Yum! Brands, Inc. (NYSE:YUM) Q1 2024 Earnings Conference Call May 1, 2024 8:15 AM ET

Company Participants

Matt Morris - Head, Investor Relations
David Gibbs - Chief Executive Officer
Chris Turner - Chief Financial Officer
Dave Russell - Senior Vice President and Corporate Controller

Conference Call Participants

Jon Tower - Citigroup
Brian Bittner - Oppenheimer & Co
David Palmer - Evercore ISI
John Ivankoe - JPMorgan
Brian Harbour - Morgan Stanley
Dennis Geiger - UBS
Sara Senatore - Bank of America
David Tarantino - Baird

Operator

Hello, everyone and welcome to the Yum! Brands, Inc. 2024 First Quarter Earnings Call. My name is Nadia and I will be coordinating the call today. [Operator Instructions] I will now hand over to your host, Matt Morris, Head of Investor Relations to begin. Matt, please go ahead.

Matt Morris

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

Before we get started, please note that this call includes forward-looking statements that are subject to future events and uncertainties that could cause our actual results to differ materially from these statements. All forward-looking statements are made only as of the date of this call and should be considered in conjunction with the cautionary statements in our earnings release and the risk factors included in our filings with the SEC. In addition, please refer to our earnings release and the relevant sections of our filings with the SEC to find disclosures, definitions and reconciliations of non-GAAP financial measures and other metrics used on today’s call.

Please note that during today’s call, all system sales growth and operating profit growth results exclude the impact of foreign currency. On our last earnings call, we announced that we signed an agreement to acquire 218 KFC franchise restaurants in UK and Ireland. The transaction closed on April 29. As a reminder, several of Yum! Brands business units, report on a period calendar basis, including all U.S. and Canada brands, KFC UK and KFC Australia. For business units that report on a period basis, first quarter same-store sales growth excludes the benefit from the additional day of sales owing to Leap Day. When forecasting 2024, please keep in mind this year will include an extra week in the fourth quarter for those entities. For more information on our reporting calendar for each market, please visit the Financial Reports section of the IR website.