Restaurant Brands International Inc (QSR) 2024 Q2 法說會逐字稿

Good morning and welcome to the Restaurant Brands International second-quarter 2024 earnings conference call. (Operator Instructions) Please note this event is being recorded.

早安，歡迎參加 Restaurant Brands International 2024 年第二季財報電話會議。 （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 conference call for the second quarter ended June 30, 2024. 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. Joining me on the call today are Restaurant Brands International's Executive Chairman, Patrick Doyle; CEO, Josh Kobza; and CFO, Sami Siddiqui.

謝謝你，接線生。大家早安，歡迎參加 Restaurant Brands International 截至 2024 年 6 月 30 日的第二季度收益電話會議。可供重播。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. Reconciliation of non-GAAP financial measures are included in the press release and trending schedules 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。非公認會計準則財務指標的調節包含在我們網站上提供的新聞稿和趨勢表中。

As a reminder, following our acquisition of Carrols Restaurant Group, which closed on May 16, 2024, we introduced a sixth reportable segment, Restaurant Holdings. This segment includes results from operations of the Burger King restaurants acquired as part of the Carrols acquisition and will include results from our Popeyes China restaurants beginning in the third quarter. The consolidated growth metrics discussed during the prepared remarks, including organic adjusted operating income growth, and organic adjusted EPS growth, exclude results from our Restaurant Holdings segment.

提醒一下，在我們收購 Carrolls Restaurant Group 並於 2024 年 5 月 16 日完成收購後，我們引進了第六個可報告分部：Restaurant Holdings。該部門包括作為 Carrolls 收購的一部分而收購的漢堡王餐廳的營運業績，並將包括我們從第三季開始的大力水手中國餐廳的業績。在準備好的發言中討論的綜合成長指標，包括有機調整後的營業收入成長和有機調整後的每股盈餘成長，不包括我們餐廳控股部門的表現。

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 thanks for joining us. We had a busy second quarter and grew comparable sales, while navigating a softer consumer environment that's impacting the broader restaurant industry. Our teams worked closely with franchisees and their team members to deliver delicious food and beverages, provide great experience for guests, and improve our physical and digital footprints.

大家早安，感謝您加入我們。我們度過了繁忙的第二季度，可比銷售額有所成長，同時應對影響更廣泛餐飲業的疲軟消費環境。我們的團隊與特許經營商及其團隊成員密切合作，提供美味的食品和飲料，為客人提供良好的體驗，並改善我們的實體和數位足跡。

We closed strategic transactions that will strengthen our long-term positioning for the Burger King brand in the US and for Tim Hortons and Popeyes in China. And we identify opportunities to drive cost savings for our franchisees P&L and our own. Our results demonstrate our brand's strong relative value propositions, the importance of franchisee alignment, and the benefits of maintaining cost discipline. Comparable sales grew 1.9% and net restaurants grew 4%, which translated into system-wide sales growth of 5% and organic adjusted operating income growth of 9.3%.

我們完成了戰略交易，這將加強我們漢堡王品牌在美國以及 Tim Hortons 和 Popeyes 在中國的長期定位。我們也尋找機會為我們的特許經營商和我們自己的損益節省成本。我們的結果證明了我們品牌強大的相對價值主張、加盟商聯盟的重要性以及維持成本紀律的好處。可比銷售額成長 1.9%，淨餐廳成長 4%，這意味著全系統銷售額成長 5%，有機調整後營業收入成長 9.3%。

We certainly were planning for better absolute top-line results. However, relative to the overall performance of our industry, we've continued to outperform key competitors in some of our largest markets. Tim Hortons and international drive nearly 70% of our adjusted operating income, and both delivered strong AOI in the second quarter. Tim's in Canada once again outperformed the industry and continues to showcase the power of delivering the fundamentals of quality, service, and convenience to guests every day and driving results for restaurant owners and for our business.

我們當然正在計劃獲得更好的絕對營收結果。然而，相對於我們行業的整體表現，我們在一些最大市場上的表現繼續優於主要競爭對手。 Tim Hortons 和國際公司貢獻了我們調整後營業收入的近 70%，並且都在第二季度實現了強勁的 AOI。加拿大 Tim's 的表現再次優於行業，並繼續展示每天為客人提供品質、服務和便利的基本要素以及為餐廳業主和我們的業務帶來成果的力量。

Our international business demonstrated its resilience and delivered solid top-line results that translated into strong adjusted operating income growth. The remaining 30% of our AOI comes from Burger King, Popeyes, and Firehouse in North America. At Burger King US, our turnaround is well underway. Our balanced approach to everyday value continues to resonate with guests and the team has reacted calmly in the face of heightened promotional activity across the industry.

我們的國際業務展現了其韌性，並取得了堅實的營收業績，轉化為調整後營業收入的強勁成長。我們剩下的 30% 的 AOI 來自北美的漢堡王、Popeyes 和 Firehouse。在美國漢堡王，我們的轉型正在順利進行中。我們對日常價值的平衡態度繼續引起客人的共鳴，面對整個行業日益激烈的促銷活動，我們的團隊做出了冷靜的反應。

Popeyes remains focused on unlocking sales opportunities through menu innovation and making restaurants easier to run. And at Firehouse, the team is building out its development pipeline with a clear path to accelerate growth this year and beyond. As I mentioned before, this quarter, we took a few important steps to strengthen our long-term positioning in the US and in China. We closed the acquisition of Carrols and are working to remodel 600 Carrols restaurants through 2028, so we can begin refranchising the vast majority of the portfolio to smaller owner operators in the next few years.

Popeyes 仍然專注於透過菜單創新釋放銷售機會並使餐廳更容易經營。在 Firehouse，該團隊正在建立其開發管道，並為今年及以後的加速成長制定了明確的路徑。正如我之前提到的，本季我們採取了一些重要步驟來加強我們在美國和中國的長期定位。我們完成了對 Carrols 的收購，並致力於在 2028 年之前改造 600 家 Carrols 餐廳，以便我們可以在未來幾年內開始將絕大多數投資組合重新特許經營給較小的業主經營者。

You also saw us acquire Popeyes China and make a co-investment into Tim Hortons in China. We have taken control of Popeyes China and plan to grow the business ourselves in the coming years before finding a new partner to accelerate long-term growth. We're working closely with the Popeyes China team to refine our business plans and we'll update you when we have more to share. Our co-investment in Tim's China reflects our confidence in the long-term potential of the brand in the market. There is a lot of work for us to do in China, especially given the compounding impacts of lingering consumer and competitive challenges. But these are both important steps in the right direction.

您還看到我們收購了 Popeyes China，並共同投資了中國的 Tim Hortons。我們已經控制了大力水手中國，並計劃在未來幾年自行發展業務，然後再尋找新的合作夥伴以加速長期成長。我們正在與 Popeyes 中國團隊密切合作，以完善我們的業務計劃，當我們有更多資訊可以分享時，我們會及時通知您。我們對 Tim's China 的共同投資體現了我們對該品牌在市場中的長期潛力的信心。我們在中國還有很多工作要做，特別是考慮到揮之不去的消費者和競爭挑戰的複合影響。但這些都是朝著正確方向邁出的重要一步。

We're fortunate to have Patrick Siewert, a seasoned executive with extensive knowledge in food, beverage, and consumer products in Asia on Board as our Chairman for Asia Pacific. He's helping us solidify long-term plans, build key relationships, and accelerate development for each of our businesses in the region. Before I turn to segment results, I'd like to provide a high-level update on expectations for 2024, which Samuel will expand upon shortly. While we still delivered solid global comparable sales growth this quarter, there's no denying that the environment has been tough. As such, we believe system wide sales will be a bit lighter this year compared to our stated long-term growth algorithm.

我們很幸運地邀請到帕特里克·西沃特（Patrick Siewert）擔任我們的亞太區主席，他是一位經驗豐富的高管，在亞洲食品、飲料和消費品方面擁有豐富的知識。他幫助我們鞏固長期計劃、建立重要關係並加速我們在該地區的每項業務的發展。在討論細分結果之前，我想提供對 2024 年預期的高級更新，塞繆爾將很快對此進行擴展。儘管本季我們仍然實現了穩健的全球可比銷售額成長，但不可否認的是，環境一直很艱難。因此，我們認為與我們規定的長期成長演算法相比，今年全系統的銷售額將會減少。

That said, we've implemented expense improvements while continuing to invest in all the right areas to drive sustainable sales growth. As a result, I'm confident we'll deliver organic adjusted operating income growth of 8% plus this year. Turning now to segment results, I'll start with Tim Hortons that delivers about 43% of our adjusted operating income.

也就是說，我們已經實施了費用改進，同時繼續在所有正確的領域進行投資，以推動永續的銷售成長。因此，我相信今年我們將實現 8% 以上的有機調整後營業收入成長。現在轉向分部業績，我將從 Tim Hortons 開始，該公司約占我們調整後營業收入的 43%。

In June, I joined Axel, the Tim's team, and over 1,800 restaurant owners and leaders in Toronto for their convention celebrating 60 years of Tim Hortons in Canada, 50 years of the Tim's Foundation, and 40 years of Tim Hortons in the US. It was an incredible experience, complete with a special musical, The Last Timbit, and a ton of product tastings from the culinary and beverage teams.

6 月，我與 Axel、Tim's 團隊以及 1,800 多名餐廳老闆和領導者一起在多倫多參加了慶祝 Tim Hortons 在加拿大成立 60 週年、Tim's 基金會成立 50 週年以及 Tim Hortons 在美國成立 40 週年的大會。這是一次令人難以置信的體驗，還有特別的音樂劇《The Last Timbit》，以及大量烹飪和飲料團隊的產品品嚐。

It was amazing to celebrate the Tim's Foundation, which is so core to Tim's strong community ties. And we recently raised nearly $13 million Canadian dollars for Tim's Foundation camps through our Annual Camp Day. I love seeing the excitement and confidence of so many restaurant owners for the future of this brand. So much of this confidence is due to the strong foundation Axel and the Tim's leadership team have built alongside our restaurant owners over the past five years and the results that they continue to drive every day.

慶祝蒂姆基金會真是太棒了，它是蒂姆牢固的社區聯繫的核心。最近，我們透過年度營地日為蒂姆基金會營地籌集了近 1300 萬加元。我喜歡看到這麼多餐廳老闆對這個品牌的未來感到興奮和信心。這種信心在很大程度上歸功於阿克塞爾和蒂姆的領導團隊在過去五年中與我們的餐廳老闆一起建立的堅實基礎以及他們每天不斷推動​​的成果。

Tim's in Canada delivered a 4.9% increase in comparable sales, well ahead of the broader industry and did so through a balanced mix of traffic and check growth. It's pretty remarkable to see the market leader expand share in core categories like coffee, breakfast and baked goods. This is a testament to the team's marketing and menu initiatives, relevant value positioning, operational excellence, and unmatched convenience. Morning day part sales grew 4.5% year-over-year, anchored by our leadership in brewed coffee, with over 70% market share, and breakfast sandwiches and wraps, where we hold over 60% market share.

加拿大的 Tim's 的可比銷售額增長了 4.9%，遠遠領先於整個行業，這是透過客流量和支票增長的平衡組合實現的。看到市場領導者在咖啡、早餐和烘焙食品等核心類別的份額不斷擴大，這是非常了不起的。這證明了該團隊的營銷和菜單舉措、相關價值定位、卓越營運和無與倫比的便利性。晨間部分銷售額年增 4.5%，這得益於我們在沖泡咖啡（佔超過 70% 的市場份額）以及早餐三明治和捲餅（佔超過 60% 的市場份額）方面的領先地位。

Some of you may have seen that even Deadpool can't live without his Tims. We're looking forward to working with Ryan and we'll have more to share on that soon. Great results are as much of the product of strong operations as strong marketing. The team is delivering some of the best weekday morning service times we've seen in the past five years, with even more opportunity in the morning day part through increased adoption of our Scan and Pay app feature, shoulder-to-shoulder restaurant visits, and layout optimization from store renovations and new builds.

你們有些人可能已經看到，即使是死侍也離不開他的提姆斯。我們期待與 Ryan 合作，很快我們就會分享更多相關內容。出色的業績既是強大營運的產物，也是強大行銷的結果。團隊提供了過去五年來我們見過的一些最好的工作日早晨服務時間，透過更多地採用我們的掃描和支付應用程式功能、並肩參觀餐廳，在早上提供了更多的機會，以及商店翻新和新建的佈局優化。

We've made exciting strides on our PM food journey, which began in 2022 with the launch of Loaded and Anytime Snackers. We've already seen these two platforms contribute two points to PM food market share growth. This success paved the way for our expansion into flatbread pizzas introduced in mid-April after two years of testing, aligning with restaurant owners, and adding new ovens to the back of house.

自 2022 年推出 Loaded 和 Anytime Snackers 以來，我們在 PM 食品之旅中取得了令人興奮的進步。我們已經看到這兩個平台為 PM 食品市場份額的成長貢獻了兩分。這項成功為我們擴展到四月中旬推出的扁麵包披薩鋪平了道路，經過兩年的測試，與餐廳老闆保持一致，並在後面增加了新的烤箱。

We've been pleased with the results so far, and we're excited for the innovation opportunities our new ovens unlock. I had the pleasure of tasting a number of these at convention in June. Flatbread pizzas are helping us increase our exposure to the family guest occasion and improve throughput for restaurants during historically underutilized times such as after 2:00 PM and on the weekends. Between loaded flatbread pizzas and our savory pastries, we have a clear path to drive franchisee profitability and achieve double-digit PM food market share in the near future.

到目前為止，我們對結果感到滿意，我們對新烤箱帶來的創新機會感到興奮。我有幸在六月的大會上品嚐了其中的一些。小麵包披薩幫助我們增加了家庭賓客聚會的機會，並提高了餐廳在歷史上未充分利用的時段（例如下午 2:00 後和週末）的吞吐量。在裝載扁麵包披薩和美味糕點之間，我們有一條明確的道路來提高特許經營商的盈利能力，並在不久的將來實現兩位數的 PM 食品市場份額。

Our PM food innovation ties in nicely as we broaden our beverage strength, especially in the cold category, which represented nearly 40% of total beverage sales in the second quarter. We kicked-off the summer with two co-branded [ice cap] partnerships, Caramilk and Oreo Double Stuf, to honor 25 years of our iconic Iced Capp beverage. We also added exciting flavors to our sparkling quencher lineup and most recently introduced Infuser, an energy drink made with natural caffeine that appeals to younger guests looking for a delicious, caffeinated beverage alternative.

我們的 PM 食品創新與我們擴大飲料實力緊密結合，特別是在冷飲類別，該類別佔第二季度飲料總銷售額的近 40%。我們以 Caramilk 和 Oreo Double Stuf 兩個聯合品牌 [ice cap] 合作夥伴關係拉開了夏季的序幕，以紀念我們標誌性 Iced Capp 飲料誕生 25 週年。我們還在起泡猝滅劑系列中添加了令人興奮的口味，最近推出了Infuser，這是一種由天然咖啡因製成的能量飲料，吸引了尋求美味含咖啡因飲料替代品的年輕客人。

I'm very excited about all the progress the team continues to make here at Tim's in Canada and feel very confident that Tim's is well positioned for growth into the future. Shifting now to international, which comprises about 25% of our adjusted operating income. International saw comparable sales of 2.6%, net restaurant growth of 8.2%, and system-wide sales growth of 9.2%.

我對加拿大 Tim's 團隊繼續取得的所有進展感到非常興奮，並且對 Tim's 為未來的發展做好了充分的準備。現在轉向國際業務，這約占我們調整後營業收入的 25%。國際可比銷售額成長 2.6%，餐廳淨成長 8.2%，全系統銷售額成長 9.2%。

In April, I spent some time with our Burger King partners in France, which remains a standout market for us and outperformed the industry this past quarter. Our local team and restaurant operators are really talented and very passionate, and we appreciate the work they've done to build such a powerful and relevant brand in France over the past 10 years, building the brand to over 530 locations today with over $2 billion in annual system-wide sales.

四月份，我與漢堡王在法國的合作夥伴一起度過了一段時間，法國對我們來說仍然是一個出色的市場，並且在上個季度的表現優於整個行業。我們的當地團隊和餐廳經營者確實才華橫溢，充滿熱情，我們感謝他們在過去10 年裡為在法國建立如此強大且相關的品牌所做的工作，如今，該品牌已在530 多個地點投入超過20億美元年度全系統銷售額。

Burger King also saw positive results in markets like Brazil, Japan, Australia, and Mexico. This strength helped to partially offset moderating price trends in many of our Western European markets, challenging consumer dynamics in China, and the conflict in the Middle East. At Popeyes, we're bringing our delicious Louisiana chicken to more markets around the world. Since acquiring Popeyes in March of 2017, the brand has grown from over 500 international restaurants generating roughly $300 million in annual system sales to nearly 1,300 restaurants today and over $1 billion in system-wide sales.

漢堡王在巴西、日本、澳洲和墨西哥等市場也取得了正面的成果。這種優勢有助於部分抵消許多西歐市場的溫和價格趨勢、中國消費者動態的挑戰以及中東的衝突。在大力水手，我們將美味的路易斯安那雞帶到世界各地的更多市場。自 2017 年 3 月收購 Popeyes 以來，該品牌已從擁有 500 多家國際餐廳、年系統銷售額約 3 億美元發展到如今擁有近 1,300 家餐廳、全系統銷售額超過 10 億美元。

To give you a few market examples, in 2019 we brought Popeyes to Spain with one of our existing Burger King partners, RB Iberia, and we now have nearly 140 stores in the market with an attractive runway for further development. In the UK and India, the brand is off to a great start and has already reached roughly 50 restaurants in each market in less than three years with clear paths to accelerate from there. We entered France about a year ago and although we only have 16 stores today, the market offers a lot of potential.

舉幾個市場例子，2019 年，我們與漢堡王現有合作夥伴之一RB Iberia 將Popeyes 帶到了西班牙，現在我們在市場上擁有近140 家商店，並為進一步發展提供了有吸引力的跑道。在英國和印度，該品牌已經有了一個良好的開端，在不到三年的時間內已經在每個市場上開設了大約 50 家餐廳，並有明確的加速發展路徑。大約一年前我們進入法國，雖然現在我們只有 16 家門市，但市場潛力巨大。

In May I visited our first Popeyes in Lyon and saw how much our beautiful restaurants and high-quality food are resonating with our French guests. Most recently New Zealand welcomed its first Popeyes restaurant, which is on track to deliver over $6 million in annual restaurant sales, making it one of our strongest new country entries to date. I'll be there with Thiago and our international team in a couple of weeks to celebrate their early success and learn about the key ingredients to it.

五月份，我參觀了我們在里昂的第一家大力水手餐廳，看到我們美麗的餐廳和高品質的食物與我們的法國客人產生了多大的共鳴。最近，紐西蘭迎來了第一家 Popeyes 餐廳，該餐廳的年餐廳銷售額預計將超過 600 萬美元，使其成為迄今為止最強勁的新國家餐廳之一。幾週後我將與蒂亞戈和我們的國際團隊一起慶祝他們的早期成功並了解其關鍵要素。

Not to be outdone though, our Latin America team followed the New Zealand opening by opening in Costa Rica in July. And that restaurant opened to nearly 1,800 transactions on day 1. A big congratulations to our teams and our partners on some remarkable accomplishments with Popeyes and international. While Popeyes is having a lot of early success in many markets around the world, we know it can do so much more. Shifting now to Burger King, which delivered about 18% of our adjusted operating income this quarter. Burger King US comparable sales were relatively flat while total net restaurants declined 2% resulting in a negative 0.8% decline in system-wide sales.

不過，我們的拉丁美洲團隊也不甘示弱，緊接著紐西蘭開幕後，於 7 月在哥斯大黎加開幕。餐廳開業第一天就完成了近 1,800 筆交易。雖然 Popeyes 在全球許多市場取得了早期成功，但我們知道它可以做得更多。現在轉向漢堡王，該公司本季調整後營業收入約占我們的 18%。漢堡王美國可比銷售額相對持平，而淨餐廳總數下降 2%，導致全系統銷售額負值下降 0.8%。

The absolute sales and traffic results at Burger King were clearly softer than we aspire to. But the business continued to outperform Burger QSR sales and traffic. I believe this is in large part due to our responsible approach to everyday value, our focus on meeting the needs of our guests and franchisees, and the impact of our operational improvements starting to shine through. The word value has received a lot of airtime in the past few months. We've been reinforcing Burger King's value proposition, great tasting food at an affordable price for the past few years now, with our distinctive qualities of flame grilling, the Whopper and HAVE IT YOUR WAY.

漢堡王的絕對銷售額和客流量結果顯然比我們預期的要軟。但該業務的銷售額和客流量持續優於 Burger QSR。我相信這在很大程度上是由於我們對日常價值的負責任態度、我們對滿足客人和加盟商需求的關注以及我們營運改善的影響開始顯現。在過去的幾個月裡，「價值」這個詞得到了廣泛的關注。在過去的幾年裡，我們一直在強化漢堡王的價值主張，即以實惠的價格提供美味的食物，並憑藉我們獨特的火焰燒烤、皇堡和隨心所欲的品質。

We brought back another $5 price pointed item this quarter, the $5 Your Way Meal and balance it with premium menu innovation like Melts and Now our new Fiery Menu. There's even more we can do to enhance the value we offer. And I believe great operations, digital and re-imaging are just as important to win in the long-term. We're on track to complete nearly 400 remodels this year and bring our system to between 85% to 90% modern image by 2028. We now have 150 Royal Reset remodels open for at least six months, and they are driving uplifts in the mid-teens range, net of control. A number of these stores showcase our new sizzle image, and Sami and I got to visit a few recently in Atlanta and in Miami with Tom and the team. We're very excited to get more sizzles in our system as we remodel Carrols restaurants and execute our $300 million Royal Reset 2.0 investment.

本季度，我們又推出了另一款 5 美元的標價商品，即 5 美元的 Your Way Meal，並與 Melts 和 Now 的全新 Fiery Menu 等優質菜單創新相平衡。我們還可以做更多的事情來提高我們提供的價值。我相信，良好的營運、數位化和重新成像對於長期獲勝同樣重要。我們今年預計將完成近 400 項改造，到 2028 年使我們的系統達到 85% 至 90% 的現代形象。不受控制。許多這樣的商店都展示了我們的新形象，薩米和我最近與湯姆和團隊一起參觀了亞特蘭大和邁阿密的一些商店。當我們改造 Carrolls 餐廳並執行 3 億美元的 Royal Reset 2.0 投資時，我們非常高興能在我們的系統中獲得更多的樂趣。

It may take time to see the full impact of our Burger King investments flow through. And I'm confident in the brand's path forward, especially given the focus of our multi-year plans and the strong alignment our team has built with our franchisees. I think we'll find that the shorter-term pressures being felt by the QSR industry are masking some pretty incredible changes at Burger King that will deliver long-term rewards.

可能需要一段時間才能看到我們漢堡王投資的全面影響。我對該品牌的前進道路充滿信心，特別是考慮到我們多年計劃的重點以及我們的團隊與特許經營商建立的強有力的聯盟。我認為我們會發現速食業感受到的短期壓力掩蓋了漢堡王一些相當令人難以置信的變化，這些變化將帶來長期回報。

Turning now to Popeyes which comprises about 10% of our adjusted operating income. Popeyes US grew net restaurants 3.8% and comparable sales 0.6%, resulting in system-wide sales growth of 4%. Top-line results reflect the environment I've discussed, but our wings platform, which recently expanded with the launch of boneless and our big-box value promotions helps lead to overall QSR share growth year-over-year.

現在轉向大力水手，它約占我們調整後營業收入的 10%。 Popeyes US 淨餐廳成長 3.8%，可比銷售額成長 0.6%，導致全系統銷售額成長 4%。頂線結果反映了我所討論的環境，但我們的雞翅平台最近隨著無骨牛排的推出而擴展，我們的大型價值促銷有助於導致整體 QSR 份額同比增長。

Our freshly hand battered and breaded boneless wings are a great way to expand our wings platform to new guests and occasions. While we aren't yet seeing the uplift from wings and attracting new users, we are seeing strong traction from existing guests. Awareness, trial and consideration take time to build. And by continuing to focus on wings with the right promotional and advertising strategy, we are confident there's a lot of runway for us to bring in new guests and take share in one of the fastest-growing chicken categories.

我們新鮮手工打漿和麵包屑的無骨雞翅是將我們的雞翅平台擴展到新客人和新場合的好方法。雖然我們還沒有看到翅膀的提升並吸引新用戶，但我們看到了現有客人的強大吸引力。意識、嘗試和考慮需要時間來建立。透過繼續專注於雞翅並採取正確的促銷和廣告策略，我們相信我們有很大的空間來吸引新客人並在增長最快的雞肉類別之一中佔據份額。

Digital is also an important channel to communicate Popeyes' value to guests and drive traffic. And we saw a 32% growth in digital sales this quarter, reaching a digital sales mix of over 27%. Jeff and team have now converted around 50 kitchens under our Easy to Run model, and we shared initial learnings with franchisees at our convention in New Orleans in May. The simplified kitchens and automated ordering are driving improvements in order accuracy, driver wait times and team member and guest satisfaction.

數位化也是向客人傳達 Popeyes 價值並增加流量的重要管道。本季我們的數位銷售成長了 32%，數位銷售組合達到了 27% 以上。 Jeff 和團隊現在已在我們的 Easy to Run 模式下改造了大約 50 個廚房，我們在 5 月於新奧爾良舉行的大會上與加盟商分享了初步經驗。簡化的廚房和自動訂購正在推動訂單準確性、司機等待時間以及團隊成員和客人滿意度的提高。

Franchisees are eager to adopt in their own restaurants, and we are excited to expand to more hub markets like Houston and Central Florida this year. We'll continue to incorporate feedback and provide necessary resources and trainings to optimize this investment before scaling across the entire system. We also expect another solid development year at Popeyes and are focused on delivering high-quality openings with top operators. We are on track to have over 4,000 Popeyes restaurants in the US and Canada by 2028 as we drive average US franchisee profitability closer towards our goal of $300,000.

特許經營商渴望在自己的餐廳中採用這種技術，我們很高興今年能夠擴展到休士頓和佛羅裡達州中部等更多中心市場。我們將繼續吸收反饋並提供必要的資源和培訓，以在擴展到整個系統之前優化這項投資。我們也預計 Popeyes 將迎來另一個穩健發展的一年，並專注於與頂級營運商提供高品質的空缺職位。我們預計到 2028 年，美國和加拿大將擁有超過 4,000 家 Popeyes 餐廳，同時我們將推動美國特許經營商的平均盈利能力更接近 300,000 美元的目標。

Finally, Firehouse Subs, which saw relatively flat comparable sales and increased system-wide sales by 3.3%. Firehouse is becoming more convenient for guests by opening more restaurants and strengthening our digital leadership. Mike and team have added 44 net new restaurants since the second quarter of 2023 and saw over 40% of sales come through digital channels primarily driven by mobile order and pay and attractive digital-only deals. I'm excited to join the team and our franchisees in [Houston] later this month to celebrate Firehouse's 30th anniversary at our convention and update franchisees on our long-term plans.

最後是 Firehouse Subs，其可比銷售額相對持平，但全系統銷售額成長了 3.3%。 Firehouse 透過開設更多餐廳並加強我們的數位領導力，為客人提供了更多便利。自 2023 年第二季以來，Mike 和團隊淨新增了 44 家餐廳，超過 40% 的銷售額來自數位管道，主要由行動訂單和支付以及有吸引力的純數位交易推動。我很高興本月晚些時候在[休斯頓]加入團隊和我們的特許經營商，在我們的大會上慶祝 Firehouse 成立 30 週年，並向特許經營商介紹我們的長期計劃。

With that, I'll pass it over to Sami to walk you through our financial results for the quarter. Sami?

接下來，我將把它交給薩米，讓您了解我們本季的財務表現。薩米？

Thanks, Josh, and good morning, everyone. We were pleased to close two significant and highly strategic transactions this quarter; our acquisition of Carrols, which closed on May 16; and our acquisition of Popeyes China, which closed at quarter end.

謝謝，喬什，大家早安。我們很高興本季完成了兩項重要且高度策略性的交易；我們對 Carrolls 的收購已於 5 月 16 日完成；我們對 Popeyes China 的收購已於季度末完成。

I want to provide you with a quick update on how those two transactions impact our segment reporting going forward. As I mentioned last quarter, we want to preserve the franchisor dynamics and P&Ls, consistent with how our businesses will be run long-term. And since we plan to refranchise the vast majority of the Carrols restaurants and to find a new partner for our Popeyes China business over time, we will be reporting results of the BK Carrols and Popeyes China restaurants in a separate segment called Restaurant Holdings.

我想向您提供有關這兩項交易如何影響我們未來分部報告的快速更新。正如我上季度提到的，我們希望保留特許人的動態和損益，與我們業務的長期運作方式保持一致。由於我們計劃重新特許經營絕大多數 Carrolls 餐廳，並為我們的 Popeyes China 業務尋找新的合作夥伴，因此我們將在名為 Restaurant Holdings 的單獨部門中報告 BK Carrolls 和 Popeyes China 餐廳的業績。

Restaurant Holdings will pay intercompany royalties, rents and advertising fees to their respective franchisor segment, the Burger King and International segments, respectively, which will be eliminated upon consolidation on the face of the P&L. All organic growth rates I'll be discussing today exclude results from the Restaurant Holding segment. For a full primer on how these eliminations map to our segment P&Ls, I would encourage you to visit our Investor Relations website or feel free to reach out to Kendall if you have any questions.

Restaurant Holdings 將分別向其各自的特許經營部門、漢堡王和國際部門支付公司間特許權使用費、租金和廣告費，這些費用將在合併損益表時予以消除。我今天要討論的所有有機成長率都不包括餐廳控股部門的結果。有關這些抵銷如何映射到我們部門損益表的完整入門信息，我建議您訪問我們的投資者關係網站，或者如果您有任何疑問，請隨時聯繫 Kendall。

Now turning to our results. For the second quarter, we grew global comparable sales 1.9%. We grew global system-wide sales 5%. We grew organic adjusted operating income 9.3%, and we grew organic adjusted earnings per share 3.1%. AOI growth outpaced system-wide sales growth this quarter for a few reasons. First, our Tim’s supply chain business benefited from lower average cost of inventory during the quarter, resulting in organic gross profit dollar growth of roughly $20 million year-over-year.

現在轉向我們的結果。第二季度，我們的全球可比銷售額成長了 1.9%。我們的全球系統銷售額成長了 5%。我們的有機調整後營業收入成長了 9.3%，有機調整後每股盈餘成長了 3.1%。本季 AOI 成長超過了全系統銷售成長，原因有幾個。首先，我們的 Tim 供應鏈業務受惠於本季平均庫存成本的降低，導致有機毛利年增約 2,000 萬美元。

Over $4 million of that increase was related to net bad debt recovery in the current year period. Excluding these recoveries, our supply chain margin would have been just north of 20%, and we continue to expect our full year supply chain margin in the 19% range, as we stated previously. Second, we recorded just over $6 million of net bad debt recoveries across the entire business compared to $3 million of net bad debt expenses in Q2 of '23. Our Q2 '24 net recoveries included that Tim Hortons supply chain recovery I just mentioned and also includes $2 million of net recoveries at Burger King US.

其中超過 400 萬美元的成長與本年度淨壞帳回收有關。排除這些復甦，我們的供應鏈利潤率將略高於 20%，我們繼續預計全年供應鏈利潤率將在 19% 的範圍內，正如我們之前所說。其次，我們記錄了整個業務的淨壞帳回收略高於 600 萬美元，而 23 年第二季的淨壞帳支出為 300 萬美元。我們 24 年第二季的淨恢復包括我剛才提到的 Tim Hortons 供應鏈恢復，還包括美國漢堡王 200 萬美元的淨恢復。

And third and finally, as I discussed on our previous call, we've been working hard to drive operating leverage in our P&L by closely evaluating our cost structure. To that end, segment G&A, excluding Restaurant Holdings of $158 million was up only 1% year-over-year in Q2. These three factors taken together, supply chain, bad debt recoveries and cost discipline helped drive organic AOI growth of 9.3% for Q2.

第三，也是最後，正如我在之前的電話會議中所討論的那樣，我們一直在努力透過仔細評估我們的成本結構來提高損益表中的營運槓桿。為此，第二季的 G&A 部門（不包括 Restaurant Holdings）為 1.58 億美元，年比僅成長 1%。供應鏈、壞帳回收和成本控制這三個因素共同推動第二季有機 AOI 成長 9.3%。

Now shifting to EPS. Our adjusted EPS was $0.86 for the quarter compared to $0.85 last year, representing an organic increase of 3.1% year-over-year, excluding an FX headwind of $0.03 per share and a $0.01 benefit from Restaurant Holdings. Our strong growth in organic AOI was offset by an increase in adjusted income tax expense due to a higher effective tax rate, which had a $0.06 per share negative impact on earnings, as well as an increase in our adjusted net interest expense of approximately $18 million year-over-year.

現在轉向每股收益。本季調整後每股收益為 0.86 美元，去年為 0.85 美元，年減 3.1%，不包括每股 0.03 美元的外匯阻力和 Restaurant Holdings 的 0.01 美元收益。我們有機 AOI 的強勁增長被因有效稅率提高而導致的調整後所得稅費用增加所抵消，這對每股收益產生了 0.06 美元的負面影響，並且調整後淨利息費用增加了約 1800 萬美元一年又一年。

Our adjusted effective tax rate in this quarter was approximately 20% bringing our year-to-date rate to approximately 19%. And the increase in adjusted net interest expense was mainly driven by a higher debt balance following our Carrols transaction. In terms of our capital structure, in June, we saw a good opportunity to reprice our $5.9 billion term-loan and improve the spread on our interest rate by 50 basis points from SOFR plus 2.25% to SOFR plus 1.75%, which is one of the tightest spreads for a credit of this size and this rating.

本季調整後的有效稅率約為 20%，使年初至今的稅率達到約 19%。調整後淨利息支出的增加主要是由於卡羅爾斯交易後債務餘額增加所致。就我們的資本結構而言，6 月份，我們看到了一個很好的機會，可以對59 億美元的定期貸款進行重新定價，並將利差改善50 個基點，從SOFR 加2.25% 提高到SOFR 加1.75%，這是對於這種規模和這種評級的信用來說，利差最窄。

In conjunction, we paid down the term loan B from $5.9 billion to $4.75 billion, and we issued $1.2 billion of 6.125% senior notes due in 2029. These successful transactions are expected to drive approximately $30 million in annualized net interest savings and our leverage neutral. We ended Q2 with available liquidity of approximately $2.2 billion, including nearly $950 million of cash on the balance sheet, and our net leverage ratio was 5 times. We continue to anticipate reaching mid 4 times net leverage by the end of this year, pro forma for a full year of Carrols results.

同時，我們還清了定期貸款B，從59 億美元降至47.5 億美元，並發行了12 億美元、利率為6.125%、2029 年到期的優先票據。 3000 萬美元的年化淨利息，並且我們的槓桿率保持中性。第二季末，我們的可用流動性約為 22 億美元，其中資產負債表上有近 9.5 億美元的現金，淨槓桿比率為 5 倍。我們繼續預計到今年年底，淨槓桿率將達到 4 倍左右，這是卡羅爾斯全年業績的預估值。

Turning now to free cash flow and our recent investments. During the quarter, we generated over $290 million in free cash flow. As a reminder, our free cash flow metric does not reflect the benefit of our FX and interest rate hedges which added approximately $46 million of positive cash flow. We spent $15 million on Reclaim the Flame investments at Burger King US, of which $5 million was related to our Fuel the Flame marketing investment. We have $48 million of our Fuel the Flame marketing investment -- marketing spend left, and we expect to contribute around $10 million in Q3, with the balance of that $48 million to be spent in Q4.

現在轉向自由現金流和我們最近的投資。本季度，我們產生了超過 2.9 億美元的自由現金流。提醒一下，我們的自由現金流指標並未反映我們的外匯和利率對沖的好處，這增加了約 4,600 萬美元的正現金流。我們在美國漢堡王的 Reclaim the Flame 投資上花費了 1500 萬美元，其中 500 萬美元與我們的 Fuel the Flame 行銷投資有關。我們的「Fuel the Flame」行銷投資尚有 4,800 萬美元，即行銷支出，我們預計在第三季貢獻約 1,000 萬美元，其餘 4,800 萬美元將在第四季支出。

As a reminder in Q3 of '23, we did not contribute to the Fuel the Flame marketing investment. And in Q4 of '23, we contributed $37 million. We returned $261 million of capital to shareholders this quarter through our dividend, which we declared for Q3 at $0.58 per common share and unit, with a 2024 target of $2.32 per share. As Josh touched on this quarter, we also acquired Popeyes China for an enterprise value of $15 million.

作為 23 年第三季的提醒，我們沒有為 Fuel the Flame 行銷投資做出貢獻。在 2023 年第四季度，我們貢獻了 3,700 萬美元。本季我們透過股息向股東返還了 2.61 億美元的資本，我們宣布第三季的股息為每股普通股和單位 0.58 美元，2024 年的目標為每股 2.32 美元。正如 Josh 在本季談到的那樣，我們還以 1500 萬美元的企業價值收購了 Popeyes China。

At Tims China, we agreed to invest up to $30 million via three-year convertible notes, $20 million of which were issued at closing with the balance to be issued over the coming months, subject to the business meeting certain operational and financial conditions. I'll now provide you with an update on our expectations for 2024, which excludes results from Restaurant Holdings.

在Tims China，我們同意透過三年可轉換票據投資至多3,000萬美元，其中2,000萬美元在交屋時發行，餘款將在未來幾個月發行，前提是業務滿足一定的營運和財務條件。現在，我將向您提供我們對 2024 年預期的最新信息，其中不包括 Restaurant Holdings 的業績。

As Josh discussed earlier, considering our year-to-date results and current industry trends, we now expect our second half results to be similar to what we saw in Q2, implying system-wide sales growth in the 5.5% to 6% range for the full year. Embedded within that are slightly tempered expectations for net restaurant growth of roughly 4% for the full year, given some of the impacts that we are seeing from macro and geopolitical challenges in a few markets, including China.

正如Josh 之前所討論的，考慮到我們今年迄今的業績和當前的行業趨勢，我們現在預計下半年的業績將與第二季度的業績相似，這意味著整個系統的銷售增長將在5.5% 至6 % 的範圍內。鑑於我們看到包括中國在內的一些市場的宏觀和地緣政治挑戰的一些影響，其中對全年餐廳淨增長約 4% 的預期略有調整。

Even so, we're very confident we will deliver 8%-plus organic adjusted operating income growth this year, consistent with our long-term growth algorithm. My team and I have been working closely with our business leaders to identify cost opportunities while continuing to invest in all the right areas to build sustainable sales and deliver the long-term growth targets we outlined for you in February. As a result, we now expect 2024 segment G&A to be between $640 million and $660 million, including equity-based compensation between $170 million and $180 million resulting in relatively flat year-over-year growth in G&A.

即便如此，我們仍然非常有信心今年將實現 8% 以上的有機調整後營業收入成長，這與我們的長期成長演算法一致。我和我的團隊一直與我們的業務領導者密切合作，尋找成本機會，同時繼續在所有正確的領域進行投資，以建立可持續的銷售並實現我們在二月份為您概述的長期增長目標。因此，我們現在預計 2024 年分部的一般管理費用將在 6.4 億美元至 6.6 億美元之間，其中基於股權的薪酬在 1.7 億美元至 1.8 億美元之間，導致一般管理費用同比增長相對平穩。

We continue to expect consolidated 2024 CapEx, tenant inducements and incentives to be roughly $300 million, though the timing of cash outlays may spill into 2025. And finally, we now anticipate adjusted net interest expense to be between $565 million and $575 million, inclusive of the $750 million of debt raised as part of our Carrols acquisition and the benefits of our June financing transactions.

我們仍預期2024 年綜合資本支出、租戶獎勵和激勵措施將約為3 億美元，儘管現金支出的時間可能會延長到2025 年。 5.75 億美元之間，包括作為我們收購 Carrolls 的一部分籌集的 7.5 億美元債務以及我們 6 月份融資交易的好處。

While 2024 will be a softer system-wide sales growth year than our long-term outlook, our business is incredibly resilient. And our balance of strategic investments and history of cost discipline, allows us to successfully navigate the short-term consumer pressures and not overreact to one or two quarters of softer sales. We have four amazing brands. And I'm pleased with many of the initiatives underway that will help us drive bottom-line growth in 2024 while positioning the business for long-term success.

雖然 2024 年全系統銷售成長將比我們的長期前景更為疲軟，但我們的業務具有令人難以置信的彈性。我們的策略投資和成本紀律歷史的平衡使我們能夠成功應對短期消費者壓力，並且不會對一兩個季度的銷售疲軟反應過度。我們有四個令人驚嘆的品牌。我對正在進行的許多舉措感到高興，這些舉措將幫助我們在 2024 年推動利潤成長，同時使業務取得長期成功。

And with that, I'll now hand it over to Patrick.

現在，我將把它交給帕特里克。

Thank you, Sami and good morning, everyone. We clearly saw softer sales than expected across our businesses in Q2, and it is not yet clear when we'll see the category strengthen. But in watching this quarter play out, I've learned a lot about this team.

謝謝薩米，大家早安。我們明顯看到第二季各業務的銷售疲軟，目前尚不清楚何時會看到該類別的加強。但在觀看本季比賽的過程中，我對這支球隊了解了很多。

While absolute sales weren't what we wanted, we did pretty well on a relative basis. We did that by creating value for our customers and prioritizing our franchisees' profits. That is impressive. The team quickly and efficiently went after costs in our own P&L, and they did it in a manner to protect the investments that are going to grow the business in the medium and long-term.

雖然絕對銷量不是我們想要的，但相對而言我們做得還不錯。我們透過為客戶創造價值並優先考慮加盟商的利潤來做到這一點。這令人印象深刻。團隊快速有效地追蹤我們自己的損益表中的成本，他們這樣做的方式是為了保護將在中長期業務成長的投資。

We are sitting here today with system sales growth lower than we'd expected for our growth algorithm. But as you heard, we still expect to deliver 8%-plus adjusted operating income growth for the year. That is also impressive. And maybe most importantly, we've seen the value of building a great working relationship with our franchisees by consistently acting in their best interest. It's allowed us to move quickly when needed as conditions have shifted.

今天我們坐在這裡，系統銷售成長低於我們對成長演算法的預期。但正如您所聽到的，我們仍然預計今年調整後的營業收入將成長 8% 以上。這也令人印象深刻。也許最重要的是，我們已經看到了透過一致地以加盟商的最佳利益行事來與他們建立良好的工作關係的價值。它使我們能夠根據情況的變化在需要時快速採取行動。

I hear franchisors thank their franchisees regularly on these calls. I'm going to do it now, but hopefully, you are going to understand it isn't in some pro forma way. Our alignment with our franchisees is becoming a real strength of our businesses. We debate things thoroughly, which is how you get to the best answer. But the trust we are building with our franchisees, allows us to move quickly together when needed, and that creates competitive advantage.

我聽說特許人經常在這些電話中感謝他們的特許經營者。我現在就要做，但希望你能明白這不是以某種形式的方式。我們與特許經營商的合作正在成為我們業務的真正優勢。我們對問題進行徹底的辯論，這就是你得到最佳答案的方法。但我們與加盟商建立的信任使我們能夠在需要時快速合作，從而創造競爭優勢。

So thank you to our franchisees and restaurant owners. Your growing trust in us inspires us to do great work to profitably grow your businesses. We exist to serve our guests, and we know that their purchase habits are affected by a lot of macro factors, and it is our job to adapt. But clearly, we have opportunities to position ourselves to perform even better in all environments and take share no matter the category conditions. We need to continue to provide guests the best quality food and beverages in each of our categories and to innovate to meet our guest needs.

感謝我們的特許經營商和餐廳老闆。您對我們日益增長的信任激勵我們做出巨大的努力，以實現您的業務的獲利成長。我們的存在是為了服務我們的客人，我們知道他們的購買習慣受到許多宏觀因素的影響，而我們的工作就是適應。但顯然，我們有機會讓自己在所有環境中表現得更好，並無論類別條件如何，都能分享市場份額。我們需要繼續為每個類別的客人提供最優質的食品和飲料，並進行創新以滿足客人的需求。

We need to continue to improve operations across the Board. This is something we can never take for granted, even at a brand like Tim, which is already executing at a stunning level. We need to bring Burger King to modern image, and we need to make ourselves more convenient at Popeyes and Firehouse and for all our brands around the world.

我們需要繼續改善整個董事會的運作。我們永遠不能認為這是理所當然的，即使是像 Tim 這樣的品牌，它的執行力已經達到了令人驚嘆的水平。我們需要將漢堡王打造為現代形象，我們需要讓 Popeyes 和 Firehouse 以及我們在世界各地的所有品牌更加方便。

The great thing is that each of our teams has strong long-term plans in place to do just this, and I'm confident in their ability to execute. I've been around this business long enough to know that you are going to have bumps. But you don't know the quality of the team and the franchisees until you see them operate through a bump. Having now seen them operate in a tougher environment, I'm impressed.

很棒的是，我們每個團隊都制定了強有力的長期計劃來做到這一點，我對他們的執行能力充滿信心。我在這個行業工作了足夠長的時間，知道你會遇到坎坷。但只有看到團隊和加盟主的營運經歷了坎坷，你才能了解他們的素質。現在看到他們在更艱難的環境中運作，我印象深刻。

And with that, I'll turn it over to the operator for questions.

然後，我會將其轉交給接線員詢問。

(Operator Instructions) Brian Bittner, Oppenheimer.

（操作說明）Brian Bittner，Oppenheimer。

Good morning. Thank you. I just have a clarification for Sami and then a follow-up question for Josh and Patrick. Sami, you said on the outlook that you expect to be -- this year to be an algorithm year for operating profit despite system sales being a little light. Is this being partially driven by the inclusion of the incremental profits from the Restaurant Holdings segment? Or are you expecting to achieve algorithmic profit growth regardless of those acquired stores?

早安.謝謝。我只是想向薩米澄清一下，然後向喬許和派崔克提出後續問題。薩米，您在談到前景時表示，儘管系統銷售量有點少，但今年將是營業利潤的演算法年。這是否部分是由於餐廳控股部門的增量利潤？或者無論收購了哪些商店，您都希望實現演算法利潤成長嗎？

And for Josh or Patrick, just as it relates to unit growth, you anticipate to drive unit growth of roughly 4% across the enterprise in 2024. Can you update us on how you are anticipating unit growth to evolve after 2024 into 2025? If you do anticipate any acceleration, can you remind us of the building blocks that drive this? Thanks, guys.

對於Josh 或Patrick 來說，正如它與單位增長相關一樣，您預計到2024 年整個企業的單位增長將達到約4%。情況？如果您確實預期會出現加速，您能否提醒我們推動這一趨勢的建置模組？多謝你們。

All right, Brian. Good morning. Thanks for the question. So just to clarify, when I was speaking to the algorithm and the forward-looking guidance, we were very clear that it does not include Restaurant Holdings. So it is -- the business pre -- the Carrols transaction. And just to reiterate, for the full year we're expecting 8%-plus organic, adjusted operating income growth, which excludes Carrols.

好吧，布萊恩。早安.謝謝你的提問。因此，澄清一下，當我談到演算法和前瞻性指導時，我們非常清楚它不包括 Restaurant Holdings。這就是卡羅爾交易前的業務。重申一下，我們預計全年調整後營業收入的有機成長將超過 8%，其中不包括卡羅爾斯。

Great. And Brian, I'll take the second one on unit growth. So there is a number of things that we are working on to drive improvement in unit growth over time, and I'll talk through each of those. First of all, we have seen an improvement in our -- the trajectory of our Burger King US business. And we hope to see even further improvement in the unit trajectory of that business as we go into 2025.

偉大的。布萊恩，我將討論第二個關於單位成長的問題。因此，我們正在努力進行許多工作，以隨著時間的推移推動單位成長的改善，我將逐一討論。首先，我們看到漢堡王美國業務的發展軌跡有所改善。進入 2025 年，我們希望看到該業務的單位發展軌跡進一步改善。

We're also making progress at Firehouse. I mentioned a bunch of times that Mike has been doing some great work, building up a development pipeline in the US and in Canada as well to improve the pace of growth there. So I am hopeful that we'll see some good improvement here in 2024 and build upon that as we go into 2025. I also think we can see some improvement at Tim Hortons in Canada and the US.

我們在 Firehouse 也取得了進展。我多次提到麥克一直在做一些出色的工作，在美國和加拿大建立了開發管道，並提高了那裡的成長速度。因此，我希望我們能在 2024 年看到一些良好的改進，並在此基礎上進入 2025 年。

We've talked about the opportunities in both of those geographies, but we are looking at opportunities to grow the store base in Canada. As we've referenced a little bit in the past, the population is growing here, and that creates opportunities. And there is still some provinces where we are relatively underpenetrated.

我們已經討論了這兩個地區的機會，但我們正在尋找擴大加拿大商店基礎的機會。正如我們過去所提到的，這裡的人口正在成長，這創造了機會。還有一些省份我們的滲透率相對較低。

So we're looking at some opportunities in Canada. And we are also making some good progress in the US. So Katerina and her team are building development pipelines, both in some of our existing markets in the northern parts of the US. But we are also opening more restaurants in the southern part of the US. So you've seen us in Texas and Georgia, and we have plans to open up in a number of additional geographies later in this year and building upon that into 2025.

所以我們正在加拿大尋找一些機會。我們在美國也取得了一些良好進展。因此，卡特琳娜和她的團隊正在美國北部一些現有的市場建立開發管道。但我們也將在美國南部開設更多餐廳。您已經在德克薩斯州和喬治亞州看到了我們的身影，我們計劃在今年晚些時候在其他一些地區開設分店，並在此基礎上一直持續到 2025 年。

On top of that, there is a lot we are working on in our international markets. I referenced a few of the really exciting developments that we've seen, especially at Popeyes, I would say. And we've got some big markets that are starting to get to relevant scale. Places that I mentioned like Spain, the UK, India, those are starting to ramp up their development pace, but we're opening some new markets as well.

最重要的是，我們正在國際市場上做很多工作。我提到了一些我們所看到的真正令人興奮的發展，尤其是在 Popeyes，我想說。我們有一些大市場已經開始達到相應的規模。我提到的西班牙、英國、印度等國家正開始加快發展步伐，但我們也正在開放一些新市場。

And I would say the results of those new markets have been really encouraging. So all that are the projects that we're working on for 2025. On top of that, we are trying to make more progress in China. You saw us take a few important steps there in this quarter.

我想說，這些新市場的結果確實令人鼓舞。所有這些都是我們在 2025 年開展的計畫。您看到我們在本季採取了一些重要步驟。

We are setting ourselves up for I think better results in the future, especially for Popeyes and Tim Hortons as we get into 2025, though we obviously have work to do on our business there still. So I don't think we own the solution to everything there, but I think we are making some good progress across a lot of our international markets. So those are some of the building blocks we are working on. A lot of stuff going on, and I think a lot of ways to accelerate growth from where we're at today.

我認為我們正在為未來取得更好的成果做好準備，特別是在進入 2025 年時，對於 Popeyes 和 Tim Hortons 來說，儘管我們顯然在業務方面仍有工作要做。因此，我不認為我們擁有所有問題的解決方案，但我認為我們在許多國際市場上取得了一些良好進展。這些是我們正在研究的一些建置模組。發生了很多事情，我想了很多方法來加速我們今天的成長。

Thanks for the clarification, Sami. And thanks for the answer, Josh, appreciate it.

感謝您的澄清，薩米。感謝您的回答，喬什，非常感謝。

David Palmer, Evercore ISI.

大衛·帕爾默，Evercore ISI。

Hi, good morning. Love to just explore what you are thinking about in terms of gives and takes on the same-store sales in the second half of the year. I think you are more or less saying that comps globally blended will be something like 2% in the second half, based on your commentary on things being roughly similar to the second quarter.

早安.喜歡探索您對下半年同店銷售的貢獻和承擔的想法。我認為您或多或少是在說，根據您對與第二季度大致相似的情況的評論，下半年全球混合比較將約為 2%。

I think there is concern out there that the industry trends are getting softer into the third quarter, and the competitive discounting is intensifying. So maybe could you talk about gives and takes among your brands and regions? And maybe what gives you confidence you can at least be somewhat stable into the second half? Thanks.

我認為人們擔心進入第三季行業趨勢將變得更加疲軟，競爭性折扣正在加劇。那麼您能否談談您的品牌和地區之間的互惠互利？也許是什麼讓你有信心至少可以在下半場保持一定的穩定？謝謝。

Hi, David, it's Sami. Good morning. Thanks for the question. So the way you are framing it is correct. We expect the second half of the year comp to be consistent with what we saw in Q2. That was roughly 2% as you look at Q2 same-store sales. We are not going to get into the specifics of the business units and the segments around the world.

嗨，大衛，我是薩米。早安.謝謝你的提問。所以你建構它的方式是正確的。我們預計下半年的業績將與第二季的情況保持一致。從第二季的同店銷售額來看，這一數字大約是 2%。我們不會深入討論全球業務部門和細分市場的具體情況。

There will be puts and takes as you think about how big our business is and where we -- how diversified we are. But I think we expect -- I think, broadly speaking, the environment to continue to be the same as we compare H2 to the second quarter. And for the full year, that is what gives us confidence around the guidance of 5.5% to 6% system-wide sales growth and 8%-plus adjusted operating income growth.

當你想到我們的業務有多大、我們的位置——我們的多元化程度如何時，就會有看跌和看跌的情況。但我認為我們預計——我認為，從廣義上講，當我們將下半年與第二季進行比較時，環境將繼續保持不變。對於全年而言，這讓我們對全系統銷售成長 5.5% 至 6% 和調整後營業收入成長 8% 以上的指導充滿信心。

It's Patrick. The one thing I would add to that is as you think about value and you suggested heavier value positioning from the category. Look, overall I mean if you look at our two biggest businesses, Tims continues to do just exceptionally well in Canada. The Canadian market is no easier right now than the US from an overall perspective. It's just outperformance by Axel and the team. We are taking share. We are just hitting on all cylinders up here.

是派崔克。我要補充的一件事是，當您考慮價值時，您建議對該類別進行更重的價值定位。聽著，總的來說，我的意思是，如果你看看我們最大的兩家企業，蒂姆斯在加拿大的表現仍然非常出色。從整體角度來看，加拿大市場目前並不比美國容易。這只是阿克塞爾和團隊的出色表現。我們正在分享。我們正在全力以赴。

If you look at the burger category and Burger King in the US, we feel really good about the different value levers that we have in the US. They are levers that we've been pulling for a while. And frankly, the fact that there are others out there that are advertising around $5 on meals is probably overall a positive because it is getting consumers to understand that there is good value in the category overall. That is a positive.

如果你看看美國的漢堡類別和漢堡王，我們對美國擁有的不同價值槓桿感到非常滿意。它們是我們已經拉動了一段時間的槓桿。坦白說，事實上，還有其他一些廣告在 5 美元左右的餐點上做廣告，這可能總體上是積極的，因為它讓消費者了解到該類別總體上具有良好的價值。這是積極的。

We need to not only be focused ourselves on seeing if we can take share, but we also need the category to be healthy. And the fact that there is a lot of messaging out there right now around that $5 price point I think is overall a positive for the category. So we feel pretty good about where we are. But we are taking actions on the business as if this is going to continue for at least another quarter or two through the end of the year.

我們不僅需要專注於看看我們是否可以分享，而且我們還需要這個類別來保持健康。事實上，現在有很多關於 5 美元價格點的信息，我認為總體上對該類別是有利的。所以我們對自己所處的位置感覺很好。但我們正在對業務採取行動，就好像這種情況將至少持續一兩個季度到年底。

We've gone after the cost side of the business to make sure that we are protecting that 8%-plus algorithm that we have talked about is our long-term growth algorithm for the bottom-line on operating income. And we are going to do that in an environment where we are probably going to be a couple of points short of our system-wide sales long-term growth algorithm that we said we would hit on average over time.

我們一直在關注業務的成本方面，以確保我們正在保護我們所說的 8% 以上的演算法，這是我們營業收入底線的長期成長演算法。我們將在這樣的環境中做到這一點：我們可能會比我們所說的隨著時間的推移平均達到的全系統銷售長期成長演算法少幾個點。

Unfortunately, this first year, it looks like we may be a little short on that. But we're protecting the bottom line. We're going to deliver really good operating income growth. I'm proud of the team. I mean they've gotten after it. And I think on an overall basis, we are doing a really nice job of doing a bit better than the industry overall.

不幸的是，在第一年，我們似乎在這方面還有些不足。但我們正在保護底線。我們將實現非常好的營業收入成長。我為我們的團隊感到自豪。我的意思是他們已經追上了。我認為總體而言，我們做得非常好，比整個行業做得更好一些。

John Ivankoe, JPMorgan.

約翰‧伊凡科，摩根大通。

Very much. First, since it's been a focus on the call, the G&A and cost containment in fiscal '24, does that represent a new base to grow off of in '25, or might it actually present some difficult comparisons from a profit growth perspective, 2025 over 2024? There may be some catch-up expenses is the first question. And secondly, you mentioned economic, geopolitical situation which obviously has been deeper for longer than certainly any of us would have hoped and I think expected.

非常。首先，由於重點關注的是 24 財年的電話會議、一般行政費用和成本控制，這是否代表了 25 財年的新增長基礎，或者實際上可能從 2025 年利潤增長的角度進行一些困難的比較超過2024年？第一個問題是可能會有一些追趕費用。其次，你提到了經濟、地緣政治局勢，這種局勢顯然比我們任何人所希望的和我認為預期的要嚴重得多。

As a number of your franchisees do asset reviews on a trade area by trade area basis, might there be an uptick in closures as we go into '25 at this point? Or are these 20-year types of investments where your franchisees are willing, able to withstand a bad year or a slow year in terms of impacted markets and basically just wait the storm or war as you want to call it out? Thank you.

由於您的許多特許經營商會按貿易區域進行資產審查，因此當我們進入 25 世紀時，關閉數量是否會增加？或者您的特許經營者願意進行這些 20 年期投資，能夠承受受影響市場方面的糟糕年份或緩慢年份，基本上只是等待您想要的風暴或戰爭嗎？謝謝。

Great. Thanks, John, for the question. I'll take the first one and then I'll throw it over to Josh. Specifically on the G&A, it is a great question. I think broadly speaking, as you look at where our guidance has come down and gotten better as the year has progressed on G&A. That's really driven by three factors and roughly a third, a third, a third. I think the first one was something we commented on Q1 was there were some personnel and senior level changes earlier this year that are flowing through the P&L. And as you think about the recurring nature of those, that is a new baseline. So those are permanent.

偉大的。謝謝約翰提出這個問題。我會拿第一個，然後把它交給喬希。特別是在一般行政費用方面，這是一個很好的問題。我認為，從廣義上講，隨著今年 G&A 的進展，我們的指導意見有所下降並變得更好。這其實是由三個因素驅動的，大約是三分之一、三分之一、三分之一。我認為第一個問題是我們對第一季的評論，今年早些時候，損益表中出現了一些人事和高層變動。當你思考這些問題的重複性質時，這是一個新的基線。所以這些都是永久性的。

I think as you look at the second bucket, you look at as where the year is headed. Our incentive-based compensation structure for this year will be slightly down because our algorithm -- our full year numbers have -- outlook have changed. So you will see that also reflected in the numbers. Now I would argue that, that is not a permanent change. As you think about incentive-based compensation, we typically go into every year assuming that we'll hit our targets, and we'll pay out on those targets. This year is a little light on that, which is why the incentive-based comp has come down a little bit.

我認為當你看到第二個桶子時，你會看到今年的發展方向。我們今年基於激勵的薪酬結構將略有下降，因為我們的演算法——我們的全年數字——前景發生了變化。所以你會看到這也反映在數字上。現在我想說，這不是永久性的改變。當您考慮基於激勵的薪酬時，我們通常每年都會假設我們會達到目標，並且我們會按照這些目標進行支付。今年的情況有所改善，這就是為什麼基於激勵的薪酬有所下降。

And then the third bucket that we have alluded to as well is really broadly just cost discipline measures that we are implementing across the business. So we've slowed the pace of hiring a little bit. We've been really disciplined about where we invest our resources without compromising some of the really big investments that we are making in our brands like Burger King.

我們也提到的第三個桶子其實是我們在整個企業中實施的成本紀律措施。因此，我們稍微放慢了招募速度。我們對資源的投資方向非常嚴格，同時又不影響我們對漢堡王等品牌所做的一些真正的重大投資。

And I think that is a new baseline. We will continue to see those investments and those decisions really flow through the P&L. And so I'd say, as you look at the allocation of G&A, I think two of the three buckets are a new baseline for the business. So hopefully, that helps.

我認為這是一個新的基準。我們將繼續看到這些投資和這些決策真正貫穿損益表。所以我想說，當你查看一般行政費用的分配時，我認為這三個部分中的兩個是業務的新基準。希望這會有所幫助。

Great. And then I'll take the second part. And we have seen some of the geopolitical impacts last a little bit longer than I think many of us expected. What we are seeing so far at least is probably just some marginal slowdown in some of the opening pace in some of the impacted markets. And that's part of what's reflected in that NRG outlook that we had at -- moving from 4.5% to 4%.

偉大的。然後我將開始第二部分。我們已經看到一些地緣政治影響的持續時間比我們許多人預期的要長一些。至少到目前為止，我們看到的可能只是一些受影響市場的開盤速度略有放緩。這也是我們的 NRG 展望所反映的部分內容——從 4.5% 調整至 4%。

Okay. Thank you.

好的。謝謝。

Lauren Silberman, Deutsche Bank.

勞倫·西爾伯曼，德意志銀行。

Thank you very much. I wanted to ask about Tim’s and solid trends during the quarter. Any color you can give on cadence of what you saw, how you're thinking about the outlook? Really just talk a bit more on what you're seeing with the consumer in Canada specifically. Thank you very much.

非常感謝。我想詢問蒂姆的情況以及本季的可靠趨勢。您可以為您所看到的內容以及您對前景的看法提供任何顏色嗎？實際上，請多談談您在加拿大消費者中所看到的情況。非常感謝。

Hi, Lauren. It's Josh. I'll take that one.

嗨，勞倫。是喬許。我會接受那個。

As you mentioned, I think Tim’s performance has really been remarkable. Even in a somewhat challenging consumer environment, they're outperforming the industry by a wide margin. And they've been doing it consistently for a long time. And like I said, I think that's really a credit to Axel and the rest of the Tims' team and our restaurant owners. I think they are getting all the basics right, and they are building their business and I think really taken the industry forward in a lot of the new categories.

正如你所提到的，我認為蒂姆的表現確實非常出色。即使在充滿挑戰的消費者環境中，他們的表現也大幅優於產業。而且他們長期以來一直這樣做。就像我說的，我認為這確實是阿克塞爾和蒂姆斯團隊的其他成員以及我們餐廳老闆的功勞。我認為他們的所有基礎知識都是正確的，他們正在建立自己的業務，我認為他們確實在許多新類別中推動了行業的發展。

We've been putting into PM food for a while and cold beverages. And we've done that consistently with a number of new platforms, the latest of which was our Flatbread Pizzas that we launched in April. I think the progress there has been really encouraging. We actually -- we just realized recently, we broke the 10%, really around the 10% threshold in PM food.

我們投入下午食品和冷飲已有一段時間了。我們在許多新平台上始終如一地做到了這一點，其中最新的是我們四月份推出的 Flatbread Pizzas。我認為那裡的進展確實令人鼓舞。事實上，我們最近才意識到，我們在 PM 食品中突破了 10%，實際上接近 10% 的門檻。

And so I think we are making a lot of progress there. It's a big milestone we wanted to get to. And we want to build much beyond that. And I think as I look at the pipeline that Axel and the team have here for building that PM food and cold beverage business forward over the next couple of years, I'm really excited, and I think they're going to continue to grow this business really well.

所以我認為我們在這方面取得了很大進展。這是我們想要達到的一個重要里程碑。我們希望做更多的事情。我認為，當我看到 Axel 和團隊在未來幾年建立 PM 食品和冷飲業務的管道時，我真的很興奮，我認為他們將繼續增長這生意真好。

Dennis Geiger, UBS.

丹尼斯蓋革，瑞銀集團。

Great. Thanks, guys. I just wanted to ask a little bit more on the Burger King investments in the US and maybe specifically on the reimage program. Just the latest and greatest there on thoughts how that rollout is going, what you guys are seeing and confidence in the plans going forward and what that can do for the business overall? Thank you.

偉大的。多謝你們。我只是想多問一些關於漢堡王在美國的投資的問題，也許特別是有關形象重塑計劃的問題。最新和最偉大的想法是關於推出的進展如何，你們所看到的以及對未來計劃的信心，以及這可以為整體業務帶來什麼？謝謝。

Yes, Dennis, it's Josh. Thanks for the question. We've seen continued progress, I’d say, on a few different fronts. We're seeing an increase in the pace of remodels. And I mentioned that a little bit earlier. We expect to do about 400 this year, which will be fantastic. And as the sample size has grown, we're continuing to see really great results from those reimages. So we are still around the mid-teens uplift. That's tremendous. That's a great result. And I think it speaks to the quality of the projects that we are doing and execution of those projects.

是的，丹尼斯，是喬許。謝謝你的提問。我想說，我們在幾個不同的方面都看到了持續的進展。我們看到改造步伐加快。我之前提到過這一點。我們預計今年會完成約 400 個，這將是非常棒的。隨著樣本量的增加，我們將繼續從這些重新成像中看到非常好的結果。所以我們仍然處於十幾歲左右的上升期。那太棒了。這是一個很好的結果。我認為這說明了我們正在做的專案的品質以及這些專案的執行。

We've been around to visit an awful lot of them. And especially, we are trying to visit as many Sizzles as we can. And I've got to tell you, I think it is getting better and better every time we do a new one. And some of the customer reactions we've seen have been incredible.

我們拜訪過很多這樣的人。尤其是，我們正在努力拜訪盡可能多的 Sizzles。我必須告訴你，我認為每次我們推出新產品時，它都會變得越來越好。我們看到的一些客戶反應令人難以置信。

So I think there's building excitement for the Sizzle image. And as we transition to doing more of those this year and especially into next year, I think it is really going to transform the image of the Burger King brand in the US, and help to modernize it and elevate it. So I think we are seeing good returns. We're seeing good progress on getting the remodels done and good progress towards moving to our new modern image. So I'm really happy with it so far, and I think the team is doing a great job.

所以我認為 Sizzle 形象令人興奮。隨著我們今年，尤其是明年，我們轉向做更多這樣的事情，我認為這確實會改變漢堡王品牌在美國的形象，並有助於使其現代化和提升。所以我認為我們看到了良好的回報。我們看到改造工作取得了良好進展，並且在邁向新的現代形象方面也取得了良好進展。所以到目前為止我真的很滿意，我認為團隊做得很好。

Great. Thanks, Josh.

偉大的。謝謝，喬許。

Andrew Charles, TD Cowen.

安德魯查爾斯，TD·考恩。

Great. Thanks. You talked about how the long-term guidance framework for 5% plus net restaurant growth still hold through 2028. So 2024, of course has tempered to around 4%. Can you help bridge, though from how you get to 4% unit growth in '24 to 5% in 2025? I recognize, obviously, the China investment will help. That's probably only a piece of it. If something else has probably needed to help you accelerate that cadence of openings back to 5%. Thanks.

偉大的。謝謝。您談到了 5% 以上的餐廳淨增長的長期指導框架如何在 2028 年仍然有效。您能否協助將 24 年 4% 的單位成長率過渡到 2025 年 5% 的水平？我意識到，中國的投資顯然會有所幫助。這可能只是其中的一部分。如果可能需要其他東西來幫助您將空缺率加快回 5%。謝謝。

Yes, Andrew. So as I mentioned a little bit earlier, there is a lot of things we are working on, frankly across all of the business units. I think we've got a lot of opportunities. We've got to go out and realize all those opportunities. And each of them can be a material building block towards getting -- towards that long-term algorithm. I think the math is pretty simple. A point is about 300 restaurants. And so that's not so far.

是的，安德魯。正如我之前提到的，坦白說，我們正在所有業務部門進行很多工作。我認為我們有很多機會。我們必須走出去，抓住所有這些機會。它們中的每一個都可以成為實現長期演算法的材料基石。我認為數學非常簡單。一個點大約有300家餐廳。到目前為止還沒結束。

We are not so far off of that level. And I think if we can make progress on a decent number of the things that I laid out a little bit earlier, we've got -- we have confidence that we are going to get back to where we need to be to hit that guidance over the long term.

我們距離這個水平已經不遠了。我認為，如果我們能夠在我之前提出的許多事情上取得進展，我們就有信心，我們將回到我們需要達到的目標，以實現這一指導從長遠來看。

Danilo Gargiulo, AB Bernstein.

達尼洛·加吉烏洛 (Danilo Gargiulo)，AB 伯恩斯坦。

Great. Thank you. Can you please highlight how Burger King is going to be approaching value going forward? Specifically, some peers have talked about another national platform. So what is it reasonable to expect from Burger King? And then can you maybe also help us understand the impact on traffic and comps of $5 meal deal? And how you were able to make it profitable for your franchisees? Thank you.

偉大的。謝謝。您能否強調一下漢堡王未來將如何實現價值？具體來說，有同行談到了另一個國家級平台。那麼對漢堡王的合理期望是什麼呢？那麼您能否幫助我們了解 5 美元餐費對流量和薪資的影響？您如何能為您的加盟商帶來利潤？謝謝。

Yes, Danilo, I would say a couple on Burger King's value approach, which we are really happy with overall. It is not something new. We've had value in our business, and we've had compelling value offerings, both the $5 price point and elsewhere for some amount of time.

是的，達尼洛，我想談談漢堡王的價值方法，我們總體上對此非常滿意。這不是什麼新鮮事。我們的業務具有價值，並在一段時間內提供了引人注目的價值產品，無論是 5 美元的價位還是其他價格點。

We've had our $5 Whopper Jr. Duo is out there. We've had the $5 Your Way Meal, couple of times, and we have some great offers, both in printed and digital format. And I would say as we look at the business and as we talk to some of our biggest operators, I'd say our feel is that we've got the value offering just right. We are not trying to change anything. We think it is working for the business. We can see it is really compelling to consumers and what they're looking for in business today. And we see that in the incidence of all of those offers, which they've been received really well.

我們已經有 5 美元的 Whopper Jr. Duo 了。我們已經吃過幾次 5 美元的“隨心所欲”餐，而且我們還提供了一些很棒的優惠，包括印刷版和數位版。我想說，當我們審視業務並與一些最大的運營商交談時，我想說我們的感覺是我們提供的價值恰到好處。我們並不想改變任何事。我們認為這對企業有利。我們可以看到，它對消費者以及他們在當今商業中尋求的東西確實很有吸引力。我們從所有這些報價中看到了這一點，而且它們的反應非常好。

But importantly, they're also profitable for our franchisees. They have a reasonable gross profit margin. And so I think our franchisee base, our operators, and we're a big owner of restaurants too, we think it is exactly the right balance for the business. Just to give a little bit more color on that. Tom and the team just assigned it together with the franchisees that we're going to extend that $5 Your Way Meal now into October because we feel like it is working perfectly for the business, and we think customers are loving it.

但重要的是，它們也能為我們的特許經營商帶來利潤。他們有合理的毛利率。因此，我認為我們的特許經營商基礎、我們的運營商以及我們也是餐廳的大所有者，我們認為這對業務來說正是正確的平衡。只是為了給它多一點色彩。湯姆和他的團隊剛剛與特許經營商一起分配，我們將把 5 美元的你的方式餐現在延長到 10 月份，因為我們覺得它對業務來說非常有效，而且我們認為顧客很喜歡它。

So we're going to keep that going because we think we have the right balance. So I think we've got the right things going on. We're happy with how it's performing in the business. And that's what's embedded in our outlook for the rest of the year.

所以我們將繼續下去，因為我們認為我們已經達到了適當的平衡。所以我認為我們正在做正確的事情。我們對其業務表現感到滿意。這就是我們對今年剩餘時間的展望。

Hi, Danilo. I'll just add that as you know, we launched the $5 Your Way Meal in early June. And we're seeing some really interesting stats so far early on. We are seeing it over-index with the lower- and middle-income consumers, which was really the intended purpose. We are also seeing it over-index with women, and we're seeing the average check is over $10.

嗨，達尼洛。我只想補充一點，如您所知，我們在 6 月初推出了 5 美元您的方式餐。到目前為止，我們已經看到了一些非常有趣的統計數據。我們看到它對中低收入消費者的指數過高，這確實是預期的目的。我們也發現女性的消費指數過高，平均支票金額超過 10 美元。

And so I think as you look at the $5 Your Way Meal and you also look at it in conjunction with the $5 Whopper Jr. Duo, we really have a comprehensive value strategy plus wraps at $2.99 that really is able to speak to all of our guests in a comprehensive way that delivers value in a profitable way for our franchisees.

因此，我認為，當您查看5 美元的您的方式餐，並將其與5 美元的Whopper Jr. Duo 一起查看時，我們確實有一個全面的價值策略，加上2.99 美元的包裝，確實能夠滿足我們所有的需求。

Great. Thank you.

偉大的。謝謝。

Sara Senatore, Bank of America

薩拉參議員，美國銀行

Hi, thank you. This is Katherine on for Sara. Thanks for the questions. First, I just wanted to ask about some of the pressure that you are seeing in the demand and competitive environment. Will this change how you are thinking about the trajectory of the franchisee cash flow targets that you've previously outlined?

嗨，謝謝你。這是凱瑟琳為莎拉配音。感謝您的提問。首先，我只想問一下您在需求和競爭環境中看到的一些壓力。這會改變您對先前概述的加盟商現金流目標軌蹟的看法嗎？

No.

不。

Great. Thank you.

偉大的。謝謝。

We're feeling good about it. And franchisee profitability is absolutely top of mind. And we want to continue making improvements there and our -- but no, it doesn't change a thing.

我們對此感覺良好。加盟商的獲利能力絕對是首要考慮的因素。我們希望繼續在那裡和我們的方面進行改進——但不，這不會改變任何事情。

Okay, thanks. And then second question, just on some of the investments in Tims China. I think given some of the pretty persistent challenges in that market, have you considered pausing or maybe rethinking some of the growth target in that market rather than reinvesting in the business in order to sustain growth there?

好的謝謝。第二個問題，關於Tims中國的一些投資。我認為考慮到該市場中一些相當持久的挑戰，您是否考慮過暫停或重新考慮該市場的一些成長目標，而不是對業務進行再投資以維持那裡的成長？

Katherine, so my point of view on this, I think that we absolutely believe in the long-term potential of the coffee market in China. We recognize it is very competitive right now. I think that's a reflection of the size of the opportunity. But I think any of those businesses that is going to be competitive in China, you've got to get to critical mass. You've got to get to large scale to be competitive.

凱瑟琳，所以我對此的觀點是，我認為我們絕對相信中國咖啡市場的長期潛力。我們認識到它現在競爭非常激烈。我認為這反映了機會的大小。但我認為任何想要在中國具有競爭力的企業都必須達到臨界規模。你必須擴大規模才能具有競爭力。

So I think it is really important over the medium to long-term that we pursue a pretty aggressive growth path there. At the same time, we are working on making sure that we are operating the business in a really profitable way. So the team at Tims in China has taken a lot of actions to improve the profitability of the business, the profitability of the restaurant base. And I think we are seeing some good progress now.

因此，我認為從中長期來看，我們在那裡追求相當積​​極的成長道路非常重要。同時，我們正在努力確保我們以真正盈利的方式經營業務。因此，Tims中國團隊採取了許多行動來提高企業的獲利能力、餐廳基地的獲利能力。我認為我們現在看到了一些很好的進展。

We've come a long way in the first six months, seven months of the year. And that is encouraging to us, in terms of how the business is performing, but it also gives more confidence to want to see that business grow aggressively over time.

今年的前六個月、前七個月我們取得了長足的進步。就業務表現而言，這對我們來說是令人鼓舞的，但它也讓我們更有信心希望看到業務隨著時間的推移而積極成長。

Thank you.

謝謝。

Jeffrey Bernstein, Barclays.

傑弗裡·伯恩斯坦，巴克萊銀行。

Hi, good morning. This is Pratik on for Jeff. Thanks for taking my question. Sami, it seems like the balance sheet even after the acquisitions and investments in Tims China, et cetera, is in pretty good shape with a sizable cash balance. And I believe the release mentioned that you're within your target leverage ratio around 5 times. Just how should we think about cash usage going forward? It seems like the shares are at a pretty attractive value right now. And I just want to get your thoughts on potential share repurchase going forward. Thank you.

早安.這是傑夫的普拉蒂克。感謝您提出我的問題。薩米，即使在收購和投資蒂姆斯中國等公司之後，其資產負債表似乎仍處於良好狀態，擁有大量現金餘額。我相信新聞稿中提到您的槓桿率處於 5 倍左右的範圍內。我們該如何考慮未來的現金使用？目前這些股票的價值似乎相當有吸引力。我只是想了解您對未來可能回購股票的想法。謝謝。

Hi, Pratik, thanks for the question. And yes, we similarly feel very strong about the position we are in and the balance sheet -- the position of the balance sheet. I think it is really a testament to the business model. It's a resilient business model that generates really high free cash flow, which allows us to do a couple of things.

嗨，普拉蒂克，謝謝你的提問。是的，我們同樣對我們所處的位置和資產負債表——資產負債表的位置感到非常強烈。我認為這確實是商業模式的證明。這是一種有彈性的商業模式，可以產生非常高的自由現金流，這使我們能夠做一些事情。

I think number one and first and foremost, we are going to continue to invest in our own business as you've seen with the Burger King Reclaim the Flame plan, as you've seen really with the Carrols acquisition, which was really an investment in the Burger King US business. And I think it is really important that we continue to do that with the right discipline measures in place. I think number two, we’re committed to our dividend and having a healthy payout ratio. And so as we think about capital allocation, the dividend has been a big part of our strategy for a while now and will continue to be a big part of our capital allocation going forward.

我認為第一也是最重要的是，我們將繼續投資於我們自己的業務，正如您在漢堡王回收火焰計劃中所看到的那樣，正如您在卡羅爾斯收購中所看到的那樣，這確實是一項投資漢堡王美國業務。我認為我們繼續採取正確的紀律措施來做到這一點非常重要。我認為第二，我們致力於股息並擁有健康的派息率。因此，當我們考慮資本配置時，股利一段時間以來一直是我們策略的重要組成部分，並將繼續成為我們未來資本配置的重要組成部分。

And then as you start thinking about share buybacks to your question and you measure it against deleveraging, I think it is hard to see an absolute. But I'd say our preference at the moment is really to focus on deleveraging. We've been very clear that we want to hit the mid 4 times leverage range by the end of this year. And we remain committed to that. And so we will continue to always be nimble, but I think deleveraging is our priority on the balance right now.

然後，當你開始考慮你的問題的股票回購，並根據去槓桿化來衡量它時，我認為很難看到絕對的。但我想說，我們目前的真正偏好是專注於去槓桿化。我們非常明確，我們希望在今年年底之前達到 4 倍槓桿範圍的中間水平。我們仍然致力於這一點。因此，我們將繼續保持靈活性，但我認為去槓桿化是我們目前平衡的首要任務。

Got it. Thanks. I appreciate that.

知道了。謝謝。我很感激。

Jon Tower, Citi.

喬恩塔，花旗銀行。

Great. Thanks for taking my question. Just I guess a follow-up on the China business, maybe not the Tim Horton side, but the PLK as well as the Burger King business. I'm just curious, with the investment in PLK, should we expect any strategic shifts in that market specifically around that brand? And then can you give us an update on the Burger King China business? And I know that, that's been a source of slower growth for the overall company. Have you made any progress in shoring up growth going forward from a unit growth perspective over there?

偉大的。感謝您提出我的問題。只是我猜中國業務的後續行動，可能不是蒂姆·霍頓方面，而是 PLK 以及漢堡王業務。我只是很好奇，透過對 PLK 的投資，我們是否應該期待該市場特別是圍繞該品牌的策略轉變？那麼您能為我們介紹一下漢堡王中國業務的最新情況嗎？我知道，這是整個公司成長放緩的一個原因。從單位成長的角度來看，你們在支持未來成長方面是否取得了任何進展？

Hi, Jon. It's Josh. Thanks for the questions. I'll take each of those.

嗨，喬恩。是喬許。感謝您的提問。我會把每一個都拿走。

So in Popeyes, we were really encouraged by how the brand was received initially. And I would say the shift is just for us to take it on and make sure it has the capital and the support it needs to realize its full potential. So I'd say not a big like brand positioning or strategy shift there.

因此，在 Popeyes，我們對品牌最初的反應感到非常鼓舞。我想說，這種轉變只是為了讓我們接受它，並確保它擁有實現其全部潛力所需的資本和支持。所以我想說，沒有像品牌定位或策略轉變的大事。

I think we'll just be working on building up the team and then building up the development pipeline to make sure that we start growing that at the pace that we think makes sense. So that's the game plan there. And we're planning to do that ourselves for a while, and then we'll start working on finding the right long-term local partner there over the next couple of years.

我認為我們將致力於建立團隊，然後建立開發管道，以確保我們開始以我們認為有意義的速度發展。這就是遊戲計劃。我們計劃自己這樣做一段時間，然後我們將開始在未來幾年內尋找合適的長期本地合作夥伴。

And in terms of Burger King in China, it has been a challenging environment. So the business has been a bit challenged there. We don't have anything new to share. That one is more of a work in progress. Happy that we made some progress on Tims and Popeyes, and we are still working on Burger King.

對漢堡王來說，中國的環境充滿挑戰。因此，那裡的業務受到了一些挑戰。我們沒有什麼新的東西可以分享。這更多的是一項正在進行的工作。很高興我們在 Tims 和 Popeyes 上取得了一些進展，並且我們仍在漢堡王上工作。

Got it. Thank you.

知道了。謝謝。

Eric Gonzalez, KeyBanc Capital Markets.

岡薩雷斯 (Eric Gonzalez)，KeyBanc 資本市場。

Hi, good morning. This is Chris on for Eric. So maybe following up on the prior franchisee profitability question. Can you provide an update, at least at a high level on some of the puts and takes around BK domestic franchisee profitability today? I know you'll provide specific details once the year closes, but any updates on progress against last year's $205,000 average four-wall EBITDA in the context of some of the consumer and operating dynamics today, including focus on value, commodity and labor cost trends or anything else that's relevant? Thank you.

早安.這是克里斯為埃里克發言。因此，也許可以跟進先前的加盟商獲利能力問題。您能否提供有關目前 BK 國內特許經營商盈利能力的一些看跌期權和看跌期權的最新情況（至少是高水平的情況）？我知道您會在年底提供具體細節，但在當今一些消費者和營運動態的背景下，與去年平均205,000 美元的四壁EBITDA 相比，任何進展的更新，包括對價值、商品和勞動力成本趨勢的關注或其他相關的事情？謝謝。

Hi, Chris, I can take the first -- or second part of that question regarding some of the costs we're seeing in the business. You've obviously seen the reported sales that we're seeing at the Burger King business and really roughly flat for the quarter on the top-line. As you think of some of the commodity impacts, we haven't seen a whole -- a ton of impact in terms of commodity inflation from beef, which has been widely reported on I think earlier this year. We do expect in the second half of the year to see some beef inflation.

嗨，克里斯，我可以回答該問題的第一部分或第二部分，涉及我們在業務中看到的一些成本。您顯然已經看到了漢堡王業務的報告銷售額，該季度的營收實際上大致持平。當你想到一些大宗商品的影響時，我們還沒有看到整體——牛肉對大宗商品通膨的大量影響，我想今年早些時候已經廣泛報導過。我們確實預計下半年牛肉價格將會出現一定程度的上漲。

And so I think if you think about the Burger King commodity basket for the full year, we'll see low single-digit commodity inflation in that range primarily driven by beef. There are some other items that are also impacting that. And then on the labor side, I think nothing dissimilar from what we're seeing across the rest of the industry, also low single-digit inflation on the labor side. So those are probably the cost elements.

因此，我認為，如果你考慮漢堡王全年的商品籃子，我們會看到該範圍內的低個位數商品通膨主要由牛肉推動。還有一些其他項目也會對此產生影響。然後在勞動力方面，我認為與我們在行業其他部門看到的情況沒有什麼不同，勞動力方面的通貨膨脹率也處於低個位數。這些可能就是成本要素。

I don't know, Josh, if you have anything to add on the top line?

我不知道，喬什，你對第一行還有什麼要補充的嗎？

No, I think as you mentioned, we'll share the update at the end of the year. I'd say overall, BK US franchise profitability has been stable to improving. And so that's what we're seeing so far, and we'll give specific numbers when we get to the year-end.

不，我想正如您所提到的，我們將在今年年底分享更新。我想說，總體而言，BK US 特許經營盈利能力一直在穩定改善。這就是我們到目前為止所看到的情況，我們將在年底時給出具體數字。

Great. Thanks so much.

偉大的。非常感謝。

Gregory Francfort, Guggenheim Securities.

格雷戈里·弗蘭克福特，古根漢證券公司。

Hi, thank you guys for the question. My question is just there's been a lot of talk about the US consumer, you guys are performing pretty well at Tims Canada. And I'm just wondering if you could compare and contrast what you're seeing in the US and what you're seeing in Canada. And then I think your biggest competitor up there about four weeks ago put out a dollar level entry price point for coffee. Do you feel like you have value in the right spot up there? Do you feel like you have to make any changes? Just any thoughts on the menu construct and the pricing construct. Thanks.

你好，謝謝大家的提問。我的問題是，關於美國消費者的討論很多，你們在 Tims Canada 的表現相當不錯。我只是想知道您是否可以比較和對比您在美國和加拿大看到的情況。然後我認為你們最大的競爭對手大約四個星期前就提出了咖啡的美元入門價格點。你覺得自己在正確的位置上有價值嗎？你覺得你必須做出一些改變嗎？只是對菜單結構和定價結構的任何想法。謝謝。

Yes, Greg, I'll take this one. There has been some consumer softness in Canada. There are a little bit different dynamics. I’d say inflation has softened in Canada up there a bit, but there is a little bit more unemployment up here, so some -- a little bit of nuance there. And I think probably the biggest difference is just Tim is doing a great job outperforming the market even in a difficult market. And that's been the case for a while now, and it is certainly been the case in the year-to-date and in the second quarter.

是的，格雷格，我要這個。加拿大的消費者出現了一些疲軟。有一些不同的動態。我想說的是，加拿大的通膨有所放緩，但這裡的失業率稍高一些，所以有些細微差別。我認為最大的區別可能是蒂姆即使在困難的市場中也表現出色，跑贏了市場。這種情況已經有一段時間了，今年迄今和第二季也是如此。

In terms of value offerings, two thoughts on this one. One, I think the Tims business, what it does so well is provide incredible everyday value. You see that in our menu prices, but we also hear it back from guests. And any of our brand surveys, we're Number One in value for money. So I think we've been really disciplined in our everyday pricing, which has been paying really good dividends though we also do have value mechanisms from time to time up here.

就價值提供而言，對此有兩個想法。第一，我認為 Tims 業務的出色之處在於提供令人難以置信的日常價值。您可以在我們的菜單價格中看到這一點，但我們也會從客人那裡聽到這一點。在我們的任何品牌調查中，我們都是性價比第一。因此，我認為我們在日常定價方面一直非常嚴格，儘管我們時不時也有價值機制，但它確實帶來了非常好的股息。

Right now, we have a $3 breakfast sandwich with the purchase of any coffee. I had that this morning for breakfast, which was great. And that's all been really effective and is great for the business, and guests are really enjoying that. So I think we're pretty well positioned up here and you see that in the results.

現在，購買任何咖啡即可獲得 3 美元的早餐三明治。我今天早上吃了這個當早餐，太棒了。這一切都非常有效，對業務非常有利，客人也非常喜歡。所以我認為我們在這裡處於非常有利的位置，你可以在結果中看到這一點。

And the one thing I would add to that is that what's generating growth at Tims in Canada is just relentless improvement across the business. What builds a great restaurant business is continually improving your food, improving your service, making your restaurants look great, having a great relationship with terrific, motivated franchisees focusing on success for them and for us.

我要補充的一件事是，加拿大 Tims 的成長源自於整個業務的不懈改進。建立一個偉大的餐廳業務的關鍵是不斷改進您的食物，改善您的服務，讓您的餐廳看起來很棒，與優秀、積極進取的特許經營商建立良好的關係，專注於他們和我們的成功。

And we're seeing that with Tims. And it is frankly the template for success everywhere for us if we continue to give better service, deliver better food. The price part is an element of that, but it is not the only thing. And frankly, it is less important than most of the other things, which is continually giving a better experience to your customers.

我們在蒂姆斯身上看到了這一點。坦白說，如果我們繼續提供更好的服務，提供更好的食物，這對我們來說是成功的模板。價格部分是其中的一個因素，但不是唯一的因素。坦白說，它不如其他大多數事情那麼重要，因為其他事情不斷為您的客戶提供更好的體驗。

And that's the lesson from the success that Tims is having in Canada and their outperformance versus the industry, and frankly their great absolute performance given the overall economy in Canada right now. And it is the model for how we grow Burger King in all of our businesses.

這是蒂姆斯在加拿大的成功以及他們相對於行業的優異表現的教訓，坦率地說，考慮到目前加拿大的整體經濟，他們的絕對表現非常出色。這也是我們在所有業務中發展漢堡王的模式。

Thank you both.

謝謝你們倆。

Christine Cho, Goldman Sachs.

克里斯汀‧曹，高盛。

Thank you. So I think the previous question provides a good segue, but I think how do you think about the value messaging in other international markets? And how do you make sure that these local strategies align with the brand equity and core strategies that you have here? Any color would be great. Thank you.

謝謝。所以我認為上一個問題提供了一個很好的延續，但我認為您如何看待其他國際市場的價值資訊？您如何確保這些本地策略與您在這裡的品牌資產和核心策略保持一致？任何顏色都會很棒。謝謝。

Yeah. Christine, it is Josh. It's a great question. And I think it is something that we talked about a lot is the value -- great value proposition is one important part of the business, and it is important all over. And you've seen us in a lot of our international markets as well bring through compelling value. And that can mean something a little bit different in each market.

是的。克莉絲汀，是喬許。這是一個很好的問題。我認為我們經常談論的就是價值——偉大的價值主張是業務的重要組成部分，而且對所有方面都很重要。您已經在許多國際市場上看到我們也帶來了令人信服的價值。這對於每個市場來說可能有些不同。

What exactly we focus on, whether it is a meal or two-burgers for a fixed price. That can be a little bit local. But wherever we've had really great value for our customers, everyday value and promotions, those are the things that I think are really resonating with guests in the US and Canada and in a large number of our international markets. So it is something that we're focused on and our -- all of our international teams try to work with the local master franchisees to make sure that we've got the right balance of that in each of our markets.

我們到底關注什麼，是一餐還是固定價格的兩個漢堡。這可能有點本地化。但無論我們為客戶提供真正的巨大價值、日常價值和促銷活動，我認為這些都是真正能引起美國和加拿大以及我們大量國際市場的客人共鳴的事情。因此，這是我們所關注的事情，我們所有的國際團隊都試圖與當地的主要特許經營商合作，以確保我們在每個市場上都取得適當的平衡。

Thank you. We have no further questions on the line. I will now pass back to Josh for closing remarks.

謝謝。我們沒有其他問題了。現在我將請喬希發表結束語。

Great. Well, thanks, everybody for joining us today. We really appreciate the time and the great questions. We look forward to chatting again. We'll update you here in a few months with our Q3 earnings. Have a good day.

偉大的。好的，謝謝大家今天加入我們。我們非常感謝您的時間和提出的好問題。我們期待再次聊天。幾個月後，我們將在這裡向您更新第三季的收益。祝你有美好的一天。

Ladies and gentlemen, this concludes today's call. Thank you for joining. You may now disconnect your lines.

女士們、先生們，今天的電話會議到此結束。感謝您的加入。現在您可以斷開線路。