Pizza Hut 2015 Annual Report Download - page 181

Cautionary Language Regarding
Forward-Looking Statements
This report contains “forward-looking statements” within the meaning
of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended.
We intend all forward-looking statements to be covered by the
safe harbor provisions of the Private Securities Litigation Reform
Act of 1995, and we are including this statement for purposes of
complying with those safe harbor provisions.
Forward-looking statements can be identified by the fact that
they do not relate strictly to historical or current facts and by the
use of forward-looking words such as “may,” “will,” “estimate,”
“intend,” “seek,” “expect,” “expectation,” “believe,” “project,”
“anticipate,” “plan,” “could,” “target,” “predict,” “likely,” “should,”
“forecast,” “outlook,” “model,” “ongoing” or other similar terminology.
Forward-looking statements are based on our current expectations,
estimates, assumptions or projections concerning future results
or events, including, without limitation, statements regarding the
intended capital return to shareholders as well as the related
borrowingrequired to fund such capital return, the planned
separation of the Yum! Brands and Yum! China businesses, the
timing of any such separation, the future earnings and performance
as well as capital structure of Yum! Brands, Inc. or any of its
businesses, including the Yum! Brands and Yum! China businesses
on a standalone basis if the separation is completed. Forward-
looking statements are neither predictions nor guarantees of future
events, circumstances or performance and are inherently subject
to known and unknown risks, uncertainties and assumptions
that could cause our actual results to differ materially from those
indicated by those statements. We cannot assure you that any of
our expectations, estimates or projections will be achieved. The
forward-looking statements included in this report are only made as
of the date of this report and we disclaim any obligation to publicly
update any forward-looking statement to reflect subsequent events
or circumstances. Numerous factors could cause our actual results
and events to differ materially from those expressed or implied
by forward-looking statements, including, without limitation:
whether we are able to return capital to shareholders at the times
and in the amounts currently anticipated, if at all, as well as the
corresponding costs of borrowing to fund such capital return as
well as other costs; whether the separation of the Yum! Brands
and Yum! China businesses is completed, as expected or at all,
and the timing of any such separation; whether the operational
and strategic benefits of the separation can be achieved; whether
the costs and expenses of the separation can be controlled within
expectations, including potential tax costs; as well as other risks.
In addition, other risks and uncertainties not presently known to
us or that we currently believe to be immaterial could affect the
accuracy of any such forward-looking statements. All forward-
looking statements should be evaluated with the understanding
of their inherent uncertainty. You should consult our filings with the
Securities and Exchange Commission (including the information
set forth under the captions “Risk Factors” and “Forward-Looking
Statements” in our Annual Report on Form 10-K) for additional
detail about factors that could affect our financial and other results.
Trademarks and Brands. We use “Yum! Brands” and the Yum!
logo as our trademarks. Product names and services appearing in
this report are trademarks of Yum! Brands, Inc. or its subsidiaries.
This report also may refer to brand names, trademarks, service
marks and trade names of other companies and organizations,
and these brand names, trademarks, service marks and trade
names are the property of their respective owners.
Market and Industry Data. Unless we indicate otherwise, we base
the information concerning our industry contained in this report
on our general knowledge of and expectations concerning the
industry. Our market position and market share is based on our
estimates using data from various industry sources and assumptions
that we believe to be reasonable based on our knowledge of the
industry. We have not independently verified the data obtained
from these sources and cannot assure you of the data’s accuracy
or completeness.
Non-GAAP Measures. This report includes certain non-GAAP
financial measures. Reconciliation of these non-GAAP financial
measures to the most directly comparable GAAP measures
are included on our website at http://www.yum.com/investors.
Investors are urged to consider carefully the comparable GAAP
measures and reconciliations.