達美樂 (DPZ) 2013 Q2 法說會逐字稿

Good morning.

早上好。

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

我叫 Tanisha，今天我將擔任你們的會議運營商。

At this time I would look to welcome everyone to the Q2 financial results earnings conference call.

此時，我希望歡迎大家參加第二季度財務業績收益電話會議。

I'll lines have been placed on mute to prevent any background noise.

我將線路設置為靜音以防止任何背景噪音。

After the speakers' remarks there will be a question and answer session.

發言者發言後將進行問答環節。

(Operator instructions).

（操作員說明）。

Thank you.

謝謝。

Ms. Lynn Liddle, you and begin your conference.

Lynn Liddle 女士，請開始您的會議。

Good morning, everybody.

大家早上好。

Thanks for joining us.

感謝您加入我們。

We did file our 10-Q this morning, so any additional details you can find there.

我們今天早上確實提交了 10-Q，因此您可以在那裡找到任何其他詳細信息。

And of course, included in that is our Safe Harbor statement for any forward-looking statements that we had made in there or we will make today in this call.

當然，其中包括我們的安全港聲明，用於我們在其中做出的或我們今天將在本次電話會議中做出的任何前瞻性聲明。

I would also like to remind members of the media to be in listen-only mode, since this is primarily a call for investors.

我還想提醒媒體成員保持只聽模式，因為這主要是對投資者的呼籲。

We expect to keep it fairly short today, to less than an hour.

我們預計今天的發言時間會很短，不到一個小時。

We have some prepared remarks and we will follow that with the Q&A.

我們有一些準備好的評論，我們將在問答環節中跟進。

And with us today we have our Chief Financial Officer, Mike Lawton; and our CEO, Patrick Doyle.

今天和我們在一起的還有我們的首席財務官 Mike Lawton；以及我們的首席執行官 Patrick Doyle。

We will begin with some prepared comments from Mike.

我們將從 Mike 的一些準備好的評論開始。

Thank you, Lynn, and good morning, everyone.

謝謝你，林恩，大家早上好。

This quarter our momentum continued as we posted strong same-store sales results in both our domestic and international businesses.

本季度我們的勢頭繼續保持，因為我們在國內和國際業務中都公佈了強勁的同店銷售業績。

Our international division opened a significant number of new stores and our EPS grew 21.3% over the prior year.

我們的國際部門開設了大量新店，我們的每股收益比上一年增長了 21.3%。

I will start my review of the quarter by looking at our system-wide sales, also known as global retail sales, which are the total retail sales at franchised and Company-owned stores worldwide.

我將通過查看我們的全系統銷售額（也稱為全球零售額）開始我對本季度的回顧，這是全球特許經營店和公司擁有的商店的總零售額。

Global retail sales grew 10.4% when excluding the impact of foreign currency.

剔除外匯影響後，全球零售額增長 10.4%。

When we include the impact of foreign currency in the quarter, global retail sales grew by 9.3%.

當我們在本季度計入外彙的影響時，全球零售額增長了 9.3%。

The drivers of this growth included domestic same-store sales which rose 6.7% in the quarter, lapping a positive 1.7% in the second quarter of 2012.

這一增長的驅動力包括本季度國內同店銷售額增長 6.7%，比 2012 年第二季度增長 1.7% 的增長幅度更大。

This was comprised of franchisee same-store sales, which were up 6.8%, and Company-owned stores, which were up 5.7%.

其中包括增長 6.8% 的加盟商同店銷售額和增長 5.7% 的公司自有門店。

We opened nine net stores domestically in the quarter, consisting of 20 store openings and 11 closures.

本季度我們在國內開設了 9 家網店，包括 20 家新店和 11 家關店。

As we mentioned previously, we expect to see modestly positive domestic store openings for the full year.

正如我們之前提到的，我們預計全年國內新店開張率將略有上升。

Our international division had another solid quarter as same-store sales grew 5.8%, lapping a strong prior-year quarter increase of 5.7%.

我們的國際部門又迎來了一個穩定的季度，同店銷售額增長了 5.8%，超過了去年同期 5.7% 的強勁增長。

Our international division grew by 101 stores this quarter, made up of 116 store openings and 15 closures.

我們的國際部門本季度增加了 101 家門店，其中新開門店 116 家，關閉門店 15 家。

Turning to revenues, our total revenues were up $37.9 million, or 10.1% from the prior-year quarter.

談到收入，我們的總收入比去年同期增長了 3790 萬美元，增幅為 10.1%。

This increase was primarily a result of two factors -- first, higher supply chain revenues resulting from increased volumes from higher order counts; a change in the mix of products sold per order and an increase in commodity prices; and, second, higher domestic and international royalty revenues due to same-store sales growth and international store count growth.

這一增長主要是兩個因素的結果——首先，更高的訂單數量帶來更高的供應鏈收入；每個訂單銷售的產品組合發生變化，商品價格上漲；其次，由於同店銷售額增長和國際門店數量增長，國內和國際特許權使用費收入增加。

Moving on to our operating margin, as a percentage of revenues our consolidated operating margin for the quarter was essentially flat at 30.4% compared to 30.5% in the prior-year quarter.

繼續我們的營業利潤率，作為收入的百分比，我們本季度的綜合營業利潤率基本持平，為 30.4%，而去年同期為 30.5%。

Some of the related activity that occurred during the quarter included the following.

本季度發生的一些相關活動包括以下內容。

Company-owned store operating margins decreased slightly as a percentage of revenues due to higher food cost, which were partially offset by higher volumes that leveraged labor and occupancy cost.

由於較高的食品成本，公司自有商店的營業利潤率佔收入的百分比略有下降，這部分被槓桿勞動力和占用成本的較高銷量所抵消。

Our supply chain margin percentage increased slightly from 10.8% to 11.1%, due to the positive impact of product mix and higher volumes, offset in part by an increase in commodity cost.

由於產品組合和銷量增加的積極影響，我們的供應鏈利潤率從 10.8% 略微上升至 11.1%，部分被商品成本的增加所抵消。

The average cheese block price in the second quarter was $1.77 per pound versus $1.52 last year, which contributed to a 3.9% increase in our overall market basket during the quarter.

第二季度的平均奶酪塊價格為每磅 1.77 美元，而去年為 1.52 美元，這導致本季度我們的整體市場籃子價格上漲了 3.9%。

As a reminder, food commodities are generally priced on a constant dollar markup to our franchisees, therefore higher cheese prices do not impact our supply chain dollar profit.

提醒一下，食品商品通常以固定的美元加價定價給我們的特許經營商，因此更高的奶酪價格不會影響我們的供應鏈美元利潤。

They do, however, negatively impact our supply chain margin as a percentage of revenues.

但是，它們確實會對我們的供應鏈利潤率（佔收入的百分比）產生負面影響。

Overall, we expect a commodity increase of 2% to 3% in 2013, which we believe will be manageable in the overall context of our business.

總體而言，我們預計 2013 年大宗商品將增長 2% 至 3%，我們認為這在我們業務的整體背景下是可控的。

Currency exchange rates have been slightly negative for us due to the dollar strengthening against most currencies and could become a stronger headwind if the dollar remains at current levels.

由於美元兌大多數貨幣走強，貨幣匯率對我們略微不利，如果美元保持在當前水平，可能會成為更大的逆風。

Turning to G&A expenses, G&A increased by $3.3 million or 6.8% quarter over quarter.

談到 G&A 費用，G&A 環比增加 330 萬美元或 6.8%。

The increase was primarily due to higher variable performance-based and non-cash compensation expense as well as investments in the international and technology areas of our business.

增加的主要原因是基於可變績效和非現金補償費用的增加以及對我們業務的國際和技術領域的投資。

We have previously indicated that we estimate our full-year G&A to increase an additional $9 million to $13 million over 2012, and at the current time we expect to be at the high end of that range.

我們之前曾表示，我們估計全年 G&A 將比 2012 年增加 900 萬至 1300 萬美元，目前我們預計將處於該範圍的高端。

This is due to planned investments to expand our international support team, e-commerce and technology support and an increase in non-cash compensation expense.

這是由於計劃投資擴大我們的國際支持團隊、電子商務和技術支持以及非現金補償費用的增加。

Also, note that we charge franchisees for providing e-commerce and technology support and we expect to have increased revenues of $1.5 million to $2 million in 2013 related to these services to partially offset the cost increases.

另外請注意，我們向特許經營商收取提供電子商務和技術支持的費用，我們預計 2013 年與這些服務相關的收入將增加 150 萬至 200 萬美元，以部分抵消成本增加。

Keep in mind that G&A expense can vary up or down by, among other things, our performance versus plan as that affects variable performance-based compensation expense as well as the timing of hiring of new team members.

請記住，G&A 費用可能會因我們的績效與計劃相比而上下波動，因為這會影響可變的基於績效的薪酬費用以及僱用新團隊成員的時間。

Regarding income taxes, our reported effective tax rate was 37.7% in the quarter.

關於所得稅，我們報告的本季度有效稅率為 37.7%。

We continued to expect that 37.5% to 38.5% will be our effective tax rate for the foreseeable future.

我們繼續預計 37.5% 至 38.5% 將是我們在可預見的未來的有效稅率。

Our second-quarter net income was up $5.2 million or 18.4%.

我們第二季度的淨收入增長了 520 萬美元或 18.4%。

This increase was primarily driven by higher domestic and international same-store sales, international store growth and higher supply chain profit.

這一增長主要受國內和國際同店銷售額增加、國際商店增長和供應鏈利潤增加的推動。

Our second-quarter diluted EPS was $0.57, which is a $0.10 or a 21.3% increase from the 47% EPS in the second quarter of last year.

我們第二季度的攤薄後每股收益為 0.57 美元，比去年第二季度的 47% 每股收益增加了 0.10 美元或 21.3%。

Here's how that $0.10 difference breaks down.

這 0.10 美元的差異是如何分解的。

Our improved operating results benefited us by $0.085 and our lower diluted share count, primarily due to share repurchases, benefited us by $0.015.

我們改善的經營業績使我們受益 0.085 美元，而稀釋後的股份數量減少（主要是由於股票回購）使我們受益了 0.015 美元。

Now turning to our use of cash, during the second quarter we repurchased and retired approximately 655,000 shares for $38 million or an average price of $58.05 per share.

現在轉向我們的現金使用，在第二季度，我們以 3800 萬美元或平均每股 58.05 美元的價格回購併退役了大約 655,000 股股票。

We also returned over $11 million to our shareholders as part of our $0.20 per share dividend that was declared in the first quarter, and we ended the quarter with $40.8 million of unrestricted cash.

作為第一季度宣布的每股 0.20 美元股息的一部分，我們還向股東返還了超過 1100 萬美元，並且在本季度末我們獲得了 4080 萬美元的非限制性現金。

I would also like to point out that subsequent to the quarter, we repurchased and retired approximately 189,000 shares for $10.9 million.

我還想指出，在本季度之後，我們以 1090 萬美元的價格回購併註銷了大約 189,000 股股票。

In closing, we are pleased with the results this quarter as we continue to grow our business and drive strong EPS growth.

最後，我們對本季度的結果感到滿意，因為我們繼續發展業務並推動強勁的每股收益增長。

We are committed to continue to drive improved results and return value to our shareholders.

我們致力於繼續推動改善業績並為股東回報價值。

Thanks for your time today, and now I will turn it over to Patrick.

感謝您今天的時間，現在我將把它交給帕特里克。

Thanks, Mike, and good morning, everyone.

謝謝，邁克，大家早上好。

I'm delighted to report another great quarter with excellent same-store sales growth in the US and overseas, strong supply chain volumes, continued store growth and a healthy increase in earnings.

我很高興地報告又一個出色的季度，美國和海外的同店銷售增長出色，供應鏈銷量強勁，門店持續增長，收入健康增長。

Our brand continues to evolve and improve and we are now about how we connect with consumers, leverage technology and deliver a great product for a good value to customers worldwide.

我們的品牌不斷發展和完善，現在我們正在關注如何與消費者建立聯繫、利用技術並為全球客戶提供物超所值的優質產品。

As an example of this, in the US this quarter we posted strong sales despite the fact that we didn't feature a new product.

作為這方面的一個例子，儘管我們沒有推出新產品，但本季度我們在美國實現了強勁的銷售。

We did promote our Handmade Pan Pizza, continuing the momentum from its fourth-quarter launch.

我們確實推廣了我們的 Handmade Pan Pizza，延續了第四季度推出的勢頭。

While we are not lapping our toughest comps of last year, we are still pleased with the excellent domestic results in the quarter.

雖然我們沒有完成去年最艱難的比賽，但我們仍然對本季度出色的國內成績感到滿意。

As we have discussed before, we've got a new base of consumer sales volume, backed by quality products such as our new Pan Pizza, value offerings for consumers and great advertising and digital marketing.

正如我們之前所討論的那樣，我們擁有了一個新的消費者銷量基礎，並得到了我們新推出的 Pan Pizza 等優質產品、為消費者提供的超值產品以及出色的廣告和數字營銷的支持。

We have developed a bigger brand message around transparency and consumer engagement that we believe is carrying us to a different place.

我們圍繞透明度和消費者參與製定了一個更大的品牌信息，我們相信這將把我們帶到一個不同的地方。

We believe this is part of why we don't need constant new pizza news or limited-time products to drive our business.

我們相信這就是為什麼我們不需要持續不斷的新披薩新聞或限時產品來推動我們的業務的部分原因。

We continue to be pleased with the positive traffic we are seeing, an indicator we monitor very closely.

我們繼續對所看到的積極流量感到滿意，這是我們密切關注的指標。

Our digital platform and Handmade Pan Pizza were both a big part of what drove this traffic.

我們的數字平台和 Handmade Pan Pizza 都是推動流量增長的重要因素。

We were also able to hold our ticket fairly steady.

我們也能夠相當穩定地持有我們的票。

We also continued to see some positive signs of store growth in the US.

我們還繼續看到美國門店增長的一些積極跡象。

And in fact, on a trailing 12-month basis we added a net 31 domestic units.

事實上，在過去 12 個月的基礎上，我們淨增加了 31 個國內單位。

We've got a top-notch team focused on store growth and store image and all new stores built in the US will carry this new store design rolled out last September, which is getting early positive customer reviews.

我們擁有一支專注於商店發展和商店形象的一流團隊，所有在美國新建的商店都將採用去年 9 月推出的這種新商店設計，該設計早期獲得了積極的客戶評價。

We are also very pleased with the results in our international business, which continues its unprecedented track record of sales growth and robust store expansion.

我們對國際業務的業績也感到非常滿意，該業務繼續保持著前所未有的銷售增長和強勁的門店擴張記錄。

We again saw broad strength among both developing and mature economies.

我們再次看到發展中經濟體和成熟經濟體的廣泛實力。

This strength was due to the basics that have been proven out in country after country -- offer great products at a good value and with excellent service.

這種優勢歸功於已在一個又一個國家得到證明的基礎知識——提供物美價廉的優質產品和優質的服務。

Our international business has been doing a great job of producing positive results now for 78 straight quarters.

我們的國際業務已經連續 78 個季度取得了積極的成果。

A few highlights include South Korea, where great value promotions and a strong focus on driving volume through digital channels paid off with double-digit sales increases; and Brazil, where improved operations and better pricing have resulted in a strong quarter for them.

一些亮點包括韓國，其巨大的價值促銷和對通過數字渠道推動銷量的強烈關注帶來了兩位數的銷售額增長；和巴西，改善的運營和更好的定價為他們帶來了強勁的季度業績。

And in Canada, we've seen some good results from the release of the Handmade Pan Pizza.

在加拿大，我們看到手工披薩的發布取得了一些不錯的成績。

Second quarter also brought more news on our commitment to staying on the cutting edge of technology and innovation with of the launch of a Domino's Pizza app for Windows Phone 8. In a first for a Domino's mobile app, the Windows Phone release has voice capabilities.

第二季度還帶來了更多關於我們致力於保持技術和創新前沿的新聞，推出了適用於 Windows Phone 8 的 Domino's Pizza 應用程序。在 Domino's 移動應用程序中，Windows Phone 版本首次具有語音功能。

The app also takes advantage of the unique Windows Phone operating system by allowing customers to pin their current order directly to their start screen, allowing direct access to track an order using Domino's tracker.

該應用程序還利用獨特的 Windows Phone 操作系統，允許客戶將他們當前的訂單直接固定到他們的開始屏幕，允許直接訪問以使用 Domino 的跟踪器跟踪訂單。

Just like our iPhone, Android and Kindle Fire apps, Windows Phone 8 users will be able to get Domino's full national menu, do a coupon search and find their local store.

就像我們的 iPhone、Android 和 Kindle Fire 應用程序一樣，Windows Phone 8 用戶將能夠獲得 Domino 的完整國家菜單、進行優惠券搜索並找到他們當地的商店。

The app is getting very good reviews from customers.

該應用程序得到了客戶的好評。

So we are proud to say that we now have an app for 95% of the smart phones sold in the US.

因此，我們可以自豪地說，我們現在擁有適用於美國 95% 智能手機的應用程序。

Our focus on technology and consumer access via digital ordering continues to give us an edge over our competition as we lead our pizza delivery competitors in digital ordering market share, particularly versus the smaller players that continue to lag behind.

我們通過數字訂購對技術和消費者訪問的關注繼續使我們在競爭中佔據優勢，因為我們在數字訂購市場份額方面領先我們的披薩外賣競爭對手，特別是與繼續落後的小公司相比。

Even if the regionals catch up to the level of technology we currently offer, we are already several years ahead of them and expect to keep pushing to lead the industry on technological innovation.

即使這些地區趕上了我們目前提供的技術水平，我們也已經領先他們好幾年，並期望繼續推動在技術創新方面引領行業。

Lastly, we believe it's our strong free cash flow and the deployment of that cash to benefit shareholders that has helped to drive our share price.

最後，我們認為，正是我們強大的自由現金流和為股東謀利的現金配置推動了我們的股價上漲。

We produced over $2 million a week in free cash flow on average in the first half of the year and we use that cash on both a recently established quarterly dividend and share repurchases.

今年上半年，我們平均每週產生超過 200 萬美元的自由現金流，我們將這些現金用於最近確定的季度股息和股票回購。

And we will, of course, continue to be open and flexible in the way we deploy cash to best benefit shareholders.

當然，我們將繼續以開放和靈活的方式配置現金，以最大程度地造福股東。

So in conclusion, I want to congratulate our team on a great first half of the year.

因此，總而言之，我要祝賀我們的團隊在今年上半年取得了出色的成績。

We are seeing good momentum and I couldn't be happier with our performance.

我們看到了良好的勢頭，我對我們的表現感到非常高興。

Operator, I'm now ready for questions.

接線員，我現在準備好提問了。

(Operator instructions) Michael Kelter, Goldman.

（操作員說明）Michael Kelter，Goldman。

I wanted to just follow up.

我只想跟進。

You mentioned first off that ticket was fairly steady in the quarter.

您首先提到該季度的票證相當穩定。

Can you help us understand that a little better by just breaking out the 6.7% same-store sales between transaction and ticket?

您能否通過打破交易和門票之間 6.7% 的同店銷售額來幫助我們更好地理解這一點？

I know you don't do it quantitatively, but can you at least help us with whether transactions was higher than same-store sales and ticket lower from value-oriented promotions, or was ticket also up in the quarter?

我知道你沒有從數量上做這件事，但你至少能幫我們看看交易量是否高於同店銷售額，而票價是否因價值導向的促銷而降低，或者票價在本季度是否也有所上漲？

No, it was all orders for the quarter, in fact even a little bit more orders.

不，這都是本季度的訂單，實際上甚至更多的訂單。

I think ticket was slightly negative for the quarter.

我認為該季度的門票略有負面。

Thanks.

謝謝。

And then labor -- actually, one of the surprises for me is that you only generated 10 basis points of labor leverage in the quarter despite the 6.7% same-store sales.

然後是勞動力——實際上，令我驚訝的是，儘管同店銷售額為 6.7%，但本季度你只產生了 10 個基點的勞動力槓桿。

And that's well below what you had been doing the last several years worth of quarters.

這遠低於您過去幾年的季度所做的工作。

Why not more leverage on labor this particular period?

為什麼不在這個特定時期更多地利用勞動力呢？

We are continuing to work on that.

我們正在繼續努力。

I think the numbers -- we have been seeing pretty good, steady increase there.

我認為這些數字 - 我們一直看到那裡的增長非常好，穩步增長。

I think, as we continue to focus on improving service and all those things, it's always about hitting that balance.

我認為，隨著我們繼續專注於改善服務和所有這些事情，它總是要達到這種平衡。

I would like to have seen a little bit more in the quarter in terms of the labor line, but it's certainly something we are focused on.

我希望在本季度看到更多關於勞動力方面的信息，但這肯定是我們關注的問題。

I don't think it's more than that.

我認為不僅如此。

It's just pure execution, and we could have used just a little bit more off that line, as you said.

這只是純粹的執行，正如您所說，我們本可以多使用一點點。

Maybe lastly, any update on your appetite for taking debt leverage up a little bit within your existing facility to enhance shareholder returns?

也許最後，關於您在現有設施中稍微提高債務槓桿以提高股東回報的意願有任何更新嗎？

I think the answer is, we are in the range that we have talked about before.

我認為答案是，我們在我們之前談到的範圍內。

Kind of 3 to 6 times leverage is where we think our weighted average cost of capital is optimized.

3 到 6 倍的槓桿率是我們認為我們的加權平均資本成本得到優化的地方。

We are essentially in the middle of that range right now.

我們現在基本上處於該範圍的中間。

So we look at it, but right now I think we feel pretty good about where we are.

所以我們看著它，但現在我認為我們對我們所處的位置感覺很好。

All right, thanks, Patrick.

好的，謝謝，帕特里克。

Jeffrey Bernstein, Barclays.

杰弗裡伯恩斯坦，巴克萊銀行。

A couple of questions -- one, I know you don't give too much granularity in terms of comps sequentially or whatnot, but I'm just wondering if you can give maybe some qualitative color, because it does seem like as an industry things are doing okay at the start the quarter, and then maybe there was somewhat of a pause or deceleration in the June into July time frame.

有幾個問題——一個，我知道你不會在 comp 順序或諸如此類的方面給出太多的粒度，但我只是想知道你是否可以給出一些定性的顏色，因為它看起來確實像一個行業的東西本季度開始時表現不錯，然後可能在 6 月到 7 月的時間範圍內出現了一些停頓或減速。

Just wondering if you could talk about the trend line that you are seeing and how much benefit you think you are getting from greater value focus.

只是想知道您是否可以談談您所看到的趨勢線以及您認為您從更大的價值關注中獲得了多少好處。

The value focus has been very, consistent.

價值重點一直非常一致。

We have been talking about really the same price points for a while, and it has clearly continued to work for us.

一段時間以來，我們一直在談論真正相同的價格點，而且它顯然繼續為我們工作。

And as I emphasized, I think the great learning for us and something we are very excited about is that we are able to do this without this quarterly or monthly new product launches coming to support that.

正如我強調的那樣，我認為對我們來說很好的學習和讓我們非常興奮的事情是我們能夠做到這一點，而無需這個季度或每月的新產品發布來支持它。

We just think we are in a very, very different place with our customer base than we have been in the past.

我們只是認為我們的客戶群與過去相比處於一個非常非常不同的地方。

And we are going to continue to have new product launches.

我們將繼續推出新產品。

But what we think is important is that we are driving these results with bigger individual launches that are meaningfully changing consumers' views about the quality of Domino's Pizza, as opposed to simply creating news for news' sake.

但我們認為重要的是，我們正在通過更大的個人發布來推動這些結果，這些發布有意義地改變了消費者對達美樂披薩質量的看法，而不是僅僅為了新聞而創造新聞。

And so we see this building on itself.

所以我們看到這座建築本身。

And as we bring new customers in, maybe with the Pan Pizza or through the digital side, they have a strong experience with the core of the brands, as opposed to simply trying something that is new and they like it or not and then maybe don't come back after that.

當我們引入新客戶時，可能是通過 Pan Pizza 或通過數字方面，他們對品牌的核心有豐富的經驗，而不是簡單地嘗試新的東西，不管他們喜歡與否，然後也許不之後再回來。

In terms of the quarter itself and how that is made up, we don't get into breaking out the quarter.

就本季度本身及其構成方式而言，我們不會對本季度進行細分。

All I can tell you is that 6.7%, and as I said, that all being traffic, the answer is, it was a really strong quarter and we are really happy with it.

我只能告訴你 6.7%，正如我所說，所有這些都是流量，答案是，這是一個非常強勁的季度，我們對此非常滿意。

But I'm not going to break it apart more than that.

但我不會把它分解得更多。

Absolutely.

絕對地。

And then the online ordering obviously seems to be a huge driver.

然後在線訂購顯然似乎是一個巨大的驅動力。

I think you've told us it's 35 to 40%.

我想你已經告訴我們它是 35% 到 40%。

If I remember correctly, it has increased 5 percentage points per year over each of the last five years.

如果我沒記錯的話，在過去五年中每年都增加 5 個百分點。

I'm just wondering if it does drive a higher average check and drives a higher margin, it seems like you would want that to grow as fast.

我只是想知道它是否確實帶來了更高的平均支票和更高的利潤率，你似乎希望它增長得一樣快。

One, I'm wondering where you think that ultimately stops.

第一，我想知道你認為最終會在哪裡停止。

Can it keep growing 5% per year?

它能保持每年5%的增長嗎？

Is there anything you can do other than advertise it to incentivize people to use it even -- it just seems like that's the desired endgame.

除了做廣告以激勵人們甚至使用它之外，您還有什麼可以做的——這似乎是理想的結局。

Is there a way to incentivize people to use it via discounting or otherwise to build even faster, or do we think we are close to a certain level that it's not going to go above 50% or whatever it might be?

有沒有一種方法可以通過打折或其他方式來激勵人們使用它來更快地構建，或者我們是否認為我們已經接近某個水平，它不會超過 50% 或其他可能的水平？

Yes, I certainly think that will see it above 50% out into the future.

是的，我當然認為未來會超過 50%。

We've got three or four countries that are now at that level.

我們現在有三四個國家處於那個水平。

Our corporate stores in the US were online ordering, all of the stores about a year or so earlier than our franchise stores, and they continue to run nicely ahead of the overall franchise system on digital ordering.

我們在美國的公司商店都在網上訂購，所有商店都比我們的特許經營店早了大約一年左右，而且它們在數字訂購方面繼續領先於整個特許經營系統。

And so I don't see any reason why we are not going to be able to get this number north of 50% over time.

因此，我看不出任何我們無法隨著時間的推移使這個數字超過 50% 的原因。

And clearly, from our perspective, based on all the reasons, Jeff, you just said around ticket and order profitability and customer satisfaction, the faster we can push that, the better.

很明顯，從我們的角度來看，基於所有原因，Jeff，你剛才說圍繞機票和訂單盈利能力以及客戶滿意度，我們推動得越快越好。

So we continue to invest in that area.

所以我們繼續在那個領域投資。

The one thing I would say is you mentioned the 35% to 40% range -- that's still the right answer.

我要說的一件事是你提到了 35% 到 40% 的範圍——這仍然是正確的答案。

To give you a little bit of color, we tend to get gains on that in the fall and winter.

為了給你一點色彩，我們往往會在秋季和冬季獲得收益。

And then it tends to go a little bit flat in the summer each year.

然後每年夏天它往往會變得有點平坦。

So we are still up kind of that 5% year-over-year, but it's an interesting pattern.

所以我們仍然同比增長了 5%，但這是一個有趣的模式。

When people head back indoors, we tend to see the growth in the digital mix.

當人們回到室內時，我們往往會看到數字組合的增長。

And when they go back outdoors in the summer, it tends to flatten out for a bit during the summer.

當他們在夏天回到戶外時，它往往會在夏天變平一點。

And so probably the answer is we stay in this range through the summer, and then hopefully we continue to see it move up.

所以答案可能是整個夏天我們都保持在這個範圍內，然後希望我們繼續看到它上升。

So that's the short answer.

這就是簡短的答案。

We are continuing to focus very hard on it.

我們將繼續非常努力地關注它。

It's why we launched the Windows 8 platform, the app, this quarter.

這就是我們在本季度推出 Windows 8 平台應用程序的原因。

And you are going to continue to see a lot of innovation from us in this area.

您將繼續看到我們在這一領域的大量創新。

Lastly, on the international side, obviously it's hard to find anything to question about those results for 78 straight quarters.

最後，在國際方面，顯然很難找到對連續 78 個季度的結果有任何質疑的地方。

You talked about markets that are, surprise, exceeding expectations.

你談到了令人驚訝的超出預期的市場。

But the fact that most of your peers are having a tough time posting, would like modest positive comps and you are doing these mid-single digits -- are there any markets that you are seeing that are seeing the pain and suffering that others are facing?

但事實上，你的大多數同行都很難發布，想要適度的積極補償，而你正在做這些中個位數——你看到的任何市場是否正在看到其他人所面臨的痛苦和苦難？

I know we had heard Germany might have had tougher times, whether for Domino's or for the broader market and I just wondering if you size up seeing any signs of slowing trend, Germany or otherwise, outside the US.

我知道我們聽說德國可能經歷了更艱難的時期，無論是對達美樂還是對更廣泛的市場來說，我只是想知道你是否會看到任何趨勢放緩的跡象，德國或美國以外的其他地方。

Not in big material markets, no.

不在大型材料市場，不。

There are always going to be quarters here and there that are a little bit off, but it is broad geographically and it is broad when you split it by more developed economies and more developing economies.

總會有一些地方有點偏離，但它在地理上很廣泛，當你把它分成更發達的經濟體和更多的發展中經濟體時，它也很廣泛。

And so overall, it is awfully good.

總的來說，它非常好。

You mentioned Germany.

你提到了德國。

Germany is still very early in its development.

德國仍處於發展初期。

Sales growth has actually been pretty good there.

那裡的銷售增長實際上相當不錯。

What I think you may be referring to is Germany is owned by our master franchisee out of the UK, and they gave a little bit of an earnings warning around it in terms of just the amount of resources they had to put into it to get it going.

我想你可能指的是德國由我們在英國以外的主要特許經營商擁有，他們就它必須投入的資源數量給出了一些關於它的收益警告去。

But from a pure sales perspective and sales growth perspective, it is still looking good.

但從單純的銷量和銷量增長來看，還是不錯的。

So clearly, it's working.

很明顯，它在起作用。

I'm seeing the same numbers that obviously you are looking at from some of our peers in the industry, and we feel awfully fortunate that we are continuing to drive these kinds of results.

我看到的數字顯然與您從我們業內的一些同行那裡看到的數字相同，我們感到非常幸運，我們將繼續推動這些結果。

But there just are no really material pockets of weakness out there to speak to.

但實際上並沒有什麼實質性的弱點可以討論。

That's great, congratulations, Patrick.

太好了，恭喜，帕特里克。

Joe Buckley, Bank of America Merrill Lynch.

喬·巴克利，美銀美林。

Just wondering if you could elaborate a little bit on your comments about the US marketing.

只是想知道您是否可以詳細說明您對美國營銷的評論。

The numbers have been outstanding, and clearly you are in a sweet groove or a sweet mode.

這些數字一直很出色，很明顯你正處於甜蜜的狀態或甜蜜的模式中。

But I'm curious that you are describing it as a material change from the product news and maybe some of the pricing news of the past.

但我很好奇你將其描述為產品新聞的重大變化，也許是過去的一些定價新聞。

I don't perceive it as being that dramatically different.

我不認為它有那麼大的不同。

So could you just talk a little bit more about that?

那麼你能再多談談嗎？

Yes, well the first thing you said, from the pricing -- I get that.

是的，你說的第一件事，從定價——我明白了。

The pricing has been fundamentally the same for a few years now.

幾年來定價基本相同。

And so we are not bringing new news on the pricing front.

因此，我們不會在定價方面帶來新消息。

We've got something that has clearly been working.

我們有一些明顯有效的東西。

It has been connecting with the consumers, and so on that front it has been working.

它一直在與消費者建立聯繫，因此在這方面它一直在努力。

If there was news in the second quarter around our Handmade Pan Pizza, it was just a different way of talking about it, which was the fact that this brand that is known for speed had actually sacrificed a little bit of speed to make a higher-quality product.

如果說第二季有關於我們的Handmade Pan Pizza的新聞，那隻是換一種說法，就是這個以速度著稱的品牌實際上犧牲了一點速度來做出更高的——優質產品。

But we were still talking about a product that had launched 6 or 9 months before and continued to drive very strong results from it.

但我們仍在談論一款在 6 或 9 個月前推出並繼續從中獲得非常強勁結果的產品。

And first quarter was really the same thing.

第一季度真的是一回事。

We were talking about the two mediums for $5.99, and it worked.

我們以 5.99 美元的價格談論這兩種媒介，而且效果很好。

So I guess the answer is, Joe, I think what is different -- and I guess I would say not that different from the last 3 or 4 years since our brand relaunch, but really previous to that, and we have been watching it very, very carefully.

所以我想答案是，喬，我認為有什麼不同——我想我會說與我們品牌重新推出後的過去 3 或 4 年沒有什麼不同，但實際上在此之前，我們一直在關注它， 很小心。

We've got a strong pipeline of new products that we can still use as we move forward.

我們擁有強大的新產品渠道，在我們前進的過程中仍然可以使用這些產品。

But what we have been finding is very effective, is talking about the things that are differentiating the brands on an ongoing basis in the minds of the consumer as opposed to just hitting them with a lot of specific new news items in any given quarter.

但我們發現非常有效的是，談論在消費者心目中不斷區分品牌的事情，而不是在任何給定季度用大量具體的新新聞來打擊他們。

And overall, it has worked.

總的來說，它奏效了。

And are the national media -- I know you shifted more to national media effective January.

國家媒體是——我知道你從一月份開始更多地轉向國家媒體。

Is there any lumpiness in the year-over-year advertising weights that we should think about?

我們應該考慮的同比廣告權重是否有任何波動？

Not materially, no.

不是物質上的，不。

No.

不。

Okay, thank you.

好的謝謝。

John Glass, Morgan Stanley.

約翰·格拉斯，摩根士丹利。

Struck by your US numbers versus what the industry has been experiencing, specifically McDonald's is talking very specifically about real retrenchment in the consumer.

被你們美國的數字與行業經歷的對比所震驚，特別是麥當勞正在非常具體地談論消費者的真正緊縮。

My question there for you is, Patrick, do you have a view on is it the pizza category, or how much of what you are seeing is experienced in the category in general versus idiosyncratic to you?

我的問題是，帕特里克，你對披薩類別有什麼看法，或者你所看到的有多少是在一般類別中體驗過的，而不是對你來說是特殊的？

Do you have either qualitative or do you actually have numbers on where you think the pizza category growth was in the second quarter?

關於您認為第二季度披薩類別增長的位置，您是否有定性或實際上有數字？

Yes, our best guess, John, is that the category is flattish to maybe up.

是的，約翰，我們最好的猜測是該類別持平到可能上漲。

This is mostly share gains that we are seeing right now.

這主要是我們現在看到的股票收益。

And those numbers are -- I think, as you know, they are not perfect on the category, but that's our best sense is that we are in that range.

這些數字是——我認為，正如你所知，它們在這個類別上並不完美，但我們最好的感覺是我們在那個範圍內。

And I guess what I would say is our overall take on the consumer is that the consumer is continuing to slowly get better.

我想我要說的是我們對消費者的總體看法是消費者正在繼續慢慢變得更好。

It is still more of a headwind than a tailwind for us.

對我們來說，這仍然是逆風而不是順風。

You probably heard me say it many times, but the best driver, best indicator from an economic standpoint of growth for us is employment levels, more than anything else.

你可能聽我說過很多次，但從經濟增長的角度來看，對我們來說，最好的驅動力、最好的指標是就業水平，而不是其他任何東西。

Employed people buy more pizza been unemployed people.

有工作的人買比薩餅的人多了失業的人。

And so you are seeing that slowly getting better.

因此，您會看到這種情況正在慢慢好轉。

But I think that's leading to a category that is not moving a lot right now.

但我認為這導致了一個目前變化不大的類別。

So really, we are feeling pretty fortunate, but it appears that it is mostly share gains for us right now.

所以真的，我們感到非常幸運，但現在看來，這對我們來說主要是股票收益。

Just to follow up on that, is the share gain -- for many quarters, it has been versus the regionals and independents.

緊隨其後的是份額增長——在許多季度裡，它一直是與地區和獨立企業相比。

Is the shift now becoming that your share shift is now coming at the expense of your two or three other largest competitors?

現在的轉變是否變成了您的份額轉移現在是以犧牲您的其他兩三個最大競爭對手為代價的？

Has that changed?

那改變了嗎？

I think the broad dynamic is still going to be more from smaller players and regionals.

我認為廣泛的動態仍將更多地來自較小的參與者和區域性參與者。

We haven't seen Papa John's number yet for the second quarter.

我們還沒有看到棒約翰第二季度的數據。

Pizza Hut has released and they were a little bit negative.

必勝客已經發布，他們有點消極。

I think they have been a little bit negative a couple quarters in a row now.

我認為他們現在已經連續幾個季度有點消極了。

But overall, I think the basic thesis is still intact, which is larger players are probably going to be growing a little bit better than the smaller players and the regionals.

但總的來說，我認為基本論點仍然完好無損，即較大的玩家可能會比較小的玩家和區域性玩家增長得更好一些。

That is mostly as a result of technology, and there are some pretty special things that are going on with our brand and business right now that are causing us to grow a little faster even than our national peers.

這主要是技術的結果，而且我們的品牌和業務目前正在發生一些非常特殊的事情，這些事情使我們的增長速度甚至超過了我們的全國同行。

But overall, I think the basics of the thesis are intact, which is larger players are going to continue to take some share from the smaller players.

但總的來說，我認為論文的基礎是完整的，即較大的參與者將繼續從較小的參與者那里奪取一些份額。

That's great.

那太棒了。

Lastly, as it relates to a recapitalization event, you have an existing securitization.

最後，由於它與資本重組事件有關，您有一個現有的證券化。

I think previously I had the sense that you were thinking more of adding to that, given the rate environment.

我想之前我有一種感覺，鑑於利率環境，你正在考慮更多地增加它。

And it seems today that you are saying we are happy where we are.

今天看來，您是在說我們現在的處境很幸福。

What has changed?

發生了什麼變化？

Perhaps my perception was wrong, or is it really just the rate environment is shifting, and now the attractiveness of adding leverage just isn't there as it was maybe a couple months ago.

也許我的看法是錯誤的，或者這真的只是利率環境正在發生變化，現在增加槓桿的吸引力並不像幾個月前那樣存在。

As you know, interest rates have gone a little bit -- gone up a little, but they are still very, very attractive.

正如你所知，利率已經上升了一點——上升了一點，但它們仍然非常非常有吸引力。

And we will continue to assess whether this is something that we want to do.

我們將繼續評估這是否是我們想要做的事情。

I don't think that Patrick was trying to say that there's no opportunity for us.

我不認為 Patrick 是想說我們沒有機會。

It's just not something that we are planning on in the near-term.

這不是我們近期計劃的事情。

Okay, thank you.

好的謝謝。

Brian Bittner, Oppenheimer.

布萊恩·比特納，奧本海默。

[Mike Tamis] on for Brian.

[Mike Tamis] 代替 Brian。

I was just wondering, can you talk about G&A over the next 18 months?

我只是想知道，您能談談未來 18 個月的 G&A 嗎？

I know you said you would be at the high end of the range for this year.

我知道你說過今年你會處於該範圍的高端。

What opportunities are there for maybe that not to be high end of the range?

有什麼機會可能不是高端產品？

And any initial thoughts in 2014 and maybe any initial investments or costs that don't repeat next year that you can call out for us?

2014 年的任何初步想法，也許明年不會重複的任何初始投資或成本，您可以為我們打電話嗎？

I don't think there's a lot of opportunity that we won't be at the high-end.

我認為我們不會處於高端的機會不多。

We have been making -- one of the things that has an impact on the G&A is the rate and pace at which we are able to attract the right people that we wanted to add into international and into our IT group.

我們一直在做 - 對 G&A 有影響的事情之一是我們能夠吸引合適的人的速度和速度，我們希望將這些人添加到國際和我們的 IT 團隊中。

So over the last 18 months or so, we have been trying to add people and it came at a slower rate than we had wanted.

因此，在過去 18 個月左右的時間裡，我們一直在嘗試增加人員，但速度比我們預期的要慢。

We have filled many of those positions now, so we have got a pretty good idea of what we're going to spend on those.

我們現在已經填補了很多這樣的職位，所以我們很清楚我們將在這些職位上花多少錢。

We really have not figured out where, for sure, we are going to be in 2014, so it's a little early to comment on that.

我們確實還沒有弄清楚我們在 2014 年的發展方向，所以現在對此發表評論還為時過早。

At our investor day in January, I'm sure that we will the giving you more information.

在 1 月的投資者日，我相信我們會為您提供更多信息。

The only thing I would add to that is, fundamentally, the investments we are making are working.

我唯一要補充的是，從根本上說，我們正在進行的投資正在發揮作用。

When you look at the investments we are making in people in the international side of the business as well as in the technology side of the business, they are clearly driving results.

當您查看我們在業務國際方面以及業務技術方面對人員進行的投資時，他們顯然正在推動結果。

And so we are not trying to figure out how to scale that back.

所以我們並沒有試圖弄清楚如何縮減它。

If we are getting a good return on those investments, we are going to continue to make them.

如果我們從這些投資中獲得良好回報，我們將繼續進行投資。

Great, thanks.

十分感謝。

Mitch Speiser, Buckingham Research.

Mitch Speiser，白金漢研究中心。

Could you comment on the online ordering growth in the quarter?

您能否評論一下本季度的在線訂單增長情況？

I think you gave us some metrics for 2012 a few months back.

我想你幾個月前給了我們一些 2012 年的指標。

But is online -- I'm sure online orders are probably growing quicker than the comp, but any particular data would be great.

但是是在線的——我敢肯定在線訂單的增長速度可能比在線訂單增長得更快，但是任何特定的數據都會很棒。

I think the answer is where still in that 5% of mix up year-over-year.

我認為答案仍然是那 5% 的同比混合情況。

And the color I was giving before is the way that chart looks for us, and we track it fairly obsessively, the answer is you get an increase in the fall into the winter and then it flattens out spring and summer and then you get an increase again in the fall and the winter.

我之前給出的顏色是圖表為我們尋找的方式，我們相當著迷地跟踪它，答案是你會在秋天到冬天增加，然後在春天和夏天變平，然後你會增加又在秋天和冬天。

Year-over-year, that means you are continuing to get that 5% mix growth that we've talked about before, and we are continuing to see that.

與去年同期相比，這意味著您將繼續獲得我們之前談到的 5% 的混合增長，而且我們將繼續看到這一點。

We would love to drive it even faster, and that's why you continue to see some investments from us there.

我們很樂意讓它更快，這就是為什麼你繼續看到我們在那裡進行一些投資的原因。

But that's the rate and pace of growth on that.

但這就是增長的速度和速度。

Separately, just -- with carryout is about 40% of your sales; if you could confirm that number.

另外，結轉約佔銷售額的 40%；如果你能確認那個數字。

And with the new -- and I believe carryout is growing quicker than the overall pizza delivery category; if you could maybe comment on some of the dynamics behind that.

隨著新的——我相信結轉比整個披薩外賣類別增長得更快；如果你能評論一下這背後的一些動態。

And if this new store design, what you are now building is changing the mix of carryout or delivery or any interesting dynamics to point out from the new store prototype that you are developing.

如果這個新的商店設計，你現在正在構建的是改變結轉或交付的組合或任何有趣的動態，以從你正在開發的新商店原型中指出。

So, first off, the 40% is orders.

所以，首先，40% 是訂單。

Sales are a little bit lower than that because the ticket is a bit lower on carryout.

銷售額比那個低一點，因為結轉票的價格要低一點。

So you are more in the third to -- 35% range of sales -- a third?

所以你更多地處於第三到 - 35% 的銷售額範圍 - 三分之一？

I'm being told a third on sales, and your more high 30%'s to 40% on orders.

我被告知三分之一是關於銷售的，而你更高的 30% 到 40% 是關於訂單的。

And we have still got just over, what, 100, I think, of the newly reimaged stores.

而且我們仍然剛剛結束，我認為有 100 家新重新形象化的商店。

So we are still reading that but we like what we are seeing.

所以我們仍在閱讀，但我們喜歡我們所看到的。

Clearly, the biggest change on that is a better carryout experience, in-store experience for our customers without any sacrifice on our efficiency around the delivery side of the business.

顯然，最大的變化是更好的結轉體驗，為我們的客戶提供店內體驗，而不會犧牲我們在業務交付方面的效率。

In terms of the overall dynamics, there was a point over the last few years -- our business, if you would go back 10 or 15 years, carryout has clearly become a bigger part of our business over the long-term trend.

就整體動態而言，過去幾年有一點——我們的業務，如果你回到 10 或 15 年前，從長期趨勢來看，結轉顯然已成為我們業務的重要組成部分。

And there was a little more weakness on the delivery side of the business back a few years ago than the overall.

幾年前，業務交付方面的弱點比整體弱一點。

But right now, I think from an overall category perspective, it's pretty flat, plus or minus a bit, in both of those areas right now.

但現在，我認為從整體類別的角度來看，這兩個領域現在都非常平坦，上下浮動。

I don't think, from a category perspective that there's a lot of movement on either side.

我不認為，從類別的角度來看，任何一方都有很多動作。

Okay, thanks.

好的謝謝。

And my last question is for Mike, just on the balance sheet.

我的最後一個問題是關於資產負債表上的邁克。

Can you give us where the net debt to EBITDA ratio stands in terms of how you calculate it?

你能告訴我們淨債務與 EBITDA 的比率是如何計算的嗎？

And I believe at under 4.5 times, don't you -- you don't need to make principal payments?

而且我相信不到 4.5 倍，你不需要支付本金嗎？

Maybe if you can just go through those dynamics; I think you are close to that level -- and how much cash you will save once you hit that trigger.

也許如果你能經歷這些動態；我認為你已經接近那個水平——一旦你觸發了這個水平，你將節省多少現金。

Okay, the way that that is calculated, it takes into -- assumes that we went actually draw upon the BFN.

好的，計算的方式，它考慮到 - 假設我們實際上利用了 BFN。

So you add about 0.10 points of leverage compared to just looking at the debt to EBITDA off the balance sheet.

因此，與僅查看資產負債表外的 EBITDA 債務相比，您增加了大約 0.10 個槓桿點。

So we are currently in the 4.6, 4.7 range, depending on how you round.

因此，我們目前處於 4.6、4.7 範圍內，具體取決於您如何舍入。

We have to get under 4.5, which could happen as early as the fourth quarter of this year, probably a little more likely it could be in the first quarter of next year.

我們必須低於 4.5，這最早可能在今年第四季度發生，明年第一季度發生的可能性更大一些。

When we get to that, you are looking at a $26 million a year cash savings, roughly.

當我們談到這一點時，您將看到每年大約節省 2600 萬美元的現金。

Great, thanks very much.

太好了，非常感謝。

John Ivankoe, JPMorgan.

摩根大通的約翰·伊万科。

At this point, the remaining question for me is on your supply chain business, which is obviously having a great first half of the year.

在這一點上，我剩下的問題是關於你的供應鏈業務，這顯然在今年上半年表現出色。

Do you just attribute that to product mix, things like Pan and your continued success with the two mediums?

您是否只是將其歸因於產品組合，比如 Pan 以及您在這兩種媒體上的持續成功？

Or is there something else that is going on, in that business, to allow such strong growth to continue in the future?

或者在該業務中是否還有其他事情正在發生，以允許這種強勁的增長在未來繼續下去？

The vast majority of what has gone on in the first half of the year has to do with the order count and the mix that we have.

今年上半年發生的絕大多數事情都與我們的訂單數量和組合有關。

You may recall that last year, in the first half of the year, some of what we were doing was promoting side items, primarily Stuffed Cheesy Bread and Parmesan Bread Bites, which was really good for franchisee profitability, but really wasn't very good for our commissary, would be one way to describe it.

您可能還記得，去年上半年，我們正在做的一些事情是推廣副產品，主要是釀奶酪麵包和帕瑪森麵包片，這對加盟商的盈利能力非常有利，但實際上並不是很好對於我們的小賣部，將是描述它的一種方式。

This year, Pan Pizza is helping us.

今年，Pan Pizza 幫助了我們。

I would also say that the operational metrics in the commissary have been very good.

我還要說，小賣部的運營指標非常好。

Even as we pushed up our volumes significantly, they have done a really good job of maintaining costs.

即使我們大幅提高了銷量，他們在維持成本方面也做得非常好。

So we haven't been heard at all as they have pushed the volumes up.

所以我們根本沒有聽到他們提高音量的聲音。

The other thing I was going to say (multiple speakers).

我要說的另一件事（多個揚聲器）。

The other thing I was going to say is -- the other thing -- kind of the flipside of that is with the volume growth, franchise profitability, store-level profitability continues to improve year-over-year, and that's a really big positive.

我要說的另一件事是——另一件事——它的另一面是銷量增長、特許經營盈利能力、商店層面的盈利能力繼續逐年提高，這是一個非常大的積極因素.

So I think the biggest thing driving supply chain, other than they are doing a very nice job of running it, the team running it, is we are just getting a lot of order growth, and that volume gets us some nice leverage on that.

因此，我認為推動供應鏈的最大因素，除了他們在運行它、運行它的團隊方面做得非常好之外，是我們剛剛獲得了大量的訂單增長，而這個數量讓我們在這方面有了一些很好的影響力。

But the flipside is, the franchisee profitability continues to improve, and that is why you are seeing that modest net store growth domestically that we have been talking about for a while.

但不利的一面是，特許經營商的盈利能力繼續提高，這就是為什麼你會看到我們一段時間以來一直在討論的國內門店淨增長適度的原因。

Great, thank you.

太好了謝謝。

Alvin Concepcion, Citi.

阿爾文·康塞普西翁，花旗銀行。

The quarter had unusually wet weather domestically.

本季度國內天氣異常潮濕。

Did this have any impact on your results at all?

這對您的結果有任何影響嗎？

No.

不。

Okay, great.

好的，太好了。

And you talked about a strong pipeline of products coming up.

你談到了即將推出的強大產品線。

I know you can't say much, but are these pretty broad innovations across your menu, or would you expect them to be more focused on side items to help drive ticket?

我知道你不能說太多，但是你的菜單上有這些相當廣泛的創新嗎？或者你會希望他們更專注於輔助項目以幫助提高票數嗎？

And will those mostly be coming this year, or are you sort of saving them for next year?

那些大部分會在今年到來，還是你會把它們留到明年？

No.

不。

The answer is, as we have slowed the pace of introductions, it means our R&D team has the chance to work on things that we think are going to be meaningful.

答案是，由於我們放慢了引入的速度，這意味著我們的研發團隊有機會從事我們認為有意義的事情。

And I'm not going to get into specifics on launches and all of that.

而且我不打算詳細介紹發射和所有這些。

I think the real take-away from that shouldn't be, is there something really near-term coming?

我認為真正的收穫不應該是，近期真的會有什麼事情發生嗎？

I think the take-away on that should be, when you are spreading out the pace of these, it means that the R&D team, as opposed to coming up with 5 or 6 products a year, is working on a couple maybe a year that we hope are going to materially improve the overall experience for customers.

我認為要點應該是，當你分散這些的步伐時，這意味著研發團隊，而不是每年推出 5 或 6 種產品，可能每年開發幾個我們希望能夠顯著改善客戶的整體體驗。

And frankly, when you are not launching 1 or 2 a quarter, it takes a little bit of the pressure off on having just so many in that pipeline.

坦率地說，當你不是每季度推出 1 或 2 個時，在管道中有這麼多的壓力會減輕一些。

And then just one more for me.

然後再給我一個。

You talked about domestic Company restaurant margins declining and it sounds like it's mostly due to higher commodity costs.

你談到國內公司餐廳利潤率下降，這聽起來主要是由於商品成本上升。

As you look towards the rest of the year, I believe you mentioned commodity costs are going to be manageable and you are working on improving your labor on leverage.

展望今年剩餘時間，我相信您提到商品成本將是可控的，並且您正在努力提高您的勞動力槓桿率。

So would you expect margins to improve year-over-year from these levels for the rest of the year?

那麼，您是否預計今年餘下時間的利潤率會比這些水平逐年提高？

First of all, the answer on margins from the corporate stores -- in the second quarter, it was about food; it was about commodities, and so definitely felt that a little bit in the second quarter.

首先，關於公司商店利潤率的答案——在第二季度，它與食品有關；它是關於商品的，所以在第二季度肯定有一點點。

We do expect that that's going to be a little more modest through the balance of the year.

我們確實希望在今年餘下時間裡這種情況會更加溫和一些。

You didn't ask this specifically, but I will add it.

你沒有具體問這個，但我會添加它。

The offset to that is exchange rates as they stand today are looking, right now, worse for the balance of the year than in the first half of the year.

與此相抵消的是，目前的匯率在今年餘下時間看起來比上半年更糟。

If we stay in the range that we are in today, and consensus is kind of in that range, that's going to be a little bit of a negative offset in the second half of the year.

如果我們保持在今天的範圍內，並且共識在某種程度上處於該範圍內，那麼下半年將會產生一些負面抵消。

So commodities we expect to ease a bit.

因此，我們預計大宗商品會有所緩解。

And if things stay where they are right now, FX probably goes the other way.

如果事情保持現在的狀態，FX 可能會走向另一條路。

Great, thanks a lot.

太好了，非常感謝。

Peter Saleh, Telsey Advisory Group.

Peter Saleh，Telsey 諮詢集團。

I wanted to ask about the remodels.

我想問一下裝修的事。

Are you doing anything on the back of the house in terms of on the remodel side, or are all of the remodels really happening on the front of the house?

就改造方面而言，您是在房子的後面做任何事情，還是所有的改造都真的發生在房子的前面？

The focus is on the front of the house, and there are really a couple of different versions of how we do it.

重點在房子的前面，我們確實有幾個不同的版本。

But front of the house is certainly the focus.

但房子前面肯定是焦點。

We are not changing -- there are not like specific equipment changes back of the house or anything like that.

我們沒有改變 - 沒有像房子後面的特定設備改變或類似的東西。

Our cooking platform remains pretty straightforward.

我們的烹飪平台仍然非常簡單。

We have got big ovens back there, and I wouldn't anticipate a change in that.

我們那裡有大烤箱，我預計不會有什麼變化。

Then, you get into a question of is it a relocation, is it a reimage, and are they completely taking everything out?

然後，你會遇到一個問題，這是搬遷嗎？是重新映像嗎？他們是否完全把所有東西都拿走了？

And some of that just depends on the age of the back of the store.

其中一些僅取決於商店後面的年齡。

If the back of the store is looking good, then you may be able to just do the lobby and it looks good.

如果商店的後面看起來不錯，那麼您可以只做大廳，看起來也不錯。

But as you are opening it up, if the back of the store is particularly old, it means the customer is going to see that.

但是當你打開它的時候，如果商店的後面特別舊，那就意味著顧客會看到的。

And so I think the answer is there has been a little bit of a mix on that in the early reimages.

所以我認為答案是在早期的重新映像中有一些混合。

Great, and then can you give us an update on where you stand with China and the initiatives to move forward there?

太好了，那麼你能否向我們介紹一下你對中國的立場以及在中國推進的舉措？

Yes, it's continuing to proceed.

是的，它正在繼續進行。

It's still relatively small.

它仍然相對較小。

We like the results we are getting.

我們喜歡我們得到的結果。

We are getting nice same-store sales growth in China.

我們在中國的同店銷售增長不錯。

It is -- it's something that is continuing to progress.

它是——它正在不斷進步。

Obviously, given the size of the opportunity, it's something we are going to continue to focus on.

顯然，鑑於機會的大小，這是我們將繼續關注的事情。

Still not a big driver of results yet, as the base that we are growing from is still relatively small.

仍然不是結果的主要驅動力，因為我們增長的基礎仍然相對較小。

Great, thank you very much.

太好了，非常感謝。

Stephen Anderson, Miller Tabak.

斯蒂芬·安德森，米勒·塔巴克。

Congratulations on the quarter.

祝賀這個季度。

Just one quick question on the newer stores that you have open, and I don't think I have any metrics that could compare the new store format versus the older stores, and what kind of comp lift you are seeing from comparable locations, or what kind of change are you seeing in mix.

關於您開設的新商店的一個簡單問題，我認為我沒有任何指標可以比較新商店格式與舊商店，以及您從可比較的位置看到什麼樣的提升，或者什麼你在混合中看到了一種變化。

It's still too early to get into specifics around that.

現在討論具體細節還為時過早。

That's why we are watching that.

這就是我們關注的原因。

Obviously, I said, I think, in my prepared remarks that the customer reaction to it is positive, but still a little early on with the store base, the store counts that we have got reimaged to get into specifics around that.

顯然，我說，我認為，在我準備好的評論中，客戶對此的反應是積極的，但在商店基礎上還為時過早，商店認為我們已經重新形象化以了解相關細節。

Would you say with those stores, you are trying to aim for the new fast casual pizza entrants?

你會說那些商店，你正試圖瞄準新的快速休閒比薩餅進入者嗎？

Because that is a category that has seen a lot of growth in the last couple years.

因為這是一個在過去幾年中增長很快的類別。

We want to give our customers a better in-store and carry out experience.

我們希望為我們的客戶提供更好的店內和購物體驗。

I don't know that it's specifically geared towards anybody; it's just -- other than our customers.

我不知道它是專門針對任何人的；它只是 - 除了我們的客戶。

We are doing what our customers are leading us to do and they want a better looking store; they want to see the stores opened up so that they can see the food prepared.

我們正在做客戶引導我們做的事情，他們想要一個更好看的商店；他們希望看到商店開張，這樣他們就可以看到準備好的食物。

And that's what's driving it, more than any specific reaction to competition.

這就是推動它的原因，而不是對競爭的任何具體反應。

Okay, thank you.

好的謝謝。

Mark Smith, Feltl & Company.

馬克史密斯，費爾特公司。

(technical difficulty) on for Mark Smith.

（技術難度）對馬克史密斯。

just one quick question.

只是一個簡單的問題。

Can you talk about the health of your domestic franchisees, in particular their ability to reinvest in stores and their capital for growth?

您能否談談國內加盟商的健康狀況，尤其是他們對門店進行再投資的能力以及他們用於增長的資本？

Yes, so their cash flow continues to improve.

是的，所以他們的現金流繼續改善。

I think, as I mentioned, we are continuing to see their cash flow per store numbers get better.

我認為，正如我所提到的，我們將繼續看到他們每家商店的現金流量越來越好。

That's going to be -- I think we're into a fifth year of that trend.

那將是——我認為我們已經進入了這種趨勢的第五個年頭。

And so that is good news.

所以這是個好消息。

The answer is the credit markets for larger franchisees, for those who may be borrowing $1 million or more -- those markets are very attractive right now.

答案是更大的特許經營商的信貸市場，對於那些可能藉入 100 萬美元或更多的人來說——這些市場現在非常有吸引力。

For smaller players, they are still not where it needs to be in terms of the credit markets opening back up.

對於較小的參與者而言，就信貸市場的恢復開放而言，它們仍未達到需要的水平。

Now, at some level, if you are talking about a one- or two-store franchisee, if their sales are good enough and their cash flows are continuing to progress, they are going to be able to potentially do it out of cash flow and may not need to tap into those markets.

現在，在某種程度上，如果你談論的是一家或兩家店的特許經營商，如果他們的銷售足夠好並且他們的現金流繼續增長，他們將有可能通過現金流來做到這一點，並且可能不需要進入這些市場。

But overall, the answer is credit markets are very attractive for those looking to borrow at a significant level, and they are still relatively restricted for those looking for smaller amounts of debt.

但總的來說，答案是信貸市場對那些尋求大量借貸的人來說非常有吸引力，而對於那些尋求小額債務的人來說，它們仍然相對受限。

Perfect, thank you.

完美，謝謝。

There are no further questions.

沒有其他問題了。

All right, listen, I appreciate everybody's interest and look forward to sharing third-quarter results with you here in a couple of months.

好吧，聽著，我感謝大家的興趣，並期待在幾個月後在這裡與大家分享第三季度的業績。

Thanks, everybody.

謝謝大家。

This does conclude today's conference call.

這確實結束了今天的電話會議。

You may now disconnect.

您現在可以斷開連接。