Restaurant Brands International Inc (QSR) 2023 Q2 法說會逐字稿

Good morning and welcome to the Restaurant Brands International's Second Quarter 2023 Earnings Conference Call. (Operator Instructions) Please note, this event is being recorded.

早上好，歡迎參加 Restaurant Brands International 2023 年第二季度收益電話會議。 （操作員說明）請注意，正在記錄此事件。

I would now like to turn the conference over to Kendall Peck, RBI, Head of Investor Relations. Please go ahead.

我現在想將會議轉交給印度儲備銀行投資者關係主管肯德爾·佩克 (Kendall Peck)。請繼續。

Thank you, operator. Good morning, everyone and welcome to Restaurant Brands International's earnings call for the second quarter ended June 30, 2023. As a reminder, a live broadcast of this call may be accessed on the investor relations webpage at rbi.com/investors and a recording will be available for replay.

謝謝你，接線員。大家早上好，歡迎參加Restaurant Brands International 截至2023 年6 月30 日的第二季度財報電話會議。請注意，可以在投資者關係網頁rbi.com/investors 上觀看本次電話會議的現場直播，並且將錄製錄音可重播。

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

今天和我一起參加電話會議的是 Restaurant Brands International 的執行主席帕特里克·多伊爾 (Patrick Doyle)；首席執行官喬什·科布扎；和首席財務官馬特·鄧尼根。

Today's earnings call contains forward-looking statements, which are subject to various risks set forth in the press release issued this morning and in our SEC filings. In addition, this earnings call includes non-GAAP financial measures. Reconciliations of non-GAAP financial measures are included in the press release available on our website. During portions of the call today, we will be referencing franchisee profitability measures that are based on unaudited self-reported franchisee results.

今天的收益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向美國證券交易委員會提交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公認會計準則財務指標。非公認會計準則財務指標的調節表包含在我們網站上的新聞稿中。在今天電話會議的部分內容中，我們將參考基於未經審計的加盟商自我報告結果的加盟商盈利能力指標。

In addition, the consolidated growth metrics discussed during the prepared remarks including consolidated system wide sales growth, comparable sales, net restaurant growth, and organic adjusted EBITDA growth exclude results from our franchise restaurants in Russia as we did not generate any new profits from restaurants in Russia in 2022 and do not expect to generate any new profits in 2023.

此外，在準備好的發言中討論的綜合增長指標，包括綜合系統範圍內的銷售增長、可比銷售額、淨餐廳增長和有機調整後的EBITDA 增長，不包括我們在俄羅斯特許經營餐廳的業績，因為我們沒有從俄羅斯的餐廳中產生任何新利潤。預計 2022 年將進入俄羅斯，預計 2023 年不會產生任何新利潤。

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

現在我將把電話轉給喬希。

Good morning, everyone. And thank you for joining us on today's call to discuss our second quarter of 2023.

大家，早安。感謝您參加今天的電話會議，討論 2023 年第二季度的情況。

Our franchisees and teams help deliver another solid quarter with year-over-year consolidated system-wide sales growth of 14%, driven by 9.6% comparable sales and 4.1% net restaurant growth. This top line growth translated to 10.3% organic adjusted EBITDA growth and 6.6% organic adjusted EPS growth. We saw strong comparable sales at Tim Horton's and Burger King, including 12.5% growth at Tim Horton's Canada, 11.6% in our Burger King international businesses, and 8.3% at Burger King U.S. In addition, Popeyes U.S. grew 4.2% and Firehouse U.S. was up 2.6% for the quarter.

在 9.6% 的可比銷售額和 4.1% 的餐廳淨增長的推動下，我們的特許經營商和團隊幫助實現了又一個穩健的季度，全系統綜合銷售額同比增長 14%。這一營收增長轉化為 10.3% 的有機調整後 EBITDA 增長和 6.6% 的有機調整後 EPS 增長。我們看到 Tim Horton's 和漢堡王的可比銷售額強勁，其中 Tim Horton's 加拿大業務增長 12.5%，漢堡王國際業務增長 11.6%，漢堡王美國增長 8.3%。此外，Popeyes U.S. 增長 4.2%，Firehouse U.S. 增長本季度增長2.6 %。

We were pleased to see these top line results as well as continued moderation and overall cost inflation help deliver another quarter of year-over-year growth in franchisee profitability. Improving franchisee profitability remains one of our most important priorities and I'm confident in the plans we have in place to continue driving restaurant level EBITDA growth this year for each of our brands.

我們很高興看到這些營收結果以及持續的放緩和總體成本通脹有助於特許經營商盈利能力再實現一個季度的同比增長。提高特許經營商盈利能力仍然是我們最重要的優先事項之一，我對我們制定的計劃充滿信心，這些計劃將繼續推動我們每個品牌今年的餐廳級 EBITDA 增長。

As it relates to our own adjusted EBITDA growth this quarter, it was a little bit lower than our system-wide sales growth, which was largely due to previously discussed investments we are making in the Burger King U.S. system. Those investments are already delivering the expected results in top line growth and franchisee profitability, and Matt will provide more detail later on.

由於它與我們本季度調整後的 EBITDA 增長有關，因此略低於我們整個系統的銷售增長，這主要是由於之前討論的我們在漢堡王美國系統中進行的投資。這些投資已經在營收增長和加盟商盈利能力方面取得了預期成果，馬特稍後將提供更多細節。

We opened 169 net new restaurants in the second quarter, and overall restaurant count grew 4.1%. Development is always more heavily weighted towards the second half of the year, and our teams are very focused on delivering their full year pipelines, while also setting in place plans for 2024.

第二季度我們淨新開了 169 家餐廳，餐廳總數增長了 4.1%。下半年的開發工作總是更加重要，我們的團隊非常專注於交付全年的產品線，同時制定 2024 年的計劃。

Before I turn to our brand level results, I'd also like to highlight that we released our 2022 Restaurant Brands for good report last week, which discusses the achievements our brands made in becoming more sustainable.

在談論我們的品牌層面的結果之前，我還想強調一下，我們上週發布了 2022 年餐廳品牌良好報告，其中討論了我們的品牌在變得更加可持續方面取得的成就。

I encourage you to read about the progress we are making across our food, planet and people and communities pillars. While I'm very proud of the work our teams are doing, I also know that this space is evolving quickly, and we are continually adapting to make sure we do the same.

我鼓勵您閱讀我們在糧食、地球、人民和社區支柱方面取得的進展。雖然我對我們團隊所做的工作感到非常自豪，但我也知道這個領域正在快速發展，我們正在不斷適應以確保我們也能做到同樣的事情。

Now let's turn to performance by brand, starting with Tim Horton's in Canada. We saw a healthy mix of check, traffic, and strong calendar initiatives drive comparable sales of 12.5% and system-wide sales growth of 12.8%. These results were driven by strength in our core offerings, continued expansion into cold beverage and P.M. food, improved speed of service and a record year for Smile cookie, which shifted from Q3 into Q2 this year. Results for the quarter were also aided by improvements in mobility.

現在讓我們來看看品牌的表現，首先從加拿大的 Tim Horton's 開始。我們看到支票、流量和強大的日曆計劃的健康組合推動了可比銷售額增長 12.5%，全系統銷售額增長 12.8%。這些結果是由我們的核心產品實力、持續擴張到冷飲和下午茶領域推動的。食品、服務速度的提高以及微笑餅乾創紀錄的一年，今年從第三季度轉移到了第二季度。本季度的業績也得益於流動性的改善。

During the quarter, we sustained our market share leadership across our core categories, including over 70% in hot-brewed coffee and over 60% in breakfast. In addition to the growth opportunities in cold coffee and beverages, our market leadership in hot brewed coffee is higher today than it was in 2019, demonstrating the team's progress across all categories. The team is making good progress with its efforts to become a bigger player in the high-growth, cold beverage category and saw cold beverage sales grow 16.6% year-over-year.

本季度，我們在核心品類上保持了市場份額領先地位，其中熱沖泡咖啡市場份額超過 70%，早餐市場份額超過 60%。除了冷咖啡和飲料方面的增長機會外，我們今天在熱沖泡咖啡方面的市場領先地位也高於 2019 年，這證明了團隊在所有類別上的進步。該團隊正在努力成為高增長冷飲類別中的更大參與者，並取得了良好進展，冷飲銷售額同比增長 16.6%。

Cold beverage results this quarter were aided by the expansion of our Quenchers platform and innovation across our specialty cold coffee offerings. Sparkling Quenchers proved to be highly incremental to beverage sales and served as a good contributor to ticket growth this quarter. We also further expanded our P.M. food offerings with improvements to our anytime snackers and unit innovations around our loaded bowl and wraps, including barbecue crispy chicken, which attracted new younger guests to our restaurants. These offerings contributed to 14.2% year-over-year growth in our P.M. food sales.

本季度的冷飲業績得益於我們 Quenchers 平台的擴展以及我們特色冷咖啡產品的創新。事實證明，起泡猝滅劑對飲料銷售有很大的促進作用，並為本季度的門票增長做出了良好的貢獻。我們還進一步擴大了 P.M.食品供應方面，我們對隨時零食進行了改進，並圍繞我們的裝碗和捲餅進行了單元創新，包括燒烤脆皮雞，這吸引了新的年輕客人來到我們的餐廳。這些產品使我們的 P.M. 同比增長 14.2%。食品銷售。

Moving to operations. Restaurant team members have done a great job balancing the addition of our new food and beverage offerings with strong restaurant level execution. Our teams improved speed of service by 2 seconds year-over-year, reaching just north of 36 seconds for the quarter. Faster speed of service, combined with our new offerings, helped drive increased guest satisfaction and an increase in our QSR traffic share.

轉向運營。餐廳團隊成員在平衡新增食品和飲料產品與強大的餐廳執行力方面做得非常出色。我們的團隊將服務速度同比提高了 2 秒，本季度達到了 36 秒以上。更快的服務速度與我們的新產品相結合，有助於提高賓客滿意度和 QSR 流量份額。

We're really proud of the digital experience Tim Hortons offers its guests and believe it can continue to drive growth for the brand. With 4.9 million monthly average users this quarter, we have the #1 food and beverage app in Canada and have sustained a digital sales mix of roughly 33%.

我們對 Tim Hortons 為其客人提供的數字體驗感到非常自豪，並相信它可以繼續推動該品牌的增長。本季度我們的月平均用戶數為 490 萬，擁有加拿大排名第一的食品和飲料應用程序，並保持了約 33% 的數字銷售組合。

To further engage Canadians and make it even easier to earn rewards, we partnered with 2 payment service providers to launch a Tim's credit card that is fully integrated within our app. It's still early, but we are excited for this new way to engage and drive further loyalty with our members.

為了進一步吸引加拿大人並使其更容易獲得獎勵，我們與 2 家支付服務提供商合作推出了完全集成到我們的應用程序中的 Tim's 信用卡。現在還為時過早，但我們對這種新的方式來吸引會員並進一步提高會員忠誠度感到興奮。

At Tim Hortons, we pride ourselves in being a community-led brand. This quarter, our beloved Smile Cookie campaign raised a record-breaking amount of almost CAD 20 million for more than 600 local charities. Following Smile Cookie, Tim Hortons restaurant owners, team members and volunteers raised an additional CAD 13 million during the month of July for Tim Hortons foundation camps. Our signature charity that turns 50 years old next year, after helping more than 300,000 children in Canada and the U.S. over the years.

在 Tim Hortons，我們為自己是一個社區主導的品牌而感到自豪。本季度，我們深受喜愛的“微笑餅乾”活動為 600 多家當地慈善機構籌集了近 2000 萬加元的創紀錄金額。繼 Smile Cookie 之後，Tim Hortons 餐廳老闆、團隊成員和志願者在 7 月份為 Tim Hortons 基金會營地額外籌集了 1,300 萬加元。我們的標誌性慈善機構多年來幫助了加拿大和美國超過 300,000 名兒童，明年將迎來 50 歲生日。

I'm really proud of the results Axel and team continue to deliver on Canada. I also recognize the work the team is doing to sustainably grow the brand is really made possible by our incredible restaurant owners, their team members, and the support of their local communities. So I'd like to thank our restaurant owners and guests for their continued support and dedication. We've got an amazing brand at Tim's in Canada and a long runway for growth ahead.

我對阿克塞爾和團隊繼續在加拿大取得的成果感到非常自豪。我還認識到，我們令人難以置信的餐廳老闆、他們的團隊成員以及當地社區的支持確實使團隊為可持續發展品牌所做的工作成為可能。因此，我要感謝我們的餐廳老闆和客人的持續支持和奉獻。我們在加拿大的 Tim's 擁有一個令人驚嘆的品牌，並且未來的增長還有很長的路要走。

Turning now to Burger King. The international business grew second quarter system-wide sales by 18.4%, adding over $500 million of incremental sales year-over-year to represent nearly 60% of Burger King's worldwide sales in the quarter. These results were driven by net restaurant growth of 5.3% and continued top line strength with comparable sales of 11.6%, reflecting positive traffic as well as higher check. We saw a good performance in some of our largest markets like France, Australia, the U.K. and Spain as well as markets where the brand is growing more quickly, such as Japan.

現在轉向漢堡王。國際業務第二季度全系統銷售額增長了 18.4%，同比增量銷售額超過 5 億美元，佔漢堡王本季度全球銷售額的近 60%。這些業績的推動因素是餐廳淨增長 5.3%，以及可比銷售額 11.6% 的持續強勁營收，反映出積極的客流量和更高的支票。我們在法國、澳大利亞、英國和西班牙等一些最大的市場以及日本等品牌增長較快的市場看到了良好的表現。

We were also encouraged to see Australia join France, Germany and Spain as the fourth international market to surpass the $1 billion system-wide sales mark on a trailing 12-month basis. Our teams and master franchise partners take a guest-centric approach to everything from menu innovation to marketing.

我們還很高興看到澳大利亞加入法國、德國和西班牙的行列，成為第四個連續 12 個月突破全系統銷售額大關的國際市場。我們的團隊和主要特許經營合作夥伴在從菜單創新到營銷的各個方面都採取以客人為中心的方法。

In general, we have newer restaurants overseas and as a result, more modern brand positioning with enhanced digital capabilities in both the front and back of house. These capabilities also help unlock operational improvements in the business, enabling the teams to deliver an even better guest experience. Our success internationally gives us confidence to leverage key learnings as we enhance Burger Kings' brand positioning in its home market as well.

總的來說，我們在海外擁有較新的餐廳，因此，我們的品牌定位更加現代，前台和後台的數字功能都得到增強。這些功能還有助於實現業務運營改進，使團隊能夠提供更好的賓客體驗。我們在國際上的成功讓我們有信心利用重要的經驗教訓來提升漢堡王在國內市場的品牌定位。

So shifting now to Burger King in the U.S. Comparable sales increased 8.3% year-over-year, and system-wide sales grew 7.9%. Our total net restaurants declined 2.2% year-over-year as we carry out our commitment to enhance the overall health of the system. We are making good progress on this front and have continued to see meaningful improvements in franchisee profitability.

因此，現在轉向美國漢堡王，可比銷售額同比增長 8.3%，全系統銷售額增長 7.9%。由於我們履行了增強系統整體健康狀況的承諾，我們的淨餐廳總數同比下降 2.2%。我們在這方面取得了良好的進展，並且繼續看到加盟商盈利能力的顯著改善。

Growth this quarter was driven by thoughtful calendar initiatives focused on our flagship equity, the Whopper as well as benefits from more effective marketing, aided by enhanced marketing analytics and continued operational improvements. Our ways to offer campaign reminded guests that they can have it their way, and choose between one of the over 220,000 ways to build the Whopper.

本季度的增長是由專注於我們的旗艦資產皇堡的深思熟慮的日曆計劃以及更有效的營銷帶來的好處以及增強的營銷分析和持續運營改進的幫助推動的。我們提供活動的方式提醒客人，他們可以按照自己的方式製作皇堡，並從超過 220,000 種方式中選擇一種來製作皇堡。

We layered this campaign with the Whopper Jr. Duo, our core discount initiative and the Spider-Verse, Whopper promotion, both of which were targeted towards building the next generation of Whopper lovers. These campaigns drove higher average tickets and attracted younger guests without impacting core Whopper volumes.

我們將這項活動與我們的核心折扣計劃“Whopper Jr. Duo”和“蜘蛛俠宇宙”、“Whopper”促銷活動結合起來，這兩項活動的目標都是培養下一代皇堡愛好者。這些活動提高了平均票價並吸引了年輕客人，但沒有影響皇堡的核心銷量。

During Q2, we spent approximately $12 million of our $150 million Fuel the Flame advertising and digital investments. These investments, coupled with our continued focus on enhancing operations helped drive another quarter of underlying improvement in traffic, although we are still not in positive to territory.

在第二季度，我們花費了 1.5 億美元的 Fuel the Flame 廣告和數字投資中的約 1200 萬美元。這些投資，加上我們對加強運營的持續關注，幫助推動了流量又一個季度的根本改善，儘管我們對領域仍然不樂觀。

I'm confident that further improving operations will ultimately support growth in traffic, which is one of the most significant near-term opportunities we see for the brand. When it comes to operations, we saw another quarter of guest satisfaction improvements at BK U.S., but still believe we are only in the beginning of our journey here.

我相信，進一步改善運營最終將支持流量的增長，這是我們為該品牌看到的最重要的近期機會之一。在運營方面，我們看到 BK U.S. 的賓客滿意度又提高了四分之一，但我們仍然相信我們的旅程才剛剛開始。

[Thomas] stressed and I fully agree that the path towards excellent operations is continuous because the goal should always be to execute even better than you did the day before. This is at the center of everything we are doing as the BK team works with franchisees to raise our brand standards and deliver a better guest experience. Some of the ways, we are achieving this are through gold standard service trainings, which have driven encouraging results, including higher Whopper product satisfaction scores.

[托馬斯]強調，我完全同意，實現卓越運營的道路是持續的，因為目標應該始終是執行得比前一天更好。這是我們所做一切的核心，BK 團隊與特許經營商合作，提高我們的品牌標準並提供更好的賓客體驗。我們實現這一目標的一些方法是通過黃金標準服務培訓，這帶來了令人鼓舞的成果，包括更高的皇堡產品滿意度得分。

Another example is the addition of guest lens visits to our franchise success system, where a restaurant is evaluated through the lens of a customer's experience, capturing some of the nuances of formal restaurant visit may miss. As part of our $250 million Royal Reset program, in Q2, we deployed $9 million towards the $50 million short-term refresh component to equip restaurants with the technology they need to deliver a great experience for both team members and guests.

另一個例子是在我們的特許經營成功系統中添加了賓客鏡頭訪問，其中通過客戶體驗的鏡頭對餐廳進行評估，捕捉正式餐廳訪問可能遺漏的一些細微差別。作為我們 2.5 億美元皇家重置計劃的一部分，我們在第二季度部署了 900 萬美元用於 5000 萬美元的短期更新部分，為餐廳配備所需的技術，為團隊成員和客人提供良好的體驗。

Participating franchisees have matched our spend dollar for dollar with investments in essential kitchen equipment like toasters and broilers, which will largely roll out in the back half of the year. The $200 million remodel program is also underway, and we're pleased to see franchisees prioritizing quality with over 75% of committed projects locked in for full remodels or scrape and rebuilds.

參與的特許經營商已將我們的支出與烤麵包機和烤雞等基本廚房設備的投資相匹配，這些設備將在今年下半年大部分推出。耗資 2 億美元的改造計劃也在進行中，我們很高興看到特許經營商優先考慮質量，超過 75% 的承諾項目已鎖定進行全面改造或廢棄和重建。

Q2 represented another important step towards our greater goal of driving traffic back to the system and delivering a strong value proposition for our franchisees. These early results for Reclaim the Flame and our talented team and dedicated franchisees give us confidence in the trajectory of the brand, and we look forward to continuing to execute against our plan and drive further growth this year.

第二季度代表了我們朝著將流量帶回系統並為我們的特許經營商提供強大價值主張的更大目標邁出的又一個重要步驟。 Reclaim the Flame 的這些早期成果以及我們才華橫溢的團隊和敬業的特許經營商讓我們對品牌的發展軌跡充滿信心，我們期待著繼續執行我們的計劃並推動今年的進一步增長。

Turning now to Popeyes U.S., where Sami and team are in the early stages of the brand's multiyear strategic plan, easy to love, which is coming to life through core menu extensions, operational improvements and the development of easy-to-run kitchens. Popeyes in the U.S. grew comparable sales of 4.2% and net restaurants 5.1%, resulting in system-wide sales growth of 9.4%.

現在轉向 Popeyes U.S.，Sami 和團隊正處於該品牌多年戰略計劃“easy to love”的早期階段，該計劃將通過核心菜單擴展、運營改進和易於操作的廚房的開發而得以實現。美國 Popeyes 的可比銷售額增長了 4.2%，淨餐廳銷售額增長了 5.1%，整個系統的銷售額增長了 9.4%。

Top line momentum was driven by the extension of our chicken sandwich platform, Ghost Pepper Wings, innovation across our beverage and dessert categories and 22% growth in digital sales. This quarter featured the return of our Black & Chicken sandwich, a delicious lighter unbreaded option that is well suited for the everyday occasion.

我們的雞肉三明治平台 Ghost Pepper Wings 的擴展、飲料和甜點品類的創新以及數字銷售額 22% 的增長推動了營收增長。本季度，我們推出了黑雞三明治，這是一種美味、清淡、不裹麵包屑的選擇，非常適合日常場合。

We are also now giving guests the option to add bacon and cheese to all of our chicken sandwich offerings, including blackened. Outside of our core, we brought back Ghost Pepper Wings to our menu and built on dessert and beverage offerings with strawberry biscuits and Mango Lemonade.

我們現在還允許客人選擇在我們所有的雞肉三明治產品中添加培根和奶酪，包括熏黑雞肉三明治。在我們的核心之外，我們將鬼椒雞翅重新帶回到我們的菜單中，並以草莓餅乾和芒果檸檬水為基礎提供甜點和飲料。

At our Popeyes U.S. restaurants, team members prepare, marinate and hand bread are bone and chicken to produce the Louisiana Chicken guests know and love. We are in the early stages of rolling out opportunities to make our kitchens easier to run for team members by leveraging the learnings from our international markets to help produce back-of-house prep times and enable more consistent product execution.

在我們的大力水手美國餐廳，團隊成員準備、醃製並手工製作骨頭和雞肉麵包，製作出客人熟悉和喜愛的路易斯安那雞。我們正處於推出機會的早期階段，通過利用國際市場的經驗來幫助縮短後台準備時間並實現更一致的產品執行，從而使團隊成員的廚房更易於運行。

While we improve the capabilities of our existing restaurant base, we are also positioning the brand to capture more opportunity across North America with both existing and new top-tier operators. I'm confident that the team and priorities we have in place are pushing Popeyes forward on the right path, and we're excited to continue expanding.

在我們提高現有餐廳基地能力的同時，我們也將品牌定位為在北美與現有和新的頂級運營商一起抓住更多機會。我相信我們現有的團隊和優先事項正在推動 Popeyes 沿著正確的道路前進，我們很高興能夠繼續擴張。

Finally, Firehouse Subs, which grew comparable sales 2.1% and increased system-wide sales by 5.1%. In the U.S., comparable sales of 2.6% included an approximately 1% negative impact from a major outage affecting our main third-party technology provider NCR. This resulted in several Firehouse sales channels being down throughout April and May. We and our franchisees are disappointed by the impact of the business and slow recovery by our vendor partner but are highly focused on improving system resilience for guests and our Restaurant team members.

最後，Firehouse Subs，可比銷售額增長 2.1%，全系統銷售額增長 5.1%。在美國，2.6% 的可比銷售額包括影響我們主要第三方技術提供商 NCR 的重大停電帶來的約 1% 的負面影響。這導致 Firehouse 的多個銷售渠道在整個 4 月和 5 月都處於下滑狀態。我們和我們的特許經營商對業務的影響和我們的供應商合作夥伴的緩慢恢復感到失望，但高度關注為客人和我們的餐廳團隊成員提高系統彈性。

Moving forward, one of our top priorities since adding Firehouse to the RBI family has been to position the brand for higher growth by enhancing its development capabilities. We really leaned into this key focus, outlining an exciting long-term development path for franchisees at our recent Firehouse Subs family reunion in July. It was great to spend time with nearly 300 franchisees and their families over the course of a few days in Orlando. It's clear to me that we have a passionate group of franchisees ready to realize the growth potential of the brand.

展望未來，自從 Firehouse 添加到 RBI 系列以來，我們的首要任務之一就是通過增強其開發能力來使該品牌實現更高的增長。我們真正關注了這個關鍵焦點，在最近 7 月份的 Firehouse Subs 家庭聚會上為特許經營商概述了一條令人興奮的長期發展道路。在奧蘭多的幾天裡，我很高興能與近 300 名加盟商及其家人共度時光。我很清楚，我們擁有一群充滿熱情的特許經營商，準備實現該品牌的增長潛力。

During the quarter in the U.S. and Canada, Mike and team completed the transition from an area representative structure to a more traditional corporate and franchisee-led development model, which mirrors the framework of the rest of our brands. This quarter also marked the start of the brand's global expansion with the opening of our first overseas Firehouse location in Zurich, Switzerland.

在美國和加拿大的本季度，邁克和團隊完成了從區域代表結構到更傳統的公司和特許經營商主導的開發模式的轉變，這反映了我們其他品牌的框架。本季度還標誌著該品牌全球擴張的開始，我們在瑞士蘇黎世開設了第一家海外 Firehouse 門店。

The restaurant offers guests the Firehouse menu we know and love with a reimagined guest-centric restaurant design, including 100% digital ordering and serves as a great showcase for future international development opportunities. The team also established the Firehouse Subs Public Safety Foundation of Switzerland, modeled after our existing public safety foundations, which has surpassed $80 million of grants awarded since inception.

該餐廳為客人提供我們熟悉和喜愛的 Firehouse 菜單，並採用以客人為中心的餐廳設計，包括 100% 數字點餐，並作為未來國際發展機會的絕佳展示。該團隊還仿照我們現有的公共安全基金會建立了瑞士 Firehouse Subs 公共安全基金會，該基金會自成立以來已提供超過 8000 萬美元的贈款。

Lastly, we were pleased to announce the long-term development agreement in Mexico recently and are working hard to bring this iconic brand to even more countries all around the world.

最後，我們很高興最近宣佈在墨西哥達成長期開發協議，並正在努力將這個標誌性品牌帶到世界上更多的國家。

With that, I'll turn it over to Matt to discuss our financial results for the quarter.

接下來，我將把它交給馬特，討論我們本季度的財務業績。

Thanks, Josh, and good morning, everyone. For the second quarter, our global system-wide sales grew 14% year-over-year. Our adjusted EBITDA grew 10.3% organically and our adjusted EPS was up 6.6% organically. The difference between our system-wide sales growth and organic adjusted EBITDA growth this quarter was primarily due to the $12 million of Fuel the Flame investments at Burger King U.S.

謝謝，喬什，大家早上好。第二季度，我們的全球全系統銷售額同比增長 14%。我們調整後的 EBITDA 有機增長 10.3%，調整後的 EPS 有機增長 6.6%。本季度我們系統範圍的銷售增長與有機調整後的 EBITDA 增長之間的差異主要是由於美國漢堡王的 Fuel the Flame 投資 1200 萬美元。

In addition, our adjusted EBITDA growth was impacted by the lapping of $5 million of net bad debt recoveries in Q2 2022 as compared to $3 million of net bad debt expense this quarter, primarily at Popeyes. As a reminder, 2022 saw quarter-to-quarter volatility in bad debt, including nearly $6 million of net bad debt expense in Q3 of 2022, which primarily impacted our Burger King segment.

此外，我們調整後的 EBITDA 增長受到 2022 年第二季度 500 萬美元的淨壞賬回收的影響，而本季度的淨壞賬費用為 300 萬美元，主要是在 Popeyes。提醒一下，2022 年壞賬出現季度波動，其中 2022 年第三季度淨壞賬費用近 600 萬美元，這主要影響了我們的漢堡王部門。

Now turning to G&A. We remain focused on driving solid cost discipline across the business and saw segment G&A come in at $100 million this quarter, which was relatively flat quarter-over-quarter and up approximately 3% year-over-year. I note that the $7 million increase in segment G&A at Burger King U.S. this quarter was partially driven by the lapping of a nearly $4 million compensation-related benefit in the prior year period.

現在轉向一般行政費用。我們仍然專注於在整個業務中推動嚴格的成本控制，本季度的一般管理費用為 1 億美元，與上一季度相比相對持平，但同比增長約 3%。我注意到，本季度漢堡王美國分部的一般管理費用增加了 700 萬美元，部分原因是去年同期近 400 萬美元的薪酬相關福利被淘汰。

As I've mentioned on prior calls, we expect our segment G&A growth will moderate significantly in 2023 versus '22 and have seen this come through so far this year. That said, we anticipate a modest sequential increase in the year-over-year rate of segment G&A growth, largely related to higher compensation and technology expenses in the third quarter.

正如我在之前的電話會議中提到的那樣，我們預計 2023 年我們部門的一般管理費用增長將比 22 年顯著放緩，並且今年到目前為止已經實現了這一點。也就是說，我們預計分部 G&A 增長率同比將小幅增長，​​這主要與第三季度薪酬和技術費用的增加有關。

Shifting to EPS. Our second quarter adjusted earnings per share was $0.85 compared to $0.82 last year, representing an organic increase of 6.6% year-over-year, excluding an FX headwind of about 3% or $0.03 per share. Our adjusted EPS also included a headwind of $0.02 per share from our Burger King U.S. Fuel the Flame investment, which was offset by $0.03 per share net benefit related to discrete noncash tax items.

轉向每股收益。我們第二季度調整後每股收益為 0.85 美元，而去年為 0.82 美元，同比有機增長 6.6%，不包括約 3% 或每股 0.03 美元的外匯阻力。我們調整後的每股收益還包括來自漢堡王美國 Fuel the Flame 投資的每股 0.02 美元的阻力，該阻力被與離散非現金稅收項目相關的每股 0.03 美元的淨收益所抵消。

Our adjusted net income was also impacted by higher adjusted net interest expense of $125 million and equity-based compensation of $47 million. We continue to expect 2023 equity-based compensation to be between $190 million and $200 million.

我們調整後的淨利潤還受到 1.25 億美元調整後淨利息支出和 4700 萬美元股權薪酬的影響。我們仍然預計 2023 年股權薪酬將在 1.9 億美元至 2 億美元之間。

Turning to cash flow and capital allocation. During the quarter, we generated over $360 million of free cash flow. Our cash flow this quarter was impacted by $22 million of Reclaim the Flame investments at BK U.S., which included about $12 million toward Fuel the Flame and $11 million toward Royal Reset. In addition, we saw higher cash interest as a result of increased market interest rates.

轉向現金流和資本配置。本季度，我們產生了超過 3.6 億美元的自由現金流。我們本季度的現金流受到 BK U.S. 的 2200 萬美元 Reclaim the Flame 投資的影響，其中包括約 1200 萬美元用於 Fuel the Flame 和 1100 萬美元用於 Royal Reset。此外，由於市場利率上升，我們看到現金利息增加。

As I mentioned last quarter, although effectively 80% of our debt is locked in at fixed rates over the next 5 years, our free cash flow metric does not reflect the benefit of both the interest rate and FX hedges we have in place, which were a positive cash benefit of over $45 million in Q2. We also returned $249 million of capital to shareholders through our dividend, which we declared for Q3 at $0.55 per common share in unit with a 2023 full year target of $2.20 per share.

正如我上個季度提到的，儘管我們80% 的債務在未來5 年內實際上被鎖定為固定利率，但我們的自由現金流量指標並沒有反映出我們現有的利率和外匯對沖的好處，這些收益是第二季度的正現金收益超過 4500 萬美元。我們還通過股息向股東返還 2.49 億美元的資本，我們宣布第三季度股息每股普通股 0.55 美元，2023 年全年目標為每股 2.20 美元。

We ended the quarter with available liquidity of approximately $2.2 billion, including $1.2 billion of cash, and our adjusted EBITDA net leverage ratio was 4.9x with a clear path to reach our target of the mid-4x level ahead of schedule.

本季度結束時，我們的可用流動性約為 22 億美元，其中包括 12 億美元現金，調整後的 EBITDA 淨槓桿率為 4.9 倍，有明確的途徑提前實現我們 4 倍中段水平的目標。

With that, I'll hand it over to Patrick for some additional thoughts on the business.

至此，我將把它交給帕特里克，讓他對業務進行一些額外的思考。

Thanks, Matt, and thank you all for joining us this morning. I've now been with RBI for 9 months. It's been amazing to get to know so many leaders that are doing exceptional things amongst our franchisees and on our brand teams.

謝謝馬特，也謝謝大家今天早上加入我們。我已經在 RBI 工作了 9 個月。能夠認識這麼多在我們的特許經營商和品牌團隊中做出傑出貢獻的領導者真是太棒了。

When we had our investor events in New York in February, I told you all that I still had the benefit of being new and bringing an outside perspective to the business. I've been here long enough now that I'm starting to know a little. A big part of my role as Executive Chairman is to represent the interest of all of our shareholders, and that starts with giving you direct insight into how the businesses are performing and what I see as their opportunities.

當我們二月份在紐約舉辦投資者活動時，我告訴大家，我仍然有新的優勢，可以為公司帶來外部視角。我已經在這里呆了足夠長的時間了，現在我開始了解一些了。作為執行主席，我的一個重要職責是代表我們所有股東的利益，首先是讓您直接了解企業的​​表現以及我認為它們的機會。

Broadly, the businesses performed very well in the second quarter. Same-store sales came in just under 10%. Systemwide sales growth was 14%. Adjusted EBITDA at the RBI level was up 10% organically, and our franchisees' average profits were up even more than that. And most of our brand metrics are moving in the right direction, reflecting brand strength, improving operations by our franchisees and good marketing efforts from our brand teams.

總體而言，第二季度的業務表現非常好。同店銷售額略低於 10%。全系統銷售額增長 14%。印度儲備銀行 (RBI) 層面的調整後 EBITDA 有機增長了 10%，而我們的特許經營商的平均利潤增幅甚至更高。我們的大多數品牌指標都在朝著正確的方向發展，反映了品牌實力、特許經營商改善運營以及品牌團隊良好的營銷努力。

I'd put the quarter solidly in the wind column. But we also still have lots of opportunities. Net store growth was solid, but not what we aspire to. That said, as restaurant level profitability continues to improve, I'm confident that will accelerate. Tim Hortons and our brand's international businesses both had a very nice mix of order growth and ticket growth. But growth in our home markets for Burger King, Popeyes and Firehouse were all ticket with order counts flat to slightly negative.

我會把硬幣牢牢地放在風柱裡。但我們也仍然有很多機會。淨商店增長穩健，但並非我們所期望的。也就是說，隨著餐廳水平盈利能力的不斷提高，我相信這種情況將會加速。 Tim Hortons 和我們品牌的國際業務都實現了訂單增長和門票增長的完美結合。但漢堡王、Popeyes 和 Firehouse 在國內市場的增長都很順利，訂單數量持平甚至略有下降。

Ultimately, bringing in more customers over time is the best measure of the strength of a brand. Comparisons on order counts will get easier in the second half, but we need consistent growth across each of our brands and businesses. And finally, while we're making very good progress on store level profitability, I want to be clear that we aren't where we need to be. The progress is good, but greatness for each of the brands requires that we generate a great return for our franchisees. We have a very clear focused understanding of how to grow each of our businesses.

最終，隨著時間的推移吸引更多客戶是衡量品牌實力的最佳衡量標準。下半年訂單數量的比較將變得更加容易，但我們需要每個品牌和業務的持續增長。最後，雖然我們在商店層面的盈利能力方面取得了非常好的進展，但我想澄清的是，我們還沒有達到我們需要達到的目標。進展是好的，但每個品牌的偉大要求我們為我們的特許經營商創造豐厚的回報。我們對如何發展每項業務都有非常清晰的重點了解。

If I were to distill these down for each brand's home markets, I'd say for Tim Hortons Canada, it's PM daypart and broadening our beverage offering, for Burger King U.S., its operations and modernization, for Popeyes U.S. easy, easy, easy and for Firehouse development. And for each brand internationally, I think the word is pretty clear, grow, grow, grow. And for each of these, it's wrapped in constant focus on store level profitability.

如果我要針對每個品牌的國內市場進行提煉，我會說，對於加拿大Tim Hortons 來說，這是下午時段並擴大我們的飲料供應，對於美國漢堡王來說，是其運營和現代化，對於美國Popeyes來說，是簡單、簡單、簡單和用於消防站的開發。對於每個國際品牌來說，我認為這個詞非常明確：成長、成長、成長。對於每一個目標，它都始終關注商店層面的盈利能力。

Let me start first with our home markets and then turn to the rest of world opportunities. At Tim Hortons, in Canada, it's all about growing the PM daypart and giving Canadians even more reasons to love and engage with the brand. We've made great progress improving our market share in lunch afternoon snacking and dinner. And that's because of both new food platforms and beverage platforms that take us well beyond what originally made us famous. We also continue to win back traffic in our morning daypart and ensure Tims remains Canada's most loved breakfast destination.

讓我首先從我們的國內市場開始，然後轉向世界其他地方的機會。在加拿大的 Tim Hortons，一切都是為了增加 PM 時段的數量，讓加拿大人有更多理由喜愛和參與該品牌。我們在午餐、下午零食和晚餐的市場份額方面取得了巨大進步。這是因為新的食品平台和飲料平台使我們遠遠超出了最初使我們出名的範圍。我們還繼續贏得早間時段的客流量，並確保 Tims 仍然是加拿大最受歡迎的早餐目的地。

In my view, with Axel and the team's long-term plan well underway for the PM daypart, coupled with our unparalleled convenience across Canada, we have a long runway of traffic and sales growth for this amazing brand. I simply can't overstate how strong Tim Hortons is in Canada and how optimistic I am about its future growth.

在我看來，隨著 Axel 和團隊在下午時段的長期計劃順利進行，再加上我們在加拿大各地無與倫比的便利性，我們為這個令人驚嘆的品牌帶來了長期的流量和銷售增長。我無法誇大 Tim Hortons 在加拿大的實力以及我對其未來增長的樂觀程度。

At Burger King in the U.S., it's about operational execution, modernization. All the fundamental work the team and franchisees have done is paying off, led by wins in both operations and marketing. We already have our $400 million Reclaim the Flame investment being put to work. And I think that long term, there is more we will consider doing, especially around digital-centric remodels. As Tom and the team continue to deliver strong results and returns on our investments.

在美國漢堡王，重點是運營執行和現代化。團隊和加盟商所做的所有基礎工作都得到了回報，運營和營銷方面都取得了勝利。我們已經投入了 4 億美元的“回收火焰”投資。我認為從長遠來看，我們會考慮做更多事情，特別是圍繞以數字為中心的改造。湯姆和團隊繼續為我們的投資帶來強勁的業績和回報。

In the meantime, the team is working to grow traffic as we continue to refresh this amazing brand. At Domino's in the U.S., we're focused on easy, making our restaurants easy to run, our food easy to crave and our products easy to access. As part of our easy to love plan, we're committing to redesigning the kitchen, and we unveiled the new kitchen remodel and our franchisee convention earlier this summer. We have a handful of locations that already have this in place, and Sami and team are working closely with franchisees to gather feedback.

與此同時，隨著我們不斷更新這個令人驚嘆的品牌，團隊正在努力增加流量。在美國的達美樂，我們專注於簡單，讓我們的餐廳易於經營，我們的食物易於渴望，我們的產品易於獲取。作為我們“易愛”計劃的一部分，我們致力於重新設計廚房，並在今年夏天早些時候推出了新的廚房改造和我們的特許經營商大會。我們有一些門店已經實施了這一措施，薩米和團隊正在與加盟商密切合作，收集反饋。

Simplifying our kitchens means offering our guests faster, more accurate service and taking a big load off our team members, who will be more likely to stay with the brand for longer as their overall kitchen experience is simplified. At Firehouse U.S., we just need way more people to have access to it. You've heard me say before that I think we have absolutely the best food and beverages in QSR, including the subs at firehouse.

簡化我們的廚房意味著為客人提供更快、更準確的服務，並減輕我們團隊成員的負擔，隨著整體廚房體驗的簡化，他們將更有可能在該品牌停留更長時間。在美國消防站，我們只需要更多的人能夠使用它。你以前聽過我說過，我認為我們絕對擁有 QSR 中最好的食物和飲料，包括消防站的替補。

Mike and team's mission is straightforward, build a lot of restaurants with a lot of quality franchisees and do it quickly. I believe you'll see a ramp-up in our home markets starting in 2024. As we look to the rest-of-world opportunities, the focus is on accelerating development with quality partners and generating great returns for those partners.

邁克和他的團隊的使命很簡單，就是建立許多擁有大量優質特許經營商的餐廳，並迅速完成。我相信，從 2024 年開始，我們的國內市場將會出現增長。當我們尋找世界其他地區的機會時，重點是與優質合作夥伴加速發展，並為這些合作夥伴創造豐厚的回報。

David and the international brand teams are leveraging our best-in-class development capabilities to bring Tims, Popeyes and Firehouse to new markets while further growing Burger King in existing markets. We have a diverse set of well-capitalized master franchise partners, and on average, the sales and unit economics in our international markets are really good.

David 和國際品牌團隊正在利用我們一流的開發能力將 Tims、Popeyes 和 Firehouse 引入新市場，同時進一步發展漢堡王在現有市場的業務。我們擁有一批資本充足的主特許經營合作夥伴，平均而言，我們國際市場的銷售額和單位經濟效益非常好。

Between the improvements, we're driving in our home markets and momentum we are seeing internationally. I am confident we will get our net restaurant growth to the 5% plus level in 2024 and beyond. I remain committed to having our most important measure of success across all these areas, being franchisee profitability and attractive paybacks for their ongoing investments. Each one of our brands is on track to deliver year-over-year performance improvements on this basis, and we'll share that with you in our Q4 earnings call in February.

在這些改進之間，我們正在推動國內市場，並在國際市場上看到勢頭。我相信我們的餐廳淨增長率將在 2024 年及以後達到 5% 以上的水平。我仍然致力於在所有這些領域取得成功的最重要衡量標準，即特許經營商的盈利能力和持續投資的有吸引力的回報。在此基礎上，我們的每個品牌都有望實現同比業績改進，我們將在二月份的第四季度財報電話會議上與您分享這一點。

As a final comment, I'm very pleased to see the entire team's hard work paying off in our business results. It's very encouraging to see the brand teams moving the averages up and our franchisees getting more and more excited about investing their resources and time in giving customers a great experience. That partnership is what generates the magic in our business. I'd like to thank everyone again for your support and for joining us this morning.

最後，我很高興看到整個團隊的辛勤工作在我們的業務成果中得到回報。看到品牌團隊提高平均價格，我們的特許經營商越來越熱衷於投入資源和時間為客戶提供良好的體驗，這是非常令人鼓舞的。這種夥伴關係為我們的業務帶來了魔力。我要再次感謝大家的支持以及今天早上加入我們。

Now I'll hand it back to the operator to take your questions.

現在我將其交還給接線員以回答您的問題。

(Operator Instructions) Our first question comes from the line of Andrew Charles of TD Cowen.

（操作員說明）我們的第一個問題來自 TD Cowen 的 Andrew Charles。

Patrick question for you. Can you elaborate on your comments for considering more investments in Reclaim the Flames. Clearly, Burger King U.S. performed exceptionally well on both the sales and the franchisee profitability. I'm curious what you need to see to execute this potential second investment to continue to accelerate the turnaround there. I think you can call it a turnaround at this point as well as just a comment on the digital renovations, what those potentially look like?

帕特里克向你提問。您能否詳細說明一下您對考慮對“回收火焰”進行更多投資的評論。顯然，漢堡王美國公司在銷售額和加盟商盈利能力方面都表現出色。我很好奇您需要看到什麼來執行這項潛在的第二筆投資，以繼續加速那裡的周轉。我想你現在可以稱之為一個轉變，也可以稱之為對數字化改造的評論，那些可能是什麼樣子？

Yes. So Andrew, thanks for the question. So early on in the process of doing these reimages, we're seeing very promising results from doing those reimages, lifts that we're getting in sales, it's generating a good return for us and the franchisees, but it's early. And so what we've got to see is more results and a good return for the franchisees and for us. And if we become convinced that it's definitely generating what we both need to see, then we're certainly going to consider more. And that's fundamentally it.

是的。安德魯，謝謝你的提問。因此，在進行這些重新形象的過程的早期，我們看到了非常有希望的結果，我們在銷售中獲得了提升，它為我們和特許經營商帶來了良好的回報，但現在還為時過早。因此，我們必須看到的是更多的成果以及為加盟商和我們帶來的良好回報。如果我們確信它肯定會產生我們都需要看到的東西，那麼我們肯定會考慮更多。基本上就是這樣。

Yes. Maybe, Patrick, if I can add a couple of things there. And thank you for the question on this one. I think we intentionally set up the Reclaim the Flame plan to focus on the first 2 years here on 2023 and 2024. And I think the goal, as Patrick said, was to prove out that we can generate both compelling and consistent returns through remodels. And we're just a little bit into that experience. It's a small sample size so far. But I think we're accomplishing both of those goals. And I want to see us do that at larger scale now over the next year or 2.

是的。也許，帕特里克，如果我可以在那裡添加一些東西。感謝您提出這一問題。我認為我們有意制定“回收火焰”計劃，重點關注 2023 年和 2024 年的前兩年。我認為，正如帕特里克所說，目標是證明我們可以通過改造產生令人信服且一致的回報。我們只是對這種體驗有一點了解。到目前為止，樣本量還很小。但我認為我們正在實現這兩個目標。我希望看到我們在未來一兩年內更大規模地這樣做。

But in the longer term, I think our point of view is we need pretty much every Burger King all across the country to be modern, convenient and competitive with all of the other concepts out there that have new and modern buildings. So I do think we need to go further in the subsequent years, and it's important we really prove out the kind of the early returns here now. And I think if I can maybe take a piece on the modern and digitally enabled restaurants. I think there's a couple of different ways that we can do that. One of the ones we've been focused on recently is, we're spending a bit more time on kiosks. We've done another -- a pretty big test here in our company restaurants. And we're seeing a much better guest perception to kiosk than we might have seen, say, 5 to 7 years ago in the U.S. So we think that's an interesting avenue to explore further. And Tom and the team are going to be expanding some of that testing over the rest of this year.

但從長遠來看，我認為我們的觀點是，我們需要全國各地的幾乎每一家漢堡王都現代化、方便，並與擁有新的現代建築的其他概念相比具有競爭力。因此，我確實認為我們需要在接下來的幾年中走得更遠，重要的是我們現在要真正證明早期回報的類型。我想我是否可以對現代和數字化的餐廳有所了解。我認為我們可以通過幾種不同的方式來做到這一點。我們最近關注的問題之一是，我們在信息亭上花費了更多的時間。我們又做了一次——在我們公司的餐廳裡進行了一次相當大的測試。我們發現，與 5 到 7 年前在美國相比，顧客對自助服務終端的看法要好得多。因此，我們認為這是一個值得進一步探索的有趣途徑。湯姆和他的團隊將在今年剩餘時間裡擴大一些測試。

Also need to point out, it was just pointed out to me by a few people that I said Domino's during the script instead of Popeyes, I'm sending Russell $20 by Venmo to fix that. Sorry about that…

還需要指出的是，剛剛有幾個人向我指出，我在劇本中說的是 Domino's 而不是 Popeyes，我將通過 Venmo 向 Russell 發送 20 美元來解決這個問題。抱歉……

We can take the next question, please. Candace, thank you.

我們可以回答下一個問題。坎迪斯，謝謝你。

Our next question comes from Brian Bittner of Oppenheimer.

我們的下一個問題來自奧本海默的布萊恩·比特納。

I thought I heard that, Patrick, you confirm it, Patrick. You suggested that unit growth could reach the 5% plus level in 2024. I think that's a pretty important comment. And I think you have to see a pretty measurable acceleration in Burger King to get there just given its size and given its contribution to RBI's unit growth. What do you anticipate to drive this implied acceleration in the Burger King business moving past this year? And separately, Matt, just as it relates to 2023, do you still anticipate 2023 unit growth to accelerate versus '22 or has that changed?

我想我聽到了，帕特里克，你證實了這一點，帕特里克。您建議 2024 年銷量增長可能達到 5% 以上的水平。我認為這是一個非常重要的評論。我認為，考慮到漢堡王的規模以及它對印度儲備銀行單位增長的貢獻，你必須看到漢堡王實現這一目標的速度相當可觀。您預計什麼因素會推動今年漢堡王業務的隱性加速？另外，Matt，正如與 2023 年相關的那樣，您仍然預計 2023 年的單位增長將比 22 年加速，或者這種情況是否發生了變化？

Yes. So Brian, thanks for the question. So there are really just a few things. I mean, first of all, if you look at the closures that we've talked to you about on Burger King in the U.S., as that picture improves, in the U.S., you've already got 0.5 point to pushing a point of improvement from that. So we're already a bit over 4%, if you just eliminate over time, any reduction in net stores in Burger King in the U.S. The math says you're now in about the 5% range.

是的。布萊恩，謝謝你的提問。所以實際上只有幾件事。我的意思是，首先，如果你看看我們在美國與你討論過的漢堡王關閉情況，隨著情況的改善，在美國，你已經有 0.5 個百分點來推動一個改進點從那。因此，如果您隨著時間的推移消除美國漢堡王淨商店的任何減少，我們已經略高於 4%。數學表明您現在大約處於 5% 的範圍內。

And then if you look at, what I think is pretty extraordinary story within all of this. If you look at the net restaurant growth in the rest-of-the-world for the other concepts, you've still got rest-of-the-world growth north of 5% for BK in the rest-of-the-world, but you're at 24% on Tim Hortons, 27% on Popeyes, 48% on Firehouse. Those are big businesses and as they continue to scale, plus hopefully getting some incremental growth from Firehouse in the U.S. and from Tim Hortons in the U.S. I mean, it just -- the picture says that 5% starts looking very, very doable.

然後如果你看一下，我認為這一切都是非常不尋常的故事。如果你看看世界其他地區其他概念的餐廳淨增長，你會發現 BK 在世界其他地區的增長率仍然超過 5% ，但Tim Hortons 的支持率是24%，Popeyes 的支持率是27%，Firehouse 的支持率是48%。這些都是大企業，隨著它們不斷擴大規模，再加上希望從美國的Firehouse 和美國的Tim Hortons 獲得一些增量增長。我的意思是，這只是——圖片顯示5% 開始看起來非常非常可行。

Yes. Brian, I'll just take the other piece of your question, Josh. Yes, we do still expect 2023 growth to be higher than 2022 for restaurants.

是的。布萊恩，我將回答你問題的另一部分，喬什。是的，我們仍然預計 2023 年餐廳的增長將高於 2022 年。

Our next question comes from the line of David Palmer of Evercore.

我們的下一個問題來自 Evercore 的 David Palmer。

Patrick, you mentioned getting back to 5% unit growth in 2024 and beyond. And I know it's ancient history now, but there was an Analyst Day back in 2019, where you talked about where the company talked about 5% unit growth, 2% to 3% same-store sales growth, 7% system sales growth and mid- to high single-digit EBITDA growth.

Patrick，您提到要在 2024 年及以後恢復 5% 的單位增長率。我知道現在這已經是古老的歷史了，但在2019 年的分析師日，您談到了該公司談論了5% 的單位增長、2% 至3% 的同店銷售增長、7% 的系統銷售增長和中期銷售增長。 - EBITDA 實現高個位數增長。

I'm wondering, how you all feel about that full slate of targets as you look to the next few years. What are the key variables, areas of upside downside as you think about those targets? And are they relevant?

我想知道，當你們展望未來幾年時，你們對這一整套目標有何感想。當您考慮這些目標時，關鍵變量和上行下行領域是什麼？它們相關嗎？

Well, I'd say a couple of things, and I'll kick it to Josh since Josh was actually here in 2019, when that was set. But yes, look, I think the biggest thing that's changed is inflation. I think when we said 2% to 3% comps, we were probably expecting 1% inflation. And clearly, ticket growth has been higher as a result of overall inflation levels around the world over the last year or 18 months. So that has clearly changed from where we were. But from a store growth standpoint, I think it's very much on.

好吧，我想說幾句話，我會把它踢給喬什，因為喬什實際上在 2019 年就在這裡，當時就已經確定了。但是，是的，我認為最大的變化是通貨膨脹。我認為當我們說 2% 到 3% 的比較時，我們可能預期通脹率為 1%。顯然，由於過去一年或 18 個月全球整體通脹水平，門票增長較高。所以這與我們所處的位置相比明顯發生了變化。但從商店增長的角度來看，我認為這是非常重要的。

And as I just said to Brian, I mean, you work through the math and 5% plus certainly looks very doable. I think we have put out a 40,000 restaurants target over the course of, I don't know, I think it was 4 or 5 years. And you look at that, and it certainly looks very, very doable.

正如我剛才對布萊恩所說，我的意思是，你通過數學計算，5% 以上看起來確實是非常可行的。我認為我們已經制定了 40,000 家餐廳的目標，我不知道，我認為是四五年的時間。你看一下，它看起來確實非常非常可行。

Yes. Dave, I would just reiterate what Patrick said. And I think we need to see how inflation evolves over the rest of this year and what the outlook is into next year. And I think maybe once we get to the end of this year, we can have a little bit more normalized view on what we think some of those growth statistics look like going forward.

是的。戴夫，我只想重申帕特里克所說的話。我認為我們需要了解今年剩餘時間通脹如何演變以及明年的前景如何。我認為，也許到了今年年底，我們就可以對我們認為的一些增長統計數據的未來發展有更加正常化的看法。

Our next question comes from the line of Dennis Geiger of UBS.

我們的下一個問題來自瑞銀集團的丹尼斯·蓋革。

Congrats on the strong results. Wondering if you could talk a little bit more about Burger King U.S. traffic momentum and the ability for the strategic plans to continue to drive that traffic improvement going forward? I think Josh and Patrick, you both spoke to kind of the continued improvement in operations as being a key support for the improvement in traffic trends. So just wondering if anything more there on, how to think that operations improvement trajectory as well as sort of other critical drivers to continue to strengthen those traffic trends?

祝賀取得的強勁成果。想知道您是否可以多談談漢堡王美國的流量勢頭以及戰略計劃繼續推動流量改善的能力？我認為喬什和帕特里克，你們都談到了運營的持續改善是流量趨勢改善的關鍵支持。因此，我想知道是否還有更多內容，如何看待運營改善軌跡以及其他關鍵驅動因素以繼續加強這些交通趨勢？

Yes, Dennis, thanks so much for the question. And for sure, Burger King U.S. traffic is a big focus area for us. It has been and will be into the remainder of this year. I mentioned it a little bit in the prepared remarks, but we have seen improvement sequentially in that same-store traffic. So it's getting better, but it's still slightly negative. I think our goal for sure in the next couple of quarters is turn that to flat and then positive over time. And I think a couple of the big structural things that we're doing to improve that. One, we've been really focused on our advertising, both the quality of that.

是的，丹尼斯，非常感謝你的提問。可以肯定的是，漢堡王美國的流量是我們關注的重點領域。它已經並將持續到今年剩餘時間。我在準備好的評論中提到了一點，但我們已經看到同店客流量連續改善。所以情況正在好轉，但仍然略有負面。我認為我們在接下來的幾個季度的目標肯定是讓這一數字持平，然後隨著時間的推移變得積極。我認為我們正在做一些重大的結構性事情來改善這一點。第一，我們非常關注我們的廣告，無論是廣告的質量。

And as you saw in the second quarter, we're starting to ramp up that Fuel to Flame investment. We haven't spent that much of it yet. We've been starting to ramp up some of that spending. So some of those advertising dollars are definitely an important element there. We're also extremely focused on operations and of how we deliver in the restaurants every day is what brings the guests back more often. And Tom and the team have really put a lot of effort into training at the restaurants, especially around producing incredibly incredible offers every day, every time. And you've seen us focused a lot in Whopper, Whopper Jr., Spider-Verse Whopper.

正如您在第二季度看到的那樣，我們開始加大“燃料到火焰”的投資。我們還沒有花那麼多錢。我們已經開始增加部分支出。因此，其中一些廣告收入絕對是一個重要因素。我們還非常注重運營，每天在餐廳提供餐食的方式是讓客人更頻繁地回來的原因。湯姆和團隊確實在餐廳培訓上投入了大量精力，尤其是每天、每次都提供令人難以置信的優惠。你已經看到我們在《皇堡》、《小皇堡》和《蜘蛛俠宇宙皇堡》中投入了很多精力。

So we're really trying to make sure that the product we deliver every day is excellent and bring back our guests. And then you haven't seen this too much yet, but you'll see more and more of the remodels. We're going to do really high-quality remodels, investing the proper dollars into those. And I think you should see that kind of becoming an increasingly important part of the equation later this year and into next year. So those are some of the big factors that I think are helpful to us to turn around the traffic equation. Yes. Patrick, anything you want to add there?

因此，我們確實在努力確保我們每天提供的產品都是優質的，並吸引我們的客人回來。然後你還沒有看到太多這樣的東西，但是你會看到越來越多的改造。我們將進行真正高質量的改造，並投入適當的資金。我認為你應該看到這種情況在今年晚些時候和明年變得越來越重要。我認為這些是有助於我們扭轉交通狀況的一些重要因素。是的。帕特里克，你還有什麼要補充的嗎？

Nope, we’re good. Perfect.

不，我們很好。完美的。

Our next question comes from the line of Brian Harbour of Morgan Stanley.

我們的下一個問題來自摩根士丹利的布萊恩·哈伯。

Yes. Maybe I'll ask about Tim Hortons in Canada. You quantified some of the initiatives certainly in how they're working, but could you kind of separate out, how much has still been kind of mobility driven? Do you think that we're mostly past the mobility recovery at this point? And then just also on the supply chain there. I know in the past, we've talked about working through some of that higher-cost inventory. Are you mostly past that at this point where we'll start to see more normalized kind of supply chain profits?

是的。也許我會問一下加拿大的 Tim Hortons。您對一些舉措的運作方式進行了量化，但您能否區分一下，有多少仍然是由移動性驅動的？您認為目前我們已經基本擺脫了流動性恢復的局面嗎？然後也在供應鏈上。我知道過去我們曾討論過如何處理一些成本較高的庫存。現在我們將開始看到更正常化的供應鏈利潤，您是否已經基本過去了？

Yes, Brian, thanks for the question. I'll take the part on the same-store sales, kind of, composition and some of the drivers there, and I'll let Matt take the one on supply chain. In terms of what drove the performance, there's a little bit of mobility benefit, but I think that's starting to level out a lot. What we see from Q1 to Q2 is relatively stable. So I think we're back to a little bit more normalized world there and where it's not changing so much quarter-to-quarter. I really think the bigger drivers of what we saw in this quarter are a lot of the big initiatives that we have on where, we're taking the business.

是的，布萊恩，謝謝你的提問。我將負責同店銷售、種類、構成和一些驅動因素，我將讓馬特負責供應鏈方面的問題。就推動性能的因素而言，移動性有一點好處，但我認為這已經開始趨於平穩。我們看到從第一季度到第二季度相對穩定。所以我認為我們回到了一個更加正常化的世界，並且每個季度的變化都沒有那麼大。我真的認為我們在本季度看到的更大的驅動因素是我們在業務領域採取的許多重大舉措。

So you saw things like cold beverage was a really big contributor. We've been very focused on things like Quenchers, launched Sparkling Quenchers, which is just a sparkling water version of our existing Quencher platform. That proved to be very incremental to the business. We've also been focused on a lot of the P.M. food initiatives that we've talked about with our loaded bowls and wraps. We launched the barbecue chicken version of those this quarter, which we are getting for the summer and performed really well. And you're seeing those things move our business. So we're moving in market share in some of those dayparts and they're becoming a bigger mix in the business.

所以你看到像冷飲這樣的東西是一個非常大的貢獻者。我們一直非常關注 Quenchers 等產品，推出了 Sparkling Quenchers，它只是我們現有 Quencher 平台的氣泡水版本。事實證明，這對業務來說是非常有益的。我們還關注了很多 P.M.我們用裝滿的碗和捲紙談論過的食品倡議。我們本季度推出了燒烤雞版本，我們將在夏季購買該版本，並且表現非常好。您會看到這些事情推動了我們的業務。因此，我們正在擴大其中一些時段的市場份額，並且它們正在成為業務中更大的組合。

Just one, one -- stat to give you a little bit of a reference, cold beverage used to be about 30%, when you go back about 4 years ago. Now it's 40% of our mix. So we're starting to see pretty big movements in the composition of the business as we get traction in some of those categories. Matt, do you want to take the supply chain?

只是一，一——給你一點參考的統計數據，當你回到大約 4 年前時，冷飲曾經大約是 30%。現在它占我們組合的 40%。因此，隨著我們在其中一些類別中獲得牽引力，我們開始看到業務構成發生相當大的變化。馬特，你想接管供應鏈嗎？

Yes. Hello, Brian, thanks for the question. Yes, on the supply chain, I think, as you all know, we had quite a bit of volatility to work through last year into this year with higher commodity prices impacting an increasing both sales and cost of sales and therefore margin percentage. I'd say, we started to see things normalize. This quarter, margins were fairly flat sequentially at levels consistent with where we've been trending and kind of what we expected. And I think overall, at this stage, our focus is on the underlying business, which we think is doing very well, as you heard from Patrick and Josh and driving volumes through that business through the strategies they talked about. And as a result, gross profit dollar growth, which was up about 7% year-over-year organically in the quarter for the business.

是的。你好，布萊恩，謝謝你的提問。是的，在供應鏈上，我認為，正如你們所知，我們從去年到今年經歷了相當大的波動，大宗商品價格上漲影響了銷售額和銷售成本的增加，從而影響了利潤率。我想說，我們開始看到事情正常化。本季度，利潤率環比持平，水平與我們的趨勢一致，也符合我們的預期。我認為總的來說，在這個階段，我們的重點是基礎業務，我們認為這些業務做得非常好，正如您從帕特里克和喬什那裡聽到的那樣，並通過他們談論的策略推動該業務的銷量。因此，本季度該業務的毛利潤同比有機增長約 7%。

Our next question comes from the line of Eric Gonzalez from KeyBanc.

我們的下一個問題來自 KeyBanc 的 Eric Gonzalez。

Congrats on the progress this quarter. Maybe another one on the working U.S. business. As part of Fuel to Flame the advertising investment, it would seem like you're taking a more measured approach to deploying those resources. This is maybe a bit different than what we saw at Tim Hortons and what some of your peers have done with celebrity endorsements. So I was hoping you could speak to that strategy a bit and talk about, how you are building a multiyear plan to reposition the brand versus maybe the blasted out of accounting strategy that we've seen elsewhere.

祝賀本季度取得的進展。也許是另一篇關於正在運作的美國企業的文章。作為“Fuel to Flame”廣告投資的一部分，您似乎正在採取更加謹慎的方法來部署這些資源。這可能與我們在 Tim Hortons 看到的以及一些同行通過名人代言所做的有所不同。所以我希望你能談談這個策略，談談你如何制定一個多年計劃來重新定位品牌，而不是我們在其他地方看到的被淘汰的會計策略。

Yes, Eric. Thanks for the question. And I do think you characterized well that our plan is to be steady and build the business over time. Less than kind of, stunts we're really trying to focus on a lot of the core equities and building those progressively over a couple of years. We're focused a lot on the quality of the advertisements and how they resonate with guests. And I think the good news is, you're seeing it work in the results. The same-store sales have moved in the right direction. And to your point, we've got a lot of the firepower left. We've got 1.5 years or so left in that initial 2-year period, and we still have a lot of the dollars left to spend. We're not in a place to give a exact cadence on how we'll spend that over the next couple of years, but it will be somewhat evenly.

是的，埃里克。謝謝你的提問。我確實認為您很好地描述了我們的計劃是穩定並隨著時間的推移發展業務。不是什麼特技，我們真的試圖專注於許多核心股票，並在幾年內逐步建立這些股票。我們非常關注廣告的質量以及它們如何與客人產生共鳴。我認為好消息是，你會看到它在結果中發揮作用。同店銷售已朝著正確的方向發展。就你而言，我們還剩下很多火力。最初的 2 年期限還剩下 1.5 年左右，而且我們還有很多錢可以花。我們無法給出未來幾年如何支出的確切節奏，但會比較均勻。

Our next question comes from the line of Chris Carril of RBC Capital Group.

我們的下一個問題來自加拿大皇家銀行資本集團 (RBC Capital Group) 的克里斯·卡里爾 (Chris Carril)。

So maybe just following up on the longer-term development in '24 and beyond. Can you maybe expand a bit more on the Popeyes brand in particular? The net growth there for the Popeyes brand was the strongest contributor in the first half. And maybe with the new easy-to-let strategy in place for the brand, how are you thinking about the pacing of when the brand could be -- maybe a more meaningful contributor to the overall global consolidated unit growth longer term?

因此，也許只是跟進 24 年及以後的長期發展。您能否詳細介紹一下 Popeyes 品牌？ Popeyes 品牌的淨增長是上半年的最大貢獻者。也許隨著該品牌實施新的易出租戰略，您如何考慮該品牌何時可能成為對全球整體合併單位增長更長期的更有意義的貢獻者？

Yes, Chris, thanks, -- we are very excited about Popeyes. Both the results, I would say, and the long-term development outlook I think if you look at the U.S. business, while we are making improvements on the ease to run of the kitchen, we've been growing at a really good clip, and we continue to do so. We're one of the fastest-growing freestanding drive-through concepts out there, and we've had pretty consistent and strong growth in the U.S. I think what's evolving right now is the international piece of that growth.

是的，克里斯，謝謝——我們對大力水手感到非常興奮。我想說的是，無論是結果還是長期發展前景，我認為如果你看看美國業務，當我們在改善廚房運行的便利性時，我們一直在以非常好的速度增長，我們將繼續這樣做。我們是目前增長最快的獨立式得來速概念之一，而且我們在美國的增長相當穩定和強勁。我認為現在正在發展的是這種增長的國際部分。

And if you look at it in the quarter, we're now up to 27% year-on-year growth outside of the U.S. So we're really starting to ramp up the pace of development in many other countries around the world. And I'd say that's pretty broad-based. We're growing in places like Brazil, Spain, India, the U.K., France, Canada, it's all over, and we're really starting to get a lot of traction. Some of those markets are starting to get to scale, and we're seeing really good results in terms of the sales of those restaurants. So I think that's what started to evolve.

如果你看看本季度的情況，我們現在在美國以外的地區同比增長高達 27%。因此，我們確實開始加快在世界許多其他國家的發展步伐。我想說這是非常廣泛的。我們在巴西、西班牙、印度、英國、法國、加拿大等地不斷發展，一切都結束了，我們真的開始獲得很大的吸引力。其中一些市場已經開始規模化，我們在這些餐廳的銷售方面看到了非常好的結果。所以我認為這就是開始演變的原因。

We're getting more and more traction in more places around the world. And that's one of the reasons, why we have a lot of confidence in terms of where our overall net restaurant growth is going to go in 2024 and beyond.

我們在世界各地越來越多的地方受到越來越多的關注。這就是我們對 2024 年及以後餐廳整體淨增長前景充滿信心的原因之一。

The only thing I'd add to that is the numbers that Josh just gave you are the restaurant growth numbers. If you look at system-wide sales growth for the rest of world for Popeyes, we were up 47.9% year-over-year in the second quarter, lapping 38.8% the previous year. I think people have discovered that Popeyes is pretty good outside of the U.S.

我唯一要補充的是喬什剛剛給你的數字是餐廳的增長數字。如果你看看 Popeyes 在世界其他地區的全系統銷售增長情況，我們第二季度同比增長 47.9%，比去年同期增長 38.8%。我想人們已經發現 Popeyes 在美國以外的地方也很不錯。

Yes. I think all -- if we look out globally at all the segments, the Chicken segment is obviously very compelling around the world. It's a big segment. It's a growing segment. And we've got a concept in Popeyes that really resonates with guests all over the world. And I think you're just starting to see that show up in some of our numbers.

是的。我認為，如果我們放眼全球所有細分市場，雞肉細分市場顯然在全球範圍內非常引人注目。這是一個很大的部分。這是一個不斷增長的細分市場。我們大力水手的理念能夠真正引起世界各地客人的共鳴。我認為您剛剛開始在我們的一些數據中看到這一點。

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

我們的下一個問題來自美國銀行的薩拉參議員。

Great. Just actually 2 quick follow-ups. One is about Tims. You said you maintained leading market share. I just wanted to understand, is that to say that you think the Tims business kind of grew with the industry overall? I know you compete in a lot of dayparts and segments, but as we think through kind of the benefits of mobility versus market share gains, I'm trying to decompose that?

偉大的。實際上只是 2 個快速跟進。其中之一是關於蒂姆斯的。你說你保持了領先的市場份額。我只是想了解，這是否是說您認為 Tims 業務隨著整個行業的發展而增長？我知道你們在很多時段和細分市場中競爭，但當我們思考移動性的好處與市場份額增長之間的關係時，我正在嘗試分解它？

And then just on Burger King U.S., if I could maybe ask for a little bit more detail. What's, I guess, the event path from here in terms of driving traffic? Do you need to bring more people in for trial? I know you're improving operations, so that it's just about frequency or bringing in lapse guests -- just trying to understand the drivers and how we should think about it with the recognition that compares to ease in the back half.

然後就美國漢堡王而言，我是否可以要求提供更多細節。我想，就交通流量而言，從這裡開始的事件路徑是什麼？需要拉更多人來受審嗎？我知道你們正在改進運營，所以這只是關於頻率或引入流失的客人——只是試圖了解驅動因素，以及我們應該如何考慮它，並與後半段的輕鬆相比進行認識。

On Tims, I would say we in the aggregate are growing faster than the market we're gaining market share. And what I referenced in terms of maintaining market share is more in some of our core kind of legacy categories, things like breakfast food and our hot brewed coffee. But on top of that, we're gaining market share in some of those higher growth categories that we've been focused on, things like cold beverages and P.M. food.

就 Tims 而言，我想說的是，我們總體上的增長速度快於我們獲得的市場份額。我提到的保持市場份額更多是在我們的一些核心傳統類別中，例如早餐食品和我們的熱沖泡咖啡。但最重要的是，我們在一些我們一直關注的高增長類別中獲得了市場份額，例如冷飲和下午茶。食物。

So those are the dynamics of some of the things we're maintaining market share and growing market share. But in the aggregate, we think we're growing faster than the market. On Burger King in the U.S. I would go back and probably just reiterate what I said before in terms of what we have left to come. We've got more and more advertising dollars that we're going to be prepared to spend.

這些就是我們保持市場份額和增加市場份額的一些動力。但總的來說，我們認為我們的增長速度快於市場。關於美國的漢堡王，我會回去並可能只是重申我之前所說的關於我們剩下的事情。我們準備花越來越多的廣告費。

I think that Tom and the team are making really great improvements on operations working together with our franchisees who are increasingly engaged in driving higher quality operations. We see this in our -- all of our metrics across the business that are things like speed of service and guest feedback are all getting better than they have been for a number of quarters.

我認為湯姆和他的團隊與越來越多地致力於推動更高質量運營的特許經營商合作，在運營方面取得了巨大的進步。我們在整個業務中的所有指標（例如服務速度和客戶反饋）都看到了這一點，這些指標都比幾個季度以來的情況都要好。

And I think we're going to layer on top of that some of the capital that's going to go into the business. I don't think you've really seen that yet, but you will over the next kind of 4 to 6 quarters, you'll start seeing the new technology in the restaurants. You'll start seeing upgrades to the equipment in the back of house, and you're going to start seeing more high-quality remodels. And I think all of those things give us confidence in the direction of the business.

我認為我們將在此基礎上投入一些將進入該業務的資本。我認為您還沒有真正看到這一點，但在接下來的 4 到 6 個季度中，您將開始在餐廳看到新技術。您將開始看到後台設備的升級，並且您將開始看到更多高質量的改造。我認為所有這些都讓我們對業務方向充滿信心。

Our next question comes from Daniel Gargiulo of Bernstein.

我們的下一個問題來自伯恩斯坦的丹尼爾·加吉羅（Daniel Gargiulo）。

Can you just give us some color on the evolution of the expansion of your brands in China? In particular, some brands had some challenges in the past. So what's different this time? And in particular, if you can focus also on team's evolution, how are they reacting to the intensified coffee competition in China?

您能給我們介紹一下您的品牌在中國的擴張歷程嗎？特別是一些品牌過去曾遇到過一些挑戰。那麼這次有什麼不同呢？特別是，如果你也能關注團隊的演變，他們對中國日益激烈的咖啡競爭有何反應？

Yes. I'll address each of the brands in turn. I think if you look at BK, we grew at a really rapid pace for a number of years through the teens and then we slowed down a bit during COVID, and I think we're starting to come out of that. We're starting to see improvements in the pipelines and the outlook for growth at BK China. I think the team there is increasingly engaged and focused on ramping back up the pace of growth. And we're seeing improved sales performance as well.

是的。我將依次介紹每個品牌。我想如果你看看 BK，我們在十幾歲的時候就以非常快的速度增長，然後在新冠疫情期間我們放慢了速度，我認為我們已經開始走出困境。我們開始看到 BK China 的渠道改善和增長前景。我認為那裡的團隊越來越投入並專注於加快增長速度。我們也看到銷售業績有所改善。

If you look from Q1 into Q2, the same-store sales picked up both for Burger King and for Tims. We had double-digit comparable sales at both of the brands in the second quarter. So I think the sales performance is picking up too. At Tims, has been a huge growth story. We've ramped up our store presence pretty rapidly over the last few years since we entered. To your point, it is a competitive market, but we're very focused on providing a differentiated product and experience that some of our competitors don't offer there.

如果從第一季度到第二季度來看，漢堡王和 Tims 的同店銷售額都有所上升。第二季度，這兩個品牌的可比銷售額均達到兩位數。所以我認為銷售業績也在回升。在 Tims，有一個巨大的成長故事。自從我們進入以來，我們在過去幾年裡迅速擴大了我們的商店規模。就您而言，這是一個競爭激烈的市場，但我們非常專注於提供我們的一些競爭對手所不提供的差異化產品和體驗。

And lastly, with Popeyes, which we're incredibly excited for, you will see we signed a new master franchise partnership a few months back, and we're really excited to open some of our first restaurants again. We expect that will happen in the next couple of months, and we can't wait to see the reaction to having Popeyes in China. It's one of the things that we think has some of the most potential anywhere in the world for our business.

最後，我們對 Popeyes 感到非常興奮，您會看到我們在幾個月前簽署了新的特許經營合作夥伴關係，我們非常高興能夠再次開設我們的一些第一家餐廳。我們預計這將在未來幾個月內發生，我們迫不及待地想看看大力水手進入中國後的反應。我們認為這是世界上對我們的業務最具潛力的事情之一。

Our next question comes from the line of Brian Mullan of Piper Sandler.

我們的下一個問題來自 Piper Sandler 的 Brian Mullan。

Just a follow-up on Tim's Canada, specific to the loyalty program. Is that starting to become a more meaningful driver of the top line versus what we've seen in the past? And then even if not just get -- maybe could you just talk about, how you see the program evolving in the coming years and whether you believe this represents a huge tailwind to the transaction growth from your very large user base in the country. Any thoughts would be great.

只是蒂姆加拿大的後續行動，專門針對忠誠度計劃。與我們過去所看到的相比，這是否開始成為更有意義的收入驅動因素？然後，即使不只是——也許您可以談談您如何看待該計劃在未來幾年的發展，以及您是否認為這代表著您在該國龐大的用戶群的交易增長的巨大推動力。任何想法都會很棒。

Yes, Brian, thanks. We are really proud of the work that Axel and his whole team, the folks that are working on the digital business have done. In a country of 38 million people, we have 4.9 million monthly active users. It's really something tremendous. And I think Tims Rewards has evolved to become a really important part of the business. I think it has been important in driving customer loyalty in some of our sales. I think what you've seen happen recently is we've been expanding what Tims Rewards means. So we have more content that you can play on MAP.

是的，布萊恩，謝謝。我們對阿克塞爾和他的整個團隊以及致力於數字業務的人們所做的工作感到非常自豪。在一個擁有 3800 萬人口的國家，我們每月有 490 萬活躍用戶。這確實是一件了不起的事情。我認為 Tims Rewards 已經發展成為業務中非常重要的一部分。我認為這對於在我們的一些銷售中提高客戶忠誠度非常重要。我認為您最近看到的情況是我們一直在擴展 Tims Rewards 的含義。所以我們有更多的內容可以在 MAP 上玩。

And now you probably saw very recently, we've expanded it into a co-branded credit card program. And I think what you can expect over the next couple of years is more of that. We'll expand what Tims Rewards can be. We'll expand kind of the reach of that into all of our other parts of our guest lives. And we think it's going to become one of the -- it already is, but we think it will become an even bigger presence within the Canadian loyalty market across a lot of different banners.

現在您可能最近看到，我們已將其擴展為聯合品牌信用卡計劃。我認為未來幾年你可以期待的更多。我們將擴大 Tims 獎勵的範圍。我們會將其影響範圍擴展到客人生活的所有其他部分。我們認為它將成為其中之一——它已經是了，但我們認為它將在加拿大忠誠度市場中以許多不同的方式佔據更大的份額。

Our next question comes from Joshua Long of Stephens.

我們的下一個問題來自斯蒂芬斯的約書亞·朗。

In your prepared comments, you noted the opportunity, particularly in leveraging learnings from Popeyes International. Curious if that's something that is still an opportunity across the other brands in the portfolio that's already kind of largely come to bear or just where we're at there in terms of being able to cross-pollinate ideas across the global unit base?

在您準備好的評論中，您注意到了這個機會，特別是在利用 Popeyes International 的經驗方面。好奇這對於產品組合中的其他品牌來說是否仍然是一個機會，或者說我們在能夠在全球單位基礎上交叉授粉想法方面處於什麼位置？

Yes. Joshua, I'll make a couple of comments and see if Patrick has anything to add, too. In Popeyes, we are absolutely bringing some of the learnings that we had on making the kitchens easier to run to the U.S. Patrick and I actually visited one of the first easy-to-run kitchens here in Florida, a fantastic franchisees, restaurant just north of our office here. And it's early days, but we're really excited by both -- some of the ideas that are being brought in the impact they're having on the kitchen and the pace at which the team is working, the Popeyes team is doing a great job bringing some of those ideas to life in our restaurants here.

是的。約書亞，我會發表一些評論，看看帕特里克是否也有什麼要補充的。在大力水手，我們絕對把我們在讓廚房更容易運行方面學到的一些知識帶到了美國。帕特里克和我實際上參觀了佛羅里達州第一個易於運行的廚房之一，這是一家很棒的特許經營商，餐廳就在北部我們的辦公室在這裡。現在還處於早期階段，但我們對這兩者都感到非常興奮——一些想法對廚房產生了影響，也影響了團隊的工作節奏，Popeyes 團隊做得很好將其中一些想法在我們這裡的餐廳中付諸實踐。

I think the other biggest place that we can bring learnings from our international market is probably at our Burger King business, both on the impact that modern restaurants can have on the brand perception, that's a really powerful thing that we see all across the world with our Burger King business, but also how digital can transform the business.

我認為我們可以從國際市場中學到的另一個最大的地方可能是我們的漢堡王業務，無論是現代餐廳對品牌認知度的影響，這是我們在世界各地看到的非常強大的事情我們的漢堡王業務，以及數字化如何改變業務。

If you go to some of our restaurants, whether it's in Asia or Europe, increasingly in Latin America, they're much more digital, especially the in-restaurant transactions, which are almost entirely run through kiosks. So some of those learnings are absolutely impacting how we think about where the BK U.S. business can go and really the opportunity for that business to move the brand perception and quality of operations.

如果你去我們的一些餐廳，無論是在亞洲還是歐洲，越來越多地在拉丁美洲，它們的數字化程度更高，尤其是餐廳內的交易，幾乎完全通過自助終端進行。因此，其中一些經驗絕對會影響我們如何看待 BK 美國業務的發展方向，以及該業務提升品牌認知度和運營質量的機會。

Yes. I mean the only thing I'd add to it is I couldn't agree more on the Burger King side of that. I mean it's just -- you go to Burger King restaurants outside of the U.S. They look terrific. The food offering, the menu looks great. Operations are great. They're very digitally focused. We did a little over $4 billion in system sales at Burger King in the second quarter, and we grew that 18.4% year-over-year. We have clearly got some things figured out on the Burger King side outside of the U.S.

是的。我的意思是，我唯一要補充的是，我非常同意漢堡王的這一點。我的意思是，你去美國以外的漢堡王餐廳，它們看起來棒極了。提供的食物、菜單看起來都很棒。操作很棒。他們非常注重數字化。第二季度，漢堡王的系統銷售額略高於 40 億美元，同比增長 18.4%。我們顯然已經在美國以外的漢堡王方面解決了一些問題。

And I think there's a great opportunity to bring those learnings, some of the operational systems that they've put in place, what they're doing with the food. I mean there is a lot to learn. The Burger King business outside of the U.S. is overall in great shape, and we certainly want to bring some of that back into the U.S.

我認為這是一個很好的機會來將這些知識、他們建立的一些操作系統以及他們對食物的處理方式帶入其中。我的意思是有很多東西需要學習。漢堡王在美國以外的業務總體狀況良好，我們當然希望將其中一些業務帶回美國。

Our next question comes from the line of Jeffrey Bernstein of Barclays.

我們的下一個問題來自巴克萊銀行的杰弗裡·伯恩斯坦。

Great. Just a question on the global franchise sentiment, Patrick or Josh. I mean it sounds like it's moving in the right direction for both BK and Tim Hortons in the home markets. Just wondering, what's the topic of conversations with the largest franchisees, maybe any kind of pushback you're getting? I know, Patrick, I think you said you're thinking the franchise level profitability improvement still has lots to go. But just wondering, as you're having more and more of those conversations now and maybe things are moving in the right direction. What is that greatest area of focus on the franchisee side of things.

偉大的。只是關於全球特許經營情緒的問題，帕特里克或喬什。我的意思是，聽起來 BK 和 Tim Hortons 在國內市場都在朝著正確的方向發展。只是想知道，與最大的特許經營商對話的主題是什麼，也許您遇到了任何阻力？我知道，帕特里克，我想你說過你認為特許經營水平盈利能力的提高還有很多工作要做。但只是想知道，隨著你們現在進行的此類對話越來越多，也許事情正朝著正確的方向發展。加盟商方面最關注的領域是什麼？

Yes. So I'll share a couple of thoughts. I would say that improvements in franchise profitability are very much a front and center topic. And the good news there is, we've been making progress across the board. So we've seen improvements in franchise profitability across all of the concepts, and that really helps a lot. We talked about it a lot. It's great to see the results coming through, and I think that resonates really well with our franchisees. And I think from there, once we -- now that we've made more progress there, and we'll continue to be focused on that. I think a lot of the conversations we're having are turning to the future, where we can take the brand and some of the biggest growth opportunities and how we go after those, make compelling investments for both ourselves and our franchisees to drive the business forward and win in the marketplace.

是的。所以我將分享一些想法。我想說，特許經營盈利能力的提高是一個非常前沿和中心的話題。好消息是，我們一直在全面取得進展。因此，我們已經看到所有概念的特許經營盈利能力都有所提高，這確實有很大幫助。我們談了很多。很高興看到結果，我認為這與我們的特許經營商產生了很好的共鳴。我認為從那時起，一旦我們——現在我們已經在那裡取得了更多進展，我們將繼續關注這一點。我認為我們正在進行的很多對話都轉向未來，我們可以利用品牌和一些最大的增長機會，以及我們如何抓住這些機會，為我們自己和我們的特許經營商進行引人注目的投資以推動業務發展前進並贏得市場。

Yes. And I guess the only thing I would add to that is, I mean, it really depends on where you are in the development of that business within each country. And I think what we've seen is we are proving out the theory that having these new brands that we can take into international with the knowledge base that we have across those markets, sometimes with some of the same partners is a real advantage and a real differentiator for us.

是的。我想我唯一要補充的是，我的意思是，這實際上取決於您在每個國家/地區的業務發展階段。我認為我們所看到的是，我們正在證明這樣一個理論：擁有這些新品牌，我們可以利用我們在這些市場上擁有的知識庫，有時與一些相同的合作夥伴一起將這些新品牌推向國際，這是一種真正的優勢，也是一種優勢。對我們來說真正的差異化因素。

There is a lot of growth yet to come on the international side of the business. But you almost have to put those markets into kind of 3 groupings, right? The markets that are just opening or haven't opened yet, and we're looking for the right partner and getting things right for the launch in that market, then you go through a period of time, when you're kind of refining the business. You're making sure that you're getting the returns right at the store level.

國際業務方面還有很大的增長空間。但你幾乎必須將這些市場分為 3 類，對嗎？剛剛開放或尚未開放的市場，我們正在尋找合適的合作夥伴並為在該市場的推出做正確的事情，然後你會經歷一段時間，那時你正在完善商業。您要確保在商店層面獲得正確的退貨。

And that happens over the first couple of years that the market is open, as you learn about kind of specifics of applying that brand into each market. And once you've got that right, then you go into a fast growth mode. And so, we've got lots of markets in each of those stages where we're just getting them launched or we're not there. We're kind of refining it, if we're already in, and it's early in the first couple of years. And then once you've got those unit economics right, you just add lots of fuel and accelerate that growth.

當您了解將該品牌應用到每個市場的具體細節時，這種情況就會在市場開放的頭幾年發生。一旦你做到了這一點，你就會進入快速增長模式。因此，我們在每個階段都有很多市場，我們要么剛剛推出，要么還沒有進入。如果我們已經進入的話，我們正在對其進行完善，而且還處於最初幾年的早期階段。一旦你掌握了這些單位經濟效益，你只需添加大量燃料並加速增長。

And if you look at the results of each of the brands outside of the U.S., you kind of see that happening. You see a very big, very successful BK business outside of the U.S. And what are now at a run rate, both Popeyes and Tims are now north of $1 billion run rate system-wide sales, growing very, very fast. So it's exciting, but the answer is really a market-by-market answer depending on where they are in their evolution.

如果你看看美國以外每個品牌的業績，你就會發現這種情況正在發生。你會看到美國以外的 BK 業務非常大、非常成功。就目前的運行速度而言，Popeyes 和 Tims 的全系統銷售額都超過了 10 億美元，增長非常非常快。所以這很令人興奮，但答案實際上是一個逐個市場的答案，具體取決於它們在進化中的位置。

Our next question comes from the line of Gregory Francfort of Guggenheim Securities.

我們的下一個問題來自古根海姆證券公司的格雷戈里·弗蘭克福特。

My question is -- you guys talked a little about just the work on the Burger King U.S. side, to improve kind of the quality of the food, the customer perceptions. And I think you guys have focused up a lot on the all-complaints ratio. Can you maybe dig down into, kind of, other metrics and kind of the improvement, either in taste or quality or just anything else that could help us frame how much that has changed, if it's being driven by customer frequency or anything of that measure would be helpful.

我的問題是——你們談論了漢堡王美國方面的工作，以提高食品質量和客戶認知。我認為你們非常關注所有投訴的比例。您能否深入研究其他指標和改進類型，無論是口味還是質量，或者其他任何可以幫助我們確定變化程度的因素（如果變化是由客戶頻率或任何其他衡量標準驅動的）會有幫助的。

Yes. Thanks for the question. A couple of the things that I think Tom and the team are doing really well to drive taste and quality perception. One of them I referenced a little bit earlier, we've done a lot of training that's very focused on Whopper quality. And that actually -- it makes a huge difference. We've also been -- a lot of the promotions that we've been doing have been focused on the Whopper, so those things are allowing us to produce a better product every day. And we see that in the product satisfaction data in addition to our overall guest satisfaction data or some of that ACR data.

是的。謝謝你的提問。我認為湯姆和團隊在提升品味和質量認知方面做得非常好。我之前提到過其中一個，我們已經做了很多非常關注皇堡質量的培訓。事實上，這會產生巨大的差異。我們一直在做的很多促銷活動都集中在皇堡上，所以這些事情讓我們每天都能生產出更好的產品。除了我們的總體客戶滿意度數據或部分 ACR 數據之外，我們還在產品滿意度數據中看到了這一點。

So we're seeing across the board and whatever the data source is, we're seeing pretty consistent feedback that guests are perceiving the products better. The other thing that we're doing that helps some of the work on the equipment side. So just making sure that all the equipments in proper shape were upgrading equipment, that all has a really big impact on the quality of the product that we're able to produce at all the restaurants. So a lot of things going on, primarily operational initiatives that drive better quality and better quality perception for guests.

因此，我們全面看到，無論數據源是什麼，我們都看到非常一致的反饋，表明客人對產品的感知更好。我們正在做的另一件事有助於設備方面的一些工作。因此，只要確保所有設備處於適當狀態即可升級設備，這一切都會對我們能夠在所有餐廳生產的產品質量產生非常大的影響。因此，很多事情正在發生，主要是為客人帶來更好的質量和更好的質量感知的運營舉措。

Our next question comes from the line of David Tarantino of Baird.

我們的下一個問題來自貝爾德的大衛·塔倫蒂諾。

I had a couple of questions about the Burger King U.S. average check trends. And obviously, elevated for Burger King in the second quarter like it was for a lot of other brands. So with inflation starting to ease, I wanted to get your thoughts on when we should expect to see the average check growth for Burger King start to normalize and perhaps be more consistent with what you've seen historically?

我對漢堡王美國平均支票趨勢有幾個問題。顯然，漢堡王第二季度的銷量有所上升，就像許多其他品牌一樣。因此，隨著通貨膨脹開始緩解，我想了解您的想法，我們何時應該看到漢堡王的平均支票增長開始正常化，也許與您所看到的歷史情況更加一致？

And then the second part of my question is, we started to hear from a few others that as inflation has come down, the promotional activity in the industry has started to inch higher. And just wondering, kind of your thoughts on that dynamic and what your strategy would be if the environment were to get more promotional in the near term?

我的問題的第二部分是，我們開始從其他一些人那裡聽到，隨著通貨膨脹的下降，該行業的促銷活動開始逐漸增加。只是想知道，您對這種動態有何想法，以及如果環境在短期內得到更多促銷，您的策略是什麼？

Yes, David. A couple of thoughts on this one. One, in terms of the average check trends, I do think we'll see some moderation in some of those 2 -- probably 2 main things going on. One, we are seeing some moderation in terms of our input costs. So we've seen them coming down over the course of this year and the outlook for the full year moderating. So I think that will lead to a little bit less of price taking for the back half of this year.

是的，大衛。關於這個的一些想法。第一，就平均支票趨勢而言，我確實認為我們會看到其中一些事情有所緩和——可能是兩個主要事情正在發生。第一，我們的投入成本有所放緩。因此，我們看到它們在今年有所下降，全年前景也有所放緩。因此，我認為這將導致今年下半年的價格上漲有所減少。

And then we'll also start to lap some of the reduction in discounting that we did in the back half of last year. So if you remember, we made some really important changes, things like taking the Whopper off of 2 for 5 and we'll start to lap some of those things as you get through the back half of this year. And I'd say the combination of those 2 things will probably cause you to see a bit of a reduction in the size of the check delta year-on-year as we move through the back half of this year and into 2024. In terms of promotional intensity, we haven't seen a big change in promotional intensity across the industry, yes. So nothing really -- nothing to share there that we've seen yet.

然後我們還將開始減少去年下半年的折扣。所以如果你還記得的話，我們做了一些非常重要的改變，比如把皇堡從 2 換 5 中去掉，當你度過今年下半年時，我們將開始完成其中的一些事情。我想說，隨著今年下半年進入 2024 年，這兩件事的結合可能會讓你看到支票增量的規模同比有所減少。促銷力度方面，我們還沒有看到整個行業的促銷力度有大的變化，是的。所以我們還沒有看到什麼可以分享的。

Our next question comes from John Zamparo of CIBC.

我們的下一個問題來自 CIBC 的約翰·贊帕羅 (John Zamparo)。

My question is on Tims Canada. It's nice to see brewed coffee increase to above 2019 levels. I was hoping you could expand on the traffic commentary at Tims, specifically how that looks compared to '19 and in particular, the breakfast daypart. And obviously, P.M. Food is the main focus or at least a primary focus. But I just like to get a sense of how much of your breakfast traffic as a remaining opportunity for Tim.

我的問題是關於 Tims Canada 的。很高興看到現煮咖啡產量增加到 2019 年水平以上。我希望你能詳細闡述 Tims 的交通評論，特別是與 19 年相比，尤其是早餐時段的情況。顯然，P.M.食物是主要焦點或至少是主要焦點。但我只是想了解一下您的早餐流量中有多少是蒂姆的剩餘機會。

Yes, John. As I mentioned earlier, we had fantastic comps and a part of that was traffic year-on-year, which is great. We still are at a little bit lower traffic levels than we saw in 2019. And I think to your point, some of that is in breakfast. And I think a lot of that's driven by changes in patterns of working from home. I think that we'll have to see how that evolves in Canada. I think a lot of the patterns have sort of settled out for the time being, a little bit different patterns than what we saw 3 or 4 years ago. But we'll have to see how that evolves over time.

是的，約翰。正如我之前提到的，我們取得了出色的成績，其中一部分是同比流量，這非常棒。與 2019 年相比，我們的流量水平仍然略低。我認為，就你的觀點而言，其中一些是在早餐中。我認為這很大程度上是由在家工作模式的變化推動的。我認為我們必須看看加拿大的情況如何發展。我認為很多模式暫時已經確定，與我們三四年前看到的模式略有不同。但我們必須看看隨著時間的推移，情況會如何演變。

Our next question comes from the line of James Sanderson of Northcoast Research.

我們的下一個問題來自北海岸研究中心的詹姆斯·桑德森。

Just following up on the prior comment about Tim Hortons. Can you provide us with a sense of what part of the same-store sales in the second quarter was related to menu pricing? And just more broadly, your philosophy on how you look at pricing going into the back half of the year as inflation starts to moderate for the Canadian marketplace and for Tim Hortons?

只是跟進之前關於蒂姆·霍頓斯的評論。您能否向我們介紹一下第二季度同店銷售額的哪些部分與菜單定價相關？更廣泛地說，隨著加拿大市場和 Tim Hortons 的通脹開始放緩，您如何看待下半年的定價？

Yes, Jim. Part of the same-store sales was coming from pricing. We're generally looking at CPI and what our competitors are doing. So we're not too far off of any of those metrics. I do think to your question, we will see some more moderation as we get through the back half of this year. We're seeing some of the input costs start to come down. And so our -- like our pricing that we take at the restaurant will probably decline as well.

是的，吉姆。同店銷售額的一部分來自定價。我們通常會關註消費者物價指數（CPI）和競爭對手的行為。所以我們離這些指標都不算太遠。我確實認為，對於你的問題，隨著今年下半年的過去，我們會看到更多的緩和。我們看到一些投入成本開始下降。因此，我們在餐廳的定價也可能會下降。

I think the other good thing that's happening -- good dynamics that's happening within the space in Canada is that our pricing continues to be lower than what you'd see at grocery. And that's -- I think that helps traffic trends in the restaurant industry as well…

我認為正在發生的另一件好事 - 加拿大領域內正在發生的良好動態是我們的定價繼續低於您在雜貨店看到的價格。我認為這也有助於餐飲業的流量趨勢……

As there are no additional questions waiting at this time. I'd like to hand the call back over to Joshua Kobza for closing remarks.

因為目前沒有其他問題等待。我想將電話轉回約書亞·科布扎 (Joshua Kobza) 致閉幕詞。

Great. Thank you very much. Well, I just want to thank everybody for joining us today. I'd like to extend a thanks to all of our teams around the world for their great work that contributed to the quarter. Wish you all a great day and look forward to speaking more on our Q3 call.

偉大的。非常感謝。嗯，我只想感謝大家今天加入我們。我要感謝我們世界各地的所有團隊為本季度做出的出色工作。祝大家度過愉快的一天，並期待在我們的第三季度電話會議上發表更多講話。

Ladies and gentlemen, this concludes today's Restaurant Brands International, Inc. Second Quarter 2023 Earnings Call. Thank you for joining. You may now disconnect.

女士們、先生們，今天的 Restaurant Brands International, Inc. 2023 年第二季度收益電話會議到此結束。感謝您的加入。您現在可以斷開連接。