LOUISVILLE, Ky.--(BUSINESS WIRE)--Yum! Brands, Inc. (NYSE: YUM) today reported results for the first quarter ended March 31, 2022. Worldwide system sales excluding foreign currency translation grew 8%, with 6% unit growth and 3% same-store sales growth. First quarter GAAP EPS was $1.36, an increase of 27% year-over-year. First quarter EPS excluding Special Items was $1.05, a decrease of (1)% year-over-year.
DAVID GIBBS COMMENTS
David Gibbs, CEO, said “Our system sales grew 8% despite the difficult operating environment, a testament to the demand for our iconic brands and the unmatched operating capabilities of our world-class franchise partners. We set a Q1 development record, opening nearly 1,000 gross units. Momentum in our digital sales continued in the first quarter as a result of both continued system sales growth and digital mix expansion, reaching a Q1 record of approximately $6 billion.”
FIRST-QUARTER HIGHLIGHTS
|
% Change |
||||
|
System Sales Ex F/X |
Same-Store Sales |
Units |
GAAP Operating
|
Core
Operating Profit1 |
KFC Division |
+9 |
+3 |
+8 |
(3) |
+1 |
Taco Bell Division |
+8 |
+5 |
+5 |
+4 |
+4 |
Pizza Hut Division |
+3 |
Even |
+5 |
Even |
+2 |
Worldwide |
+8 |
+3 |
+6 |
(6) |
(5) |
|
First-Quarter |
||
|
2022 |
2021 |
% Change |
GAAP EPS |
$1.36 |
$1.07 |
+27 |
Special Items EPS1 |
$0.31 |
$0.00 |
NM |
EPS Excluding Special Items |
$1.05 |
$1.07 |
(1) |
1See reconciliation of Non-GAAP Measurements to GAAP Results within this release for further detail of Core Operating Profit and Special Items. |
|
All comparisons are versus the same period a year ago. |
|
System sales growth figures exclude foreign currency translation ("F/X") and core operating profit growth figures exclude F/X and Special Items. Special Items are not allocated to any segment and therefore only impact worldwide GAAP results. See reconciliation of Non-GAAP Measurements to GAAP Results within this release for further details. |
|
Digital system sales includes all transactions where consumers at system restaurants utilize ordering interaction that is primarily facilitated by automated technology. |
|
First-Quarter |
|||
|
|
|
%/ppts Change |
|
|
2022 |
2021 |
Reported |
Ex F/X |
Restaurants |
27,372 |
25,292 |
+8 |
N/A |
System Sales ($MM) |
7,733 |
7,273 |
+6 |
+9 |
Same-Store Sales Growth (%) |
+3 |
+8 |
NM |
NM |
Franchise and Property Revenues ($MM) |
383 |
354 |
+8 |
+12 |
Operating Profit ($MM) |
291 |
300 |
(3) |
+1 |
Operating Margin (%) |
44.1 |
48.1 |
(4.0) |
(4.2) |
|
First-Quarter (% Change) |
|
|
International |
U.S. |
System Sales Growth Ex F/X |
+11 |
+1 |
Same-Store Sales Growth |
+4 |
+1 |
KFC Markets1 |
Percent of KFC
|
System Sales Growth Ex F/X |
First-Quarter
(% Change) |
||
China |
27% |
(4) |
United States |
17% |
+1 |
Asia |
12% |
+4 |
Europe (excluding United Kingdom) |
10% |
+37 |
United Kingdom |
8% |
+7 |
Australia |
7% |
+5 |
Latin America |
5% |
+34 |
Middle East / Turkey / North Africa |
5% |
+40 |
Africa |
4% |
+25 |
Canada |
2% |
+3 |
Thailand |
2% |
+21 |
India |
1% |
+41 |
Though Russian results continue to be included in all consolidated results, including system sales and units, reported in the first quarter of 2022 within this release, for purposes of the above table only, the system sales of all Russian restaurants are no longer included. We have now reflected the system sales growth of seven Commonwealth of Independent States countries that were previously included in the Russia, Central and Eastern Europe market within the Middle East/Turkey/North Africa market above. We have also now reflected the system sales growth of 23 Central and Eastern Europe countries that were previously included in the Russia, Central and Eastern Europe market, as well as all 12 countries that were previously included in the Western Europe market, within the Europe (excluding United Kingdom) market above. |
|
1Refer to investors.yum.com/financial-information/financial-reports/ for a list of the countries within each of the markets. |
2Reflects Full Year 2021. |
TACO BELL DIVISION
|
First-Quarter |
|||
|
|
|
%/ppts Change |
|
|
2022 |
2021 |
Reported |
Ex F/X |
Restaurants |
7,831 |
7,493 |
+5 |
N/A |
System Sales ($MM) |
3,108 |
2,880 |
+8 |
+8 |
Same-Store Sales Growth (%) |
+5 |
+9 |
NM |
NM |
Franchise and Property Revenues ($MM) |
179 |
162 |
+10 |
+10 |
Operating Profit ($MM) |
185 |
178 |
+4 |
+4 |
Operating Margin (%) |
35.7 |
36.4 |
(0.7) |
(0.7) |
PIZZA HUT DIVISION
|
First-Quarter |
|||
|
|
|
%/ppts Change |
|
|
2022 |
2021 |
Reported |
Ex F/X |
Restaurants |
18,518 |
17,710 |
+5 |
N/A |
System Sales ($MM) |
3,160 |
3,096 |
+2 |
+3 |
Same-Store Sales Growth (%) |
Even |
+12 |
NM |
NM |
Franchise and Property Revenues ($MM) |
151 |
141 |
+7 |
+8 |
Operating Profit ($MM) |
102 |
102 |
Even |
+2 |
Operating Margin (%) |
42.1 |
40.7 |
1.4 |
1.7 |
|
First-Quarter (% Change) |
|
|
International |
U.S. |
System Sales Growth Ex F/X |
+10 |
(6) |
Same-Store Sales Growth |
+5 |
(6) |
Pizza Hut Markets1 |
Percent of Pizza Hut
|
System Sales Growth
|
First-Quarter
(% Change) |
||
United States |
43% |
(6) |
China |
16% |
(1) |
Asia |
14% |
+6 |
Latin America / Spain / Portugal |
10% |
+18 |
Europe (excluding Spain & Portugal) |
8% |
+28 |
Middle East / Turkey / North Africa |
4% |
+16 |
Canada |
3% |
+7 |
India |
1% |
+44 |
Africa |
<1% |
+19 |
Though Russian results continue to be included in all consolidated results, including system sales and units, reported in the first quarter of 2022 within this release, for purposes of the above table only, the system sales of all Russian restaurants are no longer included. |
1Refer to investors.yum.com/financial-information/financial-reports/ for a list of the countries within each of the markets. |
2Reflects Full Year 2021. |
HABIT BURGER GRILL DIVISION
CONFERENCE CALL
Yum! Brands, Inc. will host a conference call to review the company's financial performance and strategies at 8:15 a.m. Eastern Time May 4, 2022. The number is 844/200-6205 for U.S. callers, 833/950-0062 for Canada callers, and 929/526-1599 for international callers, conference ID 755300.
The call will be available for playback beginning at 10:00 a.m. Eastern Time May 4, 2022 through May 11, 2022. To access the playback, dial 866/813-9403 in the U.S., 226/828-7578 in Canada, 0204/525-0658 for U.K. (local), and +44/204-525-0658 internationally, conference ID 936254.
The webcast and the playback can be accessed by visiting Yum! Brands' website, investors.yum.com/events-and-presentations and selecting “Q1 2022 Yum! Brands, Inc. Earnings Call.”
ADDITIONAL INFORMATION ONLINE
Quarter end dates for each division, restaurant count details, definitions of terms and Restricted Group financial information are available at investors.yum.com. Reconciliation of non-GAAP financial measures to the most directly comparable GAAP measures are included within this release.
FORWARD-LOOKING STATEMENTS
This announcement may contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. We intend all forward-looking statements to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally can be identified by the fact that they do not relate strictly to historical or current facts and by the use of forward-looking words such as “expect,” “expectation,” “believe,” “anticipate,” “may,” “could,” “intend,” “belief,” “plan,” “estimate,” “target,” “predict,” “likely,” “seek,” “project,” “model,” “ongoing,” “will,” “should,” “forecast,” “outlook” or similar terminology. These statements are based on and reflect our current expectations, estimates, assumptions and/or projections, our perception of historical trends and current conditions, as well as other factors that we believe are appropriate and reasonable under the circumstances. Forward-looking statements are neither predictions nor guarantees of future events, circumstances or performance and are inherently subject to known and unknown risks, uncertainties and assumptions that could cause our actual results to differ materially from those indicated by those statements. There can be no assurance that our expectations, estimates, assumptions and/or projections, including with respect to the future earnings and performance or capital structure of Yum! Brands, will prove to be correct or that any of our expectations, estimates or projections will be achieved.
Numerous factors could cause our actual results and events to differ materially from those expressed or implied by forward-looking statements, including, without limitation: the severity and duration of the COVID-19 pandemic, food safety and food borne-illness issues; health concerns arising from outbreaks of a significant health epidemic; the success of our franchisees and licensees; our significant exposure to the Chinese market; changes in economic and political conditions in countries and territories outside of the U.S. where we operate; the macroeconomic and regional instability caused by the Russia conflict in Ukraine; our ability to protect the integrity and security of personal information of our customers and employees; our ability to successfully implement technology initiatives; our increasing dependence on multiple digital commerce platforms; the impact of social media; our ability to secure and maintain distribution and adequate supply to our restaurants; the loss of key personnel, or labor shortages or difficulty finding and retaining qualified employees; the success of our development strategy in emerging markets; changes in commodity, labor and other operating costs; harm or dilution to our brands caused by franchisee and third party activity; pending or future litigation and legal claims or proceedings; changes in or noncompliance with government regulations, including labor standards and anti-bribery or anti-corruption laws; tax matters, including changes in tax laws or disagreements with taxing authorities; consumer preferences and perceptions of our brands; failure to protect our service marks or other intellectual property; changes in consumer discretionary spending and general economic conditions; competition within the retail food industry; not realizing the anticipated benefits from past or potential future acquisitions, investments or other strategic transactions, and risks relating to our significant amount of indebtedness. In addition, other risks and uncertainties not presently known to us or that we currently believe to be immaterial could affect the accuracy of any such forward-looking statements. All forward-looking statements should be evaluated with the understanding of their inherent uncertainty.
The forward-looking statements included in this announcement are only made as of the date of this announcement and we disclaim any obligation to publicly update any forward-looking statement to reflect subsequent events or circumstances. You should consult our filings with the Securities and Exchange Commission (including the information set forth under the captions “Risk Factors” and “Forward-Looking Statements” in our most recently filed Annual Report on Form 10-K and Quarterly Report on Form 10-Q) for additional detail about factors that could affect our financial and other results.
Yum! Brands, Inc., based in Louisville, Kentucky, has over 54,000 restaurants in more than 155 countries and territories primarily operating the company’s brands – KFC, Taco Bell and Pizza Hut – global leaders of the chicken, Mexican-style food, and pizza categories. The Company’s family of brands also includes The Habit Burger Grill, a fast-casual restaurant concept specializing in made-to-order chargrilled burgers, sandwiches and more. In 2021, Yum! Brands was named to the Dow Jones Sustainability Index North America and was ranked on Newsweek’s list of America’s Most Responsible Companies.
YUM! Brands, Inc. Condensed Consolidated Summary of Results (amounts in millions, except per share amounts) (unaudited) |
||||||||||
|
||||||||||
|
Quarter ended |
|
% Change |
|
||||||
|
3/31/22 |
|
3/31/21 |
|
B/(W) |
|
||||
Revenues |
|
|
|
|
|
|
||||
Company sales |
$ |
470 |
|
|
$ |
476 |
|
|
(1) |
|
Franchise and property revenues |
|
714 |
|
|
|
658 |
|
|
9 |
|
Franchise contributions for advertising and other services |
|
363 |
|
|
|
352 |
|
|
3 |
|
Total revenues |
|
1,547 |
|
|
|
1,486 |
|
|
4 |
|
|
|
|
|
|
|
|
||||
Costs and Expenses, Net |
|
|
|
|
|
|
||||
Company restaurant expenses |
|
402 |
|
|
|
392 |
|
|
(3) |
|
General and administrative expenses |
|
253 |
|
|
|
206 |
|
|
(23) |
|
Franchise and property expenses |
|
32 |
|
|
|
23 |
|
|
(42) |
|
Franchise advertising and other services expense |
|
361 |
|
|
|
343 |
|
|
(5) |
|
Refranchising (gain) loss |
|
(4 |
) |
|
|
(15 |
) |
|
(76) |
|
Other (income) expense |
|
(6 |
) |
|
|
(6 |
) |
|
NM |
|
Total costs and expenses, net |
|
1,038 |
|
|
|
943 |
|
|
(10) |
|
|
|
|
|
|
|
|
||||
Operating Profit |
|
509 |
|
|
|
543 |
|
|
(6) |
|
Investment (income) expense, net |
|
(7 |
) |
|
|
— |
|
|
NM |
|
Other pension (income) expense |
|
— |
|
|
|
3 |
|
|
83 |
|
Interest expense, net |
|
118 |
|
|
|
131 |
|
|
11 |
|
Income before income taxes |
|
398 |
|
|
|
409 |
|
|
(3) |
|
Income tax (benefit) provision |
|
(1 |
) |
|
|
83 |
|
|
101 |
|
Net Income |
$ |
399 |
|
|
$ |
326 |
|
|
22 |
|
|
|
|
|
|
|
|
||||
Basic EPS |
|
|
|
|
|
|
||||
EPS |
$ |
1.38 |
|
|
$ |
1.09 |
|
|
27 |
|
Average shares outstanding |
|
289 |
|
|
|
301 |
|
|
4 |
|
|
|
|
|
|
|
|
||||
Diluted EPS |
|
|
|
|
|
|
||||
EPS |
$ |
1.36 |
|
|
$ |
1.07 |
|
|
27 |
|
Average shares outstanding |
|
294 |
|
|
|
305 |
|
|
4 |
|
|
|
|
|
|
|
|
||||
Dividends declared per common share |
$ |
0.57 |
|
|
$ |
0.50 |
|
|
|
|
See accompanying notes.
|
YUM! Brands, Inc. KFC DIVISION Operating Results (amounts in millions) (unaudited) |
||||||||||
|
||||||||||
|
Quarter ended |
|
% Change |
|
||||||
|
3/31/22 |
|
3/31/21 |
|
B/(W) |
|
||||
|
|
|
|
|
|
|
||||
Company sales |
$ |
126 |
|
|
$ |
133 |
|
|
(5) |
|
Franchise and property revenues |
|
383 |
|
|
|
354 |
|
|
8 |
|
Franchise contributions for advertising and other services |
|
151 |
|
|
|
138 |
|
|
10 |
|
Total revenues |
|
660 |
|
|
|
625 |
|
|
6 |
|
|
|
|
|
|
|
|
||||
Company restaurant expenses |
|
108 |
|
|
|
111 |
|
|
2 |
|
General and administrative expenses |
|
84 |
|
|
|
73 |
|
|
(15) |
|
Franchise and property expenses |
|
24 |
|
|
|
14 |
|
|
(71) |
|
Franchise advertising and other services expense |
|
151 |
|
|
|
133 |
|
|
(14) |
|
Other (income) expense |
|
2 |
|
|
|
(6 |
) |
|
NM |
|
Total costs and expenses, net |
|
369 |
|
|
|
325 |
|
|
(14) |
|
Operating Profit |
$ |
291 |
|
|
$ |
300 |
|
|
(3) |
|
|
|
|
|
|
|
|
||||
Company restaurant margin %1 |
|
14.1 |
% |
|
|
16.6 |
% |
|
(2.5) ppts. |
|
|
|
|
|
|
|
|
||||
Operating margin |
|
44.1 |
% |
|
|
48.1 |
% |
|
(4.0) ppts. |
|
See accompanying notes.
|
||||||||||
1See reconciliation of Non-GAAP Measurements to GAAP Results within this release for further detail of Company restaurant margin %. |
YUM! Brands, Inc. TACO BELL DIVISION Operating Results (amounts in millions) (unaudited) |
||||||||||
|
Quarter ended |
|
% Change |
|
||||||
|
3/31/22 |
|
3/31/21 |
|
B/(W) |
|
||||
|
|
|
|
|
|
|
||||
Company sales |
$ |
214 |
|
|
$ |
208 |
|
|
3 |
|
Franchise and property revenues |
|
179 |
|
|
|
162 |
|
|
10 |
|
Franchise contributions for advertising and other services |
|
124 |
|
|
|
118 |
|
|
5 |
|
Total revenues |
|
517 |
|
|
|
488 |
|
|
6 |
|
|
|
|
|
|
|
|
||||
Company restaurant expenses |
|
167 |
|
|
|
158 |
|
|
(6) |
|
General and administrative expenses |
|
36 |
|
|
|
31 |
|
|
(17) |
|
Franchise and property expenses |
|
6 |
|
|
|
7 |
|
|
10 |
|
Franchise advertising and other services expense |
|
123 |
|
|
|
116 |
|
|
(6) |
|
Other (income) expense |
|
— |
|
|
|
(2 |
) |
|
NM |
|
Total costs and expenses, net |
|
332 |
|
|
|
310 |
|
|
(7) |
|
Operating Profit |
$ |
185 |
|
|
$ |
178 |
|
|
4 |
|
|
|
|
|
|
|
|
||||
Company restaurant margin %1 |
|
21.9 |
% |
|
|
24.1 |
% |
|
(2.2) ppts. |
|
|
|
|
|
|
|
|
||||
Operating margin |
|
35.7 |
% |
|
|
36.4 |
% |
|
(0.7) ppts. |
|
See accompanying notes.
|
||||||||||
1See reconciliation of Non-GAAP Measurements to GAAP Results within this release for further detail of Company restaurant margin %. |
YUM! Brands, Inc. PIZZA HUT DIVISION Operating Results (amounts in millions) (unaudited) |
||||||||||
|
Quarter ended |
|
% Change |
|
||||||
|
3/31/22 |
|
3/31/21 |
|
B/(W) |
|
||||
|
|
|
|
|
|
|
||||
Company sales |
$ |
5 |
|
|
$ |
14 |
|
|
(66) |
|
Franchise and property revenues |
|
151 |
|
|
|
141 |
|
|
7 |
|
Franchise contributions for advertising and other services |
|
88 |
|
|
|
96 |
|
|
(8) |
|
Total revenues |
|
244 |
|
|
|
251 |
|
|
(3) |
|
|
|
|
|
|
|
|
||||
Company restaurant expenses |
|
5 |
|
|
|
13 |
|
|
63 |
|
General and administrative expenses |
|
50 |
|
|
|
40 |
|
|
(22) |
|
Franchise and property expenses |
|
2 |
|
|
|
2 |
|
|
3 |
|
Franchise advertising and other services expense |
|
87 |
|
|
|
94 |
|
|
7 |
|
Other (income) expense |
|
(2 |
) |
|
|
— |
|
|
NM |
|
Total costs and expenses, net |
|
142 |
|
|
|
149 |
|
|
5 |
|
Operating Profit |
$ |
102 |
|
|
$ |
102 |
|
|
— |
|
|
|
|
|
|
|
|
||||
Company restaurant margin %1 |
|
(0.7 |
)% |
|
|
6.7 |
% |
|
(7.4) ppts. |
|
|
|
|
|
|
|
|
||||
Operating margin |
|
42.1 |
% |
|
|
40.7 |
% |
|
1.4 ppts. |
|
See accompanying notes.
|
||||||||||
1See reconciliation of Non-GAAP Measurements to GAAP Results within this release for further detail of Company restaurant margin %. |
YUM! Brands, Inc. Condensed Consolidated Balance Sheets (amounts in millions) |
|||||||
|
(unaudited)
3/31/22 |
|
12/31/21 |
||||
ASSETS |
|
|
|
||||
Current Assets |
|
|
|
||||
Cash and cash equivalents |
$ |
365 |
|
|
$ |
486 |
|
Accounts and notes receivable, less allowance: $41 in 2022 and $36 in 2021 |
|
565 |
|
|
|
596 |
|
Prepaid expenses and other current assets |
|
426 |
|
|
|
450 |
|
Total Current Assets |
|
1,356 |
|
|
|
1,532 |
|
|
|
|
|
||||
Property, plant and equipment, net of accumulated depreciation of $1,287 in 2022 and $1,270 in 2021 |
|
1,181 |
|
|
|
1,207 |
|
Goodwill |
|
656 |
|
|
|
657 |
|
Intangible assets, net |
|
354 |
|
|
|
359 |
|
Other assets |
|
1,485 |
|
|
|
1,487 |
|
Deferred income taxes |
|
784 |
|
|
|
724 |
|
Total Assets |
$ |
5,816 |
|
|
$ |
5,966 |
|
|
|
|
|
||||
LIABILITIES AND SHAREHOLDERS' DEFICIT |
|
|
|
||||
Current Liabilities |
|
|
|
||||
Accounts payable and other current liabilities |
$ |
1,202 |
|
|
$ |
1,334 |
|
Income taxes payable |
|
27 |
|
|
|
13 |
|
Short-term borrowings |
|
73 |
|
|
|
68 |
|
Total Current Liabilities |
|
1,302 |
|
|
|
1,415 |
|
|
|
|
|
||||
Long-term debt |
|
11,332 |
|
|
|
11,178 |
|
Other liabilities and deferred credits |
|
1,673 |
|
|
|
1,746 |
|
Total Liabilities |
|
14,307 |
|
|
|
14,339 |
|
|
|
|
|
||||
Shareholders' Deficit |
|
|
|
||||
Common Stock, no par value, 750 shares authorized; 286 shares issued in 2022 and 289 issued in 2021 |
|
— |
|
|
|
— |
|
Accumulated deficit |
|
(8,199 |
) |
|
|
(8,048 |
) |
Accumulated other comprehensive loss |
|
(292 |
) |
|
|
(325 |
) |
Total Shareholders' Deficit |
|
(8,491 |
) |
|
|
(8,373 |
) |
Total Liabilities and Shareholders' Deficit |
$ |
5,816 |
|
|
$ |
5,966 |
|
See accompanying notes. |
YUM! Brands, Inc. Condensed Consolidated Statements of Cash Flows (amounts in millions) (unaudited) |
|||||||
|
Quarter ended |
||||||
|
3/31/22 |
|
3/31/21 |
||||
Cash Flows - Operating Activities |
|
|
|
||||
Net Income |
$ |
399 |
|
|
$ |
326 |
|
Depreciation and amortization |
|
37 |
|
|
|
39 |
|
Refranchising (gain) loss |
|
(4 |
) |
|
|
(15 |
) |
Investment (income) expense, net |
|
(7 |
) |
|
|
— |
|
Deferred income taxes |
|
(77 |
) |
|
|
14 |
|
Share-based compensation expense |
|
26 |
|
|
|
21 |
|
Changes in accounts and notes receivable |
|
29 |
|
|
|
27 |
|
Changes in prepaid expenses and other current assets |
|
(13 |
) |
|
|
(9 |
) |
Changes in accounts payable and other current liabilities |
|
(176 |
) |
|
|
(123 |
) |
Changes in income taxes payable |
|
29 |
|
|
|
5 |
|
Other, net |
|
10 |
|
|
|
39 |
|
Net Cash Provided by Operating Activities |
|
253 |
|
|
|
324 |
|
|
|
|
|
||||
Cash Flows - Investing Activities |
|
|
|
||||
Capital spending |
|
(42 |
) |
|
|
(45 |
) |
Proceeds from refranchising of restaurants |
|
24 |
|
|
|
20 |
|
Other, net |
|
(11 |
) |
|
|
39 |
|
Net Cash Provided by (Used in) Investing Activities |
|
(29 |
) |
|
|
14 |
|
|
|
|
|
||||
Cash Flows - Financing Activities |
|
|
|
||||
Proceeds from long-term debt |
|
— |
|
|
|
800 |
|
Repayments of long-term debt |
|
(15 |
) |
|
|
(912 |
) |
Revolving credit facilities, three months or less, net |
|
174 |
|
|
|
— |
|
Short-term borrowings by original maturity |
|
|
|
||||
More than three months - proceeds |
|
— |
|
|
|
— |
|
More than three months - payments |
|
— |
|
|
|
— |
|
Three months or less, net |
|
— |
|
|
|
— |
|
Repurchase shares of Common Stock |
|
(343 |
) |
|
|
(286 |
) |
Dividends paid on Common Stock |
|
(165 |
) |
|
|
(150 |
) |
Other, net |
|
(28 |
) |
|
|
(15 |
) |
Net Cash Used in Financing Activities |
|
(377 |
) |
|
|
(563 |
) |
Effect of Exchange Rate on Cash and Cash Equivalents |
|
— |
|
|
|
3 |
|
Net Decrease in Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents |
|
(153 |
) |
|
|
(222 |
) |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents - Beginning of Period |
|
771 |
|
|
|
1,024 |
|
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents - End of Period |
$ |
618 |
|
|
$ |
802 |
|
|
|
|
|
||||
See accompanying notes. |
|
|
|
||||
Reconciliation of Non-GAAP Measurements to GAAP Results (amounts in millions, except per share amounts) (unaudited)
In addition to the results provided in accordance with Generally Accepted Accounting Principles in the United States of America ("GAAP"), the Company provides the following non-GAAP measurements.
These non-GAAP measurements are not intended to replace the presentation of our financial results in accordance with GAAP. Rather, the Company believes that the presentation of these non-GAAP measurements provide additional information to investors to facilitate the comparison of past and present operations.
Special Items are not included in any of our Division segment results as the Company does not believe they are indicative of our ongoing operations due to their size and/or nature. Our chief operating decision maker does not consider the impact of Special Items when assessing segment performance. The Special Items are described in (a) - (d) in the accompanying notes.
Company restaurant profit is defined as Company sales less Company restaurant expenses, both of which appear on the face of our Condensed Consolidated Statements of Income. Company restaurant expenses include those expenses incurred directly by our Company-owned restaurants in generating Company sales, including cost of food and paper, cost of restaurant-level labor, rent, depreciation and amortization of restaurant-level assets and advertising expenses incurred by and on behalf of that Company restaurant. Company restaurant margin as a percentage of sales ("Company restaurant margin %") is defined as Company restaurant profit divided by Company sales. We use Company restaurant profit for the purposes of internally evaluating the performance of our Company-owned restaurants and we believe Company restaurant profit provides useful information to investors as to the profitability of our Company-owned restaurants. In calculating Company restaurant profit, the Company excludes revenues and expenses directly associated with our franchise operations as well as non-restaurant-level costs included in General and administrative expenses, some of which may support Company-owned restaurant operations. The Company also excludes restaurant-level asset impairment and closures expenses, which have historically not been significant, from the determination of Company restaurant profit as such expenses are not believed to be indicative of ongoing operations. Company restaurant profit and Company restaurant margin % as presented may not be comparable to other similarly titled measures of other companies in the industry.
Certain non-GAAP measurements are presented excluding the impact of F/X. These amounts are derived by translating current year results at prior year average exchange rates. We believe the elimination of the F/X impact provides better year-to-year comparability without the distortion of foreign currency fluctuations.
|
|
Quarter ended |
|
||||||
|
|
3/31/22 |
|
3/31/21 |
|
||||
Detail of Special Items |
|
|
|
|
|
||||
Refranchising gain (loss)(a) |
|
$ |
4 |
|
|
$ |
2 |
|
|
Profits from operations in Russia(b) |
|
|
7 |
|
|
|
— |
|
|
Other Special Items Income (Expense) |
|
|
(1 |
) |
|
|
— |
|
|
Special Items Income (Expense) - Operating Profit |
|
|
10 |
|
|
|
2 |
|
|
Tax (Expense) Benefit on Special Items(c) |
|
|
(2 |
) |
|
|
(1 |
) |
|
Tax Benefit - Newly issued U.S. foreign tax credit regulations(d) |
|
|
82 |
|
|
|
— |
|
|
Special Items Income (Expense), net of tax |
|
$ |
90 |
|
|
$ |
1 |
|
|
Average diluted shares outstanding |
|
|
294 |
|
|
|
305 |
|
|
Special Items diluted EPS |
|
$ |
0.31 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
||||
Reconciliation of GAAP Operating Profit to Core Operating Profit |
|
|
|
|
|
||||
|
|
|
|
|
|
||||
Consolidated |
|
|
|
|
|
||||
GAAP Operating Profit |
|
$ |
509 |
|
|
$ |
543 |
|
|
Special Items Income (Expense) |
|
|
10 |
|
|
|
2 |
|
|
Foreign Currency Impact on Divisional Operating Profit |
|
|
(14 |
) |
|
|
N/A |
|
|
Core Operating Profit |
|
$ |
513 |
|
|
$ |
541 |
|
|
|
|
|
|
|
|
||||
KFC Division |
|
|
|
|
|
||||
GAAP Operating Profit |
|
$ |
291 |
|
|
$ |
300 |
|
|
Foreign Currency Impact on Divisional Operating Profit |
|
|
(12 |
) |
|
|
N/A |
|
|
Core Operating Profit |
|
$ |
303 |
|
|
$ |
300 |
|
|
Taco Bell Division |
|
|
|
|
|
||||
GAAP Operating Profit |
|
$ |
185 |
|
|
$ |
178 |
|
|
Foreign Currency Impact on Divisional Operating Profit |
|
|
— |
|
|
|
N/A |
|
|
Core Operating Profit |
|
$ |
185 |
|
|
$ |
178 |
|
|
|
|
|
|
|
|
||||
Pizza Hut Division |
|
|
|
|
|
||||
GAAP Operating Profit |
|
$ |
102 |
|
|
$ |
102 |
|
|
Foreign Currency Impact on Divisional Operating Profit |
|
|
(2 |
) |
|
|
N/A |
|
|
Core Operating Profit |
|
$ |
104 |
|
|
$ |
102 |
|
|
|
|
|
|
|
|
||||
Habit Burger Grill Division |
|
|
|
|
|
||||
GAAP Operating Profit (Loss) |
|
$ |
(8 |
) |
|
$ |
— |
|
|
Foreign Currency Impact on Divisional Operating Profit |
|
|
— |
|
|
|
N/A |
|
|
Core Operating Profit (Loss) |
|
$ |
(8 |
) |
|
$ |
— |
|
|
|
|
|
|
|
|
||||
Reconciliation of Diluted EPS to Diluted EPS excluding Special Items |
|
|
|
|
|
||||
Diluted EPS |
|
$ |
1.36 |
|
|
$ |
1.07 |
|
|
Special Items Diluted EPS |
|
|
0.31 |
|
|
|
— |
|
|
Diluted EPS excluding Special Items |
|
$ |
1.05 |
|
|
$ |
1.07 |
|
|
|
|
|
|
|
|
||||
Reconciliation of GAAP Effective Tax Rate to Effective Tax Rate excluding Special Items |
|
|
|
|
|
||||
GAAP Effective Tax Rate |
|
|
(0.2 |
)% |
|
|
20.2 |
% |
|
Impact on Tax Rate as a result of Special Items |
|
|
(20.5 |
)% |
|
|
— |
% |
|
Effective Tax Rate excluding Special Items |
|
|
20.3 |
% |
|
|
20.2 |
% |
|
|
|
|
|
|
|
Reconciliation of GAAP Operating Profit to Company Restaurant Profit |
||||||||||||||||||||||||
|
|
Quarter ended 3/31/2022 |
||||||||||||||||||||||
|
|
KFC
|
|
Taco Bell
|
|
Pizza Hut
|
|
Habit
|
|
Corporate
|
|
Consolidated |
||||||||||||
GAAP Operating Profit (Loss) |
|
$ |
291 |
|
|
$ |
185 |
|
|
$ |
102 |
|
|
$ |
(8 |
) |
|
$ |
(61 |
) |
|
$ |
509 |
|
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Franchise and property revenues |
|
|
383 |
|
|
|
179 |
|
|
|
151 |
|
|
|
1 |
|
|
|
— |
|
|
|
714 |
|
Franchise contributions for advertising and other services |
|
|
151 |
|
|
|
124 |
|
|
|
88 |
|
|
|
— |
|
|
|
— |
|
|
|
363 |
|
Add: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
General and administrative expenses |
|
|
84 |
|
|
|
36 |
|
|
|
50 |
|
|
|
12 |
|
|
|
71 |
|
|
|
253 |
|
Franchise and property expenses |
|
|
24 |
|
|
|
6 |
|
|
|
2 |
|
|
|
— |
|
|
|
— |
|
|
|
32 |
|
Franchise advertising and other services expense |
|
|
151 |
|
|
|
123 |
|
|
|
87 |
|
|
|
— |
|
|
|
— |
|
|
|
361 |
|
Refranchising (gain) loss |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(4 |
) |
|
|
(4 |
) |
Other (income) expense |
|
|
2 |
|
|
|
— |
|
|
|
(2 |
) |
|
|
— |
|
|
|
(6 |
) |
|
|
(6 |
) |
Company restaurant profit |
|
$ |
18 |
|
|
$ |
47 |
|
|
$ |
— |
|
|
$ |
3 |
|
|
$ |
— |
|
|
$ |
68 |
|
Company sales |
|
$ |
126 |
|
|
$ |
214 |
|
|
$ |
5 |
|
|
$ |
125 |
|
|
$ |
— |
|
|
$ |
470 |
|
Company restaurant margin % |
|
|
14.1 |
% |
|
|
21.9 |
% |
|
|
(0.7 |
)% |
|
|
3.0 |
% |
|
|
N/A |
|
|
|
14.5 |
% |
|
|
Quarter ended 3/31/2021 |
||||||||||||||||||||||
|
|
KFC
|
|
Taco Bell
|
|
Pizza Hut
|
|
Habit
|
|
Corporate
|
|
Consolidated |
||||||||||||
GAAP Operating Profit (Loss) |
|
$ |
300 |
|
|
$ |
178 |
|
|
$ |
102 |
|
|
$ |
— |
|
|
$ |
(37 |
) |
|
$ |
543 |
|
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Franchise and property revenues |
|
|
354 |
|
|
|
162 |
|
|
|
141 |
|
|
|
1 |
|
|
|
— |
|
|
|
658 |
|
Franchise contributions for advertising and other services |
|
|
138 |
|
|
|
118 |
|
|
|
96 |
|
|
|
— |
|
|
|
— |
|
|
|
352 |
|
Add: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
General and administrative expenses |
|
|
73 |
|
|
|
31 |
|
|
|
40 |
|
|
|
12 |
|
|
|
50 |
|
|
|
206 |
|
Franchise and property expenses |
|
|
14 |
|
|
|
7 |
|
|
|
2 |
|
|
|
— |
|
|
|
— |
|
|
|
23 |
|
Franchise advertising and other services expense |
|
|
133 |
|
|
|
116 |
|
|
|
94 |
|
|
|
— |
|
|
|
— |
|
|
|
343 |
|
Refranchising (gain) loss |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(15 |
) |
|
|
(15 |
) |
Other (income) expense |
|
|
(6 |
) |
|
|
(2 |
) |
|
|
— |
|
|
|
— |
|
|
|
2 |
|
|
|
(6 |
) |
Company restaurant profit |
|
$ |
22 |
|
|
$ |
50 |
|
|
$ |
1 |
|
|
$ |
11 |
|
|
$ |
— |
|
|
$ |
84 |
|
Company sales |
|
$ |
133 |
|
|
$ |
208 |
|
|
$ |
14 |
|
|
$ |
121 |
|
|
$ |
— |
|
|
$ |
476 |
|
Company restaurant margin % |
|
|
16.6 |
% |
|
|
24.1 |
% |
|
|
6.7 |
% |
|
|
8.8 |
% |
|
|
N/A |
|
|
|
17.6 |
% |
YUM! Brands, Inc. Segment Results (amounts in millions) (unaudited) |
||||||||||||||||||||||
Quarter Ended 3/31/2022 |
|
KFC
|
|
Taco Bell
|
|
Pizza Hut
|
|
Habit
|
|
Corporate
|
|
Consolidated |
||||||||||
Total revenues |
|
$ |
660 |
|
$ |
517 |
|
$ |
244 |
|
|
$ |
126 |
|
|
$ |
— |
|
|
$ |
1,547 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Company restaurant expenses |
|
|
108 |
|
|
167 |
|
|
5 |
|
|
|
122 |
|
|
|
— |
|
|
|
402 |
|
General and administrative expenses |
|
|
84 |
|
|
36 |
|
|
50 |
|
|
|
12 |
|
|
|
71 |
|
|
|
253 |
|
Franchise and property expenses |
|
|
24 |
|
|
6 |
|
|
2 |
|
|
|
— |
|
|
|
— |
|
|
|
32 |
|
Franchise advertising and other services expense |
|
|
151 |
|
|
123 |
|
|
87 |
|
|
|
— |
|
|
|
— |
|
|
|
361 |
|
Refranchising (gain) loss |
|
|
— |
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
(4 |
) |
|
|
(4 |
) |
Other (income) expense |
|
|
2 |
|
|
— |
|
|
(2 |
) |
|
|
— |
|
|
|
(6 |
) |
|
|
(6 |
) |
Total costs and expenses, net |
|
|
369 |
|
|
332 |
|
|
142 |
|
|
|
134 |
|
|
|
61 |
|
|
|
1,038 |
|
Operating Profit (Loss) |
|
$ |
291 |
|
$ |
185 |
|
$ |
102 |
|
|
$ |
(8 |
) |
|
$ |
(61 |
) |
|
$ |
509 |
|
Quarter Ended 3/31/2021 |
|
KFC
|
|
Taco Bell
|
|
Pizza Hut
|
|
Habit
|
|
Corporate
|
|
Consolidated |
||||||||||
Total revenues |
|
$ |
625 |
|
|
$ |
488 |
|
|
$ |
251 |
|
$ |
122 |
|
$ |
— |
|
|
$ |
1,486 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Company restaurant expenses |
|
|
111 |
|
|
|
158 |
|
|
|
13 |
|
|
110 |
|
|
— |
|
|
|
392 |
|
General and administrative expenses |
|
|
73 |
|
|
|
31 |
|
|
|
40 |
|
|
12 |
|
|
50 |
|
|
|
206 |
|
Franchise and property expenses |
|
|
14 |
|
|
|
7 |
|
|
|
2 |
|
|
— |
|
|
— |
|
|
|
23 |
|
Franchise advertising and other services expense |
|
|
133 |
|
|
|
116 |
|
|
|
94 |
|
|
— |
|
|
— |
|
|
|
343 |
|
Refranchising (gain) loss |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
— |
|
|
(15 |
) |
|
|
(15 |
) |
Other (income) expense |
|
|
(6 |
) |
|
|
(2 |
) |
|
|
— |
|
|
— |
|
|
2 |
|
|
|
(6 |
) |
Total costs and expenses, net |
|
|
325 |
|
|
|
310 |
|
|
|
149 |
|
|
122 |
|
|
37 |
|
|
|
943 |
|
Operating Profit (Loss) |
|
$ |
300 |
|
|
$ |
178 |
|
|
$ |
102 |
|
$ |
— |
|
$ |
(37 |
) |
|
$ |
543 |
|
The above tables reconcile segment information, which is based on management responsibility, with our Condensed Consolidated Summary of Results. Corporate and unallocated expenses comprise items that are not allocated to segments for performance reporting purposes.
The Corporate and Unallocated column in the above tables includes, among other amounts, all amounts that we have deemed Special Items. See Reconciliation of Non-GAAP Measurements to GAAP Results.
Notes to the Condensed Consolidated Summary of Results, Condensed Consolidated Balance Sheets and Condensed Consolidated Statements of Cash Flows (amounts in millions) (unaudited)
Amounts presented as of and for the quarters ended March 31, 2022 and 2021 are preliminary. |
||
|
|
|
(a) |
Due to their size and volatility, we have reflected as Special Items those refranchising gains and losses that were recorded in connection with our previously announced plans to have at least 98% franchise restaurant ownership by the end of 2018. As such, refranchising gains and losses recorded during 2022 and 2021 as Special Items are directly associated with restaurants that were refranchised prior to the end of 2018. |
|
|
|
|
|
During the quarters ended March 31, 2022 and 2021, we recorded net refranchising gains of $4 million and $2 million, respectively, that have been reflected as a Special Item. |
|
|
Additionally, we recorded net refranchising gains of less than $1 million and $13 million during the quarters ended March 31, 2022 and 2021, respectively, that have not been reflected as Special Items. These net gains relate to refranchising of restaurants in 2022 and 2021 that were not part of our aforementioned plans to achieve 98% franchise ownership and that we believe are now more indicative of our expected ongoing refranchising activity. |
|
|
|
|
(b) |
In the first quarter of 2022, as a result of the Russian invasion of Ukraine, we suspended all investment and restaurant development in Russia. We also suspended all operations of KFC company-owned restaurants in Russia and are finalizing an agreement to suspend all Pizza Hut operations in Russia, in partnership with our master franchisee. Further, we pledged to redirect any future net profits from operations in Russia to humanitarian efforts. Our Operating Results for the quarter ended March 31, 2022, 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 subsequent to the date of our pledge that had not yet been directed to humanitarian efforts as of March 31, 2022, from the Division segment results in which it was earned to Corporate and Unallocated. Such operating profit has been reflected within Other (income) expense and reflected as a Special Item. |
|
|
|
|
(c) |
Tax (Expense) Benefit on Special Items was determined based upon the impact of the nature, as well as the jurisdiction of the respective individual components within Special Items. |
|
|
|
|
(d) |
In January 2022, the U.S. Treasury published new regulations impacting foreign tax credit utilization beginning in the Company’s 2022 tax year. These regulations make foreign taxes paid to certain countries no longer creditable in the U.S. As a result, we reversed a valuation allowance associated with existing foreign tax credit carryforwards that we now believe will be used to offset these now non-creditable taxes in 2022 and future years. This valuation allowance reversal resulted in a one-time tax benefit of $82 million that was reflected as a Special Item. |
Category: Earnings
ЛУИСВИЛЛ, КЕНТУККИ.--(BUSINESS WIRE)--Yum! Brands, Inc. (NYSE: YUM) сегодня сообщила о результатах за первый квартал, закончившийся 31 марта 2022 года. Продажи систем по всему миру без учета пересчета иностранной валюты выросли на 8%, при этом удельный рост составил 6%, а продажи в одном магазине выросли на 3%. Прибыль на акцию по ОПБУ за первый квартал составила 1,36 доллара, увеличившись на 27% в годовом исчислении. Прибыль на акцию за первый квартал без учета специальных статей составила $1,05, снизившись на (1)% в годовом исчислении.
комментарии Дэвида Гиббса
Дэвид Гиббс, генеральный директор, сказал: “Продажи наших систем выросли на 8%, несмотря на сложную операционную среду, что свидетельствует о спросе на наши культовые бренды и непревзойденных операционных возможностях наших франчайзинговых партнеров мирового класса. Мы установили рекорд развития за 1 квартал, открыв почти 1000 единиц брутто. Динамика наших цифровых продаж продолжилась в первом квартале в результате как продолжающегося роста продаж систем, так и расширения цифрового микширования, достигнув рекордного показателя в 1 квартале примерно в 6 миллиардов долларов”.
основные события первого квартала
|
% Change |
||||
|
System Sales Ex F/X |
Same-Store Sales |
Units |
GAAP Operating
|
Core
Operating Profit1 |
KFC Division |
+9 |
+3 |
+8 |
(3) |
+1 |
Taco Bell Division |
+8 |
+5 |
+5 |
+4 |
+4 |
Pizza Hut Division |
+3 |
Even |
+5 |
Even |
+2 |
Worldwide |
+8 |
+3 |
+6 |
(6) |
(5) |
|
First-Quarter |
||
|
2022 |
2021 |
% Change |
GAAP EPS |
$1.36 |
$1.07 |
+27 |
Special Items EPS1 |
$0.31 |
$0.00 |
NM |
EPS Excluding Special Items |
$1.05 |
$1.07 |
(1) |
1See reconciliation of Non-GAAP Measurements to GAAP Results within this release for further detail of Core Operating Profit and Special Items. |
|
All comparisons are versus the same period a year ago. |
|
System sales growth figures exclude foreign currency translation ("F/X") and core operating profit growth figures exclude F/X and Special Items. Special Items are not allocated to any segment and therefore only impact worldwide GAAP results. See reconciliation of Non-GAAP Measurements to GAAP Results within this release for further details. |
|
Digital system sales includes all transactions where consumers at system restaurants utilize ordering interaction that is primarily facilitated by automated technology. |
|
First-Quarter |
|||
|
|
|
%/ppts Change |
|
|
2022 |
2021 |
Reported |
Ex F/X |
Restaurants |
27,372 |
25,292 |
+8 |
N/A |
System Sales ($MM) |
7,733 |
7,273 |
+6 |
+9 |
Same-Store Sales Growth (%) |
+3 |
+8 |
NM |
NM |
Franchise and Property Revenues ($MM) |
383 |
354 |
+8 |
+12 |
Operating Profit ($MM) |
291 |
300 |
(3) |
+1 |
Operating Margin (%) |
44.1 |
48.1 |
(4.0) |
(4.2) |
|
First-Quarter (% Change) |
|
|
International |
U.S. |
System Sales Growth Ex F/X |
+11 |
+1 |
Same-Store Sales Growth |
+4 |
+1 |
KFC Markets1 |
Percent of KFC
|
System Sales Growth Ex F/X |
First-Quarter
(% Change) |
||
China |
27% |
(4) |
United States |
17% |
+1 |
Asia |
12% |
+4 |
Europe (excluding United Kingdom) |
10% |
+37 |
United Kingdom |
8% |
+7 |
Australia |
7% |
+5 |
Latin America |
5% |
+34 |
Middle East / Turkey / North Africa |
5% |
+40 |
Africa |
4% |
+25 |
Canada |
2% |
+3 |
Thailand |
2% |
+21 |
India |
1% |
+41 |
Though Russian results continue to be included in all consolidated results, including system sales and units, reported in the first quarter of 2022 within this release, for purposes of the above table only, the system sales of all Russian restaurants are no longer included. We have now reflected the system sales growth of seven Commonwealth of Independent States countries that were previously included in the Russia, Central and Eastern Europe market within the Middle East/Turkey/North Africa market above. We have also now reflected the system sales growth of 23 Central and Eastern Europe countries that were previously included in the Russia, Central and Eastern Europe market, as well as all 12 countries that were previously included in the Western Europe market, within the Europe (excluding United Kingdom) market above. |
|
1Refer to investors.yum.com/financial-information/financial-reports/ for a list of the countries within each of the markets. |
2Reflects Full Year 2021. |
подразделение taco bell
|
First-Quarter |
|||
|
|
|
%/ppts Change |
|
|
2022 |
2021 |
Reported |
Ex F/X |
Restaurants |
7,831 |
7,493 |
+5 |
N/A |
System Sales ($MM) |
3,108 |
2,880 |
+8 |
+8 |
Same-Store Sales Growth (%) |
+5 |
+9 |
NM |
NM |
Franchise and Property Revenues ($MM) |
179 |
162 |
+10 |
+10 |
Operating Profit ($MM) |
185 |
178 |
+4 |
+4 |
Operating Margin (%) |
35.7 |
36.4 |
(0.7) |
(0.7) |
подразделение pizza hut
|
First-Quarter |
|||
|
|
|
%/ppts Change |
|
|
2022 |
2021 |
Reported |
Ex F/X |
Restaurants |
18,518 |
17,710 |
+5 |
N/A |
System Sales ($MM) |
3,160 |
3,096 |
+2 |
+3 |
Same-Store Sales Growth (%) |
Even |
+12 |
NM |
NM |
Franchise and Property Revenues ($MM) |
151 |
141 |
+7 |
+8 |
Operating Profit ($MM) |
102 |
102 |
Even |
+2 |
Operating Margin (%) |
42.1 |
40.7 |
1.4 |
1.7 |
|
First-Quarter (% Change) |
|
|
International |
U.S. |
System Sales Growth Ex F/X |
+10 |
(6) |
Same-Store Sales Growth |
+5 |
(6) |
Pizza Hut Markets1 |
Percent of Pizza Hut
|
System Sales Growth
|
First-Quarter
(% Change) |
||
United States |
43% |
(6) |
China |
16% |
(1) |
Asia |
14% |
+6 |
Latin America / Spain / Portugal |
10% |
+18 |
Europe (excluding Spain & Portugal) |
8% |
+28 |
Middle East / Turkey / North Africa |
4% |
+16 |
Canada |
3% |
+7 |
India |
1% |
+44 |
Africa |
<1% |
+19 |
Though Russian results continue to be included in all consolidated results, including system sales and units, reported in the first quarter of 2022 within this release, for purposes of the above table only, the system sales of all Russian restaurants are no longer included. |
1Refer to investors.yum.com/financial-information/financial-reports/ for a list of the countries within each of the markets. |
2Reflects Full Year 2021. |
подразделение habit burger grill
конференц-связь
Yum! Brands, Inc. проведет телефонную конференцию для обзора финансовых показателей и стратегий компании в 8:15 утра по восточному времени 4 мая 2022 года. Номер 844/200-6205 для абонентов из США, 833/950-0062 для абонентов из Канады и 929/526-1599 для международных абонентов, идентификатор конференции 755300.
Звонок будет доступен для воспроизведения, начиная с 10:00 утра по Восточному времени 4 мая 2022 года по 11 мая 2022 года. Чтобы получить доступ к воспроизведению, наберите 866/813-9403 в США, 226/828-7578 в Канаде, 0204/525-0658 для Великобритании (местный) и +44/204-525-0658 международный идентификатор конференции 936254.
Доступ к веб-трансляции и воспроизведению можно получить, посетив веб-сайт Yum! Brands', investors.yum.com/events-and-presentations и выберите ”Звонок о доходах за 1 квартал 2022 года Yum! Brands, Inc.".
дополнительная информация онлайн
Даты окончания квартала для каждого подразделения, сведения о количестве ресторанов, определения терминов и ограниченная финансовая информация Группы доступны по адресу investors.yum.com . Сверка финансовых показателей, не относящихся к GAAP, с наиболее непосредственно сопоставимыми показателями GAAP включена в этот выпуск.
прогнозные заявления
Это объявление может содержать “прогнозные заявления” по смыслу Раздела 27A Закона о ценных бумагах 1933 года и Раздела 21E Закона о ценных бумагах и биржах 1934 года. Мы намерены, чтобы все прогнозные заявления подпадали под действие положений о безопасной гавани Закона о реформе судебных разбирательств по частным ценным бумагам 1995 года. Прогнозные заявления, как правило, можно идентифицировать по тому факту, что они не относятся строго к историческим или текущим фактам, а также по использованию прогнозных слов, таких как “ожидать”, “ожидание”, “полагать”, “предвидеть”, “может”, “может”, “намереваться,”убеждение”, “план”, “оценка”, “цель”, “прогноз”, “вероятно”, “искать”, “проект”, “модель”, “продолжается”, “будет”, “должен”, “прогноз”, “перспектива” или аналогичная терминология. Эти заявления основаны и отражают наши текущие ожидания, оценки, предположения и/или прогнозы, наше восприятие исторических тенденций и текущих условий, а также другие факторы, которые мы считаем уместными и разумными в данных обстоятельствах. Прогнозные заявления не являются ни прогнозами, ни гарантиями будущих событий, обстоятельств или результатов и по своей сути подвержены известным и неизвестным рискам, неопределенностям и допущениям, которые могут привести к тому, что наши фактические результаты будут существенно отличаться от тех, которые указаны в этих заявлениях. Не может быть никакой гарантии, что наши ожидания, оценки, предположения и / или прогнозы, в том числе в отношении будущих доходов и результатов деятельности или структуры капитала Yum! Brands, окажутся правильными или что какие-либо из наших ожиданий, оценок или прогнозов будут достигнуты.
Многочисленные факторы могут вызвать фактические результаты и события могут существенно отличаться от выраженных или подразумеваемых в заявлениях прогнозного характера, включая, без ограничения: тяжесть и продолжительность COVID-19 пандемией, безопасности пищевых продуктов и продовольственного иметь-болезни, проблемы; проблемы со здоровьем, возникающие от вспышки эпидемии значительные улучшения в состоянии здоровья; успеха наших франчайзи и лицензиатов; наши значительные позиции на китайском рынке, изменения в экономической и политической обстановки в странах и территориях за пределами США, где мы работаем; макроэкономической и региональной нестабильности, вызванной России конфликта на Украине, наша способность защиты целостности и безопасности личной информации наших клиентов и сотрудников; нашу способность успешно реализовывать технологические инициативы; наша растущая зависимость от нескольких цифровых платформ торговли; влияние социальных медиа; нам возможность обеспечивать и поддерживать распределение и достаточный запас, чтобы наши рестораны; потеря ключевых сотрудников, или нехватке либо трудности в поиске и удержании квалифицированных сотрудников; успех нашей стратегии развития на развивающихся рынках; изменения в товар, труда и прочих операционных расходов; ущерб, или разрежения, чтобы наши бренды вызвана франчайзи и сторонних деятельности; в ожидании или будущих судебных разбирательств и судебных исков или процессуальных действий; изменение или несоблюдение государственных нормативов, в том числе нормы труда и противодействии взяточничеству и антикоррупционного законодательства; налоговых вопросах, в том числе изменения в налоговом законодательстве или разногласия с налоговыми органами; потребительские предпочтения и мнение наших брендов; неспособность защищать наш сервис знаков или другой интеллектуальной собственности; изменения в потребительских дискреционных расходов и общие экономические условия; конкуренция в розничной торговли продуктами питания; не понимая, ожидаемые выгоды от прошлых и потенциальных будущих приобретений, инвестиций или других стратегических сделок, а также риски, связанные с нашими значительный размер задолженности. Кроме того, другие риски и неопределенности, которые в настоящее время нам неизвестны или которые мы в настоящее время считаем несущественными, могут повлиять на точность любых таких прогнозных заявлений. Все прогнозные заявления должны оцениваться с пониманием присущей им неопределенности.
Прогнозные заявления, включенные в это объявление, сделаны только на дату этого объявления, и мы отказываемся от каких-либо обязательств по публичному обновлению любого прогнозного заявления, чтобы отразить последующие события или обстоятельства. Вам следует ознакомиться с нашими документами в Комиссию по ценным бумагам и биржам (включая информацию, изложенную под заголовками “Факторы риска” и “Прогнозные заявления” в нашем последнем Годовом отчете по форме 10-K и Ежеквартальном отчете по форме 10-Q) для получения дополнительной информации о факторах, которые могут повлиять наши финансовые и другие результаты.
Yum! Brands, Inc., базирующаяся в Луисвилле, штат Кентукки, насчитывает более 54 000 ресторанов в более чем 155 странах и территориях, в основном работающих под брендами компании – KFC, Taco Bell и Pizza Hut – мировых лидеров в категориях курицы, мексиканской кухни и пиццы. Семейство брендов компании также включает Habit Burger Grill, концепцию ресторана быстрого питания, специализирующегося на приготовленных на заказ гамбургерах, сэндвичах и многом другом. В 2021 году Yum! Brands была включена в Индекс устойчивого развития Dow Jones в Северной Америке и вошла в список самых ответственных компаний Америки по версии Newsweek.
Yum! Brands, Inc. Condensed Consolidated Summary of Results (amounts in millions, except per share amounts) (unaudited) |
||||||||||
|
||||||||||
|
Quarter ended |
|
% Change |
|
||||||
|
3/31/22 |
|
3/31/21 |
|
B/(W) |
|
||||
Revenues |
|
|
|
|
|
|
||||
Company sales |
$ |
470 |
|
|
$ |
476 |
|
|
(1) |
|
Franchise and property revenues |
|
714 |
|
|
|
658 |
|
|
9 |
|
Franchise contributions for advertising and other services |
|
363 |
|
|
|
352 |
|
|
3 |
|
Total revenues |
|
1,547 |
|
|
|
1,486 |
|
|
4 |
|
|
|
|
|
|
|
|
||||
Costs and Expenses, Net |
|
|
|
|
|
|
||||
Company restaurant expenses |
|
402 |
|
|
|
392 |
|
|
(3) |
|
General and administrative expenses |
|
253 |
|
|
|
206 |
|
|
(23) |
|
Franchise and property expenses |
|
32 |
|
|
|
23 |
|
|
(42) |
|
Franchise advertising and other services expense |
|
361 |
|
|
|
343 |
|
|
(5) |
|
Refranchising (gain) loss |
|
(4 |
) |
|
|
(15 |
) |
|
(76) |
|
Other (income) expense |
|
(6 |
) |
|
|
(6 |
) |
|
NM |
|
Total costs and expenses, net |
|
1,038 |
|
|
|
943 |
|
|
(10) |
|
|
|
|
|
|
|
|
||||
Operating Profit |
|
509 |
|
|
|
543 |
|
|
(6) |
|
Investment (income) expense, net |
|
(7 |
) |
|
|
— |
|
|
NM |
|
Other pension (income) expense |
|
— |
|
|
|
3 |
|
|
83 |
|
Interest expense, net |
|
118 |
|
|
|
131 |
|
|
11 |
|
Income before income taxes |
|
398 |
|
|
|
409 |
|
|
(3) |
|
Income tax (benefit) provision |
|
(1 |
) |
|
|
83 |
|
|
101 |
|
Net Income |
$ |
399 |
|
|
$ |
326 |
|
|
22 |
|
|
|
|
|
|
|
|
||||
Basic EPS |
|
|
|
|
|
|
||||
EPS |
$ |
1.38 |
|
|
$ |
1.09 |
|
|
27 |
|
Average shares outstanding |
|
289 |
|
|
|
301 |
|
|
4 |
|
|
|
|
|
|
|
|
||||
Diluted EPS |
|
|
|
|
|
|
||||
EPS |
$ |
1.36 |
|
|
$ |
1.07 |
|
|
27 |
|
Average shares outstanding |
|
294 |
|
|
|
305 |
|
|
4 |
|
|
|
|
|
|
|
|
||||
Dividends declared per common share |
$ |
0.57 |
|
|
$ |
0.50 |
|
|
|
|
See accompanying notes.
|
Yum! Brands, Inc. KFC DIVISION Operating Results (amounts in millions) (unaudited) |
||||||||||
|
||||||||||
|
Quarter ended |
|
% Change |
|
||||||
|
3/31/22 |
|
3/31/21 |
|
B/(W) |
|
||||
|
|
|
|
|
|
|
||||
Company sales |
$ |
126 |
|
|
$ |
133 |
|
|
(5) |
|
Franchise and property revenues |
|
383 |
|
|
|
354 |
|
|
8 |
|
Franchise contributions for advertising and other services |
|
151 |
|
|
|
138 |
|
|
10 |
|
Total revenues |
|
660 |
|
|
|
625 |
|
|
6 |
|
|
|
|
|
|
|
|
||||
Company restaurant expenses |
|
108 |
|
|
|
111 |
|
|
2 |
|
General and administrative expenses |
|
84 |
|
|
|
73 |
|
|
(15) |
|
Franchise and property expenses |
|
24 |
|
|
|
14 |
|
|
(71) |
|
Franchise advertising and other services expense |
|
151 |
|
|
|
133 |
|
|
(14) |
|
Other (income) expense |
|
2 |
|
|
|
(6 |
) |
|
NM |
|
Total costs and expenses, net |
|
369 |
|
|
|
325 |
|
|
(14) |
|
Operating Profit |
$ |
291 |
|
|
$ |
300 |
|
|
(3) |
|
|
|
|
|
|
|
|
||||
Company restaurant margin %1 |
|
14.1 |
% |
|
|
16.6 |
% |
|
(2.5) ppts. |
|
|
|
|
|
|
|
|
||||
Operating margin |
|
44.1 |
% |
|
|
48.1 |
% |
|
(4.0) ppts. |
|
See accompanying notes.
|
||||||||||
1See reconciliation of Non-GAAP Measurements to GAAP Results within this release for further detail of Company restaurant margin %. |
Yum! Brands, Inc. TACO BELL DIVISION Operating Results (amounts in millions) (unaudited) |
||||||||||
|
Quarter ended |
|
% Change |
|
||||||
|
3/31/22 |
|
3/31/21 |
|
B/(W) |
|
||||
|
|
|
|
|
|
|
||||
Company sales |
$ |
214 |
|
|
$ |
208 |
|
|
3 |
|
Franchise and property revenues |
|
179 |
|
|
|
162 |
|
|
10 |
|
Franchise contributions for advertising and other services |
|
124 |
|
|
|
118 |
|
|
5 |
|
Total revenues |
|
517 |
|
|
|
488 |
|
|
6 |
|
|
|
|
|
|
|
|
||||
Company restaurant expenses |
|
167 |
|
|
|
158 |
|
|
(6) |
|
General and administrative expenses |
|
36 |
|
|
|
31 |
|
|
(17) |
|
Franchise and property expenses |
|
6 |
|
|
|
7 |
|
|
10 |
|
Franchise advertising and other services expense |
|
123 |
|
|
|
116 |
|
|
(6) |
|
Other (income) expense |
|
— |
|
|
|
(2 |
) |
|
NM |
|
Total costs and expenses, net |
|
332 |
|
|
|
310 |
|
|
(7) |
|
Operating Profit |
$ |
185 |
|
|
$ |
178 |
|
|
4 |
|
|
|
|
|
|
|
|
||||
Company restaurant margin %1 |
|
21.9 |
% |
|
|
24.1 |
% |
|
(2.2) ppts. |
|
|
|
|
|
|
|
|
||||
Operating margin |
|
35.7 |
% |
|
|
36.4 |
% |
|
(0.7) ppts. |
|
See accompanying notes.
|
||||||||||
1See reconciliation of Non-GAAP Measurements to GAAP Results within this release for further detail of Company restaurant margin %. |
Yum! Brands, Inc. PIZZA HUT DIVISION Operating Results (amounts in millions) (unaudited) |
||||||||||
|
Quarter ended |
|
% Change |
|
||||||
|
3/31/22 |
|
3/31/21 |
|
B/(W) |
|
||||
|
|
|
|
|
|
|
||||
Company sales |
$ |
5 |
|
|
$ |
14 |
|
|
(66) |
|
Franchise and property revenues |
|
151 |
|
|
|
141 |
|
|
7 |
|
Franchise contributions for advertising and other services |
|
88 |
|
|
|
96 |
|
|
(8) |
|
Total revenues |
|
244 |
|
|
|
251 |
|
|
(3) |
|
|
|
|
|
|
|
|
||||
Company restaurant expenses |
|
5 |
|
|
|
13 |
|
|
63 |
|
General and administrative expenses |
|
50 |
|
|
|
40 |
|
|
(22) |
|
Franchise and property expenses |
|
2 |
|
|
|
2 |
|
|
3 |
|
Franchise advertising and other services expense |
|
87 |
|
|
|
94 |
|
|
7 |
|
Other (income) expense |
|
(2 |
) |
|
|
— |
|
|
NM |
|
Total costs and expenses, net |
|
142 |
|
|
|
149 |
|
|
5 |
|
Operating Profit |
$ |
102 |
|
|
$ |
102 |
|
|
— |
|
|
|
|
|
|
|
|
||||
Company restaurant margin %1 |
|
(0.7 |
)% |
|
|
6.7 |
% |
|
(7.4) ppts. |
|
|
|
|
|
|
|
|
||||
Operating margin |
|
42.1 |
% |
|
|
40.7 |
% |
|
1.4 ppts. |
|
See accompanying notes.
|
||||||||||
1See reconciliation of Non-GAAP Measurements to GAAP Results within this release for further detail of Company restaurant margin %. |
Yum! Brands, Inc. Condensed Consolidated Balance Sheets (amounts in millions) |
|||||||
|
(unaudited)
3/31/22 |
|
12/31/21 |
||||
ASSETS |
|
|
|
||||
Current Assets |
|
|
|
||||
Cash and cash equivalents |
$ |
365 |
|
|
$ |
486 |
|
Accounts and notes receivable, less allowance: $41 in 2022 and $36 in 2021 |
|
565 |
|
|
|
596 |
|
Prepaid expenses and other current assets |
|
426 |
|
|
|
450 |
|
Total Current Assets |
|
1,356 |
|
|
|
1,532 |
|
|
|
|
|
||||
Property, plant and equipment, net of accumulated depreciation of $1,287 in 2022 and $1,270 in 2021 |
|
1,181 |
|
|
|
1,207 |
|
Goodwill |
|
656 |
|
|
|
657 |
|
Intangible assets, net |
|
354 |
|
|
|
359 |
|
Other assets |
|
1,485 |
|
|
|
1,487 |
|
Deferred income taxes |
|
784 |
|
|
|
724 |
|
Total Assets |
$ |
5,816 |
|
|
$ |
5,966 |
|
|
|
|
|
||||
LIABILITIES AND SHAREHOLDERS' DEFICIT |
|
|
|
||||
Current Liabilities |
|
|
|
||||
Accounts payable and other current liabilities |
$ |
1,202 |
|
|
$ |
1,334 |
|
Income taxes payable |
|
27 |
|
|
|
13 |
|
Short-term borrowings |
|
73 |
|
|
|
68 |
|
Total Current Liabilities |
|
1,302 |
|
|
|
1,415 |
|
|
|
|
|
||||
Long-term debt |
|
11,332 |
|
|
|
11,178 |
|
Other liabilities and deferred credits |
|
1,673 |
|
|
|
1,746 |
|
Total Liabilities |
|
14,307 |
|
|
|
14,339 |
|
|
|
|
|
||||
Shareholders' Deficit |
|
|
|
||||
Common Stock, no par value, 750 shares authorized; 286 shares issued in 2022 and 289 issued in 2021 |
|
— |
|
|
|
— |
|
Accumulated deficit |
|
(8,199 |
) |
|
|
(8,048 |
) |
Accumulated other comprehensive loss |
|
(292 |
) |
|
|
(325 |
) |
Total Shareholders' Deficit |
|
(8,491 |
) |
|
|
(8,373 |
) |
Total Liabilities and Shareholders' Deficit |
$ |
5,816 |
|
|
$ |
5,966 |
|
See accompanying notes. |
Yum! Brands, Inc. Condensed Consolidated Statements of Cash Flows (amounts in millions) (unaudited) |
|||||||
|
Quarter ended |
||||||
|
3/31/22 |
|
3/31/21 |
||||
Cash Flows - Operating Activities |
|
|
|
||||
Net Income |
$ |
399 |
|
|
$ |
326 |
|
Depreciation and amortization |
|
37 |
|
|
|
39 |
|
Refranchising (gain) loss |
|
(4 |
) |
|
|
(15 |
) |
Investment (income) expense, net |
|
(7 |
) |
|
|
— |
|
Deferred income taxes |
|
(77 |
) |
|
|
14 |
|
Share-based compensation expense |
|
26 |
|
|
|
21 |
|
Changes in accounts and notes receivable |
|
29 |
|
|
|
27 |
|
Changes in prepaid expenses and other current assets |
|
(13 |
) |
|
|
(9 |
) |
Changes in accounts payable and other current liabilities |
|
(176 |
) |
|
|
(123 |
) |
Changes in income taxes payable |
|
29 |
|
|
|
5 |
|
Other, net |
|
10 |
|
|
|
39 |
|
Net Cash Provided by Operating Activities |
|
253 |
|
|
|
324 |
|
|
|
|
|
||||
Cash Flows - Investing Activities |
|
|
|
||||
Capital spending |
|
(42 |
) |
|
|
(45 |
) |
Proceeds from refranchising of restaurants |
|
24 |
|
|
|
20 |
|
Other, net |
|
(11 |
) |
|
|
39 |
|
Net Cash Provided by (Used in) Investing Activities |
|
(29 |
) |
|
|
14 |
|
|
|
|
|
||||
Cash Flows - Financing Activities |
|
|
|
||||
Proceeds from long-term debt |
|
— |
|
|
|
800 |
|
Repayments of long-term debt |
|
(15 |
) |
|
|
(912 |
) |
Revolving credit facilities, three months or less, net |
|
174 |
|
|
|
— |
|
Short-term borrowings by original maturity |
|
|
|
||||
More than three months - proceeds |
|
— |
|
|
|
— |
|
More than three months - payments |
|
— |
|
|
|
— |
|
Three months or less, net |
|
— |
|
|
|
— |
|
Repurchase shares of Common Stock |
|
(343 |
) |
|
|
(286 |
) |
Dividends paid on Common Stock |
|
(165 |
) |
|
|
(150 |
) |
Other, net |
|
(28 |
) |
|
|
(15 |
) |
Net Cash Used in Financing Activities |
|
(377 |
) |
|
|
(563 |
) |
Effect of Exchange Rate on Cash and Cash Equivalents |
|
— |
|
|
|
3 |
|
Net Decrease in Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents |
|
(153 |
) |
|
|
(222 |
) |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents - Beginning of Period |
|
771 |
|
|
|
1,024 |
|
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents - End of Period |
$ |
618 |
|
|
$ |
802 |
|
|
|
|
|
||||
See accompanying notes. |
|
|
|
||||
Сверка показателей, не относящихся к GAAP, с результатами GAAP (суммы в миллионах, за исключением сумм на акцию) (неаудировано)
В дополнение к результатам, представленным в соответствии с Общепринятыми Принципами бухгалтерского учета в Соединенных Штатах Америки ("GAAP"), Компания предоставляет следующие измерения, не относящиеся к GAAP.
Эти оценки, не относящиеся к GAAP, не предназначены для замены представления наших финансовых результатов в соответствии с GAAP. Скорее, Компания считает, что представление этих показателей, не относящихся к GAAP, предоставляет инвесторам дополнительную информацию, облегчающую сравнение прошлых и нынешних операций.
Специальные статьи не включены ни в один из результатов нашего Подразделения, поскольку Компания не считает, что они отражают нашу текущую деятельность из-за их размера и / или характера. Наш руководитель, принимающий операционные решения, не учитывает влияние специальных статей при оценке эффективности сегмента. Специальные пункты описаны в пунктах (a)-(d) в сопроводительных примечаниях.
Прибыль ресторана Компании определяется как объем продаж Компании за вычетом расходов ресторана Компании, которые отражаются в нашем Сокращенном Консолидированном отчете о прибылях и убытках. Расходы на ресторан Компании включают расходы, понесенные непосредственно ресторанами, принадлежащими нашей Компании, для увеличения продаж Компании, включая стоимость продуктов питания и бумаги, стоимость рабочей силы на уровне ресторана, арендную плату, износ и амортизацию активов на уровне ресторана и расходы на рекламу, понесенные рестораном Компании и от его имени. Маржа ресторана Компании в процентах от продаж ("Маржа ресторана компании %") определяется как прибыль ресторана Компании, деленная на продажи Компании. Мы используем прибыль от ресторана Компании для целей внутренней оценки эффективности работы ресторанов, принадлежащих нашей Компании, и мы считаем, что прибыль от ресторана Компании предоставляет инвесторам полезную информацию о прибыльности ресторанов, принадлежащих нашей Компании. При расчете прибыли ресторана Компании Компания исключает доходы и расходы, непосредственно связанные с нашей франчайзинговой деятельностью, а также расходы, не связанные с рестораном, включенные в Общие и административные расходы, некоторые из которых могут поддерживать деятельность ресторана, принадлежащего Компании. Компания также исключает расходы на обесценение активов на уровне ресторанов и закрытие, которые исторически не были значительными, из определения прибыли ресторана Компании, поскольку считается, что такие расходы не являются показателем текущей деятельности. Прибыль ресторана компании и % маржи ресторана Компании, представленные в таблице, могут быть несопоставимы с другими аналогичными показателями других компаний отрасли.
Представлены некоторые измерения, не относящиеся к GAAP, без учета влияния F/X. Эти суммы получены путем пересчета результатов текущего года по среднему обменному курсу за предыдущий год. Мы считаем, что устранение влияния F/X обеспечивает лучшую сопоставимость из года в год без искажения колебаний валютных курсов.
|
|
Quarter ended |
|
||||||
|
|
3/31/22 |
|
3/31/21 |
|
||||
Detail of Special Items |
|
|
|
|
|
||||
Refranchising gain (loss)(a) |
|
$ |
4 |
|
|
$ |
2 |
|
|
Profits from operations in Russia(b) |
|
|
7 |
|
|
|
— |
|
|
Other Special Items Income (Expense) |
|
|
(1 |
) |
|
|
— |
|
|
Special Items Income (Expense) - Operating Profit |
|
|
10 |
|
|
|
2 |
|
|
Tax (Expense) Benefit on Special Items(c) |
|
|
(2 |
) |
|
|
(1 |
) |
|
Tax Benefit - Newly issued U.S. foreign tax credit regulations(d) |
|
|
82 |
|
|
|
— |
|
|
Special Items Income (Expense), net of tax |
|
$ |
90 |
|
|
$ |
1 |
|
|
Average diluted shares outstanding |
|
|
294 |
|
|
|
305 |
|
|
Special Items diluted EPS |
|
$ |
0.31 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
||||
Reconciliation of GAAP Operating Profit to Core Operating Profit |
|
|
|
|
|
||||
|
|
|
|
|
|
||||
Consolidated |
|
|
|
|
|
||||
GAAP Operating Profit |
|
$ |
509 |
|
|
$ |
543 |
|
|
Special Items Income (Expense) |
|
|
10 |
|
|
|
2 |
|
|
Foreign Currency Impact on Divisional Operating Profit |
|
|
(14 |
) |
|
|
N/A |
|
|
Core Operating Profit |
|
$ |
513 |
|
|
$ |
541 |
|
|
|
|
|
|
|
|
||||
KFC Division |
|
|
|
|
|
||||
GAAP Operating Profit |
|
$ |
291 |
|
|
$ |
300 |
|
|
Foreign Currency Impact on Divisional Operating Profit |
|
|
(12 |
) |
|
|
N/A |
|
|
Core Operating Profit |
|
$ |
303 |
|
|
$ |
300 |
|
|
Taco Bell Division |
|
|
|
|
|
||||
GAAP Operating Profit |
|
$ |
185 |
|
|
$ |
178 |
|
|
Foreign Currency Impact on Divisional Operating Profit |
|
|
— |
|
|
|
N/A |
|
|
Core Operating Profit |
|
$ |
185 |
|
|
$ |
178 |
|
|
|
|
|
|
|
|
||||
Pizza Hut Division |
|
|
|
|
|
||||
GAAP Operating Profit |
|
$ |
102 |
|
|
$ |
102 |
|
|
Foreign Currency Impact on Divisional Operating Profit |
|
|
(2 |
) |
|
|
N/A |
|
|
Core Operating Profit |
|
$ |
104 |
|
|
$ |
102 |
|
|
|
|
|
|
|
|
||||
Habit Burger Grill Division |
|
|
|
|
|
||||
GAAP Operating Profit (Loss) |
|
$ |
(8 |
) |
|
$ |
— |
|
|
Foreign Currency Impact on Divisional Operating Profit |
|
|
— |
|
|
|
N/A |
|
|
Core Operating Profit (Loss) |
|
$ |
(8 |
) |
|
$ |
— |
|
|
|
|
|
|
|
|
||||
Reconciliation of Diluted EPS to Diluted EPS excluding Special Items |
|
|
|
|
|
||||
Diluted EPS |
|
$ |
1.36 |
|
|
$ |
1.07 |
|
|
Special Items Diluted EPS |
|
|
0.31 |
|
|
|
— |
|
|
Diluted EPS excluding Special Items |
|
$ |
1.05 |
|
|
$ |
1.07 |
|
|
|
|
|
|
|
|
||||
Reconciliation of GAAP Effective Tax Rate to Effective Tax Rate excluding Special Items |
|
|
|
|
|
||||
GAAP Effective Tax Rate |
|
|
(0.2 |
)% |
|
|
20.2 |
% |
|
Impact on Tax Rate as a result of Special Items |
|
|
(20.5 |
)% |
|
|
— |
% |
|
Effective Tax Rate excluding Special Items |
|
|
20.3 |
% |
|
|
20.2 |
% |
|
|
|
|
|
|
|
Reconciliation of GAAP Operating Profit to Company Restaurant Profit |
||||||||||||||||||||||||
|
|
Quarter ended 3/31/2022 |
||||||||||||||||||||||
|
|
KFC
|
|
Taco Bell
|
|
Pizza Hut
|
|
Habit
|
|
Corporate
|
|
Consolidated |
||||||||||||
GAAP Operating Profit (Loss) |
|
$ |
291 |
|
|
$ |
185 |
|
|
$ |
102 |
|
|
$ |
(8 |
) |
|
$ |
(61 |
) |
|
$ |
509 |
|
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Franchise and property revenues |
|
|
383 |
|
|
|
179 |
|
|
|
151 |
|
|
|
1 |
|
|
|
— |
|
|
|
714 |
|
Franchise contributions for advertising and other services |
|
|
151 |
|
|
|
124 |
|
|
|
88 |
|
|
|
— |
|
|
|
— |
|
|
|
363 |
|
Add: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
General and administrative expenses |
|
|
84 |
|
|
|
36 |
|
|
|
50 |
|
|
|
12 |
|
|
|
71 |
|
|
|
253 |
|
Franchise and property expenses |
|
|
24 |
|
|
|
6 |
|
|
|
2 |
|
|
|
— |
|
|
|
— |
|
|
|
32 |
|
Franchise advertising and other services expense |
|
|
151 |
|
|
|
123 |
|
|
|
87 |
|
|
|
— |
|
|
|
— |
|
|
|
361 |
|
Refranchising (gain) loss |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(4 |
) |
|
|
(4 |
) |
Other (income) expense |
|
|
2 |
|
|
|
— |
|
|
|
(2 |
) |
|
|
— |
|
|
|
(6 |
) |
|
|
(6 |
) |
Company restaurant profit |
|
$ |
18 |
|
|
$ |
47 |
|
|
$ |
— |
|
|
$ |
3 |
|
|
$ |
— |
|
|
$ |
68 |
|
Company sales |
|
$ |
126 |
|
|
$ |
214 |
|
|
$ |
5 |
|
|
$ |
125 |
|
|
$ |
— |
|
|
$ |
470 |
|
Company restaurant margin % |
|
|
14.1 |
% |
|
|
21.9 |
% |
|
|
(0.7 |
)% |
|
|
3.0 |
% |
|
|
N/A |
|
|
|
14.5 |
% |
|
|
Quarter ended 3/31/2021 |
||||||||||||||||||||||
|
|
KFC
|
|
Taco Bell
|
|
Pizza Hut
|
|
Habit
|
|
Corporate
|
|
Consolidated |
||||||||||||
GAAP Operating Profit (Loss) |
|
$ |
300 |
|
|
$ |
178 |
|
|
$ |
102 |
|
|
$ |
— |
|
|
$ |
(37 |
) |
|
$ |
543 |
|
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Franchise and property revenues |
|
|
354 |
|
|
|
162 |
|
|
|
141 |
|
|
|
1 |
|
|
|
— |
|
|
|
658 |
|
Franchise contributions for advertising and other services |
|
|
138 |
|
|
|
118 |
|
|
|
96 |
|
|
|
— |
|
|
|
— |
|
|
|
352 |
|
Add: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
General and administrative expenses |
|
|
73 |
|
|
|
31 |
|
|
|
40 |
|
|
|
12 |
|
|
|
50 |
|
|
|
206 |
|
Franchise and property expenses |
|
|
14 |
|
|
|
7 |
|
|
|
2 |
|
|
|
— |
|
|
|
— |
|
|
|
23 |
|
Franchise advertising and other services expense |
|
|
133 |
|
|
|
116 |
|
|
|
94 |
|
|
|
— |
|
|
|
— |
|
|
|
343 |
|
Refranchising (gain) loss |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(15 |
) |
|
|
(15 |
) |
Other (income) expense |
|
|
(6 |
) |
|
|
(2 |
) |
|
|
— |
|
|
|
— |
|
|
|
2 |
|
|
|
(6 |
) |
Company restaurant profit |
|
$ |
22 |
|
|
$ |
50 |
|
|
$ |
1 |
|
|
$ |
11 |
|
|
$ |
— |
|
|
$ |
84 |
|
Company sales |
|
$ |
133 |
|
|
$ |
208 |
|
|
$ |
14 |
|
|
$ |
121 |
|
|
$ |
— |
|
|
$ |
476 |
|
Company restaurant margin % |
|
|
16.6 |
% |
|
|
24.1 |
% |
|
|
6.7 |
% |
|
|
8.8 |
% |
|
|
N/A |
|
|
|
17.6 |
% |
Yum! Brands, Inc. Segment Results (amounts in millions) (unaudited) |
||||||||||||||||||||||
Quarter Ended 3/31/2022 |
|
KFC
|
|
Taco Bell
|
|
Pizza Hut
|
|
Habit
|
|
Corporate
|
|
Consolidated |
||||||||||
Total revenues |
|
$ |
660 |
|
$ |
517 |
|
$ |
244 |
|
|
$ |
126 |
|
|
$ |
— |
|
|
$ |
1,547 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Company restaurant expenses |
|
|
108 |
|
|
167 |
|
|
5 |
|
|
|
122 |
|
|
|
— |
|
|
|
402 |
|
General and administrative expenses |
|
|
84 |
|
|
36 |
|
|
50 |
|
|
|
12 |
|
|
|
71 |
|
|
|
253 |
|
Franchise and property expenses |
|
|
24 |
|
|
6 |
|
|
2 |
|
|
|
— |
|
|
|
— |
|
|
|
32 |
|
Franchise advertising and other services expense |
|
|
151 |
|
|
123 |
|
|
87 |
|
|
|
— |
|
|
|
— |
|
|
|
361 |
|
Refranchising (gain) loss |
|
|
— |
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
(4 |
) |
|
|
(4 |
) |
Other (income) expense |
|
|
2 |
|
|
— |
|
|
(2 |
) |
|
|
— |
|
|
|
(6 |
) |
|
|
(6 |
) |
Total costs and expenses, net |
|
|
369 |
|
|
332 |
|
|
142 |
|
|
|
134 |
|
|
|
61 |
|
|
|
1,038 |
|
Operating Profit (Loss) |
|
$ |
291 |
|
$ |
185 |
|
$ |
102 |
|
|
$ |
(8 |
) |
|
$ |
(61 |
) |
|
$ |
509 |
|
Quarter Ended 3/31/2021 |
|
KFC
|
|
Taco Bell
|
|
Pizza Hut
|
|
Habit
|
|
Corporate
|
|
Consolidated |
||||||||||
Total revenues |
|
$ |
625 |
|
|
$ |
488 |
|
|
$ |
251 |
|
$ |
122 |
|
$ |
— |
|
|
$ |
1,486 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Company restaurant expenses |
|
|
111 |
|
|
|
158 |
|
|
|
13 |
|
|
110 |
|
|
— |
|
|
|
392 |
|
General and administrative expenses |
|
|
73 |
|
|
|
31 |
|
|
|
40 |
|
|
12 |
|
|
50 |
|
|
|
206 |
|
Franchise and property expenses |
|
|
14 |
|
|
|
7 |
|
|
|
2 |
|
|
— |
|
|
— |
|
|
|
23 |
|
Franchise advertising and other services expense |
|
|
133 |
|
|
|
116 |
|
|
|
94 |
|
|
— |
|
|
— |
|
|
|
343 |
|
Refranchising (gain) loss |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
— |
|
|
(15 |
) |
|
|
(15 |
) |
Other (income) expense |
|
|
(6 |
) |
|
|
(2 |
) |
|
|
— |
|
|
— |
|
|
2 |
|
|
|
(6 |
) |
Total costs and expenses, net |
|
|
325 |
|
|
|
310 |
|
|
|
149 |
|
|
122 |
|
|
37 |
|
|
|
943 |
|
Operating Profit (Loss) |
|
$ |
300 |
|
|
$ |
178 |
|
|
$ |
102 |
|
$ |
— |
|
$ |
(37 |
) |
|
$ |
543 |
|
Приведенные выше таблицы согласуют сегментную информацию, основанную на ответственности руководства, с нашей Сокращенной Консолидированной Сводкой результатов. Корпоративные и нераспределенные расходы включают статьи, которые не распределяются по сегментам для целей отчетности о результатах деятельности.
Столбец "Корпоративные и нераспределенные" в приведенных выше таблицах включает, среди прочих сумм, все суммы, которые мы считаем Особыми статьями. См. Раздел Сверка измерений, не относящихся к GAAP, с результатами GAAP.
Примечания к Сокращенной Консолидированной сводке результатов, Сокращенным Консолидированным Балансам и Сокращенным Консолидированным отчетам о движении денежных средств (суммы в миллионах) (неаудировано)
Amounts presented as of and for the quarters ended March 31, 2022 and 2021 are preliminary. |
||
|
|
|
(a) |
Due to their size and volatility, we have reflected as Special Items those refranchising gains and losses that were recorded in connection with our previously announced plans to have at least 98% franchise restaurant ownership by the end of 2018. As such, refranchising gains and losses recorded during 2022 and 2021 as Special Items are directly associated with restaurants that were refranchised prior to the end of 2018. |
|
|
|
|
|
During the quarters ended March 31, 2022 and 2021, we recorded net refranchising gains of $4 million and $2 million, respectively, that have been reflected as a Special Item. |
|
|
Additionally, we recorded net refranchising gains of less than $1 million and $13 million during the quarters ended March 31, 2022 and 2021, respectively, that have not been reflected as Special Items. These net gains relate to refranchising of restaurants in 2022 and 2021 that were not part of our aforementioned plans to achieve 98% franchise ownership and that we believe are now more indicative of our expected ongoing refranchising activity. |
|
|
|
|
(b) |
In the first quarter of 2022, as a result of the Russian invasion of Ukraine, we suspended all investment and restaurant development in Russia. We also suspended all operations of KFC company-owned restaurants in Russia and are finalizing an agreement to suspend all Pizza Hut operations in Russia, in partnership with our master franchisee. Further, we pledged to redirect any future net profits from operations in Russia to humanitarian efforts. Our Operating Results for the quarter ended March 31, 2022, 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 subsequent to the date of our pledge that had not yet been directed to humanitarian efforts as of March 31, 2022, from the Division segment results in which it was earned to Corporate and Unallocated. Such operating profit has been reflected within Other (income) expense and reflected as a Special Item. |
|
|
|
|
(c) |
Tax (Expense) Benefit on Special Items was determined based upon the impact of the nature, as well as the jurisdiction of the respective individual components within Special Items. |
|
|
|
|
(d) |
In January 2022, the U.S. Treasury published new regulations impacting foreign tax credit utilization beginning in the Company’s 2022 tax year. These regulations make foreign taxes paid to certain countries no longer creditable in the U.S. As a result, we reversed a valuation allowance associated with existing foreign tax credit carryforwards that we now believe will be used to offset these now non-creditable taxes in 2022 and future years. This valuation allowance reversal resulted in a one-time tax benefit of $82 million that was reflected as a Special Item. |
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