 Dr. Travis, CEO of Duncan Brands. Thanks for joining us. Always good to be here. National Coffee Day is coming up. Coffee Wars. It feels as though we've been writing that in a headline for the past year, year and a half. How intense are the Coffee Wars? Are there Coffee Wars? Or are we just making all this stuff up? No, I think one of the things that's really interesting about the coffee category is if you look at all the numbers, coffee continues to grow globally. People seem to love coffee. So I think it's inevitable that more and more people get into the space. I don't think it's any more competitive than it's ever been, but it's very competitive. I mean, that's the way I'd say it. I mean, I'm not clever enough to measure the degrees of competitiveness, but it's going to be competitive. We like that. It makes us better. And we've got some great competitors. Is it just hard to make the same, I guess, margins on coffee as you did in the past? I mean, when Donalds are selling dollar coffees, they're giving things away for free. Yeah, but I mean, you can buy a coffee with Donalds. We can buy the real stuff from Duncan. And I think that's the point we have to get over. But being serious, I mean, we are a coffee leader. We're a market leader in drip coffee, ice coffee, flavored coffee. We're growing our espresso business. Cold brew came out, big success last year. We're testing nitro. So I think that that's the first thing. The second thing I would say is we're trying to make coffee even more convenient for people. We call it ultimate convenience. We've got our on the go app that you and I have talked about many times. We've obviously got the opportunity, as a result of that, to do things like curbside that we're testing in 10 stores. So I think we have a great ability to make sure that we are competing with all those other people who've seen the thing. Coffee is a great opportunity. And they love the margins. They can cut them and drive traffic for their other products. What type of coffee is selling the quickest within the overall category for you guys? Well, I mean, we're still a drip leader in ice coffee. I mean, ice coffee is always spectacular. And every year, we come out with different flavors. And we have maple, pecan, coffee now, which I think I said that the American way. The millennial favorite right there. Yeah, I know it is. Well, you'd understand that, Brian. I've been so young. I appreciate that. What, you've also, broadly speaking, you've led a big innovation push within digital over Dunkin' Brands over the past couple of years. What is the next layer of innovation within the app? And we have Starbucks come out. You go in there and you can talk to a barista. What does it look like for you guys? Well, I think we've done a lot of development recently. Obviously, On The Go, which came out last year, is building really nicely. I think it's staggering that once people try it, 77% of them do it again. But it's interesting. I think our biggest barrier is our own success. I ask a lot of people, have you tried the On The Go app? Well, why do I? I get it so fast. I was on a TV show this morning, and I asked the host why he doesn't do it. And he said, because I get it that quickly. I mean, so we are world-class at speed. I think that differentiates us from many of the competition. It differentiates us from the convenience stores where you have to go in. You have to put it yourself. You have to put your dairy in. You have to put your sweetener in. We do it individually. And with On The Go, if you use that option, you can dictate that all ahead of time. And then once you've done that, you can repeat it and repeat it and repeat it. And it was interesting. I was actually in a store fairly recently in a rural area. And I said, well, tell me something about On The Go. And they said, well, we have this contractor who comes in six times a day for iced tea. I said, well, why does he do that? Well, he said, when he wants a fresh iced tea, he just presses the app, comes in, picks it up, doesn't speak to anyone and goes. Yeah, who wants to talk to people anyway in the morning? But who is taking that next level of customization? Is that what the app looks like to even take it down? How many ice cubes do I want? Is that where this is all going? Well, actually, ice cubes is an interesting one. I'm not sure I've ever thought about that. You always come up with that. My mind's out there. I've got to keep it in your toes, Nigel. Yeah, but we do have 25,000 ways to make our coffee. Most people don't know that. But I think you talk about customization, personalization. Now, one of the reasons we did Perks originally was to get that one-to-one data. And we're now using artificial intelligence to send out the offers. I've always said that we're still at the beginning of this. It's going to develop. I think personalization is very important, encouraging people to buy more through the app, encouraging people to buy more through on the go. I think that's probably to answer your original question the next stage. Giving them more up-sale opportunities. Interesting. Well, what's also interesting is that while you're doing this, you're making a big drive-through push. We just talked to Domino CEO Patrick Doyle. And he was discussing how they have the car show up to your house potentially in 10 years with no driver in it. But you're making a drive-through push. Why? Well, OK, so let me go back. I think delivery is going to be huge. I think Patrick is absolutely right. Autonomous vehicles, I think, is the term. I think that will happen. It's interesting that one of our competitors in the UK launched coffee delivery by drone this week. So all that's going to happen. By drone? By drone. Yeah, I mean, it's possible. Going back to Patrick, they're delivering pizza in Australia by drone. I don't know if he mentioned that. But anyway, so I think the opportunity is spectacular. I think drive-through is, if you like, old tech, but a very important tech. When I got to the company, 50% of our stores were drive-through. And then my first few years, we opened each year about 50% were drive-through. Then it moved to 70%. This year, it's a staggering 85%. And Dave Hoffman, who runs Duncan US, is really focused on drive-throughs. I think around the world, you're going to see drive-through take off. I mean, we're testing drive-through only stores in California and Saudi Arabia. And I think there's going to be a lot more people on the road in Saudi Arabia now that women can drive. Drive-through only stores? Yeah, yeah. I mean, here's an interesting statistic. It's virtually there now because we got one store where the average of the traffic that goes through the drive-through and the average Duncan is 70%. We got one store where it's 96%. So that's nearly drive-through only. So think about that. That's great for our franchisees because it's probably a lower box to kit out. You don't have all the customer-facing stuff. You have a very small box, maybe a double drive-through. But I want to stress again, Dave Hoffman's really bought this expertise in drive-through. And he was very experienced in drive-through McDonald's. It's a huge difference. And drive-through is part of this ultimate convenience. Ultimate convenience is drive-through, on the go, curbside, and then delivery. I'll get your coffee anyway. Switching gears a little bit, Paul, political stuff. I know you're a very well-read guy. What do you hope to see in this tax plan? How can this tax plan help Duncan Brands make more money? What do you like to see from this? Well, I think we're seeing, and I know it's just the first stages. It hasn't been officially announced. But based on what we heard this morning, we think the pass-through tax rate is great, 25%, because most of our small business people are either small corporations or they pay pass-through personal tax. 25% is a big difference for them. I think the corporate tax rate coming down is exciting for the rest of them. And that's all about encouraging our franchisees to have the cash, because they're not paying the tax, to reinvest in our business. We're also excited as a corporation, because we have a beautiful model where we have a lot of cash flow. This gives us an opportunity to pay less tax. I mean, our average over the last few years would be 38%. That's kind of ridiculous. So we see that as a benefit for Duncan Brands. And our franchisees. And I'll just add one more thing. I'm very keen that the immediate expensing of capital investments, either for remodels or new stores, is maintained, because that's what franchisees want. That helps them develop more stores. That helps them remodel more stores. That means more jobs. And it's better for the economy. It sounds like you plow those savings back in your business. Is that how you're thinking about it? Well, I think our franchisees do. I mean, our franchisees have got a spectacular record of plowing money back in the business. And if I take the last two years, they've invested $1 billion back in the Duncan US business. Sure. I want to ask you just to stay on the topic somewhat. You have a big business in South Korea. What are your franchisees telling you right now? They're on the ground. There's tons of rhetoric going on between us and North Korea. What are you hearing? Well, to be honest, I don't hear a lot. I think people are concerned. I think people are concerned about the rhetoric on both sides. I know Japan, which is they've had a few missiles go over the top of them. So I think there's great concern. I think what I said is to someone yesterday, if you go to Korea, if you go to Seoul, you realize how close North Korea is. I mean, you can walk up to the fence. So I think it's very close. They must be concerned. I just hope that common sense prevails because it'd be good for our business that we have some stability. And it's not just in Korea. I think it has a little bit impacted China and Japan as well. Sure. What is Duncan's position? Odell Beckham, he's in your commercials a lot. I know the team has come out and say they weren't happy about his celebration dance. What's Duncan's response to that? About his celebration dance that he did over the past weekend. Well, actually, I was in Barcelona. I did see some of that. To be honest, I've not heard a lot about it. I mean, there was a lot to talk about the NFL this weekend. So I probably missed it. But I'm very involved in sports. And I think celebration is part of what the fans like. He's been a great ambassador for the brand. He does these ads with Rob Gronkowski, who's also a terrific guy. So just face it, sportsmen are like artists. They're going to do some different things. Lastly, what inspires you as a leader? We've talked many times over the past couple of years. I don't think we've ever asked you that. Who has inspired you? What inspires you? OK, a lot of people inspire me. I mean, I think a lot of sports people inspire me. I mean, I think the Bill Beretschek must be the greatest coach of all time. And I don't support the Patriots, despite the fact that I've been in Boston. I support another. That was good. I saw what you did there. I was good. You know, I'm reading Alex Ferguson's book. You know, he was a long-time manager at Manchester United. I think, you know, people with vision. I think George Mitchell is another one that's inspired me. You think what he pulled off in his life as a diplomat here. I mean, after all, he kind of cured the Northern Ireland crisis. I think it's people with vision, people with passion. But it's also people who build a stable environment. And I think if you go back to Bill Beretschek, think what they've done at the Patriots and it's that stability that I think is important. Well, you just made a lot more fans in Boston. Nigel Travis, thanks for joining us. Thank you very much, bro.