Yum! Brands Guidance

As of the Q4 2019 Earnings Call (2/6/2020)

The company's full year 2020 results will likely be below our long-term growth algorithm owing to uncertainty of the coronavirus and Pizza Hut U.S.

We have a significant number of KFC and Pizza Hut Concept restaurants located in mainland China, operated by our master franchisee, Yum China. Many of our restaurants located within mainland China have been temporarily closed, have shortened operating hours and/or have otherwise been adversely affected by the impact of the coronavirus. Additionally, other nearby franchisees, such as those in Hong Kong and Taiwan, have experienced significant sales declines as well. We are unable to accurately predict the impact that the coronavirus will have on our results of operations, due to uncertainties including the ultimate geographic spread of the virus within and outside of China, the severity of the disease, the duration of the outbreak, and actions that may be taken by governmental authorities to contain the coronavirus or to treat its impact. However, while it is premature to accurately predict the ultimate impact of these developments, we expect our results for the quarter ending March 31, 2020 to be significantly impacted with potential continuing, adverse impacts beyond March 31, 2020.

Long-Term Growth Model:
Global System Same-Store Sales Growth 2-3%
Global Net New Unit Growth ~4%
Global System Sales Growth, excluding FX and 53rd Week Mid to High Single-Digit
Core Operating Profit Growth, excluding FX and 53rd Week High Single-Digit
Additional Matters:
2019 Gross Capital Expenditures ~$225MM
2019 Capital Expenditures net of refranchising proceeds ~$125-150MM
Operating Profit 2019 Base $1,930MM
Core Operating Profit 2019 Base $1,941MM
Core Operating Profit 2019 Base, excluding 53rd Week $1,916MM
Effective Tax Rate, excluding Special Items 21-23%