Mr. Deno: As you may know, we were spun off from PepsiCo in 1997, so we've been a company for almost five years now. We are the world's largest restaurant company in terms of units; we have 30,000 restaurants in over 100 countries and territories. Our overall system sales are $22 billion, and those are sales from company and franchise restaurants. The company's brands ' KFC, Pizza Hut and Taco Bell ' are the global leaders of the chicken, pizza and Mexican-style restaurant categories. Over the past four years we've made some pretty strong financial progress across the board. We've really improved all of our key financial measures, and we've sharply reduced our debt. We were spun off with $4.8 billion of debt and we now have $2.2 billion. Our system sales are up, and our capital structure ' in terms of how much debt we have left and what our ratios look like ' is good. In the past four years, our operating earnings per share has more than doubled. Our restaurant margins are up, and those are the margins taken out of the profits of our existing restaurants. Our people measures, such as turnover, are down in all three brands, and we really have a great people recognition culture around the world. One of the things that we really enjoy is a great international business. It has now had four years of terrific sales margins, profit and development. We opened over 1,000 new restaurants outside the US last year. We've had 14 straight quarters of positive system same-store sales growth internationally. In the US, we're leaders in each category ' in the pizza business, Pizza Hut is the number one share; in the chicken business, KFC is the number one share; and in the Mexican business, Taco Bell is clearly the number one share. So we have great underlying brands and a big international business with a strengthening balance sheet.
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