Restaurant Brands International Inc (QSR) 2022 Q3 法說會逐字稿

Good morning, and welcome to the Restaurant Brands International Third Quarter 2020 Earnings Conference Call. (Operator Instructions) Please note this event is being recorded.

早上好，歡迎參加 Restaurant Brands International 2020 年第三季度收益電話會議。 （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 Kevin Milota, 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 Kevin Milota。請繼續。

Thank you, operator. Good morning, everyone, and welcome to Restaurant Brands International's earnings call for the third quarter ended September 30, 2020. 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. Joining me on the call today are Restaurant Brands International's CEO, Jose Cil; COO, Joshua Kobza; and CFO, Matt Dunnigan.

謝謝你，接線員。大家早上好，歡迎來到 Restaurant Brands International 的截至 2020 年 9 月 30 日的第三季度財報電話會議。提醒一下，可以通過投資者關係網頁 rbi.com/investors 訪問本次電話會議的現場直播。並且錄音將可供重播。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；首席運營官約書亞·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. During portions of the call today, we'll be referencing 3-year comparisons for system-wide sales growth and comparable sales to provide a cleaner indication of how the business is trending versus a more normalized period.

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。在今天的部分電話會議中，我們將參考 3 年系統範圍內的銷售增長和可比銷售額的比較，以更清晰地表明業務的趨勢與更正常的時期。

The 3-year comparisons are calculated on a geometric stacked basis by using the 2020, 2021 and 2022 disclosed growth metrics. In addition, 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 for Firehouse Subs, which we acquired on December 15, 2021, to reflect comparable year-over-year growth figures.

3 年比較是使用 2020、2021 和 2022 年披露的增長指標在幾何疊加基礎上計算的。此外，在準備好的評論中討論的合併增長指標，包括合併的全系統銷售增長、淨餐廳增長和有機調整後 EBITDA 增長，不包括我們於 2021 年 12 月 15 日收購的 Firehouse Subs 的結果，以反映可比的年度-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, Kevin, and good morning, everyone. Thank you for joining us on today's call to discuss the results for the third quarter of 2022. This quarter, we saw the key pieces of our plan continue to come together and foster meaningful growth across our brands and regions, with year-over-year comparable sales up 9%, system-wide sales growth of 14% and 8% organic adjusted EBITDA growth or 10% excluding an estimated impact on adjusted EBITDA related to Russia. These results were primarily driven by strong performance across our Tim Hortons Canada and Burger King International businesses, improvements in the U.S. at Burger King, Popeyes and Firehouse Subs, continued growth in digital sales globally and development progress.

謝謝，凱文，大家早上好。感謝您參加今天的電話會議，討論 2022 年第三季度的業績。本季度，我們看到我們計劃的關鍵部分繼續融合在一起，並促進我們品牌和地區的有意義的增長，同比增長可比銷售額增長 9%，全系統銷售額增長 14% 和 8% 的有機調整後 EBITDA 增長或 10%，不包括對與俄羅斯相關的調整後 EBITDA 的估計影響。這些結果主要是由於我們的 Tim Hortons Canada 和 Burger King International 業務的強勁表現、美國漢堡王、Popeyes 和 Firehouse Subs 的改進、全球數字銷售的持續增長以及開發進展。

Turning to a few highlights from the quarter. During the third quarter, we grew consolidated year-over-year comparable sales by 9%, driven by 11% comparable sales at Tim Hortons Canada, 15% comparable sales in our Burger King international business and sequential improvements at Burger King, Popeyes and Firehouse Subs home markets.

談談本季度的一些亮點。在第三季度，我們的綜合可比銷售額同比增長 9%，這得益於 Tim Hortons Canada 11% 的可比銷售額、漢堡王國際業務 15% 的可比銷售額以及 Burger King、Popeyes 和 Firehouse 的連續改進子國內市場。

At Burger King U.S., we saw 4% comparable sales and continued to narrow the sales gap to peers. Our digital channels also continued to contribute to our sales growth this quarter with global digital sales up 26% year-over-year to nearly $3.4 billion, capturing 1/3 of consolidated system-wide sales. We also made solid development progress during the third quarter with Popeyes once again a standout and well positioned for another strong year. As we look ahead, we're confident in our long-term pipeline and expect to see our development mix strengthen bringing Tim Hortons and Popeyes to more and more markets around the world, while also ramping Burger King back to historical levels over time.

在美國漢堡王，我們看到 4% 的可比銷售額，並繼續縮小與同行的銷售額差距。我們的數字渠道也繼續為我們本季度的銷售額增長做出貢獻，全球數字銷售額同比增長 26%，達到近 34 億美元，佔全系統綜合銷售額的 1/3。我們在第三季度也取得了穩健的發展進展，Popeyes 再次脫穎而出，為又一個強勁的一年做好了準備。展望未來，我們對我們的長期管道充滿信心，並希望看到我們的開發組合得到加強，將 Tim Hortons 和 Popeyes 帶入全球越來越多的市場，同時隨著時間的推移，漢堡王也將恢復到歷史水平。

The combination of comparable sales and net restaurant growth helped drive Q3 system-wide sales to $10.1 billion, up 14% year-over-year, excluding Firehouse Subs and organic adjusted EBITDA growth of 8% or 10%, excluding the estimated impact on adjusted EBITDA related to Russia.

可比銷售額和餐廳淨增長相結合，推動第三季度全系統銷售額達到 101 億美元，同比增長 14%，不包括 Firehouse Subs 和 8% 或 10% 的有機調整後 EBITDA 增長，不包括調整後的估計影響EBITDA 與俄羅斯有關。

Our strong free cash flow generation this quarter provided us with flexibility to reinvest in our business while returning capital to shareholders. During the quarter, we continued our commitment to shareholder returns, delivering over $240 million, representing the 40th consecutive quarter of year-over-year dividend growth.

本季度我們強勁的自由現金流產生為我們提供了在向股東返還資本的同時對業務進行再投資的靈活性。在本季度，我們繼續致力於股東回報，交付超過 2.4 億美元，這是連續第 40 個季度實現股息同比增長。

Our industry-leading dividend remains a key component of our capital allocation strategy, and as such, we're committed to maintaining our dividend and we'll look to continue growing it on a dollar-per-share basis with our business over time.

我們行業領先的股息仍然是我們資本配置戰略的關鍵組成部分，因此，我們致力於維持我們的股息，並且隨著時間的推移，我們將繼續以每股美元的價格增長股息。

Before diving into brand results for the quarter, I want to highlight another important milestone from the quarter. As many of you know, in September, we unveiled a reclaimed the flame plan designed to engage our Burger King fans and create new ones and accelerate traffic and sales growth and drive franchisee profitability at Burger King U.S. It was critical that we work together with our franchisees to create a thoughtful, well-sequenced plan aimed at improving our guest experience at Burger King, a plan that franchisees and their team members will be proud of, stand behind and be energized to execute against.

在深入探討本季度的品牌業績之前，我想強調本季度的另一個重要里程碑。眾所周知，在 9 月，我們公佈了一項重新燃起的火焰計劃，旨在吸引我們的漢堡王粉絲並創造新的粉絲，加速流量和銷售增長，並推動美國漢堡王的加盟商盈利。我們與我們的合作夥伴合作至關重要加盟商制定一個周到、有序的計劃，旨在改善我們在漢堡王的客戶體驗，加盟商及其團隊成員將為該計劃感到自豪、支持並積極執行該計劃。

It was also important to demonstrate our confidence in the plan, which is why we committed to making a $400 million corporate investment over the next 2 years. This investment will help us our advertising firepower, drive higher-quality restaurant improvements and remodels and support incremental technology and digital investments. While still early days, I'm incredibly proud of the work done by the Burger King U.S. team, together with our franchisees to develop this plan, and I'll share a bit more detail with you later in the call.

展示我們對該計劃的信心也很重要，這就是為什麼我們承諾在未來兩年內進行 4 億美元的企業投資。這項投資將幫助我們增強廣告火力，推動更高質量的餐廳改進和改造，並支持增量技術和數字投資。雖然仍處於早期階段，但我為漢堡王美國團隊所做的工作以及我們的特許經營商制定該計劃所做的工作感到無比自豪，我將在電話會議的稍後部分與您分享更多細節。

I'd also like to acknowledge something we're all fully aware of, the continued macroeconomic pressures impacting our industry and our franchisees. These include ongoing commodity and wage inflation and rising interest rates. We continue to work closely with our franchisees, directly and through owner advisory boards and franchise counsel, to identify opportunities, to address pressures within our control, to leverage our scale and buying power and to use pricing strategically when and where appropriate, and always being guest-lead.

我還想承認一些我們都充分意識到的事情，持續的宏觀經濟壓力影響著我們的行業和我們的加盟商。其中包括持續的商品和工資通脹以及利率上升。我們將繼續與我們的特許經營商直接或通過業主諮詢委員會和特許經營顧問密切合作，以發現機會，解決我們控制範圍內的壓力，利用我們的規模和購買力，並在適當的時間和地點戰略性地使用定價，並且始終如一客串。

While these pressures are certainly also impacting consumers, we've been pleased to see continued engagement with our brands, a testament to the resilience of our business model and the strength of our value proposition.

雖然這些壓力當然也影響著消費者，但我們很高興看到我們的品牌繼續參與其中，這證明了我們商業模式的彈性和我們價值主張的實力。

Looking ahead, we remain focused on driving profitable sales growth for our franchisees and feel confident in the plans we have across all our brands to engage our guests, drive traffic and sales, and improvements in franchisee profitability going forward.

展望未來，我們將繼續專注於推動特許經營商的盈利銷售增長，並對我們所有品牌的計劃充滿信心，以吸引我們的客人、增加客流量和銷售，並提高特許經營商的盈利能力。

Turning to brand performance. We'll start with Tim Hortons Canada. In September, I had the pleasure of joining Axel, the Tim Hortons' team and about 2,000 participants across Canada, the U.S. and other parts of the world for the first in-person Tim Hortons convention since 2019. Axel and the Canadian team share the next steps of the Back to Basics plan to engage guests and accelerate growth with a focus on growing PM food as well as cold and espresso-based beverages.

轉向品牌表現。我們將從加拿大的 Tim Hortons 開始。 9 月，我有幸加入了 Axel、Tim Hortons 的團隊以及來自加拿大、美國和世界其他地區的約 2,000 名參與者，參加了自 2019 年以來的首次面對面的 Tim Hortons 大會。Axel 和加拿大團隊分享了Back to Basics 的下一步計劃是吸引客人並加速增長，重點是種植 PM 食品以及冷飲和濃縮咖啡飲料。

I enjoyed having the opportunity to spend time with so many of our restaurant owners and was encouraged to hear and see their enthusiasm around the next phase of the plan. There is no doubt that much of our owners' excitement can be attributed to the ongoing improvements we're seeing across the business. Our third quarter comparable sales of 11% year-over-year resulted in a 5% increase versus 2019 levels. These results were driven by continued strength from our core offerings and strong calendar initiatives to extend Tim Hortons into high-growth dayparts and products aided by strategic price increases.

我很高興有機會與我們的許多餐廳老闆共度時光，並很高興聽到和看到他們對下一階段計劃的熱情。毫無疑問，我們所有者的大部分興奮可以歸因於我們在整個業務中看到的持續改進。我們第三季度的可比銷售額同比增長 11%，與 2019 年的水平相比增長了 5%。這些結果是由我們的核心產品的持續實力和強大的日曆計劃推動的，以將 Tim Hortons 擴展到高增長的時段和產品，並輔以戰略性的價格上漲。

The success across multiple pillars of our strategic plan demonstrates our confidence in achieving sustainable, profitable top line growth over the long term, even as we continue to see an uneven return to the workplace in many of the big urban centers in Canada. During the quarter, we saw improved performance versus 2019 levels across all dayparts, formats, vanities and regions, including super urban locations, which have narrowed the gap to 2019 sales from down 40% in the third quarter of 2021 to down 5% this past quarter. And although sales from hot beverage remains below 2019 levels, the trend continued to improve sequentially, while the positive sales expansion we've seen in key growth categories like food, cold beverage and specialty beverage more than offset this gap.

我們戰略計劃多個支柱的成功表明我們有信心實現長期可持續、盈利的頂線增長，儘管我們繼續看到加拿大許多大城市中心的工作場所回報不均衡。在本季度，我們看到所有時段、格式、虛榮和區域（包括超級城市位置）的業績與 2019 年的水平相比有所改善，這已將與 2019 年銷售額的差距從 2021 年第三季度的 40% 縮小到過去的 5%四分之一。儘管熱飲的銷售額仍低於 2019 年的水平，但這一趨勢繼續持續改善，而我們在食品、冷飲和特色飲料等關鍵增長類別中看到的積極銷售擴張抵消了這一差距。

Our core breakfast and baked goods platforms maintained strength with the introduction of our new maple bacon breakfast sandwiches and a relaunch of last spring's successful Canada's favorite donuts offering, the Apple Fritter, and Boston Cream paired with our Freshly Brewed coffee. As a result, we're pleased to see that our core food offerings, breakfast and baked goods helped drive our year-over-year comparable sales uplift during the quarter with added benefit from our cold beverage and PM food initiatives. Our cold beverage lineup featured a rehit of our fan-favorite Cold Brew and the introduction of Pumpkin Spice Cold Beverages. During the quarter, these initiatives helped our cold beverage platform grow by 14% versus 2019 and drive cold beverages to over 40% of total beverage sales from 34% in the third quarter of 2019.

我們的核心早餐和烘焙食品平台通過推出新的楓培根早餐三明治以及去年春天成功推出的加拿大最受歡迎的甜甜圈產品 Apple Fritter 和波士頓奶油與我們的現煮咖啡重新推出保持實力。因此，我們很高興看到我們的核心食品、早餐和烘焙食品有助於推動我們在本季度的可比銷售額同比增長，並從我們的冷飲和 PM 食品計劃中受益。我們的冷飲系列重新推出了我們深受粉絲喜愛的 Cold Brew，並推出了南瓜香料冷飲。在本季度，這些舉措幫助我們的冷飲平台比 2019 年增長了 14%，並將冷飲佔飲料總銷售額的比例從 2019 年第三季度的 34% 提高到 40% 以上。

As we continue expanding our Cold Beverage platform across Cold Brew, Specialty and non-caffeinated, we expect to drive more visits and sales through cold beverages and view our platforms as important complements to the work we're doing to expand the PM daypart.

隨著我們繼續在冷飲、特色飲品和不含咖啡因的冷飲領域擴展我們的冷飲平台，我們希望通過冷飲來推動更多的訪問和銷售，並將我們的平台視為我們為擴大 PM 時段所做的工作的重要補充。

This quarter, we continued to benefit from the June rollout of our Loaded Bowls, which together with Loaded Wraps proved to be incremental to Main Foods and PM daypart sales year-over-year and versus 2019. In fact, our loaded platform helped drive sales from Main Foods 40% above 2019 levels, driving our lunch day part up to plus 15% versus 2019. To take our loaded platform to the next level and add a fall twist, we launched loaded Chili, an elevated version to the classic Tim Hortons chili, we all know and love. With the addition of our Loaded Chili, our extension into PM Food continues to garner excitement from existing and new guests through various service modes, including drive-through, dine-in and various digital channels. Our strong digital capabilities including the #1 food and beverage app in Canada, have enabled Tim Hortons to better cater towards guests, deliver a great experience, increase brand loyalty and drive over 1/3 of sales through digital channels while growing digital sales dollars.

本季度，我們繼續受益於 6 月推出的 Loaded Bowls，與 Loaded Wraps 一起，與 2019 年和 2019 年相比，Main Foods 和 PM 日間部分銷售額同比增長。事實上，我們的加載平台幫助推動了銷售Main Foods 比 2019 年的水平高出 40%，使我們的午餐日部分比 2019 年增加了 15%。為了將我們的加載平台提升到一個新的水平並增加秋季風味，我們推出了加載辣椒，這是經典 Tim Hortons 的升級版辣椒，我們都知道和喜愛。隨著我們的 Loaded Chili 的加入，我們對 PM Food 的擴展繼續通過各種服務模式（包括免下車、堂食和各種數字渠道）吸引現有和新客人的興奮。我們強大的數字功能（包括加拿大排名第一的餐飲應用程序）使 Tim Hortons 能夠更好地迎合客人，提供出色的體驗，提高品牌忠誠度，並通過數字渠道推動超過 1/3 的銷售額，同時增加數字銷售額。

This quarter, we're enhancing our digital experience by rolling out our scan-and-pay feature that allows guests to leverage 1 QR code in their Tims app to scan for loyalty and pay at the same time. We expect this integration to not only make ordering and paying even more convenient for guests, but to also improve speed of service, especially in the drive-through. Looking ahead, we see opportunities to leverage our digital platforms to offer new engaging features for guests while improving our existing offerings to provide the best user experience possible.

本季度，我們通過推出掃描支付功能來增強我們的數字體驗，該功能允許客人在其 Tims 應用程序中利用 1 個二維碼掃描忠誠度並同時付款。我們希望這種整合不僅能讓客人更方便地訂購和付款，還能提高服務速度，尤其是在免下車服務中。展望未來，我們看到了利用我們的數字平台為客人提供新的引人入勝的功能，同時改進我們現有的產品以提供最佳用戶體驗的機會。

In addition to being a leader in digital in Canada, Tim Hortons prides itself on being a community-led brand. This quarter, we celebrated 2 of our most important and exciting fundraising initiatives of the year, Camp Day and Smile Cookie. Through Camp Day, Tim Hortons restaurant owners, team members and volunteers raised over CAD 12 million across Canada and the U.S. for the Tim Hortons foundation camps. Following Camp Day, restaurant owners then raised a record-breaking CAD 15 million for more than 600 local charities and community groups through a loved Smile Cookie campaign. The Tims Canada team and restaurant owners capped off the quarter raising over CAD 1 million with the Orange Sprinkle Donut campaign on September 30, an amazing accomplishment in one day with proceeds going to support indigenous organizations in Canada.

除了成為加拿大數字領域的領導者之外，Tim Hortons 還以自己是一個社區主導的品牌而自豪。本季度，我們慶祝了今年最重要和最激動人心的兩項籌款活動，即夏令營日和微笑餅乾。通過夏令營日，Tim Hortons 餐廳老闆、團隊成員和志願者在加拿大和美國為 Tim Hortons 基金會營地籌集了超過 1200 萬加元。夏令營日之後，餐廳老闆通過一項深受喜愛的微笑餅乾活動，為 600 多個當地慈善機構和社區團體籌集了創紀錄的 1500 萬加元。 Tims Canada 團隊和餐廳老闆在 9 月 30 日通過 Orange Sprinkle Donut 活動籌集了超過 100 萬加元的資金，一天之內取得了驚人的成就，收益將用於支持加拿大的土著組織。

I'm incredibly grateful to our restaurant owners who work hard day-in and day-out for their communities going above and beyond each year to support these important programs and make meaningful connections in their neighborhoods and their communities all across Canada.

我非常感謝我們的餐廳老闆，他們日復一日地為他們的社區努力工作，他們每年都在努力支持這些重要的計劃，並在他們的社區和加拿大各地的社區中建立有意義的聯繫。

Finally, I'd like to touch on the opportunities we see for the Tim Hortons brand around the world. Since acquiring the brand in 2014, we've established our presence in 7 new countries and grown our store count outside of Canada to over 1,500 locations. We're still ramping up our global footprint through a robust pipeline of long-term deals.

最後，我想談談我們在全球範圍內看到的 Tim Hortons 品牌的機會。自 2014 年收購該品牌以來，我們已在 7 個新國家/地區建立了業務，並將我們在加拿大以外的商店數量增加到 1,500 多個地點。我們仍在通過強大的長期交易渠道擴大我們的全球足跡。

This quarter, the international team had some exciting restaurant openings, including our first 4 locations in India, and saw continued growth in the Middle East and Philippines as well as Mexico, where we just opened our 50th restaurant in Monterrey.

本季度，國際團隊開設了一些令人興奮的餐廳，包括我們在印度的前 4 家分店，並在中東和菲律賓以及墨西哥持續增長，我們剛剛在蒙特雷開設了第 50 家餐廳。

We've also seen the brand embraced all over the U.K. with London's first location opening in early July. We now have more than 60 Tim Hortons in the U.K. and growing. This is on top of the incredible growth and market potential we've seen at Tim Hortons China, which opened store #500 in mid-October and is well positioned to continue its strong pace of growth.

我們還看到該品牌在英國各地受到歡迎，倫敦的第一個地點於 7 月初開業。我們現在在英國有 60 多個 Tim Hortons，而且還在不斷增長。這是我們在 Tim Hortons 中國看到的令人難以置信的增長和市場潛力的基礎，該公司於 10 月中旬開設了第 500 號店，並處於繼續其強勁增長步伐的有利位置。

Meanwhile, in the U.S., we opened our first restaurant in Houston, Texas, featuring a smaller and more optimized footprint with a streamlined menu. We've seen positive results from this restaurant with our cold beverage platform performing especially well in the market. It's been exciting to see guests around the world embrace the Tim's brand, and we're excited to continue introducing more guests to the Tim's experience.

與此同時，在美國，我們在得克薩斯州休斯頓開設了我們的第一家餐廳，佔地面積更小，更優化，菜單更簡潔。我們從這家餐廳看到了積極的結果，我們的冷飲平台在市場上表現尤其出色。很高興看到世界各地的客人都接受 Tim 的品牌，我們很高興繼續向更多的客人介紹 Tim 的體驗。

Turning now to Burger King U.S. We made continued foundational improvements this quarter across menu innovation, digital and operations and officially launched our Reclaim the Flame plan to enhance all aspects of the guest experience and advanced sales in the U.S. As I mentioned earlier, we developed this plan in partnership with a diverse representative group of BK franchisees from across the country who all had one thing in common. They have the respect of their peers and the dedication to address the needs of guests, franchisees, team members and the brand.

現在轉向美國漢堡王。本季度，我們在菜單創新、數字化和運營方面進行了持續的基礎改進，並正式啟動了我們的 Reclaim the Flame 計劃，以提升美國客戶體驗和高級銷售的各個方面。正如我之前提到的，我們開發了這個與來自全國各地的 BK 特許經營商的多元化代表團體合作計劃，他們都有一個共同點。他們受到同行的尊重，並致力於滿足客人、加盟商、團隊成員和品牌的需求。

The Burger King U.S. team and this group of franchisees met for months to collaborate on building a plan to address guest needs, accelerate sales growth and strengthen long-term franchisee profitability. It starts with reclaiming a rightful share of voice and media and guest consideration, shoring up our brand equities and delivering on our brand purpose, the relentless pursuit of better for our guests. We kicked this off in October, bringing our brand purpose to life with a new campaign that repositions the brand and elevates our core brand equity, have it your way through the introduction of a modernized You Rule tagline. We've been very pleased with the response from franchisees, team members and consumers to this new relevant positioning that embraces individuality. It's been amazing to see so many guests wearing their crowns saying You Rule and breathing life into this campaign.

漢堡王美國團隊和這組特許經營商會面數月來合作制定計劃，以滿足客人的需求、加速銷售增長並加強特許經營商的長期盈利能力。首先是重新獲得應有的聲音和媒體份額以及客戶考慮，支撐我們的品牌資產並實現我們的品牌目標，不懈地為我們的客人追求更好。我們在 10 月啟動了這項活動，通過重新定位品牌並提升我們的核心品牌資產的新活動將我們的品牌目標變為現實，並通過引入現代化的 You Rule 標語來實現它。我們對加盟商、團隊成員和消費者對這一包含個性的新相關定位的反應感到非常滿意。看到如此多的客人戴著他們的王冠說“You Rule”並為這次活動注入了活力，真是令人驚訝。

The launch of You Rule also marked the start of our historic Fuel to Flame advertising co-investment. As a reminder, this corporate investment will total $120 million over 9 quarters, starting in Q4. We and should certain profitability thresholds we met at the end of 2024 and 2026 will be matched by a 50 basis point increase in advertising fund contribution from participating franchisees through 2028.

You Rule 的推出也標誌著我們歷史性的 Fuel to Flame 廣告聯合投資的開始。提醒一下，從第四季度開始，這項企業投資將在 9 個季度內總計 1.2 億美元。我們並且如果我們在 2024 年底和 2026 年底達到的某些盈利能力門檻將與參與的加盟商的廣告基金貢獻增加 50 個基點相匹配，直到 2028 年。

This co-investment plan has been endorsed and agreed to in near-unanimous fashion. About 95% of franchisees have signed up to this co-investment plan and is designed to increase our media firepower, grow traffic and amplify the fundamental improvements we're making to the guest experience around menu, operations and digital. Another important element of the plan is our $250 million Royal reset investment that includes 2 important components: First, a Royal reset refresh capital investment of $50 million in a restaurant technology, kitchen equipment and building enhancement refresh program; and second, the Royal reset remodel program that provides access to $200 million of funding for high-quality, high-return remodels.

這項共同投資計劃已獲得近乎一致的認可和同意。大約 95% 的加盟商已經簽署了這項聯合投資計劃，旨在增加我們的媒體火力、增加流量並放大我們在菜單、運營和數字方面對客戶體驗所做的根本改進。該計劃的另一個重要內容是我們 2.5 億美元的皇家重置投資，其中包括兩個重要組成部分：首先，皇家重置更新資本投資 5000 萬美元，用於餐廳技術、廚房設備和建築增強更新計劃；其次，皇家重置改造計劃為高質量、高回報的改造提供了 2 億美元的資金。

Together, we expect the Royal reset refresh and remodel program to touch roughly half of the restaurants across our system over the next 2 years. We're encouraged with the level of enthusiasm and commitment from franchisees to participate in the $50 million refresh, which includes a dollar-for-dollar matching investment from franchisees. We opened a 2-week application process in mid-October, and we're oversubscribed before closing out the first week. Our field teams are now going through the diligence process of approving each investment request for kitchen equipment, building enhancements and restaurant technology prioritizing those that we believe will drive the greatest returns for each restaurant.

總之，我們預計皇家重置更新和改造計劃將在未來 2 年內觸及我們系統中大約一半的餐廳。加盟商對參與 5000 萬美元更新的熱情和承諾讓我們感到鼓舞，其中包括加盟商以美元換美元的匹配投資。我們在 10 月中旬開啟了為期 2 週的申請流程，在第一周結束之前我們已經超額認購。我們的現場團隊現在正在通過盡職調查過程，批准廚房設備、建築改進和餐廳技術的每項投資請求，優先考慮我們認為將為每家餐廳帶來最大回報的那些。

Through this program, we'll help ensure our restaurants are in great shape as we continue to drive traffic back to the system. Our $200 million Royal Reset Remodel Program has also been met with strong interest that gives us confidence in our ability to execute on this program, a very encouraging sign, especially given the current macroeconomic pressures facing many across our industry. We attribute this enthusiasm in large part to the quality plan the BK team developed together with our franchisees. And to the unique and compelling incentives we're offering franchisees in the form of upfront capital upon completion of the remodel project rather than royalty or ad fund credits over time as we've historically done.

通過該計劃，我們將幫助確保我們的餐廳保持良好狀態，同時繼續將客流量引回系統。我們耗資 2 億美元的 Royal Reset Remodel 計劃也引起了濃厚的興趣，這使我們對我們執行該計劃的能力充滿信心，這是一個非常令人鼓舞的跡象，尤其是考慮到當前整個行業面臨的宏觀經濟壓力。我們將這種熱情在很大程度上歸功於 BK 團隊與我們的加盟商共同製定的質量計劃。對於獨特且引人注目的激勵措施，我們在改造項目完成後以前期資金的形式向特許經營商提供，而不是像我們過去所做的那樣隨著時間的推移而獲得特許權使用費或廣告基金信用。

By providing incentives upfront, we're reducing our franchisees need to draw from other sources of capital to facilitate their investments. That being said, we recognize that many will need to tap other sources, and we're working with franchisees, those with and without strong financial footing today, and their lenders to position them well for the future.

通過預先提供激勵措施，我們正在減少我們的加盟商需要從其他資金來源獲取資金以促進他們的投資。話雖如此，我們認識到許多人將需要利用其他資源，我們正在與特許經營商合作，這些特許經營商如今擁有和沒有強大的財務基礎，以及他們的貸方，以便為未來做好準備。

With this program, we've also shifted our approach away from prioritizing restaurants with expiring franchise agreements to focusing on those with the greatest potential to improve guest perception and traffic and drive the highest returns within each franchisees' portfolio. I can't emphasize enough that our top priority with this program is quality over quantity.

通過該計劃，我們還將我們的方法從優先考慮特許經營協議到期的餐廳轉向關注那些最有可能改善客戶感知和客流量並在每個加盟商的投資組合中獲得最高回報的餐廳。我再怎麼強調也不為過，我們在這個項目中的首要任務是質量而不是數量。

Our goal is to not only bolster the health of the system overall, but also create positive momentum for franchisees to further invest in their portfolios over the long term. In addition to the more thoughtful approach to the project selection, the program was also purposely designed to incentivize franchisees to improve operations by providing more funding for those with stronger ops as measured by a robust data-driven franchise success system.

我們的目標不僅是加強整個系統的健康，而且還為特許經營商創造積極的動力，以進一步長期投資於他們的投資組合。除了對項目選擇採取更深思熟慮的方法外，該計劃還專門設計用於激勵特許經營商通過為擁有強大運營能力的特許經營商提供更多資金來改善運營，這一點由強大的數據驅動特許經營成功系統衡量。

This incentive places a spotlight on the importance of operational excellence, which Josh will highlight later, and has opened the door for productive discussions with franchisees. Our field teams are working diligently with those focused on improving developing detailed business and execution plans and helping franchisees monitor their performance and troubleshoot along the way.

這種激勵措施突出了卓越運營的重要性，喬希稍後將強調這一點，並為與特許經營商進行富有成效的討論打開了大門。我們的現場團隊正在與那些專注於改進制定詳細的業務和執行計劃並幫助特許經營商監控他們的績效並在此過程中排除故障的人密切合作。

For those without the level of engagement and capital necessary to improve their operations, image and overall business, this Royal Reset Program and our franchise success system has also facilitated important conversations on path to reposition portfolios with more engaged and well-capitalized operators, including a strong lineup of franchisees and investors interested in driving our reclaim the plane plan forward for the benefit of their business as well as the long-term benefit of our great brand across the U.S. Through Royal Reset Remodel, and our broader Reclaim the Flame plan, we're laying the groundwork to transition and support a sustainable long-term remodel program at Burger King U.S. with normalized incentive structures once our corporate investments roll off in 2025.

對於那些沒有改善運營、形象和整體業務所需的參與度和資本水平的人來說，這個皇家重置計劃和我們的特許經營成功系統還促進了重要的對話，以重新定位投資組合與更多參與和資本充足的運營商，包括強大的加盟商和投資者陣容有興趣推動我們的回收飛機計劃，以造福於他們的業務以及我們在美國的偉大品牌的長期利益。通過皇家重置改造和我們更廣泛的回收火焰計劃，我們'正在為過渡和支持美國漢堡王的可持續長期改造計劃奠定基礎，一旦我們的企業投資在 2025 年減少，就會採用標準化的激勵結構。

Now, to briefly touch on our results for the third quarter. We saw a 4% increase in comparable sales in the quarter, driven by the continued benefit from our emphasis on the Whopper, our compelling value platform, the launch of the Burger King Royal Crispy Chicken, strategic pricing initiatives, and positive contribution from digital channels, with digital sales up 28% year-over-year.

現在，簡要介紹一下我們第三季度的業績。我們看到本季度可比銷售額增長 4%，這得益於我們對 Whopper 的持續關注、我們引人注目的價值平台、漢堡王皇家脆皮雞的推出、戰略定價舉措以及數字渠道的積極貢獻，數字銷售額同比增長 28%。

These benefits were partially offset by the lapping of 2 for $6 in the third quarter of last year. The launch of the BK Royal Crispy Chicken is a good example of us implementing important tenets of the Reclaim the Flame plan when developing new menu items. First, focus on high-quality menu innovation and core platforms. Second, ensure consistent operational execution with minimal disruption. And third, develop more impactful advertising to break through the noise and clutter.

這些好處被去年第三季度以 6 美元的價格購買 2 包所部分抵消。 BK Royal Crispy Chicken 的推出是我們在開發新菜單項時實施 Reclaim the Flame 計劃的重要原則的一個很好的例子。一是聚焦優質菜單創新和核心平台。其次，確保以最小的中斷一致的操作執行。第三，開發更有影響力的廣告，打破喧囂和雜亂。

The BK Royal Crispy Chicken platform strengthens our core in a product category, chicken, that's been a growth engine for the industry with a strong and well-tested product and a variety of great-tasting builds. We've been very encouraged by the results to date, including driving strong volumes with both first time and repeat guests, and we're excited to innovate on this delicious premium sandwich in the future.

BK Royal Crispy Chicken 平台加強了我們在產品類別中的核心，即雞肉，這是該行業的增長引擎，擁有強大且經過良好測試的產品和各種美味的構建。我們對迄今為止的結果感到非常鼓舞，包括推動首次和回頭客的強勁銷量，我們很高興在未來對這種美味的優質三明治進行創新。

I was pleased to see our efforts this quarter contribute to a further narrowing of the sales gap versus industry performance for the fourth quarter in a row. Now it's time to diligently execute against our Reclaim the Flame plan in a collaborative and thoughtful manner alongside our franchisees. I'm confident that the powerful combination of brand repositioning, menu innovation, foundational operations improvements, our Fuel the Flame investments and the royal reset program will help drive the business into a sustainable healthy position to support long-term growth for years to come.

我很高興看到我們本季度的努力連續第四季度進一步縮小了銷售與行業表現的差距。現在是時候以協作和深思熟慮的方式與我們的特許經營商一起努力執行我們的 Reclaim the Flame 計劃了。我相信，品牌重新定位、菜單創新、基礎運營改進、我們的 Fuel the Flame 投資和皇家重置計劃的強大組合將有助於推動業務進入可持續的健康狀態，以支持未來幾年的長期增長。

Now turning to the Burger King international business, which continues to be a powerful driver for the brand's global growth, contributing 60% of the brand's global system-wide sales and approximately 55% of adjusted EBITDA during the quarter. The international business saw another strong quarter with comparable sales of 15% and consolidated system-wide sales growth of 22% and comprised of over 25% growth in EMEA, nearly 30% in Latin America and over 11% growth from Asia Pacific.

現在轉向漢堡王國際業務，該業務繼續成為該品牌全球增長的強大推動力，為本季度貢獻了該品牌全球系統銷售額的 60% 和約 55% 的調整後 EBITDA。國際業務又迎來一個強勁的季度，可比銷售額增長 15%，綜合系統銷售額增長 22%，其中歐洲、中東和非洲地區增長超過 25%，拉丁美洲增長近 30%，亞太地區增長超過 11%。

We continue to outperform our peers in key international markets with ongoing strength driven by a differentiated set of operating partners, attractive and modern positioning across markets as well as being a leader in advancing our digital capabilities and cultivating a seamless experience for our guests across service mode.

我們繼續在主要國際市場上超越同行，在差異化運營合作夥伴的推動下，我們的持續實力、有吸引力和現代的市場定位以及在提升我們的數字能力和為客戶提供跨服務模式的無縫體驗方面處於領先地位.

4 of our largest markets, France, Spain, Australia and the U.K. generated double-digit comparable sales versus 2019, offsetting lingering macro pressures in China, as a result of lockdowns and highlighting the benefits of having a geographically diverse business model.

與 2019 年相比，我們最大的 4 個市場法國、西班牙、澳大利亞和英國產生了兩位數的可比銷售額，抵消了中國因封鎖而揮之不去的宏觀壓力，並突出了擁有地域多元化商業模式的好處。

During the quarter, digital sales comprised over 50% of system-wide sales and grew 31% year-over-year, driven by strong contribution from kiosks and delivery. Key markets such as France, Spain, Italy and South Korea generated over 50% of sales through digital channels, while fast-growing markets, including Japan, Brazil, Great Britain, and Saudi Arabia, sell over 25% of sales derived through digital channels. The variety of service modes we provide guests across our international markets creates an omnichannel experience that drives efficiency, brand affinity and a higher digital sales mix and we've been pleased to see our digital channels remain sticky in many of our markets, even as dine-in returns.

在本季度，數字銷售佔全系統銷售額的 50% 以上，同比增長 31%，這得益於信息亭和交付的強勁貢獻。法國、西班牙、意大利和韓國等主要市場通過數字渠道產生了超過 50% 的銷售額，而日本、巴西、英國和沙特阿拉伯等快速增長的市場通過數字渠道產生了超過 25% 的銷售額.我們在國際市場上為客人提供的各種服務模式創造了一種全渠道體驗，提高了效率、品牌親和力和更高的數字銷售組合，我們很高興看到我們的數字渠道在我們的許多市場中保持粘性，即使在用餐時也是如此-in 回報。

Our guest-centric approach also extends to many innovation where we've focused on developing exceptional and innovative plant-based offerings which have proven to be a significant growth driver. Sales from plant-based items have proven to be over 80% incremental to the European business and during the third quarter grew nearly 50% year-over-year. Since the introduction of our plant-based products in 2019, Burger King has introduced plant-based burgers in 70 countries and added more delicious items for guests to choose from, including the Cajun Veggie King, nuggets and long chicken. The hard work of our teams has helped Burger King become a leader in the plant-based market, and we're excited to see the momentum continue in our European markets and expand around the world.

我們以客戶為中心的方法還擴展到許多創新，我們專注於開發卓越的創新植物產品，這些產品已被證明是重要的增長動力。事實證明，植物性產品的銷售額對歐洲業務的增長超過 80%，第三季度同比增長近 50%。自 2019 年推出我們的植物性產品以來，漢堡王已在 70 個國家/地區推出植物性漢堡，並增加了更多美味佳餚供客人選擇，包括 Cajun Veggie King、雞塊和長雞。我們團隊的辛勤工作幫助漢堡王成為植物性市場的領導者，我們很高興看到我們的歐洲市場繼續保持這種勢頭並在全球範圍內擴張。

Turning now to Popeyes, whose remarkable journey since our 2017 acquisition has helped fuel interest from new and existing franchisees to continue expanding the reach of the brand's authentic Louisiana flavors in both the U.S. and abroad. Since 2017, we've added over 650 net new units to our existing home market footprint while leveraging our development expertise and master franchise model to bring nearly 400 new restaurants to international markets.

現在轉向大力水手，自我們 2017 年收購以來，其非凡的旅程幫助激發了新的和現有的特許經營商的興趣，以繼續擴大該品牌在美國和國外的正宗路易斯安那風味的影響力。自 2017 年以來，我們在現有的國內市場足跡中增加了 650 多個新單位，同時利用我們的開發專業知識和主特許經營模式將近 400 家新餐廳帶入國際市場。

The development team continues to take a proactive approach to franchisee, format and site selection to capture the best opportunities and make Popeyes more convenient for guests. To this end, in North America, most openings in 2022 have been freestanding single or double drive-thru locations that not only offer more convenience for guests, but also typically deliver results ahead of the system average. A number of these openings have been in Canada where we're adding convenience for Canadians by bringing Popeyes to new parts of the country with more accessible, freestanding drive-through locations.

開發團隊繼續對加盟商、形式和選址採取積極主動的態度，以抓住最佳機會，讓大力水手更方便客人。為此，在北美，2022 年的大多數開業都是獨立的單人或雙人得來速位置，這不僅為客人提供更多便利，而且通常提供優於系統平均水平的結果。其中一些開業地點在加拿大，我們通過將 Popeyes 帶到該國新的地區，提供更方便、獨立的免下車地點，從而為加拿大人增加便利。

Since mid-2021, we've seen more than 50% of the new restaurants in Canada opened with a drive-through. And this quarter, we crossed the 300-store mark -- in the market. After another quarter of strong unit growth, Popeyes remains on track for record restaurant openings in 2022, building on recent development momentum in North America, while adding to its international presence in markets like Turkey, Spain, India, the U.K. and Brazil.

自 2021 年年中以來，我們看到加拿大超過 50% 的新餐廳採用免下車模式開業。本季度，我們在市場上突破了 300 家商店的大關。在又一個季度的強勁單位增長之後，Popeyes 繼續在 2022 年創紀錄的餐廳開業，在北美近期發展勢頭的基礎上，同時增加了其在土耳其、西班牙、印度、英國和巴西等市場的國際影響力。

Meanwhile, the team is also preparing to bring Popeyes to major chicken QSR markets like Indonesia, South Korea and France in the months ahead. Our development momentum resulted in net restaurant growth of 9% and coupled with comparable sales of 3%, including 1% comparable sales in the U.S., led to system-wide sales growth of 12% for the third quarter.

與此同時，該團隊還準備在未來幾個月將大力水手帶到印度尼西亞、韓國和法國等主要雞肉 QSR 市場。我們的發展勢頭導致餐廳淨增長 9%，加上 3% 的可比銷售額，包括美國 1% 的可比銷售額，導致第三季度全系統銷售額增長 12%。

You've heard me stress before that making Popeyes more convenient to guests goes beyond development opportunities. We also need to ensure we're providing guests with a consistent experience across a diversified set of ordering modes and platforms. We've already seen the positive impact of enhancing a brand's digital presence on brand affinity and sales at Tim Hortons and have been making progress against these efforts at Popeyes.

你之前聽過我強調，讓大力水手更方便客人，不僅僅是發展機會。我們還需要確保我們在多樣化的訂購模式和平台上為客人提供一致的體驗。我們已經在 Tim Hortons 看到了增強品牌的數字化存在對品牌親和力和銷售的積極影響，並且在 Popeyes 的這些努力方面取得了進展。

This quarter, our efforts helped drive a 33% year-over-year increase in home market digital sales representing 18% of system-wide sales. As we look forward, we'll continue to drive long-term growth at Popeyes through restaurant development, a well-rounded digital guest experience and consistent guest service improvements, which Josh will discuss in a moment.

本季度，我們的努力推動國內市場數字銷售額同比增長 33%，佔全系統銷售額的 18%。正如我們所期待的那樣，我們將繼續通過餐廳開發、全面的數字客戶體驗和持續的客戶服務改進來推動 Popeyes 的長期增長，喬希稍後將對此進行討論。

while remaining true to the brand's Louisiana heritage and delivering delicious, high-quality menu offerings to guests all around the world.

同時忠實於該品牌的路易斯安那州傳統，為世界各地的客人提供美味、高品質的菜單。

And finally, Firehouse Subs, a differentiated brand strategically positioned to accelerate growth. Firehouse Subs maintained home market average unit volumes north of $920,000 on a trailing 12-month basis, demonstrating the strength of the system and potential for future growth opportunities. During the third quarter, Firehouse Subs saw a net unit growth of 2.5% and a relatively flat comparable sales while lapping incredibly strong prior year comparable sales performance of 15%, leading to a 3.8% year-over-year increase in system-wide sales.

最後，Firehouse Subs，一個差異化品牌，戰略定位為加速增長。 Firehouse Subs 在過去 12 個月的基礎上保持了 920,000 美元以上的國內市場平均單位銷量，證明了該系統的實力和未來增長機會的潛力。在第三季度，Firehouse Subs 的淨單位增長率為 2.5%，可比銷售額相對持平，而去年同期可比銷售額增長了 15%，令人難以置信，導致全系統銷售額同比增長 3.8% .

The brand continued to generate roughly 1/3 of its sales through digital channels this quarter, aided by successful initiatives such as Rewards Week, which included 7 days of exclusive offers and points for our Firehouse Rewards members. This was just one of the creative initiatives during the quarter to increase digital engagement while delivering the high quality and flavorful products our guests know and love. I'd also like to highlight that the Firehouse Subs Public Safety Foundation remained busy this quarter and surpassed $71 million of grants awarded since inception.

本季度，該品牌繼續通過數字渠道產生大約 1/3 的銷售額，這得益於獎勵周等成功舉措，其中包括為 Firehouse Rewards 會員提供 7 天的獨家優惠和積分。這只是本季度的一項創造性舉措，旨在增加數字參與度，同時提供我們客人熟悉和喜愛的高品質和美味產品。我還想強調一下，Firehouse Subs 公共安全基金會本季度仍然很忙，自成立以來已獲得超過 7100 萬美元的贈款。

Now I'll turn it over to Josh to walk you through some of the important work we've been doing to enhance operations across our brands. Josh?

現在，我將把它交給 Josh，帶您了解我們為加強品牌運營所做的一些重要工作。喬什？

Thank you, Jose. Today, I'd like to share some of the investments we've been making in operations and technology and how they are positively impacting our restaurants, particularly here in the United States. Restaurants that provide a better guest experience will almost always outperform in sales and profitability over time. And we see this pattern consistently, both in our field visits and system-wide data. Jose and Matt have mentioned this in the past, but we've made a big investment to increase our field presence at Popeyes and Burger King in the U.S., and it is clearly having an impact.

謝謝你，何塞。今天，我想分享我們在運營和技術方面的一些投資，以及它們如何對我們的餐廳產生積極影響，尤其是在美國。隨著時間的推移，提供更好客戶體驗的餐廳幾乎總是會在銷售和盈利方面表現出色。我們在實地考察和系統範圍的數據中始終看到這種模式。 Jose 和 Matt 過去曾提到過這一點，但我們已經進行了大量投資以增加我們在美國大力水手和漢堡王的現場影響力，這顯然正在產生影響。

With more franchise business partners and operations partners on our teams, we can more effectively support our franchisees by helping them identify restaurants that need focus and spending time in market with the restaurant general managers, above restaurant leaders and team members to make a difference. I've seen this in a number of places recently from Indianapolis to Lafayette in Boston. With our recent investments, we have highly energized and experienced field teams who are fully dedicated to improving operations at the bottom-performing restaurants they support.

隨著我們團隊中有更多的特許經營業務合作夥伴和運營合作夥伴，我們可以更有效地支持我們的特許經營商，幫助他們確定需要重點關注的餐廳，並與餐廳總經理、餐廳領導和團隊成員一起在市場上花費時間以發揮作用。我最近在從印第安納波利斯到波士頓的拉斐特的許多地方都看到了這一點。通過我們最近的投資，我們擁有充滿活力和經驗豐富的現場團隊，他們全心全意致力於改善他們所支持的表現不佳的餐廳的運營。

They are equipped with a clear scoring system aligned with our franchisees that we refer to as our franchise success system. These metrics enable us to identify which restaurants need help, and we have provided consistent data to everyone involved in order to identify areas of focus to improve.

他們配備了與我們的特許經營商一致的明確評分系統，我們稱之為特許經營成功系統。這些指標使我們能夠確定哪些餐廳需要幫助，並且我們向所有相關人員提供了一致的數據，以確定需要改進的重點領域。

Now restaurant general managers have near real-time insights into guest feedback and can see where issues are arising. For example, they might see that the majority of guest complaints at the restaurant arise on Saturday during late night and are related to speed of service, order accuracy or product availability, and they're now able to address this in a more targeted way. I visited a fantastic Popeyes last month and Leominster, Massachusetts, which was one of the focused restaurants for Popeyes to improve. And it was remarkable how quickly the manager, Eddy, have been able to turn things around. With the support of our field teams, he has drastically improved guest satisfaction and seen an improvement in comparable sales. There's no magic here, just bringing focus, tools, support and positive energy to running the restaurant as well as possible every day.

現在，餐廳總經理可以近乎實時地了解客人的反饋，並且可以看到問題出現在哪裡。例如，他們可能會發現餐廳的大多數客人投訴都是在周六深夜發生的，並且與服務速度、訂單準確性或產品可用性有關，他們現在能夠以更有針對性的方式解決這個問題。上個月我參觀了一家很棒的 Popeyes 和馬薩諸塞州的 Leominster，這是 Popeyes 需要改進的重點餐廳之一。令人驚訝的是，經理 Eddy 能夠以如此之快的速度扭轉局面。在我們現場團隊的支持下，他極大地提高了客人的滿意度，並看到了可比銷售額的改善。這裡沒有魔法，只要每天盡可能地為餐廳運營帶來專注、工具、支持和正能量。

The outcome of these investments in our field teams has been sustained improvements in our guest satisfaction scores at Burger King and Popeyes. We started first with Bergen and have seen consistent improvement in operational metrics alongside the narrowing of our sales gap to competitors that Tom and Jose have discussed at length.

這些對我們現場團隊的投資的結果是我們在漢堡王和大力水手的客戶滿意度得分持續提高。我們首先從卑爾根開始，並看到運營指標持續改善，同時我們與競爭對手的銷售差距縮小，Tom 和 Jose 詳細討論了這一點。

At Popeyes, we know that top operators can drive average restaurant sales 20% above bottom operators, with an even wider gap from a profitability perspective. While we are earlier on our journey at Popeyes to bring more and more franchisees into this top operator bucket, we are already seeing improvement in ops metrics of roughly 20% since the beginning of this year, and I expect sales momentum will follow.

在 Popeyes，我們知道頂級運營商可以將餐廳平均銷售額比低端運營商提高 20%，從盈利能力的角度來看差距更大。雖然我們在 Popeyes 的早期旅程中將越來越多的加盟商帶入這個頂級運營商桶，但自今年年初以來，我們已經看到運營指標提高了大約 20%，我預計銷售勢頭將隨之而來。

The other topics I'd like to cover today is improving restaurant technology at Burger King. We spend a lot of time in our Miami company restaurants and decided earlier this year to do a comprehensive overhaul of all of the physical hardware in the restaurants in parallel with the rollout of our new proprietary POS system, RPAS. Those restaurants in many cases, had very old POS hardware that was prone to freezing or crashing, data cabling that can lead to downtime for things like PIN pad to process payments and many other frustrations for our team members and restaurant general managers.

我今天想討論的其他主題是改進漢堡王的餐廳技術。我們在邁阿密公司的餐廳花費了大量時間，並於今年早些時候決定對餐廳的所有物理硬件進行全面檢修，同時推出我們新的專有 POS 系統 RPAS。在許多情況下，這些餐廳的 POS 硬件非常陳舊，容易凍結或崩潰，數據佈線可能會導致 PIN 鍵盤等處理付款的停機時間以及我們的團隊成員和餐廳總經理的許多其他挫敗感。

Today, all of our Burger King company restaurants in Miami have updated POS terminals running RPAS, new kitchen display monitors, bump bars, indoor and outdoor menu board screens, upgraded Internet and cabling throughout the restaurant and more.

今天，我們在邁阿密的所有漢堡王公司餐廳都更新了運行 RPAS 的 POS 終端、新的廚房顯示器、凹凸條、室內和室外菜單板屏幕、升級的互聯網和整個餐廳的佈線等等。

The restaurant teams are thrilled and can shift their time from solving technology problems to improving the guest experience, which is showing up an improved technology uptime to nearly 100%, and roughly 30% higher guest satisfaction since 2021, driving same-store sales momentum.

餐廳團隊很興奮，可以將時間從解決技術問題轉移到改善客戶體驗上，這表明技術正常運行時間提高到接近 100%，自 2021 年以來客戶滿意度提高了約 30%，推動了同店銷售勢頭。

This positive experience in our company restaurants is the basis for some of the near-term initiatives in Burger King's Royal Reset Plan, where we are partnering with our franchisees to bring the most important technology upgrades from 50 restaurants in Miami, to thousands across the country as soon as possible. I'm really excited about this, and our technology teams are thrilled to bring new equipment and better support to our restaurants.

我們公司餐廳的這種積極經驗是漢堡王皇家重置計劃中一些近期舉措的基礎，我們正在與我們的特許經營商合作，將最重要的技術升級從邁阿密的 50 家餐廳帶到全國數千家儘早。我對此感到非常興奮，我們的技術團隊很高興能為我們的餐廳帶來新設備和更好的支持。

I'll wrap up here for today. And while this is not an exhaustive list, I hope these examples can give some more granular insight into where investments are going and how they can impact the business at a single restaurant and at scale.

我今天就到此結束。雖然這不是一份詳盡的清單，但我希望這些示例可以更詳細地了解投資的去向以及它們如何影響單個餐廳和大規模的業務。

Now, I'll turn it over to Matt, who will discuss our financial results for the quarter.

現在，我將把它交給馬特，他將討論我們本季度的財務業績。

Thanks, Josh, and good morning, everyone. For the third quarter, excluding Firehouse, our global system-wide sales grew 14% to over $10 billion and our adjusted EBITDA increased approximately 10% organically, excluding an estimated negative 2% impact from Russia. Adjusting for differences in year-over-year ad-fund timing, our organic growth rate would have been plus 11%. The largest driver of our gap between system-wide sales growth and organic adjusted EBITDA growth for the quarter was our continued investment in key areas of our business that are important to support the execution of our initiatives, deliver a better guest experience and drive sustainable profitable growth.

謝謝，喬希，大家早上好。第三季度，不包括 Firehouse，我們的全球系統銷售額增長 14%，超過 100 億美元，調整後的 EBITDA 有機增長約 10%，不包括俄羅斯估計的 2% 的負面影響。調整同比廣告基金時間的差異，我們的有機增長率將達到 11%。本季度我們全系統銷售增長與有機調整後 EBITDA 增長之間差距的最大驅動因素是我們對業務關鍵領域的持續投資，這些領域對於支持我們的計劃執行、提供更好的客戶體驗和推動可持續盈利至關重要生長。

This includes operations, as Josh outlined, as well as franchising and digital and these investments led to a year-over-year and sequential increase in segment G&A to $92 million, excluding Firehouse for the third quarter, which reduced our adjusted EBITDA growth rate by 2.4%.

這包括 Josh 概述的運營，以及特許經營和數字化，這些投資導致 G&A 細分市場同比和連續增長至 9200 萬美元，不包括第三季度的 Firehouse，這使我們調整後的 EBITDA 增長率降低了2.4%。

As I mentioned on our last call, as we continue to prioritize investments in our people and teams, we expect to see another modest sequential ramp in core segment G&A in the fourth quarter.

正如我在上次電話會議中提到的那樣，隨著我們繼續優先考慮對我們的人員和團隊的投資，我們預計第四季度核心部門 G&A 將出現另一個溫和的連續增長。

Shifting to EPS. Our third quarter adjusted earnings per share was $0.96, which included a $0.10 benefit related to discrete noncash tax benefits such as reserve releases for certain historical years.

轉向EPS。我們第三季度調整後的每股收益為 0.96 美元，其中包括與離散非現金稅收優惠相關的 0.10 美元收益，例如某些歷史年份的儲備金釋放。

Excluding this benefit, our adjusted earnings per share was $0.86 compared to $0.76 last year, representing an increase of approximately 19% organically, excluding an FX headwind of negative 5% or $0.03 per share.

不計此收益，我們調整後的每股收益為 0.86 美元，而去年為 0.76 美元，有機增長約 19%，不包括負 5% 或每股 0.03 美元的外匯逆風。

During the quarter, our equity-based compensation increased year-over-year to $34 million. As I mentioned last quarter, in 2021, we changed our incentive compensation framework to shift from 5-year to market standard 3- and 4-year vesting. This change has contributed to the year-over-year increases in our equity-based compensation over the past few quarters, and we would directionally expect a similar year-over-year trend in the fourth quarter.

在本季度，我們基於股權的薪酬同比增長至 3400 萬美元。正如我在上個季度提到的，在 2021 年，我們改變了我們的激勵薪酬框架，從 5 年轉向市場標準的 3 年和 4 年歸屬。這一變化促成了過去幾個季度我們基於股權的薪酬同比增長，我們預計第四季度將出現類似的同比趨勢。

It's also worth noting that since the start of the third quarter, we've seen U.S. benchmark interest rates rise considerably, which flows through to the cost of our floating rate debt. When comparing current market forward rates for Q4 and versus our actual rates in Q3, this would represent an increase of roughly 165 basis points. That said, over the past few years, we've been proactively refinancing, hedging and extending our capital structure to create flexibility and lock in fixed rates on approximately 80% of our debt for the next 6 years. As a result, the expected blended cost of interest on our total debt outstanding for Q4 has only risen by about 33 basis points versus Q3.

還值得注意的是，自第三季度開始以來，我們已經看到美國基準利率大幅上升，這會影響我們浮動利率債務的成本。在比較第四季度當前的市場遠期利率和我們在第三季度的實際利率時，這將意味著大約增加了 165 個基點。也就是說，在過去幾年中，我們一直在積極進行再融資、對沖和擴展我們的資本結構，以創造靈活性並在未來 6 年內鎖定大約 80% 的債務的固定利率。因此，我們第四季度未償債務總額的預期混合利息成本與第三季度相比僅上升了約 33 個基點。

Turning to our cash flow and capital allocation priorities. During the quarter, we generated $374 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 $243 million of capital to shareholders through our industry-leading dividend which we declared again for Q4 at $0.54 per common share in unit, consistent with our previously announced target of $2.16 for the full year 2022. We also ended the quarter with a liquidity position of over $1.9 billion, including nearly $950 million of cash and saw our net leverage sequentially declined to 5.2x.

轉向我們的現金流和資本配置優先事項。在本季度，我們產生了 3.74 億美元的自由現金流，使我們能夠執行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，並通過我們宣布的行業領先的股息向股東返還 2.43 億美元的資本第四季度再次以每股普通股 0.54 美元的價格出售，與我們之前宣布的 2022 年全年 2.16 美元的目標一致。我們還在本季度末擁有超過 19 億美元的流動性頭寸，其中包括近 9.5 億美元的現金，並看到了我們的淨槓桿依次下降至 5.2 倍。

Going forward, our capital allocation priorities will be focused on the successful execution of our strategic brand investments, including our $400 million Reclaim the Flame program. And as Jose mentioned, our commitment to maintaining our existing dividend and looking to grow it on a dollar-per-share basis over time as we grow our business. Given our focus on these priorities and a backdrop of rising interest rates, we also recognize the importance of being prudent and balancing returns of capital with delevering to enhance our financial flexibility.

展望未來，我們的資本配置重點將集中在成功執行我們的戰略品牌投資，包括我們 4 億美元的 Reclaim the Flame 計劃。正如何塞所提到的，我們致力於維持現有的股息，並隨著我們業務的發展，希望隨著時間的推移以每股美元的價格增長。鑑於我們對這些優先事項的關注以及利率上升的背景，我們也認識到審慎和平衡資本回報與去槓桿化以增強我們的財務靈活性的重要性。

While we'll continue to evaluate share repurchase opportunities going forward, in the near term, we intend to prioritize delevering toward a target net leverage ratio in the mid-4x area over the next 2 to 3 years, a level that provides for flexibility should compelling strategic opportunities arise while also reducing our cost of capital over time. We are fortunate to operate a very resilient and geographically diverse business with multiple bright spots of strong growth as well as clear opportunities to drive significant improvements in Burger King U.S. over the next few years. The quality of our core business and the strong cash flow profile it generates provides us with plenty of flexibility to execute against our priorities and drive long-term sustainable growth.

雖然我們將繼續評估未來的股票回購機會，但在短期內，我們打算在未來 2 至 3 年內優先考慮將去槓桿化，以實現 4 倍中期區域的目標淨槓桿率，該水平提供了靈活性應該引人注目的戰略機會出現，同時隨著時間的推移也降低了我們的資本成本。我們很幸運能夠經營一個非常有彈性和地域多元化的業務，擁有多個強勁增長的亮點，以及在未來幾年推動美國漢堡王顯著改善的明顯機會。我們核心業務的質量及其產生的強勁現金流狀況為我們提供了足夠的靈活性來執行我們的優先事項並推動長期可持續增長。

As we look to close out the year, we remain confident in our ability to execute on our key initiatives, which are building sales momentum in our home markets and around the world, accelerating our global unit growth, leveraging recent investments in our field teams, technology and equipment to improve operations, utilizing technology to enhance the guest experience and making strides against our restaurant brands for good plan.

在我們展望今年結束之際，我們仍然對我們執行關鍵計劃的能力充滿信心，這些計劃正在我們的國內市場和世界各地建立銷售勢頭，加速我們的全球單位增長，利用最近對我們現場團隊的投資，改善運營的技術和設備，利用技術提升客戶體驗，並與我們的餐廳品牌大步前進，以實現良好的計劃。

With that, I'd like to thank everyone again for your support and for joining us this morning. And 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 today comes from Dennis Geiger from UBS.

（操作員說明）我們今天的第一個問題來自瑞銀的 Dennis Geiger。

Wondering if you could speak a little bit more to the global business outlook. Given the current macro pressures as well as the strength of the brands around the world. And if you could touch on sort of BK International, kind of Jose, you mentioned at the beginning, kind of getting back to historical levels there. Just kind of anything more on that business and the unit growth would be helpful.

想知道您是否可以多談談全球業務前景。鑑於當前的宏觀壓力以及全球品牌的實力。如果你能談到某種 BK International，某種 Jose，你在開始時提到的，有點回到那裡的歷史水平。關於該業務和單位增長的任何更多內容都會有所幫助。

Dennis, thanks so much for the question. Yes, on our global outlook from a development standpoint, we have a diversified and well-capitalized group of partners domestically and especially internationally with a really strong growth mindset over the years internationally. I think I've mentioned this in the past. I've said on the Board of many of our master franchisees that are also joint ventures and now our talented international folks are doing this. And we have visibility into their teams, their sales, their growth, their profitability, their paybacks, their capital structures. And what kind of drives our confidence in the pipeline long term and our growth outlooks for the long term is that there is strong returns on invested capital in our businesses.

丹尼斯，非常感謝這個問題。是的，從發展的角度來看，從我們的全球視野來看，我們在國內，尤其是在國際上擁有多元化且資本充足的合作夥伴群體，多年來在國際上具有非常強大的增長思維。我想我過去曾提到過這一點。我已經在我們的許多主要特許經營商的董事會上說過，他們也是合資企業，現在我們才華橫溢的國際人士正在這樣做。我們可以了解他們的團隊、他們的銷售、他們的增長、他們的盈利能力、他們的回報、他們的資本結構。是什麼推動了我們對管道的長期信心和我們的長期增長前景，是我們業務的投資資本獲得了強勁的回報。

Our franchisees and our teams are excited. They're committed to growth because of the strong returns. They're moving forward, and they're excited about growth, and they've got good pipelines because of that, not because of some contract that they've signed. Obviously, the macro environment, commodities, construction costs, high interest rates, these are part of the conversation and what I think is positive here is that the franchisees that we work with closely on development, they look at this not as victims, but moreover -- more like owners, right. They're trying to figure out how do we tackle it and how do we address these challenges and continue on our growth journey.

我們的加盟商和我們的團隊都很興奮。由於強勁的回報，他們致力於增長。他們正在向前發展，他們對增長感到興奮，因此他們擁有良好的管道，而不是因為他們已經簽署了一些合同。顯然，宏觀環境、商品、建築成本、高利率，這些都是談話的一部分，我認為這裡的積極因素是，我們與開發密切合作的特許經營商，他們不把這視為受害者，而且- 更像是所有者，對吧。他們正試圖弄清楚我們如何應對它以及我們如何應對這些挑戰並繼續我們的成長之旅。

And so when we look back and past these near-term pressures, we focus on the long term, and we're excited about the growth. We see strong paybacks in many of our international markets, BK and Tim's U.K. as an example are seeing about 3-year paybacks on new store development. Tims Mexico as another example, it's about 4 years, Burger King Korea, about 3 years, Burger King Germany, about 3 years as well.

因此，當我們回顧和過去這些近期壓力時，我們會關注長期，我們對增長感到興奮。我們在許多國際市場看到了強勁的回報，例如，BK 和 Tim's U.K. 的新店開發大約需要 3 年才能獲得回報。另一個例子是墨西哥蒂姆斯，大約4年，韓國漢堡王大約3年，德國漢堡王大約3年。

And we'll see some volatility from quarter-to-quarter. That happens. And I've said it before, that's part of the process of building new restaurants. We've got to find sites. There's getting property control, designing plans, permitting licensing, construction, most of this requiring local municipal approvals and all of it or most of it through third-party contractors.

我們會看到季度間出現一些波動。那個會發生。我之前說過，這是建造新餐廳的過程的一部分。我們必須找到網站。獲得財產控制，設計計劃，許可許可，建設，其中大部分需要當地市政批准，並且全部或大部分都通過第三方承包商完成。

We're confident in the pipelines that our franchisees are building, confident that we have a pipeline to deliver exciting unit growth this year ahead of where we were in 2021 and to continue to accelerate in '23 and beyond.

我們對我們的特許經營商正在建設的管道充滿信心，相信我們有一條管道可以在今年實現令人興奮的單位增長，超過我們在 2021 年的水平，並在 23 年及以後繼續加速。

One more comment, I think to the second part of your question, is that the mix of growth is shifting 2017 to 2021, BK drove about 70% or just over 70% of our net restaurant growth. Currently, in LTM, it's approximately 45%. So Popeyes and Tims have doubled their contribution to net restaurant growth on an LTM basis versus 5 years ago.

我認為對您問題的第二部分的另一條評論是，增長組合正在從 2017 年轉移到 2021 年，BK 推動了我們餐廳淨增長的約 70% 或略高於 70%。目前，在 LTM 中，這一比例約為 45%。因此，與 5 年前相比，Popeyes 和 Tims 在 LTM 基礎上對餐廳淨增長的貢獻翻了一番。

Popeyes, we've seen acceleration domestically. We've seen acceleration internationally. We're going to have the record year of openings in North America here in 2022 and Popeyes Rest of World NRG is up 3x versus where it was in 2017, and we're developing in Spain, Philippines, U.K., India, Mexico, we've signed new deals in South Korea, France, Indonesia, that will start contributing in the coming quarters. And Tims Hortons, we've seen success in Middle East, Mexico, India, U.K., China. And BK International is ramping up to pre-pandemic levels. The biggest gaps to those levels of growth are in China and Russia, and we all know why those have slowed or stopped and one final note is that we're just getting started with Firehouse, which we believe will be an exciting long-term contributor to net restaurant growth and overall system-wide sales growth here domestically as well as internationally. So we're confident about the long term, lots of work to do, working closely with our franchisees and look forward to keeping you updated on our progress. And Matt, you might want to add.

大力水手，我們在國內看到了加速。我們已經看到國際加速。 2022 年，我們將在北美迎來創紀錄的開業年份，Popeyes 世界其他地區的 NRG 比 2017 年增長了 3 倍，我們正在西班牙、菲律賓、英國、印度、墨西哥進行開發。 '已經在韓國、法國、印度尼西亞簽署了新的協議，這些協議將在未來幾個季度開始做出貢獻。還有 Tims Hortons，我們已經在中東、墨西哥、印度、英國、中國看到了成功。 BK International 正在提高到大流行前的水平。這些增長水平的最大差距在中國和俄羅斯，我們都知道為什麼它們會放緩或停止，最後一點是我們剛剛開始使用 Firehouse，我們相信這將是一個令人興奮的長期貢獻者在國內和國際上實現淨餐廳增長和整個系統範圍內的銷售增長。因此，我們對長期充滿信心，還有很多工作要做，與我們的特許經營商密切合作，並期待您隨時了解我們的進展。還有馬特，你可能想補充一下。

Yes, Dennis, just maybe to add a little bit more color. I think as Jose mentioned, we have really great growth that we're seeing very exciting in the international business and it has become more meaningful over time, which is why we called out the headwind that we saw in Q3 from FX with USD strengthening basically across the board. But just to quickly add a little bit more color on that. In Q3, we saw an impact of about $26 million in EBITDA. That's what I called out is the impact that flowed through to EPS in the prepared remarks. And just for some perspective on that, based on our business mix, a 1% change in Euro has about a $1 million EBITDA impact to us per quarter. And a 1% change in the Canadian dollar in terms of depreciation versus USD. That's about a $3 million quarterly EBITDA impact. So FX rates have been moving around and have been quite volatile. But based on where we are quarter-to-date, we directionally expect to see some sequential increase in those headwinds based on current FX rates.

是的，丹尼斯，也許只是為了增加一點顏色。我認為正如 Jose 所提到的，我們在國際業務中看到了非常令人興奮的增長，並且隨著時間的推移它變得更加有意義，這就是為什麼我們在第三季度從外匯中看到逆風，美元基本上走強全線。但只是為了快速添加一點顏色。在第三季度，我們看到 EBITDA 的影響約為 2600 萬美元。這就是我在準備好的評論中所說的對 EPS 的影響。僅從某種角度來看，根據我們的業務組合，歐元每變化 1% 會對我們產生約 100 萬美元的 EBITDA 影響。加元兌美元貶值幅度為 1%。這大約是 300 萬美元的季度 EBITDA 影響。因此，外匯匯率一直在波動並且波動很大。但根據我們本季度迄今的情況，我們有方向地預計，基於當前的外匯匯率，這些不利因素會連續增加。

Our next question today is from David Palmer from Evercore.

我們今天的下一個問題來自 Evercore 的 David Palmer。

You made a comment in the prepared remarks about macro pressures impacting franchisees, including the higher interest rates and commodities, wage inflation, are there regions or brands where pressure to cash flow is particularly acute? And where -- what steps can you take and are you taking in these instances? And what implications are there for Restaurant Brands' earnings and free cash flow and shareholders?

您在準備好的評論中就影響加盟商的宏觀壓力發表了評論，包括更高的利率和商品、工資通脹，是否存在現金流壓力特別嚴重的地區或品牌？在哪裡——你可以採取什麼步驟，在這些情況下你正在採取什麼措施？對 Restaurant Brands 的收益和自由現金流以及股東有何影響？

Dave, thanks for the question. Look, I think the -- it's clear that it's been challenge in the last several quarters and probably the last 18 months or so, the -- I think the silver lining or the positive news here is that we're seeing pockets of moderation in commodities and labor. All that said, tough year across the industry for sure. Our franchisees are feeling the pressure. Our guests are also feeling the pressure, in every conversation I've had with franchisees here in the U.S. and Canada and also in Europe and other international markets, quickly turns to the volatility and the tremendous pressure that they and we all are feeling in our restaurant level margins. And then what are the steps we're taking to address it. And it's a huge area of focus for our team.

戴夫，謝謝你的問題。看，我認為 - 很明顯，在過去幾個季度，可能是過去 18 個月左右，這一直是挑戰， - 我認為這裡的一線希望或積極消息是我們看到了一些溫和的商品和勞動力。綜上所述，整個行業肯定是艱難的一年。我們的加盟商感受到了壓力。我們的客人也感受到了壓力，在我與美國和加拿大以及歐洲和其他國際市場的特許經營商的每一次談話中，迅速轉向他們和我們所有人都感受到的波動和巨大壓力。餐廳級別的利潤。然後我們正在採取哪些步驟來解決它。這是我們團隊關注的一個巨大領域。

We're working together with our franchisees on this. And some of the measures to offset these cost increases include continuing to use our scale and buying power to smooth out the choppiness of commodity increases that we're seeing in domestic markets as well as internationally pricing, but doing it strategically, understanding, obviously, the elasticity of demand and making sure that pricing flows through at the highest possible levels, looking at menu architecture and managing mix to ease pressures on margins and we have examples of that, including what we did with Burger King earlier in the year on removing the Whopper from the 2 for $6 platform and having -- seeing increases in margins while still communicating that important value platform.

我們正在與我們的特許經營商合作解決這個問題。抵消這些成本增長的一些措施包括繼續利用我們的規模和購買力來消除我們在國內市場以及國際定價中看到的商品增長的波動，但要從戰略上理解，顯然，需求的彈性並確保定價以盡可能高的水平通過，查看菜單架構和管理組合以緩解利潤率壓力，我們有這方面的例子，包括我們在今年早些時候與漢堡王所做的關於取消Whopper 從 2 美元 6 美元的平台開始，並擁有 - 看到利潤增加，同時仍然傳達這個重要的價值平台。

We're managing efficiencies through simplification that help our owners operate more effectively and efficiently. And in some cases, we're looking at ways to help restaurant owners with working capital during seasonally low cash flow periods. These are things that we're working on to help the team and the franchisees in the near term.

我們通過簡化來管理效率，幫助我們的所有者更有效地運營。在某些情況下，我們正在尋找在季節性低現金流期間幫助餐廳老闆獲得營運資金的方法。這些是我們正在努力在短期內幫助團隊和特許經營商的事情。

And despite these challenges, we believe based on our outlook, that profitability and cash flows are moving in the right direction. Tim Hortons' owners are certainly facing in Canada near-term pressures, but improving and the outlook for the first quarter of '23 and beyond is positive and significantly improving versus where we were in '22. Tim remains one of the most profitable QSR concepts even despite these near-term pressures, and I keep telling the Tim's owners to keep working together with our team and keep working hard in the restaurants. They're doing an awesome job, and the plan is working and cash flows will continue to improve.

儘管存在這些挑戰，但根據我們的展望，我們相信盈利能力和現金流正朝著正確的方向發展。 Tim Hortons 的老闆在加拿大肯定面臨近期壓力，但 23 年第一季度及以後的改善和前景是積極的，並且與 22 年的情況相比有了顯著改善。儘管有這些近期壓力，Tim 仍然是最賺錢的 QSR 概念之一，我一直告訴 Tim 的老闆要繼續與我們的團隊合作，繼續在餐廳裡努力工作。他們做得很棒，計劃正在奏效，現金流將繼續改善。

Burger King is making progress, stabilizing profitability and cash flows as well and Reclaim the Flame plan is starting to address the key driver to a healthy and profitable business, which is top line sales growth, and we're proud of the work that BK U.S. system is doing along with our team. And master franchisees internationally are generally healthy and well capitalized and are availing themselves of many of the tools I mentioned previously.

漢堡王正在取得進展，穩定盈利能力和現金流，回收火焰計劃開始解決健康和盈利業務的關鍵驅動因素，即頂線銷售增長，我們為 BK 美國的工作感到自豪。系統正在與我們的團隊一起做。國際上的主要特許經營商通常健康且資本充足，並且正在利用我之前提到的許多工具。

Yes. So our key area of focus will continue to be to drive top line profitable sales by giving the guests what they want and then providing these tools that I've shared and keep working closely with our franchisees to make sure we address and deal with the near-term pressures. Thanks a lot for the question.

是的。因此，我們的重點關注領域將繼續是通過為客人提供他們想要的東西，然後提供我分享的這些工具，並繼續與我們的特許經營商密切合作，以確保我們解決和處理近期長期壓力。非常感謝這個問題。

We now have a question from Brian Mullan from Deutsche Bank.

我們現在有一個來自德意志銀行的 Brian Mullan 的問題。

Just a question on Bergen U.S. Specific to the Royal reset remodel program, can you just speak to the speed or the cadence with which you can maybe start to deploy that capital, Jose, from the prepared remarks, it sounds like you were oversubscribed from a franchisee application perspective. I guess could you speak to how quickly you're able to approve them? Or speak to a road map of when there might be critical mass of projects underway and when you could realistically expect to see some sort of sales lift from all this.

只是關於美國卑爾根皇家重置改造計劃的一個問題，你能否談談你可以開始部署該資本的速度或節奏，何塞，從準備好的評論中，聽起來你被超額認購了加盟商申請視角。我想你能談談你能多快批准他們嗎？或者說一下路線圖，說明何時可能有大量項目正在進行中，以及何時您可以實際期望看到這一切帶來某種形式的銷售提升。

Brian, thanks for the question. Yes, we have -- recall that we have 2 components to the Royal Reset. One is kind of the near-term refresh, which is $50 million -- we allocated and it's a match of up to $50 million. And then we've got the kind of more midterm full remodel program where we're contributing capital as we've laid out in detail in our previous communications. What was exciting and what I shared in my prepared remarks is that we've got a lot of enthusiasm and excitement in the system behind both of those programs, and we've got -- the near term, we had a 2-week window of applications for the Royal Reset, the $50 million program.

布賴恩，謝謝你的問題。是的，我們有——回想一下，我們有兩個皇家重置組件。一種是近期的更新，它是 5000 萬美元——我們分配了高達 5000 萬美元的比賽。然後我們有一種更中期的全面改造計劃，我們正在貢獻資金，正如我們在之前的通訊中詳細列出的那樣。令人興奮的是，我在準備好的演講中分享的是，我們對這兩個項目背後的系統充滿了熱情和興奮，而且我們有 - 在短期內，我們有一個 2 週的窗口5000 萬美元的皇家重置計劃的申請。

And that was oversubscribed very quickly, and now the teams are working through the specific plans for each of the restaurants, each of the franchisees, and where we'll match and our plan there is to deploy as quickly as possible. And we should expect to see that -- those investments in restaurants, they're going to be equipment investments. They're going to be exterior drive-through and kind of physical plant investments as well as technology investments, all of which we expect to see -- to start making impacts in the business in the near term.

這很快就被超額認購了，現在團隊正在為每家餐廳、每家加盟商制定具體計劃，以及我們將在哪裡匹配，我們的計劃是盡快部署。我們應該期待看到——那些對餐館的投資，它們將是設備投資。它們將是外部直通式和實物工廠投資以及技術投資，我們希望看到所有這些 - 將在短期內開始對業務產生影響。

And then over time, we'll continue to work through the pipeline of remodels, full remodels, scrapes and rebuilds, et cetera, as we've laid out in our detailed plans. That will take a bit more time as those require permitting and in many cases, will require approvals, obviously, locally in municipalities, and that takes a bit more time. So -- that's just to highlight the details of the plan and the excitement we have behind it.

然後隨著時間的推移，我們將繼續完成改造、全面改造、刮擦和重建等工作，正如我們在詳細計劃中所製定的那樣。這將需要更多時間，因為那些需要許可，並且在許多情況下，顯然需要在市政當局當地獲得批准，這需要更多時間。所以——這只是為了強調計劃的細節和我們背後的興奮。

The other point I'd make is that on the Fuel the Flame plan on the marketing front, we made we announced about 95% of franchisees on board with the program, signing up for the co-investment, assuming the hurdles that we've laid out have been met. And we continue -- we just started that program now in October and we look forward to continuing to update all of you on the progress we're making there. Thanks a lot for the question.

我要說的另一點是，在營銷方面的 Fuel the Flame 計劃中，我們宣布了大約 95% 的加盟商參與該計劃，並簽署了共同投資，假設我們遇到了障礙已滿足。我們繼續 - 我們剛剛在 10 月啟動了該計劃，我們期待繼續向大家通報我們在這方面取得的進展。非常感謝這個問題。

Our next question comes from John Glass from Morgan Stanley.

我們的下一個問題來自摩根士丹利的約翰·格拉斯。

If I could also just follow up on the Burger King U.S. system. At times when you have modernization efforts like you're going through, you start to see some closures, some franchisees maybe don't want to do that, for example. Do you see that as a potential -- I recognized you closed stores a few years ago. So one on that. And can you also just remind us on the franchisee base in the U.S., how many franchisees there are with the average store per franchisee, therefore, there is? And you talked about maybe changing or switching over the franchisee ownership for those owners who maybe don't want to invest to those who do. What percent of the system do you think will change over -- change hands over the next few years based on this? Or do you have a goal for that?

如果我也可以跟進漢堡王美國系統。例如，當您進行現代化努力時，您會開始看到一些倒閉，例如，一些特許經營商可能不想這樣做。你認為這是一種潛力嗎——我認識到你幾年前關門了。所以一個。您能否也提醒我們美國的加盟商群，每個加盟商的平均店舖有多少加盟商，因此，有嗎？你談到可能會改變或轉換那些可能不想投資給那些想要投資的所有者的特許經營商所有權。您認為系統的百分之幾會改變——基於此在未來幾年內易手？或者你有這個目標嗎？

John, thanks for the question. Look, I think on the franchise question in the U.S. for BK, broadly speaking, I think what's exciting, as I mentioned earlier in response to Brian's question, is that there's a lot of -- there's appetite to invest and there's excitement behind the plan. We've got a lot of support behind the Fuel the Flame component of the plan. We've got support beyond the Royal reset with oversubscription and we have traction behind the remodel program.

約翰，謝謝你的問題。看，我認為關於 BK 在美國的特許經營權問題，從廣義上講，我認為令人興奮的是，正如我之前在回答布賴恩的問題時提到的那樣，有很多 - 有投資的慾望，並且計劃背後有興奮.我們在該計劃的 Fuel the Flame 組件背後得到了很多支持。除了皇家重置之外，我們還通過超額認購獲得了支持，並且我們在改造計劃背後有牽引力。

Financial health is factored into the -- was factored into how we developed the program and which is why we put -- we leaned into these greater incentives for remodels and providing upfront cash in addition to this dollar-for-dollar match on the Royal near-term reset program. We have a deep bench of franchisees in the U.S. that are well capitalized. They run really good restaurants. It happens. It's not unique to this moment. But it happens from time to time the franchisees have financial and/or operational difficulties. And we work with them closely alongside, in some cases, they're lenders to identify the best solutions.

財務健康被考慮到 - 被考慮到我們如何開發該計劃，這就是我們投入的原因 - 除了在皇家附近的美元兌美元比賽之外，我們傾向於這些更大的改造激勵措施和提供前期現金長期重置計劃。我們在美國擁有大量資本充足的特許經營商。他們經營著非常好的餐館。它發生了。這不是此刻所獨有的。但是，特許經營商有時會遇到財務和/或運營困難。我們與他們密切合作，在某些情況下，他們是確定最佳解決方案的貸方。

And for some franchisees, selling is the best option. And we have a team dedicated to that process. We have a pipeline of new operators and franchisees that are quite interested and excited about the long-term prospects of the Burger King brand in the U.S. and are prepared to step in and acquire restaurants where appropriate. Closures and turnover are part of the portfolio optimization process. And we -- as we've said before, we don't expect any kind of outsized closure program.

對於一些加盟商來說，銷售是最好的選擇。我們有一個團隊致力於這個過程。我們擁有一批對漢堡王品牌在美國的長期前景非常感興趣和興奮的新運營商和特許經營商，並準備在適當的時候介入並收購餐廳。關閉和營業額是投資組合優化過程的一部分。而且我們 - 正如我們之前所說，我們不希望有任何類型的超大型關閉計劃。

We had -- we saw some additional closures outside the norm in 2020. We'll continue to work with our franchisees on making sure that we've got really good plans focused on guest improvements and guest experiences and driving top line sales and improving their profitability. And one other thing that I think is important is we've highlighted, as Tom has mentioned in the past the importance of operations, improving ops as a key part of our plan, and we've added a lot of transparency and data to our operations process and improvement process. We've got a franchise success system and we've added field teams to improve and help with monitoring and developing plans with franchisees. We're now in the midst of ramping up and getting ready for a general manager -- restaurant general manager rallies and team member training as we head into 2023.

我們已經 - 我們在 2020 年看到了一些超出常規的額外關閉。我們將繼續與我們的特許經營商合作，確保我們有非常好的計劃，專注於客戶改進和客戶體驗，並推動頂線銷售和改善他們的盈利能力。我認為重要的另一件事是我們已經強調了，正如湯姆過去提到的那樣，運營的重要性，改進運營是我們計劃的關鍵部分，我們為我們的計劃增加了很多透明度和數據操作流程和改進流程。我們有一個特許經營成功系統，我們已經增加了現場團隊來改進和幫助與特許經營商一起監控和製定計劃。我們現在正在為總經理做準備——餐廳總經理集會和團隊成員培訓，因為我們進入 2023 年。

So all in, we're excited about the long-term plans, and we'll continue to work with our franchisees. I think the base of franchisees is around 500 in the U.S. And we've got -- it's hard to give you -- there's an average per franchisee in terms of restaurant count, but we've got some large franchisees, and we have a large number of smaller operators as well. And our view is to work with each one of them and address each of their opportunities using challenges to make sure that they can deliver on the plans that we've worked together on and that they drive profitable growth in their business as well. Thanks so much for the question.

因此，我們對長期計劃感到興奮，我們將繼續與我們的加盟商合作。我認為美國的特許經營商基數約為 500。而且我們有 - 很難給你 - 就餐廳數量而言，每個特許經營商的平均數量，但我們有一些大型特許經營商，我們有一個大量較小的運營商也是如此。我們的觀點是與他們每個人合作，利用挑戰應對他們的每一個機會，以確保他們能夠實現我們共同製定的計劃，並推動他們業務的盈利增長。非常感謝這個問題。

Our next question comes from Chris Carril from RBC.

我們的下一個問題來自 RBC 的 Chris Carril。

So just following up on Josh's prepared remarks, how far along do you think you are in your efforts to improve ops across the BK and Popeyes U.S. systems? And are you expecting any further investment behind field teams and overhead support to continue to drive those efforts? I know, Matt, you had mentioned a modest sequential ramp in core segment G&A in the 4Q. So just wanted to confirm if that's related to these investments that Josh had discussed.

所以只是跟進 Josh 準備好的評論，你認為你在努力改進 BK 和 Popeyes 美國系統的運營方面走了多遠？您是否期望在現場團隊和間接支持方面有任何進一步的投資來繼續推動這些努力？我知道，馬特，你提到了第四季度核心部門 G&A 的適度連續增長。所以只是想確認這是否與 Josh 討論過的這些投資有關。

Chris, it's Josh. Thanks so much for the question. As mentioned, we have made big investments in the field teams and in the processes and kind of measurement systems that backs up all of the work that they do every day. And I think we're really pleased with the initial progress there. I think I would characterize it as a very long journey. When you're trying to make big operational changes in these very large systems, it's something that you have to do very consistently over a long number of years and that's the time horizon that we have for it. But I would say that we and all of our teams are really pleased with the initial performance. We've already seen results across both Burger King and Popeyes. And I think we have a lot of buy-in, both across our teams and the franchisees teams about the way that we're measuring and the way that we're managing and supporting the systems.

克里斯，我是喬希。非常感謝這個問題。如前所述，我們對現場團隊以及支持他們每天所做的所有工作的流程和測量系統進行了大量投資。我認為我們對那裡的初步進展感到非常滿意。我想我會把它描述為一個非常漫長的旅程。當您嘗試在這些非常大的系統中進行重大的操作更改時，您必須在很長一段時間內始終如一地做這件事，這就是我們所擁有的時間範圍。但我想說，我們和我們所有的團隊都對最初的表現感到非常滿意。我們已經在漢堡王和大力水手看到了結果。而且我認為我們的團隊和加盟商團隊都對我們衡量的方式以及我們管理和支持系統的方式表示贊同。

I'd say the vast majority of the investments have already been made. And so we have a lot of the field teams in place. We may make a couple of small tweaks as we go into next year, but they're relatively minor. So I think really great initial progress, really thankful to the teams and the franchisees who are working together so well on that front, but something that I think we need to be persistent about over a long period of time to really move both of those systems in the right direction.

我想說絕大多數投資已經完成。所以我們有很多現場團隊。進入明年，我們可能會進行一些小的調整，但它們相對較小。所以我認為最初的進展非常好，非常感謝在這方面合作得很好的團隊和特許經營商，但我認為我們需要在很長一段時間內堅持不懈才能真正推動這兩個系統在正確的方向。

Yes. And I think just on your point around G&A. I think you're spot on there, the comments that we shared, we do expect some modest sequential ramp in G&A and that does relate to these continued investments in operations and franchise development, and in technology as we look to move into next year.

是的。我認為只是關於 G&A 的觀點。我認為你在那兒，我們分享的評論，我們確實預計 G&A 會出現適度的連續增長，這確實與我們希望進入明年的運營和特許經營發展以及技術方面的持續投資有關。

Our next question comes from Nicole Miller from Piper Sandler.

我們的下一個問題來自 Piper Sandler 的 Nicole Miller。

I wanted to ask about Tims Canada and Burger King U.S. The question is any momentum you saw post Labor Day essentially return to office? And anything you could share again in terms of -- mean any of the brands, frankly, but most importantly, Tims Canada and Burger King U.S.

我想問一下 Tims Canada 和 Burger King U.S. 問題是你在勞動節後看到的任何動力基本上都回到辦公室了嗎？你可以再次分享的任何東西——坦率地說，是指任何品牌，但最重要的是，Tims Canada 和 Burger King U.S.

Nicole, thanks so much for the question. On Tims Canada, we were and remain very excited about the progress we're making on the back to the basics plan and the -- kind of the second phase of that, which is all about driving PM Food as well as cold beverages. We saw a 300 basis point sequential improvement this quarter in same-store sales, so 5% versus where we were the last few quarters versus '19. And a lot of that came from core offerings and some of the initiatives. PM Foods being a key driver to that. We had the loaded platform, which was incremental to our business.

妮可，非常感謝這個問題。在 Tims Canada，我們一直對我們在基本計劃和第二階段所取得的進展感到非常興奮，這就是推動 PM Food 和冷飲。我們看到本季度同店銷售額連續增長 300 個基點，因此與過去幾個季度相比 19 年增長了 5%。其中很多來自核心產品和一些舉措。 PM Foods 是這方面的主要推動力。我們擁有加載的平台，這對我們的業務來說是增量的。

We saw a 2% contribution -- roughly 2% contribution to our year-over-year sales -- same-store sales increase of 11% coming from the loaded platform. And in September, comparable sales from Main Foods was up 50% versus 2019, sequentially improving throughout the quarter.

我們看到了 2% 的貢獻——大約為我們的同比銷售額貢獻了 2%——來自加載平台的同店銷售額增長了 11%。 9 月份，Main Foods 的可比銷售額與 2019 年相比增長了 50%，整個季度都在持續改善。

Main Foods is now over 13% of sales. It was less than 10% back in the same quarter of 2019. And now just north of 10% of our tickets include PM Food versus about 7% of those tickets before the launch of the loaded platform, which -- all of which is to say that it's a good start, not a victory lap, the confirmation that when we get food quality right, develop Craveable food and our owners execute well. We can grow our PM food business and our PM dayparts. And it's a confirmation that we have a big runway in front of us.

Main Foods 現在佔銷售額的 13% 以上。在 2019 年同一季度，這一比例還不到 10%。現在，我們 10% 的門票包括 PM Food，而在加載平台推出之前，這些門票中的這一比例約為 7%，所有這些都是為了說這是一個良好的開端，而不是勝利圈，確認當我們獲得正確的食品質量時，開發 Craveable 食品並且我們的所有者執行良好。我們可以發展我們的 PM 食品業務和 PM 時段。這證實了我們面前有一條大跑道。

On the beverage side, total cold beverages are 14% versus 2019 levels. But back then, we had a very strong ice cap -- we still do a very strong ice cap business. We've had it for many years. and that contributed to nearly half of cold beverage sales back in 2019. If we exclude ice cap, cold beverage grew nearly 80% versus Q3 2019, all driven by the new cold brew and our quenches.

在飲料方面，冷飲總量與 2019 年水平相比為 14%。但那時，我們有一個非常強大的冰帽——我們仍然做著非常強大的冰帽業務。我們已經有很多年了。這貢獻了 2019 年冷飲銷售額的近一半。如果不包括冰蓋，冷飲與 2019 年第三季度相比增長了近 80%，這一切都是由新的冷飲和我們的冷飲推動的。

And the total shift in cold beverage as a percentage of total beverage sales is up 600 basis points versus where we were back in 2019, all of which to say that the core plan is working. We did see some improvements in mobility in the quarter, our super urban locations, which are those locations in the city centers like Toronto and other big city centers improved to minus 5% versus 2019, up from the low point versus '19 was minus 40%. So we continue to see those urban -- suburban locations improve. But to be clear, we're not -- mobility remains a challenge, and we're not waiting for mobility to come back.

與 2019 年相比，冷飲佔飲料總銷售額的百分比上升了 600 個基點，所有這些都表明核心計劃正在奏效。我們確實在本季度看到了流動性的一些改善，我們的超級城市位置，即多倫多和其他大城市中心等城市中心的位置，與 2019 年相比提高到負 5%，高於 19 年的低點 - 40 %。所以我們繼續看到那些城市 - 郊區的位置得到改善。但要明確的是，我們不是——流動性仍然是一個挑戰，我們不會等待流動性回來。

It's not the kind of the crux of our plan. The plan to grow and drive profitable share gains is a plan that we want to implement in any environment. And we have multiple service modes, which is why our investments in digital are so important and continue to pay huge dividends for our business, especially at Tims in Canada.

這不是我們計劃的關鍵。增長和推動盈利份額增長的計劃是我們希望在任何環境中實施的計劃。而且我們有多種服務模式，這就是為什麼我們在數字方面的投資如此重要並繼續為我們的業務帶來巨大的紅利，尤其是在加拿大的 Tims。

And with Burger King in the U.S., there is some mobility kind of seasonality that happens from time to time. But our progress in the quarter, we believe, was a function of better plans, better execution and operations from our franchisees and a better media mix that the marketing team is and the media team are working on, combined with improvements in digital as well, all of which are kind of the core elements of the Reclaim the Flame plan that we've shared in the past. Thanks so much for the question.

對於美國的漢堡王，有時會出現某種流動性的季節性。但我們認為，我們在本季度取得的進展是由於我們的特許經營商更好的計劃、更好的執行和運營，以及營銷團隊和媒體團隊正在努力的更好的媒體組合，以及數字化方面的改進，所有這些都是我們過去分享的回收火焰計劃的核心元素。非常感謝這個問題。

Our final question comes from Brian Bittner from Oppenheimer.

我們的最後一個問題來自 Oppenheimer 的 Brian Bittner。

I'll shift to the Burger King Rest of World business where you continue to showcase very strong underlying same-store sales trends. I believe this quarter, you were still 20% above pre-pandemic levels on the same-store sales. That's really best-in-class amongst your international QSR peers. Do you believe that the Burger King brand outside the U.S. is well positioned in an environment where maybe international consumers navigate tougher economic waters? Could Burger King actually benefit from a trade down internationally? Or how do you frame your outlook for that Burger King brand rest of the world if the international macro continues to become more challenged?

我將轉向漢堡王世界其他地區業務，您將繼續展示非常強勁的潛在同店銷售趨勢。我相信本季度的同店銷售額仍比大流行前水平高出 20%。這在您的國際 QSR 同行中確實是一流的。您是否認為美國以外的漢堡王品牌在國際消費者可能面臨更艱難的經濟水域的環境中處於有利地位？漢堡王真的可以從國際貿易中受益嗎？或者，如果國際宏觀環境繼續面臨更大挑戰，您如何看待漢堡王品牌在世界其他地區的前景？

Thanks for the question. Yes, we're very excited with the progress we're making in our international business with Burger King. We're seeing the brand and the business outperformed peers internationally on average for the last 5 quarters in a row. We're the leading brand in many markets in terms of preference and in some cases as well in terms of restaurant count or both. France and Spain are examples. We've seen our business grow to north of $1 billion in system-wide sales in places like France and Spain.

謝謝你的問題。是的，我們對與漢堡王在國際業務中取得的進展感到非常興奮。我們看到該品牌和業務連續 5 個季度平均優於國際同行。在偏好方面，在某些情況下，在餐廳數量或兩者方面，我們都是許多市場的領先品牌。法國和西班牙就是例子。我們已經看到我們的業務在法國和西班牙等地的全系統銷售額增長到 10 億美元以上。

In France, it's gone -- we've had $0 in system-wide sales back in 2013. And today, we have a business that's nearly $2 billion in system-wide sales. I think the business has gotten stronger post-COVID, 6 quarters of double-digit same-store sales and system-wide sales growth.

在法國，它已經消失了——我們在 2013 年的全系統銷售額為 0 美元。今天，我們的業務全系統銷售額接近 20 億美元。我認為該業務在 COVID 之後變得更強大，6 個季度的兩位數同店銷售額和全系統銷售額增長。

And the top 5 markets for us internationally have grown over $900 million in system-wide sales versus 2019. So we've gone from basically $5 billion in system-wide sales in those markets to $6 billion. And a lot of it has come from the progress and improvements we made in the off-premise business. Our digital is getting stronger. We're building more drive-throughs and we've actually adopted our service modes to adjust to the customer behaviors.

與 2019 年相比，我們在國際上排名前 5 的市場的全系統銷售額增長了超過 9 億美元。因此，我們在這些市場的全系統銷售額從基本上 50 億美元增加到了 60 億美元。其中很大一部分來自我們在場外業務中取得的進步和改進。我們的數字化越來越強大。我們正在建立更多的免下車服務，實際上我們已經採用了我們的服務模式來適應客戶的行為。

And that remains sticky, and dine-in is coming back as well. I think we've got really strong quality queues in many of our markets. The Whopper is strong, have it your way strong and the preference to the brand for all these reasons, including more modern image, digital being at the center of the business model internationally.

這仍然很棘手，而且堂食也回來了。我認為我們在許多市場都有非常強大的質量隊列。由於所有這些原因，包括更現代的形象、數字化成為國際商業模式的中心，皇堡很強大，讓自己的方式變得強大，並且對品牌的偏愛。

We've leaned into plant-based quite a bit. I mentioned some comments on that in my prepared remarks, all of which is showing really good progress. And I think we're well positioned in any environment and especially in the current environment to be able to utilize the foundation of a modern system, strong digital, great brand perception, strong value offerings and really strong core and premium offerings and continued menu innovation, including plant-based.

我們已經相當多地傾向於以植物為基礎。我在準備好的評論中提到了一些評論，所有這些都顯示出非常好的進展。而且我認為我們在任何環境中都處於有利位置，尤其是在當前環境中，能夠利用現代系統的基礎、強大的數字化、出色的品牌認知度、強大的價值產品以及真正強大的核心和優質產品以及持續的菜單創新，包括以植物為基礎的。

The final note on that is we have awesome master franchisees and great teams, and they are super excited about the progress they're making, and you gain momentum when you see that type of progress. And we look forward to continuing to update everyone on the progress of our international business and as well as the rest of our amazing brands domestically and internationally.

最後一點是，我們有很棒的特許經營商和優秀的團隊，他們對他們正在取得的進步感到非常興奮，當你看到這種進步時，你就會獲得動力。我們期待繼續向大家介紹我們的國際業務以及我們在國內和國際上其他令人驚嘆的品牌的進展情況。

And with that, I'd like to thank everyone for your questions and for participating on today's call. We're incredibly proud of the progress that we continue to make at Tim Hortons in Canada, our outsized performance of BK International. As I just mentioned, in our ongoing development progress and the work -- the great work we're doing, continuing to make steady improvements at Burger King U.S. and the excitement that exists with the franchise community around Reclaim the Flame plan alongside our franchisees. Popeyes firehouse as well internationally, domestically are in a really good place to continue the growth trajectory.

在此，我要感謝大家提出問題並參加今天的電話會議。我們為我們在加拿大 Tim Hortons 繼續取得的進步感到無比自豪，我們在 BK International 的出色表現。正如我剛才提到的，在我們正在進行的開發進展和工作中——我們正在做的偉大工作，繼續在美國漢堡王取得穩步改進，以及與我們的加盟商一起圍繞 Reclaim the Flame 計劃的特許經營社區存在的興奮。 Popeyes 消防站在國際和國內都處於繼續增長軌蹟的好地方。

And I'd like to close by thanking our team, our franchisees and owners and their team members for their contributions and continued 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、我們的特許經營商和所有者以及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宏偉夢想時所做的貢獻和持續的奉獻。再次感謝您加入我們，祝您有美好的一天。

This concludes Restaurant Brands International, Inc. Third Quarter 2020 Earnings Call. You may now disconnect.

Restaurant Brands International, Inc. 2020 年第三季度財報電話會議到此結束。您現在可以斷開連接。