Krispy Kreme Inc (DNUT) 2022 Q3 法說會逐字稿

Hello. My name is Lisa, and I will be your conference operator today. At this time, I would like to welcome everyone to the Krispy Kreme Third Quarter Earnings Conference Call. (Operator Instructions) I would now like to turn the call over to Mr. Rob Ballew, Head of Investor Relations. Please go ahead.

你好。我叫麗莎，今天我將擔任你們的會議接線員。此時，我想歡迎大家參加 Krispy Kreme 第三季度收益電話會議。 （操作員說明）我現在想把電話轉給投資者關係主管 Rob Ballew 先生。請繼續。

Thank you. Good morning, everyone, and welcome to Krispy Kreme's Third Quarter 2022 Earnings Call. Thank you for joining us this morning. Our third quarter earnings release and an accompanying earnings presentation deck are available on the Investor Relations portion of our website at investors.krispykreme.com.

謝謝你。大家早上好，歡迎來到 Krispy Kreme 的 2022 年第三季度財報電話會議。感謝您今天早上加入我們。我們的第三季度收益發布和隨附的收益演示文稿可在我們網站 investors.krispykreme.com 的投資者關係部分獲取。

Joining me on the call this morning is Mike Tattersfield, President and Chief Executive Officer; Josh Charlesworth, Global President, Chief Operating and Financial Officer; and Joey Pruitt, Chief Accounting Officer. After prepared remarks by Mike and Josh, there will be a question-and-answer session.

今天早上和我一起參加電話會議的是總裁兼首席執行官 Mike Tattersfield；全球總裁兼首席運營官和財務官 Josh Charlesworth；首席會計官 Joey Pruitt。在 Mike 和 Josh 準備好發言後，將進行問答環節。

Before we begin, I would like to remind you that this call contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities and Litigation Reform Act of 1995, including statements of expectations, future events or future financial performance. Forward-looking statements involve a number of inherent risks and uncertainties, and we caution investors that these risks could cause actual results to differ materially from those contained in these forward-looking statements. These factors and other risks and uncertainties are described in detail in the company's Form 10-K filed with the SEC on March 11 of this year. Forward-looking statements made today speak only as of today. The company assumes no obligation to publicly update or revise any forward-looking statements, except as may be required by law.

在我們開始之前，我想提醒您，本次電話會議包含根據 1995 年《私人證券和訴訟改革法案》的安全港條款作出的前瞻性陳述，包括預期、未來事件或未來財務業績的陳述。前瞻性陳述涉及許多固有的風險和不確定性，我們提醒投資者，這些風險可能導致實際結果與這些前瞻性陳述中包含的結果存在重大差異。公司於今年 3 月 11 日向美國證券交易委員會提交的 10-K 表格中詳細描述了這些因素以及其他風險和不確定性。今天做出的前瞻性陳述僅代表今天。公司不承擔公開更新或修改任何前瞻性陳述的義務，法律可能要求的除外。

Additionally, today's call will include certain non-GAAP financial measures. A reconciliation between non-GAAP financial measures and their closest GAAP measures can be found in the company's third quarter 2022 earnings press release and our Form 10-Q, which will be furnished certainly to the SEC and available at investors.krispykreme.com.

此外，今天的電話會議將包括某些非 GAAP 財務指標。非 GAAP 財務指標與其最接近的 GAAP 指標之間的對賬可以在公司 2022 年第三季度收益新聞稿和我們的 10-Q 表格中找到，該表格肯定會提供給美國證券交易委員會，並可在 investors.krispykreme.com 上找到。

With that, I'll turn the call over to Mike.

有了這個，我會把電話轉給邁克。

Good morning, and thank you, everyone, for joining us today. We are pleased to share our third quarter 2022 results, which were bolstered by accelerating organic growth that was driven by our continued successful execution of our omnichannel strategy.

早上好，謝謝大家今天加入我們。我們很高興分享我們 2022 年第三季度的業績，這些業績得益於我們持續成功執行全渠道戰略所推動的加速有機增長。

I want to start today's call by thanking our Krispy Kremers, our team members. We're driving another strong quarter of revenue growth, where we had positive organic growth in every country around the world despite a tough macro environment. Without your efforts and dedication, this would not be possible. (foreign language).

我想通過感謝我們的團隊成員 Krispy Kremers 來開始今天的電話會議。我們正在推動又一個強勁的收入增長季度，儘管宏觀環境艱難，但我們在全球每個國家/地區都實現了積極的有機增長。沒有你們的努力和奉獻，這是不可能的。 （外語）。

As you all know, the purpose of our company is to touch and enhance the lives of others through the joy that is Krispy Kreme. In the third quarter, we celebrated our 85th birthday with sweet promotions around the globe, launched Doggie Doughnuts for our 4-legged friends and helped support over a dozen charities around the globe, ranging from cleaning up the planet, driving blood donations and supporting children and low-income communities. And we've raised more than $30 million through fundraising year-to-date.

眾所周知，我們公司的宗旨是通過 Krispy Kreme 的快樂來感動和改善他人的生活。在第三季度，我們在全球範圍內通過甜蜜的促銷活動慶祝了我們的 85 歲生日，為我們的四足朋友推出了 Doggie Donuts，並幫助支持了全球十幾個慈善機構，包括清潔地球、推動獻血和支持兒童和低收入社區。年初至今，我們通過籌款籌集了超過 3000 萬美元。

Fundraising is an integral part to Krispy Kreme's purpose and has been part of our DNA for many years, as part of our efforts to give back and support local community and issues. We are proud to be a global company operating in over 30 countries, and campaigns like these highlight the joy we help create and how we can really drive genuine consumer connections with our brand in an impactful way.

籌款是 Krispy Kreme 宗旨不可或缺的一部分，多年來一直是我們 DNA 的一部分，作為我們回饋和支持當地社區和問題的努力的一部分。作為一家業務遍及 30 多個國家/地區的全球性公司，我們深感自豪，此類活動突顯了我們幫助創造的快樂，以及我們如何以有影響力的方式真正推動消費者與我們的品牌建立真正的聯繫。

Turning to our performance. We made terrific progress on our long-term strategy to drive our omnichannel model in the third quarter, demonstrated by a 17% increase in points of access from a year ago, and this led to global organic revenue growth of roughly 12% over the prior year. Total doughnuts sold during the quarter was up 6% globally from a year ago, or more than 380 million doughnuts. That's a lot of doughnuts. We saw strong performance in the U.S. in our hubs and spokes and Insomnia Cookies as well as in Mexico, Australia and New Zealand and market development, including a robust performance in equity on Japan.

談到我們的表現。第三季度，我們在推動全渠道模式的長期戰略方面取得了巨大進展，接入點比一年前增加了 17%，這導致全球有機收入比上一季度增長了約 12%年。本季度全球甜甜圈銷量同比增長 6%，即超過 3.8 億個甜甜圈。那是很多甜甜圈。我們在美國的 hubs and spokes 和 Insomnia Cookies 以及墨西哥、澳大利亞和新西蘭以及市場開發方面表現強勁，包括在日本股票方面的強勁表現。

In addition to strong DFD performance, much of the growth was also driven by robust e-commerce sales, which represented 18.5% of retail sales, up 170 basis points from a year ago. The growth was led by Insomnia Cookies and Krispy Kreme in the U.S., which saw e-commerce mix grew a combined 370 basis points to 20.7% from a year ago. E-commerce growth was driven by an expanded delivery rates through partnerships with third-party aggregators, the addition of dark shops and improved availability of our specialty doughnuts on our mobile app. While much progress has been made, we continue to see significant upside to our e-commerce platform in the coming years.

除了強勁的 DFD 表現外，大部分增長還受到強勁的電子商務銷售的推動，電子商務銷售額佔零售額的 18.5%，比一年前增長 170 個基點。增長由美國的 Insomnia Cookies 和 Krispy Kreme 引領，其電子商務組合比一年前增長了 370 個基點，達到 20.7%。通過與第三方聚合商的合作夥伴關係、暗店的增加以及我們移動應用程序上特色甜甜圈的可用性提高，推動了電子商務的增長。雖然取得了很大進展，但我們繼續看到我們的電子商務平台在未來幾年有顯著的上升空間。

Our U.K. market continues to see a challenged consumer environment impacted by soaring energy costs and overall inflationary pressures, which led to significant declined in general retail and supermarket traffic in the U.K. Additionally, the strength of the U.S. dollar continues to impact our results, including reducing our net revenue growth by more than [3.3%] and reducing our adjusted EBITDA in the quarter by approximately $3.1 million.

我們的英國市場繼續面臨充滿挑戰的消費環境，受到能源成本飆升和整體通脹壓力的影響，這導致英國的一般零售和超市客流量顯著下降。此外，美元走強繼續影響我們的業績，包括減少我們的淨收入增長超過 [3.3%]，並將本季度調整後的 EBITDA 減少約 310 萬美元。

Despite strong global organic revenue growth, adjusted EBITDA in the quarter declined modestly to $38.5 million due to FX challenges in the U.K. operating environment. In the U.S., we ran higher promotional activity in the first 2 months of the quarter. But since September, we've significantly reduced our promotional activity without any impact on revenue, which has led to significantly improved gross profit trends. In the U.S. and Canada segment, our performance was driven by the strength of our Hubs with Spokes, highlighted by another increase in Sales per Hubs and double-digit same-store sales growth by Insomnia Cookies led by growth in e-commerce revenue. Organic revenue grew 9% in the third quarter, while total revenue grew 12%. Our DFD business continued to gain momentum with the addition of 2 large regional partners, higher points of access, and we continue to see strong interest from potential partners.

儘管全球有機收入增長強勁，但由於英國運營環境中的外匯挑戰，本季度調整後的 EBITDA 小幅下降至 3850 萬美元。在美國，我們在本季度的前兩個月開展了更高的促銷活動。但自 9 月以來，我們大幅減少了促銷活動，但對收入沒有任何影響，這導致毛利潤趨勢顯著改善。在美國和加拿大市場，我們的業績受到 Hubs with Spokes 實力的推動，突出表現在電子商務收入增長帶動下，每個 Hub 的銷售額再次增長，Insomnia Cookies 實現兩位數的同店銷售額增長。第三季度有機收入增長 9%，而總收入增長 12%。隨著 2 個大型區域合作夥伴的加入、更高的訪問點，我們的 DFD 業務繼續獲得發展勢頭，我們繼續看到潛在合作夥伴的濃厚興趣。

We also continue to strengthen our omnichannel execution with a successful premium Pumpkin Spice LTO in August which was launched simultaneously through DFD, retail, e-commerce and Branded Sweet Treats. Since then, we've also run our premium price Halloween LTOs across multiple channels, and we'll be using a similar approach during the Thanksgiving and winter holidays as well. We continue to premiumize and innovate with the recent successful launch of Fritter Fridays to add to our handcut Cinammon Rolls Sundays, both of which are in our newer fourth-tier premium price point, which can be more than 50% premium to our Original Glazed doughnut. These LTOs and innovative products really drive buzz and brand love in addition to more profitable sales.

我們還通過 DFD、零售、電子商務和 Branded Sweet Treats 在 8 月份成功推出的優質 Pumpkin Spice LTO 繼續加強我們的全渠道執行。從那時起，我們還在多個渠道運行我們的高價萬聖節 LTO，我們也將在感恩節和寒假期間使用類似的方法。我們通過最近成功推出的 Fritter Fridays 繼續高端化和創新，將其添加到我們的手工切制肉桂卷星期天，這兩者都處於我們更新的第四級溢價點，比我們的原始釉面甜甜圈溢價 50% 以上.這些 LTO 和創新產品除了帶來更有利可圖的銷售外，還真正推動了口碑和品牌喜愛度。

Adjusted EBITDA in the third quarter increased 10% in the U.S. and Canada with strong organic revenue growth and price increases, offsetting higher promotional activity and margin loss in the Hubs without Spokes. In our international market, all of our international countries, including those in market development, had positive organic growth in the third quarter, led by robust performances in Mexico, Australia and Japan. Additionally, our U.K. business also had modestly positive organic growth with a successful omnichannel -- not LTO despite cycling a tremendous quarter a year ago and coping with the worst consumer sentiment there in decades.

美國和加拿大第三季度調整後的 EBITDA 增長了 10%，有機收入增長強勁，價格上漲，抵消了 Hubs without Spokes 更高的促銷活動和利潤損失。在我們的國際市場，我們所有的國際國家，包括市場開發國家，在墨西哥、澳大利亞和日本的強勁表現的帶動下，在第三季度實現了積極的有機增長。此外，我們的英國業務也通過成功的全渠道實現了適度的正有機增長——而不是 LTO，儘管一年前出現了一個巨大的季度循環，並應對了幾十年來最糟糕的消費者情緒。

One thing that gives us confidence with our omnichannel model is our ability to succeed in challenging markets as we reach consumers wherever they are. When you complement that with relevant products, strong brand partners and maximizing our celebratory occasions like our recent Minions Halloween doughnuts in most markets across the globe, we really see strong engagement with the brand.

讓我們對我們的全渠道模式充滿信心的一件事是，我們有能力在充滿挑戰的市場中取得成功，因為我們可以接觸到身在何處的消費者。當您通過相關產品、強大的品牌合作夥伴和最大化我們的慶祝活動（例如我們最近在全球大多數市場推出的小黃人萬聖節甜甜圈）來補充這一點時，我們確實看到了與該品牌的強烈互動。

Roughly half of our system light sales and adjusted EBITDA are outside the U.S., proving that Krispy Kreme is truly a loved global brand. As you know, our goal is to open in at least 3 new countries per year going forward. So far, in 2022, we've signed development deals in 7 international countries, including announcing Jamaica this morning as well as a recently announced joint venture in France for 2023, which together represent more than 5,000 points of access or nearly 50% of our existing points of access.

我們大約一半的系統燈銷售額和調整後的 EBITDA 都在美國以外，證明 Krispy Kreme 確實是一個深受喜愛的全球品牌。如您所知，我們的目標是今後每年至少在 3 個新國家/地區開設分店。到目前為止，到 2022 年，我們已經在 7 個國際國家簽署了開發協議，包括今天早上宣布牙買加以及最近宣布的 2023 年在法國的合資企業，它們總共代表了 5,000 多個接入點或我們近 50% 的接入點現有的接入點。

France alone has the potential for more than 2,000 points of access, and we expect to open 500 there in the first 5 years. We will enter this market as a minority partner with a very strong operator in Wagram which operates more than 200 Columbia cafes in France, with the right to acquire a majority stake in future years.

僅法國就有超過 2,000 個訪問點的潛力，我們預計在頭 5 年在那裡開設 500 個。我們將作為少數合夥人進入這個市場，與 Wagram 中非常強大的運營商合作，Wagram 在法國經營著 200 多家 Columbia 咖啡館，並有權在未來幾年獲得多數股權。

Additionally, Americana, our franchise partner in the Middle East, recently opened a shop in Jordan for the first time and achieved the highest weekly sales ever in the Middle East. With a proven model, we are building a very strong pipeline for new market entries with both existing and new franchise partners as well as looking at equity stakes in certain strategic markets. We expect to be able to announce further market entries over the coming quarters as we continue our journey to become the most-loved sweet treat brand in the world.

此外，我們在中東的特許經營合作夥伴 Americana 最近首次在約旦開設了一家商店，並創下了中東有史以來最高的每週銷售額。憑藉經過驗證的模式，我們正在與現有和新的特許經營合作夥伴建立非常強大的新市場進入渠道，並著眼於某些戰略市場的股權。隨著我們繼續努力成為世界上最受歡迎的甜食品牌，我們希望能夠在未來幾個季度宣布更多的市場准入。

While our omnichannel strategy has grown significantly over the last few years, lack of access to Krispy Kreme is still by far and away, the #1 reason customers do not purchase our product. Our DFD journey to this point has been led by points of access in grocery and convenience stores. However, we see the Spoke strategy evolving over time to more channels. Just recently, we announced an operational test pilot of 9 locations in Louisville, Kentucky and the surrounding area with McDonald's to serve Krispy Kreme Doughnuts, bringing together 2 iconic brands that have so much in common.

雖然我們的全渠道戰略在過去幾年中取得了顯著發展，但仍然無法訪問 Krispy Kreme，這是客戶不購買我們產品的第一大原因。到目前為止，我們的 DFD 之旅是由雜貨店和便利店的訪問點引導的。但是，我們看到 Spoke 策略隨著時間的推移演變為更多渠道。就在最近，我們宣布與麥當勞在肯塔基州路易斯維爾及周邊地區的 9 個地點進行試運營，為 Krispy Kreme 甜甜圈提供服務，將兩個具有如此多共同點的標誌性品牌結合在一起。

Obviously, this is a small test to partner with a global company, but we think this represents the type of opportunity that shows why we remain very confident in our long-term goal of achieving more than 50,000 points of access globally. We believe that strong global partners could be a great fit to significantly grow our DFD business. We continue to look for new partners and channels across the globe as we build out our hub-and-spoke model to increase access to customers, and we look forward to updating you on this journey.

顯然，這是與一家全球公司合作的一個小測試，但我們認為這代表了一種機會，表明了為什麼我們對實現全球超過 50,000 個接入點的長期目標仍然充滿信心。我們相信強大的全球合作夥伴非常適合顯著發展我們的 DFD 業務。在我們構建中心輻射模型以增加與客戶的接觸時，我們將繼續在全球範圍內尋找新的合作夥伴和渠道，我們期待在這一旅程中為您提供最新信息。

Wrapping up, I'm extremely proud of how the team has and continues to manage evolve on pricing, growing points of access with excellent cost discipline as we manage external challenges like inflation and geopolitical pressures. Short-term macro challenges will remain in some markets, but I am confident in our ability to thrive highlighted by the strong organic growth in the third quarter, low levels of price elasticity and the continued ability to expand our omnichannel model in new and capital-efficient ways.

最後，我為團隊在應對通貨膨脹和地緣政治壓力等外部挑戰時如何並繼續管理定價、增加接入點以及出色的成本紀律而感到非常自豪。一些市場仍將面臨短期宏觀挑戰，但我對我們在第三季度強勁的有機增長、低水平的價格彈性以及在新的和資本領域擴展我們的全渠道模式的持續能力所強調的蓬勃發展的能力充滿信心-有效的方法。

As I mentioned last quarter, we are very excited to be hosting an Investor Day on December 15 here at our headquarters in Charlotte, North Carolina, which will also be webcasted. At that time, we will provide further detail on our strategic vision and long-term growth goals. We will have a number of exciting updates to share with you at this event and introduce our initial 2023 to 2026 outlook as well. I'll now turn it over to Josh to walk you through our Q3 financials and our outlook for the balance of 2022. Josh?

正如我在上個季度提到的，我們很高興將於 12 月 15 日在我們位於北卡羅來納州夏洛特的總部舉辦投資者日活動，該活動也將進行網絡直播。屆時，我們將提供有關我們的戰略願景和長期增長目標的更多細節。我們將在此次活動中與您分享許多令人興奮的更新，並介紹我們對 2023 年至 2026 年的初步展望。我現在將其轉交給喬什，向您介紹我們第三季度的財務狀況以及我們對 2022 年餘額的展望。喬什？

Thanks, Mike, and good morning, everyone. In the third quarter, our Krispy Kremers once again showed that our beloved brand and our unique business model combined to deliver growth across our sales channels and across the world. Sales revenue grew 10% to $378 million, with organic growth, which excludes the impact of franchisee acquisitions and changes in foreign currency and even stronger 12%.

謝謝，邁克，大家早上好。在第三季度，我們的 Krispy Kremers 再次表明，我們鍾愛的品牌和我們獨特的商業模式相結合，在我們的銷售渠道和全球範圍內實現了增長。銷售收入增長 10% 至 3.78 億美元，實現有機增長，不包括加盟商收購和外匯變化的影響，甚至增長 12%。

During the quarter, we added another 294 fresh points of access, mostly in the form of capital-light Delivered Fresh Daily doors, taking us to over 11,700 points of access globally, an increase of nearly 1,700 from a year ago. Along with our successful brand activation and pricing mixtures, this has resulted in a more than 15% increase in 12-month Sales per Hub compared to the prior year in both our domestic and international business segments. We see this as a strong indicator of higher margins in the future due to the efficiency benefits of adding off-premise sales to the Hot Light Theaters.

在本季度，我們又增加了 294 個生鮮接入點，主要以輕資本每日新鮮交付門的形式，使我們在全球範圍內擁有超過 11,700 個接入點，比一年前增加了近 1,700 個。加上我們成功的品牌激活和定價組合，這導致我們國內和國際業務部門的每個樞紐的 12 個月銷售額比上一年增長了 15% 以上。我們認為這是未來更高利潤率的有力指標，因為在 Hot Light 影院增加場外銷售會帶來效率優勢。

Adjusted EBITDA was $38.5 million for the third quarter, down a little from a year ago. It would have been slightly up but for a $3.1 million foreign exchange impact. The benefits to EBITDA of higher points of access and further price increases were also partially offset by 2 additional factors.

第三季度調整後的 EBITDA 為 3850 萬美元，比一年前略有下降。如果不是 310 萬美元的外匯影響，它會略有上升。更高的接入點和進一步的價格上漲給 EBITDA 帶來的好處也被另外兩個因素部分抵消了。

First, our high-margin U.K. market was challenged by Germany weak retail traffic in all sectors, reflecting the cost-of-living crisis there. Second, price promotional activity in the U.S. remained high for the first 2 months of the quarter due to our well-received Beat the Pump discount, which ramp all the way through Labor Day. The final period of the quarter saw price promotional activity in the U.S. returned to normal with no impact on sales. This, along with additional pricing on DFD in September, and then the final period of the quarter, posted significantly higher margins than the prior year.

首先，我們的高利潤英國市場受到德國所有行業零售流量疲軟的挑戰，反映出那裡的生活成本危機。其次，美國的價格促銷活動在本季度的前 2 個月仍然很高，這是由於我們廣受歡迎的 Beat the Pump 折扣，該折扣一直持續到勞動節。本季度末，美國的價格促銷活動恢復正常，對銷售沒有影響。這與 9 月份 DFD 的額外定價以及本季度的最後一個時期相比，利潤率明顯高於去年同期。

In the third quarter, GAAP net loss was $11.8 million or negative $0.08 diluted EPS, which includes the impact of $5 million of impairment charges related to planned shop closures as part of our strategic review of our Hubs without Spokes in the U.S. Adjusted net income for the quarter was $5.9 million, and adjusted diluted EPS in the third quarter was $0.03.

第三季度，GAAP 淨虧損為 1180 萬美元或負 0.08 美元的攤薄後每股收益，其中包括與計劃關閉商店相關的 500 萬美元減值費用的影響，這是我們對美國無輻條中心的戰略審查的一部分調整後的淨收入該季度為 590 萬美元，第三季度調整後的攤薄每股收益為 0.03 美元。

In the U.S. and Canada business segment, total revenue increased 12% in the third quarter to $253 million, and organic growth was 9%, an acceleration on our second quarter performance. Growth was strongest again in Delivered Fresh Daily partly due to a 9% increase in point of access, but we also saw strong growth at the doughnut shop, via e-commerce and from Insomnia Cookies.

在美國和加拿大業務部門，第三季度總收入增長 12% 至 2.53 億美元，有機增長率為 9%，比我們第二季度的業績有所加速。 Delivered Fresh Daily 的增長再次強勁，部分原因是訪問點增加了 9%，但我們也看到甜甜圈店通過電子商務和 Insomnia Cookies 實現了強勁增長。

We added 206 points of access in the third quarter, taking our total to 6,259 in the U.S. and Canada. Like last year, we do not expect points of access growth in the fourth quarter in the U.S. with grocery store customers accepting minimal changes to their floor space during the holidays. We expect point of access to resume a strong growth again in 2023, though.

我們在第三季度增加了 206 個接入點，使我們在美國和加拿大的接入點總數達到 6,259 個。與去年一樣，我們預計美國第四季度的接入點不會增長，因為雜貨店客戶在假期期間接受了他們的佔地面積的微小變化。不過，我們預計接入點將在 2023 年再次恢復強勁增長。

Hubs with Spokes in the U.S., which increased by 2 to 129 during the quarter, averaged $4.5 million Sales per Hub on a trailing 12-month basis in the third quarter, which is up 18% compared to a year ago due to the success of our omnichannel model and pricing actions. Our hub-and-spoke model is working and helped add more than 200 basis points of margin in the quarter, which, along with higher pricing, offset significant commodity inflation and elevated labor costs. In addition to increasing the number of Hubs with Spokes, we opened 6 new cookie shops in the third quarter. Reaching 227 Insomnia Cookie shops in total at the end of September.

美國的 Hubs with Spokes 在本季度增加了 2 個，達到 129 個，第三季度連續 12 個月平均每個 Hub 的銷售額為 450 萬美元，由於我們的全渠道模型和定價行為。我們的中心輻射模型正在發揮作用，並幫助本季度增加了 200 多個基點的利潤率，這與更高的定價一起抵消了顯著的商品通脹和勞動力成本的上升。除了增加 Hub with Spokes 的數量外，我們還在第三季度新開了 6 家餅乾店。 9月底總計達到227家Insomnia Cookie店鋪。

Last quarter, I announced the planned closure of approximately 10 Krispy Kreme shops after a performance review of our shop network, in particular, the 118 Hubs without Spokes, which are Hot Light Theaters, which do not benefit from off-premise points of access expansion. We closed 8 shops during the third quarter. We also identified a further 12 shops, which we will close in the coming months. All of these shops are low revenue and have flat or negative EBITDA margins. And most of our Hubs without Spokes which could not be converted to produce for DFD. We believe these 20 locations represent the overwhelming majority of potential closures.

上個季度，在對我們的商店網絡進行績效審查後，我宣布計劃關閉大約 10 家 Krispy Kreme 商店，特別是 118 個沒有輻條的 Hubs，它們是 Hot Light Theatres，它們無法從場外訪問點擴展中受益.我們在第三季度關閉了 8 家商店。我們還確定了另外 12 家商店，我們將在未來幾個月內關閉這些商店。所有這些商店的收入都很低，EBITDA 利潤率持平或為負。我們的大多數 Hubs 沒有 Spokes，無法轉換為 DFD 產品。我們認為這 20 個地點代表了絕大多數可能關閉的地點。

During our review, we also identified additional Hubs without Spokes, which could either be converted to produce for DFD by closing the lobby area or we converted all the way to spokes taking in doughnuts from other production hubs. I look forward to sharing more details on this at our December Investor Day.

在我們的審查過程中，我們還確定了其他沒有輻條的中心，它們可以通過關閉大廳區域轉換為 DFD 的生產，或者我們一直轉換為輻條，從其他生產中心接收甜甜圈。我期待在我們 12 月的投資者日分享更多這方面的細節。

Adjusted EBITDA for the U.S. and Canada in the third quarter increased 10% to $22 million with margins roughly flat at 8.7% in our seasonally lowest margin quarter of the year. EBITDA margins did improve as the quarter progressed, reflecting a mid-single-digit price increase in DFD in September and significantly reduced promotional discounts after Labor Day. We took further pricing action in mid-October in retail and e-commerce, which brings the total year-over-year pricing increase to the low double digits. Overall, we've seen low levels of elasticity from both the July and October retail price increases and expect price promotional activity to remain at more historical lower levels moving forward.

第三季度美國和加拿大的調整後 EBITDA 增長 10% 至 2200 萬美元，利潤率大致持平於我們今年季節性最低利潤季度的 8.7%。隨著季度的進展，EBITDA 利潤率確實有所改善，反映出 9 月份 DFD 的中個位數價格上漲以及勞動節後促銷折扣的大幅減少。我們在 10 月中旬對零售和電子商務採取了進一步的定價行動，使總價格同比增幅達到低兩位數。總體而言，我們看到 7 月和 10 月零售價格上漲的彈性較低，預計價格促銷活動將繼續保持在歷史較低水平。

Now moving to our International segment. Net revenue grew 5.4% in the third quarter to $92 million with FX headwinds creating attempts of drag during the quarter. Organic revenue increased 15.5% with excellent performances from the Mexico, Australia and New Zealand, driven by strong premium product innovations and successful price increases. In the U.K. and Ireland, we saw organic growth but at a much lower rate with the continued challenging consumer environment.

現在轉到我們的國際部分。第三季度淨收入增長 5.4% 至 9200 萬美元，外匯逆風在本季度造成拖累。在強勁的優質產品創新和成功的價格上漲的推動下，墨西哥、澳大利亞和新西蘭的有機收入增長了 15.5%。在英國和愛爾蘭，我們看到了有機增長，但隨著消費環境的持續挑戰，增長率要低得多。

International points of access expanded by 14 in the third quarter and by 548 year-to-date. The 22% increase in international points of access from a year ago allowed us to leverage our 37 international hubs to grow international Sales per Hub to $10.0 million on a trailing 12-month basis up 16% from a year ago, even with the FX headwinds.

第三季度國際接入點增加了 14 個，今年迄今增加了 548 個。與一年前相比，國際接入點增加了 22%，這使我們能夠利用我們的 37 個國際樞紐，將每個樞紐的國際銷售額在連續 12 個月的基礎上增加到 1000 萬美元，比一年前增長 16%，即使在外匯逆風的情況下.

International adjusted EBITDA for the third quarter declined 15.7% to $18 million as gains in Mexico, Australia, New Zealand were not enough to offset a decline in the U.K. The U.K. decline was driven by $1.6 million in ForEx from the weakened pound as well as cost increases in labor and commodities. We recently took a double-digit price increase in retail in the U.K. and continue to review pricing across our markets as we look to offset expected cost increases in 2023.

第三季度國際調整後 EBITDA 下降 15.7% 至 1800 萬美元，原因是墨西哥、澳大利亞和新西蘭的收益不足以抵消英國的下降。英國下降的原因是英鎊疲軟帶來的 160 萬美元外匯交易以及成本勞動力和商品的增加。我們最近將英國的零售價格上調了兩位數，並繼續審查整個市場的定價，以期抵消 2023 年的預期成本增長。

Now to our third business segment, Market Development, which is made up of our franchise businesses around the world and the equity around Japan market. Total revenues in the third quarter increased 11% to $33 million, even with a 15% impact from FX headwinds and franchise acquisitions. In fact, organic growth in the quarter was a very strong 26% with great performances in particular, in our international franchise markets and in Japan, both of which saw organic growth in excess of 25% for the second quarter in a row.

現在是我們的第三個業務部門，市場開發，它由我們在世界各地的特許經營業務和日本市場的股權組成。第三季度的總收入增長了 11%，達到 3300 萬美元，儘管外匯逆風和特許經營權收購帶來了 15% 的影響。事實上，本季度的有機增長非常強勁，達到 26%，尤其是在我們的國際特許經營市場和日本，這兩個市場的有機增長連續第二個季度超過 25%。

Adjusted EBITDA in the third quarter for Market Development increased 15% to $10.4 million, despite a negative $0.7 million impact from FX headwinds. Adjusted EBITDA margins increased a 100 basis points to 31.4% in the third quarter compared to the prior year.

第三季度市場開發調整後的 EBITDA 增長了 15% 至 1,040 萬美元，儘管外匯逆風帶來了 70 萬美元的負面影響。與去年同期相比，第三季度調整後的 EBITDA 利潤率增加了 100 個基點，達到 31.4%。

Turning to guidance. This morning, we reiterated our 2022 full year guidance, which included 10% to 12% organic revenue growth, $189 million to $195 million in adjusted EBITDA and $0.29 to $0.32 adjusted EPS with capital expenditures of $105 million to $110 million. We guided $10 million to $12 million in FX headwinds for 2022. But given the continued strength in the dollar, we expect to come in closer to the $12 million.

轉向指導。今天早上，我們重申了我們的 2022 年全年指導方針，其中包括 10% 至 12% 的有機收入增長、1.89 億美元至 1.95 億美元的調整後 EBITDA 和 0.29 至 0.32 美元的調整後每股收益以及 1.05 億美元至 1.1 億美元的資本支出。我們預計 2022 年的外匯逆風將達到 1000 萬至 1200 萬美元。但鑑於美元持續走強，我們預計將接近 1200 萬美元。

We have great top line momentum with a strong performance at Halloween and record results in DFD, which lead us to expect to come in near the top end of our revenue. In quarter 4, we expect to benefit from our recent pricing actions and reduced discounting through the holiday season, but the FX headwinds and uncertainty in the U.K. consumer environment leads us to believe that it more likely will come in at the lower end of our EBITDA guidance. Commodities are, of course, locked in for the balance of 2022. We have now also locked in more than 90% of our needs through Q3 2023 at high single-digit inflation well below the more than 20% we have seen for 2022.

我們在萬聖節表現強勁，在 DFD 取得了創紀錄的成績，這使我們的收入勢頭強勁，這使我們有望接近收入的頂端。在第 4 季度，我們預計將受益於我們最近的定價行動和假期期間減少的折扣，但英國消費者環境的外匯逆風和不確定性使我們相信它更有可能出現在我們的 EBITDA 的低端指導。當然，大宗商品鎖定到 2022 年剩餘時間。到 2023 年第三季度，我們還鎖定了 90% 以上的需求，通脹率遠低於我們在 2022 年看到的超過 20% 的高個位數通脹率。

We remain very confident in our ability to deliver strong organic top and bottom line growth in both the near and long term through omnichannel, innovation and marketing, the expansion of our hub-and-spoke model and the growth of e-commerce. In addition, we're using pricing, productivity initiatives and the optimization of our Hubs without Spokes to offset inflationary pressures and grow margins.

我們對通過全渠道、創新和營銷、中心輻射模型的擴展以及電子商務的增長在短期和長期內實現強勁的有機收入和利潤增長的能力充滿信心。此外，我們正在使用定價、生產力計劃和無輻條中心的優化來抵消通貨膨脹壓力並增加利潤。

Operator, we can now open the call up to Q&A, please.

接線員，我們現在可以打開問答環節了。

(Operator Instructions) Your first question comes from the line of John Ivankoe with JPMorgan.

（操作員說明）您的第一個問題來自摩根大通的 John Ivankoe。

I'm going to ask some questions about the McDonald's partnership, but I'd like to talk about it more strategically, if I can. First, I mean, there's a few of us on this call old enough to remember when Krispy Kreme doughnuts were put into McDonald's stores in London, Ontario 20 years ago. I don't know if there was a case study that was done on that, I mean what was done correctly, what wasn't done correctly. At least from what I remember, there just weren't enough doughnuts sold in a given day for that program to continue. So I just wanted to kind of get some comments of like what may have changed versus, I think, a fairly similar program put in 20 years ago versus today, but certainly educate me on that.

我要問一些關於麥當勞合作夥伴關係的問題，但如果可以的話，我想更戰略性地談談它。首先，我的意思是，我們中的一些人年齡足夠大，還記得 20 年前 Krispy Kreme 甜甜圈被放入安大略省倫敦市的麥當勞商店。我不知道是否有關於此的案例研究，我的意思是什麼做對了，什麼做錯了。至少從我的記憶來看，在給定的一天中，甜甜圈的銷量不足以讓該計劃繼續進行。所以我只是想得到一些評論，比如可能發生了什麼變化，我認為，20 年前和今天推出的一個相當相似的程序，但肯定會在這方面教育我。

And then secondly, FMA, just like near the broader idea of distributing Krispy Kreme products to areas where customers are likely to buy 1 or 2 or 3 doughnuts versus the 6, 12, 18, 24 that's currently available in grocery stores. Again, this brand used to be distributed fairly widely in convenience stores. I mean, I think management -- yes that was a strategy that you didn't like and that you didn't think it was right for the brand and it really wasn't profitable from a DFD perspective. But I wanted to see if what we're seeing with this McDonald's test could be the development of a much broader single-serve type of DFD occasion, which obviously is very different than what you currently have in most grocery stores that I've seen.

其次，FMA，就像將 Krispy Kreme 產品分發到客戶可能購買 1 或 2 或 3 個甜甜圈的區域的更廣泛的想法，而不是目前在雜貨店提供的 6、12、18、24。同樣，這個品牌曾經在便利店中分佈得相當廣泛。我的意思是，我認為管理——是的，這是一種你不喜歡的策略，你認為它不適合該品牌，而且從 DFD 的角度來看，它確實沒有盈利。但我想看看我們在這次麥當勞測試中看到的是否可以開發更廣泛的單份 DFD 場合，這顯然與我目前在大多數雜貨店看到的有很大不同.

Sure. I'm not -- so John, this is Mike, how you doing today. I'll give you just the 2 questions that you asked. First, about McDonald's. Our long-term strategy is we've always said to get access to our customer base. In fact, we defined very clearly long term that we believe there's 50,000 points of access that's primarily going to be made up of, at that point, convenience and grocery stores. We also knew internally that would look to evolve with other spokes. So when the opportunity came, when you have an iconic world-class brand like McDonald's, we agreed to do a DFD test in the Louisville, Kentucky, it's an offset today. It aligns with our DFD model. It's about fresh doughnuts to them. It's early days, and we just started this. I know we'll keep you up on the journey as we move along.

當然。我不是——約翰，我是邁克，你今天過得怎麼樣。我只會給你你問的兩個問題。首先，關於麥當勞。我們的長期戰略是我們一直說要接觸我們的客戶群。事實上，我們非常明確地定義了長期，我們認為有 50,000 個訪問點主要由便利店和雜貨店組成。我們在內部也知道它會與其他輻條一起發展。所以當機會來臨時，當你擁有像麥當勞這樣的標誌性世界級品牌時，我們同意在肯塔基州的路易斯維爾進行 DFD 測試，這是今天的一個補償。它與我們的 DFD 模型一致。這是關於他們的新鮮甜甜圈。現在還很早，我們才剛剛開始。我知道我們會在我們前進的過程中讓你繼續前進。

In terms of -- I know the Canada story, it wasn't a DFD, fresh business model. And they didn't have an integrated system of how to do it daily. So any time that they were trying to do doughnuts, they couldn't really figure out the demand pattern. So history gives you a lens, but that's a very different history.

就-我知道加拿大的故事而言，它不是 DFD，新的商業模式。而且他們沒有一個集成的系統來說明如何每天做這件事。因此，每當他們嘗試做甜甜圈時，他們都無法真正弄清楚需求模式。所以歷史給了你一個鏡頭，但那是一段截然不同的歷史。

In terms of merchandise mix, if you think about the opportunity, if you look at other channels or other partners, they will have 3 packs, 6 packs, 12 packs, even single pack because that even exists today in our convenience shops, right, where you can walk in and you can buy a singles and people make doughnut selections. Do they want a -- they make it themselves. That's about putting the cabinet in the locations. So that's the discipline of how we sell. We're not really in the business of a single-doughnut purchase or what we do for our customers, and then they maximize their merchandise mix opportunity. It's about fresh doughnut access to where our customers are and using what we're building today in a DFD system to get there. I hope I answered those questions for you.

在商品組合方面，如果你考慮機會，如果你看其他渠道或其他合作夥伴，他們將有 3 包，6 包，12 包，甚至單包，因為今天我們的便利店也有，對，在那裡你可以走進去，你可以買單曲，人們可以選擇甜甜圈。他們想要一個——他們自己做。那是關於將機櫃放在位置上。這就是我們銷售方式的紀律。我們並不是真正從事單一甜甜圈購買業務或我們為客戶所做的事情，然後他們最大化他們的商品組合機會。它是關於新鮮的甜甜圈訪問我們的客戶所在的位置，並使用我們今天在 DFD 系統中構建的內容來到達那裡。我希望我為你回答了這些問題。

You did. But again, I mean maybe it's just me being myself so far in seeing public and seeing the doughnuts. I think the smallest pack is 6. It might even be 12 at my local store. But kind of getting back to where you have cases where customers can buy single-serve doughnut at convenience, yes. I mean there are many convenience stores where customer visitation is highly predictable. If it makes sense, I mean, to go into national convenience stores. For example, I mean, does the DFD model support relatively small drops versus grocery, where presumably you're selling more per store per day? I just want to get a sense of how flexible that model is in terms of Delivered Fresh Daily to accounts that might not sell that many doughnuts in a given day, I mean how much flex there is?

你做到了。但是，我的意思是，到目前為止，也許這只是我自己在公眾場合和甜甜圈方面的表現。我認為最小的包裝是 6 個。在我當地的商店甚至可能是 12 個。但是有點回到客戶可以方便地購買單份甜甜圈的情況，是的。我的意思是有很多便利店的顧客訪問量是高度可預測的。如果有道理，我的意思是，進入國家便利店。例如，我的意思是，與雜貨店相比，DFD 模型是否支持相對較小的掉落，而雜貨店可能每天每家商店的銷量更高？我只是想了解該模型在每日新鮮交付方面對於可能在給定日期內可能不會銷售那麼多甜甜圈的帳戶有多靈活，我的意思是有多少靈活性？

Right. So think through about a route and the flexibility of adding an additional door on an existing route, you can get into how the convenience store model works. So that becomes an opportunity for you. So the grocery stores will continue to evolve from a 12 and 6 to even single serves as well, as you see in Tesco and that ability. You want to see what the customer is looking for. You actually maximize your merchandising mix by having the cabinet there. So the choice option becomes there. It's the same drop. You're then going through a route system and looking at convenience customers who want to pick the few customer brands that matter and then build that same logistics, different size, different customers. But it's not about going everywhere. We said before we're going to be really disciplined about how we build the route.

正確的。因此，通過考慮一條路線以及在現有路線上添加額外門的靈活性，您可以了解便利店模式的運作方式。所以這對你來說是一個機會。因此，雜貨店將繼續從 12 份和 6 份發展到甚至單份，正如您在 Tesco 和這種能力中看到的那樣。你想看看客戶在尋找什麼。您實際上可以通過將櫥櫃放在那裡來最大化您的商品組合。所以選擇選項就在那裡。是一樣的滴。然後，您將通過一個路線系統，尋找便利的客戶，他們希望選擇少數幾個重要的客戶品牌，然後建立相同的物流、不同規模的不同客戶。但這並不是要到處走。我們之前說過，我們將非常嚴格地規劃路線。

Question comes from the line of Sarah Senatore with Bank of America.

問題來自美國銀行的 Sarah Senatore。

This is Jessica Owusu Afari on for Sarah Senatore. This is just another one related to the MCD partnership. I guess just more hubs more generally. Can you talk about your hubs and how we can think about how many additional DFD doors you could support in the U.S. on the existing capacity and how many more you would need to, for example, service all of the Walmart stores or if you're willing to discuss a broader rollout with McDonald's?

我是傑西卡·奧烏蘇·阿法裡 (Jessica Owusu Afari)，代表莎拉·參議員 (Sarah Senatore)。這只是與 MCD 合作夥伴關係相關的另一個問題。我想只是更多的集線器更普遍。你能談談你的樞紐嗎？我們如何考慮你可以在美國支持多少個額外的 DFD 門在現有容量上以及你還需要多少，例如，為所有沃爾瑪商店提供服務，或者如果你是願意與麥當勞討論更廣泛的推廣？

Jessica, this is Josh. Yes. I mean we do have clearly excess capacity across the U.S. to build out the DFD door network, whether it's Walmart, McDonald's or others. We know that the Sales per Hub is just $4.5 million in the U.S. compares to more than $10 million internationally to give you a good guide of that track capacity. Now some of the hubs are not all in optimum locations are old structured and laid out to maximize the opportunity to match the international level, but there is significant room to grow.

傑西卡，這是喬希。是的。我的意思是，無論是沃爾瑪、麥當勞還是其他公司，我們在美國各地確實有明顯的產能過剩來建立 DFD 門禁網絡。我們知道，在美國，每個樞紐的銷售額僅為 450 萬美元，而在國際上則超過 1000 萬美元，這可以為您提供有關軌道容量的良好指南。現在，一些樞紐並非都處於最佳位置，它們的結構和佈局都是陳舊的，以最大限度地提高與國際水平相匹配的機會，但仍有很大的發展空間。

And our annual guide, whether a 10% increase or more DFD door growth, can be supported largely in the U.S. by our existing hub network. We currently have plans for 5 to 10 hubs a year added in the U.S., and that will be more than enough to support that growth going forward, although, indeed, as you see in the U.S., the growth is strong. So we need to continuously look to ways to optimize and improve the operations of our existing hubs and even convert more Hubs without Spokes to be able to service the DFD growth given the level of the demand we're seeing in points of access.

我們的年度指南，無論是 10% 的增長還是更多的 DFD 門增長，都可以在美國得到我們現有樞紐網絡的主要支持。我們目前計劃每年在美國增加 5 到 10 個樞紐，這足以支持未來的增長，儘管事實上，正如您在美國看到的那樣，增長勢頭強勁。因此，我們需要不斷尋找優化和改進現有集線器運營的方法，甚至轉換更多沒有輻條的集線器，以便能夠根據我們在接入點看到的需求水平來滿足 DFD 的增長。

Next question comes from the line of John Glass with Morgan Stanley.

下一個問題來自約翰·格拉斯與摩根士丹利的對話。

First, Mike, just going back to your comments on the reduced promotional activity in the U.S. and you're not really seeing a diminution of demand. Are you rethinking how you think about promotions, price point promotions maybe in favor of focusing on LTOs? Or is this just about timing and you just aren't going to promote as much as given the holidays, but you might still go back to traditional promotional activity next year?

首先，邁克，回到你對美國促銷活動減少的評論，你並沒有真正看到需求減少。您是否正在重新考慮您對促銷的看法，價格點促銷可能有利於關注 LTO？或者這只是時間問題，你不會像假期那樣進行促銷，但明年你可能仍會回到傳統的促銷活動？

Yes. John, well, Q4, as you well know, our big celebration quarter, the biggest quarter of the year. So obviously, it's natural that we wouldn't be promoting on price as much at this time of the year more focused on our specialty doughnuts, which are a premium price points and don't necessarily need during the holiday season to have the same kind of price promotion.

是的。約翰，好吧，第四季度，正如你所知，我們的盛大慶祝季度，一年中最重要的季度。很明顯，我們很自然地不會在每年的這個時候進行價格促銷，而是更專注於我們的特色甜甜圈，這是一個溢價點，在假期期間不一定需要同類產品的價格促銷。

So there's certainly an element of timing of that. we certainly found that Beat the Pump promotion that really gained a lot of notoriety in the spring. Was not as successful as it led through the summer. So it's clear that, that mechanism isn't as applicable in the fourth quarter. So no major change. We want to be able to make sure that we provide value to our consumer but also provide those premium celebration offerings to them. So recognizing the changing consumer dynamics. We just did a great promotion for Veterans Day one for the election. So we'll still continue to do these Acts of Joy as appropriate. But yes, this is the big quarter for us, Halloween, the holidays when there's a lot of demand, and we want to make sure we follow through to the bottom line on that.

所以肯定有一個時間因素。我們當然發現 Beat the Pump 促銷活動在春季確實聲名狼藉。沒有像它帶領整個夏天那樣成功。所以很明顯，該機制不適用於第四季度。所以沒有大的變化。我們希望能夠確保我們為消費者提供價值，同時也為他們提供那些優質的慶祝產品。因此，認識到不斷變化的消費者動態。我們剛剛為選舉的退伍軍人節做了一個很好的宣傳。因此，我們仍將繼續酌情進行這些歡樂行動。但是，是的，這對我們來說是一個重要的季度，萬聖節，假期有很多需求，我們希望確保我們堅持到底。

And just as a quick follow-up, can you just talk about the point of access growth in the international markets? There wasn't much. I'm not sure if that had to do with the timing. 2 as you point about in the U.S., retailers don't want to reset in the fourth quarter, maybe that's earlier in the international markets. Were there a number of exits in the U.K. as a result of this? And through what happening in the point of access growth in the international, particularly in the DFD business type?

作為快速跟進，您能否談談國際市場的准入增長點？沒有太多。我不確定這是否與時間有關。 2 正如您在美國指出的那樣，零售商不想在第四季度重新設置，也許在國際市場上更早。因此，英國有許多出口嗎？通過國際訪問增長點發生了什麼，特別是在 DFD 業務類型中？

You may have seen back in the second quarter, very strong growth internationally. So it's more a timing piece. In the third quarter, we didn't see any sort of exits or anything like that. It's more that the teams are just great gains during the second quarter.

您可能已經在第二季度看到了國際上非常強勁的增長。所以它更像是一個時間片。在第三季度，我們沒有看到任何退出或類似的情況。更重要的是，球隊在第二節取得了巨大的進步。

And therefore, your view on the fourth quarter, has that normalized? Or is that still pulled forward from the second quarter, so you don't see as much?

因此，您對第四季度的看法是否已經正常化？還是從第二季度開始就提前了，所以你看不到那麼多？

Well, we certainly don't expect a big fourth quarter in points of access growth as is typical around the world. For those grocers who's not wanting a lot of change on the floor when we have a lot of our holiday activity. The first quarter next year is when we'd expect to go back to that strong expansion growth. We are continuously looking to add. But really, January is a great opportunity to reset the store and add new merchandise, not just additional points of access but continue to improve the merchandising that we've got already out there.

好吧，我們當然不會像世界各地那樣預計第四季度的接入點會出現大幅增長。對於那些不想在我們有很多假期活動時地板上有很多零錢的雜貨店。明年第一季度，我們預計將恢復強勁的擴張增長。我們一直在尋找補充。但實際上，1 月是一個很好的機會來重新設置商店並添加新商品，不僅僅是增加訪問點，而是繼續改進我們已經存在的商品。

Our next question comes from the line of Andrew Wolf with CL King.

我們的下一個問題來自 Andrew Wolf 與 CL King 的對話。

A couple of questions on the United Kingdom. On price, if I got this right, you already had about a 5% increase over the summer. I think you just mentioned a double-digit increase. So if your prices up to the mid- to high teens, what does that tell us about commodity inflation? I assume it's running higher there than it is in other parts of the world. And secondly, have you had any view on elasticity so far? I mean that's a big price hike, particularly in the economy, as you said, is experiencing something of a consumer crisis.

關於英國的幾個問題。關於價格，如果我沒記錯的話，整個夏天你已經漲了大約 5%。我想你剛才提到了兩位數的增長。因此，如果您的價格上漲到中高位，這對商品通脹有何啟示？我認為它在那裡的運行速度高於世界其他地區。其次，到目前為止，您對彈性有什麼看法嗎？我的意思是價格大幅上漲，特別是在經濟中，正如你所說，正在經歷某種消費危機。

Maybe I'll start with the pricing, first...

也許我會先從定價開始……

So on the inflation, we have seen slightly higher inflation in the U.K. versus the rest of the world and commodity inflation on average, this year has been about 20% to 22% globally, a little bit higher in the U.K., not just on commodities. We're also seeing fuel logistics costs a little bit higher in the U.K. wage inflation overall, about the same as elsewhere, but a little bit higher on drivers. So that's all reflecting, of course, the tough economic conditions there. Mike, do you want to talk about the price?

因此，在通貨膨脹方面，我們看到英國的通貨膨脹率略高於世界其他地區，商品通貨膨脹率平均而言，今年全球範圍內約為 20% 至 22%，英國略高，不僅僅是商品.我們還看到英國整體工資通脹的燃料物流成本略高，與其他地方大致相同，但司機的成本略高。所以這一切都反映了那裡艱難的經濟狀況。邁克，你想談談價格嗎？

Yes. If you think about the pricing of the consumer in general, we've seen as the consumer and by channel and we get into the right product. So we just launched there Java nut -- doughnut that did exceptionally well. So the consumers will continue to look at that part of the promotional activity that goes through the marketplace. The omnichannel approach to the business also lets us continue to move to where the customer wants the access. So they shift around from retail, they shift around the delivery or they become price sensitive to one, they have access to the channel. So even with that, our business is still really solid in the U.K., and we're pretty comfortable about how we'll continue to be able to grow.

是的。如果你考慮一般消費者的定價，我們已經看到了消費者和渠道，我們進入了正確的產品。所以我們剛剛在那裡推出了 Java 堅果——甜甜圈，它做得非常好。因此，消費者將繼續關注通過市場進行的那部分促銷活動。全渠道業務方法還讓我們能夠繼續移動到客戶想要訪問的地方。所以他們從零售轉向，他們轉向交付，或者他們對價格敏感，他們可以進入渠道。所以即便如此，我們在英國的業務仍然非常穩固，我們對如何繼續增長感到非常滿意。

Great. Got it. And I wanted to also ask about the guidance, which you maintained despite what's going on in the U.K. And you mentioned you might -- the lower end might be better for EBITDA because of the U.K. But should we infer that other regions and segments are kind of outperforming your internal expectations? Or were you looking for the U.K. to be about what it is.

偉大的。知道了。我還想問一下指導，儘管英國發生了什麼事，你仍然保持著指導你提到你可能 - 由於英國的原因，EBITDA 的低端可能更好但是我們是否應該推斷其他地區和細分市場是好的超越您的內部期望？或者您是否正在尋找英國的現狀。

Yes. Looking forward, we expect the U.S. in particular, to lead the way in the fourth quarter, although we actually do see strong performance from many countries around the world. But in the U.K -- in the U.S., sorry, we obviously had a great Halloween. It's a big quarter anyway. We expect to drive volumes, particularly with those specialty doughnuts at the higher price points and flow them through. As we discussed earlier, the discounts are materially lower. And on DFD, we only took pricing right at the end of the third quarter in the U.S. And so we benefit for a full quarter on that.

是的。展望未來，我們預計美國尤其會在第四季度引領潮流，儘管我們確實看到世界上許多國家的強勁表現。但在英國——在美國，抱歉，我們顯然度過了一個美好的萬聖節。無論如何，這是一個很大的季度。我們希望推動銷量，尤其是那些價格較高的特色甜甜圈，並讓它們流通。正如我們之前討論的那樣，折扣要低得多。在 DFD 上，我們只在美國第三季度末才進行定價，因此我們從中受益了整整一個季度。

Also, earlier in the call, I mentioned the continued momentum we have on Hub with Spokes and flow-through and also the optimization program on the Hubs without Spokes. So a number of things happening in the U.S. that give confidence to both the top and bottom line. And then the rest of the world, we're still seeing strong momentum in the hub-and-spoke omnichannel model working. We just need to be conscious of that FX headwind and thoughtful around how we manage the U.K. through these challenging economic conditions. But overall, with the U.S. being strong, the expectation is clear that we'll be able to deliver on our guidance.

此外，在電話會議的早些時候，我提到了我們在 Hub with Spokes 和 flow-through 上的持續發展勢頭，以及在 Hubs without Spokes 上的優化計劃。因此，美國發生的許多事情給最高和最低水平都帶來了信心。然後在世界其他地方，我們仍然看到中心輻射型全渠道模式的強勁勢頭。我們只需要意識到外匯逆風，並思考我們如何在這些充滿挑戰的經濟條件下管理英國。但總的來說，隨著美國的強大，人們很清楚我們將能夠實現我們的指導。

Yes. I mean one thing that should give you a little bit of a support on that, as well as all of our countries actually growing top line, every single one, even the U.K., right? So it shows you how the consumer and how we can adjust in these environments and how the omnichannel model can actually really benefit us, right? It's not just one retail access point, right? It's a multichannel approach to how to view it. So that's where -- as Josh just said, it's going to be led this time by the U.S., but a lot of the countries will come through. And even we saw organic revenue growth in the U.K.

是的。我的意思是有一件事應該給你一點支持，以及我們所有的國家實際上都在增長收入，每個國家，甚至英國，對吧？所以它向您展示了消費者如何以及我們如何在這些環境中進行調整以及全渠道模型如何真正使我們受益，對嗎？它不僅僅是一個零售接入點，對吧？這是一種查看方式的多渠道方法。所以這就是 - 正如喬希剛才所說，這次將由美國領導，但很多國家都會通過。甚至我們在英國也看到了有機收入增長

Our next question comes from the line of Brian Mullan with Deutsche Bank.

我們的下一個問題來自德意志銀行的 Brian Mullan。

Just a question on point of access expansion, specifically on the France news. I think you mentioned a minority stake, but could you just confirm, is that going to sit in your international segment or in your Market Development segment. And then related, if you could just comment how you expect the different types of points of access to evolve in that market between the need to build out the hubs and then how quickly you could layer on the spokes. Just any color on the next steps for that launch would be great.

只是關於訪問擴展點的問題，特別是關於法國新聞。我想你提到了少數股權，但你能否確認一下，是屬於你的國際部門還是你的市場開發部門。然後相關的是，如果您可以評論一下您期望不同類型的接入點在該市場中如何發展，既需要構建中心，又需要以多快的速度在輻條上分層。該發布的後續步驟中的任何顏色都很棒。

Yes. So we did do a minority JV in France. It will be in the Market Development segment. We'll look at -- we see a 2,000 points of access opportunity, but you start with the hub, and pretty soon after, we start building out the spokes. That is the strategy. That's what's completely changed about Krispy Kreme. It's not about building all the doughnut shops and then adding that capacity. It's leveraging the existing hubs that are there. So we'll start with our 1 or 2 hubs in France and then start building the spoke network appropriately. And you'll see that happening starting in 2023, we start to potentially open our first hub in France.

是的。所以我們確實在法國做了少數合資企業。它將屬於市場開發部分。我們會看看 - 我們看到了 2,000 個訪問點的機會，但是你從中心開始，不久之後，我們開始構建輻射。這就是策略。這就是 Krispy Kreme 完全改變的地方。這不是關於建造所有的甜甜圈店然後增加容量。它利用現有的樞紐。因此，我們將從法國的 1 或 2 個中心開始，然後開始適當地構建輻射網絡。你會看到從 2023 年開始發生的事情，我們開始有可能在法國開設我們的第一個樞紐。

And then just a follow-up. Just wondering if you could update us on the Sweet Treats business in the U.S. and Canada. I guess, maybe number one, how are you currently thinking about the pace of sustainable revenue growth over, say, the next 3 to 5 years? And then number two, is -- just any way to help us think about the segment EBITDA dollar or margin tailwind that could represent in 2023. Just want to confirm you'd expect profitability next year on a full year basis, and that would be a tailwind.

然後只是跟進。只是想知道您是否可以向我們介紹美國和加拿大的 Sweet Treats 業務。我想，也許是第一，你目前如何看待未來 3 到 5 年可持續收入增長的步伐？然後是第二個，就是幫助我們思考 2023 年可能代表的細分市場 EBITDA 美元或利潤順風的任何方式。只是想確認你預計明年全年的盈利能力，那就是順風。

So the Branded Sweet Treats business all start up in a longer shelf-life Sweet Treat category continues to mature, actually delivered another quarter of profitability in the third quarter, which we're pleased to see. That was partly the result of pricing taken earlier in the year. And we're continuously optimizing our manufacturing network and seeing gains there as well. We remain confident in the long-term potential of Branded Sweet Treats.

因此，品牌甜食業務都以保質期更長的甜食類別開始，並繼續成熟，實際上在第三季度又實現了四分之一的盈利，我們很高興看到這一點。這在一定程度上是今年早些時候定價的結果。我們正在不斷優化我們的製造網絡，並在那裡也看到了收益。我們對品牌甜食的長期潛力充滿信心。

You asked about 2023. We continue to broaden our distribution. But to be frank, I think that the Delivered Fresh Daily business, the hub-and-spoke model will be the biggest contributor of bottom line performance in the coming quarters. We're happy with the long-term potential of Branded Sweet Treats, but it's still in its start-up phase.

你問的是 2023 年。我們繼續擴大我們的分佈。但坦率地說，我認為 Delivered Fresh Daily 業務，即中心輻射型模式將是未來幾個季度底線業績的最大貢獻者。我們對 Branded Sweet Treats 的長期潛力感到滿意，但它仍處於起步階段。

Your next question comes from the line of Bill Chappell with Truist Securities.

你的下一個問題來自 Truist Securities 的 Bill Chappell。

Just want a better understanding of -- and I know we've discussed this before but just overall pricing that's in the numbers now. I know it's certainly benefited, but I'm -- I don't know if I'm looking at the wrong way. Like if you look at the global points of access, up 16% and then kind of Sales per Hub up 18%, it would imply if you've taken anything more than 2% price increase that the volumes are actually down year-over-year. So I'm just trying to understand -- I mean are we talking 5%, 10%, 15% pricing? And as you look into next year, is that a hurdle you have to overcome? Or do you expect some reacceleration to continue even despite pricing comps?

只是想更好地了解——我知道我們之前已經討論過這個問題，但只是現在數字中的整體定價。我知道它肯定受益，但我——我不知道我是否看錯了方向。就像你看看全球接入點，增長 16%，然後每個樞紐的銷售額增長 18%，這意味著如果你的價格上漲超過 2%，那麼銷量實際上同比下降了-年。所以我只是想了解——我的意思是我們是在談論 5%、10%、15% 的定價嗎？當你展望明年時，這是你必須克服的障礙嗎？或者你是否期望即使定價補償也會繼續一些再加速？

It's a lot of metrics you mentioned there, some of them that you can't quite add up in that way. But maybe just to step back. Volume is increasing. Globally and in the U.S., we're selling more doughnuts than ever before. The pricing that we've now taken gets us to low double digit, if I stick with the U.S. for a moment in the beginning of the fourth quarter. And so that's certainly helping drive our strong top line momentum to your point.

你在那裡提到了很多指標，其中一些你不能以這種方式完全加起來。但也許只是退後一步。體積在增加。在全球和美國，我們銷售的甜甜圈比以往任何時候都多。如果我在第四季度初堅持美國一段時間，我們現在採用的定價使我們的價格低至兩位數。因此，這肯定有助於推動我們強勁的頂線勢頭達到您的觀點。

That, combined with the biggest contributor, the points of access, there is always, whenever you take pricing, a modest impact in terms of elasticity, but certainly, relatively low, and we're pleased with the pricing actions we've taken. One of the reasons the volume is still high. And the way you added the numbers is a bit of a mix effect towards the growth of Delivered Fresh Daily. We sell more dozens actually. That way, it skews the volume a little bit.

結合最大的貢獻者訪問點，無論何時定價，彈性方面的影響總是適度的，但肯定相對較低，我們對我們採取的定價行動感到滿意。成交量仍然很高的原因之一。你添加數字的方式對 Delivered Fresh Daily 的增長有點混合影響。我們實際上賣了幾十個。這樣，它會稍微扭曲音量。

And when you look forward, we expect to continue to drive volume of our doughnuts across the channels and in deeper the pricing. Volume, a big part of it coming from the points of access expansion and leveraging those Hubs and Spokes in the U.S. So those things all combine to explain why the momentum we're seeing in the fourth quarter is what we expect in the long run.

當您展望未來時，我們希望繼續推動我們的甜甜圈跨渠道銷售量和更深層次的定價。數量，其中很大一部分來自訪問擴展點和利用美國的 Hubs and Spokes。所以這些因素結合起來解釋了為什麼我們在第四季度看到的勢頭是我們長期預期的。

Okay. I can follow-up. And then maybe looking specifically at pricing and the U.K. Are you at -- I'm trying to understand the elasticity of -- can you take, or do you even need to take further pricing in the U.K.? And I'm just trying to understand what the -- what's the impact of -- you haven't been able to take the pricing that you maybe hope in that elasticity or consumers are reacting to the price points, and so it's having lower volumes. Just trying to understand how that's pretty specific economic pain for that area. I'm just trying to understand how it's impacting kind of your pricing volumes and outlook.

好的。我可以跟進。然後可能會特別關注定價和英國。你在——我想了解彈性——你能接受，還是需要在英國進一步定價？而且我只是想了解什麼 - 影響是什麼 - 你無法採用你可能希望的彈性定價或消費者對價格點做出反應，因此它的銷量較低.只是想了解該地區的具體經濟痛苦。我只是想了解它如何影響您的定價量和前景。

So it's not an elasticity challenge that's going on in the marketplace. You just can think about when we just launched a new doughnut promotion, which is a premiumization and it is very successful, right? What it is, is channels and channels that were -- the business is in how the consumer is reacting to those channels in general, right? So you got a significant part of the business in the supermarket trade business. And if that channel has shifted just from how consumers are interacting with it, I see us being able to continue to price and get very thoughtful about how do you partner with those Tesco's of the world and getting interaction from our customer because the barrier becomes much more for them. And our opportunity in the U.K. to continue to look at other omnichannel partners that we could also continue to grow, so the opportunity in the U.K. is still in front of us. And we continue to believe that.

所以這不是市場上正在發生的彈性挑戰。你可以想一想我們剛剛推出了一個新的甜甜圈促銷活動，這是一種高端化，非常成功，對吧？它是什麼，是渠道和渠道 - 業務是消費者對這些渠道的總體反應，對吧？所以你在超市貿易業務中獲得了很大一部分業務。而且，如果該渠道已經從消費者與之互動的方式轉變，我認為我們能夠繼續定價並非常仔細地考慮如何與世界上那些 Tesco 合作並與我們的客戶進行互動，因為障礙變得很大對他們來說更多。我們在英國有機會繼續尋找我們也可以繼續發展的其他全渠道合作夥伴，因此英國的機會仍然擺在我們面前。我們繼續相信這一點。

Next question comes from the line of David Palmer with Evercore ISI.

下一個問題來自 Evercore ISI 的 David Palmer。

I'm curious about pricing net of commodities. When do you expect pricing to catch up to commodity inflation, net of your -- any hedging you're doing? And how does that differ between the U.S. and U.K., for example?

我很好奇商品的定價淨值。您預計定價什麼時候會趕上商品通脹，扣除您所做的任何對沖？例如，美國和英國之間有何不同？

So during the third quarter, you saw us take price for the first time in 2022 on retail and early in the quarter, on DFD later in the quarter in the U.S. We also took pricing earlier in the quarter in the U.K. Following the U.K., we had taken another price increase, but quite small, at the beginning of the year.

因此，在第三季度，您看到我們在 2022 年和本季度初在美國本季度晚些時候在 DFD 上首次定價。我們也在本季度早些時候在英國定價。繼英國之後，我們今年年初又進行了一次提價，但漲幅很小。

I would definitely say that, that was the beginning of a catch-up. We certainly didn't anticipate the level of food inflation in the U.S. or the U.K. at the beginning of the year as we saw. And we're pleased with the success of those pricing initiatives. We've then taken further pricing in October in both U.K. and the U.S. We do find that, in this environment of price increases, we can almost instantaneously increase the pricing on retail. But obviously, we need to work with our partners on DFD. So that does lag a little bit behind.

我肯定會說，那是追趕的開始。正如我們所看到的那樣，我們當然沒有預料到今年年初美國或英國的食品通脹水平。我們對這些定價舉措的成功感到高興。然後我們在 10 月份在英國和美國進一步定價。我們確實發現，在這種價格上漲的環境下，我們幾乎可以立即提高零售定價。但顯然，我們需要與我們的合作夥伴就 DFD 進行合作。所以這確實有點落後。

And so I would say we're working now through the fourth quarter to catch up to the level you're describing. So it's fair to say that we're very close to that now. Inflation continues next year, but we have a good read on it with more than 90% of the commodity requirements that we have in our ingredients already covered, which is obviously, we've gone a little further out than in past years in the context of environment and, indeed, some favorability on some of those commodities. It leads us to be more like high single digits.

所以我想說我們現在正在努力通過第四季度趕上你所描述的水平。所以可以公平地說，我們現在非常接近這一點。明年通貨膨脹將繼續，但我們對它有一個很好的了解，我們已經涵蓋了我們成分中超過 90% 的商品需求，這顯然，我們比過去幾年走得更遠環境，事實上，對其中一些商品的一些優惠。它使我們更像高個位數。

We do see wage inflation remaining high. We want to invest in our Krispy Kremers, but it's slowing a little bit. So with all that said, we think we're there, in terms of your original question about having the pricing up to the qualities as we stand now here in the fourth quarter, but we're obviously still a little behind in the third, a little bit maybe into January as we make sure the DFD, which kind of like behind, as I mentioned earlier, stays close.

我們確實看到工資通脹仍然很高。我們想投資我們的 Krispy Kremers，但它正在放緩一點。因此，儘管如此，就您最初提出的問題而言，我們認為我們已經達到了第四季度我們現在所處質量的定價，但我們顯然在第三季度仍然落後了一點，可能會進入 1 月份，因為我們要確保 DFD（就像我之前提到的那樣）保持接近。

I wonder, as we're thinking about '23, I don't know if you're going to be comfortable talking about whether you expect to be at or above your long-term Algo in terms of EBITDA growth in '23 at this point. But what are some -- other than this pricing net of commodities, what are some of the big buckets you would advise for us to be looking at? You talked about non-hub rationalization. And clearly, there's going to be impact from the trajectory of the U.S. versus U.K. in general. But maybe those are it. But what are some things that you would have us be thinking about?

我想知道，當我們考慮 23 年時，我不知道你是否願意談論你是否期望在 23 年的 EBITDA 增長方面達到或超過你的長期算法觀點。但是，除了這個商品定價網之外，還有哪些是您建議我們關注的大桶？您談到了非樞紐合理化。顯然，美國與英國的總體軌跡會產生影響。但也許就是這些。但是，您想讓我們考慮哪些事情？

Well, I'll share -- willing to share what to do what we do now about 2023. And it's clear that we can maintain our growth momentum in this economic climate. Across the world, as Mike said, even in the U.K., we delivered organic growth in the third quarter. But in the U.S. and elsewhere, we're seeing very strong top line momentum. It's volume and pricing working at the same time, plus, of course, more than 10% increase a year on the points of access. So all that supported by modest hub growth is a continued trend that we see for many years to come, in fact.

好吧，我會分享——願意分享我們現在在 2023 年所做的事情。很明顯，我們可以在這種經濟環境下保持增長勢頭。正如邁克所說，在全球範圍內，即使在英國，我們在第三季度也實現了有機增長。但在美國和其他地方，我們看到了非常強勁的頂線勢頭。它的數量和定價同時起作用，當然，訪問點每年增加 10% 以上。因此，事實上，適度的樞紐增長所支持的所有這些都是我們在未來許多年看到的持續趨勢。

Now the next big thing to note on the bottom line is the margin flow-through from our Hubs with Spokes. We're seeing more and more cities now benefiting from that model as we add these additional points of access largely to existing hubs and leverage the fixed costs, and so we expect that benefit to continue. The Hubs without Spokes, a portion of them, clearly, in this environment, been shown to be less successful. And as you mentioned, we're looking to both exit the [20] I mentioned earlier and indeed look to change some of the operating characteristics further of those Hubs and Spokes.

現在，在底線上要注意的下一件大事是我們的 Hubs with Spokes 的利潤流轉。隨著我們將這些額外的接入點主要添加到現有樞紐並利用固定成本，我們看到越來越多的城市現在受益於該模型，因此我們預計這種優勢將繼續下去。顯然，在這種環境下，沒有輻條的中心，其中的一部分，被證明不太成功。正如您所提到的，我們正在尋求退出我之前提到的 [20]，並且確實希望進一步改變這些 Hubs and Spokes 的一些操作特徵。

So a number of things we can drive at. I mean the other one, of course, is that thing that isn't entirely within the control of the Krispy Kreme model is some of the broader consumer sentiment in the U.K. and FX trends. We'll manage those as best we can. But what's great is that our model, we're just as confident in it -- in this environment as we were when we started on this journey. And so our long-term plans are very similar to what we've been talking about before. We can't wait to just give you more detail at the Investor Day in December. We really want to share some of that points of access expansion, particularly these new markets. A question on France earlier talk about how we see that playing out in the future years, do more of a deep dive on the Hub and Spoke optimization in the U.S., some of those high-level comments I made there. I think there's a lot of rich insight there.

所以我們可以做很多事情。當然，我的意思是另一個不完全在 Krispy Kreme 模型控制範圍內的事情是英國的一些更廣泛的消費者情緒和外匯趨勢。我們會盡我們所能管理這些。但最棒的是我們的模型，我們對它充滿信心——在這個環境中，就像我們開始這段旅程時一樣。因此，我們的長期計劃與我們之前討論的非常相似。我們迫不及待地想在 12 月的投資者日為您提供更多詳細信息。我們真的很想分享一些訪問擴展點，尤其是這些新市場。早些時候關於法國的一個問題談到我們如何看待未來幾年的發展，對美國的 Hub and Spoke 優化進行更多深入研究，其中一些是我在那裡發表的高級評論。我認為那裡有很多豐富的見解。

And then the other one that we haven't talked about on this call at all today but one that's performing very well particularly on the e-commerce side is Insomnia Cookies. We're not just adding cookie shops. We're seeing very strong growth in the cookie shops we have today, thanks largely to continuous success in the digital e-commerce side of that business, and we can't wait to share with you more about that as we look further ahead.

然後我們今天在這次電話會議上根本沒有討論過另一個，但在電子商務方面表現非常好的一個是 Insomnia Cookies。我們不只是增加餅乾店。我們看到今天的餅乾店增長非常強勁，這在很大程度上要歸功於該業務在數字電子商務方面的持續成功，我們迫不及待地想與您分享更多相關信息，因為我們展望未來。

Next question comes from the line of Jared Garber with Goldman Sachs.

下一個問題來自高盛的 Jared Garber。

I wanted to get a sense of the sort of exit rate on the margins from the third quarter or what you're seeing so far in the fourth quarter. You talked a little bit about incremental positive trends on the margin line. I think the commentary around the top line and the EBITDA for the full year would imply a pretty meaningful step-up in EBITDA margins in the fourth quarter. So I just wanted to get a sense of maybe, I mean, that number looks like it's close to 14%. I just wanted to get a sense of maybe what you're seeing in terms of the incremental margins as you flow through the incremental price to date? And then I have one follow-up.

我想了解一下第三季度利潤率的退出率，或者你在第四季度到目前為止看到的情況。你談到了邊緣線上的增量積極趨勢。我認為圍繞頂線和全年 EBITDA 的評論將意味著第四季度 EBITDA 利潤率的顯著提高。所以我只是想了解一下，我的意思是，這個數字看起來接近 14%。我只是想了解一下，當您通過迄今為止的增量價格流動時，您可能會在增量利潤方面看到什麼？然後我有一個跟進。

Yes. It's clear, in reiterating the guidance that doing the same math that you are in terms of the [VAC] calculation and can see in the U.S. in period 9 and period 10 that the pricing is working. The reduced discounting is working, and the volumes are strong at these particularly the specialty doughnut, which are at a premium price point. So all those things combined through the hub-and-spoke model to deliver confidence in the guidance that we've given largely from what we're doing in the U.S.

是的。很明顯，在重申指導時，您在 [VAC] 計算方面進行相同的數學運算，並且可以在美國的第 9 期和第 10 期看到定價正在發揮作用。減少的折扣正在發揮作用，這些產品的銷量非常強勁，尤其是價格較高的特色甜甜圈。因此，所有這些因素通過中心輻射模型結合在一起，使人們對我們在很大程度上根據我們在美國所做的事情給出的指導充滿信心。

Internationally, we're seeing a good performance as well, top and bottom line. The Market Development reporting segment is doing well even with the FX headwinds. In Mexico and Australia, and we're also seeing good performance and flow-through. It's just the uncertainty in the U.K., although as Mike highlights, it's still a growth business. So there's every expectation that we'll deliver on the guidance that we reiterated this morning for the bottom line, reflecting the kind of assumption that you've made.

在國際上，我們也看到了良好的表現，包括頂線和底線。即使在外匯逆風的情況下，市場開發報告部門也表現良好。在墨西哥和澳大利亞，我們也看到了良好的表現和流量。這只是英國的不確定性，儘管正如邁克強調的那樣，它仍然是一項增長業務。因此，人們普遍期望我們能夠實現我們今天早上重申的底線指導，反映出你所做的那種假設。

Great. And I guess just following up on that, would you expect U.S. and Canada EBITDA margins to be above last year's rate? I think last year it was at 12.8%, if we have that correct. I think this quarter came down a little bit versus last year, pretty close, but pretty -- down maybe 10 basis points. So just curious maybe how we should be thinking about that.

偉大的。我想就此而言，您是否希望美國和加拿大的 EBITDA 利潤率高於去年的水平？我認為去年是 12.8%，如果我們沒記錯的話。我認為本季度與去年相比略有下降，非常接近，但很漂亮——可能下降了 10 個基點。所以只是好奇我們應該如何考慮這個問題。

Well, yes, as we mentioned, I think this quarter, the third quarter reflected -- a lot to do with that discounting. And indeed, the third quarter is generally our lowest margin quarter, reflecting -- in the U.S. reflecting the summer months and ahead of all those big holiday excitement in the fourth quarter for our Krispy Kreme consumer. So we don't give guidance for the individual markets. But it's clear that the U.S. will be leading the way based on their current performance on the bottom line in the fourth quarter.

好吧，是的，正如我們提到的，我認為這個季度，第三季度反映了 - 與折扣有很大關係。事實上，第三季度通常是我們利潤率最低的季度，這反映了——在美國，反映了夏季的幾個月，並在第四季度為我們的 Krispy Kreme 消費者帶來了所有那些重大的假期興奮之前。所以我們不為個別市場提供指導。但很明顯，根據他們目前在第四季度的利潤表現，美國將處於領先地位。

Great. And then just one more, Josh, if you don't mind. Leverage, I know you reiterated the guide this morning, which I believe target leverage by the end of the year is 3.6x. It looks like, as of the end of this quarter, you're running above 4x. So I just wanted to get a sense of how we should think about that leverage level to end the year and how you get to that 3.6x.

偉大的。如果你不介意的話，喬希，再來一個。槓桿，我知道你今天早上重申了指南，我相信到年底目標槓桿是 3.6 倍。看起來，截至本季度末，您的運行速度超過 4 倍。所以我只是想了解我們應該如何考慮年底的槓桿水平以及如何達到 3.6 倍。

Yes, I can take that. This is Joey Pruitt. Just -- yes, just a couple of things there. First of all, I certainly expect a strong Q4 performance, which you've already been talking about from an EBITDA standpoint, that will certainly be helpful for us as we look to reach our guidance range there. We also have a couple of things that we can do from a cash standpoint. Working capital is going to be a little more favorable in the fourth quarter than it was to the rest of the year through Q3 as well as some things like another sale leaseback that we can do some things like that, that will help us to drive down our debt in addition to just the higher EBITDA run rate. So those are the main things there.

是的，我可以接受。這是喬伊·普魯伊特。只是 - 是的，那裡只有幾件事。首先，我當然期待第四季度的強勁表現，你已經從 EBITDA 的角度談論過，這肯定對我們有幫助，因為我們希望達到我們的指導範圍。從現金的角度來看，我們還可以做一些事情。第四季度的營運資金將比今年剩餘時間到第三季度更有利一些，比如我們可以做一些類似的售後回租，這將幫助我們壓低我們的債務除了更高的 EBITDA 運行率。所以這些是那裡的主要內容。

Yes. When I look at it long term this EBITDA improvement, particularly in the U.S., that we expect from the benefits of the hub-and-spoke model, we also actually -- we made an acquisition just a couple of months back, of an accretive -- margin-accretive business. None of that EBITDA -- back just under $20 million, we paid for that in the Midwest, none of that EBITDA is coming. It's just starting to come through now, so that doesn't go into the leverage calculation you made. So the general EBITDA improvement, continuous focus on working capital and then the benefits of that acquisition will be coming through for the coming quarters.

是的。當我從長遠來看這種 EBITDA 的改善時，尤其是在美國，我們期望從中心輻射模型的好處中獲益，我們實際上也 - 我們在幾個月前進行了一次收購，增加了——利潤增值業務。 EBITDA 都沒有——不到 2000 萬美元，我們在中西部支付了這筆費用，EBITDA 都沒有。它現在才剛剛開始出現，所以這不會進入您所做的槓桿計算。因此，EBITDA 的總體改善、對營運資本的持續關注以及收購的好處將在未來幾個季度顯現。

Bear in mind, I mean why we calculate leverage, it's all to do with our net debt position. We want to make sure we're in a strong position. People ask about interest rates. We are in a fortunate position. We decided a couple of years back to fix our interest rates, and more than 75% of our debt is at fixed rates from before the recent increases all the way through to the middle of 2024. So we obviously look to reduce the leverage, drive down the leverage to increase EBITDA and managing our cash position, but it doesn't give us concern given the fact that our interest payments won't increase significantly up at least through to the middle of '24.

請記住，我的意思是我們計算槓桿的原因，這完全與我們的淨債務頭寸有關。我們想確保我們處於有利地位。人們詢問利率。我們處於幸運的位置。幾年前我們決定固定利率，從最近的增長之前一直到 2024 年年中，我們超過 75% 的債務都是固定利率的。所以我們顯然希望降低杠桿率，推動降低杠桿以增加 EBITDA 和管理我們的現金頭寸，但考慮到我們的利息支付至少到 24 世紀中期不會顯著增加這一事實，這並沒有讓我們擔心。

At this time, there are no further questions. I would like to turn the call back over to Mike Tattersfield for closing remarks.

目前，沒有進一步的問題。我想將電話轉回 Mike Tattersfield 以作結束語。

I appreciate everybody for listening in to the call and the growth that we had in the third quarter as well as how we view the end of the year, and I want to thank all the Krispy Kremers who are just doing an incredible job for us every day. And look forward to seeing everybody that would like to attend on the Investor Day or off to the webcast as well. And you'll see a lot more detail on how the growth story and how we continue to evolve Krispy Kreme. Thank you very much.

我感謝大家傾聽我們在第三季度的電話會議和增長，以及我們如何看待今年年底，我要感謝所有 Krispy Kremers，他們每時每刻都為我們做著令人難以置信的工作日。並期待看到所有願意參加投資者日或不參加網絡直播的人。你會看到更多關於成長故事以及我們如何繼續發展 Krispy Kreme 的細節。非常感謝你。

This concludes today's conference. You may now disconnect.

今天的會議到此結束。您現在可以斷開連接。