達美樂 (DPZ) 2023 Q3 法說會逐字稿

Thank you for standing by, and welcome to Domino's Third 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 2023 年第三季財報電話會議。 （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 third quarter of 2023. Today's call will begin with our Chief Executive Officer, Russell Weiner; followed by our Chief Financial Officer, Sandeep Reddy. Russell and Sandeep will leave ample time for questions and discussion. As this call is for our investor audience, members of the media and others should be in a listen-only mode.

大家，早安。感謝您今天加入我們有關 2023 年第三季業績的對話。今天的電話會議將由我們的執行長 Russell Weiner 開始；其次是我們的財務長桑迪普雷迪 (Sandeep Reddy)。拉塞爾和桑迪普將留出充足的時間進行提問和討論。由於這次電話會議是針對我們的投資者聽眾的，因此媒體成員和其他人應該處於只聽模式。

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

今天早上的收益報告和 10 季報告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有重大差異。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。此外，請參閱 8-K 收益報告，以了解今天電話會議中可能引用的非 GAAP 財務指標的揭露和調整。

We want to do our best this morning to accommodate as many of your questions as time permits. (Operator Instructions) Today's conference call is being webcast and is also being recorded for replay via our website.

今天早上我們希望在時間允許的情況下盡力回答您的問題。 （操作員說明）今天的電話會議正在網路上直播，並透過我們的網站進行錄製以供重播。

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

我現在想將電話轉給我們的執行長 Russell Weiner。

Thanks, Ryan, and good morning, everybody. My remarks this morning will focus on several new initiatives that are designed to create significant shareholder value in the months and years ahead. We launched our new loyalty program, Domino's Rewards on September 12. And here are some of the mechanics that are really meaningful to our current and prospective customers.

謝謝瑞安，大家早安。我今天早上的演講將重點放在幾項新舉措，這些舉措旨在在未來幾個月和數年創造顯著的股東價值。我們在 9 月 12 日推出了新的忠誠度計劃 Domino's Rewards。以下是一些對我們現有和潛在客戶真正有意義的機制。

First, we lowered the spend threshold to earn points from $10 down to $5, and this change will make us even more competitive in the carryout segment where ticket tends to be lower. Our second change was creating more attainable redemption opportunities for lower frequency customers. So in the past, they needed to order 6 times to get a free pizza. Our new program features redemptions at 20-, 40- and 60-point tiers and offers items from 8 different categories on our expansive menu. Joining pizza at the 60-point level are the big sandwiches, pastas and lava cakes. At 40 points, we feature our lines of Bread Twist and Stuffed Cheesy Breads, and at 20 points, we offer single-serve beverages, Parmesan Bread Bites and Dipping Cups. So more items to choose from with redemption options after just 2 purchases.

首先，我們將賺取積分的消費門檻從 10 美元降低到 5 美元，這項變更將使我們在票價往往較低的外送領域更具競爭力。我們的第二個改變是為頻率較低的客戶創造更多可實現的兌換機會。所以在過去，他們需要點6次才能得到免費的披薩。我們的新計劃提供 20、40 和 60 積分等級的兌換，並在我們豐富的菜單上提供 8 個不同類別的商品。與 60 分級別的披薩一樣，還有大三明治、義大利麵和熔岩蛋糕。在 40 點，我們提供麻花麵包和夾餡芝士麵包系列產品；在 20 點，我們提供單份飲料、帕爾馬乾酪麵包片和蘸醬杯。因此，只需購買 2 次，即可選擇更多商品並提供兌換選項。

While the program just launched, we've seen meaningful redemptions at the 20- and 40-point levels. So customers are clearly engaging more with Domino's Rewards.

雖然該計劃剛剛啟動，但我們已經看到了 20 點和 40 點級別的有意義的兌換。因此，客戶顯然更參與 Domino's Rewards。

These strategic improvements will be a significant value driver for our brand and company. We plan to grow active users and order frequency, unlocking continued share growth in both the delivery and carryout segment.

這些策略改進將成為我們品牌和公司的重要價值驅動力。我們計劃增加活躍用戶和訂單頻率，從而釋放交付和外賣領域份額的持續成長。

Our second value-creating initiative is entering the aggregator marketplace for delivery orders. Our integration into the UberEATS platform is proceeding as planned. We'll achieve our goal of UberEATS providing delivery orders to all our U.S. stores by the end of the year. We expect this initiative will drive incremental delivery volume from new customers, increase our share of the pizza delivery market and create stronger economics for our company and franchisees. This will begin in a measurable way in the first quarter of 2024.

我們的第二個價值創造舉措是進入交貨訂單聚合市場。我們與 UberEATS 平台的整合正在按計劃進行。我們將實現 UberEATS 到今年年底為我們所有美國商店提供送貨訂單的目標。我們預計這項措施將增加新客戶的送貨量，增加我們在披薩外送市場的份額，並為我們的公司和特許經營商創造更強勁的經濟效益。這將於 2024 年第一季以可衡量的方式開始。

We want to exceed the expectations that the incremental customers will get through Domino's Rewards and UberEATS. Now the way to do that is through best-in-class delivery service. And that's why I'm pleased to announce that we ended Q3 of 2023 back at our pre-pandemic Q3 2019 delivery times. This improvement was achieved through many of the best practices highlighted with franchisees during our Summer of Service program. This focus is important for us to provide an excellent delivery experience for new customers flowing in from Domino's Rewards and the UberEATS channel. We want these experiences to lead to loyal lasting customers who will provide considerable lifetime value for our brand and our company.

我們希望超越透過 Domino's Rewards 和 UberEATS 獲得增量客戶的預期。現在實現這一目標的方法是透過一流的送貨服務。這就是為什麼我很高興地宣布，我們 2023 年第三季的交付時間回到了疫情前的 2019 年第三季。這項改進是透過我們的夏季服務計劃期間特許經營者強調的許多最佳實踐來實現的。這項重點對於我們為從 Domino's Rewards 和 UberEATS 管道湧入的新客戶提供卓越的送貨體驗非常重要。我們希望這些體驗能帶來忠誠的持久客戶，他們將為我們的品牌和公司提供可觀的終身價值。

Now I'll talk to our renewed commitment to the all-important role innovation plays in the pizza category and our ability to continue to build our brand. We launched Pepperoni Stuffed Cheesy Bread on August 28. The Stuffed Cheesy Bread launch is indicative of 2 things that you're going to see from us going forward: bringing news to our existing non-pizza platforms and leveraging Domino's Rewards. For the launch of Pepperoni Stuffed Cheesy Bread, we've lowered the redemption points required from 40 to 20. It's great to see a product and technology innovation work so well together, and this is an example of the kind of purposeful innovation I've talked about in the past, innovation that serves many functions.

現在我將談談我們對創新在比薩類別中發揮的最重要作用的新承諾以及我們繼續建立我們品牌的能力。我們於 8 月 28 日推出了義大利辣香腸夾心起司麵包。夾心起司麵包的推出預示著您將從我們身上看到的兩件事：為我們現有的非披薩平台帶來新聞並利用達美樂獎勵。為了推出義大利辣香腸夾心起司麵包，我們將所需的兌換點從40 點降低到20 點。很高興看到產品和技術創新如此完美地結合在一起，這就是我所經歷的那種有目的的創新的一個例子過去談到創新有很多功能。

In this case, we've got a new product that makes an existing platform top of mind with customers, all the while they encouraging customers to sign up for and continue to take advantage of our improved loyalty program. So more customers, more orders and more market share, all leading to more top line growth and greater profits.

在這種情況下，我們推出了一款新產品，使現有平台成為客戶的首要考慮，同時鼓勵客戶註冊並繼續利用我們改進的忠誠度計劃。因此，更多的客戶、更多的訂單和更多的市場份額，所有這些都會帶來更多的收入成長和更大的利潤。

Another example of purposeful innovation is the emergency pizza promotion we launched just a few days ago. Customers who order Domino's will have 30 days to claim their free pizza to use in any emergency they see fit, whether dinner was burned or maybe circumstances are making things a bit tougher to afford. Customers who place an order on our e-commerce platform will automatically earn a Domino's emergency pizza. They'll have 30 days to redeem their emergency pizza and, of course, must be members of Domino's Rewards to do so. Another innovation designed to drive more customers, more orders and more profit.

有目的的創新的另一個例子是我們幾天前推出的緊急披薩促銷活動。訂購達美樂的顧客將有 30 天的時間索取免費披薩，以便在他們認為合適的任何緊急情況下使用，無論晚餐被燒毀還是情況變得更加難以承受。在我們的電子商務平台下訂單的顧客將自動獲得達美樂緊急披薩。他們將有 30 天的時間來兌換緊急披薩，當然，他們必須是 Domino's Rewards 的會員才能這樣做。另一項創新旨在吸引更多客戶、更多訂單和更多利潤。

We're also driving purposeful innovation behind technology to improve customer service and a team member experience. On October 3, we announced undertaking this challenge with the best in the business, Microsoft. Our 2 companies will collaborate on generative AI solutions that will create the next generation of pizza ordering and operations technology. Together, our teams are focused on 2 important goals: first, transforming customer experiences by enhancing the ordering process through personalization and simplification; and then second, streamlining operations and quality control with more predictive tools. I couldn't be more excited to work with Microsoft on this critical endeavor.

我們也推動科技背後有目的的創新，以改善客戶服務和團隊成員體驗。 10 月 3 日，我們宣布與業界最優秀的 Microsoft 一起迎接這項挑戰。我們兩家公司將合作開發生成式人工智慧解決方案，以創建下一代披薩訂購和營運技術。我們的團隊共同致力於兩個重要目標：首先，透過個人化和簡化來增強訂購流程，從而改變客戶體驗；其次，使用更具預測性的工具簡化營運和品質控制。能夠與 Microsoft 合作進行這項重要工作，我感到無比興奮。

Finally, I want to address one of the most important topics for all of us here at Domino's, and that's profit, profit for our stores and profit for our company. Despite our predicted and previously discussed softness in our U.S. same-store sales, our operating income margin improved, as did our estimated franchisee profitability for the year. What that means is that the sales improvements we expect to realize in Q4 and, even more significantly, in 2024, will flow through a more efficient model for Domino's and our investors. I am confident about our future, including the more immediate future here at Domino's.

最後，我想談談對達美樂所有人來說最重要的話題之一，那就是利潤，我們商店的利潤和我們公司的利潤。儘管我們預測並之前討論過美國同店銷售疲軟，但我們的營業利潤率有所改善，我們估計今年特許經營商的盈利能力也有所改善。這意味著我們預計在第四季度實現的銷售成長，更重要的是在 2024 年，將透過為達美樂和我們的投資者提供更有效率的模式來實現。我對我們的未來充滿信心，包括達美樂近期的未來。

With that, I'll turn things over to Sandeep.

這樣，我就把事情交給桑迪普了。

Thank you, Russell, and good morning to everyone on the call. Before I go through our financial performance for the quarter, I wanted to give an update on Russia. Our master franchisee, DP Eurasia, announced their process to exit the market, as detailed in our earnings release. As a result, we closed the remaining 143 stores in the market during the third quarter. For the purposes of global retail sales growth and our net store growth, we have removed the Russia business from both the current and prior year.

謝謝你，拉塞爾，祝所有參加電話會議的人早安。在介紹本季的財務業績之前，我想先介紹一下俄羅斯的最新情況。我們的主要特許經營商 DP Eurasia 宣布了退出市場的流程，詳情請參閱我們的收益報告。因此，我們在第三季關閉了市場上剩餘的 143 家商店。出於全球零售額增長和淨商店增長的目的，我們已從本年度和上一年中刪除了俄羅斯業務。

Moving on to updates on our actions to drive the long-term profitability of Domino's and our franchisees. First, pricing. During the third quarter, the average price increase across our U.S. system was 3.2%. We now expect average realized pricing to moderate to slightly below 1% in the fourth quarter when we left the carryout Mix & Match pricing change from October 2022 and incorporate the impact of trends we are seeing from our newly launched Domino's Rewards loyalty program.

接下來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。首先，定價。第三季度，我們美國系統的平均價格漲幅為 3.2%。我們現在預計，當我們從2022 年10 月開始取消混合搭配定價變化時，第四季度的平均實現定價將放緩至略低於1%，並納入我們從新推出的Domino 獎勵忠誠度計劃中看到的趨勢的影響。

Second, cost efficiency as we continue to drive margin recovery. We drove an improvement in our operating income margin, which grew by 190 basis points versus Q3 2022. We now expect operating income margins for the year to reach 2021 levels.

其次，我們持續推動利潤率恢復，提高成本效率。我們推動了營業利潤率的改善，與 2022 年第三季相比增長了 190 個基點。我們現在預計今年的營業利潤率將達到 2021 年的水平。

Third, positive retail sales growth, excluding foreign currency impact in our U.S. and international businesses drove operating income improvement.

第三，剔除我們美國和國際業務的外匯影響，零售額的積極成長推動了營業收入的改善。

Now for our financial results for the quarter. Excluding the positive impact of foreign currency, global retail sales grew 5.1% due to positive international sales comps and global net store growth. U.S. retail sales increased 0.9%. International retail sales, excluding the positive impact of foreign currency grew 9.4%. During Q3, same-store sales for the U.S. business decreased 0.6%. The decrease in U.S. same-store sales was driven by order count declines, partially offset by a higher average ticket including the pricing actions I mentioned earlier.

現在是我們本季的財務業績。排除外匯的正面影響，由於積極的國際銷售比較和全球淨商店成長，全球零售額成長了 5.1%。美國零售額成長 0.9%。剔除外匯的正面影響，國際零售額成長了 9.4%。第三季度，美國業務的同店銷售額下降了 0.6%。美國同店銷售額的下降是由訂單數量下降推動的，但平均票價的上升（包括我之前提到的定價行動）部分抵消了下降。

Our U.S. carryout business continued its positive momentum in Q3 with same-store sales plus 1.9%, rolling over a plus 19.6% performance in 2022. The delivery business continued to be challenged in Q3, in line with our expectations stated on the last call, with delivery same-store sales minus 2.3%, rolling over a minus 7.5% in Q3 2022. As mentioned on the last call, we expect delivery orders to have an improvement in trend in Q4 as our updated loyalty program and our emergency pizza promotion have now rolled out, and that followed by a considerable improvement in 2024 as a result of transaction growth from our UberEATS partnership and the other initiatives previously shared with you.

我們的美國外送業務在第三季度持續保持積極勢頭，同店銷售額增長1.9%，2022 年業績增長19.6%。交付業務在第三季度繼續面臨挑戰，這與我們在上次電話會議中所述的預期一致，送貨同店銷售額為負2.3%，2022 年第三季為負7.5%。正如上次電話會議中提到的，我們預計第四季度的送貨訂單趨勢將有所改善，因為我們更新了忠誠度計畫和緊急披薩促銷活動現已推出，由於我們的 UberEATS 合作夥伴關係和先前與您分享的其他舉措帶來的交易成長，到 2024 年將會有相當大的改善。

Including consistent trends versus Q3 in our carryout business, we expect U.S. sales comps to be positive in the fourth quarter.

考慮到我們的結轉業務與第三季的一致趨勢，我們預期第四季美國的銷售業績將呈現正面態勢。

Shifting to unit count. We added 27 net new stores in the U.S. with 28 store openings and 1 closure bringing our U.S. system store count to 6,762 stores at the end of the quarter. As we had previously indicated, the U.S. 4-quarter net store growth rate stabilized during the quarter at 1.8%, consistent with the rate at the end of the second quarter. We remain confident the store growth rate will improve during the fourth quarter with further acceleration into 2024. As of last week, 72 stores are under construction in the U.S., the majority of which are expected to open in Q4.

轉向單位計數。我們在美國淨增 27 家新店，其中 28 家新開店和 1 家關閉店，使我們的美國系統門市數量在本季末達到 6,762 家。正如我們先前指出的，美國第四季門市淨成長率穩定在 1.8%，與第二季末的成長率一致。我們仍然相信第四季門市成長率將有所改善，並在 2024 年進一步加速。截至上週，美國正在建造 72 家門市，其中大部分預計將在第四季度開業。

Domino's unit economics remained strong with continued EBITDA growth for our U.S. franchisees. We are on track to deliver estimated average franchisee store profitability of at least $155,000 in 2023, up from the $150,000 we indicated on the last call.

多米諾的單位經濟效益依然強勁，美國特許經營商的 EBITDA 持續成長。我們預計在 2023 年實現至少 155,000 美元的特許經營店平均盈利能力，高於我們上次電話會議中表示的 150,000 美元。

Same-store sales in our international business excluding foreign currency impact increased 3.3%. Our international store count decreased by 35 net stores comprised of 190 store openings and 225 closures. Closures were primarily driven by the previously mentioned exit of the Russia market and its remaining 143 stores, along with store closures from Domino's Pizza Enterprises, as mentioned on our last call.

排除外匯影響，我們國際業務的同店銷售額成長了 3.3%。我們的國際門市數量淨減少 35 家，其中新開店 190 家，關閉門市 225 家。關閉的主要原因是前面提到的俄羅斯市場及其剩餘 143 家商店的退出，以及達美樂比薩企業 (Domino's Pizza Enterprises) 的商店關閉，正如我們在上次電話會議中提到的那樣。

Our current trailing 4-quarter net store growth rate in international was 5.9%. When combined with our U.S. store growth, our trailing 4-quarter global net store growth rate was 4.5%. We expect our global unit growth to track to or slightly below the low end of our 5% to 7% 2- to 3-year outlook. Despite strong gross openings, we will be pressured by elevated store closures this year that we believe are mostly behind us. Since these closures were underperforming stores in certain underperforming markets, we do not anticipate this will materially impact the financial benefit of our new international store openings.

我們目前的國際追蹤第 4 季淨商店成長率為 5.9%。與我們美國門市的成長相結合，我們過去 4 季的全球淨門市成長率為 4.5%。我們預計全球銷售成長將達到或略低於 2 至 3 年預期 5% 至 7% 的下限。儘管新店開幕總額強勁，但今年我們仍將面臨門市關閉增加的壓力，我們認為這種情況已基本過去。由於這些關閉的商店在某些表現不佳的市場中表現不佳，因此我們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。

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）。

The Domino's system clearly has 2 new drivers in your relaunch of rewards and the upcoming UberEATS initiative, and you seem very confident that this is going to drive incremental demand. You even had the Summer of Service initiative earlier this year to get the system ready for higher order counts. And just as it relates specifically to this rewards relaunch, it happened a month ago. So we're a month in. And it'd just be really helpful to understand the early reads on this initiative. I know you expect improved comp trends in the fourth quarter. I think you said positive comps. But any incremental color would be helpful on whether it's driving true incrementality and how it's behaving relative to your prelaunch expectations for the relaunch.

顯然，多米諾骨牌系統在重新啟動獎勵和即將推出的 UberEATS 計劃中有兩個新的驅動因素，而且您似乎非常有信心這將推動增​​量需求。您甚至在今年稍早啟動了夏季服務計劃，讓系統為更高的訂單數量做好準備。正如它與獎勵重新啟動特別相關一樣，它發生在一個月前。我們已經一個月了。了解該計劃的早期讀物真的很有幫助。我知道您預計第四季度的業績趨勢會有所改善。我想你說的是正面的比較。但任何增量顏色都會有助於確定它是否正在推動真正的增量以及它相對於您對重新啟動的預啟動期望的表現如何。

Brian, it's Russell. Thanks for the question. And we're really, I'd say, very excited about how this has come out of the gate. We've done two things with the rewards program and both are working, right? Purposely, we took the dollar level down to -- entry level from $10 to $5. That's really important, especially when you think about our carryout customer. We have a national deal at $7.99. So prior to this change, you couldn't get the national deal and loyalty points. So this has been a really nice way to bring in lighter users and carryout customers. That's on the front end.

布萊恩，我是拉塞爾。謝謝你的提問。我想說，我們真的對這件事的發生感到非常興奮。我們已經透過獎勵計劃做了兩件事，並且都在發揮作用，對吧？我們特意將美元水準從 10 美元降至 5 美元。這非常重要，尤其是當您想到我們的外送客戶時。我們有全國優惠，價格為 7.99 美元。因此，在此更改之前，您無法獲得全國優惠和忠誠度積分。因此，這是吸引輕度用戶和外送客戶的非常好的方式。那是在前端。

And then on the back end, we talked about we have 8 different ways, 8 different platforms now that you can use your points. It used to be that you had to buy 6 times in order to get a free pizza. Now you can buy as little as 2 times to get free items. And what that does is it really plays with frequency of lighter users. So you're right, that's what we projected beforehand. And what I can tell you as we've moved in so far, that's exactly what we've seen. We've seen a lot of folks doing that with Domino's Rewards.

然後在後端，我們談到我們現在有 8 種不同的方式、8 個不同的平台可以使用您的積分。以前，你必須購買 6 次才能獲得免費的披薩。現在您只需購買 2 次即可獲得免費物品。它的作用是真正適應輕度使用者的頻率。所以你是對的，這就是我們之前的預測。我可以告訴你的是，自從我們搬進來以來，這正是我們所看到的。我們已經看到很多人透過 Domino's Rewards 這樣做了。

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 UberEATS partnership, which you guys seem also very excited about that really kicks into gear next year. But I think you guys have had it in a few markets so far now for either a couple of months or so. Any thoughts or any detail you could provide on the early reads there? Or any -- how it's performing versus your expectations? And if you've had to make any adjustments so far to the program going forward.

Russell，我想問 UberEATS 合作關係，你們似乎也對明年真正啟動的合作感到非常興奮。但我認為到目前為止，你們已經在一些市場上使用了幾個月左右的時間。您可以提供有關早期讀物的任何想法或任何細節嗎？或任何 - 它的表現與您的期望相比如何？到目前為止，您是否必須對計劃進行任何調整。

Yes. Thanks, Peter. Obviously, it's something we're all really watching closely, these pilot markets. And I call it pilot versus test market because we're really not using any marketing, either outside or inside the Uber platform at this point. This is really more to test out what I call kind of a handshake between 2 really large platforms. I mean, Domino's, we already deliver more pizzas than anyone in the country. And so as we take on these incremental orders, we just need to make sure that technology works. That's what we're doing now.

是的。謝謝，彼得。顯然，這些試點市場是我們都在密切關注的事情。我將其稱為試點市場與測試市場，因為目前我們實際上沒有使用任何行銷手段，無論是在 Uber 平台外部還是內部。這實際上更多的是為了測試我所說的兩個大型平台之間的握手。我的意思是，達美樂，我們提供的披薩數量已經超過了全國任何一家公司。因此，當我們接受這些增量訂單時，我們只需要確保技術發揮作用。這就是我們現在正在做的事情。

And then certainly making sure the staffing is right, and we're working with Uber and our franchisees to do that. So we've been in Las Vegas right now. And what I can tell you is things are going as planned. And we're now continuing those pilots moving in over the next -- the course of the next few weeks into Houston, Miami, Detroit and Seattle, both corporate stores and franchise stores. So all is going as we expected, and we're still on target for a national launch at the end of the year.

當然，也要確保人員配備正確，我們正在與 Uber 和我們的特許經營商合作來做到這一點。我們現在已經在拉斯維加斯了。我可以告訴你的是，事情正在按計劃進行。我們現在將在接下來的幾週內繼續進行試點，進入休士頓、邁阿密、底特律和西雅圖，包括企業商店和特許經營店。所以一切都按照我們的預期進行，我們仍然計劃在今年年底在全國推出。

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。

Actually a clarification and a question. I just wanted to make sure I understood that the gross opens in the U.S. are on track, the global numbers on that are more about international closures. But then the question I had was about the loyalty. You said that you're seeing more engagement. When would you expect to see the increased frequency? If you have these sort of lower frequency customers who are only coming a couple of times a year, might it take a while for you to know the impact of the change in the redemption tiers? Or is there anything you can tell us about frequency, whether it's average or the low frequency customer that you might be seeing that could give us some color as to what the impact on transactions might look like over time?

實際上是一個澄清和一個問題。我只是想確保我明白美國的開業總量是否步入正軌，全球的數字更多的是關於國際關閉的情況。但我的問題是關於忠誠度。你說你看到了更多的參與。您預計什麼時候會看到頻率增加？如果您有這類頻率較低的客戶，他們每年只來幾次，您是否需要一段時間才能知道兌換等級變動的影響？或者您可以告訴我們有關頻率的任何信息，無論是您可能會看到的平均客戶還是低頻客戶，這些都可以讓我們了解隨著時間的推移對交易的影響可能會是什麼樣子？

Sure. I'll answer both your questions. I think your first question was about closures in the U.S. In the U.S., we actually -- we closed 1 store this past quarter. And I think Sandeep talked about franchisee EBITDA. And when you think about what drives store opens, and remember, he said that we've got visibility into over 70 builds right now. So you've got visibility into builds, you've got franchisee EBITDA at $155,000. These stores, when they open, stay open. There's a lot of excitement about building stores at Domino's Pizza. We've been under 20 annual closures in the U.S. since 2017. So we have a strong U.S. pipeline and those stores stay open.

當然。我會回答你的兩個問題。我認為你的第一個問題是關於美國的關閉。在美國，我們實際上 - 我們上個季度關閉了 1 家商店。我認為桑迪普談到了特許經營商 EBITDA。當您思考是什麼推動商店開業時，請記住，他說我們現在已經了解了 70 多個版本。因此，您可以了解建置情況，特許經營商 EBITDA 為 155,000 美元。這些商店一旦開業，就會繼續營業。在達美樂披薩店開店讓人興奮不已。自 2017 年以來，我們在美國每年關閉的門市數量不到 20 家。因此，我們在美國擁有強大的通路，而且這些商店仍然營業。

On the loyalty side, what I can tell you, obviously it is really early in. But what we were looking for is lower level redemption levels amongst customers, and we're seeing that in spades. So we'll have more information longer term once we get through a couple of purchase cycles, but pretty much right away we're seeing what we wanted to see there.

在忠誠度方面，我可以告訴你，顯然現在還處於早期階段。但我們正在尋找的是客戶之間較低水平的兌換水平，我們確實看到了這一點。因此，一旦我們經歷了幾個購買週期，我們就會獲得更多長期信息，但我們很快就會看到我們想要看到的東西。

And Sara, I'll just add on, on the global net unit growth. That's really driven by the international closures that we talked about in the last call, and now we're seeing it come through in the Q3 numbers as well. And that's the big driver of the adjustment and the expectations on the '23 level.

薩拉，我只想補充一下全球淨單位成長。這實際上是由我們在上次電話會議中談到的國際關閉所推動的，現在我們也看到它在第三季的數據中得到體現。這就是調整的主要推動力和對「23」水準的期望。

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。

I wanted to ask another on the U.S. new open trajectory and maybe a little more thoughts as it relates to U.S. franchisee demand to open those stores and the expected acceleration into '24. I guess, how much of this is -- you've got some really compelling sales drivers. The top line is going to look better, the returns are going to look better. How much of it maybe is -- the staffing is in a better place than it has been over the last 12 to 18, 12 to 24 months. If you could just kind of unpack a little bit of the sort of demand shift from what we've seen maybe over the last 12-plus months to what you guys expect in '24 and beyond in the U.S., that would be great.

我想問另一個人關於美國新的開業軌蹟的問題，也許還有更多的想法，因為這與美國特許經營商開設這些商店的需求以及預計進入 24 年的加速有關。我猜想，其中有多少是——你有一些真正引人注目的銷售驅動力。收入看起來會更好，回報也會看起來更好。其中有多少可能是——人員配置比過去 12 至 18、12 至 24 個月更好。如果你能稍微了解一下美國過去 12 個多月的需求轉變以及你們對 24 年及以後的預期，那就太好了。

Yes, Dennis. Well, you've obviously done good research on the business. You hit a lot of those there. I think it's -- all those things are coming back, right? So the headwinds on opens that were there with permitting and all that, those have started to subside. Staffing is back where we needed to. I wanted to reiterate how proud I am of our system. We are back at 2019 service levels, which is -- it's a big deal, and it talks about where we've gotten our staffing to.

是的，丹尼斯。嗯，你顯然對這項業務做了很好的研究。你在那裡打了很多。我認為所有這些事情都會回來，對嗎？因此，在允許的情況下，開盤時的不利因素已經開始消退。人員配備回到了我們需要的地方。我想重申我對我們的系統感到多麼自豪。我們回到了 2019 年的服務水平，這是一件大事，它關係到我們的人員配置。

Second is -- the second big chunk is over what folks are seeing on the returns of the businesses they currently own. And as EBITDA continues to go up, if I'm a franchisee, I'd say, "Wow, EBITDA is at $155,000 right now," And that's on relatively flat sales in the U.S. And we know what's coming in the Q4 and we know it's coming with Uber in Q1. So do they. And so that there's a lot of interest to make sure that we service this volume. I think lastly, this carryout business that we're leaning into, store growth is so important, the franchisees realize that.

其次，第二大塊是人們對目前擁有的企業的回報的看法。隨著 EBITDA 繼續上升，如果我是特許經營商，我會說，“哇，EBITDA 現在為 155,000 美元”，這是在美國銷售相對平穩的情況下進行的，我們知道第四季度會發生什麼，我們知道它會在第一季與Uber 一起推出。他們也是。因此，人們對確保我們為這一卷提供服務抱有很大的興趣。我認為最後，我們正在致力於的外賣業務，商店的成長是如此重要，特許經營者意識到了這一點。

Right now, when we open a new store, even when the store is split, so when we take an existing service area and we split it, about 80% of those carryout customers are incremental. And so when you look at the headwinds that have subsided and you look into the present and the future, as the franchisees, there are a lot of reasons to build a Domino's store.

現在，當我們開一家新店時，即使商店是拆分的，所以當我們把現有的服務區域進行拆分時，大約80%的外賣客戶是增量的。因此，當你看到已經消退的逆風並展望現在和未來時，作為特許經營商，有很多理由建立達美樂商店。

And Dennis, I'll just add on something because I think we've -- in previous calls, we talked about the build costs, right? Where we expected that the build costs have gone up about 20% versus 2019. Frankly, build costs are coming in a very similar level for '23 from what we've seen so far. And look, profit has actually gone up. We updated last time to $150,000. Now it's $155,000. So obviously, returns are going to be more and more compelling given that dynamic. And frankly, with the Uber opportunity coming next year, we expect to see even more growth in '24 in terms of profitability of the stores. So appetite is very strong.

丹尼斯，我會補充一些內容，因為我認為我們在之前的電話中討論過構建成本，對吧？我們預計建造成本將比 2019 年增加了約 20%。坦白說，與我們迄今為止所看到的相比，23 年的建造成本非常相似。你看，利潤其實增加了。我們上次更新為 150,000 美元。現在是155,000美元。顯然，鑑於這種動態，回報將越來越引人注目。坦白說，隨著明年 Uber 機會的到來，我們預計 24 年門市的獲利能力將出現更多成長。所以食慾非常旺盛。

And our next question comes from the line of [Saransh Gokhale] from JPMorgan.

我們的下一個問題來自摩根大通的 [Saransh Gokhale]。

This is John Ivankoe. Hopefully, you can hear me. The question is actually on the Microsoft announcement. And I do want to put this in the context of 20-plus years of in-house point-of-sale development, a closed system. Obviously, there is significant benefits that came with this closed system but also considerable costs. So I just did want you to frame, and I think it's a 5-year agreement that I read in the release, just kind of how you see this balance changing both from a benefit side of the equation, what the franchisees are going to see, what the customer will see, what of course you will get as a company, but also the cost side of the equation if this is actually an opportunity to perhaps, on a net basis, slow some of the technology spend that Domino's has actually been famous for over the years.

這是約翰·伊凡科。希望你能聽到我的聲音。問題其實是關於微軟的公告。我確實想將其置於 20 多年內部銷售點開發（一個封閉系統）的背景下。顯然，這種封閉系統帶來了顯著的好處，但也帶來了相當大的成本。所以我只是想讓你框架一下，我認為這是我在新聞稿中讀到的一份為期5 年的協議，就像你如何看待這種平衡從等式的利益方面發生的變化，特許經營商將看到什麼，客戶會看到什麼，作為一家公司你當然會得到什麼，還有等式的成本方面，如果這實際上是一個機會，也許可以在淨基礎上減緩多米諾實際上一直在進行的一些技術支出多年來聞名。

John, that's a great point. As you look back in the history of Domino's, we certainly have built more things internally when it comes to competitive points difference. I think we've always said you can't outsource a competitive point of difference. We do outsource things that are really out there in the field that really aren't a competitive point of difference. So what have we done here in this case?

約翰，這是一個很好的觀點。當你回顧達美樂的歷史時，我們在內部確實在競爭點差方面建立了更多的東西。我想我們總是說你不能外包有競爭力的差異點。我們確實外包了該領域真正存在的東西，這些東西確實不具有競爭性差異點。那麼在這種情況下我們做了什麼？

There's going to be a competitive point of difference with generative AI solutions. And we think we've got the resources and the pizza expertise internally. What we've got with Microsoft is the best in the field externally. And so you see you take those two things together, and it's not just cost, it's also an impact. This is a journey that if we could pick anyone to do it with, we would pick Microsoft.

生成式人工智慧解決方案將會存在競爭差異點。我們認為我們內部擁有資源和披薩專業知識。我們與微軟的合作是該領域外部最好的。所以你看，你把這兩件事放在一起，這不僅是成本，也是一種影響。如果我們可以選擇任何人來完成這趟旅程，我們會選擇微軟。

And so right now, the focus is really on two areas with them: first, on transforming the consumer experience by enhancing the order process through things like personalization and simplification; and the second is streaming -- streamlining operations and quality control with some more predictive tools. So yes, this is kind of a hybrid here, best-in-class both best-in-class pizza, best-in-class AI, and our teams are very excited to work together.

因此，目前他們的重點實際上是在兩個領域：首先，透過個人化和簡化等方式增強訂單流程，從而改變消費者體驗；第二個是串流媒體——透過一些更具預測性的工具來簡化營運和品質控制。所以，是的，這是一種混合體，一流的披薩，一流的人工智慧，我們的團隊非常高興能一起工作。

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

我們的下一個問題來自 BMO 資本市場的 Andrew Strelzik。

Maybe just a broader question on the consumer and what you're seeing there and how maybe behaviors may be evolving, whether it's through delivery carryout, domestic, international. Curious what your analytics are showing you and how things are changing?

也許只是一個關於消費者的更廣泛的問題，以及你在那裡看到的情況，以及行為可能如何演變，無論是透過送貨、國內還是國際。好奇您的分析向您展示了什麼以及事情正在發生怎樣的變化？

Yes. Our approach no matter what the consumer environment is always been the same, which is to provide the best relative value for our customers. And that hasn't changed, not only in the U.S. but internationally. I'd like to point to a couple of best practices that have been exported around our boost weeks. We just had boost weeks in Mexico and Canada with television behind them, just like we do here in the States. Those are the best weeks that those countries have had. And so I think just in general customers are looking for value.

是的。無論消費環境如何，我們的方法始終是相同的，那就是為我們的客戶提供最佳的相對價值。這不僅在美國而且在國際上都沒有改變。我想指出一些在我們的提升週期間導出的最佳實踐。我們剛剛在墨西哥和加拿大度過了有電視支援的助推週，就像我們在美國所做的那樣。這是這些國家度過的最好的幾週。所以我認為一般來說客戶都在尋找價值。

Now what we're trying to do here at Domino's is position the value more than just price, and that to me is what the beauty of emergency pizza, and I want to talk about that a little bit. Essentially, what emergency pizza is, is old-school buy 1, get 1 free as a former marketer, right? But because of the tension in the world right now around the economy and things like that, people, their antennas are up. And so instead of calling it a buy 1, get 1 free, our creative marketing department decided -- or buy 1, get 1 later, which is essentially what this is, you buy pizza now, you can get your emergency pizza whenever you want over the next 30 days.

現在，我們在達美樂嘗試做的是將價值定位為不僅僅是價格，對我來說這就是緊急披薩的美妙之處，我想稍微談談這一點。從本質上講，緊急披薩是什麼，是老派的買 1 送 1 作為前行銷人員，對嗎？但由於目前世界圍繞著經濟和類似問題的緊張局勢，人們的天線豎了起來。因此，我們的創意行銷部門沒有將其稱為“買1，送1”，而是決定——或者買1，稍後送1，這本質上就是這樣，您現在購買披薩，您可以隨時獲得緊急披薩在接下來的 30 天內。

We called it emergency pizza. The mechanics are still the same, but the message is going to resonate because of the economic that you're talking about. So best-in-class value is important, but making sure we break through with not just a value message, a strong brand message is critical. And I think we're doing that.

我們稱之為緊急披薩。機制仍然是一樣的，但由於你所談論的經濟因素，這個訊息將會引起共鳴。因此，一流的價值很重要，但確保我們不僅憑藉價值訊息取得突破，強而有力的品牌訊息也至關重要。我認為我們正在這樣做。

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 Chris Carril。

So just on the outlook updates, can you expand maybe a bit more on what's driving the changes there? For retail sales, is it simply international performance to date? Or are you seeing anything in the current quarter that's leading to the update? And then on net unit growth, just to clarify, is the Russia exit not a factor in the updated unit growth outlook?

那麼，就展望更新而言，您能否進一步介紹一下推動這些變化的因素？對於零售銷售來說，這僅僅是迄今為止的國際表現嗎？或者您在當前季度是否看到了導致更新的任何內容？然後，關於淨單位成長，我想澄清一下，俄羅斯的退出不是更新單位成長前景的因素嗎？

Thanks, Chris. I'll just answer that question for you. So on the retail sales outlook, I think we're taking into consideration the 9 months, the 3 quarters in the past, plus the expectations that we have for the fourth quarter. And that's incorporated in what we're talking about. As you noted, it includes an expectation of positive comps in the United States and an expectation of strong growth in the international business as well.

謝謝，克里斯。我就簡單地回答你這個問題吧。因此，關於零售銷售前景，我認為我們正在考慮過去 9 個月、過去 3 個季度，以及我們對第四季度的預期。這已經包含在我們正在討論的內容中。正如您所指出的，它包括對美國業務積極增長的預期以及對國際業務強勁增長的預期。

So I think from a unit growth standpoint, what we have taken into consideration is the closures that have happened internationally. That's the big driver of the modification that we made over there. But overall, I think our U.S. business, as Russell talked about earlier in terms of visibility and trajectory, looks very solid. And I think the entire change in unit growth on a global level is based on the international business and the closures there.

因此，我認為從單位成長的角度來看，我們考慮的是國際上發生的關閉情況。這是我們在那裡進行修改的重要驅動力。但總的來說，我認為我們的美國業務，正如拉塞爾早些時候在可見性和發展軌跡方面談到的那樣，看起來非常穩固。我認為全球範圍內單位增長的整個變化是基於國際業務和那裡的關閉。

And let me just put maybe some perspective on those closures. The ones that -- Russia obviously were talked to ahead of time. Domino's Pizza Enterprises announced over the summer that they were going to have closures as part of kind of a short-term business adjustment on their side. And we saw those in Q2 and Q3. What Domino's Pizza Enterprises also did was they talked about that they were not going to change and they were still bullish around their long-term outlook for 2033 still at 7,100 stores.

讓我對這些關閉發表一些看法。顯然是提前與俄羅斯進行了交談。達美樂比薩企業 (Domino's Pizza Enterprises) 今年夏天宣布，他們將關閉門市，作為短期業務調整的一部分。我們在第二季和第三季看到了這些。 Domino's Pizza Enterprises 也表示，他們不會做出改變，而且仍然看好 2033 年門市數量仍將達到 7,100 家的長期前景。

So I see this as kind of both of these as onetime-ish events. You take those 2 blocks of closures out, we closed less than 15 stores in international this quarter and on -- from an opening perspective, still stayed right around the 1,000 store openings for trailing 12 months. We opened up over 1,000 in '21, over 1,000 in '22. And so that's just a little bit more color around our international store openings.

所以我認為這兩者都是一次性事件。除去這 2 個街區的關閉，本季度我們在國際上關閉了不到 15 家商店，從開業的角度來看，過去 12 個月的新開商店數量仍然保持在 1,000 家左右。我們在 21 年開設了 1,000 多家，在 22 年開設了 1,000 多家。因此，這只是為我們的國際店開幕增添了一點色彩。

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 press release, you talked about the lift from third party and loyalty hitting in 2024. I wonder about this quarter, what sort of net same-store sales impact do you expect from loyalty in 4Q, the higher orders minus perhaps higher redemptions? And come to think of it, I'm not really sure what sort of lift you're expecting from loyalty over time. I think for some reason, we were thinking something like a couple of percentage point boost from loyalty, more of like a step change, not something that ramps. And of course, the magnitude and the ramp part, I'm not really sure about either. I'm just wondering how you're thinking about magnitude and perhaps a ramp phased to loyalty.

在新聞稿中，您談到了2024 年第三方的提升和忠誠度的提升。我想知道本季度，您預計第四季度的忠誠度會對同店淨銷售產生什麼樣的影響，更高的訂單減去可能更高的兌換？想想看，我不太確定隨著時間的推移，您期望忠誠度會帶來什麼樣的提升。我認為出於某種原因，我們正在考慮忠誠度提高幾個百分點之類的事情，更像是一個階梯變化，而不是斜坡的事情。當然，幅度和斜坡部分，我也不太確定。我只是想知道您如何考慮規模以及忠誠度的逐步提升。

Yes. Thanks, David. I think both Sandeep and I will answer this one. On loyalty, loyalty is one of a few things. We've got loyalty, Pepperoni Stuffed Cheesy Bread, emergency pizza, all things that we absolutely think are going to -- know are going to affect our Q4 numbers, and we're seeing that out of the gate. The third party piece will start in Q4 in December, and that will be ramping up certainly big time next year. From a loyalty perspective, as soon as we get more information on how that is affecting the business, we'll let you know. But I can tell you, short term, folks are interacting with the loyalty program and our innovation at a higher level than I expected coming in.

是的。謝謝，大衛。我想我和桑迪普都會回答這個問題。關於忠誠度，忠誠度只是少數幾件事之一。我們有忠誠度、辣香腸夾心起司麵包、緊急披薩，所有我們絕對認為會影響我們第四季業績的事情，我們已經看到了這一點。第三方作品將於 12 月第四季開始，明年肯定會大幅成長。從忠誠度的角度來看，一旦我們獲得有關這如何影響業務的更多信息，我們就會通知您。但我可以告訴你，短期內，人們與忠誠度計畫和我們創新的互動程度比我預期的要高。

And Dave, I want to just add something to that just so you can get a sense of cadence in terms of what's been happening with the comps and what our expectations are for Q4. If you note, we actually had a reduction in the impact of pricing from the 2% roughly to a little bit under 1% in our expectations for Q4 . And this was driven really by the increased redemptions that we were seeing from loyalty, Domino's Rewards, which is great because it actually is more than offset by incremental transactions. And that is implicit in our expectations of the comps that we're talking about for the fourth quarter being positive which, if you think about it, if you have a roughly 1% impact on pricing, this implies transactions are nearly flat or better in the total business.

戴夫，我想添加一些內容，這樣您就可以了解比較情況以及我們對第四季度的期望的節奏。如果您注意到的話，我們實際上將定價的影響從我們對第四季度預期的約 2% 降低到略低於 1%。這實際上是由我們從忠誠度、多米諾獎勵中看到的兌換增加所推動的，這很棒，因為它實際上被增量交易所抵消。這隱含在我們對第四季度的比較的預期中，如果你考慮一下，如果你對定價產生大約 1% 的影響，這意味著交易幾乎持平或更好總業務。

And so this -- the good news about this is we expect this improvement in transitions to come both in delivery as well as carryout. And remember that carryout, we're lapping the Mix & Match promo pricing, which was done in October 2022. So we lose a bit of pricing over there, but we still expect to have consistent trends in the fourth quarter on carryout, too. So feeling really good about the balance of the impact of the loyalty program on Q4, and it's definitely an accelerator of transactions.

因此，關於這一點的好消息是，我們預計交付和結轉方面都會出現這種轉變的改善。請記住，對於結轉，我們正在採用 2022 年 10 月完成的 Mix & Match 促銷定價。因此，我們在那裡失去了一些定價，但我們仍然預計第四季度的結轉趨勢也將保持一致。因此，我對第四季度忠誠度計劃影響的平衡感覺非常好，它絕對是交易的加速器。

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）。

I think you commented just on food basket but is it fair to assume you've seen a couple of quarters of that being lower. And as we think about store margins and supply chain profits that, that probably continues into the fourth quarter at this point.

我認為您只是對食品籃發表了評論，但可以公平地假設您已經看到其中幾個季度的食品籃子價格下降了。當我們考慮商店利潤率和供應鏈利潤時，這種情況可能會持續到第四季。

Yes, Brian, a really good question on the food basket. I think we -- when we reported in July for the second quarter, there was so much volatility, particularly on cheese. That volatility did continue, but the trend line that we drew in the third quarter ended up still being favorable to us, as you saw and what we reported for, minus 1.7% in the basket.

是的，布萊恩，關於食品籃子的一個非常好的問題。我認為，當我們 7 月報告第二季時，波動很大，尤其是起司方面。這種波動確實在繼續，但我們在第三季度繪製的趨勢線最終仍然對我們有利，正如您所看到的和我們報告的那樣，一籃子股票下跌了 1.7%。

Things are still a bit volatile, but I think overall trends seem to be pointing to favorability. And when you think about the franchisee store profitability going from $150,000 to $155,000, a big driver of that improvement, whether improved basket, both in Q3 and perhaps a little bit of an expectation or a little bit more tailwind as we go into the fourth quarter. So that's how we see the food basket and franchisee profitability. But supply chain margins also, if food baskets ends up being deflationary in the fourth quarter, will benefit from a margin standpoint.

情況仍然有點不穩定，但我認為整體趨勢似乎指向有利的方向。當你想到特許經營店的盈利能力從150,000 美元增至155,000 美元時，這種改善的一個重要推動因素，無論是第三季度的籃子改善，還是進入第四季度時可能會有一點預期或更多的順風車。這就是我們對食品籃和加盟商獲利能力的看法。但如果第四季食品籃子最終出現通貨緊縮，供應鏈利潤率也將從利潤率角度受益。

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。

Sandeep, I was hoping you could help just with the supply chain and how we should think about that going forward. The productivity benefits continued in 3Q as you indicated in 10-Q with it still round the neighborhood of 70 basis points. And at least versus our model, it looks like the labor cost in the supply chain business were a bit higher in 3Q than they were in 2Q. Could you speak to that, the durability of that as well?

桑迪普，我希望你能在供應鏈以及我們應該如何思考未來方面提供幫助。正如您在 10 季中指出的那樣，第三季的生產力持續提升，仍在 70 個基點附近。至少與我們的模型相比，第三季供應鏈業務的勞動力成本似乎比第二季高一些。您能談談它的耐用性嗎？

Yes, Andrew. I think when we look at supply chain, you're right. The biggest driver of the margin improvement is the procurement productivity that has been there all year, and we expect that to continue into the fourth quarter as well. When we look at what happened in the third quarter, I just talked to Brian about this and we got the benefit of the food basket actually impacting margins slightly favorably.

是的，安德魯。我認為當我們審視供應鏈時，你是對的。利潤率改善的最大動力是全年的採購生產力，我們預計這種情況也將持續到第四季。當我們看看第三季發生的事情時，我剛剛與布萊恩討論了這一點，我們得到了食品籃子的好處，實際上對利潤率產生了輕微的有利影響。

There was a little bit of labor pressure, but I think a lot of that is more driven by the opening of the Indiana center that we lapped over in Q4. So overall, I think we're very happy with the trends that we're seeing in supply chain margins. And if you go back to the answer I gave to Dave on transactions, guess what that does? It's going to drive more volume through our supply chain centers and therefore drive more profit out of our supply chain centers.

有一點勞動力壓力，但我認為這很大程度上是由我們在第四季度完成的印第安納中心的開業推動的。總的來說，我認為我們對供應鏈利潤率的趨勢非常滿意。如果你回到我給戴夫的關於交易的答案，猜猜這會做什麼？它將透過我們的供應鏈中心推動更多的銷售量，從而為我們的供應鏈中心帶來更多的利潤。

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。

Russell, I appreciate your comments earlier about the importance of Domino's offering the best value to consumers. But Domino's won't be offering international deals like Mix & Match on the Uber platform. So I'm trying to understand what proposition Domino's can offer on Uber that will be as effective against the competition. And I'm also curious if you think Domino's can obtain a similar share of the 3P pizza delivery market that it has off of the 3P platform.

Russell，我很欣賞您之前關於達美樂為消費者提供最佳價值的重要性的評論。但達美樂不會在 Uber 平台上提供 Mix & Match 等國際優惠。因此，我試圖了解 Domino's 可以向 Uber 提供什麼樣的建議，從而在競爭中同樣有效。我也很好奇你是否認為達美樂可以在 3P 披薩外送市場上獲得與 3P 平台類似的份額。

Chris, great question. Let me take a step back and just make sure I talk about our strategy, both on our assets and then on Uber, and I'll get to your question. But I want you to understand kind of the broader piece here because, at the end of the day, we want to drive incrementality. And when you think about our assets, if you're a customer and you want the best prices or you want the best loyalty program, you're going to come to dominos.com.

克里斯，好問題。讓我退後一步，確保我談論了我們的策略，包括我們的資產和 Uber，然後我會回答你的問題。但我希望你能理解這裡更廣泛的部分，因為歸根結底，我們希望推動增量。當您考慮我們的資產時，如果您是客戶並且想要最優惠的價格或最好的忠誠度計劃，您就會來到 dominos.com。

There are going to be some customers, and that's why we're going into this marketplace, that are either only Uber customers or maybe have both. And because of that, what we want to make sure we're doing is price it in such a way that if we don't have consumer incrementality, we at least are positive on the margin side for our franchisees. And so while we'll have our entire menu on Uber, we'll have a slight premium to our menu price on that channel. Now menu prices at Domino's Pizza are still very competitive. And so I think within that platform, we'll be competitive.

將會有一些客戶，這就是我們進入這個市場的原因，他們要么只是 Uber 客戶，要么兩者都有。正因為如此，我們想要確保我們正在做的是以這樣一種方式定價：如果我們沒有消費者增量，我們至少在特許經營商的利潤方面是積極的。因此，雖然我們將在 Uber 上提供整個菜單，但我們會比該頻道上的菜單價格略有溢價。現在達美樂披薩的菜單價格仍然非常有競爭力。所以我認為在這個平台上，我們將具有競爭力。

The second thing that we do really well, and you see this in our digital media, the Uber marketplace is a digital platform for us. And so we've got our national advertising fund budget and all the expertise we have from being on Facebook and all the other social media platforms. We're going to bring that into Uber, and we're going to drive folks within that platform with our marketing money. If you're in that platform, we're going to drive you to Domino's, and we have a lot of expertise on how to do that.

我們做得非常好的第二件事，你可以在我們的數位媒體中看到這一點，而優步市場是我們的數位平台。因此，我們擁有國家廣告基金預算以及我們在 Facebook 和所有其他社交媒體平台上獲得的所有專業知識。我們將把它帶入優步，我們將用我們的行銷資金來推動該平台上的人們。如果您使用該平台，我們將帶您前往 Domino's，我們在如何做到這一點方面擁有豐富的專業知識。

And once you're there, relative to other menu prices that you're going to see from the competition, we'll be in a really good place. I think we'll be a value player there and will have high awareness once you're within that platform. And so absolutely, I think we can get to our fair share on that platform as well as eventually the entire marketplace for aggregators.

一旦您到達那裡，相對於您從競爭對手中看到的其他菜單價格，我們將處於非常好的位置。我認為我們將成為那裡的價值參與者，一旦您進入該平台就會具有很高的意識。因此，我認為我們絕對可以在該平台上獲得公平的份額，並最終獲得整個聚合市場。

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

我們的下一個問題來自 Stephens Inc. 的 Joshua Long。

When we think about loyalty and the opportunity for carryout to participate there, a lot of the conversation has been focused on third-party marketplace and some of the initiatives that have been put in place to unlock delivery. But can we circle back to other carryout initiatives and how you think about building that piece and if that's been a strategic point of focus in prior calls. And just so as we think back your -- think forward to 2024 and beyond, can you talk a little bit more about how you're building the awareness and scaling up the carryout side of your business as well, please.

當我們考慮忠誠度和外送參與其中的機會時，許多討論都集中在第三方市場和一些為解鎖外賣而採取的舉措上。但是我們能否回到其他結轉計劃以及您如何考慮建立該專案以及這是否是先前通話中的策略重點。正如我們回顧您的——展望 2024 年及以後，您能否多談談您如何建立意識並擴大業務的結轉方面。

Yes. No, great. Carryout is one of my favorite topics most recently, I'll just point to the 2-year 21.5% comp on the carryout business there. It's a really strong channel. Remember last time, we talked about 2 really big incremental channels of growth for Domino's Pizza, right? The first was getting our fair share of the aggregator business. That's $1 billion net of incrementality. But the second is our fair share of carryout. What's our fair share of carryout? And by the way, carryout has been our most aggressive growth over the last decade ago from a share perspective.

是的。不，太好了。結轉是我最近最喜歡的話題之一，我只想指出那裡的結轉業務 2 年 21.5% 的補償。這是一個非常強大的管道。還記得上次我們談到了達美樂披薩的兩個非常大的增量成長管道，對吧？首先是獲得我們公平的聚合業務份額。扣除增量後，淨值達 10 億美元。但第二個是我們公平份額的結轉。我們的結轉份額是多少？順便說一句，從股票的角度來看，結轉是我們過去十年來最積極的成長。

It's 1-in-3, just like we do 1-in-3 delivery, and that's like a $2 billion opportunity. And so we're going to continue to lean in. Now the nice thing is what we're seeing is the stuff that we're doing really affects both parts of our business. The more we're learning, and I think we've talked about before, that the customers are pretty separate customers. But at the end of the day, they're pizza customers. So things like Pepperoni Stuffed Cheesy Bread, things like emergency pizza are going to work across both ends. And actually, we've seen really nice redemption on emergency pizza from carryout customers, which is -- it's been surprising to me.

這是三分之一，就像我們進行三分之一交付一樣，這就像一個價值 20 億美元的機會。因此，我們將繼續努力。現在，令人高興的是我們所看到的是我們正在做的事情確實影響了我們業務的兩個部分。我們了解得越多，我想我們之前已經討論過，客戶是非常獨立的客戶。但歸根究底，他們是披薩顧客。因此，像義大利辣香腸餡起司麵包、緊急披薩這樣的東西將在兩端發揮作用。事實上，我們已經看到外送顧客對緊急披薩的兌換非常好，這讓我感到驚訝。

You'll also see us, though, continue to lean in on both the marketing and the operations piece of it, right? So the marketing, you've seen carryout tips before. I'm sure that one is going to come back. Phone ordering is really important, believe it or not. We have a large number of our customers coming in on online ordering, but we still need to make sure that the phones are there operationally. And we're answering those calls right now and about 3,000 of our stores have call centers as potential overflow. And so driving the top line, driving the marketing, driving the funnel there but also having the operational support are both things that we need to do and we will be doing.

不過，您還會看到我們繼續依靠行銷和營運部分，對吧？因此，行銷方面，您之前已經見過執行提示。我確信有人會回來。不管你信不信，電話訂購確實很重要。我們有大量客戶在線上訂購，但我們仍然需要確保電話可以正常運作。我們現在正在接聽這些電話，我們大約有 3,000 家商店設有呼叫中心，以應對可能出現的人滿為患的情況。因此，推動營收、推動行銷、推動漏斗，同時獲得營運支援都是我們需要做的事情，也是我們將會做的事情。

And our next question comes from the line of Jim Sanderson from Northcoast Research. Jim Sanderson, your phone might be on mute.

我們的下一個問題來自北海岸研究中心的吉姆·桑德森。吉姆·桑德森，你的手機可能處於靜音狀態。

Sounds like Jim is waiting for his emergency pizza. So we'll make sure we get that to them.

聽起來吉姆正在等他的緊急披薩。因此，我們將確保將其傳達給他們。

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）。

Can you share any feedback your franchisees are giving regarding their access to credit? Because with rising interest rates they've seen at their end, are there any incremental pressures outside of your control that might be slowing down the net unit growth expectations going forward? And if so, are you contemplating incremental incentive for franchisees to navigate these hard times?

您能否分享您的特許經營商就其獲得信貸的情況提供的任何反饋？因為隨著他們最終看到利率上升，是否存在您無法控制的增量壓力，可能會減緩未來淨單位成長預期？如果是這樣，您是否正在考慮為特許經營商提供增量激勵以度過這些困難時期？

Yes. Thanks for the question, Danilo. I think that's -- it's a really good question and it's a very fair point. But I think where we are with the franchisees, I'm going to start with the cash flows that the franchisees are generating. Because if you think about where we were last year at $139,000 per unit to now $155,000 and above, it is basically definitely a much significantly improved operating cash generation situation for the franchisees.

是的。謝謝你的提問，達尼洛。我認為這是一個非常好的問題，也是一個非常公平的觀點。但我認為我們與特許經營商的關係，我將從特許經營商產生的現金流開始。因為如果你想想我們去年每單位 139,000 美元到現在 155,000 美元及以上的情況，對於特許經營商來說，基本上肯定是顯著改善了運營現金生成情況。

In that backdrop, it is very fair to talk about the credit situation in the marketplace, which is definitely tighter and much more expensive. And so I think franchisees are cognizant of that. But I think as we talk to them when they look at the trajectory of the business, when they look at the opportunity for growth in the business, they definitely have a very strong appetite for unit development, as Russell talked about earlier, and I talked about on the prepared remarks.

在這種背景下，談論市場上的信貸狀況是非常公平的，市場肯定更加緊張且成本更高。所以我認為特許經營商已經意識到了這一點。但我認為，當我們與他們交談時，當他們看到業務發展軌跡時，當他們看到業務成長機會時，他們肯定對單位開發有非常強烈的興趣，正如拉塞爾之前談到的，我也談到關於準備好的發言。

And from an incentive standpoint, as a company, we've always actually worked with franchisees on incentive programs and we'll continue to do that. And so I think as we look at the opportunity for growth, it's in both our interest to look at it, and that's something that we will continue to do.

從激勵的角度來看，作為一家公司，我們實際上一直在激勵計劃上與特許經營商合作，並且我們將繼續這樣做。因此，我認為，當我們尋找成長機會時，專注於它符合我們雙方的利益，而且我們將繼續這樣做。

And I'd just say as an early indicator, if I look at what we've got in the pipeline this time this year versus this time last year, it's much more aggressive.

我只想說，作為一個早期指標，如果我看看今年這個時候我們正在醞釀的內容與去年這個時候相比，它要激進得多。

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

我們的下一個問題來自古根漢的格雷格·弗蘭克福特。

Sandeep, last quarter, you talked about some of the supply chain efficiencies you'd seen in the first half of the year. I'm wondering if -- how that's looked in the third quarter and going forward. And then can you just remind us the process of raising some of these fixed spreads on the supply chain cost. You've had mid- to high teens inflation in the last couple of years on a cumulative basis. Obviously, there's a process through which you could raise those spreads on the franchisees, the dollar spreads over time. And I'm curious how often you look at that or how that process goes on raising those. I'm just curious. Any thoughts would be helpful.

Sandeep，上個季度，您談到了今年上半年看到的一些供應鏈效率。我想知道第三季和未來的情況如何。然後您能否提醒我們提高供應鏈成本的一些固定利差的過程。過去幾年累計通貨膨脹率處於中高水準。顯然，有一個過程可以提高特許經營商的價差，隨著時間的推移，美元價差會增加。我很好奇你多久看一次這個問題，或是這個過程如何繼續問這些問題。我只是好奇。任何想法都會有幫助。

Thanks, Greg. Really good question. I think from a supply chain profit standpoint, we've -- as we've talked about all year, we've had procurement productivity benefits, right? And that predominantly is food. And it actually ties back to you the last part of your question, which is how do we take a look at adjusting the margins that we basically are taking on, what we're serving on to the franchisees. And so I think a lot of this benefit is flowing through our P&L, clearly, when we talk about the procurement productivity.

謝謝，格雷格。真是個好問題。我認為從供應鏈利潤的角度來看，正如我們全年討論的那樣，我們已經獲得了採購生產力的優勢，對嗎？這主要是食物。它實際上與您問題的最後一部分聯繫在一起，即我們如何考慮調整我們基本上承擔的利潤，以及我們為特許經營商提供的服務。因此，我認為，當我們談論採購生產力時，很明顯，許多這種好處都流經了我們的損益表。

We'll continue to optimize around this. But I think what has really been great is with the adjustment of volume that has actually happened in the last couple of years leading up into this year, the supply chain flow-through has become much tighter as we've actually gotten adjusted to the lower level of volumes. All that's about to change because I think we've reset capacity to be able to deal with volume growth that is expected to come but with a much, much leaner operating model and a much more efficient operating model.

我們將繼續圍繞這一點進行優化。但我認為真正偉大的是，隨著過去幾年到今年實際發生的數量調整，供應鏈流通變得更加緊張，因為我們實際上已經調整到了較低的水平音量水平。所有這一切都將發生變化，因為我認為我們已經重新調整了產能，以便能夠應對預計將出現的銷售成長，但營運模式要精簡得多，效率也要高得多。

So from a profitability standpoint, we continue to expect to see improvements, not massive improvements but improvements. The big focus should be profit dollar growth from a supply chain standpoint with transaction growth. That's coming in the fourth quarter and beyond.

因此，從獲利能力的角度來看，我們繼續期望看到改進，不是大規模改進，而是改進。從供應鏈的角度來看，重點應該是利潤的成長和交易的成長。這將在第四季度及以後發生。

And our next question comes from the line of Steven Gojak from Cleveland Research.

我們的下一個問題來自克利夫蘭研究中心的 Steven Gojak。

More of a near-term question, but it does look like you ran a boost week or at least a 50% off offer that first week of October. And it looked like it was outside of the normal pre-COVID cadence you had for those sets of promotions. Just curious on the strategy and timing of what looks to be an incremental boost week promotion and particularly doing that the week ahead of the emergency pizza deal. And then how much does that play into the positive fourth quarter outlook that you've laid out earlier in the call?

更多的是一個近期問題，但看起來你確實在 10 月的第一周進行了促銷週或至少 50% 的折扣。看起來這超出了新冠疫情前這些促銷活動的正常節奏。只是對看似增量促銷週促銷的策略和時機感到好奇，特別是在緊急披薩交易前一周進行。那麼，這對您在電話會議早些時候提出的第四季度積極前景有何影響？

Yes, Steven, we don't -- we will not be doing another boost week this quarter. Our cadence is to do it quarterly. Obviously, we'd like to keep you guys on your toes, so that's why we've done a -- we -- maybe we do like to keep you on your toes. But we pick strategic time periods in which to do with it. Obviously, we talk about a stepped-up fourth quarter and so getting this up early, I think, makes a lot of sense.

是的，史蒂文，我們不會－本季我們不會再進行一週的提振活動。我們的節奏是每季進行一次。顯然，我們想讓你們保持警惕，所以這就是為什麼我們做了——我們——也許我們確實想讓你們保持警惕。但我們會選擇策略性的時間段來處理它。顯然，我們談論的是第四季度的升級，因此我認為儘早開始這一點很有意義。

I also want to make sure that when we talk about promotional cadence that I touch on, I know this wasn't a direct question but I know a lot of you have these questions about our product innovation. And I just want to make sure you understand that we're leaning into that again. If you look at our product innovation this year, we've had 2 major launches. The last time we had 2 major launches was 2011. And interestingly enough, 1 of those 2 launches was Stuffed Cheesy Bread. And so how fitting is it that we've got Pepperoni Stuffed Cheesy now in the marketplace.

我還想確保，當我們談論我提到的促銷節奏時，我知道這不是一個直接的問題，但我知道你們很多人對我們的產品創新有這些疑問。我只是想確保你明白我們正在再次傾向於這一點。如果你看看我們今年的產品創新，你會發現我們推出了兩次主要產品。上一次我們推出兩次主要產品是在 2011 年。有趣的是，這兩次產品中的一次是夾餡起司麵包。因此，我們現在在市場上推出義大利辣香腸夾心起司是多麼合適啊。

And we're really -- and we're doing that purposely because we're seeing a change in the dynamic. If we look back several years and you think about Domino's, we didn't do a lot of product innovation. We did a lot of technology innovation. We built delivery vehicles, all of those kinds of things that we're going to continue to do that. But we're realizing we need to do more of now is lean into product innovation. And I'll use Stuffed Cheesy Bread as an example of how it's really, really working well for us. So we've got platforms. Like I said, we launched Stuffed Cheesy Bread in 2011. We launched sandwiches in 2008. We launched pastas in 2009.

我們確實是——而且我們是故意這樣做的，因為我們看到了動態的變化。如果我們回顧幾年，你會想到達美樂，我們並沒有進行很多產品創新。我們做了很多技術創新。我們建造了運載工具，我們將繼續這樣做。但我們意識到我們現在需要做更多的事情是致力於產品創新。我將以填充起司麵包為例來說明它如何真正非常適合我們。所以我們有平台。就像我說的，我們在 2011 年推出了夾心起司麵包。我們在 2008 年推出了三明治。我們在 2009 年推出了義大利麵。

A lot of people don't know that we've got these platforms. Even though they're pretty robust mix, there are a lot of people out there that don't know we have them. And so what do we do with Stuffed Cheese Bread? We launched a new SKU. Believe it or not, we are selling more Pepperoni Stuffed Cheesy Breads now than we are base regular Stuffed Cheesy Breads. I have -- I have been doing innovation most of my professional career, and I've never seen a line extension outperform the base.

很多人不知道我們有這些平台。儘管它們是相當強大的組合，但仍有許多人不知道我們擁有它們。那我們用夾心起司麵包做什麼呢？我們推出了新的 SKU。不管你相信與否，我們現在銷售的義大利辣香腸夾心起司麵包比我們的普通普通夾心起司麵包還要多。我職業生涯的大部分時間都在進行創新，我從未見過任何產品線的延伸表現優於基礎產品。

So one, when you do product innovation like this, you get sales on the new product. Two, is you bring awareness back to these great platforms that we have. And then third, what we're doing with the launch is we're leveraging our loyalty program. And so normally, stuffed cheesy bread is a 40-point redemption. In this case, for a limited time, we're doing 20 points. And so you see about how we're working all of these things together is not a one trick pony. There are kind of 3 levers going on at one time. I just want to make sure folks on the call know we're going to continue to lean into all types of innovation, including product.

因此，當你進行這樣的產品創新時，你就會獲得新產品的銷售。第二，是你讓人們重新認識到我們擁有的這些偉大的平台。第三，我們在發佈時所做的是利用我們的忠誠度計畫。所以通常情況下，夾餡起司麵包是40點兌換的。在本例中，我們在有限的時間內做了 20 點。所以你會看到我們如何將所有這些事情一起工作並不是一勞永逸的事情。有 3 個槓桿同時發生。我只是想確保電話中的人們知道我們將繼續致力於所有類型的創新，包括產品。

Our next question comes from the line of Nick Setyan from Wedbush.

我們的下一個問題來自 Wedbush 的 Nick Setyan。

Just a question on how you're thinking about company margins over the medium to longer term, and obviously, pre-COVID over 20% company margins. Just given all of the changes going forward in terms of loyalty, third-party delivery post 2, 3 years of inflation, pricing now seems like it's going to be pretty close to flat. How should we think about company-owned margins not only in Q4 but 2024 and beyond?

只是一個關於您如何看待中長期公司利潤率的問題，顯然，在新冠疫情之前，公司利潤率超過 20%。考慮到在 2、3 年通貨膨脹後，忠誠度、第三方交付等方面發生的所有變化，現在的定價似乎將非常接近持平。我們該如何思考第四季以及 2024 年及以後的公司自有利潤率？

So Nick, I think it's a really good question. And if you look at company margins in the third quarter, we expanded basis points, I think, in gross margins. And that was on the back of, I think, a 270 basis points improvement in Q2. So we continue to look at margin expansion in company store margins, and I do acknowledge that it's definitely our peak levels. But there are a number of initiatives that we have been taking as we've been going along.

尼克，我認為這是一個非常好的問題。如果你看看第三季的公司利潤率，我認為我們在毛利率方面擴大了基點。我認為這是第二季 270 個基點改善的結果。因此，我們繼續關注公司商店利潤率的擴張，我承認這絕對是我們的最高水準。但我們一直在採取一些措施。

Obviously, from a pricing standpoint, we talked about being late to take pricing a little bit, but I think that's -- all of that is actually caught up with us. And I think the other thing we've actually been doing is looking at the cost structure within the P&L, and that is being optimized as well. But overall, the big driver of further improvement in terms of profitability is going to be transaction growth.

顯然，從定價的角度來看，我們談到了定價有點晚了，但我認為——所有這些實際上都跟上了我們的步伐。我認為我們實際上一直在做的另一件事是研究損益表中的成本結構，並且也在優化。但總體而言，獲利能力進一步改善的主要動力將是交易成長。

I talked about transaction growth earlier, which is going to impact the fourth quarter. It's going to impact next year even more. And I think when you see that, we're going to be able to leverage the fixed cost and the P&L a lot better on the company store margins, and we'll make the march towards where peak margins used to be over time.

我之前談到了交易成長，這將影響第四季。明年的影響會更大。我認為，當你看到這一點時，我們將能夠更好地利用固定成本和損益表來提高公司商店的利潤率，並且隨著時間的推移，我們將朝著利潤率峰值的方向邁進。

Yes. I think the way I look at it is we are going into 2024 with an improved operating model, both for DPZ and our franchisees. As I said earlier, what we had talked about where we thought Q3 would land and it's kind of landed where we expected. Think about that foundation now of this business, right? In a quarter that was essentially flat in the U.S. business, margins improved and the franchisee profit has improved. And so you take that and you bring in the orders that we expect both in Q4 but especially in 2024, that just leverages really, really nice. And so the foundation of Domino's is ready to be leveraged.

是的。我認為，我的看法是，進入 2024 年，我們將為 DPZ 和我們的特許經營商帶來改進的營運模式。正如我之前所說，我們已經討論過我們認為第三季會實現什麼目標，而它也達到了我們的預期。現在想想這個行業的基礎吧？在美國業務基本持平的一個季度中，利潤率有所改善，特許經營商利潤也有所改善。因此，你接受了這一點，並帶來了我們預期在第四季度，尤其是 2024 年的訂單，這真的非常非常好。因此，多米諾骨牌的基礎已經準備好發揮作用了。

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

我們的下一個問題來自貝爾德 (Baird) 的大衛·塔倫蒂諾 (David Tarantino)。

I had a question on pricing and value. And I guess, one part of it is, I was wondering how you and your franchisees are approaching pricing as you think about 2024. And then the second part of the question is with this emergency pizza promotion, it does seem like maybe you're leaning a bit more towards value-oriented into promotions even outside of the rewards program. So I guess, are you thinking about leaning in more frequently on value promotions like the one you're running or -- as you think about 2024.

我有一個關於定價和價值的問題。我想，其中一部分是，我想知道您和您的特許經營商在考慮 2024 年時如何制定定價。問題的第二部分是這次緊急披薩促銷，看起來您確實可能是即使在獎勵計劃之外，促銷活動也更傾向於以價值為導向。所以我想，您是否正在考慮更頻繁地進行價值促銷活動，例如您正在進行的促銷活動，或者——正如您對 2024 年的看法一樣。

Yes. I think really the -- when you think about 2024, you should think about the actions we've taken over the last couple of years, which includes the pricing we took on our Mix & Match. And while we're always going to look at pricing and if there are ways to optimize it, I think it's reflective in the franchisee EBITDA that the pricing we took last year was the right thing to do. And it's something that, again as reflected in their EBITDA, is something that we continue to do next year. I'm so excited about pricing.

是的。我認為，當您考慮 2024 年時，您應該考慮我們在過去幾年中採取的行動，其中包括我們對 Mix & Match 採取的定價。雖然我們總是會關注定價以及是否有辦法優化它，但我認為特許經營商的 EBITDA 反映出我們去年採取的定價是正確的做法。正如他們的 EBITDA 所反映的那樣，這是我們明年繼續做的事情。我對定價感到非常興奮。

Even through these tougher economic times, again, we'll look at things if we need to change it. But I feel pretty bullish that this level of pricing is actually going to just be more of a relative value for customers as we get into next year.

即使在經濟困難時期，我們也會考慮是否需要改變它。但我非常樂觀地認為，隨著明年的到來，這種定價水平實際上對客戶來說將更具相對價值。

As far as emergency pizza, look, we always -- there's always advertising we do and always has a promotional price or some kind of promotional effort. Again, I'm really excited about the kind of feedback we're hearing both from you and from customers because the takeaway is, wow, this is a lot of value. And it is a lot of value but it's no more value than we've traditionally done in prior promotion. What it means, and kudos to our marketing department, is these ideas are breaking through.

至於緊急披薩，你看，我們總是——我們總是做廣告，並且總是有促銷價格或某種促銷活動。再說一遍，我對從您和客戶那裡聽到的反饋感到非常興奮，因為我們得出的結論是，哇，這很有價值。它有很多價值，但並不比我們傳統上在先前的促銷中所做的更有價值。這意味著這些想法正在取得突破，這對我們的行銷部門來說是值得讚揚的。

And this will be our final question for today, comes from the line of Jeffrey Bernstein from Barclays.

這將是我們今天的最後一個問題，來自巴克萊銀行的傑弗裡·伯恩斯坦。

Russell, just wondering if you could talk a little bit about the broader pizza segment. It does seem like over the past year, we were talking a lot about maybe customer fatigue post-COVID and the consumers keen to get out again. I'm just wondering if you could talk about where you think we are in that spectrum, maybe the current category performance versus Domino's. And if you could just remind us, looking back to past slowdowns, the performance of delivery versus carryout in prior downturns. I think most investors are expecting maybe a consumer slowdown going into '24. So I'm just wondering how your 2 components of your business have historically performed in that type of environment.

拉塞爾，只是想知道您是否可以談談更廣泛的披薩細分市場。在過去的一年裡，我們似乎確實談論了很多關於新冠疫​​情後的客戶疲勞以及消費者渴望再次出門的問題。我只是想知道您是否可以談談您認為我們在這個範圍內的位置，也許是當前類別的表現與多米諾骨牌的比較。請您提醒我們，回顧過去的經濟放緩，看看之前經濟低迷時期交貨與結轉的表現。我認為大多數投資者預計 24 世紀消費者可能會放緩。所以我只是想知道你們的業務的兩個組成部分在這種環境下的歷史表現如何。

Yes, sure. Let me first talk about the pizza segment. And historically, it's been a 1, 1.5-point growth category. I don't expect that to change significantly. What's been great about Domino's Pizza is when you look at that category, we've been able to, by far, grow the biggest share amongst that. And so I think the growth of the category is going to continue.

是的，當然。先說披薩環節。從歷史上看，它是一個 1、1.5 點的成長類別。我預計這種情況不會有重大改變。達美樂比薩的偉大之處在於，當您查看該類別時，我們已經能夠迄今為止在其中增長最大的份額。因此，我認為該類別的成長將繼續下去。

What's nice when you think about the pizza category is 40-plus percent of it, a little more in carryout than delivery, is on regionals and independents, folks who really don't have the scale in advertising or supply chain or store growth or advertising spending that we do. And so if that pizza carryout growth kind of continues at where it is, then there's no reason that we can't continue to lean in and gain share. It's -- we've done it before and we'll do it again.

值得一提的是，披薩類別中 40% 以上的比例（外賣比送貨多一點）是區域性和獨立性的，這些人在廣告、供應鏈、商店增長或廣告方面確實沒有規模。我們所做的支出。因此，如果披薩外送的成長繼續保持在目前的水平，那麼我們沒有理由不能繼續傾斜並獲得份額。我們以前做過，而且還會再做一次。

As far as downturn, I mean, the last big downturn, I remember coming out of, it was 2009 when we launched our new inspired pizza. And obviously, you saw what came out of that, which is growth both in the carryout and delivery standpoint, I think we're going to continue to see what we've been seeing and we've been talking about, folks down switching into the pizza category, down switching into value. This is going to happen, I think, a lot more in carryout than the delivery because delivery will also have some health switching, right?

就經濟低迷而言，我記得上次經濟低迷是在 2009 年，當時我們推出了新的靈感披薩。顯然，你看到了由此產生的結果，即結轉和交付的增長，我認為我們將繼續看到我們所看到的和我們一直在談論的，人們正在轉向披薩品類，向下切換成價值。我認為，這種情況在外賣中會比在送貨上發生更多，因為送貨也會有一些健康切換，對嗎？

Delivery, there's delivery fees. There are tips. There are things that caused that channel to be a little bit more expensive. So I think we will see down switching to both, probably a little more out switching to eating at home for delivery. But the beauty for us is while that's happening, we're opening up to the Uber platform. And that platform has customers that are higher income customers in delivery. And so if there is a slowdown in that, we're now opening ourselves to a platform that really has a little bit more elasticity in that place. So no matter what the economics look like next year, I think both on the carryout and the delivery business, we're going to be in a really good place.

送貨，有送貨費。有提示。有些因素導致該頻道的價格稍微貴一些。因此，我認為我們會看到兩種方式的轉變，可能會更多地轉向在家吃外賣。但對我們來說，美妙之處在於，在這一切發生的同時，我們正在向 Uber 平台開放。該平台的客戶是送貨收入較高的客戶。因此，如果這方面出現放緩，我們現在將向一個在該方面真正具有更多彈性的平台開放。因此，無論明年的經濟狀況如何，我認為在外賣和送貨業務方面，我們都將處於非常好的位置。

Thank you. This does conclude the question-and-answer session of today's program. I'd like to hand the program back to Russell 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以供進一步評論。

Well, we appreciate talking to everybody today, and we look forward to seeing you at our Investor Day, either live or via video, on December 7. Looking forward to it. Take care.

好吧，我們很高興今天與大家交談，我們期待在 12 月 7 日的投資者日現場或透過視訊見到您。期待。小心。

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。這確實結束了該程式。您現在可以斷開連線。再會。