$YUMC
Yum China Holdings Inc

2022 Q4 Form 10-Q Financial Statement

#000095017022023468 Filed on November 09, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3
Revenue $2.088B $2.685B
YoY Change -8.86% 5.13%
Cost Of Revenue $1.267B $1.466B
YoY Change -9.63% -3.17%
Gross Profit $821.0M $1.219B
YoY Change -7.65% 17.21%
Gross Profit Margin 39.32% 45.4%
Selling, General & Admin $714.0M $848.0M
YoY Change -13.35% 1.56%
% of Gross Profit 86.97% 69.57%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $135.0M $150.0M
YoY Change -0.74% 17.19%
% of Gross Profit 16.44% 12.31%
Operating Expenses $747.0M $899.0M
YoY Change -13.14% 3.33%
Operating Profit $74.00M $320.0M
YoY Change 155.17% 79.78%
Interest Expense $41.00M $10.00M
YoY Change 78.26% -176.92%
% of Operating Profit 55.41% 3.13%
Other Income/Expense, Net -$23.00M -$24.00M
YoY Change 64.29% 140.0%
Pretax Income $80.00M $326.0M
YoY Change -87.4% 110.32%
Income Tax $24.00M $97.00M
% Of Pretax Income 30.0% 29.75%
Net Earnings $53.00M $206.0M
YoY Change -88.84% 98.08%
Net Earnings / Revenue 2.54% 7.67%
Basic Earnings Per Share $0.49
Diluted Earnings Per Share $0.13 $485.8K
COMMON SHARES
Basic Shares Outstanding 418.4M 419.6M
Diluted Shares Outstanding 424.0M

Balance Sheet

Concept 2022 Q4 2022 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.152B $4.037B
YoY Change -21.12% -7.77%
Cash & Equivalents $1.130B $1.211B
Short-Term Investments $2.022B $2.826B
Other Short-Term Assets $166.0M $286.0M
YoY Change -5.68% 56.28%
Inventory $417.0M $321.0M
Prepaid Expenses
Receivables $64.00M $66.00M
Other Receivables $141.0M $0.00
Total Short-Term Assets $3.940B $4.710B
YoY Change -16.45% -7.32%
LONG-TERM ASSETS
Property, Plant & Equipment $2.118B $4.119B
YoY Change -5.91% 115.65%
Goodwill $1.988B $1.927B
YoY Change -7.19% 124.59%
Intangibles $159.0M $176.0M
YoY Change -41.54% -19.27%
Long-Term Investments $1.131B $256.0M
YoY Change 119.61% -52.15%
Other Assets $343.0M $508.0M
YoY Change -58.77% -34.37%
Total Long-Term Assets $7.886B $6.986B
YoY Change -7.3% 8.75%
TOTAL ASSETS
Total Short-Term Assets $3.940B $4.710B
Total Long-Term Assets $7.886B $6.986B
Total Assets $11.83B $11.70B
YoY Change -10.56% 1.65%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $727.0M $673.0M
YoY Change -12.41% -10.98%
Accrued Expenses $986.0M $933.0M
YoY Change -12.82% -8.53%
Deferred Revenue $182.0M $152.0M
YoY Change 0.0% -8.43%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $5.000M $4.000M
YoY Change 66.67% 33.33%
Total Short-Term Liabilities $2.166B $2.104B
YoY Change -9.11% -4.1%
LONG-TERM LIABILITIES
Long-Term Debt $42.00M $36.00M
YoY Change 5.0% 5.88%
Other Long-Term Liabilities $162.0M $2.018B
YoY Change -2.99% 1087.06%
Total Long-Term Liabilities $162.0M $2.054B
YoY Change -2.99% 1108.24%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.166B $2.104B
Total Long-Term Liabilities $162.0M $2.054B
Total Liabilities $4.666B $5.278B
YoY Change -11.98% 14.02%
SHAREHOLDERS EQUITY
Retained Earnings $2.191B $2.228B
YoY Change -24.24% -9.72%
Common Stock $4.390B $4.408B
YoY Change -6.5% -5.91%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $6.482B $6.418B
YoY Change
Total Liabilities & Shareholders Equity $11.83B $11.70B
YoY Change -10.56% 1.65%

Cashflow Statement

Concept 2022 Q4 2022 Q3
OPERATING ACTIVITIES
Net Income $53.00M $206.0M
YoY Change -88.84% 98.08%
Depreciation, Depletion And Amortization $135.0M $150.0M
YoY Change -0.74% 17.19%
Cash From Operating Activities $84.00M $720.0M
YoY Change 47.37% 139.2%
INVESTING ACTIVITIES
Capital Expenditures $170.0M -$162.0M
YoY Change -182.13% -9.5%
Acquisitions
YoY Change
Other Investing Activities $241.0M -$379.0M
YoY Change 153.68% -906.38%
Cash From Investing Activities $71.00M -$541.0M
YoY Change -163.39% 309.85%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -261.0M -70.00M
YoY Change 180.65% -30.69%
NET CHANGE
Cash From Operating Activities 84.00M 720.0M
Cash From Investing Activities 71.00M -541.0M
Cash From Financing Activities -261.0M -70.00M
Net Change In Cash -106.0M 109.0M
YoY Change -28.38% 60.29%
FREE CASH FLOW
Cash From Operating Activities $84.00M $720.0M
Capital Expenditures $170.0M -$162.0M
Free Cash Flow -$86.00M $882.0M
YoY Change -132.58% 83.75%

Facts In Submission

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<p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">Note 1 – Description of Business</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.2410416666666666;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="white-space:pre-wrap;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"/> </p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.2410416666666666;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">Yum China Holdings, Inc. (“Yum China” and, together with its subsidiaries, the “Company,” “we,” “us” and “our”) was incorporated in </span><span style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">Delaware</span></span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> on </span><span style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">April 1, 2016</span></span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">.</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.2410416666666666;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="white-space:pre-wrap;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"/> </p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.2410416666666666;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">The Company owns, franchises or has ownership in entities that own and operate restaurants (also referred to as “stores” or “units”) under the KFC, Pizza Hut, Little Sheep, Huang Ji Huang, Lavazza, COFFii &amp; JOY and Taco Bell concepts (collectively, the “concepts”). In connection with the separation of the Company in 2016 from its former parent company, YUM! Brands, Inc. (“YUM”), a master license agreement was entered into between Yum Restaurants Consulting (Shanghai) Company Limited (“YCCL”), a wholly-owned indirect subsidiary of the Company, and YUM, through YRI China Franchising LLC, a subsidiary of YUM, effective from January 1, 2020 and previously through Yum! Restaurants Asia Pte. Ltd., another subsidiary of YUM, from October 31, 2016 to December 31, 2019. Pursuant to the master license agreement, we are the exclusive licensee of KFC, Pizza Hut and, subject to achieving certain agreed-upon milestones as amended in April 2022, Taco Bell brands and their related marks and other intellectual property rights for restaurant services in the People’s Republic of China (the “PRC” or “China”), excluding Hong Kong, Macau and Taiwan. The term of the license is </span><span style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">50 years</span></span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> from October 31, 2016 for the KFC and Pizza Hut brands and, subject to achieving certain agreed-upon milestones, </span><span style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">50 years</span></span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> from April 15, 2022 for the Taco Bell brand, with automatic renewals for additional consecutive renewal terms of </span><span style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">50</span></span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> years each, subject only to YCCL being in “good standing” and unless YCCL gives notice of its intent not to renew. In exchange, we pay a license fee to YUM equal to </span><span style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">3</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">% of net system sales from both our Company and franchise restaurants. We own the intellectual property of Little Sheep, Huang Ji Huang and COFFii &amp; JOY, and pay no license fee related to these concepts.</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.2410416666666666;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="white-space:pre-wrap;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"/> </p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.2410416666666666;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">In the second quarter of 2020, the Company partnered with Luigi Lavazza S.p.A. (“Lavazza Group”), the world renowned family-owned Italian coffee company, and entered into a joint venture to explore and develop the Lavazza coffee shop concept in China. In September 2021, the Company and Lavazza Group entered into agreements for the previously formed joint venture (“Lavazza joint venture”) to accelerate the expansion of Lavazza coffee shops in China. Upon execution of these agreements, the Company controls and consolidates the joint venture with its </span><span style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">65</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">% equity interest. The acquisition was considered immaterial.</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.2410416666666666;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="white-space:pre-wrap;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"/> </p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.2410416666666666;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">During the fourth quarter of 2021, the Company completed its investment of a </span><span style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">28</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">% equity interest in Hangzhou Catering Service Group (“Hangzhou Catering”), for cash consideration of $</span><span style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">255</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> million. Upon closing, the Company directly and indirectly holds an approximately </span><span style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">60</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">% equity interest in the Hangzhou KFC joint venture that operates KFC stores in and around Hangzhou, China (“Hangzhou KFC”), allowing the Company to consolidate Hangzhou KFC. The acquisition was considered immaterial.</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.231458333333333;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span> </p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.231458333333333;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">As part of our strategy to drive growth from off-premise occasions, we have also developed our own retail brand operations, SoulFun, since 2018, which sells ready meals such as steak, fried rice and pasta through online and offline channels. The operating results of SoulFun are included in our e-commerce business operating segment.</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.2410416666666666;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="white-space:pre-wrap;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"/> </p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.2410416666666666;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">The Company has </span><span style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">two</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> reportable segments: KFC and Pizza Hut. Our remaining operating segments, including the operations of Little Sheep, Huang Ji Huang, Lavazza, COFFii &amp; JOY, Taco Bell, East Dawning, Daojia and our e-commerce business, are combined and referred to as All Other Segments, as those operating segments are insignificant both individually and in the aggregate. East Dawning was severely impacted by the COVID-19 pandemic. As a result, the Company decided to wind down the operations of East Dawning brand in 2021, and closed all East Dawning units in China by March 2022. In addition, the Company decided to wind down the operations of COFFii &amp; JOY by the end of 2022. The Company will leverage its experience in COFFii &amp; JOY to better capture growing coffee market opportunities in China. Additional details on our reportable operating segments are included in Note 14.</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.2410416666666666;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="white-space:pre-wrap;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"/> </p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.2410416666666666;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">The Company’s common stock is listed on the New York Stock Exchange (“NYSE”) under the symbol “YUMC”. On September 10, 2020, the Company completed a secondary listing of its common stock on the Main Board of the Hong Kong Stock Exchange (“HKEX”) under the stock code “9987”, in connection with a global offering of </span><span style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">41,910,700</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> shares of its common stock. Net proceeds raised by the Company from the global offering after deducting underwriting fees and the offering expenses amounted to $</span><span style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">2.2</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> billion. On October 24, 2022, the Company’s voluntary conversion of its secondary listing status to a primary listing status on the HKEX became effective (“Primary Conversion”). On the same day, the Company’s shares of common stock traded on the HKEX was included in the Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect. Yum China is now a dual primary listed company on the NYSE and HKEX. The Company’s common stock listed on the two exchanges will continue to be fully fungible.</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span></p>
dei Entity Incorporation State Country Code
EntityIncorporationStateCountryCode
DE
dei Entity Incorporation Date Of Incorporation
EntityIncorporationDateOfIncorporation
2016-04-01
yumc Additional Consecutive Renewal Terms Of License Agreement
AdditionalConsecutiveRenewalTermsOfLicenseAgreement
P50Y
yumc Percentage Of License Fees On Net Sales
PercentageOfLicenseFeesOnNetSales
0.03
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2
us-gaap Basis Of Accounting
BasisOfAccounting
<p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.2410416666666666;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">Note 2 – Basis of Presentation</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.2410416666666666;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="white-space:pre-wrap;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"/> </p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.2410416666666666;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">Our preparation of the accompanying Condensed Consolidated Financial Statements in conformity with Generally Accepted Accounting Principles in the United States of America (“GAAP”) requires us to make estimates and assumptions that affect reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates.</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.2410416666666666;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="white-space:pre-wrap;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"/> </p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.2410416666666666;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">We have prepared the Condensed Consolidated Financial Statements in accordance with the rules and regulations of the Securities and Exchange Commission (the “SEC”) for interim financial information. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. The Condensed Consolidated Financial Statements include all normal and recurring adjustments considered necessary to present fairly our financial position as of September 30, 2022, our results of operations and comprehensive income for the quarters and years to date ended September 30, 2022 and 2021, and cash flows for the years to date ended September 30, 2022 and 2021. Our results of operations, comprehensive income and cash flows for these interim periods are not necessarily indicative of the results to be expected for the full year. These statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K as filed with the SEC on February 28, 2022.</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.2410416666666666;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="white-space:pre-wrap;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"/> </p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.2410416666666666;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">Through the acquisition of Daojia, the Company also acquired a variable interest entity (“VIE”) and subsidiaries of the VIE effectively controlled by Daojia. There exists a parent-subsidiary relationship between Daojia and its VIE as a result of certain exclusive agreements that require Daojia to consolidate its VIE and subsidiaries of the VIE because Daojia is the primary beneficiary that possesses the power to direct the activities of the VIE that most significantly impact its economic performance, and is entitled to substantially all of the profits and has the obligation to absorb all of the expected losses of the VIE. The acquired VIE and its subsidiaries were considered immaterial, both individually and in the aggregate. The results of Daojia’s operations have been included in the Company’s Condensed Consolidated Financial Statements since the acquisition date.</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="white-space:pre-wrap;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"/> </p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">The results of the Lavazza joint venture and Hangzhou KFC’s operations have been included in the Company’s Condensed Consolidated Financial Statements since the respective acquisition dates.</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="white-space:pre-wrap;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"/> </p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">Certain comparative items in the Condensed Consolidated Financial Statements have been reclassified to conform to the current period’s presentation to facilitate comparison.</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.2410416666666666;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="white-space:pre-wrap;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"/> </p><div style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;"><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.2410416666666666;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;text-decoration:underline;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">Recently Adopted Accounting Pronouncements</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="white-space:pre-wrap;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"/> </p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.2410416666666666;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(33,37,41,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">In August 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-06, </span><span style="background-color:rgba(0,0,0,0);color:rgba(33,37,41,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;font-style:italic;min-width:fit-content;">Debt — Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging — Contracts in Entity’s Own Equity (Subtopic 815-40)</span><span style="background-color:rgba(0,0,0,0);color:rgba(33,37,41,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> (“ASU 2020-06”), which eliminates two of the three models in ASC 470-20 that require separate accounting for embedded conversion features and eliminates some of the conditions for equity classification in ASC 815-40 for contracts in an entity’s own equity. The guidance also requires entities to use the if-converted method for all convertible instruments in the diluted earnings per share calculation and generally requires them to include the effect of share settlement for instruments that may be settled in cash or shares. We adopted this standard on January 1, 2022, and such adoption did not have a material impact on our financial statements.</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.2410416666666666;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="white-space:pre-wrap;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"/> </p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.2410416666666666;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(33,37,41,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">In May 2021, the FASB issued ASU 2021-04, </span><span style="background-color:rgba(0,0,0,0);color:rgba(33,37,41,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;font-style:italic;min-width:fit-content;">Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options</span><span style="background-color:rgba(0,0,0,0);color:rgba(33,37,41,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> (“ASU 2021-04”). It requires issuers to account for a modification or exchange of freestanding equity-classified written call options that remain equity-classified after the modification or exchange based on the economic substance of the modification or exchange. We adopted this standard on January 1, 2022, and such adoption did not have a material impact on our financial statements.</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.2410416666666666;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="white-space:pre-wrap;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"/> </p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.2410416666666666;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(33,37,41,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">In July 2021, the FASB issued ASU 2021-05, </span><span style="background-color:rgba(0,0,0,0);color:rgba(33,37,41,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;font-style:italic;min-width:fit-content;">Lessors — Certain Leases with Variable Lease</span><span style="background-color:rgba(0,0,0,0);color:rgba(33,37,41,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> (“ASU 2021-05”). It requires lessors to classify leases as operating leases if they have variable lease payments that do not depend on an index or rate and would have selling losses if they were classified as sales-type or direct financing leases. We adopted this standard on January 1, 2022, and such adoption did not have a material impact on our financial statements.</span></p></div>
yumc Prepaid Gift Cards Expiration Period
PrepaidGiftCardsExpirationPeriod
P36M
yumc Product Vouchers Maximum Expiration Period
ProductVouchersMaximumExpirationPeriod
P12M
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435000000
yumc Purchase Points Expiration Period
PurchasePointsExpirationPeriod
P18M
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2554000000
us-gaap Revenues
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us-gaap Revenues
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7562000000
yumc Period Within Date Of Corresponding Sales In Which Trade Receivables Are Classified As Accounts And Notes Receivable
PeriodWithinDateOfCorrespondingSalesInWhichTradeReceivablesAreClassifiedAsAccountsAndNotesReceivable
P30D
CY2022Q3 us-gaap Allowance For Doubtful Accounts Receivable Current
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2000000
CY2021Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
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us-gaap Capitalized Contract Cost Impairment Loss
CapitalizedContractCostImpairmentLoss
0
CY2021 us-gaap Capitalized Contract Cost Impairment Loss
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CapitalizedContractCostNet
5000000
CY2021Q4 us-gaap Capitalized Contract Cost Net
CapitalizedContractCostNet
7000000
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176000000
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60000000
CY2021Q3 us-gaap Contract With Customer Liability Revenue Recognized
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us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
103000000
us-gaap Contract With Customer Liability Revenue Recognized
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115000000
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206000000
CY2021Q3 us-gaap Net Income Loss
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104000000
us-gaap Net Income Loss
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389000000
us-gaap Net Income Loss
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515000000
CY2022Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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CY2021Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2022Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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CY2021Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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us-gaap Incremental Common Shares Attributable To Call Options And Warrants
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
426000000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
435000000
CY2022Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.49
CY2021Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.25
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.92
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.23
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CY2021Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
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us-gaap Earnings Per Share Diluted
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us-gaap Earnings Per Share Diluted
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CY2017Q1 yumc Number Of Tranches Of Warrants
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CY2022Q3 us-gaap Common Stock Dividends Per Share Declared
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CY2022Q3 us-gaap Dividends Common Stock Cash
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CY2022Q3 us-gaap Stock Repurchased And Retired During Period Value
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CY2022Q3 yumc Stock Issued During Period Value Stock Options Exercise And Vesting
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CY2022Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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CY2021Q3 us-gaap Profit Loss
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CY2021Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
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CY2021Q3 us-gaap Noncontrolling Interest Increase From Business Combination
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CY2021Q3 us-gaap Common Stock Dividends Per Share Declared
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CY2021Q3 us-gaap Dividends Common Stock Cash
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CY2021Q3 us-gaap Treasury Stock Value Acquired Cost Method
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us-gaap Profit Loss
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us-gaap Common Stock Dividends Per Share Declared
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us-gaap Dividends Common Stock Cash
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CY2022Q3 yumc Additional Lease Signed But Not Commenced With Total Undiscounted Minimum Lease Payments
AdditionalLeaseSignedButNotCommencedWithTotalUndiscountedMinimumLeasePayments
131000000
CY2022Q3 yumc Fair Value Equity Level1 To Level2 Transfer Amount
FairValueEquityLevel1ToLevel2TransferAmount
0
CY2021Q3 yumc Fair Value Equity Level1 To Level2 Transfer Amount
FairValueEquityLevel1ToLevel2TransferAmount
0
CY2022Q3 yumc Fair Value Equity Level2 To Level1 Transfer Amount
FairValueEquityLevel2ToLevel1TransferAmount
0
CY2021Q3 yumc Fair Value Equity Level2 To Level1 Transfer Amount
FairValueEquityLevel2ToLevel1TransferAmount
0
CY2022Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
97000000
CY2021Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
44000000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
183000000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
210000000
CY2022Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.299
CY2021Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.283
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.301
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.277
CY2022Q3 yumc Corporate Alternative Minimum Tax Rate
CorporateAlternativeMinimumTaxRate
0.15
CY2022Q3 yumc Excise Tax Corporate Stock Buy Backs
ExciseTaxCorporateStockBuyBacks
0.01
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2
CY2022Q3 us-gaap Revenues
Revenues
2685000000
CY2022Q3 us-gaap Revenues
Revenues
2685000000
CY2021Q3 us-gaap Revenues
Revenues
2554000000
us-gaap Revenues
Revenues
7481000000
us-gaap Revenues
Revenues
7562000000
CY2021Q3 yumc Unallocated Other Income Loss
UnallocatedOtherIncomeLoss
9000000
yumc Unallocated Other Income Loss
UnallocatedOtherIncomeLoss
2000000
yumc Unallocated Other Income Loss
UnallocatedOtherIncomeLoss
-7000000
CY2022Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
316000000
CY2021Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
178000000
us-gaap Operating Income Loss
OperatingIncomeLoss
588000000
us-gaap Operating Income Loss
OperatingIncomeLoss
753000000
CY2022Q3 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
25000000
CY2021Q3 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
16000000
us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
51000000
us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
47000000
CY2022Q3 us-gaap Gain Loss On Investments
GainLossOnInvestments
-15000000
us-gaap Gain Loss On Investments
GainLossOnInvestments
-43000000
CY2022Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
326000000
CY2021Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
155000000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
607000000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
757000000
CY2022Q3 us-gaap Asset Impairment Charges
AssetImpairmentCharges
7000000
CY2021Q3 us-gaap Asset Impairment Charges
AssetImpairmentCharges
4000000
us-gaap Asset Impairment Charges
AssetImpairmentCharges
37000000
us-gaap Asset Impairment Charges
AssetImpairmentCharges
23000000
CY2022Q3 us-gaap Assets
Assets
11696000000
CY2021Q4 us-gaap Assets
Assets
13223000000
CY2015Q1 us-gaap Effective Income Tax Rate Reconciliation Tax Contingencies Foreign
EffectiveIncomeTaxRateReconciliationTaxContingenciesForeign
0.10
CY2015Q1 yumc Percentage Of Tax Assessed On Difference Between Fair Market Value And Tax Basis
PercentageOfTaxAssessedOnDifferenceBetweenFairMarketValueAndTaxBasis
0.10
CY2022Q3 yumc Guarantees Outstanding Of Unconsolidated Affiliates
GuaranteesOutstandingOfUnconsolidatedAffiliates
0

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