Restaurant Brands International (QSR) Q2 2022 Earnings Call Transcript

For the period ending June 30, 2022

August 4, 2022 8:30 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Good morning, and welcome to the Restaurant Brands International Second Quarter 2022 Earnings Conference Call. All participants will be in listen-only mode. [Operator Instructions]. After today’s presentation, there will be an opportunity to ask questions. [Operator Instructions]. Please note this event is being recorded.

I’d now like to turn the conference over to Stephen Lichtner, RBI's Head of Investor Relations. Please go ahead.

Stephen Lichtner

Thank you, operator. Good morning, everyone, and welcome to Restaurant Brands International's earnings call for the second quarter ended June 30, 2022.

As a reminder, a live broadcast of this call may be accessed through the Investor Relations web page at rbi.com/investors, and a recording will be available for replay. Joining me on the call today are Restaurant Brands International's CEO, José Cil; COO, Josh Kobza; and CFO, Matt 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. Please note that consolidated 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 José.

José Cil

Thanks, Stephen. And good morning, everyone. Thank you for joining us on today's call to discuss our results for the second quarter of 2022. Before jumping into our results, I'd like to give some perspective and what we are seeing from a macroeconomic standpoint. We recognize the uncertain and at times difficult environment that we are facing as a result of ongoing commodity and wage inflation, rising interest rates and broader macro uncertainties impacting our industry and many others. While many of these pressures are out of our control, we have been focused on working closely with our franchisees to take thoughtful action to alleviate those within our and our franchisees' control. Together, we're strategically placing price across each of our brands, always being mindful of traffic and the guest experience. And we continue to leverage our scale to assist where we can.