Restaurant Brands International Inc (QSR) 2025 Q2 法說會逐字稿

Good morning, and welcome to the Restaurant Brands International second-quarter 2025 earnings conference call. (Operator Instructions) And please note, this event is being recorded.

早安，歡迎參加 Restaurant Brands International 2025 年第二季財報電話會議。（操作員指示）請注意，此事件正在被記錄。

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

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 second quarter ended June 30, 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.

謝謝您，接線生。大家早安，歡迎參加 Restaurant Brands International 截至 2025 年 6 月 30 日的第二季財報電話會議。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 on our IR website. As a reminder (technical difficulty) adjusted operating income growth exclude results from the Restaurant Holdings segment.

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。我們還將參考非公認會計準則財務指標，其對帳表可在我們的 IR 網站上的新聞稿和趨勢表中找到。提醒一下（技術難度），調整後的營業收入成長不包括餐飲控股部門的績效。

In addition, on February 14, 2025, we acquired substantially all the remaining equity interest in Burger King China from our former joint venture partners. Burger King 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.

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剩餘的幾乎所有股權。由於我們正在積極尋找新的控股股東，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。

That said, Burger King China's KPIs continue to be included in our International segment KPIs. A breakdown of Burger King China's KPIs and its impact on our 2024 financial statements can be found in the trending schedules available on our Investor Relations website. For calendar planning purposes, our preliminary Q3 earnings call is scheduled for the morning of November 5.

也就是說，漢堡王中國的 KPI 仍然被納入我們的國際分部 KPI 中。漢堡王中國 KPI 的細分及其對我們 2024 年財務報表的影響可在我們投資者關係網站上的趨勢表中查看。出於日程安排的目的，我們初步的第三季財報電話會議定於 11 月 5 日上午舉行。

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. We made solid progress in Q2 with comp sales accelerating to 2.4% year over year and net restaurant growth of 2.9%, driving system-wide sales of 5.3%. The Combined with disciplined cost management, this translated into organic adjusted operating income growth of 5.7%.

大家早安，感謝大家的收看。我們在第二季取得了穩定進展，同店銷售額年增 2.4%，餐廳淨銷售額成長 2.9%，推動全系統銷售額成長 5.3%。結合嚴格的成本管理，這意味著有機調整後的營業收入成長了 5.7%。

These results reflect the strength of our brands and the focus and execution of our teams and our franchisees. While the consumer environment remains dynamic, we've seen encouraging signs of improvement across many of our largest businesses. That's given us added confidence as we continue focusing on the fundamentals that matter the most: quality, service and convenience.

這些結果反映了我們品牌的實力以及我們團隊和特許經營者的專注度和執行力。儘管消費環境依然充滿活力，但我們已經看到許多最大的企業出現了令人鼓舞的改善跡象。這給了我們更多的信心，讓我們繼續專注於最重要的基本要素：品質、服務和便利性。

Our teams are executing disciplined, well-balanced marketing calendars, elevating restaurant operations and delivering better guest experiences every day. At the same time, we're running the businesses efficiently and investing behind priorities we believe will generate long-term value for our guests, our franchisees and our shareholders.

我們的團隊每天都在執行嚴謹、均衡的行銷行程，提升餐廳營運水平，並為顧客提供更好的體驗。同時，我們有效率地經營業務，並投資於我們認為將為我們的客人、特許經營商和股東創造長期價值的優先事項。

Tim Hortons and our International businesses, which together account for nearly 70% of our adjusted operating income led the way this quarter. Tim's posted its 17th consecutive quarter of positive comparable sales in Canada. And our International segment delivered another quarter of strong growth.

Tim Hortons 和我們的國際業務在本季度處於領先地位，它們合計占我們調整後營業收入的近 70%。Tim's 在加拿大連續第 17 個季度可比銷售額正成長。我們的國際部門又實現了一個季度的強勁成長。

We also saw solid improvement across the rest of the business and I feel confident in our ability to build on that momentum in the second half of the year and deliver at least 8% organic adjusted operating income growth in 2025. I'm equally encouraged by the steps we're taking to return to a more simplified business model.

我們也看到其他業務取得了穩步改善，我相信我們有能力在下半年延續這一勢頭，並在 2025 年實現至少 8% 的有機調整後營業收入增長。我們為恢復更簡化的商業模式所採取的措施同樣令我感到鼓舞。

This includes launching Carrols refranchising efforts, two years ahead of schedule and moving with urgency to position Burger King China for success under a new partner. With that, let's turn to our segment results, starting with important which accounts for about 43% of our business. Tim's delivered a strong quarter with Canadian comparable sales accelerating to 3.6%.

其中包括提前兩年啟動卡羅爾的特許經營權再分配工作，並緊急採取行動，讓漢堡王中國在新的合作夥伴的帶領下獲得成功。接下來，讓我們來看看我們的分部業績，首先是重要的部分，它占我們業務的 43% 左右。Tim's 本季業績表現強勁，加拿大可比銷售額成長 3.6%。

Growth was relatively balanced between check and traffic supported by positive sales across all dayparts, including 5% growth in the morning. These results reflected a well-executed marketing calendar, featuring our scrambled eggs loaded breakfast box, filled Timbits and summer cold beverage lineup, all brought to life by our dedicated restaurant owners.

支票和流量的成長相對平衡，這得益於全天各個時段的積極銷售，其中上午的銷售額增長了 5%。這些結果反映了我們執行良好的行銷計劃，其中包括我們裝滿炒蛋的早餐盒、裝滿的 Timbits 和夏季冷飲系列，所有這些都是由我們敬業的餐廳老闆實現的。

In April, we launched this scrambled eggs loaded breakfast box, a new platform in partnership with Ryan Reynolds, featuring 100% Canadian farm certified eggs. This offering brought a delicious and uniquely Canadian voice to our breakfast business and helped drive over 10% growth in breakfast food sales in the quarter.

今年 4 月，我們推出了這款裝滿炒蛋的早餐盒，這是與瑞安雷諾茲合作的新平台，採用 100% 加拿大農場認證的雞蛋。此項服務為我們的早餐業務帶來了美味而獨特的加拿大風味，並幫助推動本季早餐食品銷售額成長 10% 以上。

We also played into Nostalgia and brought back filled Timbits nationwide for the first time in five years, featuring blueberry cheesecake and pattered strawberry flavors. These delicious additions to our baked good showcase or the outcome of strong collaboration between our culinary and operations teams to deliver fun, guest love treats and an easier to execute format for our team members.

我們還融入了懷舊元素，五年來首次在全國重新推出了 Timbits，主打藍莓起司蛋糕和草莓口味。這些美味的烘焙食品是我們展示的亮點，也是我們烹飪和營運團隊密切合作的成果，旨在為我們的團隊成員提供有趣、客人喜愛的美食和更易於執行的形式。

Beverage sales grew 4% year over year, driven by strength in cold and espresso-based beverages. We kicked off our summer lineup with new quencher flavors like pineapple dragon fruit and the launch of frozen quenchers. We also introduced new and improved ice lattes, which helped drive record high espresso beverage incidents in the quarter. With new espresso machines rolling out later this year, we see opportunity to drive improved consistency and further elevate the guest experience in this high potential category.

受冷飲和濃縮咖啡飲料強勁成長的推動，飲料銷售額年增 4%。我們推出了夏季新品，包括鳳梨火龍果等新解渴口味以及冷凍解渴飲品。我們也推出了全新改良的冰拿鐵，這推動了本季濃縮咖啡飲料事故的發生率創下新高。隨著今年稍後新款濃縮咖啡機的推出，我們看到了提高一致性和進一步提升此高潛力類別的客戶體驗的機會。

Operationally, our restaurant owners and teams delivered meaningful improvements across the board. Speed service improved across all dayparts and guest satisfaction rose more than 4 points year over year to its highest level since we began tracking in 2018.

在營運方面，我們的餐廳老闆和團隊全面實現了有意義的改進。所有時段的速度服務均有所改善，客人滿意度較去年同期上升超過 4 個百分點，達到自 2018 年開始追蹤以來的最高水準。

As we broaden our presence in the PM daypart, we're focused on delivering the same high-quality Tim's experience our guests know and love. That was the focus of our restaurant leadership symposiums in May and June, which brought together over 3,700 leaders across the system under the theme of winning in the PM.

隨著我們擴大下午時段的業務範圍，我們專注於提供客人熟悉和喜愛的同樣高品質的 Tim 體驗。這是我們 5 月和 6 月舉辦的餐廳領導力研討會的重點，該研討會匯集了整個系統的 3,700 多名領導者，主題是「贏得 PM」。

The alignment achieved coming out of these events translated to improved execution, including through the launch of our latest PM food menu innovation, the Supreme Stack sandwich. We're also making progress on development and remain on track to return to modest net restaurant growth in Canada in 2025, supported by strong unit economics.

透過這些活動達成的一致性轉化為更好的執行效果，包括推出我們最新的 PM 食品菜單創新產品 Supreme Stack 三明治。我們在發展方面也取得了進展，在強勁的單位經濟的支持下，我們預計在 2025 年恢復加拿大適度的淨餐廳成長。

Finally, I want to thank our restaurant owners for delivering two incredible campaigns. Smile Cookie week in April, which raised a record-breaking $23 million for charities across Canada and the US and Camp Day in July, which raised $13 million for the Tim Hortons Foundation camps. Together with our Canadian Dream brand spot and owner story video series, these help Tim's further solidify its position as Canada's most loved brand.

最後，我要感謝我們的餐廳老闆進行了兩次令人難以置信的活動。四月份的微笑餅乾週為加拿大和美國的慈善機構籌集了創紀錄的 2300 萬美元，七月份的露營日為 Tim Hortons 基金會的露營活動籌集了 1300 萬美元。加上我們的加拿大夢品牌廣告和所有者故事影片系列，這些有助於 Tim 進一步鞏固其作為加拿大最受歡迎品牌的地位。

All in, I'm proud of the sustained momentum at Tim Hortons. It's a business with incredibly strong fundamentals, grounded in its number one brand love and trust in Canada. This quarter marked a clear return to the consistent performance we've come to expect from the Tim's brand, a reflection of Axl and the team's disciplined execution and the unwavering dedication of our restaurant owners and their team members.

總而言之，我為 Tim Hortons 持續的發展勢頭感到自豪。這是一家擁有極其強大基礎的企業，其根基在於加拿大第一大品牌的喜愛與信任。本季度，Tim's 品牌明顯恢復了我們期望的穩定表現，這體現了 Axl 和團隊的嚴謹執行力以及我們餐廳老闆和團隊成員的堅定奉獻精神。

Now turning to our International segment, which accounts for 26% of our adjusted operating income and continues to be a key growth engine for our business. In Q2, International delivered nearly 10% system-wide sales growth, supported by 5.4% net restaurant growth and 4.2% comparable sales. once again outpacing many of our largest global peers.

現在轉向我們的國際部門，它占我們調整後營業收入的 26%，並且繼續成為我們業務的主要成長引擎。在第二季度，國際業務實現了近 10% 的系統範圍銷售額成長，這得益於 5.4% 的淨餐廳銷售額成長和 4.2% 的可比銷售額成長。再次超越了許多全球最大的同行。

This strong performance reflects the strength of our balanced playbook across menu innovation, marketing, digital and operations. which are driving continued outperformance in same-store sales in many major markets like the UK, Spain, Australia and Germany. At our BK CEO Summit and International Convention in Lisbon, Tiago and his team laid out a clear vision for the future. and shared our bold ambition of chasing number one globally.

這一強勁表現反映了我們在菜單創新、行銷、數位和營運方面的均衡策略的優勢，推動了英國、西班牙、澳洲和德國等許多主要市場的同店銷售額持續優異。在里斯本舉行的 BK 執行長高峰會和國際會議上，蒂亞戈和他的團隊制定了清晰的未來願景，並分享了我們追逐全球第一的雄心壯志。

We're already the leading burger QSR in key markets like Spain, Turkey and Mexico and aspire to become the most loved burger brand in every market we serve. That means great flame grilled burgers served your way and restaurants, guests love to visit and franchisees are proud to run.

我們已經是西班牙、土耳其和墨西哥等主要市場的領先漢堡 QSR，並立志成為我們服務的每個市場中最受歡迎的漢堡品牌。這意味著您可以按照自己的方式享用美味的火烤漢堡，餐廳和客人都喜歡光顧，特許經營商也為經營漢堡而感到自豪。

At convention, we reinforced our commitment to the guest experience, and highlighted the critical role of our restaurant general managers by honoring our top 50 International RGMs as amazing examples of operational excellence. We also recognized several high-performing partners with 2024 awards.

在大會上，我們強調了對顧客體驗的承諾，並透過表彰 50 名國際餐廳總經理作為卓越營運的典範，強調了餐廳總經理的關鍵作用。我們也向幾位表現優異的合作夥伴頒發了 2024 獎項。

Burger King India, which surpassed 500 restaurants in 2024 was named both franchisee and operator of the Year. Burger King Turkey earned Developer of the Year opening nearly 50 net new restaurants in 2024. And Nomura-san and the team at Burger King Japan were recognized as Marketer of the Year after delivering nearly 20% same-store sales growth in 2024, fueled by a compelling Wake relaunch.

漢堡王印度公司在 2024 年擁有的餐廳數量超過 500 家，被評為年度特許經營商和營運商。漢堡王土耳其分店榮獲「年度開發商」稱號，2024 年淨開設近 50 家新餐廳。野村先生和日本漢堡王團隊在引人注目的 Wake 重新推出的推動下，在 2024 年實現了近 20% 的同店銷售額增長，因此被評為年度營銷者。

Following convention, I visited Brazil, one of our most important growth markets. Since entering the market in 2010, we scaled Burger King from about 100 restaurants to roughly 1,000, generating nearly $1 billion in system-wide sales. Building on that foundation, we introduced Popeyes in 2018 and Firehouse Subs in June of this year.

會議結束後，我訪問了巴西，這是我們最重要的成長市場之一。自 2010 年進入市場以來，我們將漢堡王的餐廳數量從約 100 家擴大到約 1,000 家，全系統銷售額接近 10 億美元。在此基礎上，我們於 2018 年推出了 Popeyes，並於今年 6 月推出了 Firehouse Subs。

Popeyes Brazil delivered double-digit same-store sales growth in 2024 and mid-teen same-store sales growth so far this year. further evidence that fried chicken is on an incredible global trajectory and that Popeyes is well positioned to take share.

Popeyes 巴西分公司在 2024 年實現了兩位數的同店銷售額成長，今年迄今的同店銷售額成長率達到了十幾歲左右。這進一步證明炸雞在全球範圍內正處於令人難以置信的發展軌跡，而 Popeyes 已準備好佔領市場份額。

I also visited our first two Firehouse restaurants with Yuri Miranda, whose leading brands roll out in Brazil. I'm encouraged by the early transaction and excited about the opportunity to scale Firehouse Brazil under Yuri's excellence leadership.

我還與尤里·米蘭達 (Yuri Miranda) 一起參觀了我們的前兩家 Firehouse 餐廳，他的領先品牌在巴西推出。我對早期的交易感到鼓舞，並對在尤里的卓越領導下擴大 Firehouse Brazil 規模的機會感到興奮。

Finally, we're making meaningful progress at Burger King China and delivered results this quarter ahead of our expectations. Since assuming control, we've moved quickly, putting in place a seasoned local leadership team, sharpening our marketing on core burger and chicken equities and reestablishing an operational focus. Comparable sales turned positive in the second quarter. And unit economics improved meaningfully quarter over quarter. It's been an encouraging start reinforcing our conviction in the long-term opportunity.

最後，漢堡王中國取得了有意義的進展，本季的業績超出了我們的預期。自接管以來，我們迅速採取行動，組建了一支經驗豐富的本地領導團隊，加強了對核心漢堡和雞肉產品的營銷，並重新確立了營運重點。第二季可比銷售額轉為正值。單位經濟效益逐季顯著改善。這是一個令人鼓舞的開始，增強了我們對長期機會的信心。

Burger King has strong brand awareness in China and is one of the few scaled beef burger players in a market with favorable category dynamics. With the right local partner, capital support and development plan, we see a clear path to reignite growth. We're actively working with Morgan Stanley to identify that partner, someone who can build on our early progress and unlock the next chapter of growth for the brand in China.

漢堡王在中國擁有強大的品牌知名度，是中國市場中少數幾家規模化、品類動態良好的牛肉漢堡企業之一。有了合適的本地合作夥伴、資本支持和發展計劃，我們看到了重新點燃成長的清晰道路。我們正在積極與摩根士丹利合作，尋找合作夥伴，以鞏固我們早期的進展，並為該品牌在中國開啟下一個成長篇章。

Now turning to Burger King, which represents around 19% of our business. Tom and team continued making progress executing against their long-term plans despite an admittedly tougher industry backdrop. In the US, comparable sales grew 1.5%, modestly outperforming the burger QSR segment.

現在談談漢堡王，它占我們業務的 19% 左右。儘管行業形勢嚴峻，湯姆和他的團隊仍在繼續推進他們的長期計劃。在美國，可比銷售額成長了 1.5%，略高於漢堡快餐店的表現。

On the marketing front, we're delivering against our three focus areas: first, reestablishing relevance with families; second, reinforcing our core brand equities and third, meeting the needs of today's value-conscious guest.

在行銷方面，我們致力於三個重點領域：第一，重建與家庭的聯繫；第二，加強我們的核心品牌資產；第三，滿足當今注重價值的客人的需求。

Our How to Train Your Dragon partnership brought our flame-grilled burgers into a popular franchise and drove our highest King Junior meal incidents in more than a decade. We'll continue building family engagement in the months and years ahead. through fund effective and relevant partnerships.

我們與《馴龍高手》的合作使我們的火烤漢堡成為了一個受歡迎的特許經營產品，並導致了十多年來我們 King Junior 餐食事件的最高紀錄。在未來的幾個月和幾年裡，我們將透過資助有效和相關的合作夥伴關係繼續建立家庭參與。

On core equities, we're leaning into the Whopper with innovation in our Have it Your Way promise through guest-led ideas from our recently launched Whopper by You. The barbecue brisk at Whopper is a standout, a delicious guest design take on the classic that highlights our flamed grill flavor.

在核心資產方面，我們正透過最近推出的 Whopper by You 中以客人為主導的創意，對皇堡進行創新，以實現「隨心所欲」的承諾。Whopper 的燒烤脆餅非常出色，是經典美味客製設計，突出了火焰燒烤風味。

And when it comes to value, we're maintaining a barbell approach with premium offerings alongside our evolving $5 Duos and $7 Trios, allow guests freedom of choice ensuring we keep delivering a variety of fan favorites at great everyday prices.

說到價值，我們繼續採用槓鈴式方法，提供優質產品以及不斷發展的 5 美元雙人套餐和 7 美元三人套餐，讓客人可以自由選擇，確保我們繼續以優惠的日常價格提供各種粉絲喜愛的產品。

We're happy with how our value initiatives are performing and are encouraged to see the percentage of sales on deal stabilize around pre-pandemic levels. We're also making good progress in operations. Operating satisfaction for lunch and dinner rose 4 points year over year, reaching their highest levels since we launched for claim the flame in 2022.

我們對我們的價值計劃的表現感到滿意，並很高興看到交易的銷售百分比穩定在大流行前的水平。我們的營運也取得了良好的進展。午餐和晚餐的營運滿意度年比上升了4個百分點，達到了我們2022年推出「claim the flame」活動以來的最高水準。

This progress was driven by continued improvements in customer friendliness, food quality, order accuracy and speed of service. To help meet late-night demand from guests, we also saw around 1,200 restaurants extend their hours by at least one hour year over year. We continue to see a clear link between strong operations and profitability.

這項進步得益於客戶友善度、食品品質、訂單準確性和服務速度的不斷提高。為了滿足客人的深夜需求，我們還看到約 1,200 家餐廳的營業時間已比去年同期延長了至少一個小時。我們繼續看到強勁的營運和獲利能力之間存在明顯的聯繫。

Over the last 12 months, A operators have generated over 70% higher four-wall EBITDA on average than the rest of the system, reinforcing the importance of operational consistency and transitioning underperforming restaurants to more engaged operators.

在過去的 12 個月中，A 級業者的四面牆 EBITDA 平均比系統內的其他業者高出 70% 以上，這強調了營運一致性的重要性，並將表現不佳的餐廳轉型為更積極的業者。

Our Carrols restaurants outperformed both the broader BK system and other burger QSR peers this quarter and are a great example of the importance of having strong operations led by great restaurant general managers.

本季度，我們的 Carrols 餐廳的表現優於更廣泛的 BK 系統和其他漢堡 QSR 同行，這充分體現了由優秀的餐廳總經理領導的強大運營的重要性。

Modern image is another driver of sales and profitability, and we remain on track to complete roughly 400 remodels this year. They continue to generate average sales uplifts in the mid-teens net of control. These investments are improving brand perception and franchisee profitability, reinforcing the value of our modern image efforts.

現代形像是銷售和獲利的另一個驅動力，我們今年仍有望完成約 400 個改造。他們繼續在控制網路的十幾歲中段產生平均銷售額提升。這些投資正在提高品牌認知度和特許經營者的獲利能力，增強我們現代形象努力的價值。

Finally, we began our refranchising process for Carrols restaurants this quarter, including signing five candidates for crown your career, a program that supports high-potential internal talent on their journey towards restaurant ownership over a one- to three-year period. Our focus remains on placing restaurants with highly engaged operators who are well positioned for long-term success.

最後，我們在本季度開始了對 Carrols 餐廳的重新特許經營流程，包括簽約五名「加冕你的職業生涯」的候選人，該計劃旨在支持具有高潛力的內部人才在一到三年的時間內成為餐廳所有者。我們的重點仍然是將餐廳安置在高度敬業、能夠取得長期成功的經營者手中。

Altogether, Tom and his team are making steady progress across marketing, modernization, operations and the guest experience. all underpinned by strong franchisee alignment. While there's still a lot more work to do, this quarter's industry outperformance is another sign that we're on the right path to building a healthier business for the long term.

總而言之，湯姆和他的團隊在行銷、現代化、營運和客戶體驗方面取得了穩步進展，所有這些都得益於強大的特許經營商聯盟。雖然還有很多工作要做，但本季的行業優異表現再次表明我們正走在建立長期更健康業務的正確道路上。

Finally, turning to the remaining 12% of our business with Popeyes and Firehouse Subs. In the second quarter, Popeyes delivered system-wide sales growth of 1.9% in the US, supported by net restaurant growth of 2.1% and partially offset by a 0.9% decline in comparable sales. This quarter, the team's flavor-forward pickle menu and launch of 399 Wraps generated strong guest engagement and helped drive a sequential improvement in comparable sales.

最後，讓我們來談談與 Popeyes 和 Firehouse Subs 剩餘的 12% 業務。第二季度，Popeyes 在美國實現了全系統銷售額增長 1.9%，這得益於餐廳淨銷售額增長 2.1%，但可比銷售額下降 0.9% 部分抵消了這一增長。本季度，團隊推出的風味泡菜菜單和 399 Wraps 吸引了大量顧客，並幫助推動了可比銷售額的連續成長。

We also continue to enhance operations by scaling our easy-to-run kitchens as well as providing targeted operational support to restaurants that need it the most. At the same time, we remain highly disciplined in our development approach, opening new restaurants only with top-tier operators aligned on quality and execution.

我們還將繼續擴大易於運營的廚房規模，並為最需要的餐廳提供有針對性的營運支持，從而加強營運。同時，我們在發展方式上保持高度自律，只與品質和執行力一致的頂級業者合作開設新餐廳。

Finally, at Firehouse Subs, system-wide sales grew 6.3% in the second quarter. driven by 6.4% net restaurant growth and a 0.8% decline in comparable sales. We're encouraged by the momentum and quality of the development we're seeing with new restaurant openings performing above the system average.

最後，Firehouse Subs 第二季全系統銷售額成長 6.3%，主要得益於餐廳淨銷售額成長 6.4% 和可比銷售額下降 0.8%。新餐廳開幕表現高於系統平均水平，這一發展動能和品質令我們感到鼓舞。

Last month, Mike and his team hosted their annual family Union in Las Vegas and laid out the brand's three-year road map, which outlines clear initiatives to drive sales growth, enhance the guest experience and support franchisee profitability. There's strong excitement from the franchisees about the path forward for Fire House.

上個月，麥克和他的團隊在拉斯維加斯舉辦了年度家庭聚會，並製定了該品牌的三年發展路線圖，其中概述了推動銷售成長、提升客戶體驗和支持特許經營商盈利的明確舉措。加盟商對於 Fire House 的未來發展充滿期待。

With that, I'll pass it over to Sami. Sami?

說完這些，我就把它交給薩米。薩米？

Thanks, Josh, and good morning, everyone. Today, I'll discuss our Q2 financial results, our capital structure and financial guidance for the remainder of 2025. We were encouraged by the improvement in results this quarter, especially against a dynamic consumer backdrop. We delivered global comparable sales of 2.4%, system-wide sales growth of 5.3%, organic AOI growth of 5.7% and nominal adjusted EPS growth of 9.2%.

謝謝，喬希，大家早安。今天，我將討論我們的第二季財務表現、資本結構以及 2025 年剩餘時間的財務指導。我們對本季業績的改善感到鼓舞，特別是在消費者消費情勢活躍的背景下。我們實現了全球可比銷售額成長 2.4%，全系統銷售額成長 5.3%，有機 AOI 成長 5.7%，名目調整後每股收益成長 9.2%。

The Organic AOI growth slightly outpaced system-wide sales growth this quarter, driven by continued cost discipline, including a $15 million reduction in segment G&A as well as a $6 million tailwind from lapping last year's fuel to flame ad fund contribution. These tailwinds were partially offset by a couple of factors in the quarter.

本季有機 AOI 成長略高於全系統銷售額成長，這得益於持續的成本控制，包括分部 G&A 減少 1,500 萬美元，以及去年燃料到火焰廣告基金貢獻帶來的 600 萬美元順風。這些順風因素在本季被幾個因素部分抵消。

First, bad debt expenses came in at $9 million this quarter, compared to a net recovery of $6 million in the prior year. Bad debt expense this quarter was primarily tied to our International business, which impacted S&P expenses in International and supply chain cost of sales at Tim Hortons. We're actively engaged with our partners to collect on these revenues. We also had a discrete situation at Burger King US, which was resolved in June.

首先，本季壞帳支出為 900 萬美元，而去年同期的淨回收額為 600 萬美元。本季的壞帳費用主要與我們的國際業務有關，這影響了 Tim Hortons 的國際標準普爾費用和供應鏈銷售成本。我們積極與合作夥伴合作以獲取這些收入。我們在美國漢堡王也遇到了一些特殊情況，該情況已於 6 月解決。

And second, as I mentioned last quarter, since we are actively working to find a new local partner for the BK China business, we are treating it as held for sale, with results recorded in discontinued operations. As a result, we saw a $10 million year-over-year revenue and AOI headwind in Q2.

其次，正如我上個季度所提到的，由於我們正在積極為 BK 中國業務尋找新的本地合作夥伴，因此我們將其視為持有待售業務，並將結果記錄在已終止經營業務中。結果，我們在第二季度看到了 1000 萬美元的年收入和 AOI 逆風。

For the full year, assuming no change in ownership, we continue to expect a $37 million impact to revenue and a $19 million impact to AOI on a year-over-year basis, given that we recorded about $18 million of bad debt expenses related to BK China in 2024, largely in Q4. For more detail, you can refer to the quarterly breakdown of 2024 BK China revenues and bad debt expenses available in the trending schedules and on the RBI Investor Relations website.

就全年而言，假設所有權沒有變化，我們繼續預計收入將同比受到 3700 萬美元的影響，AOI 將同比受到 1900 萬美元的影響，因為我們在 2024 年記錄了與 BK 中國相關的約 1800 萬美元的壞賬費用，主要發生在第四季度。欲了解更多詳情，您可以參考趨勢圖表和 RBI 投資者關係網站上提供的 2024 年 BK 中國收入和壞帳費用的季度明細。

Now turning to EPS. Adjusted EPS increased to $0.94 per share from $0.86 year, representing nominal growth of 9.2%. EPS growth was driven by AOI performance as well as a $12 million year-over-year decrease in adjusted net interest expense to $131 million, reflecting the benefits of our upsized cross-currency swaps, 2024 refinancings and interest rate swaps. For the full year, we now expect adjusted net interest expense to be around $520 million, assuming an average SOFR rate of 4.3% flowing through to approximately 15% of our debt.

現在轉向 EPS。調整後每股收益從去年的 0.86 美元增至 0.94 美元，名目增加 9.2%。EPS 的成長得益於 AOI 的表現以及調整後的淨利息支出年減 1,200 萬美元至 1.31 億美元，這反映了我們擴大交叉貨幣掉期、2024 年再融資和利率掉期帶來的好處。假設平均 SOFR 利率為 4.3%，流向我們約 15% 的債務，我們目前預計全年調整後的淨利息支出約為 5.2 億美元。

Now turning to free cash flow and our capital structure. In Q2, we generated $446 million of free cash flow, inclusive of approximately $35 million in cash benefits from our hedges. During the quarter, we allocated capital to key strategic priorities. And recorded $68 million of capital expenditures, tenant inducements and incentives, collectively referred to as CapEx and cash inducements. We continue to expect 2025 CapEx and cash inducements, to be between $400 million to $450 million, though we think we will come in at the lower end of that range.

現在轉向自由現金流和我們的資本結構。在第二季度，我們產生了 4.46 億美元的自由現金流，其中包括來自對沖的約 3,500 萬美元的現金收益。在本季度，我們將資金分配給了關鍵的策略重點。並記錄了 6,800 萬美元的資本支出、租戶誘導和獎勵，統稱為資本支出和現金誘導。我們仍然預計 2025 年的資本支出和現金誘因將在 4 億美元至 4.5 億美元之間，儘管我們認為我們將處於該範圍的低端。

In addition, this quarter, we catalyzed Burger King China with $30 million to support operations, build out our local team and to fund marketing. We also returned $282 million of capital to shareholders through our dividend, which we declared for Q3 at $0.62 per common share and unit, with a 2025 target of $2.48 per share.

此外，本季度，我們向漢堡王中國注資 3,000 萬美元，用於支援營運、組建本地團隊和資助行銷。我們也透過股息向股東返還了 2.82 億美元的資本，我們宣布第三季每股普通股和單位股息為 0.62 美元，2025 年目標為每股 2.48 美元。

We ended Q2 with total liquidity of $2.3 billion, including approximately $1 billion of cash and a net leverage ratio of 4.6 times. As a reminder, our capital allocation priorities remain unchanged. We're focused on investing in our brands and businesses where we see clear and compelling returns, maintaining a healthy and growing dividend, and steadily deleveraging over time.

截至第二季末，我們的總流動資金為 23 億美元，其中包括約 10 億美元的現金和 4.6 倍的淨槓桿率。提醒一下，我們的資本配置優先順序保持不變。我們專注於投資於我們能夠看到明確且令人信服的回報的品牌和業務，保持健康和不斷增長的股息，並隨著時間的推移穩步去槓桿。

Now before shifting to our 2025 financial guidance, I'd like to take a moment to address commodities, specifically beef and coffee. We've been closely monitoring beef, which makes up roughly a quarter of the commodity basket for Burger King US.

現在，在轉向我們的 2025 年財務指導之前，我想花點時間談談商品，特別是牛肉和咖啡。我們一直在密切關注牛肉，牛肉約佔漢堡王美國商品籃的四分之一。

In the first half of 2025, beef prices were up high-teens year over year, which we expect to translate into a mid-single-digit increase in the total commodity basket at Burger King US for the full-year '25. While elevated, this trend is largely driven by the cyclical nature of US herd rebuilding, and we expect prices to normalize over time.

2025 年上半年，牛肉價格年增了 15% 左右，我們預計這將導致 2025 年全年漢堡王美國公司商品籃子總量出現中等個位數成長。儘管價格有所上漲，但這一趨勢很大程度上是由美國畜群重建的周期性驅動的，我們預計價格將隨著時間的推移而恢復正常。

On that note, we've been encouraged to see some normalization in coffee prices following a period of historic highs. This is welcome news for our Tim Hortons business, where coffee accounts for around 15% of the commodity basket. Given our forward buying strategy, we expect to see these lower costs flow through in mid- to late 2026.

就此而言，我們很高興看到咖啡價格在經歷一段歷史高點後趨於正常。這對我們的 Tim Hortons 業務來說是個好消息，而咖啡約佔其商品籃的 15%。鑑於我們的前瞻性購買策略，我們預計這些較低的成本將在 2026 年中後期實現。

Now wrapping up with five modeling-related items for 2025. First, we remain confident in delivering net restaurant growth of around 3% for the year and 8%-plus organic AOI growth in 2025. As a reminder, AOI growth this year will be weighted towards the fourth quarter as we lap $41 million of the Burger King Fuel the Flame ad fund expense and $20 million of net bad debt expenses recognized in Q4 of '24.

現在總結 2025 年與建模相關的五項內容。首先，我們仍有信心實現今年餐廳淨成長率約為 3%，2025 年有機餐廳銷售額成長率達到 8% 以上。提醒一下，今年的 AOI 成長將主要集中在第四季度，因為我們計入了 24 年第四季確認的 4,100 萬美元漢堡王 Fuel the Flame 廣告基金費用和 2,000 萬美元淨壞帳費用。

Second, we continue to expect full-year '25 Tim Hortons supply chain gross margin of roughly 19%. Within this, we anticipate Q4 will be the lowest-margin quarter, reflecting typical seasonality and the impact of working through higher-cost inventory.

其次，我們繼續預期 25 年全年 Tim Hortons 供應鏈毛利率約為 19%。其中，我們預計第四季度將是利潤率最低的季度，這反映了典型的季節性和處理高成本庫存的影響。

Third, we remain on track for 2025 segment G&A, excluding Restaurant Holdings, of $600 million to $620 million, reflecting a healthy sustainable baseline that supports continued investment in our people and our strategic priorities.

第三，我們仍有望實現 2025 年分部 G&A（不包括餐飲控股）6 億至 6.2 億美元的目標，這反映了健康可持續的基線，支持我們繼續對員工和戰略重點進行投資。

Fourth, we expect second-half restaurant-level margins at Burger King Carrols restaurants in RH to compress by approximately 100 basis points year over year from the roughly 12.3% margin we saw in the second half of 2024. This is primarily driven by commodity cost inflation as well as the impact of the 50-basis-point ad fund contribution step-up.

第四，我們預計，RH 地區漢堡王卡羅爾餐廳下半年的餐廳利潤率將比 2024 年下半年的約 12.3% 年比下降約 100 個基點。這主要是受商品成本通膨以及 50 個基點廣告基金貢獻增加的影響。

In addition, the RH segment includes Popeyes China and Firehouse Brazil. These are early-stage businesses. And in the first half of 2025, they generated a combined AOI loss of $9 million. We expect this loss to increase to around $15 million in the second half of the year as we build our teams and development pipelines. That said, these early-stage losses should be more than offset by positive AOI contribution from our BK Carrols restaurants in RH.

此外，RH 部門還包括 Popeyes China 和 Firehouse Brazil。這些都是早期階段的企業。2025 年上半年，他們的 AOI 損失總計達 900 萬美元。隨著我們組建團隊和開發管道，我們預計今年下半年這筆損失將增加到 1500 萬美元左右。也就是說，這些早期損失應該會被我們位於 RH 的 BK Carrols 餐廳的積極 AOI 貢獻所抵消。

Finally, we continue to expect an adjusted effective tax rate of 18% to 19% for the year. As a reminder, year-to-date, our tax rate was 18.3%. While we do not expect recent changes in tax legislation to be material at the RBI level, we do expect US franchisees, particularly those investing in development and remodels, to see benefits related to bonus depreciation and interest deductibility.

最後，我們繼續預期今年的調整後有效稅率為 18% 至 19%。提醒一下，今年迄今為止，我們的稅率為 18.3%。雖然我們預計近期稅收立法的變化不會對印度儲備銀行產生重大影響，但我們確實預計美國特許經營商，特別是那些投資於開發和改造的特許經營商，將獲得與獎金折舊和利息扣除相關的好處。

Overall, to wrap up, when I look at our Q2 results, I see real progress. Our two largest businesses, representing nearly 70% of AOI, delivered strong performance. I also see promising signs within Restaurant Holdings, with Carroll's outperforming Burger QSR, refranchising efforts beginning ahead of schedule, and early traction with development and sales at Popeyes China.

總的來說，當我看到我們的第二季業績時，我看到了真正的進步。我們最大的兩家企業佔 AOI 的近 70%，業績表現強勁。我還看到了 Restaurant Holdings 內部的積極跡象，Carroll's Burger QSR 表現優異，特許經營權的重新開放工作提前開始，Popeyes China 的開發和銷售也取得了早期進展。

Although we're operating through a period of peak complexity today, we are starting to simplify. The steps we're taking from refranchising Burger King US restaurants to setting BK China up for success with a new partner, position us to be a more streamlined and stronger business in the years ahead. At the same time, we're maintaining cost discipline at the RBI level, keeping us on track to deliver 8%-plus AOI growth in 2025 and beyond.

儘管我們今天正處於營運最複雜時期，但我們正在開始簡化。我們正在採取的措施包括重新特許經營漢堡王美國餐廳，以及與新合作夥伴攜手為漢堡王中國的成功奠定基礎，這些舉措將使我們在未來幾年成為一家更加精簡、更加強大的企業。同時，我們在印度儲備銀行層級保持成本控制，確保我們在 2025 年及以後實現 8% 以上的 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. The story this quarter is pretty straightforward. We've been consistently putting in the work, and it's starting to show. We're focused on what matters: running great restaurants, supporting great operators, and building brands that stand the test of time. That's been the plan, and this quarter is another step forward in that journey.

謝謝你，薩米。本季的故事非常簡單。我們一直堅持不懈地努力，現在成果已經開始顯現。我們專注於重要的事情：經營優秀的餐廳、支持優秀的經營者、打造經得起時間考驗的品牌。這就是計劃，本季我們又朝著這個目標邁出了一步。

Tim Hortons is a great example. Tim's is exceptionally well run. Our franchisees are great locally involved operators, and the team running the business in Toronto is terrific. Consistent strong results are the outcome. You can say the same for our International business, which continues to deliver strong growth and outperform most of our largest QSR peers quarter after quarter.

提姆霍頓斯 (Tim Hortons) 就是一個很好的例子。Tim's 的經營狀況非常好。我們的特許經營商都是優秀的本地運營商，在多倫多經營業務的團隊也非常出色。最終結果是持續強勁的成果。我們的國際業務也是如此，它繼續保持強勁成長，每季的表現都優於大多數最大的 QSR 同行。

The kind of consistency we're seeing from Tim's and across many of our International markets comes from doing the basics really well. It's built on a foundation of strong local leadership, brand trust, disciplined operations, and relevant marketing. At the end of the day, it all comes down to great teams putting in the hard work to run great restaurants.

我們從 Tim 和我們的許多國際市場看到的一致性來自於我們很好地做好了基礎工作。它建立在強大的本地領導力、品牌信任、規範的運作和相關的行銷基礎之上。歸根結底，這一切都歸功於優秀的團隊辛勤工作來經營優秀的餐廳。

We're seeing it at Tim's. We're seeing it at International, and we're starting to see it in more parts of our business. Take our 47 company-run Burger King restaurants in Miami. These are restaurants where we're leading by example and everything is lining up: operations, marketing, and image.

我們在蒂姆那裡看到了它。我們在國際上看到了這一點，並且我們開始在我們業務的更多部分中看到這一點。以我們在邁阿密的 47 家公司經營的漢堡王餐廳為例。這些餐廳都是我們樹立的榜樣，一切都井然有序：營運、行銷和形象。

And they're performing well above the system average, comping into the double digits, driven by mid-single-digit growth in traffic. It's a real example of what the Burger King brand can do when all the pieces come together.

而且，在流量中等個位數成長的推動下，它們的表現遠高於系統平均水平，達到兩位數。這是一個真實的例子，展示了漢堡王品牌在各個部分整合後所能取得的成就。

And I'm confident we're going to see more of it. Because as we execute Reclaim the Flame, more markets should start to look and feel like Miami. And when that happens, it creates a system-wide lift. I've seen this before in the industry. There is a moment where everything starts to click and the tide turns; things just get easier.

我相信我們會看到更多這樣的情況。因為當我們執行「奪回火焰」計畫時，更多的市場應該開始看起來和感覺起來像邁阿密。當這種情況發生時，它會在整個系統範圍內產生提升。我以前在業內見過這種情況。有那麼一刻，一切都開始順利起來，情況開始轉變；事情變得更容易了。

We saw the turning point at Tim's in Canada a few years ago, and we're working towards that same kind of turning point at Burger King US. It can be a tough unglamorous lift, but the operators, restaurant managers, and team members doing that work are the heroes of a turnaround. And they're the ones helping to move the entire system forward.

幾年前，我們在加拿大的 Tim's 看到了轉折點，我們正努力在美國漢堡王實現同樣的轉折點。這可能是一項艱鉅而不起眼的工作，但從事這項工作的經營者、餐廳經理和團隊成員都是扭轉局面的英雄。他們是推動整個系統前進的助力者。

And then there's BK China. Not long ago, there were real questions about this business. But since February, we've taken control, brought in strong local leadership, refocused our marketing, and started to execute more consistently. Same-store sales turned positive in Q2. That doesn't happen by accident.

然後還有BK中國。不久前，人們對這項業務確實有質疑。但自二月以來，我們已經掌控了局面，引入了強大的本地領導，重新調整了行銷重點，並開始更加一致地執行。第二季同店銷售額轉為正值。這並不是偶然發生的。

It happens because the brand has strength. And when it's supported by the right strategy and the right team, it works. We still need to find the right long-term partner, and we're actively working on that. But this quarter showed us that the business has real potential. And under the right ownership, it can thrive.

這是因為品牌有實力。當得到正確的策略和正確的團隊的支持時，它就會發揮作用。我們仍然需要尋找合適的長期合作夥伴，我們正在積極努力。但本季向我們表明該業務確實具有潛力。在正確的所有權下，它可以蓬勃發展。

So that's the story of this quarter, focused execution, steady progress. And those generate consistent results. We've got real momentum in the places we put in the work. There's more to do, and we're not letting up.

這就是本季的情況，專注執行，穩步推進。這些都會產生一致的結果。我們在工作上獲得了真正的動力。還有很多事情要做，我們不會放鬆。

But we're proving what these businesses can deliver when everything starts to click. And if this is what we can deliver in the current consumer backdrop, we're even more excited about what's possible as the environment improves. And that should give all of us confidence in where we're headed.

但我們正在證明，當一切開始順利時，這些企業能帶來什麼。如果這是我們在當前消費背景下所能實現的目標，那麼我們對環境改善後可能實現的目標更加興奮。這應該會讓我們所有人對我們的前進方向充滿信心。

With that, we can take questions.

這樣，我們就可以回答問題了。

(Operator Instructions) Brian Bittner, Oppenheimer & Co.

（操作員指示）Brian Bittner，Oppenheimer & Co.

Thank you. Good morning. As it relates to Burger King US, the Carrols restaurants and your RH segment had nearly 3% same-store sales growth, biggest outperformance versus the rest of the system in a couple of years. Is this a product of the remodels happening at Carrols, or is there other factors driving this outperformance?

謝謝。早安.就美國漢堡王而言，Carrols 餐廳和 RH 部門的同店銷售額增長了近 3%，這是幾年來相對於該系統其他部門的最大增幅。這是卡羅爾斯 (Carrols) 改造的產物嗎？還是有其他因素推動了這項優異表現？

And just secondly to that, you did mention that you're ahead of schedule on refranchising. What does that mean exactly? Does that mean you're planning on going faster? If you could unpack that comment a little bit more, it would be helpful. Thanks.

其次，您確實提到過，您在重新特許經營方面已經提前完成了計劃。這到底是什麼意思？這是否意味著您打算加快速度？如果您能進一步解釋一下該評論，那將會很有幫助。謝謝。

Good morning, Brian. It's Josh. Thanks for the question. I would tell you we've been really proud of the performance across both the Carrols restaurants and the rest of our BK company restaurants. And I think it comes from a couple of -- from a lot of focus on getting a couple of the most important fundamentals, right?

早安，布萊恩。我是喬希。謝謝你的提問。我想告訴你，我們對 Carrols 餐廳和 BK 公司其他餐廳的表現感到非常自豪。我認為這源於對幾個最重要的基本原則的極大關注，對嗎？

In both of those portfolios, they're operating at a very high level. We've got great teams. We have really good restaurant managers. We see it in all of our ops stats. And I think that's driving a lot of the outperformance, and on top of it, the remodels. Both of those portfolios are making significant investments in remodels, and the returns from those remodels have been very good.

在這兩個投資組合中，他們的營運水準都非常高。我們擁有優秀的團隊。我們擁有非常優秀的餐廳經理。我們在所有操作統計數據中都看到了這一點。我認為這在很大程度上推動了業績的優異，最重要的是重塑。這兩個投資組合都在改造方面進行了大量投資，而且改造的回報非常好。

They're doing the right scopes of work. They're executing them well, and they're really making sure that they get the results out of them. So I think that's what gives us a lot of confidence in where the rest of the system can go. Because we've got a lot of other operators that are doing that increasingly, too. But that -- I think that's what's driving the consistent outperformance that we started to see from the Carrols portfolio.

他們正在做正確範圍的工作。他們執行得很好，並且確實確保能取得成果。所以我認為這讓我們對系統其餘部分的發展方向充滿信心。因為我們有很多其他運營商也在越來越多地這樣做。但那——我認為這就是我們從卡羅爾投資組合中看到的持續優異表現的推動力。

In terms of the refranchising, we're also making a lot of progress there. We mentioned we've started to do some refranchising activity already. I think if you go back to when we first acquired Carrols, we said that we were going to do the refranchising between years three and seven. And we've obviously started that early, and we're working on plans to kind of move that ahead at a reasonable pace.

在重新特許經營方面，我們也取得了很大進展。我們提到我們已經開始進行一些再特許經營活動。我想，如果回顧我們第一次收購 Carrols 的時候，我們說過我們將在第三年到第七年之間進行重新特許經營。顯然，我們很早就開始了這項工作，並且正在製定計劃，以合理的速度推進這項工作。

It's incredibly important for us that all of those restaurants go to very good operators. That was the intention of the acquisition in the first place, was to make sure that those restaurants get remodeled and they're in the hands of excellent local operators.

對我們來說，讓所有這些餐廳都由優秀的經營者經營是非常重要的。這首先是收購的目的，是為了確保這些餐廳得到改造，並由優秀的當地業者經營。

So we want to make sure that we preserve that intent, but we would like to move it along at a reasonable pace. And we're happy that we've kicked it off already. And we'll try to keep doing that, keep moving along at as good of a pace as we can over the next couple of years.

因此，我們希望確保保留這一意圖，但我們希望以合理的速度推進它。我們很高興我們已經開始了。我們會繼續這樣做，在接下來的幾年裡盡可能保持良好的發展速度。

David Palmer, Evercore ISI.

大衛·帕爾默，Evercore ISI。

Thanks. And I'll just squeeze in two quick ones. One is on the conditions in Canada for the fast food market up there. One competitor mentioned that trends had worsened in Canada. It looks like Burger King, perhaps, in Canada was a drag to results in North America, speaking to what might be a slower market up there.

謝謝。我只想快速說兩句話。一是加拿大快餐市場的狀況。一位競爭對手提到加拿大的趨勢已經惡化。看起來漢堡王在加拿大的業績可能拖累了北美的業績，顯示那裡的市場可能發展較慢。

But you can't really see that if you look at the results of Tim Hortons. So I'd love to have your comment about the QSR market in Canada and how -- if you think that there's reasons why Tim Hortons trends are, perhaps, widening versus the competitive set in Canada.

但如果你看一下 Tim Hortons 的業績，你就不會真正看到這一點。因此，我很想聽聽您對加拿大 QSR 市場的看法，以及您是否認為 Tim Hortons 的趨勢相對於加拿大的競爭對手有所擴大是有原因的。

And then secondly, I know you're not a huge fan of speaking about intra-quarter trends. But I know people are certainly interested in what is happening with Burger King US, given you saw Snack Wraps introduced by a major competitor at $2.99. You've had a lot of success with Royal Crispy wraps. So if there's any comment you can make about July trends and with that major competitor launch, that would be helpful. And thank you.

其次，我知道您不太喜歡談論季度內趨勢。但我知道大家肯定對漢堡王美國公司的情況很感興趣，畢竟你看到一個主要競爭對手推出了售價2.99美元的捲餅。你們的皇家脆皮捲餅也取得了很大的成功。因此，如果您能對 7 月的趨勢以及主要競爭對手的推出發表任何評論，那將會很有幫助。謝謝你。

Good morning, Dave. Thanks for the question. It's Josh. I'll take those two in turn. I think in terms of the Canada trends, we were really pleased to see the improvement from Q1 to Q2. I think you've heard all of us say consistently that we're just so proud of the work that the Tim's team is doing.

早上好，戴夫。謝謝你的提問。我是喬希。我將依次接受這兩個。我認為就加拿大的趨勢而言，我們非常高興看到從第一季到第二季的改善。我想你們已經聽到我們大家一致表示，我們為提姆團隊所做的工作感到非常自豪。

I mentioned earlier, we're on our 17th quarter of consecutive same-store sales. I think that's because they're doing all those the fundamentals, right? And I think that's, perhaps, why you might see the consistent outperformance versus the peer set.

我之前提到過，我們已經連續第 17 季實現同店銷售成長。我認為這是因為他們正在做所有這些基本的事情，對嗎？我想，這也許就是為什麼你會看到它相對於同儕表現持續優異的原因。

If you look at what's been happening up here, you've seen Tim's do really well consistently. But you've also seen a bit of like a sequential improvement in some of the consumer confidence indices. And that happened throughout the second quarter, but it's continued into the third quarter. So I don't see any real reason to expect any change in trend or any deterioration up here in Canada for our Tim's business.

如果你看看這裡發生的事情，你會發現蒂姆的表現一直很好。但您也看到一些消費者信心指數出現了連續改善。這種情況在整個第二季都發生過，但一直持續到第三季。因此，我認為沒有任何真正的理由可以預期加拿大的趨勢會發生變化，或者我們 Tim 的業務會惡化。

In terms of Burger King in the US, a similar story. Really happy to see what happened from Q1 to Q2. I think Tom and the team are doing a great job. They're sticking to the plan. And we haven't seen any impact in July from competitor activity, so continuing to be really confident in where we're going with BK. We're going to stick to our plan, and we're excited about the stuff that we have planned for the second half.

對美國漢堡王來說，也有類似的故事。真的很高興看到從第一季到第二季發生的事情。我認為湯姆和他的團隊做得很好。他們堅持執行計劃。而且我們在 7 月沒有看到競爭對手活動的任何影響，因此我們對 BK 的發展方向仍然充滿信心。我們將堅持我們的計劃，我們對下半年的計劃感到興奮。

Dave, the only thing I'd add to that is a lot of what you're seeing in the results from Burger King is better execution, remodels working, driving results. These are things we can control that are frankly separate from competitive activity and somewhat from even kind of the macro environment. So we feel very good about where we are.

戴夫，我唯一想補充的是，你從漢堡王的業績中看到的很多東西都是更好的執行、有效的改造、推動的結果。這些都是我們可以控制的事情，坦白說，它們與競爭活動無關，甚至與宏觀環境無關。因此，我們對目前的狀況感到非常滿意。

Dennis Geiger, UBS.

瑞銀集團的丹尼斯蓋格。

Great. Thanks, guys. Congrats on the momentum in the International business. I want to dive in there, if I could.

偉大的。謝謝大家。祝賀國際業務取得如此好的進展。如果可以的話，我想潛入那裡。

Maybe just if there's anything more that you could kind of share in sort of unpacking the BK International momentum and the performance in the quarter across key markets, perhaps, relative to industry dynamics in those markets.

也許您還能分享更多內容，例如 BK International 的發展勢頭以及本季在主要市場的表現，或許是相對於這些市場的行業動態而言的。

And just how you're thinking about that momentum going forward, and maybe what it does for kind of the longer-term development trajectory as you think about the International potential. Thank you.

以及您如何看待未來的發展勢頭，以及當您考慮國際潛力時它對長期發展軌跡有何影響。謝謝。

Thanks, Dennis. So I'll share a few thoughts on the International business both in the quarter and I think, overall, it's worth reiterating, that BK International business is a fantastic business. And it's been on a really great growth trajectory, I think, now for 10 or 15 years.

謝謝，丹尼斯。因此，我將分享一些關於本季國際業務的想法，我認為，總體而言，值得重申的是，BK 國際業務是一項出色的業務。我認為，10 到 15 年來，它一直處於非常好的成長軌跡。

And as we talk about a lot, the brand is just in a good place in a lot of these International markets. We have high-quality newer assets. We have really good operations. We have good food quality perception. It's a highly digital business. And we have some fantastic partners around the world who are just doing a very nice job.

正如我們經常談論的那樣，該品牌在許多國際市場上都處於良好地位。我們擁有優質的新資產。我們的營運確實很好。我們對食品品質有良好的認知。這是一個高度數位化的業務。我們在世界各地擁有一些出色的合作夥伴，他們做得非常出色。

I think as you look around the world in terms of the performance in the quarter, some of the highlights are places like Spain, Germany, and the UK. So some of our largest markets, they're doing a nice job on innovation but also, I think, importantly, keeping the right balance of value offerings in the market. So I think they're getting both of those things right, and it's driving some good same-store sales.

我認為，從本季全球表現來看，西班牙、德國和英國等地是亮點。因此，在我們最大的市場中，他們在創新方面做得很好，但我認為，重要的是，他們在市場上保持了價值產品的適當平衡。所以我認為他們在這兩方面都做得很好，並且推動了良好的同店銷售。

The one market that's been a little bit softer for us over the course of the last few quarters has been Burger King in France. But I think really encouragingly, we've now seen some improvement there. So as you get into -- especially the last couple of months, Alex Simon and the team there in BK France have really turned a corner. And I think we're back on a much more positive trajectory. So I think that's encouraging in terms of where that business is going overall.

在過去幾季中，對我們來說表現略顯疲軟的一個市場是法國的漢堡王。但我認為真正令人鼓舞的是，我們現在已經看到了一些改善。因此，當你進入——尤其是最近幾個月，亞歷克斯西蒙和 BK 法國的團隊確實已經取得了轉變。我認為我們已經回到了更積極的軌道上。因此，我認為就該業務的整體發展而言，這是令人鼓舞的。

Outside of that, if you look across APAC, we've had some really good consistency in terms of the markets, the big markets that are outperforming. Places like Japan and Australia are just building on top of strength and doing really well. And importantly, compared to where we were last year, China is really in a very different place.

除此之外，如果你放眼整個亞太地區，我們在市場方面一直保持著良好的一致性，尤其是表現優異的大市場。日本和澳洲等地正在不斷增強實力，並且發展良好。重要的是，與去年相比，中國的情況確實有很大不同。

We were -- we had negative comps for a while throughout the prior year. And as we mentioned, we're now in the positive territory. And I think that's a really remarkable turnaround that we've had in BK China. I would say that's happening even faster than we expected.

在過去的一年中，我們的業績一度負成長。正如我們所提到的，我們現在處於積極的狀態。我認為這是我們在 BK 中國取得的真正顯著的轉變。我想說這發生得比我們預期的還要快。

And I think that the team there is just really moving quickly and doing all the things that we wanted to do in terms of building a great team, cleaning up the store base, fixing operations, bringing marketing back to relevance, focusing on the Whopper, and an amazing new chicken sandwich called the CRISPR.

我認為那裡的團隊行動非常迅速，正在做我們想做的所有事情，包括組建一支優秀的團隊、清理門店基礎、修復運營、讓營銷重新回到相關性、專注於皇堡，以及一款名為 CRISPR 的令人驚嘆的新型雞肉三明治。

So I would say China is growing better than we expected, and we're really pleased to see that. And that helps a bit on the International same-store sales as well. So those are some of the things that are going well. Overall, very proud of our partners and our teams in the International business, and happy with the results.

所以我想說，中國的發展比我們預期的要好，我們真的很高興看到這一點。這對國際同店銷售額也有一定幫助。這些都是進展順利的事。總的來說，我們對我們在國際業務中的合作夥伴和團隊感到非常自豪，並對結果感到滿意。

Two things I'd add to that. First, in terms of China, team is just doing an outstanding job. I mean, as Josh said, I mean, we are ahead of where we thought we were going to be at this point because they are executing so well against the plan that they put together.

我還想補充兩點。首先，就中國隊而言，他們的表現非常出色。我的意思是，正如喬希所說，我們現在的進展比我們預想的要快，因為他們按照他們制定的計劃執行得非常好。

The other thing I'd point out is, I think every US brand that has reported so far was positive in China. So people have been talking about the China macro for quite some time. And everybody -- I believe everybody was positive. So it has clearly improved, and that gives us some confidence as well.

我想指出的另一件事是，我認為迄今為止報告的每個美國品牌在中國的表現都是正面的。人們已經談論中國宏觀經濟很長一段時間了。我相信每個人的態度都是正面的。所以它顯然已經改善了，這也給了我們一些信心。

The other interesting thing I would point out, I mean, Josh highlighted BK in International. Popeyes did north of $400 million of system sales in the second quarter outside of the US and Canada. And it's comping just nominal sales. It's comping high 20s, low 30s percent in system-wide sales growth.

我想指出的另一件有趣的事情是，喬希在國際上強調了 BK。第二季度，Popeyes 在美國和加拿大以外的系統銷售額超過 4 億美元。這只是名義銷售額。全系統銷售額成長率達到 20% 到 30% 之間。

I believe of the top 10 brands, US brands outside of the US, that it is the only one that is growing system sales double digit. So it is an extraordinary business outside of the US growing very fast. I'm proud of what the team -- what Thiago and the team are doing with it -- our master franchisees around the world. But it is really strong outside of the US.

我相信，在前 10 名的美國品牌中，它是唯一一個系統銷售額實現兩位數成長的品牌。因此，這是美國以外發展非常迅速的非凡業務。我為團隊——蒂亞戈和他的團隊——以及我們遍布全球的特許經營商所做的一切感到自豪。但在美國以外，它確實很強大。

John Ivankoe, JPMorgan.

摩根大通的約翰‧伊凡科。

Hi, thank you. As part of the themes both this quarter, this year, past couple of years, is a lot of companies that have really developed their own or at least leaned in to their digital data, artificial intelligence type of capabilities, including personalized marketing as a big part of their overall marketing efforts.

你好，謝謝。作為本季、今年以及過去幾年的主題的一部分，許多公司已經真正開發了自己的或至少傾向於數位數據、人工智慧類型的功能，其中個人化行銷作為其整體行銷工作的重要組成部分。

So I know it's a big topic. But I was hoping if we could revisit the overall QSR strategy for its franchisees around this, and how you could potentially take advantage of some of these scale-driven opportunities of your brands versus what others are doing. Thank you.

所以我知道這是一個大話題。但我希望我們能夠重新審視針對特許經營商的整體 QSR 策略，以及如何利用您的品牌相對於其他品牌所採取的一些規模驅動機會。謝謝。

Yeah, this is Patrick. We are very excited about what we're doing on this front. We haven't been talking about it all that much because we think there are some things that we're doing that not everybody else has figured out yet.

是的，這是派崔克。我們對在這方面所做的事情感到非常興奮。我們並沒有過多地談論這個問題，因為我們認為我們正在做的一些事情還沒有被其他人意識到。

What I will tell you is, we are very focused on what can happen with AI in our restaurants, how that can improve the customer experience, how that can improve the efficiency and effectiveness of operations. We're not fighting the last war. I mean, we are focused on AI and what we can do there.

我要告訴你的是，我們非常關注人工智慧在我們的餐廳中能發揮什麼作用，如何改善顧客體驗，如何提高營運的效率和效果。我們並不是在打最後一場戰爭。我的意思是，我們專注於人工智慧以及我們可以在那裡做什麼。

It's not -- I mean, I spent a lot of time on technology in my old life, and it was just a very, very different world when we were doing that. And we're just seeing opportunities now kind of across the board on everything that you do to run your restaurants effectively and how you interact with customers that gets us excited.

事實並非如此——我的意思是，我過去在技術上花費了大量時間，而當我們這樣做的時候，那是一個非常非常不同的世界。我們現在看到的是全方位的機會，包括您為有效經營餐廳所做的一切以及您如何與顧客互動，這讓我們感到興奮。

More to come on that as we roll more things out, but I'm excited about how it's going to affect our operations, our franchisees, our profitability, the customer experience. Just a lot happening there.

隨著我們推出更多產品，還會有更多內容，但我很高興看到它將如何影響我們的營運、我們的特許經營商、我們的盈利能力和客戶體驗。那裡發生了很多事。

Danilo Gargiulo, Bernstein.

達尼洛·加吉烏洛，伯恩斯坦。

Thank you. I wanted to unpack the value creation in the United States, specifically for Burger King. Because it looks like the performance in this quarter doesn't seem to be overly hinging too much on the value platform. Because you're sustaining momentum even without having a $5 meal deal.

謝謝。我想揭示美國的價值創造，特別是漢堡王的價值創造。因為看起來本季的表現似乎不太依賴價值平台。因為即使沒有 5 美元的套餐，你也能保持動力。

So I was wondering if you can help us understand how you're scoring internally your affordability of your core items in the domestic market? And if you can also give us a little bit of highlight or excitement that you might be having for the marketing calendar heading into the second half of the year? Thank you.

所以我想知道您是否可以幫助我們了解您如何評估核心產品在國內市場的可負擔能力？您還可以向我們介紹下半年行銷日程中的一些亮點或令人興奮的事情嗎？謝謝。

Hi, Danilo. Thanks for the question. I think you characterized it reasonably that I think we've had a more stable value offering. And I think we're very happy with how things are working. We've got our $5 Duos and $7 Trios. We think that's been working reasonably well for us.

你好，達尼洛。謝謝你的提問。我認為您的描述很合理，我認為我們提供的價值更加穩定。我認為我們對事情的進展非常滿意。我們有 5 美元的二重奏和 7 美元的三重奏。我們認為這對我們來說效果相當不錯。

And I think we'll continue to have value offerings. We'll probably bring some new news, whether that's product news or some of the mechanics and some of the communication of value over the next six months to a year. But I don't see a big change in the weight of value offerings or on-deal offerings within our menu.

我認為我們將繼續提供有價值的產品。我們可能會在未來六個月到一年內帶來一些新消息，無論是產品新聞還是一些機制和一些價值交流。但我認為我們菜單中的超值菜或特價菜的份量並沒有發生很大的變化。

And I think if you look back over time within the industry over a long time horizon, the on-deal part of the business tends to be about 30%. It will move up down a couple of points here and there, but that's relatively consistent. It's an important part of the business. But I think what you've seen Tom and team correctly focused on is making sure we're doing -- we're focusing on all the important parts.

我認為，如果從長遠角度回顧這個行業，你會發現交易業務佔比往往約為 30%。它會在這裡或那裡上下移動幾個點，但這是相對一致的。這是業務的重要組成部分。但我認為，您已經看到湯姆和他的團隊正確地關注的是確保我們正在做的事情——我們專注於所有重要的部分。

We're focusing on premium offerings and family offerings. We're focused on our strongest equity, which is the Whopper and elevating the Whopper. And we're focused on making sure that we have relevant and fresh value offerings. I think you got to make sure that you're doing all three of those.

我們專注於高端產品和家庭產品。我們專注於我們最強大的資產，那就是皇堡以及皇堡的提升。我們致力於確保我們提供相關且新穎的價值產品。我認為你必須確保你做到了這三件事。

And I think as you mentioned, doing all of those things is what has allowed us over a number of quarters to perform in line or better than the peer set without getting stuck too much on an overdependency on value. And I think we view that as an overall equation that we provide to our guests.

我認為，正如您所提到的，做所有這些事情使得我們在多個季度內的表現與同行持平或更好，而不會過度依賴價值。我認為我們將其視為我們為客人提供的一個總體方程式。

It's having awesome core offerings at a fair price, having good value offerings, and having exciting premium innovation. And frankly, as you look forward with the marketing calendar, we are very excited because we're going to do all of those things. We're going to bring new partnerships and new family properties that keep bringing families and younger guests back into the restaurant.

它以合理的價格提供優質的核心產品、具有良好價值的產品以及令人興奮的高端創新。坦白說，當您期待行銷日程表時，我們非常興奮，因為我們將要做所有這些事情。我們將建立新的合作關係並建立新的家庭產業，以吸引家庭和年輕客人重返餐廳。

We're going to have even more exciting Whopper innovations along the lines of some of the things you've seen recently. And we're going to keep value fresh. I think that's probably the simplest kind of three-part explanation of what the forward calendar looks like. And we look forward to sharing more of it with you and with our guests over the next few months.

我們將推出更多令人興奮的皇堡創新，與你們最近看到的一些創新類似。我們將保持價值的新鮮。我認為這可能是對未來日曆最簡單的三部分解釋。我們期待在接下來的幾個月與您和我們的客人分享更多內容。

Andrew Charles, TD Cowen.

安德魯查爾斯 (Andrew Charles)，TD Cowen。

Great. Thank you. Patrick, you talked about the success of Burger King remodels that are driving mid-teen sales lifts and outperformance at Carrols. But if we think about the soft quick-service sales backdrop, the significant beef inflation in the first half of this year, as well as challenged lending environment, how can you accelerate the pace remodels to help more meaningfully accelerate the share gains versus peers?

偉大的。謝謝。派崔克，您談到了漢堡王改造的成功，這項改造推動了卡羅爾斯的銷售額成長了十幾歲，業績也超過了預期。但是，如果我們考慮到快餐銷售疲軟的背景、今年上半年牛肉價格大幅上漲以及充滿挑戰的貸款環境，您如何才能加快轉型步伐，以幫助更有效地加速相對於同行的份額增長？

I guess, I'm curious as well, are you open minded -- I know obviously, there's a target for 85% to 90% reimaged by 2028. Burger King is obviously funding some of this. But open-mindedness to increase CapEx to kind of accelerate this transformation over this time as well?

我想，我也很好奇，你的思想開放嗎——我顯然知道，目標是到 2028 年實現 85% 到 90% 的重新映像。漢堡王顯然為其中的部分項目提供了資金。但是，是否也應該以開放的心態增加資本支出，以加速這項轉變？

Hey, Andrew. It's Josh. I'll start and let Patrick add anything that he'd like. In terms of the BK remodels, we continue to have the exact same vision that we articulated a couple of years back. We think it's really important to the brand to have fresh, modern assets in almost every community you go to across the US.

嘿，安德魯。我是喬希。我先開始，然後讓派崔克添加他想添加的任何內容。就 BK 改造而言，我們仍然秉持著幾年前所闡明的完全相同的願景。我們認為，對於品牌來說，在美國幾乎每個社區都擁有新鮮、現代的資產非常重要。

And we think getting to around 85% in the next few years is still absolutely the right goal. I think we continue to be very encouraged by the results we're seeing from the remodels. The uplift has been consistent. The guest reaction is great. And we see incredible results, especially in our company restaurants, whether it's Carrols or some of the Miami restaurants.

我們認為，在未來幾年內達到 85% 左右仍然是絕對正確的目標。我認為，改造後所取得的成果讓我們繼續深受鼓舞。這種提升一直持續著。客人反應很好。我們看到了令人難以置信的成果，特別是在我們公司的餐廳，無論是卡羅爾斯餐廳還是邁阿密的一些餐廳。

And those are the kind of things that make us want to stay the course and continue on the path. So I think that's our game plan. We know there's been some fluctuations in commodity prices that will happen in the business. But I think over the long term, that vision is the right one. And we're seeing all the data points that we wanted to see to continue investing behind the brand and the assets.

正是這些事情促使我們堅持到底，繼續前進。所以我認為這就是我們的比賽計劃。我們知道商品價格會出現一些波動。但我認為從長遠來看，這個願景是正確的。我們看到了所有想要看到的數據點，以便繼續投資該品牌和資產。

Gregory Francfort, Guggenheim.

古根漢美術館的格雷戈里·弗蘭克福特。

Hey. Thanks for the question. Josh, I guess, you made a comment on the prepared remarks about reaccelerating unit growth at Tim's Canada. Can you maybe help frame up maybe what that opportunity is and the pace of development that you would expect and how quickly you can get there? Thanks.

嘿。謝謝你的提問。喬希，我想，你對關於重新加速蒂姆加拿大單位增長的準備好的評論發表了評論。您能否幫助描述一下這個機會是什麼、您期望的發展速度以及您能多快實現這個機會？謝謝。

Yes. So in terms of unit growth at Tim's in Canada, we are pleased that, I think, we're on track to get back to positive growth this year. And the way I think about it is that we've seen population growth over the last few years. And I think there's an outlook for, perhaps, more moderate population growth in Canada over the next few years.

是的。因此，就加拿大 Tim's 的單位成長而言，我們很高興，我認為我們今年有望恢復正成長。我的想法是，過去幾年我們看到了人口成長。我認為未來幾年加拿大的人口成長可能會更加溫和。

But our view is, directionally, if you have 1% population growth, then we should be growing more Tim's. And there are a lot of new communities that are being developed, whether here in around Toronto or out West. And when you have new housing communities, new retail, new commercial complexes, we want to have at Tim's in those.

但我們的觀點是，從方向來看，如果人口成長率為 1%，那麼我們就應該種植更多的提姆。目前，無論是在多倫多週邊還是西部，都有許多新社區正在開發中。當你有新的住宅社區、新的零售店、新的商業綜合體時，我們希望將 Tim's 納入其中。

And so we're looking at where all the development is happening all across the country. We have -- we control the development here in Canada. So we have an in-house development team that's very close to all the landlords and developers.

因此，我們正在關注全國各地發生的所有發展。我們——我們控制著加拿大的發展。因此，我們擁有一支內部開發團隊，與所有房東和開發商保持密切聯繫。

And so we're making sure that we're part of those conversations, and we're growing Tim's as kind of the footprint and the population of Canada grows. And we think -- and I think it helps as well. The returns are great. This is one of the best businesses in the QSR space in the entire world. So we're very excited to be part of building new Tim's and growing with Canada.

因此，我們要確保自己參與這些對話，隨著加拿大的影響力和人口的增長，我們也在擴大 Tim 的影響力。我們認為——而且我認為這也有幫助。回報是巨大的。這是全世界 QSR 領域中最好的企業之一。因此，我們非常高興能夠參與建造新的 Tim's 並與加拿大共同成長。

Jeff Bernstein, Barclays.

巴克萊銀行的傑夫伯恩斯坦。

Hi. This is Anisha Datt, on for Jeff Bernstein. I wanted to ask a question on franchisees. How would you characterize franchisee willingness to lean into a national value platform, particularly if it comes at the expense of near-term profitability? And are there any concerns around franchisee alignment or margin compression as you compete more aggressively on price? Thanks.

你好。我是 Anisha Datt，代替 Jeff Bernstein。我想問一個關於特許經營商的問題。您如何看待特許經營者願意依賴國家價值平台，特別是以犧牲短期獲利能力為代價？當您在價格上進行更激烈的競爭時，是否存在對特許經營商調整或利潤壓縮的擔憂？謝謝。

Yeah. Anisha, it's Josh. Thanks for the question. I would say in terms of franchisee alignment, it's as good as it's ever been. We have great franchisee alignment, I think, across all of the businesses. And a lot of that comes from the great work our teams have done developing those relationships. I think our franchisees know and trust that we have their best interest in mind.

是的。安妮莎，我是喬希。謝謝你的提問。我想說，就特許經營商的協調而言，情況和以前一樣好。我認為，我們在所有業務中都擁有良好的特許經營聯盟。其中很大一部分歸功於我們的團隊在發展這些關係方面所做的出色工作。我認為我們的加盟商知道並相信我們會把他們的最大利益放在心上。

Over the last couple of years, we published their profitability. And we've made it very clear that we're being held accountable to improve that profitability across the balance of things that we do in the business, whether that's operational initiatives, investment initiatives, or some of the marketing initiatives across premium, core, and value.

在過去的幾年裡，我們公佈了他們的獲利能力。我們已經明確表示，我們有責任透過業務平衡來提高獲利能力，無論是營運計劃、投資計劃，還是高端、核心和價值領域的一些行銷計劃。

And I think that our franchisees, they understand that value is a part of the business, and it's an important part of the business. And we work very closely with them to talk through what the right value strategy is for each of our brands and to make sure that we've got alignment that those are the right things that are going to drive the business that are respectful of the profitability of the business, but will help bring more guests into our restaurants.

我認為我們的特許經營者明白價值是業務的一部分，也是業務的重要組成部分。我們與他們密切合作，討論每個品牌的正確價值策略，並確保我們達成一致，認為這些都是正確的、能夠推動業務發展、尊重業務盈利能力並有助於吸引更多客人光顧我們餐廳的策略。

So I think we've developed a good relationship with all the franchisees. I think we have a very balanced but effective value mechanisms across all of the businesses. And we'll keep having that be important, but only one part of the business strategy going forward.

所以我認為我們與所有特許經營商都建立了良好的關係。我認為我們所有業務都擁有非常平衡但有效的價值機制。我們將繼續重視這一點，但這只是未來業務策略的一部分。

Brian Harbour, Morgan Stanley.

摩根士丹利的布萊恩‧哈伯。

Yeah. Good morning, guys. Roughly -- this is more of a US question -- but roughly, where are you running on year-over-year price today? And I think the broader question is just I think there's been more talk about not just value but sort of broader price architecture in the industry. Do you think that's a focus for you, too? Or how do you see that sort of changing in QSR broadly?

是的。大家早安。大致來說——這更像是一個美國的問題——但大致來說，您今天的同比價格是多少？我認為更廣泛的問題是，我認為人們更多地討論的不僅僅是價值，還有行業中更廣泛的價格架構。您認為這也是您的關注點嗎？或者您如何看待 QSR 的這種廣泛變化？

Hey, Brian. So within the US, I'd say most of the brands are running sort of low single digits on pricing right now. And it's something we're keeping a close eye on and trying to make sure that we're as balanced as we can in the menu pricing.

嘿，布萊恩。因此，我認為在美國，大多數品牌目前的定價都處於低個位數水準。我們正在密切關注此事，並盡力確保菜單定價盡可能平衡。

I wouldn't say we're contemplating any large-scale changes in pricing architecture. As I mentioned to -- in response to a couple of the earlier questions, the value or on-deal part of our business has been pretty stable. And then we're just focused on making sure that those offerings are compelling, but reasonably profitable for the franchisees and that we keep the baseline menu pricing as contained as it's reasonable to do.

我不會說我們正在考慮對定價架構進行任何大規模的改變。正如我之前提到的——在回答幾個先前的問題時，我們業務的價值或交易部分一直相當穩定。然後，我們只專注於確保這些產品具有吸引力，但對於特許經營商來說卻是合理的利潤，並且我們將基準菜單定價保持在合理的範圍內。

Sarah Senatore, Bank of America.

莎拉參議員，美國銀行。

Okay. Thanks. Sorry, just jumped on late, so one quick clarification. And then, Patrick, I thought I could get your thoughts on the Chicken segment, if I might. The clarification was on the remodels. It sounds like you're still seeing these very healthy lifts. Has that accelerated or increased the rate at which franchisees want to do some of these sort of more -- these fuller remodels?

好的。謝謝。抱歉，來晚了，所以想快速澄清一下。然後，派崔克，如果可以的話，我想聽聽你對雞肉部分的看法。澄清涉及改造。聽起來你仍然看到這些非常健康的升力。這是否加速或增加了特許經營者想要進行此類更全面改造的速度？

Because I know at some point, you kind of shifted to a little bit of the lighter touches, shifted some of your funding in that direction. And I was curious if you're seeing any kind of swing back to the bigger remodels, if you touched on that.

因為我知道在某個時候，你會轉向一些更輕鬆的方式，將部分資金轉向那個方向。如果您提到過這一點，我很好奇您是否看到了任何向更大規模改造的回歸。

And then the question, I guess, for Patrick is about the Chicken segment and Popeyes. At your last company, obviously, you overtook the biggest competitor in the [pizza] space and kind of never looked back.

那麼我想，派翠克的問題是關於雞肉部分和 Popeyes 的。顯然，在您上一家公司，您超越了披薩領域最大的競爭對手，並且從未回頭。

Is there any risk that Popeyes, even though a big-scale advantage or some of these up-and-coming concepts, the assets aren't in the right place or the product mix isn't quite right? Is there any risk that it's hard for Popeyes to keep pace with the industry just because of perhaps maybe structural issues about the system. So those are the two questions. Thanks.

儘管 Popeyes 擁有大規模優勢或一些新興概念，但其資產配置不當或產品組合不夠合理，是否有風險？是否有這樣的風險：僅僅因為系統存在結構性問題，Popeyes 就很難跟上產業的腳步？這就是兩個問題。謝謝。

Hey, Sara. Morning, it's Sami. I'll take the first question, and then I'll throw it over to Patrick to talk about Chicken. On the remodels, actually, we continue to be very pleased with kind of the uplift we're seeing in the mid-teens. And it's actually quite the opposite. What we're seeing is more franchisees leaning into the sizzle image, which is a full -- the brand-new modern image of the Burger King system.

嘿，薩拉。早上好，我是薩米。我先回答第一個問題，然後交給派崔克來談雞肉。實際上，就改造而言，我們對十幾歲時看到的提升感到非常滿意。而事實恰恰相反。我們看到越來越多的特許經營者傾向於漢堡王的嘶嘶聲形象，這是一個完整的——漢堡王系統的全新現代形象。

I think what you may be referencing is a thing of the past many years ago when there were lighter-touch remodels. But for our system right now and really since the inception of Reclaim the Flame, the focus has been doing on high-quality, really good remodels. And we know that, sometimes, those are a bit more expansive, which is how we design the incentive program.

我認為您所提到的可能是多年前輕度改造時發生的事情。但對於我們目前的系統以及自「奪回火焰」計畫啟動以來，重點一直放在高品質、真正好的改造上。我們知道，有時候，這些會更加廣泛，這就是我們設計激勵計畫的方式。

But that's what ultimately drives the lifts and guests coming back to the restaurant. So we're really pleased. And I will point out actually the sizzle uplift, there's only about, so far, probably about 100 in the data set. But the sizzle uplifts are even better than the mid-teens uplift we're seeing on average across the program. So we're really pleased with those numbers.

但這才是最終推動餐廳營業和吸引顧客重返餐廳的動力。所以我們真的很高興。我要指出的是，實際上，到目前為止，資料集中大約只有 100 個嘶嘶聲的提升。但其熱情的提升甚至比我們在整個節目中平均看到的十幾歲的熱情提升還要好。所以我們對這些數字感到非常滿意。

And, Sara, on the Chicken side, it's actually been a very interesting dynamic the last six months or so because with beef prices up -- you've seen a lot of people running Chicken promotions from McDonald's and Taco Bell. And folks kind of leaning in there just because of the protein cost on the beef side has been higher.

莎拉，就雞肉方面而言，過去六個月左右的動態實際上非常有趣，因為隨著牛肉價格上漲——你會看到很多人都在進行麥當勞和塔可鐘的雞肉促銷活動。人們之所以傾向選擇牛肉，只是因為牛肉的蛋白質成本較高。

And so it's interesting because while Chicken is kind of having a moment, I think the people who are focused on Chicken have been feeling everybody else kind of playing in that space. And the reality is that while people tend to look at things within the burger chains and the chicken chains and the pizza chains, there is a lot of competition amongst all of them for share of wallet from consumers.

這很有趣，因為雖然 Chicken 正處於風口浪尖，但我認為專注於 Chicken 的人已經感覺到其他人也在這個領域中玩耍。事實是，雖然人們傾向於關注漢堡連鎖店、雞肉連鎖店和披薩連鎖店，但它們之間都存在著激烈的競爭，以爭奪消費者的錢包份額。

And a couple of the biggest Chicken players are private. And we think that they've actually been under pretty good pressure from a comp standpoint recently. I like where Popeyes is. The big thing on Popeyes is we've got to get better at running the stores. We're doing it.

其中幾家最大的 Chicken 參與者都是私人的。我們認為，從競爭角度來看，他們最近實際上承受著相當大的壓力。我喜歡 Popeyes 所在的地方。對 Popeyes 來說，最重要的事情是我們必須更好地經營商店。我們正在做這件事。

We're getting improvements. We're seeing it in consumer metrics. We're seeing it in the things we look at in terms of speed of service and accuracy, and complaints. And all of the measures show us that we're making progress on improving the operations. We just need to do it even faster. And I'm confident that's going to get us the kind of growth that we need.

我們正在取得進步。我們在消費者指標中看到了這一點。我們從服務速度、準確性和投訴等方面看到了這一點。所有這些措施都表明我們在改善營運方面正在取得進展。我們只是需要做得更快一些。我相信這將為我們帶來我們所需要的成長。

And the proof point on that is, again, kind of the International side, where we started with the kitchens laid out the way we want them laid out now. It means that we're very efficient at how we're running those restaurants. And it's an absolutely booming business.

而這方面的證明點再次是國際方面，我們一開始就按照我們現在想要的方式佈置廚房。這意味著我們經營這些餐廳非常有效率。這絕對是一個蓬勃發展的行業。

So it's interesting because my old place of employment, there was a period in time where our International business was, I think, better run, growing faster than the domestic side. We brought a lot of those learnings back to the US business. You've seen that with Burger King.

這很有趣，因為在我以前的工作單位，有一段時間我們的國際業務運作得更好，成長速度比國內業務更快。我們將許多經驗帶回了美國業務。你已經看到了漢堡王的這種表現。

The BK business outside of the US has been outperforming the US business. There are definitely learnings we're bringing back. And I think you're seeing the same thing with Popeyes. I'm very optimistic about our ability to make improvements on the business, and you're going to see that over the near and medium term.

BK 在美國以外的業務表現一直優於美國業務。我們肯定帶回了一些經驗教訓。我認為你在 Popeyes 身上也看到了同樣的情況。我對我們改善業務的能力非常樂觀，您將在短期和中期內看到這一點。

And, Sara, if I can just add one more thing on what Patrick mentioned on the Popeyes business. I would just call it that we already have a very clear plan aligned with the franchisees to modernize all of the assets, including making sure they're all on the new easy-to-run kitchen over the next few years.

薩拉，我能否就派崔克提到的 Popeyes 業務再補充一點呢？我想說的是，我們已經與特許經營商制定了一個非常明確的計劃，以實現所有資產的現代化，包括確保他們在未來幾年內都使用新的易於操作的廚房。

So I think there's a clear path to a basically entirely modern asset base that you're going to start seeing show up this year and into the next couple of years, that, I think, is going to set us on an even better footing with the Popeyes business.

因此，我認為，我們有一條清晰的道路可以通往基本上完全現代化的資產基礎，你將在今年和未來幾年看到它出現，我認為這將使我們在 Popeyes 業務上處於更有利的地位。

Jon Tower, Scotiabank.

加拿大豐業銀行的喬恩‧塔爾 (Jon Tower)。

Thanks very much. Good morning. The question is on franchisee profitability in the US at BK. It's a difficult comp environment, but you're still seeing some meaningful cost inflation. I wonder, are there still ways to grow franchisee profitability this year and next if you don't see a meaningful improvement in the macro?

非常感謝。早安.問題是關於 BK 在美國的特許經營商的盈利能力。這是一個艱難的競爭環境，但你仍然會看到一些明顯的成本膨脹。我想知道，如果宏觀經濟沒有顯著改善，今年和明年是否還有辦法提高特許經營商的獲利能力？

And I'm thinking about some of your initiatives like additional operating hours, kiosk usage, the tailwind you're seeing from modernization. Are those sufficient to get you to grow average franchisee profitability to the levels you're looking for by '26? Thank you.

我正在考慮你們的一些舉措，例如延長營業時間、增加自助服務終端的使用率以及你們從現代化中看到的順風。這些是否足以讓您在 26 年之前將加盟商的平均獲利能力提升到您所期望的水平？謝謝。

Hey, Jon. Good morning. Thanks for the question. Look, I think as you think about through two quarters of the year, for our Burger King US system, sales are roughly flat. And yeah, we have seen some commodity headwinds. So I think I mentioned in the prepared remarks, beef is about 25% of our cost basket and we're seeing around 15% inflation on that year-to-date. So it leads to about mid-single-digit cost inflation on the COGS line of the P&L.

嘿，喬恩。早安.謝謝你的提問。你看，我認為當你考慮到一年中的兩個季度時，對於我們的漢堡王美國系統來說，銷售額大致持平。是的，我們已經看到了一些大宗商品方面的阻力。我想我在準備好的發言中提到過，牛肉約占我們成本籃的 25%，而今年迄今的通貨膨脹率約為 15%。因此，這會導致損益表中的 COGS 線上出現大約中等個位數的成本膨脹。

A couple of things I'd say. I think number one is we are scouring the P&L. And there are opportunities in other cost line items to still help offset some of that mid-single-digit cost inflation. But that level of inflation, we also view as manageable. And as we think about it, it is a point in time, and it is driven by mainly beef.

我想說幾件事。我認為首先我們要仔細檢查損益表。其他成本項目仍有機會幫助抵銷部分中等個位數的成本通膨。但我們也認為這種通膨水準是可控制的。我們認為，這是一個時間點，主要由牛肉推動。

And we are in the middle of a herd rebuilding cycle here in the US. We studied these cycles, and they continue -- they're cycles. They will reverse. Probably one of the best analogs we see up here in our Tim's business is coffee. Coffee has been at record highs for months now, and we've seen that reverse. And that's a big benefit to franchise profitability.

而我們正處於美國畜群重建週期中。我們研究了這些循環，它們持續不斷——它們是循環。他們會逆轉。在我們 Tim 的生意中，我們看到的最好的類比之一可能是咖啡。咖啡價格幾個月來一直處於歷史高位，但現在我們看到了逆轉。這對於特許經營的盈利能力有很大的好處。

So as we think about out to 2026, we're still 1.5 years away from the end of the year, and we feel that this cycle will reverse. And we're doing the right things on the top line. Josh mentioned a lot in terms of what we're doing with our three-pronged strategy to ultimately drive the top line and get us to a better place on profitability. And most importantly, I think our franchisees are super aligned to the things that we're doing and believe in the plan such that we'll get there.

因此，當我們展望 2026 年時，距離年底還有 1.5 年的時間，我們感覺這個週期將會逆轉。我們在營收方面做的是正確的事。喬希多次提到我們正在採取三管齊下的策略，以最終推動營收成長並讓我們的獲利能力更上一層樓。最重要的是，我認為我們的加盟商非常認同我們所做的事情，並且相信我們的計劃能夠實現目標。

Christine Cho, Goldman Sachs.

高盛的 Christine Cho。

Thank you so much. Just a quick follow-up on the Carrols refranchising. I just wanted to understand what factors kind of influenced your decision to accelerate the process? And how would you characterize the current demand and interest from the potential franchisees? Thank you.

太感謝了。這只是對卡羅爾重新特許經營權的快速跟進。我只是想了解哪些因素影響了您加速這一進程的決定？您如何描述潛在特許經營商的當前需求和興趣？謝謝。

Hey, Christine, thanks for the question. I think ultimately, the most important thing -- and I think Josh mentioned this -- is that we get restaurants into the hands of the best operators, right, folks who are local who are going to be in the restaurants, serving the guest every day.

嘿，克里斯汀，謝謝你的提問。我認為最終最重要的事情——我想喬希也提到了這一點——是我們要把餐廳交給最好的經營者，對的，就是當地人，他們會在餐廳裡每天為客人服務。

And we've seen a lot of demand internally from folks at Carrols. These are above restaurant leaders who are in the organization already. We've seen it from potential new franchisees, and we've seen it from existing franchisees in the Burger King system who are already great operators; they're A operators. And they have the operational and financial capacity to take on more.

我們看到 Carrols 內部員工的需求很大。以上是已經在該組織中的餐廳領導。我們從潛在的新特許經營商身上看到了這一點，我們也從漢堡王系統中現有的特許經營商身上看到了這一點，他們已經是優秀的經營者；他們是 A 級經營者。而且他們擁有承擔更多任務的營運和財務能力。

And so we -- this was actually a pretty welcome outcome for us that there's a lot of demand. And that caused us to start refranchising early. Ultimately, we think we'll do somewhere between 50 and 100 refranchisings this year. That's a couple of years ahead of schedule. And we think that number will accelerate as we go into 2026 in terms of more refranchisings.

因此，對我們來說，這實際上是一個非常受歡迎的結果，因為有很多需求。這導致我們很早就開始重新特許經營。最終，我們認為今年我們將進行 50 到 100 次特許經營。這比計劃提早了幾年。我們認為，隨著 2026 年特許經營權的再授予，這一數字將會加速成長。

And I think, again, it's a testament to the progress we're seeing at Burger King US. The plan is working, and folks are buying into the plan. And the most important investment they can make is with their capital and their time, and they're choosing to do both with the refranchising.

我認為，這再次證明了我們在美國漢堡王所看到的進步。該計劃正在發揮作用，人們也開始接受該計劃。他們所能做的最重要的投資就是資本和時間，而他們選擇透過再特許經營來同時投入這兩項投資。

One of the dynamics that I love that we're seeing right now is -- Sami mentioned the franchising to folks within Carrols. And there is no better incentive to prove that you are a great operator at Carrols and the opportunity to become an owner.

我喜歡我們現在看到的動態之一是——薩米向卡羅爾內部的人們提到了特許經營權。沒有什麼比這更好的激勵來證明您是 Carrols 的優秀運營商並有機會成為所有者。

And so I think we're seeing a really nice dynamic there that people see that opportunity. They're running those restaurants, getting good results better than we're seeing from the overall system right now. And they've proven that they can be great operators. And that means some of them are going to have the opportunity to become owners and absolutely love that dynamic.

所以我認為我們看到了一個非常好的動態，人們看到了這個機會。他們經營這些餐館，取得了比我們現在從整個系統看到的更好的成績。他們已經證明自己可以成為出色的操作員。這意味著他們中的一些人將有機會成為所有者，並且非常喜歡這種活力。

This concludes today's Q&A session. So I hand back to Josh for some closing comments.

今天的問答環節到此結束。因此我把話題轉回給喬希，請他發表一些結束語。

Well, thank you, everybody, for joining us today, and thanks for the questions. I'd like to once again thank our teams and our franchisees for their very hard work this quarter, and look forward to sharing more on our call next quarter. Have a great day.

好吧，謝謝大家今天的參與，也謝謝大家提出的問題。我想再次感謝我們的團隊和特許經營商本季的辛勤工作，並期待在下個季度的電話會議上分享更多內容。祝你有美好的一天。

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

今天的電話會議到此結束。非常感謝您的出席。現在您可以斷開線路了。