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
Wednesday, February 7, 2024. The number is 833/470-1428 in the U.S., 833/950-0062 in Canada and 1-929-526-1599 for international callers,
conference ID 491669.
The call will be available for playback beginning at 10:00 a.m. Eastern Time February 7, 2024 through February 14, 2024. 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 +1/929-458-6194 internationally,
conference ID 928786.
The webcast and the playback can be accessed via the website by visiting Yum! Brands' website, investors.yum.com/events-and-presentations
and selecting “Q4 2023 Earnings Conference 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- or beverage-borne illness concerns; adverse impacts of deterioration in public health
conditions associated with COVID-19, or the occurrence of other catastrophic or unforeseen events; the success of our concepts’ franchisees; the
success of our development strategy; anticipated benefits from past or potential future acquisitions, investments or other strategic transactions,
or our portfolio business model; our significant exposure to the Chinese market; our global operations and related exposure to geopolitical
instability; foreign currency risks and foreign exchange controls; our ability to protect the integrity or availability of IT systems or the security
of confidential information and other cybersecurity risks; compliance with data privacy and data protection legal requirements; our ability to
successfully implement technology initiatives; our increasing dependence on digital commerce platforms; the impact of social media; our ability
to protect our trademarks or other intellectual property; shortages or interruptions in the availability and the delivery of food, equipment and
other supplies; the loss of key personnel, labor shortages and increased labor costs, including as a result of state and local legislation related to
wages and working conditions, such as AB1228 in California; changes in food prices and other operating costs; our corporate reputation, the
value and perception of our brands and changes in consumer preferences and wellness trends; evolving expectations and requirements with
respect to social and environmental sustainability matters; adverse effects of climate change; pending or future litigation and legal claims or
proceedings; changes in, or noncompliance with, legal requirements; tax matters, including changes in tax rates or laws, impositions of new
taxes, tax implications of our restructurings, or disagreements with taxing authorities; changes in consumer discretionary spending and
macroeconomic conditions, including inflationary pressures and elevated interest rates; competition within the retail food industry; risks relating
to our level 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, and its subsidiaries franchise or operate a system of over 58,000 restaurants in more than 155
countries and territories under the company’s concepts – KFC, Taco Bell, Pizza Hut and the Habit Burger Grill. The Company's KFC, Taco Bell
and Pizza Hut brands are global leaders of the chicken, Mexican-style food, and pizza categories, respectively. The Habit Burger Grill is a fast
casual restaurant concept specializing in made-to-order chargrilled burgers, sandwiches and more. In 2024, Yum! was named to the Dow Jones
Sustainability Index North America for the eighth consecutive year, and the company was recognized among TIME Magazine’s list of Best
Companies for Future Leaders and Newsweek’s list of America’s Most Responsible Companies. Yum! also received widespread recognition in
2023, including being listed on the Bloomberg Gender-Equality Index; Forbes’ list of America’s Best Employers for Diversity; and Newsweek’s
list of America’s Greenest Companies. In addition, KFC, Taco Bell and Pizza Hut brands were ranked in the top five of Entrepreneur’s Top
Global Franchises Ranking for 2023.
Analysts are invited to contact:
Matt Morris, Head of Investor Relations, at 888/298-6986
Members of the media are invited to contact:
Virginia Ferguson, Vice President, Public Relations, at 502/874-8200
6