Restaurant Brands International Inc (QSR) 2024 Q3 法說會逐字稿

Good morning, and welcome to the Restaurant Brands International Third Quarter 2024 Earnings Conference Call.

早上好，歡迎參加 Restaurant Brands International 2024 年第三季財報電話會議。

(Operator Instructions) Please note, this event is being recorded.

（操作員指示）請注意，此事件正在記錄中。

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

現在，我想將會議交給印度儲備銀行投資者關係主管 Kendall Peck。

Please go ahead.

請繼續。

Thank you, Bailey.

謝謝你，貝利。

Good morning, everyone, and welcome to Restaurant Brands International's earnings call for the third quarter ended September 30, 2024.

大家早安，歡迎參加 Restaurant Brands International 截至 2024 年 9 月 30 日的第三季財報電話會議。

As a reminder, a live webcast of this call can be accessed on the Investor Relations web page at rbi.com/investors, and a recording will be available for replay.

提醒一下，您可以透過投資者關係網頁 rbi.com/investors 觀看本次電話會議的現場網路直播，並可重播錄音。

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

今天與我一起參加電話會議的還有 Restaurant Brands International 的執行主席 Patrick Doyle；執行長 Josh Kobza；和財務長薩米·西迪基（Sami Siddiqui）。

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.

今天的收益電話會議包含前瞻性陳述，這些陳述受今天早上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所述的各種風險的影響。

In addition, this earnings call includes non-GAAP financial measures.

此外，本次收益電話會議還包括非公認會計準則財務指標。

Reconciliations of non-GAAP financial measures are included in the press release and trending schedules available on our website.

非公認會計準則財務指標的對帳表包含在我們網站上的新聞稿和趨勢圖中。

As a reminder, following our acquisition of Carrols Restaurant Group, which closed on May 16, 2024, and our acquisition of Popeyes China, which closed on June 28, 2024, we introduced a sixth reportable segment Restaurant Holdings.

提醒一下，繼我們收購 Carrols Restaurant Group（於 2024 年 5 月 16 日完成）以及收購 Popeyes China（於 2024 年 6 月 28 日完成）之後，我們推出了第六個報告分部 Restaurant Holdings。

This segment includes results from operations of Popeyes China business and the Burger King restaurants acquired as part of the Carrols acquisition.

該部門包括 Popeyes 中國業務和作為 Carrols 收購案的一部分而收購的漢堡王餐廳的經營業績。

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.

在準備好的評論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，不包括我們的餐廳控股部門的表現。

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

現在我將電話轉給喬希。

Thanks, Kendall, and good morning, everyone.

謝謝，肯德爾，大家早安。

Thank you for joining us today.

感謝您今天加入我們。

Our teams and franchisees are doing a nice job navigating difficult macro and competitive environments in the U.S., Canada and many of our international markets.

我們的團隊和特許經營者在美國、加拿大和許多國際市場中出色地應對了艱難的宏觀和競爭環境。

The brands winning today are consistently executing the fundamentals.

當今獲勝的品牌正在始終如一地執行基本原則。

They are serving fresh, delicious food and beverages in modern restaurants and providing excellent value to every guest on every occasion.

他們在現代化的餐廳中供應新鮮美味的食物和飲料，為每位客人在任何場合提供卓越的服務。

We see the power of great fundamentals and great value in our own businesses, including Tim Hortons and our International division, which drove nearly 70% of our adjusted operating income.

我們在自己的業務中看到了良好基本面和巨大價值的力量，包括 Tim Hortons 和我們的國際部門，它們貢獻了我們近 70% 的調整後營業收入。

Tim Hortons, for example, remains #1 value for money in Canada, and it is one of the only major QSR brands in the market with positive traffic growth in the year-to-date.

例如，Tim Hortons 仍然是加拿大性價比第一的餐廳，也是今年迄今市場上唯一實現客流量成長的大型 QSR 品牌之一。

And our international business continues to outperform many of our largest global peers.

我們的國際業務繼續超越許多全球最大的同行。

Our goal is for all of our businesses to provide compelling value to guests the right way, with quality products, exceptional service and unmatched convenience.

我們的目標是讓我們所有的企業以正確的方式為客人提供極具吸引力的價值，包括優質的產品、卓越的服務和無與倫比的便利性。

If we can do this, we'll outperform the competition and deliver sustainable growth for our franchisees and our shareholders.

如果我們能做到這一點，我們將超越競爭對手，並為我們的特許經營商和股東帶來永續成長。

Turning now to our results.

現在來談談我們的結果。

Comparable sales were relatively flat, up 0.3% year-over-year, and net restaurants grew 3.8%, which translated into system-wide sales growth of 3.2%.

可比銷售額相對持平，年增 0.3%，淨餐廳銷售額成長 3.8%，這意味著全系統銷售額成長 3.2%。

Our cost discipline helped to offset softer system-wide sales growth, resulting in organic adjusted operating income growth of 6.1%.

我們的成本控制幫助抵消了全系統銷售成長放緩的影響，導致有機調整後營業收入成長 6.1%。

We've been encouraged to see the business accelerate in October, with consolidated comparable sales up low single digits, led by improvement in International, Burger King and Popeyes.

我們很高興地看到，10月份業務加速發展，綜合可比銷售額增長了個位數，其中，國際、漢堡王和 Popeyes 的銷售額有所改善。

With only 2 months remaining in 2024 and year-to-date system-wide sales growth of 5.3%, we believe full year system-wide sales growth will come in slightly below the expectations we laid out for you in August.

2024 年僅剩 2 個月，年初至今全系統銷售額成長率為 5.3%，我們認為全年全系統銷售額成長將略低於我們 8 月為您制定的預期。

That said, our year-to-date organic adjusted operating income growth is over 7.5%, and the great work Sami and team are doing is keeping us on track to exceed 8% AOI growth for the full year 2024.

也就是說，我們今年迄今的有機調整後營業收入成長率超過 7.5%，而 Sami 和團隊的出色工作使我們預計在 2024 年全年實現超過 8% 的 AOI 成長率。

I'll take a few minutes to walk through the performance of each of our business segments, starting with the largest contributor to AOI, Tim Hortons.

我將花幾分鐘介紹我們各個業務部門的表現，首先從 AOI 的最大貢獻者 Tim Hortons 開始。

Tims drives 43% of AOI, and Axel and team continue to demonstrate the power of having high-quality food and beverages at a great everyday price, excellent restaurant level execution, unrivaled convenience and dedicated restaurant owners.

Tims 佔據了 43% 的 AOI 份額，Axel 和他的團隊繼續展示以實惠的日常價格、出色的餐廳級別執行力、無與倫比的便利性和盡職盡責的餐廳老闆提供高品質食品和飲料的力量。

Tims in Canada delivered a 2.7% increase in comparable sales, primarily driven by traffic growth.

加拿大 Tims 的可比銷售額成長了 2.7%，主要得益於客流量的成長。

While we continue to see a softer consumer environment impact the broader QSR industry in Canada, Tims' #1 restaurant brand love and #1 value positioning, allow us to maintain our leading market share in coffee, baked goods and breakfast sandwiches and wraps.

雖然我們繼續看到較疲軟的消費環境對加拿大更廣泛的 QSR 行業產生影響，但 Tims 的#1 餐廳品牌喜愛度和#1 價值定位使我們能夠在咖啡、烘焙食品、早餐三明治和捲餅領域保持領先的市場份額。

Morning daypart sales grew in line with overall sales, anchored by mid-single-digit growth in breakfast sandwiches and wraps.

早間時段銷售額與整體銷售額同步成長，其中早餐三明治和捲餅的銷售額實現了中等個位數成長。

We offered a hot breakfast sandwich for $3 with any size coffee purchase, which delivers great value for Canadians and was incremental to both traffic and gross profits for our restaurant owners.

我們提供一份熱早餐三明治，只要購買任何杯裝的咖啡即可獲得，價格為 3 美元，這為加拿大人帶來了巨大的價值，也為我們的餐廳老闆帶來了客流量和毛利的增加。

We continue to make progress in our PM food journey with our loaded anytime snacker and flatbread pizza platforms, and grew PM main food sales 5.2% year-over-year.

我們憑藉著隨時供應的零食和扁麵包披薩平台，繼續在 PM 食品之旅中取得進展，PM 主食銷售額年增 5.2%。

Flatbread pizzas are giving Canadians another reason to visit their local Tims, boosting restaurant traffic during historically slower dayparts and driving higher average check.

薄餅披薩讓加拿大人有了一個光顧當地 Tims 餐廳的理由，增加了餐廳在以往客流量較少的時段的客流量，並提高了平均消費金額。

We've seen nearly 70% of flatbread pizza sales occur after 2:00 p.m. or on weekends and the platform is generating 2.5x higher average checks than non-flatbread tickets.

我們發現近 70% 的薄餅披薩銷售發生在下午 2:00 之後。或在週末，該平台產生的平均支票比非扁麵包票高出 2.5 倍。

We're balancing PM food extensions with a strong beverage lineup as well.

我們也在平衡 PM 食品延伸和強大的飲料陣容。

Cold beverage sales represented 43% of total beverage sales this quarter with some weeks reaching 50%.

本季冷飲銷售額佔飲料總銷售額的 43%，有些星期甚至達到 50%。

This is remarkable for a brand that is loved for its hot-brewed coffee.

對於一個因熱煮咖啡而受到喜愛的品牌來說，這是非常了不起的。

We continue to innovate around our cold brew and Iced Capp offerings to bring Canadians fresh and exciting new options.

我們不斷創新冷萃咖啡和冰卡布奇諾產品，為加拿大人帶來新鮮和令人興奮的新選擇。

Following the success of our Tiramisu innovation, we introduced a Nutella collaboration, which contributed to a 7% year-over-year increase in cold beverage sales this quarter.

繼提拉米蘇創新成功後，我們推出了與 Nutella 合作的產品，推動本季冷飲銷量較去年同期成長 7%。

An important driver of our performance, in addition to our strong marketing calendar is strong operations.

除了強大的行銷日程之外，強大的營運也是我們業績的重要驅動力。

Matt Moore, his team and our restaurant owners delivered another quarter of year-over-year improvements in drive-thru speed of service.

馬特·摩爾 (Matt Moore)、他的團隊和我們的餐廳老闆在免下車服務速度方面又實現了同比又一個季度的提升。

It is truly impressive to visit a drive-thru in Canada on a weekday morning and watch the car stack move so quickly.

在工作日的早晨前往加拿大的免下車通道並看到車輛堆得如此之快確實令人印象深刻。

Our ongoing improvements in operations, coupled with our marketing initiatives remain a consistent driver of traffic growth, and I'm proud to see the dedication of our Tims' teams and restaurant owners driving positive sales growth and industry outperformance.

我們在營運方面的持續改進，加上我們的行銷舉措，仍然是推動客流量成長的持續動力，我很自豪地看到 Tims 團隊和餐廳老闆的奉獻精神推動了積極的銷售成長和產業表現優異。

Moving now to the International segment, which drives 25% of our adjusted operating income.

現在轉向國際部門，該部門占我們調整後營業收入的 25%。

We saw comparable sales in international grow 1.8% with net restaurant growth of 7.6% and system-wide sales growth of 8.0%.

我們看到國際可比銷售額成長了 1.8%，其中餐廳淨銷售額成長了 7.6%，全系統銷售額成長了 8.0%。

While a bit slower than earlier in the year, our results were nicely ahead of some of our largest global peers and reflect some great work from our partners around the world.

雖然我們的業績比今年早些時候略有放緩，但我們的業績遠遠領先於一些全球最大的同行，並反映了我們在世界各地的合作夥伴的出色工作。

Burger King remains the largest driver of our international business and grew in key markets like Australia, Spain, Korea, the U.K. and Japan, each of which accelerated from Q2.

漢堡王仍然是我們國際業務的最大推動力，並在澳洲、西班牙、韓國、英國和日本等主要市場實現了成長，這些市場的成長均從第二季開始加速。

This helped offset softer results in France and continued pressures from the difficult operating environment in China and the conflict in the Middle East.

這有助於抵銷法國業績疲軟以及中國艱難的經營環境和中東衝突帶來的持續壓力。

I recently joined Thiago, Tom and about 20 of our country-level Burger King leaders, capturing over 80% of the brand's global system-wide sales for a CEO Summit in Italy.

我最近與蒂亞戈、湯姆以及大約 20 位漢堡王國家級領導人一起參加了在義大利舉行的 CEO 峰會，佔據了該品牌全球系統銷售額的 80% 以上。

It was a very engaging and interactive forum for our top CEOs to connect and share marketing, development, franchising and operations best practices.

這是一個非常有吸引力的互動論壇，我們的頂級執行長可以藉此交流並分享行銷、開發、特許經營和營運的最佳實踐。

It's clear that while Burger King has already established around the world, we still have a long runway for growth and tons of appetite from our master franchisees to deliver the best burger in each of their markets.

顯然，雖然漢堡王已經在世界各地建立起了影響力，但我們仍有很長的成長空間，我們的主特許經營者也渴望在各自的市場上提供最好的漢堡。

While overall development in 2024 is going to be at below our long-term target of 5%, which Sami will address in a bit, I want to give some perspective on where our international net restaurant growth will come from in the years ahead.

雖然 2024 年的整體發展水準將低於我們 5% 的長期目標（Sami 稍後會談到這個問題），但我想就未來幾年我們的國際淨餐廳成長來源給出一些看法。

There is so much opportunity to capture.

有太多的機會可以把握。

And one of the best examples is Japan, which I visited 2 weeks ago.

最好的例子之一就是日本，我兩週前訪問過這個國家。

Our performance has improved dramatically in Japan over the past few years, and we are now the clear winner for best burgers in the market.

過去幾年來，我們在日本的業績有了顯著提升，現在我們已經成為市場上最佳漢堡的當之無愧的贏家。

I tried some amazing local Whopper innovations there, and it's clear why they're doing so well.

我在那裡嘗試了一些令人驚嘆的當地皇堡創新產品，很明顯它們為何會賣得這麼好。

We now have almost 250 locations in Japan with an enormous runway and are growing between 40 and 50 locations per year.

現在，我們在日本擁有近 250 家門市，擁有龐大的跑道，並且每年都以 40 到 50 家門市的速度成長。

We're also working to accelerate development in many of our Popeyes markets, and Popeyes U.K. is a fantastic example.

我們也致力於加快 Popeyes 多個市場的發展，Popeyes 英國分公司就是一個很好的例子。

We recently spent time with Tom Crowley and his team in the U.K. and tried some of the best Popeyes Chicken I've eaten anywhere in the world.

我們最近與湯姆·克勞利和他的團隊在英國度過了一段時光，品嚐了我在世界上吃過的最好的大力水手炸雞。

They're operating beautiful, modern restaurants with exceptional service and are generating great sales and returns.

他們經營著漂亮、現代化的餐廳，提供卓越的服務，創造了巨大的銷售和回報。

Popeyes U.K. already has over 55 restaurants in just 3 years and drives over $130 million in system-wide sales on a trailing 12-month basis.

英國 Popeyes 公司在短短 3 年內就已經擁有超過 55 家餐廳，並且在過去 12 個月內推動了超過 1.3 億美元的系統銷售額。

They have a lot of room to grow.

他們還有很大的成長空間。

And then there's China, where you've seen us take meaningful steps on Tim Hortons and Popeyes this year.

然後就是中國，今年我們已經在 Tim Hortons 和 Popeyes 方面邁出了有意義的步伐。

We're also actively working to find the right long-term path for Burger King.

我們也積極努力尋找適合漢堡王的正確的長期發展道路。

We know the consumer is momentarily pressured in China, but we are positive on the mid- and long-term opportunity for each of our brands in the market.

我們知道中國消費者目前面臨壓力，但我們對每個品牌在市場上的中長期機會都持樂觀態度。

Turning now to Burger King in the U.S. and Canada.

現在來談談美國和加拿大的漢堡王。

Burger King U.S. comparable sales were down 0.4% and net restaurants declined by 1.6%, resulting in a 1.5% decline in system-wide sales.

漢堡王美國同店銷售額下降0.4%，淨餐廳銷售額下降1.6%，導致全系統銷售額下降1.5%。

Sales were softer than we'd like this quarter and were impacted by a tough consumer environment over the summer.

本季的銷售額低於我們的預期，受到夏季嚴峻的消費環境的影響。

Our calendar initiatives, including Fiery, were unable to cut through all the value messages in the market and were less impactful than our Royal Crispy Chicken wraps launched in the prior year.

我們的日曆計劃（包括 Fiery）無法傳達市場上的所有價值訊息，其影響力也不如我們去年推出的皇家脆皮雞捲。

As a result, we saw our gap versus the industry take a slight step back beginning in August after several quarters where we'd been outperforming Burger QSR peers.

因此，在連續幾季領先漢堡 QSR 同行之後，我們發現從 8 月開始我們與行業的差距略有縮小。

As we moved into October, performance has shifted, particularly with the great success of our Addams Family meal, including Wednesday's Whopper and helped us to return to same-store sales outperformance relative to the burger QSR industry again.

進入十月份，業績發生了變化，尤其是亞當斯一家套餐（包括星期三的皇堡）的巨大成功，幫助我們再次恢復了相對於漢堡 QSR 行業的同店銷售額領先表現。

Taking a step back, there's a lot going well at Burger King, and it's clear the business is in a much healthier place today than when we launched Reclaim the Flame in September of 2022.

回顧過去，漢堡王的許多事情都進展順利，很明顯，今天的業務狀況比我們在 2022 年 9 月推出「奪回火焰」計畫時要健康得多。

At Convention last week, Tom and team updated franchisees on the important foundational progress we've made over the past 2 years that is setting us up for long-term success.

在上週的大會上，湯姆和他的團隊向加盟商通報了我們在過去兩年中取得的重要基礎性進展，這些進展為我們的長期成功奠定了基礎。

We have a new discipline in operations that our franchisees have embraced and are executing, which has driven notable improvements in operations.

我們在營運方面有一套新的紀律，我們的特許經營商已經接受並正在執行，這推動了營運的顯著改善。

Our focus on quality remodels is paying off with mid-teens uplifts net of control and even better improvements in franchisee profitability.

我們對品質改造的關注正在帶來回報，控制淨值提高了十幾歲，特許經營商的盈利能力也得到了更好的改善。

We're on track to accelerate our pace of remodels and move towards our goal of 85% to 90% modern image by the end of 2028.

我們正在加快改造步伐，朝著 2028 年底實現 85% 至 90% 現代形象的目標邁進。

Accelerating the modern image of our system is one of the primary motives behind our acquisition of Carrols, aside from creating new franchise opportunities for existing and new operators when we move to refranchise those restaurants over the next few years.

加速我們系統的現代化形像是我們收購 Carrols 的主要動機之一，此外，當我們在未來幾年重新特許經營這些餐廳時，還會為現有和新營運商創造新的特許經營機會。

Furthermore, our $120 million investment into the ad fund allowed us to break a difficult cycle, significantly increase our share of voice, start regaining the market share and drive a positive trailing 12-month same-store traffic gap versus the industry for the first time in a very long time.

此外，我們對廣告基金的 1.2 億美元投資使我們打破了一個困難的循環，大大提高了我們的話語權，開始重新獲得市場份額，並且在很長一段時間內首次實現了過去 12 個月與行業同店客流量差距的正增長。

The enhancements our digital team has made to our app and delivery capabilities are also driving strong growth in digital sales, which now represent nearly 20% of total sales, up from around 10% in Q3 of 2022.

我們的數位團隊對應用程式和交付能力的增強也推動了數位銷售的強勁成長，目前數位銷售佔總銷售額的近 20%，高於 2022 年第三季的 10% 左右。

As you know, our ultimate scorecard is franchisee profitability.

如您所知，我們的最終記分卡是特許經營者的獲利能力。

We're in a completely different and better place than where we were 2 years ago.

與兩年前相比，我們現在的處境完全不同，而且更好。

We said on this call 2 years ago that our goal was to reach $175,000 of 4-wall EBITDA by the end of this year.

我們兩年前的這次電話會議上說過，我們的目標是在今年年底前實現 175,000 美元的 4 壁 EBITDA。

We achieved far more than that, reaching $205,000 by the end of last year.

我們所取得的成就遠不止於此，截至去年年底，捐款已達 20.5 萬美元。

We expect average franchisee profitability to be flattish to slightly up for 2024, a pretty great result considering the labor, commodity and top line sales pressures facing the industry this year, and we have our sights set on reaching $230,000 by the end of 2026, with a longer-term commitment to drive the system to $300,000 in 4-wall EBITDA.

我們預計，到 2024 年，特許經營商的平均盈利能力將保持平穩或略有上升，考慮到今年行業面臨的勞動力、商品和營收壓力，這是一個相當不錯的結果，我們的目標是到 2026 年底達到 230,000 美元，並致力於通過長期努力，推動系統的 4 壁 EBITDA 達到 30 美元。

Tom and team delivered a powerful message at convention, underpinned by incredible progress over the past couple of years.

湯姆和他的團隊在大會上發表了強有力的信息，並以過去幾年取得的令人難以置信的進步為基礎。

Our time together at convention really highlighted the optimism, excitement and confidence the franchisees share in Tom and his team's leadership to take us forward to great success.

我們在大會上共度的時光真正凸顯了特許經營者對湯姆和他的團隊的領導所抱有的樂觀、興奮和信心，他們將帶領我們取得巨大的成功。

Turning now to Popeyes.

現在來談談 Popeyes。

Popeyes U.S. grew net restaurants by 3.6%, while comparable sales declined 3.8%, resulting in a system-wide sales decrease of 0.8%.

Popeyes 美國公司的淨餐廳數量增加了 3.6%，但可比銷售額卻下降了 3.8%，導致全系統銷售額下降了 0.8%。

In a more value-sensitive environment this quarter, Popeyes calendar was missing some of the offers consumers were looking for, and this resulted in softer comps.

本季度，在對價值更加敏感的環境下，Popeyes 日曆缺少一些消費者所尋找的優惠，這導致可比銷售額下降。

Since September, we've reoriented our marketing strategy to better align with the needs of consumers today, while reminding guests what makes Popeyes so special, our delicious, freshly hand battered and fried chicken.

自九月以來，我們重新調整了行銷策略，以更好地滿足當今消費者的需求，同時提醒客人 Popeyes 的特別之處——美味、新鮮的手工炸雞。

We know we need to provide better value, which we can deliver through better price points and a better experience.

我們知道我們需要提供更好的價值，我們可以透過更好的價格和更好的體驗來實現。

As an initial step, Jeff and his team introduced 3 pieces of chicken for $5 in mid-September and followed it in early October with a $6 big box, leveraging a strong existing brand asset.

作為第一步，傑夫和他的團隊利用現有的強大品牌資產，在 9 月中旬推出了售價 5 美元的 3 塊雞肉，並在 10 月初推出了售價 6 美元的大盒裝雞肉。

We're already seeing both offerings drive traffic and sales improvements.

我們已經看到這兩種產品都推動了流量和銷售的成長。

Moving beyond the short term, we know that Popeyes has to provide a better experience, and that will come from more consistent operations.

從短期來看，我們知道 Popeyes 必須提供更好的體驗，而這將需要更持續的營運。

Easy-to-run kitchens are one part of a multiyear opportunity to improve operations and enhance the guest experience.

易於操作的廚房是多年來改善營運和提升客人體驗的機會的一部分。

We've identified easier and faster ways to install the upgrades, and we'll continue to incorporate feedback to optimize this investment before scaling it across the U.S. system.

我們已經找到了更簡單、更快捷的升級安裝方法，並且我們將繼續收集反饋意見，以優化這項投資，然後再擴展到整個美國系統。

We also need to make Popeyes easier to access and we're exploring new formats to infill in key markets and improve build costs.

我們還需要讓 Popeyes 更容易被人們所接受，而且我們正在探索新的形式來填補主要市場空白並改善建造成本。

In the meantime, we continue to enhance our digital capabilities and drive strong growth in digital sales which were up 21% year-over-year and reached 28% of total sales.

同時，我們不斷提升數位化能力，推動數位銷售強勁成長，年增21%，佔總銷售額的28%。

I'll wrap up my comments with Firehouse Subs in the U.S. and Canada.

我將結束對美國和加拿大 Firehouse Subs 的評論。

The team and our franchisees have done a good job navigating a difficult environment.

我們的團隊和特許經營者在困難的環境中表現出色。

While unable to offset industry headwinds this quarter, we did bring back a Firehouse fan and a personal favorite of mine, the hot sauce bar in mid-September.

雖然本季無法抵消行業逆風，但我們確實在 9 月中旬帶回了 Firehouse 粉絲和我個人最喜歡的辣醬吧。

This is an incredibly unique and perfect brand fit for Firehouse, pairing 13 hot and flavorful sauce options with our hot subs.

這是一個非常獨特且完美契合 Firehouse 的品牌，將 13 種辛辣可口的醬料選擇與我們的熱辣三明治搭配在一起。

Overall, Firehouse saw system-wide sales decrease 1.3%, driven by a comparable sales decline of 4.8%, partially offset by net restaurant growth of 3.9%.

總體而言，Firehouse 系統範圍內銷售額下降 1.3%，其中可比銷售額下降 4.8%，但被餐廳淨銷售額 3.9% 的成長部分抵消。

Mike and team have been hard at work on new unit development and added 49 net new restaurants since Q3 of 2023.

Mike 和他的團隊一直致力於新店開發，自 2023 年第三季以來新增了 49 家餐廳。

That's nearly 60% more than where we were this time last year.

這比去年同期增加了近 60%。

And we're on track to further accelerate development in 2025 with a strong pipeline of new and existing franchisees.

我們計劃在 2025 年憑藉強大的新舊特許經營商管道進一步加速發展。

In August, I spent time with many of our franchisees in Austin, Texas, celebrating the brand's 30th anniversary.

八月份，我與我們在德克薩斯州奧斯汀的許多特許經營商一起慶祝該品牌成立 30 週年。

There's a ton of excitement and energy in the system that will allow us to keep opening new restaurants and introducing our delicious hot subs to more and more guests throughout North America.

這個系統充滿了激情和活力，讓我們能夠不斷開設新餐廳，並向北美越來越多的客人介紹我們美味的熱三明治。

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

接下來，我將交給薩米來向您介紹我們本季的財務表現。

Sami?

薩米？

Thanks, Josh, and good morning, everyone.

謝謝，喬希，大家早安。

Our results this quarter highlight the stability and strength of our businesses and our team's ability to navigate a tougher consumer backdrop, while staying focused on our long-term goals.

本季的業績凸顯了我們業務的穩定性和實力，以及我們團隊應對更嚴峻的消費者環境的能力，同時專注於我們的長期目標。

For the third quarter, global comparable sales were relatively flat, up 0.3% year-over-year.

第三季度，全球可比銷售額相對持平，較去年同期成長0.3%。

We grew global system-wide sales by 3.2%, organic AOI by 6.1% and organic adjusted EPS by 4.6%.

我們的全球系統銷售額成長了 3.2%，有機 AOI 成長了 6.1%，有機調整後每股盈餘成長了 4.6%。

AOI growth outpaced system-wide sales growth this quarter for a few reasons.

由於一些原因，本季 AOI 成長超過了全系統銷售成長。

First, segment G&A, excluding Restaurant Holdings, decreased 11% year-over-year to $146 million, with approximately $12 million of the decrease related to lower equity-based compensation.

首先，不包括餐廳控股在內的一般及行政開支部門年減 11% 至 1.46 億美元，其中約 1,200 萬美元的降幅與股權薪資降低有關。

As I mentioned on our Q2 call, incentive-based compensation is expected to decrease year-over-year.

正如我在第二季度電話會議上提到的，激勵性薪酬預計將比去年同期下降。

We've also been working closely with our business leaders to drive operating leverage in our P&L, and you're seeing the benefit start to flow through this quarter.

我們也一直與我們的業務領導密切合作，以推動損益表中的經營槓桿，並且您會看到收益在本季度開始顯現。

Second, we continue to work through lower average cost of inventory in our Tims' supply chain and CPG businesses, which contributed to an $8 million increase in organic gross profit dollars.

其次，我們繼續努力降低 Tims 供應鏈和 CPG 業務的平均庫存成本，這有助於有機毛利增加 800 萬美元。

Our Q3 supply chain margin was 20%, and we continue to expect our full year supply chain margin will be approximately 19%, meaning Q4 margins should be in the mid-18% range.

我們第三季的供應鏈利潤率為 20%，我們繼續預計全年供應鏈利潤率將在 19% 左右，這意味著第四季的利潤率應該在 18% 的中間範圍內。

These 2 factors, segment G&A and supply chain, were partially offset by incremental advertising expense at Burger King U.S. and net bad debt expenses in the quarter.

這兩個因素，即分部一般及行政開支和供應鏈，被漢堡王美國公司的增量廣告費用和本季的淨壞帳費用部分抵銷。

We invested $7 million behind Fuel the Flame marketing at Burger King U.S. as compared to no direct investment in the prior year period.

我們在美國漢堡王的 Fuel the Flame 行銷項目上投資了 700 萬美元，而去年同期我們並未進行任何直接投資。

In addition, net bad debt expenses, primarily in international were over $3 million compared to approximately $2 million of net bad debt recoveries in Q3 of '23.

此外，淨壞帳支出（主要在國際業務）超過 300 萬美元，而 23 年第三季的淨壞帳回收額約為 200 萬美元。

Shifting now to EPS.

現在轉向 EPS。

Our adjusted EPS was $0.93 per share compared to $0.90 last year, representing an organic increase of 4.6% per share year-over-year, excluding an FX headwind of $0.02 per share and a $0.01 benefit from Restaurant Holdings.

我們的調整後每股收益為 0.93 美元，而去年為 0.90 美元，年比有機增長 4.6%，不包括每股 0.02 美元的外匯不利因素和每股 0.01 美元的餐廳控股收益。

Our adjusted net interest expense increased approximately $18 million during the quarter, mainly driven by a higher debt balance following our Carrols transaction, which closed in mid-May.

我們的調整後淨利息支出在本季增加了約 1,800 萬美元，主要原因是我們 5 月中旬完成的 Carrols 交易後債務餘額增加。

In addition, we saw an increase in adjusted income tax expense due to a higher adjusted effective tax rate, which had a $0.03 per share negative impact on earnings.

此外，由於調整後有效稅率提高，調整後的所得稅費用增加，對每股盈餘產生了 0.03 美元的負面影響。

Our adjusted effective tax rate this quarter was approximately 17%, and we expect our full year tax rate to be in the 18% to 19% range.

我們本季的調整後有效稅率約為 17%，我們預計全年稅率在 18% 至 19% 之間。

We ended Q3 with available liquidity of $2.4 billion, including $1.2 billion of cash, and our net leverage ratio was 4.8x. We continue to expect to reach mid 4x net leverage by year-end, assuming a full year of Carrols' results.

截至第三季度，我們的可用流動資金為 24 億美元，其中包括 12 億美元現金，淨槓桿率為 4.8 倍。假設卡羅爾斯全年的業績良好，我們仍然預計到年底淨槓桿率將達到 4 倍左右。

In September, we issued $500 million of 5 and 5/8 first lien senior secured notes due in 2029 and used the proceeds together with cash on hand to redeem our outstanding $500 million 5 and 3/4 notes, which were due in 2025.

9 月份，我們發行了價值 5 億美元的 5 又 5/8 第一留置權優先擔保票據，該票據將於 2029 年到期，並使用所得款項以及庫存現金贖回了未償還的價值 5 億美元的 5 又 3/4 票據，該票據將於 2025 年到期。

We feel good about our capital structure with no significant maturities until 2028.

我們對我們的資本結構感到滿意，因為直到 2028 年都沒有重大到期債務。

Turning now to free cash flow.

現在談談自由現金流。

We generated $485 million of free cash flow excluding the benefit of our FX and interest rate hedges, which added approximately $46 million of positive cash flow this quarter.

不包括外匯和利率對沖的收益，我們產生了 4.85 億美元的自由現金流，這使本季增加了約 4,600 萬美元的正現金流。

We continue to execute against our Reclaim the Flame plan at Burger King U.S. which is designed to engage new and existing Burger King fans, accelerate our path towards modern image and drive franchisee profitability.

我們將繼續在美國漢堡王實施「重奪火焰」計劃，旨在吸引新舊漢堡王粉絲，加速我們邁向現代形象的步伐，並提高特許經營商的盈利能力。

This quarter, we spent $24 million on Reclaim the Flame investments, including $7 million on our Fuel the Flame marketing investment and $16 million towards Royal Reset.

本季度，我們在「重奪火焰」專案上花費了 2,400 萬美元，其中包括 700 萬美元用於「燃料火焰」行銷投資以及 1,600 萬美元用於「皇家重置」專案。

We have $41 million of Fuel the Flame marketing remaining in Q4.

我們在第四季的 Fuel the Flame 行銷活動還剩餘 4,100 萬美元。

Since we are tracking well ahead of the 2024 Fuel the Flame franchisee profitability target, beginning in 2025, franchisees will increase their ad fund levy from 4% to 4.5% through at least 2026.

由於我們遠遠領先 2024 年 Fuel the Flame 特許經營商的盈利目標，從 2025 年開始，特許經營商將至少在 2026 年之前將其廣告基金徵收率從 4% 提高到 4.5%。

And our advertising fund contribution, which has been $60 million per year over the last 2 years, will fall away.

我們的廣告基金捐款（過去兩年每年 6,000 萬美元）將會減少。

This will provide a nice tailwind to both AOI and adjusted EPS growth in 2025.

這將為 2025 年 AOI 和調整後 EPS 成長提供良好的順風。

And to close on our dividend, we returned $261 million of capital to shareholders through our dividend, which we declared for Q4 at $0.58 per common share and unit with a full year total of $2.32 per share.

為了結束我們的股息，我們透過股息向股東返還了 2.61 億美元的資本，我們宣布第四季度的股息為每股普通股和單位 0.58 美元，全年總計每股 2.32 美元。

I'll now wrap up with an update on our expectations for 2024.

現在，我將總結我們對 2024 年的期望。

Considering Q3 comparable sales and system-wide sales growth came in lower than anticipated, we now believe full year 2024 system-wide sales growth will be in the 5% to 5.5% range.

考慮到第三季可比銷售額和全系統銷售額成長低於預期，我們現在認為 2024 年全年全系統銷售額成長將在 5% 至 5.5% 之間。

Embedded within this are expectations for an acceleration in consolidated comparable sales from Q3 levels, slightly offset by tempered expectations for net restaurant growth to the mid-3% range, primarily due to Burger King China as well as some of the impacts we're seeing from macro and geopolitical challenges.

其中包括預期合併可比銷售額將從第三季度水平加速增長，但被淨餐廳增長預期降至 3% 中間區間略微抵消，這主要歸因於漢堡王中國以及我們看到的一些宏觀和地緣政治挑戰的影響。

To be more specific, about 100 basis points of our NRG shortfall this year compared to our 5% long-term unit growth target is attributable to a significant year-over-year deceleration in Burger King China NRG.

更具體地說，與我們 5% 的長期單位成長目標相比，今年我們的 NRG 缺口約為 100 個基點，這是由於漢堡王中國 NRG 的同比大幅減速造成的。

As many of you know, Burger King China has been struggling.

大家可能都知道，漢堡王中國一直在苦苦掙扎。

We have recently sent termination notices to our master franchisee, which they have disputed and we are currently in a dispute resolution process with them.

我們最近向我們的主特許經營商發出了終止通知，但他們對此提出異議，我們目前正在與他們進行爭議解決程序。

At the same time, we are in active discussions with the master franchisee in an effort to reach an amicable solution.

同時，我們正在與主特許經營商進行積極討論，努力達成友好的解決方案。

We believe this is a short-term situation, and we are committed to the long-term success of the business in China.

我們認為這只是短期狀況，我們致力於中國業務的長期成功。

We will update you when we have more to share.

如果有更多內容可以分享，我們將及時通知您。

Overall, we remain confident in achieving over 8% organic AOI growth this year.

總體而言，我們仍然有信心今年實現 8% 以上的有機 AOI 成長。

This confidence is driven in part by the improved top line results we saw in October as well as our cost discipline initiatives, which have allowed us to tighten our 2024 segment G&A guidance to between $640 million and $650 million, including equity-based compensation between $170 million and $175 million.

這種信心在某種程度上得益於我們 10 月看到的營收績效改善以及我們的成本控制舉措，這些舉措使我們能夠將 2024 年分部的 G&A 指引收緊至 6.4 億美元至 6.5 億美元之間，其中包括 1.7 億美元至 1.75 億美元的股權薪酬。

Finally, 2024 has obviously been a more complicated environment with more moving pieces than any of us had envisioned.

最後，2024 年的環境顯然比我們任何人想像的都更加複雜，變化的因素也更多。

As such, it's been important for us to provide more detail on shorter-term expectations for sales, NRG and AOI than we normally would.

因此，對我們來說，提供比平常更詳細的關於銷售、NRG 和 AOI 的短期預期資訊非常重要。

As we look to 2025 and beyond, we're committed to achieving our long-term outlook of 3% plus comparable sales growth, 5% plus net restaurant growth 8% plus system-wide sales growth and 8% plus AOI growth on average over the next 5 years, and we will keep you informed of our progress along the way.

展望 2025 年及以後，我們致力於實現我們的長期願景，即未來 5 年內可比銷售額平均增長 3% 以上、餐廳淨銷售額平均增長 5% 以上、全系統銷售額平均增長 8% 以上以及 AOI 平均增長 8% 以上，並且我們將隨時向您通報我們的進展。

In the meantime, I'm confident we will achieve our goal of at least 8% organic AOI growth for 2024.

同時，我相信我們將實現 2024 年 AOI 有機成長至少 8% 的目標。

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

說完這些，我就把麥克風交給派崔克。

Thank you, Sami, and thank you to our teams and franchisees who are doing a terrific job delivering value to our guests through delicious products and improved experiences.

謝謝你，薩米，也感謝我們的團隊和特許經營商，他們透過美味的產品和更佳的體驗為我們的客人帶來了卓越的價值。

One of my routines is to do a gut check from time to time.

我的習慣之一就是時不時地進行腸道檢查。

On average, are we doing a better job than we were a year ago?

平均而言，我們的工作表現是否比一年前更好？

And I strongly believe that to be the case in each of our businesses.

我堅信我們的每項業務都是如此。

Our customers are getting better, more consistently made food with better service in a better environment for good value.

我們的顧客將能享受更好、更穩定的食物、更好的環境和更優質的服務，而且物有所值。

That's what ultimately drives growth.

這才是最終推動成長的因素。

And while we all understand those elements to be the foundation for all restaurants, I believe our progress on these customer benefits sets us apart, and is what ultimately drives great returns for our franchisees and our investors.

雖然我們都明白這些要素是所有餐廳的基礎，但我相信我們在這些客戶利益方面取得的進展使我們與眾不同，並最終為我們的特許經營商和投資者帶來豐厚的回報。

We all know the environment has been more challenging, but we are not allowing that to impact our plans.

我們都知道環境變得更具挑戰性，但我們不會讓這影響我們的計劃。

We're outperforming our largest global peers.

我們的業績超越了全球最大的同行。

We are actively addressing the areas of our business that have fallen behind and we are protecting profitability for our franchisees and our company, all while positioning our brands for lasting success.

我們正在積極解決業務中落後的領域，並保護我們的特許經營商和公司的盈利能力，同時讓我們的品牌獲得持久的成功。

We have a remarkable business in Canada, one that I can't remind you enough, generates over 40% of our adjusted operating income.

我們在加拿大擁有出色的業務，我要特別提醒大家的是，該業務貢獻了我們調整後營業收入的 40% 以上。

Tims continues to outperform the industry and deliver strong absolute results.

Tims 的表現繼續超越行業並取得強勁的絕對業績。

The discipline Axel, his team and our dedicated restaurant owners have had executing against the multiyear back-to-basics plan has been paying dividends for the past few years.

過去幾年來，阿克塞爾 (Axel) 及其團隊以及我們盡職盡責的餐廳老闆們一直嚴格執行多年的回歸本源計劃，並取得了豐厚的回報。

I am confident it will continue to do so for years to come.

我相信未來幾年它仍會繼續這樣做。

International has many pockets of strength, but there are a few markets where we're struggling a bit.

我們在國際上有許多優勢，但也有一些市場遇到了一些困難。

In some cases, this is due to macro factors out of our control.

在某些情況下，這是由於我們無法控制的宏觀因素所造成的。

But in others, there's more we can do to change our trajectory, and we are tackling them head-on.

但在其他方面，我們還可以做更多的事情來改變我們的軌跡，而且我們正在迎頭應對。

You saw us take control of Popeyes China.

您看到我們控制了 Popeyes 中國。

You saw us invest in Tims China, and I can tell you we're working on a solution for Burger King China.

您看到我們對Tims中國進行了投資，我可以告訴您，我們正在為漢堡王中國尋找解決方案。

These 2 businesses, Tims and International, drive nearly 70% of our earnings and have solidly outperformed the competition from a top line perspective.

Tims 和 International 這兩項業務貢獻了我們近 70% 的收益，從營收角度來看，其表現遠優於競爭對手。

In fact, they've outperformed the industry for many quarters.

事實上，他們的表現已連續多個季度超越行業平均。

I think that gets lost on a lot of folks, but it's definitely not lost on me.

我想很多人都不明白這一點，但我絕對明白。

And I am very confident in our teams' and franchisees' ability to continue delivering great results.

我對我們的團隊和特許經營者繼續取得優異成績的能力充滿信心。

Now let's turn to the other 30% of our earnings.

現在讓我們來看看另外 30％ 的收入。

Burger King U.S., 18% of our business is only 2 years into its multiyear plans.

漢堡王美國公司，其 18% 的業務僅實施了其多年計劃中的第 2 年。

While we work hard to navigate the current environment, which has been more complicated than we expected entering the year, we need to take a step back and look at the bigger picture.

儘管我們努力應對當前環境，但今年的環境比我們預期的要複雜得多，我們需要退一步來看看更大的圖像。

We've already made a ton of progress in just 2 years.

短短兩年間我們已經取得了巨大進步。

We have a lot a lot more work to do, but I am confident, we will get there.

我們還有很多工作要做，但我相信我們能夠實現目標。

We have the right plans, the right teams and dedicated franchisees, and RBI and our franchisees are committing the right resources.

我們有正確的計劃、正確的團隊和專門的特許經營商，RBI 和我們的特許經營商也投入了正確的資源。

It is going to work.

它將會起作用。

We are remodeling restaurants, improving service and continuing to grow amazing whoppers.

我們正在改造餐廳，改善服務，並繼續生產令人驚嘆的皇堡。

Popeyes is fundamentally doing all the right things as well, improving operations, introducing quality menu innovation, enhancing its digital capabilities and opening more restaurants.

從根本上來說，Popeyes 也在做正確的事情，包括改善營運、推出優質菜單創新、增強數位化能力以及開設更多餐廳。

We simply need to entice more people to try our food.

我們只是需要吸引更多的人來嘗試我們的食物。

Firehouse's long-term value will come from opening more and more restaurants, and Mike and the team are doing just that.

Firehouse 的長期價值將來自於開設越來越多的餐廳，而 Mike 和他的團隊正在這樣做。

They've accelerated growth meaningfully this year and their 2025 pipeline will bring another major step up.

他們今年已大幅加快成長速度，而他們的 2025 年規劃將再邁出重大一步。

So overall, our business is trending in the right direction.

整體而言，我們的業務正朝著正確的方向發展。

Franchisee profitability is far stronger today than it was 18 months ago.

如今，特許經營商的獲利能力遠比 18 個月前強得多。

Our year-to-date organic adjusted operating income growth is over 7.5% which I view as great performance in this environment, and we are on track to deliver 8% plus growth for the year.

我們今年迄今的有機調整後營業收入成長率超過 7.5%，我認為這在當前環境下是一個出色的表現，而且我們預計今年將實現 8% 以上的成長。

While we are already seeing signs of improvement in the U.S. and overseas in October, it may take a few more quarters for the macro environment to even out.

雖然我們在十月已經看到美國和海外經濟出現改善的跡象，但宏觀環境可能還需要幾個季度才能平穩下來。

And for us to see consolidated same-store sales track towards our 3% plus long-term guidance.

我們看到，合併後的同店銷售額正朝著 3% 以上的長期預期目標邁進。

But if you're invested in this company for the long term, like I am, I can assure you, the fundamentals are better today than they have been in years.

但如果你像我一樣，長期投資這家公司，我可以向你保證，今天該公司的基本面比過去幾年好。

With that, I'll pass it back to the operator for questions.

說完這些，我會將其轉回給接線生以供提問。

(Operators Instructions)

（操作人員指示）

Brian Bittner Oppenheimer & Company.

布萊恩·比特納奧本海默公司。

Thanks.

謝謝。

Good morning.

早安.

I wanted to ask my question on the international business and focus specifically on Burger King International, where you had almost a 2% positive comp, which is nicely above our global peer set, as you talked about in your prepared remarks.

我想問一個關於國際業務的問題，特別關注漢堡王國際業務，正如您在準備好的發言中提到的那樣，你們的國際業務同比增長了近 2%，遠高於我們的全球同行。

Can you just unpack this outperformance versus your peer set a bit?

您能否稍微分析一下與您的同儕相比這一表現的優異程度？

Is it related more to just a better market mix of exposures across international?

這是否與國際範圍內更好的市場風險組合更相關？

Or do you actually believe you're taking share in most of your major Burger King International markets?

還是您真的相信您已經佔據了漢堡王國際大部分主要市場的份額？

And what do you believe is behind an improved international trend as we're moving into the fourth quarter?

隨著我們進入第四季度，您認為國際趨勢改善的原因是什麼？

Brian, it's Josh, and thank you for the question.

布萊恩，我是喬什，謝謝你的提問。

I do think our Burger King teams in a lot of our international markets, they're doing a fantastic job.

我確實認為，我們漢堡王的團隊在許多國際市場上都做得非常出色。

And that's leading us to take market share in many of those markets.

這使得我們在許多市場中佔據了份額。

I'll give you just a couple of examples that I think for me, really brought home how we win in some of these places.

我給你們舉幾個例子，我認為這些例子真正讓我明白了我們如何在某些地方取得勝利。

We were in Australia a couple of months ago with the Hungry Jack's team led by Chris Green and Jack Cowin, who's owned that business for a very long time.

幾個月前，我們和 Hungry Jack's 團隊一起去了澳大利亞，該團隊由 Chris Green 和 Jack Cowin 領導，他們已經經營這家公司很久了。

And they're just doing a fantastic job.

他們確實做得非常出色。

They're getting all the basics right.

他們已經掌握了所有基本知識。

They're really engaging their teams and their managers.

他們確實在調動他們的團隊和經理的積極性。

They're delivering high-quality products.

他們正在交付高品質的產品。

They've been really focused on quality enhancements and the perception of quality and communicating that quality across the menu and really elevating the perception of the whopper, and they're outperforming by a healthy margin.

他們一直非常注重品質的提升和品質的認知，並透過菜單傳達這種品質，真正提升了人們對皇堡的認知，而且他們的表現非常出色。

I just -- I saw this again in Japan 2 weeks ago.

我只是——兩週前我在日本再次看到了這種情況。

We were there, and that's a fantastic example for us.

我們曾經在那裡，這對我們來說是一個很好的例子。

It was a market that was struggling, if you go back kind of 5, 7 years, we had under 100 restaurants, and the team just really got all the fundamentals right.

這是一個苦苦掙扎的市場，如果你回顧一下 5 到 7 年前，我們的餐廳數量不到 100 家，而團隊確實把所有基本業務都做對了。

They've really driven product quality.

他們確實提高了產品品質。

We follow a lot in our brand trackers and of who has the best burger in the market, and we win by a big margin in Japan.

我們密切關注品牌追蹤器，關注市場上誰的漢堡最好吃，而在日本，我們以巨大的優勢獲勝。

And I think that's the critical formula that you got to get the operations right, have high-quality locations and really win on product quality.

我認為這是正確營運、擁有高品質地點並真正贏得產品品質的關鍵秘訣。

And thankfully, we've got the best burger in the world with the Whopper.

值得慶幸的是，我們擁有世界上最好的漢堡——皇堡。

When we get that right and really land it well with consumers, we have the opportunity to outperform really meaningfully.

當我們做好這一點並真正得到消費者的認可時，我們就有機會取得真正有意義的卓越表現。

So we've got a lot of markets like those 2, Spain is another great example.

我們有很多像這兩個這樣的市場，西班牙是另一個很好的例子。

Brazil is doing well.

巴西表現良好。

But some of our biggest markets are -- they're getting the basics right, and they're outperforming and taking market share.

但我們的一些最大的市場——他們已經掌握了基本知識，並且表現出色，佔據了市場份額。

And I think that's what you saw in the quarter.

我認為這就是您在本季度看到的情況。

John Ivankoe, JP Morgan.

摩根大通的約翰伊凡科 (John Ivankoe)。

Hi, thank you.

你好，謝謝。

The question is on growing the Burger King franchisee base from 300 franchisees to 500 franchisees, which obviously have a very big change, especially considering, I think you'll have a lot more than 200 new franchisees that enter the system.

問題在於將漢堡王的特許經營商基礎從 300 家擴展到 500 家，這顯然是一個非常大的變化，尤其是考慮到，我認為將會有超過 200 家新特許經營商進入該系統。

So that just kind of like the big scene.

所以這就有點像大場景。

But the specific question that I want to ask specifically on the on the Carrols units that you presumably would have the most opportunity with if there is some discussion or planned or were any further along of making General Managers spent a lot of cases actually more responsible to somewhat of their specific units, which would really be more of a more consistent with our other systems that have, I'll say, remain nameless at this point.

但是，我想特別問的具體問題是有關卡羅爾 (Carrols) 單位的，如果有任何討論或計劃，或者有任何進一步的進展，讓總經理在很多情況下實際上對他們的特定單位承擔更多責任，這可能讓您有最多的機會，這實際上會與我們目前仍未透露名稱的其他系統更加一致。

But other systems have become very successful in the US is making people that formerly worked in the restaurants become franchisees.

但在美國，其他系統已經非常成功，讓以前在餐廳工作的人成為特許經營者。

Thank you.

謝謝。

John, thanks for the question.

約翰，謝謝你的提問。

You're right that there's a big change we're contemplating in the BK U.S. system in terms of the franchisee base, and we do expect to have a lot of new franchisees.

您說得對，我們正在考慮對 BK 美國體系的特許經營商基礎進行重大變革，而且我們確實預計會有大量新的特許經營商。

I think they'll come from a few different places.

我認為他們會來自不同的地方。

And we're in the midst of a lot of these discussions.

我們正在進行許多這樣的討論。

We've already started either discussions or we've done a few refranchisings already.

我們已經開始討論，或者已經完成了一些再特許經營。

And there are a couple of different profiles that we have.

我們有幾個不同的概況。

Some -- I think some of our new franchisees will be folks who are already on our teams.

有些——我認為我們的一些新加盟商將是我們團隊中的人。

So some of our field team members within Burger King U.S. who are on the corporate side or running some of our company restaurants, we have some of them who are interested in becoming franchisees, and we're in discussions for them to take over portfolios.

因此，我們漢堡王美國公司內部的一些現​​場團隊成員，他們在公司層面或經營我們的一些公司餐廳，其中一些有興趣成為特許經營商，我們正在討論讓他們接管投資組合。

We're also in discussions with some of the folks at Carrols and it could be a general manager, a district manager or director of operations.

我們也與 Carrols 的一些人進行了討論，他們可能是總經理、地區經理或營運總監。

Some of those team members have ambitions to run their own business, and they might take over a smaller portfolio of 2, 5, 10 restaurants.

其中一些團隊成員有志於經營自己的企業，他們可能會接管 2 家、5 家、10 家餐廳的小型投資組合。

So we're having a lot of those discussions.

因此我們進行了很多這樣的討論。

And I think that's really exciting.

我認為這真的非常令人興奮。

In my mind, and I think you sort of hinted at it.

在我看來，我想你已經暗示了這一點。

I think the idea here is that there's something very powerful if we can get closer ownership of those restaurants, whether that's how you compensate the general managers or having smaller franchisees who have ownership of the business or -- in the restaurants and the communities every day.

我認為這裡的想法是，如果我們能夠更緊密地掌握這些餐廳的所有權，那麼將會產生非常強大的影響，無論是你如何補償總經理，還是擁有擁有業務所有權的小型特許經營商，或者——每天在餐館和社區裡。

I think there will be a lot of different versions of the exact form of that.

我認為這個具體形式會有很多不同的版本。

So there may be smaller and larger versions of how we accomplish that, but it's very much front of mind to us that having more local ownership in the business at the restaurant level is really the key to outsized performance and taking market share.

因此，我們實現這一目標的方法可能有大小之分，但我們最關心的是在餐廳層級擁有更多的本地業務所有權才是取得超額業績和占領市場份額的關鍵。

And I think that you'll see that be a big piece of what we do over the next few years at Burger King in the U.S. Patrick, do you want to add anything?

我認為，您會發現這將成為未來幾年美國漢堡王業務的重頭戲。

Yes, John, the -- what I'd add to that, and obviously, my past life, I know well what it's like to have the local owner operators in the restaurants.

是的，約翰，我想補充一點，顯然，在我的過去生活中，我很清楚在餐廳裡有當地業主經營者是什麼感覺。

And it's a powerful thing.

這是一件非常強大的事情。

And if we continue to make the progress on franchisee profitability and the returns that you get by building or buying Burger King restaurants and in fact, all of our brands.

如果我們繼續在特許經營商盈利能力和通過建造或購買漢堡王餐廳以及我們所有品牌所獲得的回報方面取得進展。

The capital becomes easy.

資本變得容易。

What's hard is the operations and having great dedicated local owner operators has to be the answer.

困難在於運營，而答案必須是擁有優秀、敬業的本地業主運營商。

And I've said this before, but franchisees are -- people refer to them interchangeably as owner operators, and the owner part of that is relatively easy if the cash flows are there.

我之前說過，但人們總是將特許經營者稱為業主經營者，如果有現金流，業主部分就相對容易。

The operating part is the critical part, and we're dedicated to that.

操作部分是關鍵部分，我們致力於此。

And the best example of that, the reason that we are the juggernaut that we are in Canada with Tims is the local ownership.

最好的例子是，我們之所以能在加拿大與 Tims 一起成為巨頭，就是因為當地所有權。

Those owner operators that we have in Canada are fantastic.

我們加拿大的那些業主經營者非常棒。

They've done a great job for decades and we take the learning from that.

幾十年來，他們做出了巨大的貢獻，我們從中學到了教訓。

Now we're going to have big franchisees that are going to have success in the U.S. Those are operated at a high level, and there are many of them, we love having them in the system but we've set a standard.

現在我們將擁有在美國取得成功的大型特許經營商。

You've got to be running your restaurants really well to have an opportunity to be a part of the system.

你必須經營好自己的餐廳才有機會成為這個系統的一部分。

Yes, and John, maybe just to add one last thought there.

是的，約翰，也許我只是想補充最後的想法。

It ties a little bit back into sort of Brian's question too.

這也與布萊恩的問題有點相關。

I mentioned the outperformance of Australia.

我提到了澳洲的優異表現。

And one of the things that I think Jack and Chris and the Hungry Jack's team have been really focused on, and it's been a big driver of their results, is a program where they're doing a bigger profit sharing program with some of their restaurant managers.

我認為傑克、克里斯和 Hungry Jack 團隊真正關注的事情之一，也是他們取得成果的重要推動力，就是他們與一些餐廳經理進行一項更大的利潤分享計畫。

And I think that's really powerful to engage and empower our restaurant owners.

我認為這對吸引和授權我們的餐廳老闆非常有幫助。

And some of that thought process is already starting to get into our company restaurants.

這樣的思考過程已開始融入我們公司的餐廳。

So we've started more substantive profit-sharing programs with some of the restaurant managers in our company restaurants at Burger King as well.

因此，我們也與漢堡王公司餐廳的一些餐廳經理實施了更實質的利潤分享計畫。

And those restaurants are doing really well.

這些餐廳的生意確實很好。

Our company restaurants, especially the ones that we've acquired and run over the last few years are really starting to outperform the system.

我們的公司餐廳，特別是過去幾年來我們收購並經營的餐廳，確實開始表現優於系統。

So we're seeing some exciting things on that front, and we'll continue to take those learnings and expand them as they work.

因此，我們在這方面看到了一些令人興奮的事情，我們將繼續吸收這些經驗，並在其發揮作用時加以擴展。

Dennis Geiger, UBS.

瑞銀的丹尼斯·蓋格。

Great, Morning.

早安，早安。

Thanks, guys.

謝謝大家。

I wanted to ask a bit more on the unit growth outlook.

我想要進一步詢問有關單位成長前景的問題。

Maybe if you could speak to any key considerations or notable impacts for the rest of '24 development beyond BK China, which you spoke to?

也許您可以談談除了 BK 中國之外，對 24 年剩餘發展有何關鍵考慮或顯著影響？

And maybe just at a high level, that global unit growth opportunity as we look ahead over those next few years and your ability perhaps to offset some of the BK China pressure with contribution from other market and brand combinations?

也許只是從高層次來看，當我們展望未來幾年時，全球單位成長機會以及您是否有能力透過其他市場和品牌組合的貢獻來抵消部分 BK 中國壓力？

Thank you.

謝謝。

Dennis, I don't think we have too much additional to add on '24.

丹尼斯，我認為我們在 24 年沒有太多東西可以補充。

But just as we think about kind of looking out towards 2025 and beyond, I'll highlight a few of the things that we're working on and where we see some good progress.

但是，當我們展望 2025 年及以後時，我會重點介紹我們正在努力的一些事情以及我們看到的一些良好進展。

First and foremost is Burger King in the U.S. We've seen a ton of progress there from a moment in time not too far back where we had a drag from that closures to where we're getting pretty close to flat here.

首先是美國的漢堡王。 我們看到它取得了巨大的進步，從不久前因關閉而受到的拖累到現在幾乎持平。

And I think a lot of that is driven by the progress that we've seen on franchise profitability.

我認為這很大程度上是由特許經營獲利能力的進步所推動的。

As we mentioned earlier, we made a huge step forward last year, and we're still doing well this year.

正如我們之前提到的，去年我們取得了巨大的進步，今年我們仍然做得很好。

So I think that's been a big driver, and I think that will continue to be a tailwind as we look into 2025 and beyond.

所以我認為這是一個巨大的推動力，而且我認為，展望 2025 年及以後，這將繼續成為推動力。

We've also been making progress in a couple of our other U.S. brands.

我們的其他幾個美國品牌也取得了進展。

Firehouse is starting to pick up a lot.

消防局開始接收大量物品。

As I mentioned in my prepared remarks, our trailing 12-month net restaurant growth is up 60%, and we expect to make even further progress through the balance of this year and into next year.

正如我在準備好的發言中提到的，我們過去 12 個月的淨餐廳增長率為 60%，我們預計今年餘下時間以及明年將取得進一步進展。

So that's starting to become a more material contributor.

因此，這開始成為一個更實質的貢獻者。

And Tims in the U.S. is starting to have more positive momentum.

而美國的Tims也開始呈現出更積極的勢頭。

We think we'll have a good year this year.

我們認為今年將會是豐收的一年。

Kath and her team have put together a lot of new development agreements for that business.

凱絲和她的團隊為該業務制定了許多新的發展協議。

So we've got a good outlook for Tims in the U.S. Just as important or perhaps equally important is Tims in Canada.

因此，我們對美國的 Tims 前景持樂觀態度。

We've mentioned a couple of times that there's been a lot of population growth in Canada, which means that there's opportunity for more Tims.

我們曾多次提到，加拿大的人口成長很快，這意味著有更多的提姆出現。

And there are particular pockets that the team has been going after, and I think you'll start to see some benefit from that next year.

而團隊一直在追逐一些特定的領域，我認為明年你就會開始看到其中的一些好處。

Places like Western Canada where we just have lower density of units than we have in places like Ontario.

在加拿大西部等地，我們的單位密度比安大略省等地低。

I think we'll start to see some of those units get opened as we get into 2025.

我認為，到 2025 年，我們將開始看到其中一些單位投入運作。

In addition to that, there are some exciting other areas of growth in our international business, specifically places like India, which we think will be one of the biggest growth drivers over the next 5 to 10 years.

除此之外，我們的國際業務還有其他一些令人興奮的成長領域，特別是印度等地，我們認為它們將成為未來5到10年最大的成長動力之一。

We're ramping up businesses like Popeyes there and Burger King keeps growing really well.

我們正在那裡擴大 Popeyes 等業務，漢堡王也保持著良好的成長勢頭。

But we're also making progress in countries like Mexico.

但我們在墨西哥等國家也取得了進展。

Mexico has become one of our best growth drivers around the world.

墨西哥已成為我們全球最好的成長動力之一。

Our Tim Hortons' business is doing fantastic there with great sales, great margins and a lot of restaurant growth.

我們的 Tim Hortons 在那裡生意興隆，銷量很好，利潤很高，餐廳數量也大幅增加。

Japan, I mentioned, is a big positive story.

我之前提到過，日本是一個很積極的故事。

U.K., particularly around on Popeyes, we're building a lot of Popeyes in the U.K. and I mentioned it earlier, but the average restaurant sales are fantastic.

英國，特別是在 Popeyes 附近，我們在英國開設了許多 Popeyes，我之前提到過，但平均餐廳的銷售額非常高。

The margins are good, so the returns on capital are compelling for our franchisees.

利潤率很高，因此資本回報對於我們的特許經營商來說很有吸引力。

There's a lot of good markets I would characterize especially within Popeyes and the international business, where we're getting ramped up on that development curve, and we're seeing really strong results on the sales side.

我認為有很多好的市場，特別是在 Popeyes 和國際業務中，我們正在加速發展，並且在銷售方面看到了非常強勁的業績。

So those are some of the things that we're working on to make sure that we pick up the pace of growth even if we have a couple of soft spots in other places.

所以，這些都是我們正在努力做的一些事情，以確保即使在其他地方存在一些弱點，我們也能加快成長步伐。

David Palmer, Evercore ISI.

大衛·帕爾默（David Palmer），Evercore ISI。

Thanks.

謝謝。

Just 2 areas that maybe you could make another comment on, with regard to China and Burger King China, I know that's going to be a situation that you have some limited ability to comment on.

您也許可以對兩個領域發表另外的評論，關於中國和漢堡王中國，我知道您對此的評論能力有限。

But what is our best guess about you mentioned that 3.5% this year could have been the 5% without China being a drag.

但是，您提到的今年的 3.5% 的增長速度如果沒有中國因素的拖累可能會達到 5%，對此我們最好的猜測是什麼？

And they would be great to have that reinflate as quickly as possible.

他們會很高興能盡快恢復正常。

How long a time do you think it could be before you get China growth back up to where you want it to be in -- to fill that gap by itself?

您認為需要多長時間中國經濟才能恢復到您所希望的水平並自行填補這一缺口？

And then separately, what is your message on comps outlook for Tims Canada.

然後另外，您對 Tims Canada 的同店銷售額前景有何看法？

That's not one of the markets that you said accelerated in the fourth quarter, you had a 3% comp, which was still quite healthy given the world we're in right now and traffic appears to be pretty good there.

這不是您所說的第四季度加速發展的市場之一，您的同比增長率為 3%，考慮到我們目前所處的世界，這個數字仍然相當健康，而且那裡的流量似乎相當不錯。

But how do you feel about that brand market share outlook, going forward initiatives for Tims?

但是，您對 Tims 的品牌市佔率前景和未來舉措有何看法？

Thanks.

謝謝。

Hey, morning, David, it's Sami.

嘿，早上好，大衛，我是薩米。

I'll just tackle the first part of your question and a slight correction on China.

我只想回答你問題的第一部分，並對中國問題稍作修改。

Our long-term growth algorithm as we've talked about, is 5% unit growth on average over the next 5 years.

正如我們所討論的，我們的長期成長演算法是未來5年內平均單位成長率為5％。

This year, we talked about being around 3 -- mid-3s in terms of unit growth.

今年，我們談論的是單位成長達到 3 左右到 3 左右的水平。

China represents about 100 basis points.

中國約100個基點。

So 1 point of that 1.5 point roughly shortfall.

因此，這 1.5 分中的 1 分大致是短缺。

So as I said, we are actively working on an amicable solution there, and we will update you when we have more to share.

所以正如我所說的，我們正在積極努力尋求一個友好的解決方案，當我們有更多消息可以分享時，我們會向大家通報。

I'll turn it over to Josh to expand that a little bit more.

我將把這個任務交給喬希 (Josh) 來進一步闡述這一點。

Yes.

是的。

Just to add a little bit to what Sami said.

只是想對薩米說的話做一點補充。

I would tell you the business performance there has been challenging in the short run.

我想告訴你，短期內那裡的經營績效面臨挑戰。

But I'll tell you, we are all very committed and very excited about the long-term prospects for the Burger King business, and all of our businesses, frankly, in China.

但我要告訴你們，我們都對漢堡王業務以及我們在中國的所有業務的長期前景感到非常堅定和興奮。

It's been the #2 QSR market in the world.

它已成為全球第二大快餐市場。

We think we have brands that have every right to win in that market.

我們認為我們的品牌完全有資格在該市場上獲勝。

And we're going to make the right decisions to support that long-term growth.

我們將做出正確的決定來支持長期成長。

Just I would ask for a little bit of patience and time like you saw with Tims and Popeyes.

我只是希望大家能有一點耐心和時間，就像你們在 Tims 和 Popeyes 身上看到的那樣。

Sometimes the stuff takes a little bit of time for us to work through, and we'll keep giving you updates as soon as we have anything material to share on that front.

有時我們需要一點時間來處理這些事情，一旦我們有任何材料可以分享，我們就會立即向您提供更新。

Yes, I'm going to add a little bit of perspective on this.

是的，我將對此補充一些觀點。

It's interesting, the China business, if you look at our business and where it is, and frankly, all 3 of the brands.

如果你看看我們的業務及其現狀，你會發現中國業務很有趣，坦白說，這包括所有三個品牌。

While we've got some scale, it is still relatively early in their journey.

雖然我們已經取得了一定的規模，但他們的旅程仍處於相對較早的階段。

And our bigger competitors and peers there.

那裡還有我們更大的競爭對手和同業。

If you look at the businesses of Yum!

如果你看看百勝的業務！

and Starbucks and McDonald's, they are kind of at a point where their cash flow -- and probably Domino's as well.

星巴克和麥當勞的現金流已經到了極限，達美樂的可能也一樣。

They're at a point where the cash flow from their businesses is not only enough to manage their day-to-day, but to fuel their growth.

他們現在的處境是，他們業務產生的現金流不僅足以維持日常運營，還能夠推動他們的成長。

We're in a position where we still need fresh capital to go into these businesses, to develop these businesses at the pace that we think we need to do to get them to the scale that we want for the long term.

我們仍然需要新的資本投入這些業務，以我們認為需要的速度發展這些業務，以達到我們長期想要的規模。

We are very bullish on the medium and long term.

我們對中長期前景非常樂觀。

But we've got some things that we've got to work through, and it still requires some capital.

但我們還有一些事情需要解決，而且還需要一些資金。

So I wish right now as China became more complicated that we were a little bit further along on that journey, but we're committed to getting there, and we're going to work through it.

因此，我希望現在隨著中國局勢變得越來越複雜，我們能夠在這條道路上走得更遠一些，但我們致力於實現這一目標，我們將努力克服它。

And one of the things I believe in strongly on everything is we are not just going to talk about the things that are going well in our business, we're going to talk to you about the things where we think we need to make improvements.

我堅信的一件事是，我們不僅會談論我們業務中進展順利的事情，我們還會與您討論我們認為需要改進的事情。

And that's not only important for you to know, but it's important for franchisees and team members who are listening to this call to know that we talk about things we need to get better at, we're serious about it.

這不僅對您來說很重要，而且對於正在收聽此電話的特許經營商和團隊成員來說也很重要，他們需要知道，我們在討論需要改進的事情，我們是認真的。

And we're going to talk to you the same way we talk to everybody else about where we need to make improvements.

我們將以與其他人討論我們需要改進的地方的相同的方式與您討論。

The one thing you asked about Tims and I'll do that, and Josh can add on as well on that.

您問到關於蒂姆斯 (Tims) 的一件事，我會做，喬希 (Josh) 也可以補充一點。

But what's changed in Tims is fundamentally ticket growth.

但 Tims 發生的變化從根本上來說是票務增長。

The bulk of our growth in this quarter was from order count growth, from ticket growth, not from check growth.

本季我們的成長主要來自於訂單數量的成長、票證數量的成長，而不是支票數量的成長。

And so it's a very healthy business.

所以這是一項非常健康的業務。

We feel great about where Tims is in Canada when we were putting up bigger numbers a year or 2 ago, a lot of that -- while it had good order count growth, a lot of that was also just from the inflation that was in the market as inflation has worked its way out of the market, you're seeing what we think is a very sustainable growth path that involves bringing more customers into our restaurants day in and day out.

我們對 Tims 在加拿大的現狀感到非常滿意，一兩年前我們的訂單數量就出現了大幅增長，但這很大程度上也是由於市場通貨膨脹所致，現在通貨膨脹已經逐漸消退，我們認為這是一條非常可持續的增長道路，即日復一日地為我們的餐廳帶來更多的顧客。

Yes.

是的。

Just to reinforce what Patrick mentioned.

只是為了強調派崔克所提到的事。

What makes me feel so good about Tims, both the current performance and the outlook is they're doing all the basics right.

讓我對 Tims 感到滿意的是，無論是目前的表現還是前景，他們都把所有基本的事情都做對了。

We're -- all the underlying fundamentals of the business, the operations are getting better.

我們—所有業務的基本面、營運都在變得更好。

We're remodeling more restaurants.

我們正在改造更多的餐廳。

We're launching high-quality products.

我們正在推出高品質的產品。

I think that's what's been driving our results and the ticket growth.

我認為這就是我們業績和票房成長的動力。

And as I look out into 2025, we have a great pipeline of new innovations both on the food side and on the beverage side.

展望2025年，我們在食品和飲料方面都擁有大量新創新。

So I think if we keep doing what we're doing, keep bringing new exciting innovations to Canada, we're going to keep seeing good results there.

因此我認為，如果我們繼續做我們正在做的事情，繼續為加拿大帶來令人興奮的創新，我們將繼續在那裡看到良好的結果。

And that's why we feel good about that business.

這就是我們對這項業務感到滿意的原因。

Gregory Francfort, Guggenheim Securities.

古根漢證券的格雷戈里·弗蘭克福特（Gregory Francfort）。

Hey, thanks for the question.

嘿，謝謝你的提問。

I just wanted to double click in on Popeyes.

我只是想雙擊 Popeyes。

I think it's around 30% of your international growth, more than 100% of your domestic growth.

我認為這約佔你們國際成長的30%，超過你們國內成長的100%。

Comps slowed in kind of both regions this quarter.

本季兩個地區的同店銷售額均放緩。

I'm just wondering maybe what happened, how you bridge back to improved comps?

我只是想知道到底發生了什麼，你如何恢復到改進後的狀態？

And then maybe a state of play on where cash-on-cash returns are for the brand?

那麼也許品牌的現金報酬率處於什麼狀態呢？

Thanks.

謝謝。

Yes, Greg.

是的，格雷格。

So on Popeyes same-store sales, they were a little softer in Q3.

因此，Popeyes 的同店銷售額在第三季略有下滑。

And as I mentioned, I think we probably had a little bit of a gap in terms of the value offerings.

正如我所提到的，我認為我們在價值產品方面可能存在一點差距。

And we saw that, and I think we fixed that as we got into September and October.

我們看到了這一點，我認為我們在進入九月和十月時已經解決了這個問題。

And that's a meaningful part of what I mentioned in terms of the turn in global same-store sales performance going from about flat in Q3 to positive low single digits in October.

這是我提到的全球同店銷售業績轉變的一個有意義的一部分，從第三季的持平到十月份的正個位數成長。

So Popeyes saw a meaningful uptick once we got those value offerings in.

因此，當我們推出這些有價值的產品後，Popeyes 的銷售就出現了顯著的成長。

So I think we're back in a better place with Popeyes.

所以我認為 Popeyes 為我們帶來了更好的結果。

As it pertains to cash on cash returns, that's primarily driven by franchisee profitability.

就現金回報而言，這主要受特許經營商的獲利能力所驅動。

And we reported a pretty big step-up in franchise profitability last year.

我們報告稱，去年特許經營的盈利能力有了很大的提高。

We're also making a bunch of progress this year.

我們今年也取得了許多進展。

While sales have been a little bit softer in the last quarter, we found a lot of good opportunities to be smarter on the cost side.

儘管上個季度的銷售情況略有疲軟，但我們在成本方面發現了許多更明智的機會。

And so we're seeing a healthy uptick in franchise profitability, and that's ultimately what drives cash-on-cash returns and that unit growth that you've continued to see being pretty strong.

因此，我們看到特許經營盈利能力健康上升，這最終推動了現金回報和單位增長的強勁增長。

Lauren Silberman, Deutsche Bank.

德意志銀行的勞倫·西爾伯曼。

Thanks very much.

非常感謝。

Just a follow-up on Tims.

這只是對 Tims 的後續報導。

Can you just talk about the cadence of the trends that you saw throughout the quarter?

您能談談整個季度所看到的趨勢節奏嗎？

And any changes perhaps that you're seeing in the competitive environment?

您可能會看到競爭環境中有什麼改變嗎？

Are you guys implying that we should see pretty similar trends in the fourth quarter versus what you saw in the third quarter?

你們的意思是我們應該在第四季看到與第三季非常相似的趨勢嗎？

And then my larger question is just on the 2025 guide, you're rolling off Reclaim the Flame, low single-digit benefit to op income.

然後我更大的問題是，僅在 2025 年指南中，你正在推出“奪回火焰”，對營運收入的收益僅為個位數。

So as we think about '25, should that be an outsized year?

那麼當我們思考 25 年時，這應該是個非凡的年份嗎？

Just any thoughts on the puts and takes of underlying growth?

您對於潛在成長的利弊有什麼看法？

Thank you.

謝謝。

Lauren, thanks for the question.

勞倫，謝謝你的提問。

I'll take Tims and turn it over to Sami on the '25 question.

我將請蒂姆斯 (Tims) 回答‘25’問題，然後將其交給薩米 (Sami)。

We're not going to get too much into kind of the intra-quarter dynamics there.

我們不會過度討論季度內動態。

But I would just reinforce, we saw good healthy growth throughout driven by transactions.

但我想強調的是，我們看到了由交易推動的良好健康成長。

So it's pretty good.

所以這非常好。

And you can tell within that -- what we said about October, trends overall improved across the business, more driven by improvement in BK and Popeyes.

你可以從中看出——正如我們關於 10 月的討論，整個行業的整體趨勢有所改善，這更多是由於 BK 和 Popeyes 的改善所致。

So it'd give you some sense in the aggregate of what's going on, but we'll probably wait to update on the -- kind of on the specific business performance until we get through the whole of Q4.

因此，它會讓您大致了解正在發生的事情，但我們可能會等到整個第四季結束後再更新特定的業務表現。

Lauren, so just with respect to Burger King U.S. and as you think about the implications of Reclaim the Flame on what the outlook looks like for next year.

勞倫，僅就美國漢堡王而言，您可以思考「奪回火焰」計畫對明年前景的影響。

You're absolutely right.

你完全正確。

Going into next year, we will roll off the multiyear ad fund investment that we have put in.

進入明年，我們將完成已投入的多年廣告基金投資。

As a reminder, it's around $60 million a year that we contributed this year.

提醒一下，今年我們每年的捐款約為 6000 萬美元。

So that $60 million structurally will roll off.

因此，從結構上來說，這 6,000 萬美元將會滾存。

And because we did achieve -- we actually achieved by a wide margin, the franchisee profitability threshold, the franchisees will now take their ad fund contribution up from 4% to 4.5% for next year.

由於我們確實實現了 — — 我們實際上大幅實現了特許經營商的盈利門檻，特許經營商明年將把他們的廣告基金貢獻從 4% 提高到 4.5%。

So the aggregate ad fund will still be in a good place.

因此整體廣告基金仍將處於良好狀態。

But structurally, that investment will come off our P&L next year.

但從結構上來說，這項投資將從明年的損益表中扣除。

I'd say the only other dynamic to keep in mind with Reclaim the Flame is the capital investments alongside the franchisees that we make around remodels.

我想說，對於「Reclaim the Flame」項目，唯一需要牢記的其他動態是我們與加盟商一起對改造進行的資本投資。

We do expect the remodels to accelerate going into 2025 so you'll see those investments hit cash flow and a smaller impact on the P&L as it's amortized over the course of the franchise agreement.

我們確實預計改造將在 2025 年加速進行，因此您會看到這些投資對現金流產生影響，而對損益表的影響較小，因為它是在特許經營協議期間攤銷的。

And you'll see a bit in D&A.

您會在 D&A 中看到一些。

But the vast majority of it will be the roll-off of the $60 million going into 2025 which should be a nice tailwind for adjusted AOI and EPS.

但其中絕大部分將是 2025 年的 6,000 萬美元，這對於調整後的 AOI 和 EPS 來說應該是一個很好的順風。

Danilo Gargiulo, Bernstein.

達尼洛·加吉洛，伯恩斯坦。

I have a 2-part question.

我有兩個問題。

First of all, on Burger King U.S., I mean, some of your peers have been hinting towards expanding their value messaging into 2025 and even evolving the structure of their value menus.

首先，關於美國漢堡王，我的意思是，你們的一些同行已經暗示要將他們的價值訊息延伸到 2025 年，甚至改進他們的價值菜單的結構。

So how are you responding to that changing competitive dynamic?

那麼您如何應對這種不斷變化的競爭態勢？

And the second part is, you were shedding healthy expectations on profitability for Burger King this year and next year.

第二部分是，你對漢堡王今年和明年的獲利能力不抱有太好的預期。

What's your expectations for other brands?

您對其他品牌有何期望？

And maybe if you can dwell on the most positive feedback and the biggest state opportunity that you are receiving from your franchisees on each of the brands?

也許您可以仔細考慮您從每個品牌的特許經營商那裡得到的最積極的反饋和最大的狀態機會？

Thank you.

謝謝。

First on Burger King in the U.S., I think what we've seen -- and I think this plays out, especially in what's happened in October is Burger King in the U.S. and really around the world, we do best when we've got good value offerings, and we have things like the $5 Your Way meal that we've had for a while.

首先是關於美國漢堡王的情況，我想我們已經看到——而且我認為這會顯現出來，尤其是 10 月份發生的情況，對於美國漢堡王以及全球漢堡王來說，當我們提供物有所值的產品時，我們會做得最好，而且我們已經推出了一段時間的 5 美元 Your Way 套餐等產品。

But we also paired that with relevant innovation and a big focus on the whopper.

但我們也將其與相關創新以及對巨無霸的高度關注相結合。

And you saw that with what we did with Addams Family.

從我們為《亞當斯一家》所做的事情中你也看到了這一點。

We did a really cool Wednesday's Whopper with a purple potato bun, and a lot of really innovative sides, and that's what really drove the business to perform the best it has in a fair while here.

我們製作了非常酷的周三皇堡，配有紫薯麵包和許多非常有創意的配菜，這才是推動我們業務在相當長一段時間內表現最好的真正原因。

And I think that shapes a bit of our thinking as we look into Q4 and really into next year.

我認為這對我們展望第四季以及明年的前景有一些影響。

We do need to have good value offerings.

我們確實需要提供具有良好價值的產品。

We think we have something right now that works really well for the business.

我們認為我們現在擁有的一些對業務非常有利的東西。

We may tweak it slightly into 2025, but I think we're pretty happy with it overall.

我們可能會對 2025 年進行略微調整，但我認為總體而言我們對此非常滿意。

But as much as that, we want to make sure that we have relevant innovation and big whopper focus, really elevating our flagship whopper that -- when we have both of those things, I think, is when we perform our best, and you'll see us try to balance those as we get into next year.

但除此之外，我們還想確保我們擁有相關的創新和對巨無霸的關注，真正提升我們的旗艦巨無霸——當我們擁有這兩樣東西時，我認為，我們的表現是最好的，你會看到我們在進入明年時試圖平衡它們。

In terms of franchise profitability, I think the good news here is that in the 3 of our 4 kind of domestic businesses and the 3 biggest ones, we're making good progress.

就特許經營盈利能力而言，我認為好消息是，我們四種國內業務中的三種，也是最大的三項業務，都取得了良好的進展。

We mentioned already that Burger King is doing well this year, we're kind of stable to slightly up already.

我們已經提到，漢堡王今年的業績表現良好，已經比較穩定甚至略有上升。

And we're seeing progress in Popeyes, as I just mentioned.

正如我剛才提到的，我們看到了 Popeyes 的進展。

And of course, with Tim Hortons, we've had great sales, and that's been followed with some good progress in franchise profitability.

當然，有了 Tim Hortons，我們的銷售業績非常出色，而且特許經營的盈利能力也取得了良好的進步。

So I think it really speaks to the focus we've brought to franchise profitability that even in a year that's been a little bit more challenging on the sales side, we're continuing to make progress in making sure that the unit economics of our biggest businesses are healthy and improving, and I think that's really important to us and to our franchisees.

因此，我認為這確實說明了我們對特許經營盈利能力的關注，即使在銷售方面面臨更大挑戰的一年裡，我們仍在繼續取得進展，確保我們最大業務的單位經濟健康且不斷改善，我認為這對我們和我們的特許經營商來說都非常重要。

Sara Senatore, Bank of America.

美國銀行的薩拉‧塞納托爾 (Sara Senatore)。

I got some, well, 2 maybe questions on Burger King U.S. and Tims Canada, respectively.

我分別對美國漢堡王和加拿大 Tims 提出了一些問題，嗯，大概是 2 個。

What I wanted to know about Burger King is you mentioned some strong outperformance in October.

我想了解的是，您提到漢堡王十月表現強勁。

I guess it seems like there's just been more movement back and forth, share shifts in the market than historically has been the case.

我想這似乎只是市場的波動和份額變動比歷史上的情況要多。

And essentially, whoever has kind of the strongest tie-in.

本質上，誰擁有最強的搭配就誰就贏。

So I guess, are you seeing any improvement in the overall demand for the category versus other -- perhaps other categories?

所以我想，與其他類別相比，您是否看到該類別的整體需求有所改善？

Or are you mostly just trading share back and forth?

或者你們主要只是來回交易股票？

And if that's the case, I guess, how do you get comfort that the trends can persist and that your franchisees can hit their EBITDA goals because it does seem like maybe you've harvested some of that low hanging fruit, if you will.

如果確實如此，我想，您如何才能確信這種趨勢能夠持續下去，並且您的加盟商能夠實現他們的 EBITDA 目標，因為如果您願意的話，看起來您可能已經收穫了一些唾手可得的果實。

And so it's been a little bit more of a street fight, if you will, on the ground rather than kind of persistent share trends for any given brand.

因此，如果你願意的話，這更像是一場街頭鬥爭，而不是某個品牌持續的市場佔有率趨勢。

And I guess just Tims, maybe a similar question, you talked about strength in the afternoon but I think we heard some of your competitors have had very strong breakfast businesses.

我想只是蒂姆斯，也許是一個類似的問題，你談到了下午的實力，但我認為我們聽說你的一些競爭對手的早餐業務非常強勁。

So in aggregate, are you kind of giving some ground in breakfast and maybe taking some ground in the ground in the afternoon and the net effect is sort of kind of consistent with the overall Canada fast food market?

所以從總體上來說，你們是否會在早餐方面做出一些讓步，而在下午方面採取一些行動，而其淨效應是否與整個加拿大快餐市場一致？

Thanks.

謝謝。

Thank you for the questions.

感謝您的提問。

First on Burger King in the U.S., I think there is a couple of things going on there.

首先談談美國漢堡王，我認為那裡發生了幾件事。

Some are specific to things we're doing, and I think there are some signs of some improvement in the category.

有些是針對我們正在做的事情的，我認為這個類別有一些改善的跡象。

I think it is the case that what we saw in October was some improved performance of some of our marketing initiatives.

我認為，十月我們看到的一些行銷措施的表現有所改善。

I mentioned the Addams Family, that was a really great kind of partnership that we did there that was very successful, both on the flagship whopper but also on some of the sides that really resonated, whether it was Thing's Rings or our new Churro Fries, those did fantastic.

我提到了亞當斯一家，我們在那裡建立了一個非常棒的合作夥伴關係，並且取得了巨大的成功，不僅在旗艦皇堡上，而且在一些真正引起共鳴的配菜上，無論是 Thing's Rings 還是我們新款的西班牙油條，都取得了巨大的成功。

So I think when we get the marketing right, and when we really focus on the whopper, we tend to do really well.

所以我認為，當我們的行銷正確並且我們真正專注於打造巨型漢堡時，我們往往會做得很好。

And I think that helped us take some share here in the near term.

我認為這有助於我們在短期內佔據一些份額。

But I also do see some positive signs on the overall consumer.

但我也確實看到整體消費者的一些正面跡象。

I think if you look at a few of the things that help our guests out, things like inflation have been persistently trending down, gas prices have come down a little bit recently, and interest rates have started to come down.

我認為，如果您看一下對我們的客人有幫助的一些事情，您會發現諸如通貨膨脹一直呈持續下降趨勢，汽油價格最近有所下降，利率也開始下降。

And I think you can start to see that reflected a little bit in things like some of the consumer sentiment indices.

我認為您可以從一些消費者信心指數等方面開始看到這一點的體現。

If you look at the University of Michigan one, for example, the last couple of months, it started to trend upwards.

例如，如果你看看密西根大學，過去幾個月它開始呈現上升趨勢。

So it's early, but I think there are some positive signs for overall industry demand as well that are a bit encouraging to us.

雖然現在還為時過早，但我認為整個產業需求也出現了一些正面跡象，這對我們而言是件令人鼓舞的事。

And with respect to the Tims business, we're really doing pretty well across the business.

就 Tims 業務而言，我們整個業務的表現確實相當不錯。

I would mention just on both the afternoon, we already talked about, but also on breakfast, our breakfast food was up 5.8% year-on-year in the quarter.

我想提一下，不僅僅是下午我們已經討論過的事情，還有早餐，本季我們的早餐食品年增了 5.8%。

So we're actually doing pretty well across the business.

因此，我們整個業務的表現其實都相當不錯。

And as I said that's what gives us confidence as we go into Q4 and into 2025.

正如我所說，這給了我們進入第四季和 2025 年的信心。

Sara, it's Patrick.

薩拉，我是派崔克。

The one thing I would kind of add is Josh and I were both just out at the Burger King convention last week.

我想補充一點，喬許和我上週剛參加了漢堡王大會。

And Tom his team are doing an amazing job, but maybe more importantly, the franchisees are engaged and excited about the progress we're making.

湯姆和他的團隊做得非常出色，但也許更重要的是，特許經營者都對我們的進展感到興奮。

And while you may see some short-term back and forth based on who's running what promo at which time.

同時，您可能會看到一些短期的來回反复，這取決於誰在什麼時候進行什麼促銷。

What gives us real confidence and what gives our strong operators in Burger King real confidence is they're seeing systemic improvements in service levels that are driving stronger sales, they're seeing still the kind of mid-teen lifts as we do remodels.

讓我們真正有信心、讓漢堡王強大的經營者真正有信心的是，他們看到服務水準的系統性改善正在推動更強勁的銷售，他們仍然看到我們進行改造時那種中等程度的提升。

We're seeing these fundamental things as our restaurants look better as we give better service that are driving sales for them.

我們看到了這些基本的東西，因為我們的餐廳看起來更好，因為我們提供更好的服務，從而推動了銷售。

And we just need to continue to drive progress on those initiatives.

我們只需要繼續推動這些措施的進展。

And we frankly need to have more and more of our Burger King franchisees join the top half and drive those great results, and we're going to get where we need to go.

坦白說，我們需要越來越多的漢堡王特許經營商加入前半部分並推動這些出色的業績，這樣我們才能達到我們需要的目標。

But our big advantage is we do have those core improvements that we can make in our business, and that's going to drive results, which is what gives me some confidence that while you will see some short-term back and forth based on who's doing what, we've got the ability to improve -- continue to improve fundamentals, and that's what got us from underperforming the category a few years ago to performing kind of in line today, and it gives me confidence on how we can outperform into the future.

但我們的巨大優勢在於我們確實可以在業務中進行核心改進，而這將推動業績，這給了我有信心，儘管你會看到根據誰在做什麼而出現一些短期的來回波動，但我們有能力改進——繼續改善基本面，這就是我們從幾年前的表現不佳到今天的表現一致的原因，這讓我對我們未來如何能夠表現出色充滿信心。

Jon Tower, Citi.

花旗銀行的喬恩‧陶爾 (Jon Tower)。

Thanks.

謝謝。

Just a couple of quick ones for me on the Burger King U.S. business.

我只想簡單問一下關於漢堡王美國業務的情況。

First, I just want to confirm, you guys are still on track to launch the $1 million Whopper campaign.

首先，我想確認一下，你們仍在按計畫啟動 100 萬美元的皇堡活動。

I think it was November '24 when you guys had initially gone after it with the consumer?

我認為你們最初是在 1924 年 11 月與消費者一起進行這項工作的？

And then secondly, can you just speak to the returns you're seeing in the remodels.

其次，您能談談改造帶來的回報嗎？

Obviously, you're talking about the sales lift, but just the aggregate investment required so far and paybacks you're seeing to date?

顯然，您談論的是銷售額的成長，但到目前為止所需的總投資以及您迄今看到的回報是多少？

Thank you.

謝謝。

Jon, it's Josh.

喬恩，我是喬希。

On the first one on Burger King U.S. and the $1 million dollar Whopper, yes, that is still planned for November.

關於美國漢堡王和價值 100 萬美元的皇堡的第一則消息，是的，這仍計劃在 11 月發布。

And in terms of returns on the remodels, we underwrote those kind of looking for sort of a low teens uplift in sales, and as we mentioned, it's come in a little bit better than that.

就改造的回報而言，我們承保了那些尋求銷售額有低百分之十幾成長的客戶，正如我們所提到的，結果比這要好一些。

So the realized returns on average are coming in a little bit better than we expected.

因此，平均實際回報率比我們預期的要好一些。

And we usually target those for sort of a low teens return on capital.

我們通常將那些資本報酬率較低的企業作為目標。

So pretty happy with what we're seeing there so far.

我們對目前看到的情況感到非常滿意。

And I would tell you, even some of the recent ones we've seen, some of the new Sizzle restaurants are really amazing.

我想告訴你，即使是最近我們看到的一些新開的 Sizzle 餐廳，一些新的 Sizzle 餐廳也確實非常棒。

I'd really encourage everybody to check them out.

我真的鼓勵每個人去檢查一下。

They're beautiful.

它們很漂亮。

But also some of the sales results we're seeing on those have been really fantastic.

但我們看到的一些銷售業績確實非常出色。

We've done a bunch here in Miami with our company restaurants with some tremendous results so far.

我們在邁阿密與我們的公司餐廳做了很多合作，到目前為止取得了巨大的成果。

So I am very excited to see more and more Sizzles out there in the market as we get through the end of this year and especially, into next year.

因此，我很高興看到隨著今年年底，特別是明年的到來，市場上會出現越來越多的 Sizzle。

I think it's a really transformative image that really elevates the brand in the market.

我認為這是一個真正具有變革性的形象，可以真正提升品牌在市場上的地位。

Christine Cho from Goldman Sachs.

高盛的 Christine Cho。

Thank you for taking the question.

感謝您回答這個問題。

So I was hoping whether you can shed some light on any trends or spending shifts you've seen across various income cohorts specifically, I think in the last call, you did mention the $5 meal deals that are actually successfully driving trial and participation, particularly in the lower consumer cohort.

所以我希望您能具體說明您在不同收入群體中看到的任何趨勢或支出變化，我想在上次電話會議中，您確實提到了 5 美元的套餐實際上成功地推動了嘗試和參與，特別是在較低的消費者群體中。

But how does that look in terms of repeat and frequency, especially for that cohort?

但從重複性和頻率來看，情況如何，特別是對於該群體而言？

Yes, Christine, I'd say nothing too new to call out this quarter in terms of income cohort performance.

是的，克里斯汀，我認為就收入群體表現而言本季沒有什麼太新鮮的。

Most of the trends have been pretty consistent over the last few months there.

在過去幾個月裡，大多數趨勢都相當一致。

So I don't have anything else particular to add there that we found notable.

因此，我沒有發現其他值得特別補充的事。

That concludes today's question-and-answer session.

今天的問答環節到此結束。

So I'd like to pass the call back over to Josh Kobza for any closing remarks.

因此，我想將電話轉回喬許‧科布札 (Josh Kobza)，請他做最後發言。

Great.

偉大的。

Well, thank you all for your time today and all the great questions.

好吧，感謝大家今天的寶貴時間和提出的所有精彩問題。

We look forward to updating you again on our Q4 results in early 2025.

我們期待在 2025 年初再次向您更新我們的第四季業績。

Thanks, and have a great day.

謝謝，祝您有愉快的一天。

This concludes today's call.

今天的電話會議到此結束。

Thank you for your participation.

感謝您的參與。

You may now disconnect your lines.

現在您可以斷開線路了。