達美樂 (DPZ) 2024 Q1 法說會逐字稿

Thank you for standing by, and welcome to Domino's Pizza's First Quarter 2024 Earnings Conference Call. (Operator Instructions) As a reminder, today's program is being recorded.

感謝您的耐心等待，歡迎參加 Domino's Pizza 2024 年第一季財報電話會議。 （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. Greg Lemenchick, Vice President of Investor Relations. Please go ahead, sir.

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 先生。請繼續，先生。

Good morning, everyone. Thank you for joining us today for our first 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-Q, 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一季電話會議。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-Q 報告中的前瞻性陳述（均可在我們的 IR 網站上取得）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, 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，我想把電話轉給拉塞爾。

Thanks, Greg, and good morning, everybody. Our Q1 results demonstrated that our Hungry for more strategy is delivering on its promise, driving more sales, more stores and more profit. We drove strong comp performance in the U.S. that flowed through to the bottom line with double-digit profit growth. And our growth in the U.S. came through positive order counts across all income cohorts in both our carryout and delivery segment. We saw the largest growth in our lower income cohorts that are undoubtedly benefiting from the renowned value that we're offering.

謝謝，格雷格，大家早安。我們第一季的業績表明，我們的「渴望更多」策略正在兌現其承諾，推動更多銷售額、更多商店和更多利潤。我們在美國推動了強勁的業績表現，並實現了兩位數的利潤成長。我們在美國的成長得益於我們的外送和配送領域所有收入群體的積極訂單數量。我們看到低收入者的成長幅度最大，他們無疑受益於我們提供的知名價值。

I'd like to highlight our first quarter results through the lens of our M-O-R-E, Hungry for MORE pillars. As you know, M stands for most delicious food. We know we have the most delicious food in the industry and are focused on showcasing that with more mouthwatering food photography in all of our marketing and sales channels. We also ran a campaign that highlighted our pan pizza, a premium product that brought news to this cross type for the first time since 2014. And I'm excited to announce that our first product innovation of the year New York Style Pizza launches on air today. The idea for New York Style came from customers who prefer a thinner, more foldable crust, than our traditional hand tossed.

我想透過我們的 M-O-R-E、渴望更多支柱來強調我們第一季的業績。如您所知，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，並致力於在我們所有的行銷和銷售管道中透過更多令人垂涎的食物攝影來展示這一點。我們還開展了一場活動，重點宣傳我們的平底披薩，這是一種優質產品，自2014 年以來首次為這種交叉類型帶來新聞。紐約風披薩即將上線今天。紐約風格的想法來自於那些比我們傳統的手拋餅皮更喜歡更薄、更可折疊的餅皮的顧客。

And we believe that this new crust style will drive incremental occasions. We'll also drive deliciousness as the foldable crust, that just focus more on our incredible toppings, including a really unique blend of Provolone cheese that comes on every New York style pizza. Additionally, this crust option will be available as part of our mix and match offer, and Domino's Rewards members can redeem 60 points for free medium 2-topping New York Style Pizza as well. This is another example of how innovation is designed to drive value and more customers into our loyalty platform.

我們相信，這種新的外殼風格將推動增量場合。我們還將推動可折疊外殼的美味，更多地關注我們令人難以置信的配料，包括每個紐約風格披薩上都有的真正獨特的普羅伏龍奶酪混合物。此外，這種外皮選項將作為我們混合搭配優惠的一部分提供，Domino's Rewards 會員還可以用 60 點兌換免費的中號 2 頂紐約風格披薩。這是創新如何旨在推動價值和更多客戶進入我們的忠誠度平台的另一個例子。

The O in Hungary for MORE stands for operational excellence. This is how we'll deliver on our promise to have the most delicious food by consistently driving a great experience with our products. As I shared on our last earnings call, in 2024 we're rolling out a new service program. We're calling more delicious operations, a series of 3 product training sprints that focused on our dough, how we build and make our products and how we cook them. In Q1, we embarked on our first sprint, which focused on our dough and rolled this out across all 6,800-plus stores in the U.S. We continue to see benefits from our service initiatives. And in Q1, we actually delivered more pizzas than we did in Q1 of last year at improved delivery times. I am just so proud of our operators.

匈牙利的 O 代表“MORE”，代表卓越運作。這就是我們透過持續推動產品的卓越體驗來兌現我們的承諾，即提供最美味的食物。正如我在上次財報電話會議上分享的那樣，我們將在 2024 年推出一項新的服務計劃。我們呼籲進行更美味的操作，這是一系列 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。第一季度，我們開始了第一次衝刺，重點是我們的麵團，並將其推廣到美國所有 6,800 多家商店。在第一季度，我們實際上比去年第一季度交付了更多的披薩，並且交付時間有所改善。我為我們的運營商感到非常自豪。

Our third Hungry for MORE pillar is R for renowned value. I want to expand on what renowned value means to us at Domino's. It's not about just having the lowest price in the market, it's about providing value that's innovative and that's memorable. Renowned value breaks through the (inaudible) discounts that you see in the marketplace. Value the buy one, get 1 free, renowned value reinvents this mechanic and creates emergency pizza. Emergency pizza performed better than any buy one get one free in my career, was a meaningful driver to our comps in both Q4 of '23 and in Q1. And it not only drove increased orders, but also the acquisition of members into our loyalty program.

我們的第三個“Hungry for MORE”支柱是“R”，代表著名的價值。我想詳細闡述知名價值對達美樂的意義。這不僅僅是提供市場上最低的價格，而是提供創新且令人難忘的價值。知名價值突破了您在市場上看到的（聽不清楚）折扣。買一送一，享譽盛名的價值重塑了這個機制並創造了緊急披薩。在我的職業生涯中，緊急披薩的表現比任何買一送一的表現都要好，這對我們在 23 年第四季和第一季的競爭來說都是一個有意義的推動因素。它不僅推動了訂單的增加，還吸引了會員加入我們的忠誠度計劃。

Domino's Rewards continues to perform extremely well and was the key driver of our strong U.S. comp performance. The program is delivering on our objectives. Active member growth rates are up significantly since the launch of our new program. From a percentage standpoint, our biggest increases are coming from new labs and light customers. So we're bringing these new customers into the fold. I'm particularly pleased with the increase in carryout customers made possible in part by our reduced $5 minimum spend for earning point.

多米諾獎勵 (Domino's Rewards) 繼續表現出色，是我們在美國的強勁表現的關鍵驅動力。該計劃正在實現我們的目標。自從我們的新計劃推出以來，活躍會員成長率顯著上升。從百分比的角度來看，我們最大的成長來自新實驗室和輕型客戶。因此，我們正在吸引這些新客戶。我對外送客戶數量的增加感到特別滿意，部分原因是我們降低了 5 美元的最低賺取積分消費。

Once customers become members, they're redeeming more than ever before, and increases are being seen across all of our channels, delivery and carryout. Our new 20 and 40-point redemption tiers are doing exactly what we hoped. They're engaging more customers. These 2 tiers now combined for the majority of the redemptions in Domino's Rewards. And the program has driven incremental profit dollars for franchisees. So customers are getting more, and our franchisees have earned more profits, truly a win-win. We believe Domino's Rewards will continue to be a meaningful sales driver for us in 2024 and beyond.

一旦客戶成為會員，他們的兌換量就會比以往任何時候都多，而且我們所有的通路、外送和外送都在增加。我們新的 20 點和 40 點兌換等級正是我們所希望的。他們正在吸引更多的客戶。現在，Domino's Rewards 中的大部分兌換都由這兩個等級合併而成。該計劃為加盟商帶來了增量利潤。這樣客戶就得到了更多，我們的加盟商也獲得了更多的利潤，真正實現了雙贏。我們相信，Domino's Rewards 將在 2024 年及以後繼續成為我們有意義的銷售推動力。

National promotions are another way we're driving renowned value. In Q1, we brought back our carryout special boost week for the first time since January 2020, and its performance exceeded our expectations.

全國促銷是我們推動知名價值的另一種方式。第一季度，我們自 2020 年 1 月以來首次恢復了結轉特別提振週，其表現超出了我們的預期。

Clearly, customers want value, and we are driving it profitably for our franchisees. Now as it relates to our promotional cadence in 2024, you can expect it to be consistent with what we did in 2019. As part of that, you can expect around 6 boost weeks. As a reminder, these boost weeks are a proven customer acquisition tool that drives both short- and long-term benefits for our brand. And we're seeing the same commitment to providing renowned value internationally. Some of our best performing markets are getting this right. As an example, our master franchisee in Mexico has run very successful boost week campaigns that have driven outstanding order and sales growth. While providing renowned value through our own channels is one part of our barbell strategy, tapping into the aggregator marketplace is the other.

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。現在，由於它與我們 2024 年的促銷節奏相關，因此您可以預期它將與我們在 2019 年所做的保持一致。提醒一下，這些提升週是一種行之有效的客戶獲取工具，可以為我們的品牌帶來短期和長期利益。我們看到了同樣的承諾，即提供國際知名的價值。我們的一些表現最好的市場正在做到這一點。例如，我們在墨西哥的主要特許經營商開展了非常成功的促銷週活動，推動了訂單和銷售的出色成長。雖然透過我們自己的管道提供知名價值是我們槓鈴策略的一部分，但進軍聚合市場是另一部分。

Our launch into the aggregator space remains on track to exit the year at 3% or more of sales coming through UberEATS. Now that we're a quarter into our full launch, I want to share a few insights on what we're seeing. Incrementality has been in line with our expectations. In addition, we're seeing a higher percentage of single user transactions on Uber than we've seen on our own channels.

我們進軍聚合商領域的計畫仍有望在今年結束時透過 UberEATS 實現 3% 或更多的銷售額。現在我們的全面發布已經進行了四分之一，我想分享一些我們所看到的見解。增量符合我們的預期。此外，我們發現 Uber 上的單一用戶交易比例高於我們自己的管道。

Further, this channel is becoming more promotional. Customer responses to deals are stronger than to everyday low prices. As a result, we are continuing to work to fine-tune our marketing spend and our offers that we are effectively driving this channel. We remain focused on driving profitable transactions through UberEATS, while ensuring that the best values for our customers remain on our own channels.

此外，該管道正變得更加促銷。顧客對優惠的反應比對日常低價的反應更強烈。因此，我們正在繼續努力調整我們的行銷支出和我們正在有效推動此管道的優惠。我們仍然專注於透過 UberEATS 推動有利可圖的交易，同時確保我們自己的管道能夠為客戶提供最佳價值。

Everything we do at Domino's is enhanced by our best-in-class franchisees, the E in our Hungary for MORE strategy. We'll be hosting thousands of franchisees for our worldwide rally in May, where we plan to bring our Hungry For MORE strategy to life across our global system. I can't wait for that gathering as our franchisees are what makes Domino's so special. They were the inspiration behind Hungary for MORE.

我們在達美樂所做的一切都得到了我們一流的特許經營商的支持，即匈牙利的 E for MORE 策略。我們將在五月接待數千名特許經營商參加我們的全球集會，我們計劃在我們的全球系統中實施我們的「Hungry For MORE」策略。我迫不及待地想參加這次聚會，因為我們的加盟商讓達美樂如此特別。他們是匈牙利 MORE 背後的靈感來源。

So to close, I couldn't be more excited about 2024 and beyond for Domino's Pizza. Our first quarter results clearly show that our strategy is resonating with customers. This gives me great confidence that we can deliver against our short- and long-term Hungry For MORE goals and drive significant value creation for our shareholders.

最後，我對 2024 年及以後的 Domino's Pizza 感到非常興奮。我們第一季的業績清楚地表明我們的策略正在引起客戶的共鳴。這讓我充滿信心，相信我們能夠實現短期和長期的 Hungry For MORE 目標，並為股東創造顯著的價值。

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, everyone. Our first quarter financial results demonstrate how powerful our model can be when we drive profitable transaction growth. The smart pricing we took in 2022 and 2023 has kept us at a great value to our customers in 2024, while being profitable for our franchisees. This has resulted in profit dollar growth versus 2023 for our U.S. franchisees so far this year. We remain on track to achieve our target of $170,000 average U.S. franchise store profit for 2024. Excluding the impact of foreign currency, global retail sales grew 7.3% due to positive U.S. and international comps and global net store growth.

謝謝拉塞爾，大家早安。我們第一季的財務表現證明，當我們推動獲利交易成長時，我們的模型可以發揮多麼強大的作用。我們在 2022 年和 2023 年採取的明智定價使我們在 2024 年為客戶提供了巨大的價值，同時為我們的特許經營商帶來了利潤。今年迄今為止，我們的美國特許經營商的利潤較 2023 年有所增長。我們仍有望實現 2024 年美國特許經營店平均利潤 170,000 美元的目標。

U.S. retail sales increased 7.8% and international retail sales, excluding the impact of foreign currency, grew 6.8%. During Q1, same-store sales for the U.S. saw a meaningful increase of 5.6%. Our strong comps in the quarter for carryout of 9.5% and delivery of 2.9% were driven primarily by transaction growth. As Russell mentioned in his remarks, the increase in U.S. same-store sales was driven by transaction growth from our new loyalty program. This was inclusive of a continued benefit from emergency pizza and results that exceeded our expectations from the carryout special boost week that we ran. We also benefited from 0.9% of pricing and a 1.4% sales mix from Uber. These tailwinds were partially offset by a higher carryout mix which carries a lower ticket than delivery.

美國零售額成長 7.8%，國際零售額（剔除外匯影響）成長 6.8%。第一季度，美國同店銷售額大幅成長 5.6%。本季我們的強勁業績主要由交易成長推動，結轉率為 9.5%，交付率為 2.9%。正如拉塞爾在演講中提到的，美國同店銷售額的成長是由我們新的忠誠度計畫的交易成長所推動的。這包括緊急披薩帶來的持續收益以及超出我們運行的特別提振週預期的結果。我們也受益於 Uber 的 0.9% 定價和 1.4% 銷售組合。這些有利因素被更高的結轉組合所部分抵消，結轉組合的票數低於交付。

We are still evaluating how much of the 1.4% sales mix coming from Uber is incremental. But everything we have seen so far would indicate that it's in line with our approximately 2/3 estimate. Shifting to unit count. We added 20 net new stores in the U.S. in line with our expectations, bringing our U.S. system store count to 6,874.

我們仍在評估來自 Uber 的 1.4% 銷售組合中有多少是增量。但到目前為止我們所看到的一切都表明它與我們大約 2/3 的估計一致。轉向單位計數。我們在美國淨增 20 家新店，符合我們的預期，使我們的美國系統商店數量達到 6,874 家。

Shifting to international, where results were generally in line with our expectations. Same-store sales, excluding foreign currency impact, increased 0.9% in the first quarter. Store counts increased by 144 net stores, which is an increase over the 106 we opened in Q1 of 2023.

轉向國際，結果整體符合我們的預期。剔除匯率影響，第一季同店銷售額成長 0.9%。門市數量淨增加 144 家，比 2023 年第一季開設的 106 家增加。

Income from operations increased 19.4% in Q1, excluding the negative impact of foreign currency of $1.4 million. This increase was primarily due to higher global franchise royalty revenues resulting from global retail sales growth of 7.3% as well as higher supply chain gross margins due to procurement productivity a decrease in the cost of our food basket and slightly lower delivery costs. I also wanted to call out that our margin rate benefited by about 0.3% in Q1, from the tech fee being at $0.395 and the lower ad fund contribution rate of 5.75%.

第一季營運收入成長 19.4%，剔除 140 萬美元的外匯負面影響。這一成長主要是由於全球零售額成長 7.3% 導致全球特許經營權收入增加，以及採購生產力提高、食品籃成本下降和交付成本略有下降導致供應鏈毛利率上升。我還想指出，由於技術費用為 0.395 美元，廣告基金貢獻率較低，為 5.75%，我們的保證金率在第一季提高了約 0.3%。

Now turning to our outlook, which remains in line with what we previously shared. 7% or more global retail sales growth, excluding the impact of foreign currency, and we continue to expect the following: first, 2024 U.S. comp to be above the 3% plus long-term guide as a result of our expected catalysts in Uber and loyalty for the full year, and we expect comps to be 3% or more in each quarter for the remainder of the year.

現在轉向我們的前景，這與我們之前分享的一致。排除外匯影響，全球零售額成長 7% 或以上，我們繼續預期：首先，由於 Uber 和 Uber 的預期催化劑，2024 年美國經濟成長率將高於 3% 以上的長期指導水準。我們預計今年剩餘時間每季的利潤率將達到3% 或更高。

Specific to Q2, we expect them to be slightly below Q1 on a 1-year basis as the emergency pizza promotion rolls off, partially offset by a ramp in Uber. You can expect a similar national promotions cadence to what we ran in Q1 in terms of our activity, inclusive of the April carryout special boost week that is now behind us. Second, sales through 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. Third, international comps to remain soft in the first half of the year due to a continuation of the trends we saw at the end of last year but expect them to accelerate to our 3% or more long-term guidance in the back half of the year.

具體到第二季度，隨著緊急披薩促銷活動的展開，我們預計一年期銷售額將略低於第一季度，部分被 Uber 的成長所抵消。就我們的活動而言，您可以期待與我們在第一季進行的類似的全國促銷節奏，包括現已結束的四月結轉特別促銷週。其次，隨著行銷和知名度的提高，透過 Uber 的銷售額將全年增加，我們預計今年的整體銷售額將達到 3% 或更高。第三，由於去年年底趨勢的延續，國際比較將在今年上半年保持疲軟，但預計下半年將加速達到我們 3% 或更多的長期指導年。

Now shifting to net stores, where we continue to expect 1,100 or more, which will be driven by 175 in the U.S. and 925 in international. We continue to expect an 8% or more year-over-year increase in operating income, excluding the impact of foreign currency.

現在轉向網店，我們繼續預計 1,100 家或更多，其中美國 175 家和國際 925 家將推動這一增長。我們繼續預期營業收入年增 8% 或以上，剔除外匯的影響。

To highlight some of the components which remain unchanged, we expect operating income margins to be relatively flat compared to 2023. As a reminder, we are not expecting 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.

為了強調一些保持不變的組成部分，我們預計營業利潤率與2023 年相比將相對持平。 。

We are expecting our G&A as a percentage of retail sales to be approximately 2.4%. This is inclusive of approximately $9 million in timing of G&A spend in Q2 driven by our worldwide rally, which takes place every 2 years. We are expecting supply chain margins to be roughly flat compared to the prior year, incorporating an inflationary food basket for the rest of the year, with a full year range of up 1% to 3%. Should our food basket pricing for the year moved to the lower end of our expectations, we may see modest leverage in operating and supply chain margins.

我們預計 G&A 佔零售額的百分比約為 2.4%。其中包括第二季由我們每兩年舉行一次的全球集會推動的約 900 萬美元的一般管理支出。我們預計供應鏈利潤率與去年相比將大致持平，考慮到今年剩餘時間的通膨食品籃子，全年利潤率將增長 1% 至 3%。如果我們今年的食品籃子定價降至我們預期的下限，我們可能會看到營運和供應鏈利潤率的槓桿率適度。

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) Our first question comes from the line of Andrew Charles from TD Cowen.

（操作員說明）我們的第一個問題來自 TD Cowen 的 Andrew Charles。

Question first on same-store sales. Just 1Q is 5.6%. Obviously, a very impressive number. Should we think of that as the high watermark for 2024 U.S. same-store sales. You talked about Q2 will sequentially moderate partially given the benefit of emergency pizza rolls off, while UberEATS picks up. But just curious if you think this performance, though, is broadly sustaining as we think about the remainder of 2024?

首先是關於同店銷售的問題。光是第一季就是 5.6%。顯然，這是一個非常令人印象深刻的數字。我們是否應該將其視為 2024 年美國同店銷售額的高水位？您談到第二季將繼續放緩，部分原因是緊急披薩的減少，而 UberEATS 的增加。但只是好奇，當我們考慮 2024 年剩餘時間時，您是否認為這種表現會廣泛持續？

Andrew, thanks for the call. Part of the reasoning for putting out 3% or more as part of our Hungry for MORE algorithm is that 3% for us is the floor, but we're going to do everything we can to beat that and deliver more every single quarter. And so I'm not going to get into forward-looking on the quarters, but what I will say that I really liked about this quarter is there are 2 things I look at. I look at results and I look at repeatability.

安德魯，感謝您的來電。作為我們「渴望更多」演算法的一部分，提供3% 或更多的部分原因是，3% 對我們來說是底線，但我們將盡一切努力打破這一點，並在每個季度提供更多。因此，我不會對本季度進行前瞻性討論，但我要說的是，我真正喜歡本季的是我關注的兩件事。我關注結果並關注可重複性。

And the results, like you said, were strong. What I then look at is say, okay, where the components that drove those results are those repeatable. And when you think about our Hungary for MORE platform, we had product news in first quarter. We've got actually our first new product of the year in the second quarter.

正如你所說，結果非常好。然後我會考慮的是，好吧，驅動這些結果的元件是那些可重複的元件。當你想到我們匈牙利的 MORE 平台時，我們在第一季就有了產品新聞。實際上，我們在第二季推出了今年的第一個新產品。

We talked about operational excellence. We delivered more pizza in Q1 than we did in Q1 last year at a better delivery time. Our renowned value, we went the second half of emergency pizza in Q1. We had a carryout boost week, and you probably read, we just put out a new renowned value promotion called "You Tip, We tip." And so -- and as Sandeep said earlier about the smart pricing, we took it, that's part of what's driving the consistent order count increase across every segment and consumer of our business. And so -- while I can't get into the specifics, what I can tell you is the repeatability of the MORE formula is what we're going to be leaning into.

我們討論了卓越營運。我們在第一季交付的披薩比去年第一季更多，交付時間也更好。我們享有盛名的價值，我們在第一季的下半年推出了緊急披薩。我們有一個結轉促銷週，您可能會讀到，我們剛剛推出了一項名為“您小費，我們小費”的新的著名價值促銷活動。因此，正如桑迪普之前所說的智慧定價，我們認為這是推動我們業務的每個細分市場和消費者的訂單數量持續增長的部分原因。因此，雖然我無法透露具體細節，但我可以告訴你的是 MORE 公式的可重複性是我們將要關注的。

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。

Congrats on the quarter. Sandeep wondering if you could talk a little bit more about supply chain margin and sort of the overall operating margin strength that you saw in the quarter. And perhaps anything more on the latest thoughts on full year? I know you gave color on the quarter. You just talked about reiterating your thoughts for the full year. Anything more if you could kind of break down that procurement benefit perhaps exactly maybe what you saw deflation in the quarter itself for the supply chain? And anything on that go-forward procurement, et cetera, as we think about the full year.

恭喜本季。桑迪普想知道您是否可以多談談供應鏈利潤率以及您在本季看到的整體營運利潤率實力。也許還有關於全年最新想法的更多資訊？我知道你為這個季度帶來了色彩。您剛才談到重申全年的想法。如果您能分解一下採購收益，也許正是您在本季看到的供應鏈通貨緊縮，還有更多嗎？當我們考慮全年時，有關前瞻性採購等的任何事情都會發生。

Thanks, Dennis. And I think that's a great question because if you really go back to our fourth quarter call, Dennis, we talked about our expectations for the first quarter to be really margin improvement and margin expansion, which we did see. And directionally, it was slightly more, and I'll get to that in a second. But I think overall, when we look at the full year, our expectations really haven't changed. We were expecting to see procurement productivity benefits for the whole year, and we were expecting to make investments that offset the procurement productivity.

謝謝，丹尼斯。我認為這是一個很好的問題，因為如果你真的回到我們第四季度的電話會議，丹尼斯，我們談到了我們對第一季真正的利潤率改善和利潤率擴張的預期，我們確實看到了這一點。從方向上來說，它稍微多一些，我稍後會談到這一點。但我認為總的來說，當我們回顧全年時，我們的預期確實沒有改變。我們預計全年都會看到採購生產力的提高，並且我們預計會進行投資以抵消採購生產力的影響。

What we did see specifically in Q1 is that while we got the procurement productivity, some of the investments we are planning to make in supply chain capacity really pushed out into later in the year. So Q2 to Q4 gets a little bit more pressured as a result of it, but the overall year really doesn't change. And so directionally, I think that's the way to think about supply chain margins and where we expect to take that.

我們在第一季確實看到的是，雖然我們獲得了採購生產力，但我們計劃在供應鏈能力方面進行的一些投資確實推遲到了今年稍後。因此，第二季到第四季的壓力會更大一些，但整體情況並沒有改變。因此，從方向上來說，我認為這就是考慮供應鏈利潤以及我們期望採取的方式。

Now when you talk about the full year expectations, Included in that was a timing factor on G&A specific to Q2 because we have our worldwide rally. We'd already messaged on the last call that we were expected to see some compression but we've quantified it a little bit for you to help you with your modeling. And other than that, the back half really remains relatively similar to what we said in the fourth quarter call. So broadly, not a very different picture on the P&L than what we saw back in February.

現在，當您談論全年預期時，其中包括第二季度特定的一般行政費用的時間因素，因為我們有全球反彈。我們已經在上次通話中表示，我們預計會看到一些壓縮，但我們已經對其進行了一些量化，以幫助您進行建模。除此之外，後半部確實與我們在第四季電話會議中所說的相對相似。總的來說，損益表的情況與我們二月看到的情況並沒有太大不同。

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

我們的下一個問題來自奧本海默的布萊恩·比特納（Brian Bittner）。

Your same-store sales in the U.S. accelerated in the first quarter about 300 basis points from 4Q. Can you just talk about how much of the acceleration was traffic -- was all the acceleration traffic? And it sounds like one of the biggest drivers of the strong comps are the rewards program. That's what you seem to be citing the most. And I realize 2Q may be a little lower than 1Q. But in general, can you just unpack why you believe the rewards program and all the improvements that you've made there can be an ongoing driver for sales trends, not just even in 2024, but how it can build on itself in '25?

第一季你們在美國的同店銷售額比第四季成長了約 300 個基點。您能談談有多少加速是流量－所有的加速流量都是流量嗎？聽起來強大的競爭的最大驅動力之一是獎勵計劃。這似乎是您引用最多的內容。我意識到 2Q 可能會比 1Q 低一些。但總的來說，您能否解釋為什麼您相信獎勵計劃和您所做的所有改進可以持續推動銷售趨勢，不僅是在 2024 年，而且它如何在 25 年繼續發展？

Sure. Brian, the Q1 results, I think you nailed it, what makes me so proud of the team is that they were order-count driven overall. They were order-count driven on our delivery business, on our carryout business across the different segments we've got. And I think that's something special in general, let alone, given the current environment for QSR.

當然。布萊恩，第一季的結果，我認為你做到了，讓我為團隊感到自豪的是，他們總體上是由訂單數驅動的。他們是我們的送貨業務和我們不同細分市場的外賣業務的訂單數量驅動的。我認為這在總體上是很特別的，更不用說考慮到當前的 QSR 環境了。

Rewards certainly was a big part of it and will be a tailwind for us as we continue this year and for the next few years. I mean, we saw this the first time we launched a loyalty program. It was time to reinvent it and we did. The nice thing about the reinvented program is it's driving activity with folks that maybe we didn't engage as much in the old program.

獎勵無疑是其中的重要組成部分，並將成為我們今年和未來幾年繼續努力的順風車。我的意思是，我們第一次推出忠誠度計畫時就看到了這一點。是時候重新發明它了，我們做到了。重新設計的計劃的好處是，它推動了人們的活動，而我們可能沒有那麼多地參與舊計劃。

And so the carryout customer engagement is much higher than it was before. Light users are much higher than they were before. And so that gives you a little bit of sense of where that growth is coming from. And I don't expect the tailwind from loyalty to go away anytime soon.

因此，結轉客戶的參與度比以前高得多。輕度用戶比以前高很多。這讓你對成長的來源有一點了解。我預期忠誠度帶來的順風不會很快消失。

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 wanted to ask about the promotional environment. I guess a couple of things. One is, I know you mentioned that 3P is more promotional. So I think the appeal for pizza had been that it was more margin neutral or maybe even accretive because of the -- maybe the absence of deals. So I'm just curious if that still going to be the case?

我想問促銷環境。我想有幾件事。一是，我知道你提到3P更具促銷性。因此，我認為披薩的吸引力在於它的利潤更加中性，甚至可能是增值的，因為可能沒有交易。所以我只是好奇情況是否還會如此？

And then as you think about the promotional cadence consistent with 2019, I think the implication was that promotional intensity is not particularly high relative to history. But 2019 was a bit of a slower comp year for Domino's. And so I just wanted to kind of understand how you're thinking about the implications on same-store sales from promotional intensity and the potential for competitors to match.

然後，當你考慮到與 2019 年一致的促銷節奏時，我認為這意味著促銷強度相對於歷史並不是特別高。但 2019 年對達美樂來說是比較緩慢的一年。所以我只是想了解您如何看待促銷強度和競爭對手匹配的潛力對同店銷售的影響。

Thanks, Sara. I'll try to get to each piece of that unpack a little bit. I think what we talked about that we're seeing on 3P is definitely a high low value-driven business. And what we're doing is we're kind of adjusting accordingly. The important thing to remember is the best prices for consumers and our loyalty program are always going to be on our own channels. But it's interesting, though, when you look at what's going on in 3P, I think that really exacerbates the difference between what we're doing on our own channels. So there, it's price.

謝謝，薩拉。我將嘗試逐一解開其中的各個部分。我認為我們所討論的 3P 絕對是一個高低價值驅動的業務。我們正在做的是相應地進行調整。需要記住的重要一點是，為消費者提供最優惠的價格，並且我們的忠誠度計劃始終會在我們自己的管道上進行。但有趣的是，當你看看 3P 中發生的事情時，我認為這確實加劇了我們在自己的頻道上所做的事情之間的差異。所以，這就是價格。

It's this percent off, you've given this away free up and down. What we're doing out there, which is why I think it feels like -- and you said this, it feels like there are more promotions out there, is the difference between value and renowned value. I talked to the team a lot. When we think about what renowned value means, it means bringing the talk to value. So it's talk value versus value. And so the promotions may feel that we're doing out there may be feeling like there -- the activities increased, I think what has increased is just the power of them.

就這個折扣，你已經免費贈送了。我們正在做的事情，這就是為什麼我認為感覺就像——你說過，感覺好像有更多的促銷活動，這就是價值和知名價值之間的區別。我和團隊聊了很多。當我們思考知名價值意味著什麼時，這意味著將談話轉化為價值。所以這是談話價值與價值的比較。因此，促銷活動可能會讓人覺得我們在那裡做的事情可能會有這樣的感覺——活動增加了，我認為增加的只是它們的力量。

And like I said, a BOGO versus a buy 1 versus emergency pizza or a $3 bounce back in -- for purchase in a week versus You Tip, We Tip. They just feel more powerful because the top value is there. And I think that's a great just to position understanding how we're going to break out from both 3P and the rest of QSR with the promotions that we do.

就像我說的，BOGO 與買 1 與緊急披薩或 3 美元反彈 - 一周內購買與您提示，我們提示。他們只是感覺更強大，因為最高價值就在那裡。我認為這是一個很好的定位，讓我們了解我們將如何透過我們所做的促銷活動從 3P 和 QSR 的其他領域中脫穎而出。

And I'm just going to add something, Sara, because I think sometimes when we talk about promotion, the subtext is what's happening to profitability. What is great for us is our profit dollar growth continues to grow as we expected it to. We are on track to the $170,000 or more for the year. And we're doing exactly what we hoped for.

薩拉，我只想補充一些內容，因為我認為有時當我們談論促銷時，潛台詞是盈利能力的變化。對我們來說最重要的是我們的利潤成長按照我們的預期持續成長。我們今年預計將達到 17 萬美元或更多。我們正在做我們所希望的事情。

And I think on the last call, you asked about profit dollar growth versus margin expansion. Even on the corporate stores, we saw a very healthy profit dollar growth. And we did see a bit of margin expansion, but we're not solving for margin expansion. We're solving for profit dollar growth. And I think what we're seeing is very healthy the way all this explains with the P&L.

我想在上次電話會議上，您詢問了利潤成長與利潤率擴張的情況。即使在企業商店，我們也看到了非常健康的利潤成長。我們確實看到了一些利潤率的擴張，但我們並沒有解決利潤率擴張的問題。我們正在解決利潤成長的問題。我認為我們所看到的一切都是非常健康的，這一切都用損益表來解釋。

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。

I was hoping maybe we could drill down into just the labor situation for Domino's as you see it across not just your company stores and supply chain, but also the franchisees. Any metrics you can share that could speak to how labor availability is impacting the business, both sales and margins?

我希望我們可以深入了解達美樂的勞工狀況，因為您不僅可以在公司商店和供應鏈上看到這種情況，還可以在特許經營商上看到這種情況。您可以分享任何可以說明勞動力可用性如何影響業務（包括銷售和利潤）的指標嗎？

Maybe I'll talk big picture, and Sandeep, you can talk on the margin level. I think, David, the biggest indicator to me about both labor availability, and frankly, the improvements that we're driving operationally is the fact that we delivered more orders in Q1 than we did last year at better delivery times. And so if labor was an issue, we wouldn't be able to do that. And obviously, the flow-through to profitability front, Sandeep spoke about that a little bit. And so that, to me, should be a takeaway that is working right now.

也許我會談談大局，而桑迪普，你可以談談利潤水平。大衛，我認為，對我來說，關於勞動力可用性的最大指標，坦白說，我們在營運方面推動的改進是，我們在第一季度交付的訂單比去年更多，交付時間也更好。因此，如果勞動力是一個問題，我們就無法做到這一點。顯然，桑迪普談到了獲利能力的流動。因此，對我來說，這應該是一個目前正在發揮作用的外賣。

Yes. No, I think and Russell is exactly right. I think accessing labor has been not a problem at all as we move through the year. What I do think is reality, and we talked about this on the last call as well, is there is some wage pressure in the year with some minimum wage increases, statutory increases that will impact the franchisee P&L and even our corporate store P&Ls.

是的。不，我認為拉塞爾是完全正確的。我認為在這一年中獲得勞動力根本不是問題。我認為現實是，我們在上次電話會議上也談到了這一點，今年存在一些工資壓力，最低工資有所上漲，法定增長將影響特許經營商的損益，甚至我們公司商店的損益。

But I think specifically, California is a good example, right, where we had the AB 1228 wage increases. So we essentially would have had to -- we had to increase our prices in California to address the wage increases that we saw over there. Our price increase is probably in the high single digits, but we will modify it if we need to, to actually adjust to what the competitors are doing. But overall, we're solving for profit dollar growth. That's what we are always solving for. And we are looking to protect that franchisee profitability in California and throughout the system. And so margin percentages are good to look at and maintain good flow through, but we're solving for dollar growth.

但我認為具體而言，加州是一個很好的例子，對吧，我們在那裡進行了 AB 1228 工資增長。因此，我們基本上不得不提高加州的價格，以解決那裡的工資上漲問題。我們的價格上漲可能是高個位數，但如果需要，我們會對其進行修改，以實際調整競爭對手的做法。但總的來說，我們正在解決利潤成長的問題。這就是我們一直在解決的問題。我們希望保護加州和整個系統的特許經營商的盈利能力。因此，利潤率值得關注並保持良好的流動性，但我們正在解決美元成長的問題。

CX marketer may needs to follow up with that. There are 2 profitabilities that we care about at Domino's Pizza because we know if we balance those, our profit follows and certainly, the franchisee profitability is one of them. But the other is the profitability of -- for every American out there every pizza-buying citizen kind of all over the world.

CX 行銷人員可能需要跟進。在達美樂披薩，我們關心兩種獲利能力，因為我們知道，如果我們平衡這些獲利能力，我們的利潤就會隨之而來，當然，加盟商的獲利能力也是其中之一。但另一個問題是——對於每個美國人以及全世界每個購買披薩的公民來說——的獲利能力。

And that is where I think our record of smart pricing, which has been, call it, 15 years of doing so, has proved out. I mean we had the $5.99 mix and match offer for 12 years. Profits went up, order count went up. We took smart pricing and smart pricing is based on lots of analytics around what the competition is doing, what's going on with -- in consumers' wallets.

我認為這就是我們 15 年來明智定價的記錄已經證明的地方。我的意思是，我們 12 年來一直享受 5.99 美元的混合搭配優惠。利潤增加，訂單數量增加。我們採用了智慧定價，智慧定價是基於對競爭對手正在做什麼、消費者錢包裡發生了什麼進行的大量分析。

And we took pricing, and that's pretty much the majority of at least promotional pricing we've taken already. And you're seeing how that's translated into order count growth. And the way I think about it is every year, should the analytics say we can stay with $6.99 as an example, we get more and more in value. And so when you balance consumer profitability and franchisee profitability you get Q1.

我們採取了定價，這幾乎是我們已經採取的至少促銷定價的大部分。您將看到這如何轉化為訂單數量的增長。我的想法是，每年，如果分析顯示我們可以保持 6.99 美元為例，我們就會獲得越來越多的價值。因此，當你平衡消費者獲利能力和加盟商獲利能力時，你就得到了第一季。

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。

Congrats on the quarter. You talked about the strong performance across income cohorts. Can you expand on what you're seeing with the consumer and whether there are any observable differences and how consumers across cohorts are using the brand? And then any changes in consumer behavior signs are particularly down within each channel?

恭喜本季。您談到了各個收入群體的強勁表現。您能否詳細介紹您對消費者的看法，是否存在任何可觀察到的差異，以及不同群體的消費者如何使用該品牌？那麼每個通路內消費者行為跡像是否有明顯下降？

Sure. We talked -- I think, Laura, in Q4, even maybe in Q3 a little bit about what we were -- we thought was coming in 2024, and that is coming to fruition, traffic is hard to come by, orders are hard to come by in QSR. I think you're going to see that continue throughout the year. I don't think that's going to be the case at Domino's because of what we talked about before.

當然。勞拉，我想，在第四季度，甚至可能在第三季度，我們討論了我們的情況——我們認為會在 2024 年實現，而這即將實現，流量很難獲得，訂單也很難獲得來QSR 吧。我想你會看到這種情況持續一整年。我認為多米諾不會出現這種情況，因為我們之前討論過。

And the traffic doesn't just come. It becomes -- like I said before, results are important if they're repeatable and they're repeatable if there's a formula. And essentially, our pricing is stable and right. Our promotional context or promotions have come back, carryout special, we brought that back on new products. I think the key thing, though, when you're talking about why is every income cohort engaging in Domino's with positive order count is a big piece of that is the new loyalty program.

而且流量不是憑空而來的。就像我之前說的，如果結果是可重複的，那麼結果就很重要，如果有公式，那麼結果就是可重複的。從本質上講，我們的定價是穩定且正確的。我們的促銷背景或促銷活動已經回來，進行特別促銷，我們將其帶回新產品上。不過，我認為關鍵的是，當你談論為什麼每個收入群體參與多米諾骨牌且訂單數為正時，其中很大一部分就是新的忠誠度計劃。

I mean, we specifically designed it to tap into consumers that we hadn't done before. So reducing the purchase from $10 to $5 well, all of a sudden, this is a much more compelling program for carryout customers and just customers in general who don't want to spend a lot of money at $5, they get points.

我的意思是，我們專門設計它來吸引我們以前從未做過的消費者。因此，將購買金額從10 美元減少到5 美元，突然間，對於外賣客戶來說，這是一個更具吸引力的計劃，而且對於一般不想在5 美元上花很多錢的客戶來說，他們可以獲得積分。

And the other thing is the 20 and 40-point level adding those redemption levels to our loyalty program has been key in driving frequency among kind of lower income and lower frequency customers. The amazing thing to me, if you think about the old program. which was only 60 points for a medium 2-topping pizza. Our new program, the 20-point and the 40-point level actually combined are higher than the 60-point level. And so that gives you a sense of why we're breaking through in every cohort across delivery and carryout.

另一件事是將這些兌換等級添加到我們的忠誠度計劃中的 20 和 40 點等級是提高低收入和低頻客戶頻率的關鍵。如果你想想舊的程序，這對我來說是令人驚奇的事。一個中等的 2 層披薩只有 60 分。我們的新方案，20分和40分的水平實際加起來比60分的水平要高。這樣您就可以了解為什麼我們在交付和結轉方面的每個隊列中都取得了突破。

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

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

Congrats (inaudible) the quarter. I was wondering if you can elaborate on what is causing international markets to have a little bit more compressed growth this quarter, which kind of was in line with your previous expectations? And particularly, if you can elaborate if you have been able to estimate how the pressure from the tension in the Middle East are impacting you specifically? And more broadly, if you can take any lessons from the domestic markets that are growing so fast and you can trust them over to the international market?

恭喜（聽不清楚）這個季度。我想知道您能否詳細說明是什麼原因導致本季度國際市場的成長有所壓縮，這符合您先前的預期嗎？特別是，您能否詳細說明您是否能夠估計中東緊張局勢的壓力對您的具體影響？更廣泛地說，您是否可以從快速成長的國內市場中汲取經驗教訓，並將其交給國際市場？

Well, you both asked and answered the question. So great job. Yes. No, look, Q1 comps were in line with our expectations. We continue to see pressure in Europe and Middle East. Sandeep had talked about this last time. The Middle East represents a relatively small percentage, less than 3% of our operating income.

好吧，你既問了問題，又回答了問題。太棒了。是的。不，看，第一季的比較符合我們的預期。我們繼續看到歐洲和中東的壓力。桑迪普上次談到這個問題。中東比例相對較小，不到我們營業收入的 3%。

But what makes us continue to expect comps to return to our 3% algorithm in the back half is exactly what you were saying. We see key markets starting to bring to life the Hungry for MORE strategy. So if you look at Australia, for example, they launched a campaign that literally is called MORE in Q4 that really just romances products, and they've had delicious new products that have launched as part of that. Their business has responded accordingly.

但正是你所說的，讓我們繼續期望比賽在後半段回到我們的 3% 演算法。我們看到主要市場開始實施「渴望更多」策略。例如，如果你看看澳大利亞，他們在第四季度發起了一場名為“MORE”的活動，實際上只是對產品進行浪漫化，並且作為其中的一部分，他們推出了美味的新產品。他們的企業也做出了相應的反應。

We looked at -- Mexico, I talked about them a little bit. They just reported Q1 of 12.2%. They launched Domino's mania, which is a boost week. And so what we're starting to see is as folks follow this playbook, it's starting to work internationally. And our job and that's part of why we have this rally coming up, is to continue to share these best practices. And that's why at the back half of the year, we think we'll return to the 3-plus algorithm.

我們考察了墨西哥，我稍微談了一下他們。他們剛剛報告第一季成長率為 12.2%。他們推出了多米諾骨牌狂熱，這是一個鼓舞人心的一周。因此，我們開始看到，隨著人們遵循這個劇本，它開始在國際上發揮作用。我們的工作就是繼續分享這些最佳實踐，這也是我們舉辦這場集會的部分原因。這就是為什麼在今年下半年，我們認為我們將回到 3+ 演算法。

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

我們的下一個問題來自古根漢的格雷戈里·弗蘭克福特（Gregory Francfort）。

Russell, you made a comment about just the third-party channel having more single item orders. And I think the reason for why you expected sales to build as you move through the year, was because you were still figuring out how to promote on the platform. I'm curious, what do you think has been working and what do you think still needs to be tweaked to kind of get you to where you want to be as you exit the year from a mix perspective in terms of pricing and promotional structure?

拉塞爾，您對第三方管道擁有更多單品訂單發表了評論。我認為，您之所以預計銷量會隨著這一年的發展而增加，是因為您仍在考慮如何在平台上進行推廣。我很好奇，您認為哪些方面一直有效，哪些方面還需要調整，才能在今年從定價和促銷結構的混合角度退出時達到您想要的目標？

Yes, Greg, we -- like I said, things are a little bit different on the platform than they were last year. The competition -- the promotional competition is just up. But we're still sticking to our strategy there of best pricing online at Domino's. It's just more about how we manage it. So for example, your base price could be higher if you want to discount a little bit more. I mean all of that stuff is available to us.

是的，格雷格，我們——就像我說的，平台上的情況與去年有點不同。競爭——促銷競爭才剛開始。但我們仍然堅持達美樂在線最佳定價策略。更重要的是我們如何管理它。例如，如果您想多一點折扣，您的基本價格可能會更高。我的意思是所有這些東西我們都可以使用。

And so we feel good about kind of the way our team is handling that. We're promoting on the Uber channel. Uber is promoting us on the Uber channel, Sandeep talked about we're at 1.4% of sales, which is up from 0.4% in Q4. And all of that makes me really confident that we're going to get to that 3% exit rate for the year.

因此，我們對我們團隊處理此事的方式感到滿意。我們正在 Uber 頻道進行推廣。 Uber 正在 Uber 通路上推廣我們，Sandeep 談到我們的銷售額佔 1.4%，高於第四季的 0.4%。所有這些讓我非常有信心我們今年將達到 3% 的退出率。

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

我們的下一個問題來自摩根大通的約翰·伊万科。

In the context of third-party delivery, maybe being a little bit more promotional. I was hoping if you could put that in the context of your own delivery fee. We've actually seen some stores where it can be as high as $7.99. I think that's a New York example, but it's still an example.

在第三方交付的背景下，也許更具促銷性。我希望您能將其納入您自己的送貨費中。事實上，我們見過一些商店的價格可以高達 7.99 美元。我認為這是紐約的例子，但它仍然是一個例子。

How are you feeling about the current structure of the relatively fixed delivery fee, no matter how much customer orders, if there's any opportunity to kind of look at that over time? And when I think consumers increasingly look at the total landed cost of that delivery, if you feel the overall algorithm is still in the right place. And obviously, I understand orders being up year-over-year might just simply answer that question, but just wanted to get your thought on just delivery fee overall in terms of consumers' value perception.

您對目前相對固定的送貨費用結構有何看法，無論客戶訂單有多少，是否有機會隨著時間的推移進行審視？當我認為消費者越來越多地關注交付的總到岸成本時，如果你覺得整體演算法仍然處於正確的位置。顯然，我知道訂單逐年增加可能只是簡單地回答了這個問題，但只是想從消費者的價值認知方面了解您對整體送貨費用的看法。

Yes. Thanks, John. We do price scraping on a, I think, other weekly or biweekly basis on delivery fee. And so what's important to understand is the recommendations to our franchisees are based on the competitors that are out there, kind of the ones that have stores that are more direct competitors whose pricing is probably a little bit lower than when people buy things on the aggregators.

是的。謝謝，約翰。我認為，我們每週或每兩週都會對送貨費用進行價格抓取。因此，重要的是要了解，對我們的特許經營商的推薦是基於現有的競爭對手，這些競爭對手的商店是更直接的競爭對手，其定價可能比人們在聚合商上購買商品時要低一些。

You're right, though, on aggregator so that people may sign up for programs where delivery may be reduced cost or free. But at the end of the day, particularly our customers looking at exactly what you said. They probably don't call it total landed cost. They just call it, is it a bargain, is it a value. And as long as we're doing that, we're aligning competitively with the local competition through our pricing there and we've got best pricing on dominos.com. That's the balance that we're looking for.

不過，你在聚合器上是對的，這樣人們就可以註冊一些可以降低交付成本或免費的項目。但歸根結底，特別是我們的客戶會仔細考慮您所說的內容。他們可能不稱之為總到岸成本。他們只是說，這是便宜貨嗎，是否有價值。只要我們這樣做，我們就能透過我們的定價與當地競爭對手保持一致，並且我們在 dominos.com 上獲得了最優惠的定價。這就是我們正在尋找的平衡。

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, you mentioned the company seeing more individual orders on UberEATS channel. And I was just wondering, does this create an opportunity to be more aggressive in promoting non-pizza items on the channel and maybe even attempt to drive sales during the lunch daypart? And also as a company share of voice on the platform right now among the pizza competitors, is that similar to what we might see outside of the channel?

Russell，您提到該公司在 UberEATS 頻道上看到了更多的個人訂單。我只是想知道，這是否創造了一個機會，可以更積極地在通路上推廣非披薩食品，甚至可能嘗試在午餐時段推動銷售？而且，作為目前在披薩競爭對手中該平台上的公司份額，這是否與我們在通路之外可能看到的類似？

Chris, on the second one on share of voice inside versus outside the channel. I'll have to get back to you on that one. That's not something that I know off the top of my head. As far as what it is that we sell on Domino's, we have been -- I've been here a long time, and I've seen us promote just pizza on media, and I've seen us promote just our individual items like sandwiches or pasta. And really, the magic for us, the big sales becomes when -- I've used this before, this idea of Pizza Plus when you offer both. And that's really what mix-and-match is all about.

克里斯，關於頻道內部與外部的聲音份額的第二個問題。我得再回覆你這一件事。這不是我腦中知道的事情。就我們在達美樂上銷售的產品而言，我已經在這裡很長時間了，我看到我們在媒體上只宣傳披薩，我也看到我們只宣傳我們的個人商品，例如三明治或麵食。事實上，對我們來說，大銷售的魔力在於——我以前用過這個，Pizza Plus 的想法，當你同時提供這兩種產品時。這就是混合搭配的真正意義。

And so what we don't want to do is we don't want to slow down momentum in what's really working through experiments in other area. We have looked at lunch before. We got a nice lunch business, but that business is not individual users. And so I think what this allows us to do is tap into individual users who, frankly, are willing to spend a lot more money on a per person basis than they would through us. And then once they're part of Domino's, obviously, they've got the ability to then go back and buy those items and get loyalty point for it and all that. So that's probably the better way to think about it is we're at our best when we promote our entire menu.

因此，我們不想做的是我們不想減緩其他領域實驗真正發揮作用的勢頭。我們之前看過午餐。我們得到了不錯的午餐業務，但該業務不是個人用戶。因此，我認為這使我們能夠做的是利用個人用戶，坦白說，他們願意在每人基礎上花費比透過我們更多的錢。然後，一旦他們成為多米諾骨牌的一部分，顯然，他們就有能力回去購買這些物品並獲得忠誠度積分等等。因此，更好的思考方式可能是，當我們推廣整個菜單時，我們處於最佳狀態。

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。

I wanted to ask about the U.S. store growth pipeline. The first half of the year, I know it's supposed to be roughly flat year-over-year, and it seems like it's tracking there. But how are you seeing that pipeline build with the comp strength and margins obviously moving in the right direction? And just wanted to get a sense from you on when you expect and your confidence that you'll see that inflection higher in the back part of the year and even as we move into 2025 and beyond?

我想問美國商店的成長管道。今年上半年，我知道它應該與去年同期大致持平，而且似乎正在跟踪那裡。但是，您如何看待管道建設的競爭實力和利潤明顯朝著正確的方向發展？只是想了解您的預期和信心，即在今年下半年甚至進入 2025 年及以後，您會看到這種拐點更高？

Yes. Thanks. We've got visibility of the pipeline through the remainder of this year through next year, and I feel really good about hitting the 175 plus number. Stores tend to be a lagging indicator of performance and as you can expect with profits going up with order counts going up, we're becoming a more and more attractive proposition every day to our franchisees, but regardless of Q1, you should note, but before these results, the pipeline was clear on the 175 plus.

是的。謝謝。我們已經了解了從今年剩餘時間到明年的管道情況，我對達到 175 以上的數字感到非常高興。商店往往是績效的滯後指標，正如您可以預期的那樣，利潤隨著訂單數量的增加而增加，我們對我們的特許經營商來說每天都變得越來越有吸引力，但無論第一季度如何，您都應該注意到，但是在獲得這些結果之前，175 plus 的管道是清晰的。

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)。

Russell, I had a question related to one of the comp drivers that maybe gets underplayed and that's the advertising approach. It seems like you made quite a big evolution in the advertising versus what you've done in the past in the first quarter and maybe before the first quarter, with a lot more focus on the food and the value as opposed to some other topics.

拉塞爾，我有一個與可能被低估的競爭驅動因素之一有關的問題，這就是廣告方法。與過去第一季甚至第一季之前的廣告相比，您似乎在廣告方面取得了相當大的進步，更專注於食品和價值，而不是其他一些主題。

So I was just wondering if you could give us a sense of how much of a comp driver you think that was, if it's even easy to separate that out from the others?

所以我只是想知道你能否讓我們了解一下你認為這是一個多大的競爭驅動因素，是否可以輕鬆地將其與其他驅動因素區分開來？

Yes, David, I'm really glad you noticed. The team, I think, has done a fantastic job. We brought a brand-new food photographer, filmmaker on and the deliciousness on Domino's ad. I mean, it's just -- it's a different ad than it used to be. And you take that and you combine that with the talk value, the renowned value I talked about earlier. And that stuff breakthrough. I have a lot of -- people I know are saying, wow, it feels like Domino's is advertising a lot more this year than it ever did before. And the answer is not really. It's -- what's happening is what we're doing is breaking through more. And that's where you want to be. And I think when we talk about Hungry for MORE, the M and the R, the most delicious food and the renowned value were going to be the 2 things we're going to lean into.

是的，大衛，我真的很高興你注意到了。我認為這個團隊做得非常好。我們邀請了一位全新的美食攝影師、電影製片人，並在多米諾的廣告上展示了美味。我的意思是，這只是——這是一個與以前不同的廣告。你把它與談話價值結合起來，也就是我之前談到的著名價值。那東西突破了。我認識的很多人都說，哇，感覺達美樂今年的廣告比以往任何時候都多。答案並不是真的。正在發生的事情是我們正在做的事情正在取得更多突破。這就是您想要的地方。我認為，當我們談論 Hungry for MORE 時，M 和 R、最美味的食物和著名的價值將是我們要關注的兩件事。

So I appreciate you noticing that.

所以我很感激你注意到這一點。

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）。

Maybe just on the operational focus on dough, what was the nature of that? And what's still planned for this year? Are those things that sort of have a cost benefit in your view? Or is it more just about kind of product consistency and service time?

也許只是針對麵團的運作重點，其本質是什麼？今年還有什麼計畫？您認為這些事情具有成本效益嗎？或者更重要的是產品的一致性和服務時間？

Yes. Thanks. It really is about consistency. And consistency gets repeat purchase. And so the way I think of it is we -- in the U.S., we sell about 1.5 million pizzas every day. We don't want to look at it that way. We want to look at -- we sell one pizza, 1.5 million times. Every pizza that we make is a chance to delight a customer or disappoint a customer.

是的。謝謝。這確實與一致性有關。且一致性會導致重複購買。所以我的想法是——在美國，我們每天賣出大約 150 萬個披薩。我們不想那樣看。我們想看看——我們賣了一個披薩，150 萬次。我們製作的每一個披薩都是讓顧客滿意或讓顧客失望的機會。

And so the training we had last year was a little bit more focused on circle operations technology, and you're seeing the results now in delivery times. The stuff we're doing this year, as you said, the first Sprint was on the dough, then we've got ingredients and baking. That's all about the consistency. And consistency really drives repeat purchase. So if you get that right, plus you have the loyalty program on top of that, then you have 2 things driving repeat purchase, and that's where we want to be. We think this is going to be offensive for us, an offensive move on consistency.

因此，我們去年的培訓更側重於循環操作技術，現在您可以在交付時間中看到結果。正如你所說，我們今年所做的事情，第一個衝刺是在麵團上，然後我們有了配料和烘烤。這就是一致性。一致性確實可以促進重複購買。因此，如果你做對了，再加上你有忠誠度計劃，那麼你就有了兩件事來推動重複購買，這就是我們想要的。我們認為這對我們來說是一種進攻，是對一致性的進攻。

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。

I just wanted to ask about the U.S. pizza category in general. Russell, do you think it's taking share at this point in time? I think coming out of COVID out of really '21, there was some pizza fatigue going on. That seems to have subsided. Just curious if you think the category itself has grown faster than it had been in the past couple of years. Or are you guys just taking share with some of the self-help initiatives that you have in place?

我只是想問一下美國披薩的整體情況。拉塞爾，你認為此時此刻它正在佔據份額嗎？我認為，從 21 世紀的新冠疫情中走出來後，人們開始對披薩感到疲勞。這似乎已經平息了。只是好奇您是否認為該類別本身的成長速度比過去幾年更快。或者你們只是分享一些你們已經採取的自助措施？

Yes. I think we've returned to where we were, what our calling card was over time, which is that this is a category that is tremendous, and it's growing kind of in line with population. What we have always done is we've been, what I call it equal opportunity share stealers. And frankly, we lost that last year, 2 years, and we're back.

是的。我認為我們已經回到了原來的位置，隨著時間的推移，我們的名片是什麼，那就是這是一個巨大的類別，並且它的增長與人口一致。我們一直以來所做的就是我們一直在做的事情，我稱之為機會均等的份額竊取者。坦白說，我們去年失去了這一點，兩年了，現在我們又回來了。

And so we're seeing those same dynamics and these self-help initiatives are helping drive share in delivery and carryout. I mean the carryout numbers are just tremendous. And one of the things we always talk about is the incrementality of carryout. And so when we split a store, 80% of the carryout volume is incremental. And so if carryout is growing big time that is yet another reason in addition to store profitability why franchisees are going to want to open up stores. And so I think all this stuff is a cycle that's positive for us.

因此，我們看到了同樣的動態，這些舉措正在幫助推動交付和結轉份額。我的意思是，結轉數量非常龐大。我們經常談論的事情之一是結轉的增量。因此，當我們拆分一家商店時，80% 的結轉量是增量的。因此，如果外帶業務大幅增長，這就是除了商店盈利能力之外的另一個加盟商想要開設商店的原因。所以我認為這一切都是一個對我們有利的循環。

And our next question comes from the line of Jon Tower from Citi.

我們的下一個問題來自花旗銀行的 Jon Tower。

I'm curious, I wanted to come back to your comments earlier, Russell, regarding the loyalty program. I think you had mentioned in the U.S. that you're seeing some pretty good uptick from new lapsed users, light users, but I'm curious to hear about how existing loyalty members have responded to the program so far and all the changes that have taken place? And then separately, in terms of the consumer demand, obviously, you've had a lot of promotional -- heavy promotional windows during the fourth quarter and into the first quarter here. How has the consumer responded to the brand outside of those windows?

我很好奇，拉塞爾，我想早點回到你關於忠誠度計劃的評論。我想您曾在美國提到過，您看到新的流失用戶、輕度用戶的數量有了相當大的增長，但我很想知道現有的忠誠度會員迄今為止對該計劃的反應以及所有這些變化發生在？然後，就消費者需求而言，顯然，第四季和第一季有很多促銷活動。消費者對這些窗口之外的品牌有何反應？

Got it. Well, first, on the loyalty program, I think it's safe to say that not only new customers, but existing customers are really engaging in the program. If you're an existing customer and you had 50 points in your loyalty bank, you woke up when we launched this new program and you were able to get 2 free items instead of 0. And so there are a lot of happy customers who are existing customers there.

知道了。嗯，首先，關於忠誠度計劃，我認為可以肯定地說，不僅新客戶，而且現有客戶都真正參與了該計劃。如果您是現有客戶，而您的忠誠度銀行中有50 點積分，那麼當我們推出這個新計劃時，您就醒了，您可以獲得2 件免費物品，而不是0 件。滿意的客戶那裡的現有客戶。

When you talk about consumer demand, I mean, I love -- I get this question a lot, hey guys, it seems like you're increasing your promotional cadence. We're really not -- they're just more impactful. And I think that's why folks are talking about them more. But we've had a 52-week count promotional calendar for years and years and years. And the big difference now is just they're working better. They're working better because rather than just focus on price points, we're focused on things that break cultural tensions.

當你談論消費者需求時，我的意思是，我喜歡——我經常被問到這個問題，嘿夥計們，看來你們正在增加促銷節奏。我們真的不是——他們只是更有影響力。我認為這就是人們更多地談論它們的原因。但我們多年來一直有 52 週的促銷日曆。現在最大的區別是他們工作得更好了。它們運作得更好，因為我們不僅關注價格點，還關注打破文化緊張的事情。

I mean, the carryout tips, everywhere you go -- I'm sorry, You Tip, We Tip, everywhere you go today, whether they're giving you extra service or not, folks are asking for tips. So you get that screen up there. In fact, I think maybe after this call, I'm expecting John, you to ask me to tip you. But -- and what we're doing though is we're using that talk value to get people to talk more about Domino's because we're breaking that tension. And that's why it feels like we're at, we're doing more. But 52 weeks of promotions, what we've done for a long time.

我的意思是，外帶小費，無論你走到哪裡——對不起，你小費，我們小費，無論你今天走到哪裡，無論他們是否為你提供額外的服務，人們都會要求小費。所以你把那個螢幕放在那裡。事實上，我想也許在這次通話之後，我期待約翰，你讓我給你小費。但是，我們正在做的是利用這種談論價值讓人們更多地談論多米諾骨牌，因為我們正在打破這種緊張關係。這就是為什麼我們感覺我們正在做更多的事情。但是 52 週的促銷活動，我們已經做了很長時間了。

And just -- I'm going to add something to that, John, because I think when you look at the promotional windows and you talked about what's the cadence outside the promotional windows, it's very good. But why is it very good? It's because of the loyalty program. The activity that's actually generated through the loyalty program is really dispersing transactions and redemptions right through the quarter. And I think that just speaks to the strength of what we're doing with renowned value and the loyalty program specifically.

只是 - 約翰，我要補充一些內容，因為我認為當你查看促銷窗口並談論促銷窗口外的節奏時，這非常好。但為什麼它非常好呢？這是因為忠誠度計劃。透過忠誠度計劃實際產生的活動確實分散了整個季度的交易和兌換。我認為這恰恰說明了我們在享有盛譽的價值和忠誠度計劃方面所做的事情的實力。

Yes, that's a great point, Sandeep, which I don't like to admit when Sandeep makes a great point, but this was a good. The other pieces of the renowned value that are different than what we did before is to get this value, you have to sign up for the loyalty program, right? You can get mix and match, you don't have to be a loyalty member. But to get the carryout tips to get emergency pizza to get tipped for your delivery, you have to be part of the loyalty program. And so what these things are doing is they're working together versus working separately. And I think you just see the compounding effects of that.

是的，這是一個很好的觀點，桑迪普，當桑迪普提出一個很好的觀點時我不想承認這一點，但這是一個很好的觀點。與我們之前所做的不同的著名價值的其他部分是要獲得此價值，您必須註冊忠誠度計劃，對吧？您可以混合搭配，無需成為忠誠會員。但要獲得外帶小費以獲取緊急披薩並獲得送貨小費，您必須成為忠誠度計劃的一部分。所以這些東西正在做的是它們一起工作而不是單獨工作。我想你只是看到了它的複合效應。

And our next question comes from the line of Jeffrey Bernstein from Barclays.

我們的下一個問題來自巴克萊銀行的傑弗裡·伯恩斯坦。

Just a question on the near-term comps for Domino's and the industry, I guess. On Domino's, I know you mentioned the second quarter comp below the 5.6% in the first quarter. I'm wondering whether that surprises you relative to plans at the start of the year. I would think that the ramp in Uber and loyalty and easier compares would more than offset the fee of emergency pizza. So just wondering whether that similarly surprises you?

我想，這只是關於達美樂和整個行業的近期比較的問題。關於骨牌，我知道您提到第二季的成長率低於第一季的 5.6%。我想知道相對於今年年初的計劃，這是否會讓您感到驚訝。我認為優步和忠誠度的提升以及更容易的比較將足以抵消緊急披薩的費用。所以想知道這是否同樣讓你感到驚訝？

And Russell, on the industry, you mentioned a slowing QSR category in terms of seemingly the macro. Just wondering with you having a decade-plus of experience there, does that surprise you? I would think QSR would be viewed as more defensive into a slowing macro and yet perhaps we're seeing something otherwise. So question on Domino's and the broader macro.

羅素（Russell），關於行業，您提到了從宏觀角度看快餐類別正在放緩。只是想知道您在那裡擁有十多年的經驗，這會讓您感到驚訝嗎？我認為 QSR 將被視為對宏觀經濟放緩更具防禦性，但也許我們看到的並非如此。所以對多米諾骨牌和更廣泛的宏觀問題提出疑問。

I'll ask Sandeep to talk about the near-term comps, and then I'll answer your question on transactions.

我會請桑迪普談談近期的比較，然後我會回答你關於交易的問題。

Yes. So I think on the near-term comps in Q2 that we talked about on the call, really, it's not surprising as at all. I mean, this is pretty much in line with our plans. We knew that we've had great success with the [multi] Pizza, and we were glad we did that because we've actually acquired customers into the loyalty program. But we did see some lift, which I think will kind of normalize as we go into Q2. But to the point we made making sense at the beginning of the year, we're expecting ramping and Uber to happen over the course of the year. So we expect to be slightly below our Q1 performance, which was very, very good. And we still think Q2 is going to be very, very good, but in line with what we expected.

是的。因此，我認為就我們在電話會議中討論的第二季度的近期比較而言，實際上，這根本不足為奇。我的意思是，這非常符合我們的計劃。我們知道我們在 [multi] Pizza 方面取得了巨大成功，我們很高興我們做到了這一點，因為我們實際上已經吸引了客戶加入忠誠度計劃。但我們確實看到了一些提升，我認為隨著我們進入第二季度，這種提升將會正常化。但就我們在今年年初的意義而言，我們預計在這一年中將出現成長和 Uber。因此，我們預計第一季的表現將略低於第一季的表現，而第一季的表現非常非常好。我們仍然認為第二季將會非常非常好，但符合我們的預期。

Yes. And I think on the -- in the QSR space, Jeff, what I was talking about was really more order count. I think there's just been pricing that's been taken in the category and consumers are responding now. You're seeing it in the results and what I'm excited about for us is the pricing we've taken is really in the rearview mirror. And so we can focus on driving value, profitable value to both our customers and our franchisees. And look, I'm sure there will be others in the industry who are also doing the same, but I think we'll be a little bit of an outlier there.

是的。我認為，傑夫，在 QSR 領域，我所說的實際上是更多的訂單數量。我認為該類別剛剛定價，消費者現在正在做出反應。你在結果中看到了這一點，令我感到興奮的是我們所採取的定價確實在後視鏡中。因此，我們可以專注於為我們的客戶和特許經營商創造價值、獲利價值。看，我確信業內也會有其他人也在做同樣的事情，但我認為我們會有點局外人。

Yes. And I just want to add one thing on this because -- I talked about in the prepared remarks and Russell referred it on smart pricing. The interesting about smart pricing is we took a lot of spot pricing in '22 when the market was highly inflationary. The smart pricing in '23 was almost taking no pricing. And that's really what actually drove that value differential that is now really showing up.

是的。我只想補充一件事，因為——我在準備好的演講中談到了這一點，拉塞爾提到了智慧定價。智慧定價的有趣之處在於，我們在 22 年市場高度通膨時採用了大量現貨定價。 23 年的智慧定價幾乎沒有定價。這確實是推動現在真正顯現出來的價值差異的真正原因。

The number of questions we got right through '23 on, do you have pricing power? Why are you not taking pricing because everybody else is taking pricing, but we were really focused on 2 things. One is making sure customer value was maintained; two, making sure that the flow through from a franchisee perspective had been restored and that happened after the '22 pricing that we took. And so we just get on the straight and narrow and we were really teeing up for what's ended up happening in Q4 and Q1.

23 年以來我們收到的問題數量很多，你們有定價權嗎？為什麼你不定價，因為其他人都在定價，但我們真正關注的是兩件事。一是確保維護客戶價值；第二，確保從特許經營商的角度來看流量已經恢復，這發生在我們採用 22 年定價之後。因此，我們只是走上正軌，我們真的為第四季度和第一季最終發生的事情做好了準備。

Yes. I think one of the things we talked about before was consistency of product. If there are 2 things that we've got this tremendous e-commerce business. So we know we can tell on conversion when we do things right and we do things wrong. Product consistency is really important. The other thing is pricing consistency. People don't want whiplash. They want to get what they expect and we took that in 2022 and now they're getting what they expect, and it's profitable for our franchisees, and we're seeing that in the numbers.

是的。我認為我們之前討論過的事情之一是產品的一致性。如果有兩件事我們就擁有如此巨大的電子商務業務。所以我們知道，當我們做對的事和做錯的事時，我們可以判斷是否有歸信。產品的一致性非常重要。另一件事是定價的一致性。人們不想要鞭打。他們希望得到他們所期望的東西，我們在2022 年實現了這一點，現在他們得到了他們所期望的東西，這對我們的特許經營商來說是有利可圖的，我們從數字中看到了這一點。

And our next question comes from the line of Meredith Jensen from HSBC.

我們的下一個問題來自匯豐銀行的 Meredith Jensen。

On prior calls, I've heard you all speak about the experience Domino's has had internationally with third-party delivery and now that it's been rolled out here, I was just kind of wondering if you might speak a little bit about sort of the -- maybe the consumer behavior differences that you're seeing? Or some other things that have come up even anecdotally about the differences there.

在之前的電話會議上，我聽到你們都談到了達美樂在國際上與第三方交付的經驗，現在它已經在這裡推出，我只是想知道你們是否可以談談 - - 也許你們所看到的消費者行為差異？或者還有其他一些關於這些差異的軼事。

Yes, sure, Meredith. I mean really, what we've seen so far is some of it's very in line with what we thought going in, which was these customers, as we said earlier, would be more single users, they'd be younger they, especially on Uber, would be incremental to us and Sandeep has talked about a few months into this, it looks like they're about 75% incremental.

是的，當然，梅雷迪思。我的意思是說，到目前為止，我們所看到的一些情況與我們的想法非常一致，正如我們之前所說，這些客戶將是更多的單一用戶，他們會更年輕，尤其是在Uber 將會對我們產生增量，Sandeep 在幾個月後就談到了這一點，看起來他們的增量約為75%。

2/3 incremental.

2/3 增量。

I'm sorry, about 2/3 incremental, yes, sorry -- about 2/3 incremental. And so the thing on the other side is just more just the promotional nature of it. And the pricing and profit ends up being kind of what we thought, but how we're getting to it is just in a little bit of a different way. Anything to add?

抱歉，大約 2/3 增量，是的，抱歉——大約 2/3 增量。因此，另一方面的事情只是它的促銷性質。定價和利潤最終與我們的想法一致，但我們實現這一目標的方式略有不同。有什麼要補充的嗎？

And our next question comes from the line of Alex Slagle from Jefferies.

我們的下一個問題來自 Jefferies 的 Alex Slagle。

Great to see everything coming together here. I had a question on the operations and the acceleration in delivery volumes, seemingly just starting and so forth, you're able to drive the speed improvements. But as the volumes ramp further, I guess, it's more of these individual orders on 3P and perhaps more surges of demand at certain times. I mean how much of your ability to keep up with the volumes and improve speed will require a step up in hiring drivers versus productivity and technology-driven improvements or other opportunities that you see out there?

很高興看到一切都在這裡聚集在一起。我有一個關於營運和交付量加速的問題，看起來剛開始等等，你能夠推動速度的提升。但我猜想，隨著銷量進一步增加，更多的是 3P 上的個人訂單，並且在某些時候可能會有更多的需求激增。我的意思是，與生產力和技術驅動的改進或您看到的其他機會相比，您在多大程度上需要在僱用司機方面提高跟上數量和提高速度的能力？

Yes. Well, the nice thing about our business is it scales really, really well. And so the -- I know you know this, but it sounds like we have to add a driver every time we add an order. And so what we're trying to do and what we have done with a lot of these back of house improvements is we've made these orders just more scalable, more leverageable. And so that's part of the process. But secondarily, as we talked about, driving for Domino's Pizza now is an attractive job. We're about to see a whole bunch of franchisees and more importantly, future franchisees at our rally. In order to become a Domino's franchisee, you need to start as a driver or a pizza maker.

是的。嗯，我們業務的好處是它的擴展性非常非常好。所以 - 我知道你知道這一點，但聽起來我們每次添加訂單時都必須添加司機。因此，我們正在努力做的事情以及我們在許多後台改進方面所做的事情是，我們使這些訂單更具可擴展性，更具槓桿性。這就是這個過程的一部分。但其次，正如我們所說，為達美樂比薩開車現在是一項有吸引力的工作。我們將在我們的集會上看到一大群特許經營商，更重要的是，未來的特許經營商。為了成為達美樂的特許經營商，您需要從司機或披薩師開始。

And so with the success of the brand, what we're seeing is people attracted to both the driver job and the opportunity at Domino's.

因此，隨著該品牌的成功，我們看到人們被達美樂的司機工作和機會所吸引。

And our final question for today comes from the line of Jim Salera from Stephens.

我們今天的最後一個問題來自史蒂芬斯的吉姆·薩萊拉。

Wanted to ask on the New York Style Pizza innovation. Just as how that triangulates with some of the other promotions you guys have going on? And just any color you might have on driving either new use or new consumption from people that are discovering Domino's on the third-party apps or potentially newcomers to the loyalty program and how you can tie innovation into those newer users?

想問紐約風格披薩的創新。就像你們正在進行的其他一些促銷活動如何進行三角測量一樣？以及如何推動在第三方應用程式上發現 Domino's 的人們或忠誠度計劃的潛在新用戶推動新用途或新消費，以及如何將創新與這些新用戶聯繫起來？

Yes. That's a great question. New York is our first new product launch of the year and one the things that testing shows for us is this is a different customer. This is a customer who prefers a thinner foldable pizza that's a customer who really -- ingredient quality is important to them. And so we think bringing this into a portfolio is actually going to be attractive to folks who may be are pizza lovers, but our traditional hand cost may be a little bit too thick for them in cross type.

是的。這是一個很好的問題。紐約是我們今年推出的第一個新產品，測試向我們表明，這是一個不同的客戶。這是一位喜歡更薄的可折疊披薩的顧客，他們認為原料品質對他們來說非常重要。因此，我們認為將其納入產品組合實際上會對那些可能是披薩愛好者的人有吸引力，但我們傳統的手工成本對於十字型的他們來說可能有點太厚了。

And so it's not -- this is -- and I should have said this in the remarks, this is not an LTO for us. And so it's important to know when we launch products, most of the time, it's because we think they are permanent fixtures to our menu.

所以這不是——這是——我應該在評論中這麼說，這不是我們的 LTO。因此，了解我們何時推出產品非常重要，大多數時候，這是因為我們認為它們是我們菜單上的永久固定裝置。

The other nice thing about New York Style, which I like. And of course, we're promoting it through loyalty with points like you said, is our New York style is available in all 3 sizes in medium, large and a lot of cases, extra-large. But being part of a medium means that could be part of our $6.99 mix and match, and that was super important.

紐約風格的另一個好處是我喜歡。當然，我們透過忠誠度來推廣它，就像您所說的那樣，我們的紐約風格有中號、大號和很多箱子、超大號的所有 3 種尺寸可供選擇。但成為媒體的一部分意味著這可能成為我們 6.99 美元混合搭配的一部分，這是非常重要的。

Thank you, Jim. 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 to you all again soon. You may now disconnect.

謝謝你，吉姆。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，我們期待很快能再次與你們交談。您現在可以斷開連線。

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。