達美樂 (DPZ) 2023 Q2 法說會逐字稿

Thank you for standing by, and welcome to Domino's Pizza's Second Quarter 2023 Earnings Conference Call. (Operator Instructions) As a reminder, today's program is being recorded.

感謝您的耐心等待，歡迎參加 Domino's Pizza 2023 年第二季度收益電話會議。 （操作員指示）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. Please go ahead, sir.

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

Good morning, everyone. Thank you for joining us today for our conversation regarding the results for the second quarter of 2023. Before we begin, I would like to announce that we will hold our Investor Day on December 7 in Ann Arbor, Michigan. Chief Executive Officer, Russell Weiner; and the entire Domino's leadership team, look forward to hosting you at our headquarters.

大家，早安。感謝您今天加入我們有關 2023 年第二季度業績的對話。在開始之前，我想宣布，我們將於 12 月 7 日在密歇根州安娜堡舉行投資者日。首席執行官拉塞爾·韋納；以及整個多米諾領導團隊，期待您光臨我們的總部。

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

今天的電話會議將由拉塞爾和首席財務官桑迪普·雷迪發表評論。由於這次電話會議主要面向我們的投資者聽眾，因此我要求所有媒體成員和其他人保持只聽模式。

I want to remind everyone that the forward-looking statements in this morning's earnings release and 10-Q also applies to our comments on the call today. Both of those documents are available on our website. Actual results or trends could differ materially from our forecast. For more information, please refer to the risk factors discussed in our filings with the SEC.

我想提醒大家，今天早上的收益報告和 10-Q 中的前瞻性陳述也適用於我們今天對電話會議的評論。這些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。欲了解更多信息，請參閱我們向 SEC 提交的文件中討論的風險因素。

In addition, please refer to the 8-K earnings release to find disclosures and reconciliations of non-GAAP financial measures that may be referenced on today's call. A request to our coverage analysts, we want to do our best this morning to accommodate as many of the questions as time permits. As such, we encourage you to ask only one-part question on this call. Today's call is being webcast and is also being recorded for replay via our website.

此外，請參閱 8-K 收益報告，了解今天電話會議中可能引用的非 GAAP 財務指標的披露和調節。向我們的報導分析師提出請求，我們希望今天早上盡最大努力在時間允許的情況下回答盡可能多的問題。因此，我們鼓勵您在本次電話會議中僅提出一部分問題。今天的電話會議正在進行網絡直播，並會通過我們的網站進行錄音並重播。

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

接下來，我想將電話轉給我們的首席執行官拉塞爾·韋納 (Russell Weiner)。

Well, thank you, Ryan, and good morning, everybody. I'm going to open today with some brief remarks regarding our current focus and the momentum we're creating here at Domino's Pizza, Sandeep will then provide a high-level overview of our quarterly financial performance, followed by ample time for your questions and discussions.

好吧，謝謝你，瑞安，大家早上好。今天，我將首先就我們當前的重點以及我們在達美樂比薩所創造的勢頭做一些簡短的評論，然後桑迪普將提供我們季度財務業績的高級概述，然後有充足的時間來回答您的問題和討論。

We are executing our plan to restore delivery growth here in the United States. Efforts to improve service and staffing and drive value and innovation will continue to make a difference in driving order counts in this important segment of our business. Our delivery service levels ended Q2 nearly 2 minutes better than Q2 of last year. And with the agreement we recently announced with Uber Eats, Domino's will benefit from a large and growing cohort of delivery customers.

我們正在執行恢復美國交付增長的計劃。改善服務和人員配置以及推動價值和創新的努力將繼續在推動我們這一重要業務領域的訂單數量方面發揮作用。第二季度末，我們的送貨服務水平比去年第二季度提高了近 2 分鐘。根據我們最近與 Uber Eats 宣布的協議，達美樂將受益於數量龐大且不斷增長的外賣客戶群體。

We believe these transactions will be incremental and provide a meaningful increase in a number of customers who leverage the Domino's delivery experience. Domino's delivered 1 out of every 3 pizzas in the U.S. prior to our decision to compete in the aggregator marketplace. According to Circana, aggregator sales for delivery among U.S. quick-service pizza restaurants has grown to almost $5 billion for the 12 months ending May of 2023. We plan to get our fair share of this market over time.

我們相信這些交易將是增量的，並會顯著增加利用 Domino 交付體驗的客戶數量。在我們決定參與聚合市場競爭之前，美國每 3 個披薩中就有 1 個是達美樂配送的。據 Circana 稱，截至 2023 年 5 月的 12 個月裡，美國快餐披薩店的外賣聚合銷售額已增長至近 50 億美元。我們計劃隨著時間的推移在這個市場上獲得公平的份額。

The opportunity represents over $1 billion in incremental sales for our U.S. business. And our research indicates that most of the transactions we gain from participating in this segment will be incremental customers and sales. This has also been supported by what we've learned from our Domino's Pizza international master franchisees who have already developed a $1 billion business, taking orders from aggregators.

這一機會為我們美國業務帶來了超過 10 億美元的增量銷售額。我們的研究表明，我們通過參與這一細分市場獲得的大部分交易將是增量客戶和銷售。我們從達美樂比薩國際主要特許經營商那裡了解到的情況也支持了這一點，這些特許經營商已經從聚合商那裡接受了訂單，發展了價值 10 億美元的業務。

We have here, at Domino's, as a common-sense process for making business decisions. We ask ourselves this important question: is it the right thing to do for the long-term growth of our brand and the business? Our extensive evaluation indicates that by participating in the aggregator marketplace will drive net incremental orders over the long term by tapping into a new group of consumers. In addition, our contractual agreement has secured the protections that we require to maintain control of our customer data and assess the incrementality of the platform.

在達美樂，我們有一個用於製定業務決策的常識性流程。我們問自己這個重要的問題：對於我們的品牌和業務的長期增長來說，這樣做是正確的嗎？我們的廣泛評估表明，通過參與聚合市場將通過開發新的消費者群體來推動長期淨增量訂單。此外，我們的合同協議還確保了我們維持對客戶數據的控制和評估平台增量所需的保護。

Now most importantly, orders placed through the Uber Eats platform will be delivered by Domino's delivery experts. So we're excited to begin accepting orders through the Uber Eats channel later this year and look forward to reporting the results of this important growth initiative. Successfully executing an aggressive plan to get our fair share of the scaled pizza distribution channel isn't new to us. We approached the carryout pizza segment in a similar manner back in 2011. Carryout pizza was a smaller percentage of our business before we took thoughtful, aggressive action. Today, our carryout business is almost $2.5 billion larger than it was in 2011, making Domino's the #1 carryout pizza brand in the U.S.

現在最重要的是，通過 Uber Eats 優食平台下的訂單將由達美樂的配送專家配送。因此，我們很高興今年晚些時候開始通過 Uber Eats 優食渠道接受訂單，並期待報告這一重要增長計劃的結果。成功執行積極的計劃以在規模化的披薩分銷渠道中獲得公平的份額對我們來說並不新鮮。早在 2011 年，我們就以類似的方式涉足外賣披薩業務。在我們採取深思熟慮、積極進取的行動之前，外賣披薩在我們業務中所佔的比例較小。如今，我們的外賣業務比 2011 年增加了近 25 億美元，使達美樂成為美國排名第一的外賣披薩品牌。

Despite this impressive growth, our current aspiration is to drive our carryout market share even further to at least the same market share we enjoy in pizza delivery today. We need to earn an additional 10 points of market share to reach our fair share in the carryout segment, and this 10 points represents about $2 billion in additional retail sales. Outside of the U.S., Domino's and Uber Eats operate in 27 of the same markets. Our new global deal has the potential to bring Uber Eats customers to 70% of Domino's stores around the world, with improved economics for our international franchisees.

儘管增長令人印象深刻，但我們目前的願望是進一步推動我們的外賣市場份額，至少達到我們今天在披薩外賣領域所享有的相同市場份額。我們需要額外獲得 10 個百分點的市場份額，才能達到我們在外賣領域的公平份額，這 10 個百分點相當於約 20 億美元的額外零售額。在美國境外，達美樂 (Domino's) 和 Uber Eats 優食在 27 個相同市場開展業務。我們新的全球交易有可能將 Uber Eats 優食客戶帶到全球 70% 的 Domino's 門店，並為我們的國際特許經營商帶來更好的經濟效益。

Next, I want to talk about another important initiative for us, the new and improved loyalty program that we'll be launching in the U.S. in September of this year. The program will reduce the requirements to earn and redeem loyalty points. This will positively impact our carryout customers as well as help us retain our current and new delivery customers.

接下來，我想談談我們的另一項重要舉措，即我們將於今年 9 月在美國推出的全新改進的忠誠度計劃。該計劃將降低賺取和兌換忠誠度積分的要求。這將對我們的外賣客戶產生積極影響，並幫助我們留住現有和新的送貨客戶。

Finally, we have 2 exciting innovations that are coming to the U.S. market in the third quarter. This keeps with our stated intention of increasing the pace of innovation. We launched Domino's Pinpoint Delivery in late June. Delivery innovation, as you know, is the core of who we are, so we're thrilled to give customers this new delivery option by allowing them to receive their order nearly anywhere just with the drop of a pin on our app. And in late August, we're going to launch pepperoni stuffed cheesy bread. Peperoni stuffed cheesy bread follows the successful launch of Domino's loaded tots, and it is delicious. It brings news to our stuffed cheesy bread platform, which was launched over a decade ago. The stuffed cheesy bread line is a significant part of our menu mix and provides a healthy margin for franchisees.

最後，我們有兩項令人興奮的創新將於第三季度進入美國市場。這符合我們加快創新步伐的既定意圖。我們於 6 月底推出了 Domino's Pinpoint Delivery。如您所知，交付創新是我們的核心，因此我們很高興為客戶提供這種新的交付選項，讓他們只需在我們的應用程序上輕輕一按，就可以在幾乎任何地方收到訂單。八月下旬，我們將推出意大利辣香腸夾餡奶酪麵包。繼Domino's 的loaded tots 成功推出後，意大利辣香腸夾餡奶酪麵包也非常美味。它給我們十多年前推出的夾餡奶酪麵包平台帶來了消息。夾心奶酪麵包系列是我們菜單組合的重要組成部分，為特許經營商提供了可觀的利潤。

My message to you today is more, more sales in both carryout and delivery, more ways to reward customers with our new loyalty program, and more innovation both technology and product related. We'll drive orders with innovation and value. We'll tap into those incremental marketplaces I talked about, and that will bring customers back with best-in-class service and a new and improved loyalty program. This is our go-forward plan at Domino's Pizza. Our momentum will build starting in Q4 and will significantly impact the performance of our business in 2024 and beyond.

今天我要向您傳達的信息是，更多、更多的外賣和送貨銷售、通過我們新的忠誠度計劃獎勵客戶的更多方式，以及更多與技術和產品相關的創新。我們將以創新和價值推動訂單。我們將利用我談到的那些增量市場，這將以一流的服務和新的、改進的忠誠度計劃吸引客戶回來。這是達美樂披薩的未來計劃。我們的勢頭將從第四季度開始增強，並將對 2024 年及以後的業務業績產生重大影響。

As important, this momentum should drive continued EBITDA growth for franchisees. Our Mix & Match offer at $6.99 remains a strong value for customers and has helped our franchisees accelerate store level profitability through Q2. That profitability is higher than it was this time last year despite inflationary headwinds. And I expect it to continue to grow as a result of the sales building initiatives I just outlined.

同樣重要的是，這種勢頭應該會推動特許經營商的 EBITDA 持續增長。我們 6.99 美元的 Mix & Match 報價對客戶來說仍然具有強大的價值，並幫助我們的特許經營商在第二季度加快了商店層面的盈利能力。儘管存在通脹阻力，但盈利能力仍高於去年同期。我預計，由於我剛才概述的銷售建設計劃，它會繼續增長。

So there are many exciting things underway here at Domino's Pizza. And now for an overview of our Q2 financial results, I'll turn things over to our CFO, Sandeep Reddy.

達美樂披薩 (Domino's Pizza) 正在進行許多激動人心的活動。現在，為了概述我們第二季度的財務業績，我將把事情交給我們的首席財務官桑迪普·雷迪 (Sandeep Reddy)。

Thank you, Russell, and good morning to everyone on the call. I'll begin with updates on our actions to drive the long-term profitability of Domino's and our franchisees.

謝謝你，拉塞爾，祝所有參加電話會議的人早上好。我將首先介紹我們為推動達美樂和我們的特許經營商的長期盈利而採取的行動的最新情況。

First, pricing. During the second quarter, the average price increase across our U.S. system was 3.9%. We expect average pricing to be similar in the third quarter before moderating in the fourth quarter to approximately 2% when we lap the capping of Mix & Match pricing change from October 2022.

首先，定價。第二季度，我們美國系統的平均價格漲幅為 3.9%。我們預計，當我們從 2022 年 10 月開始實行混合匹配定價變化上限時，第三季度的平均定價將與第四季度的平均定價類似，然後將放緩至 2% 左右。

Second, cost efficiencies as we continue to drive margin recovery. We drove improvement in our operating income margin, which grew by 240 basis points versus Q2 2022. This was despite foreign exchange rates having a 15 basis points negative year-over-year impact on operating income margin during the quarter. We now expect full year operating income margins in 2023 to reach or exceed 2019 levels. Third, positive same-store sales growth, excluding foreign currency impact in our U.S. and international businesses for the third consecutive quarter, drove operating income improvement.

其次，我們繼續推動利潤率恢復，提高成本效率。我們推動了營業利潤率的改善，與 2022 年第二季度相比增長了 240 個基點。儘管匯率對本季度營業利潤率產生了 15 個基點的同比負面影響。我們現在預計 2023 年全年營業利潤率將達到或超過 2019 年的水平。第三，我們的美國和國際業務連續第三個季度的同店銷售積極增長（排除外匯影響）推動了營業收入的改善。

Now for our financial results for the quarter. Excluding the negative impact of foreign currency, global retail sales grew 5.8% due to positive sales comps and global net store growth. U.S. retail sales increased 1.7%. International retail sales, excluding the negative impact of currency, grew 10.1%. During Q2, same-store sales for the U.S. business increased 0.1%. the increase in U.S. same-store sales was driven by a higher average ticket, including the pricing actions I mentioned earlier, partially offset by order count declines.

現在是我們本季度的財務業績。排除外彙的負面影響，由於積極的銷售業績和全球淨商店增長，全球零售額增長了 5.8%。美國零售額增長 1.7%。剔除匯率負面影響的國際零售額增長10.1%。第二季度，美國業務的同店銷售額增長了 0.1%。美國同店銷售額的增長是由平均票價上漲推動的，包括我之前提到的定價行動，但部分被訂單數下降所抵消。

Our carryout business remained strong in Q2, with same-store sales plus 5.6%, rolling over a plus 14.6% performance in 2022. The U.S. delivery business continues to be challenged. Q2 delivery same-store sales declined 3.5%, rolling over of minus 11.7% in Q2 2022. We expect Q3 same-store sales trends in our delivery business to be challenged similar to Q2. However, we expect a slight improvement in trend in Q4 as our updated loyalty program begins to roll out, followed by a considerable improvement in 2024 as a result of transaction growth from our Uber Eats partnership and other initiatives Russell has shared with you.

我們的外賣業務在第二季度保持強勁，同店銷售額增長 5.6%，2022 年業績增長 14.6%。美國配送業務繼續面臨挑戰。第二季度配送同店銷售下降 3.5%，與 2022 年第二季度的負 11.7% 相比。我們預計第三季度配送業務同店銷售趨勢將面臨與第二季度類似的挑戰。然而，隨著我們更新後的忠誠度計劃開始推出，我們預計第四季度的趨勢會略有改善，隨後由於我們的 Uber Eats 優食合作夥伴關係和 Russell 與您分享的其他舉措帶來的交易增長，2024 年會有相當大的改善。

Shifting to unit count. We added 27 net new stores in the U.S., with 30 store openings and 3 closures, bringing our U.S. system store count to 6,735 stores at the end of the quarter, and our 4-quarter net store growth rate in the U.S. to 1.8%. Domino's unit economics remained strong with continued EBITDA growth for our U.S. franchisees. We are on track to deliver average U.S. franchise store profitability of at least $150,000 in 2023.

轉向單位計數。我們在美國淨新增 27 家門店，其中新開 30 家門店，關閉 3 家門店，使我們的美國系統門店數量在本季度末達到 6,735 家，第四季度美國門店淨增長率達到 1.8%。多米諾的單位經濟效益依然強勁，美國特許經營商的 EBITDA 持續增長。我們有望在 2023 年實現美國特許經營店的平均盈利能力至少 150,000 美元。

Moving to international. Same-store sales in our international business, excluding currency impact, increased 3.6%. Our international store count increased by 170 net new stores comprised of 223 store openings and 53 closures. Closures were driven by the closure of the Denmark market, closures in Brazil as our master franchisee there continues to optimize its store base, and some closures in Russia, where the master franchisee has indicated an intention to exit the market.

轉向國際。排除匯率影響，我們國際業務的同店銷售額增長了 3.6%。我們的國際門店數量淨增 170 家，其中新開業 223 家，關閉 53 家。關閉的原因包括丹麥市場的關閉、巴西的關閉（因為我們的主特許經營商繼續優化其商店基礎）以及俄羅斯的一些關閉（主特許經營商已表示有意退出市場）。

Domino's Pizza Enterprises, one of our publicly traded master franchisees, recently disclosed their intention to close an additional 65 to 70 underperforming stores. This will likely occur during our third quarter. These reductions in underperforming stores will pull down our net store growth rate in the upcoming quarter and for the full year. However, our new store builds in international continue to be robust, and we anticipate returning to our full year run rate of net store growth in 2024 once these store closures are behind us.

Domino's Pizza Enterprises 是我們上市的主要特許經營商之一，最近透露他們打算再關閉 65 至 70 家表現不佳的商店。這可能會在我們的第三季度發生。業績不佳商店的減少將拉低我們下一季度和全年的淨商店增長率。然而，我們在國際上的新店建設繼續強勁，一旦這些商店關閉的情況過去，我們預計將在 2024 年恢復到全年淨店增長率。

Our additional 170 net stores brought the current trailing 4-quarter net store growth rate in international to 6.3%. When combined with our U.S. store growth, the trailing 4 quarter global net store growth rate was 4.7%. We now expect our 2023 global retail sales growth to track between the low end and midpoint of our 2- to 3-year outlook of 4% to 8%, driven by stronger international same-store sales. And we continue to expect our 2023 global unit growth to track to the low end of our 5% to 7% to the 3-year outlook. Despite strong gross openings, we will be pressured by international store closures this year. Since these closures will be underperforming stores in certain challenged markets, this is not anticipated to materially impact the financial benefit of our new international store openings.

我們新增 170 家淨店，使國際市場當前 4 季度淨店增長率達到 6.3%。與我們美國門店的增長相結合，過去 4 季度的全球淨門店增長率為 4.7%。現在，我們預計，在國際同店銷售走強的推動下，2023 年全球零售額增長將介於 2 至 3 年前景的低端和中點之間，即 4% 至 8%。我們繼續預計 2023 年全球銷量增長將保持在 3 年前景 5% 至 7% 的低端。儘管新店開業總額強勁，但今年我們仍將面臨國際商店關閉的壓力。由於這些關閉的商店在某些面臨挑戰的市場中表現不佳，因此預計這不會對我們新開的國際商店的財務效益產生重大影響。

Finally, the capital structure update. A debt leverage ratio of 4 to 6x is the appropriate leverage for our company and moves within the range, depending on the level of interest rates. We have operated with this range of leverage for almost 20 years. In today's interest rate environment, you should expect us to use our free cash flow to make investments to grow the business, create strong shareholder returns through our dividend and share repurchase strategies, and retire debt when it's in the best interest of our shareholders for us to do so. As always, we will be opportunistic if credit markets warrant additional borrowing or refinancing.

最後，資本結構更新。 4 至 6 倍的債務槓桿率是我們公司的適當槓桿率，並根據利率水平在該範圍內變動。我們已經使用這個槓桿範圍運營了近 20 年。在當今的利率環境下，您應該期望我們利用自由現金流進行投資以發展業務，通過股息和股票回購策略創造強勁的股東回報，並在符合股東最佳利益時償還債務。一如既往，如果信貸市場需要額外借款或再融資，我們將採取機會主義態度。

Thank you. We will now open the call to questions.

謝謝。我們現在開始提問。

(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奧本海默的布萊恩·比特納（Brian Bittner）。

It seems like you really do have 2 new tangible catalysts to stimulate incremental demand, with one being the Uber Eats partnership; and two, being the relaunch of your loyalty program in September. You've talked about the size of the prize with the Uber Eats partnership being $1 billion, but how quickly could it be impactful to the business once it's launched? And as it relates to the relaunch of loyalty, have you attempted to size up how powerful of an opportunity this could be, or maybe you can rank order it in importance relative to the Uber Eats partnership for us?

看來你確實有兩個新的有形催化劑來刺激增量需求，其中之一就是 Uber Eats 優食合作夥伴關係；第二，九月份重新啟動您的忠誠度計劃。您曾談到與 Uber Eats 優食合作的獎金規模為 10 億美元，但一旦啟動，它能多快對業務產生影響？由於它與忠誠度的重新啟動有關，您是否嘗試過評估這可能是一個多麼強大的機會，或者您可以對它相對於我們與 Uber Eats 優食合作夥伴關係的重要性進行排序？

Brian, actually, what I'd say is, I think we've got 3 catalysts. You talked about the Uber Eats, you talked about loyalty, we also talked a lot about carryout on the call. And we've gained $2.5 billion since we leaned in to carryout 2011. We've got another $2 billion just to get our fair share. Our feeling here at Domino's Pizza is if there is a category that sells pizza that we compete in vigorously, we should get our fair share, which is our share of delivery, 1 out of every 3, and so we've got a lot more to go on carryout as well.

Brian，實際上，我想說的是，我認為我們有 3 個催化劑。您談到了 Uber Eats 優食，談到了忠誠度，我們還談到了很多關於電話結轉的問題。自 2011 年結轉以來，我們已經獲得了 25 億美元的收益。我們還獲得了另外 20 億美元的收益來獲得我們的公平份額。我們在達美樂披薩的感覺是，如果有一個銷售披薩的類別是我們激烈競爭的，我們應該得到我們的公平份額，也就是我們的送貨份額，三分之一，所以我們還有更多的東西可以進行外賣。

There are a lot of questions within there. So let me unpack a couple and then if I missed anything, you come back. First is the $1 billion number that we're talking about here in the U.S., $1 billion incremental. As you know, we're first starting with Uber. We're really excited to launch with them as exclusive partners for the first 12 months. After that, we've got optionality in the contract that we can choose to take however we'd like.

裡面有很多問題。所以讓我打開一些，如果我漏掉了什麼，你就回來。首先是我們在美國談論的 10 億美元的數字，10 億美元的增量。如您所知，我們首先從 Uber 開始。我們非常高興能在前 12 個月內與他們成為獨家合作夥伴。之後，我們在合同中就有了選擇權，我們可以選擇我們想要的方式。

The $1 billion is a signal of our fair share of the entire $5 billion U.S. aggregator pizza delivery business. And so obviously, that's something that would happen when we get on to the broader competitors in the platform, which we intend to do at some point.

10 億美元標誌著我們在整個 50 億美元的美國披薩外賣聚合業務中的公平份額。顯然，當我們在平台上接觸到更廣泛的競爭對手時，就會發生這種情況，我們打算在某個時候這樣做。

On the loyalty program -- by the way, you really listened to Brian's one-part question. I'm totally joking with you. On the loyalty -- from a loyalty standpoint, the way I like to think of it is how do I feel as a customer when most brands redo their loyalty programs. Usually, as a customer, I'm on the short end. A new loyalty program for a company usually means they're trying to drive a little bit more profitability, which means things are taken away from me as a customer. We're doing the exact opposite here. And so the changes we're making in the loyalty program are there to scope the changes and the opportunity in our business.

關於忠誠度計劃——順便說一句，你真的聽了布萊恩的單部分問題。我完全是在跟你開玩笑。關於忠誠度——從忠誠度的角度來看，我喜歡思考的方式是，當大多數品牌重新制定忠誠度計劃時，我作為客戶的感受如何。通常，作為客戶，我會處於虧空狀態。公司的新忠誠度計劃通常意味著他們試圖提高一點盈利能力，這意味著我作為客戶的東西被剝奪了。我們在這裡做的恰恰相反。因此，我們在忠誠度計劃中所做的改變是為了確定我們業務中的變化和機會。

So we talked about carryout being one of the catalysts. One of the things that's going to be true in the new loyalty program is we're going to recognize that a carryout customers ticket lower, and so the hurdle for getting points will be lower. Secondarily, we want to engage people at all levels. We expect to have a big influx of new customers coming in today, and our current program, you need 60 points. There'll be points at various levels from a redemption standpoint. So we think this is a truly new and improved program for our customers and a profitable one for our franchisees.

所以我們談到結轉是催化劑之一。新的忠誠度計劃中的一件事是，我們將認識到外賣顧客的票價較低，因此獲得積分的門檻也會降低。其次，我們希望讓各個層面的人參與進來。我們預計今天會有大​​量新客戶湧入，而我們目前的計劃，您需要 60 分。從兌換的角度來看，會有不同級別的積分。因此，我們認為這對我們的客戶來說是一項真正全新且改進的計劃，對我們的特許經營商來說也是一項有利可圖的計劃。

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。

Great. Russell, I just wanted to come back to the conversation around the loyalty program and the changes that are happening in September. Can you elaborate a little bit, are we moving from a transaction-based to a spend-based model? Or how is this going to be configured, I guess, come September? Just trying to understand if there'll be -- if you do change from transaction-based to spend-based, do you anticipate any sort of additional pressure on order counts? Or just trying to understand the structure here on the new loyalty program.

偉大的。 Russell，我只是想回到關於忠誠度計劃和 9 月份發生的變化的對話。您能否詳細說明一下，我們是否正在從基於交易的模式轉向基於支出的模式？或者我想，九月到來時將如何配置？只是想了解一下，如果您確實從基於交易的方式轉變為基於支出的方式，您是否預計訂單數量會受到任何額外的壓力？或者只是想了解新的忠誠度計劃的結構。

Yes, sure. Yes, on the loyalty side, we are big fans in general. We look at -- as I said in the opening remarks, we look at lifetime value. We look at long-term business decisions. And it's clear that, in the long term, order count drives franchisee profitability. And so this will continue to be a transactions-based program. And so, yes, like I said, the big change on the transaction based is exactly we will allow people to transact at a lower level and we think this is really important in bringing in incremental frequency into the program.

是的，當然。是的，就忠誠度而言，我們總體上是忠實粉絲。正如我在開場白中所說，我們著眼於終生價值。我們著眼於長期業務決策。很明顯，從長遠來看，訂單數量會推動加盟商的盈利能力。因此，這將繼續是一個基於交易的計劃。所以，是的，就像我說的，基於交易的巨大變化正是我們將允許人們在較低級別進行交易，我們認為這對於將增量頻率引入該計劃非常重要。

Today, you need to get 60 points. In the future, you'll be able to still get a pizza at 60 points, but at lower value with different products, you'll be able to participate, and we think that will be a nice driver of order counts. Ticket in general is something that, through our multiple platforms with Mix & Match, customers end up usually doing themselves. And obviously, we've got a robust A/B testing system, and so there's a lot of upselling -- appropriate upselling on the website and on the apps.

今天，你需要得到60分。將來，您仍然可以以 60 積分購買披薩，但可以以較低的價格購買不同的產品，您將能夠參與其中，我們認為這將是訂單數量的一個很好的推動因素。一般來說，通過我們的 Mix & Match 多個平台，客戶最終通常會自己做票。顯然，我們有一個強大的 A/B 測試系統，因此有很多追加銷售——在網站和應用程序上進行適當的追加銷售。

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。

FYI, I guess I have another 2-part, 1-part question. The first is, I actually trying to understand the sort of carryout opportunity. I guess I always thought the distinction between Domino's and independence was perhaps a little bit more evident in delivery, just because of the speed of service and things like the tracker. So from a carryout perspective, I guess, is it harder to make inroads because perhaps the advantages are less pronounced? Or how are you thinking about that?

僅供參考，我想我還有另一個由兩部分組成的問題。首先，我實際上試圖了解執行機會的類型。我想我一直認為多米諾和獨立之間的區別在交付中可能更明顯一些，只是因為服務速度和跟踪器之類的東西。因此，從結轉的角度來看，我想，是不是因為優勢不太明顯，所以更難取得進展？或者你是怎麼想的？

And then a separate question is just on pricing and the gap versus the industry. And it sort of seems to me that it keeps widening, the industry ahead of you. Is that going to translate into better traffic trends? Or is there an opportunity to take price?

然後一個單獨的問題是關於定價以及與行業的差距。在我看來，它似乎在不斷擴大，這個行業就在你前面。這會轉化為更好的流量趨勢嗎？或者說有機會砍價嗎？

Yes, sure. So I'll give you a 2-part answer. I'm sorry, Sandeep, made me do this 8:30 call this morning. Usually, we do 10:30, so I've had a couple of cups of coffee. So my apologies. On carryout, the interesting thing that drives the carryout business, and it kind of makes sense when you think about it, is just proximity. And so the great piece of our fortressing strategy is that we're opening up stores closer to customers. So just like our delivery drivers make more efficient deliveries when they're closer to customers, the same thing is if we put a Domino's Pizza, you mentioned, for example, competitors being local pizza companies. If we put a Domino's Pizza right in the middle, that's a great thing that those are really, really incremental transactions from us. In fact, the incrementality of carryout when we split the store is even more incremental than delivery from a customer standpoint.

是的，當然。所以我會給你一個分為兩部分的答案。抱歉，桑迪普，今天早上 8:30 讓我打了這個電話。通常，我們在 10:30 開始，所以我喝了幾杯咖啡。所以我很抱歉。在外賣方面，推動外賣業務的一個有趣的因素就是鄰近性，當你仔細想想，這也是有道理的。因此，我們堡壘戰略的最重要部分是我們開設離顧客更近的商店。因此，就像我們的送貨司機在距離客戶更近時可以更有效地送貨一樣，如果我們放置達美樂披薩，您提到的競爭對手是當地的披薩公司，情況也是如此。如果我們把達美樂披薩放在中間，那就太好了，因為這些都是我們真正的增量交易。事實上，從客戶的角度來看，當我們拆分商店時，結轉的增量甚至比送貨的增量還要大。

So the second piece is carryout customers, they really want value. And one of the reasons they're doing carryout is they want to avoid the tip; they want to avoid the delivery fee and nobody provides better value than Domino's Pizza. Part of the scale that we're able to get through our purchasing is then passed along to customers, and I think we're very competitive from a carryout standpoint.

所以第二塊是外賣客戶，他們真正想要價值。他們外帶的原因之一是他們想避免小費；他們想避免送貨費，沒有人比達美樂比薩提供更好的價值。我們能夠通過採購獲得的部分規模隨後會傳遞給客戶，我認為從結轉的角度來看，我們非常有競爭力。

And then with pricing, to me, the pricing at Domino's has always been volume-based. We certainly want to have on an order-by-order basis. We want to make sure our franchisees are making the profit they need to, and Sandeep talked to the increase in franchisee profitability. But then once the profit per order is established, we have what we call a high-volume mentality. And so we price for proper profitability on a per order basis that will help drive consumer to buy Domino's more frequently. And so that's kind of how we look at it.

然後就定價而言，對我來說，達美樂的定價一直是基於數量的。我們當然希望按訂單進行。我們希望確保我們的特許經營商能夠獲得他們需要的利潤，桑迪普談到了特許經營商盈利能力的提高。但一旦確定了每筆訂單的利潤，我們就會有所謂的大批量心態。因此，我們根據每個訂單的適當盈利能力進行定價，這將有助於推動消費者更頻繁地購買達美樂。這就是我們的看法。

I don't expect to be at the high end of pricing. What I expect to do -- and I think if you look at other restaurants in our categories, I expect our franchisees to be at the high end of profitability, while we're offering best-in-class value to customers.

我不希望定價處於高端。我期望做什麼 - 我認為如果你看看我們類別中的其他餐廳，我希望我們的特許經營商能夠達到盈利能力的高端，同時我們為客戶提供一流的價值。

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集團的丹尼斯·蓋革。

And thanks for all the details on the sales drivers, definitely helpful. The third-party partnerships, the carryout and loyalty all seem quite impactful. But Russell, wondering if you could just speak to some of the other maybe slightly less-impactful sales drivers, that e-commerce upgrade, the Summer of Service, some of the tech and the menu innovation that you spoke to, and seemingly will be a bigger part of the business going forward. Just curious if you could sort of help frame up how impactful you think about some of those other drivers are.

感謝銷售人員提供的所有詳細信息，絕對有幫助。第三方合作夥伴關係、結轉和忠誠度似乎都相當有影響力。但是拉塞爾想知道您是否可以談談其他一些可能影響力稍小的銷售驅動因素，例如電子商務升級、夏季服務、您談到的一些技術和菜單創新，這些似乎將成為未來業務的更大組成部分。只是好奇您是否可以幫助了解您對其他一些驅動因素的影響有多大。

Yes. No, sure. I appreciate you, because a lot of times, the headlines are what grabs folks. But actually, it's the subtext that actually drives the headlines, if you think about it. And so maybe not talking about those 3 drivers, but talking about the things behind it, some of which we've mentioned already. But really, what we've done is, in addition to the significant carryout growth that you've seen this year, is we've improved the underlying fundamentals of the business. And those fundamentals are going to help us really get the most out of those other drivers that you've talked about. So improved profitability for our franchisees and for us, frankly, Sandeep talked about our operating income margins. Summer of Service is leading to improved service.

是的。不確定。我很欣賞你，因為很多時候，頭條新聞才是吸引人們的東西。但實際上，如果你仔細想想，真正推動頭條新聞的是潛台詞。所以也許不是談論這三個驅動因素，而是談論其背後的事情，其中​​一些我們已經提到過。但實際上，除了今年您看到的顯著結轉增長之外，我們所做的是我們改善了業務的基本面。這些基本原理將幫助我們真正充分利用您談到的其他驅動因素。因此，我們的特許經營商和我們的盈利能力得到了提高，坦率地說，桑迪普談到了我們的營業利潤率。夏季服務正在改善服務。

So Dennis, the service this quarter versus quarter last year, we're 1.9 minutes -- almost 2 minutes better than just a year ago and actually better than even last quarter. And so the discussions, the best practices, just the fact that we're leaning into service with our franchisees is making it immediate different. We -- so we've got this morning bunch of franchisees here for Summer of Service. So I can tell you firsthand how excited people are to be here. We've already had the equivalent of essentially 50% our stores represented through this building already in Summer of Service. So again, improved profitability, improved service and then, obviously, the new loyalty program that we discussed.

丹尼斯，本季度的服務與去年季度相比，我們縮短了 1.9 分鐘——比一年前快了近 2 分鐘，實際上甚至比上個季度還要好。因此，討論、最佳實踐，以及我們向特許經營商提供服務的事實，都讓情況立即變得不同。我們——所以今天早上我們有一群加盟商在這裡參加夏季服務。所以我可以直接告訴你人們來到這裡是多麼興奮。在夏季服務期間，我們已經有相當於 50% 的商店通過這座大樓。再次，提高盈利能力，改善服務，然後，顯然，我們討論了新的忠誠度計劃。

From an innovation standpoint, what I would tell you is our approach to innovation is purposeful innovation. And when I say purposeful innovation, it's -- we don't sit and say, "All right, we need this many new products, we need this many technologies." It's what's the global purpose that we're trying to achieve for this brand over time, right? And so we look at, obviously, product being important, and we've got 2 product launches this year, which is significant for us, at least that we've mentioned so far.

從創新的角度來看，我要告訴你的是，我們的創新方法是有目的的創新。當我說有目的的創新時，我們不會坐下來說：“好吧，我們需要這麼多新產品，我們需要這麼多技術。”這就是我們隨著時間的推移努力為這個品牌實現的全球目標，對吧？因此，顯然，我們認為產品很重要，今年我們推出了 2 個產品，這對我們來說意義重大，至少到目前為止我們已經提到過。

But we also -- we believe innovation is more than just new products. And in fact, if all you're doing these new products, in a way you're kind of degrading your base product and you're hurting your service. And so what we'd like to do is also lean into other things. And so Pinpoint Delivery is a great example that we just launched right now. It's a technology innovation. We call those types of innovation tech-equity drivers, it drives our technology equity, but what it does too is it shows our consumers from an innovation standpoint, how incredibly obsessed we are with delivery. And whenever we do that, whether it's in this case with Pinpoint, we built our own vehicle. If you remember years ago with the DXP, we have the electric vehicle launch earlier this year. When we show our customers that we are obsessed with the delivery process or even the ordering process, there are 20 different ways to order on those pizza, they realize and recognize that means we're obsessed with every piece. And what that does is it drives long-term brand love.

但我們也相信創新不僅僅是新產品。事實上，如果你只做這些新產品，在某種程度上你會降低你的基礎產品的質量，並且會損害你的服務。因此，我們還想做其他事情。 Pinpoint Delivery 是我們剛剛推出的一個很好的例子。這是一項技術創新。我們將這些類型的創新稱為技術股權驅動因素，它推動了我們的技術股權，但它的作用還在於，它從創新的角度向我們的消費者展示了我們對交付的痴迷程度。每當我們這樣做時，無論是在 Pinpoint 的情況下，我們都會製造自己的車輛。如果您還記得多年前的 DXP，我們今年早些時候就推出了電動汽車。當我們向客戶展示我們對交付過程甚至訂購過程的痴迷時，這些披薩有 20 種不同的訂購方式，他們意識到並認識到這意味著我們對每一件披薩都著迷。這樣做的作用是推動長期的品牌喜愛。

And that's why we are and we have to be delivering these aggregator orders, right? We are obsessed with delivery. We do have Pinpoint Delivery. We do have fleets of vehicles out there. And we do it because we think there's a competitive advantage to owning the entire customer experience. And so that is why we're really leaning in and making sure we were the delivery -- that us as the delivery experts, we're delivering the pizzas that we're getting through this platform were really important. So you had a one-part question. I gave you a 4-part answer to your one-part question. But as you can tell, we're really excited about delivery here at Domino's Pizza.

這就是為什麼我們必須交付這些聚合訂單，對吧？我們痴迷於交付。我們確實有精確交付。我們確實有車隊。我們這樣做是因為我們認為擁有完整的客戶體驗具有競爭優勢。這就是為什麼我們真正投入並確保我們是送貨專家——我們作為送貨專家，我們通過這個平台提供的披薩非常重要。所以你有一個單部分的問題。對於您的單部分問題，我給了您一個由 4 部分組成的答案。但正如您所知，我們對達美樂披薩的送貨服務感到非常興奮。

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格雷戈里·弗蘭克福特（Gregory Francfort）。

Russell, my question is just around the data in terms of the new agreement with Uber and what you're going to get. I think you put in the release a comment about getting sufficient data. What did you go into the negotiations wanting to have that relationship look like? And kind of what did you end up -- what's going to be the go-forward arrangement?

Russell，我的問題只是圍繞與 Uber 簽訂的新協議的數據以及您將獲得什麼。我認為您在新聞稿中添加了有關獲取足夠數據的評論。您在談判中希望建立什麼樣的關係？你最終的結果是什麼——接下來的安排是什麼？

Yes. Sure, Greg. On the data standpoint, it was really important for us to get the data that we need to have in order to analyze the incrementality of the platform. And so we are getting that. We appreciate that in the partnership. The other thing and it probably hits you over the head, of course, but we are delivering the pizzas. And if we deliver the pizza, that means we need every piece of information in order to deliver that pizza, which is the customer's name and address and contact information. And so maybe those 2 things, the ability to analyze the incrementality and the fact that we're delivering the product, hopefully gives you a sense of what kind of data we'll be getting here.

是的。當然，格雷格。從數據的角度來看，獲取分析平台增量所需的數據對我們來說非常重要。所以我們得到了這一點。我們對合作夥伴關係表示讚賞。當然，另一件事可能會讓你大吃一驚，但我們正在送披薩。如果我們交付披薩，這意味著我們需要每一條信息才能交付披薩，即客戶的姓名、地址以及聯繫信息。因此，也許這兩件事，分析增量的能力和我們正在交付產品的事實，希望能讓您了解我們將在這裡獲得什麼樣的數據。

And our next question comes from the line of Andrew Strelzik from BMO.

我們的下一個問題來自 BMO 的 Andrew Strelzik。

I guess this is a question really about value, but also about food costs. And I'm curious if you expect to continue realizing food deflation going forward? And I guess where I'm coming from is if the broader environment for delivery is pressured by price sensitivity or something like that, do you see an opportunity to maybe leverage deflation to alleviate some of those consumer pressures? Or how do you think about that?

我想這實際上是一個關於價值的問題，但也與食品成本有關。我很好奇您是否預計未來會繼續出現食品通貨緊縮？我想我的觀點是，如果更廣泛的交付環境受到價格敏感性或類似因素的壓力，您是否認為有機會利用通貨緊縮來減輕部分消費者壓力？或者你對此有何看法？

Andrew, it's Sandeep. So I think really important points that you bring up. I think from a value and food curve standpoint, as you know, we've actually had pretty significant volatility on the food basket over the last, call it, 7 quarters. So I think when you look at '23 specifically, the food basket is basically up on a year-to-date basis about 1%. Last quarter was a deflationary quarter with the minus 2.4%. And obviously, when you look at the guidance that we provided of 3%to 5%, if the current level of food basket deflation that happened in Q2 continues, it's mostly driven by cheese by the way, we should continue to see material upside on the food basket as we go through the balance of the year. This makes a huge difference to profitability of our franchisee. And I think that helps repair some of the pressure that they took last year in their profitability.

安德魯，我是桑迪普。所以我認為你提出的觀點非常重要。我認為，從價值和食品曲線的角度來看，正如你所知，我們的食品籃子實際上在過去 7 個季度中出現了相當大的波動。所以我認為，當你具體觀察 23 年時，食品籃子基本上比年初至今增長了 1% 左右。上季度是通貨緊縮季度，增長率為-2.4%。顯然，當你看看我們提供的 3% 到 5% 的指導時，如果第二季度發生的當前食品籃子通貨緊縮水平繼續下去，那麼這主要是由奶​​酪驅動的，隨著我們度過今年的剩餘時間，我們應該繼續看到食品籃子的實質性上漲。這對我們特許經營商的盈利能力產生了巨大的影響。我認為這有助於修復他們去年在盈利方面承受的一些壓力。

So from a price opportunity standpoint, I think what we've been very clear about from the get-go is value, value to the consumer. So if there is a way to actually pass value to the consumer through all of our different promotional platforms, we always look to actually maximize that opportunity. And that will be -- continually be the way we actually approach this as well. It's too early to actually talk about where we're going to take this. But the framework through which we'll analyze it is exactly the same as what we've always had on pricing.

因此，從價格機會的角度來看，我認為我們從一開始就非常清楚的是價值，對消費者的價值。因此，如果有一種方法可以通過我們所有不同的促銷平台真正將價值傳遞給消費者，我們總是希望能夠最大限度地利用這一機會。這也將持續成為我們實際解決這個問題的方式。現在真正談論我們將採取什麼行動還為時過早。但我們分析它的框架與我們一直以來的定價框架完全相同。

Yes. And I would just add to Sandeep's answer. Now that we're in -- we're going to be in this incremental channel of aggregators, I think it's important to really understand that we have a new unlock for value. So the best value, the best prices, the best offers will be at dominos.com or our apps. The only way to get our great new loyalty program will be our apps or dominos.com, the only way to get Pinpoint Delivery. That's going to be our value channel. But essentially what the aggregator platform opens up for us -- maybe let me give you my point of view on it. I don't think we need to get every customer on that platform. I think we need to get the right customers.

是的。我只想補充桑迪普的答案。現在我們已經進入了——我們將進入聚合器的增量渠道，我認為真正了解我們有一個新的價值解鎖非常重要。因此，最好的價值、最優惠的價格、最優惠的價格將在 dominos.com 或我們的應用程序上提供。獲得我們出色的新忠誠度計劃的唯一途徑是我們的應用程序或 dominos.com，這是獲得 Pinpoint Delivery 的唯一途徑。這將是我們的價值渠道。但本質上聚合平台為我們開放了什麼——也許讓我給你我的觀點。我認為我們不需要讓每個客戶都使用該平台。我認為我們需要找到合適的客戶。

So like I said, the value customers, we want them to come to dominos.com. But this will be a premium price channel for us, and specifically the higher income customers that they've got are the ones that we're going to be targeting here. And so I think if anything, this gives us more levers to unlock value for customers, but also value from our franchisees as far as kind of a higher income, higher price marketplace.

正如我所說，我們希望有價值的客戶來到 dominos.com。但這對我們來說將是一個溢價渠道，特別是他們擁有的高收入客戶是我們的目標客戶。所以我認為，如果有什麼不同的話，這為我們提供了更多的槓桿來為客戶釋放價值，同時也為我們的特許經營商提供更高收入、更高價格的市場價值。

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加拿大皇家銀行資本市場 (RBC Capital Markets) 的克里斯·卡里爾 (Chris Carril)。

So on development, thanks for all the context around international, but I did want to follow up on the U.S. outlook. So can you expand on just the pacing of U.S. development that you're expecting here for the balance of the year? And then beyond this year, how soon do you think that improving profitability and all the top line drivers that you already spoke of can actually translate into more meaningful acceleration in U.S. store growth.

關於發展，感謝所有有關國際的背景，但我確實想跟進美國的前景。那麼，您能否詳細談談您對今年剩餘時間的美國發展步伐的預期？然後，在今年之後，您認為提高盈利能力和您已經提到的所有頂線驅動因素需要多長時間才能真正轉化為美國商店增長的更有意義的加速。

Great question, Chris. I'll take that one. I think internationally, I know your question was on the U.S., I'll get to that in 2 seconds. But when you think about it on a global basis, every 8 hours somewhere around the world, we're opening up a Domino's Pizza. And I just think the magnitude of that is something that our team takes a lot of pride on. As Sandeep said, we certainly expect the store growth to inflect towards the end of the year and especially into 2024.

好問題，克里斯。我會接受那個。我想在國際上，我知道你的問題是關於美國的，我會在兩秒鐘內回答這個問題。但當你從全球角度考慮時，每 8 小時我們就會在世界各地的某個地方開設一家達美樂披薩店。我只是認為我們的團隊對此感到非常自豪。正如 Sandeep 所說，我們當然預計商店增長將在年底前出現拐點，尤其是 2024 年。

And let me give you some kind of perspective why and what I ask is just put yourself in the seat of our franchisees or as an investor and say -- and now I'm specifically talking about the U.S. for your question. It's okay, if I'm going to open up a store, I'm going to spend my money on a store, what do I want to ensure? I want to ensure profitability, right? And Sandeep said, we expect to be at least at $150,000 this year for our franchisees, which is up $11,000 versus last year. So you want to see growing profits.

讓我給你一些觀點，為什麼以及我所問的就是將你自己置於我們的特許經營商或投資者的位置上並說——現在我專門針對你的問題談論美國。沒關係，我要開店，我要把錢花在店上，我要保證什麼？我想保證盈利，對嗎？ Sandeep 表示，我們預計今年特許經營商的收入至少為 150,000 美元，比去年增加了 11,000 美元。所以你希望看到利潤不斷增長。

The other thing you want to do is you want to look at the track record. And so let me tell you a little bit about the track record of Domino's Pizza. And when I say track record, look, there are always going to be hiccups, right? But the one thing that I think is really special is if you look at our domestic business over the last 12 months, we've only closed 16 stores. And so 16 stores, that's 0.2% of our base. I think the QSR average is about 1.5% to 2%. And so we closed only 16 stores. Actually, the last time we closed more than 20 stores was in 2016.

您想做的另一件事是查看業績記錄。讓我向您介紹一下達美樂披薩的業績記錄。當我說往績記錄時，你看，總會有一些小問題，對吧？但我認為真正特別的一件事是，如果你看看我們過去 12 個月的國內業務，我們只關閉了 16 家商店。 16 家商店，占我們基數的 0.2%。我認為 QSR 平均約為 1.5% 至 2%。所以我們只關閉了 16 家商店。事實上，我們上一次關閉超過20家門店是在2016年。

And so that, to me, is the reason to believe why we're going to take a system that's already opening up more stores than its competitors, and really lean in more because the profitability is better and the track record is fantastic.

因此，對我來說，這就是為什麼我們要採用一個已經比競爭對手開設了更多商店的系統，並且真正傾向於更多，因為盈利能力更好，而且業績記錄也很棒。

I just wanted to add one thing to this, Chris, which I think is super important because when we talked about the development outlook last quarter, and we talked about is beginning to inflect in Q4, and then actually be very strong in 2024, this was before thinking about the Uber partnership. And I think when you think about the Uber partnership, this is a tremendous value to the franchisees. And the reason I say that is if you think about what Russell just talked about, all of our national promotions and all the special deals that we have will only be on our platform, which means that what is actually being sold on the aggregated platforms will be essentially menu price, which actually drives great profitability for the franchisees and great flow-through to them. And those are all incremental transactions as we talked about going into '24.

克里斯，我只是想補充一件事，我認為這一點非常重要，因為當我們談論上個季度的發展前景時，我們談到的是在第四季度開始變化，然後在 2024 年實際上非常強勁，這是在考慮 Uber 合作夥伴關係之前。我認為當你想到優步的合作夥伴關係時，這對特許經營商來說是一個巨大的價值。我這麼說的原因是，如果你想想拉塞爾剛才所說的，我們所有的全國促銷活動和所有特價優惠都只會在我們的平台上，這意味著聚合平台上實際銷售的基本上是菜單價格，這實際上為加盟商帶來了巨大的利潤和巨大的流量。正如我們談到的進入 24 世紀那樣，這些都是增量交易。

So the increase in profitability for the franchisees is going to be very material on top of what we already talked about last call. And this, if anything, further accelerates the momentum in unit development in the U.S. going into '24.

因此，除了我們上次電話會議討論過的內容之外，加盟商盈利能力的提高將非常重要。如果說有什麼不同的話，那就是進一步加速了進入 24 世紀美國的單位發展勢頭。

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萊恩·哈伯（Brian Harbour）。

Yes. So just on the aggregator partnership, could you remind us again, it sounded like the $1 billion number you've cited was over multiple years. And as you perhaps, at other partners, have you thought about any sort of incrementality internationally? And then related to that, you talked about kind of fighting for your fair share on those platforms, how else will you kind of do that besides just appearing? Do you intend to market that heavily? Do you intend to emphasize kind of service times relative to some of your peers? What are the other ways in which you actually compete against most of your peers who, of course, are already on those platforms?

是的。因此，就聚合商合作夥伴關係而言，您能否再次提醒我們，聽起來您引用的 10 億美元數字已經持續多年了。也許正如您在其他合作夥伴中一樣，您是否考慮過在國際上進行任何形式的增量？與此相關的是，你談到了在這些平台上爭取公平份額，除了出現之外，你還會怎麼做？你打算大力營銷嗎？您是否打算強調相對於某些同行的服務時間？您實際上可以通過哪些其他方式與大多數已經在這些平台上的同行競爭？

Yes, Brian. On the international piece, we already got $1 billion business there. And so we're expecting the same type of incrementality as we take this from -- to those 13 incremental Uber Eats markets. And I just want to remind everyone on the call that between the U.S. and international, we'll be on 28 markets that we are overlapping with Uber Eats, and that means that -- because of where these stores are located, the markets and where the stores are located, 70% of our stores will be getting this incremental volume that we talked about. The $1 billion number is a net number, just to be clear.

是的，布萊恩。在國際方面，我們已經在那裡獲得了 10 億美元的業務。因此，我們預計 13 個 Uber Eats 優食增量市場也會出現同樣類型的增量。我只是想提醒大家，在美國和國際市場上，我們將在 28 個與 Uber Eats 重疊的市場上開展業務，這意味著，由於這些商店所在的位置、市場和商店所在的位置，我們 70% 的商店將獲得我們談到的增量銷量。需要澄清的是，10 億美元是一個淨數字。

I think you did a great job answering some of the questions about how we're going to distinguish ourselves on the platform here in the U.S. One of the key pieces is service. We will have the best service experience, we believe, in the pizza or restaurant industry. The only thing we care about is getting the pizza to your house warm, and hot and delicious. The important thing, and this is actually part of my opening remarks to our franchisees in Summer of Service, we're the only ones who from the time you order, make your product, and the only person who touches it next is you, as the customer. We make it and we deliver it. And we just think that's really, really special.

我認為您很好地回答了我們如何在美國的平台上脫穎而出的一些問題。關鍵之一是服務。我們相信，我們將擁有披薩或餐飲行業中最好的服務體驗。我們唯一關心的就是將披薩送到您家，又熱又美味。重要的是，這實際上是我在夏季服務中向我們的加盟商開場白的一部分，我們是唯一從您訂購時開始生產您的產品的人，而接下來接觸它的唯一人就是您，作為客戶。我們製造並交付它。我們只是認為這真的非常非常特別。

Second, it's a premium price, but Domino's has good prices. Even our menu prices, we've got a significant number of things that are going on in menu prices. So I fully expect us to be of value there. And yes, you're right, on service times, I expect not only the service to be at the high end, and when I say high end, the good end of that. But when you get the product, that experience is going to be great because it will never have left Domino's hand.

其次，價格較高，但達美樂的價格也不錯。即使是我們的菜單價格，菜單價格中也有很多變化。因此，我完全希望我們能夠在那裡發揮價值。是的，你是對的，在服務時間上，我不僅期望服務是高端的，而且當我說高端時，是好的結局。但當你拿到產品時，那種體驗將會很棒，因為它永遠不會離開多米諾的手。

Finally, we will be spending marketing money, but it's important to understand 2 things. One is the only place we'll be spending our marketing money is on the platform. We won't be spending our money to drive consumers to the platform. But once they're on the platform, we, of course, want to drive them to Domino's, and we've negotiated a return on advertising spend. That's in line with how we buy the rest of our digital media, and so we think it's going to be a profitable one. But we know how to buy digital media on any platform. So I'm excited to see what we can do there.

最後，我們將花費營銷資金，但了解兩件事很重要。我們唯一會花費營銷資金的地方就是平台。我們不會花錢來吸引消費者使用該平台。但是，一旦他們進入平台，我們當然希望將他們吸引到達美樂，並且我們已經協商了廣告支出的回報。這與我們購買其餘數字媒體的方式一致，因此我們認為這將是有利可圖的。但我們知道如何在任何平台上購買數字媒體。所以我很高興看到我們能在那裡做些什麼。

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。

In the prepared remarks, you talked about how Domino's was on its way to restoring growth in U.S. delivery. It's great to just hear a mention of that. And is your thinking that the Uber Eats deal will get you to U.S. delivery same-store sales growth? Or are there other major factors you're contemplating when you're targeting that? And I ask that because the lower check minimum for loyalty sounds like it would be helpful to carry out transaction, but it's unclear what that would mean for delivery if anything. And then maybe for Sandeep, did you contemplate this move to aggregators over a multiyear period when you lowered the multiyear growth targets earlier?

在準備好的講話中，您談到了達美樂如何恢復美國配送業務的增長。很高興聽到有人提到這一點。您是否認為 Uber Eats 優食交易將為您帶來美國配送同店銷售增長？或者當你瞄準這個目標時，你還考慮了其他主要因素嗎？我之所以這麼問，是因為忠誠度較低的最低支票聽起來對進行交易很有幫助，但目前還不清楚這對交付意味著什麼（如果有的話）。然後，也許對於桑迪普來說，當您早些時候降低多年增長目標時，您是否考慮過在多年時間內轉向聚合商？

Yes, David. The loyalty program is really not just focused on carryout. I mentioned the carryout piece because that's really the front end on ticket. We expect, obviously, through this deal as well, to get a lot of customers really interested in Domino's Pizza. And so we want to have interactions for delivery customers at the low end, and that's one of the incremental things that we're driving here.

是的，大衛。忠誠度計劃實際上不僅僅關注結轉。我提到了隨身攜帶件，因為那實際上是票證的前端。顯然，我們也希望通過這筆交易，讓很多顧客對達美樂披薩真正感興趣。因此，我們希望與低端的送貨客戶進行互動，這是我們在這裡推動的增量事情之一。

Yes. And Dave, just to add on to your second question, which was, was the aggregated deal contemplated when we lowered the 2- to 3-year outlook that we provided February? No, it was not. At that time, we had not gotten to the point where we thought we were going to actually do it. And so I think this is -- that's just the context we should have.

是的。戴夫，補充一下你的第二個問題，即，當我們降低 2 月份提供的 2 至 3 年前景時，是否考慮了總體交易？不，那不是。當時，我們還沒有達到我們認為要真正去做的地步。所以我認為這就是我們應該擁有的背景。

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

我們的下一個問題來自摩根大通的約翰·伊万科。

I wanted to talk about delivery in general, but maybe specifically, what you've learned or have taught or have picked up as part of Summer of Service in terms of how that could change some of the mechanics of the way that delivery is working to make you more efficient. Certainly, it's good to hear about an improvement of 2 minutes in service times, it's better than the 1 minute we were talking about before. But how big of an opportunity is that to significantly improve the service times? And if you can make some comments about your access of attracting and retaining delivery drivers, is that a headwind or tailwind at this point as you see it?

我想談談一般性的交付，但也許具體來說，你在暑期服務中學到的、教過的或學到的東西，以及如何改變交付工作方式的一些機制，從而提高你的效率。當然，很高興聽到服務時間縮短了 2 分鐘，這比我們之前討論的 1 分鐘要好。但顯著改善服務時間的機會有多大呢？如果您可以對吸引和留住送貨司機的方式發表一些評論，那麼您認為目前這是逆風還是順風？

John, thanks for the question. yes, on the -- I'll start with the attraction of delivery drivers. We actually have more applications coming in now for delivery drivers than we did back in 2019. And so we're excited about that. And some of that is what's translating to the improved services. We've got more drivers, and I haven't really spent a lot of time talking about our electric fleet vehicles, and we've got about 1,000 of them coming on. And actually, we have over 1,000 nonelectric fleet vehicles. And what that's done is it's really opened up -- not every store really needs them, but the ones that are having trouble getting delivery drivers, there are plenty of people with drivers licenses that don't have access to vehicles that want to drive for Domino's Pizza, and we're really seeing that make a difference. And so that's part of why you're seeing the current increase in momentum.

約翰，謝謝你的提問。是的，我將從送貨司機的吸引力開始。實際上，我們現在收到的送貨司機申請比 2019 年還要多。所以我們對此感到很興奮。其中一些轉化為服務的改善。我們有更多的司機，我並沒有花太多時間談論我們的電動車隊車輛，但我們已經有大約 1,000 輛這樣的車輛。事實上，我們擁有 1,000 多輛非電動車隊車輛。這樣做的結果是它真正開放了——並不是每家商店都真正需要它們，但那些難以找到送貨司機的商店，有很多擁有駕駛執照的人無法使用想要駕駛達美樂披薩的車輛，我們確實看到這產生了影響。這就是您看到當前勢頭增長的部分原因。

And the desire with Summer of Service is to continue to drive that in a few ways, right? One of it is just bringing it top of mind, every franchisee in the U.S. is coming to Ann Arbor to do this, and so driving the importance in top of mind, driving the accountability what it is that we expect from the delivery experience. And then lastly, driving some best practices. And these are best practices that already exist in the system, but new ones. And so I'm really looking forward to sharing some of the things that we're sharing with our franchisees now in Summer of Service during Investor Day. And what you'll see is the circle of operations for a Domino's Pizza today is very different than it was even just a couple of years ago. And those changes are really impacting service.

服務之夏的願望是繼續以多種方式推動這一目標，對吧？其中之一就是將其放在首位，美國的每個特許經營商都會來到安娜堡這樣做，因此將其重要性放在首位，推動我們對交付體驗的期望的責任。最後，推動一些最佳實踐。這些是系統中已經存在的最佳實踐，但是是新的。因此，我真的很期待在投資者日期間與特許經營商分享我們在夏季服務期間分享的一些內容。您將看到，達美樂比薩如今的運營範圍與幾年前截然不同。這些變化確實影響了服務。

And then there's the technology aspect of it. And so we've got systems -- new systems that are going to be running in our store as part of our next-generation store system to really upgrade the level of service because we're helping our franchisees and our team members more. And so these systems are running in many of our stores today.

然後是它的技術方面。因此，我們擁有系統——新系統將在我們的商店中運行，作為我們下一代商店系統的一部分，以真正提升服務水平，因為我們正在為我們的特許經營商和團隊成員提供更多幫助。因此，這些系統如今在我們的許多商店中運行。

So for example, our -- many of our stores are making pizzas before customers actually complete their orders online. And some of them are dispatching orders to drivers before those orders -- those drivers are even back in the stores. And so if you're making pizzas before people finish ordering them and you're dispatching them in a way that doesn't require your driver to come back into the store and find a parking spot, that's going to help.

例如，我們的許多商店都在顧客實際完成在線訂單之前製作披薩。其中一些人在收到訂單之前就向司機發送訂單——這些司機甚至回到了商店。因此，如果您在人們訂購完披薩之前就製作披薩，並且您的配送方式不需要您的司機返回商店並找到停車位，那麼這將會有所幫助。

And so Summer of Service is about best practices, but it's about introducing these kind of AI-enabled suite of services to help our franchisees and team members do their job more efficiently.

因此，夏季服務是關於最佳實踐的，但它是關於引入此類人工智能支持的服務套件，以幫助我們的加盟商和團隊成員更有效地完成工作。

And our next question comes from the line of Brian Mullan from Piper Sandler.

我們的下一個問題來自 Piper Sandler 的 Brian Mullan。

Just a question on international business, specifically on China. Just wondering if you could comment on how the business is doing today, give us a sense of how things feel in regards to the macro and the consumer over there right now for the balance of this year. Understanding the long-term opportunity is quite big, just hoping to get your current take on the state of operations in the market and maybe the development outlook over the near term.

只是一個關於國際業務的問題，特別是關於中國的問題。只是想知道您是否可以評論一下今天的業務表現，讓我們了解一下今年剩下的時間裡宏觀經濟和消費者的感受。了解長期機會是相當大的，只是希望了解當前市場的運營狀況以及近期的發展前景。

Brian, thanks for the question. Look, we're really excited about the China market. I think we're doing extremely well. I think now that we've actually come out of the COVID years, we've actually seen a very strong growth in productivity over there. Great development actually happening and huge potential for runway in terms of future development. And it is going to be one of the biggest growth opportunities in the international portfolio. We are super excited about it.

布萊恩，謝謝你的提問。看，我們對中國市場非常興奮。我認為我們做得非常好。我認為現在我們實際上已經走出了新冠疫情時期，我們實際上看到了那裡生產力的非常強勁的增長。巨大的發展正在發生，跑道未來的發展潛力巨大。這將成為國際投資組合中最大的增長機會之一。我們對此感到非常興奮。

I would say China is one of the -- when we talk about our top 15 international markets and the fact that there are 10,000-plus stores still to build in those markets, obviously, China plays a big role there.

我想說，中國是其中之一——當我們談論我們的 15 大國際市場時，以及這些市場上仍有 10,000 多家商店待建的事實，顯然，中國在那裡發揮著重要作用。

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

我們的下一個問題來自斯蒂芬斯的約書亞·朗（Joshua Long）。

I was curious if you could give us some insight into how you're thinking about marketing and messaging as you build out your platform of seemly disparate consumers. So we've talked about in the past how the delivery consumer is very different than the carryout consumer, and now thinking about the third-party opportunity. Just you're sitting on a wealth of transaction data, what kind of -- maybe where are we in terms of the opportunity to dig into that and really utilize it? What kind of changes or investments might be needed? Just any sort of high-level thoughts you could share there around just really bringing this whole picture together from a marketing and communications perspective.

我很好奇您能否向我們介紹一下您在構建看似不同的消費者的平台時如何考慮營銷和消息傳遞。因此，我們過去討論過送貨消費者與外賣消費者有何不同，現在考慮了第三方機會。只是你擁有大量的交易數據，什麼樣的——也許我們有機會深入挖掘並真正利用它？可能需要什麼樣的改變或投資？您可以在那里分享任何高層想法，從營銷和傳播的角度真正將整個情況整合在一起。

Yes, sure, Josh. I think what's really important to understand is there is a common marketing message really throughout which is -- I'm not going to go in detail, I think it's a little bit of our special sauce. But suffice it to say, what a customer is looking for is a great overall pizza experience no matter what channel they're ordering through. And that drives the consistency and the strong brand messaging we've had for the last 10, 15 years. What I think -- and actually, we're in a great place in the world now because there are so many different mediums out there. And so there's the marketing message, but also then there's the media buy.

是的，當然，喬什。我認為真正需要理解的是，貫穿始終的共同營銷信息是——我不打算詳細介紹，我認為這是我們的特殊調味品。但我只想說，無論客戶通過什麼渠道訂購，他們所尋求的是良好的整體披薩體驗。這推動了我們過去 10 年、15 年的一致性和強大的品牌信息。我的想法是——事實上，我們現在在世界上處於一個很棒的位置，因為那裡有很多不同的媒介。因此，除了營銷信息之外，還有媒體購買。

And what we can do with the media buy is being very, very targeted. And so, yes, that carryout customer that wants control and value, we can reach out to them that way. If it's a delivery customer that's looking for maybe quick delivery times and a big bundle for a birthday party or whatever, we can do that as well. And so I think Domino's as a brand is -- will have a singular meaning to customers. But what we'll do is we're going to leverage media and really what I think is a best-in-class marketing or highest in-class marketing budget in order to more personalize the message. And that probably gets me to the last part of your question, which is what am I excited about that we're going to -- that we're doing today, but we're going to lean into a little bit more, and that is just personalization.

我們可以通過媒體購買做到非常非常有針對性。因此，是的，對於想要控制和價值的外賣客戶，我們可以通過這種方式接觸他們。如果送貨客戶正在尋找快速送貨時間以及生日派對或其他活動的大包裹，我們也可以做到。因此，我認為達美樂作為一個品牌對於顧客來說將具有獨特的意義。但我們要做的是利用媒體以及我認為真正一流的營銷或最高的一流營銷預算，以便使信息更加個性化。這可能讓我想到你問題的最後一部分，這就是我對我們今天要做的事情感到興奮的地方，但我們會更傾向於一點，那就是個性化。

As you said, we've got millions of users on the database and we're personalizing our message today. But the tools are just getting better, and that's where our investment is going, and we're going to be at the forefront of that.

正如您所說，我們的數據庫中有數百萬用戶，我們今天正在個性化我們的消息。但工具正在變得越來越好，這就是我們投資的方向，我們將走在這方面的最前沿。

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

我們的下一個問題來自 TD Cowen 的 Andrew Charles。

I'm trying to fuse a 2-part question and Uber into 1-part, so please bear with me here. But first, just given the reduction in ad fund earlier this month, will Uber Eats be funding advertising the platform in 2024? And then secondly, I appreciate that you're structuring the partnership with franchisee profitability at the center. And so what I'm curious about is qualitatively, not quantitatively, will the commission borne by franchisees be a fixed fee for these orders or a percent of the order volume?

我正在嘗試將 2 部分問題和 Uber 合併為 1 部分，所以請耐心等待。但首先，考慮到本月初廣告資金的減少，Uber Eats 會在 2024 年為該平台的廣告提供資金嗎？其次，我很欣賞你們以加盟商盈利能力為中心構建合作夥伴關係。所以我好奇的是定性的，而不是定量的，加盟商承擔的佣金是這些訂單的固定費用還是訂單量的百分比？

Well, let me first answer the -- and I appreciate that. That's pretty good, the one-part question. I'm going to have to -- I'm not as good as you so I'm going to have to give you a 2-part answer. On the Uber piece of it, the -- first, on the marketing funds. The marketing funds that we talked about earlier that are being used right now to cover some of the tech investments we're trying to do, that are marketing related by the way, came out of a surplus of that budget. And so that money was never could have been, should have been spent this year or even next year. And so we have plenty of money to continue to do what we do every year, which is increase the amount of GRPs and -- out there to our customers despite inflationary environment.

好吧，讓我首先回答這個問題——對此我表示讚賞。很好，單部分問題。我將不得不——我不如你，所以我將不得不給你一個由兩部分組成的答案。關於優步，首先是營銷資金。我們之前談到的營銷資金現在正用於支付我們正在嘗試進行的一些與營銷相關的技術投資，這些資金來自該預算的盈餘。所以這筆錢本來不可能、也不應該在今年甚至明年花掉。因此，我們有足夠的資金來繼續做我們每年所做的事情，即增加 GRP 的數量，並且儘管存在通貨膨脹環境，但仍然為我們的客戶提供服務。

So that hasn't held us back at all. I'll let Uber comment on what kind of funding they plan to do. I think I talked to you a little bit about how our funding or marketing message is going to be driving within the platform.

所以這根本沒有阻礙我們。我會讓 Uber 評論他們計劃提供什麼樣的資金。我想我和你們談過一些關於我們的資金或營銷信息將如何在平台內推動的問題。

Sandeep, you want to talk a little bit about the commission structure?

Sandeep，您想談談佣金結構嗎？

Yes. And I think it's a really good question, and there's quite a few things that are in there, Andrew. So I'm going to actually kind of unpack them a little bit for you. So I'll start with the tech fee itself. Well, the tech fees based on order counts. So every incremental order that actually comes through the platform, a tech fee will apply, same with any other order. So I think that's one. And I think the rest of it is what will royalties be payable on basically in terms of what we report. It's really the food sales as well as the delivery fee.

是的。我認為這是一個非常好的問題，裡面有很多東西，安德魯。所以我實際上要為你稍微解開它們。所以我將從技術費本身開始。嗯，技術費用是根據訂單數量計算的。因此，與任何其他訂單一樣，實際通過平台產生的每個增量訂單都將收取技術費。所以我認為這是一個。我認為其餘部分基本上是根據我們報告的內容支付的特許權使用費。這實際上是食品銷售以及送貨費。

So our calculation of same-store sales and retail sales will include those. And if there are any service fees or service charges that Uber actually charges, those really won't to appear in our numbers, those will be directly appear in Uber. So hopefully, that helps you kind of understand the structure of how this is going to work.

因此，我們對同店銷售額和零售額的計算將包括這些。如果Uber實際收取任何服務費或服務費，這些確實不會出現在我們的數字中，這些將直接出現在Uber中。希望這可以幫助您了解其工作原理的結構。

And our next question comes from the line of Jim Sanderson from Northcoast Research.

我們的下一個問題來自北海岸研究中心的吉姆·桑德森。

Just wanted to follow up to the discussion on Uber and marketing programs. I'm wondering if you plan to participate in some of the free delivery charges or free promotions that we see often on third-party aggregators? And if there's any concern that, early on, you might see some cannibalization of your own delivery business?

只是想跟進有關 Uber 和營銷計劃的討論。我想知道您是否計劃參加我們在第三方聚合商上經常看到的一些免費送貨費用或免費促銷活動？如果您擔心，在早期，您可能會看到自己的送貨業務受到一些蠶食？

Yes. Our delivery fee and franchisee level delivery fees, they're all contemplated in our pricing structure. And so, no, I don't think that's going to be affecting our profitability at all. And as we're on the platform, anything they want to do with their customers to drive them to buy Domino's Pizza, that's really upside for us.

是的。我們的送貨費和加盟商級別的送貨費，它們都包含在我們的定價結構中。所以，不，我認為這根本不會影響我們的盈利能力。當我們在這個平台上時，他們想與客戶做的任何事情來促使他們購買達美樂披薩，這對我們來說確實是有利的。

That would be at their expense?

這將由他們承擔費用嗎？

Yes. I want to be clear that the ways we're spending our money is specifically on things that we can measure with something called return on advertising spend, and so that would be how we drive a customer on Google or any other kind of social media or digital media.

是的。我想澄清的是，我們花錢的方式是專門用在我們可以用廣告支出回報來衡量的事情上，這就是我們在谷歌或任何其他類型的社交媒體或數字媒體上吸引客戶的方式。

And just to clarify one thing, I just want to make sure we touch on it, but any promotional activity on the platform would have to be agreed with us. And I think we'll do that in partnership with them. So I think that we'll be thinking through the holistic lens of those promotions.

只是為了澄清一件事，我只是想確保我們觸及它，但平台上的任何促銷活動都必須得到我們的同意。我認為我們將與他們合作做到這一點。因此，我認為我們將全面考慮這些促銷活動。

And our next question comes from the line of Danilo Gargiulo from Bernstein.

我們的下一個問題來自伯恩斯坦的達尼洛·加吉烏洛（Danilo Gargiulo）。

Russell, you started the call saying staffing levels are going to be important, and you're making improvement in staffing. So I wonder if you could comment on the level of staffing at the Domino's stores, and whether you see any staffing challenges to the service -- to service the incremental demand from aggregators if kind of the opportunity come to fruition as you were expecting.

拉塞爾，您在通話開始時表示人員配置水平將很重要，並且您正在改進人員配置。因此，我想知道您是否可以對達美樂商店的人員配備水平發表評論，以及您是否認為該服務存在人員配備方面的挑戰——如果機會如您所期望的那樣實現，那麼服務聚合商不斷增加的需求。

Yes, a great question, and I'm going to -- we'll give you a tongue-in-cheek answer to this one is, I very much hope and expect that we do not currently have the number of delivery drivers we will need for this incremental volume. But I also know, and I'm confident, based on what we've learned through what's been a struggling time to hire drivers, that we know what it takes now, whether it's the certain hiring practices, if you look at our new training, if you look at actually our corporate stores and just the turnover numbers going down as well as the incremental fleet we're talking about.

是的，這是一個很好的問題，我要——我們會給你一個半開玩笑的答案，我非常希望並期望我們目前沒有足夠的送貨司機來滿足這一增量。但我也知道，而且我有信心，根據我們在招聘司機的艱難時期所學到的知識，我們知道現在需要什麼，無論是某些招聘實踐，如果你看看我們的新培訓，如果你看看我們的公司商店，以及營業額下降的數字以及我們正在談論的增量車隊。

So yes, do I expect to need incremental drivers? Yes. And yes, I expect to be able to get them.

那麼，是的，我是否需要增量驅動程序？是的。是的，我希望能夠得到它們。

And our final question for today comes from the line of Jeffrey Bernstein from Barclays.

我們今天的最後一個問題來自巴克萊銀行的杰弗裡·伯恩斯坦。

Great. I guess, putting some closure around the Uber discussion. I know for a long, long time you guys had deemed that a partnership was presumably not in the best interest of the company and franchisees. So something, I guess, very recently maybe tipped the scales to push you to sign up now. I'm just wondering if you could talk about what kind of put you over the edge. And I assume there is still some lingering headwinds that you're still conscious of and watching closely that perhaps where some of the headwinds you were anticipating before. And if you could just share maybe what will be the consideration set at the end of 2024 to decide who you partner with going forward, whether it's still just Uber or whether you add somebody else, like what would drive that decision?

偉大的。我想，應該為 Uber 的討論畫上句號。我知道很長一段時間以來，你們一直認為合作夥伴關係可能不符合公司和特許經營商的最佳利益。所以，我想，最近可能發生了一些事情，促使你現在就註冊。我只是想知道你能否談談是什麼讓你陷入了困境。我認為仍然存在一些揮之不去的阻力，您仍然意識到並密切關注，也許是您之前預期的一些阻力。如果您能分享一下，到 2024 年底，決定與誰合作的考慮因素是什麼，是否仍然只是 Uber 還是添加其他人，比如是什麼推動了這一決定？

Sure. Thanks, Jeff. Really for us, it came down to 3 elements: scale, scope and incrementality. The scale of the aggregator QSR pizza delivery business is big now. It's a $5 billion category. We're the #1 pizza delivery company in the country and we don't sell a single order on it. And so if there's a $5 billion opportunity, that kind of scale, you can expect us to compete for our fair share.

當然。謝謝，傑夫。對於我們來說，它實際上可以歸結為三個要素：規模、範圍和增量。現在聚合QSR披薩外賣業務的規模很大。這是一個價值 50 億美元的類別。我們是全國排名第一的披薩外賣公司，但我們不銷售任何訂單。因此，如果有 50 億美元的機會，這樣的規模，你可以期望我們爭奪我們的公平份額。

The second is scope, the scope of the deal and the terms of the deal is -- are really favorable for us and our international and domestic franchisees. And I said earlier, how now 70% of the stores will have access to potentially orders from Uber. And the last piece is just the incrementality. We are -- it's clear from the work we've done internationally and the studies we've done here in the states that we know how to manage this as a separate channel and drive incremental volume.

第二個是范圍，交易的範圍和交易條款對我們以及我們的國際和國內特許經營商來說確實很有利。我之前說過，現在 70% 的商店將能夠獲得 Uber 的潛在訂單。最後一部分只是增量。從我們在國際上所做的工作以及我們在各州所做的研究可以清楚地看出，我們知道如何將其作為一個單獨的渠道進行管理並推動增量。

And those things weren't always there in the past as, frankly, just to be perfectly honest, we are a delivery company and we needed to be able to deliver our own orders before we took on incremental, and we are absolutely doing that right now as you can see with the increased -- or the improvement in service time, and we're ready for that next wave of orders.

這些事情在過去並不總是存在，坦率地說，老實說，我們是一家送貨公司，我們需要能夠在接受增量訂單之前交付我們自己的訂單，而且我們現在絕對正在這樣做，正如您所看到的，隨著服務時間的增加或改善，我們已經為下一波訂單做好了準備。

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。我想將程序交還給拉塞爾·韋納 (Russell Weiner) 以供進一步評論。

Well, thank you so much, everybody, for joining the call this morning. Sandeep, Ryan and I, we really look forward to speaking with you again in October to discuss our Q3 2023 results. Have a great day.

非常感謝大家今天早上加入電話會議。 Sandeep、Ryan 和我，我們非常期待 10 月份再次與您交談，討論我們 2023 年第三季度的業績。祝你有美好的一天。

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。這確實結束了該程序。您現在可以斷開連接。再會。