Restaurant Brands International Inc (QSR) 2025 Q1 法說會逐字稿

Good morning, and welcome to the Restaurant Brands International first-quarter 2025 earnings conference call. All participants will be in listen-only mode. (Operator Instructions) Please note this event is being recorded. I'd now like to turn the conference over to Kendall Peck, RBI's Head of Investor Relations. Please go ahead.

早安，歡迎參加 Restaurant Brands International 2025 年第一季財報電話會議。所有參與者將處於只聽模式。（操作員指示）請注意，此事件正在被記錄。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, everyone, and welcome to Restaurant Brands International's earnings call for the first quarter ended March 31, 2025. Joining me on the call today are Restaurant Brands International's 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.

謝謝接線員，大家早上好，歡迎參加 Restaurant Brands International 截至 2025 年 3 月 31 日的第一季財報電話會議。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 Sami Siddiqui。在 Josh、Sami 和 Patrick 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，這些陳述受今天上午發布的新聞稿和我們向美國證券交易委員會提交的文件中詳述的風險的影響。我們也將參考非公認會計準則財務指標，其對帳表可在新聞稿和我們網站上的趨勢表中找到。

As a reminder, following our acquisition of Carol's 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, which comprises the Popeyes China business and the Burger King Carol'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 holding segment.

提醒一下，繼我們收購卡羅爾餐廳集團（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，我們推出了第六個可報告部門“餐廳控股”，其中包括 Popeyes 中國業務和漢堡王卡羅爾餐廳。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。

In addition, on February 14, 2025, we acquired substantially all the remaining equity interests in Burger King China from our former joint-venture partners, commencing with our first quarter 2025 results, BK China has been classified as held for sale and reported as discontinued operations in our financial statements as we are actively working to identify a new controlling shareholder. That said, BKC China KPIs continue to be included in our international segment KPIs. A breakdown of BK China's KPIs and its impact on our 2024 financial statements can be found in the trending schedules available on our website.

此外，2025年2月14日，我們從前合資夥伴手中收購了漢堡王中國幾乎所有剩餘的股權，從2025年第一季的業績開始，漢堡王中國已被歸類為持有待售，並在我們的財務報表中報告為已終止經營，因為我們正在積極尋找新的控股股東。也就是說，BKC 中國 KPI 繼續被納入我們的國際部門 KPI。您可在我們網站上的趨勢圖表中找到 BK China 的 KPI 明細及其對我們 2024 年財務報表的影響。

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

現在我將把電話轉給喬希。

Good morning, everyone, and thank you for joining us. Through the first few months of 2025, we've been navigating a highly dynamic macro backdrop, one that's evolving differently across each of our key markets. As a global franchisor offering convenience and everyday value for guests, we're certainly better positioned than many others to navigate this evolving environment, but we're not immune, and our Q1 results reflect that.

大家早安，感謝大家的收看。在 2025 年的頭幾個月裡，我們一直在高度動態的宏觀背景下前行，而每個主要市場的發展都不同。作為一家為客人提供便利和日常價值的全球特許經營商，我們當然比許多其他人更有能力應對這個不斷變化的環境，但我們並非免疫，我們的第一季業績就反映了這一點。

First quarter consolidated comparable sales were 0.1%, or just over 1%, excluding the impact from Leap Day, and net restaurant growth was 3.3%. This translated into system-wide sales growth of 2.8% and organic adjusted operating income growth of 2.6%. We anticipated that Q1 would be our softest quarter of the year and believed that some of the macro noise may have driven further softness.

第一季綜合可比銷售額為 0.1%，略高於 1%，不包括閏日的影響，餐廳淨成長率為 3.3%。這意味著全系統銷售額成長 2.8%，有機調整後營業收入成長 2.6%。我們預計第一季將是今年最疲軟的季度，並認為一些宏觀因素可能導致進一步疲軟。

That said, we continue to perform reasonably well compared to many of our global peers reflecting the underlying strength of our brands and the quality of the plans we are executing to improve on the fundamentals that our guests care about most.

儘管如此，與全球許多同行相比，我們的表現仍然相當不錯，這反映了我們品牌的潛在實力以及我們為改善客人最關心的基本面而執行的計劃的質量。

We know relative performance alone isn't enough and doesn't pay the bills for us or our franchisees though, which is why we're focused on delivering improved absolute results through the balance of the year.

我們知道，僅靠相對業績是不夠的，也不能為我們或我們的加盟商帶來收益，這就是為什麼我們專注於在今年餘下的時間裡提供更好的絕對業績。

In any environment, our guests are focused on quality, service, and convenience at a fair price. And our teams are focused on exactly that, improving the value proposition for our guests at each of our brands and making that experience better each time they come in.

在任何環境下，我們的客人都注重價格合理、品質、服務和便利。我們的團隊正是致力於此，提高我們每個品牌的客人的價值主張，並讓他們每次光臨時都能獲得更好的體驗。

Whether that is newly remodeled restaurants at Burger King and Popeyes or improved service standards at Tim Hortons in the PM dayparts, we're spending our time on what matters most. That's why despite the slower start to the year, we were encouraged to see improved sales momentum in April.

無論是漢堡王和 Popeyes 新裝修的餐廳，還是下午時段 Tim Hortons 服務標準的提升，我們都將時間花在了最重要的事情上。這就是為什麼儘管今年開局較慢，我們仍然很高興看到 4 月份銷售勢頭有所改善。

Combined with our continued discipline on costs, which Sami will address later, we're confident we'll deliver at least 8% organic adjusted operating income growth in 2025.

結合我們對成本的持續控制（薩米稍後會談到），我們​​有信心在 2025 年實現至少 8% 的有機調整後營業收入成長。

With that, let's turn to our results starting with Tim Hortons in Canada. Tim Hortons Canada experienced relatively flat comparable sales of 0.1% or approximately 1.2% after adjusting for Leap Day while lapping one of our strongest first quarter nominal sales results ever last year.

讓我們從加拿大的 Tim Hortons 開始看看我們的研究結果。加拿大 Tim Hortons 的可比銷售額在閏日調整後相對持平，為 0.1% 或約 1.2%，但去年第一季的名義銷售額創下了有史以來最強勁的業績之一。

While our results were masked this quarter by the separate comparison, the Leap Day impact, and macro pressures, it's clear the underlying plan is working. The Tim's team executed thoughtful calendar initiatives like the introduction of our 100% Canadian freshly-cracked scrambled eggs, the $1 doughnut with a coffee promotion, and the return of physical Roll Up To Win, a much loved Canadian tradition.

雖然本季我們的業績因單獨比較、閏日影響和宏觀壓力而受到掩蓋，但很明顯，基本計劃正在發揮作用。Tim 團隊實施了周到的日曆計劃，例如推出 100% 加拿大新鮮打碎的炒雞蛋、1 美元的甜甜圈配咖啡促銷，以及重新推出備受喜愛的加拿大傳統實體 Roll Up To Win。

Importantly, although Canadian consumer confidence remains challenged, trends have improved in April as year-over-year comparisons normalize, and we build momentum with a strong marketing calendar, and continued operational improvements.

重要的是，儘管加拿大消費者信心仍然面臨挑戰，但隨著同比正常化，4 月份趨勢有所改善，我們憑藉強大的營銷日程和持續的營運改進建立了發展勢頭。

Looking ahead, we will continue providing Canadians great everyday pricing for their favorite Tim's products while innovating across dayparts and categories.

展望未來，我們將繼續為加拿大人提供他們最喜歡的 Tim 產品的優惠日常價格，同時在各個時段和類別中進行創新。

For example, in breakfast, we recently launched our scrambled eggs loaded breakfast box in collaboration with Ryan Reynolds. In the PM, we expect to expand share through new loaded platform and flatbread bread pizza flavors like our Hat-Trick Pizza, as well as innovation in sandwiches and sides.

例如，在早餐方面，我們最近與瑞安雷諾茲合作推出了裝有炒蛋的早餐盒。在下午，我們期望透過新的裝載平台和扁麵包披薩口味（如我們的 Hat-Trick Pizza）以及三明治和配菜的創新來擴大市場份額。

Axel and team just wrapped up Spring Regionals in Canada, and there's a ton of enthusiasm from restaurant owners around the opportunity to continue growing in the PM daypart through strong menu initiatives and execution. We also continue to enhance our beverage portfolio, particularly cold and espresso-based beverages to complement our leading market share position in hot brew coffee.

Axel 和他的團隊剛剛結束了在加拿大的春季地區賽，餐館老闆們對通過強有力的菜單計劃和執行在下午時段繼續發展的機會表現出極大的熱情。我們也將繼續增強我們的飲料產品組合，特別是冷飲和濃縮咖啡飲料，以補充我們在熱煮咖啡領域的領先市場份額地位。

We're excited about our summer beverage lineup, including the introduction of Frozen Quenchers in April. Later this year, we'll begin rolling out new espresso machines to further elevate our espresso quality and credibility.

我們對我們的夏季飲料系列感到非常興奮，包括四月推出的 Frozen Quenchers。今年晚些時候，我們將開始推出新的濃縮咖啡機，以進一步提升我們的濃縮咖啡品質和信譽。

Operational excellence remains a cornerstone of Tim's success, and our restaurant owners continue to demonstrate this with average morning drive-through times, improving year over year for nine consecutive quarters, and reaching one of the highest guest satisfaction levels of all time in the first quarter.

卓越的營運仍然是蒂姆成功的基石，我們的餐廳老闆繼續通過平均早晨免下車時間證明這一點，連續九個季度逐年提高，並在第一季度達到了有史以來最高的客戶滿意度之一。

Finally, we're accelerating our development efforts in Canada. We're on track to return to positive net unit growth in 2025 with a focus on under-penetrated regions such as Western Canada, where we have approximately one restaurant per 13,000 Canadians versus the national average of 1 per 10,000.

最後，我們正在加快在加拿大的發展。我們預計在 2025 年恢復正淨單位成長，重點關注加拿大西部等滲透率較低的地區，在這些地區，每 13,000 名加拿大人就擁有一家餐廳，而全國平均為每 10,000 人就擁有一家餐廳。

In summary, despite a noisy start to the year, Tim Hortons continues to build on its strong foundation, and its underlying plan is clearly working.

總而言之，儘管今年開局不順，但 Tim Hortons 仍在鞏固其強大的基礎，其基本計劃顯然正在發揮作用。

With its number-one brand love, affordable everyday pricing, engaging marketing, and relentless commitment to operational excellence, we are confident the brand will deliver solid growth in the quarters in years ahead.

憑藉其第一品牌的熱愛、實惠的日常價格、引人入勝的營銷以及對卓越運營的不懈承諾，我們相信該品牌將在未來幾年的各個季度實現穩健的增長。

Shifting now to international. We're pleased with our relative performance this quarter, delivering 2.6% comparable sales or roughly 3.7%, excluding the headwind from Leap Day, and 8.6% system-wide sales growth.

現在轉向國際。我們對本季的相對錶現感到滿意，可比銷售額成長 2.6%，約 3.7%（不包括閏日帶來的不利影響），全系統銷售額成長 8.6%。

We saw solid growth in many of our largest markets, including the UK, Germany, Brazil, Japan, and Australia. These markets share a few common traits: compelling everyday value, exciting menu innovation, modern restaurant image, strong digital capabilities, and a focus on restaurant level execution.

我們在許多最大的市場都實現了穩健的成長，包括英國、德國、巴西、日本和澳洲。這些市場具有一些共同的特徵：引人注目的日常價值、令人興奮的菜單創新、現代化的餐廳形象、強大的數位能力以及對餐廳級執行的關注。

In the UK, Burger King continued to take share through growing delivery, expanded core-value platforms like the GBP4.99 King Box, and premium innovation with products like the Memphis BBQ King Double.

在英國，漢堡王繼續透過增加外送業務、擴大核心價值平台（如售價 4.99 英鎊的 King Box）以及推出孟菲斯 BBQ King Double 等高端產品進行創新來搶佔市場份額。

In Germany, operational improvements and product innovation, including the launch of our new tortilla platform helped drive both sales momentum and industry outperformance.

在德國，營運改善和產品創新（包括推出新的玉米餅平台）有助於推動銷售動能和產業表現優異。

I had the opportunity to visit several key international markets this quarter, including France and Spain, two of our largest businesses. I'm always impressed when I spend time with the Burger King France and Spain teams. They have beautiful, modern and well-run restaurants, and demonstrate the power and importance of having well-capitalized local partners. Both have done a great job navigating more difficult consumer backdrops in recent quarters and have set their businesses up for continued success.

本季我有幸造訪了幾個主要的國際市場，其中包括法國和西班牙，這兩個市場是我們最大的業務市場。當我與漢堡王法國和西班牙團隊共度時光時，我總是印象深刻。他們擁有美麗、現代且管理良好的餐廳，並展示了擁有資金雄厚的當地合作夥伴的力量和重要性。近幾季以來，兩家公司都出色地應對了更艱難的消費者環境，並為業務的持續成功奠定了基礎。

Thiago, Sami, and I also spent time in India, one of our most important growth markets. Burger King India recently crossed the 500restaurant milestone, just 10 years after market entry.

蒂亞戈、薩米和我還在印度待了一段時間，印度是我們最重要的成長市場之一。漢堡王印度公司最近突破了擁有 500 家餐廳的里程碑，距離進入印度市場僅過去了 10 年。

Raj Barman has run that business from the beginning, and it's an incredible accomplishment. But I still believe the brightest days are ahead for BK India with a huge runway.

Raj Barman 從一開始就經營這項業務，這是一個令人難以置信的成就。但我仍然相信，憑藉著巨大的發展空間，BK India 的輝煌未來就在眼前。

We also spent time with the Popeyes team in India, which is earlier in its growth journey, but it's benefiting from a wonderful partner in Jubilant, which has deep local knowledge and a committed long-term mindset.

我們也與印度的 Popeyes 團隊進行了交流，該團隊的發展歷程尚處於早期階段，但由於 Jubilant 的出色合作夥伴，Jubilant 對當地市場有著深入的了解，並具有堅定的長期發展思維。

In China, our teams have acted quickly since taking over the Burger King business in mid-February, solidifying a strong local leadership team and implementing early sales driving initiatives. Sami and I were in Shanghai in March, and we're encouraged by early signs of progress, including an improvement in comparable sales. We expect to close a number of unprofitable restaurants over the next 12 months in order to have a more sustainable base for restarting growth.

在中國，我們的團隊自二月中旬接管漢堡王業務以來迅速採取行動，鞏固了強大的本地領導團隊並實施了早期的銷售推動計劃。薩米和我三月在上海，我們對早期的進展跡象感到鼓舞，包括可比銷售額的改善。我們預計將在未來 12 個月內關閉一些無利可圖的餐廳，以便為重新開始成長奠定更永續的基礎。

Well, we don't have a final count yet, the average sales volumes of these restaurants are relatively low, less than USD300,000, which means the impact of system-wide sales will be limited.

嗯，我們還沒有最終統計，這些餐廳的平均銷售額相對較低，不到30萬美元，這意味著全系統銷售的影響將是有限的。

Importantly, we view this portfolio clean up as a critical and a necessary step to reposition the business for long-term success. In parallel, we've engaged Morgan Stanley, and are and are actively working to secure a new local partner within the next year.

重要的是，我們認為此次投資組合清理是重新定位業務以實現長期成功的關鍵且必要的一步。同時，我們已與摩根士丹利接洽，並正在積極努力爭取在明年內找到新的當地合作夥伴。

Shifting now to Burger King in the US where we saw a 1.1% decrease in comparable sales or relatively flat results adjusting for Leap Day.

現在轉向美國漢堡王，我們發現其可比銷售額下降了 1.1%，或者說，根據閏日調整後的業績相對持平。

Burger King US continued to outperform the broader burger QSR category reflecting the ongoing progress of our Reclaim the Flame plan and cap-sharing share. Tom and the team are staying disciplined in their approach to marketing, balancing value, premium, and family while protecting franchisee profitability. This quarter, strong value offerings like the $5 Duos and $7 Trios were complimented by premium innovation, including the Steakhouse Bacon Whopper, which achieved one of our highest product satisfaction scores to date.

漢堡王美國公司的表現繼續優於更廣泛的漢堡 QSR 類別，這反映了我們「奪回火焰」計劃和上限共享份額的持續進展。湯姆和他的團隊在行銷方法上保持嚴謹，在保護加盟商獲利能力的同時，平衡價值、溢價和家庭。本季度，5 美元的雙人套餐和 7 美元的三人套餐等超值產品與高端創新產品相得益彰，其中包括牛排培根皇堡，該產品獲得了我們迄今為止最高的產品滿意度評分之一。

Looking ahead, we're excited to launch a bold new family activation that taps into our flame-grilled heritage and broadens the brand's appeal.

展望未來，我們很高興推出一項大膽的新家庭活動，充分利用我們的火焰燒烤傳統並擴大品牌的吸引力。

We're also making progress on operations. We just finished franchisee roadshows and it's clear there's strong alignment across the system around raising standards. We're continuing to take steps to transition restaurants into the hands of more engaged operators, and we're seeing those efforts translate into improvements across key metrics, not just at underperforming stores, but across the system.

我們在營運方面也取得了進展。我們剛結束了特許經營路演，很明顯整個系統在提高標準方面已經達成了高度一致。我們正在繼續採取措施，將餐廳轉交給更有參與度的營運商，我們看到這些努力轉化為關鍵指標的改善，不僅是在表現不佳的門市，而是整個系統。

These improvements, coupled with an ongoing effort to expand hours of operation, are driving better guest experiences and contributing to the outperformance we've seen relative to the industry.

這些改進，加上持續延長營業時間的努力，正在帶來更好的客戶體驗，並促成我們所看到的相對於行業的優異表現。

Importantly, as we sustain this momentum over time, we believe it will result in stronger unit economics for our franchisees. Modernizing our restaurant base will be another important driver of franchisee profitability. We expect to complete about 400 remodels this year, including many with our new sizzle image, and average sales uplifts are holding in the mid-teens net of control.

重要的是，隨著我們長期保持這種勢頭，我們相信它將為我們的特許經營商帶來更強勁的單位經濟效益。餐廳基地的現代化將成為特許經營商獲利的另一個重要驅動力。我們預計今年將完成約 400 個改造，其中許多改造都採用了我們新的熱辣形象，平均銷售額增長將保持在十幾歲的控制範圍內。

Between remodels and the net impact of openings and non-modern image closures, we're on track to reach over 85% modern image by the end of 2028.

透過改造以及開業和關閉非現代形象店的淨影響，我們預計在 2028 年底實現 85% 以上的現代形象。

Our Carrols refranchising efforts are also underway. We're in the process of placing restaurants with more engaged, smaller owner operators, whether that's high-performing existing franchisees, strong new entrants, or internal talent within the system ready to take on ownership. The team and our franchisees remain focused on navigating the current environment with discipline and doing all the right things to build a healthier, more competitive Burger King system.

我們的 Carrols 重新特許經營工作也正在進行中。我們正在將餐廳安置給更多參與度更高的小型業主經營者，無論是業績優異的現有加盟商、強大的新進入者，還是系統內準備承擔所有權的內部人才。我們的團隊和特許經營者將繼續專注於規範地應對當前環境，並採取一切正確措施來建立更健康、更具競爭力的漢堡王體系。

Turning now to Popeyes in the US and Canada. We saw net restaurant growth of 3% and comparable sales declined 4%, or down roughly 2.9% adjusted for Leap Day. This followed a 5.7% increase in comparable sales in the prior year, which benefited from the brand's first-ever Super Bowl ad.

現在來談談美國和加拿大的 Popeyes。我們看到餐廳淨銷售額成長了 3%，可比銷售額下降了 4%，根據閏日調整後下降了約 2.9%。由於該品牌首次推出的超級盃廣告，去年可比銷售額成長了 5.7%。

While results were softer than we would like, we'd just returned from Popeyes convention in Orlando where Jeff and the team reiterated their Easy to Love strategy to build a healthier, higher performing system. The plan is focused on delivering our world-famous fried chicken more consistently to our guests.

雖然結果不如我們所願，但我們剛從奧蘭多的 Popeyes 大會回來，在會上 Jeff 和團隊重申了他們的 Easy to Love 戰略，以建立一個更健康、性能更高的系統。該計劃的重點是更加持續地向我們的客人提供我們舉世聞名的炸雞。

We will continue to bring exciting innovation like our Pickle Menu and relevant partnerships like our Don Julio collaboration from February.

我們將繼續帶來令人興奮的創新，例如我們的 Pickle Menu 以及相關的合作夥伴關係，例如我們從二月開始的與 Don Julio 的合作。

These messages are being supported by a step up in national advertising spend that began in April and will continue for the next three years if performance targets are met. Over the medium term, our incredible food is going to be increasingly paired with foundational work we're doing to strengthen the system.

這些資訊得到了四月開始增加全國廣告支出的支持，如果達到績效目標，未來三年將繼續增加廣告支出。從中期來看，我們美味的食物將越來越多地與我們為加強系統而進行的基礎工作相結合。

We know modern, well-run restaurants deliver much stronger results with remodeled restaurants that achieve an A-grade, generating 30% higher profitability than the system average. That's why we're going to roll out our easy-to-run kitchen upgrades over the next few years while we're remodeling our stores to reach a consistent modern image by 2030.

我們知道，現代化、經營良好的餐廳業績會更好，而經過改造並達到 A 級的餐廳的盈利能力比系統平均水平高出 30%。這就是為什麼我們將在未來幾年推出易於操作的廚房升級，同時改造我們的商店，以在 2030 年前達到一致的現代形象。

And we'll focus on moving more of our restaurants to an A-operations level. Much like we have at Burger King, we're being more intentional about prioritizing operational consistency over new development by prioritizing top operators who share our focus on operational excellence.

我們將致力於將更多餐廳提升至 A 級營運水準。就像我們在漢堡王所做的那樣，我們更有意識地優先考慮營運的一致性而不是新的開發，優先考慮與我們一樣注重卓越營運的頂級營運商。

Our field teams are raising the bar on operations and our company and restaurant portfolio has expanded to approximately 100 locations, which we aim to make the example for the entire system.

我們的現場團隊正在提高營運標準，我們的公司和餐廳組合已擴展到約 100 個地點，我們的目標是為整個系統樹立榜樣。

There's a lot of energy in the Popeyes system today. The chicken segment of QSR has compelling growth dynamics, but is increasingly competitive, requiring us to raise the bar again on how we bring Popeyes amazing chicken to our guests. With a sharper focus on fundamentals, better marketing support, and a more modern, high functioning base of restaurants, we're confident in our ability to perform in the quarters and years ahead.

如今 Popeyes 系統充滿活力。快餐店的雞肉部分有著引人注目的成長動力，但競爭也日益激烈，這要求我們再次提高標準，為顧客帶來 Popeyes 美味的雞肉。透過更專注於基本面、更好的行銷支援以及更現代化、高效運作的餐廳基礎，我們對未來幾季和幾年的表現充滿信心。

Finally, Firehouse Subs in the US and Canada grew comparable sales by 0.6%, or nearly 2% excluding Leap Day. Net restaurants grew 5.9% and system-wide sales 7.3%. We continue to outperform the broader sub-sandwich category in Q1, supported by fan favorites like our delicious French dip sub and our recent Hot Ones collaboration.

最後，美國和加拿大的 Firehouse Subs 可比銷​​售額成長了 0.6%，若不包括閏日則成長了近 2%。餐廳淨銷售額成長 5.9%，全系統銷售額成長 7.3%。在第一季度，我們繼續超越更廣泛的三明治類別，這得益於我們美味的法式蘸醬三明治和我們最近的 Hot Ones 合作等粉絲喜愛的產品。

Digital remains a strength for the brand with a digital mix of over 45%, the highest of our home market brands. And on the development front, we're building on the momentum we created in 2024 with hundreds of new store commitments from both new and existing franchisees. It's encouraging to see that energy translate into a growing pipeline and it gives me confidence in another year of improved unit growth in 2025.

數位化仍然是該品牌的優勢，其數位化組合超過 45%，是我們本土市場品牌中最高的。在發展方面，我們正在利用 2024 年創造的勢頭，獲得新舊加盟商的數百家新店承諾。看到能源轉化為不斷增長的管道，令人鼓舞，這讓我對 2025 年單位成長再次提高充滿信心。

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

接下來，我將把時間交給薩米來介紹我們本季的財務表現。薩米？

Thanks, Josh, and good morning, everyone. Today, I'll discuss our Q1 financial results, capital structure, and 2025 financial guidance, and I'll also provide an update on our Burger King China acquisition.

謝謝，喬希，大家早安。今天，我將討論我們的第一季財務表現、資本結構和 2025 年財務指導，同時我還將提供有關我們收購漢堡王中國的最新情況。

But before that, I want to address the long-term growth algorithm we introduced last year. While we exceeded our 8%-plus AOI growth target in 2024, we came in below expectations on NRG. This reflected a more complex operating environment than we'd initially anticipated, one that is only intensified in 2025.

但在此之前，我想先談談我們去年推出的長期成長演算法。雖然我們超額完成了 2024 年 8% 以上的 AOI 成長目標，但 NRG 的成長低於預期。這反映出營運環境比我們最初預期的更為複雜，而且到 2025 年這種複雜程度還會進一步加劇。

As a result, we believe it's prudent to reframe our long-term outlook to better reflect today's realities. We're maintaining our targets for 3%-plus comparable sales and 8%-plus organic AOI growth on average through 2028. However, we're updating our net restaurant growth expectations in the near term, primarily due to Burger King China. As Josh mentioned, since acquiring China in February, we've seen encouraging early results. The sales at BK China have improved under a refocused marketing plan and an energized local management team.

因此，我們認為重新制定我們的長期前景以更好地反映當今的現實是明智之舉。我們的目標是到 2028 年，可比銷售額平均成長 3% 以上，AOI 有機成長 8% 以上。不過，我們近期將更新餐廳淨成長預期，主要歸功於漢堡王中國。正如喬希所說，自從二月收購中國以來，我們已經看到了令人鼓舞的早期成果。在重新調整的行銷計劃和充滿活力的本地管理團隊的推動下，BK 中國的銷售額有所提高。

That said, the portfolio needs some cleanup to set the business up for long term -- for success long term in the hands of a new partner.

也就是說，投資組合需要進行一些清理，以便為長期業務做好準備——在新的合作夥伴手中取得長期成功。

Because of this transition at Burger King China, we expect total reported 2025 NRG growth to be slightly down from last year in the plus or minus 3% unit-growth range, down a bit from the mid-3% growth we reported in 2024.

由於漢堡王中國的這一轉變，我們預計 2025 年 NRG 總增長率將比去年略有下降，單位增長率在正負 3% 的範圍內，略低於 2024 年報告的 3% 左右的增長率。

Once this transition is behind us, we're confident BK China will return to positive growth, allowing us to ramp back to 5% global NRG growth towards the end of our algorithm period, which will equate to around 1,800 net new restaurants per year.

一旦這一轉變完成，我們相信 BK 中國將恢復正成長，並使我們能夠在演算法期結束時將全球 NRG 成長率回升至 5%，這相當於每年淨增約 1,800 家新餐廳。

When we think about the building blocks to the 1,800s, we continue to believe in the path that we laid out last February. While the makeup of our growth in North America has shifted slightly, we remain confident that our home market businesses will reach roughly 400 net restaurants per year driven by positive net restaurant growth at Tims in both Canada and the US, stabilizing and returning to modest growth at Burger King US, steady development at Popeyes North America, and accelerating momentum at Firehouse. Internationally we're targeting about 1,400 net units per year.

當我們思考 19 世紀的基礎時，我們仍然相信去年二月我們規劃的道路。雖然我們在北美的成長結構略有變化，但我們仍然相信，我們的本土市場業務每年將達到約 400 家淨餐廳，這得益於加拿大和美國的 Tims 淨餐廳數量的正增長、美國漢堡王的穩定和恢復適度增長、Popeyes 北美的穩步發展以及 Firehouse 的加速發展勢頭。在國際上，我們的目標是每年淨銷售約 1,400 台。

There may be puts and takes over time, but based on where we sit today, we continue to expect roughly 600 net units from EMEA, including higher ARS markets like the UK, France, and Italy. APAC outside of China will contribute around 300, with India, Korea, Japan, and Australia as important drivers, and lack is expected to deliver roughly 200 per year, with Mexico and Brazil as strong contributors.

隨著時間的推移，可能會出現賣出和賣出的情況，但根據我們目前的情況，我們仍然預計來自 EMEA 的淨單位數量約為 600 個，包括英國、法國和義大利等 ARS 較高的市場。中國以外的亞太地區將貢獻約 300 名學生，其中印度、韓國、日本和澳洲是重要推動力，預計每年將提供約 200 名學生，其中墨西哥和巴西是強勁貢獻者。

For perspective, these levels are generally in line to slightly ahead of what we delivered over the past few years in each region. So very achievable, especially as we add new brand market combinations for Popeyes, Firehouse, and Tim's around the world.

從長遠來看，這些水平總體上與我們過去幾年在各個地區實現的水平一致或略高。這是非常容易實現的，特別是當我們在世界各地為 Popeyes、Firehouse 和 Tim’s 增加新的品牌市場組合時。

The remaining 300 units will come from our brands in China. With Popeyes accelerating, BK China returning to its growth potential in the outer years, and Tims making a positive contribution as well.

其餘 300 台將來自我們在中國的品牌。隨著 Popeyes 的加速發展，BK 中國在未來幾年恢復了成長潛力，而 Tims 也做出了積極的貢獻。

China is a primary swing factor, and if we're firing on all cylinders, meaning all three businesses are on the right path, we believe 300 net new units per year (technical difficulty)the surface of our potential.

中國是一個主要的影響因素，如果我們全力以赴，意味著三個業務都走在正確的道路上，我們相信每年 300 個淨新單位（技術難度）就是我們的潛力表面。

Now, shifting to Q1 results. As I mentioned on our year-end call, we expected the first quarter would be the lowest in terms of absolute comparable sales, AOI, and EPS. While our performance came in softer than anticipated, we've been encouraged by a stronger start to Q2 and remain confident we will deliver improved top- and bottom-line results for the balance of the year.

現在，轉向第一季業績。正如我在年終電話會議上提到的那樣，我們預計第一季的絕對可比銷售額、AOI 和 EPS 將是最低的。雖然我們的業績低於預期，但第二季的強勁開局令我們感到鼓舞，我們仍然有信心在今年餘下時間裡實現更好的營收和利潤業績。

In Q1, comparable sales were relatively flat. Global system-wide sales grew 2.8% year over year, and organic AOI grew 2.6%. There are a couple of items that impacted our year-over-year results, which I'll walk through now. First, we estimate calendar timing, including leap day, and tougher weather in North America, reduce our AOI by about $10 million in the quarter, or just over 150 basis points.

第一季度，可比銷售額相對持平。全球全系統銷售額年增 2.8%，有機 AOI 成長 2.6%。有幾個因素影響了我們的年比業績，我現在就來介紹一下。首先，我們估計日曆時間（包括閏日）和北美惡劣的天氣會導致本季我們的 AOI 減少約 1000 萬美元，或略高於 150 個基點。

And second, as we're actively working to find a new partner for the Burger King China business, we are treating it as hell for sale, with results recorded in discontinued operations. Our international segment will therefore not recognize revenue from BK China until the new partner is in place.

其次，由於我們正在積極為漢堡王中國業務尋找新的合作夥伴，我們將其視為極易出售的業務，其業績記錄在已停止的業務中。因此，在新的合作夥伴到位之前，我們的國際部門將無法確認來自 BK 中國的收入。

In Q1, this resulted in a $9 million year-over-year headwind to revenues and to AOI. And for the full year, assuming no change in ownership, we expect a $37 million impact to revenue and a $19 million impact to AOI on a year-over-year basis given that we recorded approximately $18 million of bad debt expenses in 2024.

在第一季度，這導致收入和 AOI 年比下降 900 萬美元。就全年而言，假設所有權不變，我們預計收入將受到 3700 萬美元的影響，AOI 將受到 1900 萬美元的影響，因為我們在 2024 年記錄了約 1800 萬美元的壞帳費用。

We offset these headwinds in Q1 through system-wide sales growth, $10 million of organic gross profit dollar growth in our 10 supply chain business, and continued cost discipline, including a $7 million reduction in segment G&A.

我們透過全系統銷售額的成長、10 個供應鏈業務中 1,000 萬美元的有機毛利成長以及持續的成本控制（包括 700 萬美元的分部 G&A 減少）抵消了第一季的這些不利因素。

I'd also note that we recorded around $7.5 million in net bad debt expenses in line with the prior year period, primarily related to international royalties and cost of sales within the Tim’s supply chain business tied to coffee sales to certain international partners.

我還要指出的是，我們記錄的淨壞帳費用與去年同期持平，約為 750 萬美元，主要與國際特許權使用費以及 Tim 供應鏈業務中與向某些國際合作夥伴銷售咖啡相關的銷售成本有關。

Now turning to EPS, adjusted EPS increased to $0.75 per share from $0.73 per share last year, representing nominal growth of 3.3% and organic growth of 9.9%, excluding RH and a 4% FX impact. The increase was primarily due to a decrease in adjusted net interest expense of approximately $11 million year over year, reflecting the benefits from our upsized cross-currency swaps, our 2024 refinancing, and our interest rate swaps.

現在轉向每股收益，調整後的每股收益從去年的每股 0.73 美元增至每股 0.75 美元，名義成長 3.3%，有機成長 9.9%，不包括 RH 和 4% 的外匯影響。這一增長主要是由於調整後的淨利息支出年減約 1,100 萬美元，反映了我們擴大交叉貨幣掉期、2024 年再融資和利率掉期的好處。

We continue to expect that 2025 adjusted net interest expense will be in the $500 million to $520 million range, assuming an average SOFR rate of 4.1% flowing through approximately 15% of our debt.

我們繼續預計，2025 年調整後的淨利息支出將在 5 億美元至 5.2 億美元之間，假設平均 SOFR 利率為 4.1%，流向我們約 15% 的債務。

Our adjusted effective tax rate was approximately 16.5% in the quarter and included a one-time benefit of over 2 points from discrete non-cash tax items. For the full-year 2025, we continue to expect our tax rate to be in the 18% to 19% range.

本季我們的調整後有效稅率約為 16.5%，其中包括來自單獨非現金稅項目的超過 2 個百分點的一次性收益。對於 2025 年全年，我們預計稅率仍將在 18% 至 19% 之間。

Now turning to free cash flow and our capital structure. We generated $89 million of free cash flow, inclusive of approximately $35 million in cash benefits from our hedges. Q1 is typically our smallest cash flow quarter largely due to working capital seasonality, including the timing of advertising payments, gift card redemption, and cash tax payments.

現在轉向自由現金流和我們的資本結構。我們產生了 8,900 萬美元的自由現金流，其中包括來自對沖的約 3500 萬美元的現金收益。第一季通常是我們現金流最小的季度，這主要是由於營運資本的季節性，包括廣告支付、禮品卡兌換和現金稅支付的時間。

This quarter, our free cash flow was further impacted by $77 million of cash tax payments largely related to new EIFEL Canadian interest tax deductibility rules. During the quarter, we spent approximately $10 million on Reclaim the Flame-related investments while returning $262 million of capital to shareholders through our dividends.

本季度，我們的自由現金流受到 7,700 萬美元現金稅款的進一步影響，這主要與新的 EIFEL 加拿大利息稅扣除規則有關。本季度，我們花了約 1000 萬美元用於「奪回火焰」相關投資，同時透過股息向股東返還了 2.62 億美元的資本。

In February, we acquired the remaining equity interest in Burger King China for roughly $150 million. We also capitalized the business with approximately $105 million to fund operations, hire an experienced local management team, and enhance marketing efforts as we work closely with Morgan Stanley to find a new local partner.

今年2月，我們以約1.5億美元收購了漢堡王中國剩餘的股權。我們也為該業務注資約 1.05 億美元，用於營運資金、聘請經驗豐富的本地管理團隊並加強行銷力度，同時我們與摩根士丹利密切合作，尋找新的當地合作夥伴。

Overall, we ended Q1 with $2.1 billion of liquidity, including approximately $900 million of cash, and a leverage ratio of 4.7 times.

總體而言，我們在第一季結束時擁有 21 億美元的流動資金，其中包括約 9 億美元的現金，槓桿率為 4.7 倍。

Looking ahead, we remain focused on investing in our brands and businesses while continuing to deleverage. I'll now wrap up with four additional topics: our long-term capital intensity, FX exposure, tariff impact, and our G&A guidance.

展望未來，我們仍將專注於投資我們的品牌和業務，同時繼續去槓桿。我現在將總結另外四個主題：我們的長期資本密集度、外匯風險、關稅影響以及我們的一般及行政管理指導。

First, we've had several questions about our capital intensity, so I'd like to offer some perspective. We expect total CapEx, tenant inducements, and remodel incentives, what we refer to as CapEx and cash inducements to be in the $400 million to $450 million range for 2025 and 2026, up from over $330 million in 2024.

首先，我們對資本密集度有幾個疑問，所以我想提供一些觀點。我們預計，2025 年和 2026 年的總資本支出、租戶激勵和改造激勵（我們所謂的資本支出和現金激勵）將在 4 億至 4.5 億美元之間，高於 2024 年的 3.3 億美元以上。

From 2027 to 2028, we'd expect this amount to step down to the $350 million to $400 million range, as we find long-term partners for Popeyes China and Firehouse Brazil, and we refranchise Carol's restaurant.

從 2027 年到 2028 年，隨著我們為 Popeyes China 和 Firehouse Brazil 找到長期合作夥伴，並重新特許經營 Carol 餐廳，我們預計這一數額將下降到 3.5 億美元到 4 億美元之間。

After 2028, with Reclaim the Flame complete and Carol's restaurants largely re-franchised, we expect to settle at around $300 million of CapEx and cash inducements. This should generate a nice tail to our free cash flow growth as we reduce capital intensity and realize returns from the investments we're making today.

2028 年後，隨著 Reclaim the Flame 項目的完成以及 Carol 餐廳大部分重新獲得特許經營權，我們預計將達成約 3 億美元的資本支出和現金激勵。隨著我們降低資本密集度並從今天的投資中獲得回報，這應該會為我們的自由現金流成長帶來良好的結果。

Second, given recent fluctuations in FX rates, I'd like to remind you that for every $0.01 change in the USD CAD and USD EUR, we see a roughly $8 million and $4 million annual AOI impact respectively. Last quarter, we told you we expected a $45 million FX headwind in 2025. We're now expecting that to improve to a headwind of $15 million based on current rates.

其次，鑑於近期外匯匯率的波動，我想提醒您，美元兌加幣和美元兌歐元每變動 0.01 美元，每年將分別對 AOI 造成約 800 萬美元和 400 萬美元的影響。上個季度，我們告訴您，我們預計 2025 年外匯逆風將達到 4500 萬美元。我們現在預計，以目前的利率，逆風額將改善至 1500 萬美元。

Third, we want to provide a preliminary view on the potential impact from tariffs. The vast majority of our COGS are localized, and we are working closely with our suppliers and franchisees to localize for those inputs that are not. Based on what we know today, if our efforts pan out, we will see a COGS impact of around 100 basis points or less in most cases across our home-market franchise businesses and our company-owned restaurants. This is a point in time estimate and we'll continue to reassess as needed.

第三，我們想對關稅的潛在影響提供初步看法。我們的絕大多數銷貨成本 (COGS) 都已在地化，我們正在與供應商和特許經營商密切合作，對那些尚未本地化的投資進行本地化。根據我們目前掌握的情況，如果我們的努力取得成功，我們將看到，在大多數情況下，我們的本土市場特許經營業務和公司自營餐廳的 COGS 影響約為 100 個基點或更低。這是一個時間點的估計，我們將根據需要繼續重新評估。

Finally, as CFO, one of my priorities has been driving operating leverage across our P&L while continuing to invest in our business to build sustainable sales. As we've integrated Carol’s, redeployed capital behind new growth initiatives, and assessed the current operating environment, we've taken a closer look at our resources and identified opportunities to run our business more efficiently.

最後，身為財務官，我的首要任務之一是推動整個損益表中的經營槓桿，同時繼續投資我們的業務以實現永續的銷售。在我們整合 Carol's、重新部署資本以支援新的成長計劃以及評估當前的營運環境的過程中，我們更加仔細地審視了我們的資源並發現了更有效地經營業務的機會。

As a result, we now expect 2025 segment G&A, excluding ,RH to be in the $600 million to $620 million range, down from the $650 million to $670 million range previously.

因此，我們現在預計 2025 年分部的 G&A（不包括 RH）將在 6 億至 6.2 億美元之間，低於先前的 6.5 億至 6.7 億美元。

We think this is a healthy baseline that allows us to continue investing in our people and strategic plans while driving operating leverage and delivering 8%-plus organic AOI growth in 2025 and beyond.

我們認為這是一個健康的基礎，使我們能夠繼續投資於我們的人才和戰略計劃，同時推動經營槓桿並在 2025 年及以後實現 8% 以上的有機 AOI 增長。

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。

Thanks, Sami. We can't control the macro environment, but we can control our complexity. We’re operating in a moment of peak complexity, but our business will get simpler from here. What does that mean?

謝謝，薩米。我們無法控制宏觀環境，但我們可以控制我們的複雜性。我們正處於營運最複雜的階段，但從現在開始我們的業務將變得更加簡單。這意味著什麼？

First, we've started the process of re-franchising Carol’s to internal candidates from within Carol’s to existing strong franchisees and to great external franchisees. We will only put these restaurants in the hands of people who we believe will run them very well. While it will take a number of years to complete the process, you will start to see our owned restaurant-count decline this year.

首先，我們已經開始將 Carol 的特許經營權重新授予內部候選人，從 Carol 內部的現有強大特許經營商到優秀的外部特許經營商。我們只會把這些餐廳交給那些我們認為能夠很好地經營的人。雖然完成這個過程需要數年時間，但今年你將開始看到我們自有餐廳的數量下降。

We took on BK China. We've made great progress in the three months since we bought it, and we've now hired Morgan Stanley to help us find a great new partner.

我們接手了BK中國。自從我們收購以來的三個月裡，我們取得了巨大的進步，現在我們聘請了摩根士丹利來幫助我們尋找一個優秀的新合作夥伴。

Third, we're making real progress on BK in the US. We've moved on from some partners who weren't the right long-term answers. Our operations are improving, and we're on track to have the vast majority of our restaurants be modern image by the end of 2028.

第三，我們在美國BK問題上取得了真正的進展。我們已經放棄了一些無法提供長期正確答案的合作夥伴。我們的營運正在改善，我們預計在 2028 年底之前讓絕大多數餐廳擁有現代化的形象。

It has taken meaningful investments and tough decisions, and it won't always be a straight line of progress, but we are on track. And finally, the net effect of what will be decreasing complexity is decreasing capital commitments from us over the coming years, and a more stable cost structure that drives operating leverage, as Sami just spelled out.

這需要大量的投資和艱難的決定，而且不會總是直線進步，但我們已經走在正軌上。最後，正如薩米剛才所說，降低複雜性的淨效應是減少我們未來幾年的資本承諾，並形成更穩定的成本結構，從而推動營運槓桿。

In the end, success is defined by franchisees generating great returns from committing their time and capital to our brands, and I'm confident our franchisees’ success will happen when they consistently make great food, deliver great service in an attractive, clean restaurant, all at a good value.

最終，成功的定義是特許經營商透過為我們的品牌投入時間和資金而獲得豐厚的回報，我相信，當我們的特許經營商始終如一地製作美味的食物，在有吸引力、乾淨的餐廳提供優質的服務，並且物有所值時，他們的成功就會實現。

Tim Hortons and its restaurant owners in Canada are a great example of this winning formula. All the complexity we've taken on has been about setting us up everywhere to be able to do just that. Where we felt like there wasn't a convincing path to get that done, we've made changes and committed capital when needed.

Tim Hortons 及其在加拿大的餐廳老闆就是這個成功模式的典範。我們所承擔的所有複雜任務都是為了讓我們能夠在各個地方都能夠做到這一點。當我們覺得沒有令人信服的途徑來實現這一目標時，我們會在需要時做出改變並投入資金。

As our investors, we appreciate that we've asked for some patience as we make these investments, and the return on those investments is coming. It came in 2024 by generating adjusted operating income growth of over 8%, and we believe it will continue this year and into the future as we've set ourselves up to continue delivering adjusted operating income growth of 8% or better.

作為我們的投資者，我們很感激我們在進行這些投資時要求一些耐心，這些投資的回報即將到來。2024 年，調整後營業收入成長率超過 8%，我們相信今年及未來這一趨勢將持續，因為我們已做好準備，繼續實現 8% 或更高的調整後營業收入成長率。

We've been managing through the hard stuff to unlock a much stronger, more resilient business in the future. And when I look across our organization, I see the right people working on the right priorities for all the right reasons. I'm excited for what's ahead and grateful to our franchisees and teams who are consistently providing better experiences to our guests every day.

我們一直在努力克服困難，以便在未來打造更強大、更具彈性的業務。當我審視整個組織時，我看到合適的人員出於正確的理由，致力於正確的優先事項。我對未來充滿期待，並感謝我們的特許經營商和團隊，他們每天都在為我們的客人提供更好的體驗。

With that, let's take our questions.

下面，我們來回答問題。

(Operator Instructions)

（操作員指示）

Dennis Geiger, UBS.

瑞銀集團的丹尼斯蓋格。

Good morning, guys. Thank you. Wondering if you could talk a little bit more about what you're seeing with Tim Hortons in Canada, how much do you think you're being impacted by the Canada macro environment right now, and maybe expectations for the brand's resiliency in the market if the challenging backdrop persists. I don't know if there's anything to kind of share on the value proposition, how the back to basic strategies will help you take share, or just overall remain resilient in the market?

大家早安。謝謝。您是否可以再多談談您對加拿大 Tim Hortons 的看法，您認為目前加拿大宏觀環境對您有多大的影響，以及如果充滿挑戰的背景持續下去，您對該品牌在市場上的彈性有何預期。我不知道在價值主張方面是否有任何可以分享的內容，回歸基本策略將如何幫助您獲得份額，或者只是在整體上保持市場彈性？

Thank you.

謝謝。

Morning Dennis. It's Josh. Thanks for the question. I think you hit on a lot of great points, and for me it really does go back to the back to basics plan that we've been executing for, I think, five years or more now. And I think Axel and the team are doing an incredible job across all the fundamentals, and that's why you've seen Tim’s in Canada perform so well over the last few years, and it's why we're so confident that it's going to continue performing well in the coming quarters and years.

早安，丹尼斯。我是喬希。謝謝你的提問。我認為您提出了很多很好的觀點，對我來說，這確實回到了我們已經執行了五年或更長時間的回歸基礎計劃。我認為 Axel 和他的團隊在所有基本面都做得非常出色，這就是為什麼你看到加拿大的 Tim 在過去幾年裡表現如此出色，也是為什麼我們如此有信心它在未來幾個季度和幾年裡將繼續表現良好。

In Q1, I think we had more of an inline quarter with the other big brands in the market, and I think to your point, we did see a little bit of a dip in consumer confidence if you look at the Canadian Consumer Confidence Index. But importantly, we've seen that come back in the second quarter to date so far, you've seen a bit of an improvement in consumer confidence, and I also mentioned that that Tim sales have come back really strong. We've got Some awesome things going on in the business you just saw us launched a new loaded Scrambled Eggs Box with Ryan Reynolds. That's doing great, and we have a lot of exciting stuff for the rest of the year. So we're feeling really good about Tim’s business. It's been doing wonderful, and we're very confident it will continue to do that in the future.

在第一季度，我認為我們與市場上的其他大品牌表現更加一致，而且我認為正如您所說，如果您查看加拿大消費者信心指數，我們確實看到消費者信心略有下降。但重要的是，到目前為止，我們已經看到第二季度的回升，您已經看到消費者信心有所改善，而且我還提到，蒂姆的銷售額已經強勁回升。我們在業務上有一些很棒的事情正在進行，您剛剛看到我們與瑞安雷諾茲一起推出了一款新的裝滿炒雞蛋的盒子。這真是太棒了，今年剩餘的時間我們還有很多令人興奮的事情要做。所以我們對蒂姆的生意感到非常滿意。它的表現非常出色，我們非常有信心它將來會繼續保持這樣的表現。

Great. Thanks, Josh.

偉大的。謝謝，喬希。

David Palmer, Evercore ISI.

大衛·帕爾默（David Palmer），Evercore ISI。

Great. Thank you. Good morning. Looking outside the US resting world markets. How are trends in the informal leading out market in your key markets coming out of the first quarter as you look out to the year? Just -- yeah, how you view the consumer in your key markets and then separately how are you looking at your market share trends in key markets around the -- in geographies around the world? Thanks so much.

偉大的。謝謝。早安.放眼美國以外的世界市場。展望今年，您主要市場中非正式領先市場的趨勢在第一季如何？只是——是的，您如何看待主要市場的消費者，然後您如何看待世界各地主要市場的市場份額趨勢？非常感謝。

Morning, Dave. So a few thoughts on the international business and some of the trends there, maybe a few kind of stepping back thoughts on the international business, too. I would tell you that we were really pleased with the results in in Q1. We had same source sales of 2.6%, and that gets up into kind of the high 3s% excluding the impact of Leap Day. So I think that's a pretty good absolute result and also a pretty good relative result when you look at some of the other global brands out there. It's really an incredible business that we have a very diversified business. We're in around 200 grand country accommodations, and our top 10 markets are about 60% of our international system-wide sales. So a lot of different dynamics in each of those countries.

早上好，戴夫。因此，我對國際業務及其趨勢有一些想法，也許還有一些關於國際業務的回顧性想法。我想告訴你，我們對第一季的結果非常滿意。我們的同源銷售額為 2.6%，除去閏日的影響，這一比例達到了 3% 左右。因此，我認為，當你看看其他一些全球品牌時，這是一個相當不錯的絕對結果，也是一個相當不錯的相對結果。我們的業務非常多元化，這真是一項令人難以置信的業務。我們的酒店業務覆蓋全國約 200 家酒店，前十大市場約占我們國際系統銷售額的 60%。因此，每個國家都存在著許多不同的動態。

I think when you look at the Burger King brand in international, it's a bit different. It has some really great qualities that are that that position it to grow so well. We've got a strong brand positioning. We've got modern restaurants and almost all of our markets. We have a lot more digital business as well. And we’ve -- because of a lot of those things, we have pretty great brand perception, and really good food quality perception in those markets, where we balance some of our favorites like the Whopper with strong localization that each of our teams bring.

我認為，當你在國際上看到漢堡王品牌時，它會有點不同。它具有一些非常好的品質，這使得它能夠很​​好地生長。我們擁有強大的品牌定位。我們擁有現代化的餐廳和幾乎所有的市場。我們也有更多的數位業務。而且由於上述許多因素，我們在這些市場中擁有非常好的品牌認知度和食品品質認知度，我們將皇堡等一些我們最受歡迎的產品與我們每個團隊帶來的強大本地化功能完美地結合在一起。

We also have a different level of execution and guest service. I think we're much more consistent across our international markets. That allows us to perform much better, and we have some incredible partners. I mentioned a couple of them earlier, but across the globe in places like France, Spain, and so many others, we have some of the best international master franchisees that that you could ask for.

我們的執行和客戶服務水準也有所不同。我認為我們在國際市場上更一致。這讓我們表現得更好，而且我們擁有一些令人難以置信的合作夥伴。我之前提到過其中幾個，但在法國、西班牙等地，我們擁有一些您可以要求的最好的國際特許經營商。

If you -- if we start, if we kind of go through a couple of the major markets, I'll do it by region and share a few thoughts on what's going well and what needs some work. If we start with EMEA, which is by far our biggest market, we performed particularly well in Germany and the UK where we had really good both menu innovation and some good value propositions. So I think we outperformed a bit in those two markets. And on the other hand, places like France probably underperformed a little bit. But I would say the business in France is incredible. I was just there a few weeks ago with Alex Simone and Olivier Bertrand, who run the business. They're terrific. They built a wonderful business and they're doing all the basics right. So I'm very confident we're going to get back to the right place in terms of [semester] sales performance in France.

如果我們開始，如果我們開始了解幾個主要市場，我會按地區進行，並分享一些關於哪些進展順利、哪些需要改進的想法。如果我們從迄今為止我們最大的市場 EMEA 開始，我們在德國和英國的表現尤其出色，在那裡我們既有非常好的菜單創新，也有一些很好的價值主張。所以我認為我們在這兩個市場表現得更好一些。另一方面，法國等地的表現可能略遜一籌。但我想說，法國的業務令人難以置信。幾週前我和該公司的負責人 Alex Simone 和 Olivier Bertrand 一起去過那裡。他們太棒了。他們創建了一家出色的企業，並且正確地做好了所有基本工作。因此，我非常有信心，就法國本學期的銷售業績而言，我們將回到正確的位置。

Moving to APAC, a couple of the standout markets there where I think we're taking share are places like Australia, Japan, and Korea. So those have been some of the biggest performers for us. Australia, in particular, has been very consistent over the last few years.

轉向亞太地區，我認為我們正在佔據份額的幾個突出市場是澳大利亞、日本和韓國。所以，對我們來說，這些都是表現最出色的作品。尤其是澳大利亞，過去幾年一直表現非常穩定。

I think Chris Green and the team there are doing awesome, so that's been good. And then we've, Last couple of years and in recent quarters, we've had a softer performance in China. That's a lot of the reason that we stepped in and took over the business here in February. And as I mentioned, we're already seeing some progress. So I think we're making progress on the underlying fundamentals, kind of fixing the business, getting a local team in place, but we're actually already seeing some improvement in sales trends there as well. And then finally in [Latin] -- there are two biggest markets in Latin America, are Brazil and Mexico, and in Brazil performance has been really good. The team's done a really nice job increasing our share of voice in media and bringing some pretty compelling value propositions there. Things like our two for BRL25 promotions that have allowed us to perform well on a relative basis. Mexico has been a little bit softer. I attribute that more to kind of a market-wide softness. So we're doing some good things, and for me, one of the greatest highlights there that I had a chance to see a month or two ago was our Tim's business, which is just doing fantastic, growing really quickly and taking a lot of market share.

我認為克里斯格林和那裡的團隊表現出色，所以這很好。過去幾年以及最近幾個季度，我們在中國的表現較為疲軟。這就是我們二月介入並接管該業務的很大原因。正如我所提到的，我們已經看到了一些進展。所以我認為我們在基本面方面正在取得進展，修復業務，建立本地團隊，但實際上我們已經看到那裡的銷售趨勢有所改善。最後是拉丁美洲——拉丁美洲有兩個最大的市場，分別是巴西和墨西哥，巴西市場的表現非常好。團隊做得非常出色，增加了我們在媒體上的發言權，並帶來了一些非常引人注目的價值主張。諸如我們推出的兩項 BRL25 促銷活動，讓我們在相對基礎上取得了良好的表現。墨西哥的情況稍微溫和一點。我認為這更多是由於整個市場的疲軟。所以我們正在做一些好事，對我來說，一兩個月前我有機會看到的最精彩的亮點之一就是我們的蒂姆的業務，它做得非常出色，增長非常快，佔據了大量的市場份額。

Stepping back a little bit from BK, just one last thought on international business performance, is that, we talk about, when we talk about our national as I just did, we tend to talk about our Burger King business given it's our biggest global brand, and I think we're going to be talking increasingly about Popeyes over time. We've grown that business tremendously since we acquired it, we're now at about 1,500 international restaurants, and we think that's going to keep growing at a really rapid clip over the next few years.

拋開漢堡王不談，最後我想談談國際業務表現，當我們談論我們的國家業務時，就像我剛才說的那樣，我們傾向於談論漢堡王業務，因為它是我們最大的全球品牌，而且我認為隨著時間的推移，我們會越來越多地談論 Popeyes。自從我們收購以來，我們的業務得到了極大的發展，現在我們擁有約 1,500 家國際餐廳，我們認為未來幾年我們的業務將繼續快速成長。

We've got some fantastic markets, places like the UK, increasingly places like Brazil and Spain, so we've got some great and fast growing markets across the globe. And I think that's going to be an increasingly large part of our business mix and our growth mix over the next few years.

我們擁有一些很棒的市場，例如英國，以及越來越多的巴西和西班牙等國家，所以我們在全球擁有一些偉大且快速成長的市場。我認為，在未來幾年內，這將成為我們業務組合和成長組合中越來越重要的一部分。

So overall, I think good performance. As we mentioned with the rest of the business, we've seen further improvements as we stepped into Q2. So their national business has been and continues to do well.

所以整體來說，我認為表現不錯。正如我們在其他業務中提到的那樣，進入第二季後，我們看到了進一步的改善。因此他們的國內業務一直表現良好並且將繼續保持良好勢頭。

Thanks, Dave.

謝謝，戴夫。

Brian Bittner, Oppenheimer.

奧本海默的布萊恩·比特納。

Thanks. Good morning. As it relates to Burger King US, it was very encouraging to see the first quarter, same source sales, much better relative performance versus your peers. I realized this is the culmination of a lot of work, but is there anything more specific that allowed you to win more clearly in the first quarter? And how would you frame your outlook for Burger King US for the rest of the year just given the challenges from low- and middle-income consumers that we've heard a lot about from your peers?

謝謝。早安.就美國漢堡王而言，看到第一季同源銷售額與同業相比表現更好，這非常令人鼓舞。我意識到這是大量工作的成果，但還有什麼更具體的事情能讓你在第一季取得更明顯的勝利嗎？鑑於我們從您的同行那裡了解到許多來自中低收入消費者的挑戰，您如何展望漢堡王美國公司今年剩餘時間的前景？

Hey, Brian, this is Patrick. You know what, let me step back a little bit, answer around BK, but also broadly around the business. I mean, outperformance over the medium and long term is driven by consistently improving your guests experience, not just from promotional activity, and across our business, I know we're making really strong gains on execution. Tim's is the best run restaurant chain in Canada and it continues to get better. It's why I'm incredibly confident about it. But in the case of Burger King, in the US, it's winning by running restaurants better. And that has often been with -- through new ownership, it's through now rapidly remodeling our restaurants to a great new image. It is really through executing the fundamentals, and as you look at -- we've talked about with the kind of the mid-teens lift from remodels, you're starting to see enough of those being done on a consistent basis.

嘿，布萊恩，我是派崔克。你知道嗎，讓我稍微退一步，回答有關 BK 的問題，同時也廣泛地討論業務問題。我的意思是，中長期的優異表現是透過不斷改善客人的體驗來推動的，而不僅僅是透過促銷活動，而且在我們的整個業務中，我知道我們在執行方面取得了非常強勁的進步。Tim's 是加拿大經營最好的連鎖餐廳，而且還在持續進步中。這就是我對此充滿信心的原因。但就美國漢堡王而言，它透過更好地經營餐廳而獲得成功。而這往往是透過新的所有權來實現的，現在我們正透過迅速將我們的餐廳改造成一個嶄新的形象。這實際上是透過執行基本原則來實現的，正如您所看到的——我們已經討論過改造帶來的十幾歲的提升，您開始看到足夠的改造是在持續進行的。

Essentially, one a day getting remodeled in the US and I think you're starting to see execution flow through into results. And I think that's the big reason you've seen relative outperformance from BK in the US over the last year and in the first quarter.

本質上，美國每天都會進行一次改造，我想你會開始看到執行流程轉化為成果。我認為這就是去年和今年第一季美國銀行表現相對優異的主要原因。

And you look at international, as Josh was just talking about, I mean, on average, it's really well run and where we don't see a path, we make a change like we did with BK China where, we're already making progress. So -- and it's the same path ultimately at Popeyes and Firehouse. And so the foundational work is being done ,and that's why I'm more optimistic about our business than ever, and I think that's really the foundational work that you're seeing being done in Burger King in the US is what's starting to show up on our relative performance.

看看國際市場，正如喬希剛才提到的，我的意思是，平均而言，它運作得非常好，在我們看不到出路的地方，我們會做出改變，就像我們對 BK 中國所做的那樣，我們已經取得了進展。所以 —— Popeyes 和 Firehouse 最後走的是同樣的路。所以基礎工作正在進行中，這就是為什麼我對我們的業務比以往任何時候都更加樂觀，而且我認為，您在美國漢堡王看到的那些基礎工作已經開始在我們的相對錶現中顯現出來。

And if I can, the only thing I would actually I agree very much with what Patrick said, I think we've made significant progress on operations and we started to make progress on remodels. I would say I still think we have a long way to go. We still have a lot of remodels to get done. We've got a lot of restaurants that aren't at the modern image, and while we have some -- and we have pockets of restaurants that have dramatically improved operations and are doing much better than the average there. We still have some pockets of operations that aren't where we want them to be that we need to turn around, and so I think those couple of things will continue to be the undercurrents that can drive relative outperformance.

如果可以的話，我唯一想說的是，我非常同意派崔克所說的話，我認為我們在營運方面取得了重大進展，我們開始在重塑方面取得進展。我想說我仍然認為我們還有很長的路要走。我們還有很多改造工作要完成。我們有很多餐廳沒有達到現代化的形象，但也有一些餐廳的經營狀況得到了顯著改善，業績遠高於平均水平。我們仍有一些業務沒有達到我們想要的水平，需要扭轉，所以我認為這幾件事將繼續成為推動相對優異表現的暗流。

But as I mentioned in the prepared remarks, we want to see absolute performance too, and we need to get better from where we were in Q1. And I've been happy to see that we have some improvement in the in the absolute same for sales coming into Q2, and we'll look to build on that as we get through the rest of this year. We've got some really exciting calendar stuff coming up, including one of these -- a really great family promotion that we're going to launch here in the next month or so, and some great additional focus on the whopper, some refreshes on value. So we've got a very thoughtful and comprehensive calendar approach for the rest of the year that can help us continue to build on that momentum.

但正如我在準備好的發言中提到的那樣，我們也希望看到絕對的表現，並且我們需要比第一季的表現更好。我很高興地看到，我們在第二季的銷售情況有了一定程度的改善，我們希望在今年剩餘時間內繼續保持這一勢頭。我們即將推出一些非常令人興奮的日曆產品，其中包括一個非常棒的家庭促銷活動，我們將在下個月左右推出，還有一些對巨無霸的額外關注，一些價值的更新。因此，我們對今年剩餘時間的日程安排非常周到和全面，可以幫助我們繼續保持這種勢頭。

Thanks, Josh. Thanks, Patrick.

謝謝，喬希。謝謝，派崔克。

John Ivankoe, JPMorgan.

摩根大通的約翰‧伊凡科。

Hi, thank you. Yeah, so a couple of questions for you firstly on the on the capital intensity that you gave through '29 and thank you so much for that. Certainly that's going to be very helpful for the model, but let me ask you a couple of things. I have in my notes you're expected to do 3,000 Burger King remodels. I think that's the number, through the end of '28.

你好，謝謝。是的，首先我想問您幾個問題，關於您在 29 年給出的資本密集度，非常感謝您提出這個問題。當然，這對模型來說非常有幫助，但請容​​許我問你幾個問題。我的筆記裡寫著，預計你要對 3,000 家漢堡王進行改造。我認為這就是截至 28 年底的數字。

So it's obviously a pretty big number from you know '25 to '28 on a per-year basis. So, can you give us the number of remodels that you're expecting at least in ‘25 and ‘26? That's the first question. And the related question, in the longer term $300 million of CapEx and '29 and beyond. Is that just you kind of a placeholder number or can you help us think about where some of the major buckets of that $300 million will be, especially, and I guess I'm going to make the assumption that new company store development isn't a major part of that number?

因此，從 25 年到 28 年，以每年計算，這顯然是一個相當大的數字。那麼，您能告訴我們至少在 2025 年和 2026 年預計的改造數量嗎？這是第一個問題。相關問題是，從長期來看，資本支出為 3 億美元，並且要到 29 年及以後。這只是一個佔位數字嗎？或者您能幫我們想想這 3 億美元中的主要部分將會花在哪裡，尤其是，我想我會假設新公司商店開發不是這個數字的主要部分？

Hey John, it's Sami. Good morning and thank you for the question and thank you for a similar question in the push on the last earnings call. I think, as we sort of reflected, we thought it would be helpful to give everyone a little bit more long-term visibility into kind of what the CapEx looks like. So kind of to take some of the pieces of your question. First, on the Burger King remodels, I think, as we think about the pace, we think we'll do about 400 remodels this year in 2025, and we think that number will accelerate in 2026.

嘿，約翰，我是薩米。早安，感謝您提出這個問題，也感謝您在上次財報電話會議上提出的類似問題。我認為，正如我們所反映的那樣，我們認為讓每個人對資本支出的長期情況有更深入的了解會很有幫助。因此，我可以回答您提出的問題中的一些部分。首先，關於漢堡王的改造，我認為，考慮到改造速度，我們認為到 2025 年我們將進行大約 400 次改造，並且我們認為這個數字將在 2026 年加速。

I think your aggregate number of remodels, I think when you do the math, I think the way to think about it is we're today at around 50% modern image in our system, and we want to be at 85% modern image by the end of 2028.

我認為，當您進行數學計算時，您的改造總數就會變成這樣：今天，我們的系統中大約有 50％ 是現代形象，而我們希望到 2028 年底達到 85％ 的現代形象。

So there's a couple puts and takes to that. Certainly, the number of remodels we do in a year adds to that. The number of new restaurants we open, and gross in a year will add to that. And then the closures of older image restaurants will kind of take that percentage up.

因此，這其中存在一些問題。當然，我們一年內進行的改造次數也會增加。我們新開的餐廳數量以及一年的總收入都會增加。然後，老品牌餐廳的關閉將使這一比例上升。

So I think that's sort of the bridge to getting to around 85% modern image by 2028. I think it's more like 2,000 remodels versus maybe the 3,000 remodels that that you had in your notes, but that's the bridge and Kendall and I can share that with you later. As you think about. What the $300 million looks like on a run rate basis after kind of the guidance period in 2029 and beyond, I think, for $300 million I think a good chunk of that actually continues to be our Tim Hortons system.

所以我認為這是 2028 年達到 85% 左右現代形象的橋樑。我認為它更像是 2,000 個改造，而不是您筆記中提到的 3,000 個改造，但這是一座橋樑，Kendall 和我可以稍後與您分享。正如你所想的。在 2029 年及以後的指導期之後，以運行率計算，這 3 億美元是什麼樣子的？我認為，其中很大一部分實際上將繼續用於我們的 Tim Hortons 系統。

So our Tim system, we're on a healthy pace of remodels where we're sort of caught up with our modern image percentage. And every year, if you kind of think about the way that system works, if it's roughly 4,000 restaurants, and you want to be remodeling a restaurant every 10 years. Call it, give or take. That means you're doing about 400 remodels every year, and those are typically a little bit smaller cause they're more frequent remodels, but keep in mind we are -- we have property control in about 80% of those situations. Co there's an ongoing capital commitment, and we think that's the right investment to make to keep our Tim's brand strong and the restaurant's looking really appealing to the guests.

因此，我們的 Tim 系統正處於健康的改造步伐中，我們已經趕上了現代形象的百分比。每年，如果你想想這個系統的運作方式，如果它大約有 4,000 家餐廳，並且你想每 10 年改造一家餐廳。不管怎樣，都這樣。這意味著您每年要進行大約 400 次改造，這些改造通常規模較小，因為它們的改造更頻繁，但請記住 - 我們在其中大約 80％ 的情況下擁有財產控制權。公司有持續的資本投入，我們認為這是正確的投資，可以保持我們 Tim 品牌的強大，並使餐廳對客人真正具有吸引力。

I think the other piece of Tim’s business that that we play in, as I mentioned, is the real estate. So as we think about new units at Tim's accelerating a little bit, there is some capital that goes into new leases and being on the head leases.

我認為，正如我所提到的，我們參與的蒂姆業務的另一個領域是房地產。因此，當我們想到 Tim 的新單位加速發展時，就會有一些資本投入到新租約和總租約中。

So I think a good chunk of that $300 million is related to Tim. As you think about the other buckets in that number, we do have a larger company ops portfolio than we had in the past that we do think that this will rationalize over time though we want to make sure that that that that portfolio stays up to date and we're doing the right repairs and maintenance. And then as you think about kind of other buckets, sort of the natural other buckets that that exist, corporate buckets, IT buckets, things like that. But we think the right kind of long term run rate for the business is around $300 million, and that'll start in 2029 and beyond.

所以我認為這 3 億美元中很大一部分與蒂姆有關。當您考慮該數字中的其他內容時，我們確實擁有比過去更大的公司營運組合，我們確實認為這將隨著時間的推移而變得合理，但我們希望確保該組合保持最新，並且我們正在進行正確的維修和維護。然後，當您考慮其他類型的儲存桶時，就會想到現有的其他自然類型的儲存桶，企業儲存桶、IT 儲存桶等等。但我們認為，該業務的正確長期運作率約為 3 億美元，並將從 2029 年及以後開始。

Extremely helpful, thank you.

非常有幫助，謝謝。

Gregory Francfort, Guggenheim.

古根漢美術館的格雷戈里·弗蘭克福特。

Sami, not to throw another one your way, but can you maybe just expand on the cost savings that you mentioned in your prepared remarks, and when you look at the organization, what you're doing strategically from what departments maybe that’ll hit or what the reorganization looks like? Thanks.

薩米，我不想再問你一個問題，但是你能否詳細說明一下你在準備好的發言中提到的成本節約，以及當你審視組織時，你在戰略上採取了哪些措施，哪些部門可能會受到影響，或者重組是什麼樣的？謝謝。

Hey, morning, Greg. Yeah, I think as we took a step back and -- about sort of nine months or so into our into our Carol's acquisition and we looked to integrate Carol’s as well as Popeyes China, Firehouse Brazil, which we recently launched, and then as we kind of looked at the current operating environment, it seemed like a natural time to evaluate opportunities to run our business more efficiently.

嘿，早上好，格雷格。是的，我認為，當我們退一步考慮——在我們收購 Carol’s 大約九個月後，我們希望整合 Carol’s 以及我們最近推出的 Popeyes China 和 Firehouse Brazil，然後當我們審視當前的運營環境時，似乎是一個評估更有效地運營業務的機會的自然時機。

I think the major areas that kind of this exercise covered was headcount, some technology and services contracts, things like stock-based compensation taking a fresh look at that, and it ultimately drove approximately around $20 million a year-over-year savings as you think about kind of ending last year around $630 million of G&A and then the midpoint of our guidance range being around $610 million.

我認為這種做法涉及的主要領域是員工人數、一些技術和服務合約、股票薪酬等方面，重新審視這些方面，最終導致同比節省約 2000 萬美元，因為去年年底的一般及行政費用約為 6.3 億美元，而我們指導範圍的中點約為 6.1 億美元。

So if you think about that, it's kind of low-single digits, in terms of a year over year decline. I think around $600 million, that number. It's a healthy baseline level of G&A for our business, a good baseline for us to kind of grow off of -- but I think if you take a really big step back, if you think about five or six years ago, our business was running at around $400 million of G&A in the kind of 2019 time frame.

所以如果你考慮一下，你會發現，與去年同期相比，這個數字下降了大約個位數。我認為這個數字大約是 6 億美元。對於我們的業務來說，這是一個健康的 G&A 基線水平，也是我們實現成長的良好基線——但我認為，如果回顧一下，想想五六年前，在 2019 年的時間範圍內，我們的業務的 G&A 約為 4 億美元。

And so if you think about going from $400 million to kind of low $600 million that's a 50% increase in G&A over the last five or six years, and most of that has been headcount. I think as you think about that, that's a very healthy level of growth. I think now at this kind of low $600 million G&A level. We think we're able to invest in the right areas, do the right things, and ultimately, position our business to drive operating leverage over the long term.

因此，如果您考慮從 4 億美元增加到 6 億美元左右，那麼在過去五、六年中，G&A 費用增加了 50%，其中大部分是員工人數增加。我認為，當你想到這一點時，這是一個非常健康的成長水平。我認為現在的 G&A 水準處於 6 億美元的低點。我們認為，我們能夠在正確的領域進行投資，做正確的事情，並最終使我們的業務在長期內發揮經營槓桿的作用。

Danilo Gargiulo, Bernstein.

達尼洛·加吉烏洛，伯恩斯坦。

Thank you. I need one more for you. So can you help us understand maybe the comp-sales contribution in the past quarter and in the past year, perhaps, due to the remodels at Burger King US and how much are you expecting that to be for '25? And then if you don't mind, Josh, you also mentioned that you're planning to invest in value more for Burger King US and we heard from one of your competitors that the other promotions are not matching the results generated by the $5 meal deal, which is no longer available at Burger King. So has the $5 Duo, $7 Trio performed to the level that you expected, and how you're planning to evolve your value offering?

謝謝。我還需要給你一個。那麼，您能否幫助我們了解上個季度和去年的可比銷售額貢獻，也許是由於漢堡王美國店的改造，以及您預計 25 年的可比銷售額貢獻是多少？如果你不介意的話，喬希，你還提到你計劃為美國漢堡王投入更多價值，我們從你的一個競爭對手那裡聽說，其他促銷活動的效果不如漢堡王不再提供的 5 美元套餐。那麼，5 美元的 Duo 和 7 美元的 Trio 的表現是否達到了您預期的水平？您計劃如何提升您的價值？

Thank you.

謝謝。

Yeah, just quickly on the question around sort of the comp sales impact of remodels. At this point, it's going to be relatively small, I think as you think about the number of kind of remodels we've done. We wanted to do $400 million this year. I think last year, we did closer to $300 million, but you know it takes a little bit of time for these to settle down and to normalize from a sales impact perspective.

是的，我只是想快速回答一下有關改造對同類銷售的影響的問題。在這一點上，它將相對較小，我想當你考慮我們已經完成的改造數量時。我們今年的目標是達到 4 億美元。我認為去年我們的銷售額接近 3 億美元，但從銷售影響的角度來看，這些銷售額需要一點時間才能穩定下來並正常化。

So I think most of the sales upside from the remodel impact is to come down the line, and we're still really pleased with the mid-teen sales up what we're seeing as that starts to flow through the system and you think about remodeling, 4 or 500 restaurants per year, it's kind of the math is sort of flows through that proportion. So hopefully we have more to update as kind of we do more of our remodels.

因此，我認為改造帶來的銷售成長大部分是後期才會出現的，我們對中段銷售額的成長仍然感到非常滿意，因為這種成長開始在系統中流動，想想每年改造 400 或 500 家餐廳，從數學上來說，這種流動的比例是相當可觀的。因此，隨著我們進行更多的改造，希望我們能有更多內容可以更新。

Sami and Danilo, maybe if I can try to clarify a little bit, what I meant on the value side for BK US, what I intend to say was less that we're going to invest further into value than we have been currently, but rather what I think you'll expect -- you should expect to see from us over the course of the year is just continue to refresh some of those value offerings. So we'll -- we might have new promotions like you saw us move

薩米和達尼洛，也許我可以嘗試稍微澄清一下，關於 BK US 的價值方面，我的意思並不是說我們將比現在進一步投資於價值，而是我認為你們會期望——你們應該期望在一年內看到我們繼續更新一些價值產品。因此，我們可能會推出新的促銷活動，就像您看到的那樣

from the $5 meals to the $5 Duos and $7 Trios, we'll look to continue to refresh some of those mechanics and bring new ways to talk about it and new offerings to guests. So that's more of the plan than they pushing further in terms of the relative weight in the business.

從 5 美元的套餐到 5 美元的雙人套餐和 7 美元的三人套餐，我們將繼續更新其中的一些機制，並為客人帶來新的方式來談論它和新的服務。因此，這更多的是計劃，而不是他們在業務相對權重方面進一步推動。

Great, thank you.

太好了，謝謝。

Andrew Charles, TD Cowen.

安德魯查爾斯 (Andrew Charles)，TD Cowen。

Great, thank you. You talked about returning the 5% portfolio net restaurant growth towards the end of the '24 to '28 time frame. So I'm curious if the message is this can be achieved in 2027 or is it more prudent to assume this will take place beginning in '28. And lately, I'm just kind of curious about the confidence in returning to this, just given it requires a contribution from BK China, which hasn't yet found a permanent owner. Thanks.

太好了，謝謝。您談到了在 24 年至 28 年期間末期實現 5% 的投資組合淨餐廳成長率。所以我很好奇，這個消息是否能在 2027 年實現，或者更謹慎的假設是這將在 28 年開始發生。最近，我只是有點好奇，對於重返這一領域的信心，因為它需要 BK 中國做出貢獻，而 BK 中國尚未找到永久所有者。謝謝。

Hey Good morning, Andrew. Yeah, thanks for the question. I think if we think about the path to 5% unit growth, we talked about getting there towards the end of our guidance period. And I think, at this point sitting in 2025, I don't think we can predict exactly if it'll be in 2027 or 2028, but around that time frame. I think, as we think about the confidence level, actually we're very confident in our ability to hit 5% over time. I think when we take a step back and look at sort of where the buckets of growth will come from, I kind of look at it in in three categories.

嘿，早上好，安德魯。是的，謝謝你的提問。我認為，如果我們考慮實現 5% 單位成長的路徑，我們就會談論在指導期結束時實現這一目標。我認為，現在是 2025 年，我們無法準確預測它會在 2027 年還是 2028 年發生，但應該在那個時間範圍內。我認為，當我們考慮信心水平時，實際上我們對我們隨著時間的推移達到 5% 的能力非常有信心。我認為，當我們退一步來看看成長的來源時，我會從三個方面來看它。

I think the first category is our home markets, and what we're doing in our North American markets, and we want to do around 400 -- if you think about the total bill to 1800 units, we want to do around 400 units by the end of that forecast period from our home markets.

我認為第一類是我們的本土市場，以及我們在北美市場所做的事情，我們希望做大約 400 個單位 - 如果你考慮總賬單為 1800 個單位，我們希望在預測期結束時從我們的本土市場做大約 400 個單位。

I think as you peel that back, you look at Firehouse and you look at Tim’s, particularly Tim’s in Canada accelerating, that will lead to a nice tailwind in our home market. BK will likely go from a negative net position -- net unit position to flat to modestly growing, which would be a nice tailwind. And then if you look at Popeyes in the US, we've stepped back a little bit as we've really focused on fortifying our operational capabilities in our restaurants, but we think we can get back to 150 units-plus over time. So I think when you take all of those together in the home market, you see a pastor around 400 net new units there.

我認為，當你回顧這一點，你會看到 Firehouse 和 Tim，特別是加拿大的 Tim 正在加速發展，這將為我們的本土市場帶來良好的順風。BK 的淨部位（淨單位部位）可能會從負值轉為持平，再轉為適度成長，這將是一個很好的順風。如果你看看美國的 Popeyes，我們已經稍微退後了一步，因為我們真正專注於加強我們餐廳的營運能力，但我們認為我們可以隨著時間的推移回到 150 多家門市。因此，我認為，當你把國內市場上的所有這些因素綜合起來看，你會發現那裡淨新增了約 400 個單位。

As you kind of think about the big -- the second big category of restaurants, I would say, it's our international business, excluding China. And we want to be able to do around 1,100 net new units per year, in that buildup, and I think, if you think about that, a good chunk of that can come from Popeyes, right? I think historically Burger King, due to the strength of the international business, has been the big driver of energy, but -- and it will continue to be, it'll be about probably 50% of that. But Popeyes will be over a third of it. And if you think about where we're growing at Popeyes, it's markets like the UK, its markets like India, and it's really exciting. If you actually look at our trending schedules that we post online, the system-wide sales growth in international from Popeyes, just off the charts. We did 60% in 2023, 50% in '24, 35% in the most recent quarter.

當你想到最大的——第二大類餐廳時，我想說，這是我們的國際業務，不包括中國。我們希望每年能新增約 1,100 家門市，我想，如果你想想的話，其中很大一部分可以來自 Popeyes，對吧？我認為，從歷史上看，漢堡王由於國際業務的實力，一直是能源的主要推動力，而且它將繼續佔據約 50% 的份額。但 Popeyes 的份額將超過三分之一。如果你考慮一下 Popeyes 的成長點，你會發現我們的市場是英國、印度等，這真的非常令人興奮。如果你真的看一下我們在網路上發布的趨勢時間表，你會發現 Popeyes 在國際上的系統範圍的銷售成長簡直是爆炸性的。我們在 2023 年完成了 60%，在 2024 年完成了 50%，在最近一個季度完成了 35%。

So we're really excited there. And then to your question on Burger King, we -- in the model we have around 300 restaurants from China in aggregate. So if you think about 300 restaurants from China in total, we think that's very achievable by the end of this forecast period. Just for context, even without all our brands firing on all cylinders in China in 2022, 2023, we were already at 300 restaurants from China. And Burger King alone in 2019 did close to 300 units in China. And so we think there's a ton of potential here. We have some cleanup to do in the short term, particularly at BK China, which Josh talked about. But once we move past that, we see a very clear path to acceleration in the business.

所以我們真的很興奮。然後回答你關於漢堡王的問題，我們的模型中總共有大約 300 家來自中國的餐廳。因此，如果您考慮總共有 300 家來自中國的餐廳，我們認為在這個預測期結束時這是非常有可能實現的。舉個例子，即使我們的所有品牌在 2022 年、2023 年沒有在中國全力以赴，我們在中國已經擁有 300 家餐廳。光是2019年，漢堡王就在中國開設了近300家門市。因此我們認為這裡有巨大的潛力。我們短期內需要做一些清理工作，特別是 Josh 提到的 BK 中國。但一旦我們克服了這一點，我們就會看到一條非常清晰的業務加速之路。

Thank you.

謝謝。

Sara Senatore, Bank of America

薩拉參議員，美國銀行

Thank you. I guess two parts. One is that could you just talk -- you talked about the backdrop, could you talk about the consumer and whether you're seeing any broadening of weakness from low income to middle income, just that was something that we've heard reference. I wanted to know if that's something you've observed too, but then one of the -- I guess the question on Tim’s you mentioned, is growth in the core market. It optically looks like, just as unique growth is stable or positive, your same store sales are slowing, and I know some other QSRs have cited strength in Canada.

謝謝。我猜是兩個部分。一是，您能否談談——您談到了背景，您能否談談消費者，以及您是否看到經濟疲軟狀況從低收入擴展到中等收入，這是我們聽到的參考內容。我想知道您是否也觀察到了這一點，但我想您提到的關於蒂姆的問題之一就是核心市場的成長。從表面上看，就像獨特成長穩定或正成長一樣，您的同店銷售額卻在放緩，而且我知道其他一些 QSR 也提到了加拿大的強勁表現。

So do you have any evidence that there's a trade-off between unit growth and same store sales, maybe, looking at regional trends like where the unit growth is, what same store sales looks like, just some confidence that you don't have to trade those two. Thank you.

那麼，您是否有任何證據表明單位成長和同店銷售之間存在權衡？也許，看看區域趨勢，例如單位成長在哪裡，同店銷售額是什麼樣的，只是有一些信心，你不必在這兩者之間進行交易。謝謝。

Thanks, Sarah. Good morning. I'll take both of those. So just in terms of consumer environment and behavior of different cohorts, we actually aren't seeing in our data at least a big difference in the performance like directional performance of different income cohorts in the in the US. So we haven't seen that pattern as much, at least in in the data that that we have.

謝謝，莎拉。早安.我會接受這兩個。因此，僅就不同群體的消費環境和行為而言，我們實際上並沒有在數據中看到美國不同收入群體在方向性表現等方面的巨大差異。因此，我們還沒有看到太多這種模式，至少在我們掌握的數據中沒有。

You know what we did see is that consumer confidence, if you look at the kind of the main indices whether in Canada or in the US, they did take a bit of a dip from Q4 into Q1, and that seems to have correlated with some overall market softness. We definitely want to see that go the other way.

您知道我們確實看到的是消費者信心，如果您查看加拿大或美國的主要指數，它們從第四季度到第一季確實有所下降，這似乎與整體市場疲軟有關。我們絕對希望看到事情朝著相反的方向發展。

I think the good news is that we're seeing some of that in Q2. There's some early signs of Canadian consumer confidence coming back a little bit in the last couple of weeks, and that does seem to correlate with some improvement that we've seen in our overall business in -- both in Canada and the US so far in in Q2.

我認為好消息是我們在第二季度看到了一些這樣的情況。在過去幾週，加拿大消費者信心出現了一些回升的早期跡象，這似乎與我們第二季迄今在加拿大和美國整體業務中看到的一些改善有關。

And your second question on Tim's. We don't see that trade-off of same-source sales versus units stabilizing. So I don't have any data that suggests that's what's happening. I would just zoom out again and tell you, I think this business has done so well over the last few years and for all the right reasons. And we're very confident it's going to continue to do well and like I said, we're seeing that again in Q2 so far. We've had a lot of really compelling things going into market, and we have a lot more to come over the summer, so we're pretty confident in the direction of the Tim’s business.

你的第二個問題是關於提姆的。我們沒有看到同源銷售與單位穩定之間的權衡。所以我沒有任何數據顯示正在發生這樣的事情。我想再次放大視野並告訴你，我認為這項業務在過去幾年中表現良好，而且有充分的理由。我們非常有信心它會繼續表現良好，就像我說的，到目前為止，我們在第二季度再次看到了這一點。我們已經有很多真正引人注目的產品進入市場，而且今年夏天我們還會有更多產品推出，所以我們對 Tim 的業務發展方向非常有信心。

John Tower, Citi.

花旗銀行的約翰‧陶爾 (John Tower)。

Thanks. Hey, Sami, I was hoping, I know you guys had spoke to earlier in the -- on the fourth quarter call that that that one is going to be the low point for the year for growth. I was hoping maybe you could walk us through kind of the puts and takes for how you get to that 8% adjusted operating profit growth for the year.

謝謝。嘿，薩米，我知道你們早些時候在第四季度電話會議上談到過，那將是今年成長的低點。我希望您能向我們介紹一下您如何實現今年 8% 調整後營業利潤成長的得失。

Obviously, knowing the first quarter was kind of that low point. You know how much of a contribution you expect from this lower G&A growth on the year, and maybe other factors as we should think through the model?

顯然，第一季是低谷期。您知道您預計今年較低的 G&A 成長會帶來多大的貢獻嗎？也許還有其他因素，我們應該透過模型來考慮？

Yeah, hey, good morning, John. Thanks for the question. Yeah, as we think about it, first off, I'd say, we feel good about our ability to deliver 8%-plus AOI growth this year. I think it is a combination of top and bottom line. I think Josh mentioned it, but I'll reiterate we are seeing improving sales trends in the business and are hopeful those continue. And from a unit growth perspective, we think it'll be around or plus-or-minus 3%, which I think both translate into a healthy system-wide sales top line. And then if you think about driving operating leverage in the business, yeah, a big chunk of that is the G&A.

是的，嘿，早安，約翰。謝謝你的提問。是的，當我們考慮這一點時，首先，我想說，我們對今年實現 8% 以上的 AOI 成長的能力感到滿意。我認為這是頂線和底線的結合。我想喬希提到過這一點，但我要重申的是，我們看到業務的銷售趨勢正在改善，並希望這種趨勢能持續下去。從單位成長角度來看，我們認為成長率將在 3% 左右，我認為這將轉化為健康的全系統銷售收入。然後，如果你想在業務中推動營運槓桿，是的，其中很大一部分是 G&A。

I think we're going to see kind of a low- to mid-single digit year over year decrease in segment G&A, call it roughly $20 million or so year over year at the at the midpoint of our guidance range, but then we also have a structural tailwind of around $60 million of ad spending that rolled off at Burger King US that moved over to our franchisees investing in the ad fund. And so that $60 million kind of rolling off also helps drive the operating leverage year over year.

我認為，我們將看到分部一般及行政費用同比出現低至中等個位數的下降，在我們指導範圍的中點，同比下降大約為 2000 萬美元左右，但我們也有一個結構性的順風，即漢堡王美國分部的廣告支出約為 6000 萬美元，轉移到投資廣告基金的加盟商身上。因此，6,000 萬美元的滾輪也有助於逐年提高營運槓桿。

And I'd say the only other thing to call out is there's a partial offset there at BK China. I talked about now sitting in discontinued operation until we find a new partner. So with that accounting treatment, there was a $19 million dollar headwind from the loss of royalties and fees at Burger King China. They were in the prior year in 2024, but they won't be in 2025. So when you put take all those together, we feel good about the ability to drive 8%-plus AOI growth this year and beyond.

我想說的唯一另一件事是 BK 中國存在部分抵消。我談到現在暫停運營，直到我們找到新的合作夥伴。因此，按照這種會計處理方法，漢堡王中國因特許權使用費和費用損失而面臨 1,900 萬美元的損失。2024 年他們還在前一年，但 2025 年他們不會還在。因此，當你把所有這些因素綜合起來時，我們對今年及以後推動 AOI 成長 8% 以上的能力感到滿意。

Got it, thank you.

知道了，謝謝。

Eric Gonzalez, KeyBanc Capital Markets.

Eric Gonzalez，KeyBanc 資本市場。

Hi, good morning. This is [Chris Hom] for Eric. Can you maybe expand a little bit more on the recent performance you've seen at Popeyes and the implementation and progress of the Easy to Love strategy? And maybe specifically, can you talk a little bit more on operations maybe ahead of the step up in advertising, Josh, I think you cited earlier? Thanks.

嗨，早安。我是 [Chris Hom]，代表 Eric。您能否進一步介紹 Popeyes 近期的表現以及 Easy to Love 策略的實施和進展？也許具體一點，喬希，我想你之前提到過，在廣告業務增加之前，你能否再多談一下營運情況？謝謝。

Hey Chris, good morning. Happy to chat a little bit about Popeyes. So we did have a bit of a softer same-source sales quarter. We expected that to some degree, given what we knew we were lapping over with our first ever Super Bowl commercial in the prior year, which we didn't repeat this year. That said, we're very focused on driving improved momentum in the business across a number of fronts that are covered in the Easy to Love plan. I think part of that is an increase in advertising spend that started now in April. So we're stepping up our national advertising, which will give us increased share of voice, and we definitely think that should be helpful.

嘿，克里斯，早安。很高興和大家聊聊 Popeyes。因此，本季我們的同源銷售確實有些疲軟。我們在某種程度上預料到了這一點，因為我們知道，我們在去年首次製作的超級盃廣告已經與去年的廣告重疊，而今年我們沒有重複製作。也就是說，我們非常注重推動「Easy to Love」計畫涵蓋的多個領域的業務改善勢頭。我認為部分原因是從四月開始廣告支出增加。因此，我們正在加強全國性的廣告宣傳，這將增加我們的話語權，我們絕對認為這會有所幫助。

We're also starting to remodel our restaurants, and we talked about our plan to have fully modern assets by 2030, and as we've seen with Burger King, that definitely starts to give you a tailwind in the business. But on top of that, we think increasing operational consistency of guest experience is also a very important part of the path forward for Popeyes.

我們也開始改造我們的餐廳，我們討論了到 2030 年擁有完全現代化資產的計劃，正如我們在漢堡王身上看到的那樣，這肯定會給您的業務帶來順風。但除此之外，我們認為提高顧客體驗的營運一致性也是 Popeyes 未來發展的一個非常重要的部分。

I think we're doing -- we're making some progress there through rolling out our easy-to-run kitchens, and we're now in a couple 100 restaurants, and we'll be progressively rolling that out over the next few years to have a more standardized operating system in the kitchen, both the layouts, operational flows and the technology. So we're very encouraged by that, and we know we'll make progress there.

我認為我們正在做——透過推出易於操作的廚房，我們在這方面取得了一些進展，現在我們已經在幾百家餐廳實施了這項措施，我們將在未來幾年逐步推廣這項措施，以便在廚房中建立更加標準化的操作系統，包括佈局、操作流程和技術。因此我們對此感到非常鼓舞，我們知道我們會取得進展。

And lastly, as I mentioned, we're going to be raising the bar a bit on operating standards across the franchisee base, similar to what we've done at Burger King over the last few years where they've made a lot of progress. I think we're going to be stepping up standards at Popeyes.

最後，正如我所提到的，我們將提高整個特許經營商的營運標準，類似於過去幾年我們在漢堡王所做的那樣，他們取得了巨大進步。我認為我們將提高 Popeyes 的標準。

I think those are all the things that drive the fundamentals of the business, and I think add on top of what is already by far the best culinary team and the best food in the chicken space. So I think if we can bring all that together, we should see progressively better performance over the coming quarters and 10 years of Popeyes.

我認為這些都是推動業務基本面的因素，我認為，除了迄今為止最好的烹飪團隊和雞肉領域最好的食物之外，還需要考慮其他因素。所以我認為，如果我們能夠將所有這些結合起來，我們應該會看到 Popeyes 在未來幾季甚至 10 年內表現越來越好。

Great, thanks so much.

太好了，非常感謝。

Christine Cho, Goldman Sachs.

高盛的 Christine Cho。

Thank you so much for taking my question. So I was wondering if you can provide some more details on the sales growth and share trends in in the various categories in Tim Hortons between breakfast food, PM, cold beverage, et cetera. And are you seeing any signs of elevated pressure in any particular part in the Canadian market and the one of the macro backdrop?

非常感謝您回答我的問題。所以我想知道您是否可以提供一些有關 Tim Hortons 早餐食品、PM、冷飲等各個類別的銷售成長和分享趨勢的更多詳細資訊。您是否看到加拿大市場和宏觀背景中任何特定部分出現壓力上升的跡象？

Thank you.

謝謝。

Yeah, In terms of the market-share trends, we're still doing well in terms of market share and hot-brewed coffee. We actually grew our hot-brewed coffee dollar share, year on year. So things are going pretty well in that part. We might see a little bit of softness in things like breakfast sandwiches, but I think we'll see a lot of progress with that now here as we get into the Q2 and the rest of the year, we brought a lot more focus now on the calendar with things like our new promotion with Ryan Reynolds.

是的，就市場份額趨勢而言，我們在市場份額和熱煮咖啡方面仍然表現良好。事實上，我們的熱煮咖啡銷售額份額逐年成長。所以這部分事情進展得相當順利。我們可能會看到早餐三明治等產品銷量略有疲軟，但我認為，隨著我們進入第二季度和今年剩餘時間，我們會看到這方面取得很大進展，我們現在更加關注日程安排，例如與瑞安雷諾茲合作的新促銷活動。

So those are some of the main trends, and I think what you'll see us focus on for the rest of the year is as we get into summer, we're going to be focused a lot on cold beverages. We just had some new launches there and you'll see more over the course of the summer, and we're also going to be very focused on some of our PM food. So you'll see a lot of that in the calendar over the next couple of months into the back half of the year that'll help us to take more share in PM food. Anything that -- Sami, you want to add to that?

這些就是一些主要趨勢，我認為你會看到我們在今年剩餘時間關注的是，隨著進入夏季，我們將把重點放在冷飲上。我們剛剛在那裡推出了一些新產品，您將在夏季看到更多產品，我們也將非常關注我們的一些 PM 食品。因此，您將在接下來的幾個月和下半年的日曆中看到很多這樣的內容，這將有助於我們在 PM 食品中佔據更多的份額。還有什麼——薩米，你想補充嗎？

I would just add that the PM-food share did increase in the quarter as you saw the impact of flatbreads and loaded. So going to Josh's point, we continue to build that day part and are pleased with the market share increases we've seen in that category.

我只想補充一點，正如你所看到的扁麵包和裝載食品的影響，PM-food 份額在本季度確實增加了。所以按照喬希的觀點，我們將繼續打造日間部分，並對類別的市佔率成長感到滿意。

Thank you so much.

太感謝了。

This is the end of today's Q&A session. I'd now like to hand the floor back to Josh for closing remarks.

今天的問答環節到此結束。現在我想把發言權交還給喬希，請他做最後發言。

Thanks. Just to close, I'd like to extend our sincere thanks to both our franchisees and our teams for doing a great job this quarter in a tough environment. I'd like to thank you all for joining us today for the call, and we look forward to updating you again with our Q2 earnings. Thanks.

謝謝。最後，我要向我們的加盟商和團隊表示誠摯的感謝，感謝他們在本季艱難的環境中所做的出色工作。我要感謝大家今天參加我們的電話會議，我們期待再次向大家通報我們的第二季財報。謝謝。

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

今天的電話會議到此結束。感謝您的加入。現在您可以斷開線路了。