Yum Brands Inc (YUM) Q1 2020 Earnings Call Transcript

Yum Brands Inc (YUM) Q1 2020 Earnings Call Transcript

[Operator Instructions] We ask to the analysts please limit themselves to one question to allow more people the opportunity to ask.. I would now like to turn the conference over to Keith Siegner, Vice President, Investor Relations, M&A and Treasurer.. On our call today are David Gibbs, our CEO; Chris Turner, our Chief Financial Officer; and Dave Russell, our Senior Vice President and Corporate Controller.. Disclosures pertaining to outstanding debt in our Restricted Group capital structure will be provided at the time of the Form 10-Q filing.. Before we begin, I'd like to take a moment to acknowledge the unprecedented challenges that we're all experiencing and say a heartfelt thank you to our team members and franchisees around the world.. Then Chris will share more details of our Q1 results and current state, how we are adjusting our business model in supporting franchisees and our healthy liquidity position.. system sales declined 3%, as our same-store sales decline of 7% was partially offset by 4% net new unit growth.. Also in June, we will pay one-time bonuses to the majority of team members working in our 1,200 company-owned restaurants.. Our franchisees are also taking steps to increase support of restaurant team