(DNUT) 2023 Q4 法說會逐字稿

Thank you for standing by.

謝謝你的支持。

My name is Mandeep, and I will be your conference operator today.

我叫曼迪普，今天我將擔任你們的會議操作員。

At this time, I'd like to welcome everyone to the Krispy Kreme fourth quarter 2023 earnings call.

此時此刻，我謹歡迎大家參加 Krispy Kreme 2023 年第四季財報電話會議。

(Operator Instructions)

（操作員說明）

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

我現在想將電話轉給投資者關係副總裁 Stephanie Daukus 女士。

Ms. Daukus, please go ahead.

道庫斯女士，請繼續。

Thank you.

謝謝。

Good morning, everyone, and welcome to Krispy Kreme's fourth quarter and full year 2023 earnings call.

大家早安，歡迎參加 Krispy Kreme 的第四季和 2023 年全年財報電話會議。

Thank you for joining us today.

感謝您今天加入我們。

Our earnings release and associated earnings presentation, which we will be referencing during the call, are available on our investor relations website at investors.krispykreme.com.

我們將在電話會議期間參考我們的收益發布和相關收益演示，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 Josh Charlesworth, Chief Executive Officer; and Jeremiah Ashukian, Chief Financial Officer.

今天早上與我一起參加電話會議的是執行長 Josh Charlesworth；和財務長 Jeremiah Ashukian。

After prepared remarks, there will be a question-and-answer session.

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.

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。

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.

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。

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 then the other filings we make from time to time with the SEC.

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.

今天發表的前瞻性陳述僅截至今天為止。

The company assumes no obligation to publicly update or revise any forward-looking statements, except as may be required by law.

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。

Additionally, today's call will include certain non-GAAP financial measures.

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。

A reconciliation between non-GAAP financial measures and their closest comparable GAAP measure can be found in our fourth quarter 2023 earnings press release and Form 8-K filed today with the SEC and is also available at our investors.krispykreme.com website.

非GAAP 財務指標與最接近的可比較GAAP 指標之間的調節可以在我們今天向SEC 提交的2023 年第四季度收益新聞稿和8-K 表格中找到，也可以在我們的Investors.krispykreme.com 網站上找到。

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

這樣，我就把電話轉給喬希。

Good morning, everyone, and thank you for joining us today.

大家早安，感謝您今天加入我們。

I'm so excited for what is ahead of us at Krispy Kreme.

我對 Krispy Kreme 即將發生的事情感到非常興奮。

Our strategy is clear to make our fresh doughnuts available in more places and keep reminding people of the joy that is Krispy Kreme, but a treat to share and give to others.

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，這是一種可以分享和給予他人的享受。

We made great progress on this in 2023, with strong consumer demand and increased access to our fresh doughnuts in both existing and new markets around the world.

2023 年，我們在這方面取得了巨大進展，消費者需求強勁，並且在全球現有和新市場上獲得我們新鮮甜甜圈的機會有所增加。

We also improved profitability as we grew, demonstrating the productivity benefits of our unique hub-and-spoke operating model.

隨著我們的發展，我們也提高了盈利能力，展示了我們獨特的中心輻射運營模式的生產力優勢。

As we move forward in 2024, we will continue to offer new and exciting specialty premium doughnuts, upgrade of digital commerce capabilities, and expand the availability of our doughnuts around the world, including in our newest sales channels like club stores and quick service restaurants.

展望 2024 年，我們將繼續提供令人興奮的新型特色優質甜甜圈、升級數位商務能力，並擴大甜甜圈在全球的供應範圍，包括俱樂部商店和快餐店等最新的銷售管道。

We will also increase our efforts to modernize the making and moving of doughnuts to ensure we deliver high-quality profitable growth.

我們還將加大努力，實現甜甜圈製作和運輸的現代化，以確保實現高品質的獲利成長。

Let me summarize today's key messages.

讓我總結一下今天的關鍵訊息。

We continued to deliver double-digit organic revenue growth, with all markets and channels growing sales.

我們持續實現兩位數的有機收入成長，所有市場和通路的銷售額都在成長。

We expanded profit margins by leveraging existing production hubs to support our growth, especially in the US, where operating leverage was strongest.

我們利用現有生產中心來支持我們的成長，特別是在營運槓桿最強的美國，從而擴大了利潤率。

Our ongoing strategy is to scale the business efficiently, providing more fresh points of access.

我們持續的策略是有效擴展業務，提供更多新的存取點。

There are now more than 14,100 places where you can buy our melt-in-your-mouth fresh doughnuts in 39 countries.

現在，您可以在 39 個國家/地區的 14,100 多個地點購買我們的入口即化的新鮮甜甜圈。

Our focus on operating excellence means that we're building both a bigger and better Krispy Kreme business.

我們對卓越營運的關注意味著我們正在打造更大、更好的 Krispy Kreme 業務。

And finally, we are introducing our 2024 outlook, with organic growth expected to translate into adjusted EBITDA expansion, reflecting our intent to drive increasingly profitable growth.

最後，我們介紹了 2024 年的展望，有機成長預計將轉化為調整後的 EBITDA 擴張，反映了我們推動利潤日益增長的意圖。

We delivered 13.2% organic revenue growth in the fourth quarter, ahead of our guide, and 12.2% organic revenue growth for the full year.

我們第四季的有機收入成長了 13.2%，高於我們的預期，全年有機收入成長了 12.2%。

This performance reflected strong consumer demand, with people choosing to celebrate Halloween, Thanksgiving, and the holiday season with premiums-priced specialty doughnuts from Krispy Kreme, including a Scooby Doo dozen and our first-ever Elf doughnut collection, celebrating the 20th anniversary of the family-favorite holiday movie.

這一表現反映了強勁的消費者需求，人們選擇用Krispy Kreme 的高價特色甜甜圈來慶祝萬聖節、感恩節和節日，其中包括一打Scooby Doo 和我們的首個Elf 甜甜圈系列，慶祝Krispy Kreme 成立20 週年。家庭最喜歡的節日電影。

Times like this help create tremendous excitement for the brand in 2023.

這樣的時代為該品牌在 2023 年帶來了巨大的興奮。

And we finished the year with over 40 billion media impressions, reflecting how well Krispy Kreme's fresh and innovative doughnuts resonated with the consumer.

今年我們的媒體曝光量超過 400 億次，這反映出 Krispy Kreme 的新鮮創新甜甜圈與消費者產生了多麼好的共鳴。

E-commerce also continues to play a bigger role within our business, growing over 25% in the fourth quarter, driven by new loyalty members, which now total over 15 million, as well as operational improvements to our website, app, and in-shop availability.

電子商務也繼續在我們的業務中發揮更大的作用，在新忠誠會員（目前總數超過 1500 萬）以及我們網站、應用程式和內部營運改進的推動下，第四季度增長超過 25%。商店可用性。

Organic growth was also driven by adding new points of access, which increased by 743, a much stronger fourth-quarter expansion than in prior years, reflecting the growing demand from existing and new partners who want to make everybody's favorite fresh doughnuts available to their customers.

有機成長也得益於新接入點的增加，該接入點增加了743 個，第四季度的擴張比往年強勁得多，反映出現有和新合作夥伴不斷增長的需求，他們希望向客戶提供每個人最喜歡的新鮮甜甜圈。

The same goes for new countries, with Krispy Kreme opening in Ecuador and France in the fourth quarter, to add to Jamaica, Kazakhstan, Switzerland, Chile, and Costa Rica, which were all added earlier in the year.

新的國家也是如此，Krispy Kreme 於第四季度在厄瓜多爾和法國開業，牙買加、哈薩克、瑞士、智利和哥斯達黎加均於今年早些時候加入。

The continued expansion of our hub-and-spoke model delivered productivity growth and increased profitability in the fourth quarter, with adjusted EBITDA margin improving 40 basis points to 14.2%.

我們的中心輻射模型的持續擴張在第四季度實現了生產力的成長和獲利能力的提高，調整後的 EBITDA 利潤率提高了 40 個基點，達到 14.2%。

The hub-and-spoke model is becoming more productive as we add more points of access without adding significantly more production hubs.

隨著我們在不增加大量生產中心的情況下添加更多訪問點，中心輻射模型變得更有效率。

We ended 2023 with 2,300 more points of access than in 2022, mostly to deliver fresh daily displays in grocery and convenience stores.

截至 2023 年，我們的訪問點比 2022 年增加了 2,300 個，主要是為了在雜貨店和便利商店提供每日新鮮展示的商品。

And we did this whilst adding net one production hub.

我們在增加網路生產中心的同時做到了這一點。

The resulting increased utilization of our production hubs, most of which can still make twice as many doughnuts as they do today, made them more efficient and profitable.

由此提高了我們生產中心的利用率，其中大多數生產中心的甜甜圈產量仍然是現在的兩倍，從而提高了效率和利潤。

We also completed the optimization of our production hubs without spokes in 2023, closing legacy doughnuts shops which were not well suited to the strategy.

我們也於 2023 年完成了無輻條生產中心的優化，關閉了較不適合該策略的傳統甜甜圈店。

Our fourth-quarter and full-year results exemplify the success and power of a hub-and-spoke model.

我們的第四季和全年業績證明了中心輻射模式的成功和力量。

And in 2024, I look forward to us becoming a bigger and better Krispy Kreme by continuously improving our business operations as we grow.

到 2024 年，我期待我們在成長過程中不斷改善業務運營，成為更大、更好的 Krispy Kreme。

And the number one reason why someone may not buy a Krispy Kreme doughnut continues to be access and convenience.

人們可能不購買 Krispy Kreme 甜甜圈的首要原因仍然是交通和便利。

We've more than 2 million locations where we could in theory sell Krispy Kreme, at least in the markets we've targeted.

理論上，我們有超過 200 萬個地點可以銷售 Krispy Kreme，至少在我們的目標市場是如此。

The opportunity to expand availability is big.

擴大可用性的機會很大。

We have previously shared our long-term goal of opening at least 75,000 points of access around the world, yet this still represents less than 3% of the total addressable market.

我們先前曾表示，我們的長期目標是在全球開放至少 75,000 個接入點，但這仍然只佔整個潛在市場的不到 3%。

And we are adding new customers all the time, such as Costco in international markets and McDonald's in the US, where we have been conducting an extended test in Kentucky for much of 2023.

我們一直在增加新客戶，例如國際市場的 Costco 和美國的麥當勞，2023 年的大部分時間我們一直在肯塔基州進行擴展測試。

Our relationship with McDonald's remains strong, with discussions ongoing about further expansion, and we look forward to providing updates on our quick service restaurant plans through 2024.

我們與麥當勞的關係依然牢固，有關進一步擴張的討論仍在進行中，我們期待提供截至 2024 年快餐服務餐廳計劃的最新資訊。

We also expect to launch Krispy Kreme in three to five new countries in 2024, with several priority markets identified in Europe as well as Brazil, where we just announced an exciting new partnership with the convenience store chain AmPm.

我們也預計於 2024 年在三到五個新國家推出 Krispy Kreme，其中歐洲和巴西確定了幾個優先市場，我們剛剛在巴西宣布與連鎖便利商店 AmPm 建立令人興奮的新合作關係。

We have perfected the art of making our original glazed doughnut over the last 87 years and bringing joy to our consumers across the world.

在過去的 87 年裡，我們不斷精進原創釉面甜甜圈的製作藝術，為世界各地的消費者帶來歡樂。

Yet there remains the opportunity to modernize the way we make and move our doughnuts, bringing efficiency to the process whilst maintaining consistent high quality and service levels.

然而，我們仍然有機會實現甜甜圈製作和運輸方式的現代化，提高流程效率，同時保持一致的高品質和服務水準。

We have started 2024 by making changes to our global leadership team to reflect these opportunities.

2024 年伊始，我們對全球領導團隊進行了調整，以反映這些機會。

In Angela Yochem, we are adding a new Chief Information Officer with deep digital technology experience across multiple industries.

我們將在 Angela Yochem 中增加一位新的資訊長，他在多個行業擁有深厚的數位技術經驗。

Our Global Supply Chain Leader, Sherif Riad, formerly of Mondelez, has stepped into the team, as our US Business Leader, Javier Ranca�o, who has extensive QSR operations experience.

我們的全球供應鏈負責人 Sherif Riad（前 Mondelez 員工）已加入團隊，而我們的美國業務負責人 Javier Rancaï¿o 則擁有豐富的 QSR 營運經驗。

As a leadership team, we are focused on quality fresh doughnuts in every channel every day, expanding the use of automated doughnut making and processing, and continuously improving our doughnut delivery capabilities as we support more and more points of access.

作為領導團隊，我們每天都專注於每個管道的優質新鮮甜甜圈，擴大自動化甜甜圈製作和加工的使用，並隨著我們支援越來越多的訪問點而不斷提高我們的甜甜圈配送能力。

An example of this is a pilot we are just starting on select routes in LA. and DC to deliver our fresh doughnuts through a third-party logistics provider, still using dedicated Krispy Kreme trucks and drivers.

一個例子是我們剛剛在洛杉磯的選定航線上開始試點。和 DC 透過第三方物流提供者運送我們的新鮮甜甜圈，仍然使用專用的 Krispy Kreme 卡車和司機。

As we focus on our core strategy of producing, selling, and distributing first doughnuts daily, we continue our strategic review of Insomnia Cookies.

當我們專注於每天生產、銷售和分銷第一批甜甜圈的核心策略時，我們將繼續對失眠餅乾進行策略性審查。

With that, I'll turn it over to Jeremiah to give further insight on our financial performance and provide an outlook for 2024.

接下來，我將把它交給 Jeremiah，以進一步了解我們的財務表現並提供 2024 年的展望。

Thanks, Josh, and good morning, everyone.

謝謝，喬什，大家早安。

As Josh mentioned, we reported strong double-digit fourth-quarter organic growth and improved profitability for the year, demonstrating the productivity benefits of our hub-and-spoke model.

正如喬希所提到的，我們報告了第四季度強勁的兩位數有機成長和全年獲利能力的提高，展示了我們的中心輻射模型的生產力優勢。

In the fourth quarter, we grew double digits on both the top and bottom line on a percentage basis, resulting in adjusted EBITDA margin expansion of 40 basis points year over year to 14.2%.

第四季度，我們的營收和利潤按百分比計算均達到兩位數成長，調整後 EBITDA 利潤率年增 40 個基點，達到 14.2%。

These are growth in all our markets, driven by high-impact global brand activations and seasonal offerings, increased points of access, and premiumization efforts.

這些是我們所有市場的成長，受到高影響力的全球品牌活化和季節性產品、增加的訪問點以及高端化努力的推動。

Adjusted EBITDA grew 14.7%, outpacing our revenue growth for the second consecutive quarter, as we continue to realize cost efficiencies across the global business, through both productivity efforts, increased utilization of our hubs.

調整後的 EBITDA 成長了 14.7%，連續第二季超過了我們的營收成長，因為我們透過提高生產力和提高樞紐利用率，繼續實現全球業務的成本效率。

For the full year, the business performed largely in line with expectations, as we delivered 12.2% organic growth, increased adjusted EBITDA by 11%, and expanded margins.

全年業務表現基本符合預期，有機成長 12.2%，調整後 EBITDA 成長 11%，利潤率擴大。

Organic growth accelerated to 13.2% in the fourth quarter.

第四季有機成長加速至 13.2%。

Notably, we saw growth across all our segments in 2023, on top of strong performance in 2022.

值得注意的是，除了 2022 年的強勁表現之外，我們的所有細分市場在 2023 年都實現了成長。

In the US segment, organic revenue grew 13.7% in the fourth quarter, driven by a record holiday season, and especially doughnut offerings drove incremental sales through all channels, especially DFD, and have positive impact on our sales.

在美國市場，在創紀錄的假期季節推動下，第四季度有機收入增長了13.7%，尤其是甜甜圈產品推動了所有管道（尤其是DFD）的銷售增量，並對我們的銷售產生了正面影響。

We also observed increased transaction values through the growth of our e-commerce channel.

我們也觀察到，透過電子商務管道的成長，交易價值增加。

All of this was underpinned by our strategy of growing points of access, which grew 17.7% year over year, with more than 300 DFD doors added in Q4 versus Q3, and over 1,000 doors added versus 2022.

所有這一切都得益於我們增加訪問點的戰略，該戰略同比增長17.7%，與第三季度相比，第四季度增加了300 多個DFD 門，與2022 年相比，增加了1,000多個門。

At Insomnia Cookies, we observed strong organic growth of 16.3%, as well as sequential margin improvement from Q3.

在 Insomnia Cookies，我們觀察到 16.3% 的強勁有機成長，以及第三季的連續利潤率改善。

That said, margins in the business remain pressured given the elevated cost of cocoa.

儘管如此，由於可可成本上漲，該業務的利潤率仍面臨壓力。

The hub-and-spoke model first established in the UK and Australia is now well underway in the US for several cities, seeing marked improvements in profitability during the year, as we added more points of access to the existing hubs.

最初在英國和澳洲建立的軸輻模式現已在美國的多個城市順利實施，隨著我們增加了更多通往現有樞紐的接入點，這一年的盈利能力顯著提高。

This, as well as our ability to leverage pricing to offset inflation, explains the increase in sales per hub of 8.9% year over year and the subsequent 120-basis-point adjusted EBITDA margin improvement for the year.

這以及我們利用定價來抵銷通膨的能力，解釋了每個中心的銷售額年增 8.9%，以及隨後今年調整後 EBITDA 利潤率提高 120 個基點的原因。

In the international segment, organic revenue grew 9% year over year, as we expanded points of access and leveraged global campaigns over the holiday season to drive volume of our specialty doughnuts.

在國際市場，有機收入年增 9%，因為我們擴大了訪問點並利用節日期間的全球活動來增加我們的特色甜甜圈的銷售。

Most notably, we executed our Elf specialty doughnuts in nine markets worldwide, leveraging a single set of marketing materials, seeing great results in Mexico and the UK.

最值得注意的是，我們利用一套行銷資料在全球九個市場推出了 Elf 特色甜甜圈，並在墨西哥和英國取得了良好的成果。

Mexico was a substantial contributor to growth this quarter.

墨西哥為本季的成長做出了重大貢獻。

We have nearly doubled points of access in Mexico through existing partners such as Oxxo, with meaningful room to continue expanding in the country.

我們透過 Oxxo 等現有合作夥伴在墨西哥的接入點增加了近一倍，為繼續在該國擴張提供了很大的空間。

We also saw successful growth in new partners such as Costco in Australia, which continues to prove to be an efficient customer.

我們也看到新合作夥伴的成功成長，例如澳洲的 Costco，它繼續被證明是一個高效的客戶。

Adjusted EBITDA improved sequentially in the quarter to 20.6%, with margin expansion in both Australia and Mexico.

本季調整後 EBITDA 環比提高至 20.6%，澳洲和墨西哥的利潤率均有所擴大。

Profitability continues to be pressured in the UK, and we're taking actions to improve productivity.

英國的獲利能力持續面臨壓力，我們正在採取措施提高生產力。

In the market development segment, organic revenue grew 19.2% in the fourth quarter as we continue our international expansion by opening 126 more points of access through a combination of theaters, fresh shops, and DFD doors.

在市場開發領域，隨著我們透過影院、生鮮店和 DFD 門組合開設 126 個接入點，繼續進行國際擴張，第四季度的有機收入增長了 19.2%。

We opened in two new markets, Ecuador and France, and expect that these two countries alone can support 1,000 and 2,000 further points of access.

我們開設了厄瓜多和法國這兩個新市場，預計光是這兩個國家就能支援 1,000 個和 2,000 個接入點。

Most notably, Paris represented a record-breaking launch in the fourth quarter.

最值得注意的是，巴黎第四季的發布打破了紀錄。

This shop was our best-performing shop worldwide on a sales basis in December.

從 12 月的銷售額來看，這家商店是我們全球表現最好的商店。

Market development adjusted EBITDA grew 21.1% in the fourth quarter, with margins expanding by 120 basis points to 35.4%.

市場發展調整後的 EBITDA 在第四季度成長了 21.1%，利潤率擴大了 120 個基點，達到 35.4%。

Margin improvements were primarily driven by continued hub-and-spoke efficiencies in our equity-owned Japanese and Canadian markets.

利潤率的提高主要是由於我們擁有股權的日本和加拿大市場持續的軸輻式效率所推動的。

As we continue to expand globally, we expect to see high returns in international franchises.

隨著我們繼續在全球擴張，我們期望在國際特許經營中看到高回報。

The JV structure of the French market is a prime example of our capital-light model approach, which enables earnings flowthrough at significant margins, or providing the option to take equity ownership of the market in the future.

法國市場的合資結構是我們輕資本模式方法的典型例子，它可以實現顯著利潤的收益流動，或提供未來獲得市場股權的選擇。

As you heard from Josh earlier, we announced our future entry into Brazil using a similar approach.

正如您之前從喬許那裡聽到的，我們宣布未來將採用類似的方法進入巴西。

For the year ending 2023, we delivered $0.27 in adjusted earnings per share, driven by improvements in adjusted EBITDA that were offset by higher-than-expected depreciation and amortization, as we continue to accelerate expansion both domestically and globally at Insomnia Cookies and make choice for investments in anticipation of accelerated growth in the US DFD business.

截至2023 年，我們實現了0.27 美元的調整後每股收益，這是由於調整後EBITDA 的改善被高於預期的折舊和攤銷所抵消，因為我們繼續加速Insomnia Cookies 的國內和全球擴張並做出選擇用於預期美國 DFD 業務加速成長的投資。

We also saw increased annual interest expense as a result of the higher interest rate environment.

由於利率環境較高，我們也發現年度利息支出增加。

As a result, we saw adjusted diluted earnings per share finish lower than our original expectations.

因此，我們看到調整後的稀釋每股收益低於我們最初的預期。

Our business fundamentals remain strong, and we are confident in our ability to grow EPS despite remaining in the somewhat higher interest rate environment in 2024.

我們的業務基本面仍然強勁，儘管 2024 年仍處於較高的利率環境中，但我們對每股盈餘成長的能力充滿信心。

As mentioned in previous calls, in 2023, we deployed some of our operating cash flow to strategically reduce our use of vendor financing, which had an impact on net cash from operations.

正如先前的電話會議中所提到的，2023 年，我們部署了部分營運現金流，以策略性地減少對供應商融資的使用，這對營運淨現金產生了影響。

Over the year, we reduced vendor financing by roughly $82 million, which will provide a long-term tailwind of $3 million to $5 million on an annualized basis to adjusted EBITDA beginning in mid-2024.

一年來，我們減少了約 8,200 萬美元的供應商融資，這將為 2024 年中期開始的調整後 EBITDA 提供每年 300 萬至 500 萬美元的長期推動力。

Despite these efforts, we were able to hold leverage flat through 2023, finishing the year at 4.1 times.

儘管做出了這些努力，我們還是能夠在 2023 年之前保持槓桿率不變，全年結束時為 4.1 倍。

We have a healthy balance sheet, having extended our maturity to 2028 in the first quarter of 2023.

我們擁有健康的資產負債表，並於 2023 年第一季將到期期限延長至 2028 年。

We closed the year with just under $40 million in cash and have access to ample liquidity through our revolver, with an undrawn capacity of $159 million.

今年結束時，我們的現金略低於 4000 萬美元，並透過我們的左輪手槍獲得了充足的流動性，未動用能力為 1.59 億美元。

We remain focused on the long-term health of the business and setting up our capital structure to support growth through a strong balance sheet.

我們仍然專注於業務的長期健康發展，並建立我們的資本結構，以強大的資產負債表支持成長。

We expect to delever in 2024, primarily through the growth of adjusted EBITDA and running the business with an eye towards efficiency in capital expenditures, as well as managing working capital.

我們預計將在 2024 年實現去槓桿化，主要透過調整後 EBITDA 的成長、注重資本支出效率以及營運資本管理來營運業務。

Over the long term, we remain on track to be between 2.0 times and 2.5 times net leveraged in 2026.

從長遠來看，我們預計到 2026 年淨槓桿率將保持在 2.0 倍至 2.5 倍之間。

As we look forward to 2024, we're providing our outlook for the full year, which assumes a nominal impact from foreign exchange and contemplates all operations, including Insomnia Cookies.

在展望 2024 年時，我們提供了全年展望，其中假設了外匯的名義影響，並考慮了包括 Insomnia Cookies 在內的所有業務。

For the full year 2024, we expect to deliver net revenue growth of 5% to 7%, organic revenue growth of 6% to 8%, adjusted EBITDA growth of 8% to 11%, and adjusted diluted earnings per share of between $0.27 and $0.31.

2024 年全年，我們預計淨收入增長 5% 至 7%，有機收入增長 6% 至 8%，調整後 EBITDA 增長 8% 至 11%，調整後攤薄每股收益在 0.27 至 0.27 美元之間0.31 美元。

After reporting strong double-digit fourth-quarter and full-year organic growth in excess of our full year guide, we remain confident in our 2024 guidance and our ability to drive operating leverage as we become more coordinated as a global company.

在報告第四季度和全年強勁的兩位數有機增長超過我們的全年指導後，我們對2024 年的指導以及隨著我們作為一家全球化公司變得更加協調而提高運營槓桿的能力充滿信心。

We believe we are well-positioned for sustainable, high-quality growth in the years to come, leveraging the tools which helped us deliver a great finish to the year in 2023.

我們相信，利用幫助我們在 2023 年取得圓滿成功的工具，我們已為未來幾年的可持續、高品質成長做好了準備。

As it relates to the first quarter, despite the harsh weather in broad parts of the US in January and lapping record-breaking sales in the first quarter of 2023, we expect net revenue growth of 2% to 4%.

就第一季而言，儘管 1 月美國大部分地區天氣惡劣，且 2023 年第一季銷售額創歷史新高，但我們預計淨收入將成長 2% 至 4%。

We also expect adjusted EBITDA to grow in line with revenue growth.

我們也預計調整後的 EBITDA 將隨著收入的成長而成長。

We will closely monitor and adapt to changes in the market and consumer environment, and I remain confident about the profitable growth potential of our business in 2024, and we're excited for a great year to come.

我們將密切關注並適應市場和消費環境的變化，我對2024年我們業務的獲利成長潛力仍然充滿信心，我們對即將到來的美好一年感到興奮。

With that, I'll turn it over to Josh for his closing remarks.

接下來，我將把它交給喬許做總結發言。

Thanks, Jeremiah.

謝謝，耶利米。

In summary, we are expanding availability by adding high-quality productive points of access, driving operating leverage to the efficiency of our operating model, and maximizing capital return both by leveraging existing capacity, and making selective investments in geographies which have limited access to Krispy Kreme today.

總而言之，我們正在透過增加高品質的生產接入點來擴大可用性，提高營運槓桿以提高營運模式的效率，並透過利用現有產能和在 Krispy 訪問受限的地區進行選擇性投資來最大化資本回報今天的克雷梅。

All in, I look forward to us building a bigger and better Krispy Kreme in the years ahead.

總而言之，我期待我們在未來幾年能打造更大、更好的 Krispy Kreme。

Operator, let's now open it up to Q&A, please.

接線員，現在請開始問答。

(Operator Instructions) Sara Senatore, Bank of America.

（操作員指令）Sara Senatore，美國銀行。

Hi, good morning, this is Jessica (inaudible), on for Sara Senatore.

大家好，早安，我是潔西卡（聽不清楚），由薩拉參議員發言。

Thank you.

謝謝。

So for last quarter, you said you had advance questions about expanding the McDonald's partnership and were making investments in the US, but it looks like though, 160 or so restaurants testing for doughnuts have been unchanged since 3Q.

因此，在上個季度，您說您對擴大麥當勞合作夥伴關係有預先疑問，並且正在美國進行投資，但看起來自第三季度以來，大約 160 家餐廳的甜甜圈測試沒有變化。

And I know that the test release alluded to more growth in the quick service restaurant channel, but I want to see if there's any more color you could provide on that agreement.

我知道測試版本暗示了快速服務餐廳管道的更多增長，但我想看看您是否可以在該協議上提供更多內容。

And I do have a couple more questions, but after that, I can ask them one at a time.

我確實還有幾個問題，但在那之後，我可以一次問一個。

Sure.

當然。

Good morning, Jessica.

早安，潔西卡。

Yeah.

是的。

Obviously, word is out in the success of our Delivered Fresh Daily doughnut program, several customer opportunities in existing and new channels around the world.

顯然，我們的「每日新鮮送達甜甜圈」計畫取得了成功，世界各地現有和新通路中的多個客戶機會已廣為人知。

Regarding quick service restaurants in the US, our focus does continue to be on McDonald's.

關於美國的快餐店，我們的重點仍然是麥當勞。

Discussions are ongoing and productive about an expanded partnership.

關於擴大夥伴關係的討論正在進行中且富有成效。

And we'll provide an update on that one when we have it.

當我們有更新時，我們會提供該更新。

What was your second question?

你的第二個問題是什麼？

Okay.

好的。

So in the US and international markets, revenue growth was slightly less than points of access growth.

因此，在美國和國際市場，營收成長略低於接入點成長。

I know you think in terms of growth in sales per hub, but as we try to forecast sales going forward, how should we think about new points of access?

我知道您會考慮每個中心的銷售成長，但當我們嘗試預測未來的銷售額時，我們應該如何考慮新的存取點？

Is it fair to assume that they'll have lower volumes than the existing base of points of access?

假設它們的數量低於現有接入點基礎是否公平？

And also, is that driven by the type of door?

而且，這是由門的類型驅動的嗎？

And will that change as you accelerate expansion into the quick service industry?

隨著您加速向快速服務產業擴張，這種情況會改變嗎？

Well, it's interesting.

嗯，這很有趣。

Obviously, the three international markets, the UK, Australia, and Mexico, are all in different situations.

顯然，英國、澳洲、墨西哥這三個國際市場的情況各不相同。

The UK and Australia, much more developed in the grocery store customer mix.

英國和澳洲的雜貨店顧客結構較為發達。

Mexico, really starting out with a big opportunity in convenience stores.

墨西哥，便利商店確實迎來了巨大的機會。

So you get a constant mix effect there.

所以你會在那裡得到持續的混合效果。

Underlying performance is good, but you're going to get these mix effects for the forecasting, especially in Mexico, with the big opportunity with the Oxxo convenience store chain.

基本上表現良好，但您將在預測中獲得這些混合效應，尤其是在墨西哥，Oxxo 連鎖便利商店蘊藏著巨大的機會。

Okay.

好的。

Thank you.

謝謝。

And could you remind us how much of your commodity basket you have locked in?

您能否提醒我們您鎖定了多少商品籃子？

Yeah, I can take that, Jessica.

是的，我可以接受，潔西卡。

We started to put on cover on commodities earlier in 2023.

我們於 2023 年初開始對大宗商品進行掩護。

We do expect to see mid- to high-single-digit inflation overall for 2024.

我們確實預期 2024 年整體通膨率將達到中高個位數。

Most of our commodities are now covered, about 75% of them are covered.

現在我們大部分的商品都覆蓋了，大約75%都覆蓋了。

But of commodities that we actually can cover, as it made sense for us from a pricing perspective or just a security of supply perspective, it's a bit of a mixed bag within that kind of high-single-digit, mid- to high-single-digit inflation number.

但對於我們實際上可以涵蓋的商品，因為從定價角度或僅從供應安全角度來看這對我們來說是有意義的，但在這種高個位數、中高個位數的商品中，它有點混雜。- 位數通貨膨脹數字。

Amongst our cost structure, we're forecasting inflation in excess of 20% on things like sugar, where the market remains around 10-year highs, and low-double-digit inflation on things like cartons, which is a commodity we cannot hedge.

在我們的成本結構中，我們預測糖等商品的通膨率將超過20%，市場仍處於10 年來的高點左右，而紙箱等商品的通膨率將低於兩位數，而紙箱是我們無法對沖的商品。

But we do expect to see some deflation on key commodities like wheat and edible oils.

但我們確實預期小麥和食用油等關鍵商品將出現通貨緊縮。

I think it's important to note out, just out of commodities, from a labor perspective, we do believe that we'll be subject to the wage increases in California.

我認為值得注意的是，就商品而言，從勞動力的角度來看，我們確實相信我們將受到加州工資上漲的影響。

And as a result, we continue to expect to see high-single-digit to low-double-digit inflation on labor in 2024.

因此，我們繼續預期 2024 年勞動通膨率將達到高個位數到低兩位數。

All right.

好的。

Thank you so much for your time.

非常感謝您的參與。

Thank you.

謝謝。

John Ivankoe, JPMorgan.

約翰‧伊凡科，摩根大通。

Hey, team.

嘿，團隊。

This is Luke Jobe, on for John Ivankoe.

我是盧克·喬布（Luke Jobe），替補約翰·伊凡科（John Ivankoe）。

Just wondering if you could give some language around specific changes to the current process or model that we're focused on, with specification to modernization of the doughnut making process, and especially delivery within that.

只是想知道您是否可以針對我們關注的當前流程或模型的具體變化提供一些語言，並規範甜甜圈製作流程的現代化，尤其是其中的交付。

Thanks.

謝謝。

Sure.

當然。

Thanks, Luke.

謝謝，盧克。

I'll take that.

我會接受的。

Yeah, you picked up on our efforts to modernize the way we make and move our doughnuts.

是的，您了解了我們為實現甜甜圈製作和運輸方式現代化所做的努力。

That goes all the way from the digitization of the process through to the automation of the doughnut making itself, and then all the way on to upskilling our doughnut transportation.

從流程的數位化到甜甜圈製作的自動化，再到甜甜圈運輸的技能提升。

All in, we're working to ensure the freshest doughnuts every time, delivered as efficiently as possible.

總而言之，我們正在努力確保每次都提供最新鮮的甜甜圈，並盡可能有效地交付。

We shared before the automation efforts.

我們之前分享過自動化的努力。

We have a line running in New York, which is now automatically filling, topping, and even packing the doughnuts.

我們在紐約有一條生產線，現在可以自動填充、澆頭，甚至包裝甜甜圈。

We're looking to perfect that and then roll it out as time goes on.

我們正在尋求完善這一點，然後隨著時間的推移將其推出。

And then regarding the logistics in particular, the rapid expansion of DFD means that we're becoming more -- logistics becoming more and more important.

特別是在物流方面，DFD 的快速擴張意味著我們的物流變得越來越重要。

So we announced on today's call that we have a pilot covering select routes and DC and LA.

因此，我們在今天的電話會議上宣布，我們有一個涵蓋部分航線以及華盛頓和洛杉磯的試點。

And that's expected to take about four to six months.

預計需要大約四到六個月的時間。

And the purpose of that is to work with a third-party provider to see if we can maintain quality and service whilst being able to access new capabilities that they can bring and over time, improve our operations and indeed bring more efficiency.

這樣做的目的是與第三方提供者合作，看看我們是否能夠維持品質和服務，同時能夠獲得他們帶來的新功能，隨著時間的推移，改善我們的營運並確實帶來更高的效率。

So it's an effort, end to end, to continuously improve doughnut making a moving, and we'll provide updates as we learn more.

因此，這是一項端到端的努力，不斷改進甜甜圈的移動，我們將在了解更多資訊後提供更新。

Great.

偉大的。

Thanks.

謝謝。

You bet.

你打賭。

Bill Chappell, Truist.

比爾‧查普爾，真理論者。

Hi, good morning.

早安.

This is Davis [Holcombe], on for Bill Chappell.

我是戴維斯[霍爾科姆]，替補比爾·查佩爾。

Thanks for taking our question.

感謝您提出我們的問題。

I just wanted to know, we saw that your guidance this year or for fiscal year '24 includes operations for Insomnia Cookies, but we're all wanting to know if you could provide a little bit of color on what the sales guide would be without the inclusion of Insomnia Cookies.

我只是想知道，我們看到您今年或 24 財年的指導包括 Insomnia Cookies 的運營，但我們都想知道您是否可以提供一些關於銷售指南中沒有的內容的信息包含失眠餅乾。

Yeah.

是的。

I mean, number one, we're pleased with the performance of Insomnia, as the business continues to grow profitably and improve sequentially in terms of EBITDA, adjusted EBITDA improvement.

我的意思是，第一，我們對 Insomnia 的業績感到滿意，因為該業務持續盈利增長，並在 EBITDA 和調整後 EBITDA 改善方面連續改善。

We opened a record number of cookie bakeries in 2023.

2023 年，我們開設的餅乾麵包店數量創歷史新高。

We also talked about the growth rate at Insomnia, at 16.3%, on the earnings call as well.

我們也在財報電話會議上談到了 Insomnia 的成長率，即 16.3%。

There continues to be lots of opportunity on this business to expand, both the US and internationally.

無論是在美國還是國際上，這項業務仍有許多擴展的機會。

We do expect it to continue to grow double digit in 2024.

我們確實預計到 2024 年它將繼續實現兩位數成長。

But just given the fact that we're in the process, as we said in Q3, we're conducting a strategic review and look forward to sharing more news about it that we can.

但鑑於我們正在這個過程中，正如我們在第三季度所說，我們正在進行戰略審查，並期待分享更多有關它的消息。

I think in the last earnings call, I did let everybody know that we operate -- or the impact on Insomnia would have a roughly 100- to 200-basis-point impact on the top line, though.

我認為在上次財報電話會議中，我確實讓大家知道我們正在運營，否則對 Insomnia 的影響將對營收產生大約 100 到 200 個基點的影響。

Excellent.

出色的。

Thanks for the color.

謝謝你的顏色。

I'll pass it on.

我會把它傳遞下去。

Aisling Grueninger, Piper Sandler.

艾斯林·格魯寧格，派珀·桑德勒。

Hey, good morning.

嗨，早安。

So CapEx came in, as a percentage of revenue for 2023, at 7.2%.

因此，2023 年資本支出佔收入的百分比為 7.2%。

And the new 2024 outlook, you're targeting 7% to 8%.

在新的 2024 年展望中，您的目標是 7% 到 8%。

We're just wondering how concrete of a number that is.

我們只是想知道這個數字有多具體。

Does that include any incremental investments you would need to make if, let's say a QSR partnership was to come to fruition in 2024?

如果 QSR 合作關係要在 2024 年取得成果，這是否包括您需要進行的任何增量投資？

Yeah, good morning, Aisling.

是的，早安，艾斯林。

So our confidence in the DFD opportunity around the world and especially in the US, including QSR, is such that we have thoughtfully started making additional investments in manufacturing capacity to support it.

因此，我們對全球尤其是美國的 DFD 機會（包括 QSR）充滿信心，因此我們已深思熟慮地開始對製造能力進行額外投資以支持它。

For example, we secured new sites in Miami, Twin Cities, and LA: all conversions of existing buildings looking to accelerate time to opening to keep up with demand.

例如，我們在邁阿密、雙城和洛杉磯獲得了新場地：對現有建築進行所有改造，希望加快開業時間以滿足需求。

To clarify, though, the investments we're making there are in broad support of the expansion of DFD overall.

但需要澄清的是，我們在那裡進行的投資是為了廣泛支持 DFD 的整體擴張。

So they're not dependent specifically, for example, on McDonald's, but they're investments that we very much believe make a lot of sense for our business going forward in terms of bringing Krispy Kreme to more people in those new channels.

因此，他們並不特別依賴麥當勞，但我們非常相信這些投資對我們的業務發展非常有意義，可以將 Krispy Kreme 帶給這些新管道中的更多人。

Great.

偉大的。

Thanks for that.

感謝那。

My second question is on, I think we touched on this before, but it's in slide 18 of your presentation.

我的第二個問題是，我想我們之前已經談到過這個問題，但它出現在您簡報的第 18 張投影片中。

It's about average revenue per door per week for international.

這是國際航班每週每門的平均收入。

Just what's the dynamics behind -- it's been -- the decrease year over year?

逐年下降背後的動力到底是什麼？

Is it just opening these DFD doors in less prime locations than the earlier locations or?

是只是在比以前位置不那麼黃金地段打開這些 DFD 大門還是？

Just any color would help things.

任何顏色都會有所幫助。

Yeah, it's a great question.

是的，這是一個很好的問題。

APDs internationally were impacted in 2022 by the UK regulations that were put in place that's called HFSS, which required us to move where the locations were in the stores, which had an immediate step down in terms of productivity.

國際上的 APD 於 2022 年受到英國實施的 HFSS 法規的影響，該法規要求我們將地點搬到商店內的位置，這導致生產力立即下降。

Moving forward, the APD per door has been impacted by adding more convenience type locations, which Josh mentioned, around places like Oxxo in Mexico, which on average is a smaller footprint, which would be a lower dollar per door.

展望未來，每門的 APD 受到增加更多便利型地點的影響，喬許提到，在墨西哥的 Oxxo 等地周圍，平均佔地面積較小，每門的美元價格較低。

So overall, a mix effect there.

總的來說，這是一種混合效應。

We'll have a prolonged -- we believe the APD will remain fairly flattish internationally moving forward.

我們相信 APD 在國際上的發展將保持相當穩定。

A bit clarifying on the US, because actually interesting with APDs growing strongly, we're seeing that we're actually bringing on even more productive new customers and locations, showing that there's a lot of white space opportunity in the US.

關於美國的情況需要澄清一下，因為 APD 的強勁增長實際上很有趣，我們看到我們實際上帶來了更俱生產力的新客戶和地點，這表明美國有很多空白機會。

And it's interesting international: Mexico, an example where we're leaning on convenience store.

國際上很有趣：墨西哥，我們依賴便利商店的一個例子。

In the US is a lot of grocery stores, mass -- club stores, for example, big opportunities there.

在美國有很多雜貨店、大型俱樂部商店，那裡有很大的機會。

So the APD will evolve over time with different types of customers.

因此，APD 將隨著時間的推移與不同類型的客戶一起發展。

But all in, we're seeing continuously productive doors are ones that support our margin expansion plans.

但總而言之，我們看到持續高效的大門是支持我們的利潤擴張計劃的。

Great.

偉大的。

Thank you so much for that.

對此感激不盡。

I'll pass it back.

我會把它傳回來。

Thank you.

謝謝。

(Operator Instructions) Daniel Guglielmo, Capital One Securities.

（操作員指示）Daniel Guglielmo，第一資本證券。

Hey, everyone.

嘿大家。

Thank you for taking my questions.

感謝您回答我的問題。

Just going back to the US expansion of hubs, you mentioned Minnesota, California, Florida, and I think New England and upstate New York were also opportunities.

回到美國的樞紐擴張，你提到了明尼蘇達州、加州、佛羅裡達州，我認為新英格蘭和紐約州北部也是機會。

So just thinking through those, are there certain areas you see as priorities right now?

那麼，仔細思考一下，您現在是否認為某些領域是優先事項？

And are there certain markets that you need to get opened before doing like a national QSR rollout?

在全國 QSR 推廣之前，您是否需要打開某些市場？

Well, (technical difficulty) rollout with a customer like, for example, McDonald's, 13,000, 14,000 restaurants in the US.

嗯，（技術難度）向像麥當勞這樣的客戶推出，在美國有 13,000 家、14,000 家餐廳。

We can cover about 6,000 restaurants just with our existing network, so your question goes to the 7,000 or 8,000, assuming you're taking McDonald's as the benchmark that we would need to cover.

僅憑我們現有的網絡，我們就可以覆蓋大約 6,000 家餐廳，所以您的問題是 7,000 或 8,000 家餐廳，假設您將麥當勞作為我們需要覆蓋的基準。

In areas where -- mostly it's those areas you described in the country where Krispy Kreme isn't today.

那些地區——主要是你所描述的國家中的那些地區，而今天 Krispy Kreme 並不存在。

Our plans are anyway, over time, to open up in those places and reference to either Miami, Twin Cities, LA, New England, all the ones you referenced, upstate New York.

無論如何，我們的計劃是，隨著時間的推移，在這些地方開放，並參考邁阿密、雙城、洛杉磯、新英格蘭，以及您提到的所有紐約州北部。

They're all in our plans.

它們都在我們的計劃中。

Naturally, those that we have already maxed out capacity or we've identified sites to the ones we're prioritizing in the short term.

當然，我們已經達到了最大容量，或者我們已經確定了短期內優先考慮的站點。

But they all make sense for us.

但它們對我們來說都是有意義的。

And so we're actually looking across the country and in all those locations as we build out our plans for DFD and QSR in the future.

因此，在製定未來的 DFD 和 QSR 計劃時，我們實際上正在全國各地和所有這些地點進行考察。

Okay.

好的。

Thank you.

謝謝。

And then just as a follow-up to that, it's like a modeling question just around the CapEx spend.

然後，作為後續行動，這就像圍繞資本支出支出的建模問題。

So 7% to 8% of revenue guidance for 2024, just thinking about the expansion, and I think you had said $3 million to $6 million for some of those hubs.

因此，考慮到擴張，2024 年收入指導的 7% 至 8%，我想您曾說過要為其中一些中心投入 300 萬至 600 萬美元。

Is there a cadence we should be thinking about quarter to quarter for the year?

我們是否應該考慮一年中每季的節奏？

Is it going to be pretty evenly spread throughout?

它會相當均勻地分佈在各處嗎？

Or should it be back-weighted?

還是應該進行反向加權？

I'm just trying to get some help there.

我只是想在那裡尋求一些幫助。

Thank you.

謝謝。

On the CapEx -- I mean, the hubs themselves are coming online, probably a little more back-weighted.

在資本支出上——我的意思是，中心本身正在上線，可能會稍微偏重一些。

The CapEx itself, though, phases different, doesn't it, Jeremiah?

然而，資本支出本身卻處於不同的階段，不是嗎，耶利米？

Yeah, I mean, there's the cash flow from CapEx that will happen here because we spent or at least decided to deploy capital last year in an effort to (technical difficulty) up and running earlier in the year.

是的，我的意思是，這裡將出現來自資本支出的現金流，因為我們去年花費了或至少決定部署資本，以便在今年早些時候（技術難度）啟動和運行。

From a modeling perspective, I mean, for the most part, we will follow a fairly uniform spend of CapEx throughout the year, as we have in previous years.

從建模的角度來看，我的意思是，在很大程度上，我們將像前幾年一樣全年遵循相當統一的資本支出支出。

So it's a fairly consistent number when you think about a percentage of revenue that will bounce between 7% and 8% for the quarters.

因此，當您考慮季度收入百分比在 7% 到 8% 之間波動時，這是一個相當一致的數字。

It will just bounce up and down between those numbers, more or less.

它只會或多或少在這些數字之間上下波動。

Okay.

好的。

Thank you.

謝謝。

Andrew Wolf, CL King.

安德魯沃爾夫，CL金。

Thanks.

謝謝。

Good morning.

早安.

First, I wanted to ask about the first quarter sales being low, below trend.

首先，我想問第一季銷售額是否較低，低於趨勢水準。

And to tie that to the year, because obviously, you're looking for a big rebound to more like 6% to 8% to get to the 5% to 7% for the year, for the Q2 through Q4, a little more in line with what may -- where I think the Street was expecting.

並將其與今年聯繫起來，因為顯然，你正在尋找一個大的反彈，大約是 6% 到 8%，以達到今年的 5% 到 7%，從第二季度到第四季度，更多一點符合我認為華爾街所期待的情況。

So could you just flesh out a little bit what you're seeing in the quarter?

那麼您能否具體說明一下您在本季看到的情況？

How much you think is pure weather?

你認為多少是純粹的天氣？

Is there anything else going on?

還有其他事情發生嗎？

Do you have non-weather impacted markets either in the US or Canada, or even the other segments that point to some more normalized growth supporting the rebound for the rest of the year?

美國或加拿大，甚至其他細分市場是否有不受天氣影響的市場，這些市場顯示一些更正常的成長將支持今年剩餘時間的反彈？

Yeah, thanks, Andrew.

是的，謝謝，安德魯。

I can take that.

我可以接受。

I think I'll probably start off by just saying we're actually pleased with the fact that we'll continue to post growth in Q1 after a record Q1 in 2023 and 14 consecutive quarters of organic growth.

我想我首先可能會說，在 2023 年第一季創紀錄且連續 14 個季度實現有機增長之後，我們將在第一季繼續實現增長，對此我們實際上感到很高興。

The last time we didn't grow in a quarter was during COVID and as a result of some of the UK shutdown or slowdown.

上一次我們在一個季度內沒有成長是在新冠疫情期間，這是由於英國一些企業停工或放緩造成的。

Organic growth in the quarter is actually close to 3% to 6%, given we'll be lapping the discontinuation of DFD.

考慮到 DFD 的終止，本季的有機成長實際上接近 3% 至 6%。

As you mentioned, like many others, we saw harsh weather in broad parts of the US in January, leading to lower revenues and a softer start to the year, which also comes up against the comp of 14.4% last year.

正如您所提到的，與許多其他人一樣，我們在 1 月看到美國大部分地區遭遇惡劣天氣，導致收入下降和今年開局疲軟，這也與去年 14.4% 的比較相比。

But also, a couple of one-offs, to your point.

但也有一些一次性的事情，符合你的觀點。

One, at Insomnia Cookies.

一是在失眠餅乾店。

We have a lap against extended delivery zones that will be in our base, which provided some tailwind last year.

我們對我們基地的擴展交付區有一圈，這在去年提供了一些順風。

And then two, a market develop -- we had a one-off shift in the timing of some equipment sales in our market development franchise business, which resulted in higher sales being recognized in 1Q last year.

第二，市場開發－我們在市場開發特許經營業務中一次性改變了一些設備銷售的時間，這導致去年第一季的銷售額增加。

That said, we're excited for Valentine's Day tomorrow, which is one of our biggest sales days of the year, not to mention other key specialty doughnut offerings over the course of the year.

也就是說，我們對明天的情人節感到興奮，這是我們一年中最大的銷售日之一，更不用說全年其他主要特色甜甜圈產品了。

We're definitely committed to disciplined growth in pursuit of the full-year guide that I laid out.

我們絕對致力於有紀律的成長，以實現我所製定的全年指南。

And we will, when you think about from a cadence point of view, lap some other things as we get into Q2 that may go the other way, most notably the NCR outage that we had in the US in Q2 2023, which will help us recover back in Q2.

當你從節奏的角度考慮時，我們會在進入第二季度時考慮其他一些事情，這些事情可能會發生相反的情況，最值得注意的是2023 年第二季度我們在美國發生的NCR 中斷，這將幫助我們第二季恢復。

And I think I'll add is we're looking forward to quality sustained growth through 2024.

我想我要補充的是，我們期待在 2024 年實現高品質的持續成長。

And Q4 showed once again that the consumer just loves our doughnuts, especially for sharing, gifting, and special occasions, and celebrations like Valentines that Jeremiah mentioned, even when priced at a premium.

第四季再次表明，消費者非常喜歡我們的甜甜圈，尤其是用於分享、送禮、特殊場合以及耶利米提到的情人節等慶祝活動，即使定價較高。

And we see that in all sales channels, with really quite phenomenal growth recently in e-commerce in particular.

我們在所有銷售管道中都看到了這一點，特別是最近在電子商務領域的成長確實相當驚人。

So our consumer is engaging with the brand more than ever, and that's the key backdrop to understanding Krispy Kreme.

因此，我們的消費者比以往任何時候都更參與該品牌，這是了解 Krispy Kreme 的關鍵背景。

Okay.

好的。

And if I can just add another follow-up, just related also to sales.

如果我可以再增加一個後續行動，也與銷售有關。

And I assume for the year, you only have the 160 or so McDonald's stores in there, but I guess for the US specifically, is there any less of a push on sales in any way, whether it's not putting up stores that you might have put up, hubs that you might have put up because you're deferring?

我假設今年只有 160 家左右的麥當勞商店，但我想具體到美國，無論是不是開設你可能擁有的商店，對銷售的推動作用是否會減弱？放置，您可能因為推遲而放置的集線器？

And is there any impact on what's in the guidance because you're throttling any part of the US operations back in anticipation of either McDonald's or another QSR?

由於麥當勞或其他快餐店的預期而限制了美國業務的任何部分，這對指南中的內容是否有任何影響？

There's no throttling back.

沒有任何回縮。

It's absolutely the case that the DFD continues to be a core driver of our growth.

毫無疑問，DFD 仍然是我們成長的核心驅動力。

Indeed, as I mentioned a moment ago that the Q4 addition of doors around the world, including the US, at a time which has traditionally been problematic for our customers, they want to put it in other seasonal items.

事實上，正如我剛才提到的，第四季度在包括美國在內的世界各地增加了門，而這對我們的客戶來說傳統上是有問題的，他們希望將其放入其他季節性商品中。

This year, they want to put in our items and prioritize listing new doors for Krispy Kreme.

今年，他們希望加入我們的產品，並優先列出 Krispy Kreme 的新門。

So definitely no throttling back.

所以絕對沒有節流回來。

At the same time, we are very focused on improving the quality of our operations; ensuring high-quality, sustainable growth; working, as I mentioned, on making, moving doughnuts; and continuously better ways.

同時，我們非常注重提升營運品質；確保高品質、永續成長；正如我所提到的，工作是製作、移動甜甜圈；並不斷採用更好的方法。

So that naturally means we're very thoughtful as we grow to make sure we have the best points of access, strong hubs, making sure they're set up for future growth.

因此，這自然意味著我們在發展過程中會考慮得非常周到，以確保我們擁有最佳的接入點和強大的樞紐，確保它們為未來的成長做好準備。

As also mentioned, with many of the doughnut shops still heavily underutilized, they will make more than twice the amount of doughnuts that they do today, most of those lines.

正如也所提到的，由於許多甜甜圈店的利用率仍然嚴重不足，他們生產的甜甜圈數量將是今天的兩倍多，其中大部分是生產線。

Getting ready for growth with QSR and other new channels is an effort, is a lift.

為透過快餐和其他新管道實現成長做好準備是一項努力，也是一種提升。

And so we're making sure that everywhere we grow, it's in a way that ensures high-quality doughnuts presented fresh to the consumer in every channel, whilst maintaining productivity and efficiency.

因此，我們確保在我們成長的任何地方，確保在每個管道中向消費者提供新鮮的高品質甜甜圈，同時保持生產力和效率。

So yeah, we're certainly working hard on the system, but we're not, as such, throttling back.

所以，是的，我們確實在系統上努力工作，但我們並沒有因此而減少。

Thank you.

謝謝。

That's really helpful color.

這真是有用的顏色。

I'll pass it on then.

那我就傳吧

You bet.

你打賭。

Thanks, Andrew.

謝謝，安德魯。

I would now like to turn the call over to Josh Charlesworth for closing remarks.

我現在想將電話轉給喬許·查爾斯沃思 (Josh Charlesworth) 致閉幕詞。

Well, thank you, everybody.

嗯，謝謝大家。

Thank you for your interest in Krispy Kreme today.

感謝您今天對 Krispy Kreme 的興趣。

And of course, thank you to all our Krispy Kremers for their hard work in 2023 and your ongoing commitment to bring joy to our customers through Krispy Kreme.

當然，感謝我們所有 Krispy Kremer 在 2023 年的辛勤工作，感謝你們持續致力於透過 Krispy Kreme 為我們的顧客帶來歡樂。

Thank you.

謝謝。

This concludes today's call.

今天的電話會議到此結束。

You may now disconnect.

您現在可以斷開連線。