And so if you’ve proven a good return on investment, then it’s most directly linked with the marketing, which we already have an agreement from the franchisees once we’ve gotten to the $175,000 million in 2024, then they commit for an extra 50 basis points in the following 2 years. And that’s — we will have, at that point, proven that increased investment in marketing and is a good generator of return for them, and then they take over the investment there. So we feel good about where we are about the progress we’re making, more to be done on the BK U.S. business, but early results are certainly very good.
Joshua Kobza: If I can just add there, Chris. I think I feel really good about where we’re going. There’s definitely a lot of work left to do. I think we have a tremendous leadership team there under Tom. And I think their plan is a really good and a very thoughtful one. I think they have initiatives that they can kind of action in the near term, which is what we already started to do with some of the new advertising. And we’re going to do with some of our refresh where we’re getting a lot of investments into the restaurants quickly with equipment and some of our technology. And then over time, we transition to doing some more of the heavy lifting of some of the big asset upgrades. So I think the consumers of the plan are right.
It’s great to see the initial success. You may see us tweak little things around the edges, like we mentioned today on accelerating that early investment all into 2023. But I think by and large, I think it’s a very thoughtful plan, and I’m really pleased to see some of the initial progress under Tom and the team.
Operator: Our next question comes from Brian Harbour from Morgan Stanley.
Brian Harbour: Yes. Congratulations, again, to all of you. I’ll just ask about the BK U.S. side as well. We can see the sales performance kind of picking up there, and you noted better profitability in the fourth quarter. Is there anything else you can provide in terms of metrics on customer satisfaction, maybe in terms of market share? What else are we kind of seeing that’s showing the traction in that business and helping to drive some of that profitability improvement?
Joshua Kobza: Yes. Brian, thanks for the question. I think you hit on some of the main things that are giving us confidence. There are things like the sales and the profitability moving in the right direction. But we’re also seeing a few other things. We’re seeing in some of our brand metrics, we’re seeing some improvement, I mentioned that in Q4. So I think that to me is a sign that some of the advertising and really focusing on some of those core equities like the Whopper and Have It Your Way, that’s working and resonating with our customer bases. I think we are also seeing improvements in customer satisfaction — our guest satisfaction metrics have been improving, and that’s not new that it’s actually — it’s been pretty consistent over the last 1.5 years-or-so.
So I think that’s certainly a positive sign. And it’s no accident. It’s an outcome of some pretty deliberate efforts we made to make investments back in the field team to make sure that we had a really clear system that the franchisees believed in how we would create performance and manage that performance. So I think that’s really encouraging. And the other stats we keep an eye on. We’re keeping an eye on both our kind of our sales performance versus the industry and increasingly our traffic performance versus the industry. So I think we’ve seen some encouraging progress there over the last year or two, and we’ll keep a close eye on those things as well.
