Restaurant Brands International Inc (QSR) 2024 Q4 法說會逐字稿

Good morning, and welcome to the Restaurant Brands International full year fourth quarter 2024 earnings conference call. (Operator Instructions) Please note, this event is being recorded. I would now like to turn the conference over to Kendall Peck, RBI's Head of Investor Relations. Please go ahead.

早上好，歡迎參加 Restaurant Brands International 2024 年第四季全年財報電話會議。（操作員指示）請注意，此事件正在記錄中。現在，我想將會議交給印度儲備銀行投資者關係主管 Kendall Peck。請繼續。

Thank you, operator. Good morning, and welcome to our earnings call for the year and quarter ended December 31, 2024. Joining me on the call today are Restaurant Brands International Executive Chairman, Patrick Doyle; CEO, Josh Kobza; and CFO, Sami Siddiqui. Following remarks from Josh, Sami and Patrick, we will open the call to questions.

謝謝您，接線生。早安，歡迎參加我們截至 2024 年 12 月 31 日的年度和季度收益電話會議。今天與我一起參加電話會議的還有 Restaurant Brands International 執行董事長 Patrick Doyle；執行長 Josh Kobza；和財務長薩米·西迪基（Sami Siddiqui）。在喬希、薩米和派崔克發言之後，我們將開始提問。

Today's discussion may include forward-looking statements, which are subject to risks detailed in the press release issued this morning and in our SEC filings. We will also reference non-GAAP financial measures. Reconciliations of which are available in the press release and trending schedules available on our website.

今天的討論可能包括前瞻性陳述，這些陳述可能受到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詳述的風險的影響。我們也將參考非公認會計準則財務指標。您可以在新聞稿中查看對帳記錄，也可以在我們網站上查看趨勢圖表。

Please note that franchisee profitability referenced on this call is based on unaudited self-reported franchisee data. As a reminder, following our acquisition of Carrols Restaurant Group, which closed on May 16, 2024, and and our acquisition of Popeyes China, which closed on June 28, 2024, we introduced a six reportable segment, Restaurant Holdings, which comprises the Popeyes China business and the Burger King Carrol's restaurants. The consolidated growth metrics discussed on this call, including organic adjusted operating income growth and organic adjusted EPS growth exclude results from the Restaurant Holdings segment.

請注意，本次電話會議中引用的特許經營商盈利能力是基於未經審計的特許經營商自我報告數據。提醒一下，在我們收購卡羅爾斯餐飲集團（於 2024 年 5 月 16 日完成）以及收購 Popeyes 中國（於 2024 年 6 月 28 日完成）之後，我們推出了六個可報告部門，即餐飲控股，其中包括 Popeyes 中國業務和漢堡王卡羅爾斯餐廳。本次電話會議討論的綜合成長指標，包括有機調整後營業收入成長和有機調整後每股收益成長，不包括餐廳控股部門的績效。

And with that, I'll turn it over to Josh.

現在我將把話題交給喬希 (Josh)。

Good morning, everyone, and thank you for joining us today. As I begin my third year in this role, I'm incredibly proud of the strong foundations we built across all of our businesses. I've spent the past two years traveling the world from Australia to Japan and Nova Scotia, visiting countless restaurants and connecting with our dedicated team members, franchisees and guests. Across every visit, one thing has remained clear, successful restaurants execute the fundamentals of quality, service and convenience with excellence.

大家早安，感謝大家今天的參與。當我開始擔任此職務的第三年時，我為我們在所有業務中建立的堅實基礎感到無比自豪。過去兩年，我遊歷了世界各地，從澳洲到日本和新斯科細亞省，參觀了無數餐館，並與我們敬業的團隊成員、加盟商和客人進行了交流。每次訪問，我們都會發現有一點很清楚：成功的餐廳總是以卓越的品質、服務和便利性為基本原則。

Reflecting on 2024, while we encounter challenges, our focus on delivering these fundamentals enabled us to provide even better experiences for our guests and outperform most of our global QSR peers from both the top line and bottom line perspective. In 2024, we grew comparable sales 2.3%, net restaurants, 3.4%; and system-wide sales by 5.4%.

回顧 2024 年，雖然我們面臨挑戰，但我們專注於實現這些基本目標，這使我們能夠為客人提供更好的體驗，並從營收和利潤兩個角度超越大多數全球 QSR 同行。2024 年，我們的可比銷售額成長 2.3%，淨餐廳銷售額成長 3.4%；全系統銷售額成長5.4%。

Our top line performance, coupled with disciplined cost management and a strong business model, drove significant operating leverage and resulted in 9% organic adjusted operating income growth. Our brands continue to stand out for their high-quality food and beverages. This year, we delighted guests with exciting menu innovations from Wednesday's Walker at Burger King in the US to our King to Best collaboration with a Michelin Star chef at Burger King Spain and seasonal hits like the Thanksgiving sub at Firehouse.

我們的營收表現，加上嚴格的成本管理和強大的商業模式，推動了顯著的經營槓桿，並帶來了 9% 的有機調整後營業收入成長。我們的品牌繼續因其高品質的食品和飲料而脫穎而出。今年，我們以令人興奮的菜單創新取悅了客人，從美國漢堡王的周三 Walker 到我們與西班牙漢堡王的米其林星級廚師合作的“King to Best”，再到 Firehouse 的感恩節三明治等季節性熱門菜餚。

Quality extends beyond menu and ingredients. It's also about execution and delivering a great guest experience. By enhancing team member training and upgrading restaurant equipment, we are strengthening in restaurant operations and elevating product satisfaction across our flagship offerings like Popeye Stone & Chicken, the Walker App Burger King and Tim's coffee and breakfast sandwiches.

品質不僅限於菜單和食材。這也與執行和提供出色的客戶體驗有關。透過加強團隊成員培訓和升級餐廳設備，我們加強了餐廳運營，並提高了大力水手石炸雞、沃克應用漢堡王和蒂姆咖啡和早餐三明治等旗艦產品的產品滿意度。

In 2024, Tims Canada reduced already remarkably fast drive-through times and hosted Tims Way training symposium to elevate hospitality. Popeyes US improved order accuracy, driver wait times and product satisfaction. And across all our businesses, we reinforced our commitment to excellence by transitioning underperforming franchise portfolios to stronger, more engaged operators. Expanding access to our brands for guests around the world remains a key focus.

2024 年，Tims Canada 進一步縮短了原本就非常快速的免下車取餐時間，並舉辦了 Tims Way 培訓研討會，以提升飯店服務水準。Popeyes US 提高了訂單準確性、司機等待時間和產品滿意度。在我們所有的業務中，我們透過將表現不佳的特許經營組合轉移給更強大、更有投入的運營商，加強了我們對卓越的承諾。擴大我們品牌在世界各地客人中的影響力仍然是我們的重點。

This year, we grew in 110 brand market combinations and improved our digital capabilities to facilitate a seamless experience for all guest interactions. By delivering on these three core fundamentals, quality, service and convenience, we are solidifying RBI as the preferred home for franchisees looking to grow their businesses and for industry talent looking to grow their careers across brands and geographies.

今年，我們的品牌市場組合數量增加了 110 個，並且提升了我們的數位化能力，為所有客人的互動提供無縫體驗。透過實現品質、服務和便利這三大核心基本原則，我們正在鞏固 RBI 作為尋求發展業務的特許經營商以及尋求跨品牌和跨地區發展事業的行業人才的首選之地的地位。

Our franchisees have the opportunity to invest in our four strong growing brands, offering high-quality products that resonate with guests worldwide, all while benefiting from RBI's global infrastructure and talent. We already have many examples of franchisees capitalizing on these opportunities.

我們的特許經營商有機會投資我們四個強勁發展的品牌，提供與全球客人產生共鳴的高品質產品，同時受益於 RBI 的全球基礎設施和人才。我們已經有許多特許經營商利用這些機會的例子。

From uriMaranda, who helped grow Burger King Brazil into a nearly $1 billion system-wide sales business and is now launching Firehouse Subs in that market to Gregorio Jimenez, who built a thriving Burger King business in Spain, later expanding to Portugal and adding King Spain, Popeye Spain and Popeye to its business or at Tim Hortons Canada, who've grown their business in Manitoba to now include Firehouse Subs.

從 uriMaranda 到 Gregorio Jimenez，他幫助漢堡王巴西公司發展成為一家價值近 10 億美元的系統性銷售企業，目前正向該市場推出 Firehouse Subs；再到 Gregorio Jimenez，他在西班牙打造了蓬勃發展的漢堡王業務，後來擴展到葡萄牙，並在業務中加入了 King Timin、Popeye Spain 和 Spaeye；

Supporting our franchisees' profitability remains foundational to our success. It's why we continue to be accountable to franchisees by sharing average restaurant profitability across our four brands in their home markets. We're two years into this commitment and feel good about the progress we've made. For 2024, average four wall EBITDA at Tims Canada exceeded CAD305,000, up from $280,000 in the prior year. And Popeye's US.

支持我們的特許經營商的盈利能力仍然是我們成功的基礎。這就是為什麼我們繼續透過分享我們四個品牌在本土市場的平均餐廳獲利能力來對加盟商負責。我們履行這項承諾已兩年，對所取得的進展感到滿意。預計 2024 年，Tims Canada 的平均四面牆 EBITDA 將超過 305,000 加元，高於前一年的 280,000 加元。還有大力水手的美國版。

increased to just over $255,000 from $245,000. Burger King US remained stable at $205,000, marking a substantial improvement from just two years ago. And Firehouse Subs saw a step back to approximately $90,000, largely due to broader subsandwich category sales dynamics over the summer and fall.

從245,000美元增至255,000多美元。漢堡王美國分店的薪資保持穩定，為 205,000 美元，與兩年前相比有大幅提升。而 Firehouse Subs 的銷量則回落至約 90,000 美元，這主要是由於夏季和秋季潛艇三明治類別的銷售動態更為廣泛。

Overall, we're very pleased with the improvements we delivered at Tim's and Popeyes, and we're working to return to growth at Burger King and Firehouse in 2025. While 2024 had its challenges, our teams and franchisees remain focused and resilient, positioning RBI and its brands for long-term success and for 2025 to be another year of 8% plus organic adjusted operating income growth.

總體而言，我們對 Tim's 和 Popeyes 的改進感到非常滿意，我們正在努力在 2025 年恢復漢堡王和 Firehouse 的成長。儘管 2024 年面臨挑戰，但我們的團隊和特許經營商依然專注且堅韌，為 RBI 及其品牌的長期成功做好準備，並確保 2025 年成為又一個 8% 以上的有機調整後營業收入增長的一年。

Together, we're building businesses that thrive on quality, service and convenience, while delivering meaningful value to our guests, our franchisees and their shareholders alike. With that, let's move into our second highlights, starting now with Tim Hortons. Tim Hortons delivered a strong performance in 2024 and surpassed $1 billion in AOI for the first time.

我們共同打造以品質、服務和便利為支柱的企業，同時為我們的客人、特許經營商及其股東提供有意義的價值。接下來，讓我們進入第二個亮點，從 Tim Hortons 開始。Tim Hortons 在 2024 年表現強勁，AOI 首次超過 10 億美元。

Tims Canada grew comparable sales 4.3%, significantly outpacing major peers in market, which declined 0.5% on average. For Q4, Tims in Canada delivered a 2.5% increase in comparable sales, again outperforming the industry, which was relatively flat. Growth in Canada was primarily driven by traffic, the best way to get it done, with Tim's delivering its 15th consecutive quarter of positive traffic growth, an impressive achievement given its leading market share position.

Tims Canada 可比銷售額成長 4.3%，遠超過市場上主要同業的增幅，後者平均下降 0.5%。第四季度，加拿大 Tims 的可比銷售額成長了 2.5%，再次超過了相對持平的行業水平。加拿大市場的成長主要由流量推動，這是實現成長的最佳方式，Tim 連續 15 個季度實現了流量正成長，考慮到其領先的市場份額地位，這是一項令人印象深刻的成就。

This success highlights Axle and the team's focus on offering guests quality food and beverages at a great price, having engaged restaurant owners and providing exceptional digital and physical convenience. Q4 morning daypart outpaced overall sales, fueled by high single-digit growth in breakfast sandwiches and reps, including an extension of our $3 hot breakfast sandwich offer.

這項成功凸顯了 Axle 及其團隊致力於以實惠的價格為客人提供優質的食品和飲料，並與餐廳老闆合作並提供卓越的數位和實體便利性。第四季早晨時段的銷售成長超過了整體銷售，這得益於早餐三明治和銷售代表的高個位數成長，包括延長我們的 3 美元熱早餐三明治優惠。

Our continued morning innovation, including our recent launch of freshly cracked Canadian scrambled eggs keeps us at the forefront of guest preferences. In the PM, we built on the success of our loaded and anytime snackers platforms with the launch of our Flatbread pizzas in April and delivered over 5% growth in PM Main Foods during the quarter. Flatbread pizzas support our goal of increasing Tim's presence throughout the day and expanding our appeal for families. We're excited to keep innovating with new flavors and side bearings that leverage our restaurants new ovens.

我們不斷進行早餐創新，包括最近推出的新鮮加拿大炒蛋，使我們始終處於客人喜好的前沿。在下午，我們憑藉我們隨時可吃的零食平台的成功，於 4 月推出了我們的 Flatbread 披薩，並在本季度實現了下午主食業務 5% 以上的增長。扁麵包披薩支持了我們實現這一目標：增加 Tim 全天的出現率並擴大我們對家庭的吸引力。我們很高興能夠利用我們餐廳的新烤箱不斷創新新口味和新側軸承。

We're also expanding our beverage leadership into strategic growth categories like cold and espresso-based beverages. Warmer-than-average Q4 temperatures contributed to over 6% growth in cold beverages, while our delicious lineup of ice caps, cold brews and continues to meet evolving guest preferences.

我們也將把我們的飲料領導地位拓展到冷飲和濃縮咖啡類飲料等策略性成長類別。第四季氣溫高於平均水平，推動冷飲銷量成長 6% 以上，同時我們美味的冰蓋、冷萃咖啡等產品系列繼續滿足不斷變化的客人喜好。

Meanwhile, our early results from new espresso machines, which are currently being tested in about 100 restaurants are showing promising potential. Our operations team and restaurant owners are committed to operational excellence. Q4 marked Tim's eighth consecutive quarter of year-over-year improvements and average weekday morning drive-through times, which now average about 28 seconds per car at the window.

同時，我們對新型濃縮咖啡機的早期測試結果顯示出良好的潛力。我們的營運團隊和餐廳老闆致力於卓越營運。第四季是 Tim 連續第八個季度實現同比增長，工作日早上平均駕車通過時間已達到平均約 28 秒。

This solidifies Tims as one of the fastest drive-through concepts in North America. The team's consistent focus on speed of service and enhancing guest satisfaction, boosting throughput and driving sales.

這鞏固了 Tims 作為北美最快的免下車服務概念之一的地位。團隊始終注重服務速度和提高客人滿意度、提升吞吐量和推動銷售。

We estimate every one second reduction in drive-through time translates to approximately $30,000 of incremental annual sales per restaurant. On the development front, we're very excited for Canada to return to positive net unit growth in 2025, supported by compelling unit economics and ambitious restaurant owners looking to expand, especially in underpenetrated regions like Western Canada and in rural areas.

我們估計，免下車服務時間每減少一秒，就意味著每家餐廳每年銷售額增加約 3 萬美元。在發展方面，我們非常高興加拿大能在 2025 年恢復正淨單位成長，這得益於令人信服的單位經濟效益和雄心勃勃的餐廳老闆的擴張願望，尤其是在加拿大西部和農村地區等滲透率較低的地區。

Tim Horton's deep community times remain a key pillar of its strength and brand love. In 2024, our restaurant owners helped raise CAD44 million for local charities and our Tims Foundation camps, including nearly CAD11 million from Holiday Smile Cookie in Q4. I'm incredibly proud of our Tims' team and our restaurant owners. Tim Horns remains one of the only brands in Canada consistently growing traffic, which was up nearly 3% for 2024. And we're doing it profitably for our restaurant owners.

Tim Horton 深度的社群時光仍然是其實力和品牌熱愛的重要支柱。2024 年，我們的餐廳老闆幫助當地慈善機構和 Tims Foundation 營地籌集了 4,400 萬加元，其中包括第四季度來自 Holiday Smile Cookie 的近 1,100 萬加元。我為我們的 Tims 團隊和餐廳老闆感到無比自豪。Tim Horns 仍然是加拿大唯一流量持續成長的品牌之一，2024 年流量成長了近 3%。我們這樣做是為了讓我們的餐廳老闆獲利。

With its strong value proposition, number one brand love, innovative marketing, operational excellence and dedicated restaurant owners, I'm confident Tims will continue to deliver positive sales growth and industry outperformance.

憑藉強大的價值主張、第一的品牌熱度、創新的營銷、卓越的運營和盡職盡責的餐廳老闆，我相信 Tims 將繼續實現積極的銷售增長和行業領先表現。

Shifting now to international, which continues to be a strong growth engine, closing the year with over 15,600 restaurants and over $18 billion in system-wide sales, approximately 60% of which was driven by our top 10 markets. We feel very good about the relative performance of our international business versus our global peers.

現在轉向國際市場，這仍然是一個強勁的成長引擎，今年年底我們擁有超過 15,600 家餐廳，全系統銷售額超過 180 億美元，其中約 60% 來自我們的十大市場。與全球同行相比，我們對我們的國際業務的相對錶現感到非常滿意。

In 2024, international comparable sales grew 3.3%, including 4.7% growth in the fourth quarter. We saw solid growth in many of our largest markets, including Australia, Spain, the UK and Brazil, thanks to well-executed calendar initiatives, compelling core value offerings and great restaurant level execution.

2024年，國際可比銷售額成長3.3%，其中第四季成長4.7%。由於執行良好的日曆計劃、引人注目的核心價值產品和出色的餐廳層面執行力，我們在澳洲、西班牙、英國和巴西等許多最大的市場都實現了穩健的成長。

We achieved net restaurant growth of 6.1%, despite temporary headwinds from geopolitical pressures in certain markets as well as net closures in BK China. While we don't have an update on BK China today, we're optimistic we'll have a resolution relatively soon, and Sami will provide you with a few financial details on the business shortly.

儘管某些市場面臨地緣政治壓力以及漢堡王中國門市關閉等暫時阻力，我們仍實現了 6.1% 的餐廳淨增長率。雖然我們今天沒有關於BK中國的最新進展，但我們樂觀地認為我們很快就會找到解決方案，Sami 很快就會向您提供有關該業務的一些財務細節。

Importantly, since most of the development slowdown stemmed from lower average restaurant sales or ARS markets like China, the overall impact on system-wide sales was minor. As a result, we delivered full year system-wide sales growth of 10%. Looking ahead, Tiago and his team are concentrating efforts on our highest ARS markets, such as those in Western Europe and Australia. Burger King France continues to shine, posting a $3.8 million ARS alongside 10% energy in 2024.

重要的是，由於大部分發展放緩源於平均餐廳銷售額較低或中國等 ARS 市場，因此對全系統銷售的整體影響很小。結果，我們實現了全年全系統銷售額成長 10%。展望未來，Tiago 和他的團隊將專注於我們 ARS 最高的市場，例如西歐和澳洲。漢堡王法國公司持續大放異彩，2024 年營收達 380 萬阿根廷比索，能源價格上漲 10%。

Popeyes UK, which opened a little over three years ago, surpassed 65 units this year, growing nearly 75% year-on-year and reached nearly $3 million in ARS, up from $2.6 million in 2023.

英國 Popeyes 快餐店開業僅三年多，今年已擁有超過 65 家分店，年增近 75%，零售額達到近 300 萬美元，高於 2023 年的 260 萬美元。

Meanwhile, Burger King Spain and Italy, each with strong ARS of $1.6 million, remains steady contributors to our restaurant expansion and the team at Hungary Jackson Australia continues its momentum, delivering nearly $2.6 million ARS across its 471 restaurants.

與此同時，漢堡王西班牙和義大利的餐廳營收均達到強勁的 160 萬美元，繼續為我們餐廳的擴張做出穩定的貢獻，匈牙利傑克遜澳洲的團隊則繼續保持強勁勢頭，在其 471 家餐廳中營收接近 260 萬美元。

We also know it's important to continue growing in markets with enormous white space opportunities like India and China. While these markets are not yet major drivers of AOI, we are laying the foundation to ensure that RBI brands become strong players in the world's largest QSR markets in the future. Additionally, our continued expansion of Popeyes, Tim Hortons and Firehouse Subs into new international markets will be a long-term catalyst for unit growth.

我們也知道，在印度和中國等擁有巨大空白機會的市場上持續成長非常重要。雖然這些市場尚未成為 AOI 的主要驅動力，但我們正在奠定基礎，以確保 RBI 品牌未來成為全球最大 QSR 市場的強大參與者。此外，我們繼續將 Popeyes、Tim Hortons 和 Firehouse Subs 拓展到新的國際市場，這將成為單位成長的長期催化劑。

Since acquiring Popeyes in 2017, we've brought the brand to more than 15 new markets, including New Zealand, Italy and Costa Rica in 2024. We've grown the business from roughly 500 international restaurants to nearly 1,500 today. And from around $300 million in system-wide sales to nearly $1.3 billion.

自 2017 年收購 Popeyes 以來，我們已將該品牌帶入 15 多個新市場，包括 2024 年的紐西蘭、義大利和哥斯達黎加。我們的國際餐廳數量從大約 500 家發展到如今的近 1,500 家。全系統銷售額從約 3 億美元增至近 13 億美元。

The brand's remarkable 47% system-wide sales growth this year, building on 61% growth from the prior year, showcases its incredible momentum. This success is driven by strong partnerships with our master franchisees, such as RBI Iberia, which expanded to over 150 locations in Spain in just five years and recently launched Popeyes in Italy.

該品牌今年的全系統銷售額成長了 47%，而去年的增幅為 61%，彰顯了其驚人的發展勢頭。這一成功得益於我們與主要特許經營商建立的牢固合作夥伴關係，例如 RBI Iberia，它在短短五年內擴展到西班牙的 150 多個門市，並最近在義大利推出了 Popeyes。

It's clear that Popeyes delicious, high-quality chicken and authentic Louisiana flavors resonate with guests around the world. And as we keep delivering strong system-wide sales growth, we will see more robust contribution to our AOI.

顯然，Popeyes 美味、優質的雞肉和正宗的路易斯安那風味受到了世界各地客人的共鳴。隨著我們繼續實現強勁的全系統銷售成長，我們將看到對 AOI 更強勁的貢獻。

Turning now to Burger King in the US and Canada, which grew comparable sales 1% in 2024. In the fourth quarter, Burger King US outperformed major burger QSR peers with a 1.5% increase in comparable sales, a solid achievement following last year's 6.4% increase. Tom, his team and our dedicated franchisees are executing the multiyear reclaiming the plan and providing guests exciting menu innovation, compelling value offerings and improved overall experience.

現在來看看美國和加拿大的漢堡王，其 2024 年可比銷售額成長了 1%。第四季度，漢堡王美國分店的可比銷售額增長了 1.5%，表現優於其他主要漢堡快餐店，這是繼去年 6.4% 的增長之後取得的強勁成績。湯姆、他的團隊和我們敬業的特許經營商正在執行多年的恢復計劃，並為客人提供令人興奮的菜單創新、引人注目的價值產品和改善的整體體驗。

By emphasizing operational excellence and investing in modern welcoming restaurants were setting the brand up for long-term success. Recent menu initiatives, such as the Addams Family menu featuring Wednesday's Whopper the $1 million Whopper campaign and the [milk] platform have reinforced that guests create innovation and high-quality food at a great price.

透過強調卓越營運和投資現代化溫馨餐廳，為品牌的長期成功奠定了基礎。最近的菜單舉措，例如以周三皇堡為特色的亞當斯一家菜單、價值 100 萬美元的皇堡活動和 [牛奶] 平台，都強調了客人以實惠的價格創造創新和高品質的食物。

For 2025, we'll continue leaning into our key differentiators of flame grilling the Whopper and have it our way, while enhancing quality and consistency through menu renovation and operational improvements. Operational excellence remains a key pillar of our strategy. In 2024, our A operators achieved average 4-wall EBITDA of over $275,000. That's 35% higher than the system average. This is one of the most compelling metrics we can share with our franchisees as it demonstrates the direct impact of operational excellence on running a healthy and growing business.

展望 2025 年，我們將繼續依靠火焰燒烤皇堡這一關鍵差異化因素，按照自己的方式進行製作，同時透過菜單革新和營運改進來提高品質和一致性。卓越營運仍然是我們策略的重要支柱。2024 年，我們的 A 級營運商實現的平均 4 壁 EBITDA 超過 27.5 萬美元。這比系統平均值高出 35%。這是我們可以與特許經營商分享的最引人注目的指標之一，因為它展示了卓越營運對健康成長型業務的直接影響。

It also reinforces our ongoing efforts at the corporate level to raise the bar, transitioning disengaged franchisees out of the system and attracting dedicated operators who share our vision for brand excellence.

它還加強了我們在公司層面不斷努力提高標準，將脫離系統的加盟商轉移出系統，並吸引那些與我們有著共同品牌卓越願景的專業營運商。

In January, I had the opportunity to meet with two such dedicated operators, Tim Foley and John Kaufman. Since acquiring about 20 restaurants in North Carolina in 2021 from an underperforming franchisee, they've transformed their portfolio, improving their franchise success score from a D to an A.

一月份，我有幸與兩位這樣的敬業操作員 Tim Foley 和 John Kaufman 會面。自 2021 年從一家表現不佳的特許經營商手中收購北卡羅來納州的約 20 家餐廳以來，他們改變了投資組合，將特許經營成功評分從 D 提高到了 A。

They delivered an over 30% increase in average restaurant sales and more than doubled their restaurant's four-wall EBITDA to an impressive $325,000 per store on average. Their success is built on the right fundamentals, instilling a culture of operational excellence, training and engaging their team members, executing with the guests first mentality and modernizing their assets. They exemplify how powerful Burger King can be in the hands of strong operators, which is why we're excited about their recent expansion, acquiring 30 more restaurants from another underperforming franchisee in the Carolina region.

他們實現了餐廳平均銷售額增長 30% 以上，餐廳四面牆 EBITDA 增加了一倍多，平均每家店達到驚人的 325,000 美元。他們的成功建立在正確的基本原則之上，灌輸卓越營運的文化，培訓和吸引團隊成員，以客人為先的理念執行並實現資產現代化。它們證明了漢堡王在強大的運營商手中可以發揮多大的威力，這也是我們對他們最近的擴張感到興奮的原因，他們從卡羅來納地區另一家表現不佳的特許經營商手中收購了 30 多家餐廳。

Modern image is another key driver of our success. During my trip to North Carolina, I toured two newly opened Carol Sizzle restaurants, and they are truly stunning. These restaurants showcase the future of Burger King, beautiful inviting and well-designed restaurants with modern guests and families in mind.

現代形像是我們成功的另一個關鍵驅動力。在北卡羅來納州旅行期間，我參觀了兩家新開幕的 Carol Sizzle 餐廳，它們確實令人驚嘆。這些餐廳展示了漢堡王的未來，美麗、誘人、設計精良的餐廳，充分考慮到現代客人和家庭的需求。

With about 80 Sizzles in operation today, we're thrilled with the early results and excited to see how these restaurants will inspire both our franchisees and our guests with a transformed Burger King experience. Our commitment to modernizing the Burger King system remains very strong.

如今，大約有 80 家 Sizzles 餐廳在營業，我們對早期的成果感到非常興奮，並且很高興看到這些餐廳將如何透過全新的漢堡王體驗激勵我們的特許經營商和客人。我們對於實現漢堡王系統現代化的決心依然堅定不移。

In 2024, we completed 370 remodels, including about 60 Carrols restaurants, bringing the system to 51% modern image. We have about 220 remodels that have been open for more than six months now, and they continue to deliver an average of mid-teens year one sales uplift net of control and even stronger improvements in franchisee profitability.

2024 年，我們完成了 370 項改造，其中包括約 60 家 Carrols 餐廳，使該系統達到 51% 的現代形象。目前，我們有大約 220 家改造門市，開業時間已超過六個月，這些門市第一年的平均銷售額繼續保持十五六成的增長，特許經營商的盈利能力也得到了更強勁的提升。

As we've previously shared with you, we're on track to reach 85% plus modern image by 2028, and we are confident this transformation will further strengthen Burger King's position in the industry. At Carrols, we made progress towards modern image by accelerating our pace of remodels in 2024.

正如我們之前與您分享的那樣，我們預計在 2028 年實現 85% 以上的現代形象，我們相信這一轉變將進一步鞏固漢堡王在行業中的地位。在 Carrols，我們在 2024 年加快了改造步伐，朝著現代形象邁進了一步。

Additionally, we've initiated work to begin refranchising select locations in 2025, two years ahead of our original plan and expect to accelerate refranchising efforts in 2026 and beyond. As we look ahead, Burger King is in a strong position to build on its recent success. With a continued focus on operational excellence, menu innovation and a modernized restaurant image, we are confident in our ability to drive sustainable, long-term growth for the brand and strong returns for our franchisees.

此外，我們已啟動在 2025 年開始重新特許經營選定地點的工作，比原計劃提前兩年，並預計在 2026 年及以後加快重新特許經營的力度。展望未來，漢堡王將佔據有利地位，並繼續鞏固其近期的成功。透過持續專注於卓越營運、菜單創新和現代化的餐廳形象，我們有信心推動品牌的可持續、長期成長，並為我們的特許經營商帶來豐厚的回報。

Turning now to Popeyes. In 2024, Popeyes continued its growth trajectory and grew net restaurants by 3.7%, driving a 4.2% increase in system-wide sales. While top line results came in softer than we would have liked, our $6 big box value meal and protein only three for $5 offering resonated with guests in Q4, helping us to modestly expand our share within the chicken QSR category this year.

現在來談談 Popeyes。2024年，Popeyes延續成長軌跡，淨餐廳數量成長3.7%，推動全系統銷售額成長4.2%。雖然營收結果不如我們預期的那麼好，但我們 6 美元的大盒裝超值套餐和 3 份 5 美元蛋白質套餐在第四季度受到了顧客的共鳴，幫助我們今年在雞肉 QSR 類別中適度擴大了份額。

Over the past few quarters, Jeff and team have been working closely with our franchisees on several strategic initiatives to support our Easy to Love plan. We're excited to announce that roughly 85% of Popeyes restaurants committed to amend their franchise agreement, resulting in alignment on our Easy to Love plan to drive sales through increased media investment and a unified restaurant image.

在過去的幾個季度中，Jeff 和他的團隊一直與我們的特許經營商密切合作，實施了多項策略舉措，以支持我們的 Easy to Love 計劃。我們很高興地宣布，大約 85% 的 Popeyes 餐廳承諾修改其特許經營協議，從而符合我們的 Easy to Love 計劃，即通過增加媒體投資和統一餐廳形象來推動銷售。

This amendment commits participating restaurants to test higher national advertising rates over three years beginning this April, with an initial step-up from 4.5% to 5% in year one and up to 5.5% by year three, subject to meeting certain profitability thresholds.

該修正案要求參與的餐廳從今年四月開始在三年內試行更高的全國廣告費率，第一年從 4.5% 初步提高到 5%，第三年提高到 5.5%，但須達到一定的盈利水平。

The amendment also establishes a remodel schedule by which most of the system will feature modern image by 2030, ensuring our guests will enjoy beautiful updated restaurants across all locations. As part of this commitment, participating franchisees will receive a $4,000 royalty credit per restaurant to offset the year one increased advertising investment, resulting in a $10.5 million investment from Popeyes. Taken together, the amendment supports our commitment to delivering impactful brand messaging, achieving modern image and providing greater flexibility and alignment for our franchisees.

該修正案還制定了一個改造時間表，到2030年，該系統的大部分將呈現現代形象，確保我們的客人能夠享受到所有地點美麗而更新的餐廳。作為該承諾的一部分，參與的特許經營商每家餐廳將獲得 4,000 美元的特許權使用費抵免額，以抵消第一年增加的廣告投資，最終 Popeyes 的投資額達到 1050 萬美元。總的來說，該修正案支持了我們致力於傳遞有影響力的品牌訊息、建立現代形像以及為我們的特許經營商提供更大的靈活性和一致性的承諾。

Meanwhile, we're advancing the Popeyes experience and simplifying operations with our Easy to Run initiative, which standardizes processes, enhances technology and introduces new kitchen equipment and a new production line. Following 18 months of testing across 200 locations, we are excited to begin rolling out these updates system-wide.

同時，我們正在透過「易於運行」計劃提升 Popeyes 體驗並簡化運營，該計劃標準化流程、增強技術並引入新的廚房設備和新的生產線。經過 200 個地點 18 個月的測試後，我們很高興開始在整個系統範圍內推出這些更新。

By the end of 2026, our goal is for all Popeyes locations in the US to feature cloud-based point-of-sale systems, digital drop charts, sticky label printers, order-ready boards kiosks and upgraded back-of-house equipment, including auto batter makers and improved hot holding units. These upgrades enhance the team member experience, reduce wait times and improve order accuracy, all while preserving the brand's unique Louisiana culinary heritage and our food quality.

到 2026 年底，我們的目標是讓美國所有 Popeyes 門市都擁有基於雲端的銷售點系統、數位投放表、不干膠標籤印表機、訂單就緒板亭和升級的後台設備，包括自動麵糊機和改進的熱保存裝置。這些升級增強了團隊成員的體驗，減少了等待時間並提高了訂單準確性，同時保留了品牌獨特的路易斯安那烹飪傳統和我們的食品品質。

Franchisees can also choose to implement the new production line as they adopt the upgraded equipment or during their restaurants next remodel. During a recent visit to Orlando and Houston, which are hub markets for Easy to Run, I saw firsthand how operators who have embraced these improvements are already delivering notable performance gains.

特許經營商還可以選擇在採用升級的設備時或在餐廳下次改造時實施新的生產線。在最近訪問「Easy to Run」的中心市場奧蘭多和休士頓期間，我親眼看到那些接受了這些改進的營運商已經取得了顯著的業績提升。

We also remain committed to our Easy to Access initiative and have been raising the bar for new franchisee development so that every new Popeyes restaurant delivers a great guest experience. While there's heightened focus on operational standards led to a slight slowdown in our pace of development, we still opened over 160 restaurants in 2024 and remained amongst the fastest-growing freestanding drive-through chicken QSR concepts in the US and Canada.

我們仍將致力於「輕鬆存取」計劃，並不斷提高新加盟商的發展標準，以便每家新的 Popeyes 餐廳都能為顧客帶來出色的體驗。雖然對營運標準的高度關注導致我們的發展速度略有放緩，但我們仍在 2024 年開設了 160 多家餐廳，並且仍然是美國和加拿大增長最快的獨立免下車雞肉 QSR 概念之一。

As we look ahead, we plan to build on this momentum through new format innovations that enhance convenience, optimize build costs and uphold strong average unit volumes. We are confident these strategic priorities and our franchisee alignment will strengthen Popeyes' competitive position and drive sustainable growth well into the future.

展望未來，我們計劃透過新業態創新來鞏固這一勢頭，以提高便利性、優化建設成本並保持強勁的平均單位銷售。我們相信，這些策略重點和我們的特許經營商聯盟將增強 Popeyes 的競爭地位，並推動未來的永續成長。

I'll close with an update on Firehouse subs in the US and Canada. While full year comparable sales declined about 1% due to broader US sub sandwich category challenges in Q3, we saw about 5 points of sequential improvement in Q4, resulting in flat comparable sales for the quarter. This was driven by the successful launch of our hot soft bar and the introduction of delicious menu innovations such as our Thanksgiving and French dip subs as well as strong performance in Canada.

最後，我想介紹一下美國和加拿大 Firehouse 潛水艇的最新情況。儘管由於第三季美國三明治類別面臨更廣泛的挑戰，全年可比銷售額下降了約 1％，但第四季度環比銷售額增長了約 5 個百分點，導致本季度可比銷售額持平。這是由於我們成功推出了熱軟吧、推出了感恩節和法式蘸醬三明治等美味菜單創新以及在加拿大的強勁表現。

On the development side, after several years of laying important foundational groundwork, including development team investments moving away from our legacy area developer arrangements and introducing targeted development incentive programs, we are now seeing real acceleration in net restaurant growth. This year, Mike and team opened 80 net new restaurants across the US and Canada and more than doubled net restaurant growth from 3% last year to over 6% in 2024.

在開發方面，經過數年的重要基礎工作，包括開發團隊投資脫離傳統區域開發商安排，並引入有針對性的開發激勵計劃，我們現在看到餐廳淨增長真正加速。今年，麥克和他的團隊在美國和加拿大開設了 80 家新餐廳，餐廳淨成長率從去年的 3% 增加一倍多，預計到 2024 年將達到 6% 以上。

Looking ahead, our development pipeline for 2025 is even stronger, reinforcing our confidence in delivering another year of accelerated expansion. We're excited to continue building on this success and bringing Firehouse Subs to even more guests across North America in the years ahead.

展望未來，我們2025年的開發計畫更加強大，這增強了我們實現另一年加速擴張的信心。我們很高興能夠繼續鞏固這一成功，並在未來幾年將 Firehouse Subs 帶給北美更多的客人。

With that, I'll hand it over to Sami to walk you through our financial results.

說完這些，我將交給薩米來向你們介紹我們的財務表現。

Thanks, Josh, and good morning, everyone. Today, I'll discuss our long-term outlook, our 2024 financial results and capital structure and some modeling nuances to keep in mind for the upcoming year. I'll also provide some incremental color on Burger King China.

謝謝，喬希，大家早安。今天，我將討論我們的長期展望、2024 年的財務表現和資本結構以及來年需要牢記的一些模型細節。我還將提供一些有關漢堡王中國的附加資訊。

Last February, we introduced RBI's first long-term growth algorithm, targeting 3%-plus comparable sales, 5% plus net restaurant growth, 8%-plus system-wide sales growth and 8%-plus organic AOI growth on average over the five year period from 2024 through 2028. We acknowledge from the offset the results could fluctuate year-to-year due to market dynamics, unexpected headwinds or strategic investments and that we're committed to making the right long-term decisions for our business to ensure sustainable growth and strong financial performance.

去年 2 月，我們推出了 RBI 的第一個長期成長演算法，目標是在 2024 年至 2028 年的五年期間，實現平均 3% 以上的可比銷售額、5% 以上的淨餐廳成長、8% 以上的全系統銷售額成長和 8% 以上的有機 AOI 成長。我們從一開始就承認，由於市場動態、意外阻力或策略投資，業績可能逐年波動，我們致力於為我們的業務做出正確的長期決策，以確保可持續成長和強勁的財務表現。

2024 was a good example of this. Global comps grew 2.3% and outpacing global QSR peers, but still reflecting a challenging consumer backdrop, moderated pricing and some periods of marketing softness across some of our brands. Net restaurant growth of 3.4% was affected by a few discrete items, including a development slowdown in geopolitically impacted markets and a 100 basis point year-over-year headwind from Burger King China.

2024 就是一個很好的例子。全球同店銷售額成長 2.3%，超過全球 QSR 同行，但仍反映出消費者面臨挑戰的背景、價格適中以及部分品牌的行銷疲軟時期。3.4% 的餐廳淨成長率受到一些獨立因素的影響，包括受地緣政治影響的市場的發展放緩，以及漢堡王中國同比下降 100 個基點的逆風。

Importantly, given the low ARS contribution from BK China restaurants averaging around $400,000 per unit, we did not experience a material impact to system-wide sales. We know energy expectations are top of mind, and we expect to have a resolution for Burger King China relatively soon.

重要的是，鑑於 BK 中國餐廳的 ARS 貢獻較低，平均每家約 40 萬美元，我們並未受到全系統銷售的重大影響。我們知道能源預期是首要考慮的問題，我們期望很快就能為漢堡王中國找到解決方案。

Following a resolution, we will be able to update you with any potential implications on our energy targets. Importantly, we are on track to achieve our guidance for 8% plus organic AOI growth, supported by continued cost discipline and a development focus on higher system-wide sales and AOI contribution markets.

決議達成後，我們將向您通報對我們的能源目標的任何潛在影響。重要的是，我們預計將實現 8% 以上的有機 AOI 成長預期，這得益於持續的成本控制以及對更高全系統銷售額和 AOI 貢獻市場的開發重點。

At Tims, we're excited to return to positive net unit growth in Canada, while accelerating in the US Importantly, Canadian unit growth where ARS is CAD2.4 million on average is accretive to both system-wide sales and AOI growth. At BK, where ARS has now reached $1.6 million per unit, we expect a more stable development outlook. While remodels remain our top priority, we are also giving strong operators with a modern portfolio with the opportunity to expand.

在 Tims，我們很高興看到加拿大的淨單位成長重回正值，同時美國的成長也在加速。在 BK，ARS 現已達到每單位 160 萬美元，我們預計發展前景將更加穩定。雖然改造仍然是我們的首要任務，但我們也為擁有現代化產品組合的強大營運商提供了擴張的機會。

At Popeyes, we've added nearly 1,300 restaurants since 2017 and reached over $1.9 million ARS in the US The team has been doing the right thing for the long-term health of the brand by ensuring new development occurs with the strongest operators. We expect to see continued growth at Popeyes, supported by strong and improving unit economics.

在 Popeyes，我們自 2017 年以來增加了近 1,300 家餐廳，在美國的營收超過 190 萬美元。我們預計，在強勁且不斷改善的單位經濟效益的支持下，Popeyes 將繼續成長。

Firehouse, which delivers nearly $1 million in ARS achieved impressive NRG acceleration in 2024 and is well positioned for another strong year in '25. And finally, in our international markets, growth will be driven by a mix of new brand market combinations as well as increased penetration in existing high ARS markets like France, Australia and the UK.

Firehouse 的 ARS 收入接近 100 萬美元，在 2024 年實現了令人印象深刻的 NRG 加速，並為 25 年再創輝煌做好了準備。最後，在我們的國際市場上，成長將由新品牌市場組合以及法國、澳洲和英國等現有高 ARS 市場的滲透率提高所推動。

Adding that all up, we are confident our business, brands and partners can support reaching 5% NRG over time. While 2024 top line results were below our long-term average targets, disciplined cost management enabled us to deliver above-average organic AOI growth of 9%, underscoring the strength of our business model.

綜上所述，我們相信我們的業務、品牌和合作夥伴能夠支持隨著時間的推移實現 5% 的 NRG。雖然 2024 年的營收業績低於我們的長期平均目標，但嚴格的成本管理使我們能夠實現高於平均水平的 9% 有機 AOI 成長，凸顯了我們商業模式的實力。

Our two largest businesses, Tim Hortons and International stood out highlighting their strong fundamentals. Tim's achieved over 10% organic AOI growth in 2024, building on 7% growth last year, while international grew organic AOI over 7%, following a robust 15% increase in 2023.

我們最大的兩家企業 Tim Hortons 和 International 脫穎而出，凸顯了其強勁的基本面。Tim's 在去年 7% 的成長基礎上，於 2024 年實現了超過 10% 的有機 AOI 成長，而國際業務在 2023 年實現 15% 的強勁成長後，有機 AOI 成長超過 7%。

Turning now to a few callouts from the year and the fourth quarter. First, segment G&A for the full year, excluding restaurant holdings, decreased to $632 million, driven by a $15 million decrease in Q4. This was primarily due to lower incentive-based compensation and benefits and benefits from cost initiatives identified during 2024, which should continue to flow through our P&L through the first half of 2025.

現在來討論一下今年和第四季的一些情況。首先，不包括餐廳控股在內的全年部門一般及行政開支下降至 6.32 億美元，原因是第四季度的一般及行政開支減少了 1,500 萬美元。這主要是由於 2024 年確定的激勵性薪酬和福利以及成本計劃帶來的收益較低，這些收益應會繼續流入我們的損益表直至 2025 年上半年。

Second, in Q4, Tim Supply Chain saw a $20 million increase in organic gross profit dollars, driven by lapping an $11 million trade expense true-up in the CPG business from Q4 of '23 and a $9 million increase in the underlying supply chain business. Full year gross profit margin was 19.5%, which was slightly ahead of our guidance of around 19%.

其次，在第四季度，Tim Supply Chain 的有機毛利增加了 2,000 萬美元，這得益於 CPG 業務較 23 年第四季增加了 1,100 萬美元的貿易費用，以及基礎供應鏈業務增加了 900 萬美元。全年毛利率為19.5%，略高於我們預期的19%左右。

And lastly, we recorded $20 million of net bad debt expenses in Q4 and primarily related to Burger King China, which I will expand on shortly. Now turning to EPS. 2024 adjusted EPS increased to $3.34 per share from $3.24 last year, representing organic growth of 4.4%, while Q4 adjusted EPS grew 11% organically year-over-year to $0.81 per share.

最後，我們第四季記錄了 2000 萬美元的淨壞帳費用，主要與漢堡王中國有關，我將在稍後詳細說明。現在轉向 EPS。 2024 年調整後每股收益從去年的 3.24 美元增至每股 3.34 美元，有機增長 4.4%，而第四季度調整後每股收益同比有機增長 11% 至每股 0.81 美元。

As a reminder, our 2023 adjusted EPS, it included a $0.12 per share net benefit related to discrete noncash tax items. For the full year '24, we had roughly an 18% adjusted effective tax rate. Assuming no changes in tax policy, we'd expect our 2025 tax rate to be in the 18% to 19% range, though we will be monitoring potential legislation closely.

提醒一下，我們 2023 年的調整後每股盈餘包括與單獨非現金稅項相關的每股 0.12 美元的淨收益。24年全年，我們的調整後有效稅率約為18%。假設稅收政策沒有變化，我們預計 2025 年的稅率將在 18％ 至 19％ 之間，但我們將密切關注潛在的立法。

2024 adjusted net interest expense was $554 million, which was slightly better than our prior guidance due to benefits from our proactive FX risk management through cross-currency swaps.

2024 年調整後的淨利息支出為 5.54 億美元，略好於我們先前的預期，這得益於我們透過交叉貨幣互換進行主動的外匯風險管理。

In Q4, we upsized our USD CAD swap from $5 billion to $5.7 billion, and we extended the maturities through 2030 to better align with our debt maturities. In 2025, our net interest expense will reflect a full year of benefits from these upsized cross-currency swaps as well as the benefits of our 2024 refinancings and our interest rate swaps.

在第四季度，我們將美元加元掉期規模從 50 億美元增加到 57 億美元，並將期限延長至 2030 年，以更好地與我們的債務到期日保持一致。2025 年，我們的淨利息支出將反映這些擴大的交叉貨幣互換帶來的全年收益以及 2024 年再融資和利率互換帶來的收益。

As a result of all of these, we expect adjusted net interest expense to improve to the $500 million to $520 million range based on an average SOFR rate of 4.2%, which flows through to approximately 15% of our debt.

綜合上述因素，我們預計調整後的淨利息支出將按照 4.2% 的平均 SOFR 利率改善至 5 億至 5.2 億美元之間，這將占我們債務的約 15%。

Turning now to free cash flow and our capital structure. We generated $1.5 billion in free cash flow, inclusive of approximately $180 million of cash benefits from our hedges. Our strong cash flow generation allows us to continue investing in key initiatives like reclaim the plan at Burger King US while returning over $1 billion of capital to shareholders via a healthy and growing dividend. This year, we successfully met our mid 4x net leverage target, ending 2024 with $2.6 billion of liquidity and net leverage of 4.5 times assuming a full year of Carrols results.

現在來談談自由現金流和我們的資本結構。我們產生了 15 億美元的自由現金流，其中包括來自對沖的約 1.8 億美元的現金收益。強勁的現金流生成能力使我們能夠繼續投資於一些關鍵舉措，例如恢復美國漢堡王的計劃，同時透過健康且不斷增長的股息向股東返還超過 10 億美元的資本。今年，我們成功實現了 4 倍中段淨槓桿目標，假設 Carrols 全年業績良好，到 2024 年底，流動性將達到 26 億美元，淨槓桿率將達到 4.5 倍。

Looking forward, we continue to monitor the interest rate environment, and we intend to continue prioritizing deleveraging. I'd now like to spend a moment on Burger King China. As previously mentioned, we expect to have an update soon and thought would be helpful to provide some financial context on the business. In 2024, we generated $37 million of royalty and franchise fee revenue from BK China, $19 million of which was reflected in our. After terminating the agreement in October, we recorded bad debt expense for the remaining $18 million of revenue recognized but not collected.

展望未來，我們將繼續關注利率環境，並打算繼續優先考慮去槓桿。現在我想花一點時間談談漢堡王中國。正如前面提到的，我們希望很快得到更新，並認為提供一些業務財務背景資訊會有所幫助。2024 年，我們從 BK 中國獲得了 3,700 萬美元的特許權使用費和特許經營費收入，其中 1,900 萬美元反映在我們的收入中。在10月份終止協議後，我們對剩餘的已確認但未收到的1800萬美元收入記錄了壞帳費用。

Therefore, if you were to model no change in the current situation, we would see a $19 million year-over-year impact to our 2025 AOI or about $0.03 on an EPS basis.

因此，如果您對當前情況進行建模，則我們會看到 2025 年 AOI 的同比影響為 1900 萬美元，或每股收益約為 0.03 美元。

Even factoring in this potential headwind, we are confident we would still deliver 8%-plus AOI growth in 2025. I'd also like to discuss Restaurant Holdings. As a reminder, RH includes our BK Carrols restaurants, Popeyes China and starting in 2025 Firehouse Brazil. We do not plan to own and operate these businesses permanently, which is why we've carved them out to maintain the franchisor relationship with our BK and International segments.

即使考慮到這一潛在的不利因素，我們仍有信心在 2025 年實現 8% 以上的 AOI 成長。我還想討論一下餐廳控股。提醒一下，RH 包括我們的 BK Carrols 餐廳、Popeyes China 以及從 2025 年開始的 Firehouse Brazil。我們並不打算永久擁有和經營這些業務，這就是為什麼我們將它們分離出來以維持與 BK 和國際部門的特許經營關係。

2025 will be our first full year with RH in our consolidated results, so there are a few modeling items worth noting. At BK Carrolls, we expect Q1 to see between 150 basis points to 200 basis points of restaurant level EBITDA margin compression compared to our fourth quarter margin of 12.3%. This is driven by normal Q1 seasonality, the stepped-up assume levy following our completion of the fuel to flame investment and the higher commodity costs primarily related to beef.

2025 年將是我們合併績效中包含 RH 的第一個完整年份，因此有幾個建模項目值得注意。在 BK Carrolls，我們預計第一季餐廳級 EBITDA 利潤率將壓縮 150 個基點至 200 個基點，而第四季的利潤率為 12.3%。這是由第一季的正常季節性、我們完成燃料到火焰投資後增加的假設稅以及主要與牛肉相關的商品成本上漲所致。

We also expect to have a step-up in segment G&A for RH from $59 million in 2024 to around $100 million in 2025 as we incorporate a full year of results of BK Carrols and build out our teams for Popeyes China and Firehouse Brazil.

我們也預計，隨著我們納入 BK Carrols 全年業績並為 Popeyes China 和 Firehouse Brazil 組建團隊，RH 分部的 G&A 費用將從 2024 年的 5900 萬美元增至 2025 年的 1 億美元左右。

I'll now wrap up with 4 additional modeling topics for the year ahead. First, total CapEx, TI and remodel incentives will be between $400 million and $450 million for the full year 2025 as compared to over $330 million in 2024, both including CapEx related to RH. This increase is primarily driven by modern image investments at BK US, increased remodels and development at Tims Canada and accelerating development at Popeyes China. Second, with the US dollar strengthening, we thought it would be helpful to provide a perspective on our FX exposure.

現在我將總結未來一年的另外 4 個建模主題。首先，2025 年全年總資本支出、TI 和改造獎勵措施將在 4 億至 4.5 億美元之間，而 2024 年將超過 3.3 億美元，其中均包括與 RH 相關的資本支出。這一成長主要得益於 BK US 的現代形象投資、Tims Canada 的改造和開發的增加以及 Popeyes China 的加速發展。其次，隨著美元走強，我們認為提供有關外匯風險敞口的觀點將會有所幫助。

For every $0.01 change in the USD CAD and the USD euro, we see a roughly $8 million and $4 million annual AOI impact, respectively. Based on today's rates and assuming rates were to stay constant for the rest of the year, this would translate to a nearly $15 million FX headwind to our Q1 AOI and around $45 million for the full year.

美元兌加幣和美元兌歐元每變化0.01美元，我們將分別看到每年約800萬美元和400萬美元的AOI影響。根據今天的匯率，並假設匯率在今年剩餘時間內保持不變，這將意味著我們第一季的 AOI 將面臨近 1500 萬美元的外匯逆風，全年將面臨約 4500 萬美元的外匯逆風。

For context, in both 2024 and 2023, the business saw about a $38 million annual AOI impact from FX. Third, as we think about our earnings and comparable sales trajectory for the year, we anticipate Q1 to be the lowest absolute same-store sales and EPS quarter due to typical seasonality and as well as a tougher comparable sales lap, including the roughly 100 basis point leap day benefit our business in Q1 of '24.

舉例來說，在 2024 年和 2023 年，該業務每年因外匯而產生的 AOI 影響約為 3,800 萬美元。第三，當我們考慮今年的盈利和可比銷售走勢時，我們預計第一季將是絕對同店銷售額和每股收益最低的季度，這是由於典型的季節性以及更艱難的可比銷售週期，包括24年第一季大約100個基點的閏日給我們的業務帶來的好處。

We expect the year-over-year comparisons to ease into the summer months. And finally, because we achieved our 2024 Fuel to Flam franchisee profitability target, Burger King US franchisees have increased their ad fund levy from 4% to 4.5% beginning in 2025 through at least 2026.

我們預計，進入夏季，年比情勢將會逐漸改善。最後，由於我們實現了 2024 年 Fuel to Flam 特許經營商的盈利目標，漢堡王美國特許經營商已將其廣告基金徵收率從 2025 年開始從 4% 提高到 4.5%，至少持續到 2026 年。

As a result, our Burger King corporate advertising fund contribution, which was $58 million in 2024 will fall off in 2025. This benefit should help offset potential year-over-year drags from BK China bad debt, which I already discussed, and a $20 million reset in incentive-based compensation in G&A that stems from a lower bonus payout in 2024.

因此，我們對漢堡王企業廣告基金的貢獻（2024 年為 5,800 萬美元）將在 2025 年下降。這項福利應有助於抵消我之前討論過的 BK 中國壞帳可能帶來的同比拖累，以及由於 2024 年獎金支出減少而導致的 2000 萬美元 G&A 激勵性薪酬重置。

I know this is a lot, but as we start the year, we want to give you as much clarity as we can around the puts and takes of the P&L. In summary, we are pleased with our bottom line results in 2024 and are confident we will deliver another year of 8%-plus organic AOI growth in 2025.

我知道這很多，但在新的一年開始之際，我們希望盡可能清楚地讓您了解損益表的優缺點。總而言之，我們對 2024 年的獲利結果感到滿意，並有信心在 2025 年再次實現 8% 以上的有機 AOI 成長。

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. As I reflect on the past year, the first thing I want to highlight is franchisee profitability, the foundation for driving sustainable growth across all aspects of our business. In 2024, we remained laser-focused on enhancing franchisee profitability through top line growth, operational improvements and modernizing our restaurant image.

謝謝你，薩米。回顧過去的一年，我首先要強調的是特許經營商的獲利能力，這是推動我們業務各個方面可持續成長的基礎。2024 年，我們將繼續專注於透過收入成長、營運改善和餐廳形象現代化來提高特許經營商的獲利能力。

Our continued emphasis on operational excellence, including all the hard work our franchising and development teams are doing to place our restaurants in the hands of engaged operators is already starting to deliver results.

我們持續強調卓越運營，包括我們的特許經營和開發團隊為將我們的餐廳交到敬業的運營商手中而做的所有努力，這些都已經開始取得成果。

At RBI, we also used our global procurement capability to drive incremental savings for franchisees. As you know, we fully own the procurement and supply chain at Tim Hortons in Canada and consistently deliver savings and best-in-class service to our franchisees. And recently, our procurement team has been working much more closely with the Popeyes and Burger King systems as well. We're already seeing the impact of these efforts. Tim Hortons has exceeded our CAD300,000 goal and Popeyes continues making strides towards reaching the USD300,000 mark.

在 RBI，我們也利用我們的全球採購能力為特許經營商帶來增量節省。如您所知，我們完全擁有加拿大 Tim Hortons 的採購和供應鏈，並持續為我們的特許經營商提供節省的成本和一流的服務。最近，我們的採購團隊也與 Popeyes 和 Burger King 系統進行了更密切的合作。我們已經看到了這些努力的效果。Tim Hortons 已超越了我們 30 萬加元的目標，而 Popeyes 則繼續努力，朝著 30 萬美元的目標邁進。

Burger King US was relatively stable this year, while Firehouse did experience some pressure due to a challenging category environment. That said, when I look at franchisee profitability compared to just two years ago and when I hear directly from our franchisees about their optimism in the business, it's clear that our franchisee base is far stronger today and that directly translates to healthier brands.

漢堡王美國公司今年的表現相對穩定，而 Firehouse 則因嚴峻的品類環境而面臨一些壓力。儘管如此，當我將特許經營商的盈利能力與兩年前進行比較，並直接從我們的特許經營商那裡聽到他們對業務的樂觀態度時，很明顯，我們的特許經營商基礎今天更加強大，這直接轉化為更健康的品牌。

At the end of the day, it's franchisee profitability that fuels our ability to hit our growth targets, which is why it remains a top priority for me and the entire team. Taking a closer look at each of our businesses, I couldn't be prouder of what we're achieving together. Tims continues to prove quarter after quarter, its incredible strength and ongoing potential.

歸根結底，特許經營商的盈利能力決定了我們實現成長目標的能力，這就是為什麼它仍然是我和整個團隊的首要任務。仔細審視我們的每一項業務，我為我們共同取得的成就感到無比自豪。Tims 在第一季又一季證明其驚人的實力和持續的潛力。

We're one of the only brands growing traffic in Canada, and we're doing it while maintaining leading market share, an incredible achievement, especially for a brand of our scale. The return to positive unit growth in 2025 reflects the brand's strong underlying unit economics, and we're thrilled to bring more Tims restaurants to communities across Canada.

我們是唯一在加拿大流量不斷增長的品牌之一，我們也保持了領先的市場份額，這是一項令人難以置信的成就，尤其是對於我們這種規模的品牌而言。2025 年恢復正單位成長反映了該品牌強勁的潛在單位經濟效益，我們很高興能將更多的 Tims 餐廳帶到加拿大各地的社區。

Our international business is a standout performer. It's growing at a strong pace and continuing to outshine global peers. We see tremendous white space opportunities with new brand market combinations and lots of headroom in our existing higher ARS markets as well. Obviously, we're addressing a few markets where we face challenges, but the opportunities far outweigh these obstacles. Looking forward, I'm confident that we'll see momentum across the globe.

我們的國際業務表現突出。它正以強勁的速度成長並繼續超越全球同行。我們看到，新的品牌市場組合帶來了巨大的空白機遇，而我們現有的較高 ARS 市場也擁有巨大的發展空間。顯然，我們正在應對一些面臨挑戰的市場，但機會遠遠超過這些障礙。展望未來，我相信我們將看到全球範圍內的強勁發展勢頭。

In the US, Burger King continues making meaningful progress by staying committed to doing the right things for the long term whether it's for the brand, our franchisees or our guests. It's clear that the team's efforts to clean up our franchisee and restaurant base is paying off. And I believe most of our troubled situations are behind us.

在美國，漢堡王總是致力於長期做正確的事情，無論是為了品牌、特許經營者還是我們的客人，從而繼續取得有意義的進步。顯然，團隊清理我們的特許經營商和餐廳基地的努力正在取得成效。我相信，我們大多數的困境都已成為過去。

Now we're excited about the operational improvements and modernization efforts underway, and we feel good about the direction of our marketing plans. I'm looking forward to seeing more modern image Burger Kings thrive under strong operators. For Popeyes, our strategy is clear: attract more people to try our food and ensure every guest receives a consistently great experience.

現在，我們對正在進行的營運改進和現代化工作感到非常興奮，我們對我們的行銷計劃的方向感到滿意。期待看到漢堡王在強大的運營下，以更具現代形象蓬勃發展。對於 Popeyes 來說，我們的策略很明確：吸引更多的人品嚐我們的美食，並確保每位客人都能獲得一致的優質體驗。

Our food quality speaks for itself, so delivering consistently exceptional guest experiences will be key to unlocking further growth. I'm proud of the progress the team made in 2024 to grow our business while maintaining the quality of our restaurants and operators and I'm excited to see that continue in 2025.

我們的食品品質不言而喻，因此持續提供卓越的客戶體驗將是進一步成長的關鍵。我為團隊在 2024 年取得的進步感到自豪，在保持餐廳和營運商品質的同時發展業務，我很高興看到這種進步在 2025 年繼續保持。

Finally, Firehouse Subs is just beginning to tap into its potential. The value here will really come from ramping up development. Mike and the team delivered a significant step forward in 2024, and we expect this momentum to continue in 2025. It's clear there's plenty of runway ahead for this incredible brand and we're really just getting started. I'm proud of our team and our franchisees.

最後，Firehouse Subs 才剛開始發揮其潛力。這裡的價值確實來自於加速發展。麥克和團隊在 2024 年取得了重大進展，我們預計這一勢頭將在 2025 年繼續延續。顯然，這個令人難以置信的品牌前途光明，而我們才剛起步。我為我們的團隊和特許經營商感到自豪。

We're doing all the things that I know create outperformance versus the category. Our food is getting better. Our service is improving. Our restaurants are getting remodeled, and we're being very smart about giving good value to our guests while helping generate improved profits for our franchisees. And where we have problems, we face them head on and openly.

我們正在做所有我知道能創造超越同類業績的事情。我們的伙食越來越好了。我們的服務正在不斷改善。我們的餐廳正在進行改造，我們非常聰明地為客人提供良好的價值，同時幫助我們的特許經營商提高利潤。當我們遇到問題時，我們會坦然面對。

While we do all of that, we're being smart about managing the cost side of the business so that we're generating strong earnings growth for our shareholders.

在做所有這些事情的同時，我們也聰明地管理業務的成本方面，以便為我們的股東創造強勁的獲利成長。

With that, let's open the line for questions. Operator?

現在，讓我們開始回答問題。操作員？

(Operator Instructions) Brian Bittner, Oppenheimer.

（操作員指示） Brian Bittner，奧本海默。

On 2025, the adjusted operating income growth, you stated that you anticipate an on-algorithm year of 8% plus. Just from a real high level, can you help us understand the same-store sales range you're assuming to get there? Do you need to be in line with your 3% long-term target to achieve that operating income growth? Or do you have additional cost efficiencies built in like we saw in 2024?

關於 2025 年，調整後的營業收入成長率，您表示預計演算法年增率將超過 8%。從高層次來看，您能否幫助我們了解您假設的同店銷售範圍？您是否需要與 3% 的長期目標保持一致才能實現營業收入成長？或者您是否具有像我們在 2024 年看到的那樣內建的額外成本效率？

Brian, it's Sami. And thanks for the question. Look, I think when we put out our algorithm last year, we talked about our algorithm being a a five year kind of growth outlook for the business. And some years would be on and some years would be off. But on average, that was the target.

布萊恩，我是薩米。感謝您的提問。看，我認為當我們去年推出我們的演算法時，我們討論了我們的演算法作為業務五年成長前景。有些年份可以營業，有些年份可以休息。但平均而言，這就是目標。

We're not going to get into the specifics of the top line components of what that looks like on a year-to-year basis. But we do feel good about the AOI bottom line guidance that we provided of 8%-plus growth this year.

我們不會詳細討論逐年成長的具體情況。但我們對於 AOI 給出的今年 8% 以上的成長底線指引感到十分滿意。

I think there are puts and takes to all of that. Obviously, same-store sales is a component. And we feel really good about the marketing programs we have planned for this year as well as the operational improvements we see across the business that will help deliver on that 8%-plus AOI growth for this year.

我認為所有這些都有得有失。顯然，同店銷售額是一個組成部分。我們對今年規劃的行銷計劃以及整個業務的營運改善感到非常滿意，這將有助於實現今年 8% 以上的 AOI 成長。

Dennis Geiger, UBS.

瑞銀的丹尼斯·蓋格。

I appreciate it. I guess, first a clarification. I guess just given that the BK China situation as it relates to development, we're sort of waiting on that for color on '25. So I just wanted to confirm that, guys. And then the question, if I could, is just as it relates to BK and Tim's brands in their home markets in 25, against difficult macro still a tough promotional backdrop, seemingly, maybe you can just kind of speak to that, how you think about the two brands in this year in their markets.

我很感激。我想，首先要澄清一點。我想，鑑於 BK 中國局勢的發展，我們正在等待 25 年的進展。所以，我只是想確認一下這一點，夥計們。然後我的問題是，如果可以的話，就 BK 和 Tim 的品牌在 25 年本土市場的情況而言，在艱難的宏觀經濟形勢和艱難的促銷背景下，似乎您可以談談您如何看待這兩個品牌今年在其市場上的表現。

Is it fair to assume that some of the key '24 sales drivers will also support growth in '25? Or does that look a little different? If any color there?

是否可以合理地假設，24 年的一些關鍵銷售驅動因素也將支持25 年的成長？或者看起來有點不同？有沒有顏色？

Dennis, thanks for the question. I'll take it and then I'll pass it over to Josh, just to clarify. As I said in the prepared remarks, we're in active discussions on the Burger King China situation. And we can't speculate on sort of the outcomes, but we expect to have a resolution relatively soon. And following that resolution, we will update you with any potential implications on energy targets.

丹尼斯，謝謝你的提問。我會接受它，然後將其傳遞給喬希，只是為了澄清。正如我在準備好的演講中所說，我們正在積極討論漢堡王中國的情況。我們無法推測結果，但我們預計很快就會得到解決方案。根據該決議，我們將向您通報對能源目標的任何潛在影響。

And Dennis, I'll take the second part on kind of marketing plans across Burger King and Tims in their home markets. for this year. I think you alluded to it well. I think you'll see a lot of building upon some of the things that really worked for the businesses in '24 with a couple of new twists and innovations. And maybe just to recap that, in terms of Burger King, I think we have an excellent calendar for the year.

丹尼斯，我將進行第二部分，介紹漢堡王和 Tims 在本土市場的行銷計劃。今年。我認為你提到了這一點很好。我想你會看到很多東西是在2024年對企業真正有用的一些基礎上加上一些新的變化和創新的。也許只是總結一下，就漢堡王而言，我認為我們今年有一個非常棒的日曆。

And I think it's balanced across a few different things that have been working well for us. One of them has been families and we've done some great partnerships. You saw it with the Addams Family in 2024. Those kinds of things are really resonating when we have the right partnerships with the right properties, and we do really compelling innovation that leverages our core equities like the Whopper and flame drilling.

我認為它是在幾種對我們而言運作良好的不同事物之間取得平衡。其中之一是家庭，我們已經建立了一些很好的合作關係。您可以在 2024 年的《亞當斯一家》中看到它。當我們與合適的資產建立合適的合作關係時，這些事情確實會產生共鳴，而且我們會利用我們的核心資產（如皇堡和火焰鑽井）進行真正引人注目的創新。

So I think you can expect to see a couple of really fun ones that I think will bring a lot of families and kids into the restaurants in 2025. You'll also see us focus on the Whopper again. We had some very successful activations, things like the $1 million whoppers, where we had guest created versions of the Whopper, that really appealed to guests.

因此，我認為您可以期待看到一些非常有趣的餐廳，我認為到 2025 年，這些餐廳會吸引很多家庭和孩子。您還會看到我們再次將焦點集中在皇堡上。我們進行了一些非常成功的活動，例如價值 100 萬美元的皇堡，我們讓客人製作了皇堡版本，這確實吸引了客人。

And I think puts the Whopper in the right place as a premium product. So you should expect to see more Whopper innovation in 2025. You should also expect to see us focus very much on quality across the menu.

我認為這將皇堡定位為優質產品。因此，您應該期待在 2025 年看到更多皇堡創新。您還會看到我們非常注重菜單的品質。

And quality comes from a lot of different places. It can be working with our suppliers on upgraded recipes. But there are also really important elements that come from operations as you'll see us focused a lot on training. You've seen us focus on upgrading our equipment, which has a big impact on our ability to deliver the quality that we want to consistently across the restaurant base. So I think you'll see a continued focus on elevating quality in the system.

品質源自許多不同的地方。它可以與我們的供應商合作升級配方。但也有一些非常重要的元素來自於運營，正如你會看到我們非常注重培訓。您已經看到我們專注於升級我們的設備，這對我們在整個餐廳範圍內始終如一地提供高品質服務的能力有很大影響。因此我認為你會看到我們將繼續專注於系統品質的提升。

And lastly, we will continue to bring news to value. We've done that now in the first part of the year with our $5 Duos and $70 Trios. So I think you could expect some refreshed messaging and mechanics on the value side just to keep that relevant and fresh for our guests. So that's what I would look for on the Burger King side. On Tims, a similar story where we've been focused for a while on PM food and cold bev.

最後，我們將繼續帶來有價值的新聞。今年上半年，我們就已經透過 5 美元的二重奏和 70 美元的三重奏實現了這一目標。因此，我認為您可以期待價值方面有一些更新的資訊和機制，只是為了讓我們的客人感到新鮮和有意義。這就是我在漢堡王方面所尋找的。在 Tims 上，也有類似的故事，我們一段時間以來一直專注於下午食物和冷飲。

So you'll see more of that. I think what might be a little bit new and incremental this year is we've got some really exciting breakfast innovation that's coming out, too. You probably saw some news on scrambled eggs. That's one of the things that we're excited about for this year. And we might have some celebrity collaborations to go along with some of these innovations to that we think will be pretty engaging for our guest base in Canada.

所以你會看到更多這樣的情況。我認為今年可能會有一些新穎和漸進的變化，那就是我們也將推出一些非常令人興奮的早餐創新。您可能看過一些關於炒蛋的新聞。這是我們今年感到興奮的事情之一。我們可能會與一些名人合作，配合一些創新，我們認為這將非常吸引我們加拿大的客戶群。

So hopefully, that gives you a little bit of an overview. We're building a lot on the things that have worked, but keeping them fresh and new and adding a few new things, and we're pretty confident in the plans for this year.

希望這能讓您有一個大致的了解。我們在已成功的基礎上進行了大量建設，但保持了新鮮感並添加了一些新的東西，我們對今年的計劃非常有信心。

Danilo Gargiulo, Bernstein.

達尼洛·加吉洛，伯恩斯坦。

It sounds like you're doing an excellent job also in speed of service with regards to in Canada. And I was wondering if you can elaborate a little bit more on the early feedback from franchise from the testing of these new espresso machines and maybe the potential impact on speed of service in the number of seconds that you can say with full roll out. And then, Steve, on the coffee, if you mind, help us understand a bit more the impact of the coffee price increases on your supply chain margins. And more in general, on the coffee demand in Canada that would be very helpful.

聽起來你們在加拿大的服務速度方面也做得非常出色。我想知道您是否可以更詳細地介紹特許經營店在測試這些新型濃縮咖啡機後的早期反饋，以及全面推出這些機器對服務速度（以秒為單位）的潛在影響。然後，史蒂夫，關於咖啡，如果你介意的話，請幫助我們更多地了解咖啡價格上漲對你的供應鏈利潤的影響。總體而言，這對加拿大的咖啡需求將非常有幫助。

Thanks, Danilo. I'll take the first part, and then I think Sami will take the last part. In terms of speed of service, I'm really proud of the work that Matt Moore, who is our COO up there has done with his team and the franchisees have been highly engaged on it. I mentioned one of the statistics there about how much incremental sales we get from just one second of improvement. And that tells you why we're all collectively so focused on the topic.

謝謝，達尼洛。我會選擇第一部分，然後我認為薩米會選擇最後一部分。在服務速度方面，我對我們的營運長 Matt Moore 和他的團隊所做的工作感到非常自豪，特許經營商也對此高度參與。我提到了其中的一個統計數據，即僅僅一秒鐘的改進就能帶來多少增量銷售額。這也解釋了為什麼我們如此關注這個主題。

And I think Matt and our franchisees have done a great job driving continued improvement in window times, which I mentioned, we've just done it quarter in, quarter out through a lot of focus and a lot of small tweaks. They're even -- even our renovations, which we started doing more and more of, one of the central elements of those renovations is an update to the way that the back of house flow works. And those renovations are enabling us to get more throughput and faster speed of service as well.

我認為馬特和我們的特許經營商在推動窗口時間的持續改善方面做得很好，正如我提到的，我們透過大量的關注和大量的小調整，每個季度都完成了這個任務。甚至我們開始越來越多地進行翻新，這些翻新的核心要素之一是對後台工作流程的更新。這些革新也使我們獲得了更高的吞吐量和更快的服務速度。

So you can kind of see it across the business. We're highly focused on driving speed of service. And I think it's -- we're seeing it come through, and I think that's helping our sales and traffic momentum that I mentioned has been so consistent, too. In terms of the espresso machines test, I think we're still early in that. So only -- I think we need to give it a little bit more time.

所以你可以看到它在整個業務中的表現。我們高度重視提高服務速度。而且我認為—我們看到了它的成功，我認為這也有助於我們保持我提到的銷售和流量勢頭。就濃縮咖啡機測試而言，我認為我們還處於早期階段。所以只是——我認為我們需要給它多一點時間。

I would tell you that as much as it is focused on speed, it's probably even more focused on enhancing quality. We really want to make sure across all of our brands, all categories for serving the best product in the market. And that's something we're looking at across recipes, machines, procedures. And that's the piece that I think I'm most excited about and where we're going with the espresso machines is the potential to serve an even better product to our guests in the future. Maybe, Sami, do you want to take the coffee questions?

我想告訴你，儘管它注重速度，但它可能更注重提高品質。我們確實希望確保我們所有的品牌、所有的類別都能在市場上提供最好的產品。這正是我們在配方、機器和程序中所關注的。我認為這是我最興奮的部分，我們對濃縮咖啡機的期望是未來能為我們的客人提供更好的產品。也許，薩米，你想回答咖啡問題嗎？

Yes, I can take that. So coffee, it's no secret. I think most of you have read about probably it's at historic highs and I think a couple of things that we'd say about that. Number one, as you think about our Tim Hortons commodity basket, coffee is only about 15% of our Tim Hortons total commodity basket. So relatively smaller in terms of the entire basket.

是的，我可以接受。所以咖啡，這不是什麼秘密。我想大多數人都已經讀過，它可能處於歷史最高水平，我想我們可以就此說幾件事。首先，當你想到我們的 Tim Hortons 商品籃時，咖啡只占我們 Tim Hortons 總商品籃的 15% 左右。因此，與整個籃子相比，它相對較小。

I think number two, for a bit of background on how we buy coffee, we buy coffee forward typically 6 to 18 months with a forward-buying strategy. And what this allows us to do is really smooth out potential volatility as we pass those costs on to franchisees. And it gives us visibility really into what the year might look like. And given that visibility, we still feel good that 2025 supply chain margin will be around 19%. As you recall, we finished 2024, a little bit higher than that at 19.5%, but we feel good about 19% for the full year in '25.

我認為第二點是，關於我們如何購買咖啡，我們通常採用前瞻性購買策略，提前 6 至 18 個月購買咖啡。這樣一來，當我們將這些成本轉嫁給特許經營者時，我們就能真正平滑潛在的波動。它讓我們真正了解明年可能會出現的狀況。鑑於這種可見性，我們仍然認為 2025 年的供應鏈利潤率將在 19% 左右。大家還記得，我們​​在 2024 年結束時的成長率略高於 19.5%，但我們對 2025 年全年的 19% 成長率感到滿意。

I will call out that we typically talk about the margin percentages, but a really good way to look -- think about this business is actually the growth in gross profit dollars. And as we think about where those gross profit dollars where that growth comes from, it's really around increased volume. It's around mix shifts and it's around new development as we open restaurants as well as expansion of our CPG business. So taking all that into account, I think we'll leave it at that, but 19% for the full year on supply chain margin.

我要說的是，我們通常會談論利潤率，但一個真正好的看法是——思考這項業務實際上是毛利的成長。當我們思考這些毛利的成長來自何處時，我們發現這其實與銷售量的成長有關。它圍繞著混合轉變，也圍繞著我們開設餐廳的新發展以及我們快速消費品業務的擴張。所以考慮到所有這些因素，我認為我們將保持這個水平，但全年供應鏈利潤率為 19%。

David Palmer, Evercore ISI.

大衛·帕爾默（David Palmer），Evercore ISI。

Thanks. Very nice comp growth from the International segment this quarter. I'm wondering how you're thinking about 2025 for the segment and any color and feelings about key markets and shape to the year's growth would be helpful. Obviously, you entered the year pretty strongly. You talked about sort of a back-weighted year for BK US I wonder maybe it's going to be the opposite for Burger King international, for example.

謝謝。本季國際部門的年增率非常可觀。我想知道您如何看待 2025 年該領域的情況，以及對主要市場和今年成長形態的任何印象和感受是否會有所幫助。顯然，你以相當強勁的勢頭開啟了新的一年。您談到了漢堡王美國的後加權年度，我想知道漢堡王國際的情況是否正好相反。

But any color about how you're thinking about the year for that segment in terms of comps?

但是，從可比較數據來看，您對今年該細分市場有何看法？

Dave, thanks for the question. We were pleased with the improvement in same-store sales trajectory going into Q4 in international, there was a pretty good step up there. We're very active momentum. We're not ready to give guidance on the sales for that segment. But I think a lot of the things that you saw work in Q4 are things that we'll keep working on into 2025, we focus on making sure that we've had compelling value offerings in all of those markets and combining that with some really compelling innovation that I mentioned in my remarks earlier.

戴夫，謝謝你的提問。我們對第四季國際同店銷售軌跡的改善感到滿意，這是一個相當不錯的進步。我們的勢頭非常活躍。我們還沒有準備好對該部門的銷售提供指引。但我認為，您在第四季度看到的許多有效措施都是我們將在 2025 年繼續努力的措施，我們專注於確保我們在所有這些市場都有引人注目的價值產品，並將其與我之前在評論中提到的一些真正引人注目的創新相結合。

So I think we'll keep working on those things and hope to continue the momentum we saw in Q4 through next year.

所以我認為我們會繼續努力，並希望延續我們在第四季到明年看到的勢頭。

Dave, I'll just add that Q1, as I said in the prepared remarks, does have the impact of a leap day. So good to kind of adjust your model for that. Thanks for the question.

戴夫，我只想補充一點，正如我在準備好的發言中所說，Q1 確實受到閏日的影響。很好地調整了你的模型。謝謝你的提問。

John Ivankoe, JPMorgan.

摩根大通的約翰伊凡科 (John Ivankoe)。

The question is on CapEx and just overall capital intensity in the business. $400 million to $450 million I think was guided for fiscal '25. But the new development is that you're refranchising some of the Carrols units ahead of your expectations, which might lessen your CapEx requirements and '26 to '27. So the question is really, is '25 CapEx guide kind of the high watermark of CapEx might we expect further increases as overall Burger King US development accelerates into '26 and '27?

問題在於資本支出以及企業的整體資本密集度。我認為 4 億到 4.5 億美元是 25 財年的指導金額。但新的進展是，你正在提前重新特許經營一些 Carrols 單位，這可能會減少你的資本支出要求和 '26 至 '27 年。所以真正的問題是，'25 年資本支出指南是否是資本支出的高水位線，隨著漢堡王美國業務的整體發展在'26 年和'27 年加速，我們是否可以預期其會進一步增長？

And certainly, I do ask that CapEx question, not only in the context of you being free cash flow positive, but the fact that you carry $1.3 billion of cash, excuse me, on your balance sheet. So I wanted to get a sense of whether carrying that much cash on your balance sheet, it did make sense given future capital intensity of your business?

當然，我確實會問這個資本支出問題，不僅是因為你們的自由現金流為正，還因為你們的資產負債表上有 13 億美元現金。所以我想了解一下，考慮到貴公司未來的資本密集度，在資產負債表上保留這麼多現金是否合理？

John, thanks for the question. I think when you take a step back and you think sort of about the cash flow generation of the business, you're absolutely right. We've had strong and growing cash flow generation, which really does allow us to invest in our businesses. And I think as we think about capital allocation priorities, our number one priority is always to invest in our business and high ROI investments in our business. The CapEx as we think about 2025 is really a reflection of that.

約翰，謝謝你的提問。我認為，當你退一步思考並思考企業的現金流產生時，你是完全正確的。我們擁有強勁且不斷成長的現金流，這確實使我們能夠投資於我們的業務。我認為，當我們考慮資本配置優先事項時，我們的首要任務始終是投資我們的業務並對我們的業務進行高投資回報率的投資。我們對 2025 年的資本支出確實反映了這一點。

And that increase, I think, is probably two main things. Number one is a stepped-up pace of the replay on the flame remodels, both in the BK franchise system, but also at Carrols as we step up to a higher pace. You'll recall, we want the system to be at 85% to 90% modern image by 2028. So in order to hit those numbers, the CapEx has to naturally step up this year.

我認為，這種成長可能主要有兩個原因。首要的是加快火焰改造的重播步伐，不僅在 BK 特許經營體系中，而且在卡羅爾斯也一樣，我們的步伐都在加快。您會記得，我們​​希望到 2028 年系統能達到 85% 到 90% 的現代形象。因此，為了達到這些數字，今年的資本支出自然必須加大。

And even as we refranchise restaurants at Carrols, you won't see that direct as an offset in the CapEx. And typically, we will try to refranchise restaurants as we remodel. I think sort of on the second point and another driver of the increase in CapEx is really around some stepped up development and development investments as we think about Tims Canada.

即使我們重新特許經營 Carrols 的餐廳，您也不會看到這直接抵消了資本支出。通常情況下，我們會在改造過程中嘗試重新特許經營餐廳。我認為第二點以及資本支出增加的另一個驅動因素實際上是圍繞著一些加強開發和開發投資，就像我們對 Tims Canada 的看法一樣。

Josh mentioned returning to development growth and new unit growth in Canada. As you'll recall, our business model in Canada is often around a full kind of real estate model and finding sites and typically, that is a little bit more capital intensive.

喬希提到回歸加拿大的發展成長和新單位成長。您可能還記得，我們​​在加拿大的商業模式通常圍繞著完整的房地產模式和尋找地點，而且通常需要更多的資本。

That said, the ROI on that capital are extremely good. and we think is a good use of our capital. So as we think about expanding penetration in Canada, which we still can do, we think that's a really efficient use of the capital.

也就是說，該資本的投資報酬率非常好。我們認為這是對我們資本的良好利用。因此，當我們考慮擴大在加拿大的滲透率時（我們仍然可以做到），我們​​認為這是真正有效的資本利用方式。

And I realize my question was as we think about capital needs in the '26 and '27, is the $25 million number a good number to you? Should we expect modest increases from here? And do you give us a sense of what the right level of cash RBI should run in the business longer term as it currently sits at around $1.3 billion on the balance sheet?

我意識到我的問題是，當我們考慮 26 年和 27 年的資本需求時，2500 萬美元這個數字對您來說是一個好數字嗎？我們是否應該期待從現在開始出現適度的成長？您能否告訴我們，印度儲備銀行長期經營的現金水準應為多少，因為目前資產負債表上的現金水準約為 13 億美元？

Yes. Look, I think as you think about the CapEx trajectory of the business, I think around this $400 million to $450 million I think this elevated level is elevated, and it will gradually come down over time as we move towards 2028. And then once we're -- once the reclaim the flame plan has sort of -- we've achieved kind of our target, that will come down a little bit more. So you can kind of view this level for the next couple of years and coming down.

是的。看，我認為當您考慮業務的資本支出軌跡時，我認為在 4 億到 4.5 億美元左右，我認為這個高水平是高的，並且隨著我們接近 2028 年，它會隨著時間的推移逐漸下降。然後，一旦我們——一旦收回火焰計劃——我們實現了我們的目標，這個數字就會下降一點。因此，你可以預見到未來幾年該水準將會下降。

With respect to kind of cash on the balance sheet, look, we ended the year in a really good liquidity position. I think it is similar to kind of the liquidity positions that we've had in prior years. And going back to capital allocation, I think beyond sort of those high ROI investments that we make in the business, we then look at how do we return capital to shareholders. We've done that through a healthy and growing dividend. And last year, we did it through -- we also been deleveraged, and we started taking leverage down.

就資產負債表上的現金類型而言，我們在今年年底時的流動性狀況非常好。我認為這與我們前幾年的流動性狀況類似。回到資本配置，我認為除了我們在業務中進行的高投資回報率投資之外，我們還會考慮如何向股東返還資本。我們透過健康且不斷增長的股息實現了這一目標。去年，我們實現了去槓桿，並開始降低槓桿率。

We finished the year. We were proud to finish the year at 4.5 times net leverage assuming a full year of carry. We will likely continue to take that leverage level down as we kind of monitor the interest rate environment and the general macro conditions. But we feel good about those capital allocation priorities.

我們結束了這一年。我們很自豪地看到，假設全年持有，今年的淨槓桿率達到 4.5 倍。在監控利率環境和整體宏觀狀況的同時，我們可能會繼續降低槓桿率。但我們對這些資本配置優先權感到滿意。

Andrew Charles, TD Cowen.

安德魯·查爾斯（Andrew Charles），TD Cowen 公司。

Great. Sami, I also want to expand on cash priorities. You talked about continuing to prioritize deleverage. Does this mean we shouldn't expect share repurchase to resume in 2025 after you took a pause in '24? And then also in terms of CapEx, I know you guys called out 370 BK US remodels in 2024. How many are planned for 2025?

偉大的。薩米，我也想進一步討論現金優先事項。您談到繼續優先考慮去槓桿。這是否意味著，在 2024 年暫停股票回購之後，我們不應該預期 2025 年會恢復股票回購？然後就資本支出而言，我知道你們在 2024 年宣布了 370 個 BK US 改造。2025 年計畫要建造多少個？

Thanks, Andrew. Thanks for the question. I'll reiterate what I said to John. I think, as you said, deleveraging is the priority. We're not going to rule anything out.

謝謝，安德魯。謝謝你的提問。我將重申我對約翰說的話。我認為，正如您所說，去槓桿是當務之急。我們不會排除任何可能性。

We always sort of are opportunistic about things. We repurchased -- we did repurchase about $0.5 billion of shares in 2023. We did not repurchase shares in 2024. But as I said, deleveraging is the priority right now. In terms of remodels, I think for 2025, we're going to step up the pace of remodels, and we'll do around 400 remodels in 2025.

我們對事物總是抱持某種機會主義的態度。我們回購了——我們確實在 2023 年回購了約 5 億美元的股票。我們在 2024 年沒有回購股票。但正如我所說，去槓桿是當前的首要任務。在改造方面，我認為到 2025 年，我們將加快改造步伐，2025 年我們將進行約 400 次改造。

As you kind of do the math and you think about getting to 85% to 90% modern image, by the year 2028. The pace of remodels naturally have to step up over time. So we think we were really proud to finish 2024 kind of around 350 remodels and stepping that pace up in 425 is a good step forward, and you'll continue to kind of see that pace as we approach the long-term targets.

如果你算一下，你會發現到 2028 年，現代形象的覆蓋率將達到 85% 到 90%。隨著時間的推移，改造的步伐自然要加快。因此，我們認為，我們真的很自豪能夠在 2024 年完成大約 350 個改造，並且將這一速度加快到 425 個改造是一個良好的進步，而且隨著我們接近長期目標，您將繼續看到這種速度。

Lauren Silberman, Deutsche Bank.

德意志銀行的勞倫·西爾伯曼。

Two-part question on comp, one is just a follow-up on the 1Q commentary. Understanding you're lapping over the leap day. Given how much noise is there out there to start the year? Any color that you can share at least on what you're seeing with underlying trends across the business? And then my primary question is on Tim Hortons Canada comp.

關於公司的問題分為兩部分，一部分是對第一季評論的後續追問。了解你正在跨越閏日。考慮到年初外界有多少噪音？您可以分享一下您所看到的整個業務的潛在趨勢嗎？我的主要問題是關於 Tim Hortons 加拿大公司。

What was the composition across traffic and average check? And then how are you thinking about price in '25, given coffee costs as well as the competitive environment?

流量和平均檢查的組成是怎麼樣的？那麼考慮到咖啡成本以及競爭環境，您如何看待 25 年的價格？

Lauren, it's Josh. In terms of Q1, I think as you point out, there's always a lot of noise, especially when you're in the early part of Q1 with weather a little bit hard to get a read. I think our preference is probably going to be just to wait until we get through the quarter and share how when overall. That's all right. And I think Sami just wanted to call out that you need to make sure we factor in that leap day.

勞倫，我是喬希。就 Q1 而言，我認為正如您所指出的那樣，總是有很多噪音，特別是當您處於 Q1 的早期階段時，天氣有點難以解讀。我認為我們可能更願意等到本季結束後再分享整體情況。沒關係。我認為薩米只是想指出，你需要確保我們將閏日考慮在內。

So we'll probably wait to give an update on Q1 performance until we get to our Q1 earnings call. In terms of Tims Canada and the comp in Q4 and the composition of that, it was about 2/3 driven by traffic and the rest was ticket and mix. And then in terms of what we'd expect in terms of check in 2025, we're always looking to overall CPI.

因此，我們可能會等到召開第一季財報電話會議後再更新第一季的業績。就 Tims Canada 及其第四季的業績組成而言，約 2/3 是由流量驅動，其餘則是票務和組合驅動。然後，就我們對 2025 年的預期而言，我們始終關注整體 CPI。

That's kind of the starting point for us. So that's something that we're mindful of and we'll have to keep on what happens with coffee prices. As Sami mentioned, a pretty delayed impact of that for us because of the way that we hedge. So that helps us remove a little bit of the volatility. But that's something that I think is a question we'll have to keep an eye on as we move through the next few months.

這對我們來說是一個起點。所以這是我們需要注意的問題並且我們必須持續關注咖啡價格的變化。正如薩米所提到的，由於我們的對沖方式，這給我們帶來的影響相當延遲。這有助於我們消除一點波動。但我認為，這是我們在接下來的幾個月中必須關注的問題。

Sara Senatore, Bank of America.

美國銀行的薩拉‧塞納托爾 (Sara Senatore)。

I just have a quick modeling, I guess, clarification and then a broader question. The clarification was on the franchisee for EBITDA. It was stable year-over-year for Burger King, and I guess, stepping back, I look at it and see kind of a 1% same-store sales growth number is actually pretty impressive. I would have expected maybe some more deleverage. So as you think about getting that number higher, what's the same-store sales growth number you need to lever?

我想我只是進行一個快速的建模、澄清，然後再提出一個更廣泛的問題。該澄清是針對特許經營商的 EBITDA 的。漢堡王的銷售額比去年同期保持穩定，我想，回顧一下，我會發現 1% 的同店銷售額成長率實際上是相當令人印象深刻的。我原本預計可能會有更多的去槓桿。那麼當您考慮提高這個數字時，您需要利用的同店銷售額成長數字是多少？

And if you can't get there, I'm thinking something maybe in the 3% range. Can you still -- can franchisees still get over time to these higher EBITDA targets? So that was just the kind of modeling question.

如果你不能到達那裡，我想可能在 3% 的範圍內。您還能——特許經營商還能隨著時間的推移實現這些更高的 EBITDA 目標嗎？所以這只是一種建模問題。

And then could you talk a bit about Tims. You called out high single-digit growth in breakfast sandwiches, 5% growth main foods, 6% in cold beverage. What were some of the offsets because those are all very strong numbers and it's a healthy comp but certainly not of that magnitude. So where might you be seeing trade-offs?

然後你能談談蒂姆斯 (Tims) 嗎？您指出早餐三明治實現了高個位數成長，主食成長了 5%，冷飲成長了 6%。一些抵消因素是什麼？那麼您可能會在哪裡看到權衡？

Sara, I'll take the first part of the question and then I can throw it over to Josh. Just on sort of the modeling point, though, first off, yes, we were very pleased with the comp at Burger King in the US. And as you think about the margin, a bit of the offset that sort of offset some of that flow-through would have been increased commodity costs in the US.

薩拉，我先回答問題的第一部分，然後交給喬希。不過，從建模角度來說，首先，是的，我們對美國漢堡王的表現非常滿意。當你考慮利潤時，這種抵銷的部分抵銷將是美國商品成本的增加。

We talked about that there was an inflationary environment on the commodity cost side, which sort of -- which offset a little bit of that comp increase. As you sort of think about longer-term -- and we've talked about this on prior earnings calls is as you get the comp growing and leveraging the P&L, there's approximately a 25% to 30% flow-through on those incremental sales.

我們談到，商品成本方面存在通膨環境，這在一定程度上抵消了同店銷售額的成長。當你考慮長期時——我們在之前的收益電話會議上討論過這個問題——當你獲得公司成長並利用損益表時，這些增量銷售額的流通率約為 25% 至 30%。

And that's ultimately, over time, growing the top line is the best thing we can do for growing franchise profitability and growing that margin. So that's really how we think about it. And that's why we're so focused on really delivering a strong marketing calendar at Burger King US.

最終，隨著時間的推移，增加營業收入是我們為提高特許經營盈利能力和增加利潤所能做的最好的事情。這就是我們真正的想法。這就是為什麼我們如此專注於在美國漢堡王推出強大的行銷日程表。

Thanks, Sami. I would just -- what I would add there is I think another one of the levers that's very clear to drive franchise profitability is doing remodels. That's one of the clearest ways that we get from where we are trying to get towards that $300,000 in the long run. And we're actually in a lot of the remodels that we've been doing, we're pretty close to that. So I think that's an important part in my mind in addition to the marketing calendar and the operational improvements.

謝謝，薩米。我想補充的是，我認為推動特許經營盈利的另一個非常明顯的槓桿是進行重塑。這是我們長期努力爭取 30 萬美元的最明確方法之一。事實上，我們已經進行了許多改造，並且已經非常接近這個目標了。因此，我認為，除了行銷日程表和營運改進之外，這也是我心中的一個重要部分。

We've got to get to a modern image. And I think that's part of getting the franchisee four-wall EBITDA. And in terms of the Tim's question, Sara, I think you mentioned a lot of the categories that performed the best on a sales growth basis and we're kind of above the aggregate comp. A couple of the ones that weren't above the comp I think we're driven by some of the weather that we had.

我們必須樹立現代形象。我認為這是讓加盟商獲得四面 EBITDA 的一部分。關於提姆的問題，薩拉，我想你提到了很多在銷售成長方面表現最好的類別，而且我們的表現略高於整體水準。我認為，有幾個銷售額沒有達到同類銷售額的原因是受到了天氣因素的影響。

So we had a little bit warmer weather in the quarter, and that drive -- that tends to drive more cold beverage. And so we saw less good performance in some of our hot beverage. And then with those hot beverages, usually you see cold -- or sorry, you see a big good attachment to some of those top beverages, and that one was less of an outperformer as well.

因此，本季的天氣稍微溫暖了一些，這往往會帶來更多的冷飲銷售。因此，我們發現有些熱飲的表現不太好。然後對於那些熱飲料，通常你會看到冷 - 或者很抱歉，你會看到對一些頂級飲料的大量依賴，而這種飲料的表現也不太出色。

Sara, Patrick, I'd just jump in on the franchise profitability part also. I would point out, we talked about the fact that our procurement team is working across the brands. And our supply chains with the co-op structure for Popeyes and Burger King, operated pretty separately before and one of the big benefits of, I think, increasing trust with our franchisees is they are letting us work with them to try to leverage the overall scale of RBI to drive efficiencies.

薩拉、派崔克，我也想參與討論加盟營利部分。我想指出的是，我們討論了我們的採購團隊跨品牌開展工作的事實。我們的 Popeyes 和漢堡王的供應鏈採用合作結構，之前是分開運營的，我認為，增加與特許經營商的信任度帶來的一大好處是，他們讓我們與他們合作，嘗試利用 RBI 的整體規模來提高效率。

And the other thing that's important is more of our -- of our restaurants are owned by stronger franchisees now who are simply better at running their stores. And we're seeing that play through, both on the top line and the bottom line for those restaurant owners.

另一件重要的事情是，我們的更多餐廳現在歸更強大的特許經營商所有，他們在經營門市方面做得更好。我們看到這種現象正在發生，無論是對餐廳老闆的收入還是利潤。

And so there remains a lot that can be done there. If you told us that 1% comp for 2024 was going to get us flat on the bottom line. We obviously got more than flat, but I think it's a reflection of the opportunities that are out there that we are able to do that, and we continue to look for those opportunities. We continue to remodel the restaurants, and we continue to move restaurants in the hands of stronger operators, and that's generating the growth or the results that you're seeing.

因此，還有很多事情可以做。如果您告訴我們，2024 年的 1% 的年成長率將使我們的底線持平。顯然，我們取得的成績不只是持平，但我認為這反映了我們能夠做到這一點的機會，並且我們會繼續尋找這些機會。我們繼續改造餐廳，並繼續將餐廳轉移到更強大的營運商手中，這產生了成長或結果。

Thank you. That's exactly what I was looking for, Thank, Patrick.

謝謝。這正是我要找的，謝謝你，派崔克。

This concludes today's question-and-answer session. So I'd like to pass the call back over to Josh for any closing remarks.

今天的問答環節到此結束。因此，我想將電話轉回給喬希，讓他做最後發言。

Well, thank you all very much for joining us today. And thank you, especially to our teams and our franchisees for all of their hard work that allowed us to deliver these great results this quarter. We look forward to updating you on our performance again on our Q1 call here in a couple of months, and have a great day, everybody.

好吧，非常感謝大家今天加入我們。特別感謝我們的團隊和特許經營商，感謝他們的辛勤工作，使我們本季取得如此出色的業績。我們期待在幾個月後的第一季電話會議上再次向您通報我們的業績，祝大家有美好的一天。

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

今天的電話會議到此結束。感謝大家的參與。現在您可以斷開線路了。