百勝餐飲集團 (YUM) 2021 Q3 法說會逐字稿

Good morning, and welcome to the Third Quarter 2021 Yum!

早上好，歡迎來到 2021 年第三季度百勝！

Brands Earnings Conference Call.

品牌收益電話會議。

(Operator Instructions) Please note, this event is being recorded.

（操作員說明）請注意，此事件正在記錄中。

I would now like to turn the conference over to Jodi Dyer, Vice President, Investor Relations and CFO, Digital and Technology.

我現在想將會議轉交給投資者關係副總裁兼數字和技術首席財務官 Jodi Dyer。

Please go ahead.

請繼續。

Thanks, operator.

謝謝，接線員。

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

大家早上好，感謝您加入我們。

On our call today are David Gibbs, our CEO; Chris Turner, our CFO; and Dave Russell, our Senior Vice President and Corporate Controller.

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。

Following remarks from David and Chris, we'll open the call to questions.

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.

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。

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.

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 results exclude the impact of foreign currency, and references to temporary store closures only include stores that were fully closed as of the end of the quarter, but have or are expected to reopen.

請注意，在今天的電話會議中，所有系統銷售結果均不包括外幣影響，提及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。

For more information on our reporting calendar for each market, please visit the Financial Reports section of our website.

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.

我們正在通過我們的網站廣播本次電話會議。

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

此通話也正在錄製中，可用於播放。

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.

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!

我們想讓您了解即將到來的 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-Q filing.

投資者事件和以下事項：與我們受限集團資本結構中的未償債務有關的披露將在提交 10-Q 表格時提供。

Fourth quarter earnings will be released on February 9, 2022, with the conference call on the same day.

第四季度財報將於 2022 年 2 月 9 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.

謝謝你，喬迪，大家早上好。

I'm pleased to share our strong third quarter results underpinned by record-breaking unit development, continued strong digital sales and the adaptability of our brands to meet the needs of our consumers in an ever-changing environment.

我很高興分享我們強勁的第三季度業績，這得益於創紀錄的單位發展、持續強勁的數字銷售以及我們品牌在不斷變化的環境中滿足消費者需求的適應性。

During the third quarter, we delivered 5% same-store sales growth or 3% same-store sales growth on a 2-year basis.

在第三季度，我們實現了 5% 的同店銷售增長或 3% 的同店銷售增長（以 2 年為基礎）。

Despite a challenging operating environment due to the ongoing COVID pandemic, I'm extremely proud that we opened 760 net-new units, a Q3 record, with broad-based strength across our portfolio.

儘管由於持續的 COVID 大流行而導致運營環境充滿挑戰，但我非常自豪我們開設了 760 個新單位，創下第三季度的記錄，在我們的投資組合中具有廣泛的實力。

While Yum China continues to be a leader in development, we opened 379 net-new units across the rest of our portfolio, roughly equivalent to our Q3 2019 global net-new units, including China.

雖然百勝中國繼續在發展方面處於領先地位，但我們在其餘投資組合中開設了 379 家全新單位，大致相當於我們 2019 年第三季度全球淨新增單位，包括中國。

Our continued positive development momentum this quarter is a testament to the strength of our iconic brands, fueled by strong unit economics and a healthy, well-capitalized franchise system primed for sustained growth.

我們本季度持續的積極發展勢頭證明了我們標誌性品牌的實力，這得益於強勁的單位經濟和健康、資本充足的特許經營系統，為持續增長做好了準備。

Now we'll discuss our Q3 results and 2 of the 4 growth drivers that underpin our recipe for growth: our Relevant, Easy and Distinctive brands, or R.E.D.

現在我們將討論我們的第三季度業績和支撐我們增長秘訣的 4 個增長驅動因素中的 2 個：我們的相關、簡單和獨特的品牌，或 R.E.D.

for short; and our Unrivaled Culture and Talent.

簡稱；以及我們無與倫比的文化和人才。

I will also share an update on our ESG agenda, which we call our Recipe for Good.

我還將分享我們 ESG 議程的最新信息，我們稱之為“良方之道”。

Then Chris will talk about our other 2 growth drivers: our Unmatched Operating Capability and Bold Restaurant Development, in addition to providing more details on our third quarter financial performance and our strong balance sheet and liquidity position.

然後，克里斯將談論我們的其他兩個增長動力：我們無與倫比的運營能力和大膽的餐廳發展，此外還提供了有關我們第三季度財務業績以及我們強大的資產負債表和流動性狀況的更多細節。

First, a few highlights from the quarter.

首先，本季度的一些亮點。

Overall, Yum!

總的來說，百勝！

third quarter system sales grew 8%, led by same-store sales growth of 5%.

第三季度系統銷售額增長8%，其中同店銷售額增長5%。

On a 2-year basis, same-store sales grew 3%, which includes the impact of around 500 stores or 1% temporarily closed due to COVID as of the end of Q3.

在 2 年的基礎上，同店銷售額增長了 3%，其中包括截至第三季度末約 500 家門店或 1% 因 COVID 暫時關閉的影響。

COVID restrictions and limited mobility in a few markets, primarily in Asia, had a significant impact on sales.

一些市場（主要是亞洲）的 COVID 限制和有限的流動性對銷售產生了重大影響。

However, our sales momentum remained strong as evidenced by the fact that our global 2-year same-store sales growth, excluding Asia, accelerated since last quarter.

然而，我們的銷售勢頭依然強勁，我們的全球 2 年同店銷售增長（不包括亞洲）自上個季度以來加速增長就證明了這一點。

Sales strength continued in many developed markets, including the U.S., U.K. and Canada with significant recovery seen across Europe as restrictions eased throughout the quarter.

包括美國、英國和加拿大在內的許多發達市場的銷售勢頭持續強勁，隨著整個季度限制的放鬆，整個歐洲都出現了顯著復甦。

We've also seen pockets of strength in our portfolio of emerging markets, including the Middle East, Latin America, Africa and India, to name a few.

我們還在新興市場的投資組合中看到了一些優勢，包括中東、拉丁美洲、非洲和印度，僅舉幾例。

As we've previously shared, looking across the more than 150 countries in which we operate, our recovery will neither be consistent from country to country nor linear within a country, reinforcing the competitive advantages of our diversified portfolio and our ability to serve customers through multiple on- and off-premise channels.

正如我們之前所分享的那樣，縱觀我們經營業務的 150 多個國家，我們的複蘇不會因國家而異，也不會在一個國家內呈線性增長，從而增強了我們多元化投資組合的競爭優勢以及我們通過以下方式為客戶提供服務的能力多個內部和外部渠道。

A key growth driver for our business remains the continued acceleration of our digital and technology strategy, including how we leverage our global scale with technology investments to enhance the customer and employee experience, strengthen restaurant unit economics and provide a competitive advantage for our franchisees.

我們業務的一個關鍵增長動力仍然是我們數字和技術戰略的持續加速，包括我們如何利用我們的全球規模和技術投資來提升客戶和員工體驗、加強餐廳單位經濟並為我們的加盟商提供競爭優勢。

We're seeing strong and sustained momentum through our digital and off-premise channels across our global business, even as customers return to our dining rooms.

通過我們全球業務的數字和場外渠道，我們看到了強勁而持續的勢頭，即使客戶返回我們的餐廳也是如此。

We posted over $5 billion in global digital sales with a near 40% digital mix during Q3.

我們在第三季度公佈了超過 50 億美元的全球數字銷售額，其中數字組合接近 40%。

We continue to expand delivery capabilities across the globe, setting a record this quarter with over 41,000 stores offering delivery to our customers.

我們繼續在全球範圍內擴大送貨能力，本季度創下了記錄，超過 41,000 家商店為我們的客戶提供送貨服務。

Most recently, we acquired Dragontail Systems, which will allow us to tap into the power of artificial intelligence to streamline the end-to-end food preparation process and further enhance our delivery capabilities.

最近，我們收購了 Dragontail Systems，這將使我們能夠利用人工智能的力量來簡化端到端的食物準備過程並進一步提高我們的交付能力。

Where we've deployed Dragontail's cutting-edge technology, we found that it makes it easier for team members to operate and run a restaurant and helps our franchisees strengthen store operations, all resulting in a better customer experience.

在我們部署 Dragontail 的尖端技術的地方，我們發現它使團隊成員更容易經營和經營餐廳，並幫助我們的加盟商加強商店運營，所有這些都帶來了更好的客戶體驗。

This is the perfect segue to talk about our 4 R.E.D.

這是談論我們的 4 R.E.D. 的完美話題。

brands.

品牌。

Starting with the KFC Division, which accounts for 52% of our operating profit, Q3 system sales grew 11%, driven by 6% same-store sales growth and 7% unit growth.

從占我們營業利潤 52% 的肯德基部門開始，在同店銷售額增長 6% 和單位增長 7% 的推動下，第三季度系統銷售額增長了 11%。

On a 2-year basis, Q3 same-store sales were up 1%, which included the impact of 1% of the stores being temporarily closed due to COVID.

在 2 年的基礎上，第三季度同店銷售額增長了 1%，其中包括 1% 的商店因 COVID 暫時關閉的影響。

At KFC International, same-store sales grew 6% during the quarter.

在肯德基國際，本季度同店銷售額增長了 6%。

Same-store sales declined 1% on a 2-year basis.

同店銷售額在兩年內下降了 1%。

As previously mentioned, increased COVID case counts and limited mobility in a few key Asian markets pressured top line trends in the quarter.

如前所述，亞洲一些主要市場的 COVID 病例數量增加和流動性有限，給本季度的收入趨勢帶來了壓力。

This quarter, several Western European markets joined the group of resilient market leading the recovery where sales have fully recovered to pre-COVID levels.

本季度，幾個西歐市場加入了引領復甦的彈性市場集團，銷售額已完全恢復到 COVID 之前的水平。

Strong digital and off-premise growth, newsworthy products and doubling down on value offerings have fueled top line growth in these markets, coupled with the continued strength of the chicken category across the QSR segment globally.

強勁的數字和場外增長、具有新聞價值的產品和加倍提供的價值產品推動了這些市場的收入增長，再加上全球 QSR 細分市場的雞肉類別持續強勁。

Next, at KFC U.S., same-store sales grew 4% during the quarter, while same-store sales increased 13% on a 2-year basis.

接下來，在肯德基美國，同店銷售額在本季度增長了 4%，而同店銷售額在 2 年的基礎上增長了 13%。

The continued success of our chicken sandwich and the strength of the group occasion remains significant drivers of our same-store sales growth.

我們雞肉三明治的持續成功和團體活動的實力仍然是我們同店銷售增長的重要驅動力。

Additionally, as of July, our year-to-date digital sales in the U.S. surpassed our full year 2020 digital sales, which speaks to the results we're seeing from our investments in this critical growth channel.

此外，截至 7 月，我們在美國的年初至今數字銷售額超過了 2020 年全年的數字銷售額，這說明了我們在這一關鍵增長渠道的投資中看到的結果。

Now on to the Pizza Hut Division, which accounts for 17% of our operating profit.

現在是必勝客部門，它占我們營業利潤的 17%。

Q3 system sales grew 4%, driven by 1% unit growth and 4% same-store sales growth.

第三季度系統銷售額增長 4%，受單位增長 1% 和同店銷售額增長 4% 的推動。

For the division, 2-year same-store sales grew 1% during the quarter, which included the impact of 1% of stores being temporarily closed as of the end of Q3 2021.

該部門的 2 年同店銷售額在本季度增長了 1%，其中包括截至 2021 年第三季度末 1% 的門店暫時關閉的影響。

Pizza Hut International same-store sales grew 6% during the quarter.

必勝客國際同店銷售額在本季度增長了 6%。

On a 2-year basis, same-store sales declined 4%.

在 2 年的基礎上，同店銷售額下降了 4%。

While our Pizza Hut International business continues to be pressured given our substantial dine-in mix, the sustained strength in our off-premise business, as reflected by 21% same-store sales growth on a 2-year basis, bodes well for the future of the brand and continues to fuel franchisee interest in investing in assets focused on serving the off-premise occasion.

雖然我們的必勝客國際業務繼續受到我們大量堂食組合的壓力，但我們的場外業務的持續實力（如 2 年同店銷售額增長 21% 所反映）預示著未來的好兆頭並繼續激發特許經營者對專注於服務於場外場合的資產的投資興趣。

Our markets continue to demonstrate what it means to be R.E.D.

我們的市場繼續證明 R.E.D 意味著什麼。

by focusing on strong value propositions and innovative partnerships, including Beyond Meat product offerings in 2 markets this quarter.

通過專注於強大的價值主張和創新合作夥伴關係，包括本季度在兩個市場提供的 Beyond Meat 產品。

At Pizza Hut U.S., we continued to see positive momentum with 2% same-store sales growth.

在美國必勝客，我們繼續看到積極勢頭，同店銷售額增長 2%。

On a 2-year basis, same-store sales grew 8%, and the off-premise channel grew 17%.

在 2 年的基礎上，同店銷售額增長了 8%，場外渠道增長了 17%。

Pizza Hut continues to delight customers by bringing Only from Pizza Hut premium innovation with the launch of The Edge pizza and the return of the successful Detroit-Style pizza in Q3.

必勝客通過推出 The Edge 比薩餅和第三季度大獲成功的底特律風味比薩餅，帶來 Only from Pizza Hut 優質創新，繼續取悅客戶。

Additionally, we promoted the Big Dinner Box during back-to-school season to offer an easy dinner solution for our Pizza Hut customers.

此外，我們在返校季推廣了大餐盒，為必勝客客戶提供簡單的晚餐解決方案。

Moving on to Taco Bell, which accounts for 31% of our operating profit.

轉到塔可鐘，它占我們營業利潤的 31%。

Third quarter system sales grew 8%, driven by 3% unit growth and 5% same-store sales growth.

第三季度系統銷售額增長 8%，受單位增長 3% 和同店銷售額增長 5% 的推動。

Two-year same-store sales growth was 8% for the quarter.

本季度兩年同店銷售額增長 8%。

Taco Bell continues to focus on long-term growth opportunities by expanding into multiple category entry points, including the relaunch of breakfast in August and the fried chicken category with the Crispy Chicken Sandwich Taco during the quarter.

塔可鍾繼續專注於長期增長機會，將業務擴展到多個品類切入點，包括在 8 月重新推出早餐，以及在本季度重新推出炸雞品類和脆皮雞三明治塔可。

Meanwhile, Taco Bell International remains focused on their mission to make tacos cool around the world, while also ensuring the brand is culturally relevant in each market.

與此同時，Taco Bell International 仍然專注於他們的使命，即讓世界各地的炸玉米餅變得更酷，同時確保該品牌在每個市場都具有文化相關性。

In the U.K., we gave away free tacos to the country to celebrate England advancing to the finals in the European championship.

在英國，我們向該國贈送了免費的炸玉米餅，以慶祝英格蘭晉級歐洲錦標賽的決賽。

Players on the English team even tweeted on behalf of the brand, resulting in Taco Bell being one of the top trending brands on Twitter during the finals.

英格蘭隊的球員甚至代表該品牌發了推文，導致 Taco Bell 在總決賽期間成為 Twitter 上最熱門的品牌之一。

And finally, at the Habit Burger Grill, we saw system sales grow 19% during the quarter, driven by 11% same-store sales growth and 7% unit growth.

最後，在 Habit Burger Grill，我們看到系統銷售額在本季度增長了 19%，這得益於 11% 的同店銷售額增長和 7% 的單位銷售額增長。

On a 2-year basis, same-store sales grew 7%, which included the impact of about 1% of stores being temporarily closed as of the end of Q3.

在 2 年的基礎上，同店銷售額增長了 7%，其中包括截至第三季度末約 1% 的商店暫時關閉的影響。

We continue to see strong results through our digital channels, even as customers returned to our dining rooms.

即使客戶返回我們的餐廳，我們仍然通過我們的數字渠道看到強勁的結果。

During the quarter, we launched a culinary-forward Balsamic Grilled Chicken and Asparagus salad that highlighted our unmatched chargrilled chicken and seasonal ingredients.

在本季度，我們推出了一種烹飪前衛的香醋烤雞和蘆筍沙拉，突出了我們無與倫比的炭烤雞肉和時令食材。

Now I'll discuss our Unrivaled Culture and Talent growth driver.

現在我將討論我們無與倫比的文化和人才增長動力。

A hallmark of Yum!

百勝的標誌！

is our people-first culture.

是我們以人為本的文化。

We have tremendous leaders across our organization that have been developed internally to lead our brands.

我們在整個組織中擁有出色的領導者，他們在內部培養來領導我們的品牌。

And because of our culture, we're able to attract world-class external talent.

由於我們的文化，我們能夠吸引世界級的外部人才。

This quarter, we have the opportunity to announce some exciting internal promotions with planned leadership transition.

本季度，我們有機會宣布一些激動人心的內部晉升計劃，併計劃進行領導層交接。

First, Tony Lowings, CEO of KFC, will be retiring on March 1, 2022.

首先，肯德基首席執行官 Tony Lowings 將於 2022 年 3 月 1 日退休。

I want to thank Tony for his more than 25 years working at Yum!.

我要感謝 Tony 在 Yum! 工作超過 25 年。

He has embodied what it means to be a people-first leader throughout his career and will no doubt leave a lasting legacy on the KFC brand.

在他的整個職業生涯中，他都體現了成為以人為本的領導者的意義，無疑將為肯德基品牌留下持久的遺產。

Tony's successor will be Sabir Sami, KFC's Global Chief Operations Officer, who is an incredibly well-respected and experienced leader who has played a pivotal role in the KFC global business.

Tony 的繼任者將是肯德基全球首席運營官 Sabir Sami，他是一位備受尊敬且經驗豐富的領導者，在肯德基全球業務中發揮了舉足輕重的作用。

Sabir's promotion to CEO of KFC provided an opportunity to elevate another internal talent with Dyke Shipp stepping in as President of KFC after serving as KFC's Global Chief People and Development Officer.

Sabir 晉升為肯德基首席執行官提供了一個提升內部人才的機會，Dyke Shipp 在擔任肯德基全球首席人力資源和發展官後接任肯德基總裁一職。

With their combined experience of over 40 years with Yum!, both Sabir and Dyke will assume their new roles effective January 1, 2022.

Sabir 和 Dyke 憑藉在 Yum! 超過 40 年的綜合經驗，將於 2022 年 1 月 1 日起擔任新職務。

I couldn't be more confident in our ability to continue to unleash the power of this iconic brand with both Sabir and Dyke leading KFC.

在 Sabir 和 Dyke 都領導肯德基的情況下，我對我們繼續釋放這個標誌性品牌的力量的能力充滿信心。

Next, we recently announced that David Graves, Pizza Hut U.S. General Manager, will be promoted to President of Pizza Hut U.S., effective January 1, 2022.

接下來，我們最近宣布必勝客美國區總經理 David Graves 將被提升為必勝客美國區總裁，自 2022 年 1 月 1 日起生效。

Alongside Kevin Hochman, David has helped architect the Pizza Hut U.S. strategy and is the right person to lead the way forward for the brand by continuing to partner with our franchisees.

與 Kevin Hochman 一起，David 幫助制定了必勝客美國戰略，並且是通過繼續與我們的特許經營商合作來引領該品牌前進的合適人選。

With this promotion, Kevin Hochman, Interim President of Pizza Hut U.S. and President of KFC U.S., will return full-time to KFC U.S. I would like to thank Kevin for his unwavering commitment and leadership over the past 2 years as he led the Pizza Hut U.S. business and franchisees through a critical turnaround that has shown tremendous progress to date, all while simultaneously taking KFC U.S. to new heights.

通過此次晉升，必勝客美國臨時總裁兼肯德基美國總裁 Kevin Hochman 將全職回到肯德基美國 我要感謝 Kevin 在過去 2 年領導必勝客的堅定承諾和領導美國企業和加盟商經歷了迄今為止已顯示出巨大進展的關鍵轉變，同時將肯德基美國推向了新的高度。

These internal promotions demonstrate that our deep bench of experienced leaders is a real competitive advantage for us across the restaurant industry.

這些內部晉升表明，我們擁有豐富經驗的領導者為我們整個餐飲業帶來了真正的競爭優勢。

Lastly, we recruited significant external talent with the appointment of Aaron Powell as Chief Executive Officer at Pizza Hut.

最後，我們任命 Aaron Powell 為必勝客首席執行官，從而招募了大量外部人才。

Aaron joins us from Kimberly-Clark, where he most recently led their Asia Pacific business.

Aaron 從 Kimberly-Clark 加入我們，他最近領導了他們的亞太業務。

We're thrilled to have Aaron join our leadership team with his seasoned CPG executive experience and believe his leadership, alongside Vipul Chawla and David Graves, will help fuel the brand's growth strategy.

我們很高興 Aaron 憑藉他經驗豐富的 CPG 執行經驗加入我們的領導團隊，並相信他的領導能力以及 Vipul Chawla 和 David Graves 將有助於推動品牌的增長戰略。

Equally as important as our Recipe for Growth is our Recipe for Good.

與我們的成長秘訣同樣重要的是我們的良方秘訣。

I could not be prouder of the progress Yum!

百勝的進步讓我感到無比自豪！

and our brands have made this year in sharpening the focus and execution of our ESG agenda, particularly on climate action and sustainable packaging, alongside our global unlocking opportunity initiatives to tackle inequality.

今年，我們的品牌在加強 ESG 議程的重點和執行方面取得了成就，特別是在氣候行動和可持續包裝方面，以及我們為解決不平等問題而採取的全球解鎖機會舉措。

We are advancing our plans to reduce greenhouse gas emissions across our global system and supply chain by nearly half by 2030.

我們正在推進我們的計劃，到 2030 年將全球系統和供應鏈的溫室氣體排放量減少近一半。

While we work to implement, learn from and scale pilots for reusable, recyclable and compostable packaging in the front of our restaurants to meet our 2025 public commitments.

我們努力在餐廳門前實施、學習和擴大可重複使用、可回收和可堆肥包裝的試點，以實現我們 2025 年的公共承諾。

Across all of our brands, we're focused on building a resilient business for the future with purpose and sustainability as the core.

在我們所有的品牌中，我們都專注於以目標和可持續性為核心，為未來打造具有彈性的業務。

Our iconic brands and unmatched scale put us in a class of our own.

我們的標誌性品牌和無與倫比的規模使我們獨樹一幟。

We're competitively advantaged given the size and capabilities of our franchise system, and I'm thrilled with our teams as we continue to be nimble and meet the consumer where they are.

鑑於我們特許經營系統的規模和能力，我們具有競爭優勢，我對我們的團隊感到興奮，因為我們將繼續保持敏捷並滿足消費者所在的地方。

Overall, I'm proud of how our business is performing, and I'm confident that we're positioned to win in a post-COVID world.

總的來說，我為我們的業務表現感到自豪，我相信我們有能力在後疫情時代取勝。

With that, Chris, over to you.

有了這個，克里斯，交給你了。

Thank you, David, and good morning, everyone.

謝謝你，大衛，大家早上好。

Today, I'll discuss our financial results, our Unmatched Operating Capability and Bold Restaurant Development growth drivers and our solid balance sheet and liquidity position.

今天，我將討論我們的財務業績、我們無與倫比的運營能力和大膽的餐廳發展增長動力，以及我們穩健的資產負債表和流動性狀況。

I'll start by discussing our financial results.

我將首先討論我們的財務業績。

Our results year-to-date through Q3, highlighted by 15% system sales growth translating into strong core operating profit growth of 26%, demonstrate the resilience and strength of our economic model.

我們從年初至今到第三季度的業績，突出顯示 15% 的系統銷售增長轉化為 26% 的強勁核心營業利潤增長，證明了我們經濟模式的彈性和實力。

The continued momentum reflected in our results reaffirms our confidence in delivering, on an annual basis, the long-term growth algorithm we reinstated on our last call, specifically 2% to 3% same-store sales growth plus 4% to 5% net-new unit growth translating to mid- to high single-digit system sales growth and high single-digit operating profit growth.

我們的業績中反映的持續勢頭再次證明了我們有信心每年提供我們在上次電話會議上恢復的長期增長算法，特別是同店銷售額增長 2% 至 3% 加上淨額增長 4% 至 5%新單位增長轉化為中高個位數的系統銷售增長和高個位數的營業利潤增長。

In the third quarter specifically, Yum!

特別是在第三季度，百勝！

system sales grew 8%, driven by 5% same-store sales growth or 3% on a 2-year basis, which includes the impact of about 1% of stores being temporarily closed as of the end of Q3.

系統銷售額增長 8%，受同店銷售額增長 5% 或 2 年 3% 的推動，其中包括截至第三季度末約 1% 的門店暫時關閉的影響。

We delivered 4% unit growth year-over-year, which included a record of 760 net-new units this quarter.

我們實現了 4% 的單位同比增長，其中包括本季度創紀錄的 760 個新單位。

Core operating profit increased 3% for the quarter, in line with our internal expectations when accounting for onetime items that impacted comparability.

本季度核心營業利潤增長 3%，符合我們在考慮影響可比性的一次性項目時的內部預期。

The largest of these items was the lap of last year's bad debt recoveries, which accounted for a 5-point headwind to core operating profit growth.

其中最大的一項是去年的壞賬回收，這對核心營業利潤增長造成了 5 個百分點的不利影響。

EPS, excluding special items, was $1.22, representing a 21% increase compared to ex special EPS of $1.01 in the third quarter last year.

不包括特殊項目的每股收益為 1.22 美元，與去年第三季度的 1.01 美元的特殊每股收益相比增長了 21%。

Reflected in our ex special EPS this quarter is an investment gain on our approximate 5% investment in Devyani International Limited, an entity that operates KFC and Pizza Hut franchised units in India.

在本季度我們的特別每股收益中反映的是，我們對 Devyani International Limited 的約 5% 投資獲得了投資收益，該實體在印度經營肯德基和必勝客特許經營單位。

Our minority stake in Devyani was acquired in lieu of cash proceeds upon the refranchising of approximately 60 KFCs in India during 2019 and 2020.

我們在 Devyani 的少數股權是在 2019 年和 2020 年期間在印度重新特許約 60 家肯德基時以現金收益替代的。

During the third quarter, Devyani completed an initial public offering, and we began reflecting the change in fair value of our investment in our results during the quarter.

在第三季度，Devyani 完成了首次公開募股，我們開始在本季度的業績中反映我們投資的公允價值變化。

This resulted in $52 million of pretax investment gains on our approximate 5% stake, which added $0.16 to EPS, but did not impact our core operating profit.

這為我們大約 5% 的股權帶來了 5200 萬美元的稅前投資收益，為每股收益增加了 0.16 美元，但並未影響我們的核心營業利潤。

During Q3, we had bad debt expense of $3 million.

在第三季度，我們的壞賬費用為 300 萬美元。

As a reminder, we have large quarterly swings in bad debt last year due to COVID, and we're lapping $21 million in bad debt recoveries in the third quarter of last year resulting in a year-over-year headwind of 5 points or $24 million to core operating profit growth this quarter.

提醒一下，由於 COVID，我們去年的壞賬季度波動很大，去年第三季度我們收回了 2100 萬美元的壞賬，導致同比逆風 5 個點或 24 美元本季度核心營業利潤增長 100 萬元。

We expect core operating profit growth to be negatively impacted again in Q4 as we lap bad debt recoveries of $8 million in the fourth quarter last year.

我們預計核心營業利潤增長將在第四季度再次受到負面影響，因為我們在去年第四季度收回了 800 萬美元的壞賬。

Our general and administrative expenses on an ex special basis for the quarter were $249 million.

我們本季度的一般和管理費用為 2.49 億美元。

On a full year basis this year, we now estimate consolidated G&A will be approximately $1.05 billion, an increase of about $60 million above our incoming expectations for the year, driven entirely by our above-target incentive compensation based on our strong business performance.

在今年全年的基礎上，我們現在估計合併 G&A 將約為 10.5 億美元，比我們今年的預期增加約 6,000 萬美元，這完全是由於我們基於我們強勁的業務表現而超過目標的激勵薪酬。

Our commitment to be an efficient growth company that leverages fixed costs with our unique scale benefits is unchanged.

我們致力於成為一家高效的成長型公司，利用我們獨特的規模優勢利用固定成本，這一承諾沒有改變。

We expect our G&A to system sales ratio to move back to 1.7% next year on a full year basis.

我們預計明年全年我們的 G&A 與系統銷售比率將回升至 1.7%。

Finally, we note that Taco Bell company store margins have begun to normalize in the back half of this year due to increased staffing in our restaurants as we return to our historical daypart mix, wage investments and recent commodity inflation.

最後，我們注意到 Taco Bell 公司的商店利潤率在今年下半年開始正常化，原因是我們的餐廳人員增加，因為我們恢復了歷史的時段組合、工資投資和最近的商品通脹。

While there will be quarterly variability due to the dynamic environment, we are confident in our ability to consistently deliver Taco Bell company store margins in line with our historical pre-COVID levels for full year 2021 and beyond.

雖然由於動態環境會出現季度變化，但我們有信心在 2021 年全年及以後持續提供與我們在 COVID 之前的歷史水平一致的 Taco Bell 公司商店利潤率。

Next, I'll discuss our Unmatched Operating Capabilities.

接下來，我將討論我們無與倫比的運營能力。

We continue to invest in our technology strategy to expand both our digital capabilities and restaurant technology solutions.

我們將繼續投資於我們的技術戰略，以擴展我們的數字能力和餐廳技術解決方案。

We're prioritizing making it easier to operate a restaurant, ultimately driving efficiencies in our stores to enhance franchise unit economics while also improving the customer experience.

我們正在優先考慮讓餐廳的經營變得更容易，最終提高我們商店的效率，以提高特許經營單位的經濟效益，同時也改善客戶體驗。

To that end, during the quarter, we closed on the acquisition of Dragontail Systems, a restaurant technology company that enhances both the team member and customer experience.

為此，在本季度，我們完成了對餐廳技術公司 Dragontail Systems 的收購，該公司可增強團隊成員和客戶體驗。

Dragontail uses innovative technology that streamlines the order management process in the restaurant and optimizes delivery routes for drivers, resulting in our customers receiving the freshest possible product.

Dragontail 使用創新技術簡化餐廳的訂單管理流程並優化司機的送貨路線，從而使我們的客戶收到最新鮮的產品。

Thus far, the Dragontail solution has been deployed in 13 markets and over 1,700 stores across the Pizza Hut system.

到目前為止，Dragontail 解決方案已在必勝客系統的 13 個市場和 1,700 多家商店中部署。

Many Pizza Hut restaurants leveraging Dragontail's platform have already seen a positive impact on sales, order fulfillment and customer satisfaction scores, including product freshness and delivery times.

許多利用 Dragontail 平台的必勝客餐廳已經對銷售、訂單履行和客戶滿意度得分產生了積極影響，包括產品新鮮度和交貨時間。

I recently participated in virtual store visits in the U.K. and in Latin America, where franchisees demonstrated benefits of the Dragontail System and shared their team members' excitement.

我最近參加了在英國和拉丁美洲的虛擬商店參觀，加盟商展示了 Dragontail 系統的好處並分享了他們的團隊成員的興奮。

Another example of how our technology investments yield enhanced operating performance is Taco Bell's continued execution of its all-access technology initiative.

我們的技術投資如何提高運營績效的另一個例子是塔可鍾繼續執行其全接入技術計劃。

This connected suite of core restaurant technology solutions is used to optimize operations and create a frictionless customer experience.

這套互聯的核心餐廳技術解決方案用於優化運營並創造無摩擦的客戶體驗。

These strategic efforts contributed to Taco Bell's seventh consecutive quarter with drive-through times below 4 minutes, enabling the brand to serve more customers through the drive-through while also delivering a great customer experience.

這些戰略性努力促成了 Taco Bell 連續第七個季度的免下車時間低於 4 分鐘，使該品牌能夠通過免下車服務為更多客戶提供服務，同時提供出色的客戶體驗。

Moving on to our Bold Restaurant Development growth driver.

繼續我們的大膽餐廳發展增長動力。

I'm thrilled to discuss how we delivered another record development quarter with 760 net-new units, including meaningful contributions across multiple geographies at our KFC, Pizza Hut and Taco Bell global brands.

我很高興地討論我們如何以 760 個全新單位交付另一個創紀錄的發展季度，包括我們的肯德基、必勝客和塔可鐘全球品牌在多個地區做出的有意義的貢獻。

While we continue to see strong development from Yum China, our brands are also seeing broad-based development across other markets.

雖然我們繼續看到百勝中國的強勁發展，但我們的品牌也在其他市場看到了廣泛的發展。

The widespread strength in our store-level economics and cash-on-cash returns improving relative to pre-COVID levels are key drivers contributing to the acceleration in development we're seeing around the world.

相對於 COVID 之前的水平，我們商店級經濟的廣泛優勢和現金回報率的提高是推動我們在全球範圍內看到的加速發展的關鍵驅動因素。

Our KFC International markets have seen impressive development as China, Russia, India, Latin America and the Middle East continued to deliver strong unit development during the third quarter.

隨著中國、俄羅斯、印度、拉丁美洲和中東地區在第三季度的強勁發展，我們的肯德基國際市場取得了令人矚目的發展。

Additionally, over the past year, Pizza Hut International has driven a significant inflection in their unit growth, going from negative net-new units in 2020 to opening nearly 200 net-new units during the third quarter.

此外，在過去的一年裡，必勝客國際的單位增長出現了顯著變化，從 2020 年的負淨新單位到第三季度新增近 200 個淨新單位。

We expect this momentum to continue, a further testament to the confidence our franchisees have in the future of the brand.

我們預計這種勢頭將繼續下去，這進一步證明了我們的加盟商對品牌未來的信心。

At Taco Bell International, we continue to see strong development as key markets are approaching scale.

在 Taco Bell International，隨著主要市場的規模越來越大，我們繼續看到強勁的發展。

Not only are we seeing strong development across our brands, but given the continued strength of digital and off-premise growth, our teams continue to evolve the asset types being developed into more digitally enabled formats.

我們不僅看到了我們品牌的強勁發展，而且鑑於數字和場外增長的持續實力，我們的團隊繼續將正在開發的資產類型發展為更加數字化的格式。

As an example, we now have 23 Go Mobile locations at Taco Bell U.S. These technology-forward restaurants, which include dual drive-thrus with a dedicated mobile pickup lane, mobile pickup shelves and a faster bellhop experience, among other things, have been a big hit, and we have more in our development pipeline.

例如，我們現在在 Taco Bell US 擁有 23 家 Go Mobile 餐廳。大受歡迎，我們的開發流程中還有更多。

Next, I'll provide an update on our strong balance sheet and liquidity position.

接下來，我將提供我們強勁的資產負債表和流動性狀況的最新信息。

In August, we completed our third whole business securitization issuance at Taco Bell in the past 5 years, issuing $2.25 billion of new securitization notes.

8 月，我們在塔可鐘完成了過去 5 年的第三次全業務證券化發行，發行了 22.5 億美元的新證券化票據。

The weighted average yield of the new notes was approximately 2.24% and the proceeds were used to opportunistically repay $1.3 billion of existing higher coupon Taco Bell securitization notes and to support our share buyback program.

新票據的加權平均收益率約為 2.24%，所得款項用於機會性地償還 13 億美元現有的較高票面塔可鐘證券化票據，並支持我們的股票回購計劃。

We still expect our 2021 interest expense to be approximately $500 million, in line with 2020.

我們仍預計 2021 年的利息支出約為 5 億美元，與 2020 年持平。

We ended the quarter with cash and cash equivalents of $1 billion, excluding restricted cash.

我們在本季度末的現金和現金等價物為 10 億美元，不包括受限制的現金。

Due to our continued recovery in EBITDA, our consolidated net leverage continues to be temporarily below our target of approximately 5x.

由於我們的 EBITDA 持續回升，我們的綜合淨槓桿率繼續暫時低於我們約 5 倍的目標。

With respect to our share buyback programs, during the quarter, we repurchased 2.6 million shares at an average share price of $127 per share, totaling approximately $330 million.

關於我們的股票回購計劃，在本季度，我們以每股 127 美元的平均股價回購了 260 萬股，總計約 3.3 億美元。

Year-to-date, we've repurchased $860 million of shares at an average price of $117.

年初至今，我們以 117 美元的平均價格回購了 8.6 億美元的股票。

Capital expenditures, net of refranchising proceeds, during the quarter were $49 million.

本季度資本支出（扣除特許經營收益）為 4900 萬美元。

We now expect net capital expenditures of approximately $175 million for the full year, reflecting roughly $75 million in refranchising proceeds and $250 million of gross CapEx.

我們現在預計全年的淨資本支出約為 1.75 億美元，反映了約 7500 萬美元的特許經營收益和 2.5 億美元的總資本支出。

Lastly, 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.

最後，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，並通過股票回購將剩餘的超額現金返還給股東。

Before wrapping up, I'd like to take a moment to address both labor and cost inflation pressures and how Yum!

在結束之前，我想花一點時間來解決勞動力和成本通脹壓力以及百勝！

is well positioned to navigate these challenges.

有能力應對這些挑戰。

U.S. labor availability remains tight across most industries, driving wage inflation and staffing challenges that have resulted in a small number of our stores limiting operating hours particularly during the early morning and late-night dayparts.

大多數行業的美國勞動力供應仍然緊張，推動工資上漲和人員配備挑戰，導致我們的少數商店限制營業時間，特別是在清晨和深夜白天。

While our franchisees are not immune to these market pressures, we believe the power of our scale and the larger average size of our franchisees relative to those of our QSR peers enables our system to manage the inflationary environment better than most.

雖然我們的加盟商不能倖免於這些市場壓力，但我們相信我們的規模力量以及我們的加盟商相對於我們的 QSR 同行更大的平均規模使我們的系統能夠比大多數人更好地管理通貨膨脹環境。

For example, while many small chains and independent restaurants experience difficulties adapting to these market dynamics, our franchisees continue to invest through this environment, accelerating investments that help widen their strategic advantage.

例如，雖然許多小型連鎖店和獨立餐廳在適應這些市場動態時遇到困難，但我們的加盟商繼續在這種環境下進行投資，加速投資，有助於擴大其戰略優勢。

Additionally, our people-first culture is a true competitive advantage in both attracting and retaining team members.

此外，我們以人為本的文化是吸引和留住團隊成員的真正競爭優勢。

We're confident in the ability of our brands to respond to dynamic market conditions and are working closely with our franchisees to assess strategic opportunities to take price as and when needed, while ensuring we continue to offer compelling value to our customers.

我們對我們的品牌應對瞬息萬變的市場條件的能力充滿信心，並正在與我們的特許經營商密切合作，以評估在需要時採取價格的戰略機會，同時確保我們繼續為客戶提供令人信服的價值。

While store-level margins have moderated, franchisee unit economics generally remain incredibly healthy.

雖然商店級別的利潤率有所放緩，但特許經營單位的經濟總體上仍然非常健康。

Overall, I'm pleased with our performance this quarter, driven by impressive unit growth and sustained digital sales.

總體而言，我對我們本季度的表現感到滿意，這得益於令人印象深刻的單位增長和持續的數字銷售。

We continue to invest in our digital ecosystem to scale technologies and provide a unique competitive advantage for our franchise operators while enhancing the customer and team member experience.

我們繼續投資於我們的數字生態系統以擴展技術並為我們的特許經營者提供獨特的競爭優勢，同時增強客戶和團隊成員的體驗。

Our franchise system is healthy and well positioned to invest through the near-term pressures, fueling our development engine and future unit growth.

我們的特許經營系統是健康的，並且可以通過近期壓力進行投資，為我們的發展引擎和未來的單位增長提供動力。

Our unit growth and sustained sales momentum, despite lingering COVID impacts, only make us more confident in our ability to deliver on our long-term growth algorithm.

儘管 COVID 的影響揮之不去，但我們的單位增長和持續的銷售勢頭只會讓我們對實現長期增長算法的能力更有信心。

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

有了這個，接線員，我們準備好回答任何問題。

(Operator Instructions) The first question comes from John Glass with Morgan Stanley.

（操作員說明）第一個問題來自摩根士丹利的 John Glass。

I'm wondering if you could just comment a little bit more about Taco Bell's performance this quarter.

我想知道你是否可以對塔可鐘本季度的表現多發表一點評論。

While it was strong on a 2-year basis, there was some deceleration.

雖然它在 2 年的基礎上表現強勁，但也出現了一些減速。

Stimulus may have played a role last quarter, so maybe that was a false read.

刺激可能在上個季度發揮了作用，所以這可能是一個錯誤的解讀。

That would also seem to be the brand, just given your comments on staffing in early morning and late night that may have been impacted.

這似乎也是品牌，只是考慮到您對可能受到影響的清晨和深夜人員配備的評論。

So was there any notable impact to sales just from staffing shortages there?

那麼，那裡的人員短缺對銷售有什麼顯著影響嗎？

So if you could just sort of talk about the overall trends in staffing in particular, and why maybe you saw some deceleration on a 2-year basis?

因此，如果您可以特別談談人員配備的總體趨勢，為什麼您會看到兩年內出現一些減速？

Yes.

是的。

In terms of staffing, obviously, we're pressured in our restaurants, just as everybody else is.

顯然，就人員配備而言，我們在餐廳面臨壓力，就像其他人一樣。

But I think our -- we're doing an amazing job in the field of being focused on retention.

但我認為我們 - 我們在專注於留存方面做得非常出色。

We won't have a staffing problem if we don't have any open jobs if we retain the employees that we have.

如果我們留住現有的員工，如果我們沒有任何空缺職位，我們就不會有人員配備問題。

And given the culture that we have in our restaurants across all of our brands and the kind of environments that our franchisees create for their employees with paychecks and then pathways to advancement, I think we're getting through this better than most.

鑑於我們所有品牌的餐廳所擁有的文化，以及我們的特許經營商通過薪水和晉升途徑為員工創造的環境，我認為我們比大多數人都更好地度過了這一難關。

Yes, we're really proud of the results we put up across all of the brands this quarter.

是的，我們為本季度在所有品牌中取得的成果感到非常自豪。

You guys probably saw, it's, on a 2-year basis, we're positive on all 4 brands.

你們可能已經看到，在 2 年的基礎上，我們對所有 4 個品牌都持積極態度。

On a 1-year basis, we're positive on all 4 brands.

在 1 年的基礎上，我們對所有 4 個品牌都持積極態度。

And then obviously, the big news is the 760 net-new units that we opened for the quarter.

然後很明顯，大新聞是我們在本季度新開的 760 個單位。

So a very strong quarter.

所以一個非常強勁的季度。

We've got pluses and minuses, John, if you're talking about in the U.S. KFC was up 13% on a 2-year basis.

約翰，如果你說的是美國，肯德基在兩年內上漲了 13%，我們各有利弊。

Pizza Hut's HMR business, home meal replacement business, was up 17%.

必勝客的 HMR 業務，即家庭代餐業務，增長了 17%。

Taco Bell was a little bit softer.

塔可鐘軟一點。

For them, late night and breakfast become a little bit more of a challenge, and they skew a little bit more towards individual meals.

對他們來說，深夜和早餐變得有點挑戰，而且他們更傾向於個人用餐。

And I think that's what you're seeing.

我認為這就是你所看到的。

Every brand has a different set of attributes as we go through this.

當我們經歷這個時，每個品牌都有一組不同的屬性。

Some will play better in this environment than other, but all of our brands are really doing quite well, which is contributing to this great quarter.

有些人在這種環境下會比其他人表現更好，但我們所有的品牌都做得很好，這為這個偉大的季度做出了貢獻。

The next question comes from David Palmer with Evercore ISI.

下一個問題來自 Evercore ISI 的 David Palmer。

Just a quick follow-up on John's and then I have one on unit growth.

只是對約翰的快速跟進，然後我有一個關於單位增長的跟進。

The Taco Bell result, 8% 2-year, that's below the industry's comp.

Taco Bell 的結果是 8% 的 2 年期，低於行業的競爭水平。

Taco Bell has been a long-term share gainer.

塔可鐘一直是一個長期的股票增長者。

If you have a big-picture comment about maybe sources of weakness, whether the supply chain, the Midwest, something like that.

如果你對可能的弱點來源有一個全面的評論，無論是供應鏈、中西部還是類似的東西。

Also just bigger picture, why you think Taco Bell, on a 2-year basis, might not be doing as well as the industry average of drive-thru chains out there?

還有更大的圖景，為什麼你認為 Taco Bell 在 2 年的基礎上，可能沒有得來速連鎖店的行業平均水平那麼好？

And then on unit growth, do you -- the results are very strong, and it's hard to see weakness or holdbacks from a development standpoint from a macro sense.

然後在單位增長方面，您是否 - 結果非常強勁，從宏觀意義上很難從發展的角度看到弱點或阻礙。

But we would expect there to be that, that there would be some friction out there given all the macro challenges around COVID.

但我們預計會有這樣的情況，考慮到圍繞 COVID 的所有宏觀挑戰，會有一些摩擦。

Do you believe that there is -- something holds you back even in these strong numbers?

您是否相信存在 - 即使在這些強勁的數字中也有一些東西讓您退縮？

Yes.

是的。

It's a great point.

這是一個很好的觀點。

Obviously, the numbers that we put up in this quarter are truly record setting, right?

顯然，我們在本季度提供的數字確實是創紀錄的，對吧？

760 net-new units in the third quarter is a record for Yum!.

第三季度淨新增 760 個單位是 Yum! 的記錄。

We're at 1,800 net-new units year-to-date basically, which is closing in on the record we set for Yum!

年初至今，我們的淨新單位基本為 1,800 個，接近我們為百勝創造的記錄！

in 2019 for full year development.

2019年全年發展。

And I think you're right.

我認為你是對的。

There's probably some friction that we're experiencing.

我們可能正在經歷一些摩擦。

That we haven't been able to open all the units that we could because of some challenges.

由於一些挑戰，我們無法打開所有可以打開的單元。

But this is where the big advantages of Yum!

但這就是 Yum 的最大優勢所在！

come in.

進來。

Our scale, our purchasing capability, the size of our franchisees, their access to capital.

我們的規模，我們的採購能力，我們的加盟商的規模，他們獲得資金的渠道。

We've been anticipating some of the supply chain challenges ordering ahead of time, securing the inventory we need on equipment, for example, to get through this without having equipment delays to open restaurants.

我們一直在預見一些供應鏈挑戰，提前訂購，確保我們需要的設備庫存，例如，在不因設備延誤而開設餐廳的情況下度過難關。

So I do think there's further upside to the numbers we're putting up.

所以我確實認為我們提供的數字還有進一步的上升空間。

And I do think if we continue these trends, we'll obviously set a record for Yum!

而且我確實認為，如果我們繼續這些趨勢，我們顯然會為百勝創造記錄！

in the fourth quarter.

在第四季度。

And we probably have a shot at setting a record for the restaurant industry all time for a number of units open in 1 year.

而且，我們可能有機會在 1 年內開設多個單位，創下餐飲業的歷史記錄。

I look forward to reporting back on that in our fourth quarter call.

我期待在我們的第四季度電話會議上報告這一點。

As for Taco Bell, the Taco Bell sales are up 15%.

至於塔可鐘，塔可鐘的銷售額增長了 15%。

System sales are up 15% on a 2-year basis.

系統銷售額在 2 年內增長了 15%。

We are making no apologies for that.

我們不為此道歉。

The business is doing quite well, very strong.

生意做得很好，很強大。

It does have its own unique challenges since it skews a little bit more towards individual meals versus family occasions.

它確實有其獨特的挑戰，因為它更傾向於個人用餐而不是家庭場合。

You're seeing the brands, like Pizza Hut and KFC that skewed towards family occasions, performing even better.

你會看到像必勝客和肯德基這樣偏向家庭場合的品牌表現更好。

But Taco Bell performance is strong.

但塔可鐘錶現強勁。

In Q3, we made some investments in -- on the marketing side that weren't designed to pay off on the top line, such as relaunching breakfast.

在第三季度，我們在營銷方面進行了一些投資，這些投資並非旨在為頂線帶來回報，例如重新推出早餐。

We know those will have benefits for us down the road.

我們知道這些將在未來為我們帶來好處。

So we're proud of what's going on at Taco Bell, with system sales growth like that, unit growth like we're seeing all across Yum!

因此，我們為 Taco Bell 正在發生的事情感到自豪，系統銷售增長如此，單位增長就像我們在百勝餐廳看到的一樣！

and at Taco Bell.

在塔可鐘。

I'm excited about the future for all our brands.

我對我們所有品牌的未來感到興奮。

The next question comes from David Tarantino of Baird.

下一個問題來自 Baird 的 David Tarantino。

I have another question on development.

我還有一個關於發展的問題。

And first, I just wanted to see if you thought this year's development strength was due in part to some pent-up activity from delays that you saw last year and/or just underlying strength.

首先，我只是想看看您是否認為今年的發展實力部分是由於您去年看到的延遲和/或只是潛在實力的一些被壓抑的活動。

And then, Chris, I think you mentioned in your comments that you're seeing improved cash-on-cash returns in a lot of markets.

然後，克里斯，我想你在評論中提到你看到很多市場的現金回報率都有所提高。

And I was hoping that you could elaborate on what you meant there specifically?

我希望你能詳細說明你的具體意思？

Yes.

是的。

Thanks, David.

謝謝，大衛。

As David mentioned, we are very excited about the momentum in development.

正如大衛所說，我們對發展勢頭感到非常興奮。

And if you think about the drivers, the #1 driver is unit economics.

如果你考慮驅動因素，排名第一的驅動因素是單位經濟。

So that sort of gets at both parts of your question.

因此，您的問題的兩個部分都得到了解決。

Around the globe, in general, our franchisees are seeing strong EBITDA, and they are seeing that translate to improved returns whenever they build restaurants.

總的來說，在全球範圍內，我們的加盟商看到了強勁的 EBITDA，而且他們看到，每當他們建立餐廳時，這都會轉化為更高的回報。

Remember, these are our franchisees putting their capital to work.

請記住，這些是我們的特許經營商將他們的資金投入工作。

And that's where I think the strength of the brand and the larger average size of our franchisees really matters.

這就是我認為品牌實力和我們特許經營商更大的平均規模真正重要的地方。

They're able to see through near-term fluctuations related to COVID around the globe and invest for the long term.

他們能夠看穿全球與 COVID 相關的近期波動，並進行長期投資。

The second driver on development is the strong development teams that we have who are focused and incentivized to go create great results on the development front.

開發的第二個驅動力是我們擁有的強大的開發團隊，他們專注並激勵他們在開發方面創造出色的成果。

And they have an improved set of capabilities.

他們有一套改進的能力。

We're now bringing analytics to bear in how we set our development plans in a number of markets around the globe.

我們現在正在將分析用於我們如何在全球多個市場製定發展計劃。

We're bringing new prototypes to bear.

我們帶來了新的原型。

We talked about the Go Mobile concept, which is primed for digital growth with Taco Bell.

我們討論了 Go Mobile 概念，該概念旨在與 Taco Bell 一起實現數字化增長。

We have similar examples in other brands.

我們在其他品牌也有類似的例子。

So it's a broad set of drivers that are supporting this growth.

因此，支持這種增長的是一系列廣泛的驅動因素。

And you've seen this trajectory change, in particular in the Pizza Hut business.

你已經看到了這種軌蹟的變化，尤其是在必勝客業務中。

That's been an important driver of where the numbers are.

這是數字在哪裡的一個重要驅動因素。

Pizza Hut International putting up plus 200 in the quarter, that's more than 300 better than where they were a year ago, and you've seen Pizza Hut U.S. stabilize.

必勝客國際在本季度增加了 200 家，比一年前增加了 300 多家，而且你已經看到必勝客美國公司穩定下來。

So those are also important drivers.

所以這些也是重要的驅動因素。

So broad-based strength in development right now.

現在發展實力如此廣泛。

Yes.

是的。

As far as the issue of pent-up demand, I'm sure there's some units that's spilled over from 2020 into 2021.

至於被壓抑的需求問題，我敢肯定有一些單位從 2020 年溢出到 2021 年。

But we do believe that these trends in development will continue.

但我們確實相信，這些發展趨勢將繼續下去。

We think we've gotten to a new level on development, that's why we raised our development guidance on the last earnings call.

我們認為我們已經達到了一個新的發展水平，這就是為什麼我們在上次財報電話會議上提高了我們的發展指導。

And look, we're talking about net-new units.

看，我們正在談論全新的單位。

Let's talk about gross new units for the quarter.

讓我們談談本季度的總新單位。

In the quarter, we opened over 1,000 gross new units.

在本季度，我們開設了 1,000 多個新單位。

That's a store every other hour basically all quarter long.

那是每隔一小時就有一家商店，基本上整整一個季度。

Pretty amazing.

相當了不起。

And when you think about just the side effect of that, how we're modernizing the estate with that kind of development, it's really encouraging.

當你想到它的副作用時，我們如何通過這種開發方式對莊園進行現代化改造，這真的令人鼓舞。

The next question comes from John Ivankoe with JPMorgan.

下一個問題來自摩根大通的 John Ivankoe。

I think a lot of us on the call know kind of what the U.S. issues are in terms of construction, labor and permitting and even equipment.

我認為我們在電話會議上的很多人都知道美國在建築、勞動力和許可甚至設備方面的問題。

But I wanted you to kind of give us a, rest of the world, view in terms of how supply chains are around equipment and your ability to, I guess, keep this current rate of development over the next couple of quarters.

但我希望你給我們一個世界其他地方的觀點，即供應鏈如何圍繞設備以及你在接下來的幾個季度保持目前的發展速度的能力。

And of course, I ask that in the context of -- your supply chain seems to have gotten worse in the past 6 months, and perhaps some of the stores that opened in the third quarter benefited from what was ordered 6 months ago or even longer.

當然，我要問的是，在過去 6 個月裡，你們的供應鏈似乎變得更糟了，也許第三季度開張的一些商店受益於 6 個月前甚至更長的訂單.

Do you expect this momentum to continue?

您預計這種勢頭會持續下去嗎？

Is there that pipeline, just in terms of overall supply chain constraints, however you want to define it that you feel good on a market-by-market basis?

是否存在這樣的管道，僅就整體供應鏈限製而言，但是您想在逐個市場的基礎上定義您感覺良好的管道嗎？

Yes.

是的。

Thanks a bunch, John.

非常感謝，約翰。

It's a good question.

這是個好問題。

And I think this is where the strength of our operating model and our capability set around sourcing really shines.

我認為這就是我們運營模式的優勢和我們圍繞採購的能力真正閃耀的地方。

We saw some of those supply chain challenges related to equipment that are sort of a global challenge.

我們看到了一些與設備相關的供應鏈挑戰，這是一種全球性挑戰。

We saw those on the horizon early this year, and our supply chain teams were building resiliency plans at that point, and they worked with our franchisees around the globe to get ahead on purchasing for those equipment and reserving capacity with suppliers.

我們在今年年初就看到了這些，我們的供應鏈團隊當時正在製定彈性計劃，他們與我們在全球的特許經營商合作，在購買這些設備和為供應商預留產能方面取得領先。

There's certainly going to be some local challenges here and there related to permitting.

在這里和那里肯定會遇到一些與許可相關的本地挑戰。

But again, this is where that capability set helped us get ahead, plus our larger, more sophisticated franchisees invest ahead.

但同樣，這正是這些能力集幫助我們取得成功的地方，再加上我們更大、更老練的特許經營商提前投資。

They have sophisticated teams who are driving their development, and that's a big asset here as well.

他們擁有成熟的團隊來推動他們的發展，這也是這裡的一大資產。

So yes, we've probably left a few units on the table this year as a result of that.

所以，是的，我們今年可能因此在桌面上留下了一些單位。

But in general, we don't see that as a constraint on our long-term development pattern.

但總的來說，我們並不認為這是對我們長期發展模式的限制。

The next question comes from Jon Tower with Wells Fargo.

下一個問題來自富國銀行的 Jon Tower。

Awesome.

驚人的。

Just real quick in terms of thinking about the value proposition to the consumer and, obviously, the inflation that's running through the market today.

在思考對消費者的價值主張方面真的很快，很明顯，今天在市場上運行的通貨膨脹。

Curious to know how your franchisees are handling the pricing situation now and then heading into '22 with, obviously, wage rate inflation as well as commodity cost inflation.

很想知道您的加盟商如何處理定價情況，然後進入 22 年，顯然，工資率上漲以及商品成本上漲。

How are you messaging to the franchisees the best way to handle it to the extent, obviously, you can have influence on it?

您如何向特許經營商傳達處理它的最佳方式，顯然，您可以對其產生影響？

And in terms of new product news, are you constructing items, say, at Taco Bell or KFC for next year that will allow them to at least maintain some of the penny profits, so they're not getting squeezed too much in this inflationary environment?

就新產品新聞而言，您是否正在為明年在 Taco Bell 或肯德基製造商品，這將使他們至少能夠維持一些便士利潤，因此在這種通貨膨脹環境下他們不會受到太大的擠壓?

Yes.

是的。

Thanks, Jon.

謝謝，喬恩。

Obviously, inflation is a story, not just in our industry but across sectors.

顯然，通貨膨脹是一個故事，不僅在我們的行業，而且在各個行業。

And again, I think this is a situation where Yum!'s operating model sets us and our franchisees up to deal with those challenges really well.

再說一次，我認為這是 Yum! 的運營模式讓我們和我們的特許經營商能夠很好地應對這些挑戰的情況。

And I think of 3 things: one, keep in mind our footprint, 60% of our sales are outside the U.S., and these inflation challenges are most acute in the U.S. And we see it in a few pockets around the globe, but most acute in the U.S.

我想到了 3 件事：第一，請記住我們的足跡，我們 60% 的銷售額在美國以外，這些通貨膨脹挑戰在美國最為嚴重 我們在全球的少數幾個地方看到它，但最為嚴重在美國

Second, in the U.S., think about our scale.

其次，在美國，想想我們的規模。

We purchase across all 4 brands together with RSCS.

我們與 RSCS 一起購買了所有 4 個品牌。

We have a professional team of highly talented, strategic sourcing experts.

我們擁有一支由才華橫溢的戰略採購專家組成的專業團隊。

They're working away right now, I can tell you, throughout this inflationary trend.

我可以告訴你，在整個通脹趨勢中，他們現在都在工作。

They saw it coming.

他們看到了它的到來。

They've got plans on finding ways to offset that.

他們計劃尋找方法來抵消這一點。

So we're leveraging our scale to help manage costs in those -- against those pressures.

因此，我們正在利用我們的規模來幫助管理這些成本 - 以應對這些壓力。

And then third, to your point, we pulled a number of levers to manage margin with our franchisees.

第三，就您的觀點而言，我們採取了許多措施來管理與特許經營商的利潤。

Our brands are working proactively with the franchisees.

我們的品牌正在積極與特許經營商合作。

You mentioned product design.

你提到了產品設計。

I'm sure we're doing a little bit of that.

我確信我們正在做一些事情。

We've done some menu management.

我們做了一些菜單管理。

We'll think about how to optimize promotions.

我們會考慮如何優化促銷。

And of course, pricing is a lever that's available.

當然，定價是一個可用的槓桿。

But our franchisees and our brands, they manage and they balance the short term and the long term.

但是我們的加盟商和我們的品牌，他們管理並平衡短期和長期。

In the short term, they want to make sure we're providing strong value to the customer, that we don't get too far ahead of the consumer.

在短期內，他們希望確保我們為客戶提供強大的價值，確保我們不會領先於消費者太遠。

But in the long run, whenever I talk to our franchisees, they're confident that long-term margins in the restaurants will be sustained, and we can continue the momentum we've seen on restaurant profit coming through the last couple of years.

但從長遠來看，每當我與我們的加盟商交談時，他們都相信餐廳的長期利潤率將保持不變，我們可以繼續我們在過去幾年中看到的餐廳利潤增長勢頭。

The next question comes from Brian Mullan with Deutsche Bank.

下一個問題來自德意志銀行的 Brian Mullan。

Just a two-part question on Habit.

只是關於習慣的兩部分問題。

Just number one, as you look to eventually refranchise some company-owned stores there, can you talk about what you'd be looking for in any franchise partner for that brand?

第一，當你希望最終重新特許那裡的一些公司擁有的商店時，你能談談你在該品牌的任何特許經營合作夥伴中尋找什麼嗎？

Maybe anything you could share about how far along you may or may not be or operational goal posts that you would like to achieve first?

也許您可以分享任何關於您可能會或可能不會或您希望首先實現的運營目標職位的信息？

And then just number two, David, I'm curious, are you spending any time yet looking for international partners?

然後就是第二個問題，大衛，我很好奇，你還花時間尋找國際合作夥伴嗎？

Or is it just too early for that for Habit?

或者對於習慣來說現在還為時過早？

Yes.

是的。

Appreciate the question on Habit.

欣賞關於習慣的問題。

We're really excited about Habit's performance.

我們對 Habit 的表現感到非常興奮。

If you think about it, they started pre-pandemic, 60% dine-in sales.

如果你仔細想想，他們在大流行前就開始了 60% 的堂食銷售。

So they had the biggest hill to climb in this environment and just put up a plus 7% on a 2-year basis.

因此，他們在這種環境下要攀登最大的山峰，並且在 2 年的基礎上只增加了 7%。

So the way they pivoted has been truly impressive.

所以他們轉動的方式確實令人印象深刻。

I think it hasn't gone unnoticed.

我認為它並沒有被忽視。

We've had lots of demand from potential franchisees, both in the Yum!

我們有很多潛在加盟商的需求，無論是在百勝！

system and outside the Yum!

系統和外百勝！

system to enter.

系統進入。

We've now started closing on a few deals.

我們現在已經開始完成一些交易。

We closed on 2 already with Yum!

我們已經用 Yum 關閉了 2！

franchisees entering the Habit system, and we have more in the hopper.

加盟商進入習慣系統，我們有更多的漏斗。

So we're seeing strong demand and interest in becoming Habit franchisees because the unit economics are great, all the reasons why we bought them.

因此，我們看到對成為 Habit 特許經營商的強烈需求和興趣，因為單位經濟性很好，這也是我們購買它們的所有原因。

As far as international goes, same story there.

就國際而言，同樣的故事。

As you know, they're already in a couple of countries.

如你所知，他們已經在幾個國家。

I just was on the call yesterday where we were evaluating a new potential partner to enter in another country.

我昨天剛接到電話，我們正在評估一個新的潛在合作夥伴進入另一個國家。

So we've built up a little bit of capability in the team internationally to focus on Habit international and see every indication that, that can become a growth driver for Yum!

因此，我們在國際團隊中建立了一點能力，專注於習慣國際，並看到所有跡象表明，這可以成為百勝的增長動力！

down the road.

在路上。

Operator, we have time for one more question.

接線員，我們有時間再問一個問題。

And that will come from Dennis Geiger with UBS.

這將來自瑞銀的丹尼斯蓋格。

Just wondering if you could talk a little bit more about Pizza Hut U.S., both kind of near-term momentum and then your thoughts on longer-term positioning.

只是想知道您是否可以多談談必勝客美國公司，包括近期動力以及您對長期定位的看法。

I guess just first on the near term, any more details, current impacts, maybe driver staffing challenges.

我想只是在短期內首先，更多細節，當前影響，也許是司機人員配備方面的挑戰。

If there was a bit more of an outsized impact there versus staffing challenges at the other brands across the portfolio.

如果與整個產品組合中其他品牌的人員配置挑戰相比，那裡的影響更大。

And then more importantly, bigger picture, just any more color on the broader strategic shifts, the benefits you're seeing?

然後更重要的是，更大的圖景，更廣泛的戰略轉變的更多色彩，你看到的好處？

And specifically, how the work that you've done across asset base, digital, new product development, et cetera, impacts how you're thinking about improved brand health and positioning longer term for Pizza Hut in the U.S.?

具體來說，您在資產基礎、數字化、新產品開發等方面所做的工作如何影響您對改善品牌健康和必勝客在美國的長期定位的看法？

Yes.

是的。

Look, Pizza Hut U.S. is obviously a bright spot for us right now and will be for the long term as all the work that we've been doing over the last few years, investing in digital and capabilities and working with our franchise partners, has really started to pay off.

看，必勝客美國現在顯然是我們的一個亮點，並且將是長期的，因為我們在過去幾年中所做的所有工作，投資於數字和能力以及與我們的特許經營夥伴合作，已經真的開始有回報了。

This quarter, Pizza Hut U.S. sales were up 17% on an off-premise basis, which is the heart of the business and the future of the business.

本季度，必勝客美國的非本地銷售額增長了 17%，這是業務的核心和業務的未來。

But it's not immune to the same staffing challenges that everybody is facing.

但它也不能倖免於每個人都面臨的同樣的人員配置挑戰。

So we had -- I'm sure those sales were held back to some degree by the challenges of getting drivers.

所以我們有 - 我確信這些銷售在一定程度上受到了吸引司機的挑戰的阻礙。

We actually saw our carryout business is now starting to grow faster.

我們實際上看到我們的外賣業務現在開始增長更快。

When we don't have the ability to get drivers, we're still able to pivot to carry out.

當我們沒有能力獲得驅動程序時，我們仍然可以轉而執行。

But -- so we know that there's a lot of demand for what we're offering at Pizza Hut and with a bright future in the U.S.

但是——所以我們知道，我們在必勝客提供的產品有很多需求，並且在美國有著光明的未來。

The other thing I'll point out is our investment in digital at Pizza Hut has been -- was really one of our leading investments in the world of digital.

我要指出的另一件事是，我們在必勝客的數字投資一直是我們在數字世界的領先投資之一。

That's one of the advantages that Yum!

這是 Yum 的優勢之一！

has, is our knowledge of digital through the Pizza Hut business.

擁有，是我們通過必勝客業務對數字化的了解。

I hope you guys all picked up on the fact that we had over $5 billion of digital sales yet again this quarter.

我希望你們都明白本季度我們再次擁有超過 50 億美元的數字銷售額這一事實。

But interesting context on that across Yum!

但是百勝的有趣背景！

is our dine-in business started to climb this quarter.

是我們的堂食業務在本季度開始攀升。

So from Q2 to Q3, we did see a return to dine-in, yet we saw digital sales go up.

所以從第二季度到第三季度，我們確實看到了堂食的回歸，但我們看到了數字銷售額的增長。

And we saw digital mix go up, which is proving that not only is it sticky, that it's still something that's going to continue to grow for us, which is a great sign for all of our brands as we move forward.

我們看到數字組合上升，這證明它不僅具有粘性，而且對我們來說仍然會繼續增長，這對我們所有品牌來說都是一個很好的跡象，因為我們向前邁進了。

With that, I just want to thank everybody for the time on the call.

有了這個，我只想感謝大家在電話會議上的時間。

We're obviously excited about what's going on with digital and what's going on with net-new unit development, widespread same-store sales growth on a 1- and 2-year basis across all of our brands.

我們顯然對數字化正在發生的事情以及淨新單位開發發生的事情以及我們所有品牌在 1 年和 2 年的廣泛同店銷售增長感到興奮。

A lot of momentum in the business right now.

目前業務發展勢頭強勁。

A lot of enthusiasm from our franchise partners with record profits at the unit level and very excited about the path forward for Yum!

我們的特許經營合作夥伴熱情高漲，在單位層面創造了創紀錄的利潤，並對百勝的前進道路感到非常興奮！

and our 4 brands.

和我們的 4 個品牌。

Thank you.

謝謝你。

The conference has now concluded.

會議現已結束。

Thank you for attending today's presentation.

感謝您參加今天的演講。

You may now disconnect.

您現在可以斷開連接。