Yum! Brands, Inc. (NYSE:YUM) Q2 2020 Earnings Conference Call - Final Transcript

Jul 30, 2020 • 08:15 am ET


Yum! Brands, Inc. (NYSE:YUM) Q2 2020 Earnings Conference Call - Final Transcript


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Good day and welcome to the Yum! Brands, Inc. Second Quarter 2020 Earnings Conference Call. [Operator Instructions] [Operator Instructions]

I would now like to turn the conference over to Keith Siegner, Vice President, Investor Relations, M&A and Treasurer. Please go ahead.

Keith Siegner

Thanks, operator. Good morning, everyone, and thank you for joining us. On our call today are David Gibbs, our CEO; Chris Turner, our Chief Financial Officer; and Dave Russell, our Senior Vice President and Corporate Controller. Following remarks from David and Chris, we'll open the call to questions. Before we get started, I'd like to remind you that this conference call includes forward-looking statements. Forward-looking statements are subject to future events and uncertainties that could cause our actual results to differ materially from these statements.

We're going to do our best to provide our current thinking about the impact of the COVID-19 pandemic on our business, but obviously, this situation is completely unprecedented and evolving. So any forward-looking remarks should be considered in light of the uncertainty regarding the severity and duration of the pandemic and the variables that will be impacted as a result.

All forward-looking statements are made only as of the date of this announcement and should be considered in conjunction with the cautionary statements in our earnings release and the risk factors included in our filings with the SEC. In addition, please refer to our earnings releases and relevant sections of our filings with the SEC to find disclosures and reconciliations of non-GAAP financial measures that may be used on today's call.

Please note the following regarding our basis of presentation: First, all system sales results exclude the impact of foreign currency. Second, core operating profit growth figures exclude the impact of foreign currency and special items. For more information on our reporting calendar for each market, please visit the Financial Reports section of our website. We are broadcasting this conference call via our website. This call is also being recorded and will be available for playback. Please be advised that if you ask a question, it will be included in both our live conference and in any future use of the recording.

We'd like to make you aware of upcoming Yum! investor events and the following: First, disclosures pertaining to outstanding debt in our restricted group capital structure will be provided at the time of the Form 10-Q filing. Second, third quarter earnings will be released on October 29, 2020, with the conference call on the same day.

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

David Gibbs

Thank you, Keith, and good morning, everyone. I want to start by thanking and recognizing our employees, franchisees and restaurant team members around the globe. They have adapted to the incredible challenges of 2020 with remarkable agility, bringing our delicious, affordable food to customers in a low-contact manner. As a result, we are well positioned to leverage our scale and capabilities to generate profitable system sales growth in the new customer environment.

On the foundation