By far the largest quick service restaurant (QSR) chain in the U.S. It is also industry leader in many international markets, with significantly larger advertising budgets compared to peers; Continuing to execute on turn around of U.S. business in recent years, in addition to accelerating global sales through aggressive pricing, promotions and menu updates; and Susceptible to weak economic conditions, changing consumer preferences, and intense industry price competition. Capital allocation strategy includes shareholder initiatives such that lease-adjusted leverage remains in the mid-3.0x region and funds from operations (FFO)-to-debt in the low-20% area over the coming year; Leading industry average unit volumes and restaurant level operating margins; and We expect continued refranchising efforts to result in 95% of the base being
