Pizza Hut 2010 Annual Report Download - page 124

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27
Drive Industry-Leading, Long-Term Shareholder and Franchisee Value – The Company is focused on delivering high
returns and returning substantial cash flows to its shareholders via dividends and share repurchases. The Company has
one of the highest returns on invested capital in the Quick Service Restaurants (“QSR”) industry. The Company’s
dividend and share repurchase programs have returned over $1.6 billion and $6 billion to shareholders, respectively, since
2004. The Company is targeting an annual dividend payout ratio of 35% to 40% of net income and has increased the
quarterly dividend each year since inception in 2004. Shares are repurchased opportunistically as part of our regular
capital structure decisions.
The ongoing earnings growth rates referenced above represent our average annual expectations for the foreseeable future.
Details of our 2011 Guidance by division as presented on December 8, 2010 can be found online at http://www.yum.com.
Form 10-K