Technology Investment, Competitive Store Economics, and Digital Acuity Underpin Yum Brands' Strength

While the coronavirus has turned the restaurant industry upside down over the past two years, we're encouraged by the ability of the largest operators, including Yum, to accelerate critical investments in e-commerce platforms, delivery integration, and technological solutions that meet the demands of the modern restaurant consumer. Recent acquisitions demonstrate the emphasis the firm has placed on digital enhancements, with 45% of systemwide sales now coming through digital channels, which we expect to remain integral to Yum's strategic playbook.