達美樂 (DPZ) 2023 Q4 法說會逐字稿

Thank you for standing by, and welcome to Domino's Pizza's Fourth Quarter 2023 Earnings Conference Call. (Operator Instructions) As a reminder, today's program is being recorded. And now I'd like to introduce your host for today's program, Greg Lemenchick, Vice President, Investor Relations. Please go ahead, sir.

感謝您的耐心等待，歡迎參加 Domino's Pizza 2023 年第四季財報電話會議。 （操作員指示）提醒一下，今天的節目正在錄製中。現在我想介紹一下今天節目的主持人，投資者關係副總裁 Greg Lemenchick。請繼續，先生。

Good morning, everyone. Thank you for joining us today for our fourth quarter conference call. Today's call will begin with our Chief Executive Officer, Russell Weiner; followed by our Chief Financial Officer, Sandeep Reddy. The call will conclude with a Q&A session. The forward-looking statements in this morning's earnings release and 10-K both of which are available on our IR website, also apply to our comments on the call today. Actual results or trends could differ materially from our forecast.

大家，早安。感謝您今天參加我們的第四季電話會議。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)。電話會議將以問答環節結束。今天早上的收益報告和 10-K 中的前瞻性陳述均可在我們的 IR 網站上找到，也適用於我們今天對電話會議的評論。實際結果或趨勢可能與我們的預測有重大差異。

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. This morning's conference call is being webcast and is also being recorded for replay via our website. We want to do our best this morning to accommodate as many of your questions as time permits. As such, we encourage you to ask one question only. With that, I'd like to turn the call over to Russell.

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。今天早上的電話會議正在網路上直播，並透過我們的網站進行錄製並重播。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。因此，我們鼓勵您只問一個問題。說到這裡，我想把電話轉給拉塞爾。

Thanks, Greg. I thought you were going to sing the opening as we discussed, but I guess we'll let that path today. Welcome to your first call here on Domino's, and good morning to everyone joining us. Our strong Q4 demonstrated that our hungry for more strategy is already delivering results. Our positive U.S. same-store sales and transaction growth in both delivery and carryout underscore the strength and momentum that we're building in our business.

謝謝，格雷格。我以為你會像我們討論的那樣唱開場曲，但我想我們今天就這樣。歡迎您第一次致電多米諾骨牌，祝所有加入我們的人早安。我們強勁的第四季度表明，我們對更多戰略的渴望已經取得了成果。我們在美國的同店銷售以及送貨和結轉交易的積極成長突顯了我們在業務中建立的實力和勢頭。

These results and the initiatives that I'll cover today give me confidence in Domino's ability to continue to drive meaningful value for shareholders. We're excited to share an update on the business through the lens of our Hungary for MORE strategy. Now as a reminder, Hungry for MORE is our new strategy around what we're going to do to deliver over the course of the next 5 years, more sales, more stores and more profits.

這些結果和我今天要介紹的舉措讓我對多米諾有能力繼續為股東帶來有意義的價值充滿信心。我們很高興透過匈牙利的 MORE 策略分享業務的最新動態。現在提醒一下，「渴望更多」是我們的新策略，圍繞著我們將在未來 5 年內實現更多銷售額、更多商店和更多利潤的目標。

We're going to accomplish this through our 4 more pillars, M-O-R-E, that I'll share a brief update on. Let's start with M. M is for the Most Delicious Food. And we know we have the most delicious food in the industry, but you know what, it's time to talk about it more. It's time to show it more, and we're already doing that. We're currently on air with pan pizza advertising for the first time since 2014. We call Pan Pizza, our best kept secret. It's time to change that. Pan Pizza is a delicious product made with fresh never frozen dough. It also showcases the variety of crust we have to offer. You're probably also noticing a shift in our advertising as we're beginning to romance the product or to showcase the deliciousness of our food you can expect this to continue throughout the year.

我們將透過另外 4 個支柱 M-O-R-E 來實現這一目標，我將分享對此的簡短更新。讓我們從 M 開始。M 代表最美味的食物。我們知道我們擁有業內最美味的食物，但您知道嗎，是時候更多地談論它了。是時候更多地展示它了，我們已經在這樣做了。目前，我們自 2014 年以來首次播出平底披薩廣告。我們稱平底披薩為我們最保守的秘密。是時候改變這一點了。平底披薩是一種美味的產品，由新鮮且從未冷凍的麵團製成。它還展示了我們提供的各種外殼。您可能也注意到我們的廣告發生了變化，因為我們開始浪漫地展示產品或展示我們食物的美味，您可以預期這種情況將持續一整年。

The O in Hungry for MORE stands for Operational Excellence, and this is how we're going to deliver on our promise to have the most delicious food. By consistently driving a great experience with our products. As we've noted before, we made meaningful strides operationally in 2023 with our Summer of Service program, which has resulted in service times being back to pre-COVID levels. But we're never satisfied, and we want to continue to get better, our operators and our franchisees, we are Hungry for MORE.

Hungry 中的 O 代表“更多”，代表卓越運營，這就是我們兌現提供最美味食物的承諾的方式。透過我們的產品不斷推動卓越的體驗。正如我們之前指出的，我們在 2023 年透過夏季服務計畫在營運方面取得了有意義的進展，使服務時間恢復到了新冠疫情之前的水平。但我們永遠不會滿足，我們希望繼續變得更好，我們的運營商和特許經營商，我們渴望更多。

In 2024, we're rolling out a new service program. We're calling that More Delicious Operations. This program will be a series of 3 product training sprints focused on our dough, how we build and make our products and how we cook them. All of this is being done with a keen focus on driving more consistency in our food by providing the proper teaching, tools and processes for our team members to succeed. Our third pillar is R for Renowned Value. We've always been known as a premier value player, and we believe this can continue to be a differentiator for us in '24, through our improved loyalty program, our national promotions, and our rollout on Uber.

2024 年，我們將推出新的服務計畫。我們稱之為「更美味的操作」。該計劃將是一系列 3 個產品培訓衝刺，重點關注我們的麵團、我們如何建造和製造我們的產品以及我們如何烹飪它們。所有這一切都是為了透過為我們的團隊成員提供適當的教學、工具和流程來取得成功，從而提高我們食品的一致性。我們的第三個支柱是 R（Renknown Value）。我們一直被稱為首要價值參與者，我們相信，透過我們改進的忠誠度計劃、我們的全國促銷活動以及我們在 Uber 上的推出，這可以繼續成為我們在 24 年的差異化因素。

Domino's Rewards is off to a great start and was a key driver of our strong comp performance in the fourth quarter, when we saw positive sales and transactions in both our U.S. delivery and carryout businesses. We've also seen the following: an uptick in active members.

達美樂獎勵有了一個良好的開端，是我們第四季度強勁業績的關鍵驅動力，當時我們在美國的送貨和外賣業務都實現了積極的銷售和交易。我們也看到以下情況：活躍會員人數增加。

We are up 3 million active members in 2023 with 2 million-plus since our relaunch in September. Domino's Rewards ended the year with approximately 33 million active members. A big driver of the increase in active members as well as the early success of the program was our Emergency Pizza Promotion, which was an innovative marketing initiative that drove increased order counts and acquisition of customers into Domino's Rewards. We're seeing more redemptions than ever before, and we're seeing them at those lower tiers that we implemented. And we know that this program has driven incremental profit dollars for our franchisees. So customers are getting more and franchisees have earned more profits. Truly a win-win.

到 2023 年，我們的活躍會員數量將增加 300 萬，自 9 月重新推出以來，活躍會員數量已超過 200 萬。截至年底，Domino's Rewards 擁有約 3,300 萬活躍會員。活躍會員增加以及該計劃早期成功的一個重要推動因素是我們的緊急披薩促銷，這是一項創新的營銷舉措，推動了訂單數量的增加和達美樂獎勵的客戶獲取。我們看到比以往任何時候都更多的兌換，並且我們在我們實施的較低級別看到它們。我們知道，該計劃為我們的特許經營商帶來了增量利潤。因此，客戶得到了更多，加盟商也獲得了更多的利潤。真正實現雙贏。

Finally, we're seeing more care users and light users in the program than we were prior to the relaunch. So Domino's Rewards is working as we intended. National promotions will be another way that will drive renowned value in '24. And right now, we're on air with our perfect combo promotion. We believe this is the best deal in the QSR industry to feed the family, and it highlights the depth we have in our menu. We also brought back our carryout special boost week in January for the first time since January 2020. And this performance exceeded my expectations. Clearly, customers want value, and we are driving it profitably for our franchisees.

最後，與重新啟動之前相比，我們在該計劃中看到了更多的護理用戶和輕度用戶。因此，Domino's Rewards 正在按我們的預期運行。全國促銷將是在 24 年推動聲譽價值的另一種方式。現在，我們正在播出完美的組合促銷活動。我們相信這是 QSR 行業中養家糊口的最佳交易，它凸顯了我們菜單的深度。我們也自 2020 年 1 月以來首次在 1 月恢復了結轉特別提振週。這一表現超出了我的預期。顯然，客戶想要價值，而我們正在為我們的特許經營商帶來利潤。

While providing value through our own channels is one part of our Barbell strategy, tapping into the aggregator marketplace is the other. We're very excited about this new sales layer, which we believe is a different and largely incremental customer that we had not been able to reach in the past. Our entrance into this marketplace with Uber is on track as we are now fully rolled out across our U.S. system. We've gone live with the marketing and formally kicked off our 1-year exclusivity period in Q1. Sales are building in line with increased marketing, which has been great to see and we expect those orders to continue to grow throughout the year. Sandeep will share more about our sales expectations in 2024 for Uber in his comments.

雖然透過我們自己的管道提供價值是我們槓鈴策略的一部分，但進入聚合器市場是另一部分。我們對這個新的銷售層感到非常興奮，我們相信這是一個不同的、很大程度上是增量的客戶，是我們過去無法接觸到的。我們與 Uber 一起進入這個市場已經步入正軌，因為我們現在已經在我們的美國系統中全面推廣。我們已經開始進行行銷，並在第一季正式開始我們的一年獨家經營期。銷售額隨著行銷的增加而不斷增長，這是令人高興的，我們預計這些訂單將在全年繼續增長。 Sandeep 將在評論中更多地分享我們對 Uber 2024 年的銷售預期。

Now everything we do at Domino's is enhanced by our best-in-class franchisees, the E in our Hungry for MORE strategy. In 2023, we continue to enhance our U.S. franchisee base by adding more than 60 new franchisees to the system, the most in 15 years. Every one of these new franchisees started with Domino's either as a delivery driver or from within our system. This remains the secret sauce to our success. We ended 2023 slightly ahead of our expectations on U.S. store growth and profits, adding 168 net new stores and finishing the year with estimated average franchisee profitability per store of $162,000. This highlights the momentum we expect to continue into 2024.

現在，我們在 Domino's 所做的一切都得到了我們一流的特許經營商的增強，即我們「Hungry for MORE」策略中的「E」。 2023 年，我們將在系統中增加 60 多家新加盟商，這是 15 年來最多的，從而繼續增強我們的美國加盟商基礎。這些新加盟商中的每一位都是從多米諾開始時擔任送貨司機或從我們的系統內部開始的。這仍然是我們成功的秘訣。 2023 年末，我們略高於我們對美國門市成長和利潤的預期，淨新增 168 家門市，預計每家門市的平均加盟商獲利能力為 162,000 美元。這凸顯了我們預計將持續到 2024 年的勢頭。

I couldn't be more excited about 2024 and beyond for Domino's Pizza. Our foundation has never been stronger and our vision has never been greater. We made a ton of progress in 2023 and our strong start to '24 gives me confidence in our ability to win with customers and drive return for Domino's franchisees and shareholders.

我對 2024 年及以後的 Domino's Pizza 感到非常興奮。我們的基礎從未如此堅固，我們的願景從未如此偉大。我們在 2023 年取得了巨大進步，24 年的強勁開局讓我對我們贏得客戶並為多米諾特許經營商和股東帶來回報的能力充滿信心。

Now with that, I'll turn things over to Sandeep.

現在，我將把事情交給桑迪普。

Thank you, Russell. And good morning, everyone. As a reminder, in the third quarter, we closed the remaining 143 stores in the Russia market. The 2023 global retail sales growth measures exclude the Russia market and are calculated as a growth in retail sales, excluding the retail sales from the Russian market from both 2023 retail sales and the 2022 retail sales pace.

謝謝你，拉塞爾。大家早安。提醒一下，第三季我們關閉了俄羅斯市場剩餘的 143 家門市。 2023年全球零售額成長指標不包括俄羅斯市場，計算為零售額成長，2023年零售額和2022年零售額成長率均不包括來自俄羅斯市場的零售額。

Now for our fourth quarter financial results. Excluding the impact of foreign currency, global retail sales grew 4.9% due to positive U.S. comps and global net store growth. U.S. retail sales increased 4.5% and international retail sales, excluding the impact of foreign currency, grew 5.2%. During Q4, same-store sales for the U.S. business saw an increase of 2.8%. As Russell noted earlier, our strong comps in the quarter were driven by both delivery and carryout as they were up 2% and 3.9%, respectively.

現在是我們第四季的財務業績。剔除外匯影響，全球零售額成長 4.9%，得益於美國的積極業績和全球淨商店成長。美國零售額成長 4.5%，國際零售額（剔除外匯影響）成長 5.2%。第四季度，美國業務的同店銷售額成長了 2.8%。正如拉塞爾早些時候指出的那樣，我們本季強勁的業績受到交付和結轉的推動，分別增長了 2% 和 3.9%。

For the year, delivery represented 48% of our transactions and 58% of our sales, while carryout represented 52% of our transactions and 42% of our sales. The weight of sales and transactions shifted slightly more to carryout in 2023. The increase in U.S. Q4 same-store sales was driven by transaction growth from our new loyalty program, inclusive of a benefit from Emergency Pizza, pricing of approximately 1% and a 0.4% sales mix from Uber. It will take us some time to determine just how much of that Uber mix is incremental. So more to come on that as we move through 2024 and into 2025. These tailwinds were partially offset by a slightly lower average ticket that was the result of higher carryout mix.

今年，交貨占我們交易的 48% 和銷售額的 58%，結轉占我們交易的 52% 和銷售額的 42%。 2023 年，銷售和交易的權重稍微更多地轉向結轉。美國第四季度同店銷售額的增長是由我們新的忠誠度計劃的交易增長推動的，其中包括緊急披薩的福利，定價約為1 % 和0.4 Uber 的銷售組合百分比。我們需要一些時間來確定 Uber 的組合中有多少是漸進式的。因此，隨著 2024 年和 2025 年的到來，還會出現更多這種情況。這些有利因素被結轉組合增加導致平均票價略低所部分抵消。

Shifting to unit count. We added 92 net new stores in the U.S., bringing our U.S. system store count to 6854 stores at the end of the year. For the year, we added 168 net new stores, which was a strong increase over the 126 net stores we opened in 2022. U.S. company-owned store gross margin decreased 1.6 percentage points in the fourth quarter of 2023. Excluding the impact from higher insurance costs and an increase in our loyalty liability, due to the change in point structure following the relaunch of the Domino's Rewards program, margins would have expanded slightly. Domino's unit economics remained strong with continued EBITDA growth for our U.S. franchisees. We are expecting that our average franchisee profitability per store will come in at $162,000 in 2023, up $23,000 from the prior year.

轉向單位計數。我們在美國淨增 92 家新店，使我們的美國系統門市數量在年底達到 6854 家。今年，我們淨增了 168 家新店，比 2022 年淨開店 126 家成長強勁。2023 年第四季美國公司自營店毛利率下降 1.6 個百分點。不包括保費上漲的影響成本和忠誠度責任的增加，由於重新啟動達美樂獎勵計劃後積分結構發生變化，利潤率將略有增加。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 2023 年每家加盟商的平均獲利能力將達到 162,000 美元，比前一年增加 23,000 美元。

Shifting to international. Same-store sales, excluding foreign currency impact, increased 0.1%. The deceleration from the third quarter is being driven primarily by pressures in Europe and geopolitical tensions in the Middle East. Please note that the Middle East represents a relatively small portion of our profits at less than 3% of our operating income. Our international store count increased by 302 net stores in the fourth quarter. For the year, our net store growth in international was 702 units, excluding the Russia closures. In total for the year, we grew 870 net stores across the globe. Income from operations increased $8.4 million or 3.4% in the fourth quarter. Excluding the impact of the $21.2 million prior refranchising gain that we are lapping, income from operations would have been up approximately 13% in the fourth quarter and up approximately 10% for the full year.

轉向國際化。排除外匯影響，同店銷售額成長 0.1%。第三季的減速主要是由歐洲的壓力和中東的地緣政治緊張局勢所推動的。請注意，中東地區在我們利潤中所佔的比例相對較小，不到營業收入的 3%。第四季度，我們的國際門市數量淨增加 302 家。今年，我們的國際門市淨增長量為 702 家，不包括俄羅斯關閉的門市。今年我們在全球總共增加了 870 家網路商店。第四季營運收入增加 840 萬美元，成長 3.4%。排除我們正在研究的 2,120 萬美元先前再特許收益的影響，第四季度的營運收入將增長約 13%，全年將增長約 10%。

Now turning to our 2024 outlook, which remains in line with what we shared at Investor Day in December. Our guidance calls for the following in 2024. 7% or more of global retail sales growth excluding the impact of foreign currency. We are expecting our 2024 U.S. comp to be above the 3% long-term guide as a result of our expected outsized catalysts in Uber and loyalty. As we have communicated previously, we expect our sales with Uber to increase throughout the year as marketing and awareness increases, and we are expecting to exit the year with an overall sales mix of 3% or more. We expect sales with Uber to start ramping up after Q1, which will have only a partial tailwind from marketing.

現在轉向我們的 2024 年展望，該展望與我們在 12 月投資者日分享的內容保持一致。我們的指導要求在 2024 年實現以下目標：排除外匯影響，全球零售額成長 7% 或以上。由於我們預計 Uber 和忠誠度將產生巨大的催化劑，我們預計 2024 年美國公司的成長率將高於 3% 的長期指引。正如我們之前所傳達的，隨著行銷和認知度的提高，我們預計 Uber 的銷售額將全年增加，並且我們預計今年的整體銷售額將達到 3% 或更高。我們預計優步的銷售額將在第一季後開始上升，而行銷只會帶來部分推動力。

In the U.S., we are planning for a modest price increase in the low single digits. This is inclusive of California, where we're expecting to take pricing above that to offset the wage impacts from AB 1228. We expect our international comps to remain soft in the first half of the year, due to a continuation of the trends we saw in the fourth quarter but expect them to accelerate to our 3% or more long-term guidance to the back half of the year.

在美國，我們計劃將價格小幅上調至低個位數。這包括加州，我們預計該地區的定價將高於該價格，以抵消 AB 1228 對工資的影響。由於我們所看到的趨勢的延續，我們預計今年上半年我們的國際比較將保持疲軟在第四季度，但預計下半年將加速達到我們3% 或更多的長期指引。

Now shifting to net stores, where we are expecting 1,100 or more, which will be driven by 175 in the U.S. and 925 international. There was a meaningful uptick in our U.S. net store growth in the fourth quarter, which was slightly ahead of our expectations, and the pipeline continues to build. We are expecting net unit growth in the U.S. to be relatively flat to 2023 in the first half of the year and to accelerate slightly in the back half based on current visibility.

現在轉向網店，我們預計網店數量將達到 1,100 家或更多，其中美國 175 家和國際 925 家將推動這一增長。第四季我們的美國淨商店成長顯著上升，略高於我們的預期，通路仍在繼續建設。我們預計，到 2023 年上半年，美國的淨銷售成長將相對持平，而根據目前的情況，下半年將略有加速。

Internationally, we are expecting to increase net store growth each quarter over the prior year as we lap the onetime closures we had in 2023 and to step up significantly in the back half of the year. As previously communicated, we are expecting slightly less than half of our growth to come from China and India. On profits, we are expecting an 8% or more year-over-year increase in operating income excluding the impact of foreign currency. We do not expect the impact of foreign currency to have a material impact in 2024 based on current FX rates.

在國際上，隨著我們結束 2023 年的一次性關閉，我們預計每季的淨商店成長將比上一年增加，並在今年下半年大幅成長。正如之前所傳達的，我們預計略低於一半的成長將來自中國和印度。利潤方面，剔除匯率影響，我們預期營業收入年增8%或以上。根據目前的匯率，我們預期外幣的影響不會在 2024 年產生重大影響。

A few additional points of color on some of the profit components. We are expecting our food basket to be up 1% to 3%. This has been driven by continued moderation on cheese prices. From (inaudible) perspective, we expect the Q1 food basket to be deflationary as we lap the only quarter from 2023 when the basket increased, followed by moderate increases for the remainder of 2024. We are expecting our supply chain margins to be roughly flat for the year, barring any unforeseen shifts in the food baskets. We are expecting an increase in year-over-year supply chain margins in Q1, due to the expected negative food basket, followed by a slight moderation for the balance of the year.

關於某些利潤成分的一些額外的顏色點。我們預計我們的食品籃子將成長 1% 至 3%。這是由於起司價格持續放緩所致。從（聽不清楚）的角度來看，我們預計第一季的食品籃子將出現通貨緊縮，因為我們經歷了2023 年以來唯一一個季度食品籃子增加的情況，隨後在2024 年剩餘時間裡將適度增加。我們預計我們的供應鏈利潤率將大致持平今年，除非食品籃出現任何不可預見的變化。由於食品籃子預期為負，我們預計第一季供應鏈利潤率將年增，隨後今年剩餘時間將略有放緩。

We expect supply chain margin dollars to grow in line with transaction growth throughout the year. We are estimating double (inaudible) rate inflation across the system, inclusive of California, will be in the mid-single digits, and this has been primarily driven by minimum wage increases. We are expecting our G&A as a percentage of retail sales to be approximately 2.4%, which is in line with 2023. We also wanted to provide an update on our technology fee for 2024. In Q2 2023, we increased this fee to $0.395 and temporarily lowered our advertising fund contribution percentage by 0.25% to 5.75% for a 12-month period.

我們預計全年供應鏈利潤率將隨著交易成長而成長。我們估計，包括加州在內的整個系統的雙倍（聽不清楚）通貨膨脹率將達到中個位數，這主要是由最低工資上漲所推動的。我們預計G&A 佔零售額的百分比約為2.4%，與2023 年的情況一致。我們還希望提供2024 年技術費用的最新資訊。在2023 年第二季度，我們將此費用提高到0.395 美元，並暫時提高了將我們的廣告基金貢獻百分比在 12 個月內降低 0.25% 至 5.75%。

Starting at the beginning of Q2 2024 we are lowering the technology fee to $0.355 and increasing the ad fund back to 6%. As previously communicated, we are expecting operating income margins to be relatively flat compared to 2023. We do not expect to see cost leverage in 2024, due to investments we are making in consumer technology, store technology and supply chain capacity to support future sales growth in the U.S.

從 2024 年第二季初開始，我們將技術費降低至 0.355 美元，並將廣告基金增加至 6%。如同先前所傳達的，我們預期營業利潤率與2023 年相比將相對持平。我們預計2024 年不會出現成本槓桿，因為我們正在對消費者技術、商店技術和供應鏈能力進行投資，以支持未來的銷售成長在美國。

We are expecting Q1 margin expansion, due to lower inflationary pressures as previously noted on our food basket. And we are expecting the Q2 margin rate to be down because of the timing of G&A spend, which will be partially driven by our Worldwide Rally, a gathering of our U.S. and international franchisees that takes place every 2 years. We expect margins in the back half of the year to be flat. As I conclude, I wanted to note that we announced a 25% increase in our dividend and increased our share repurchase authorization by $1 billion. All of this is being done in line with our capital deployment priorities.

我們預計第一季利潤率將擴大，因為通膨壓力較低，正如我們之前在食品籃中指出的那樣。我們預計第二季的利潤率將下降，因為一般管理費用支出的時間安排，這將部分受到我們的全球集會的推動，全球集會是我們的美國和國際特許經營商每兩年舉行一次的聚會。我們預計今年下半年的利潤率將持平。最後，我想指出的是，我們宣布將股息增加 25%，並將股票回購授權增加 10 億美元。所有這些都是根據我們的資本部署優先事項進行的。

Thank you. We will now open the line for questions.

謝謝。我們現在將開通提問熱線。

(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）。

Clearly, your underlying core business is showing very nice signs of improvement, positive traffic in both the carryout business and delivery business prior to any Uber benefits. And I understand improvements in the core business can continue moving forward, maybe even perhaps accelerate and they remain important. But now you are fully rolled out with Uber. And our conversations with the investment community suggests the expectations for Uber mix currently is still relatively low. Maybe that 1% to 1.5% range. And you talked about getting to 3% by the end of the year. So can you talk about how this improvement should unfold as the year unfolds? And maybe unpack the marketing that's getting turned on. How is that bolstering your expectations for where the Uber mix will go?

顯然，您的基礎核心業務正在顯示出非常好的改善跡象，在優步受益之前，外送業務和外送業務的流量都呈現積極成長。我知道核心業務的改進可以繼續前進，甚至可能加速，而且它們仍然很重要。但現在 Uber 已全面推出。我們與投資界的對話表明，目前對 Uber 組合的期望仍然相對較低。也許是 1% 到 1.5% 的範圍。您談到到年底要達到 3%。那麼您能談談隨著時間的推移，這種改進應該如何展開嗎？也許還可以解開正在啟動的行銷活動。這如何增強您對 Uber 組合未來走向的期待？

Brian, let me talk a little bit about what we're seeing as far as the cadence of the flow of orders from Uber. Sandeep talked about the 0.4 in Q4, and we're seeing a meaningful uptick in Q1, we just turned the marketing on and so it's essentially -- (inaudible) -- same with Uber. So essentially, what we expect to see as awareness grows, is that percent of sales grow, and we feel like we're still on line for the 3% exit rate that we spoke about.

Brian，讓我談談我們所看到的 Uber 訂單流的節奏。 Sandeep 談到了第四季度的 0.4，我們在第一季看到了有意義的上升，我們剛剛開啟了行銷，所以它本質上 - （聽不清楚） - 與 Uber 相同。因此，從本質上講，隨著意識的提高，我們期望看到的是銷售百分比的增長，而且我們感覺我們仍然可以達到我們所說的 3% 的退出率。

And our next question comes from the line of Lauren Silberman from Deutsche Bank.

我們的下一個問題來自德意志銀行的勞倫西爾伯曼。

I wanted to ask about value in January around the Weeklong Carryout promo, which I haven't seen before. Can you talk about the rationale behind that? Any commentary on how you saw that perform? And to the extent that you're willing to talk about January, just given a little bit of noise across the industry? And then more broadly, how you're thinking about value and any incremental value offers through '24.

我想問一月份關於每週結轉促銷活動的價值，這是我以前從未見過的。您能談談這背後的理由嗎？您對它的表現有什麼評論嗎？考慮到整個行業的一些噪音，您是否願意談論一月？然後更廣泛地說，您如何看待價值以及 24 世紀之前提供的任何增量價值。

Lauren, when you think about our Hungry for MORE strategy, renowned value is a big piece of it. And the carryout special isn't something new. It's something we brought back. I think the last time we ran it was 2020. And frankly, that's going to be part of our portfolio moving forward as well as 50% off as well as our mix and match deal. Value is a key component not only price but value from a loyalty standpoint and value in the aggregator space. So yes, the Weeklong Carryout wasn't anything new, but what I will tell you, it performed extraordinarily well. I'm really happy with the way it went.

勞倫，當您考慮我們的「渴望更多」策略時，知名價值是其中的重要組成部分。外送特價並不是什麼新鮮事。這是我們帶回來的東西。我想我們上次運行它是 2020 年。坦白說，這將成為我們未來投資組合的一部分，以及 50% 的折扣以及我們的混合搭配交易。價值不僅是價格的關鍵組成部分，而且是從忠誠度角度來看的價值以及聚合器領域的價值。所以，是的，為期一周的結轉並不是什麼新鮮事，但我要告訴你的是，它的表現非常好。我對事情的進展感到非常滿意。

Our next question comes from the lot. Gregory Francfort from Guggenheim.

我們的下一個問題來自於很多。古根漢的格雷戈里·弗蘭克福特。

Just looking at the unit growth this quarter. The domestic side, really strong pickup in terms of openings, international, maybe a little bit on the softer side. As you guys look out to next few year, can you maybe talk about your confidence in that accelerating on a global basis next year? And then maybe what that looks like from a domestic and international standpoint?

只看本季的單位成長。國內方面，在空缺方面確實強勁回升，而國際方面，可能有點疲軟。當你們展望未來幾年時，您能否談談你們對明年全球加速成長的信心？那麼從國內和國際的角度來看，情況會是什麼樣子呢？

Yes. We still feel really strongly about the guidance we gave, the 1,100-plus stores and 5,500 over the next 5 years. I mean you saw some really nice momentum at the end of the year in the U.S. in 2023. We expect to see more at the end of the year in 2024. Internationally, I think we've got a lot of closures behind us. That was probably one of the things that was driving down the number this year. But those closures really focused on 3 areas. Domino's Pizza Enterprises, and they talked about their number, Russia and Brazil. Those 3 were over 80% of our closures and no other market closed more than 5 stores. And so as we look forward, we feel really confident about openings. And I'm sure someone will ask a little bit later, but when you look at the profitability of our U.S. franchisees, you look at the fact that for the -- we had more new franchisees in 2023 than we have in the last 15 years. They're bullish about Domino's Pizza, and they're spending their money that way.

是的。我們仍然對我們給予的指導、未來 5 年的 1,100 多家商店和 5,500 家商店有強烈的感覺。我的意思是，在 2023 年底，您在美國看到了一些非常好的勢頭。我們預計在 2024 年底會看到更多。在國際上，我認為我們已經關閉了許多工廠。這可能是今年導致這一數字下降的原因之一。但這些關閉實際上集中在三個領域。達美樂比薩企業，他們談到了他們的數字：俄羅斯和巴西。這 3 家門市占我們關閉門市數量的 80% 以上，沒有其他市場關閉的門市超過 5 家。因此，當我們展望未來時，我們對空缺充滿信心。我相信稍後有人會問，但是當您查看我們美國特許經營商的盈利能力時，您會看到這樣一個事實：2023 年我們擁有的新特許經營商比過去 15 年還要多。他們看好達美樂比薩餅，並且以這種方式花錢。

And Greg, I'm just going to add something in terms of the international store openings in particular. I think we provided some milestones to say that every quarter, we're expecting to actually grow against last year as we lap the closures and that significantly accelerate more in the back half of the year. So very confident in where we are with store openings international. And we've been talking to our master franchisees and have good visibility to our expectations there.

格雷格，我只想補充一些關於國際商店開業的內容。我認為我們提供了一些里程碑，表明每個季度，隨著關閉的結束，我們預計會比去年實際成長，並且在今年下半年會顯著加速。對於我們在國際上開設新店的情況非常有信心。我們一直在與我們的主要特許經營商交談，並且對我們的期望有很好的了解。

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。

Russell, within guidance for outsized U.S. '24 same-store sales, can you talk about your expectations for core traffic growth? Or what 2024 same-store sales will look like when you exclude the 3% mix for mover and the low single-digit pricing? What I'm trying to get at is that do you believe similar to 4Q that you can drive positive carryout and delivery transactions, excluding the impact of Uber?

Russell，在美國 24 年同店銷售規模龐大的指導下，您能談談您對核心流量成長的預期嗎？或者，當您排除 3% 的搬運運費組合和較低的個位數定價時，2024 年同店銷售額會是什麼樣子？我想了解的是，您是否相信與 4Q 類似，您可以推動積極的結轉和交付交易，排除 Uber 的影響？

Yes. Andrew, absolutely. When I think about 2023, it was kind of a tale of 2 stories for us. The first part of the year was all about addressing the base and fixing things like delivery times and getting delivery times back to where they needed to be and getting franchisee profitability back where it needed to be. So that in Q4, we were able to really lean into the Hungry for MORE strategy. And you saw it all in action. Most delicious food with innovation. You saw a renowned value from a promotional standpoint with loyalty. And so all of those things are going to be able to continue throughout 2024 with this improved base that we've got. So yes, I expect both carryout and delivery orders to be positive.

是的。安德魯，絕對是。當我想到 2023 年時，這對我們來說就像是兩個故事的故事。今年上半年的重點是解決基礎問題，解決交貨時間等問題，使交貨時間恢復到所需的水平，並使加盟商的盈利能力恢復到所需的水平。因此，在第四季度，我們能夠真正採用「Hungry for MORE」策略。你親眼目睹了這一切的實際發生。最美味的食物與創新。從促銷角度和忠誠度來看，您看到了著名的價值。因此，憑藉我們現有的改進基礎，所有這些事情都將能夠持續到 2024 年。所以，是的，我預計結轉訂單和交貨訂單都是正面的。

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 of the color on the loyalty program. Wondering if you could just talk a little more about loyalty in the U.S. and sort of expectations for the program looking ahead. I think recently, you've kind of talked about that as being the biggest contributor to U.S. same-store sales growth this year. Curious if that expectation still holds.

感謝忠誠度計劃中的所有色彩。想知道您是否可以多談談美國的忠誠度以及對該計劃未來的期望。我想最近，您談到這是今年美國同店銷售成長的最大貢獻者。很好奇這種期望是否仍然成立。

Yes, Dennis. The loyalty program was just off to -- it's off to a great start. I'll just repeat numbers that we had in the opening remarks because I just like them so much. We added 3 million folks last year, 2 million of them came with a new program. And so it's important to know because I'll talk about Emergency Pizza in a second and the effect on loyalty there. But the loyalty program out of the gate before even Emergency Pizza was doing exactly what we needed it to do, which was engage lower-frequency users, engage carryout users. Then we brought in this powerhouse of Emergency Pizza that continue to inflect those numbers.

是的，丹尼斯。忠誠度計畫剛剛啟動——這是一個好的開始。我將重複我們在開場白中提到的數字，因為我非常喜歡它們。去年我們增加了 300 萬人，其中 200 萬人帶來了新計畫。因此，了解這一點很重要，因為我稍後將討論緊急披薩及其對忠誠度的影響。但在緊急披薩之前推出的忠誠度計畫正是我們需要它做的，也就是吸引低頻用戶，吸引外送用戶。然後我們引入了緊急披薩這個強大的力量，繼續改變這些數字。

And we have ideas like that in the future that we'll be able to drive. There will be advantages and there are advantages to be in a Domino's Rewards customer. I'll give you a little bit more color about the users. It's doing exactly what we thought it would which is driving frequency, especially among the lower frequency customers. As I said before, also the carryout customers. And even though we have these lower tier levels, we're down to 2 purchases, now can get you a free item. Because of the food cost at these various tiers, it's actually positive for the franchisees. So really as I said, a win-win, a better program that's more engaging to customers and more profitable for our franchisees.

我們有這樣的想法，將來我們將能夠推動這些想法。成為 Domino's Rewards 客戶將會有很多好處。我會給你更多關於用戶的資訊。它所做的正是我們所想像的，即提高了頻率，特別是在頻率較低的客戶身上。正如我之前所說，還有外送客戶。儘管我們的等級較低，但我們的購買次數已減少到 2 次，現在您可以獲得一件免費物品。由於這些不同層次的食品成本，這實際上對特許經營者來說是積極的。正如我所說，這是一個雙贏、更好的計劃，對客戶更具吸引力，並為我們的特許經營商帶來更多利潤。

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

請稍等一下我們的下一個問題。我們的下一個問題來自 Evercore ISI 的 David Palmer。

I'm getting some feedback as I'm asking, so I'll try to get through this. Wanted to ask you about a couple of profit drivers for this upcoming year, that being company-owned stores and supply chain. And the company store line is probably the only area of the P&L that was slightly disappointing on the quarter. But for the year, it looked like the company stores' profitability was down maybe 10%. And your franchisees did a lot better than that. They were up double digits this last year. So any sort of call outs you would make in the quarter and for the year. And more importantly, how are you thinking about margins for company stores long term? They had been as high as 23.5% or so. Consensus for '24 is more like 18%. So I'm just wondering how you're thinking about company operated and then supply chain. Any comments there? Obviously, very strong on the supply chain in the fourth quarter. How you're thinking for '24.

我收到了一些回饋，所以我會盡力解決這個問題。想問您有關即將到來的一年的幾個利潤驅動因素，即公司自營商店和供應鏈。公司商店系列可能是本季損益表中唯一略顯令人失望的領域。但今年以來，公司門市的獲利能力似乎下降了 10% 左右。而你的加盟商做得比這好得多。去年它們的成長率達到了兩位數。因此，您將在本季度和本年度做出任何類型的呼籲。更重要的是，您如何考慮公司商店的長期利潤？他們的比例高達23.5%左右。 '24 的共識更像是 18%。所以我只是想知道您如何看待公司營運和供應鏈。有什麼意見嗎？顯然，第四季供應鏈非常強勁。你對 24 歲的想法如何。

Thanks for the question, David. So I think on the company stores in the prepared remarks, I actually called out a couple of impacts in the fourth quarter that actually impacted our margins. One of them really was insurance costs. And the other one was the accrual because of the points that actually got generated with the new loyalty program. And I think when you take out those 2 impacts, our margins, that should be expanded.

謝謝你的提問，大衛。因此，我認為在準備好的發言中，我實際上指出了第四季度的一些影響，這些影響實際上影響了我們的利潤率。其中之一確實是保險費用。另一個是應計積分，因為新的忠誠度計劃實際上產生了積分。我認為，當你除去這兩個影響時，我們的利潤率應該會擴大。

So the good thing about this is, I think the loyalty program has worked extremely well from a transaction perspective for company stores. And we expect this to be significantly driving profit dollars, and we expect to revert to margin expansion in 2024. And frankly, I think we expect to continue to build on our margins as we move forward even beyond 2024. And then I would go to the supply chain profit.

因此，這樣做的好處是，我認為從公司商店的交易角度來看，忠誠度計劃非常有效。我們預計這將顯著推動利潤成長，我們預計將在 2024 年恢復利潤率擴張。坦白說，我認為我們預計在 2024 年之後繼續擴大利潤率。然後我會去供應鏈利潤。

We're really happy about our supply chain profitability that we generated in the fourth quarter. A big driver of supply chain profitability all year was the productivity improvements that we saw specifically driven by procurement and in food cost. And I think that was a big element of what we saw. As we pivot to 2024, the expectation on supply chain is it's going to be supply chain profit dollars because it's going to be driven by our transaction growth. And as Russell talked about earlier, we're expecting to see transaction growth before and after the impact of Uber. And all of that is going to fly through the supply chain P&L and expect that to actually drive significant profit dollar growth for the Supply Chain business.

我們對第四季產生的供應鏈獲利能力感到非常高興。全年供應鏈獲利能力的一個重要推動因素是生產力的提高，我們看到採購和食品成本特別推動了生產力的提高。我認為這是我們所看到的一個重要因素。當我們轉向 2024 年時，對供應鏈的預期將是供應鏈利潤美元，因為它將由我們的交易成長推動。正如拉塞爾早些時候談到的，我們預計在優步影響之前和之後都會看到交易增長。所有這些都將貫穿供應鏈損益表，並預計這將真正推動供應鏈業務的利潤顯著增長。

Yes, I'd just add those same transactions also add up to allow fees, online ordering fees as well, yes.

是的，我只是添加那些相同的交易也加起來允許費用，在線訂購費用，是的。

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

請稍等一下我們的下一個問題。我們的下一個問題來自貝爾德 (Baird) 的大衛·塔倫蒂諾 (David Tarantino)。

Very nice to see the order counts in both delivery and carryout, but I wanted to ask specifically about the Emergency Pizza promotion and whether you could try to frame up how much of a lift that might have cause for the transaction growth. And I know there's a component about customer acquisition in there. So just wanting to sort of get a sense of how you're thinking about the trend coming out of that promotion, which ended, I think, recently?

很高興看到送貨和外賣的訂單數量，但我想具體詢問緊急披薩促銷活動，以及您是否可以嘗試確定可能導致交易增長的提升幅度。我知道其中有一個關於客戶獲取的部分。所以只是想了解您如何看待這次促銷活動所帶來的趨勢，我認為該促銷活動最近結束了？

David, I'll start. Maybe Sandeep, you can give some color to this one, too. Emergency Pizza was a resounding success. It really was. And when I look back and just, again, giving complements to our marketing team, this is your traditional buy one, get one free, that has been marketed in such a way that it really breakthroughs. We've done buy one, get one free before they've done nothing like this. And when I think about emergency pizza, what I like is not only what it did to order count, it also drove people into the loyalty program because you need to be a loyalty member in order to get your Emergency Pizza. I think last, we have a new thing in our arsenal now. Boost weeks have worked really well for us. We've got this Emergency Pizza piece now, and I expect this is ownable from our perspective. And so this is something we'll be able to use in the future as well. Sandeep, if you want to add some color?

大衛，我要開始了。也許桑迪普，你也可以為這個添加一些顏色。緊急披薩取得了巨大成功。確實如此。當我回顧過去，再次補充我們的行銷團隊時，這是傳統的買一送一，它的行銷方式確實取得了突破。在他們沒有做這樣的事情之前，我們已經買一送一了。當我想到緊急披薩時，我喜歡的不僅僅是它對訂單數量的影響，它還促使人們加入忠誠度計劃，因為你需要成為忠誠度會員才能獲得緊急披薩。我想最後，我們的武器庫裡現在有新東西了。強化週對我們來說非常有效。我們現在已經有了這塊緊急披薩，我希望從我們的角度來看這是可以擁有的。所以這也是我們將來也可以使用的。 Sandeep，你想添加一些顏色嗎？

Yes. I think Russell is exactly right. And I think the thing about what's happening with Emergency Pizza, it's a brilliant marketing innovation from our marketing team. But I think the broader construct of it is thinking about Domino's Rewards against the loyalty program. And that essentially creates a key platform to our third pillar renowned value. So at the beginning of the quarter in the fourth quarter, we had Pepperoni Stuffed Cheesy Bread, which was a special offer that was actually being connected to the loyalty program.

是的。我認為拉塞爾是完全正確的。我認為緊急披薩所發生的事情是我們行銷團隊的一項出色的行銷創新。但我認為更廣泛的結構是考慮多米諾獎勵與忠誠度計劃。這實質上為我們的第三支柱知名價值創建了一個關鍵平台。因此，在第四季度初，我們推出了義大利辣香腸夾餡起司麵包，這是一項特別優惠，實際上與忠誠度計劃相關。

Then after that, we've got Emergency Pizza and there's a number of different promotions that we can continue to bring along on to Domino's Rewards. So the driver rather than looking at Emergency Pizza by itself, is really Domino's Rewards, and how much this can drive and transaction growth for us. This is a significant pillar of how we're going to drive transaction growth in 2024, both in delivery as well as carryout.

之後，我們有緊急披薩，還有許多不同的促銷活動，我們可以繼續在達美樂獎勵中提供這些促銷活動。因此，驅動因素不是緊急披薩本身，而是達美樂獎勵，以及這可以在多大程度上推動我們的交易成長。這是我們推動 2024 年交付和結轉交易成長的重要支柱。

Yes, that was a big learning from us for the first loyalty program we had. With Piece of the Pie Rewards we advertised on TV, "Hey, we have a rewards program." And what we learned over time is actually the best way to tell people the Ever Rewards Program is have a really compelling promotion, whether it's a new product or something like Emergency Pizza that the only way you can get it is if you sign up for the program. And once you sign up for the program, you're in this flywheel of frequency driving point levels that we've never had before. And so I think Emergency Pizza was a highlight. But as Sandeep talked about, that type of mechanism driving people into the loyalty flywheel is something we're going to continue to -- a play we'll continue to run.

是的，對於我們的第一個忠誠度計劃來說，這是我們學到的一個重要教訓。我們透過“小菜一碟獎勵”在電視上做廣告，“嘿，我們有一個獎勵計劃。” And what we learned over time is actually the best way to tell people the Ever Rewards Program is have a really compelling promotion, whether it's a new product or something like Emergency Pizza that the only way you can get it is if you sign up for the程式.一旦您註冊了該計劃，您就處於我們以前從未有過的頻率驅動點水平飛輪中。所以我認為緊急披薩是一個亮點。但正如桑迪普所說，這種驅使人們進入忠誠飛輪的機制是我們將繼續做的事情——我們將繼續玩這個遊戲。

One moment for our next question. And our next question comes from the line of John Ivankoe from JPMorgan. John, you might have your phone on mute.

請稍等一下我們的下一個問題。我們的下一個問題來自摩根大通的約翰·伊万科。約翰，你的手機可能已設為靜音。

Apologize. Can you hear me now?

道歉。你聽得到我嗎？

Yes.

是的。

Okay. Perfect. All right. You're on speaker, but all right, this will work. At first, in terms of the some of the slowdown that we saw the brand saw in Continental Europe. Were there any learning lessons that you could apply there, perhaps as Europe potentially being as a leading indicator to the U.S. of how you could get in front of an economic changes, that would actually allow the perform -- the brand to perform better in the U.S. than perhaps it has in Europe, at least in the last quarter is the first good question. And then secondly, obviously, there's no direct P&L impact in advertising allocation. But there is a direct P&L impact in terms of the online ordering fee. In terms of reducing that online ordering fee or cutting it, at least, marginally relative to what it was in '23. I mean what was the reasoning behind that? Was that really franchise driven? Obviously, the economics at the franchise level would suggest that they could bear that higher fee, but I just wanted to have a sense of why you felt that, that reduction was necessary to make?

好的。完美的。好的。你正在使用揚聲器，但是好吧，這會起作用的。首先，就我們看到品牌在歐洲大陸看到的一些放緩而言。是否有任何可以應用的學習經驗，也許歐洲有可能成為美國的領先指標，告訴你如何應對經濟變化，這實際上會讓品牌在這個領域表現得更好。美國的情況可能比歐洲好，至少在上個季度是這樣，這是第一個好問題。其次，顯然，廣告分配對損益並沒有直接影響。但線上訂購費用會對損益產生直接影響。就降低線上訂購費或削減它而言，至少相對於 23 年略有下降。我的意思是這背後的原因是什麼？這真的是特許經營驅動的嗎？顯然，特許經營層面的經濟學表明他們可以承擔更高的費用，但我只是想知道為什麼你認為有必要減少費用？

John, I'll take the first question, maybe Sandeep will take the second one. Our European business is really strong, and we believe some of the pressures we're seeing there are generally transitory in nature. If you listen to the call from DPE, Domino's Pizza Enterprises, our master franchisee over several markets, but especially France. There have been some challenges there, and that's one of our larger markets in Europe. We're partnering closely with them right now on those challenges. What I'd point to for DPE in general, there are green shoots in a lot of the markets where they're really leaning in on. And so for example, Australia, New Zealand, the numbers there are fantastic. And one of the reasons why is they're leaning into the M, the Most Delicious Food part of Hungry for MORE. I mean I don't think anyone is doing it better than they are right now. They give a little insight into Japan into the first kind of 6, 7 weeks of the second half and how that seems to have turned a corner. Germany is positive. So we're working on France together, and that's certainly a business that needs to turn.

約翰，我會回答第一個問題，也許桑迪普會回答第二個問題。我們的歐洲業務非常強勁，我們相信我們看到的一些壓力本質上是暫時的。如果您聽到 DPE（達美樂比薩企業）的電話，它是我們在多個市場（尤其是法國）的主要特許經營商。那裡存在一些挑戰，這是我們在歐洲較大的市場之一。我們現在正在與他們密切合作應對這些挑戰。我想說的是，對於 DPE 來說，總體而言，他們真正依賴的許多市場都出現了萌芽。例如，澳洲、紐西蘭，那裡的數字非常驚人。原因之一是他們傾向於 M，也就是《Hungry for MORE》中最美味的食物部分。我的意思是，我認為沒有人比現在做得更好。他們讓我們對日本下半場第 6、7 週的情況有了一些了解，以及這似乎是如何扭轉局面的。德國態度積極。因此，我們正在共同致力於法國，這無疑是一項需要轉變的業務。

Yes. And I'll just finish off on what Russell just said. And if you remember what I talked about in the prepared remarks, we expect to see pressure in the first half of the year on the international business. But exactly why we expect to see an improvement at the back half is because of all the more initiatives. Australia is one example. But taking those learnings and applying them across the international markets should enable us to offset any other headwinds that we have as we go into the back to our long-term guidance.

是的。我將結束拉塞爾剛才所說的話。如果你還記得我在準備好的發言中談到的內容，我們預計今年上半年國際業務將面臨壓力。但確切地說，我們期望看到後半段有所改善是因為有更多的措施。澳洲就是一個例子。但是，吸取這些經驗教訓並將其應用到國際市場應該使我們能夠抵消我們在回歸長期指導時遇到的任何其他阻力。

And then specifically to your question on the advertising fund and the online fee. Now let's go back to about a year ago. And I think about a year ago, where we were was franchisee profitability was not in the best place. We had come off a big decline in franchisee profits in '22. And we saw an opportunity because of the buildup in the reserves of the ad fund to essentially take a 25 basis point 12-month hiatus from the advertising fund contributions. But we did want to continue investing in our technology solutions. And so we did take up the technology fee by $0.08.

然後具體回答你關於廣告基金和線上費用的問題。現在讓我們回到大約一年前。我認為大約一年前，我們的加盟商獲利能力並不是最好的。 22 年我們的特許經營利潤大幅下降。由於廣告基金儲備的積累，我們看到了一個機會，可以在 12 個月內暫停廣告基金捐款 25 個基點。但我們確實想繼續投資我們的技術解決方案。所以我們確實收取了 0.08 美元的技術費。

View that as a temporary increase and kind of an offset between the ad fund contribution and the technology fee. Now that we've actually come to the point where we think it needs -- it's time to restore the ad under 6%, we have actually adjusted the technology fee to $0.355. Another way to look at it is we actually went up from $0.315 to $0.355. And if you look back at our history, we've consistently increased our technology fee because we're making investments on technology for our franchisees, which drives the flywheel of their growth and eventually drives global retail sales and our royalty dollars as well. And so that is the rationale. I think where we are, all of this is included in the $170,000 or more in franchisee EBITDA that we're expecting for 2024, and we feel very good about it.

將此視為臨時增加，是廣告基金貢獻和技術費用之間的一種抵銷。現在我們實際上已經達到了我們認為需要的程度 - 是時候將廣告恢復到 6% 以下了，我們實際上已將技術費用調整為 0.355 美元。另一種看待它的方式是，我們實際上從 0.315 美元上漲到 0.355 美元。如果你回顧我們的歷史，我們會不斷增加我們的技術費用，因為我們正在為我們的特許經營商進行技術投資，這推動了他們的成長，並最終推動了全球零售銷售和我們的特許權使用費。這就是理由。我認為我們現在的情況是，所有這些都包含在我們預計 2024 年 17 萬美元或更多的特許經營商 EBITDA 中，我們對此感覺非常好。

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

請稍等一下我們的下一個問題。我們的下一個問題來自 Stifel 的 Chris O'Cull。

Sandy, could you break down how much of the $23 million of the year-over-year supply chain profit dollar growth came from the productivity improvement versus the volume growth? And do you expect any productivity improvements to continue in that segment into '24?

Sandy，您能否詳細說明一下，供應鏈利潤年增 2,300 萬美元，其中有多少來自生產率的提高，而銷量的增長則來自於此？您預計 24 世紀該領域的生產力會持續提高嗎？

Thanks, Chris. Thanks for the question. a significant portion of the profit dollar growth that we saw in '23 came from the productivity improvement that we saw. It was pretty outsized. And I think it was it is probably a function of where the markets were, especially after the outsized inflationary period in 2022 that we were able to get such significant improvements in '23. And as we move forward in '24, this is definitely going to be a focus, but it's not going to be as outside as it was in '23. We do expect to get some benefits but I think we also have to make investments in capacity, like I talked about, both at Investor Day and earlier on the call today. So that's why I think as we look at '24, really expect profit dollar growth to be driven by transaction and productivity improvements that we can see, if anything should be an offset as some of the investments that we're making in the business.

謝謝，克里斯。謝謝你的提問。我們在 23 年看到的利潤美元成長的很大一部分來自於我們看到的生產力的提高。它非常大。我認為這可能是市場狀況的函數，特別是在 2022 年的超大規模通膨期之後，我們才能在 23 年取得如此重大的改善。當我們在 24 年繼續前進時，這肯定會成為一個焦點，但它不會像 23 年那樣是外部的。我們確實希望獲得一些好處，但我認為我們也必須對產能進行投資，就像我在投資者日和今天早些時候的電話會議上談到的那樣。因此，這就是為什麼我認為，當我們展望 24 世紀時，我們確實預計利潤增長將由我們所看到的交易和生產力改進推動，如果有什麼應該抵消我們在業務中進行的一些投資的話。

But the nice thing about what our supply chain team has done, the productivity we gained in 2023, it's not going back and so I would think about that as kind of accruing forward. So well done by Sandeep and NRG.

但我們的供應鏈團隊所做的事情以及我們在 2023 年獲得的生產力是一件好事，它不會倒退，所以我認為這是未來的累積。 Sandeep 和 NRG 做得很好。

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. I want to come back to the loyalty conversation. Russell, I think you mentioned 2 million-plus new loyalty members since launch. And I think at the Investor Day in early December, you had mentioned there was about $1 million incremental. So just curious if you could comment, was there a meaningful acceleration in new loyalty members in December? Do you expect that trend to continue in '24? And then is there any way to parse out how many of those are coming or more carryout customers versus traditional delivery?

偉大的。我想回到忠誠度的話題。 Russell，我想您提到自推出以來已有超過 200 萬新忠誠會員。我想在 12 月初的投資者日上，您曾經提到大約有 100 萬美元的增量。所以只是想知道您是否可以評論一下，12 月份新忠誠會員數量是否有顯著的增長？您預計這種趨勢會在 24 年持續下去嗎？那麼有沒有什麼方法可以分析出有多少即將到來的客戶或與傳統交付相比有更多的外送客戶？

Yes. Peter, there are -- I'd say a couple of meaningful moves in the loyalty program. First was just the launch of the loyalty program, right? We saw a meaningful increase, and that's what we talked about with you in December. And then building on top of that, we had some more momentum driven by Emergency Pizza. So I'd say Loyalty Program on its own did well is doing very well. We have added a little bit more gas on the fire with Emergency Pizza. And as we continue into Q1, now with Emergency pizza behind us, we're still very happy with the way that's growing. And we've got programs like Sandeep talked about earlier that we'll continue to drive that business. The other thing, and you talked about this, that I'm really happy with is the big objective here was to engage carryout customers and to engage light users. And we are absolutely doing that with the program. And we can see that even out of the gate so far.

是的。彼得，我想說忠誠度計畫中有一些有意義的舉措。首先是忠誠度計劃的啟動，對吧？我們看到了有意義的成長，這就是我們在 12 月與您討論的內容。在此基礎上，緊急披薩為我們帶來了更多動力。所以我想說忠誠度計畫本身就做得很好。我們在緊急披薩上添加了更多的氣體。隨著我們進入第一季度，現在緊急披薩已經過去了，我們仍然對其成長方式感到非常滿意。我們有像桑迪普之前談到的那樣的計劃，我們將繼續推動這項業務。另一件事，你談到了這一點，我真的很高興的是這裡的大目標是吸引外送客戶和輕度用戶。我們絕對會透過該計劃來做到這一點。到目前為止，我們甚至可以看到這一點。

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。

I have a clarification and then a question. Just a clarification is Sandeep, you said company margins would have been up slightly, excluding insurance and loyalty liability. I guess given transaction growth and lower commodity costs and the shift to carryout, which I think is typically higher margin rate, I would have thought up more than slightly. So I guess as we think about that business, we should be focused now, I guess, increasingly on profit dollar growth as opposed to margin rate expansion sort of similar to how you think about supply chain?

我有一個澄清，然後有一個問題。桑迪普需要澄清一下，你說公司的利潤率會稍微上升，不包括保險和忠誠責任。我想，考慮到交易成長、商品成本降低以及結轉結轉（我認為這通常是更高的保證金率），我可能會考慮更多。因此，我想，當我們考慮該業務時，我想，我們現在應該越來越多地關注利潤美元增長，而不是利潤率擴張，這有點類似於您對供應鏈的看法？

Or maybe my interpretation of up slightly is not quite right. And then the question is about the industry and the pizza segment. And so you often have better insights into the competitive dynamic than I do. Was any of this category improvement? Finally, I think back to maybe normalization in terms of sales mix, but anything you can say about what -- to what extent were share gains by Domino's versus finally seeing perhaps green shoots in the category?

或者也許我對「稍微向上」的解釋不太正確。然後問題是關於行業和披薩細分市場的。因此，你通常比我對競爭動態有更深入的了解。此類別有任何改進嗎？最後，我回想一下銷售組合方面可能的正常化，但你能說一下達美樂的份額增長到什麼程度，而最終看到該類別的萌芽嗎？

Thanks, Sara. So I'll take the first one and Russell will take the share question. So look, in terms of company margins, we specifically called out the impacts of those 2 and the margins expanding slightly outside of that. And I think it's been consistent. If you look at the first 3 quarters, our margins expanded. And I think in the fourth quarter, excluding the impact of those 2 items that we call out insurance and the loyalty liability, margins are expanded. So the great thing about the loyalty liability adjustment is it's because we expect to have incremental transactions or redemptions on the loyalty program. So you're right, look for profit dollar growth on the supply chain -- sorry, on the company stores. But I think we also do believe that there is an opportunity to expand margins, in addition to driving profit dollar growth as we leverage the fixed cost structure of the company stores. So look for both on company stores is my answer.

謝謝，薩拉。我將回答第一個問題，拉塞爾將回答分享問題。因此，就公司利潤率而言，我們特別指出了這兩個因素的影響以及除此之外略有擴大的利潤率。我認為這是一致的。如果你看看前三個季度，我們的利潤率有所擴大。我認為，在第四季度，排除我們所說的保險和忠誠責任這兩個項目的影響，利潤率會擴大。因此，忠誠度負債調整的好處在於，我們希望忠誠度計畫能夠增加交易或兌換。所以你是對的，尋找供應鏈上的利潤成長——抱歉，是在公司商店上。但我認為我們也確實相信，除了利用公司商店的固定成本結構來推動利潤成長之外，還有擴大利潤率的機會。因此，我的答案是在公司商店中尋找兩者。

And on the state of the industry, I think and this is really even looking forward to 2024. A lot of what we expect is QSR there to be real pressure on orders and transactions. We don't expect that to be the case with Domino's, and I think will be unique in that area in 2024.

就行業狀況而言，我認為這確實令人期待 2024 年。我們預計 QSR 的訂單和交易將面臨真正的壓力。我們預計 Domino's 不會出現這種情況，我認為 2024 年這在該領域將是獨一無二的。

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. I wanted to ask about just your international sales outlook as well. How much of this do you think is kind of market-specific execution issues? And I'm referring to just some of the countries that have been a little bit slower versus kind of macro pressures. And as you have that outlook for kind of improvement through the year, does that depend on some of those macro pressures easing, like, for example, if you think about India? Or can you maybe comment on some of the other markets that you didn't address before?

是的。我還想問一下你們的國際銷售前景。您認為其中有多少是特定於市場的執行問題？我指的是一些在應對宏觀壓力方面反應稍慢的國家。由於您對今年的改善前景抱有某種程度的改善，這是否取決於某些宏觀壓力的緩解，例如，如果您考慮印度？或者您能否評論一下您之前沒有涉及的其他一些市場？

Yes. Well, actually, maybe I'll start out talking about India because I was speaking over the weekend to Hari Bhartia, who's the Chairman of Jubilant. I mean that's a great example of both dynamics you talk about. And so obviously, they're pushing the business there. It's some headwinds. But what Hari talked about is what's going on in the rest of the industry and why he's bullish and while he's looking for the future. And while they're talking about 200 stores to grow in 2024 is because he's growing share. And so what I love about our franchisees is that they're future focused. And I think you see a lot of folks doing what they're doing in India. That's why we think the second half is going to return to that 3% that we talked about. Anything to add?

是的。好吧，實際上，也許我會先談論印度，因為我週末正在與 Jubilant 董事長 Hari Bhartia 交談。我的意思是，這是你談論的兩種動態的一個很好的例子。很明顯，他們正在推動那裡的業務。這是一些逆風。但哈利談到的是行業其他領域正在發生的事情以及他為何看好以及他在尋找未來。他們談論 2024 年增加 200 家商店，是因為他的份額不斷增加。所以我喜歡我們的特許經營商的一點是他們著眼於未來。我想你會看到很多人在印度做他們正在做的事情。這就是為什麼我們認為下半年將回到我們談論的 3%。有什麼要補充的嗎？

No. I think Russell is exactly right. We think it's all tied back to the Hungry for MORE strategy is being applied across the entire system with the international markets. Learnings from markets like Australia being applied across DPE and essentially, all of the other markets as well have embraced Hungry for MORE, and that's really what we're looking to drive.

不，我認為拉塞爾是完全正確的。我們認為這一切都與「渴望更多」戰略有關，該戰略正在國際市場的整個系統中得到應用。從澳洲等市場汲取的經驗已應用於 DPE，本質上，所有其他市場也都接受了 Hungry for MORE，而這正是我們想要推動的。

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

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

I have a quick clarification and then a question. So the clarification is, Russell, you mentioned that you're expecting some real pressures in the industry, but not for Domino's. Can you clarify whether the increase in transactions that you've seen in the fourth quarter is across all the income cohorts? And then the question is, can you talk about the speed of delivery in the (inaudible) channel versus your own channel, understanding that you're using your own drivers anyway? And maybe how does the delivery timing compared versus your peers today?

我先做一個簡短的澄清，然後再問一個問題。因此，需要澄清的是，拉塞爾，您提到您預計該行業將面臨一些真正的壓力，但達美樂不會。您能否澄清一下您在第四季看到的交易成長是否涵蓋所有收入群體？然後問題是，您能否談談（聽不清楚）頻道與您自己的頻道中的交付速度，並了解您無論如何都在使用自己的驅動程式？也許與您今天的同行相比，交貨時間如何？

On the transactions piece, we believe that our transactions being positive is something that, like I said, is that is unique in the industry. We'll get more share information as that comes out, and we'll certainly share that with you. On speed of delivery, the biggest comparison -- the biggest comparison we have is versus ourselves. And every day, we expect to get better than the day before. So we're happy that we're back to 2019 levels.

在交易方面，我們相信，正如我所說，我們的交易是積極的，這在行業中是獨一無二的。我們將獲得更多共享信息，我們一定會與您分享。在交付速度方面，最大的比較——我們最大的比較是與我們自己的比較。每一天，我們都期望比前一天變得更好。因此，我們很高興回到 2019 年的水平。

We're now moving more volume into that delivery network. And we're doing everything we can, not only to make sure that the delivery times or where they need to be. But more importantly, we haven't talked a lot about this is that the quality is there. And so when you think about our Hungry for MORE pillars, the first M is about Most Delicious Food and so just delivering a pizza on time is one thing. It's got to be great. And one of the things that I talk about, hopefully, there are no Boston Red Socks fans on the call today or a Yankee fan.

我們現在正在將更多的數量轉移到該交付網路中。我們正在盡一切努力，不僅是為了確保交貨時間或交貨地點。但更重要的是，我們沒有過多談論這一點，但品質就在那裡。因此，當您想到我們的“飢餓”支柱時，第一個 M 是關於“最美味的食物”，因此按時交付披薩是一回事。它一定很棒。我希望談論的一件事是，今天的電話會議上沒有波士頓紅襪隊球迷或洋基隊球迷。

And there's a famous player, Joe DiMaggio, who -- there's a quote, somebody asked him one time why he plays so hard every game. And what he said was, "There's going to be someone who sees me for the first time in that game, and so I'm playing for them." And that is how we need to approach making our pizza. Every pizza you're making is for your mom, right? And that's what some of these sprints are all about with more delicious operations. We're making promises in our advertising we need to deliver it, and it's more than just time. It's quality, it's consistency in all of those. And we like to say, down, we don't sell 1 million pizzas a day. Our goal is to sell 1 pizza a day 1 million times. And that's kind of the new thinking behind Delicious operations.

有一位著名的球員，喬迪馬吉奧，有句話說，有一次有人問他為什麼他每場比賽都打得這麼努力。他說的是，“會有人在那場比賽中第一次看到我，所以我會為他們踢球。”這就是我們製作披薩的方法。你做的每一個披薩都是給你媽媽的，對吧？這就是其中一些衝刺的全部內容，以及更美味的操作。我們在廣告中做出了我們需要兌現的承諾，而這不僅僅是時間的問題。它的質量，它是所有這些的一致性。我們想說的是，我們每天不會賣 100 萬個披薩。我們的目標是每天銷售 1 個披薩 100 萬次。這就是 Delicious 營運背後的新思維。

Our next question comes from the line of Jeff Bernstein from Barclays.

我們的下一個問題來自巴克萊銀行的傑夫伯恩斯坦。

Just following up from the Investor Day, you guys talked about your, I guess, Pulse 2.0 technology. And I think you mentioned there will be a complete overhaul throughout 2024 in conjunction with your Microsoft partnership talking about AI tools and whatnot, which are clearly very topical. So I'm wondering if you could talk a little bit about the greatest changes or the most likely incremental benefits to the front or the back of the house, and maybe the time frame to see those benefits . Obviously, it's been, like you said, a long time coming with this major overhaul. So just trying to get a sense for what we're going to see as we look through '24.

就在投資者日之後，你們談論了你們的 Pulse 2.0 技術。我認為您提到 2024 年將進行全面改革，同時與您的微軟合作夥伴談論人工智慧工具等，這顯然是非常熱門的話題。所以我想知道您是否可以談談房子前面或後面最大的變化或最有可能增加的好處，以及看到這些好處的時間框架。顯然，正如您所說，這次重大改革已經持續了很長時間。因此，我們只是想了解一下 24 世紀我們將會看到什麼。

Yes. Thanks for the question. It's a good time for me to clarify that. I think the future of the benefits of Pulse is actually now, right? We talked about DomOS and accelerating the areas within the circle of operations that make the biggest difference in our business. And so yes, next-generation pulse is in stores now, some stores in the U.S. will be rolling out to a bigger degree later on in 2024. But the most important element, the ones that are going to drive the Operational Efficiencies, the More Delicious Food, the improved atmosphere -- working atmosphere for our team members. Those are out in the DomOS tools and DomOS tools work with current pulse and the next-generation pulse. Hopefully, that clarifies it. The Microsoft the answer to your Microsoft question is we're working really in 2 areas with Microsoft and generative AI. One is on the consumer ordering side. We are not waiting for the new website to come in to see something on that. So you'll see something that in 2024. And then also on the store side and what can we do with Generative AI to make the experience better on our team members in store. And so we'll have more to talk about both of those in 2024.

是的。謝謝你的提問。現在是我澄清這一點的好時機。我認為 Pulse 的好處其實就是現在，對嗎？我們討論了 DomOS 以及加速營運圈內對我們業務產生最大影響的領域。所以，是的，下一代脈衝現在已經在商店中出現，美國的一些商店將在 2024 年晚些時候更大程度地推廣。但最重要的因素，即那些將推動營運效率的因素，越多，美味的食物，改善的氛圍－我們團隊成員的工作氛圍。這些都在 DomOS 工具中，而 DomOS 工具適用於當前脈衝和下一代脈衝。希望這能澄清這一點。微軟 對於您的微軟問題的答案是，我們正在與微軟和生成人工智慧這兩個領域進行真正的合作。一是在消費者訂購方面。我們不會等待新網站出現才能看到相關內容。所以你會在 2024 年看到這樣的情況。然後在商店方面，我們可以利用生成式 AI 做些什麼來改善商店團隊成員的體驗。因此，我們將在 2024 年更多地討論這兩個問題。

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。

This is Joe Zinski on for Andrew Strelzik. So I'm curious how you would characterize the current competitive environment and what you're seeing from a promotional standpoint. And I was wondering if you could provide any incremental details regarding product innovation and the 2 new products that you are planning to launch this year?

我是喬·辛斯基 (Joe Zinski)，替補安德魯·斯特雷齊克 (Andrew Strelzik)。所以我很好奇您如何描述當前的競爭環境以及您從促銷的角度看到的情況。我想知道您是否可以提供有關產品創新和您今年計劃推出的 2 款新產品的任何增量詳細資訊？

Yes, sure. I don't really like to talk a lot about competitors. I mean, a competitor we have is ourselves, and we try to get better than ourselves every day, and I think you see that in our Q4 results. I talked in general about it probably being a year that's less about order count. And we'll see how folks adjust to that. And when they do, we'll be happy to comment on that through the year. I didn't quite hear your second question. Can you repeat the second? Even though we're only supposed to ask one. I'm joking. Oh, yes, products. Thank you very much.

是的，當然。我不太喜歡談論太多關於競爭對手的事情。我的意思是，我們的競爭對手就是我們自己，我們每天都在努力變得比自己更好，我想你在我們第四季的業績中看到了這一點。我一般性地談到，這可能是訂單數量較少的一年。我們將看看人們如何適應這一點。當他們這樣做時，我們將很樂意在這一年中對此發表評論。我沒聽清楚你的第二個問題。你能重複第二個嗎？儘管我們只應該問一個。我是在開玩笑。哦，是的，產品。非常感謝。

Yes, on the product side. Couple of things. One is we're really happy that we've got our pan pizza out there now. But that's not a new product, and you should know that is not counted among the kind of 2-plus new products we're going to have this year. But what you do see with that is we haven't talked about pan pizza since 2014. So while I'm not counting it on my list of new products, it's something that's new to a lot of people and something that is really shot. If you look at the way we shot that commercial in the new way of kind of romancing the deliciousness of our pizza. So we're out with product news. News on a product for the first time in a long time, but that's not part of our 2 new product scheme for this year.

是的，在產品方面。有幾件事。一是我們真的很高興我們現在有了平底鍋披薩。但這不是新產品，你應該知道，它不屬於我們今年將推出的 2 款以上新產品。但你確實看到的是，自2014 年以來，我們就沒有談論過平底鍋披薩了。所以，雖然我沒有把它算在我的新產品清單上，但它對很多人來說都是新鮮事，而且是真正受到關注的東西。如果你看看我們以一種浪漫的披薩美味的新方式拍攝廣告的方式。所以我們發布了產品新聞。很長一段時間以來第一次出現有關產品的消息，但這不是我們今年的 2 個新產品計劃的一部分。

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 Russell, you mentioned the U.S. system added more than 60 new franchisees. I think that was the most in 15 years, you said. On the back of this, how are you thinking about the evolution of the domestic franchisee base? And just the balance of openings coming from new franchisees versus longer tenured franchisees going forward?

Russell，您提到美國系統增加了 60 多個新的特許經營商。你說，我認為這是 15 年來最多的一次。在此背景下，您如何看待國內加盟商基礎的演變？未來新加盟主與長期加盟主的職缺的平衡如何？

Yes. Thanks a lot for the question. When we have calls like this and what I tell people is you're ever wondering how the Domino's Pizza brand is going to do in the future, you look at what your franchisees are doing. And franchisees right now from a profit standpoint, obviously, really positive versus where they were the year before. We opened up more stores really heavy towards the end of the year when things became clear there. Yet we're still very positive that we're going to beat that number in 2024 and hit our 175-plus algorithm. This 60 to me means that we've got young of encumbers within our system that for the first time in 15 years, it's bigger than -- or bigger than we have had in 15 years, which just means they see a really positive future.

是的。非常感謝您的提問。當我們接到這樣的電話時，我告訴人們的是，你想知道達美樂比薩品牌未來會如何做，你看看你的特許經營商在做什麼。從利潤的角度來看，現在的特許經營者顯然與前一年相比確實非常積極。到年底，當情況變得明朗時，我們開設了更多商店。然而，我們仍然非常樂觀地認為，我們將在 2024 年打破這個數字，並達到我們的 175 以上的演算法。對我來說，這個 60 歲意味著我們的系統中出現了 15 年來的第一次阻礙，或者說比我們 15 年來的阻礙更大，這只是意味著他們看到了一個真正積極的未來。

And the cool thing is as you look into '24, what I can tell you is 2 things. One is we already have 170 new potential franchisees that are either in or have graduated our franchise management school, which is the last step you do before you either build a store or buy a store. And we have 50 already waiting on open store transfers within the system. We're in February. And so I think some of the momentum you saw is going to continue. And that just shows what they are feeling about the brand where they want to invest.

最酷的是，當你回顧 24 年時，我可以告訴你兩件事。一是我們已經擁有 170 名新的潛在特許經營商，他們要么在我們的特許經營管理學校就讀，要么已經畢業，這是您建立商店或購買商店之前要做的最後一步。我們已經有 50 家正在等待系統內的開放商店轉帳。我們是二月。所以我認為你看到的一些勢頭將會持續下去。這正好顯示了他們對想要投資的品牌的感受。

And our next question comes from the line of [Mary Jensen] from HSBC.

我們的下一個問題來自匯豐銀行的 [Mary Jensen]。

I know we've spoken about it a number of times in terms of the loyalty program. But given the mention of the liability, the loyalty liability from the relaunch, is there a way -- or how would you suggest we sort of track that and look at the breakage levels and sort of see where that may be going in the future and how we should sort of map that out? Obviously, as you mentioned, it's a positive thing so.

我知道我們已經多次就忠誠度計劃討論過這個問題。但考慮到責任的提及，重新啟動帶來的忠誠度責任，有沒有辦法——或者你建議我們如何追蹤它，看看破損程度，看看未來可能會發生什麼，我們應該如何規劃它？顯然，正如您所提到的，這是一件積極的事情。

Yes, Mary, thank you for the question. And look, I mean, I think the way to look at this is it's the appropriate accounting treatment if we're going to expect to see more redemptions, and that's the adjustment to the breakage accrual. But I think the whole point with this is our Domino's Rewards program is working as we intended. More transactions expected to come in, more redemptions are expected to come in. And I think Sara asked the question earlier. Look for profit dollar growth, in addition to margin expansion as we move forward, especially on the company stores in 2024. And we'll continue to provide disclosure as we move forward, but that's how I would actually measure performance on this.

是的，瑪麗，謝謝你的提問。我的意思是，我認為看待這個問題的方法是，如果我們期望看到更多的贖回，那麼這是適當的會計處理，這就是對破損應計費用的調整。但我認為重點在於我們的 Domino's Rewards 計劃正在按我們的預期進行。預計將有更多交易進入，預計將有更多贖回。我認為薩拉早些時候問過這個問題。隨著我們前進，尤其是在 2024 年公司商店中，除了利潤率擴張之外，還要關注利潤成長。隨著我們前進，我們將繼續提供揭露，但這就是我實際上衡量績效的方式。

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 follow-up on the topic of Domino's advertising on Uber. Understanding it's just getting started, it will ramp throughout the year. Can you just discuss any learnings you've had here? Is it going how you would have thought? Has anything with the effectiveness surprised you either positively or negatively? And I ask in the context of just -- it's a new activity for Domino's, but I know you've been preparing to get ready for it. So just any thoughts on that strategy?

只是 Domino 在 Uber 上的廣告主題的後續內容。了解它才剛剛開始，它將在全年不斷增長。您能談談您在這裡學到的東西嗎？事情進展如你所想嗎？其有效性是否有任何令您感到驚訝的正面或負面因素？我問這個問題的背景是——這是達美樂的一項新活動，但我知道你們一直在為此做好準備。那麼對此策略有什麼想法嗎？

Yes. Thanks, Brian. There's 2 advertising now for Domino's on Uber. One is Domino's and the other is Uber. And I think what we're seeing on that platform is very promotionally driven. And the nice place -- the nice thing is when you think of marketplaces and excelling on marketplaces, that's what we do, whether it's a Google marketplace or in this case, Uber. And so it's responding how you would think it's very much promotionally driven, but we know how to excel in those areas, which is why we are confident that a percent of sales for mover going to increase to that 3% exit rate we talk about.

是的。謝謝，布萊恩。目前，Domino's 在 Uber 上有 2 個廣告。一個是Domino's，另一個是Uber。我認為我們在該平台上看到的內容是非常受促銷驅動的。好的地方 - 好的事情是當你想到市場並在市場上表現出色時，這就是我們所做的，無論是 Google 市場還是本例中的 Uber。因此，它正在回應您所認為的很大程度上是促銷驅動的，但我們知道如何在這些領域表現出色，這就是為什麼我們有信心搬家公司的銷售額百分比將增加到我們所說的3% 退出率。

And our final question for today comes from the line of Jon Tower from Citi.

我們今天的最後一個問題來自花旗銀行的 Jon Tower。

I appreciate it. Quick clarification on a question. Clarification, the loyalty liability. I'm assuming that was just a onetime true-up, but if you can clarify, that would be great. And then the question is on frequency shifts you're seeing in the loyalty program. Any way you can give us some sort of benchmarks as to where some of the more loyal customers were spending either frequency last year and what it's looking like so far since you made these shifts in late '23?

我很感激。快速澄清一個問題。澄清，忠誠責任。我假設這只是一次性的真實，但如果你能澄清，那就太好了。然後問題是您在忠誠度計劃中看到的頻率變化。您能否為我們提供一些基準，了解一些更忠誠的客戶去年在哪些頻率上進行了消費，以及自您在 23 年末進行這些轉變以來到目前為止的情況？

So I'll take the first part of the question, Jon. And it is a onetime thing because I think the significance of the change of the new program was what was the trigger. But that doesn't mean it's never going to happen also because I think you always have to continue to monitor your breakage. And if you do need to make a true-up, you will make a true up. But given the new program launching, I think this was much more of a onetime event because of the new program launching. And I think on the frequency shifts, Russell will take the question.

所以我將回答問題的第一部分，喬恩。這是一次性的事情，因為我認為新計劃變化的重要性是觸發因素。但這並不意味著它永遠不會發生，因為我認為你總是必須繼續監控你的破損情況。如果你確實需要做一個真實的，你就會做一個真實的。但考慮到新計劃的啟動，我認為這更像是一次性事件，因為新計劃的啟動。我認為關於頻率變化，拉塞爾會回答這個問題。

Yes. What I can tell you, macro, we're still just a couple of months into this thing is what we thought we would see with regards to car customers and lighter user engagement, we are seeing. What we will do, Jon, is make sure throughout the year when we got more information under our belt, and we're able to give perspective because remember, loyalty programs are not just about the first use or the second. It's about lifetime value and use over time. And so as we get more color on that, we'll share.

是的。我可以告訴你的是，宏觀上，我們認為我們會看到關於汽車客戶和較輕的用戶參與度的事情，我們正在看到這件事。喬恩，我們要做的是確保全年當我們獲得更多資訊時，我們能夠提供觀點，因為請記住，忠誠度計劃不僅僅是關於第一次使用或第二次使用。這是關於終生價值和隨著時間的推移的使用。當我們對此有更多了解時，我們將分享。

Thanks, Jon. That was our last question of the call. I want to thank you all for joining our call today, and we look forward to speaking with you all soon. You may now disconnect. Have a great day.

謝謝，喬恩。這是我們電話會議的最後一個問題。我要感謝大家今天加入我們的電話會議，我們期待很快與你們交談。您現在可以斷開連線。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。這確實結束了該程式。您現在可以斷開連線。再會。