Yum! Brands (YUM) Q1 2012 Earnings Call April 19, 2012 9:15 am ET Executives Tim Jerzyk - Senior Vice President of Investor Relations and Treasurer David C. Novak - Executive Chairman, Chief Executive Officer, President and Chairman of Executive/Finance Committee Richard T. Carucci - Chief Financial Officer Analysts John W. Ivankoe - JP Morgan Chase & Co, Research Division David Palmer - UBS Investment Bank, Research Division Michael Kelter - Goldman Sachs Group Inc., Research Division Brian J. Bittner - Oppenheimer & Co. Inc., Research Division Jonathan R. Komp - Robert W. Baird & Co. Incorporated, Research Division Howard W. Penney - Hedgeye Risk Management LLC John S. Glass - Morgan Stanley, Research Division Jason West - Deutsche Bank AG, Research Division Unknown Analyst Sara H. Senatore - Sanford C. Bernstein & Co., LLC., Research Division Jeffrey Andrew Bernstein - Barclays Capital, Research Division Gregory R. Badishkanian - Citigroup Inc, Research Division Keith Siegner - Crédit Suisse AG, Research Division Joseph T. Buckley - BofA Merrill Lynch, Research Division Mitchell J. Speiser - The Buckingham Research Group Incorporated Bryan C. Elliott - Raymond James & Associates, Inc., Research Division PresentationOperator
Good morning, my name is Rashay, and I will be your conference operator today. At this time, I would like to welcome everyone to the Yum! Brands First Quarter Earnings Conference Call. [Operator Instructions] Thank you. Mr. Jerzyk, Senior Vice President of Investor Relations, you may begin your conference. Tim Jerzyk Thank you, Rashay. Good morning, everyone, and thanks for joining us on the call this morning. The call is being recorded and will be available for playback. We are broadcasting the conference call via our website at yum.com. Please be advised that if you ask a question, it will be included in both our live conference and in any future use of the recording.