達美樂 (DPZ) 2024 Q2 法說會逐字稿

Thank you for standing by, and welcome to Domino's Pizza's second-quarter 2024 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 of Investor Relations. Please go ahead, sir.

感謝您的耐心等待，歡迎參加 Domino's Pizza 2024 年第二季財報電話會議。 （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 second quarter conference call. Today's call will begin with our Chief Executive Officer, Russell Wiener. Followed by our Chief Financial Officer, Sandeep Reddy.

大家，早安。感謝您今天參加我們的第二季電話會議。今天的電話會議將由我們的執行長 Russell Wiener 開始。接下來是我們的財務長桑迪普雷迪 (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. For more information, please refer to the risk factors discussed in our filings with the SEC.

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。欲了解更多信息，請參閱我們向 SEC 提交的文件中討論的風險因素。

In addition, please refer to the 8-K earnings release to find disclosures and reconciliations of our 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.

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節情況。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提出的盡可能多的問題。因此，我們鼓勵您只問一個問題。

And with that, I'd like to turn the call over to Russell.

說到這裡，我想把電話轉給拉塞爾。

Thank you, Grey. And good morning, everybody. Our second quarter performance demonstrated once again that are Hungry for MORE strategy is delivering positive results. For the second straight quarter, we drove US comp performance in the healthiest way possible through profitable organic growth. Positive order counts in our delivery business, positive order counts in our carryout business, positive order counts across all income cohorts.

謝謝你，格雷。大家早安。我們第二季的業績再次證明「渴望更多」策略正在帶來正面的成果。我們連續第二個季度透過獲利有機成長，以最健康的方式推動了美國公司的業績表現。我們的送貨業務中的正訂單數，我們的結轉業務中的正訂單數，所有收入群體中的正訂單數。

We also continued to see improvement in our international comps and generated earnings that were in line with our expectations. As a result of our strong results year to date and expectations for the back half of the year, we remain on track to achieve our guidance for annual global retail sales growth of 7% or more and operating profit growth of 8% or more.

我們也繼續看到我們的國際比較有所改善，並產生了符合我們預期的收益。由於我們今年迄今的強勁業績以及對今年下半年的預期，我們仍有望實現全球零售額年度增長 7% 或以上、營業利潤增長 8% 或以上的指導目標。

I want to provide an update on our net store growth guidance, which we temporarily suspended this morning. First, I want to reiterate that our US pipeline is strong, and it continues to grow. We continue to expect 175 or more net new stores annually in 2024 through 2028 in the US. We now expect to fall below our net store growth target for international in 2024 by approximately 175 to 275 stores, primarily as a result of challenges in both openings and closures faced by Domino's Pizza Enterprises, DPE, one of our master franchisees.

我想提供有關我們今天早上暫時暫停的網店增長指導的最新資訊。首先，我想重申，我們的美國管道很強大，而且還在繼續增長。我們仍預計 2024 年至 2028 年美國每年將淨增加 175 家或更多門市。目前，我們預計 2024 年國際門市淨成長目標將低於約 175 至 275 家門市，這主要是由於我們的主要特許經營商之一達美樂比薩企業 (DPE) 在開設和關閉方面面臨挑戰。

We're partnering closely with DPE as they work through this process. It was important to note that our largest expected growth markets of China and India remain on track to deliver on their growth potential. In China, DPC Dash announced they'll open store number 1,000 by the end of this year, and then they'll increase their net openings per year to between 300 and 350 starting in 2025.

我們正在與 DPE 密切合作，以幫助他們完成這一過程。值得注意的是，我們最大的預期成長市場中國和印度仍有望發揮其成長潛力。在中國，DPC Dash 宣布，他們將在今年年底前開設 1,000 家門市，然後從 2025 年開始，每年淨開店數量將增至 300 至 350 家。

Back in May, Jubilant, our master franchisee based out of India, increased its total store count potential to 5,500 over the medium term in the six global markets in which it operates. When you think that it took Domino's those over 60 years to open 5,500 stores in the United States, Jubilant's goal exemplifies the Hungry for MORE mentality, our global system is taking off.

早在 5 月份，我們位於印度的主要特許經營商 Jubilant 就將其在其經營的六個全球市場的中期門市總數潛力增加到 5,500 家。當您想到達美樂花了 60 多年的時間才在美國開設了 5,500 家商店時，Jubilant 的目標體現了「渴望更多」的心態，我們的全球體係正在起飛。

Now let's look at our second quarter results through the lens of our MORE, Hungry for MORE pillars which continue to drive our business. As you know, M stands for the most delicious food. We know we've got the most delicious food in the industry and are focused on showcasing that with more mouthwatering food photography in all of our marketing and our sales channels.

現在，讓我們透過我們的「更多，渴望更多」支柱來看看我們第二季度的業績，這些支柱繼續推動我們的業務。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。

We launched our New York Style pizza in Q2, and that's what we call innovation with intent. When we launch a new product that's got a specific role and it's intended to stay on the menu permanently. New York Style pizza is another example of that, it's got a crust that's thinner and more foldable than our traditional crust. It was designed to appeal to pizza lovers whose idea of deliciousness is little bit different than Domino's Pizza offerings in the past.

我們在第二季推出了紐約風格披薩，這就是我們所說的有意圖的創新。當我們推出一款具有特定作用的新產品時，它會永久保留在菜單上。紐約式披薩是另一個例子，它的餅皮比我們傳統的餅皮更薄、更容易折疊。它旨在吸引披薩愛好者，他們對美味的看法與過去的達美樂披薩產品略有不同。

The result has been a high mix of sales within our pizza offerings. In addition to being a product that showcases deliciousness in a different way, newer style pizza is available as part of our mix-and-match offer. Domino's rewards members can also redeem 60 points for a free medium two topping New York Style pizza.

結果是我們的披薩產品實現了高銷售量混合。除了以不同方式展示美味的產品之外，我們的混合搭配產品還提供更新款式的披薩。達美樂獎勵會員還可以用 60 點兌換一份免費的中型兩層紐約風格披薩。

This new offering drives more than just deliciousness, it drives value and it drives more customers into our loyalty platform. And that's why we call it innovation with intent. The O in Hungry 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.

這項新產品不僅帶來美味，還帶來價值，並吸引更多顧客進入我們的忠誠度平台。這就是為什麼我們稱之為有意圖的創新。 Hungry for MORE 中的 O 代表卓越營運。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。

As I shared on our last earnings call, in 2024 we are rolling out a new service program, we're calling more delicious operation. This is a series of three product training sprints focused on our dough, how we build and make our products and then how we cook. In Q1, we embarked on our first Sprint, which focused on our dough and are now rolling out our second sprint around ingredients and product built.

正如我在上次財報電話會議上分享的那樣，2024 年我們將推出一項新的服務計劃，我們稱之為「更美味的營運」。這是一系列三個產品培訓衝刺，重點是我們的麵團、我們如何建造和製造我們的產品以及我們如何烹飪。在第一季度，我們開始了我們的第一個衝刺，重點是我們的麵團，現在正在圍繞成分和產品構建推出我們的第二個衝刺。

These product sprints and last year's Summer of Service are working together with our [DMOS] technology to drive improvements in our delivery times. In fact, estimated average delivery times were nearly 10% better in Q2 of 2024 than they were in Q2 of 2022. And we're doing all of this while our stores are handling more orders. So I wanted to congratulate our franchisees and operators whose commitment to service allows us to deliver on the promise we're striving to make in our marketing, that Domino's has the most delicious food.

這些產品衝刺和去年的夏季服務正在與我們的 [DMOS] 技術一起努力，以推動我們交付時間的改進。事實上，預計 2024 年第二季的平均交貨時間將比 2022 年第二季縮短了近 10%。因此，我想祝賀我們的特許經營商和經營者，他們對服務的承諾使我們能夠兌現我們在行銷中努力做出的承諾，即達美樂擁有最美味的食物。

Our third Hungry for MORE pillar is R for Renowned value. And as I said before, it's not just about having the lowest price in the market. It's about providing value that innovative and memorable. Renowned value breaks through the sea of seamless discounts you see in the marketplace. A Domino's rewards as an example of that Renowned value. It continues to perform well and was the key driver of our strong US comp performance in Q2.

我們的第三個「Hungry for MORE」支柱是 R（代表「Renknown」價值）。正如我之前所說，這不僅僅是市場上最低的價格。這是為了提供創新且令人難忘的價值。著名的價值突破了您在市場上看到的無縫折扣的海洋。骨牌獎勵就是聲望值的一個例子。它繼續表現良好，是我們第二季度美國業績強勁的關鍵驅動力。

You'll recall our objectives for the program were to drive new users, particularly carryout customers and increased the frequency of light users. I'm happy to report that Domino's rewards continues to deliver on those objectives. Our active members are up significantly year to date through Q2, showing this program is continuing to build.

您會記得我們該計劃的目標是吸引新用戶，特別是外送客戶，並增加輕度用戶的頻率。我很高興地向大家報告，Domino 的獎勵將繼續實現這些目標。今年第二季以來，我們的活躍會員數量顯著增加，顯示該計劃正在繼續發展。

Redemptions across both the delivery and carryout channels are also increasing, which is contributing to the transactional growth you're seeing in each of our businesses. For example, in our carryout business, orders with a loyalty redemption in the first half of 2024 are twice as high 2x as they were in the first half of 2023 under our old loyalty program.

外送和外送管道的兌換也在增加，這有助於您在我們每項業務中看到的交易成長。例如，在我們的外送業務中，2024 年上半年進行忠誠度兌換的訂單數量是 2023 年上半年我們舊忠誠度計畫下的兩倍。

So the Americans continue to look for value, Domino's is providing renowned value and doing it profitably for our franchisees. National promotions are another way we're driving renowned value. In Q2, we had two boost weeks, both of which were very successful in driving transactions and customer acquisition. As it relates to our promotional cadence in 2024, you can continue to expect around six boost weeks.

因此，美國人繼續尋找價值，達美樂正在提供著名的價值，並為我們的特許經營商帶來利潤。全國促銷是我們推動知名價值的另一種方式。在第二季度，我們經歷了兩週的推動週，這兩週在推動交易和客戶獲取方面都非常成功。由於這與我們 2024 年的促銷節奏有關，您可以繼續期待大約六週的促銷活動。

While providing renowned value through our own channels as one part of our barbell strategy, tapping into the aggregator marketplaces is the other. And our launch into this space remains on track to exit the year at 3% or more of sales coming through Uber Eats.

雖然透過我們自己的管道提供知名價值作為我們槓鈴策略的一部分，但進入聚合市場是另一項。我們在這一領域的推出仍有望在今年結束時透過 Uber Eats 實現 3% 或更多的銷售額。

Everything we do at Domino's is enhanced by our best-in-class franchisees, they are the E in our Hungry for MORE strategy. In early May, we hosted our largest worldwide rally with almost 9,000 franchisees and team members in attendance. This year's event was appropriately themed Hungry for MORE, we brought this strategy to life across our global system and the results showed. This was our most highly rated rally of all time.

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，他們是我們「Hungry for MORE」策略中的「E」。 5 月初，我們舉辦了規模最大的全球集會，有近 9,000 名加盟商和團隊成員參加。今年活動的主題是“渴望更多”，我們在全球系統中實施了這項策略，結果也顯示出來。這是我們有史以來評價最高的集會。

To close, I couldn't be more energized by the future of Domino's Pizza and seeing the excitement of franchisees that our rally really brought that to life for me and the leadership team. Our results show that our strategy is resonating with customers and our system, all of this gives me great confidence that we can continue to drive significant long-term value creation for our shareholders.

最後，我對達美樂披薩的未來充滿了活力，看到特許經營者的興奮，我們的集會真正為我和領導團隊帶來了活力。我們的結果表明，我們的策略與客戶和我們的系統產生了共鳴，所有這些都讓我充滿信心，相信我們能夠繼續為股東創造重大的長期價值。

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

有了這個，我會把事情交給桑迪普。

Thank you, Russell, and good morning, everyone. Our second quarter financial results were right in line with our expectations. Our strong start to the year has resulted in profit dollar growth versus 2023 for our US franchisees. We remain on track to achieve our target of $170,000 or more average US franchise store profit for 2024.

謝謝拉塞爾，大家早安。我們第二季的財務表現完全符合我們的預期。今年的強勁開局使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 美元或以上的目標。

Excluding the impact of foreign currency, global retail sales grew 7.2% in the quarter due to positive US and international comps and global net store growth. US retail sales increased 6.8% and international retail sales grew 7.7% excluding the impact of foreign currency. During Q2, same-store sales for the US came in at 4.8%, which was in line with our expectations. Our strong comps in the quarter for carryout of 7.9% and delivery of 2.7% were once again driven primarily by transaction growth.

排除外匯的影響，由於美國和國際的積極業績以及全球淨商店增長，本季全球零售額增長 7.2%。剔除外匯影響，美國零售額成長 6.8%，國際零售額成長 7.7%。第二季度，美國同店銷售額成長 4.8%，符合我們的預期。本季我們強勁的業績表現再次主要受到交易成長的推動，結轉率為 7.9%，交付率為 2.7%。

Our US same-store sales continue to be primarily driven by transaction growth from our new loyalty program and our strong marketing programming. We also benefited from 1.5% of pricing, which was inclusive of high-single-digits in California.

我們的美國同店銷售繼續主要受到我們新的忠誠度計劃和強大的營銷計劃帶來的交易增長的推動。我們還受益於 1.5% 的定價，其中包括加州的高個位數定價。

Our sales mix from Uber grew to 1.9% for the quarter. The incrementality of Uber sales continues to be in line with our expectations. Our comp tailwinds were partially offset by a higher carryout mix, which carries a lower ticket in delivery.

本季 Uber 的銷售額成長至 1.9%。優步銷售額的增量持續符合我們的預期。我們的競爭優勢被較高的結轉組合所部分抵消，結轉組合的交付量較低。

Shifting to US unit count, we added 32 net new stores in line with our expectations. This brings our US system store count to 6,906. We remain on track to achieve our 175 or more net store growth target in the United States in 2024, and we anticipate opening our 7,000 stores by the end of the year.

轉向美國門市數量，我們淨增 32 家新店，符合我們的預期。這使我們的美國系統商店數量達到 6,906 個。我們仍有望實現 2024 年在美國開設 175 家或更多門市的淨成長目標，預計到年底將開設 7,000 家門市。

Shifting to international, where comp results were generally in line with expectations for the quarter. Same-store sales excluding foreign currency impact, accelerated to 2.1% in the quarter. The improvement from Q1 was broad-based as we saw improvements in our Europe, Asia and Middle East markets.

轉向國際市場，該季度的業績總體符合預期。排除外匯影響，本季同店銷售額加速至 2.1%。由於我們看到歐洲、亞洲和中東市場的改善，第一季的改善是廣泛的。

Store counts increased by 143 net stores as we finished the quarter with more than 14,000 international stores. Our net store openings were impacted by softness in DPE, on gross new store openings and closures.

本季末，我們的國際門市數量超過 14,000 家，門市數量淨增加 143 家。我們的淨開店數量受到 DPE 疲軟、新店開張和關閉總額的影響。

Income from operations increased 1.7% in Q2, excluding the negative impact of foreign currency of $2.7 million. This increase was primarily due to higher franchise royalty revenues resulting from global retail sales growth. This was partially offset by higher G&A, which was primarily driven by higher labor expenses as well as the Company's worldwide rally expense as communicated on our last quarterly call.

第二季營運收入成長 1.7%，剔除 270 萬美元的外匯負面影響。這一成長主要是由於全球零售銷售成長導致特許經營權收入增加。這被較高的一般行政費用所部分抵消，這主要是由勞動力費用增加以及我們在上一季度電話會議上傳達的公司全球集會費用推動的。

I expect the return on this expense to be extremely high as everyone across our system left engaged inspired and ready to drive a Hungry for MORE strategy.

我預計這筆費用的回報將非常高，因為我們系統中的每個人都受到啟發並準備好推動「飢餓」策略。

Lastly, our margin rate was impacted by 0.3% headwind in Q2 from the tech fee being reduced to $0.355 and our ad fund contribution rate increasing back to 6% as previously communicated.

最後，我們的保證金率在第二季度受到了 0.3% 逆風的影響，因為技術費用降低至 0.355 美元，而我們的廣告基金貢獻率則恢復至先前溝通的 6%。

Now turning to our outlook, we continue to expect 7% or more global retail sales growth, excluding the impact of foreign currency based on the following key items. First, our 2024 US comp to be above the 3% or more long-term guide as a result of catalysts in Uber and loyalty for the full year. And we expect comps to be 3% or more in Q3 and Q4.

現在轉向我們的展望，根據以下關鍵項目，排除外匯影響，我們繼續預期全球零售額將成長 7% 或以上。首先，由於 Uber 的催化劑和全年的忠誠度，我們 2024 年的美國業績將高於 3% 或更多的長期指引。我們預計第三季和第四季的年成長率將達到 3% 或更高。

Specific to Q3, we expect comps to be slightly below what we saw in Q2 on a one-year basis as we're expecting one less Boost week, partially offset by a continued ramp in Uber. Second, sales through Uber to increase as marketing and awareness grow, and we are expecting to exit the year with an overall sales mix of 3% or more.

具體到第三季度，我們預計一年後的比較將略低於第二季度的水平，因為我們預計 Boost 週會減少，部分被 Uber 的持續成長所抵消。其次，隨著行銷和知名度的提高，透過 Uber 的銷售額將會增加，我們預計今年的整體銷售額將達到 3% 或更高。

Third, international comps to accelerate to 3% or more long-term guidance in the back half of the year. As also noted, we now expect to fall below 1,100 or more net new store number for 2024. This is due to challenges in our international business, primarily related to DPE. As we get further visibility into the full effects of DPE store opens and closures, we will provide an update on the impact to our long-term outlook for 2025 and beyond.

第三，下半年國際比較長期指引將加速至3%或以上。另如前所述，我們現在預計 2024 年淨新店數量將降至 1,100 家或更多。隨著我們進一步了解 DPE 商店開業和關閉的全面影響，我們將提供有關 2025 年及以後長期前景影響的最新資訊。

We continue to expect an 8% or more year-over-year increase in operating income, excluding the impact of foreign currency. To highlight some of the components, first, for the year, you can expect operating income margins to be relatively flat compared to 2023 and to be down slightly in Q3. As a reminder, we are not expecting to see cost leverage in 2024, primarily due to investments we are making in consumer technology, store technology and supply chain capacity to support future sales growth.

我們繼續預期營業收入年增 8% 或以上，剔除外匯的影響。為了強調一些組成部分，首先，您可以預期今年的營業利潤率將與 2023 年相比相對持平，並在第三季略有下降。提醒一下，我們預計 2024 年不會出現成本槓桿，這主要是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。

Second, we are now expecting supply chain margins to expand compared to the prior year due to some favorability in the food basket and slightly higher procurement productivity. We are forecasting to come in below the midpoint of our food basket range of 1% to 3% for the year. In Q3, expect supply chain margins to be roughly flat compared to the prior year and down in Q4.

其次，由於食品籃的一些優惠以及採購生產率的略微提高，我們現在預計供應鏈利潤率將比前一年擴大。我們預計今年的食品價格將低於 1% 至 3% 的中點。第三季度，預計供應鏈利潤率將與去年同期基本持平，第四季將有所下降。

Third, the favorability in supply chain margin is been partially offset by pressure within G&A due to slightly higher investment levels. We continue to expect our G&A as a percentage of global retail sales to be approximately 2.4%.

第三，由於投資水準略有上升，G&A內部的壓力部分抵銷了供應鏈利潤率的有利影響。我們繼續預期 G&A 佔全球零售額的比例約為 2.4%。

And lastly, we are now expecting the impact of foreign currency to be approximately 1% of operating profit dollars in 2024. We expect this will impact our year-over-year operating profit margins by roughly 20 basis points. As was noted in our disclosure this morning, we did not repurchase any shares in the second quarter. We continue to maintain flexibility due to the volatility of the interest rate environment as we evaluate our upcoming debt maturity in October of 2025.

最後，我們現在預計 2024 年外匯的影響將約為營業利潤的 1%。正如我們今天早上所披露的那樣，我們在第二季度沒有回購任何股票。由於利率環境的波動，我們在評估即將於 2025 年 10 月到期的債務時繼續保持靈活性。

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)

（操作員說明）

Dennis Geiger, UBS.

丹尼斯蓋革，瑞銀集團。

Great. Good morning, guys. Thank you. Appreciate it. Wanted to ask a little bit more on the loyalty, what you're seeing there and sort of as we go into the back half of the year and maybe even into '25. How are you guys are thinking about that loyalty program, given the contribution you've seen already this year and what you're expecting kind of balance of the year in the year to how you think about marketing it, promoting it? Thank you, guys.

偉大的。早上好傢伙。謝謝。欣賞它。我想多問一些關於忠誠度的問題，以及你在那裡看到的情況，以及當我們進入今年下半年，甚至可能進入 25 年時。考慮到你們今年已經看到的貢獻以及你們對今年的營銷和推廣的預期平衡，你們如何看待這個忠誠度計劃？感謝你們。

Morning Dennis. Thanks for the question. Yeah, I'll tell you, loyalty for us this year has just been tremendous. If you think about the objectives that we outlined in our Investor Day, we said with the new loyalty program, we wanted to drive light users and frequency there, check.

早安，丹尼斯。謝謝你的提問。是的，我告訴你，今年我們的忠誠度非常高。如果您考慮我們在投資者日中概述的目標，我們在新的忠誠度計劃中表示，我們希望吸引輕度用戶和頻率，請檢查。

We wanted to continue obviously to drive our delivery customers, obviously we're doing that. But we also wanted to engage our carryout customers, check there. So it really is doing every single thing that we had hoped it would, we'll give a number at the end of the year as far as new users. But I can tell you the user -- the number of new users is increasing.

顯然，我們希望繼續推動我們的送貨客戶，顯然我們正在這樣做。但我們也想吸引我們的外送客戶，請在那裡查看。所以它確實做了我們希望的每一件事，我們將在今年年底給出新用戶的數字。但我可以告訴用戶——新用戶的數量正在增加。

I gave a number in my opening remarks, that just to me is indicative of how this is going. Remember, one of the things we said we were going to do is really use loyalty to drive carryout. So orders from a carryout perspective, orders with loyalty redemptions in the first half of this year, are twice as high as they were under the old program in the first half of last year.

我在開場白中給了一個數字，對我來說這表明了事情的進展。請記住，我們說過要做的事情之一就是真正利用忠誠度來推動結轉。因此，從結轉訂單來看，今年上半年的忠誠度兌換訂單是去年上半年舊計畫下的兩倍。

Sandeep talked about how our carrier business is doing. And this is one of the big reasons. So just really on all of the objectives, the loyalty program is delivering what we had hoped.

桑迪普談到了我們的營運商業務的進展。這是很大的原因之一。因此，就所有目標而言，忠誠度計劃確實實現了我們的希望。

One thing I'll add to that, Dennis is, we've talked about this previously, but this is a multiyear driver of comps for us. So this year is just the beginning. And as we did in Piece of the Pie Awards, when we launched it in 2014, we saw over three or four years continuous compounding of comps based on the launch of the program. We expect a similar kind of cadence as we go through this program as well.

丹尼斯，我要補充的一件事是，我們之前已經討論過這一點，但這對我們來說是一個多年的驅動因素。所以今年只是個開始。正如我們在 Piece of the Pie Awards 中所做的那樣，當我們在 2014 年啟動該計劃時，我們看到基於該計劃的啟動，在三到四年內不斷進行複合。我們期望在完成這個計劃時也能有類似的節奏。

Yeah. And when you think about the health of this quarter, and how order counts came in so strong, all of those customers are going into the flywheel of this loyalty program. So today's orders are really tomorrow's sales, and that's why we're so excited about how the loyalty program is working with everything else that's firing on the business right now.

是的。當您考慮本季的健康狀況以及訂單數量如何如此強勁時，所有這些客戶都將進入該忠誠度計劃的飛輪。因此，今天的訂單實際上是明天的銷售額，這就是為什麼我們對忠誠度計劃如何與當前業務中的其他所有內容相結合感到非常興奮。

Brian Bittner, Oppenheimer.

布萊恩比特納，奧本海默。

Thank you. Good morning. As it relates to the unit growth guidance, I understand that the shortfall is primarily related to pressures you're witnessing at DPE, but can you dive into this dynamic a bit more? It just seems like a lot has changed versus when you initiated the long-term outlook at the end of last year. So just trying to better understand how the surprise came about so suddenly versus what you were expecting seven, eight months ago?

謝謝。早安.由於它與單位增長指導相關，我知道短缺主要與您在 DPE 看到的壓力有關，但您能更深入地了解這一動態嗎？與去年年底您啟動長期前景時相比，似乎發生了很多變化。所以只是想更好地理解這個驚喜是如何突然出現的，而不是你七、八個月前的預期？

Yeah, Brian, it's Sandeep. So I think when you go back to the Investor Day back in December, I think one of the process that we went through was working with all of our master franchisees, including DPE on the expectations that they have for the business. And we basically calibrated to that for both '24 and the five-year horizon as well.

是的，布萊恩，我是桑迪普。因此，我認為當你回顧 12 月的投資者日時，我認為我們經歷的過程之一是與我們所有的主要特許經營商（包括 DPE）合作，以了解他們對業務的期望。我們基本上也針對 24 年和五年範圍進行了校準。

And at that time, we were completely aligned. So then actually, we got into the end of the Q1 call and then we got into the second quarter, and we started seeing that relative to our expectations and cadence, both new store openings as well as closures really centered increasing from DBE. And as we saw that we continue to engage with the DBE team to validate the forecasts that we had for the year. And it became pretty clear as we had actually went through that conversation and discussion that there was not only the risk to the second quarter that we were seeing.

那時，我們完全一致。所以實際上，我們進入了第一季度電話會議的末尾，然後進入了第二季度，我們開始看到，相對於我們的預期和節奏，新店開張和關店都真正集中在 DBE 的增長上。正如我們所看到的，我們繼續與 DBE 團隊合作來驗證我們今年的預測。當我們實際進行對話和討論時，情況變得非常清楚，我們看到的不僅僅是第二季的風險。

But clearly the outlook was going to be impacted as well. And in fact, just yesterday I think DPE put out a release with a number of closures that they outlined in the Japan and France market in particular, which they're targeting for their first half, which is our second half, which therefore will land in this fiscal year. So apart from what we've seen in second quarter, we expect to see more pressure in the second half of this year.

但顯然前景也會受到影響。事實上，就在昨天，我認為DPE 發布了一份新聞稿，其中列出了他們特別在日本和法國市場概述的一系列關閉措施，他們的目標是上半年，也就是我們的下半年，因此將登陸在本財年。因此，除了我們在第二季度看到的情況外，我們預計今年下半年將面臨更大的壓力。

So I think when you take the collective of all of that, it was a pretty material update that we were going to see in the numbers for this year, and we felt it appropriate to update our guidance for 2024. And also, you will notice the range is 175 to 275. Why is the range that big? Because I think as we go through the process of not just the closures but the potential openings, the timing of it could potentially shift between our fiscal '24 and fiscal '25. And that's why we're temporarily suspending guidance on the long-term outlook as well apart from this year.

所以我認為，當你把所有這些都匯總起來時，我們將在今年的數字中看到一個相當重大的更新，我們認為更新 2024 年的指導是適當的。 275。因為我認為，當我們不僅要經歷關閉的過程，還要經歷潛在的開放的過程時，它的時間可能會在我們的 24 財年和 25 財年之間發生變化。這就是為什麼我們除了今年之外還暫時停止對長期前景的指導。

So that's kind of what went on in the background, Brian, so you understand that. But I think one of the things I want to just come back to is when we look at our long-term guide, I mean, we're talking about maintaining our GRS growth of 7%-plus and our operating income guide of 8%-plus. And the reason for this is, the store closures that we're talking about are very low volume stores. So when you actually put it all together, the aggregate impact to operating income is really immaterial in the grand scheme of things. And so that's why we're very confident in our operating income guidance, and we are reiterating that as you saw this morning.

這就是背景中發生的事情，布萊恩，所以你明白這一點。但我想我想回到的一件事是，當我們審視我們的長期指南時，我的意思是，我們正在談論保持 7% 以上的 GRS 增長和 8% 的營業收入指南-加。原因是，我們所說的關閉商店都是銷量非常低的商店。因此，當你真正把所有這些放在一起時，從總體上看，對營業收入的整體影響實際上並不重要。這就是為什麼我們對我們的營業收入指引非常有信心，正如您今天早上所看到的那樣，我們重申這一點。

And Brian, I would just add to that. I think what this shows me is, how many levers we have to grow this business. And so certainly we're working with DPE but let me just put some of this in perspective. So our sales and stores are still on target for the 7% -- I'm sorry, our sales and profit for the 7%-plus and the 8%-plus. And with that those headwinds in DPE, that means we have a lot of other things firing.

布萊恩，我想補充一點。我認為這向我展示了我們有多少槓桿來發展這項業務。當然，我們正在與 DPE 合作，但讓我正確地看待這一點。因此，我們的銷售額和商店仍然達到 7% 的目標——對不起，我們的銷售額和利潤為 7% 以上和 8% 以上。鑑於 DPE 中的這些不利因素，這意味著我們還有很多其他事情要做。

And so just maybe I'll start with development. So at the same time, as we have this DPE news, we have news at China and India are increasing their outlook. We've got today 14,000 stores, half of those stores we've opened since 2015 and so the momentum we have on our way to 40,000 stores, which have a lot more room for us is tremendous.

所以也許我會從開發開始。因此，同時，當我們收到 DPE 訊息時，我們也收到中國和印度正在提高前景的消息。如今，我們已經擁有 14,000 家門市，其中一半是我們自 2015 年以來開設的門市，因此我們向 40,000 家門市邁進的勢頭非常強勁，這為我們提供了更多空間。

When you think about our development in the US. Obviously, we're -- as Sandeep said in his remarks, 175 plus is still our target this year that we're going to hit. And when you think about the strength of development, openings are really important, so are closings. And in the trailing 12 months in the US, we've closed only seven stores out of a total about 7,000. And so development I think overall is pretty healthy. And like I said, we've got these other things firing at the same time, which is why our sales and profit numbers are still coming in at forecast.

當你想到我們在美國的發展。顯然，正如 Sandeep 在他的演講中所說，175 以上仍然是我們今年要達到的目標。當你考慮發展的力量時，開放確實很重要，封閉也很重要。在過去 12 個月裡，我們在美國的門市總數約為 7,000 家，僅關閉了 7 家。所以我認為整體發展是相當健康的。就像我說的，我們同時啟動了其他一些事情，這就是為什麼我們的銷售額和利潤數據仍然符合預測。

David Tarantino, Baird.

大衛·塔倫蒂諾，貝爾德。

Hi, good morning. My question is a follow up Russell on your comments about the outlook for the year being unchanged, I guess, we've seen signs that consumer spending is slowing certainly in parts of the restaurant industry, and it feels like the degree of difficulty in the US has increased. So I just wanted to ask you to give some commentary on why you're so confident in holding those targets for this year and whether you think that degree of difficulty is higher or unchanged versus what you were thinking previously? Thanks.

早安.我的問題是羅素對您關於今年前景不變的評論的跟進，我想，我們已經看到了餐飲業部分地區消費者支出肯定正在放緩的跡象，感覺就像是美國有所增加。所以我想請您談談為什麼您對實現今年的目標如此有信心，以及您認為難度與您之前的想法相比是否更高或沒有變化？謝謝。

Yeah, thanks David. To me, the best predictor of the future even though I have a lawyer in the room who probably tells me I can't say this, is what's happened. And you're right about consumer spending slow. But let's think about what's happened with that as a backdrop, is we've had -- we've grown orders in our delivery business, our carryout business, every income cohort, we haven't talked about international, but we've grown order count in international.

是的，謝謝大衛。對我來說，未來最好的預測就是已經發生的事情，儘管房間裡有律師可能告訴我我不能這麼說。關於消費者支出緩慢，你是對的。但讓我們想想在這個背景下發生了什麼，我們的送貨業務、外賣業務、每個收入群體的訂單都增加了，我們沒有談論國際，但我們已經增長了國際訂單數。

And so that's what's going on in an economy where folks are kind of maybe struggling to decide what to buy. And so if order counts are positive in that scenario, then as the momentum swings eventually, I expect our momentum to continue. So what you do when times are tough? To me that talks about the strength of the brand and that's why I just could not be more excited about how we delivered the results for the quarter.

這就是經濟中正在發生的事情，人們可能很難決定要買什麼。因此，如果在這種情況下訂單數量為正，那麼隨著勢頭最終搖擺，我預計我們的勢頭將繼續下去。那麼困難時期你會做什麼呢？對我來說，這談到了品牌的實力，這就是為什麼我對我們如何交付本季的業績感到非常興奮。

Andrew Charles, TD. Cowan.

安德魯·查爾斯，TD。考恩.

Great, thank you. Sandeep, you talked about how the 3Q comps in the US are expected to trail 2Q levels and just given these are comparisons. I'm curious if that reflects what you're observing so far this quarter or it's more just forward looking around your expectation, just given one less Boost week in 3Q.

太好了謝謝。 Sandeep，您談到了美國第三季的業績預計將落後第二季的水平，並且只是考慮到這些是比較。我很好奇這是否反映了您本季到目前為止所觀察到的情況，或者它只是對您的預期進行了前瞻性展望，只是考慮到第三季度少了一周的提升。

Andrew, thanks for the question. I think though it's more about what I talked about in the prepared remarks, which is we do have one less Boost week. We do have the ramp in Uber. But on a net basis, it's slightly below what we saw in Q2 as our expectation for Q3. But I'll go back to Russell's previous answer, we are seeing a tremendous performance in terms of transaction growth for the entire first half, and we're expecting to see that same performance in the entire second half. And so we're very confident in the ability of our business to deliver the kind of momentum that you've seen already in the first half and the back half, including Q3.

安德魯，謝謝你的提問。我認為這更多是關於我在準備好的演講中談到的內容，那就是我們確實少了一周的Boost。我們在優步確實有坡道。但從淨值來看，它略低於我們在第二季看到的第三季的預期。但我要回到拉塞爾之前的回答，我們在整個上半年的交易成長方面看到了巨大的表現，並且我們預計在整個下半年也能看到同樣的表現。因此，我們對我們的業務能夠提供您在上半年和下半年（包括第三季）已經看到的那種勢頭非常有信心。

David Palmer, Evercore.

大衛·帕爾默，Evercore。

Thanks, good morning. I guess the question is about -- I'll make it a kind of a two-parter. It looks like the sales trends are pretty volatile in the US from the data that we see, for example, things looked like they were weaker in April when you didn't have sort of a value forward message like Emergency Pizza or the $3 tip. Could you kind of reflect on the quarter and what you're seeing in terms of the consumer response to stuff and maybe give us a sense of what you think is working and not working in the US.

謝謝，早安。我想問題是──我會讓它成為一種兩方合作的形式。從我們看到的數據來看，美國的銷售趨勢似乎相當不穩定，例如，當你沒有像緊急披薩或 3 美元小費這樣的價值轉發訊息時，四月份的銷售趨勢似乎較弱。您能否回顧一下本季以及您所看到的消費者對產品的反應，也許讓我們了解您認為哪些措施在美國有效，哪些無效。

And then separately, I think people are going to be concerned about the fourth quarter. If the third quarter is worse than this quarter, maybe let's say you do a 4% in the third quarter. I think people are going to be concerned about you holding that 3%-plus in the fourth quarter, given the comparison. So maybe you can address both of those things.

然後，我認為人們會單獨關注第四季。如果第三季比本季差，也許可以說你第三季的成長率為 4%。考慮到比較，我認為人們會擔心你在第四季度保持 3% 以上的成長。所以也許你可以解決這兩個問題。

Yes. Maybe I'll give it a shot. And Sandeep, if I miss anything.

是的。也許我會嘗試一下。還有桑迪普，如果我錯過了什麼的話。

As far as the volatility in the short term, I think you know, we look at quarters not days and obviously years as well. And there are always some balancing those based on everything from weather to what we put out there. And so I like your -- the second part of your question which is kind of big picture, what's working and what's not working.

至於短期的波動性，我想你知道，我們關注的是季度而不是幾天，顯然也關注的是幾年。總是有一些平衡是基於從天氣到我們發布的內容等各種因素。所以我喜歡你的問題的第二部分，這是一個大局，什麼有效，什麼無效。

I was working as a Hungry for MORE strategy, and I'll give you an example maybe using one of the things we are doing this year, as we talked about was, we're going to launch two new products. So we just launched the New York Style pizza. New York Style pizza is all about the most delicious food. It's an innovation with intent. There are believe it or not some people out there who don't love our traditional crust. So this is an incremental crust, more foldable, hopefully bring new people in the fold.

我當時正在製定「渴望更多」策略，我會給你一個例子，也許會使用我們今年正在做的事情之一，正如我們所說，我們將推出兩款新產品。所以我們剛剛推出了紐約風格的披薩。紐約風格的披薩是最美味的食物。這是一項有意圖的創新。不管你信不信，有些人不喜歡我們的傳統麵包皮。所以這是一個增量外殼，更可折疊，希望能吸引新人加入。

At the same time, that new product is delivered in better delivery times as it was, than it was two years ago, that's operational excellence. It's part of our mix and match promotion. That's also part of our loyalty program, renowned value. And so what we're doing, David, is really tethering all these things together, there's never anything that's firing one cylinder on its own. There truly is a domino effect of connectivity between all the programs we have going on right now.

同時，與兩年前相比，新產品的交付時間更快，這就是卓越的營運。這是我們混合搭配促銷活動的一部分。這也是我們的忠誠度計劃的一部分，享有盛譽。所以，大衛，我們正在做的事情實際上是將所有這些東西綁在一起，從來沒有任何東西可以單獨點燃一個氣缸。我們目前正在進行的所有項目之間的連通性確實存在多米諾骨牌效應。

From a not-working perspective, I mean, we're always Hungry for MORE that's kind of the bumper sticker of this company. But I've been here 15, 16 years, and I know what drives the business. It's orders, it's stores, it's market share. And the orders that you've seen, the stores that you're seeing are -- just think about what traditional growth has been for the pizza category. We are going to be big winners from a share perspective. And once you do that, everything grows, your franchisee profitability grows, your advertising fund grows, you get a moat and our moat is filled right now with orders and stores and franchisee profits.

從非工作的角度來看，我的意思是，我們總是渴望更多，這就像這家公司的保險桿貼紙一樣。但我已經在這裡工作了 15、16 年，我知道是什麼推動了業務。這是訂單，這是商店，這是市場份額。你所看到的訂單、你所看到的商店——只要想想披薩類別的傳統增長是怎樣的。從股票角度來看，我們將成為大贏家。一旦你做到了這一點，一切都會增長，你的加盟商盈利能力會增長，你的廣告資金會增長，你就會獲得一條護城河，而我們的護城河現在充滿了訂單、商店和加盟商利潤。

David, I'll just try to -- just clarifying a couple of the points. I mean you asked about -- you talked about volatility in sales spend in the US, we didn't see any volatility. We saw a very steady cadence. And the steady cadence of sales is really driven by the flywheel that Russell talked about on the Loyalty program and the frequency that's continuing to build from there. We've seen that pretty consistently across the year frankly, including the second quarter. So we don't see the volatility at all.

大衛，我只是嘗試澄清幾點。我的意思是，你問過——你談到了美國銷售支出的波動，我們沒有看到任何波動。我們看到了非常穩定的節奏。穩定的銷售節奏實際上是由拉塞爾在忠誠度計劃中談到的飛輪以及從那裡繼續建立的頻率所驅動的。坦白說，我們全年都看到這種情況，包括第二季。所以我們根本看不到波動性。

And I think the other question that you asked was the confidence in the Q4 comp, and as I said in the prepared remarks, we expect both Q3 and Q4 to be above the 3%. So and but we just explained that Q3 may be slightly below Q2 because of the timing of the Boost -- of the number of Boost weeks offset by Uber's ramp.

我認為你問的另一個問題是對第四季業績的信心，正如我在準備好的發言中所說，我們預計第三季和第四季都將高於 3%。所以，但我們剛剛解釋說，第三季度可能會略低於第二季度，因為 Boost 的時間表——被 Uber 的提升所抵消的 Boost 週數。

Now going to Q4, one of the things we talked about earlier was that loyalty is going to be a multi-year driver for us. So sure, we are lapping in Q4, the Loyalty program launch, but we still expect to be seeing tailwinds in the compounding impact from the Loyalty program in Q4.

現在進入第四季度，我們之前討論過的一件事是忠誠度將成為我們的多年驅動力。當然，我們在第四季度推出了忠誠度計劃，但我們仍然預計第四季度忠誠度計劃的複合影響會帶來順風。

In addition, Uber continues to build. And so, with both those drivers, there is every case to look at 3% or more as very, very much within reach in the fourth quarter, and we always Hungry for more. So the more we do, the better it is. So we're really confident. And because this is all transaction driven, it's really driving very strong economics.

此外，Uber 還在繼續建造。因此，對於這兩個驅動因素，第四季度 3% 或以上的成長完全是可以實現的，而且我們總是渴望更多。所以我們做得越多，效果就越好。所以我們真的很有信心。因為這都是交易驅動的，所以它確實推動了非常強勁的經濟發展。

So franchisee profitability continues to grow. And I think that's actually driven by a significant performance on the supply chain side also, which is you are seeing on the supply chain financials that's going into the franchisee profits. So overall, very confident of our outlook for the back half of the year.

因此加盟商的獲利能力持續成長。我認為這實際上也是由供應鏈方面的顯著業績所推動的，這就是您在供應鏈財務上看到的，這會影響特許經營商的利潤。總的來說，我們對下半年的前景非常有信心。

Lauren Silberman, Deutsche Bank.

勞倫·西爾伯曼，德意志銀行。

Thank you very much. I wanted to ask about the value strategy. You talked about the one boost peak in the third quarter. That leads to, I believe one in the fourth quarter, clearly driving strong performance, given the value focus in the industry, what flexibility, what flexibility do you have to further increase promotional activity, and then are you seeing any increase in value mix and how much is going through deals?

非常感謝。我想問一下價值策略。您談到了第三季的一個提振高峰。我相信，考慮到行業的價值重點，這會導致第四季度明顯推動強勁業績，您有什麼靈活性，您有什麼靈活性來進一步增加促銷活動，然後您是否看到價值組合和方面有任何增長？

Yeah, Lauren thanks for the question. I think what we're doing in value is very special, and it is very different than what you are seeing in the industry right now, which I think folks, it is clear that there's been price taken. And folks are dealing back kind of individual items, telling customers, hey, this is what you can get on value.

是的，勞倫，謝謝你的提問。我認為我們在價值方面所做的事情非常特別，它與你們現在在行業中看到的非常不同，我認為夥計們，很明顯，價格已經被採取了。人們正在處理一些單獨的物品，告訴顧客，嘿，這就是你可以獲得的價值。

What we've done, and we've done this since 2009 when we launched Mix & Match, our Mix & Match offer -- value is two things. Value is the price, but it's the price for what you want. It's the price for what you want is high and the price for something you don't want is not high, that doesn't really do much. And so, when you think about all of our platforms, you think about pizza, you think about pasta, sandwiches, desserts, salads, breads, chickens, all of those things consistently have been part of our promotional value play since the end of 2009.

我們所做的，自 2009 年推出 Mix & Match（我們的 Mix & Match 服務）以來我們一直在這樣做——價值是兩件事。價值就是價格，但它是你想要的東西的價格。你想要的東西的價格很高，而你不想要的東西的價格不高，這並沒有多大作用。因此，當您想到我們所有的平台時，您會想到披薩、義大利麵、三明治、甜點、沙拉、麵包、雞肉，所有這些自 2009 年底以來一直是我們促銷價值的一部分。

And having that consistency when people wake up in the morning and decide where they want to order, they know that they can trust Domino's. That trusted value is leading to the order count you're seeing. And then they become part of that loyalty flywheel. And so, I just -- I think it's important to make sure we explain our approach to value is not just price. It's about price for what people actually want to order. And that's. as you've seen over this time period, a very sustainable way to grow.

當人們早上醒來並決定要在哪裡訂購時，他們就知道自己可以信任達美樂。該可信值會導致您看到的訂單數。然後他們就成為忠誠飛輪的一部分。所以，我認為重要的是要確保我們解釋我們的價值方法不僅僅是價格。這是關於人們實際想要訂購的產品的價格。就是這樣。正如您在這段時間內所看到的，這是一種非常永續的成長方式。

Gregory Francfort, Guggenheim.

格雷戈里·弗蘭克福特，古根漢。

Hey, Russ. I love the Domino effect reference there. But I just had a question on the incrementality of Uber and just some of the commentary there. I think you should have had it for about nine months. Can you talk about what you've learned and maybe how you are changing some of the marketing message over the last maybe three months or six months? And then any update on thoughts on DoorDash in the next year? Should we still expect something on that and maybe what the timing would look like? Thanks.

嘿，拉斯。我喜歡那裡的骨牌效應參考。但我只是對 Uber 的增量以及那裡的一些評論有疑問。我想你應該已經有九個月了。您能談談您學到了什麼，以及在過去三個月或六個月裡您如何改變一些行銷訊息嗎？那麼明年關於 DoorDash 的想法有什麼更新嗎？我們是否還應該對此有所期待，也許時機會是什麼樣子？謝謝。

Thanks, Greg, and we're going to send you the Domino effect bumper sticker after this. So you want to look out for that. Uber is performing as we thought it would. It is doing so in a little bit of a different way. And I talked about it last quarter, but I think it is worth bringing up again.

謝謝，格雷格，此後我們將向您發送多米諾效應保險桿貼紙。所以你要注意這一點。 Uber 的表現符合我們的預期。它以稍微不同的方式這樣做。我上個季度談到這個問題，但我認為值得再次提及。

So first, from a sales perspective, it's about 1.9% of sales. And our – we are tracking towards our goal this year of 3% of sales. How it’s coming is a little bit different. And what we've seen is really an uptick more in a high-low strategy, originally our approach was, okay, if we have kind of an everyday low price, not compared to our channels, right? Still the lowest price Loyalty program in our channel. That would be the way to win.

首先，從銷售額的角度來看，它大約佔銷售額的 1.9%。我們的目標是實現今年 3% 的銷售額。它的發生方式有點不同。我們所看到的實際上是高低策略的上升，最初我們的方法是，好吧，如果我們每天都有低價，而不是與我們的管道相比，對嗎？仍然是我們通路中價格最低的忠誠度計劃。這將是獲勝之道。

But actually, it's -- whether it's how customers shop or part of the algorithm or a little bit of both, starting out with a slightly higher price that you can discount from is a way to get more eyeballs. And so, we've continued to test and pivot that way, and you are seeing it in the results.

但實際上，無論是顧客購物方式還是演算法的一部分，或者兩者兼而有之，從稍高的價格開始，你可以打折，這是吸引更多眼球的一種方式。因此，我們繼續以這種方式進行測試和調整，您可以在結果中看到這一點。

So again, we're -- the year is folding like we thought it would. And so, what that leaves us with your question about DoorDash is the current exclusivity with Uber runs through Q1. At that point, whether or not we renew is our choice, and so we'll be looking at the economics and potential at that point. But that would be the time to think about do we stay exclusive? Or do we open up to a DoorDash or other aggregators. We've talked about the $1 billion opportunity for us is really our fair share on all of the aggregators, which in about three years or so is what we hope to get to.

再說一遍，這一年正像我們想像的那樣過去。因此，您對 DoorDash 的疑問是，目前與 Uber 的獨家經營權貫穿第一季。到那時，我們是否續約是我們的選擇，因此我們將考慮當時的經濟效益和潛力。但這是時候考慮我們是否保持排他性？或者我們是否向 DoorDash 或其他聚合商開放。我們已經談到，對我們來說，10 億美元的機會實際上是我們在所有聚合商中的公平份額，這是我們希望在大約三年左右的時間內實現的目標。

John Ivankoe, JPMorgan.

約翰‧伊凡科，摩根大通。

Hi, thank you. Especially in the context of closures in France and in Japan, I asked about impacts of store splits in the US, you are currently at around 2.5% store growth rate in the US, which is actually high for a fairly mature brand. So you've talked about what you see as net, I guess, cannibalization or whatever you want to call it, what negative impact on same-store sales from store splits, and is there any learning -- I guess, either side of the Atlantic or either side of the Pacific as it may be in terms of who is learning for who or who is learning from who in terms of how markets can be penetrated?

嗨，謝謝你。特別是在法國和日本關閉的背景下，我詢問了美國門市分拆的影響，目前美國的門市成長率約為 2.5%，這對於一個相當成熟的品牌來說實際上是很高的。所以你已經談到了你所看到的淨，我想，蠶食或任何你想稱之為的東西，商店拆分對同店銷售的負面影響，以及是否有任何學習 - 我想，無論是哪一方大西洋或太平洋的任何一邊，就誰在為誰學習或誰在向誰學習如何滲透市場而言？

Is that that they didn't necessarily follow the same site model that you do? Or you do have any opportunities to kind of look at them in terms of how densely markets can be penetrated? I just want to, I guess, have a sense of your level of risk acceptance in terms of hitting your US store targets without overly encroaching on your existing current asset base? Thank you.

他們是否不一定遵循與您相同的網站模型？或者你確實有機會從市場滲透的密集程度來審視它們嗎？我想，我只是想了解一下您在不過度侵占現有資產基礎的情況下實現美國商店目標的風險接受程度？謝謝。

Yeah, John, I'll take that. And maybe I'd start with the fact that I remember when we used to actually disclose what headwinds of splits were. So the fact that we are not disclosing them anymore, I can give you a sense of how material they are. The great thing about the Domino's model and us leaning into carryout about a decade ago is 80% -- when you split a store, 80% of the carryout volume is incremental. And so that right away when you are splitting a territory, you are getting all these customers.

是的，約翰，我會接受的。也許我應該從這樣一個事實開始：我記得當我們過去實際披露分裂的逆風是什麼時。因此，事實上我們不再披露它們，我可以讓您了解它們的重要性。多米諾骨牌模式的偉大之處在於，我們大約十年前傾向於外賣，即 80%——當你拆分一家商店時，80% 的外賣量是增量的。因此，當您分割一個區域時，您將立即獲得所有這些客戶。

Those customers, they don't want to drive past four pizza places on their way to a Domino's. And so the more Domino's we have, the more carryout business we drive, and you can see how on fire carryout is. The number that Sandeep took you through was same-store sales for carryout. That has nothing to do with all the carryout sales we're driving from new stores. And then what happens when you split these stores, not only does your carryout business get better. But remember, I talked earlier about our delivery time being 10% better than they were two years ago?

這些顧客不想在去達美樂的路上經過四個披薩店。因此，我們擁有的骨牌越多，我們推動的外賣業務就越多，您可以看到外送業務有多火爆。 Sandeep 帶您查看的數字是外送的同店銷售。這與我們從新商店推動的所有外送銷售無關。當你拆分這些商店時會發生什麼，不僅你的外賣業務會變得更好。但還記得嗎，我之前說過我們的交貨時間比兩年前縮短了 10%？

Sure, it's a lot of the programs that we are driving with our franchisees, but it's also when you split stores, you get closer to your customers. And when you have more consistent delivery, those customers come back more. So it really is a – it's a wonderful cycle when it's really going well.

當然，這是我們與特許經營商共同推動的許多計劃，但當您拆分商店時，您也可以更接近客戶。當您的交付更加一致時，這些客戶就會回來更多。所以這確實是一個——如果進展順利的話，這是一個美妙的循環。

And actually, one what I'd say is because you had asked about international learnings, one that -- DPE was one of the first folks to do in Australia. They got a 50% market share in Australia and a lot of it was through penetration with new stores, and obviously, tightening their delivery areas, growing their carryout business.

事實上，我想說的是因為你問過國際學習的問題，DPE 是澳洲第一批這樣做的人之一。他們在澳洲獲得了 50% 的市場份額，其中很大一部分是透過新商店的滲透而實現的，顯然，他們也收緊了送貨區域，擴大了外送業務。

What they talked about that they saw in Japan was they probably split a little too fast. But doing it strategically over time has been a winning formula. They've shown it and I think that's been a huge driver of our market share.

他們談到在日本看到的情況是，他們的分裂可能有點太快了。但隨著時間的推移，策略性地做到這一點一直是一個成功的秘訣。他們已經展示了這一點，我認為這是我們市場份額的巨大推動力。

Sara Senatore, Bank of America.

薩拉·參議員，美國銀行。

Thank you. I have actually sort of one just clarification and then a question on the new restaurant growth. So the clarification was just quickly on the pricing versus cost inflation and whether franchisees are seeing something similar. Obviously, you are still on track for the franchisee profitability targets, but pretty modest price increase that clearly didn't cover inflation for labor insurance.

謝謝。我實際上有一個簡單的澄清，然後是關於新餐廳成長的問題。因此，很快就定價與成本通膨以及加盟商是否看到類似情況進行了澄清。顯然，您仍在實現加盟商獲利目標的軌道上，但價格上漲相當溫和，顯然沒有涵蓋勞工保險的通貨膨脹。

Is that kind of the dynamic that we should expect to see broadly going forward? Or was there anything kind of one-time in this quarter that specifically perhaps around insurance? But then the question on net restaurant growth is about you mentioned strength in China and India. Could you just maybe in broad strokes, talk about what volumes look like in different parts of the world.

我們應該期待在未來廣泛看到這種動態嗎？或者本季是否有任何專門針對保險的一次性事件？但關於餐廳淨成長的問題是關於你提到的中國和印度的實力。您能否粗略地談談世界不同地區的體積是什麼樣的？

So a closure in Australia presumably is a higher volume or let's say, lack of openings in Australia, more of a hit to volumes for retail sales overall than perhaps openings in China and India, I mean that would be my guess, but perhaps that's not accurate. Thanks.

因此，澳洲的關閉可能會帶來更高的銷量，或者說，澳洲缺乏開業，對整體零售銷售量的打擊可能比中國和印度的開業更大，我的意思是這是我的猜測，但也許這不是準確的。謝謝。

So Sara, let me start with the clarification on pricing versus cost inflation. I think you're talking about the corporate stores, particularly. And really if you look at what happened on the corporate stores, and we had an insurance charge in the quarter that actually resulted in margins contracting. And if you actually strip out that insurance charge, margins were roughly flat, and profit dollars grew. And really speaking, when we look at our franchisee profitability, that's pretty much a dynamic. We are looking at profit dollar growth, and that's exactly what we're expecting to see.

薩拉，讓我先澄清一下定價與成本通膨的關係。我認為您特別是在談論公司商店。實際上，如果你看看公司商店發生的情況，我們在本季收取的保險費用實際上導致了利潤率收縮。如果你真的剔除保險費用，利潤率大致持平，而利潤卻在成長。事實上，當我們觀察我們的特許經營商的盈利能力時，這幾乎是一種動態。我們正在關注利潤成長，這正是我們所期望看到的。

And frankly, we expect to see that in corporate stores as well, as we actually go through the year. We continue to expect to see both margin improvement, as well as profit dollar growth on the corporate stores as well. And then I think specific to restaurant growth in China and India and your comment on the size of the stores, the closures that we're talking about essentially are very low-volume stores.

坦白說，我們希望在企業商店中也能看到這一點，就像我們今年實際經歷的那樣。我們繼續預期企業商店的利潤率和利潤都會成長。然後我認為，具體到中國和印度的餐廳增長以及您對商店規模的評論，我們談論的關閉本質上是數量非常少的商店。

So from that perspective, I think they're not necessarily comparable to the averages across all of the different markets. And so, I think the drag is relatively small with the closures that we're talking about, specifically in Japan and France. And the growth opportunities continue to be robust. And the China stores, they've actually put out releases talking about their new store openings and the kind of record sales they're generating over there. So very exciting to see the growth coming from China.

因此，從這個角度來看，我認為它們不一定與所有不同市場的平均值具有可比性。因此，我認為我們正在討論的關閉所造成的阻力相對較小，特別是在日本和法國。而且成長機會仍然強勁。至於中國的商店，他們實際上已經發布了有關新店開業以及在那裡創造的創紀錄銷售額的新聞稿。看到來自中國的成長非常令人興奮。

And I'd add to that Sara, for us, and I think really for the industry, when you think about the best way to cover cost inflation, assuming margins are in the area of where they should be, the best way to do that is by driving order count versus price. And so, cost inflation for some folks may be a negative thing. For us, given our scale because we can drive more order counts, if we can get away with doing that without pricing and getting frequency, we are going to do that all day, and that's what's happened.

我想補充一點，薩拉，對於我們來說，我認為對於整個行業來說，當你考慮彌補成本通膨的最佳方法時，假設利潤率處於應有的水平，那麼最好的方法就是做到這一點是透過驅動訂單數量與價格。因此，成本通膨對某些人來說可能是一件負面的事情。對我們來說，考慮到我們的規模，因為我們可以推動更多的訂單數量，如果我們能夠在沒有定價和頻率的情況下做到這一點，我們將整天這樣做，這就是發生的事情。

And I looked -- I just want to give a nod to our insights team because one of the questions earlier was about pricing in this environment right now and headwinds with the customer. Well, with through our research, we knew -- we figured out when it was time to take price, and we also figured out, when it was time not to take price.

我看了看——我只是想向我們的洞察團隊表示認可，因為之前的問題之一是關於目前在這種環境下的定價以及客戶面臨的阻力。嗯，透過我們的研究，我們知道——我們知道什麼時候該定價，我們也知道什麼時候不該定價。

And all of those decisions are what's leading into the results you see now, and it will continue to drive what we decide to do moving forward. Now the best piece of it too, is the research, a lot of it is numbers. But then it gets translated to real life when you put it down to the stores.

所有這些決定都會導致您現在看到的結果，並將繼續推動我們決定繼續前進。現在最好的部分也是研究，其中很多是數字。但當你把它帶到商店時，它就會轉化為現實生活。

And then what you do is you watch what consumers do and you watch what your franchisees do. And what's been great is obviously, the order counts. So consumers are happy. But franchisees who are sticking with the recommendations not only obviously on our national offer but local offers and menu pricing. And so, this is something that, I think, is proprietary for us and has worked and will continue to work overtime.

然後你要做的就是觀察消費者的行為以及特許經營者的行為。顯然，最棒的是訂單很重要。所以消費者很高興。但加盟商不僅明顯堅持我們的全國優惠，而且還堅持本地優惠和菜單定價的建議。因此，我認為這是我們專有的東西，並且已經並將繼續加班加點地發揮作用。

Danilo Gargiulo, Bernstein.

達尼洛·加吉烏洛，伯恩斯坦。

I was wondering if you can give a little bit more color on what you think, at least in your view, will be causing the softness in unit opening by DPE? And more specifically also, if you can share what is your level of confidence that international store openings and closure pressures is going to be limited only to DPE and that we are not going to see another potential reduction in the guidance later on with other master franchisees coming softer versus your original expectation. Thank you.

我想知道您是否可以對您認為（至少在您看來）導致 DPE 單元開口疲軟的原因提供更多說明？更具體地說，如果您能分享您對國際商店開張和關閉壓力將僅限於 DPE 的信心程度，並且我們不會看到其他主特許經營商隨後可能再次減少指導與您最初的期望相比，變得更加柔和。謝謝。

Yes. Danilo, I'll let DPE's release kind of speak to what they are thinking about those closures. So they talked about Japan being a little bit aggressive in openings and now they are seeing kind of the results of that. What gives me confidence about the rest of the piece of the algorithm is, as an example, I said earlier DPC China, DASH, and Jubilant, they're going to be 40% to 50% of our openings, and they each increased their outlook.

是的。 Danilo，我會讓 DPE 的發布來表達他們對這些關閉的想法。所以他們談到日本在空缺方面有點激進，現在他們看到了這種結果。讓我對演算法的其餘部分充滿信心的是，舉個例子，我之前說過 DPC China、DASH 和 Jubilant，他們將佔據我們空缺職位的 40% 到 50%，並且他們各自增加了自己的職位空缺。外表。

And so, the beauty of being in over 90 countries around the world is, look, I'm not trying to look away from what clearly was a miss in one part of the business. But a good business is able to kind of handle that. And that's what being 90-plus markets helps us do. And all of these levers that end up leading to the 7%-plus on the sales basis and the 8%-plus on a profit basis really show how that is made up in times like this.

因此，在全球 90 多個國家/地區工作的美妙之處在於，我並沒有試圖忽略業務中某個明顯缺少的部分。但好的企業能夠處理好這個問題。這就是 90 多個市場可以幫助我們做到的。所有這些槓桿最終導致銷售額增加 7% 以上，利潤增加 8% 以上，這確實表明了在這樣的時期是如何彌補的。

Anything to add Sandeep?

桑迪普還有什麼要補充的嗎？

No.

不。

Okay.

好的。

Peter Saleh, BTIG.

彼得·薩利赫，BTIG。

Yeah. Great. Thanks for taking my question. I wanted to ask about the -- you guys mentioned positive order counts in both delivery and carryout in the US. Can you just talk a little bit about -- are these new customers? Are these lapsed users? And just any thoughts on that call, lower income consumer. Are you seeing -- I know you said you were seeing growth across all income cohorts. But any thoughts on what you are seeing there. Is that accelerating? Is it stable?

是的。偉大的。感謝您提出我的問題。我想問一下你們提到的美國交貨和結轉方面的積極訂單數。您能簡單談談—這些是新客戶嗎？這些是流失用戶嗎？低收入消費者對這個電話的任何想法。你看到了嗎——我知道你說過你看到了所有收入群體的成長。但對你在那裡所看到的東西有任何想法。這是在加速嗎？穩定嗎？

I guess that's my first question. And then just a follow-up on that, on the store closures from DPE, Sandeep, you said they're very low volume. Is there any way to give us an order of magnitude of how low these stores are in terms of volumes just so that we understand. Thank you very much.

我想這是我的第一個問題。然後是關於 DPE、Sandeep 商店關閉的後續行動，你說它們的銷量非常低。有沒有辦法告訴我們這些商店的銷量有多低，以便我們可以理解。非常感謝。

Yes. Maybe Sandeep, you can -- the other way to look at that is just talk about the profit impact.

是的。也許桑迪普，你可以——另一種看待這個問題的方式就是談論利潤影響。

Yeah. I think the -- so on this -- let me start with the second part of the question, right, which is the store volumes and what's going to happen. Very low volume in relative terms to the rest of the fleet and the rest of the market in all the stores that are closing in Japan and France. So that impact is so material to the profit number, it's in a few million dollars and on a forward basis for 2025, and will have a very limited impact even on 2024, considering we’re only halfway through the year. So very small to answer your question from that Peter.

是的。我認為——所以，讓我從問題的第二部分開始，對吧，即商店數量以及將要發生的情況。相對於其他車隊和日本和法國關閉的所有商店的其他市場而言，銷量非常低。因此，這種影響對利潤數字非常重要，在 2025 年的基礎上，其影響為數百萬美元，考慮到今年才過半，即使到 2024 年，影響也非常有限。非常小，無法回答彼得的問題。

Yeah. And Peter, just on the first question, what I'd say about the order count, and I try to stress this by giving the specifics of delivery and carryout in every income segment is we've got some of the most balanced order count I've ever seen. And I believe that is also true for the -- not only in our history, but also just in the industry right now. Your specific question on the lower-income customer, the order count there is positive as well. And part of that was intent not only from our pricing, but as we put the Loyalty program together.

是的。彼得，就第一個問題而言，關於訂單數量，我想說的是，我試圖通過給出每個收入部分的交付和結轉的具體情況來強調這一點，我們已經獲得了一些最平衡的訂單數量。我相信這不僅在我們的歷史上如此，而且在現在的行業中也是如此。您關於低收入客戶的具體問題，那裡的訂單數量也是正面的。其中一部分不僅來自我們的定價，還來自我們將忠誠度計畫整合在一起的意圖。

Remember you used to have to have two things. You had to buy $10 worth of food to get any points. Now it's $5. So that hurdle is a little bit easier. You used to have to buy six times to get something free. Now you can buy -- get some free after two orders, which is great for the customer, actually great for our franchisee too, because the margin on the 20-point and 30-point item is much better on those orders than the 60. So what it is not like we just kind of fell into this. This was intent in both the design of our pricing and the design of our loyalty program and it's not going away.

請記住，您過去必須擁有兩件事。您必須購買價值 10 美元的食物才能獲得積分。現在是 5 美元。所以這個障礙稍微容易一些。過去你必須購買六次才能獲得免費的東西。現在您可以購買- 兩次訂單後免費獲得一些，這對客戶來說很好，實際上對我們的加盟商也很好，因為20 點和30 點商品的利潤比這些訂單的60 點要好得多。這是我們定價設計和忠誠度計畫設計的初衷，而且不會消失。

And the beautiful thing, Pete, is it is so balanced across all income cohorts. And I think it really reflects what Russell is talking about. And that consistency has been seen all through the first half of the year.

皮特，美妙的事情是它在所有收入群體中都如此平衡。我認為這確實反映了拉塞爾所說的內容。這種一致性在今年上半年隨處可見。

Chris O'Cull, Stifel.

克里斯·奧卡爾，斯蒂菲爾。

Yeah. Good morning guys. Russell, just given the success of the New York Style Pizza, can you talk more about this innovation with intent strategy? And in just part of that answer, can you maybe touch on whether the innovation you expect to launch later this year, we'll leverage that approach?

是的。早上好傢伙。 Russell，剛剛考慮到紐約風味披薩的成功，您能多談談這種意圖策略的創新嗎？在這個答案的一部分中，您能否談談您預計在今年稍後推出的創新，我們是否會利用這種方法？

Yeah. Sure, Chris. Well, I will tell you the one thing that did not drive New York Style Pizza was the guy in the spot, which for those of you who don't know, was me. Sandeep keeps telling me I have a face for radio. So we'll see when it's time for your performance review, how that works out. But yeah, so New York Style Pizza, this idea of Innovation with Intent. If you look back the last 15 years, 16 years at Domino's, there are -- I can't think of more than two items that -- products that we've launched that we've taken off the menu.

是的。當然，克里斯。好吧，我會告訴你，沒有推動紐約風格披薩的一件事是現場的那個人，對於那些不知道的人來說，就是我。桑迪普一直告訴我，我有一張適合廣播的臉。所以我們會看看什麼時候會對你進行績效評估，效果如何。但是，是的，所以紐約風格的披薩，這種創新的概念。如果你回顧過去 15 年、16 年在 Domino's 的經歷，我想不出超過兩個項目——我們推出的產品已經從菜單上刪除了。

Launching a new product takes a lot of money. It takes a lot of time. And so there needs to be a strategic role in it. Whether or not you were successful is whether or not that items are still there. So you think about -- I'm not going to really give you any forward-looking of it to say, again, we're going to continue to do two a year.

推出新產品需要大量資金。這需要很多時間。因此需要在其中發揮戰略作用。你是否成功取決於那些物品是否仍然存在。所以你想一想——我不會再給你任何前瞻性的說法，我們將繼續每年做兩次。

New York Style Pizza, right? We talked about this is a customer that may not like our traditional crust as much. So there's a reason for doing it. If you think about what we did last year with Pepperoni Stuffed Cheesy Bread, okay. Putting Pepperoni in something is probably not the most innovative thing in the world. But guess what? It reminded people that we have Stuffed Cheesy Bread. And when you have all of these platforms -- and remember Chris, 40% of what we sell is not pizza.

紐約式披薩，對嗎？我們談到這位顧客可能不太喜歡我們的傳統麵包皮。所以這樣做是有原因的。如果你想想我們去年用義大利辣香腸夾心起司麵包所做的事情，好吧。將義大利辣香腸放入某些東西可能不是世界上最具創新性的事情。但猜猜怎麼了？它提醒人們我們有夾餡起司麵包。當你擁有所有這些平台時——記住克里斯，我們銷售的 40% 不是披薩。

You got to figure out a way to continue to talk about pizza but continue to remind people that you have these platforms. And so, maybe those are two good examples of intent. One is going after a customer that probably doesn't frequent Domino's. And the other is reminding people of a platform that when they add to their order if it increased the ticket and is more profitable for our franchisees.

你必須找到一種方法來繼續談論披薩，同時繼續提醒人們你有這些平台。所以，也許這是兩個很好的意圖例子。其中一個目標是尋找一位可能不常光顧達美樂的顧客。另一個是提醒人們一個平台，當他們添加訂單時，如果它增加了門票並且對我們的加盟商來說更有利可圖。

Brian Harbour, Morgan Stanley.

布萊恩‧哈伯，摩根士丹利。

Yeah. Thanks. Good morning, guys. If I could just follow up on some of the comments about store margins. So if you kind of set aside that insurance impact, I mean, is this mostly just about there being still pretty significant wage inflation? Do you think that's kind of the case through the balance of this year? Obviously, you did have order count growth, right? But it sounds like that's kind of being offset on the labor side. And I don't know if maybe there is any sort of product mix dynamics that have also affected that. Could you just talk more about the store margin dynamics?

是的。謝謝。早上好傢伙。如果我能跟進一些有關商店利潤的評論就好了。因此，如果你拋開保險的影響，我的意思是，這主要是因為薪資通膨仍然相當嚴重嗎？您認為今年剩下的時間都是這種情況嗎？顯然，您的訂單數量確實有所增長，對嗎？但聽起來這在勞動力方面被抵消了。我不知道是否有任何類型的產品組合動態也對此產生了影響。能多談談商店利潤動態嗎？

Yeah. So Brian, I think the thing that the company stores is, it is actually it's a much smaller data set, right, because we've only got about six DMAs in which we're operating. And yes, there was some wage pressure that we were actually dealing with as we went through the first half. But we are getting closer to lapping some of those -- the wage pressures that we took.

是的。 Brian，我認為公司儲存的資料集實際上要小得多，對吧，因為我們只有大約六個 DMA 在其中運行。是的，上半年我們實際上面臨一些薪資壓力。但我們正越來越接近解決其中一些問題——我們承受的工資壓力。

And overall, -- when you look at the economics of the stores, they actually, on a first half basis, still pretty good and they've definitely ex the insurance adjustment. It's still expanding and growing. We expect that to continue to happen. That's why I said for the full year on the company stores, I still expect our margins to be better and our profit dollars to grow.

總的來說，當你觀察商店的經濟效益時，實際上，在上半年的基礎上，它們仍然相當不錯，而且它們肯定已經排除了保險調整。它仍在擴大和增長。我們預計這種情況會繼續發生。這就是為什麼我說，對於公司商店全年來說，我仍然期望我們的利潤率會更好，我們的利潤會成長。

And I think being -- what I want to emphasize is we shouldn't view company stores as an analog to what's happening on the franchisee stores because the data set is so limited in relative terms. On the franchisee stores, we are seeing very, very balanced profit growth across the business. And we -- and that's what gives us confidence that the $170,000 or more is definitely on track.

我認為，我想強調的是，我們不應該將公司商店視為與特許經營商店發生的情況的類比，因為資料集相對而言非常有限。在加盟店方面，我們看到整個業務的利潤成長非常非常平衡。而我們——這讓我們有信心 17 萬美元或更多的資金肯定會步入正軌。

Yeah. And I'll just maybe build on that question on the lab just reminds me of an earlier question we had about Q4 and Emergency Pizza and how we are going to lap that potential headwind. And I guess what I'd say there is, we are in the business of creating headwinds. I love the questions on headwinds because that means we did something really successful that folks are wondering, how are we going to overlap.

是的。我可能會在實驗室的這個問題的基礎上繼續討論，這讓我想起了我們之前關於第四季度和緊急披薩的問題，以及我們將如何應對潛在的逆風。我想我想說的是，我們正在製造逆風。我喜歡逆風的問題，因為這意味著我們做了一些非常成功的事情，人們想知道我們將如何重疊。

Well, we are in a business that are creating headwinds, and we are in the business of beating those headwinds. And so, I'm not concerned about that. And I know what the team has going and they're up for the challenge. And if you think about Emergency Pizza, during this time now where you are seeing a lot of price out there from folks, I think who has what price point is going to be, as I always talk about the sea of standards. How are you going to know when an ad is over, who owned this particular price point.

嗯，我們所處的產業正在創造逆風，而我們的使命就是克服這些逆風。所以，我並不擔心這一點。我知道團隊正在做什麼，他們已經準備好迎接挑戰。如果你想到緊急披薩，在這段時間裡，你會看到人們提供很多價格，我認為誰的價格點將會是多少，因為我總是談論標準之海。您如何知道廣告何時結束，誰擁有這個特定的價格點。

Everyone in the country knows who owns Emergency Pizza. And so, we have things like that, carryout tips, You Tip, We Tip, that's renowned value. And so, there are as you see more and more discounts to customers as, I think, different restaurants are adjusting to pricing, I believe there is going to be a lot of noise in that. And what our team does really breaks through that noise.

全國每個人都知道誰擁有「緊急披薩」。因此，我們有類似的東西，外帶小費、您小費、我們小費，這是眾所周知的價值。因此，正如你所看到的，隨著我認為不同的餐廳正在調整定價，給顧客的折扣越來越多，我相信這其中將會有很多噪音。我們團隊所做的事情確實打破了這種噪音。

Todd Brooks, The Benchmark Company.

托德·布魯克斯，基準公司。

Hi, good morning. Thanks for taking my question. Just a quick follow-up on loyalty. Sandeep, I think when you talked about loyalty last quarter that you talked about the 20- and 40-point reward tiers as being the majority of redemptions. I wanted to see if that trend is continuing to go going forward? And with enough time passing, do you have a sense that somebody that redeems at a lower point level tends to continue to do so? So it is almost a faster frequency flywheel coming from loyalty, if those customers stick at those lower redemption tiers? Thank you.

早安.感謝您提出我的問題。只是對忠誠度的快速跟進。 Sandeep，我想當您上個季度談到忠誠度時，您提到 20 點和 40 點獎勵等級是大多數兌換的獎勵等級。我想看看這種趨勢是否會持續下去？隨著時間的推移，您是否感覺到以較低積分水平贖回的人往往會繼續這樣做？那麼，如果這些客戶堅持較低的兌換級別，那麼這幾乎是來自忠誠度的更快頻率飛輪？謝謝。

So Todd, you asked the question and answered it yourself. And really, it's exactly that. We have been seeing very consistent trends in terms of the redemption of the 20- and 40-point levels, and it is driving that frequency flywheel, as we go along because they're continuing to transact and redeem. And that's what we are very confident on continuing as we move forward into a multiyear flywheel.

托德，你提出了這個問題並自己回答了。確實，確實如此。我們在 20 點和 40 點水平的贖回方面看到了非常一致的趨勢，並且它正在驅動頻率飛輪，因為我們繼續進行交易和贖回。這就是我們非常有信心在進入多年飛輪的過程中繼續下去的。

Yeah. And back to the question before, Todd, that reminds me of the Innovation with Intent has -- Innovation with Intent is not just new products. It's a Loyalty program and how you put your Renowned Value together. So with Emergency Pizza, if you recall, you buy a pizza, you can get a free one in a month. Well, you do that, all of a sudden, you're part of our Loyalty program. You're at 20 points, you're getting a free item.

是的。回到之前的問題，托德，這讓我想起了意圖創新——意圖創新不僅僅是新產品。這是一個忠誠度計劃以及您如何將您的聲譽價值整合在一起。因此，對於緊急披薩，如果您記得，您購買了一份披薩，您可以在一個月內免費獲得一份。好吧，你這樣做了，突然之間，你就成為了我們忠誠度計劃的一部分。您已獲得 20 分，您將獲得一件免費物品。

With our tipping program, either carryout or delivery one, if you buy one, you're part of the program. You then use your tip, you've got a second item if you're part of the Loyalty program and you're redeeming. The most important thing about our new Loyalty program is getting people to understand how easy it is to earn. And the programs that we are putting out there aren't just driving sales. They are driving that clarity for folks about, wow, I can get stuff really quick.

透過我們的小費計劃，無論是外帶小費還是送貨小費，如果您購買小費，您就成為該計劃的一部分。然後，您使用您的小費，如果您是忠誠度計劃的一部分並且正在兌換，您將獲得第二件商品。我們新的忠誠度計畫最重要的一點是讓人們了解賺取獎勵是多麼容易。我們在那裡推出的計劃不僅僅是推動銷售。他們讓人們明白，哇，我可以很快得到東西。

Christine Cho, Goldman Sachs.

克里斯汀‧曹，高盛。

Hi, thank you. So I know you have just had the worldwide rally in May. So really curious to hear some of your key takes from the event? Or were there any surprises? What are the areas that your franchisees around the world are most excited about, most worried about any common strategic priorities that have come up there would be great. Thank you.

嗨，謝謝你。我知道你們剛剛參加了五月的全球集會。真的很想聽聽您在這次活動中的一些主要觀點嗎？或是有什麼驚喜嗎？您的世界各地的加盟商最感興趣、最擔心的領域是什麼，如果出現任何共同的策略優先事項，那就太好了。謝謝。

Yeah, Christine, this was a fantastic rally. And it's not just me saying it. Here's -- I'll give you some numbers on it. We do quantative studies on everything here at Domino's, we do it on a rally. It was the highest rally we've ever had as far as people. But the scores of attendee is we've never had a higher one.

是的，克莉絲汀，這是一場精彩的集會。而且這不只是我一個人這麼說。這是——我會給你一些數字。我們對多米諾這裡的一切都進行定量研究，我們是在集會上進行的。就人們而言，這是我們有史以來規模最大的集會。但參加者的分數是我們從未有過的。

And this one blew my mind. I will get you that later if I'm sharing something I shouldn't. But one of the things we ask people is what was the -- did you take away the key message. And the results there were 98% took away a key message. We've never had numbers anywhere like that.

這讓我大吃一驚。如果我分享了一些不該分享的內容，我稍後會告訴你。但我們問人們的一件事是——你是否帶走了關鍵訊息。 98% 的結果得出了一個關鍵訊息。我們從來沒有在任何地方有過這樣的數字。

And the cool thing was people were leaving to rally. A lot of times you do these rallies and whatever they are called, like the bumper sticker we are going to send out earlier, it really is more, what does the t-shirt look like or what do people shout. Hungry for MORE is more than that. Folks came away knowing what jobs they needed to do. And so, the really cool part for me were, for example, the US franchisees leaving and saying, I got it. I'm responsible for the M and the O. Making sure the food, we make it delicious, and we deliver it the right way.

最酷的事情是人們離開去集會。很多時候，你會舉行這些集會，無論它們叫什麼，例如我們之前要發出的保險桿貼紙，它實際上更多的是，T 卹看起來像什麼，或者人們喊什麼。渴望更多的意義遠不止於此。人們離開時知道他們需要做什麼工作。因此，對我來說真正很酷的部分是，例如，美國特許經營商離開並說，我明白了。我負責 M 和 O。

We had international franchisees saying, ah, this idea of renowned value is really, really interesting. And what happened? We went back and you've seen changes in the marketing in a lot of our international markets because of Hungry for MORE. And so, I just -- I believe it not only talks about the strength of our system. It is nice to have profitable franchisees all in one place, they're all pretty happy. But when they come away talking about the future, is what makes us really excited.

我們的國際特許經營商說，啊，這種享有盛譽的價值的想法真的非常非常有趣。發生什麼事了？我們回顧過去，你已經看到我們許多國際市場的營銷方式發生了變化，因為「渴望更多」。因此，我相信這不僅談論了我們系統的優勢。能在一個地方擁有可獲利的特許經營商真是太好了，他們都很高興。但當他們談論未來時，我們真的很興奮。

Thank you, Christine. 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 again soon. You may now disconnect.

謝謝你，克里斯汀。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。