Restaurant Brands International Inc. Barclays 19th Annual Global Consumer Conference
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Good morning, everyone. Thank you for joining us for day two of our Global Consumer Conference. My name is Jeff Bernstein. I am the restaurant and food service distribution analyst here at Barclays. We are thrilled to have our next presenting company with us, Restaurant Brands International. With us on stage from Miami, Florida, we have Josh Kobza to my far right, the CEO, and Sami Siddiqui, my immediate right, the CFO. By way of background, for those not familiar, Restaurant Brands International, or RBI, is a multinational quick-service portfolio comprised of four brands, Tim Hortons, Burger King, Popeyes, and Firehouse Subs. Their long-term annual guidance is for 8%+ system sales growth, supported by 3%+ comp and 5%+ net unit growth. With that said, we have lots of questions for management.
We want to thank Restaurant Brands for joining us this morning. I am going to kick it off with some questions for the team. Josh, Sami, thank you so much for joining us.
Thank you for having us.
Thanks very much for having us.
Thank you for coming out of retirement for this.
Yes. I have still another three weeks for official retirement. It has been an honor and a privilege to cover you guys for so long through so many different phases of the Restaurant Brands portfolio company.
How many years has it been now?
I joined as the restaurant associate in 2000.
Wow. Congratulations. 25 plus years of looking at restaurants four quarters a year.
That's 100 quarters of Burger King and You still have us beat by a bit.
Yeah. Yeah? Yeah. Well, I look forward to catching.
Yeah. Thank you. Thank you. Specific to Restaurant Brands International and the industry, because you guys have a look at so many different brands in so many different countries, you guys are great intel for us as we think about a consumer conference. The first thing people usually talk about for your portfolio is Burger King U.S. I think I just saw over the past couple of days a new nuggets commercial, which is very exciting. You guys seem to be coming outside of the box and really attacking different products of yours and trying to upgrade. I am wondering anything you can share on that new nugget launch or how that is performing and just more broadly, the share gains. Where are you in that transformation of the Burger King portfolio, whether it is more value, franchise economics?
There is just obviously a world to talk about, but let us start with kind of an overarching Burger King view.
Yeah, absolutely. Burger King has been doing great. You have seen that over the last few quarters, and as you pointed out, we just launched new and improved nuggets. We did it together with a Dragon Ball Z promotion, so another one of these IP collaborations that we have been doing a number of over the last couple of years and have been a tremendous success for the business. We are thrilled with how the nuggets are doing. We upgraded the quality of the product. It is juicier, full white meat chicken. We improved the crispiness of the coating on the nugget. Also importantly, everybody who loves nuggets knows that nuggets go well with sauces. So we have been on a journey to upgrade our sauces. It is actually been a project that has been going on for a few years that I particularly am passionate about, and I am thrilled with how the sauces came out.
My favorite one is the honey mustard, which I've been excited for us to upgrade for a while. I think the combination of the upgraded core products, and this Dragon Ball Z partnership with a really cool special sauce, the Super Saiyan Sauce, has gotten our guests pretty excited, and you've probably seen that in some of the online chatter. I think when you step back a little bit, the journey we've been on with Burger King has been fantastic. It's been a multi-year thing. We had to go, and we had to fix a lot of the fundamentals. We had to do work on the assets. I think Tom and the rest of the team did an awesome job really improving the baseline level of consistency of operations within Burger King.
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