$YUMC
Yum China Holdings, Inc.

2023 Q4 Form 10-Q Financial Statement

#000095017023061471 Filed on November 09, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3
Revenue $2.493B $2.914B
YoY Change 19.4% 8.53%
Cost Of Revenue $1.522B $1.652B
YoY Change 20.13% 12.69%
Gross Profit $971.0M $1.262B
YoY Change 18.27% 3.53%
Gross Profit Margin 38.95% 43.31%
Selling, General & Admin $807.0M $900.0M
YoY Change 13.03% 6.13%
% of Gross Profit 83.11% 71.32%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $114.0M $111.0M
YoY Change -15.56% -26.0%
% of Gross Profit 11.74% 8.8%
Operating Expenses $849.0M $939.0M
YoY Change 13.65% 4.45%
Operating Profit $122.0M $323.0M
YoY Change 64.86% 0.94%
Interest Expense $28.00M $42.00M
YoY Change -31.71% 320.0%
% of Operating Profit 22.95% 13.0%
Other Income/Expense, Net $0.00 $0.00
YoY Change -100.0% -100.0%
Pretax Income $138.0M $365.0M
YoY Change 72.5% 11.96%
Income Tax $33.00M $100.0M
% Of Pretax Income 23.91% 27.4%
Net Earnings $97.00M $244.0M
YoY Change 83.02% 18.45%
Net Earnings / Revenue 3.89% 8.37%
Basic Earnings Per Share $0.59
Diluted Earnings Per Share $0.23 $0.58
COMMON SHARES
Basic Shares Outstanding 413.7M 416.9M
Diluted Shares Outstanding 420.0M

Balance Sheet

Concept 2023 Q4 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.600B $3.132B
YoY Change -17.51% -22.42%
Cash & Equivalents $1.128B $1.131B
Short-Term Investments $1.472B $2.001B
Other Short-Term Assets $339.0M $138.0M
YoY Change 104.22% -51.75%
Inventory $424.0M $419.0M
Prepaid Expenses
Receivables $68.00M $62.00M
Other Receivables $0.00 $172.0M
Total Short-Term Assets $3.431B $3.923B
YoY Change -12.92% -16.71%
LONG-TERM ASSETS
Property, Plant & Equipment $4.527B $2.117B
YoY Change 113.74% -48.6%
Goodwill $1.932B $1.879B
YoY Change -2.82% -2.49%
Intangibles $150.0M $147.0M
YoY Change -5.66% -16.48%
Long-Term Investments $1.597B $1.645B
YoY Change 41.2% 542.58%
Other Assets $394.0M $259.0M
YoY Change 14.87% -49.02%
Total Long-Term Assets $8.600B $8.147B
YoY Change 9.05% 16.62%
TOTAL ASSETS
Total Short-Term Assets $3.431B $3.923B
Total Long-Term Assets $8.600B $8.147B
Total Assets $12.03B $12.07B
YoY Change 1.73% 3.2%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.164B $758.0M
YoY Change 197.66% 12.63%
Accrued Expenses $1.002B $976.0M
YoY Change 1.62% 4.61%
Deferred Revenue $196.0M $186.0M
YoY Change 7.69% 22.37%
Short-Term Debt $168.0M $210.0M
YoY Change
Long-Term Debt Due $5.000M $4.000M
YoY Change 0.0% 0.0%
Total Short-Term Liabilities $2.422B $2.472B
YoY Change 11.82% 17.49%
LONG-TERM LIABILITIES
Long-Term Debt $44.00M $41.00M
YoY Change 4.76% 13.89%
Other Long-Term Liabilities $2.056B $147.0M
YoY Change 1169.14% -92.72%
Total Long-Term Liabilities $2.100B $147.0M
YoY Change 1196.3% -92.84%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.422B $2.472B
Total Long-Term Liabilities $2.100B $147.0M
Total Liabilities $5.626B $4.811B
YoY Change 20.57% -8.85%
SHAREHOLDERS EQUITY
Retained Earnings $2.310B $2.526B
YoY Change 5.43% 13.38%
Common Stock $4.320B $4.382B
YoY Change -1.59% -0.59%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $6.405B $6.571B
YoY Change
Total Liabilities & Shareholders Equity $12.03B $12.07B
YoY Change 1.73% 3.2%

Cashflow Statement

Concept 2023 Q4 2023 Q3
OPERATING ACTIVITIES
Net Income $97.00M $244.0M
YoY Change 83.02% 18.45%
Depreciation, Depletion And Amortization $114.0M $111.0M
YoY Change -15.56% -26.0%
Cash From Operating Activities $139.0M $410.0M
YoY Change 65.48% -43.06%
INVESTING ACTIVITIES
Capital Expenditures $211.0M $167.0M
YoY Change 24.12% -203.09%
Acquisitions
YoY Change
Other Investing Activities $520.0M -$287.0M
YoY Change 115.77% -24.27%
Cash From Investing Activities $309.0M -$454.0M
YoY Change 335.21% -16.08%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -476.0M -10.00M
YoY Change 82.38% -85.71%
NET CHANGE
Cash From Operating Activities 139.0M 410.0M
Cash From Investing Activities 309.0M -454.0M
Cash From Financing Activities -476.0M -10.00M
Net Change In Cash -28.00M -54.00M
YoY Change -73.58% -149.54%
FREE CASH FLOW
Cash From Operating Activities $139.0M $410.0M
Capital Expenditures $211.0M $167.0M
Free Cash Flow -$72.00M $243.0M
YoY Change -16.28% -72.45%

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<p style="text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Note 1 – Description of Business</span></p><p style="text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;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:10pt;font-family:Times New Roman;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Delaware</span></span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> on </span><span style="font-size:10pt;font-family:Times New Roman;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">April 1, 2016</span></span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">.</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;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, Taco Bell, Lavazza, Little Sheep and Huang Ji Huang 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, for the exclusive right to use and sublicense the use of intellectual property owned by YUM and its subsidiaries for the development and operation of the KFC, Pizza Hut and, subject to achieving certain agreed-upon milestones 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:10pt;font-family:Times New Roman;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">50 years</span></span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;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:10pt;font-family:Times New Roman;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">50 years</span></span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;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:10pt;font-family:Times New Roman;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">50</span></span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> years each, subject only to us being in “good standing” and unless we give notice of our intent not to renew. In exchange, we pay a license fee to YUM equal to </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">3</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">% of net system sales from both our Company and franchise restaurants. We own the intellectual property of Little Sheep and Huang Ji Huang and pay no license fee related to these concepts.</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">In 1987, KFC was the first major global restaurant brand to enter China. As of September 30, 2023, there were over </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">9,900</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> KFC stores in China. We maintain a controlling interest of </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">58</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">%, </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">70</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">%, </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">83</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">%, </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">92</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">% and approximately </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">60</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">% in the entities that own and operate the KFCs in and around Shanghai, Beijing, Wuxi, Suzhou and Hangzhou, respectively.</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:9pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The first Pizza Hut in China opened in 1990. As of September 30, 2023, there were over 3</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">,200</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> Pizza Hut restaurants in China.</span></p><p style="text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;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 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:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">65</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">% equity interest. The acquisition was considered immaterial.</span></p><p style="text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">In 2017, the Company acquired a controlling interest in the holding company of DAOJIA.com.cn (“Daojia”), an online food delivery service provider in China. This business was extended to also include a team managing the delivery services for restaurants, including restaurants in our system, with their results reported under our delivery operating segment.</span></p><p style="text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">As part of our strategy to drive growth from off-premise occasions, we also developed our own retail brand operations, Shaofaner, which sells packaged foods through online and offline channels. The operating results of Shaofaner are included in our e-commerce business operating segment.</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The Company has </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">two</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> reportable segments: KFC and Pizza Hut. Our remaining operating segments, including the operations of Taco Bell, Lavazza, Little Sheep, Huang Ji Huang, our delivery operating segment 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. For 2022, All Other Segments also included COFFii &amp; JOY and East Dawning. The Company decided to wind down the operations of the East Dawning brand in 2021, and closed all stores by March 2022. In addition, the Company decided to wind down the operations of COFFii &amp; JOY and closed all stores in 2022. Additional details on our segment reporting are included in Note 15.</span></p><p style="text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;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:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">41,910,700</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;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:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">2.2</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;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”) and the Company became a dual primary listed company on the NYSE and HKEX. On the same day, the Company’s shares of common stock traded on the HKEX were included in the Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect. The Company’s common stock listed on the NYSE and HKEX continue to be fully fungible.</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;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;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Note 2 – Basis of Presentation</span></p><p style="text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;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;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;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, 2023, and our results of operations, comprehensive income and statements of equity for the quarters and years to date ended September 30, 2023 and 2022, and cash flows for the years to date ended September 30, 2023 and 2022. 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 March 1, 2023.</span></p><p style="text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;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:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;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;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><div style="font-size:10pt;font-family:Times New Roman;"><p style="text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;text-decoration:underline;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Recently Adopted Accounting Pronouncements</span></p><p style="text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">In October 2021, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2021-08 </span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Business Combinations (Topic 805)</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">— Accounting for Contract Assets and Contract Liabilities from Contracts with Customers </span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">(“ASU 2021-08”). It requires issuers to apply ASC 606 </span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Revenue from Contracts with Customers</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> to recognize and measure contract assets and contract liabilities from contracts with customers acquired in a business combination. We adopted this standard on January 1, 2023, and such adoption did not have a material impact on our financial statements.</span></p><p style="text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">In March 2022, the FASB issued ASU 2022-01 </span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Fair Value Hedging—Portfolio Layer Method </span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">(“ASU 2022-01”), which allows entities to expand their use of the portfolio layer method for fair value hedges of interest rate risk. Under the guidance, entities can hedge all financial assets under the portfolio layer method and designate multiple hedged layers within a single closed portfolio. The guidance also clarifies the accounting for fair value hedge basis adjustments in portfolio layer hedges and how these adjustments should be disclosed. We adopted this standard on January 1, 2023, and such adoption did not have a material impact on our financial statements.</span></p><p style="text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">In March 2022, the FASB issued ASU 2022-02 </span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Financial Instrument—Credit Losses</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> (“ASU 2022-02”), amending ASC 310 to eliminate the recognition and measurement guidance for a troubled debt restructuring for creditors that have adopted ASC 326 and requiring them to make enhanced disclosures about loan modifications for borrowers experiencing financial difficulty. The guidance also requires entities to present gross write-offs by year of origination in their vintage disclosures. We adopted this standard on January 1, 2023, and such adoption did not have a material impact on our financial statements.</span></p><p style="text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">In June 2022, the FASB issued ASU 2022-03 </span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Fair Value Measurement—Fair Value Measurement of Equity Securities Subject to Contractual Sale Restriction </span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">(“ASU 2022-03”), clarifying that a contractual restriction on sales of an equity security is not considered part of the unit of account of the equity security, and therefore, is not considered when measuring fair value. The guidance also clarifies that a contractual sales restriction should not be recognized as a separate unit of account. We adopted this standard on January 1, 2023, and such adoption did not have a material impact on our financial statements.</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">In September 2022, the FASB issued ASU 2022-04 </span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Liabilities—Disclosure of Supplier Finance Program Obligations</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> (“ASU 2022-04”), requiring entities that use supplier finance programs in connection with the purchase of goods and services to disclose the key terms of the programs and information about their obligations outstanding at the end of the reporting period. We adopted this standard on January 1, 2023, 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
yumc Purchase Points Expiration Period
PurchasePointsExpirationPeriod
P18M
CY2023Q3 us-gaap Revenues
Revenues
2914000000
CY2022Q3 us-gaap Revenues
Revenues
2685000000
us-gaap Revenues
Revenues
8485000000
us-gaap Revenues
Revenues
7481000000
yumc Period Within Date Of Corresponding Sales In Which Trade Receivables Are Classified As Accounts And Notes Receivable
PeriodWithinDateOfCorrespondingSalesInWhichTradeReceivablesAreClassifiedAsAccountsAndNotesReceivable
P30D
CY2023Q3 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
2000000
CY2022Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
2000000
CY2023Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.59
CY2022Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.49
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.75
us-gaap Capitalized Contract Cost Impairment Loss
CapitalizedContractCostImpairmentLoss
0
CY2022 us-gaap Capitalized Contract Cost Impairment Loss
CapitalizedContractCostImpairmentLoss
0
CY2023Q3 us-gaap Capitalized Contract Cost Net
CapitalizedContractCostNet
6000000
CY2022Q4 us-gaap Capitalized Contract Cost Net
CapitalizedContractCostNet
6000000
CY2023Q3 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
214000000
CY2022Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
210000000
CY2023Q3 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
53000000
CY2022Q3 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
60000000
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
97000000
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
103000000
CY2023Q3 us-gaap Net Income Loss
NetIncomeLoss
244000000
CY2022Q3 us-gaap Net Income Loss
NetIncomeLoss
206000000
us-gaap Net Income Loss
NetIncomeLoss
730000000
us-gaap Net Income Loss
NetIncomeLoss
389000000
CY2023Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
416000000
CY2022Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
420000000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
417000000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
422000000
CY2023Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
4000000
CY2022Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
4000000
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
4000000
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
4000000
CY2023Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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420000000
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0
CY2023Q3 yumc Restricted Time Deposits In Short Term Investments
RestrictedTimeDepositsInShortTermInvestments
21000000
CY2023Q3 yumc Restricted Time Deposits In Long Term Investments And Notes
RestrictedTimeDepositsInLongTermInvestmentsAndNotes
27000000
CY2022Q4 yumc Restricted Time Deposits In Long Term Investments And Notes
RestrictedTimeDepositsInLongTermInvestmentsAndNotes
81000000
CY2023Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
100000000
CY2022Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
97000000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
296000000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
183000000
CY2023Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.275
CY2022Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.299
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.272
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.301
CY2022Q3 yumc Corporate Alternative Minimum Tax Rate
CorporateAlternativeMinimumTaxRate
0.15
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2
CY2023Q3 us-gaap Revenues
Revenues
2914000000
CY2023Q3 us-gaap Revenues
Revenues
2914000000
CY2022Q3 us-gaap Revenues
Revenues
2685000000
us-gaap Revenues
Revenues
8485000000
us-gaap Revenues
Revenues
7481000000
yumc Unallocated Other Income Loss
UnallocatedOtherIncomeLoss
1000000
yumc Unallocated Other Income Loss
UnallocatedOtherIncomeLoss
2000000
CY2023Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
323000000
CY2022Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
316000000
us-gaap Operating Income Loss
OperatingIncomeLoss
996000000
us-gaap Operating Income Loss
OperatingIncomeLoss
588000000
CY2023Q3 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
46000000
CY2022Q3 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
25000000
us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
124000000
us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
51000000
CY2023Q3 us-gaap Gain Loss On Investments
GainLossOnInvestments
-4000000
CY2022Q3 us-gaap Gain Loss On Investments
GainLossOnInvestments
-15000000
us-gaap Gain Loss On Investments
GainLossOnInvestments
-32000000
us-gaap Gain Loss On Investments
GainLossOnInvestments
-32000000
CY2023Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
365000000
CY2022Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
326000000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
1088000000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
607000000
CY2023Q3 us-gaap Asset Impairment Charges
AssetImpairmentCharges
3000000
CY2022Q3 us-gaap Asset Impairment Charges
AssetImpairmentCharges
7000000
us-gaap Asset Impairment Charges
AssetImpairmentCharges
24000000
us-gaap Asset Impairment Charges
AssetImpairmentCharges
37000000
CY2023Q3 us-gaap Assets
Assets
12070000000
CY2022Q4 us-gaap Assets
Assets
11826000000
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
CY2023Q3 yumc Guarantees Outstanding Of Unconsolidated Affiliates
GuaranteesOutstandingOfUnconsolidatedAffiliates
0

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