Restaurant Brands International Inc (QSR) 2022 Q4 法說會逐字稿

Good morning, and welcome to the Restaurant Brands International Fourth Quarter 2022 Earnings Conference Call. (Operator Instructions) Please note, this event is being recorded. I would now like to turn the conference over to Kendall Peck RBI's Head of Investor Relations. Please go ahead.

早上好，歡迎來到 Restaurant Brands International 2022 年第四季度收益電話會議。 （操作員說明）請注意，正在記錄此事件。我現在想將會議轉交給 Kendall Peck RBI 的投資者關係主管。請繼續。

Thank you, operator. Good morning, everyone, and welcome to Restaurant Brands International's Earnings Call for the Fourth Quarter and Year ended December 31, 2022. As a reminder, a live broadcast of this call may be accessed on the Investor Relations web page at rbi.com/investor and a recording will be available for replay.

謝謝你，運營商。大家早上好，歡迎來到 Restaurant Brands International 截至 2022 年 12 月 31 日的第四季度和年度的收益電話會議。提醒一下，可以在 rbi.com/investor 的投資者關係網頁上觀看本次電話會議的現場直播並且錄音將可用於重播。

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

今天和我一起參加電話會議的還有 Restaurant Brands International 的執行主席 Patrick Doyle；首席執行官 Jose Cil；首席運營官喬什·科布扎；首席財務官馬特·鄧尼根 (Matt Dunnigan)。

Today's earnings call contains forward-looking statements, which are subject to various risks set forward 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 will be referencing franchisee profitability measures that are preliminary internal estimates based on unaudited self-reported franchisee results. We will also be referencing 3-year comparisons for system-wide sales growth and comparable sales, which are calculated on a geometric stats basis, by using the 2020, 2021 and 2022 disclosed growth metrics.

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 GAAP 財務措施的對賬包含在我們網站上提供的新聞稿中。在今天的部分電話會議中，我們將參考加盟商盈利能力指標，這些指標是根據未經審計的自報加盟商結果進行的初步內部估計。我們還將通過使用 2020、2021 和 2022 年披露的增長指標，參考 3 年的全系統銷售增長和可比銷售比較，這些比較是在幾何統計基礎上計算的。

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 the results from Firehouse Subs, which we acquired on December 15, 2021, to reflect comparable year-over-year growth figures.

此外，在準備好的評論中討論的綜合增長指標，包括綜合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，以反映可比年度-年增長數據。

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

現在我會把電話轉給帕特里克。

Good morning, everyone. We're excited to be part of my first earnings call at RBI. It's been about 90 days since I joined the company, and I've been so impressed by the teams I've met and the franchisees who've welcomed me into their restaurants in Miami, Toronto, Jacksonville, Zurich and Madrid.

大家，早安。我們很高興能參加我在 RBI 的第一次財報電話會議。我加入公司已經大約 90 天了，我遇到的團隊以及歡迎我光顧他們位於邁阿密、多倫多、傑克遜維爾、蘇黎世和馬德里的餐廳的加盟商給我留下了深刻的印象。

I know you've all seen our press release this morning announcing Josh Kobza as our new CEO as of March 1. Both Josh and Jose are here with me on the call today, along with Matt, as we get into the details of the quarter. Jose, on behalf of the entire Board of Directors and literally thousands of employees and franchisees who you've worked with over more than 20 years, I want to thank you for your tireless hard work, enthusiasm for our brands and huge contributions.

我知道你們都看到了我們今天早上的新聞稿，宣布 Josh Kobza 從 3 月 1 日起擔任我們的新任首席執行官。今天，Josh 和 Jose 以及 Matt 都和我一起參加了電話會議，我們將討論本季度的細節.何塞，我代表整個董事會以及與您共事 20 多年的數千名員工和加盟商，感謝您不懈的努力、對我們品牌的熱情和巨大的貢獻。

We're a stronger company today because of the many roles that you've led over the years, and I can't thank you enough. Jose has agreed to stay with us for the next year as an adviser, and he's committed to helping me and Josh in every way he can. I'd like to now hand the call over to Jose to say a few words.

由於您多年來領導的許多角色，我們今天成為一家更強大的公司，我對您感激不盡。何塞已經同意明年作為顧問留在我們這裡，他承諾會盡其所能幫助我和喬希。我現在想把電話轉給 Jose 說幾句話。

Thanks, Patrick, and good morning, everyone. First off, I want to congratulate my friend and partner, Josh, on this exciting new opportunity. Josh has been an enviable adviser to me over a number of years. He has the talent, the experience and all the right instincts to continue to drive great results for our brand and our company.

謝謝，帕特里克，大家早上好。首先，我要祝賀我的朋友兼合作夥伴 Josh 獲得這個激動人心的新機會。多年來，喬希一直是我令人羨慕的顧問。他擁有才能、經驗和所有正確的直覺，可以繼續為我們的品牌和公司帶來豐碩的成果。

I'm very proud of the team we've built here at RBI. I'll put this team up against any other in the business, any day. Our team has been delivering great results, and this quarter is just another example that their hard work and that of our owners and franchisees is paying off. I want to thank our owners and franchisees in Canada, the U.S. and around the world for investing their capital, for investing their passion and commitment and for investing their trust in our amazing iconic brands.

我為我們在 RBI 建立的團隊感到非常自豪。任何一天，我都會讓這個團隊與業務中的任何其他團隊抗衡。我們的團隊一直取得了很好的成績，本季度只是他們以及我們的所有者和加盟商的辛勤工作得到回報的又一個例子。我要感謝我們在加拿大、美國和世界各地的所有者和特許經營商的投資，感謝他們投入的熱情和承諾，以及他們對我們令人驚嘆的標誌性品牌的信任。

And I want to thank our Board of Directors for their continued support and valuable advice over the years. When they ask them to stay on as an adviser over the next year, it was an easy yes. I love this company, the people, our food and beverages, and the excitement of working together with our teams and franchise owners to create great experiences for our guests. I'm looking forward to working with Patrick and supporting Josh as we accelerate our business further.

我要感謝我們的董事會多年來的持續支持和寶貴建議。當他們要求他們在明年繼續擔任顧問時，很容易就答應了。我愛這家公司、員工、我們的食品和飲料，以及與我們的團隊和特許經營權所有者一起為我們的客人創造美好體驗的興奮。我期待著與 Patrick 合作並支持 Josh，因為我們會進一步加速我們的業務。

And with that, I'll turn it back to Patrick.

有了這個，我會把它轉回帕特里克。

Thanks, Jose. Throughout my career, I've discovered the value of full transparency. And whenever there is a leadership transition in a company, people speculate what is driving that. And I believe it's just easier to tell you.

謝謝，何塞。在我的整個職業生涯中，我發現了完全透明的價值。每當公司發生領導層交接時，人們都會猜測是什麼推動了這種交接。我相信告訴你會更容易。

So here's the answer. We have great leaders in place. We're making good progress, and we have the whole team, including Jose to thank for that. This is a business that's already moving in the right direction. This is about setting ourselves up for an accelerated pace of growth for the next 5 to 10 years. The Board of Directors has been disciplined about succession planning. We have an exceptional leader with all the relevant experience we need here in Josh, and he's ready to drive what we believe will be a new area of growth for the company. I know he's going to do a terrific job.

所以這就是答案。我們有偉大的領導人。我們正在取得良好的進展，我們有整個團隊，包括何塞在內要感謝這一點。這是一家已經在朝著正確方向前進的企業。這是為了讓我們自己為未來 5 到 10 年的加速增長做好準備。董事會在繼任計劃方面受到紀律處分。我們有一位傑出的領導者，他擁有我們在 Josh 所需要的所有相關經驗，他已準備好推動我們認為將成為公司增長的新領域。我知道他會做得很好。

I have an enviable opportunity at this point in my career to be an adviser to Josh, as he takes on his new role. My own mandate here at RBI is to rapidly accelerate the growth of the company by identifying areas that can deliver outsized results as we lean into them even more.

在我職業生涯的這個階段，我有一個令人羨慕的機會成為 Josh 的顧問，因為他將擔任新職務。我在 RBI 的任務是通過確定可以帶來巨大成果的領域來快速加速公司的發展，因為我們更加依賴這些領域。

Aside from my mandate, the growth opportunity we have in our brands is also why I invested $3 million of my own money on my way in the door and locked it up for 5 years. So I'm all in. We've built ambitious plans that we believe in. We have talented teams. The job now is to accelerate the speed and quality of execution, focusing on some big bets and deliver exceptional results.

除了我的授權外，我們在品牌方面擁有的增長機會也是為什麼我在進入大門的路上投資了 300 萬美元並將其鎖定 5 年。所以我全力以赴。我們制定了我們相信的雄心勃勃的計劃。我們擁有才華橫溢的團隊。現在的工作是加快執行速度和質量，專注於一些大賭注並提供卓越的結果。

One of the themes you'll hear a lot from us going forward is the importance of franchisee success at the heart of everything we do. And more specifically, that means strong and growing franchisee profitability. When restaurant level profitability is strong and growing, it means our franchisees increasingly have more money to invest in their restaurants, in modern digital menu boards, refreshing kitchen equipment, opening new locations and feeling the pride of creating exceptional guest experiences and providing meaningful employment to hundreds of thousands of their team members.

未來您會經常從我們那裡聽到的主題之一是加盟商成功的重要性是我們所做一切的核心。更具體地說，這意味著強大且不斷增長的加盟商盈利能力。當餐廳層面的盈利能力強勁且不斷增長時，這意味著我們的加盟商有越來越多的資金投資於他們的餐廳、現代數字菜單板、更新廚房設備、開設新地點並為創造卓越的賓客體驗和提供有意義的就業機會而感到自豪數十萬他們的團隊成員。

Previously, in my career, I saw the powerful change that's possible within a corporate culture when we put franchisee profitability at the center of everything we do. Already, nearly 80% of our brand teams have a portion of their personal compensation tied to improving restaurant-level profitability.

此前，在我的職業生涯中，當我們將特許經營商的盈利能力置於我們所做一切的中心時，我看到了企業文化中可能發生的巨大變化。我們近 80% 的品牌團隊已經將部分個人薪酬與提高餐廳的盈利能力掛鉤。

As a publicly traded company, we can elevate our accountability to our franchisees even further by publicly reporting on our progress, and that's exactly what we'll do on an annual basis starting today.

作為一家上市公司，我們可以通過公開報告我們的進展來進一步提高我們對加盟商的責任感，而這正是我們從今天開始每年都會做的事情。

For Tim Hortons, Burger King and Popeyes home markets, profitability is down from what we last disclosed in our 2019 Investor Day. The reasons are well known to most of you, recovering traffic post pandemic, all-time high commodity cost increases, generationally high inflation and so on. Those aren't excuses. And what matters in my opinion is our baseline today and how we grow from here.

對於 Tim Hortons、漢堡王和 Popeyes 國內市場，盈利能力低於我們上次在 2019 年投資者日披露的水平。原因對你們大多數人來說都是眾所周知的，大流行後交通恢復、商品成本創歷史新高、世代相傳的高通脹等等。那些不是藉口。在我看來，重要的是我們今天的基線以及我們如何從這裡成長。

Tim Hortons in Canada remains one of the industry's most loved restaurant concepts with roughly CAD 220,000 of average 4-wall EBITDA in 2022. There's an opportunity in Canada to improve profitability across all formats and regions as we continue implementing the plan the team has already delivered so much success on. We've now reported 7 quarters of strong sales growth at Tims, and we've seen good momentum continue into 2023.

加拿大的 Tim Hortons 仍然是業內最受喜愛的餐廳概念之一，2022 年平均 4 層牆的 EBITDA 約為 220,000 加元。隨著我們繼續實施團隊已經交付的計劃，加拿大有機會提高所有業態和地區的盈利能力如此成功。我們現在已經報告了 Tims 的 7 個季度的強勁銷售增長，並且我們看到良好的勢頭將持續到 2023 年。

Burger King U.S. average 4-wall EBITDA in 2022 was approximately $140,000. We're seeing early positive impacts from our investments behind Reclaim the Flame plan, as reflected in our results. We previously announced that we have signed a new spending agreement with 96% of our U.S. franchisees that says if we're at a minimum of $175,000 of average 4-wall EBITDA by the end of 2024 that our franchisees will invest an incremental 50 basis points into the advertising fund for '25 and 2026.

漢堡王美國 2022 年平均 4 牆 EBITDA 約為 140,000 美元。正如我們的結果所反映的那樣，我們看到了我們在 Reclaim the Flame 計劃背後的投資產生的早期積極影響。我們之前宣布，我們已經與 96% 的美國加盟商簽署了一項新的支出協議，該協議規定，如果到 2024 年底我們的平均 4 牆 EBITDA 至少達到 175,000 美元，我們的加盟商將增加 50 個基點的投資投入 25 年和 2026 年的廣告基金。

So obviously, the team is focused and motivated to achieve this target at a minimum, and we believe there is a lot more upside there in the coming years.

很明顯，該團隊專注於並有動力至少實現這一目標，我們相信未來幾年會有更多的上升空間。

At Popeyes U.S., average 4-wall EBITDA in 2022 was roughly $210,000 with pressure versus prior years related to commodity and labor costs. A big focus of the team this year is working with our franchisees to streamline their kitchens and improve restaurant operations, which we believe will contribute to growing restaurant profitability over time.

在 Popeyes U.S.，2022 年 4 層牆的平均 EBITDA 約為 210,000 美元，與往年相比，商品和勞動力成本方面存在壓力。今年團隊的一大重點是與我們的特許經營商合作，以簡化他們的廚房並改善餐廳運營，我們相信這將有助於隨著時間的推移提高餐廳的盈利能力。

And at Firehouse, we're working to fully integrate the different systems and will include their profitability as part of our annual disclosure in the future. As you hear us talk about the big areas for growth in the company, this is a good baseline to measure our progress against over the next 5-plus years.

在 Firehouse，我們正在努力完全整合不同的系統，並將它們的盈利能力作為我們未來年度披露的一部分。當您聽到我們談論公司增長的主要領域時，這是衡量我們在未來 5 年多時間裡取得進展的良好基準。

Our long-term growth as a company is tied to the growth of franchisee profitability. You'll see us do our part in menu innovation, marketing, restaurant design, technology and digital, and we'll work closely with franchisees who need to do their own part to improve their profitability, particularly delivering excellent and consistent execution and a positive team member and guest environment in their restaurants.

我們作為一家公司的長期增長與加盟商盈利能力的增長息息相關。您會看到我們在菜單創新、營銷、餐廳設計、技術和數字化方面儘自己的一份力量，我們將與需要儘自己的一份力量來提高盈利能力的加盟商密切合作，特別是提供出色且一致的執行和積極的餐廳的團隊成員和賓客環境。

We are all in with franchisees who share our ambition for the growth we know we are capable of delivering. And along the way, it's likely that a few people will leave the system and transition their restaurants to franchisees who share our long-term mindset for success and growth. I believe the franchisees who are all in working in their restaurants and leading their teams are going to be excited by and rewarded for their confidence in the team we have here at RBI.

我們都與特許經營商站在一起，他們與我們有共同的抱負，即我們知道我們有能力實現增長。在此過程中，很可能會有一些人離開系統，將他們的餐廳轉移給與我們有著長期成功和增長心態的加盟商。我相信，所有在餐廳工作並領導團隊的加盟商都會因對 RBI 團隊的信心而感到興奮和回報。

We are fully committed to those franchisees' success. I'm looking forward to speaking with you all in more detail on February 22, answering your questions and sharing some more on why I'm so excited to return to the restaurant industry and especially RBI.

我們完全致力於這些加盟商的成功。我期待著在 2 月 22 日與大家進行更詳細的交談，回答你們的問題並分享更多關於為什麼我很高興回到餐飲業，尤其是 RBI 的原因。

What I will say today is that after my first 90 days here, I have even more conviction in the opportunities we have across all 4 brands to accelerate our growth. Now Josh will take us through the results of the quarter, and then Matt will make some comments before we open things up for your questions. Josh?

我今天要說的是，在我在這裡的頭 90 天之後，我更加相信我們所有 4 個品牌都有機會加速我們的增長。現在 Josh 將向我們介紹本季度的結果，然後 Matt 將在我們開始回答您的問題之前發表一些評論。喬希？

Good morning, everybody. Thank you very much, Patrick, for all your support so far. And I'd like to thank Jose, who's been a great leader and a friend to me for my entire time so far at RBI.

大家早上好。帕特里克，非常感謝您迄今為止的所有支持。我要感謝何塞，他一直是一位偉大的領導者，也是我迄今為止在 RBI 的整個時間裡的朋友。

It's still early days for me in thinking through priorities in my new role, and I plan to spend the next few months listening to our teams, our franchisees and you all and making sure that our plans for the future incorporates all of your perspectives on how we can be the most successful together in the coming years.

對我來說，考慮新角色的優先事項還為時過早，我計劃在接下來的幾個月裡聽取我們的團隊、我們的特許經營商和你們所有人的意見，並確保我們未來的計劃包含你們關於如何做的所有觀點在未來的幾年裡，我們可以一起成為最成功的。

That said, I do have some initial reflections. One is that we have an amazing business, fantastic people and a lot of tailwinds. I think this is really a question of how we can make our business move faster and operate even better. And one of the most straightforward ways to allow our teams to move faster is to give them more autonomy and ownership within our global company structure.

也就是說，我確實有一些初步的想法。一是我們擁有出色的業務、出色的員工和許多順風車。我認為這實際上是一個關於我們如何讓我們的業務發展得更快、運作得更好的問題。讓我們的團隊更快行動的最直接的方法之一是在我們的全球公司結構中給予他們更多的自主權和所有權。

I'm looking forward to sharing more of my thoughts on these and other topics in the coming months and quarters. I feel very fortunate to have the support of Jose, who's been in this role for the last 4 years. And I'm also very fortunate and thankful to have Patrick as a leader and a mentor to learn from and work with as we take our next step towards this phase of growth.

我期待在接下來的幾個月和幾個季度里分享更多關於這些和其他主題的想法。我很幸運能得到 Jose 的支持，他在過去 4 年一直擔任這個職位。我也非常幸運和感謝帕特里克作為領導者和導師，在我們邁向這一增長階段的下一步時向他學習和共事。

Well, let's be efficient and get into the results that we're here to talk about this morning. We closed out the year with momentum, having made great progress across a number of important initiatives, including driving strong sales growth at Tim Hortons Canada, launching our Reclaim the Flame plan at Burger King U.S., increasing our net new restaurants year-over-year, improving operations and enhancing the digital guest experience.

好吧，讓我們提高效率，看看我們今天早上在這裡討論的結果。我們以勢頭結束了這一年，在許多重要舉措上取得了巨大進展，包括推動加拿大 Tim Hortons 的強勁銷售增長，在美國漢堡王推出我們的 Reclaim the Flame 計劃，同比增加我們的淨新餐廳，改善運營並增強數字賓客體驗。

We also continue to make strides in our ESG journey, including being named to the Dow Jones Sustainability Index for the first time. We finished the year on a strong note, growing fourth quarter consolidated comparable sales 8% year-over-year and net restaurants over 4%, which led to system-wide sales growth of 11% year-over-year, excluding Firehouse Subs in Russia.

我們還在 ESG 之旅中繼續取得長足進步，包括首次入選道瓊斯可持續發展指數。我們以強勁的勢頭結束了這一年，第四季度綜合可比銷售額同比增長 8%，餐廳淨銷售額增長超過 4%，這導致全系統銷售額同比增長 11%，不包括 Firehouse Subs俄羅斯。

Our comparable sales included double-digit growth at Tim Hortons Canada and in our Burger King international business as well as sequential improvements in Burger King, Popeyes and Firehouse Subs home markets.

我們的可比銷售額包括 Tim Hortons Canada 和漢堡王國際業務的兩位數增長，以及漢堡王、Popeyes 和 Firehouse Subs 國內市場的連續改善。

These results were aided by continued growth in our digital channels, with global digital sales up 24% year-over-year to over $3.5 billion in the fourth quarter, representing over 1/3 of consolidated system-wide sales.

這些結果得益於我們數字渠道的持續增長，第四季度全球數字銷售額同比增長 24% 至超過 35 億美元，佔全系統綜合銷售額的 1/3 以上。

For the full year, we grew digital sales 31% to $13 billion. We also closed out 2022 with some improved momentum in development, delivering 754 net new restaurants in the quarter and 1,266 net new openings for the year. We saw the benefits of having broad-based development opportunities, with Popeyes contributing 30% of our total net restaurant growth in 2022 and Tim Hortons driving nearly 25%.

全年，我們的數字銷售額增長了 31%，達到 130 億美元。我們還以一些改善的發展勢頭結束了 2022 年，本季度新增 754 家餐廳，全年新增 1,266 家餐廳。我們看到了擁有廣泛發展機會的好處，Popeyes 貢獻了 2022 年我們餐廳淨增長總量的 30%，Tim Hortons 貢獻了近 25%。

Tim Hortons added close to 200 net new units during the quarter and surpassed the 1,700 store mark outside of Canada, including China, which crossed the 600 store mark.

Tim Hortons 在本季度增加了近 200 家淨新單位，在加拿大以外的門店數量超過了 1,700 家，包括中國在內，門店數量突破了 600 家。

Popeyes had a solid development here in North America, while also ramping up internationally, including opening its first stores in fast-growing chicken QSR markets like South Korea and Indonesia.

Popeyes 在北美取得了穩固的發展，同時也在國際上加速發展，包括在韓國和印度尼西亞等快速增長的雞肉快餐市場開設了第一家門店。

Meanwhile, Firehouse Subs kicked off its development journey as a member of the RBI family, signing new agreements to expand in Western Canada. In total, we saw over 700 net restaurants opened in international markets in Q4 and still have an opportunity to bring Burger King International back towards prepandemic levels. We see plenty of opportunity to bring our brands to new markets around the world and combined with our existing growth markets, places like Burger King India, Brazil, France and Spain, I think this dynamic sets us up well to continue accelerating our net unit growth in 2023.

與此同時，Firehouse Subs 作為 RBI 家族的一員開始了其發展之旅，簽署了在加拿大西部擴張的新協議。總的來說，我們看到第四季度在國際市場上開設了 700 多家網絡餐廳，並且仍有機會將漢堡王國際帶回到大流行前的水平。我們看到很多機會將我們的品牌帶到世界各地的新市場，並結合我們現有的增長市場，如漢堡王印度、巴西、法國和西班牙，我認為這種動力讓我們能夠繼續加速我們的淨單位增長2023年。

Before turning to our brand results, I'd like to acknowledge the devastating earthquakes that impacted Turkey and Syria last week. We have a large business in Turkey with nearly 700 Burger King restaurants and more than 250 Popeyes restaurants.

在談到我們的品牌業績之前，我想感謝上週影響土耳其和敘利亞的毀滅性地震。我們在土耳其擁有近 700 家漢堡王餐廳和 250 多家 Popeyes 餐廳的大型企業。

Our team has been working closely with our dedicated master franchise partners and the UN refugee agency to provide real-time updates on the situation. Our thoughts are with all of our team members, their families and the people of Turkey, who have been impacted by this unfortunate tragedy.

我們的團隊一直與我們敬業的特許經營合作夥伴和聯合國難民署密切合作，提供有關情況的實時更新。我們的心與我們所有的團隊成員、他們的家人以及受到這場不幸悲劇影響的土耳其人民同在。

Now turning to brand performance for the quarter. We'll start with Tim Hortons Canada. Axel and his team at Tim Hortons Canada closed out a great year with our highest level of annual comparable sales since acquiring the brand in 2014. The team drove double-digit comparable sales of 11%, even while lapping a strong prior year period, which included our Timbiebs promotion.

現在轉向本季度的品牌表現。我們將從 Tim Hortons Canada 開始。 Axel 和他在 Tim Hortons Canada 的團隊以自 2014 年收購該品牌以來最高水平的年度可比銷售額結束了偉大的一年。該團隊推動了兩位數的可比銷售額，達到 11%，儘管去年同期表現強勁，包括我們的 Timbiebs 促銷活動。

During the quarter, we grew comparable sales nearly 9% versus 2019, including sequential improvements across all dayparts, formats or vanities and regions, with super urban locations notably up 2% versus 2019, the first positive quarter of results in this format since the pandemic. Our results were driven by thoughtful calendar initiatives, targeting high-growth PM food dayparts and the cold beverage product category as well as momentum from our core offerings and digital platforms, all of which were aided by mobility improvements and strategic pricing.

在本季度，我們的可比銷售額與 2019 年相比增長了近 9%，包括所有時段、形式或虛榮心和地區的連續改進，超級城市地區與 2019 年相比顯著增長了 2%，這是自大流行以來這種形式的第一個積極季度結果.我們的業績是由深思熟慮的日曆計劃推動的，目標是高增長的 PM 食品時段和冷飲產品類別，以及我們核心產品和數字平台的勢頭，所有這些都得益於流動性改進和戰略定價。

Our efforts to strengthen our PM food dayparts like lunch and afternoon snack continue to benefit from our loaded platform, plus the addition of anytime snackers, a savory baked good option.

我們努力加強午餐和下午點心等 PM 食品時段，這繼續受益於我們的加載平台，以及隨時添加的零食，這是一種美味的烘焙食品。

Our loaded bowls and wraps and anytime snackers contributed to an increase in traffic while also attracting younger guests. We're excited to continue to build on these platforms, including with the recent launch of our new Chipotle stake bowls and wraps. Although we're still in the early phases of our journey, we grew sales in our PM food dayparts nearly 30% versus 2019 and expanded our total PM food sales mix to approximately 24% in 2022 versus 22% in the prior year.

我們裝滿的碗和捲餅以及隨時供應的零食有助於增加客流量，同時也吸引了年輕客人。我們很高興能繼續在這些平台上進行構建，包括最近推出我們的新 Chipotle 木樁碗和包裝紙。儘管我們仍處於旅程的早期階段，但與 2019 年相比，我們下午食品時段的銷售額增長了近 30%，並將我們的下午食品總銷售組合擴大到 2022 年的約 24%，而去年為 22%。

This represents about 8% market share for the year, meaning we have plenty of room to grow further, as we aim to increase our share of the $10 billion PM food market in Canada.

這代表了今年約 8% 的市場份額，這意味著我們有足夠的空間進一步增長，因為我們的目標是增加我們在加拿大價值 100 億美元的 PM 食品市場中的份額。

Over the past 2 years, we've also focused on extending our position as a leader in hot rod company in Canada to leadership across the broader beverage category. As part of this journey, we've introduced new cold beverage platforms that complement our food offerings, including our cold brew and winters. The cold beverage category is one that's been growing quickly for us.

在過去的 2 年裡，我們還專注於將我們作為加拿大熱棒公司領導者的地位擴展到更廣泛的飲料類別中的領導地位。作為這一旅程的一部分，我們推出了新的冷飲平台來補充我們的食品，包括我們的冷萃和冬季。冷飲類別是我們增長迅速的類別。

This quarter, whole beverage sales grew 11%, comprising 23% of total beverage sales, up from 17% in 2019. In 2022, we held nearly 25% of the CAD 4 billion cold beverage market, and we see a clear path to build on our recent innovations to capture even more share.

本季度，整體飲料銷售額增長 11%，佔飲料總銷售額的 23%，高於 2019 年的 17%。到 2022 年，我們佔據了 40 億加元冷飲市場近 25% 的份額，我們看到了一條清晰的發展道路在我們最近的創新中獲得更多份額。

Digital, which represented over 1/3 of systemwide sales in 2022, also remains a core long-term growth engine for Tims in Canada. We know that digital guests visit more often and have a higher check on average, resulting in 5x more spend over the course of the year versus nondigital guests. In October, we rolled out our new Scan & Pay feature, which allows our 4 million monthly active Tims reward members to use just 1 scan to pay for orders, earn loyalty points and redeem rewards.

數字業務佔 2022 年全系統銷售額的 1/3 以上，也仍然是 Tims 在加拿大的核心長期增長引擎。我們知道，與非數字訪客相比，數字訪客的訪問頻率更高，平均支票更高，因此一年中的支出增加了 5 倍。 10 月，我們推出了新的掃描支付功能，讓我們 400 萬每月活躍的 Tims 獎勵會員只需使用一次掃描即可支付訂單、賺取忠誠度積分和兌換獎勵。

Looking ahead, we see opportunities to enhance the Tim's digital experience even more by improving the look and feel of our app and adding more rewards options and reasons to engage with our platform every day. Our teams and restaurant owners have also been focused on operational improvements. We saw the benefits of hospitality and speed of service workshops, enhanced field team visits and trainings, all translating into restaurant-level operational improvements this quarter, including a 12% sequential improvement in guest satisfaction and shaving a second off speed of service.

展望未來，我們看到了通過改進我們應用程序的外觀和感覺以及添加更多獎勵選項和每天參與我們平台的理由來進一步增強 Tim 數字體驗的機會。我們的團隊和餐廳老闆也一直專注於運營改進。我們看到了熱情好客和服務研討會速度、加強現場團隊訪問和培訓的好處，所有這些都在本季度轉化為餐廳級別的運營改進，包括客人滿意度連續提高 12% 和服務速度再次下降。

I'd like to thank our restaurant owners and their team members for remaining focused on driving operational excellence and delivering a great experience in the communities they serve, helping to solidify Tim Hortons place as the most loved and trusted restaurant brand in Canada.

我要感謝我們的餐廳老闆和他們的團隊成員繼續專注於推動卓越運營並在他們所服務的社區提供出色的體驗，幫助鞏固 Tim Hortons 作為加拿大最受歡迎和最值得信賴的餐廳品牌的地位。

Turning now to Burger King U.S. In our first quarter of the new Reclaim the Flame plan, the team delivered a sequential improvement in comparable sales to 5% year-over-year. Tom and his team's focus on operations, menu innovation and enhancing our digital capabilities were further aided by reclaiming a stronger share of voice with our fuel to plan marketing investment.

現在轉向美國漢堡王。在我們新的 Reclaim the Flame 計劃的第一季度，該團隊實現了可比銷售額的環比增長，同比增長 5%。湯姆和他的團隊專注於運營、菜單創新和增強我們的數字能力，這得到了進一步的幫助，因為我們重新獲得了更大的話語權，並為我們計劃營銷投資提供了動力。

You've heard us highlight again and again the correlation between operational excellence and sales and profitability. Since sharpening our focus on operations in mid-2021, Burger King has achieved an over 40% improvement in guest satisfaction, with 6 consecutive quarters of progress.

您已經聽到我們一再強調卓越運營與銷售和盈利能力之間的相關性。自 2021 年年中加強對運營的關注以來，漢堡王的客人滿意度提高了 40% 以上，連續 6 個季度取得進展。

We have accomplished this by supporting franchisees through several initiatives, including expanding our field team, implementing our new franchise success system, to provide consistent data and key metrics and holding targeted gold standard service and Whopper training sessions across the system in the fourth quarter.

我們通過多項舉措支持加盟商實現了這一目標，包括擴大我們的現場團隊、實施我們新的特許經營成功系統、提供一致的數據和關鍵指標以及在第四季度在整個系統中舉辦有針對性的黃金標準服務和 Whopper 培訓課程。

We kicked off 2023 with Royal roundtables, which are bringing together more than 8,000 Burger King restaurant general managers in over 40 cities across the country. Our goal is to rally the system behind Reclaim the Flame, providing them with hands-on education and instilling a sense of pride for the valuable work they're doing to deliver an exceptional guest experience in our restaurants.

我們以皇家圓桌會議拉開了 2023 年的序幕，全國 40 多個城市的 8,000 多名漢堡王餐廳總經理齊聚一堂。我們的目標是團結 Reclaim the Flame 背後的系統，為他們提供實踐教育，並為他們為在我們的餐廳提供卓越的賓客體驗所做的寶貴工作灌輸一種自豪感。

I had a chance to attend the Miami session last week and the enthusiasm from our restaurant general managers is truly inspiring and rewarding. During the fourth quarter, we kicked off our Royal reset program, spending approximately $17 million of the $250 million program.

上週我有機會參加了邁阿密會議，我們餐廳總經理的熱情確實鼓舞人心，也讓我受益匪淺。在第四季度，我們啟動了皇家重置計劃，花費了 2.5 億美元計劃中的大約 1700 萬美元。

This included allocating an initial $50 million to Royal refresh for new point-of-sale terminals, kitchen display screens and indoor digital menu boards, which we'll start deploying this month. These investments are matched dollar for dollar by participating franchisees who have chosen to invest in kitchen equipment like fryers and broilers as well as property enhancements, like improved lighting and signage.

這包括為 Royal refresh 撥款 5000 萬美元用於新的銷售點終端、廚房顯示屏和室內數字菜單板，我們將於本月開始部署這些設備。這些投資由參與的特許經營商以美元對美元進行匹配，他們選擇投資於油炸鍋和烤肉機等廚房設備以及改善照明和標牌等財產改善設施。

Given strong interest from our franchisees and to better capitalize on the momentum we're seeing in the business, we've decided to accelerate our timeline and now expect to deploy the majority of our announced $50 million Royal refresh spend in 2023.

鑑於我們的特許經營商的強烈興趣，以及為了更好地利用我們在業務中看到的勢頭，我們決定加快我們的時間表，現在預計將在 2023 年部署我們宣布的 5000 萬美元皇家翻新支出的大部分。

We also continued working through applications for our Royal reset remodel program, which provides up to $200 million of funding for high-quality remodels, prioritizing restaurants, operators and remodel scopes that offer the greatest potential to deliver the highest returns for our franchisees. We've mentioned before that quality over quantity is a key priority for this program, and I'm pleased to see franchisees also embracing this mindset. Nearly 1/4 of the remodel applications are for scrape and rebuilds.

我們還繼續處理皇家重置改造計劃的申請，該計劃為高質量改造提供高達 2 億美元的資金，優先考慮最有潛力為我們的加盟商帶來最高回報的餐廳、運營商和改造範圍。我們之前提到過，質量勝於數量是該計劃的重中之重，我很高興看到特許經營商也接受這種心態。將近 1/4 的改造申請用於拆解和重建。

While these scrapes are the most intensive -- capital-intensive project type, they also see the highest sales uplifts and position the brand for success in their markets for decades to come.

雖然這些刮擦是最密集的 - 資本密集型項目類型，但他們也看到了最高的銷售額提升，並為該品牌在未來幾十年的市場中取得成功奠定了基礎。

The Royal reset program, team member training and Royal roundtables help to ensure our restaurants are ready to welcome guests as we drive traffic to the system with our $150 million fuel to flame in marketing and digital investments, which also began in Q4.

皇家重置計劃、團隊成員培訓和皇家圓桌會議有助於確保我們的餐廳準備好迎接客人，因為我們用 1.5 億美元的燃料推動系統的客流量，以推動營銷和數字投資，這也是從第四季度開始的。

I'm really proud of our team's new campaign, highlighting the Whopper. I won't attempt to sing the jingle here, and you all probably have it stuck in your heads by now anyways, but this is a truly iconic campaign, highlighting one of our strongest brand equities. We've already seen early indications of success from this campaign including sequential improvements in brand health metrics like top preference during the fourth quarter.

我真的為我們團隊的新活動感到自豪，突出了 Whopper。我不會嘗試在這裡唱這首歌，無論如何你們現在可能已經把它牢記在心了，但這是一個真正的標誌性活動，突出了我們最強大的品牌資產之一。我們已經看到該活動取得成功的早期跡象，包括品牌健康指標的連續改進，例如第四季度的最高偏好。

Now to move on to our results. Our 5% increase in comparable sales was driven by our focus on the Whopper, sustained momentum in Royal Crispy Chicken platform and thoughtful value positioning.

現在繼續我們的結果。我們的可比銷售額增長了 5%，這得益於我們對 Whopper 的關注、皇家脆皮雞平台的持續發展勢頭以及深思熟慮的價值定位。

Our calendar initiatives were further enhanced by $13 million of spending against our fuel to flame program, including $9 million on marketing investment. -- which included brand communications to reintroduce our guests to our core equities like the Whopper and HAVE IT YOUR WAY.

1300 萬美元的燃料燃燒計劃支出進一步加強了我們的日曆計劃，其中包括 900 萬美元的營銷投資。 -- 其中包括品牌傳播，以重新向我們的客人介紹我們的核心資產，如 Whopper 和 HAVE IT YOUR WAY。

In addition, our ongoing efforts to improve our digital capabilities helped drive fourth quarter digital sales growth of 36% year-over-year reaching approximately 11% of system-wide sales.

此外，我們不斷努力提高我們的數字能力，幫助推動第四季度數字銷售額同比增長 36%，約佔全系統銷售額的 11%。

Before I shift to Burger King International, I want to touch on the health of our franchisee base. We know this is a key focus for investors, especially given the recent insolvency in the system. We have hundreds of franchisees across the country, many of whom are experienced local operators. We have families who have been in the business for decades and are important contributors to their local economies and communities. That said, it's also clear that we have operators who are struggling, and we're actively working to help them improve or transition their portfolios to more engaged operationally strong franchisees, all with the goal of positioning the system for long-term success.

在我轉向漢堡王國際之前，我想談一談我們加盟商的健康狀況。我們知道這是投資者關注的重點，尤其是考慮到該系統最近資不抵債。我們在全國擁有上百家加盟商，其中不乏經驗豐富的本地經營者。我們的家族已經營數十年，是當地經濟和社區的重要貢獻者。也就是說，很明顯，我們的運營商正在苦苦掙扎，我們正在積極努力幫助他們改善他們的投資組合或將他們的投資組合轉變為更積極、運營更強大的特許經營商，所有這些都是為了使系統定位以取得長期成功。

As Patrick discussed, we know that one of the best ways to improve the financial health of our franchisees is to drive traffic and top line sales while thoughtfully implementing initiatives to improve the bottom line. We also know that strong operations are highly correlated with franchisee profitability. That's why Tom has been so focused on operations, as we work to drive traffic back into the system.

正如帕特里克所討論的那樣，我們知道改善特許經營商財務狀況的最佳方法之一是推動流量和收入增長，同時深思熟慮地實施提高利潤的舉措。我們還知道，強大的運營與加盟商的盈利能力高度相關。這就是為什麼 Tom 如此專注於運營，因為我們致力於將流量帶回系統。

We are seeing this translate into improvements in franchisee profitability, with Q4 profitability up about 40% year-on-year, a good first step towards surpassing our $175,000 average 4-wall EBITDA target by 2024.

我們看到這轉化為加盟商盈利能力的提高，第四季度盈利能力同比增長約 40%，這是朝著到 2024 年超過我們 175,000 美元的平均 4 牆 EBITDA 目標邁出的良好第一步。

That said, we're pleased to see early indications that our dedicated operations improvements, efforts and reclaim the land plan are driving results. We'll keep you updated on our progress in the year ahead. Now shifting to the Burger King international business, which is an important growth engine for the brand. David and his team delivered comparable sales growth of 11% year-over-year, and system-wide sales were up over 16% for the fourth quarter.

也就是說，我們很高興看到早期跡象表明我們專門的運營改進、努力和開墾土地計劃正在推動成果。我們將讓您了解我們在未來一年的最新進展。現在轉向漢堡王國際業務，這是該品牌重要的增長引擎。 David 和他的團隊實現了 11% 的可比銷售額同比增長，第四季度全系統銷售額增長超過 16%。

These results were driven by strength in 5 of our largest markets: France, Spain, Australia, Brazil and the U.K., which all saw double-digit comparable sales versus 2019 and helped to offset continued COVID-related pressures in China.

這些業績得益於我們最大的 5 個市場的強勁表現：法國、西班牙、澳大利亞、巴西和英國，與 2019 年相比，這些市場的可比銷售額均達到兩位數，並幫助抵消了中國持續的 COVID 相關壓力。

France, our leading international Burger King market, saw over 25% system-wide sales growth year-over-year reaching $1.6 billion in system-wide sales in 2022, and Spain reached $1.3 billion in system-wide sales.

法國是我們領先的國際漢堡王市場，2022 年全系統銷售額同比增長超過 25%，達到 16 億美元，西班牙的全系統銷售額達到 13 億美元。

For the fourth quarter, digital sales in Burger Kings international markets comprised over 60% of system-wide sales and grew approximately 27% year-over-year, driven by kiosks and delivery.

第四季度，漢堡王國際市場的數字銷售額佔全系統銷售額的 60% 以上，在售貨亭和送貨的推動下同比增長約 27%。

China and South Korea generated over 90% of sales through digital channels with France, Spain and Italy reaching over 80%; Brazil at over 50% and the U.K., Saudi Arabia and UAE generating over 30% of sales digitally this quarter.

中國和韓國通過數字渠道產生了超過 90% 的銷售額，法國、西班牙和意大利達到了 80% 以上；本季度，巴西超過 50%，英國、沙特阿拉伯和阿聯酋的數字銷售額超過 30%。

We're very excited about the potential of our international business and look forward to extending this momentum into 2023 and beyond.

我們對我們國際業務的潛力感到非常興奮，並期待將這一勢頭延續到 2023 年及以後。

Turning now to Popeyes. Our development momentum resulted in net restaurant growth of 10% and coupled with comparable sales of nearly 4%, including 1.5% comparable sales in the U.S., led to system-wide sales growth of over 11% for the quarter. Throughout 2022, we've been commenting on the strides the team has been making to bring the brands unique Louisiana flavors to more and more guests around the world.

現在轉向大力水手。我們的發展勢頭導致餐廳淨增長 10%，加上近 4% 的可比銷售額，包括美國 1.5% 的可比銷售額，導致本季度全系統銷售額增長超過 11%。在整個 2022 年，我們一直在評論團隊為將品牌獨特的路易斯安那風味帶給世界各地越來越多的客人而取得的進步。

We were recently named the #2 best franchise in Entrepreneurs Franchise 500, and we believe the strong value proposition of this brand is becoming more and more recognized in the broader franchisee community.

我們最近在 Entrepreneurs Franchise 500 中被評為最佳特許經營權第 2 名，我們相信這個品牌的強大價值主張在更廣泛的特許經營社區中越來越得到認可。

Our emphasis on entering into long-term agreements with high-quality partners who the ambitions and values are aligned to their own, coupled with the business transformation we've experienced over the past few years, are major contributors to this development journey.

我們重視與抱負和價值觀與其自身保持一致的優質合作夥伴簽訂長期協議，再加上我們在過去幾年中經歷的業務轉型，是這一發展歷程的主要貢獻者。

We ended the year just shy of 4,100 restaurants globally, up from roughly 2,700 when we first acquired Popeyes in 2017. This year, we saw over 200 restaurant openings in North America alone, featuring the greatest number of new franchisees and highest percentage of freestanding single or double drive-through locations in the past 5 years.

2017 年年底，我們在全球擁有 4,100 家餐廳，高於我們在 2017 年首次收購 Popeyes 時的約 2,700 家。今年，僅在北美，我們就看到了 200 多家餐廳開業，其中新加盟商數量最多，獨立餐廳比例最高或在過去 5 年內有兩個免下車地點。

We also started to see the brand's global development pipeline take hold. In 2022, we opened over 180 net new stores outside of North America. That's a nearly 7x increase versus 2017 levels. With growth coming from existing markets like Turkey, Spain, Brazil and the U.K. as well as exciting new market entries like South Korea, India and Indonesia.

我們也開始看到該品牌的全球發展渠道站穩腳跟。 2022 年，我們在北美以外淨開設了 180 多家新店。與 2017 年的水平相比增長了近 7 倍。隨著土耳其、西班牙、巴西和英國等現有市場的增長，以及韓國、印度和印度尼西亞等令人興奮的新市場進入。

In the U.S., the launch of our Black & Chicken Sandwich in November proved to be a great extension of our chicken sandwich platform, offering guests another delicious, high-quality product well positioned for more everyday consumption without sacrificing the flavor of the classic chicken sandwich.

在美國，我們於 11 月推出的 Black & Chicken Sandwich 被證明是我們雞肉三明治平台的重要擴展，為客人提供了另一種美味、優質的產品，適合更多日常消費，同時又不犧牲經典雞肉三明治的風味.

This addition resonated well with guests and helped drive a healthy rebound in overall chicken sandwich performance. As I mentioned, and his team have also been focused on enhancing operations at Popeyes in the U.S. In this quarter, we saw a continued improvement in guest satisfaction levels. We know that top operators are those who score the highest on key metrics like guest satisfaction, speed of service and brand standards execution, generated over 30% higher 4-wall EBITDA in 2022 than the system average, which is why improving operations is such an important aspect of our long-term strategy.

這一添加引起了客人的共鳴，並幫助推動了雞肉三明治整體業績的健康反彈。正如我提到的，他的團隊也一直專注於加強 Popeyes 在美國的運營。在本季度，我們看到客人滿意度水平持續提高。我們知道頂級運營商是那些在客人滿意度、服務速度和品牌標準執行等關鍵指標上得分最高的運營商，他們在 2022 年產生的四壁 EBITDA 比系統平均水平高出 30% 以上，這就是為什麼改善運營如此重要我們長期戰略的重要方面。

We were also pleased to drive approximately 20% of our sales through digital channels at Popeyes U.S. this quarter, up over 30% year-over-year, driven by strength in delivery and Mobile Order & Pay.

我們也很高興本季度通過 Popeyes U.S. 的數字渠道推動約 20% 的銷售額，同比增長超過 30%，這得益於交付和移動訂單和支付的強勁增長。

As we look into 2023, we're focused on delivering another strong development year, innovating around key menu items and enhancing the guest experience through improved digital capabilities and operations, including making our restaurants easier to run for our team members.

展望 2023 年，我們專注於實現又一個強勁的發展年，圍繞關鍵菜單項進行創新，並通過改進數字功能和運營來提升客人體驗，包括讓我們的餐廳更容易為我們的團隊成員經營。

And finally, moving to Firehouse Subs. We rounded out Firehouse Subs first full year as part of the RBI family, making meaningful progress positioning the brand for future growth. Throughout 2022, we worked on integrating Firehouse and continued to transition from an area representative model to a more traditional corporate and franchisee-led development model, like our other brands, all to position Firehouse for higher unit growth in the future.

最後，轉到 Firehouse Subs。作為 RBI 家族的一部分，我們完成了 Firehouse Subs 的第一個完整年度，在定位品牌未來增長方面取得了有意義的進展。整個 2022 年，我們致力於整合 Firehouse，並繼續從區域代表模式過渡到更傳統的企業和特許經營商主導的發展模式，就像我們的其他品牌一樣，所有這些都是為了讓 Firehouse 在未來實現更高的單位增長。

In addition, we've identified areas of opportunity to enhance the brand's digital capabilities, including around our mobile app and loyalty program, and we'll have more to share on our digital path in 2023.

此外，我們還確定了增強品牌數字能力的機會領域，包括圍繞我們的移動應用程序和忠誠度計劃，我們將在 2023 年的數字道路上分享更多內容。

Firehouse Subs ended the year with average unit volumes of nearly $925,000 on a trailing 12-month basis. That's up about 25% versus 2020 levels. During the fourth quarter, Firehouse Subs saw a net unit growth of 2.4% and relatively flat comparable sales, resulting in a 3.9% year-over-year increase in system-wide sales.

Firehouse Subs 在過去 12 個月的基礎上平均單位銷量接近 925,000 美元。這比 2020 年的水平高了約 25%。第四季度，Firehouse Subs 的單位淨增長率為 2.4%，可比銷售額相對持平，導致全系統銷售額同比增長 3.9%。

Successful digital initiatives, including Name of the Day, helped drive 1/3 of sales through digital channels for the quarter. The Firehouse Subs Public Safety Foundation also remained active this quarter and surpassed $73 million of grants awarded since inception.

成功的數字計劃（包括每日名稱）幫助本季度通過數字渠道推動了 1/3 的銷售額。 Firehouse Subs 公共安全基金會本季度也保持活躍，自成立以來撥款超過 7300 萬美元。

The brand's commitment to this foundation is a key driver of its resonance with guests and strong brand health metrics, including #1 in support communities and has value similar to my own. We look forward to ensuring Firehouse Subs remains an important fixture in its communities for many years to come.

該品牌對這一基礎的承諾是其與客人產生共鳴和強大的品牌健康指標的關鍵驅動力，包括在支持社區中排名第一，其價值與我自己的價值相似。我們期待確保 Firehouse Subs 在未來許多年內仍然是其社區的重要組成部分。

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

現在我將把它交給馬特，他將討論我們本季度的財務業績。馬特？

Thanks, Josh. Good morning, everyone. For the fourth quarter, excluding Firehouse in Russia, our global system-wide sales grew 11%, and our adjusted EBITDA grew approximately 6% organically.

謝謝，喬希。大家，早安。第四季度，不包括俄羅斯的 Firehouse，我們的全球全系統銷售額增長了 11%，我們調整後的 EBITDA 有機增長了約 6%。

Our Fuel to Flame investment in Burger King U.S. was a $13 million headwind to our adjusted EBITDA, reducing our year-over-year growth rate by approximately 2%. Our growth rate was also reduced by another 4% related to a few additional drivers, including a $9 million decrease in cash distributions received from various joint ventures, a $7 million year-over-year increase in bad debt at Burger King, largely related to the recent BK U.S. franchisee insolvency Josh mentioned, and a $5 million increase in segment G&A, excluding Firehouse.

我們對美國漢堡王的 Fuel to Flame 投資對我們調整後的 EBITDA 造成了 1300 萬美元的不利影響，使我們的同比增長率降低了約 2%。我們的增長率也下降了 4%，這與一些額外的驅動因素有關，包括從各種合資企業收到的現金分配減少 900 萬美元，漢堡王的壞賬同比增加 700 萬美元，這主要與Josh 提到的最近 BK 美國特許經營商破產，以及不包括 Firehouse 的 G&A 部門增加了 500 萬美元。

As we've discussed, over the past few years, we've been making proactive investments across key areas of the business that we believe will help accelerate our plans to enhance the guest experience and drive long-term profitable growth for us and our franchisees. We feel confident we have the resources we need to drive our plans forward.

正如我們所討論的，在過去的幾年中，我們一直在業務的關鍵領域進行積極的投資，我們相信這將有助於加快我們的計劃，以增強客戶體驗並推動我們和我們的特許經營商的長期盈利增長.我們相信我們擁有推進計劃所需的資源。

And as we look to 2023, we currently expect to see a significant moderation in the year-over-year growth of our core segment G&A. During the quarter, as a result of depreciation in both the Canadian dollar and the euro versus the U.S. dollar, we saw our adjusted EBITDA FX headwind increase versus third quarter levels to $31 million year-over-year.

展望 2023 年，我們目前預計核心部門 G&A 的同比增長將顯著放緩。在本季度，由於加元和歐元兌美元貶值，我們看到調整後的 EBITDA 外匯不利因素與第三季度水平相比增加至 3100 萬美元。

As a reminder, on average, for every 100 basis point change in the Canadian dollar versus the U.S. dollar, we see a roughly $3 million quarterly EBITDA impact. And for every 100 basis point change in the euro, we see a roughly $1 million EBITDA impact per quarter.

提醒一下，平均而言，加元兌美元匯率每變動 100 個基點，我們就會看到大約 300 萬美元的季度 EBITDA 影響。歐元每變動 100 個基點，我們就會看到每季度約 100 萬美元的 EBITDA 影響。

Before turning to EPS, I'd like to briefly discuss our sales minus cost of sales margin within our Tim Hortons segment. As Patrick mentioned, our industry has experienced significant levels of inflation. And as a result of our pass-through approach to commodity price increases, our percentage margin decreased in the fourth quarter. As a reminder, the way we manage our business is designed to provide visibility and stability to our restaurant owners, including adjusting prices at designated times during the year.

在轉向每股收益之前，我想簡要討論一下我們的 Tim Hortons 部門的銷售額減去銷售利潤成本。正如帕特里克提到的，我們的行業經歷了嚴重的通貨膨脹。由於我們對商品價格上漲的傳遞方法，我們的利潤率在第四季度有所下降。提醒一下，我們管理業務的方式旨在為我們的餐廳老闆提供可見性和穩定性，包括在一年中的指定時間調整價格。

As an example, we typically buy coffee 9 to 12 months out, and as a result, in Q4, we were working through inventory that was purchased at more elevated price levels. Given these timing dynamics, we believe looking at our sales minus cost of sales margin on a full year basis is a better indicator of the business.

例如，我們通常會在 9 到 12 個月後購買咖啡，因此，在第四季度，我們正在處理以更高價格水平購買的庫存。鑑於這些時間動態，我們認為全年銷售額減去銷售利潤成本是業務的更好指標。

Now shifting to EPS. Our fourth quarter adjusted earnings per share was $0.72 and grew approximately 5% organically year-over-year, excluding an FX headwind of $0.05 per share. Our adjusted EPS also included a $0.01 per share net benefit related to discrete noncash tax items, which was offset by a negative $0.06 per share headwind from the combined impact of our Burger King U.S. Fuel the Flame investment, removal of Russia from our earnings base and the decrease in cash distributions received from joint ventures.

現在轉向 EPS。我們第四季度調整後每股收益為 0.72 美元，同比有機增長約 5%，不包括每股 0.05 美元的外匯逆風。我們調整後的每股收益還包括與離散非現金稅收項目相關的每股 0.01 美元的淨收益，這被我們的漢堡王美國燃料火焰投資、俄羅斯從我們的收益基礎中移除以及從合營企業收到的現金分配減少。

Taken together, these items had a total net negative impact of $0.05 per share resulting in a negative 7% headwind to our Q4 organic growth of 5%. Our EPS growth rate in the quarter was also impacted by an additional negative 5% due to our higher average debt balance related to our acquisition of Firehouse Subs as well as rising U.S. benchmark rates, which flow through to the cost of our floating rate debt.

總而言之，這些項目的總淨負面影響為每股 0.05 美元，導致我們第四季度 5% 的有機增長出現 7% 的負逆風。由於與我們收購 Firehouse Subs 相關的平均債務餘額增加以及美國基準利率上升，我們本季度的每股收益增長率也受到額外負 5% 的影響，這會影響我們的浮動利率債務成本。

As a reminder, our proactive refinancing and interest rate hedging has allowed us to effectively lock in fixed rates on approximately 80% of our debt over the next 6 years. However, we do still have exposure to rising rates on approximately 20% of our outstanding debt.

提醒一下，我們積極的再融資和利率對沖使我們能夠在未來 6 年內有效地鎖定大約 80% 的債務的固定利率。然而，我們仍有大約 20% 的未償債務面臨利率上升的風險。

Finally, during the quarter, our equity-based compensation increased year-over-year to $43 million, in part driven by the changes to our incentive compensation framework in 2021 toward market standard 3- and 4-year vesting from 5-year cliff vesting.

最後，在本季度，我們基於股權的薪酬同比增長至 4300 萬美元，部分原因是我們在 2021 年將激勵薪酬框架從 5 年懸崖歸屬改為市場標準的 3 年和 4 年歸屬.

We expect this shift as well as the addition of recent equity awards will result in continued elevated levels of equity-based compensation in Q1 and 2023.

我們預計這一轉變以及近期股權獎勵的增加將導致第一季度和 2023 年基於股權的薪酬水平持續上升。

Turning to our cash flow and capital allocation priorities. During the quarter, we generated $375 million in free cash flow, reaching nearly $1.4 billion for the year. Our strong free cash flow conversion allowed us to continue executing on key aspects of our capital allocation strategy, including commencing our Reclaim the Flame plan at Burger King U.S. and returning roughly $240 million of capital to shareholders through our industry-leading dividend, which we declared for Q1 at $0.55 per common share unit with a full year target of $2.20 per share in 2023, marking the tenth annual year-over-year increase in our dividend.

轉向我們的現金流和資本分配優先事項。本季度，我們產生了 3.75 億美元的自由現金流，全年達到近 14 億美元。我們強大的自由現金流轉換使我們能夠繼續執行我們資本配置戰略的關鍵方面，包括在美國漢堡王開始我們的 Reclaim the Flame 計劃，並通過我們宣布的行業領先的股息向股東返還大約 2.4 億美元的資本第一季度每股普通股 0.55 美元，全年目標為 2023 年每股 2.20 美元，這標誌著我們的股息第十年同比增長。

As part of Reclaim the Flame, we also deployed $17 million of capital toward our Royal Reset program this quarter and $13 million toward our Fuel the Flame advertising and digital investments.

作為 Reclaim the Flame 的一部分，我們還在本季度為我們的 Royal Reset 計劃部署了 1700 萬美元的資金，並為我們的 Fuel the Flame 廣告和數字投資部署了 1300 萬美元。

We ended the year with a liquidity position of approximately $2.2 billion, including nearly $1.2 billion of cash and saw our net leverage sequentially decline to 5.1x, keeping us on track to reach our target net leverage ratio of the mid-4x area over the next 2 to 3 years.

年底，我們的流動性頭寸約為 22 億美元，其中包括近 12 億美元的現金，我們的淨槓桿率連續下降至 5.1 倍，使我們有望在未來達到 4 倍左右的目標淨槓桿率2 到 3 年。

Going forward, our capital allocation priorities remain unchanged. We are committed to executing our strategic brand investments, including our $400 million Reclaim the Flame program and aim to grow our dividend on a dollar per share basis over time as we grow the business. While we do have a share repurchase authorization in place, in the near term, we intend to prioritize delevering and believe a 4x -- a mid-4x net leverage ratio will provide us with plenty of flexibility to execute on both organic and strategic opportunities in the future with the added benefit of reducing our cost of debt over time.

展望未來，我們的資本配置重點保持不變。我們致力於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，並旨在隨著我們業務的發展，以每股美元為基礎增加我們的股息。雖然我們確實有股票回購授權，但在短期內，我們打算優先考慮去槓桿化，並相信 4 倍 - 4 倍左右的淨槓桿率將為我們提供足夠的靈活性來執行有機和戰略機會隨著時間的推移降低我們的債務成本的額外好處。

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，我們現在將開放提問熱線。操作員？

(Operator Instructions) Our first question today comes from David Palmer from Evercore.

（操作員說明）我們今天的第一個問題來自 Evercore 的 David Palmer。

Congrats, Patrick and Josh. And thank you and all the best to you, Jose, after this transition year. Patrick, obviously, your priority, as you said, is going to be around maximizing long-term growth, what are some of the biggest opportunities you see to make this happen?

恭喜，帕特里克和喬希。在這一過渡年之後，何塞，謝謝你，祝你一切順利。帕特里克，顯然，正如你所說，你的首要任務是最大化長期增長，你認為實現這一目標的最大機會是什麼？

And I would guess it's going to be under the big 2 buckets or at least the investment community would think about the big 2 areas as sort of the North America brand turnarounds. And do you see the plans, investments in people there in those big 2 brands as sort of underway? Or do you think there's changes that need to happen in investments or other?

而且我猜想它會在兩大桶之下，或者至少投資界會把兩大領域視為北美品牌的轉機。您是否看到對那些大 2 品牌的人員的計劃和投資正在進行中？或者您認為投資或其他方面需要發生變化嗎？

And then on the international front, do you see opportunities, obviously, unit growth over the long term is going to be a big deal? Do you see regions or brands where you have the greatest unit growth acceleration opportunity?

然後在國際方面，你是否看到機會，顯然，長期的單位增長將是一件大事？您是否看到您擁有最大單位增長加速機會的區域或品牌？

Sure. Thanks, David. So look, I think in terms of the first question around the teams and the investments that we're making, I think we're in a very good place. So we certainly may be shifting some things around as we find areas where we think we can invest that are going to generate a great return.

當然。謝謝，大衛。所以看，我認為就圍繞團隊和我們正在進行的投資的第一個問題而言，我認為我們處於一個非常好的位置。因此，當我們發現我們認為可以投資的領域將產生巨大回報時，我們當然可能會改變一些事情。

But we've got great teams in place, and we are certainly investing into those businesses to get things moving. The reclaim the flame initiative, you can already see is starting to move us in the right direction. I think we are nicely on the path in terms of improving the profitability of the stores and the -- and that's ultimately what's going to lead to growth in that business.

但我們擁有優秀的團隊，我們肯定會投資於這些業務以推動事情發展。回收火焰倡議，您已經可以看到它開始將我們推向正確的方向。我認為我們在提高商店的盈利能力方面做得很好——這最終將導致該業務的增長。

Tim's is doing great. We're returning back to levels and have now passed levels from pre-pandemic feeling very good about the momentum in that business, the leadership we've got in the business there.

蒂姆做得很好。我們正在恢復到水平，現在已經超過了大流行前的水平，對該業務的發展勢頭以及我們在該業務中的領導地位感到非常滿意。

Matt talked about the supply chain margin in fourth quarter, which honestly was kind of more an issue of cost of coffee going up and our flattening out pricing for our franchisees to kind of help remove some volatility for them in their earnings, which is certainly going to help them feel great about their investment of time and resources into Tim's.

馬特談到了第四季度的供應鏈利潤率，老實說，這更像是咖啡成本上漲的問題，我們為特許經營商制定的定價趨於平緩，以幫助消除他們收入的一些波動，這肯定會持續下去幫助他們對自己在 Tim's 上投入的時間和資源感到滿意。

So those 2 big home markets -- in the Tim's case, I think, is in very good shape, really moving strongly in the right direction. BK, we've still got work to do, clearly, but we are absolutely on the right path. I think we mentioned the fourth quarter profits for the franchisees up very meaningfully. So that really gets to the international side.

所以這兩個大的國內市場——我認為在蒂姆的情況下，狀況非常好，確實朝著正確的方向強勁發展。 BK，顯然，我們還有工作要做，但我們絕對走在正確的道路上。我認為我們提到第四季度的利潤對於加盟商來說非常有意義。所以這真的涉及到國際方面。

And I was over with David and his team last week in Switzerland and then Spain, I am really impressed with that team. I think we've got the team and the resources we need there. We've done a really good job of choosing strong franchisees around the world. The pandemic certainly slowed some things down, most notably, I think, with BK in China, and we've got to figure out a way to get that growing again.

上週我在瑞士和西班牙結束了大衛和他的團隊，我對那個團隊印象深刻。我認為我們擁有所需的團隊和資源。我們在全球範圍內選擇強大的加盟商方面做得非常好。大流行病確實減緩了一些事情，我認為最顯著的是 BK 在中國，我們必須想辦法讓它再次增長。

But overall, when you look at the scale and scope of the BK business outside of the U.S., we've got a big base of business that is going to continue to grow. At the same time, we've now got 3 great brands that we're going to be able to move through that international network that is going to generate new store growth for a very, very long time.

但總的來說，當你看看美國以外的 BK 業務的規模和範圍時，我們有一個龐大的業務基礎，並將繼續增長。與此同時，我們現在擁有 3 個偉大的品牌，我們將能夠通過這個國際網絡移動，這將在非常非常長的時間內產生新的商店增長。

And I should add on the whole, very strong unit economics in our international businesses, which ultimately, if you combine great franchisees, who're well capitalized with strong unit economics, that's what's going to drive your net new store growth.

而且我應該在我們的國際業務中補充整體非常強大的單位經濟，最終，如果你將擁有良好資本的優秀特許經營商與強大的單位經濟相結合，這將推動你的淨新店增長。

And -- so most of the store growth is going to come ultimately from outside of the U.S., Popeyes is doing a great job in the U.S. with store growth. But the international business is going to be the engine on stores for decades to come, and I feel really good about the state of that business, the investments we've made there, the team that's in place and how that's going to generate store growth going forward.

而且 - 因此大部分商店增長最終將來自美國以外的地區，Popeyes 在美國的商店增長方面做得很好。但國際業務將成為未來幾十年商店的引擎，我對這項業務的狀況、我們在那裡所做的投資、現有的團隊以及這將如何促進商店增長感到非常滿意向前走。

Our next question today comes from Brian Bittner from Oppenheimer & Company.

我們今天的下一個問題來自 Oppenheimer & Company 的 Brian Bittner。

Congratulations to Josh and Jose, and welcome back, Patrick, good to hear from you. As it relates to improving franchise profitability, which is obviously a huge part of your mandate, the company's mandate, franchisee profitability, as obviously, is down a lot from when it was last disclosed in 2018.

祝賀喬希和何塞，歡迎回來，帕特里克，很高興收到你的來信。由於它與提高特許經營盈利能力有關，這顯然是您授權的重要組成部分，公司的授權、加盟商的盈利能力顯然比 2018 年上次披露時下降了很多。

I believe at that time, Tim Hortons was at $320,000, it's now $220,000. Burger King was at, I think, $180,000, it's now at $140,000. So outside of improving sales and improving comps, what do you believe are the other more controllable opportunities, again, outside of sales leverage as it relates to executing against this mandate to improve franchisee profitability?

我相信當時 Tim Hortons 的價格是 320,000 美元，現在是 220,000 美元。漢堡王當時的價格是 180,000 美元，現在是 140,000 美元。因此，除了提高銷售和改善補償外，您認為還有哪些其他更可控的機會，再次，在銷售槓桿之外，因為它與執行這項任務有關，以提高特許經營商的盈利能力？

Yes. Good morning, Brain, thanks so much for the question. I think a few different thoughts on this one. And I think it's been a great initiative from Patrick to bring franchise profitability kind of even more to the forefront here, it's something we focus on for a long time, but now we'll be talking about with you all as well and a bunch internally.

是的。早上好，布萊恩，非常感謝你提出這個問題。我對此有一些不同的想法。而且我認為帕特里克將特許經營盈利能力帶到這裡的最前沿是一項偉大的舉措，這是我們長期以來關注的事情，但現在我們也將與大家和一群內部人士討論.

I think to the points you made, first of all, sales and traffic are the start of this equation. So we do need to focus there. And I think the good news on that front is that we have quite a bit of momentum in some of our core markets. We had a great quarter at Tim's, and we're starting to see some of the results in BK U.S. from our Reclaim the Flame plan.

我認為就您提出的觀點而言，首先，銷售和流量是這個等式的開始。所以我們確實需要關注那裡。我認為這方面的好消息是我們在一些核心市場上有相當大的勢頭。我們在 Tim's 度過了一個愉快的季度，我們開始從我們的 Reclaim the Flame 計劃中看到 BK U.S. 的一些結果。

So I think we've got some good momentum on the sales side, and that will help us a lot. I think on the stuff below sales, we did see a tremendous amount of inflation, especially across the COGS lines over the last couple of years. And I think there's a little bit of better news coming on that front. We are seeing some moderation in COGS inflation, and I think that really helps.

所以我認為我們在銷售方面有一些良好的勢頭，這對我們有很大幫助。我認為在銷售額以下的東西上，我們確實看到了巨大的通貨膨脹，尤其是在過去幾年的 COGS 線上。而且我認為這方面有一些更好的消息。我們看到 COGS 通脹有所緩和，我認為這確實有幫助。

If we can put together the combination of driving some sales and traffics back into the restaurant, plus have some moderation in some of those cost lines, I think that's the formula that we'll be focused on going forward, and I think can drive some meaningful improvement in franchise profitability this year.

如果我們可以將推動一些銷售和客流量重新帶回餐廳，再加上一些成本線有所節制，我認為這就是我們未來將重點關注的公式，我認為可以推動一些今年特許經營盈利能力顯著改善。

Our next question comes from Dennis Geiger from UBS.

我們的下一個問題來自瑞銀集團的 Dennis Geiger。

Great. Patrick and Josh, congratulations. And Jose, best of luck on the transition. I appreciate all the detail and the commentary on the franchisee profitability and the strategic focus here. Just specific to the Burger King U.S. and perhaps Tim's Canada.

偉大的。帕特里克和喬希，祝賀你。何塞，祝你過渡順利。我很欣賞這里關於加盟商盈利能力和戰略重點的所有細節和評論。僅特定於漢堡王美國和蒂姆的加拿大。

The focus clearly on improving 4-wall profitability, but wondering if there's any thoughts to add with respect to what closures could look like relative to historical levels? Does that need to change at all, as we get the system in an even better place or is it really the focus on the profitability and then that number doesn't need to need to change at all?

重點顯然是提高 4 牆的盈利能力，但想知道是否有任何關於關閉相對於歷史水平的想法？這是否需要改變，因為我們讓系統處於一個更好的位置，或者它真的專注於盈利能力，然後這個數字根本不需要改變嗎？

Yes. Good morning, Dennis, thank you so much for the question. I'd say on -- particularly on BK U.S., that's been the most focus on this front. Like I said, we -- I think what's really encouraging that we're seeing some good momentum on the sales side. Reclaim the Flame looks like it's working, some of the new advertising and focus on the Whoppers is working and that's helped both sales and as I mentioned, profitability, which was up about 40% in the fourth quarter.

是的。早上好，丹尼斯，非常感謝你提出這個問題。我要說的是——尤其是 BK U.S.，這是這方面最關注的問題。就像我說的，我們——我認為真正令人鼓舞的是我們在銷售方面看到了一些良好的勢頭。 Reclaim the Flame 看起來很有效，一些新的廣告和對 Whoppers 的關注正在發揮作用，這有助於銷售，正如我提到的那樣，盈利能力在第四季度增長了約 40%。

So we're hoping to build on that momentum. That said, as I also mentioned, there are some franchisees who are going through some difficulties, whether it's operational or capital structures, and we solve one of those situations with an insolvency that happened here recently.

所以我們希望在這種勢頭的基礎上再接再厲。也就是說，正如我也提到的那樣，有一些特許經營商正在經歷一些困難，無論是運營還是資本結構，我們通過最近在這裡發生的破產解決了其中一種情況。

And I think our goal, as we look through those situations, will be to make sure that we're thoughtful about all the different stakeholders and make sure we get to the right outcomes through those processes to make sure that all of those businesses are set up to be operationally and financially successful for the long run.

我認為，在審視這些情況時，我們的目標是確保我們考慮到所有不同的利益相關者，並確保我們通過這些流程獲得正確的結果，以確保所有這些業務都已確定從長遠來看，在運營和財務上取得成功。

Part of that may be closures, and we'll work through each of those individually and make sure we get to the right outcomes for the long run, and we'll keep you updated on any of those outcomes as we go in the coming quarters.

其中一部分可能是關閉，我們將單獨處理每一個，並確保我們長期取得正確的結果，我們將在接下來的幾個季度讓您了解任何這些結果的最新情況.

Our next question is from Chris Carril from RBC Capital Markets.

我們的下一個問題來自 RBC Capital Markets 的 Chris Carril。

Patrick, great to hear from you again, and congrats to Josh, and I would also like to say thank you and best wishes Jose as well. So encouraging results out of BK U.S. and it seems like there are positive early results from an reception to Reclaim the Flame.

帕特里克，很高興再次收到你的來信，祝賀喬希，我也想對你表示感謝，並向何塞致以最良好的祝愿。 BK U.S. 的結果如此令人鼓舞，似乎從招待會中獲得了積極的早期結果，以回收火焰。

So Patrick, you highlighted the opportunity to expand 4-wall EBITDA over the next couple of years. And Josh, we heard you highlight the acceleration of some of the investment spend in the plan. But given early results you're seeing and given your new roles, Patrick and Josh, it would be great to hear any additional thoughts on the plan here going forward and whether you see opportunity to kind of rethink investment levels just given the early momentum you're seeing?

所以帕特里克，你強調了在未來幾年擴大 4 壁 EBITDA 的機會。喬什，我們聽說你強調了計劃中一些投資支出的加速。但是鑑於你們看到的早期結果和你們的新角色，Patrick 和 Josh，很高興聽到關於未來計劃的任何其他想法，以及你們是否看到機會重新考慮投資水平，只是鑑於你們的早期動力看到了嗎？

So I'll start. Look, we are excited by the momentum in the business. I think we're getting a lot of things right. We've got real progress that we need to make to continue to drive that success in the BK system. Very different situation, and I'll loop back to the previous question a little bit, then with Tim's, which you've got a lot of franchisees in Canada, debt levels are low, the general health of the franchisee base is good overall. There are certainly exceptions. But the level of profitability in Canada overall is strong.

所以我會開始。看，我們對業務的發展勢頭感到興奮。我認為我們做對了很多事情。我們已經取得了真正的進展，我們需要繼續推動 BK 系統取得成功。情況非常不同，我會稍微回到之前的問題，然後是蒂姆，你在加拿大有很多特許經營商，債務水平很低，特許經營商的總體健康狀況總體良好。當然也有例外。但加拿大的整體盈利水平很高。

We want to get it back to the highs where it was and even higher than that and making great progress on that. But in the U.S. system, BK, I think the highest level of profits in the history of the brand was something like $184,000 in EBITDA. The $175,000 million gets us close to that. But we've really got to get it higher than that. So we've got to generate ongoing growth in the top line and in the bottom line for that business.

我們想讓它回到原來的高點，甚至更高，並在這方面取得很大進展。但在美國體系中，BK，我認為該品牌歷史上的最高利潤水平約為 184,000 美元的 EBITDA。 1750 億美元讓我們接近那個目標。但我們真的必須讓它比這更高。因此，我們必須在該業務的頂線和底線產生持續增長。

We've got to work through some situations, as you talked about, with some of the franchisees. But ultimately, if we've got the averages move in the right direction, the health of the system is continuing to get better. It certainly makes it easier to work through with some that have got capital structures that are not what you want them to be and kind of work through those situations.

正如您所說，我們必須與一些特許經營商一起解決一些情況。但最終，如果我們讓平均值朝著正確的方向移動，系統的健康狀況就會繼續好轉。它當然可以更容易地與一些資本結構不是你想要的資本結構的人一起工作，並在這些情況下進行工作。

But from a level of investment, the Reclaim the Flame, I think what it did for us is give us an opportunity to prove that investing in this business is going to generate good returns for the franchisees and for the company in growing the overall health of the business and the guest experience, and you can see that it is working.

但從投資層面來看，Reclaim the Flame，我認為它為我們所做的是讓我們有機會證明投資這項業務將為特許經營商和公司帶來良好的回報，促進整體健康發展業務和客戶體驗，您可以看到它正在發揮作用。

And so if you've proven a good return on investment, then it's most directly linked with the marketing, which we already have an agreement from the franchisees once we've gotten to the $175,000 million in 2024, then they commit for an extra 50 basis points in the following 2 years.

因此，如果你已經證明了良好的投資回報，那麼它與營銷最直接相關，一旦我們在 2024 年達到 1750 億美元，我們已經與特許經營商達成協議，然後他們承諾額外 50未來兩年的基點。

And that's -- we will have, at that point, proven that increased investment in marketing and is a good generator of return for them, and then they take over the investment there. So we feel good about where we are about the progress we're making, more to be done on the BK U.S. business, but early results are certainly very good.

那就是 - 到那時，我們將證明增加營銷投資並且可以為他們帶來良好的回報，然後他們會接管那裡的投資。因此，我們對我們正在取得的進展感到滿意，在 BK 美國業務上還有更多工作要做，但早期結果肯定非常好。

If I can just add there, Chris. I think I feel really good about where we're going. There's definitely a lot of work left to do. I think we have a tremendous leadership team there under Tom. And I think their plan is a really good and a very thoughtful one.

如果我可以補充一下，克里斯。我想我對我們要去的地方感覺很好。肯定還有很多工作要做。我認為在 Tom 的領導下，我們擁有一支出色的領導團隊。我認為他們的計劃非常好，非常周到。

I think they have initiatives that they can kind of action in the near term, which is what we already started to do with some of the new advertising. And we're going to do with some of our refresh where we're getting a lot of investments into the restaurants quickly with equipment and some of our technology.

我認為他們有一些可以在短期內採取行動的舉措，這就是我們已經開始對一些新廣告所做的事情。我們將進行一些更新，我們將通過設備和一些技術快速對餐廳進行大量投資。

And then over time, we transition to doing some more of the heavy lifting of some of the big asset upgrades. So I think the consumers of the plan are right. It's great to see the initial success. You may see us tweak little things around the edges, like we mentioned today on accelerating that early investment all into 2023. But I think by and large, I think it's a very thoughtful plan, and I'm really pleased to see some of the initial progress under Tom and the team.

然後隨著時間的推移，我們過渡到對一些大型資產升級做更多的繁重工作。所以我認為該計劃的消費者是對的。很高興看到最初的成功。你可能會看到我們在邊緣做了一些小調整，就像我們今天提到的將早期投資加速到 2023 年一樣。但我認為總的來說，我認為這是一個非常周到的計劃，我真的很高興看到其中的一些在 Tom 和團隊的領導下取得了初步進展。

Our next question comes from Brian Harbour from Morgan Stanley.

我們的下一個問題來自摩根士丹利的布賴恩港。

Yes. Congratulations, again, to all of you. I'll just ask about the BK U.S. side as well. We can see the sales performance kind of picking up there, and you noted better profitability in the fourth quarter. Is there anything else you can provide in terms of metrics on customer satisfaction, maybe in terms of market share? What else are we kind of seeing that's showing the traction in that business and helping to drive some of that profitability improvement?

是的。再次祝賀你們所有人。我也想問一下 BK 美國方面。我們可以看到那裡的銷售業績有所回升，您注意到第四季度的盈利能力有所提高。在客戶滿意度指標方面，您還有什麼可以提供的嗎？也許是在市場份額方面？我們還看到什麼顯示了該業務的吸引力並有助於推動盈利能力的提高？

Yes. Brian, thanks for the question. I think you hit on some of the main things that are giving us confidence. There are things like the sales and the profitability moving in the right direction. But we're also seeing a few other things. We're seeing in some of our brand metrics, we're seeing some improvement, I mentioned that in Q4.

是的。布賴恩，謝謝你的提問。我認為您找到了一些讓我們充滿信心的主要因素。銷售額和盈利能力都在朝著正確的方向發展。但我們也看到了一些其他的東西。我們在一些品牌指標中看到了一些改進，我在第四季度提到過。

So I think that to me is a sign that some of the advertising and really focusing on some of those core equities like the Whopper and Have It Your Way, that's working and resonating with our customer bases. I think we are also seeing improvements in customer satisfaction -- our guest satisfaction metrics have been improving, and that's not new that it's actually -- it's been pretty consistent over the last 1.5 years-or-so.

所以我認為這對我來說是一個跡象，表明一些廣告和真正專注於一些核心股票，如 Whopper 和 Have It Your Way，這正在與我們的客戶群產生共鳴。我認為我們也看到了客戶滿意度的提高——我們的客戶滿意度指標一直在提高，這實際上並不新鮮——在過去 1.5 年左右的時間裡一直非常穩定。

So I think that's certainly a positive sign. And it's no accident. It's an outcome of some pretty deliberate efforts we made to make investments back in the field team to make sure that we had a really clear system that the franchisees believed in how we would create performance and manage that performance.

所以我認為這肯定是一個積極的跡象。這絕非偶然。這是我們為重新投資現場團隊所做的一些非常慎重的努力的結果，以確保我們擁有一個真正清晰的系統，特許經營商相信我們將如何創造績效和管理績效。

So I think that's really encouraging. And the other stats we keep an eye on. We're keeping an eye on both our kind of our sales performance versus the industry and increasingly our traffic performance versus the industry. So I think we've seen some encouraging progress there over the last year or 2, and we'll keep a close eye on those things as well.

所以我認為這真的很令人鼓舞。以及我們關注的其他統計數據。我們一直在關注我們的銷售業績與行業的對比，以及我們的流量表現與行業的對比。所以我認為我們在過去一兩年裡看到了一些令人鼓舞的進展，我們也會密切關注這些事情。

Yes. Just to maybe add 1 other quick one to everything Josh said there, Brian. I think the other one that's critical for us is the focus on operations. And so related to what Josh mentioned about the improvement in guest satisfaction, we see that pretty clearly linked to all the efforts Tom and the team have been making across the system to improve the guest experience, improve operations at the restaurant level.

是的。 Brian，Josh 在那裡所說的一切，也許只是添加另外 1 個快速的。我認為另一個對我們至關重要的是對運營的關注。因此，與 Josh 提到的提高客人滿意度有關，我們看到這與 Tom 和團隊在整個系統中為改善客人體驗、改善餐廳層面的運營所做的所有努力非常清楚地聯繫在一起。

And we know that our top operators in BK and our other brands as well drive much stronger profitability as a result of those efforts and actually grew profitability year-over-year despite the macro headwinds.

我們知道，由於這些努力，我們在 BK 和其他品牌的頂級運營商也推動了更強勁的盈利能力，儘管存在宏觀逆風，但實際上盈利能力同比增長。

I think guest satisfaction was up something like 20% from Q3 to Q4. So I mean we are moving in the right direction.

我認為客人滿意度從第三季度到第四季度上升了大約 20%。所以我的意思是我們正朝著正確的方向前進。

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

我們的下一個問題來自美國銀行的 Sara Senatore。

(technical difficulty)

（技術難度）

Sara, we're not quite getting you.

薩拉，我們不太明白你的意思。

Is this better?

這是否更好？

There you go.

給你。

Sorry. Okay. Sorry about that. Just a quick question on the outlook for G&A and also on Tim's. So I think I just wanted to clarify on G&A that the expectation is that growth will be slower than it was in 2022. I don't know if you have any more color you can give?

對不起。好的。對於那個很抱歉。只是一個關於 G&A 和蒂姆的前景的快速問題。所以我想我只是想在 G&A 上澄清一下，預計增長將比 2022 年慢。我不知道你是否有更多的顏色可以給出？

And then on Tim's in Canada, I think Matt mentioned that the margin was compressed. Just could you talk about how you think about pricing in Canada? Presumably, the franchisees are under similar pressures you talked about with inflation. I think in the U.S., we've seen pricing be relatively elevated across the industry. Is -- are you looking at it the same way in Canada or is the idea you take share by keeping pricing relatively low versus inflation?

然後在蒂姆在加拿大，我想馬特提到利潤率被壓縮了。你能談談你如何看待加拿大的定價嗎？據推測，特許經營商面臨著與您談到的通貨膨脹類似的壓力。我認為在美國，我們已經看到整個行業的定價相對較高。是——你在加拿大以同樣的方式看待它，還是你通過保持定價相對於通貨膨脹率相對較低來分享的想法？

Sara, thanks for the question. It's Matt here. Just on the first part of your question related to G&A. Yes, I think the message was, and as Patrick described earlier, we've invested a lot over the past couple of years. We've built some really amazing teams, world-class teams here across the company.

薩拉，謝謝你的提問。我是馬特。關於您與 G&A 相關的問題的第一部分。是的，我認為信息是，正如帕特里克之前所描述的那樣，我們在過去幾年中投入了大量資金。我們在整個公司建立了一些非常了不起的團隊，世界級的團隊。

And we think we have all the assets that we need to really drive forward the initiatives that are most important to the business and growing from here. So we do expect the rate of growth in our G&A to moderate significantly in 2023 versus the rate that you saw in 2021-'22.

我們認為我們擁有真正推動對業務最重要並從這裡發展的計劃所需的所有資產。因此，我們確實預計 2023 年 G&A 的增長率將與您在 2021-'22 年看到的增長率相比顯著放緩。

And then I'll pass it over to Josh for the second part of the question.

然後我將把問題的第二部分交給 Josh。

Yes, good morning, Sara, and thank you for the question. I'll touch on Tim's pricing. I would just say that I think and the rest of the team, they are very thoughtful and very mindful of pricing that we take. We know that it's core to kind of our purpose and our proposition to our customers to provide great taste and great value every day. And so we want to make sure that we're upholding that promise for all of our guests, and we're pretty thoughtful about that.

是的，早上好，薩拉，謝謝你的提問。我將談談蒂姆的定價。我只想說我認為和團隊的其他成員，他們非常周到並且非常注意我們採取的定價。我們知道，每天為客戶提供美味佳餚和物超所值是我們實現目標和主張的核心。因此，我們希望確保我們對所有客人都遵守這一承諾，而且我們對此深思熟慮。

But of course, we have seen cost pressures, and I'd say we keep an eye -- a careful eye on what's happening with inflation in the broader market, what's happening in grocery and restaurants, what's happening with our competitors, and we try to put all of those things together to get the right balance of pricing and value in our business over time.

但當然，我們已經看到了成本壓力，我想說我們會密切關注——密切關注更廣泛市場的通貨膨脹情況，雜貨店和餐館的情況，我們的競爭對手的情況，我們會嘗試把所有這些東西放在一起，隨著時間的推移在我們的業務中獲得定價和價值的正確平衡。

Our next question comes from Gregory Francfort from Guggenheim.

我們的下一個問題來自古根海姆的 Gregory Francfort。

My question is just around development. And I mean there's been a lot of talk about interest rates and capital availability potentially impacting franchisee appetite. Can you talk about this maybe from a U.S. perspective, but also from an international perspective where leverage might be lower? And then as you look out to the pipeline for store development this year, do you think you have a chance of accelerating overall store growth despite those headwinds?

我的問題只是關於發展。我的意思是，已經有很多關於利率和資本可用性可能影響加盟商胃口的討論。你能從美國的角度，但也從槓桿率可能較低的國際角度談談這個問題嗎？然後，當您展望今年商店開發的管道時，您認為儘管存在這些不利因素，您是否有機會加速整體商店增長？

Yes. Thanks, Greg. I appreciate the question. And I think my perspective on this. I think at the end of the day, development always comes back to ROI. We need to have a good -- a really strong set of unit economics across our concepts, and that's what will cause franchisees to want to invest. So that's what we're really focused on.

是的。謝謝，格雷格。我很欣賞這個問題。我認為我對此的看法。我認為歸根結底，開發總是會回到投資回報率。我們需要在我們的概念中擁有一套非常強大的單位經濟學，這將導致特許經營商想要投資。所以這才是我們真正關注的。

And I think our -- some of the discussion of franchisee profitability today really highlights how much of that's going to be a focus for us. Of course, kind of through the cycle, you're going to see movements in interest rates and that will impact the cost of financing that people need to pay back.

而且我認為我們 - 今天關於特許經營商盈利能力的一些討論確實強調了其中有多少將成為我們關注的焦點。當然，在整個週期中，你會看到利率的變動，這將影響人們需要償還的融資成本。

So that's certainly an influence in some of our discussions. But I would say, overall, we feel pretty good about where we're going. We've got a lot of amazing partners around the world, and we have very strong unit economics in a lot of those markets. And that's why I mentioned a little bit earlier in my prepared remarks that we're excited about the year ahead and feel like we're on a good path to try and improve the pace of growth around the world.

所以這肯定會對我們的一些討論產生影響。但我想說，總的來說，我們對我們要去的地方感覺很好。我們在世界各地有很多了不起的合作夥伴，而且我們在很多這些市場都擁有非常強大的單位經濟效益。這就是為什麼我在準備好的發言中稍早提到我們對未來一年感到興奮，並且感覺我們正走在嘗試和改善全球增長步伐的良好道路上。

Our next question comes from Mark Petrie from CICB.

我們的下一個問題來自 CICB 的 Mark Petrie。

So I just wanted to follow up actually on -- specifically on the Tim's supply chain operations. And are there any other pieces of noise that you will be cycling through with regards to sort of higher-priced commodities in the upcoming quarters? And then my question on pricing was already asked, but perhaps when you look back on 2022, anything you can provide with regards to how you might have compared to the industry or to CPI?

所以我只想實際跟進——特別是蒂姆的供應鏈運營。在接下來的幾個季度中，關於價格較高的商品，您是否還會聽到其他任何噪音？然後我關於定價的問題已經被問到，但也許當你回顧 2022 年時，你能提供什麼與行業或 CPI 相比你可能如何？

Yes. Thanks, Mark, for the question. I'll jump in on the first part there related to supply chain. Yes, look, I think as we talked about, there's -- given all the volatility and elevated commodity prices, that has created -- certainly created volatility in our quarterly results in terms of the percentage margin, and we've talked about that a bit over the past few quarters.

是的。謝謝，馬克，提出這個問題。我將跳入與供應鏈相關的第一部分。是的，看，我認為正如我們所討論的那樣 - 考慮到所有的波動性和商品價格上漲，這已經造成 - 肯定會在百分比保證金方面造成我們季度業績的波動，我們已經討論過過去幾個季度有點多。

And also, as I mentioned, we did see a continued elevated commodity costs continue into this year. And we have, as we mentioned, higher cost inventory that we were working through in the fourth quarter and a bit into this year. So there is a bit of noise there.

而且，正如我所提到的，我們確實看到商品成本持續上漲到今年。正如我們所提到的，我們有更高的成本庫存，我們在第四季度和今年都在努力解決這個問題。所以那裡有一點噪音。

But overall, we think the most fundamental kind of goal for us is to continue to drive the strong and healthy sales growth across the Tim's Canada system. And as we do that over time, I think our business will be healthier, both on the franchising side and the supply chain side.

但總的來說，我們認為我們最基本的目標是繼續推動蒂姆加拿大系統強勁健康的銷售增長。隨著時間的推移，隨著時間的推移，我認為我們的業務將會更加健康，無論是在特許經營方面還是在供應鏈方面。

And yes, so I think that's what we're focused on. And if we're thinking about volatility, again, I think it's helpful to look at the margin on a full year basis to sort of normalize for some of that quarter-to-quarter volatility that we called out.

是的，所以我認為這就是我們關注的重點。如果我們再次考慮波動性，我認為以全年為基礎查看利潤率有助於對我們提出的某些季度波動性進行標準化。

Yes. And Mark, I'll take the one on pricing. As I said, like a couple of questions ago, we certainly keep an eye on both of those things. We do look at competitive pricing and we're keeping on CPI. And for 2022, we were in that ballpark, maybe not exactly on each one of those, but we weren't super far off, we were kind of in the same range as those 2 metrics.

是的。馬克，我來談談定價。正如我所說，就像之前的幾個問題一樣，我們當然會關注這兩件事。我們確實在關注有競爭力的價格，並且我們一直在關注 CPI。對於 2022 年，我們處於那個範圍內，也許不完全在每一個上，但我們並沒有太遠，我們與這兩個指標處於相同的範圍內。

Our final question today comes from Lauren Silberman from Crédit Suisse.

我們今天的最後一個問題來自 Crédit Suisse 的 Lauren Silberman。

I wanted to just follow up on the accelerating growth. As we frame the priorities, is the near-term focus more about accelerating comps and franchisee profitability and then that will ultimately unlock accelerated growth over the medium to long term? Or can this be done in tandem? So you have franchisee profitability more in the home market and also accelerating international unit growth in tandem?

我只想跟進加速增長。在我們確定優先事項時，近期的重點是否更多地放在加速 comps 和特許經營商的盈利能力上，然後最終將在中長期內實現加速增長？或者這可以串聯完成嗎？因此，您在國內市場的加盟商盈利能力更高，同時也在加速國際單位增長？

Yes, I'll handle that one. All of the unit growth we're getting today is a function of strong unit economics. And so it's kind of a -- it is certainly -- the answer is both, and it depends on the market. But where we're getting good growth in units, it's because we've got really strong unit economics and we've got the right franchisee partners who are well capitalized, et cetera.

是的，我會處理那個。我們今天獲得的所有單位增長都是強大的單位經濟的功能。所以這有點——當然是——答案是兩者兼而有之，這取決於市場。但是，我們在單位方面取得了良好的增長，這是因為我們擁有非常強大的單位經濟效益，並且我們擁有合適的特許經營合作夥伴，他們資本充足，等等。

There are other areas where we can accelerate the growth, either by introducing new brands into new markets in international or by working on franchisee 4-wall EBITDA to improve it so that it is going to generate a good return for them. So it really comes down to a function of which market and where they are in the pace of development of that market, but both.

我們可以在其他領域加速增長，要么通過將新品牌引入國際新市場，要么通過與加盟商合作 4-wall EBITDA 來改善它，以便為他們帶來良好的回報。因此，這實際上歸結為哪個市場的功能以及它們在該市場的發展速度中所處的位置，但兩者兼而有之。

So where we're getting it, it's because economics are good and where we're going to accelerate it, it's going to be by improving the economics and getting capital into those markets to build more units.

所以我們得到它的地方，這是因為經濟是好的，我們要加速它的地方，它將通過改善經濟和讓資本進入這些市場來建造更多的單位。

Yes, I totally agree, Patrick. I would just say, I think one of the greatest gifts that Jose has left me with is exactly what he said. I think we have incredibly talented teams across all of our business units around the world, and they're working on all of those things.

是的，我完全同意，帕特里克。我只想說，我認為何塞留給我的最偉大的禮物之一就是他所說的話。我認為我們在世界各地的所有業務部門都擁有非常有才華的團隊，他們正在致力於所有這些事情。

We have amazing teams in our home markets. We're working on driving same-store sales and franchise profitability and the growth of those markets. And we also have an amazing team in international who is working on developing our footprint around the world. I think there's a lot of exciting stuff. And as I said at the beginning, a lot of tailwinds for us, and we'll be working hard on all those things throughout the coming year.

我們在國內市場擁有出色的團隊。我們正在努力推動同店銷售和特許經營盈利能力以及這些市場的增長。我們在國際上也有一支了不起的團隊，他們致力於發展我們在世界各地的足跡。我認為有很多令人興奮的事情。正如我在開始時所說的那樣，對我們來說有很多順風，我們將在來年的所有這些事情上努力工作。

Great. Well, thank you all very much for your time this morning. We really appreciate it. Appreciate all the questions as well. We'll see everybody next week in New York at our upcoming Investor Day. Thank you for the time today, and have a great day.

偉大的。好吧，非常感謝大家今天早上的時間。我們真的很感激。也感謝所有問題。我們將在下週即將到來的投資者日在紐約與大家見面。謝謝你今天抽出時間，祝你有美好的一天。

That concludes today's Restaurant Brands International, Inc. Q1 2023 (sic) [Q4 2022] Earnings Call. You may now disconnect your line.

今天的 Restaurant Brands International, Inc. 2023 年第一季度（原文如此）[2022 年第四季度] 收益電話會議到此結束。您現在可以斷開線路。