YUM BRANDS INC

Yum! Brands, Inc. is a global restaurant company based in Louisville, Kentucky, with its principal executive offices at 1441 Gardiner Lane. The company was incorporated in North Carolina in 1997 and operates under the brands KFC, Taco Bell, Pizza Hut, and The Habit Burger Grill. Yum! Brands' business strategy is outlined in its Recipe for Good Growth, which focuses on unrivaled culture and talent, unmatched operating capability, relevant, easy and distinctive brands, and bold restaurant development. The company's business is divided into four operating segments: the KFC Division, Taco Bell Division, Pizza Hut Division, and Habit Burger Grill Division. Yum! Brands' website is https://www.yum.com, and its ticker symbol is YUM. The company's subsidiaries employ approximately 35,000 people, including 25,000 in the U.S. and 10,000 outside the U.S. The company's restaurants are operated primarily by franchisees, with over 57,000 franchised units around the world. Yum! Brands' brands offer a range of food products and services, including dine-in, carryout, drive-thru, delivery, and digital sales. The company's technology initiatives are designed to enhance the customer experience, improve restaurant operations, and provide valuable insights from data. Yum! Brands owns numerous registered trademarks and patents on restaurant equipment and technology. The company's supply and distribution network includes third-party distributors and purchasing cooperatives. Advertising and promotional programs are required for both company-owned and franchise restaurants to increase sales and enhance the reputation of the concepts. Yum! Brands' working capital information is included in the Management's Discussion and Analysis of Financial Condition and Results of Operations and the Consolidated Statements of Cash Flows. The company does not consider its operations to be seasonal to any material degree. The retail food industry is intensely competitive, with competition coming from various types and vast numbers of competitors, including international, national, and regional chains, as well as locally-owned establishments. The company is subject to various federal, state, and local laws and regulations, as well as international laws and regulations. Human capital management considerations are integral to the company's Recipe for Good Growth strategy. The company focuses on measuring employee engagement, providing training and development, enabling a culture that fuels results and cross-brand collaboration, and assessing progress towards lowering turnover and increasing retention rates.