Restaurant Brands International Inc (QSR) 2022 Q1 法說會逐字稿

Good morning, and welcome to the Restaurant Brands International First Quarter 2022 Earnings Conference Call. (Operator Instructions) Please note this event is being recorded.

早上好，歡迎參加 Restaurant Brands International 2022 年第一季度收益電話會議。 （操作員說明）請注意正在記錄此事件。

I will now hand over to the conference host, Stephen Lichtner, RBI's Head of Investor Relations. Please go ahead.

我現在將向會議主持人、RBI 投資者關係主管斯蒂芬·利希特納 (Stephen Lichtner) 轉交。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, 2022. As a reminder, a live broadcast of this call may be accessed through the Investor Relations web page at investor.rbi.com, and a recording will be available for replay.

謝謝你，接線員。大家早上好，歡迎來到 Restaurant Brands International 的截至 2022 年 3 月 31 日的第一季度財報電話會議。提醒一下，可以通過 Investor.rbi.com 上的投資者關係網頁訪問本次電話會議的現場直播，以及錄音將可供重播。

Joining me on the call today are Restaurant Brands International's CEO, Jose Cil; COO, Josh Kobza; and CFO, Matthew Dunnigan. Today's earnings call contains forward-looking statements, which are subject to various risks set forth in the press release issued this morning and in our SEC filings. In addition, this earnings call includes non-GAAP financial measures. Reconciliations of non-GAAP financial measures are included in the press release available on our website.

今天和我一起參加電話會議的是 Restaurant Brands International 的首席執行官 Jose Cil；首席運營官喬什·科布扎；和首席財務官馬修·鄧尼根。今天的財報電話會議包含前瞻性陳述，這些陳述受到今天上午發布的新聞稿和我們提交給美國證券交易委員會的文件中規定的各種風險的影響。此外，本次財報電話會議還包括非 GAAP 財務指標。非公認會計原則財務指標的對賬包含在我們網站上的新聞稿中。

Please note that growth metrics discussed during the prepared remarks, including consolidated system-wide sales growth, net restaurant growth and organic adjusted EBITDA growth exclude results from Firehouse subs, which we acquired on December 15, 2021, to reflect comparable year-over-year growth figures. And now I'll turn the call over to Jose.

請注意，在準備好的評論中討論的增長指標，包括合併的全系統銷售增長、餐廳淨增長和有機調整後 EBITDA 增長，不包括我們於 2021 年 12 月 15 日收購的 Firehouse 潛艇的結果，以反映可比的同比增長數字。現在我將把電話轉給 Jose。

Good morning, everyone, and thank you for joining us on today's call to discuss our first quarter of 2022. We started the year off strong with progress in key focus areas, including Tim Hortons Canada and Burger King U.S. and continued momentum in our international business, while also seeing digital traction across all brands with home market digital sales reaching their highest levels ever as a percentage of system-wide sales. During the first quarter, we once again grew year-over-year comparable sales driven by just over 10% comparable sales at Tim Hortons in Canada, exceeding our own high-single-digit expectations that we shared in March, and 20% comparable sales growth in our Burger King international business. We also made further progress chipping away at the gap to our competition in Burger King U.S., but have important work ahead of us and are focused on establishing a strong growth plan in collaboration with our franchisees. Meanwhile, Firehouse Subs continue to drive comparable sales on top of its double-digit growth last year. We also continued to make progress on digital initiatives. We saw a sequential improvement in the contribution of digital sales to overall sales across all brands in their home markets, including Tim Hortons Canada reaching over 36% of system-wide sales. Our development results in the first quarter kicked off another exciting year, and we're still expecting to accelerate overall net restaurant growth despite our decision to cease restaurant development in Russia and a recent surge in COVID cases across China.

大家早上好，感謝您加入我們今天的電話會議，討論我們的 2022 年第一季度。我們在關鍵重點領域取得了強勁的開局，包括加拿大蒂姆霍頓斯和美國漢堡王，以及我們國際業務的持續發展勢頭，同時還看到所有品牌的數字牽引力，家庭市場數字銷售額佔全系統銷售額的百分比達到了有史以來的最高水平。在第一季度，在加拿大 Tim Hortons 的可比銷售額略高於 10% 的推動下，我們再次實現了同比增長，超過了我們在 3 月份分享的高個位數預期和 20% 的可比銷售額漢堡王國際業務的增長。我們還在縮小與美國漢堡王的競爭差距方面取得了進一步的進展，但我們還有重要的工作要做，並專注於與我們的特許經營商合作建立強大的增長計劃。與此同時，Firehouse Subs 在去年實現兩位數增長的基礎上繼續推動可比銷售額。我們還在數字計劃方面繼續取得進展。我們看到數字銷售對其本土市場所有品牌的整體銷售額的貢獻連續提高，其中包括 Tim Hortons Canada，佔全系統銷售額的 36% 以上。我們在第一季度的發展成果開啟了另一個令人興奮的一年，儘管我們決定停止在俄羅斯的餐廳開發以及最近中國各地的 COVID 病例激增，但我們仍預計整體餐廳淨增長將加速。

In fact, we opened a record number of restaurants during the first quarter, led by all of our brands internationally and by Popeyes in the U.S. We also announced another exciting new development partnership with Tim Hortons in India, a priority market for us in our long-term international expansion plans.

事實上，我們在第一季度開設了創紀錄數量的餐廳，由我們所有的國際品牌和美國的 Popeyes 領銜。我們還宣布與印度的 Tim Hortons 建立另一個令人興奮的新發展合作夥伴關係，這是我們長期以來的優先市場長期的國際擴張計劃。

Additionally, I'm happy to report that we've resolved all disputes with our Popeyes and Burger King franchise partners in China, unlocking long-term growth for both brands in this important market. The combination of comparable sales and net restaurant growth helped drive year-over-year system-wide sales growth of 14%, an increase of nearly $1 billion year-over-year and organic adjusted EBITDA growth of 9%, which included a negative 2.6% impact on adjusted EBITDA growth related to Russia.

此外，我很高興地報告，我們已經解決了與大力水手和漢堡王在中國的特許經營合作夥伴的所有糾紛，為這兩個品牌在這個重要市場上實現了長期增長。可比銷售額和餐廳淨增長相結合，推動全系統銷售額同比增長 14%，同比增長近 10 億美元，有機調整後 EBITDA 增長 9%，其中包括負 2.6對與俄羅斯相關的調整後 EBITDA 增長的影響百分比。

And finally, during the quarter, we continued our commitment to shareholder returns, delivering over $400 million through a combination of dividends and open market share repurchases. We remain committed to our overall capital allocation philosophy, which benefits from the free cash flow profile of our business, allowing us to execute across each of our priorities: reinvesting in our business, returning significant returns to shareholders and remaining flexible to pursue other strategic opportunities over time.

最後，在本季度，我們繼續致力於股東回報，通過股息和公開市場股票回購相結合的方式交付了超過 4 億美元。我們仍然致力於我們的整體資本分配理念，這得益於我們業務的自由現金流狀況，使我們能夠執行我們的每個優先事項：對我們的業務進行再投資，為股東帶來可觀的回報，並保持靈活地尋求其他戰略機會隨著時間的推移。

Turning to brand performance, we'll start with Tim Hortons Canada. You can expect to hear much more from the Tim Hortons Canada leadership team on the brand's recent progress and long-term growth strategy at our Investor Day later this morning, so I'll keep my comments brief and focused on our Q1 results. For the first quarter, we were pleased to report a 10% year-over-year increase in comparable sales, an excellent result reflecting the hard work of our restaurant owners and team over the past couple of years. These positive results were driven by strength in our underlying core business, that we've worked so hard to reinforce and improve over the past years, continued traction from our digital initiatives, strong promotional performance and measured pricing tied to inflation.

談到品牌表現，我們將從加拿大的 Tim Hortons 開始。您可以期待在今天上午晚些時候的投資者日上聽到 Tim Hortons Canada 領導團隊關於該品牌最近的進展和長期增長戰略的更多信息，因此我將保持簡短的評論並專注於我們的第一季度業績。對於第一季度，我們很高興地報告可比銷售額同比增長 10%，這是一個出色的結果，反映了我們餐廳老闆和團隊在過去幾年中的辛勤工作。這些積極的結果是由我們基礎核心業務的實力推動的，我們在過去幾年裡一直在努力加強和改進，來自我們的數字計劃的持續牽引力，強大的促銷業績和與通貨膨脹相關的衡量定價。

We also saw accelerating underlying sales trends throughout the quarter as restrictions eased across the country and mobility increased. In fact, comparable sales at our super urban locations grew nearly 30% year-over-year during the quarter with each month growing faster than the prior. We were encouraged to see especially strong results in March, with comparable sales improving weekly and exited the month with momentum. I'm pleased to share that all product categories and dayparts contributed to our sales performance and strengthened throughout the quarter with lunch, foods and baked goods as notable standouts on the product side, and morning and lunch standing out on the daypart side. The team's quality improvement work through Back to Basics on breakfast and core coffee offerings is paying dividends, strengthening our competitive positioning and market share in our flagship categories of breakfast, food and coffee. In fact, our freshly cracked eggs platform helped drive breakfast food market share to its highest level in over 5 years. Successful calendar initiatives during the quarter included the launch of Team Canada hockey cards ahead of the Winter Olympics and the relaunch of 2 of Canada's favorite donuts and 1 of mine, the improved Apple Fritter, and Boston Cream, either paired with our fresh brewed coffee.

隨著全國范圍內限制的放鬆和流動性的增加，我們還看到整個季度的潛在銷售趨勢正在加速。事實上，我們超級城市地區的可比銷售額在本季度同比增長近 30%，每個月的增長速度都快於上一季度。令人鼓舞的是，我們在 3 月份看到了特別強勁的業績，可比銷售額每週都有所改善，並且在本月結束時勢頭強勁。我很高興地與大家分享，所有產品類別和時段都為我們的銷售業績做出了貢獻，並在整個季度中得到加強，午餐、食品和烘焙食品在產品方面表現突出，早晨和午餐在時段方面表現突出。該團隊通過“回歸基礎”對早餐和核心咖啡產品的質量改進工作帶來了紅利，增強了我們在早餐、食品和咖啡旗艦類別中的競爭地位和市場份額。事實上，我們的新鮮雞蛋平台幫助推動早餐食品市場份額達到 5 年來的最高水平。本季度成功的日曆計劃包括在冬季奧運會之前推出加拿大隊曲棍球卡，以及重新推出 2 個加拿大最喜歡的甜甜圈和我的 1 個，改進的 Apple Fritter 和波士頓奶油，兩者都搭配我們的新鮮煮好的咖啡。

Our continued commitment to improving the quality of our offerings resulted in a notable boost in product satisfaction and guests coming back for more of our delicious baked goods. We also ran our annual Roll Up To Win contest, our most successful to date, driving even higher incremental sales in last spring's campaign, and lifting digital sales to over 36% of system-wide sales for the first quarter, with over 40% digital sales sustained during the month of March. The success of this core foundational work has paved the way for our expansion into high-growth food and beverage categories, less penetrated dayparts and doing even more exciting things with the sizable digital business we've created. You'll hear more on our exciting plans for the long term later this morning from Tim Hortons Canada leadership team, which will be webcast live on our website.

我們對提高產品質量的持續承諾顯著提高了產品滿意度，並讓客人再次光顧我們的美味烘焙食品。我們還舉辦了年度 Roll Up To Win 競賽，這是迄今為止我們最成功的一次，在去年春季的活動中推動了更高的銷售額增長，並將第一季度的數字銷售額提高到全系統銷售額的 36% 以上，其中數字銷售額超過 40% 3 月份銷售持續。這項核心基礎工作的成功為我們擴展到高增長的食品和飲料類別、較少滲透的時段以及利用我們創建的龐大數字業務做更多令人興奮的事情鋪平了道路。今天上午晚些時候，您將聽到 Tim Hortons 加拿大領導團隊關於我們激動人心的長期計劃的更多信息，該團隊將在我們的網站上進行網絡直播。

Turning now to Burger King U.S. 2022 marks the starting point for Burger King's multiyear plan to reclaim the flame. Last quarter, Tom walked us through some of the critical near-term initiatives the team is focused on to enhance the overall guest experience, advance the brand's growth and drive long-term sustainable sales. Though the benefits of many of these initiatives are targeted to start taking effect in the back half of the year, we're encouraged to see some progress this quarter and want to share some highlights. First, we made good progress in our efforts to modernize and reposition the brand. Earlier this year, we announced our decision to put our creative account into review to improve the effectiveness of our messaging strategy, increase the returns on our advertising investments and modernize the Home of the Whopper. We recently announced our decision to join forces with a new creative agency, and look forward to accelerating our creativity and innovation in a way that is distinct and relevant for today's guests.

現在轉向美國漢堡王 2022 年標誌著漢堡王重燃火焰的多年計劃的起點。上個季度，Tom 向我們介紹了團隊重點關注的一些關鍵的近期舉措，以提升整體賓客體驗、推動品牌增長並推動長期可持續銷售。儘管其中許多舉措的好處都計劃在今年下半年開始生效，但我們很高興看到本季度取得了一些進展，並希望分享一些亮點。一是在品牌現代化和重新定位方面取得了良好進展。今年早些時候，我們宣布決定對我們的創意帳戶進行審查，以提高我們的消息傳遞策略的有效性，增加我們的廣告投資回報，並使皇堡之家現代化。我們最近宣布了與一家新的創意機構合作的決定，並期待以一種與今天的客人截然不同且相關的方式來加速我們的創造力和創新。

This quarter, we demonstrated our balanced approach to menu innovation and value for money, while keeping our core equity, The Whopper, top of mind. We kicked off the year with a new $5 Have it Your Way meal featuring a double Whopper Junior. In addition, in order to treat the Whopper as the powerful multibillion-dollar brand that it is, we removed the legendary burger from our core discount offerings and added some fan favorite variety, the Big King and Quarter Pound King to our new 2 for 5 offer. This shift resulted in a win-win, a more profitable lineup for our franchisees and a more compelling offer for our guests, with a shift from 2 for 6 to 2 for 5. In addition, we leveraged guest insights to create an item that offered more portability at a price point between our Whopper Junior and Whopper, the Whopper Melt. We launched with 3 delicious flavors and added the product to our flame-grilled selection for a limited time. Results demonstrate that the offering has strong messaging with high-quality ads performed well on our digital platforms and proved to be incremental to our burger platform at a healthy price point.

本季度，我們展示了我們在菜單創新和物有所值方面的平衡方法，同時將我們的核心資產 The Whopper 放在首位。我們以全新的 5 美元“隨心所欲”大餐開啟了新的一年，其中包括雙皇堡少年。此外，為了將 Whopper 視為強大的價值數十億美元的品牌，我們從核心折扣產品中刪除了傳奇漢堡，並在我們的新 2 for 5 中添加了一些粉絲最喜歡的品種，即 Big King 和 Quarter Pound King提供。這種轉變為我們的加盟商帶來了雙贏、更有利可圖的產品陣容，並為我們的客人提供了更具吸引力的優惠，從 2 比 6 轉變為 2 比 5。此外，我們利用客人的洞察力創造了一個提供在我們的 Whopper Junior 和 Whopper Melt 之間的價格點上更具便攜性。我們推出了 3 種美味口味，並在限定時間內將產品添加到我們的火焰燒烤選擇中。結果表明，該產品具有強大的信息傳遞功能，高質量的廣告在我們的數字平台上表現良好，並被證明以合理的價格為我們的漢堡平台帶來了增量。

On operations, we built off our first round of menu simplification and launched a late night specific menu in early February. The streamlined menu provides an opportunity for our franchisees to stay open later by minimizing complexity while balancing the sales impact. Simplification remains an ongoing process as we investigate the most thoughtful way to create efficiencies in the restaurant improved guest experience and drive profitable sales. We're cognizant that our franchisees continue to see profitability pressures due to the significant volatility in the current environment. And we're continuing to research and explore ways to assist franchisees on an ongoing basis. Team member engagement and retention remains an opportunity across the industry and an important initiative for our expanded field team to improve productivity at the restaurant level. This quarter, we shared our employee value proposition framework with franchisees. This framework was the result of countless hours of research and sharing of best practices and has received positive feedback thus far as we work together to create a culture of operational excellence.

在運營方面，我們在第一輪菜單簡化的基礎上，於 2 月初推出了深夜特定菜單。簡化的菜單為我們的特許經營商提供了一個機會，通過在平衡銷售影響的同時最大限度地降低複雜性來保持營業。簡化仍然是一個持續的過程，因為我們正在研究提高餐廳效率的最周到的方法，改善客戶體驗並推動盈利銷售。我們認識到，由於當前環境的劇烈波動，我們的加盟商繼續面臨盈利壓力。我們正在繼續研究和探索持續協助加盟商的方法。團隊成員的參與和保留仍然是整個行業的一個機會，也是我們擴大的現場團隊提高餐廳生產力的一項重要舉措。本季度，我們與加盟商分享了我們的員工價值主張框架。這個框架是無數小時研究和分享最佳實踐的結果，並且在我們共同努力創造卓越運營文化的過程中收到了積極的反饋。

The good news is, our guest satisfaction has sequentially improved over the past 3 quarters. As we continue to roll out the employee value proposition and our simplification efforts, we're confident we can continue to engage team members and improve guest satisfaction, which is an integral part of our growth strategy. On image, 33% of our system features the latest Burger King of Tomorrow image and technology elements. As Tom shared last quarter, we're working with franchisees across the system on the right investment approach for the balance of the system, and we'll share a more substantial update later in the year. Similar to investments that we've made at Tim Hortons Canada, the team is working closely with franchisees to assess how best to support our image and advertising efforts to drive the highest return for us and for franchisees.

好消息是，我們的客人滿意度在過去 3 個季度連續提高。隨著我們繼續推出員工價值主張和簡化工作，我們有信心繼續吸引團隊成員並提高客戶滿意度，這是我們增長戰略的一個組成部分。在圖像上，我們系統的 33% 具有最新的明日漢堡王圖像和技術元素。正如湯姆上個季度分享的那樣，我們正在與整個系統的特許經營商合作，為系統的平衡制定正確的投資方法，我們將在今年晚些時候分享更實質性的更新。與我們在加拿大 Tim Hortons 所做的投資類似，該團隊正在與特許經營商密切合作，以評估如何最好地支持我們的形象和廣告工作，從而為我們和特許經營商帶來最高回報。

Now to touch on results for the quarter. We saw a 0.5% decline in comparable sales driven by the lapping of last year's stimulus benefit, macro headwinds in March and a modest impact from reduced operating hours. These impacts were partially offset by a net benefit from our focus on core offers this year versus a bigger focus on core discount in 2021. The introduction of the $5 Have it Your Way meal and Whopper Melts. I'm pleased to see that our efforts helped narrow the gap to our peers by a few hundred basis points this quarter. This is no victory lap, but we're encouraged by this continued sign of progress, but no, we still have a long way to go to recapture market share and set the BK brand up for the future. The team has worked hard to make a difference in a short amount of time, and I look forward to sharing more updates in the back half of this year as we reclaim the flame.

現在談談本季度的結果。由於去年的刺激措施、3 月份的宏觀逆風以及營業時間減少的適度影響，我們看到可比銷售額下降了 0.5%。這些影響被我們今年專注於核心產品的淨收益部分抵消，而我們在 2021 年更加關注核心折扣。推出 5 美元的“隨心所欲”餐食和 Whopper Melts。我很高興看到我們的努力幫助本季度將與同行的差距縮小了幾百個基點。這不是勝利圈，但我們對這種持續進步的跡象感到鼓舞，但不，我們還有很長的路要走，以重新奪回市場份額並為未來樹立 BK 品牌。團隊一直在努力在短時間內做出改變，我期待在今年下半年分享更多更新，因為我們重新點燃了火焰。

Now turning to our Burger King international business, which has been a consistent growth engine for the brand as it contributes nearly 60% of the brand's global system-wide sales and continues to get stronger every year. We achieved an impressive system-wide sales growth of 31%, reflecting an even stronger-than-expected resurgence in sales, showcased through strong comparable sales growth in key international markets and continued momentum on net restaurant growth. During the quarter, 5 of our largest international markets, France, Spain, Germany, Korea and Brazil generated double-digit growth that offset softer performance in China related to a recent resurgence in COVID cases and associated restrictions. On top of positive macro tailwinds, brand positioning, calendar work and digital initiatives we've executed have helped drive incremental sales. We made good progress finding the right way to localize the Burger King experience. In some cases, that could mean developing products that lean on local culture, such as meats and cheeses specific to an area, while, in other cases, it could mean highlighting imported food and beverage products, if that's what our guests are asking us for.

現在轉向我們的漢堡王國際業務，該業務一直是該品牌的持續增長引擎，因為它貢獻了該品牌全球系統銷售額的近 60%，並且每年都在不斷壯大。我們實現了令人印象深刻的 31% 的全系統銷售額增長，這反映了銷售額的複蘇甚至強於預期，這體現在主要國際市場的強勁可比銷售額增長和餐廳淨增長的持續勢頭上。在本季度，我們最大的 5 個國際市場法國、西班牙、德國、韓國和巴西實現了兩位數的增長，抵消了中國近期因新冠病毒病例和相關限制重新抬頭而導致的疲軟表現。除了積極的宏觀順風之外，我們執行的品牌定位、日曆工作和數字計劃也幫助推動了銷售額的增長。我們在找到將漢堡王體驗本地化的正確方法方面取得了良好進展。在某些情況下，這可能意味著開發依賴當地文化的產品，例如特定地區的肉類和奶酪，而在其他情況下，這可能意味著突出進口食品和飲料產品，如果這是我們的客人要求的.

This formula is something that recently worked well in France and surrounding countries, each with small modifications that resonated well with guests. In addition, our largest and fastest-growing markets have increasingly strong digital capabilities that help us deliver a modern and convenient guest experience. This has ultimately strengthened our positioning as leaders in the market and enables us to create best practices for future applications. We shared a detailed update in March on the growth of our international markets in recent years and touched on many of these key trends and examples by markets that are driving the business forward. our strong foundation, brand awareness, local expertise, product innovation and digital capabilities have contributed to a resilient international business that is well-positioned for growth, and we're optimistic of the long-term opportunity to expand this highly scalable business in new and existing markets around the world.

這個公式最近在法國和周邊國家運作良好，每一個都進行了細微的修改，引起了客人的共鳴。此外，我們最大和增長最快的市場擁有越來越強大的數字功能，可幫助我們提供現代便捷的賓客體驗。這最終加強了我們作為市場領導者的定位，並使我們能夠為未來的應用創造最佳實踐。我們在 3 月份分享了有關我們國際市場近年來增長的詳細更新，並談到了許多推動業務發展的關鍵趨勢和市場示例。我們強大的基礎、品牌知名度、本地專業知識、產品創新和數字能力為具有彈性的國際業務做出了貢獻，並為增長做好了準備，我們對在新的和全球現有市場。

Turning now to Popeyes, which is celebrating 50 years this June. We closed the quarter with our global Popeyes convention hosted in New Orleans, honoring the brand's rich Louisiana history rooted in delivering home cooked cajun flavors and an authentic southern experience for our guests alongside our amazing franchisees and team members. The energy was electric with strong attendance from home and abroad, all focused on how we can work together to take the brand to new heights in the coming years. In March, we also celebrated the 5th anniversary of our acquisition of this iconic brand. It's pretty remarkable to see how far Popeyes has come with system-wide sales growing from $3.2 billion in 2016 to just north of $5.5 billion in 2021, and adjusted EBITDA more than doubling from $95 million to over $225 million in the same period. And it's been amazing to see the reception to the Popeyes brand both at home and around the world as we've expanded into new markets while growing in existing markets, adding over 1,000 restaurants globally since Popeyes joined the RBI family. And 2022 has kicked off with continued development momentum after a milestone year in 2021.

現在轉向大力水手，今年六月慶祝 50 週年。本季度結束時，我們在新奧爾良舉辦了全球大力水手大會，以紀念該品牌豐富的路易斯安那州歷史，該歷史植根於為我們的客人提供家常卡津風味和正宗的南方體驗，以及我們出色的特許經營商和團隊成員。能量是電動的，來自國內外的強大出席，都集中在我們如何共同努力，在未來幾年將品牌推向新的高度。 3 月，我們還慶祝了收購這個標誌性品牌的 5 週年。令人矚目的是，Popeyes 的全系統銷售額從 2016 年的 32 億美元增長到 2021 年的 55 億美元，調整後的 EBITDA 在同一時期從 9500 萬美元增長了一倍多，達到 2.25 億美元以上。看到 Popeyes 品牌在國內和世界各地的受歡迎程度令人驚訝，因為我們在拓展現有市場的同時也在拓展新市場，自 Popeyes 加入 RBI 大家庭以來，在全球範圍內增加了 1,000 多家餐廳。在 2021 年具有里程碑意義的一年之後，2022 年以持續的發展勢頭拉開序幕。

Popeyes posted record first quarter unit growth with the highest number of first quarter net openings since we acquired the brand. Our existing international markets, notably Spain, Philippines, Turkey, Mexico and Brazil grew significantly year-over-year, reinforcing our excitement around future growth as we expand our offerings to more guests around the world. We expect to continue to see this growth trajectory unfold as the year progresses and are on track to deliver record net unit growth in 2022, including opening over 200 new locations in North America this year, while launching in new markets like Romania and France. Importantly, we're opening high-quality restaurants with over half of our locations in North America featuring double drive-throughs, which will increase throughput and foster a better guest experience.

Popeyes 第一季度的單位增長創歷史新高，自我們收購該品牌以來，第一季度的淨開業數量最高。我們現有的國際市場，特別是西班牙、菲律賓、土耳其、墨西哥和巴西，同比顯著增長，隨著我們向世界各地的更多客人提供服務，增強了我們對未來增長的興奮。隨著時間的推移，我們預計這一增長軌跡將繼續展開，並有望在 2022 年實現創紀錄的淨單位增長，包括今年在北美開設 200 多個新地點，同時在羅馬尼亞和法國等新市場推出。重要的是，我們正在開設高品質餐廳，我們在北美的一半以上地點都設有雙免下車服務，這將提高吞吐量並營造更好的賓客體驗。

Despite strong net restaurant growth of 8%, including 6% in the U.S., softer home market comparable sales resulted in system-wide sales increase of 4.1%. Continued staffing challenges resulting in lower year-over-year store hours, competitive pressures, specifically around last year's chicken sandwich launches and the lapping of 2021 stimulus benefits resulted in a 4.6% year-over-year decline in home market comparable sales. That said, we saw positive contribution from our menu initiatives, including the launch of our $6 Big Box. And we're excited to announce the arrival of our new Buffalo Ranch Chicken Sandwich, which builds on our chicken sandwich platform and adds some fun flavor for guests with our fan favorite Buffalo Ranch Sauce. Improvements in operations and service levels remain key focus areas and represent a real sales growth opportunity. I'm happy to say we've seen early signs of progress from recent efforts, with our guests and operations metrics improving year-over-year. This progress reflects a larger supporting field team and enhanced operations framework that celebrates wins and adds additional transparency into relative performance and areas of opportunity. I'm optimistic that together with our franchisees and their restaurant team members, we will continue to improve operations and foster the warm positive guest experience the brand was founded on 50 years ago and drive top line growth for the next 50 years to come.

儘管餐廳淨增長 8%，其中美國增長 6%，但國內市場可比銷售額疲軟導致全系統銷售額增長 4.1%。持續的人員配備挑戰導致商店營業時間同比減少、競爭壓力，特別是去年雞肉三明治的推出和 2021 年刺激福利的實施，導致國內市場可比銷售額同比下降 4.6%。也就是說，我們從菜單計劃中看到了積極的貢獻，包括推出了 6 美元的 Big Box。我們很高興地宣布我們新的 Buffalo Ranch 雞肉三明治的到來，它建立在我們的雞肉三明治平台上，並用我們粉絲最喜歡的 Buffalo Ranch Sauce 為客人增添了一些有趣的味道。運營和服務水平的改進仍然是重點領域，代表了真正的銷售增長機會。我很高興地說，我們已經看到近期努力取得進展的早期跡象，我們的客人和運營指標逐年改善。這一進展反映了更大的支持現場團隊和增強的運營框架，慶祝勝利並增加了相對績效和機會領域的透明度。我很樂觀，與我們的特許經營商及其餐廳團隊成員一起，我們將繼續改善運營並培養該品牌在 50 年前創立的熱情積極的客戶體驗，並推動未來 50 年的收入增長。

And finally, I'd like to touch on Firehouse Subs. The brand's commitment to community, coupled with its hardy subs and compelling value proposition, drove impressive results this quarter. Firehouse Subs U.S. retained its recent momentum, building average unit volumes to an all-time high of nearly $920,000 on a trailing 12-month basis, growing year-over-year comparable sales 4.5% on top of 24% comparable sales last year, increasing system-wide sales 7% and generating over 30% of sales through digital channels. I'm also pleased to share that Firehouse Subs continues to be recognized as a philanthropic leader in the industry and was named the #1 brand in the restaurant industry that supports communities for the fourth consecutive year based on recent Technomic insight consumer data. The brand's strong community connection is in large part tied to the success of the Firehouse Subs Public Safety Foundation, which, in partnership with the hard work of restaurant owners and team members, has granted over $67 million in contributions since its inception, helping provide first responders with life-saving equipment to be better prepared to save lives in the communities they serve.

最後，我想談談 Firehouse Subs。該品牌對社區的承諾，加上其強大的潛艇和引人注目的價值主張，在本季度取得了令人矚目的業績。 Firehouse Subs U.S.保持了最近的勢頭，在過去 12 個月內將平均單位銷量提高到近 920,000 美元的歷史新高，同比銷售額增長 4.5%，而去年可比銷售額增長了 24%，增加了全系統銷售額 7%，並通過數字渠道產生超過 30% 的銷售額。我也很高興地分享，Firehouse Subs 繼續被公認為行業的慈善領導者，並根據最近的 Technomic 洞察消費者數據連續第四年被評為餐飲行業支持社區的第一品牌。該品牌強大的社區聯繫在很大程度上與 Firehouse Subs 公共安全基金會的成功息息相關，該基金會與餐廳老闆和團隊成員的辛勤工作合作，自成立以來已捐贈超過 6700 萬美元，幫助提供第一救生設備的響應者，以便更好地準備在他們所服務的社區中拯救生命。

As the Firehouse Subs team likes to say, sell more subs, save more lives. I'm also delighted to see the brand integrating smoothly into RBI. In just a short amount of time, we've made good initial progress towards accelerating development in many geographies around the world and have begun to assess where we can help enhance the brand's already strong digital capabilities. We remain confident in this brand's pace of growth and look forward to sharing more updates as the year progresses.

正如 Firehouse Subs 團隊喜歡說的那樣，賣出更多的潛艇，拯救更多的生命。我也很高興看到該品牌順利融入 RBI。在很短的時間內，我們已經在全球許多地區加速發展方面取得了良好的初步進展，並開始評估我們可以在哪些方面幫助增強該品牌已經強大的數字能力。我們對這個品牌的增長速度充滿信心，並期待隨著時間的推移分享更多更新。

With that, I'd like to hand it over to Josh to take you through a quick update on our digital initiatives. Josh?

有了這個，我想把它交給喬什，讓你快速了解我們的數字計劃。喬什？

Thanks, Jose, and good morning, everyone. As you know, across our brands, we view digital as an important tool to create a more convenient, seamless guest experience, increase engagement and brand affinity and ultimately drive sales. In the first quarter, we were pleased to deliver favorable momentum across all of our brands. At Tim Hortons in Canada, we saw continued sequential improvement in digital sales, with the market reaching over 36% during the quarter. Meanwhile, Burger King, Popeyes and Firehouse Subs generated 9%, 18% and 30% of sales through digital channels in their respective home markets, sequential improvements from Q4 results. We attribute this improvement to a combination of factors, including growth in delivery, an increase in Mobile Order & Pay, continued traction from loyalty and well-executed digital campaigns. The most notable campaign this quarter was our Tim Hortons roll up to win contest, an iconic part of the brand's history that has now been brought into the digital age. Traditionally, roll up to win was a fun brand building opportunity and traffic initiative, which we have now transformed into an incredible driver of digital engagement and sales. We ran 2 roll-up contests last year that collectively added approximately 3 million new registered members to Tim's Rewards, expanding our already strong loyalty program in Canada. In 2022, we sought to further engage those users, embedding them more deeply into our digital ecosystem by building in points-based incentives to use Mobile Order & Pay, introducing an unprecedented number of guests to this service mode. We also built upon strong brand partnerships to offer Canadians our largest price pool ever worth more than CAD 100 million. These partner-funded prices allowed us to reduce the required owner investment and level of product cannibalization, meaningfully increasing same-store sales contribution year-on-year. This is just the tip of the iceberg in terms of what we can do with the digital assets we've built at Tim Hortons, and I encourage anyone listening to tune into our Tim Hortons Canada Investor Day in just a few hours to hear from the team on our digital journey.

謝謝，何塞，大家早上好。如您所知，在我們的品牌中，我們將數字化視為創造更便捷、無縫的賓客體驗、提高參與度和品牌親和力並最終推動銷售的重要工具。在第一季度，我們很高興在我們所有的品牌中都取得了良好的勢頭。在加拿大的 Tim Hortons，我們看到數字銷售持續增長，本季度市場份額達到 36% 以上。與此同時，漢堡王、大力水手和 Firehouse Subs 在各自的本土市場通過數字渠道創造了 9%、18% 和 30% 的銷售額，較第四季度業績環比增長。我們將這種改善歸因於多種因素，包括交付的增長、移動訂單和支付的增加、忠誠度的持續牽引以及執行良好的數字營銷活動。本季度最引人注目的活動是我們的 Tim Hortons 贏得比賽，這是該品牌歷史的標誌性部分，現已進入數字時代。傳統上，通過匯總贏得勝利是一個有趣的品牌建設機會和流量計劃，我們現在已將其轉變為數字參與和銷售的令人難以置信的推動力。去年，我們舉辦了 2 場匯總競賽，總共為 Tim's Rewards 增加了大約 300 萬新註冊會員，擴大了我們在加拿大已經很強大的忠誠度計劃。 2022 年，我們尋求進一步吸引這些用戶，通過建立基於積分的激勵機制來使用移動訂單和支付，將他們更深入地嵌入我們的數字生態系統，從而為這種服務模式引入前所未有的客人數量。我們還建立了強大的品牌合作夥伴關係，為加拿大人提供價值超過 1 億加元的最大價格池。這些合作夥伴資助的價格使我們能夠減少所需的所有者投資和產品自相殘殺水平，從而顯著增加了同店銷售貢獻。這只是我們可以用我們在 Tim Hortons 建立的數字資產做些什麼的冰山一角，我鼓勵任何人在短短幾個小時內收聽我們的 Tim Hortons 加拿大投資者日，以聽取來自我們的數字之旅的團隊。

As we scale our digital platforms at Burger King and Popeyes, we believe we can leverage the wins we've seen at Tim Hortons. While earlier days, promotional initiatives did help drive digital engagement at both Burger King and Popeyes this quarter. At Burger King, Whopper Melts performed well on digital channels and marked the first time we offered exclusive builds and meals through our digital platform. Popeyes also made progress during the quarter, largely driven by a renewed focus on delivery, including enhancing service levels and the delivery experience on both first and third-party platforms, in addition to marketing investments supporting delivery. In the drive-thru, we've discussed completing the rollout and effective utilization of our outdoor digital menu boards. And I'm pleased that we are making consistent progress on our goal to equip 100% of our drive-thrus in the U.S. and Canada across Burger King and Popeyes. As we have mentioned in the past, our Tim Hortons system is substantially complete, and it is exciting to see the significant experience improvement these menu boards offer our guests and the efficiencies they bring to our restaurants.

隨著我們在漢堡王和大力水手擴展我們的數字平台，我們相信我們可以利用我們在 Tim Hortons 看到的勝利。雖然早些時候，促銷舉措確實有助於推動本季度漢堡王和大力水手的數字參與。在漢堡王，Whopper Melts 在數字渠道上表現出色，這標誌著我們首次通過我們的數字平台提供獨家產品和餐點。 Popeyes 在本季度也取得了進展，這主要得益於對交付的重新關注，包括提高服務水平和第一方和第三方平台的交付體驗，以及支持交付的營銷投資。在得來速中，我們討論了完成戶外數字菜單板的推出和有效利用。我很高興我們在實現我們在美國和加拿大的漢堡王和大力水手 100% 的得來速餐廳的目標上不斷取得進展。正如我們在過去所提到的，我們的 Tim Hortons 系統基本完整，很高興看到這些菜單板為我們的客人提供了顯著的體驗改進以及他們為我們的餐廳帶來的效率。

With that, I'll hand it over to Matt to take you through our financials for the quarter.

有了這個，我將把它交給馬特，帶你了解我們本季度的財務狀況。

Thanks, Josh, and good morning, everyone. Before walking through our results, I'd like to share a bit more detail on the impact of the actions we announced as it relates to Russia. We had 820 fully franchised Burger King restaurants at the end of 2021, that represented about 2% of our system-wide sales and 1.7% of our EBITDA in 2021. During the first quarter, Russia had a roughly $12 million impact on our year-over-year adjusted EBITDA, and we anticipate a fairly even impact across the year. In addition, from a development standpoint, over the last 5 years, Russia has averaged about 80 net new restaurants a year. Despite the loss of this contribution, the strength and diversification of our global partners across many growth markets keeps us well positioned to accelerate overall net restaurant growth in 2022.

謝謝，喬希，大家早上好。在介紹我們的結果之前，我想更詳細地分享一下我們宣布的與俄羅斯有關的行動的影響。到 2021 年底，我們擁有 820 家完全特許經營的漢堡王餐廳，約佔 2021 年我們全系統銷售額的 2% 和 EBITDA 的 1.7%。在第一季度，俄羅斯對我們的年度產生了大約 1200 萬美元的影響——同比調整後的 EBITDA，我們預計全年的影響相當均勻。此外，從發展的角度來看，在過去 5 年中，俄羅斯平均每年新增約 80 家餐廳。儘管失去了這一貢獻，但我們在許多增長市場的全球合作夥伴的實力和多元化使我們能夠在 2022 年加速整體餐廳淨增長。

Shifting to the first quarter overall, our global system-wide sales grew 14% to $8.8 billion, up nearly $1 billion year-over-year, and our adjusted EBITDA was $530 million, up 9% organically, excluding Firehouse. As I mentioned, Russia had a negative $12 million impact on our results, which was a negative 2.6% headwind to our adjusted EBITDA growth rate. The remaining gap between our system-wide sales growth and organic EBITDA growth was related to our 2021 G&A and technology investments, partially offset by positive timing in our ad funds. This quarter, we also made a slight change to the way we report revenues and expenses supporting certain technology initiatives to provide consistency across our brands as well as with industry peers. We previously included revenue at Burger King from technology fees, which are paid by the system as a function of digital sales levels in franchise and property revenues, while the associated technology expenses were included in BK's segment G&A. Going forward, we will report these technology revenues and expenses under advertising and other services on our P&L. We do expect to spend more on technology expenses than we collect in revenues this year at BK, as we build and enhance our capabilities, with the intention of ramping our digital sales and the associated fees to fully fund these initiatives longer term.

整體轉向第一季度，我們的全球系統銷售額增長 14% 至 88 億美元，同比增長近 10 億美元，調整後的 EBITDA 為 5.3 億美元，有機增長 9%，不包括 Firehouse。正如我所提到的，俄羅斯對我們的業績產生了 1200 萬美元的負面影響，這對我們調整後的 EBITDA 增長率造成了 2.6% 的負面影響。我們全系統銷售增長與有機 EBITDA 增長之間的剩餘差距與我們 2021 年的 G&A 和技術投資有關，部分被我們廣告基金的積極時機所抵消。本季度，我們還對支持某些技術計劃的收入和支出報告方式進行了輕微更改，以提供我們品牌之間以及與行業同行的一致性。我們之前將漢堡王的收入包括在技術費用中，這些費用由系統根據特許經營和財產收入中的數字銷售水平支付，而相關的技術費用則包含在 BK 的 G&A 部門中。展望未來，我們將在損益表中報告廣告和其他服務項下的這些技術收入和支出。隨著我們建立和增強我們的能力，我們確實預計今年在技術支出上的支出將超過我們在 BK 獲得的收入，目的是增加我們的數字銷售和相關費用，以長期為這些計劃提供充分的資金。

During the first quarter, the net impact of $9 million of technology expenses and offsetting revenues was about negative $6 million to adjusted EBITDA, or a negative 1% impact on our organic growth rate. Related to this change, we have included a quarterly reconciliation of the movements for 2021 in our press release this morning. Our first quarter segment G&A, after adjusting for the shift and excluding Firehouse, was $89 million, which was lower than the fourth quarter comparable level of $94 million that we mentioned would be a reasonable baseline for 2022 due to some timing that we expect to reverse later this year. On a year-over-year basis, growth in segment G&A had a negative 3.5% impact on our organic adjusted EBITDA growth rate. As it relates to ad fund timing, our year-over-year growth this quarter reflects the fact that advertising expenses exceeded revenues by approximately $17 million less than they did in the first quarter of last year, resulting in an organic adjusted EBITDA tailwind of about positive 3%.

在第一季度，900 萬美元的技術費用和抵消收入對調整後的 EBITDA 的淨影響約為負 600 萬美元，或對我們的有機增長率產生 1% 的負影響。與這一變化相關，我們在今天上午的新聞稿中包含了 2021 年變動的季度核對。我們第一季度的 G&A 部分在調整了班次並排除了 Firehouse 後為 8900 萬美元，低於第四季度的可比水平 9400 萬美元，我們提到這將是 2022 年的合理基線，因為我們預計會逆轉一些時間今年晚些時候。與去年同期相比，G&A 部門的增長對我們的有機調整後 EBITDA 增長率產生了 3.5% 的負面影響。由於與廣告基金的時間安排有關，我們本季度的同比增長反映了這樣一個事實，即廣告費用超過收入比去年第一季度減少了約 1700 萬美元，導致有機調整後的 EBITDA 順風約為正 3%。

Before turning to EPS, I'd like to briefly discuss our sales, cost of sales margin within our Tim Hortons segment. As we've mentioned in the past few quarters, and similar to what others across the industry have noted, we are seeing a significant increase in commodity volatility, leading to elevated levels of inflation. As mentioned last quarter, given the fact that we generally take a pass-through approach, inflation has increased both our revenues and expenses, which in turn results in dilution of our percentage margin. We will continue to manage through the volatility that has extended into this year. However, we are encouraged by the underlying volume growth we are seeing as we execute on our sales plan and the business in Canada continues to improve.

在轉向 EPS 之前，我想簡要討論一下 Tim Hortons 部門的銷售額和銷售利潤率成本。正如我們在過去幾個季度中提到的，並且與整個行業的其他人所指出的類似，我們看到商品波動性顯著增加，導致通脹水平升高。正如上個季度所提到的，鑑於我們通常採用直通式方法，通貨膨脹增加了我們的收入和支出，這反過來又導致我們的百分比利潤率被稀釋。我們將繼續應對延續到今年的波動。然而，當我們執行我們的銷售計劃和加拿大的業務繼續改善時，我們看到的潛在銷量增長令我們感到鼓舞。

Shifting to EPS, our first quarter adjusted earnings per share was $0.64 compared to $0.55 last year, representing an increase of approximately 17%, including an FX headwind of about negative 2%. The higher growth compared to our organic adjusted EBITDA growth of 9% was mainly driven by contribution from Firehouse Subs and a reduced share count from our repurchase activity, partially offset by a higher adjusted effective tax rate.

轉向每股收益，我們第一季度調整後的每股收益為 0.64 美元，而去年為 0.55 美元，增長了約 17%，包括約負 2% 的外匯逆風。與我們的有機調整後 EBITDA 增長 9% 相比，較高的增長主要是由於 Firehouse Subs 的貢獻和我們回購活動的股份數量減少，部分被較高的調整後有效稅率所抵消。

Turning to our cash flow and capital structure. During the quarter, we generated $224 million in free cash flow, enabling us to continue investing in our business and follow through on our commitment to return capital to shareholders through both our industry-leading dividend and open market share repurchases, against which we have been actively buying back shares. And during the first quarter, repurchased and retired approximately 2.9 million shares of our common stock for nearly $161 million. In addition, we returned approximately $241 million to our shareholders through a $0.54 per share dividend, and we recently declared an additional dividend of $0.54 per common share in unit payable on July 6, consisting with our previously announced target of $2.16 for 2022. And even with combined capital returns of over $400 million, our net leverage remained stable at 5.5x. As Jose mentioned, we are excited by the underlying growth in the business we're seeing and also with the capital allocation flexibility this creates over time given our high rates of cash flow conversion and over $2 billion of existing liquidity. As we progress through 2022, we see clear opportunities to enhance our growth by building on our momentum at Tims, which you'll hear more about shortly, executing on our near-term priorities at BK U.S., accelerating digital across all brands, and delivering on our big global development opportunities.

轉向我們的現金流和資本結構。在本季度，我們產生了 2.24 億美元的自由現金流，使我們能夠繼續投資於我們的業務，並履行我們通過行業領先的股息和公開市場份額回購向股東返還資本的承諾，我們一直在積極回購股票。在第一季度，以近 1.61 億美元的價格回購併退還了大約 290 萬股我們的普通股。此外，我們通過每股 0.54 美元的股息向我們的股東返還了大約 2.41 億美元，我們最近宣佈在 7 月 6 日支付每股普通股 0.54 美元的額外股息，這與我們之前宣布的 2022 年 2.16 美元的目標一致。甚至結合資本回報超過 4 億美元，我們的淨槓桿率穩定在 5.5 倍。正如 Jose 所說，鑑於我們的高現金流轉換率和超過 20 億美元的現有流動性，我們對我們所看到的業務的潛在增長以及隨著時間的推移創造的資本分配靈活性感到興奮。隨著我們邁向 2022 年，我們看到了通過在 Tims 的發展勢頭（您將很快聽到更多信息）、在 BK US 執行我們的近期優先事項、加速所有品牌的數字化以及交付關於我們巨大的全球發展機遇。

With that, I'd like to thank everyone again for supporting us and joining the call this morning, and we'll now open the line for questions. Operator?

有了這個，我想再次感謝大家支持我們並加入今天早上的電話會議，我們現在將打開熱線提問。操作員？

(Operator Instructions) Our first question is from Dennis Geiger of UBS.

（操作員說明）我們的第一個問題來自瑞銀的丹尼斯蓋格。

I was wondering if, Jose, maybe you could talk a little bit more about what you're seeing from your customers across maybe the key home markets in the U.S. and Canada in particular. Have behaviors changed much in how the consumers are using the brand? And maybe most importantly, if you could just kind of tie how the BK and the Tims brands are positioned in a more challenged consumer spending environment, recognizing that both brands arguably have more idiosyncratic drivers to improve market share, but just wondering if you could kind of talk about that positioning looking ahead as it relates to your plans?

我想知道，何塞，也許你可以多談談你從你的客戶那裡看到的，尤其是美國和加拿大的主要國內市場。消費者使用品牌的方式是否發生了很大變化？也許最重要的是，如果你能把 BK 和 Tims 品牌在更具挑戰性的消費者消費環境中定位的方式聯繫起來，認識到這兩個品牌可以說有更多特殊的驅動因素來提高市場份額，但只是想知道你是否可以談論與您的計劃相關的未來定位？

Thanks for the question, Dennis. Look, we've seen consumer confidence tested surely by the pandemic. And obviously, in more recent months, by the volatility we're seeing across North America. For the consumer, the inflationary environment is certainly something that's top of mind. We've seen food at home inflation being under a little bit more pressure over the last 6 months than food away from home, which creates, for the restaurant space, a more positive environment. Other things that we've seen in terms of consumer behavior is that the trends that were accelerated throughout the pandemic, things like off-premise service modes, whether it's digital rewards, drive-thru delivery, these continue to be sticky, and we're also seeing dine-in come back a bit as restrictions have eased, especially here in Canada, but really throughout North America. In our home markets, we've seen dine-in come back a bit. All of this to say that we're very cognizant of the sensitivities that the guest has. And we're taking a thoughtful approach. I think the brands, both brands, Tim and BK in North America and Canada for Tims and U.S. for Burger King, both brands have a strong kind of balanced approaches to the menu and how we address consumer needs, and our teams have been spending a lot of time thinking about that, surely addressing and being thoughtful about the guest perception and what the competition is doing and our franchisees' profitability as we think about addressing the commodity headwinds with pricing initiatives that we've seen throughout the last 6 to 12 months. Our focus is always on the franchisee, on our guests and making sure we keep in line with and understand what's happening with the competition. And we're going to take a balanced approach throughout and be long term in our view on how to address the immediate pressures that the consumer is feeling. Thanks for the question.

謝謝你的問題，丹尼斯。看，我們已經看到消費者信心確實受到了大流行的考驗。顯然，在最近幾個月，我們在整個北美看到了波動。對於消費者來說，通脹環境當然是最重要的事情。在過去的 6 個月中，我們已經看到在家中就餐的通脹壓力比在家外就餐的壓力要大一些，這為餐廳空間創造了一個更積極的環境。我們在消費者行為方面看到的其他事情是，在整個大流行期間加速的趨勢，例如場外服務模式，無論是數字獎勵，直通式交付，這些仍然具有粘性，我們隨著限制的放寬，特別是在加拿大，尤其是在整個北美，用餐也有所恢復。在我們的國內市場，我們已經看到堂食有所回升。所有這一切都表明我們非常了解客人的敏感性。我們正在採取深思熟慮的方法。我認為兩個品牌，北美和加拿大的 Tims 和 BK 品牌以及漢堡王的美國品牌，這兩個品牌在菜單和我們如何滿足消費者需求方面都有很強的平衡方法，我們的團隊一直在花費很多時間都在考慮這個問題，當我們考慮通過過去 6 到 12 個月看到的定價舉措來解決商品逆風時，肯定會考慮並考慮客戶的看法、競爭對手的行為以及我們的特許經營商的盈利能力.我們的重點始終是特許經營商、我們的客人，並確保我們與競爭保持一致並了解正在發生的事情。我們將在整個過程中採取平衡的方法，並長期持有我們的觀點，以解決消費者感受到的直接壓力。謝謝你的問題。

Our next question is from Brian Mullan of Deutsche Bank.

我們的下一個問題來自德意志銀行的布賴恩穆蘭。

Just a question on Tims in Canada. I'm just wondering if you're able to see a measurable impact from the ad fund contribution increases that took place. Is that something that's helping already? Or is it a bit too early? And just wondering if that could be a tailwind over the course of this year? And then just related to that, a you shared some encouraging commentary about March, in particular, is it fair to think that March is back to maybe positive versus '19, kind of how you talked about in December, if you're willing to comment.

只是關於加拿大蒂姆斯的一個問題。我只是想知道您是否能夠從所發生的廣告基金捐款增加中看到可衡量的影響。那是不是已經有幫助了？還是有點太早了？只是想知道這是否會成為今年的順風車？然後就與此相關，你分享了一些關於 3 月的令人鼓舞的評論，特別是，如果你願意的話，認為 3 月可能與 19 年相比可能是積極的，這是否公平，就像你在 12 月所說的那樣評論。

Yes, Brian, thanks for the question. We were encouraged by the positive momentum in Q1 in the second half of Q1 and heading into the second quarter. We're seeing strong, as I mentioned in my prepared remarks, strong underlying core performance of the business with coffee, with breakfast and continued improvement in other dayparts as well. obviously, the ease of restrictions and the increase in mobility has helped as well. And we were -- we've been measured in our pricing in Canada, making sure we don't get too far ahead of our skis and get too far ahead of the French, the consumer as well. I think some of the positive indicators in the first quarter that I mentioned, things like the super urban business and kind of the urbanity there has improved significantly. It's one of the better performing areas of the business. It was the same in Q4. So that -- I think that's a testament to the improvement in mobility. We also saw that Ontario was one of the stronger performing regions, which is one that had some of the stronger restrictions over the last 24 months. We're going to share quite a bit more at the Tim Hortons Investor Day, the first ever Investor Day a little bit later this morning, I think it's at 11:00.

是的，布賴恩，謝謝你的問題。我們對第一季度下半年和進入第二季度的積極勢頭感到鼓舞。正如我在準備好的講話中提到的那樣，我們看到了強勁的咖啡、早餐和其他時段的持續改進業務的潛在核心業績。顯然，放寬限制和增加流動性也有所幫助。而且我們 - 我們已經在加拿大的定價中進行了衡量，確保我們不會領先於我們的滑雪板太遠，也不會領先於法國人以及消費者。我認為我提到的第一季度的一些積極指標，比如超級城市商業和那裡的城市化程度已經顯著改善。這是業務中表現較好的領域之一。第四季度也是如此。所以——我認為這證明了機動性的提高。我們還看到安大略省是表現較好的地區之一，該地區在過去 24 個月中受到了一些更嚴格的限制。我們將在 Tim Hortons 投資者日分享更多內容，這是有史以來第一個投資者日，今天早上稍晚一點，我想是在 11:00。

We have a lot of confidence in the long term and the full year plan that we have here for Tim. I think, on the ad fund, just coming back to that question, which is your first one, that was a contribution that we made to the advertising fund here in Canada in 2021. And we feel that the investments we made there, alongside our franchise owners, were really important to continue to double down on brand-related messages as well as some of the improvements in coffee quality as well as some of the innovation on beverage and some of the improvements in breakfast. And we're encouraged by the progress there, and we'll continue to work closely with the owners to make sure we drive that part of the business long term. Thanks so much.

我們對蒂姆的長期和全年計劃充滿信心。我認為，關於廣告基金，回到那個問題，這是您的第一個問題，這是我們在 2021 年對加拿大的廣告基金做出的貢獻。我們覺得我們在那裡所做的投資，以及我們的特許經營權所有者，對於繼續加倍宣傳與品牌相關的信息以及咖啡質量的一些改進以及飲料的一些創新和早餐的一些改進非常重要。我們對那裡的進展感到鼓舞，我們將繼續與業主密切合作，以確保我們長期推動這部分業務。非常感謝。

Our next question is from David Palmer of Evercore.

我們的下一個問題來自 Evercore 的 David Palmer。

A question on Burger King Rest of World. Same-store sales growth versus pre-COVID levels accelerated despite Omicron, which was pretty good. Which regions fueled growth in the quarter? And generally, do you expect growth to accelerate except for, I would imagine, you're going to have more Russia negative impact. I think you're including Russia in the comp base there, and I would imagine China will be a bigger headwind into 2Q as well. But I'm wondering how we should be thinking about what markets are really fueling the growth and maybe some gives and takes in terms of markets going forward?

關於漢堡王世界其他地方的問題。儘管 Omicron 相當不錯，但同店銷售增長與 COVID 之前的水平相比有所加快。哪些地區推動了本季度的增長？一般來說，你是否預計增長會加速，我想你會對俄羅斯產生更多的負面影響。我認為您將俄羅斯納入那裡的競爭基地，我想中國也將成為第二季度的更大阻力。但我想知道我們應該如何思考哪些市場真正推動了增長，也許一些市場在未來的市場方面給予和接受？

Dave, thanks for the question. As I mentioned in my prepared remarks, we're excited by the work that's happening internationally and the progress we're making. It's really broad-based across regions, with the exception of Russia and China that I mentioned with some headwinds given the more recent restrictions there due to their Zero COVID policy. Across regions and some of the key markets that we have, larger markets, Spain, Korea and several others, we've seen a combination of good work on the menu side, continued growth on the digital front, off-premise continues to be a strong part of our growth with delivery as well as some curbside and digital rewards type of programs. And then macro improvements with restrictions easing and mobility picking up has seen -- has helped us drive growth as well in those markets. And what we're seeing is in-store dining in many of those markets, which is such a big part of the business is snapping back. So the combination of good plans, good digital and good kind of macro environment has been positive for that business. And we feel confident in the long term there. The teams are working closely with our master franchisees in all the markets to continue to drive innovation and drive good brand messaging and continue to push the digital platforms that are so important for growth in these markets. Thanks so much for the question.

戴夫，謝謝你的問題。正如我在準備好的發言中提到的，我們對國際上正在發生的工作以及我們正在取得的進展感到興奮。它在各個地區的基礎上確實很廣泛，除了我提到的俄羅斯和中國，考慮到由於他們的零 COVID 政策，那裡最近的限制有些不利。在各個地區和我們擁有的一些關鍵市場、更大的市場、西班牙、韓國和其他幾個市場中，我們看到了菜單方面的出色工作、數字方面的持續增長、場外部署仍然是一個交付以及一些路邊和數字獎勵類型的計劃是我們增長的重要組成部分。然後隨著限制的放鬆和流動性的回升，宏觀改善——也幫助我們推動了這些市場的增長。我們看到的是許多這些市場的店內用餐，這是業務復甦的重要組成部分。因此，良好的計劃、良好的數字化和良好的宏觀環境的結合對該業務是積極的。從長遠來看，我們對此充滿信心。這些團隊正在與我們在所有市場的主要特許經營商密切合作，以繼續推動創新並推動良好的品牌信息傳遞，並繼續推動對這些市場的增長非常重要的數字平台。非常感謝這個問題。

Our next question is from Brian Bittner of Oppenheimer & Co.

我們的下一個問題來自 Oppenheimer & Co. 的 Brian Bittner。

Just 2 questions. One, could you help us understand the level of year-over-year pricing, both at Tim Hortons Canada and Burger King U.S.? That's the first question.

就2個問題。一，您能幫助我們了解 Tim Hortons Canada 和 Burger King U.S. 的同比定價水平嗎？這是第一個問題。

And second one, just going back to David Palmer's question on the Burger King international business, I appreciate all the color that you just gave, but can you maybe summarize why you believe your comps are now trending so far above pre-COVID? Do you believe you took a lot of market share during COVID outside the U.S. with the Burger King brand, so naturally these international markets are as a storm out of COVID, you're just ending up with a better sales model? Or is it that digital has taken off? Just any more color on why these levels or comps are so much higher than pre-COVID?

第二個問題，回到大衛帕爾默關於漢堡王國際業務的問題，我很欣賞你剛剛給出的所有顏色，但你能否總結一下為什麼你認為你的組合現在的趨勢遠遠高於 COVID 之前的趨勢？您是否認為您在 COVID 期間以漢堡王品牌在美國以外的市場佔據了很大的市場份額，所以這些國際市場自然是 COVID 的風暴，您只是最終獲得了更好的銷售模式？還是數字化已經起飛？為什麼這些級別或組合比 COVID 之前高得多？

Yes. Thanks, Brian, for the 2 questions. I'll start with the last one, which continues on the prior one from Dave. I think, simply put, the off-premise business that grew quite significantly through the pandemic has stuck or at least so far remains quite sticky, and on-premise is coming back. And digital has been a big part of both of those, right? So internationally, we have a strong digital business through kiosks as well and where we have -- as an example, in Western markets in Europe where we have really strong lunch and dinner pushes. The kiosks helped quite a bit to alleviate some of the order point pressure that some of the restaurants will feel. So the digital business has been quite strong and on-premise is getting back to levels that we've seen before, which I think the combination of stickiness of off-premise and that on-premise growth is what's driving some significant growth and is what we saw in the first quarter. And we feel confident long term in our plans for those markets in the quarters to come.

是的。謝謝，布賴恩，2個問題。我將從最後一個開始，繼續 Dave 的前一個。我認為，簡而言之，通過大流行顯著增長的場外業務已經停滯不前，或者至少到目前為止仍然很棘手，並且內部業務正在回歸。數字化一直是這兩者的重要組成部分，對吧？因此，在國際上，我們也通過自助服務亭和我們擁有的地方擁有強大的數字業務——例如，在歐洲的西方市場，我們在午餐和晚餐方面的推動力非常強勁。售貨亭在很大程度上減輕了一些餐廳會感受到的一些訂單點壓力。因此，數字業務一直非常強勁，內部部署正在恢復到我們以前看到的水平，我認為外部部署的粘性和內部部署增長的結合是推動一些顯著增長的原因，也是我們在第一季度看到了。從長遠來看，我們對未來幾個季度對這些市場的計劃充滿信心。

On your first question on year-over-year pricing, as I said in one of the earlier comments and responses, we've been very measured, and we're staying close to the consumer, obviously staying close to our franchisees and their P&Ls and staying close to the competition to make sure we take the right steps on pricing. There's -- we're facing, as everyone knows, pretty meaningful pressure from a commodity standpoint. And so we're responding as appropriate. And we've stayed relatively in line with inflation and CPI both in the U.S. as well as in Canada. In Canada, inflation is kind of lagging about 2% behind where we see it in the U.S. And so our pricing across the board is roughly in line with those 2 measures. Thanks so much for the question.

關於同比定價的第一個問題，正如我在之前的評論和回復中所說的那樣，我們非常謹慎，我們與消費者保持密切聯繫，顯然與我們的特許經營商及其損益保持密切聯繫並與競爭對手保持密切聯繫，以確保我們在定價方面採取正確的步驟。眾所周知，從商品的角度來看，我們正面臨著相當大的壓力。因此，我們會做出適當的回應。我們與美國和加拿大的通脹和 CPI 保持相對一致。在加拿大，通脹比我們在美國看到的低 2% 左右，因此我們的整體定價大致與這兩項指標一致。非常感謝這個問題。

Next question is from John Glass of Morgan Stanley.

下一個問題來自摩根士丹利的約翰·格拉斯。

Back on Tims, is there a way to index or talk about absolute traffic levels at Tims in Canada versus '19 to understand what the opportunity is to recapture that? And maybe inside of that, can you talk about traffic levels at breakfast, understanding that comp store sales are up, but there's pricing, there's mix, there's a lot of dynamics in there. So just looking at 3-year comps may not be the entire story on transaction specifically.

回到 Tims，有沒有辦法索引或討論加拿大 Tims 與 19 年的絕對流量水平，以了解重新獲得這一點的機會是什麼？也許在其中，您能否談談早餐時的流量水平，了解comp商店的銷售額在上升，但是有定價，有混合，有很多動態。因此，僅查看 3 年的補償可能並不是交易的全部內容。

John, thanks so much for the question. We haven't separated traffic and check historically and not planning to do so today. But we have seen improvements quarter-over-quarter in terms of traffic flows into the restaurants. Part of this, as I shared earlier, I think is a function of the good work that the team is doing on menu innovation as well as kind of core quality improvements. Some of it is a function of the messaging. Some of it is a function of mobility improving. And at the same time, some of it is a function of the measured approach that we're taking on pricing. We're always focused on making sure we don't lose traffic when we take pricing, especially in an environment like we're facing today. But broadly speaking, we are seeing improvements in inflows of customers through the drive-thrus as well as in-store and through our apps in Tims Canada and it's for those reasons I just laid out. Thanks so much.

約翰，非常感謝這個問題。我們沒有分離交通和歷史檢查，今天不打算這樣做。但我們看到餐廳的客流量環比有所改善。正如我之前分享的，我認為部分原因是團隊在菜單創新和核心質量改進方面所做的出色工作。其中一些是消息傳遞的功能。其中一些是提高移動性的功能。同時，其中一些是我們正在採取的定價方法的函數。我們始終專注於確保在定價時不會失去流量，尤其是在我們今天所面臨的環境中。但從廣義上講，我們看到通過得來速、店內以及我們在加拿大 Tims 的應用程序的客戶流入有所改善，這正是我剛剛列出的原因。非常感謝。

Our next question is from Jeffrey Bernstein of Barclays.

我們的下一個問題來自巴克萊銀行的杰弗裡伯恩斯坦。

Great. Just had a question on corporate's potential willingness to help your brands, I guess, most specifically or most recently, Burger King, I know it was mentioned earlier about the Tim Hortons ad fund contribution that you guys helped with last year, so maybe along those lines. And I know, Jose, you mentioned something about looking at ways to assist franchisees at Burger King on an ongoing basis. So I'm just wondering, what are maybe the options that will be considered on your end, as you would define, I guess, helping assist the Burger King franchisees in this scenario? Any color you could provide would be great.

偉大的。剛剛有一個關於公司幫助你的品牌的潛在意願的問題，我猜，最具體或最近，漢堡王，我知道前面提到過你們去年幫助的蒂姆霍頓的廣告基金捐款，所以也許沿著那些線。我知道，何塞，你提到了一些關於尋找持續幫助漢堡王特許經營商的方法。所以我只是想知道，您可能會考慮哪些選項，正如您所定義的，我猜，在這種情況下幫助幫助漢堡王特許經營商？你能提供的任何顏色都會很棒。

Sure. Thanks for the question, Jeff. Yes. Look, we've -- historically, as we've talked about our capital allocation approach, we -- investing in the business has been kind of the top priority. And we've done it with Tims. We've done it with BK. We've contributed capital to remodels and other programs. We're investing in G&A in our business as well. I think last quarter, we shared investments we've made at Burger King to add -- to grow the field teams by 50% in order to be able to support, provide better training and just get closer to the business with our franchisees to be able to help them work through all the plans that we have in place long term for the business. I think, as it relates to your specific question on BK, and any contributions or approaches we can take to be able to help the business, the focus is on being able to drive growth in the BK U.S. business, and we're looking at that, and I've mentioned this in my prepared remarks and last quarter as well with Tom, that we're looking at and working through plans with the franchisees, long-term plans around marketing, around the advertising fund to drive more media firepower there in addition to work to accelerate and have a meaningful impact on our real estate and our restaurants' image to be able to drive growth there. And so we continue to work through that. There is a number of options on the table, both in terms of advertising and in terms of image contributions, and we'll share more in the back half of the year as we finalize those plans. And you guys will be the first -- or after a franchisee, the first to know. Thanks so much.

當然。謝謝你的問題，傑夫。是的。看，我們 - 從歷史上看，當我們談到我們的資本分配方法時，我們 - 投資業務一直是重中之重。我們已經用 Tims 做到了。我們已經用 BK 做到了。我們為改造和其他項目提供了資金。我們也在對我們業務的 G&A 進行投資。我認為上個季度，我們分享了我們在漢堡王所做的投資——將現場團隊增加 50%，以便能夠提供支持、提供更好的培訓，並與我們的特許經營商更接近業務。能夠幫助他們完成我們為業務制定的所有長期計劃。我認為，由於它涉及到您關於 BK 的具體問題，以及我們可以採取的任何有助於業務的貢獻或方法，重點是能夠推動 BK 美國業務的增長，我們正在研究那個，我在準備好的講話中和上個季度和湯姆一起提到了這一點，我們正在研究並與特許經營商一起制定計劃，圍繞營銷的長期計劃，圍繞廣告基金推動更多的媒體火力除了努力加速並對我們的房地產和餐廳形象產生有意義的影響之外，我們還能夠推動那裡的增長。所以我們繼續努力解決這個問題。在廣告和形象貢獻方面，桌面上有許多選項，我們將在下半年完成這些計劃時分享更多選項。你們將是第一個——或者在加盟商之後，第一個知道的。非常感謝。

Our next question is from Jared Garber of Goldman Sachs.

我們的下一個問題來自高盛的賈里德·加伯。

It's on Tim Hortons and certainly appreciate the positive results there and that 30% plus, I think you noted in the urban locations. Is there any way to frame maybe those non-urban locations and what the comps look like there just as we get a sense of maybe the improving mobility trends, having a boost in those urban locations versus the nonurban?

這是蒂姆·霍頓斯（Tim Hortons），當然欣賞那裡的積極成果和 30% 以上，我想你在城市地區注意到了。有沒有什麼辦法可以確定那些非城市地區以及那裡的組合是什麼樣的，就像我們感覺到可能正在改善的流動性趨勢一樣，這些城市地區與非城市地區相比有所提升？

Jared, thanks for the question. We've seen -- the good news is we've seen growth on a year-over-year basis in all our vanities, so rural, suburban, urban and super urban. We've also seen growth in same-store sales year-over-year or comparable sales year-over-year in all regions, Ontario, Quebec, Western and Atlantic. We've seen growth in different formats as well and in different dayparts as well. So the growth that we saw in the quarter, and the improvement sequentially Q1 versus Q4, was pretty broad-based. And I think it's a testament to what I mentioned earlier around the good work the team is doing, the good plans, the excellent operational work that the franchisees and the owners are doing in their restaurants, and the continued easing of restrictions and improvement in mobility throughout the country. Thanks so much.

傑瑞德，謝謝你的提問。我們已經看到 - 好消息是我們看到我們所有的虛榮心都在逐年增長，包括農村、郊區、城市和超級城市。我們還看到所有地區（安大略省、魁北克省、西部和大西洋）的同店銷售額同比增長或可比銷售額同比增長。我們也看到了不同格式和不同時段的增長。因此，我們在本季度看到的增長，以及第一季度與第四季度的連續改善，是相當廣泛的。我認為這證明了我之前提到的團隊所做的出色工作、良好的計劃、特許經營商和業主在他們的餐廳所做的出色運營工作，以及限制的持續放鬆和流動性的改善在全國各地。非常感謝。

Next question is from Nicole Miller of Piper Sandler.

下一個問題來自 Piper Sandler 的 Nicole Miller。

I wanted to ask a question about Tim Hortons and the 36% of sales or transactions that are digital. Could you speak a little bit more to the cohorts that you can now break that group into, and their behavior, especially behind frequency and spend?

我想問一個關於 Tim Hortons 以及 36% 的銷售或交易是數字化的問題。您能否多談談您現在可以將該組劃分為的群組，以及他們的行為，尤其是在頻率和支出背後的行為？

Nicole, thanks for the question. This is Josh. I would say, first of all, we've been really pleased with the work that the team has done here in Canada on all of our digital programs, particularly on Tims rewards. I think you'll get a chance to hear a lot more about it a little bit later today when the team shares some more information during the Investor Day. But I think a couple of the things that are kind of most interesting to me at least are that we've seen in some of that consumer behavior that our Tims rewards members tend to be the most loyal members of Tims and the highest frequency. I think the frequency is, I guess, to put it clearly astounding. It's really incredible how often our Tims rewards members are using our app, how often they come and visit us and go to the stores. And I think one of the other things that we've seen that's been really interesting to our teams here is that we see, as we deploy new features in the app, things like our hockey challenge, things like roll up, we see those guests start to interact with our app even more frequently. So it's -- that's driving a lot of our thinking about how we can evolve the Tims rewards program, and how we can evolve the app over time to drive even further engagement with such a large and loyal portion of our consumer base.

妮可，謝謝你的問題。這是喬什。我想說，首先，我們對團隊在加拿大為我們所有的數字項目所做的工作感到非常滿意，特別是在 Tims 獎勵方面。我認為今天晚些時候，當團隊在投資者日期間分享更多信息時，您將有機會聽到更多關於它的信息。但我認為至少對我來說最有趣的幾件事是，我們在一些消費者行為中看到，我們的 Tims 獎勵成員往往是 Tims 最忠誠的成員，頻率最高。我想，我想，說得清楚一點，頻率是驚人的。令人難以置信的是，我們的 Tims 獎勵會員使用我們的應用程序的頻率，他們來訪我們和去商店的頻率。我認為我們在這裡看到的對我們的團隊來說非常有趣的另一件事是，我們看到，當我們在應用程序中部署新功能時，比如我們的曲棍球挑戰，比如捲起，我們看到了那些客人開始更頻繁地與我們的應用程序交互。所以它 - 這促使我們思考如何發展 Tims 獎勵計劃，以及我們如何隨著時間的推移發展應用程序，以推動與我們如此龐大而忠誠的消費者群的進一步互動。

So I think a lot of great things going on. Team's doing really, I'd say, groundbreaking work within our system. And hopefully, we'll get even more insights into that here in just a few hours.

所以我認為很多偉大的事情正在發生。我想說，團隊在我們的系統中確實做了開創性的工作。希望我們能在短短幾個小時內獲得更多的見解。

Our next question is from Jake Bartlett of Truist Securities.

我們的下一個問題來自 Truist Securities 的 Jake Bartlett。

Mine was on the Burger King U.S. business. You shared that some customer satisfaction scores were improving. And I'm hoping you can give some more detail around that, maybe some context of where satisfaction levels are now versus a couple of years ago? How fast or how steep the trajectory of improvement is? And then through the rest of the year here, you mentioned your confidence that these efforts are going to start to drive market share gains or improvement in sales in the back half of the year. Can you just help us understand some of the catalysts along the way? Specifically, marketing, you have a new agency you're using? Is there a new marketing campaign that you can tell us when that might start? Any catalysts along the way in addition to the metrics of customer satisfaction would be helpful.

我的是漢堡王美國公司的業務。您分享了一些客戶滿意度得分正在提高。我希望你能提供更多的細節，也許是現在滿意度水平與幾年前相比的一些背景？改進的軌蹟有多快或多陡峭？然後在今年剩下的時間裡，你提到你相信這些努力將在今年下半年開始推動市場份額的增加或銷售的改善。你能幫助我們了解一些沿途的催化劑嗎？具體來說，營銷，你有一個你正在使用的新機構？是否有新的營銷活動可以告訴我們何時開始？除了客戶滿意度指標之外，任何催化劑都會有所幫助。

Yes, Jake, thanks for the question. We have seen improvement, as I mentioned in my prepared remarks, on operations, overall satisfaction at Burger King in the U.S. And it's been a -- the improvements have been quarter-over-quarter the last 3 quarters, which are encouraging. I think it's great work from the franchisees as well as great work from the field teams that Tom has put in place. The kind of the benefit there is that it's an outcome of a number of different initiatives, including simplification efforts that we started to make in the final quarter of 2021. It's a function also of some of the additional support we're providing in the field. It's just the beginning. I wouldn't consider it a victory lap or a big celebration other than confirmation that we're on the right track, and we're putting resources and efforts behind the right things, which is all about guest experience and guest satisfaction, and that's where we think we have a tremendous opportunity with BK in the U.S. I think more broadly, as we think about growing the business in the U.S., obviously, marketing our menu plans as well as our communication plans are really important. On the media front and on the advertising front, we've made changes over the last -- or we announced changes last week, which we think are important as we look at driving better messaging, more targeted messaging with a clear brand positioning for Burger King in the U.S. and being able to punch at or above our weight from a media standpoint. So these are all parts of our game plan. In addition to that, we've talked about digital being a big unlock for the U.S. business continuing to accelerate our plans on the digital front, and doing so, not just kind of in-store, but also driving growth in digital through our relatively ubiquitous drive-thru platform.

是的，傑克，謝謝你的提問。正如我在準備好的評論中提到的那樣，我們已經看到了美國漢堡王在運營和整體滿意度方面的改善。而且過去三個季度的改善是季度環比，這是令人鼓舞的。我認為這是特許經營商的出色工作，以及湯姆已經到位的現場團隊的出色工作。好處是它是許多不同舉措的結果，包括我們在 2021 年最後一個季度開始進行的簡化工作。這也是我們在該領域提供的一些額外支持的一個功能.這僅僅是個開始。除了確認我們走在正確的軌道上之外，我不會將其視為勝利圈或大型慶祝活動，我們正在將資源和努力投入到正確的事情上，這完全關乎客戶體驗和客戶滿意度，那就是我們認為我們在美國與 BK 有巨大的機會。我認為更廣泛地說，當我們考慮在美國發展業務時，顯然，營銷我們的菜單計劃以及我們的溝通計劃非常重要。在媒體方面和廣告方面，我們在過去做出了改變——或者我們上周宣布了改變，我們認為這很重要，因為我們著眼於推動更好的信息傳遞、更有針對性的信息傳遞以及清晰的 Burger 品牌定位從媒體的角度來看，他是美國的國王，並且能夠達到或超過我們的體重。所以這些都是我們遊戲計劃的一部分。除此之外，我們還談到數字化是美國業務的一大解鎖，繼續加速我們在數字化方面的計劃，這樣做不僅是在店內，而且還通過我們的相對推動數字化增長無處不在的得來速平台。

And then I think, beyond that, there's a lot of work to do as well on image. I commented on having about 33%, or 30-plus percent of our restaurants in the U.S. with the Burger King of Tomorrow image. We're working closely with the franchisees and our teams to find ways to have even more impact on the guest experience through investments in the restaurants, which we think are one of the key unlocks as well for the business. So there's a lot to do, but we've got a great team that's working hard alongside our franchisees to build that plan and start executing it. So we'll keep you posted on all those details as we come to kind of frame up those plans alongside our franchisees in the coming months and quarters.

然後我認為，除此之外，在圖像方面還有很多工作要做。我評論說，我們在美國有大約 33% 或 30% 以上的餐廳帶有明日漢堡王的形象。我們正在與特許經營商和我們的團隊密切合作，尋找通過對餐廳的投資對客戶體驗產生更大影響的方法，我們認為這也是企業的關鍵解鎖之一。所以有很多事情要做，但我們有一個偉大的團隊，與我們的特許經營商一起努力製定該計劃並開始執行它。因此，當我們在未來幾個月和幾個季度與我們的特許經營商一起制定這些計劃時，我們會及時通知您所有這些細節。

Our next question is from Andrew Charles of Cowen.

我們的下一個問題來自 Cowen 的 Andrew Charles。

I have a 2-part question. Jose, to follow up on an earlier question, as part of plans to assist BK U.S. franchisees, are you guys exploring ad fund or royalty relief. Just in the last 2 years, you guys called out that store-level profits were flat, and obviously, the industry is seeing quite a bit of commodity pressure in 2022, particularly with beef.

我有一個兩部分的問題。 Jose，作為幫助 BK 美國特許經營商計劃的一部分，跟進一個較早的問題，你們是在探索廣告基金還是版稅減免。就在過去 2 年，你們稱商店級利潤持平，顯然，該行業在 2022 年面臨相當大的商品壓力，尤其是牛肉。

And then just my second question, Matt, you highlighted that Burger King saw bad debt expense in 1Q primarily in Russia. But if I recall correctly, bad debt expense is recorded 60 days after royalties are due, and the conflict in Russia didn't escalate really until the middle of the end of February. So if you could just help quantify that total bad debt expense in 1Q for Burger King, and how much of that was Russia versus the U.S.? I think investors would really appreciate that.

然後我的第二個問題，馬特，你強調漢堡王在第一季度主要在俄羅斯看到壞賬支出。但如果我沒記錯的話，壞賬費用是在版稅到期後 60 天記錄的，而俄羅斯的衝突直到 2 月底才真正升級。因此，如果您可以幫助量化漢堡王第一季度的總壞賬費用，那麼其中有多少是俄羅斯與美國的？我認為投資者會非常欣賞這一點。

Thanks, Andrew. On your first question, I'd say that the investments we're looking at, and the work we're doing is to figure out how best to drive overall top line growth and profitability for the business and advertising image, these are areas where we think there's tremendous opportunity as we've seen with Tims as an example. So those are areas we're looking at. We're not considering royalty relief as one of the areas to look at.

謝謝，安德魯。關於您的第一個問題，我想說的是，我們正在研究的投資以及我們正在做的工作是弄清楚如何最好地推動業務和廣告形象的整體收入增長和盈利能力，這些領域需要我們認為這是巨大的機會，正如我們以 Tims 為例所看到的那樣。所以這些是我們正在關注的領域。我們不認為版稅減免是值得關注的領域之一。

Yes. I think related to the second part of your question on bad debt, I think the impact from Russia in the quarter, I think we quantified in the prepared remarks is about $12 million. That was a combination of bad debt plus shifting to cash recognition in the quarter, as we talked about sort of our move away from the operations in Russia. And so it was a combination of those 2 things that amounted to the overall impact on the quarter, which is a pretty good proxy for sort of the overall level of impact from the loss of business there during the quarter to look at going forward. And then outside of Russia, there -- I would say there's no material significant bad debt activity to call out. Thanks for the question.

是的。我認為與您關於壞賬問題的第二部分有關，我認為俄羅斯在本季度的影響，我認為我們在準備好的評論中量化了大約 1200 萬美元。這是壞賬加上本季度轉向現金確認的組合，因為我們談到了我們從俄羅斯業務的某種轉移。因此，這兩個因素的組合構成了對本季度的整體影響，這是一個很好的代表，可以很好地代表本季度業務損失對未來的整體影響水平。然後在俄羅斯以外的地方——我會說沒有重大的壞賬活動需要指出。謝謝你的問題。

Next question is from Lauren Silberman of Credit Suisse.

下一個問題來自瑞士信貸的 Lauren Silberman。

I wanted to follow up on the comments on the U.S. consumer. Are you seeing any signs of trade down in any regions or markets? And then specific to delivery, are you seeing any shift in trends there? Or I guess how are you thinking about the willingness of consumers to pay the premium for deliveries in a more challenging consumer backdrop?

我想跟進對美國消費者的評論。您是否在任何地區或市場看到任何貿易下降的跡象？然後具體到交付，您是否看到那裡的趨勢發生任何變化？或者我猜你如何看待消費者在更具挑戰性的消費背景下願意為送貨支付溢價的意願？

Lauren, thanks for the question. On the consumer -- the U.S. consumer, I think the behavior has been relatively consistent over the last 6 months. We haven't seen any material trade down. I think there's always balanced in how the consumers interact with our brands, with core being a strong part of -- of core, as an example of Burger King being Whopper and other core items. So we're seeing strong performance in our core offerings as well as, in some cases, premium. And value continues to be a part of our business that we always provide, we think, exceptional everyday value to our customers. So we haven't seen anything material shifting there, and we continue to provide a balanced approach to our customers.

勞倫，謝謝你的問題。關於消費者——美國消費者，我認為過去 6 個月的行為相對一致。我們沒有看到任何實質性的貿易下降。我認為消費者與我們品牌的互動方式始終保持平衡，核心是核心的重要組成部分，例如漢堡王是皇堡和其他核心產品。因此，我們在核心產品中看到了強勁的表現，在某些情況下，還有溢價。價值仍然是我們業務的一部分，我們始終認為，我們始終為客戶提供卓越的日常價值。因此，我們沒有看到那裡發生任何重大變化，我們將繼續為我們的客戶提供平衡的方法。

Yes. Lauren, maybe I'll take the question on delivery and particularly for our U.S. businesses, the Burger King and Popeyes' delivery businesses are probably the most relevant and the largest for us. I would say we haven't seen any big departure in trend there. We continue to see growth in both of those businesses. And we're really focused on making sure that we're working really well together with our third-party delivery providers to make sure that we bring the best possible experience to our guests, whether they order directly from us in the restaurant or through the delivery platforms. We're very focused on improving enhancing guest experience things like driver experience and the operations and the restaurants. So those are our big focus areas, and that's where we've been working to make sure that we continue to drive growth there.

是的。勞倫，也許我會回答關於送貨的問題，特別是對於我們的美國業務，漢堡王和大力水手的送貨業務可能對我們來說是最相關和最大的。我想說我們還沒有看到那裡的趨勢有任何大的變化。我們繼續看到這兩項業務的增長。我們真正專注於確保我們與我們的第三方交付提供商合作得非常好，以確保我們為客人帶來最佳體驗，無論他們是直接在餐廳訂購還是通過交付平台。我們非常專注於改善客戶體驗，例如司機體驗、運營和餐廳。所以這些是我們的重點領域，我們一直在努力確保我們繼續推動那裡的增長。

Well, thanks to everyone for your questions and for joining us this morning. We made notable progress this quarter against key priorities, including driving double-digit comparable sales growth at Tim Hortons Canada and Burger King International and further narrowing the gap to peers at Burger King in the U.S. reaching our highest levels of digital engagement or ever in our home markets and opening a record number of new restaurants in the quarter and returning over $400 million of capital to shareholders. Our results this quarter reflect a continued effort and the hard work of our team, our franchise owners and their team members, and we believe we're well-positioned to continue to build off our momentum in the year ahead. Thank you again for joining us, and we look forward to connecting with all of you again later this morning at our Tim Hortons Canada Investor Day. Thanks so much.

好吧，感謝大家提出問題並今天早上加入我們。本季度我們在關鍵優先事項方面取得了顯著進展，包括推動 Tim Hortons Canada 和 Burger King International 實現兩位數的可比銷售額增長，並進一步縮小與美國 Burger King 同行的差距，達到我們或我們有史以來最高水平的數字參與國內市場，並在本季度開設了創紀錄數量的新餐廳，並向股東返還了超過 4 億美元的資本。我們本季度的業績反映了我們團隊、特許經營權所有者及其團隊成員的持續努力和辛勤工作，我們相信我們已做好準備，在來年繼續鞏固我們的勢頭。再次感謝您加入我們，我們期待在今天上午晚些時候的 Tim Hortons 加拿大投資者日與大家再次聯繫。非常感謝。

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。您現在可以斷開線路。