百勝餐飲集團 (YUM) 2020 Q2 法說會逐字稿

Good day, and welcome to the Yum!

美好的一天，歡迎來到百勝！

Brands, Inc.

品牌公司

Second Quarter 2020 Earnings Conference Call.

2020 年第二季度收益電話會議。

(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 Keith Siegner, Vice President, Investor Relations, M&A and Treasurer.

我現在想將會議轉交給投資者關係、併購和財務主管 Keith Siegner 副總裁。

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 Chief Financial Officer; 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'd like to remind you that this conference call includes forward-looking statements.

在開始之前，我想提醒您，本次電話會議包含前瞻性陳述。

Forward-looking statements are subject to future events and uncertainties that could cause our actual results to differ materially from these statements.

前瞻性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。

We're going to do our best to provide our current thinking about the impact of the COVID-19 pandemic on our business, but obviously, this situation is completely unprecedented and evolving.

我們將盡最大努力提供我們目前對 COVID-19 大流行對我們業務的影響的思考，但顯然，這種情況是完全前所未有的，而且還在不斷發展。

So any forward-looking remarks should be considered in light of the uncertainty regarding the severity and duration of the pandemic and the variables that will be impacted as a result.

因此，任何前瞻性言論都應考慮到大流行的嚴重性和持續時間以及將因此受到影響的變量的不確定性。

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 reconciliations of non-GAAP financial measures that may be used on today's call.

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，以查找可能在今天的電話會議上使用的非 GAAP 財務指標的披露和對賬。

Please note the following regarding our basis of presentation: First, all system sales results exclude the impact of foreign currency.

請注意以下關於我們的陳述基礎：首先，所有系統銷售結果均不包括外幣的影響。

Second, core operating profit growth figures exclude the impact of foreign currency and special items.

其次，核心營業利潤增長數據不包括外幣和特殊項目的影響。

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'd 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: First, 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：首先，我們將在提交 10-Q 表格時提供與我們受限集團資本結構中未償債務有關的披露。

Second, third quarter earnings will be released on October 29, 2020, with the conference call on the same day.

二、第三季度財報將於2020年10月29日發布，電話會議同日發布。

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, Keith, and good morning, everyone.

謝謝你，基思，大家早上好。

I want to start by thanking and recognizing our employees, franchisees and restaurant team members around the globe.

我想首先感謝和認可我們在全球的員工、特許經營商和餐廳團隊成員。

They have adapted to the incredible challenges of 2020 with remarkable agility, bringing our delicious, affordable food to customers in a low-contact manner.

他們以非凡的敏捷性適應了 2020 年令人難以置信的挑戰，以低接觸的方式將我們美味、實惠的食物帶給顧客。

As a result, we are well positioned to leverage our scale and capabilities to generate profitable system sales growth in the new customer environment.

因此，我們有能力利用我們的規模和能力在新的客戶環境中實現可盈利的系統銷售增長。

On the foundation of our resilient, highly diversified business model, we are driving our Recipes for Growth and Good to emerge a stronger company for all stakeholders.

在我們有彈性、高度多元化的商業模式的基礎上，我們正在推動我們的成長和良好的食譜，為所有利益相關者打造一家更強大的公司。

Our Recipe for Growth, using our 4 key growth drivers, continues to guide our business strategy.

我們的增長秘訣，使用我們的 4 個關鍵增長驅動因素，繼續指導我們的業務戰略。

So I'll start with an overall review of the second quarter and use a few examples to illustrate the power of our relevant, easy and distinctive, or R.E.D., brands, unmatched operating capability and unrivaled culture and talent growth drivers.

因此，我將從對第二季度的總體回顧開始，並用幾個例子來說明我們相關、簡單和獨特或 R.E.D. 品牌、無與倫比的運營能力以及無與倫比的文化和人才增長驅動力的力量。

Then Chris will share more details of our Q2 results, our bold restaurant development growth driver and our healthy liquidity position.

然後克里斯將分享我們第二季度業績的更多細節，我們大膽的餐廳發展增長動力和我們健康的流動性狀況。

First, Q2 results.

首先，第二季度的結果。

The quarter was significantly impacted by COVID-19, the primary driver of our 25% core operating profit decline.

本季度受到 COVID-19 的顯著影響，這是我們核心營業利潤下降 25% 的主要驅動因素。

Overall Yum!

總體百勝！

system sales declined 12% with a 15% same-store sales decline offset by a 3% increase in net units year-over-year.

系統銷售額下降 12%，同店銷售額下降 15% 被淨單位同比增長 3% 抵消。

The impact on our sales in each of our markets depended on the timing, severity and duration of the outbreak as well as our reliance on dine-in sales in the market.

對我們在每個市場的銷售的影響取決於爆發的時間、嚴重程度和持續時間，以及我們對市場上堂食銷售的依賴。

Overall, our sales declines were primarily driven by temporary store closures, which peaked in early April at about 11,000 restaurants.

總體而言，我們的銷售額下降主要是由於臨時關閉商店，在 4 月初達到頂峰，約有 11,000 家餐廳。

We then experienced a consistent pace of reopening until our June 10 8-K filing when approximately 5,000 units or 10% of our global system remained closed.

然後，我們經歷了一致的重新開放步伐，直到 6 月 10 日提交 8-K 文件，當時大約 5,000 個單位或我們全球系統的 10% 仍然關閉。

I'm excited to share that closures have now fallen to less than 2,500 units, which means roughly 95% of our system is open for business in full or limited capacity.

我很高興地與大家分享，現在關閉的單位已降至不到 2,500 個，這意味著我們大約 95% 的系統已滿負荷或有限容量地開放營業。

The remaining closed stores are dispersed around the globe with about 70% located in malls, transportation centers, airports and the like.

其餘關閉的門店分佈在全球各地，其中約 70% 位於商場、交通中心、機場等。

We're encouraged that, generally speaking, when our stores are open, customer trust and demand are high.

我們感到鼓舞的是，一般來說，當我們的商店開業時，客戶的信任度和需求都很高。

This is true even though the majority of our dining rooms have been and remained closed, highlighting the importance of executing the off-premise occasion well and demonstrating the resilience of our business model.

即使我們的大多數餐廳已經關閉並且仍然關閉，這也是事實，這突出了良好執行場外活動的重要性，並展示了我們商業模式的彈性。

Our brands are becoming even more R.E.D.

我們的品牌變得更加 R.E.D.

by leveraging consumer insights to adjust operations, menu options and marketing and by digitally enabled off-premise capabilities across the globe.

通過利用消費者洞察來調整運營、菜單選項和營銷，以及在全球範圍內啟用數字化的場外功能。

With our focus on delivery, carryout and digital, we have passed some tremendous milestones this year.

由於我們專注於交付、執行和數字化，今年我們已經通過了一些重大的里程碑。

We now have over 34,000 restaurants offering delivery around the world, representing a 13% increase year-over-year, in part, driven by expanded aggregator partnerships.

我們現在在全球擁有超過 34,000 家提供外賣服務的餐廳，同比增長 13%，部分原因是擴大了聚合商合作夥伴關係。

Our digital sales mix has increased dramatically to over 30% of system sales, a 15-point year-over-year improvement.

我們的數字銷售組合已顯著增加至系統銷售額的 30% 以上，同比增長 15 個百分點。

To put that into context, during the quarter, digital sales were approximately $3.5 billion, a $1 billion step-up from Q2 2019.

綜上所述，本季度的數字銷售額約為 35 億美元，比 2019 年第二季度增加了 10 億美元。

Our brands, working in concert with our Yum!

我們的品牌，與我們的 Yum！

central technology team, have shown remarkable agility and will continue to unlock sales growth over the near and long term.

中央技術團隊表現出非凡的敏捷性，並將在近期和長期內繼續推動銷售增長。

That's a perfect segue to our 4 R.E.D.

這是我們 4 R.E.D. 的完美選擇。

brands.

品牌。

Let's start with KFC Division results.

讓我們從肯德基部門的結果開始。

Q2 system sales declined 18% as a 21% same-store sales decline was partially offset by 6% net new unit growth.

第二季度系統銷售額下降了 18%，因為 21% 的同店銷售額下降被 6% 的淨新單位增長部分抵消。

Encouragingly, trends improved from early April troughs, fairly in line with the rate of store reopens.

令人鼓舞的是，與 4 月初的低谷相比，趨勢有所改善，與商店重新開張的速度相當。

KFC started the quarter with 5,000 restaurants temporarily closed, peaked in mid-April with about 6,000 closures and following a massive effort to reopen, ended Q2 with about 95% of stores open.

肯德基在本季度開始時暫時關閉了 5,000 家餐廳，在 4 月中旬達到峰值，關閉了約 6,000 家餐廳，經過大力重新開業，在第二季度結束時約有 95% 的門店開業。

Our performance in open stores was primarily linked to off-premise capability within a given market.

我們在開放式商店中的表現主要與特定市場內的場外能力有關。

We saw consistent strength in Canada, the U.S. and Australia.

我們在加拿大、美國和澳大利亞看到了持續的實力。

And after government-mandated closures eased, we saw resiliency in Germany and the U.K. All of these markets have good drive-thru coverage, strong off-premise capabilities and robust digital foundations.

在政府強制關閉後，我們看到了德國和英國的彈性。所有這些市場都具有良好的得來速覆蓋率、強大的場外能力和強大的數字基礎。

Western Europe, in particular KFC France, which was hit hard early on, led the way in reopening markets where all channels and restaurants had been closed due to lockdown.

西歐，尤其是早期遭受重創的法國肯德基，率先重新開放了所有渠道和餐廳因封鎖而關閉的市場。

The local teams took action to keep our team members and customers safe while working with government bodies to ensure that we were among the first QSRs to reopen.

當地團隊採取行動保護我們的團隊成員和客戶的安全，同時與政府機構合作，確保我們是第一批重新開放的 QSR 之一。

In the U.S., KFC is serving the right occasion at the right time, fulfilling families' needs for delicious meals to take home and unpack around the dinner table.

在美國，肯德基在正確的時間為正確的場合提供服務，滿足家庭對可帶回家並在餐桌旁打開包裝的美味佳餚的需求。

The timing of our launch of kfc.com for pickup and delivery, the addition of new aggregators and our bundled bucket meals that travel well all contributed to a fantastic quarter.

我們推出 kfc.com 以進行取貨和送貨的時機、新的聚合器的添加以及我們旅行良好的捆綁式桶餐都促成了一個美妙的季度。

We recorded the highest average sales per store in the brand's history during a week in early May, and we finished with 7% same-store sales growth for the quarter.

在 5 月初的一周內，我們創下了品牌歷史上每家商店的最高平均銷售額，本季度同店銷售額增長了 7%。

Moving on to Pizza Hut.

繼續前往必勝客。

The division reported a Q2 system sales decline of 10% with a 9% same-store sales decline and a 1% net new unit decline.

該部門報告第二季度系統銷售額下降 10%，同店銷售額下降 9%，新單位淨銷售額下降 1%。

Pizza Hut entered the quarter with over 3,500 restaurants temporarily closed due to the COVID-19 pandemic, with same-store sales growth trending in line with temporary closures.

必勝客進入本季度，由於 COVID-19 大流行，3,500 多家餐廳暫時關閉，同店銷售增長趨勢與暫時關閉一致。

Closures then peaked in mid-April with about 4,000 restaurants temporarily closed.

然後關閉在 4 月中旬達到頂峰，大約 4,000 家餐廳暫時關閉。

By the end of Q2, about 87% of Pizza Huts were open, with Pizza Hut U.S. Express stores representing half of the remaining closures.

到第二季度末，大約 87% 的必勝客開業，其中必勝客美國快遞門店佔其餘關閉的一半。

In general, markets that operate a dine-in segment, have significant stores in malls or transport hubs or have Express units have been most impacted by closures and government restrictions.

一般來說，經營堂食、在商場或交通樞紐擁有大量商店或擁有 Express 單位的市場受關閉和政府限制的影響最大。

While the effect has been partly offset by increases in delivery and carryout demand, the net impact globally has been a headwind.

雖然這種影響已被交付和結轉需求的增加部分抵消，但全球的淨影響一直是逆風。

At Pizza Hut International, temporary closures peaked at approximately 24% in April.

在必勝客國際，臨時關閉在 4 月份達到了約 24% 的峰值。

Importantly, certain markets including Canada, Japan and Australia, closed the quarter with positive results, though this was offset by markets with substantial dine-in and Express footprints.

重要的是，包括加拿大、日本和澳大利亞在內的某些市場在本季度結束時取得了積極的成果，儘管這被大量就餐和 Express 足蹟的市場所抵消。

Those markets include the U.K., much of Europe and Central America, the Middle East and select markets in Asia.

這些市場包括英國、歐洲和中美洲的大部分地區、中東和亞洲的特定市場。

In aggregate, off-premise channels generated a positive 10% same-store sales growth and represented 80% of total sales internationally.

總體而言，場外渠道帶來了 10% 的同店銷售額正增長，佔國際總銷售額的 80%。

At Pizza Hut U.S., we balanced value and innovation as we introduced the $9.99 large 3-topping deal and premium products such as the Big Dipper and the Big Dinner Box.

在美國必勝客，我們平衡了價值和創新，推出了 9.99 美元的大型 3-topping 交易和優質產品，如 Big Dipper 和 Big Dinner Box。

Same-store sales grew 5% in the second quarter.

第二季度同店銷售額增長5%。

And I'm excited to share that in early May, the U.S. recorded its highest average sales week for delivery and carryout in the past 8 years.

我很高興在 5 月初與大家分享，美國創下了過去 8 年來交付和結轉的最高平均銷售週數。

Our off-premise channel generated 21% same-store sales growth when excluding the drag of closed Express stores or 16% same-store sales growth when including the drag of closed Express units.

我們的場外渠道在排除關閉的 Express 門店的拖累後實現了 21% 的同店銷售增長，或者在包括關閉的 Express 單位的拖累後實現了 16% 的同店銷售增長。

During the quarter, we launched our contactless initiative by adding additional pickup and payment options for customers.

在本季度，我們推出了非接觸式計劃，為客戶增加了額外的取貨和支付選項。

Since March 2020, Pizza Hut has served close to 20 million contactless digital orders.

自 2020 年 3 月以來，必勝客已為近 2000 萬份非接觸式數字訂單提供服務。

We've also welcomed several million new and reengaged customers to our Hut Rewards loyalty program.

我們還歡迎數百萬新客戶和重新參與我們的 Hut Rewards 忠誠度計劃的客戶。

At Taco Bell, system sales declined 6% driven by an 8% same-store sales decline, partially offset by 4% net new unit growth.

在 Taco Bell，由於同店銷售額下降 8%，系統銷售額下降了 6%，部分被 4% 的淨新單位增長所抵消。

Taco Bell temporary closures peaked at 500 at the end of Q1 and had reopened 100 units by mid-April.

Taco Bell 臨時關閉的單位在第一季度末達到了 500 間的峰值，到 4 月中旬重新開放了 100 間。

By the end of Q2, about 97% of Taco Bell units were open.

到第二季度末，大約 97% 的 Taco Bell 單位都在營業。

At Taco Bell U.S., we pivoted our marketing to promote group bundles, drive awareness of contactless drive-thru and delivery and thanked our fans, heroes and communities by giving away free Doritos Locos Tacos.

在 Taco Bell U.S.，我們將營銷轉向推廣團體套餐，提高非接觸式得來速和送貨的意識，並通過免費贈送 Doritos Locos Tacos 來感謝我們的粉絲、英雄和社區。

We coupled this with abundant value offerings such as Cravings Boxes and Party Packs and our all-new At Home Taco Bar, which supported record-breaking sales on Cinco de Mayo and further established Taco Bell as a destination for groups.

我們將這一點與豐富的超值產品相結合，例如 Cravings Boxes 和 Party Packs 以及我們全新的 At Home Taco Bar，這支持了 Cinco de Mayo 創紀錄的銷售，並進一步確立了 Taco Bell 作為團體目的地的地位。

And to adjust to widespread dining room closures, our company and franchise partners doubled down on world-class operations as Taco Bell served an additional 4.8 million cars through our drive-thrus while achieving an 18-second faster drive-thru time year-over-year.

為了適應廣泛的餐廳關閉，我們的公司和特許經營合作夥伴加倍投入世界級的運營，因為 Taco Bell 通過我們的得來速服務額外提供了 480 萬輛汽車，同時實現了 18 秒的得來速時間。年。

Taco Bell has always been an easy brand for customers to access.

塔可鐘一直是客戶容易接觸的品牌。

And now with the ability to order on the Taco Bell app and pick up through our world-class drive-thru, they are redefining the easy part of R.E.D.

現在，他們可以在 Taco Bell 應用程序上訂購併通過我們世界級的得來速取貨，他們正在重新定義 R.E.D. 的簡單部分。

During the quarter, we added over 1 million new users to our active e-commerce platforms through our mobile app and tacobell.com.

在本季度，我們通過我們的移動應用程序和 tacobell.com 為活躍的電子商務平台增加了超過 100 萬新用戶。

These operational improvements and increased focus on digital and delivery have made an impact in driving profitable growth for our franchisees, and we are extremely proud of our operators for making it happen.

這些運營改進以及對數字化和交付的日益關注對推動特許經營商的盈利增長產生了影響，我們為我們的運營商實現這一目標感到非常自豪。

Following an eventful first full quarter as our newest brand, I'm pleased to share details about The Habit Burger Grill.

作為我們最新品牌的第一個完整季度，我很高興分享有關 The Habit Burger Grill 的詳細信息。

With the majority of the Habit's assets being in-line or end-cap units, COVID-19 significantly impacted Habit's sales just as we were closing on the acquisition in mid-March.

由於 Habit 的大部分資產是直列式或端蓋式單元，就在我們在 3 月中旬完成收購時，COVID-19 顯著影響了 Habit 的銷售。

With over half of sales typically coming from dine-in and temporary closures running at approximately 10% of Habits throughout the quarter, they faced a massive headwind.

超過一半的銷售額通常來自就餐和臨時關閉，在整個季度中約佔習慣的 10%，他們面臨著巨大的逆風。

Impressively, from the April sales lows, the Habit quickly turned things around by shifting focus to off-premise.

令人印象深刻的是，從 4 月份的銷售低點開始，Habit 通過將重點轉移到場外迅速扭轉了局面。

They ended Q2 with an 18% same-store sales decline mostly due to temporary closures, and recent trends for open stores are flat to slightly negative.

他們在第二季度結束時同店銷售額下降了 18%，主要是由於臨時關閉，而最近開店的趨勢持平或略為負面。

During the quarter, the Habit built customer awareness of new access options and shifted marketing to focus on family meal bundles such as the Variety Meal that can feed a family for only $30.

在本季度，Habit 建立了客戶對新訪問選項的認識，並將營銷轉移到專注於家庭套餐，例如只需 30 美元就能養活一個家庭的 Variety Meal。

Digital ordering via mobile and kiosk represented 40% of sales during the quarter.

通過移動和信息亭進行的數字訂購佔本季度銷售額的 40%。

And importantly, each month this year, we have seen a steady increase in the number of app downloads.

重要的是，今年每個月，我們都看到應用下載量穩步增長。

I've been incredibly impressed with the resilience of this brand, the agility of the entire Habit team and the know-how sharing taking place between Habit and our legacy brands.

我對這個品牌的韌性、整個 Habit 團隊的敏捷性以及 Habit 與我們的傳統品牌之間的專業知識共享印象深刻。

None of us could have imagined how Q2 would play out when we made the decision to acquire The Habit, but I'm more confident than ever that the brand and the team will create a new long-term growth opportunity for Yum!.

當我們決定收購 The Habit 時，我們誰都無法想像第二季度會如何發展，但我比以往任何時候都更有信心，品牌和團隊將為百勝餐飲創造新的長期增長機會！

I'd now like to spend a moment on the current state of the business.

我現在想花點時間了解一下當前的業務狀況。

Of course, there remains incredible uncertainty in the global macro outlook owing to COVID-19 and its implications as evidenced by the different trends we see in each of our 290 brand-country combinations.

當然，由於 COVID-19 及其影響，全球宏觀前景仍然存在難以置信的不確定性，我們在 290 個品牌國家組合中看到的不同趨勢就證明了這一點。

Due to this uncertainty, we must remain vigilant.

由於這種不確定性，我們必須保持警惕。

That said, we are encouraged about our continued store reopenings, the general financial health of our global franchisee base and our own strong liquidity and balance sheet.

也就是說，我們對我們繼續重新開店、我們全球加盟商基礎的總體財務狀況以及我們自己強大的流動性和資產負債表感到鼓舞。

Just as importantly, same-store sales trends for open stores stabilized in June just a few points short of flat, and despite the majority of our dining rooms still being closed, these trends have continued into July.

同樣重要的是，6 月份開店的同店銷售趨勢趨於穩定，僅比持平低幾個百分點，儘管我們的大部分餐廳仍然關閉，但這些趨勢一直持續到 7 月。

Finally, earlier this year, we elevated our Recipe for Good to serve as our road map for Yum!'s global strategy for citizenship and sustainability.

最後，今年早些時候，我們提升了我們的良方食譜，作為百勝全球公民和可持續發展戰略的路線圖。

That recipe is built on the 3 key pillars of food, people and planet.

該食譜建立在食物、人類和地球這三個關鍵支柱之上。

Those of you familiar with Yum!

那些熟悉 Yum 的人！

know we have always been a people-first company, committed to ensuring a safe, welcoming and inclusive environment for our customers and employees.

知道我們一直是一家以人為本的公司，致力於為我們的客戶和員工確保一個安全、熱情和包容的環境。

But recent tragedies across the U.S. have revealed a stark and unacceptable reality and have shown us that we must do more.

但最近美國各地發生的悲劇揭示了一個嚴酷且不可接受的現實，並向我們表明我們必須做得更多。

To that end, at the end of June, we announced our Unlocking Opportunity Initiative with a $100 million commitment over the next 5 years, of which $50 million was funded in the second quarter.

為此，在 6 月底，我們宣布了我們的解鎖機會計劃，承諾在未來 5 年投入 1 億美元，其中 5000 萬美元在第二季度提供資金。

This initiative will promote equity and inclusion, education and entrepreneurship for our employees, frontline restaurant teams and communities around the world and will serve as the cornerstone of our Recipe for Good going forward.

這一舉措將為我們的員工、前線餐廳團隊和世界各地的社區促進公平和包容、教育和創業，並將成為我們未來美好食譜的基石。

I look forward to providing further updates on our progress on Unlocking Opportunity as we bring it to life.

我期待著在我們將其變為現實時提供有關我們在解鎖機會方面的進展的進一步更新。

With that, I'll turn it over to Chris.

有了這個，我會把它交給克里斯。

Thank you, David, and good morning, everyone.

謝謝你，大衛，大家早上好。

Today, I'll discuss our second quarter results, bold restaurant development and our strong liquidity and balance sheet position.

今天，我將討論我們的第二季度業績、大膽的餐廳發展以及我們強大的流動性和資產負債表狀況。

But first, I'd like to express my appreciation for the focus and execution of our team members around the globe who rose to the occasion and generated competitively superior results.

但首先，我要對我們在全球各地的團隊成員的專注和執行力表示感謝，他們挺身而出，取得了具有競爭力的卓越成果。

It has now been a year since I joined Yum!, and the challenges COVID-19 has presented to the entire restaurant industry have given me an even greater appreciation for the power and resilience of Yum!'s unique and highly diversified business model.

我加入 Yum! 已經一年了，COVID-19 給整個餐飲業帶來的挑戰讓我更加欣賞 Yum! 獨特且高度多元化的商業模式的力量和韌性。

That, combined with our tremendous strides in digital and delivery, innovation and operations, give me confidence that Yum!

再加上我們在數字化和交付、創新和運營方面取得的巨大進步，讓我對 Yum! 充滿信心！

was, is and will remain a high-growth company generating attractive returns for all stakeholders.

過去、現在和將來都是一家高增長公司，為所有利益相關者帶來可觀的回報。

To begin, let's discuss Q2.

首先，讓我們討論第二季度。

As David mentioned, core operating profit declined 25% during the quarter, and overall Yum!

正如大衛所說，本季度的核心營業利潤下降了 25%，總體來說，百勝！

system sales declined 12%.

系統銷售額下降了 12%。

This was driven by a 15% same-store sales decline, partly offset by a 3% increase in net units year-over-year.

這是由於同店銷售額下降 15%，部分被淨單位同比增長 3% 所抵消。

The brand most impacted was KFC where operating margin, excluding FX, decreased approximately 8% versus prior year driven by lower same-store sales due in large part to temporary closures, higher bad debt expense and lower company restaurant margins, partially offset by net new unit growth.

受影響最大的品牌是肯德基，其營業利潤率（不包括外匯）較上年下降約 8%，原因是同店銷售額下降，這在很大程度上是由於臨時關閉、壞賬費用增加和公司餐廳利潤率下降，部分被淨新增單位增長。

Excluding The Habit, general and administrative expenses, excluding FX and special items, were approximately flat over the second quarter 2019 as onetime COVID-related expenses were offset by reduced T&E, other efficiency actions and onetime savings.

不包括 The Habit 的一般和行政費用（不包括外彙和特殊項目）與 2019 年第二季度基本持平，因為一次性與 COVID 相關的費用被減少的 T&E、其他效率措施和一次性節省所抵消。

Interest expense was approximately $131 million, a 10% increase from prior year driven by higher debt balances, including our outstanding revolver balance, partially offset by lower interest rates on our floating rate debt.

利息支出約為 1.31 億美元，較上年增長 10%，原因是債務餘額增加，包括我們的未償左輪手槍餘額，部分被我們浮動利率債務的較低利率所抵消。

We recorded $84 million of pretax investment income related to the change in fair value of our investment in Grubhub, which resulted in a $0.21 benefit to EPS in the second quarter.

我們記錄了與我們在 Grubhub 投資的公允價值變化相關的 8400 萬美元的稅前投資收入，這為第二季度的每股收益帶來了 0.21 美元的收益。

As we recorded $24 million of pretax investment income in the second quarter of 2019 for a $0.06 benefit to EPS, our Grubhub investment favorably impacted year-over-year EPS growth by $0.15.

由於我們在 2019 年第二季度錄得 2400 萬美元的稅前投資收益，每股收益為 0.06 美元，因此我們的 Grubhub 投資對每股收益的同比增長產生了有利的影響 0.15 美元。

Our effective tax rate was 18.8% during the quarter, a decrease from the prior year driven by tax benefits from share-based compensation.

本季度我們的有效稅率為 18.8%，由於股權激勵帶來的稅收優惠，較上年有所下降。

Adding this up, EPS, excluding special items, was $0.82.

加起來，不包括特殊項目的每股收益為 0.82 美元。

This represented a 12% decline compared to ex special EPS of $0.93 in the second quarter of 2019.

與 2019 年第二季度的 0.93 美元的特別每股收益相比，下降了 12%。

On the bold restaurant development front, we delivered 3% net new unit growth over the second quarter of 2019.

在大膽的餐廳開發方面，我們在 2019 年第二季度實現了 3% 的淨新單位增長。

This was benefited by the addition of 276 Habit restaurants in Q1 of this year and the stellar unit growth we had in the second half of 2019.

這得益於今年第一季度新增 276 家 Habit 餐廳以及我們在 2019 年下半年實現的出色單位增長。

During the quarter, we opened 328 restaurants and closed 446, with openings led by China, Asia, the U.S., Russia and Thailand.

本季度，我們開設了 328 家餐廳，關閉了 446 家，其中中國、亞洲、美國、俄羅斯和泰國的新店數量居於首位。

To put the quarter into context, COVID-19 impact and uncertainties led to lower-than-normal gross openings and somewhat higher-than-normal closures, which, in combination, drove year-over-year net unit growth to 3% compared to our recent run rate of 4%.

從本季度的背景來看，COVID-19 的影響和不確定性導致總開業量低於正常水平，而關閉率則略高於正常水平，這些因素共同推動淨單位同比增長至 3%。我們最近的運行率為4%。

These uncertainties should abate in time, and we remain confident in the long-term outlook for net unit growth backed by strong unit-level economics.

這些不確定性應該會隨著時間的推移而減弱，在強勁的單位經濟支持下，我們對淨單位增長的長期前景仍然充滿信心。

Next, the vast majority of our restaurants temporarily closed due to the pandemic have already partially reopened, and we continue to monitor those few areas of the world where we have restaurants that remain temporarily closed.

接下來，我們因大流行而暫時關閉的絕大多數餐廳已經部分重新營業，我們將繼續監控世界上少數幾個我們有暫時關閉的餐廳的地區。

COVID-19 economic impacts and recoveries are unique to each country and hard to predict.

COVID-19 的經濟影響和復蘇對每個國家來說都是獨一無二的，而且難以預測。

Therefore, while it's possible some of these restaurants may end up closing permanently, as of now, it is too early to forecast that outcome with accuracy.

因此，雖然其中一些餐廳可能最終永久關閉，但截至目前，準確預測這一結果還為時過早。

As we've highlighted over the past few months, we are supporting our 3C franchise partners during the pandemic.

正如我們在過去幾個月中強調的那樣，我們在大流行期間支持我們的 3C 特許經營合作夥伴。

The primary tools for doing so include capital obligation deferrals and royalty grace periods, which have largely been successful in helping our franchisees.

這樣做的主要工具包括資本義務延期和特許權使用費寬限期，這在很大程度上成功地幫助了我們的加盟商。

Where a franchisee cannot continue to operate due to deep financial distress, our preference is to assist with having a new or existing franchise partner acquire and operate their restaurants.

如果加盟商由於嚴重的財務困境而無法繼續經營，我們傾向於協助新的或現有的特許經營合作夥伴收購和經營他們的餐廳。

As David mentioned, we have been encouraged by the resilience of our franchisees during the course of the pandemic.

正如大衛所說，在大流行期間，我們的特許經營商的複原力讓我們感到鼓舞。

Partnering with and supporting them through the crisis highlighted the importance of ensuring a strong system.

與他們合作並支持他們度過危機凸顯了確保強大系統的重要性。

The general health of our global franchisee base is good, and the vast majority are expected to emerge from the pandemic well positioned for future growth.

我們全球加盟商基礎的總體健康狀況良好，預計絕大多數人將從大流行中脫穎而出，為未來的增長做好準備。

As our focus shifts from short-term crisis management to long-term growth, our recently formed Franchisee Health Committee is working to enhance our visibility into the health of our global system and to ensure our franchisees maintain long-term financial strength.

隨著我們的重點從短期危機管理轉向長期增長，我們最近成立的加盟商健康委員會正在努力提高我們對全球系統健康狀況的了解，並確保我們的加盟商保持長期的財務實力。

As it relates to the Chapter 11 filing of NPC, one of our Pizza Hut U.S. franchisees, this was an expected development, and we view it as an opportunity to create a better future for Pizza Hut restaurants owned by NPC and, therefore, the overall system in the U.S. As the proceedings continue, we expect that there will be some issues that we can resolve with NPC and related parties directly and others that will require briefings and court rulings.

由於它與我們的必勝客美國特許經營商之一 NPC 的第 11 章備案有關，這是一個預期的發展，我們認為這是為 NPC 擁有的必勝客餐廳創造更美好未來的機會，因此，整體美國的製度 隨著訴訟程序的繼續進行，我們預計會有一些問題可以直接與 NPC 和相關方解決，而其他問題則需要簡報和法院裁決。

Ultimately, we will support an outcome that results in a lower, more sustainable level of debt, a higher focus on operational excellence and a greater level of investment for the restaurants in the NPC system.

最終，我們將支持降低債務水平、更可持續的債務水平、更加註重卓越運營以及對 NPC 系統中的餐廳進行更高水平的投資的結果。

In Q2, bad debt expense related to royalties, rent and other franchise services we provide was $13 million, an increase of $11 million compared to the second quarter of 2019 but well below our first quarter figure.

在第二季度，與我們提供的特許權使用費、租金和其他特許經營服務相關的壞賬費用為 1300 萬美元，與 2019 年第二季度相比增加了 1100 萬美元，但遠低於我們第一季度的數字。

The expense was attributable to incremental bad debt in KFC International due to financial hardships encountered by certain franchisees largely due to temporary store closures as well as bad debt in the U.S. related to NPC.

該費用歸因於肯德基國際的壞賬增加，原因是某些特許經營商遇到財務困難，主要是由於臨時關閉商店以及美國與 NPC 相關的壞賬。

This increase was partially offset by significant recoveries in the U.S. related to Pizza Hut as sales and unit-level profitability rebounded strongly during the quarter.

這一增長被美國與必勝客相關的顯著復甦部分抵消，因為該季度銷售額和單位水平的盈利能力強勁反彈。

We are encouraged with the improvement shown in the second quarter.

我們對第二季度的改善感到鼓舞。

Now for an update on our balance sheet and liquidity position as well as our latest thoughts on capital structure and priorities for capital allocation.

現在了解我們的資產負債表和流動性狀況的最新信息，以及我們對資本結構和資本配置優先事項的最新想法。

First, we ended Q2 with cash and cash equivalents of $1.2 billion, excluding restricted cash.

首先，我們在第二季度結束時的現金和現金等價物為 12 億美元，不包括受限制的現金。

This represented 5.5x net leverage of consolidated EBITDA, which is slightly above our historical target of approximately 5x.

這代表合併 EBITDA 的 5.5 倍淨槓桿，略高於我們約 5 倍的歷史目標。

Importantly, we began paying off our revolver draw during Q2, with only $575 million drawn at quarter's end compared to $950 million drawn at the end of Q1.

重要的是，我們在第二季度開始償還左輪手槍抽獎，到季度末僅抽出 5.75 億美元，而在第一季度末抽出 9.5 億美元。

When considered alongside with the $0.47 dividend we declared during the quarter, we believe this should clearly demonstrate the confidence we have in our liquidity position at this time.

與我們在本季度宣布的 0.47 美元股息一起考慮時，我們認為這應該清楚地表明我們目前對流動性狀況的信心。

Second, our capital priorities remain unchanged: invest in the business, maintain a healthy balance sheet, pay a competitive dividend and return remainder excess cash flows to shareholders via repurchases.

其次，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，並通過回購將剩餘的超額現金流返還給股東。

Regarding our commitment to a healthy balance sheet, we plan to continue repayment of our revolver drawdown and to grow back into our historical 5x consolidated net leverage target over time.

關於我們對健康資產負債表的承諾，我們計劃繼續償還我們的左輪手槍提款，並隨著時間的推移恢復到我們歷史上的 5 倍綜合淨槓桿目標。

Third, we are ending the suspension of our $2 billion share repurchase program.

第三，我們將結束暫停 20 億美元的股票回購計劃。

We may resume repurchases should business trends persist and should we continue to gain confidence in the time line for achieving a healthy balance sheet, as I just outlined.

如果業務趨勢持續下去，我們可能會恢復回購，如果我們繼續對實現健康資產負債表的時間表充滿信心，正如我剛剛概述的那樣。

As a reminder, we've not repurchased any shares under our current authorization, which runs through the middle of 2021.

提醒一下，根據我們目前的授權，我們沒有回購任何股票，該授權將持續到 2021 年年中。

In summary, Yum!'s future is bright.

總之，Yum! 的未來是光明的。

Our business model has proven resilient.

我們的商業模式已被證明具有彈性。

Growth in our digital capability and sales has accelerated, and overall sales continue to trend in the right direction as we reopen.

我們的數字能力和銷售增長加速，隨著我們重新開業，整體銷售繼續朝著正確的方向發展。

We remain confident our brands are purpose-built for delivering a modern off-premise dining experience to customers around the globe.

我們仍然相信，我們的品牌專為向全球客戶提供現代化的戶外用餐體驗而打造。

Just as important to our long-term growth, the investment case for building new units is as strong as ever, especially when enhanced by our continued investments in digital capabilities such as ordering and payment and an enhanced drive-thru and numerous contactless off-premise access options.

對我們的長期增長同樣重要的是，建造新單位的投資案例與以往一樣強大，尤其是在我們對訂購和支付等數字功能的持續投資以及增強的得來速和眾多非接觸式場外辦公的情況下訪問選項。

By leveraging these scaled benefits to drive profitable system sales growth for franchisees, we believe we are well positioned to accelerate growth and create value for all stakeholders in the future.

通過利用這些規模效益來推動特許經營商的盈利系統銷售增長，我們相信我們有能力在未來加速增長並為所有利益相關者創造價值。

That said, lingering uncertainties remain for the near term, which make the time frame for such acceleration difficult to forecast with confidence.

儘管如此，短期內仍存在揮之不去的不確定性，這使得這種加速的時間框架很難有信心地預測。

Therefore, we believe it is still too early to reassert specific guidance.

因此，我們認為現在重申具體指導還為時過早。

We appreciate your understanding and look forward to discussing progress in coming quarters.

我們感謝您的理解，並期待在未來幾個季度討論進展。

Now the team and I are happy to take your questions.

現在團隊和我很高興回答您的問題。

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

（操作員說明）今天的第一個問題來自摩根士丹利的約翰格拉斯。

Chris, just going back to the comments on development.

克里斯，回到關於開發的評論。

What are the conversations with the franchisees?

與加盟商的對話是什麼？

What -- I know it matters by market, by brand.

什麼——我知道這對市場和品牌很重要。

Are you willing to change your philosophy in terms of capital allocation to sort of help rekindle that growth in certain markets?

您是否願意改變您在資本配置方面的理念，以幫助重新點燃某些市場的增長？

How do they think about the share opportunity ahead of them in certain markets where some of these smaller chains independents?

他們如何看待在其中一些較小的連鎖店獨立的某些市場中他們面前的分享機會？

I know you're not going to give specific guidance.

我知道你不會給出具體的指導。

But can you talk about the relative enthusiasm?

但是你能談談相對的熱情嗎？

Is it too early to even comment about that, about resuming growth in various markets?

現在就評論恢復各個市場的增長還為時過早嗎？

Yes.

是的。

Good question, John.

好問題，約翰。

Obviously, unit development and growing our network has been an important part of our algorithm.

顯然，單元開發和發展我們的網絡一直是我們算法的重要組成部分。

And we think in the long term, we remain confident that it will be an important part of Yum!'s story.

我們認為，從長遠來看，我們仍然相信它將成為百勝歷史的重要組成部分。

Obviously, given the uncertainty in the near term, we're not sure when we'll get back to that.

顯然，鑑於短期內的不確定性，我們不確定什麼時候會回到那個狀態。

But if you think about the factors that actually are driving this conversation, it depends really on where you are around the globe.

但是，如果您考慮實際推動這種對話的因素，那實際上取決於您在全球的哪個位置。

We've got certain markets where sales are strong.

我們有一些銷售強勁的市場。

Our brands have proven their resilience, and our franchisees are forward focused.

我們的品牌已經證明了他們的韌性，我們的加盟商也非常注重前瞻性。

You heard Yum!

你聽說百勝！

China last night reaffirm their units for the year.

中國昨晚重申了他們的年度單位。

And then we've got other markets at the other end of the spectrum where we still got some closures and where sales are more impacted by COVID.

然後我們在頻譜的另一端有其他市場，我們仍然有一些關閉，並且銷售受到 COVID 的影響更大。

Those franchisees are focused on just basic operations right now.

這些加盟商現在只專注於基本運營。

So the discussions really depend on where you are around the globe.

所以討論真的取決於你在全球的哪個地方。

But in general, we believe the investment case for our restaurants will be even stronger going forward.

但總的來說，我們相信我們餐廳的投資案例將更加強大。

Our brands have proven resiliency.

我們的品牌已被證明具有彈性。

We believe real estate costs should be more favorable going forward.

我們認為未來房地產成本應該會更有利。

Our digital capabilities allow us to pivot to off-premise, and we'll obviously be looking at optimizing our footprints for that environment.

我們的數字能力使我們能夠轉向外部環境，我們顯然會考慮針對該環境優化我們的足跡。

So we feel really good about the investment case.

所以我們對投資案例感覺非常好。

And look, that said, we're not wavering from our asset-light model, right?

看，也就是說，我們並沒有動搖我們的輕資產模式，對吧？

Our model is for franchisees to do development.

我們的模式是為加盟商做開發。

Within that, though, we've been building a couple of Taco Bells, equity stores.

不過，在其中，我們一直在建立幾個 Taco Bells，股權商店。

To the point of your question, John, we are going to continue to do that.

關於你的問題，約翰，我們將繼續這樣做。

And then Habit, we talked about the data a little bit in the prepared remarks, but we've been really pleased with how Habit has gone through this and the resiliency of that business, and they have been building corporate stores.

然後是習慣，我們在準備好的評論中談到了一些數據，但我們對習慣如何度過這一切以及該業務的彈性感到非常滿意，他們一直在建立企業商店。

We'll continue to do that as we slowly open it up to franchising over time.

隨著時間的推移，我們將慢慢開放特許經營，我們將繼續這樣做。

So there will be company investment in mostly Taco Bells and Habit stores over the near term.

因此，短期內公司將主要投資於 Taco Bells 和 Habit 商店。

The next question comes from Gregory Francfort of Bank of America.

下一個問題來自美國銀行的 Gregory Francfort。

You just touched a little bit on Yum!'s willingness, I guess, to maybe invest in some of these franchisees.

你剛剛談到了 Yum! 的意願，我猜，可能會投資其中一些特許經營商。

And I guess the question comes back somewhat to the NPC situation.

我想這個問題又回到了 NPC 的情況。

And I guess if you could put some capital in and maybe accelerate some of the asset changes there, is that something Yum!'s considering?

而且我想如果你可以投入一些資金並可能加速那裡的一些資產變化，那是百勝正在考慮的事情嗎？

Or is that something that will be off the table at this point?

或者，在這一點上，這將是什麼？

Yes.

是的。

Again, back to the comment I just made.

再次，回到我剛剛發表的評論。

We're committed to the asset-light model.

我們致力於輕資產模式。

We never rule out any possibility, but there's plenty of interest in getting into all of our different businesses around the world as investors have seen how resilient our business is.

我們從不排除任何可能性，但由於投資者已經看到我們業務的彈性，我們對進入我們在世界各地的所有不同業務充滿興趣。

And we're not going to comment very specifically about the NPC situation but other than to say we're working productively.

我們不會非常具體地評論 NPC 的情況，只是說我們正在高效地工作。

There's lots of interest in that business, and we expect it to be in the hands of a capable franchisee coming out of this process.

對該業務有很多興趣，我們希望它掌握在從這個過程中出來的有能力的特許經營者手中。

The next question comes from Sara Senatore of Bernstein.

下一個問題來自伯恩斯坦的 Sara Senatore。

I was wondering if you could maybe talk about Pizza Hut and KFC in particular.

我想知道你是否可以特別談談必勝客和肯德基。

They would -- I'd characterize them as maybe some of the few beneficiaries, if you will, of the changes in the consumer behavior during the pandemic.

如果您願意的話，我會將他們描述為可能是大流行期間消費者行為變化的少數受益者。

Both, I think, comping better, certainly, the off-premise business for Pizza Hut, than we've seen in a long time.

兩者，我認為，當然，必勝客的場外業務比我們長期以來看到的要好。

Can you just talk about how you think about retaining some of that strength?

你能談談你如何看待保留一些力量嗎？

Specifically, the 2 dynamics I'm interested are what happens when people are able to go out, eat again, dining rooms are open.

具體來說，我感興趣的兩個動態是當人們能夠外出、再次吃飯、餐廳開放時會發生什麼。

How much of that do you think you get back?

你認為你能收回多少？

And then also to the extent that you've taken market share, how do you keep that Pizza Hut ex closures and dine-in comps, I think, over 20%, which is actually pretty consistent with what we've seen from other large pizza chains who have historically, I think, led Pizza Hut in many quarters?

然後在你佔據市場份額的範圍內，你如何保持必勝客的關閉和就餐的比例，我認為，超過 20%，這實際上與我們從其他大公司看到的非常一致我認為，歷史上曾在許多方面領導必勝客的比薩連鎖店？

So I guess, how do you capitalize on these things?

所以我想，你如何利用這些東西？

Or can you over the long term?

或者你可以長期嗎？

Great question, Sara.

好問題，薩拉。

And it's obviously our intent to hold on to the gains that we've made.

顯然，我們的意圖是保持我們已經取得的成果。

A lot of the gains at Pizza Hut and KFC have been from the fact that they offer great family meal solutions, which is right for these times.

必勝客和肯德基的很多收穫都來自於他們提供了很棒的家庭用餐解決方案，這對這個時代來說是正確的。

But one of the things that I'm really encouraged about all of our brands is the incredibly positive feedback we're getting in our customer satisfaction surveys, customers that are -- and the new customers that are being drawn to our brands during these times.

但是，我們所有品牌真正讓我感到鼓舞的一件事是，我們在客戶滿意度調查中獲得了令人難以置信的積極反饋，這些客戶是——以及在這些時期被我們的品牌所吸引的新客戶.

So those 2 things coupled together says that we should be able to hold on to some of these new customers given the great experiences that they're having and the new normal.

因此，這兩件事結合在一起表明，鑑於他們擁有的出色體驗和新常態，我們應該能夠留住其中一些新客戶。

It's very hard, obviously, to predict what the world will look like 6 months from now.

顯然，很難預測 6 個月後的世界會是什麼樣子。

I think we're most proud that we've demonstrated how resilient our businesses and how nimble we are and how we can pivot to meet customers as their needs change.

我認為我們最自豪的是，我們展示了我們的業務有多麼有彈性，我們是多麼靈活，以及我們如何能夠隨著客戶需求的變化而轉向滿足他們的需求。

We know -- like a lot of other retailers, we're looking at data about how -- what happens when customers do return to dining in, in certain parts of the country or in certain markets.

我們知道 - 與許多其他零售商一樣，我們正在研究有關如何 - 當客戶在該國某些地區或某些市場返回就餐時會發生什麼。

And we see a little bit of an impact on that to our business but not to the degree that would lead you to conclude we'll give up the gain -- all the gains that we've gotten here.

我們看到這對我們的業務有一點影響，但不會影響到讓你得出結論我們將放棄收益的程度——我們在這裡獲得的所有收益。

So it's a pretty bright picture in terms of what it paints for the future.

因此，就它為未來描繪的內容而言，這是一幅非常光明的畫面。

The next question comes from John Ivankoe of JPMorgan.

下一個問題來自摩根大通的 John Ivankoe。

Apologies, I went through the release, obviously, very quickly.

抱歉，很明顯，我很快就完成了發布。

First, the Taco Bell store margins really did jump off the page considering the comp that you guys reported.

首先，考慮到你們報告的競爭，塔可鐘商店的利潤確實從頁面上跳了出來。

Can you provide some color on that in terms of like what happened and what out of that margin is actually sustainable?

您能否提供一些顏色，例如發生的事情以及該利潤中的哪些內容實際上是可持續的？

And if there is kind of a new Taco Bell company store margin coming out of this is the first question.

如果有一種新的 Taco Bell 公司的商店利潤由此產生，這是第一個問題。

And secondly, if I may, there's obviously been a lot of news and disruption in terms of third-party delivery.

其次，如果可以的話，在第三方交付方面顯然有很多新聞和乾擾。

Can you comment on, in the U.S. business specifically and around the world, if you'd like to, your ability to grow delivery dollars year-over-year and how some potential changes in the relationship might benefit or, I guess, impact your business in some way?

您能否評論一下，在美國和世界各地的業務中，如果您願意的話，您每年增加交付美元的能力，以及關係中的一些潛在變化可能如何受益，或者，我猜，會影響您的以某種方式做生意？

Yes.

是的。

Thanks, John.

謝謝，約翰。

Good questions.

好問題。

On the Taco Bell store margins, I'd say, yes, obviously, a 24.5% outstanding result from Taco Bell.

在 Taco Bell 商店的利潤率上，我會說，是的，很明顯，Taco Bell 取得了 24.5% 的出色成績。

And I think the main takeaway for us is that shows how resilient the Taco Bell business model is, similar to what we've seen in our other brands around the globe.

而且我認為對我們來說主要的收穫是它顯示了塔可鐘商業模式的彈性，類似於我們在全球其他品牌中看到的。

But I think that's the main takeaway for us is the resiliency.

但我認為這對我們來說主要的收穫是彈性。

That was primarily driven by some things that probably are related to pandemic.

這主要是由一些可能與大流行有關的事情驅動的。

So we have seen higher average check sizes as consumers are buying more for family occasions than prior to the pandemic.

因此，與大流行之前相比，由於消費者為家庭場合購買的產品更多，因此我們看到平均支票尺寸更高。

We've also had some labor efficiencies as the dining rooms have been closed, and we've adjusted our operating hours for a bit.

由於餐廳已經關閉，我們的勞動效率也有所提高，並且我們已經調整了一些營業時間。

So I'd say those 2 things were the primary things that helped.

所以我想說這兩件事是有幫助的主要事情。

Of course, we had some things on the other side of the equation.

當然，我們在等式的另一邊有一些事情。

We paid some extra bonuses to our frontline and had other COVID-related expenses.

我們為前線支付了一些額外的獎金，並支付了其他與 COVID 相關的費用。

So that helped balance it.

所以這有助於平衡它。

So I think it was a good story.

所以我認為這是一個很好的故事。

But those 2 primary drivers of check and dining rooms, once those things go back to normal, those would be things that would sort of swing back to the other direction.

但是這兩個檢查和餐廳的主要驅動因素，一旦這些事情恢復正常，那些事情就會回到另一個方向。

So I think the main takeaway is resiliency during the crisis.

所以我認為主要的收穫是危機期間的彈性。

On third-party delivery, I think at the highest level, our philosophy remains we want to be accessible to our customers where they want to do business with us.

在第三方交付方面，我認為在最高層面上，我們的理念仍然是我們希望我們的客戶能夠在他們想與我們開展業務的地方接觸到他們。

And we build relationships with aggregators to serve that purpose.

我們與聚合商建立關係以實現這一目的。

In terms of total delivery capabilities around the globe, we saw a more than 10% increase versus last year in terms of our number of restaurants.

就全球總交付能力而言，我們的餐廳數量與去年相比增長了 10% 以上。

We're now north of 34,000 restaurants that offer delivery, up from just over 30,000 at this point last year.

我們現在有超過 34,000 家提供外賣服務的餐廳，而去年這個時候只有 30,000 多家。

Part of that's driven by our aggregated relationships.

其中一部分是由我們的聚合關係驅動的。

Of course, we've got our own proprietary delivery capabilities in a number of those restaurants as well.

當然，我們在其中一些餐廳也擁有自己專有的交付能力。

So it's a mix there.

所以這是一個混合。

But I think in general, where customers are doing business with aggregators, we want to be there.

但我認為總的來說，當客戶與聚合商做生意時，我們希望在那裡。

Yes.

是的。

The other point about delivery, as much as we've seen delivery growth, we've also seen a lot of carryout growth with options like curbside pickup in a contactless way, which is obviously great for our operators because it's a high-margin business when you can do carryout in that way.

關於交付的另一點，就像我們看到交付增長一樣，我們也看到了很多結轉增長，例如以非接觸方式路邊取貨等選項，這對我們的運營商來說顯然很棒，因為它是一項高利潤業務什麼時候可以用這種方式進行結轉。

So the growth that we're seeing, yes, delivery is one of the drivers, but carryout is very much growing at the same kind of pace.

所以我們看到的增長，是的，交付是驅動因素之一，但結轉以同樣的速度增長。

The next question comes from Dennis Geiger of UBS.

下一個問題來自瑞銀的丹尼斯蓋格。

I hope you're all doing well.

我希望你們一切都好。

Just wondering if you could talk a bit more about Taco Bell, the strength of the brand and then the franchisees and kind of thinking about maintaining that industry-leading momentum going forward.

只是想知道你是否可以多談談塔可鐘，品牌的實力，然後是特許經營商，以及關於保持行業領先勢頭向前發展的想法。

Maybe specifically, if you could comment on some of the latest developments, including the loyalty program, what the opportunity there is as well as menu simplification and if the drivers there are more operations in speed or making way for new items coming in the future.

也許具體來說，如果您可以評論一些最新的發展，包括忠誠度計劃，有什麼機會以及菜單簡化，以及驅動程序是否有更多的操作速度或為未來的新項目讓路。

Yes.

是的。

Look, Taco Bell was a bright spot for the quarter.

看，塔可鐘是本季度的亮點。

If you look at -- they're basically flat on a 2-year basis, and they made tremendous progress during the quarter.

如果你看一下——它們在 2 年的基礎上基本持平，並且在本季度取得了巨大的進步。

If you just look at our previous filings from sales results, you can see that they probably had the best results moving from April forward through the quarter.

如果您只查看我們之前提交的銷售結果文件，您會發現從 4 月到本季度，它們可能取得了最好的結果。

If you think about what -- in the U.S., for example, Taco Bell, with almost 1/4 of their sales is dine-in and the late night and breakfast business, they were impacted the most.

如果你想想——在美國，例如 Taco Bell，其銷售額的近 1/4 是堂食以及深夜和早餐業務，它們受到的影響最大。

So they had the most ground to make up.

所以他們有最多的基礎來彌補。

And now we've gotten into July, and Taco Bell along with the other 2 big U.S. brands are all positive.

現在我們已經進入 7 月，塔可鐘和其他 2 個美國大品牌都是積極的。

So that's enormous progress given the hit to their business.

因此，鑑於他們的業務受到打擊，這是一個巨大的進步。

It's due to the fact that they've pivoted really well, leveraging the option -- a menu that consumers love with items like the Grilled Cheese Burrito that's obviously proven a hit and the loyalty program, as you mentioned, which recently launched, still in its infancy but obviously has a lot of upside.

這是因為他們已經很好地利用了這個選項——消費者喜歡的菜單，比如烤奶酪捲餅，這顯然很受歡迎，而忠誠度計劃，正如你提到的，最近推出，仍在它還處於起步階段，但顯然有很多好處。

The margins actually were somewhat of a record, tying a record for us for store-level margins in the quarter.

利潤率實際上是創紀錄的，在本季度為我們追平了商店級利潤率的記錄。

So when you add all that up, it's the brand with a huge amount of momentum as we come out of the quarter and very excited about the future for Taco Bell.

因此，當您將所有這些加起來時，隨著我們本季度的結束，這個品牌擁有巨大的發展勢頭，並且對 Taco Bell 的未來感到非常興奮。

The relationship with the franchisees, as you mentioned, couldn't be more positive.

正如您所提到的，與特許經營商的關係再好不過了。

They've been great partners working through all these challenging times.

在所有這些充滿挑戰的時期，他們一直是出色的合作夥伴。

Again, they were hit the most at the beginning of this pandemic, so they were the ones that were in some ways in the U.S. in the most dire straits but quickly partnered together with the franchisees.

同樣，他們在這場大流行開始時受到的打擊最大，因此他們是在某些方面在美國處於最嚴峻困境但很快與特許經營商合作的人。

Mark King and his team have done an amazing job to get the business on much more solid footing and with momentum right now.

馬克·金和他的團隊做了一項了不起的工作，使公司現在的基礎更加穩固，勢頭強勁。

The next question comes from Andrew Charles of Cowen and Company.

下一個問題來自 Cowen and Company 的 Andrew Charles。

As investors try to better understand when the business can return to 4% net restaurant development, can you help set the backdrop a little bit?

隨著投資者試圖更好地了解業務何時可以恢復 4% 的淨餐廳開發，您能否幫助設置背景？

I'm looking to learn more about KFC International franchisees' access to capital, particularly in emerging markets since this is the biggest engine behind Yum!

我希望了解更多關於肯德基國際特許經營商獲得資金的信息，尤其是在新興市場，因為這是百勝背後的最大引擎！

development in the context of the bad debt expense step-up that you saw during the quarter.

在您在本季度看到的壞賬費用增加的背景下發展。

Yes.

是的。

Look, the return to 4% is not a matter of if, it's just a matter of when.

看，回到 4% 不是會不會的問題，只是時間的問題。

And we have 2,000 franchisees around the world.

我們在全球擁有 2,000 家加盟商。

The vast majority of them are coming out of this in good shape.

他們中的絕大多數人都以良好的狀態擺脫了這種狀態。

But we have pockets where franchisees are still challenged.

但我們有特許經營商仍然面臨挑戰的口袋。

We still have a couple of thousand stores that are closed.

我們仍然有幾千家商店關閉。

With our bigger presence in emerging markets and emerging markets struggling more to deal with the pandemic in their countries, that's a challenge, which all adds up to making it very difficult to predict exact timing on when we'll get back to our long-term algorithm.

隨著我們在新興市場的影響力越來越大，新興市場在其國家應對疫情的難度越來越大，這是一個挑戰，這一切都使我們很難預測我們何時恢復長期業務的確切時間算法。

But again, there's so many positive things when it comes to development in terms of availability of sites, how resilient our business model has proven, which is obviously attractive to investors that want to invest in this space, the partnerships that we've developed with the vast majority of our franchisees to get through this together and the positive feelings that creates interest in working together long term to grow the brand.

但同樣，在網站可用性方面，在開發方面有很多積極的事情，我們的商業模式證明了多麼有彈性，這顯然對想要投資這個領域的投資者有吸引力，我們與之建立的合作夥伴關係我們的絕大多數加盟商共同度過難關，以及產生長期合作以發展品牌的興趣的積極感受。

So it will vary by market.

所以會因市場而異。

It will vary by franchisee in terms of when we get back to the algorithm.

就我們何時回到算法而言，加盟商會有所不同。

Obviously, Yum!

顯然，百勝！

China is already there, as they announced last night, which is very encouraging.

正如他們昨晚宣布的那樣，中國已經在那裡，這是非常令人鼓舞的。

The next question comes from Peter Saleh of BTIG.

下一個問題來自 BTIG 的 Peter Saleh。

I wanted to ask about your advertising strategy, especially in the U.S. in the second half of the year.

我想問一下你們的廣告策略，尤其是下半年在美國的廣告策略。

Do you guys plan to continue to advertise?

你們打算繼續做廣告嗎？

Or do you plan on pulling back at all with the election year?

還是您打算在選舉年完全撤退？

And just my second question would be do you need to get the dining rooms open to start to recapture the previous same-store sales, I guess, momentum that you had pre-COVID?

我的第二個問題是，您是否需要讓餐廳開放以開始重新獲得以前的同店銷售額，我猜，您在 COVID 之前擁有的勢頭？

Or can you do that with the drive-thru units that you have currently?

或者你能用你目前擁有的得來速裝置做到這一點嗎？

Just taking the last one first on the dining rooms.

就在飯廳先吃最後一個。

The reality is that we've got 24,000 dining rooms...

現實情況是，我們有 24,000 間餐廳……

That closed.

那關門了。

That are closed today.

今天關門了。

So -- and in the U.S., we really just have a fraction of our dining rooms open.

所以——在美國，我們真的只有一小部分餐廳開放。

So when you look at the results that we're getting, when you talk about our -- excluding closed stores, we still have a lot of stores that are open with closed dining rooms, it's really quite impressive that we're able to get sales globally back to approaching flat without those dining rooms in the majority of our stores.

因此，當您查看我們獲得的結果時，當您談論我們的-不包括關閉的商店時，我們仍然有很多商店在關閉餐廳的情況下營業，我們能夠獲得的結果確實令人印象深刻在我們大多數商店沒有這些餐廳的情況下，全球銷售額恢復到接近持平。

So it's not critical to our success.

所以這對我們的成功並不重要。

It's obviously something that we will return to over time when it makes sense.

顯然，當它有意義時，我們會隨著時間的推移而回歸。

And the teams have developed all the right safety protocols to do that, as you can imagine with plexiglass on the front of the counter and cleaning captains in the dining room to make sure that we clean high-touch points every 30 minutes, all the different things that you would imagine we -- company -- the largest restaurant company in the world would develop to ensure the safety of our customers.

並且團隊已經制定了所有正確的安全協議來做到這一點，正如您可以想像的那樣，櫃檯前面的有機玻璃和餐廳的清潔隊長，以確保我們每 30 分鍾清潔一次高接觸點，所有不同的您可以想像我們——公司——世界上最大的餐飲公司會發展以確保我們客戶的安全。

But the dining room piece is really something that we've been able to overcome quite successfully in most markets.

但在大多數市場上，我們已經能夠非常成功地克服餐廳的問題。

Certain markets, obviously more reliant on it.

某些市場，顯然更依賴它。

Pizza Hut dine-in restaurants, obviously, in some cases, very reliant on it.

顯然，在某些情況下，必勝客堂食餐廳非常依賴它。

So it does -- the story does vary, but on average, it's a pretty good story in terms of overcoming dining rooms.

確實如此 - 故事確實有所不同，但平均而言，就克服餐廳而言，這是一個相當不錯的故事。

On the advertising piece, obviously, our advertising algorithms have been changed in this environment.

在廣告方面，很明顯，我們的廣告算法在這種環境下發生了變化。

And we're looking at different ways of promoting our brands.

我們正在尋找推廣我們品牌的不同方式。

The promotions that we're doing with products have changed.

我們對產品進行的促銷活動發生了變化。

You've heard announcements about us skinnying down our menu.

您聽說過我們正在縮減菜單的公告。

We're advertising more core products, advertising more through digital channels.

我們正在宣傳更多的核心產品，更多地通過數字渠道進行宣傳。

But for the most part, we're committed to continuing to spend the advertising spend that we -- each of our brands has.

但在大多數情況下，我們致力於繼續花費我們每個品牌擁有的廣告支出。

It varies by brand in terms of what the percentage of sales they spend are, but we're committed to that for the balance of the year.

就他們花費的銷售額百分比而言，它因品牌而異，但我們致力於在今年餘下的時間裡做到這一點。

At this time, I'm not showing any additional questions.

目前，我沒有顯示任何其他問題。

Okay.

好的。

David, do you want to wrap up?

大衛，你想結束嗎？

Yes.

是的。

Look, thanks, everybody, for spending time with us this morning.

看，謝謝大家，今天早上花時間和我們在一起。

As you can tell from the comments, we're incredibly proud of the progress that we've made during the quarter.

從評論中可以看出，我們對本季度取得的進展感到無比自豪。

We were joking that April feels like it was back in 2018.

我們開玩笑說四月感覺就像回到了 2018 年。

It was so long ago.

那是很久以前的事了。

And what's relevant is the momentum we have coming out of the quarter.

相關的是我們本季度的勢頭。

I think we've demonstrated that the business is incredibly resilient and nimble, that our teams around the world can move with speed to get new solutions out to meet customers' needs, and they've done that incredibly successfully.

我認為我們已經證明，我們的業務具有難以置信的彈性和敏捷性，我們在世界各地的團隊可以迅速推出新的解決方案來滿足客戶的需求，而且他們已經非常成功地做到了這一點。

And really, what's happened this quarter is accelerated a lot of the strategies that we already had in place, which is a big positive in terms of the business that we do digitally.

實際上，本季度發生的事情加速了我們已經制定的許多戰略，這對我們以數字方式開展的業務而言是一個很大的積極因素。

As we've mentioned, that's up $1 billion year-over-year -- actually more than $1 billion.

正如我們所提到的，這比去年同期增加了 10 億美元——實際上超過了 10 億美元。

And we -- that was part of our plan to grow that business, and we're proud of the progress we've made there.

我們 - 這是我們發展業務計劃的一部分，我們為我們在那裡取得的進展感到自豪。

And even things like moving from dine-in assets to delivery assets, that's been accelerated by Q2 2020.

甚至像從就餐資產轉移到交付資產這樣的事情，到 2020 年第二季度也得到了加速。

So we're coming out of it much stronger, excited about the future.

因此，我們正在變得更加強大，對未來感到興奮。

Yum!

嗯！

was, is and will remain a high-growth company for all stakeholders.

對於所有利益相關者來說，過去、現在和將來都是一家高增長的公司。

I think we've demonstrated that this quarter.

我認為我們已經在本季度證明了這一點。

So thank you.

所以謝謝。

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。