The company said it sold its approximate 5% minority stake in Devyani, the KFC and Pizza Hut franchisee in India, on Q1 2024 for pre-tax proceeds of $104 million. Changes in the stake's fair value before the sale resulted in pre-tax investment losses of $20 million in Q1 2023 $23 million.

10-QQuarterly reportFiled May 7, 2024Period of report Mar 31, 2024Summary published (UTC) Oct 24, 2026

Key points

AI summary

The company said it sold its approximate 5% minority stake in Devyani, the KFC and Pizza Hut franchisee in India, on Q1 2024 for pre-tax proceeds of $104 million. Changes in the stake's fair value before the sale resulted in pre-tax investment losses of $20 million in Q1 2023 $23 million.
The company said the markets most affected by the conflict, which include the Middle East, Indonesia and Malaysia, collectively created a low single-digit headwind to YUM's overall same-store sales growth in Q1 2024. Currency movements negatively impacted Divisional Operating Profit by $11 million in the same quarter.
The company said operating cash flow was $363 million in Q1 2024 versus $349 million in 2023. It said cash on hand was approximately $650 million as of March 31 and the $1.25 billion Revolving Facility was undrawn.
The company said approximately 94% of its $11.2 billion in total debt outstanding as of March 31, 2024, excluding finance leases, was fixed rate, including the effect of interest rate swaps, with an effective interest rate of approximately 4.6%. Its consolidated net leverage ratio was 4.1x EBITDA.

Key figures

Quarter ended March 31, 2024

Revenue: $1.6B
Operating income: $520M
Net income: $314M
EPS: $1.10
Operating cash flow: $363M

From the XBRL financial data filed with the SEC · not processed by AI.

Summary

AI-written

Analysis scope · Management's discussion (MD&A)We analyzed the Management's Discussion and Analysis (MD&A) section. Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

Devyani Stake Sale and Investment Losses

The company said it sold its approximate 5% minority stake in Devyani, the KFC and Pizza Hut franchisee in India, on Q1 2024 for pre-tax proceeds of $104 million. Changes in the stake's fair value before the sale resulted in pre-tax investment losses of $20 million in Q1 2023 $23 million.

Source · Based on the MD&A text of the filing

Middle East Conflict and Currency Impact

The company said the markets most affected by the conflict, which include the Middle East, Indonesia and Malaysia, collectively created a low single-digit headwind to YUM's overall same-store sales growth in Q1 2024. Currency movements negatively impacted Divisional Operating Profit by $11 million in the same quarter.

Source · Based on the MD&A text of the filing

Quarterly Operating Cash Flow and Liquidity

The company said operating cash flow was $363 million in Q1 2024 versus $349 million in 2023. It said cash on hand was approximately $650 million as of March 31 and the $1.25 billion Revolving Facility was undrawn.

Source · Based on the MD&A text of the filing

Debt Structure and Net Leverage

The company said approximately 94% of its $11.2 billion in total debt outstanding as of March 31, 2024, excluding finance leases, was fixed rate, including the effect of interest rate swaps, with an effective interest rate of approximately 4.6%. Its consolidated net leverage ratio was 4.1x EBITDA.

Source · Based on the MD&A text of the filing

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.

View the original filing on SEC EDGAR ↗

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