長以及南亞強勁表現的推動，必勝客同店銷售額成長了 2%。Habit Burger 和 Grilled 系統第二季的年比銷售趨勢下降了 1%，與去年第二季的趨勢一致。

The decline reflects continued softness in consumer demand with some impacts associated with the recent events in the L.A. area. The team improved its value offering through compelling weekly offers to our CharClub members and the launch of Gotta Habit Meal Deals in June in select markets, priced at $6, $8, and $10. Encouragingly, this emphasis on brand right abundant value lifted sales starting in June, and that positive momentum has continued into July.

這一下降反映了消費者需求的持續疲軟，以及洛杉磯地區近期事件的一些影響。該團隊透過為我們的 CharClub 會員提供極具吸引力的每週優惠以及 6 月份在特定市場推出 Gotta Habit Meal Deals（價格分別為 6 美元、8 美元和 10 美元）來提高其價值。令人鼓舞的是，對品牌權利豐富價值的重視從 6 月開始提升了銷售額，而這種積極勢頭一直持續到 7 月。

Looking ahead, I'm optimistic that increased marketing investments will further support sales momentum and build on the traction we're already seeing. In fact, recently, for the second year in a row, Habit has been ranked the number one best burger and number one best side for our Tempura Green Beans. And now, it's been named the number one best fast casual restaurant by USA Today's 10 Best Readers Choice Awards.

展望未來，我樂觀地認為，增加行銷投資將進一步支持銷售勢頭，並鞏固我們已經看到的勢頭。事實上，最近，Habit 連續第二年被評為最佳漢堡第一名，而我們的天婦羅青豆配菜則被評為最佳配菜第一名。現在，它被《今日美國》十大讀者選擇獎評為最佳快餐休閒餐廳第一名。

We continue to push the boundaries of what's possible with bold strategic initiatives to keep us ahead of the competition and future-proof our business. At Taco Bell, Live Mas Cafe is part of the team's bold bet to go after the $25 billion beverage category in the US and will bring a new layer of hospitality and culinary creativity to the brand.

我們將繼續透過大膽的策略舉措突破可能性的界限，以保持我們在競爭中的領先地位並確保我們的業務面向未來。在塔可鐘，Live Mas Cafe 是團隊大膽進軍美國 250 億美元飲料類別的一部分，並將為該品牌帶來全新層次的熱情好客和烹飪創意。

The cafe was inspired by Gen Z's love for curated, customizable drinks, and offers over 30 signature beverages from churro chillers and specialty coffees to Refrescas and Dirty Mountain Dew Baja Blast Dream Sodas. With a Live Mas Cafe, our test store has seen a significant increase in transactions while more beverage users are visiting the cafe and choosing to dine in. The team announced last month that they will expand Live Mas Cafe within existing Taco Bell restaurants to 30 locations across Southern California and Texas by year-end.

咖啡館的靈感來自 Z 世代對精選、客製化飲品的熱愛，提供 30 多種招牌飲品，從西班牙油條冷飲和特色咖啡到 Refrescas 和 Dirty Mountain Dew Baja Blast Dream Sodas。有了 Live Mas Cafe，我們的測試店交易量顯著增加，同時更多的飲料用戶光臨咖啡館並選擇在店內用餐。該團隊上個月宣布，他們將在年底前將現有 Taco Bell 餐廳內的 Live Mas Cafe 擴展到南加州和德州的 30 家分店。

In the US, we are moving forward with plans to expand our one unit test of sauce. We will open several additional test units by end of year near our existing Orlando location. We continue to be encouraged that weekly sales have averaged materially higher than the preexisting KFC since opening and that we're connecting with a younger demographic as one-third of sauce consumers are under age 30. We have a lot of learning ahead of us, and we are eager to leverage the invaluable consumer insights relevant for our larger KFC US system.

在美國，我們正在推動擴大醬料單項測試的計畫。我們將於今年年底在現有奧蘭多工廠附近開設幾個額外的測試單位。我們繼續感到鼓舞的是，自開業以來，每週的平均銷售額大大高於現有的肯德基，而且我們正在與更年輕的人群建立聯繫，因為三分之一的醬料消費者年齡在 30 歲以下。我們還有很多東西需要學習，我們渴望利用與我們更大的肯德基美國系統相關的寶貴消費者洞察。

In the connected pillar, our progress continues to accelerate, leading us to become the world's most connected restaurant platform. Digital sales now total a record portion of our system sales. In Taco Bell US, 41% of our orders are digital, fueled by loyalty offers and unique digital activations like Mike's Hot Honey Tuesday Drop and Feed the Beat Record Club Box. Taco Bell's unique activations helped grow active loyalty consumers nearly 45% year-over-year.

在互聯支柱方面，我們的進步不斷加速，引領我們成為全球互聯程度最高的餐廳平台。目前，數位銷售額占我們系統銷售額的比例已達到創紀錄的水平。在美國塔可鐘，41% 的訂單都是數位化的，這得益於忠誠度優惠和獨特的數位活化活動，例如 Mike's Hot Honey Tuesday Drop 和 Feed the Beat Record Club Box。塔可鐘 (Taco Bell) 獨特的活動幫助活躍忠誠消費者年增近 45%。

Across the organization, AI is supercharging our marketing. Over 200 million AI-generated communications have been sent this year, delivering up to 5 times incrementality compared to traditional approaches. This is not just marketing evolution, it's a revolution and we're only getting started.

在整個組織中，人工智慧正在增強我們的行銷能力。今年已發送了超過 2 億條由人工智慧產生的通信，與傳統方法相比，增量高達 5 倍。這不僅僅是行銷的演變，這是一場革命，而我們才剛開始。

In addition, as our systems become more connected, we're finding more opportunities to strengthen our operations. For instance, this quarter, we completed the conversion to a more advanced voice of the consumer product that helps aggregate consumer reviews from social channels and third-party delivery platforms and allows us to integrate such insights into Byte Coach to deliver more effective operations routines to restaurant general managers.

此外，隨著我們的系統變得更加互聯，我們發現了更多加強營運的機會。例如，本季度，我們完成了向更先進的消費者之聲產品的轉換，該產品有助於匯總來自社交管道和第三方配送平台的消費者評論，並使我們能夠將這些見解整合到 Byte Coach 中，從而為餐廳總經理提供更有效的營運例程。

Corporate citizenship and sustainability play a key role in ensuring our brands remain trusted everywhere we operate. We recently issued our 2024 Global Citizenship and Sustainability Report, which highlights our efforts across our people, food, and planet pillars.

企業公民意識和永續性在確保我們的品牌在各地經營時都值得信賴方面發揮關鍵作用。我們最近發布了《2024 年全球公民與永續發展報告》，其中重點介紹了我們在人民、糧食和地球支柱所做的努力。

Highlights from the report include achieving 89% of Yum! approved suppliers being certified or on the path to global food safety initiative recognized certification. Yum! also now sources 94% cage-free eggs across 25,000 restaurants, including in the US and Western Europe.

報告的亮點包括實現 89% 的 Yum！已獲批准的供應商正在獲得認證或正在爭取全球食品安全倡議認可的認證。好吃！目前，該公司在美國和西歐等地的 25,000 家餐廳中採購了 94% 的非籠養雞蛋。

Additionally, we reduced emissions by 25% on an absolute basis for company-owned restaurants and corporate offices since 2019. These are just a few examples of how we are future-proofing the world's largest restaurant company.

此外，自 2019 年以來，我們將公司自營餐廳和公司辦公室的排放量絕對值減少了 25%。這些只是我們如何為世界上最大的餐飲公司做好未來準備的幾個例子。

Congratulations to the teams around the world who are driving this important sustainability work every day. Your efforts are making a real impact on our business and our bottom line.

向世界各地每天推動這項重要永續發展工作的團隊表示祝賀。您的努力對我們的業務和底線產生了真正的影響。

I'd also like to highlight a few programs that Yum! and our brands invest in that help people by building careers, connections, and strong communities. Pizza Hut Sri Lanka's Equal Slice for Every One program offers up to six months of training for youth to gain restaurant skills and certification before joining the workforce.

我還想重點介紹幾個 Yum！的項目。我們的品牌投資於幫助人們建立事業、建立人脈和建立強大的社群。必勝客斯里蘭卡的「人人平等」計畫為年輕人提供長達六個月的培訓，讓他們在加入勞動力大軍之前獲得餐廳技能和認證。

In Thailand, KFC's Bucket Search helps you through law, school regain confidence, explore vocations, and return to education. This program has impacted the lives of hundreds of young people since 2023. I'm immensely proud of the work that is being done around the globe to ensure Yum! Brands is positively impacting the markets where we operate and the people who live there.

在泰國，肯德基的「Bucket Search」可以幫助您透過法律、學校重拾信心、探索職業並重返教育。自 2023 年以來，該計劃已影響了數百名年輕人的生活。我對全球為確保 Yum 的成功而進行的工作感到無比自豪！品牌正在對我們經營所在的市場和那裡的人們產生積極的影響。

To close, I want to extend my deepest thanks to our restaurant teams, franchisees and support centers across the globe. Despite the challenges we faced in the second quarter, driven in part by softer consumer sentiment, our results stand as a powerful testament to the strength of our global brands and the dedication of our people.

最後，我要向我們遍佈全球的餐廳團隊、特許經營商和支援中心表達最深切的感謝。儘管我們在第二季度面臨挑戰，部分原因是消費者信心疲軟，但我們的業績有力地證明了我們全球品牌的實力和員工的奉獻精神。

I'll share more final thoughts after Q&A, reflecting on my nearly four decades at Yum!, including the past six years as CEO. It has truly been an incredible journey. I've had the privilege of working alongside the best talent and franchisees in the industry and feel the same way about the analyst and investor community.

我將在問答環節之後分享更多最終想法，回顧我在百勝餐飲集團近四十年的工作經歷，包括過去六年擔任執行長的經歷。這真是一次令人難以置信的旅程。我有幸與業內最優秀的人才和特許經營商一起工作，並對分析師和投資者群體有著同樣的感受。

Your partnership, insights, and long-term perspective have pushed us to become a better company, better positioned for sustained, long-term success. We've expanded our iconic brands by opening an additional 22,000 stores. And together, we've navigated both challenges and milestones in our shared commitment to building a culture rooted in growth, purpose, and performance.

您的合作、洞察力和長遠眼光推動我們成為更好的公司，為持續的長期成功做好準備。我們新增了 22,000 家門市，擴大了我們的標誌性品牌。我們共同致力於建立一種以成長、目標和績效為基礎的文化，並克服了挑戰，並取得了里程碑式的成就。

We've built industry-leading digital capabilities we once thought unimaginable and dramatically accelerated the pace of unit development. As I look ahead, I couldn't be more confident that Yum! is well positioned to continue to deliver sustainable growth and long-term value for our shareholders. Thank you.

我們建構了曾經認為難以想像的業界領先的數位化能力，並大大加快了單位發展的步伐。展望未來，我堅信 Yum！有能力繼續為股東帶來可持續成長和長期價值。謝謝。

With that, Chris, over to you.

好了，克里斯，交給你了。

Thanks, David, and good morning, everyone. I want to start by saying how truly honored and excited I am to step into the role of CEO of this incredible organization. David recruited me in the Yum! and while I'm deeply grateful for that, I'm even more grateful for the way he has led.

謝謝，大衛，大家早安。首先我想說，能夠擔任這個傑出組織的首席執行官，我感到非常榮幸和興奮。David 招募了我加入 Yum！我對此深表感激，但我更感激他的領導方式。

Over the past six years, he has guided our system through a global pandemic, geopolitical instability, and inflationary pressures unlike anything we've seen in recent memory. And through it all, together with our teams and franchisees, he has delivered, transforming our digital capabilities, reigniting development, and laying a strong foundation for the future. I'm thankful he will continue advising me and the company as we turn the page to Yum!'s next chapter.

在過去的六年裡，他帶領我們的體系度過了全球疫情、地緣政治不穩定和通膨壓力，這是我們近年來從未見過的。透過這一切，他與我們的團隊和特許經營商一起，改變了我們的數位能力，重新激發了發展，並為未來奠定了堅實的基礎。我很感激他將繼續為我和公司提供建議，讓我們一起迎接 Yum! 的下一章。

Let me now turn to our second quarter financial results. We achieved solid system sales growth of 4%, driven by 3% unit growth and 2% same-store sales despite the tough consumer backdrop. Digital sales grew an astonishing 18%, thanks to our ongoing expansion of digital channels and Byte deployments, pushing our digital mix to a record 57% or up 2 points from last quarter.

現在讓我來談談我們第二季的財務表現。儘管消費市場情況嚴峻，我們仍實現了 4% 的穩健系統銷售成長，其中單位銷售額成長 3% 且同店銷售額成長 2%。由於我們不斷擴展數位管道和部署 Byte，數位銷售額驚人地增長了 18%，使我們的數位組合達到創紀錄的 57%，比上一季增長了 2 個百分點。

Total restaurant-level margins were 16.3%, down roughly 150 basis points year-over-year due to an unfavorable commodity lap at Taco Bell and KFC's higher mix of overall restaurant profit from our newly acquired UK stores. Since our acquisition of 216 restaurants in the UK last year, we've been very pleased with the progress we're making on improving the margins in those restaurants where sales performance has been ahead of our projections.

餐廳層面的總利潤率為 16.3%，年減約 150 個基點，原因是塔可鐘的商品環比表現不佳，以及肯德基從新收購的英國門市獲得了更高的整體餐廳利潤。自去年我們在英國收購了 216 家餐廳以來，我們對在提高這些餐廳的利潤率方面所取得的進展感到非常滿意，這些餐廳的銷售業績已經超出了我們的預期。

However, this quarter still reflects the anticipated negative impact of those stores on year-over-year company margins. Ex-special G&A expense was $274 million, up $18 million or 7% year-over-year. This level of expense was in line with our plan and included lapping lower incentive comp from Q2 last year.

然而，本季仍反映了這些商店對公司同比利潤率的預期負面影響。除特殊一般及行政費用外，一般及行政費用為 2.74 億美元，較上年同期增加 1,800 萬美元，增幅為 7%。這項支出水準符合我們的計劃，包括從去年第二季開始降低激勵薪酬。

Reported G&A was $302 million and includes $28 million in special expense, primarily relating to our ongoing resource optimization program and recent office consolidation. Franchise and property expense increased $16 million, driven by incremental spend tied to our global franchise convention that we hold every two years, as well as lapping prior year bad debt recoveries at KFC.

報告的 G&A 費用為 3.02 億美元，其中包括 2800 萬美元的特殊費用，主要與我們正在進行的資源優化計劃和最近的辦公室合併有關。特許經營和財產費用增加了 1600 萬美元，這主要是由於我們每兩年舉辦一次的全球特許經營大會相關的支出增加，以及肯德基前幾年壞賬回收增加。

Lastly, Yum!'s core operating profit increased 2% to $646 million. Second quarter ex special EPS was $1.44, up 7% year-over-year. Reported EPS was $1.33.

最後，Yum! 的核心營業利潤成長2%至6.46億美元。第二季除特殊因素外的每股盈餘為 1.44 美元，較去年同期成長 7%。報告每股收益為 1.33 美元。

Moving to development. We opened 871 gross new units in the quarter, largely consistent with Q2 of last year and translating to 386 net new units. At KFC, we opened 566 gross new units across 58 countries, fueled by China, India, and Japan. We feel good about the development momentum with the long-term global white space remaining highly attractive, particularly in Europe and East Asia, where the opportunity is vast.

轉向開發。本季我們新開業了 871 個單位，與去年第二季基本持平，相當於淨新開業 386 個單位。在肯德基，我們在 58 個國家開設了 566 家新門市，主要集中在中國、印度和日本。我們對發展勢頭感到樂觀，長期來看全球空白領域仍然極具吸引力，尤其是歐洲和東亞，那裡機會巨大。

At Pizza Hut, we opened 254 gross new units across 32 countries with growth led by China, the US, and India. Pizza Hut's openings were just ahead of last year's Q2 pace.

在必勝客，我們在 32 個國家開設了 254 家新門市，其中中國、美國和印度是成長最快的地區。必勝客的開幕速度略高於去年第二季的速度。

Taco Bell delivered a notable acceleration this quarter, opening 50 gross new restaurants or twice the number in Q1. 18 of those openings were in international markets across nine countries. The team remains on track to meet its commitment of 100 international net new units this year, led by unit growth in the UK and Spain, as well as planned entry into several new markets.

塔可鐘本季取得了顯著的成長，新開了 50 家餐廳，是第一季的兩倍。其中 18 家新餐廳位於 9 個國家的國際市場。該團隊仍有望實現今年 100 個國際淨新單位的承諾，其中英國和西班牙的單位成長最快，同時計劃進入幾個新市場。

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. As one example of the power of Byte, let me share with you a new tool we've developed, which we call Byte Connect.

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。作為 Byte 強大功能的一個例子，讓我與您分享我們開發的一個新工具，我們稱之為 Byte Connect。

Byte Connect is Yum!'s menu and order integration platform for third-party delivery providers, which launched in Q2 and is now scaling across our Pizza Hut US system, saving our franchisees significant cost. This service is typically provided to restaurant companies at a significant cost per order by a third party, but we are able to offer it to our franchisees using the Byte stack at a more affordable price.

Byte Connect 是 Yum! 的為第三方配送供應商提供的菜單和訂單整合平台，該平台於第二季推出，目前正在我們的必勝客美國系統中擴展，為我們的特許經營商節省了大量成本。該服務通常由第三方以每份訂單相當高的成本提供給餐飲公司，但我們能夠以更實惠的價格向使用 Byte 堆疊的特許經營商提供該服務。

This platform serves as the essential infrastructure for all our brands to better support our sizable third-party delivery business. Byte Connect reduces order cancellation and is priced at a discount relative to similar capabilities in the market.

該平台是我們所有品牌的重要基礎設施，可以更好地支援我們龐大的第三方配送業務。Byte Connect 減少了訂單取消，並且相對於市場上的類似功能而言價格有折扣。

Byte Connect is a great example of the power of the Byte platform. We are able to build innovative new capabilities, like Byte Connect, and scale them quickly to all brands leveraging the common technology chassis provided by Byte.

Byte Connect 是 Byte 平台強大功能的一個很好的例子。我們能夠建立創新的新功能，例如 Byte Connect，並利用 Byte 提供的通用技術底盤將其快速擴展到所有品牌。

Equally as exciting is how AI is accelerating our innovation timeline. By leveraging developer AI tools, we reduced the time of Byte Connect ideation to national launch from an estimated nine months down to three months.

同樣令人興奮的是人工智慧如何加速我們的創新時間表。透過利用開發人員的 AI 工具，我們將 Byte Connect 從構思到全國發布的時間從預計的 9 個月縮短至 3 個月。

Another key aspect to our connected strategy is our industry partnerships. Our current voice AI solution, now in 600 restaurants, continues to enhance our team member and consumer experience and is outperforming everyone in the industry. That said, we are always looking to raise the bar.

我們的互聯策略的另一個關鍵方面是我們的產業合作夥伴關係。我們目前的語音 AI 解決方案已涵蓋 600 家餐廳，不斷提升團隊成員和消費者的體驗，並且表現優於業界所有人。話雖如此，我們始終在尋求提高標準。

The partnership we announced last quarter with NVIDIA plays a key role in our Byte strategy as we collaborate on cutting-edge models and technology. We have exciting plans for the next six months, including expanding our internally developed voice AI solution developed on the NVIDIA stack to our first drive-thru restaurant in Q3.

我們在上個季度宣布與 NVIDIA 建立合作夥伴關係，這對於我們在尖端模型和技術方面的合作在我們的 Byte 策略中發揮關鍵作用。我們對未來六個月制定了令人興奮的計劃，包括將我們在 NVIDIA 堆疊上開發的內部開發的語音 AI 解決方案擴展到第三季度的第一家免下車餐廳。

Now, let me highlight the significant strides across our easy experiences, easy operations, and easy insights coach. Starting with our easy experiences pillar, which is focused on making consumer interactions more seamless.

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教練方面取得的重大進步。從我們的輕鬆體驗支柱開始，專注於使消費者互動更加無縫。

We've continued the expansion of Byte Commerce, scaling our web and app ordering platform to Pizza Hut, Canada and Mexico this quarter, while preparing for two additional Pizza Hut markets by year-end. Early results from Pizza Hut Mexico are strong. The market is seeing nearly 40% month-over-month app transaction growth since the launch of Byte Commerce in Q2.

我們繼續擴展 Byte Commerce，本季將我們的網路和應用程式訂購平台擴展到必勝客、加拿大和墨西哥，同時準備在年底前拓展另外兩個必勝客市場。必勝客墨西哥分店的早期業績表現強勁。自第二季推出 Byte Commerce 以來，市場應用交易量較上季成長近 40%。

Within easy operations, we're focused on simplifying the restaurant team member experience through solutions like Byte Kitchen and Fleet, Byte Coach, and Byte Inventory, more than 30,000 restaurants now have AI informing restaurant manager decisions. For Byte Coach, we've rolled out additional AI features, including dynamic routines, which incorporates feedback from a wider catchment of consumer reviews to inform store-specific routines.

在簡單的操作中，我們專注於透過 Byte Kitchen 和 Fleet、Byte Coach 和 Byte Inventory 等解決方案簡化餐廳團隊成員的體驗，現在已有超過 30,000 家餐廳使用 AI 來為餐廳經理提供決策資訊。對於 Byte Coach，我們推出了額外的 AI 功能，包括動態例程，它結合了更廣泛的消費者評論回饋，為特定商店的例程提供資訊。

The significant adoption of Byte Coach across our system provides us with a scale platform to deliver AI recommendations that take the guesswork out of running a restaurant to our RGMs and team members. As David mentioned, Byte Coach is now powering operational excellence across nearly all Pizza Hut stores globally, excluding China.

Byte Coach 在我們的系統中廣泛採用，為我們提供了一個規模平台，可以向我們的 RGM 和團隊成員提供 AI 建議，從而消除經營餐廳的不確定性。正如 David 所提到的，Byte Coach 目前正為全球除中國以外的幾乎所有必勝客門市提供卓越營運支援。

Lastly, within our easy insights pillar, we're harnessing our powerful data ecosystem to drive smarter, faster decisions across the organization. As part of our AI-driven personalization strategy, we launched a proprietary consumer insights product tailored for international markets this quarter in Pizza Hut UK.

最後，在我們的輕鬆洞察支柱內，我們正在利用強大的資料生態系統來推動整個組織做出更明智、更快的決策。作為我們人工智慧驅動的個人化策略的一部分，本季度我們在英國必勝客推出了一款針對國際市場量身定制的專有消費者洞察產品。

This platform will enhance the consumer journey by offering more relevant personalized item suggestions directly within the cart. We plan to expand this offering to three additional markets by year-end.

該平台將直接在購物車中提供更相關的個人化商品建議，進而提升消費者的購物體驗。我們計劃在年底前將此項服務擴展到另外三個市場。

Next, I'll provide an update on our balance sheet and liquidity position. Net capital expenditures for the quarter totaled $54 million, reflecting $17 million in refranchising 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 5,400 萬美元，其中包括 1,700 萬美元的再特許經營收益和 7,100 萬美元的總資本支出。

During the quarter, we repurchased approximately 740,000 shares for a total of $108 million, bringing our year-to-date repurchases to $336 million. This reflects our commitment to returning excess capital alongside a prudent approach to credit facility utilization while we plan the refinancing of our 2026 debt maturity over the coming months.

本季度，我們回購了約 74 萬股，總價值 1.08 億美元，使我們年初至今的回購總額達到 3.36 億美元。這反映了我們致力於返還過剩資本，同時採取審慎的方式利用信貸額度，同時我們計劃在未來幾個月內為 2026 年到期的債務進行再融資。

Our net leverage ratio ended the quarter at 3.8 times. As I've previously shared, subject to market conditions, after the refinancing, we expect to maintain a net leverage ratio of approximately 4 times over the medium-term by issuing incremental debt as our business grows.

本季末我們的淨槓桿率為 3.8 倍。正如我之前所分享的，根據市場情況，在再融資之後，我們預計透過隨著業務成長發行增量債務，在中期內維持約 4 倍的淨槓桿率。

Overall, our capital priorities remain unchanged. We continue to 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.

整體而言，我們的資本重點保持不變。我們持續致力於透過對業務進行策略性投資、保持強勁且靈活的資產負債表、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 balance of the year. The global operating environment remains dynamic and complex. Our teams are staying agile with their marketing playbooks and leveraging key strengths, including digital capabilities and operational scale.

現在，讓我分享一下我們對今年餘下時間的最新展望。全球經營環境依然動態且複雜。我們的團隊透過行銷策略保持敏捷，並利用關鍵優勢，包括數位能力和營運規模。

At Taco Bell US, which represents over 80% of our US operating profit, we're on track to deliver 24% to 25% restaurant level margins. Development trends are encouraging across the portfolio. While there's no observable impact to our development pipelines, we are expecting inflation pressures across several key building products sourced from Mexico and Canada.

塔可鐘美國分店的利潤占我們美國營業利潤的 80% 以上，我們預計將實現 24% 至 25% 的餐廳級利潤率。整個投資組合的發展趨勢令人鼓舞。雖然我們的開發管道沒有受到明顯的影響，但我們預計來自墨西哥和加拿大的幾種主要建築產品將面臨通膨壓力。

Fortunately, 90% of Yum!'s development occurs outside the US, unlike many of our competitors, so our exposure to the impact of tariffs on the business is limited. And with industry-leading margins, Taco Bell is not expecting a material change to paybacks. In fact, we expect to meet or exceed the total number of gross builds from last year for all brands, leading us to 4% unit growth or 5%, excluding the Turkey market exit.

幸運的是，90% 的 Yum!與我們的許多競爭對手不同，我們的開發活動在美國境外進行，因此關稅對業務的影響有限。由於擁有領先業界的利潤率，塔可鐘預計回報不會發生重大變化。事實上，我們預計所有品牌的總建設數量將達到或超過去年的水平，這將使我們的單位成長率達到 4%，或達到 5%（不包括土耳其市場的退出）。

Moving to G&A. We expect G&A, ex-special and ex-FX, will land at the high end of our previously guided mid-single-digit increase due to one-off expenses related to an accelerated CEO transition and KFC's headquarter consolidation. In Q3, we expect G&A to increase double digits, owing to lapping the significantly reduced incentive comp booked in Q3 last year, with Q4 G&A growing near the low end of our full year guide.

轉到 G&A。我們預計，由於與加速執行長過渡和肯德基總部合併相關的一次性費用，扣除特殊費用和外匯費用後的一般及行政費用將達到我們先前預測的中等個位數增幅的高端。在第三季度，我們預計 G&A 將實現兩位數成長，這是由於去年第三季度大幅減少的激勵補償，而第四季度 G&A 的成長將接近我們全年指南的低端。

Subject to market conditions, we do expect refranchising gains will help offset some, but not all of those expenses. While this reduces some contingency in our profit guide, we still expect to achieve 8% core operating profit growth, excluding the 53rd week this year, with Q4 in double digits, in part, due to easing compares related to our elevated bad debt last year.

根據市場情況，我們確實預期再特許經營收益將有助於抵銷部分但不是全部的費用。雖然這減少了我們利潤指南中的一些意外情況，但我們仍然預計核心營業利潤將實現 8% 的增長（不包括今年的第 53 週），其中第四季度將實現兩位數增長，部分原因是與去年我們高額壞賬相關的比較有所放鬆。

Below the line, we expect interest expense to land between $500 million and $520 million, excluding the interest from any incremental debt. Finally, on FX, at current spot rates, we expect a $20 million tailwind to GAAP operating profit for the remainder of the year.

在此線之下，我們預計利息支出將在 5 億美元至 5.2 億美元之間，不包括任何增量債務的利息。最後，就外匯而言，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 2,000 萬美元。

To close, I am incredibly proud of how our teams are navigating this dynamic environment, staying fast, consumer-focused, and forward-looking. Our second-quarter results reflect strong development momentum, continued growth in digital sales, and healthy same-store sales increases driven by rising traffic in our twin growth engines.

最後，我為我們的團隊如何在這個動態的環境中保持快速、以消費者為中心和前瞻性的方式感到無比自豪。我們第二季的業績體現了強勁的發展勢頭、數位銷售的持續成長以及受雙重成長引擎客流量成長推動的健康同店銷售成長。

As I prepare to step into the role of CEO, I'm spending time with our leaders and teams, Board members, and franchise partners, and rolling out my sleeves in restaurants alongside our amazing frontline teams to reflect on our strengths and where we can raise the bar. Throughout this process, I've become even more energized by the possibilities ahead and by the privilege of leading this world-class organization, home to iconic brands and incredibly talented people.

當我準備擔任執行長一職時，我會花時間與我們的領導和團隊、董事會成員和特許經營合作夥伴在一起，並與我們出色的一線團隊一起在餐廳裡揮灑汗水，反思我們的優勢以及我們可以提高的地方。在整個過程中，我對未來的可能性以及領導這個擁有標誌性品牌和才華橫溢的人才的世界級組織的榮幸感到更加振奮。

I'm confident that, together, we'll build on our momentum and shape an even stronger future for Yum!. With that, operator, we are ready to take any questions.

我相信，透過我們的共同努力，我們將進一步鞏固現有勢頭，為百勝創造更強大的未來。接線員，我們已經準備好回答任何問題了。

(Operator Instructions) David Tarantino, Baird.

（操作員指示）大衛·塔倫蒂諾，貝爾德。

First, David, congrats on a great career, again, and wish you all in your retirement. I've enjoyed working with you. And Chris, congrats on your new role as CEO.

首先，大衛，再次恭喜你事業有成，並祝你退休後一切順利。我很高興和你一起工作。克里斯，祝賀你擔任執行長的新職位。

My question is really about the guidance for this year. I think, Chris, you mentioned maybe removing some cushion. I forgot the exact words, but -- just wanted to get your thoughts on your degree of confidence in getting to that 8% operating profit growth for the year? And I guess, what are the puts and takes that could push it one way or another in the back half?

我的問題實際上是關於今年的指導。克里斯，我想你有提到也許要去掉一些緩衝。我忘記了確切的措辭，但是——只是想了解一下您對實現今年 8% 的營業利潤增長的信心程度？我想，在後半段，有哪些因素可能會推動事情朝著某個方向發展呢？

Yes. Thanks, David. I appreciate the kind comments about David and my new role, David's done an incredible job, and a big honor for me to step into his big footsteps.

是的。謝謝，大衛。我很感謝大家對大衛和我的新角色的善意評價，大衛做了非常出色的工作，我很榮幸能夠繼承他的偉大腳步。

As we look into the back half of the year on the profit plan, we remain on track to deliver our full-year algorithm of 8% core operating profit growth. I'll start with sales. The back half doesn't require a dramatic sales acceleration versus the first half. Just solid performance roughly in line to slightly ahead of where we were in the first half.

當我們展望下半年的利潤計畫時，我們仍有望實現全年核心營業利潤成長 8% 的目標。我先從銷售開始。與上半年相比，下半年的銷售不需要大幅加速。我們的表現穩健，大致與上半年持平或略有領先。

So then you get to the big drivers of profit in the second half in terms of flat versus last year. First is company store profit. While we're primarily asset-light, our own stores do matter. We had strong company store profit growth in the first half, and we expect even stronger company store profit growth in the second half.

那麼你就會看到下半年利潤的主要驅動因素與去年同期相比持平。首先是公司門市利潤。雖然我們主要是輕資產，但我們自己的商店確實很重要。上半年，我們公司門市利潤成長強勁，預計下半年公司門市利潤成長將更加強勁。

That's driven in part by Taco Bell where you heard us mention that we still expect to land on Taco Bell US with 24% to 25% margins on the full year, which implies a bit of a back-half-weighted plan on margins there.

這在一定程度上是受到塔可鐘 (Taco Bell) 的推動，您聽到我們提到，我們仍然預計塔可鐘美國分店全年的利潤率將達到 24% 至 25%，這意味著對該店的利潤率採取後半加權計劃。

We also expect continued improvement in our KFC equity estate. Those KFC UK stores that we acquired last year, as you can imagine, in the second half, we were digging in, optimizing those. We're seeing better performance and we expect that to continue into the second half, also better performance in other parts of the KFC equity estate, including in Australia.

我們也預期肯德基股權資產將持續改善。你可以想像，我們去年收購的英國肯德基門市在下半年將進行深入挖掘和優化。我們看到了更好的表現，我們預計這種表現將持續到下半年，肯德基股權資產的其他部分（包括澳洲）的表現也會更好。

The other big bucket are some discrete items. So last year, in the back half, we had about $30 million in bad debt exposure from a couple of situations. One, our franchisee in Turkey and Germany, and another Pizza Hut situation in Europe. So there's a $30 million bad debt expense that we expect to lap this year.

另一個大桶子裡是一些離散的物品。因此，去年下半年，我們因幾種情況而面臨約 3,000 萬美元的壞帳風險。一個是我們在土耳其和德國的特許經營商，另一個是必勝客在歐洲的情況。因此，我們預計今年的壞帳費用將達到 3,000 萬美元。

And as I mentioned, we've got refranchising gains and the plan there is a bit backloaded in the year. So in total, that's $40 million in tailwind in the back part of the year. If you think about the shape on Q3 and Q4, the biggest G&A lab will happen in Q3.

正如我所提到的，我們獲得了重新特許經營的收益，並且今年的計劃有些滯後。因此，總的來說，這是今年下半年 4,000 萬美元的順風收入。如果您考慮第三季和第四季的情況，最大的 G&A 實驗室將發生在第三季。

That's why we shared that we expect double-digit G&A increase in Q3. That's simply because last year, when we adjusted for incentive comp, the biggest adjustment was in Q3, we had some true-ups for Q1 and Q2. So we expect profit growth to be stronger in Q4 than Q3 this year.

這就是我們預計第三季 G&A 將實現兩位數成長的原因。那隻是因為去年，當我們調整激勵薪酬時，最大的調整是在第三季度，我們對第一季和第二季進行了一些調整。因此我們預計今年第四季的利潤成長將強於第三季。

David Palmer, Evercore ISI.

大衛·帕爾默（David Palmer），Evercore ISI。

Congrats, David, on your career, a lot of value creation over your time. And best to you, Chris.

恭喜你，大衛，你的職業生涯取得了巨大成功，在你的一生中創造了很多價值。祝你一切順利，克里斯。

I wanted to follow up on all of your comments on tech capabilities and maybe invite you to speak about what your examples or your top tech platform initiatives will do to comps or other metrics that you think people would care about Yum! shareholders. So for example, you mentioned hyper-personalized digital marketing, perhaps being in ramp mode, that sounds pretty exciting.

我想跟進您對技術能力的所有評論，並可能邀請您談談您的範例或頂級技術平台計劃將對您認為人們會關心的公司或其他指標產生什麼影響 Yum！股東。例如，您提到超個人化的數位行銷，也許處於上升模式，這聽起來非常令人興奮。

How important could that be to comps? You just -- you've, in the past, talked about Taco Bell rollout of AI-enabled drive-through. How is that coming along? And how important can that be? When could that be the majority of drive-through orders?

這對公司來說有多重要？您剛才—您過去曾談到 Taco Bell 推出的人工智慧免下車服務。進展如何？這有多重要？什麼時候這才會成為免下車訂單的大多數？

And then you listed all those things you're talking about with Byte Connect, Byte Commerce, Byte Coach. Maybe, what is that doing for profitability or some other metrics that ultimately will lead to unit growth acceleration?

然後你列出了你談論的 Byte Connect、Byte Commerce、Byte Coach 等所有內容。也許，這對獲利能力或其他一些最終會導致單位成長加速的指標有什麼影響？

Yes. Thanks. As we look at the Byte strategy, we are very pleased with the progress, and we're very pleased with the impact that it's having on the business. If you go back to the Taco Bell Consumer Day earlier this year, we shared some data there that had the correlation of digital sales mix change at the store level in Taco Bell and the correlation between that and absolute top line dollar sales growth at the store level and EBITDA growth at the store level for our Taco Bell stores in the US. Very strong correlation on both, which we think demonstrates the impact that Byte has on both top and bottom line.

是的。謝謝。當我們審視 Byte 策略時，我們對其進展感到非常滿意，並且對其對業務產生的影響感到非常滿意。如果您回顧今年早些時候的塔可鐘消費者日，我們在那裡分享了一些數據，這些數據具有塔可鐘門店層面數位銷售組合變化之間的相關性，以及該變化與門市層面絕對頂線銷售額增長和美國塔可鐘門店層面 EBITDA 增長之間的相關性。兩者之間的相關性非常強，我們認為這顯示了 Byte 對營收和利潤的影響。

And of course, Taco Bell US is where we have the most components of Byte implemented versus any other brand country combination around the globe. As you mentioned on top line, AI-enabled marketing is a big component of that. We're excited about the piloting that we're doing there.

當然，與全球任何其他品牌的國家組合相比，美國 Taco Bell 是我們實施 Byte 組件最多的國家。正如您在上面提到的，人工智慧行銷是其中的一個重要組成部分。我們對在那裡進行的試點感到非常興奮。

We've got 11 different use cases that we've laid out. Seven of those are in action right now. We shared, in my earlier comments, that we're seeing significantly higher return on targeted communications through that.

我們已經列出了 11 種不同的用例。其中七個目前正在實施。在我之前的評論中，我們曾提到，透過這種方式，我們看到了有針對性的溝通的回報顯著提高。

Of course, the bigger driver of top line growth through digital experience for consumers, allowing them more easily to customize their orders and more easily to expand check size. Everywhere we increased digital mix, we see higher check sizes and higher frequency from our consumers. Of course, consumer insights and loyalty will be a big part of that as well.

當然，收入成長的更大驅動力來自於消費者的數位體驗，讓他們能夠更輕鬆地客製化訂單，更輕鬆地擴大帳單金額。無論我們在哪裡增加數位化組合，我們都會看到消費者的消費金額和頻率都在增加。當然，消費者洞察力和忠誠度也將是其中的重要組成部分。

On the operational side and helping our franchise partners and ensure they have strong unit economics, I actually got to experience this working in a Taco Bell restaurant a couple of weeks ago. Spent a Saturday working with the team there.

在營運方面，幫助我們的特許經營合作夥伴並確保他們擁有強大的單位經濟效益，幾週前我在塔可鐘餐廳工作時就體驗到了這一點。週六花了一個週六的時間與那裡的團隊一起工作。

The technology that make the lines flow easier was really easy to use. And then I was working at the window, I got to wear the headset and listen in on voice AI interacting with our consumers. I've known from the team that it was doing a good job.

讓線條流動起來更容易的技術確實很容易使用。然後我在窗戶工作，我戴上耳機，聽到語音 AI 與我們的消費者互動。我從團隊那裡得知，他們做得很好。

I was actually amazed at how seamless those consumer conversations were. And wearing the headset for 1.5 hours to 2 hours, there was only one of those conversations where we needed to intervene from a team member in the store and the voice AI made that job dramatically easier, and that's why we're seeing lower turnover in restaurants where we've implemented voice AI.

我實際上對這些消費者對話的無縫程度感到驚訝。在戴上耳機 1.5 小時到 2 小時後，只有一次對話需要店內團隊成員介入，而語音 AI 讓這項工作變得非常容易，這就是為什麼我們在實施語音 AI 的餐廳中看到營業額較低的原因。

So lots of good things happening with Byte, but we are still in the early phases of generating the value from it. We've got more to do to get it around the globe, and we're excited to continue that journey.

Byte 上發生了很多好事，但我們仍處於從中創造價值的早期階段。為了讓品牌走向全球，我們還有很多工作要做，我們很高興能夠繼續這趟旅程。

John Ivankoe, JPMorgan.

摩根大通的約翰‧伊凡科。

David, I look forward to seeing you on the senior tour. I have no doubt with maybe an extra round or two, you'll be able to make it and probably win a few tournaments.

大衛，我期待在高級巡迴賽上見到你。我毫不懷疑，也許再多打一兩輪，你就能成功，甚至可能贏得幾場比賽。

So the question, which I have is obviously thinking about the company's overall free cash flow generation and the future capital intensity of the business. As we think about longer-term models, should the company benchmark CapEx as a percentage of system sales, CapEx as a percentage of revenue?

所以我的問題顯然是考慮公司的整體自由現金流產生狀況和業務未來的資本強度。當我們考慮長期模型時，公司是否應該將資本支出作為系統銷售額的百分比，或將資本支出作為收入的百分比？

Obviously, there's a lot of different moving pieces, especially from a tech spend perspective, that could influence CapEx. But I wanted to see if we could begin to think about just overall capital intensity of Yum! and how much future company unit development might influence the overall business strategy and CapEx specifically?

顯然，有許多不同的因素可能會影響資本支出，特別是從技術支出的角度來看。但我想看看我們是否可以開始考慮 Yum 的整體資本強度！未來公司部門的發展會對整體業務策略和資本支出產生多大影響？

Yes. Thanks, John. In terms of the capital strategy, nothing is changing in terms of Yum! being an asset-light company. That's what we came out of the transformation with as one of the guiding principles of the company. We're still at 2% restaurant ownership.

是的。謝謝，約翰。從資本策略來看，百勝餐飲集團沒有任何變化！是一家輕資產公司。這就是我們轉型後所秉持的公司指導原則之一。我們的餐廳所有權仍為 2%。

In fact, over the last several years, we have grown the overall stake faster than we have grown our company-owned estate. And so it's important for us to continue to acquire stores periodically to ensure we have strong capability from an operation standpoint.

事實上，在過去幾年裡，我們的整體股權成長速度比我們公司自有資產的成長速度更快。因此，對我們來說，繼續定期收購商店以確保我們從營運角度擁有強大的能力非常重要。

But whenever we do that, we typically are buying high AUV, high-performing restaurants, and there's also a strategic reason that might go along with it. We may pick up a few stores in one geography. And then we see that as an area where we potentially could unlock new development.

但每當我們這樣做時，我們通常都會購買高 AUV、高績效的餐廳，而且可能還有一個戰略原因。我們可能會在一個地區開設幾家商店。然後，我們將此視為一個可能開啟新發展的領域。

And we always see strong returns -- immediate EBITDA increases whenever we do that and then strong returns over time. So I think we're going to continue to be a very capital-efficient company.

而且我們總是能看到強勁的回報——每當我們這樣做時，即時的 EBITDA 就會增加，隨著時間的推移，回報也會強勁。所以我認為我們將繼續成為一家資本效率極高的公司。

On the tech side, all of the investments that we make there, we want to ensure that those are high return for our shareholders as well. And since many of the benefits of those flow to the bottom line of our franchisees, they share in those investments over time. So no dramatic change in terms of us being an asset-light company.

在技術方面，我們希望確保我們所做的所有投資也能為股東帶來高回報。由於其中的許多好處都流向我們的加盟商的底線，因此他們會隨著時間的推移分享這些投資。因此，就我們作為輕資產公司而言，並沒有發生重大變化。

Christine Cho, Goldman Sachs.

高盛的 Christine Cho。

Congrats, David, on such a successful career. And congrats, Chris, on your new role as CEO.

祝賀大衛事業有成。祝賀克里斯擔任新任執行長。

You've announced your plans to scale the Live Mas Cafe to 30 locations by end of 2025. And we did see some step-up in beverage focus across several QSR competitors as well. Could you walk us through how you're approaching that $5 billion long-term beverage opportunity for Taco Bell and how you plan to differentiate our offerings versus peers? Any further color in terms of scale, timeline required investment, or some of your key learnings from the pilot so far will be appreciated.

您已宣布計劃在 2025 年底將 Live Mas Cafe 擴大到 30 個地點。我們也確實看到一些 QSR 競爭對手對飲料的關注度有所提高。您能否向我們介紹您如何掌握塔可鐘 50 億美元的長期飲料機會，以及您計劃如何使我們的產品與同行有所差異？如果您能提供更多關於規模、所需投資時間表或迄今為止試點項目的一些關鍵經驗，我們將不勝感激。

Thanks, Christine, and thanks for everybody's nice comments. The retirement, particularly John's comments on my golf game although I will not be playing on the senior tour.

謝謝，克里斯汀，也謝謝大家的好評。退役，特別是約翰對我的高爾夫球比賽的評論，儘管我不會參加高級巡迴賽。

Beverages is one of those things that I think we're incredibly excited about. It's no secret that the industry has been embracing beverages in the last few years, and you've seen a lot of success with some of our competitors. Nobody is more naturally positioned to succeed in beverages than Taco Bell. We already have a proprietary beverage with Baja Blast that's wildly successful.

我認為飲料是令我們非常興奮的事物之一。眾所周知，近幾年來，飲料業一直在大力發展飲料，而且我們已經看到我們的一些競爭對手取得了巨大的成功。在飲料領域，沒有任何一家公司比塔可鐘 (Taco Bell) 更適合取得成功。我們已經擁有一款名為 Baja Blast 的專利飲料，並且獲得了巨大的成功。

So what you saw with the opening of our first Live Mas Cafe is putting a lot of our theories and ideas about beverages into action and doing it in a big way, not just a small addition to the menu. And the results were obviously stellar and prompted us to really lean in and create a plan to be much more aggressive in beverages at Taco Bell, which leads to the test units that you've talked about.

因此，您在我們開設第一家 Live Mas Cafe 時看到的是，我們將許多關於飲料的理論和想法付諸實踐，並且大規模地實施，而不僅僅是在菜單上添加一個小東西。結果顯然非常出色，這促使我們真正投入並製定計劃，在塔可鐘的飲料方面採取更積極的行動，這就是您談到的測試單位。

So you've got the Live Mas Cafe test, which we truly believe will then lead to a broader expansion in the system. And then you also have what you saw in Q2, which is the launch of Refrescas, which was part of the success that Taco Bell had in Q2.

所以你們進行了 Live Mas Cafe 測試，我們堅信這將導致系統的更廣泛的擴展。然後你還看到了第二季推出的 Refrescas，這是 Taco Bell 在第二季取得成功的一部分。

So -- and I would add, while Taco Bell is leading the way on getting into new category entry points on beverages for Yum!, we see the same opportunity for KFC. And KFC has their own program, Quench, which is now going into test. I'm very excited about the impact that that can have on the business.

所以——我想補充一點，雖然塔可鐘在百勝餐飲集團飲料新類別切入點方面處於領先地位，但我們也看到了肯德基同樣的機會。肯德基也有自己的程式Quench，目前正在進行測試。我對此對業務產生的影響感到非常興奮。

Dennis Geiger, UBS.

瑞銀集團的丹尼斯蓋格。

Congratulations, David. Terrific career. I very much appreciate the partnership over the years. And, of course, Chris, congrats, well deserved.

恭喜你，大衛。非常棒的職業生涯。我非常感謝多年來的合作。當然，祝賀克里斯，這是當之無愧的。

Wondering if you could talk a little bit more about the difficult consumer environment in the US that you both referenced. Any commentary on maybe the low income consumer in particular or any other notable consumer cohort pressure to call out? And more importantly, how the brands in the US are positioned to win with those consumers?

我想知道您是否可以再多談談您提到的美國艱難的消費環境。您對低收入消費者或其他值得關注的消費者群體的壓力有何評論？更重要的是，美國品牌如何定位才能贏得這些消費者的青睞？

Yes, sure. Yes. Obviously, it's well documented that the US is a challenged environment to operate in right now in our industry. Others have talked about that.

是的，當然。是的。顯然，有充分的證據表明，美國目前對我們這個行業的經營來說是一個充滿挑戰的環境。其他人已經談論過這個了。

Obviously, we are playing a little bit of a different game at Yum!, given that more than 80% of our profit in the US comes from Taco Bell. And in many ways, this sets up as a really nice environment from [before] Taco Bell. You're seeing it in the results. The data that we look at about consumer behavior shows clear trade in from consumers and fast casual into the Taco Bell brand.

顯然，我們在 Yum! 玩的是稍微不同的遊戲，因為我們在美國 80% 以上的利潤來自塔可鐘。從很多方面來看，這都比 Taco Bell 出現之前創造了一個非常好的環境。您會在結果中看到它。我們查看的有關消費者行為的數據表明，消費者和快餐休閒消費者明顯轉向了塔可鐘品牌。

And when you even pull apart the income bands, although I know the lower income consumers are pulling back, that's been well documented by our competitors, we aren't seeing that at Taco Bell. In fact, we've had -- if you pull all the income bands in Q2, we've had sales and trans growth across all income bands at Taco Bell, very consistently, very little difference from one income band to another. And I think it's just more evidence of the power of the Taco Bell model and our ability to take share in this environment, even though it is a pressure consumer.

當你把收入區間分開時，雖然我知道低收入消費者正在減少，我們的競爭對手已經充分證明了這一點，但我們在塔可鐘並沒有看到這種情況。事實上，如果你看一下第二季的所有收入區間，你會發現塔可鐘所有收入區間的銷售額和交易額都呈現非常持續的成長，各個收入區間之間的差異非常小。我認為這進一步證明了塔可鐘模式的強大力量以及我們在這種環境下佔據市場份額的能力，儘管這是一種壓力消費者。

Just a little bit more on Taco Bell's performance. I found this stat the other day, which I was proud of. Only if you take the top 10 companies that are publicly traded, top 10 restaurant brands in the world, Taco Bell is the only one that has had positive quarterly sales for five years in a row.

再多說一點關於塔可鐘 (Taco Bell) 的表現。前幾天我發現了這個統計數據，我對此感到自豪。如果你看看全球十大上市公司、十大餐飲品牌，塔可鐘是唯一一家連續五年實現季度銷售額正成長的公司。

This year, we haven't had a single negative week for Taco Bell. So most people are reporting negative quarters. We haven't even had a negative week for Taco Bell. And while the one-year numbers can be a little choppy based on some unusual lapse from last year, we've been very consistent in the -- on a two-year basis in that plus 9%, plus 10% same-store sales growth.

今年，塔可鐘 (Taco Bell) 沒有遇到任何不愉快的經歷。因此大多數人報告的季度業績都是負數。塔可鐘 (Taco Bell) 甚至還沒遇過不愉快的一週。雖然由於去年出現了一些不尋常的失誤，一年的數據可能會有些波動，但我們的業績一直非常穩定——兩年內同店銷售額分別增長了 9% 和 10%。

And we -- honestly, in Q3, we expect to see sequential improvement in our one-year same-store sales growth and consistent two-year performance coming out of Q1 and Q2. So the brand is truly on a roll. Why is that? It's because of all the great innovation Crispy Chicken, what we did with Refrescas, improving ops, the value menu 579, all of that contributed to Q2.

老實說，我們預計第三季同店銷售額將年增率成長，並且第一季和第二季的兩年期業績將保持穩定。因此，該品牌確實發展勢頭良好。這是為什麼？這是因為 Crispy Chicken 的所有偉大創新、我們對 Refrescas 所做的改進、操作改進、價值菜單 579，所有這些都為第二季度做出了貢獻。

But what gets me most excited, which I'm going to be excited to be watching from the sidelines is what we have coming in Q3 and Q4. In the next few weeks, we'll be launching Baja Blast Midnight at Taco Bell. We've got $3 Burritos coming. We've got Toasted Street Chalupas.

但最讓我興奮的是，我很樂意在場外觀看我們在第三季和第四季所取得的進展。在接下來的幾週內，我們將在 Taco Bell 推出 Baja Blast Midnight。我們有 3 美元的墨西哥捲餅。我們有 Toasted Street Chalupas。

And then in Q4, we're bringing back the Decades Menu, and we even have Davante's House coming back, which I know is a favorite of a lot of our customers. So there's ots to be excited about at Taco Bell after US consumer environment. In fact, in many ways, we welcome that environment because we're taking share from the competition and Taco Bell is clearly on a roll.

然後在第四季度，我們將重新推出“Decades Menu”，甚至 Davante’s House 也將回歸，我知道這是我們許多顧客的最愛。因此，在美國消費環境變化之後，塔可鐘還有很多值得興奮的地方。事實上，在很多方面，我們都歡迎這種環境，因為我們正在從競爭對手那裡搶佔市場份額，而且塔可鐘顯然正處於上升期。

Brian Bittner, Oppenheimer Company.

奧本海默公司的 Brian Bittner。

Congratulations, David, on your inspiring career at Yum!. And of course, a big congrats to you as well, Chris.

大衛，恭喜你在 Yum! 擁有令人振奮的職業生涯。當然，我也要向你表示熱烈祝賀，克里斯。

I think it's pretty clear that the Byte by Yum! platform is a very unique catalyst for your business relative to the competitive set. And I know there's different components to it, but can you help us understand how many units have the full platform today?

我認為很明顯 Byte by Yum！相對於競爭對手而言，平台對於您的業務來說是一個非常獨特的催化劑。我知道它有不同的組件，但您能幫助我們了解目前有多少單位擁有完整的平台嗎？

And what is the cadence of the rollout look like as you go across your global portfolio through 2026? And what do you see as just the greatest unlocks going forward for your Byte by Yum! platform for the franchisees?

到 2026 年，您的全球投資組合的推出節奏是如何的？您認為 Byte by Yum 未來最大的解鎖是什麼？為加盟商提供什麼平台？

Yes. Good question. I think we've shared previously that about 25,000 restaurants around the globe have some component of Byte operating in them today. But in a number of cases, that is just one component or two components today. The place where we have the most components of Byte operating in one brand-country combination, as I mentioned earlier, is in Taco Bell.

是的。好問題。我記得我們之前分享過，目前全球大約有 25,000 家餐廳在經營 Byte 的某些組件。但在很多情況下，這只是當今的一個或兩個組成部分。正如我之前提到的，在塔可鐘 (Taco Bell) 中，Byte 的大多數組成部分都在一個品牌-國家組合中運作。

So the expansion journey is two things. One, on restaurants that already have some components, getting them to the full Byte ecosystem. And that's really when we see the power of the seamless integration across the elements and Byte spanning the consumer experience, the team member experience, and the insights that we can generate.

因此，擴張之旅包括兩件事。一是對於已經擁有一些組件的餐廳，讓它們融入完整的 Byte 生態系統。這時我們才真正看到跨元素和 Byte 無縫整合的力量，涵蓋消費者體驗、團隊成員體驗以及我們可以產生的洞察力。

Of course, there's another piece, which is getting into new markets where we haven't started to deploy Byte yet. We've made a lot of progress in the US. But as we shared on the last call, it was at our global franchise convention in Sydney earlier this year, where we really made the Byte unveiled to our global franchise base.

當然，還有另一個部分，那就是進入我們還沒有開始部署 Byte 的新市場。我們在美國取得了巨大進展。但正如我們在上次電話會議上所分享的那樣，正是在今年早些時候於悉尼舉行的全球特許經營大會上，我們才真正向全球特許經營群體揭開了 Byte 的神秘面紗。

And we, essentially, hosted what was a trade show event where those franchisees from around the globe were able to spend time with Joe Park and our technology leaders who are building and developing and deploying each part of Byte. There's now significant demand from those franchisees, and we are in conversations with them to help them understand how we could bring those to life in their market.

我們基本上主辦了一場貿易展覽會，來自世界各地的特許經營商可以與 Joe Park 和我們正在構建、開發和部署 Byte 各個部分的技術領導者共度時光。現在這些特許經營商的需求很大，我們正在與他們交談，以幫助他們了解我們如何將這些需求帶到他們的市場中。

So there's still some steps to go through in terms of ensuring that the Byte capabilities are ready to deploy in each specific geography. And then, of course, there's some implementation work to be done. So this will be a process that we will work through, but we're looking for ways to accelerate that. And right now, we believe that demand for Byte is not our problem. It's how do we work through that process to get deployment.

因此，在確保 Byte 功能已準備好部署到每個特定地區方面，還有一些步驟要做。當然，還有一些實施工作要做。因此，這將是一個我們需要努力完成的過程，但我們正在尋找加速這一過程的方法。目前，我們認為對 Byte 的需求不是我們的問題。這就是我們如何透過該流程來實現部署。

Sara Senatore, Bank of America.

薩拉·參議員，美國銀行。

Great. I'll add my congratulations as well to both of you.

偉大的。我也要向你們兩位表示祝賀。

I wanted to just maybe clarify a couple of comments, if I could. The first is, I think you mentioned Byte Connect is priced at a discount to 3p offerings. Trying to understand, is that because the cost to you is lower because of your scale or something else? Or is this effectively a subsidy to franchisees?

如果可以的話，我只是想澄清一些評論。首先，我認為您曾提到 Byte Connect 的價格比 3p 產品有折扣。試著去理解一下，這是因為您的規模或其他原因導致您的成本較低嗎？或者這其實是對加盟商的補貼？

And the reason I ask is because I think a conversation that's ongoing is about tech costs as they show up in your G&A perhaps. And I wanted to see if there's been a shift in the philosophy or maybe just understand it.

我之所以問這個問題，是因為我認為正在進行的討論是關於技術成本的，因為它們可能會出現在您的一般及行政費用中。我想看看哲學是否發生了轉變，或者只是理解它。

And then the other clarification is I think there was a mention that Taco Bell is taking share from fast casual. Does that mean you're not seeing it come from other traditional QSRs? I have thought that fast casual maybe it was just too small to explain how robust the performance has been.

然後另一個澄清是，我認為有人提到塔可鐘正在搶佔快餐休閒業的份額。這是否意味著您沒有看到它來自其他傳統的 QSR？我一直認為，速食休閒業可能規模太小，不足以解釋其表現有多強勁。

Yes. Thanks, Sara. Let me start with the first one on Byte. And let me start with a couple of high-level statements about Byte. First, it is the only multi-brand, multi-market restaurant technology platform built by restauranteurs to restauranteurs. And as part of that, our commitment to our franchisees is to give them leading-edge capabilities at a price that is better than they can get on the market.

是的。謝謝，薩拉。讓我先從 Byte 上的第一個開始。首先，我想對 Byte 做一些概括性的陳述。首先，它是唯一一個由餐廳老闆為餐廳老闆打造的多品牌、多市場餐廳科技平台。作為其中的一部分，我們對特許經營商的承諾是以比市場上更優惠的價格為他們提供領先的功能。

And so if we think about Byte Connect, there is -- there are some other solutions on the market built by tech companies, not restaurant companies, that many of our franchisees are accessing today at a certain price. Through our internal development, which allows us to accomplish the same functional objectives for our franchise partners. Because of our scale, we're able to offer that to our franchise partners at a lower cost than they could get on the market.

因此，如果我們考慮 Byte Connect，就會發現市場上還有一些由科技公司（而非餐飲公司）建構的其他解決方案，我們的許多特許經營商目前都可以以一定的價格使用這些解決方案。透過我們的內部發展，我們可以為我們的特許經營合作夥伴實現相同的功能目標。由於我們的規模，我們能夠以低於市場價格的價格向我們的特許經營合作夥伴提供這種服務。

So that creates a competitive advantage for them. It actually helps their P&L. They end up spending less in total on tech as a result whenever they migrate over to Byte Connect. And of course, given that that benefit flows to their P&L, we expect our franchise partners to share in that investment with us through the fees that are generated into Yum!.

這為他們創造了競爭優勢。這實際上有助於他們的損益。因此，當他們遷移到 Byte Connect 時，他們在技術上的總支出就會減少。當然，考慮到該收益將計入他們的損益表，我們希望我們的特許經營合作夥伴能夠透過向 Yum! 收取的費用與我們分享該投資。

And that, of course, is part of how we're bending the curve on the G&A impact of our tech strategy on our P&L. So all part of how we leverage our scale and our tech capability and expertise, our ownership, and our talent for the benefit of our franchise partners.

當然，這也是我們如何改變技術策略對損益表的一般及行政影響曲線的一部分。因此，這一切都是我們如何利用我們的規模、技術能力和專業知識、我們的所有權以及我們的人才來為我們的特許經營合作夥伴謀福利的一部分。

Yes. And I'll take the second part of the question and just further on Byte Connect to answer your -- the point in question, Sara. We are -- our goal is not to subsidize anything. Our goal is to provide stuff to our franchisees at a dramatically lower price that we can still cover our costs and then some. That is what -- Byte Connect is a great example.

是的。我將回答問題的第二部分，並進一步透過 Byte Connect 回答您的問題——Sara。我們的目標不是補貼任何東西。我們的目標是以極低的價格向我們的特許經營商提供產品，這樣我們仍然可以收回成本，甚至更多。這就是——Byte Connect 就是一個很好的例子。

The cost of what we're charging for that is dramatically lower than what the largest third party in the marketplace charges for that service. And yet, it's something we internally developed with a few resources. So the math works for that.

我們收取的費用遠低於市場上最大的第三方對該服務的收費。然而，這是我們利用一些資源內部開發的產品。所以數學是可以解決這個問題的。

As far as Taco Bell share, I was only sharing this in the context of the stealing from fast casual really in the context of the question about the consumer and consumer behavior. I think that demonstrates that you're seeing people trading in from other concepts that they're pressured financially.

就塔可鐘的份額而言，我只是在從快餐休閒中竊取份額的背景下分享這一點，實際上是在有關消費者和消費者行為的問題背景下。我認為這表明你看到人們從其他概念進行交易，他們在財務上面臨壓力。

However, with Taco Bell's performance, it's clear we're taking share from a lot of competitors, not just in fast casual. We're taking it from the QSR industry in general. And obviously, when we look at this environment, it's one that not only can we win and we can really thrive and really take market share, put ourselves in a better position going forward.

然而，從塔可鐘的表現來看，很明顯我們正在從許多競爭對手那裡搶佔市場份額，而不僅僅是在快餐休閒領域。我們從整個 QSR 產業中汲取經驗。顯然，當我們審視這種環境時，我們不僅可以獲勝，而且可以真正蓬勃發展並真正佔領市場份額，使我們在未來處於更有利的地位。

Operator, we have time for one more question.

接線員，我們還有時間再回答一個問題。

Brian Harbour, Morgan Stanley.

摩根士丹利的布萊恩哈伯 (Brian Harbour)。

Congratulations again to both of you. I guess could you just elaborate on the comments -- they were separate comments, but I think you talked about value perception that at KFC and you talked about -- I think, value menu lineup at Pizza Hut.

再次恭喜你們二位。我想您能否詳細說明一下這些評論——它們是單獨的評論，但我認為您談到了肯德基的價值念，並且您談到了——我認為，必勝客的價值菜單陣容。

What needs to be done differently there? And I'm not sure if those were comments that apply across different markets? Or is this a broader opportunity for those two brands?

那裡需要做些什麼不同的事情？我不確定這些評論是否適用於不同的市場？或者這對這兩個品牌來說是一個更廣泛的機會？

Yes. I think the comments on value, clearly, this is an environment, a softer consumer environment all around the world where value matters. It's -- value never doesn't matter. But it's a particular importance in this environment. And what we're seeing around the world is we can win when we have that -- when we do value the right way.

是的。我認為關於價值的評論顯然是一個環境，一個在世界各地都更溫和的消費環境，價值在這裡至關重要。價值永遠不重要。但在這種環境下它尤其重要。我們在世界各地看到的是，當我們擁有這些，當我們以正確的方式珍惜價值，我們就能取得勝利。

Taco Bell with 579, creating value menu, is a great example, but we have all sorts of other examples all around the world. And I think Scott Mezvinsky coming out of the Taco Bell world, where they said value better than just about anybody else in the industry, has been quite helpful to him spreading that Gospel at KFC around the world. And you're starting to see some of the results from that as we go into Q3 and the second half of the year, we're seeing the business strengthen on the backs of embracing value in this environment.

塔可鐘 (Taco Bell) 擁有 579 個分店，創建了超值菜單，這是一個很好的例子，但我們在世界各地還有各種各樣的其他例子。我認為斯科特·梅茲文斯基來自塔可鐘的世界，在那裡他們比業內任何其他人都更注重價值，這對他在世界各地的肯德基傳播這一福音有很大幫助。隨著我們進入第三季和下半年，您開始看到一些成果，我們看到在這種環境下，業務在擁抱價值的支持下得到了加強。

I think with that, I'm just going to close out real quickly. I appreciate all the nice comments today from everybody. I really have enjoyed working with all of you.

我想，這樣我就可以很快結束。我感謝大家今天發表的所有善意評論。我真的很高興與你們一起工作。

And as I reflect on my tenure as CEO and my career with Yum!, obviously, I'm proud of so much that we've done to create shareholder value, improve the business, the work we did to dramatically ramp up the pace of development, going from a lagger to a leader on tech, the strength of our twin growth engines today has never been stronger and well positioned for success.

當我回顧自己擔任執行長的任期以及在百勝餐飲集團的職業生涯時，我為我們為創造股東價值、改善業務所做的努力感到無比自豪，為我們為大幅提高發展速度所做的努力感到自豪，為我們從技術落後者轉變為領導者做出了巨大貢獻，如今，我們雙增長引擎的實力從未如此強大，也為取得成功做好了準備。

But when you pull all of that apart, it all comes down to the people in this organization. The culture and talent at Yum! is the best in the industry, really the best in just about any company that there is out there. Our ability to attract, develop, and retain people is what sets us apart and it's why we've achieved so many great things over the years.

但當你把所有這些分開來看時，一切都歸結於這個組織中的人。Yum 的文化與人才！是業界最好的，實際上也是所有公司中最好的。我們吸引、培養和留住人才的能力使我們與眾不同，這也是我們多年來如此多偉大成就的原因。

That is at all levels of the company. It's our franchise partners. It's from our team members all around the world up to the leadership team that runs this company. The best example that I can think of that is Chris Turner. He joined six years ago and our ability to even attract him and get him to come join Yum! was a real cool.

公司的各個層面都是如此。這是我們的特許經營合作夥伴。它涵蓋了我們遍布全球的團隊成員直至管理這家公司的領導團隊。我能想到的最好的例子就是克里斯·特納。他六年前就加入了我們，我們甚至有能力吸引他並讓他加入 Yum！真的很酷。

And you can see from his career here, he's had a massive impact on the company as CFO. Nobody is better positioned to take over this company than Chris. I'm so excited to be able to stay connected to him as an adviser and watch him lean in on new growth strategies to take the business to new heights and accelerate the pace of growth.

從他的職業生涯可以看出，他作為財務長對公司產生了巨大的影響。沒有人比克里斯更適合接手這家公司。我很高興能夠作為顧問與他保持聯繫，並看著他依靠新的成長策略將業務推向新的高度並加快成長速度。

And nobody will be cheering this company on more strongly than me. I'm excited about the next chapter of my life as I move into retirement and proud of the company that we've built and the future of it could not be brighter. Thank you so much for your time today. It's been a pleasure.

沒有人會比我更強烈地為這家公司加油。即將退休的我對於人生的新篇章感到興奮不已，並為我們創建的公司感到自豪，公司的未來一片光明。非常感謝您今天抽出時間。我很榮幸。

This concludes today's call. We thank everyone for your time. You may now disconnect your lines.

今天的電話會議到此結束。我們感謝大家抽出時間。現在您可以斷開線路了。