百勝餐飲集團 (YUM) 2025 Q3 法說會逐字稿

Hello, everyone. Thank you for joining us today for the Yum! Brands 2025 third-quarter earnings call. My name is Sammy, and I'll be coordinating your call today. (Operator Instructions)

大家好。感謝您今天參加我們的 Yum！Brands 2025 第三季財報電話會議。我叫薩米，今天我將負責協調您的通話。（操作說明）

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

現在我將把發言權交給主持人，投資者關係主管馬特莫里斯，由他來開始。

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

各位早安，感謝大家今天收看我們的節目。參加我們電話會議的有：執行長克里斯·特納；首席財務長蘭吉特·羅伊；以及高級副總裁兼公司財務總監戴夫·羅素。克里斯和羅伊發言結束後，將開放提問環節。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。

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

所有前瞻性陳述僅代表截至本次電話會議之日的觀點，應結合我們在盈利報告中的警示性聲明以及我們在提交給美國證券交易委員會的文件中討論的風險因素進行考慮。請查閱今天發布的公告和向美國證券交易委員會提交的文件，以了解非GAAP財務指標的揭露、定義和調節表。

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

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不包括外匯的影響。有關我們各市場報告日曆的更多信息，請訪問投資者關係網站的財務報告部分。我們正在透過我們的網站直播本次電話會議。本次通話將會被錄音，並可隨時重播。

We would like to make you aware that our fourth quarter earnings will be released on February 4, with the comment all on the same day. Finally, I want to express my appreciation to those investors who have willingly shared their perspectives on our strategy and communication. Your thoughts are important to us. I will make myself available to listen to your views as well as share those with our management teams. Now I'll turn the call over to our CEO, Chris Turner.

我們謹此通知您，我們的第四季財報將於2月4日發布，所有評論也將在同一天發布。最後，我要感謝那些願意分享他們對我們的策略和溝通的看法的投資者。您的想法對我們非常重要。我將抽出時間傾聽您的意見，並將這些意見轉達給我們的管理團隊。現在我將把電話交給我們的執行長克里斯·特納。

Thank you, Matt, and good morning, everyone. With this being our first call since David's retirement, I want to recognize his exceptional leadership over the past five years as CEO and his many strategic contributions throughout his remarkable 36-year career at Yum!. David will continue to serve as a trusted adviser through next year. On behalf of our team members, employees and franchise partners, I want to sincerely thank David for the lasting impact and strong foundation he's built as we carry Yum! into the future.

謝謝你，馬特，大家早安。這是我們自大衛退休以來的第一次通話，我想表彰他過去五年作為首席執行官的卓越領導才能，以及他在百勝餐飲集團36年輝煌職業生涯中做出的諸多戰略貢獻。大衛將繼續擔任值得信賴的顧問，直至明年。我謹代表我們的團隊成員、員工和加盟夥伴，衷心感謝大衛為我們帶來百勝餐飲集團的持久影響力和堅實基礎！展望未來。

As I take on the role of CEO, I spent the last few months meeting many of Yum!'s stakeholders, including many of our leaders, Board members and largest franchise partners to better understand where Yum! is leading the industry and where Yum! has even greater potential. I've spent time in our restaurants, serving our consumers and listening to team members and general managers. Finally, I've met with many of our top shareholders to hear how Yum!

在我擔任執行長一職後，過去幾個月裡，我與百勝餐飲集團的許多高階主管進行了會面。利害關係人，包括我們的許多領導人、董事會成員和最大的特許經營合作夥伴，以便更好地了解 Yum!引領業界，而 Yum!具有更大的潛力。我曾在我們的餐廳待過一段時間，為顧客服務，並傾聽團隊成員和總經理的意見。最後，我與許多主要股東會面，並聽取了他們對百勝餐飲集團的看法！

can unlock even more value. Speaking with our incredible team has reinforced how important a strong culture and performance mindset are to driving robust results. Yum! invest meaningfully in our talent and gives employees opportunities to work across functions and brands, providing Yum! with the most experienced and tested leaders in the industry.

還能釋放更多價值。與我們優秀的團隊交流，讓我更加深刻地體會到強大的企業文化和積極的工作態度對於取得優異成績的重要性。好吃！我們對人才進行有意義的投資，並為員工提供跨職能和品牌的工作機會，為百勝餐飲集團提供！擁有業界經驗最豐富、最經得起考驗的領導者。

Combining the best leaders with the world's most loved, trusted and connected restaurant brands is a winning formula. It's no surprise that few companies are executing at our level with Taco Bell delivering industry-leading 7% same-store sales growth and KFC on track to add nearly 3,000 new restaurants on a gross basis around the world, which would set a new record for annual gross development for the brand.

將最優秀的領導者與世界上最受歡迎、最值得信賴、聯繫最緊密的餐飲品牌結合，就是致勝之道。塔可鐘實現了業內領先的 7% 同店銷售增長，肯德基預計將在全球範圍內新增近 3000 家餐廳（按總數量計算），這將為該品牌創下年度總增長的新紀錄，因此很少有公司能達到我們這樣的執行水平也就不足為奇了。

It is also clear there is a consistent theme that success in our industry depends on anticipating and adapting to changing consumer needs. That's a tremendous opportunity for a company like Yum! that already benefits from scale, talent and the ability to innovate. With this in mind, I see three areas where I'll focus additional energy to raise the bar on our growth.

很明顯，我們行業的成功取決於預測和適應不斷變化的消費者需求，這是一個一致的主題。對於像百勝餐飲集團這樣的公司來說，這是一個絕佳的機會！它已經受益於規模、人才和創新能力。考慮到這一點，我認為我應該在以下三個方面投入更多精力，以提高我們的成長水平。

First, we're a consumer-first business, and we must stay as relevant to the next generation of consumers as we are to our core. Second, franchisees are the lifeblood of our system, and we can do more to leverage our global scale to strengthen their store level economics. Third, Yum! has pursued a differentiated technology strategy that gives us unmatched operational agility and control.

首先，我們是一家以消費者為中心的企業，我們必須像重視自身核心業務一樣，保持對下一代消費者的吸引力。其次，加盟商是我們系統的命脈，我們可以做更多的事情來利用我們的全球規模來增強他們的門市經濟效益。第三，美味！我們採取了差異化的技術策略，使我們擁有無與倫比的營運靈活性和控制力。

I want to extend those advantages across more restaurants to benefit consumers, franchise partners and team members alike. To this end, I recently announced a series of leadership changes. These included expanding the role of Taco Bell's CEO, Sean Trasvont, to include that of Yum! Chief Consumer Officer, with responsibilities that will include oversight of Colider, Yum!'s in-house consumer insights agency. Jim Dauch, Global Chief Digital and Technology Officer, Pizza Hut, was promoted to Yum!

我希望將這些優勢推廣到更多餐廳，讓消費者、加盟合作夥伴和團隊成員都能從中受益。為此，我最近宣布了一系列領導層變動。其中包括擴大塔可鐘執行長肖恩·特拉斯馮特的職責範圍，使其涵蓋百勝餐飲集團！首席消費者官，其職責包括監督百勝餐飲集團內部的Colider平台消費者洞察機構。必勝客全球首席數位和技術長吉姆·道奇晉升為百勝餐飲集團首席執行官

Brands Chief Digital and Technology Officer and President of Byte by Yum. Ranjith Roy, who goes by Roy, Yum!'s Chief Strategy Officer and Treasurer, was promoted to Chief Financial Officer. Roy had previously spent more than 15 years with Goldman Sachs leading investment banking relationships for restaurants, food and tech businesses. We also intend to add a Chief Scale Officer to Yum!'s leadership team, who will focus on leveraging Yum! scale to maximize franchise returns and drive stronger restaurant profitability.

百勝餐飲集團旗下品牌 Byte by Yum 的首席數位與技術長兼總裁。Ranjith Roy，大家都叫他 Roy，Yum! 的首席策略長兼財務主管晉升為財務長。羅伊此前曾在高盛工作超過 15 年，負責為餐飲、食品和科技企業提供投資銀行服務。我們也計劃在百勝餐飲集團增設一位首席規模長。領導團隊將專注於利用 Yum!擴大規模，最大限度地提高加盟店的回報，並提高餐廳的獲利能力。

We also announced this morning that we have commenced the process to explore strategic options for the Pizza Hut brand. Our objective is to maximize value for Yum! and position Pizza Hut and its franchise partners for greater success. Pizza Hut holds key structural advantages, strong brand equity, experienced franchise partners and meaningful scale, which give it a unique opportunity to reclaim the leading position in the highly fragmented pizza market. We believe a different approach, including, but not limited to, a sale of the business would allow Pizza Hut to realize its full potential.

今天早上我們也宣布，我們已經啟動了探索必勝客品牌策略選擇的流程。我們的目標是為 Yum! 創造最大價值！並為必勝客及其加盟合作夥伴取得更大的成功奠定基礎。必勝客擁有關鍵的結構優勢、強大的品牌資產、經驗豐富的加盟合作夥伴和可觀的規模，使其有機會在高度分散的披薩市場中重新奪回領先地位。我們認為，採取不同的方法，包括但不限於出售業務，可以讓必勝客充分發揮其潛力。

More broadly, I'm encouraging the brand teams to play more offense through bold actions, particularly when we see opportunities to accelerate development. In that spirit, we announced our plans to complete the acquisition of 128 Taco Bell restaurants located across the Southeast US in the fourth quarter.

更廣泛地說，我鼓勵品牌團隊採取更積極的行動，尤其是當我們看到加速發展的機會時。本著這種精神，我們宣布計劃在第四季度完成對位於美國東南部的 128 家 Taco Bell 餐廳的收購。

Buyout opportunities of this scale are unusual to come by in the Taco Bell system. This acquisition provides our team with an opportunity to improve and accelerate Taco Bell profitability, expand strategic leadership within the Taco Bell system and unlock significant unit development in the region.

在塔可鐘系統中，如此規模的收購機會並不常見。此次收購為我們的團隊提供了提高和加速 Taco Bell 盈利能力、擴大 Taco Bell 系統內的戰略領導地位以及在該地區實現重大門市發展的機會。

Of course, this acquisition provides immediate and significant EBITDA growth at an attractive multiple in the context of the Taco Bell system. I want to reiterate that there is no change in strategy regarding our asset-light model. Now let me turn to our third quarter results. Yum! delivered another strong quarter with system sales up 5% and core operating profit up 7%.

當然，就塔可鐘系統而言，此次收購將以極具吸引力的倍數立即帶來顯著的 EBITDA 成長。我想重申，我們的輕資產模式策略沒有任何改變。現在讓我來看看我們第三季的業績。好吃！本季業績表現強勁，系統銷售額成長 5%，核心營業利潤成長 7%。

Between KFC and Taco Bell, we've delivered 5% unit growth, 7% system sales growth and 11% segment operating income growth. At KFC, which represents 53% of our divisional operating profit, we delivered 14% core operating profit growth, driven by 6% unit growth and 3% same-store sales growth. Several KFC international markets are delivering exceptional results, including the UK market, with same-store sales up 9% on 6% transaction growth; and South Africa, delivering 7% same-store sales growth on record use engagement. Several markets like South Korea and Brazil posted double-digit transaction growth within the quarter.

肯德基和塔可鐘兩大品牌分別實現了 5% 的門市成長、7% 的系統銷售額成長和 11% 的部門營業收入成長。肯德基占我們部門營業利潤的 53%，我們實現了 14% 的核心營業利潤增長，這主要得益於門市數量增長 6% 和同店銷售額增長 3%。肯德基在多個國際市場取得了卓越的業績，包括英國市場（同店銷售額增長 9%，交易量增長 6%）；以及南非市場（同店銷售額增長 7%，用戶參與度創歷史新高）。韓國和巴西等多個市場在本季實現了兩位數的交易成長。

Turning to the US, which represents 12% of our KFC global system sales. We have taken bold steps over the last 18 months to reengineer our strategy, bolster our talent and pilot new approaches. The new President of KFC US Katherine Tan Golsby has been driving KFC's comeback plan with new marketing tactics and products focused on increasing consumer relevance, which have led to a 2% growth in same-store sales this quarter. There is still a long journey ahead, but we're pleased with Q3's momentum.

再來看看美國市場，它佔肯德基全球系統銷售額的 12%。在過去的18個月裡，我們採取了大膽的措施來重新設計我們的策略，加強我們的人才隊伍，並試行新的方法。美國肯德基新任總裁凱瑟琳·譚·戈爾斯比 (Katherine Tan Golsby) 一直致力於推動肯德基的複興計劃，透過新的行銷策略和產品，專注於提高與消費者的相關性，這使得本季度同店銷售額增長了 2%。前路漫漫，但我們對第三季的發展勢頭感到滿意。

As a separate plank in the strategy, we're excited about the continued progress to refine and thoughtfully expand the Sassy pilot in the Southeast region. Let me briefly touch on KFC's unit development, which remain broad-based and energized by strong franchise engagement. I recently made a trip to Italy to visit our new franchisee where I saw firsthand how critical having the right 3C partner is in driving powerful change.

作為該策略的另一個重要組成部分，我們很高興看到 Sassy 在東南地區的試點計畫不斷取得進展，並得到完善和深思熟慮的擴展。讓我簡單談談肯德基的門市發展，其基礎依然廣泛，並得益於強大的加盟商參與而充滿活力。我最近去了一趟義大利，拜訪了我們的新加盟商，在那裡我親眼目睹了擁有合適的 3C 合作夥伴對於推動強有力的變革是多麼重要。

Since joining our system in 2023, our franchisee, COB, has doubled the number of stores and improved AUVs to $2 million. I was pleased to be there when the team unveiled its Italian flagship restaurant featuring two floors in Rome, with prime real estate between the Spanish Steps and the Trevi Fountain.

自 2023 年加入我們的系統以來，我們的加盟商 COB 的門市數量翻了一番，平均單店銷售額 (AUV) 提高到 200 萬美元。我很榮幸能親臨現場，見證團隊在羅馬開設其義大利旗艦餐廳，該餐廳共有兩層，位於西班牙階梯和特雷維噴泉之間的黃金地段。

Similarly, our new franchise partner in South Korea is delivering unbelievable results. That team reported the third consecutive quarter of double-digit sales and traffic growth, and is set to have 5 times the net new unit growth they had in 2024. Our strongest partners are expanding into new and adjacent markets as is the case in Brazil, one of KFC's largest underpenetrated growth market.

同樣，我們在韓國的新加盟合作夥伴也取得了令人難以置信的成績。該團隊連續第三個季度實現了兩位數的銷售額和客流量成長，預計到 2024 年，其淨新增單位成長量將達到原來的 5 倍。我們最強大的合作夥伴正在向新的和相鄰的市場擴張，例如巴西，這是肯德基最大的未充分滲透的成長市場之一。

Our highly capable 850-unit Latin American partner, Juan Carlos Serono, is building commissaries and piloting more efficient asset formats, laying the foundation for sustainable scale, growth ahead. Finally, I recently returned from China, where our largest partner, Yum! China, runs the most efficient and advanced restaurant operation in the world, leading to significant market share wins over the competition.

我們實力雄厚的拉丁美洲合作夥伴 Juan Carlos Serono 擁有 850 家門市，正在建立食品供應中心並試行更有效率的資產形式，為未來的永續規模和成長奠定基礎。最後，我最近剛從中國回來，我們最大的合作夥伴百勝餐飲集團（Yum!）中國擁有世界上最高效、最先進的餐飲營運體系，在競爭中贏得了顯著的市場份額。

Overall, KFC's development pipeline remains robust. White space remains abundant and our well-capitalized, capable and committed franchise partners remain growth hungry. At Taco Bell, which represents 36% of our divisional operating profit, same-store sales grew 7%, reflecting continued progress on the journey laid out at the Taco Bell Consumer Day to drive $3 million average unit volumes by 2030. Innovation, distinctive value offerings and digital engagement drove this remarkable performance.

整體而言，肯德基的發展計畫依然強勁。市場空白依然充足，我們資金雄厚、能力出眾、忠誠敬業的加盟合作夥伴仍渴望發展壯大。塔可鐘占我們部門營業利潤的 36%，同店銷售額增長了 7%，這反映出我們在塔可鐘消費者日制定的目標——到 2030 年實現平均單店銷售額 300 萬美元——正在穩步推進。創新、獨特的價值主張和數位化互動推動了這項卓越的業績。

In the US Taco Bell introduced innovation-led buzz like the Tony Hawk and Bad Birdie collaborations, compelling value like the $3 Grilled state Brito, and expanded its beverage platform with the launch of Refresco's and Baja Blast midnight. Digital mix hit another record and digital sales grew 28% year-over-year. Next year, the US team will add more weeks of crispy chicken, fries and beverages to expand everyday occasions, balanced with a refreshed cravings value menu and elevated guest experience.

在美國，塔可鐘推出了以創新為主導的噱頭，例如與托尼霍克和壞鳥的合作，以及極具吸引力的價值，例如 3 美元的烤州布里托，並通過推出 Refresco's 和 Baja Blast 午夜版擴展了其飲料平台。數位銷售佔比再創新高，數位銷售額年增 28%。明年，美國團隊將增加更多周的脆皮雞、薯條和飲料供應，以擴大日常用餐場合，同時推出煥然一新的超值菜單，提升顧客體驗。

Turning to Taco Bell International, same-store sales growth accelerated again with momentum building as the team executes against its magic formula and strategic priorities laid out at the Taco Bell Consumer Day in March. This quarter, the team expanded to two new markets, Greece and Ireland. During my trip to Europe, I stopped to visit our largest international Taco Bell franchise partner, Ignacio Mora Feger, and his amazing Taco Bell Spain team. I saw firsthand how the team keeps building relevance and scale. Shifting now to our goal of building the world's most trusted brands.

從 Taco Bell 國際市場來看，隨著團隊執行其在 3 月份 Taco Bell 消費者日上製定的神奇配方和戰略重點，同店銷售額增長再次加速，勢頭強勁。本季度，團隊拓展到了希臘和愛爾蘭這兩個新市場。在我的歐洲之旅中，我特地拜訪了我們最大的國際 Taco Bell 特許經營合作夥伴 Ignacio Mora Feger 和他出色的 Taco Bell 西班牙團隊。我親眼見證了團隊如何不斷提升自身影響力並擴大規模。現在，我們將目標轉向打造全球最值得信賴的品牌。

Stepping into the role of CEO has been both humbling and energizing. I couldn't be more excited to start this next chapter of Yum!'s growth with a renewed focus on what makes us extraordinary led by our people and our culture. Our commitment to trust and connection extends beyond our restaurants. It's reflected in how we show up in our communities. In September, we celebrated Community Impact Month.

擔任執行長一職既讓我感到自身的渺小，又讓我充滿活力。我無比激動地開啟 Yum! 的下一個篇章！在員工和文化的引領下，我們將重新聚焦於使我們與眾不同的因素，從而實現成長。我們對信任和連結的承諾不僅體現在我們的餐廳裡。這體現在我們參與社區活動的方式。九月份，我們慶祝了社區影響力月。

Employees at all three of our US campuses volunteered to help more than 15,000 people in communities across the United States. Our teams bought childhood hunger, packing more than 6,000 weekend meals for kids who need the most, donated blood with the American Red Cross, prepared food with local food banks and packed hygiene and laundry kits for those in need. Hundreds of volunteers touch thousands of lives. That's the power of Yum!, serving up good everywhere there's a KFC, Pizza Hut, Taco Bell and the Habit Burger and Grip.

我們位於美國的三個校區的員工都自願幫助了美國各地社區的 15,000 多人。我們的團隊致力於解決兒童飢餓問題，為最需要幫助的孩子們打包了 6000 多份週末餐食，與美國紅十字會一起獻血，與當地食品銀行一起準備食物，並為有需要的人打包衛生用品和洗衣包。數百名志工影響了成千上萬人的生活。這就是 Yum! 的實力，無論在肯德基、必勝客、塔可鐘或 Habit Burger and Grip 餐廳，都能吃到美味佳餚。

One month end as CEO, and I'm inspired by the commitment to excellence across our system, from our franchise partners to our restaurant teams and leaders. Together, we are building on Yum!'s solid foundation to continue delivering strong, sustainable growth and going forward, we will be laser-focused on accelerating growth around the world, backed by our two biggest brands, KFC and Taco Bell.

在擔任執行長一個月後，我深受鼓舞，因為我們整個體係都致力於追求卓越，從我們的加盟合作夥伴到我們的餐廳團隊和領導者。我們正在共同努力，鞏固百勝餐飲集團的成就。我們擁有堅實的基礎，可以繼續實現強勁、可持續的成長。展望未來，我們將以肯德基和塔可鐘兩大品牌為後盾，專注於加速全球成長。

With the dedication of our people, power of our brands and a clear strategic vision, I am confident that we are entering an exciting new chapter of growth and long-term value creation for Yum! and our stakeholders around the world. With that, Roy, over to you.

憑藉我們員工的奉獻精神、我們品牌的實力和清晰的策略願景，我相信我們正在進入百勝餐飲集團令人興奮的新篇章，實現成長和長期價值創造！以及我們在世界各地的利害關係人。羅伊，接下來就交給你了。

Thanks, Chris, and good morning, everyone. I'm excited to share our results today and to connect with many of you in the months ahead. It is an honor to transition to the CFO role, having served as Yum!'s Chief Strategy Officer and Treasurer. My connection with Yum! goes back more than 15 years.

謝謝克里斯，大家早安。我很高興今天能與大家分享我們的研究成果，並期待在接下來的幾個月與大家保持聯繫。能夠轉型擔任財務長一職，我深感榮幸，此前我曾擔任百勝餐飲集團的財務長。首席策略長兼財務主管。我與 Yum! 的關係！可以追溯到15年前。

I partnered with Chris during my time at Goldman Sachs, where I was Yum!'s strategic adviser. And prior to Chris, I partnered with David Gibbs, Greg Creed and David Novak during their tenures, giving me a deep appreciation for Yum!'s enduring brands, franchise partners and talent. Prior to joining Yum! during my time as CFO at Gold Belly, I guided the company from being a tech start-up to being a capital-efficient high-growth retailer, reinforcing my belief in the power of evolution. It's an energizing time to step into this role as Yum!

我在高盛工作期間曾與克里斯共事，當時我是百勝餐飲集團的…策略顧問。在克里斯之前，我曾與大衛·吉布斯、格雷格·克里德和大衛·諾瓦克共事，這使我對百勝餐飲集團有了深刻的了解。經久不衰的品牌、加盟合作夥伴和人才。在加入 Yum!在我擔任 Gold Belly 財務長期間，我帶領公司從一家科技新創公司轉型為一家資本高效的高成長零售商，這更加堅定了我對進化力量的信念。現在正是擔任 Yum! 執行長這一角色的激動人心的時刻！

strengthens its position as the global franchisor of choice. The QSR industry is evolving rapidly, scale and technology are defining success around the world, and these shifts play directly into Yum!'s strength. I look forward to continue working with Chris to advance our strategic priorities and drive sustainable growth for our franchisees and shareholders.

鞏固其作為全球首選特許經營商的地位。速食業正在快速發展，規模和技術正成為全球成功的關鍵因素，而這些變化直接影響百勝餐飲集團的策略。力量。我期待繼續與克里斯合作，推進我們的策略重點，並為我們的加盟商和股東帶來可持續成長。

I'll start with third quarter results before discussing Yum!'s balance sheet and liquidity position, the Taco Bell store acquisition and guidance for the year. During the third quarter, we grew system sales 5%, with 3%-unit growth and 3% same-store sales growth. Digital sales are growing quickly across our markets, with Yum! reaching $10 billion in digital sales and digital mix of approximately 60%.

我先從第三季業績說起，然後再討論百勝餐飲集團的業績。資產負債表及流動性狀況、塔可鐘門市收購及年度業績指引。第三季度，我們的系統銷售額成長了 5%，其中單位銷售成長了 3%，同店銷售額成長了 3%。在我們各個市場，數位銷售都在快速成長，Yum!數位銷售額達 100 億美元，數位銷售額佔比約 60%。

On restaurant level margins, Taco Bell US delivered 23.9% margins ,50 basis points higher year-over-year despite a 1 percentage point headwind from double-digit beef inflation. Taco Bell's restaurant margins benefited from strong top line growth fueled by among many factors, the expansion of Taco Bell's category entry points like Crispy Chicken and Refrescas.

儘管受到兩位數牛肉通膨帶來的 1 個百分點的不利影響，但美國塔可鐘餐廳的利潤率仍達到 23.9%，同比增長 50 個基點。塔可鐘餐廳的利潤率受益於強勁的營收成長，這主要得益於諸多因素，其中包括塔可鐘推出脆皮雞和清涼飲品等品類入口的擴張。

Beef inflation will remain a headwind through year-end, though we take some comfort and big prices declining 10% since exiting the third quarter. For KFC, the team delivered 13.7% restaurant-level margins. 120 basis points higher year-over-year, driven by significant improvements in both KFC UK and KFC US margins.

牛肉價格上漲將持續到年底，但令人欣慰的是，自第三季以來，牛肉價格已經下降了 10%。肯德基團隊實現了13.7%的餐廳層面利潤率，年增120個基點，主要得益於肯德基英國和美國利潤率的顯著提升。

Moving on to expenses, ex special G&A was $268 million, up 7% year-over-year as we lapped lower incentive compensation accruals in the third quarter of last year. Reported G&A of $282 million included $14 million of special expenses. And finally, third quarter core operating profit grew 7%, leading to ex special EPS of $1.58, up 15% year-over-year. Moving to development. We opened 1,131 gross new units globally, a Q3 record with KFC opening 760 units or a store every three hours.

接下來是費用，扣除特殊一般及行政費用後，總費用為 2.68 億美元，年增 7%，原因是去年第三季我們收回了較低的激勵性薪酬提列。報告顯示，一般及行政費用為 2.82 億美元，其中包括 1,400 萬美元的特殊支出。最後，第三季核心營業利潤成長7%，扣除特殊項目後的每股盈餘為1.58美元，較去年同期成長15%。進入開發階段。我們在全球新開了 1131 家門市，創下第三季新紀錄，肯德基平均每三小時就開設一家門市，共 760 家。

KFC's momentum remained broad-based and energized by strong franchise engagement. China, India, Thailand, South Korea and Mexico led the way each demonstrating the strength of our lay book and the scalability of our brand. Overall, KFC's development pipeline remains robust. White space remains abundant and our well-capitalized, capable and committed franchise partners remaining growth hungry.

肯德基的發展動能依然強勁，基礎廣泛，並得益於強大的加盟商參與度。中國、印度、泰國、韓國和墨西哥分別走在前列，這充分展現了我們產品組合的實力和品牌的可擴展性。整體而言，肯德基的發展計畫依然強勁。市場空白依然充足，我們資金雄厚、能力出眾、忠誠敬業的加盟合作夥伴仍渴望發展壯大。

At Taco Bell, development accelerated this quarter with 74 gross unit openings, well above Q3 levels of last year. Taco Bell International continued to build momentum, adding 27 gross new units and successfully launching two new markets, Greece and Ireland. On the back of accelerating sales, we remain on track to deliver 100 international net new units this year, reflecting energized franchise partners, compelling brand marketing and improving unit level economics around the world.

塔可鐘本季發展加速，共開設了 74 家門市，遠超去年第三季的水準。Taco Bell International 繼續保持成長勢頭，新增 27 家門市，並成功開拓了希臘和愛爾蘭兩個新市場。在銷售加速成長的推動下，我們仍有望在今年實現 100 家國際淨新增門市的目標，這反映了充滿活力的特許經營合作夥伴、引人注目的品牌行銷以及全球範圍內不斷改善的門市經濟效益。

Early development plans for next year offer promising signs of further unit growth. At Pizza Hut, we built 289 gross units this quarter. We delivered gross builds across 31 countries, with strength in China, the US and India. We've been pleased with Pizza Hut's gross unit openings as the brand is a leader in new builds within the pizza category globally in all but one quarter over the last four years.

明年的早期發展計劃顯示出令人鼓舞的跡象，預示著單位數量的進一步增長。本季度，必勝客共新建了 289 家門市。我們在 31 個國家完成了大量建設項目，在中國、美國和印度實力雄厚。我們對必勝客的門市開幕總數感到滿意，因為在過去四年中，除了一個季度外，該品牌在全球披薩品類的新店開業數量方面一直處於領先地位。

However, gross bills have been partially offset by elevated closures through Q3, largely isolated to a reduction in footprint in a small number of markets, including Turkey. These closures were largely tied to specific franchisee matters impacting operational execution.

然而，第三季門市關閉數量增加，部分抵消了總帳單的成長，這主要集中在少數市場（包括土耳其）的業務規模縮減。這些停業事件大多與影響營運執行的特定加盟商問題有關。

Turning to technology. As we continue to work on making our restaurants more connected to drive growth and operational excellence across the Yum! system. Jim Dash, our new Chief Digital and Technology Officer, will help accelerate the next phase of our transformation, but our focus remains the same, building the industry's leading restaurant technology platform that enhances guest experience, simplifies operations and strengthen franchisee economics built around easy experiences, easy operations and easy insights.

轉向科技。我們將繼續努力，使我們的餐廳之間的聯繫更加緊密，從而推動百勝餐飲集團的成長和卓越營運！系統。我們新任首席數位和技術長 Jim Dash 將有助於加速我們轉型的下一階段，但我們的重點仍然不變，即打造業內領先的餐廳技術平台，以提升顧客體驗、簡化運營並增強加盟商的經濟效益，圍繞便捷的體驗、便捷的運營和便捷的洞察而構建。

I'll provide a brief update on the progress across these three pillars. Within easy experiences, we're creating more frictionless engaging consumer journeys across our brands. At KFC, global digital sales mix reached 63%, supported by kiosk adoption and aggregator partnerships. Bite Commerce, our scalable and global web and mobile app ordering platform continue to unlock the creativity of our digital marketing teams by enabling viral promotions or daily drops that drive high transaction velocity, such as Pizza Huts $2 personal pan Tuesday offer this quarter.

我將簡要報告這三大支柱領域的進展。在便利體驗方面，我們正在為旗下品牌打造更流暢、更引人入勝的消費者旅程。在肯德基，全球數位銷售佔比達到 63%，這得益於自助點餐機的普及和聚合平台的合作。Bite Commerce 是我們可擴展的全球網路和行動應用程式訂購平台，它透過支援病毒式促銷或每日限時特價活動來推動高交易速度，從而不斷激發我們數位行銷團隊的創造力，例如本季必勝客週二推出的 2 美元個人披薩優惠。

BiteCommerce expanded to Pizza Hut, Canada, Kuwait and France this quarter, building on earlier launches in Pizza Hut, UK, Mexico and Peru. Finally, Bite Connect, a product that streamlines order and menu integration with third-party delivery partners has expanded to KFC US Taco Bell US will add this service next year. Under easy operations, we are simplifying restaurant operations and giving teams better tools to deliver fast, accurate and friendly service.

本季度，BiteCommerce 將業務拓展至必勝客、加拿大、科威特和法國，此前已在英國、墨西哥和秘魯的必勝客推出服務。最後，能夠簡化訂單和菜單與第三方配送合作夥伴整合的產品 Bite Connect 已擴展到美國肯德基，美國塔可鐘將於明年添加此服務。在「便捷操作」的理念下，我們正在簡化餐廳運營，並為團隊提供更好的工具，以提供快速、準確和友好的服務。

Bite Coach, which delivers AI recommendations to our store managers, was deployed to an additional 4,000 KFC restaurants internationally this quarter, bringing the total to more than 28,000 restaurants across the Yum! system. Beginning next year, we'll add further AI capabilities to Bite Coach to provide restaurant general managers, individualized guidance to help improve store level performance based on inputs from a combination of operations, consumer feedback and store audit data.

本季度，為肯德基門市經理提供人工智慧推薦的 Bite Coach 系統已在全球新增 4,000 家肯德基餐廳部署，使 Yum! 集團旗下肯德基餐廳總數超過 28,000 家。系統。從明年開始，我們將為 Bite Coach 添加更多人工智慧功能，根據營運、消費者反饋和門市審核數據的綜合輸入，為餐廳總經理提供個人化指導，以幫助提高門市層面的績效。

Within Easy Insights, our data and analytics capabilities are providing better visibility and faster, more actionable insights across brands. In addition to building more AI capabilities into the BiTE ecosystem for our franchisees, consumers and restaurant general managers, we are also excited about using AI at the enterprise level to build Bite in a more efficient manner.

在 Easy Insights 中，我們的數據和分析能力為各個品牌提供了更好的可視性和更快、更具可操作性的洞察。除了為我們的加盟商、消費者和餐廳總經理在 BiTE 生態系統中建立更多 AI 功能外，我們也對在企業層面使用 AI 以更有效率的方式建立 Bite 感到興奮。

Currently, one-third of our developers are regularly using AI developer tools and realizing significant productivity gains. By early 2020, substantially all of our BiTE software developers will be using AI tools to write better, safer and more efficient code for the BiTE platform. Next, I'll provide an update on our balance sheet and liquidity position.

目前，我們三分之一的開發人員正在定期使用 AI 開發工具，並實現了顯著的生產力提升。到 2020 年初，我們幾乎所有的 BiTE 軟體開發人員都將使用 AI 工具為 BiTE 平台編寫更好、更安全、更有效率的程式碼。接下來，我將介紹我們的資產負債表和流動性狀況。

Our capital priorities remain unchanged, maximize shareholder value through strategic investments in our business, maintain a strong and flexible balance sheet, offer a competitive dividend and return excess cash to shareholders. Net capital expenditures for the quarter totaled $73 million, reflecting $21 million in refranchising proceeds and $94 million in gross capital expenditures.

我們的資本優先事項保持不變，即透過對業務的策略投資實現股東價值最大化，保持穩健靈活的資產負債表，提供有競爭力的股息，並將多餘的現金返還給股東。本季淨資本支出總額為 7,300 萬美元，其中包括 2,100 萬美元的特許經營權轉讓收入和 9,400 萬美元的總資本支出。

We expect our net leverage ratio to end the year at approximately 4x, consistent with our commitment to hold leverage at approximately 4 times. As announced in September, we completed successfully a $1.5 billion issuance of Taco Bell senior secured notes with a weighted average coupon of just under 5%. Proceeds were used to repay 2026 debt maturities and to prefund our Taco Bell acquisition.

我們預計年底淨槓桿率將約為 4 倍，這與我們保持槓桿率在 4 倍左右的承諾相符。正如9月宣布的那樣，我們成功完成了15億美元的塔可鐘優先擔保票據發行，加權平均票息略低於5%。所得款項用於償還 2026 年到期的債務，並為我們收購 Taco Bell 提供預付款。

During the quarter, we repurchased approximately 244,000 shares for a total of $36 million, bringing our year-to-date repurchases to $372 million. As Chris shared, similar to the successful KFC UK acquisition last year, we saw an exciting opportunity to invest in the business and acquire 128 Taco Bell US stores in the fourth quarter. The total cash outlay is expected to be approximately $670 million, largely financed with cash on hand.

本季度，我們回購了約 244,000 股股票，總計 3,600 萬美元，使我們今年迄今的回購總額達到 3.72 億美元。正如克里斯所說，與去年成功收購肯德基英國公司類似，我們看到了一個令人興奮的投資機會，並在第四季度收購了128家塔可鐘美國門市。預計總現金支出約 6.7 億美元，主要資金來源為現有現金。

In 2026, we expect the stores we're acquiring to contribute approximately $70 million in incremental EBITDA and add 1 point to Yum!'s operating profit growth after the impact of depreciation and amortization, including reacquired franchise rights. Due to timing and modest transition costs, we don't expect this deal to contribute to core operating profit in 2025. Additionally, the Taco Bell team can step up US equity development in this market beginning in 2027.

預計到 2026 年，我們收購的門市將貢獻約 7,000 萬美元的增量 EBITDA，並為 Yum! 的業績提升 1 個百分點。扣除折舊和攤銷的影響後，包括重新獲得的特許經營權，營業利潤增長。由於時機和適度的過渡成本，我們預計這筆交易不會在 2025 年為核心營業利潤做出貢獻。此外，塔可鐘團隊可以從 2027 年開始加強在美國市場的股權開發力道。

Over the long term, we anticipate profit growth for this estate to exceed Yum!'s long-term growth algorithm. As Chris mentioned, while retaining our asset-light strategy, we are investing where we see outsized strategic benefits and financial returns. Now let me share our latest outlook for the balance of the year. As you heard from Chris, both KFC and Taco Bell are taking share from our competition.

從長遠來看，我們預計該地產的利潤成長將超過百勝餐飲集團的長期平均值。增長演算法。正如克里斯所提到的，在維持輕資產策略的同時，我們會在那些我們看到巨大策略效益和財務回報的地方進行投資。現在讓我來分享我們對今年剩餘時間的最新展望。正如克里斯所說，肯德基和塔可鐘都在從我們的競爭對手那裡搶佔市場份額。

We expect KFC to achieve record gross unit openings on a full year basis and Taco Bell to deliver strong international development. At Taco Bell US, despite the impact of beef inflation, we expect our full year restaurant level margins to fall within our guidance at 24%, with global reported margins landing slightly below the US level. We expect Q4 ex special G&A to grow by a mid-single-digit percentage rate year-over-year, finishing the year in line with our full year guidance.

我們預計肯德基全年門市開幕總數將創歷史新高，而塔可鐘將在國際市場取得強勁發展。儘管受到牛肉價格上漲的影響，塔可鐘美國公司預計全年餐廳層級的利潤率將達到我們預期的 24%，而全球報告的利潤率將略低於美國水準。我們預期第四季（不包括特殊一般及行政費用）將年增個位數百分比，使全年業績符合我們的全年預期。

To summarize, KFC and Taco Bell, which make up roughly 90% of our divisional operating profit continued to perform exceptionally well with sales momentum that has continued into Q4. Together, we expect these brands to be on track or ahead of our original full year plan for unit growth, sales growth and core operating profit growth. This performance is further backed by a strong execution of BiTE and disciplined G&A management across the enterprise.

總而言之，肯德基和塔可鐘約占我們部門營業利潤的 90%，其銷售勢頭在第四季度繼續保持強勁，表現非常出色。我們預計這些品牌將達到或超過我們原定的全年銷售成長、銷售成長和核心營業利潤成長計畫。這一業績也得益於 BiTE 的強有力執行以及企業內部嚴格的 G&A 管理。

Below the line, we expect full year interest expense to land in the range of $505 million to $515 million, incorporating the impact of our recent debt issuance. Lastly, at current rates, we expect FX to represent approximately a $15 million tailwind to reported operating profit in Q4. Finally, turning to our Pizza Hut Division. We remain focused on strengthening business performance.

預計全年利息支出將在 5.05 億美元至 5.15 億美元之間，其中包括我們最近發行的債務的影響。最後，以目前的匯率計算，我們預計外匯因素將為第四季度報告的營業利潤帶來約 1500 萬美元的利多。最後，讓我們來看看必勝客部門。我們將繼續專注於提升業務績效。

That said, as we prepare the business for a potential transaction, our Q4 results may see some impact from actions involving isolated franchisee situations, taking this and Pizza Hut's year-to-date performance into account. Full year 2025 Yum! performance may land slightly below our algorithm. We will record expenses tied to the strategic options review as a special item, since this is an active process, we will not be providing further comments on the status of our review.

也就是說，在我們為潛在的交易做準備之際，考慮到個別加盟商的情況以及必勝客今年迄今為止的業績，我們的第四季度業績可能會受到一些影響。2025年全年 Yum！實際性能可能略低於我們的演算法。我們將把與策略選擇審查相關的費用作為一項特殊項目記錄下來。由於這是一個正在進行的過程，我們將不再就審查的進展發表任何評論。

In closing, we remain focused on continuing to deliver relevant value, distinctive innovation and rapid digital transformation. The combination that keeps us resilient regardless of macro conditions. We are confident in the strength of our strategies, the agility of our franchisees and the power of our business model to drive sustainable growth over the long-term. With that, operator, we are ready to take questions.

最後，我們將繼續專注於提供相關價值、獨特創新和快速數位轉型。這種組合使我們無論宏觀環境如何變化都能保持韌性。我們對自身策略的實力、加盟商的靈活性以及商業模式的強大力量充滿信心，相信能夠推動長期可持續成長。操作員，我們現在可以開始回答問題了。

(Operator Instructions)

（操作說明）

David Palmer, Evercore ISI.

David Palmer，Evercore ISI。

Great, thank you and good morning. Congrats to everybody on their promotions and appointments. It's cool to see Sean getting more responsibility and a ways you're bringing back the band together with Sean and Scott probably touching base more on the global KFC brand. I wonder how you're thinking about the opportunities and must get rights for KFC now that perhaps Pizza Hut may not after this review, be the focus area or the problem area that it was for the company, KFC might be a focus area for Sean by default.

太好了，謝謝，早安。恭喜各位獲得晉升和任命。很高興看到肖恩承擔更多責任，而且在某種程度上，你正在讓樂隊重新聚在一起，肖恩和斯科特可能會更多地參與到肯德基全球品牌的事務中來。我想知道你現在是如何看待肯德基的機會和必須獲得的授權的，因為在這次審查之後，必勝客可能不再是公司的重點領域或問題領域，肯德基可能會自然而然地成為肖恩的重點領域。

And so I just wonder, maybe it's worth giving a little bit of a review of what he will be. And Scott will be thinking about for that brand. What US chicken market is competitive, but KFCs begin -- it looks like a bit of a turnaround, what can solidify that turnaround, and it looks like the UK is doing great. Canada slowed a bit, any sort of review of KFC would be helpful.

所以我就在想，或許有必要稍微評價他未來會成為什麼樣的人。斯科特會考慮這個品牌的事情。美國雞肉市場競爭激烈，但肯德基開始崛起——看起來有點逆轉的跡象，什麼能鞏固這種逆轉？英國似乎做得很好。加拿大市場成長放緩，任何關於肯德基的評價都會有所幫助。

Yes. Thanks, David. Obviously, KFC, our largest global brand and an incredible powerhouse, in particular, outside of the US, where we've seen tremendous growth over many years, modern, vibrant, relevant QSR brand in so many markets, opening a new restaurant every three hours. That's the sure sign of health in a restaurant brand. And you talk about the leaders there.

是的。謝謝你，大衛。顯然，肯德基是我們最大的全球品牌，也是一個實力雄厚的品牌，尤其是在美國以外的地區，多年來我們取得了巨大的成長。肯德基是一個現代化、充滿活力、與時俱進的速食品牌，在許多市場都取得了成功，平均每三小時就開設一家新餐廳。這是餐飲品牌健康發展的可靠標誌。然後你談到了那裡的領導人。

Scott was the President of Taco Bell US working closely with Sean right before our Taco Bell Investor Day earlier this year. Sean -- Scott made the move over to take the CEO position in KFC Global. So you can be assured that he is bringing many of the big ideas around brand relevance from Taco Bell, digital growth and relevance to consumers, food innovation. He is bringing many of those ideas over.

今年早些時候，在我們舉辦塔可鐘投資者日之前，史考特曾擔任塔可鐘美國總裁，並與肖恩密切合作。肖恩·斯科特 (Sean Scott) 轉任肯德基全球首席執行官一職。因此，您可以確信，他將塔可鐘在品牌相關性、數位化成長和與消費者的相關性、食品創新等方面的許多重要理念帶到了這裡。他把很多這樣的理念帶了過來。

And of course, that Taco Bell Investor Day highlighted how Taco Bell was focused on driving AUV growth. They laid out a plan from $2.2 million to $3 million in 2030 and Scott was part and parcel of building that plan. So you can imagine he's going to be thinking the same way in KFC globally, sustaining the unit development momentum and continually ensuring our brand is relevant to consumers. You saw the numbers in KFC UK this quarter, plus 9% same-store sales, really incredible results there.

當然，塔可鐘投資者日也重點強調了塔可鐘如何專注於推動平均單次銷售成長。他們制定了一項計劃，到 2030 年實現 220 萬美元到 300 萬美元的目標，而斯科特是該計劃的重要組成部分。所以你可以想像，他會在肯德基全球範圍內以同樣的方式思考，保持門市發展的勢頭，並不斷確保我們的品牌與消費者保持相關性。你們都看到了肯德基英國本季的業績數據，同店銷售額成長了 9%，真是令人難以置信。

Turning to the US We did a lot of work over the last couple of years. The KFC brand, we want to be on a better trajectory in the US we really assessed what it would take. We did a lot of testing and investigation. We think it starts with brand relevance. And that's why we put Catherine Tan, one of our biggest marketing thinkers previously, the Global Chief Marketing Officer for KFC into that role.

轉向美國，我們在過去幾年裡做了很多工作。我們希望肯德基品牌在美國的發展走上更好的軌道，為此我們認真評估了需要付出什麼代價。我們進行了大量的測試和調查。我們認為一切都始於品牌相關性。因此，我們安排了先前擔任肯德基全球首席行銷長的 Catherine Tan（我們最傑出的行銷思想家之一）擔任該職位。

Early days on the turnaround, but we're pleased with the green shoots. You saw them take a different approach to social marketing with the launch of spicy wings and wedges, we got great engagement, brought a lot of new consumers who hadn't engaged with the brand in more than a year to KFC. So a long journey ahead, but we're pleased with the progress in KFC US.

雖然目前情況尚不明朗，但我們對目前的良好勢頭感到滿意。你們可以看到，肯德基在推出辣味雞翅和薯角時，採取了不同的社交行銷方式，獲得了很好的互動，為肯德基帶來了許多一年多沒有與該品牌互動的新消費者。所以前路漫漫，但我們對肯德基在美國的進展感到滿意。

Dennis Geiger, UBS.

瑞銀集團的丹尼斯蓋格。

Great. Congrats, Roy and to the others on well-deserved on. Wanted to ask a bit more about the sizable outperformance at Taco Bell, in particular, relative to the industry. And perhaps maybe sort of any early look into how you're thinking about how that momentum rolls into next year, given, I think, Chris, some of the comments you made about what sounds like more weeks of crispy chicken fries, beverages, seems like some news on the cravings menu, maybe the guest experience. Any additional insights as we kind of look to next year at that momentum continuing?

偉大的。恭喜羅伊，也恭喜其他得獎者，你們實至名歸。我想進一步了解塔可鐘相對於整個產業而言，業績大幅優於平均水準的具體情況。或許我們可以提前了解一下，你是如何考慮將這種勢頭延續到明年的。克里斯，我認為你之前的一些評論提到，接下來幾週可能會有更多脆皮雞薯條、飲料，這似乎是顧客渴望菜單上的一些新變化，也可能是提升顧客體驗。展望明年，希望這種勢頭能夠延續，您還有什麼其他見解嗎？

Yes. Look, the Taco Bell business continues to take share in the US A lot has been written about the consumer. We're not seeing consumer pullback in the Taco Bell business. We do think the consumer in the US is cautious, but incredibly resilient. And the consumer is telling us that in Taco Bell, they are looking for three things: first, craveable food; second, a convenient and easy experience; third, unbeatable value.

是的。你看，塔可鐘在美國的業務份額持續成長。關於消費者的討論已經很多了。我們並未看到消費者對塔可鐘的消費出現下滑。我們認為美國消費者雖然謹慎，但韌性十足。消費者告訴我們，他們在塔可鐘尋找三樣東西：第一，令人垂涎的食物；第二，便捷輕鬆的體驗；第三，無與倫比的價值。

And Taco Bell provides the combination of those three in a way that no other brand can. So if you look across Q3, you saw Crispy Chicken, you saw Nacho Fries, you saw beverages with BAHA Blast midnight. So you add those to the tremendous core that we have, the cravability is clear.

而塔可鐘則以其他任何品牌都無法企及的方式將這三者結合起來。所以，如果你縱觀第三季度，你會看到脆皮雞、玉米片薯條，以及午夜暢飲的 BAHA Blast 飲料。所以，再加上我們擁有的強大核心競爭力，其吸引力顯而易見。

Convenience fastest drive-through experience in QSR Voice AI, stores were up 14% from the previous quarter, continue to drive the digital journey at Taco Bell, which supports a convenient experience. And then, of course, Taco Bell has always provided the best value in QSR. And the cravings value menu, you can find plenty of items below $2, $3 tremendous items or go to the Lux Cravings Boxes $9, the only value meal in QSR, where you'll find strong innovation.

在 QSR Voice AI 中，便利的免下車體驗使門市數量比上一季度增長了 14%，繼續推動 Taco Bell 的數位轉型，從而提供便利的體驗。當然，塔可鐘一直以來都是速食業性價比最高的選擇。而“美味誘惑”超值菜單上，您可以找到許多 2 美元以下的菜品，3 美元以下的超值菜品，或者選擇 9 美元的“奢華誘惑盒”，這是快餐店中唯一的超值套餐，您會發現很多創新菜餚。

So it's that combination, coupled with the Taco Bell Buzzy brand that is resonating with consumers and delivering what they need. And as a result, we saw growth across all income bands, and we saw more younger consumers and more families coming into the brand during Q3.

正是這種組合，再加上 Taco Bell 的品牌效應，引起了消費者的共鳴，並滿足了他們的需求。因此，我們看到所有收入階層都實現了成長，並且在第三季度，我們看到更多年輕消費者和更多家庭加入了品牌。

Looking forward to Q4 and beyond, it is really that broad-based set of strengths. All of those drivers and those factors that give us confidence as we look to 2026 for the brand again, we are on track or ahead of our plan that Sean laid out to get to $3 million AUVs by 2030, and you'll continue to see those layers come to life in 2026.

展望第四季及以後，真正重要的是這一系列廣泛的優勢。所有這些驅動因素和因素都讓我們對品牌在 2026 年的發展充滿信心，我們正按計劃或提前實現肖恩制定的目標，即到 2030 年實現 300 萬美元的 AUV，您將在 2026 年繼續看到這些目標逐步實現。

Danilo Gargiulo, Bernstein.

Danilo Gargiulo，Bernstein。

Great. Thank you so much for supporting this hiding economy. I wanted to ask you a question on your strategic priority. I mean you mentioned strengthening the Franchise store level economics, and in a moment, we were seeing a deterioration of forward EBITDA in the restaurant space and potentially even more labor headwinds coming in with the tighter labor migration policies.

偉大的。非常感謝您對這種隱蔽經濟的支持。我想問您一個關於戰略重點的問題。我的意思是，你提到要加強加盟店層面的經濟效益，但轉眼間，我們就看到餐飲業的預期 EBITDA 出現惡化，而且隨著勞動力遷移政策的收緊，勞動力市場可能面臨更大的逆風。

I mean, it could be quite meaningful to see stabilization and improvement into the formal economics or your own franchisees. Now usually, the best results are coming when incentives are aligned and responsibilities are set. So I was wondering if you can share, first of all, what goals you have in mind in terms of like the hard EBITDA growth for your own franchisees, the time line for that and how you're planning to incentivize your teams along that? And then finally, what kind of levers do you see to strengthen the franchise P&L.

我的意思是，看到正規經濟體系或您自己的加盟商的穩定和改善可能會非常有意義。通常情況下，當激勵機制協調一致、責任明確時，才能達到最佳結果。所以我想請教一下，首先，您在實現加盟商的 EBITDA 成長目標方面有什麼設想，時間表是什麼，以及您計劃如何激勵您的團隊來實現這些目標？最後，您認為有哪些方法可以加強特許經營的損益表？

Yes. Thanks, Danilo. The lifeblood of our system and our unit development growth is franchisees and strong unit economics. We have a large number of markets where we have incredible paybacks. You'll hear our franchisees talk about two- to three-year paybacks in our biggest development markets.

是的。謝謝你，達尼洛。加盟商和強大的單店經濟效益是我們系統和門市發展成長的命脈。我們有很多市場都能獲得豐厚的回報。你會聽到我們的加盟商談論在我們最大的發展市場中，兩到三年就能收回成本。

So we want to sustain the incredible returns that we see in those markets. But we've got other markets where there is white space opportunity for unit growth that we can unlock by getting stronger unit economics. And we think the keys to doing that are leveraging Yum!'s global scale. Now look, we do a good job leveraging our scale in many places today. Our partners in the US, leverage our purchasing scale across all four of our brands in the US.

所以我們希望保持這些市場中我們看到的驚人回報。但是我們還有其他市場存在銷售成長的空白機會，我們可以透過提高單位經濟效益來釋放這些機會。我們認為實現這一目標的關鍵在於利用百勝餐飲集團的資源。全球規模。現在你看，我們在很多地方都很好地利用了我們的規模優勢。我們在美國的合作夥伴利用我們在美國所有四個品牌的採購規模優勢。

But globally, we can do more to leverage our supply chain scale. That's why you see our Yum! global supply chain team coming together using that scale to help drop dollars to the bottom line for our franchise partners. Our BiTE acceleration can be a part of this. We know we've got to get Bite into more international markets faster.

但從全球範圍來看，我們可以做更多的事情來利用我們的供應鏈規模。這就是為什麼你會看到我們的美味！全球供應鏈團隊齊心協力，利用此規模優勢，協助我們的加盟合作夥伴降低利潤。我們的 BiTE 加速技術可以成為其中的一部分。我們知道必須加快Bite進入更多國際市場的腳步。

That helps to drive both top line and bottom line growth for franchise partners through the productivity that Bite enables. And so those would be the kind of levers. And this is also in part why we announced the creation of the Chief Scale Officer role to give us a focused leader who is helping to make it easier for our franchisees to plug into that scale around the globe. So that's our focus and the outcome should be strengthening or accelerating unit growth over the long term by unlocking those white space opportunities.

透過 Bite 帶來的生產力提升，這有助於推動加盟合作夥伴的營收和利潤成長。所以，這些就是可以起到的作用機轉。這也是我們宣佈設立首席規模長一職的部分原因，以便我們能夠擁有一位專注的領導者，幫助我們的加盟商更容易在全球範圍內融入這一規模。所以這就是我們的重點，最終目標是透過挖掘這些空白市場機會，在長期內加強或加速單位成長。

David Tarantino, Baird.

大衛·塔倫蒂諾，貝爾德。

Hi, good morning, Chris, my question is about your strategic outlook. And I was curious to get your thoughts on how you envision the growth profile for Yum!, if you were to sell the Pizza Hut business. Do you think this leads to a faster ongoing growth profile for the company? I know we can do the math on that looking backwards but just wanted to get your thoughts on how you think about it looking forward.

你好，早安，克里斯，我的問題是關於你的策略展望。我很好奇，如果您要出售必勝客業務，您對百勝餐飲集團的未來發展前景有何設想。你認為這是否有利於公司實現更快的持續成長？我知道我們可以回顧過去進行計算，但只是想聽聽你對未來的看法。

And if you could also, as part of the answer comment on whether you would be interested in making any other portfolio move longer term, such as maybe adding another growth assets to the portfolio?

另外，如果您方便的話，也請在回答中說明一下，您是否有興趣進行其他更長期的投資組合調整，例如在投資組合中添加其他增長型資產？

Yes. Thanks, David. Look, you're always going to remain laser-focused on growth in all of our markets around the globe. Our two biggest brands, KFC and Taco Bell, nearly 90% of our global divisional operating profit, they are the ones that drive the bulk of our growth, and they will continue on the trajectory that they're on now. KFC will remain a strong unit developer.

是的。謝謝你，大衛。聽著，你們始終會專注於在全球所有市場實現成長。我們最大的兩個品牌肯德基和塔可鐘，貢獻了我們全球部門近 90% 的營業利潤，它們是我們成長的主要驅動力，並將繼續保持目前的成長勢頭。肯德基仍將保持強大的門市擴張能力。

We think all of the scale initiatives that we just talked about will help us to unlock additional growth there. And then, of course, we talked earlier about Scott and his focus on driving AUVs and same-store sales growth using many of the levers that were employed at Taco Bell day in and day out in the US Taco Bell US, we just talked about the drivers of its strength in Q3 and beyond.

我們認為剛才討論的所有規模化舉措都將有助於我們在那裡釋放更大的成長潛力。當然，我們之前也談到了斯科特，以及他如何專注於利用塔可鐘在美國日復一日使用的許多手段來推動 AUV 和同店銷售成長。我們剛剛討論了塔可鐘在美國第三季及以後表現強勁的驅動因素。

Taco Bell International, plus 6% same-store sales growth in Q3, you dig into some of those markets we're seeing tremendous same-store sales stream in a number of Taco Bell international markets. And of course, I was on the ground in Spain just a few weeks ago, our largest Taco Bell international market, where we see the continued evolution and building scale in that brand outside of the US.

Taco Bell International 第三季同店銷售額成長 6%，深入研究這些市場後，我們發現 Taco Bell 在許多國際市場都實現了巨大的同店銷售成長。當然，就在幾週前，我還去了西班牙——我們最大的塔可鐘國際市場——實地考察，在那裡我們看到了該品牌在美國以外的持續發展和規模擴張。

So I think all of those things lead to that journey toward accelerating Taco Bell International unit growth. So those are all the factors underpinned by BiTE that should allow us to continue to sustain or accelerate growth in those two big brands. From a portfolio standpoint, it's our job to constantly think about the portfolio. Obviously, we announced the strategic review today. No other changes at this time. We're going to be focused on completing that strategic review.

所以我認為所有這些因素都促成了塔可鐘國際門市加速成長的進程。因此，以上這些因素都由 BiTE 支撐，應該能讓我們繼續維持或加速這兩個大品牌的成長。從投資組合的角度來看，我們的職責就是不斷地思考投資組合。顯然，我們今天宣布了戰略評估。目前沒有其他變動。我們將集中精力完成這項戰略評估。

Andrew Charles, TD Cowen.

Andrew Charles，TD Cowen。

Yes. Great. Taco Bell obviously continues to be stellar performance this quarter. Just love an update on Litmos Cafe, now that you've integrated this into one of your stores. And in particular, what needs to happen for that to be rolled out more broadly?

是的。偉大的。塔可鐘本季的表現顯然依然非常出色。很高興看到 Litmos Cafe 的最新消息，現在你們已經把它整合到你們的一家店了。具體來說，要讓這理念得到更廣泛的推廣，還需要做些什麼？

Yes. Yes. We're excited about the bold bets that we made across brands last year. A couple of those focused on the growing beverage space. Quench across three markets in KFC. We'll continue to add new markets there. But on LVMOS Cafe, we think there's a big opportunity for Taco Bell to both strengthen its attachment on beverages, but through (inaudible) Cafe, add a new consumer use case, which is the destination beverage visit.

是的。是的。我們對去年在各個品牌方面所做的大膽嘗試感到非常興奮。其中幾家專注於蓬勃發展的飲料產業。在肯德基三大市場暢享解渴美食。我們將繼續在那裡開拓新市場。但我們認為，在 LVMOS Cafe 上，塔可鐘有很大的機會既能加強其在飲料領域的影響力，又能透過（聽不清楚）Cafe 增加一個新的消費者使用場景，即目的地飲料訪問。

We started with one LimasCafe in San Diego. As of now, we have 13 that are open. We are headed toward about 30. That's our pilot group. We are seeing good consumer response in these stores. We're very pleased with how Litmos Cafe is performing. Of course, we want to see it at scale with those 30 units.

我們在聖地牙哥開了第一家LimasCafe咖啡館。目前，我們有 13 家門市已開業。我們正朝著30左右的目標前進。這是我們的試點小組。我們看到這些門市的消費者反應良好。我們對Litmos Cafe的經營狀況非常滿意。當然，我們希望透過這 30 台設備來觀察其規模化應用。

But assuming we get the kind of results that we expect to see in that pilot, you could expect us to lean in to (inaudible) Cafe growth around the system. That's one of the drivers of the long-term growth plan for Taco Bell. We are already getting benefit for the entire system from LivMasCafe.

但假設我們在試點計畫中獲得了預期的結果，您可以期待我們加大力度（聽不清楚）促進整個系統內的咖啡館發展。這是塔可鐘長期成長計畫的驅動因素之一。我們已經從 LivMasCafe 中獲得了整個系統的好處。

So the Refresca that we talked about in Q3 across the system, that was a lift and shift from the piloting that we did in the first LivMas Cafe. So we will also be working to bring benefit from the (inaudible) Cafe effort to the entire system even before the rollout of the cafe.

所以，我們在第三季度談到的整個系統中的 Refresca，是對我們在第一家 LivMas Cafe 進行的試點項目的提升和轉變。因此，即使在咖啡館正式推出之前，我們也會努力讓整個系統受益於（聽不清楚）咖啡館的努力。

Christine Cho, Goldman Sachs.

Christine Cho，高盛集團。

Chris and Roy congrats on your new roles. You did reiterate your long-term goals, but is 5% kind of still the right anchor as you think about the underlying unit growth ahead. What are some of the major factors that you're watching for that could impact the pace of expansion going forward? And where do you see kind of the most notable white space opportunity globally, both in a market and a brand perspective? Thank you.

克里斯和羅伊，祝賀你們榮任新職。您重申了您的長期目標，但考慮到未來的單位成長，5% 仍然是一個合適的基準嗎？您認為哪些主要因素可能會影響未來的擴張速度？那麼，從市場和品牌角度來看，您認為全球最值得關注的空白市場機會在哪裡？謝謝。

Yes. From a development perspective, our development trajectory remains strong. So far this year, we've had 95 countries with development versus 90 at this point last year. KFC gross is ahead of where it was at Q3 last year. So gross development, I think the top sign of health in a franchise system, and we said we're on track for a record year this year in KFC gross development.

是的。從發展角度來看，我們的發展動能依然強勁。今年到目前為止，我們已經統計到 95 個發展中國家，而去年同期為 90 個。肯德基的營業額高於去年第三季的水平。所以，總發展量，我認為是特許經營體系健康狀況的首要標誌，我們說過，今年肯德基的總發展量有望創下歷史新高。

Taco Bell net new units are up almost 30% versus last year. So it reflects the trajectory that we have in Taco Bell both in the US and internationally. Of course, we want to sustain and accelerate on both fronts. The lifeblood of this is strong unit economics.

塔可鐘的淨新增門市數量比去年增加了近30%。所以它反映了塔可鐘在美國和國際上的發展軌跡。當然，我們希望在這兩個方面都保持並加快發展。其命脈在於強大的單位經濟效益。

And as we shared earlier, we think through stronger unit economics in markets with white space we can sustain and/or accelerate that path. We shared a couple of examples of where unlocks have occurred in KSA. We talked about Italy. This demonstrates when you get focused on having the right partner and focused on AUVs and unit economics, you can get an unlock. In that market, we got a couple of competitors that have significantly more locations than we do.

正如我們之前分享的那樣，我們認為，在有空白市場的地區，透過提高單位經濟效益，我們可以維持和/或加速這一進程。我們分享了沙烏地阿拉伯境內一些已經解除封鎖的例子。我們聊了義大利。這說明，當你專注於尋找合適的合作夥伴，並專注於 AUV 和單位經濟效益時，你就能獲得突破。在這個市場中，我們有幾個競爭對手，他們的門市數量比我們多得多。

But in the two years since we changed the partner, we've doubled the unit growth on a great trajectory. We're now opening the flagship location, which will further sustain. Korea is another example. We shared the example in South Korea, where a change in partner has dramatically changed the pace of unit growth. When you step back, we shared, for example, at KFC, we think there can be at least 75,000 KFC's around the globe. Honestly, there's white space opportunity in the market for KFC.

但自從我們更換合作夥伴以來的兩年裡，我們的銷售成長翻了一番，並且保持著良好的成長動能。我們現在開設旗艦店，這將進一步促進業務發展。韓國是另一個例子。我們分享了韓國的例子，在那裡，更換合作夥伴極大地改變了單位成長的速度。例如，我們肯德基就認為，從長遠來看，全球至少可以有 75,000 家肯德基餐廳。說實話，肯德基在市場上還有很大的發展空間。

I'll also add Christine, on the Taco Bell -- we make a lot -- we talk a lot about KFC development. But on the Taco Bell side as well, if you look at what happened in the most recent quarter, acceleration in same-store sales growth globally, which gives us a lot of these and the pipeline that we see for Taco Bell International in 2026 and beyond. And you look at the acquisition we're making in the Southeast United States because we actually see opportunity for white space for Taco Bell in the US and this is a step that we're (inaudible) taking in that direction.

我還要補充一下克莉絲汀，關於塔可鐘——我們做了很多——我們經常討論肯德基的發展。但就塔可鐘而言，如果你看看最近一個季度發生的事情，你會發現全球同店銷售成長加速，這為我們帶來了許多這樣的機會，也為我們看到了塔可鐘國際在 2026 年及以後的發展前景。看看我們在美國東南部進行的收購，因為我們確實看到了塔可鐘在美國的市場空白，而這是我們朝著這個方向邁出的一步。

Brian Bittner, Oppenheimer & Co.

Brian Bittner，奧本海默公司

Thanks. Good morning, Chris, I'd just like to go back to the announcement of initiating the review of strategic options for Pizza Hut. I know you can't obviously speculate on the potential outcomes. But can you maybe walk us through the catalysts that culminated and the company making this announcement today?

謝謝。早安，克里斯，我想回到之前宣布啟動必勝客策略選擇審查的話題。我知道你顯然不能對可能的結果進行推測。您能否為我們詳細介紹一下促成公司今天發布此公告的催化劑有哪些？

Is it as simple as you stepping into the CEO role and this being a part of your vision to unlock value? Or was this something in the works for a while? Just additional thoughts on the steps that got us to today's announcement on the formal review would be helpful.

你擔任CEO之後，是否就能輕鬆實現釋放價值的願景？還是說這件事已經籌備了一段時間了？如果能就促成今天正式審查公告的各項步驟提供一些補充說明，那就太好了。

Yes, Brett, we are always evaluating what is best for each part of our business. Let me start by reiterating a few things about Pizza Hut. It is an iconic global brand that has incredible strengths. It's got the best tasting pizza in QSR. It's got a global footprint well north of 100 countries.

是的，布雷特，我們一直在評估對我們業務的每個部分來說什麼是最好的。首先，我想重申一些關於必勝客的事情。這是一個擁有強大實力的標誌性全球品牌。它擁有快​​餐店裡最好吃的披薩。它的業務遍及全球100多個國家。

It has an amazing set of franchise partners in markets around the globe. It's got meaningful scale. And that's translating to strong performance in a number of our Pizza Hut markets. In fact, if you look at gross development, if you go back over the last four years, Pizza Hut has had the highest gross unit development in the pizza QSR space in every quarter for the last four years, except for one. So there's a lot of amazing strengths that Pizza Hut has.

它在全球各地市場擁有一批優秀的加盟合作夥伴。它具有相當的規模。而這轉化為我們在多個必勝客市場的強勁業績。事實上，如果你看一下總成長情況，回顧過去四年，必勝客在過去四年的每個季度，除了一個季度之外，都是披薩快餐領域總門市增長量最高的。所以必勝客有很多非常強大的優勢。

That said, we're always focused on what is best for the brand and what is best for our franchise partners. And in that spirit, we do think the business can be positioned for even greater success in the future. And in some markets, there may be a multiyear effort that is required to reposition it as the leading pizza brand in those markets. And it's possible that those efforts may best be done under a different structure potentially under outside ownership. And so that's what we'll be testing as we go through the review of strategic options.

也就是說，我們始終專注於對品牌最有利的事情以及對加盟合作夥伴最有利的事情。本著這種精神，我們認為公司未來能夠取得更大的成功。在某些市場，可能需要數年時間才能將其重新定位為這些市場領先的披薩品牌。而且，這些努力或許在不同的組織架構下，甚至在外部所有權下，才能更好地進行。因此，這就是我們在評估戰略選項時要測試的內容。

And that's why we're initiating that now. It's obviously been a very thoughtful process that has led us to this announcement. We can't speculate on the exact timing of how this plays out. We'll evaluate all of the options on all of the pads, and we will share more as we have something definitive to share. I know there's going to be lots of questions about that process. But at this time, we just can't provide further comments.

這就是我們現在啟動這項工作的原因。顯然，我們經過深思熟慮才做出這項宣布。我們無法預測事情的具體發展時間。我們會對所有墊子的所有選項進行評估，一旦有了確切的消息，我們會與大家分享。我知道大家對這個過程會有很多疑問。但目前我們無法提供更多評論。

John Ivankoe, JPMorgan.

John Ivankoe，摩根大通。

Hi, thank you. The purpose of the large Taco Bell franchisee in the Southeast and your specific mention of them being mature and having growth opportunity in the market, got me thinking about some of the large refranchising that happened 2025, even 30 years ago when you guys came out of you go way back when. And just a question of -- it's one thing we kind of have the best growing current franchisees over 20 to 30 years, but maybe thinking about some generational test that could potentially happen for the next five, 10, 20 years in terms of really restarting growth.

您好，謝謝。您提到東南地區大型 Taco Bell 特許經營商的目的，以及您特別提到他們已經成熟並在市場上擁有增長機會，這讓我想到 2025 年發生的一些大型重新特許經營，甚至是 30 年前你們剛起步的時候發生的。你們的歷史可以追溯到很久以前。還有一個問題是——一方面，我們擁有過去 20 到 30 年裡成長最快的現有加盟商，但另一方面，也許應該考慮未來 5 年、10 年、20 年內可能發生的世代考驗，以真正重啟成長。

We're driving growth in a number of your different businesses, not just around the US, but also around the world. So -- the question really is what kind of opportunity that we may have maybe taking some of these very successful legacy businesses that have just been in business for so long, 20, 30 years, maybe finding some other partners that are committed not just to running a great business, but growing a great business from a unit perspective. Do we have opportunity to optimize.

我們正在推動貴公司多個不同業務的成長，不僅在美國，而且在世界各地。所以——真正的問題是，我們可能會有哪些機會，例如收購一些已經經營了20、30年之久的非常成功的傳統企業，找到一些合作夥伴，這些合作夥伴不僅致力於經營一家偉大的企業，而且致力於從業務單元的角度發展一家偉大的企業。我們是否有機會進行優化？

Yes. John, let me start. We remain an asset-light business that grows through franchise partners. Our franchisees are the lifeblood. They do an incredible job, operating around the globe 1,500 franchisees, the vast majority who are well capitalized, capable and committed to our brands. So let me just start with that context. What you've seen here is an opportunity in a geography where we thought our data would say there's an opportunity for a lot more Taco Bell stores.

是的。約翰，我先開始。我們仍然是一家輕資產企業，透過加盟合作夥伴實現成長。我們的加盟商是我們的命脈。他們做得非常出色，在全球擁有 1500 家加盟店，其中絕大多數加盟店資金雄厚、能力出眾，並且對我們的品牌充滿熱情。那麼，我就先從這個背景說起。您在這裡看到的是一個機會，在這個地區，我們的數據表明，這裡有很多地方可以開設更多的塔可鐘門店。

And so we thought this was an opportunity to make this acquisition, we can help to unlock unit development in the region. And of course, it comes with the immediate EBITDA lift as we look to 2026 and immediate operating profit growth as we go to 2026, and it solidifies our operational capability, which already is very strong in Taco Bell US. Of course, that's an important part of how the overall business operates.

因此，我們認為這是一個收購的機會，我們可以幫助釋放該地區單元開發的能量。當然，展望 2026 年，這將立即提升 EBITDA，並立即實現營業利潤成長，同時鞏固我們在美國 Taco Bell 已經非常強大的營運能力。當然，這是企業整體營運的重要組成部分。

We do -- I'll just give one example. Innovation testing. In our equity estate is really, really strong and a really important part of our food innovation process at Taco Bell. So I think this is a unique opportunity. There are other instances where we are initiating some bold actions through our equity stores. In Sauce, we took on the first store. We'll be moving to a little over 10 units and we're making those investments because we think that's the right thing to do to understand and pilot that concept.

確實如此——我舉個例子。創新測試。在我們的股權結構中，它非常非常強大，並且是我們 Taco Bell 食品創新過程中非常重要的一部分。所以我認為這是一個千載難逢的機會。在其他情況下，我們也正透過我們的股權基金採取一些大膽的行動。在 Sauce，我們接手了第一家店。我們將把規模擴大到 10 個單元左右，我們進行這些投資是因為我們認為這是理解和試行這個概念的正確做法。

And then, of course, as part of the (inaudible) Cafe journey, we're -- we've invested in a few of the Litmos Cape expansion stores. So it's a very strategic use of that capability. But at the broadest level, we remain asset light, and we will grow through our franchise partner. Operator, we have time for one more question.

當然，作為（聽不清楚）咖啡館發展歷程的一部分，我們——我們投資了幾家 Litmos Cape 的擴張門市。所以這是對這項能力的一種非常具有戰略意義的運用。但從最廣泛的層面來看，我們仍然保持輕資產運營，並將透過我們的特許經營合作夥伴實現成長。操作員，我們還有時間再問一個問題。

Jeffrey Bernstein, Barclays.

巴克萊銀行的傑弗裡·伯恩斯坦。

Great, thank you very much. I just had a question for you. In a franchise model like this, a lot of the focus comes down to the G&A spend. I'm just wondering how you think about that line item. It's currently, I think, 1.7% of system sales. I think you're among the leaders in terms of managing it at a very low level. I'm just wondering your thoughts on the biggest opportunity to either double down on certain investments, maybe spend a little bit more versus perhaps curtailing elsewhere.

太好了，非常感謝。我有個問題想問你。在這種特許經營模式下，許多關注點都集中在一般及行政費用上。我只是想知道你對這一項有什麼看法。目前，我認為它佔系統銷售額的 1.7%。我認為你在將問題控制在極低水平方面屬於領先者之列。我想知道您認為最大的機會是增加對某些投資的投入，或稍微增加一些支出，還是在其他方面減少開支。

Just wondering how you think about that G&A line item. And I guess that just obviously you're new to the role, but as we think about 2026, is there any reason why the long-term core operating profit growth target of 8% would not be reasonable as we think about it today. So just love to get your broader thoughts.

想知道您對「一般及行政費用」這一項有什麼看法。我猜想這顯然是因為您是新上任的，但當我們展望 2026 年時，我們今天認為 8% 的長期核心營業利潤成長目標是否合理？很想聽聽你更全面的想法。

Jeff, that's a great question. Four weeks into the role, I will admit that I don't know exactly where all the G&A is varied, but I will tell you my observations on how we've managed G&A in the past and the limited amount of change that we see from our strategy going forward on G&A. First of all, I'd observe our G&A growth overall in the past two years has been minimal and very disciplined.

傑夫，這是一個很好的問題。上任四周以來，我承認我並不完全了解所有 G&A 的差異，但我可以告訴你們我對過去 G&A 管理方式的觀察，以及我們未來在 G&A 戰略方面看到的有限變化。首先，我想指出，過去兩年我們的整體管理費用成長非常緩慢且控制得非常嚴格。

Second thing I'd observe is we're on track for mid-single-digit G&A growth this year, including incentive comp resets. So we've been very disciplined this year on G&A. Third, I think we'll continue to be disciplined as we navigate through the strategic review process. And as that process plays out, we'll come back with more guidance. But at this point, you should expect no change to our discipline on G&A, which we've been managing, while making investments into the business in terms of growth. Great. Okay.

第二點我想指出的是，今年我們的一般及行政費用成長可望達到中等個位數，其中包括激勵性薪酬調整。所以今年我們在一般及行政費用方面一直非常自律。第三，我認為我們將繼續保持嚴謹的態度，順利完成策略審查過程。隨著這一過程的進展，我們將提供更多指導。但目前來看，你們不應該期待我們在管理一般及行政費用方面會有任何改變，我們一直都在進行管理，同時在業務成長方面進行投資。偉大的。好的。

Well, I think we're at the end of the call. So thanks, everyone, for joining. I'll just close with a couple of thoughts. I want to reinforce, Yum! remains laser-focused on growth, powered by our iconic global brands. Yum! provides our investors with exposure to KFC, the leading growth brand across international markets, which delivered 14% divisional operating profit growth this quarter.

好了，我想我們的通話到此結束了。謝謝大家的參與。最後，我再補充幾點想法。我想強調一下，真好吃！我們將繼續專注於成長，並以我們標誌性的全球品牌為動力。好吃！為我們的投資者提供投資肯德基的機會，肯德基是國際市場上領先的成長品牌，本季實現了 14% 的部門營業利潤成長。

Combined with Taco Bell, one of the most exceptional brands in the US which is providing durable, defensive long-term growth via sustainable market share gains. We will continuously raise the bar. We're going to keep our brands relevant. We want to elevate franchisee unit economics to unlock even more development, and we'll continue to deploy BiTE. And all of that is underpinned by the best talent, the best franchise partners in the industry. In short, we're tremendously excited about our future. Thanks, everyone.

與美國最傑出的品牌之一 Taco Bell 相結合，透過可持續的市場份額成長，實現了持久、穩健的長期成長。我們將不斷提高標準。我們將保持品牌的相關性。我們希望提升加盟商單位的經濟效益，從而釋放更大的發展潛力，我們將繼續部署 BiTE。而這一切都離不開業內最優秀的人才和最棒的加盟合作夥伴。總之，我們對未來感到無比興奮。謝謝大家。

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

今天的電話會議到此結束。感謝各位的參與。現在您可以斷開線路了。