達美樂 (DPZ) 2022 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Domino's Pizza Q2 2022 Earnings Conference Call. (Operator Instructions)

美好的一天，感謝您的支持。歡迎參加 Domino's Pizza 2022 年第二季度收益電話會議。 （操作員說明）

Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today to Ryan Goers, VP of Finance and Investor Relations. Please go ahead.

請注意，今天的會議正在錄製中。我現在想把今天的會議交給你的演講者，財務和投資者關係副總裁 Ryan Goers。請繼續。

Thank you, Dylan, and good morning to everyone. Thank you for joining us today for our conversation regarding the results of the second quarter of 2022.

謝謝你，迪倫，大家早上好。感謝您今天加入我們，就 2022 年第二季度的業績進行對話。

Today's call will feature commentaries from Chief Executive Officer, Russell Weiner; and Chief Financial Officer, Sandeep Reddy. As this call is primarily for our investor audience, I ask all members of the media and others to be in a listen-only mode.

今天的電話會議將由首席執行官拉塞爾·韋納 (Russell Weiner) 發表評論；和首席財務官桑迪普·雷迪。由於這次電話會議主要針對我們的投資者聽眾，我要求所有媒體成員和其他人都處於只聽模式。

I want to remind everyone that the forward-looking statements in this morning's earnings release and 10-Q also apply to our comments on the call today. Both of those documents are available on our website. Actual results or trends could differ materially from our forecast. For more information, please refer to the risk factors discussed in our filings with the SEC. In addition, please refer to the 8-K earnings release to find disclosures and reconciliations of non-GAAP financial measures that may be referenced on today's call.

我想提醒大家，今天上午的收益發布和 10-Q 中的前瞻性陳述也適用於我們今天對電話會議的評論。這兩個文件都可以在我們的網站上找到。實際結果或趨勢可能與我們的預測大相徑庭。有關更多信息，請參閱我們提交給 SEC 的文件中討論的風險因素。此外，請參閱 8-K 收益發布，以查找可能在今天的電話會議中引用的非 GAAP 財務指標的披露和對賬。

(Operator Instructions) Today's conference call is being webcast, and is also being recorded for replay via our website.

（操作員說明）今天的電話會議正在進行網絡直播，並通過我們的網站進行錄製以供重播。

With that, I'd like to turn the call over to our Chief Executive Officer, Russell Weiner.

有了這個，我想把電話轉給我們的首席執行官拉塞爾·韋納。

Well, thank you, Ryan, and thanks to all of you for joining us this morning. As Rich Allison and I communicated back in April, we expected the second quarter to be challenging. We continue to navigate the difficult labor market in the U.S., especially for delivery drivers. In addition to inflationary pressures combined with COVID and stimulus-fueled sales comps from the prior 2 years. Our results for the quarter were consistent with the challenges we outlined at that time. However, the strength of our franchisees and team members along with the strategies we're putting into place, make me confident that we're on the path to overcome these short-term obstacles to make the Domino's brand and business stronger than ever.

嗯，謝謝你，瑞恩，也感謝你們今天早上加入我們。正如 Rich Allison 和我在 4 月份進行的交流一樣，我們預計第二季度將充滿挑戰。我們將繼續應對美國艱難的勞動力市場，尤其是送貨司機。除了通脹壓力加上 COVID 和前 2 年刺激刺激的銷售收入外。我們本季度的業績與我們當時概述的挑戰一致。然而，我們的加盟商和團隊成員的實力以及我們正在實施的戰略，讓我相信我們正在克服這些短期障礙，使 Domino 的品牌和業務比以往任何時候都更強大。

Back in May, my team and I gathered with more than 8,000 of our franchisees and team members from around the globe at our 2022 Worldwide Rally. Due to COVID, we had to cancel our last rally. So it was our first time back together as one global team in 4 years. We used this time to share best practices, align on goals and commit to continued growth that will drive meaningful value creation for all of our stakeholders. The energy, commitment, passion for the brand and confidence displayed at this year's rally was truly inspiring and reinforces my belief that our best days lie ahead.

早在 5 月，我和我的團隊就與來自全球的 8,000 多名加盟商和團隊成員一起參加了 2022 年全球拉力賽。由於 COVID，我們不得不取消上次集會。所以這是我們四年來第一次作為一個全球團隊重新聚在一起。我們利用這段時間分享最佳實踐、調整目標並致力於持續增長，這將為我們所有的利益相關者帶來有意義的價值創造。在今年的集會上表現出的能量、承諾、對品牌的熱情和信心確實令人鼓舞，並強化了我的信念，即我們最好的日子還在後面。

I can assure you that nobody at Domino's is happy with our recent performance. However, I have tremendous confidence in the team that we have assembled to leverage some of our current successes, address our current pressures, and proactively work to mitigate the negative impact of those external factors that we can't control.

我可以向您保證，Domino 沒有人對我們最近的表現感到滿意。但是，我對我們組建的團隊充滿信心，他們將利用我們當前的一些成功，解決我們當前的壓力，並積極努力減輕我們無法控制的外部因素的負面影響。

As always, we will make disciplined decisions and we'll focus on doing what is right for our customers, our franchisees and our brands. This approach has served our stakeholders well over many years, and I don't see any reason to defer from this proven approach. We have high expectations for what we can achieve and we will hold ourselves accountable for meeting and often exceeding those objectives.

與往常一樣，我們將做出嚴格的決定，我們將專注於為我們的客戶、加盟商和品牌做正確的事情。多年來，這種方法為我們的利益相關者提供了很好的服務，我認為沒有任何理由推遲這種經過驗證的方法。我們對我們可以實現的目標抱有很高的期望，我們將對實現並經常超越這些目標負責。

I plan to provide you with more specifics on the strategies and plans we have for the business after our CFO, Sandeep Reddy, walks through the results of the quarter. Sandeep?

在我們的首席財務官桑迪普·雷迪（Sandeep Reddy）完成本季度業績後，我計劃向您提供有關我們業務戰略和計劃的更多細節。桑迪普？

Thank you, Russell, and good morning to everyone on the call. Before I get into the details of the quarter, I wanted to share some of my initial observations after my first full quarter as Domino's CFO.

謝謝你，Russell，大家早上好。在深入了解本季度的細節之前，我想分享我在擔任 Domino 的 CFO 的第一個完整季度之後的一些初步觀察。

I see some exciting opportunities to improve our long-term profitability. First, while we continue to explore options to further optimize our consumer pricing architecture in the United States, it is important to highlight that the average price increase we realized in the second quarter across our U.S. system was nearly 6%. We have successfully pulled many pricing levers, including our standard menu pricing, our national offers, our local offers and our delivery fees. This has helped us cover some of the cost increases we are incurring in both the food basket and labor market while also ensuring we continue to deliver terrific value to our consumers.

我看到了一些令人興奮的機會來提高我們的長期盈利能力。首先，雖然我們繼續探索進一步優化我們在美國的消費者定價架構的選項，但重要的是要強調我們在第二季度實現的整個美國系統的平均價格漲幅接近 6%。我們成功地利用了許多定價槓桿，包括我們的標準菜單定價、我們的全國優惠、我們的本地優惠和我們的送貨費。這幫助我們彌補了我們在食品籃子和勞動力市場上發生的一些成本增加，同時也確保我們繼續為我們的消費者提供巨大的價值。

Our work continues on right pricing our product while keeping a compelling value proposition for our consumers with more opportunities to pursue.

我們的工作繼續為我們的產品正確定價，同時為我們的消費者提供令人信服的價值主張，並有更多的追求機會。

Second, efficiencies exist in our cost structure as we seek to ensure that revenues consistently grow faster than expenses. We saw a sequential improvement in the year-over-year contraction of operating income from 270 basis points from Q1 to 180 basis points in Q2. We need to continue this strength.

其次，我們的成本結構中存在效率，因為我們力求確保收入持續增長快於支出。我們看到營業收入的同比收縮從第一季度的 270 個基點連續改善到第二季度的 180 個基點。我們需要繼續保持這種力量。

Third, as a result of the actions we are taking to increase our capacity to meet demand, we realized a sequential improvement in U.S. same-store sales declined from minus 3.6% in Q1 to minus 2.9% in Q2.

第三，由於我們採取措施增加滿足需求的能力，我們實現了美國同店銷售額的連續改善，從第一季度的負 3.6% 下降到第二季度的負 2.9%。

Now our financial results for the quarter in more detail. Global retail sales decreased 3% in Q2 2022 as compared to Q2 2021. When excluding the negative impact of foreign currency, global retail sales grew 1.5% due to sustained positive store growth momentum over the trailing 4 quarters, lapping 17.1% global retail sales growth, excluding FX in Q2 2021. As we have discussed in the past, we believe it remains instructive to look at the cumulative stack of sales across the business, anchored back to 2019 as a pre-COVID baseline and will continue to do so for as long as we believe it is useful in understanding our business performance.

現在我們更詳細地了解本季度的財務業績。與 2021 年第二季度相比，2022 年第二季度全球零售額下降 3%。剔除外彙的負面影響後，全球零售額增長 1.5%，原因是過去 4 個季度持續積極的商店增長勢頭，超過全球零售額增長 17.1% ，不包括 2021 年第二季度的外匯。正如我們過去所討論的那樣，我們認為查看整個業務的累積銷售額仍然具有指導意義，將 2019 年作為 COVID 之前的基準，並將繼續這樣做只要我們相信它有助於了解我們的業務績效。

Looking at the 3-year stack, our Q 2022 global retail sales, excluding foreign currency impact, grew nearly 27% versus Q2 2019. Breaking down total global retail sales growth, international retail sales, excluding the negative impact of foreign currency, grew 3.7%, rolling over a prior year increase of 29.5% and are up almost 30% on a 3-year stack basis relative to 2019. U.S. retail sales declined 0.6%, rolling over a prior increase of 7.4% and are up almost 27% on a 3-year stack basis relative to 2019.

從 3 年的堆棧來看，我們 2022 年第二季度的全球零售額（不包括外匯影響）與 2019 年第二季度相比增長了近 27%。分解全球零售總額的增長情況，國際零售額（不包括外彙的負面影響）增長了 3.7% %，較上年增長 29.5%，與 2019 年相比，三年累計增長近 30%。美國零售額下降 0.6%，較上年增長 7.4% 增長近 27%。相對於 2019 年的 3 年堆棧基礎。

Turning to comps. During Q2, same-store sales, excluding foreign currency impact from our international business declined 2.2%, rolling over a prior year increase of 13.9% and were up 13% on a 3-year stack basis relative to 2019. Order growth was slightly positive during the quarter, demonstrating continued global demand. However, this growth was more than offset by declines in ticket driven by the year-over-year impact of expiration of the 2021 VAT relief in the U.K., our largest international market by retail sales. This resulted in a negative comp for the quarter for international versus a slightly positive without comp this unfavorable U.K. VAT impact. The year-over-year impact of expiration of the 2021 U.K. VAT relief will continue while we lap the reduced rates from 2021 to the rest of the year.

轉向comps。在第二季度，不包括我們的國際業務的外匯影響，同店銷售額下降 2.2%，較上年增長 13.9%，相對於 2019 年的 3 年堆棧增長 13%。訂單增長略為正在本季度，顯示出持續的全球需求。然而，這一增長被英國 2021 年增值稅減免到期的同比影響所推動的票價下降所抵消，英國是我們最大的零售國際市場。這導致該季度的國際業績為負值，而在沒有英國增值稅這一不利影響的情況下略為正值。 2021 年英國增值稅減免到期的同比影響將繼續，而我們將從 2021 年到今年剩餘時間的稅率降低。

Same-store sales for our U.S. business declined 2.9%, rolling over a prior year increase of 3.5% and were up 16.7% on a 2-year stack basis relative to 2019, representing a sequential 5.3 percentage point improvement from Q1 on a 3-year stack basis. Breaking down the U.S. comp, our franchise business was down 2.5% in the quarter, while our company-owned stores were down 9.2%. We believe the difference in the top line performance in our company-owned stores as compared to our franchise stores continues to be driven by more substantial operational challenges in our company-owned stores that Russell will address later on the call.

我們美國業務的同店銷售額下降 2.9%，較上年增長 3.5% 有所回升，與 2019 年相比，連續兩年增長 16.7%，比第一季度連續增長 5.3 個百分點，增幅為 3-年堆棧基礎。細分美國公司，我們的特許經營業務在本季度下降了 2.5%，而我們公司擁有的商店下降了 9.2%。我們認為，與我們的特許經營店相比，我們公司自有商店的頂線業績差異繼續受到羅素稍後將在電話會議上解決的公司自有商店中更重大的運營挑戰的推動。

The estimated impact of fortressing was 0.7 percentage points during the quarter across the U.S. system. This impact will continue to trend lower as our U.S. store base grows.

在整個美國系統中，堡壘的估計影響在本季度為 0.7 個百分點。隨著我們美國門店數量的增長，這種影響將繼續呈下降趨勢。

The decline in U.S. same-store sales in Q2 was driven by a decline in order counts, which continue to be pressured by the challenging staffing environment, which had certain operational impacts such as shortened store hours and customer service challenges in many stores, both company-owned and franchise, along with tough COVID and stimulus-fueled comps from the prior years.

第二季度美國同店銷售額下降的原因是訂單數量下降，這繼續受到充滿挑戰的員工環境的壓力，這對運營產生了一定的影響，例如商店營業時間縮短和許多商店的客戶服務挑戰，兩家公司- 擁有和特許經營權，以及前幾年艱難的 COVID 和刺激計劃。

The decline in order counts was partially offset by ticket growth, which included nearly 6% in pricing actions I spoke about earlier. We saw a similar trend on a 3-year stack basis with a 16.7% growth in same-store sales, driven by growth in ticket and partially offset by a decline in order count.

訂單數量的下降被門票增長部分抵消，其中包括我之前談到的近 6% 的定價行為。我們在 3 年的堆棧基礎上看到了類似的趨勢，同店銷售額增長了 16.7%，這是由門票增長推動的，但部分被訂單數量的下降所抵消。

As we have previously shared, we believe it is instructive to break our U.S. stores into quintiles based on staffing levels relative to a fully-staffed store to give a sense for the magnitude of the impact of staffing.

正如我們之前所分享的，我們認為將我們的美國商店分成五分之一是有啟發性的，根據員工人數相對於滿員商店的員工水平，可以了解員工人數的影響程度。

Looking at Q2 same-store sales, stores in the top 20%, those that are essentially fully staffed on average, outperformed stores in the bottom 20%, those that are facing the most significant labor shortages, by 7 percentage points. This is down sequentially from the 12 percentage point gap we saw in Q1 between the top and bottom quintiles, showing improvement in the lower quintile stores' ability to meet consumer demand.

從第二季度的同店銷售額來看，排名前 20% 的店鋪（平均而言基本滿員的店鋪）比排名最低的 20% 的店鋪（面臨最嚴重的勞動力短缺的店鋪）高出 7 個百分點。這比我們在第一季度看到的最高五分之一和最低五分之一之間的 12 個百分點的差距連續下降，表明下五分之一商店滿足消費者需求的能力有所提高。

Now I'll share a few thoughts specifically about the carryout and delivery businesses. The carryout business was strong in Q2, with U.S. carryout same-store sales 14.6% positive compared to Q2 2021. On a 3-year basis, our carryout same-store sales were up 33% versus Q2 2019. The gap between the top and bottom quintiles based on staffing levels remained small during the quarter, highlighting both strong consumer demand and the lower cost of sales relative to delivery orders. We are incredibly pleased with our carryout momentum, especially considering carryout is a much larger segment of QSR, giving us a significant runway for growth in the future.

現在我將分享一些關於結轉和交付業務的想法。結轉業務在第二季度表現強勁，與 2021 年第二季度相比，美國結轉同店銷售額增長了 14.6%。在 3 年的基礎上，我們的結轉同店銷售額與 2019 年第二季度相比增長了 33%。在本季度，基於人員配備水平的最低五分之一仍然很小，突顯出強勁的消費者需求和相對於交付訂單的較低銷售成本。我們對我們的結轉勢頭非常滿意，特別是考慮到結轉是 QSR 的一個更大的部分，這為我們未來的增長提供了重要的跑道。

The delivery business continued to be more pressured. Q2 delivery same-store sales declined by 11.7% relative to Q2 2021. Looking at the business on a 3-year stack, Q2 delivery same-store sales remained more than 8% above Q2 2019 levels. When we look at the same quintiles relative to the delivery business, we continue to see a more pronounced difference in performance. We saw an 11 percentage point gap in delivery same-store sales between stores in the top 20% and those in the bottom 20%. While we continue to see a significant gap in performance between the top and bottom quintile, this does represent a sequential improvement from the 17 percentage point gap we observed in the first quarter.

快遞業務繼續承壓。與 2021 年第二季度相比，第二季度的送貨同店銷售額下降了 11.7%。從 3 年的業務來看，第二季度的送貨同店銷售額仍比 2019 年第二季度的水平高出 8% 以上。當我們查看與交付業務相關的相同五分位數時，我們繼續看到更明顯的績效差異。我們看到排名前 20% 的商店和排名後 20% 的商店之間的同店配送銷售額差距為 11 個百分點。雖然我們繼續看到最高和最低五分之一之間的表現存在顯著差距，但這確實比我們在第一季度觀察到的 17 個百分點的差距有所改善。

Shifting to unit count. We and our franchisees added 22 net new stores in the U.S. during Q2, consisting of 24 store openings and 2 closures, bringing our U.S. system store count to 6,619 stores at the end of the quarter. With our strong four-wall economics, we remain bullish on the long-term unit growth potential in the United States and we maintained our conviction that the U.S. can be an 8,000-plus store market for Domino's.

轉移到單位計數。我們和我們的加盟商在第二季度在美國新增了 22 家淨新店，其中包括 24 家新店和 2 家關店，使我們在本季度末的美國系統店數達到 6,619 家。憑藉我們強大的四壁經濟，我們仍然看好美國的長期單位增長潛力，並且我們堅信美國可以成為多米諾的 8,000 多家商店市場。

The pace of U.S. store growth may decelerate slightly from the current 4-quarter run rate of 3% the rest of the year or until the headwinds subside given some of the continued development, supply chain, staffing and inflationary headwinds.

美國商店的增長速度可能會從目前的 4 季度 3% 的運行速度略有放緩，直到今年剩餘時間或直到逆風消退，因為一些持續的發展、供應鏈、人員配備和通脹逆風。

Our international business added 211 net new stores in Q2, comprised of 249 store openings and 38 closures. This brought our current 4-quarter net store growth rate in international to 9%. When combined with our U.S. store growth, our trailing 4-quarter global net store growth of nearly 7% continues to fall within our 2- to 3-year outlook range of 6% to 8%.

我們的國際業務在第二季度新增了 211 家淨新店，其中包括 249 家新店和 38 家關店。這使我們目前在國際上的 4 季度淨門店增長率達到 9%。結合我們的美國門店增長，我們過去 4 季度近 7% 的全球門店淨增長繼續落在我們 6% 至 8% 的 2 至 3 年展望範圍內。

Turning to revenues and operating income. Total revenues for the second quarter increased approximately $32.7 million or 3.2% from the prior year quarter driven by higher supply chain revenues resulting from a 15.2% higher market basket pricing to stores. Our market basket pricing is up approximately 20% on a 3-year basis now. The increase in supply chain revenues was partially offset by declines in our company-owned stores' revenues.

轉向收入和營業收入。第二季度的總收入比去年同期增加了約 3270 萬美元或 3.2%，這是由於商店的市場籃子定價提高了 15.2% 導致供應鏈收入增加。現在，我們的市場籃子定價在 3 年的基礎上上漲了約 20%。供應鏈收入的增長部分被我們公司自有商店收入的下降所抵消。

Changes in foreign currency exchange rates negatively impacted international raw material revenues by $5.9 million during Q2. Our consolidated operating income as a percentage of revenues decreased by 180 basis points to 16.7% in Q2 from the prior quarter, primarily driven by food basket and labor cost increases. These impacts were partially offset by pricing actions and G&A leverage.

第二季度，外匯匯率的變化對國際原材料收入產生了 590 萬美元的負面影響。我們的綜合營業收入佔收入的百分比在第二季度比上一季度下降了 180 個基點至 16.7%，主要是受食品籃子和勞動力成本增加的推動。這些影響被定價行動和 G&A 槓桿部分抵消。

Our diluted EPS in Q2 was $2.82 versus $3.06 in Q2 2021 or $3.12 when adjusted for the $0.06 impact of the recapitalization transaction in the prior year. Breaking down that $0.30 decrease in our diluted EPS as compared to our adjusted diluted EPS, our operating results negatively impacted us by $0.14.

我們在第二季度的攤薄後每股收益為 2.82 美元，而 2021 年第二季度為 3.06 美元，或根據上一年資本重組交易的 0.06 美元影響調整後的 3.12 美元。與調整後的攤薄每股收益相比，我們的攤薄每股收益減少 0.30 美元，我們的經營業績對我們產生了 0.14 美元的負面影響。

Changes in foreign currency exchange rates negatively impacted us by $0.12. Our higher effective tax rate negatively impacted us by $0.14, $0.09 of which was driven by changes in tax impact of stock-based compensation. Higher depreciation negatively impacted us by $0.02, higher net interest expense negatively impacted us by $0.02 and a lower diluted share count driven by share repurchases over the trailing 12 months benefited us by $0.14.

外幣匯率的變化對我們產生了 0.12 美元的負面影響。我們較高的有效稅率對我們產生了 0.14 美元的負面影響，其中 0.09 美元是由股票薪酬的稅收影響變化驅動的。較高的折舊對我們產生了 0.02 美元的負面影響，較高的淨利息支出對我們產生了 0.02 美元的負面影響，而在過去 12 個月的股票回購推動下，稀釋後的股票數量減少了 0.14 美元。

Although we faced operating headwinds, we continue to generate sizable free cash flow. During the first 2 quarters of 2022, we generated net cash provided by operating activities of approximately $153 million. After deducting for capital expenditures of approximately $33 million, which included investments in our technology initiatives such as our next-generation point-of-sale system and investments in our supply chain channels, we generated a free cash flow of approximately $121 million. Free cash flow decreased $142 million from the first 2 quarters of 2021, primarily due to changes in working capital as a result of the timing of payments of accrued liabilities and receipts on accounts receivable and lower net income.

儘管我們面臨經營逆風，但我們繼續產生可觀的自由現金流。在 2022 年前兩個季度，我們產生了約 1.53 億美元的經營活動提供的淨現金。在扣除約 3300 萬美元的資本支出後，其中包括對下一代銷售點系統等技術計劃的投資和對供應鏈渠道的投資，我們產生了約 1.21 億美元的自由現金流。與 2021 年前兩個季度相比，自由現金流減少了 1.42 億美元，主要是由於應計負債和應收賬款收款的支付時間以及淨收入下降導致營運資本發生變化。

During the quarter, we repurchased and retired approximately 148,000 shares of $50 million at an average price of $337 per share. As of the end of Q2, we had approximately $606 million remaining under our current Board authorization for share repurchases.

在本季度，我們以每股 337 美元的平均價格回購併退還了約 148,000 股價值 5000 萬美元的股票。截至第二季度末，根據我們目前的董事會授權股票回購，我們剩餘約 6.06 億美元。

Before I close, we would like to update the guidance we provided in April for 2022. Based on the continuously evolving macroeconomic environment, we now expect the increase in the store food basket within our U.S. system to range from 13% to 15% as compared to 2021 levels, an increase from the 10% to 12% we were expecting in April. Changes in foreign currency exchange rates are now expected to have a negative impact of $22 million to $26 million compared to 2021, an increase from the $12 million to $16 million we were expecting to see in April. We anticipate that we will continue to see fluctuations in commodity prices, including wheat and fuel costs and foreign currency exchange rates resulting from geopolitical risk and the resulting impact on the overall macroeconomic environment.

在我結束之前，我們想更新我們在 4 月提供的 2022 年指導。基於不斷變化的宏觀經濟環境，我們現在預計我們美國系統內的商店食品籃子的增幅將在 13% 到 15% 之間到 2021 年的水平，從我們 4 月份預期的 10% 增加到 12%。與 2021 年相比，外匯匯率的變化現在預計將產生 2200 萬美元至 2600 萬美元的負面影響，從我們預計 4 月份的 1200 萬美元增加到 1600 萬美元。我們預計我們將繼續看到商品價格波動，包括小麥和燃料成本以及地緣政治風險導致的外匯匯率以及對整體宏觀經濟環境的影響。

Thank you all for joining the call today, and now I will turn it back to Russell.

感謝大家今天加入電話會議，現在我將把它轉回拉塞爾。

Thank you, Sandeep. I'm going to start my comments with the U.S. business. The performance during the quarter started slow as we were lapping with tough [COVID and] stimulus-fueled comp on a 1- and 2-year basis. These dynamics eased throughout the quarter as we move further away from the government payments distributed in March of 2021.

謝謝你，桑迪普。我將從美國企業開始我的評論。本季度的表現開始緩慢，因為我們在 1 年和 2 年的基礎上應對艱難的 [COVID 和] 刺激計劃。隨著我們進一步遠離 2021 年 3 月分配的政府付款，這些動態在整個季度有所緩解。

During the quarter, we continued innovative ways to engage with our consumers through our carryout tips promotion, where we were awarded our carryout customers with a $3 tip, good for the purchase of another carryout order within the next week. We also launched our Mind Ordering app, which created a fun ordering experience, which was cut out for some time, into the new season of Stranger Things, one of the most popular shows on TV and streaming. In addition, the second quarter marked our first full quarter since we evolved our national offers to include $5.99 Mix & Match for carryout customers and $6.99 delivery Mix & Match.

在本季度，我們繼續以創新的方式通過我們的提貨小費促銷活動與我們的消費者互動，我們向我們的提貨客戶獎勵了 3 美元的小費，這對於在下週內購買另一個提貨訂單很有好處。我們還推出了我們的 Mind Ordering 應用程序，該應用程序創造了一種有趣的訂購體驗，但在新一季《怪奇物語》（Stranger Things）是電視和流媒體上最受歡迎的節目之一。此外，第二季度標誌著我們的第一個完整季度，因為我們將全國優惠包括為攜帶客戶提供 5.99 美元的混搭和 6.99 美元的送貨混搭。

On the last call, I laid out so many action plans that we're taking to meet customer demand, including returning to core hours, utilizing call centers to ease constraints in the stores and bringing back to the street promotion.

在最後一次電話會議上，我制定了許多行動計劃，以滿足客戶的需求，包括恢復核心時間、利用呼叫中心來緩解商店的限制以及重新進行街頭促銷。

I'd like to take some time to provide additional color on each of these actions. If you recall, out of necessity, many stores have had to flex their hours of operations because of the labor constraints from the staffing challenges and the Omicron surge early in the year. During the first quarter, when we added up all the lost operating hours, we estimate (inaudible) cumulatively both the equivalent of almost 6 days across the entire U.S. business.

我想花一些時間為這些操作中的每一個提供額外的顏色。如果您還記得，由於人員配備挑戰和年初 Omicron 激增造成的勞動力限制，許多商店不得不調整營業時間。在第一季度，當我們將所有損失的營業時間加起來時，我們估計（聽不清）累計相當於整個美國業務的近 6 天。

During the second quarter, this number improved to a little over 4 days. The stores primarily flexing hours to be closed during nonpeak times. The impact on orders was less than the number of days closed as a percentage of the total days in the quarter. While we and our franchisees continue to make progress on a full return of all stores to core hours as we start to lap the service disruptions from last year, this metric will become less meaningful as a driver of the year-over-year sales performance.

在第二季度，這個數字提高到 4 天多一點。商店主要在非高峰時段關閉營業時間。對訂單的影響小於本季度關閉天數佔總天數的百分比。雖然我們和我們的特許經營商繼續在所有商店全面恢復核心營業時間方面取得進展，因為我們開始應對去年的服務中斷，但這一指標作為同比銷售業績的驅動因素將變得不那麼有意義。

Another key action is utilizing call centers to take phone orders. This allows team members to focus on making and delivering pizzas without having to worry about answering phones, especially during the busiest times of the store. At the end of the quarter, around 40% of our U.S. stores were utilizing call centers in some capacity. As a result, headwinds from unanswered calls were lower than we experienced during the first quarter.

另一個關鍵行動是利用呼叫中心接受電話訂單。這使團隊成員可以專注於製作和交付比薩餅，而不必擔心接聽電話，尤其是在商店最繁忙的時候。在本季度末，我們大約 40% 的美國商店在一定程度上使用呼叫中心。因此，未接電話帶來的阻力低於我們在第一季度的經歷。

The third action is bringing back booth weeks. We promised we will bring back these important customer acquisitions and loyalty enrollment activities this summer. And as you saw, we ran our first booth week in more than 2 years in early June. I am extremely proud of our franchisees, team members and supply chain for executing at a very high level during what was our busiest week of the year. Consumer reaction was strong, and we plan to do another booth week by the end of the summer before we evaluate future cadence.

第三個行動是帶回展位週。我們承諾今年夏天將帶回這些重要的客戶獲取和忠誠度註冊活動。如您所見，我們在 6 月初舉辦了兩年多來的第一個展位週。我為我們的特許經營商、團隊成員和供應鏈在我們一年中最繁忙的一周以非常高的水平執行而感到非常自豪。消費者反應強烈，我們計劃在夏季結束前再做一個展位週，然後再評估未來的節奏。

Turning now to corporate store performance. Our corporate stores continue to lag franchise performance during the second quarter. As I mentioned during the last call, we are committed to restoring our corporate stores' leadership position among the U.S. system of stores. As such, we have put into place an operations recovery plan with 30, 60 and 90-day milestones. Now last month, we made a leadership change designed to positively impact our focus to our business. Frank Garrido, our Executive Vice President of Operations, who also led corporate stores before taking on his current role in February of 2020, will have that team report directly to him, so he can more closely assess and address the needs of this business. We will continue to provide updates on the progress of our corporate stores and look forward to them resuming their leadership role among our U.S. system of stores.

現在轉向企業商店的表現。我們的企業門店在第二季度繼續落後於特許經營業績。正如我在上次電話會議中提到的，我們致力於恢復我們的公司商店在美國商店系統中的領導地位。因此，我們制定了具有 30、60 和 90 天里程碑的運營恢復計劃。現在，上個月，我們進行了領導層變動，旨在積極影響我們對業務的關注。我們的運營執行副總裁 Frank Garrido 在 2020 年 2 月擔任現職之前還領導過企業商店，他將讓該團隊直接向他匯報，這樣他就可以更密切地評估和解決該業務的需求。我們將繼續提供我們公司商店的最新進展，並期待他們恢復在我們美國商店系統中的領導作用。

Now finally, I'd like to provide an update on our ongoing delivery labor market deep dive. We continue to believe that many of the answers to the labor shortages we are facing are already in our system. We see that our top quintile stores, they can meet the demand and outperform the system. We also saw the gap in performance was between our top and bottom quintile stores improved during the second quarter. We know from our work that one of the key issues for delivery drivers is flexibility. And for many, this is even more important than compensation. Flexibility includes the ability to work shorter shifts, fewer hours in a week, and sign up for a shift with short lead times. These are the areas where we are continuing to evaluate and evolve our practices. The question remains, can we close the gap in performance and get back to fully meeting demand utilizing our current delivery model as it has evolved over many decades. Until we fully answer this question, all options will remain on the table.

最後，我想提供有關我們正在進行的交付勞動力市場深入研究的最新信息。我們仍然相信，我們所面臨的勞動力短缺問題的許多答案已經在我們的系統中。我們看到我們的頂級五分之一商店，他們可以滿足需求並超越系統。我們還看到，在第二季度，我們頂部和底部五分之一商店之間的業績差距有所改善。從我們的工作中我們知道，交付驅動程序的關鍵問題之一是靈活性。對許多人來說，這甚至比補償更重要。靈活性包括更短的輪班工作、每週更少的工作時間以及以較短的交貨時間報名參加輪班的能力。這些是我們繼續評估和發展我們實踐的領域。問題仍然存在，我們能否縮小性能差距並利用我們現有的交付模式重新完全滿足需求，因為它已經發展了幾十年。在我們完全回答這個問題之前，所有選項都將保留在桌面上。

Now let's turn to international. The international business displayed strong fundamental growth, opening over 200 net new stores during the quarter as well as positive order count growth. During the second quarter, 44 of our international markets opened at least 1 net new store, demonstrating the strong demand for Domino's around the world. As Sandeep mentioned, there were some short-term pressures from the U.K. VAT relief overlaps that drove the comp to go negative in the quarter, snapping our long-running streak of consecutive quarters with positive same-store sales growth. I remain confident, extremely confident in the long-term growth potential for our international business. Opening more than 1,000 net stores over the trailing 4 quarters is an outstanding accomplishment by our team in our international master franchise.

現在讓我們轉向國際。國際業務顯示出強勁的基本增長，本季度淨開設超過 200 家新店，訂單數量呈正增長。在第二季度，我們的 44 個國際市場開設了至少 1 家淨新店，表明全球對多米諾的強勁需求。正如 Sandeep 所提到的，英國增值稅減免重疊帶來了一些短期壓力，導致該公司在本季度出現負數，打破了我們連續幾個季度的長期連續增長，同店銷售正增長。我仍然對我們國際業務的長期增長潛力充滿信心，非常有信心。在過去的 4 個季度內開設了 1,000 多家網店，這是我們團隊在我們的國際主特許經營中取得的傑出成就。

I'll now highlight a few international markets of note. I'd like to congratulate DPC Dash, our master franchisee in China for opening their 500th store during the second quarter. Also, as you may have seen, Dash brands recently made its A1 filing for a listing on the Hong Kong Stock Exchange.

我現在將重點介紹一些值得注意的國際市場。我要祝賀我們在中國的主要特許經營商 DPC Dash 在第二季度開設了他們的第 500 家門店。此外，您可能已經看到，Dash 品牌最近提交了 A1 申請，以在香港證券交易所上市。

We saw strong sales growth in the Middle East, especially in Saudi Arabia. Also, Alamar Foods, our master franchisees across 11 markets in the Middle East and North Africa, announced its intention to go public through an IPO on the Saudi Stock Exchange.

我們在中東看到了強勁的銷售增長，尤其是在沙特阿拉伯。此外，我們在中東和北非 11 個市場的主要特許經營商 Alamar Foods 宣布打算通過在沙特證券交易所進行 IPO 上市。

Other markets of note with strong growth in the quarter included India, Mexico, Spain, Turkey, and Guatemala. We have a long runway for growth in the U.S. and around the world in both our delivery and our carryout business. We will continue to mitigate challenges within our control and take steps to proactively confront external factors we can't completely control with strategies and plans to minimize their impact.

本季度增長強勁的其他值得注意的市場包括印度、墨西哥、西班牙、土耳其和危地馬拉。我們在美國和世界各地的交付和結轉業務都有很長的增長空間。我們將繼續緩解我們控制範圍內的挑戰，並採取措施主動應對我們無法通過戰略和計劃完全控制的外部因素，以盡量減少其影響。

We're now happy to take some questions.

我們現在很高興回答一些問題。

(Operator Instructions) I show our first question comes from the line of Brian Bittner from Oppenheimer.

（操作員說明）我表明我們的第一個問題來自 Oppenheimer 的 Brian Bittner。

Question on the same-store sales in the U.S. Your same-store sales in the second quarter, as you said, accelerated by over 500 basis points versus the first quarter when we look at it on a 3-year stack basis. So clearly, a meaningful improvement in the quarter. Can you just unpack the drivers of this improvement in a little bit more detail and help us understand maybe how much of this improvement came from improved staffing levels through the quarter versus maybe some other sources of improvement just so we can understand the underlying health of this improvement in the second quarter?

關於美國同店銷售額的問題正如您所說，當我們以 3 年的堆棧為基礎看時，與第一季度相比，您在第二季度的同店銷售額增長了 500 多個基點。很明顯，本季度取得了有意義的進步。您能否更詳細地解開這種改進的驅動因素，並幫助我們了解這種改進有多少來自整個季度的人員配備水平的提高，而不是其他一些改進來源，這樣我們就可以了解它的潛在健康狀況二季度好轉？

Brian, thanks for the question. I think a lot of it is actually in some of the prepared remarks that we went through, but I'll just really try to respin it up a little bit for you because the answers are really sequential acceleration for sure in the carryout business where we went from an 11% increase in the first quarter to a 14.6% increase in the second quarter. So definitely, the momentum that we saw, in fact, on a 3-year stack basis, it went from 24% to 33%. So significant acceleration and strength in the carryout business is very exciting.

布賴恩，謝謝你的問題。我認為其中很多實際上是在我們經歷的一些準備好的評論中，但我真的會嘗試為你重新調整一下，因為答案確實是在我們的結轉業務中確實是連續加速從第一季度的 11% 增長到第二季度的 14.6%。所以毫無疑問，我們看到的勢頭，事實上，在 3 年的基礎上，它從 24% 上升到 33%。因此，結轉業務的顯著加速和實力非常令人興奮。

I think on the delivery business, if you look at what happened in the quarter, we were up against much more significant overlaps last year. So even though we had an 11.7% decline on a 3-year stack basis, we're up 8% compared to the plus 6% that we had last quarter. And so sequentially, a lot of the initiatives that we talked about on the last earnings call started playing in and delivery didn't improve sequentially. We have more work to do but we definitely had some progress that we saw in the quarter. So said another way, the sequential improvement of 530 basis points was driven by both carryout and delivery with both making meaningful progress.

我認為在交付業務方面，如果你看一下本季度發生的事情，我們去年遇到了更重要的重疊。因此，儘管我們在 3 年的堆棧基礎上下降了 11.7%，但與上一季度的 6% 相比，我們增長了 8%。因此，我們在上次財報電話會議上談到的許多舉措開始發揮作用，交付並沒有按順序改善。我們還有更多工作要做，但我們肯定在本季度看到了一些進展。換句話說，530 個基點的連續改善是由結轉和交付推動的，兩者都取得了有意義的進展。

And I show our next question comes from the line of David Palmer from Evercore ISI.

我展示了我們的下一個問題來自 Evercore ISI 的 David Palmer。

First, just maybe a 2-parter here. You mentioned customer service issues and that being a drag. I wonder what does that look like? I mean, what is the customer experiencing any numbers that describe what that is? And how you measure the impact on the business? And then relatedly, it sounds like you're still in evaluation phase with regard to other options to alleviate pressure to labor in the delivery sense. Could you talk about some of the things that you're most evaluating at this point, maybe things that are in test right now?

首先，這裡可能只是一個 2-parter。你提到了客戶服務問題，這是一個拖累。我想知道那是什麼樣子的？我的意思是，客戶體驗到的任何數字是什麼？您如何衡量對業務的影響？然後相關地，聽起來您仍處於評估階段，以減輕交付意義上的勞動力壓力。您能否談談您目前最評估的一些事情，也許是目前正在測試的事情？

Sure. On the customer service side, really, at the end of the day, what we like is things have gotten sequentially better in the second quarter from the first quarter. We certainly still had capacity things we're dealing with. But at the end of the day, demand is strong and our ability to serve that capacity is getting better.

當然。在客戶服務方面，歸根結底，我們喜歡的是第二季度的情況比第一季度有所好轉。我們當然仍然有我們正在處理的容量問題。但歸根結底，需求強勁，我們為這種能力提供服務的能力越來越好。

To your second question on the evaluation, what I'd tell you is we are 100% committed to getting this done ourselves. We think the answers to some of the capacity issues lie within the system. And until we get though where we need to be, our responsibility is to understand all the options available, and that's what we're going to do.

關於評估的第二個問題，我要告訴你的是，我們 100% 致力於自己完成這項工作。我們認為一些容量問題的答案在於系統內部。在我們到達需要的地方之前，我們的責任是了解所有可用的選項，這就是我們要做的。

And I show our next question comes from the line of David Tarantino from Baird. .

我展示了我們的下一個問題來自 Baird 的 David Tarantino。 .

I had a question on the carryout versus delivery business. I guess, first, if you could maybe give us an update on what the mix of business is today given the big changes you're seeing in the carryout business? And then I guess, secondly, on the carryout business, the strength that you saw in the second quarter was very impressive. And I'm wondering if you can at least offer some thoughts on the sustainability of that or whether you think it was just a great promotion with the offer that you ran there or if you think that this is a more durable layer of sales with new customers or new occasions.

我有一個關於結轉與交付業務的問題。我想，首先，鑑於您在結轉業務中看到的巨大變化，您是否可以向我們提供有關當今業務組合的最新信息？然後我想，其次，在結轉業務方面，您在第二季度看到的實力非常可觀。而且我想知道您是否至少可以就其可持續性提供一些想法，或者您是否認為這只是您在那裡提供的優惠的一次很好的促銷，或者您是否認為這是一個更持久的銷售層客戶或新場合。

Thanks, David, for the question. It's a really good one. I think there's -- we'll take it in 2 parts. Russell will cover the second piece, and I'll just talk about the carryout versus the delivery dynamics that you asked about.

謝謝，大衛，這個問題。這是一個非常好的。我認為有——我們將把它分成兩部分。羅素將介紹第二篇文章，我將只討論您所詢問的結轉與交付動態。

So I think overall, when we look at carryout versus delivery from a mix standpoint, clearly, with the comps -- actually, with an acceleration in carryout mix -- carryout comps versus delivery declining, the mix is shifting towards carryout. We typically update only at the end of each year. And I think we'll give you a further update at the end of the year because things are moving around quite a bit. But what we're really thrilled about is the momentum on the carryout business because as we said in the prepared remarks, it's an accelerating trend on a business that is a significantly larger business and in the QSR space. So there's a lot of runway for growth for us on that business.

所以我認為總的來說，當我們從混合的角度來看結轉與交付時，很明顯，隨著組合 - 實際上，隨著結轉組合的加速 - 結轉組合與交付的下降，組合正在轉向結轉。我們通常只在每年年底更新。而且我認為我們會在今年年底為您提供進一步的更新，因為事情正在發生很大變化。但我們真正興奮的是結轉業務的勢頭，因為正如我們在準備好的評論中所說，這是一個明顯更大的業務和 QSR 領域的加速趨勢。因此，我們在該業務上有很多增長空間。

And then Russell, do you want to talk about sustainability?

然後羅素，你想談談可持續性嗎？

Yes. Thanks, David. We have seen sustainability and continued momentum and continued growth in carryout, not just over the last 3 years, but over the last decade or so since we decided to really focus in on that area. One of the reasons that's so important for us is it's very incremental to delivery. We see maybe 15% or so overlap between carryout occasions and delivery occasions. Interestingly enough, the carryout sourcing of volume we have is less so from pizza out on a percentage basis and more so from other QSRs. So it enables us to not only grow in the larger carryout pizza segment with a larger carryout QSR segment.

是的。謝謝，大衛。不僅在過去 3 年，而且在我們決定真正專注於該領域以來的過去十年左右，我們都看到了結轉業務的可持續性、持續的勢頭和持續的增長。對我們來說如此重要的原因之一是它對交付非常有幫助。我們看到結轉時間和交付時間之間可能有 15% 左右的重疊。有趣的是，我們從比薩餅中獲得的數量的結轉採購較少，而來自其他 QSR 的數量則更多。因此，它使我們不僅能夠在更大的結轉比薩細分市場中增長，而且還擁有更大的結轉 QSR 細分市場。

And I show our next question comes from the line of Brian Mullan from Deutsche Bank.

我展示了我們的下一個問題來自德意志銀行的 Brian Mullan。

Just a question related to domestic development. As you think about restoring the pace of growth, domestic unit growth back up to that 4% to 5% rate, what are the most important factors for investors to consider right now in regards to the pipeline for next year? Do you think you can get back to that pace in 2023? Or is this going to be a little bit of a longer path to the pre-COVID run rate in your view? And if it's a little longer, what are kind of the key gating factors right now?

只是一個與國內發展有關的問題。當您考慮恢復增長速度時，國內單位增長率恢復到 4% 至 5% 的速度，對於明年的管道，投資者現在考慮的最重要因素是什麼？你認為你能在 2023 年回到那個速度嗎？或者，在您看來，這是否會是實現 COVID 之前的運行率的一條更長的道路？如果再長一點，現在有哪些關鍵的門控因素？

So Brian, thanks for the question. I think when we look at the U.S. potential, I think Russell has touched on something really important with the carryout momentum and the acceleration that we're seeing there and the opportunity that we have in terms of the QSR space and how we can actually penetrate into that. So then I'm going to actually go back to what we've talked about previously as our goal for the U.S. of 8,000 stores. Relative to that, we're 6,619 stores already, so the gap is not massive.

所以布萊恩，謝謝你的問題。我認為當我們審視美國的潛力時，我認為羅素已經觸及了一些非常重要的東西，即我們在那裡看到的結轉勢頭和加速，以及我們在 QSR 空間方面的機會以及我們如何實際滲透進入那個。那麼我實際上要回到我們之前談到的作為我們在美國的 8,000 家商店的目標。相對而言，我們已經有 6,619 家門店，所以差距並不大。

And as we've talked about this year from the beginning, I think on the last call itself, Rich mentioned that we were probably going to see some headwinds basically in terms of this pace of development because of supply chain problems, because of the inflationary environment, et cetera. This continues to be the factor. And I think even though we are a trailing 12 months of 3%, we see some potential deceleration relative to that in the short term until all of these headwinds subside, doesn't change the long-term trajectory of where we can take this. But I think we need these headwinds to subside before we can accelerate.

正如我們從一開始就談到的那樣，我認為在最後一次電話會議上，里奇提到，由於供應鏈問題，由於通貨膨脹，我們可能會在這種發展速度方面看到一些阻力。環境等等。這仍然是因素。而且我認為，即使我們過去 12 個月的增長率為 3%，但在所有這些不利因素消退之前，我們看到相對於短期內的一些潛在減速，並不會改變我們可以採取的長期軌跡。但我認為我們需要先平息這些逆風，然後才能加速。

And I think from our franchisees, they have a really fantastic industry-leading profitability. Their returns are very compelling. They average 3 years in terms of cash on cash payback. And they see the potential path to future growth. So we are really confident that the 8,000 year-end objective is definitely very achievable and especially with the momentum that we're seeing on the carryout business, we actually have everything set with our fortressing strategy. And actually, that gives us a lot of upside and runway in terms of unit development.

我認為從我們的加盟商那裡，他們擁有非常出色的行業領先盈利能力。他們的回報非常引人注目。就現金回報而言，它們平均為 3 年。他們看到了未來增長的潛在途徑。因此，我們非常有信心，8,000 年年底的目標絕對是可以實現的，尤其是在我們看到的結轉業務的勢頭下，我們實際上已經為我們的堡壘戰略做好了一切準備。實際上，這在單位開發方面給了我們很多好處和跑道。

And I show our next question comes from the line of John Glass from Morgan Stanley.

我表明我們的下一個問題來自摩根士丹利的約翰格拉斯。

Why did you run a boost week during a time when you had (inaudible) constraint still. I mean I would think that would risk disappointment of customers. Was that a signal that toward the end of the quarter, you just were getting better or maybe what would when you still have capacity constraints and already too much demand to deal with?

你為什麼在你仍然有（聽不清）限制的時候跑了一個提升週。我的意思是我認為這可能會讓客戶失望。這是一個信號，表明在本季度末，您正在變得更好，或者當您仍然有產能限制並且已經有太多需求需要處理時，您可能會變得更好嗎？

Thanks, John, for the question. I just also want to reiterate the success of that boost week. It was the biggest week for us for the year. And on the carryout side, it was our biggest week in history. And so when you think about a boost week, it's not just about the delivery business, it's also about the carryout business, and we did an incredible job doing it there.

謝謝，約翰，這個問題。我還想重申一下助推週的成功。這是我們一年中最重要的一周。在結轉方面，這是我們歷史上最大的一周。因此，當您考慮提升週時，它不僅與交付業務有關，還與結轉業務有關，我們在那裡做了令人難以置信的工作。

Look, we have the best franchisees in the business, and we gave them enough time and our supply chain enough time to prepare for this thing. We were ready. I think you're also right. It is showing that we're making -- some of the things that we're doing are improving. Sandeep talked about the sequential decline in the difference between our top and bottom staff quintile. So we wouldn't have done this if we didn't think we could handle it, and I think our system did a great job.

看，我們擁有業內最好的特許經營商，我們給了他們足夠的時間和我們的供應鏈足夠的時間來為這件事做準備。我們準備好了。我覺得你也是對的。這表明我們正在做——我們正在做的一些事情正在改進。 Sandeep 談到了我們最高和最低五分之一員工之間差異的連續下降。因此，如果我們認為我們無法處理它，我們就不會這樣做，而且我認為我們的系統做得很好。

And I show our next question comes from the line of John Ivankoe from Morgan Stanley (sic) [JPMorgan].

我展示了我們的下一個問題來自摩根士丹利（原文如此）[JPMorgan] 的 John Ivankoe。

From JPMorgan. I was -- I think I heard in your prepared remarks that the U.S. would see, I guess, a downtick in development for the next 12 months relative to this last 12 months. Could you just clarify that I heard that? And then secondly, if you're willing to give that, I guess, soft guidance for the U.S., I mean, can you do something similar on international, especially with the negative same-store sales? And the second quarter comps are very often a leading indicator of development, should we expect the next 12 months of international to be same, higher or less than what the 1,000 or so stores that you hit in the previous 12 months?

來自摩根大通。我是 - 我想我在你準備好的講話中聽到，我猜，相對於過去 12 個月，未來 12 個月的發展會下降。你能澄清一下我聽到了嗎？其次，如果你願意為美國提供軟指導，我的意思是，你能在國際上做類似的事情，特別是在同店銷售額為負的情況下？而第二季度的業績往往是發展的領先指標，我們是否應該預計未來 12 個月的國際市場會與前 12 個月的 1,000 家左右的門店相同、更高或更低？

Thanks, John, for the question. So I think what you did hear on the prepared remarks was, yes, we expect to see a slowing down of the trailing 12 months unit growth definitely through the balance of the year and as long as we see the headwind. So we didn't say 12 months, but we said till headwinds subside. But I think in the international business, we're super excited because it's a plus 9% trailing 12 months growth, and that's very, very solid. And I think if you look at the quarter and you unpack it, it was really driven by this U.K. VAT impact and the overlaps, and in fact, if you include, basically, it will build up in a been a slightly positive comp with international division.

謝謝，約翰，這個問題。所以我認為你在準備好的評論中聽到的是，是的，只要我們看到逆風，我們預計在今年餘下的時間裡，過去 12 個月的單位增長肯定會放緩。所以我們沒有說 12 個月，但我們說直到逆風消退。但我認為在國際業務中，我們非常興奮，因為在過去的 12 個月中增長了 9%，而且非常非常穩定。而且我認為，如果您查看該季度並打開包裝，它實際上是由英國增值稅的影響和重疊所驅動的，實際上，如果您將其包括在內，基本上，它將與國際市場形成略微積極的對比分配。

And so what I would say is look at the 3 year's tax on international, it's 13%, very healthy, and we're very confident with that. And so I think we're very comfortable with the range that we provided, the 6% to 8% on average across the global footprint of growth and international at 9%. That sounds -- we've demonstrated that with all these comps, we've been able to deliver very strong unit development, and we see no reason for that to change.

所以我想說的是，看看 3 年的國際稅，它是 13%，非常健康，我們對此非常有信心。因此，我認為我們對我們提供的範圍非常滿意，全球增長足跡平均為 6% 至 8%，國際增長為 9%。聽起來——我們已經證明，通過所有這些組合，我們已經能夠提供非常強大的單位開發，我們認為沒有理由改變這一點。

Yes. I think to add to Sandeep's point, just a little context on the development side. First, I'm just so proud of our system. If you look back in the last 5 years, when you look both in the pizza industry and the QSR industry as far as actual number of net stores and percentage, we are -- Domino's is a leader in that. And still with these numbers, we're going to continue to be a leader. So just some context there. Well, also, I think what that tells me is while we continue to lead in development, our franchisees are doing exactly what they need to do, which is balancing the capacity needs with -- between the current stores they have and stores they need to open.

是的。我想補充一下 Sandeep 的觀點，只是關於開發方面的一點背景。首先，我為我們的系統感到非常自豪。如果您回顧過去 5 年，當您同時查看比薩餅行業和 QSR 行業的實際網店數量和百分比時，我們是——Domino's 在這方面處於領先地位。仍然有這些數字，我們將繼續成為領導者。所以只是一些上下文。好吧，另外，我認為這告訴我的是，在我們繼續引領發展的同時，我們的加盟商正在做他們需要做的事情，這就是平衡他們現有商店和他們需要的商店之間的容量需求。打開。

And I show our next question comes from the line of Andrew Charles from Cowen & Company.

我展示了我們的下一個問題來自 Cowen & Company 的 Andrew Charles。

I wanted to follow up on an earlier question. U.S. same-store sales accelerated by an impressive -- I think you said 530 basis points from 1Q to 2Q on a 3-year basis. And I know you guys called out 6% price in 2Q and first, it's very helpful, thank you for disclosing that. But we estimate nearly 5% price was taken at the end of 1Q back when the Mix & Match platform for delivery orders was raised from $5.99 to $6.99. We know the 10-Q called out a higher number of items per order in addition to that higher pricing at the end of 1Q. So I'm curious if you can speak to the sequential change in traffic from 1Q to 2Q on a 3-year basis that our math suggests was perhaps flat, perhaps deteriorated amid some encouraging updates that you guys shared on staffing and carryout.

我想跟進一個較早的問題。美國同店銷售額的增長令人印象深刻——我認為你說從 1 季度到 2 季度以 3 年為基礎增長了 530 個基點。我知道你們在第二季度提出了 6% 的價格，首先，這非常有幫助，感謝您披露這一點。但我們估計，當交付訂單的 Mix & Match 平台從 5.99 美元提高到 6.99 美元時，近 5% 的價格在第一季度末被拿走。我們知道，除了 1Q 末更高的定價外，10-Q 還要求每個訂單的商品數量更多。因此，我很好奇您是否可以談談從 1 季度到 2 季度的流量連續變化，我們的數學表明這可能是持平的，在你們分享的有關人員配備和執行的一些令人鼓舞的更新中可能會惡化。

Well, a lot to unpack in the question itself. So -- but I'd say overall, let's have with pricing. And our pricing, we have multiple levers on pricing. Mix & Match is one of them and it's part of the national offers, but I think there's menu pricing, which I think would have been activated well before any of the changes on national offers that we talked about. There's the national offer update that we made in the first quarter. And then I think local pricing is actually an option that the franchisees have at their disposal and delivery fees are something that has been activated all the time by the franchisees. So all of those elements would have gone into pricing effectively both in the first quarter as well as the second quarter, and it's not just national pricing. So the average of all of that was about 6% in the second quarter. So that's one thing I would actually take away from that.

好吧，問題本身有很多東西要解開。所以 - 但我會說總體而言，讓我們定價。而我們的定價，我們有多種定價槓桿。 Mix & Match 就是其中之一，它是國家優惠的一部分，但我認為有菜單定價，我認為它會在我們談到的國家優惠的任何變化之前被激活。我們在第一季度進行了全國報價更新。然後我認為本地定價實際上是特許經營商可以使用的一種選擇，而送貨費是特許經營商一直在激活的東西。因此，所有這些因素都會在第一季度和第二季度有效地進入定價，而不僅僅是國家定價。因此，第二季度所有這些的平均值約為 6%。所以這是我實際上會從中拿走的一件事。

And so I think when we look at pricing and ticket versus order count, what we had in the second quarter was order count was definitely down. And I think when you look at the pressure that we actually faced, the pressure was really significantly more on the delivery side. And then when I look at the overall offset, we saw ticket offsetting order count declines to end up with a minus 2.9% that we saw in the quarter. Even though we have these headwinds, I think sequentially same-store sales did accelerate to the point that we made. And I think we are very happy because from a sequential standpoint, it's clear that the actions that we're taking to address the issues in terms of capacity to serve on the delivery business are helping us. And we're seeing the demand coming through. And that's why we saw the acceleration because it's reflected both in the order count as well as the ticket and the combination of those. So happy with what we're seeing. But I think as we go through the subsequent quarters, we'll have more information on all the drivers that we've been talking about all year.

所以我認為，當我們查看定價和門票與訂單數量時，我們在第二季度得到的是訂單數量肯定下降了。而且我認為，當您查看我們實際面臨的壓力時，交付方面的壓力確實要大得多。然後，當我查看整體抵消時，我們看到機票抵消訂單數量下降，最終以我們在本季度看到的負 2.9% 結束。儘管我們遇到了這些不利因素，但我認為同店銷售的順序確實加速到了我們所做的點。我認為我們非常高興，因為從順序的角度來看，很明顯，我們為解決交付業務能力方面的問題而採取的行動正在幫助我們。我們看到需求正在通過。這就是我們看到加速的原因，因為它反映在訂單數量以及票證以及它們的組合中。對我們所看到的非常滿意。但我認為，隨著我們度過接下來的幾個季度，我們將獲得更多關於我們全年談論的所有驅動因素的信息。

And I show our next question comes from the line of Jared Garber from Goldman Sachs.

我展示了我們的下一個問題來自高盛的 Jared Garber。

I wanted to revisit the U.S. unit growth commentary. I know it's been asked a couple of times, but if we look back historically, the unit growth annually has certainly continued to decelerate even if we look back to several years ago into the 2018 or '19 time frame. So can you just help us understand what gives you the confidence that, that pace of development can reaccelerate maybe after, say, 2024 kind of time frame, given some of the headwinds you talked about? Maybe there's a way to frame what the pipeline of demand looks like from franchisees?

我想重新審視美國單位增長的評論。我知道有人問過幾次，但如果我們回顧歷史，即使我們回顧幾年前的 2018 年或 19 年時間框架，每年的單位增長肯定會繼續減速。那麼，您能否幫助我們了解是什麼讓您相信，考慮到您談到的一些不利因素，這種發展步伐可能會在 2024 年這樣的時間框架之後重新加速？也許有一種方法可以確定加盟商的需求管道是什麼樣的？

And then as a follow-up, just as we think about the carryout opportunity, is that changing how the discussions are going with franchisees maybe in terms of site location, making those a little bit more accessible to consumers versus, I think, the base delivery business is one that doesn't necessarily need to be main and main to drive that delivery business, but that may change the carryout as a greater focus going forward.

然後作為後續行動，正如我們考慮結轉機會一樣，改變與特許經營商的討論方式可能是在站點位置方面，使消費者更容易接觸到這些，我認為，基地交付業務不一定是推動交付業務的主要和主要業務，但這可能會改變結轉業務，使其成為未來更大的重點。

So Jared, thanks for the question. There's 2 pretty significant components in that. So let me start with the second, and then I'm going to go to the first because -- from a carryout momentum standpoint, I think Russell talked about it earlier in one of the previous answers as well. The carryout business and the delivery business are 2 separate businesses. What we are seeing is a very significant acceleration in the carryout business, which is very encouraging for us because we basically are able to penetrate a new market. And I think a much significantly larger market in addition to the delivery business. The delivery business, 1 in 3 pizzas, like Russell told you last time, is delivered by us. So we have a very strong position in that.

所以賈里德，謝謝你的問題。其中有兩個非常重要的組成部分。因此，讓我從第二個開始，然後我將轉到第一個，因為 - 從結轉動量的角度來看，我認為 Russell 在之前的一個答案中也談到了它。外賣業務和配送業務是兩個獨立的業務。我們看到的是結轉業務的顯著加速，這對我們來說非常鼓舞人心，因為我們基本上能夠打入一個新市場。我認為除了交付業務之外，還有一個更大的市場。外賣業務，三分之一的比薩餅，就像 Russell 上次告訴你的那樣，是由我們提供的。所以我們在這方面有很強的地位。

So the thesis in terms of unit development is based on both businesses being fulfilled from the box. And the potential that we have continues to be very strong. If anything, this actually gives us even more runway in terms of unit development versus what was there before. But in no way is this a trade between carryout and delivery. They are 2 separate businesses. The carryout should be incremental to the delivery business, and we're doing all the work that we're doing on the delivery business.

因此，在單元開發方面的論文是基於這兩項業務都是從盒子裡完成的。我們擁有的潛力仍然非常強大。如果有的話，這實際上為我們在單元開發方面提供了比以前更多的跑道。但這絕不是結轉和交付之間的交易。他們是兩個獨立的企業。結轉應該是交付業務的增量，我們正在做我們在交付業務上所做的所有工作。

So in terms of U.S. unit growth and the deceleration that's been happening, there's few puts and takes that are going on in there. I think it's -- a few years ago, we had to reclass [Hawaii] and some of the market. That's basically out of the United States into -- out of international into the United States, which helped the United States. That was the 1 year, it ticked above 5%. But other than that, it's been in the 4-ish range pre-pandemic. And I think the trailing 12 months of 3 is more reflective of some of the headwinds that we've been seeing since the pandemic started in terms of supply chain, macroeconomic factors, including staffing. So overall, I think once we get past these headwinds, there's no reason we can't get to a normalized unit development growth, especially given the drivers I just talked about with this carryout business being an incremental opportunity that we seem to be seeing gathering steam as we go along and the delivery business being what baseline thesis was about anything. So that's answering both of your questions, and I hopefully gave you enough information on that.

因此，就美國的單位增長和正在發生的減速而言，那裡幾乎沒有發生看跌期權的情況。我認為這是 - 幾年前，我們不得不重新分類[夏威夷]和一些市場。那基本上是從美國進入——從國際進入美國，這對美國有幫助。那是 1 年，它在 5% 以上。但除此之外，它在大流行前處於 4-ish 範圍內。我認為過去 3 個月的 12 個月更能反映自大流行開始以來我們在供應鏈、宏觀經濟因素（包括人員配備）方面看到的一些不利因素。所以總的來說，我認為一旦我們克服了這些逆風，我們沒有理由不能實現正常的單位發展增長，特別是考慮到我剛才談到的驅動因素，這個結轉業務是我們似乎看到的增量機會隨著我們的發展，交付業務是任何事情的基本論點。所以這回答了你的兩個問題，我希望給你足夠的信息。

Yes, Sandeep, I think I would just add. There is every incentive for our franchisees to continue to build. Obviously, the EBITDA per store is still at a very strong place. The returns on the new store still at a very strong place. When we look at the top quintile stores on delivery, the ones that are really doing well, those are the ones that have fortressed the most. And so what happens when you fortress is you get closer to your customers. Getting closer to your customers from a delivery perspective during a capacity-constrained, labor-constrained environment helps delivery. We also know the majority of the carryout volume, the overwhelming majority of the carryout volume when you open up a new store is incremental. So there's every incentive financially and also in helping us deal with capacity to go ahead and continue to do that.

是的，Sandeep，我想我會補充一下。我們的加盟商有充分的動力繼續建設。顯然，每家商店的 EBITDA 仍然處於非常強勁的位置。新店的回報率仍然很高。當我們查看交付量最高的五分之一商店時，那些真正做得很好的，那些是最要塞的。因此，當您堅守自己的目標時，您會更接近您的客戶。在容量受限、勞動力受限的環境中，從交付角度更接近您的客戶有助於交付。我們也知道大部分的結轉量，當你開一家新店時，絕大多數的結轉量是增量的。因此，在經濟上以及幫助我們處理繼續前進並繼續這樣做的能力方面都有各種激勵措施。

And I show our next question comes from the line of Andrew Strelzik from BMO Capital Markets.

我展示了我們的下一個問題來自 BMO Capital Markets 的 Andrew Strelzik。

I just wanted to follow up on a comment, Sandeep, that you made in your prepared remarks about after the first full quarter, excuse me, seeing a lot of efficiency opportunities. Can you elaborate a little bit on what you're seeing, maybe where the biggest opportunities are and the time line to which we might see that start to come through the P&L?

我只是想跟進評論，Sandeep，你在準備好的評論中關於第一個完整季度之後的評論，對不起，看到了很多提高效率的機會。您能否詳細說明您所看到的情況，也許最大的機會在哪裡，以及我們可能會看到從損益表開始出現的時間線？

Yes, Andrew, thanks for the question. And so I think the opportunities are multifaceted, right? So I think we talked about 3 different components. On the first one, we talked about the consumer pricing architecture. And I think there, it's really about looking at, given the different cost pressures that we're dealing with, how do we make sure that we deliver terrific back to the consumer, but at the same time, taking our price where it makes sense, and still deliver that value to the consumer. So we'll keep on looking at that as time goes along.

是的，安德魯，謝謝你的提問。所以我認為機會是多方面的，對吧？所以我認為我們討論了 3 個不同的組件。在第一個方面，我們討論了消費者定價架構。而且我認為，考慮到我們正在處理的不同成本壓力，這真的是要看看我們如何確保我們向消費者提供出色的回報，但與此同時，將我們的價格帶到合理的地方，並且仍然向消費者提供該價值。因此，隨著時間的推移，我們將繼續關注這一點。

The second was just making sure that operating revenues are growing faster than -- revenues are growing faster than expenses. And from an operating margin standpoint, we did see some sequential improvement. We went from a 270 basis points decline in Q1 to 180 basis points decline in Q2. So that includes some G&A discipline as well that we talked about and you saw that we lowered our guidance for the year on G&A based on that. And it's really about prioritizing our expenses to make sure that we're making investments and opportunities that are driving near-term growth. And actually, continuing to invest in critical areas like technology and supply chain, which we have over the years, we'll keep doing that. But it's that proposition that is critical.

第二個是確保營業收入的增長速度快於——收入的增長速度快於支出的增長速度。從營業利潤率的角度來看，我們確實看到了一些連續的改善。我們從第一季度的 270 個基點下降到第二季度的 180 個基點。因此，這也包括我們談到的一些 G&A 紀律，您看到我們基於此降低了對 G&A 的年度指導。這實際上是對我們的支出進行優先排序，以確保我們進行的投資和機會能夠推動近期增長。實際上，繼續投資於我們多年來擁有的技術和供應鍊等關鍵領域，我們將繼續這樣做。但關鍵是這個命題。

But the most important thing, honestly, is the third one that I talked about which is how do we accelerate our capacity to serve the demand that we see? And then that's what Russell talked about earlier in the call. And I think that's been very encouraging to see the progress that we've actually made in the last quarter. We continue to work on similar drivers in the coming quarters as well. So as much as we can make progress on that, I think we'll be able to get to a much better place.

但老實說，最重要的是我談到的第三個問題，即我們如何加快滿足我們看到的需求的能力？然後這就是拉塞爾在電話中早些時候談到的。我認為看到我們在上個季度實際取得的進展非常令人鼓舞。我們還將在未來幾個季度繼續研究類似的驅動程序。因此，只要我們能在這方面取得進展，我認為我們將能夠到達一個更好的地方。

Yes, I would just add. Sandeep talks about efficiency and answers your question from a financial standpoint. I would, maybe, do that also from -- to add some color on the operations standpoint. Essentially, on the delivery side, efficiency is what we need to drive, simplification is what we need to drive. So our folks in stores are focused on the most added value parts of their jobs. And if you think about a couple of the programs we talked about last quarter and we continue to give some input on here. For example, one of those things is taking calls out of the store. We ended last quarter with 29% of our stores on call center.

是的，我只想補充。 Sandeep 談論效率並從財務角度回答您的問題。我可能也會這樣做——從操作的角度添加一些顏色。從本質上講，在交付方面，效率是我們需要推動的，簡化是我們需要推動的。因此，我們商店的員工專注於他們工作中最具附加值的部分。如果您考慮一下我們上個季度討論的幾個程序，我們會繼續在這裡提供一些意見。例如，其中一件事就是接聽商店外的電話。上個季度結束時，我們 29% 的門店都在呼叫中心。

We ended this quarter at 43%. Our operation simplification projects are -- there are many of them, one we spoke about last time, which is eliminating multiple box folding times within a store, which doesn't sound like a lot actually, adds up to 40 hours a store a week, and that program is now in 90% of our stores around the country. So efficiency on the operations standpoint leads to unlock of capacity and then that flows down through the financials.

我們在本季度結束時為 43%。我們的操作簡化項目是——其中有很多，我們上次談到的一個，它是消除商店內多次折疊盒子的時間，這聽起來實際上並不多，加起來每週最多 40 小時。 ，該計劃現已在我們全國 90% 的商店中實施。因此，運營方面的效率會導致產能釋放，然後通過財務部門向下流動。

And I show our next question comes from the line of Dennis Geiger from UBS.

我表明我們的下一個問題來自瑞銀的丹尼斯蓋格。

I appreciate all of the commentary on your efforts to address the driver staffing challenges and then sort of a lot of the metrics that you provided as a result there. Just wondering if you could speak a bit more to sort of where you are on the journey to address the challenges? Is the plan to address the driver situation internally, is that finalized? Or are you still kind of tinkering with different opportunities internally to address that? And I guess, really, the question is, if you could kind of frame up what inning you think you're in with respect to addressing those challenges internally, maybe before you look at other options, if there's a way to frame that up?

我感謝所有關於您為解決駕駛員人員配備挑戰所做的努力以及您在那裡提供的許多指標的評論。只是想知道您是否可以多談談您在應對挑戰的過程中所處的位置？內部解決駕駛員情況的計劃是否已最終確定？或者你還在內部修補不同的機會來解決這個問題？而且我想，真的，問題是，如果你可以在內部解決這些挑戰方面確定你認為自己所處的一局，也許在你考慮其他選擇之前，是否有辦法框架？

I don't know about innings, Dennis. It's the All-Star break. So -- although my -- our Yankees, Michael Stanton won the MVP. So we're pretty happy there. We are a work-in-progress brand, and we are never going to be satisfied with our ability to fulfill capacity until we can fulfill every single order that is coming our way. So in that case, we will never be in the final 3 innings as far as I'm concerned because we can always get better. We did say we do think and our first priority is to try to fulfill this stuff internally. We have a lot of stores who are doing that, a lot of franchisees are doing that. We are 100% committed to getting this done ourselves, and we're seeing improvements. But until we get where we need to be, we will continue to explore all options and -- but our big focus there is for us to be able to serve our own customers.

我不知道局數，丹尼斯。這是全明星賽。所以——儘管我的——我們的洋基隊，邁克爾斯坦頓贏得了 MVP。所以我們在那裡很開心。我們是一個正在進行中的品牌，在我們能夠完成每一個訂單之前，我們永遠不會滿足於我們的產能能力。所以在那種情況下，就我而言，我們永遠不會進入最後三局，因為我們總能變得更好。我們確實說過我們確實在思考，我們的首要任務是嘗試在內部實現這些東西。我們有很多商店都在這樣做，很多加盟商也在這樣做。我們 100% 致力於自己完成這項工作，並且我們正在看到改進。但在我們到達我們需要的地方之前，我們將繼續探索所有選擇 - 但我們的重點是讓我們能夠為自己的客戶服務。

And I show our next question comes from the line of Lauren Silberman from Crédit Suisse.

我表明我們的下一個問題來自瑞士信貸的 Lauren Silberman。

I had one on boost -- the boost week. So one was run in early June, and I think you talked about plans to do another one by the end of the summer, which I believe is more frequent than historical. So can you talk about how you're thinking about the cadence of boost week promotions from here? And is there any read-through on underlying demand? Or do you see this more as a catch-up from not running promotions over the last couple of years? Just trying to understand how that all plays out.

我有一個提升 - 提升週。所以一個在 6 月初運行，我想你談到了在夏天結束前再做一個的計劃，我認為這比歷史更頻繁。那麼你能談談你是如何從這裡考慮提升週促銷的節奏的嗎？是否有任何關於潛在需求的通讀？還是您認為這更像是過去幾年沒有進行促銷活動的追趕？只是想了解這一切是如何發生的。

Yes. No, I mean, if you look historically, we ran, call it, 3 to 4 boost weeks a year. Obviously, we are planning one at a time. And so we want to work with our franchisees. Obviously, everyone thought the last one went well. We're going to see how the next one goes. And we will announce anything further after that happens. So nothing more than just one step at a time, one pizza at a time.

是的。不，我的意思是，如果你從歷史上看，我們每年運行 3 到 4 週的助推器。顯然，我們正在一次計劃一個。所以我們想與我們的加盟商合作。顯然，每個人都認為最後一個進展順利。我們將看看下一個如何進行。在那之後，我們將進一步宣布任何事情。所以無非一次一步，一次一個披薩。

And I show our next question comes from the line of Chris Carril from RBC Capital Markets.

我表明我們的下一個問題來自加拿大皇家銀行資本市場的 Chris Carril。

And thanks for the detail thoughts on pricing so far. Following up on those earlier comments, though, can you tell us how you're thinking about pricing power today? Do you see greater risk to any potential further pricing action given that there is more pressure on the consumer today? Or do you see yourself as well positioned should you pull that pricing lever if necessary?

並感謝迄今為止對定價的詳細想法。不過，跟進這些先前的評論，您能告訴我們您今天如何考慮定價權嗎？鑑於當今消費者面臨的壓力更大，您是否認為任何潛在的進一步定價行動的風險更大？或者，如果有必要，您是否認為自己處於有利位置？

So Chris, it's a great question. And I think it really ties back to what I talked about in the prepared remarks, which is, in the end, pricing in itself is fine, but it's about making sure there's a terrific value to the consumer. And that really is the key threshold for us. And so we continue to do testing. And by the way, the testing has been done for the last decade, not just the last quarter. And that's a process that is always going on inside the company.

所以克里斯，這是一個很好的問題。而且我認為這真的與我在準備好的評論中所說的有關，也就是說，最後，定價本身是好的，但它是為了確保對消費者有巨大的價值。這確實是我們的關鍵門檻。所以我們繼續做測試。順便說一句，測試已經完成了過去十年，而不僅僅是最後一個季度。這是公司內部一直在進行的過程。

And look, when the macroeconomic situation is as volatile as it is, things keep on shifting and we continue to do consumer testing to ensure based on the shifting sands what makes sense and what doesn't make sense. We're pretty clear that there is definitely an increasing cost environment. So there's a balance between making sure that terrific value is being delivered to the consumer and they're making sure that, from a profitability standpoint, our franchisees are able to make the profits on their stores. That isn't what the paybacks they need from a long-term perspective. And we and our franchise partners basically look at it from a long-term perspective because most of them have been with us for decades or a number of years and signed long-term commitments with us, and it's a shared journey. So we work on it together with them. And I think there's -- that thoughtfulness will continue to go into what we do.

並且看，當宏觀經濟形勢如此動盪時，事情會不斷變化，我們會繼續進行消費者測試，以確保根據流沙確定什麼是有意義的，什麼是沒有意義的。我們很清楚，成本環境肯定會增加。因此，在確保向消費者提供巨大價值和確保從盈利能力的角度來看，我們的特許經營商能夠在他們的商店中獲利之間存在平衡。從長遠來看，這不是他們需要的回報。而我們和我們的特許經營合作夥伴基本上是從長遠的角度來看，因為他們中的大多數人已經和我們在一起幾十年或幾年，並與我們簽訂了長期承諾，這是一個共同的旅程。所以我們和他們一起努力。而且我認為有 - 這種體貼將繼續進入我們所做的事情。

Yes, I would just add to that, to Sandeep's point on balance, the balance for us as we go into this quantitative testing, like he said, we've done this over a decade, is essentially the balance, how do we optimize (inaudible) EBITDA, but also how do we optimize value to the customer. And all of those inputs would help us get to where we want to be. We know at the end of the day, though, order counts are much more correlated to profitability than ticket. So it's about driving order count.

是的，我只想補充一點，Sandeep 關於平衡的觀點，當我們進入定量測試時，我們的平衡，就像他說的，我們已經做了十多年了，本質上是平衡，我們如何優化（聽不清）EBITDA，還有我們如何優化對客戶的價值。所有這些輸入將幫助我們到達我們想要的地方。不過，我們最終知道，訂單數量與盈利能力的相關性要高於票數。所以這是關於駕駛訂單數。

We'll talk about the macro environment. To me, it all started at Domino's right in the middle of a recession back 14 years ago, this is a category where for folks who want to continue to beat out when times are tough, they will maybe down switch from a sit-down or what have you, into pizza. So we actually think we're -- our concept, our business is strong as we may be go through more difficult times.

我們將討論宏觀環境。對我來說，這一切都始於 14 年前經濟衰退中的多米諾骨牌，對於那些想要在困難時期繼續擊敗的人來說，他們可能會從靜坐或你有什麼，喜歡披薩。所以我們實際上認為我們是 - 我們的概念，我們的業務很強大，因為我們可能會經歷更多的困難時期。

And our last question will come from the line of Mr. Jon Tower from Citi.

我們的最後一個問題將來自花旗的 Jon Tower 先生。

First, a clarification and then a question. I'm curious if you could clarify or at least explain perhaps the check differences in the carryout business versus the delivery business and what that might mean for your same-store sales just in a normalized environment. And then I guess the question is, you did the Stranger Things promotion this quarter, and I believe it's the first time since -- I want to say Batman in 2008, that you've done anything with really any other brand at least in the TV or streaming businesses. So I'm curious to know if this is a one-off or if you believe this is something that could persist with other TV shows or whatever in the future?

首先是一個澄清，然後是一個問題。我很好奇您是否可以澄清或至少解釋一下結轉業務與交付業務的檢查差異，以及在標準化環境中這對您的同店銷售可能意味著什麼。然後我想問題是，你在這個季度做了 Stranger Things 的宣傳，我相信這是自 2008 年以來的第一次——我想說蝙蝠俠，至少在電視或流媒體業務。所以我很想知道這是否是一次性的，或者你是否認為這可能會在其他電視節目或未來的其他節目中持續存在？

Yes. So John, I'll go through the clarification question, and then Russell will definitely answer the question of the Stranger Things question that you have. So I think from a check difference standpoint, always, I think, between the delivery fee and other components of the cost structure. So delivery ticket tends to be higher than the carryout ticket. There's a few other dynamics in terms of some of the national offer changes that we made as well that go into it. But that is pretty much what we would say. It is a higher ticket than carryout. And -- but I think it also is pretty obvious when you look at the relative trends of delivery versus carryout, carryout had a 14.6% same-store sales increase in the quarter, delivery was down 11.7% and comps were down minus 2.9%. So you can actually make the conclusion from that, too.

是的。那麼約翰，我將完成澄清問題，然後羅素肯定會回答你的陌生人問題問題。所以我認為，從支票差異的角度來看，我認為總是在運費和成本結構的其他組成部分之間。所以送貨票往往高於結轉票。就我們所做的一些國家報價更改而言，還有一些其他動態。但這幾乎就是我們要說的。這是比結轉更高的票。而且 - 但我認為，當您查看交付與結轉的相對趨勢時，這一點也很明顯，結轉在本季度的同店銷售額增長了 14.6%，交付下降了 11.7%，comps 下降了負 2.9%。所以你實際上也可以從中得出結論。

Yes. And on Stranger Things, I just -- you have an amazing memory. My first day, I remember looking at that Batman box that still is pretty amazing. You're right, though, interestingly enough, we have not done a tie-in in a big way since then, and that's because I believe -- we believe that we really don't have any interest in getting lost in the laundry list of brand tying. Most of the time nowadays, whether it's with sports or with movies or what have you, that's what it is. At the end of the day, I'm not sure if anyone knows what brand is associated with what. I think you just get lost there.

是的。在《怪奇物語》中，我只是——你有驚人的記憶力。我的第一天，我記得看到那個蝙蝠俠盒子仍然非常棒。你是對的，不過，有趣的是，從那時起我們就沒有大面積進行過合作，那是因為我相信——我們相信我們真的沒有興趣迷失在洗衣清單中品牌捆綁。現在的大多數時候，無論是運動還是電影，或者你有什麼，就是這樣。歸根結底，我不確定是否有人知道什麼品牌與什麼相關聯。我想你只是迷路了。

And I think that was one of the reasons why this promotion was so strong because we don't do it a lot and Netflix and particularly the Stranger Things property, they don't do that a lot. And so when 2 brands that are really strong brands in and of itself without being barred equities come together and do something, this is so powerful. And so we have an opportunity like this comes around again, you could see us do this. But our logo will not be pasted at the bottom of a dozen others in a partnership.

我認為這就是這次促銷如此強大的原因之一，因為我們做的不多，而 Netflix，尤其是 Stranger Things 資產，他們做的不多。因此，當 2 個本身就是非常強大的品牌而沒有被禁止的股票聚集在一起做某事時，這就是如此強大。所以我們有這樣的機會再次出現，你可以看到我們這樣做。但是我們的徽標不會粘貼在合作夥伴的其他十幾個底部。

This concludes our Q&A session. At this time, I'd like to turn the call back to Russell Weiner, CEO, for closing remarks.

我們的問答環節到此結束。在這個時候，我想把電話轉回給首席執行官拉塞爾·韋納（Russell Weiner）做結束語。

Thanks so much, everybody, for joining the call this morning. Sandeep and I look forward to speaking with you in October to discuss our third quarter 2022 results. Have a great day.

非常感謝大家今天早上加入電話會議。桑迪普和我期待在 10 月與您交談，討論我們 2022 年第三季度的業績。祝你有美好的一天。

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。