百勝餐飲集團 (YUM) 2022 Q1 法說會逐字稿

Welcome to the Q1 2022 Yum! Brands Earnings Conference Call. My name is Ruby, and I will be your moderator for today's call. (Operator Instructions)

歡迎來到 2022 年第一季度百勝！品牌收益電話會議。我的名字是 Ruby，我將擔任今天電話會議的主持人。 （操作員說明）

I will now hand over to our host, Jodi Dyer, VP of Investor Relations, to begin.

我現在將由我們的主持人、投資者關係副總裁 Jodi Dyer 開始。

Thanks, operator. Good morning, everyone, and thank you for joining us. On our call today are David Gibbs, our CEO; Chris Turner, our CFO; and Dave Russell, our Senior Vice President and Corporate Controller. Following remarks from David and Chris, we'll open the call to questions.

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

Before we get started, I would like to remind you that this conference call includes forward-looking statements that are subject to future events and uncertainties that could cause our actual results to differ materially from these statements. All forward-looking statements are made only as of the date of this announcement and should be considered in conjunction with the cautionary statements in our earnings release and the risk factors included in our filings with the SEC. 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 in today's call as well as reconciliations of non-GAAP financial measures.

在我們開始之前，我想提醒您，本次電話會議包括前瞻性陳述，這些陳述受未來事件和不確定性的影響，可能導致我們的實際結果與這些陳述產生重大差異。所有前瞻性陳述僅在本公告發布之日作出，應與我們收益發布中的警示性陳述以及我們向美國證券交易委員會提交的文件中包含的風險因素一起考慮。此外，請參閱我們的收益發布和我們向 SEC 提交的文件的相關部分，以查找非 GAAP 財務指標的披露和定義以及今天電話會議中可能使用的其他指標以及非 GAAP 財務指標的對賬。

Please note that during today's call, all system sales and operating profit results exclude the impact of foreign currency. Additionally, as it relates to our Russia business, our operating results for the first quarter continue to reflect revenues and expenses related to Russia within their historical financial statement line items and operating segments. However, we have reclassed net operating profit attributable to Russia for the month of March that had not yet been redirected to humanitarian efforts as of the end of the quarter from the operating segments in which it was earned to our corporate and unallocated segment. Those operating profits have been reflected within other income/expense and reflected as a special item. David and Chris will provide additional context in their prepared remarks. For more information on our reporting calendar for each market, please visit the Financial Reports section of our website.

請注意，在今天的電話會議中，所有系統銷售和營業利潤結果均不包括外幣影響。此外，由於與我們的俄羅斯業務有關，我們第一季度的經營業績繼續在其歷史財務報表項目和經營分部中反映與俄羅斯相關的收入和費用。但是，我們已將 3 月份歸屬於俄羅斯的淨營業利潤重新歸類為截至本季度末尚未用於人道主義工作的運營部門，從獲得該利潤的運營部門到我們的公司和未分配部門。這些營業利潤已反映在其他收入/費用中，並作為特殊項目反映。大衛和克里斯將在他們準備好的評論中提供額外的背景信息。有關每個市場的報告日曆的更多信息，請訪問我們網站的財務報告部分。

We are broadcasting this conference call via our website. This call is also being recorded and will be available for playback. Please be advised that if you ask a question, it will be included in both our live conference and in any future use of the recording.

我們正在通過我們的網站廣播本次電話會議。此通話也正在錄製中，可用於播放。請注意，如果您提出問題，該問題將包含在我們的現場會議中以及將來對錄音的任何使用中。

We would like to make you aware of upcoming Yum! investor events and the following. Disclosures pertaining to outstanding debt in our restricted group capital structure will be provided at the time of our Form 10-Q filing. Second quarter earnings will be released on August 3, 2022, with a conference call on the same day. Finally, we will be hosting an in-person Yum! Brands Investor Day on Tuesday, December 13, 2022, at the New York Stock Exchange. Stay tuned for more details.

我們想讓您了解即將到來的 Yum！投資者事件及以下。我們將在提交 10-Q 表格時提供與我們受限集團資本結構中的未償債務有關的披露。第二季度財報將於 2022 年 8 月 3 日發布，並在同一天召開電話會議。最後，我們將舉辦一場面對面的 Yum！ 2022 年 12 月 13 日星期二在紐約證券交易所舉行的品牌投資者日。請繼續關注更多詳情。

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

現在我想把電話轉給大衛·吉布斯先生。

Thank you, Jodi, and good morning, everyone. Before I go over our first quarter results, I'd like to begin by sharing an update on our business in Russia and Ukraine.

謝謝你，喬迪，大家早上好。在我回顧我們的第一季度業績之前，我想首先分享我們在俄羅斯和烏克蘭的業務更新。

As a company that puts people first in every decision, I'm incredibly proud that we have made the safety and well-being of all those impacted by the tragedy in Ukraine as the top priority. I want to personally thank our many dedicated team members and franchisees working hard to navigate through this deadly conflict and manage our business in the most complex and challenging geopolitical environment in recent history. I'm proud of how our people in the surrounding regions have banded together and are doing everything possible to support impacted Ukrainian refugees, team members and franchisees, some of whom have overcome incredible challenges and have reopened a number of stores to serve food in communities where it is safe.

作為一家在每一個決定中都以人為本的公司，我非常自豪我們將所有受烏克蘭悲劇影響的人的安全和福祉作為重中之重。我要親自感謝我們許多敬業的團隊成員和特許經營商，他們努力克服這場致命的衝突，並在近代史上最複雜和最具挑戰性的地緣政治環境中管理我們的業務。我為周邊地區的人們團結起來並儘一切可能支持受影響的烏克蘭難民、團隊成員和特許經營商感到自豪，其中一些人克服了難以置信的挑戰，並重新開設了多家商店以在社區提供食品哪裡是安全的。

Additionally, the Yum! Brands Foundation made a donation to the Red Cross to support those affected by the crisis. We activated the Yum! Disaster Relief Fund to support Ukrainian franchise employees and are matching employee donations to organizations providing relief in Ukraine, including UNICEF, the Red Cross, the World Food Programme and the International Rescue Committee.

此外，百勝！ Brands Foundation 向紅十字會捐款，以支持受危機影響的人們。我們激活了 Yum！救災基金支持烏克蘭特許員工，並將員工捐款與在烏克蘭提供救濟的組織相匹配，包括聯合國兒童基金會、紅十字會、世界糧食計劃署和國際救援委員會。

We previously announced the suspension of all investment and restaurant development efforts in Russia as well as operations of company-owned KFC restaurants and that we are finalizing an agreement with our Pizza Hut master franchisee to suspend all restaurant operations. In addition to these actions, we have begun a process aimed at transferring ownership to local operators while, in the interim, we continue to redirect any profits from Russia operations to humanitarian aid. This is not a decision we take lightly, and I know that it will be a complicated process to execute these transactions. We will update you on this process during our second quarter earnings call. Chris will provide more details around the financial impact from Russia on the quarter.

我們之前宣布暫停在俄羅斯的所有投資和餐廳開發工作以及公司擁有的肯德基餐廳的運營，並且我們正在與必勝客總特許經營商敲定一項協議，以暫停所有餐廳運營。除了這些行動之外，我們還開始了一項旨在將所有權轉讓給當地運營商的過程，同時在此期間，我們繼續將俄羅斯業務的任何利潤重新用於人道主義援助。這不是我們輕易做出的決定，我知道執行這些交易將是一個複雜的過程。我們將在第二季度財報電話會議上向您更新此流程。克里斯將提供有關俄羅斯對本季度財務影響的更多詳細信息。

I'll now discuss our first quarter results, which illustrate the resiliency of our highly franchised diversified growth model. Our first quarter system sales growth of 8%, driven by both unit development and same-store sales growth, is a testament to our iconic brands and the unmatched operating capabilities of our world-class franchise partners. We set a first quarter development record, opening nearly 1,000 gross units, supported by positive unit growth at each of our brands. Our continued same-store sales momentum was fueled by our brands executing our Recipe for Growth strategy by providing relevant value, access via new channels, distinctive products and a strong brand voice, all supported by our digital and delivery capabilities.

我現在將討論我們的第一季度業績，這說明了我們高度特許經營的多元化增長模式的彈性。在單位開發和同店銷售增長的推動下，我們第一季度的系統銷售額增長了 8%，這證明了我們的標誌性品牌和我們世界級特許經營合作夥伴無與倫比的運營能力。在我們每個品牌的正單位增長的支持下，我們創造了第一季度的發展記錄，開出了近 1,000 個總單位。我們持續的同店銷售勢頭得益於我們的品牌通過提供相關價值、通過新渠道訪問、獨特的產品和強大的品牌聲音來執行我們的增長策略，所有這些都得到我們的數字和交付能力的支持。

Our digital channels continue to accelerate with digital sales of approximately $6 billion, a new first quarter record, reflecting an increase of 15% year-over-year. Importantly, we set a new digital mix record, now exceeding 40%. In this complex and highly inflationary operating environment, we and our franchisees remain focused on maintaining long-term profitability by leveraging our scale and strategic pricing actions while still offering our customers convenience and value. The many competitive advantages of our unrivaled talent, our sophisticated franchise system and the power of our business model give me great confidence that we are well prepared to navigate these complexities and deliver robust global growth.

我們的數字渠道繼續加速增長，數字銷售額約為 60 億美元，創下第一季度的新紀錄，同比增長 15%。重要的是，我們創造了新的數字混合記錄，現在超過 40%。在這個複雜且高度通貨膨脹的經營環境中，我們和我們的加盟商仍然專注於通過利用我們的規模和戰略定價行動來維持長期盈利能力，同時仍然為我們的客戶提供便利和價值。我們無與倫比的人才、成熟的特許經營系統和強大的商業模式所帶來的眾多競爭優勢讓我充滿信心，我們已做好充分準備應對這些複雜性並實現強勁的全球增長。

Let me share a few global trends from the quarter. As Yum China shared on its first quarter earnings call last night, COVID-related lockdowns impacted restaurant operations and depressed sales in that market, temporarily delaying an eventual recovery. However, our results outside of China remains strong. In fact, excluding China, both our KFC Division and Pizza Hut International same-store sales were up 10%, which would result in consolidated Yum! same-store sales excluding China of 6% for the quarter.

讓我分享本季度的一些全球趨勢。正如百勝中國昨晚在其第一季度財報電話會議上所分享的那樣，與 COVID 相關的封鎖影響了該市場的餐廳運營並抑制了銷售，暫時推遲了最終的複蘇。然而，我們在中國以外的業績依然強勁。事實上，不包括中國，我們的肯德基部門和必勝客國際同店銷售額均增長了 10%，這將導致百勝餐飲合併！本季度不包括中國的同店銷售額為 6%。

We're pleased with the continued momentum in our developed markets as they lap strong results from last year, and we're excited about the continued resurgence of emerging markets, with same-store sales excluding China of positive 18% for the quarter. We continue to be encouraged by the global consumer recovery underpinned by returning consumer mobility, creating a tailwind for our on-premise dining while we sustain our off-premise business.

我們對發達市場的持續勢頭感到高興，因為它們比去年取得了強勁的業績，我們對新興市場的持續復甦感到興奮，本季度不包括中國的同店銷售額增長了 18%。我們繼續受到全球消費者復甦的鼓舞，這得益於消費者流動性的回歸，為我們的內部餐飲創造了順風，同時我們維持了我們的外部業務。

Next, I'll discuss 2 of the 4 Recipe for Growth drivers: Our Relevant, Easy and Distinctive brands or RED for short; and our Unrivaled Culture and Talent. Then I'll discuss the progress we've made on our Recipe for Good.

接下來，我將討論 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簡稱 RED；以及我們無與倫比的文化和人才。然後我將討論我們在“良方之道”方面取得的進展。

Turning to our first growth pillar: our Relevant, Easy and Distinctive brands. Starting with the KFC Division, which represents 51% of our operating profit. First quarter system sales grew 9%, driven by 8% unit growth and 3% same-store sales growth.

轉向我們的第一個增長支柱：我們的相關、簡單和獨特的品牌。從肯德基部門開始，占我們營業利潤的 51%。第一季度系統銷售額增長 9%，受單位增長 8% 和同店銷售額增長 3% 的推動。

To illustrate the strength of the KFC brand around the world, I thought I'd highlight a few markets that showed meaningful improvement in the quarter, specifically the Middle East, Latin America and Africa. Our Middle East market delivered 40% system sales growth, fueled by robust transaction growth. Our marketing teams led with a healthy balance of new products with the launch of the Messy Burger as well as innovative value-focused flavory items such as the Twister Blaze. These items drove both value perception and new customer acquisition. Additionally, the team's focus on meeting the needs of our customers through digital and off-premise channel growth while the dine-in business bounces back fueled our strong results.

為了說明肯德基品牌在全球的實力，我想我會重點介紹幾個在本季度表現出顯著改善的市場，特別是中東、拉丁美洲和非洲。在強勁的交易增長的推動下，我們的中東市場實現了 40% 的系統銷售增長。我們的營銷團隊通過推出 Messy Burger 以及創新的以價值為中心的風味產品（如 Twister Blaze）來平衡新產品。這些項目推動了價值感知和新客戶獲取。此外，團隊專注於通過數字和場外渠道增長來滿足客戶的需求，而堂食業務的反彈推動了我們的強勁業績。

Latin America is another standout market. This quarter, system sales grew 34%, thanks to our team hitting on all fronts. All countries in the market deployed a balanced marketing calendar focused on value to drive velocity and transaction while taste campaigns continued to build brand strength. This came to life for consumers in January with the Genius Menu value ladder that's helping recover the individual occasion. In March, the Latin American market launched the Kentucky Fried Chicken sandwich for the first time, which drove over 10% growth in the sandwich category.

拉丁美洲是另一個突出的市場。本季度，由於我們的團隊全力以赴，系統銷售額增長了 34%。市場上的所有國家/地區都部署了一個平衡的營銷日曆，專注於價值以推動速度和交易，同時品味活動繼續建立品牌實力。 1 月份，Genius Menu 價值階梯為消費者帶來了生機，幫助恢復了個人場合。 3月，拉美市場首次推出肯德基三明治，帶動三明治品類增長10%以上。

Another market worth highlighting is our Africa business, which has been incredibly resilient as system sales grew 25%. Results were fueled by a continued traffic recovery, leading to transaction growth ahead of pre-COVID levels, a sign our value-driven strategy that offers successful price points resonated well with customers.

另一個值得強調的市場是我們的非洲業務，隨著系統銷售額增長 25%，該業務具有令人難以置信的彈性。結果是由持續的流量恢復推動的，導致交易增長超過了 COVID 之前的水平，這表明我們提供成功的價格點的價值驅動戰略與客戶產生了良好的共鳴。

Finally, in the U.S., our KFC team is working hard to maximize convenience for the customer and focusing marketing efforts on creating greater awareness of our off-premise channels, including Quick Pick-up services and our white label delivery offering. The incremental sales layers we've built over the past 2 years, including our digital ordering channels and the chicken sandwich platform, contributed to top line growth this quarter in the face of a difficult operating environment. Additionally, we offered Beyond Fried Chicken in the quarter, which elevated the brand and boosted relevance, resulting in more media impressions than any other product launch in the brand's history. A consistent theme across each of these 4 markets is the continued growth of digital transaction and the ability to execute an omnichannel strategy.

最後，在美國，我們的肯德基團隊正在努力為客戶提供最大的便利，並將營銷工作重點放在提高對我們的場外渠道的認識上，包括快速取貨服務和我們的白標送貨服務。面對艱難的經營環境，我們在過去 2 年中建立的增量銷售層，包括我們的數字訂購渠道和雞肉三明治平台，為本季度的營收增長做出了貢獻。此外，我們在本季度推出了 Beyond Fried Chicken，提升了品牌知名度並提升了相關性，從而獲得了比品牌歷史上任何其他產品發布更多的媒體印象。這四個市場的一致主題是數字交易的持續增長和執行全渠道戰略的能力。

Moving to the Taco Bell Division, which represents 32% of our operating profit. First quarter system sales grew 8%, driven by 5% unit growth and 5% same-store sales growth. Taco Bell U.S. system sales grew 7%, driven by 2% unit growth and 5% same-store sales growth.

搬到塔可鐘部門，該部門占我們營業利潤的 32%。第一季度系統銷售額增長 8%，受單位增長 5% 和同店銷售額增長 5% 的推動。塔可鍾美國系統銷售額增長 7%，受單位增長 2% 和同店銷售額增長 5% 的推動。

I thought I'd start by celebrating Taco Bell's 60th anniversary as a brand. Given the brand's role as a culture leader in the industry, it's easy to forget its experience and heritage, all of which makes us even more confident in the brand's ability to navigate any economic environment. Taco Bell is executing on its strategy to inspire and enable the world to live más by remaining relevant, easy and distinctive to its customers.

我想我應該從慶祝 Taco Bell 品牌成立 60 週年開始。鑑於品牌作為行業文化領導者的角色，很容易忘記它的經驗和傳統，所有這些都讓我們對品牌在任何經濟環境中駕馭的能力更加自信。塔可鍾正在執行其戰略，通過與客戶保持相關、輕鬆和獨特，來激發世界並讓世界生活。

On the relevance front, Taco Bell continued to champion customer value with new offerings to meet all occasions, including the introduction of $2 burritos on the new Cravings Value Menu, adding to Taco Bell's existing $1 menu offering. The combination of Taco Bell's new Cravings Value Menu with its box and combo offerings positions Taco Bell well to serve the needs of all customers.

在相關性方面，塔可鍾繼續通過新產品來滿足所有場合的客戶價值，包括在新的渴望價值菜單中引入 2 美元的捲餅，增加了塔可鐘現有的 1 美元菜單產品。 Taco Bell 的新 Cravings Value Menu 與其盒裝和組合產品相結合，使 Taco Bell 能夠很好地滿足所有客戶的需求。

Beyond value, Taco Bell was actively marketing craveable distinctive foods, from its limited-time crispy chicken wings to the return of our fan favorite Nacho Fries. Additionally, the return to the Super Bowl with Doja Cat marked the distinctive cultural moment in the quarter. We're building on this cultural moment with a long anticipated and much celebrated upcoming return of the Mexican Pizza, which Doja Cat announced in April.

除了價值之外，塔可鐘還積極推銷令人垂涎的獨特食品，從限時酥脆的雞翅到我們粉絲最喜歡的納喬薯條的回歸。此外，與 Doja Cat 一起重返超級碗標誌著本季度獨特的文化時刻。我們將在這個文化時刻的基礎上再接再厲，期待已久且備受讚譽的墨西哥披薩即將回歸，Doja Cat 在 4 月宣布了這一消息。

Taco Bell International system sales grew 37%, driven by 26% unit growth and 12% same-store sales growth. We continue to build brand momentum in multiple markets, including the U.K., Spain and India. Our new strategy to reach scale in a few key markets has driven brand awareness, thereby improving new unit returns that lead to accelerated growth.

Taco Bell International 的系統銷售額增長了 37%，這得益於 26% 的單位增長和 12% 的同店銷售額增長。我們繼續在多個市場建立品牌勢頭，包括英國、西班牙和印度。我們在幾個關鍵市場實現規模化的新戰略提高了品牌知名度，從而提高了新的單位回報率，從而加速了增長。

Next, the Pizza Hut Division, which accounts for 18% of our operating profit, saw first quarter system sales grow 3%, driven by 5% unit growth and flat same-store sales growth.

接下來，占我們營業利潤 18% 的必勝客部門在第一季度系統銷售額增長 3% 的情況下，受到單位增長 5% 和同店銷售額增長持平的推動。

At Pizza Hut International, which represents 11% of our operating profit, system sales grew 10%, underpinned by 7% unit growth and 5% same-store sales growth. We opened 283 gross units, setting a Q1 record. With further easing in COVID restrictions, we saw strong contributions from India and Latin America, where system sales were up 44% and 18%, respectively.

在占我們營業利潤 11% 的必勝客國際，系統銷售額增長了 10%，這得益於 7% 的單位增長和 5% 的同店銷售額增長。我們打開了 283 個總單位，創造了第一季度的記錄。隨著 COVID 限制的進一步放寬，我們看到印度和拉丁美洲的強勁貢獻，其係統銷售額分別增長了 44% 和 18%。

At Pizza Hut U.S., which represents 7% of our operating profit, system sales declined 6% for the quarter, attributable to a 6% decline in same-store sales and flat unit growth. While consumer demand remains strong, sales softness in the quarter stems from our delivery channel where capacity constraints limited our ability to meet demand. This was driven by staffing challenges, mainly from delivery driver shortages that have been felt across the industry. The team is prioritizing restaurant operations, including a focus on improving staffing levels, restoring operating hours, increasing online ordering availability and more effectively leveraging the use of our overflow call centers.

在占我們營業利潤 7% 的必勝客美國公司，本季度系統銷售額下降 6%，原因是同店銷售額下降 6% 且單位增長持平。儘管消費者需求依然強勁，但本季度的銷售疲軟源於我們的交付渠道，其中產能限制限制了我們滿足需求的能力。這是由人員配備挑戰推動的，主要來自整個行業都感受到的送貨司機短缺。該團隊正在優先考慮餐廳運營，包括專注於提高人員配備水平、恢復營業時間、提高在線訂購可用性以及更有效地利用我們的溢出呼叫中心。

Additionally, in early Q2, we completed the integration of delivery as a service into our point-of-sale system. This is leading to accelerated system adoption, allowing us to leverage third-party aggregators to augment our own delivery drivers. Another action item we're taking is expanding customer access to the Pizza Hut brand via aggregator marketplace. We are excited about the potential incremental growth from aggregator marketplaces based on outperformance we're seeing from existing franchisees using this channel.

此外，在第二季度初，我們完成了將交付即服務集成到我們的銷售點系統中。這導致加速系統採用，使我們能夠利用第三方聚合器來增強我們自己的交付驅動程序。我們正在採取的另一項行動是通過聚合市場擴大客戶對必勝客品牌的訪問。基於我們從使用此渠道的現有特許經營商那裡看到的出色表現，我們對聚合器市場的潛在增量增長感到興奮。

Lastly, at The Habit Burger Grill, first quarter system sales grew 17%, driven by 13% unit growth and 3% same-store sales growth. To streamline restaurant operations for team members this quarter, we promoted operationally easy to execute customer favorites such as our Patty Melt and the Santa Barbara Charburger. We continued to lean into digital-only promotions and saw a strong response to our delivery and app-only campaigns in the quarter that ultimately drove an increase in app downloads and active app users. Even as consumer mobility improved in the first quarter, our digital sales across multiple channels increased sequentially, continuing to demonstrate the stickiness of these ordering options.

最後，在 The Habit Burger Grill，第一季度系統銷售額增長了 17%，這得益於 13% 的單位增長和 3% 的同店銷售額增長。為了簡化本季度團隊成員的餐廳運營，我們推廣了操作簡單且易於執行的客戶最愛，例如我們的 Patty Melt 和 Santa Barbara Charburger。我們繼續傾向於純數字促銷活動，並在本季度看到對我們的交付和純應用程序活動的強烈反應，最終推動了應用程序下載和活躍應用程序用戶的增加。儘管第一季度消費者流動性有所改善，但我們跨多個渠道的數字銷售額連續增長，繼續證明這些訂購選項的粘性。

Moving on to our Unrivaled Culture and Talent growth driver. We kicked off the celebration of our 25th year as a publicly traded company with several powerful forums that galvanized our top talent around engagement and development. For the first time in 5 years, we brought our top 250 leaders from around the world together for our Global Leadership Summit. Our technology leaders at the summit made up the largest functional group, which speaks to the investments we've made in differentiated technology capabilities and growth-oriented functions. We also showcased the progress our brands have made putting our Recipe for Good priorities at the center of our future growth, not only with less carbon and less packaging and waste but also by making equity and inclusion come alive across every aspect of our business, from our talent to our brand marketing to our suppliers and franchisees.

繼續我們無與倫比的文化和人才增長動力。我們通過幾個強大的論壇來慶祝我們作為一家上市公司的 25 週年，這些論壇激發了我們的頂尖人才參與和發展。 5 年來，我們第一次召集了來自世界各地的 250 位頂級領導人參加我們的全球領導力峰會。我們在峰會上的技術領導者構成了最大的職能部門，這說明了我們在差異化技術能力和以增長為導向的職能方面所做的投資。我們還展示了我們的品牌所取得的進展，將我們的“良好配方”優先事項置於我們未來增長的中心，不僅減少碳、減少包裝和浪費，而且還通過在我們業務的各個方面實現公平和包容，從我們的人才將我們的品牌營銷到我們的供應商和特許經營商。

Additionally, we were proud to take many of our aspiring leaders to the Women's Foodservice Forum, where our Chief Operating Officer and Chief People Office, Tracy Skeans, serves as chair. It was wonderful to see Yum! so prominently represented in a forum dedicated to growing women in our industry, something truly important to us as we're increasing the number of women in senior leadership globally and are on track to achieve gender parity in leadership by 2025. Finally, a group of our diverse leaders gathered in Washington, D.C. to discuss how we inspire and advance equity, inclusion and belonging across all levels of our organization.

此外，我們很自豪能將我們許多有抱負的領導人帶到女性餐飲服務論壇，我們的首席運營官兼首席人事辦公室 Tracy Skeans 擔任主席。很高興看到百勝！在一個致力於在我們行業中成長的女性的論壇中如此突出，這對我們來說非常重要，因為我們正在增加全球高級領導層的女性人數，並有望在 2025 年之前實現領導層的性別平等。最後，一組我們多元化的領導者齊聚華盛頓特區，討論我們如何在組織的各個層面激發和促進公平、包容和歸屬感。

When it comes to our Recipe for Good, we invest in critical work that's focused on our 3 priority areas of people, food and planet. Just last month and as part of our larger climate strategy, Yum! joined the Supplier Leadership on Climate Transition global consortium, which was created to accelerate climate action throughout supply chain. Our climate work has started to take shape in markets such as KFC U.K., where they have partnered with the University of Liverpool to develop a road map to achieve net zero carbon and zero waste.

談到我們的良方食譜，我們投資於專注於人類、食物和地球這 3 個優先領域的關鍵工作。就在上個月，作為我們更大的氣候戰略的一部分，百勝！加入供應商領導氣候轉型全球聯盟，該聯盟旨在加速整個供應鏈的氣候行動。我們的氣候工作已開始在肯德基英國等市場形成，他們與利物浦大學合作制定了實現淨零碳和零浪費的路線圖。

To wrap up, this continues to be an incredibly challenging operating environment but my confidence in our future remains high given the resilience of our iconic brands across our global diversified portfolio. Our unmatched global scale provides us unique competitive advantages, including our sophisticated supply chains with cross-brand purchasing power, strong marketing and consumer insights, expanding digital and technology capabilities and our capable, committed and well-capitalized franchisees that are willing to invest in the long-term growth of the business. This quarter's results continue to demonstrate the power and sustainability of our business model while we continue to deliver lasting value for our stakeholders for years to come.

總而言之，這仍然是一個極具挑戰性的運營環境，但鑑於我們標誌性品牌在全球多元化投資組合中的彈性，我對我們的未來充滿信心。我們無與倫比的全球規模為我們提供了獨特的競爭優勢，包括我們具有跨品牌購買力的成熟供應鏈、強大的營銷和消費者洞察力、不斷擴大的數字和技術能力以及我們有能力、承諾和資本充足且願意投資於業務的長期增長。本季度的業績繼續展示了我們商業模式的力量和可持續性，同時我們將在未來幾年繼續為我們的利益相關者提供持久的價值。

With that, Chris, over to you.

有了這個，克里斯，交給你了。

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

謝謝你，大衛，大家早上好。今天，我將討論我們的財務業績、我們大膽的餐廳發展和無與倫比的運營能力增長動力，以及我們穩健的資產負債表和流動性狀況。

I'll start by discussing our financial results. Our first quarter system sales grew 8%, driven by 6% unit growth and 3% same-store sales growth, reflecting our continued global momentum. During the quarter, we opened 997 gross units, a Q1 record for Yum!. Core operating profit decreased 5% for the quarter, including a negative impact from Russia of 1%. Ex special, general and administrative expenses were $252 million, tracking in line with our expectations for $1.1 billion of G&A expense for fiscal 2022 and a return to our normal quarterly cadence. Despite inflationary headwinds, we maintained company-owned restaurant margins of approximately 22% at Taco Bell, in line with Q1 2019 pre-COVID margins. Finally, EPS excluding special items was $1.05, representing a 1% decrease year-over-year.

我將首先討論我們的財務業績。我們第一季度的系統銷售額增長了 8%，這得益於 6% 的單位增長和 3% 的同店銷售額增長，反映了我們持續的全球發展勢頭。在本季度，我們開設了 997 個總單位，這是 Yum! 的第一季度記錄。本季度核心營業利潤下降 5%，包括來自俄羅斯的 1% 的負面影響。不包括特殊、一般和行政費用為 2.52 億美元，符合我們對 2022 財年 11 億美元 G&A 費用的預期，並恢復了我們正常的季度節奏。儘管存在通脹逆風，但我們在 Taco Bell 保持公司擁有的餐廳利潤率約為 22%，與 2019 年第一季度 COVID 之前的利潤率一致。最後，不包括特殊項目的每股收益為 1.05 美元，同比下降 1%。

Next, I'll address the impact to our first quarter results from the Russia conflict in Ukraine. We previously announced the suspension of all investments and restaurant development efforts in Russia as well as operations of company-owned KFC restaurants and that we are finalizing an agreement with our Pizza Hut master franchisee to suspend all restaurant operations in that brand. In addition to these actions, we pledged to redirect profits from operations in Russia to humanitarian aid.

接下來，我將討論烏克蘭俄羅斯衝突對我們第一季度業績的影響。我們之前宣布暫停在俄羅斯的所有投資和餐廳開發工作以及公司擁有的肯德基餐廳的運營，並且我們正在與必勝客主特許經營商敲定一項協議，以暫停該品牌的所有餐廳運營。除了這些行動之外，我們還承諾將俄羅斯業務的利潤轉用於人道主義援助。

Our core operating profits in Russia declined versus the first quarter of last year, negatively impacting our Yum! core operating profit growth by 1 percentage point. Finally, as David previously shared, we have begun a process aimed at transferring ownership to local operators. We will plan to provide additional updates on the process on our next earnings call.

與去年第一季度相比，我們在俄羅斯的核心營業利潤有所下降，對我們的 Yum! 產生了負面影響！核心營業利潤增長1個百分點。最後，正如大衛之前分享的那樣，我們已經開始了一個旨在將所有權轉移給當地運營商的流程。我們將計劃在下一次財報電話會議上提供有關流程的更多更新。

Given the rapidly evolving operating environment, we wanted to provide our latest thoughts on full year results and the shape of the year. We remain confident in the strength of our business and our ability to achieve our long-term growth algorithm in future years. In 2022, the underlying momentum of the business gives us confidence that we can still deliver on the same-store sales, unit growth and system sales aspects of our long-term growth algorithm. Were it not for the loss of Russia profits, we would deliver on all elements of our long-term growth algorithm in 2022.

鑑於快速發展的經營環境，我們希望提供我們對全年業績和年度形勢的最新想法。我們對我們的業務實力以及我們在未來幾年實現長期增長算法的能力仍然充滿信心。到 2022 年，業務的潛在發展勢頭讓我們相信，我們仍然可以實現長期增長算法的同店銷售額、單位增長和系統銷售方面。如果不是因為俄羅斯利潤的損失，我們將在 2022 年實現我們長期增長算法的所有要素。

However, losing 3% of full year core operating profit from the exclusion of Russia profits puts us outside of our high single-digit core operating profit range this year, with our current forecast closer to mid-single-digit core operating profit growth. With strength in many key markets, continued emerging market recovery and strong development momentum, our teams will continue to strive to overdeliver against our current forecast. We'll keep you updated as the year progresses.

然而，由於剔除俄羅斯利潤而損失了全年核心營業利潤的 3%，這使我們今年超出了我們的高個位數核心營業利潤範圍，我們目前的預測接近中個位數的核心營業利潤增長。憑藉在許多關鍵市場的實力、新興市場的持續復甦和強勁的發展勢頭，我們的團隊將繼續努力超額完成我們目前的預測。隨著時間的推移，我們會及時通知您。

As a reminder, given the shape of our anticipated G&A spend in 2022 in comparison to 2021, we expect our G&A expense to remain a headwind to Q2 core operating profit growth and a tailwind to second half core operating profit growth. Additionally, we expect continued softness in China and a full quarter impact from the exclusion of Russia profits. Therefore, we now expect Q2 core operating profit trends to be similar to Q1, and we remain on track with our prior expectations for high-teens core operating profit growth in the second half of the year.

提醒一下，鑑於我們預計的 2022 年 G&A 支出與 2021 年相比的情況，我們預計我們的 G&A 費用將繼續成為第二季度核心營業利潤增長的逆風，以及下半年核心營業利潤增長的順風。此外，我們預計中國將持續疲軟，排除俄羅斯利潤將影響整個季度。因此，我們現在預計第二季度的核心營業利潤趨勢將與第一季度相似，並且我們仍保持我們之前對下半年核心營業利潤增長的預期。

While our system sales and operating profit results shared during today's call excluded the impact of foreign currency, we wanted to provide a brief update on the impact in the quarter and the anticipated impact on both our second quarter and full year results. For Q1, our reported operating profit was unfavorably impacted by $14 million due to foreign currency translation. Based on current exchange rates, we expect FX to reduce second quarter reported operating profit by approximately $12 million to $14 million and reflect a headwind to full year reported operating profit of approximately $30 million to $45 million. This is directional guidance as rates will likely change as we move through the year.

雖然我們在今天的電話會議中分享的系統銷售和營業利潤結果不包括外幣的影響，但我們希望簡要介紹本季度的影響以及對我們第二季度和全年業績的預期影響。對於第一季度，由於外幣折算，我們報告的營業利潤受到了 1400 萬美元的不利影響。根據當前匯率，我們預計 FX 將使第二季度報告的營業利潤減少約 1200 萬美元至 1400 萬美元，並反映出全年報告的營業利潤約為 3000 萬美元至 4500 萬美元。這是方向性指導，因為利率可能會隨著我們全年的變化而變化。

Moving on to our Bold Restaurant Development growth driver. I'm excited to share that we had another quarter with each of our brands reporting strong positive unit growth. During the quarter, we opened 997 gross units, resulting in 628 net new units, a Q1 development record for Yum!, contributing to 6% unit growth over the last 12 months. We wouldn't be able to achieve these record-breaking results without broad-based contributions from multiple markets across each of our brands.

繼續我們的大膽餐廳發展增長動力。我很高興與大家分享，我們的每個品牌都報告了強勁的正單位增長，我們又有了一個季度。在本季度，我們開設了 997 個總單位，淨新增 628 個單位，這是 Yum! 的第一季度發展記錄，在過去 12 個月中貢獻了 6% 的單位增長。如果沒有來自我們每個品牌的多個市場的廣泛貢獻，我們將無法取得這些創紀錄的成果。

In fact, we had over 500 gross units and 261 net new units opened outside of China, contributing to 5% unit growth in the rest of world year-over-year. Both KFC Division and Pizza Hut International delivered another exceptional development quarter with 587 and 283 gross units opened, respectively. While Yum China continues to be our lead developer, there were significant contributions from each of these brands in India, Asia, the Middle East and Latin America. Taco Bell remains on track for another record development year with growth in next-gen assets in the U.S. and additional markets reaching scale internationally.

事實上，我們在中國境外開設了超過 500 個總單位和 261 個淨新單位，為世界其他地區同比增長 5% 做出貢獻。肯德基分部和必勝客國際都交付了另一個出色的發展季度，分別開設了 587 和 283 個總單位。雖然百勝中國仍然是我們的主要開發商，但這些品牌在印度、亞洲、中東和拉丁美洲都做出了重大貢獻。隨著美國下一代資產的增長以及其他市場在國際上達到規模，塔可鐘仍有望迎來又一個創紀錄的發展年。

On that front, we're excited to share that Yum China has committed to expanding the Taco Bell brand, which will allow even more people to live más as we build our brand identity globally and grow our footprint in that market. To that end, we now expect to have 3 more markets to cross the critically important scale threshold of 100 units by the end of 2022, joining Spain, which reached that milestone in 2021.

在這方面，我們很高興與大家分享百勝中國致力於擴大塔可鐘品牌，這將使更多的人生活在我們在全球建立品牌形象並擴大我們在該市場的足蹟的同時。為此，我們現在預計到 2022 年底，將有另外 3 個市場超過 100 個單位這一至關重要的規模門檻，加入到 2021 年達到這一里程碑的西班牙。

The global development landscape is increasingly complex. But the sophistication, scale and capabilities of our teams and franchisees provide competitive advantages that allowed us to deliver yet another quarter of record unit openings. The visibility into our development pipeline remains strong.

全球發展格局日益複雜。但我們的團隊和特許經營商的成熟度、規模和能力提供了競爭優勢，使我們能夠再提供四分之一的創紀錄單位開業。我們的開發管道的可見性仍然很強。

Now I'll discuss our Unmatched Operating Capability and the 3 key elements we're leaning into: Easy Experiences, Easy Operations and Easy Insights. Before I provide an update across our Easy pillars, I want to comment briefly on our global supply chain. Our supply chain teams continued doing an amazing job building supply chain contingencies and acting as needed to secure product availability, including restaurant equipment, which is necessary for new store openings. Additionally, I'm proud of how our sourcing teams are leveraging our scale and cross-brand purchasing power to help our franchisees and equity stores manage costs in this highly inflationary environment as an important lever in maintaining long-term profitability. This scale combined with our operating experience and learnings from exposure to over 155 markets around the world create a unique competitive advantage for us as we navigate these inflationary pressures.

現在，我將討論我們無與倫比的運營能力以及我們所關注的 3 個關鍵要素：輕鬆體驗、輕鬆運營和輕鬆洞察。在我提供有關我們 Easy 支柱的更新之前，我想簡要評論一下我們的全球供應鏈。我們的供應鏈團隊繼續在構建供應鏈突發事件方面做得非常出色，並根據需要採取行動確保產品供應，包括新店開業所必需的餐廳設備。此外，我為我們的採購團隊如何利用我們的規模和跨品牌購買力來幫助我們的特許經營商和直營店在這種高度通貨膨脹的環境中管理成本感到自豪，這是保持長期盈利能力的重要槓桿。這一規模與我們在全球超過 155 個市場的運營經驗和經驗相結合，為我們在應對這些通脹壓力時創造了獨特的競爭優勢。

Starting with Easy Experiences. With continued reopening trends in markets around the globe, a frictionless experience remains front and center for the consumer. With that in mind, we are constantly adding new convenient ways for our customers to access our brands.

從輕鬆體驗開始。隨著全球市場的持續重新開放趨勢，無摩擦體驗仍然是消費者的前沿和中心。考慮到這一點，我們不斷為客戶提供新的便捷方式來訪問我們的品牌。

KFC U.S. and The Habit Burger Grill have made digital ordering even easier. Customers can now order via the app and pick up their food from a specific cubby or shelf within the restaurant. This enables a quicker and more seamless experience that eliminates the need to wait in line at the counter or in the drive-thru. Quick Pick-up is fully deployed across the KFC U.S. system, and roughly 1/3 Of the Habit stores currently have dedicated pickup shelves, with plans to expand more broadly in the coming months.

美國肯德基和 The Habit Burger Grill 使數字訂購變得更加容易。顧客現在可以通過應用程序訂購併從餐廳內的特定小房間或架子上取餐。這實現了更快、更無縫的體驗，無需在櫃檯或得來速餐廳排隊等候。 Quick Pick-up 已在肯德基美國系統中全面部署，目前大約 1/3 的 Habit 商店都有專門的取貨貨架，併計劃在未來幾個月內擴大規模。

In addition, Taco Bell U.S. recently launched a similar program in their equity stores and will continue to deploy it across their systems more broadly in the coming quarters. Both delivery and early tests of Quick Pick-up continue to free up drive-thru capacity for the Taco Bell system, which helped fuel their ninth consecutive quarter of average drive-thru times under 4 minutes, with a sequential improvement from their fourth quarter drive-thru speed. Internationally, we have exciting projects in early stages, including our KFC Australia business, which is piloting a drone delivery program that gets our finger-licking good products to our customers' home or office in less than 15 minutes on average from when it's ordered.

此外，Taco Bell U.S. 最近在其股票商店中啟動了一項類似的計劃，並將在未來幾個季度繼續在其係統中更廣泛地部署該計劃。 Quick Pick-up 的交付和早期測試繼續釋放 Taco Bell 系統的得來速容量，這有助於推動他們連續第九個季度的平均得來速時間低於 4 分鐘，比第四季度的駕車時間連續改善-通過速度。在國際上，我們在早期階段有令人興奮的項目，包括我們的肯德基澳大利亞業務，該業務正在試行一項無人機交付計劃，該計劃可以在客戶下單後平均不到 15 分鐘內將我們舔手指的優質產品送到客戶家中或辦公室。

Next, I'll move on to Easy Operations, in which we are focused on streamlining operations for our team members and franchisees. We are installing a new kitchen display system and smart hub and leveraging our cloud-based point-of-sale system in our Taco Bell locations with the goal of modernizing the employee experience and providing more digital capabilities within our restaurants. These systems separate out delivery orders from standard drive-thru orders, allowing for improved visibility and execution in the restaurant by our team members. At KFC U.S., we're improving back-of-house operations by expanding our Mobile Manager, a back-of-house suite of applications which simplifies ordering, inventory management and digital order fulfillment, enabling our team members to spend more time focusing on the customer experience.

接下來，我將繼續討論 Easy Operations，我們專注於為我們的團隊成員和加盟商簡化運營。我們正在塔可鐘門店安裝新的廚房顯示系統和智能中心，並利用我們基於雲的銷售點系統，以實現員工體驗現代化並在我們的餐廳內提供更多數字功能。這些系統將送貨訂單與標準得來速訂單分開，從而提高我們團隊成員在餐廳的可見性和執行力。在肯德基美國，我們正在通過擴展我們的移動管理器來改善後台運營，這是一個後台應用程序套件，可簡化訂購、庫存管理和數字訂單履行，使我們的團隊成員能夠花更多時間專注於客戶體驗。

Pizza Hut continues to make progress putting technology in the hands of its team members through continued global expansion of Dragontail, HutBot and the 360 Coach platforms. Given the driver staffing challenges we're experiencing in the Pizza Hut U.S. business, we're piloting the Dragontail platform in over 100 of our U.S. stores to improve the efficiency of our delivery network. We're excited by the early results, and the platform is working as we hoped given the outstanding performance we've seen in other markets around the world. We're in conversations with our franchisees to expand this cutting-edge platform across the U.S. system.

必勝客通過 Dragontail、HutBot 和 360 Coach 平台的持續全球擴張，不斷取得進展，將技術交到團隊成員手中。鑑於我們在必勝客美國業務中遇到的司機人員配備挑戰，我們正在 100 多家美國商店試用 Dragontail 平台，以提高我們的交付網絡的效率。我們對早期結果感到興奮，鑑於我們在全球其他市場看到的出色表現，該平台正在按我們希望的那樣運行。我們正在與我們的特許經營商進行對話，以在美國系統中擴展這個尖端平台。

Third, I'll discuss Easy Insights, in which we focus on using data and analytics to drive more effective marketing and leverage our insights to enhance the customer and team member experience. At Taco Bell U.S., we continue to experiment with new and innovative ways to engage with our consumers through LTO programs such as the Taco Lover's Pass, which helped fuel growth in loyalty memberships during the quarter and which drove customer frequency.

第三，我將討論 Easy Insights，其中我們專注於使用數據和分析來推動更有效的營銷，並利用我們的洞察力來增強客戶和團隊成員的體驗。在 Taco Bell 美國，我們繼續嘗試新的創新方式，通過 LTO 計劃（例如 Taco Lover's Pass）與我們的消費者互動，這有助於推動本季度忠誠度會員的增長，並提高了客戶頻率。

Kvantum continues to scale its media mix marketing tool, which was recently used in several Pizza Hut International markets to drive incremental sales with a more efficient use of marketing spend. Additionally, we continue to build targeted artificial intelligence and machine learning-based tools, including an exciting new pricing tool that is being piloted in select international markets.

Kvantum 繼續擴展其媒體組合營銷工具，該工具最近被用於多個必勝客國際市場，以更有效地利用營銷支出來推動增量銷售。此外，我們將繼續構建有針對性的人工智能和基於機器學習的工具，包括一個令人興奮的新定價工具，該工具正在特定國際市場進行試點。

Next, I'll provide an update on our strong balance sheet and liquidity position. We ended the quarter with cash and cash equivalents of $365 million excluding restricted cash. On April 1, we called our $600 million 7.75% YBI bonds due in 2025. The repayment was funded by the issuance of a new $1 billion 5.375% YBI bond due in 2032. We were especially pleased with the strong demand and execution in light of the rate environment and volatility in the financial markets. With the recent bond offering, which closed subsequent to the quarter, our consolidated net leverage is roughly in line with our target of 5x. 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.

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。我們在本季度末的現金和現金等價物為 3.65 億美元，不包括受限制的現金。 4 月 1 日，我們將 6 億美元、利率為 7.75% 的 YBI 債券於 2025 年到期。償還資金來自發行新的 10 億美元、利率為 5.375% 的 YBI 債券，將於 2032 年到期。鑑於強勁的需求和執行力，我們特別高興利率環境和金融市場的波動。隨著最近在本季度結束的債券發行，我們的綜合淨槓桿率大致符合我們 5 倍的目標。我們的資本優先事項保持不變：投資業務，保持健康的資產負債表，支付有競爭力的股息，並通過股票回購將剩餘的超額現金返還給股東。

Capital expenditures, net of refranchising proceeds, during the quarter were $18 million. We continue to expect net capital expenditures of approximately $250 million for the full year, reflecting roughly $100 million in refranchising proceeds and up to $350 million of gross CapEx. With respect to our share buyback program, during the quarter, we repurchased 3.4 million shares at an average share price of $121 per share, totaling approximately $407 million.

本季度資本支出（扣除特許經營收益）為 1800 萬美元。我們繼續預計全年的淨資本支出約為 2.5 億美元，這反映了約 1 億美元的特許經營收益和高達 3.5 億美元的總資本支出。關於我們的股票回購計劃，在本季度，我們以每股 121 美元的平均股價回購了 340 萬股，總計約 4.07 億美元。

In closing, I'm pleased with the results of the quarter. We opened a record number of units for the first quarter, driving impressive system sales growth. We remain committed to advancing our digital and technology capabilities, leading to enhancements in both the team member and customer experience. And I'm confident in our team's and franchisees' ability to win in a dynamic and complex global landscape.

最後，我對本季度的結果感到滿意。我們在第一季度開設了創紀錄的單位數量，推動了令人印象深刻的系統銷售增長。我們將繼續致力於提升我們的數字和技術能力，從而提升團隊成員和客戶體驗。我對我們的團隊和加盟商在充滿活力和復雜的全球格局中取勝的能力充滿信心。

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) Our first question is from Dennis Geiger of UBS.

（操作員說明）我們的第一個問題來自瑞銀的丹尼斯蓋格。

I was wondering if you could talk a little bit more about the brands in the U.S., how they're positioned right now and I guess, really what you're seeing from the customer in recent months. Have behaviors changed at all? Anything that you would call out there?

我想知道你是否可以多談談美國的品牌，他們現在的定位，我猜，真的是你最近幾個月從客戶那裡看到的。行為有沒有改變？你有什麼要說的嗎？

And I guess, most importantly, just kind of looking ahead. David, I think you spoke to the resiliency and how Taco Bell and some of the brands can navigate a tough consumer spending environment. So just wondering if you could speak a little bit more to that, please.

我想，最重要的是，只是向前看。大衛，我認為您談到了彈性以及塔可鐘和一些品牌如何應對艱難的消費者支出環境。所以只是想知道你是否可以多說一點，拜託。

Yes, sure. Thanks for the question, Dennis. Just as far as the consumer, I would say that the U.S. demand is generally strong. But this is a really complex environment. I know a lot of people talked about the K-shaped recovery and bifurcated with higher income consumers in better shape than lower income. I think that's true, but I think that's probably a little bit of an oversimplification. I don't know in my career if we've seen a more complex environment to analyze consumer behavior than what we're dealing with right now.

是的，當然。謝謝你的問題，丹尼斯。就消費者而言，我想說美國的需求總體上很強勁。但這是一個非常複雜的環境。我知道很多人都在談論 K 型複蘇，並認為高收入消費者的狀況好於低收入消費者。我認為這是真的，但我認為這可能有點過於簡單化了。我不知道在我的職業生涯中，我們是否見過比現在更複雜的分析消費者行為的環境。

From an economic standpoint, you've got inflation, rising wages. You've got the funkiness of the stimulus lap -- that we're lapping from last year. But you've also got all these societal issues, like mobility coming out of COVID, consumer reaction to war in Eastern Europe, working from home, changing consumer patterns. All of this makes for a pretty complex environment to figure out how to analyze it and market to consumers.

從經濟的角度來看，通貨膨脹，工資上漲。你有刺激圈的時髦——我們從去年開始圈。但是您也遇到了所有這些社會問題，例如 COVID 帶來的流動性、消費者對東歐戰爭的反應、在家工作、改變消費模式。所有這些都形成了一個相當複雜的環境來弄清楚如何分析它並向消費者推銷。

And that's a great part about Yum!. We've got the scale and the talent to do that better than, we think, anybody else in the industry and navigate that complexity with our internal divisions like Collider, which is an expert on consumer behavior; Kvantum helping us figure out how to navigate the immediate landscape to market to those consumers; and all of our marketing and talent -- marketing talented leaders in the U.S. and around the world.

這就是 Yum 的一大優點！我們擁有比業內其他任何人都做得更好的規模和人才，並通過我們的內部部門（如消費者行為專家 Collider）來應對這種複雜性； Kvantum 幫助我們弄清楚如何將眼前的市場導向這些消費者的市場；以及我們所有的營銷和人才——美國和世界各地的營銷人才。

So complex environment, but as usual, convenience and value matters in this environment. And we believe we're leaders across our brands in that regard. You're seeing that result really in all the brands in Q1 in the U.S. The challenge obviously at Pizza Hut was less of sales performance, it's simply just due to demand -- the demand is there but simply due to our ability to meet that demand with drivers. This has been documented by others. But generally, as you mentioned, resiliency is a key feature of our brands. And going forward, we actually feel really good about our ability to navigate this environment and continue to prosper.

如此復雜的環境，但像往常一樣，便利和價值在這種環境中很重要。我們相信我們在這方面是我們品牌的領導者。您在美國第一季度的所有品牌中都看到了這種結果。顯然，必勝客面臨的挑戰不是銷售業績，這僅僅是由於需求——需求就在那裡，但僅僅是因為我們有能力滿足這種需求與司機。這已被其他人記錄在案。但總的來說，正如您所提到的，彈性是我們品牌的一個關鍵特徵。展望未來，我們實際上對自己駕馭這種環境並繼續繁榮的能力感到非常滿意。

Our next question is from John Glass of Morgan Stanley.

我們的下一個問題來自摩根士丹利的約翰格拉斯。

Chris, just inside your new mid-single-digit core operating profit ex -- with the impact of Russia, what are you assuming China does in that? I suspect that's another pivotal piece. What gives you confidence in that reacceleration in the back half? I understand comparisons are easier.

克里斯，就在你新的中個位數核心營業利潤中——在俄羅斯的影響下，你認為中國在這方面會做什麼？我懷疑這是另一個關鍵部分。是什麼讓你對後半場的重新加速充滿信心？我知道比較更容易。

And just when you look at that guidance, 6% unit growth is above that long-term reset target. Is that a realistic view for this year? Or was the first quarter just unusually good and that's not necessarily the right run rate?

就在您查看該指導時，6% 的單位增長高於該長期重置目標。這是今年的現實觀點嗎？還是第一季度異常好，而這不一定是正確的運行率？

Yes. Thanks, John. On the profit side, we feel really good with the profit plan for the year. We laid out the shape on our last call. We said the first half was going to be roughly flat. Of course, we now have a Russia impact. That was one point in Q1. And of course, if you think about the lost profit growth in Russia, that actually gets you closer to a couple of points. And as you mentioned, the China impact. As you heard on their call, the business there is softer than expected so that's had a bit of an impact. And we expect that going into Q2 as well.

是的。謝謝，約翰。在利潤方面，我們對今年的利潤計劃感覺非常好。我們在上次通話中佈置了形狀。我們說上半年將大致持平。當然，我們現在對俄羅斯產生了影響。那是第一季度的一個點。當然，如果你考慮到俄羅斯損失的利潤增長，這實際上會讓你更接近幾個點。正如你提到的，中國的影響。正如您在他們的電話中聽到的那樣，那裡的業務比預期的要疲軟，因此產生了一些影響。我們預計這也將進入第二季度。

But -- so Q2 is going to land about where Q1 is. But those are the 2 primary drivers. And of course, when we think about the full year, we still think Russia is the one driver that takes us off of our algorithm from a profit standpoint for the year. Of course, we're going to work hard to try to overdeliver against that plan. So in general, we feel really good about the profit plan with a little bit of noise there on those 2 factors.

但是 - 所以第二季度將落在第一季度的位置。但這是兩個主要驅動力。當然，當我們考慮全年時，我們仍然認為俄羅斯是從今年利潤的角度來看讓我們脫離算法的一個驅動因素。當然，我們將努力嘗試超額交付該計劃。因此，總的來說，我們對盈利計劃感覺非常好，但在這兩個因素上有一點噪音。

In terms of development, we feel great about the pipeline. Our Q1 was strong, but the pipeline looking to the rest of the year remains strong as well. And of course, it's our job every day to come in and find ways to overdeliver against that 4% to 5% unit guidance. Of course, keep in mind we had 100 net new units from Russia last year. Even without the 100 net new units, we still feel good about delivering on that part of the algorithm.

在開發方面，我們對管道感覺很好。我們的第一季度表現強勁，但展望今年剩餘時間的管道也依然強勁。當然，我們每天的工作就是進來並找到方法來超額交付 4% 到 5% 的單位指導。當然，請記住，去年我們有 100 個來自俄羅斯的淨新單位。即使沒有 100 個淨新單元，我們仍然對交付算法的這一部分感到滿意。

Our next question is from Jon Tower of Citi.

我們的下一個問題來自花旗的 Jon Tower。

Just 2 real quick for me. Just going back to that unit growth piece specifically. Can you talk about perhaps how management incentives across the company may have been realigned in recent years to kind of focus more on this growth aspect of the business, the unit growth side, specifically across the brands?

對我來說只有 2 真的很快。只是回到那個單位增長部分。您能否談談近年來整個公司的管理激勵措施可能如何重新調整，以更多地關注業務的增長方面，單位增長方面，特別是跨品牌？

And then secondarily, drilling down specifically into Pizza Hut U.S. and the move to 3PD, using it as a sourcing and fulfillment platform. Can you comment on the decision to move that way specifically? Why do the fulfillment side using 3PD and potentially giving up that competitive advantage that the brand holds from a delivery standpoint?

其次，深入研究必勝客美國並轉向 3PD，將其用作採購和履行平台。你能評論一下具體採取這種方式的決定嗎？為什麼履行方使用 3PD 並可能放棄品牌從交付角度所擁有的競爭優勢？

Thanks, Jon. I'll take the first question. Chris will comment on Pizza Hut. As far as unit development, obviously, we're very proud of the progress that we've made. And yes, we have actually introduced some new incentives company-wide around development. We thought it was important to just unite ourselves and our franchise partners to take advantage of, frankly, an environment that's really favorable to us.

謝謝，喬恩。我會回答第一個問題。克里斯將評論必勝客。就單位開發而言，顯然，我們為我們取得的進展感到非常自豪。是的，我們實際上已經在全公司範圍內圍繞發展引入了一些新的激勵措施。我們認為重要的是團結我們自己和我們的特許經營合作夥伴，坦率地說，利用一個對我們非常有利的環境。

Our brands have gotten stronger over the last 2 years in general. Our business model is stronger. And there are really great opportunities to expand our footprint in a lot of economies around the world where there have been some discounts to available real estate. And you're seeing all of that come together through the use of incentives with our team and in some cases, in franchise markets. And that's all leading to an increase in the pace of development that we're proud of. And as Chris mentioned, we have visibility into the pipeline and believe it will continue.

總體而言，我們的品牌在過去 2 年中變得更強大。我們的商業模式更強大。在世界各地的許多經濟體中，我們確實有很好的機會擴大我們的足跡，這些經濟體的可用房地產有一些折扣。您會看到所有這些都通過我們團隊的激勵措施以及在某些情況下在特許經營市場中的使用而結合在一起。這一切都導致我們引以為豪的發展步伐加快。正如克里斯所提到的，我們對管道有可見性，並相信它會繼續下去。

Yes. And on the second part around Pizza Hut U.S. and the shift to using third-party delivery, as David said earlier, we still see strong demand in the Pizza Hut U.S. business but it's primarily a challenge of being able to fulfill it with the labor challenges around drivers in particular. That's the most pronounced challenge that we have from a labor perspective in the U.S. So that's part of the driver for continuing to shift to additional modes of being able to deliver. And we're doing that by adding in both delivery as a service, which is basically still having sales through our website and apps but then fulfillment, leveraging those third-party drivers during peak periods when we need extra capacity to help us address some of those hiring challenges for drivers.

是的。第二部分圍繞必勝客美國和轉向使用第三方交付，正如大衛之前所說，我們仍然看到必勝客美國業務的強勁需求，但主要是能夠通過勞動力挑戰來實現它的挑戰特別是在司機周圍。從美國勞工的角度來看，這是我們面臨的最明顯的挑戰。因此，這是繼續轉向能夠交付的其他模式的部分驅動力。我們正在通過添加交付即服務來做到這一點，基本上仍然通過我們的網站和應用程序進行銷售，然後實現，在我們需要額外容量來幫助我們解決一些問題的高峰期利用這些第三方驅動程序那些招聘司機面臨的挑戰。

But as we mentioned, we're also working with the aggregator partners on the marketplaces. And that's just part of our strategy for wanting to be ubiquitous, be everywhere that our company -- our customers want to do business with us. And we're seeing, in the early going on that, incremental growth from those channels. In fact, we've got one of our leading franchisees who has already moved on to those platforms and is running 4 points or so ahead of the system, which is primarily driven by the incremental customers that they're finding on those platforms.

但正如我們所提到的，我們也在與市場上的聚合器合作夥伴合作。這只是我們希望無處不在的戰略的一部分，無處不在，我們的公司——我們的客戶想與我們做生意。在早期，我們看到這些渠道的增量增長。事實上，我們有一位領先的特許經營商已經轉移到這些平台，並且比系統領先 4 分左右，這主要是由他們在這些平台上找到的增量客戶驅動的。

And of course, the way we negotiate the economics in those deals, in the U.S., we really are indifferent in terms of where the sales fall. We ensure that our economics are roughly the same across channels. So we want to be there wherever our customers want to do business with us.

當然，我們在這些交易中談判經濟的方式，在美國，我們對銷售額下降的地方真的無動於衷。我們確保我們的經濟在各個渠道中大致相同。因此，我們希望在客戶想與我們開展業務的任何地方都出現。

Our next question is from David Palmer of Evercore.

我們的下一個問題來自 Evercore 的 David Palmer。

That was an interesting comment just right then. You said it was -- the franchisee was 4 points better than the average, so down low single digits as opposed to down 6%. Is that the type of thing you were seeing when they did that third-party collaboration?

就在那時，這是一個有趣的評論。你說是——特許經營商比平均水平高 4 個點，所以下降了個位數，而不是下降了 6%。當他們進行第三方合作時，您看到的是這種類型的東西嗎？

Yes, yes, running 4 or 5 points ahead of the system. And the vast majority of that we attribute to the incremental customers that they're finding through the platform.

是的，是的，領先系統 4 或 5 分。我們將其中絕大多數歸因於他們通過平台找到的增量客戶。

And do you think that that's going to be -- the majority of the system will be doing something similar to that franchisee by the end of the year? And I guess I'm wondering if -- this is a little crystal ball-ish, but do you think that the third-party delivery adoption will be fairly universal within the U.S.? And do you anticipate on top of that some sort of labor easing being a path forward here to flat to positive comps for the U.S.?

你認為這會是——到今年年底，系統的大部分都會做與特許經營商類似的事情嗎？而且我想我想知道這是否有點像水晶球，但是您認為第三方交付採用在美國會相當普遍嗎？您是否預計除此之外，某種形式的勞動力寬鬆政策會成為美國平坦到積極補償的一條道路？

Well, in terms of the strategy to address these challenges, David Graves and Aaron Powell, who are doing a great job dealing with this very dynamic environment, those are a couple of key parts of their strategy for dealing with this. And we'll be implementing the delivery as a service, as we mentioned in the earlier comments, over the next 2 to 3 quarters. And then, of course, the franchisees each have a decision on how to work with aggregators, but we do that under our umbrella agreement. And we expect that those kinds of gains continue to show up in the results. Obviously, I think more and more are going to be choosing to move in that direction. So the implementation will take a while, but it's certainly part of the strategy for dealing with this really dynamic environment.

好吧，就應對這些挑戰的戰略而言，大衛格雷夫斯和亞倫鮑威爾在應對這個非常動態的環境方面做得很好，這些是他們應對這一戰略的幾個關鍵部分。正如我們在之前的評論中提到的，我們將在接下來的 2 到 3 個季度內實施交付即服務。然後，當然，每個加盟商都可以決定如何與聚合商合作，但我們是根據我們的總括協議來做的。我們預計這些收益會繼續出現在結果中。顯然，我認為越來越多的人會選擇朝這個方向發展。所以實施將需要一段時間，但它肯定是處理這個真正動態環境的策略的一部分。

And then just one last question is do -- what is the sort of mix that you get? Like that franchisee, for example, what sort of mix do they get from third party when they get that type of improvement? And I'll pass it on.

然後最後一個問題是做 - 你得到什麼樣的組合？例如，像那個特許經營商，當他們得到這種改進時，他們從第三方那裡得到了什麼樣的組合？我會把它傳下去。

It's still too early to tell. This is something that has just been implemented over the last few months, so still too early and still too limited a sample size, I think, to draw conclusions on a broad basis. But as we said, if you look at our business, there is this fulfillment challenge. Our carryout business was actually up in the quarter. So the primary challenge was on the delivery business. And so these strategies are directly pointed at that biggest root cause that's getting in the way of being able to serve and fulfill full customer demand.

現在說還為時過早。這是過去幾個月剛剛實施的事情，所以我認為還為時過早且樣本量仍然太有限，無法在廣泛的基礎上得出結論。但正如我們所說，如果你看看我們的業務，就會發現這種實現挑戰。我們的結轉業務實際上在本季度有所增長。因此，主要挑戰在於交付業務。因此，這些策略直接指向了阻礙服務和滿足全部客戶需求的最大根本原因。

Our next question is from John Ivankoe of JPMorgan.

我們的下一個問題來自摩根大通的 John Ivankoe。

I did want to revisit some of the comments on economics, which is -- clearly, I mean, these brands have been around long enough in the U.S. and globally that, I guess, there are enough maybe previous experiences that we can maybe pick and choose from historically. So in environments where consumers' costs have risen faster than their incomes, and obviously, there are so many costs that are rising for the consumer, where does the consumer or where might the consumer typically cut back? Is it in visitation? Or is it in ticket? And I guess this is kind of the first point.

我確實想重新審視一些關於經濟學的評論，很明顯，我的意思是，這些品牌在美國和全球範圍內已經存在了足夠長的時間，我想，也許有足夠的以前的經驗可供我們挑选和從歷史中選擇。因此，在消費者成本增長快於收入增長的環境中，很明顯，消費者的成本上升如此之多，消費者通常會在哪裡削減，或者消費者通常會在哪裡削減？是在探視嗎？還是在車票上？我想這是第一點。

Secondly, if it is ticket, when you guys look back '22 versus '19, how much of that average ticket gain do you think was actually frothy, the consumer that maybe traded up or added on or larger sizes, what have you, to unsustainable levels versus how much average ticket do you think may naturally come out of the business as the consumers still use the QSR brands for all the obvious reasons but can just find back ways that you'd basically revert to the mean in terms of what they actually buy and how they use the various brands?

其次，如果是門票，當你們回顧 22 年和 19 年時，你認為平均門票收益中有多少實際上是泡沫的，可能會交易或增加或更大尺寸的消費者，你有什麼？不可持續的水平與您認為的平均票價可能會自然而然地退出業務，因為消費者出於所有明顯的原因仍然使用 QSR 品牌，但可以找到您基本上恢復到平均水平的方法。實際購買以及他們如何使用各個品牌？

Yes. Thanks for the question, John. Obviously, the -- on the ticket, I think the biggest driver of the ticket increase over the last few years has actually been party size rather than premiumization, although they're both drivers. So as we see mobility return, individual meals return, that could bring down ticket without necessarily implying consumers are trying to cut back on cost per eater. But as far as the consumer and how's their behavior in this environment, some of the other things to think about are the fast casual category has grown a lot. We expect that if there's cutting back, that there'll be some trade down from fast casual back into QSR, which will be favorable for us, particularly Taco Bell, which I think is well positioned to capture some of those visits.

是的。謝謝你的問題，約翰。顯然，在門票上，我認為過去幾年門票增長的最大驅動因素實際上是派對規模而不是高端化，儘管他們都是驅動因素。因此，當我們看到流動性回歸、個人膳食回歸時，這可能會降低票價，但並不一定意味著消費者正試圖削減每位食客的成本。但就消費者以及他們在這種環境中的行為而言，其他一些需要考慮的事情是快速休閒類別已經增長了很多。我們預計，如果削減開支，將會有一些從快速休閒回到 QSR 的交易，這對我們有利，特別是 Taco Bell，我認為它可以很好地捕捉到其中一些訪問。

But it all comes back to this theme of the QSR industry is built on convenience and value. Convenience and value win in any environment, particularly when you couple it with our great brands and innovative products that we're constantly introducing. And you saw Taco Bell's performance in Q1 in the U.S., plus 5%, one of the better numbers for the major QSR chains. And then you saw the growth that we're getting in Taco Bell internationally.

但這一切又回到了 QSR 行業的主題是建立在便利和價值之上的。在任何環境中都以便利和價值取勝，尤其是當您將其與我們不斷推出的偉大品牌和創新產品相結合時。你看到了 Taco Bell 在美國第一季度的表現，增加了 5%，這是主要 QSR 連鎖店的較好數字之一。然後你看到了我們在國際上的 Taco Bell 的增長。

So I think we feel like we've got momentum and this environment is not going to get us off of it, but we're going to have to do what we always do, which is continue to pivot and evolve our offerings to meet consumers' needs. Talk about a great example, 70% of our U.S. profit, they've been leaning in on the Cravings Value Menu, which is $1 and $2 price points. And that's working to meet the needs of consumers with less money to spend. But at the same time, they've been able to take price across the rest of the menu on their combos and more premium offerings, and that's working as well.

所以我認為我們覺得我們有動力，這種環境不會讓我們擺脫它，但我們將不得不做我們一直在做的事情，即繼續調整和發展我們的產品以滿足消費者'需要。談談一個很好的例子，我們美國利潤的 70%，他們一直傾向於使用 Cravings Value Menu，即 1 美元和 2 美元的價格點。這正在努力以更少的錢滿足消費者的需求。但與此同時，他們已經能夠在他們的組合菜單的其餘部分和更多優質產品中定價，這也很有效。

And if it's appropriate to comment, is there any near-term change just in the last month or 2 from consumers that are closest -- geographically closest to the crisis in Russia and Ukraine? Obviously thinking about some of the Central, Western or -- European markets in terms of how that consumer may have reacted due to some of these terrible events.

如果可以發表評論，那麼最近一兩個月的消費者是否有任何近期變化——在地理上最接近俄羅斯和烏克蘭的危機？顯然，考慮到一些中部、西方或歐洲市場，消費者可能會因其中一些可怕的事件而做出反應。

Yes. No, surprisingly, our business in Europe, and you can see it from the numbers, is doing quite well. So we're not seeing -- to the point of your question, we're not seeing an impact on adjacent businesses. We're seeing the prevailing factor there is just sort of return to mobility in Europe and the recovery of our businesses that were suffering more at this time last year.

是的。不，令人驚訝的是，我們在歐洲的業務（您可以從數字中看到）做得很好。所以我們沒有看到 - 就您的問題而言，我們沒有看到對相鄰業務的影響。我們看到了一個普遍的因素，那就是歐洲的流動性正在恢復，我們的業務在去年這個時候遭受的損失更大。

Our next question is from David Tarantino of Baird.

我們的下一個問題來自 Baird 的 David Tarantino。

Chris, I wanted to come back to your profit guidance for the year. And I think you mentioned multiple times that you're working hard to overdeliver versus that plan. And I wondered if you could just elaborate on what factors that you see could drive upside to the plan. If you were to see upside, where would it come from in your view? And then secondly, I guess, to balance the discussion, where do you see the greatest risk to the current plan?

克里斯，我想回到你今年的利潤指導。而且我認為您多次提到您正在努力超額交付而不是該計劃。我想知道您是否可以詳細說明您看到的哪些因素可以推動該計劃的上漲。如果你要看到上升空間，你認為它來自哪裡？其次，我想，為了平衡討論，您認為當前計劃的最大風險在哪裡？

Yes. Thanks, David. As with all elements of our algorithm, we're always working to find ways to overdeliver. We called out the one primary driver which, on profit, creates a headwind this year, which -- going into Q2, Q3, Q4, we're going to lose 3 points of operating profit plus the planned growth in Russia as we exclude those from the results and direct any profits from Russia towards humanitarian efforts. So that's the big headwind, of course.

是的。謝謝，大衛。與我們算法的所有元素一樣，我們一直在努力尋找超額交付的方法。我們指出了一個主要驅動因素，該驅動因素在今年創造了一個逆風，進入第二季度、第三季度、第四季度，我們將失去 3 個營業利潤點以及俄羅斯的計劃增長，因為我們排除了那些並將俄羅斯的任何利潤用於人道主義工作。當然，這是最大的逆風。

In the early going, as we said, this China softness is probably a little bigger than expected. I don't know the long-term trajectory there. You would think at some point in the long term, China will rebound and that business should see growth. But I'm sure the timing on that is uncertain.

正如我們所說，在初期，中國的這種疲軟可能比預期的要大一些。我不知道那裡的長期軌跡。你會認為從長遠來看，中國會反彈，業務應該會增長。但我敢肯定，時間是不確定的。

If you think about other puts and takes, I think emerging market strength. If you look at our 18% same-store sales growth in emerging markets, that's a great sign of recovery and a big important part of our business. So that's a place where you might see upside.

如果您考慮其他看跌期權，我認為新興市場的實力。如果你看看我們在新興市場 18% 的同店銷售額增長，這是複甦的一個很好的跡象，也是我們業務的重要組成部分。所以這是一個你可能會看到上行空間的地方。

Of course, on the flip side, we'll continue to navigate the really dynamic environment around inflation, pricing and how those are playing out in each of our markets around the globe. Right now, we think we're dealing with those incredibly well. Our scale gives us advantage and gives our franchisees advantage in dealing with those. But -- a very dynamic environment, but we feel really good about the overall profit engine of the business.

當然，另一方面，我們將繼續在圍繞通貨膨脹、定價以及這些因素在我們全球每個市場的表現如何的真正動態環境中導航。現在，我們認為我們處理得非常好。我們的規模給了我們優勢，也給了我們的加盟商在處理這些方面的優勢。但是 - 一個非常動態的環境，但我們對業務的整體利潤引擎感覺非常好。

Our final question this morning is from Brian Mullan of Deutsche Bank.

我們今天早上的最後一個問題來自德意志銀行的布賴恩穆蘭。

Just kind of a big picture question, but do you see any potential one day for a cross-brand loyalty program at Yum!? Is that something that you think could potentially work in the quick service restaurant industry in the U.S.? Or conversely, are there some reasons why that wouldn't work or wouldn't be a good idea maybe from a consumer perspective or a franchisee perspective?

只是一個大問題，但是您是否認為有朝一日百勝餐飲有可能實施跨品牌忠誠度計劃！您認為這可能會在美國的快餐服務行業發揮作用嗎？或者相反，從消費者或特許經營商的角度來看，是否有一些原因導致這不起作用或不是一個好主意？

Yes. So Brian, good question. Loyalty is becoming an increasingly important part of our business, increasingly important part of our digital experience that we provide to customers. More than half of our restaurants around the globe are part of a loyalty program.

是的。所以布萊恩，好問題。忠誠度正成為我們業務中越來越重要的一部分，也是我們為客戶提供的數字體驗中越來越重要的部分。我們全球超過一半的餐廳都參與了忠誠度計劃。

Taco Bell in the U.S. is a great example of how we're driving excitement through loyalty. That's what we did with the Taco Lover's Pass. And that helps to drive app downloads and people signing up into the program, and we continue to see significant growth in membership in that program. Pizza Hut obviously in the U.S. has a large and very impactful loyalty program. And KFC has great loyalty programs in a number of markets around the globe. So we're going to continue to focus on that, implementing it in markets where it makes sense.

美國的 Taco Bell 就是一個很好的例子，說明我們如何通過忠誠度來激發興奮。這就是我們對 Taco Lover's Pass 所做的。這有助於推動應用程序下載和註冊該計劃的人，我們繼續看到該計劃的會員人數顯著增長。顯然，必勝客在美國有一個龐大且非常有影響力的忠誠度計劃。肯德基在全球許多市場都有很好的忠誠度計劃。因此，我們將繼續關注這一點，在有意義的市場中實施它。

Interesting question. Obviously, we thought about it in terms of cross-brand loyalty. Right now, we're focused on maximizing the value of our brand-focused loyalty programs. But obviously, as our data and analytics capabilities continue to evolve, all sorts of possibilities are out there in the future. But for the time being, we'll remain focused on brand-specific loyalty programs.

有趣的問題。顯然，我們從跨品牌忠誠度的角度來考慮它。目前，我們專注於最大化我們以品牌為中心的忠誠度計劃的價值。但顯然，隨著我們的數據和分析能力不斷發展，未來會出現各種可能性。但就目前而言，我們將繼續專注於特定品牌的忠誠度計劃。

So thank you, everybody. I appreciate your time. Just to wrap up, it was another strong quarter obviously with good top line sales growth, all brands growing. The development numbers, obviously, we continue to set records, which we're very proud of. And that's widespread, right? All of our brands grew at least 5% on a net new unit basis in the quarter.

所以謝謝大家。我很感激你的時間。總結一下，這顯然是另一個強勁的季度，收入增長良好，所有品牌都在增長。顯然，我們繼續創造記錄，我們為此感到非常自豪。這很普遍，對吧？我們所有品牌在本季度的淨新單位基礎上至少增長了 5%。

Another digital sales record, which we keep saying on every call and we just keep on delivering on. And then this time, we passed that important milestone of 40% digital mix. And I just think, in total, the quarter represents our brands all around the world are healthy and can perform in any environment. This is certainly one of the most challenging ones we've ever had to deal with, proving the resiliency of our business model. Thank you for your time.

另一個數字銷售記錄，我們在每次通話時都會說，我們只是繼續交付。而這一次，我們通過了 40% 數字組合這一重要里程碑。我只是認為，總的來說，這個季度代表了我們在世界各地的品牌是健康的，並且可以在任何環境中發揮作用。這無疑是我們必須處理的最具挑戰性的問題之一，證明了我們業務模式的彈性。感謝您的時間。

This concludes today's call. Thank you for joining. You may now disconnect your line.

今天的電話會議到此結束。感謝您的加入。您現在可以斷開您的線路。