Krispy Kreme Inc (DNUT) 2022 Q4 法說會逐字稿

Ladies and gentlemen, good morning. My name is Abby, and I will be your conference operator today. At this time, I would like to welcome everyone to the Krispy Kreme Fourth Quarter and Full Year 2022 Earnings Call. Today's call is being recorded. (Operator Instructions) And I will now turn the conference over to Rob Ballew, Vice President of Investor Relations. You may begin.

女士們，先生們，早上好。我叫艾比，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 第四季度和 2022 年全年收益電話會議。今天的通話正在錄音中。 （操作員說明）我現在將會議轉交給投資者關係副總裁 Rob Ballew。你可以開始了。

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

謝謝。大家早上好，歡迎來到 Krispy Kreme 的第四季度和 2022 年全年收益電話會議。感謝您今天加入我們。我們的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 and Chief Operating Officer; and Jeremiah Ashukian, Chief Financial Officer. After prepared remarks, 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 Josh Charlesworth；和首席財務官 Jeremiah Ashukian。準備好的發言後，將有一個問答環節。

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 and 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 any 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 2022. 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、未來事件和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任何前瞻性陳述中包含的結果大不相同。這些因素以及其他風險和不確定性在公司於 2022 年 3 月 11 日向美國證券交易委員會提交的 10-K 表格中進行了詳細描述。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 comparable GAAP measures can be found in the company's fourth quarter 2022 earnings release and Form 8-K filed today and our Form 10-K, which will be filed with the SEC later this month will also be made available on our website, investors.krispykreme.com.

此外，今天的電話會議將包括某些非 GAAP 財務指標。在公司 2022 年第四季度收益發布和今天提交的 8-K 表格以及我們將於本月晚些時候向美國證券交易委員會提交的 10-K 表格中，可以找到非 GAAP 財務指標與其最接近的可比 GAAP 指標之間的對賬也可在我們的網站 investors.krispykreme.com 上查閱。

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

有了這個，我現在將電話轉給邁克。

Good morning, and thank you, everyone, for joining us today. We are pleased to share our fourth quarter and full year 2022 results as organic growth accelerated from the third quarter, driven by our continued successful execution of our omnichannel strategy and strong performance of our premium offerings for celebration events and holidays.

早上好，謝謝大家今天加入我們。我們很高興分享我們的第四季度和 2022 年全年業績，因為有機增長從第三季度開始加速，這得益於我們持續成功地執行我們的全渠道戰略以及我們為慶祝活動和假期提供的優質產品的強勁表現。

I want to start today's call by thanking our Krispy Kremers, our team members for driving another strong quarter and year of revenue growth. In 2022, we had positive organic growth in every country around the world despite a turbulent macro environment and double-digit organic growth in all 3 segments in the fourth quarter. Thank you. Without your efforts and dedication, this would not be possible.

在今天的電話會議開始之際，我想感謝我們的團隊成員 Krispy Kremers 推動了又一個強勁的季度和年度收入增長。 2022 年，儘管宏觀環境動盪，我們在全球每個國家都實現了正有機增長，第四季度所有 3 個細分市場均實現了兩位數的有機增長。謝謝。沒有你們的努力和奉獻，這是不可能的。

Since 1937, we've been serving our iconic Original Glazed donuts to customers and has always been about sharing moments among friends, family and community. As unaffordable indulgence today, we love the fact that more than 80% of our donuts are bought to be shared with others, including as gifts. In 2022, 36% of our customers bought our donuts for a party or special event in their life, up from just 10% a few years ago.

自 1937 年以來，我們一直為客戶提供我們標誌性的 Original Glazed 甜甜圈，並且一直致力於與朋友、家人和社區分享美好時光。作為今天難以承受的放縱，我們喜歡這樣一個事實，即我們 80% 以上的甜甜圈都是為了與他人分享而購買的，包括作為禮物。到 2022 年，我們 36% 的顧客購買了我們的甜甜圈用於他們生活中的聚會或特殊活動，而幾年前這一比例僅為 10%。

The purpose of our company is to touch and enhance the lives of others through the joy that is Krispy Kreme. We are committed to positively impacting the world by loving our people, our communities and our planet. In the fourth quarter, we wrapped up another great year for fundraising, and in total, raised more than $40 million globally in 2022 for local communities, a roughly 25% increase from 2021. Fundraising has long been an integral part of Krispy Kreme's purpose as part of our efforts to get back and support local communities and issues while generating brand love.

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。我們致力於通過熱愛我們的人民、我們的社區和我們的星球來對世界產生積極影響。第四季度，我們又迎來了籌款豐收的一年，2022 年我們在全球範圍內為當地社區籌集了超過 4000 萬美元的資金，比 2021 年增加了約 25%。長期以來，籌款一直是 Krispy Kreme 目標不可或缺的一部分，因為我們努力回饋和支持當地社區和問題，同時產生品牌喜愛的一部分。

We also focused on reducing waste and increasing landfill diversion efforts and continue to engage and get back to local communities across the world through volunteering philanthropy and creating moments of joy through innovative doughnuts. We are constantly looking to engage people across the globe in fun, enjoyable ways that really connect people with Krispy Kreme in a powerful way.

我們還專注於減少廢物和增加垃圾填埋場轉移工作，並通過志願慈善事業繼續參與並回饋世界各地的當地社區，並通過創新的甜甜圈創造歡樂時光。我們一直在尋求以有趣、愉快的方式吸引全球各地的人們，從而真正以有力的方式將人們與 Krispy Kreme 聯繫起來。

Turning to 2022. We had a great year on the top line as organic revenue grew over 12%, led by a 14% increase in fresh points of access globally to nearly 12,000 in total at the end of the year. Growth was strong across the world, especially to end the year as we saw double-digit organic revenue growth in all 3 segments in the fourth quarter with performance accelerated in the U.S. Krispy Kreme business, market development and in retail and the U.K.

轉向 2022 年。我們在收入方面表現出色，有機收入增長超過 12%，其中全球新訪問點增加了 14%，到年底總數達到近 12,000 個。全球增長強勁，尤其是在年底，我們看到第四季度所有 3 個部門的有機收入均實現兩位數增長，美國 Krispy Kreme 業務、市場開發以及零售和英國的業績加速增長。

We sold a record 1.63 billion donuts in 2022, $1.63 billion. That's a lot of donuts, all delivered fresh daily to more than 30 countries around the world. The fourth quarter accentuated a great year for our brand as we had highly successful seasonal global campaigns that drove an increase in volume, especially at Halloween and winter holidays, where we saw very strong performance across the world. These global campaigns show the path forward for significant events and holidays, as we'll be able to leverage marketing costs, media coverage and brand partners across many or all of the countries Krispy Kreme and our franchise partners operate, driving increased efficiencies on both the top and bottom line. For the full year, we earned more than 35 billion media impressions, highlighting the true power of our incredible brand.

我們在 2022 年售出了創紀錄的 16.3 億個甜甜圈，價值 16.3 億美元。這是很多甜甜圈，每天新鮮運送到全球 30 多個國家。第四季度對我們的品牌來說是一個偉大的一年，因為我們在全球範圍內開展了非常成功的季節性活動，推動了銷量的增長，尤其是在萬聖節和冬季假期，我們在全球範圍內看到了非常強勁的表現。這些全球活動為重大活動和假期指明了前進的道路，因為我們將能夠利用 Krispy Kreme 和我們的特許經營合作夥伴運營的許多或所有國家/地區的營銷成本、媒體報導和品牌合作夥伴，從而提高雙方的效率頂線和底線。全年，我們獲得了超過 350 億次媒體印象，彰顯了我們令人難以置信的品牌的真正力量。

Also strengthening our omnichannel capabilities in the fourth quarter was our e-commerce efforts. In the U.S., that included expanding availability of specialty donuts and more targeted marketing efforts. Additionally, Insomnia benefited from the expanded radius of warm cookie delivery of up to 10 miles. These efforts led to more than a 20% increase in e-commerce revenue in the fourth quarter compared to a year ago and led to a 260 basis point increase in sales mix of e-commerce to 18.3% for the company as a whole during the quarter.

在第四季度加強我們的全渠道能力的還有我們的電子商務工作。在美國，這包括擴大特色甜甜圈的供應範圍和更有針對性的營銷工作。此外，Insomnia 還受益於熱曲奇配送範圍擴大至 10 英里。這些努力使第四季度的電子商務收入與去年同期相比增長了 20% 以上，並使整個公司的電子商務銷售組合增長了 260 個基點，達到 18.3%。四分之一。

The fourth quarter was our strongest in e-commerce since the pandemic, and we continue to see significant opportunity to grow in this channel. Our performance in the fourth quarter in the U.S. and Canada segment was strong, led by successful premium offerings, effective pricing actions and higher e-commerce revenue. This quarter in the U.S. for the first time ever, we sold all 3 seasonal specialty donuts in our DFD doors. This led to record weekly sales in the U.S. of $620 per DFD door, highlighting the benefits of a complete omnichannel model approach. Organic revenue growth for the segment was 12%, and margins expanded 50 basis points to our highest margins during 2022.

第四季度是我們自大流行以來最強勁的電子商務，我們繼續看到這一渠道的重要增長機會。我們在第四季度在美國和加拿大分部的表現強勁，主要得益於成功的優質產品、有效的定價行動和更高的電子商務收入。本季度在美國有史以來第一次，我們在 DFD 門上售出了所有 3 種時令特色甜甜圈。這導緻美國每週銷售額達到創紀錄的每 DFD 門 620 美元，凸顯了完整的全渠道模型方法的好處。該部門的有機收入增長了 12%，利潤率在 2022 年擴大了 50 個基點，達到我們的最高利潤率。

Insomnia Cookies had another great quarter with 24% revenue growth, driven by strong same shop sales and very high productivity from the 2022 class of new shops. Insomnia's AOV increased to $850,000, up 8% from the previous year, and we opened more than 20 Cookie Shops last year. The capital efficiency with Insomnia Cookie Shops is fantastic. And Seth, Insomnia's founder and 20-year CEO, highlighted at our recent Investor Day, the payback for these new stores is roughly 1 year or around 100% ROIC, thanks to 4-wall margins approaching 30%. The recent class of new stores has been one of our best return classes ever. We are focused on accelerating Insomnia's growth as we grow from our current 231 shops today to a total addressable market, we believe of more than 4,000 locations with the goal to eventually ramp up to nearly 100 new Cookie Shops per year. We truly believe Insomnia Cookies will be the next Krispy Kreme, and we plan to expand globally this year into the U.K. and Canada.

Insomnia Cookies 又一個出色的季度實現了 24% 的收入增長，這得益於強勁的同店銷售和 2022 年新店類別的高生產率。 Insomnia 的 AOV 增加到 850,000 美元，比上一年增長 8%，去年我們開了 20 多家餅乾店。 Insomnia Cookie Shops 的資本效率非常好。 Insomnia 的創始人兼 20 年首席執行官 Seth 在我們最近的投資者日強調，由於 4 牆利潤率接近 30%，這些新店的投資回報率大約為 1 年或 100% 左右的投資回報率。最近的新店類別是我們有史以來最好的回報類別之一。我們專注於加速 Insomnia 的增長，因為我們從目前的 231 家商店發展到一個總的潛在市場，我們相信有超過 4,000 個地點，目標是最終每年增加近 100 家新的 Cookie 商店。我們堅信 Insomnia Cookies 將成為下一個 Krispy Kreme，我們計劃今年在全球範圍內擴展到英國和加拿大。

In our international segment, where our hub-and-spoke model is more developed, we continue to grow fresh points of access and see significant upside from where we are today. In 2022, we added nearly 600 points of access internationally with growth across all countries. This led to 18% organic revenue growth in 2022 and sales per hub increased 8% to nearly $10 million, despite significant FX wins from the stronger dollar.

在我們的中心輻射模型更加發達的國際部分，我們繼續增加新的接入點，並看到我們今天的顯著優勢。 2022 年，我們在國際上增加了近 600 個接入點，在所有國家/地區都有增長。這導致 2022 年有機收入增長 18%，每個樞紐的銷售額增長 8% 至近 1000 萬美元，儘管美元走強帶來了顯著的外匯收益。

We saw strong progress in Mexico in particular in 2022, where points of access increased by nearly 40% to more than 550. This led to a 24% increase in revenue and more than 100 basis points of adjusted EBITDA margin expansion from Mexico for the year despite significant inflation. We also signed a record number of international development agreements in 2022 with 8 new agreements from both existing and new partners.

我們在墨西哥看到了強勁的進展，尤其是在 2022 年，那裡的接入點增加了近 40%，達到 550 多個。這導致墨西哥當年的收入增長了 24%，調整後的 EBITDA 利潤率增長了 100 多個基點儘管有顯著的通貨膨脹。我們還在 2022 年簽署了創紀錄數量的國際發展協議，現有和新合作夥伴簽署了 8 項新協議。

Interest from high-quality franchise partners remains robust, and we are confident in our ability to sign 3 to 5 new countries a year moving forward. We expect to open 5 to 7 new countries in 2023, including in France, bringing our total to more than 35 countries by the end of this year. As we look ahead, our relentless focus on capital-light expansion of our omnichannel model will continue. We continue to gain confidence in our existing DFD channels and are now excited in growing our fresh business to new channels such as QSR, club and drug. That's why we have high conviction in our ability to grow to more than 75,000 points of access globally, an increase from our prior target of 50,000.

優質特許經營合作夥伴的興趣依然濃厚，我們有信心在未來每年與 3 到 5 個新國家簽約。我們預計到 2023 年將在 5 到 7 個新國家/地區開放，包括在法國，到今年年底，我們的國家/地區總數將超過 35 個。展望未來，我們將繼續不懈地關注全渠道模式的輕資本擴張。我們繼續對我們現有的 DFD 渠道充滿信心，現在很高興將我們的新業務擴展到 QSR、俱樂部和毒品等新渠道。這就是為什麼我們堅信我們有能力在全球範圍內增加超過 75,000 個訪問點，比我們之前的 50,000 個目標有所增加。

In addition to expanding DFD, we will also continue our work to align our specialty donuts across all channels and expanding our e-commerce capabilities in 2023, and we'll continue to accelerate the growth of Insomnia Cookies. Krispy Kreme has great momentum right now as we enter 2023, and we remain confident in our long-term 2026 expectations we highlighted just a couple of months ago at our Investor Day in December.

除了擴大 DFD 之外，我們還將繼續努力在所有渠道調整我們的特色甜甜圈並在 2023 年擴大我們的電子商務能力，我們將繼續加速 Insomnia Cookies 的增長。隨著我們進入 2023 年，Krispy Kreme 目前勢頭強勁，我們對幾個月前在 12 月投資者日強調的 2026 年長期預期充滿信心。

Before turning the call over to Josh, I'd like to welcome Jeremiah Ashukian as our new Global CFO, who started last month. Jeremiah not only brings with him more than 20 years of financial leadership, including 12 years as CFO, but also global and significant brand and CPG experience. All scale is critical to our successful going forward. His appointment allows Josh to fully embrace his role as Global President and COO, driving performance in our larger equity markets around the world and operating excellence throughout the company.

在將電話轉給 Josh 之前，我想歡迎 Jeremiah Ashukian 成為我們上個月上任的新任全球首席財務官。 Jeremiah 不僅擁有超過 20 年的財務領導經驗，包括 12 年的首席財務官職位，還擁有全球重要的品牌和 CPG 經驗。所有規模對我們的成功前進都至關重要。他的任命讓 Josh 能夠完全接受他作為全球總裁兼首席運營官的角色，推動我們在全球更大的股票市場的表現，並在整個公司實現卓越運營。

With that, to close out his final quarter as CFO, I'll hand the call over to my friend, Mr. Charlesworth to talk about the fourth quarter financials and expand more on what we're seeing in the U.S. operationally. On a personal note, Josh has been a tremendous partner for me and the Krispy Kremers over the past 6 years, and we're clearly a much stronger business because of his leadership, not just as an individual, but also just to focus on how to drive the business forward with financial acumen. And because of that, we're able to attract a great partner like Jeremiah and I look both as Jeremiah continues -- starts his new role and Josh really takes on the President role and thinks about the operations execution on that, which will really strengthen Krispy Kreme as we go forward.

有了這個，為了結束他作為首席財務官的最後一個季度，我將把電話轉交給我的朋友查爾斯沃思先生來討論第四季度的財務狀況，並進一步擴展我們在美國的運營情況。就個人而言，在過去的 6 年裡，Josh 一直是我和 Krispy Kremers 的重要合作夥伴，而且由於他的領導，我們顯然是一個更強大的企業，不僅是作為個人，而且還專注於如何以財務敏銳度推動業務向前發展。正因為如此，我們能夠吸引像 Jeremiah 這樣的優秀合作夥伴，我和 Jeremiah 繼續擔任 - 開始他的新角色，Josh 真正擔任總裁一職並考慮運營執行，這將真正加強我們前進時的 Krispy Kreme。

Josh?

喬什？

Thanks, Mike, and a warm welcome to Jeremiah as well. I'm just thrilled to have him on board and look forward to his leadership of our terrific finance teams around the Krispy Kreme world. I'm confident that Jeremiah will drive strong performance and create shareholder value for years to come.

謝謝，邁克，也熱烈歡迎耶利米。我很高興他能加入並期待他領導我們在 Krispy Kreme 世界的出色財務團隊。我相信 Jeremiah 將在未來幾年推動強勁的業績並創造股東價值。

As Mike said, we saw strong growth across all of our reporting segments in the fourth quarter, with net revenue up 9% year-on-year to $405 million. Organic revenue, which excludes the impact of acquisitions and changes in foreign currency, grew 12.5%, and acceleration from the summer trends, driven by pricing, our premium seasonal innovation, the growth of Delivered Fresh Daily donuts sold in grocery and convenience stores and e-commerce.

正如 Mike 所說，我們在第四季度看到我們所有報告部門的強勁增長，淨收入同比增長 9% 至 4.05 億美元。有機收入（不包括收購和外匯變動的影響）增長了 12.5%，並且在定價、我們的優質季節性創新、在雜貨店和便利店銷售的每日新鮮甜甜圈的增長以及電子商務的推動下，從夏季趨勢中加速增長-商業。

Adjusted EBITDA grew 17% in the fourth quarter to $56 million or 25% in constant currency once the $4 million impact of the stronger dollar is taken into account. Similarly, our 2022 adjusted EBITDA was up 7% in constant currency with the full year impact of the stronger dollar at $10 million. Pricing, hub-and-spoke efficiencies and G&A explain the 90 basis points year-over-year increase in adjusted EBITDA margins to 13.8% in the fourth quarter. We saw low levels of elasticity from the pricing actions we took in the second half of 2022, when consumers domestically and globally remaining enthusiastic about premium specialty donuts for their sharing occasions and celebratory events.

調整後的 EBITDA 在第四季度增長 17% 至 5600 萬美元，如果考慮美元走強的 400 萬美元影響，按固定匯率計算增長 25%。同樣，我們 2022 年調整後的 EBITDA 按固定匯率計算增長了 7%，全年美元走強的影響為 1000 萬美元。定價、輪輻式效率和 G&A 解釋了第四季度調整後 EBITDA 利潤率同比增長 90 個基點至 13.8% 的原因。我們從 2022 年下半年採取的定價行動中看到了低水平的彈性，當時國內外的消費者在分享場合和慶祝活動中仍然對優質特色甜甜圈充滿熱情。

We saw a small GAAP net loss of $1 million in the fourth quarter. However, net income would have increased over the prior year, if not for onetime, overwhelmingly, non-cash expenses of $12.4 million related to our previously-announced optimization of our poorer performing hubs without spokes in the U.S. We do not expect significant expense moving forward related to these efforts.

我們看到第四季度的 GAAP 淨虧損為 100 萬美元。然而，淨收入本應比上一年有所增加，如果不是因為我們之前宣布的對我們在美國沒有輻條的表現較差的樞紐的優化，那麼絕大多數非現金支出為 1240 萬美元。我們預計不會有重大支出轉移轉發與這些努力有關。

Adjusted net income for the quarter increased 27% to $20.4 million and adjusted diluted EPS in the fourth quarter was $0.11, an increase of 38% or 63% in constant currency. In the U.S. and Canada business segment, total revenue increased 11% in the fourth quarter to $277 million, and organic revenue growth was 12%, an increase on our third quarter performance with strong growth in fresh donut sales both on and off premises, explaining a 15% increase in trailing 12-month sales per hub to $4.6 million.

本季度調整後淨收入增長 27% 至 2040 萬美元，第四季度調整後攤薄每股收益為 0.11 美元，按固定匯率計算增長 38% 或 63%。在美國和加拿大業務部門，第四季度總收入增長 11% 至 2.77 億美元，有機收入增長 12%，這比我們第三季度的業績有所增長，新鮮甜甜圈在店內和店外的銷售都強勁增長，解釋說每個樞紐過去 12 個月的銷售額增長 15%，達到 460 萬美元。

We also saw another great quarter from Insomnia Cookies, which continues to benefit from growth in its e-commerce delivery channel. Adjusted EBITDA for the U.S. and Canada in the fourth quarter increased 16% to $37 million, with margins increasing 50 basis points year-over-year to 13.3%. This reflects the successful pricing taken in the second half of the year, the efficiency benefits to our hubs with spokes from the growth in Delivered Fresh Day off-premises sales and an improved performance in hubs without spokes. These factors more than offset over 20% ingredient cost inflation and high single-digit salary and wage growth.

我們還看到了 Insomnia Cookies 的另一個出色季度，它繼續受益於其電子商務交付渠道的增長。第四季度美國和加拿大的調整後 EBITDA 增長 16% 至 3700 萬美元，利潤率同比增長 50 個基點至 13.3%。這反映了今年下半年的成功定價，我們的帶輻條中心的效率優勢來自 Delivered Fresh Day 場外銷售的增長以及無輻條中心的性能改進。這些因素抵消了超過 20% 的成分成本通脹和高個位數的薪水和工資增長。

2022 has been a record year for our Delivered Fresh Daily channel. It now accounts for 21% of sales, up from 17% in 2021. This reflects both the 10% increase in doors served to 5,700 and a 10% increase in average weekly sales per door to $580 in the U.S. for 2022, reflecting both successful pricing and the addition of specialty donuts previously only seen in our donut shops.

2022 年是我們每日新鮮配送頻道創紀錄的一年。它現在佔銷售額的 21%，高於 2021 年的 17%。這反映了 2022 年美國服務門數增加 10% 至 5,700 門以及每門平均每週銷售額增加 10% 至 580 美元，這反映了兩者的成功定價和添加以前只在我們的甜甜圈店裡看到的特色甜甜圈。

In the fourth quarter, we added another 21 doors, mostly New York and L.A. As we see every year, this number is lower than the other quarters due to the preference of our trading partners to limit changes to their floor space during the busy holiday period. We have already seen a return to the prior growth rate so far this quarter, including the recent addition of Target Supercenters and continue to see a huge opportunity to increase stores across the country, both from existing and new customers as well as growing the average sales per door.

在第四季度，我們又增加了 21 個門，主要是紐約和洛杉磯。正如我們每年看到的那樣，這個數字低於其他季度，因為我們的貿易夥伴傾向於在繁忙的假期期間限制他們的建築面積變化.本季度到目前為止，我們已經看到恢復到之前的增長率，包括最近增加的 Target Supercenters，並繼續看到在全國范圍內增加現有和新客戶的商店以及增加平均銷售額的巨大機會每扇門。

DFD door sales continue to benefit from the addition of more specialty donuts like the crowd pleasing Biscoff range and Valentine's donuts we've sold recently in the U.S. We're also rolling out more fresh cabinet displays in grocery stores, which typically lead to a 30% to 70% increase in DFD sales per door for less than a $10,000 investment.

DFD 門銷售繼續受益於更多特色甜甜圈的增加，例如我們最近在美國銷售的大眾喜愛的 Biscoff 系列和情人節甜甜圈。我們還在雜貨店推出更多新鮮櫥櫃展示，通常會導致 30投資不到 10,000 美元，每扇門的 DFD 銷售額可增加 % 至 70%。

Also in the U.S., we've been making significant progress in the optimization of our shop network. During the fourth quarter, we closed an additional 6 lower-performing shops, bringing our total number of closures in 2022 to 14. We expect to close 7 more in 2023, largely in the first half of the year. As a reminder, these are mostly low revenue hubs without spokes with flat or negative EBITDA margins. We're also converting some hubs without spokes, previously considered unsuitable for DFD to serve DFD doors in new ways such as closing the lobby and using it to stage donuts ahead of the late-night shipments.

同樣在美國，我們在優化商店網絡方面取得了重大進展。在第四季度，我們又關閉了 6 家表現不佳的商店，使我們在 2022 年的關閉總數達到 14 家。我們預計 2023 年將再關閉 7 家，主要是在今年上半年。提醒一下，這些大多是低收入中心，沒有輻條，EBITDA 利潤率持平或為負。我們還改造了一些沒有輻條的集線器，以前認為這些集線器不適合 DFD 以新方式為 DFD 門提供服務，例如關閉大廳並在深夜發貨前用它來展示甜甜圈。

Others, we're converting the other way into fresh shops. As a result, we ended the year with 137 hubs with spokes, an increase of 8% from the prior quarter and 99 hubs without spokes, down 20 from the prior quarter.

其他人，我們正在將其他方式轉變為新鮮商店。因此，我們在年底有 137 個帶輻條的輪轂，比上一季度增加 8%，99 個沒有輻條的輪轂，比上一季度減少 20 個。

Now moving to our International segment. Net revenue grew 3.3% in the fourth quarter to $93 million, with FX headwinds creating an 8% drag during the quarter due to the stronger U.S. dollar. Organic revenue increased 11%, led by the double-digit growth in Mexico and Australia, driven largely by DFD. International sales per hub increased 8% to $9.8 million despite the FX headwinds. International adjusted EBITDA for the fourth quarter declined slightly to $20.5 million, but would have increased by nearly $3 million in constant currency. Driving that improvement from the last 2 quarters were successful pricing actions and seasonal specialty donuts in the U.K. as well as hub-and-spoke efficiencies associated with the strong growth performance in Mexico. The U.K. saw adjusted EBITDA margin back over 20% in the fourth quarter, our best performance since the first quarter in 2022. And Mexico saw its best-ever margin performance approaching 30% in the fourth quarter.

現在轉到我們的國際部分。第四季度淨收入增長 3.3% 至 9300 萬美元，由於美元走強，外匯逆風在本季度造成 8% 的拖累。有機收入增長 11%，主要受 DFD 推動，墨西哥和澳大利亞實現兩位數增長。儘管存在外匯逆風，但每個樞紐的國際銷售額仍增長了 8% 至 980 萬美元。第四季度國際調整後 EBITDA 略有下降至 2050 萬美元，但按固定匯率計算將增加近 300 萬美元。推動過去兩個季度改善的是英國成功的定價行動和季節性特色甜甜圈，以及與墨西哥強勁增長表現相關的中心輻射效率。英國第四季度調整後的 EBITDA 利潤率回升超過 20%，這是我們自 2022 年第一季度以來的最佳表現。墨西哥第四季度的利潤率表現接近 30%，創歷史最佳水平。

Then to our third business segment, market development, which is made up of our franchisee businesses around the world and the equity-owned Japan market. Total revenues in the fourth quarter increased 11% to $35 million, even with a 13% impact from FX headwinds and franchise acquisitions. In fact, organic growth in the quarter was a very strong 23% with great performances in our international franchise markets and in equity owned Japan, which saw constant currency revenue growth of 40% as we accelerate our DFD expansion there.

然後是我們的第三個業務板塊，市場開發，它是由我們在全球的特許經營業務和股權擁有的日本市場組成的。第四季度的總收入增長了 11%，達到 3500 萬美元，儘管外匯逆風和特許經營權收購帶來了 13% 的影響。事實上，本季度的有機增長非常強勁，達到 23%，在我們的國際特許經營市場和股權擁有的日本表現出色，隨著我們在那裡加速 DFD 擴張，貨幣收入持續增長 40%。

Adjusted EBITDA in the fourth quarter for market development increased 11% to $12.3 million, despite a roughly $1 million negative impact from FX headwinds. Adjusted EBITDA margins increased 20 basis points to 35.4% in the fourth quarter compared to the prior year and would have been higher if not for a mix shift due to a very strong organic revenue growth in equity owned Japan.

第四季度針對市場開發調整後的 EBITDA 增長了 11%，達到 1,230 萬美元，儘管外匯逆風帶來了大約 100 萬美元的負面影響。與去年同期相比，第四季度調整後的 EBITDA 利潤率增加了 20 個基點，達到 35.4%，如果不是由於日本股票擁有的非常強勁的有機收入增長而導致的混合轉變，該利潤率本可以更高。

As a reminder, moving forward, Canada is moving out of the U.S. segment and into the market development segment for 2023 to better reflect the significant opportunity ahead of it and to match with changes in our reporting structure. Our fourth quarter earnings presentation on our IR website has 2022 historical performance for Canada by quarter and for the full year to assist with modeling.

提醒一下，展望未來，加拿大將在 2023 年從美國分部進入市場開發分部，以更好地反映擺在面前的重大機遇，並與我們報告結構的變化相匹配。我們在 IR 網站上發布的第四季度收益報告按季度和全年列出了加拿大 2022 年的歷史業績，以協助建模。

I'll now turn the call over to Jeremiah to share his priorities as our new CFO, give more detail on the balance sheet and discuss our 2023 outlook. Jeremiah?

我現在將電話轉給 Jeremiah，分享他作為我們新任首席財務官的優先事項，提供有關資產負債表的更多細節並討論我們的 2023 年展望。耶利米？

Thanks, Josh, and good morning, everyone. I'm very excited to be here at Krispy Kreme with such a beloved brand and a great team across the globe. I look forward to getting all the team and developing a deeper understanding of the business over the next few months. As I take the reins as CFO, my focus will be on ensuring we are increasing shareholder value by delivering consistent top and bottom line results, improving performance throughout the business and driving higher return on invested capital. Our balance sheet is strong, and the business generated $32 million of free cash flow in Q4, leading to 15% cash conversion in 2022. Our existing debt obligations go current this June. As such, we expect to refinance our existing Term Loan A and revolver debt at similar terms to our current facilities this year. It's worth noting our interest rate hedge that fixed approximately 70% of our outstanding debt will remain in place through June 2024, even after refinancing. We expect to continue to decrease our net debt leverage ratio over time as well as reduce our dependency on supply chain financing. This is a priority this year as those rates have increased more than our Term Loan A and revolver. As such, we plan to reduce our supply chain financing a bit faster while paying down our term loan a bit slower than previously planned in 2023. We expect to reduce our supply chain financing by $50 million to $75 million this year and be around 3.5x net leverage by year-end 2023, remaining on track to be between 2.0x and 2.5x net leverage in 2026.

謝謝，喬希，大家早上好。我很高興能在 Krispy Kreme 與這樣一個深受喜愛的品牌和一支遍布全球的優秀團隊一起來到這裡。我期待著在接下來的幾個月裡讓所有團隊成員對業務有更深入的了解。當我擔任首席財務官時，我的重點將放在確保我們通過提供一致的頂線和底線結果、提高整個企業的績效以及推動更高的投資資本回報來增加股東價值上。我們的資產負債表強勁，該業務在第四季度產生了 3200 萬美元的自由現金流，導致 2022 年實現 15% 的現金轉換。我們現有的債務義務將於今年 6 月到期。因此，我們預計今年將以與我們現有貸款類似的條款為現有定期貸款 A 和循環債務再融資。值得注意的是，我們的利率對沖固定了大約 70% 的未償還債務，即使在再融資之後，它仍將保留到 2024 年 6 月。我們希望隨著時間的推移繼續降低我們的淨債務槓桿率，並減少我們對供應鏈融資的依賴。這是今年的優先事項，因為這些利率的增長超過了我們的定期貸款 A 和左輪手槍。因此，我們計劃在 2023 年更快地減少供應鏈融資，同時比之前的計劃更慢地償還定期貸款。我們預計今年供應鏈融資將減少 5000 萬至 7500 萬美元，約為 3.5 倍到 2023 年底的淨槓桿率，到 2026 年仍有望保持在 2.0 倍至 2.5 倍之間。

This morning, we introduced more detailed 2023 guidance in line with our December Investor Day outlook. This includes growth of 9% to 11% in organic revenue and 8% to 10% in net revenue. Net revenue growth is modestly lower than our organic growth due to foreign exchange and the closure of approximately 20 lower-performing shops in the U.S. that Josh discussed.

今天上午，我們根據 12 月投資者日展望介紹了更詳細的 2023 年指引。這包括有機收入增長 9% 至 11% 和淨收入增長 8% 至 10%。由於外彙和 Josh 討論的美國大約 20 家表現不佳的商店關閉，淨收入增長略低於我們的有機增長。

In 2023, we expect $205 million to $215 million in adjusted EBITDA, which equates to 8% to 13% growth. We expect to deliver between $0.31 to $0.34 adjusted EPS, which represents 7% to 17% growth or an increase of 10% to 21% in constant currency. Our adjusted EPS guidance includes expected net interest expense for the year between 39 and $43 million, which is an increase of $5 million to $9 million. We expect capital expenditures of $105 million to $115 million or roughly 6.6% of revenue, down from just over 7% in 2022. We expect to open 30 to 40 new Insomnia Cookie Shops and approximately 10 company-built hubs in 2023.

到 2023 年，我們預計調整後的 EBITDA 將達到 2.05 億美元至 2.15 億美元，相當於 8% 至 13% 的增長率。我們預計調整後每股收益將在 0.31 美元至 0.34 美元之間，這意味著 7% 至 17% 的增長，或按固定匯率計算增長 10% 至 21%。我們調整後的每股收益指引包括 39 至 4300 萬美元的預期淨利息支出，增加了 500 萬至 900 萬美元。我們預計資本支出為 1.05 億美元至 1.15 億美元，約佔收入的 6.6%，低於 2022 年的略高於 7%。我們預計將在 2023 年開設 30 至 40 家新的 Insomnia Cookie Shops 和大約 10 個公司建造的中心。

Our 2023 guidance includes modest headwinds from foreign exchange for the year based on current exchange rates, a roughly negative 1% impact on revenue growth and approximately $3 million hit to adjusted EBITDA. Each 1% move in the U.S. dollar index is a little over $1 million impact on adjusted EBITDA on an annualized basis as roughly half of our pre-corporate expense adjusted EBITDA is outside the U.S.

我們的 2023 年指引包括基於當前匯率的年度外匯帶來的適度逆風，對收入增長約 1% 的負面影響以及調整後 EBITDA 約 300 萬美元的損失。美元指數每變動 1%，對調整後 EBITDA 的年化影響略超過 100 萬美元，因為我們公司前費用調整後的 EBITDA 大約有一半在美國以外。

From a cost of goods sold perspective, we are more than 90% covered on our major commodities, such as sugar, wheat and edible oils for 2023 at an average increase in the high single digits. These commodities make up roughly half of our spend. On our remaining spend, we have contracted pricing in place and expect low double-digit inflation. Both of these are lower than we experienced in 2022. Inflation on our largest expense, labor is expected to remain elevated in the mid- to high single digits as we continue to invest in our Krispy Kremers across the globe. We expect pricing will generally offset inflation for the full year.

從商品銷售成本的角度來看，到 2023 年，我們的主要商品（例如糖、小麥和食用油）的覆蓋率超過 90%，平均增幅為高個位數。這些商品約占我們支出的一半。對於我們剩餘的支出，我們已經制定了合同定價並預計會出現兩位數的低通貨膨脹率。這兩項都低於我們在 2022 年經歷的水平。隨著我們繼續在全球範圍內投資我們的 Krispy Kremers，我們最大的支出——勞動力的通貨膨脹率預計將保持在中高個位數。我們預計定價通常會抵消全年的通貨膨脹。

While we don't provide quarterly guidance, I did want to provide some color to assist with our cadence for modeling bottom line performance in 2023, given we expect somewhat similar quarterly organic revenue growth throughout the year. First, we expect FX headwinds to continue in the first and second quarter as the dollar laps tough comps. However, we expect modest FX tailwinds in the back half of 2023. Second, we expect lower discounting in the U.S. segment during the summer months compared to last year as we cycled to Beat the Pump promotion and focus on premium specialty donuts. Third, commodity costs will be the highest of the year in the current quarter, increasing roughly 15% higher compared to Q1 2022. However, we expect commodity inflation to soften as the year progresses.

雖然我們不提供季度指導，但我確實想提供一些顏色來幫助我們在 2023 年建模底線績效的節奏，因為我們預計全年的季度有機收入增長會有些相似。首先，我們預計外匯逆風將在第一季度和第二季度繼續，因為美元表現不佳。然而，我們預計 2023 年下半年會有適度的外匯順風。其次，我們預計夏季幾個月美國部分的折扣將低於去年，因為我們循環進行 Beat the Pump 促銷並專注於優質特色甜甜圈。第三，本季度大宗商品成本將是今年最高的，與 2022 年第一季度相比增長約 15%。但是，我們預計隨著時間的推移，大宗商品通脹將放緩。

To close, I'm very excited about the long-term growth potential of Krispy Kreme. We had good momentum in the business, as you heard from Josh in our Q4 results and have high degree of confidence that we can meet or even exceed our long-term outlook in 2026 that we provided at our Investor Day.

最後，我對 Krispy Kreme 的長期增長潛力感到非常興奮。我們的業務發展勢頭良好，正如您在我們第四季度的業績中從 Josh 那裡聽到的那樣，並且高度相信我們能夠達到甚至超過我們在投資者日提供的 2026 年長期展望。

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

接線員，我們現在可以打開問答環節了。

(Operator Instructions) We will take our first question from David Palmer with Evercore ISI.

（操作員說明）我們將從 David Palmer 和 Evercore ISI 提出我們的第一個問題。

I wanted to just ask you if you wouldn't mind going through some of the gives and takes with regard to the EBITDA margin this year, which I guess would be roughly flat as per your guidance. What are some of the offsets to what would seem to be good guides in the spoke expansion as well as some of the optimization of the store base domestically? What are some of the headwinds maybe offsetting that? And then the other thing I wanted to ask you about is that test with McDonald's, when will you know that? Like what's the time line for that testing? And what stage are you at with that?

我只想問你是否不介意考慮一下今年 EBITDA 利潤率的一些讓步，我想根據你的指導，這將大致持平。在輻射擴張以及國內商店基礎的一些優化方面，有哪些似乎是好的指南的一些抵消？哪些不利因素可能會抵消這一點？然後我想問你的另一件事是麥當勞的測試，你什麼時候知道？比如該測試的時間表是什麼時候？你現在處於什麼階段？

David, this is Josh. So yes, I'll start with the guidance question and hand to Mike perhaps for McDonald's. The first thing to say is our guidance for 2023 is consistent with the long-term outlook that we shared at our Investor Day in December. And you're right, it does reflect the disciplined rollout of hub and spoke around the world, maximizing the utilization of our hubs in the U.S., in particular, and driving sales per hub.

大衛，這是喬希。所以是的，我將從指導問題開始，然後交給邁克，也許是麥當勞。首先要說的是，我們對 2023 年的指引與我們在 12 月投資者日分享的長期展望一致。你是對的，它確實反映了 hub 和 spoke 在世界各地的有序推出，最大限度地利用了我們在美國的 hub，特別是推動了每個 hub 的銷售。

You asked specifically around the margin puts and takes. Well, the biggest driver is indeed U.S. and Canada margins reflecting the flow through benefits of the hub-and-spoke model, these off-premise sales, which create efficiency down to the bottom line in our hubs in the U.S. That is the biggest driver.

你特別詢問了保證金看跌期權和接受保證金。好吧，最大的驅動力確實是美國和加拿大的利潤率，反映了中心輻射模型帶來的好處，這些場外銷售創造了我們美國樞紐的效率到底線。這是最大的驅動力.

There's a partial offset from FX about 20-or-so basis points from FX. And then the rest of the world, we're assuming is largely [flat] during 2023 from a margin point of view. But all the segments around the world will be -- we expect it to be growing pretty balanced at a sort of double-digit organic growth rate. So it's a balanced guidance that we think reflects the long-term trends that we see. And indeed, some of the recent success of actions like pricing and premium celebratory specialty donut promotions.

FX 與 FX 有大約 20 個基點的部分抵消。然後，我們假設從利潤率的角度來看，世界其他地區在 2023 年期間基本 [持平]。但世界各地的所有細分市場都將——我們預計它將以一種兩位數的有機增長率相當平衡地增長。因此，我們認為這是一個平衡的指導，反映了我們所看到的長期趨勢。事實上，最近一些行動取得了成功，例如定價和高級慶祝特色甜甜圈促銷活動。

David, it's Mike. In terms of McDonald's, we'll let you know, when we're ready to discuss that. I think what we're really able to talk about right now is, we disclosed them in December, 75,000 points of access, which is being driven by the QSR, the drug and the club business. What we learned in the test is that we can actually manage the operations rigor, the logistics rigor of how do you manage a QSR customer from the timing demand, the quality demand and the execution and how it works seamlessly with our DFD route system. That's what's pretty critical for us to get that understanding and how our brand also works with another brand as well. So those are the pieces that why we continue to come back and say, looks like we haven't very clearly have a growth story about where we can go from a channel perspective and then how to manage that along the way. I'll keep you up to date when we're ready.

大衛，是邁克。就麥當勞而言，當我們準備好討論時，我們會通知您。我認為我們現在真正可以談論的是，我們在 12 月披露了 75,000 個訪問點，這是由 QSR、毒品和俱樂部業務推動的。我們在測試中學到的是，我們實際上可以從時間需求、質量需求和執行以及它如何與我們的 DFD 路線系統無縫協作來管理運營的嚴謹性、您如何管理 QSR 客戶的物流嚴謹性。這對我們理解以及我們的品牌如何與另一個品牌合作至關重要。所以這些就是為什麼我們繼續回來說，看起來我們還沒有非常清楚地了解我們可以從渠道的角度去哪裡，然後如何一路管理它的增長故事。當我們準備好時，我會及時通知您。

And we will take our next question from Sara Senatore with Bank of America.

我們將接受來自美國銀行的 Sara Senatore 的下一個問題。

Great. A couple of questions, if I may, please. The first is just about -- you talked about Beat the Pump, you're lapping that. My understanding was that initially actually was a pretty good driver, a top line driver and then maybe the impact was diminished over time. So maybe it was too long, but I'm wondering if there's still room for these kinds of like price point promotions to drive trial or is your observation that you can do that as effectively with higher margins with premium donuts and those kinds of initiatives. Just as you think about getting more people trying a product. So that's my first question, and then I have a quick follow-up.

偉大的。如果可以的話，請問幾個問題。第一個是關於 - 你談到了 Beat the Pump，你正在舔它。我的理解是，最初實際上是一個非常好的車手，一個頂級車手，然後隨著時間的推移，影響可能會減弱。所以也許它太長了，但我想知道是否還有空間讓這些類似的價格點促銷來推動試驗，或者你是否觀察到你可以通過優質甜甜圈和那些類型的舉措以更高的利潤率有效地做到這一點。就像您考慮讓更多人試用產品一樣。所以這是我的第一個問題，然後我會快速跟進。

Josh here. Yes, I mean, we see the Krispy Kreme Original Glazed in particular is an affordable sweet treat, both for personal consumption, but we more usually shared and even given to others. So absolutely, though, we also have used it as a way of promoting and introducing encouraging people to try the brand or come in more often. And last year, you're right, Beat the Pump resonated really well with consumers. They are really excited about it and came for again and again, in some cases.

喬希在這裡。是的，我的意思是，我們特別看到 Krispy Kreme Original Glazed 是一種負擔得起的甜食，既供個人消費，但我們更經常分享甚至送給他人。不過，絕對可以，我們也將其用作推廣和介紹鼓勵人們試用該品牌或更頻繁地光顧的一種方式。去年，你是對的，Beat the Pump 在消費者中引起了很好的共鳴。在某些情況下，他們真的很興奮，並一次又一次地前來。

What we learned from that is that we still believe in selective promotion, price promotion. We recently did, for example, $20, $23 for January 1, the 2 dozen donuts. We did a Friday the 13th offer as well just in January, both had great positive impact well received. So we'll continue to do that selectively whilst at the same time also driving innovation, marketing activation and excitement around our premium specialty donuts. We just did that in January with a Biscoff range and Valentine's premium donuts and specialty Hershey range just over the last few days were really popular as well. So we will apply a dual strategy going forward, and I'm sure you'll be able to look out for good deals at times during 2023 as well.

我們從中學到的是，我們仍然相信選擇性促銷、價格促銷。例如，我們最近在 1 月 1 日做了 20 美元、23 美元的 2 打甜甜圈。我們在 1 月份也提供了 13 號星期五的報價，兩者都產生了很好的積極影響。因此，我們將繼續有選擇地這樣做，同時也圍繞我們的優質特色甜甜圈推動創新、營銷激活和興奮。我們剛剛在 1 月份推出了 Biscoff 系列和情人節優質甜甜圈，以及過去幾天的特色 Hershey 系列也非常受歡迎。因此，我們將在未來採用雙重戰略，我相信您在 2023 年期間也會時不時地尋找到好的交易。

Great. And then just the quick other question was on, you talked about capacity and the opportunity to both leverage existing hubs because I think in the U.S., at least the volumes are a lot lower than what you've done in Europe, so there's potential there and then adding hubs. But I think in at least one case, you have a partner where you kind of do a single drop and then they distribute. And I was wondering if you -- as you're thinking about finding some very big partners in the U.S. in QSR with a lot of like sort of local doors, is that something that you would contemplate here? Or you're still committed to controlling all the distribution in this market?

偉大的。然後是另一個快速的問題，你談到了容量和利用現有樞紐的機會，因為我認為在美國，至少數量比你在歐洲所做的要低很多，所以那裡有潛力然後添加集線器。但我認為至少在一種情況下，你有一個合作夥伴，你可以做一滴然後他們分發。我想知道你是否——當你考慮在美國的 QSR 中尋找一些非常大的合作夥伴時，有很多類似的本地門，你會在這裡考慮嗎？或者你仍然致力於控制這個市場的所有分銷？

Our philosophy is to control the quality and make sure that the donuts are fresh, always well managed through the pipeline to the consumer, and indeed, anyone sold a replace of fresh ones the next day. So that's our priority. That has meant that you can also partner with the customer as long as they maintain that freshness quality mindset and do things like you mentioned, I think you're referring to, we have an arrangement in Australia with our customer there, where they will come and pick them up and distribute them through their network. And that's certainly something that we will continue to explore as an option where it makes sense as long as they have the distribution capabilities themselves, then that's something we'll consider.

我們的理念是控制質量並確保甜甜圈是新鮮的，始終通過管道很好地管理到消費者手中，事實上，任何人都可以在第二天更換新鮮甜甜圈。所以這是我們的首要任務。這意味著您也可以與客戶合作，只要他們保持新鮮質量的心態並像您提到的那樣做，我想您指的是，我們在澳大利亞與我們的客戶達成協議，他們會來並通過他們的網絡收集並分發它們。這當然是我們將繼續探索的一個選項，只要他們自己具有分發能力，它就有意義，那麼我們將考慮這一點。

However, we love the Delivered Fresh Daily model we have. It breeds efficiency when you can add more drops and get density of routes to the optimum, and that's how you maximize the profitability. And so we can work with both ways as long as the great Krispy Kreme is always forefront.

但是，我們喜歡我們擁有的 Delivered Fresh Daily 模型。當您可以增加更多的下落點並將路線密度達到最佳時，它會提高效率，這就是您最大化盈利能力的方式。因此，只要偉大的 Krispy Kreme 始終處於領先地位，我們就可以採用兩種方式進行工作。

Yes. I mean, Sara, I'd only add one thing on it. Just as you think about the logistics and that expertise and understanding how the drop at each customer is one of those kind of core really interesting pieces. And Josh did talk about something, which is the capacity to think about what the customer wants and then ensure that, that logistics approach to that because they're still doing the logistics to them, right, regardless of what you need to do. So you have to have that expertise across it, and that's something that we've evolved to over the past 6-plus years, right? How do we continue to do that in our model.

是的。我的意思是，Sara，我只會添加一件事。正如您考慮物流和專業知識，並了解每個客戶的下降是如何真正有趣的核心部分之一。 Josh 確實談到了一些事情，那就是思考客戶想要什麼的能力，然後確保這種物流方法，因為他們仍在為他們做物流，對，不管你需要做什麼。所以你必須擁有貫穿其中的專業知識，這是我們在過去 6 年多的時間裡已經發展到的東西，對吧？我們如何在我們的模型中繼續這樣做。

(Operator Instructions) And we will take our next question from John Ivankoe with JPMorgan.

（操作員說明）我們將接受約翰·伊万科和摩根大通的下一個問題。

I was hoping to get a sense of some of the legacy DFD accounts. I mean, some of the ones that have been in place 1 and 2 years, how are they growing from a volume perspective? Are they growing from a margin perspective? And on a given level of sales, are you finding them to be much more profitable, much more profitable as you understand things like drop sizes on different days of the week or send back whatever the case may be, even what the particular store might bear in terms of the ASP. Just to get kind of a sense if we can talk about it like this kind of a same-store revenue and same-store profitability of your DFD accounts that have been around the longest.

我希望了解一些遺留的 DFD 帳戶。我的意思是，一些已經實施了 1 年和 2 年的項目，從數量的角度來看，它們的增長情況如何？他們是否從利潤率的角度增長？在給定的銷售水平上，你是否發現它們更有利可圖，更有利可圖，因為你了解一周中不同日子的下降尺寸或退回任何情況，甚至是特定商店可能承受的東西在ASP方面。如果我們可以像這種最長的 DFD 賬戶的同店收入和同店盈利能力那樣談論它，只是為了獲得某種感覺。

John, I'll take that. And I assume you're referring to the U.S. I'll take the answer there. Yes, we're very pleased with the transformation. You're right, over the last couple of years to a fresh daily model out to both grocery and convenience customers across the country. And you're right, there was -- as we initially implemented those 5,700 or so doors that we now have, we definitely saw significant rises in the sales as they got bedded in, as consumers notice them, and we've perfected the merchandising. And that's actually continuing as we go forward right now.

約翰，我會接受的。我假設你指的是美國。我會在那裡回答。是的，我們對轉型感到非常滿意。你是對的，在過去的幾年裡，一種全新的日常模式面向全國的雜貨店和便利店客戶。你是對的，因為我們最初實施了我們現在擁有的 5,700 扇左右的門，當消費者註意到它們時，我們確實看到了銷售額的顯著增長，並且我們已經完善了商品銷售.隨著我們現在的前進，這實際上還在繼續。

We have new customers, which I mentioned earlier, but the existing customers that you're asking about, we continue to be able to add more distribution with them. Customers like Walmart or Kroger obviously, Kroger have different banners and different opportunities to distribute across the country and a lot of the door ads that we expect to have are with existing customers in that way. And then in terms of the doors themselves by adding more and more of our specialty donuts into the portfolio, and as we've mentioned, upgrading to cabinets and other improved merchandising units, we do indeed expect to see higher sales per door going forward just as we did in 2022.

我們有新客戶，我之前提到過，但是您詢問的現有客戶，我們將繼續能夠與他們一起增加更多的分銷。顯然，像沃爾瑪或克羅格這樣的客戶，克羅格有不同的橫幅和不同的機會在全國范圍內分發，我們希望以這種方式與現有客戶合作的許多門上廣告。然後就門本身而言，通過在產品組合中添加越來越多的我們的特色甜甜圈，正如我們提到的，升級到櫥櫃和其他改進的銷售單位，我們確實希望看到每扇門的銷售額更高就像我們在 2022 年所做的那樣。

I think on the call, I mentioned that we saw the sales per dollar average increase of about 10%. And we think that the sales per door growth will be a contributor to our overall growth in the U.S. of the DFD channel, which, again, we expect to be the biggest driver of growth in 2023 going forward. So yes, a healthy store base, minimal optimization or rationalization of the doors and continuous growth, double-digit, low double-digit growth we expect in 2023 in the U.S. of new DFD doors.

我想在電話會議上，我提到我們看到每美元的銷售額平均增長了大約 10%。我們認為每門銷售額的增長將促進我們在美國 DFD 渠道的整體增長，我們預計這將再次成為 2023 年增長的最大推動力。因此，是的，健康的商店基礎，門的最小優化或合理化以及持續增長，我們預計 2023 年美國新 DFD 門的兩位數，低兩位數增長。

And of the DFD doors that do particularly well versus the ones that might be significantly lagging, what are the real differences that you're kind of seeing? Are there any patterns that you're now seeing in terms of what determines a good door versus a slower door so we really think about this footprint going forward?

在表現特別出色的 DFD 門與可能明顯滯後的 DFD 門中，您看到的真正區別是什麼？在決定好門與慢門的因素方面，您現在是否看到了任何模式，因此我們真的會考慮這種足跡？

Well, from a donut point of view, it's naturally the traffic of customers that are coming to that real estate. And we have worked with the customers to make sure that we go into ones that command the number of footfall that would make all this makes sense, and they've got used to that. We're not in every one of our customers' stores and have periodically moved around the units, both the 3 stores with even more significantly within stores. There are certain parts of the store that are better. Obviously, the higher traffic elements of the store, you want to be as near as either to the entrance or the checkout as you can. But it doesn't mean that you can't work in the bakery aisle or the milk section either. And we really work with our customers to optimize this. We've seen it work in big layout stores like Walmart or I mentioned on the call, a super Target. We see it working, not just in the big box stores, they are different grocery stores, and convenience stores, now increasing drug stores, we've been rolling out with Duane Reade Walgreens. So we're seeing different execution have a place. And C-stores and even gas stations we've been able to add.

好吧，從甜甜圈的角度來看，來到該房地產的自然是客戶流量。我們已經與客戶合作，以確保我們進入那些控制客流量的人，這將使所有這一切都變得有意義，並且他們已經習慣了。我們並沒有在我們客戶的每一家商店中，而是定期在這些單位周圍移動，這 3 家商店在商店內更重要。商店的某些部分更好。顯然，商店的人流量較大，您希望盡可能靠近入口或收銀台。但這並不意味著您不能在麵包店過道或牛奶區工作。我們真的與我們的客戶合作來優化它。我們已經看到它在像沃爾瑪這樣的大型佈局商店中起作用，或者我在電話中提到過，一個超級目標。我們看到它在起作用，不僅僅是在大賣場，它們是不同的雜貨店和便利店，現在越來越多的藥店，我們一直在與 Duane Reade Walgreens 一起推出。所以我們看到不同的執行方式佔有一席之地。我們還可以添加 C 店甚至加油站。

One of the things that really makes it work for us is to make sure the route profitability is right. So we focus on the number of stocks per route, the location of the stores on a route, make sure we're optimizing that. And these are all the areas that we're getting better at over time to make sure we don't just get the top line, we get the bottom line flow-through and efficiencies that the model commands.

真正讓它對我們有用的一件事是確保航線盈利能力是正確的。所以我們關注每條路線的庫存數量，商店在路線上的位置，確保我們正在優化它。隨著時間的推移，這些都是我們正在變得更好的領域，以確保我們不僅獲得頂線，而且獲得模型命令的底線流量和效率。

And we will take our next question from Brian Harbour with Morgan Stanley.

我們將與 Morgan Stanley 一起接受 Brian Harbour 的下一個問題。

Maybe just first, is there anything more you could say about kind of your pricing plans, especially given that you're kind of seeing more inflation in the first half. Do you intend to take any more pricing in the current quarter, for example? Or how are you thinking about that?

也許只是首先，關於你的定價計劃，你還有什麼可以說的，特別是考慮到你在上半年看到更多的通貨膨脹。例如，您打算在當前季度採用更多定價嗎？或者你是怎麼想的？

Brian, yes. And I'm assuming your questions around the U.S., but a lot of this holds for around the world in the pricing we have learned is successful as well, of course, as we offer a great product, and we've been very focused on that. In the U.S., we took pricing actions a little late last year. We mentioned that before in July and October on retail and then November on DFD, and we called that up, it was lagging a little bit. And we've learned from that for 2023.

布賴恩，是的。我假設你的問題在美國各地，但在世界範圍內，我們了解到的定價也很成功，當然，因為我們提供了很棒的產品，而且我們一直非常專注於那。在美國，我們去年晚些時候採取了定價行動。我們在 7 月和 10 月之前提到過零售，然後是 11 月在 DFD 上，我們提到過，它有點滯後。我們從中吸取了 2023 年的教訓。

We've definitely been very disciplined about identifying inflation, as Jeremiah mentioned. We've got a good line of sight to inflation for 2023, even better than we had in 2022. And as a result, we already took another small price increase in January on retail, low single digit. And we actually ended the year at low double-digit effective pricing.

正如耶利米所提到的，我們在識別通貨膨脹方面肯定非常自律。我們對 2023 年的通貨膨脹有很好的預期，甚至比 2022 年還要好。因此，我們已經在 1 月份對零售價格進行了小幅上漲，低個位數。我們實際上以兩位數的低有效定價結束了這一年。

And we will adapt to the inflation numbers and the price -- have a price strategy going forward that adapts to them in both retail and DFD, and as Jeremiah said, we've got a reasonable pretty good view that the inflation will be higher at the beginning of the year, the end of the year. And so it will be natural that our pricing strategy will follow that.

我們將適應通貨膨脹數字和價格 - 制定適應零售和 DFD 的價格策略，正如 Jeremiah 所說，我們有一個合理的相當好的觀點認為通貨膨脹率將更高年初，年底。因此，我們的定價策略自然會遵循這一點。

Okay. And then just on the International segment, could you help us think maybe a little bit about kind of the pace of growth there? Is it fairly even through the year is when will we see kind of some of the new market openings take effect? And then also, I know that in '23, the points of access growth was more weighted to the first half relative to the second half. Is that what you expect in '23 as well?

好的。然後就國際部分而言，您能否幫助我們思考一下那裡的增長速度？今年是否公平，我們什麼時候會看到一些新的市場開放生效？然後，我知道在 23 年，相對於下半年，訪問點增長更多地集中在上半年。這也是您對 23 年的期望嗎？

So from a country perspective, Brian, this is Mike, we anticipate opening up anywhere between 5 of the 7 countries, right? Those will be paced throughout the year fairly evenly. What I'm pretty pleased about that is that you'll see last year, we were getting into the Middle East and even the African continent. Now this year, we'll be opening up in the South America, Central America, the Caribbean as well, right? And then including Europe as well as probably on the back end of the year. So we see that type of pacing.

所以從國家的角度來看，布萊恩，我是邁克，我們預計 7 個國家中有 5 個國家會開放，對嗎？這些將在全年相當均勻地進行。令我非常高興的是，你會在去年看到，我們正在進入中東甚至非洲大陸。今年，我們也會在南美洲、中美洲和加勒比地區開放，對嗎？然後包括歐洲以及可能在今年年底。所以我們看到了這種節奏。

From a point of access, it ends up being fairly consistent where you see the points of access being driven quarter-by-quarter. With the back end of the year fairly similar right as grocers or the doors tend to kind of look at the rationalization around holiday times. I don't see any of that mean anything different.

從訪問點來看，它最終是相當一致的，你看到訪問點是逐季度驅動的。隨著年底的到來，雜貨店或門市往往會考慮假期前後的合理化。我看不出任何不同的意思。

(Operator Instructions) And we will take our next question from Bill Chappell with Truist Securities.

（操作員說明）我們將從 Bill Chappell 和 Truist Securities 提出下一個問題。

This is Stephen Lengel on for Bill Chappell. Can you provide us more color on how much of the solid growth in 4Q was driven by the seasonal demand? And kind of have we started to see some normalization in January or February to date as consumers kind of cut back on indulgences post holiday or has perhaps momentum kind of carried over into these months?

我是 Stephen Lengel 代替 Bill Chappell。您能否為我們提供更多關於第四季度穩健增長有多少是由季節性需求推動的信息？到目前為止，我們是否已經開始在 1 月或 2 月看到一些正常化，因為消費者在假期後減少了放縱，或者這種勢頭可能會延續到這幾個月？

So again, yes, so I'll answer the first one, just the consumer as we think about it, right? So our business model, again, is dozens gifting sharing. It's not a high-frequency model, and we even talked about people continue to buy our brand and it doesn't to give to someone else. The affordable and diligent piece is a clear driver, which really helps out of our consumer base about being resilient. And then Josh even talked a little bit about the premiumization that happens as we start to get into the Halloween or the holiday. And even, for example, when people say January or this, well, we actually introduced a very high premium, very indulgent product in first part of the year, and it was extremely successful. And we just finished with our -- probably one of our highest days of the year from a concept of what we do across the world in Valentine's Day. So again, from that gifting model, very successful Valentine's Day. So again, this is a gifting kind of business that follows along, and that's where the model has really changed any different. So that points of access allows the biggest opportunity that we have from the customers to get it to where they are. That is their #1 challenge that they have for us as they can't get the donuts, right? So here's what it is from a --

再次，是的，所以我會回答第一個問題，只是我們考慮的消費者，對嗎？因此，我們的商業模式同樣是數十種禮物共享。它不是高頻型號，我們甚至談到人們繼續購買我們的品牌而不是送給別人。負擔得起且勤奮的產品是一個明確的驅動力，它確實有助於我們的消費者群保持彈性。然後 Josh 甚至談到了我們開始進入萬聖節或假期時發生的高端化。甚至，例如，當人們說一月或今年時，我們實際上在今年上半年推出了一款非常優質、非常放縱的產品，而且非常成功。我們剛剛結束了我們的 - 可能是我們一年中最重要的日子之一，從我們在情人節那天在世界各地所做的事情的概念來看。再一次，從那個送禮模型來看，情人節非常成功。因此，這又是一種隨之而來的贈予型業務，而這正是該模型真正發生變化的地方。因此，訪問點允許我們從客戶那裡獲得最大的機會，將其帶到他們所在的位置。這是他們對我們的第一個挑戰，因為他們無法獲得甜甜圈，對嗎？這就是它來自——

I believe your second part of the question, just related to is there anything volume-based.

我相信你的問題的第二部分，只是與是否有任何基於體積的東西有關。

Well, I think that look, just as you think about 2023, I mean we're not assuming any sort of backdrop of economic growth or changes like that. What we're focused on is the point of access expansion that reflects the #1 reason, again and again why a consumer may not choose to buy a purchased Krispy Kreme is they just can't get it. So that's the #1 driver of growth, getting those points of access out to people, making them more convenient through this Delivered Fresh Daily channel.

嗯，我認為就像你對 2023 年的看法一樣，我的意思是我們沒有假設任何經濟增長或類似變化的背景。我們關注的是訪問擴展點，它反映了第一個原因，消費者可能不會一次又一次地選擇購買已購買的 Krispy Kreme，因為他們就是買不到。所以這是增長的第一驅動力，讓人們接觸到這些點，讓他們通過這個每日新鮮交付渠道更加方便。

From an activation point of view, we're also, as you mentioned, leveraging not just seasonal, but other specialty donut opportunities to take that further, to increase frequency to make sure that we're driving the premium growth. So it's definitely not just about the seasonal celebration events there.

從激活的角度來看，正如您提到的，我們不僅利用季節性的機會，還利用其他特色甜甜圈的機會來進一步提高頻率，以確保我們推動保費增長。所以這絕對不僅僅是那裡的季節性慶祝活動。

And in fact, as Mike said, we can find the season in January, February, March, April, every month of the year when somebody is looking for an indulgent sweet treat. And so I think when you think about Q1, we expect top line momentum to continue. And certainly, the evidence so far would say that there's no sort of change in our consumers' behavior.

事實上，正如邁克所說，我們可以在一月、二月、三月、四月，一年中的每個月找到一個人正在尋找放縱的甜點的季節。因此，我認為當您考慮第一季度時，我們預計頂線勢頭將繼續。當然，到目前為止的證據表明我們消費者的行為沒有任何變化。

There are no further questions at this time. I will now turn the call back to Mr. Mike Tattersfield for additional and closing remarks.

目前沒有其他問題。我現在將把電話轉回 Mike Tattersfield 先生，請他作補充和結束髮言。

Thank you, everybody, for being on the call. Again, I'd like to thank all the Krispy Kremers. Really showed up every day in 2022 and made our brand really live its purpose on every single day, and I look forward to catching you up as we move along the year. Thank you very much.

謝謝大家接聽電話。再次，我要感謝所有 Krispy Kremers。真的在 2022 年的每一天都出現了，讓我們的品牌每一天都真正實現了它的目標，我期待著在我們這一年前進的過程中趕上你。非常感謝。

Thank you.

謝謝。

And ladies and gentlemen, this concludes today's conference call, and we thank you for your participation. You may now disconnect.

女士們，先生們，今天的電話會議到此結束，我們感謝您的參與。您現在可以斷開連接。