百勝餐飲集團 (YUM) 2021 Q4 法說會逐字稿

Good morning, and welcome to the Fourth Quarter 2021 Yum! Brands, Inc. Earnings Conference Call. (Operator Instructions) Please note this event is being recorded.

早上好，歡迎來到 2021 年第四季度 Yum！ Brands, Inc. 收益電話會議。 （操作員說明）請注意正在記錄此事件。

I would now like to turn the conference over to Jodi Dyer, Vice President, Investor Relations. Please go ahead.

我現在想將會議轉交給投資者關係副總裁 Jodi Dyer。請繼續。

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, 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； Dave Russell，我們的高級副總裁，公司財務總監。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. 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.

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。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. We will no longer be providing an update on temporary store closures as we ended Q4 with less than 1% of our stores temporarily closed. As a reminder, temporary store closures only include stores that were fully closed as of the end of the quarter but have or are expected to reopen. For more information on our reporting calendar for each market, please visit the Financial Reports section of our website.

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。由於我們在第四季度結束時只有不到 1% 的商店暫時關閉，因此我們將不再提供有關臨時關閉商店的最新信息。提醒一下，臨時關閉商店僅包括截至本季度末已完全關閉但已經或預計將重新開業的商店。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 in any future use of the recording.

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 the Form 10-K filing. First quarter earnings will be released on May 4, 2022, with the conference call on the same day.

我們想讓您了解即將到來的 Yum！投資者事件及以下。我們將在提交 10-K 表格時提供與我們受限集團資本結構中未償債務有關的披露。第一季度財報將於 2022 年 5 月 4 日發布，電話會議將在同一天發布。

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. As we reflect on 2021, I couldn't be prouder of the collective accomplishments of our world-class franchise partners and collaboration of our global teams, guided by our Recipe for Growth and Good. While the last 2 years have been the most challenging operating environment we've ever navigated, we exit 2021 stronger than ever with over 53,000 global restaurants.

謝謝你，喬迪，大家早上好。當我們回顧 2021 年時，我為我們世界級的特許經營合作夥伴的集體成就以及我們全球團隊的協作感到無比自豪，這些成就是在我們的成長和美好秘訣的指導下進行的。雖然過去 2 年是我們經歷過的最具挑戰性的運營環境，但我們在 2021 年的全球餐廳數量超過 53,000 家，比以往任何時候都更加強大。

Compared to 2019, we've nearly doubled our digital business. System sales have grown over $5.5 billion, and operating profit has grown over $200 million. Additionally, since 2019, we've added another iconic brand and closed on 3 technology acquisitions, all while launching our global Unlocking Opportunity Initiative with a $100 million commitment over 5 years investing in equity and inclusion, education and entrepreneurship, the cornerstones of our Recipe for Good.

與 2019 年相比，我們的數字業務幾乎翻了一番。系統銷售額增長超過 55 億美元，營業利潤增長超過 2 億美元。此外，自 2019 年以來，我們增加了另一個標誌性品牌並完成了 3 項技術收購，同時啟動了我們的全球解鎖機會計劃，承諾在 5 年內投資 1 億美元，投資於股權和包容、教育和創業，這是我們食譜的基石好。

In 2021, we opened 3,057 net new units, driven by 4,180 gross unit openings, with meaningful contributions from each of our brands, marking the strongest growth year in our history and setting an industry record for unit development. To put that into context, as the world's largest restaurant company, we opened a new restaurant on average every 2 hours. This speaks to the health of our business; iconic brands; capable, committed and well-capitalized franchise partners; and strong unit economics. This is yet another significant development milestone on our ongoing growth journey, providing customers with access to our brands through a variety of restaurant formats and on- and off-premise ordering channels.

2021 年，我們在 4,180 個總新單位的推動下，淨新開 3,057 個單位，每個品牌都做出了有意義的貢獻，這是我們歷史上增長最強勁的一年，並創造了單位發展的行業記錄。綜上所述，作為全球最大的餐飲公司，我們平均每 2 小時開一家新餐廳。這說明了我們業務的健康；標誌性品牌；有能力、有承諾且資本充足的特許經營合作夥伴；和強大的單位經濟學。這是我們持續增長之旅的又一個重要發展里程碑，通過各種餐廳形式和場內和場外訂購渠道為客戶提供訪問我們品牌的機會。

Now more than ever, we've leaned into the structural advantages of our diversified global portfolio by leveraging our unmatched global scale, sophisticated supply chains, marketing and consumer insights expertise and our growing digital and technology capabilities to fuel growth and deliver strong results. Even as dining room sales recovered throughout the year, we continued to grow our digital sales that reached a record $22 billion in fiscal 2021, an increase of approximately 25% over 2020, suggesting a more permanent shift to digital channels. We ended the year with over 45,000 restaurants offering delivery, representing more than a 25% increase year-over-year. We galvanized our digital and technology strategy and accelerated the development of our ecosystem with both internal investments and the closing of the Kvantum, Tictuk and Dragontail acquisitions.

現在，我們比以往任何時候都更傾向於利用我們無與倫比的全球規模、成熟的供應鏈、營銷和消費者洞察專業知識以及我們不斷增長的數字和技術能力來推動增長並取得強勁業績，從而充分利用我們多元化全球投資組合的結構優勢。即使餐廳銷售額全年恢復，我們的數字銷售額繼續增長，在 2021 財年達到創紀錄的 220 億美元，比 2020 年增長約 25%，這表明我們將更持久地轉向數字渠道。到年底，我們有超過 45,000 家餐廳提供外賣服務，同比增長超過 25%。我們通過內部投資和完成對 Kvantum、Tictuk 和 Dragontail 的收購，激發了我們的數字和技術戰略，並加速了我們生態系統的發展。

Our teams remain focused on elevating the customer experience, expanding our off-premise capabilities and empowering our team members with tools to make it easier to run our restaurants, all ultimately fueling improved unit economics. Expectations of our customers, team members and franchisees have forever changed due to the experiences over the past 2 years, and we continue to challenge ourselves to exceed their rising bar. I'm confident we're poised to lead the industry as we embark on the next chapter of our growth journey.

我們的團隊仍然專注於提升客戶體驗，擴展我們的場外能力，並為我們的團隊成員提供工具，使我們的餐廳更容易經營，所有這些最終都推動了單位經濟的改善。由於過去 2 年的經驗，我們的客戶、團隊成員和加盟商的期望發生了永遠的變化，我們繼續挑戰自己以超越他們不斷上升的標準。我相信，隨著我們踏上增長之旅的新篇章，我們已準備好引領行業。

Today, I'll discuss our 2021 results showcasing a few examples across our brands for 2 of the 4 pillars in our Recipe for Growth: our Relevant, Easy and Distinctive Brands, or R.E.D. for short; and our Unrivaled Culture and Talent. Then I'll share progress on our Recipe for Good. Chris will share our fourth quarter results and provide an update on the other 2 pillars of our Recipe for Growth, Bold Restaurant Development and Unmatched Operating Capability, as well as an update on our strong balance sheet position and capital allocation strategy.

今天，我將討論我們 2021 年的業績，展示我們品牌中的幾個例子，展示我們增長秘訣中 4 個支柱中的 2 個：我們的相關、簡單和獨特的品牌，或 R.E.D.簡稱；以及我們無與倫比的文化和人才。然後，我將分享我們的“良方食譜”的進展。克里斯將分享我們第四季度的業績，並提供我們的增長秘訣、大膽的餐廳發展和無與倫比的運營能力的其他兩個支柱的更新，以及我們強大的資產負債表狀況和資本配置策略的更新。

To begin, full year 2021 system sales grew 13% with same-store sales growth of 10% or 3% on a 2-year basis and 6% unit growth. Each of our brands recorded positive same-store sales growth for the year and contributed to broad-based development strength. Full year core operating profit increased 18%, driven by same-store sales growth and the impact of unit development throughout the year.

首先，2021 年全年系統銷售額增長 13%，同店銷售額在 2 年基礎上增長 10% 或 3%，單位銷售額增長 6%。年內，我們各品牌的同店銷售額均錄得正增長，並為廣泛的發展實力作出貢獻。全年核心營業利潤增長 18%，受全年同店銷售增長和單位發展影響的推動。

As we ended the year, COVID outbreaks and resulting government restrictions limiting mobility continued to impact sales in a few key markets, primarily in Asia, presenting a headwind to fourth quarter results. However, our sales momentum remained strong with continued global recovery as evidenced by our 2-year global same-store sales excluding Asia, up 10% on a 2-year basis, accelerating sequentially from last quarter.

到年底時，COVID 的爆發以及由此導致的限制流動性的政府限制繼續影響著幾個主要市場（主要是亞洲）的銷售，給第四季度的業績帶來了不利影響。然而，隨著全球持續復甦，我們的銷售勢頭保持強勁，我們的 2 年全球同店銷售額（不包括亞洲）在 2 年的基礎上增長 10%，比上一季度環比增長。

Next, I'll talk about our 4 R.E.D. brands. I'll begin with KFC, which accounts for 52% of our divisional operating profit. KFC full year 2021 system sales grew 16%, driven by 11% same-store sales growth and 8% unit growth. Q4 system sales increased 10% with 5% same-store sales growth or 3% on a 2-year basis. We continue to see ongoing recovery in emerging markets as evidenced by the fact that more than half of our 13 global KFC regions delivered system sales growth in excess of 25% for the full year.

接下來說說我們的 4 R.E.D.品牌。我將從肯德基開始，它占我們部門營業利潤的 52%。肯德基 2021 年全年系統銷售額增長 16%，受同店銷售額增長 11% 和單位增長 8% 的推動。第四季度系統銷售額增長 10%，同店銷售額增長 5%，或 2 年增長 3%。我們繼續看到新興市場的持續復甦，我們在全球 13 個肯德基地區中超過一半的地區全年系統銷售增長超過 25%，就證明了這一點。

KFC International Q4 same-store sales grew 6% or 2% on a 2-year basis. Sales remained strong throughout the quarter despite regional impacts from COVID variants, with momentum holding in many recovered markets more than offsetting heavily impacted markets including parts of Asia and Western Europe. Common themes fueling top line growth in the quarter include off-premise and digital capabilities, newsworthy products and a strong value offering.

肯德基國際第四季度同店銷售額在 2 年的基礎上增長了 6% 或 2%。儘管受到 COVID 變體的區域影響，整個季度的銷售仍然保持強勁，許多複蘇市場的勢頭保持強勁，足以抵消包括亞洲和西歐部分地區在內的受到嚴重影響的市場。推動本季度收入增長的共同主題包括場外和數字能力、具有新聞價值的產品和強大的價值產品。

KFC U.S. Q4 same-store sales grew 4% or 12% on a 2-year basis. Strong top line momentum was fueled by strength in group occasions, growth in the digital channel and the success of our chicken sandwich. The chicken sandwich continues to perform well for the business and now makes up roughly 9% of our sales mix as of Q4, a strong improvement from a 1% mix last year. Our sandwiches are served straight from the fryer and hot to our guests. We expect the chicken sandwich platform to continue to be a significant driver of our positive sales momentum for the business going forward.

肯德基美國第四季度同店銷售額在 2 年的基礎上增長了 4% 或 12%。團隊活動的實力、數字渠道的增長以及我們雞肉三明治的成功推動了強勁的收入增長勢頭。雞肉三明治的業務繼續表現良好，截至第四季度，它現在約占我們銷售組合的 9%，與去年的 1% 相比有了很大改善。我們的三明治直接從油炸鍋中取出，熱騰騰地送給我們的客人。我們預計雞肉三明治平台將繼續成為我們未來業務積極銷售勢頭的重要推動力。

Next, Taco Bell, which accounts for 32% of our divisional operating profit. Before delving into results, I'd like to congratulate the entire Taco Bell system for ranking #1 in the Franchise 500 for the second year in a row, beating our peers as well as impressive concepts in other industries. Entrepreneur magazine, which produces this list, recognized Taco Bell for its franchisee collaboration and innovation. This recognition is further evidence of our intentionality to be the world's franchisor of choice.

接下來是塔可鐘，它占我們部門營業利潤的 32%。在深入研究結果之前，我要祝賀整個 Taco Bell 系統連續第二年在特許經營 500 強中排名第一，擊敗了我們的同行以及其他行業令人印象深刻的概念。製作這份榜單的《企業家》雜誌對塔可鐘的加盟商合作和創新給予了認可。這種認可進一步證明了我們有意成為全球首選的特許經營商。

Now I'll discuss our results for the year. Taco Bell full year 2021 system sales grew 13%, driven by 11% same-store sales growth and 5% unit growth. Fourth quarter system sales grew 11% with same-store sales growth of 8% or 9% on a 2-year basis, reflecting an acceleration from Q3. Taco Bell kicked off the quarter by introducing the new Cantina Crispy Melt Taco and later in the quarter brought back the Grilled Cheese Burrito, featuring a grilled and bubbly blend of real cheddar, mozzarella and pepper jack cheeses. Additionally, the team kept value front and center with the launch of a new Crave More Value Menu featuring the $2 burritos.

現在我將討論我們今年的結果。 Taco Bell 2021 年全年系統銷售額增長 13%，這得益於 11% 的同店銷售額增長和 5% 的單位增長。第四季度系統銷售額同比增長 11%，同店銷售額同比增長 8% 或 9%，反映了第三季度的加速增長。 Taco Bell 通過推出新的 Cantina Crispy Melt Taco 拉開了本季度的序幕，並在本季度晚些時候帶回了烤奶酪捲餅，其中包括真正的切達干酪、馬蘇里拉奶酪和胡椒傑克奶酪的烤製和起泡混合。此外，該團隊推出了新的“渴望更多價值”菜單，其中包含 2 美元的墨西哥捲餅，將價值放在首位和中心位置。

In addition, we launched a new lineup of toasted breakfast burritos as a way to welcome customers back to our breakfast daypart. Taco Bell fans continue to adopt digital ordering channels as we set digital sales records in both the U.S. and international this year. We will continue to bring distinctive products to life through our digital channels with early access to new products, digital-only campaigns and loyalty rewards.

此外，我們推出了新的烤早餐捲餅系列，以歡迎顧客回到我們的早餐時段。隨著我們今年在美國和國際上創下數字銷售記錄，塔可鐘粉絲繼續採用數字訂購渠道。我們將繼續通過我們的數字渠道將獨特的產品帶入生活，提前獲得新產品、僅限數字的活動和忠誠度獎勵。

Moving on to Pizza Hut, which accounts for 16% of our divisional operating profit. Full year 2021 system sales grew 6%, driven by 7% same-store sales growth and 4% unit growth. Q4 system sales grew 4% with same-store sales growth of 3% or 2% on a 2-year basis. Overall, we saw an inflection in the growth trajectory of the Pizza Hut brand this year, a testament to the hard work of our team members and franchise operators and a reflection of the overall health of the system.

轉到必勝客，它占我們部門營業利潤的 16%。受同店銷售額增長 7% 和單位銷售額增長 4% 的推動，2021 年全年系統銷售額增長 6%。 Q4 系統銷售額增長 4%，同店銷售額連續兩年增長 3% 或 2%。總體而言，我們看到今年必勝客品牌的增長軌跡出現了轉折，這證明了我們團隊成員和特許經營者的辛勤工作，也反映了系統的整體健康狀況。

Pizza Hut International Q4 same-store sales grew 4% while same-store sales declined 3% on a 2-year basis. Key markets that contributed strong performance in the quarter included Africa, Canada, India and the U.K. The brand remains focused on emphasizing easy through embracing continued growth in off-premise channels through utilization of both first- and third-party delivery networks.

必勝客國際第四季度同店銷售額增長 4%，而同店銷售額連續兩年下降 3%。在本季度貢獻強勁表現的主要市場包括非洲、加拿大、印度和英國。該品牌仍然專注於通過利用第一方和第三方交付網絡來擁抱場外渠道的持續增長來強調輕鬆。

Pizza Hut U.S. Q4 same-store sales grew 1% or 10% on a 2-year basis. The team continues to bring iconic pizza that customers love to market in relevant and distinctive ways. In the fourth quarter, Pizza Hut received strong recognition for an influencer-based marketing campaign that resulted in Pizza Hut being named a 2021 culture driver by TikTok. Additionally, we brought back a fan favorite, the Triple Treat Box, offering customers a convenient and value-oriented family meal option which drove sales in the quarter.

必勝客美國第四季度同店銷售額在 2 年的基礎上增長了 1% 或 10%。該團隊繼續以相關且獨特的方式將客戶喜愛的標誌性披薩推向市場。第四季度，必勝客因基於影響者的營銷活動獲得了強烈認可，該營銷活動使必勝客被 TikTok 評為 2021 年文化驅動力。此外，我們帶回了粉絲最喜歡的三重禮盒，為客戶提供方便且以價值為導向的家庭用餐選擇，從而推動了本季度的銷售。

Lastly, the Habit Burger Grill achieved full year 2021 system sales growth of 24%, driven by a 16% same-store sales growth and 11% unit growth. Q4 system sales increased 20% with 11% same-store sales growth or 5% on a 2-year basis. To showcase their chef-inspired innovations, The Habit Burger Grill reintroduced the Chicken Caprese Sandwich on garlic ciabatta bread with garlic aioli during the quarter. As dining rooms have reopened over the course of the year, Habit team members welcomed customers back into the restaurants while continuing to serve customers through their digital and off-premise channels.

最後，Habit Burger Grill 在 16% 的同店銷售額增長和 11% 的單位增長的推動下，實現了 2021 年全年系統銷售額增長 24%。第 4 季度系統銷售額增長 20%，同店銷售額增長 11%，或 2 年增長 5%。為了展示他們受廚師啟發的創新，The Habit Burger Grill 在本季度重新推出了雞肉卡普雷塞三明治，配以蒜香夏巴塔麵包和蒜泥蛋黃醬。隨著餐廳在一年中重新開放，Habit 團隊成員歡迎顧客回到餐廳，同時繼續通過他們的數字和場外渠道為顧客服務。

Now I'll discuss our Unrivaled Culture and Talent growth driver. The hallmark of Yum! is our people-first culture which drives retention and recruitment of amazing talent. We remain committed to growing our talent from within and recruiting top external talent, as you've seen from some of our recent internal promotions and leadership transitions.

現在我將討論我們無與倫比的文化和人才增長動力。百勝的標誌！是我們以人為本的文化，它推動了優秀人才的保留和招聘。正如您從我們最近的一些內部晉升和領導層換屆中看到的那樣，我們仍然致力於從內部培養我們的人才並招募外部頂尖人才。

This past quarter, we were excited to welcome former Nike Executive, Sean Tresvant, to serve as Taco Bell Chief Brand Officer, while former Nintendo Executive, Nick Chavez, joined KFC U.S. as Chief Marketing Officer. The past 2 years have allowed us to build a strong foundation centered on our culture, talent and unwavering relationships with our franchisees. The collaboration with our franchisees has never been more powerful as we're aligned more than ever on the future growth trajectory of the business.

在上個季度，我們很高興地歡迎前耐克高管肖恩特雷斯萬特擔任塔可鐘首席品牌官，而前任天堂高管尼克查韋斯加入肯德基美國擔任首席營銷官。在過去的 2 年裡，我們以我們的文化、人才和與加盟商的堅定關係為中心建立了堅實的基礎。與我們的特許經營商的合作從未像現在這樣強大，因為我們比以往任何時候都更加關注業務的未來增長軌跡。

Finally, I want to give an update on our Recipe for Good and the work we're doing around our 3 priority pillars: planet, food and people. When it comes to our planet pillar, 2021 was a milestone year. We announced science-based targets to reduce greenhouse gas emissions nearly 50% by 2030 and pledged to achieve net zero emissions by 2050. We are expanding our foundational requirements for green building standards for new unit builds and advancing our corporate office and company-owned restaurant footprint to renewable energy.

最後，我想介紹一下我們的“良方”以及我們圍繞 3 個優先支柱所做的工作：地球、食物和人。談到我們的星球支柱，2021 年是具有里程碑意義的一年。我們宣布了到 2030 年將溫室氣體排放量減少近 50% 的科學目標，並承諾到 2050 年實現淨零排放。我們正在擴大對新建單元綠色建築標準的基本要求，並推進我們的公司辦公室和公司自有餐廳可再生能源的足跡。

In terms of our food, we remain focused on food safety and listening and responding to customers' evolving preferences and improving the nutritional value of our menu items. We continue to introduce relevant and distinctive plant-based offerings from KFC's national launch of Beyond Fried Chicken in the U.S. to Pizza Hut offering Beyond Italian Sausage Crumbles in Canada.

在我們的食品方面，我們仍然專注於食品安全，傾聽並響應客戶不斷變化的偏好，並提高我們菜單項目的營養價值。從肯德基在美國全國推出 Beyond Fried Chicken 到必勝客在加拿大推出 Beyond Italian Sausage Crumbles，我們將繼續推出相關且獨特的植物性產品。

Finally, on the people front, we're committed to investing in Yum!'s social purpose focused on unlocking opportunities for our people and communities while championing equity, inclusion and belonging across all aspects of our business. Just last week, we announced the Yum! Franchise Accelerator, a groundbreaking partnership with the University of Louisville and Howard University to train and advance underrepresented minorities and women interested in building a career in the restaurant industry. Not only is this a priority for Yum! but unlocking opportunity remains a focus for our brands as well with the recent launch of the Taco Bell Business School.

最後，在人員方面，我們致力於投資 Yum! 的社會目標，專注於為我們的員工和社區釋放機會，同時在我們業務的各個方面倡導公平、包容和歸屬感。就在上週，我們宣布了百勝！ Franchise Accelerator 與路易斯維爾大學和霍華德大學建立了開創性的合作夥伴關係，旨在培訓和促進有興趣在餐飲業發展事業的少數族裔和女性。這不僅是百勝的首要任務！但隨著最近推出的塔可鐘商學院，釋放機會仍然是我們品牌的重點。

As a result of our elevated commitments and transparent disclosures, we've received notable recognition this quarter, including being named to the Dow Jones Sustainability Index North America for the fifth consecutive year and being named on Newsweek's ranking of America's Most Responsible Companies. I'm incredibly proud of our Recipe for Good and know that this work is more important than ever when it comes to building resilient and relevant brands for the future.

由於我們提高承諾和透明披露，我們在本季度獲得了顯著認可，包括連續第五年入選道瓊斯北美可持續發展指數，併入選《新聞周刊》美國最負責任公司排名。我為我們的良方食譜感到無比自豪，並且知道在為未來打造具有彈性和相關性的品牌方面，這項工作比以往任何時候都更加重要。

As I take a moment to reflect on the past 2 years, I'm extremely proud and grateful for the significant accomplishments and collaboration across our teams to both serve our customers and community while fueling growth for our franchisees and shareholders. We're entering 2022, which marks Yum!'s 25th anniversary, with confidence in our Recipe for Growth and Good strategies, and I'm energized for what lies ahead. I'm certain we'll continue to build the world's most loved, trusted and fastest growing restaurant brands while delivering lasting value for our stakeholders.

當我花點時間回顧過去 2 年時，我非常自豪和感謝我們團隊在為我們的客戶和社區服務的同時為我們的特許經營商和股東推動增長所取得的重大成就和協作。我們正在進入 2022 年，這標誌著 Yum! 成立 25 週年，我們對我們的成長秘訣和良好戰略充滿信心，我對未來充滿活力。我確信我們將繼續打造世界上最受喜愛、最值得信賴和發展最快的餐廳品牌，同時為我們的利益相關者提供持久的價值。

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 fourth quarter financial results, Bold Restaurant Development and Unmatched Operating Capability as well as our strong balance sheet position and capital allocation strategy. I'll begin by discussing our financial results.

謝謝你，大衛，大家早上好。今天，我將討論我們第四季度的財務業績、大膽的餐廳發展和無與倫比的運營能力，以及我們強大的資產負債表狀況和資本配置策略。我將首先討論我們的財務業績。

We finished the year strong, opening a record-breaking 4,180 gross units or 3,057 net new units, resulting in 6% unit growth for full year 2021. A robust 10% same-store sales growth helped us achieve 13% system sales growth, driving full year core operating profit growth of 18%. That is a tremendous outcome given the inflation, labor, supply chain and consumer mobility challenges our brands faced in the back half of the year, particularly in Q4.

我們以強勁的勢頭結束了這一年，開出創紀錄的 4,180 個總單位或 3,057 個淨新單位，使 2021 年全年單位增長 6%。強勁的 10% 同店銷售增長幫助我們實現了 13% 的系統銷售增長，推動全年核心營業利潤增長18%。鑑於我們的品牌在今年下半年（尤其是第四季度）面臨的通貨膨脹、勞動力、供應鍊和消費者流動性挑戰，這是一個巨大的成果。

Q4 results also reflect impressive performance. System sales grew 9%, led by same-store sales growth of 5% or 4% on a 2-year basis, accelerating from Q3. Strong underlying profit growth was masked by elevated G&A levels owing to higher incentive compensation as a result of our strong full year results and the normalization of Taco Bell company-owned restaurant margins in the quarter as previously signaled.

第四季度的業績也反映了令人印象深刻的表現。系統銷售額增長 9%，其中同店銷售額同比增長 5% 或 4%，較第三季度有所加快。強勁的潛在利潤增長被 G&A 水平的提高所掩蓋，這是由於我們強勁的全年業績和本季度塔可鐘公司擁有的餐廳利潤率正常化導致的更高的激勵薪酬，如先前所暗示的那樣。

We anticipate quarterly variability in our company-owned restaurant margins as we remain focused on balancing relative value for our customers while protecting margins in the long run. To that end, full year 2021 Taco Bell company-owned restaurant margins were in line with our historical range of 23% to 24%, virtually unchanged relative to 2019 levels. This demonstrates our ability to drive strong top line results while managing profitability in an inflationary environment.

我們預計公司擁有的餐廳利潤率會出現季度變化，因為我們仍然專注於平衡客戶的相對價值，同時從長遠來看保護利潤率。為此，2021 年 Taco Bell 公司旗下餐廳的全年利潤率符合我們 23% 至 24% 的歷史範圍，與 2019 年的水平相比幾乎沒有變化。這表明我們有能力在通脹環境中管理盈利能力的同時推動強勁的收入業績。

Our Q4 ex special EPS was impacted by 2 items. First, we recorded a $35 million pretax gain on our investment in Devyani International Limited. Second, we had a higher-than-normal tax rate for the quarter due to a tax reserve related to a prior year filing position that was challenged. And so our Q4 results were in line with our internal expectations and culminated in full year results that exceeded all elements of our long-term growth algorithm.

我們的第四季度除特殊每股收益受到 2 項影響。首先，我們對 Devyani International Limited 的投資錄得 3500 萬美元的稅前收益。其次，由於與上一年申報頭寸相關的稅收儲備受到挑戰，我們本季度的稅率高於正常水平。因此，我們的第四季度業績符合我們的內部預期，全年業績超過了我們長期增長算法的所有要素。

Moving on to our Bold Restaurant Development growth driver. We opened 1,678 gross units in the quarter or 1,259 on a net new unit basis, resulting in nearly 4,200 gross units opened for the full year, which is a record for Yum! and the restaurant industry. That equates to over 100,000 jobs created worldwide last year alone. We're able to achieve these record-breaking openings, thanks to contributions from each of our 4 brands and incredible franchisees around the globe.

繼續我們的大膽餐廳發展增長動力。我們在本季度開設了 1,678 個總單位或 1,259 個淨新單位，全年開設了近 4,200 個總單位，這是百勝的記錄！和餐飲業。這相當於僅去年一年就在全球創造了超過 100,000 個工作崗位。我們能夠實現這些破紀錄的開業，這要歸功於我們 4 個品牌中的每一個品牌和全球各地令人難以置信的特許經營商的貢獻。

China continues to be the biggest developer. However, we continue to see broad-based strength across our portfolio, evidenced by over 2,500 restaurants opened outside of China this year. In fact, we saw new restaurants built in over 110 countries this year, a step-up from prior years, signaling our development engine is diversified and stronger than ever.

中國仍然是最大的開發商。然而，我們繼續看到我們投資組合的廣泛實力，今年在中國境外開設的 2,500 多家餐廳就是明證。事實上，今年我們在 110 多個國家/地區開設了新餐廳，比往年有所進步，這表明我們的開發引擎比以往任何時候都更加多元化和強大。

At KFC, the brand delivered a record development year, led by significant contributions from China, India and Russia. Overall, KFC International opened over 2,400 gross units and nearly 2,000 net new units during 2021. At KFC U.S., after several years of same-store sales growth and strengthening unit economics, we have a much stronger foundation now on which to grow in the future as evidenced by the inflection point in developments with the system moving to positive unit growth in 2021.

在肯德基，該品牌在中國、印度和俄羅斯的重大貢獻的帶動下實現了創紀錄的發展一年。總體而言，肯德基國際在 2021 年開設了超過 2,400 個總單位和近 2,000 個淨新單位。在肯德基美國，經過幾年的同店銷售增長和加強單位經濟，我們現在擁有更堅實的基礎，可以在未來發展正如係統在 2021 年實現正單位增長的發展拐點所證明的那樣。

Taco Bell reported a strong development year in both the U.S. and international. In the U.S., Taco Bell reached an impressive milestone, ending the year with over 7,000 restaurants and ample white space for future developments. During the fourth quarter, Taco Bell celebrated más international expansion as Spain was the first market to surpass 100 units. We believe this development threshold unlocks accelerated growth, fueled by the benefits of scale, including supply chain advantages as well as marketing and brand awareness. We're confident in what the future holds for Taco Bell International, particularly as scale ties directly to profitability.

Taco Bell 報告稱，該年在美國和國際上都取得了強勁的發展。在美國，Taco Bell 達到了一個令人印象深刻的里程碑，到年底擁有超過 7,000 家餐廳和充足的空間供未來發展。在第四季度，Taco Bell 慶祝了國際擴張，因為西班牙是第一個超過 100 個單位的市場。我們相信這一發展門檻會在規模優勢的推動下實現加速增長，包括供應鏈優勢以及營銷和品牌知名度。我們對 Taco Bell International 的未來充滿信心，尤其是在規模與盈利能力直接相關的情況下。

Pizza Hut International delivered a record year in development with all international business units reporting net positive growth, led by China and India. Continued improvement in unit economics and a more HMR-focused footprint are drivers of the broad-based unit growth. Pizza Hut U.S. continues to make progress on its development journey and is poised for future growth, thanks to improved unit economics and a healthy franchise base.

必勝客國際在發展中創造了創紀錄的一年，所有國際業務部門均報告淨正增長，其中以中國和印度為首。單位經濟的持續改善和更注重 HMR 的足跡是基礎廣泛的單位增長的驅動力。由於單位經濟的改善和健康的特許經營基礎，必勝客美國公司在其發展歷程中繼續取得進展，並為未來的增長做好了準備。

Finally, The Habit Burger Grill restarted their development engine this year with 23 net new units. Our brands are entering 2022 from a position of strength with plans to continue exceptional growth, owing to our world-class operators and franchise partners. We're confident in our future growth engine given our broad-based strength, improved unit economics and the visibility we have into our development pipeline. I want to say a huge thank you to our development teams and franchise partners for all the hard work it takes to open nearly 4,200 restaurants in a single year, let alone a year with ongoing COVID and supply chain-related challenges.

最後，The Habit Burger Grill 今年重新啟動了他們的開發引擎，新增了 23 個單位。由於我們擁有世界級的運營商和特許經營合作夥伴，我們的品牌正從強勢地位進入 2022 年，併計劃繼續實現超常增長。鑑於我們基礎廣泛的實力、改進的單位經濟性以及我們對開發管道的可見性，我們對未來的增長引擎充滿信心。我要非常感謝我們的開發團隊和特許經營合作夥伴在一年內開設近 4,200 家餐廳所需的所有辛勤工作，更不用說在 COVID 和供應鏈相關挑戰持續的一年中。

Next, I'll talk about our Unmatched Operating Capability growth driver. We remain focused on leveraging our digital and technology strategy to elevate both customer and team member experiences by leaning in on 3 key elements: easy experiences, easy operations and easy insights. Starting with easy experiences. We expanded our digital ordering channels, including chat ordering via Tictuk, to nearly 2,000 stores at year-end, an increase of roughly 60% since our acquisition in the first quarter.

接下來，我將談談我們無與倫比的運營能力增長動力。我們仍然專注於利用我們的數字和技術戰略，通過關注 3 個關鍵要素來提升客戶和團隊成員的體驗：簡單的體驗、簡單的操作和簡單的洞察力。從簡單的體驗開始。到年底，我們將包括通過 Tictuk 聊天訂購在內的數字訂購渠道擴展到近 2,000 家門店，自第一季度收購以來增長了約 60%。

We also saw digital sales at KFC U.S. grow approximately 70% year-over-year, fueled by our delivery service channel and e-commerce platform that launched nationwide in early 2021. We continue to invest in technology platforms focused on delivering a frictionless experience for our guests, including the launch of Quick Pick-Up at KFC U.S. in the fourth quarter that allows guests to bypass the drive-thru and grab their digital orders from cubbies inside the restaurant. The outstanding sales growth across our digital channels is evidence that our customers continue to expect and opt for easy access to our brands.

我們還看到肯德基美國的數字銷售額同比增長約 70%，這得益於我們於 2021 年初在全國推出的交付服務渠道和電子商務平台。我們繼續投資於專注於為消費者提供無摩擦體驗的技術平台我們的客人，包括第四季度在肯德基美國推出的快速取貨服務，讓客人可以繞過得來速餐廳，從餐廳內的小房間裡獲取他們的數字訂單。我們數字渠道的出色銷售增長證明我們的客戶繼續期待並選擇輕鬆訪問我們的品牌。

Now moving on to easy operations, which are focused on making it easier for our team members to run the business and ensure a superior customer experience. I want to highlight the exceptional operating performance of our brands, starting with Taco Bell, whose team members were unwavering in their commitment to deliver a superior customer experience. In 2021, Taco Bell's drive-thru times were 2 seconds faster year-over-year, and the fourth quarter marked the eighth consecutive quarter of an average drive-thru time under 4 minutes. This truly is an impressive performance considering labor availability challenges.

現在轉向簡單的操作，重點是讓我們的團隊成員更輕鬆地經營業務並確保卓越的客戶體驗。我想強調我們品牌的卓越運營表現，首先是 Taco Bell，其團隊成員堅定不移地致力於提供卓越的客戶體驗。 2021 年，Taco Bell 的得來速時間同比快 2 秒，第四季度連續第八個季度平均得來速時間低於 4 分鐘。考慮到勞動力可用性的挑戰，這確實是一個令人印象深刻的表現。

Additionally, the Dragontail order and delivery platform is now live in 2,800 stores in 21 markets across KFC and Pizza Hut, up from 13 markets last quarter and 9 markets from the end of 2020. Dragontail allows us to tap into the power of artificial intelligence to streamline the end-to-end food preparation process and optimize delivery routes for drivers.

此外，Dragontail 訂單和交付平台現已在肯德基和必勝客的 21 個市場的 2,800 家門店中投入使用，高於上一季度的 13 個市場和 2020 年底的 9 個市場。Dragontail 讓我們能夠利用人工智能的力量，簡化端到端的食物準備流程並優化司機的送貨路線。

At Pizza Hut International, we continued deploying HutBot, our intelligent coaching app designed to enhance both the team member and customer experience by digitizing routines and insights into operational efficiencies. When HutBot is deployed and used effectively, it's proven to increase customer satisfaction scores. We ended the year with HutBot live in over 6,000 Pizza Hut locations in 70 markets.

在必勝客國際，我們繼續部署 HutBot，這是我們的智能教練應用程序，旨在通過數字化例程和對運營效率的洞察來增強團隊成員和客戶體驗。當 HutBot 得到有效部署和使用時，事實證明它可以提高客戶滿意度得分。年底，我們在 70 個市場的 6,000 多個必勝客地點推出了 HutBot。

To round out our technology strategy, our easy insights platform provides us with invaluable knowledge about our consumers, enabling us to enhance the customer relationship. When we acquired Kvantum, a leading AI-based consumer insights and marketing performance analytics business, in the first quarter, it was operating in 13 markets. We have since tripled Kvantum's footprint to over 45 markets.

為了完善我們的技術戰略，我們的簡單洞察平台為我們提供了關於消費者的寶貴知識，使我們能夠加強客戶關係。當我們在第一季度收購領先的基於人工智能的消費者洞察和營銷績效分析業務 Kvantum 時，它在 13 個市場開展業務。此後，我們將 Kvantum 的足跡擴大了兩倍，覆蓋了 45 個以上的市場。

We will continue to prioritize initiatives that lead to incremental sales growth and improved unit economics for our franchisees. The impressive adoption rates of these technology platforms are evidence of our franchisees' confidence in the investments we made to advance our digital and technology ecosystem this year. We're confident these investments have created a meaningful competitive advantage and will be a point of differentiation for Yum! as we serve the elevated expectations of customers.

我們將繼續優先考慮能夠為我們的加盟商帶來增量銷售增長和改善單位經濟效益的舉措。這些技術平台令人印象深刻的採用率證明了我們的加盟商對我們今年為推進數字和技術生態系統所做的投資充滿信心。我們相信，這些投資已經創造了有意義的競爭優勢，並將成為百勝的差異化點！因為我們服務於客戶更高的期望。

Now for an update on our strong balance sheet position and our capital allocation strategy. We ended the year with cash and cash equivalents of $486 million excluding restricted cash. We closed the year temporarily below our net leverage target of 5x as a result of our strong earnings growth. Capital expenditures, net of refranchising proceeds, were $55 million during the quarter and $145 million for the full year. The full year consisted of $230 million in gross CapEx and $85 million in refranchising proceeds.

現在了解我們強勁的資產負債表狀況和資本配置策略的最新情況。年末我們的現金和現金等價物為 4.86 億美元，不包括受限制的現金。由於我們強勁的盈利增長，我們今年暫時低於我們 5 倍的淨槓桿目標。本季度資本支出（扣除特許經營收益）為 5500 萬美元，全年為 1.45 億美元。全年包括 2.3 億美元的總資本支出和 8500 萬美元的特許經營收益。

We paid a healthy quarterly dividend of $0.50 per share or approximately $600 million for the full year. With respect to our share buyback program, during the quarter, we repurchased 5.6 million shares at an average share price of $128, totaling $720 million. For the full year, we have repurchased 13 million shares at an average price of $122, totaling $1.6 billion.

我們支付了每股 0.50 美元或全年約 6 億美元的健康季度股息。關於我們的股票回購計劃，在本季度，我們以 128 美元的平均股價回購了 560 萬股，總計 7.2 億美元。全年，我們以平均122美元的價格回購了1300萬股，總計16億美元。

As we look to 2022, our capital priorities remain unchanged: invest in the business, maintain a healthy balance sheet, pay a competitive dividend and return excess cash to shareholders via share repurchases. We remain committed to maintaining our asset-light business model of at least a 98% franchise mix. Going forward, we expect strong returns from our equity store investments to continue and like our franchisees, see attractive opportunities to invest in unit development.

展望 2022 年，我們的資本優先事項保持不變：投資業務，維持健康的資產負債表，支付有競爭力的股息，並通過股票回購將多餘的現金返還給股東。我們仍然致力於維持至少 98% 的特許經營組合的輕資產業務模式。展望未來，我們預計我們的股權商店投資將繼續獲得強勁的回報，並且像我們的特許經營商一樣，看到投資於單位開發的有吸引力的機會。

Capitalizing on these opportunities, we expect net capital expenditures for full year 2022 to be approximately $250 million, reflecting up to $350 million of gross CapEx and $100 million of refranchising proceeds. In the long run, we expect our refranchising proceeds to offset our new store investments as they have in the past. But in the near term, new store investments may exceed refranchising by $50 million to $100 million annually, primarily driven by our strategy to accelerate growth of The Habit equity estate.

利用這些機會，我們預計 2022 年全年的淨資本支出約為 2.5 億美元，反映了高達 3.5 億美元的總資本支出和 1 億美元的特許經營收益。從長遠來看，我們預計我們的特許經營收益將像過去一樣抵消我們的新店投資。但在短期內，新店投資每年可能會超過重新特許經營 5000 萬至 1 億美元，這主要受我們加速 The Habit 股權資產增長戰略的推動。

We were pleased to announce earlier this week an increase in our quarterly cash dividend of 14% to $0.57 per share in 2022. The recovery of our business in 2021 and proven resilience of our free cash flow supported this increase, reflecting a 2-year double-digit CAGR, in line with our historical earnings growth and dividend increases.

我們很高興在本週早些時候宣布，我們的季度現金股息在 2022 年增加 14% 至每股 0.57 美元。我們在 2021 年的業務復甦以及我們的自由現金流證明的彈性支持了這一增長，反映了兩年的兩倍-數字複合年增長率，與我們的歷史盈利增長和股息增長一致。

I'd like to wrap up by providing color on the shape of 2022. I'm pleased to share that we expect to deliver full year growth in line with our long-term growth algorithm, which includes 2% to 3% same-store sales growth and 4% to 5% unit growth, culminating in mid to high single-digit system sales growth leading to high single-digit core operating profit growth which excludes FX. Reflecting on 2021 results, we had several quarterly drivers that created lumpiness in the shape of the year, creating noise in our year-over-year lapse in 2022.

最後，我想為 2022 年的形狀提供顏色。我很高興地分享，我們預計全年增長符合我們的長期增長算法，其中包括 2% 到 3% 的同店銷售額增長和 4% 至 5% 的單位增長，最終實現中高個位數的系統銷售增長，從而導致不包括外彙的高個位數核心營業利潤增長。回顧 2021 年的業績，我們有幾個季度驅動因素造成了年度形式的波動，在 2022 年的同比下降中產生了噪音。

We expect our full year G&A to be approximately $1.1 billion but our G&A spend will return to a more balanced quarterly cadence relative to 2021. Given the shape of our anticipated G&A spend throughout 2022 in comparison to 2021, we expect G&A to be a headwind to operating profit growth in the first half and a tailwind to growth in the second half of 2022. Due primarily to these timing factors related to G&A, we are expecting roughly flat core operating profit growth in the first half and high teens core operating growth in the second half, culminating in full year high single-digit core operating profit growth, in line with our long-term growth algorithm.

我們預計全年 G&A 約為 11 億美元，但相對於 2021 年，我們的 G&A 支出將恢復到更加平衡的季度節奏。鑑於與 2021 年相比，我們預期的 2022 年 G&A 支出的形狀，我們預計 G&A 將成為逆風上半年的營業利潤增長和 2022 年下半年的增長順風。主要由於這些與 G&A 相關的時間因素，我們預計上半年的核心營業利潤增長大致持平，而青少年核心營業增長將在下半年，全年核心營業利潤實現高個位數增長，符合我們的長期增長算法。

Finally, on our 2022 effective tax rate. Although it's difficult to forecast with precision at this time, we continue to believe 21% to 23% is the appropriate range, but there are factors that could move us toward the high end of the range. We'll continue to provide updates as appropriate.

最後，關於我們 2022 年的有效稅率。雖然目前很難準確預測，但我們仍然認為 21% 至 23% 是合適的範圍，但有些因素可能會使我們向該範圍的高端移動。我們將繼續酌情提供更新。

Overall, I couldn't be prouder of the results for the year. Looking forward to 2022, I'm confident we're poised to take share and deliver on our long-term growth algorithm, driven by our expanding competitive advantages tied to our unmatched global scale, investments in our digital ecosystem and world-class franchise partners. I'm looking forward to the year ahead and the continued success of our iconic global brands while delivering consistent earnings growth for shareholders.

總的來說，我對今年的成績感到無比自豪。展望 2022 年，我相信在我們不斷擴大的競爭優勢與無與倫比的全球規模、對數字生態系統的投資和世界級特許經營合作夥伴的推動下，我們已準備好分享並實現我們的長期增長算法.我期待新的一年，期待我們標誌性的全球品牌繼續取得成功，同時為股東帶來持續的收益增長。

With that, operator, we're ready to take any questions.

有了這個，接線員，我們準備好回答任何問題了。

(Operator Instructions) The first question comes from David Tarantino with Baird.

（操作員說明）第一個問題來自 David Tarantino 和 Baird。

My questions on your outlook for 2022. And Chris, I think you mentioned that you're planning it to be on algorithm for comps and unit growth. And specifically on comps, 2% to 3%, it looks a little maybe conservative in light of the fact that many of your markets will still be cycling some issues related to COVID, so arguably could see a recovery phase as you move through the year. So I just wanted to ask if you could give some context to that 2% to 3% outlook and whether you view that as a baseline that could prove conservative or if there are any offsets that we should consider as we think about the year.

我的問題是關於你對 2022 年的展望。克里斯，我想你提到你正計劃將它用於補償和單位增長的算法。特別是在 2% 到 3% 的組合上，鑑於您的許多市場仍將循環一些與 COVID 相關的問題，因此可以說隨著您一年的發展，可能會看到一個複蘇階段。 .因此，我只想問您是否可以為 2% 到 3% 的前景提供一些背景信息，以及您是否將其視為可能被證明是保守的基準，或者在我們考慮這一年時是否應該考慮任何抵消。

Yes. Thanks, David. I think we view all of our brands as having strong momentum coming out of 2021. Our long-term growth algorithm is just that, it is our long-term algorithm, and we feel confident in delivering it in 2022 and beyond. You do have lots of puts and takes around the globe in terms of lapse, in terms of where Omicron is in any of our given markets, but we feel good about the momentum that each of our brands have. And so we're always going to strive to deliver the algorithm and find ways to beat it. And so that's going to be our aspiration, but the long-term algorithm sort of defines the plan.

是的。謝謝，大衛。我認為我們認為我們所有的品牌在 2021 年都具有強勁的發展勢頭。我們的長期增長算法就是這樣，這是我們的長期算法，我們有信心在 2022 年及以後實現它。就 Omicron 在我們任何給定市場的位置而言，您在全球範圍內確實有很多看跌期權，但我們對我們每個品牌的發展勢頭感到滿意。因此，我們總是會努力提供算法並找到擊敗它的方法。所以這將是我們的願望，但長期算法定義了計劃。

The next question comes from Jared Garber with Goldman Sachs.

下一個問題來自高盛的 Jared Garber。

Actually, somewhat of a follow-up to the prior question just on the comp algorithm as we look to next year. It looks like in today's results, the average weekly sales growth across the brands didn't exactly line up with sort of the comp growth so there was some noise in between those numbers. And I wonder if that maybe is what's driving potentially some of that -- what David said as some conservatism in the comp algo. So I just wanted to understand maybe if there's any specific drivers there, if it's just lapse on a year-over-year basis in some of these markets or if it's maybe lower productivity units that are being opened. Any color there would be really helpful.

實際上，在我們期待明年的時候，這是對前一個問題的後續討論，只是關於 comp 算法。看起來在今天的結果中，品牌的平均每週銷售增長與某種複合增長並不完全一致，因此這些數字之間存在一些噪音。我想知道這是否可能是推動其中一些因素的原因 - 大衛所說的comp算法中的一些保守主義。因此，我只是想了解那裡是否有任何特定的驅動因素，是否只是在其中一些市場中逐年失效，或者是否正在開放生產力較低的單位。那裡的任何顏色都會很有幫助。

Yes. So when we think about how same-store sales and net new units add up to overall system sales growth, on that net new unit number, there are always going to be some factors like timing of when the stores open within the quarter, where we see stronger sales in -- or stronger growth in markets that may have slightly different AUVs than the overall average. But that's what's driving that difference. But overall, as we say in the algorithm, 2% to 3% same-store sales growth, 4% to 5% net new unit growth translating to mid to high system sales growth is how we think about it.

是的。因此，當我們考慮同店銷售額和淨新單位如何增加整體系統銷售增長時，在淨新單位數量上，總會有一些因素，比如商店在本季度開業的時間，我們在哪裡在 AUV 可能與整體平均水平略有不同的市場中看到更強勁的銷售或更強勁的增長。但這就是造成這種差異的原因。但總體而言，正如我們在算法中所說，2% 到 3% 的同店銷售增長，4% 到 5% 的淨新單位增長轉化為中高系統銷售增長是我們的想法。

The next question comes from Sara Senatore with Bank of America.

下一個問題來自美國銀行的 Sara Senatore。

Just a 2-part question on the digital sales and some of the technology investments. First, on the digital sales mix, could you just talk about -- you said, it's structurally your sustainably higher mix. How is that playing out by brand or channel? Is this coming from delivery which is lower margin or order ahead which is higher margin, just as I think about the shape of the business going forward?

只是關於數字銷售和一些技術投資的兩部分問題。首先，關於數字銷售組合，你能談談 - 你說，它在結構上是你可持續的更高組合。品牌或渠道如何發揮作用？這是來自利潤率較低的交付還是利潤率較高的提前訂單，就像我考慮未來業務的形態一樣？

And then you are investing for Pizza Hut on digital and technology. Can you just give a little more color on this? Is this sort of pass-through where fees show up in revenues and the costs show up in G&A? Or are you kind of investing ahead of the curve to support franchisees? And will that likely persist?

然後你正在為必勝客投資數字和技術。你能多給點顏色嗎？這種轉嫁方式是費用顯示在收入中，而成本顯示在 G&A 中嗎？或者您是否提前投資以支持特許經營商？這可能會持續下去嗎？

Yes. So first, if I take the drivers of the $22 billion in digital sales, it's been broad-based. We've seen strength across all of our brands, and we're seeing strength across all of the channels. So delivery has continued to grow. Carryout has grown over the 2 years where people are using click-and-collect. And of course, as people have come back to the dining rooms, we've seen growth in the kiosk business, which has rebounded at Taco Bell, for example. So we're seeing strong growth across all of those channels.

是的。因此，首先，如果我考慮 220 億美元數字銷售額的驅動因素，它的基礎廣泛。我們已經看到了我們所有品牌的實力，並且我們看到了所有渠道的實力。因此，交付量繼續增長。在人們使用點擊收集的 2 年裡，Carryout 已經增長。當然，隨著人們回到餐廳，我們看到了售貨亭業務的增長，例如，在 Taco Bell 出現了反彈。因此，我們看到所有這些渠道的強勁增長。

And of course, on a brand-by-brand basis, you've got real strength in each one. KFC, if you go ex China, was up 46%. Taco Bell in the U.S. is approaching 20%, Taco Bell International with a 40% mix. And of course, Pizza Hut is sustaining their strength on digital. So it's just a really great story.

當然，在逐個品牌的基礎上，您在每個品牌中都擁有真正的實力。如果你去中國，肯德基上漲了 46%。美國的 Taco Bell 接近 20%，Taco Bell International 的混合比例為 40%。當然，必勝客正在維持他們在數字方面的實力。所以這只是一個非常棒的故事。

Clearly, those strong digital numbers come as a result of the investments we've been making and our strategy around digital because we knew this was the future of the industry. As we've said before, COVID accelerated those trends, and we're glad that we were in a great position to be able to capitalize on it. But whenever you nearly double your digital sales in 2 years, I think that's evidence that those investments are paying off.

顯然，這些強勁的數字數字來自於我們一直在進行的投資和我們圍繞數字的戰略，因為我們知道這是該行業的未來。正如我們之前所說，COVID 加速了這些趨勢，我們很高興我們處於能夠利用它的有利位置。但是，每當您在 2 年內幾乎將數字銷售額翻倍時，我認為這就是這些投資正在獲得回報的證據。

And of course, our franchisees are co-investing with us to help make that happen, but they're doing that because they're seeing strong returns from those investments in their business as well. So I think overall story is we're getting a strong return and we're very pleased with the digital results. And we're going to continue to drive that.

當然，我們的特許經營商正在與我們共同投資以幫助實現這一目標，但他們這樣做是因為他們也看到了這些投資對其業務的強勁回報。所以我認為總體情況是我們獲得了強勁的回報，我們對數字結果感到非常滿意。我們將繼續推動這一點。

The next question comes from Dennis Geiger with UBS.

下一個問題來自瑞銀的丹尼斯蓋格。

Wondering if you could talk a bit more about some of the industry challenges in the current environment. Even as you're managing them well, what you're seeing globally but particularly in the U.S. across staffing, impacts on operations and sales? And I guess more importantly, how do you think over the coming quarters and going forward some of these industry challenges ease and the headwinds potentially turn to some tailwinds for the business as it relates to hours, et cetera?

想知道您是否可以多談談當前環境中的一些行業挑戰。即使您管理得很好，您在全球尤其是美國看到的人員配備、對運營和銷售的影響是什麼？而且我想更重要的是，您如何看待未來幾個季度和未來這些行業挑戰中的一些緩解以及與工作時間等相關的不利因素可能會轉變為業務的一些順風？

Yes. Thanks for the question, Dennis. Obviously, this is a challenging environment to operate in, in our industry. That's been well documented. Q4 was more of the same of that, and that extended into the early part of this year.

是的。謝謝你的問題，丹尼斯。顯然，在我們的行業中，這是一個具有挑戰性的運營環境。這是有據可查的。第四季度更是如此，並且延續到今年年初。

As far as Omicron goes in the U.S. specifically, it does feel like we're moving to a better place. I was just on the phone with our Chief Operating Officers yesterday and comparing notes across brands, and there were some really similar themes of we're past the peak impact of Omicron, applications for team members are starting to come back up. So we think that the challenges and the impact on our restaurant hours may start to slowly abate over time.

就 Omicron 而言，特別是在美國，感覺我們正在搬到一個更好的地方。昨天我剛剛和我們的首席運營官通了電話，並比較了不同品牌的筆記，並且有一些非常相似的主題，我們已經過了 Omicron 的峰值影響，團隊成員的申請開始回升。因此，我們認為隨著時間的推移，挑戰和對我們餐廳營業時間的影響可能會開始慢慢減弱。

As far as the global picture, what we're seeing internationally is through most of the COVID pandemic, we had, had a more severe impact in our emerging markets. They were less well equipped to deal with the challenges of COVID. That's starting to change a little bit, and we're starting to see the gap between the developed markets and emerging markets narrow.

就全球情況而言，我們在國際上看到的情況是，我們所經歷的大部分 COVID 大流行對我們的新興市場產生了更嚴重的影響。他們沒有足夠的能力來應對 COVID 的挑戰。這種情況開始發生一些變化，我們開始看到發達市場和新興市場之間的差距正在縮小。

As you know, Yum! has outsized exposure to emerging markets. So even though we put up some amazing numbers over the last 2 years through this, we've been held back by those emerging markets. As that gap starts to narrow, we can see that there can be some strength in emerging markets to help strengthen our overall sales picture internationally, where, of course, 2/3 of our restaurants reside.

如你所知，百勝！對新興市場的敞口很大。因此，儘管我們在過去 2 年中通過這個提供了一些驚人的數字，但我們一直受到那些新興市場的阻礙。隨著這一差距開始縮小，我們可以看到新興市場可能會有一些力量來幫助加強我們在國際上的整體銷售情況，當然，我們 2/3 的餐廳都在這些市場。

But it's always a challenge to predict and forecast in this environment. We've all learned that over the next (sic) [last] 2 years. But quite optimistic right now that both internationally and domestically, the business is heading to a better place.

但在這種環境下預測和預測始終是一個挑戰。在接下來的（原文如此）[最後] 2 年裡，我們都知道了這一點。但現在相當樂觀的是，無論是在國際上還是在國內，該業務都在朝著更好的方向發展。

The next question comes from David Palmer with Evercore ISI.

下一個問題來自 Evercore ISI 的 David Palmer。

Heck of a unit growth year in '21 with 4,200 gross opens. I think it was 6% net unit growth, at least as far as an exit rate. I was wondering if you could give a hint as to where you could see globally, by brand, by region, some areas of acceleration and perhaps moderation in unit growth.

21 年的單位增長年有 4,200 個總開業。我認為這是 6% 的淨單位增長，至少就退出率而言。我想知道您是否可以暗示您可以在全球範圍內看到哪些地方，按品牌，按地區，一些加速領域，也許是單位增長放緩。

For example, it's amazing that 1,800 of the 4,200 gross opens were from China. And I think there's some people concerned about economic headwinds there. And then you mentioned that Pizza Hut U.S. was no longer a drag to the unit development. So hoping for some highlights and lowlights as you look ahead.

例如，令人驚訝的是，在 4,200 個總營業額中，有 1,800 個來自中國。我認為有些人擔心那裡的經濟逆風。然後你提到必勝客美國不再是單位發展的拖累。因此，當您展望未來時，希望有一些亮點和亮點。

Glad you talked about the new unit development, David. For me, it's an amazing accomplishment at Yum!. In my 32 years in this business, I've never seen anything like it obviously. The growth rates are industry records, Yum! records. It was widespread. It's across all brands. It's occurring in the vast majority of our countries, which is really encouraging.

很高興你談到了新單元的開發，大衛。對我來說，這在 Yum! 是一項了不起的成就！在我從事這項業務的 32 年中，我顯然從未見過這樣的事情。增長率是行業記錄，百勝！記錄。它很普遍。它遍及所有品牌。它發生在我們絕大多數國家，這確實令人鼓舞。

And the question about where do we see softness going forward, it's a great question. I can tell you that there's no countries that we're worried about pulling back on development. We see all of our countries that are developing today being able to continue to develop at the pace that they're at and even accelerate.

關於我們在哪裡看到柔軟度的問題，這是一個很好的問題。我可以告訴你，我們擔心沒有國家會阻礙發展。我們看到我們今天所有正在發展的國家都能夠以他們現在甚至加速的速度繼續發展。

India is one I would highlight. We opened 335 units in the country of India on the strength of some development agreements with really great partners across all of our brands. Obviously, there's a huge opportunity for Yum! in India and one that should be accelerating.

印度是我要強調的一個。憑藉與我們所有品牌中真正優秀的合作夥伴達成的一些開發協議，我們在印度開設了 335 個單位。顯然，百勝有一個巨大的機會！在印度，應該加速。

But even in the U.S., we're starting to see the momentum develop in our Pizza Hut and KFC businesses, where we historically haven't been contributing net new unit growth. We're optimistic about that. And Taco Bell U.S. is back to developing at a really fast pace like in the early days of Taco Bell, and we see that accelerate.

但即使在美國，我們也開始看到必勝客和肯德基業務的發展勢頭，在這些業務中，我們歷來沒有貢獻淨新單位增長。我們對此持樂觀態度。塔可鍾美國公司正以非常快的速度重新發展，就像塔可鐘早期一樣，我們看到這種速度正在加速。

But Taco Bell International is probably one of the most exciting stories we have right now. We've talked about it a lot, and you're seeing over 160 net new units built on a base of 600 entering the year. That's a 26% growth. That's pretty impressive, and we see that accelerating. Spain, for example, passed 100 units on the ground. We know when you get to that 100-unit tipping point, you see an acceleration, but we have other markets poised to do the same.

但 Taco Bell International 可能是我們目前最激動人心的故事之一。我們已經談論了很多，您會看到今年有超過 160 個淨新單位建立在 600 個基礎上。這是 26% 的增長。這非常令人印象深刻，我們看到它正在加速。例如，西班牙在地面上通過了 100 個單位。我們知道，當您達到 100 個單位的臨界點時，您會看到加速，但我們還有其他市場準備做同樣的事情。

The next question comes from John Ivankoe with JPMorgan.

下一個問題來自摩根大通的 John Ivankoe。

I apologize if I missed this. Have you gone back and looked at the fourth quarter system sales and determined how much the labor environment may have actually constrained systemwide sales growth, whether that's in the U.S. or global, it's up to you how we talk about that, just in terms of having less hours in the store that -- the store than you would have -- labor hours in the store than you would have liked? Are you actually having less store hours than you would have like, perhaps even dayparts in certain cases than you would have liked, I guess, is the first part of the question.

如果我錯過了這一點，我深表歉意。您是否回過頭來查看第四季度的系統銷售，並確定勞動力環境實際上可能在多大程度上限制了系統範圍內的銷售增長，無論是在美國還是在全球，這取決於我們如何談論這一點，就在擁有在店裡的工作時間比你希望的要少？你的商店營業時間是否真的比你想要的少，在某些情況下甚至可能比你想要的時段少，我猜，這是問題的第一部分。

And then secondly, we talked about easy operations, and you mentioned a few things that you were doing at the store to help your franchisees. Are any at the point now where stores can be more efficient from a labor perspective where they can do the same or even more customer counts on a reduced level of labor? Or might that come from future initiatives that you are working on?

其次，我們談到了簡單的操作，您提到了您在商店中為幫助您的加盟商所做的一些事情。現在有沒有商店可以從勞動力的角度提高效率，他們可以通過降低勞動力水平來做同樣的甚至更多的客戶？或者這可能來自您正在開展的未來計劃？

Yes. Great questions, John, on the labor front. As David mentioned earlier, it's obviously been a challenging environment, but kudos to our teams, our franchisees for navigating through that. And I'm thankful that we have such a strong culture that goes from top to bottom to our stores in Yum! that our franchisees help bring to life.

是的。約翰，關於勞工陣線的好問題。正如大衛之前提到的，這顯然是一個充滿挑戰的環境，但我們的團隊，我們的特許經營商在此過程中的導航表示敬意。我很感激我們擁有如此強大的文化，這種文化從上到下一直延伸到我們在百勝的商店！我們的加盟商幫助實現這一點。

So if we think about your specific question on how it impacted our sales in Q4 and coming into Q1? First, it's important to put this in context that these labor challenges are most pronounced in the U.S. And of course, the U.S. is 40% of our business. There are a couple of markets, say the U.K., Australia, that are also experiencing some pressures but they are most pronounced in the U.S. So our global footprint provides us a natural advantage in this type of environment.

因此，如果我們考慮一下您關於它如何影響我們在第四季度和第一季度的銷售的具體問題？首先，重要的是要考慮到這些勞動力挑戰在美國最為明顯。當然，美國占我們業務的 40%。有幾個市場，比如英國、澳大利亞，也面臨著一些壓力，但在美國最為明顯。因此，我們的全球足跡為我們提供了在這種環境中的天然優勢。

But obviously, let's dig into the U.S. where we know those challenges have been tough. We did see some constriction of hours across the brands in Q4 as our franchisees dealt with the Omicron impact on staffing availability. The nature of that impact varied from brand to brand. For example, in Pizza Hut, you saw it really constrained delivery hours because of the challenges in staffing those driver positions. I think it's been well documented. That's a challenge for the pizza category, and we've seen other folks talk about that challenge. But that's an area where it was particularly pronounced, particularly coming into early January.

但顯然，讓我們深入了解美國，我們知道這些挑戰非常艱鉅。由於我們的特許經營商處理了 Omicron 對人員配備的影響，我們確實看到第四季度各個品牌的工作時間有所縮短。這種影響的性質因品牌而異。例如，在必勝客，您會看到送貨時間確實受到了限制，因為在配備這些司機職位方面存在挑戰。我認為這是有據可查的。這對披薩類別來說是一個挑戰，我們已經看到其他人談論過這個挑戰。但這是一個特別明顯的領域，尤其是在一月初。

I think the good news is we believe, as David said, that we're past the peak probably 2 or 3 weeks ago and things, we've been talking to our COOs yesterday, have gotten significantly better in the last couple of weeks. All of that has had a small but real impact on sales, but again, trend coming out of that's much better.

我認為好消息是我們相信，正如大衛所說，我們可能在 2 或 3 週前就已經過了高峰，而且我們昨天一直在與我們的首席運營官交談，在過去的幾周里情況明顯好轉。所有這些都對銷售產生了微小但真正的影響，但同樣，由此產生的趨勢要好得多。

I will say that in terms of dealing with it, our franchisees have been focused on all of the levers that you would expect. We think the one that differentiates us is the culture that we have in the restaurants that causes our team members to want to stay.

我會說，在處理它方面，我們的特許經營商一直專注於您所期望的所有槓桿。我們認為讓我們與眾不同的是我們在餐廳擁有的文化，它使我們的團隊成員想要留下來。

Second part of your question around efficiencies. I think the Taco Bell example of how we've driven more volume through the drive-thrus while reducing service times is the best example of how we're bringing efficiency to life in the restaurants. We are doing a number of things on the technology front, whether it's Dragontail, other systems. We have an innovation team that is in place. And of course, our core ops process teams are always improving processes in the restaurants.

關於效率的問題的第二部分。我認為 Taco Bell 的例子是我們如何通過得來速餐廳提高銷量，同時減少服務時間，這是我們如何將效率帶入餐廳生活的最佳例子。我們在技術方面做了很多事情，無論是 Dragontail 還是其他系統。我們有一個創新團隊。當然，我們的核心運營流程團隊一直在改進餐廳的流程。

So things are in motion. There are things that have been implemented. And in the long run, we think there's a lot more to come.

所以事情正在發生。有些事情已經實施。從長遠來看，我們認為還有很多事情要做。

The last question comes from John Glass with Morgan Stanley.

最後一個問題來自摩根士丹利的約翰·格拉斯。

I wanted to ask about KFC International. I was struck by how strong the comps were on a 1 and 2-year basis despite the fact that China was down 12%. David, I know you commented earlier about some of those key markets, but just maybe unpack that a little bit in terms of what offset that decline in China, which is an incredibly important market for KFC. And if you're willing to talk about how you think about the China recovery in your plans for '22 just broadly. Is it a recovery story? And is that embedded in your plans or not?

我想問一下肯德基國際。儘管中國下降了 12%，但我對 1 年和 2 年的業績表現感到震驚。大衛，我知道你之前對其中一些關鍵市場發表了評論，但也許可以稍微解釋一下是什麼抵消了中國的下滑，這對肯德基來說是一個非常重要的市場。如果你願意在 22 年的計劃中廣泛談談你對中國復甦的看法。這是一個恢復的故事嗎？這是否包含在您的計劃中？

Yes. As far as KFC International, obviously, that's a really positive story for us and more than most, benefits from that turnaround in some of our emerging markets. You saw markets like India put up some really incredible numbers as they've recovered from COVID. And that also gives us confidence that some of these markets, as we get more on the other side of COVID, are going to really start to take off.

是的。就肯德基國際而言，顯然，這對我們來說是一個非常積極的故事，而且比大多數人都受益於我們一些新興市場的轉變。你看到像印度這樣的市場在從 COVID 中恢復後提供了一些非常令人難以置信的數字。這也讓我們相信，隨著我們在 COVID 的另一端獲得更多，其中一些市場將真正開始起飛。

Look, this idea of forecasting specific countries and how they're going to do, I think the benefit of Yum!'s model is how diverse we are across brands, across countries all around the world. We're not reliant on any one country. I'm glad you pointed out that even with softness in China, that we can put up numbers like we did this quarter. And we think that's the exciting part of the business as we head into 2022.

看，這種預測特定國家以及他們將如何做的想法，我認為 Yum! 模型的好處是我們在世界各地的品牌和國家之間是多麼的多樣化。我們不依賴任何一個國家。我很高興您指出，即使中國經濟疲軟，我們也可以像本季度一樣提供數據。我們認為這是我們進入 2022 年時業務中令人興奮的部分。

We've got this diverse business model that is stronger than ever. We've been through over the last 2 years some amazing challenges. But all they've done is really proven that our business is resilient, that our talent is the best in the industry and that our business model is one that franchisees want to invest behind in a huge way. You saw that in the numbers this quarter on net new units. That gives us a lot of confidence in our ability to maintain top line momentum and profit strength as we go forward, and truly, the team is incredibly excited about the future.

我們擁有比以往更強大的多元化商業模式。在過去的 2 年中，我們經歷了一些驚人的挑戰。但他們所做的一切確實證明了我們的業務是有彈性的，我們的人才是業內最優秀的，我們的商業模式是特許經營商想要大力投資的模式。您在本季度的淨新單位數據中看到了這一點。這讓我們對在前進過程中保持頂線勢頭和利潤實力的能力充滿信心，而且確實，團隊對未來感到非常興奮。

Thank you all for your time today on the call and look forward to talking to you on the -- and sharing Q1 results.

感謝大家今天在電話會議上的時間，並期待與您討論 - 並分享第一季度的結果。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連接。