百勝餐飲集團 (YUM) 2022 Q2 法說會逐字稿

Hello, everyone, and welcome to the Yum! Brands 2022 Second Quarter Earnings Call. My name is Seb, and I will be the operator for your call today. (Operator Instructions)

大家好，歡迎來到百勝！ Brands 2022 年第二季度財報電話會議。我的名字是 Seb，今天我將擔任您的電話接線員。 （操作說明）

I will now hand the floor over to Jodi Dyer, VP, Investor Relations.

我現在將發言權交給投資者關係副總裁 Jodi Dyer。

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

謝謝，接線員。大家早上好，感謝您加入我們。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.

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。

Please note that during today's call, all system sales and operating profit results exclude the impact of foreign currency.

請注意，在今天的電話會議中，所有系統銷售和營業利潤結果均不包括外幣影響。

Next, I'll provide an update on the financial reporting treatment related to the exit of our Russia business. During the second quarter, we completed the transfer of the Pizza Hut business to a local operator who has initiated the process of rebranding to a non-Yum! concept.

接下來，我將提供與俄羅斯業務退出相關的財務報告處理的最新情況。在第二季度，我們完成了將必勝客業務轉讓給當地運營商的工作，該運營商已開始將品牌重塑為非百勝！概念。

Given the transfer of Pizza Hut and our progress for the full exit from Russia for KFC, we have elected to remove the Russia business from key performance metrics. Specifically, 1,165 units in Russia and their associated system sales were removed from our total unit count and total system sales, respectively, as of the beginning of the second quarter. This negatively impacted our reported second quarter unit growth by 2 percentage points and our reported system sales growth, excluding foreign currency, by 2 percentage points.

鑑於必勝客的轉移以及肯德基從俄羅斯全面退出的進展，我們選擇將俄羅斯業務從關鍵績效指標中刪除。具體而言，截至第二季度初，俄羅斯的 1,165 台設備及其相關係統銷售量分別從我們的總設備數量和總系統銷售量中剔除。這對我們報告的第二季度單位增長 2 個百分點和我們報告的系統銷售增長（不包括外幣）產生了 2 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 our same-store sales results for the second quarter. However, we continue to include Russia and GAAP measures in the second quarter for Pizza Hut prior to the date of transfer and for KFC for the entire second quarter, including royalty revenue and all expenses to support the business and onetime expenses related to the transfer of ownership of the business.

此外，這些單位已從我們的同店銷售計算中刪除，因此不會影響我們第二季度的同店銷售業績。但是，我們繼續在第二季度為必勝客和肯德基在整個第二季度包括俄羅斯和 GAAP 措施，包括特許權使用費收入和支持業務的所有費用以及與轉讓相關的一次性費用企業的所有權。

As a result of our decision to exit the Russia business, we have reclassed net operating profits from the operating segment subsequent to the start of the conflict to our corporate and unallocated segment and reflected as a special item within the other income and expense line. For more information on our reporting calendar for each market, please visit the Financial Reports section of our website.

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我們的公司和未分配部門，並作為其他收入和費用項目中的特殊項目反映。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。

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 any future use of the recording.

我們正在通過我們的網站廣播這次電話會議。此通話也正在錄製中，可用於播放。請注意，如果您提出問題，它將包含在我們的現場會議和任何未來使用的錄音中。

We would like to make you aware of upcoming Yum! investor events in 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. Third quarter earnings will be released on November 2, 2022, with the conference call on the same day.

我們想讓您了解即將到來的 Yum！投資者事件如下。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。第三季度財報將於 2022 年 11 月 2 日發布，電話會議將在同一天發布。

Finally, as a reminder, we'll be hosting an in-person Yum! Brands Investor Day on Tuesday, December 13, 2022, at the New York Stock Exchange. Please stay tuned for more details.

最後，提醒一下，我們將親自舉辦 Yum！ 2022 年 12 月 13 日星期二在紐約證券交易所舉行的品牌投資者日。請繼續關注更多詳情。

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

現在我想把電話轉給大衛·吉布斯先生。

Thank you, Jodi, and good morning, everyone. Our second quarter results are a testament to the resilience of our iconic brands and the power of our highly franchised business in this complex operating environment. System sales grew 5% after adjusting for the exclusion of our Russia business, driven by sustained development momentum. We opened 781 gross new units in the quarter with broad-based contributions from each of our brands.

謝謝你，喬迪，大家早上好。我們第二季度的業績證明了我們標誌性品牌的彈性以及我們高度特許經營業務在這個複雜的運營環境中的力量。在持續發展勢頭的推動下，剔除俄羅斯業務後，系統銷售額增長了 5%。我們在本季度開設了 781 個新單位，我們每個品牌都做出了廣泛的貢獻。

Additionally, we delivered positive same-store sales growth while lapping last year's growth of 23%, the strongest quarter of same-store sales growth in Yum!'s history.

此外，我們實現了正向的同店銷售增長，同時超過了去年 23% 的增長，這是百勝歷史上同店銷售增長最強勁的一個季度。

We're pleased with the continued growth in our digital business with sales of nearly $6 billion, fueled by the adoption of our global platforms and capabilities. Our unmatched global scale and digital capabilities are key differentiators in the restaurant industry, and these competitive advantages enable us to thrive in any environment.

在採用我們的全球平台和能力的推動下，我們對數字業務的持續增長感到高興，銷售額接近 60 億美元。我們無與倫比的全球規模和數字能力是餐飲業的關鍵差異化因素，這些競爭優勢使我們能夠在任何環境中茁壯成長。

I'll now share a few global trends from the quarter. As Yum China shared on its earnings call last week, COVID-related restrictions continued throughout the quarter, significantly impacting second quarter results. However, trends outside of China remains strong. Our consolidated same-store sales, excluding China, grew 6% for the quarter. Despite a complex consumer landscape in the U.S., Taco Bell U.S. is not yet out of the park with 8% same-store sales growth. The team achieved these results through exceptional execution of a well-balanced marketing agenda that sustained the brand buzz, distinctive product news and compelling value offerings and that was all supported by operational improvements and a focus on elevating the digital experience.

我現在將分享本季度的一些全球趨勢。正如百勝中國上週在財報電話會議上分享的那樣，與 COVID 相關的限制在整個季度持續存在，對第二季度業績產生了重大影響。然而，中國以外的趨勢依然強勁。本季度我們的合併同店銷售額（不包括中國）增長了 6%。儘管美國的消費環境複雜，但 Taco Bell 美國公司的同店銷售額增長了 8%，但仍未走出困境。該團隊通過出色地執行平衡的營銷議程來實現這些成果，該議程維持了品牌知名度、獨特的產品新聞和引人注目的價值提供，並且這一切都得到了運營改進和專注於提升數字體驗的支持。

Additionally, emerging markets, excluding China, continued to recover to pre-COVID levels, driven by the reopening of dining rooms and growth in our digital business. In fact, same-store sales growth for emerging markets, excluding China, was up 22%, a 4-point acceleration from the prior quarter. We remain confident that we are well positioned to win in this environment given our iconic brands that customers love, strong consumer value proposition, scale advantages, expanded digital access and sophisticated franchise partners with unmatched operating capability.

此外，受餐廳重新開放和我們數字業務增長的推動，除中國以外的新興市場繼續恢復到 COVID 之前的水平。事實上，不包括中國在內的新興市場的同店銷售額增長了 22%，比上一季度加快了 4 個百分點。鑑於我們深受客戶喜愛的標誌性品牌、強大的消費者價值主張、規模優勢、擴大的數字訪問佢道以及具有無與倫比運營能力的成熟特許經營合作夥伴，我們仍然有信心在這種環境中獲勝。

Before I provide an update on our growth drivers, I'd like to share an update on our ongoing process to exit Russia. Last month, we shared that we completed the transfer of ownership of our Pizza Hut business in Russia to a local operator who has initiated the process of rebranding locations to a non-Yum! concept.

在我提供有關我們增長動力的最新信息之前，我想分享一下我們正在進行的退出俄羅斯的過程的最新情況。上個月，我們分享了我們已完成將俄羅斯必勝客業務的所有權轉讓給當地運營商，該運營商已啟動將地點更名為非百勝！概念。

As for our KFC restaurants in Russia, we are in advanced stages of transferring ownership, operating systems and master franchise rights, including the network of franchise restaurants to a local operator who will be responsible for rebranding locations to a non-Yum! concept. Upon the completion of this process, we will have fully exited from Russia.

至於我們在俄羅斯的肯德基餐廳，我們正處於將所有權、運營系統和主特許經營權（包括特許經營餐廳網絡）轉讓給當地運營商的後期階段，當地運營商將負責將地點重新命名為非百勝！概念。此過程完成後，我們將完全退出俄羅斯。

Our franchisees and team members in Ukraine continue to demonstrate incredible fortitude through this conflict. And I'm proud to report that nearly all of our stores in Ukraine have reopened to serve the people of Ukraine while ensuring the safety of our team members.

我們在烏克蘭的加盟商和團隊成員在這場衝突中繼續表現出令人難以置信的毅力。我很自豪地報告，我們在烏克蘭的幾乎所有商店都已重新開業，為烏克蘭人民服務，同時確保我們團隊成員的安全。

Now I'll talk about 2 of our growth drivers, our Relevant, Easy and Distinctive Brands, or RED 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 second quarter financial results, including an update on our capital strategy before providing an update on our unmatched operating capabilities and bold restaurant development growth driver.

現在我將談談我們的兩個增長動力，我們的相關、簡單和獨特的品牌，簡稱 RED，以及我們無與倫比的文化和人才。然後，我將提供有關我們的良方食譜的最新信息。克里斯將分享我們第二季度財務業績的詳細信息，包括更新我們的資本戰略，然後提供我們無與倫比的運營能力和大膽的餐廳發展增長動力的更新。

Let me begin with our Relevant, Easy and Distinctive Brands. Our KFC Division, which accounts for 49% of our operating profit grew system sales 1% this quarter, driven by 3% unit growth and a 1% decline in same-store sales. Adjusting last year for the exclusion of Russia, KFC Division system sales growth was 4%, with 7% unit growth. Continued sales weakness in China contributed to significant year-over-year pressure in the quarter. Excluding China, our same-store sales grew 7%.

讓我從我們的相關、簡單和獨特的品牌開始。占我們營業利潤 49% 的肯德基部門本季度系統銷售額增長 1%，主要受單位增長 3% 和同店銷售額下降 1% 的推動。去年剔除俄羅斯後，肯德基部門系統銷售額增長4%，單位增長7%。中國的持續銷售疲軟導致本季度出現了巨大的同比壓力。不包括中國，我們的同店銷售額增長了 7%。

So China remains difficult to forecast, pressures gradually improved throughout the quarter. However, as Yum China said last week, given the recurrence of COVID outbreaks, the sales recovery will likely be nonlinear and uneven.

因此中國仍然難以預測，整個季度壓力逐漸改善。然而，正如百勝中國上週所說，鑑於新冠疫情的反复爆發，銷售復甦可能是非線性且不均衡的。

It's been well noted that many developed markets experienced increasing macro pressures and headwinds to consumer spending this quarter. In addition, the U.S. and U.K. markets faced tough compares due to government stimulus last year. While KFC U.S. face difficult laps from stimulus and the successful launch of the chicken sandwich platform, we're pleased to share that same-store sales growth improved sequentially throughout the quarter.

值得注意的是，許多發達市場在本季度經歷了越來越大的宏觀壓力和消費者支出的逆風。此外，由於去年政府的刺激措施，美國和英國市場面臨艱難的比較。雖然肯德基美國面臨刺激措施和雞肉三明治平台的成功推出，但我們很高興地分享同店銷售增長在整個季度環比增長。

However, the macro pressures were not felt consistently across all developed markets in our portfolio. For example, Australia grew system sales 7% as same-store sales growth doubled from the prior quarter. This strong demand has followed the introduction of modern menu, which highlights our uniquely craveable products and contemporary value offers.

然而，我們投資組合中的所有發達市場並未持續感受到宏觀壓力。例如，澳大利亞的系統銷售額增長了 7%，因為同店銷售額比上一季度翻了一番。這種強勁的需求是隨著現代菜單的推出而出現的，這突出了我們獨特的令人渴望的產品和當代價值提供。

Turning to our emerging markets, which delivered remarkable results in the quarter. I'd like to highlight India, the Middle East and Latin America. In India, where system sales grew 103%, the team continued to advance their digital ecosystem and provide consumers with disruptive value offering. System sales grew 41% in the Middle East driven by accelerating digital sales that grew approximately 70% year-over-year even as dine-in sales continue to recover.

轉向我們的新興市場，該市場在本季度取得了顯著成果。我想強調印度、中東和拉丁美洲。在印度，系統銷售額增長了 103%，該團隊繼續推進他們的數字生態系統，並為消費者提供顛覆性的價值。中東地區的系統銷售額增長了 41%，這得益於數字銷售額的加速增長，儘管堂食銷售額繼續恢復，但數字銷售額同比增長約 70%。

The launch of Click & Collect functionalities including QR code ordering via the KFC app and several of our Middle East markets helped drive these results. The Latin America market achieved 32% system sales growth, propelled by a well-balanced marketing strategy, including a focus on product innovation and dedication to value offerings while advancing digital capabilities following the launch of the KFC mobile app and kiosks. Our diverse global portfolio is one of the many reasons we have great confidence we're well positioned in the current environment.

Click & Collect 功能的推出，包括通過肯德基應用程序和我們的幾個中東市場訂購二維碼，幫助推動了這些結果。在平衡的營銷策略的推動下，拉丁美洲市場實現了 32% 的系統銷售增長，包括在推出肯德基移動應用程序和信息亭後，專注於產品創新和致力於提供價值，同時推進數字化能力。我們多元化的全球產品組合是我們非常有信心在當前環境中處於有利位置的眾多原因之一。

Turning to our Taco Bell Division, which accounts for 36% of our operating profit, system sales grew 10%, driven by 4% unit growth and 8% same-store sales growth. Taco Bell continues to fire on all cylinders as evidenced by the broad-based strength of its second quarter results. For Taco Bell U.S., system sales grew 9%, driven by 8% same-store sales growth and 2% unit growth. Taco Bell remains a culture leader in the industry, successfully executing on its strategy to inspire and enable the world to Live Más through innovative marketing campaigns, buzzworthy brand news, distinctive products and strong value offering. Despite significant inflation, Taco Bell maintained restaurant margins by leveraging its pricing power for premium products and craveable LTOs, while still providing consumers with everyday value through a broad range of price points such as those items featured on the Cravings Value Menu.

談到占我們營業利潤 36% 的 Taco Bell 部門，系統銷售額增長了 10%，這得益於 4% 的單位增長和 8% 的同店銷售額增長。塔可鍾繼續火力全開，其第二季度業績的廣泛實力證明了這一點。塔可鍾美國公司的系統銷售額增長了 9%，這得益於 8% 的同店銷售額增長和 2% 的單位銷售額增長。 Taco Bell 仍然是該行業的文化領導者，成功執行其戰略，通過創新的營銷活動、引人注目的品牌新聞、獨特的產品和強大的價值提供來激發和讓世界生活在 Más。儘管通貨膨脹率很高，塔可鐘通過利用其對優質產品和渴望的 LTO 的定價能力保持了餐廳的利潤，同時仍然通過廣泛的價格點為消費者提供日常價值，例如 Cravings Value Menu 上的那些項目。

The return of the Mexican Pizza as an LTO this quarter is a prime demonstration of these strengths. Taco Bell's most loyal fans were granted early access, increasing the average loyalty registrations 15x during the 2 days of early access and fueling 10% growth in loyalty members in the quarter.

本季度墨西哥披薩作為 LTO 的回歸是這些優勢的主要體現。 Taco Bell 最忠實的粉絲獲得了提前訪問權限，在提前訪問的 2 天內將平均忠誠度註冊增加了 15 倍，並推動本季度忠誠度會員增長 10%。

Demand for the Mexican Pizza was 7x previous levels, reaching over 20 million pizzas sold nationwide, with some stores selling out within a week, creating a sustained positive halo for the brand. Given the overwhelmingly positive reaction from our customers, we're excited to bring back the Mexican Pizza in the fall, when it will become a permanent fixture on the menu.

墨西哥比薩的需求是之前水平的 7 倍，在全國范圍內售出超過 2000 萬份比薩，一些商店在一周內售罄，為該品牌創造了持續的積極光環。鑑於我們客戶的熱烈反響，我們很高興能在秋季將墨西哥比薩帶回來，屆時它將成為菜單上的常客。

At Taco Bell International, system sales grew 31%, owing to 27% unit growth and 9% same-store sales growth. 5 of our 7 European markets saw double-digit same-store sales growth, thanks to the balanced execution of everyday value and disruptive value while also continuing to grow brand awareness. Taco Bell International is building on its development momentum and now meaningfully contributes to the division's total unit growth.

在 Taco Bell International，系統銷售額增長了 31%，這得益於 27% 的單位增長和 9% 的同店銷售額增長。我們 7 個歐洲市場中有 5 個實現了兩位數的同店銷售額增長，這要歸功於日常價值和顛覆性價值的平衡執行，同時也繼續提高品牌知名度。 Taco Bell International 正在鞏固其發展勢頭，現在為該部門的總單位增長做出了有意義的貢獻。

Moving on to the Pizza Hut Division, which accounts for 15% of our operating profit. Q2 system sales were flat, driven by 4% unit growth and a 3% same-store sales decline. At Pizza Hut International, which represents 8% of our operating profit, system sales grew 3%, led by 7% unit growth and a 2% decline in same-store sales.

轉到必勝客部門，該部門占我們營業利潤的 15%。受單位增長 4% 和同店銷售額下降 3% 的推動，第二季度系統銷售額持平。在占我們營業利潤 8% 的必勝客國際，系統銷售額增長 3%，其中單位增長 7% 和同店銷售額下降 2%。

As I mentioned before, COVID lockdowns in China led to sales softness in the quarter. Excluding China, Pizza Hut International same-store sales grew 6%.

正如我之前提到的，中國的 COVID 封鎖導致該季度的銷售疲軟。不包括中國，必勝客國際同店銷售額增長 6%。

I'd like to highlight 2 of our leading markets for the quarter, India and Latin America. India system sales grew 79%, a 35-point acceleration from the prior quarter, driven by further recovery in dine-in sales and home meal replacement strength. System sales grew 18% in the Middle East, where the team has successfully executed a balanced strategy of offering everyday value and customized products, with particular success from the My Box offering. My Box offers a compelling entry price point that is well positioned to serve the individual eater and lunch occasion and is now live in nearly 50 markets.

我想重點介紹本季度我們的兩個主要市場，印度和拉丁美洲。印度系統銷售額增長了 79%，比上一季度增長了 35 個百分點，這得益於堂食銷售和家庭代餐實力的進一步復甦。中東地區的系統銷售額增長了 18%，該團隊成功地執行了提供日常價值和定制產品的平衡戰略，其中 My Box 產品尤其成功。 My Box 提供了極具吸引力的入門價格點，可以很好地服務於個人食客和午餐場合，目前已在近 50 個市場上銷售。

At Pizza Hut U.S., which represents 7% of our operating profit, system sales declined 3%, driven by flat unit growth and a 4% decline in same-store sales, driven in large part by continued operational challenges in our delivery business. We made progress expanding system-wide adoption of third-party delivery as a service to help address our delivery driver capacity constraints to meet consumer demand. As of the end of Q2, approximately 55% of our U.S. locations have implemented delivery as a service, up from 40% at the beginning of the quarter.

在占我們營業利潤 7% 的必勝客美國，系統銷售額下降了 3%，原因是單位增長持平，同店銷售額下降 4%，這在很大程度上是由於我們的交付業務持續面臨運營挑戰。我們在擴展系統範圍內採用第三方交付即服務方面取得了進展，以幫助解決我們的交付驅動能力限制，以滿足消費者的需求。截至第二季度末，我們大約 55% 的美國地點已實施交付即服務，高於本季度初的 40%。

Additionally, we're leaning into our aggregator partnerships by joining third-party marketplaces, so our consumers can access our craveable food wherever they shop. As of the end of Q2, roughly 70% of eligible stores have opted into using at least 1 aggregator marketplace, up from approximately 45% at the beginning of Q2. Finally, the team shifted promotional focus towards compelling value to address the needs of the consumer.

此外，我們通過加入第三方市場來加強我們的聚合商合作夥伴關係，這樣我們的消費者就可以在任何地方購買我們渴望的食物。截至第二季度末，大約 70% 的合格商店選擇使用至少 1 個聚合商市場，高於第二季度初的約 45%。最後，團隊將促銷重點轉向引人注目的價值，以滿足消費者的需求。

Lastly, the Habit Burger Grill grew system sales 10%, driven by 15% unit growth and 4% same-store sales decline. During National Burger Month, Habit provided exclusive offers through its mobile app, resulting in a 10% increase in mobile app installed, while also highlighting its culinary-inspired innovation, which included the Spicy Green Beans, a spicy twist on its signature tempura-battered green beans.

最後，Habit Burger Grill 的系統銷售額增長了 10%，這得益於 15% 的單位增長和 4% 的同店銷售額下降。在全國漢堡月期間，Habit 通過其移動應用程序提供獨家優惠，使移動應用程序的安裝量增加了 10%，同時還突出了其以烹飪為靈感的創新，其中包括 Spicy Green Beans，這是其標誌性天婦羅的辛辣風味綠豆。

Moving on to our Unrivaled Culture and Talent growth driver. We continue to see growth of our unrivaled talent with Tarun Lal being named President of KFC U.S. and Shannon Hennessy taking on a new role as President of the Habit Burger Grill. Tarun is a prime example of growth from within, joining our organization 25 years ago and serving in various leadership positions. He is not only a best-in-class operator known for driving breakthrough results, he's also a driver of our culture. I'm confident Tarun's leadership and winning partnership mindset with our franchisees, will be an asset as we drive the next chapter of growth for the KFC U.S. business.

繼續我們無與倫比的文化和人才增長動力。隨著 Tarun Lal 被任命為肯德基美國總裁和 Shannon Hennessy 擔任 Habit Burger Grill 總裁的新角色，我們繼續看到我們無與倫比的人才成長。 Tarun 是內部成長的典範，25 年前加入我們的組織並擔任各種領導職務。他不僅是一位以推動突破性成果而聞名的一流運營商，他還是我們文化的推動者。我相信 Tarun 的領導力和與我們的特許經營商贏得合作夥伴關係的心態，將成為我們推動肯德基美國業務增長的新篇章的資產。

Shannon joined Yum! a few years ago as a KFC Global CFO and immediately hit the ground running. She has a unique ability to work across functions and bring people together to solve problems, drive change and deliver meaningful results for our business. She's also a standout culture leader with a commitment to growing talent and to advancing equity inclusion and belonging.

香農加入了百勝！幾年前擔任肯德基全球首席財務官並立即開始運作。她具有獨特的跨職能工作能力，能夠將人們聚集在一起解決問題、推動變革並為我們的業務帶來有意義的成果。她還是一位傑出的文化領袖，致力於培養人才並促進平等包容和歸屬感。

When it comes to our Recipe for Good, we recently published our Annual Global Citizenship & Sustainability Report, which highlights our strategic investments in socially responsible growth and stewardship of our people, food and impact on the planet. The report includes updates on our key commitments, including our social purpose and how we've awarded more than $50 million in grants to nearly 30 social impact programs globally. This is accomplished through Yum's! unlocking opportunity initiative, that champions equity and inclusion, education and entrepreneurship for frontline restaurant teams and communities around the world. It reinforces our industry-leading commitment to food safety as well as our efforts to respond to customers' evolving preferences and improve the nutritional value of our menu items.

談到我們的良方，我們最近發布了年度全球公民和可持續發展報告，其中強調了我們在對社會負責的增長和管理我們的人民、食物和對地球的影響方面的戰略投資。該報告包括我們關鍵承諾的最新信息，包括我們的社會目標以及我們如何向全球近 30 個社會影響計劃提供超過 5000 萬美元的贈款。這是通過百勝的！解鎖機會倡議，為世界各地的一線餐廳團隊和社區倡導公平和包容、教育和創業。它強化了我們對食品安全的行業領先承諾，以及我們響應客戶不斷變化的偏好和提高菜單項目營養價值的努力。

Finally, the report also highlights our environmental commitments, including our Science Based Targets to reduce greenhouse gas emissions nearly 50% by 2030 as well as a newly harmonized packaging policy across our brands that commits to moving all consumer-facing plastic packaging to be reusable, recyclable or compostable by 2025.

最後，該報告還強調了我們的環境承諾，包括我們的科學目標，即到 2030 年將溫室氣體排放量減少近 50%，以及我們品牌之間新的統一包裝政策，承諾使所有面向消費者的塑料包裝可重複使用，到 2025 年可回收或可堆肥。

To wrap up, our performance continues to demonstrate the power of our unmatched global scale in a challenging operating environment. Thanks to the advantages of our unrivaled talent, global development capabilities and expanding technology platforms and capabilities, our iconic brands continue to drive consistent growth. Our best-in-class teams and franchise partners are committed to serving up the most loved, trusted and fastest-growing restaurant brands in the world.

總而言之，我們的表現繼續展示了我們在充滿挑戰的運營環境中無與倫比的全球規模的力量。憑藉我們無與倫比的人才優勢、全球開發能力以及不斷擴大的技術平台和能力，我們的標誌性品牌繼續推動持續增長。我們一流的團隊和特許經營合作夥伴致力於為世界上最受喜愛、最值得信賴和發展最快的餐廳品牌提供服務。

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 and 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、我們大膽的餐廳發展和無與倫比的運營能力增長動力以及我們的資本戰略。

I'll begin with an overview of our second quarter financial results. Adjusting last year for the exclusion of Russia in our reported results, system sales grew 5%, underpinned by 6% unit growth and 1% same-store sales growth. Despite more severe inflation this quarter, our teams achieved strong performance, demonstrating the resilience of Yum!'s business model.

我將從概述我們第二季度的財務業績開始。去年在我們報告的結果中排除了俄羅斯，系統銷售額增長了 5%，這得益於 6% 的單位增長和 1% 的同店銷售額增長。儘管本季度通貨膨脹更加嚴重，但我們的團隊取得了強勁的表現，展示了百勝商業模式的彈性。

As you may recall, we shared during our last earnings call that Q2 core operating profit growth would look similar to Q1, given continued softness in China, a full quarter impact from lost Russia profits and a headwind from normalized G&A spend in comparison to 2021. I'm pleased to report that we exceeded our previous guidance, with core operating profit down 1% for the quarter, owing to outperformance at the Taco Bell Division. Ex special, general and administrative expenses were $252 million, tracking in line with our expectations for $1.1 billion of G&A expense for fiscal 2022, consistent with our previous guidance. Despite double-digit labor and commodity inflation in the U.S., Taco Bell company-owned restaurant margins of 26% were in line year-over-year and 200 basis points ahead of the pre-COVID Q2 2019 margins. This is a testament to the brand's pricing power and the operational efficiencies the team continues to achieve both contributing to best-in-class unit economics.

您可能還記得，我們在上一次財報電話會議上表示，鑑於中國持續疲軟、俄羅斯利潤損失對整個季度的影響以及與 2021 年相比正常化 G&A 支出的不利影響，第二季度核心營業利潤增長看起來與第一季度相似。我很高興地報告，由於塔可鐘部門的表現出色，我們超出了之前的指導，本季度核心營業利潤下降了 1%。不包括特殊、一般和行政費用為 2.52 億美元，符合我們對 2022 財年 11 億美元 G&A 費用的預期，與我們之前的指導一致。儘管美國勞動力和商品通脹出現兩位數，但 Taco Bell 公司旗下餐廳的利潤率為 26%，與去年同期持平，比 2019 年第二季度疫情前的利潤率高出 200 個基點。這證明了品牌的定價能力和團隊繼續實現的運營效率，這兩者都有助於實現一流的單位經濟效益。

The FX impact to reported operating profit was $23 million, nearly double our expectations shared on our first quarter earnings call. We now expect the full year FX headwind to reported operating profit to be approximately $70 million to $90 million and expect similar amounts in Q3 and Q4 as those reported in Q2.

外匯對報告的營業利潤的影響為 2300 萬美元，幾乎是我們在第一季度財報電話會議上預期的兩倍。我們現在預計全年外匯逆風報告的營業利潤約為 7,000 萬美元至 9,000 萬美元，並預計第三季度和第四季度的金額與第二季度報告的金額相似。

Finally, EPS, excluding special items, was $1.05, a 9% decrease year-over-year. However, there was a $0.13 impact to EPS driven by items that are nonoperating in nature, including higher foreign currency exchange, an increase in our effective tax rate and a decrease in the value of our investment in Devyani International Limited.

最後，不包括特殊項目的每股收益為 1.05 美元，同比下降 9%。然而，非經營性項目對每股收益產生了 0.13 美元的影響，包括更高的外匯兌換率、我們的有效稅率增加以及我們對 Devyani International Limited 的投資價值下降。

I'm pleased to report that given the strength across our diversified portfolio, we are reiterating our fiscal 2022 guidance that we shared on our first quarter earnings call. As a reminder, other than core operating profit growth due to the removal of Russia profits, we expect to deliver on all parts of the long-term growth algorithm this year. With this impact, we anticipate full year core operating profit growth of mid-single digits.

我很高興地報告，鑑於我們多元化投資組合的實力，我們重申我們在第一季度財報電話會議上分享的 2022 財年指導。提醒一下，除了由於去除俄羅斯利潤而導致的核心營業利潤增長外，我們預計今年將實現長期增長算法的所有部分。受此影響，我們預計全年核心營業利潤將增長中個位數。

And as we previously mentioned, that profit growth is weighted to the second half of the year, especially the fourth quarter, largely owing to timing of G&A expense in comparison to 2021.

正如我們之前提到的，利潤增長權重在下半年，尤其是第四季度，這主要是由於與 2021 年相比 G&A 費用的時間安排。

Next, I'll discuss our unmatched operating capabilities through the lens of our digital strategy, easy experiences, easy operations and easy insights.

接下來，我將通過我們的數字化戰略、簡單的體驗、簡單的操作和簡單的洞察來討論我們無與倫比的運營能力。

First, I'll provide an update on our efforts to create easy experiences for our customers. This quarter, Taco Bell franchisee, Border Foods, owned and operated by the Engler family, opened one of the most revolutionary restaurant formats in the industry's history, Taco Bell Defy. Taco Bell Defy features one of the most innovative drive-thru experiences yet. It's a first-of-its-kind 2-story restaurant design, featuring a proprietary vertical list to transport iconic, craveable Taco Bell menu items straight from the kitchen to pans. This is on top of unique digital check-in screens for mobile orders that enable a differentiated, fun and seamless experience for consumers.

首先，我將介紹我們為客戶創造輕鬆體驗所做的努力的最新情況。本季度，由 Engler 家族擁有和經營的 Taco Bell 特許經營商 Border Foods 開設了該行業歷史上最具革命性的餐廳形式之一 Taco Bell Defy。 Taco Bell Defy 提供迄今為止最具創新性的得來速體驗之一。這是首創的 2 層餐廳設計，具有專有的垂直列表，可將標誌性的、令人垂涎的 Taco Bell 菜單項直接從廚房運送到平底鍋。這是在獨特的移動訂單數字登記屏幕之上，可為消費者提供差異化、有趣和無縫的體驗。

Taco Bell Defy boast many features that could show up in future Taco Bell restaurants given it is a hit with consumers and performing well.

Taco Bell Defy 擁有許多功能，這些功能可能會出現在未來的 Taco Bell 餐廳中，因為它受到消費者的歡迎並且表現良好。

At KFC Africa, the team doubled kiosk penetration in its store footprint, with significant commitments to further deploy across the majority of the system by year-end. Kiosks served to modernize our assets, improve customer experience and drive greater insights into customer behavior.

在肯德基非洲，該團隊將信息亭在其商店足跡中的滲透率提高了一倍，並承諾在年底前進一步部署到系統的大部分區域。信息亭有助於實現我們的資產現代化、改善客戶體驗並深入了解客戶行為。

Additionally, we continue to deploy Tictuk's chat and e-commerce products across our global portfolio and surpassed 2,400 stores in 43 markets this quarter, serving KFC, Pizza Hut and Taco Bell.

此外，我們繼續在我們的全球產品組合中部署 Tictuk 的聊天和電子商務產品，本季度在 43 個市場擁有超過 2,400 家商店，為肯德基、必勝客和塔可鐘提供服務。

Earlier in the year, Pizza Hut Germany launched its new e-commerce website, fully powered by Tictuk. Germany has seen impressive early results, including a 15% increase in conversion rate and a EUR 2 increase in average ticket when compared to previous performance on aggregator platforms in the market. We are seeing similar success stories across the markets where it Tictuk is live.

今年早些時候，必勝客德國推出了完全由 Tictuk 提供支持的新電子商務網站。與之前在市場上的聚合平台上的表現相比，德國的早期成果令人印象深刻，包括轉化率提高了 15%，平均票價增加了 2 歐元。我們在 Tictuk 所在的市場上看到了類似的成功案例。

Next, I'll provide an update on our efforts to enhance the team member experience as part of our easy operations initiative. Pizza Hut International reached 25 markets using the Dragontail system, bringing global adoption of this platform to 28 markets across both KFC and Pizza Hut brands.

接下來，我將介紹我們在提升團隊成員體驗方面所做的最新努力，這是我們輕鬆運營計劃的一部分。必勝客國際使用 Dragontail 系統進入了 25 個市場，將這個平台的全球採用率帶到了肯德基和必勝客品牌的 28 個市場。

We also made significant progress during the quarter in the rollout of digital order pickup shelves, including adding shelves at 100 more Habit Burger Grill stores. Approximately 2/3 of our Habit Burger Grill stores are now equipped with pickup shelves. Taco Bell also has joined our other brands in the U.S. to deploy pickup shelves, which are now fully deployed across company-operated stores with plans to roll out across the rest of the system by early 2023.

在本季度，我們還在推出數字訂單取貨貨架方面取得了重大進展，包括在另外 100 家 Habit Burger Grill 商店增加貨架。我們大約 2/3 的 Habit Burger Grill 商店現在配備了取貨架。 Taco Bell 還與我們在美國的其他品牌一起部署了取貨貨架，這些貨架現在已在公司運營的商店中全面部署，併計劃在 2023 年初在系統的其餘部分推出。

Expanding options and ease for off-premise consumption improves the customer, delivery driver and team member experience.

擴展選項並簡化場外消費可改善客戶、送貨司機和團隊成員的體驗。

Finally, I'll discuss our efforts around easy insights. Our data and analytics experts, along with Kvantum, the AI-based marketing analytics team we acquired last year, continue to scale a Kvantum media optimization tool, while also developing additional AI and machine learning products that drive performance for Yum! and our franchisees. As an example, they are currently partnering with Taco Bell and KFC U.S. to test and deploy an inventory management tool that helps our restaurant managers more accurately forecast food and supplies. The tool is driven by our cutting-edge demand forecasting platform. Based on encouraging early results, we plan to scale this platform throughout the remainder of the year.

最後，我將討論我們圍繞簡單見解所做的努力。我們的數據和分析專家與我們去年收購的基於人工智能的營銷分析團隊 Kvantum 一起，繼續擴展 Kvantum 媒體優化工具，同時還開發其他人工智能和機器學習產品，以提高百勝餐飲的性能！和我們的加盟商。例如，他們目前正在與 Taco Bell 和肯德基美國合作，測試和部署一種庫存管理工具，幫助我們的餐廳經理更準確地預測食品和供應。該工具由我們尖端的需求預測平台驅動。基於令人鼓舞的早期結果，我們計劃在今年剩餘時間內擴展該平台。

Moving on to our Bold Restaurant Development growth driver. We sustained our robust development momentum this quarter. At KFC, we opened over 400 gross new units, reaching nearly 1,000 gross new units opened year-to-date. China, India and the Middle East led development this quarter, each opening more than 40 gross new units. It's worth noting that the year-to-date development pace is attributable to a broad contribution from our emerging markets outside of China.

繼續我們的大膽餐廳發展增長動力。本季度我們保持了強勁的發展勢頭。在肯德基，我們開設了 400 多個新單位，年初至今新開的單位總數達到近 1,000 個。中國、印度和中東在本季度引領了發展，每個都開設了 40 多個新單位。值得注意的是，年初至今的發展速度歸功於中國以外新興市場的廣泛貢獻。

At Pizza Hut, we opened nearly 300 gross new units, leading to over 600 gross new units opened year-to-date. The Pizza Hut Division remains on pace to set another development record this year with significant contributions from India, China and Indonesia.

在必勝客，我們新開了近 300 個新單位，今年迄今新開的新單位超過 600 個。在印度、中國和印度尼西亞的大力推動下，必勝客分部今年將繼續創造新的發展記錄。

For the third consecutive quarter, Taco Bell International Development outpaced Taco Bell U.S. development, opening 46 net new restaurants in Q2 and 67 year-to-date. For the first time, full year Taco Bell International development is on pace to surpass U.S. development this year.

塔可鍾國際發展連續第三個季度超過塔可鍾美國發展，第二季度淨新開 46 家餐廳，年初至今新開 67 家。今年，塔可鍾國際公司全年的發展速度首次超過美國的發展速度。

Our broad-based development continues to be driven by healthy unit economics, significant white space and our world-class franchise partners who are committed to growth. This global development momentum, coupled with the visibility we have into our development pipeline, gives us line of sight to deliver unit growth within our long-term growth algorithm range of 4% to 5%.

我們廣泛的發展繼續受到健康的單位經濟、重要的空白空間和我們致力於增長的世界級特許經營合作夥伴的推動。這種全球發展勢頭，加上我們對開發管道的可見性，使我們能夠在 4% 至 5% 的長期增長算法範圍內實現單位增長。

Next, I'll provide an update on our balance sheet and liquidity position. Our capital priorities remain unchanged: invest in the business, maintain a healthy balance sheet, pay a competitive dividend and return the remaining excess cash to shareholders via share repurchases. We ended the quarter with cash and cash equivalents of $412 million, excluding restricted cash.

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。我們的資本優先事項保持不變：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。我們在本季度末的現金和現金等價物為 4.12 億美元，不包括受限制的現金。

On April 1, we closed on a new $1 billion, 5.375% YBI bond due in 2032. The majority of the proceeds were used to call our $600 million, 7.75% YBI bond due in 2025. We closed the quarter in line with our net leverage target of 5x. We have a well-positioned capital structure and debt guideline for a high inflation environment, considering approximately 94% of our debt is fixed with no significant maturities for the next 3 years.

4 月 1 日，我們完成了新的 10 億美元、利率為 5.375%、於 2032 年到期的 YBI 債券。大部分收益用於贖回我們於 2025 年到期的 6 億美元、利率為 7.75% 的 YBI 債券。我們在本季度結束時與我們的淨額一致5倍的槓桿目標。考慮到我們大約 94% 的債務是固定的，未來 3 年沒有重大到期日，我們有一個適合高通脹環境的資本結構和債務指導方針。

Capital expenditures for the quarter, net of refranchising proceeds, were $38 million. Our full year expectation for $250 million in net capital expenditures remains unchanged, now reflecting $65 million in refranchising proceeds and up to $315 million in gross CapEx.

本季度的資本支出（扣除特許經營收益）為 3800 萬美元。我們對 2.5 億美元淨資本支出的全年預期保持不變，現在反映了 6500 萬美元的特許經營收益和高達 3.15 億美元的總資本支出。

With respect to our share buyback program, during the quarter, we repurchased 1.3 million shares at an average share price of $118 per share, totaling approximately $150 million.

關於我們的股票回購計劃，在本季度，我們以每股 118 美元的平均股價回購了 130 萬股，總計約 1.5 億美元。

In closing, I'm pleased with the resilience of our performance in the quarter. The structural advantages of our globally diversified, highly franchised business model and our unmatched scale uniquely position us to navigate complex and uncertain macro environments with incredible stability. I remain confident that our global portfolio provides investors a high-quality, defensive growth opportunity with visibility into consistent compounding returns.

最後，我對本季度業績的彈性感到滿意。我們全球多元化、高度特許經營的商業模式的結構優勢和無與倫比的規模使我們能夠以令人難以置信的穩定性駕馭複雜和不確定的宏觀環境。我仍然相信，我們的全球投資組合為投資者提供了一個高質量、防禦性的增長機會，並且可以看到持續的複合回報。

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。

Our first question comes from David Tarantino from Baird.

我們的第一個問題來自 Baird 的 David Tarantino。

My question, David, is about just the overall macro environment you're seeing. And I know there's a lot of talk about pressures on consumer spending and potentially a global recession. And my question for you is, one, if you could share your thoughts on where we stand relative to that debate. And then any insights on how you're planning the business now versus maybe you were at the start of the year in light of some of those pressures?

我的問題，大衛，只是關於你所看到的整體宏觀環境。而且我知道有很多關於消費者支出壓力和潛在全球衰退的討論。我的問題是，一個，如果你能分享你對我們相對於那場辯論的立場的看法。然後，鑑於其中一些壓力，您現在如何規劃業務，而不是您在年初時如何規劃業務的任何見解？

Sure. Thank you, David. I commented on the last earnings call, and I think it remains true today. This is truly one of the most complex environments we've ever seen in our industry to operate in because we're not just dealing with economic issues like inflation and lapping stimulus and things like that, but also the social issues of people returning to mobility after lockdown working from home, and just the change in consumer patterns or just to mention a few.

當然。謝謝你，大衛。我在上次財報電話會議上發表了評論，我認為今天仍然如此。這確實是我們在行業中見過的最複雜的運營環境之一，因為我們不僅要處理通貨膨脹和刺激刺激等經濟問題，還要處理人們重返流動性的社會問題在家工作鎖定後，以及消費者模式的變化或僅舉幾例。

So against that incredibly complex backdrop, I think these issues play out differently in each market. So it's very hard to talk about generalities with the consumer. But one generality we're seeing internationally is really the emerging market consumer is returning. We mentioned the 22% increase ex China in our emerging markets. Obviously, that's a flip from early in the pandemic when those markets were hit hard. We like that tailwind in our business, and I think that, that's going to help lift us as we go and developed markets are fairly stable on overall performance as well.

因此，在這種極其複雜的背景下，我認為這些問題在每個市場上的表現都不同。所以很難與消費者談論一般性。但我們在國際上看到的一個普遍現像是新興市場消費者正在回歸。我們提到了新興市場除中國外增長了 22%。顯然，這與大流行初期那些市場受到重創時的情況有所不同。我們喜歡我們業務的順風，我認為這將有助於我們前進，發達市場的整體表現也相當穩定。

But in terms of the global consumer, we do think they're getting more cautious. We are leaning more in on value offerings all around the world, and that also is playing out in the United States. If you look at the U.S. I think what's happened over the last quarter is this -- the low-income consumer pulling back has become more pronounced. We've seen that in our business and we're reacting accordingly. So we know the formula to win in any environment for us is to have a lot of brand buzz, to have product news and to have great value. You got to -- you can't pick one of those things, you got to deliver on all three. So when you ask how we're planning, that's how we're planning and making sure in particular that we have the value offerings. Taco Bell is a great example of it this quarter when they obviously had a great brand buzz with the Mexican Pizza LTO, and that was also a great product news.

但就全球消費者而言，我們確實認為他們變得更加謹慎。我們更多地關注世界各地的價值產品，這也在美國發揮作用。如果你看看美國，我認為上個季度發生的事情是這樣的——低收入消費者的回落變得更加明顯。我們已經在我們的業務中看到了這一點，我們正在做出相應的反應。因此，我們知道在任何環境中獲勝的秘訣是擁有大量的品牌知名度、產品新聞和巨大的價值。你必須——你不能選擇其中之一，你必須交付所有三個。因此，當您問我們如何規劃時，這就是我們正在規劃的方式，並特別確保我們擁有價值產品。 Taco Bell 就是本季度的一個很好的例子，他們顯然在墨西哥披薩 LTO 上引起了很大的品牌轟動，這也是一個很好的產品新聞。

But not to be left behind you, they did a great job on value with the cravings menu and the $2 Burrito offerings. All of that added up to a blowout quarter for Taco Bell, obviously. And we think we can win and thrive in any environment. So the changes in consumer behavior are really going to get us off our game. If we stick to our formula, we know we can win.

但不要落後於你，他們在渴望菜單和 2 美元的墨西哥捲餅產品方面做得很好。顯然，所有這些加起來對塔可鐘來說是一個井噴的季度。我們認為我們可以在任何環境中獲勝並茁壯成長。因此，消費者行為的變化真的會讓我們脫離遊戲。如果我們堅持我們的公式，我們知道我們可以贏。

Our next question comes from Sara Senatore from Bank of America.

我們的下一個問題來自美國銀行的 Sara Senatore。

I just wanted to ask a bit about some of the technology that you mentioned, and specifically having some of these systems in other markets. Could you just talk about the value of having global platforms? Is it that you can leverage some of the development costs? Or are there other operational benefits? And then specifically to Dragontail, is this something that can help you partner with third-party aggregators to help solve some of the delivery bottlenecks that you have in terms of allocating orders between in-house delivery and aggregators. So just a little more color on that and the labor shortage.

我只是想問一下你提到的一些技術，特別是在其他市場上擁有一些這些系統。您能談談擁有全球平台的價值嗎？您是否可以利用一些開發成本？還是有其他運營優勢？然後特別是對於 Dragontail，這是否可以幫助您與第三方聚合器合作，以幫助解決您在內部交付和聚合器之間分配訂單方面遇到的一些交付瓶頸。因此，在這和勞動力短缺問題上再多一點色彩。

Yes. Thanks, Sara. Our digital strategy continues to work. We like just about everything about those nearly $6 billion in digital sales. And we continue to progress, the nearly $6 billion even came after removing the Russia sales. Russia had a strong digital market. So it gives you a sense that our digital business continues to thrive.

是的。謝謝，薩拉。我們的數字戰略繼續有效。我們幾乎喜歡這近 60 億美元的數字銷售額。而且我們還在繼續進步，這近 60 億美元甚至是在剔除俄羅斯的銷售額之後。俄羅斯擁有強大的數字市場。因此，它讓您感覺我們的數字業務繼續蓬勃發展。

The 40% digital mix tells you that the customers are seeing the value and the easy experiences that we're providing. So even as they're starting to come back to the dining rooms more and more, they're continuing to interact with us in a digital manner.

40% 的數字組合告訴您，客戶正在看到我們提供的價值和輕鬆體驗。因此，即使他們開始越來越多地回到餐廳，他們仍在繼續以數字方式與我們互動。

And then you touched on the operational benefits, which is really part of our easy operations plan in our digital strategy and how technologies like Dragontail are helping us to operate better. Dragontail, we mentioned, continues to expand. Our franchisees continue to adopt Dragontail in a number of markets. We're now up to 28 markets, north of 3,300 stores that employ Dragontail. Whenever we implement, we see a significant improvement in customer experience. And you hit on the exact -- one of the exact places where we see that benefit is coordinating those delivery orders and ensuring that we have a fresh product coming right on the oven or the fryer because we're now in 3 KFC markets right at the time when the delivery driver gets to the restaurant. That's what helps us to get a fresher, hotter product to the customer.

然後您談到了運營優勢，這實際上是我們數字戰略中輕鬆運營計劃的一部分，以及 Dragontail 等技術如何幫助我們更好地運營。我們提到，Dragontail 繼續擴張。我們的加盟商繼續在多個市場採用 Dragontail。我們現在有多達 28 個市場，超過 3,300 家使用 Dragontail 的商店。每當我們實施時，我們都會看到客戶體驗的顯著改善。你準確地說——我們看到好處的確切地方之一是協調這些交付訂單，並確保我們有新鮮的產品直接放在烤箱或油炸鍋上，因為我們現在在 3 個肯德基市場送貨司機到達餐廳的時間。這就是幫助我們為客戶提供更新鮮、更熱的產品的原因。

But there are other benefits of Dragontail as well. You see that it helps to communicate the team members in the back of house when we're reaching a peak period in the restaurant, for example, and they can move into different operating modes to respond to that. We've been doing lots of piloting in additional markets including here in the U.S., and we're going to continue to push Dragontail.

但 Dragontail 還有其他好處。例如，當我們到達餐廳的高峰期時，您會看到它有助於與後台的團隊成員進行溝通，並且他們可以進入不同的操作模式來應對這種情況。我們已經在包括美國在內的其他市場進行了大量試點，我們將繼續推動 Dragontail。

Of course, that also speaks to the fact that our franchisees see the value in it. They only implement this when they see the value working in their stores and in their restaurants. So we continue to be very confident in our digital strategy and continue to invest, but believe we're getting a high return on that investment.

當然，這也說明我們的加盟商看到了其中的價值。只有當他們看到商店和餐廳的價值時，他們才會實施這一點。因此，我們繼續對我們的數字戰略充滿信心並繼續投資，但相信我們將從這項投資中獲得高回報。

Our next question is from David Palmer from Evercore ISI.

我們的下一個問題來自 Evercore ISI 的 David Palmer。

Phenomenal quarter from Taco Bell. I wanted to ask about Pizza Hut and KFC in the U.S. That quarter probably would be peak for family meal demand comparisons and stimulus comparisons. And I would also guess that the food costs would be peaking in that quarter as well, making it -- correct me if I'm wrong, but I just wondered, you made some commentary about how the quarter progressed for those brands, but I wanted to get your -- maybe you could add some more detail about the outlook for those domestic brands, both in sales and also franchisee cash flow.

塔可鐘的非凡區。我想問一下美國的必勝客和肯德基。那個季度可能是家庭用餐需求比較和刺激比較的高峰期。而且我還猜想食品成本也會在那個季度達到頂峰，如果我錯了，請糾正我，但我只是想知道，你對這些品牌的季度進展做了一些評論，但我想要得到你的 - 也許你可以添加一些關於這些國內品牌前景的更多細節，包括銷售和特許經營商現金流。

Thanks, David. Yes, obviously, we had a difficult lap in the U.S. in Q2 basically lapping stimulus. KFC was also lapping the launch of the chicken sandwich. I think we did comment in the prepared remarks that the cadence during the quarter for KFC got better as the quarter evolved. And then at the end of the quarter, they launched Mac & Cheese Bowls to more directly address the value issue I talked about earlier.

謝謝，大衛。是的，顯然，我們在第二季度在美國經歷了艱難的一圈，基本上是刺激措施。肯德基也在籌備雞肉三明治的推出。我認為我們確實在準備好的評論中評論說，隨著季度的發展，肯德基在本季度的節奏變得更好。然後在本季度末，他們推出了 Mac & Cheese Bowls，以更直接地解決我之前談到的價值問題。

Same thing with Pizza Hut. As the quarter went on, they introduced a $6.99 pairs deal. Both of those have launched well. And look, it's hard to predict anything, but I tend to agree with your statement that we're probably past peak inflation and obviously, the lap that we had in the quarter was one of the most difficult we've ever had at Yum!. We were lapping a plus 23% on a global basis. So the fact that we came out of that quarter with positive sales was really encouraging.

必勝客也是如此。隨著本季度的進行，他們推出了 6.99 美元的配對交易。兩者都推出得很好。看，很難預測任何事情，但我傾向於同意你的說法，即我們可能已經過了通脹高峰，顯然，我們在本季度的單圈是我們在百勝遇到的最困難的一圈！ .在全球範圍內，我們的研磨量增加了 23%。因此，我們在那個季度取得了積極的銷售額這一事實確實令人鼓舞。

Our next question is from Andrew Charles from Cowen.

我們的下一個問題來自 Cowen 的 Andrew Charles。

David, excluding Yum!'s exit from Russia, it was another robust quarter for global development of 6% and as you sit here today, with long-term annual guidance for 4% to 5% (inaudible) development. Speaking to the broad-based strength and diversity of historic development, do you need to see to help raise more guidance?

大衛，不包括 Yum! 從俄羅斯的退出，這是全球發展 6% 的又一個強勁季度，正如您今天坐在這裡，長期年度指導為 4% 到 5%（聽不清）的發展。談到歷史發展的廣泛力量和多樣性，您是否需要幫助提出更多指導意見？

Look, I appreciate you highlighting the development piece. We've been talking about a lot. And obviously, we just continue to put up great numbers on the development front.

看，我感謝您強調開發部分。我們已經談了很多。顯然，我們只是繼續在開發方面提供大量數據。

One of the things I'm really encouraged about in the quarter and really for the year is, first of all, we're up year-over-year on net new unit openings for the first half of the year. We're also up in terms of the mix of where those openings are coming from, with more development coming from outside of China, which is historically obviously been our biggest developer. So the development is becoming more widespread. To answer your question about what do we need to see to think about raising guidance, we want to see a continuation of that trend, continuation of building the pipeline for future years. But certainly, development, a real highlight of the quarter. It was widespread in terms of a number of countries. And we're also seeing the Pizza Hut and Taco Bell start to play a bigger role in our development formula as well as have it down the road.

在本季度和今年真正讓我感到鼓舞的一件事是，首先，我們上半年的淨新單位開張量同比增長。我們在這些空缺的來源方面也有所上升，更多的開發來自中國以外的地區，從歷史上看，中國顯然是我們最大的開發商。所以發展越來越廣泛。為了回答你關於我們需要看到什麼來考慮提高指導的問題，我們希望看到這種趨勢的延續，繼續為未來幾年建立管道。但可以肯定的是，發展是本季度的真正亮點。它在一些國家很普遍。我們還看到必勝客和塔可鐘開始在我們的發展模式中發揮更大的作用，並在未來發展。

So we think we're going to have even more diversity in our development as we move forward. We're obviously cautious in this environment though as we've learned over the last 2.5 years in terms of what it means for our business. So at the appropriate time, we'll relook at our guidance.

因此，我們認為隨著我們的前進，我們的發展將更加多樣化。儘管我們在過去 2.5 年中了解到這對我們的業務意味著什麼，但我們顯然對這種環境持謹慎態度。因此，在適當的時候，我們將重新審視我們的指導。

Obviously, the other impressive thing for the quarter is not only did we lose the Russia units that are in our unit count, but we also lost the planned development for Russia, which I don't think people think about. We were supposed to open over 100 units this quarter. But yet, we're still sticking with being able to hit our range and being inside of hitting the range of 4% to 5% unit growth despite all of those enormous headwinds.

顯然，本季度另一個令人印象深刻的事情是，我們不僅失去了我們單位數量中的俄羅斯單位，而且我們還失去了俄羅斯的計劃發展，我認為人們不會想到這一點。我們本應在本季度開設 100 多個單位。但是，儘管有所有這些巨大的逆風，我們仍然堅持能夠達到我們的範圍並在達到 4% 到 5% 的單位增長范圍內。

Our next question is from John Glass from Morgan Stanley.

我們的下一個問題來自摩根士丹利的約翰·格拉斯。

On Taco Bell, if you're willing, can you talk about either the benefit to comps from the Mexican Pizza or the percent mix or something so we can get a sense of how that contributed to the sales? And how do you think about sustainability once that promotion has ended? Maybe you could talk about day parts. Have you seen strength or weakness in certain day parts? And maybe if there's been a change in usage of the value menu, maybe you're getting a benefit from trade down to those value items. Any other color just on how we think about sustainability of Taco Bell beyond this quarter?

在 Taco Bell 上，如果您願意，您能否談談墨西哥比薩餅對補償的好處或混合百分比之類的東西，以便我們了解這對銷售有何貢獻？一旦促銷結束，您如何看待可持續性？也許你可以談談白天的部分。您是否在某些日子看到過強或弱？也許如果價值菜單的使用發生了變化，也許你會從這些價值項目的交易中受益。關於我們如何看待本季度之後 Taco Bell 的可持續性的任何其他顏色？

Sure. Thanks, John. I mentioned this earlier, but really, the benefit of things like the Mexican Pizza is the connection it has with consumers, the love they have for the product and the halo it provides to the brand. It's just as much about the buzz that, that creates and the relevance it creates for our brand as it is about the discrete amount of sales that we had during the week or 2 that we have the product in-store. And I think that is really our formula. We have got to be the most relevant brands in the industry and connecting with consumers the way Taco Bell has done in Q2. And you can see the results when that happens.

當然。謝謝，約翰。我之前提到過，但實際上，像墨西哥比薩這樣的東西的好處是它與消費者的聯繫，他們對產品的熱愛以及它為品牌提供的光環。這與我們的品牌創造的嗡嗡聲及其相關性一樣重要，因為它與我們在店內銷售產品的一周或兩週內的離散銷售量有關。我認為這確實是我們的公式。我們必須成為業內最相關的品牌，並像塔可鐘在第二季度所做的那樣與消費者建立聯繫。當發生這種情況時，您可以看到結果。

So to answer your question, it really wasn't about the exact sales during that period of time contributing to the quarter, as much as it was just how relevant and connected to pop culture and our consumers Taco Bell is, the way they brought the Mexican Pizza back, the way they marketed it. But certainly, there's a love for the product, and we know when we introduced it in the fall that we will get actual discrete sales benefit that might translate into a couple of points of sales.

因此，要回答您的問題，這實際上與該季度貢獻的那段時間內的確切銷售額無關，而是與流行文化和我們的消費者 Taco Bell 的相關性和聯繫程度，以及他們帶來墨西哥披薩回來了，他們的營銷方式。但可以肯定的是，人們對這款產品很感興趣，而且我們知道當我們在秋季推出它時，我們將獲得實際的離散銷售收益，這可能會轉化為幾個銷售點。

Our next question is from Jon Tower at Citi.

我們的下一個問題來自花旗的 Jon Tower。

I just had a question on the expansion on the 3PD with Pizza Hut U.S. I'm curious obviously, the number of restaurants opting in has moved up quarter-over-quarter. Just curious if you can give us some sort of insights as to how that's performing for the brand with respect to contribution from a same-store sales standpoint or even getting the message out there to consumers more broadly about the brand's value.

我剛剛對美國必勝客在 3PD 上的擴張提出了疑問。顯然我很好奇，選擇加入的餐廳數量環比增長了四分之一。只是好奇您是否可以就品牌在同店銷售的貢獻方面的表現，甚至更廣泛地向消費者傳達有關品牌價值的信息，向我們提供一些見解。

And then separately, I believe that the company is pushing a -- or the brand is pushing a $6.99 carryout promotion right now. Is that something that the company views it in LTO or more of a permanent fixture on the menu to address value?

然後分開，我相信該公司正在推動 - 或者該品牌現在正在推動 6.99 美元的結轉促銷。公司在 LTO 中是否將其視為菜單上的永久固定裝置，以解決價值問題？

Yes. Thanks, Jon. I'll take, first, the expansion of the delivery partnerships. As we said in Q1, we saw a similar dynamic in Q2 where we believe we've got not as much of a demand problem. Demand remains strong. Our carryout business was up strongly, but we saw declines again in the delivery business. And so that's what we're focused on addressing it, the availability of drivers to deliver the product whenever a customer wants to order through that channel. We talked about last quarter, we were starting to implement changes. Some of those are internal where we're changing things like our hiring practices to make a faster hiring process because that's what folks who are in the market for driving jobs look for.

是的。謝謝，喬恩。首先，我將擴大交付合作夥伴關係。正如我們在第一季度所說，我們在第二季度看到了類似的動態，我們認為我們沒有遇到那麼多需求問題。需求依然強勁。我們的結轉業務強勁增長，但交付業務再次下滑。這就是我們專注於解決它的問題，即每當客戶想要通過該渠道訂購時，驅動程序的可用性。我們談到了上個季度，我們開始實施變革。其中一些是內部的，我們正在改變諸如招聘實踐之類的事情，以加快招聘流程，因為這正是市場上從事推動工作的人們所尋求的。

But we also talked about how the partnerships with aggregators can help us as well. So if you think about the 55% where we ended the quarter on delivery as a service, that was an expansion throughout the quarter. The 70% on marketplaces, that number represents 70% who were on at least one marketplace. We only have about 35% who are on multiple marketplaces. So we still got further to go on implementing marketplaces across the business. But if we look at the franchisees who've implemented both of those, they're running mid-single digits ahead of those who haven't. So we're continuing to see an impact here from reaching incremental customers and from giving us that delivery capacity that we need to serve that channel.

但我們也談到了與聚合器的合作夥伴關係也可以如何幫助我們。因此，如果您考慮到我們在本季度結束時以服務形式交付的 55%，那麼這就是整個季度的擴張。市場上的 70%，這個數字代表 70% 的人至少在一個市場上。我們只有大約 35% 的人在多個市場上。因此，我們仍然需要進一步在整個業務中實施市場。但是，如果我們看看已經實施了這兩項的特許經營商，他們的運行速度比那些沒有的特許經營商高出中個位數。因此，我們在這裡繼續看到影響增加的客戶以及為我們提供服務該渠道所需的交付能力。

On the $6.99 promotion, really what that reflects, going back to David's point on the state of the consumer in the U.S., we know we've got to have value options and more full-range pricing on the menu. And this was a move by the team to give that value to the customers who needed it and to just give us a little bit more breadth and range on menu prices. So we still have great craveable products that they can trade up to, but we also want to have value there for the customers who are looking for it.

在 6.99 美元的促銷活動中，這確實反映了大衛關於美國消費者狀況的觀點，我們知道我們必須在菜單上提供價值選擇和更全面的定價。這是團隊的一項舉措，旨在為需要它的客戶提供價值，並為我們提供更多菜單價格的廣度和範圍。所以我們仍然有他們可以交易的很棒的令人渴望的產品，但我們也希望為正在尋找它的客戶提供價值。

Our next question comes from Dennis Geiger, UBS.

我們的下一個問題來自瑞銀的丹尼斯蓋格。

Just wondering if you could speak a bit more to the international business. And perhaps at a high level, where do you think you are now from a recovery standpoint relative to thinking about some of the macro challenges out there, particularly in the emerging markets ex China?

只是想知道你是否可以多談談國際業務。也許在較高的層面上，相對於考慮一些宏觀挑戰，特別是在中國以外的新興市場，您認為您現在處於復甦的哪個階段？

Yes. Obviously, we're excited about the growth in international and the future for our international business. In particular, Taco Bell, you saw they put up over 30% system sales growth. The development machine at Taco Bell is really hitting on all cylinders internationally. And we're proving that with focused effort, the right team against -- Julie Masino and her team are doing an amazing job, the right franchise partners, that we can get to scale that needs Taco Bell International markets, and they can be massive growth drivers for Yum!. We should get to the end of the year with over 4 markets at the 100-plus unit count, which that's what we know to be the tipping point for really accelerated growth down the road.

是的。顯然，我們對國際業務的增長和國際業務的未來感到興奮。特別是 Taco Bell，您看到他們的系統銷售增長超過 30%。 Taco Bell 的開發機器確實在國際上大放異彩。我們正在證明，通過集中精力，正確的團隊對抗——朱莉·馬西諾和她的團隊正在做得非常出色，正確的特許經營合作夥伴，我們可以擴大規模，需要塔可鍾國際市場，他們可以是巨大的Yum! 的增長動力！到今年年底，我們應該擁有超過 4 個市場，數量超過 100 個，這就是我們知道的未來真正加速增長的轉折點。

But in general, international is really a tale of a lot of different stories. And you're seeing that best exemplified by -- China is still in lockdown, and we're -- it's hard to sell product when you have a lot of the market locked down.

但總的來說，國際確實是一個包含許多不同故事的故事。你會看到最好的例證——中國仍處於封鎖狀態，而我們——當你有很多市場被封鎖時，很難銷售產品。

But as I mentioned earlier, the exciting thing is that we've got -- 20% of our business is in emerging markets like China. That business is on fire. As we anticipated, it's recovering from COVID and lockdowns with increased mobility and new capabilities on the digital front that Chris talked about. And that's really driving our business there, and that should be a growth driver. And we should see the same thing play out in China down the road, all the while our developed markets remaining stable and growing and even coming off of some tough laps as they were doing better in the previous years.

但正如我之前提到的，令人興奮的是，我們有 20% 的業務在中國等新興市場。那個生意火了正如我們預期的那樣，它正在從 COVID 和鎖定中恢復，增加了移動性和 Chris 談到的數字前沿的新功能。這確實推動了我們在那裡的業務，這應該是增長的動力。我們應該看到同樣的事情在中國上演，同時我們的發達市場一直保持穩定和增長，甚至在過去幾年做得更好時經歷了一些艱難的考驗。

So I think it all sets up to be a nice growth driver for Yum! for many years to come.

所以我認為這一切都將成為百勝的良好增長動力！多年以後。

Yes. And so with that, I'm going to just close the call, thanking everybody for their time. Obviously, reiterating it was a strong quarter despite all these well-documented headwinds. If there's ever a quarter to demonstrate how resilient Yum! is and our business model is stronger than ever, this is it. The same themes continued from previous quarters with digital and development, both being really strong, and those teams are doing an amazing job. We've got this emerging market tailwind now that I just talked about.

是的。因此，我將結束通話，感謝大家的時間。顯然，儘管有所有這些有據可查的逆風，但重申這是一個強勁的季度。如果有一個季度可以證明百勝的韌性！是，我們的商業模式比以往任何時候都更強大，就是這樣。同樣的主題從前幾個季度延續到數字和開發，兩者都非常強大，而且這些團隊做得非常出色。就像我剛才談到的那樣，我們已經掌握了新興市場的順風。

And then Taco Bell, one of the things we didn't mention is they grew sales. They delivered 26% margins, and they did it with essentially flat trend. So all that pricing that they took, clearly still value for consumers, which bodes well for the future, up 20% versus pre-pandemic, up 20% at Taco Bell on a 3-year basis. So when you got 26% margins and you're up 20%, you got a lot of happy franchisees.

然後是塔可鐘，我們沒有提到的一件事是他們增加了銷售額。他們實現了 26% 的利潤率，而且趨勢基本持平。因此，他們採取的所有定價顯然仍然對消費者有價值，這對未來來說是個好兆頭，與大流行前相比上漲了 20%，在 Taco Bell 的 3 年基礎上上漲了 20%。因此，當您獲得 26% 的利潤率並且增長 20% 時，您就會得到很多快樂的加盟商。

And once again, amazing resilient business. This quarter demonstrates we can thrive in any environment. Thanks, everybody, for your time today.

再一次，驚人的彈性業務。本季度表明我們可以在任何環境中茁壯成長。謝謝大家，今天的時間。

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

今天的電話會議到此結束。非常感謝大家的加入。您現在可以斷開線路。