百勝餐飲集團 (YUM) 2022 Q3 法說會逐字稿

Hello, everybody, and welcome to today's Yum! Brands, Inc. 2022 Third Quarter Earnings Call. My name is Drew, and I'll be coordinating your call today. (Operator Instructions)

大家好，歡迎來到今天的百勝！ Brands, Inc. 2022 年第三季度財報電話會議。我的名字是德魯，今天我會協調你的電話。 （操作員說明）

I'm now going to hand over to Gavin Felder, Chief Strategy Officer and Interim Head of Investor Relations, to begin. Please go ahead.

我現在將由首席戰略官兼投資者關係臨時主管 Gavin Felder 開始。請繼續。

Thanks, operator. Good morning, everyone, and thank you for joining us. As a reminder, I will be covering for Jodi Dyer while she is out on maternity leave.

謝謝，接線員。大家早上好，感謝您加入我們。提醒一下，我將在 Jodi Dyer 休產假期間為她提供掩護。

On our call today 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.

我們今天的電話會議是我們的首席執行官 David Gibbs；我們的首席財務官克里斯·特納；以及我們的高級副總裁兼公司財務總監 Dave Russell。在大衛和克里斯發表講話後，我們將開始提問。

Before we get started, I would like to remind you that this conference 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 announcement and should be considered in conjunction with the cautionary statements in our earnings release and the risk factors included in our filings with the SEC.

在我們開始之前，我想提醒您，本次電話會議包括前瞻性陳述，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產生重大差異。所有前瞻性陳述僅在本公告發布之日作出，應與我們收益發布中的警示性陳述以及我們向美國證券交易委員會提交的文件中包含的風險因素一起考慮。

In addition, please refer to our earnings releases and relevant sections of our filings with the SEC to find disclosures and definitions of non-GAAP financial measures and other metrics that may be used on today's call as well as reconciliations of non-GAAP financial measures. Please note that during today's call, all system sales growth and operating profit growth results exclude the impact of foreign currency.

此外，請參閱我們的收益發布和我們向 SEC 提交的文件的相關部分，以查找非 GAAP 財務指標的披露和定義以及今天電話會議可能使用的其他指標以及非 GAAP 財務指標的對賬。請注意，在今天的電話會議中，所有系統銷售增長和營業利潤增長結果均不包括外幣影響。

Next, I'll provide an update on the financial reporting treatment related to our exit from Russia. As a reminder, as of the beginning of the second quarter, we elected to remove the Russia business from key performance metrics. This negatively impacted our third quarter unit growth by 2 percentage points and our system sales growth by 3 percentage points.

接下來，我將提供與我們退出俄羅斯有關的財務報告處理的最新情況。提醒一下，從第二季度開始，我們選擇將俄羅斯業務從關鍵績效指標中刪除。這對我們第三季度的單位增長產生了 2 個百分點的負面影響，對我們的系統銷售增長產生了 3 個百分點的負面影響。

Additionally, these units were removed from our same-store sales calculations and thus do not impact same-store sales results for the third quarter. For the purposes of this call, all references to system sales growth and unit growth results for the quarter are adjusted to remove our Russia business from the prior year base.

此外，這些單位已從我們的同店銷售計算中刪除，因此不會影響第三季度的同店銷售業績。就本次電話會議而言，本季度所有提及系統銷售增長和單位增長結果的參考都進行了調整，以將我們的俄羅斯業務從上一年的基數中剔除。

We continue to include Russia in GAAP measures for KFC, including royalty revenue and expenses to support the Russia business and expenses incurred relating to the transfer of ownership of the business. As a result of our decision to exit our Russia business, we have reclassed net operating profits from the operating segments subsequent to the start of the conflict to corporate and unallocated and reflected as a special item within the other income and expense line.

我們繼續將俄羅斯納入肯德基的公認會計原則措施中，包括支持俄羅斯業務的特許權使用費收入和費用以及與業務所有權轉讓相關的費用。由於我們決定退出俄羅斯業務，我們已將衝突開始後運營部門的淨營業利潤重新分類為公司和未分配，並作為其他收入和費用項目中的特殊項目反映。

For more information on our reporting calendar for each market, please visit the Financial Reports section of our website. We are broadcasting this conference call via our website. This call is also being recorded and will be available for playback. Please be advised that if you ask a question, it will be included in both our live conference and in any future use of the recording.

有關每個市場的報告日曆的更多信息，請訪問我們網站的財務報告部分。我們正在通過我們的網站廣播本次電話會議。此通話也正在錄製中，可用於播放。請注意，如果您提出問題，該問題將包含在我們的現場會議中以及將來對錄音的任何使用中。

We would like to make you aware of upcoming Yum! investor events and the following. Disclosures pertaining to outstanding debt in our restricted group capital structure will be provided at the time of our Form 10-Q filing. We will be hosting an Investor Day in person on Tuesday, December 13, 2022, at the New York Stock Exchange. The event will also be webcast via our website at investors.yum.com. Fourth quarter earnings will be released on February 8, 2023, with the conference call on the same day.

我們想讓您了解即將到來的 Yum！投資者事件及以下。我們將在提交 10-Q 表格時提供與我們受限集團資本結構中的未償債務有關的披露。我們將於 2022 年 12 月 13 日星期二在紐約證券交易所親自舉辦投資者日。該活動還將通過我們的網站investors.yum.com 進行網絡直播。第四季度財報將於 2023 年 2 月 8 日發布，電話會議將在同一天發布。

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

現在我想把電話轉給大衛吉布斯。

Thank you, Gavin, and good morning, everyone. Our strong top line momentum this quarter highlights clear demand for our iconic brands. We delivered 10% system sales growth underpinned by 5% same-store sales growth and 6% unit growth.

謝謝你，加文，大家早上好。我們本季度強勁的收入增長勢頭突顯了對我們標誌性品牌的明顯需求。在同店銷售額增長 5% 和單位銷售額增長 6% 的支持下，我們實現了 10% 的系統銷售額增長。

While the broader macro environment evolves, our brands continue to thrive by being distinctive, creating excitement for consumers and by delivering exceptional value and convenience. The investments we have made in areas such as consumer insights, marketing analytics and new technology platforms allow us to act with pace and confidence to meet the needs of consumers around the world.

在更廣泛的宏觀環境不斷發展的同時，我們的品牌繼續通過與眾不同、為消費者創造興奮以及提供卓越的價值和便利而蓬勃發展。我們在消費者洞察、營銷分析和新技術平台等領域進行的投資使我們能夠快速、自信地採取行動，滿足全球消費者的需求。

I'm particularly thrilled about the performance of the KFC and Taco Bell division that were both standout performers this quarter. KFC did an excellent job in driving transaction growth through its omnichannel approach, leading to a sequential improvement in comps from the prior quarter. Taco Bell is winning, thanks to its ability to generate and amplify standout moments in culture and translate the resulting top line growth into impressive restaurant-level margins.

我對本季度表現出色的肯德基和塔可鐘部門的表現感到特別興奮。肯德基通過其全渠道方法在推動交易增長方面做得非常出色，導致比上一季度的業績連續改善。塔可鐘之所以獲勝，是因為它能夠產生和放大文化中的傑出時刻，並將由此產生的收入增長轉化為令人印象深刻的餐廳級利潤。

I'm also excited to share that we opened a total of 979 gross units across 74 countries, proof that our development engine is powerful and diversified. As these results show, our committed and well-capitalized franchise partners are seizing opportunities to invest in the growth of our brands for the long term.

我也很高興與大家分享，我們在 74 個國家共開設了 979 個總單元，這證明了我們的開發引擎強大且多樣化。正如這些結果所顯示的那樣，我們堅定且資本充足的特許經營合作夥伴正在抓住機會，長期投資於我們品牌的發展。

Next, I want to provide an update on our Russian business. As Gavin mentioned, we have a signed purchase agreement to transfer ownership of our Russian KFC restaurants, operating system and master franchise rights to an existing KFC Russia franchisee. Following the completion of the transaction, we will have ceased our corporate presence in Russia.

接下來，我想介紹一下我們俄羅斯業務的最新情況。正如加文所說，我們已簽署購買協議，將我們俄羅斯肯德基餐廳、操作系統和主特許經營權的所有權轉讓給現有的肯德基俄羅斯特許經營商。交易完成後，我們將停止在俄羅斯的公司存在。

I want to say that I'm incredibly proud of how our local teams have managed through this extremely difficult time and prioritized the safety of our people in the region. Our #1 priority is our people, and they will always be at the center of every decision we make.

我想說，我為我們的當地團隊如何度過這個極其困難的時期並優先考慮我們在該地區人民的安全感到無比自豪。我們的第一要務是我們的員工，他們將永遠是我們做出的每一個決定的核心。

Now I'll talk about 2 of our growth drivers, our Relevant, Easy and Distinctive Brands, or R.E.D. for short, and our unrivaled culture and talent. Then I'll provide an update on our Recipe for Good. Chris will share the details of our third quarter financial results before discussing our Bold Restaurant Development and unmatched operating capabilities growth drivers.

現在我將談談我們的兩個增長動力，即我們的相關、簡單和獨特的品牌，或 R.E.D。簡而言之，以及我們無與倫比的文化和才能。然後，我將提供有關我們的良方食譜的最新信息。在討論我們大膽的餐廳發展和無與倫比的運營能力增長驅動因素之前，克里斯將分享我們第三季度財務業績的詳細信息。

First, I'll discuss our R.E.D. brands. Beginning with the KFC division, which accounts for 51% of our operating cost. System sales grew 12%, underpinned by 7% same-store sales growth and 7% unit growth. As these results prove, this business can perform well in a multitude of environments, even as certain pockets of the global portfolio experience heightened macro pressures.

首先，我將討論我們的 R.E.D.品牌。從肯德基部門開始，占我們運營成本的 51%。系統銷售額增長 12%，這得益於同店銷售額增長 7% 和單位銷售額增長 7%。正如這些結果所證明的那樣，即使全球投資組合的某些部分經歷了更大的宏觀壓力，該業務也可以在多種環境中表現良好。

At KFC's International business, which represents 46% of our operating profit, our system sales grew 14%, driven by an 8% increase in same-store sales. This represents a significant acceleration from the 1% same-store sales growth in the second quarter.

肯德基的國際業務占我們營業利潤的 46%，在同店銷售額增長 8% 的推動下，我們的系統銷售額增長了 14%。這比第二季度 1% 的同店銷售額增長顯著加快。

We saw notable strength in the Middle East, India and Africa, thanks to momentum across our digital channels and a focus on operations and value. Our Middle East market is truly on fire, where system sales grew an impressive 46% with strength across all channels, including a ramp-up in the use of kiosks and Click and Collect.

由於我們數字渠道的發展勢頭以及對運營和價值的關注，我們在中東、印度和非洲看到了顯著的實力。我們的中東市場真的火了，系統銷售額增長了 46%，令人印象深刻，所有渠道都表現強勁，包括使用信息亭和 Click and Collect 的增加。

Our India market saw system sales grow 45% during the quarter, with customers enjoying the convenience-driven 7-minute Express takeaway guarantee. In Africa, where system sales grew 31%, the team is focused on providing an easy and convenient digital experience for consumers. They've done an outstanding job rebranding their Click and Collect channel as well as rolling out kiosks across the market to drive sales, underpinned by compelling sharing offers like the All In One Feast.

我們的印度市場在本季度的系統銷售額增長了 45%，客戶享受到便利的 7 分鐘快遞外賣保證。在非洲，系統銷售額增長了 31%，該團隊專注於為消費者提供簡單便捷的數字體驗。他們在重塑 Click and Collect 渠道品牌以及在整個市場推出信息亭以推動銷售方面做得非常出色，這得益於 All In One Feast 等引人注目的共享服務。

At KFC U.S., we brought back our famous $5 Mac & Cheese Bowls as a value-oriented item this quarter. The reboot of this much-loved product helps drive a positive 2% same-store sales comp. Additionally, for a limited time, we launched a $6 2-piece drum and thigh combo, which has driven positive results in a meaningful, sequential improvement in transactions.

在肯德基美國，我們在本季度帶回了我們著名的 5 美元通心粉和奶酪碗作為價值導向的商品。這款備受喜愛的產品的重新啟動有助於推動 2% 的同店銷售額增長。此外，在有限的時間內，我們推出了 6 美元的 2 件套鼓和大腿組合，這推動了積極的結果，從而在交易中取得了有意義的、連續的改善。

Moving on to our Taco Bell division, which represents 34% of our operating profit. We saw extremely strong momentum with system sales growing 9%, led by 6% same-store sales growth and 5% unit growth.

轉到我們的 Taco Bell 部門，該部門占我們營業利潤的 34%。我們看到了極其強勁的勢頭，系統銷售額增長了 9%，其中同店銷售額增長了 6%，單位銷售額增長了 5%。

At Taco Bell U.S., system sales grew 8% for the quarter, underpinned by a 7% same-store sales growth and 2% unit growth. The brand is bringing to life its one-of-a-kind menu through creative innovation in a way that only Taco Bell can. This was most evident with the team adding products to its $2 cravings menu such as the Cheesy Double Beef Burrito, while innovating with premium offers like the Grilled Cheese Burrito.

在美國塔可鐘，本季度系統銷售額增長 8%，這得益於同店銷售額增長 7% 和單位銷售額增長 2%。該品牌通過創意創新將其獨一無二的菜單變為現實，這是只有 Taco Bell 才能做到的。最明顯的是，該團隊將產品添加到其 2 美元的渴望菜單中，例如 Cheesy Double Beef Burrito，同時通過高級優惠進行創新，例如 Grilled Cheese Burrito。

Taco Bell is a brand that is truly relevant, easy and distinctive with a unique ability to stand for value in the current economic environment, yet have a broad enough range to appeal to consumers across every demographic. As we enter the fourth quarter, we're even more excited about the momentum in Taco Bell U.S. with the relaunch of the Mexican Pizza, which occurred in mid-September.

Taco Bell 是一個真正相關、簡單且與眾不同的品牌，具有在當前經濟環境中代表價值的獨特能力，同時具有足夠廣泛的範圍來吸引所有人群的消費者。隨著我們進入第四季度，隨著 9 月中旬墨西哥披薩的重新推出，我們對美國塔可鐘的勢頭更加興奮。

At Taco Bell International, system sales grew 26%, driven by 30% unit growth and 5% same-store sales growth. In the third quarter, 5 markets delivered double-digit system sales growth, marking another milestone in Taco Bell's international expansion journey. Year-to-date, we've opened 111 net new units, almost double the number opened at this point last year. We're driving scale in key markets, helping our franchisees leverage their size to optimize marketing spend, expand development capabilities and gain local sourcing efficiencies.

在 Taco Bell International，系統銷售額增長了 26%，這得益於 30% 的單位增長和 5% 的同店銷售額增長。第三季度，5個市場實現了兩位數的系統銷售增長，標誌著塔可鍾國際擴張之旅的又一個里程碑。年初至今，我們已經開設了 111 個淨新單位，幾乎是去年同期開設的數量的兩倍。我們正在關鍵市場擴大規模，幫助我們的加盟商利用其規模來優化營銷支出、擴大開發能力並提高本地採購效率。

Next, at the Pizza Hut division, which accounts for 15% of our operating profit. Our system sales grew 5%, led by 5% unit growth and 1% same-store sales growth. At Pizza Hut International, which accounts for 8% of our operating profit, system sales grew 6%, underpinned by 8% unit growth and 2% same-store sales growth.

接下來，在必勝客部門，占我們營業利潤的 15%。我們的系統銷售額增長 5%，其中單位增長 5% 和同店銷售額增長 1%。在占我們營業利潤 8% 的必勝客國際，系統銷售額增長了 6%，這得益於 8% 的單位增長和 2% 的同店銷售額增長。

Across our markets, we are focused on finding ways to expand our reach to become a more everyday brand. For example, as a leading everyday value offering, the Pizza Hut India team launched a Fun Flavor pizza costing roughly $1.

在我們的市場中，我們專注於尋找方法來擴大我們的影響力，成為一個更日常的品牌。例如，作為領先的日常超值產品，必勝客印度團隊推出了一款售價約 1 美元的 Fun Flavor 披薩。

More broadly, the My Box value platform is proving to be a key traffic driver through innovation and giving customers the option to customize with new entrees and side items. The platform helps us lean in on the individual meal and lunch occasions, and it's now live in over 50 countries. I'm also pleased to say that our emerging markets are seeing a recovery in traffic and demand as we lap the impact of COVID.

更廣泛地說，事實證明，My Box 價值平台通過創新成為關鍵的流量驅動力，並為客戶提供定制新主菜和配菜的選項。該平台幫助我們了解個人用餐和午餐場合，現在它已在 50 多個國家/地區使用。我也很高興地說，隨著我們受到 COVID 的影響，我們的新興市場的流量和需求正在復蘇。

Pizza Hut U.S., which accounts for 7% of our operating profit, saw system sales grow 2%, driven by 1% same-store sales growth. A key focus for this business has been to provide our customers with the ability to access our brands wherever they are. As part of this initiative, we continue to partner with third-party aggregators and integrate them into our POS systems, with 90% of our system using at least one third-party marketplace.

占我們營業利潤 7% 的必勝客美國公司的系統銷售額增長了 2%，這得益於 1% 的同店銷售額增長。這項業務的一個重點是讓我們的客戶能夠隨時隨地訪問我們的品牌。作為該計劃的一部分，我們將繼續與第三方聚合商合作，並將它們集成到我們的 POS 系統中，我們 90% 的系統至少使用一個第三方市場。

In addition, we are working to ensure we have the right value offerings to meet consumer demand and maintain franchisee profitability. This effort led to the introduction of items such as the $6.99 medium 1-topping pairs deal and the return of the Big Dinner Box as an abundant family value offering.

此外，我們正在努力確保我們提供合適的價值產品來滿足消費者需求並保持特許經營商的盈利能力。這一努力導致推出了諸如 6.99 美元的中等 1 頂對交易和作為豐富的家庭價值產品的大晚餐盒的回歸。

Lastly at The Habit Burger Grill. Same-store sales trends on a 3-year basis have sequentially improved since the second quarter. Additionally, we continued to see consumers download our mobile app, leading to a 10% increase in app downloads since last quarter. Digital sales at The Habit now account for 33% of mix. The team is making good progress growing new sales channels and forming direct relationships with our customers.

最後在 The Habit Burger Grill。自第二季度以來，連續三年的同店銷售趨勢有所改善。此外，我們繼續看到消費者下載我們的移動應用程序，導致自上個季度以來應用程序下載量增加了 10%。 The Habit 的數字銷售現在佔組合的 33%。該團隊在開發新的銷售渠道並與我們的客戶建立直接關係方面取得了良好的進展。

Moving on to our unrivaled culture and talent growth driver. As we've mentioned on previous calls, we have been celebrating our 25th anniversary as a publicly-traded company in various forms throughout this year. I'd like to acknowledge the important role our unique people-first culture and world-class talent have played in our success over the last 25 years.

繼續我們無與倫比的文化和人才增長動力。正如我們在之前的電話會議中提到的那樣，今年我們一直在以各種形式慶祝我們作為上市公司成立 25 週年。我要感謝我們獨特的以人為本的文化和世界一流的人才在過去 25 年的成功中發揮的重要作用。

Our culture, which is focused on recognition and collaboration, is a key differentiator across our portfolio of iconic brands. It continues to drive retention and recruitment of amazing leaders who are developing others, growing their careers and ensuring the continued strong performance and success of our brand. I'm proud of Yum!'s deep bench of outstanding leaders and how our commitment to growing our people from within has driven a healthy increase in promotions and new opportunities for our teams. Our culture continues to attract top external talents as well. We recently welcomed former Mars Inc. executive, Allyson Park, to our global leadership team as Yum!'s Chief Corporate Affairs Officer, overseeing communications and public policy as well as our ESG strategy, an area of increased importance as we continue driving our Recipe for Good.

我們專注於認可和協作的文化是我們標誌性品牌組合的關鍵差異化因素。它繼續推動保留和招聘優秀的領導者，這些領導者正在發展他人、發展他們的職業生涯並確保我們品牌的持續強勁表現和成功。我為 Yum! 的優秀領導者而感到自豪，以及我們對從內部培養員工的承諾如何推動了晉升的健康增長，並為我們的團隊帶來了新的機會。我們的文化也繼續吸引著頂尖的外部人才。我們最近歡迎瑪氏公司前高管 Allyson Park 加入我們的全球領導團隊，擔任 Yum! 的首席企業事務官，負責監督溝通和公共政策以及我們的 ESG 戰略，隨著我們繼續推動我們的食譜，這個領域變得越來越重要好。

At Pizza Hut, we welcomed former Starbucks executive Shannon Garcia as the brand's Global Chief Operating and Transformation Officer, a role that will evolve the way in which the brand works with its markets to add value and operate with a digital-first mindset. These are just 2 examples of the incredible talent that our culture enables us to attract from outside and within our industry.

在必勝客，我們歡迎前星巴克高管 Shannon Garcia 擔任該品牌的全球首席運營和轉型官，這一角色將改變品牌與市場合作的方式，以增加價值並以數字優先的思維方式運營。這些只是我們的文化使我們能夠從行業內外吸引的令人難以置信的人才的兩個例子。

When it comes to our Recipe for Good, we continue to invest in critical work that's focused on our 3 priority areas of people, food and planet. I'm proud of our commitment and the progress we're making on the execution of our ESG agenda.

談到我們的良方食譜，我們將繼續投資於專注於人類、食物和地球這 3 個優先領域的關鍵工作。我為我們的承諾以及我們在執行 ESG 議程方面取得的進展感到自豪。

For example, when it comes to our climate efforts, we moved Yum!'s U.S. offices as well as all of our company-owned restaurants to renewable electricity. We're now conducting a global study on renewable energy markets to identify low-carbon solutions at our restaurants worldwide.

例如，在我們的氣候努力方面，我們將 Yum! 的美國辦事處以及我們公司所有的餐廳轉移到可再生電力。我們現在正在對可再生能源市場進行全球研究，以確定我們全球餐廳的低碳解決方案。

And in August, Pizza Hut U.S. announced an exciting partnership with Dairy Farmers of America on an innovative farm-level sustainability project to provide participating farmers with the technology and data needed to help reduce greenhouse gas emissions. With iconic brands and unmatched scale, I truly believe that we're in a unique position to make a significant impact in the areas we are prioritizing.

8 月，美國必勝客宣布與 Dairy Farmers of America 就一項創新的農場級可持續發展項目建立令人興奮的合作夥伴關係，為參與的農民提供幫助減少溫室氣體排放所需的技術和數據。憑藉標誌性品牌和無與倫比的規模，我堅信我們處於獨特的地位，可以在我們優先考慮的領域產生重大影響。

To wrap up, I'm excited about the momentum in the business that we demonstrated this quarter. The power and resilience of our brands was clear as we continue to prove we can perform well in any environment. With our diversified global scale, world-class franchise partners and unmatched operating capabilities, I am more confident than ever in the future success of our business.

最後，我對我們本季度展示的業務勢頭感到興奮。我們品牌的力量和韌性是顯而易見的，因為我們繼續證明我們可以在任何環境中表現良好。憑藉我們多元化的全球規模、世界級的特許經營合作夥伴和無與倫比的運營能力，我對我們業務未來的成功比以往任何時候都更有信心。

With that, Chris, over to you.

有了這個，克里斯，交給你了。

Thank you, David, and good morning, everyone. Today, I'll discuss our financial results, our Bold Restaurant Development and Unmatched Operating Capability growth drivers, followed by our capital strategy.

謝謝你，大衛，大家早上好。今天，我將討論我們的財務業績、大膽的餐廳發展和無與倫比的運營能力增長驅動力，然後是我們的資本戰略。

I'll begin with our third quarter financial results. System sales grew 10%, with broad-based strength evident across our portfolio. Same-store sales grew 5% while units grew 6%. Core operating profit grew 8%, which includes a 3 point headwind from the removal of Russia profits this year. Ex special, general and administrative expenses came in at $259 million, tracking in line with our expectations for $1.1 billion of G&A expense for fiscal 2022.

我將從我們的第三季度財務業績開始。系統銷售額增長了 10%，在我們的產品組合中表現出廣泛的實力。同店銷售額增長 5%，而單位銷售額增長 6%。核心營業利潤增長 8%，其中包括今年取消俄羅斯利潤帶來的 3 個百分點的逆風。不包括特殊、一般和行政費用為 2.59 億美元，符合我們對 2022 財年 11 億美元 G&A 費用的預期。

Impressively, our Taco Bell store-level margins were 24%, trending above third quarter last year and above pre-COVID levels. With respect to reported operating profit, FX had a negative $39 million impact and we now expect a full year FX headwind of approximately $100 million.

令人印象深刻的是，我們的 Taco Bell 商店級利潤率為 24%，高於去年第三季度和 COVID 之前的水平。關於報告的營業利潤，外匯產生了 3900 萬美元的負影響，我們現在預計全年外匯逆風約為 1 億美元。

Third quarter EPS, excluding special items, was $1.09, an 11% decrease versus the prior year. In addition to a 3 percentage point impact from forgone operating profits in Russia, EPS growth was also negatively impacted by 9 percentage points from the aforementioned FX, 9 percentage points owing to a higher tax rate and 6 percentage points from lower year-over-year unrealized gain associated with our investment in Devyani.

第三季度每股收益（不包括特殊項目）為 1.09 美元，比上年下降 11%。除了俄羅斯放棄的營業利潤造成 3 個百分點的影響外，每股收益增長還受到上述外匯 9 個百分點的負面影響，9 個百分點歸因於較高的稅率，以及 6 個百分點的同比下降與我們在 Devyani 的投資相關的未實現收益。

Our ex special tax rate this quarter was higher than usual at just under 27%, largely due to adjustments recorded in the quarter associated with prior year taxes. Given these adjustments, we now expect our full year tax rate to land between 23% and 24%.

我們本季度的除特別稅率略低於 27%，高於往常，這主要是由於本季度記錄的與上一年稅收相關的調整。鑑於這些調整，我們現在預計全年稅率將在 23% 至 24% 之間。

Overall, given the same strength of our global business, we continue to expect to grow core operating profit in the mid-single-digit range for the full year. As we mentioned on the past 2 quarterly calls, were it not for the loss of Russian profits, we would expect core operating profit growth to be high single digits this year, in line with our long-term growth outlook.

總體而言，鑑於我們的全球業務實力相同，我們繼續預計全年核心營業利潤將增長至中個位數範圍。正如我們在過去兩個季度電話會議中提到的，如果不是俄羅斯利潤的損失，我們預計今年的核心營業利潤增長將達到個位數，符合我們的長期增長前景。

Now let me share some more detail on unit growth and our Bold Restaurant Development growth driver. This quarter, we opened 979 gross new units with encouraging momentum across our brand portfolio. At KFC, we opened 485 gross new units with China, India, the Middle East and Thailand leading the charge. Our Pizza Hut International division saw incredible development progress this quarter, opening 344 gross new units, setting a third quarter development record. This puts Pizza Hut International's year-to-date gross openings at 879 units, which is 280 units ahead of this time last year. China, India and Turkey led Pizza Hut development, with each market adding more than 30 gross new units.

現在讓我分享一些關於單位增長和我們大膽餐廳發展增長動力的更多細節。本季度，我們以令人鼓舞的勢頭在我們的品牌組合中開設了 979 個新單位。在肯德基，我們開設了 485 家新店，其中中國、印度、中東和泰國處於領先地位。我們的必勝客國際部門在本季度取得了令人難以置信的發展進展，新開 344 個新單位，創造了第三季度的發展記錄。這使得必勝客國際公司年初至今的總開業數量為 879 間，比去年同期增加了 280 間。中國、印度和土耳其引領了必勝客的發展，每個市場增加了 30 多個新單位。

The Taco Bell division opened 98 gross new units this quarter, led by strong international development, achieving a Q3 record of over 50 gross new units. For Taco Bell International, I'm excited to share that this quarter, both the India and U.K. markets, joined Spain in the ranks of countries that now exceed 100 units.

在強勁的國際發展帶動下，Taco Bell 部門本季度新開 98 個新單元，實現了超過 50 個新單元的第三季度記錄。對於 Taco Bell International，我很高興與大家分享本季度，印度和英國市場都加入了西班牙，躋身現在超過 100 個單位的國家行列。

While Taco Bell U.S. development remains robust, we expect international development to lead Taco Bell's unit growth this year.

雖然塔可鍾美國的發展依然強勁，但我們預計國際發展將引領塔可鐘今年的單位增長。

Despite the uneven macro pressures across our markets, our development remains strong as our franchisees use market disruptions as opportunities to grow. We are partnering closely with our franchisees to navigate challenges in the supply chain and higher construction costs. We are leveraging both our sourcing expertise and scale to secure equipment and realize favorable pricing on key items. Our teams are highly focused on balancing long-term profitability for our franchisees and offering value for our customers. With the power of our well-capitalized and committed franchise system and the unique global scale we have at Yum!, we remain confident in our ability to grow in any economic environment.

儘管我們市場的宏觀壓力不均衡，但我們的發展依然強勁，因為我們的加盟商利用市場動盪作為發展機會。我們正在與我們的加盟商密切合作，以應對供應鏈中的挑戰和更高的建設成本。我們正在利用我們的採購專業知識和規模來確保設備安全並實現關鍵項目的優惠定價。我們的團隊高度專注於平衡特許經營商的長期盈利能力和為客戶提供價值。憑藉我們資本充足和承諾的特許經營系統的力量以及我們在 Yum! 擁有的獨特的全球規模，我們對我們在任何經濟環境中增長的能力充滿信心。

Next, I'll discuss our unmatched operating capabilities and the 3 pillars of our digital strategy: Easy Experiences, Easy Operations and Easy Insights. I'll start with an update on our Easy Experiences pillar, which focuses on delivering exceptional customer experiences through technology and dedicated operational programs.

接下來，我將討論我們無與倫比的運營能力以及我們數字化戰略的三大支柱：輕鬆體驗、輕鬆運營和輕鬆洞察。我將從我們的 Easy Experiences 支柱的更新開始，該支柱專注於通過技術和專門的運營計劃提供卓越的客戶體驗。

QSR magazine ranked Taco Bell and KFC in the top 3 for fastest drive-thru times in the U.S. In fact, Taco Bell drive-thru times were 9 seconds faster year-over-year.

QSR 雜誌將 Taco Bell 和肯德基列為美國最快得來速時間的前三名。事實上，Taco Bell 得來速時間比去年快了 9 秒。

KFC division kiosk sales also stood out this quarter with a more than 40% increase in sales year-over-year and 6% system sales mix, an impressive result considering that only 15% of KFC restaurants currently have kiosks.

本季度肯德基部門的售貨亭銷售額也很突出，銷售額同比增長 40% 以上，系統銷售組合增長 6%，考慮到目前只有 15% 的肯德基餐廳有售貨亭，這是一個令人印象深刻的結果。

We are also encouraged that the Tictuk platform is expanding beyond chat ordering with its e-commerce engine, with a front- and back-end website and mobile app that is serving some of our smaller international countries. We recently went live with Tictuk's e-commerce engine in KFC Mexico and saw an increase in conversion rates post launch. We expect Tictuk's e-commerce engine will be live in 18 countries by year-end.

我們也感到鼓舞的是，Tictuk 平台正在通過其電子商務引擎擴展到聊天訂購之外，其前端和後端網站和移動應用程序正在為我們的一些較小的國際國家提供服務。我們最近在墨西哥肯德基使用了 Tictuk 的電子商務引擎，並看到發布後的轉化率有所提高。我們預計 Tictuk 的電子商務引擎將在年底前在 18 個國家上線。

Moving on to our Easy Operations pillar that centers on the team member and franchise partner experience. We completed the integration of our second delivery aggregator into the Pizza Hut U.S. system this quarter, building on our initiative to partner with third-party aggregators and provide our customers with more options to access our brands.

轉到以團隊成員和特許經營合作夥伴體驗為中心的 Easy Operations 支柱。我們在本季度完成了將第二個交付聚合器集成到必勝客美國系統的工作，這建立在我們與第三方聚合器合作的倡議的基礎上，並為我們的客戶提供了更多訪問我們品牌的選擇。

Further adoption of third-party aggregators for delivery as a service has also helped ensure that we can meet customer expectations during peak delivery hours and save valuable time for our team members, who can then spend more time elevating the customer experience.

進一步採用第三方聚合器作為服務交付也有助於確保我們能夠在高峰交付時間滿足客戶的期望，並為我們的團隊成員節省寶貴的時間，然後他們可以花更多的時間提升客戶體驗。

Additionally, the global rollout of Dragontail's smart kitchen management and driver tracking system continues to progress at an impressive rate.

此外，Dragontail 的智能廚房管理和駕駛員跟踪系統的全球推廣繼續以驚人的速度推進。

Lastly, I'll cover our Easy Insights pillar, which leverages the power of data and analytics to allow our teams to make smarter decisions. Kvantum, the marketing analytics company we acquired last year, continues to roll out to markets around the world. We are now leveraging Kvantum's media optimization platform across nearly 60 brand-country combinations, covering more than 60% of our system sales. Notably, Pizza Hut Australia has seen a double-digit increase in return on media spend after deploying Kvantum's advanced media mix analytics platform. Our brand teams are also using Kvantum's expanded suite of tools in areas such as customer analytics, pricing optimization and market intelligence.

最後，我將介紹我們的 Easy Insights 支柱，它利用數據和分析的力量讓我們的團隊做出更明智的決策。我們去年收購的營銷分析公司 Kvantum 繼續向全球市場推廣。我們現在在近 60 個品牌國家組合中利用 Kvantum 的媒體優化平台，覆蓋了我們系統銷售額的 60% 以上。值得注意的是，在部署了 Kvantum 的高級媒體組合分析平台後，必勝客澳大利亞的媒體支出回報出現了兩位數的增長。我們的品牌團隊還在客戶分析、定價優化和市場情報等領域使用 Kvantum 的擴展工具套件。

Next, I'll provide an update on our balance sheet and liquidity position. Our net leverage ratio ended the quarter at 5x despite the exclusion of our Russia business. Though capital markets continue to adjust to higher interest rates, we are proud of the work our treasury team has done to put us in the enviable position of having no significant maturities over the next 3 years and approximately 94% of our debt fixed.

接下來，我將提供我們資產負債表和流動性狀況的最新信息。儘管不包括我們的俄羅斯業務，我們的淨槓桿率在本季度結束時仍為 5 倍。儘管資本市場繼續調整以適應更高的利率，但我們為我們的財務團隊所做的工作感到自豪，這些工作使我們處於令人羨慕的位置，在未來 3 年沒有重大到期日，大約 94% 的債務是固定的。

As we've said before, our capital priorities remain consistent: invest in the business, maintain a healthy balance sheet, pay a competitive dividend and returning the remaining excess cash to shareholders via share repurchases.

正如我們之前所說，我們的資本優先事項保持一致：投資業務，保持健康的資產負債表，支付有競爭力的股息，並通過股票回購將剩餘的超額現金返還給股東。

Our capital expenditures for the quarter, net of refranchising proceeds, were $51 million. Our full year expectation for net capital expenditures is now approximately $200 million, reflecting $50 million in refranchising proceeds and roughly $250 million in gross CapEx.

我們本季度的資本支出（扣除特許經營收益）為 5100 萬美元。我們對淨資本支出的全年預期現在約為 2 億美元，其中包括 5000 萬美元的特許經營收益和大約 2.5 億美元的總資本支出。

With regard to our share buyback program, we repurchased 1.4 million shares in the quarter at an average share price of $116 per share, totaling approximately $157 million.

關於我們的股票回購計劃，我們在本季度以每股 116 美元的平均股價回購了 140 萬股，總計約 1.57 億美元。

Additionally, during September, the Board of Directors approved a new share repurchase authorization of up to $2 billion through June 30, 2024, that will take effect upon exhaustion of the current authorization.

此外，在 9 月份，董事會批准了截至 2024 年 6 月 30 日的高達 20 億美元的新股票回購授權，該授權將在當前授權用儘後生效。

To close, I'm excited about the continued growth we saw this quarter and the momentum in our diversified development across the portfolio. This once again shows that our iconic brands and world-class franchise partners are well positioned to navigate any economic environment.

最後，我對本季度的持續增長以及我們在整個投資組合中多元化發展的勢頭感到興奮。這再次表明，我們的標誌性品牌和世界一流的特許經營合作夥伴能夠很好地駕馭任何經濟環境。

Before wrapping up, I'd like to remind everyone that our Investor Day is taking place in person at the New York Stock Exchange on December 13. We look forward to seeing you then.

在結束之前，我想提醒大家，我們的投資者日將於 12 月 13 日在紐約證券交易所親自舉行。我們期待屆時與您見面。

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

有了這個，接線員，我們準備好回答任何問題。

(Operator Instructions)

（操作員說明）

Our first question today comes from Dennis Geiger from UBS.

我們今天的第一個問題來自瑞銀的丹尼斯蓋格。

I wanted to ask about the strength in the U.S. business. And maybe David or Chris, could you talk a little bit more about what you're seeing across the brands in the U.S., what you're seeing from a consumer behavior standpoint? And I guess, really how that guides how you're thinking about the resiliency of the brands in the U.S. going forward.

我想問一下美國業務的實力。也許大衛或克里斯，你能多談談你在美國各個品牌中看到的東西，從消費者行為的角度來看，你看到了什麼？我想，這真的是如何指導你如何思考美國品牌未來的彈性。

Yes. From a consumer standpoint, obviously, you saw the top line results we reported this quarter. We're very pleased with them. They're very strong. So generally around the world, we're not seeing any concerns from a consumer standpoint.

是的。顯然，從消費者的角度來看，您看到了我們本季度報告的頂級業績。我們對他們非常滿意。他們非常強壯。所以總的來說，從消費者的角度來看，我們沒有看到任何擔憂。

Then if you dig deeper into what's going on in the U.S., it's been well documented that there's a little bit of a K-shaped recovery. And we're seeing a little bit of that. We're higher in consumers having a little bit more demand. But the great thing about our business is our brands are so well positioned to succeed in any environment.

然後，如果您深入了解美國正在發生的事情，就會發現有一點點 K 型複蘇。我們看到了一點。我們在有更多需求的消費者中更高。但我們業務的偉大之處在於，我們的品牌能夠在任何環境中取得成功。

And in particular, our business is 80% globally based on Taco Bell U.S. and KFC International. Those 2 businesses make up 80% of our profit, they're incredibly well positioned to deliver value to consumers and with appealing brands.

特別是，我們的業務在全球 80% 都來自美國塔可鐘和肯德基國際。這兩項業務占我們利潤的 80%，它們非常有能力為消費者和具有吸引力的品牌創造價值。

So in the U.S., this K-shaped recovery, there's a little bit of K-shaped demand for value on the high end. The demand is more for premium value. That's why you're seeing us do things like the Double Steak Grilled Cheese Burrito at Taco Bell, which is at a higher price point than normal, but still a great value and a big part of our success in Taco Bell.

因此，在美國，這種 K 型複蘇，對高端價值有一點 K 型需求。對溢價的需求更多。這就是為什麼你會看到我們在 Taco Bell 做雙牛排烤奶酪捲餅之類的事情，它的價格比正常水平高，但仍然物超所值，也是我們在 Taco Bell 成功的重要組成部分。

And then on the low end, in Q3, you saw that KFC go back to Mac & Cheese Bowls with some success that moves the needle. So that's a value offering but at a price point that's appealing to a low-end consumer, but still not just discounting our core product, something interesting that consumers are talking to. And the cravings menu in Taco Bell, the same thing, where we're offering burrito for $2.

然後在第三季度的低端，你看到肯德基重新回到 Mac & Cheese Bowls 並取得了一些成功，從而推動了市場的發展。所以這是一種價值提供，但價格點對低端消費者有吸引力，但仍然不只是打折我們的核心產品，消費者正在談論的一些有趣的事情。和 Taco Bell 的渴望菜單一樣，我們以 2 美元的價格提供墨西哥捲餅。

So as far as the consumer environment for us and our industry and for our brands, which are particularly well suited to navigate it, it looks good. Now I know in other industries like in other parts of retail, if you bought some furniture a couple of years ago, you probably pulled your demand forward and that they're not going to have the same demand today. We don't have that issue in our industry because if you bought lunch 2 years ago, that's not influencing your decision today. And your decision today is more determined by how we stack up versus your options. We know that we're a really attractive option versus grocery, which is experiencing a lot of inflation. So this is a good environment for us.

因此，就我們和我們的行業以及我們的品牌而言，特別適合駕馭它的消費者環境看起來不錯。現在我知道在其他行業，比如零售的其他部分，如果你幾年前買了一些家具，你可能會拉動你的需求，而他們今天不會有同樣的需求。我們的行業沒有這個問題，因為如果你在 2 年前買了午餐，那不會影響你今天的決定。您今天的決定更多地取決於我們與您的選擇相比如何疊加。我們知道，與正在經歷大量通貨膨脹的雜貨店相比，我們是一個非常有吸引力的選擇。所以這對我們來說是一個很好的環境。

Our next question today comes from John Glass from Morgan Stanley.

我們今天的下一個問題來自摩根士丹利的約翰·格拉斯。

Chris and David, is 6% unit growth the new 5%? I guess I'm thinking about durability of that growth rate as you think out. And just remind us, one, when you think about sort of targets for growth rate, what's the time horizon? Ultimately, the base effect of law of large numbers catches up with such a large system. So is it a 3-year target, 5-year? How do you sort of frame that internally?

克里斯和大衛，6% 的單位增長是新的 5% 嗎？正如你所想，我想我正在考慮該增長率的持久性。提醒我們，一個，當你考慮增長率的目標時，時間範圍是多少？最終，大數定律的基礎效應趕上了這麼大的系統。那麼它是一個3年的目標，5年嗎？你如何在內部構建框架？

And Chris, can you also just talk about cost of capital? Cost of debt has gone up. Is that a worrisome impediment to growth over the intermediate term as the rate environment changes?

克里斯，你也可以談談資本成本嗎？債務成本上升了。隨著利率環境的變化，這是否會阻礙中期增長？

Thanks, John. I'll take the first part of that and then let Chris talk about some of the capital issues out there. Look, I don't think the law of large numbers, if were anything, close to catching up on that and ours as we continue to put up impressive development numbers. You saw this -- the numbers this quarter, and our year-to-date numbers today are roughly in line with what we had last year at this time, showing -- which was a record for us and for the industry, we believe, showing the strength of our development, and it is broad-based. The amount of development that's occurring outside of China continues to climb nearly 60% now, and that's in 74 countries last quarter.

謝謝，約翰。我先講第一部分，然後讓克里斯談談一些資本問題。看，我不認為大數定律，如果有的話，接近趕上它和我們的，因為我們繼續提出令人印象深刻的發展數字。你看到了——本季度的數字，以及我們今天的年初至今數字與去年這個時候的數據大致一致，這表明——這對我們和整個行業來說都是一個記錄，我們相信，展示了我們的發展實力，基礎廣泛。目前，中國以外地區的開發量繼續攀升近 60%，上個季度有 74 個國家。

So this is broad-based. We think we have tons of opportunities around the world for all the foundational reasons you would want. The returns that our franchisees are getting are strong. Taco Bell, being voted the best franchise opportunity out of the 500 that are ranked in the U.S. And then Yum China, I think last night on their earnings call, talked about the great 2-year KFC paybacks and 3-year Pizza Hut payback.

所以這是廣泛的。我們認為，出於您想要的所有基本原因，我們在世界各地擁有大量機會。我們的加盟商獲得的回報是豐厚的。 Taco Bell 在美國排名的 500 家企業中被選為最佳特許經營機會。然後是百勝中國，我想昨晚在他們的財報電話會議上，談到了肯德基 2 年的巨大回報和必勝客的 3 年回報。

So with those kinds of returns, we know we're going to continue the development. We have visibility into the pipeline and we feel good about it despite all the challenges in the environment.

因此，有了這些回報，我們知道我們將繼續發展。我們對管道有可見性，儘管環境中存在所有挑戰，但我們對此感覺良好。

As far as the pace of development, we're pleased with the strength that we have and even in the face of losing the development that we had in Russia. So the development story is good, and we know it's a big part of Yum!'s growth equation going forward.

就發展速度而言，我們對我們擁有的實力感到滿意，甚至面對失去我們在俄羅斯的發展。所以發展故事很好，我們知道這是百勝未來發展方程式的重要組成部分。

I'll turn it over to Chris just for a few comments on the capital challenges.

我將把它交給克里斯，只是為了對資本挑戰發表一些評論。

Yes. So John, on the capital side, I'll take it in 2 buckets. One, just following up on David's comments around franchisees and unit development. Just a couple of additional thoughts there as it relates to capital.

是的。所以約翰，在首都方面，我會把它分成兩個桶。一，只是跟進大衛關於特許經營商和單位發展的評論。與資本有關的還有一些額外的想法。

David mentioned in many of our markets around the globe, we had very strong returns that are significantly higher than interest rates or even with small moves in interest rates. These are still highly attractive investments for our franchisees to make.

大衛在全球許多市場中提到，我們的回報非常強勁，明顯高於利率，甚至利率波動很小。對於我們的加盟商來說，這些仍然是極具吸引力的投資。

And keep in mind that our franchisees on average compared to many other systems are larger, more sophisticated, more well-capitalized and more growth-minded. They're able to look through near-term noise in the market and actually take advantage of these types of disruptions in the marketplace to accelerate their growth.

請記住，與許多其他系統相比，我們的特許經營商平均規模更大、更複雜、資本更雄厚且更具增長意識。他們能夠看穿市場的近期噪音，並實際上利用市場中的這些類型的中斷來加速他們的增長。

And so we're very pleased with the state of our franchisee base and our partnership with our franchisees, plus we have the strongest development team in the business. So we're working with them to navigate through that, but we feel good.

因此，我們對加盟商基礎的狀況以及與加盟商的合作關係感到非常滿意，此外，我們還擁有業內最強大的開發團隊。所以我們正在與他們合作解決這個問題，但我們感覺很好。

In terms of cost of capital, for our balance sheet, our balance sheet at Yum! remained strong and very resilient. I think we proved that as we navigated the last few years. We're proud of the cash that we return to our shareholders, and we're set up well right now in this higher interest rate environment. We have no maturities, as we mentioned earlier, through 2026. 94% of our debt is fixed.

在資本成本方面，對於我們的資產負債表，我們在百勝的資產負債表！保持強大和非常有彈性。我認為我們在過去幾年的航行中證明了這一點。我們為返還給股東的現金感到自豪，並且在這種高利率環境下，我們現在的狀況良好。正如我們之前提到的，到 2026 年，我們沒有到期日。我們 94% 的債務是固定的。

We've also, over the last few years, created more capacity in some of the lower-cost areas of our capital structure that we could access if needed. Right now, we're at 5x leverage. But to be clear, going forward, we're not wedded to 5x leverage. We're going to do what optimizes returns for our shareholders.

在過去的幾年裡，我們還在我們資本結構的一些低成本領域創造了更多的產能，如果需要，我們可以使用這些領域。現在，我們的槓桿率是 5 倍。但需要明確的是，展望未來，我們不會拘泥於 5 倍槓桿。我們將做為股東優化回報的事情。

We review our strategy regularly with the Board. So when it comes time, the next time that we would consider issuing debt, we'll look at where rates are at that time, we'll look at a set of other factors, and we'll make a decision on whether to issue or whether to grow into a slightly lower leverage ratio. But just know, we're going to do what optimizes returns for our shareholders.

我們定期與董事會一起審查我們的戰略。所以到時候，下次我們考慮發債的時候，我們會看當時的利率，我們會看一系列其他因素，我們會決定是否發債或者是否成長為略低的槓桿率。但只要知道，我們將做為股東優化回報的事情。

Our next question is from John Ivankoe from JPMorgan.

我們的下一個問題來自摩根大通的 John Ivankoe。

Also a capital question, if I may. Obviously, there's a lot of focus on new unit development as there should be. Clearly, the same-store sales around the world, particularly KFC International, really does support underlying franchise system that should, and I'm sure is doing very well. But the question is on the existing base of assets, especially the existing base of assets that might be 10-plus years old. I mean just how the overall system is from a capital perspective. Are there any major projects that are happening in some major countries around the world that maybe we just haven't heard about? And does it make sense? Would it make sense for Yum! to co-invest with its franchise system around the world?

如果可以的話，也是一個資本問題。顯然，應該有很多關注新單位的開發。顯然，世界各地的同店銷售，尤其是肯德基國際，確實支持應該的基礎特許經營系統，我敢肯定做得很好。但問題在於現有的資產基礎，尤其是可能已有 10 多年曆史的現有資產基礎。我的意思是從資本的角度來看整個系統的情況。世界上一些主要國家正在發生什麼我們可能沒有聽說過的重大項目？這有意義嗎？這對百勝有意義嗎！與世界各地的特許經營系統共同投資？

Obviously, we all see the U.S., but you have a lot of big countries around the world where maybe putting some capital in the existing base of assets could be something that could drive longer-term brand value and shareholder value as well.

顯然，我們都看到了美國，但世界上有很多大國，也許在現有資產基礎上投入一些資金可能會推動長期品牌價值和股東價值。

Yes. Good question on the existing asset base. We're, as we just discussed, a tremendous unit grower, but we also want to make sure that our current asset base remains fresh and relevant, provides a great experience for our customers. Of course, whenever you're growing at 6% units, every year, that's a new chunk of new stores that are being added to the system. Plus we have programs with our franchisees where they got requirements around remodeling and keeping the asset base fresh.

是的。關於現有資產基礎的好問題。正如我們剛剛討論的那樣，我們是一個巨大的單位種植者，但我們也希望確保我們當前的資產基礎保持新鮮和相關，為我們的客戶提供良好的體驗。當然，每當您以每年 6% 的單位增長時，就會有大量新商店被添加到系統中。此外，我們與我們的特許經營商有計劃，他們在改造和保持資產基礎方面提出了要求。

In terms of the responsibility for that, that lies with our franchisees. And it's part of their approach to being in our business, investing in stores. They know they've got to make investments over time to continue to keep the asset base refreshed, and our brands are working hard with the franchisees to do that.

就責任而言，這取決於我們的加盟商。這是他們參與我們業務、投資商店的方法的一部分。他們知道他們必須隨著時間的推移進行投資以繼續保持資產基礎的更新，我們的品牌正在與特許經營商一起努力做到這一點。

Our next question comes from Jon Tower from Yum! (sic) [Citigroup].

我們的下一個問題來自 Yum 的 Jon Tower！ （原文如此）[花旗集團]。

This is Jon. Just a quick question. We heard from one of your larger global competitors about the need to potentially offer franchisee relief to some of their partners in Europe over the next, say, 12 months or so. The picture is kind of reminiscent of what we heard during COVID times due to these inflationary pressures in that market. So I'm curious to learn what you're hearing from your operators in that market and what they're doing to price for the potential volatility ahead. And frankly, maybe if you could even frame your own operating profit exposure to that region, that would be helpful as well.

這是喬恩。只是一個快速的問題。我們從您的一個較大的全球競爭對手那裡聽說有必要在未來（例如 12 個月左右）內向他們在歐洲的一些合作夥伴提供特許經營商救濟。由於該市場的這些通脹壓力，這張圖片有點讓人想起我們在 COVID 時期聽到的情況。因此，我很想知道您從該市場的運營商那裡聽到了什麼，以及他們正在為未來的潛在波動定價。坦率地說，如果您甚至可以確定自己在該地區的營業利潤敞口，那也會有所幫助。

Yes. So obviously, in Europe, right now, there are some challenges, particularly on energy inflation they're facing, our franchisees. Europe is an important growth market for us in the long run. We have meaningful but moderate exposure in the context of our global portfolio. Europe, as a geography, is about mid-teens percentage of our sales and our operating profit. The business continues to be strong from a top line perspective there. If you look at KFC Europe, we had 25% system sales growth in Q3. Now the U.K. was a little bit of a different story where those energy inflation is a bit more pronounced, and you've got that holiday overlaps continuing throughout the year. So we had slight negative sales there.

是的。很明顯，在歐洲，目前存在一些挑戰，特別是在他們面臨的能源通脹方面，我們的加盟商。從長遠來看，歐洲是我們重要的增長市場。在我們的全球投資組合中，我們擁有有意義但適度的風險敞口。歐洲，作為一個地理區域，大約占我們銷售額和營業利潤的百分之十左右。從那裡的頂線角度來看，該業務繼續保持強勁。如果你看看肯德基歐洲，我們在第三季度的系統銷售增長了 25%。現在，英國的情況有所不同，能源通脹更加明顯，而且假期重疊的情況全年都在持續。所以我們在那裡有輕微的負銷售。

Same thing in the Pizza Hut business, strong in other parts, U.K. a bit more impacted. But we are working closely with our franchisees. We know this is going to be a challenge for them to navigate. And we manage the business on a franchisee-by-franchisee basis, so our teams in Europe are partnering with them, setting the commercial plans for the business to help navigate those inflationary challenges.

必勝客業務也是如此，在其他方面表現強勁，英國受到的影響更大。但我們正在與我們的加盟商密切合作。我們知道這對他們來說將是一個挑戰。我們以加盟商為基礎管理業務，因此我們在歐洲的團隊正在與他們合作，為業務制定商業計劃，以幫助應對通脹挑戰。

Our next question is from David Tarantino from Baird.

我們的下一個問題來自 Baird 的 David Tarantino。

My question really is about the sales strength you saw for both KFC and Pizza Hut, especially when you factor out China. You saw a pretty material acceleration in the comps relative to pre-COVID levels. So I guess, on a 3-year comp basis, a pretty big step-up. And I wonder if you could just talk about what you think drove that step up from the second quarter and how sustainable that trend might be.

我的問題實際上是關於你看到的肯德基和必勝客的銷售實力，尤其是當你把中國因素排除在外時。相對於 COVID 之前的水平，您在比賽中看到了相當大的實質性加速。所以我想，在 3 年補償的基礎上，一個相當大的進步。我想知道你是否可以談談你認為從第二季度開始的推動因素以及這種趨勢的可持續性。

Yes. Thanks, David. I'll just comment on a couple of things. And of course, in the speech, I already mentioned the foundational things that are driving our business that will continue to drive it this quarter and in future quarters like the progress that we're making on technology and digital. But beyond that, I guess what I would highlight is outside the U.S., while we had good growth in both developed and emerging markets, our emerging markets are really starting to perform strongly. We were plus 20 in emerging markets outside the U.S. ex China. So that was a big driver, and that was expected. We talked about this on previous calls that as these markets recover from COVID, we expected outside growth. The really encouraging thing about that is that's actually plus 16 versus 2019. So not just a recovery but real growth versus the 2019 baseline.

是的。謝謝，大衛。我將僅評論幾件事。當然，在演講中，我已經提到了推動我們業務發展的基本因素，這些因素將在本季度和未來幾個季度繼續推動業務發展，例如我們在技術和數字方面取得的進展。但除此之外，我想我要強調的是美國以外的地區，雖然我們在發達市場和新興市場都有良好的增長，但我們的新興市場確實開始表現強勁。我們在除中國以外的美國以外的新興市場中排名超過 20。所以這是一個很大的驅動力，這是意料之中的。我們在之前的電話會議中談到了這一點，隨著這些市場從 COVID 中復蘇，我們預計會有外部增長。真正令人鼓舞的是，這實際上是與 2019 年相比增加了 16 倍。因此，與 2019 年的基線相比，這不僅僅是複蘇，而是實際增長。

And then in the U.S., obviously, Taco Bell has been a steady high performer. But KFC, I think, did a better job on value with the Mac & Cheese Bowls this quarter. Pizza Hut, as we've talked about in previous quarters, has done -- has made progress on embracing third-party aggregators to solve some of that delivery challenge. So we saw a meaningful improvement in their trends on delivery sales. So that all added up to, as you mentioned, good strong growth around the world.

然後在美國，顯然，塔可鐘一直表現穩定。但我認為，肯德基在本季度的 Mac & Cheese Bowls 的價值方面做得更好。正如我們在前幾個季度談到的那樣，必勝客已經在採用第三方聚合器以解決一些交付挑戰方面取得了進展。因此，我們看到他們的送貨銷售趨勢有了顯著改善。正如你所提到的，所有這些加起來就是全球強勁的增長。

Our next question is from Andrew Charles from Cowen.

我們的下一個問題來自 Cowen 的 Andrew Charles。

Great. Dave, across the U.S. portfolio, you guys are obviously leading the value across all 3 brands. And I'm curious how you see the industry evolving as we look at the end of 2022 and into early 2023. Do you expect the domestic quick service industries focused on value to further intensify in a difficult traffic backdrop? Or do you think value activity is going to be challenged by just the high COGS and robust labor backdrop?

偉大的。戴夫，在整個美國產品組合中，你們顯然在所有 3 個品牌的價值中處於領先地位。我很好奇，從 2022 年底到 2023 年初，您如何看待行業的演變。您認為國內以價值為中心的快速服務行業在交通困難的背景下會進一步加強嗎？或者你認為價值活動會受到高銷貨成本和強勁勞動力背景的挑戰嗎？

Yes. Look, it's hard to predict anything over the last few years in this environment. The one thing that I can predict though is our brands are incredibly well positioned to navigate any environment. We've demonstrated that over the last few years, and I feel confident as we move forward. Value does seem to be more of a factor today than it might have been 6 or 9 months ago. And that's just more of a return to normal for the industry rather than it is an exaggerated emphasis on value.

是的。看，在這種環境下，過去幾年很難預測任何事情。不過，我可以預測的一件事是，我們的品牌在任何環境中都處於非常有利的位置。在過去的幾年裡，我們已經證明了這一點，我對我們前進充滿信心。今天的價值似乎比 6 或 9 個月前更重要。這更像是行業回歸正常，而不是誇大了價值。

But as I mentioned in my earlier comments, the scale that we have, our purchasing ability, the appeal of our brands, the fact that the vast majority of our business is at Taco Bell U.S. and KFC International piece that are so strong and so successful at navigating value give us great confidence that we will be able to continue to thrive in any environment. And there is a little bit more of an emphasis on this premium value which is good for the industry, where without products that aren't at the absolute lowest price can still be very appealing to consumers as long as the overall equation, the experience, the convenience, the credibility of the food is all there.

但正如我在之前的評論中提到的那樣，我們擁有的規模、我們的購買能力、我們品牌的吸引力、我們的絕大多數業務都在美國塔可鐘和肯德基國際這塊如此強大和如此成功的事實導航價值讓我們充滿信心，相信我們將能夠在任何環境中繼續蓬勃發展。並且更加強調這種對行業有利的溢價價值，只要整體等式、體驗、方便，食物的可信度都在那裡。

Our last question today will be from David Palmer from Evercore.

我們今天的最後一個問題將來自 Evercore 的 David Palmer。

Question on Pizza Hut U.S. What have been the learnings with regard to third-party delivery marketplaces and drivers as a service, the contribution to growth from that, but also what concerns did you have going into it with your franchisees? And how has it played out versus your plan?

關於必勝客美國的問題。關於第三方交付市場和司機即服務的經驗教訓，對增長的貢獻，以及您對加盟商的擔憂是什麼？與您的計劃相比，結果如何？

And then related to the unit growth thing, I'm wondering, you highlighted Pizza Hut International having a strong unit opening quarter. But I'm wondering about the U.S. stabilizing and how you're feeling about that being a driver to your net opens as we go into '23.

然後與單位增長有關，我想知道，你強調必勝客國際有一個強勁的單位開放季度。但是我想知道美國正在穩定，以及隨著我們進入 23 世紀，你對成為你的網的驅動器的感覺如何。

Yes. Thanks, David. I'll take -- on Pizza Hut U.S. first. As David mentioned, the addition of aggregators has been one part of solving the delivery capacity challenge that we mentioned earlier in the year. We talked about how at the beginning of the year, we view this more as a capacity challenge than a demand challenge. And we've used our relationships with the aggregators, both being on their platforms and working with them on delivery as a service as one mode to solve that. Plus, I think we've mentioned that we have also adjusted some of our hiring practices and our HR practices or our franchisees have to attract more drivers into their jobs, things like reducing the time it takes to apply for a job at Pizza Hut. Both of those have contributed to us having significantly more delivery capacity in the market.

是的。謝謝，大衛。我將首先選擇美國必勝客。正如大衛所提到的，添加聚合器是解決我們在今年早些時候提到的交付能力挑戰的一部分。我們在年初談到瞭如何將其視為產能挑戰而非需求挑戰。我們已經利用我們與聚合商的關係，既在他們的平台上，又與他們合作以交付即服務作為一種模式來解決這個問題。另外，我想我們已經提到，我們還調整了一些招聘實踐和人力資源實踐，或者我們的特許經營商必須吸引更多的司機加入他們的工作，比如減少在必勝客申請工作所需的時間。這兩者都有助於我們在市場上擁有更多的交付能力。

If you look at Q2, we had a 23-point gap between our carryout growth and our delivery growth. In Q3, we actually extended our carryout growth, but the gap narrowed to 17 points. So that means delivery was significantly higher, and I think that's just attributable to both of those levers giving us more delivery capacity into the system.

如果您查看第二季度，我們的結轉增長和交付增長之間存在 23 個百分點的差距。在第三季度，我們實際上擴大了結轉增長，但差距縮小到 17 個百分點。所以這意味著交付率要高得多，我認為這只是由於這兩個槓桿給了我們更多的系統交付能力。

There's one other benefit from the aggregator platforms, which is we get an incremental customer who sees us on those marketplaces. And so that's probably been a bit of an impact there as well. And we've mentioned earlier that we've seen franchisees who adopted these faster run a little bit ahead of the system. So I think that is part of what's driving growth in the Pizza Hut U.S. system.

聚合器平台還有另一個好處，那就是我們獲得了一個增量客戶，他們在這些市場上看到了我們。所以這可能也有一點影響。而且我們之前提到過，我們已經看到採用這些更快的特許經營商在系統之前運行了一點。所以我認為這是推動必勝客美國系統增長的一部分。

On the unit growth question, obviously, we had strong unit growth in Taco Bell U.S. Pizza Hut U.S. and KFC U.S. have stabilized. And in the long run, we expect all of our markets around the globe to be focused on driving units. And so the teams are working on strategies to do that. But right now, those businesses are in a stable place from a unit standpoint, as you see in the results this year.

在單位增長問題上，很明顯，美國塔可鐘的單位增長強勁，美國必勝客和美國肯德基已經穩定下來。從長遠來看，我們預計我們在全球的所有市場都將專注於驅動單元。因此，團隊正在製定策略來做到這一點。但是現在，從單位的角度來看，這些業務處於穩定的位置，正如您在今年的結果中看到的那樣。

Yes. To wrap up, obviously, a very strong quarter for Yum!. We're pleased with the results, led by our great teams in the field. We've got an investor conference coming up, and it's actually the first investor conference that we've had in 4 years given the delays from COVID. So we're really eager to get to spend some time with all of you in New York on December 13.

是的。總結，顯然，百勝的一個非常強勁的季度！。我們對由我們在該領域的優秀團隊領導的結果感到滿意。我們即將召開投資者會議，考慮到 COVID 的延誤，這實際上是我們 4 年來舉行的第一次投資者會議。所以我們真的很想在 12 月 13 日在紐約與大家共度時光。

In particular, we've got some new leaders in the business that you'll get to hear from live in person for the first time. I'm very excited about letting them tell the great growth stories that we have going on all around the world.

特別是，我們有一些新的業務領導者，您將第一次親身聽到他們的消息。我很高興讓他們講述我們在世界各地發生的偉大成長故事。

A great quarter, and thanks for your time today.

一個很棒的季度，感謝您今天的寶貴時間。

That concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連接。