Krispy Kreme Inc (DNUT) 2024 Q3 法說會逐字稿

Thank you for standing by. My name is Greg, and I will be your conference operator today. At this time. I would like to welcome everyone to the Krispy Kreme third quarter, 2024 earnings call.

謝謝你的支持。我叫格雷格，今天我將擔任你們的會議操作員。此時。我歡迎大家參加 Krispy Kreme 2024 年第三季財報電話會議。

I would now like to turn the call over to Dre Eldredge, Krispy Kreme Investor Relations. Dre, please go ahead.

我現在想將電話轉給 Krispy Kreme 投資者關係部的 Dre Eldredge。德瑞，請繼續。

Thank you. Good morning, everyone. Welcome to Krispy Kreme third quarter, 2024 earnings call. Thank you for joining us today. We will be referencing our earnings release and presentation during the call. These are available on our investor relations website at investors.krispykreme.com. Joining me on the call this morning are President and Chief Executive Officer, Joshua Charlesworth and Chief Financial Officer, Jeremiah Ashukian.

謝謝。大家早安。歡迎參加 Krispy Kreme 2024 年第三季財報電話會議。感謝您今天加入我們。我們將在電話會議期間參考我們的收益發布和演示。這些可以在我們的投資者關係網站 Investors.krispykreme.com 上找到。今天早上與我一起參加電話會議的有總裁兼執行長 Joshua Charlesworth 和財務長 Jeremiah Ashukian。

After prepared remarks, there will be a question-and-answer session 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 1,995 including statements of expectations, future events or future financial performance.

準備好發言後，我們開始之前將進行問答環節。我想提醒您，本次電話會議包含根據 1,995 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。

Overlooking 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 December 31, 2023. and in the other filings, we make from time to time with the SEC, forward-looking statements made today are only as of today. The company assumes no obligation to publicly update or revise any forward-looking statements. Acceptance may be required by law.

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 12 月 31 日的年度 10-K 表格中進行了詳細描述。的言論僅限於今天。該公司不承擔公開更新或修改任何前瞻性陳述的義務。法律可能要求接受。

Additionally, today's call will include certain non-GAAP financial measures, a reconciliation between non-GAAP financial measures and our closest comparable GAAP measures can be found in our third quarter, 2024 earnings press release and form 8-K filed today with the SEC and is also available at our investors dot Krispykreme dotcom website. Jeremiah will take us through our financial performance in a moment. But first, here's Josh.

此外，今天的電話會議將包括某些非GAAP 財務指標，非GAAP 財務指標與我們最接近的可比較GAAP 指標之間的調節可以在我們今天向SEC 提交的2024 年第三季度收益新聞稿和8- K 表格中找到，也可在我們的 Investors Krispykreme dotcom 網站上取得。耶利米稍後將帶我們了解我們的財務表現。但首先，這是喬希。

Thanks Trey, good morning, everyone and thank you for joining us.

謝謝特雷，大家早安，謝謝您加入我們。

Consumers ask us every day. When can you bring Krispy Kreme to my town?

消費者每天都會問我們。什麼時候可以把 Krispy Kreme 帶到我的小鎮？

And so, our strategy of making our fresh doughnuts more available around the world. The successful start of our nationwide us rollout at McDonald's which began in Chicago in October and continues next week in Ohio and Indiana is a major milestone on this journey. We now expect the delighting Krispy Kreme fans with our melt in your mouth doughnuts fresh daily in nearly 2000 McDonald's restaurants by the end of 2024.

因此，我們的策略是讓我們的新鮮甜甜圈在世界各地更容易買到。十月在芝加哥開始，下週在俄亥俄州和印第安納州繼續在麥當勞在美國全國推出，這是這趟旅程的一個重要里程碑。現在，我們期待到 2024 年底，我們的入口即化甜甜圈每天都會在近 2000 家麥當勞餐廳中為 Krispy Kreme 粉絲帶來歡樂。

We're building a bigger Krispy Kreme by focusing on our fresh doughnuts available through retail shops online and delivered daily to grocers', convenience stores and quick service restaurants around the world. While we are already in nearly 16,000 points of access across 40 countries, there is much more growth ahead of us. We expect our love doughnuts to be available fresh daily in nearly 35,000 points of access in about 50 countries within three years.

我們正在打造更大的 Krispy Kreme，專注於透過線上零售店銷售新鮮甜甜圈，並每天運送到世界各地的雜貨店、便利商店和快餐店。雖然我們已經在 40 個國家建立了近 16,000 個接入點，但我們還有更多的成長空間。我們預計三年內，我們的愛心甜甜圈將在約 50 個國家的近 35,000 個銷售點每天提供新鮮的服務。

Not only are we making the Krispy Kreme business bigger. We must also make it a better business. One that maximizes the benefits of the opportunity in front of us and delivers sustainable profitable returns.

我們不僅讓 Krispy Kreme 業務變得更大。我們還必須使其成為更好的業務。一種能夠最大限度地利用我們面前的機會帶來的好處並提供可持續的盈利回報的方法。

Now well into my 1st year as CEO we have streamlined and focused our business with the sale of our majority stake in Insomnia Cookies complete and the acceleration of our US DFD expansion underway to better align our talent and capital to our business priorities.

現在已經是我擔任執行長的第一年了，我們已經完成了Insomnia Cookies 多數股權的出售，並加速了美國DFD 擴張，從而精簡並集中了我們的業務，以便更好地將我們的人才和資本與我們的業務優先事項結合。

We are now restructuring our management teams to concentrate on maximizing our profitable expansion in the US while focusing international efforts on the wider adoption of our capital light franchise model. With our resources prioritized to the things that matter most. I believe that these changes will result in a bigger and better Krispy Kreme.

我們現在正在重組我們的管理團隊，專注於最大限度地擴大我們在美國的盈利擴張，同時將國際努力的重點放在更廣泛地採用我們的輕資本特許經營模式上。我們的資源優先用於最重要的事情。我相信這些改變將會帶來更大更好的 Krispy Kreme。

As we move forward, our team's business priorities are clear. Number one drive consumer relevance. We'll continue to give our fans more reasons to enjoy and share our fresh doughnuts with both our iconic original glaze and our buzzworthy specialty doughnut collections.

隨著我們的前進，我們團隊的業務重點是明確的。第一，推動消費者相關性。我們將繼續為我們的粉絲提供更多理由來享受和分享我們的新鮮甜甜圈，包括我們標誌性的原創釉料和值得關注的特色甜甜圈系列。

Number two, expand availability with household penetration in the US at only 13%e'll grow nationwide by reaching more points of access. We're also excited about our international growth prospects particularly in new markets like Europe and Latin America.

第二，擴大可用性，美國家庭滲透率僅為 13%，透過覆蓋更多接入點，該滲透率將在全國範圍內增長。我們也對我們的國際成長前景感到興奮，特別是在歐洲和拉丁美洲等新市場。

Number three, increase hub and spoke efficiency. We are modernizing doughnut production and increasing distribution density to improve profitability. Number four, improve capital efficiency. We are leveraging our existing capacity to increase production hub utilization and making selective high return investments in regions with limited access to Krispy Kreme today. Number five, inspire engagement, the passion and hard work of our Krispy Kremers is key to our success and we're committed to creating an environment that fosters their growth, celebrates their contributions and empowers them to take pride in their roles.

第三，提高輪輻效率。我們正在實現甜甜圈生產現代化並增加分銷密度，以提高獲利能力。第四，提高資本效率。我們正在利用現有產能來提高生產中心的利用率，並在目前 Krispy Kreme 獲取渠道有限的地區進行選擇性高回報投資。第五，激發參與度，Krispy Kremers 的熱情和辛勤工作是我們成功的關鍵，我們致力於創造一個促進他們成長、慶祝他們的貢獻並讓他們為自己的角色感到自豪的環境。

The Krispy Kreme, the spotlight is always on our iconic original glazed, our most distinctive, most purchased and most shared donor. Accounting for more than half of our sales. There's just nothing like our irresistible fan favorite. We make sure that it's always so fresh and enjoyed throughout the day in all sales channels representing excellent value for the consumer. Our buzzworthy innovative specialty doughnuts bring additional fun and relevance to the brand.

Krispy Kreme 的焦點始終是我們標誌性的原創釉面，我們最獨特、購買最多和分享最多的捐贈者。占我們銷售額的一半以上。沒有什麼比我們不可抗拒的粉絲最愛更好的了。我們確保它在所有銷售管道中始終保持新鮮並全天享受，為消費者帶來卓越的價值。我們值得關注的創新特色甜甜圈為品牌帶來了額外的樂趣和相關性。

In Q3 our Barbie 65th anniversary and Dr Pepper Football Collections were our strongest performing activations helping generate 28 billion media impressions. We're also continuously striving to enhance our consumer digital experience including the US Loyalty program that we relaunched earlier this year. For example, this quarter, we saw 15% growth in digital sales. The nationwide rollout to McDonald's has started well with fresh doughnuts delivered daily to more than 400 McDonald's in Chicago since mid-October. From our three production hubs in the city.

在第三季度，我們的芭比 65 週年紀念活動和胡椒博士足球系列是我們表現最強勁的活動，幫助產生了 280 億次媒體印象。我們也持續努力增強消費者的數位體驗，包括我們今年稍早重新啟動的美國忠誠度計畫。例如，本季度，我們的數位銷售額成長了 15%。自 10 月中旬以來，麥當勞在全國各地的推廣工作進展順利，自 10 月中旬以來，每天都會向芝加哥 400 多家麥當勞餐廳配送新鮮甜甜圈。來自我們位於該市的三個生產中心。

I want to thank our dedicated Krispy Kremers and McDonald's teams who have partnered closely to ensure a smooth rollout so far, the consumer response has been positive, and the pace of growth accelerates from here with more than 1,000 additional restaurants launching this month alone in Ohio, Indiana, Pennsylvania and West Virginia.

我要感謝我們敬業的 Krispy Kremers 和麥當勞團隊，他們密切合作，確保迄今為止順利推出，消費者反應積極，增長速度從此加快，僅本月在俄亥俄州就新增了 1,000 多家餐廳、印第安納州、賓夕法尼亞州和西維吉尼亞州。

We're off to a strong start on our journey to meet our goal of making fresh Krispy Kreme doughnuts available in more than 12,000 McDonald's by the end of 2026. McDonald's is supporting the launch with a comprehensive local marketing plan including TV, social media and out of home billboards. We expect this increased visibility to benefit Krispy Kreme brand awareness as we expand to more cities across the country.

我們的目標是到2026 年底在超過12,000 家麥當勞餐廳提供新鮮的Krispy Kreme 甜甜圈，我們的旅程有了一個良好的開端。此次推出。我們預計，隨著我們擴展到全國更多城市，知名度的提高將有利於 Krispy Kreme 的品牌知名度。

Availability is also growing through our other [DFD] customers. With the addition of deliveries to more than 150 new target stores in the third quarter, as well as more Walmarts and Kroger's after success in several international countries. We've also started a promising us test of daily deliveries for a small number of Costco warehouses in southern California.

我們的其他 [DFD] 客戶的可用性也在不斷增長。在第三季度，我們向超過 150 家新目標商店以及更多沃爾瑪和克羅格百貨公司（在多個國際國家取得成功後）交付了貨物。我們也開始了一項有希望的美國測試，對南加州的少數 Costco 倉庫進行每日送貨測試。

We are well on our way to adding 15,000 points of access in the US by the end of 2026. And we continue to believe in the long-term financial benefits of our profitable US expansion. As we shared earlier this year, we estimate $340 million to $430 million in annualized incremental revenue and $70 million to $100 million in additional adjusted EBITDA. Creating significant operating leverage on the business. Increasing doughnut volumes of existing production hubs improves productivity and profitability.

我們正在順利實現到 2026 年底在美國增加 15,000 個接入點的目標。正如我們今年稍早分享的那樣，我們估計年化增量收入為 3.4 億至 4.3 億美元，額外調整後 EBITDA 為 7,000 萬至 1 億美元。為企業創造顯著的營運槓桿。增加現有生產中心的甜甜圈產量可提高生產力和獲利能力。

As does the modernization of our doughnut manufacturing facilities and processes. For example, our refurbished and improved production facility in [Elk Grove], Chicago has increased daily production 3/4 in a matter of days and is already demonstrating significantly improved productivity levels.

我們的甜甜圈生產設施和流程的現代化也是如此。例如，我們在芝加哥 [埃爾克格羅夫] 翻新和改進的生產設施在幾天之內將日產量提高了 3/4，並且已經顯示出生產力水​​平的顯著提高。

On average, our US production network operates at about 25% utilization today compared to an optimum above 60%. Nationwide DFD expansion gives us the opportunity to improve the capital efficiency of the existing production hubs. And we also plan to open new high-volume facilities with quicker paybacks in underserved markets like Minneapolis and Massachusetts as our company grows. So does the scale and complexity of logistics and delivery having run successful pilots in the US, we are pursuing third party managed delivery to DFD customers.

目前，我們美國生產網路的平均利用率約為 25%，而最佳利用率則高於 60%。全國 DFD 擴張使我們有機會提高現有生產中心的資本效率。隨著公司的發展，我們還計劃在明尼阿波利斯和馬薩諸塞州等服務不足的市場開設新的大批量工廠，以更快地獲得回報。物流和交付的規模和複雜性也在美國進行了成功的試點，我們正在尋求向 DFD 客戶提供第三方託管交付。

A proven approach we use in several international markets while we could continue to successfully build out our logistics and delivery network inhouse, we believe this approach is aligned with our evolved strategy and the desire to focus on what we do best making fresh melt in your mouth, doughnuts every day and spreading the joy of Krispy Kreme.

我們在多個國際市場中使用了一種經過驗證的方法，同時我們可以繼續成功地建立我們的內部物流和交付網絡，我們相信這種方法符合我們不斷發展的戰略以及專注於我們最擅長的事情的願望，讓您口中新鮮融化，每天吃甜甜圈，傳播 Krispy Kreme 的快樂。

Krispy Kremer engagement is essential to driving customer satisfaction and deepening the connection to our brand. We are training and developing our teams, so they feel empowered, inspired and well prepared to deliver exceptional experiences. I want to thank our Krispy Kremers for their daily commitment to bringing joy to our consumers through Krispy Kreme.

Krispy Kremer 的參與對於提高客戶滿意度和加深與我們品牌的聯繫至關重要。我們正在培訓和發展我們的團隊，讓他們感到有力量、受到啟發，並為提供卓越的體驗做好充分準備。我要感謝我們的 Krispy Kremers 每天致力於透過 Krispy Kreme 為我們的消費者帶來歡樂。

Now I'll turn it over to Jeremiah to talk about our financial performance.

現在我將把它交給耶利米來談談我們的財務表現。

Thanks Josh. I'll cover our third quarter results which as a reminder are impacted by the sale of a majority steak and Insomnia Cookies, which closed on July 17. Our strategy of making fresh doughnuts more accessible resulted in points of access growth of 18% dropping net revenue of $380 million for the quarter.

謝謝喬希。我將介紹我們的第三季度業績，提醒一下，該業績受到大部分牛排和失眠餅乾銷售的影響，該銷售於7 月17 日結束。成長18%該季度營收為 3.8 億美元。

As we expected organic growth for the quarter was 3.5%. This is the company's 17th consecutive quarter of organic growth driven by 15% growth in both delivered fresh daily and digital sales. Adjusted EBITDA was $34.7 million a decline of 20.7% largely driven by the sale of a majority ownership steak and Insomnia Cookies adjusted EBITDA margin declined to 9.1% due to continued underperformance in the UK and incremental vehicle accident claims in the US recall. Also, that third quarter, summer months typically have the lowest volume of the year which has the largest impact on cost absorption and margin.

正如我們預期的那樣，該季度的有機成長率為 3.5%。這是該公司連續第 17 個季度實現有機成長，每日新鮮交付和數位銷售均成長 15%。調整後 EBITDA 為 3,470 萬美元，下降 20.7%，主要是由於出售多數所有權牛排，而 Insomnia Cookies 調整後 EBITDA 利潤率因英國業績持續不佳以及美國召回車輛事故索賠增加而下降至 9.1%。此外，第三季夏季月份的銷售通常是一年中最低的，這對成本吸收和利潤率的影響最大。

Turning to our US segment results, organic revenue growth was 2.5% with adjusted EBITDA of $13.9 million. Points of access growth was 13.7% year over year which helped offset choppiness and traditional retail footfall. We had several specialty doughnut offerings in the quarter. Our Labor Day Dr. Pepper donuts to coincide with the start of college football season performed well as our specialty donut offerings work best when tied to culturally relevant moments.

轉向我們的美國部門業績，有機收入成長 2.5%，調整後 EBITDA 為 1,390 萬美元。訪問點年增 13.7%，有助於抵銷波動性和傳統零售客流量。本季我們推出了多種特色甜甜圈產品。我們的勞動節胡椒博士甜甜圈恰逢大學橄欖球賽季的開始，表現良好，因為我們的特色甜甜圈產品在與文化相關時刻結合時效果最佳。

However, our passport to Paris collection in July intended to celebrate the summer Olympics didn't resonate strongly with consumers as we lapped strong performance with M&M's. At the same time last year, we continue to be pleased with our performance in the DFD channel. Average revenue per door per week was $592 driven slightly lower by customer and product mix. Adjusted EBITDA margin declined 6.1% primarily due to incremental vehicle accident claims in the quarter partially offset by pricing and tight control of SG&A costs.

然而，我們7月推出的巴黎護照系列旨在慶祝夏季奧運會，但並沒有引起消費者的強烈共鳴，因為我們的M&M巧克力豆表現強勁。去年同一時間，我們仍然對 DFD 管道的表現感到滿意。受客戶和產品組合影響，每週每門平均收入為 592 美元。調整後 EBITDA 利潤率下降 6.1%，主要是由於本季車輛事故索賠增加，部分被定價和嚴格控制 SG&A 成本所抵銷。

We expect the US segment to return to expanding margin Europe here in the fourth quarter as we focus on delivering a strong holiday season within our equity owned international markets. Organic revenue grew 4.2% led by Canada, Japan and Australia as we continue to expand the network growing points back. That's nearly 32% year over year adjusted, even a margin declined to 17.4%. Primarily due to pressure in the UK where we have welcomed a new management team focused on improving the business, excluding the UK margin in the segment has improved year-to-date compared to the prior year sequential margin improvement. Despite seasonal summer trends which typically pressure, the third quarter was driven by Mexico.

我們預計美國部門將在第四季度恢復擴大歐洲利潤率，因為我們專注於在我們的股權國際市場上提供強勁的假期季節。隨著我們繼續擴大網路成長點，有機收入成長了 4.2%，其中加拿大、日本和澳洲領先。調整後較去年同期成長近 32%，甚至利潤率下降至 17.4%。主要是由於英國的壓力，我們迎來了專注於改善業務的新管理團隊，不包括英國，該部門的利潤率今年迄今比上年連續利潤率改善有所改善。儘管夏季季節性趨勢通常會帶來壓力，但第三季的成長主要是由墨西哥推動的。

We remain focused on recapturing profitability and expect sequential margin improvement in Q4. In our market development segment, organic revenue grew 8.6% as the brand continues to grow globally with our capital light franchise partners including new market launch in Morocco during the third quarter alongside continued growth in France, Turkey and Ecuador. Adjusted EBITDA margin improved to 54.2% driven by royalty flow through and tight control of SG&A. For the third quarter we delivered a loss of 1¢ in adjusted earnings per share. A decline from the prior year driven by lower adjusted EBITA linked to the sale of majority steak and Insomnia Cookies.

我們仍然專注於重新獲得獲利能力，並預計第四季度的利潤率將連續改善。在我們的市場開發領域，有機收入成長了8.6%，因為該品牌與我們的輕資本特許經營合作夥伴在全球範圍內持續增長，包括第三季度在摩洛哥推出新市場，以及法國、土耳其和厄瓜多爾的持續增長。在特許權使用費流轉和嚴格控制銷售、管理及行政費用的推動下，調整後的 EBITDA 利潤率提高至 54.2%。第三季度，我們的調整後每股盈餘虧損 1 美分。與前一年相比下降的原因是與大多數牛排和失眠餅乾銷售相關的調整後息稅折舊攤提前利潤 (EBITA) 較低。

We again delivered positive cash flow from operations in the quarter driven by working capital improvements. Taking us to $18.8 million year-to-date. During the quarter, we closed on the divestiture of Insomnia Cookies and received $117.6 million in net proceeds and an additional $45 million from a repayment of a loan due from Insomnia Cookies which resulted in leverage, reducing to 3.9 times.

在營運資本改善的推動下，本季我們再次實現了正營運現金流。今年迄今，我們的收入達到 1,880 萬美元。本季度，我們完成了 Insomnia Cookies 的剝離，獲得了 1.176 億美元的淨收益，並從 Insomnia Cookies 到期貸款的償還中獲得了額外的 4500 萬美元，這導致槓桿率降至 3.9 倍。

We are also protecting our balance sheet, and it now has $500 million of a long-term debt with an effective interest rate of approximately 6.3% as of quarter end. I will now turn to our full year guidance. We are adjusting our full year guide to reflect the third quarter results the acceleration of expansion with McDonald's and the completion of the Insomnia Cookies transaction in July 2024. We continue to expect full year revenue between $1.65 billion and $1.685 billion with organic revenue growth of 5% to 7%.

我們也在保護我們的資產負債表，截至季末，它現在擁有 5 億美元的長期債務，實際利率約為 6.3%。我現在將談談我們的全年指導。我們正在調整全年指南，以反映第三季度的業績、麥當勞的加速擴張以及Insomnia Cookies 交易於2024 年7 月完成。 5 倍% 至 7%。

I believe this will make us more effective and efficient and estimate $8 million to $12 million of annualized net SG&A cost savings beginning in 2025. I remain confident in the potential for value creation as we continue to evolve our business to support our numerous global growth opportunities.

我相信這將使我們更加有效和高效，預計從2025 年開始，年度化SG&A 成本節省將達到800 萬至1200 萬美元。潛力仍然充滿信心。

I will turn it over to Josh for his closing remarks.

我將把它交給喬許作結束語。

Jeremiah, our consumers are asking for Krispy Kreme to bring fresh melt in your mouth, doughnuts to their towns. The response to the start of our nationwide expansion in the US proves that we have an enormous opportunity ahead. Our priorities have never been clearer and the changes we've announced today to align our talent and resources to them will ensure we are well positioned to make Krispy Kreme bigger and better maximizing shareholder value over the long-term.

Jeremiah，我們的消費者要求 Krispy Kreme 將新鮮融化的甜甜圈帶到他們的城鎮。我們在美國全國擴張的開始的反應證明我們前面有一個巨大的機會。我們的優先事項從未如此清晰，我們今天宣布的調整我們的人才和資源將確保我們處於有利位置，使 Krispy Kreme 變得更大，並更好地實現長期股東價值最大化。

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

接線員現在讓我們開始問答。

Thanks Josh.

謝謝喬希。

(Operator Instructions)

（操作員說明）

Brian Harper, Morgan Stanley.

布萊恩哈珀，摩根士丹利。

Yeah, thanks. Good morning, guys. With McDonald's as you started going into some of the other new markets. I mean, have the, has what you've seen on a kind of a revenue per door basis, been consistent. Could you talk about sort of, you said it went smoothly but could you talk about sort of how that went in, in any kind of like early observations there?

是的，謝謝。早安，夥計們。與麥當勞一起，您開始進入其他一些新市場。我的意思是，你所看到的每門收入是否保持一致。你能談談，你說一切進展順利，但你能談談它是如何發生的嗎？

Good morning, Brian. Yes. Well, McDonald's customers, they're clearly excited to see our fresh doughnuts on the menu.

早安，布萊恩。是的。嗯，麥當勞的顧客，他們顯然很高興在菜單上看到我們的新鮮甜甜圈。

It's more convenient for a Krispy Kreme fan to, to pick up and enjoy our fresh doughnuts any time of the day. So, what we're seeing so far is a really good response in line with our original assumptions. We're seeing incrementality in Chicago. No obvious impact on our existing doughnut shops there and plenty of positive feedback from the McDonald's teams and regarding the reception of the brand in Chicago, I think that the strong support McDonald's is putting behind, this is no doubt part of that and indeed, you heard us reference earlier today, the confidence that we have from the success is having us sort of accelerate the service, more restaurants as, as fast as we can.

對於 Krispy Kreme 粉絲來說，一天中的任何時間都可以更方便地拿起並享用我們的新鮮甜甜圈。因此，到目前為止，我們看到的是一個非常好的反應，符合我們最初的假設。我們在芝加哥看到了增量。對我們現有的甜甜圈店沒有明顯的影響，而麥當勞團隊提供了大量積極的反饋，並且關於該品牌在芝加哥的接受程度，我認為麥當勞所給予的大力支持，這無疑是其中的一部分，事實上，您今天早些時候聽到我們提到，我們從成功中獲得的信心讓我們加快了服務速度，並盡可能快地開設更多餐廳。

All aligned with our strategy of becoming bigger and better. So, we're really pleased with the start both from a consumer response point of view and the reception we've got from the McDonald's team about our service and quality diets.

所有這些都符合我們變得更大、更好的策略。因此，從消費者反應的角度以及麥當勞團隊對我們的服務和優質飲食的接受程度來看，我們對這一開始感到非常滿意。

Okay. Thank you in the international segment we've been talking about the UK, I think for some time. So, what's your confidence in sort of getting that back on track? And I mean you talked about leaning into more of the capital, light side of international expansion is, do you think that you still want to own all of those markets that are currently in your international segment going forward.

好的。謝謝你在國際部分我們一直在談論英國，我想已經有一段時間了。那麼，您對讓事情重回正軌的信心有多大？我的意思是，您談到了投入更多的資本，國際擴張的光明面是，您是否認為您未來仍然希望擁有目前國際市場中的所有市場。

Well, today, what we're talking about is making sure that our capital is, is keenly focused on the the the big us growth opportunity and then being really thoughtful internationally about how we deploy capital and therefore talent, hence the management changes towards the more capital like franchise models. But we still remain very pleased with our international portfolio overall.

好吧，今天，我們談論的是確保我們的資本敏銳地關注美國的成長機會，然後在國際上真正考慮如何部署資本和人才，因此管理層將轉向更多的資本，例如特許經營模式。但我們仍然對我們的整體國際投資組合感到非常滿意。

And indeed, and that includes the businesses we own nearly all our international businesses are in strong growth and deploying the hub and spoke model and the omni channel expansion that we've shown and proven is the best way forward in the UK specifically. We have seen underperformance and see the trends there more broadly regulatory changes.

事實上，這包括我們擁有的業務，幾乎所有國際業務都在強勁增長，並且部署中心輻射模型和全渠道擴張，我們已經展示並證明這是在英國特別是前進的最佳方式。我們看到了表現不佳，並看到了更廣泛的監管變化的趨勢。

And the brand-new team that we've put in there is really getting to the core of the challenges we see there. And when you look at it, we see, for example, original glazed the absolute heart of our business as a low portion of sales and hence changes they're making to the core menu there. And we see feedback around value and we're piloting different price points for different product ranges and, to really get the original glazed and, and the brand back-to-back to confidence, but it doesn't require capital as such, it more requires a mastery of the strategy, hence the new team there.

我們在那裡投入的全新團隊確實解決了我們在那裡看到的挑戰的核心。例如，當您查看它時，我們會看到，原創性將我們業務的絕對核心視為銷售額的一小部分，因此他們正在對核心選單進行更改。我們看到了圍繞價值的回饋，我們正在針對不同的產品系列試行不同的價格點，為了真正獲得原始的釉面和品牌背對背的信心，但它不需要資本本身，它更多的是需要掌握策略，因此需要新的團隊。

A broader question around Franchising. I think that the changes we announced today are much more about getting our teams focused on sort of brand standards operating procedures, functional centers of excellence typical of a global franchise or when it comes to the international markets and then really operating and running and getting closer to the US business, which has got this massive opportunity for growth and value creation ahead of it.

關於特許經營的更廣泛的問題。我認為我們今天宣布的變化更多的是讓我們的團隊專注於某種品牌標準運營程序、全球特許經營典型的卓越功能中心或涉及國際市場，然後真正運營和運行並進一步接近美國企業面臨著巨大的成長和價值創造機會。

Thank you.

謝謝。

Thank you.

謝謝。

Great. Thank you, Brian.

偉大的。謝謝你，布萊恩。

Dan Guglielmo, Capital One Securities

丹古列爾莫，第一資本證券

Hello everyone. Thank you for taking my questions. As you all build out the bigger DFD partnerships with McDonald's target, Costco, Walmart. Do you expect some of the existing less efficient DFD locations to close or sunset? And if so kind of what could that be ballpark? What could that look like?

大家好。感謝您回答我的問題。你們都與麥當勞、好市多、沃爾瑪建立了更大的 DFD 合作關係。您是否預計一些現有的效率較低的 DFD 地點將關閉或日落？如果是這樣的話，那大概是什麼？那會是什麼樣子呢？

Good morning. Yes. Well, I think partnering with these high-quality national players is very much the, the best way to deliver our goal of making it easier for consumers to buy our fresh doughnuts. We can see that strategy is clearly working. And now by distributing through to the end of 2026 to almost every McDonald's in the country, it clearly gives us a big opportunity to profitably add distribution with other major customers like Walmart and we also shared this morning, Costco and they do have they're obviously high traffic locations, great customers, and strong weekly sales.

早安.是的。嗯，我認為與這些高品質的國內企業合作是實現我們讓消費者更容易購買我們的新鮮甜甜圈這一目標的最佳方式。我們可以看到該策略顯然正在發揮作用。現在，透過在2026 年底之前向全國幾乎所有麥當勞進行分銷，這顯然為我們提供了一個巨大的機會，可以增加與沃爾瑪等其他主要客戶的分銷，並從中獲利，我們今天早上也分享了Costco，他們確實有明顯是高流量地點、大量客戶和強勁的每週銷售額。

We can see that already across those so obviously, as we expand, we do want to prioritize the biggest growth opportunities. But the way to think about profitability is that it's a lot about the route density. How many stops on a route? What's the most efficient way of delivering to those customers? So, weekly sales in a different location is a factor, but there's a number of things around distance and drive times and locations and even the nature of the products that we're dropping off, whether they're loose or prepackaged. How you deliver to the customer.

我們可以很明顯地看到，隨著我們的擴張，我們確實希望優先考慮最大的成長機會。但考慮獲利能力的方法是，它很大程度上取決於路線密度。一條路線有多少個站點？向這些客戶提供最有效的方式是什麼？因此，不同地點的每週銷售額是一個因素，但還有很多因素涉及距離、行駛時間和地點，甚至我們要投放的產品的性質，無論它們是散裝的還是預先包裝的。您如何交付給客戶。

There's a number of crowds that come to mind, but I think stepping back from all that, it does give us an opportunity to optimize as we go. I think we can make sure that we build out the most efficient routes and, and having great customers like this with high footfall, high traffic and high sales of, of our fresh doughnuts is definitely a big parameter behind that.

我想到了很多人群，但我認為拋開這一切，它確實給了我們一個不斷優化的機會。我認為我們可以確保建立最有效的路線，並且擁有像我們這樣的新鮮甜甜圈的高客流量、高流量和高銷量的優質客戶絕對是背後的一個重要參數。

Great, great. Yeah, I really appreciate all that color. And then just on the US expansion in, in the last quarter presentation, you guys shared, two hubs were under construction and then eight had signed contracts. Can you give an update on that progress and, and maybe how many are under construction to date?

太棒了，太棒了。是的，我真的很欣賞這種顏色。然後就在美國的擴張，在上個季度的演示中，你們分享說，兩個樞紐正在建設中，然後八個已經簽署了合約。您能否介紹一下最新進展情況，以及迄今為止有多少個項目正在建設中？

Yeah, we continue to make good progress overall on all of that. I'm genuinely pleased with the team's identification of locations and we've now got three in actual construction, sign contracts up to 10. I've actually personally visited sites in places like Minneapolis and Massachusetts.

是的，我們在所有這些方面繼續取得良好進展。我對團隊確定的地點感到由衷的滿意，我們現在已經有3 個地點在實際施工中，簽署的合約多達10 個。 。

What's really interesting about what the team is doing is they're not just building out the traditional theaters the past, but identifying locations that are really good distribution points, leveraging existing buildings where we can get a better return. And indeed, they're going to be bigger locations with multiple lines that can then distribute to all the locations around them in a really efficient way with scale production leveraging our most modern techniques you'll see in the earnings presentation today, a map of Chicago now and all the places we now distribute to a really transformation, transformative change to the way we run the business and that impacts the way we think about the way we build these production hubs. But overall, the answer to your question is yes, we're on track. We feel confident around our ability to meet the obviously accelerated expansion that we're seeing in the US.

團隊正在做的事情真正有趣的是，他們不僅僅是建造過去的傳統劇院，而是確定真正良好的分發點的位置，利用現有建築物，我們可以獲得更好的回報。事實上，它們將成為擁有多條生產線的更大地點，然後可以利用我們最現代的技術以非常有效的方式分發到周圍的所有地點，並利用我們最現代的技術進行規模生產，您將在今天的收益演示中看到，一張地圖現在的芝加哥以及我們現在分佈的所有地方都在對我們經營業務的方式進行真正的變革，這會影響我們對建設這些生產中心的方式的思考方式。但總的來說，你的問題的答案是肯定的，我們正在步入正軌。我們對自己能夠滿足美國明顯加速的擴張的能力充滿信心。

Great. Thank you. Appreciate it.

偉大的。謝謝。欣賞它。

Alright, thank you, Dan.

好的，謝謝你，丹。

[Raul Krati Poli], JP Morgan.

[Raul Krati Poli]，摩根大通。

Good morning, guys. I just have two questions. One on the McDonald's side. Is there any way you guys were able to see the attach rates for the current stores that are offering the product with the McDonald transactions? If they share that data with you guys, I'm just trying to get a sense of how it can translate into a good retail demand. And if there is any upside to the numbers we discussed on the past on the weekly sales.

早安，夥計們。我只有兩個問題。麥當勞那邊有一個。你們有什麼辦法可以看到目前提供麥當勞交易產品的商店的附加費率嗎？如果他們與你們分享這些數據，我只是想了解它如何轉化為良好的零售需求。我們過去討論的每週銷售數據是否有任何上升空間？

What we can see is good morning. What we can see is a good response from the consumer. Obviously, we're making, we can track the deliveries, we can track any that are unsold. And indeed, we can see that they're clearly sold throughout the day and we're very pleased that the McDonald's team making sure that we're not out of stock and our product is well presented and always the freshest and highest quality.

我們看到的是早上好。我們可以看到消費者的反應良好。顯然，我們正在生產，我們可以追蹤交貨情況，我們可以追蹤任何未售出的產品。事實上，我們可以看到它們全天都在銷售，我們非常高興麥當勞團隊確保我們沒有缺貨，並且我們的產品陳列得很好，並且始終是最新鮮和最高品質的。

Everything we see gives us confidence that this resonates with the consumer and the feedback from McDonald's definitely definitely shows that but indeed, they don't necessarily share all that consumer data, at least not yet. So, from our point of view, it meets the need of our Krispy Kreme customer. The response has been fantastic online and directly back to us from, from Krispy Kreme fans. So, we're feeling confident around the projections that we shared in the past.

我們所看到的一切都讓我們相信這會引起消費者的共鳴，麥當勞的回饋也明確表明了這一點，但事實上，他們不一定會分享所有消費者數據，至少目前還沒有。因此，從我們的角度來看，它滿足了 Krispy Kreme 客戶的需求。 Krispy Kreme 粉絲在網路上的反應非常熱烈，並直接回饋給我們。因此，我們對過去分享的預測充滿信心。

Got it. That's helpful. I, I have a follow up is there. Can you quantify the vehicle accident headwinds, and the insurance cost you guys talked about which were elevated this quarter? Is that like a one-time happened? Is that a one-time event or is there any other things we should keep in mind as we look at margins going forward?

知道了。這很有幫助。我，我有一個後續行動。您能否量化車輛事故的不利因素以及您們談到的本季增加的保險費用？這就像一次性發生的事情嗎？這是一次性事件，還是在我們考慮未來的利潤率時還應該記住其他事情？

Yeah. Hey Raul, good morning. Late in the third quarter, we experienced adverse developments in certain insurance claims that resulted in us recognizing almost [$3 million] of incremental expense in the quarter. We're assuming that the claims return to more normalized levels but have accounted for these costs in in the guide that we provided in addition to our growing fleet.

是的。嘿勞爾，早安。第三季末，我們在某些​​保險索賠方面經歷了不利的發展，導致我們在該季度確認了近 [300 萬美元] 的增量費用。我們假設索賠恢復到更正常的水平，但除了我們不斷增長的機隊之外，我們還在提供的指南中考慮了這些成本。

Understood. And one last thing I just want to go back to the McDonald's one on the awareness side, I know you guys talked about the whole like the, the supporting launch with TV, social media and billboards, whatnot on the digital side, like, is there any big support that you can do? You can get through the McDonald's app? I'm just curious if there is any incrementality or any conversations happening on that front.

明白了。最後一件事我只想回到麥當勞在意識方面的問題，我知道你們談論了整個事情，比如電視、社交媒體和廣告牌的支持發布，以及數字方面的內容，比如，有什麼大的支持可以做嗎？你可以通過麥當勞的應用程式嗎？我只是好奇在這方面是否有任何增量或任何對話發生。

Well, certainly we're really impressed with the social media marketing and activation, so creative and, I must admit I really love how true it is to what Krispy Kreme is. There's a fresh offering, a fun moment of joy in people's day, not just to consume, but to share.

嗯，當然，我們對社群媒體行銷和活化印象深刻，非常有創意，我必須承認，我真的很喜歡 Krispy Kreme 的真實性。這裡有新鮮的產品，人們一天中的歡樂時刻，不僅是為了消費，而是為了分享。

And the McDonald's team really, really get that partnership is really tight. And so that, yeah, they're activating across their digital media in a really impressive way. We're available, of course on their app through their online platform as well. So, it's a real comprehensive approach. We indeed are continuously striving to create awareness. We particularly use our specially donor collections. As you see, we create billions of media impressions from those in parallel. So, you know, we're pleased with how McDonald's is, is boosting that.

麥當勞團隊確實非常了解合作關係非常緊密。所以，是的，他們正在以一種非常令人印象深刻的方式來啟動他們的數位媒體。當然，我們也可以透過他們的線上平台在他們的應用程式上使用。所以，這是一個真正全面的方法。我們確實在不斷努力提高人們的認識。我們特別使用我們專門捐贈的收藏品。正如您所看到的，我們同時創造了數十億的媒體印象。所以，你知道，我們對麥當勞的表現感到滿意，它正在推動這一點。

But, you know, everyone knows the power of the Krispy Kreme brand already and it's just really communicating to them that it's available in all these places. Because I suspect still people are positively surprised when they come across it, which is, it's great to surprise and delight. But over time, yes, indeed, we're keen to create awareness that we're available so much easier for people now and they don't have to make that drive out to the doughnut shop.

但是，你知道，每個人都知道 Krispy Kreme 品牌的力量，它只是真正向他們傳達了這樣的訊息：它在所有這些地方都可以買到。因為我懷疑人們在遇到它時仍然會感到非常驚訝，也就是說，驚喜和高興是件好事。但隨著時間的推移，是的，確實，我們渴望讓人們意識到我們現在可以更輕鬆地為人們提供服務，他們不必開車去甜甜圈店。

Thanks Josh.

謝謝喬希。

Great. Thanks Raul.

偉大的。謝謝勞爾。

Sara Senatore, Bank of America.

薩拉·參議員，美國銀行。

Just wanted to ask about the guide and the outlook I know you mentioned you know, sort of unexpected, you know, I think that was $3 million. But as I think about the you know, the guide for sort of in line or, or maintaining top line, but lowering the, I guess, what are the specific changes? I know you had already anticipated investing pretty heavily into, you know, the roll out of McDonald's. So, was that greater than even you had thought? Was it, is it pulled forward versus, you know, the timing shift versus, you know, an absolute dollar amount? And then, you know, as you think about like revenue, any sort of changes there. And then I, I do have one follow up question.

只是想問指南和前景，我知道你提到過，有點出乎意料，你知道，我認為那是 300 萬美元。但正如我所想到的，你知道，指南是為了保持營收，但降低了，我想，具體的變化是什麼？我知道您已經預料到要投入大量資金來推出麥當勞。那麼，這比你想像的還要大嗎？是不是，是不是提前了，還是時間變化，還是絕對美元金額？然後，你知道，當你想到收入之類的時候，就會發生任何形式的變化。然後我，我確實有一個後續問題。

Well, good morning, Sara, I'll take that question. And maybe I'll start with the revenue kind of point, and we work back but our guide of 5% to 7% organic revenue for the year reflects our confidence in our ability to continue to grow revenue. And Miss Choppiness in traditional retail locations, which in the guide is being offset, sourcing some softness in retail by the small contribution of incremental top line due to the accelerated expansion. So we feel good that we can hold the top line. The full year guide on EBITDA was updated to reflect the impact of higher logistics costs in the quarter our intentional decision to accelerate start-up costs. So, it's a pull forward versus anything unexpected.

好吧，早安，薩拉，我來回答這個問題。也許我會從收入這一點開始，然後我們會回過頭來，但我們今年有機收入 5% 到 7% 的指導反映了我們對繼續增加收入的能力的信心。傳統零售店的「Mis Choppiness」在指南中被抵消，由於加速擴張帶來的增量收入的小貢獻，彌補了零售業的一些疲軟。所以我們感覺很好，我們可以保持營收。全年 EBITDA 指南已更新，以反映本季物流成本上升的影響，我們有意決定加快啟動成本。所以，這是一個與任何意外事件相比的向前推進。

And the carve out of Insomnia, the largest impact being the logistics cost followed by the start-up investments and then a small amount on the kind of carve out of Insomnia, as mentioned on the call. I think it's important to note that, you know, we are committed to continuing to drive a better business, we believe we'll return to operating leverage in the fourth quarter.

正如電話中提到的，Insomnia 的剝離，最大的影響是物流成本，其次是啟動投資，然後是 Insomnia 的剝離類型的少量影響。我認為值得注意的是，我們致力於繼續推動更好的業務，我們相信我們將在第四季度恢復營運槓桿。

Okay. Thank you. Sorry to interrupt. That was very helpful. But, and as you mentioned on logistics, I guess, as you think about third party managed delivery, is that a potential? I mean, I know you said pull forward. You know, how should I think about that because I don't think you're planning on using that for McDonald's, I think, right, the agreement is that is that that's done by Krispy Kreme. But you know, as I think about sort of the timing of these third party managed delivery, when might we see the benefits of that?

好的。謝謝。抱歉打擾。這非常有幫助。但是，正如您所提到的物流問題，我想，當您考慮第三方管理交付時，這有潛力嗎？我的意思是，我知道你說向前拉。你知道，我應該如何考慮這一點，因為我認為你不打算在麥當勞使用它，我認為，對，協議是那是由 Krispy Kreme 完成的。但你知道，當我考慮這些第三方託管交付的時機時，我們什麼時候才能看到它的好處？

Yeah. we've begun to scale to support the DFD expansion in the US, including McDonald's with an existing in-house model. As you mentioned that being said, our pilots in [DC and L A] have proven that working with a third-party partner can deliver excellent quality and service. So, on October 9, we launched an RFP with several national and major regional carriers to evaluate leveraging external partners more broadly in our network. I think from a financial impact, and you talked about maybe offsetting, costs and those types of things.

是的。我們已經開始擴大規模以支持 DFD 在美國的擴張，包括採用現有內部模式的麥當勞。正如您所提到的，我們在[華盛頓和洛杉磯]的試點已經證明，與第三方合作夥伴合作可以提供卓越的品質和服務。因此，我們於 10 月 9 日向多家國家和主要區域運營商發起了徵求建議書，以評估在我們的網路中更廣泛地利用外部合作夥伴的情況。我認為從財務影響來看，你談到了可能的抵銷、成本和諸如此類的事情。

It's, probably too early to talk about financial impacts, but we're keenly aware of things like higher vehicle claims and costs as well as things like DNA associated with growing a truck fleet. And we're evaluating, you know, a transition at the kind of net income EPS level, not adjusted EBITDA level and we'll give you an update on when there's more to share.

現在談論財務影響可能還為時過早，但我們敏銳地意識到諸如更高的車輛索賠和成本之類的事情，以及諸如與卡車車隊成長相關的DNA之類的事情。您知道，我們正在評估淨利潤 EPS 水平的轉變，而不是調整後的 EBITDA 水平，我們將向您提供有關何時有更多資訊可以分享的最新資訊。

And just one clarity point regarding McDonald's, I do believe that leveraging a third-party approach to logistics can and indeed will be actually part of the McDonald's rollout as well. We don't see McDonald's deliveries differently from other DFD deliveries. Instead, we're building out comprehensive integrated distribution. And McDonald's is great doughnuts on time. And so we'll, absolutely deliver on that role, supporting the nationwide rollout as we've aligned with them. But we know we can and likely will leverage a third party fleet and drivers and partners if that makes for a better system.

關於麥當勞，我需要澄清一點，我確實相信，利用第三方物流方法可以而且確實將成為麥當勞推出的一部分。我們認為麥當勞的送貨服務與其他 DFD 送貨服務沒有什麼不同。相反，我們正在建立全面的整合分銷。麥當勞的甜甜圈很準時。因此，我們絕對會履行這一職責，支持在全國範圍內的推廣，因為我們與他們保持一致。但我們知道，如果能夠打造更好的系統，我們可以而且很可能會利用第三方車隊、司機和合作夥伴。

Got it. Thank you.

知道了。謝謝。

Great. Thank you, Sarah.

偉大的。謝謝你，莎拉。

Bill Chappell, Truist

比爾‧查佩爾，真理主義者

Yeah, good morning. You just talking more about the McDonald's kind of costs and the pull forward. I mean, how do we look at 2025? You know, with the thought of you are going to be doing thousands and thousands of doors and maybe you're going to be pulling that forward. I mean, does that mean there's some pretty big upfront costs in the first half of next year where it really impacts profitability or even for the full year or is this just, you know, a few million dollars here or there, this quarter? Just on a on a timing issue? Just trying to understand, especially as we move forward and imagine you want to roll out mcdonald's as fast as possible, you know how that affects the [P&L]

是的，早安。你只是更多地談論了麥當勞的成本和前進。我的意思是，我們如何看待 2025 年？你知道，想到你將要做成千上萬扇門，也許你會推動這項進程。我的意思是，這是否意味著明年上半年會有一些相當大的前期成本，這確實會影響盈利能力，甚至影響全年，或者這只是，你知道，本季度的幾百萬美元？只是一個時間問題？只是試著去理解，尤其是當我們向前邁進並想像您想盡快推出麥當勞時，您知道這如何影響[損益]

Yeah, thanks Bill. Good morning. You know, as I mentioned previously, no surprise on the cost front to ensure a smooth rollout. We intentionally are investing ahead of the opportunity with things like increased training and development, ensuring our teams are prepared for donut shop, rollout district manager level dedicated rollout teams and over staffing drivers to ensure availability early and ensure that we're driving service. We're also improving capabilities in manufacturing operations and upgrading donut production lines in our delivery logistics network.

是的，謝謝比爾。早安.您知道，正如我之前提到的，確保順利推出的成本方面並不令人意外。我們有意提前投資，增加培訓和發展，確保我們的團隊為甜甜圈店做好準備，推出地區經理級別的專門推出團隊和超額配備司機，以確保儘早提供服務並確保我們推動服務。我們也正在提高製造營運能力，並升級配送物流網路中的甜甜圈生產線。

As I kind of mentioned, and I think I talked about this a bit of the Piper conference. We do expect margins to be pressured as a result of some of these start up costs ahead of revenue throughout the first half of 2025. But we expect us margins to start improving the back half of next year. Obviously, for things in 2024 as I mentioned, we've included all of that in the '24 guides. And, and right now, we're not really updating our '25 guidance. We will come back to you on that.

正如我所提到的，我想我在 Piper 會議上談到了這一點。我們確實預計，由於部分啟動成本超過了 2025 年上半年的收入，利潤率將受到壓力。顯然，對於我提到的 2024 年的事情，我們已將所有內容包含在 '24 指南中。而且，目前我們並沒有真正更新我們的 '25 指南。我們會就此回覆您。

Yeah. You know, Bill, it's important to recognize what we're seeing is across the DFD expansion. Really strong sustained consumer response, they say, oh, wow, this is great. These donuts are here, and this is so much more convenient for me. And so, you know, yeah, absolutely. We want to get those points of access, opened up as quickly as we can.

是的。比爾，你知道，重要的是要認識到我們在 DFD 擴張過程中所看到的情況。消費者的持續反應非常強烈，他們說，哦，哇，這太棒了。這些甜甜圈在這裡，這對我來說方便多了。所以，你知道，是的，絕對是如此。我們希望盡快開放這些接入點。

But we want to do it right, we want to do it right every time. And so right now, as a start up getting a team behind that in the first market is naturally made, a lot of focus for our teams on that. We've been refurbishing and improving the sites to have them operate at scale and then quickly the teams are shifting to, okay, we've all these doughnuts being produced sometimes a line producing three or four times as many doughnuts as it did before.

但我們希望把事情做好，我們希望每次都把事情做好。因此，現在，作為一家新創公司，在第一個市場上建立一支團隊是很自然的事情，我們的團隊非常關注這一點。我們一直在翻新和改進站點，以使其大規模運營，然後團隊很快就會轉向，好吧，我們生產所有這些甜甜圈，有時一條生產線生產的甜甜圈數量是以前的三到四倍。

Let's get it more productive. And the teams are keenly aware of that and we're seeing in Chicago, the productivity of the factory more than increase more than 50%. And we expect that to come through. It's just, there's a scaling effect as we add the doors through to the next year where those benefits from the hub and spoke efficiency, both in the factories and on the route comes through to the bottom line and you get that operating leverage.

讓我們提高工作效率。團隊敏銳地意識到這一點，我們在芝加哥看到工廠的生產力提高了 50% 以上。我們希望這能夠實現。只是，當我們增加明年的大門時，就會產生規模效應，工廠和路線上的中心和輻條效率帶來的好處都會體現在底線，並且您可以獲得營運槓桿。

But you know, it's working, it's actually working even faster than we expected with the additional points of access opening up. So, you know, we're confident that it'll flow through to the bottom line as we've anticipated.

但你知道，它正在發揮作用，而且隨著額外訪問點的開放，它的運行速度實際上比我們預期的還要快。所以，你知道，我們有信心它會像我們預期的那樣獲利。

Okay. And then just follow up just. When do you expect to, when should we expect to hear McDonald's talk about it on more of a national level? I mean, I understand they're doing some, you said TV, advertising and, but I imagine that's largely local until you have a certain number of thousands of doors or a certain number of regions. It doesn't make as much sense.

好的。然後就跟進就好了。您預計什麼時候、我們什麼時候應該聽到麥當勞在全國各地談論這個問題？我的意思是，我知道他們正在做一些事情，你說的是電視、廣告，但我想這很大程度上是本地的，直到你有一定數量的數千扇門或一定數量的地區。這沒有多大意義。

So, I mean, do you expect it to be more of a national advertising McDonald's to have a bigger push behind it, you know, at, at 5,000 doors, 10,000 doors or is it going to be largely local, in, in terms of talking about it marketing it?

所以，我的意思是，你是否希望它更像是一個全國性的廣告，麥當勞在背後有更大的推動力，你知道，在5,000 個門、10,000 個門上，還是主要是本地的，在，方面談論它行銷嗎？

Well, McDonald's is famous for not just doing hobby activities. So, they've clearly demonstrated to us that this is an important part of their growth strategy. And we're thrilled that they wanted to partner with Krispy Kreme and our teams to make that happen naturally as we, the size of our network not able to go nationwide straight away, we align to this rollout plan that gets us to more than I think it's about 85% of the system by the end of 2026 we do expect them to get behind the brand at the national level as we scale nearer that number.

嗯，麥當勞不僅以提供業餘愛好活動而聞名。因此，他們已經向我們清楚地表明，這是他們成長策略的重要組成部分。我們很高興他們希望與 Krispy Kreme 和我們的團隊合作，讓這一切自然發生，因為我們的網路規模無法立即覆蓋全國，我們與這個推出計劃保持一致，這使我們能夠實現比我更多的目標預計到2026 年底，這一比例將達到系統的85%，隨著我們的規模不斷接近這個數字，我們確實預計他們將在全國範圍內支持該品牌。

But, you know, to be Frank, I, I think it's really fantastic what they've done in the Chicago land area already and what we expect them to do is we roll out into further parts of the Midwest in the coming weeks. And so it's clear that they're getting behind it in a big way that yes, indeed. We, we expect them to support once we are fully national in the way they would support their, their other big initiatives.

但是，你知道，弗蘭克，我，我認為他們已經在芝加哥地區所做的事情真是太棒了，我們期望他們做的是在未來幾週內推廣到中西部的更多地區。所以很明顯他們正在大力支持它，是的，確實如此。一旦我們完全全國化，我們希望他們能夠像他們支持他們的其他重大舉措一樣提供支持。

Okay, great. Thank you.

好的，太好了。謝謝。

Thanks, Bill.

謝謝，比爾。

(Operator Instructions) All it appears there are no questions in queue Dre. Did you have a question?

（操作員說明）看起來佇列 Dre 中沒有任何問題。你有問題嗎？

Yeah, I'll take a question from David Palmer via email. Apologies for the technology challenges this morning. Just if you would share any early learnings from the McDonald's rollout. And what are some of the start-up costs associated with the ramp to 2000 units here by the end of 2024?

是的，我將透過電子郵件回答大衛·帕爾默的問題。對今天早上的技術挑戰表示歉意。如果您願意分享麥當勞推出的任何早期經驗。到 2024 年底，這裡的數量將增加至 2000 台，啟動成本是多少？

Well, I think the, the learnings are that it's working as we expected. And I think that clearly The McDonald's team have been making preparations since the Kentucky pilot through to the Chicago launch, which already set it apart. We've talked already about the marketing but operationally too very clear that the dough made available throughout the day as the teams are well trained and ready to accept our fresh doughnuts and our teams are doing a great job in making sure that they get at the right time, the right quantities and adapting to feedback as it comes.

嗯，我認為，我們的經驗教訓是它正在按我們的預期工作。我認為，從肯塔基州試點到芝加哥推出，麥當勞團隊顯然一直在做準備，這已經使其與眾不同。我們已經討論過行銷問題，但在操作上非常清楚，麵團全天可用，因為團隊訓練有素，準備好接受我們的新鮮甜甜圈，我們的團隊在確保他們到達目的地方面做得很好正確的時間、正確的數量並適應回饋。

I think, probably the biggest challenge is probably being more on the delivery side, making sure that we know all the best routes to all these locations. Imagine more than 400 McDonald's added in a day for us. There's bound to be small operational and dust adjustments needed. But I think the team have really taken that to heart and taken while learn they can and applying it to the pending rollout.

我認為，最大的挑戰可能是更多地關注交付方面，確保我們知道到達所有這些地點的所有最佳路線。想像一天之內為我們增加了 400 多家麥當勞。肯定需要進行一些小的操作和灰塵調整。但我認為團隊確實牢記了這一點，並在學習的同時將其應用到即將推出的產品中。

I mean, it's a with more than 1,000 going over the next couple of weeks and obviously this now takes us to another level, and we need to scale and hence our commitment to get it right. There's a few startup costs, there's a few extra people making sure that we deliver right first time. But the team will settle into it and certainly been impressed with the partnership from the restaurant operators at McDonald's.

我的意思是，在接下來的幾週內將有超過 1,000 人參與，顯然這現在將我們帶到了另一個水平，我們需要擴大規模，因此我們致力於做好它。有一些啟動成本，還有一些額外的人員來確保我們第一次就交付正確的產品。但團隊會適應它，並且肯定對麥當勞餐廳經營者的合作印象深刻。

Yeah, and I'll take the second question David.

是的，我將回答第二個問題，大衛。

And just again from a follow up from the line of David Palmer just given the US margin shortfall in the third quarter here. What are you doing to ensure that even all margins can grow in 2025 as you ramp with McDonald's?

大衛·帕爾默 (David Palmer) 的後續行動再次說明了美國第三季度利潤率的不足。隨著麥當勞業務的發展，您正在採取哪些措施來確保 2025 年所有利潤都能成長？

Yeah, I think thanks for the question, David, sorry for the tech technology kind of challenges. What I can tell you is we're meeting daily as we execute the rollout of McDonald's and start to expand in different cities. And just to take the learnings as, as Josh kind of mentioned and applying course correct as we go. So, we feel pretty good that we're making the right choices tradeoffs.

是的，我想謝謝你的問題，大衛，對技術方面的挑戰感到抱歉。我可以告訴你的是，我們每天都會開會，執行麥當勞的推出並開始在不同城市擴張。就像喬希提到的那樣，將所學到的知識應用到正確的課程中。因此，我們感覺非常好，因為我們做出了正確的選擇權衡。

We have an ecosystem in place where we're managing issues real time and making choices where, where we need to be to make sure that we're seeing the flow through that we need to. As a reminder, we, are investing ahead of the curve right now in the US and things like incremental equipment and facilities, repairs and maintenance. I mentioned training and development, dedicated market rollout teams.

我們擁有一個生態系統，可以即時管理問題並在我們需要的地方做出選擇，以確保我們看到我們需要的流程。提醒一下，我們目前在美國的投資處於領先地位，包括增量設備和設施、維修和維護等。我提到了培訓和開發、專門的市場推廣團隊。

And we do expect that EBITDA margins will start to improve in the US more in the back after you get given some of those start-up costs.

我們確實預計，在考慮到一些啟動成本後，美國的 EBITDA 利潤率將開始進一步改善。

Okay. Thank you so much. And with that, I will now hand it back to Joshua Charlesworth for closing remarks, Josh?

好的。太感謝了。現在，我將把它交還給約書亞·查爾斯沃思（Joshua Charlesworth）進行結束語，喬什？

Well, thank you very much. Thank you for your interest in Krispy Kreme today. And indeed, thank you to all our committed Krispy Kreme's who bring the joy to our customers every day and really appreciate it. Our priorities are clear and making for a bigger and better Krispy Kreme. Take care. Bye bye.

嗯，非常感謝。感謝您今天對 Krispy Kreme 的興趣。事實上，感謝我們所有忠誠的 Krispy Kreme 員工，他們每天都會為我們的顧客帶來歡樂，我們對此深表謝意。我們的優先事項很明確，致力於打造更大、更好的 Krispy Kreme。小心。再見。

Thanks, Josh and ladies and gentlemen that concludes today's call. Thank you all for joining and you may now disconnect.

謝謝喬許和女士們先生們，今天的電話會議結束了。感謝大家的加入，現在可以斷開連線了。