Restaurant Brands International Inc. (NYSE:QSR) Q4 2022 Earnings Call Transcript

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Patrick Doyle: Yes, I’ll handle that one. All of the unit growth we’re getting today is a function of strong unit economics. And so it’s kind of a — it is certainly — the answer is both, and it depends on the market. But where we’re getting good growth in units, it’s because we’ve got really strong unit economics and we’ve got the right franchisee partners who are well capitalized, et cetera. There are other areas where we can accelerate the growth, either by introducing new brands into new markets in international or by working on franchisee 4-wall EBITDA to improve it so that it is going to generate a good return for them. So it really comes down to a function of which market and where they are in the pace of development of that market, but both. So where we’re getting it, it’s because economics are good and where we’re going to accelerate it, it’s going to be by improving the economics and getting capital into those markets to build more units.

Joshua Kobza: Yes, I totally agree, Patrick. I would just say, I think one of the greatest gifts that Jose has left me with is exactly what he said. I think we have incredibly talented teams across all of our business units around the world, and they’re working on all of those things. We have amazing teams in our home markets. We’re working on driving same-store sales and franchise profitability and the growth of those markets. And we also have an amazing team in international who is working on developing our footprint around the world. I think there’s a lot of exciting stuff. And as I said at the beginning, a lot of tailwinds for us, and we’ll be working hard on all those things throughout the coming year.

Kendall Peck: Great. Well, thank you all very much for your time this morning. We really appreciate it. Appreciate all the questions as well. We’ll see everybody next week in New York at our upcoming Investor Day. Thank you for the time today, and have a great day.

Operator: That concludes today’s Restaurant Brands International, Inc. Q4 2022 Earnings Call. You may now disconnect your line.

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