Krispy Kreme Inc (DNUT) 2023 Q3 法說會逐字稿

Thank you for standing by. My name is Dennis, and I will be your conference operator today. At this time, I would like to welcome everyone to the Krispy Kreme Third Quarter 2023 Earnings Call. (Operator Instructions)

謝謝你的支持。我叫丹尼斯，今天我將擔任你們的會議操作員。此時，我謹歡迎大家參加 Krispy Kreme 2023 年第三季財報電話會議。 （操作員說明）

I would now like to turn the call over to Ms. Stephanie Daukus, Vice President of Investor Relations. Ms. Daukus, please go ahead.

我現在想將電話轉給投資者關係副總裁 Stephanie Daukus 女士。道庫斯女士，請繼續。

Thank you. Good morning, everyone, and welcome to Krispy Kreme's Third Quarter 2023 Earnings Call. Thank you for joining us today. Our earnings release and associated earnings presentation are available on our Investor Relations website at investors.krispykreme.com.

謝謝。大家早安，歡迎參加 Krispy Kreme 的 2023 年第三季財報電話會議。感謝您今天加入我們。我們的收益發布和相關收益介紹可在我們的投資者關係網站 Investors.krispykreme.com 上取得。

Joining me on the call this morning are 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.

今天早上與我一起參加電話會議的是總裁兼執行長 Mike Tattersfield；喬許‧查爾斯沃思（Josh Charlesworth），全球總裁兼營運長；和財務長 Jeremiah Ashukian。準備好的發言後，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 than 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 for the year ended January 1, 2023, and in the other filings we make from time to time with the SEC.

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》的安全港條款做出的前瞻性陳述，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有重大差異。這些因素以及其他風險和不確定性在公司向 SEC 提交的截至 2023 年 1 月 1 日的年度的 10-K 表格以及我們不時向 SEC 提交的其他文件中進行了詳細描述。

Forward-looking statements made today are 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. 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 our third quarter 2023 earnings press release and Form 8-K filed today and is also available at investors.krispykreme.com.

今天發表的前瞻性陳述僅截至今天為止。除法律要求外，本公司不承擔公開更新或修改任何前瞻性聲明的義務。此外，今天的電話會議將包括某些非公認會計準則財務指標。非 GAAP 財務指標與最接近的可比較 GAAP 指標之間的調整可以在我們今天提交的 2023 年第三季收益新聞稿和 8-K 表格中找到，也可以在 Investors.krispykreme.com 上找到。

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

這樣，我現在將把電話轉給麥克。

Thank you, Stephanie. Good morning, and thank you, everyone for joining us today. We have quite a bit of news this quarter at Krispy Kreme with our upcoming CEO succession and our exploration of strategic alternatives for Insomnia Cookies. To frame the call, I want to talk about our history. Afterwards, I'll pass the mic to Josh to dive into our strategy and Jeremiah to cover our financial results and outlook for the remainder of the year.

謝謝你，斯蒂芬妮。早安，謝謝大家今天加入我們。 Krispy Kreme 本季有許多新聞，包括即將到來的執行長繼任者以及我們對 Insomnia Cookies 戰略替代方案的探索。在這通電話中，我想談談我們的歷史。之後，我將把麥克風交給喬許 (Josh)，讓他深入探討我們的策略，讓耶利米 (Jeremiah) 介紹我們的財務業績和今年剩餘時間的前景。

Krispy Kreme has been a loved sweet treat brand since Vernon Rudolph first started making donuts in 1937. Since joining the company in 2016, we've taken Krispy Kreme on a transformation to become focused as a donut company, always creating freaking awesome donuts. Vernon's recipe and its hot fresh donuts is how he built the brand. We further developed the brand, unlocking the power of a truly omnichannel brand. And importantly, we now deliver 100% of our donuts Fresh Daily, up from 50% since 2016.

自從Vernon Rudolph 於1937 年首次開始製作甜甜圈以來，Krispy Kreme 一直是深受人們喜愛的甜點品牌。自2016 年加入公司以來，我們帶領Krispy Kreme 進行轉型，成為一家專注於甜甜圈的公司，始終創造出令人驚嘆的甜甜圈。佛農的食譜和新鮮熱甜甜圈是他建立這個品牌的方式。我們進一步發展了該品牌，釋放了真正全通路品牌的力量。重要的是，我們現在提供 100% 的甜甜圈每日新鮮配送，高於 2016 年以來的 50%。

Also since 2016, we've nearly tripled the number of access points where consumers can buy fresh donuts daily and increase the geographies where we operate by roughly 50%, as we are now in 37 countries. We learned that we need to be where consumers want us and develop our points of access beyond the fresh and theater shops to include delivered fresh daily to grocer, convenience, and we are now unlocking new channels, such as club and quick service restaurants. We have profitably reshaped our global ownership network via our hub-and-spoke model and also acquired Insomnia Cookies 5 years ago to help us strengthen our e-commerce and digital platform. Digital orders now represent approximately 20% of consolidated retail sales.

此外，自2016 年以來，我們將消費者每天可以購買新鮮甜甜圈的接入點數量增加了近兩倍，並將我們運營的地區增加了約50%，目前我們已遍布37 個國家/地區。我們了解到，我們需要成為消費者需要的地方，並發展我們的進入點，超越生鮮店和劇院商店，包括每天向雜貨店配送生鮮、便利，我們現在正在開闢新的渠道，例如俱樂部和快餐店。我們透過中心輻射模式重塑了我們的全球所有權網絡，並在 5 年前收購了 Insomnia Cookies，以幫助我們加強電子商務和數位平台，從而實現盈利。目前，數位訂單約佔綜合零售額的 20%。

Finally, we have continuously invested in innovation and focused the brand on gifting, sharing and premiumization for our consumers worldwide. We know and believe there is nothing we can't do with a donut. And as always, at the core of our company is our purpose to touch and enhance the lives through the joy that is Krispy Kreme, which guides our culture and sets our direction to becoming the most loved sweet treat brand in the world.

最後，我們不斷投資於創新，並將品牌重點放在為全球消費者提供禮物、分享和高端化。我們知道並相信沒有什麼是我們不能用甜甜圈做的。一如既往，我們公司的核心目標是透過 Krispy Kreme 的快樂來感動和改善生活，它引導著我們的文化，並為我們指明了成為世界上最受歡迎的甜點品牌的方向。

As I reflect back, none of this would have been possible without our more than 23,000 global Krispy Kremers, our leaders and our culture to drive growth and results daily. This team has transformed our business from a legacy retail and wholesale operation to a fresh, nimble, unique omnichannel business that has more than proven itself. I'm truly grateful and thankful to every Krispy Kremer.

我回想起來，如果沒有我們全球 23,000 多名 Krispy Kremers、我們的領導者和我們每天推動成長和成果的文化，這一切都不可能實現。這個團隊將我們的業務從傳統的零售和批發業務轉變為新鮮、靈活、獨特的全通路業務，並且已經證明了自己。我衷心感謝每一位 Krispy Kremer。

Turning to Insomnia cookies. I mentioned our announcement to explore strategic alternatives for the company to enhance both brands' growth trajectories and enable Krispy Kreme to focus on our core strategy of producing, selling and distributing fresh donuts daily. We thank Insomnia for their tremendous partnership in building upon our e-commerce and digital capabilities, all while we help grow the Insomnia business here in the U.S. to roughly 250 cookie bakeries, as well as we expand globally into the U.K. and Canada.

轉向失眠餅乾。我提到我們宣佈為公司探索策略替代方案，以增強兩個品牌的成長軌跡，並使 Krispy Kreme 能夠專注於我們每天生產、銷售和分銷新鮮甜甜圈的核心策略。我們感謝 Insomnia 在建立我們的電子商務和數位能力方面所提供的巨大合作夥伴關係，同時我們幫助 Insomnia 在美國的業務發展到大約 250 家餅乾麵包店，並將業務擴展到英國和加拿大。

Regarding the CEO transition, for some time now, I've been in conversations with the Board regarding my succession plan. Given the progress we've made on our strategy, the phenomenal team and culture we have in place, it was the right time to promote Josh to CEO, effective January 1. I am also excited to transition to a Senior Adviser role on Krispy Kreme Ambassador, where I'll support Josh and continue to spread the joy that is Krispy Kreme.

關於執行長的過渡，一段時間以來，我一直在與董事會就我的繼任計劃進行對話。鑑於我們在策略上取得的進展、我們所擁有的出色的團隊和文化，現在是將Josh 提升為執行長的最佳時機，任命將於1 月1 日生效。我也很高興能夠過渡到Krispy Kreme 的高級顧問角色大使，我將支持 Josh 並繼續傳播 Krispy Kreme 的快樂。

Josh has played a critical role in Krispy Kreme's growth for the last 6 years, has been a tremendous partner to me, and I love his passion for the brand and our Krispy Kremers. All of this gives me confidence in our future success. Josh, I couldn't be happier to transition this road to you and look forward to watching more of your accomplishments as CEO.

在過去 6 年裡，Josh 在 Krispy Kreme 的發展中發揮了關鍵作用，是我的重要合作夥伴，我喜歡他對這個品牌和我們的 Krispy Kremers 的熱情。所有這些都讓我對我們未來的成功充滿信心。喬什，我很高興能把這條道路交給你，並期待看到你作為執行長取得更多成就。

Now towards Q3. Our results this quarter demonstrate the continued strength of our team, our business model and the power of our brand. We delivered growth on both the top and bottom line, in line with our plans, while delivering adjusted EBITDA margin expansion through our hub-and-spoke model. Our global expansion continued as we made our donuts available in 2 markets, Switzerland and Kazakhstan, and Insomnia Cookies expanded internationally into Canada and the United Kingdom.

現在進入第三季。我們本季的業績證明了我們團隊、商業模式和品牌力量的持續實力。我們按照計劃實現了營收和利潤的成長，同時透過中心輻射模型實現了調整後的 EBITDA 利潤率擴張。我們的全球擴張仍在繼續，我們的甜甜圈在瑞士和哈薩克這兩個市場上銷售，而 Insomnia Cookies 則在國際上擴展到了加拿大和英國。

With that said, I will now turn it over to Josh for a review of our strategy and to discuss the momentum we've seen so far in the fourth quarter. Josh, congratulations once again. Turn on that highlight, Amigo.

話雖如此，我現在將把它交給喬什，讓他審查我們的策略，並討論我們在第四季度迄今為止所看到的勢頭。喬什，再次恭喜。打開那個亮點，阿米戈。

Thanks, Mike. It's such a privilege and honor to be asked to leave this great team that you brought together. To represent this incredible brand, which means so much to so many people and above all, to support all our Krispy Kremers around the world as we seek to firmly establish Krispy Kreme as the world's most loved sweet treat. And on a more personal note, thank you, Mike, for the many years of support you've given me, including this period of CEO transition, and I'm very pleased that you'll be staying on as a member of the Krispy Kreme Board.

謝謝，麥克。被要求離開你們組建的這個偉大的團隊真是一種榮幸。代表這個令人難以置信的品牌，這對許多人來說意義重大，最重要的是，支持我們世界各地的所有 Krispy Kremer，因為我們力求將 Krispy Kreme 打造成世界上最受歡迎的甜點。就我個人而言，麥克，謝謝你多年來給予我的支持，包括這段執行長過渡時期，我很高興你將繼續擔任 Krispy 的成員克雷梅董事會。

I'm so excited for what is ahead of us at Krispy Kreme. Our strategy is clear, make our fresh donuts available in more places and keep reminding people of the joy that is Krispy Kreme, not just to eat, but to share and give to others. We have made so much progress in leveraging the power of the Krispy Kreme brand under Mike's leadership, now selling over 1.6 billion fresh donuts a year in over 13,000 points of access around the world. And yet, we have so much further to go.

我對 Krispy Kreme 即將發生的事情感到非常興奮。我們的策略很明確，就是讓我們的新鮮甜甜圈在更多地方上市，並不斷提醒人們 Krispy Kreme 的快樂，不僅是為了吃，而是為了分享和給予他人。在 Mike 的領導下，我們在利用 Krispy Kreme 品牌的力量方面取得了很大進展，現在每年在全球 13,000 多個銷售點銷售超過 16 億個新鮮甜甜圈。然而，我們還有很長的路要走。

Our existing points of access represent less than 1% of the places a customer could in theory by Krispy Kreme donuts and our purchase frequency is less than 3x a year despite the many occasions and celebrations where our consumers can and do enjoy our donuts. We've laid out a great strategy, and we will remain focused on maximizing our global growth opportunity, leveraging our profitable omnichannel fresh donut business.

理論上，我們現有的訪問點只佔顧客可以購買Krispy Kreme 甜甜圈的不到1%，而且我們的購買頻率每年不到3 次，儘管我們的消費者可以並且確實在許多場合和慶祝活動中享用我們的甜甜圈。我們已經制定了一項偉大的策略，我們將繼續專注於最大化我們的全球成長機會，利用我們盈利的全通路新鮮甜甜圈業務。

The key elements being: one, expand availability of fresh donuts through more points of access in both new countries and new sales channels, such as quick service restaurants; two, increased purchase frequency by continuing to strengthen our premium offerings for special occasions and improving e-commerce and loyalty programs; three, drive end-to-end productivity in our donut supply chain through operating excellence and automation; and four, improve capital efficiency by leveraging excess capacity in our fresh donut production hubs to supply more capital light points of access. And we are pleased with our progress so far.

關鍵要素是：第一，透過新國家的更多接入點和新的銷售管道（例如快餐店）擴大新鮮甜甜圈的供應；第二，透過持續加強我們針對特殊場合的優質產品以及改善電子商務和忠誠度計劃來增加購買頻率；第三，透過卓越營運和自動化提高甜甜圈供應鏈的端到端生產力；第四，利用新鮮甜甜圈生產中心的過剩產能，提供更多的資本輕通道，提高資本效率。我們對迄今為止的進展感到滿意。

Our third quarter results were excellent with organic growth just under 10%, adjusted EBITDA margins up by 50 basis points and points of access increasing 14% to 13,394. The 522 points of access that we added in the quarter were across multiple markets, including 453 new delivered fresh daily merchandising displays or DFD doors, 59 fresh shops and 4 hot light theaters. The new DFD doors include OXXO convenience stores in Mexico, Woolworths grocery stores in Australia, and Costco wholesale stores in the U.K., Australia and Canada, reflecting the increasing diversity of our customer mix.

我們第三季的業績非常出色，有機成長略低於 10%，調整後 EBITDA 利潤率成長 50 個基點，訪問點成長 14% 至 13,394。我們在本季新增的 522 個存取點遍佈多個市場，其中包括 453 個新交付的生鮮日常商品展示櫃或 DFD 門、59 家生鮮商店和 4 家熱門燈光影院。新的 DFD 商店包括墨西哥的 OXXO 便利商店、澳洲的 Woolworths 雜貨店以及英國、澳洲和加拿大的 Costco 批發店，這反映出我們的客戶組合日益多樣化。

This also demonstrates our ability to expand DFD across multiple channels in several markets around the world. The 186 DFD doors we added in the U.S., including 2 more new Kroger divisions with Dillons in Kansas, and Pick 'n Save in Wisconsin, and we also saw significant growth with Publix. We now have just over 6,500 DFD doors in the U.S. with average weekly sales up 12% year-over-year in the third quarter.

這也顯示我們有能力在全球多個市場的多個管道上擴展 DFD。我們在美國增加了 186 個 DFD 門，其中包括堪薩斯州的 Dillons 和威斯康辛州的 Pick 'n Save 兩個新的克羅格分部，而且我們還看到 Publix 的顯著增長。目前，我們在美國擁有 6,500 多扇 DFD 門，第三季平均每週銷量年增 12%。

We're also confident that the quick service restaurant channel is an exciting DFD opportunity for Krispy Kreme, not just in the U.S. but around the world. And we are making investments in the U.S. that reflect our confidence in further scaling our delivered fresh daily network. While nothing has been finalized, we are excited about our continued partnership with McDonald's, and we are in advanced discussions about expanding the relationship.

我們也相信，快餐店通路對於 Krispy Kreme 來說是一個令人興奮的 DFD 機會，不僅在美國，而且在世界各地。我們正在美國進行投資，這反映出我們對進一步擴大每日新鮮配送網路的信心。雖然一切尚未最終確定，但我們對與麥當勞的持續合作夥伴關係感到興奮，並且我們正在就擴大合作關係進行深入討論。

Turning to the consumer. We saw even on our seasonally low summer months, strong engagement with the Krispy Kreme brand driven by premium price, specialty donuts and marketing activation. Our limited time donut collections generated billions of media impressions, significantly increased average transaction values and drove strong overall growth. For example, our partnership with M&Ms in the summer, which included a one of a kind donut path with M&M'S Minis was a huge hit in 17 markets around the world.

轉向消費者。我們看到，即使在季節性淡季的夏季，在溢價、特色甜甜圈和行銷活動的推動下，Krispy Kreme 品牌的參與度也很高。我們的限時甜甜圈系列產生了數十億次媒體印象，顯著提高了平均交易價值並推動了強勁的整體成長。例如，我們今年夏天與 M&Ms 的合作關係，其中包括與 M&M'S Minis 合作推出的獨一無二的甜甜圈路徑，在全球 17 個市場中取得了巨大成功。

Our brand continues to grow and over-index with valuable younger consumers with 18 to 34 year olds now representing 40% of our U.S. consumer base, up from 33% a year ago. This is a big contributor to the success of our strawberry glazed donut partnership with Hailey Bieber, which sold out quickly every day we ran it in early September. These partnerships demonstrate our ability to reach beyond seasonal occasions with creative and innovative marketing approaches, especially with our more social media and digital savvy consumers.

我們的品牌持續成長，並過度專注於有價值的年輕消費者，18 至 34 歲的消費者目前占我們美國消費者群的 40%，高於一年前的 33%。這是我們與海莉·比伯 (Hailey Bieber) 合作的草莓甜甜圈成功的一個重要因素，我們在 9 月初推出的甜甜圈每天都很快售罄。這些合作夥伴關係證明了我們有能力透過創意和創新的行銷方法超越季節性場合，特別是針對我們更精通社群媒體和數位科技的消費者。

As we move into the peak holiday season, we have seen growth accelerate so far in the fourth quarter, thanks to a record overall performance in the buildup to Halloween, especially in the U.S., where we brought mystery and monsters to life with a Scooby-Doo Dozen. Looking ahead, we expect to maintain this momentum driven by more premium specialty donut collections, inspired by the holidays and pop culture.

隨著我們進入假日旺季，我們看到第四季迄今為止的成長加速，這要歸功於萬聖節前夕的整體表現創紀錄，尤其是在美國，我們透過史酷比將神秘和怪物帶入了生活。鬥打。展望未來，我們預計將在更多優質特色甜甜圈系列的推動下保持這一勢頭，靈感來自假期和流行文化。

Selling the same fresh donuts, both our beloved original glazed and our premium offerings that we make in our production hubs through more points of access is at the heart of our unique hub-and-spoke operating model, making Krispy Kreme more accessible and convenient to more consumers and the hubs themselves more productive and profitable. This quarter, we increased the number of U.S. hubs with spokes from 143 to 148 by adding delivery routes to existing locations.

銷售相同的新鮮甜甜圈，包括我們喜愛的原味甜甜圈和我們在生產中心透過更多接入點生產的優質產品，這是我們獨特的中心輻射運營模式的核心，使Krispy Kreme 更容易接觸和方便更多的消費者和中心本身更俱生產力和利潤。本季度，我們透過添加到現有地點的配送路線，將美國輻射中心的數量從 143 個增加到 148 個。

Our trailing 12 month sales per hub KPI was up 9% year-over-year to $4.8 million, helping drive U.S. fresh margins up over 100 basis points compared to the same quarter a year ago. We are seeing continued success in replicating the hub-and-spoke model and leveraging growth and delivered fresh daily doors across several cities, notably, Charlotte, Dallas, Denver, Houston and Miami, which have had some of the largest increases in DFD doors this year.

我們每個中心過去 12 個月的 KPI 銷售額年增 9%，達到 480 萬美元，幫助推動美國的新利潤率與去年同期相比增長了 100 個基點以上。我們看到在複製中心輻射模式和利用成長方面持續取得成功，並在多個城市每天提供新鮮的門，特別是夏洛特、達拉斯、丹佛、休士頓和邁阿密，這些城市是今年DFD 門增幅最大的城市之一。年。

As evidenced by our third quarter results, our strategy continues to produce positive and tangible results, and I'm excited for the future as we continue to pursue establishing Krispy Kreme as the world's most loved sweet treat.

正如我們第三季的業績所證明的那樣，我們的策略繼續產生積極而切實的成果，我對未來感到興奮，因為我們將繼續致力於將 Krispy Kreme 打造成世界上最受歡迎的甜點。

I'll turn the call over now to Jeremiah.

我現在把電話轉給耶利米。

Thanks, Josh, and good morning, everyone. The third quarter finished in line with our expectations as we delivered growth on both the top line and adjusted EBITDA with improved performance throughout the business. We delivered our strongest third quarter adjusted EBITDA growth since our return to the public markets. And if trends maintain, we continue to track toward the mid to high-end of our full year revenue and adjusted EBITDA guidance.

謝謝，喬什，大家早安。第三季的業績符合我們的預期，我們的營收和調整後的 EBITDA 均實現成長，整個業務的業績也有所改善。我們實現了自重返公開市場以來最強勁的第三季調整後 EBITDA 成長。如果趨勢保持下去，我們將繼續朝著全年收入和調整後 EBITDA 指導的中高端方向發展。

Net revenue grew 7.9% to $407.4 million, driven by successful execution of marketing activations, pricing actions, and further expansion of our omnichannel approach globally and across all segments. Organic revenue grew 9.6% to $400.3 million. As a reminder, organic revenue excludes impacts of acquisitions, foreign currency, and the branded sweet treats business. Growth, pricing, and the shift away from branded sweet treats resulted in product and distribution costs decreasing by 230 basis points year-over-year.

由於行銷活動、定價行動的成功執行以及我們在全球和所有細分市場的全通路方法的進一步擴展，淨收入成長了 7.9%，達到 4.074 億美元。有機收入成長 9.6%，達到 4.003 億美元。提醒一下，有機收入不包括收購、外匯和品牌甜食業務的影響。成長、定價以及從品牌甜食的轉變導致產品和分銷成本同比下降 230 個基點。

GAAP net loss was $40.3 million in the quarter due to the forecasted effective tax rate and attributable noncash income tax expense. Importantly, we continue to expect an adjusted tax rate of between 24.5% and 26% for the full year 2023. Adjusted EBITDA grew 13.5% year-over-year to $43.7 million, exceeding the revenue growth rate. In turn, adjusted EBITDA margins expanded across all reportable segments, increasing 50 basis points year-over-year to 10.7%, demonstrating our ability to improve operating leverage through pricing and productivity initiatives.

由於預測的有效稅率和應佔非現金所得稅費用，本季 GAAP 淨虧損為 4,030 萬美元。重要的是，我們仍然預計 2023 年全年調整後稅率將在 24.5% 至 26% 之間。調整後 EBITDA 將年增 13.5% 至 4,370 萬美元，超過收入成長率。反過來，所有可報告部門的調整後 EBITDA 利潤率均有所擴大，年增 50 個基點至 10.7%，這表明我們有能力透過定價和生產力措施提高營運槓桿。

Diluted adjusted net income declined 3.6% year-over-year to $4.4 million. Adjusted EPS remained flat compared to last year at $0.03 despite net interest expense increasing 44% to $3.9 million. The increase was primarily driven by higher benchmark interest, as well as reducing our reliance on vendor financing.

稀釋調整後淨利潤年減 3.6% 至 440 萬美元。儘管淨利息支出成長 44% 至 390 萬美元，但調整後每股盈餘與去年持平，為 0.03 美元。這一增長主要是由於基準利率上升以及我們對供應商融資的依賴減少。

Turning to the segment results. In the U.S. segment, organic revenue grew 10.2% to $258.6 million, driven by effective premiumization opportunities and decreased discounting, leading to an increased average transaction size. Adjusted EBITDA increased 8.8% year-over-year, and margins expanded 30 basis points to 8.6%. Margin expansion was primarily driven by hub-and-spoke efficiencies and mitigating commodity inflation and labor pressures.

轉向細分結果。在美國市場，受有效的高端化機會和折扣減少的推動，有機收入成長了 10.2%，達到 2.586 億美元，導致平均交易規模增加。調整後 EBITDA 年成長 8.8%，利潤率擴大 30 個基點至 8.6%。利潤率擴張主要是由中心輻射效率以及緩解大宗商品通膨和勞動力壓力所推動的。

With the pricing taken from earlier in the year, we continue to be focused on waste mitigation in both materials and labor efficiency, and we're making improvements in both those areas. We expect that these structural improvements should set up for persistent margin expansion moving forward, combined with benefits from our hub-and-spoke system maturing. And finally, Insomnia margins improved sequentially due to pricing actions taken in the quarter to address input costs. In the International segment, organic revenue increased 8.2% year-over-year, driven by increased pricing and points of access growth.

根據今年稍早的定價，我們繼續關注材料和勞動力效率的浪費減少，並且我們正在這兩個領域進行改進。我們預計，這些結構性改進將為未來持續的利潤率擴張奠定基礎，並結合我們日益成熟的輪輻系統帶來的好處。最後，由於本季為解決投入成本而採取的定價行動，Insomnia 的利潤率連續提高。在國際業務中，受定價上漲和訪問點增長的推動，有機收入年增 8.2%。

Notably, Mexico continues to grow double digits and accelerated both sequentially and year-over-year, driven by strong e-commerce and hub-and-spoke expansion. Adjusted EBITDA increased 17.3%, expanding 30 basis points year-over-year and has returned to over 20%, primarily driven by declines in product and distribution costs as a percent of revenue due to the effective pricing increases. We saw strong operating leverage in the U.K. given actions taken to deploy cost control initiatives and introducing a 9 pack format in DFD.

值得注意的是，在強勁的電子商務和軸輻式擴張的推動下，墨西哥繼續實現兩位數增長，並且環比和同比均加速增長。調整後 EBITDA 成長 17.3%，年增 30 個基點，並已恢復至 20% 以上，這主要是由於有效定價上漲導致產品和分銷成本佔收入的百分比下降。鑑於採取了部署成本控制措施並在 DFD 中引入 9 件裝格式的行動，我們看到了英國強大的營運槓桿。

In the Market Development segment, organic growth increased 9.1%, which was partially offset by the timing of equipment sales to franchisees. Notably, Canada grew more than 30% as points of access growth accelerated. Adjusted EBITDA increased $1.6 million or 13.3% with margin expansion of 220 basis points to 32.6%, driven mainly by strong margin improvement in our company-owned Canadian and Japanese businesses from hub-and-spoke efficiencies, combined with fewer lower margin equipment sales to franchisees. Moving to the balance sheet.

在市場開發部門，有機成長了 9.1%，但部分成長被向特許經營商銷售設備的時間所抵消。值得注意的是，隨著接入點成長加速，加拿大的成長率超過 30%。調整後的EBITDA 成長了160 萬美元，即13.3%，利潤率成長了220 個基點，達到32.6%，這主要是由於我們公司擁有的加拿大和日本業務的中心輻射效率帶來的利潤率大幅提高，以及較低利潤率的設備銷售減少。特許經營者。轉向資產負債表。

We have a healthy balance sheet with ample liquidity and expect leverage to close the year below 4x. We are focused on the long-term health of the business and setting up our capital structure to support growth through a strong balance sheet as we explore strategic alternatives. For Insomnia Cookies, we expect to use any proceeds to fund our growth agenda and strengthen our financial positioning, which includes paying down debt and a continuation of a reduction in the usage of vendor financing. Over the longer term, we remain on track to be between 2x and 2.5x net leverage in 2026.

我們擁有健康的資產負債表和充足的流動性，預計今年年底槓桿率將低於 4 倍。在探索策略替代方案時，我們專注於業務的長期健康發展，並建立資本結構，透過強大的資產負債表來支持成長。對於 Insomnia Cookies，我們預計將使用任何收益來資助我們的成長議程並加強我們的財務定位，其中包括償還債務和繼續減少供應商融資的使用。從長遠來看，我們的淨槓桿比率預計在 2026 年保持在 2 倍至 2.5 倍之間。

Capital expenditures increased to 8.4% of revenues in the third quarter, driven by new store openings and foreign exchange rates. As we continue to invest behind our growth of our omnichannel strategy looking forward and as Josh mentioned, the fourth quarter is seasonally our strongest, and we've observed a strong October with low double-digit organic sales growth, proving that underlying demand remains robust. Today, we are reaffirming our full year guidance ranges for revenue and adjusted EBITDA and continue to trend towards the mid to high-end of the range. Additionally, I want to specifically call out the changes to interest expense and capital expenditure assumptions.

在新店開幕和外匯匯率的推動下，第三季資本支出佔營收的 8.4%。隨著我們繼續投資於未來全通路策略的成長，正如喬希所提到的那樣，第四季度是我們季節性最強的季度，我們觀察到10 月份的強勁表現，有機銷售增長較低，達到兩位數，證明潛在需求仍然強勁。今天，我們重申全年收入和調整後 EBITDA 的指導範圍，並繼續朝著該範圍的中高端發展。此外，我想特別指出利息支出和資本支出假設的變化。

We are updating our outlook for interest expense to be between $47 million and $51 million due to the prevailing interest rate environment, as well as our strategic reduction of vendor financing. In addition, we're updating capital expenditures which we now expect to land between 7% and 8% of full year revenues, largely due to strategic investments and growth of our U.S. delivered fresh daily network and foreign currency rates. In summary, we had a strong third quarter and are seeing momentum in the fourth quarter, and we're excited about the future growth opportunities in our business.

由於當前的利率環境以及我們策略性減少供應商融資，我們將利息支出的預期更新為 4,700 萬至 5,100 萬美元。此外，我們正在更新資本支出，我們目前預計資本支出將佔全年收入的 7% 至 8%，這主要歸功於策略性投資以及我們美國交付的新每日網路和外幣匯率的成長。總而言之，我們第三季業績強勁，第四季勢頭強勁，我們對業務未來的成長機會感到興奮。

With that, we will open up the call for questions. Operator?

至此，我們將開始提問。操作員？

(Operator Instructions) Your first question is 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 guess, the question is on U.S. margins, and I know in the past we've talked about DFD profitability really being looked at at a market level. And I wonder if there's any more intelligence or thinking around doing it at a root level or count level or even day-of-the-week level if there's an opportunity for you to actually drive some margin maybe beyond what we saw in the third quarter out of that business in general.

我想，問題在於美國的利潤率，我知道過去我們已經討論過 DFD 獲利能力確實是在市場層面上考察的。我想知道是否有更多的情報或思考可以在根級別或計數級別甚至一周中的某一天級別進行操作，是否有機會真正推動一些利潤可能超出我們在第三季度看到的水平一般而言，該業務已被排除在外。

And secondly, I think there's been some allusion that Krispy Kreme may use -- potentially use third-party delivery into some DFD accounts as opposed to using your trucks and your drivers. Is that an initiative that is currently being tested or explored or something that we could talk about on this call?

其次，我認為 Krispy Kreme 可能會使用一些暗示——可能使用第三方送貨到一些 DFD 帳戶，而不是使用您的卡車和司機。這是目前正在測試或探索的計劃，還是我們可以在這次電話會議上討論的內容？

John, appreciate the question around margins. I'll open up and say, we were pleased with kind of what we saw this quarter with respect to U.S. margins. We were up 30 basis points, obviously, in the U.S. with the U.S. fresh business up over 100 basis points for the quarter, really driven by some of that hub-and-spoke efficiency that you referenced but also despite needing to absorb performance-based accruals.

約翰，感謝有關利​​潤的問題。我想說的是，我們對本季美國利潤率的情況感到滿意。顯然，我們在美國的業務成長了30 個基點，本季美國的生鮮業務成長了100 多個基點，這實際上是受到您提到的一些中心輻射效率的推動，但也儘管需要吸收基於績效的效率應計費用。

So we still have bonuses this year that we expect to pay where we're declining those bonuses or decreasing those accruals last year. With respect to your question around -- looking at the business differently, we'll constantly kind of tinker with and explore looking at different ways to investigate how to view the business. And maybe I'll pass to Josh to kind of elaborate more.

因此，我們今年仍然有獎金，我們預計在去年減少這些獎金或減少應計費用的情況下支付這些獎金。關於您提出的問題—以不同的方式看待業務，我們將不斷修補和探索不同的方式來研究如何看待業務。也許我會請喬許來詳細說明。

I think the primary focus that we look at for the health of the DFD business is the quality of the doors themselves, and then we make sure that the routes that we service them with are as efficient as possible. So the average sales per week of the door, which is over $600 a week, and again this quarter grew 12% after multiple quarters of strong growth demonstrates that we're continuing to add productive doors and keep an eye on the existing base. Generally, it's scale and density in a city that drives the profitability of the DFD routes. Routes that do 15 plus stops, get in, get out quickly, high-quality doors, short driving times is the focus.

我認為，我們關注 DFD 業務健康發展的首要重點是門本身的質量，然後我們確保為門提供服務的路線盡可能高效。因此，門的每周平均銷售額超過 600 美元，經過多個季度的強勁增長，本季度再次增長 12%，這表明我們正在繼續增加生產性門並密切關注現有基礎。一般來說，城市的規模和密度決定了 DFD 航線的獲利能力。路線有超過 15 站，進出速度快，車門品質高，行車時間短是重點。

In terms of between different customers and what have you, we do see C-store be a little higher margin than grocery, but that's more reflecting the product portfolio. There's more loose donuts that we sell in the C-stores. And actually, in grocery stores at the moment, we have an initiative to add more cabinets that create greater display of those loose donuts. We've added over 120 this year. We see that as an opportunity to even improve the margin in the grocery stores. So we do do a lot of analysis around it, and that's how we think about it. But the real quality of the doors and those routes is the primary thing across the different cities.

就不同客戶和您所擁有的東西而言，我們確實認為便利商店的利潤率比雜貨店高一些，但這更能反映產品組合。我們在便利商店出售更多鬆散的甜甜圈。事實上，目前在雜貨店，我們計劃增加更多的櫥櫃，以更好地展示這些鬆散的甜甜圈。今年我們增加了 120 多個。我們認為這是一個提高雜貨店利潤的機會。所以我們確實圍繞著它做了很多分析，這就是我們的想法。但門和這些路線的真正品質是不同城市的首要問題。

And in terms of perhaps considering a different route or style of distribution versus doing it in-house than potentially using the existing distribution capabilities of a third-party, for example, in various markets, is that an opportunity?

考慮到可能考慮採用不同的分銷路線或風格，而不是在內部進行分銷，而不是潛在地使用第三方的現有分銷能力，例如，在不同的市場中，這是一個機會嗎？

It could be. The routes that we have today are all run by ourselves. As we've built out this model over the last couple of years, we've wanted to move quickly. We've wanted to protect quality. The most important thing is these donuts, which, obviously, fresh daily, always displayed in the highest, best way, and then drive the profitability through the high-quality doors and the efficient routing. But that doesn't say that looking forward third party couldn't play a role, particularly as we look to scale DFD in the U.S. The quick service restaurant opportunity is clearly significant. And to scale at that magnitude, we will need to be flexible in different models. But right now, we're focused on our in-house logistics model and making sure that those donuts are amazing, well served, high service levels, and the system remains strong throughout.

它可能是。我們今天的路線都是我們自己跑的。由於我們在過去幾年中建立了這個模型，因此我們希望快速採取行動。我們一直想保護品質。最重要的是這些甜甜圈，顯然，它們每天都是新鮮的，總是以最高、最好的方式展示，然後通過高品質的門和高效的路線推動盈利能力。但這並不意味著第三方不能發揮作用，特別是當我們希望在美國擴大 DFD 規模時，快速服務餐廳的機會顯然很重要。為了達到如此規模，我們需要在不同的模型中保持靈活性。但現在，我們專注於我們的內部物流模式，並確保這些甜甜圈令人驚嘆、服務良好、服務水準高，並且系統始終保持強大。

Your next question is from the line of Sara Senatore with Bank of America.

您的下一個問題來自美國銀行的 Sara Senatore。

Great. Hopefully, you can hear me. I have a question about the McDonald's announcement. It's twofold. One is, is that the CapEx increase? Is that the sort of reason for that? Or are there other initiatives that you're also supporting? And maybe you could give a little color on that. And then with respect to McDonald's, are there findings that you can share about things like pack size or loose donuts, what you know about the customers per your earlier comments about the relative profitability of different DFD doors. Just wondering if there's anything -- any insights that you can share from the early test.

偉大的。希望你能聽到我的聲音。我對麥當勞的公告有疑問。這是雙重的。一是，這是資本支出的增加嗎？是這樣的原因嗎？或者您還支持其他其他措施嗎？也許你可以對此進行一些說明。然後，關於麥當勞，您是否可以分享關於包裝尺寸或散裝甜甜圈等問題的調查結果，以及根據您之前對不同 DFD 門的相對盈利能力的評論，您對客戶的了解。只是想知道您是否可以從早期測試中分享一些見解。

Maybe I'll address the CapEx question, and I'll flip it to Josh to address the McDonald's question. Obviously, we continue to focus our spend on the highest returns. CapEx did tick up this quarter to about 8.4% as we continue to invest behind growth and expansion of our U.S. DFD network. But we also saw in our experience in the impact of foreign exchange rates on international investments in the quarter and obviously on a year-to-date basis, which also contributed to some of the tick-up this quarter. Josh, do you want to cover the McDonald's DFD?

也許我會解決資本支出問題，然後我會將其交給喬許來解決麥當勞的問題。顯然，我們繼續將支出重點放在最高回報上。隨著我們繼續投資支持美國 DFD 網路的成長和擴張，本季資本支出確實上升至約 8.4%。但根據我們的經驗，我們也看到了本季外匯匯率對國際投資的影響，顯然是今年迄今的影響，這也促成了本季的一些成長。喬什，你想報道麥當勞的 DFD 嗎？

Sure thing, Jeremiah. Yes, regarding McDonald's itself, nothing has been finalized, but the opportunity to expand DFD through existing and new channels, including QSR, is clear. And we are discussing the potential for an expanded partnership with McDonald's in the U.S.

當然可以，耶利米。是的，就麥當勞本身而言，一切尚未最終確定，但透過現有和新管道（包括 QSR）擴大 DFD 的機會​​是顯而易見的。我們正在討論與美國麥當勞擴大合作關係的可能性。

The learning has been very interesting through the pilot that we've done with them throughout the year in Kentucky, and that is the nature of a lot of the discussions with McDonald's right now, ongoing analysis and discussion with them, covering the operational execution, making sure the donuts always arrive at the right time, right quality, understanding then indeed are the requirements that would be needed to scale beyond Kentucky, and of course, commercial viability of the whole thing. I mean, our confidence in the U.S. DFD opportunity, including now QSR, is what's grown. It's such that we've decided to thoughtfully start making additional investments.

透過我們全年在肯塔基州與他們進行的試點，學習非常有趣，這就是現在與麥當勞進行的許多討論的本質，與他們進行持續的分析和討論，涵蓋運營執行，確保甜甜圈總是在正確的時間、正確的品質到達，理解確實是擴展到肯塔基州之外所需的要求，當然還有整個事情的商業可行性。我的意思是，我們對美國 DFD 機會（包括現在的 QSR）的信心正在增強。因此，我們決定深思熟慮地開始進行額外投資。

We're just getting going, but those investments will be about -- around manufacturing, capacity to support, scale growth because to your point around what have we learned from it, what we've learned is that these QSR outlets behave in a very similar way from our point of view to a DFD door. We're able to provide a fresh donut experience. The portfolio is relatively limited, but that doesn't mean it couldn't be added to over time. We've seen that both the loose donuts and the pre-packed donuts are well received.

我們才剛開始，但這些投資將圍繞著製造、支持能力、規模增長，因為就你而言，我們從中學到了什麼，我們學到的是，這些快餐店的行為方式非常從我們的角度來看，這與DFD 門類似。我們能夠提供新鮮的甜甜圈體驗。該產品組合相對有限，但這並不意味著它不能隨著時間的推移而增加。我們發現散裝甜甜圈和預包裝甜甜圈都很受歡迎。

And so, from our point of view, it's behaving very well and substantiates the brand as we scale it. And as I've mentioned before, we don't see sort of cannibalization of our base business in other DFD doors or indeed in our retail locations. And we're excited for it. Our confidence has clearly grown enough to really start thinking about where we'd invest to support that kind of scale.

因此，從我們的角度來看，它的表現非常好，並且在我們擴大規模時證實了我們的品牌。正如我之前提到的，我們沒有看到其他 DFD 門或我們的零售店的基礎業務被蠶食。我們對此感到興奮。我們的信心顯然已經增強到足以真正開始考慮我們應該在哪裡投資來支持這種規模。

Your next question is from the line of Brian Mullan with Piper Sandler.

您的下一個問題來自布萊恩·穆蘭 (Brian Mullan) 和派珀·桑德勒 (Piper Sandler)。

Just a question on Insomnia. I believe you're expecting about $230 million of revenue from that business this year. How should we think about the store level margins associated with that revenue? And related to that, maybe what's a good way to think about the G&A and the D&A allocation we can try to come up with a good sense of adjusted EBITDA? If you'd be willing to share any color, that would be great.

只是一個關於失眠的問題。我相信您預計今年該業務的收入約為 2.3 億美元。我們應該如何考慮與該收入相關的商店層面的利潤率？與此相關的是，也許思考 G&A 和 D&A 分配的好方法是什麼，我們可以嘗試提出調整後 EBITDA 的良好感覺？如果您願意分享任何顏色，那就太好了。

Yes, Brian, I can take that question. Look, number one, we're super pleased with the business performance as it continues to grow, and the profitability is improving sequentially. There also continues to be a lot of opportunities for growth expansion, both in the U.S. and internationally, as we're seeing great engagement early on in both Canada and the U.K. in the early stages. I don't want to kind of speculate too much or at least kind of share too much, just given the fact that we're in a process right now and some of the other questions around financials, and I'll probably leave it at that.

是的，布萊恩，我可以回答這個問題。看，第一，我們對業務績效非常滿意，因為它持續成長，且獲利能力正在連續改善。在美國和國際上，仍然存在著許多成長擴張的機會，因為我們在加拿大和英國的早期階段就看到了良好的參與。我不想進行太多推測，或者至少分享太多，只是考慮到我們現在正處於一個過程中以及有關財務的其他一些問題，我可能會將其留在那裡。

Okay, understood. Just to follow-up, just related to the potential -- or not the potential, but you're going to be expanding production capacity in the U.S. I think In the past, you said it's a 10% to 15% increase in hubs to be able to serve an additional 8,000 to 10,000 DFD doors on top of the capacity you have. So just how do you want us thinking about the cost to build each additional new hub? Maybe how long would it take you to build? And how many hubs are you thinking you can get to next year in your planning?

好的，明白了。只是後續行動，只是與潛力有關——或者與潛力無關，但你將擴大在美國的產能。我想在過去，你說要增加 10% 到 15% 的樞紐，以提高產能。在你現有的容量基礎上，能夠額外服務8,000 到10,000 個DFD 門。那麼您希望我們如何考慮建造每個額外新樞紐的成本？也許你需要多長時間來建造？您認為明年的計畫中可以到達多少個樞紐？

Okay. I'll take that. Yes, actually, just stepping back a moment, as it relates to supporting the whole DFD opportunity in the U.S., including QSR, we can add about 6,000 points of access from the existing production hubs with minimal investment. You're just talking trucks, drivers, that kind of thing. But clearly, we want to go beyond that, which is what you're talking about. We want to start investing and increase capacity in underserved markets around the country as well. That can be new markets like New England or Upstate New York, Minnesota but also markets where we're near full capacity with very strong businesses, like California and Florida.

好的。我會接受的。是的，實際上，退一步來說，因為這關係到支持美國的整個 DFD 機會，包括 QSR，我們可以用最少的投資從現有生產中心添加約 6,000 個訪問點。你只是在談論卡車、司機之類的事情。但顯然，我們想要超越這個，這就是你所說的。我們也希望開始投資並增加全國服務不足的市場的容量。這可以是新英格蘭或紐約州北部、明尼蘇達州等新市場，也可以是我們接近滿載且業務非常強大的市場，例如加州和佛羅裡達州。

So yes, as you talked about going beyond the 12,000 points of access that we can do from our existing hubs, we would add about 10% to 15% of hubs on top of our existing network, and that would serve about another 8,000 points of access. So 20,000 points of access all in, obviously exciting opportunity. Now it's interesting these production hubs in the future, we'll be building them to support more off-premise DFD sales than the hubs that we have today. So they're going to have additional donut making lines.

所以，是的，正如您所談到的，我們可以從現有的​​集線器實現超過12,000 個存取點，我們將在現有網路的基礎上添加約10% 到15% 的集線器，這將為另外約8,000個集線器提供服務。使用權。總共 20,000 個訪問點，這顯然是令人興奮的機會。現在，有趣的是，這些生產中心在未來，我們將建造它們來支援比我們今天擁有的中心更多的場外 DFD 銷售。所以他們將有額外的甜甜圈生產線。

They'll have larger load-out logistics areas. So we're going to evolve to support what is clearly a rapidly growing DFD opportunity for us. And with 10% to 15% more hubs works out at about 25, 35 new hubs over the next few years, about [$3 million to $6 million] a hub. Timing depends on a number of factors. As I said, there's nothing finalized with McDonald's, so we'll continue to update you on our plans as we have more information.

他們將擁有更大的裝卸物流區域。因此，我們將不斷發展，以支持對我們來說顯然是快速成長的 DFD 機會。未來幾年，大約有 25 個、35 個新樞紐將增加 10% 到 15%，每個樞紐大約需要 [300 萬到 600 萬美元]。時機取決於許多因素。正如我所說，麥當勞尚未敲定任何消息，因此，當我們掌握更多資訊時，我們將繼續向您通報我們的計劃。

Your next question is from the line of Andrew Wolf with CL King.

您的下一個問題來自 Andrew Wolf 和 CL King 的路線。

Great. I just wanted to ask the restaurant industry at large generally had a weak summer, especially August and September, and then it bounced back in October. Was the cadence of sales, certainly within the shops and the hubs, was that similar? And was -- and also, how was the DFD? Was there any similarity to sort of the restaurant industry at large in your sales cadence?

偉大的。我只是想問一下，整個餐飲業夏季普遍表現疲軟，尤其是八月和九月，然後在十月反彈。商店和中心的銷售節奏是否相似？ DFD 怎麼樣？你們的銷售節奏與整個餐飲業有相似之處嗎？

Yes. Seasonally, Q3 is actually one of our softest periods traditionally, and Q4 is one of our strongest. So we're kind of seeing that cadence right in line with our expectations. So growth obviously in the quarter was right in line with what we'd expected it to be. In the U.S. specifically, we are pleased with the growth we're seeing in the U.S. and how the underlying business is holding up, given some of the price we've taken, as it grew double digits for the fourth consecutive quarter.

是的。從季節性來看，第三季實際上是我們傳統上最疲軟的時期之一，而第四季是我們最強勁的時期之一。所以我們看到這種節奏完全符合我們的預期。因此，本季的成長顯然符合我們的預期。特別是在美國，考慮到我們採取的一些價格，我們對在美國看到的增長以及基礎業務的保持情況感到滿意，因為它連續第四個季度實現兩位數增長。

With respect to DFD, all of our channels grew, DFD being one of the largest growth contributors at over 20% in Q3. Of that growth in DFD, half was driven by points of access, and half was driven by price and premiumization and bringing specialty donuts into the channel. And we're actually maintaining productivity in existing doors, which is a good sign for us as well. So...

就 DFD 而言，我們所有的通路都實現了成長，其中 DFD 是最大的成長貢獻者之一，第三季成長超過 20%。在 DFD 的成長中，一半是由訪問點推動的，一半是由價格和高端化以及將特色甜甜圈引入渠道推動的。我們實際上保持了現有門的生產力，這對我們來說也是一個好兆頭。所以...

It's really interesting, the seasonality of us versus the industry you referenced. Obviously, to the earlier question, we're learning about QSR restaurants and the way they behave this year. And obviously, the summer season and the ones we've been servicing is quite big. It's a big part of the year for us. It can be a low, obviously related to weather factors and what have you and less holidays during that period. It was actually really exciting that we're able to bring a lot of excitement around the brand in the low season with M&Ms. Pumpkin spice was a fantastic promotion in the U.S., and I mentioned the Hailey Bieber influence strawberry glaze promotion as well. So to be able to create that excitement at this premium specialty donuts in the low season was great.

與您提到的行業相比，我們的季節性確實很有趣。顯然，對於先前的問題，我們正在了解 QSR 餐廳以及他們今年的行為方式。顯然，夏季和我們一直在服務的客戶規模相當大。這對我們來說是一年中很重要的一部分。它可能會很低，顯然與天氣因素以及該時期的假期較少有關。實際上，我們能夠在淡季透過 M&M 巧克力豆為品牌帶來很多興奮，這確實令人興奮。南瓜香料在美國是一個很棒的促銷活動，我還提到了海莉·比伯對草莓釉料促銷的影響。因此，能夠在淡季對這款優質特色甜甜圈產生興奮感真是太棒了。

And that applied to the donut shops, e-commerce, in particular, and DFD, where we supplied those specialty donuts across all 3. Now looking ahead, of course, we've got more holidays, more excitement around the brand to think about our high season. And hence, the good start with Halloween was really good to see as well.

這適用於甜甜圈店，尤其是電子商務，以及DFD，我們在所有3 個領域提供這些特色甜甜圈。當然，現在展望未來，我們還有更多的假期、更多圍繞品牌的興奮點需要考慮我們的旺季。因此，萬聖節的良好開端也非常值得一看。

Great. Just one follow-up on the comments on the maintenance of sales productivity at DFD doors. It's good to hear. Is that on a dollar basis or on a unit basis? I guess what I'm specifically asking about, it sounds like the premiumization is going well, but is there like an elasticity issue at all? Or is it about what you expect? And so I guess it would end up being the same. Would it translate to any change in shrink in terms of product that didn't get bought?

偉大的。這只是關於 DFD 門保持銷售生產力的評論的一個後續行動。很高興聽到。是按美元計算還是單位計算？我想我具體想問的是，聽起來高端化進展順利，但是否有彈性問題？或是關於你的期望嗎？所以我想最終結果會是一樣的。這是否會導致未購買的產品數量減少？

Yes, I think so. I can take that, Andrew. And as I mentioned, half of the growth was driven by price. And when you look at the existing doors, they're maintaining that productivity on a unit basis. So we're not seeing significant elasticities, and they're definitely in line with what we would have expected to see.

是的，我想是這樣。我可以接受，安德魯。正如我所提到的，一半的成長是由價格推動的。當您查看現有的門時，您會發現它們在單位基礎上保持了生產力。因此，我們沒有看到顯著的彈性，而且它們絕對符合我們的預期。

And the specialty donuts, there's a lot of demand for them. So in many ways having those become a bigger part of the portfolio is good for productivity because they sell out faster.

還有特色甜甜圈，需求量大。因此，從很多方面來說，讓這些成為產品組合的更大一部分有利於提高生產力，因為它們賣得更快。

(Operator Instructions) Your next question is from the line of Bill Chappell with Truist.

（操作員說明）您的下一個問題來自 Bill Chappell 和 Truist 的線路。

Just 2 questions on Insomnia and the announcement intra-quarter on there. I guess, one, as you're thinking about potentially strategic alternatives, can you maybe quantify what that business did for organic sales in the U.S. for the quarter and what that would mean for the year?

只有兩個關於 Insomnia 和季度內公告的問題。我想，當您考慮潛在的戰略替代方案時，您能否量化該業務在本季度對美國有機銷售的影響以及這對今年意味著什麼？

And then second, just kind of a little more color behind the thought process of that. And from the IPO on, you had been pretty firm about saying it was a key part of the business, and it was something that you could really nurture and build. And this seems like the timing in terms of maximizing value for it when there's a lot of noise about GLPs and what have you is not ideal. So just trying to understand kind of what went behind it and what your thought process is on timing and stuff like that, as well as kind of what it would take away in terms of the [total organic] growth.

其次，在思考過程背後再添一點色彩。從首次公開募股開始，您就一直非常堅定地表示這是業務的關鍵部分，並且是您可以真正培育和建立的東西。當有關 GLP 的噪音很大且您所擁有的東西並不理想時，這似乎是實現其價值最大化的時機。因此，只是試著了解背後的原因以及您在時間安排等方面的思考過程，以及它會在[總有機]成長方面帶來什麼。

Bill, this is Mike. 5 years ago, we took on the business of Insomnia. One of the key things that we really looked at is how do we capitalize on the delivery and e-commerce capability of that brand and then how do we help that brand start to expand itself and get scaled in the U.S. and potentially outside of the U.S. So what we've seen and you've seen today, where 20% of our retail sales overall is being driven by delivery, we check that box, right?

比爾，這是麥克。 5年前，我們接手了Insomnia的業務。我們真正關注的關鍵問題之一是如何利用該品牌的交付和電子商務能力，然後如何幫助該品牌開始自我擴張並在美國乃至美國以外的地區擴大規模。因此，我們和您今天所看到的情況是，我們整體零售額的20% 是由交付推動的，我們選中了該框，對吧？

So when you start to see we're there now at a 250 cookie shop basis -- bakery basis in the U.S. They're starting to unlock in the international, both in the Canada and the U.K. They have a tremendous growth story. Krispy Kreme has a tremendous growth story in front of us. The reason to look at strategic alternatives is to just explore and enhance that growth potential that we have there. So that's why the timing is the right timing right now. That's why we chose this today.

因此，當你開始看到我們現在在美國有 250 家餅乾店（以麵包店為基礎）時，他們開始在國際上打開大門，無論是在加拿大還是在英國。他們有一個巨大的成長故事。 Krispy Kreme 在我們面前有一個巨大的成長故事。考慮戰略替代方案的原因是為了探索和增強我們在那裡擁有的成長潛力。這就是為什麼現在是正確的時機。這就是我們今天選擇這個的原因。

Yes, and let me -- I can pick it up in terms of how we're feeling overall in the top line is, I kind of mentioned a few questions ago that, again, we're super pleased with how the business is performing, both on top line as well on -- as well as on profitability, sequentially and year-over-year. With respect to the process, we're super pleased with the strong level of interest we've seen already from very high-quality parties and remain focused on the transaction which will generate a strong return on investment in the business that we made and realize value for our shareholders.

是的，讓我——我可以從我們在營收方面的整體感受來看，我之前提到過幾個問題，我們對業務的表現非常滿意，無論是營收還是盈利能力，連續和同比。就流程而言，我們對高品質各方的強烈興趣感到非常滿意，並將繼續專注於交易，這將為我們所做和實現的業務帶來豐厚的投資回報為我們的股東創造價值。

And we'll share more news as we have it with you all. With your question around the overall growth impact, we expect it to have a 100 basis point to 200 basis point overall impact on the total growth of the business. But we feel like the Krispy Kreme business has proven it can accelerate and therefore offset some of that. In terms of GLP question, maybe I'll flip it to Josh, and he can address your GLP concern.

我們將與大家分享更多消息。鑑於您提出的關於整體成長影響的問題，我們預計它將對業務的整體成長產生 100 個基點到 200 個基點的整體影響。但我們認為 Krispy Kreme 業務已經證明它可以加速發展，從而抵消部分影響。關於 GLP 問題，也許我會將其轉給 Josh，他可以解決您的 GLP 問題。

Yes, the Krispy Kreme consumer remains strong, and the trends are strong. We don't see any impact of -- from the use of these drugs that you mentioned. It's not surprising. More than 70% of our donuts are sold in sharing sizes, usually at special occasions and celebrations. They're often given to others. Krispy Kreme is an infrequent purchase. It's typically bought less than [3x] a year. And actually, the majority of our sales are from donuts that are under 200 calories each.

是的，Krispy Kreme 消費者依然強勁，而且趨勢強勁。我們沒有看到使用您提到的這些藥物的任何影響。這並不奇怪。我們 70% 以上的甜甜圈以共享尺寸出售，通常在特殊場合和慶祝活動中出售。它們經常被送給別人。 Krispy Kreme 是一種不常購買的產品。通常每年購買量少於 [3x]。事實上，我們的大部分銷售額來自每個熱量低於 200 卡路里的甜甜圈。

So we know our customers well. We actually do conduct regular brand research on the purchase barriers. The latest research just from a couple of weeks ago shows that, once again, it's actually accessibility that remains the #1 barrier to purchase of a Krispy Kreme, the availability and convenience of those donuts for our customers.

所以我們非常了解我們的客戶。事實上，我們確實定期對購買障礙進行品牌研究。幾週前的最新研究再次表明，實際上，可及性仍然是購買 Krispy Kreme 的第一大障礙，即這些甜甜圈對我們客戶的可用性和便利性。

Health considerations remain a low priority and actually are unchanged from the prior survey. So the consumer remains strong, and the trends remain strong for Krispy Kreme. And the growth ambition for Krispy Kreme, as we've talked a lot about today, driven by both points of access, expansion in multiple channels, and the engagement around the brand, such as all these specialty premium donuts that we've seen so much success with recently, is why we're not concerned around the impact on the overall performance from taking out Insomnia. In fact, we see the opportunity to reinvest the proceeds behind the growth and drive the brand -- the Krispy Kreme brand on further.

健康考慮因素仍然處於低優先級，實際上與先前的調查相比沒有變化。因此，消費者依然強勁，Krispy Kreme 的趨勢也依然強勁。正如我們今天討論的那樣，Krispy Kreme 的增長雄心受到兩個接入點、多個渠道的擴張以及圍繞品牌的參與的推動，例如我們所看到的所有這些特色優質甜甜圈。最近取得了很大的成功，這就是為什麼我們不擔心去掉Insomnia 會對整體表現產生影響。事實上，我們看到了將收益再投資於成長並推動品牌——Krispy Kreme 品牌進一步發展的機會。

Got it. And maybe I wasn't clear, I was talking more about the GLP concern on the valuation that you might get for Insomnia, but so be it. In terms of just clarifying, so if you take out Insomnia and it takes out 100 basis points to 200 basis points of the total company, would that mean it's probably about a 300 basis point impact on the U.S. business since it's U.S.? Just trying to understand our numbers as we go forward and kind of the organic growth you're thinking.

知道了。也許我沒說清楚，我更多地談論的是 GLP 對 Insomnia 估值的擔憂，但就這樣吧。澄清一下，如果你剔除 Insomnia 並剔除整個公司 100 到 200 個基點，這是否意味著它對美國業務的影響可能約為 300 個基點，因為它是美國的？只是想在我們前進的過程中了解我們的數字以及您所想到的有機增長。

Yes, I think it might make sense to take that offline, just to debrief in the follow-up conversation. But I think you're probably close-ish in terms of your estimation of the impact on the business in the U.S.

是的，我認為將其離線可能是有意義的，只是為了在後續對話中進行報告。但我認為您對美國業務影響的估計可能是接近的。

At this time, there appear to be no further questions in the queue. I will now turn the call back to Mike Tattersfield for any closing remarks.

此時，隊列中似乎沒有其他問題了。我現在將把電話轉回給麥克·塔特斯菲爾德，請他發表結束語。

Yes. So thank you, everyone, for your time. On a personal note, this marks my final earnings call as CEO of Krispy Kreme. As I said before, I couldn't be happier to transition this role to Josh. I love his passion for the brand, our Krispy Kremers and freaking awesome donuts. It just gives me the utmost confidence in our continued success, and I look forward to watching how he and the team will accomplish. Again, thank you, all, for all the investors and your continued support of the company, and gracias to all my Krispy Kremers around the world who inspired me throughout my time here. Lots of love. Ciao, Mike.

是的。謝謝大家抽出時間。就我個人而言，這是我作為 Krispy Kreme 執行長的最後一次財報電話會議。正如我之前所說，我非常高興將這個角色交給喬許。我喜歡他對這個品牌、我們的 Krispy Kremers 和超棒的甜甜圈的熱情。這讓我對我們的持續成功充滿信心，我期待著看到他和團隊將如何取得成就。再次感謝大家，感謝所有投資者以及你們對公司的持續支持，並感謝我在世界各地的所有 Krispy Kremers，他們在我在這裡期間激勵了我。滿滿的愛。再見，麥克。

This does conclude the Crispy Creek Third Quarter 2023 earnings call. Thank you for your participation. You may now disconnect.

Crispy Creek 2023 年第三季財報電話會議到此結束。感謝您的參與。您現在可以斷開連線。