Yum China Holdings, Inc. (YUMC) [Rocket]

In millions, except per share items	Dec-31-22	Dec-31-21	Dec-31-20	Dec-31-19	Dec-31-18	Dec-31-17	Dec-31-16	Dec-31-15
	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K
Revenues:
Combined Elimination				38	16
Revenue From External Customers				8,776	8,415
KFC				6,040	5,688	5,066	4,757	4,768
Pizza Hut				2,054	2,111	2,093	1,996	2,041
Other						610	322	100
Total revenues [+]	9,569	9,853	8,263	8,776	8,415	7,769	7,075	6,909
Products								6,789
Franchise								120
Revenue growth [+]	-2.9%	19.2%	-5.8%	4.3%	8.3%	9.8%	2.4%	-0.4%
Combined Elimination				137.5%
Revenue From External Customers				4.3%
KFC				6.2%	12.3%	6.5%	-0.2%	-2.6%
Pizza Hut				-2.7%	0.9%	4.9%	-2.2%	20.3%
Transactions With Franchisees and Unconsolidated Affiliates				8.5%	0.7%
Unit growth	0.0%	23.5%	11.0%	7.4%	7.9%	5.0%	-8.7%
Cost of goods sold [+]	8,940	8,467	7,302	7,351	6,989	6,468	5,997	6,001
Cost of product sales								5,931
Franchise costs								70
Direct materials costs								2,159
Direct labor costs								1,386
Overhead costs								2,386
Gross profit	629	1,386	961	1,425	1,426	1,301	1,078	908
Gross margin	6.6%	14.1%	11.6%	16.2%	16.9%	16.7%	15.2%	13.1%
Selling, general and administrative [+]				487	456	495	429	395
General and administrative	0	0	0	487	456	495	429	395
Other operating expenses				37	29	28	15	38
EBITDA [+]	1,126	1,851	1,382	1,329	1,386	1,187	1,036	900
EBITDA growth	-39.2%	33.9%	4.0%	-4.1%	16.8%	14.6%	15.1%	126.7%
EBITDA margin	11.8%	18.8%	16.7%	15.1%	16.5%	15.3%	14.6%	13.0%
Depreciation	398	420	397	412	419	395	390	412
EBITA	728	1,431	985	917	967	792	646	488
EBITA margin	7.6%	14.5%	11.9%	10.4%	11.5%	10.2%	9.1%	7.1%
Amortization of intangibles	99	45	24	16	26	14	12	13
EBIT [+]	629	1,386	961	901	941	778	634	475
EBIT growth	-54.6%	44.2%	6.7%	-4.3%	21.0%	22.7%	33.5%	-3492.9%
EBIT margin	6.6%	14.1%	11.6%	10.3%	11.2%	10.0%	9.0%	6.9%
Non-recurring items [+]								-13
Loss (gain) on sale of assets								-13
Interest income				39	36	25	11	8
Interest income				39	36	25	11	8
Other income (expense), net [+]	58	6	147	63	-27		21
Gain (loss) on investments				63	-27
Pre-tax income	687	1,392	1,108	1,003	950	803	666	496
Income taxes	207	369	295	260	214	379	156	168
Tax rate	30.1%	26.5%	26.6%	25.9%	22.5%	47.2%	23.4%	33.9%
Minority interest				30	28	26	12	5
Net income	442	990	784	713	708	398	498	323
Net margin	4.6%	10.0%	9.5%	8.1%	8.4%	5.1%	7.0%	4.7%

Basic EPS [+]	$1.05	$2.35	$2.01	$1.89	$1.84	$1.03	$1.35	$0.89
Growth	-55.2%	16.7%	6.3%	2.6%	79.3%	-24.0%	52.4%	-4714.3%
Diluted EPS [+]	$1.04	$2.28	$1.95	$1.84	$1.79	$1.00	$1.35	$0.89
Growth	-54.4%	17.0%	6.1%	2.5%	79.2%	-25.9%	52.0%	-4714.3%

Dividends per share [+]	$0.48	$0.48	$0.24	$0.48	$0.42	$0.10
Growth	0.0%	100.0%	-50.0%	14.3%	320.0%

Shares outstanding (basic) [+]	421	422	390	377	384	387	368	364
Growth	-0.2%	8.2%	3.4%	-1.8%	-0.8%	5.2%	1.2%	0.0%
Shares outstanding (diluted) [+]	425	434	402	388	395	398	369	364
Growth	-2.1%	8.0%	3.6%	-1.8%	-0.8%	7.9%	1.4%	0.0%

EBIT is a non-GAAP figure that excludes all non-recurring expenses: restructuring costs, asset impairments, IPR&D writeoffs, and other unusual charges.