Restaurant Brands International (QSR) Q4 2022 Earnings Call Transcript

For the period ending December 31, 2022

February 14, 2023 8:30 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Good morning, and welcome to the Restaurant Brands International Fourth Quarter 2022 Earnings Conference Call. [Operator Instructions]. Please note, this event is being recorded. I would now like to turn the conference over to Kendall Peck RBI's Head of Investor Relations. Please go ahead.

Kendall Peck

Thank you, operator. Good morning, everyone, and welcome to Restaurant Brands International's Earnings Call for the Fourth Quarter and Year ended December 31, 2022. As a reminder, a live broadcast of this call may be accessed on the Investor Relations web page at rbi.com/investor and a recording will be available for replay.

Joining me on the call today are Restaurant Brands International's Executive Chairman, Patrick Doyle; CEO, Jose Cil; COO, Josh Kobza; and CFO, Matt Dunnigan.

Today's earnings call contains forward-looking statements, which are subject to various risks set forward 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. During portions of the call today, we will be referencing franchisee profitability measures that are preliminary internal estimates based on unaudited self-reported franchisee results. We will also be referencing 3-year comparisons for system-wide sales growth and comparable sales, which are calculated on a geometric stats basis, by using the 2020, 2021 and 2022 disclosed growth metrics.

In addition, the consolidated growth metrics discussed during the prepared remarks, including consolidated system-wide sales growth net restaurant growth and organic adjusted EBITDA growth exclude the 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 Patrick.

Patrick Doyle

Good morning, everyone. Excited to be part of my first earnings call at RBI. It's been about 90 days since I joined the company, and I've been so impressed by the teams I've met and the franchisees who've welcomed me into their restaurants in Miami, Toronto, Jacksonville, Zurich and Madrid.

I know you've all seen our press release this morning announcing Josh Kobza as our new CEO as of March 1. Both Josh and Jose are here with me on the call today, along with Matt, as we get into the details of the quarter. Jose, on behalf of the entire Board of Directors and literally thousands of employees and franchisees who you've worked with over more than 20 years, I want to thank you for your tireless hard work, enthusiasm for our brands and huge contributions.