Yum! Brands Reports Strong Second-Quarter; System Sales Growth of 10%
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Yum! Brands Reports Strong Second-Quarter; System Sales Growth of 10%

Same-Store Sales Growth of 5%; GAAP Operating Profit Growth of 5%; Core Operating Profit Growth of 18%

LOUISVILLE, Ky. - (BUSINESS WIRE) - August 1, 2019 - Yum! Brands, Inc. (NYSE: YUM) today reported results for the second-quarter ended June 30, 2019. Worldwide system sales excluding foreign currency translation grew 10%, with 7% net-new units and 5% same-store sales growth. Second-quarter GAAP EPS was $0.92, a decrease of (5)%. Second-quarter EPS excluding Special Items was $0.93, an increase of 15%.

Greg Creed Comments

Greg Creed, CEO, said “Second-quarter results maintained early year momentum and helped us to exceed our already high expectations for a strong first half of 2019. I’m especially pleased to report that we delivered 10% system sales growth in the quarter, supported by broad based strength at KFC International and Taco Bell. Our commitment to being a more focused, more franchised, and more efficient growth company positions us well for long-term success. Through the lens of our four growth drivers, we continue to leverage our unprecedented scale and expand our capabilities with the goal of enhancing franchise economics, accelerating growth and maximizing shareholder value.”

Second-Quarter Highlights

  • Worldwide system sales excluding foreign currency translation grew 10%, with KFC, Pizza Hut and Taco Bell each at 10%. Adjusting the prior year base to include Telepizza, system sales growth excluding foreign currency translation would have been 9% worldwide and 4% for the Pizza Hut Division.
  • We opened 312 net units in the quarter. On a year-over-year basis, which takes into account the strategic alliance with Telepizza in the fourth-quarter 2018, net new unit growth was 7%.
  • We repurchased 1.9 million shares totaling $196 million at an average price per share of $104.
  • We reflected the change in fair value of our investment in Grubhub by recording pre-tax investment income of $24 million in the second quarter of 2019 and $25 million in the second quarter of 2018, which resulted in $0.06 in EPS during each respective quarter.
  • Foreign currency translation unfavorably impacted divisional operating profit by $17 million.

 

% Change

 

System Sales 
Ex F/X

Same-Store 
Sales

Net New Units

GAAP 
Operating 
Profit

Core 
Operating 
Profit2

KFC Division

+10

+6

+6

+11

+17

Pizza Hut Division1

+10

+2

+10

+18

+21

Taco Bell Division

+10

+7

+3

+7

+7

Worldwide1

+10

+5

+7

+5

+18

 

Second-Quarter

 

 

Year-to-Date

 

2019

 

 

2018

 

 

% Change

 

 

2019

 

 

2018

 

 

% Change

GAAP EPS

$0.92

 

 

$0.97

 

 

(5)

 

 

$1.75

 

 

$2.25

 

 

(22)

Special Items EPS2

$(0.01)

 

 

$0.15

 

 

NM

 

 

$(0.01)

 

 

$0.54

 

 

NM

EPS Excluding Special Items

$0.93

 

 

$0.82

 

 

+15

 

 

$1.76

 

 

$1.71

 

 

+2

1 Pizza Hut Division and Worldwide system sales ex F/X and net new units include the benefit of our strategic alliance with Telepizza in the fourth-quarter 2018. Same-store sales reflects the inclusion of Telepizza in the prior year base.

2 See 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.

KFC DIVISION

 

Second-Quarter

Year-to-Date

 

 

 

 

%/ppts Change

 

 

 

%/ppts Change

 

2019

 

2018

Reported

Ex F/X

2019

 

2018

Reported

Ex F/X

Restaurants

23,118

 

21,838

+6

N/A

23,118

 

21,838

+6

N/A

System Sales ($MM)

6,648

 

6,306

+5

+10

13,195

 

12,635

+4

+10

Same-Store Sales Growth (%)

+6

 

+2

NM

NM

+5

 

+2

NM

NM

Franchise and Property Revenues ($MM)

332

 

310

+7

+12

655

 

617

+6

+12

Operating Profit ($MM)

261

 

235

+11

+17

497

 

456

+9

+16

Operating Margin (%)

44.7

 

36.1

8.6

8.5

43.2

 

34.8

8.4

8.2

 

Second-Quarter (% Change)

Year-to-Date (% Change)

 

International

U.S.

International

U.S.

System Sales Growth Ex F/X

+12

+2

+12

+2

Same-Store Sales Growth

+6

+2

+6

+2

Second-Quarter Highlights

  • KFC Division opened 331 gross new restaurants in 54 countries.
  • Operating margin increased 8.6 percentage points driven by refranchising, same-store sales growth and net new unit growth.
  • Foreign currency translation unfavorably impacted operating profit by $14 million.

KFC Markets1

Percent of KFC System Sales2

System Sales Growth Ex F/X

Second-Quarter

(% Change)

Year-to-Date

(% Change)

China

27%

+12

+12

United States

17%

+2

+2

Asia

12%

+10

+9

Russia & Eastern Europe

8%

+19

+19

Australia

7%

+8

+7

United Kingdom

6%

+17

+18

Latin America

5%

+13

+12

Western Europe

5%

+15

+12

Africa

4%

+14

+13

Middle East / Turkey / North Africa

4%

+8

+7

Canada

2%

+1

(1)

Thailand

2%

+10

+9

India

1%

+22

+24

1 Refer to investors.yum.com under Financial Reports for a list of the countries within each of the markets.

2 Reflects Full Year 2018.

PIZZA HUT DIVISION

 

Second-Quarter

Year-to-Date

 

 

 

 

%/ppts Change

 

 

 

%/ppts Change

 

2019

 

2018

Reported

Ex F/X

2019

 

2018

Reported

Ex F/X

Restaurants

18,515

 

16,823

+10

N/A

18,515

 

16,823

+10

N/A

System Sales ($MM)1

3,098

 

2,894

+7

+10

6,229

 

5,926

+5

+8

Same-Store Sales Growth (%)1

+2

 

(1)

NM

NM

+1

 

Even

NM

NM

Franchise and Property Revenues ($MM)

143

 

140

+3

+5

288

 

289

Even

+2

Operating Profit ($MM)

96

 

81

+18

+21

193

 

169

+14

+18

Operating Margin (%)

38.7

 

34.6

4.1

4.5

39.4

 

34.8

4.6

5.0

 

Second-Quarter (% Change)

Year-to-Date (% Change)

 

International

U.S.

International

U.S.

System Sales Growth Ex F/X1

+15

+4

+14

+1

Same-Store Sales Growth1

+2

+2

+1

+1

Second-Quarter Highlights

  • Pizza Hut Division opened 221 gross new restaurants in 42 countries.
  • Operating margin increased 4.1 percentage points driven by refranchising, same-store sales growth and lower advertising spend associated with the U.S. Transformation Agreement.
  • Foreign currency translation unfavorably impacted operating profit by $3 million.

Pizza Hut Markets2

Percent of Pizza Hut System Sales3

System Sales Growth Ex F/X 1

Second-Quarter

(% Change)

Year-to-Date

(% Change)

United States

46%

+4

+1

China

17%

+4

+3

Asia

13%

+3

+4

Europe (excluding Spain & Portugal)

9%

+6

+4

Latin America / Spain / Portugal

7%

+92

+88

Middle East / Turkey / North Africa

4%

+7

+7

Canada

2%

+5

+3

India

1%

+9

+10

Africa

<1%

+24

+30

1 System sales ex F/X includes the benefit of our strategic alliance with Telepizza in the fourth-quarter 2018. Same-store sales reflects the inclusion of Telepizza in the prior year base.

2 Refer to investors.yum.com under Financial Reports for a list of the countries within each of the markets.

3 Reflects Full Year 2018. Europe and Latin America adjusted for transfer of reporting responsibility of Spain and Portugal Pizza Hut units from Europe to Latin America as a result of the Telepizza alliance.

TACO BELL DIVISION

 

Second-Quarter

Year-to-Date

 

 

 

 

%/ppts Change

 

 

 

%/ppts Change

 

2019

 

2018

Reported

Ex F/X

2019

 

2018

Reported

Ex F/X

Restaurants

7,136

 

6,905

+3

N/A

7,136

 

6,905

+3

N/A

System Sales ($MM)

2,727

 

2,489

+10

+10

5,233

 

4,836

+8

+8

Same-Store Sales Growth (%)

+7

 

+2

NM

NM

+6

 

+1

NM

NM

Franchise and Property Revenues ($MM)

158

 

134

+18

+18

302

 

262

+15

+15

Operating Profit ($MM)

159

 

149

+7

+7

297

 

281

+6

+6

Operating Margin (%)

33.2

 

30.8

2.4

2.4

32.1

 

29.7

2.4

2.4

Second-Quarter Highlights

  • Taco Bell Division opened 55 gross new restaurants in 12 countries.
  • Operating margin increased 2.4 percentage points driven by same-store sales growth and refranchising, partially offset by higher restaurant level costs.

Other Items

  • Disclosures pertaining to outstanding debt in our Restricted Group capital structure will be provided at the time of the filing of the second-quarter Form 10-Q.

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 August 1, 2019. The number is 877/815-2029 for U.S. callers and 706/645-9271 for international callers, conference ID 3973379.

The call will be available for playback beginning at 11:00 a.m. Eastern Time August 1, 2019 through September 6, 2019. To access the playback, dial 855/859-2056 in the U.S. and 404/537-3406 internationally, conference ID 3973379.

The webcast and the playback can be accessed via the website by visiting Yum! Brands' website, investors.yum.com/events-and-presentations and selecting “Q2 2019 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: food safety and food borne-illness issues; health concerns arising from outbreaks of viruses or other diseases; the success of our franchisees and licensees; the success of our transformation initiatives, including our refranchising strategy; 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; our ability to protect the integrity and security of individually identifiable data of our customers and employees; our ability to successfully implement technology initiatives; our increasing dependence on digital commerce platforms and information technology systems; the impact of social media; our ability to secure and maintain distribution and adequate supply to our restaurants; the success of our development strategy in emerging markets; changes in commodity, labor and other operating costs; 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; changes in consumer discretionary spending and general economic conditions; competition within the retail food industry; 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 48,000 restaurants in more than 145 countries and territories primarily operating the company’s brands -- KFC, Pizza Hut and Taco Bell -- global leaders of the chicken, pizza and Mexican-style food categories. Worldwide, the Yum! Brands system opens over eight new restaurants per day on average, making it a leader in global retail development. In 2018, Yum! Brands was named to the Dow Jones Sustainability North America Index and ranked among the top 100 Best Corporate Citizens by Corporate Responsibility Magazine. In 2019, Yum! Brands was named to the Bloomberg Gender-Equality Index for the second consecutive year.

 

YUM! Brands, Inc. 
Condensed Consolidated Summary of Results 
(amounts in millions, except per share amounts) 
(unaudited)

 

 

Quarter ended

 

% Change

 

Year to date

 

% Change

 

6/30/19

 

6/30/18

 

B/(W)

 

6/30/19

 

6/30/18

 

B/(W)

Revenues

 

 

 

 

 

 

 

 

 

 

 

Company sales

$

 

359

 

 

$

 

512

 

 

(30

)

 

$

 

692

 

 

$

 

1,024

 

 

(32

)

Franchise and property revenues

 

633

 

 

 

584

 

 

8

 

 

 

1,245

 

 

 

1,168

 

 

7

 

Franchise contributions for advertising and other services

 

318

 

 

 

272

 

 

17

 

 

 

627

 

 

 

547

 

 

15

 

Total revenues

 

1,310

 

 

 

1,368

 

 

(4

)

 

 

2,564

 

 

 

2,739

 

 

(6

)

 

 

 

 

 

 

 

 

 

 

 

 

Costs and Expenses, Net

 

 

 

 

 

 

 

 

 

 

 

Company restaurant expenses

 

286

 

 

 

421

 

 

32

 

 

 

558

 

 

 

859

 

 

35

 

General and administrative expenses

 

198

 

 

 

208

 

 

5

 

 

 

409

 

 

 

427

 

 

4

 

Franchise and property expenses

 

38

 

 

 

40

 

 

9

 

 

 

81

 

 

 

87

 

 

8

 

Franchise advertising and other services expense

 

315

 

 

 

274

 

 

(15

)

 

 

616

 

 

 

546

 

 

(13

)

Refranchising (gain) loss

 

(4

)

 

 

(29

)

 

(85

)

 

 

(10

)

 

 

(185

)

 

(95

)

Other (income) expense

 

6

 

 

 

5

 

 

NM

 

 

 

6

 

 

 

3

 

 

NM

 

Total costs and expenses, net

 

839

 

 

 

919

 

 

9

 

 

 

1,660

 

 

 

1,737

 

 

4

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Profit

 

471

 

 

 

449

 

 

5

 

 

 

904

 

 

 

1,002

 

 

(10

)

Investment (income) expense, net

 

(25

)

 

 

(23

)

 

11

 

 

 

(9

)

 

 

(89

)

 

(89

)

Other pension (income) expense

 

 

 

3

 

 

71

 

 

 

3

 

 

 

6

 

 

41

 

Interest expense, net

 

119

 

 

 

112

 

 

(5

)

 

 

234

 

 

 

219

 

 

(7

)

Income before income taxes

 

377

 

 

 

357

 

 

6

 

 

 

676

 

 

 

866

 

 

(22

)

Income tax provision

 

88

 

 

 

36

 

 

NM

 

 

 

125

 

 

 

112

 

 

(12

)

Net Income

$

 

289

 

 

$

 

321

 

 

(10

)

 

$

 

551

 

 

$

 

754

 

 

(27

)

 

 

 

 

 

 

 

 

 

 

 

 

Effective tax rate

 

23.3

%

 

 

9.9

%

 

(13.4) ppts.

 

 

18.5

%

 

 

12.9

%

 

(5.6) ppts.

 

 

 

 

 

 

 

 

 

 

 

 

Basic EPS

 

 

 

 

 

 

 

 

 

 

 

EPS

$

 

0.94

 

 

$

 

0.99

 

 

(5

)

 

$

 

1.79

 

 

$

 

2.30

 

 

(22

)

Average shares outstanding

 

307

 

 

 

324

 

 

5

 

 

 

307

 

 

 

328

 

 

6

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted EPS

 

 

 

 

 

 

 

 

 

 

 

EPS

$

 

0.92

 

 

$

 

0.97

 

 

(5

)

 

$

 

1.75

 

 

$

 

2.25

 

 

(22

)

Average shares outstanding

 

314

 

 

 

331

 

 

5

 

 

 

314

 

 

 

336

 

 

6

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends declared per common share

$

 

0.42

 

 

$

 

0.36

 

 

 

 

$

 

0.84

 

 

$

 

0.72

 

 

 

 
 

See accompanying notes. 
Percentages may not recompute due to rounding.

 
 
 

YUM! Brands, Inc. 
KFC DIVISION Operating Results 
(amounts in millions) 
(unaudited)

 

 

Quarter ended

 

% Change

 

Year to date

 

% Change

 

6/30/19

 

6/30/18

 

B/(W)

 

6/30/19

 

6/30/18

 

B/(W)

 

 

 

 

 

 

 

 

 

 

 

 

Company sales

$

 

135

 

 

$

 

241

 

 

(44

)

 

$

 

260

 

 

$

 

486

 

 

(47

)

Franchise and property revenues

 

332

 

 

 

310

 

 

7

 

 

 

655

 

 

 

617

 

 

6

 

Franchise contributions for advertising and other services

 

117

 

 

 

100

 

 

18

 

 

 

235

 

 

 

206

 

 

14

 

Total revenues

 

584

 

 

 

651

 

 

(10

)

 

 

1,150

 

 

 

1,309

 

 

(12

)

 

 

 

 

 

 

 

 

 

 

 

 

Company restaurant expenses

 

113

 

 

 

210

 

 

46

 

 

 

221

 

 

 

430

 

 

49

 

General and administrative expenses

 

75

 

 

 

81

 

 

6

 

 

 

153

 

 

 

166

 

 

7

 

Franchise and property expenses

 

19

 

 

 

25

 

 

25

 

 

 

47

 

 

 

54

 

 

13

 

Franchise advertising and other services expense

 

116

 

 

 

101

 

 

(15

)

 

 

232

 

 

 

205

 

 

(13

)

Other (income) expense

 

 

 

(1

)

 

NM

 

 

 

 

 

(2

)

 

NM

 

Total costs and expenses, net

 

323

 

 

 

416

 

 

22

 

 

 

653

 

 

 

853

 

 

23

 

Operating Profit

$

 

261

 

 

$

 

235

 

 

11

 

 

$

 

497

 

 

$

 

456

 

 

9

 

 

 

 

 

 

 

 

 

 

 

 

 

Restaurant margin

 

15.8

%

 

 

12.5

%

 

3.3 ppts.

 

 

15.0

%

 

 

11.5

%

 

3.5 ppts.

 

 

 

 

 

 

 

 

 

 

 

 

Operating margin

 

44.7

%

 

 

36.1

%

 

8.6 ppts.

 

 

43.2

%

 

 

34.8

%

 

8.4 ppts.

 
 

See accompanying notes. 
Percentages may not recompute due to rounding.

 
 
 

YUM! Brands, Inc. 
PIZZA HUT DIVISION Operating Results 
(amounts in millions) 
(unaudited)

 

 

Quarter ended

 

% Change

 

Year to date

 

% Change

 

6/30/19

 

6/30/18

 

B/(W)

 

6/30/19

 

6/30/18

 

B/(W)

 

 

 

 

 

 

 

 

 

 

 

 

Company sales

$

 

11

 

 

$

 

18

 

 

(38

)

 

$

 

22

 

 

$

 

42

 

 

(47

)

Franchise and property revenues

 

143

 

 

 

140

 

 

3

 

 

 

288

 

 

 

289

 

 

Franchise contributions for advertising and other services

 

92

 

 

 

75

 

 

21

 

 

 

179

 

 

 

153

 

 

17

 

Total revenues

 

246

 

 

 

233

 

 

6

 

 

 

489

 

 

 

484

 

 

1

 

 

 

 

 

 

 

 

 

 

 

 

 

Company restaurant expenses

 

10

 

 

 

19

 

 

40

 

 

 

21

 

 

 

43

 

 

49

 

General and administrative expenses

 

44

 

 

 

46

 

 

6

 

 

 

91

 

 

 

96

 

 

6

 

Franchise and property expenses

 

9

 

 

 

8

 

 

 

 

14

 

 

 

19

 

 

30

 

Franchise advertising and other services expense

 

89

 

 

 

77

 

 

(16

)

 

 

172

 

 

 

155

 

 

(11

)

Other (income) expense

 

(2

)

 

 

2

 

 

NM

 

 

 

(2

)

 

 

2

 

 

NM

 

Total costs and expenses, net

 

150

 

 

 

152

 

 

1

 

 

 

296

 

 

 

315

 

 

6

 

Operating Profit

$

 

96

 

 

$

 

81

 

 

18

 

 

$

 

193

 

 

$

 

169

 

 

14

 

 

 

 

 

 

 

 

 

 

 

 

 

Restaurant margin

 

1.6

%

 

 

(2.4

)%

 

4.0 ppts.

 

 

2.7

%

 

 

(1.0

)%

 

3.7 ppts.

 

 

 

 

 

 

 

 

 

 

 

 

Operating margin

 

38.7

%

 

 

34.6

%

 

4.1 ppts.

 

 

39.4

%

 

 

34.8

%

 

4.6 ppts.

 
 

See accompanying notes. 
Percentages may not recompute due to rounding.

 
 
 

YUM! Brands, Inc. 
TACO BELL DIVISION Operating Results 
(amounts in millions) 
(unaudited)

 

 

Quarter ended

 

% Change

 

Year to date

 

% Change

 

6/30/19

 

6/30/18

 

B/(W)

 

6/30/19

 

6/30/18

 

B/(W)

 

 

 

 

 

 

 

 

 

 

 

 

Company sales

$

 

213

 

 

$

 

253

 

 

(16

)

 

$

 

410

 

 

$

 

496

 

 

(17

)

Franchise and property revenues

 

158

 

 

 

134

 

 

18

 

 

 

302

 

 

 

262

 

 

15

 

Franchise contributions for advertising and other services

 

109

 

 

 

97

 

 

13

 

 

 

213

 

 

 

188

 

 

14

 

Total revenues

 

480

 

 

 

484

 

 

(1

)

 

 

925

 

 

 

946

 

 

(2

)

 

 

 

 

 

 

 

 

 

 

 

 

Company restaurant expenses

 

163

 

 

 

193

 

 

16

 

 

 

316

 

 

 

387

 

 

18

 

General and administrative expenses

 

41

 

 

 

41

 

 

 

 

84

 

 

 

81

 

 

(4

)

Franchise and property expenses

 

8

 

 

 

6

 

 

(30

)

 

 

17

 

 

 

12

 

 

(41

)

Franchise advertising and other services expense

 

110

 

 

 

96

 

 

(14

)

 

 

212

 

 

 

186

 

 

(14

)

Other (income) expense

 

(1

)

 

 

(1

)

 

NM

 

 

 

(1

)

 

 

(1

)

 

NM

 

Total costs and expenses, net

 

321

 

 

 

335

 

 

4

 

 

 

628

 

 

 

665

 

 

6

 

Operating Profit

$

 

159

 

 

$

 

149

 

 

7

 

 

$

 

297

 

 

$

 

281

 

 

6

 

 

 

 

 

 

 

 

 

 

 

 

 

Restaurant margin

 

23.6

%

 

 

24.1

%

 

(0.5) ppts.

 

 

22.8

%

 

 

21.9

%

 

0.9 ppts.

 

 

 

 

 

 

 

 

 

 

 

 

Operating margin

 

33.2

%

 

 

30.8

%

 

2.4 ppts.

 

 

32.1

%

 

 

29.7

%

 

2.4 ppts.

 
 

See accompanying notes. 
Percentages may not recompute due to rounding.

 
 

YUM! Brands, Inc. 
Condensed Consolidated Balance Sheets 
(amounts in millions)

 

 (unaudited)

 

 

6/30/19

 

12/31/18

ASSETS

 

 

 

Current Assets

 

 

 

Cash and cash equivalents

$

252

 

 

$

292

 

Accounts and notes receivable, less allowance: $45 in 2019 and $31 in 2018

535

 

 

561

 

Prepaid expenses and other current assets

335

 

 

354

 

Total Current Assets

1,122

 

 

1,207

 

 

 

 

 

Property, plant and equipment, net of accumulated depreciation of $1,135 in 2019 and $1,116 in 2018

1,193

 

 

1,237

 

Goodwill

526

 

 

525

 

Intangible assets, net

243

 

 

242

 

Other assets

1,378

 

 

724

 

Deferred income taxes

212

 

 

195

 

Total Assets

$

4,674

 

 

$

4,130

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS' DEFICIT

 

 

 

Current Liabilities

 

 

 

Accounts payable and other current liabilities

$

798

 

 

$

911

 

Income taxes payable

63

 

 

69

 

Short-term borrowings

325

 

 

321

 

Total Current Liabilities

1,186

 

 

1,301

 

 

 

 

 

Long-term debt

9,869

 

 

9,751

 

Other liabilities and deferred credits

1,613

 

 

1,004

 

Total Liabilities

12,668

 

 

12,056

 

 

 

 

 

Shareholders' Deficit

 

 

 

Common Stock, no par value, 750 shares authorized; 304 shares issued in 2019 and 306 issued in 2018

 

 

 

Accumulated deficit

(7,614

)

 

(7,592

)

Accumulated other comprehensive loss

(380

)

 

(334

)

Total Shareholders' Deficit

(7,994

)

 

(7,926

)

Total Liabilities and Shareholders' Deficit

$

4,674

 

 

$

4,130

 

     
     

See accompanying notes.

   
 
 
 

YUM! Brands, Inc. 
Condensed Consolidated Statements of Cash Flows 
(amounts in millions) 
(unaudited)

 

 

Year to date

 

6/30/19

 

6/30/18

Cash Flows - Operating Activities

 

 

 

Net Income

$

551

 

 

$

754

 

Depreciation and amortization

54

 

 

71

 

Refranchising (gain) loss

(10

)

 

(185

)

Investment (income) expense, net

(9

)

 

(89

)

Contributions to defined benefit pension plans

(11

)

 

(5

)

Deferred income taxes

 

 

(23

)

Share-based compensation expense

31

 

 

27

 

Changes in accounts and notes receivable

7

 

 

(15

)

Changes in prepaid expenses and other current assets

(24

)

 

4

 

Changes in accounts payable and other current liabilities

(171

)

 

(160

)

Changes in income taxes payable

(36

)

 

(15

)

Other, net

79

 

 

17

 

Net Cash Provided by Operating Activities

461

 

 

381

 

 

 

 

 

Cash Flows - Investing Activities

 

 

 

Capital spending

(76

)

 

(85

)

Investment in Grubhub Inc. common stock

 

 

(200

)

Proceeds from refranchising of restaurants

25

 

 

252

 

Other, net

(1

)

 

(9

)

Net Cash Used in Investing Activities

(52

)

 

(42

)

 

 

 

 

Cash Flows - Financing Activities

 

 

 

Proceeds from long-term debt

 

 

106

 

Repayments of long-term debt

(40

)

 

(449

)

Revolving credit facilities, three months or less, net

157

 

 

202

 

Short-term borrowings by original maturity

 

 

 

More than three months - proceeds

48

 

 

51

 

More than three months - payments

(44

)

 

(43

)

Three months or less, net

 

 

 

Repurchase shares of Common Stock

(305

)

 

(1,168

)

Dividends paid on Common Stock

(257

)

 

(236

)

Other, net

(51

)

 

(42

)

Net Cash Used in Financing Activities

(492

)

 

(1,579

)

Effect of Exchange Rate on Cash and Cash Equivalents

(2

)

 

(19

)

Net Decrease in Cash and Cash Equivalents, Restricted Cash and Restricted Cash Equivalents

(85

)

 

(1,259

)

Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents - Beginning of Period

474

 

 

1,668

 

Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents - End of Period

$

389

 

 

$

409

 

 

 

 

 

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.

  • System sales and System sales excluding the impacts of foreign currency translation ("FX"). System sales include the results of all restaurants regardless of ownership, including Company-owned and franchise restaurants. Sales at franchise restaurants typically generate ongoing franchise and license fees for the Company at a rate of 3% to 6% of sales. Franchise restaurant sales are not included in Company sales on the Condensed Consolidated Statements of Income; however, the franchise and license fees are included in the Company’s revenues. We believe System sales growth is useful to investors as a significant indicator of the overall strength of our business as it incorporates our primary revenue drivers, Company and franchise same-store sales as well as net unit growth.
  • Diluted Earnings Per Share ("EPS") excluding Special Items (as defined below);
  • Effective Tax Rate excluding Special Items;
  • Core Operating Profit. Core Operating Profit excludes Special Items and FX and we use Core Operating Profit for the purposes of evaluating performance internally.

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 (b), (c), (d) and (e) in the accompanying notes.

Certain non-GAAP measurements are presented excluding the impact of FX. These amounts are derived by translating current year results at prior year average exchange rates. We believe the elimination of the FX impact provides better year-to-year comparability without the distortion of foreign currency fluctuations.

 

 

Quarter ended

 

Year to date

 

 

6/30/19

 

6/30/18

 

6/30/19

 

6/30/18

Detail of Special Items

 

 

 

 

 

 

 

 

Refranchising gain (loss)(b)

 

$

 

 

4

 

 

$

 

 

29

 

 

$

 

 

10

 

 

$

 

 

185

 

Other Special Items Expense(c)

 

 

(9

)

 

 

 

 

(11

)

 

 

(3

)

Special Items Income (Expense) - Operating Profit

 

 

(5

)

 

 

29

 

 

 

(1

)

 

 

182

 

Interest expense, net(c)

 

 

(2

)

 

 

 

 

(2

)

 

 

Special Items Income (Expense) before Income Taxes

 

 

(7

)

 

 

29

 

 

 

(3

)

 

 

182

 

Tax Benefit (Expense) on Special Items(d)

 

 

3

 

 

 

(18

)

 

 

2

 

 

 

(37

)

Tax Benefit - U.S. Tax Act(e)

 

 

 

 

40

 

 

 

 

 

34

 

Special Items Income (Expense), net of tax

 

 

(4

)

 

 

51

 

 

 

(1

)

 

 

179

 

Average diluted shares outstanding

 

 

314

 

 

 

331

 

 

 

314

 

 

 

336

 

Special Items diluted EPS

 

$

 

 

(0.01

)

 

$

 

 

0.15

 

 

$

 

 

(0.01

)

 

$

 

 

0.54

 

 

 

 

 

 

 

 

 

 

Reconciliation of GAAP Operating Profit to Core Operating Profit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated

 

 

 

 

 

 

 

 

GAAP Operating Profit

 

$

 

 

471

 

 

$

 

 

449

 

 

$

 

 

904

 

 

$

 

 

1,002

 

Special Items Income (Expense)

 

 

(5

)

 

 

29

 

 

 

(1

)

 

 

182

 

Foreign Currency Impact on Divisional Operating Profit

 

 

(17

)

 

 

N/A

 

 

 

(36

)

 

 

N/A

 

Core Operating Profit

 

$

 

 

493

 

 

$

 

 

420

 

 

$

 

 

941

 

 

$

 

 

820

 

 

 

 

 

 

 

 

 

 

KFC Division

 

 

 

 

 

 

 

 

GAAP Operating Profit

 

$

 

 

261

 

 

$

 

 

235

 

 

$

 

 

497

 

 

$

 

 

456

 

Foreign Currency Impact on Divisional Operating Profit

 

 

(14

)

 

 

N/A

 

 

 

(30

)

 

 

N/A

 

Core Operating Profit

 

$

 

 

275

 

 

$

 

 

235

 

 

$

 

 

527

 

 

$

 

 

456

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of Non-GAAP Measurements to GAAP Results (Continued)

(amounts in millions, except per share amounts)

(unaudited)

 

 

Quarter ended

 

Year to date

 

 

6/30/19

 

6/30/18

 

6/30/19

 

6/30/18

Pizza Hut Division

 

 

 

 

 

 

 

 

GAAP Operating Profit

 

$

96

 

 

$

81

 

 

$

193

 

 

$

169

 

Foreign Currency Impact on Divisional Operating Profit

 

(3

)

 

N/A

 

 

(6

)

 

N/A

 

Core Operating Profit

 

$

99

 

 

$

81

 

 

$

199

 

 

$

169

 

 

 

 

 

 

 

 

 

 

Taco Bell Division

 

 

 

 

 

 

 

 

GAAP Operating Profit

 

$

159

 

 

$

149

 

 

$

297

 

 

$

281

 

Foreign Currency Impact on Divisional Operating Profit

 

 

 

N/A

 

 

 

 

N/A

 

Core Operating Profit

 

$

159

 

 

$

149

 

 

$

297

 

 

$

281

 

 

 

 

 

 

 

 

 

 

Reconciliation of Diluted EPS to Diluted EPS excluding Special Items

 

 

 

 

 

 

 

 

Diluted EPS

 

$

0.92

 

 

$

0.97

 

 

$

1.75

 

 

$

2.25

 

Special Items Diluted EPS

 

(0.01

)

 

0.15

 

 

(0.01

)

 

0.54

 

Diluted EPS excluding Special Items

 

$

0.93

 

 

$

0.82

 

 

$

1.76

 

 

$

1.71

 

 

 

 

 

 

 

 

 

 

Reconciliation of GAAP Effective Tax Rate to Effective Tax Rate excluding Special Items

 

 

 

 

 

 

 

 

GAAP Effective Tax Rate

 

23.3

%

 

9.9

%

 

18.5

%

 

12.9

%

Impact on Tax Rate as a result of Special Items

 

(0.4

)%

 

(7.5

)%

 

(0.2

)%

 

(2.9

)%

Effective Tax Rate excluding Special Items

 

23.7

%

 

17.4

%

 

18.7

%

 

15.8

%

 

 

 

 

 

 

 

 

 

Reconciliation of Company sales to System sales

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated

 

 

 

 

 

 

 

 

GAAP Company sales

 

$

359

 

 

$

512

 

 

$

692

 

 

$

1,024

 

Franchise sales

 

12,114

 

 

11,177

 

 

23,965

 

 

22,373

 

System sales

 

12,473

 

 

11,689

 

 

24,657

 

 

23,397

 

Foreign Currency Impact on System sales

 

(410

)

 

N/A

 

 

(901

)

 

N/A

 

System sales, excluding FX

 

$

12,883

 

 

$

11,689

 

 

$

25,558

 

 

$

23,397

 

 

 

 

 

 

 

 

 

 

KFC Division

 

 

 

 

 

 

 

 

GAAP Company sales

 

$

135

 

 

$

241

 

 

$

260

 

 

$

486

 

Franchise sales

 

6,513

 

 

6,065

 

 

12,935

 

 

12,149

 

System sales

 

6,648

 

 

6,306

 

 

13,195

 

 

12,635

 

Foreign Currency Impact on System sales

 

(317

)

 

N/A

 

 

(700

)

 

N/A

 

System sales, excluding FX

 

$

6,965

 

 

$

6,306

 

 

$

13,895

 

 

$

12,635

 

 

 

 

 

 

 

 

 

 

Pizza Hut Division

 

 

 

 

 

 

 

 

GAAP Company sales

 

$

11

 

 

$

18

 

 

$

22

 

 

$

42

 

Franchise sales

 

3,087

 

 

2,876

 

 

6,207

 

 

5,884

 

System sales

 

3,098

 

 

2,894

 

 

6,229

 

 

5,926

 

Foreign Currency Impact on System sales

 

(89

)

 

N/A

 

 

(192

)

 

N/A

 

System sales, excluding FX

 

$

3,187

 

 

$

2,894

 

 

$

6,421

 

 

$

5,926

 

 

 

 

 

 

 

 

 

 

Taco Bell Division

 

 

 

 

 

 

 

 

GAAP Company sales

 

$

213

 

 

$

253

 

 

$

410

 

 

$

496

 

Franchise sales

 

2,514

 

 

2,236

 

 

4,823

 

 

4,340

 

System sales

 

2,727

 

 

2,489

 

 

5,233

 

 

4,836

 

Foreign Currency Impact on System sales

 

(4

)

 

N/A

 

 

(9

)

 

N/A

 

System sales, excluding FX

 

$

2,731

 

 

$

2,489

 

 

$

5,242

 

 

$

4,836

 

 

 

 

 

 

 

 

 

 

2019 EPS GUIDANCE

We have also provided certain forward-looking guidance using non-GAAP measurements. Specifically, in connection with the announcement of our strategic transformation initiatives in 2016, we announced a 2019 Diluted EPS target of at least $3.75 (“2019 Adjusted EPS Target”). This 2019 Adjusted EPS Target was intended to exclude:

  • Any impact from changes in FX rates (i.e. FX rates were assumed not to change from those in place when we determined the 2019 Adjusted EPS Target in 2016) 
  • Any Special Items? and 
  • The impact of the 53rd week in 2019 for our U.S. businesses and certain international subsidiaries that report on a period calendar?

Additionally, we acquired an interest in Grubhub common stock subsequent to our original determination of the 2019 Adjusted EPS Target and thus are excluding any resulting mark-to-market adjustment for that investment from the 2019 Adjusted EPS target.

At this time, we are unable to forecast any Special Items or Grubhub mark-to-market adjustments for the remainder of 2019 beyond amounts already recognized through June 30, 2019. The full year forecasted impacts of FX and the 53rd week and actual year-to-date impacts of Special Items and Grubhub mark-to-market adjustments on our 2019 Adjusted EPS Target are shown below. This impact of FX has been determined as the difference in translating our current local currency forecasts for 2019 at current FX forward rates and FX rates at the time the 2019 Adjusted EPS target was determined in 2016.

   

Reconciliation of Non-GAAP Amounts - 2019 Adjusted EPS Target

 

2019 Diluted EPS with no forecasted impact of Special Items or Grubhub mark-to-market

At least $3.73

Foreign Currency Impact

0.08

Impact of 53rd Week

(0.06)

Year-to-Date Special Items Expense through June 30, 2019

0.01

Year-to-Date Grubhub mark-to-market through June 30, 2019

(0.01)

2019 Adjusted EPS Target

At least $3.75

 
 
 

YUM! Brands, Inc. 
Segment Results 
(amounts in millions) 
(unaudited)

 

Quarter Ended 6/30/2019

KFC

 

Pizza Hut

 

Taco Bell

 

Corporate

and

Unallocated

 

Consolidated

Total revenues

$

584

 

 

$

246

 

 

$

480

 

 

$

 

 

$

1,310

 

 

 

 

 

 

 

 

 

 

 

Company restaurant expenses

113

 

 

10

 

 

163

 

 

 

 

286

 

General and administrative expenses

75

 

 

44

 

 

41

 

 

38

 

 

198

 

Franchise and property expenses

19

 

 

9

 

 

8

 

 

2

 

 

38

 

Franchise advertising and other services expense

116

 

 

89

 

 

110

 

 

 

 

315

 

Refranchising (gain) loss

 

 

 

 

 

 

(4

)

 

(4

)

Other (income) expense

 

 

(2

)

 

(1

)

 

9

 

 

6

 

Total costs and expenses, net

323

 

 

150

 

 

321

 

 

45

 

 

839

 

Operating Profit

$

261

 

 

$

96

 

 

$

159

 

 

$

(45

)

 

$

471

 

Quarter Ended 6/30/2018

KFC

 

Pizza Hut

 

Taco Bell

 

Corporate

and

Unallocated

 

Consolidated

Total revenues

$

651

 

 

$

233

 

 

$

484

 

 

$

 

 

$

1,368

 

 

 

 

 

 

 

 

 

 

 

Company restaurant expenses

210

 

 

19

 

 

193

 

 

(1

)

 

421

 

General and administrative expenses

81

 

 

46

 

 

41

 

 

40

 

 

208

 

Franchise and property expenses

25

 

 

8

 

 

6

 

 

1

 

 

40

 

Franchise advertising and other services expense

101

 

 

77

 

 

96

 

 

 

 

274

 

Refranchising (gain) loss

 

 

 

 

 

 

(29

)

 

(29

)

Other (income) expense

(1

)

 

2

 

 

(1

)

 

5

 

 

5

 

Total costs and expenses, net

416

 

 

152

 

 

335

 

 

16

 

 

919

 

Operating Profit

$

235

 

 

$

81

 

 

$

149

 

 

$

(16

)

 

$

449

 

                                       

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.

 
 
 

YUM! Brands, Inc. 
Segment Results 
(amounts in millions) 
(unaudited)

 

Year to Date 6/30/2019

KFC

 

Pizza Hut

 

Taco Bell

 

Corporate

and

Unallocated

 

Consolidated

Total revenues

$

1,150

 

 

$

489

 

 

$

925

 

 

$

 

 

$

2,564

 

 

 

 

 

 

 

 

 

 

 

Company restaurant expenses

221

 

 

21

 

 

316

 

 

 

 

558

 

General and administrative expenses

153

 

 

91

 

 

84

 

 

81

 

 

409

 

Franchise and property expenses

47

 

 

14

 

 

17

 

 

3

 

 

81

 

Franchise advertising and other services expense

232

 

 

172

 

 

212

 

 

 

 

616

 

Refranchising (gain) loss

 

 

 

 

 

 

(10

)

 

(10

)

Other (income) expense

 

 

(2

)

 

(1

)

 

9

 

 

6

 

Total costs and expenses, net

653

 

 

296

 

 

628

 

 

83

 

 

1,660

 

Operating Profit

$

497

 

 

$

193

 

 

$

297

 

 

$

(83

)

 

$

904

 

Year to Date 6/30/2018

KFC

 

Pizza Hut

 

Taco Bell

 

Corporate

and

Unallocated

 

Consolidated

Total revenues

$

1,309

 

 

$

484

 

 

$

946

 

 

$

 

 

$

2,739

 

 

 

 

 

 

 

 

 

 

 

Company restaurant expenses

430

 

 

43

 

 

387

 

 

(1

)

 

859

 

General and administrative expenses

166

 

 

96

 

 

81

 

 

84

 

 

427

 

Franchise and property expenses

54

 

 

19

 

 

12

 

 

2

 

 

87

 

Franchise advertising and other services expense

205

 

 

155

 

 

186

 

 

 

 

546

 

Refranchising (gain) loss

 

 

 

 

 

 

(185

)

 

(185

)

Other (income) expense

(2

)

 

2

 

 

(1

)

 

4

 

 

3

 

Total costs and expenses, net

853

 

 

315

 

 

665

 

 

(96

)

 

1,737

 

Operating Profit

$

456

 

 

$

169

 

 

$

281

 

 

$

96

 

 

$

1,002

 

                                       

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)

(a) Amounts presented as of and for the quarters and years to date ended June 30, 2019 and 2018 are preliminary.

(b) In connection with our previously announced plans to have at least 98% franchise restaurant ownership by the end of 2018, we recorded net refranchising gains during the quarters ended June 30, 2019 and 2018 of $4 million and $29 million, respectively, that have been reflected as Special Items. During the years to date ended June 30, 2019 and 2018, we recorded net refranchising gains of $10 million and $185 million, respectively, that have been reflected as Special Items.

The second quarter 2019 net refranchising gains related primarily to the sale of certain restaurant assets associated with existing franchise restaurants to the franchisee. The second quarter 2018 net refranchising gains related primarily to refranchising KFC restaurants in the UK.

(c) During the quarter ended June 30, 2019 we recorded charges of $8 million and $2 million to Other (income) expense and Interest expense, net, respectively, related to cash payments in excess of our recorded liability to settle contingent consideration associated with our acquisition of the KFC Turkey and Pizza Hut Turkey businesses in 2013. Consistent with prior adjustments to the recorded contingent consideration we have reflected this as a Special Item.

(d) Tax Expense 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. Additionally, during the quarter ended June 30, 2018, we recorded a $19 million increase to our Income tax provision for the correction of an error associated with the tax recorded on a prior year divestiture, the effects of which were previously recorded as a Special Item.

(e) During the quarter and year to date ended June 30, 2018, we recorded $32 million and $16 million decreases, respectively, related to our provisional tax expense recorded in the fourth quarter of 2017 associated with the Tax Cuts and Jobs Act of 2017 ("Tax Act") that was reported as a Special Item. We also recorded Special Items tax benefits of $8 million and $18 million, respectively, in the quarter and year to date ended June 30, 2018 related to 2018 U.S. foreign tax credits that became realizable directly as a result of the impact of deemed repatriation tax expense associated with the Tax Act.

(f) Effective January 1, 2019, we adopted the new lease accounting standard. As a result, we are now required to recognize right-of-use assets and lease liabilities upon lease commencement for operating leases based on the present value of lease payments over the lease term. Under our historical accounting, operating leases were not recognized on the balance sheet. Prior results have not been restated for the impact of this accounting change. Upon adoption we recognized right-of-use assets for leases in place at January 1, 2019 of $690 million, which are presented within Other Assets in our Condensed Consolidated Balance Sheets. Also upon adoption we recognized lease liabilities of $83 million and $661 million within Accounts payable and other current liabilities and Other liabilities and deferred credits, respectively, in our Condensed Consolidated Balance Sheets. The impact of the new operating lease accounting on our results of operations and cash flows is not expected to be significant.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20190801005451/en/

Media Contact:

Virginia Ferguson
Senior Director, Public Relations
502/874-8200

Source: Yum! Brands, Inc.

###

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