Restaurant Brands International Inc (QSR) 2014 Q4 法說會逐字稿

Good morning, and welcome to the Restaurant Brands International fourth quarter 2014 earnings conference call.

早上好，歡迎參加 Restaurant Brands International 2014 年第四季財報電話會議。

All participants will be in a listen-only mode.

所有參與者將處於僅聽模式。

(Operator Instructions)

（操作員說明）

Please note this event is being recorded.

請注意此事件正在被記錄。

I would now like to turn the conference over to Andrea John, Director of Investor Relations.

我現在想將會議交給投資者關係總監安德里亞·約翰 (Andrea John)。

Please go ahead.

請繼續。

Thanks, operator, and good morning, everyone.

謝謝接線員，大家早安。

Welcome to Restaurant Brands International's earnings call for the fourth quarter and full year ended December 31, 2014.

歡迎參加 Restaurant Brands International 截至 2014 年 12 月 31 日的第四季和全年財報電話會議。

A live broadcast of this call may be accessed through the Investor Relations page on our website, at www.investor.rbi.com, and a recording will be available for replay.

您可以透過我們網站 www.investor.rbi.com 的投資者關係頁面觀看本次電話會議的現場直播，並且可以重播錄音。

With me today are Restaurant Brands International's CEO, Daniel Schwartz, and Chief Financial Officer, Joshua Kobza.

今天與我在一起的有 Restaurant Brands International 的執行長 Daniel Schwartz 和財務長 Joshua Kobza。

The team will be available to answer questions during the Q&A portion of today's call.

該團隊將在今天電話會議的問答部分回答問題。

Before we begin today, I would like to remind everyone that this earnings call and presentation include forward-looking statements, which are subject to various risks set forth in the press release that we issued this morning.

在今天開始之前，我想提醒大家，本次財報電話會議和簡報包含前瞻性陳述，這些陳述受到我們今天早上發布的新聞稿中所述的各種風險的影響。

In addition, this earnings call and presentation include non-GAAP financial measures, the reconciliations of which are included in the presentation, and in this morning's press release, both of which are available on our website.

此外，本次財報電話會議和簡報包括非公認會計準則財務指標，其調節表包含在簡報和今天早上的新聞稿中，兩者均可在我們的網站上找到。

Let's start on slide 3, with the agenda for this morning's call.

讓我們從第三張幻燈片開始，其中包括今天上午電話會議的議程。

First, Daniel will walk us through Restaurant Brands International's highlights for the year.

首先，丹尼爾將向我們介紹 Restaurant Brands International 今年的亮點。

He will then discuss Tim Hortons and Burger King brand-specific highlights, business strategy and performance updates.

然後，他將討論 Tim Hortons 和漢堡王品牌的具體亮點、業務策略和業績更新。

Then, he'll turn it over to Josh to discuss financial results.

然後，他會將其交給喬許討論財務結果。

Daniel will close the call with some concluding remarks before opening it up for Q&A.

丹尼爾將在開始問答之前發表一些總結性言論來結束電話會議。

And with that, I'll now turn the call over to Daniel.

現在我將把電話轉給丹尼爾。

Good morning, everyone, and thanks for joining us today.

大家早安，感謝您今天加入我們。

We're excited to have successfully completed a transformational combination between Tim Hortons and Burger King, marking a new chapter with the creation of Restaurant Brands International.

我們很高興成功完成 Tim Hortons 和漢堡王之間的轉型合併，標誌著國際餐廳品牌 (Restaurant Brands International) 的創建開啟了新篇章。

The two iconic brands together boast over 100 years of combined brand heritage.

這兩個標誌性品牌共同擁有 100 多年的品牌傳承。

We're one of the world's largest restaurant companies, with $23 billion in annual system-wide sales at our more than 19,000 restaurants, in approximately 100 countries and US territories around the globe.

我們是全球最大的餐飲公司之一，遍佈全球約 100 個國家和美國領土的 19,000 多家餐廳，全系統年銷售額達 230 億美元。

We're very proud of all the members of our system.

我們為我們系統的所有成員感到非常自豪。

The strong franchise owners, and their 450,000 dedicated team members, who welcome our guests to restaurants around the world every day.

強大的特許經營權所有者及其 450,000 名敬業的團隊成員每天歡迎我們的客人光臨世界各地的餐廳。

Starting on slide 5, I'm pleased to report that we achieved strong 2014 performance, as we continue to deliver positive comparable sales and net restaurant growth across both brands.

從幻燈片 5 開始，我很高興地報告，我們在 2014 年取得了強勁的業績，因為我們繼續在兩個品牌之間實現積極的可比銷售額和餐廳淨增長。

In 2014, we maintained strong momentum in both brands, and have made positive strides towards positioning the Company for sustainable growth for many years to come.

2014年，我們兩個品牌均保持強勁勢頭，並在公司未來多年的可持續成長方面取得了積極進展。

Tim Hortons and Burger King increased global same-store sales by 3.1% and 2.1%, respectively.

Tim Hortons 和漢堡王的全球同店銷售額分別成長了 3.1% 和 2.1%。

On the development front, we continued rapid expansion, and achieved net restaurant growth of 891, driven by 186 units at Tim Hortons and 705 units at Burger King, representing 4.9% growth in total units.

在發展方面，我們繼續快速擴張，在 Tim Hortons 186 家餐廳和漢堡王 705 家餐廳的推動下，餐廳淨增長 891 家，餐廳總數增長 4.9%。

The two brands combined created thousands of new jobs all around the world last year.

去年，這兩個品牌在全球創造了數千個新就業機會。

In terms of the brand-specific financials, Tim Hortons' adjusted EBITDA increased by 10% on an organic basis, to $816 million, and Burger King adjusted EBITDA increased by 11% on an organic basis, to $726 million.

就具體品牌財務而言，Tim Hortons 調整後 EBITDA 有機成長 10%，達到 8.16 億美元，漢堡王調整後 EBITDA 有機成長 11%，達到 7.26 億美元。

2014 was a landmark year for are us, and these accomplishments have only been possible due to the continued hard work of our employees, our franchisees and our team members all around the world.

2014 年對我們來說是具有里程碑意義的一年，這些成就的成就得益於我們世界各地的員工、加盟商和團隊成員的持續努力。

Going into 2015, we'll maintain our focus on the two most important priorities in our business for both brands, franchisee profitability and guest service.

進入 2015 年，我們將繼續專注於品牌業務中兩個最重要的優先事項：加盟商獲利能力和賓客服務。

As we've said before, in order to ensure success, we plan to operate the two brands independently, with separate leadership and management of operations, development and marketing, while benefiting from the leverage of shared corporate functions.

正如我們之前所說，為了確保成功，我們計劃獨立經營這兩個品牌，分別領導和管理營運、開發和行銷，同時受益於共享的公司職能。

Let's start with Tim Hortons' 2014 highlights.

讓我們從 Tim Hortons 2014 年的亮點開始。

Global comparable sales were up 3.1% for the year, driven by strong comparable sales growth in both Canada and the US, with each market seeing three-year highs.

在加拿大和美國可比銷售額強勁成長的推動下，今年全球可比銷售額成長了 3.1%，兩個市場均創三年來新高。

In terms of restaurant development, net restaurant development reached 186 units, representing restaurant base growth of 4.1%.

餐廳發展方面，淨發展餐廳達186家，餐廳基數成長4.1%。

Finally, strong unit growth, combined with positive same-store sales growth, drove system-wide sales growth of nearly 7%.

最後，強勁的銷售成長，加上同店銷售的正面成長，推動全系統銷售額成長近 7%。

The next slide highlights our business strategy for the Tim Hortons brand.

下一張投影片重點介紹了我們 Tim Hortons 品牌的商業策略。

The strategy speaks to our three strategic geographic regions: Canada, the United States, and international.

該戰略涉及我們的三個戰略地理區域：加拿大、美國和國際。

Starting with Canada, the strategy in Tim Hortons' home market can be summed up in three words: lead, defend and grow.

從加拿大開始，Tim Hortons 在本土市場的策略可以用三個字來概括：領先、防守和成長。

This likely sounds familiar, as it is exactly what Tim Hortons was doing before becoming part of RBI.

這聽起來可能很熟悉，因為這正是蒂姆·霍頓斯在加入印度儲備銀行之前所做的事情。

The team strategies are working well, and we plan to continue to work with our strong franchise partners to build on the menu, marketing and operations initiatives that have delivered results over the past year.

團隊策略運作良好，我們計劃繼續與強大的特許經營合作夥伴合作，以過去一年取得成果的菜單、行銷和營運舉措為基礎。

We're determined to build on our leadership position, to defend our core business, and to grow in new ways.

我們決心鞏固我們的領導地位，捍衛我們的核心業務，並以新的方式成長。

To accomplish this, we have a two-pronged approach.

為了實現這一目標，我們採取了雙管齊下的方法。

The first of which focuses on menu innovation, where we emphasize premium products, growth in lunch and dinner day parts, and increased combo penetration, in order to narrow the average check between ourselves and our competitors.

第一個重點是菜單創新，我們強調優質產品、午餐和晚餐部分的成長以及增加組合滲透率，以縮小我們與競爭對手之間的平均差距。

We had two very successful product launches this year, the crispy chicken sandwich and our new dark roast coffee.

今年我們推出了兩款非常成功的產品：脆皮雞肉三明治和新的深烤咖啡。

The crispy chicken sandwich offered our guests another compelling lunch option, while our new dark roast coffee is helping to further cement our strong position in coffee.

脆皮雞肉三明治為我們的客人提供了另一個引人注目的午餐選擇，而我們新推出的深度烘焙咖啡則有助於進一步鞏固我們在咖啡領域的強勢地位。

The second part of our strategy to grow to Canada has aimed to extend brand reach by expanding our presence in core urban areas through nontraditional formats.

我們向加拿大發展策略的第二部分旨在透過非傳統形式擴大我們在核心城市地區的影響力，從而擴大品牌影響力。

Now let's turn to the US strategy on slide 9. In the US market, we have had three main objectives.

現在讓我們轉向幻燈片 9 中的美國策略。

Build a scalable and profitable business, expand core and priority markets, and focus on growing unit economics.

建立可擴展且獲利的業務，拓展核心和優先市場，並專注於不斷增長的單位經濟效益。

In order to achieve these objectives, we developed a two-part strategy.

為了實現這些目標，我們制定了一個由兩部分組成的策略。

The first part of our strategy looks to increase average unit volumes through menu innovation, and by building on strength in the breakfast day part.

我們策略的第一部分旨在透過菜單創新以及增強早餐日部分的實力來增加平均單位銷售量。

The second part of the strategy focuses on reducing capital intensity, in part through development agreements with strong franchise partners, but also through rethinking our restaurant design and delivering on cost savings opportunities.

該策略的第二部分著重於降低資本密集度，部分是透過與強大的特許經營合作夥伴簽訂開發協議，但也透過重新思考我們的餐廳設計和提供節省成本的機會。

While it is still very early, we have been pleased with the results so far, and will continue to improve our strategy moving forward.

雖然現在還為時過早，但我們對迄今為止的結果感到滿意，並將繼續改進我們的策略。

Tim Hortons' US business has a strong same-store sales track record, with 25 years of consecutive positive same-store sales.

Tim Hortons 的美國業務擁有強勁的同店銷售業績記錄，同店銷售連續 25 年保持正成長。

Now we're excited about the prospect of accelerating the pace of Tim Hortons' growth in the US, which will allow us to create a lot of opportunities for franchisees, and new jobs, and bring the great Tim Hortons' experience to the US consumers.

現在，我們對加快 Tim Hortons 在美國的發展步伐感到興奮，這將使我們能夠為特許經營商和新的就業機會創造大量機會，並將 Tim Hortons 的卓越體驗帶給美國消費者。

On slide 10, we outline our international strategy.

在幻燈片 10 上，我們概述了我們的國際策略。

We wanted to show the graphic display on this slide in order to illustrate the international growth opportunities that we have before us.

我們希望在這張投影片上展示圖形顯示，以說明我們面前的國際成長機會。

While our footprint outside of the US and Canada is relatively small, this year, we had a restaurant base increase of 53% in our Middle East market.

雖然我們在美國和加拿大以外的足跡相對較小，但今年我們在中東市場的餐廳基數成長了 53%。

We strongly believe that the Tim Hortons brand has tremendous potential for international growth and system-wide job creation, and we're truly excited to have the opportunity to share one of Canada's most iconic brands with the rest of the world in the coming years.

我們堅信 Tim Hortons 品牌在國際成長和全系統創造就業機會方面具有巨大潛力，我們非常高興有機會在未來幾年與世界其他地區分享加拿大最具代表性的品牌之一。

We would emphasize, however, that as we saw with Burger King, this process takes time, as we look to sign up and start new partnerships.

然而，我們要強調的是，正如我們在漢堡王身上看到的那樣，這個過程需要時間，因為我們希望簽約並建立新的合作關係。

We don't expect a big change in the pace of development in 2015.

我們預期 2015 年的發展速度不會有太大的變化。

Turning now to slide 11, we can see the same-store sales and net restaurant growth for Tim Hortons outlined by region.

現在轉向幻燈片 11，我們可以看到 Tim Hortons 按地區列出的同店銷售額和餐廳淨增長情況。

Strong comparable sales growth in Canada was mainly driven by day part expansion, combo penetration and the success of dark roast.

加拿大可比銷售額的強勁成長主要得益於日間部分的擴張、組合滲透和深度烘焙的成功。

The US also posted strong comparable sales growth, mainly driven by increase in day part expansion and successful marketing initiatives.

美國的可比銷售額也出現強勁增長，這主要是由於日間時段擴張和成功的營銷舉措的推動。

Net restaurant growth of 186 in 2014 represents more than 4% growth for the Tim Hortons restaurant base, but was down slightly year on year.

2014 年，Tim Hortons 餐廳數量淨增加 186 家，增幅超過 4%，但較去年同期略有下降。

Lower NRG was primarily driven by the United States, where we chose to close more unprofitable restaurants than in the prior year, as we're focused on continuously improving franchise profitability.

NRG 下降主要是由美國推動的，我們選擇關閉比上一年更多的無利可圖餐廳，因為我們專注於不斷提高特許經營盈利能力。

Increasing the pace of growth in the US will be a big strategic focus for our development teams in 2015, and for many, many years to come.

加速美國的成長速度將是我們開發團隊 2015 年以及未來許多年的重大戰略重點。

On slide 12, we take a look at 2014 Burger King highlights.

在幻燈片 12 中，我們回顧了 2014 年漢堡王的亮點。

We're excited to share strong 2014 results with you, as many of our key strategic initiatives translated into favorable financial performance for the year.

我們很高興與您分享 2014 年強勁的業績，因為我們的許多關鍵策略舉措轉化為今年良好的財務業績。

At the heart of all these initiatives is our unwavering commitment to grow profitability for our franchisees, and deliver great guest experiences.

所有這些舉措的核心是我們堅定不移地致力於提高特許經營商的盈利能力，並提供卓越的賓客體驗。

We posted a third consecutive year of comparable sales growth, with same-store sales at 2.1%.

我們連續第三年實現可比銷售額成長，同店銷售額成長 2.1%。

We also achieved net restaurant growth of 705 units, and increased system-wide sales by 6.8%, showing meaningful progress across all of our key performance indicators.

我們也實現了 705 家餐廳的淨成長，全系統銷售額成長了 6.8%，這在我們的所有關鍵績效指標上都顯示出有意義的進步。

Moving to slide 13, in 2014, we delivered another year of strong growth, and executed on our key strategic initiatives.

轉到投影片 13，2014 年，我們又實現了強勁成長，並執行了我們的關鍵策略舉措。

We continued to execute on our four-pillar strategy across menu, marketing communications, image and operations.

我們持續執行菜單、行銷傳播、形象和營運的四大支柱策略。

Our strategy of launching fewer, more impactful products, complemented by compelling value offerings, allowed us to deliver positive same-store sales every quarter of 2014.

我們的策略是推出更少、更有影響力的產品，並輔以引人注目的價值產品，這使我們能夠在 2014 年每季實現積極的同店銷售。

New products, such as our A1 ultimate bacon cheeseburger, the relaunch of chicken fries, and extra long barbecue cheeseburger, helped drive sales and traffic.

新產品，例如我們的 A1 終極培根起司漢堡、重新推出的炸雞薯條和超長燒烤起司漢堡，有助於推動銷售和客流量。

We believe that these types of operationally simple products are the key to increasing franchisee profitability.

我們相信，這些類型的操作簡單的產品是提高加盟商獲利能力的關鍵。

Internationally, we opened 705 net new restaurants in 2014.

在國際上，2014 年我們淨開設了 705 家新餐廳。

Burger King is now present in approximately 100 countries and US territories around the world, highlighting the broad consumer appeal and global reach of our brand.

漢堡王現已在全球約 100 個國家和美國領土開展業務，凸顯了我們品牌的廣泛消費者吸引力和全球影響力。

In the US and Canada, we achieved positive same-store sales every quarter of 2014, driven by a well-balanced promotional mix and a commitment to launching fewer, more impactful products.

在美國和加拿大，在均衡的促銷組合和致力於推出更少、更有影響力的產品的推動下，我們 2014 年每季都實現了積極的同店銷售。

To that end, I'd like to highlight three successful products that drove positive sales, and were very well received by our guests.

為此，我想重點介紹三款成功的產品，這些產品推動了積極的銷售，並受到了我們的客人的好評。

The first was the A1 ultimate bacon cheeseburger, with its thick cut smoked bacon and A1 sauce, together with a warm toasted artisan bun.

第一款是 A1 終極培根起司漢堡，配有厚切煙燻培根和 A1 醬汁，以及熱烤的手工麵包。

Guests were able to enjoy this bold new taste.

客人們能夠享受這種大膽的新口味。

Importantly, this product only required one new SKU in the restaurant.

重要的是，該產品只需要餐廳新增一個 SKU。

The second was chicken fries, our most successful product launch since acquiring the company in 2010, and another example of an operationally simple, yet very impactful, product.

第二個是炸雞薯條，這是我們自 2010 年收購該公司以來推出的最成功的產品，也是操作簡單但非常有影響力的產品的另一個例子。

We reintroduced chicken fries via social media, generating over 1.5 billion media impressions, and resulting in the best month of US sales since 2008.

我們透過社群媒體重新推出炸雞薯條，產生了超過 15 億次媒體曝光，並創造了自 2008 年以來美國銷量最好的一個月。

The chicken fries campaign represents another successful step in our strategy to leverage digital and social channels to reach our guests in innovative new ways.

炸雞薯條活動代表了我們利用數位和社交管道以創新方式接觸客人的策略的又一個成功步驟。

Third, I'd like to highlight the extra long barbecue cheeseburger, which we brought from Europe to introduce as part of our 2 for $5 lineup, without introducing a single new SKU into the kitchen.

第三，我想強調一下超長燒烤起司漢堡，我們從歐洲帶來了它，作為我們的 2 件 5 美元產品系列的一部分推出，但沒有在廚房中引入任何新的 SKU。

This promotion helped drive traffic, while solidifying our strength in the large burger category.

這次促銷活動幫助增加了流量，同時鞏固了我們在大漢堡類別的實力。

Our balanced value strategy and strong menu lineup helped drive comp sales growth in the US.

我們平衡的價值策略和強大的菜單陣容幫助推動了美國的銷售成長。

We also delivered improved profitability to our franchisees in 2014, despite cost pressures across a number of our key inputs, such as beef.

儘管我們的一些關鍵投入品（例如牛肉）面臨成本壓力，但 2014 年我們也為我們的特許經營商帶來了更高的獲利能力。

Turning to slide 15, the re-imaging component of our four-pillar strategy continues to be a focus area, as it has proven an avenue to create top line growth at the restaurant level, and transform the image of the brand in the US.

轉向投影片 15，我們的四大支柱策略的重新形象部分仍然是一個重點領域，因為它已被證明是在餐廳層面創造收入成長並改變品牌在美國形象的途徑。

I'm pleased to announce that we achieved our target of having 40% of the US and Canada system on the modern image at year end, which was one year ahead of our plan.

我很高興地宣布，我們實現了年底美國和加拿大 40% 的系統具有現代形象的目標，比我們的計劃提前了一年。

After a significant effort by our franchise partners over the past three years, we have made huge strides towards changing the image of the Burger King brand in the US.

經過我們的特許經營合作夥伴過去三年的巨大努力，我們在改變漢堡王品牌在美國的形象方面取得了巨大進步。

We recognize that remodeling is not a one-time event, but rather an ongoing process, and intend to continue our remodeling initiative, in order to bring an even better experience to our guests in the coming years.

我們認識到改造不是一次性的事件，而是一個持續的過程，並打算繼續我們的改造計劃，以便在未來幾年為我們的客人帶來更好的體驗。

Burger King continues to be an industry leader in global restaurant development, and made further progress in new and existing markets in 2014.

漢堡王繼續成為全球餐廳發展的行業領導者，並於 2014 年在新市場和現有市場取得了進一步的進展。

In December, we passed a significant milestone, as it was the first time in Burger King's history that more than 50% of the restaurants are located outside of the US, emphasizing the global nature of our business and exciting growth prospects ahead.

12 月，我們實現了一個重要的里程碑，因為這是漢堡王歷史上首次超過 50% 的餐廳位於美國境外，凸顯了我們業務的全球性和令人興奮的未來成長前景。

We opened nearly a thousand new restaurants over the past 12 months, and achieved net restaurant growth of 5.2% across emerging markets, such as Russia, China, Brazil and Turkey, as well as more mature markets, such as Spain.

過去 12 個月，我們開設了近千家新餐廳，在俄羅斯、中國、巴西和土耳其等新興市場以及西班牙等成熟市場實現了 5.2% 的餐廳淨成長。

Finally, in early November, we entered a key new market with the first opening of our India JV, where innovative products like the new veggie Whopper have attracted long lines to Burger King restaurants.

最後，在 11 月初，隨著我們在印度合資企業的首次開業，我們進入了一個重要的新市場，其中新的素食皇堡等創新產品吸引了漢堡王餐廳的長隊。

On slide 17, you can see images of new restaurant openings of our successful master franchisee joint ventures in France, South Africa and India.

在投影片 17 上，您可以看到我們在法國、南非和印度成功的主特許經營合資企業開設新餐廳的圖片。

In France, our new JV opened its first restaurant in Marseilles in May, and reached a total of 20 restaurants in the market at year end.

在法國，我們的新合資企業於 5 月在馬賽開設了第一家餐廳，截至年底，市場上餐廳總數達到 20 家。

We are excited to see many more of these high volume restaurants in the market in the coming years, as the French consumers have responded very well to the return of the brand.

我們很高興在未來幾年看到市場上出現更多這樣的高客流量餐廳，因為法國消費者對該品牌的回歸反應非常好。

South Africa is another promising market for Burger King, and we ended the year with 38 restaurants, primarily in Capetown and Johannesburg.

南非是漢堡王另一個有前景的市場，到年底我們共有 38 家餐廳，主要位於開普敦和約翰尼斯堡。

Finally, our joint venture in India opened ten restaurants in just November and December, offering Indian consumers the Burger King experience with a local twist through significant menu innovation.

最後，我們在印度的合資企業僅在 11 月和 12 月就開設了 10 家餐廳，透過重大的菜單創新為印度消費者提供具有當地風味的漢堡王體驗。

We plan no continue growing these attractive markets and building the positive momentum in 2015.

我們計劃在 2015 年不再繼續發展這些有吸引力的市場並建立積極的勢頭。

Now, let's walk through comparable sales results for each of the BK regions.

現在，讓我們來看看每個 BK 地區的可比較銷售結果。

The US and Canada achieved 2.1% comparable sales growth in 2014, with positive sales in all four quarters.

美國和加拿大 2014 年可比銷售額成長 2.1%，四個季度均實現正銷售額。

Performance was primarily driven by improved execution across each of the four pillars in our strategy highlighted earlier in the presentation.

績效主要是由我們在演講中強調的策略的四個支柱中的每一個支柱的執行力的提高所驅動的。

Moving on to EMEA, the region delivered its 16th quarter of comparable sales growth.

接下來是歐洲、中東和非洲地區，該地區實現了第 16 季的可比銷售額成長。

Performance was driven by strength in Spain, the UK and Turkey.

西班牙、英國和土耳其的實力推動了業績的成長。

Spain continues to perform well, due to improved performance of our premium promotions, as well as the continued success of our popular Euro King value platform.

西班牙繼續表現良好，這得益於我們優質促銷活動的改善以及我們廣受歡迎的 Euro King 價值平台的持續成功。

The UK team delivered a successful turnaround in same-store sales momentum by better aligning competitive pricing with the introduction of the King Savers and King Deals platforms.

英國團隊透過推出 King Savers 和 King Deals 平台，更好地調整有競爭力的價格，成功扭轉了同店銷售勢頭。

Finally, Turkey delivered five-year highs in same-store sales, with its successful gourmet series premium lineup, to complement the Double Deals promotion.

最後，土耳其憑藉其成功的美食系列優質產品陣容，實現了同店銷售額五年來的新高，以補充雙重優惠促銷活動。

APAC drove continued progress, with strong comparable sales growth of 3.6% for the year, primarily due to continued strength in both Australia and Korea.

亞太地區推動持續進步，全年可比銷售額強勁成長 3.6%，主要歸功於澳洲和韓國的持續強勁成長。

LAC finished the year with positive same-store sales, as well, primarily driven by continued strength in Brazil.

LAC 也以積極的同店銷售額結束了這一年，這主要是由於巴西市場持續強勁的推動。

We had another great year for the development of the Burger King brand around the world in 2014.

2014 年是漢堡王品牌在全球發展的另一個偉大的一年。

In the US and Canada, our store base is relatively flat, with a slight improvement in NRG versus the prior year.

在美國和加拿大，我們的商店基礎相對平穩，NRG 與前一年相比略有改善。

Our strategy in the US, since 2011, has been to focus on the development efforts and capital on remodeling instead of new restaurant growth, given the attractive returns on capital and importance for the brand image, of our initiatives in this area.

自2011 年以來，我們在美國的策略一直是專注於改造的開發工作和資本，而不是新餐廳的成長，因為我們在這一領域的舉措具有有吸引力的資本回報和對品牌形象的重要性。

And we're pleased with the progress that we've made to date.

我們對迄今為止所取得的進展感到滿意。

EMEA further accelerated the pace of openings, with 352 net new restaurants, representing half of our global net restaurant growth.

歐洲、中東和非洲地區進一步加快了新開餐廳的步伐，淨增加 352 家餐廳，占我們全球餐廳淨成長的一半。

Growth was primarily driven by new markets, such as South Africa, France and Russia.

成長主要由南非、法國和俄羅斯等新市場推動。

In APAC, we finished the year with 235 net restaurant growth, driven by strong growth in China, where we opened over 140 new restaurants, and Korea, with 38 net restaurants.

在亞太地區，我們去年淨增了 235 家餐廳，這主要得益於中國（我們在中國開設了 140 多家新餐廳）和韓國（在韓國）的強勁增長，淨增了 38 家餐廳。

In LAC, Brazil led the region with 104 net restaurants.

在拉丁美洲和加勒比地區，巴西以 104 家淨餐廳數量領先該地區。

I'll turn it over now to Josh to review our financial results.

我現在將其交給喬許審查我們的財務表現。

Thanks, Daniel.

謝謝，丹尼爾。

Moving now to slide 20, I'd like to walk through the Burger King segment financial results for the quarter and full year.

現在轉到第 20 張投影片，我想瀏覽漢堡王部門本季和全年的財務業績。

2014 revenue increased by 6% year over year on an organic basis, excluding the impact of re-franchising transactions and changes in foreign currency.

剔除再特許經營交易和外匯變動的影響，2014年營收有機年增6%。

This growth was primarily driven by comparable sales growth of 2.1%, and the addition of 705 net new restaurants.

這一成長主要得益於 2.1% 的可比銷售額成長以及淨新增 705 家餐廳的推動。

2014 adjusted EBITDA of $726 million grew 11% from the prior year on an organic basis, driven by continued EBITDA growth across all four regions globally.

受全球四個地區 EBITDA 持續成長的推動，2014 年調整後 EBITDA 為 7.26 億美元，較上年有機成長 11%。

On slide 21, you can see the impacts of re-franchising and FX on our reported revenue and adjusted EBITDA growth.

在投影片 21 上，您可以看到再特許經營和外匯對我們報告的收入和調整後 EBITDA 成長的影響。

While movements in foreign exchange rates represented a headwind of approximately 2% in 2014, RBI has significantly higher foreign exchange exposure compared to the legacy Burger King business.

儘管 2014 年匯率變動帶來約 2% 的阻力，但與傳統的漢堡王業務相比，RBI 的外匯風險明顯更高。

Our currency mix, on an EBITDA basis in 2014, was approximately half in Canadian dollars, with the next largest non-US dollar exposure being in Euros.

以 2014 年 EBITDA 為基礎計算，我們的貨幣組合中大約有一半是加元，第二大的非美元敞口是歐元。

Due to the significant appreciation of the US dollar relative to other currencies, at current FX spot rates, we estimate that we will encounter a headwind of approximately 8% in EBITDA for the full year 2015, when compared to 2014.

由於美元相對於其他貨幣大幅升值，按照當前外匯即期匯率計算，我們估計 2015 年全年 EBITDA 與 2014 年相比將遭遇約 8% 的逆風。

The next page provides an estimate of 2014 combined adjusted EBITDA for the two brands, which totalled $1.542 billion.

下一頁提供了兩個品牌 2014 年合併調整後 EBITDA 的估計，總計 15.42 億美元。

We are sharing this information to provide an annualized baseline, and plan to share quarterly data as we progress throughout the coming year.

我們分享這些資訊是為了提供年度基線，並計劃在來年的進展中共享季度數據。

We have also provided adjusted EBITDA minus CapEx figures for the combined company, which would have totalled approximately $1.3 billion in 2014.

我們也提供了合併後公司的調整後 EBITDA 減去資本支出數據，2014 年總計約 13 億美元。

On December 12, 2014, we completed the previously announced transaction to create Restaurant Brands International.

2014 年 12 月 12 日，我們完成了先前宣布的創建 Restaurant Brands International 的交易。

In connection with the combination, the Company repaid all of its outstanding indebtedness at Burger King worldwide, and commenced a tender offer to repurchase the outstanding indebtedness of Tim Hortons.

在合併過程中，公司償還了漢堡王全球的所有未償還債務，並開始要約收購以回購 Tim Hortons 的未償還債務。

As of February 13, 2015, approximately CAD54 million of Tim Hortons' legacy notes remain outstanding, and the remainder was repurchased at a tender price of 101% of their face value, using cash on hand.

截至 2015 年 2 月 13 日，Tim Hortons 的遺留票據中約有 5,400 萬加元尚未償還，其餘票據以手頭現金以面額 101% 的投標價回購。

As part of the financing sources for the transaction, subsidiaries of RBI entered into a new $6.75 billion term loan, and issued $2.25 billion of senior notes.

作為交易融資來源的一部分，RBI 子公司簽訂了 67.5 億美元的新定期貸款，並發行了 22.5 億美元的優先票據。

In addition, the Company had $1 billion of legacy Tim Hortons debt, and $300 million of capital leases and other debt on its balance sheet at the end of the quarter.

此外，截至本季末，公司資產負債表上還有 10 億美元的 Tim Hortons 遺留債務，以及 3 億美元的資本租賃和其他債務。

The Company's cash balance was $1.9 billion, resulting in net debt of $8.4 billion.

公司現金餘額為 19 億美元，淨債務為 84 億美元。

The Company also issued $3 billion of preferred shares, and $8.4 million warrants to Berkshire Hathaway, as well as approximately $107 million common shares of RBI to prior holders of Tim Hortons common shares.

該公司還向 Berkshire Hathaway 發行了 30 億美元的優先股和 840 萬美元的認股權證，並向 Tim Hortons 普通股的先前持有人發行了約 1.07 億美元的 RBI 普通股。

In addition, we have entered into hedging arrangements, via cross currency swaps, to synthetically convert a portion of our US dollar debt obligations into Canadian dollars, in fixed interest rates for the term of the instruments.

此外，我們也透過交叉貨幣掉期達成避險安排，將部分美元債務綜合轉換為加幣，並在工具期限內採用固定利率。

As the Canadian dollar has depreciated in the year to date, these hedges generally appreciate in value, to ensure that we have proper matching of our earnings and assets with the liabilities of the Company.

由於今年迄今加幣貶值，這些對沖價值通常會升值，以確保我們的收益和資產與公司的負債進行適當匹配。

Turning now to page 24, RBI intends to return capital to shareholders in line with BKW practice, prior to the combination.

現在翻到第 24 頁，RBI 打算在合併前依照 BKW 慣例向股東返還資本。

On February 17, the RBI Board of Directors declared a dividend of $0.09 per share for the first quarter of 2015.

2 月 17 日，印度儲備銀行 (RBI) 董事會宣布 2015 年第一季派發每股 0.09 美元的股息。

The dividend will be payable on April 2, to shareholders of record at the close of business on March 3.

股息將於 4 月 2 日支付給 3 月 3 日營業結束時在冊的股東。

Thanks, Josh.

謝謝，喬許。

Wrapping up on slide 25, 2014 was a pivotal year for us.

在投影片 25 上進行總結，2014 年對我們來說是關鍵的一年。

We delivered strong performance, as we continued to deliver positive comparable sales and net restaurant growth across both brands.

我們的業績表現強勁，兩個品牌的可比銷售額和餐廳淨成長均保持正成長。

The creation of Restaurant Brands International marks a tremendous opportunity for franchise owners, shareholders and employees.

Restaurant Brands International 的創建為特許經營權所有者、股東和員工帶來了巨大的機會。

We're proud to have two iconic brands, with strong franchise profitability and guest satisfaction, under the RBI umbrella.

我們很自豪能夠在 RBI 旗下擁有兩個具有強大特許經營盈利能力和賓客滿意度的標誌性品牌。

I'm confident our franchisees, our partners, and our team members all around the world will continue the successes we've achieved in 2014, as we move into 2015.

我相信，隨著我們進入 2015 年，我們世界各地的特許經營商、合作夥伴和團隊成員將繼續我們在 2014 年的成功。

Thanks to all of you for joining us today, and we're now going to open up the call for Q&A.

感謝大家今天加入我們，我們現在將開始問答環節。

Operator?

操作員？

Thank you.

謝謝。

We will now begin the question-and-answer session.

我們現在開始問答環節。

Please limit yourself to one question at a time, and then you can re-queue for follow-ups.

請一次只回答一個問題，然後您可以重新排隊等待後續問題。

(Operator Instructions)

（操作員說明）

Our first question is from Nicole Miller of Piper Jaffray.

我們的第一個問題來自 Piper Jaffray 的 Nicole Miller。

Please go ahead.

請繼續。

Good morning.

早安.

Thank you.

謝謝。

I wanted to ask a question about development.

我想問一個關於開發的問題。

In 2015, would it be reasonable to expect something similar to 2014, because it was so strong?

2015 年，由於表現如此強勁，因此預期會出現與 2014 年類似的情況是否合理？

Or, can we expect the same pace of acceleration in 2015 that you saw in 2014, versus the prior year of 2013?

或者，與 2013 年相比，我們是否可以預期 2015 年的加速速度與 2014 年相同？

Thank you.

謝謝。

Morning, Nicole.

早安，妮可。

It's Josh.

是喬許。

Thanks for the question.

謝謝你的提問。

As you mentioned, we're very pleased with the pace of growth at BK, and at Tim's in 2014.

正如您所提到的，我們對 BK 和 Tim's 2014 年的成長速度感到非常滿意。

I think as we move forward, we're very happy to be one of the fastest growing, large QSR concepts in the world.

我認為，隨著我們的前進，我們很高興成為世界上發展最快的大型快餐概念之一。

And I think the focus will really, as we said for the past year or so, be to continue to improve even further on the quality of those openings.

我認為，正如我們在過去一年左右所說的那樣，重點實際上是繼續進一步提高這些空缺職位的品質。

And continuously seek to improve the restaurant economics, and focus on the profitability of all of the new restaurants around the world.

並不斷尋求改善餐廳經濟效益，並關注全球所有新餐廳的獲利能力。

When you look at Tim Hortons, we added just over 180 net, new restaurants in 2014, which represented just over 4% unit growth.

看看 Tim Hortons，我們在 2014 年淨增加了 180 多家新餐廳，單位成長率略高於 4%。

I think we have big hopes, and we do want to accelerate the pace of growth at Tim's all around the world, over the coming years.

我認為我們抱持著很大的希望，我們確實希望在未來幾年內加快 Tim's 在全球各地的成長步伐。

But it's a process that will take time, much as it did at Burger King.

但這是一個需要時間的過程，就像漢堡王所做的那樣。

I think if you look back at the history of BK, it was about a year after the acquisition by the 3G that we set up the first, new, joint venture, and I think it is going to take time with Tim's, as well, as we figure out what are the right markets and right partners to target for growth?

我想如果你回顧一下 BK 的歷史，大約是在被 3G 收購一年後，我們成立了第一家新的合資企業，我認為 Tim 的這也需要時間，當我們找出實現增長目標的正確市場和正確合作夥伴時？

So we have big goals in the long term, but it's going to take some time, and we hope to accomplish a similar acceleration at Tim Hortons, as we are able to accomplish at Burger King over the last few years.

因此，從長遠來看，我們有遠大的目標，但這需要一些時間，我們希望在蒂姆霍頓斯實現類似的加速，就像我們在過去幾年中在漢堡王能夠實現的那樣。

Our next question is from John Glass of Morgan Stanley, please go ahead.

我們的下一個問題來自摩根士丹利的約翰·格拉斯，請繼續。

Hello, this is Jake Bartlett on for John.

大家好，我是約翰的傑克‧巴特利特。

We saw in the news, and maybe if you can confirm, that 350 job cuts at corporate -- at Tim Hortons.

我們在新聞中看到，也許您能確認一下，Tim Hortons 公司裁員 350 人。

Also, it was referenced, a 20% limit in job cuts there.

此外，也有人提到，裁員上限為 20%。

Can you confirm whether you've reached that limit?

您能確認一下您是否達到了該限制嗎？

If so, are there other synergy opportunities that you have, maybe, on the Burger King side?

如果是這樣，漢堡王方面是否還有其他協同機會？

Hi, Jake, it's Josh.

嗨，傑克，我是喬許。

Thanks for the question.

謝謝你的提問。

As you mentioned, there was a reorganization at Tim's that happened in January.

正如您所提到的，蒂姆的一月份進行了重組。

And as we announced at the time, it impacted about 350 positions.

正如我們當時宣布的那樣，它影響了大約 350 個職位。

That's correct.

這是正確的。

And I think it's part of broader changes that we're making to really position the Company to grow all around the world, and to take this iconic Canadian brand to consumers in a lot of additional countries.

我認為這是我們正在做出的更廣泛變革的一部分，目的是真正使公司在全球範圍內發展，並將這個標誌性的加拿大品牌帶給更多其他國家的消費者。

We don't have any plans for additional changes at this time.

目前我們沒有任何額外更改的計劃。

And that's -- I think that's all that we would comment on at this point.

這就是——我想這就是我們此時要評論的全部內容。

Our next question is from Joseph Buckley of Bank of America.

我們的下一個問題來自美國銀行的約瑟夫·巴克利。

Please go ahead.

請繼續。

Thank you.

謝謝。

Question on the SG&A expense side of both businesses.

關於兩家企業的 SG&A 費用方面的問題。

The Burger King numbers in the fourth quarter were higher than we were expecting.

漢堡王第四季的銷售量高於我們的預期。

And curious if you've got the SG&A expenses at Burger King down to a level that we should expect to be sustained, as opposed to continuously trend lower?

您是否想知道漢堡王的 SG&A 費用是否已降至我們預期能夠持續的水平，而不是持續走低？

And then maybe on Tim Hortons, just a question, the 350 positions eliminated, what kind of annual savings would you expect from that?

然後也許在 Tim Hortons 上，只是一個問題，取消了 350 個職位，您預計每年可以節省多少？

Hey, Joe, it's Josh.

嘿，喬，我是喬許。

Thank you again for the question.

再次感謝您的提問。

The SG&A did come in a bit higher in the fourth quarter.

第四季的銷售管理費用（SG&A）確實有所上升。

The biggest driver of that was really a lot of expenses that we incurred related to the transaction.

最大的推動因素實際上是我們與交易相關的大量費用。

There were a number of advisor fees that you would imagine that would be customary in any kind of transaction like this.

您可以想像，在任何此類交易中，都會收取一些顧問費。

With respect to going forward, I think we're at a very good level for the Burger King business.

就未來而言，我認為漢堡王業務處於非常好的水平。

It's part of our culture that we're always going to seek to be more efficient, and create resources that we can use to re-invest in the business, to drive growth around the world.

這是我們文化的一部分，我們始終尋求提高效率，並創造可用於對業務進行再投資的資源，以推動世界各地的成長。

On the Tim's side, as I mentioned a little bit earlier, the changes that we made and the reorganization were a part of a lot of changes that are going on at the Company.

在提姆方面，正如我之前提到的，我們所做的改變和重組是公司正在進行的許多改變的一部分。

And I don't think it really makes sense to comment on the impact of those in isolation.

我認為評論那些孤立的人的影響確實沒有意義。

Our next question is from Jeffrey Bernstein of Barclays.

我們的下一個問題來自巴克萊銀行的傑弗裡·伯恩斯坦。

Please go ahead.

請繼續。

Great.

偉大的。

Thank you very much.

非常感謝。

I'm just wondering if you can, all, talk a little bit about the synergies, perhaps, of the combined entity?

我只是想知道你們是否可以談談合併後實體的綜效？

There seems like there's a variety of opportunities.

似乎有各種各樣的機會。

But whether it's real estate, using the same land for both brands long term, or menu perspective, or what you've seen from a purchasing power perspective.

但無論是房地產、兩個品牌長期使用同一塊土地，或是菜單角度，或是你從購買力角度看到的情況。

Just trying to figure out the biggest synergy opportunity?

只是想找出最大的協同機會嗎？

And then just to follow on to that prior question on the Tim's G&A side, the greatest opportunity for cost reduction.

然後繼續回答蒂姆的一般管理費用方面的先前問題，即降低成本的最佳機會。

I'm just wondering, what we should think about, in terms of Tim's G&A, as we look to 2015 and beyond?

我只是想知道，當我們展望 2015 年及以後時，我們應該在蒂姆的一般管理費用方面考慮什麼？

Jeff, it's Daniel.

傑夫，我是丹尼爾。

Any time you have a merger of two companies in the same industry, you're right, there will be some synergies, though none will be related to real estate or menu items.

任何時候，同一行業的兩家公司合併時，都會產生一些協同效應，但不會與房地產或菜單項目相關，這是正確的。

What we said from the beginning is that we plan to operate and run these two iconic brands as independent brands.

我們一開始就說過，我們計劃將這兩個標誌性品牌作為獨立品牌來運作和運作。

Each will have its own management team, each will be focused on its own marketing, its own development, its own operations, its own real estate.

每個人都有自己的管理團隊，每個人都將專注於自己的行銷、自己的開發、自己的營運、自己的房地產。

When you think about cost savings and synergies, that will really be back-of-house, corporate functions; areas like finance, HR, legal, IT, where we could share those corporate services across both brands.

當你考慮成本節約和綜效時，這其實是後台的公司職能；在財務、人力資源、法律、IT 等領域，我們可以在兩個品牌之間分享這些企業服務。

And when you look at the changes that we made earlier this year, those changes were largely driven by those areas.

當你看看我們今年早些時候所做的改變時，你會發現這些改變很大程度上是由這些領域所推動的。

So we didn't make any changes with respect to marketing, anything guest-facing, anything franchise-facing.

因此，我們沒有在行銷、面向客人、面向特許經營方面做出任何改變。

It's really back-of-house synergies that both brands will be able to leverage.

這確實是兩個品牌能夠利用的後台綜效。

Going forward, I can't emphasize enough, we plan to manage these brands as independent, standalone brands.

展望未來，我怎麼強調都不為過，我們計畫將這些品牌作為獨立的品牌來管理。

There's not going to be any cross selling of marketing, no cross selling of promotions, no usage of common real estate here.

這裡不會有任何行銷交叉銷售、促銷交叉銷售，也不會使用公共空間。

And we're excited for each of the brand teams to take the brands to the next level and beyond.

我們很高興每個品牌團隊都能將品牌提升到一個新的水平甚至更高。

And particularly, as Josh mentioned, with Tim Hortons, what's going to define success in this transaction for Restaurant Brands International, is growth.

特別是，正如喬希（Josh）與蒂姆霍頓斯（Tim Hortons）所提到的那樣，Restaurant Brands International 這筆交易的成功關鍵在於成長。

And that's what this deal has been all about from the beginning.

這就是這筆交易從一開始的目的。

It's all about growth, and our ability to take Tim Hortons all around the world, to expand in the US.

這一切都與成長有關，以及我們將 Tim Hortons 帶到世界各地並在美國擴張的能力。

And we have a nice chart in the presentation here on slide 17.

我們在投影片 17 的簡報中提供了一個很好的圖表。

And as Josh mentioned, it will take some time but our hope is that, down the road, we can have a chart like that, with pictures of Tim Hortons around the world, and guests lined up with Tim Hortons cups of coffee all around the world.

正如喬希所提到的，這需要一些時間，但我們希望，在未來，我們可以有一個這樣的圖表，上面有世界各地 Tim Hortons 的照片，客人們在世界各地排隊拿著 Tim Hortons 的咖啡。 。

And that's what's going to define the success here.

這就是這裡成功的定義。

Our next question is from David Palmer of RBC.

我們的下一個問題來自加拿大皇家銀行 (RBC) 的大衛·帕爾默 (David Palmer)。

Please go ahead.

請繼續。

Hi, Daniel, Josh, it's Eric Gonzalez in for Dave Palmer.

嗨，丹尼爾，喬什，埃里克·岡薩雷斯代替戴夫·帕爾默。

Just a few quick ones.

就幾個快速的。

First, on CapEx, where do you see CapEx settling out over time, and maybe how quickly do you think you can get there?

首先，在資本支出方面，您認為隨著時間的推移，資本支出會穩定在哪裡？

And then I want to shift gears to Burger King, and some of the menu items you're offering.

然後我想轉向漢堡王，以及你們提供的一些菜單項目。

Looks like you've obviously had some success with value in 2014.

看來您在 2014 年顯然取得了一些有價值的成功。

Recently, you had the $1.49 chicken nugget deal.

最近，您有 1.49 美元的雞塊折扣。

I was wondering if you could maybe talk about franchisee profitability, as it relates to value.

我想知道您是否可以談談加盟商的盈利能力，因為它與價值有關。

And then during the quarter, were there parts of the system where that deal might not have been very profitable?

然後在本季中，系統中是否有部分交易可能不會帶來很高的利潤？

And then as you return to that deal in early 2015, I want to ask you how sustainable that promotion is?

然後，當您回到 2015 年初的交易時，我想問您，這種促銷活動的可持續性如何？

And is it something you can offer over the long term?

這是您可以長期提供的東西嗎？

Thanks.

謝謝。

Why don't you handle the CapEx?

為什麼不處理資本支出？

Eric, it's Josh.

艾瑞克，這是喬許。

I'll take the CapEx question, and I'll let Dan talk about the BK menu side.

我將回答資本支出問題，然後讓 Dan 談談 BK 菜單方面的問題。

So on CapEx, I think it's really important for to us take a balanced approach over time.

因此，在資本支出方面，我認為隨著時間的推移，我們採取平衡的方法非常重要。

As we shift to developing the Tim's brand more around the world, there will be some natural shift to lesser capital intensity, as we'll probably copy the Burger King, master franchise, joint-venture model that we've used around the world.

當我們轉向在全球範圍內更多地開發蒂姆品牌時，資本密集度將會自然而然地轉變，因為我們可能會複製我們在世界各地使用的漢堡王、主要特許經營、合資模式。

And in fact, it's the same model that Tim's has used in the Middle East.

事實上，這與蒂姆在中東使用的模型相同。

So there is some natural shift there, but I think it will be gradual, and we're going to continue to invest significant resources in the business.

因此，存在一些自然的轉變，但我認為這將是漸進的，我們將繼續在業務上投入大量資源。

In particular, in Canada.

特別是在加拿大。

As you know, for both the Tim Hortons and Burger King brands, remodeling our restaurants has been a huge priority for us.

如你所知，對於 Tim Hortons 和漢堡王品牌來說，改造餐廳一直是我們的首要任務。

We think it's really critical to the success of the brands over time.

我們認為，隨著時間的推移，這對品牌的成功至關重要。

And there will be meaningful capital expenditures going forward, in particular, in Canada.

未來將會有有意義的資本支出，特別是在加拿大。

So I think we'll see some decline, over time, in the capital intensity of the Tim's business.

因此，我認為隨著時間的推移，蒂姆公司的資本密集度將會下降。

But it will be gradual, and we're going to take a balanced approach to it.

但這將是漸進的，我們將採取平衡的方法。

Yes, hey Eric, it's Daniel.

是的，嘿埃里克，我是丹尼爾。

On the Burger King side, overall franchise profitability was quite strong, and profitability growth was quite strong in 2014, despite some rising input costs on the commodity side and the labor side.

漢堡王方面，整體特許經營獲利能力相當強勁，儘管商品端和勞動力端的投入成本有所上升，但2014年獲利成長仍相當強勁。

We still saw strong year-on-year, franchisee, unit level, cash flow growth.

我們仍然看到特許經營商、單位水準、現​​金流量較去年同期強勁成長。

And when you look at the performance, we're pleased with the performance of the Burger King brand in the US, particularly in the fourth quarter.

當你看到業績時，我們對漢堡王品牌在美國的業績感到滿意，特別是在第四季度。

When you look at the performance, it's really a function of all four pillars.

當你觀察效能時，你會發現它實際上是所有四個支柱的功能。

It's not just menu, it's not just product.

這不僅僅是菜單，也不僅僅是產品。

We did have a good product offering, a good balanced approach in the fourth quarter.

我們確實提供了良好的產品，在第四季度採取了良好的平衡方法。

As you mentioned, we had a favorable offer on chicken nuggets.

正如您所提到的，我們對雞塊有優惠的報價。

We also brought, from Europe, our extra long, barbeque cheeseburger, both operationally simple products that our guests really enjoyed.

我們還從歐洲帶來了超長燒烤起司漢堡，這兩種產品操作簡單，我們的客人非常喜歡。

On the premium side, we had the A1 Ultimate Bacon Cheeseburger that was a big hit for us as well.

在高端方面，我們有 A1 終極培根起司漢堡，這對我們來說也很受歡迎。

But it's all about the four pillars.

但這一切都與四大支柱有關。

And the menu, marketing, image, operations, and particularly on image, you probably saw that we hit our target about year earlier than we had envisioned a few years ago.

菜單、行銷、形象、運營，尤其是形象，你可能會看到我們比幾年前預想的提前一年實現了目標。

And having now 40% of the system on modern image, that helps transform the image of the brand to the face of our guests in this country.

現在 40% 的系統具有現代形象，這有助於將品牌形象轉變為我們國家客人的形象。

So it's all four pillars.

所以這就是四個支柱。

It's a constant work stream here on the Burger King side, and we're proud of the work that we've done.

這是漢堡王方面持續不斷的工作流程，我們為我們所做的工作感到自豪。

We're proud of the franchise profitability growth that we saw as a result of that.

我們對由此帶來的特許經營獲利能力成長感到自豪。

Our next question is from Keith Steiner of UBS.

我們的下一個問題來自瑞銀集團的基斯‧史坦納。

Please go ahead.

請繼續。

Thank you.

謝謝。

Just two very quick ones for you, Josh.

喬希，只有兩個非常快的給你。

First, how should we think about the consolidated tax rate for the business, going forward?

首先，我們該如何考慮未來企業的綜合稅率？

I know it's early in the process for you folks, in terms of consolidation, but any help you could give us there would be helpful.

我知道對你們來說，就整合而言，現在還處於早期階段，但是你們能給我們的任何幫助都會有所幫助。

And then also, fully diluted, weighted average share count, it -- obviously, in the release.

然後，完全稀釋的加權平均股數，很明顯，在發布中。

But what was the fully diluted count at the end of the quarter, that we should be using, going forward?

但是，我們未來應該使用的季度末完全稀釋後的數量是多少？

Thanks.

謝謝。

Hey Keith, good morning, and thanks for the questions.

嘿基思，早安，謝謝你的提問。

On the tax rate, prior to the transaction, BK had an effective tax rate of around 26%.

稅率方面，交易前，BK的有效稅率約為26%。

And the statutory rate in Canada is just over 26%, as well.

加拿大的法定稅率也剛超過 26%。

So from where we stand today, we do expect to continue to have a tax rate in that mid-20%s range, at this point.

因此，從我們今天的立場來看，我們確實預計目前稅率將繼續保持在 20% 左右的範圍內。

In terms of the fully diluted share count, when you look at it on an as-converted basis, the basic share count would be about 467 million shares.

就完全稀釋後的股數而言，如果按照轉換後的股數來看，基本股數約為4.67億股。

Our next question is from Karen Holthouse of Goldman Sachs.

我們的下一個問題來自高盛的凱倫霍爾特豪斯。

Please go ahead.

請繼續。

Congratulations on a strong comp performance across both brands in the quarter.

恭喜兩個品牌在本季取得了強勁的業績表現。

And really, with Burger King in the US, could we get a little bit of color on where the acceleration has been coming from, either in terms of traffic versus track, is there is anything to call out across day parts?

事實上，對於美國的漢堡王來說，我們能否了解一下加速的來源，無論是在交通還是賽道方面，在一天中的各個時段有什麼值得指出的嗎？

And then if you're looking into next year, how you are thinking about price?

然後，如果您展望明年，您如何考慮價格？

Hi, Karen, it's Daniel.

嗨，凱倫，我是丹尼爾。

As I mentioned to Eric before, there wasn't -- there's not one single silver bullet, per se.

正如我之前向艾瑞克提到的那樣，本身沒有任何靈丹妙藥。

We saw strength across multiple day parts.

我們在多個時段看到了力量。

We saw strength across multiple platforms, our 2 for $5 continues to perform well.

我們看到了多個平台的優勢，我們的 5 美元 2 款產品繼續表現良好。

The premium products we launched performed well.

我們推出的優質產品表現良好。

We're pleased with some of the value offerings we had.

我們對我們提供的一些有價值的產品感到滿意。

And when you think about price, the way we think about it, we have rising input costs every year, as do our peers, on the commodity side and on the labor side.

當你考慮價格時，按照我們的思考方式，我們的投入成本每年都在上升，我們的同行也是如此，在商品方面和勞動力方面。

And we offset them with a combination of volume and price.

我們透過數量和價格的結合來抵消它們。

And we have to look at -- really have to look at the food away from home inflation, food at home inflation.

我們必須關注——確實必須關注遠離家鄉的食品通膨，以及國內的食品通膨。

We take all of that into consideration, and we think about how we're going to implement price increases.

我們考慮到所有這些，並考慮如何實施提價。

And it's something that we do from time to time.

這是我們時不時會做的事情。

And beyond that, we don't like to get into the specifics.

除此之外，我們不想討論細節。

But that's something we're constantly looking at, it's constantly top of mind.

但這是我們不斷關注的事情，也是我們始終關注的焦點。

And it's a balancing act, behind providing strong franchise profitability growth, yet continuing to continue to give our guests great value.

這是一種平衡的行為，既提供了強勁的特許經營利潤成長，又繼續為我們的客人提供巨大的價值。

Our next question is from Chris Li of Bank of America.

我們的下一個問題來自美國銀行的 Chris Li。

Please go ahead.

請繼續。

Good morning.

早安.

Just wanted to get your view on Timmy's distribution system.

只是想聽聽您對蒂米的分銷系統的看法。

Do you see an opportunity to improve its profitability over the longer term?

您是否看到了長期提高獲利能力的機會？

Hi.

你好。

When we look at the distribution system at Tim Hortons -- it's Daniel here -- we have a combination of in-house distribution, and we have some third-party distributors.

當我們看看 Tim Hortons 的分銷系統時——這裡是丹尼爾——我們有內部分銷的組合，還有一些第三方分銷商。

And our primary goal with the distribution system is, really, to have the optimal delivery system to our franchisees.

我們分銷系統的主要目標實際上是為我們的加盟商提供最佳的交付系統。

And when -- any changes we make, anything we look at, anything we do with the distribution system, in terms of optimizing profitability, potential changes, anything we do, it's going to be with that goal in mind; to make sure that we have the optimal delivery systems to the franchisees.

當我們做出任何改變，我們關注的任何事情，我們對分銷系統所做的任何事情，在優化盈利能力方面，潛在的變化，我們所做的任何事情，都會牢記這個目標；確保我們為加盟商提供最佳的交付系統。

And we really, frankly, don't have any plans right now.

坦白說，我們現在沒有任何計劃。

Our next question is from David Hargreaves of Sterne Agee.

我們的下一個問題來自 Sterne Agee 的 David Hargreaves。

Please go ahead.

請繼續。

Wondering if you guys could give us your current-debt ratios?

想知道你們能否提供我們目前的債務比率？

Yes, if a -- hi David, it's Josh.

是的，如果是──嗨大衛，我是喬許。

If you look at the slide in the deck that we prepared, you'll see that the Company's net debt was about $8.4 billion at the end of the year.

如果你看我們準備的幻燈片，你會發現公司年底的淨債務約為 84 億美元。

And if you divide that by the consolidated EBITDA, with the combined EBITDA that we presented, you'd get to a net debt to EBITDA ratio of about 5.4 times.

如果將其除以合併 EBITDA，即我們提出的合併 EBITDA，淨債務與 EBITDA 的比率約為 5.4 倍。

This concludes our question-and-answer session.

我們的問答環節到此結束。

I'd like to turn the conference back over to Daniel Schwartz for any closing remarks.

我想將會議轉回丹尼爾·施瓦茨（Daniel Schwartz）發表閉幕詞。

Thank you all very much for joining us on the first Restaurant Brands International earnings call.

非常感謝大家參加我們的首屆 Res​​taurant Brands International 財報電話會議。

We look forward to updating you in the coming quarters.

我們期待在未來幾季向您通報最新情況。

Thanks a lot.

多謝。

The conference is now concluded.

會議現已結束。

Thank you for attending today's presentation.

感謝您參加今天的演講。

You may now disconnect.

您現在可以斷開連線。