達美樂 (DPZ) 2023 Q1 法說會逐字稿

Thank you for standing by, and welcome to Domino's Pizza's First Quarter 2023 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 2023 年第一季度收益電話會議。 （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, Investor Relations. Go ahead, sir.

現在我想介紹一下今天節目的主持人，投資者關係部財務副總裁 Ryan Goers 先生。來吧，先生。

Thank you, and good morning, everyone. Thank you for joining us today for our conversation regarding the results for the first quarter of 2023. 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。感謝您今天加入我們，參加我們關於 2023 年第一季度業績的對話。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-Q also apply to our comments on the call today. Both of those documents are available on our website. Actual results or trends could differ materially from our forecast. For more information, please refer to the risk factors discussed in our filings with the SEC.

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 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廣播中，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 good morning, everybody. Thanks for joining us on today's call. I'd like to start this call where we finished our last one, looking back on what we said we were going to do. I am really proud of the actions that our team and our franchisees have taken and the positive results that they delivered. You'll recall that there were 3 themes we discussed last quarter, the first one was the continued evolution of the Domino's brand from a U.S. delivery business to a global pizza company with leadership in both delivery and carryout. And we continued this progress since our last call.

謝謝你，瑞安，大家早上好。感謝您參加今天的電話會議。我想在我們完成最後一個電話會議的地方開始這次電話會議，回顧我們所說的我們將要做的事情。我為我們的團隊和加盟商所採取的行動以及他們取得的積極成果感到非常自豪。您會記得我們上個季度討論了 3 個主題，第一個是 Domino's 品牌從美國送貨業務到全球比薩餅公司的持續發展，在送貨和結轉方面均處於領先地位。自上次通話以來，我們繼續取得進展。

Let me start off with China. We're proud to welcome our partners DPC Dash, our master franchisee there to the growing list of public companies that are developing and operating Domino's Pizza stores across the globe. On March 28, CEO, Aileen Wang and her team completed their IPO on the Hong Kong Stock Exchange. We have got tremendous potential in China where the Dash team believes they've just scrapped the surface of their total opportunity with stores operating in only 17 cities in China.

讓我從中國開始。我們很榮幸地歡迎我們的合作夥伴 DPC Dash，我們在那裡的主要特許經營商加入越來越多的上市公司名單，這些公司在全球範圍內開發和經營達美樂披薩店。 3 月 28 日，首席執行官王愛玲及其團隊完成了在香港聯交所的首次公開募股。我們在中國擁有巨大的潛力，Dash 團隊認為他們只是在中國 17 個城市開設了門店，從而抓住了全部機會的表面。

Now speaking of public companies, as of the end of Q1 2023, 6 of the top 20 public QSRs in the world as measured by market cap, are part of the Domino's family. DPZ is joined by our master franchisees, Jubilant Foodworks, Domino's Pizza Enterprises, ALSEA, Domino's Pizza Group and Alamar, all in the top 20. This to me exemplifies an important strength of our brand. We've got a diverse portfolio of more than 90 markets around the world.

現在說到上市公司，截至 2023 年第一季度末，按市值衡量，全球前 20 大上市 QSR 中有 6 家是多米諾家族的一部分。 DPZ 與我們的主要特許經營商 Jubilant Foodworks、Domino's Pizza Enterprises、ALSEA、Domino's Pizza Group 和 Alamar 一起進入前 20 名。這對我來說體現了我們品牌的重要優勢。我們在全球 90 多個市場擁有多樣化的投資組合。

So our international business has both scale and balance. And what this affords us is the ability to weather any short-term headwinds in certain markets should they come up. We've seen this dynamic play out in Q1 with markets performing exceptionally well, balancing out others that are facing more pressures. All of this, though, resulted in positive international same-store sales growth for the first quarter.

所以我們的國際業務既有規模又有平衡。這讓我們能夠經受住某些市場出現的任何短期逆風。我們在第一季度看到了這種動態，市場表現異常出色，平衡了其他面臨更大壓力的市場。不過，所有這些都導致第一季度國際同店銷售額實現正增長。

Now on to the U.S. In the U.S., we believe that the QSR pizza delivery and carryout businesses continue to be incremental to each other with limited overlap. We're #1 in both segments and believe we've strengthened our position during the first quarter. The balance we have in our stores would carry out contributing around half the orders and 40% of sales has allowed us to mitigate the more recent macro headwind in the delivery category.

現在進入美國。在美國，我們認為 QSR 比薩外賣和外賣業務繼續相互增量，重疊有限。我們在這兩個領域都排名第一，並且相信我們在第一季度鞏固了我們的地位。我們商店的餘額將貢獻大約一半的訂單和 40% 的銷售額使我們能夠減輕最近在交付類別中的宏觀逆風。

The second theme we discussed on our last call was the need to maintain value in what is a competitive marketplace where our customers decide every day where to spend their hard-earned dollars. Value has to do with the right balance of price and service. Our U.S. business delivered on both of these things in Q1, and I'll start with pricing. On pricing, I mentioned that we and our franchisees have got to be mindful that value on our menu exists outside of our national offers.

我們在上次電話會議上討論的第二個主題是需要在競爭激烈的市場中保持價值，在這個市場中，我們的客戶每天都在決定將他們辛苦賺來的錢花在哪裡。價值與價格和服務的適當平衡有關。我們的美國業務在第一季度實現了這兩點，我將從定價開始。關於定價，我提到我們和我們的特許經營商必須注意我們菜單上的價值存在於我們的全國報價之外。

Menu prices and delivery fees were relatively stable throughout Q1, that means most of the menu pricing increase we saw in the first quarter versus prior year was carryover from changes that were made in 2022. On service and capacity, our stores and our franchisees continue to make progress on both fronts. Estimated average delivery times in the first quarter were over a minute better than the first quarter of 2022. While our goal is to get back to and improve on our delivery service levels from 2019, I'm really encouraged by the continued improvement we and our franchisees have made in this critical measure.

菜單價格和送貨費在整個第一季度相對穩定，這意味著我們在第一季度看到的菜單價格與去年同期相比的大部分上漲是 2022 年所做變化的結轉。在服務和容量方面，我們的商店和加盟商繼續兩方面都取得進展。第一季度的預計平均送貨時間比 2022 年第一季度快一分鐘多。雖然我們的目標是從 2019 年開始恢復並提高我們的送貨服務水平，但我對我們和我們的持續改進感到非常鼓舞加盟商在這方面做出了關鍵性的措施。

Our system understands that to be the best, you need to beat the best, even when the best may be yourself. And that's why we're launching an important initiative. We're calling it our summer of service training program. We're inviting all of our U.S. franchisees to come to Ann Arbor to be part of one of the largest system training efforts in our history.

我們的系統明白，要成為最好的，您需要擊敗最好的，即使最好的可能是您自己。這就是我們發起一項重要舉措的原因。我們稱之為夏季服務培訓計劃。我們邀請我們所有的美國加盟商來安娜堡參加我們歷史上最大的系統培訓活動之一。

Look, we've driven significant improvements in our back-of-house technology and our circle of operations over the last few years and we've got more coming. The summer of service program will allow us to share best practices with our franchisees, who we expect will leave Ann Arbor with specific plans that they create to positively impact service for every one of their stores. I think these changes will also improve the experience for our customers and our team members in our corporate and franchise stores.

看，在過去的幾年裡，我們已經推動了我們的後台技術和我們的運營圈的重大改進，而且我們還會有更多的進步。夏季服務計劃將使我們能夠與我們的特許經營商分享最佳實踐，我們預計他們將帶著他們制定的具體計劃離開安娜堡，以積極影響他們每一家商店的服務。我認為這些變化還將改善我們的客戶和團隊成員在公司和特許經營店中的體驗。

Our third theme from the last call was around the need to drive more innovation. While new products are certainly one way to do that, our brand has a history of bringing news to all aspects of the business. We dialed up innovation over the last few months and anticipate this will continue throughout the year and into the future.

上次電話會議的第三個主題是圍繞推動更多創新的需求。雖然新產品當然是實現這一目標的一種方式，但我們的品牌有著為業務的各個方面帶來新聞的歷史。在過去的幾個月裡，我們加大了創新力度，並預計這將在全年和未來繼續進行。

Let's start with product innovation. On the product side, we're really pleased with the launch of our Loaded Tots. For consumers, loaded top offer a craveable potato side that delivers extraordinarily well. They also fit nicely into our Mix & Match menu, providing great value and even more variety when consumers build their orders. For franchisees, tots drive healthy ticket, given they've been largely incremental and have a strong margin profile. Early signs point to Loaded Tots performing even better than our last 2 product launches Dips & Twists and the Chicken Taco and Cheeseburger specialty pizza.

讓我們從產品創新說起。在產品方面，我們對 Loaded Tots 的推出感到非常高興。對於消費者來說，裝載頂部提供了令人垂涎的馬鈴薯面，交付非常好。它們也非常適合我們的 Mix & Match 菜單，在消費者下訂單時提供巨大的價值和更多的多樣性。對於特許經營商來說，tots 帶來了健康的門票，因為它們在很大程度上是增量的並且具有很強的利潤率。早期跡象表明，Loaded Tots 的表現甚至比我們最近發布的 2 款產品 Dips & Twists 和 Chicken Taco and Cheeseburger 特色披薩還要好。

To drive news and ordering convenience in our carryout business, we launched a convenient way for consumers to place their orders while they're on the go with Apple CarPlay. This innovation allows customers to place and track their orders on CarPlay via our iOS app. CarPlay ordering is a great alternative to drive-through, because it allows customers to avoid long lines by placing their orders while they're on the go, so their food is hot and fresh and ready when they arrive at their local Domino's. As important as the ordering platform is itself, CarPlay ordering will help drive what we call our techquity, short for technology equity. We've got a history of leveraging technology to improve customer experiences and Domino's CarPlay ordering continues that tradition.

為了在我們的外賣業務中推動新聞和訂購便利，我們推出了一種方便的方式，讓消費者可以在旅途中使用 Apple CarPlay 下訂單。這項創新允許客戶通過我們的 iOS 應用程序在 CarPlay 上下訂單和跟踪他們的訂單。 CarPlay 車載訂餐是得來速的絕佳替代方案，因為它允許客戶在旅途中下訂單，從而避免排長隊，因此當他們到達當地的 Domino 餐廳時，他們的食物是熱的、新鮮的、準備好的。與訂購平臺本身一樣重要的是，CarPlay 訂購將有助於推動我們所謂的 techquity，即技術資產的縮寫。我們有利用技術改善客戶體驗的歷史，而達美樂的 CarPlay 訂購延續了這一傳統。

On the delivery innovation side, Domino's fleet of electric vehicles has been expanding. We announced on our last call that the initial order by our corporate stores and franchisees made us the largest electric fleet of pizza delivery vehicles in the country with 800 cars. Today, Domino's has committed to over 1,000 EVs and counting.

在交付創新方面，達美樂的電動汽車車隊一直在擴大。我們在上次電話會議上宣布，我們的公司商店和特許經營商的初始訂單使我們成為該國最大的電動比薩送貨車隊，擁有 800 輛汽車。如今，達美樂已承諾生產超過 1,000 輛電動汽車，而且還在增加。

The EV fleet is great for our stores and the environment, all while growing the potential pool of drivers by offering opportunities to individuals that may not have access to a car. All of this news contributed to positive U.S. same-store sales growth in Q1 and will provide momentum for Domino's into the future.

EV 車隊非常適合我們的商店和環境，同時通過為可能無法使用汽車的個人提供機會來增加潛在的駕駛員群體。所有這些消息都促成了第一季度美國同店銷售的積極增長，並將為達美樂的未來發展提供動力。

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

現在有關本季度的更多詳細信息，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. First, on pricing architecture. During the first quarter, the average year-over-year price increase that was realized across our U.S. system was 6.2%. This included the year-over-year benefit of national pricing changes made in 2022. As a reminder, delivery Mix & Match was updated to $6.99 in March of last year, with carryout Mix & Match updated in October. As we have lapped the delivery Mix & Match national pricing update in March, we expect our second quarter realized year-over-year pricing impact to moderate.

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。首先，關於定價架構。在第一季度，我們整個美國系統實現的平均價格同比漲幅為 6.2%。這包括 2022 年全國定價變化帶來的同比收益。提醒一下，交付混合搭配在去年 3 月更新為 6.99 美元，結轉混合搭配在 10 月更新。由於我們在 3 月份完成了交付 Mix & Match 全國定價更新，我們預計我們第二季度實現的同比定價影響將有所緩和。

Second, efficiencies in our cost structure as we continue to drive recovery in margin. We saw year-over-year improvement in our operating income margin, which grew by 100 basis points versus Q1 2022. This was despite foreign exchange rates having a negative year-over-year impact on operating income margin of approximately 40 basis points during the quarter.

其次，隨著我們繼續推動利潤率的恢復，我們成本結構的效率提高了。我們的營業收入利潤率同比有所改善，與 2022 年第一季度相比增長了 100 個基點。儘管在 2022 年外匯匯率對營業收入利潤率產生了約 40 個基點的同比負面影響四分之一。

Third, we had positive same-store sales growth, excluding foreign currency impact in both our U.S. and international businesses for the second consecutive quarter, which also contributed to improving our operating income leverage.

第三，我們的同店銷售額連續第二個季度實現正增長，不包括我們美國和國際業務的外匯影響，這也有助於提高我們的營業收入槓桿。

Now for our financial results for the quarter in more detail. When excluding the negative impact of foreign currency, global retail sales grew 5.9% due to positive sales comps and global net store growth over the trailing 4 quarters, lapping 3.6% global retail sales growth, excluding FX for Q1 2022. Breaking down global retail sales growth, U.S. retail sales increased 5.1%, rolling over a prior decrease of 1.4%. International retail sales, excluding the negative impact of foreign currency, grew 6.5%, rolling over the prior year increase of 8.4%.

現在更詳細地了解我們本季度的財務業績。排除外彙的負面影響後，全球零售額增長 5.9%，這是由於過去 4 個季度的積極銷售業績和全球淨商店增長，超過 3.6% 的全球零售額增長（不包括 2022 年第一季度的外匯）。細分全球零售額增長，美國零售額增長 5.1%，延續了此前 1.4% 的跌幅。剔除外彙的負面影響後，國際零售額增長 6.5%，比上年增長 8.4% 的幅度有所擴大。

Turning to comps. During Q1, same-store sales for the U.S. business increased 3.6%, rolling over a prior decrease of 3.6%. The increase in U.S. same-store sales in Q1 was driven by an increase in ticket, which included the 6.2% in pricing actions I mentioned earlier, partially offset by a decline in order counts. The Q1 comps were aided by the Omicron overlap from 2022 as well as the benefit from a boost week in 2023 that we did not run in Q1 last year. Neither of these tailwinds will aid us for the balance of the year as Omicron receded as a headwind, and we ran boost weeks in every quarter last year, starting in Q2.

轉向補償。第一季度，美國業務的同店銷售額增長了 3.6%，延續了此前 3.6% 的跌幅。第一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 6.2% 的定價行動，部分被訂單數量的下降所抵消。 Q1 comps 得益於 2022 年的 Omicron 重疊以及我們去年第一季度沒有運行的 2023 年提升週的好處。隨著 Omicron 的逆風消退，這些順風都不會幫助我們度過今年餘下的時間，從第二季度開始，我們在去年每個季度都進行了數週的提升。

Now I'll share a few thoughts specifically about the U.S. carryout and delivery businesses. The carryout business was strong in Q1 with U.S. carryout same-store sales 13.4% positive compared to Q1 2022, rolling over a prior year increase of 11.3%. We are very pleased at the strength of our carryout business, but we do expect a moderation in growth rates for the balance of the year as we lap accelerating growth in 2022.

現在我將分享一些關於美國結轉和交付業務的具體想法。結轉業務在第一季度表現強勁，與 2022 年第一季度相比，美國結轉同店銷售額增長 13.4%，高於去年同期 11.3% 的增幅。我們對結轉業務的實力感到非常高興，但我們確實預計，隨著我們在 2022 年加速增長，今年餘下時間的增長率將有所放緩。

The delivery business remains more pressured. Q1 delivery same-store sales declined by 2.1% relative to Q1 2022, rolling over a prior decline of 10.7%. The delivery business is still challenged by 2 factors that we discussed in our last call. First, a migration of demand from the delivery channel to the sit-down channel as the reversion to pre-pandemic consumer behavior continues. Second, constrained budgets for households with relatively lower disposable income, particularly when factoring fees and tips prompting them to shift their delivery occasion to cooking at home. We are closely monitoring the evolution of growth in real personal consumption expenditures as a consistent inflection in that trend could result in relief on the second headwind to our delivery business.

外賣業務壓力更大。與 2022 年第一季度相比，第一季度交付同店銷售額下降了 2.1%，延續了之前 10.7% 的降幅。送貨業務仍然受到我們在上次電話會議中討論的兩個因素的挑戰。首先，隨著大流行前消費者行為的繼續回歸，需求從交付渠道轉移到坐下渠道。其次，可支配收入相對較低的家庭預算有限，尤其是考慮到費用和小費促使他們將送貨時間轉移到在家做飯時。我們正在密切關注實際個人消費支出增長的演變，因為該趨勢的持續變化可能會緩解我們交付業務的第二個逆風。

Shifting to unit count. We and our franchisees added 22 net new stores to the U.S. during Q1. Consisting of 25 store openings and 3 closures, bringing our U.S. system store count to 6,708 stores at the end of the quarter, which brought our 4-quarter net store growth rate in the U.S. to 1.7%. As mentioned on our last call, we expected the U.S. store development pipeline will continue to be pressured by permitting and store construction and supply chain challenges before seeing a gradual recovery starting in the second half of the year, marked by stabilization first before an inflection in trend.

轉向單位計數。第一季度，我們和我們的加盟商在美國淨增 22 家新店。包括 25 家新店和 3 家關閉，使我們在本季度末的美國系統商店數量達到 6,708 家，這使我們在美國的第 4 季度淨商店增長率達到 1.7%。正如我們在上次電話會議中提到的那樣，我們預計美國商店開發管道將繼續受到許可和商店建設以及供應鏈挑戰的壓力，然後在今年下半年開始逐步復甦，其特點是首先穩定，然後出現拐點趨勢。

Domino's unit economics remain strong relative to the many pressures faced throughout the year, including staffing challenges and a high inflationary environment for food and labor. We have completed our analysis of estimated average U.S. franchisee store profitability with the final amount coming in at $139,000 for 2022, up from the $137,000 estimate provided on our last call. As previously mentioned, estimated average store profitability was higher in Q4 2022 than Q4 2019, as franchisees are seeing the flow-through benefits of the Mix & Match national pricing increases for both delivery and carryout.

相對於全年面臨的許多壓力，包括人員配備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。我們已經完成了對美國特許經營店平均盈利能力的估計分析，2022 年的最終金額為 139,000 美元，高於我們上次電話會議提供的 137,000 美元估計值。如前所述，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，因為特許經營商看到了 Mix & Match 全國范圍內交付和結轉價格上漲的流通收益。

We expect this improvement in profitability to continue in 2023 with the margin flow-through from Loaded Tots being an additional tailwind during the first quarter. We will need further time to evaluate if Loaded Tots will provide an incremental margin dollar lift over the course of the year. Also, as we have completed our analysis on 2022 build costs for stores, relative to our average build cost in 2019, we saw an approximate build cost increase of 20% in 2022. Even with these increased build costs, franchisees are looking at roughly 3-year paybacks on new store openings for 2023 and beyond.

我們預計這種盈利能力的改善將在 2023 年繼續，第一季度來自 Loaded Tots 的利潤流入將成為額外的順風。我們將需要更多時間來評估 Loaded Tots 是否會在一年中提供增量利潤美元提升。此外，由於我們已經完成了對 2022 年商店建設成本的分析，相對於我們 2019 年的平均建設成本，我們看到 2022 年的建設成本大約增加了 20%。即使有這些增加的建設成本，特許經營商也在考慮大約 3 - 2023 年及以後新開店的年回報。

Before we transition to discussing our international business, I would like to briefly touch on our technology costs. To fund additional investments in technology innovation, including a redesign of our e-commerce platform, the technology transaction fee charged to U.S. franchisees will be increased to $0.395 from $0.315 effective the beginning of the second quarter. The technology transaction fee increase covers investments split roughly evenly between G&A and capital expenditures. These investments are included in the annual guidance measures of $425 million to $435 million in G&A spend and $90 million to $100 million capital expenditures for fiscal year 2023.

在我們過渡到討論我們的國際業務之前，我想簡要談談我們的技術成本。為了資助對技術創新的額外投資，包括重新設計我們的電子商務平台，向美國特許經營商收取的技術交易費將從第二季度初的 0.315 美元增加到 0.395 美元。技術交易費用的增加涵蓋了在 G&A 和資本支出之間大致平均分配的投資。這些投資包括在 2023 財年 4.25 億美元至 4.35 億美元的 G&A 支出和 9000 萬至 1 億美元的資本支出的年度指導措施中。

At the same time, a 25 basis point temporary reduction on contributions to the national advertising fund will go into effect. The net impact of these 2 changes on the increase in technology fee and the 25 basis point reduction of franchisee advertising contributions should be relatively neutral to the estimated average U.S. franchisee store profitability in 2023.

與此同時，對國家廣告基金捐款的 25 個基點的臨時削減將生效。這兩項變化對技術費用增加和加盟商廣告貢獻減少 25 個基點的淨影響對 2023 年美國加盟店平均盈利能力的估計應該是相對中性的。

Turning to our international business. Same-store sales, excluding foreign currency impact for our international business increased 1.2%, rolling over the prior increase of 1.2%. We continue 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. This was the last full quarter of the negative year-over-year impact with the U.K. VAT relief program being in place through March 31, 2022.

轉向我們的國際業務。我們國際業務的同店銷售額（不計外幣影響）增長了 1.2%，延續了之前 1.2% 的增長。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。這是截至 2022 年 3 月 31 日實施的英國增值稅減免計劃導致同比負面影響的最後一個完整季度。

Our international business added 106 net new stores in Q1, comprised of 143 store openings and 37 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 that market as well as some closures in Russia. International store openings in the first quarter were also impacted by the timing of fiscal periods of some of our master franchisees that caused a significant number of openings to shift into the first week of our second quarter. These additional 106 net stores brought our current trailing 4-quarter net store growth rate in international to 6.7%. When combined with our U.S. store growth, our trailing 4-quarter global net store growth rate was 5%.

我們的國際業務在第一季度淨增 106 家新店，包括 143 家新店和 37 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該市場的商店基礎以及俄羅斯的一些關閉。第一季度的國際門店開張也受到我們一些主要特許經營商的財政週期時間的影響，導致大量開店轉移到第二季度的第一周。這些額外的 106 家淨門店使我們目前在國際上的第 4 季度淨門店增長率達到 6.7%。結合我們在美國的門店增長，我們過去 4 季度的全球淨門店增長率為 5%。

Turning to EPS. Our diluted EPS in Q1 was $2.93 versus $2.50 in Q1 2022. Breaking down that $0.43 increase in our diluted EPS, our operating results benefited us by $0.36. Changes in foreign currency exchange rates negatively impacted us by $0.09. A lower effective tax rate positively impacted us by $0.04. Lower net interest expense benefited us by $0.06 and a lower diluted share count driven by share repurchases over the trailing 12 months benefited us by $0.06.

轉向每股收益。我們在第一季度的稀釋後每股收益為 2.93 美元，而 2022 年第一季度為 2.50 美元。將稀釋後每股收益增加 0.43 美元，我們的經營業績使我們受益了 0.36 美元。外幣匯率的變化對我們產生了 0.09 美元的負面影響。較低的有效稅率對我們產生了 0.04 美元的積極影響。較低的淨利息支出使我們受益 0.06 美元，過去 12 個月因股票回購而減少的攤薄股份數量使我們受益 0.06 美元。

We continue to generate sizable free cash flow. During the first quarter, we generated net cash provided by operating activities of approximately $115 million. After deducting for capital expenditures of approximately $19 million, which consisted of investments in our technology initiatives and supply chain centers, we generated free cash flow of approximately $96 million. Free cash flow increased $29 million from the first quarter of 2022, primarily due to the positive impact of changes in working capital and higher net income.

我們繼續產生可觀的自由現金流。第一季度，我們產生了約 1.15 億美元的經營活動提供的淨現金。在扣除約 1900 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 9600 萬美元的自由現金流。自由現金流比 2022 年第一季度增加了 2900 萬美元，這主要是由於營運資本變化和淨收入增加的積極影響。

During the quarter, we returned over $30 million to shareholders through share repurchases. As of the end of the quarter, we had approximately $380 million remaining under our Board authorization for share repurchases. In the first quarter, the allocation methodology for certain costs which support internally developed software was updated on a prospective basis. The change in allocation methodology resulted in an estimated increase in U.S. store segment income of $10 million and an estimated increase in international franchise segment income of $2 million, fully offset by a decrease of other segment income of $12 million.

本季度，我們通過股票回購向股東返還了超過 3000 萬美元。截至本季度末，根據董事會授權，我們還有大約 3.8 億美元用於股票回購。第一季度，支持內部開發軟件的某些成本的分配方法在前瞻性的基礎上進行了更新。分配方法的變化導緻美國商店部門收入估計增加 1000 萬美元，國際特許經營部門收入估計增加 200 萬美元，完全被其他部門收入減少 1200 萬美元所抵消。

Finally, I would like to provide an update on a few of our annual guidance measures that we previously communicated. We expect a year-over-year market basket increase of 3% to 5% in 2023. Changes in foreign currency rates could have a $2 million to $6 million negative impact on international royalty revenues in 2023. And our tax rate, excluding the impact of equity-based compensation, is expected to range from 22% to 24% in 2023.

最後，我想更新一下我們之前傳達的一些年度指導措施。我們預計 2023 年市場籃子同比增長 3% 至 5%。外幣匯率的變化可能對 2023 年的國際特許權使用費收入產生 200 萬至 600 萬美元的負面影響。我們的稅率，不包括影響基於股權的薪酬，預計在 2023 年介於 22% 和 24% 之間。

Based on current trends, we expect each of these measures will come in towards the low end of their respective ranges. Additionally, we continue to expect our global retail sales growth and global unit growth in 2023 to trend to the low end of our unchanged 2- to 3-year outlook.

根據目前的趨勢，我們預計這些措施中的每一項都將接近各自範圍的低端。此外，我們繼續預計 2023 年我們的全球零售銷售增長和全球單位增長將趨向於我們不變的 2 至 3 年展望的低端。

Thank you all for joining the call today. And now I'll turn the call back to Russell.

感謝大家今天加入電話會議。現在我會把電話轉回拉塞爾。

Thanks, Sandeep. Before we close out the call, I want to touch on a couple of areas that are important as we move forward in 2023. The first one is store growth. As Sandeep mentioned in his comments, we expect that the U.S. store development pipeline will continue to be pressured by permitting and store construction supply chain challenges before seeing a gradual recovery beginning in the second half of the year.

謝謝，桑迪普。在我們結束電話會議之前，我想談談我們在 2023 年前進的幾個重要領域。第一個是商店增長。正如 Sandeep 在他的評論中提到的，我們預計美國商店開發管道將繼續受到許可和商店建設供應鏈挑戰的壓力，然後在今年下半年開始逐步復甦。

In my conversations with franchisees and discussions with our team on new commitments to store growth by our system, I'm confident that we will see an inflection in trend towards the end of the year and into '24. Domino's franchisees came out of a challenging 2022 with estimated store EBITDA of almost $140,000. This proves to me and more importantly to them, that building a Domino's store remains one of the best investments in the restaurant industry.

在我與特許經營商的談話以及與我們團隊就我們系統對商店增長的新承諾進行的討論中，我相信我們將在年底和進入 24 世紀時看到趨勢的拐點。達美樂的加盟商度過了充滿挑戰的 2022 年，估計門店 EBITDA 接近 140,000 美元。這向我證明了，更重要的是向他們證明了，建立達美樂商店仍然是餐飲業最好的投資之一。

The second point I want to highlight is innovation, giving you a little bit of insight into our e-commerce pipeline. It's not a comprehensive list, but it should help you understand that we're bringing news to our customers while also improving our ability to drive loyalty and a more personalized experience, leveraging our robust customer database. As I mentioned on our last call, we'll be refreshing and improving our Piece of the Pie loyalty program. When we launched it back in 2015, we were more of a delivery company with our carryout business still gaining momentum. So naturally, our loyalty program was designed more around the delivery customer.

我要強調的第二點是創新，讓您對我們的電子商務管道有一點了解。這不是一個全面的列表，但它應該可以幫助您了解我們正在為我們的客戶帶來新聞，同時還利用我們強大的客戶數據庫提高我們提高忠誠度和更個性化體驗的能力。正如我在上次電話會議中提到的，我們將更新和改進我們的 Piece of the Pie 忠誠度計劃。當我們在 2015 年推出它時，我們更像是一家快遞公司，我們的結轉業務仍在蓬勃發展。因此，自然而然地，我們的忠誠度計劃更多地是圍繞送貨客戶設計的。

One of the key objectives of the refreshed Piece of the Pie program will be to explicitly cater to the carryout customer in addition to the delivery customer. We're excited to add more value and rewards for everybody. We've also started to work on a redesign and rewrite of our entire e-commerce platform. This work will continue into 2024, and we will update you on progress along the way. Our digital ordering clients and tech stack have been a huge part of our strategy and a competitive advantage for us over time. So we need to invest in these forms to ensure we remain in a leadership position.

更新後的 Piece of the Pie 計劃的主要目標之一是明確迎合外賣客戶和外賣客戶的需求。我們很高興為每個人增加更多價值和獎勵。我們還開始著手重新設計和重寫我們的整個電子商務平台。這項工作將持續到 2024 年，我們將向您通報進展情況。隨著時間的推移，我們的數字訂購客戶和技術堆棧一直是我們戰略的重要組成部分，也是我們的競爭優勢。因此，我們需要對這些形式進行投資，以確保我們保持領先地位。

In closing, when I look back on the first quarter, I can't help, but be encouraged by the resilience of our business model and the competitive advantage that our franchisees and team members bring to Domino's Pizza. I remain bullish on our future and look forward to telling you more of our story and our long-term strategy at our Investor Day, which will be held in late Q4.

最後，當我回顧第一季度時，我情不自禁地為我們的商業模式的彈性以及我們的加盟商和團隊成員為達美樂披薩帶來的競爭優勢而感到鼓舞。我仍然看好我們的未來，並期待在第四季度末舉行的投資者日上向您講述更多我們的故事和我們的長期戰略。

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

有了這個，我們將打開問題的電話。

And our first question comes from the line of Brian Bittner from Oppenheimer.

我們的第一個問題來自 Oppenheimer 的 Brian Bittner。

Just first, a clarification question from you, Sandeep. As it relates to your outlook, in 2023 for total retail sales to be at the lower end of the 4% to 8% range. Can you talk to us about what the implied same-store sales outlook embedded in this guidance is?

首先，Sandeep，你要澄清一個問題。就您的展望而言，2023 年零售總額將處於 4% 至 8% 範圍的下限。您能否與我們談談本指南中隱含的同店銷售前景是什麼？

And then, Russell, my main question to you, just as it relates to delivery and the ongoing weakness in this segment, I appreciate the macro pressures that you outlined during this call and previous calls. But -- what are -- are you currently taking market share? And can you just further elaborate on actions that you are taking inside the company to improve your competitive advantage within delivery to set that business up for a strong turn when these macro pressures recede?

然後，羅素，我要問你的主要問題，就像它與交付和這一領域的持續疲軟有關，我很欣賞你在這次電話會議和之前的電話會議中概述的宏觀壓力。但是 - 什麼 - 你目前正在佔據市場份額？你能否進一步詳細說明你在公司內部採取的行動，以提高你在交付方面的競爭優勢，以便在這些宏觀壓力消退時為該業務的強勁轉變做好準備？

I'll take the first piece, and I think Russell will cover the second piece that you asked. So in terms of the outlook, I think you're asking about the global retail sales outlook of 4% to 8% a rating that is still expected to be at the low end for 2023. And I think when we go back to what we said last time and again, what we're saying this time, not really changing the narrative of what we said, drove that adjustment in the first place, which was the challenges that we were seeing in the U.S. delivery business was the primary driver of the lowered estimation of the global retail sales outlook.

我將負責第一部分，我認為 Russell 將負責您提出的第二部分。因此，就前景而言，我認為你問的是 4% 至 8% 的全球零售銷售前景，這一評級預計仍將處於 2023 年的低端。我認為當我們回到我們的目標時上一次又一次說，我們這次所說的，並沒有真正改變我們所說的敘述，首先推動了這種調整，這是我們在美國交付業務中看到的挑戰是主要驅動力下調了對全球零售銷售前景的估計。

So we feel very confident more broadly about the business, because the carryout business has been great. The international business, as you just heard from Russell, did extremely well as well, notwithstanding the U.K. VAT impact that we were rolling over. So we feel really good about the overall business. But I think until we come through the delivery challenges, and that's what you asked wrestle about, we basically believe that the outlook is appropriate.

因此，我們對更廣泛的業務充滿信心，因為結轉業務一直很棒。正如你剛剛從羅素那裡聽到的那樣，國際業務也表現得非常好，儘管我們正在滾動的英國增值稅影響。所以我們對整體業務感覺非常好。但我認為，在我們克服交付挑戰之前，這就是你所要求的問題，我們基本上認為前景是合適的。

Brian, on the delivery side, it really is -- to answer your question really in 2 parts. First, we grew delivery QSR pizza market share last year. We're continuing to do that in Q1. And so the point that you ask is what can we do in addition to drive that. And it's kind of the same basic things we outlined on the same call. It's driving value, delivery service were a minute better than we were a year ago. Innovation in all areas, not just product, but we have actually delivery innovation out there now with the electric vehicles. We're up to 1,000 vehicles. This new loyalty program is going to do a really good job in driving transactions. And then the majority of our delivery customers were online. And so I think what you're hearing when we're talking about redoing our e-commerce platforms, that's certainly going to help there as well.

布賴恩，在交付方面，確實是——分兩部分回答你的問題。首先，我們去年增加了外賣 QSR 披薩的市場份額。我們將在第一季度繼續這樣做。所以你問的重點是除了推動它我們還能做些什麼。這與我們在同一電話會議上概述的基本內容相同。這是驅動價值，送貨服務比一年前好一分鐘。所有領域的創新，不僅僅是產品，我們現在已經通過電動汽車實現了創新。我們有多達 1,000 輛汽車。這個新的忠誠度計劃將在推動交易方面做得非常好。然後我們的大多數送貨客戶都在線。因此，我認為當我們談論重做我們的電子商務平台時，您聽到的內容肯定也會有所幫助。

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

我們的下一個問題來自 BTIG 的 Peter Saleh。

Russell, I wanted to ask about the decision to reduce the marketing spend by 25 basis points. I understand it's pretty much an offset to the -- raising the digital fees. But can you just give us a sense on how much total impressions would be down this year with that reduction in spend?

拉塞爾，我想問一下將營銷支出減少 25 個基點的決定。我知道這在很大程度上抵消了——提高數字費用。但是你能告訴我們今年隨著支出的減少，總印象會下降多少嗎？

Sure. I mean the point at the end of the day is we take a holistic look at the franchisees' P&Ls. And we just think that this is a better investment over the course of the next year, because of where we are in our marketing budget. So I don't expect an impression decline, I just think that this is a great overall use of their money for the year.

當然。我的意思是，歸根結底，我們要全面了解加盟商的損益表。我們只是認為這是明年更好的投資，因為我們在營銷預算中的位置。所以我預計印像不會下降，我只是認為這是對他們這一年資金的總體使用。

And Pete, I'll just add a little bit to that, because I think it's very important to think about this strategically and holistically for both a financial standpoint and kind of what we're looking at. And we were engaged in deep discussions with our franchisees before we actually made this move. And I think over the course of the pandemic, we've actually built up the ad fund reserve to a point where we believe that the resources that are in the ad funds are more than enough to cover the demands that we have from an advertising standpoint this year.

皮特，我只想補充一點，因為我認為從財務角度和我們正在看的東西的角度，從戰略和整體上考慮這一點非常重要。在我們真正採取行動之前，我們與我們的加盟商進行了深入討論。而且我認為在大流行的過程中，我們實際上已經建立了廣告基金儲備，以至於我們相信廣告基金中的資源足以滿足我們從廣告的角度來看的需求今年。

And at the same time, as we looked at innovation and the need to invest in technology, our franchisees and us believe that this was the right way to redeploy investment. And so we've done it very clearly with a view to the long term. And this is, as we said, have been year adjustment that we made. So we'll take a look at it in 1 year's time and decide what to do.

同時，當我們審視創新和投資技術的必要性時，我們的加盟商和我們都認為這是重新部署投資的正確方式。因此，從長遠來看，我們已經非常清楚地做到了這一點。正如我們所說，這是我們所做的年度調整。因此，我們將在 1 年的時間內查看它並決定要做什麼。

And our next question comes from the line of Sara Senatore from Bank of America.

我們的下一個問題來自美國銀行的 Sara Senatore。

A question and a quick follow-up. You said the boost week won't be continued tailwind. Your outlook on same-store sales in general strikes a note of caution. I was wondering if you can quantify what you think that tailwind was? I'm just trying to understand the underlying run rate might be or what the drivers that Russ highlighted, the magnitude of those might look like as we go forward?

一個問題和一個快速跟進。你說提振週不會繼續順風。您對同店銷售的總體展望令人謹慎。我想知道您是否可以量化您認為順風是什麼？我只是想了解潛在的運行率可能是什麼，或者 Russ 強調的驅動因素是什麼，隨著我們前進，這些因素的規模可能會是什麼樣子？

And then just quick follow-up on the comment about shifting back to dine-in. Delivery across the industry is a lot higher than it was as a share of sales pre-COVID. So do you have any thoughts on how long this shift might last? I would expect dine-in probably ends up as a lower share of the total mix. But trying to again, understand how long that headwind persists in your view?

然後快速跟進關於改回堂食的評論。整個行業的交付量比 COVID 之前的銷售份額要高得多。那麼，您對這種轉變會持續多久有任何想法嗎？我預計堂食可能最終佔總組合的比例較低。但再次嘗試，了解您認為逆風持續了多長時間？

Sara, quite a few questions in there, but I'll take this. I'll take them in a sequence. So I think you're first talking about some of the things that I pointed out to in the prepared remarks on the benefits that we got in the first quarter on the comp from the tailwinds that we had from lapping Omicron and also the fact that we had a boost week in '23, which we didn't have in '22. And I'm not going to unpack the details of exactly how much that was, but definitely, those were 2 tailwinds, and they're actually a third tailwind also if I think about it, because we have now lapped the national pricing update on delivery. And I think we definitely got the benefit of that pricing impact that actually was embedded in ticket as well.

薩拉，裡面有很多問題，但我會接受這個。我將按順序進行。所以我想你首先談論的是我在準備好的評論中指出的一些事情，這些評論是關於我們在第一季度從我們從 Omicron 獲得的順風中獲得的好處，以及我們在 23 年有一個提升週，這是我們在 22 年沒有的。而且我不打算詳細說明那是多少，但絕對是兩個順風，如果我考慮的話，它們實際上也是第三個順風，因為我們現在已經將全國定價更新放在送貨。而且我認為我們肯定也從實際嵌入門票中的定價影響中獲益。

So when you think about all these different elements, there is going to be an expectation that there will be some deceleration relative to that, because those were tailwinds that we had uniquely in the first quarter. And that's why we actually pointed those out.

因此，當您考慮所有這些不同的因素時，就會期望相對於此會有一些減速，因為這些是我們在第一季度獨有的順風。這就是為什麼我們實際上指出了這些。

And then I think the broader topic of shifting to dine-in, I think our point when we actually did the Q4 call was, we've seen throughout 2022, a shift back into dine-in. And I think -- but when we look at the values of where the dine-in had reached, we were still well below 2019 levels for dine-in. And so the expectation that we had when we set up our outlook for the 2- to 3-year time frame is and particularly on 2023, was to continue to see that shift happening over the course of 2023.

然後我認為轉向堂食的更廣泛話題，我認為我們實際進行第四季度電話會議時的觀點是，我們在整個 2022 年都看到了回到堂食的轉變。而且我認為 - 但當我們查看堂食所達到的價值時，我們仍然遠低於 2019 年的堂食水平。因此，當我們設定 2 至 3 年時間框架的展望時，尤其是在 2023 年，我們的期望是繼續看到這種轉變在 2023 年期間發生。

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

我們的下一個問題來自瑞銀的 Dennis Geiger。

Russell, you spoke to stepping up the pace of innovation, and you gave some good examples. Just wondering if you could touch a little bit more on what that means? Perhaps how long it takes to kind of get innovation going to where it was a few years back? And anything more you can share in thinking about innovation across menu and technology? And if I could flip a related part in there, is there any update with respect to how you think about third-party aggregator relationships as we think about technology and evolution of the brand?

Russell，你談到了加快創新步伐，你舉了一些很好的例子。只是想知道您是否可以進一步了解這意味著什麼？也許需要多長時間才能讓創新回到幾年前的水平？在思考跨菜單和技術的創新時，您還有什麼可以分享的嗎？如果我可以在那裡翻轉相關部分，那麼在我們考慮技術和品牌演變時，您如何看待第三方聚合商關係是否有任何更新？

Dennis, I maybe take the first -- the second question first to talk a little bit about third party. We've got $1 billion business internationally with aggregators. And I -- and we're learning there every day. I think the number one thing that we've learned is whoever you work with or whoever you compete with, Domino's is better when we're a stickier brand. When we have more to make consumers when they decide where they're going to order to order from us.

丹尼斯，我可能會先回答第二個問題，先談談第三方。我們與聚合商在國際上的業務價值達 10 億美元。而我——我們每天都在那裡學習。我認為我們學到的第一件事是，無論您與誰合作或與誰競爭，當我們是一個更具粘性的品牌時，達美樂會更好。當我們有更多的東西讓消費者決定他們要從我們那裡訂購的地方時。

And stickiness is getting the value right, it's getting service right. You talked about innovation, so I'll get to that in a second. I think stickiness is also this new loyalty program. The updated loyalty program will make us stickier as well as recognizing that it's time to upgrade our e-commerce site. And so if we're a stickier Domino's Pizza, no matter who we compete with or work with here, we'll be in a place that we can win.

粘性就是獲得正確的價值，獲得正確的服務。你談到了創新，所以我馬上就會談到這一點。我認為粘性也是這種新的忠誠度計劃。更新後的忠誠度計劃將使我們更有粘性，並認識到是時候升級我們的電子商務網站了。因此，如果我們是粘性更強的達美樂披薩，無論我們在這裡與誰競爭或合作，我們都將處於一個可以獲勝的位置。

Secondly, the -- or firstly, I guess, would be the -- what was your first question, a question on innovation. I would really ask that folks take a broad definition of innovation. And that's not to couch and say we're not going to be doing a lot of product innovation and stepping up that and we're not going to be doing carryout or delivery innovation. But let me give you an example of something that people maybe wouldn't think of as innovation which is carryout tips.

其次，我想，或者首先，您的第一個問題是什麼，關於創新的問題。我真的會要求人們對創新有一個廣義的定義。這並不是說我們不會進行大量產品創新並加強產品創新，我們也不會進行結轉或交付創新。但是讓我給你舉一個人們可能不會認為是創新的例子，那就是外賣小貼士。

Carryout tips, the majority of companies, what they call it is a bounce back coupon, and what our marketing people did, did a great job. And they said, you know what, we're incentive of calling it a $3 bounce-back coupon. We're a delivery company. In this case, customers are delivering our pizza, let's call it a tip. They get to $3 to the next week, and it's an incremental purchase. And that's an innovation.

結轉提示，大多數公司，他們稱之為反彈優惠券，我們的營銷人員所做的，做得很好。他們說，你知道嗎，我們有理由將其稱為 3 美元的反彈優惠券。我們是快遞公司。在這種情況下，客戶正在為我們提供比薩餅，我們稱之為小費。到下週，他們將獲得 3 美元，這是一種增量購買。這是一項創新。

So I think you got product innovation with tots. Value innovation, I don't think anyone talks about value innovation, the way we do. Apple CarPlay is a carryout innovation the cars or EV is delivery innovation. All of those types of innovations are things you should see on a quarterly basis, I expect to be able to update you on these calls.

所以我認為你通過 tots 獲得了產品創新。價值創新，我認為沒有人像我們那樣談論價值創新。 Apple CarPlay 是一項執行創新，而汽車或 EV 是一項交付創新。所有這些類型的創新都是你應該每季度看到的東西，我希望能夠在這些電話會議上向你更新。

And our next question comes from the line of Gregory Francfort from Guggenheim.

我們的下一個問題來自古根海姆的 Gregory Francfort。

Russell, just can you talk about what you think the competitive differentiation is of the Domino's business today, and if that's changed from 4 or 5 years ago, I think aggregators have figured out the profitability a little bit better. But can you maybe help us understand the reasons for why you have kind of competitive differentiation versus those platforms and if that's changed over the last 4 or 5 years or not?

Russell，你能不能談談你認為當今 Domino 業務的競爭差異化，如果這與 4 或 5 年前相比有所改變，我認為聚合商已經更好地計算出盈利能力了。但是，您能否幫助我們了解您與這些平台相比具有競爭優勢的原因，以及這種情況在過去 4 或 5 年內是否發生了變化？

Yes. Sure. thanks for the question. Actually, I think when we talk about broadness and competitiveness, what I'd like to start out with is carryout. We talk a lot about the fact that there's not a lot of overlap between delivery and carryout historically about 15%. And so if you look back at the last 3 years on our U.S. carryout business, it's up almost 30% in same-store sales. So to think that that's a very incremental piece of growth for our business, should hopefully help you understand how we think about diversifying and differentiating and growing ourselves as not only a pizza delivery company, but as a total restaurant.

是的。當然。謝謝你的問題。實際上，我認為當我們談論廣泛性和競爭力時，我想從結轉開始。我們經常談論這樣一個事實，即交付和結轉之間沒有太多重疊，歷史上大約為 15%。因此，如果你回顧過去 3 年我們美國的結轉業務，它的同店銷售額增長了近 30%。因此，認為這是我們業務增長的一個非常增量的部分，應該有助於您理解我們如何考慮多元化、差異化和發展自己，不僅是一家披薩外賣公司，而且是一家完整的餐廳。

And I think -- on the delivery piece, again, I'll point to we are growing pizza delivery market share, but we think we can do more. And a lot of it is because certainly, the competition is different. But I think we've learned a lot, Greg, over the last few years. You think of what we learned through COVID. We went through some capacity constraints. We went through driver availability issues. And they say the necessity is the mother of invention. And that's why we're doing this summer of service program here.

而且我認為 - 在交付部分，我會再次指出我們正在增加比薩餅交付市場份額，但我們認為我們可以做得更多。很多是因為當然，競爭是不同的。但我認為我們在過去幾年中學到了很多東西，Greg。你想想我們通過 COVID 學到了什麼。我們經歷了一些容量限制。我們經歷了驅動程序可用性問題。他們說需求是發明之母。這就是我們今年夏天在這裡開展服務計劃的原因。

We're inviting our franchisees up, because we've made significant improvements and innovations, because of all of this learning, we will now be better in our circle of operations and in our technology, and these are substantial enough that it's not something that we can train people in a video. Every single Domino's U.S. franchisee is coming up here to Ann Arbor for this training, and they will leave with individual plans that they're putting together for their stores when they go back. And at the end of the day in order to really step change ourselves when these macro things go away, it's going to be stepping up service. And I think, hopefully, this is an example of how we're leaning in there.

我們正在邀請我們的特許經營商加入，因為我們已經取得了重大的改進和創新，因為所有這些學習，我們現在在我們的運營圈子和我們的技術方面會更好，而且這些足夠重要以至於它不是什麼我們可以在視頻中培訓人們。達美樂的每一位美國加盟商都會來安阿伯參加這次培訓，他們離開時會帶著各自的計劃離開，這些計劃是他們回去後為自己的商店制定的。在一天結束時，為了在這些宏觀事物消失時真正改變我們自己，它將加強服務。我認為，希望這是我們如何傾向於那裡的一個例子。

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

我們的下一個問題來自 RBC Capital Markets 的 Chris Carril。

On pricing, Sandeep, you noted the lapping of delivery Mix & Match pricing in March. And with that pricing should moderate here in the 2Q. But appreciating your continued focus on value here. if transactions were to remain stable or potentially improve, how open are you to taking further pricing, particularly if you do see those service levels begin to improve with all the initiatives you have in place?

關於定價，Sandeep，您注意到 3 月份交付混合搭配定價的重疊。這樣一來，第二季度的定價應該會有所緩和。但感謝您繼續關注這裡的價值。如果交易保持穩定或可能有所改善，您對進一步定價的開放程度如何，特別是如果您確實看到這些服務水平隨著您採取的所有舉措而開始改善時？

I think when we talk about pricing options and value, I think that's a constant. It's not this last year. It's been over the last decade or more that we've been doing this. And so we'll continue to evaluate pricing relative to competition and kind of what the macro environment will actually yield from a demand standpoint, because we always are going to do the work. But I don't think we're particularly in trying to say what we're going to do or not going to do, because it's going to be the outcome of the work.

我認為當我們談論定價選項和價值時，我認為這是一個常數。去年不是這樣的。在過去的十年或更長時間裡，我們一直在這樣做。因此，我們將繼續評估相對於競爭的定價，以及從需求的角度來看宏觀環境實際會產生什麼，因為我們總是會做這項工作。但我不認為我們特別想說出我們要做什麼或不做什麼，因為這將是工作的結果。

And our next question comes from the line of Brian Harbour from Morgan Stanley.

我們的下一個問題來自摩根士丹利的布賴恩港。

One thing I was curious about just talking about innovation is could you talk about your market share at different dayparts and whether you think that there's specific opportunities to lean into 1 or 2 of those where you perhaps don't have as much share as the others? And can that be a source of product innovation perhaps?

我對談論創新感到好奇的一件事是，您能否談談您在不同時段的市場份額，以及您是否認為有特定的機會可以涉足其中 1 或 2 個您可能沒有其他人那麼多的市場份額？這可能是產品創新的源泉嗎？

Are you there?

你在嗎？

Yes. Hello. Can you hear me?

是的。你好。你能聽到我嗎？

Yes. Sorry, we had a blip on the last question. Do you mind repeating the question, please?

是的。抱歉，我們在最後一個問題上出現了問題。你介意重複這個問題嗎？

Sorry about that. I was curious just about if you could talk about dayparts and how your market share might differ by daypart and whether you think that that's kind of an innovation opportunity as well to target different dayparts differently?

對於那個很抱歉。我很好奇您是否可以談談時段以及您的市場份額可能因時段而異，以及您是否認為這是一種創新機會以及以不同的方式針對不同的時段？

I don't think we're going to go into -- by the way, sorry. I don't think we're going to go into the detail of the specific numbers of our dayparts. But your answer is -- or your -- the answer to your question is absolutely. Finding incremental drill sites has been key for this brand. I remember when I joined in 2008, the majority of our stores weren't open for lunch. We gave them a product with sandwiches and then later pasta. And now that's a pretty significant piece of our business.

我認為我們不會進入——順便說一下，抱歉。我認為我們不會詳細討論時段的具體數字。但是你的答案是——或者你的——你的問題的答案是絕對的。尋找增量鑽探地點一直是該品牌的關鍵。我記得我在 2008 年加入時，我們的大多數商店都不提供午餐。我們給了他們三明治產品，然後是意大利面。現在這是我們業務中非常重要的一部分。

We also weren't a big carryout company and obviously now carryout's half of the orders that come through Domino's. So what we're -- what our job is to do every day is to find incremental drill sites and dayparts are absolutely one of those areas that we look.

我們也不是一家大型結轉公司，顯然現在結轉的訂單有一半來自達美樂。所以我們 - 我們每天的工作就是尋找增量鑽探地點，而時段絕對是我們關注的領域之一。

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

我們的下一個問題來自 Evercore ISI 的 David Palmer。

Just a follow-up on the previous question about third-party sites and marketing and collecting orders from those in the U.S. You noted how you do it overseas. But your previous answer, you said you're looking for stickier sales or you found that those have the highest value. Is that your way of saying you're kind of closing the book on this and that you've kind of made up your mind? Or are you evaluating this still? And if you are evaluating it still, what sort of factors and timing should we be thinking about that you're thinking about?

只是跟進上一個關於第三方網站和營銷以及從美國收集訂單的問題。你提到了你在海外是如何做的。但是您之前的回答是，您說您正在尋找更具粘性的銷售，或者您發現那些具有最高價值。你是不是在用這種方式說你要結束這本書，你已經下定決心了？或者你還在評估這個？如果您仍在評估它，我們應該考慮您正在考慮的什麼樣的因素和時間安排？

Yes. I think maybe the way to interpret what I said before is there are opportunities and there are also potential issues with competing with folks or working with folks. And we're not going to think about going into anything unless we're our best Domino's. And the best Domino's we're getting there every day. We're improving our service, and we talked about some of the tech and loyalty pieces. And then we'll be in a better place to compete with or work with anybody.

是的。我認為也許可以解釋我之前所說的方式是有機會，也有與人競爭或與人合作的潛在問題。除非我們是最好的多米諾骨牌，否則我們不會考慮進入任何領域。我們每天都會提供最好的多米諾骨牌。我們正在改進我們的服務，我們討論了一些技術和忠誠度方面的問題。然後我們將處於一個更好的位置，可以與任何人競爭或合作。

This is something you haven't closed the book on, but perhaps some changes that you're making might enable you to pursue that path, not that you're committing at this point, but is something that you haven't closed the book on?

這是你還沒有合上書的事情，但也許你正在做的一些改變可能會讓你走上這條路，不是你在這一點上承諾，而是你還沒有合上書的事情在？

Maybe I'll refer back to the prior questions. We're always looking for drill sites. If there are incremental drill sites that are smart for us, and this is one of them. You're never going to hear that this team closes the book on things. Right now, we're focused on making ourselves a better Domino's.

也許我會回顧之前的問題。我們一直在尋找鑽井地點。如果有對我們來說很聰明的增量鑽探站點，這就是其中之一。你永遠不會聽到這個團隊在事情上結束了這本書。現在，我們專注於讓自己成為更好的達美樂。

And our next question comes from the line of Joshua Long from Stephens.

我們的下一個問題來自 Stephens 的 Joshua Long。

Excited to hear more about the summer service program, understanding that all the franchisees are going to be walking away with an individualized plan, but -- this is certainly exciting, but curious if you could talk a little bit more about some of the big pieces that have either already been in test, maybe what you've learned from that? And just help us kind of contextualize what franchisees to be walking away with as they all come up to Ann Arbor later this year?

很高興聽到更多關於夏季服務計劃的信息，了解到所有加盟商都將帶著個性化計劃離開，但是——這當然令人興奮，但很好奇你是否可以多談談一些重要的部分要么已經在測試中，也許你從中學到了什麼？並且只是幫助我們了解今年晚些時候他們都來到安娜堡時要離開的特許經營商？

Josh, I think the best way to answer that question is to invite you to come up and join us for our Investor Day in Q4. We are really excited to show you what we show our franchisees, which are takeaways on the things that we've learned through some of these capacity issues, driver availability issues. And then more importantly, how that is leading to ideas to reinvent our circle of operations and improve technology to help circle of operations, but also help at the end of the day, the product the customer gets to be as hot as it can be. And also improve what it's like to work at a Domino's pizza. So maybe if there were videos, and I'd be able to show you stuff a little bit more, but this is the old-school phone call. And so you have to come up to Ann Arbor. And we look forward to seeing you.

喬希，我認為回答這個問題的最好方法是邀請你來參加我們在第四季度的投資者日。我們真的很高興向您展示我們向我們的特許經營商展示的內容，這些內容是我們從這些容量問題、驅動程序可用性問題中學到的東西的總結。然後更重要的是，這如何導致重塑我們的運營圈子和改進技術以幫助運營圈子的想法，但最終也幫助客戶獲得盡可能熱門的產品。還可以改善在 Domino's 比薩餅店工作的感覺。所以也許如果有視頻，我就能給你看更多的東西，但這是老派的電話。所以你必須來到安娜堡。我們期待著見到你。

And our next question comes from the line of Chris O'Cull from Stifel.

我們的下一個問題來自 Stifel 的 Chris O'Cull。

Sandeep, you mentioned comparison benefits in the first quarter that won't benefit the second quarter. But I was under the impression that transaction declines were also just as weak in the second quarter last year, implying the comparison should continue to be favorable. And I'm just wondering if that was true? And then if you could just help us understand how meaningful the ticket growth should slow in the second quarter? That would also be helpful.

Sandeep，你提到第一季度的比較收益不會使第二季度受益。但我的印像是，去年第二季度的交易下降也同樣疲軟，這意味著比較應該繼續有利。我只是想知道這是不是真的？然後，您是否可以幫助我們了解第二季度門票增長放緩的意義？這也會有幫助。

Yes. So Chris, you are right that transactions did decline last year in the second quarter as well. So I think that piece is consistent between Q1 and Q2. what is not necessarily consistent is the fact that we had the Omicron tailwind. We had 1 boost week in Q1 of this year, which was not there in Q1 of last year.

是的。所以克里斯，你是對的，去年第二季度的交易量也確實下降了。所以我認為那篇文章在 Q1 和 Q2 之間是一致的。不一定一致的事實是我們有 Omicron 順風。我們在今年第一季度有 1 個提升週，這在去年第一季度是沒有的。

And I think you asked -- the second part of your question was about pricing and the national pricing lab. We're not going to really get into the detail at this point. But clearly, it was a pretty significant increase to $6.99 from $5.99. So you can do the math and look for how much that's going to be. But I think it is enough of an impact for me to call it out in terms of that being moderating in Q2.

我想你問過——你問題的第二部分是關於定價和國家定價實驗室的。我們現在不打算真正深入細節。但很明顯，這是一個相當顯著的增長，從 5.99 美元增至 6.99 美元。所以你可以計算一下，看看會有多少。但我認為，就第二季度的緩和而言，我認為這足以產生影響。

And our next question comes from the line of Andrew Charles from Cowen.

我們的下一個問題來自 Cowen 的 Andrew Charles。

It's very encouraging to hear you guys talk about confidence in the U.S. performance. But perhaps just from the outside, it looks like trends did deteriorate on a 4-year basis by about 200 basis points from 4Q to 1Q. And I guess you're also talking about the low end of long-term retail sales growth guide in 2023. So can you just help contextualize what's driving the encouragement that externally may not perhaps be as obvious?

聽到你們談論對美國表現的信心，我感到非常鼓舞。但也許僅從外部來看，從第 4 季度到第 1 季度，趨勢似乎確實在 4 年的基礎上惡化了約 200 個基點。而且我猜你也在談論 2023 年長期零售銷售增長指南的低端。那麼你能否幫助將推動外部可能不那麼明顯的鼓勵的因素背景化？

Yes. So Andrew, I think -- thanks for the question. And like I said on the last call, we're not going to look at stacks as a way of measuring our business. And I think it's fair enough that you can actually ask the question, but really, what we want to look at is somethings that are more near term, and that's why we've really talked about the current care comp and the comparison that we're overlapping. So what we really see is a terrific carryout business, a really terrific carryout business. And to basically be lapping 11% last year, it'd be doing 13.5% or 13.4% this year was a great result for us.

是的。所以安德魯，我想——謝謝你提出這個問題。就像我在上次電話會議上所說的那樣，我們不會將堆棧視為衡量我們業務的一種方式。而且我認為你實際上可以問這個問題是很公平的，但實際上，我們想要看的是更近期的東西，這就是為什麼我們真正談論了當前的護理補償和我們的比較重新重疊。所以我們真正看到的是一個很棒的結轉業務，一個非常棒的結轉業務。去年基本上達到 11%，今年將達到 13.5% 或 13.4%，這對我們來說是一個很好的結果。

And look, delivery, there's a number of things that we're working on. You heard all about the initiatives on value and service and innovation that we're working on. So we are doing everything within our control to drive an improvement in the performance on that part of the business. And even there, look, sequentially, it improved from minus 6.6% in Q4 to minus 2.1% in Q1. We're not happy with negative comps. We want to actually inflect the positive comps. So we're going to keep on working on that. And we have talked about the macro. It's not gone away, and that is impacting us to some extent.

看，交付，我們正在做很多事情。您已經聽說了我們正在開展的關於價值、服務和創新的所有舉措。因此，我們正在竭盡全力推動這部分業務的績效改善。即便如此，按順序看，它也從第四季度的負 6.6% 提高到第一季度的負 2.1%。我們對負面補償不滿意。我們想真正改變積極的補償。所以我們將繼續努力。我們已經談到了宏觀。它並沒有消失，這在一定程度上影響了我們。

But we don't want to keep making excuses about the macro. We want to focus on what's in our control, and that's why we're really putting our foot forward and actually driving all of those initiatives to get to the outcomes that we need. So super bullish on the long term. I think we just have to work for some of these short-term issues.

但我們不想繼續為宏觀找藉口。我們希望專注於我們可以控制的事情，這就是為什麼我們真正向前邁進並實際推動所有這些舉措以取得我們需要的結果的原因。從長遠來看，超級看漲。我認為我們只需要為其中一些短期問題而努力。

And 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。

Over the past few years, there's been the shift in delivery carryout mix and differences in performance between the channels. Can you just help us understand the differences in average order size as well as profitability per order between the 2? And then just more recently, have you seen any changes in check management across either of the channels?

在過去的幾年中，交付結轉組合發生了變化，渠道之間的績效也存在差異。您能否幫助我們了解兩者在平均訂單量和每筆訂單盈利能力方面的差異？然後就在最近，您是否看到這兩個渠道的支票管理有任何變化？

Yes. So Lauren, thanks for the question. I think on the delivery carryout business, they're both really good businesses with different margin profiles, but very good businesses. And I think when we look at the profitability to the franchisees, they're both very, very accretive to their profits. And I think that's why when we actually look at the shift that's occurring between delivery and carryout the franchisee profit is not impacted in a significant way because of just the shift. Both businesses are super important, so you don't want to actually decline in delivery, like, unfortunately, we did last year.

是的。勞倫，謝謝你提出這個問題。我認為在送貨結轉業務方面，它們都是非常好的業務，具有不同的利潤率，但是非常好的業務。而且我認為，當我們查看特許經營商的盈利能力時，他們都非常非常地增加了他們的利潤。我認為這就是為什麼當我們實際查看交付和結轉之間發生的轉變時，特許經營商的利潤不會因為這種轉變而受到重大影響。這兩項業務都非常重要，所以你不希望實際交付量下降，就像我們去年所做的那樣。

But I think overall, from our check size, I'm not going to quantify how big the ticket is on average for delivery versus carryout, but typically, delivery ticket is going to be higher than carryout. But I think the cost of delivery is a little bit more labor intensive for obvious reasons, because you have driver cost in particular. So the flow-through on that in terms of dollars is good, but I think the cost profile is higher, and therefore, the margins are smaller on a delivery transaction versus the carryout transaction.

但我認為總的來說，從我們的支票規模來看，我不會量化交付票與結轉票的平均票數，但通常情況下，交付票將高於結轉票。但我認為，由於顯而易見的原因，送貨成本會更加勞動密集，因為你尤其需要司機成本。因此，以美元計算的流量是好的，但我認為成本概況更高，因此，交付交易的利潤率比結轉交易的利潤率更小。

And our next question comes from the line of from JPMorgan.

我們的下一個問題來自摩根大通。

It's John Ivankoe. I did in the spirit of innovation, I want to ask about where we are in the personalization journey. It's something we've been hearing about the better data-driven companies, which you are certainly the top of, the ability to customize promotions to customers to really elicit a specific behavior. So where are we in that journey? Is there any kind of significant functionality that can come as part of your new loyalty program, maybe some back-end work that you're doing around PULSE 2.0? Just give us a sense of where you are and where you think you will go in the relatively near to medium term?

是約翰·伊万科。我是本著創新的精神去做的，我想問一下我們在個性化旅程中的位置。這是我們一直聽說的關於更好的數據驅動公司的事情，你肯定是其中的佼佼者，能夠為客戶定制促銷活動以真正引發特定行為。那麼我們在那段旅程中處於什麼位置呢？是否有任何類型的重要功能可以作為您的新忠誠度計劃的一部分，也許是您圍繞 PULSE 2.0 所做的一些後端工作？只是讓我們了解一下您的位置以及您認為在相對近期和中期您會去哪裡？

John, that's a great question. We are making improvements in, call it, kind of the tweaking of it through AB testing, multivariate testing and things like that. I think the reason we're leaning into a new loyalty program and a redo, I don't think I know and a redo of our e-commerce business is there are certain things that we want to be able to do that we're not doing right now. And this will really let us lean into personalization in a much bigger way. So great question, and the timing is perfect.

約翰，這是一個很好的問題。我們正在通過 AB 測試、多變量測試等對其進行改進，稱之為調整。我認為我們傾向於新的忠誠度計劃和重做的原因，我想我不知道，重做我們的電子商務業務是我們希望能夠做的某些事情現在不做。這真的會讓我們以更大的方式傾向於個性化。這麼好的問題，時機恰到好處。

Our next question comes from the line of Zack Fadem from Wells Fargo.

我們的下一個問題來自 Wells Fargo 的 Zack Fadem。

This is John Park on for Zack. I mean, I guess, again, you guys talked about the lower income demo kind of shying away from delivery a bit given the macro pressures. Can you just provide some color on how that different income cohorts kind of performed within delivery versus takeout?

這是紮克的約翰·帕克。我的意思是，我想，你們再次談到低收入演示在宏觀壓力下有點迴避交付。您能否提供一些顏色，說明不同收入人群在外賣和外賣中的表現如何？

Yes. So I think on this, the -- what we pointed out from a macro standpoint was on the last call, more particularly than this call. But -- what we also noted, if you go back to my prepared remarks, I did say that we're going to have to continue to monitor real disposable income and the trends in that. and kind of how that's evolving? Because what you're seeing right now is inflation is on a downward trend, but wage growth seems to be holding up in the U.S. economy. But I think it cuts a little bit differently depending on income strata.

是的。所以我認為，在這個問題上，我們從宏觀角度指出的是在上次電話會議上，比這次電話會議更具體。但是——我們還注意到，如果你回到我準備好的發言，我確實說過我們將不得不繼續監測實際可支配收入及其趨勢。以及它是如何演變的？因為你現在看到的是通貨膨脹處於下降趨勢，但工資增長似乎在美國經濟中保持穩定。但我認為它會根據收入階層的不同而有所不同。

So I think over time, you're going to basically see potentially a change in the dynamic. But as of now, we still see this being a pressure point.

所以我認為隨著時間的推移，你基本上會看到動態的潛在變化。但截至目前，我們仍然認為這是一個壓力點。

And I think what I'd add to that is a lot of times we're asked on these calls, do you see any trade down from delivery to carry out, I talked earlier about how there's a little overlap between the two. We're seeing a lot of trade down from non-Domino's carryout into Domino's carryout. And I think it's those consumers we're talking about. So certainly, from a delivery standpoint, there are macro pressures, but I think that's actually an advantage for us on the carryout side.

我想我要補充的是，很多時候我們在這些電話中被問到，你是否看到從交付到執行的任何交易，我之前談到過兩者之間有一點重疊。我們看到很多交易從非 Domino 的結轉到 Domino 的結轉。我認為我們正在談論的是那些消費者。所以當然，從交付的角度來看，存在宏觀壓力，但我認為這實際上是我們在結轉方面的優勢。

And our final question for today comes from the line of Todd Brooks from Benchmark.

我們今天的最後一個問題來自 Benchmark 的 Todd Brooks。

Just on the unit growth side. I know Sandeep, you talked about just timing of fiscal quarter end versus some international openings. Is there any way that you can maybe size how many of those openings did occur in the first couple of weeks of the quarter here? Any commentary about what gives you confidence that the frictions on the U.S. construction side will ease in the second half? And then do you continue to be comfortable with at least reaching that low end of that 5% to 7% unit growth guidance?

就單位增長而言。我知道 Sandeep，你談到了財政季度結束的時間與一些國際開放時間。有沒有什麼辦法可以確定在本季度的前幾週發生了多少空缺？有什麼評論讓你有信心下半年美國建築方面的摩擦會緩解？然後你是否繼續對至少達到 5% 到 7% 的單位增長指導的低端感到滿意？

So a few things that I'm going to unpack in your questions. And I think let's start with the international unit growth question that you had. There was pretty much a timing issue between our fiscal calendar and our master franchisees, which is going to be a noise factor, frankly, for the -- on many quarters in the year. You'll see quarter-to-quarter noise. But I think overall, when we look at the pipeline of where our master franchisees are projecting the unit openings are going to be. We feel pretty good that we are on track for a full year basis, and that's really incorporated into our global unit growth estimation.

所以我要在你的問題中解開一些東西。我想讓我們從您提出的國際單位增長問題開始。我們的財政日曆和我們的主要特許經營商之間幾乎存在時間問題，坦率地說，這將成為今年許多季度的噪音因素。你會看到季度到季度的噪音。但我認為總的來說，當我們查看我們的主要特許經營商預測單元開口的管道時。我們感覺很好，我們全年都在按計劃進行，這確實納入了我們的全球單位增長估計。

And so I think then I will talk about the U.S. store growth in particular. Look, I mean, we've been saying since the beginning of the year that we expected to see a first half be pressured by the same issues, which is permitting supply chain construction challenges that we are going to get through. But you heard Russell say themselves, which is we've been talking to the system. We've been talking to franchisees. We've been talking to our own internal teams really digging in, because our pipeline is very, very robust.

所以我想我會特別談談美國商店的增長。看，我的意思是，自今年年初以來，我們一直在說，我們預計上半年會受到同樣問題的壓力，這允許我們將要克服的供應鏈建設挑戰。但是你聽到 Russell 自己說了，那就是我們一直在與系統對話。我們一直在與特許經營商交談。我們一直在與我們自己的內部團隊進行深入交流，因為我們的管道非常非常強大。

And frankly, the appetite for store openings is very strong. And that's why we feel that yes. First, we'll see a bit of a stabilization in the second half, and then we're going to see that inflection. And as Russell said, it's into 2024 because we have a pipeline that goes beyond '23 right now. And that's why we have so much confidence.

坦率地說，開店的胃口非常大。這就是為什麼我們認為是的。首先，我們將在下半年看到一些穩定，然後我們將看到這種拐點。正如 Russell 所說，現在已經進入 2024 年，因為我們現在擁有超越 23 年的管道。這就是為什麼我們有如此大的信心。

And I'm going to actually bring in another piece, which you didn't ask, but I'm going to say that this is a very critical element. I talked about the inflection in profits for the franchisees in the fourth quarter. If anything, that inflection is accelerating right now based on our first quarter results. And if you look carefully at the food basket guidance, we're not going towards the low end, all that flows through. And I think overall, the franchisees are in a very good place from a profit standpoint relative to how they started off Q1 of last year. So there's a number of tailwinds that actually will reinforce that confidence in the system is showing in our unit growth projections.

我實際上會引入另一件你沒有問過的東西，但我要說這是一個非常關鍵的元素。我談到了第四季度加盟商利潤的變化。如果有的話，根據我們第一季度的業績，這種拐點現在正在加速。如果您仔細查看食品籃指南，我們不會走向低端，所有這些都會流過。我認為總體而言，從利潤的角度來看，與去年第一季度的開端相比，特許經營商處於非常有利的位置。因此，有許多順風實際上會加強我們的單位增長預測中顯示的系統信心。

All right. Well, we'd like to thank everyone for joining us this morning, and we look forward to speaking to you in July to discuss our Q2 results. Until then, talk to you soon.

好的。好吧，我們要感謝大家今天早上加入我們，我們期待在 7 月與您交談，討論我們的第二季度業績。在那之前，盡快與您交談。

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。