Krispy Kreme Inc (DNUT) 2022 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Krispy Kreme First Quarter 2022 Earnings Call. (Operator Instructions) Please be advised that today's conference is being recorded. (Operator Instructions)

美好的一天，感謝您的支持。歡迎參加 Krispy Kreme 2022 年第一季度財報電話會議。 （操作員說明）請注意，今天的會議正在錄製中。 （操作員說明）

I would now like to hand the conference over to your speaker today, Rob Ballew, Vice President of Investor Relations. Please go ahead.

我現在想把會議交給你今天的演講者，投資者關係副總裁 Rob Ballew。請繼續。

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

早上好，歡迎參加 Krispy Kreme 的 2022 年第一季度財報電話會議。感謝您今天加入我們。我們的第一季度收益發布和隨附的收益演示文稿可在我們網站investors.krispykreme.com 的投資者關係部分獲得。

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

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

Before we begin, I would like to remind you that this call contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including statements of expectations, future events or future financial performance. Forward-looking statements involve a number of inherent risks and uncertainties, and we caution investors that these risks could cause actual results to differ materially from those contained in any forward-looking statements. These factors and other risks and uncertainties are described in detail in the company's registration statement on Form S-1. Forward-looking statements made today speak only as of today. The company assumes no obligation to publicly update or revise any forward-looking statement except as may be required by law.

在我們開始之前，我想提醒您，本次電話會議包含根據 1995 年《私人證券訴訟改革法案》的安全港條款作出的前瞻性陳述，包括預期、未來事件或未來財務業績的陳述。前瞻性陳述涉及許多固有風險和不確定性，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存在重大差異。這些因素以及其他風險和不確定性在公司 S-1 表格的註冊聲明中有詳細描述。今天發表的前瞻性陳述僅在今天發表。除非法律要求，否則公司不承擔公開更新或修改任何前瞻性陳述的義務。

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

此外，今天的電話會議將包括某些非公認會計原則的財務措施。非 GAAP 財務指標與其最接近的 GAAP 指標之間的對賬可以在公司第一季度收益新聞稿和我們的 10-Q 表格中找到，該表格將很快提交給 SEC，並可在 Investors.krispykreme.com 上查閱。

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

有了這個，我會把電話轉給邁克。

Good morning, and thank you, everyone, for joining us today. We are pleased to share our first quarter 2022 results as we build on strong momentum established in 2021.

早上好，謝謝大家今天加入我們。我們很高興在 2021 年建立的強勁勢頭的基礎上，分享我們 2022 年第一季度的業績。

I want to start today's call by thanking our amazing group of Krispy Kremers, our team members, for their continuing hard work to create moments of joy for our customers, especially while navigating significant uncertainty across the world. Our people continue to be at the forefront of delivering on our mission of becoming the world's most-loved sweet treat brand. We have accelerated investments in our talent to ensure we continue to attract, engage and retain our most vital asset, and we are already seeing improvements across the key people measures to start the year.

我想通過感謝我們出色的團隊成員 Krispy Kremers 開始今天的電話會議，感謝他們持續努力為我們的客戶創造歡樂時刻，特別是在應對全球重大不確定性的同時。我們的員工繼續站在最前沿，實現我們成為世界上最受歡迎的甜食品牌的使命。我們加快了對人才的投資，以確保我們繼續吸引、參與和保留我們最重要的資產，並且我們已經看到今年開始的關鍵人員措施有所改善。

The purpose of our company is to touch and enhance the lives of others through the joy that is Krispy Kreme. Last quarter, we discussed the strong positive impact Krispy Kremers have had on the community in 2021. We continued those efforts this year, including our blood donation campaign in conjunction with the Red Cross in January to help save lives.

我們公司的宗旨是通過 Krispy Kreme 的快樂來觸動和改善他人的生活。上個季度，我們討論了 Krispy Kremers 在 2021 年對社區產生的巨大積極影響。今年我們繼續努力，包括 1 月份與紅十字會聯合開展的獻血活動，以幫助挽救生命。

Another great example this year includes celebrating International Women's Day across the globe with our Hear From Her campaign, which put the spotlight on talented female illustrators globally and encouraged our customers to share their own voice as well as donating product and proceeds to women-based organizations. This campaign sparks social conversations across the world with a theme of celebrating the special women in each of our lives.

今年的另一個很好的例子是通過我們的“聽到她的聲音”活動在全球慶祝國際婦女節，該活動將焦點放在全球才華橫溢的女性插畫家身上，並鼓勵我們的客戶分享自己的聲音，並向女性組織捐贈產品和收益.該活動以慶祝我們每個人生活中的特殊女性為主題，引發了世界各地的社會對話。

Both of these campaigns perfectly highlight our key brand value of joy, generosity and connection with our consumers, which we know drives strong brand love. We are proud to be a global company operating in more than 30 countries, and campaigns like these highlight the good we can do and how we can really drive genuine consumer connections with our brand in an impactful way.

這兩項活動都完美地突出了我們的關鍵品牌價值，即快樂、慷慨和與消費者的聯繫，我們知道這會推動強烈的品牌喜愛。我們很自豪能成為一家在 30 多個國家/地區開展業務的全球性公司，此類活動突出了我們可以做的好事，以及我們如何以有影響力的方式真正推動消費者與我們的品牌建立真正的聯繫。

Turning to our performance. The continued progress on our long-term strategy was well apparent in the first quarter with organic revenue of 15% driven by strong performance across all 3 segments. Our Organic growth was led by fresh doughnuts through our omnichannel model.

談到我們的表現。我們的長期戰略的持續進展在第一季度非常明顯，有機收入增長了 15%，這得益於所有 3 個部門的強勁表現。我們的有機增長是通過我們的全渠道模型由新鮮甜甜圈引領的。

This growth was driven by engaging and buzz-worthy seasonal and limited-time offerings or LTOs such as our successful Twix doughnut campaign in the U.S. and a nearly 2,000 point increase in our points of access from a year prior. The increase in fresh points of access to 11,000 globally, including 600 new points in the first quarter alone, shows how we can leverage the economies of scale of our 415 production hubs to deliver fresh doughnuts every day. Our strong revenue growth in the quarter led to an increase in adjusted EBITDA over the prior year to $48.9 million, with consolidated margins in excess of 13% as we expanded margins in the U.S. and Canada and Market Development segments and excluding a onetime benefit in the previous year, our International segment as well. These results were in the face of macro issues such as supply chain disruption, Omicron, inflationary pressure and the war in Ukraine.

這種增長是由引人入勝且值得關注的季節性和限時產品或 LTO 推動的，例如我們在美國成功的 Twix donut 活動以及我們的訪問點比一年前增加了近 2,000 個點。全球新增 11,000 個新鮮點，其中僅第一季度就新增了 600 個點，這表明我們可以如何利用 415 個生產中心的規模經濟來每天提供新鮮甜甜圈。我們在本季度強勁的收入增長導致調整後 EBITDA 比上一年增加至 4890 萬美元，合併利潤率超過 13%，因為我們擴大了美國和加拿大以及市場開發部門的利潤率，不包括一次性收益去年，我們的國際部門也是如此。這些結果是面對供應鏈中斷、Omicron、通脹壓力和烏克蘭戰爭等宏觀問題。

In these troubling times for all of us, we are doing our part to help our communities with acts of joy, like Beat the Pump promotion in the U.S. To sell an original glazed doughnut for the price of a gallon of gas on Wednesdays, this promotion increased our transactions in the middle of week and generated several billion media impressions. We have and will continue to successfully navigate these challenges in what is a constantly changing environment through our omnichannel model and the dedication, agility and hard work of our Krispy Kremers.

在這對我們所有人來說都令人不安的時刻，我們正在儘自己的一份力量幫助我們的社區帶來歡樂，例如在美國的 Beat the Pump 促銷活動。在星期三以一加侖汽油的價格出售一個原始的釉面甜甜圈，這個促銷活動在周中增加了我們的交易並產生了數十億的媒體印象。通過我們的全渠道模式和 Krispy Kremers 的奉獻精神、敏捷性和辛勤工作，我們已經並將繼續在不斷變化的環境中成功應對這些挑戰。

Our biggest growth opportunity is getting to more than 50,000 fresh global points of access, largely driven by low-capital Delivered Fresh Daily or DFD doors. I want to spend a little bit of time this morning doing a deeper dive on our DFD strategy. DFD is a delivery of fresh doughnuts to grocery and convenience stores from one of our production hubs and Krispy Kreme-branded merchandising units, allowing us to leverage the fixed cost of our production facilities and ensure our customers receive a fresh doughnut daily in a convenient location to them. We know that fresh matters. As our customers tell us, this is the most important attribute when purchasing a sweet treat.

我們最大的增長機會是獲得超過 50,000 個新的全球接入點，主要由低資本的“每日新鮮交付”或 DFD 門驅動。今天早上我想花一點時間深入了解我們的 DFD 策略。 DFD 是從我們的一個生產中心和 Krispy Kreme 品牌的銷售單位向雜貨店和便利店運送新鮮甜甜圈，使我們能夠利用生產設施的固定成本並確保我們的客戶每天在方便的位置收到新鮮的甜甜圈給他們。我們知道新鮮很重要。正如我們的客戶告訴我們的那樣，這是購買甜食時最重要的屬性。

These points of access typically cost between $2,000 to $10,000 CapEx per merchandising unit, a capital-light way to increase accessibility to consumers. We've seen strong growth in DFD door count and a 27% increase in sales per DFD door in the U.S. and Canada over the last year, but we still have significant room to grow. We'll achieve higher sales per door by focusing on premiumizing our DFD options in the U.S., including adding LTOs this year and upgrading our merchandising units with more menu choices and better displays. These are improvements that will drive higher sales per door, increase the bottom line and improve margin.

這些接入點的每個銷售單位的資本支出通常在 2,000 美元到 10,000 美元之間，這是一種增加消費者可及性的輕資本方式。去年，我們看到 DFD 門數的強勁增長以及美國和加拿大每門 DFD 門的銷售額增長了 27%，但我們仍有很大的增長空間。我們將通過專注於提升我們在美國的 DFD 選項，包括今年增加 LTO 和升級我們的商品單元以提供更多菜單選擇和更好的展示，從而實現更高的每門銷售額。這些改進將推動更高的每扇門銷售額，增加底線並提高利潤率。

Similarly, as illustrated this quarter and all of 2021, we continue to make great progress in expanding our global points of access in a capital-efficient manner, both from our existing grocery and convenience customers as well as adding new customers. Likewise, we see significant opportunity for growth in both our existing markets and in markets we do not currently operate.

同樣，如本季度和 2021 年全年所示，我們繼續在以資本高效的方式擴展我們的全球接入點方面取得巨大進展，既包括我們現有的雜貨店和便利店客戶，也包括增加新客戶。同樣，我們在現有市場和我們目前不經營的市場中都看到了巨大的增長機會。

We have strong visibility to our pipeline of DFD expansion globally over the next 3 years and remain highly confident that we can deliver at least 10% increase in points of access each year primarily through highly profitable capital-light DFD doors. Supporting this expansion will be the addition of 10 to 15 new equity hubs added per year as well as 5 to 10 franchise hubs. Each will be located and designed to maximize the hub-and-spoke system with 50 to 80 additional points of access per hub over time. Each new hub investment has a goal of a 3-year total payback period.

我們對未來 3 年在全球範圍內的 DFD 擴張管道有很強的可見性，並且仍然高度相信我們可以通過高利潤的資本輕 DFD 門每年至少增加 10% 的訪問點。支持這一擴張的將是每年增加 10 到 15 個新的股權中心以及 5 到 10 個特許經營中心。隨著時間的推移，每個中心的定位和設計都將最大限度地利用中心輻射系統，每個中心增加 50 到 80 個額外的訪問點。每個新的樞紐投資的目標是 3 年的總投資回收期。

In the U.S. and Canada segment, our performance was driven by the strength of our fresh business and Insomnia Cookies. Organic revenue grew 9.7% in the first quarter while total revenue grew 13.8%. Our DFD business continue to gain momentum as we added over 200 points of access during the quarter, bringing us to nearly 6,000 locations in the U.S. and Canada, well on our way to exceeding 500 doors in 2022. The increase in our points of access and strong growth in revenue per DFD door allowed us to expand adjusted EBITDA margins by 90 basis points in the first quarter to 13.3%, even in this inflationary environment.

在美國和加拿大分部，我們的業績受到生鮮業務和 Insomnia Cookies 實力的推動。第一季度有機收入增長 9.7%，而總收入增長 13.8%。我們的 DFD 業務繼續保持增長勢頭，因為我們在本季度增加了 200 多個訪問點，使我們在美國和加拿大的近 6,000 個地點，我們在 2022 年將超過 500 個門。我們的訪問點增加和每個 DFD 門收入的強勁增長使我們能夠在第一季度將調整後的 EBITDA 利潤率擴大 90 個基點，達到 13.3%，即使在這種通脹環境下也是如此。

Insomnia Cookies had another strong quarter, growing double-digit organic growth revenue and adjusted EBITDA. We added 7 new cookie shops during the quarter. And with a strong pipeline, we are confident that we will add more than 30 shops this year and deliver unit growth in the mid-teens each year moving forward. Finally, in our Branded Sweet Treats business, quality packaged shelf-stable doughnut bites and mini crullers, we continue our plans to expand points of distribution, growing to 18,000 points in the first quarter. We continue to invest in this great opportunity to drive future growth.

Insomnia Cookies 又一個強勁的季度實現了兩位數的有機增長收入和調整後的 EBITDA。我們在本季度增加了 7 家新的餅乾店。憑藉強大的管道，我們有信心今年將增加 30 多家商店，並在未來每年實現 10 年左右的單位增長。最後，在我們的品牌甜食業務、優質包裝、貨架穩定的甜甜圈和迷你油條方面，我們繼續計劃擴大分銷點，第一季度增長到 18,000 個點。我們將繼續投資於這個推動未來增長的絕佳機會。

Our International segment delivered another quarter of strong performance. Organic growth for the quarter was 36%, with sales per hub up nearly 50% from a year ago with the same number of hubs, showcasing our ability to increase revenue in a very capital-efficient manner. We saw strong performance across all of our international units, including 42% organic growth in Mexico from the prior year, and we continue to see significant runway for growth across the entirety of our International segment.

我們的國際部門又實現了四分之一的強勁表現。本季度的有機增長為 36%，在相同數量的中心的情況下，每個中心的銷售額比一年前增長了近 50%，這表明我們有能力以非常資本高效的方式增加收入。我們在所有國際部門都看到了強勁的表現，其中墨西哥的有機增長比去年同期增長了 42%，而且我們繼續看到整個國際部門的顯著增長。

Our Market Development segment also had a great start of the year with organic growth of 10% and margins expanding nearly 200 basis points to 35%. This was led by a robust performance in our franchise business as well as our equity-owned Japan market, where we are implementing our omnichannel model with the expansion of e-commerce and the launch of Delivered Fresh Daily.

我們的市場開發部門今年開局也不錯，有機增長 10%，利潤率擴大近 200 個基點至 35%。這得益於我們的特許經營業務以及我們擁有股權的日本市場的強勁表現，我們正在實施我們的全渠道模式，擴大電子商務和推出每日新鮮配送。

Krispy Kreme is truly a loved global brand. Roughly half of our systemwide sales and adjusted EBITDA are outside the U.S. As you know, our goal is to open at least 3 new countries per year going forward. Last quarter, we announced signed agreements in Switzerland and Chile, and we're pleased to announce 2 additional signed agreements to bring Krispy Kreme to Costa Rica and Jordan. On average, we expect each new market will -- entry will provide 400 to 500 additional points of access.

Krispy Kreme 是一個真正受人喜愛的全球品牌。我們全系統銷售額和調整後的 EBITDA 大約有一半在美國以外。如您所知，我們的目標是未來每年至少開設 3 個新國家/地區。上個季度，我們宣佈在瑞士和智利簽署了協議，我們很高興地宣布簽署另外兩項協議，將 Krispy Kreme 帶到哥斯達黎加和約旦。平均而言，我們預計每個新市場將提供 400 到 500 個額外的訪問點。

With a proven model, we are building a very strong pipeline for new market entries for both existing and new franchise partners as well as looking at equity stakes in strategic markets. We expect to be able to announce further country entries later this year as we continue our journey to become the most loved sweet treat brand in the world.

憑藉經過驗證的模式，我們正在為現有和新特許經營合作夥伴的新市場准入建立非常強大的管道，並著眼於戰略市場的股權。隨著我們繼續成為世界上最受歡迎的甜點品牌的旅程，我們預計能夠在今年晚些時候宣布更多國家/地區的參賽作品。

Turning to a few other drivers of our growth. Ecommerce is a core pillar of our omnichannel strategy. In the first quarter, 17.4% of our retail sales came from ecommerce, up from less than 10% pre pandemic and 17.2% for the full year 2021, with a goal to achieve ecommerce penetration of over 25% globally long term. We continue to strengthen our capabilities with our app in order to improve the user experience, enhancing our customer targeting of more than 10 million loyalty members, including Be Sweet weekends and double-dozen promotions, and we continue to expand accessibility with additional third-party partners.

轉向我們增長的其他一些驅動因素。電子商務是我們全渠道戰略的核心支柱。第一季度，我們 17.4% 的零售額來自電子商務，高於大流行前的不到 10% 和 2021 年全年的 17.2%，目標是在全球長期實現電子商務滲透率超過 25%。我們繼續通過我們的應用程序加強我們的能力，以改善用戶體驗，加強我們對超過 1000 萬忠誠會員的客戶定位，包括 Be Sweet 週末和雙打促銷活動，我們繼續通過額外的第三方擴展可訪問性夥伴。

In addition to ecommerce, innovation, branding and marketing are key capabilities that drive our business segments and keep us relevant across all the consumer touch points in our omnichannel model. Innovation remains a significant driver of frequency as we create and introduce premium, fresh and buzz-worthy offerings to customers across our points of access. We had highly successful seasonal activations across the globe during the quarter, including our Lunar New Year and Valentine's Day campaigns.

除了電子商務之外，創新、品牌和營銷是推動我們業務部門的關鍵能力，並使我們在全渠道模型中的所有消費者接觸點保持相關性。創新仍然是頻率的重要驅動力，因為我們通過我們的接入點為客戶創造和推出優質、新鮮和值得關注的產品。本季度，我們在全球範圍內開展了非常成功的季節性活動，包括我們的農曆新年和情人節活動。

We've continued our momentum on innovation and branding into the second quarter, including our successful hand-cut, hand-rolled cinnamon rolls on Sunday and the introduction of our new Cinnamon Toast Crunch doughnuts. The product, packaging, the emotional storyline connection really matter for our customers. All these initiatives driven by innovation and premiumization, give us real pricing power, sometimes up to 50% more per individual item than our Original Glazed doughnut, and continue to be scalable opportunities for our business and provide a notable offset to current inflationary pressures. These also hit right in the sweet spot of gifting and purchasing still affordable treats in larger quantities for sharing and celebrating as evidenced by the 13% increase in doughnuts sold this quarter compared to a year ago.

我們在第二季度繼續保持創新和品牌推廣的勢頭，包括我們週日成功的手工切割、手捲肉桂卷，以及我們新推出的 Cinnamon Toast Crunch 甜甜圈。產品、包裝、情感故事情節聯繫對我們的客戶來說真的很重要。所有這些由創新和高端化推動的舉措賦予了我們真正的定價能力，有時每件商品比我們的 Original Glazed 甜甜圈高出 50%，並繼續為我們的業務提供可擴展的機會，並顯著抵消當前的通脹壓力。這些也恰到好處地送禮和購買大量仍然負擔得起的零食以進行分享和慶祝，本季度售出的甜甜圈與一年前相比增加了 13% 就證明了這一點。

To wrap up, I want to once again state how enthusiastic we are about the long-term growth in our business. Our ability to execute our omnichannel model and ultimately expand to more than 50,000 points of access globally in a very capital-efficient manner. Leveraging our innovation and brand connection with expanding points of access in our existing markets and opening 15 to 25 new hubs across the global system each year gives us strong confidence that we can achieve double-digit organic revenue growth in '22 and beyond.

最後，我想再次說明我們對業務長期增長的熱情。我們有能力執行我們的全渠道模型，並最終以非常資本高效的方式擴展到全球 50,000 多個訪問點。利用我們的創新和品牌聯繫，擴大現有市場的接入點，每年在全球系統中開設 15 到 25 個新中心，這讓我們堅信我們可以在 22 年及以後實現兩位數的有機收入增長。

I'll now turn it over to Josh to walk you through the Q1 financials and our 2022 outlook. Josh?

我現在將把它交給喬希，帶你了解第一季度的財務狀況和我們的 2022 年展望。喬什？

Thanks, Mike, and good morning, everyone. In the first quarter, our Krispy Kremers have once again shown that our beloved brand and our omnichannel approach is not only resilient in this turbulent macro environment but continues to thrive, with net revenue growing 15.8% year-over-year to $373 million, organic revenue growing 15.0% and adjusted EBITDA increasing 5.4% to $48.9 million or a margin of 13.1%. This performance reflects the effectiveness of our strategy to maximize sales from our production hubs, selling more fresh doughnuts through our shops via ecommerce and into local grocery and convenience stores.

謝謝，邁克，大家早上好。在第一季度，我們的 Krispy Kremers 再次表明，我們心愛的品牌和我們的全渠道方法不僅在這個動蕩的宏觀環境中具有彈性，而且繼續蓬勃發展，淨收入同比增長 15.8% 至 3.73 億美元，有機收入增長 15.0%，調整後 EBITDA 增長 5.4% 至 4890 萬美元，利潤率為 13.1%。這一業績反映了我們戰略的有效性，即最大限度地提高生產中心的銷售額，通過我們的商店通過電子商務銷售更多新鮮甜甜圈，並進入當地的雜貨店和便利店。

This also helped us work through the disruption from Omicron back in January, with fresh doughnuts always available even if we lost a few operating hours when Krispy Kremers fell sick. During the quarter, we added 600 of these points of access across the world, mostly in the form of capital-light DFD doors. We now have more than 11,000 points of access, an increase of nearly 2,000 from a year ago. Along with our successful brand activation initiatives around the world, this directly resulted in double-digit sales per hub increases across all our business segments.

這也幫助我們度過了 1 月份 Omicron 帶來的中斷，即使我們在 Krispy Kremers 生病時失去了幾個營業時間，也總是可以買到新鮮的甜甜圈。在本季度，我們在全球增加了 600 個此類訪問點，主要是大寫的 DFD 門形式。我們現在擁有超過 11,000 個訪問點，比一年前增加了近 2,000 個。連同我們在全球範圍內成功的品牌激活計劃，這直接導致我們所有業務部門的每個中心銷售額實現兩位數增長。

The resulting operating leverage explains the 90 basis point increase in first quarter U.S. and Canada segment EBITDA margin year-over-year. Total company adjusted EBITDA margin was 130 basis points lower than the same quarter last year due to the impact of public company costs, and we also lapped the receipt of a business interruption insurance payment in the U.K. 1 year ago of $3.5 million. Nevertheless, a margin of 13.1% is higher than we saw across the second half of 2021 and shows how the efficiencies of expanding our hub-and-spoke model plus the pricing we took during the course of 2021 were enough to cover inflation.

由此產生的經營槓桿解釋了第一季度美國和加拿大部分 EBITDA 利潤率同比增長 90 個基點。由於上市公司成本的影響，公司調整後的 EBITDA 利潤率總額比去年同期低 130 個基點，而且我們還超過了一年前在英國收到的 350 萬美元的業務中斷保險金。儘管如此，13.1% 的利潤率仍高於我們在 2021 年下半年看到的水平，這表明擴展輪輻式模型的效率以及我們在 2021 年期間採取的定價足以應對通脹。

In the first quarter, GAAP net income was $6.5 million or $0.02 diluted EPS compared to a GAAP net loss of $400,000 or negative $0.03 diluted EPS in the same period a year ago. Adjusted net income for the quarter was $16.1 million, and adjusted diluted EPS in the first quarter was $0.08, a drop of $0.03 largely due to the increased share count from the IPO. Net leverage was 3.6x on a trailing 12-month basis at the end of the quarter, a significant decrease from a year ago.

第一季度，GAAP 淨收入為 650 萬美元或 0.02 美元攤薄每股收益，而去年同期 GAAP 淨虧損為 400,000 美元或負 0.03 美元攤薄每股收益。本季度調整後的淨收入為 1610 萬美元，第一季度調整後的攤薄後每股收益為 0.08 美元，下降 0.03 美元，主要是由於首次公開募股的股票數量增加。截至本季度末，過去 12 個月的淨槓桿率為 3.6 倍，比一年前顯著下降。

In the U.S. and Canada business segment, total revenue increased 13.8% in the first quarter to $253 million and organic growth was 9.7%. We saw growth across all channels, and for the first time, we were able to activate Valentine's Day and St. Patrick's Day across all our fresh doughnut channels in the U.S. This meant fresh specialty doughnuts were available during these weeks simultaneously at our doughnut shops, via ecommerce and at local grocery and convenience stores, adding to the overall success story this year of these seasonal events. This contributed to a 27% year-over-year increase in sales per DFD door. We also added 207 DFD doors in the first quarter, taking the total to 5,411, representing a 15% increase year-over-year. We expect to add at least 500 DFD doors in the U.S. and Canada for the full year of 2022.

在美國和加拿大業務部門，第一季度總收入增長 13.8% 至 2.53 億美元，有機增長為 9.7%。我們看到所有渠道的增長，我們第一次能夠在美國所有新鮮甜甜圈渠道激活情人節和聖帕特里克節。這意味著在這幾週內，我們的甜甜圈店同時提供新鮮的特色甜甜圈，通過電子商務以及當地雜貨店和便利店，為今年這些季節性活動的整體成功故事增添了色彩。這導致每扇 DFD 門的銷售額同比增長 27%。我們還在第一季度增加了 207 個 DFD 門，總數達到 5,411 個，同比增長 15%。我們預計 2022 年全年在美國和加拿大至少增加 500 個 DFD 門。

Also in the first quarter, we brought the unique LTO experience of Krispy Kreme doughnuts made, topped and stuffed with Twix bars as well as the return of our beloved cinnamon roll with Cinnamon Roll Sundays. These are important to our performance not just because of the additional excitement they bring to the brand but because these specialty doughnuts, they are priced at a significant premium to our Original Glazed.

同樣在第一季度，我們帶來了獨特的 LTO 體驗：Krispy Kreme 甜甜圈製作、頂部和塞滿了 Twix 棒，以及我們心愛的肉桂捲和週日肉桂卷的回歸。這些對我們的表現很重要，不僅因為它們給品牌帶來了額外的興奮，還因為這些特色甜甜圈的價格比我們的 Original Glazed 高出很多。

Ecommerce revenue in the U.S. and Canada grew to 18.6% of retail sales in the quarter, reflecting the benefits of integrating third-party aggregators which now work alongside our own ecommerce platform. All these factors combined to increase revenue per hub in the U.S. and Canada to $4.3 million on a trailing 12-month basis in the first quarter compared to $4.0 million for 2021 and $3.6 million a year ago. Hub and spoke in the U.S. and Canada was flat at 125.

美國和加拿大的電子商務收入在本季度增長到零售額的 18.6%，這反映了整合第三方聚合器的好處，這些聚合器現在與我們自己的電子商務平台一起工作。所有這些因素加在一起，使第一季度美國和加拿大的每個樞紐的收入在過去 12 個月的基礎上增加到 430 萬美元，而 2021 年和一年前分別為 400 萬美元和 360 萬美元。美國和加拿大的 Hub andspoke 指數持平於 125。

In previous earnings calls, I've showcased former franchise city markets, which, following our acquisition, have seen profitability gains, following the introduction of the fresh hub-and-spoke model. This time, I wanted to give the example of a long-time company-owned market in Nashville. There, we converted from the legacy wholesale business in late 2020 to Delivered Fresh Daily, which led to a 1,200 basis point increase in local EBITDA margins to 24% in the first quarter.

在之前的財報電話會議中，我展示了以前的特許經營城市市場，在我們收購之後，在引入新的輪輻模型之後，這些市場的盈利能力得到了提升。這一次，我想以納什維爾的一個長期公司擁有的市場為例。在那裡，我們從 2020 年底的傳統批發業務轉變為“每日新鮮配送”，這導致第一季度當地 EBITDA 利潤率增加 1,200 個基點至 24%。

Adjusted EBITDA for the total U.S. and Canada segment in the first quarter increased 22% to $34 million, with margins expanding 90 basis points to 13.3%. The increase in EBITDA and margins was driven by strong revenue growth in our fresh doughnuts business as reflected in sales per hub growing 19% year-over-year. Pricing, taken during the course of 2021, offset wage and commodity inflation in the quarter. We did not take further pricing on fresh doughnuts in the first quarter.

第一季度美國和加拿大總業務的調整後 EBITDA 增長 22% 至 3400 萬美元，利潤率增長 90 個基點至 13.3%。 EBITDA 和利潤率的增長是由我們新鮮甜甜圈業務的強勁收入增長推動的，這反映在每個中心的銷售額同比增長 19%。在 2021 年期間進行的定價抵消了本季度的工資和商品通脹。我們沒有在第一季度對新鮮甜甜圈採取進一步定價。

Our digital-first Insomnia Cookies business overcame disruption early in the quarter from both Omicron and weather events in the Northeast to deliver double-digit revenue growth with margins again in line with the average for the U.S. and Canada segment. We opened 7 new cookie shops in the first quarter, reaching 217 in total across the U.S. We remain excited about the long-term potential of this rapidly growing brand with plans to double the number of cookie shops in the next 5 years just in the U.S., and we're also developing plans for international expansion in the coming years.

我們的數字優先 Insomnia Cookies 業務在本季度初克服了 Omicron 和東北部天氣事件造成的干擾，實現了兩位數的收入增長，利潤率再次與美國和加拿大市場的平均水平持平。我們在第一季度開設了 7 家新的餅乾店，在美國總共達到 217 家。我們仍然對這個快速發展的品牌的長期潛力感到興奮，併計劃在未來 5 年內將僅在美國的餅乾店數量翻一番。 ，我們也在製定未來幾年的國際擴張計劃。

As Mike indicated, we continue to grow our presence with our start-up Branded Sweet Treats. Additionally, we are improving our manufacturing and distribution capabilities and have solved our service level issues from last year, delivering a fulfillment rate of 98% by the end of the first quarter. Branded Sweet Treats remains on track to be profitable by the middle of this year.

正如邁克所說，我們繼續通過我們的初創品牌甜食來擴大我們的影響力。此外，我們正在提高我們的製造和分銷能力，並從去年開始解決了我們的服務水平問題，到第一季度末實現了 98% 的履行率。 Branded Sweet Treats 有望在今年年中實現盈利。

Moving on to our International segment. Net revenue grew 31% in the first quarter to $87 million, and organic revenue increased 36%. Revenue growth was strong across all the International segment countries, with Valentine's specialty doughnuts resonating across the world. We had the launch of our first vegan doughnut in the U.K. and have several successful brand partnerships, including a Hershey's doughnut in Australia and Nestle's Rolo doughnut in the U.K. It's worth noting that foreign currency exchange did have a negative 4.4% revenue impact on our International growth during the quarter, so our results would have been even stronger.

繼續我們的國際部分。第一季度淨收入增長 31% 至 8700 萬美元，有機收入增長 36%。所有國際細分市場國家的收入增長強勁，Valentine 的特色甜甜圈在全球引起共鳴。我們在英國推出了我們的第一個純素甜甜圈，並建立了幾個成功的品牌合作夥伴關係，包括澳大利亞的好時甜甜圈和英國的雀巢 Rolo 甜甜圈。值得注意的是，外匯兌換確實對我們的國際收入產生了 4.4% 的負面影響本季度的增長，因此我們的業績將更加強勁。

International points of access expanded by more than 300 in the first quarter alone as we were able to pull forward some points into the first quarter and by more than 500 new points over the last year. The increase allowed us to leverage our 37 international hubs to grow international sales per hub to $9.7 million, up from $9.1 million at the end of 2021 and $6.5 million a year ago.

僅在第一季度，國際接入點就增加了 300 多個，因為我們能夠將一些點提前到第一季度，並且在去年增加了 500 多個新點。這一增長使我們能夠利用我們的 37 個國際樞紐將每個樞紐的國際銷售額從 2021 年底的 910 萬美元和一年前的 650 萬美元增加到 970 萬美元。

International-adjusted EBITDA for the first quarter grew 12.4% to $17 million, led by a 55% increase in Mexico. Margins declined to 19.8%, down 330 basis points compared to a year ago. But excluding the previously mentioned business interruption reimbursement payment from last year, International margins would have expanded by 180 basis points in the quarter.

第一季度經國際調整的 EBITDA 增長 12.4% 至 1700 萬美元，其中墨西哥增長了 55%。利潤率下降至 19.8%，與一年前相比下降了 330 個基點。但不包括之前提到的去年的業務中斷補償付款，國際利潤率在本季度將擴大 180 個基點。

Now to our third business segment, Market Development, which is made up of our franchise business around the world and the equity-owned Japan market. Total revenues in the first quarter decreased 1.9% to $32 million due to franchise acquisitions as well as a negative 3.5% impact from foreign currency exchange. Organic revenue growth for Market Development was plus 9.5%. Adjusted EBITDA in the first quarter for Market Development increased 3.6% to $11.3 million, with margins expanding 190 basis points to 35%.

現在到我們的第三個業務部門，市場開發，它由我們在全球的特許經營業務和股權擁有的日本市場組成。由於特許經營權收購以及外匯兌換帶來的 3.5% 的負面影響，第一季度的總收入下降了 1.9% 至 3200 萬美元。市場開發的有機收入增長了 9.5%。第一季度市場開發的調整後 EBITDA 增長 3.6% 至 1130 萬美元，利潤率擴大 190 個基點至 35%。

Overall, we continue to be very optimistic about our growth potential, which is reflected by our reaffirmed 2022 outlook. As a reminder, in 2022, we expect revenue growth between 11% and 13% and organic growth between 10% and 12% with over 1,000 more points of access than last year. We expect all 3 reporting segments to contribute to this growth. And after the strong start to the year, we now expect to be at the top end of this range.

總體而言，我們繼續對我們的增長潛力非常樂觀，這反映在我們重申的 2022 年展望中。提醒一下，2022 年，我們預計收入增長 11% 至 13%，有機增長 10% 至 12%，接入點比去年增加 1,000 多個。我們預計所有 3 個報告部門都將為這一增長做出貢獻。在今年的強勁開局之後，我們現在預計將處於這一範圍的頂端。

We continue to expect adjusted EBITDA to grow faster than sales, up 12% to 16%, to between $210 million and $218 million. We are pleased to be able to maintain this guidance range despite an estimated $3 million incremental impact from foreign exchange rates for the full year compared to our earlier estimates even at a time of elevated inflation. While the environment has changed, we're still highly confident in our guidance. We have seen significant inflation on our key ingredients and input costs but have contracts and rates already locked in on nearly all of them for the remainder of the year and have now also started securing positions into 2023, plus more than 70% of our debt has a fixed interest rate.

我們繼續預計調整後 EBITDA 的增長速度將超過銷售額，增長 12% 至 16%，達到 2.1 億美元至 2.18 億美元之間。我們很高興能夠維持這一指導範圍，儘管與我們之前的估計相比，全年外匯匯率的影響增加了 300 萬美元，即使在通貨膨脹加劇的情況下也是如此。儘管環境發生了變化，但我們仍然對我們的指導充滿信心。我們已經看到我們的關鍵成分和投入成本出現顯著通脹，但在今年剩餘時間裡，幾乎所有這些成分的合同和利率已經鎖定，現在也開始確保到 2023 年的頭寸，加上我們超過 70% 的債務已經固定利率。

As I mentioned last quarter, the earnings growth in the second half of the year will be higher than earlier in the year, and we expect adjusted EBITDA for each quarter sequentially will be higher than the preceding quarter. The operating leverage from our fresh hub-and-spoke model is proven, and our pricing actions have been successful. We will take further pricing as needed while selectively using discounts and promotions with our over 10 million loyalty customers. Still, 90% of doughnuts sales are made at the full menu price.

正如我上個季度提到的，下半年的盈利增長將高於年初，我們預計每個季度調整後的 EBITDA 環比將高於上一季度。我們全新的輪輻式模型的運營槓桿得到了證明，我們的定價行動也取得了成功。我們將根據需要採取進一步定價，同時有選擇地使用我們超過 1000 萬忠誠客戶的折扣和促銷活動。儘管如此，90% 的甜甜圈銷售都是以全價出售的。

We continue to expect an income tax rate between 23% and 25%; and adjusted net income diluted of $65 million to $69 million, an increase of 18% to 24%; with adjusted diluted EPS of $0.38 to $0.41. Excluding share count impact from the IPO, adjusted EPS growth will be similar to adjusted net income diluted growth.

我們繼續預計所得稅率在 23% 至 25% 之間；調整後的淨收入從 6500 萬美元稀釋至 6900 萬美元，增長 18% 至 24%；調整後的攤薄每股收益為 0.38 美元至 0.41 美元。剔除 IPO 對股票數量的影響，調整後的每股收益增長將類似於調整後的淨收入攤薄增長。

After spending $29.5 million on CapEx in the first quarter for the full year, we still expect to spend between $115 million and $120 million or less than 8% of revenue, including investing in approximately 15 production hubs and more than 30 Insomnia Cookie shops. Over time, we expect CapEx as a percentage of revenue to reduce to 6%, and we expect our rolling 3-year return on invested capital to be over 20% by the end of 2025, a key priority for Krispy Kreme.

在全年第一季度在資本支出上花費 2950 萬美元後，我們仍預計將花費 1.15 億美元至 1.2 億美元或不到收入的 8%，包括投資約 15 個生產中心和 30 多家 Insomnia Cookie 商店。隨著時間的推移，我們預計資本支出佔收入的百分比將降至 6%，我們預計到 2025 年底，我們的 3 年滾動投資資本回報率將超過 20%，這是 Krispy Kreme 的關鍵優先事項。

We continue to be well on our way towards our long-term goal of approximately 2x net leverage, and we continue to expect free cash flow conversion for 2022 over 20%. Lastly, we remain confident in our long-term growth algorithm of 9% to 11% annual organic revenue growth, 12% to 14% annual adjusted EBITDA growth and 18% to 22% annual adjusted diluted net income growth.

我們繼續朝著大約 2 倍淨槓桿的長期目標邁進，我們繼續預計 2022 年的自由現金流轉換率將超過 20%。最後，我們仍然對我們的長期增長算法充滿信心，即每年有機收入增長 9% 至 11%，調整後 EBITDA 每年增長 12% 至 14%，調整後稀釋後淨收入增長每年 18% 至 22%。

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

接線員，我們現在可以打開電話進行問答。

(Operator Instructions) Our first question is from Sara Senatore with Bank of America.

（操作員說明）我們的第一個問題來自美國銀行的 Sara Senatore。

This is Katherine Griffin on for Sara. So first, I just wanted to -- Mike, I appreciate kind of the down-low on the DFD door strategy, but I wanted to just kind of drill down specifically into first quarter. There was pretty significant year-over-year growth in sales per access point there. So is that the kind of growth we should expect going forward? Or were there -- was there anything unique in the kind of doors that you opened this quarter that would suggest maybe the year-over-year growth is not apples to apples? I think any color there would be helpful.

這是莎拉的凱瑟琳格里芬。所以首先，我只是想——邁克，我很欣賞 DFD 門策略的低谷，但我想具體深入到第一季度。那裡每個接入點的銷售額同比增長相當顯著。那麼這是我們應該期待的那種增長嗎？或者是否存在 - 在您本季度打開的那種門中是否有任何獨特之處，表明同比增長可能不是蘋果對蘋果？我認為那裡的任何顏色都會有幫助。

Yes. I think -- so thank you for the question. If you look about the growth that we had in the first quarter of 600 doors and then, again, the 27% growth that we had, you'll see a mix of that from either the new door growth and then the existing door growth that's coming in. So it's just as we add new customers, as we expand more routes not just in the U.S. but also in International, you'll see the mix.

是的。我想 - 所以謝謝你的問題。如果你看看我們在第一季度的 600 扇門的增長，然後，再一次，我們有 27% 的增長，你會看到新門增長和現有門增長的混合，即進來。所以就像我們增加新客戶一樣，隨著我們不僅在美國而且在國際上擴展更多航線，你會看到混合。

In terms of the number of growth, if you think about quarter by quarter, some of that, you get front loaded a little bit from the last -- if you think about Q4. There is some pruning of doors that tends to happen at the back end of the year so then it gets a little bit front loaded in the first quarter. So you anticipate -- again, the 10% that we said year-over-year is what we still target for the back end of the year.

就增長數量而言，如果你考慮一個季度一個季度，其中一些，你會從上一個季度開始 - 如果你考慮第四季度。在年底往往會進行一些門的修剪，因此在第一季度它會稍微提前加載。所以你預期 - 再次，我們所說的同比增長 10% 仍然是我們今年年底的目標。

Great. And then just I wanted to follow up on the LTOs. So I think the last time we spoke back in March, we heard a little bit about some of the innovation being done on digital such that you can direct customers through geolocation to the closest either DFD door or access point where you can get those premium products. So I'm curious if there's anything that's been helping drive the LTO success in terms of like the digital side or whether it's app, whether it's loyalty. I understand like it's definitely innovation and premiumization that's driving that, but I'm curious if there is sort of keys on digital or loyalty that you can couple to sort of optimize growth there.

偉大的。然後我只想跟進 LTO。所以我認為上次我們在三月份的談話中，我們聽到了一些關於數字技術的一些創新，這樣你就可以通過地理定位將客戶引導到最近的 DFD 門或接入點，在那裡你可以獲得這些優質產品.所以我很好奇是否有任何東西在幫助推動 LTO 在數字方面取得成功，或者是否是應用程序，是否是忠誠度。我知道這肯定是創新和高端化推動了這一點，但我很好奇是否有數字或忠誠度方面的關鍵因素可以結合起來以優化那裡的增長。

Yes. So I'll break it down into a couple of things. There's a lot of questions that you kind of posed there. So one of the first things that we try to do in innovation when we come up with something pretty unique and differentiated is the social media strategy that we really push, right? So you get these impressions that you get out and you get the brand awareness. And remember, we don't spend -- or not a heavy spend on the marketing side, right? So we use the power of the brand and its uniqueness of products, whether it's the Twix doughnut (sic) [bar] that was in the middle of the doughnut. Or even -- as you just saw today, we launched in the U.S. a Honey Bee line, right, where you're trying to get something pretty unique from a new flavor profile. Social media and how we play that is really where you get the expansion.

是的。所以我會把它分解成幾件事。你在那裡提出了很多問題。因此，當我們想出一些非常獨特和差異化的東西時，我們在創新中嘗試做的第一件事就是我們真正推動的社交媒體戰略，對吧？因此，您會獲得這些印象，並獲得品牌知名度。請記住，我們不會在營銷方面花費大量資金，對吧？所以我們利用品牌的力量和產品的獨特性，無論是在甜甜圈中間的 Twix donut (sic) [bar]。甚至——正如你今天剛剛看到的，我們在美國推出了蜜蜂系列，對，你正試圖從一種新的風味特徵中獲得一些非常獨特的東西。社交媒體以及我們的遊戲方式才是你真正獲得擴展的地方。

From ecommerce and pieces, what you'll see is we connect that either through the delivery app where you can link on innovation and then make sure that there's an opportunity for everybody to see that. I think you were referencing geofencing or something like that, where we're talking about the dark shops, which allows us to add a location that then launches a delivery zone into a market. So that gives you more access to customers. So that's how you can see the expansion of that, and that's how innovation can get to customers.

從電子商務和作品中，您將看到我們通過交付應用程序將其連接起來，您可以在其中鏈接創新，然後確保每個人都有機會看到這一點。我認為您指的是地理圍欄或類似的東西，我們談論的是黑暗商店，這使我們能夠添加一個位置，然後將一個交付區啟動到市場中。這樣您就可以更多地接觸客戶。所以這就是你可以看到它的擴展的方式，這就是創新可以帶給客戶的方式。

The #1 challenge that we have in Krispy Kreme, we really like our 415 hubs that produce for our doughnut shops. It's about getting access to the customers and using the DFD methodology as well as unlocking ecommerce.

我們在 Krispy Kreme 面臨的第一大挑戰是，我們非常喜歡為我們的甜甜圈店生產的 415 集線器。這是關於接觸客戶、使用 DFD 方法以及解鎖電子商務。

And Mike, the only thing I'll add to that is on the LTOs, specifically using loyalty. We do communicate to our loyalty customers, and they're given the opportunity to get a free LTO when they come in with a code and what have you into the store. So that's one way that we leverage the loyalty program to make sure that the LTOs are top of mind and bring them in just one more time.

還有邁克，我唯一要補充的是 LTO，特別是使用忠誠度。我們確實與我們的忠誠客戶進行了溝通，當他們帶著代碼和您進入商店時，他們有機會獲得免費的 LTO。因此，這是我們利用忠誠度計劃確保 LTO 成為首要考慮因素並再次引入它們的一種方式。

Our next question comes from John Ivankoe with JPMorgan.

我們的下一個問題來自摩根大通的 John Ivankoe。

Just looking at -- in the U.S., I think it was 5,411 DFD points of distribution. I mean it got me thinking. As you talk about expanding 10 to 15 equity stores, I think that was in the U.S. Where do you expect those stores to be? Meaning will they be in completely greenfield markets, for example, like New England or Minneapolis, 2 that I guess like pop into memory? Or do you have an opportunity to locate those stores where the DFD market will be completely new; in other words, the DFD outlets that those new stores would serve would be truly incremental to Krispy Kreme versus those that are necessarily pulled out of existing outlets?

看看 - 在美國，我認為這是 5,411 個 DFD 分發點。我的意思是它讓我思考。當你談到擴大 10 到 15 家股權商店時，我認為那是在美國。你希望這些商店在哪裡？這意味著它們會進入完全未開發的市場，例如新英格蘭或明尼阿波利斯 2，我想它們會突然出現在記憶中嗎？或者你有機會找到那些DFD市場將是全新的商店嗎？換句話說，這些新商店將服務的 DFD 網點將真正增加 Krispy Kreme 的增量，而不是那些必須從現有網點撤出的網點？

John, I think the way that we've thought about this, when we took control of the system, we finally took control of some of the largest markets. So when we're doing 10 to 15 new equity hubs, right? So equity hubs that we're talking about, that would be equity plus, the international markets where we're equity owners as well as the U.S. The prioritization that we'll continue to look for those hubs will be in those new markets potentially where you would have incremental on new DFD doors, right?

約翰，我認為我們的思考方式是，當我們控制系統時，我們最終控制了一些最大的市場。所以當我們在做 10 到 15 個新的股權中心時，對嗎？所以我們正在談論的股權中心，這將是股權加上，我們是股權所有者的國際市場以及美國。我們將繼續尋找這些中心的優先事項將在那些潛在的新市場中你會增加新的DFD門，對嗎？

So you will be expanding in the U.S. You'll start to get to that 50 to 75 points of access as you open up the hub, and then in due time, it starts to get its points of access. But you continue to look at the base of hubs today, and you continue to fine-tune and add more hubs. As we think that the route becomes more interesting, you can see dark shops will add onto the existing base.

因此，您將在美國擴張。當您打開中心時，您將開始獲得 50 到 75 個訪問點，然後在適當的時候，它開始獲得訪問點。但是您今天繼續查看集線器的基礎，並繼續微調並添加更多集線器。當我們認為這條路線變得更有趣時，您可以看到黑暗的商店將添加到現有的基礎上。

And you can look at -- continue to look at either fresh shops, another piece that will drive the business deeper. So it's about leveraging. So always, there'll be more new growth on the DFD as we open up hubs, but also continue to really leverage our existing hubs to see how we can continue to drive more points of access.

你可以看看 - 繼續看看任何一家新店，另一件將推動業務更深入的部分。所以這是關於槓桿作用。因此，隨著我們開放樞紐，DFD 總會有更多新的增長，但也會繼續真正利用我們現有的樞紐，看看我們如何繼續推動更多的接入點。

Understood. And the DFD strategy, I mean, it's really just a couple of years old, and you obviously made that transition very quickly and broadly across the U.S. How has, I guess, the intelligence of measuring profitability on the DFD door changed or improved? And as you think about the overall DFD opportunity now in the U.S., there are probably some locations where you didn't expect to be profitable and you are, maybe other locations you thought would be good and aren't yet. I mean how is, I guess, the overall intelligence of mapping out DFD in the U.S. changing now that you have a decent body of, I guess, experience with you, which, I guess, on a post-COVID world is actually pretty short amount of experience, as you think about mapping out the future?

明白了。而 DFD 策略，我的意思是，它真的只有幾年的歷史，你顯然在整個美國非常迅速和廣泛地進行了這種轉變。我猜，在 DFD 門上衡量盈利能力的智能是如何改變或改進的？當您考慮現在在美國的整體 DFD 機會時，可能有些地方您並不期望盈利，而您可能會盈利，也許其他地方您認為會很好但現在還沒有。我的意思是，我想，現在你在美國繪製 DFD 的整體智能正在發生變化，我想，你有一個體面的經驗，我想，在後 COVID 世界中，這實際上是很短的當您考慮規劃未來時，您有多少經驗？

Sure. John, this is Josh. So yes, you're right, 85-year-old system that we're transforming here. And over the last recent times, we've, of course, been acquiring franchise shops in all sorts of different situations in key cities but not always set up for this strategy. So a lot of the focus has been converting and adjusting those shops and then engaging the local customers in the new DFD program.

當然。約翰，這是喬希。所以是的，你是對的，我們正在這裡改造的有 85 年曆史的系統。當然，在最近的一段時間裡，我們一直在主要城市的各種不同情況下收購特許經營店，但並不總是為這一戰略制定。因此，很多重點都是轉換和調整這些商店，然後讓當地客戶參與新的 DFD 計劃。

We have, during the course of that, learned that it's important to have grocery stores and convenience stores that are high traffic, that are locally located. It's important for us to then manage the routes so that drivers can really efficiently get to them. This is all expertise we've been building. We've been adding route management software. We've been adding demand planning capabilities and labor management capabilities in our hubs to not only make sure that the drive-thru is working well, that the ecommerce integration is working well, but indeed that we get the doughnuts out quickly and efficiently. So all of that is a learning journey. And definitely, we're finding some of the older stores need adjustment, need remodeling and even need the space adjusting to make sure that it works effectively and efficiently.

在此過程中，我們了解到在當地擁有人流量大的雜貨店和便利店很重要。對我們來說，管理路線非常重要，這樣司機才能真正有效地到達目的地。這是我們一直在建立的所有專業知識。我們一直在添加路線管理軟件。我們一直在我們的樞紐中添加需求計劃功能和勞動力管理功能，不僅確保得來速運行良好，電子商務集成運行良好，而且確實我們可以快速有效地取出甜甜圈。所以這一切都是一次學習之旅。當然，我們發現一些老店需要調整，需要改造，甚至需要調整空間，以確保其有效運作。

We're seeing a whole range of performance, but overall, 300 to 400 basis point increase in margins when we've deployed the DFD program. And we now have cities, as I mentioned in today's call, Nashville, previously Tampa, Albuquerque and others, where we're already over 20% local EBITDA margin and rivaling those international ones. So we'll continue to deploy all these operational best practices we learned from the international folks, and then we learn as we go, as you say.

我們看到了一系列的表現，但總體而言，當我們部署 DFD 計劃時，利潤率增加了 300 到 400 個基點。正如我在今天的電話會議中提到的那樣，我們現在有城市，納什維爾，以前的坦帕，阿爾伯克基和其他城市，我們已經擁有超過 20% 的本地 EBITDA 利潤率，並且可以與那些國際企業相媲美。因此，我們將繼續部署我們從國際人士那裡學到的所有這些運營最佳實踐，然後正如您所說，我們邊走邊學。

I think one thing that is important, John, is if you take the base that you talked about, instead of just pruning doors, right, there's still an opportunity to start to get into the single-serve. If you imagine in the COVID world, right, you got pretty selective of what you could do. As you get into merchandising in a different way, it completely takes your base and moves you to a different way of how the consumer is going to actually engage with your brand. So getting into that single usage becomes an opportunity to capture.

約翰，我認為重要的一件事是，如果您採用您所談論的基礎，而不是僅僅修剪門，對，仍然有機會開始進入單發球。如果您想像在 COVID 世界中，對，您對自己可以做的事情有很大的選擇性。當您以不同的方式進行商品推銷時，它會完全佔據您的基礎，並讓您以不同的方式讓消費者真正與您的品牌互動。因此，進入這種單一用途就成為一個捕捉的機會。

So there's a lot that's still to do in the existing base beyond just opening up the new DFD doors. You have 2 strategies that you're actually doing and exactly what Josh talked about. How do you maximize the profitability as you're going through this? A, you get more occasions as you start to get into the single base. It opens up different platforms, different customer base, et cetera.

因此，除了打開新的 DFD 大門之外，現有基地還有很多工作要做。你有 2 種策略，你實際上正在做，而且正是 Josh 所說的。當你經歷這個過程時，你如何最大限度地提高盈利能力？ A，當你開始進入單一基地時，你會得到更多的機會。它開闢了不同的平台、不同的客戶群等等。

Yes, definitely. I think the smallest one I've seen in my local store is 6. And to your point, they're meant to be daily. That's not always -- not for every day a single-use occasion. Maybe some days it is, but that's another topic. But I guess how -- as you -- hopefully, you got that joke.

當然是。我認為我在當地商店看到的最小的是 6 個。就你的觀點而言，它們應該是每天的。這並不總是——不是每天都是一次性使用的場合。也許有些日子是這樣，但那是另一個話題。但我猜想 - 作為你 - 希望你得到了那個笑話。

So as you talk about kind of like the potential of DFD, again, that 5,411, I mean, are you prepared to talk about what that white space is in the U.S.? Again, I mean, is it fewer, more profitable doors? Is it more doors? I mean I'm just really trying to just push about what you're kind of thinking in this post-COVID world, as you now have the experience set, how that number may be evolving in terms of your ultimate target.

因此，當您再次談到 DFD 的潛力時，我的意思是，5,411，您準備好談論美國的空白空間是什麼了嗎？再說一次，我的意思是，它是不是更少、更有利可圖的門？是不是門多了？我的意思是，我真的只是想在這個後 COVID 世界中推動你的想法，因為你現在已經有了經驗，這個數字在你的最終目標方面可能會如何演變。

Yes. We believe that there's a 10,000 DFD -- or point-of-access opportunity, largely DFD, in North America, opportunity versus the 5,500 DFD doors we have today. We have mapped out both the U.S. and now Canada, which we control as well, city by major city, customer by customer, the opportunity based on either where we have hubs today or where we see hub opportunity. And it's actually pretty even, when you look at going from that 5,500 to the 10,000, where that opportunity is. About half of it is in new cities versus cities that we're already distributing DFD in. About half of it is new customers versus existing customers.

是的。我們相信，與我們今天擁有的 5,500 個 DFD 門相比，北美有 10,000 個 DFD 或訪問點機會，主要是 DFD。我們已經繪製了美國和現在的加拿大，我們也控制了這兩個城市，一個主要城市，一個客戶一個客戶，根據我們今天在哪裡擁有樞紐或我們看到樞紐機會的機會。實際上，當您考慮從 5,500 到 10,000 時，機會就在哪裡。其中大約一半位於新城市，而不是我們已經在其中分發 DFD 的城市。大約一半是新客戶與現有客戶。

So right now, we are continuously adding largely with the existing hubs that we have, adjusting those to maximize the capacity we have. But indeed, as Mike mentioned, we'll be adding 7 to 10 hubs in North America a year over the next few years to go after the Minneapolises and Bostons of this world. Most recently, we opened up for the first time Colorado Springs, Tucson. So we are bringing these doughnuts and indeed, DFD swiftly through across the system. So yes, we have a clear line of sight to that. And our confidence obviously is high given the momentum we've had over the last, call it, 2 years in transforming from the old legacy wholesale business.

所以現在，我們正在不斷增加現有的樞紐，調整這些樞紐以最大限度地發揮我們的能力。但事實上，正如邁克所提到的，我們將在未來幾年內每年在北美增加 7 到 10 個中心，以追逐這個世界上的明尼阿波利斯和波士頓。最近，我們第一次在圖森的科羅拉多斯普林斯開業。所以我們帶來了這些甜甜圈，事實上，DFD 迅速通過了整個系統。所以，是的，我們對此有明確的看法。鑑於我們在過去兩年中從舊的傳統批發業務轉型的勢頭，我們的信心顯然很高。

(Operator Instructions) Our next question comes from Bill Chappell with Truist Securities.

（操作員說明）我們的下一個問題來自 Truist Securities 的 Bill Chappell。

This is Stephen Lengel on for Bill Chappell. I wanted to circle back to labor. I was wondering if you guys could provide us some additional color on the labor market as you expand your distribution points. Given the backdrop of the consumer environment, have you seen more or less improvements in access to label -- labor, sorry? Any color there would be great.

這是比爾查普爾的斯蒂芬倫格爾。我想繞回去工作。我想知道你們是否可以在擴大分銷點時為我們在勞動力市場上提供一些額外的色彩。鑑於消費環境的背景，您是否看到標籤獲取方面或多或少有所改善——勞工，抱歉？任何顏色都會很棒。

Yes. So from a labor perspective, we still continue to be able to -- what we really like about the brand culture is we're still able to attract plenty of labor to come into our business. We're averaging about -- we can bring in about 1,500 new Krispy Kremers into the business in the U.S. to give you an example. And we don't see -- we haven't seen any material challenge to labor. It could be little pockets somewhere in the United States where there might be some opportunity.

是的。因此，從勞動力的角度來看，我們仍然能夠 - 我們真正喜歡品牌文化的是我們仍然能夠吸引大量勞動力進入我們的業務。我們平均來說——我們可以將大約 1,500 名新的 Krispy Kremers 引入美國的業務，以舉個例子。而且我們沒有看到——我們沒有看到對勞動力的任何實質性挑戰。它可能是美國某個地方的小口袋，那裡可能有一些機會。

But it's really about the culture, that they want to come into the business. We are a growth system. So people continue to look for growth and opportunities. So they see what's happening with the logistics opportunities. You start to get into the delivery system, to the DFD doors, et cetera. From a driver standpoint, everybody is really concerned about that. But it's -- on average, we're talking about 4 to 6 drivers per shop a month. So that's not an overwhelming number for us to do.

但這真的是關於文化，他們想進入這個行業。我們是一個成長系統。因此，人們繼續尋找增長和機會。所以他們看到了物流機會正在發生的事情。您開始進入交付系統、DFD 門等。從駕駛員的角度來看，每個人都非常關心這一點。但這是 - 平均而言，我們談論的是每個商店每月有 4 到 6 名司機。所以這對我們來說並不是一個壓倒性的數字。

We continue to be competitive in every market that we're going to be. We will do that against making sure that that's not the barrier. And the benefits -- and actually, it's really about helping our Krispy Kremers hit their dreams and goals and growth as a differentiated company.

我們將繼續在我們將要成為的每個市場中保持競爭力。我們將這樣做，以確保這不是障礙。還有好處——實際上，這真的是為了幫助我們的 Krispy Kremers 實現他們的夢想和目標，並成長為一家差異化的公司。

And I'm currently showing no further questions. I'd like to turn the call back over to Mike Tattersfield for closing remarks.

而且我目前沒有進一步的問題。我想將電話轉回給 Mike Tattersfield 以結束髮言。

Yes. So thank you, everybody, for being on the call. I can't say enough about what our Krispy Kremers do on a daily basis to make this brand amazing and be able to accomplish that.

是的。所以，謝謝大家的來電。對於我們的 Krispy Kremers 每天所做的事情以使這個品牌令人驚嘆並能夠實現這一點，我說的再多也不為過。

The purpose of the company is to touch and enhance lives of others through the joy that's Krispy Kreme. They live that every single day. When we can do that really well and drive our culture, we can become the most loved sweet treat brand in the world and deliver the type of performance that we lay out in front of us. So thank you for participating in the call today, and we look forward to continued chats and growth in Krispy Kreme.

公司的目的是通過 Krispy Kreme 的快樂來觸動和改善他人的生活。他們每天都這樣生活。當我們能夠真正做到這一點並推動我們的文化發展時，我們就可以成為世界上最受喜愛的甜點品牌，並提供我們擺在我們面前的那種表現。感謝您參加今天的電話會議，我們期待在 Krispy Kreme 繼續聊天和成長。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。