達美樂 (DPZ) 2022 Q4 法說會逐字稿

Thank you for standing by, and welcome to Domino's Pizza's Fourth Quarter 2022 Earnings Conference Call. (Operator Instructions) As a reminder, today's program is being recorded.

感謝您的支持，歡迎來到 Domino's Pizza 2022 年第四季度收益電話會議。 （操作員說明）提醒一下，今天的節目正在錄製中。

And now I'd like to introduce your host for today's program, Mr. Ryan Goers, Vice President, Finance and Investor Relations. Please go ahead, sir.

現在我想介紹一下今天節目的主持人，財務和投資者關係副總裁 Ryan Goers 先生。請繼續，先生。

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

謝謝大家，早上好。感謝您今天參加我們關於第四季度和 2022 年全年業績的對話。今天的電話會議將由首席執行官 Russell Weiner 發表評論；和首席財務官 Sandeep Reddy。 （操作員說明）

I want to remind everyone that the forward-looking statements in this morning's earnings release and 10-K 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.

我想提醒大家，今天上午的收益發布和 10-K 中的前瞻性陳述也適用於我們對今天電話會議的評論。這兩份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存在重大差異。如需更多信息，請參閱我們在提交給美國證券交易委員會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.

此外，請參閱 8-K 收益發布，以查找可能在今天的電話會議上引用的非 GAAP 財務指標的披露和調節。

(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網絡直播，同時也正在錄製以通過我們的網站進行重播。

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 Russell Weiner。

Thank you, Ryan, and thanks to all of you for joining us this morning. As we end 2022, and look back to the beginning of the pandemic, I'm encouraged by the incredible work done by Domino's team members and franchisees.

謝謝你，Ryan，也感謝大家今天早上加入我們。在 2022 年結束之際，回顧大流行病的開始，我對達美樂團隊成員和特許經營商所做的令人難以置信的工作感到鼓舞。

Since the beginning of 2020, we and our franchisees have grown by 2,860 new stores around the world when many restaurant brands closed stores or struggled to grow through an extremely difficult time for store development. Domino's is in over 90 markets and should hit 20,000 stores as a system in 2023.

自 2020 年初以來，我們和我們的加盟商在全球範圍內增加了 2,860 家新店，當時許多餐廳品牌關閉門店或艱難發展，度過了門店發展極其困難的時期。達美樂遍布 90 多個市場，到 2023 年應該會達到 20,000 家商店。

In the U.S., the QSR pizza category grew over the last 3 years, with sales up almost 10% versus prepandemic levels. Domino's serviced that growth, resulting in a gain of approximately 3 share points in the QSR pizza category since 2019 according to NPD.

在美國，QSR 披薩類別在過去 3 年中有所增長，銷售額比大流行前水平增長了近 10%。根據 NPD 的數據，自 2019 年以來，達美樂為這一增長提供了服務，在 QSR 披薩類別中獲得了大約 3 個份額點。

We continued to grow our carryout business. Carryout now comprises approximately half of the orders and about 40% of sales in the U.S. Carryout remains highly incremental to delivery for us. And in cases where it's not incremental, customers are moving to a service method with significantly lower costs for our system.

我們繼續發展結轉業務。 Carryout 現在占美國約一半的訂單和約 40% 的銷售額。Carryout 對我們的交付來說仍然是高度增量的。在不是增量的情況下，客戶正在轉向一種對我們的系統成本顯著降低的服務方法。

Our delivery business experienced both headwinds and tailwinds over the past 3 years, our team focused efforts on finding solutions at every turn.

在過去的 3 年裡，我們的交付業務經歷了逆風和順風，我們的團隊在每一個轉折點都集中精力尋找解決方案。

Now to the fourth quarter. In the fourth quarter, our results were mixed, particularly with the challenges in the U.S. delivery business that we previewed during our Q3 call. During that call, I pointed to a couple of dynamics we were watching in the broader restaurant category that have since played out.

現在到第四季度。在第四季度，我們的業績好壞參半，尤其是我們在第三季度電話會議中預想到的美國交付業務面臨的挑戰。在那次通話中，我指出了我們在更廣泛的餐廳類別中觀察到的一些動態，這些動態已經發生。

First, as consumers returned to many of their pre-COVID eating habits, some of the sit-down business that was a source of volume for restaurant delivery orders returned to that channel. Second, inflation impacted delivery due to the added expenses of fees and tips in that channel. Our research shows that a relatively higher delivery cost during inflationary times leads some customers to prepare meals at home instead of getting them delivered. We believe this dynamic will continue to pressure the delivery category in the short term as long as consumers' disposable income remains pressured by macroeconomic factors. Despite these pressures, U.S. delivery sales for Domino's in 2022 were more than $0.5 billion higher than the pre-COVID baseline in 2019.

首先，隨著消費者恢復到他們在 COVID 之前的許多飲食習慣，一些作為餐廳外賣訂單量來源的坐下業務又回到了該渠道。其次，由於該渠道的費用和小費增加，通貨膨脹影響了交付。我們的研究表明，在通貨膨脹時期相對較高的送貨成本導致一些顧客在家準備飯菜而不是送餐。我們認為，只要消費者的可支配收入仍然受到宏觀經濟因素的壓力，這種動態將在短期內繼續對交付類別造成壓力。儘管存在這些壓力，達美樂在 2022 年在美國的送貨銷售額仍比 2019 年 COVID 前的基線高出 5 億美元以上。

Domino's delivery business was not alone in facing these challenges. According to NPD data, the entire QSR delivery category was down high single digits for fiscal year 2022. Not surprisingly, according to NPD, pizza delivery was down as well. Given these industry-wide headwinds, we're encouraged that while our delivery business was challenged in 2022, Domino's saw a moderate increase in QSR pizza delivery share.

達美樂的配送業務並不是唯一面臨這些挑戰的公司。根據 NPD 的數據，整個 QSR 外賣類別在 2022 財年下降了高個位數。根據 NPD 的數據，披薩外賣也出現了下降也就不足為奇了。鑑於這些全行業的不利因素，我們感到鼓舞的是，儘管我們的外賣業務在 2022 年受到挑戰，但達美樂的 QSR 比薩餅外賣份額適度增長。

On the topic of delivery, while there is more work to do on staffing that part of the business, we feel like answers to this challenge exists within the Domino's system. Staffing has improved at all positions in our corporate restaurants, including drivers. Continuing to leverage internal best practices around delivery service as well as innovations in this area, like our new electric delivery fleet, should help continue to improve this critical measure. I am proud of the work that we and our franchisees have done to address labor constraints in the delivery business and know we have more to do.

關於交付這個話題，雖然在這部分業務的人員配備方面還有更多工作要做，但我們覺得這個挑戰的答案存在於 Domino 的系統中。我們公司餐廳所有職位的人員配置都有所改善，包括司機。繼續利用有關送貨服務的內部最佳實踐以及該領域的創新，例如我們新的電動送貨車隊，應該有助於繼續改進這一關鍵措施。我為我們和我們的加盟商為解決送貨業務中的勞動力限制所做的工作感到自豪，並且知道我們還有更多工作要做。

A consistent positive throughout 2022 has been the continued evolution of the Domino's business. This helped offset some of the macro challenges on the delivery side. In the U.S., we are a more complete restaurant company than ever, running 2 businesses out of our stores. We are #1 in the U.S. in both the delivery and carryout pizza segments of QSR.

達美樂業務的持續發展是整個 2022 年持續的積極因素。這有助於抵消交付方面的一些宏觀挑戰。在美國，我們是一家比以往任何時候都更加完善的餐飲公司，在我們的商店中經營著 2 家企業。我們在 QSR 的外送和外賣披薩領域均排名第一。

The carryout business continues to be a strength with tremendous momentum. In fact, U.S. carryout retail sales for full year 2022 were more than $1 billion higher than pre-COVID levels. More importantly, we still have a long runway for growth in this important segment of the business.

結轉業務繼續保持強勁勢頭。事實上，美國 2022 年全年的結轉零售額比 COVID 之前的水平高出 10 億美元以上。更重要的是，我們在這一重要業務領域的增長還有很長的路要走。

To give you a sense of the current scale of our U.S. carryout business, if it were a company of its own, Domino's carryout would be counted amongst the top 20 QSR brands in America based on consumer spending obtained by NPD for the year ending December 2022. To support the growth of the business, we opened a new supply chain center in Merrillville, Indiana, in September. As you know, we have invested significantly in our supply chain, opening 4 new centers since 2018.

為了讓您了解我們美國結轉業務的當前規模，如果它是一家自己的公司，根據 NPD 獲得的截至 2022 年 12 月的年度消費者支出，達美樂的結轉將躋身美國前 20 大 QSR 品牌之列. 為支持業務增長，我們於 9 月在印第安納州梅里爾維爾開設了一個新的供應鏈中心。如您所知，我們在供應鏈方面投入了大量資金，自 2018 年以來開設了 4 個新中心。

During the fourth quarter, I visited our new center in Indiana. It has the latest in technology, automation and new operational procedures. Merrillville represents an incredible testing ground for the future of Domino's supply chain, and we look forward to bringing the best parts of what we learned in Indiana to other centers around the country over time.

在第四季度，我參觀了我們在印第安納州的新中心。它擁有最新的技術、自動化和新的操作程序。 Merrillville 代表著達美樂供應鏈未來令人難以置信的試驗場，我們期待著隨著時間的推移將我們在印第安納州學到的最好的部分帶到全國其他中心。

2022 was a strong year for global store growth. We and our franchisees had nearly 1,300 gross openings around the world in 2022. For context, that's about 3.5 new store openings per day on average, while operating in a difficult environment for development. This is a testament to the strength of the Domino's brand around the world. Our team members and franchisees have continued to show the agility and perseverance required to operate and grow Domino's footprint in a volatile macroeconomic environment.

2022 年是全球門店增長強勁的一年。 2022 年，我們和我們的特許經營商在全球新開了近 1,300 家門店。就背景而言，平均每天約有 3.5 家新店開業，同時在艱難的發展環境中運營。這證明了達美樂品牌在全球的實力。我們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和擴大多米諾足跡所需的敏捷性和毅力。

Looking specifically at our international business, the 1,135 gross openings outside of the U.S. were the highest organic openings in our history, meaning they were achieved without any of our master franchisees conducting a large-scale conversion of another pizza chain. One of my personal highlights during the quarter was the opportunity to be in market with one of our largest master franchisees, Jubilant Foodworks. In December, I met with their team in New Delhi, where they reiterated their goal to grow to over 3,000 stores in India over the next 5 years, which would further cement Domino's position as the leading QSR brand in this critical global market. Additionally, Jubilant is inspiring our global system to raise the bar on service with their new 20-minute delivery zones. I was able to see these in action when I was touring stores.

具體來看我們的國際業務，美國以外的 1,135 家新店是我們歷史上最高的有機開業，這意味著它們是在我們的主要特許經營商沒有對另一家比薩連鎖店進行大規模轉型的情況下實現的。本季度我個人的亮點之一是有機會與我們最大的主要特許經營商之一 Jubilant Foodworks 一起進入市場。 12 月，我在新德里會見了他們的團隊，他們重申了未來 5 年在印度發展到 3,000 多家門店的目標，這將進一步鞏固達美樂在這個關鍵的全球市場中作為領先快餐品牌的地位。此外，Jubilant 正在激勵我們的全球系統通過其新的 20 分鐘送貨區提高服務標準。當我參觀商店時，我能夠看到這些正在運行。

Service has always been a key differentiator for the Domino's brand, and Jubilant is extending its delivery service advantage in India. How are they able to do this? With incredible operations enhanced by a global fortressing strategy. When we and our franchisees build more stores, we can get closer to customers and improve delivery and carryout service.

服務一直是達美樂品牌的關鍵差異化因素，Jubilant 正在擴大其在印度的送貨服務優勢。他們如何做到這一點？通過全球堡壘戰略增強令人難以置信的操作。當我們和我們的加盟商建立更多的商店時，我們可以更貼近客戶並改善送貨和結轉服務。

Now for more detail on our Q4 results, I'd like to turn it over to our CFO, Sandeep Reddy. Sandeep?

現在，有關我們第四季度業績的更多詳細信息，我想將其轉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，早上好。我將首先更新我之前概述的旨在提高我們長期盈利能力的行動。

First, we are continuing to examine and evolve our pricing architecture. During the fourth quarter, the average year-over-year price increase that was realized across our U.S. system was 6.3%. The realized pricing for full year 2022 was 5.4%.

首先，我們將繼續檢查和改進我們的定價架構。在第四季度，我們整個美國系統實現的平均價格同比漲幅為 6.3%。 2022 年全年的已實現定價為 5.4%。

Second, efficiencies in our cost structure as we seek to ensure that revenues consistently grow faster than expenses. We saw another sequential improvement in year-over-year operating income margin as a percentage of revenues as margins expanded 130 basis points in Q4 versus the 160 basis points contraction in Q3. Even if you exclude the 150 basis points benefit to operating income margin from the $21.2 million refranchising gain recognized in the quarter, the contraction in year-over-year operating income margin as a percentage of revenues in the quarter sequentially improved by 140 basis points versus Q3.

其次，在我們尋求確保收入增長持續快於支出增長的過程中，我們成本結構的效率。我們看到營業收入利潤率在收入中所佔的百分比再次連續改善，因為利潤率在第四季度擴大了 130 個基點，而在第三季度收縮了 160 個基點。即使您從本季度確認的 2120 萬美元的重新特許經營收益中排除 150 個基點的營業收入利潤率收益，本季度營業收入利潤率同比下降佔收入的百分比連續改善 140 個基點Q3.

Third, we had positive same-store sales growth, excluding foreign currency impact in both our U.S. and international businesses for the first time since Q4 2021, contributing to improving our operating income leverage.

第三，自 2021 年第四季度以來，我們的美國和國際業務首次剔除外匯影響，同店銷售額實現正增長，這有助於提高我們的營業收入槓桿率。

Now our financial results for the quarter in more detail. When excluding the negative impact of foreign currency, global retail sales grew 5.2% due to positive sales comps and global store growth over the trailing 4 quarters, lapping 9% global retail sales growth, excluding FX, and the 53rd week impact in 2020 in Q4 2021. As we have discussed in the past, we believe it has been instructive to look at the cumulative stack of sales across the business anchored back to 2019 as a pre-COVID baseline. With the evolving macroeconomic conditions, we do not currently believe it will be relevant to anchor back to 2019 going forward and anticipate returning to evaluating the business on a 1-year comp basis in 2023. Looking at the 3-year stack, our Q4 2022 global retail sales, excluding foreign currency impact, grew over 26% versus Q4 2019.

現在我們更詳細地介紹了本季度的財務業績。排除外彙的負面影響後，全球零售額增長 5.2%，這是由於過去 4 個季度的積極銷售業績和全球門店增長，超過 9% 的全球零售額增長（不包括外匯），以及 2020 年第四季度第 53 週的影響2021 年。正如我們過去所討論的那樣，我們認為將 2019 年作為 COVID 前基準的整個企業的累計銷售額看做是有益的。隨著宏觀經濟狀況的不斷變化，我們目前認為將錨定在 2019 年並預計在 2023 年返回以 1 年期比較為基礎評估業務是不相關的。看看 3 年的堆棧，我們的 2022 年第四季度與 2019 年第四季度相比，全球零售額（不包括外匯影響）增長超過 26%。

Breaking down total global retail sales growth, U.S. retail sales increased 2.7%, rolling over a prior year increase of 4.6%, excluding the impact of the 53rd week in 2020, and are up more than 21% on a 3-year stack basis relative to Q4 2019. International retail sales, excluding the negative impact of foreign currency, grew 7.5%, rolling over a prior increase of 13.2%, excluding the impact of the 53rd week in 2020, and are up more than 30% on a 3-year stack basis relative to Q4 2019.

按全球零售總額增長細分，美國零售額增長 2.7%，較上年同期增長 4.6%，不包括 2020 年第 53 週的影響，相對於 3 年累計增長超過 21%至 2019 年第四季度。剔除外彙的負面影響，國際零售額增長 7.5%，超過之前的 13.2%，剔除 2020 年第 53 週的影響，比 2020 年第三季度增長超過 30%相對於 2019 年第四季度的年度堆棧基礎。

Turning to comps. During Q4, same-store sales for the U.S. business increased 0.9%, rolling over a prior year increase of 1%, and were up 13.1% on a 3-year stack basis relative to Q4 2019. This represented a sequential deceleration of 4.5% from Q3 on a 3-year stack basis as we saw clear evidence of softening demand from delivery customers in particular, given the challenging macroeconomic environment during the holidays. The estimated impact of fortressing was 0.5 percentage points during the quarter across the U.S. system. Going forward, we will only update the impact of fortressing if the change in impact is material.

轉向補償。第四季度，美國業務的同店銷售額增長 0.9%，較上年同期增長 1%，與 2019 年第四季度相比連續 3 年增長 13.1%。環比下降 4.5%從第三季度開始，在 3 年的基礎上，我們看到明顯的證據表明，鑑於假期期間充滿挑戰的宏觀經濟環境，尤其是送貨客戶的需求疲軟。在整個美國系統的本季度，堡壘的估計影響為 0.5 個百分點。展望未來，如果影響的變化是實質性的，我們只會更新要塞的影響。

The increase in U.S. same-store sales in Q4 was driven by an increase in ticket, which included the 6.3% in pricing actions I mentioned earlier, partially offset by a decline in other accounts. As we have previously shared, we believe it is instructive to break 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.

第四季度美國同店銷售額的增長是由門票增加推動的，其中包括我之前提到的 6.3% 的定價行動，部分被其他賬戶的下降所抵消。正如我們之前分享的那樣，我們認為根據相對於全員商店的人員配備水平將美國商店分成五分之一以了解人員配備的影響程度是有益的。

Looking at Q4 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 shortages by less than 2 percentage points. This is down sequentially from the approximate 6 percentage point gap we saw in Q3.

從第四季度的同店銷售額來看，前 20% 的門店基本上接近滿員，平均表現優於後 20% 的門店，這些門店面臨最嚴重的勞動力短缺不足 2 個百分點.這比我們在第三季度看到的大約 6 個百分點的差距連續下降。

Now I'll share a few thoughts specifically about the U.S. carryout and delivery businesses. The carryout business was strong in Q4, with U.S. carrier same-store sales 14.3% positive compared to Q4 2021. On a 3-year basis, carryout same-store sales were up 31% versus Q4 2019. The gap for carryout between the top and bottom quintiles based on staffing levels remained small during the quarter.

現在我將分享一些關於美國結轉和交付業務的具體想法。結轉業務在第四季度表現強勁，與 2021 年第四季度相比，美國承運人同店銷售額增長 14.3%。在 3 年的基礎上，結轉同店銷售額比 2019 年第四季度增長了 31%。頂級公司之間的結轉差距在本季度，基於人員配置水平的最低五分之一仍然很小。

The delivery business continued to be more pressured. Q4 delivery same-store sales declined by 6.6% relative to Q4 2021. Looking at the business on a 3-year stack, Q4 delivery same-store sales were 3.3% above Q4 2019 levels. When we look at the same quintiles relative to the delivery business, the gap between the top and bottom quintile stores closed considerably. We saw only a 2-percentage-point gap in delivery same-store sales between stores in the top 20% and those in the bottom 20%. This represents a sequential improvement from the 8-percentage-point gap in the third quarter. The 2-percentage-point gap is in line with the expected gap in performance in a normal operating environment, and we believe is no longer a significant driver of sales performance. We do not intend to continue disclosing the performance by staffing quintiles in the future.

外賣業務繼續承受較大壓力。與 2021 年第四季度相比，第四季度交付同店銷售額下降了 6.6%。從 3 年的業務來看，第四季度交付同店銷售額比 2019 年第四季度水平高出 3.3%。當我們查看與送貨業務相關的相同五分位時，頂部和底部五分位商店之間的差距大大縮小。我們發現前 20% 的商店與後 20% 的商店之間的同店送貨銷售額僅相差 2 個百分點。這比第三季度 8 個百分點的差距有所改善。 2 個百分點的差距符合正常經營環境下的預期業績差距，我們認為不再是銷售業績的重要驅動力。我們不打算在未來繼續披露五分之一人員的績效。

Our U.S. carryout business is going from strength to strength, and our pizza QSR carryout market share is up close to 200 basis points in 2022, and up close to 500 basis points since 2019. Our market share in total pizza QSR, which includes delivery, carryout and sit-down, continued to hold steady over the past year and is still up close to 300 basis points versus 3 years ago.

我們的美國結轉業務不斷壯大，我們的披薩 QSR 結轉市場份額在 2022 年接近 200 個基點，自 2019 年以來增加了近 500 個基點。我們在整個披薩 QSR 中的市場份額，包括交付， carryout and sit-down，在過去一年中繼續保持穩定，與 3 年前相比仍接近 300 個基點。

Before I conclude my comments on market share, I would like to touch on channel dynamics for pizza QSR versus nonpizza QSR based on data we received from NPD. As Russell mentioned earlier, delivery in 2022 was down in both pizza QSR and nonpizza QSR, while sit-down was up significantly in both. In the case of pizza QSR, this was driven more by a shift from delivery to sit-down and cooking at home. In the case of nonpizza QSR, growth in sit-down was potentially driven by a shift from delivery, but also from carryout.

在我結束對市場份額的評論之前，我想根據我們從 NPD 收到的數據來談談披薩 QSR 與非披薩 QSR 的渠道動態。正如 Russell 之前提到的，2022 年披薩 QSR 和非披薩 QSR 的送貨量均有所下降，而坐下送餐的數量則顯著增加。就披薩 QSR 而言，這更多是由於從外賣到在家做飯的轉變。就非披薩快餐而言，坐下的增長可能是由外賣和外賣的轉變推動的。

Domino's business model in the U.S. has historically been focused mostly on the delivery and carryout channels, so the shift to sit-down hurts us relative to others in the nonpizza QSR, who historically have had business models that included sit-down and carryout but have now added delivery to their distribution channels. We expect this dynamic to continue to play out in 2023 as sit-down, despite recent growth, is still below 2019 levels.

達美樂在美國的商業模式歷來主要集中在送貨和外賣渠道，因此相對於非比薩 QSR 中的其他公司而言，轉向坐下對我們造成了傷害，後者歷史上的商業模式包括坐下和外賣，但現在將交付添加到他們的分銷渠道。我們預計這種動態將在 2023 年繼續發揮作用，因為儘管最近有所增長，但仍低於 2019 年的水平。

Shifting to unit count. We and our franchisees added 43 net new stores in the U.S. during Q4, consisting of 50 store openings and 7 closures, bringing our U.S. system store count to 6,686 stores at the end of the quarter, which brought our 4 quarter net store growth rate in the U.S. to 1.9%. This deceleration in growth was expected in light of the permitting and store construction supply chain challenges we have faced all year. While we expect the first half of the year for U.S. store openings to continue to be challenging due to a continuation of these same factors, based on our current pipeline, we expect a gradual recovery starting towards the second half of 2023.

轉向單位計數。我們和我們的加盟商在第四季度在美國淨增了 43 家新店，包括 50 家新店和 7 家關閉店，使我們在本季度末的美國系統店數量達到 6,686 家，這使我們第 4 季度的淨店增長率達到美國為 1.9%。鑑於我們全年面臨的許可和商店建設供應鏈挑戰，預計這種增長放緩。雖然我們預計由於這些相同因素的持續存在，今年上半年美國門店開張將繼續充滿挑戰，但根據我們目前的渠道，我們預計從 2023 年下半年開始將逐步復甦。

Domino's unit economics remained strong relative to the many pressures faced throughout the year, including staffing challenges and a high inflationary environment for food and labor. The average Domino's store in the U.S. generated more than $1.3 million in sales during 2022. We currently estimate that our 2022 average U.S. franchisee store EBITDA was close to $137,000, not much below the 2019 estimated EBITDA and of $143,000. In fact, estimated average store profitability was higher in Q4 2022 than Q4 2019. We will update the final number on our Q1 call.

相對於全年面臨的許多壓力，包括人員配置挑戰以及食品和勞動力的高通脹環境，達美樂的單位經濟效益仍然強勁。 2022 年，達美樂在美國的平均門店銷售額超過 130 萬美元。我們目前估計，我們 2022 年美國特許經營店的平均 EBITDA 接近 137,000 美元，不低於 2019 年估計的 EBITDA 和 143,000 美元。事實上，預計 2022 年第四季度的平均商店盈利能力高於 2019 年第四季度。我們將在第一季度電話會議上更新最終數字。

With our continued 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's. New store openings paybacks remained strong with stores opened in 2019 averaging around 3-year paybacks similar to the 2018 vintage. Same-store sales, excluding foreign currency impact for our international business, increased 2.6%, rolling over a prior year increase of 1.8%, and were up nearly 12% on a 3-year stack basis relative to Q4 2019.

憑藉我們持續強勁的 4 牆經濟，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達美樂的 8,000 多家商店市場。新店開張的回報率依然強勁，2019 年開店的平均 3 年回報率與 2018 年相似。同店銷售額（不包括外匯對我們國際業務的影響）增長 2.6%，較上年同期增長 1.8% 有所增長，並且與 2019 年第四季度相比連續 3 年增長近 12%。

We continued to face the 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. The fourth quarter impact was around half the magnitude of the second and third quarter as the U.K. VAT relief was reduced from 15% to 7.5% in 2021 on October 1. The year-over-year impact of expiration of the U.K. VAT relief will continue while we lap the reduced rates that were in place through March 31, 2022.

我們繼續面臨英國 2021 年增值稅減免到期的負面影響，英國是我們最大的國際零售市場。第四季度的影響大約是第二和第三季度的一半，因為英國增值稅減免在 10 月 1 日從 2021 年的 15% 減少到 7.5%。英國增值稅減免到期的同比影響將繼續而我們將在 2022 年 3 月 31 日之前實行的降低利率。

Our international business added 318 net new stores in Q4 comprised of 406 store openings and 88 closures. Our closures were driven by another round of closures in Brazil as our master franchisee there continues its work to optimize the store base in the market as well as some closures in Russia, where our master franchisee, as previously announced by them, continues to explore opportunities to exit the business in that market. This brought our current 4-quarter net store growth rate in international to 7.4%.

我們的國際業務在第四季度淨增 318 家新店，包括 406 家新店和 88 家關閉店。我們的關閉是由巴西的另一輪關閉推動的，因為我們在那裡的主要特許經營商繼續努力優化市場的商店基礎以及俄羅斯的一些關閉，正如他們先前宣布的那樣，我們的主要特許經營商繼續探索機會退出該市場的業務。這使我們目前第 4 季度國際門店淨增長率達到 7.4%。

When combined with our U.S. store growth, our trailing 4 quarter global net store growth rate was 5.5%. The 5.5% is impacted by a significant increase in international closures this year as compared to our historical run rate, including in Brazil, Italy and Russia.

與我們在美國的門店增長相結合，我們過去 4 季度的全球淨門店增長率為 5.5%。與我們的歷史運行率相比，今年 5.5% 的國際關閉顯著增加，包括在巴西、意大利和俄羅斯。

Turning to EPS. Our diluted EPS in Q4 was $4.43 versus $4.25 in Q4 2021. Breaking down that $0.18 increase in our diluted EPS: our operating results benefited us by $0.27; changes in foreign currency exchange rates negatively impacted us by $0.22; our lower effective tax rate positively impacted us by $0.20, driven by the discrete impact from the reversal of a tax reserve based on a recent tax law change related to one of our foreign subsidiaries during 2022; lower net interest expense benefited us by $0.04; the refranchising gain recognized from our fourth quarter store transaction benefited us by $0.46; the unrealized gain recognized on our remeasurement related to our investment in Dash in 2021, negatively impacted us by $0.68; and the lower diluted share count driven by share repurchases over the trailing 12 months benefited us by $0.11.

轉向每股收益。我們在第四季度的稀釋後每股收益為 4.43 美元，而 2021 年第四季度為 4.25 美元。將稀釋後每股收益增加 0.18 美元細分為：我們的經營業績使我們受益了 0.27 美元；外幣匯率的變化對我們產生了 0.22 美元的負面影響；我們較低的有效稅率對我們產生了 0.20 美元的積極影響，這是由於 2022 年期間與我們的一家外國子公司相關的稅法變更導致稅收儲備金逆轉的離散影響；較低的淨利息支出使我們受益 0.04 美元；從我們第四季度的商店交易中確認的重新特許經營收益使我們受益了 0.46 美元；我們重新衡量與 2021 年對 Dash 的投資相關的未實現收益對我們產生了 0.68 美元的負面影響；在過去的 12 個月裡，由於股票回購導致稀釋後的股票數量減少，使我們受益了 0.11 美元。

Transitioning to the full year, I would like to hit on a few financial highlights for 2022. Global retail sales grew 3.9% for the year, excluding the impact of foreign currency. Same-store sales in the U.S. declined 0.8%, and international, excluding FX, grew 0.1%. We and our franchisees opened 1,032 net new stores during the year despite significantly higher closures this year in our international markets, as previously discussed. Our food basket for the year was up 13.2%, reflecting the strong impact of inflation. Our G&A for the year was $417 million, down 2.8% versus $428 million in 2021. Operating income was down $12 million versus 2021, including the $21 million impact of the refranchising gain. Operating income margin was positively impacted by 50 basis points due to the refranchising gain, but this was fully offset by the negative impact from foreign currency. If foreign currency remains at current levels, or increase as a headwind going forward, we expect that this will be a barrier to recovering to our prepandemic operating income margins.

過渡到全年，我想談談 2022 年的一些財務亮點。全球零售額全年增長 3.9%，不包括外彙的影響。美國同店銷售額下降 0.8%，國際（不包括外匯）增長 0.1%。如前所述，儘管今年我們國際市場的關閉數量明顯增加，但我們和我們的特許經營商在這一年中淨開設了 1,032 家新店。我們今年的食品籃子上漲了 13.2%，反映了通貨膨脹的強烈影響。我們全年的 G&A 為 4.17 億美元，與 2021 年的 4.28 億美元相比下降了 2.8%。營業收入與 2021 年相比下降了 1200 萬美元，其中包括重新特許經營收益的 2100 萬美元影響。由於重新特許經營收益，營業收入利潤率受到 50 個基點的積極影響，但這完全被外彙的負面影響所抵消。如果外匯保持在當前水平，或隨著未來的逆風而增加，我們預計這將成為我們恢復到大流行前營業收入利潤率的障礙。

Although we faced operating headwinds in 2022, we continued to generate sizable free cash flow. During 2022, we generated net cash provided by operating activities of approximately $475 million. After deducting for capital expenditures of approximately $87 million, which consisted of investments in our technology initiatives and supply chain centers, we generated free cash flow of approximately $388 million. Free cash flow decreased $172 million from 2021, due primarily to changes in working capital, including accrued liabilities and income taxes, as well as higher advertising fund spend and lower net income.

儘管我們在 2022 年面臨經營逆風，但我們繼續產生可觀的自由現金流。 2022 年期間，我們通過經營活動產生的現金淨額約為 4.75 億美元。在扣除約 8700 萬美元的資本支出（包括對我們的技術計劃和供應鏈中心的投資）後，我們產生了約 3.88 億美元的自由現金流。自由現金流比 2021 年減少了 1.72 億美元，這主要是由於營運資本的變化，包括應計負債和所得稅，以及廣告基金支出增加和淨收入減少。

During the year, we returned over $450 million to shareholders through share repurchases of $294 million and dividends of $158 million. As of the end of the year, we had approximately $410 million remaining under our current Board authorization for share repurchases. Our Board has also approved a 10% increase from our prior quarterly dividend to $1.21 that is payable on March 30 of this year.

在這一年中，我們通過 2.94 億美元的股票回購和 1.58 億美元的股息向股東返還了超過 4.5 億美元。截至年底，根據我們目前的董事會授權，我們還有大約 4.1 億美元用於股票回購。我們的董事會還批准在今年 3 月 30 日支付的季度股息從之前的季度股息增加 10% 至 1.21 美元。

Looking forward to 2023, we would like to provide our annual guidance measures for the year. We currently project that the store food basket within our U.S. system will be up 3% to 5% as compared to 2022 levels. We expect the first quarter food basket increase to be higher than the rest of the year. We estimate that changes in foreign currency exchange rates could have a $2 million to $6 million negative impact on international royalty revenues in 2023 as compared to 2022 if foreign exchange rates remain at current levels. The negative impact of currency is expected to be higher in the first half of the year based on current rates.

展望 2023 年，我們希望提供全年的指導措施。我們目前預計，與 2022 年的水平相比，我們美國系統內的商店食品籃子將增加 3% 至 5%。我們預計第一季度食品籃子的增幅將高於今年剩餘時間。我們估計，如果外匯匯率保持在當前水平，與 2022 年相比，2023 年外幣匯率的變化可能對國際特許權使用費收入產生 200 萬至 600 萬美元的負面影響。根據當前匯率，預計上半年貨幣的負面影響會更大。

We anticipate our CapEx investments will be between $90 million and $100 million as we continue to strategically invest in our business and prioritize our spend. We expect our G&A expense to be in the range of $425 million to $435 million. Our tax rate, excluding the impact of equity-based compensation, is expected to range from 22% to 24%.

我們預計我們的資本支出將在 9000 萬至 1 億美元之間，因為我們將繼續對我們的業務進行戰略投資並確定支出的優先順序。我們預計我們的 G&A 費用將在 4.25 億美元至 4.35 億美元之間。我們的稅率，不包括股權補償的影響，預計在 22% 到 24% 之間。

Finally, given the current macroeconomic headwinds that are impacting our U.S. delivery business in particular, we are updating our 2- to 3-year outlook from 6% to 10% global retail sales growth to 4% to 8% global retail sales growth, and unit growth from 6% to 8% global net unit growth to 5% to 7% global net unit growth. We expect 2023 to come in towards the low end of the ranges for both metrics. We look forward to providing more details at an Investor Day we will hold before the end of calendar 2023.

最後，鑑於當前的宏觀經濟逆風尤其影響我們的美國交付業務，我們將 2 至 3 年的展望從全球零售額增長 6% 至 10% 更新為全球零售額增長 4% 至 8%，以及單位增長從 6% 到 8% 全球淨單位增長到 5% 到 7% 全球淨單位增長。我們預計 2023 年將接近這兩個指標範圍的低端。我們期待在我們將在 2023 日曆年底之前舉行的投資者日提供更多詳細信息。

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.

謝謝你，桑迪普。

The Domino's system has a lot to be proud of. and we also have opportunities to address. We pride ourselves on being a work-in-progress brand, and there is no better way to describe this period in our history.

Domino 的系統有很多值得驕傲的地方。我們也有機會解決。我們為自己是一個未完成的品牌而自豪，沒有比這更好的方式來描述我們歷史上的這段時期了。

As we saw in the last recession, delivery moves with the economy, especially for customers with lower disposable income, who represent a significant portion of our business. As it was in Q4 of 2022, we expect the economy to be a headwind for our delivery business in 2023. While we expect to continue to grow QSR pizza delivery share, we also expect the delivery sales will be challenged. Every day, delivery customers will be deciding where to spend their hard-earned dollars, so we need to maintain value and continue to improve our service.

正如我們在上次經濟衰退中看到的那樣，交付隨經濟而變化，特別是對於可支配收入較低的客戶，他們占我們業務的很大一部分。與 2022 年第四季度一樣，我們預計經濟將在 2023 年成為我們外賣業務的逆風。雖然我們預計 QSR 披薩外賣份額將繼續增長，但我們也預計外賣銷售將受到挑戰。每一天，送貨客戶都會決定在哪里花他們辛苦賺來的錢，所以我們需要保持價值並繼續改進我們的服務。

On the subject of value, moving the $5.99 Mix & Match offer we launched in December of 2009 to $6.99 in 2022 was the right decision for our brand. That said, we and our franchisees must be vigilant to make sure value exists across our entire venue, not just in promotional offers.

就價值而言，將我們在 2009 年 12 月推出的 5.99 美元的 Mix & Match 報價提高到 2022 年的 6.99 美元是我們品牌的正確決定。也就是說，我們和我們的特許經營商必須保持警惕，以確保我們整個場地都存在價值，而不僅僅是促銷優惠。

We also need to drive more innovation. When I look back at my 14 years at Domino's, we were at our best when we brought big ideas to market. These ideas helped us tell great brand stories. Coming out of COVID, we became more transactional with our customers than I would have liked. This was understandable as our team needed to pivot and react to some of the labor constraints we discussed earlier in the year. I'm encouraged at the way we ended '22 and have begun 2023. We and our franchisees reinforced our position as the delivery leader by introducing a fleet of 800 electric delivery vehicles. Domino's now has the biggest electric fleet of pizza delivery vehicles in the country.

我們還需要推動更多創新。當我回顧我在達美樂的 14 年時，當我們將偉大的創意推向市場時，我們處於最佳狀態。這些想法幫助我們講述了偉大的品牌故事。從 COVID 中脫穎而出，我們與客戶的交易變得比我想像的要多。這是可以理解的，因為我們的團隊需要調整併應對我們在今年早些時候討論的一些勞動力限制。我對我們結束 22 年和開始 2023 年的方式感到鼓舞。我們和我們的特許經營商通過引入由 800 輛電動送貨車組成的車隊，鞏固了我們作為送貨領導者的地位。達美樂現在擁有該國最大的比薩送貨電動車隊。

In carryout, we brought back our innovative carryout tips promotion, which continues to drive value and news in that segment. We launched loaded tots in early 2023. Adding a potato side to our menu has been a goal for many years, but it was difficult to find a product that delivered well and didn't end up in customers' homes cold and soggy. Loaded tots delivers, literally and figuratively and continues our innovation strategy of adding platforms that are incremental to our menu.

在結轉方面，我們恢復了創新的結轉技巧促銷活動，這將繼續推動該領域的價值和新聞。我們在 2023 年初推出了 loaded tots。在我們的菜單中添加土豆麵一直是我們多年來的目標，但很難找到一種交付良好且不會在客戶家中出現又冷又濕的產品。 Loaded tots 從字面上和比喻上提供並繼續我們的創新戰略，即在我們的菜單中添加增量平台。

In 2023, we will also refresh and improve our Piece of the Pie loyalty program. We finished last year with approximately 30 million active members in the program and over 77 million total members in our loyalty database. We launched Peace of the Pie in the fall of 2015. There is an opportunity to innovate and grow this program further by unlocking value to an even wider base of customers.

2023 年，我們還將更新和完善我們的 Piece of the Pie 忠誠度計劃。去年，我們在該計劃中擁有大約 3000 萬活躍會員，我們的忠誠度數據庫中的會員總數超過 7700 萬。我們在 2015 年秋季推出了 Peace of the Pie。我們有機會通過為更廣泛的客戶群釋放價值來進一步創新和發展該計劃。

Domino's has been called many things over the years, a pizza company, a delivery company, a marketing company, a technology company. All of those are true, but when we are at our best, we're also an innovation company, product, service and technology innovation with a very specific purpose, to give our customers and store team members the best possible pizza experience, to tell one-of-a-kind brand stories and to overdeliver on expectations. This is what you have come to expect and should continue to expect from Domino's Pizza.

達美樂多年來被稱為很多東西，比薩餅公司、送貨公司、營銷公司、技術公司。所有這些都是真實的，但當我們處於最佳狀態時，我們也是一家創新公司、產品、服務和技術創新，具有非常具體的目的，為我們的客戶和商店團隊成員提供最好的比薩體驗，告訴獨一無二的品牌故事，超預期的表現。這是您對 Domino's Pizza 的期待和應該繼續期待的。

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) And 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。

My question is on unit growth. Just, first, on the 2- to 3-year algorithm change moving to 5% to 7% from 6% to 8%. Can you just help us understand the drivers that forced this change? Is it primarily because of the decelerating U.S. outlook? Or is there other factors that maybe you'd like to take this moment to unpack for us?

我的問題是關於單位增長。首先，關於 2 到 3 年的算法變化，從 6% 到 8% 移動到 5% 到 7%。您能否幫助我們了解迫使這一變化的驅動因素？主要是因為美國經濟前景放緩嗎？或者還有其他因素，也許您想藉此機會為我們解壓？

And second to that, Sandeep, you said in 2023, unit growth should be at the low end of this new range kind of near the 5% area. Can you just paint the scenario for us where you accelerate from the bottom of this range? Is there a catalyst that you see emerging following 2023 that we should be thinking about that makes the midpoint of this range more of a base case for unit growth moving forward?

其次，Sandeep，你在 2023 年說過，單位增長應該處於這個新範圍的低端，接近 5% 的區域。你能為我們描述一下你從這個範圍的底部加速的場景嗎？您是否看到 2023 年之後出現的催化劑，我們應該考慮使該範圍的中點更成為未來單位增長的基本情況？

Brian, thank you for the question. And so let me start first with the rationale for the unit growth update from 6% to 8% to 5% to 7%. As we said, in the prepared remarks as well, I think the U.S. delivery business and the constraints that we see in front of us on the U.S. delivery business are a big driver of the decision to actually slow down the expectations from a unit growth standpoint. And as you also noted from my prepared remarks, the headwinds that we saw throughout 2022 are expected to continue into the first half of 2023, and that is going to put pressure on the unit growth that we expect to see as we go forward in 2023.

布萊恩，謝謝你的提問。因此，讓我首先從單位增長更新的理由開始，從 6% 到 8% 到 5% 到 7%。正如我們所說，在準備好的發言中，我認為美國交付業務和我們在美國交付業務面前看到的限制是決定從單位增長的角度實際放慢預期的一個重要驅動因素.正如您從我準備好的發言中也注意到的那樣，我們在整個 2022 年看到的逆風預計將持續到 2023 年上半年，這將給我們預計在 2023 年前進時看到的單位增長帶來壓力.

And I think in terms of what the catalyst would be, the answer is a little bit in terms of what I talked about on the U.S. growth itself and the cadence. So the first half of the year is going to continue to be pressured for the same reasons that it was pressured in 2022. But as we move into the second half of the year, the pipeline that we have for 2023 looks really encouraging. And I think this is on the back of economics that continue to be very compelling. We're delivering $137,000 in EBITDA with all the pressures that we face from an inflationary standpoint on food cost, labor and just general costs in the P&L. And that's literally within $6,000 of 2019 levels. And most encouragingly, the exit rate from Q4 had the EBITDA levels that we're estimating above 2019 levels. This is really a manifestation of the price increases that we took on the natural offer of Mix & Match in the fourth quarter, in particular for carryout beginning to flow through.

我認為就催化劑是什麼而言，答案與我談到的美國增長本身和節奏有關。因此，由於與 2022 年相同的原因，今年上半年將繼續承受壓力。但是隨著我們進入今年下半年，我們擁有的 2023 年管道看起來確實令人鼓舞。我認為這是在經濟學的支持下繼續非常引人注目。我們的 EBITDA 為 137,000 美元，從食品成本、勞動力和損益表中的一般成本的通脹角度來看，我們面臨著所有壓力。這實際上與 2019 年的水平相差不到 6,000 美元。最令人鼓舞的是，我們估計第四季度的 EBITDA 水平高於 2019 年水平。這確實是我們在第四季度接受 Mix & Match 自然報價的價格上漲的體現，特別是結轉開始流通。

The flow-through benefits for the franchisee P&L are very compelling. And we feel that if this continues, this cadence as we move forward in '23, notwithstanding the 3% to 5% food basket increase that they're looking at, franchisees are in a very good place to continue improving their profitability. And that's why we feel so confident with the pipeline that we're seeing in 2023, economics back it up. Paybacks continue to be very strong at roughly 3 years.

特許經營商損益的流動收益非常引人注目。我們認為，如果這種情況繼續下去，我們在 23 年前進時的這種節奏，儘管他們正在考慮增加 3% 到 5% 的食品籃子，但特許經營商仍處於繼續提高盈利能力的良好位置。這就是為什麼我們對 2023 年看到的管道如此有信心，經濟支持它。大約 3 年的回報率仍然非常強勁。

(Operator Instructions) And our next question comes from the line of Peter Saleh from BTIG.

（操作員說明）我們的下一個問題來自 BTIG 的 Peter Saleh。

Russell, you alluded to some changes to the rewards program in 2023. I was hoping you could add a little bit more color to that. That feels like it could be a meaningful driver as it's been a driver for you guys for several years in the past. So just any update on that would be beneficial.

Russell，你提到了 2023 年獎勵計劃的一些變化。我希望你能為此添加更多色彩。感覺它可能是一個有意義的驅動程序，因為過去幾年它一直是你們的驅動程序。因此，只要對此進行任何更新都是有益的。

Sure. Thanks, Peter. As I said during my remarks, we're -- we've been pleased with this program. We launched it in 2017. We've got over 30 million active members, 77 million total members. And really, at this point, as we think about the evolution of the rewards program, it is about taking the best and keeping the best of what we have and then continuing to dial up on where the opportunities are. And so -- and we're not going to talk to the specifics of it now. But I think when you see us launch it later on this year, you'll see those who are joining the program continue to -- are going to continue to enjoy the positives of it, and probably some of our less frequent customers are going to be incented to do more. And I should tell you, I'm sorry, I misspoke, the launch of the loyalty program was 2015, not 2017.

當然。謝謝，彼得。正如我在發言中所說，我們 - 我們對這個計劃感到滿意。我們於 2017 年推出。我們擁有超過 3000 萬活躍會員，總會員數為 7700 萬。事實上，在這一點上，當我們考慮獎勵計劃的演變時，它是關於充分利用並保持我們所擁有的最好的，然後繼續抓住機會所在的地方。所以 - 我們現在不打算談論它的細節。但我認為當你看到我們在今年晚些時候推出它時，你會看到那些加入該計劃的人將繼續 - 將繼續享受它的積極影響，並且可能我們的一些不太頻繁的客戶會被激勵去做更多。我應該告訴你，對不起，我說錯了，忠誠度計劃的推出是在 2015 年，而不是 2017 年。

And then just one follow-up for Sandeep. Is it possible to get restaurant level margins for the franchisees back to 2020, '21 levels with this mix of carryout delivery? Or do you really need delivery to resurge here to get back to those types of margins?

然後是 Sandeep 的後續行動。是否有可能讓特許經營商的餐廳級別利潤率回到 2020 年的 21 年水平？或者你真的需要交貨來恢復到那些類型的利潤率嗎？

Thanks, Peter, for that question. Look, in terms of where we were in terms of restaurant level margins on the franchisee side, what you did see from a cadence standpoint was the profitability really went up pretty significantly between 2019 and 2021 from [143 to 174], I believe, in 2021. But I think the cost increases that have actually come through have been really significant. And I think until that kind of beds in and the price increases that we've taken basically start normalizing, it's going to take them some time. Over time, of course, I think we get back to those levels of profitability in absolute dollars. But I think, in the short term, we're looking at small steps. And I talked about Q4 specifically because we are now inflecting. We're now inflecting the trend. And I think with the adjustments that we made on the pricing architecture, we're in a good place with the franchisees. And we hope that as we move into '23, this continues to accelerate and help them actually see even better profitability in '23.

彼得，謝謝你提出這個問題。看，就我們在加盟商方面的餐廳層面利潤率而言，從節奏的角度來看，你確實看到的是盈利能力在 2019 年至 2021 年期間確實從 [143 上升到 174] 顯著上升，我相信， 2021 年。但我認為實際實現的成本增加非常顯著。而且我認為，在那種床位和我們採取的價格上漲基本開始正常化之前，他們需要一些時間。當然，隨著時間的推移，我認為我們會回到絕對美元的盈利水平。但我認為，在短期內，我們正在尋找小步驟。我特別談到了第四季度，因為我們現在正在發生變化。我們現在正在改變趨勢。而且我認為通過我們對定價架構所做的調整，我們與特許經營商處於有利地位。我們希望隨著我們進入 23 年，這種情況會繼續加速，並幫助他們在 23 年真正看到更好的盈利能力。

(Operator Instructions) And our next question comes from the line -- one moment, from Sara Senatore from Bank of America.

（操作員說明）我們的下一個問題來自美國銀行的 Sara Senatore。

I wanted to ask about sort of the comments on the comp and the macro environment. We're really not seeing very much softness or evidence of price sensitivity across the rest of the industry. And I understand delivery might be different, but I guess the question is twofold. One is, is there any reason to think that maybe your pricing could be higher? You seem to be lagging the industry by 2 to 4 points, and that's roughly where your comp gap is, I would say. So as you think about pricing, is there room to maybe take more on the menu and perhaps less on delivery fees?

我想問一些關於 comp 和宏觀環境的評論。我們真的沒有看到整個行業的疲軟或價格敏感度的證據。我知道交付可能會有所不同，但我想這個問題是雙重的。一是，是否有任何理由認為您的定價可能會更高？你似乎落後於行業 2 到 4 個百分點，這大概就是你的競爭差距所在，我會說。因此，當您考慮定價時，是否有空間可以在菜單上增加價格，或者減少運費？

And then separately, does this increase the likelihood or the attractiveness of partnering with aggregators, not delivery as a service, but as a marketing platform. Virtually everybody who has done that has suggested that the income cohort is higher on aggregator platforms and that it's incremental to whomever may be ordering through the proprietary ordering. So I'm just trying to piece together everything that's happening in the context of pizza being a very good value in absolute but the lag versus the overall industry and maybe some drivers.

然後單獨地，這是否增加了與聚合器合作的可能性或吸引力，不是作為服務交付，而是作為營銷平台。幾乎所有這樣做過的人都表示，聚合器平台上的收入群體更高，並且對於可能通過專有訂購進行訂購的任何人來說都是增量。所以我只是想把披薩的背景下發生的一切拼湊起來，絕對是一個非常好的價值，但與整個行業和一些驅動因素相比滯後。

Yes. Thanks, Sara. It's a great question. I think what I'll do is take a little step back and just give perspective on our business, as you said, it's a unique one. 60% of our sales are delivery. When we talked in our comments about the QSR delivery category, down, the pizza delivery category was down, Domino's has actually gained share. So it's not the prettiest way to gain share. But in a macroeconomic time where the entire delivery QSR category is pressured, we grew share in the pizza category. That's 60% of our business. And when that's 60% of your business, you're going to see the numbers fall out the way they did.

是的。謝謝，薩拉。這是一個很好的問題。我想我會做的是退後一步，只是對我們的業務提出看法，正如你所說，這是一個獨特的業務。我們 60% 的銷售額來自送貨。當我們在評論中談到 QSR 交付類別時，比薩餅交付類別下降了，達美樂實際上獲得了份額。所以這不是獲得份額的最佳方式。但在整個 QSR 外賣類別都面臨壓力的宏觀經濟時期，我們在比薩類別中的份額有所增加。這是我們業務的 60%。當這佔您業務的 60% 時，您會看到數字像以前那樣下降。

Now what I'd like to think about when I talk about the present and future of Domino's is how much more diverse we are than we were years ago. So think about our carryout business that's not encumbered by any of those headwinds. It was up 14% to 15% in Q4, over 30% over the last 3 years, $1 billion over the last 3 years, that's really a business that's on fire. And then internationally, we open more organic stores than we ever have in our history.

現在，當我談論達美樂的現在和未來時，我想考慮的是我們比幾年前更加多樣化。因此，想想我們不受任何這些不利因素影響的結轉業務。它在第四季度增長了 14% 至 15%，在過去 3 年中增長了 30% 以上，在過去 3 年中增長了 10 億美元，這確實是一項火爆的業務。然後在國際上，我們開設的有機商店比我們歷史上的任何時候都多。

And so I think you just need to have that perspective of looking at our entire business, how we're performing in delivery, how that performance is actually making us better? So when we come out of this, we're going to be a better delivery company, but how the more complete Domino's is in a better place as we head through these tougher times.

所以我認為你只需要有這樣的視角來看待我們的整個業務，我們在交付方面的表現如何，這種表現實際上如何讓我們變得更好？因此，當我們走出困境時，我們將成為一家更好的送貨公司，但在我們度過這些艱難時期時，更完整的達美樂如何處於更好的位置。

So if I were to take that as a backdrop as to your second question on aggregated for delivery, again, like I said, we're continuing to grow share of delivery pizza here. We do work with aggregators globally. We've got $1 billion in sales outside of the U.S. where we're learning every day. And while we do that, we're doing things like continuing to improve our ordering experience and improving the loyalty program that I spoke about, to make sure our delivery/ordering experience is better than everybody else's.

因此，如果我將其作為關於聚合交付的第二個問題的背景，就像我說的那樣，我們將繼續增加交付比薩餅的份額。我們在全球範圍內與聚合器合作。我們在美國以外的地區取得了 10 億美元的銷售額，我們每天都在學習。在我們這樣做的同時，我們正在做一些事情，比如繼續改善我們的訂購體驗和改進我談到的忠誠度計劃，以確保我們的交付/訂購體驗比其他人的更好。

(Operator Instructions) And our next question comes from the line of Jeffrey Farmer from Gordon Haskett.

（操作員說明）我們的下一個問題來自 Gordon Haskett 的 Jeffrey Farmer。

You guys stated that you're proud of the work that you've done with franchisees to address labor constraints in the delivery business. Can you just elaborate on what you've done there to sort of shore up some of the driver need? And do you believe that staffing shortfalls are no longer having a material impact on your relative same-store sales performance.

你們說，你們為與特許經營商一起解決送貨業務中的勞動力限制所做的工作感到自豪。你能詳細說明一下你在那裡做了什麼來滿足司機的一些需求嗎？您是否認為人員短缺不再對您的相對同店銷售業績產生重大影響？

Yes. Thanks for the question. Look, we're satisfied with the improvement. We're never going to be satisfied until every delivery is there as expeditiously as we can get it. So we're satisfied, but what I'd say is we have more work to do. So our service times are better. They're not better than they were in 2019, and that's a place we need to go.

是的。謝謝你的問題。看，我們對改進感到滿意。我們永遠不會滿意，直到每次交付都盡可能迅速地到達那裡。所以我們很滿意，但我想說的是我們還有更多工作要做。所以我們的服務時間更好。他們並不比 2019 年更好，這是我們需要去的地方。

When you look at our corporate stores as trying to think about that as a proxy for what's going on in the rest of the business, corporate stores, our hires are at prepandemic levels now. Turnover is down. Job applications are up, and we're getting people through the system faster on applications.

當您將我們的公司商店視為試圖將其視為其他業務、公司商店中正在發生的事情的代理時，我們的員工現在處於大流行前的水平。營業額下降。工作申請已經開始，我們正在讓人們更快地通過系統申請。

We talked about call centers. We didn't really mention it on this call, but about half of our stores are on call centers right now. Not every single call goes through the call centers, but they're there to help, and that makes the job easier for our team members.

我們談到了呼叫中心。我們並沒有在這次電話會議上真正提到它，但我們大約一半的商店現在都在呼叫中心。並非每個電話都通過呼叫中心，但他們會在那裡提供幫助，這使我們團隊成員的工作更輕鬆。

We have a lot of operation simplification processes that we've put into place that we're really excited sharing with you guys when you come in for Investor Day. And then something that I'd point to that we just launched was this EV fleet. So we have an EV fleet of 800 vehicles. But that actually is part of a larger kind of strategic shift you're starting to see with our franchisees and corporate stores in purchasing vehicles. And what that enables us to do, is attract folks who've got drivers' licenses but maybe don't have access to vehicles.

我們已經實施了許多操作簡化流程，當你們參加投資者日時，我們非常高興與你們分享這些流程。然後我要指出的是我們剛剛推出的這個 EV 車隊。因此，我們擁有一支由 800 輛汽車組成的電動汽車車隊。但這實際上是您開始在我們的特許經營商和公司商店購買車輛時看到的更大戰略轉變的一部分。這使我們能夠做的是吸引那些擁有駕照但可能無法使用車輛的人。

So when you put all that stuff together, you're seeing a more efficient inflow of people, more efficient operations, new pools of driver, that's why you're seeing the sequential improvement in the first and fifth quintile. And that's why we got another boost week coming up back to the regular cadence as we said we would do in Q3.

因此，當你把所有這些東西放在一起時，你會看到更有效的人員流入、更有效的運營、新的司機池，這就是為什麼你會看到第一和第五個五分位數的連續改進。這就是為什麼我們有另一個提升週回到正常節奏，正如我們在第三季度所說的那樣。

(Operator Instructions) And our next question comes from the line of Brian Mullan from Deutsche Bank.

（操作員說明）我們的下一個問題來自德意志銀行的 Brian Mullan。

Just a question on the carryout business in the U.S. In the quarter, same-store sales were up 31% versus '19. It's very, very strong on an absolute basis. Sounds like that trend versus '19 did decelerate a little bit, a few hundred basis points versus the 35% just on the third quarter. Just wondering if you could speak to what dynamics you think were at play in the quarter in carryout and what might have been behind that deceleration, if anything worth noting.

只是關於美國結轉業務的問題。在本季度，同店銷售額比 19 年增長了 31%。它在絕對基礎上非常非常強大。聽起來這種趨勢與 19 年相比確實有所放緩，與第三季度的 35% 相比下降了幾百個基點。只是想知道您是否可以談談您認為本季度結轉的動力是什麼，以及這種減速背後可能是什麼，如果有什麼值得注意的話。

Brian, I think -- look, on the carryout business, when I -- when we look at it, we look at 3-year stacks of 31% on a business that has actually grown over $1 billion over the last 3 years, you get to a point where the sequential change is sometimes going to be off a little bit, but I don't think it really reflects on the underlying business. The underlying business is extremely strong. We are really pleased about what we're seeing in the carryout business, both as we look back on 2022 and as we look forward into 2023. So super happy with what we've seen.

布賴恩，我認為 - 看，在結轉業務上，當我 - 當我們看它時，我們看到過去 3 年實際增長超過 10 億美元的業務的 3 年堆棧 31%，你達到順序變化有時會稍微偏離的地步，但我認為這並沒有真正反映在基礎業務上。基礎業務非常強大。無論是回顧 2022 年還是展望 2023 年，我們對我們在結轉業務中看到的情況感到非常高興。對我們所看到的感到非常高興。

(Operator Instructions) And our next question comes from the line of Dennis Geiger from UBS.

（操作員說明）我們的下一個問題來自瑞銀的 Dennis Geiger。

I wanted to ask another one on the U.S. delivery challenges, and how you addressed those -- the biggest issues there. Roughly, you just mentioned a focus on making the order experience better than everyone else's. And I think at the end of your prepared remarks, you gave a bunch of points of focus for sales going forward. But can you talk just a bit more about the biggest opportunities to address the delivery pressures right now? Just how difficult it is to overcome this kind of macro pressure and -- but again, ultimately, how you can do that within your brand?

我想問另一個關於美國交付挑戰的人，以及你如何解決這些 - 那裡最大的問題。粗略地說，您剛剛提到專注於讓訂單體驗比其他人更好。我認為在你準備好的評論結束時，你給出了一系列未來銷售的重點。但是你能多談談現在解決交付壓力的最大機會嗎？克服這種宏觀壓力有多困難——但最終，你如何在你的品牌中做到這一點？

Yes, sure. Look, I mean, I think part of the answer to your question was in your question. The delivery pressures are a macroeconomic thing. And so like I said, while it's not a pretty way to grow share, when you're growing share in a category that has got headwinds, that means you're kind of outperforming the rest of the category.

是的，當然。看，我的意思是，我認為你的問題的部分答案就在你的問題中。交付壓力是宏觀經濟問題。所以就像我說的，雖然這不是增加份額的好方法，但當你在一個有逆風的類別中增加份額時，這意味著你的表現優於其他類別。

Now that's not what we like to see in our overall numbers, but you're really talking about macro pressures. And so what I look at is all the things that we're doing now to get better in delivery, with hiring folks, with having a tighter circle of operations, with innovating, with technology, all of these things so that what is now a share increase in a category that got headwinds, when those headwinds will subside -- and look, I joined during a time -- during the last recession, we boomed out of that recession because I think as we said last time, we knew this, delivery, because of delivery fee and because of tips, they're going to have extra headwinds during these economic times.

現在這不是我們希望在整體數字中看到的，但你真的在談論宏觀壓力。因此，我看到的是我們現在正在做的所有事情，以便在交付方面做得更好，僱用人員，建立更緊密的運營圈子，創新，技術，所有這些事情，以便現在在遇到逆風的類別中的份額增加，當這些逆風消退時 - 看，我加入了一段時間 - 在上一次經濟衰退期間，我們擺脫了經濟衰退，因為我認為正如我們上次所說，我們知道這一點，送貨，由於送貨費和小費，在這些經濟時期，他們將遇到額外的阻力。

So I like to look at how are we performing during these times? Are we getting better during these times? So when that pressure is gone, you should see us accelerate.

所以我想看看我們在這段時間裡表現如何？我們在這段時間變得更好了嗎？因此，當壓力消失時，您應該會看到我們加速發展。

(Operator Instructions) And our next question comes from the line of Andrew Strelzik from BMO.

（操作員說明）我們的下一個問題來自 BMO 的 Andrew Strelzik。

Mine is actually a follow-up to your prior answer. And I guess my question is about balancing kind of maybe being more aggressive and kind of creating a bridge through the macro challenges instead of maybe what sounds like a more incremental approach is kind of how I'm understanding what you're talking about, kind of incremental steps in and then a real acceleration as the macro improves. So how do you think about potential opportunities to be more aggressive to smooth out that cadence rather than kind of the dip in the boom?

我的實際上是對您先前答案的跟進。我想我的問題是關於平衡可能更積極和通過宏觀挑戰創造橋樑而不是聽起來更漸進的方法是我如何理解你在說什麼，善良增量步驟，然後隨著宏的改進而真正加速。那麼，您如何看待潛在的機會來更積極地平滑這種節奏而不是在繁榮中有所下降？

Yes, Andrew, great question. And that's kind of what I was talking to really at the end. Look, during COVID, we were clear during the pandemic that we had capacity issues. And so the type of delivery innovation there, you were seeing more on things like car side delivery or contactless delivery. And so I'm not going to talk to innovations moving forward, but that's an important piece for us. If we want to break out of the category, then we need to break out of the category from an innovation standpoint. And that's -- we'll talk product later. I could talk tots all day. But there are innovations that are going to help us, in addition to EV fleet, on the technology side that should help us break away from the crowd.

是的，安德魯，好問題。這就是我最後所說的。看，在 COVID 期間，我們很清楚在大流行期間我們遇到了容量問題。所以那裡的交付創新類型，你會看到更多的東西，比如汽車端交付或非接觸式交付。所以我不會談論向前發展的創新，但這對我們來說很重要。如果我們要突破品類，那麼我們就需要從創新的角度來突破品類。那就是——我們稍後會討論產品。我可以整天說話。但是，除了 EV 車隊之外，還有一些創新可以幫助我們在技術方面幫助我們脫穎而出。

(Operator Instructions) And our next question comes from the line of Gregory Francfort from Guggenheim.

（操作員說明）我們的下一個問題來自古根海姆的 Gregory Francfort。

Russell, you talked a little bit about broadening value from the national coupon offers to maybe the rest of the menu. Can you expand on what that looks like and maybe what customer feedback you're getting that's driving you to -- or franchisees to reassess that?

Russell，你談到了將國家優惠券的價值擴展到菜單的其他部分。您能否詳細說明這看起來像什麼，也許您得到的客戶反饋是什麼驅使您 - 或者特許經營商重新評估它？

Yes, sure. Thanks. Well, I just want to reiterate, our positive look to the change we made in our Mix & Match moving to $6.99, both delivery and carryout, it was absolutely the right thing. As you know, our franchisees and local stores control their own menu pricing and delivery fees and things like that. And in all the models in the world, all the experience in the world with the headwinds and changes in food cost and labor and things like [that affect folks] pretty quick. And I think if we were to look at some of our stores, things that are not on promotion, so menus and maybe some case delivery fee, price may have gotten a little bit of a head. We need to be of value not just in our national offer. Sometimes, people want medium 2-top pizzas. A lot of times, they want medium 2-top pizzas, but sometimes they want other things, too. And it's just making sure that we have the right value across the other pieces of our menu, and we'll be working with our franchisees on that.

是的，當然。謝謝。好吧，我只想重申，我們對我們在 Mix & Match 中做出的改變持積極態度，將交付和結轉費用提高到 6.99 美元，這絕對是正確的。如您所知，我們的加盟商和當地商店控制著他們自己的菜單定價和送貨費等等。在世界上所有的模型中，世界上所有的逆風、食品成本和勞動力的變化以及諸如 [影響人們] 的事情的經驗都非常快。而且我認為，如果我們看看我們的一些商店，沒有促銷的東西，所以菜單和一些箱子送貨費，價格可能有點過頭了。我們不僅需要在我們的國家報價中有價值。有時，人們想要中號 2 層披薩。很多時候，他們想要中號 2 層披薩，但有時他們也想要其他東西。這只是確保我們在菜單的其他部分具有正確的價值，我們將與我們的特許經營商合作。

(Operator Instructions) And our next question comes from the line of Lauren Silberman from Credit Suisse.

（操作員說明）我們的下一個問題來自瑞士信貸的 Lauren Silberman。

I appreciate all the commentary on franchise EBITDA and payback. Can you just level set where development costs are running today? I think they were around $350,000 or so in 2019, just trying to figure out where that stands now.

我感謝所有關於特許經營 EBITDA 和回報的評論。您能否將今天的開發成本水平設置為水平？我認為它們在 2019 年約為 350,000 美元左右，只是想弄清楚現在的情況。

And then, Sandeep, I think you might have said franchise, the EBITDA could actually grow in '23 versus '22. Did I understand that correctly?

然後，Sandeep，我想你可能已經說過特許經營權，EBITDA 實際上可以在 23 年和 22 年增長。我理解正確嗎？

Yes. Thanks, Lauren, for the question. And I'll start with the last part, then we'll go back to the first part. So I think in terms of franchise EBITDA, we expect '23 to be improved versus 2022, for sure, given the pricing changes that we made towards the back half of the year and the lowering pressure from food basket and costs that we anticipate in '23. But I think in terms of the development costs, the answer is it kind of varies. It depends on where exactly where we're building stores, and there's a big range in terms of development costs around the country.

是的。謝謝勞倫提出的問題。我將從最後一部分開始，然後我們將回到第一部分。因此，我認為就特許經營 EBITDA 而言，我們預計 23 年將比 2022 年有所改善，當然，考慮到我們在今年下半年所做的定價變化以及我們預期的食品籃和成本的降低壓力23.但我認為就開發成本而言，答案會有所不同。這取決於我們在哪裡開店，而且全國各地的開發成本差異很大。

And so as we're coming out of this constrained environment where we had permitting and store construction issues, we are basically seeing that there is some cost pressure, for sure. But I think getting into specifics on what that number is, is probably not right until we see this play out over the course of '23. And I think at the right time, we'll be in a position to give you a better update in terms of where things are at. But essentially, from a payback standpoint, the 3-year range of payback is still very much what franchisees are looking at, and that's why they're making the investments they're making.

因此，當我們走出這個存在許可和商店建設問題的受限環境時，我們基本上可以肯定地看到存在一些成本壓力。但我認為，在我們看到它在 23 年的過程中發揮作用之前，詳細說明這個數字是多少可能是不正確的。而且我認為在適當的時候，我們將能夠為您提供更好的最新情況。但從本質上講，從回報的角度來看，3 年的回報範圍仍然是特許經營商所關注的，這就是他們進行投資的原因。

(Operator Instructions) And our next question comes from the line of John Ivankoe from JPMorgan.

（操作員說明）我們的下一個問題來自摩根大通的 John Ivankoe。

A 2-parter, if I may. First, U.S. unit development 1.9%. You've talked about splits of around 50 basis points. So that would suggest something like 25% on average of a split store comes from existing stores. And I wonder, as you kind of think about the footprint going forward to 8,000 stores, if there'd be a way to reduce the sales impact from those splits because obviously, to the most nearby stores, it would be much greater than 25%. So that's the first part of the question.

一個 2 夥伴，如果可以的話。首先，美國單位發展1.9%。你談到了大約 50 個基點的拆分。因此，這表明平均約 25% 的拆分商店來自現有商店。我想知道，當你考慮到 8,000 家商店的足跡時，是否有辦法減少這些拆分對銷售的影響，因為顯然，對於最近的商店，它會遠遠大於 25% .這是問題的第一部分。

And then secondly, I think it's been some time since we talked about the test or some initiatives that you were specifically doing in the Houston market, if I remember correctly. Is there anything to share that you're seeing there that, I guess, in theory, we could see publicly if we went and found that selection of stores that maybe has some application to the Domino's system from an efficiency or effectiveness in store delivery, whatever, we can maybe get a little preview of some of those initiatives on this call?

其次，如果我沒記錯的話，我想我們已經有一段時間沒有討論過你在休斯頓市場專門做的測試或一些舉措了。有沒有什麼可以分享的，我想，理論上，如果我們去發現選擇的商店可能對 Domino 系統有一些應用，從商店交付的效率或有效性來看，我們可以公開看到，無論如何，我們也許可以在這次電話會議上預覽其中的一些舉措？

So I'll start off on the impact on unit growth and a split impact of fortressing basically that you're referring to, John. As you -- we started early -- updating again during the course of '22. And if you saw, we went from, I think, 0.7% fortressing impact in the second quarter to 0.5% now. So the impact on -- from fortressing is becoming less and less in terms of what effect it's got on the same-store sales. We don't see it being a very, very significant impact as we move forward. But as we said, again, we can update it if it really deviates from that.

因此，約翰，我將從基本上您所指的對單位增長的影響和堡壘的分裂影響開始。正如您 - 我們很早就開始了 - 在 22 年期間再次更新。如果你看到，我認為我們從第二季度的 0.7% 的堡壘影響到現在的 0.5%。因此，就同店銷售的影響而言，堡壘的影響越來越小。在我們前進的過程中，我們認為這不會產生非常非常重要的影響。但正如我們所說，如果它真的偏離了那個，我們可以更新它。

There's plenty of growth still that we actually see in our runway. We have the opportunity mapped out by our internal teams. And we know that we can definitely go after that. And the pipeline that we have from franchisees is on the back of knowing what that opportunity looks like, the economics that they see coming out of it. And so I think we feel pretty good that we have the right balance on that.

我們實際上在跑道上看到了很多增長。我們有內部團隊規劃的機會。我們知道我們絕對可以做到這一點。我們從特許經營商那裡獲得的管道是基於了解這個機會是什麼樣的，以及他們從中看到的經濟效益。因此，我認為我們在這方面取得了適當的平衡，感覺非常好。

Yes. And I would just add, John, we're transforming this company right now. The -- obviously, the delivery business is a hot topic today. But carryout -- pizza carryout QSR is significantly bigger than delivery QSR. And so what we see is that every time we open up a new store, not only do our delivery times get tighter and hot pizza is -- actually, hot food in general, by the way, which is why we're launching our tots because people want hot potatoes, pun intended. The delivery times get tighter, but also the carryout volume is very incremental. Consumers don't want to -- customers don't want to walk that far, drive that far to get their pizza. So part of the transformation of this brand into a more complete company is absolutely continuing to drive the store growth.

是的。我只想補充一點，約翰，我們現在正在改造這家公司。顯然，送貨業務是當今的熱門話題。但是結轉——披薩結轉 QSR 明顯大於外賣 QSR。所以我們看到的是，每次我們開一家新店，不僅我們的交貨時間變得更緊，而且熱披薩——實際上，順便說一下，一般來說都是熱食，這就是為什麼我們要推出我們的 tots因為人們想要燙手山芋，雙關語。交貨時間越來越緊，但結轉量也非常增加。消費者不想——顧客不想走那麼遠，開車那麼遠去買他們的披薩。因此，這個品牌向更完整的公司轉型的一部分絕對會繼續推動商店的增長。

As far as some things that we were doing in Houston, I think rather than me trying to describe things over a call, I would really invite you to come to our meeting later this year, where we're going to show that stuff live. It's just super hard to describe. But I would say, at the end of the day, these are processes that enable us to get a hot pizza to customer -- to customers, obviously, in a safe but faster way, but also improve the experience in the store for our team members and the resulting quality of that product. So hopefully, that's enough to whet your whistle to come to Ann Arbor.

至於我們在休斯頓所做的一些事情，我想與其在電話中描述事情，不如邀請你參加我們今年晚些時候的會議，我們將在會上現場展示這些東西。很難描述。但我要說的是，歸根結底，這些流程使我們能夠以安全但更快的方式將熱比薩餅送到顧客手中，同時也改善了我們團隊在店內的體驗成員和由此產生的產品質量。所以希望這足以讓您吹響安娜堡的號角。

(Operator Instructions) And our final question for today comes from the line of David Tarantino from Robert W. Baird.

（操作員說明）我們今天的最後一個問題來自 Robert W. Baird 的 David Tarantino。

My question's on the margin outlook. And Sandeep, I was wondering if you could help to frame up how you think the EBIT margin will progress if you hit the low end of your targeted range in 2023?

我的問題是關於利潤率前景。 Sandeep，我想知道如果您在 2023 年達到目標範圍的低端，您是否可以幫助構建您認為 EBIT 利潤率將如何增長的框架？

Yes. So that's a great question, David. So look, I mean, as far as we're concerned, the guiding principles that we've actually outlined is revenue should be growing faster than expenses. So when you look at the -- our guidance range on global retail sales, and you look at our guidance range on G&A, you can see that essentially, even at the low end, our G&A is basically below that in terms of growth at the midpoint. And so I think straight away, that gets you into a place where you can be margin accretive. So that's point #1.

是的。所以這是一個很好的問題，大衛。所以看，我的意思是，就我們而言，我們實際上概述的指導原則是收入增長應該快於支出。因此，當您查看我們關於全球零售額的指導範圍，以及我們關於 G&A 的指導範圍時，您會發現，從本質上講，即使在低端，我們的 G&A 在增長方面也基本上低於該範圍中點。所以我馬上想到，這會讓你進入一個可以增加利潤的地方。這就是第一點。

Point #2 is we actually experienced a lot of headwinds this past year from foreign exchange, and I think that actually had a 50-basis-point negative impact on our operating margin in '22. Unfortunately, given where we are, we still see a little bit more headwind, but not in the [same attitude] given the current rates are. And so that would be an offset to some of that operating improvement. But from a mix standpoint, with the corporate store sales that have actually happened, we'll now get 3 full -- 3 more full quarters from that, that helps our margins.

第二點是我們在過去一年實際上經歷了很多來自外彙的逆風，我認為這實際上對我們 22 年的營業利潤率產生了 50 個基點的負面影響。不幸的是，考慮到我們所處的位置，我們仍然看到了更多的阻力，但考慮到當前的利率，情況並非如此[相同的態度]。因此，這將抵消部分運營改進。但從混合的角度來看，隨著實際發生的公司商店銷售，我們現在將獲得 3 個完整的 - 3 個完整的季度，這有助於我們的利潤率。

So I think overall, when we look at the margins, my expectation for margins is that margins will improve. But I think when we talked about prepandemic margins or 2019 margins, with the currency headwinds that we experienced in '22, that's probably further away than 23%, but it's not something that we're saying is unattainable. It's more a question of time and some of the other factors that hit the P&L.

所以我認為總的來說，當我們看利潤率時，我對利潤率的預期是利潤率會提高。但我認為，當我們談論大流行前利潤率或 2019 年利潤率時，考慮到我們在 22 年遇到的貨幣逆風，這可能比 23% 更遠，但這並不是我們說的無法實現的。這更多是時間問題和影響損益表的其他一些因素。

Thank you. This does conclude the question-and-answer session of today's program. I'd like to hand the program back to Russell Weiner for any further remarks.

謝謝。今天節目的問答環節到此結束。我想將該程序交還給 Russell Weiner 以供進一步評論。

Well, thank you, and thank you, everybody, for joining the call this morning. Sandeep and I look forward to speaking with you in April to discuss our first quarter results. Until then, we'll talk soon.

好吧，謝謝大家，感謝大家今天早上加入電話會議。 Sandeep 和我期待在 4 月與您交談，討論我們的第一季度業績。在那之前，我們很快就會談。

Thank you, ladies and gentlemen, for your participation in today's conference. This does conclude the program. You may now disconnect. Good day.

女士們，先生們，感謝你們參加今天的會議。這確實結束了程序。您現在可以斷開連接。再會。