UNITED STATES |
SECURITIES AND EXCHANGE COMMISSION |
Washington, D. C. 20549 |
North Carolina | 13-3951308 | ||
(State or other jurisdiction of | (I.R.S. Employer | ||
incorporation or organization) | Identification No.) | ||
1441 Gardiner Lane, Louisville, Kentucky | 40213 | ||
(Address of principal executive offices) | (Zip Code) | ||
Registrant's telephone number, including area code: (502) 874-8300 | |||
Former name or former address, if changed since last report: N/A |
YUM! BRANDS, INC. | ||||
(Registrant) |
Date: | April 12, 2017 | /s/ David E. Russell | ||
Senior Vice President, Finance and Corporate Controller | ||||
YUM! Brands, Inc. | ||||||||||||||||||||
Recast Consolidated Summary of Results | ||||||||||||||||||||
(amounts in millions) | ||||||||||||||||||||
(unaudited) | ||||||||||||||||||||
2016 | 2015 | |||||||||||||||||||
Quarter Ended March 31 | Quarter Ended June 30 | Quarter Ended September 30 | Quarter Ended December 31 | Year Ended December 31 | Year Ended December 31 | |||||||||||||||
Revenues | ||||||||||||||||||||
Company sales | $ | 953 | $ | 1,006 | $ | 992 | $ | 1,238 | $ | 4,189 | $ | 4,336 | ||||||||
Franchise and license fees and income | 490 | 503 | 526 | 648 | 2,167 | 2,082 | ||||||||||||||
Total revenues | 1,443 | 1,509 | 1,518 | 1,886 | 6,356 | 6,418 | ||||||||||||||
Costs and Expenses, Net | ||||||||||||||||||||
Company restaurant expenses | ||||||||||||||||||||
Food and paper | 287 | 307 | 303 | 370 | 1,267 | 1,340 | ||||||||||||||
Payroll and employee benefits | 257 | 263 | 260 | 326 | 1,106 | 1,125 | ||||||||||||||
Occupancy and other operating expenses | 261 | 269 | 268 | 318 | 1,116 | 1,162 | ||||||||||||||
Company restaurant expenses | 805 | 839 | 831 | 1,014 | 3,489 | 3,627 | ||||||||||||||
General and administrative expenses | 243 | 254 | 270 | 362 | 1,129 | 1,058 | ||||||||||||||
Franchise and license expenses | 51 | 54 | 40 | 56 | 201 | 240 | ||||||||||||||
Closures and impairment (income) expenses | 2 | 7 | 1 | 5 | 15 | 16 | ||||||||||||||
Refranchising (gain) loss | — | (54 | ) | (21 | ) | (88 | ) | (163 | ) | 23 | ||||||||||
Other (income) expense | (7 | ) | (6 | ) | (1 | ) | 17 | 3 | 20 | |||||||||||
Total costs and expenses, net | 1,094 | 1,094 | 1,120 | 1,366 | 4,674 | 4,984 | ||||||||||||||
Operating Profit | 349 | 415 | 398 | 520 | 1,682 | 1,434 | ||||||||||||||
Interest expense, net | 42 | 51 | 98 | 114 | 305 | 141 | ||||||||||||||
Other pension (income) expense | (1 | ) | — | (1 | ) | 34 | 32 | 40 | ||||||||||||
Income from continuing operations before income taxes | 308 | 364 | 301 | 372 | 1,345 | 1,253 | ||||||||||||||
Income tax provision | 82 | 98 | 83 | 64 | 327 | 327 | ||||||||||||||
Income from continuing operations | 226 | 266 | 218 | 308 | 1,018 | 926 | ||||||||||||||
Income from discontinued operations, net of tax | 138 | 70 | 422 | (5 | ) | 625 | 357 | |||||||||||||
Net Income | $ | 364 | $ | 336 | $ | 640 | $ | 303 | $ | 1,643 | $ | 1,283 | ||||||||
Basic Earnings per Common Share from continuing operations | $ | 0.55 | $ | 0.65 | $ | 0.56 | $ | 0.84 | $ | 2.58 | $ | 2.13 | ||||||||
Basic Earnings per Common Share from discontinued operations | 0.33 | 0.17 | 1.09 | (0.01 | ) | 1.59 | 0.82 | |||||||||||||
Basic earnings per Common Share | $ | 0.88 | $ | 0.82 | $ | 1.65 | $ | 0.83 | $ | 4.17 | $ | 2.95 | ||||||||
Average basic shares outstanding | 415 | 408 | 388 | 366 | 394 | 435 | ||||||||||||||
Diluted Earnings per Common Share from continuing operations | $ | 0.54 | $ | 0.64 | $ | 0.55 | $ | 0.83 | $ | 2.54 | $ | 2.09 | ||||||||
Diluted Earnings per Common Share from discontinued operations | 0.33 | 0.17 | 1.07 | (0.01 | ) | 1.56 | 0.81 | |||||||||||||
Diluted earnings per Common Share | $ | 0.87 | $ | 0.81 | $ | 1.62 | $ | 0.82 | $ | 4.10 | $ | 2.90 | ||||||||
Average diluted shares outstanding | 421 | 415 | 395 | 372 | 400 | 443 |
YUM! Brands, Inc. | |||||||||||||||||||
Recast Annual Segment Operating Results | |||||||||||||||||||
(amounts in millions) | |||||||||||||||||||
(unaudited) | |||||||||||||||||||
Year Ended 12/31/16 | KFC | Pizza Hut | Taco Bell | Corporate and Unallocated | Consolidated | ||||||||||||||
Company sales | $ | 2,156 | $ | 493 | $ | 1,540 | $ | — | 4,189 | ||||||||||
Franchise and license fees and income | 1,069 | 615 | 485 | (2 | ) | 2,167 | |||||||||||||
Total revenues | 3,225 | 1,108 | 2,025 | (2 | ) | 6,356 | |||||||||||||
Company restaurant expenses | |||||||||||||||||||
Food and paper | 733 | 137 | 397 | — | 1,267 | ||||||||||||||
Payroll and employee benefits | 507 | 156 | 443 | — | 1,106 | ||||||||||||||
Occupancy and other operating expenses | 599 | 159 | 358 | — | 1,116 | ||||||||||||||
Company restaurant expenses | 1,839 | 452 | 1,198 | — | 3,489 | ||||||||||||||
General and administrative expenses | 396 | 242 | 211 | 280 | 1,129 | ||||||||||||||
Franchise and license expenses | 108 | 48 | 21 | 24 | 201 | ||||||||||||||
Closures and impairment (income) expenses | 11 | 1 | 3 | — | 15 | ||||||||||||||
Refranchising (gain) loss | — | — | — | (163 | ) | (163 | ) | ||||||||||||
Other (income) expense | — | (2 | ) | (3 | ) | 8 | 3 | ||||||||||||
Total costs and expenses, net | 2,354 | 741 | 1,430 | 149 | 4,674 | ||||||||||||||
Operating Profit (loss) | $ | 871 | $ | 367 | $ | 595 | $ | (151 | ) | $ | 1,682 | ||||||||
Year Ended 12/31/15 | KFC | Pizza Hut | Taco Bell | Corporate and Unallocated | Consolidated | ||||||||||||||
Company sales | $ | 2,191 | $ | 601 | $ | 1,544 | $ | — | $ | 4,336 | |||||||||
Franchise and license fees and income | 1,031 | 604 | 447 | — | 2,082 | ||||||||||||||
Total revenues | 3,222 | 1,205 | 1,991 | — | 6,418 | ||||||||||||||
Company restaurant expenses | |||||||||||||||||||
Food and paper | 751 | 167 | 422 | — | 1,340 | ||||||||||||||
Payroll and employee benefits | 511 | 187 | 427 | — | 1,125 | ||||||||||||||
Occupancy and other operating expenses | 622 | 189 | 351 | — | 1,162 | ||||||||||||||
Company restaurant expenses | 1,884 | 543 | 1,200 | — | 3,627 | ||||||||||||||
General and administrative expenses | 395 | 262 | 221 | 180 | 1,058 | ||||||||||||||
Franchise and license expenses | 101 | 45 | 23 | 71 | 240 | ||||||||||||||
Closures and impairment (income) expenses | 9 | 4 | 3 | — | 16 | ||||||||||||||
Refranchising (gain) loss | — | — | — | 23 | 23 | ||||||||||||||
Other (income) expense | (2 | ) | — | (2 | ) | 24 | 20 | ||||||||||||
Total costs and expenses, net | 2,387 | 854 | 1,445 | 298 | 4,984 | ||||||||||||||
Operating Profit (loss) | $ | 835 | $ | 351 | $ | 546 | $ | (298 | ) | $ | 1,434 | ||||||||
YUM! Brands, Inc. | ||||||||||||||||||||
Recast Quarterly Segment Operating Results | ||||||||||||||||||||
(amounts in millions) | ||||||||||||||||||||
(unaudited) | ||||||||||||||||||||
Quarter Ended 3/31/16 | KFC | Pizza Hut | Taco Bell | Corporate and Unallocated | Consolidated | |||||||||||||||
Company sales | $ | 493 | $ | 135 | $ | 325 | $ | — | $ | 953 | ||||||||||
Franchise and license fees and income | 243 | 146 | 101 | — | 490 | |||||||||||||||
Total revenues | 736 | 281 | 426 | — | 1,443 | |||||||||||||||
Company restaurant expenses | ||||||||||||||||||||
Food and paper | 167 | 37 | 83 | — | 287 | |||||||||||||||
Payroll and employee benefits | 118 | 42 | 97 | — | 257 | |||||||||||||||
Occupancy and other operating expenses | 142 | 42 | 77 | — | 261 | |||||||||||||||
Company restaurant expenses | 427 | 121 | 257 | — | 805 | |||||||||||||||
General and administrative expenses | 94 | 59 | 47 | 43 | 243 | |||||||||||||||
Franchise and license expenses | 28 | 10 | 4 | 9 | 51 | |||||||||||||||
Closures and impairment (income) expenses | 2 | — | — | — | 2 | |||||||||||||||
Refranchising (gain) loss | — | — | — | — | — | |||||||||||||||
Other (income) expense | — | — | — | (7 | ) | (7 | ) | |||||||||||||
Total costs and expenses, net | 551 | 190 | 308 | 45 | 1,094 | |||||||||||||||
Operating Profit (loss) | $ | 185 | $ | 91 | $ | 118 | $ | (45 | ) | $ | 349 | |||||||||
Quarter Ended 6/30/16 | KFC | Pizza Hut | Taco Bell | Corporate and Unallocated | Consolidated | |||||||||||||||
Company sales | $ | 528 | $ | 125 | $ | 353 | $ | — | $ | 1,006 | ||||||||||
Franchise and license fees and income | 251 | 142 | 111 | (1 | ) | 503 | ||||||||||||||
Total revenues | 779 | 267 | 464 | (1 | ) | 1,509 | ||||||||||||||
Company restaurant expenses | ||||||||||||||||||||
Food and paper | 181 | 35 | 91 | — | 307 | |||||||||||||||
Payroll and employee benefits | 124 | 39 | 100 | — | 263 | |||||||||||||||
Occupancy and other operating expenses | 146 | 40 | 83 | — | 269 | |||||||||||||||
Company restaurant expenses | 451 | 114 | 274 | — | 839 | |||||||||||||||
General and administrative expenses | 93 | 56 | 46 | 59 | 254 | |||||||||||||||
Franchise and license expenses | 28 | 14 | 5 | 7 | 54 | |||||||||||||||
Closures and impairment (income) expenses | 4 | 2 | 1 | — | 7 | |||||||||||||||
Refranchising (gain) loss | — | — | — | (54 | ) | (54 | ) | |||||||||||||
Other (income) expense | — | — | (1 | ) | (5 | ) | (6 | ) | ||||||||||||
Total costs and expenses, net | 576 | 186 | 325 | 7 | 1,094 | |||||||||||||||
Operating Profit (loss) | $ | 203 | $ | 81 | $ | 139 | $ | (8 | ) | $ | 415 | |||||||||
YUM! Brands, Inc. | ||||||||||||||||||||
Recast Quarterly Segment Operating Results | ||||||||||||||||||||
(amounts in millions) | ||||||||||||||||||||
(unaudited) | ||||||||||||||||||||
Quarter Ended 9/30/16 | KFC | Pizza Hut | Taco Bell | Corporate and Unallocated | Consolidated | |||||||||||||||
Company sales | $ | 520 | $ | 106 | $ | 366 | $ | — | $ | 992 | ||||||||||
Franchise and license fees and income | 267 | 145 | 115 | (1 | ) | 526 | ||||||||||||||
Total revenues | 787 | 251 | 481 | (1 | ) | 1,518 | ||||||||||||||
Company restaurant expenses | ||||||||||||||||||||
Food and paper | 178 | 29 | 96 | — | 303 | |||||||||||||||
Payroll and employee benefits | 120 | 35 | 105 | — | 260 | |||||||||||||||
Occupancy and other operating expenses | 144 | 38 | 86 | — | 268 | |||||||||||||||
Company restaurant expenses | 442 | 102 | 287 | — | 831 | |||||||||||||||
General and administrative expenses | 89 | 55 | 48 | 78 | 270 | |||||||||||||||
Franchise and license expenses | 26 | 11 | 4 | (1 | ) | 40 | ||||||||||||||
Closures and impairment (income) expenses | — | 1 | — | — | 1 | |||||||||||||||
Refranchising (gain) loss | — | — | — | (21 | ) | (21 | ) | |||||||||||||
Other (income) expense | — | (2 | ) | (1 | ) | 2 | (1 | ) | ||||||||||||
Total costs and expenses, net | 557 | 167 | 338 | 58 | 1,120 | |||||||||||||||
Operating Profit (loss) | $ | 230 | $ | 84 | $ | 143 | $ | (59 | ) | $ | 398 | |||||||||
Quarter Ended 12/31/16 | KFC | Pizza Hut | Taco Bell | Corporate and Unallocated | Consolidated | |||||||||||||||
Company sales | $ | 615 | $ | 127 | $ | 496 | $ | — | $ | 1,238 | ||||||||||
Franchise and license fees and income | 308 | 182 | 158 | — | 648 | |||||||||||||||
Total revenues | 923 | 309 | 654 | — | 1,886 | |||||||||||||||
Company restaurant expenses | ||||||||||||||||||||
Food and paper | 207 | 36 | 127 | — | 370 | |||||||||||||||
Payroll and employee benefits | 145 | 40 | 141 | — | 326 | |||||||||||||||
Occupancy and other operating expenses | 167 | 39 | 112 | — | 318 | |||||||||||||||
Company restaurant expenses | 519 | 115 | 380 | — | 1,014 | |||||||||||||||
General and administrative expenses | 120 | 72 | 70 | 100 | 362 | |||||||||||||||
Franchise and license expenses | 26 | 13 | 8 | 9 | 56 | |||||||||||||||
Closures and impairment (income) expenses | 5 | (2 | ) | 2 | — | 5 | ||||||||||||||
Refranchising (gain) loss | — | — | — | (88 | ) | (88 | ) | |||||||||||||
Other (income) expense | — | — | (1 | ) | 18 | 17 | ||||||||||||||
Total costs and expenses, net | 670 | 198 | 459 | 39 | 1,366 | |||||||||||||||
Operating Profit (loss) | $ | 253 | $ | 111 | $ | 195 | $ | (39 | ) | $ | 520 | |||||||||
YUM! Brands, Inc. | ||||||||||||||||||||
Reconciliation of Non-GAAP Measurements to GAAP Results | ||||||||||||||||||||
(amounts in millions) | ||||||||||||||||||||
(unaudited) | ||||||||||||||||||||
Note: Consult our filings with the Securities and Exchange Commission for additional details related to our use of the Non-GAAP measures of Diluted EPS from Continuing Operations before Special Items and Core Operating Profit. | ||||||||||||||||||||
2016 | 2015 | |||||||||||||||||||
Quarter Ended March 31 | Quarter Ended June 30 | Quarter Ended September 30 | Quarter Ended December 31 | Year Ended December 31 | Year Ended December 31 | |||||||||||||||
Detail of Special Items | ||||||||||||||||||||
Refranchising initiatives | $ | — | $ | 54 | $ | 21 | $ | 88 | $ | 163 | $ | (19 | ) | |||||||
YUM's Strategic Transformation Initiatives | — | (4 | ) | (30 | ) | (33 | ) | (67 | ) | — | ||||||||||
Non-cash charges associated with share-based compensation | — | — | — | (30 | ) | (30 | ) | — | ||||||||||||
Costs associated with KFC U.S. Acceleration Agreement | (9 | ) | (8 | ) | — | (9 | ) | (26 | ) | (72 | ) | |||||||||
Other Special Items Income (Expense) | — | (2 | ) | (1 | ) | (2 | ) | (5 | ) | — | ||||||||||
Special Items Income (Expense) - Operating Profit | (9 | ) | 40 | (10 | ) | 14 | 35 | (91 | ) | |||||||||||
Settlement charges associated with pension deferred vested project and Other pension charges | — | — | — | (26 | ) | (26 | ) | — | ||||||||||||
Tax Benefit (Expense) on Special Items | 2 | (7 | ) | 5 | 24 | 24 | (4 | ) | ||||||||||||
Special Items Income (Expense), net of tax - Continuing Operations | $ | (7 | ) | $ | 33 | $ | (5 | ) | $ | 12 | $ | 33 | $ | (95 | ) | |||||
Average diluted shares outstanding | 421 | 415 | 395 | 372 | 400 | 443 | ||||||||||||||
Special Items diluted EPS | $ | (0.01 | ) | $ | 0.08 | $ | (0.01 | ) | $ | 0.03 | $ | 0.08 | $ | (0.22 | ) | |||||
Reconciliation of GAAP Operating Profit to Core Operating Profit | ||||||||||||||||||||
Consolidated | ||||||||||||||||||||
GAAP Operating Profit | $ | 349 | $ | 415 | $ | 398 | $ | 520 | $ | 1,682 | $ | 1,434 | ||||||||
Special Items Income (Expense) - Operating Profit | (9 | ) | 40 | (10 | ) | 14 | 35 | (91 | ) | |||||||||||
Foreign Currency Impact on Reported Operating Profit | (15 | ) | (13 | ) | (9 | ) | (10 | ) | (47 | ) | N/A | |||||||||
Core Operating Profit | $ | 373 | $ | 388 | $ | 417 | $ | 516 | $ | 1,694 | $ | 1,525 | ||||||||
KFC Division | ||||||||||||||||||||
GAAP Operating Profit | $ | 185 | 203 | 230 | 253 | 871 | 835 | |||||||||||||
Foreign Currency Impact on Reported Operating Profit | (13 | ) | (12 | ) | (8 | ) | (8 | ) | (41 | ) | N/A | |||||||||
Core Operating Profit | $ | 198 | $ | 215 | $ | 238 | $ | 261 | $ | 912 | $ | 835 | ||||||||
Pizza Hut Division | ||||||||||||||||||||
GAAP Operating Profit | $ | 91 | $ | 81 | $ | 84 | $ | 111 | $ | 367 | $ | 351 | ||||||||
Foreign Currency Impact on Reported Operating Profit | (2 | ) | (1 | ) | (1 | ) | (3 | ) | (7 | ) | N/A | |||||||||
Core Operating Profit | $ | 93 | $ | 82 | $ | 85 | $ | 114 | $ | 374 | $ | 351 | ||||||||
Taco Bell Division | ||||||||||||||||||||
GAAP Operating Profit | $ | 118 | $ | 139 | $ | 143 | $ | 195 | $ | 595 | $ | 546 | ||||||||
Foreign Currency Impact on Reported Operating Profit | — | — | — | 1 | 1 | N/A | ||||||||||||||
Core Operating Profit | $ | 118 | $ | 139 | $ | 143 | $ | 194 | $ | 594 | $ | 546 | ||||||||
Reconciliation of Diluted EPS from Continuing Operations to Diluted EPS from Continuing Operations Before Special Items | ||||||||||||||||||||
Diluted EPS from Continuing Operations | $ | 0.54 | $ | 0.64 | $ | 0.55 | $ | 0.83 | $ | 2.54 | $ | 2.09 | ||||||||
Special Items EPS | (0.01 | ) | 0.08 | (0.01 | ) | 0.03 | 0.08 | (0.22 | ) | |||||||||||
Diluted EPS from Continuing Operations before Special Items | $ | 0.55 | $ | 0.56 | $ | 0.56 | $ | 0.80 | $ | 2.46 | $ | 2.31 |
YUM! Brands, Inc. | |||||||||||
Recast Annual Division System Sales Growth | |||||||||||
(unaudited) | |||||||||||
Year Ended 12/31/16 | KFC | Pizza Hut | Taco Bell | Worldwide | |||||||
System sales, reported | 3 | % | 0 | % | 6 | % | 3 | % | |||
System sales, excluding FX | 7 | % | 2 | % | 6 | % | 5 | % | |||
System sales, excluding FX and 53rd week | 6 | % | 1 | % | 5 | % | 4 | % | |||
Same store sales growth (decline) | 2 | % | -2 | % | 2 | % | 1 | % | |||
Year Ended 12/31/15 | KFC | Pizza Hut | Taco Bell | Worldwide | |||||||
System sales, reported | -3 | % | -1 | % | 8 | % | 0 | % | |||
System sales, excluding FX | 5 | % | 3 | % | 8 | % | 5 | % | |||
Same store sales growth (decline) | 1 | % | 0 | % | 5 | % | 2 | % | |||
YUM! Brands, Inc. | |||||||||||
Recast Quarterly Division System Sales Growth | |||||||||||
(unaudited) | |||||||||||
Quarter Ended 3/31/16 | KFC | Pizza Hut | Taco Bell | Worldwide | |||||||
System sales, reported | 1 | % | 0 | % | 4 | % | 1 | % | |||
System sales, excluding FX | 6 | % | 3 | % | 4 | % | 5 | % | |||
Same store sales growth (decline) | 3 | % | -1 | % | 1 | % | 2 | % | |||
Quarter Ended 6/30/16 | KFC | Pizza Hut | Taco Bell | Worldwide | |||||||
System sales, reported | 2 | % | 0 | % | 2 | % | 1 | % | |||
System sales, excluding FX | 6 | % | 2 | % | 2 | % | 4 | % | |||
Same store sales growth (decline) | 3 | % | -1 | % | -1 | % | 1 | % | |||
Quarter Ended 9/30/16 | KFC | Pizza Hut | Taco Bell | Worldwide | |||||||
System sales, reported | 2 | % | 0 | % | 5 | % | 2 | % | |||
System sales, excluding FX | 5 | % | 1 | % | 5 | % | 4 | % | |||
Same store sales growth (decline) | 2 | % | -1 | % | 3 | % | 1 | % | |||
Quarter Ended 12/31/16 | KFC | Pizza Hut | Taco Bell | Worldwide | |||||||
System sales, reported | 6 | % | 1 | % | 12 | % | 6 | % | |||
System sales, excluding FX | 9 | % | 4 | % | 12 | % | 8 | % | |||
System sales, excluding FX and 53rd week | 6 | % | 0 | % | 6 | % | 4 | % | |||
Same store sales growth (decline) | 2 | % | -3 | % | 3 | % | 1 | % | |||
Quarter Ended 3/31/15 | KFC | Pizza Hut | Taco Bell | Worldwide | |||||||
System sales, reported | -3 | % | 1 | % | 9 | % | 0 | % | |||
System sales, excluding FX | 2 | % | 3 | % | 9 | % | 4 | % | |||
Same store sales growth (decline) | -1 | % | -1 | % | 6 | % | 0 | % | |||
Quarter Ended 6/30/15 | KFC | Pizza Hut | Taco Bell | Worldwide | |||||||
System sales, reported | -6 | % | -1 | % | 9 | % | -2 | % | |||
System sales, excluding FX | 2 | % | 3 | % | 9 | % | 3 | % | |||
Same store sales growth (decline) | -2 | % | -1 | % | 6 | % | 0 | % | |||
Quarter Ended 9/30/15 | KFC | Pizza Hut | Taco Bell | Worldwide | |||||||
System sales, reported | -1 | % | 0 | % | 7 | % | 1 | % | |||
System sales, excluding FX | 9 | % | 5 | % | 7 | % | 7 | % | |||
Same store sales growth (decline) | 5 | % | 1 | % | 4 | % | 4 | % | |||
Quarter Ended 12/31/15 | KFC | Pizza Hut | Taco Bell | Worldwide | |||||||
System sales, reported | -4 | % | -2 | % | 7 | % | -1 | % | |||
System sales, excluding FX | 6 | % | 2 | % | 7 | % | 5 | % | |||
Same store sales growth (decline) | 3 | % | 0 | % | 4 | % | 2 | % | |||
YUM! Brands, Inc. | |||||||||
Recast Division Unit Activity | |||||||||
(unaudited) | |||||||||
KFC | Franchise | Company-owned | Total | ||||||
Year ended 12/31/2014 | 17,895 | 1,523 | 19,418 | ||||||
Net Unit Change | |||||||||
Q1 2015 | 85 | 7 | 92 | ||||||
Q2 2015 | 43 | 16 | 59 | ||||||
Q3 2015 | 92 | 13 | 105 | ||||||
Q4 2015 | 358 | (46 | ) | 312 | |||||
Year Ended 12/31/2015 | 18,473 | 1,513 | 19,986 | ||||||
Net Unit Change | |||||||||
Q1 2016 | 16 | (14 | ) | 2 | |||||
Q2 2016 | 132 | 5 | 137 | ||||||
Q3 2016 | 157 | 2 | 159 | ||||||
Q4 2016 | 458 | (99 | ) | 359 | |||||
Year ended 12/31/2016 | 19,236 | 1,407 | 20,643 | ||||||
Pizza Hut | Franchise | Company-owned | Total | ||||||
Year ended 12/31/2014 | 14,787 | 823 | 15,610 | ||||||
Net Unit Change | |||||||||
Q1 2015 | 89 | (36 | ) | 53 | |||||
Q2 2015 | 40 | 10 | 50 | ||||||
Q3 2015 | 153 | (48 | ) | 105 | |||||
Q4 2015 | 265 | 1 | 266 | ||||||
Year Ended 12/31/2015 | 15,334 | 750 | 16,084 | ||||||
Net Unit Change | |||||||||
Q1 2016 | 5 | (1 | ) | 4 | |||||
Q2 2016 | 155 | (65 | ) | 90 | |||||
Q3 2016 | 84 | (47 | ) | 37 | |||||
Q4 2016 | 293 | (88 | ) | 205 | |||||
Year ended 12/31/2016 | 15,871 | 549 | 16,420 | ||||||
Taco Bell | Franchise | Company-owned | Total | ||||||
Year ended 12/31/2014 | 5,277 | 933 | 6,210 | ||||||
Net Unit Change | |||||||||
Q1 2015 | 32 | (2 | ) | 30 | |||||
Q2 2015 | 24 | 2 | 26 | ||||||
Q3 2015 | 67 | (10 | ) | 57 | |||||
Q4 2015 | 113 | (23 | ) | 90 | |||||
Year Ended 12/31/2015 | 5,513 | 900 | 6,413 | ||||||
Net Unit Change | |||||||||
Q1 2016 | 20 | 3 | 23 | ||||||
Q2 2016 | 24 | 6 | 30 | ||||||
Q3 2016 | 57 | (8 | ) | 49 | |||||
Q4 2016 | 113 | (16 | ) | 97 | |||||
Year ended 12/31/2016 | 5,727 | 885 | 6,612 | ||||||