Yum! Brands Inc at Sanford C Bernstein Strategic Decisions Conference Transcript
Hi. Good afternoon and thank you, everybody, for joining us. I'm Sara Senatore, Bernstein's restaurant analyst. And a special thank you to our guest today on the dais, Yum!'s President, CFO and COO, David Gibbs; and VP of IR and Strategy, did I get that, right? Okay. Keith -- we just talked about this, Keith Siegner, whom I know for years, so it's okay, that I -- I giggled a little there.
So I'm sure all of you are familiar with the brands in Yum!'s portfolio, but let me just start briefly with a description to provide a backdrop for today's discussion, and then I'll say a few words of introduction about David.
Yum! has over 48,000 restaurants in more than 145 countries. Through the 3 concepts of KFC, Pizza Hut and Taco Bell, the company develops, operates, franchises and licenses a worldwide system of restaurants, which sell a menu of competitively priced food items. Units are operated by each concept or by -- oh, fewer of those now but increasingly by independent franchisees or
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