Yum Brands' Digital Capabilities and Unit Development Narrative Position Operator for Share Gains

The restaurant industry has changed a lot over the past three years. We remain encouraged by the ability of the largest operators, including Yum Brands, 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.