Restaurant Brands International Inc (QSR) 2022 Q2 法說會逐字稿

Good morning, and welcome to the Restaurant Brands International Second Quarter 2022 Earnings Conference Call. (Operator Instructions). Please note this event is being recorded.

早上好，歡迎參加 Restaurant Brands International 2022 年第二季度收益電話會議。 （操作員說明）。請注意，正在記錄此事件。

I'd now like to turn the conference over to Stephen Lichtner, RBI's Head of Investor Relations. Please go ahead.

我現在想將會議轉交給 RBI 投資者關係主管 Stephen Lichtner。請繼續。

Thank you, operator. Good morning, everyone, and welcome to Restaurant Brands International's Earnings Call for the Second Quarter, ended June 30, 2022. As a reminder, a live broadcast of this call may be accessed through the Investor Relations web page at rbi.com/investors, and a recording will be available for replay.

謝謝你，接線員。大家早上好，歡迎參加 Restaurant Brands International 於 2022 年 6 月 30 日結束的第二季度財報電話會議。提醒一下，可以通過 rbi.com/investors 的投資者關係網頁觀看本次電話會議的現場直播，並且錄音將可供重播。

Joining me on the call today are Restaurant Brands International's CEO, Jose Cil; COO, Josh Kobza; and CFO, Matt Dunnigan.

今天和我一起參加電話會議的是 Restaurant Brands International 的首席執行官 Jose Cil；首席運營官喬什·科布扎；和首席財務官馬特·鄧尼根。

Today's earnings call contains forward-looking statements, which are subject to various risks set forth in the press release issued this morning and in our SEC filings. In addition, this earnings call includes non-GAAP financial measures. Reconciliations of non-GAAP financial measures are included in the press release available on our website.

今天的財報電話會議包含前瞻性陳述，這些陳述受到今天上午發布的新聞稿和我們提交給美國證券交易委員會的文件中規定的各種風險的影響。此外，本次財報電話會議還包括非 GAAP 財務指標。非公認會計原則財務指標的對賬包含在我們網站上的新聞稿中。

Please note that the consolidated growth metrics discussed during the prepared remarks, including consolidated system-wide sales growth, net restaurant growth and organic adjusted EBITDA growth exclude results from Firehouse Subs, which we acquired on December 15, 2021, to reflect comparable year-over-year growth figures.

請注意，在準備好的評論中討論的綜合增長指標，包括綜合系統範圍內的銷售增長、餐廳淨增長和有機調整後 EBITDA 增長，不包括我們於 2021 年 12 月 15 日收購的 Firehouse Subs 的結果，以反映可比年度-年增長數據。

And now I'll turn the call over to Jose.

現在我將把電話轉給 Jose。

Thanks, Stephen, and good morning, everyone. Thank you for joining us on today's call to discuss our results for the second quarter of 2022.

謝謝，斯蒂芬，大家早上好。感謝您加入我們今天的電話會議，討論我們 2022 年第二季度的業績。

Before jumping into our results, I'd like to give some perspective on what we're seeing from a macroeconomic standpoint. We recognize the uncertain and at times difficult environment that we're facing as a result of ongoing commodity and wage inflation, rising interest rates and broader macro uncertainties impacting our industry and many others. While many of these pressures are out of our control, we've been focused on working closely with our franchisees to take thoughtful action to alleviate those within our and our franchisees' control.

在進入我們的結果之前，我想從宏觀經濟的角度對我們所看到的情況進行一些看法。我們認識到，由於持續的商品和工資通脹、利率上升和更廣泛的宏觀不確定性影響我們的行業和許多其他行業，我們面臨著不確定且有時困難的環境。雖然其中許多壓力是我們無法控制的，但我們一直專注於與我們的加盟商密切合作，採取深思熟慮的行動來減輕我們和我們的加盟商控制範圍內的壓力。

Together, we've strategically taken price across each of our brands, always being mindful of traffic and the guest experience, and we continue to leverage our scale to assist where we can. We also know our franchisees, team members are key assets in delivering a great guest experience, which is why we're providing franchisees with tools and best practices for staffing and retention, updated, easy to follow training resources and simplified back-of-house processes where possible. These and many other ops, labor and procurement initiatives are important steps we're taking to help offset macro pressures that are impacting franchisee profitability.

我們一起戰略性地為每個品牌定價，始終關注流量和客戶體驗，我們繼續利用我們的規模來提供我們可以提供的幫助。我們也知道我們的加盟商，團隊成員是提供出色客戶體驗的關鍵資產，這就是為什麼我們為加盟商提供人員配備和保留、更新、易於遵循的培訓資源和簡化後台的工具和最佳實踐盡可能處理。這些以及許多其他運營、勞動力和採購舉措是我們正在採取的重要步驟，以幫助抵消影響加盟商盈利能力的宏觀壓力。

I've had the pleasure of getting back out on the road more and more and have had a chance to meet with a number of our franchisees across the U.S., Canada and Europe. Throughout my travels, it's been incredible to see our franchisees hard work, their energy and focus to deliver on our big dream to build the most loved restaurant brands in the world. I'm even more encouraged to see this translate into our strong results for the quarter with consolidated comparable sales up 9% year-over-year, 14% growth in system-wide sales and 9% organic adjusted EBITDA growth.

我很高興能越來越多地回到路上，並有機會與我們在美國、加拿大和歐洲的許多特許經營商會面。在我的旅途中，看到我們的加盟商辛勤工作、他們的精力和專注於實現我們打造世界上最受歡迎的餐廳品牌的遠大夢想，真是令人難以置信。看到這轉化為我們本季度的強勁業績，我感到更加鼓舞，合併可比銷售額同比增長 9%，全系統銷售額增長 14%，調整後 EBITDA 有機增長 9%。

These results were primarily driven by a strong acceleration in sales growth at Tim Hortons Canada, sustained momentum across many of our international markets, steady improvement at Burger King U.S., continued growth in digital sales and development strength at Popeyes. We're incredibly proud of the work our team and our franchisees have done to date. And while there's still a lot more to do, we feel our strong portfolio of diversified global brands and resilient business model are well positioned as we look ahead.

這些結果主要是由於 Tim Hortons Canada 的銷售增長強勁加速、我們許多國際市場的持續增長勢頭、美國漢堡王的穩步改善、數字銷售的持續增長以及 Popeyes 的發展實力。我們為我們的團隊和加盟商迄今為止所做的工作感到無比自豪。雖然還有很多工作要做，但我們認為我們強大的多元化全球品牌組合和有彈性的商業模式在我們展望未來時處於有利地位。

We also know many of you are excited to hear more about our plans for Burger King U.S., including investments we plan to make alongside our franchisees to accelerate growth, and we're looking forward to sharing details with you after we shared the plan with our Burger King U.S. franchisees at our upcoming National Franchise Convention in early September.

我們也知道你們中的許多人很高興聽到更多關於我們對美國漢堡王的計劃，包括我們計劃與特許經營商一起進行的投資以加速增長，我們期待在與我們分享計劃後與您分享細節漢堡王美國特許經營商參加我們即將在 9 月初舉行的全國特許經營大會。

Turning to a few highlights from the quarter. During the second quarter, we grew consolidated year-over-year comparable sales by 9%, driven by 14% comparable sales at Tim Hortons Canada, driving our Tims Canada sales above 2019 levels for the quarter and 18% comparable sales growth in our Burger King international business. At Burger King U.S., we continue to narrow the gap versus industry performance this quarter, and across Popeyes and Firehouse home markets, we saw steady sales on top of the transformative last few years. We continue to drive growth through our digital channels this quarter as well with global digital sales up double digits year-over-year to over $3 billion, reaching roughly 1/3 of consolidated system-wide sales.

談談本季度的一些亮點。在第二季度，我們的綜合可比銷售額同比增長 9%，這得益於 Tim Hortons Canada 14% 的可比銷售額，推動我們的 Tims Canada 銷售額高於本季度 2019 年的水平，我們的 Burger 可比銷售額增長 18%王國際商務。在美國漢堡王，我們在本季度繼續縮小與行業表現的差距，在大力水手和 Firehouse 國內市場，我們看到了過去幾年的變革性銷售穩定。本季度我們繼續通過數字渠道推動增長，全球數字銷售額同比增長兩位數，超過 30 億美元，約佔全系統綜合銷售額的 1/3。

We also saw good development progress within the second quarter and have a clear path to accelerate unit growth of 2021 levels. Popeyes made notable development advancements in this quarter and remains on track to deliver a record year. This is an example of our strengthening development mix as our growth at Popeyes and Tim Hortons accelerates, while our development engine at Burger King ramps back up to historical levels.

我們在第二季度也看到了良好的發展進展，並且有明確的路徑來加速 2021 年的單位增長水平。 Popeyes 在本季度取得了顯著的發展進步，並有望實現創紀錄的一年。這是我們加強開發組合的一個例子，因為我們在 Popeyes 和 Tim Hortons 的增長加速，而我們在漢堡王的開發引擎又回到了歷史水平。

To put some context around this, our combined Tim Hortons and Popeyes footprint outside home markets has reached nearly 2,500 restaurants, up from approximately 1,500 restaurants just 5 years ago and grew over 20% year-over-year in the second quarter. In parallel, we're building development capabilities at Firehouse in the U.S. and globally to drive another pillar of growth in the coming years. The combination of comparable sales and net restaurant growth helped drive Q2 system-wide sales to $10.1 billion, up 14% year-over-year, excluding Firehouse Subs, and organic adjusted EBITDA growth of 9%, which included a negative 2% or $11 million impact on adjusted EBITDA growth related to Russia.

為了說明這一點，我們在本土市場以外的 Tim Hortons 和 Popeyes 的合併足跡已達到近 2,500 家餐廳，而僅 5 年前只有大約 1,500 家餐廳，並且在第二季度同比增長超過 20%。與此同時，我們正在美國和全球的 Firehouse 建立開發能力，以推動未來幾年的另一個增長支柱。可比銷售額和餐廳淨增長相結合，推動第二季度全系統銷售額達到 101 億美元，同比增長 14%，不包括 Firehouse Subs，有機調整後 EBITDA 增長 9%，其中包括負 2% 或 11 美元百萬對與俄羅斯相關的調整後 EBITDA 增長的影響。

These results, coupled with our fully franchised cash-generative business model, allowed us to continue driving strong shareholder returns. In the second quarter, we delivered over $400 million of capital through a combination of share repurchases and/or dividends.

這些結果，再加上我們完全特許經營的現金生成業務模式，使我們能夠繼續推動強勁的股東回報。在第二季度，我們通過股票回購和/或股息的組合交付了超過 4 億美元的資本。

Before diving into brand results for the quarter, I want to touch on sustainability, which continues to be central to our goal of operating and building the most loved restaurant brands in the world.

在深入探討本季度的品牌業績之前，我想談談可持續性，這仍然是我們運營和打造世界上最受歡迎的餐廳品牌目標的核心。

We recently released our second annual Restaurant Brands for Good year-end review report, which highlights the achievements our brands made across sustainability in 2021. I encourage you all to take a look and learn more about the progress we made across our 3 pillars: food, planet and people and communities.

我們最近發布了我們的第二份年度“向好餐廳品牌”年終回顧報告，其中重點介紹了我們的品牌在 2021 年在可持續發展方面取得的成就。我鼓勵大家看看並了解更多關於我們在 3 個支柱方面取得的進展：食物、 地球和人民和社區。

I'm confident that what we achieved in 2021 will make a lasting difference in the world, and I'm excited to continue the positive momentum on sustainability initiatives across our brands.

我相信，我們在 2021 年取得的成就將為世界帶來持久的改變，我很高興能夠繼續在我們品牌的可持續發展倡議方面保持積極勢頭。

Turning to our brand performance. We'll start with Tim Hortons Canada. During our first ever Tim Hortons Canada Investor Day earlier this year, Axel and our Tim Hortons Canada leadership team walked through the journey that brand has taken since 2019 that has allowed us to transition to Phase 2 of our Back to Basics plan, which is focused on accelerating growth in the coming years.

談到我們的品牌表現。我們將從加拿大的 Tim Hortons 開始。在今年早些時候我們的第一個 Tim Hortons 加拿大投資者日期間，Axel 和我們的 Tim Hortons 加拿大領導團隊經歷了品牌自 2019 年以來所經歷的旅程，這使我們能夠過渡到“回歸基礎”計劃的第 2 階段，該計劃的重點是關於未來幾年的加速增長。

On this front, we were pleased with the progress we made accelerating sales growth during the quarter, with comparable sales of 14% year-over-year and positive 2% versus 2019 for the quarter. This performance was a result of continued improvements in our core breakfast, baked goods and coffee offerings, extensions to our PM food and cold beverage lineup, and our second collaboration with Justin Bieber, all of which have been aided by increased mobility and targeted strategic pricing initiatives. It's clear that the groundwork we laid during Phase 1 of our Back to Basics plan is paying off with guests as they return to Tim's following the easing of restrictions in late Q1.

在這方面，我們對本季度加速銷售增長所取得的進展感到滿意，本季度可比銷售額同比增長 14%，與 2019 年相比增長 2%。這一業績是我們核心早餐、烘焙食品和咖啡產品的持續改進、我們的 PM 食品和冷飲系列的擴展以及我們與賈斯汀比伯的第二次合作的結果，所有這些都得益於流動性的提高和有針對性的戰略定價倡議。很明顯，我們在“回歸基礎”計劃的第一階段奠定的基礎正在為客人帶來回報，因為他們在第一季度末放鬆限制後返回 Tim's。

Sales during the second quarter sequentially improved versus 2019 levels across all dayparts, all formats or vanities and regions. All product categories, excluding hot beverage, were also positive versus 2019 levels during the second quarter with our movement into high-growth categories, such as cold beverage and PM food, fully offsetting the headwind from hot beverage sales.

與 2019 年的水平相比，第二季度的銷售額在所有時段、所有格式或虛榮和地區都有所改善。除熱飲外，所有產品類別在第二季度也與 2019 年的水平相比呈正增長，因為我們進入冷飲和 PM 食品等高增長類別，完全抵消了熱飲銷售的逆風。

Our extension into higher ticket, higher growth categories with PM food and cold beverage continues to gain traction. In May, we introduced part 1 of our Loaded platform, which is the Loaded Wraps initially available in Cilantro Lime and Habanero chicken flavors, and are encouraged by the early results.

我們通過 PM 食品和冷飲向更高票價、更高增長類別的擴展繼續獲得牽引力。 5 月，我們推出了 Loaded 平台的第 1 部分，即最初提供香菜青檸和哈瓦那雞肉口味的 Loaded Wraps，並受到早期結果的鼓舞。

To build on this exciting platform on June 15, we introduced Loaded Bowls, prepared fresh to order, filled with hearty grains, very tasty chicken, green and mouthwatering sauces, which are also driving incremental sales to PM dayparts. Not only has the Loaded platform delivered strong sales, it's also benefited our customer mix. These new PM menu items have allowed us to drive improvements in preference measures for Tim's with younger guests and have reengaged existing guests that historically frequent attendance for breakfast and snacks only.

為了在 6 月 15 日建立這個令人興奮的平台，我們推出了 Loaded Bowls，現點現做，裡面裝滿了豐盛的穀物、非常美味的雞肉、綠色和令人垂涎的醬汁，這也推動了下午時段的銷售增長。 Loaded 平台不僅帶來了強勁的銷售，還使我們的客戶組合受益。這些新的 PM 菜單項使我們能夠推動 Tim's 對年輕客人的偏好措施的改進，並重新吸引過去經常只吃早餐和小吃的現有客人。

At our Investor Day, we also outlined our goal of being guests most sought after option for the entire beverage category, hot, cold and specialty. During the quarter, we made further progress against this goal, innovating on our high-quality Cold Brew platform with a new roasted hazelnut cold brew, which helped grow cold beverages by double digits versus 2019.

在我們的投資者日，我們還概述了我們的目標，即成為整個飲料類別（熱飲、冷飲和特色飲品）最受追捧的客人。在本季度，我們在實現這一目標方面取得了進一步的進展，在我們的高品質冷釀平台上進行了創新，推出了一種新的烤榛子冷釀，與 2019 年相比，冷飲銷量增長了兩位數。

Another valuable lever to accelerate growth is modernizing our brand. This quarter, we introduced the sequel to our collaboration with Justin Bieber with the rehit of our fan favorite Timbiebs. Timbits designed and developed by Justin himself, along with the addition of the French Vanilla Biebs Brew, another delicious innovation on our Cold Brew platform. The partnership helped generate incremental visits from existing guests, while also attracting a younger, more digitally inclined guests.

加速增長的另一個重要手段是使我們的品牌現代化。本季度，我們推出了與 Justin Bieber 合作的續集，重拍了我們粉絲最喜歡的 Timbiebs。由 Justin 自己設計和開發的 Timbits 以及添加了法國香草比布斯啤酒，這是我們冷釀平台上的另一項美味創新。該合作夥伴關係有助於增加現有客人的訪問量，同時也吸引了更年輕、更傾向於數字化的客人。

We remain very focused on our digital journey at Tim's, which already generates over 1/3 of its sales through digital channels, illustrating the growing importance of technology to the brand and its guests. We continue to make progress enhancing our capabilities and driving more guests to our platforms, both in-store and from home, which resulted in a double-digit year-over-year percent increase in digital sales during the quarter.

我們仍然非常專注於 Tim's 的數字之旅，該公司已經通過數字渠道產生了超過 1/3 的銷售額，這表明技術對品牌及其客人的重要性日益增加。我們繼續在提高我們的能力和吸引更多的客人到我們的平台上取得進展，無論是在店內還是在家中，這導致本季度數字銷售額同比增長兩位數。

I'm very proud to see the combined efforts with our restaurant owners and how they're resonating with guests. That said, we're still early in the journey and look forward to continuing to accelerate growth through the second phase of our Back to Basics plan in the quarters and years ahead.

我很自豪地看到與我們餐廳老闆的共同努力以及他們如何與客人產生共鳴。也就是說，我們仍處於起步階段，並期待在未來幾個季度和幾年內通過“回歸基礎”計劃的第二階段繼續加速增長。

Turning now to Burger King U.S. We made encouraging progress in the quarter, narrowing the comparable sales gap to peers, while working closely with franchisees to solidify our multiyear plan to reclaim the flame. The team is gearing up for an important milestone in early September at our National Franchise Convention, where we will discuss the plan and investments we expect to make with our franchisees to springboard compelling long-term growth at Burger King U.S.

現在轉向美國漢堡王。我們在本季度取得了令人鼓舞的進展，縮小了與同行的可比銷售額差距，同時與特許經營商密切合作，鞏固我們的多年計劃以重振雄風。該團隊正為 9 月初在我們的全國特許經營大會上的一個重要里程碑做準備，我們將在大會上討論我們期望與特許經營商進行的計劃和投資，以在美國漢堡王實現引人注目的長期增長。

As I mentioned before, we look forward to sharing the details with all of you as we come out of convention aligned with our system on the path forward to reclaim the plan. In the meantime, I'm pleased with the important progress we've made across a number of our near-term initiatives to enhance the guest experience and drive long-term sustainable and profitable sales growth.

正如我之前提到的，我們期待與大家分享細節，因為我們打破常規，與我們的系統保持一致，在收回計劃的道路上前進。與此同時，我很高興我們在多項近期舉措中取得了重要進展，這些舉措旨在提升客戶體驗並推動長期可持續和盈利的銷售增長。

During the quarter, we saw notable improvements in key operational metrics, steady progress across our digital capabilities and consistent execution of our marketing plan. On operations, you heard us stress the importance of precision and creating a culture of operational excellence at Burger King U.S. We continue to see the benefit of recent menu and process simplification efforts that are driving efficiencies in the restaurants, resulting in favorable operational outcomes and an improved guest experience without a near-term negative impact to sales related to the product reduction.

在本季度，我們看到了關鍵運營指標的顯著改善、我們數字能力的穩步進展以及我們營銷計劃的持續執行。在運營方面，您聽說我們在美國漢堡王強調精確度和營造卓越運營文化的重要性。我們繼續看到最近的菜單和流程簡化工作帶來的好處，這些努力提高了餐廳的效率，帶來了良好的運營成果和改善了客戶體驗，而不會因產品減少而對銷售產生短期負面影響。

We're also focused on exploring ways to assist our franchisees as they navigate through ongoing pressures as a result of the current operating environment. We've already taken a number of steps to bolster franchisee support, including developing and rolling out an employee value proposition, improving our feedback framework with the introduction of our franchisee success system online dashboard and expanding our field teams. I'm pleased to see the franchisees actively utilizing the employee value proposition guidebook and implementing best practices into their hiring and retention routines, both of which we believe have helped drive a quarter-over-quarter increase in average hours of operation.

我們還專注於探索如何幫助我們的加盟商應對當前運營環境帶來的持續壓力。我們已經採取了許多措施來加強對加盟商的支持，包括制定和推出員工價值主張、通過引入我們的加盟商成功系統在線儀表板來改進我們的反饋框架以及擴大我們的現場團隊。我很高興看到加盟商積極利用員工價值主張指南並在他們的招聘和保留程序中實施最佳實踐，我們認為這兩者都有助於推動平均營業時間的季度環比增長。

In addition, our franchisee success system operational framework is providing our franchisees with valuable insights into their performance by comparing key restaurant level metrics to the system average as well as the top 10% of the operators. Once an area of opportunity has been identified, whether order accuracy, speed of service or training related, among others, our expanded field team is then able to develop an action plan to assist franchisees in their efforts to improve.

此外，我們的加盟商成功系統運營框架通過將關鍵餐廳級別指標與系統平均值以及前 10% 的運營商進行比較，為我們的加盟商提供了對其績效的寶貴見解。一旦確定了一個機會領域，無論是訂單準確性、服務速度還是培訓相關等，我們擴大的現場團隊就能夠制定行動計劃，以幫助特許經營商努力改進。

Collectively, these initiatives are driving improvements in guest satisfaction, which has improved sequentially over the last 4 quarters. As a reminder, we have a significant growth opportunity from improving this metric in particular as we've seen a clear positive correlation between guest satisfaction and higher comparable sales.

總的來說，這些舉措正在推動客人滿意度的提高，在過去 4 個季度中連續提高。提醒一下，我們通過改進這一指標獲得了顯著的增長機會，特別是因為我們已經看到客人滿意度與更高的可比銷售額之間存在明顯的正相關關係。

Burger King's digital progress is steadily advancing. Our mobile app with white label delivery capabilities and loyalty through Royal Perks is getting faster through improvements our engineers have made. We're learning more from digital guest interactions, and we're finding new ways to drive engagement and platform adoption through integrated marketing campaigns.

漢堡王的數字化進程正在穩步推進。通過我們的工程師所做的改進，我們通過 Royal Perks 具有白標交付功能和忠誠度的移動應用程序正在變得更快。我們從數字客戶互動中學到了更多，我們正在尋找通過整合營銷活動推動參與和平台採用的新方法。

Take, for example, the Frequent Fry'ers campaign we ran during the second quarter, where we offered members the option of free fries every week for the rest of the year. The campaign has proven to be incremental to digital sales since its launch and stands as an exciting step in expanding our regional audience.

以我們在第二季度開展的“Frequent Fry'ers”活動為例，在該活動中，我們為會員提供了在今年剩餘時間每週免費薯條的選項。自推出以來，該活動已被證明是數字銷售的增量，並且是擴大我們區域受眾的激動人心的一步。

Finally, in marketing, we're focusing our media firepower on fewer, well-tested, high-quality and high-impact messages, and we've seen our purposeful shift in this area begin to resonate with guests. And while still early days, we're actively working with our new creative agency on ways to modernize our brand positioning and communications to further engage and connect with today's guests.

最後，在營銷方面，我們將媒體火力集中在更少、經過充分測試、高質量和高影響力的信息上，我們已經看到我們在這一領域的有目的的轉變開始引起客人的共鳴。雖然仍處於初期階段，但我們正在積極與我們的新創意機構合作，以使我們的品牌定位和溝通現代化，以進一步與今天的客人互動和聯繫。

Now to briefly touch on our results for the second quarter. We saw a 0.4% increase in comparable sales in the quarter, driven by a net benefit from our focus on core offers, including removing Whopper from core discount during the first quarter, a strong value platform with a $5 Your Way meal and positive contribution from digital and delivery channels. These benefits were partially offset by the impact of lapping stimulus in April and May of 2021.

現在簡要談談我們第二季度的業績。我們看到本季度可比銷售額增長了 0.4%，這得益於我們專注於核心產品的淨收益，包括在第一季度將 Whopper 從核心折扣中移除，一個強大的價值平台，提供 5 美元的 Your Way 餐食，以及來自數字和交付渠道。這些好處被 2021 年 4 月和 5 月的刺激措施的影響部分抵消。

Our efforts this quarter helped sequentially narrow the comparable sales gap to our peers, a reflection of the hard work of the BK U.S. team, our franchisees and restaurant team members. I look forward to seeing continued progress across the business in the coming months and to sharing updates on our long-term plan with all of you in September.

我們本季度的努力幫助連續縮小了與同行的可比銷售額差距，這反映了 BK 美國團隊、我們的加盟商和餐廳團隊成員的辛勤工作。我期待在接下來的幾個月中看到整個業務的持續進展，並在 9 月與大家分享我們長期計劃的最新信息。

Now turning to a valuable growth engine for the Burger King brand, the international business, which contributed 60% of the brand's global system-wide sales and over 55% of adjusted EBITDA during the second quarter.

現在轉向漢堡王品牌的寶貴增長引擎，即國際業務，該業務在第二季度貢獻了該品牌全球系統銷售額的 60% 和超過 55% 的調整後 EBITDA。

Burger King's international business continued to gain significant traction across key global markets and delivered another quarter of robust system-wide sales growth expanding 28% and adding about $600 million of sales year-over-year. These results were driven by strong momentum in comparable sales at 18% year-over-year, coupled with solid net unit growth and strengthening pipelines.

漢堡王的國際業務繼續在全球主要市場獲得顯著牽引力，並實現了又一個季度強勁的全系統銷售額增長，增長 28%，銷售額同比增加約 6 億美元。這些結果是由可比銷售額同比增長 18% 的強勁勢頭推動的，加上穩健的淨單位增長和加強的管道。

Since the last quarter of 2021, with the exception of lockdown challenges faced in China, our largest international markets have performed well beyond pre-pandemic sales levels. And during the second quarter, we saw the trend continue and in some cases, accelerate.

自 2021 年最後一個季度以來，除了中國面臨的封鎖挑戰外，我們最大的國際市場的表現遠遠超過了大流行前的銷售水平。在第二季度，我們看到這種趨勢仍在繼續，並且在某些情況下會加速。

4 of our largest markets, France, Spain, Germany and Brazil generated double-digit comparable sales growth and collectively contributed over $1.2 billion to system-wide sales during the quarter. Burger King's strong brand positioning has served as an incremental growth driver above and beyond the macro recovery many of our markets are currently experiencing.

我們最大的四個市場法國、西班牙、德國和巴西實現了兩位數的可比銷售額增長，並在本季度為全系統銷售額貢獻了超過 12 億美元。漢堡王強大的品牌定位已成為我們許多市場目前正在經歷的宏觀復甦之外的增量增長動力。

Guests in markets like France, Spain, Germany, the U.K. and Switzerland ranked Burger King in their top 3 preferences. On top of that, our guests in France, Germany, U.K. and Italy, consider Burger King as their top QSR preference. We attribute the strong brand affinity we've established to the hard work our teams and our franchisees have done to deliver a memorable and enjoyable guest experience.

法國、西班牙、德國、英國和瑞士等市場的客人將漢堡王列為他們最喜歡的前三名。最重要的是，我們在法國、德國、英國和意大利的客人將漢堡王視為他們最喜歡的 QSR。我們將我們建立的強大品牌親和力歸功於我們的團隊和特許經營商為提供令人難忘和愉快的客戶體驗所做的辛勤工作。

Our modern brand positioning has also contributed to fostering a positive experience for guests. We have strong digital capabilities internationally with many of our largest markets generating over 50% of sales through digital channels. Digital sales are a win-win for franchisees, our business and guests, driving sales with a measurable uplift in check, higher margins per ticket for franchisees, improved operations and a more seamless and better guest experience.

我們的現代品牌定位也有助於為客人營造積極的體驗。我們在國際上擁有強大的數字能力，我們的許多最大市場通過數字渠道產生了超過 50% 的銷售額。數字銷售對加盟商、我們的業務和客人來說是雙贏的，通過可衡量的提升、更高的加盟商每張票的利潤、改進的運營以及更無縫和更好的客人體驗來推動銷售。

We expect our digital sales to continue to grow over time given the significant development runway we see in key international markets. We have an incredible business internationally and one that we expect will continue to be a powerful growth driver for the brand for the years to come.

鑑於我們在主要國際市場看到的重要發展跑道，我們預計我們的數字銷售將隨著時間的推移繼續增長。我們在國際上擁有令人難以置信的業務，我們預計該業務將在未來幾年繼續成為該品牌的強大增長動力。

Turning now to Popeyes, another exciting long-term growth engine for our business. Popeyes meaningful transformation over the last few years with U.S. comparable sales of 25% versus 2019 levels, continues to drive interest from franchisees to bring our delicious Louisiana style chicken to more guests in the U.S. and around the world. The brand is on track to accelerate off a record 2021 development year with the majority of openings in North America being drive-thru locations that typically have average restaurant sales levels over 10% higher than the system average.

現在轉向大力水手，我們業務的另一個令人興奮的長期增長引擎。在過去的幾年裡，大力水手進行了有意義的轉變，美國的可比銷售額與 2019 年的水平相比增長了 25%，繼續激發特許經營商的興趣，將我們美味的路易斯安那風味雞肉帶給美國和世界各地的更多客人。該品牌有望在 2021 年創紀錄的發展年中加速發展，北美的大多數開業地點都是得來速餐廳，其平均餐廳銷售水平通常比系統平均水平高 10% 以上。

Outside of North America, Popeyes is making notable progress across existing markets, like Turkey and Spain, and we're seeing traction in new markets, like India and the U.K. This strong development momentum translated into net restaurant growth of over 8% for the second quarter and helped drive system-wide sales growth of nearly 10%, including 6% in the U.S. Popeyes U.S. comparable sales were relatively flat after 3 years of incredible growth.

在北美以外，Popeyes 在土耳其和西班牙等現有市場取得了顯著進展，我們看到了印度和英國等新市場的吸引力。這種強勁的發展勢頭轉化為第二次超過 8% 的淨餐廳增長率季度，並幫助推動了近 10% 的全系統銷售增長，其中包括美國的 6%。Popeyes 美國可比銷售額在經歷了 3 年令人難以置信的增長後相對持平。

This quarter, we also celebrated the brand's 50th anniversary in June with memorable activations such as our 50 Years of Love campaign and thoughtful and relevant promotions, including offering 2-piece bone and chicken for the original 1972 price of $0.59 if ordered through at Popeyes digital channel.

本季度，我們還在 6 月慶祝了該品牌的 50 週年紀念活動，例如我們的 50 Years of Love 活動和深思熟慮的相關促銷活動，包括如果通過 Popeyes digital 訂購，則以 1972 年原價 0.59 美元的價格提供 2 塊骨頭和雞肉渠道。

Making Popeyes more convenient for guests is an important priority for the brand. Aside from continued net restaurant expansion, the team is also focused on enhancing the brand's digital presence to make it more accessible to guests across service modes and platforms. We were pleased to see positive contribution from these efforts during the quarter with delivery sales increasing 8% year-over-year on top of a robust 27% increase in the prior year period and helping to drive digital sales penetration to 18%.

讓 Popeyes 更方便客人使用是該品牌的重要優先事項。除了持續的網絡餐廳擴張外，該團隊還專注於提升品牌的數字化影響力，讓顧客更容易跨服務模式和平台訪問它。我們很高興看到本季度這些努力的積極貢獻，在去年同期強勁增長 27% 的基礎上，交付銷售額同比增長 8%，並有助於將數字銷售滲透率提高到 18%。

Looking ahead, we will continue to grow by building convenience through restaurant development and digital capabilities, while driving guest service improvements. Popeyes is a brand with a rich culture and a history offering delicious high-quality food and has an exciting long-term growth story ahead.

展望未來，我們將通過餐廳開發和數字化能力打造便利，同時推動客戶服務的改善，從而繼續發展。 Popeyes 是一個擁有豐富文化和歷史的品牌，提供美味的優質食品，並擁有令人興奮的長期發展故事。

And finally, Firehouse Subs sustained all-time high average unit volumes of approximately $920,000 on a trailing 12-month basis, up from a consistent level of approximately $700,000 in 2020 and the years leading up to it. This continued strength has been driven by notable outperformance from new units, generating higher average unit volumes than the system average, giving us more confidence than ever in the exciting growth opportunity ahead for this unique brand.

最後，Firehouse Subs 在過去 12 個月內保持了約 920,000 美元的歷史最高平均單位銷量，高於 2020 年及之前幾年的約 700,000 美元的穩定水平。這種持續的實力是由新單位的顯著表現推動的，平均單位銷量高於系統平均水平，讓我們比以往任何時候都更加相信這個獨特品牌未來令人興奮的增長機會。

In June, I had the pleasure of attending my first Firehouse Subs convention or Family Reunion as the Firehouse Subs team calls them and met over 300 of our franchisees and their families that have helped make Firehouse Subs the success it is today. We had the opportunity to introduce franchisees to our compelling growth mindset and algorithm at RBI, and I was very pleased to see the message embraced and the team energized to deliver. It was clear from our time together that we have a passionate and dedicated group of franchisees at Firehouse Subs, committed to their public safety mission and dedicated to delivering on our big dream to build the most loved restaurant brands in the world.

6 月，我有幸參加了我的第一次 Firehouse Subs 大會或家庭聚會，因為 Firehouse Subs 團隊給他們打電話，並會見了 300 多名我們的特許經營商及其家人，他們幫助 Firehouse Subs 取得了今天的成功。我們有機會在 RBI 向加盟商介紹我們引人注目的增長思維和算法，我很高興看到這一信息被接受並且團隊充滿活力地交付。很明顯，我們在 Firehouse Subs 擁有一群充滿激情和敬業精神的特許經營商，致力於他們的公共安全使命，並致力於實現我們打造世界上最受歡迎的餐廳品牌的遠大夢想。

For the second quarter, Firehouse Subs saw a net unit growth of 2.5%, which offset softer comparable sales of down approximately 1%, resulting in a 2% year-over-year increase in system-wide sales. The second quarter was a tough comp to the prior year period, which benefited from stimulus and where Firehouse posted an incredibly strong comp sales performance of 31%. The team worked to offset this by creative traffic-driving initiatives such as May's Name of the Day promotion to keep Firehouse Subs top of mind.

第二季度，Firehouse Subs 的淨單位增長率為 2.5%，抵消了可比銷售額下降約 1% 的疲軟，導致全系統銷售額同比增長 2%。與去年同期相比，第二季度是一個艱難的比較，這得益於刺激措施，並且 Firehouse 公佈了令人難以置信的強勁的 31% 的比較銷售業績。該團隊努力通過創造性的交通驅動計劃來抵消這一點，例如 May's Name of the Day 促銷活動，以保持 Firehouse Subs 的首要地位。

Looking ahead, we're focused on accelerating the brand's development and continuing to enhance Firehouse Subs digital capabilities, specifically as it relates to enhancing the loyalty program and e-commerce infrastructure. We're excited to keep you updated on our progress in the months ahead. As you can see, it was an action-packed and exciting quarter where we made solid progress across all brands and in all regions.

展望未來，我們將專注於加速品牌發展並繼續增強 Firehouse Subs 的數字化能力，特別是與增強忠誠度計劃和電子商務基礎設施有關。我們很高興在接下來的幾個月裡讓您了解我們的最新進展。如您所見，這是一個充滿動感且令人興奮的季度，我們在所有品牌和所有地區都取得了堅實的進展。

Now I'd like to turn it over to Josh to walk you through a quick update on our progress on the digital and technology fronts. Josh?

現在，我想把它交給 Josh，讓您快速了解我們在數字和技術方面的進展情況。喬什？

Thanks, Jose, and good morning, everyone. I'd like to share a few highlights from the quarter that show consistent progress against our goal of enhancing guest experience through technology. Results this quarter show us guests are using digital channels more than ever. Home market digital sales were collectively up in the low double digits year-over-year with the international business well above that. This growth spans across channels, notably delivery, loyalty and mobile order and pay.

謝謝，何塞，大家早上好。我想分享本季度的一些亮點，這些亮點表明我們在通過技術增強客戶體驗的目標方面取得了持續進展。本季度的結果顯示我們的客人比以往任何時候都更多地使用數字渠道。國內市場數字銷售額同比整體以兩位數的低位增長，而國際業務遠高於此水平。這種增長跨越多個渠道，特別是交付、忠誠度以及移動訂單和支付。

We're seeing benefits from collaboration between our marketing and digital teams. With exclusive online offers such as the Frequent Fry'ers campaign at Burger King, performance enhancements we've made to our e-commerce platforms that reduce the time it takes to place an order and important reliability upgrades to restaurant technology that help create an overall seamless experience for guests and our team members.

我們從營銷團隊和數字團隊之間的協作中看到了好處。借助獨家在線優惠（例如漢堡王的“Frequent Fry'ers”活動），我們對電子商務平台進行了性能增強，以減少下訂單所需的時間，並對餐廳技術進行重要的可靠性升級，以幫助創建一個整體為客人和我們的團隊成員提供無縫體驗。

With the common tech stack powering our mobile apps and other e-commerce platforms, we're able to take features and performance upgrades and deploy them across our brands with ease. For example, this quarter, we moved the Popeyes app to a more modern code base, improving loading times by up to 52% thus far. A statistic that importantly is highly correlated to app usage and orders. We're planning to roll out the similar speed upgrades to Burger King and Tim Hortons in the coming months.

借助為我們的移動應用程序和其他電子商務平台提供支持的通用技術堆棧，我們能夠進行功能和性能升級，並輕鬆地將它們部署到我們的品牌中。例如，本季度，我們將 Popeyes 應用程序移至更現代的代碼庫，迄今為止將加載時間縮短了 52%。重要的是與應用程序使用情況和訂單高度相關的統計數據。我們計劃在未來幾個月內對漢堡王和蒂姆霍頓推出類似的速度升級。

Restaurant technology is increasingly important as restaurants have evolved from essentially only having point-of-sales hardware to working with multiple delivery aggregators, having indoor and outdoor digital menu boards, mobile app integration and likely more technology touch points in the future. We want all of this to work seamlessly for our guests and for team members in the restaurant so they can focus on excellent service.

餐廳技術變得越來越重要，因為餐廳已經從基本上只有銷售點硬件發展到與多個交付聚合器合作，擁有室內和室外數字菜單板、移動應用程序集成以及未來可能更多的技術接觸點。我們希望所有這些都能為我們的客人和餐廳的團隊成員無縫地工作，這樣他們就可以專注於優質的服務。

One of our larger ongoing efforts in this area relates to standardizing key elements of in-restaurant technology. This quarter, we made progress rolling out a common network provider in our home markets. Fast and stable networks mean more uptime for all elements of our technology. We also advanced efforts to ensure we have modern POS hardware and software across our system, enabling greater agility when adjusting our menus, prices and content.

我們在這一領域正在進行的一項更大的努力與標準化餐廳技術的關鍵要素有關。本季度，我們在國內市場推出通用網絡提供商取得了進展。快速穩定的網絡意味著我們技術的所有元素都有更多的正常運行時間。我們還努力確保我們的系統擁有現代化的 POS 硬件和軟件，從而在調整菜單、價格和內容時更加靈活。

These are just 2 examples of the many things our technology team is working on to set ourselves up to do much more in the future. While we are making progress in guests and restaurant technology, we're thinking about how we can evolve our restaurant designs to facilitate digital orders and unlock more throughput as more transactions come through the drive-thru and other off-premise channels.

這些只是我們的技術團隊正在努力讓自己在未來做更多事情的許多事情中的兩個例子。雖然我們在客人和餐廳技術方面取得進展，但我們正在考慮如何改進我們的餐廳設計，以促進數字訂單並隨著更多交易通過得來速和其他場外渠道獲得更多的吞吐量。

We have restaurants piloting a number of these format innovation tests around the world. We're testing express drive-thru lanes for mobile order and pickup, tandem drive-thrus with 2 sets of menu boards and order points in a single lane and restaurants with above lane conveyor systems, allowing 2 cars to receive their orders at the same time. With delivery growing significantly each year, the experience of delivery drivers has become an increasingly large priority as well. So we're also testing walk-up windows that can reduce wait times for both delivery drivers and guests who place mobile orders.

我們的餐廳在世界各地試行了許多此類格式創新測試。我們正在測試用於移動點餐和取貨的快速得來速通道、帶有 2 組菜單板和單通道點餐點的串聯得來速通道，以及帶有車道上方輸送系統的餐廳，允許 2 輛汽車同時接收他們的訂單時間。隨著送貨量每年顯著增長，送貨司機的體驗也變得越來越重要。因此，我們還在測試步行窗口，以減少送貨司機和下移動訂單的客人的等待時間。

All of these features have speed of service in mind, which is an important part of the overall experience at our brands. While I wouldn't expect these innovations in all of our restaurants in the near future, it's important for us to continuously test new concepts that could be deployed at scale in the coming years.

所有這些功能都考慮到了服務速度，這是我們品牌整體體驗的重要組成部分。雖然我不希望在不久的將來在我們所有的餐廳都進行這些創新，但對我們來說，不斷測試可以在未來幾年大規模部署的新概念非常重要。

With that, I'll hand it over to Matt to take you through our financials for the quarter.

有了這個，我將把它交給馬特，帶你了解我們本季度的財務狀況。

Thanks, Josh, and good morning, everyone. For the second quarter, excluding Firehouse, our global system-wide sales grew 14% to $9.8 billion and our adjusted EBITDA increased about 9% organically to $618 million. And as Jose mentioned, Russia had an approximately $11 million negative impact on our year-over-year adjusted EBITDA, which was about a negative 2% headwind.

謝謝，喬希，大家早上好。第二季度，不包括 Firehouse，我們的全球系統銷售額增長 14% 至 98 億美元，調整後的 EBITDA 有機增長約 9% 至 6.18 億美元。正如 Jose 所說，俄羅斯對我們的同比調整後 EBITDA 產生了大約 1100 萬美元的負面影響，大約是 2% 的負面逆風。

Beyond this, our increased segment G&A of $89 million, excluding Firehouse, reduced our adjusted EBITDA growth rate an additional 2%, as we continue to invest in our teams and add talent in key areas, such as operations and digital. We believe this is an important piece of the approach we're taking to support our brands and deliver better and better multichannel experiences to our guests, which we view as a key growth unlock for the future. As mentioned over the past few quarters, we'll continue to be proactive on this front and expect to see a modest ramp in core segment G&A in the back half of the year.

除此之外，我們增加了 8900 萬美元的部門 G&A（不包括 Firehouse），使我們調整後的 EBITDA 增長率額外降低了 2%，因為我們繼續投資於我們的團隊並在運營和數字等關鍵領域增加人才。我們相信這是我們為支持我們的品牌並為我們的客人提供越來越好的多渠道體驗而採取的重要方法，我們認為這是未來的關鍵增長解鎖。正如過去幾個季度所提到的，我們將繼續在這方面積極主動，並期望在今年下半年看到核心部門 G&A 的適度增長。

Before turning to EPS, I'd like to touch on the current inflationary environment. As Jose mentioned, similar to others, during the quarter, we saw continued commodity volatility and elevated levels of inflation. We've been working closely with each of our systems to drive sales including by taking a measured approach to pricing to offset some of these pressures as well as identifying other restaurant profitability initiatives through our focus and investment in our field teams.

在轉向 EPS 之前，我想先談談當前的通脹環境。正如何塞所說，與其他人一樣，在本季度，我們看到商品持續波動和通脹水平上升。我們一直在與我們的每個系統密切合作以推動銷售，包括通過採取有節制的定價方法來抵消其中一些壓力，以及通過我們對現場團隊的關注和投資來確定其他餐廳盈利計劃。

Inflation has also had a flow-through impact on our P&L, increasing both our sales and cost of sales line items as market increases in commodity costs are generally passed through. This grossing up of commodity costs in both sales and cost of sales has had the effect of diluting our percentage margins. However, the underlying health of this business is ultimately driven by our progress in driving sales and volumes at Tim Hortons in Canada, which we continue to see improve based on the strong execution and progress of our Back to Basics plan.

通貨膨脹也對我們的損益產生了流通影響，隨著商品成本的市場增長通常被傳遞，我們的銷售額和銷售項目成本都增加了。銷售和銷售成本中商品成本的總和已經稀釋了我們的百分比利潤率。然而，這項業務的基本健康最終是由我們在推動加拿大 Tim Hortons 的銷售和銷量方面取得的進展推動的，基於我們“回歸基礎”計劃的強有力執行和進展，我們繼續看到改善。

Shifting to EPS. Our second quarter adjusted earnings per share was $0.82 compared to $0.77 last year, representing an increase of approximately 6%. There were also a couple of factors in the quarter that affected this growth rate, including an unfavorable foreign exchange rate impact, which reduced our growth by approximately 4 points and a higher adjusted effective tax rate as we lapped a discrete benefit from Q2 of last year, which reduced our growth rate by an additional 8 points. Excluding these 2 factors, our organic adjusted earnings per share growth was approximately 19% year-over-year. It is also worth noting that equity-based compensation increased year-over-year to $32 million.

轉向EPS。我們第二季度調整後的每股收益為 0.82 美元，而去年為 0.77 美元，增長了約 6%。本季度還有幾個因素影響了這一增長率，包括不利的匯率影響，這使我們的增長減少了大約 4 個百分點，以及調整後的有效稅率更高，因為我們從去年第二季度獲得了離散收益，這使我們的增長率額外降低了 8 個百分點。排除這兩個因素，我們的有機調整後每股收益同比增長約 19%。還值得注意的是，基於股權的薪酬同比增長至 3200 萬美元。

As a reminder, in 2020, we changed our equity-based compensation framework to shift from 5-year to 3- and 4-year vesting. And this process of shifting to the new framework has contributed to the increase in our equity-based compensation over the past few quarters. In addition, for comparability purposes, the prior year period was also reduced by discrete forfeitures of long-term incentives.

提醒一下，在 2020 年，我們改變了基於股權的薪酬框架，從 5 年歸屬轉變為 3 年和 4 年歸屬。在過去幾個季度中，這種轉向新框架的過程有助於增加我們基於股權的薪酬。此外，出於可比性目的，上一年期間也因長期激勵措施的離散沒收而減少。

Turning to our cash flow and capital structure. During the quarter, we generated $417 million in free cash flow, allowing us to execute on key aspects of our capital allocation policy, including making important investments in our business and returning over $400 million of capital to shareholders, including through our industry-leading dividend, which we declared again for Q3 at $0.54 per common share in unit, consistent with our previously announced target of $2.16 for the full year of 2022.

轉向我們的現金流和資本結構。在本季度，我們產生了 4.17 億美元的自由現金流，使我們能夠執行我們的資本分配政策的關鍵方面，包括對我們的業務進行重要投資並向股東返還超過 4 億美元的資本，包括通過我們行業領先的股息，我們在第三季度再次宣佈為每股普通股 0.54 美元，這與我們之前宣布的 2022 年全年目標 2.16 美元一致。

In addition, during the second quarter, we repurchased and retired approximately 3.2 million shares of our common stock for $165 million. We also ended the quarter with a liquidity position of $1.8 billion, including over $800 million of cash and saw our net leverage sequentially decline to 5.4x. As we look forward to the second half, we are now starting to see strong sales momentum from Phase 2 of our Back to Basics plan at Tim Hortons Canada. At the same time, as our international business continues to fire on all cylinders, our digital capabilities accelerate and our global unit growth picks up steam across all brands.

此外，在第二季度，我們以 1.65 億美元回購併退還了大約 320 萬股普通股。我們還在本季度末擁有 18 億美元的流動性頭寸，其中包括超過 8 億美元的現金，我們的淨槓桿率連續下降至 5.4 倍。在我們期待下半年的同時，我們現在開始看到加拿大 Tim Hortons 的 Back to Basics 計劃第二階段的強勁銷售勢頭。與此同時，隨著我們的國際業務繼續蓬勃發展，我們的數字化能力也在加速，我們的全球單位增長在所有品牌中都在加速。

While we are pleased with the near-term progress we've made at Burger King U.S. to stabilize the business and continue closing the gap to peers, our top priority is finalizing the long-term plan with our system, and locking in the important strategic investments we will make together over the next few years to accelerate our growth.

雖然我們對美國漢堡王在穩定業務並繼續縮小與同行的差距方面取得的近期進展感到高興，但我們的首要任務是用我們的系統完成長期計劃，並鎖定重要的戰略我們將在未來幾年共同投資以加速我們的發展。

As Jose mentioned, we're looking forward to sharing the details of this plan with you all in September following our BK U.S. Convention.

正如 Jose 所說，我們期待在 9 月份在 BK 美國大會之後與大家分享該計劃的細節。

And with that, I'd like to thank everyone again for your support and for joining us this morning. We'll now open the line for questions. Operator?

有了這個，我想再次感謝大家的支持和今天早上加入我們。我們現在將打開問題線。操作員？

(Operator Instructions). Our first question is from John Glass of Morgan Stanley.

（操作員說明）。我們的第一個問題來自摩根士丹利的約翰格拉斯。

I'm curious about development, particularly at the Burger King brand and what you think the unlock is, understanding you had a COVID period that was impact, but sales now are strong and above COVID levels. Is this an issue of equipment location and availability? Is it willingness of franchisees or maybe there are certain markets where it's lagging? Just what do you think the unlock is to get Burger King international in particular development back to historical levels and over what time frame do you think that may occur?

我對發展感到好奇，特別是在漢堡王品牌以及您認為解鎖的是什麼，了解您有一個影響的 COVID 時期，但現在銷售強勁且高於 COVID 水平。這是設備位置和可用性的問題嗎？是加盟商的意願還是某些市場落後？您認為解鎖的方法是讓漢堡王國際特別是發展回到歷史水平，您認為這可能會在多長時間內發生？

John, thanks so much for the question. On the development front, we're still well positioned to accelerate overall unit growth in 2022. So we're excited about the progress we've made and the opportunity that we have in front of us this year and beyond. We have strong pipelines. We've said this before, we tend to see from time to time, some volatility by quarter, but we feel very good overall that there's plenty of gas in the tank, if you will, to accelerate growth.

約翰，非常感謝這個問題。在發展方面，我們仍然有能力在 2022 年加速整體單位增長。因此，我們對我們取得的進展以及今年及以後擺在我們面前的機會感到興奮。我們有強大的管道。我們之前已經說過，我們往往會不時看到每個季度出現一些波動，但我們總體上感覺非常好，如果你願意的話，油箱裡有足夠的油來加速增長。

I'd note that the overall mix of growth is shifting. We're accelerating growth, both domestically and internationally at Popeyes, as I mentioned in the prepared remarks. We've seen record levels of growth at North America for Popeyes, and we're seeing acceleration of growth internationally in places like Spain, Brazil, Philippines and Mexico. And we think it's just the beginning of the journey for Popeyes internationally, and we're accelerating growth at Tim's as well internationally in the Middle East and Mexico and the U.K. as well as a really significant opportunity for growth in China for Tim's.

我注意到增長的整體組合正在發生變化。正如我在準備好的評論中提到的那樣，我們正在加速 Popeyes 在國內和國際上的增長。我們已經看到 Popeyes 在北美的創紀錄增長水平，我們看到西班牙、巴西、菲律賓和墨西哥等地的國際增長加速。我們認為這只是 Popeyes 國際化旅程的開始，我們正在加速 Tim's 以及在中東、墨西哥和英國的國際業務增長，同時也為 Tim's 在中國的增長提供了一個非常重要的機會。

BK International, the business is strong, as you pointed out. And as I mentioned in the prepared remarks, same-store sales growth has been really, really strong and compelling and exciting. And we think we have a solid path for continued growth over time. But we still are ramping up to pre-pandemic levels in terms of development. I think there's 2 big markets that we've highlighted before that we're working on. Well, one big one that we're working on and one that's because of the situation geopolitically, we -- there's no development going on there, which is Russia. And China has been impacted by macro headwinds and some of the challenges that they faced with the Zero COVID policies.

正如您所指出的，BK International 的業務很強勁。正如我在準備好的評論中提到的那樣，同店銷售增長非常非常強勁，令人信服和令人興奮。我們認為隨著時間的推移，我們有一條持續增長的堅實道路。但就發展而言，我們仍在加速到大流行前的水平。我認為在我們正在努力之前，我們已經強調了兩個大市場。嗯，我們正在研究一個大項目，一個是由於地緣政治局勢，我們 - 那裡沒有任何發展，那就是俄羅斯。中國受到宏觀逆風以及他們在零疫情政策中面臨的一些挑戰的影響。

We were -- we saw something about -- something in the neighborhood of about 80 net restaurants coming from Russia over the past 5 years and China more than double of that. And so we're working closely with the teams there. We've made a significant investment earlier in the quarter in China to capitalize that business and we've got a really strong team there.

在過去的 5 年裡，我們看到了大約 80 家來自俄羅斯的網絡餐廳，而中國是這一數字的兩倍多。因此，我們正在與那裡的團隊密切合作。我們在本季度早些時候在中國進行了重大投資以利用該業務，我們在那裡擁有一支非常強大的團隊。

So long-term ramping up development in China is one of the key drivers to get back to pre-pandemic levels of growth for Burger King International. Elsewhere, we're seeing strong growth, strong excitement from a business standpoint. The partners are well capitalized. The teams are looking for sites and the pipelines are growing in a way that we feel very confident. And so we're focused on China to get back to pre-pandemic levels and elsewhere, we feel really good about where we are. Thanks for the question.

因此，在中國長期加速發展是漢堡王國際恢復大流行前增長水平的關鍵驅動力之一。在其他地方，從商業角度來看，我們看到了強勁的增長和強烈的興奮。合作夥伴資本充足。團隊正在尋找站點，並且管道正在以我們感到非常有信心的方式增長。因此，我們專注於中國以恢復大流行前的水平，而在其他地方，我們對自己所處的位置感覺非常好。謝謝你的問題。

Our next question is from David Palmer of Evercore ISI.

我們的下一個問題來自 Evercore ISI 的 David Palmer。

The Burger King Rest of World same-store sales growth, it looks like you're outperforming other global chains internationally. I guess some of this might be your regional waiting versus peers. But have to understand where you are seeing the most growth and where you think you're gaining market share and why that is? And then just a separate like more of a model question. On the Supply Chain business, your margins on that business are below maybe 300 basis points below where they were a few years ago. I wonder if we should be thinking about that as something of an upside area? Or we should be thinking about that as maybe you make $0.5 billion in an absolute EBITDA from that business, whether the nominal sales are higher or lower from it. In other words, margin isn't the thing, but rather EBITDA should be remaining steady from here.

漢堡王世界其他地區同店銷售增長，看起來你在國際上的表現優於其他全球連鎖店。我想其中一些可能是您的區域等待與同行。但是必須了解您在哪裡看到了最大的增長，您認為您在哪裡獲得了市場份額，為什麼會這樣？然後只是一個單獨的更像是一個模型問題。在供應鏈業務中，您在該業務上的利潤率可能比幾年前低 300 個基點。我想知道我們是否應該將其視為上行空間？或者我們應該考慮這一點，因為您可能從該業務中賺取 5 億美元的絕對 EBITDA，無論名義銷售額是更高還是更低。換句話說，利潤不是問題，而是 EBITDA 應該從這裡保持穩定。

Dave, thanks for the question, or the 2 questions. I'll take the first one on Burger King Rest of World, and then I'll pass it over to Matt on supply chain.

戴夫，謝謝你的問題，或者兩個問題。我會在 Burger King 世界其他地方拿第一個，然後我會把它交給供應鏈上的馬特。

On Burger King International, as you pointed out, we've seen some really strong performance there dating back to the end of last year. If you look at the performance through the pandemic, and we shared this before, we saw some really strong improvement in overall performance of our off-premise business, drive-thrus, delivery and other modes of service that were off-premise given the necessity of the pandemic -- the situation of the pandemic. So that business was proved to be very sticky, especially delivery and our drive-thru business or expanding drive-thru business.

正如您所指出的，在漢堡王國際，我們已經看到了可以追溯到去年年底的一些非常強勁的表現。如果您查看大流行期間的表現，並且我們之前分享過這一點，我們看到我們的場外業務、得來速、交付和其他在場外的服務模式的整體表現確實有了很大的改善，因為這些都是必要的。大流行的情況——大流行的情況。因此，該業務被證明非常具有粘性，尤其是交付和我們的得來速業務或擴展得來速業務。

And when things opened up in Europe and in other markets internationally, we've seen folks come back to dine in restaurant. And the combination of 2 things has given us really strong overall performance. We're seeing strength throughout the international region. We've seen strength in Western European markets and some of our bigger markets like Spain, France, U.K., Germany. We've seen strength in markets in Asia as well, with the exception of China, as we pointed out. And Latin America has bounced back quite strong as well. So it's pretty broad-based.

當歐洲和國際其他市場開放時，我們已經看到人們回到餐廳用餐。兩件事的結合給了我們非常強大的整體表現。我們在整個國際地區都看到了實力。我們已經看到了西歐市場和一些更大的市場（如西班牙、法國、英國、德國）的實力。正如我們所指出的，我們在亞洲市場也看到了實力，但中國除外。拉丁美洲的反彈也相當強勁。所以它的基礎非常廣泛。

And I think what's exciting is that the strength of the growth internationally is, it's not just easing of restrictions driven. It's a really strong calendar, very strong digital performance of our business internationally is growing tremendously from a digital standpoint with delivery as well as mobile order and prepay and kiosks and other digital service modes and order modes, driving additional frequency and accelerated growth.

我認為令人興奮的是，國際增長的力量不僅僅是放寬限制。這是一個非常強大的日曆，從數字的角度來看，我們的國際業務在數字化方面的表現非常強勁，交付以及移動訂單和預付款以及信息亭以及其他數字服務模式和訂單模式，推動了額外的頻率和加速增長。

We're seeing growth in our -- in a kind of balanced approach in the menu with premium being quite strong as well as our core offerings continue to grow. And we're seeing improvements in operations and in service with our franchisees doing a fantastic job operationally.

我們看到我們的增長 - 在菜單中採用一種平衡的方法，溢價非常強勁，我們的核心產品繼續增長。我們看到運營和服務方面的改進，我們的加盟商在運營方面做得非常出色。

So the combination of all those plus the great image that we have internationally and the growing service modes off-premise is really a key driver of the performance. And as I said, exciting that it's broad-based across all regions and in many markets. And we'll continue to drive that, which fuels our development pipeline for years to come.

因此，所有這些加上我們在國際上擁有的良好形像以及不斷增長的場外服務模式的結合，確實是業績的關鍵驅動力。正如我所說，令人興奮的是，它在所有地區和許多市場都有廣泛的基礎。我們將繼續推動這一點，這將為我們未來幾年的開發管道提供動力。

Matt, you want to touch on the second part of the question?

馬特，你想談談問題的第二部分嗎？

Yes, sure. Dave, thanks for the question. As it relates to the supply chain, I think as I mentioned, commodity prices have created real volatility in our business. There's no doubt we're seeing that just like our franchisees. I think we're monitoring that closely, and we're working through things with the system, to manage through a pretty tough environment, a pretty tough volatile environment. And we're taking measured pricing actions out in the market to offset some of this.

是的，當然。戴夫，謝謝你的問題。由於它與供應鏈有關，我認為正如我所提到的，商品價格已經在我們的業務中造成了真正的波動。毫無疑問，我們就像我們的特許經營商一樣看到了這一點。我認為我們正在密切關注這一點，我們正在處理系統的問題，以管理一個非常艱難的環境，一個非常艱難的不穩定環境。我們正在市場上採取有針對性的定價行動來抵消其中的一部分。

But also, as you pointed out, we're seeing some volatility impact our P&L with commodity price increases, that inflates both our top line revenue and our cost of sales, which consequently creates the effect of reducing our percentage margins. So similar to what you just described, I think we're focused on creating a sustainable path for volume growth in that business, which we know over time, is going to allow us to grow our dollar profit as the business grows. And as we drive successful execution of our plan in Canada. So I think that's the primary driver of the long-term health and growth of that business, and that's what we're focused on.

而且，正如您所指出的，我們看到一些波動性會影響我們的損益，因為商品價格上漲，這會增加我們的收入和銷售成本，從而產生降低我們利潤率的效果。與您剛才描述的類似，我認為我們專注於為該業務的銷量增長創造一條可持續的道路，我們知道隨著時間的推移，這將使我們能夠隨著業務的增長而增加我們的美元利潤。隨著我們在加拿大成功執行我們的計劃。所以我認為這是該業務長期健康和增長的主要驅動力，這也是我們關注的重點。

Yes. And I would add to that, Dave, that we are focused as well, primarily on the supply chain side, ensuring that we have the best cost and the highest quality for our franchisees, which is critical to their success in driving their profitability.

是的。我還要補充一點，戴夫，我們也專注於供應鏈方面，確保我們為加盟商提供最佳成本和最高質量，這對於他們成功推動盈利能力至關重要。

Our next question is from Dennis Geiger of UBS.

我們的下一個問題來自瑞銀的丹尼斯蓋格。

I appreciate all the comments on the progress against the Back to Basics plan and the resulting momentum that you're seeing. Wondering if you could speak to the pricing actions that you've taken across your brands and if you've seen any resistance to that pricing? And I guess, specifically on Tim Hortons, curious not just about the menu pricing, but the overall ticket and given all the enhancements that you've made across the menu and the brand broadly, how important is this to this ticket component, perhaps to the growth as you think about looking ahead from premiumization, attach, et cetera?

我感謝所有關於“回歸基礎”計劃的進展以及您所看到的勢頭的評論。想知道您是否可以談談您在各個品牌中採取的定價行動，以及您是否看到對該定價的任何抵制？我想，特別是蒂姆霍頓，不僅對菜單定價感到好奇，而且對整體門票感到好奇，並且考慮到您對菜單和品牌所做的所有改進，這對門票組件有多重要，也許是您考慮從高端化、附加等方面展望未來的增長？

Dennis, thanks for the question. Yes, on pricing generally across the brands, I've touched on that in the past. And what we try to do here is we take into account obviously, pressures that we're seeing from a commodity standpoint and other areas of the P&L and wage inflation as well as utilities. We look at the competition and then we take into account the consumer and where they are in the journey.

丹尼斯，謝謝你的提問。是的，關於各個品牌的一般定價，我過去曾談到過這一點。我們在這裡嘗試做的是，我們顯然考慮到從商品的角度來看我們看到的壓力以及損益表和工資通脹以及公用事業的其他領域。我們著眼於競爭，然後我們考慮消費者以及他們在旅程中的位置。

And so we're very thoughtful about this. We use third parties to help us assess the situation by market, by brand, by local as well. And then we work with the franchisees to ensure that they do the best they can to price in the best way possible to ensure that we don't get too far ahead of the consumer that we're mindful of traffic and flow through of these price increases, but that we're also mindful of the impact on the P&L. So that's the broad general approach to it, which we've shared in the past. We tend to stay in line with CPI. There's -- in North America, there's a gap in CPI between U.S. and Canada of about 200 basis points. And our pricing has been roughly in line with CPI.

所以我們對此非常深思熟慮。我們使用第三方來幫助我們按市場、品牌和當地情況評估情況。然後我們與特許經營商合作，確保他們盡其所能以最好的方式定價，以確保我們不會領先於消費者太遠，因為我們注意到這些價格的流量和流量增加，但我們也注意到對損益的影響。這就是我們過去分享過的廣泛通用的方法。我們傾向於與CPI保持一致。在北美，美國和加拿大之間的 CPI 差距約為 200 個基點。而且我們的定價與CPI基本一致。

I think coming back to the second question, which is around Tim's, we're really excited about the progress. We shared this kind of pivot from Back to Basics and fixing the core to accelerating growth through opportunities in PM food, through opportunities in expanding the definition of beverage to include specialty and cold in addition to our kind of historical and core brew coffee offering.

我想回到關於蒂姆的第二個問題，我們對取得的進展感到非常興奮。我們分享了這種從“回歸基礎”的轉變，並通過 PM 食品的機會，通過擴大飲料的定義以包括特色和冷飲以及我們的歷史和核心沖泡咖啡產品的機會來確定核心以加速增長。

We've seen strength in the business across platforms we saw in the second quarter. This year, we drove 2% comp sales versus 2019. And overall, obviously, 14% comparable sales in the quarter, which -- the bulk of which came from our core offering. We saw really strong performance in PM food with our Loaded platform and extensions in cold beverages, some of which drove check outperformance.

我們在第二季度看到了跨平台業務的實力。今年，與 2019 年相比，我們推動了 2% 的比較銷售額。顯然，總體而言，本季度可比銷售額增長了 14%，其中大部分來自我們的核心產品。通過我們的 Loaded 平台和冷飲擴展，我們在 PM 食品中看到了非常強勁的表現，其中一些推動了檢查的表現。

Our goal for the business at Tim's in Canada, and it's the same objective and goal for Popeyes and for BK as well as for Firehouses, to grow in a balanced way, driving new customers into the restaurants, driving more frequency from existing customers through great offerings, great service and great digital experiences and driving healthy check growth that doesn't scare people away. And so we'll continue to have that focus.

我們在加拿大 Tim's 的業務目標與 Popeyes 和 BK 以及 Firehouses 的目標和目標相同，以平衡的方式增長，吸引新客戶進入餐廳，通過出色的服務推動現有客戶的更多頻率產品、優質服務和出色的數字體驗，並推動健康的支票增長，不會嚇跑人們。因此，我們將繼續關注這一點。

And I think Tim, in the quarter, is a good example of how we can continue to drive growth by being great at the basics and by offering exciting many kind of improvements and modifications that bring in new folks for different dayparts and for different occasions. Thanks again for the question.

我認為本季度的蒂姆是一個很好的例子，說明我們如何通過精通基礎知識並提供令人興奮的多種改進和修改來繼續推動增長，從而為不同的時段和不同的場合帶來新的人。再次感謝您的提問。

Matt, you want to have something to add?

馬特，你想補充點什麼嗎？

Yes, Dennis. I mean just to put maybe a couple of the data points on what Jose was just describing. I think we had some really great highlights in the quarter in terms of our progress on the second phase of our Back to Basics plan in terms of innovating for growth and seeing some increasing proof of concept there in terms of how we're executing that plan. So on the main food side, looking on a 3-year basis versus 2019, we were up 30%.

是的，丹尼斯。我的意思是把幾個數據點放在 Jose 剛剛描述的內容上。我認為我們在本季度有一些非常重要的亮點，就我們在“回歸基礎”計劃第二階段的進展而言，在創新增長方面以及在我們如何執行該計劃方面看到了一些越來越多的概念證明.因此，在主要食品方面，與 2019 年相比，以 3 年為基礎，我們增長了 30%。

And Jose also mentioned a big category for us being cold beverages and specialty beverages. In the quarter, we were up double digits, 12% or so on cold beverages versus 2019. And we also saw some really good diverse growth across dayparts as well, including lunch being up 9% versus 2019. So I think we're starting to see some really good response in the market in terms of how we're driving forward our plan and innovating our products and our menu and delivering for our guests in Canada, and we're excited to continue that.

Jose 還提到了我們的一大類冷飲和特色飲料。在本季度，我們在冷飲方面實現了兩位數的增長，與 2019 年相比增長了 12% 左右。而且我們還看到了一些非常好的多樣化增長，包括午餐與 2019 年相比增長了 9%。所以我認為我們正在開始在我們如何推進我們的計劃、創新我們的產品和菜單以及為我們在加拿大的客人提供服務方面，看到市場上的一些非常好的反應，我們很高興能繼續這樣做。

Our next question is from Brian Mullan of Deutsche Bank.

我們的下一個問題來自德意志銀行的布賴恩穆蘭。

Just sticking with Tims in Canada, a question on the PM daypart opportunity. At the Investor Day, you said it was an $8.5 billion market. It's growing at a 5% CAGR. You only have 4% market share today. So -- from the outside looking in, it seems like there's a tremendous amount of potential for growth there with your brand, your asset base. My question is, can you just talk about the road map here? What is realistic from a market share perspective? How are you thinking about this internally? Is there a goal to get to x percent share over Y years, for example, just anything that can inform investors about your ambitions for this daypart as you continue to execute on your plans.

只是堅持在加拿大的蒂姆斯，關於下午時段機會的問題。在投資者日，你說這是一個 85 億美元的市場。它以 5% 的複合年增長率增長。你今天只有 4% 的市場份額。所以——從外部看，你的品牌和資產基礎似乎有巨大的增長潛力。我的問題是，你能在這裡談談路線圖嗎？從市場份額的角度來看，什麼是現實的？你在內部是怎麼看待這個問題的？是否有一個目標是在 Y 年內獲得 x% 的份額，例如，在你繼續執行計劃時，只要任何可以讓投資者了解你在這一天的雄心壯志的東西。

Yes. Brian, thanks for the question. As we shared at Investor Day, we're -- it's obviously a big opportunity for us given the ubiquity and presence that Tim has throughout Canada. We have already decent share for the lunch daypart, but it was mostly -- and it continues to be mostly beverage driven. And so we're seeing growth in PM food and growth in lunch daypart on the food side. As Matt touched on, with some data points there. We have aspirations internally in terms of where we want to get to. We haven't shared those publicly.

是的。布賴恩，謝謝你的問題。正如我們在投資者日分享的那樣，鑑於蒂姆在加拿大的普遍存在和存在，這顯然對我們來說是一個巨大的機會。我們已經在午餐時段佔有了可觀的份額，但主要是 - 而且它仍然主要是飲料驅動的。因此，我們看到 PM 食物的增長和食物方面的午餐時段的增長。正如馬特所說，那裡有一些數據點。就我們想要到達的地方而言，我們在內部有抱負。我們沒有公開分享這些。

But we do believe this is a massive opportunity. The shift in how we think about the menu, the fact that we've brought in culinary expertise over the last 18 months or so, folks that specialize in developing craveable products that people love and want to come down for more and more. The fact that we have tremendous strength in terms of value for money perception in Canada even if we're addressing some near-term pressures from a commodity standpoint and the fact that we're Canada's most loved brand. I think all of these favor well in our ability to be able to capture share.

但我們確實相信這是一個巨大的機會。我們對菜單的看法發生了轉變，事實上，我們在過去 18 個月左右的時間裡引進了烹飪專業知識，這些人專門開發人們喜歡並希望越來越多的美味產品。即使我們從商品的角度解決一些近期壓力，我們在加拿大的物有所值感知方面也擁有巨大的實力，而且我們是加拿大最受歡迎的品牌。我認為所有這些都有助於我們獲得份額。

The focus will and the kind of the key will be our ability to prioritize, our ability to execute well (inaudible), and we're looking forward to sharing more over time, but we have big aspirations for our lunch and dinner business, and we're just getting started.

重點和關鍵將是我們確定優先級的能力，我們執行良好的能力（聽不清），我們期待隨著時間的推移分享更多，但我們對午餐和晚餐業務抱有很大的期望，並且我們才剛剛開始。

Yes. Maybe just one other quick one to add to that, I think, just on dinner in the quarter. Looking back to '19, I think we saw that dinner daypart as the largest sequential improvement in terms of sales performance. So another good indicator for us in terms of the progress that we're making on the food side and expanding further into the PM dayparts. Thanks for the question.

是的。我想，也許只是在本季度的晚餐上再加一個快速的補充。回顧 19 年，我認為我們將晚餐時段視為銷售業績方面最大的連續改進。因此，就我們在食品方面取得的進展以及進一步擴展到下午時段而言，這對我們來說是另一個很好的指標。謝謝你的問題。

Next question is from Chris Carril of RBC Capital Markets.

下一個問題來自加拿大皇家銀行資本市場的 Chris Carril。

Thanks. So I wanted to ask about BK US. Can you perhaps expand a bit more on what you're seeing in the underlying demand trends today that's giving you confidence that the time is right to move forward on the strategy you're planning to share with franchisees in September. The comp trends are pointing to improving stability in the business, and that's encouraging. But was hoping you could provide any additional color on what you're seeing more recently as you and franchisees prepare to take the next steps here with the brand?

謝謝。所以我想問一下BK US。您能否進一步擴展您在今天的潛在需求趨勢中看到的內容，這讓您相信現在是時候推進您計劃在 9 月份與特許經營商分享的戰略了。競爭趨勢指向提高業務的穩定性，這是令人鼓舞的。但是，當您和加盟商準備與該品牌一起採取下一步行動時，希望您能為您最近看到的內容提供任何額外的顏色嗎？

Yes, Chris, thanks for the question. Look, I think overall, we're seeing, obviously, the consumer in the U.S. feeling a ton of pressure, whether it's commodity, fuel inflation interest rates, hiking. So there's definitely pressure out there. We've been very thoughtful with the Burger King business as well as the other brands, but we've been very thoughtful on making sure that any price increases that we take, we're taking in -- with the consumer in mind and ensuring that we don't get too far ahead of them as I mentioned earlier and ensuring that there's flow-through for the franchisees. We've also taken some steps around operation improvement, simplification. We've taken some steps on mix, moving Whopper out of core discount, all of which has helped address margin pressures even if we've seen tremendous volatility over the last 6 months or so.

是的，克里斯，謝謝你的提問。看，我認為總體而言，我們顯然看到美國的消費者感受到了巨大的壓力，無論是大宗商品、燃料通脹利率還是加息。所以肯定有壓力。我們對漢堡王業務以及其他品牌非常周到，但我們一直非常周到地確保我們採取的任何價格上漲，我們正在接受 - 考慮到消費者並確保正如我之前提到的那樣，我們不會領先於他們太遠，並確保特許經營商有流通。我們還圍繞操作改進、簡化採取了一些措施。我們已經採取了一些混合措施，將 Whopper 排除在核心折扣之外，所有這些都有助於解決利潤率壓力，即使我們在過去 6 個月左右看到了巨大的波動。

Our confidence in the long-term improvements in the business and kind of the road map that we have in front of us that we're working through with the franchisees, it gives us the certainty that investments in the business around marketing, advertising as well as restaurant image and ensuring better throughput and capacity in our drive-thrus. That's the work we're doing now, and that's the work we plan to share in detail with our franchisees at the beginning of September and that we'll share with the rest of the kind of broader audience in the coming month or so.

我們對業務的長期改善以及我們正在與特許經營商合作的路線圖充滿信心，這使我們確信圍繞營銷、廣告進行業務投資作為餐廳形象，並確保我們得來速餐廳有更好的吞吐量和容量。這就是我們現在正在做的工作，也是我們計劃在 9 月初與特許經營商詳細分享的工作，我們將在接下來的一個月左右與其他更廣泛的受眾分享。

And we think the underlying performance of the business even in difficult circumstances is the kind of the barometer of why we believe long term and the ability to drive that BK business from a sales and profitability standpoint. So more to come on that, excited with the progress we've made, but there's much more to come with the BK business and excited about the team that we're building and the progress that we're making with the franchisees.

我們認為，即使在困難的情況下，業務的基本表現也是我們相信長期的晴雨表，以及從銷售和盈利的角度推動 BK 業務的能力。所以更多的是，對我們取得的進展感到興奮，但 BK 業務還有更多的事情要做，並對我們正在建立的團隊以及我們與特許經營商取得的進展感到興奮。

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杰弗裡伯恩斯坦。

Great. One follow-up to an earlier question and then a separate question. The follow-up, Jose, is just on the unit growth for the system, which you addressed earlier. I'm just wondering your expected growth for this year and your ability to accelerate for next year. It does seem like, I think you mentioned Burger King is going to get back to historical and then Tim's and Popeyes are going to accelerate. So I'm just wondering how you think about it relative to the historical 5% long-term target?

偉大的。一個後續問題，然後是一個單獨的問題。後續，何塞，只是關於系統的單位增長，你之前提到過。我只是想知道您今年的預期增長以及您明年加速的能力。看起來，我認為你提到漢堡王將回歸歷史，然後蒂姆和大力水手將加速發展。所以我只是想知道你如何看待它相對於歷史 5% 的長期目標？

And then my main question was for Matt, in terms of G&A. I know there's no formal '22 guidance, but any directional thoughts you can share on spend? I know you mentioned a couple of point headwind to EBITDA in the second quarter and a modest ramp in the second half. But I'm just wondering what your thoughts are on the back half spend or whether you look at it as growth versus revenue targets or what not? How you think about G&A in the back half?

然後我的主要問題是關於 G&A 的 Matt。我知道沒有正式的 '22 指南，但是您可以分享任何關於支出的方向性想法嗎？我知道您提到了第二季度 EBITDA 的一些不利因素以及下半年的適度增長。但我只是想知道你對後半部分支出的想法是什麼，或者你是否將其視為增長與收入目標，或者不是什麼？你如何看待後半場的 G&A？

Yes, Jeff, thanks for the 2 questions. On unit growth, just kind of -- I don't want to reiterate exactly what I said earlier, but we feel good about the pipeline and the development plan for '22. And we believe there's a path to accelerate this year and next year and beyond. We've got really strong franchise partners internationally for all brands. We've seen acceleration to high single digits in terms of unit growth for Popeyes. We've seen Tims get to kind of mid- to high single digits as well. And BK historically has had tremendous strength internationally from a development standpoint. As I mentioned, there's one market that we're focused on to get back to historical levels.

是的，傑夫，謝謝你的 2 個問題。關於單位增長，我不想重複我之前所說的，但我們對 22 年的管道和發展計劃感覺良好。我們相信今年和明年及以後有一條加速發展的道路。我們為所有品牌在國際上擁有非常強大的特許經營合作夥伴。就 Popeyes 的單位增長而言，我們已經看到了高個位數的加速。我們已經看到蒂姆斯也達到了中高個位數。從發展的角度來看，BK 歷來在國際上擁有巨大的實力。正如我所提到的，我們專注於一個市場以恢復到歷史水平。

And we're also working on new partnership deals and new development deals across international markets for Popeyes, for Tim Hortons. We've seen new development deals and master franchises pop up in places like the U.K. for Popeyes, Mexico for Popeyes. We've talked about others as well, Middle East and a few others. And those are -- those take a little bit of time to ramp up. Those take a little bit of time to build pipelines, but the confidence long term for us in terms of the pipeline and our development goals is quite strong, and we'll continue to share details on that each quarter. And look forward to those updates.

我們還在為 Popeyes 和 Tim Hortons 制定新的合作協議和新的開發協議。我們已經看到在英國等地出現了新的開發交易和主特許經營權，如大力水手，墨西哥為大力水手。我們也談到了其他一些，中東和其他一些。這些是 - 需要一點時間來增加。這些需要一些時間來建立管道，但我們對管道和我們的發展目標的長期信心非常強大，我們將繼續在每個季度分享詳細信息。並期待這些更新。

Yes. And Jeff, just jumping in here quickly on your question related to G&A. I think, for us, it's all about investing in areas we know that are critical to driving long-term results. And we've talked about some of those key investments that we've been making over the past year or so in areas, like technology and operations and marketing. And we also see that many of those investments are starting to pay off. If you look at some of the progress we're starting to see accelerated at Tims in Canada. And so we're confident that we're prioritizing the right things and investing in the right areas to drive the business.

是的。還有 Jeff，就你與 G&A 相關的問題快速跳到這裡。我認為，對我們來說，這一切都是為了投資於我們知道對推動長期業績至關重要的領域。我們已經討論了過去一年左右我們在技術、運營和營銷等領域進行的一些關鍵投資。我們還看到，其中許多投資開始獲得回報。如果你看看我們開始看到加拿大 Tims 加速發展的一些進展。因此，我們有信心優先考慮正確的事情並投資於正確的領域以推動業務發展。

And that's always how we approach G&A and how we spend our G&A and how we focus it. It's bottoms up. It's prioritizing our dollars where we think they'll make the biggest impact for the business, and that's how we'll continue to manage it. I think in Q2, the G&A was a bit softer than expected as a result of some timing that we would expect to reverse in the second half. And I mentioned that's why we'll see the quarterly G&A figure ramp up modestly as we move through the second half, and we continue to fully load those investments that we are making as we head toward the end of the year. Thanks for the question.

這就是我們處理 G&A 的方式，以及我們如何花費 G&A 以及我們如何集中精力。是自下而上。它優先考慮我們認為它們將對業務產生最大影響的資金，這就是我們將繼續管理它的方式。我認為在第二季度，由於我們預計在下半年會逆轉的一些時機，G&A 比預期的要軟一些。我提到這就是為什麼隨著我們進入下半年，我們將看到季度 G&A 數字適度上升，並且我們將在年底前繼續充分加載我們正在進行的那些投資。謝謝你的問題。

Our next question is from Brian Bittner of Oppenheimer.

我們的下一個問題來自 Oppenheimer 的 Brian Bittner。

I want to revert back to the Tims business. Clearly, the results were very impressive this quarter. It's great to see you puncture through those 2019 sales levels as you execute this Back to Basics plan. And what I'm trying to understand is how much potential traffic upside is left in the tank as we move past this quarter. So the question is, do you believe just overall consumer mobility in Canada is already back to pre-pandemic levels? Or is there room to go on improving mobility in Canada and therefore, room to go as you flush your share gains?

我想回到 Tims 業務。顯然，本季度的結果令人印象深刻。很高興看到您在執行此“回歸基礎”計劃時突破了 2019 年的銷售水平。我想了解的是，當我們過去這個季度時，油箱中還有多少潛在的流量上升空間。所以問題是，您是否認為加拿大的整體消費者流動性已經恢復到大流行前的水平？或者在加拿大是否有繼續改善流動性的空間，因此在你沖掉你的股票收益時還有空間？

And what I also wanted to ask is just, can you talk about your outlook on the Canadian consumer? We don't really get a good beat on the current state of the Canadian consumer and maybe how that shapes your view on whether this 2% trend versus '19 is sustainable in the Tims Canada business as we move through the rest of the year.

我還想問的是，你能談談你對加拿大消費者的看法嗎？我們對加拿大消費者的當前狀況並沒有很好的了解，也許這會如何影響您對 Tims 加拿大業務相對於 19 年的 2% 趨勢是否可持續的看法，因為我們將在今年餘下的時間。

Thanks, Brian. Appreciate the question. Yes. Look, on the mobility question, we -- if you recall, we were in pretty strong restrictions and lockdowns just 3 months ago or 3.5 months ago at the end of Q1. And those were lifted and we mentioned last quarter and in my prepared remarks that mobility throughout the quarter improved, and we're seeing that have an impact on the business.

謝謝，布賴恩。欣賞這個問題。是的。看，關於流動性問題，我們——如果你還記得的話，就在 3 個月前或 3.5 個月前的第一季度末，我們還處於非常嚴格的限制和封鎖狀態。這些都被取消了，我們在上個季度提到，在我準備好的講話中，整個季度的流動性有所改善，我們看到這對業務產生了影響。

What's exciting about the growth from the second quarter, the 14% comp that we posted is that it was not just mobility. Mobility is kind of upside here. The plan is strong. The business is performing well across all segments. We're seeing strength in PM food and cold beverages as well as our kind of traditional core breakfast offering.

從第二季度開始的增長令人興奮，我們發布的 14% 的比較不僅僅是移動性。流動性在這裡有點好處。計劃很強大。該業務在所有領域都表現良好。我們看到下午食品和冷飲以及我們的傳統核心早餐產品的實力。

So mobility, we think there's more to come there. As an example, more offices reopened in the second quarter and people are coming back to hybrid capacity. But downtown Toronto is just getting back to work. They're still down high teens in terms of performance from a sales standpoint for some of the restaurants. So mobility in our -- in the downtown corridor is still a work in progress and process and that gives us confidence that if it comes back to pre-pandemic levels, there will be some tailwind in the business as well.

所以流動性，我們認為還有更多的東西可以實現。例如，更多辦公室在第二季度重新開放，人們正在恢復混合能力。但多倫多市中心才剛剛恢復工作。從一些餐廳的銷售角度來看，他們的表現仍然落後於青少年。因此，在我們市中心走廊的流動性仍然是一項正在進行的工作和過程，這讓我們相信，如果它恢復到大流行前的水平，業務也會有一些順風。

You asked a question about the Canadian consumer. I think it relates to the prior question on mobility. There's certainly inflation pressures and they remain a growing concern in Canada, just like we've seen in the U.S. and elsewhere. But we're not currently seeing a notable impact on consumer habits or behaviors. Important to remember, just as I said a few minutes ago, Canada is in a very different stage versus the U.S. in terms of post pandemic transition, restrictions just recently eased. There's still signs of pent-up demand and accumulated savings in the marketplace.

你問了一個關於加拿大消費者的問題。我認為這與之前關於流動性的問題有關。通脹壓力肯定存在，而且它們在加拿大仍然是一個日益嚴重的問題，就像我們在美國和其他地方看到的那樣。但我們目前並未看到對消費者習慣或行為的顯著影響。重要的是要記住，正如我幾分鐘前所說，就大流行後的過渡而言，加拿大與美國處於非常不同的階段，最近才放寬了限制。市場上仍有被壓抑的需求和累積儲蓄的跡象。

And that said, I think people in Canada as they're making choices for food away from home, they are mindful of because of the pressures that they're seeing from a macro standpoint, they're conscious of pricing, they're conscious of service, they're conscious of convenience. And I think we do exceptionally well in those 3 categories, and we're super well positioned that even if things become a little bit more challenging for the Canadian consumer. Thanks so much for the questions.

話雖如此，我認為加拿大人在選擇離家出走的食物時，他們會注意到從宏觀角度來看的壓力，他們意識到定價，他們意識到服務，他們意識到方便。而且我認為我們在這三個類別中做得非常好，而且我們處於非常有利的位置，即使事情對加拿大消費者來說變得更具挑戰性。非常感謝您的提問。

Our next question is from David Tarantino of Baird.

我們的下一個問題來自 Baird 的 David Tarantino。

A couple of questions on the investments you're making. First, on G&A, historically, you've operated with a very lean G&A structure, if you look at it maybe as a percentage of system sales relative to peers. And it seems like you're now moving a little higher in terms of kind of the support infrastructure. And I guess my question is, as you think about longer term, is this a trend that you think will lead to just a higher G&A infrastructure to support the business and the growth initiatives you need to support the brands? Or do you think this is kind of a temporary increase where you'll get leverage on it over time?

關於您正在進行的投資的幾個問題。首先，在 G&A 方面，從歷史上看，如果您將其視為系統銷售額相對於同行的百分比，那麼您的 G&A 結構非常精簡。就支持基礎設施的種類而言，您現在似乎正在走高一點。而且我想我的問題是，當您考慮長期時，您認為這種趨勢會導致更高的 G&A 基礎設施來支持業務和支持品牌所需的增長計劃嗎？或者你認為這是一種暫時的增長，隨著時間的推移你會得到槓桿作用？

And then relatedly, I guess, separately, I wanted to ask, you mentioned making an investment in China to recapitalize the business there, if I heard that correctly. I was just wondering if you could elaborate on what you did and why that was needed.

然後相關地，我想，另外，我想問一下，如果我沒聽錯的話，你提到在中國進行投資以對那裡的業務進行資本重組。我只是想知道您是否可以詳細說明您做了什麼以及為什麼需要這樣做。

Yes, David, thanks for the question. I'll let Matt touch on the G&A question briefly. On the investment in China, we kind of noted this last quarter and then this quarter was when the investment was made. We had some -- we resolved some issues in China with Popeyes and with Burger King. And following that resolution, we -- there was a contribution to the business in China, capital contribution to fund the business and accelerate growth there in the coming years. And so that's what I was referring to in my comments around China and the confidence that we have long term to be able to get back to growth there as restrictions ease and the Zero COVID policy hopefully shifts into a different approach going forward. We think we're well positioned there with the team that we have, with the relationship that we have with the franchisee and the cash available to develop to get back to historic levels of net restaurant growth in China.

是的，大衛，謝謝你的提問。我將讓 Matt 簡要介紹一下 G&A 問題。關於在中國的投資，我們在上個季度注意到了這一點，然後在這個季度進行了投資。我們有一些——我們在中國通過大力水手和漢堡王解決了一些問題。根據該決議，我們為中國業務做出了貢獻，為未來幾年的業務提供資金並加速在那裡的增長。這就是我在圍繞中國發表的評論中所指的內容，以及隨著限制的放鬆以及零新冠病毒政策有望在未來轉向不同的方法，我們有信心長期恢復那裡的增長。我們認為，我們擁有的團隊、我們與特許經營商的關係以及可用於發展的現金以恢復中國餐廳淨增長的歷史水平，我們在這方面處於有利地位。

Matt, you want to touch on G&A?

馬特，你想談談 G&A 嗎？

Yes, sure. Just touching on the G&A question. I think we feel really good about the level of G&A spend that we've been adding to the business over the past year too. We think it's in the right areas, important areas of the business to really bulk up our teams and our talent to go deliver on these plans that we set out for Tims in Canada and then also for BK U.S. and elsewhere as we look forward.

是的，當然。剛剛談到 G&A 問題。我認為我們對過去一年增加的 G&A 支出水平也感覺非常好。我們認為這是在正確的領域，業務的重要領域來真正擴大我們的團隊和我們的人才，以實現我們為加拿大的 Tims 以及我們期待的 BK 美國和其他地方制定的這些計劃。

And again, those are key investments in tech, digital marketing, analytics, and we think those will be important long-term investments that we're going to benefit from as we built those teams out. I think it's a bit difficult to compare our level of spending to peers for a couple of reasons. Almost 100% of our restaurants are franchised. And we also -- given how big our international business is, I think I would also take into account the fact that we're structured with the master franchisee framework internationally.

同樣，這些是對技術、數字營銷、分析的關鍵投資，我們認為這些將是重要的長期投資，我們將在組建這些團隊時從中受益。我認為將我們的支出水平與同行進行比較有點困難，原因有幾個。我們幾乎 100% 的餐廳都是特許經營的。而且我們也 - 鑑於我們的國際業務有多大，我想我也會考慮到我們在國際上採用主特許經營框架結構這一事實。

So we feel good about the investments that we've been making and where we're bringing the business to. And as I mentioned, I think we'll expect to see a modest increase on a run rate basis quarterly through the second half of the year. And then from there, I think we'll continue to be thoughtful in our approach to G&A investments. And we'll make investments where we see an opportunity to grow the business and drive sales and profitability for the company here. Thanks for the question.

因此，我們對我們一直在進行的投資以及我們將業務帶到哪裡感到滿意。正如我所提到的，我認為我們預計到今年下半年，每季度的運行率都會出現適度增長。然後從那裡開始，我認為我們將繼續深思熟慮我們的 G&A 投資方法。我們將在我們認為有機會發展業務並推動公司銷售和盈利的地方進行投資。謝謝你的問題。

Our next question is from Sara Senatore of Bank of America.

我們的下一個問題來自美國銀行的 Sara Senatore。

I just wanted to ask quickly about the Tims, a couple of things. One is the Tims mix. I know you said hot coffee was maybe the only exception. I was curious. Are you seeing a trade substitution in your existing customer base versus bringing in new customers? That may be fine because the profitability, I suspect, is better. But just some underlying dynamics there. And then also, any update on loyalty and whether that's evolved further.

我只是想快速詢問有關 Tims 的一些事情。一種是蒂姆斯組合。我知道你說過熱咖啡可能是唯一的例外。我很好奇。您是否看到現有客戶群的貿易替代與引入新客戶？這可能很好，因為我懷疑盈利能力更好。但那裡只是一些潛在的動態。然後還有關於忠誠度的任何更新以及是否進一步發展。

Sara, thanks for the question. I'll touch on the mix question briefly, and then I'll pass it over to Josh on loyalty. On mix, so we did mention in prepared remarks that the hot coffee segment is the one area that we haven't seen growth versus '19 yet. We do -- we have -- we are seeing that the shift that's taking place to specialty and cold beverage, in some cases through our loyalty data. In some cases, that's a shift happening with existing customers that either or adding an additional beverage that is either specialty or cold or in some cases, they're transitioning altogether to new products. And then we're also bringing in new customers as well through these platforms.

薩拉，謝謝你的問題。我將簡要介紹混合問題，然後將其傳遞給 Josh 關於忠誠度的問題。在混合方面，所以我們確實在準備好的評論中提到，熱咖啡部分是我們尚未看到與 19 年相比增長的一個領域。我們確實 - 我們已經 - 我們看到了向特色飲料和冷飲的轉變，在某些情況下是通過我們的忠誠度數據。在某些情況下，這是現有客戶發生的轉變，他們要么添加一種特殊的或冷的額外飲料，要么在某些情況下完全過渡到新產品。然後我們還通過這些平台引入新客戶。

So that's why it's so exciting. And it's similar to kind of the evolution that we've seen in the coffee business in the U.S. and in some of the international markets as well, where there's kind of -- there's been a base traditional definition of what coffee is and it kind of expands and it's modernized as consumer behaviors change and as brands kind of provide innovation to the consumers to try different products for different occasions.

所以這就是它如此令人興奮的原因。這類似於我們在美國和一些國際市場的咖啡業務中看到的那種演變，其中有一種 - 有一個基本的傳統定義咖啡是什麼，它有點隨著消費者行為的變化以及品牌為消費者提供創新以在不同場合嘗試不同的產品，它不斷擴展並實現現代化。

And so our confidence in the long term making this transition shoring up the core and also providing innovation and offers and opportunities for different occasions with cold beverages and specialty gives us confidence that we'll be able to bring in new customers as well as drive more frequency with our existing base. Thanks for the question.

因此，從長遠來看，我們有信心使這一轉變成為核心，並為不同場合提供創新、優惠和機會，包括冷飲和特色飲品，這讓我們相信我們將能夠吸引新客戶並推動更多頻率與我們現有的基地。謝謝你的問題。

Josh, do you want to touch on loyalty?

喬希，你想談一下忠誠度嗎？

Yes. Thanks, Sara. I hope you're doing well. I'd say just as a reminder, we're now at just over 1/3 of our system-wide sales in Canada are digital, including loyalty, and we've seen a lot of great progress and we're continuing to innovate and evolve. Both the mobile app and some of our in-store touch points and how some of those digital and loyalty guests interact with the restaurant.

是的。謝謝，薩拉。我希望你一切都好。我想提醒一下，我們現在在加拿大的全系統銷售額中有超過 1/3 是數字化的，包括忠誠度，我們已經看到了很多巨大的進步，我們正在繼續創新並進化。移動應用程序和我們的一些店內接觸點以及其中一些數字和忠誠度客人如何與餐廳互動。

We're seeing continued progress in both in-store loyalty and mobile order and pay. Our in-store loyalty sales grew double digits year-on-year, and our mobile order and pay was actually up about 2x year-on-year. So we're seeing a lot of progress there, really happy with it. And the team is thinking of even more innovative things that we can do with how we evolve the app over the rest of this year and into next year to drive even more engagement from the loyalty base. Thanks.

我們看到店內忠誠度和移動訂單和支付都在持續進步。我們的店內忠誠度銷售額同比增長兩位數，我們的移動訂單和支付實際上同比增長了約 2 倍。所以我們看到了很多進展，對此非常滿意。團隊正在考慮更多創新的事情，我們可以通過如何在今年剩餘時間和明年改進應用程序來推動忠誠度基礎的更多參與。謝謝。

Our final question is from Gregory Francfort of Guggenheim.

我們的最後一個問題來自古根海姆的 Gregory Francfort。

I appreciate the details and the plan that's coming next month on the Burger King U.S. side. Can you maybe talk just a little bit about franchisee profitability? And maybe as you've looked at trimming the portfolio on the U.S. side, kind of how big that could be as a portion of the store base, just any way we can ring sense that would be helpful.

我很欣賞下個月漢堡王美國方面的細節和計劃。你能談談加盟商的盈利能力嗎？也許正如您已經考慮在美國方面削減投資組合一樣，作為商店基礎的一部分，這可能有多大，只要我們能感覺到這將是有幫助的任何方式。

Greg, thanks for the question. as I mentioned in prepared remarks and we touched on quite a bit, we're working closely side by side with the franchisees to develop a really strong and thoughtful plan to accelerate sales growth at BK in the U.S. and also ensuring that we're focusing on the guest experience and their franchise profitability. And as part of this, we've been doing a deep dive on our restaurant portfolio, and what investment opportunities exist. And we're going side by side. I think different from what we've done in the past. We're going side by side to determine the best path for each restaurant. We're considering remodels versus scrape and rebuilds versus relocations or offsets. And this is centered on kind of the guest experience on digital and also enhancing our throughput or the capacity for us to serve more guests in our restaurants.

格雷格，謝謝你的問題。正如我在準備好的評論中提到的，我們談到了很多，我們正在與特許經營商密切合作，制定一個非常強大和周到的計劃，以加速 BK 在美國的銷售增長，並確保我們專注於關於客人體驗和他們的特許經營盈利能力。作為其中的一部分，我們一直在深入研究我們的餐廳投資組合，以及存在哪些投資機會。我們並肩而行。我認為與我們過去所做的不同。我們將並肩確定每家餐廳的最佳路徑。我們正在考慮改造與刮擦和重建與搬遷或偏移。這以數字客戶體驗為中心，同時也提高了我們的吞吐量或我們在餐廳為更多客人提供服務的能力。

Ongoing closures is a natural part of this process, a natural part of the business as we look at portfolio optimization. From where we stand today and based on a lot of work that the team has done and a lot of discussions and collaboration with franchisees, we do not expect significant shifts from historical closure levels, which, over the last 5 years, have averaged just under 200 per year. I'd note that many of the closures include trade market repositioning or relocations, as I said earlier, which means that in certain trade areas where the closure will be offset with a brand new opening, which is like a remodel, only better.

持續關閉是這個過程的一個自然部分，也是我們關注投資組合優化時業務的一個自然部分。從我們今天的立場來看，基於團隊所做的大量工作以及與特許經營商的大量討論和合作，我們預計歷史關閉水平不會發生重大變化，過去 5 年的平均關閉水平略低於每年200。我注意到許多關閉包括貿易市場重新定位或搬遷，正如我之前所說，這意味著在某些貿易區域，關閉將被一個全新的開放所抵消，這就像一個改造，只會更好。

So the goal from any closures is to continue to drive a healthier overall portfolio to improve guest experience and to drive franchise profitability. So we're working closely with franchisees on this. But to give you kind of a framework on how we're thinking about it and what we think the impact will be that -- hopefully, that provides some color. Thanks again for the question.

因此，任何關閉的目標都是繼續推動更健康的整體投資組合，以改善客戶體驗並提高特許經營盈利能力。因此，我們正在與特許經營商密切合作。但是給你一個關於我們如何思考它以及我們認為影響將是什麼的框架 - 希望這能提供一些顏色。再次感謝您的提問。

All right. Thank you, everyone, for your questions and appreciate everyone joining the call. As I mentioned earlier, the second quarter was truly action-packed. We're incredibly proud of the meaningful progress made across many fronts. Our performance reflects the direct benefit from our investments across a number of important areas of the business. As you can tell, we're excited about the momentum at Tims Canada, driven by the success of our Back to Basics plan and the continued strength from our BK International business. We're encouraged with the steady improvements at Burger King U.S. and look forward to sharing more details in September and how we plan to accelerate growth of the business.

好的。謝謝大家的提問，並感謝大家加入電話會議。正如我之前提到的，第二季度確實充滿了動感。我們為在許多方面取得的有意義的進展感到無比自豪。我們的業績反映了我們在多個重要業務領域的投資所帶來的直接收益。如您所知，我們對 Tims Canada 的勢頭感到興奮，這得益於我們回歸基礎計劃的成功以及我們 BK 國際業務的持續實力。我們對美國漢堡王的穩步改進感到鼓舞，並期待在 9 月份分享更多細節以及我們計劃如何加速業務增長。

I'd like to close by thanking our team, our franchisees and their team members for their continued focus and dedication as we work towards our big dream of building the most loved restaurant brands in the world. Thanks again for joining us, and have a great day.

最後，我要感謝我們的團隊、我們的加盟商和他們的團隊成員在我們努力實現建立世界上最受歡迎的餐廳品牌的偉大夢想時，他們一直以來的專注和奉獻精神。再次感謝您加入我們，祝您有美好的一天。

This concludes today's call. Thank you for joining. You may now disconnect your lines.

今天的電話會議到此結束。感謝您的加入。您現在可以斷開線路。