達美樂 (DPZ) 2022 Q3 法說會逐字稿

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

美好的一天，感謝您的支持。歡迎來到 2022 年第三季度多米諾披薩收益電話會議。 （操作員說明）請注意，今天的會議正在錄製中。

I would now like to hand the conference over to your speaker today, Ryan Goers, Vice President of Finance and Investor Relations. Please go ahead.

我現在想把會議交給你今天的演講者，財務和投資者關係副總裁 Ryan Goers。請繼續。

Thank you, and good morning, everyone. Thank you for joining us today for our conversation regarding the results for the third quarter of 2022. Today's call will feature commentary from Chief Executive Officer, Russell Weiner; and Chief Financial Officer, Sandeep Reddy.

謝謝大家，大家早上好。感謝您今天加入我們，就 2022 年第三季度的業績進行對話。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。

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.

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 applies 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.

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。

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. A request to our coverage analysts, we want to do our best this morning to accommodate as many of your questions as time permits. As such, we encourage you to ask only one-part question on this call. Today's conference call is being webcast and is also being recorded for replay via our website.

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。向我們的報導分析師提出請求，我們希望今天早上盡最大努力在時間允許的情況下解決您的問題。因此，我們鼓勵您在本次電話會議中只提出一個問題。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。

Thank you, Ryan, and thanks to all of you for joining us this morning. I'm encouraged by our global performance during the third quarter. Excluding the negative impact of foreign currency, global retail sales grew almost 5% for the quarter, resulting in a 3-year stack of plus 28% versus Q3 of 2019. We and our franchisees opened over 200 net new stores during the quarter and over 1,100 over the trailing 4 quarters.

謝謝你，瑞恩，也感謝大家今天早上加入我們。我對我們在第三季度的全球表現感到鼓舞。排除外彙的負面影響，本季度全球零售額增長近 5%，與 2019 年第三季度相比，連續 3 年增長 28%。我們和我們的加盟商在本季度及以上期間淨開設了 200 多家新店在過去的 4 個季度中為 1,100。

44 of our international markets opened at least 1 net new store, demonstrating the continued strong global demand for Domino's. Our team members and franchisees around the world have continued to show the agility and perseverance required to operate in a volatile macroeconomic environment.

我們的 44 個國際市場至少開設了 1 家淨新店，表明全球對多米諾的持續強勁需求。我們在世界各地的團隊成員和特許經營商繼續表現出在動蕩的宏觀經濟環境中運營所需的敏捷性和毅力。

I wanted to start the call by going a little bit more in depth on our U.S. business and some key initiatives. First and most important, the Domino's brand is as strong as ever. Our research shows the brand health remains at pre-pandemic levels, and we have maintained our lead over relevant QSR competition and critical brand health metrics like Net Promoter Score, taste and value. All of these are key indicators of short- and long-term performance.

我想通過更深入地了解我們的美國業務和一些關鍵舉措來開始電話會議。首先也是最重要的，Domino 的品牌一如既往地強大。我們的研究表明，品牌健康狀況仍處於大流行前的水平，並且我們在相關 QSR 競爭和關鍵品牌健康指標（如淨推薦值、品味和價值）方面保持領先。所有這些都是短期和長期業績的關鍵指標。

Next, same-store sales. Same-store sales in the U.S. were up 2% versus Q3 of last year. And when we look at our business on a 3-year stack, which we'll continue to do for as long as it remains useful to put in perspective any COVID impact. Same-store sales were up almost 18% versus Q3 of 2019. This represents a sequential improvement in 3-year comps from Q1 and from Q2.

其次，同店銷售。與去年第三季度相比，美國的同店銷售額增長了 2%。而且，當我們以 3 年的時間來審視我們的業務時，只要對 COVID 的任何影響有幫助，我們就會繼續這樣做。與 2019 年第三季度相比，同店銷售額增長了近 18%。這代表了與第一季度和第二季度相比 3 年比較的連續改善。

Now carryout. Carryout continues to be a growth lever and a massive opportunity for us. As you know, while Domino's started as a pizza delivery company, we began targeting the carryout segment with specific offers in 2011. That effort has paid off as NPD share data shows that we became the #1 carryout pizza brand in the U.S. at the end of last year. We continued to grow the carryout business in the third quarter.

現在執行。對我們來說，結轉仍然是一個增長槓桿和巨大的機會。如您所知，雖然達美樂最初是一家披薩外賣公司，但我們在 2011 年開始針對外賣市場提供特定優惠。這一努力得到了回報，因為 NPD 的股票數據顯示，我們最終成為美國排名第一的外賣披薩品牌去年的。我們在第三季度繼續增長結轉業務。

Carryout same-store sales were up almost 20% versus Q3 of 2021, with a 3-year stack of plus 35% versus Q3 of 2019. Most importantly, we continue to see tremendous runway ahead in our carryout business.

與 2021 年第三季度相比，外賣同店銷售額增長了近 20%，與 2019 年第三季度相比，連續三年增長了 35%。最重要的是，我們繼續看到外賣業務的巨大發展。

On the delivery side, the pricing we took on our national offer for delivery performed as our proprietary research predicted. Going from $5.99 to $6.99 on our delivery Mix & Match deal was the right move. Given the continued inflation we have seen, our analytics now indicate we should take pricing on our national carryout deal as well. We will continue to balance customer value and franchisee profitability by taking our carryout mix and match deal from $5.99 to $6.99 starting on October 17.

在交付方面，我們對全國交付報價的定價與我們專有研究預測的一樣。將我們的交付混搭交易從 5.99 美元提高到 6.99 美元是正確的舉措。鑑於我們看到的持續通脹，我們的分析現在表明我們也應該對我們的國家結轉交易進行定價。從 10 月 17 日開始，我們將通過將結轉混搭交易從 5.99 美元提高到 6.99 美元，繼續平衡客戶價值和加盟商盈利能力。

From a delivery capacity perspective, we saw progress throughout the quarter resulting from our initiatives in this area. While we only have visibility to our corporate stores, the number of job applications and new hires have increased throughout the year. And at the end of the quarter, we were more or less back to 2019 levels as far as applications and new hires per week.

從交付能力的角度來看，我們在整個季度都看到了我們在這一領域的舉措所取得的進展。雖然我們只能看到我們的企業商店，但工作申請和新員工的數量全年都在增加。在本季度末，就每週的申請和新員工而言，我們或多或少地回到了 2019 年的水平。

Staffing remains a constraint, but my confidence in our ability to solve many of our delivery labor challenges ourselves has grown over the past few quarters. Our delivery service also showed improvement throughout the quarter. While we still have work to do to get back to our high standards for delivery service, I am encouraged by the progress we've made so far. Estimated average delivery time has improved every quarter this year.

人員配備仍然是一個限制因素，但我對我們自己解決許多交付勞動力挑戰的能力的信心在過去幾個季度中有所增長。我們的送貨服務在整個季度也有所改善。雖然我們仍有工作要做，以恢復我們的高標準交付服務，但我對我們迄今為止取得的進展感到鼓舞。今年每個季度的估計平均交貨時間都有所改善。

Additionally, our system is all in on another boost week for Q4, indicating their confidence in handling the increased volume. A boost week in each of 3 consecutive quarters represents a return to our pre-pandemic boost week cadence.

此外，我們的系統在第四季度又迎來了一個提升週，這表明他們對處理增加的交易量充滿信心。連續 3 個季度中的每一個季度都有一個提振週，這代表著我們回到了大流行前的提振週節奏。

Finally, with regard to phone orders, Around half of our stores in the U.S. are now connected to call centers to help answer at least some of their calls.

最後，關於電話訂單，我們在美國大約一半的商店現在都連接到呼叫中心，以幫助至少接聽部分電話。

Now moving on to our corporate stores. Our corporate stores there, we are continuing to make moves to strengthen that business and the Domino's brand. We refranchised corporate stores in Utah and Arizona after the end of the quarter. These transactions provided the opportunity to bring in several fantastic existing franchisees who will further evolve and accelerate growth in these markets as well as 3 new franchisees ready for the opportunity to own and grow with the Domino's brand. These transactions align with our strategy to utilize our corporate store platform to unlock growth by buying stores such as our transaction earlier this year to purchase stores in Michigan and selling stores, such as the 2019 transaction to refranchise in New York.

現在轉到我們的公司商店。我們在那裡的公司商店，我們將繼續採取措施加強該業務和多米諾骨牌的品牌。本季度結束後，我們重新授權了猶他州和亞利桑那州的公司商店。這些交易提供了引進幾家出色的現有特許經營商的機會，他們將進一步發展和加速這些市場的增長，以及 3 家新的特許經營商，他們準備好擁有多米諾品牌並與之共同成長的機會。這些交易符合我們利用公司商店平台通過購買商店（例如我們今年早些時候購買密歇根商店的交易）和出售商店（例如 2019 年在紐約重新特許經營的交易）來釋放增長的戰略。

I visited our corporate stores in Houston in Q3 and I was happy to see progress and get feedback on some of the operational initiatives we're testing. As we have said, it is critical that we drive efficiency and effectiveness to benefit our customers and simplify jobs for our employees. I look forward to sharing more about these initiatives as we continue to learn.

我在第三季度參觀了我們在休斯頓的公司商店，我很高興看到進展並獲得了有關我們正在測試的一些運營計劃的反饋。正如我們所說，提高效率和有效性以使我們的客戶受益並簡化員工的工作至關重要。我期待在我們繼續學習的過程中分享更多關於這些舉措的信息。

Now for more detail on Q3 results, I'd like to turn it over to our CFO, Sandeep Reddy. Sandeep?

現在，有關第三季度業績的更多詳細信息，我想將其交給我們的首席財務官 Sandeep Reddy。桑迪普？

Thank you, Russell, and good morning to everyone on the call. I'll begin my remarks with updates on the actions I've previously outlined to improve our long-term profitability.

謝謝你，Russell，大家早上好。我將首先介紹我之前為提高我們的長期盈利能力而概述的行動的最新情況。

First, we are continuing to examine and evolve our pricing architecture. During the third quarter, the average price increase that was realized across our U.S. system was 5.4%. As Russell mentioned earlier, we will adjust our carryout mix and match deal from $5.99 to $6.99 on October 17. As a result of this update, we expect the realized pricing to increase to approximately 7% in the fourth quarter.

首先，我們將繼續檢查和發展我們的定價架構。在第三季度，我們整個美國系統實現的平均價格上漲為 5.4%。正如 Russell 之前提到的，我們將在 10 月 17 日將我們的結轉混合和匹配交易從 5.99 美元調整為 6.99 美元。由於此次更新，我們預計第四季度的實際定價將增加到約 7%。

Second, efficiencies 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 margin as a percentage of revenues from 180 basis points in Q2 to 160 basis points in Q3. We need to continue this trend.

其次，我們尋求確保收入持續增長快於支出增長的成本結構效率。我們看到營業收入利潤率佔收入的比例從第二季度的 180 個基點上升到第三季度的 160 個基點，同比下降。我們需要繼續這種趨勢。

Third, we realized a sequential improvement in U.S. same-store sales from minus 2.9% in Q2 to plus 2% in Q3, mostly driven by a smaller decline in order count.

第三，我們實現了美國同店銷售額從第二季度的負 2.9% 到第三季度的正 2% 的連續改善，主要是由於訂單數量下降幅度較小。

Now our financial results for the quarter in more detail. Global retail sales decreased 1.6% in Q3 2022 as compared to Q3 2021. When excluding the negative impact of foreign currency, global retail sales grew 4.7% due to positive sales comps in the U.S. and sustained global store growth momentum over the trailing 4 quarters lapping 8.5% global retail sales growth, excluding FX, in Q3 2021.

現在我們更詳細地了解本季度的財務業績。與 2021 年第三季度相比，2022 年第三季度全球零售額下降 1.6%。排除外彙的負面影響後，全球零售額增長 4.7%，原因是美國的積極銷售業績和過去四個季度持續的全球商店增長勢頭2021 年第三季度全球零售額增長 8.5%，不包括外匯。

As we have discussed in the past, we believe it remains instructive. We look at the cumulative stack of sales across the business anchored back to 2019 as a pre-COVID baseline, and we'll continue to do so for as long as we believe it is useful in understanding our business performance.

正如我們過去所討論的，我們相信它仍然具有指導意義。我們將追溯到 2019 年的整個業務的累積銷售額視為 COVID 之前的基準，只要我們認為這有助於了解我們的業務績效，我們就會繼續這樣做。

Looking at the 3-year stack, our Q3 2022 global retail sales excluding foreign currency impact grew 28% versus Q3 2019. Breaking down total global retail sales growth, U.S. retail sales increased 4.1% rolling over a prior year increase of 1.1% and are up more than 26% on a 3-year stack basis relative to Q3 2019.

從 3 年的堆棧來看，我們 2022 年第三季度不計外匯影響的全球零售額比 2019 年第三季度增長了 28%。按全球零售總額增長細分，美國零售額增長 4.1%，比上年增長 1.1%，並且是相對於 2019 年第三季度，在 3 年堆棧基礎上增長超過 26%。

International retail sales, excluding the negative impact of foreign currency, grew 5.2% rolling over a prior year increase of 16.5% and are up more than 30% on a 3-year stack basis relative to Q3 2019.

國際零售額（不包括外彙的負面影響）同比增長 5.2%，同比增長 16.5%，相對於 2019 年第三季度，按 3 年累計增長超過 30%。

Turning to comps. During Q3, same-store sales for our U.S. business increased 2%, rolling over a prior decrease of 1.9% and were up 17.6% on a 3-year stack basis relative to Q3 2019, representing a sequential 0.9 percentage point improvement from Q2 on a 3-year stack basis. Breaking down the U.S. comp, our franchise business was up 2.2% in the quarter, while our company-owned stores were down 1.9%. The estimated impact of fortressing was 0.7 percentage points during the quarter across the U.S. system.

轉向comps。第三季度，我們美國業務的同店銷售額增長 2%，超過之前的 1.9%，相對於 2019 年第三季度，連續三年增長 17.6%，比第二季度環比增長 0.9 個百分點以 3 年的堆棧為基礎。細分美國公司，我們的特許經營業務在本季度增長了 2.2%，而我們公司擁有的商店下降了 1.9%。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。

The increase in U.S. same-store sales in Q3 was driven by an increase in ticket growth, which included the 5% in pricing actions I mentioned earlier. Partially offset by a decline in order counts. As we have previously shared, we believe it is instructive to break our U.S. stores into quintiles based on staffing levels relative to our fully-staffed store to give a sense for the magnitude of the impact of staffing.

第三季度美國同店銷售額的增長是由門票增長推動的，其中包括我之前提到的 5% 的定價行為。部分被訂單數量的下降所抵消。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很有啟發性的，根據員工人數相對於我們的員工人數充足的商店，以了解員工人數的影響程度。

Looking at Q3 same-store sales, stores in the top 20%, those that are essentially close to fully staffed on average, outperformed stores in the bottom 20%, those that are facing the most significant labor challenges by less than 6 percentage point. This is down sequentially from a 7 percentage point gap we saw in Q2 between the top and bottom quintiles, showing improvement in the lower quintile stores ability to meet consumer demand.

從第三季度的同店銷售額來看，排名前 20% 的店鋪（平均而言基本接近滿員）的店鋪表現優於排名最低的 20% 的店鋪，即面臨最大勞動力挑戰的店鋪不到 6 個百分點。這比我們在第二季度看到的最高五分之一和最低五分之一之間的 7 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 Q3 with U.S. carryout same-store sales, 19.6% positive compared to Q3 2021. On a 3-year basis, our carryout same-store sales were up [35%] versus Q3 2019. The gap between the top and bottom quintiles based on staffing levels remained relatively small during the quarter, highlighting both strong consumer demand and the lower cost to serve relative to delivery order.

現在我將分享一些關於結轉和交付業務的想法。第三季度結轉業務強勁，美國結轉同店銷售額比 2021 年第三季度增長 19.6%。在 3 年的基礎上，我們的結轉同店銷售額與 2019 年第三季度相比增長了 [35%]。在本季度，基於人員配置水平的最高和最低五分之一仍然相對較小，突顯出強勁的消費者需求和相對於交付訂單的較低服務成本。

The delivery business continued to be more pressured. Q3 delivery same-store sales declined by 7.5% relative to Q3 2021. Looking at the business on a 3-year stack, Q3 delivery same-store sales were 8.4% above Q3 2019 level. When we look at the quintiles relative to the delivery business, we continue to see a more pronounced difference in performance. We saw an 8 percentage point gap in delivery same-store sales between stores in the top 20% and those in the bottom 20%.

快遞業務繼續承壓。與 2021 年第三季度相比，第三季度交付同店銷售額下降了 7.5%。從 3 年的業務來看，第三季度交付同店銷售額比 2019 年第三季度的水平高出 8.4%。當我們查看與交付業務相關的五分之一時，我們繼續看到績效差異更加明顯。我們看到前 20% 的商店和後 20% 的商店之間的同店配送銷售額差距為 8 個百分點。

While we continue to see a gap in performance between the top and bottom quintiles, this represents a sequential improvement from the 11 percentage point gap in the second quarter and a 17 percentage point gap in the first quarter. A point to note is that despite the decline in same-store sales in the past year, our pizza delivery QSR market share based on NPD data is up modestly over the prior year as we see a similar decline in the size of the delivery market over the past year. This decline in pizza delivery QSR is potentially attributable to a shift of delivery to dine-in as consumer behavior starts to revert to pre-pandemic habits. In fact, the pizza delivery QSR market is still up almost 30% versus 3 years ago despite the recent decline.

雖然我們繼續看到最高五分之一和最低五分之一之間的績效差距，但這代表了第二季度 11 個百分點的差距和第一季度 17 個百分點的差距的連續改善。需要注意的一點是，儘管過去一年同店銷售額有所下降，但我們基於 NPD 數據的披薩外賣 QSR 市場份額較上年略有上升，因為我們看到外賣市場規模在過去一年也出現了類似的下降。過去的一年。披薩外賣 QSR 的下降可能歸因於隨著消費者行為開始恢復到大流行前的習慣，外賣轉向堂食。事實上，儘管最近有所下降，但披薩外賣 QSR 市場仍比 3 年前增長了近 30%。

Our market share in total pizza QSR, which includes delivery, dine-in and carryout has held steady over the past year and is up by more than 200 basis points versus 3 years ago. The overlap of our customers who order both delivery and carryout continues to be relatively modest and is trending slightly above our historical overlap rate of 15%, pointing to each channel as a relatively unique business.

我們在披薩 QSR 中的市場份額（包括外送、堂食和外賣）在過去一年中保持穩定，與 3 年前相比上升了 200 多個基點。我們訂購交付和外賣的客戶的重疊率仍然相對較低，並且略高於我們 15% 的歷史重疊率，這表明每個渠道都是相對獨特的業務。

Shifting to unit count. We and our franchisees added 24 net new stores in the U.S. during Q3, consisting of 27 store openings and 3 closures, bringing our U.S. system store count to 6,643 stores at the end of the quarter, which brought our 4-quarter net store growth rate in the U.S. to 2.7%. With our strong 4-wall economics, we remain bullish on the long-term unit growth potential in the U.S., and we maintain our conviction that the U.S. can be an 8,000-plus store market for Domino.

轉移到單位計數。我們和我們的加盟商在第三季度在美國增加了 24 家淨新店，包括 27 家新店和 3 家關閉，使我們的美國系統店數在本季度末達到 6,643 家，這帶來了我們 4 季度的淨門店增長率在美國為 2.7%。憑藉我們強勁的四壁經濟，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。

New store paybacks remained strong with stores opened in 2018, averaging around 3-year paybacks and stores opened in 2019 on track to deliver a similar performance. Same-store sales, excluding foreign currency impacts for our International business declined 1.8%, rolling over a prior year increase of 8.8% and were up more than 13% on a 3-year stack basis relative to Q3 2019.

新店的回報依然強勁，2018 年新開的門店平均在 3 年左右，2019 年新開的門店有望實現類似的業績。同店銷售額（不包括我們國際業務的外匯影響）下降 1.8%，較上年增長 8.8% 有所回升，相對於 2019 年第三季度，按 3 年疊加計算增長超過 13%。

Similar to the second quarter, we faced a headwind of the negative year-over-year impact of the 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 comp without 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 through March 31, 2023, but with a lower impact as the U.K. VAT relief was reduced from 15% to 7.5% last year on October 1.

與第二季度類似，我們面臨著英國 2021 年增值稅減免到期帶來的同比負面影響的不利因素，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，而在沒有英國增值稅的不利影響的情況下，業績略為正。 2021 年英國增值稅減免到期的同比影響將持續到 2023 年 3 月 31 日，但隨著英國增值稅減免從去年的 15% 降至 7.5%，影響較小10 月 1 日。

Our international business added 201 net new stores in Q3 comprised of 263 store openings and 62 closures. Our closures were driven by our master franchisees exit from the Italian market as well as another round of closures in Brazil as our master franchisee there continues its work to optimize the store base in the market. This brought our current 4 quarter net store growth rate in international to 8.1%.

我們的國際業務在第三季度新增了 201 家淨新店，其中包括 263 家新店和 62 家關店。我們的關閉是由於我們的主要特許經營商退出意大利市場以及巴西的另一輪關閉，因為我們的主要特許經營商繼續努力優化市場上的商店基礎。這使我們目前在國際上的 4 季度淨門店增長率達到 8.1%。

When combined with our U.S. store growth, our trailing 4 quarter global net store growth of 6.2% continues to fall within our 2- to 3-year outlook range of 6% to 8%.

結合我們的美國門店增長，我們過去 4 季度 6.2% 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 third quarter increased approximately $70.6 million or 7.1% from the prior year quarter driven by higher supply chain revenues due to a 13.4% higher market basket pricing to stores and U.S. stores revenues resulting from retail sales growth. These increases were partially offset by changes in foreign currency exchange rates, which negatively impacted international royalty revenues by $7.9 million during Q3.

轉向收入和營業收入。第三季度總收入比上年同期增加約 7060 萬美元或 7.1%，這是由於零售銷售增長導致商店的市場籃子定價和美國商店收入增加 13.4% 導致供應鏈收入增加。這些增長被外匯匯率的變化部分抵消，這在第三季度對國際特許權使用費收入產生了 790 萬美元的負面影響。

Our consolidated operating income as a percentage of revenues decreased by 160 basis points to 16.5% in Q3 from the prior year quarter primarily driven by food basket and labor cost increases. These impacts were partially offset by pricing actions and G&A leverage.

我們的綜合營業收入佔收入的百分比在第三季度比去年同期下降了 160 個基點至 16.5%，主要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 Q3 was $2.79 versus $3.24 in Q3 2021. Breaking down that $0.45 decrease in our diluted EPS, our operating results benefited us by $0.10. Changes in foreign currency exchange rates negatively impacted us by $0.17. Our higher effective tax rate negatively impacted us by $0.48, $0.36 of which was driven by changes in tax impact of stock-based compensation. Lower net interest expense benefited us by $0.02 and a lower diluted share count driven by share repurchases over the trailing 12 months benefited us by $0.08.

我們第三季度的攤薄後每股收益為 2.79 美元，而 2021 年第三季度為 3.24 美元。將攤薄後每股收益減少 0.45 美元計算在內，我們的經營業績使我們受益 0.10 美元。外幣匯率的變化對我們產生了 0.17 美元的負面影響。我們較高的有效稅率對我們產生了 0.48 美元的負面影響，其中 0.36 美元是由股票薪酬的稅收影響變化驅動的。較低的淨利息支出使我們受益 0.02 美元，而在過去 12 個月中，由於股票回購而導致的稀釋後股票數量減少使我們受益 0.08 美元。

Although we faced operating headwinds, we continue to generate sizable free cash flow. During the first 3 quarters of 2022, we generated net cash provided by operating activities of approximately $330 million. After deducting for capital expenditures of approximately $50 million, which consisted of investments in our technology initiatives and investments in our supply chain centers, including our new facility in Indiana, which will begin serving stores next week, we generated free cash flow of approximately $280 million.

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 年前三個季度，我們產生了約 3.3 億美元的經營活動提供的淨現金。扣除約 5000 萬美元的資本支出，其中包括對我們的技術計劃的投資和對供應鏈中心的投資，包括我們在印第安納州的新工廠，該工廠將於下週開始為商店服務，我們產生了約 2.8 億美元的自由現金流.

Free cash flow decreased $154 million from the first 3 quarters of 2021 primarily due to changes in working capital, the timing of payments for accrued liabilities and receipts on accounts receivable and lower net income.

與 2021 年前三個季度相比，自由現金流減少了 1.54 億美元，這主要是由於營運資金的變化、應計負債的支付時間和應收賬款的收入以及淨收入的下降。

During the quarter, we repurchased and retired approximately 491,000 shares for $196 million at an average price of $399.52 per share. As of the end of Q3, we had approximately $410 million remaining under our current Board authorization for share repurchases. During the quarter, we drew down $120 million on our existing variable funding note facility to fund additional return of capital to shareholders through share repurchases.

本季度，我們以每股 399.52 美元的平均價格，以 1.96 億美元的價格回購和退還了大約 491,000 股股票。截至第三季度末，根據我們目前的董事會授權，我們剩餘大約 4.1 億美元用於股票回購。在本季度，我們從現有的可變融資票據工具中提取了 1.2 億美元，以通過股票回購為股東提供額外的資本回報。

Subsequent to the quarter, we also closed on a new additional $120 million variable funding note facility with terms that are substantially similar to our existing facility and paid down $60 million of the $120 million drawn in the existing facility during the third quarter. We are very pleased with the competitive terms we were able to achieve given the current volatile interest rate environment.

在本季度之後，我們還完成了一項新的額外 1.2 億美元可變融資票據融資，其條款與我們現有融資的條款大體相似，並在第三季度從現有融資中提取的 1.2 億美元中支付了 6000 萬美元。鑑於當前波動的利率環境，我們對我們能夠實現的具有競爭力的條款感到非常滿意。

In addition, as Russell mentioned, subsequent to the end of the quarter on September 26, we completed transactions to refranchise all our corporate stores in Arizona and Utah to certain franchisees for approximately $41 million. We will provide further details on the financial impact of the transaction when we report our fourth quarter results next year.

此外，正如羅素所提到的，在 9 月 26 日季度末之後，我們完成了以約 4100 萬美元將我們在亞利桑那州和猶他州的所有公司商店重新特許給某些特許經營商的交易。我們將在明年報告第四季度業績時提供有關交易對財務影響的更多詳細信息。

Before I close, we would like to update the guidance we previously provided for 2022. Based on the continuously evolving macroeconomic environment, we now expect changes in foreign currency exchange rates to have a negative impact of $29 million to $31 million compared to 2021, an increase from $22 million to $26 million we were expecting to see in July. We now expect capital expenditures to be approximately $100 million for the year, down from the previous guidance of approximately $120 million. And we now expect G&A to be $415 million to $420 million down from the previous guidance of $420 million to $428 million.

在我結束之前，我們想更新我們之前為 2022 年提供的指導。基於不斷變化的宏觀經濟環境，我們現在預計與 2021 年相比，外匯匯率的變化將產生 2900 萬至 3100 萬美元的負面影響，從 2200 萬美元增加到 2600 萬美元，我們預計會在 7 月份看到。我們現在預計今年的資本支出約為 1 億美元，低於之前約 1.2 億美元的指導。我們現在預計 G&A 將從之前的 4.2 億美元到 4.28 億美元的指導值下降 4.15 億美元到 4.2 億美元。

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. Before we open the call for questions, I wanted to talk a little bit about the macro environment and the potential impact on the QSR industry, particularly delivery. There are a couple of dynamics that we're watching in the broader restaurant delivery segment.

謝謝你，桑迪普。在我們開始提問之前，我想談談宏觀環境以及對 QSR 行業的潛在影響，特別是交付。在更廣泛的餐廳外賣領域，我們正在觀察一些動態。

First, as consumers return to some of their pre-COVID eating habits, the sitdown business that was once a source of volume for restaurant delivery over the past few years is rebounding. And bringing back with it, some of the orders that were delivered with sitdown was constrained.

首先，隨著消費者恢復到他們在 COVID 之前的一些飲食習慣，在過去幾年中曾經是餐廳外賣業務量來源的靜坐業務正在反彈。帶著它回來，一些坐下來交付的訂單受到了限制。

The second dynamic is inflation. We believe that inflation will impact delivery more than carryout due to the added expenses of fees and tips in that channel. Our research shows that a relatively higher delivery cost might lead some customers to prepare meals at home. This could be exacerbated as consumer spending becomes more constrained around the holiday.

第二個動力是通貨膨脹。我們認為，由於該渠道中費用和小費的額外費用，通貨膨脹對交付的影響將超過結轉。我們的研究表明，相對較高的送貨成本可能會導致一些客戶在家準備飯菜。隨著假期前後消費者支出受到更多限制，這種情況可能會加劇。

As we begin Q4, I believe Domino's is poised to emerge from these volatile times stronger than ever. This is what our business model was built for. I joined Domino's in 2008 during another tough economic environment. What I learned then is even more true today now that we're the #1 pizza company in the world. In a world where consumer confidence is shrinking and inflation is high, Domino's will succeed because we have strong profitable franchisees, a team that makes disciplined decisions based on insight and have the digital supply chain and delivery expertise to offer best-in-class value and customer experience.

隨著我們開始第四季度，我相信多米諾骨牌已經準備好從這些動蕩的時代中脫穎而出，比以往任何時候都更強大。這就是我們建立商業模式的目的。 2008 年，我在另一個艱難的經濟環境中加入了達美樂。既然我們是世界上排名第一的比薩公司，我當時學到的東西在今天更加真實。在消費者信心萎縮且通貨膨脹率居高不下的世界中，達美樂將取得成功，因為我們擁有強大的盈利特許經營商，一個基於洞察力做出嚴謹決策的團隊，並擁有數字供應鍊和交付專業知識，可提供一流的價值和客戶體驗。

We delivered around 1 out of every 3 pizzas in the United States before the pandemic and we deliver around 1 out of every 3 pizzas today. One important thing we have today that we didn't have in 2008 is a strong carryout business. As a more complete restaurant company today, I have never been more confident in the future of Domino's Pizza.

在大流行之前，我們在美國交付了大約每 3 個比薩餅中的 1 個，而今天我們交付了大約每 3 個比薩餅中的 1 個。我們今天擁有的一件重要的事情是我們在 2008 年所沒有的，那就是強大的結轉業務。作為今天更完整的餐飲公司，我對達美樂比薩的未來充滿信心。

With that, we'll open the call to questions.

有了這個，我們將打開問題的電話。

(Operator Instructions) Our first question comes from the line of Brian Bittner from Oppenheimer.

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

Russell, I want to ask about the promotional strategy, and I know you touched on a tougher macro at the end of your prepared remarks, but specifically, you've had the 20% off everything discount in place since around September 6, and it's been happening at a time where I think staffing still does remain a headwind, even though it's been improving. And I would think franchisees' margins are also being pressured by inflation. So can you just help unpack the strategic thinking around this strategy and it is still in place from what I can see. So is it accomplishing what you initially wanted it to accomplish?

拉塞爾，我想問一下促銷策略，我知道你在準備好的發言結束時談到了更嚴格的宏觀，但具體來說，自 9 月 6 日左右以來，你已經享受了 20% 的所有折扣，而且是發生在我認為人員配置仍然是不利因素的時候，儘管情況一直在改善。而且我認為特許經營商的利潤率也受到通貨膨脹的壓力。因此，您能否幫助解開圍繞該戰略的戰略思維，據我所知，它仍然存在。那麼它是否完成了您最初希望它完成的任務？

Brian, thanks for the question. On the 20% off, there were really 2 strategic reasons why we went ahead and did it. And as you said, it's kind of at the end of the quarter. Yes, the first is, as a brand, what Domino's tries to do is whenever there is a big tension in society, and obviously, now the macro tension is around inflation. We try to do a brand action that shows that we are the advocates for our customers. And so at a time where there is inflation and everything is going up, Domino's being able to offer 20% off was really a more strategic communication move than it was anything else.

布賴恩，謝謝你的問題。在 20% 的折扣中，我們確實有 2 個戰略原因讓我們繼續這樣做。正如你所說，這是在本季度末。是的，第一個是，作為一個品牌，達美樂試圖做的是每當社會出現大的緊張局勢時，顯然，現在宏觀緊張局勢是圍繞通貨膨脹。我們嘗試進行品牌行動，表明我們是客戶的擁護者。因此，在通貨膨脹和一切都在上漲的時候，Domino 能夠提供 20% 的折扣實際上是一種比其他任何東西都更具戰略性的溝通舉措。

Secondarily, as I said in my opening remarks, we're about to evolve our carryout offer from $5.99 to $6.99 next week. And so part of what 20% off does, it gives us a little bit of room between where we were and where we're going from a communication standpoint.

其次，正如我在開場白中所說，下週我們將把結轉報價從 5.99 美元提高到 6.99 美元。所以 20% 折扣的部分作用是，從溝通的角度來看，它在我們所處的位置和未來的位置之間給了我們一點空間。

And Brian, I'll just add something to that. The 20% off promotion of the Mix & Match promotion from a profitability standpoint is not significantly different. It's just a different way of delivering a promotion to the consumer. So from a margin standpoint, our franchisees and our corporate stores have not been really impacted in a significant rate for this transaction to the promotion. And so we feel really good about that piece of it as well.

還有布賴恩，我會添加一些東西。從盈利的角度來看，Mix & Match 促銷的 20% 折扣促銷並沒有顯著不同。這只是向消費者提供促銷的另一種方式。因此，從利潤率的角度來看，我們的加盟商和我們的公司商店並沒有真正受到此次交易到促銷活動的顯著影響。所以我們對這部分也感覺很好。

And our next question is from of the line of Peter Saleh from BTIG.

我們的下一個問題來自 BTIG 的 Peter Saleh。

Great. Russell, I just wanted to come back to those comments that you just made. The tension on inflation. We've had double-digit inflation really all year, yet it seems like the commentary and the rhetoric around the impact on the consumer, it seems a little bit more, I guess, pronounced right now. So can you just talk about what you're seeing and maybe what's changed there that makes you feel like, I guess, has the inflation just caught up with the consumer more broadly? Or just what's changed on that side given now we've had really double-digit inflation for really 3 quarters so far this year?

偉大的。拉塞爾，我只是想回到你剛剛發表的那些評論。通脹壓力。我們全年都有兩位數的通脹，但似乎圍繞對消費者影響的評論和言論，我想，現在似乎更明顯了。所以你能談談你所看到的，也許那裡發生了什麼變化，讓你覺得，我猜，通貨膨脹剛剛趕上了更廣泛的消費者嗎？或者考慮到今年到目前為止我們已經真正實現了 3 個季度的兩位數通脹，這方面發生了什麼變化？

Peter, thanks for the question. For us here at Domino's, our approach to whether it's an inflation environment or non-inflation environment is we need to be the best relative value out there in the QSR industry. Interestingly enough, and it was exactly what our internal research predicted, when we went from $5.99 to $6.99, we still remained a great relative value on the delivery side. Things have changed. Prices, cost inputs have changed and our research now indicates we can do the same thing on the carryout side, and will still remain a large relative value. So really, that's our role within this inflationary environment is to be a strong relative value in QSR for our customers.

彼得，謝謝你的問題。對於 Domino 的我們來說，無論是通脹環境還是非通脹環境，我們都需要成為 QSR 行業中最好的相對價值。有趣的是，這正是我們的內部研究預測的那樣，當我們從 5.99 美元漲到 6.99 美元時，我們在交付方面仍然保持著很大的相對價值。事情變了。價格、成本投入發生了變化，我們現在的研究表明，我們可以在結轉方面做同樣的事情，並且仍將保持較大的相對價值。所以說真的，我們在這種通脹環境中的作用是為我們的客戶在 QSR 中提供強大的相對價值。

Our next question will come from the line of Sara Senatore from Bank of America.

我們的下一個問題將來自美國銀行的 Sara Senatore。

A 2-part question, if I may. One was just on company margins and how to think about that versus the franchisees. Labor hours or labor cost was sort of stable. The pressure was stable quarter-over-quarter, even though your comps were a lot better. So is that signaling more wages or more hours in response to driver shortage and our franchisees seeing something similar?

一個兩部分的問題，如果可以的話。一個只是關於公司利潤以及如何與特許經營商相比。工時或勞動力成本有點穩定。儘管您的比賽要好得多，但壓力季度環比穩定。那麼，這是否意味著更多的工資或更多的工作時間來應對司機短缺，而我們的特許經營商也看到了類似的情況？

And then second, I guess, if you were to choose to refranchise the Michigan market to help mitigate the impact of -- on company margins. Is the refranchising strategy a headwind to doing that? I know you've talked about 70 basis points of comp headwind, which is pretty much unchanged. But just trying to understand the appetite for that.

其次，我想，如果你選擇重新授權密歇根市場以幫助減輕對公司利潤率的影響。重新特許經營策略是否會阻礙這樣做？我知道你已經談到了 70 個基點的補償逆風，這幾乎沒有變化。但只是想了解人們對此的興趣。

Sara, I'll take the first part of the question and then Russell will pick up on the second piece on the refranchising opportunity. So I think on the company margins or what we saw there was a multitude of headwinds, definitely the food basket and some investments in labor that we had to make over there. But I'm just going to step back a little bit and talk about total company margins. And number one, the refranchising of these 2 markets essentially will be margin accretive to total company margins and it will start showing up in the fourth quarter.

薩拉，我將回答問題的第一部分，然後羅素將繼續討論關於重新特許經營機會的第二部分。因此，我認為在公司利潤或我們看到的情況下存在許多不利因素，肯定是食品籃和我們必須在那裡進行的一些勞動力投資。但我只是稍微退後一步，談談公司的總利潤。第一，這兩個市場的重新特許經營基本上將增加公司總利潤率的利潤率，並將在第四季度開始顯現。

But I think specifically talking about corporate stores margins, we've talked about this in the previous quarters as well, but from a pricing standpoint, I think we were slightly behind where the franchisees were and taking pricing. And I think as the inflationary headwinds have actually built, whether it's the food basket or the investments in labor that we have to make in our stores, that has been a pinch point for company operating margins.

但我認為專門談論企業商店的利潤率，我們在前幾個季度也討論過這個問題，但從定價的角度來看，我認為我們略微落後於特許經營商的定價和定價。而且我認為，隨著通貨膨脹的逆風實際上已經形成，無論是食品籃還是我們必須在商店中進行的勞動力投資，這一直是公司營業利潤率的一個關鍵點。

As we've talked about, we're evolving given the national offers right now on the carryout side, and this benefit will come into the company-operated stores as well as the franchisee stores, obviously. And I think with what we've actually done in terms of changes that we've talked about since the last quarter, we're really pleased with the sequential improvement that we saw in same-store sales. It went from minus 9% to minus 1.9% in the -- between the second quarter and the third quarter. So that's very encouraging.

正如我們所談到的，鑑於目前在結轉方面的全國報價，我們正在不斷發展，顯然，這種好處將惠及公司經營的商店和特許經營店。而且我認為，就我們自上個季度以來所討論的變化而言，我們實際上所做的事情，我們對同店銷售的連續改善感到非常滿意。在第二季度和第三季度之間，它從負 9% 下降到負 1.9%。所以這非常令人鼓舞。

And this ends up being a leading indicator of where we can take our profitability of the corporate stores going forward. So it's not going to be an overnight fix, but a lot of the actions, including pricing, already underway. So I think it's more a question of time to actually see this play out in terms of total profit margins. So Russell on the franchising.

這最終成為我們可以將公司商店的盈利能力提高到哪裡的領先指標。因此，這不會是一夜之間的修復，而是很多行動，包括定價，已經在進行中。因此，我認為從總利潤率方面實際看到這種情況更多的是時間問題。所以羅素在特許經營上。

Sure. Thanks for the question, Sara. The franchising or refranchising strategy for us is really more -- I would think of it as a growth strategy. Team USA, our corporate store markets are there to unlock growth in 2 ways. Sometimes we're going to buy a market like we did in Michigan, and there it was to kind of redistribute stores and own some ourselves and unlock what is a market that we think have a lot of upside.

當然。謝謝你的問題，薩拉。對我們來說，特許經營或再特許經營戰略實際上更多——我認為它是一種增長戰略。美國隊，我們的企業商店市場以兩種方式釋放增長。有時我們會像在密歇根州那樣購買一個市場，在那裡重新分配商店並自己擁有一些商店，並打開我們認為有很大上漲空間的市場。

In some cases, the unlocking of growth and the creation of franchisees that are going to be our future is done through refranchising, and that's what was done most recently in our markets in Phoenix and Salt Lake City. And I would like to spend a few seconds just talking about what it means when we refranchise stores in this particular instance because really, it's what makes Domino's so special. And maybe there are people who are listening to the call now who are interested in drivers' positions. And let me tell you why you should be interested because our drivers become franchisees, right?

在某些情況下，釋放增長和創建將成為我們未來的特許經營商是通過重新特許經營來完成的，這就是我們最近在鳳凰城和鹽湖城的市場所做的。我想花幾秒鐘來談談我們在這種特殊情況下重新特許經營商店意味著什麼，因為真的，這就是多米諾骨牌如此特別的原因。也許現在正在聽電話的人對司機的職位感興趣。讓我告訴你為什麼你應該感興趣，因為我們的司機成為特許經營商，對吧？

We sold stores, we refranchised stores to our franchisees in Arizona and Utah. 11 franchisees purchased those, 3 of them were first-time franchisees, right? Two of them were former corporate employees. Remember, 95% of our franchisees started out as employees making pizza or driving. Six franchisees purchased the first store they ever worked in. And so that's part of the American dream, which is Domino's. So in this case, we're unlocking growth and new franchisees.

我們出售商店，將商店重新特許給我們在亞利桑那州和猶他州的特許經營商。 11 家加盟商購買了這些，其中 3 家是首次加盟商，對吧？其中兩人是前公司僱員。請記住，我們 95% 的加盟商最初是做披薩或開車的員工。六家加盟商購買了他們工作過的第一家商店。這就是美國夢的一部分，也就是達美樂。所以在這種情況下，我們正在釋放增長和新的加盟商。

Our next question will come from the line of John Glass from Morgan Stanley.

我們的下一個問題將來自摩根士丹利的 John Glass。

Can you talk about the outlook for the global unit growth balance of year or maybe into next year? You signaled that U.S. would slow. I think you were seeing that international closures were higher. I'm not certain if this is all just contained in this quarter, but can you sort of talk about how you think about that? And just more generally, are you starting to see some constraints on international development given inflation, given supply chain? Are there any concerns that you might see further deterioration or slowing, I should say, an international store growth ex those closures given changing macro environment?

你能談談今年或明年全球單位增長平衡的前景嗎？你暗示美國會放慢腳步。我認為您看到國際關閉率更高。我不確定這是否全部都包含在本季度中，但是您能談談您對此的看法嗎？更一般地說，您是否開始看到考慮到通貨膨脹和供應鏈對國際發展的一些限制？考慮到宏觀環境的變化，國際商店的增長是否會進一步惡化或放緩？

John, this is Sandeep. And I think on the outlook for global unit growth, we're really bullish. I think things are looking very strong in terms of where the potential for growth exists. We've talked previously about 10,000 potential stores in our top 15 markets. That hasn't changed in terms of the calculus. Looking at the more specific recent quarter, we've already flagged that in the U.S. between the permitting and construction delays that we're dealing with, we're going to see a slowdown. The slowdown has come. So we saw that as a part of it. And I think specifically internationally, we talked about the exit of the Italian market by a master franchisee as a key driver of the decline.

約翰，這是桑迪普。我認為對於全球單位增長的前景，我們真的很看好。我認為就存在增長潛力的地方而言，情況看起來非常強勁。我們之前已經討論過我們前 15 個市場中的 10,000 家潛在商店。就微積分而言，這並沒有改變。看看最近一個更具體的季度，我們已經指出，在美國，在我們正在處理的許可和施工延誤之間，我們將看到放緩。放緩已經到來。因此，我們將其視為其中的一部分。我認為特別是在國際上，我們談到了主要特許經營商退出意大利市場，這是下降的關鍵驅動因素。

And I think in Brazil, we had our master franchisees there continuing to optimize the market. There were some stores that closed in the first quarter, and they close some more stores in the third quarter. So I wouldn't really read too much into this in terms of where the long-term international trends are going. It is very strong in terms of potential. I talked in the prepared remarks about the paybacks on our U.S. stores. They're very compelling. They're around 3 years from more recent years like 2018 and 2019 seems to be on track as well. I can assure you that the international paybacks are even better. So the runway that we've got over there is very, very strong, and we're very confident of that.

我認為在巴西，我們的主要特許經營商在那裡繼續優化市場。第一季度有一些商店關門，第三季度他們關閉了更多商店。因此，就長期國際趨勢的走向而言，我不會對此進行過多解讀。它在潛力方面非常強大。我在準備好的評論中談到了我們美國商店的回報。他們非常有說服力。距離最近幾年（如 2018 年和 2019 年）大約 3 年，似乎也步入正軌。我可以向你保證，國際回報會更好。所以我們在那裡的跑道非常非常強大，我們對此非常有信心。

Our next question will come from the line of Brian Mullan from Deutsche Bank.

我們的下一個問題將來自德意志銀行的 Brian Mullan。

I think in the prepared remarks, you said it was an 8-point gap between the top quintile and the bottom quintile of stores this quarter and delivery, another sequential improvement. My question is, can you give us a sense of what the historical gap between the top and bottom quintile for delivery was prior to COVID? And when you get back to that normal gap, is that an indicator that the driver issue is getting close to solved in your mind? Just talk about that or measuring that internally as you make progress.

我認為在準備好的評論中，您說本季度商店的前五分之一和後五分之一之間存在 8 個百分點的差距和交付，這是另一個環比改善。我的問題是，您能否讓我們了解在 COVID 之前交付的最高和最低五分之一之間的歷史差距是多少？當您回到正常的差距時，這是否表明您認為驅動程序問題即將解決？只是在你取得進展時談論它或在內部衡量它。

Brian, thanks for that question. You're right. I mean the 8-point gap that we're seeing on delivery is higher than we've seen historically. But again, let's just keep in mind, it was 17 points in Q1. It was 11 points in Q2, and now it's 8 points. It is still higher, and there's still a bit more work to be done, but we continue to make progress, as Russell talked about in the prepared remarks. So the key over here is we had to restore service to the levels that our customers are accustomed to. And we also need to make sure that we're able to fulfill all the demand comes our way. It's when those things actually happen that we know we've actually returned to where we need to be. And I think as far as we're concerned, we continue to look for progress points as we make sequential progress through the year. And we're very confident that the answer is probably within the system like we've talked about previously. But I think we'll continue to look at profiles. We'll keep talking about it as we go through the next quarter.

布賴恩，謝謝你的問題。你是對的。我的意思是，我們在交貨時看到的 8 點差距比我們歷史上看到的要高。但同樣，讓我們記住，第一季度是 17 分。第二季度是 11 分，現在是 8 分。它仍然更高，還有更多工作要做，但我們繼續取得進展，正如羅素在準備好的評論中所說的那樣。所以這裡的關鍵是我們必須將服務恢復到客戶習慣的水平。我們還需要確保我們能夠滿足所有的需求。當這些事情真正發生時，我們知道我們實際上已經回到了我們需要的地方。我認為就我們而言，隨著我們全年取得連續進展，我們將繼續尋找進展點。而且我們非常有信心，答案可能就在我們之前討論過的系統中。但我認為我們將繼續查看配置文件。我們將在下個季度繼續討論它。

Our next question comes from the line of John Ivankoe from JPMorgan.

我們的下一個問題來自摩根大通的 John Ivankoe。

It's John Ivankoe. The question was on U.S. unit development. I know we talked about slowdown has come, I think, Sandeep, was your quote. But looking at the 172 units year-over-year, the 2.7%, is that -- I guess, is that the bottom in terms of growth? I mean, how should we be thinking about the next fourth quarter, firstly, but also the next 12 months in terms of those levels that you have achieved in the previous 12 months? I mean is that stable higher or lower from here? I guess, is the first question.

是約翰·伊万科。問題是關於美國單位的發展。我知道我們談到經濟放緩已經到來，我認為 Sandeep 是你的引述。但是看看 172 個單位的同比增長，即 2.7%，這是 - 我猜，這是增長的底部嗎？我的意思是，我們應該如何考慮下一個第四季度，首先，考慮到您在過去 12 個月中達到的水平，以及接下來的 12 個月？我的意思是從這裡穩定的更高還是更低？我猜，是第一個問題。

And then secondly, I just wanted to understand if there's any symbolism in terms of the modest cutbacks in G&A and the more significant cutbacks in CapEx. Is that more timing oriented? Or are there other changes in the business that are going to be more lasting?

其次，我只是想了解在 G&A 的適度削減和資本支出的更顯著削減方面是否有任何象徵意義。是不是更注重時間？或者業務中是否還有其他更持久的變化？

Thanks, John. Appreciate the questions. Now I think in terms of the U.S. units, we flagged this back at the end of the second quarter when we talked about the expected slowdown due to the permitting and construction delays that we were seeing. I think it's expected to impact definitely the balance of the year, as we've talked about earlier. And frankly, until we see the permitting and construction delays completely abate, it is going to be a headwind. But I think what we do see is once we get past that headwind, the demand is very strong from our franchisees. So we should see that (inaudible) to work to prior norms in terms of growth rates. And that's why we're really very convinced that we're on our way to that 8,000-plus mark. And I think it's more a question of getting past these macro disruptions that we are seeing over here.

謝謝，約翰。欣賞這些問題。現在我認為就美國單位而言，我們在第二季度末談到了由於我們看到的許可和施工延誤而導致的預期放緩時，我們將其標記了回來。正如我們之前所討論的，我認為這肯定會影響今年的平衡。坦率地說，在我們看到許可和施工延誤完全減少之前，這將是一個逆風。但我認為我們確實看到的是，一旦我們克服了逆風，我們的加盟商的需求就非常強勁。因此，我們應該看到（聽不清）在增長率方面符合先前的規範。這就是為什麼我們非常確信我們正朝著 8,000 多個大關前進。而且我認為這更多的是克服我們在這裡看到的這些宏觀破壞的問題。

And then I think when it comes to the G&A and CapEx adjustments to guidance, I'll take the G&A one first. The G&A is impacted a little bit by the refranchising of stores that we talked about, right? So with the -- some of the -- with the corporate stores in Arizona and Utah are now moving into the franchise P&L, the G&A structure that was going with those stores when they were corporate stores wouldn't really hit our G&A, and that's part of the driver of it. And there are some other small elements of adjustments in terms of expenses that actually went into that as well. So -- but it's not major. It's just more of a reclass between corporate stores and franchise stores.

然後我認為當涉及到 G&A 和資本支出對指導的調整時，我會首先考慮 G&A。 G&A 受到我們談到的商店重新特許經營的影響，對吧？因此，隨著亞利桑那州和猶他州的一些公司商店現在進入特許經營損益表，這些商店在公司商店時所採用的 G&A 結構不會真正影響我們的 G&A，那就是它的一部分驅動程序。在實際支出方面，還有一些其他的小調整。所以——但這不是主要的。它只是企業商店和特許經營店之間的重新分類。

And I think on CapEx, if you look at our run rate on CapEx, the $120 million was a bit of a tick up. We expected to have heavier spend on some of our supply chain investments. We're just pretty much sliding it forward. So I don't think it's going to change the cadence of how much spend we're going to have. It's just more of a timing impact starting forward.

我認為在資本支出方面，如果你看看我們在資本支出上的運行率，1.2 億美元有點小幅上漲。我們預計在我們的一些供應鏈投資上會有更多的支出。我們只是在向前滑動它。所以我認為這不會改變我們將花費多少的節奏。這只是更多的時間影響開始向前。

The next question comes from the line of Gregory Francfort from Guggenheim.

下一個問題來自古根海姆的 Gregory Francfort。

Russell, also, I had a question about just pricing elasticity and I think it's interesting that a lot of your competitors have taken the delivery prices up 25%, 30% above their in-store prices. And you guys, it's pretty consistent, but you guys, I think, have a little bit higher delivery fees. Is that because of maybe some work on the elasticity of pricing in the delivery fees versus in the menu? And is there an opportunity to widen out maybe the delivery prices versus the in-store prices over time for Domino's?

羅素，我也有一個關於定價彈性的問題，我認為有趣的是，你的許多競爭對手已經將交貨價格提高了 25%，比店內價格高出 30%。你們，這是相當一致的，但我認為你們的運費要高一些。那是因為在送貨費與菜單中的定價彈性方面可能有一些工作嗎？隨著時間的推移，是否有機會擴大多米諾的送貨價格與店內價格？

Yes, Gregory, thanks for the question. As we've said on prior calls, the delivery fees and the menu prices are both franchisees' decision on what they make. What we do there, though, is we provide them with what the competitive context is at a local level, and there certainly are recommendations that are based on data on where you need to be versus the competition and all of that's taken into account when they set their pricing relative to our national pricing.

是的，格雷戈里，謝謝你的提問。正如我們在之前的電話中所說的那樣，送貨費和菜單價格都是特許經營商對他們所做的決定。但是，我們在那裡所做的是向他們提供當地的競爭環境，當然還有一些建議是基於你需要與競爭對手相比的數據，所有這些都在他們考慮時被考慮在內相對於我們的國家定價設定他們的定價。

Our next question will come from the line of Andrew Strelzik from BMO.

我們的下一個問題將來自 BMO 的 Andrew Strelzik。

I was hoping you could elaborate a little bit on your comments about efficiencies in the cost structure, which is something you mentioned in prior quarters as well. But are you continuing to find incremental efficiency opportunities in recent months? Or is this more kind of execution of the initiatives you've been talking about? And then is there anything at the store level technology or otherwise that you're exploring to potentially help from an efficiency perspective?

我希望你能詳細說明你對成本結構效率的評論，這也是你在前幾個季度提到的。但您是否在最近幾個月繼續尋找提高效率的機會？或者這更像是對你一直在談論的倡議的執行？然後從效率的角度來看，您正在探索商店級技術或其他方面的潛在幫助嗎？

So Andrew, thanks for the question. In terms of efficiencies in the cost structure, I think from the beginning of the year, we've been talking about continuing to look at it. I think it's a combination of other costs that actually could be eliminated if they make sense to eliminate. But more importantly, it's resource allocation, how do we redeploy resources to the best returns. And so I think in terms of the journey that we're under, it's not really changed that much from what we talked about when I first talked to you in April. And I think we'll continue to do this as we move forward, not just in the fourth quarter but into '23 as well. And so from that standpoint, there's nothing more than that.

所以安德魯，謝謝你的問題。在成本結構的效率方面，我認為從今年年初開始，我們就一直在討論繼續關注它。我認為這是其他成本的組合，如果消除它們是有意義的，實際上可以消除它們。但更重要的是資源配置，我們如何重新配置資源以獲得最佳回報。因此，我認為就我們所經歷的旅程而言，與四月份我第一次與您交談時所談論的內容並沒有太大變化。而且我認為我們將在前進的過程中繼續這樣做，不僅在第四季度，而且在 23 年也是如此。所以從這個角度來看，沒有什麼比這更重要的了。

But I think from a technology and supply chain standpoint, if you had a question, Russell may have some comments to add on that.

但我認為，從技術和供應鏈的角度來看，如果您有任何問題，Russell 可能會對此發表一些評論。

Yes, I think you're absolutely right on the efficiency standpoint. It's something we've been looking to drive, and we'll continue to look to drive it. I think there are really 2 ways that we're doing it. One is in the physical circle of operations and bringing in codifying best practices that we're going to talk about in future calls. But as part of what I told you, I was so excited to see when I was down in Houston.

是的，我認為你在效率的觀點上是絕對正確的。這是我們一直在尋求推動的東西，我們將繼續努力推動它。我認為我們確實有兩種方法可以做到這一點。一個是在實際的運營圈中，並引入我們將在未來的電話會議中討論的編纂最佳實踐。但作為我告訴你的一部分，我很高興看到我在休斯頓的時候。

In addition to what we can do with the physical circle of operation, we have a next-generation suite of store systems that we've already launched, and we're going to continue to launch that really just tries to automate some of the more manual decision-making and optimize the efficiency and effectiveness of our stores. So we're looking at from a human center design standpoint and also how can technology help us.

除了我們可以對實體運營圈做些什麼之外，我們還擁有已經推出的下一代商店系統套件，並且我們將繼續推出它實際上只是試圖將其中的一些自動化人工決策並優化我們門店的效率和效益。所以我們從人類中心設計的角度來看，以及技術如何幫助我們。

Our next question will come from the line of Andrew Charles from Cowen.

我們的下一個問題將來自 Cowen 的 Andrew Charles。

Great. Russell, I know you said brand health scores are pre-COVID highs, but I want to dig in a little bit more just around the evolution and modernization in recent years with things that drove your success in the prior 10 years, menu innovation, loyalty, digital and advertising. And really, my question is, looking beyond boost weeks and beyond 4Q, what work is being done to advance the ball on these core 4 parts of the playbook to help you guys grow traffic in 2023 and beyond in a more competitive delivery environment as well as pizza category?

偉大的。羅素，我知道你說品牌健康評分是新冠病毒爆發前的最高水平，但我想更深入地探討近年來的演變和現代化，其中包括推動你在過去 10 年取得成功的因素、菜單創新、忠誠度、數字和廣告。真的，我的問題是，除了提升周和第四季度之外，正在做哪些工作來推進劇本的這些核心 4 部分，以幫助你們在 2023 年及以後在更具競爭力的交付環境中增加流量作為比薩類？

Yes, Andrew, thanks for the question. I mean you're right, certainly during the last couple of years, we were adjusting as things kind of came our way. So the long-term planning and kind of the stories you're used to seeing from Domino's maybe took a little bit of a back seat to just trying to adjust to what was going on in the environment. But I fully expect, obviously, we can't talk about the future. But what you've seen from us before, which are these (inaudible) we did stories that are adjusting to what's going on in society, technology innovation, not only for the customer but in store. From an innovation standpoint, I think we're really unique and we will continue to be unique and that we just don't launch products for products sake that we're spending all this money and then they come out of the market. We launched incremental platforms and those platforms work really well into our Mix & Match deal. And we know when we work them into our Mix & Match deal, it increases items per order, and that's a healthy way to drive ticket. So I think you're right on in how you assessed the way we've grown the business, and that's how we're going to be focused moving forward.

是的，安德魯，謝謝你的提問。我的意思是你是對的，當然在過去的幾年裡，隨著事情的發展，我們正在調整。因此，您習慣於從 Domino's 看到的長期計劃和故事可能會稍微退居次要地位，而只是試圖適應環境中正在發生的事情。但我完全期待，顯然，我們不能談論未來。但是您之前從我們那裡看到的，這些（聽不清）我們所做的故事正在適應社會正在發生的事情，技術創新，不僅是為了客戶，也是為了商店。從創新的角度來看，我認為我們真的是獨一無二的，我們將繼續保持獨一無二，我們不會為了產品而推出產品，因為我們花了所有這些錢，然後它們就退出了市場。我們推出了增量平台，這些平台非常適合我們的混搭交易。而且我們知道，當我們將它們納入我們的混搭交易時，它會增加每個訂單的商品，這是一種健康的購票方式。所以我認為你對我們如何發展業務的方式的評估是正確的，這就是我們將如何專注於向前發展。

Our next question will come from the line of Chris O'Cull from Stifel.

我們的下一個問題將來自 Stifel 的 Chris O'Cull。

This is Patrick on for Chris. My question relates to the supply chain. Am I right in thinking that unit volumes remain down year-over-year, along with transactions. And if so, what opportunities are there to improve volumes outside of unit and transaction growth in that segment. Would you consider adding new products or potentially some other alternatives that make strategic sense for the business as a whole?

這是帕特里克對克里斯的看法。我的問題與供應鏈有關。我認為單位數量與交易一起同比下降是否正確。如果是這樣，有什麼機會可以提高該細分市場的單位和交易增長之外的交易量。您是否會考慮添加新產品或其他對整個業務具有戰略意義的替代品？

Yes, Chris, sorry. Thanks for the question. And I think specifically on supply chain, if you go and look at the most recent quarter, yes, unit volume was down just because I think that was a driver that was a partial offset to the fact that the market basket pricing was up by 13.4%. But I think overall, when we look at the actual dynamics of what happened in the margin, there were 2 different things. I think you had fuel and labor costs basically were also a headwind that actually impacted the supply chain margins in the quarter, which sequentially was a change. It was actually a hardening impact compared to the second quarter, and that's why you saw margins shift a little bit downwards in terms of the gap versus the prior year.

是的，克里斯，對不起。謝謝你的問題。我認為特別是在供應鏈上，如果你去看看最近一個季度，是的，單位銷量下降只是因為我認為這是一個驅動因素，部分抵消了市場籃子定價上漲 13.4 的事實%。但我認為總體而言，當我們查看邊際發生的實際動態時，有兩件不同的事情。我認為你的燃料和勞動力成本基本上也是一個逆風，實際上影響了本季度的供應鏈利潤率，這依次是一個變化。與第二季度相比，這實際上是一種強化影響，這就是為什麼你看到利潤率與去年相比略有下降。

And just a reminder, I think we've said this before, but supply chain margins in an increasing cost environment will contract because we have a constant dollar margin on what food product we sell. In the opposite situation where costs decline and food cost decline, we would be seeing improving margins. So this is nothing new in terms of our business model and the model that we apply to how we price to the franchisees. And so we expect to see this headwind for the balance of the year given where we're projecting the full basket.

提醒一下，我想我們之前已經說過了，但是在成本不斷增加的環境中，供應鏈的利潤會收縮，因為我們銷售的食品有固定的美元利潤。在成本下降和食品成本下降的相反情況下，我們將看到利潤率提高。因此，就我們的商業模式和我們向加盟商定價的模式而言，這並不是什麼新鮮事。因此，鑑於我們預測整個籃子的位置，我們預計今年餘下時間會出現這種逆風。

Our next question comes from the line of Lauren Silberman from Credit Suisse.

我們的下一個問題來自瑞士信貸的 Lauren Silberman。

I wanted to ask about the increase in the 2 more Mix & Match for carryout next week. Can you talk about the decision to change the carryout price now versus increasing it in March alongside delivery? Is elasticity lower than expected, so you have more comfort raising it on carryout or any other factors that went into the decision?

我想詢問下週進行的 2 次混合和匹配的增加。你能談談現在改變結轉價格而不是在 3 月份在交貨的同時提高結轉價格的決定嗎？彈性是否比預期的低，所以你更願意在結轉或任何其他決定因素的情況下提高它？

Thanks, Lauren. I think what's really important is really think about the philosophy on how we look at pricing in the company, and it's not new, it's not started this year, it's been happening over the last decade or more. And I think there's key elements to it. One is I think we would look at our input costs and essentially what that does in terms of long-term store profitability for the franchisees and our own corporate stores. But then we also look at the relative consumer price points and competition in the market. So when you actually peel back to the decision to adjust the delivery Mix & Match back in March, all of these factors were taken into consideration. But I think we saw that there had been some hardening in cost was in the labor side. And because delivery is a more labor-intensive channel of business, we had visibility to that where the increases tend to be more permanent in nature.

謝謝，勞倫。我認為真正重要的是真正思考我們如何看待公司定價的哲學，這不是新事物，它不是今年開始的，它在過去十年或更長時間裡一直在發生。我認為其中有關鍵要素。一個是我認為我們會考慮我們的投入成本，以及這對特許經營商和我們自己的公司商店的長期商店盈利能力有何影響。但隨後我們也會關注相對的消費者價格點和市場競爭情況。因此，當您真正回顧 3 月份調整交付混搭的決定時，所有這些因素都被考慮在內。但我認為我們看到勞動力方面的成本有所上升。而且由於交付是一種更加勞動密集型的業務渠道，我們可以看到這種增長在本質上往往更加持久。

And to drive the contribution margin that was needed on the delivery side, we believe it was needed to make that adjustment to the Mix & Match price on delivery in March.

為了提高交付方面所需的邊際貢獻，我們認為需要對 3 月份交付的混合搭配價格進行調整。

While food basket had already started going up, what has happened historically is it's been very volatile. It can go up, but it can also reverse. So we wanted to make sure that the increasing costs that we are seeing on the food basket were likely to sustain. And also, we've examined over the last 6 months how competitive pricing has actually evolved in the marketplace. So when you take both those elements under consideration competitive price shift as well as the fact that the food basket has continued to harden, we believe now is the right time to make the change on the carryout Mix & Match as well to drive that profitability for the franchisees and for ourselves.

雖然食品籃已經開始上漲，但從歷史上看，它一直非常不穩定。它可以上升，但也可以逆轉。因此，我們希望確保我們在食品籃上看到的不斷增加的成本可能會持續下去。此外，我們在過去 6 個月中研究了競爭性定價在市場上的實際演變情況。因此，當您將這兩個因素都考慮到具有競爭力的價格變化以及食品籃繼續變硬的事實時，我們認為現在是改變結轉混搭以及推動盈利能力的最佳時機加盟商和我們自己。

Our next question will come from the line of Jared Garber from Goldman Sachs.

我們的下一個問題將來自高盛的 Jared Garber。

Russell, you made some comments around maybe the shift that you're seeing or potentially we'll see in the delivery business versus the carryout business as it relates to consumer demand and some more pressure on the consumer. Can you talk about that dynamic in international markets as well and maybe give us a little bit of a sense of the breakdown on carryout versus delivery there? And I know we heard some good color on the U.K. market. Some of the bad impacts there, but certainly, the macroeconomic outlook in broader Europe is a little bit more challenged as we go forward. So any color on how we should be thinking about that or how you're thinking about that and what you're hearing and seeing from franchisees would be great.

羅素，您可能就您所看到的或我們可能會在交付業務與結轉業務中看到的轉變發表了一些評論，因為它與消費者需求和消費者面臨的更多壓力有關。您能否也談談國際市場上的這種動態，也許讓我們對那裡結轉與交付的細分有所了解？我知道我們在英國市場上聽到了一些不錯的顏色。那裡的一些不良影響，但可以肯定的是，隨著我們前進，整個歐洲的宏觀經濟前景會面臨更多挑戰。因此，任何關於我們應該如何考慮這一點或你如何考慮這一點以及你從加盟商那裡聽到和看到的任何顏色都會很棒。

Yes, Jared, I think just a couple of points on that before I get into the international markets, which I think was the bulk away talking about the demand change. So I think what we talked about in the prepared remarks was specifically on delivery, there could be some pressure between the macroeconomic environment and inflationary environment. But I think overall, from a carryout standpoint versus delivery, we -- as we've said in the prepared remarks, it's very little overlap between the 2 businesses. And I think there's 2 pretty unique businesses.

是的，賈里德，在我進入國際市場之前，我認為只有幾點，我認為這是談論需求變化的大部分內容。所以我認為我們在準備好的評論中談到的具體是交貨，宏觀經濟環境和通脹環境之間可能存在一些壓力。但我認為總體而言，從結轉與交付的角度來看，我們 - 正如我們在準備好的評論中所說，這兩項業務之間幾乎沒有重疊。我認為有兩個非常獨特的業務。

So we don't necessarily see a switch out between the 2 channels. But I think overall, when we talk about the impact of inflation, it is not just a domestic impact, it's international as well. So the same dynamics that we talked about being a pressure point would be an impact internationally, including the U.K. that we talked about. And I think the risk is when you have a very significant inflation, consumers may actually switch to cooking at home and preparing food at all. And that's just the risk factor. We are an unprecedented inflationary times.

所以我們不一定會看到兩個通道之間的切換。但我認為總的來說，當我們談論通貨膨脹的影響時，它不僅僅是國內影響，還有國際影響。因此，我們所說的作為壓力點的相同動態將在國際上產生影響，包括我們談到的英國。而且我認為風險在於，當通貨膨脹非常嚴重時，消費者實際上可能會轉向在家做飯和準備食物。這只是風險因素。我們是一個前所未有的通貨膨脹時代。

So how consumer behavior evolves right now is still a little bit more to be seen, but our testing models show that there's a higher likelihood of switch if inflation remains at these elevated levels.

因此，目前消費者行為如何演變仍有待觀察，但我們的測試模型表明，如果通脹保持在這些較高水平，則轉變的可能性更高。

Yes. I would add to that. What Sandeep said is when pricing hits on the delivery side, people tend to more go to cook at home. When pricing hits on the carryout side, folks tend to look at relative value. And that's really where we win. And a lot of the growth, I mentioned earlier, we're the #1 carryout pizza brand, at least in the U.S. But the fact is we also source a lot of our carryout volume from other QSR. So during times globally, where pricing is going up, on our carryout business is actually should be a source of volume.

是的。我會補充一點。 Sandeep 說，當送貨方面的定價受到打擊時，人們往往會更多地在家做飯。當定價觸及結轉方面時，人們傾向於關注相對價值。這就是我們真正獲勝的地方。很多增長，我之前提到過，我們是排名第一的外賣披薩品牌，至少在美國是這樣。但事實是我們也從其他 QSR 採購了很多外賣量。因此，在全球價格上漲的時期，我們的結轉業務實際上應該是數量的來源。

Our next question will come from line of Dennis Geiger from UBS.

我們的下一個問題將來自瑞銀的 Dennis Geiger。

Sandeep, you spoke to a strong franchisee demand to open new stores in the U.S., particularly as you get past the supply chain and the permitting delays. So I'm just wondering if you could speak a little bit more to sort of franchisee health across the U.S. as we think about the cost pressures that the industry has been facing as well as now sort of higher interest rates. Just sort of where sentiment is now broadly for your franchisees here in the States?

Sandeep，您談到了加盟商在美國開設新店的強烈需求，特別是當您通過供應鍊和許可延遲時。因此，我只是想知道，當我們考慮該行業一直面臨的成本壓力以及現在的較高利率時，您是否可以多談談美國各地特許經營商的健康狀況。對於您在美國的特許經營商來說，現在廣泛的情緒在哪裡？

Yes. I think when we talk to our franchisees and obviously when we mentioned this recent refranchising transaction as well, significant discussions around potential growth. And I think every time we actually have these discussions, we're talking about growth potential. The growth pipeline is very clearly seen by our franchisees. And they partner with us very extensively on how it happened that into our growth pipeline. And so this comes from multiple conversations happening -- that are happening across the organization. They happen with all of our leadership in the organization with Russell, of course. And I'm really confident because I've seen that the level of confidence building since I've come in. So when I came in, in April, I think things were pretty much at the toughest point as they were. But I think every quarter that I've been over here sequentially I've seen an improving sentiment because solutions are being found. I think collectively, we're seeing improvements in performance. And I think the latest decision that we've actually taken on the national offers has been very well received by our franchisee system, and we're all excited to drive long-term profitability.

是的。我認為，當我們與特許經營商交談時，很明顯，當我們也提到最近的這項重新特許經營交易時，圍繞潛在增長進行了重要討論。而且我認為每次我們實際進行這些討論時，我們都在談論增長潛力。我們的加盟商非常清楚地看到了增長管道。他們與我們進行了非常廣泛的合作，以了解它是如何進入我們的增長管道的。因此，這來自於在整個組織中發生的多個對話。當然，它們發生在我們與羅素一起在組織中的所有領導層中。而且我真的很有信心，因為自從我進來以來，我已經看到了信心建立的程度。所以當我在四月份進來時，我認為事情幾乎處於最艱難的時刻。但我認為，在我連續到過這裡的每個季度，我都看到了一種改善的情緒，因為正在尋找解決方案。我認為總的來說，我們看到了性能的改善。而且我認為我們實際上對全國優惠做出的最新決定已經受到我們的特許經營商系統的好評，我們都為推動長期盈利而感到興奮。

And I would just add to that, for me, working with Domino's franchisees, is the best part of my job. Next week, we have our franchisees coming in. Annually, we have an economic summit. And so this is something we do every year, and I'm looking forward to seeing them again. And I thought maybe as we get towards the end of the conversation, I would tell you a little bit about what I'm going to be talking to them, how excited I am at what they're doing.

我想補充一點，對我來說，與 Domino 的特許經營商合作是我工作中最好的部分。下週，我們的加盟商進來了。每年，我們都會舉行一次經濟峰會。所以這是我們每年都會做的事情，我期待再次見到他們。我想也許當我們接近談話結束時，我會告訴你一些關於我將要與他們交談的內容，我對他們正在做的事情感到多麼興奮。

So Sandeep talked about sequential improvements. That means Q3 better than Q2 better than Q1. So same-store sales 1 year and 3 year. Q2 is better than Q1, Q3 is better than Q2. Service times, they got better in Q2 than Q1, they got better into Q3 than Q2. The gap between the first and fifth quintile is shrinking every quarter. The boost week performance, their service time in the second boost week was better than their service time in the first boost week and they are all in on future boost weeks getting back to how we used to do them prior to the pandemic.

所以 Sandeep 談到了順序改進。這意味著第三季度優於第二季度，優於第一季度。所以同店銷售1年和3年。 Q2優於Q1，Q3優於Q2。服務時間，他們在第二季度比第一季度好，他們在第三季度比第二季度好。第一和第五個五分之一之間的差距每季度都在縮小。助推週的表現，他們在第二個助推週的服務時間比他們在第一個助推週的服務時間要好，而且他們都在未來的助推周中恢復到我們在大流行之前的做法。

They delivered one out of every 3 pizzas before the pandemic, and they deliver about 1 out of every 3 pizzas post. What is new and what they should be congratulated for is we've emerged now as the #1 carryout brand. And so from a total pizza market share standpoint, we're up 200 basis points versus 3 years ago, and that's just an amazing accomplishment. Maybe one more question?

在大流行之前，他們每 3 個比薩餅中就有 1 個比薩餅配送，每 3 個比薩餅郵遞員中大約有 1 個比薩餅配送。什麼是新的，他們應該祝賀的是我們現在已經成為排名第一的隨身攜帶品牌。因此，從總比薩餅市場份額的角度來看，我們比 3 年前增加了 200 個基點，這真是一個了不起的成就。也許還有一個問題？

We do have one last question. Our last question will come the line of Alexander Slagle from Jefferies.

我們確實有最後一個問題。我們的最後一個問題來自 Jefferies 的 Alexander Slagle。

Just a follow-up question on the G&A. As you have ratcheted that down the outlook fairly meaningfully through the year and talked about the refranchising impact, but curious if there's a deeper structural change beyond this that can extend past this year? And is it possible we see G&A spend next year ramping less than typical? Or conversely, is there -- are there some timing shifts that might drive more of an increase in '23?

只是關於 G&A 的後續問題。正如您在這一年中相當有意義地下調了前景並談到了重新特許經營的影響，但好奇是否還有更深層次的結構變化可以延續到今年之後？我們是否有可能看到明年的 G&A 支出增長低於典型水平？或者相反，是否有一些時間變化可能會推動 23 年的更多增長？

So Alex, on this, I think I would just go back to what I said previously on G&A. I think the big driver of it was the refranchising transaction where the G&A basically shifts out of the corporate stores into the franchisee system. And I think in terms of how we would look at it, we've always continued to make investments to fuel growth. We will continue to make investments to fuel growth. We -- the growth algorithm is very much intact for the company. And so I don't expect to have structural reductions in G&A. But at the same time, we just need to be very thoughtful about where we allocate the resources that we're investing in. And that's really more the focus of it than absolute reductions in G&A.

所以亞歷克斯，關於這一點，我想我會回到我之前在 G&A 上所說的內容。我認為它的主要驅動力是重新特許經營交易，其中 G&A 基本上從公司商店轉移到特許經營商系統。而且我認為就我們如何看待它而言，我們一直在繼續投資以推動增長。我們將繼續投資以推動增長。我們——公司的增長算法非常完整。因此，我預計 G&A 不會出現結構性削減。但與此同時，我們只需要非常考慮我們在哪里分配我們投資的資源。這實際上比絕對減少 G&A 更重要。

Thank you. That's all the time we have for Q&A. I'd like to turn the call back over to Russell for any closing remarks.

謝謝你。這就是我們所有的問答時間。我想把電話轉回給拉塞爾，以聽取任何結束語。

All right. Well, thanks, everyone, for joining this morning. We appreciate it. And Sandeep and I will look forward to speaking with you in our full year '22 results. Have a great day and a great weekend.

好的。嗯，謝謝大家，今天早上加入。我們很感激。 Sandeep 和我期待在我們的 22 年全年業績中與您交談。有一個美好的一天和一個美好的周末。

This concludes today's conference call. Thank you for participating. You may now disconnect. Everyone, have a great day.

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。大家，有一個美好的一天。