(QSR) 2024 Q1 法說會逐字稿

Good morning, and welcome to the Restaurant Brands International First Quarter 2024 Earnings Conference Call. (Operator Instructions) Please note this event is being recorded.

早安，歡迎參加國際餐廳品牌 2024 年第一季財報電話會議。 （操作員說明）請注意此事件正在被記錄。

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

我現在想將會議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 first quarter ended March 31, 2024. As a reminder, a live broadcast of this call may be accessed on the Investor Relations web page at rbi.com/investors and a recording will be available for replay.

謝謝你，接線生。大家早安，歡迎參加Restaurant Brands International 截至2024 年3 月31 日的第一季財報電話會議。透過錄音將可供重播。

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

今天和我一起參加電話會議的是 Restaurant Brands International 的執行主席 Patrick Doyle；執行長喬許·科布扎；財務長薩米·西迪基。

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

今天的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，本次財報電話會議也包括非公認會計準則財務指標。非公認會計原則財務指標的調節表包含在我們網站上的新聞稿中。

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

現在我將把電話轉給喬希。

Thanks, Kendall. Good morning, everyone, and thank you for joining us today to discuss our first quarter of 2024. We talked a lot about our business and strategy during our investor event in February, so I'll keep my remarks brief today and focus on the quarter.

謝謝，肯德爾。大家早安，感謝您今天加入我們討論 2024 年第一季度。 我們在 2 月份的投資者活動中談論了很多我們的業務和戰略，所以我今天的發言將保持簡短，重點關注該季度。

We had a good start to the year with first quarter consolidated comparable sales of 4.6% and net restaurant growth of 3.9%. This translated into system-wide sales growth of 8.1% and organic adjusted operating income growth of 7.7%. Leap day contributed about 1% to same-store sales globally, so that's important to keep in mind as we talk through results.

我們今年開局良好，第一季綜合可比銷售額成長 4.6%，餐廳淨成長 3.9%。這意味著全系統銷售額成長 8.1%，有機調整後營業收入成長 7.7%。閏日對全球同店銷售額的貢獻約為 1%，因此在我們討論結果時要牢記這一點。

We're proud of the hard work our teams and franchisees are doing to deliver outstanding product quality and service to guests every day at a great value. That's what brings guests back and will be the driver of sales and traffic growth today and into the future. We're also making progress towards improving convenience.

我們為我們的團隊和加盟商所做的辛勤工作感到自豪，每天為客人提供卓越的產品品質和超值的服務。這就是吸引客人回來的原因，並將成為當今和未來銷售和客流量成長的驅動力。我們還在提高便利性方面取得了進展。

In addition to remodeling our restaurants, we opened 43 net new restaurants this quarter. We continue to expect mid-4% net restaurant growth for 2024 with development ramping in the second half of the year. And finally, after an incredible performance in 2023, our franchisees and teams delivered another quarter of improved home market franchisee profitability, driven by top line sales growth and enhanced operations.

除了改造餐廳外，本季我們還淨開設了 43 家新餐廳。我們繼續預期 2024 年餐廳淨成長率將達到 4%，下半年發展將加速。最後，在 2023 年取得令人難以置信的業績之後，在營收成長和營運增強的推動下，我們的特許經營商和團隊在國內市場特許經營商盈利能力上又實現了一個季度的提高。

Before I shift to our segment results, I'd like to address the consumer environment. As we've all seen, sales across the restaurant industry have been slowing for a few quarters. In our own data, we've seen consumers become a bit more sensitive to price, resulting in moderating check growth. This is why driving traffic is so important, and why I'm so pleased to see our brands deliver better traffic than most of the industry this past quarter.

在討論我們的細分結果之前，我想先談談消費者環境。正如我們所見，整個餐飲業的銷售額幾季以來一直在放緩。根據我們自己的數據，我們發現消費者對價格變得更加敏感，導致支票成長放緩。這就是為什麼增加流量如此重要，也是為什麼我很高興看到我們的品牌在上個季度提供了比大多數行業更好的流量。

We know value is also top of mind. And while there are a few tactical things we can do on the margin, you should not expect us to reinvent the wheel on value. Our priority is to continue enhancing our value proposition through our quality food and beverages at attractive price points, improved operations and delivering a modern convenient experience for our guests.

我們知道價值也是首要考慮因素。雖然我們可以在邊際上做一些戰術性的事情，但你不應該指望我們會重新發明價值輪子。我們的首要任務是透過以有吸引力的價格提供優質食品和飲料、改進營運並為客人提供現代便捷的體驗，繼續增強我們的價值主張。

As we continue executing against our plans, we feel well positioned to outperform the broader industry in traffic. Now let's turn to our results, and we'll start with Tim Hortons in Canada. We kicked off Tim's 60th anniversary year with a 7.5% increase in comparable sales, including mid-single-digit traffic growth and 8.3% growth in system-wide sales. These fantastic results were driven by operational and digital improvements as well as a strong marketing calendar, which included the January launch of our Retro Donuts and Omelette Bites.

當我們繼續執行我們的計劃時，我們感覺自己有能力在流量方面超越整個行業。現在讓我們看看我們的結果，我們將從加拿大的 Tim Hortons 開始。我們以 7.5% 的可比銷售額成長（包括中等個位數的流量成長和 8.3% 的全系統銷售額成長）拉開了 Tim 成立 60 週年的序幕。這些出色的業績是由營運和數位化改進以及強大的行銷日曆推動的，其中包括一月份推出的復古甜甜圈和煎蛋捲。

Our high-quality offerings, great value for money, incredible speed of service and unmatched convenience, have made Tim Hortons the most loved restaurant brand in Canada and the #1 breakfast destination for millions of Canadians. We saw the Tim grow sales 7.5% year-over-year in our morning daypart, which contributes over 45% to total system-wide sales in Canada.

我們的高品質產品、物超所值、令人難以置信的服務速度和無與倫比的便利性，使 Tim Hortons 成為加拿大最受歡迎的餐廳品牌和數百萬加拿大人的第一早餐目的地。我們看到 Tim 在早晨時段的銷售額年增 7.5%，佔加拿大全系統總銷售額的 45% 以上。

On PM food, we're bringing Canadians delicious products at attractive price points. including our loaded bowls and wraps and anytime snackers, which now include our Savoury Pinwheels. We're dialing up the craveability of our PM food even more with the launch of our new Flatbread Pizzas, which leverage our baked good potentials and offer guests a heartier meal at a really great value.

在 PM 食品方面，我們以極具吸引力的價格為加拿大人帶來美味的產品。包括我們的裝碗和捲餅以及隨時零食，其中現在包括我們的美味風車。透過推出新的扁麵包披薩，我們進一步激發了人們對下午食物的渴望，它充分利用了我們烘焙好的潛力，以真正物超所值的方式為客人提供更豐盛的餐點。

To bring these delicious products from market test, our largest and most successful in recent history to national launch, we invested approximately CAD 20 million alongside our franchisees to roll out high-speed convection ovens across the system. Our marketing and culinary teams and restaurant owners are really excited about the future menu opportunities this new equipment unlocks. And we see a clear path to achieve double-digit PM food market share in the next year or so.

為了將這些美味的產品從我們近年來最大、最成功的市場測試中推向全國推出，我們與特許經營商一起投資了約 2000 萬加元，在整個系統中推出了高速對流烤箱。我們的行銷和烹飪團隊以及餐廳老闆對這種新設備所帶來的未來菜單機會感到非常興奮。我們看到了在未來一年左右實現兩位數粉末食品市場份額的明確途徑。

We're also building our great cold beverage lineup to make Tims a destination of choice for PM occasions. Even during the colder winter months, Sparkling Quenchers remain highly sought after refreshments for our guests, and helped cold beverage sales grew 12% year-over-year during the quarter. As patio season approaches, we see an exciting opportunity to drive traffic through additional cold beverage innovations.

我們還打造了出色的冷飲系列，使 Tims 成為下午場合的首選目的地。即使在寒冷的冬季，起泡飲料仍然是我們客人備受追捧的茶點，並幫助本季冷飲銷量較去年同期成長 12%。隨著露台季節的臨近，我們看到了透過額外的冷飲創新來增加流量的令人興奮的機會。

Finally, we saw another quarter of drive-through speed of service improvements with average drive-through times improving 8% year-over-year to 33 seconds. Continued restaurant trainings and ongoing adoption of our single QR code scan-and-pay feature are helping to drive these great results. Tim Hortons had a great start to the year. It's an important one for the brand as we celebrated 60th anniversary. The 50th anniversary for its beloved Tim Hortons Camp Foundation and the 40th anniversary for Tim Hortons in the U.S.

最後，我們看到服務的得來速速度又提高了四分之一，平均得來速時間比去年同期增加了 8% 至 33 秒。持續的餐廳培訓和持續採用我們的單一二維碼掃描支付功能有助於推動這些出色的成果。蒂姆霍頓斯 (Tim Hortons) 今年開局不錯。在我們慶祝 60 週年之際，這對該品牌來說是一件重要的事情。深受喜愛的 Tim Hortons Camp 基金會成立 50 週年，以及 Tim Hortons 在美國成立 40 週年。

Restaurant owners are gathering with Axel and his team in Toronto in June to celebrate these important milestones. We're confident we can continue to drive growth for the business with the support and hard work of our dedicated restaurant owners, and we're looking forward to seeing them all next month.

六月，餐廳老闆與 Axel 及其團隊在多倫多聚會，慶祝這些重要的里程碑。我們相信，在我們敬業的餐廳老闆的支持和辛勤工作下，我們可以繼續推動業務成長，我們期待下個月見到他們。

Shifting to international. I'm excited to have Thiago join the leadership team as our new President of International. Thiago has done an amazing job leading our largest international region, which is Europe, the Middle East and Africa, for the past 2 years and led Latin America for 3 years prior to that. He's been instrumental in expanding our brands internationally with the launch of Firehouse Subs International and taking Popeyes to many markets like France and Eastern Europe, just to name a few.

轉向國際化。我很高興蒂亞戈加入領導團隊，擔任我們的新國際總裁。蒂亞戈在過去兩年中領導了我們最大的國際地區（歐洲、中東和非洲），並在此之前領導了拉丁美洲三年，表現出色。他在我們品牌國際化方面發揮了重要作用，推出了 Firehouse Subs International，並將 Popeyes 帶到了法國和東歐等許多市場。

In March, I spent time with Thiago and our partners in Asia, where we visit our Burger King, Tim Hortons and Popeyes businesses in Shanghai and then visited our Tims location in Singapore to spend time with our local partners and understand how the team is successfully translating the brand to markets across Asia. It's clear we have a tremendous opportunity in APAC over the long term. That said, there is work to do in certain markets like China to improve our near-term path. And once we have updates on that, we'll share those with you.

三月份，我與蒂亞戈和我們在亞洲的合作夥伴一起參觀了我們在上海的漢堡王、Tim Hortons 和Popeyes 企業，然後參觀了我們在新加坡的Tims 門店，與我們當地的合作夥伴共度時光，了解團隊如何成功將品牌推廣至亞洲市場。很明顯，從長遠來看，我們在亞太地區擁有巨大的機會。也就是說，在中國等某些市場，我們還有很多工作要做，以改善我們的近期發展道路。一旦我們有更新，我們將與您分享。

For the first quarter, International comparable sales were 4.2% and net restaurant growth was 8.4%, driving system-wide sales growth of 11.6%. Positive results in markets such as France, Brazil, Mexico, Australia and Japan were partially offset by the softer consumer backdrop in China, deceleration in pricing in many Western -- markets in Western Europe and the conflict in the Middle East.

第一季度，國際可比銷售額成長 4.2%，餐廳淨成長 8.4%，帶動全系統銷售額成長 11.6%。法國、巴西、墨西哥、澳洲和日本等市場的積極業績被中國消費環境疲軟、許多西方市場定價減速以及中東衝突所部分抵銷。

Our performance in the midst of these macro pressures is a testament to our strong brand position and the hard work of our teams and partners. Together, we've developed balanced menus with enticing gourmet, premium and value products and are serving guests in modern digitally enabled restaurants. Burger King France's value menu and focus on great food, coupled with excellent guest satisfaction, helped the market grow its share and uphold its strong position and value for money.

我們在這些宏觀壓力下的表現證明了我們強大的品牌地位以及我們的團隊和合作夥伴的辛勤工作。我們共同開發了均衡的菜單，提供誘人的美食、優質和超值產品，並在現代化的數位化餐廳為客人提供服務。法國漢堡王的超值菜單和對美食的關注，加上卓越的顧客滿意度，幫助擴大了市場份額，並保持了其強大的地位和物有所值。

At Burger King Brazil, value-oriented calendar initiatives and effective advertising drove top line momentum during the quarter. At Tim Hortons in Mexico, we have a really strong business and saw another great quarter of comparable sales. International digital sales grew 15% year-over-year and represented over 50% of international system sales, led by Asia Pacific where digital represented over 55% of the region's system-wide sales. We know our 4 brands are well positioned to adapt to the evolving business landscape of over 120 diverse markets, with many still representing significant development opportunities for decades to come.

在漢堡王巴西，以價值為導向的日曆計劃和有效的廣告推動了本季的營收成長。在墨西哥的 Tim Hortons，我們的業務非常強勁，並且在可比銷售額上又實現了一個出色的季度。國際數位銷售額年增 15%，佔國際系統銷售額的 50% 以上，其中亞太地區領先，其中數位銷售額佔該地區全系統銷售額的 55% 以上。我們知道，我們的 4 個品牌已做好充分準備，能夠適應 120 多個不同市場不斷變化的商業格局，其中許多品牌在未來幾十年仍代表著重要的發展機會。

Shifting now to Burger King U.S. Comparable sales grew 3.9% and traffic was relatively flat, while total net restaurants declined 2.8% resulting in 2.4% systemwide sales growth. Results were driven by continued progress across all pillars of Reclaim the Flame, including marketing focused on our flame-grilled and HAVE IT YOUR WAY core equities and strong value messaging.

現在轉向漢堡王美國可比銷售額成長 3.9%，客流量相對持平，而淨餐廳總數下降 2.8%，導致全系統銷售額成長 2.4%。結果是由「回收火焰」所有支柱的持續進展推動的，包括專注於我們的火焰烤製和「隨心所欲」核心股票的營銷以及強大的價值信息。

Through operational improvements and a balanced menu of value and calendar initiatives, such as our $5 Duos and our Fiery Buffalo innovation, Burger King U.S. comparable sales and traffic once again outperformed the industry. We know we still have a lot more work ahead of us, including closing and integrating our pending Carrols acquisition, but it's clear Reclaim the Flame is driving strong early results and positioning us well to outperform in any consumer environment.

透過營運改善以及平衡的價值菜單和日曆計劃，例如我們的 5 美元雙人套餐和 Fiery Buffalo 創新，漢堡王美國的可比銷售額和客流量再次優於行業。我們知道我們還有很多工作要做，包括完成和整合我們即將進行的 Carrolls 收購，但很明顯，Reclaim the Flame 正在推動強勁的早期業績，並使我們能夠在任何消費者環境中表現出色。

On the advertising and digital side, we spent $6 million of our Fuel the Flame investment during the quarter. And given continued franchisee profitability improvements, we're well positioned to maintain our improved share of voice with franchisees on track to take on the incremental 50 basis points of ad [levies] starting next year. Our Royal Reset refresh investments energy from our Royal Roundtables and targeted gold standard service trainings are establishing a stronger restaurant level culture at Burger King. That's been a driving force behind our operational improvements.

在廣告和數位方面，本季我們花了 600 萬美元的 Fuel the Flame 投資。鑑於特許經營商盈利能力持續提高，我們有能力保持我們在特許經營商中的話語權份額的提高，以便從明年開始承擔增量 50 個基點的廣告[徵費]。我們的皇家重置刷新了皇家圓桌會議的投資活力，並有針對性的黃金標準服務培訓正在漢堡王建立更強大的餐廳文化。這是我們改善營運的驅動力。

We're also making strides on the digital front, and saw increased mobile order and pay, kiosk usage and adoption of our Royal Perks loyalty program drive digital sales growth of 37% year-over-year, resulting in a digital sales mix of 17%. We are on track to complete nearly 400 remodels, both through our fully committed Royal Reset remodel program and normal course reimaging in 2024, and now have nearly 100 Royal reset remodels that have been open for at least 6 months. We're really impressed by the results we've seen so far, including average uplifts in the high teens net of control.

我們還在數位化方面取得了長足進步，行動訂單和支付、自助服務終端的使用以及皇家福利忠誠度計劃的採用不斷增加，推動數位銷售同比增長 37%，數位銷售組合達到 17 %。透過我們完全承諾的皇家重置改造計劃和 2024 年的正常路線重新成像，我們預計將完成近 400 項改造，現在已有近 100 項皇家重置改造，且已開放至少 6 個月。迄今為止我們所看到的結果給我們留下了深刻的印象，包括高青少年控制淨值的平均提升。

As expected, that's down a little from the 20% figure we shared in February as more full remodel restaurants have come into the sample. These results are giving us and our franchisees a ton of confidence that Reclaim the Flame is working, and you're seeing another clear demonstration of that confidence in the expanded co-investment we announced this morning. The $300 million investment will contribute to remodeling another 1,100 restaurants and bring us to between 85% and 90% modern image by 2028.

正如預期的那樣，隨著更多全面改造的餐廳進入樣本，這一數字比我們 2 月分享的 20% 的數字略有下降。這些結果讓我們和我們的特許經營商對「回收火焰」正在發揮作用充滿信心，並且您會看到我們對今天早上宣布的擴大共同投資的信心的另一個明確體現。 3 億美元的投資將用於改造另外 1,100 家餐廳，到 2028 年使我們的現代化形象達到 85% 至 90%。

We're continuing to incentivize better operations and higher scope remodels, while introducing another element to incentivize urgency by providing franchisees more meaningful contributions the sooner they reimage. We've seen solid interest from franchisees in our new sizzle image, which we've been piloting and testing over the past few quarters and are excited to officially make Sizzle available to all franchisees soon.

我們將繼續激勵更好的營運和更大範圍的改造，同時引入另一個元素來激勵緊迫感，為加盟商提供更有意義的貢獻，越早重塑形象。我們看到特許經營者對我們的新 Sizzle 形象表現出了濃厚的興趣，我們在過去幾個季度一直在試用和測試該形象，並且很高興能夠很快正式向所有特許經營商提供 Sizzle。

Tom and team are on the road with franchisees, launching the new program, and we are excited to work with them to bring beautiful, digitally forward Burger Kings to more guests around the U.S. For those of you in Miami, Las Vegas, New Jersey, Northern California and Asheville, North Carolina. I encourage you to check out our newest BKs to get a taste of what's to come in the years ahead. I've been to all of those except Las Vegas recently and can tell you the restaurants look great and guests are loving the upgraded experience.

湯姆和團隊正在與特許經營商一起啟動新計劃，我們很高興與他們合作，將美麗的、數位化的漢堡王帶給美國更多的客人。 ，北加州和北卡羅來納州阿什維爾。我鼓勵您查看我們最新的 BK，以了解未來幾年的發展趨勢。我最近去過拉斯維加斯以外的所有這些地方，可以告訴你，這些餐廳看起來很棒，客人也喜歡升級後的體驗。

Between our Reclaim the Flame investment, pending Carrols acquisition and this additional $300 million investment into remodels, we believe the brand is now fully funded to deliver against our long-term plans for Burger King.

在我們對 Reclaim the Flame 的投資、即將進行的 Carrolls 收購以及額外的 3 億美元改造投資之間，我們相信該品牌現在已擁有充足的資金來實現我們對漢堡王的長期計劃。

Now turning to Popeyes. We're excited to have Jeff Klein take on the role of President of Popeyes in the U.S. and Canada. Jeff has over 20 years of marketing experience and was an important contributor to our Easy to Love plan development, while leading the launch of our We Don't Make Sense, We Make Chicken brand messaging and our wings campaign. He has amazing operations, culinary and development team supporting him, and he's excited to continue executing against Easy to Love.

現在轉向大力水手。我們很高興 Jeff Klein 擔任 Popeyes 美國和加拿大地區總裁。 Jeff 擁有 20 多年的行銷經驗，是我們 Easy to Love 計畫制定的重要貢獻者，同時領導推出了 We Don't Make Sense、We Make Chicken 品牌訊息和雞翅活動。他有出色的營運、烹飪和開發團隊支持他，他很高興能繼續與 Easy to Love 對抗。

Shifting to results for the quarter. Popeyes U.S. grew comparable sales 6.2% and net restaurants 4.0%, resulting in system-wide sales growth of 10.2%. We're seeing exciting momentum in the early days of our journey as a wings player. The brand's first-ever Super Bowl ad proved to be successful, driving mass awareness to wings.

轉向本季的業績。 Popeyes 美國可比銷售額成長 6.2%，淨餐廳銷售額成長 4.0%，導致全系統銷售額成長 10.2%。在我們作為側翼球員的早期旅程中，我們看到了令人興奮的勢頭。事實證明，該品牌的首個超級盃廣告取得了成功，提高了大眾對翅膀的認識。

In March, we built on this strength with the introduction of our newest flavor, Honey Lemon Pepper as a digital exclusive, which paved the way for new and existing guests to trial our wings and helped deliver a digital sales mix of 27%. We layered this digital promotion with our big box value deal, and both represented key drivers in our traffic and chicken's QSR share growth this quarter.

3 月份，我們在這一優勢的基礎上，推出了最新口味的蜂蜜檸檬胡椒，作為數位獨家產品，為新老客人試用我們的雞翅鋪平了道路，並幫助實現了 27% 的數位銷售組合。我們將這種數位促銷與我們的大型價值交易結合起來，兩者都是本季我們的流量和雞肉快餐份額成長的關鍵驅動因素。

Our Easy to Run kitchen conversions are also delivering encouraging results and enabling us to create a better experience for both team members and guests. We started to roll out Easy to Run kitchens in clustered markets, beginning with California. I visited our California Easy to Run kitchens twice now this year and have heard from franchisees and team members how impactful the simplified kitchens and automated ordering can be to our business.

我們易於運行的廚房改造也帶來了令人鼓舞的成果，使我們能夠為團隊成員和客人創造更好的體驗。我們開始在集群市場推出 Easy to Run 廚房，從加州開始。今年我兩次參觀了我們的加州 Easy to Run 廚房，並從特許經營商和團隊成員那裡聽到了簡化廚房和自動訂購對我們業務的影響。

The best part is that the conversions can be completed in just a few nights with no restaurant downtime during the day. We're showcasing this opportunity with our franchisees next month at the Popeyes convention, which, of course, will be in our hometown of New Orleans, where our company restaurants will host the system in recently upgraded Easy to Run restaurants. The team is closely monitoring results from the Easy to Run kitchens we have today, and we look forward to sharing more updates with you on our journey later this year.

最好的部分是，轉換可以在短短幾個晚上內完成，白天餐廳不會停工。我們將在下個月的 Popeyes 大會上向我們的特許經營商展示這一機會，當然，大會將在我們的家鄉新奧爾良舉行，我們公司的餐廳將在最近升級的 Easy to Run 餐廳中託管該系統。團隊正在密切關注我們今天擁有的 Easy to Run 廚房的結果，我們期待在今年稍後與您分享我們的旅程的更多更新。

Finally, on Firehouse Subs, we saw relatively flat comparable sales in the U.S. and increased system-wide sales by 3.3%. We remain focused on driving development and strengthening our digital leadership. On development, Mike and team are building a strong multiyear pipeline with attractive development incentive programs. We saw a nice traction this quarter from these programs with commitments from new and existing franchisees, including first responders, to open restaurants in the U.S. and Canada.

最後，在 Firehouse Subs 上，我們看到美國的可比較銷售額相對持平，但整個系統的銷售額卻成長了 3.3%。我們仍然專注於推動發展和加強我們的數位領導力。在開發方面，麥克和團隊正在建立一個強大的多年管道，並提供有吸引力的開發激勵計劃。本季我們看到這些計劃產生了良好的吸引力，新的和現有的特許經營商（包括急救人員）承諾在美國和加拿大開設餐廳。

The Firehouse Subs team recently participated and sponsored the FDIC convention that stands for Fire Department Instructors Conference, where we served thousands of Firehouse Subs and hosted a session on becoming a Firehouse franchisee. Our franchisees in Canada, some of whom are Tims restaurant owners as well have done a great job, and we're seeing strong average unit volumes in the market. It's clear Canadians have an appetite for more Firehouse, so we're excited to continue bringing the brands [Hardy] subs to new destinations across the country.

Firehouse Subs 團隊最近參加並贊助了 FDIC 大會，代表消防部門講師會議，我們在會上為數千名 Firehouse Subs 提供了服務，並舉辦了一場關於成為 Firehouse 特許經營商的會議。我們在加拿大的特許經營商（其中一些也是 Tims 餐廳老闆）做得很好，我們看到市場上的平均單位銷售強勁。很明顯，加拿大人對更多 Firehouse 有興趣，因此我們很高興繼續將 [Hardy] 品牌的潛艇帶到全國各地的新目的地。

We also made progress migrating to digital channels and grew digital sales mix to over 40% for the quarter. Firehouse holds the highest home market digital penetration across all of our brands and has tons of potential to further enhance its overall digital strategy. I just got back from Texas and Oklahoma with Mike and the rest of the Firehouse team, visiting a couple of our best franchisees to talk about development and some of the hot new marketing innovations we're working on. Everyone's fired up for where we're going to take this brand, and I share their optimism.

我們在遷移到數位通路方面也取得了進展，本季數位銷售組合成長至 40% 以上。 Firehouse 在我們所有品牌中擁有最高的家庭市場數位滲透率，並且具有進一步增強其整體數位策略的巨大潛力。我剛剛與Mike 和Firehouse 團隊的其他成員從德克薩斯州和俄克拉荷馬州回來，拜訪了我們最好的幾家特許經營商，討論了發展以及我們正在研究的一些熱門的新營銷創新。每個人都對我們將把這個品牌帶到哪裡感到興奮，我和他們一樣樂觀。

I'm really pleased to have Sami with us today in his new role as CFO. Sami brings an incredible balance of financial, strategic and operational experience, having worked across nearly all of our businesses across the last 10 years. He's already proven himself to be an incredible partner to me and to the business unit presidents as we work together to deliver against our long-term plans.

我很高興今天薩米擔任財務長的新職位與我們在一起。薩米在過去 10 年裡幾乎在我們所有的業務領域工作過，帶來了令人難以置信的財務、策略和營運經驗的平衡。當我們共同努力實現我們的長期計劃時，他已經證明了自己是我和業務部門總裁令人難以置信的合作夥伴。

So now I'll turn it over to Sami to walk through our financial results for the quarter.

現在我將把它交給薩米來介紹我們本季的財務表現。

Thank you, Josh, and good morning, everyone. It's really great to be here today. At RBI, we have 5 amazing businesses, and I'm excited to work with each of them to deliver on our long-term outlook of 3%-plus comparable sales growth, 5%-plus net restaurant growth, 8%-plus system-wide sales growth and at least 8% adjusted operating income growth on average over the next 5 years.

謝謝你，喬什，大家早安。今天能來到這裡真是太好了。在 RBI，我們擁有 5 家令人驚嘆的企業，我很高興能與他們每家合作，實現我們 3% 以上的可比銷售額增長、5% 以上的餐廳淨增長、8% 以上的系統的長期前景未來5 年整體銷售成長和調整後營業收入平均成長至少8%。

For the first quarter, global system-wide sales grew 8.1% year-over-year, and our organic adjusted operating income grew 7.7%. Organic adjusted EPS declined slightly 0.9%. System-wide sales and adjusted operating income growth were largely in line with one another this quarter. That said, there were a few items that impacted results, which I'll walk you through now.

第一季度，全球全系統銷售額年增 8.1%，有機調整後營業收入成長 7.7%。有機調整後每股收益小幅下降 0.9%。本季全系統銷售額和調整後營業收入成長基本一致。也就是說，有一些項目會影響結果，我現在將向您介紹這些項目。

First, we estimate that the February leap date benefited consolidated comparable sales by 120 basis points, which was almost entirely offset by a 60 basis point consolidated headwind from the ongoing conflict in the Middle East and a 50 basis point headwind from tough weather, largely impacting Burger King and Popeyes in the U.S.

首先，我們估計2 月的閏日使綜合可比銷售額提高了120 個基點，這幾乎完全被中東持續衝突帶來的60 個基點的綜合逆風和惡劣天氣帶來的50 個基點的逆風所抵消，這在很大程度上影響了美國的漢堡王和大力水手

Second, we recorded just over $7.5 million of net bad debt expenses compared to $5.5 million in Q1 of '23, $3 million of which impacted Burger King in that quarter. Our Q1 '24 expenses were primarily split between royalties at our International segment and cost of sales in our Tim Hortons supply chain business relating to coffee sales to certain international partners.

其次，我們記錄的淨壞帳費用略高於 750 萬美元，而 2023 年第一季為 550 萬美元，其中 300 萬美元影響了該季度的漢堡王。我們 24 年第一季的支出主要分為國際部門的特許權使用費和與向某些國際合作夥伴銷售咖啡相關的 Tim Hortons 供應鏈業務的銷售成本。

Third and finally, segment G&A increased $16 million year-over-year, primarily reflecting higher compensation-related expenses associated with increased head count to support our development, franchising and operations [efforts]. These items were offset by strong underlying growth in system-wide sales and profitability improvements at Popeyes company restaurants as well as the impact of restaurant acquisitions at Burger King including 89 restaurants acquired in Q4 of '23 and 38 restaurants added in January of this year.

第三，也是最後一點，G&A 部門同比增加了 1600 萬美元，主要反映了與薪酬相關的費用增加，以及支持我們的開發、特許經營和運營[努力]的人員數量增加。這些項目被 Popeyes 公司餐廳的全系統銷售和盈利能力的強勁增長以及漢堡王餐廳收購的影響所抵消，包括 23 年第四季度收購的 89 家餐廳和今年 1 月份新增的 38 家餐廳。

Shifting now to EPS. Organic adjusted earnings per share decreased slightly 0.9% year-over-year to $0.73 per share compared to $0.75 per share last year. The decrease was primarily due to an increase in adjusted income tax expense, and an increase in adjusted interest expense of approximately $16 million year-over-year driven by our September 2023 refinancing and the impact of higher U.S. benchmark rates which flowed through to approximately 20% of our total debt.

現在轉向每股收益。調整後每股有機收益較去年小幅下降 0.9%，至每股 0.73 美元，去年為每股 0.75 美元。減少的主要原因是調整後所得稅費用增加，以及我們 2023 年 9 月再融資導致的調整後利息費用同比增加約 1600 萬美元，以及美國基準利率上升的影響，該影響已影響到約 20 年。我們總債務的%。

As a reminder, Q1 2023 adjusted EPS included a $0.04 per share net benefit related to discrete noncash tax items. Our adjusted effective tax rate this quarter was approximately 17.5% and included a 3-point benefit from the timing of equity-based compensation, which typically have an outsized impact on our tax rate during the first quarter.

提醒一下，2023 年第一季調整後每股收益包括與離散非現金稅收項目相關的每股 0.04 美元的淨收益。我們本季調整後的有效稅率約為 17.5%，其中包括股權激勵時機帶來的 3 個百分點的好處，這通常會對我們第一季的稅率產生巨大影響。

Turning now to cash flow and capital allocation. Q1 is seasonally -- the seasonally smallest cash flow quarter of the year for us. And this quarter, we generated $122 million of free cash flow. This quarter, we spent approximately $25 million on Reclaim the Flame related investments. We returned $245 million of capital to shareholders through our dividend, which we declared for Q2 at $0.58 per common share and unit with a full year target of $2.32 per share for the full year 2024.

現在轉向現金流和資本配置。第一季是季節性的——我們一年中現金流量最小的季度。本季度，我們產生了 1.22 億美元的自由現金流。本季度，我們在 Reclaim the Flame 相關投資上花費了約 2,500 萬美元。我們透過股息向股東返還了 2.45 億美元的資本，我們宣布第二季度的股息為每股普通股 0.58 美元，2024 年全年目標為每股 2.32 美元。

We ended Q1 with available liquidity of approximately $2.3 billion, including over $1 billion of cash, and our net leverage ratio was 4.8x. We have a clear path to reaching mid 4x net leverage by the end of this year, pro forma for our pending acquisition of Carrols. Now speaking of Carrols, we're also on track to complete our acquisition this quarter with a Carrols shareholder meeting to vote on the merger scheduled for May 14.

第一季結束時，我們的可用流動性約為 23 億美元，其中包括超過 10 億美元的現金，淨槓桿率為 4.8 倍。我們有一條明確的道路，可以在今年年底前達到約 4 倍的淨槓桿率，這是我們即將收購 Carrolls 的預期。現在說到 Carrolls，我們也預計在本季完成收購，並在 5 月 14 日召開 Carrolls 股東大會，對合併進行投票。

We've already secured $750 million of funding as an add-on to our existing Term Loan B, which is contingent on acquisition close. For those of you looking to incorporate Carrols into your models, we plan to report Carrols Burger King restaurants as a separate segment with intercompany franchise and rental fees that will be eliminated upon consolidation. Our goal in doing this is to keep the Burger King segment relatively untouched and consistent with how the business will be run over the long term. This will become especially important as we begin refranchising Carrols restaurants in the future.

我們已經獲得了 7.5 億美元的資金，作為現有定期貸款 B 的附加資金，這取決於收購的完成情況。對於那些希望將 Carrolls 納入您的模型的人，我們計劃將 Carrolls Burger King 餐廳作為一個單獨的部門進行報告，其中公司間的特許經營費和租賃費將在合併後取消。我們這樣做的目標是保持漢堡王細分市場相對不受影響，並與業務的長期運作方式保持一致。當我們將來開始重新特許經營卡羅爾餐廳時，這一點將變得尤為重要。

I'll now provide an update on our 2024 guidance and capital allocation priorities. As a reminder, this guidance excludes the impact of Carrols. We now expect 2024 segment G&A between $665 million and $685 million, including equity-based compensation between $180 million and $190 million. This represents about a $15 million reduction from our prior segment G&A guidance, largely due to personnel changes and other identified opportunities across a variety of areas in our business.

我現在將提供有關 2024 年指導和資本分配優先事項的最新資訊。提醒一下，本指南排除了卡羅爾的影響。我們現在預計 2024 年分部的一般管理費用將在 6.65 億美元至 6.85 億美元之間，其中基於股權的薪酬將在 1.8 億美元至 1.9 億美元之間。這比我們之前的部門 G&A 指導減少了約 1500 萬美元，這主要是由於我們業務各個領域的人事變動和其他確定的機會。

We continue to expect consolidated 2024 CapEx, tenant inducements and incentives to be roughly $300 million compared to around $170 million in 2023. Of this amount, less than half will be tenant inducements and remodel incentives, which, as a reminder, flow through other working capital. Given our expected increase in CapEx and tenant inducements, we expect quarterly segment depreciation and amortization will ramp over the course of 2024 from around [$41 million] in Q1 towards the mid to high $40 million range by Q4 of '24.

我們仍預期2024 年綜合資本支出、租戶激勵和激勵措施將約為3 億美元，而2023 年約為1.7 億美元。將流向其他工作首都。鑑於我們預期資本支出和租戶激勵措施的增加，我們預計 2024 年季度分部折舊和攤銷將從第一季的約 4,100 萬美元增加到 2024 年第四季的中高 4,000 萬美元。

As it relates to capital allocation, we will continue to invest in high return opportunities for our business while returning capital to shareholders through our dividend and assessing share repurchase opportunities when appropriate. Over the long term, we plan to maintain net leverage between 3 and 5x. Where we land in this range will ultimately depend on market conditions.

由於涉及資本配置，我們將繼續投資於我們業務的高回報機會，同時透過股息向股東返還資本，並在適當的時候評估股票回購機會。長期來看，我們計劃將淨槓桿率維持在3至5倍之間。我們在這個範圍內的位置最終將取決於市場狀況。

Finally, as it relates to our long-term outlook, I'd like to address a question we've been asked on why we didn't explicitly guide towards AOI leverage. I'll reiterate what Josh shared in February. This guidance is not what we're striving for. It's what we feel we can confidently achieve over the next 5 years on average. And meanwhile, we are working towards achieving much bigger results.

最後，由於這關係到我們的長期前景，我想回答我們被問到的一個問題，為什麼我們沒有明確指導 AOI 槓桿。我將重申 Josh 在二月分享的內容。這個指導不是我們努力的目標。這是我們認為我們可以自信地在未來 5 年平均實現的目標。同時，我們正在努力取得更大的成果。

That said, I'll remind you, we have a few earnings streams that don't always grow in line with our global system-wide sales. And those are: number one, our property businesses at Tims and Burger King; number two, our supply chain business at Tims; and number three, our CPG business at Tims. For reference, in 2023, our CPG business represented roughly 15% of total Tims segment sales and 15% of Tim Hortons segment sales less cost of sales, gross profit dollars.

也就是說，我要提醒您，我們有一些收入來源並不總是與我們全球系統範圍的銷售保持一致。這些是：第一，我們在蒂姆斯和漢堡王的房地產業務；第二，我們在 Tims 的供應鏈業務；第三，我們在 Tims 的 CPG 業務。作為參考，到 2023 年，我們的 CPG 業務約佔 Tims 部門總銷售額的 15%，佔 Tim Hortons 部門銷售額的 15%（扣除銷售成本和毛利）。

To wrap up, I'll be working closely with each of our presidents and their teams to drive leverage in other areas of our business as we scale around the world and deliver even greater returns from the investments we've been making over the past few years. I look forward to working with all of you over the coming quarters. And with that, I'll hand it over to Patrick.

最後，我將與我們的每位總裁及其團隊密切合作，隨著我們在全球範圍內的擴張，推動我們業務其他領域的影響力，並從我們過去幾年的投資中獲得更大的回報年。我期待在未來幾季與大家合作。這樣，我就把它交給派崔克。

Thanks, Sami, and good morning, everyone. When I take a step back and I look at the quarter, I'd say it was a pretty good quarter that I'd put solidly in the win column. As Tims in Canada, Burger King in the U.S., Popeyes in the U.S. and several international markets, one market share. We're beginning to see the benefit of having the right teams with the right plans and the time to execute them in the right way.

謝謝薩米，大家早安。當我退一步看這個季度時，我會說這是一個相當不錯的季度，我將其牢牢地放在勝利欄裡。就像加拿大的Tims、美國的漢堡王、美國的Popeyes以及幾個國際市場一樣，佔有一席之地。我們開始看到擁有正確的團隊、正確的計劃以及以正確的方式執行計劃的時間的好處。

And importantly, we're seeing the benefit of strongly aligning with our franchisees. The performance from Tims in Canada has just been stunning. Axel and team have a clear path to keep driving the business forward, giving Canadians even more reasons to love Tims with our growing food and beverage offerings and amazing service.

重要的是，我們看到了與我們的特許經營商緊密合作的好處。蒂姆斯在加拿大的表現令人驚嘆。 Axel 和團隊有明確的道路來繼續推動業務發展，讓加拿大人有更多理由喜歡 Tims 不斷增加的食品和飲料產品以及優質的服務。

Our International segment has shown great top line resilience over the past few quarters, especially considering the broader environment affecting the whole industry. With that said, I'd really like to see us unlock the potential we know exists in China. While it's a very small portion of our results today, less than 2% of total RBI adjusted operating income, we know the long-term opportunity there is significant. We'll have more to say about this in the coming quarters.

在過去幾個季度中，我們的國際部門表現出了巨大的收入彈性，特別是考慮到影響整個行業的更廣泛的環境。話雖如此，我真的很希望看到我們釋放中國存在的潛力。雖然這只占我們今天業績的一小部分，不到印度儲備銀行調整後營業收入總額的 2%，但我們知道其中有重大的長期機會。我們將在接下來的幾個季度對此進行更多討論。

At Burger King U.S., we've now committed more than $2 billion to put the brand on the right track when you consider today's $300 million co-investment in addition to our $250 million Royal Reset investments towards restaurant equipment and reimaging efforts. Another $150 million towards marketing and digital and the $1 billion acquisition and $500 million remodel commitment we're making with Carrols. I also think it's important to not forget that I'm talking about our investment.

在漢堡王美國公司，除了我們對餐廳設備和形象重塑的2.5 億美元皇家重置投資之外，考慮到今天的3 億美元聯合投資，我們現在已承諾投入超過20 億美元來讓該品牌走上正軌。另外 1.5 億美元用於行銷和數位化，以及我們與卡羅爾斯 (Carrolls) 做出的 10 億美元收購和 5 億美元改造承諾。我還認為重要的是不要忘記我正在談論我們的投資。

And in addition, we will be seeing billions of dollars of accelerated investments from franchisees as well. When we work together as a system like this, the impact on the brand will be pretty spectacular. We have a great team in place, led by Tom who has been driving a lot of positive change, and we finally have a line of sight to driving franchisee profitability past $300,000.

此外，我們還將看到特許經營商加速投資數十億美元。當我們像這樣的系統一起工作時，對品牌的影響將是相當驚人的。我們擁有一支由 Tom 領導的優秀團隊，他一直在推動許多積極的變革，我們最終預計將特許經營商的盈利能力提高到 30 萬美元以上。

I shared with you all in New York a few months ago that you shouldn't question our commitment to getting the brand right in the U.S. The marketing is getting better, we have the biggest focus on operational consistency that the brand has ever had. We now have a path to be nearly fully modern image across the U.S. by 2028. Our franchisees are now on a path to strong profitability, and our strong franchisees know they have the ability to drive even higher than average profits for their businesses.

幾個月前，我在紐約與大家分享，你們不應該質疑我們在美國正確對待品牌的承諾。現在，到2028 年，我們將在全美實現近乎完全現代的形象。水平的利潤。

Now it's just down to good old-fashioned execution, and that's what Tom loves as an operator. Popeyes is still early on its journey to make the brand Easy to Love. We're coming from a pretty amazing starting point with what I'd say is the best fried chicken in the business, and I'm really excited about the potential we'll unlock for franchisees, team members and guests from easy-to-run kitchen conversions. Jeff understands clearly the benefits that get unlocked by implementing all the operational changes involved here. So again, this is just a matter of focused execution in our kitchens.

現在，一切都取決於良好的老式執行力，而這正是湯姆作為操作員所喜歡的。 Popeyes 仍處於打造「Easy to Love」品牌的早期階段。我們正處於一個非常驚人的起點，我認為這是業內最好的炸雞，我對我們將為特許經營商、團隊成員和客人釋放的潛力感到非常興奮，從簡單到-進行廚房轉換。 Jeff 清楚了解透過實施此處涉及的所有營運變更可以帶來的好處。再說一次，這只是我們廚房集中執行的問題。

At Firehouse, we're working to give more people access to the brand and our development incentive programs are helping unlock the unit growth we know this brand is capable of. I think we've been a little bit slower than expected on the growth we wanted from this brand, but Mike is making all the right development decisions for the long term, and we'll shortly see the benefit of that.

在 Firehouse，我們正在努力讓更多人接觸到該品牌，我們的發展激勵計劃正在幫助釋放我們知道該品牌能夠實現的單位成長。我認為我們在這個品牌的成長方面比預期的要慢一些，但麥克正在做出所有正確的長期發展決策，我們很快就會看到這樣做的好處。

I'm also an optimist and still would bet that Mike and team will achieve my challenge of being 100% digital by the end of 2025. Part of my confidence on achieving that is a point Josh just made. Our international business now has the majority of its sales through digital channels. That's an amazing milestone.

我也是一個樂觀主義者，並且仍然打賭 Mike 和團隊將在 2025 年底之前實現我的 100% 數位化挑戰。我們的國際業務現在大部分的銷售都是透過數位管道實現。這是一個了不起的里程碑。

Finally, as you saw in March, Josh now has his team in place. I'm extremely excited about this team and what they all bring to the table. I'm confident that together, this team will deliver against the long-term guidance we laid out for you in February and drive value for all our stakeholders. With that, let's take your questions.

最後，正如您在三月看到的那樣，喬什現在已經組建了他的團隊。我對這個團隊以及他們所帶來的一切感到非常興奮。我相信，透過共同努力，團隊將兌現我們在二月為您制定的長期指導方針，並為所有利益相關者創造價值。那麼，讓我們來回答你的問題。

(Operator Instructions) And our first question today is from the line of Dennis Geiger -- apologies -- your first question is from the line of Dennis Geiger of UBS.

（操作員說明）我們今天的第一個問題來自丹尼斯·蓋格（Dennis Geiger）——抱歉——您的第一個問題來自瑞銀集團（UBS）的丹尼斯·蓋格（Dennis Geiger）。

I wanted to ask on Tims. And as it relates to the strength of the momentum that you continue to see with the brand. Wondering if you could just talk a little more about the sustainability of the underlying gains. It seems like progress against the factor basic plans continue to resonate, that's the main driver of performance. But anything notable to call out as well, maybe on the macro, your customer in Canada? And how many of that may impact the outlook relative to strategy?

我想問一下蒂姆斯的事。因為它與您繼續看到的品牌勢頭的強度有關。想知道您是否可以多談談基本收益的可持續性。似乎基本計劃的進展繼續引起共鳴，這是績效的主要驅動力。但還有什麼值得注意的事情，也許是在宏觀方面，您在加拿大的客戶？其中有多少可能會影響與策略相關的前景？

Dennis, it's Josh. Thanks for the question. As we mentioned, we're really pleased with the performance at Tims. And I think as you mentioned, it's sustained for quite some time now. I think Axel hope, Matt, the whole team up there are working really well with our franchisees and working on just improving all the basics. And I think that's why you've seen so much momentum in the business.

丹尼斯，是喬許。謝謝你的提問。正如我們所提到的，我們對 Tims 的表現非常滿意。我認為正如你所提到的，它已經持續了相當長一段時間了。我認為阿克塞爾希望，馬特，整個團隊與我們的特許經營商合作得非常好，並致力於改進所有基礎知識。我認為這就是為什麼您看到該業務如此強勁的勢頭。

I think the quarter was really good, both same-store sales and the traffic, which has continued to be solidly in the positive category. So we're really happy there. I think we have a lot more to do still at Tims that we've been talking about building into the PM food part of the business and growing our cold beverages mix. And I think as you saw in the quarter, we're doing those things, and you've seen even more recently, us coming out and building on some of the food offerings with our Flatbread Pizzas and deployment of Merrychef ovens and we're pleased with the results of that so far.

我認為這個季度的表現非常好，無論是同店銷售額還是客流量，都一直處於積極的狀態。所以我們在那裡真的很高興。我認為我們在 Tims 仍有很多工作要做，我們一直在討論將 PM 食品部分納入業務並擴大我們的冷飲組合。我認為正如您在本季度所看到的，我們正在做這些事情，而且您最近也看到，我們推出了一些食品產品，推出了扁麵包披薩和部署 Merrychef 烤箱，我們正在對迄今為止的結果感到滿意。

But I think it just it opens up even more things that we can do. It creates more options in the innovation pipeline for us over time. They are going to allow us to continue to build on top of an amazing breakfast business, a great lunch and later in the day business. So I'm pretty pleased with what they're doing. Really great work from the teams and we're confident in where we're going for the rest of the year.

但我認為它只是為我們提供了更多可以做的事情。隨著時間的推移，它為我們的創新管道創造了更多選擇。它們將使我們能夠繼續在令人驚嘆的早餐業務、美味的午餐以及當天晚些時候的業務之上發展。所以我對他們所做的事情非常滿意。團隊的工作非常出色，我們對今年剩餘時間的發展充滿信心。

Our next question today is from the line of Brian Bittner with Oppenheimer.

今天我們的下一個問題來自布萊恩比特納和奧本海默的對話。

You laid out a path this morning to getting Burger King 85% to 90% remodeled. And obviously, you'll remodel those 600 stores you've talked about from the Carrols acquisition and it will be exciting to see that in the new reporting segment. And then this morning, you announced that you'll remodel another 1,100 franchise stores through the $300 million co-investment.

今天早上，您為漢堡王 85% 到 90% 的改造制定了一條路。顯然，您將改造您在收購 Carrolls 時談到的 600 家商店，在新的報告部分中看到這一點將令人興奮。然後今天早上，你們宣布將透過 3 億美元的共同投資改造另外 1,100 家特許經營店。

And the question is, will these remodels on the $300 million be as impactful as the remodels you're spearheading with the Carrols acquisition? And as you work through this path to get to 85% to 90% remodeled, should we expect another batch of closings or relocations to get the portfolio at Burger King U.S. exactly where you want it to be?

問題是，這些耗資 3 億美元的改造是否會像您在收購卡羅爾斯時帶頭進行的改造一樣具有影響力？當您通過這條路徑進行 85% 至 90% 的改造時，我們是否應該期望另一批關閉或搬遷以使漢堡王美國的投資組合完全達到您想要的位置？

Brian, I'll take those maybe in reverse order, if that's okay. I don't expect another sizable batch of closures in the business. I think we've gotten past that. And you see that reflected a bit in our outlook, which we've talked about to see the stabilization in the Burger King U.S. store base numbers. So that's the first part.

布萊恩，如果可以的話，我可能會以相反的順序來處理。我預計該業務不會再出現大規模倒閉。我想我們已經過去了。你會看到這在我們的前景中有所反映，我們已經討論過漢堡王美國商店基數的穩定。這是第一部分。

And in terms of the remodels and how impactful they will be, I do expect that all of these remodels should be fairly impactful. We're doing larger scope remodels in general compared to what we did over the prior 10 years. So those tend to have a big impact on the consumer and on sales. And the other thing that I'm really excited about that you haven't really seen in the numbers yet, but I think you will over the next 3 years is the impact of this Sizzle image in all of the elements of that and how they come together.

就改造及其影響力而言，我確實預計所有這些改造都應該具有相當大的影響力。與過去 10 年相比，我們正在進行更大範圍的改造。因此，這些往往會對消費者和銷售產生重大影響。另一件讓我感到非常興奮的事情是，你還沒有真正在數字中看到，但我想你會在未來 3 年內看到這張 Sizzle 圖像對所有元素的影響以及它們如何一起來。

The remodels we've been doing, we've been talking about are more in our prior Garden Grill image. And so you're just starting to see some of those Sizzles, we mentioned it in our prepared remarks. They look awesome during the day, and they look, I think even better at night perhaps. They're really beautiful. But importantly, they incorporate a lot of new digital elements and a new guest flow. So they've all -- they're all built intentionally to have a nice interior flow with all kiosks and to have beautiful drive-thrus and really great layouts in the kitchen.

我們一直在做的改造，我們一直在談論的更多的是我們之前的花園燒烤形象。所以你才剛開始看到其中一些嘶嘶聲，我們在準備好的評論中提到了這一點。它們在白天看起來棒極了，而且我認為它們在晚上可能看起來會更好。它們真的很漂亮。但重要的是，它們融入了許多新的數位元素和新的客流。所以它們都是有意建造的，以便與所有售貨亭擁有良好的內部流動，並在廚房中擁有漂亮的得來速和非常好的佈局。

So I think there's a lot of different elements to the Sizzle that I think are going to be good for the uplift that we get over the duration of the program that you haven't really seen come together in the backward-looking results so far.

因此，我認為《嘶嘶聲》中有很多不同的元素，我認為這些元素將有利於我們在專案期間獲得的提升，而到目前為止，你在回顧結果中還沒有真正看到這些元素的結合。

Brian, I'd add one thing on that, which is when you get to the point where the vast majority of your restaurants are reimaged, you get a bit of a catalytic effect from that. So having your Burger King reimaged and looking great, has effect on that restaurant. But when all of the restaurants around it are reimaged, you get a dual effect, right?

布萊恩，我想補充一件事，那就是當你的絕大多數餐廳都重新形象時，你會從中得到一些催化效應。因此，讓您的漢堡王重新煥然一新並看起來很棒，會對這家餐廳產生影響。但是當周圍所有的餐廳都重新設計時，你會得到雙重效果，對嗎？

And so going to a great-looking Burger King, but driving past another one that doesn't look great. is not ideal. And so we thought it was important for -- to get this last leg out there to show our commitment to the franchisees to give you visibility on our path to getting this system all looking great, but there's a real advantage.

因此，我們去了一家看起來很漂亮的漢堡王，卻開車經過了另一家看起來不太好的漢堡王。並不理想。因此，我們認為重要的是——讓這最後一站展示我們對特許經營商的承諾，讓您了解我們讓這個系統看起來很棒的道路，但這是一個真正的優勢。

I mean we're still a bit under 50% today getting to the point where virtually every restaurant you're ever going to see looks great, has a real positive effect on the brand overall.

我的意思是，我們今天仍然略低於 50%，達到了這樣的程度：幾乎所有您見過的餐廳看起來都很棒，對整體品牌產生了真正的積極影響。

Our next question today is from the line of David Palmer of Evercore ISI.

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

A question on Tim Hortons Canada. Obviously, a very strong quarter. Could you provide any color about how Tims and the Canadian fast food industry progressed through the quarter? And perhaps how things are starting this quarter, given what seems to be some negative macro headlines that we hear about the consumer in that market. And is there an adjustment that's needed. You probably are not aware, but there was another call today in the U.S. fast food market. Slowing down was certainly highlighted in the need to access value challenge or a lower income cohort is certainly a theme for the U.S. I'm wondering if you're seeing that in Canada as well?

關於蒂姆霍頓加拿大公司的問題。顯然，這是一個非常強勁的季度。您能否提供有關 Tims 和加拿大快餐業在本季度取得的進展的任何資訊？考慮到我們聽到的有關該市場消費者的一些負面宏觀頭條新聞，也許本季的情況會如何開始。以及是否需要進行調整。你可能不知道，今天美國速食市場又傳來了一通電話。經濟放緩無疑是美國面臨價值挑戰或低收入群體的主題，我想知道您在加拿大是否也看到了這一點？

Dave, thanks for the question. We're not going to get into kind of the intra-quarter like monthly dynamics too much. What I can share is that we're really pleased with the performance of the Tims Canada business. We think we're taking share in that market, which is great. That's what we're focused on every day is competing effectively in the marketplace. And I think we're doing that because we're executing across all fronts. We're very convenient. We're improving operations.

戴夫，謝謝你的提問。我們不會過度討論季度內的動態，例如月度動態。我可以分享的是，我們對 Tims 加拿大業務的表現非常滿意。我們認為我們正在佔據該市場的份額，這很棒。這就是我們每天關注的焦點，即在市場中有效競爭。我認為我們這樣做是因為我們正在各個方面執行。我們很方便。我們正在改善營運。

And we already have the best value for money rankings in the market. I think that's something really special about Tims. That positions us very well, especially if you're going into a tougher consumer environment. We already provide that best value in the market. And that's probably an important part of why the business has been performing so well on an absolute and on a relative basis.

我們已經擁有市場上性價比最高的排名。我認為這是蒂姆斯的特別之處。這使我們處於非常有利的地位，特別是如果您面臨更嚴峻的消費環境。我們已經提供了市場上最好的價值。這可能是該業務在絕對和相對基礎上表現如​​此出色的一個重要部分。

Our next question today is from the line of Danilo Gargiulo of AB Bernstein.

今天我們的下一個問題來自 AB Bernstein 的 Danilo Gargiulo。

Congrats on a great quarter. I mean it looks like your brands are accelerating in a decelerating environment, and maybe you have even greater line of sight on franchises profitability increases. We are noticing some incremental pressures among the Canadian franchisees in light of the increase in labor costs due to the minimum wage increases.

恭喜您度過了一個出色的季度。我的意思是，看起來您的品牌在減速的環境中正在加速發展，也許您對特許經營盈利能力的增長有更大的視野。我們注意到，由於最低工資上漲導致勞動成本增加，加拿大特許經營商面臨一些增量壓力。

So maybe can you elaborate on the extent of these pressures and what are you contemplating to alleviate the operating costs in the stores without compromising on food quality? It sounds like you're really working on some equipment upgrades, but maybe there is more coming?

那麼，您能否詳細說明這些壓力的程度，以及您打算採取什麼措施來減輕商店的營運成本而不影響食品品質？聽起來你確實正在致力於一些設備升級，但也許還會有更多的事情發生？

Yes, Danilo, thanks for the question. In terms of what we're seeing in terms of business performance in Canada and then how that translates to our franchisees' P&Ls and the outlook for that. As you've seen, our same-store sales performance has been good both last year and into the first quarter. And we announced that franchise profitability was up very significantly last year.

是的，達尼洛，謝謝你的提問。就我們在加拿大所看到的業務績效而言，然後將其轉化為我們特許經營商的損益表及其前景。正如您所看到的，我們去年和第一季的同店銷售表現都很好。我們宣布去年特許經營盈利能力顯著提高。

Given the sales outlook and the sales that we've already seen, plus what we see in terms of some favorable commodity movements, we actually have a very positive outlook for further growth in Tim Hortons Canadian franchise profitability throughout the course of 2024. So we feel pretty good about both the progress in Q1 on that front and the outlook for the full year for franchise profitability.

鑑於銷售前景和我們已經看到的銷售情況，加上我們看到的一些有利的商品走勢，我們實際上對Tim Hortons 加拿大特許經營盈利能力在2024 年期間進一步增長抱有非常積極的前景。我們對第一季在這方面的進展和全年特許經營盈利前景感到非常滿意。

Our next question today is from the line of John Ivankoe of JPMorgan.

今天我們的下一個問題來自摩根大通的約翰伊凡科。

Josh, in your prepared remarks, you mentioned not wanting to recreate the -- recreate the wheel on value. So I just wanted to revisit what that meant. I mean do you think Burger King particularly in the U.S. but also around the world has an opportunity to kind of rotate back to a pre-COVID type of pricing stance in general for the industry that did involve some type of a value menu and at least you are communicating to customers in some way, perhaps giving them some sense what core menus, things like Whopper combo meals themselves would cost them.

喬希，在你準備好的發言中，你提到不想重新創造價值的輪子。所以我只是想重新審視這意味著什麼。我的意思是，您是否認為漢堡王（尤其是在美國）以及世界各地的漢堡王有機會回到新冠疫情之前的定價立場，對於該行業來說，該行業確實涉及某種類型的價值菜單，並且至少你正在以某種方式與顧客溝通，也許讓他們知道核心菜單，例如皇堡組合餐本身會花費什麼。

So as the industry, as David Palmer was alluding to, I mean, as the industry is going to be talking a lot more about value very explicitly and might be trying to get some of your lower income or perhaps middle-income consumer way? Are you preparing to perhaps be more explicit to communicate price points as we move forward versus what you've done in the past 4 years?

因此，正如大衛·帕爾默（David Palmer）所提到的那樣，我的意思是，作為該行業，該行業將非常明確地更多地談論價值，並可能試圖以較低收入或中等收入消費者的方式獲得一些好處？隨著我們的進展，您是否準備更明確地傳達價格點，以及您在過去四年中所做的事情？

John, when I look back at Q1, the way I read it, I think what we're doing is working really well. For sure at our Tim Hortons business in Canada, but also in our BK and Popeyes U.S. businesses, our sales and traffic performance relative to competition is pretty good. So I'd say we're pretty happy with the strategy that we have.

約翰，當我回顧第一季時，我認為我們正在做的事情非常有效。可以肯定的是，在我們加拿大的 Tim Hortons 業務以及我們的 BK 和 Popeyes 美國業務中，相對於競爭對手，我們的銷售和流量表現都相當不錯。所以我想說我們對我們的策略非常滿意。

The perspective that we've had over the last few years is we try to be balanced in how we manage any cost headwinds. We don't want to take price up quickly, but we also want to avoid some of the deeper discounting that happened at Burger King probably 3 to 5 years ago. So we're trying to strive to make sure we have every day good value and some reasonable value offerings.

過去幾年我們的觀點是，我們試圖在管理任何成本阻力方面保持平衡。我們不想快速提高價格，但我們也想避免漢堡王可能在三到五年前發生的一些更深層的折扣。因此，我們正在努力確保我們每天都能提供物有所值的產品和一些合理的價值產品。

So I think within the Burger King system, specifically kind of U.S. and around the world, in the U.S., we already have some pretty effective value mechanisms that seem to be working. We have our $5 Duos that we've had in the market. We've had $5 Your Way meals. We've had the [$2.99] wraps. So those are the things that we've been doing. We think they've been pretty effective while having a balanced margin profile for the franchisees. And I'd say there's no real intention to change the strategy there.

因此，我認為在漢堡王系統內，特別是在美國和世界各地，在美國，我們已經擁有一些似乎正在發揮作用的非常有效的價值機制。我們在市場上有 5 美元的 Duo。我們吃了 5 美元的 Your Way 餐。我們已經購買了 [$2.99] 包裹。這些就是我們一直在做的事情。我們認為他們非常有效，同時為特許經營者提供了平衡的利潤狀況。我想說的是，他們並沒有真正的意圖去改變那裡的策略。

If you get into international, it is a bit more nuanced. It's a lot of markets and a lot of different strategies. And I think you can see there a little bit more of a division where some of the markets where I think we've had a better strategy on value. I think places like France, we've gotten credit for that with consumers, and we've been able to take market share. And we have some other markets that we need to do a little bit more work on.

如果你進入國際市場，情況會更加微妙。有很多市場和很多不同的策略。我認為你可以看到有更多的分歧，我認為我們在一些市場上有更好的價值策略。我認為像法國這樣的地方，我們已經贏得了消費者的信任，並且我們已經能夠佔據市場份額。我們還有一些其他市場需要做更多的工作。

So I think there's probably a little bit more of a division in some of those markets, and we're working with all the places where results haven't been as good to make sure we've got the right value offerings. But I think when you zoom out across the majority of our big markets, we're happy with the value for money we're providing, and we think the results reflect that it's resonating with consumers.

因此，我認為其中一些市場可能存在更多的分歧，我們正在與所有結果不佳的地方合作，以確保我們提供正確的價值產品。但我認為，當你縮小我們的大多數大市場時，我們對我們提供的物有所值感到滿意，我們認為結果反映出它與消費者產生了共鳴。

John, we've just got a lot of levers to pull. So when you look at all of the different things we're doing with getting Burger Kings reimaged, with launching PM foods at Tims with increased ad spend at Burger King with Easy to Love, Easy to Run at Popeyes giving better service and more consistent products. We feel good about our value platforms.

約翰，我們還有很多事情要做。因此，當你看到我們為重塑漢堡王形象所做的所有不同事情時，我們在Tims 推出了PM 食品，在漢堡王上增加了廣告支出，在Popeyes 上推出了Easy to Love, Easy to Run，提供更好的服務和更一致的產品。我們對我們的價值平台感覺良好。

It's got to be a balance and we have it, offering good value to consumers through a range of products. But we have a lot of other levers that we're pulling to try to get balanced growth out of the business. And first quarter was a pretty good reflection of that.

它必須是一種平衡，而我們已經做到了，透過一系列產品為消費者提供良好的價值。但我們還有很多其他槓桿，試圖實現業務的平衡成長。第一季很好地反映了這一點。

Our next question is from the line of Lauren Silberman of Deutsche Bank.

我們的下一個問題來自德意志銀行的勞倫‧西爾伯曼。

On unit growth, I know it tends to be back half weighted. Can you just talk about the visibility in the development pipeline for '24 and how the timing is going versus your expectations? And then any color on how the 2025 pipeline is beginning to shape up?

在單位成長方面，我知道它往往會向後一半加權。您能否談談 '24 開發流程的可見性以及時間安排與您的預期的進展如何？那麼 2025 年的管道將如何開始形成，有什麼具體的資訊嗎？

So our outlook is still for mid-4% unit growth for the year. As you point out, Q1 is always pretty quiet and we are working on building those pipelines. I think we'll have more visibility as we get further into the year. And of course, we'll share that as we get through Q2 and get to our call there. I think we'll build more and more visibility on exactly where we'll land.

因此，我們對今年銷售成長的預期仍然是 4% 左右。正如您所指出的，第一季總是非常安靜，我們正在努力建造這些管道。我認為隨著今年的深入，我們將會有更多的知名度。當然，當我們完成第二季並進行電話會議時，我們將分享這一點。我認為我們將越來越清楚地了解我們的著陸地點。

And I think it's probably a bit early for 2025. I think it -- we probably want to wait and just check in on that when we get further into the year as well, and we'll have a better sense of planning together with our franchisees. Usually, we do a lot of that more in the back half of the year, kind of Q3, Q4 where we plan all the kind of the growth targets for the final year. So probably need a few more months before we can come back with more visibility on that front.

我認為 2025 年可能還為時過早。通常，我們會在下半年做很多這樣的事情，例如第三季、第四季度，我們會規劃最後一年的所有成長目標。因此，我們可能還需要幾個月的時間才能在這方面獲得更多的知名度。

Our next question today is from the line of Andrew Charles of TD Cowen.

今天我們的下一個問題來自 TD Cowen 的 Andrew Charles。

Josh, you spoke to a challenging restaurant macro that we're hearing about from other U.S. quick-service restaurants is anticipated to continue to soften. So notwithstanding 1Q's strong performance across the portfolio, is long-term guidance for 3% plus same-store sales still on track for 2024 across the portfolio? In the business that would make you think otherwise, particularly in the U.S. market, just given what we're hearing from peers.

喬希，您談到了一個充滿挑戰的餐廳宏觀形勢，我們從其他美國快餐店得知，預計該宏觀情況將繼續疲軟。因此，儘管第一季整個投資組合表現強勁，但 2024 年同店銷售額 3% 以上的長期指引是否仍符合整個投資組合的預期？考慮到我們從同行那裡聽到的消息，在這個會讓你有不同想法的行業，特別是在美國市場。

Andrew. So I think if you look at the kind of industry overall, you have seen some softening in sales and traffic levels. Some of that, I think, is to be expected. We knew that as we came into 2024, you were going to see inflation coming down and pricing coming down from some of the elevated levels we saw in the past couple of years.

安德魯。所以我認為，如果你從整體上看這個行業，你會發現銷售和流量水平有所放緩。我認為其中一些是可以預料到的。我們知道，進入 2024 年，您將看到通膨下降，價格也從過去幾年的一些高水準回落。

But you have seen and heard some commentary on some consumer softening -- some lower end consumer softening. I think despite that, we've been able to put up pretty good numbers in Q1, right? We were about 4.5% in terms of our same-store sales. So a healthy margin north of that 3%. We feel pretty good about the outlook for the year, but we'll keep updating you on that as we progress through the next couple of quarters.

但你已經看到並聽到了一些關於一些消費者疲軟的評論——一些低端消費者的疲軟。我認為儘管如此，我們在第一季已經取得了相當不錯的成績，對吧？我們的同店銷售額約為 4.5%。所以這個利潤率在 3% 以上是一個健康的利潤。我們對今年的前景感到非常滿意，但隨著接下來幾季的進展，我們將持續向您通報最新情況。

Our next question is from the line of John Zamparo of CIBC.

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

I wanted to ask about the Tims supply chain and CPG businesses. I appreciate the additional disclosure on that business. I wonder if you could parse the performance of those 2 in the quarter. I believe the commentary last quarter was that you get back to a, call it, low to mid-18% margin range. Can you comment on when you expect margins to stabilize at that level?

我想問一下 Tims 供應鏈和 CPG 業務的情況。我感謝有關該業務的額外披露。我想知道您是否可以解析這兩家公司在本季的表現。我相信上個季度的評論是，你會回到 18% 的中低利潤率範圍。您能否評論一下您預計利潤率何時會穩定在該水平？

John, it's Sami. Thanks for the question. I think a couple of things going on in the Tims supply chain business for the first quarter. So first off, as kind of I mentioned and alluded to in my prepared remarks, Q1 is typically seasonally the smallest quarter of the year. So in a business like the supply chain business where you have higher fixed costs, you'll see the margin be a little bit lower in Q1.

約翰，我是薩米。謝謝你的提問。我認為第一季 Tims 供應鏈業務發生了一些事情。首先，正如我在準備好的發言中所提到和暗示的那樣，第一季通常是一年中季節性最小的季度。因此，在像供應鏈業務這樣的固定成本較高的業務中，您會發現第一季的利潤率會稍微低一些。

If you look at Q1 of this year, we were around 17.5% sales less cost of sales margin. There were -- there was a bad debt expense that I alluded to in my prepared remarks around certain international partners. I think on a more normalized basis, that margin will be closer to 18% for the first quarter. And on a full year basis, as we've said in the past, we expect full year supply chain margin to be around our 2022 full year levels which were at 19%. So hopefully, that gives you some color.

如果你看看今年第一季度，我們的銷售額減去銷售利潤成本約為 17.5%。我在準備好的某些國際合作夥伴的演講​​中提到了壞帳費用。我認為，在更正常化的基礎上，第一季的利潤率將接近 18%。從全年來看，正如我們過去所說，我們預計全年供應鏈利潤率將約為 2022 年全年水準 19%。希望這能給你一些色彩。

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

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

I had a question on Tims Canada. I just want to ask specifically about speed of service. Last quarter, you called that out as a positive contributor. I'm wondering if that continues to be a benefit in Q1? And then kind of just related to that, if you could give us some historical context? When was Tims at its best? And where are you in the process now of improving that metric? And can this be a traffic driver from here?

我有一個關於 Tims Canada 的問題。我只是想具體詢問一下服務速度。上個季度，您稱其為積極貢獻者。我想知道這是否會繼續成為第一季的優勢？然後與此相關，您能否給我們一些歷史背景？蒂姆斯的最佳狀態是什麼時候？您現在在改進該指標的過程中處於什麼階段？這是這裡的交通司機嗎？

Brian, thanks for the question. So we do continue to make progress on speed of service. I think I mentioned for this quarter, we did improve about 8% year-on-year. So we're making more progress. Matt Moore and the team are really doing a wonderful job on that front.

布萊恩，謝謝你的提問。因此，我們確實在服務速度方面繼續取得進步。我想我提到過這個季度，我們確實比去年同期提高了 8% 左右。所以我們正在取得更多進展。馬特·摩爾和他的團隊在這方面確實做得非常出色。

I think we'll probably see a little bit of a headwind in the near term from the Flatbread Pizza launch. That will slow us down a little bit, we think probably for like -- for some number of weeks. And that's something that we saw in the market test is when we launched Flatbread, we slowed down for a little bit as we kind of -- we learn the muscle memory, but then we picked back up to where we were before.

我認為短期內我們可能會看到平板披薩的推出帶來一些阻力。我們認為這會讓我們放慢一點速度，持續幾週的時間。我們在市場測試中看到，當我們推出 Flatbread 時，我們放慢了一點速度，因為我們學習了肌肉記憶，但隨後我們又回到了之前的水平。

So I think probably a little bit of a near-term headwind, but something that we'll work through as teams get used to the Flatbreads and then we'll -- we should be back on track.

所以我認為短期內可能會遇到一些阻力，但隨著團隊習慣了小麵包，我們會解決這個問題，然後我們應該會回到正軌。

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

今天我們的下一個問題來自美國銀行的 Sara Senatore。

A clarification on the question. The question is, you mentioned you're on the path to getting franchisees to 300,000. Does that require significant volume increases? Or are there self-help opportunities that can get you there? I'm just trying to think about unit economics and a period of perhaps of slower growth.

對問題的澄清。問題是，您提到您正在努力讓加盟商達到 30 萬家。這是否需要大幅增加交易量？或者有什麼自助機會可以幫助您實現這一目標？我只是想思考單位經濟學和一段可能成長較慢的時期。

And then maybe it's not a clarification, but just specifics on the G&A outlook. I think you mentioned head count reduction. But you've always been much leaner than others. So I'm just wondering if you could give a little bit of color on that?

也許這不是澄清，而只是一般管理費用前景的具體細節。我想你提到了裁員。但你一直比別人瘦很多。所以我只是想知道你是否可以對此進行一些說明？

Sara, just a clarification on the 300,000 franchise profit. Are you talking about -- which concept are you referring to?

薩拉，只是對 30 萬特許經營利潤的澄清。你說的是──你指的是哪個概念？

I thought it was for Burger King U.S. I thought that's what Patrick was referring to?

我以為是美國漢堡王的。

Perfect. Okay. Great. Yes. So I think there's a few things that will drive that. One of them is absolutely increased sales. That can come from a combination of improved operations even more effective marketing, increasing our advertising spending, which we've been doing, but also importantly, remodels.

完美的。好的。偉大的。是的。所以我認為有一些因素會推動這一點。其中之一就是銷量絕對增加。這可以透過改善營運、更有效的行銷、增加我們一直在做的廣告支出來實現，但更重要的是進行改造。

And that's one of the really important pieces that we think it's helpful to have more visibility on now that we've announced the funding that's needed to get -- to move us to a fully modern state. So there's a few different pieces of sales growth that are definitely part of the mix there. There is also a piece of which is improving margins. And you've seen us be more thoughtful about discounting. So we've already made a lot of progress there in terms of managing our gross profit margins better.

這是非常重要的部分之一，我們認為既然我們已經宣布了將我們帶入完全現代化國家所需的資金，那麼提高知名度是有幫助的。因此，有幾個不同的銷售成長部分肯定是其中的一部分。其中還有一個因素是提高利潤率。您也看到我們在折扣方面考慮得更加周到。因此，我們在更好地管理毛利率方面已經取得了很大進展。

And then I think those -- the increase in sales can also allow us to become more efficient with labor. We're at sales levels where you get a lot of incremental margin out of those marginal sales and a lot more labor productivity. So that's an important part of the piece as well. And I think some of the stuff that we're doing on technology can also be a really important margin driver.

然後我認為銷售額的增加也可以讓我們提高勞動效率。我們處於這樣的銷售水平，您可以從邊際銷售中獲得大量增量利潤，並獲得更高的勞動生產力。所以這也是這篇文章的重要組成部分。我認為我們在技術方面所做的一些事情也可以成為非常重要的利潤驅動因素。

If we're able, over the course of a few years to move, for example, to a fully digital ordering model, whether it's through kiosks or digital ordering and the drive-thru, that really changes the operating model of the restaurant and can allow us to be much more efficient in how we run the restaurants over time. So those are a few of the pieces we're working at all of them. Some of them will work better than others, but there's a lot of different things we're working on that can be pieces of the puzzle to get towards that 300,000.

例如，如果我們能夠在幾年內轉向完全數位化的訂購模式，無論是透過自助服務終端還是數位化訂購和得來速，這都會真正改變餐廳的營運模式，並且可以隨著時間的推移，我們可以更加高效地經營餐廳。這些是我們正在研究的一些部分。其中一些會比其他的效果更好，但是我們正在做很多不同的事情，這些事情可以成為實現 300,000 的拼圖的一部分。

Yes. And Sara, I will -- maybe I'll give a clarification to your clarification. So in Q1, segment G&A grew 11% year-over-year. And so actually, that was related to higher compensation-related expenses. The majority of which were in the second half of 2023, so they're now flowing into Q1 of '24. As we think about guidance for the full year, we took it down by about $15 million for the full year. That guidance and the majority of that reduction is really related to stock-based comp expense, which, as you know, goes into our segment G&A. So that's the majority of the $15 million.

是的。薩拉，我會－－也許我會對你的澄清作出澄清。因此，第一季度，G&A 部門年增 11%。實際上，這與較高的薪酬相關費用有關。其中大部分發生在 2023 年下半年，因此它們現在正流入 24 年第一季。當我們考慮全年指導時，我們將全年指導值減少了約 1500 萬美元。該指導意見和大部分削減實際上與基於股票的補償費用有關，如您所知，這屬於我們的一般管理費用部門。這就是 1500 萬美元中的大部分。

There are some one-off items as well, some smaller G&A items in that $15 million. I'm digging in, I'm new into the role, and I've been working pretty closely with the brand presidents to see how we maximize the leverage we can get on the investments we've made. And if we have anything else to report there, we'll come back to you.

這 1500 萬美元中還有一些一次性項目，一些較小的一般管理費用項目。我正在深入研究，我是這個角色的新人，我一直在與品牌總裁密切合作，看看我們如何最大限度地利用我們所做的投資。如果我們還有其他需要報告的內容，我們會盡快回覆您。

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

今天我們的下一個問題來自摩根士丹利的布萊恩哈伯。

Yes. Maybe just following up on your unit growth comments, mainly outside of North America. Are there any markets that you think could remain slower for whatever reason, whether it's Middle East or if it's just sort of like macro issues? And then China, it sounds like you'll update us later, but is that going to be more of a '25 story, at best?

是的。也許只是跟進您的單位成長評論，主要是在北美以外的地區。您認為是否有任何市場因某種原因可能會繼續放緩，無論是中東還是只是宏觀問題？然後是中國，聽起來您稍後會向我們通報最新情況，但這充其量只是一個 25 世紀的故事嗎？

Brian, thanks for the question. I think you hit on the 2 main things that are top of mind and that have a lot of focus from us. First, we may see a small impact in some of the Middle East markets where pipelines might be a little bit slower there. So that's certainly something that we're paying attention to.

布萊恩，謝謝你的提問。我認為您提到了我們最關注的兩件主要事情。首先，我們可能會看到一些中東市場受到輕微影響，那裡的管線運輸速度可能會稍微慢一些。所以這肯定是我們正在關注的事情。

And I think the other one is China, which we've called out before and we talked about in February. I think that's a huge long-term opportunity for us. I think it will take some time to get all of those markets on the right track. As you mentioned, we don't have anything new to touch on today there, but of course, we'll update you in the coming quarters there.

我認為另一個是中國，我們之前曾呼籲過，並在二月談到。我認為這對我們來說是一個巨大的長期機會。我認為需要一些時間才能讓所有這些市場走上正軌。正如您所提到的，我們今天沒有任何新內容可談，但當然，我們會在接下來的幾季向您通報最新情況。

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

我們的下一個問題來自 KeyBanc 的 Eric Gonzalez。

My question is about the remodel investment. Patrick, you said to us over a year ago that if we saw RBI make an investment that is because the company found something he was confident to generate a significant return to shareholders. So it's exciting to hear what this next round of capital, and I appreciate the comment that you're seeing in the high-teens uplift, which appears quite strong.

我的問題是關於改造投資。派崔克，你一年多前對我們說，如果我們看到印度儲備銀行進行投資，那是因為該公司發現了他有信心為股東帶來可觀回報的東西。因此，很高興聽到下一輪資本的消息，我很欣賞您在高青少年的提升中看到的評論，這看起來相當強勁。

Can you speak to the cost of the remodel today? And maybe what percentage RBIs contribute on average to each project so we can maybe assess the return on the investment of that initiative?

能談談今天改造的費用嗎？也許印度儲備銀行對每個項目的平均貢獻百分比是多少，以便我們可以評估該計劃的投資回報？

Sure. So I think you're seeing the remodels, it depends on the scope of the remodel. Clearly, if it's a scrape and rebuild, it's going to be close to the cost of building a new unit, depending on equipment that you're going to reuse. But I think you're going to see an average on full remodels and lighter remodels that's going to wind up in the $0.5 million to $1 million range, full, obviously, closer to the high end of that.

當然。所以我認為你看到的是改造，這取決於改造的範圍。顯然，如果是刮掉並重建，它將接近建造新單元的成本，具體取決於您要重複使用的設備。但我認為你會看到全面改造和輕型改造的平均價格將在 50 萬美元到 100 萬美元之間，顯然更接近高端。

If you just play through the numbers that we rolled out today, you're looking at about 250 of that coming from us. And if we get a list in the double digits as we have seen to date, our return on that is healthy and the franchisees' return on that is healthy. So overall, and this kind of plays back to Sara's question a bit on how do you get to that 300,000 over time.

如果您仔細查看我們今天推出的數字，您會發現其中大約有 250 個來自我們。如果我們得到迄今為止所看到的兩位數的清單，那麼我們的回報是健康的，特許經營商的回報也是健康的。總的來說，這有點回溯到 Sara 的問題，即如何隨著時間的推移達到 300,000。

If we've still got half of our system to get remodeled and we can see double-digit lifts, mid-teens lifts on those remodels, and you average that out over half of our system, that's a pretty nice lift to the overall average unit and does really good things for the profitability of those units. So we feel very good about the return for the franchisees and for us.

如果我們仍然有一半的系統需要改造，並且我們可以看到這些改造的兩位數提升，十幾歲左右的提升，並且您將其平均到我們系統的一半以上，那麼這對整體平均水平來說是一個相當不錯的提升單位，並為這些單位的盈利能力做出了真正的好事。因此，我們對加盟商和我們自己的回報感到非常滿意。

And ultimately, this is us kind of laying out the full plan and the full commitment for the progress that we are making and are going to continue to make to get Burger King to a great place. We are fully committed to having the brand fixed. We're seeing great progress on that. We're pulling lots of different levers. And we feel very much on track.

最終，我們為我們正在取得的進展以及將繼續取得的進展制定了完整的計劃和全面的承諾，以使漢堡王取得一個偉大的成就。我們完全致力於固定品牌。我們看到這方面取得了巨大進展。我們正在拉動許多不同的槓桿。我們感覺一切都步入正軌了。

Our last question today will be from the line of Gregory Francfort of Guggenheim.

今天我們的最後一個問題來自古根漢的格雷戈里·弗蘭克福特。

My question is mostly, I guess, on the U.S. market. And I guess we're seeing in the protein markets is that they seem to be reinflating at a time where the industry seems to be focusing more on value. And I'm curious, one, is that something you're seeing in your business?

我想我的問題主要是關於美國市場。我想我們在蛋白質市場上看到的是，在該行業似乎更加關注價值的時候，它們似乎正在重新膨脹。我很好奇，第一，您在自己的業務中看到過這種情況嗎？

And two, how do you expect that to play out as we get through 2024? Do you expect maybe that focus on value from the industry to start to abate later in the year? Just any thoughts on that would be great.

第二，您預計 2024 年會如何發展？您是否預期產業對價值的關注會在今年稍後開始減弱？只要對此有任何想法就太好了。

Greg, it's Sami. I can take the first part of your question. Look, as we look at, first off, the Q1 results, but even the outlook for the year, I think from a protein perspective, most of you have read about beef headwinds and potential headwinds in that market. But then on the flip side, as you think about Popeyes and the chicken industry, you've actually seen some abatement in food costs from a macro perspective.

格雷格，我是薩米。我可以回答你問題的第一部分。看，當我們首先看第一季的結果時，但即使是今年的前景，我認為從蛋白質的角度來看，你們大多數人都已經了解了牛肉的逆風和該市場的潛在逆風。但另一方面，當你想到大力水手和雞肉產業時，你實際上會從宏觀角度看到食品成本的一些下降。

So nothing to call out here on a forward-looking basis when it comes to the food cost side of things. We're going to continue to monitor the situation. But as Josh mentioned earlier, we feel good about the position where our franchise profitability ended last year. And our outlook for this year, and I think nothing in the food cost arena changes that outlook.

因此，當談到食品成本方面時，沒有什麼可以前瞻性的。我們將繼續關注事態發展。但正如喬許之前提到的，我們對去年特許經營盈利能力的狀況感到滿意。我們對今年的展望，我認為食品成本領域的任何事情都不會改變這一前景。

Thank you. And this will conclude the Q&A for today. And I'd like to hand back to Josh Kobza for any closing remarks.

謝謝。今天的問答就到此結束。我想請喬許‧科布札 (Josh Kobza) 發表結束語。

Well, thank you all for taking the time to join us today on the earnings call. I'd just like to say thank you one more time to our corporate teams, our franchisees and our restaurant teams for an amazing job and for all your hard work you do every day. Have a great day, everyone, and we'll talk again soon.

好的，感謝大家今天抽出時間參加我們的財報電話會議。我只想再次感謝我們的公司團隊、特許經營商和餐廳團隊所做的出色工作以及你們每天所做的辛勤工作。祝大家有美好的一天，我們很快就會再聊。

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

今天的電話會議到此結束。感謝大家的加入。現在您可以斷開線路。