達美樂 (DPZ) 2024 Q4 法說會逐字稿

Thank you for standing by and welcome to the Domino's Pizza fourth quarter 2024 earnings conference call. (Operator Instructions)

感謝您的支持，歡迎參加達美樂披薩 2024 年第四季財報電話會議。（操作員指令）

As a reminder, today's program is being recorded. And now, I'd like to introduce your host for today's program, Greg Lemenchick, Vice President, Investor Relations. Please go ahead, sir.

提醒一下，今天的節目正在錄製。現在，我想介紹今天節目的主持人、投資者關係副總裁 Greg Lemenchick。先生，請繼續。

Good morning, everyone. Thank you for joining us today for our fourth quarter and full year results 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.

大家早安。感謝您今天參加我們的第四季和全年業績電話會議。今天的電話會議將由我們的執行長 Russell Weiner 開始，然後是我們的財務長 Sandeep Reddy。通話將以問答環節結束。

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

今天早上發布的 10-K 收益報告中的前瞻性陳述（均可在我們的 IR 網站上查閱）也適用於我們今天在電話會議上的評論。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，請參閱我們向美國證券交易委員會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上可能參考的非 GAAP 財務指標的揭露和對帳。

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

今天早上的電話會議正在進行網路直播，並且還將透過我們的網站進行錄製以供重播。今天上午，我們希望盡力在時間允許的範圍內解答你們盡可能多的問題。因此，我們鼓勵您只問一個問題。說到這裡，我想把電話轉給拉塞爾。

Well, thank you, Greg. And good morning, everybody. I'd like to start with a look back at 2024, the first full year executing against our Hungry for MORE strategy.

好吧，謝謝你，格雷格。大家早安。首先，我想回顧 2024 年，這是我們執行「渴望更多」策略的第一年。

When we introduced Hungry for MORE at our December 2023 investor day, we knew consumer spending would be pressured in 2024. We believed the QSR brands that offered the strongest value would win. And we made the right call to focus on this as we've seen more market headwinds than anticipated at the time.

當我們在 2023 年 12 月的投資者日推出 Hungry for MORE 時，我們就知道 2024 年消費者支出將面臨壓力。我們相信，最有價值的 QSR 品牌將會獲勝。我們做出了正確的決定，並將重點放在這一點上，因為我們看到的市場阻力比當時預期的要大。

At Domino's, leaning into our strategic pillar of renowned value was key to our success last year. It helped drive market share gains in QSR Pizza of about 1% in the US, consistent with our average annual share growth in 2015, and proof that our Hungry for MORE plan is working.

在達美樂，依靠知名價值這一戰略支柱是我們去年成功的關鍵。它幫助 QSR Pizza 在美國的市場份額增長了約 1%，與我們 2015 年的平均年份額增長一致，也證明我們的「Hungry for MORE」計劃正在發揮作用。

As we look ahead to 2025, we believe the combination of pressured consumer spending and a value-driven QSR marketplace will continue. In these challenging times, the best measure of a company's success will be the market share gains it achieves. Domino's is well positioned to do just that because we have the right strategy in place.

展望 2025 年，我們相信，消費者支出壓力和價值驅動的 QSR 市場結合的局面將會持續下去。在這些充滿挑戰的時期，衡量一家公司成功的最佳標準就是其所取得的市場佔有率的成長。由於我們制定了正確的策略，因此 Domino's 完全有能力做到這一點。

We grew retail sales in the US by 5.3% in 2024. Importantly, and something that continues to be unique in the industry, we drove meaningful, positive order count growth. Order count growth has been the key to delivering best in class economics for our US franchisees. These strong economics continued to drive store growth, which was a tailwind to market share in 2024.

2024 年，美國零售額將成長 5.3%。重要的是，而且這在行業中仍然是獨一無二的，我們推動了有意義的、積極的訂單數量成長。訂單數量的成長一直是我們為美國特許經營商實現一流經濟的關鍵。強勁的經濟狀況繼續推動門市成長，這對 2024 年的市佔率來說是一個順風。

Orders grew on the strength of our revamped Domino's rewards program and our entrance into the aggregator channel with Uber. In addition, we continue to see significant same store sales growth in our carryout business, up over 6% for the year.

由於我們改進的 Domino 獎勵計劃以及與 Uber 合作進軍聚合管道，訂單量不斷增長。此外，我們的外送業務同店銷售額持續大幅成長，全年成長超過 6%。

I want to illustrate how we drove these results through the lens of our Hungry for MORE strategy.

我想說明一下我們是如何透過「渴望更多」策略的視角來推動這些成果的。

The M in Hungry for MORE stands for most delicious food. Domino's has the most delicious food in the industry, and in 2024, we demonstrated this through our two successful new product launches, New York Style Pizza and Mac and Cheese Pasta. These launches reflect the commitment we have to our innovation with intent approach. There is a clear purpose behind any product we bring to market.

Hungry for MORE 中的 M 代表最美味的食物。達美樂擁有業界最美味的食物，2024 年，我們透過兩款成功的新產品發布——紐約風格披薩和起司通心粉義大利麵證明了這一點。這些發布體現了我們致力於創新的承諾。我們推向市場的任何產品背後都有一個明確的目的。

We brought news to an existing non-pizza platform with Mac and Cheese, and we added a new pizza crust type for customers who prefer an offering we didn't have in our portfolio with New York Style. In 2025, we plan to continue to build on this momentum by launching at least 2 new products, which is our annual goal.

我們透過 Mac and Cheese 為現有的非比薩平台帶來了新品，並且為喜歡我們產品組合中沒有的紐約風味的顧客增加了一種新的比薩餅皮類型。2025年，我們計劃繼續保持這一勢頭，推出至少2款新產品，這是我們的年度目標。

An important component of our strategy is how we showcase our food. We've enhanced this through the food photography and our creative and upgrades to our existing e-commerce platform where our team made meaningful changes in 2024. We've also completed the development of our new e-commerce platform in the US which we intend to roll out during 2025. The new site and app provide an improved user experience for our customers while highlighting the deliciousness of our food.

我們的策略的一個重要組成部分是如何展示我們的食物。我們透過美食攝影和創意以及對現有電子商務平台的升級增強了這一點，我們的團隊在 2024 年做出了有意義的改變。我們也完成了美國新電子商務平台的開發，計劃於 2025 年推出。新的網站和應用程式為我們的客戶提供了更好的用戶體驗，同時凸顯了我們食物的美味。

The O in Hungry for MORE stands for operational excellence. This is how we deliver on our promise to have the most delicious food by consistently driving a great experience with our product and service. In 2024, we rolled out our new service program called More Delicious Operations. This program was a series of three product training sprints focusing on dough management, how we build and make our products, and how we bake them. These product sprints work together with our Dom.OS technology to drive improvements in our delivery times. In fact, our average delivery times decreased by 2 minutes over the last 2 years.

Hungry for MORE 中的 O 代表卓越營運。這就是我們如何透過不斷提升產品和服務的體驗來兌現為顧客提供最美味食物的承諾。2024年，我們推出了名為「更美味運作」的新服務計畫。該計劃由三個產品培訓衝刺組成，重點是麵團管理、如何建造和製作我們的產品以及如何烘焙它們。這些產品衝刺與我們的 Dom.OS 技術協同工作，以縮短我們的交付時間。事實上，過去兩年來我們的平均送貨時間減少了2分鐘。

Operational excellence also brings focus and innovation around making our stores easier to operate. This is an area where we've made significant strides. We've enhanced our Dom.OS operating system and have found ways to roll technology out across our system much more quickly than we have in the past.

卓越的營運也帶來了重點和創新，使我們的商店更易於運作。這是我們取得重大進展的領域。我們增強了我們的 Dom.OS 作業系統，並找到了比過去更快地在整個系統中推廣技術的方法。

We've now rolled out 1,600 DJ Dough stretching machines across the US, more than a 50% increase from where we were at the end of Q3. Demand continues to be high for this equipment because of the impact it's having on our product consistency and the speed to competency for new team members. I want to thank our franchisees and our operations team for their continued effort to achieve operational excellence. This is a point of pride and differentiation for dominance.

目前，我們已在全美推出了 1,600 台 DJ 麵團拉伸機，比第三季末增加了 50% 以上。由於該設備對我們的產品一致性以及新團隊成員的熟練程度有影響，因此對它的需求持續很高。我要感謝我們的特許經營商和營運團隊為實現卓越營運所做的持續努力。這是自豪感和主導地位的差異化之處。

The R stands for renowned value. From tipping our delivery customers to launching more inflation and bringing back emergency pizza, we launched several brand building value initiatives that broke through the industry clutter in 2024. We will continue to drive renowned value in 2025 through national promotions, Domino's rewards, and by continuing to grow on aggregator platforms.

R 代表知名價值。從給送貨的顧客小費到推出更多的通貨膨脹政策並恢復緊急披薩，我們推出了多項品牌建設價值舉措，在 2024 年突破了行業混亂。2025 年，我們將透過全國促銷、Domino 獎勵以及在聚合平台上的持續發展，繼續推動知名價值。

In 2025, Domino's will give customers what they are demanding from their QSR brands, more value. We have a strong slate of initiatives primed and ready to go. You can expect a similar cadence of boost weeks and value driving promotions as we believe it's going to be another challenging year ahead in the industry.

2025 年，達美樂將滿足顧客對其 QSR 品牌的要求，即提供更多價值。我們已經準備好一系列強而有力的舉措，隨時可以實施。您可以期待類似節奏的促銷週和價值驅動促銷活動，因為我們相信未來該行業仍將是充滿挑戰的一年。

Domino's rewards program had a great first year and continues to bring members back for repeat purchases. We grew our overall active members significantly in 2024, finishing the year at 35.7 million users, up approximately 2.5 million versus 2023. Part of this growth was delivering more light users and carry out customers who were the primary target of the redesign. This strong base of users will allow us to engage more customers and drive frequency with targeted and personalized marketing efforts.

Domino 的獎勵計劃第一年就取得了巨大的成功，並繼續吸引會員回來重複購買。2024 年，我們的整體活躍會員數量大幅成長，全年用戶數達到 3,570 萬，比 2023 年增加約 250 萬。這種成長的一部分是吸引更多的輕度用戶和執行客戶，他們是重新設計的主要目標。強大的用戶基礎將使我們能夠吸引更多的客戶，並透過有針對性的個人化行銷努力來提高客戶使用頻率。

While providing value through our own channels is one part of our renowned value barbell strategy, tapping into the aggregator marketplace is the other. In 2024, we successfully entered the aggregator space with our partnership with Uber, achieving our goal of exiting the year at 3% of sales coming through this channel. And importantly, incrementality has continued to track as expected, and we remain focused on tailoring our offers and programming to optimize it further.

透過我們自己的管道提供價值是我們著名的價值槓鈴策略的一部分，而進入聚合器市場則是另一部分。2024 年，我們透過與 Uber 合作成功進入聚合器領域，實現了年底透過該通路實現 3% 銷售額的目標。重要的是，增量繼續按預期跟踪，我們仍然專注於定制我們的產品和編程以進一步優化它。

In 2025, we know that aggregators are a meaningful sales driving opportunity for us, and we have yet to join the largest aggregator platform in the US. We've extended our exclusivity arrangement with Uber until May 1. In the meantime, we've begun negotiations with additional aggregator partners and have the ability to begin piloting with other partners in a small number of stores.

2025 年，我們知道聚合器對我們來說是一個有意義的銷售推動機會，但我們尚未加入美國最大的聚合器平台。我們已將與 Uber 的獨家合作協議延長至 5 月 1 日。同時，我們已經開始與其他聚合商合作夥伴進行談判，並有能力與其他合作夥伴在少數商店進行試點。

It is our intention to further penetrate this channel in 2025 with a meaningful impact expected in the back half of the year. We believe that this channel represents an incremental sales opportunity of a billion dollars over time. The aggregator marketplace is the fastest growing segment within QSR Pizza, and we are just getting started.

我們的目標是在 2025 年進一步滲透這一管道，並預計在下半年產生有意義的影響。我們相信，隨著時間的推移，這個管道將帶來 10 億美元的增量銷售機會。聚合器市場是 QSR Pizza 中成長最快的部分，而我們才剛起步。

Now, everything we do at Domino's Pizza is enhanced by our best in class franchisees. In 2024, we added almost 60 new franchisees to the system and have a pipeline of 120 future franchisees waiting for their opportunity. Every one of these new franchisees started as a Domino's team member, and they remain the secret sauce to our success.

現在，我們在 Domino's Pizza 所做的一切都因我們一流的特許經營商而得到加強。2024 年，我們在系統中增加了近 60 個新加盟商，並且有 120 個未來加盟商正在等待機會。這些新加盟商中的每一位都是從達美樂團隊的成員做起，他們仍然是我們成功的秘訣。

In summary, we're laser focused on delivering against our Hungry for MORE goals in the US. With the plan we've developed, I believe we will deliver US game store sales gross of 3% or more annually, along with 175 net new stores. This would enable Domino's to continue to capture additional market share gains in 2025 and beyond.

總而言之，我們全心全意地致力於在美國實現「渴望更多」的目標。根據我們制定的計劃，我相信美國遊戲商店的年銷售總額將增加 3% 或更多，同時淨增 175 家新店。這將使達美樂能夠在 2025 年及以後繼續獲得更多的市場份額。

Now, shifting to our international business. Domino's International showed strong improvement in the fourth quarter and has now delivered a remarkable 31 straight years of same store sales growth. We're pleased with how most of our franchisees internationally are navigating the continued macroeconomic pressures and geopolitical issues across the globe. Our team continues to work with our international master franchisees to create momentum in their markets even in the face of these headwinds.

現在，轉向我們的國際業務。達美樂國際在第四季表現強勁，目前已連續31年實現同店銷售額的顯著成長。我們很高興地看到，我們的大多數國際特許經營商都能有效應對全球持續的宏觀經濟壓力和地緣政治問題。即使面臨這些阻力，我們的團隊仍繼續與我們的國際特許經營商合作，在他們的市場上創造動力。

We know what works in today's challenging environment and its renowned value. As we noted on our last call, we're engaging with our master franchisees with a focus on 3 key areas. These areas are around consistent value messaging, maximizing orders from aggregators, and driving additional growth in carry out and dine in.

我們知道在當今充滿挑戰的環境中什麼是有效的，以及它所擁有的知名價值。正如我們在上次電話會議中提到的，我們正在與我們的主特許經營商合作，並專注於三個關鍵領域。這些領域包括一致的價值訊息傳遞、最大化聚合器的訂單、以及推動外送和堂食的進一步成長。

The good news is that we've begun to see some results through this focus. Canada ran an emergency pizza promotion in Q4, and that's been a strong traffic driver for them. In India, Jubilant has driven sales through increased delivery orders after eliminating their delivery fee. The UK and Canada have launched with Uber, and this has provided a tailwind to their sales. Lastly, Mexico saw a nice increase in their carryout business in 2024 as they provided a premium product in pan pizza at a compelling price point, driving consistent value for customers.

好消息是，透過這項關注，我們已經開始看到一些成果。加拿大在第四季度推出了緊急披薩促銷活動，這為他們帶來了強大的流量驅動力。在印度，Jubilant 在取消了送貨費後，透過增加送貨訂單來推動銷售。英國和加拿大已與 Uber 合作，這為他們的銷售帶來了順風。最後，墨西哥的外送業務在 2024 年實現了良好的成長，因為他們以極具吸引力的價格提供了優質的平底鍋披薩產品，為客戶帶來了持續的價值。

Our international business has so much potential, and by focusing on our Hungry for MORE strategies, we expect to create sales momentum that will produce the same kind of market share gains and net store growth we've achieved in the past.

我們的國際業務具有巨大的潛力，透過專注於我們的「渴望更多」策略，我們期望創造銷售勢頭，從而產生與我們過去所取得的相同的市場份額增長和淨店增長。

In closing, I want to reinforce the same message I repeatedly share with our team. We have always been in the business of creating our own tailwinds and driving share growth. That has been and will continue to be how we draw best-in-class results and long term value creation for our franchisees and shareholders.

最後，我想強調我與我們團隊反覆分享的相同訊息。我們一直致力於創造自己的順風並推動份額成長。這一直是、並將繼續是我們為我們的特許經營商和股東獲得一流成果和長期價值創造的方式。

I'll now hand the call over to Sandeep.

我現在將電話交給 Sandeep。

Thank you and good morning, everyone. While our full year 2024 financial results were impacted by a more challenging backdrop than we had initially anticipated, we still delivered profitable growth of 8%.

謝謝大家，早安。雖然我們的 2024 年全年財務業績受到了比我們最初預期的更具挑戰性的背景的影響，但我們仍然實現了 8% 的獲利成長。

Income from operations increased 6.5% in Q4, excluding the impact of foreign currency, which was in line with our expectations despite lower US same store sales than we expected. This increase in profits was primarily due to gross margin dollar growth within supply chain, driven by procurement productivity, as well as lower general and administrative expenses, which was driven by the re-timing of investments.

剔除外匯影響，第四季營業收入成長 6.5%，儘管美國同店銷售額低於我們的預期，但仍符合我們的預期。利潤的成長主要歸因於採購效率的提高帶動了供應鏈內毛利率的成長，以及投資時機的調整帶動了一般及行政開支的降低。

Excluding the impact of foreign currency, global retail sales grew 4.4% in the fourth quarter from positive US and international comps and global net store growth. For the year, global retail sales grew approximately 6%, which was in line with our updated guidance.

排除外匯的影響，第四季度全球零售額成長 4.4%，得益於美國和國際同店銷售額的成長以及全球淨店成長。今年，全球零售額成長約 6%，符合我們最新的預期。

In Q4, total retail sales grew 2.3% in the US, driven by net store growth and same store sales of 0.4%. These comps were driven by carry out, up 3.2% and delivery, down 1.4%. The delivery comp was impacted by continued macro and competitive pressures that put pressure on our low income customers. We benefited from 2.3% of pricing, which was inclusive of high-single digits in California, and our sales mix from Uber was 2.7% for the quarter.

第四季度，美國零售總額成長2.3%，主要得益於淨店成長及同店銷售額成長0.4%。這些可比較銷售額的成長主要受外送銷售（上漲 3.2%）和外送（下跌 1.4%）的推動。持續的宏觀和競爭壓力給我們的低收入客戶帶來了壓力，導致交付量下降。我們受益於 2.3% 的定價，其中包括加州的高個位數，而本季來自 Uber 的銷售組合為 2.7%。

Our tailwinds were partially offset by a higher carryout mix that carries a lower ticket than delivery. Traffic was flat for the quarter, which was partially driven by a slight headwind as a result of New Year's Eve timing. For the year, delivery represented 46% of our transactions and 57% of our sales while carry out represented 54% of our transactions and 43% of our sales. The weight of sales and transactions shifted slightly more to carry out in 2024 because of the strong carryout comp we had of 6.2%. The full year delivery comp was up 1.1%.

我們的順風部分被外帶組合的增加所抵消，因為外帶組合的票價低於送貨票價。本季的客流量持平，部分原因是受除夕時間影響，客流量略有逆風。就全年而言，送貨占我們交易量的 46% 和銷售額的 57%，而外賣占我們交易量的 54% 和銷售額的 43%。由於我們的結轉率高達 6.2%，因此 2024 年銷售和交易的權重將略微轉移到結轉上。全年交付量成長1.1%。

Our estimated average US franchisee store profitability in 2024 came in at approximately $162,000 which we continue to believe is best in class. After a strong start in the first half of the year, the combination of macro and competitive pressures that impacted our sales in the back half weighed on this result.

我們估計 2024 年美國特許經營店的平均盈利能力約為 162,000 美元，我們仍然相信這是同類中最好的。在上半年強勁開局之後，宏觀壓力和競爭壓力的結合對我們下半年的銷售產生了影響，對這一業績造成了壓力。

Shifting to US unit card. We added 84 net new stores in Q4 and opened our 7,000th store, bringing our US system store count to 7,014. Our Q4 openings were negatively impacted by some of the hurricane activity that took place late last year.

轉換為美國單位卡。我們在第四季度淨增了 84 家新店，並開設了第 7,000 家店，使我們的美國系統店數量達到 7,014 家。去年年底發生的一些颶風對我們第四季的開幕產生了負面影響。

Moving to international, where total retail sales grew 6.4%, excluding the impact of foreign currency in the fourth quarter. This was driven by net store growth and same store sales that came in slightly ahead of our expectations at 2.7%. In the quarter, we saw improvements in Asia that were driven by strong comms in India and broadly across Europe.

轉向國際市場，除去第四季的外匯影響，全球零售總額成長了 6.4%。這是由淨店成長和同店銷售額推動的，增幅略高於我們的預期，為 2.7%。在本季度，我們看到亞洲地區取得了進步，這得益於印度和整個歐洲地區強勁的通訊業務。

Despite a challenging micro backdrop that impacted our international business, our franchisees grew their average per store profitability in 2024 and slightly reduced their average new store paybacks as a result. We also continue to see strong paybacks in our two largest growth markets, which are China and India. As we look ahead to 2025, we continue to believe that global retail sales growth should be generally in line with 2024.

儘管嚴峻的微觀環境影響了我們的國際業務，但我們的特許經營商在 2024 年實現了每家店平均盈利能力的增長，並因此略微降低​​了平均新店回報。我們也繼續在兩個最大的成長市場—中國和印度看到強勁的回報。展望 2025 年，我們仍相信全球零售額成長應與 2024 年大致保持一致。

Now, to give some color. We are expecting our US comp to be in line with our 3% long-term guide as a result of our expected traffic driving catalyst in aggregators and loyalty. In the event that macro pressures persist throughout the year, it could put pressure on achieving this number. We also expect that based on the timing of certain initiatives that our comp will be lower in the first half compared to the back half in the US. We continue to believe planning for approximately 1% to 2% international same store sales growth in 2025 is the right expectation before we return the business to a more normalized level in 2026.

現在，給一些顏色。我們預計，由於我們預計聚合器和忠誠度將帶來流量驅動催化劑，我們的美國同店銷售額將與 3% 的長期指引保持一致。如果宏觀壓力持續貫穿全年，則可能對實現這一數字造成壓力。我們也預計，根據某些措施的時機，我們上半年的營收將低於美國下半年。我們仍然相信，在 2026 年業務恢復到更正常水平之前，計劃 2025 年國際同店銷售額增長約 1% 至 2% 是正確的預期。

Shifting to net stores. We continue to expect 175+ net stores in the US, and we have a strong pipeline heading into the Europe to achieve this. Internationally, we're expecting our net growth to be in line with what we have in 2024. This is primarily due to impacts from Domino's Pizza Enterprises, DPE, which is a master franchisee based out of Australia.

轉向網路商店。我們繼續預期在美國擁有超過 175 家淨門市，並且我們擁有強大的進軍歐洲的管道來實現這一目標。在國際上，我們預計我們的淨成長將與 2024 年的水準保持一致。這主要是受到總部位於澳洲的特許經營商 Domino’s Pizza Enterprises (DPE) 的影響。

DPE continues to make meaningful progress into what they need to do to their business as they work through their strategic plan under their new CEO. They recently announced that they are expecting to close an additional 200 plus underperforming stores, primarily in Japan. They're also planning to be more disciplined in their new store openings by prioritizing locations where they can drive sustainable, profitable growth for the long term. We believe that the meaningful impacts from DPE's closures will be behind us as we head into 2026. On profits, we continue to expect an operating profit growth of approximately 8%, excluding the impact of currency.

在新的執行長的帶領下，DPE 在製定策略計畫的過程中，繼續在業務發展方面取得有意義的進展。他們最近宣布，預計將關閉另外 200 多家業績不佳的商店，主要在日本。他們還計劃在開設新店時更加嚴謹，優先選擇能夠實現長期可持續盈利增長的地點。我們相信，隨著 2026 年的到來，DPE 關閉帶來的重要影響將會消失。在利潤方面，我們繼續預期營業利潤成長約 8%，不包括貨幣影響。

A few additional points of color on the P&L. Any metrics we are providing today exclude any impacts from the proposed tariffs. In our US supply chain business, we source most of our food products from within the country, so we are not expecting this to have a meaningful impact if tariffs are put in place.

損益表上一些額外的顏色點。我們今天提供的任何指標均不包括擬議關稅的任何影響。在我們的美國供應鏈業務中，我們的大部分食品都是從國內採購的，因此我們預計，如果徵收關稅，這不會產生重大影響。

We are expecting our food basket to be up low-single digits. Expect increases to be higher in the first half in the second half, primarily driven by cheese prices. We are expecting our supply chain margins to expand slightly year over year due to continued procurement productivity that the team continues to do an incredible job executing on. We are expecting our G&A as a percentage of retail sales to be approximately 2.4%. Starting at the beginning of Q1 2025, we have increased the technology fee by $0.02 to $37.05 per digital transaction to fund our future tech initiatives to drive growth.

我們預計我們的食品籃價格將出現個位數的低幅成長。預計上半年和下半年的漲幅會更高，主要受起司價格的推動。我們預計，由於採購效率的持續提高以及團隊在執行方面繼續做出的出色工作，我們的供應鏈利潤率將比去年同期略有擴大。我們預計 G&A 佔零售額的百分比約為 2.4%。從 2025 年第一季初開始，我們將每筆數位交易的技術費提高 0.02 美元至 37.05 美元，以資助我們未來的技術計劃，推動成長。

We are expecting operating income margins to expand slightly in 2025, primarily driven by supply chain margins. Expect margin growth to be lower in the first half of the year than in the second half. At current exchange rates, we are expecting foreign currency to be a headwind of approximately 1% to 2% on operating income growth.

我們預計 2025 年營業收入利潤率將略有擴大，主要受供應鏈利潤率的推動。預計上半年利潤率成長率將低於下半年。以當前匯率計算，我們預期外幣將對營業收入成長造成約 1% 至 2% 的阻力。

We continue to plan for our debt maturity in October of this year and at current interest rates, it would result in some pressure on interest expense. We expect our tax rate to be in the range of 21% to 23%, which is generally in line with where it has been historically.

我們繼續計劃今年 10 月債務到期，按照目前的利率，這將對利息支出造成一些壓力。我們預計我們的稅率在 21% 至 23% 之間，這與歷史水準基本一致。

Our belief in the long-term algorithm of what the Domino's business can and should achieve has not changed. We continue to expect that an algorithm of 7% or more annual global retail sales growth and operating profit growth of 8% or more is the right one. However, the anticipated impact from DPE's additional net closures in 2025 will put pressure on our 2026 global retail sales and profit expectations which we now expect to be in line with 2025.

我們對達美樂業務能夠且應該實現的長期演算法的信念沒有改變。我們仍然預計，全球零售額年增長率達到 7% 或以上、營業利潤增長率達到 8% 或以上的演算法是正確的。然而，DPE 在 2025 年額外淨關閉的預期影響將對我們 2026 年全球零售額和利潤預期造成壓力，我們目前預計這些預期將與 2025 年持平。

To close, I wanted to note that this morning, we announced a 15% increase in our dividend, which was done in line with our capital allocation priorities. We also repurchased approximately 259,000 shares at an average price of $433 for a total of $112 million in the fourth quarter. As of the end of 2024, we had approximately $814 million remaining on our share repurchase authorization.

最後，我想指出的是，今天早上，我們宣布將股息提高 15%，這是根據我們的資本配置優先事項進行的。我們還以平均 433 美元的價格回購了約 259,000 股，第四季總計 1.12 億美元。截至 2024 年底，我們的股票回購授權剩餘金額約為 8.14 億美元。

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

謝謝。我們現在將開放問答熱線。

Dennis Geiger, UBS.

瑞銀的丹尼斯·蓋格。

I wanted to ask a bit more on the 2025 guidance for the US same store sales, I guess specific to the comments around lower first half versus back half, and I think commentary around the aggregators and loyalty being the biggest drivers. Could you just kind of unpack some of the sales initiatives, those two in particular, and maybe how you're thinking about new product innovation in '25 at a high level excitement versus prior years with those two items that you called out?

我想再問一些關於 2025 年美國同店銷售額預期的問題，我想具體針對上半年與下半年相比下降的評論，我認為圍繞聚合器和忠誠度的評論是最大的驅動因素。您能否簡單介紹一下一些銷售計劃，特別是這兩個計劃，以及您如何看待 2025 年與前幾年相比，您提到的這兩項新產品的創新水平會更高？

So Dennis, I think on the question of the guidance and the backup was the first half cadence.

所以丹尼斯，我認為關於指導和支持的問題在於上半部的節奏。

I think we -- in Russell's prepared remarks, we talked about the aggregator platforms, specifically that we've started negotiating with potentially other partners and that the meaningful impact would come more in the back half from aggregators, I think so that's one piece of it in terms of the weight. And I think the other piece of it is really, we have a bunch of initiatives that we have in our marketing calendar and as you've seen, we weren't shy about rolling out a whole bunch of them in '24. Similar plans in 25, Best Deal Ever has just been launched earlier this quarter, so there's a whole much more that we're waiting to surprise our competition with. So I'm not going to give you more details on that, but that's kind of how the back half versus front half commentary was built.

我認為，在拉塞爾的準備好的發言中，我們談到了聚合平台，特別是我們已經開始與其他潛在合作夥伴進行談判，而後半部分有意義的影響將更多地來自於聚合器，我認為這是其中的一部分。我認為另一點是，我們的行銷日程表中確實有很多計劃，正如你所看到的，我們並不羞於在24年推出其中的許多計劃。25 個類似的計劃，有史以來最好的交易 (Best Deal Ever) 剛剛於本季初推出，因此，我們還在等待更多驚喜來給競爭對手帶來驚喜。所以我不會向你提供更多細節，但這就是後半部分與前半部分評論的對比方式。

Yeah, I think just in general, when we're at -- by the way, good morning, Dennis. Sorry. When folks talk to us about what drivers are in the business, obviously, we're not going to give specific information, but if you want to know what our recipe is, it's Hungry for MORE. And so for example, if someone were to ask me in last quarter, what are you going to do in Q1, what's going to be different? Well, I wouldn't tell them we're doing a $9.99 any Best Deal Ever promotion, but that idea really came out of the strategy of Hungry for MORE. So the specifics are going to change. We need to keep you guys on your toes, but the drivers behind them are going to be born out of the Hungry for MORE strategy.

是的，我認為總的來說，當我們——順便說一句，早上好，丹尼斯。對不起。當人們和我們談論這個行業的驅動因素時，顯然，我們不會提供具體的信息，但如果你想要了解我們的秘訣，我們就會告訴你「渴望更多」。舉個例子，如果有人在上個季度問我，你在第一季打算做什麼，有什麼不同？好吧，我不會告訴他們我們正在進行任何「史上最佳促銷」的 9.99 美元促銷活動，但這個想法確實來自於「渴望更多」的策略。因此具體細節將會改變。我們需要讓你們保持警惕，但他們背後的驅動力將會源自於「渴望更多」的策略。

Thank you.

謝謝。

Brian Bittner, Oppenheimer and Company.

布萊恩‧比特納 (Brian Bittner)，奧本海默公司。

As it relates to the 2025 guidance, it does still assume softer international expectations which you established on last quarter's call with international same source sales in that 1% to 2% range instead of the 3% plus long-term range and you. And you did reiterate this view in your prepared remarks this morning, but I'm curious if your international thoughts for 2025 have changed at all over the last several months. I mean, your 4Q comps were stronger than expected. We're also seeing better international trends out of a lot of your peers. So I'm just curious if this is starting to tilt conservatively, possibly, or anything else you can add.

就 2025 年指引而言，它仍然假設您在上個季度的電話會議上確定的國際預期較為溫和，即國際同源銷售額在 1% 到 2% 的範圍內，而不是 3% 以上的長期範圍。您今天早上在準備好的演講中確實重申了這一觀點，但我很好奇，您對 2025 年的國際想法在過去幾個月中是否有所改變。我的意思是，您的第四季業績比預期要強勁。我們也看到許多同業呈現出更好的國際趨勢。所以我只是好奇這是否開始傾向於保守，或者可能，或者您還可以添加其他內容。

Like you said, Q4 for the competition as well, some of the headwinds seem to be dying down a little bit. We're not going to make a flip after one quarter. We were pleased with our quarter as well.

就像您所說的那樣，對於競爭對手來說，第四季的一些阻力似乎正在減弱一些。我們不會在一個季度之後就做出改變。我們對我們的季度表現也感到滿意。

What I look at are the things that we can control and there, I am pretty happy, we gave a bunch of, I'm not going to go through them again, but in my opening remarks, I gave a bunch of examples of how around the world we're taking the renowned value part of Hungry for MORE and we're translating it into some of these international markets, and we're seeing results. We've talked about having to do 3 things to drive international same store sales, and I think we're really beginning to do that.

我所關注的是我們可以控制的事情，對此我感到非常高興，我們提供了很多，我不會再重複它們，但在我的開場白中，我給出了一系列例子，說明我們如何在世界各地將“渴望更多”的知名價值部分轉化為一些國際市場，並且我們看到了成果。我們談到採取三項措施來推動國際同店銷售額，我認為我們真的開始這麼做了。

The first is making sure that our price points are at or below CPI. Second is making sure we're leveraging aggregators. And the third, just like we've diversified beyond delivery while still driving delivery in the US, we need to do that in international markets. So, happy with with Q4 and as we get more information, if we will update that number, we'll let you know.

首先是確保我們的價格點等於或低於CPI。第二是確保我們能夠利用聚合器。第三，就像我們在美國推動配送業務的同時實現了配送以外的多元化一樣，我們也需要在國際市場上做到這一點。因此，我們對第四季度感到滿意，如果我們獲得更多信息，我們會更新該數字，並通知您。

And what I will add, Brian, is I think in terms of the guidance on same store sales in particular, I wouldn't say this tilts conservatively. It is a very tough macroeconomic environment out there. There is a lot of volatility that's out there, and that's all been taken into consideration both in terms of what we said at Q3 -- on the Q3 earnings call, as well as what we're seeing right now. So we'll continue to drive into the renowned value initiatives that Russell talked about, but I think the expectations really have not shifted materially since the last call.

布萊恩，我要補充的是，我認為，特別是就同店銷售額的指引而言，我不會說這是保守傾向的。當前的宏觀經濟環境非常嚴峻。市場上存在著很大的波動，我們在第三季財報電話會議上所說的話以及我們現在看到的情況都已經考慮到了這些因素。因此，我們將繼續推動羅素談到的知名價值舉措，但我認為自上次電話會議以來，預期並沒有發生重大變化。

David Tarantino, Baird.

大衛·塔倫蒂諾，貝爾德。

My question is on the US unit growth, that number, I guess, missed your target for 2024 and I was just wanting to ask your degree of confidence in getting to the target for 2025, what any way you can frame up the pipeline or your degree of assessment of enthusiasm in terms of building new units would be great.

我的問題是關於美國單位的成長，我猜這個數字沒有達到你們 2024 年的目標，我只是想問一下，你們對於實現 2025 年目標的信心程度，你們能以什麼方式構建渠道，或者你們對建設新單位的熱情程度的評估是否合適。

Yeah, I think Sandeep in his remarks talked about some of the hurricanes at the back part of the year impacted our net openings, otherwise we would have been essentially there. What I'm really happy about is, also just how we've done relative to the kind of competitive pizza places, even in a year maybe we where we didn't hit. And so if you look at our competition as far as the public companies, you add up the number of stores, net stores that they opened, and we were a multiple -- several multiple higher than that so we've got more to do. The hurricanes hurt us a little bit, but net-net, we're still gaining more share in the US, and that's what this game is all about.

是的，我認為桑迪普在他的演講中談到了今年晚些時候的一些颶風影響了我們的淨開口，否則我們基本上就會在那裡了。我真正高興的是，相對於那些競爭激烈的披薩店，我們做得很好，即使在一年中我們沒有太大的突破。因此，如果你看看我們在上市公司中的競爭對手，你把他們開設的商店數量和淨商店數量加起來，你會發現我們的數量是他們的幾倍——高出好幾倍，所以我們還有很多事情要做。颶風對我們造成了一點影響，但總體而言，我們在美國仍然獲得了更多的份額，這就是這場比賽的意義所在。

Yeah, and I would just add to that, David, our economics are still very much best in class. The paybacks are extremely compelling. The demand for new units continues to be very strong, and with the share that we continue to build, we are in a stronger and stronger position, not just against the national competitors whose data you actually hear about, but against the regional competitors and the local players as well. So, we're super confident that the pipeline -- that we see is very realistic.

是的，大衛，我還要補充一點，我們的經濟學水準仍然是一流的。其回報是非常可觀的。對新單位的需求繼續保持強勁，隨著我們份額的不斷擴大，我們的地位越來越強，不僅與您實際上聽說過的全國性競爭對手相比，而且與區域競爭對手和本地參與者相比也是如此。因此，我們非常有信心，我們所看到的管道是非常現實的。

John Ivankoe, JP Morgan.

摩根大通的約翰伊凡科 (John Ivankoe)。

There's obviously been a lot of attention around price points under $10, the $6.99 specials and obviously, what's like currently pretty incredible large unlimited topping for $9.99. So you know, the question was really kind of around that $10 price point, is the brand in a position to where you can drive significantly interest promoting a pizza, whatever the number might be $12, $13, $14 or for whatever reason, might the brand has some kind of natural cap around the $10 number where consumer really getting a lot of interest around a higher nominal price point, not value but higher nominal price point that might otherwise constrain them.

顯然，人們對 10 美元以下的價格點、6.99 美元的特價商品以及目前令人難以置信的 9.99 美元無限量大配料的關注度很高。所以你知道，問題實際上是圍繞 10 美元這個價格點，品牌是否能夠通過推廣披薩來吸引消費者的極大興趣，無論這個價格是 12 美元、13 美元、14 美元，或者出於其他原因，品牌是否會在 10 美元左右設置某種自然價格上限，讓消費者真正對更高的名義價格點產生濃厚興趣，不是價值價值，而是更高的名義價格，否則可能會限制他們。

Yeah, one of the things that you'll see in this promotional environment and we knew this when we said in Hungry for MORE and we said we were going to dive into a renowned value is that price is important. And frankly, there are a lot of folks doing similar promotions that we do, we had $6.99 and other folks have done $6.99. We had emergency pizzas, there've been BOGOs.

是的，您會在這種促銷環境中看到的一件事，當我們在「渴望更多」中說到並說我們將深入探討一個知名價值時，我們就知道價格很重要。坦白說，有很多人做與我們類似的促銷活動，我們的價格是 6.99 美元，其他人也做了 6.99 美元。我們準備了緊急披薩，還有「買一送一」活動。

You talk about price points, for me, the thing and Sandeep talked about this before, is for us it's sustainable. When you look at the economics for our franchisees, they're able to sustain these types of price points, and we saw same store sales for other pizza players which were not in line with where Domino's are. So if you've got similar promotions and you've got lower same store sales, the economics are not going to be good.

您談論價格點，對我來說，事情和 Sandeep 之前談論的一樣，對我們來說它是可持續的。當你看到我們的特許經營商的經濟狀況時，他們能夠維持這些類型的價格點，而且我們發現其他披薩店的同店銷售額與達美樂的水平不符。因此，如果您進行類似的促銷活動，而同店銷售額卻較低，那麼經濟效益就不會好。

And so we've got -- when you look at the scale of dominoes, our ability to drive volumes through our high share of voice and drive costs down through our supply chain, that's what enabled us to do that. $10 or $9.99 is a good price point right now. We're going to continue to pivot to keep consumers interested in Domino's, but the big thing that's different about us is that this is sustainable. It's part of our strategy.

所以，當你看到多米諾骨牌的規模時，你就會明白，我們有能力透過我們的高份額來推動銷量，並透過我們的供應鏈來降低成本，這就是我們能夠做到這一點的原因。目前，10 美元或 9.99 美元是一個不錯的價格點。我們將繼續轉變策略，以保持消費者對達美樂的興趣，但我們最大的不同在於，這種轉變是可持續的。這是我們戰略的一部分。

David Palmer, Evercore ISI.

大衛·帕爾默（David Palmer），Evercore ISI。

If I had to summarize perhaps what investors are excited about and concerned about, I'd say they're excited about the potential on this on the DoorDash expansion of marketing there, excited about stuffed crust, the potential to roll that out, but they're concerned about the long-term same store sales growth beyond these types of initiatives, given what they would back out from Uber Eats from the fourth quarter and they think, gosh, the underlying trends are are troubled for pizza delivery, particularly one piece. So I'm wondering when you think beyond '26 or you know through '26 and beyond, about your 3% domestic comp growth target or thereabouts, what are some things that you think might ramp up in terms of its growth contribution that would give people comfort at this point that you could do that without some of these other things, perhaps in that given year?

如果我必須總結投資者興奮和擔心的事情，我會說他們對 DoorDash 在當地擴張營銷的潛力感到興奮，對推出披薩餅皮的潛力感到興奮，但他們擔心除了這些舉措之外的長期同店銷售額增長，因為他們將從第四季度開始退出 Uber Eats，他們認為，天哪，披薩外賣的潛在趨勢令人擔憂，尤其是單件披薩。所以我想知道，當您考慮 2026 年以後或您知道到 2026 年及以後，關於您 3% 的國內可比增長目標或大約這個數字時，您認為哪些因素可能會對其增長貢獻產生推動作用，從而讓人們感到安心，您可以在那一年實現這一目標而無需考慮其他因素？

Yeah, we get that question a lot, which is, hey, what's coming up in future years that makes you think that you could sustain what you've done, what you're doing, And obviously, we're not going to go into a particular programs, but this brand has a track record, this team has a track record and kind of one share point plus a year is been what we've delivered.

是的，我們經常被問到這個問題，那就是，嘿，未來幾年會發生什麼，讓你覺得你可以維持你已經做過的、正在做的事情，顯然，我們不會深入討論某個特定的項目，但這個品牌有業績記錄，這個團隊有業績記錄，而我們已經交付了一年的份額。

Without sometimes getting into the specifics of what we're doing for competitive reasons, I don't think you'd want us to, but I said this earlier, I'll bring it up again. If someone were to ask me, hey, last year, what do you got coming in in Q1, I wouldn't be telling them we've got the best deal ever, but I'd be telling them the answer would come out of our strategy of renowned value. And so, I've been with this company 16 years, and essentially, the track record has been pretty solid without us giving forward-looking information.

有時，出於競爭原因，我們不討論我們所做工作的具體細節，我想你不希望我們這樣做，但我之前說過，我會再次提起這件事。如果有人問我，嘿，去年第一季你們取得了什麼成績，我不會告訴他們我們獲得了有史以來最好的交易，但我會告訴他們答案將來自於我們的知名價值策略。所以，我已經在這家公司工作了 16 年，基本上，即使我們沒有提供前瞻性信息，公司的業績記錄也一直相當穩健。

So if you want to know what we're doing, obviously, you talked about some of the big ones, expanding on the aggregator platforms is a big one if you think about what our Q4 number would have been, had we been on all the aggregators, you're completely right there. Loyalty is a multi-year gain for us like we showed with the first loyalty program, but you're going to see a company that continues to bring best-in-class ideas that are differentiated based on our strategy, and we've got a track record of doing that. So, not going to get into specific numbers other than to say, or specific names or programs other than to say, we've done it and we're going to continue to do that moving forward.

因此，如果你想知道我們在做什麼，顯然，你談到了一些大的事情，如果你想想如果我們在所有聚合器上，我們的第四季度數字會是多少，那麼在聚合器平台上進行擴展就是一件大事，你完全正確。正如我們在第一個忠誠度計劃中所展示的那樣，忠誠度對我們來說是一項多年的收益，但你會看到一家公司繼續帶來基於我們策略而差異化的一流理念，我們在這方面有著良好的記錄。因此，我們不會談論具體的數字，只會說具體的名稱或項目，只會說我們已經做到了，並且將繼續這樣做。

And Dave, I'll just add over here, like when we talk about the aggregators and aggregators specifically, when you think about 2026, Russell talked about the long term and all the things that we can do. If we're talking about really looking at something post May 1 and we have a meaningful impact in the backup, obviously, there's an annualization impact that comes from the aggregator platform, if we actually do that. And then I think there's more tailwind. The fastest growing segment of the Pizza QSR space is the aggregator. And to Russell's point, we went on there fully in Q4 of '24, and there's a lot more growth to come from there.

戴夫，我在這裡補充一下，例如當我們具體談論聚合器和聚合器時，當你想到 2026 年時，拉塞爾談到了長期目標以及我們可以做的所有事情。如果我們談論的是真正關注 5 月 1 日之後的某些事情，並且對備份產生了有意義的影響，那麼顯然，如果我們真的這樣做的話，聚合器平台就會產生年度化影響。然後我認為會有更多順風。披薩快餐領域成長最快的部分是聚合器。正如拉塞爾所說，我們在 24 年第四季就已全面投入其中，未來還會有更多的成長。

And I think even loyalty, like Russell talked about the multi-year compounding impact, the really cool thing about loyalty, the 2.5 incremental loyalty members that we've gained. These are light users and carryout users, and that becomes a huge flywheel because now we've captured them into a database and we can start marketing them to drive incremental compounding impacts. So this is going to be a big flywheel and we're really thrilled about the carryout mix in the business as well. It's very compelling. It's very strong. You combine that with the number of loyalty members that we've gained, more growth to come. And so, the catalysts that we talked about are very consistent and they're multiyear drivers.

我認為即使是忠誠度，就像拉塞爾談到的多年複合影響一樣，忠誠度真正酷的地方在於我們已經獲得了 2.5 個增量忠誠會員。這些都是輕度用戶和外送用戶，這成為一個巨大的飛輪，因為現在我們已經將他們捕獲到資料庫中，我們可以開始行銷他們，以推動增量複合影響。所以這將是一個巨大的飛輪，我們對業務中的外賣組合也感到非常興奮。這非常引人注目。它非常強大。將其與我們已經獲得的忠誠會員數量結合起來，未來將實現更多的成長。因此，我們所討論的催化劑是非常一致的，而且它們是多年的驅動因素。

And I think too just to add is when you -- if you listen to some of the commentary we've got over why we're able to sustain what we've been able to sustain over the last decade plus, it's we've talked about building scale, right, and the scale we've got in share of voice, the scale we have in supply chain that gets grown through same store sales. So in another year where we're winning on same store sales, another year where we're winning on stores let you drive more markets there, stores let you keep competitive stores from opening. All of that actually kind of snowballs and drives more momentum for the future. So all the stuff that we said has worked for us by continuing this flywheel essentially becomes more offense for us in the future.

我認為，補充一點，如果你聽聽我們為什麼能夠維持過去十多年來所取得的成就的評論，你會發現，我們談論的是規模建設，對吧，以及我們在話語權方面的規模，我們在供應鏈方面的規模，這些規模通過同店銷售額得到了增長。因此，在另一年，我們在同店銷售額上獲勝，在另一年，我們在門市上獲勝，讓您在那裡開拓更多的市場，門市讓您阻止競爭對手的門市開業。所有這些實際上都會像滾雪球一樣不斷增大，為未來帶來更多動力。因此，我們所說的所有對我們有用的東西，透過繼續這個飛輪，本質上會在未來對我們產生更大的攻擊作用。

Danilo Gargiulo, Bernstein.

達尼洛·加吉洛，伯恩斯坦。

I think you are you're showing some, you're displaying some very solid cost discipline also in 2024, both on the supply chain as well as on the G&A side. You were talking about some shift in timing on some of these investments, so can you help us understand which investments have been put out?

我認為您在 2024 年也表現出了一些非常嚴格的成本紀律，無論是在供應鏈方面還是在 G&A 方面。您談到了其中一些投資的時間安排發生了一些變化，那麼您能幫助我們了解哪些投資已經完成嗎？

And then to the extent that the retail stores were to come in a little bit softer in 2025, softer than your expectations, do you still have room for optimizing G&A, or do you think that the guidance that you gave today already includes all the opportunities that you have over there?

那麼，如果 2025 年零售店的業績表現比您預期的要弱一些，您是否還有優化 G&A 的空間，或者您是否認為您今天給出的指導已經包含了您在那裡擁有的所有機會？

I think it's a really good one in terms of how we're thinking about the business and how we pivot it. If you go back to the prepared remarks, we said that 2024 was the year where sales didn't really track to what we initially expected at the beginning of the year, and despite that, we found agility in the P&L to actually drive the 8% operating income growth that we were targeting.

我認為，就我們如何看待業務以及如何調整業務而言，這是一個非常好的主意。如果回顧準備好的發言，我們說過 2024 年是銷售額未能真正達到我們年初最初預期的一年，儘管如此，我們發現損益表的靈活性實際上推動了我們所針對的 8% 的營業收入增長。

And a couple of things that actually helped us in 2024, procurement productivity is fantastic from the supply chain organization. They've done a really terrific job, and that's a flywheel that continues to run. We expect more of that in 2025 as we look forward to that.

2024 年有幾件事確實對我們有幫助，供應鏈組織的採購效率非常高。他們確實做得非常出色，而且這個飛輪仍在繼續運作。我們期待 2025 年能有更多這樣的情況。

And then I think in terms of timing of investments, I talked about this even earlier during the third quarter call, I think, where we had 3 different buckets of investments, specifically in G&A. We had consumer technology, store technology, and capacity investments. I think on the capacity investments piece, I think based on the way the volumes were going, we're able to retime that a little bit and actually that's part of what's in the numbers.

然後我認為就投資時機而言，我在第三季電話會議上就談到了這個問題，我想，我們有 3 個不同的投資組合，特別是在 G&A 方面。我們擁有消費者技術、商店技術和產能投資。我認為在產能投資方面，根據投資量的走勢，我們可以稍微重新安排時間，實際上這也是數字的一部分。

When we look at how '25 is built up, we actually do have that framework as we're looking at it, but we want to make sure that we're pacing our investments appropriately with where sales are going. We've demonstrated through 2024 that we're able to pivot if there is a shift a little bit in terms of what the sales momentum is, and we have a lot of confidence in doing that in '25 as well.

當我們研究 25 是如何建構的時，我們實際上確實有這樣的框架，但我們希望確保我們的投資步調與銷售情況相適應。我們已經透過 2024 年證明，如果銷售動能發生輕微變化，我們就能做出調整，而且我們對在 2025 年做到這一點也非常有信心。

Peter Saleh, BTIG.

彼得·薩利赫（Peter Saleh），BTIG。

I wanted to ask about the third party, I mean, you exit 2024 near the 3% target on on Uber Eats. Are you still on track for the billion dollars of incremental revenue by the end of 2026? And what if anything have you learned from the Uber Eats partnership over the past year, 5, 6 quarters now that maybe informs how you'll do things differently when you expand to another third party partnership in 2025?

我想問一下第三方的情況，我的意思是，你們將在 2024 年退出 Uber Eats 3% 左右的目標。到 2026 年底，您是否仍有望實現 10 億美元的增量收入？在過去的一年、五、六個季度裡，您從與 Uber Eats 優食的合作中學到了什麼？這些經驗也許能引導您在 2025 年擴展到另一個第三方合作時如何採取不同的做法？

Yeah, we're still bullish on this being a billion dollars dollar opportunity for us. The timing may is going to be pushed out a little bit, and that's really because we have purposefully managed this for as high of an incremental volume as we can. And so, once we get on some of the other platforms obviously, will continue to grow there.

是的，我們仍然看好這對我們來說是一個價值十億美元的機會。時間可能會稍微推遲一些，這實際上是因為我們有意盡可能地提高增量。因此，一旦我們進入其他一些平台，顯然就會繼續發展。

I think what we've learned with with Uber is a couple of things. One is how to optimize the marketing. So one of the reasons that I've talked about kind of the billion maybe taking a little bit longer to get to is we've learned how to optimize incrementality and so we're not going after all the volume right away. We want this to grow over time and be incremental and accretive to the profitability of our franchisees. So we've learned how to do marketing better, I think, on this platform. And then just technology integration, I would expect that if we were to go on another platform that the tech integration would be quicker than it was when we were doing it from scratch.

我認為我們從 Uber 中學到了一些東西。一是如何優化行銷。因此，我談到實現十億的目標可能需要更長的時間，原因之一是我們已經學會瞭如何優化增量，因此我們不會立即追求所有的數量。我們希望這一目標能夠隨著時間的推移而不斷增長，並逐步提高我們特許經營商的獲利能力。所以我認為，我們學會瞭如何在這個平台上更好地進行行銷。然後只是技術集成，我希望如果我們要轉到另一個平台，技術集成將比我們從頭開始時更快。

Andrew Charles, TD Cowen.

安德魯·查爾斯（Andrew Charles），TD Cowen 公司。

I wanted to ask about the $162,000 of US store level cash flow in 2024, it trailed the initial $170,000 target issued at the December 2023 investor meeting. So I'm curious if the shortfall was versus the original expectation, was that strictly sales or some other driver there?

我想問一下 2024 年美國商店層面的現金流 162,000 美元的情況，這低於 2023 年 12 月投資者會議上提出的 170,000 美元的初始目標。所以我很好奇，如果缺口與最初的預期相符，那隻是因為銷售還是有其他驅動因素？

And then Russell, can you also address to just franchisee conviction and prioritizing renowned value to property grow sales just given the shortfall in '24 of franchisee store level cash flow?

然後 Russell，您能否談談特許經營者的信念以及優先考慮知名價值來增加銷售額，因為 24 年特許經營店層面的現金流存在短缺？

So look, I agree. I mean, I think when we start of the year we were in 2024, we were expecting $170,000 of store cash flow and we finished up at $162, and candidly, on the first half of the year we were tracking. We were tracking where we were expecting.

那麼看，我同意。我的意思是，我想當我們在 2024 年年初時，我們預計商店現金流為 170,000 美元，但最終我們達到了 162 美元，坦率地說，這是我們跟踪的上半年的情況。我們正在追蹤我們期望的地方。

But as we kind of moved into the second half, you saw the sales softness that came in in the third quarter. We talked about it, the macro environment plus the competitive pressures really started weighing on sales and then profits as well with the promotional intensity that was building. And then when you got into Q4, it just accelerated and if we look at what the com trends went and they intensively continued to be heavy. And on top of that, we had a 4.4% food basket in the fourth quarter. So that actually didn't help from a cash flow perspective either, so all that is to explain what happened in terms of the cadence of the cash flows.

但隨著我們進入下半年，你會看到第三季的銷售疲軟。我們討論過這個問題，宏觀環境加上競爭壓力確實開始對銷售產生影響，而且隨著促銷力度的加大，利潤也受到影響。然後，當你進入第四季度時，它就開始加速了，如果我們看看網路趨勢如何，它們就會繼續保持強勁勢頭。除此之外，第四季我們的食品籃還上漲了 4.4%。所以從現金流的角度來看這實際上也沒有幫助，所以所有這些都只是從現金流的節奏來解釋發生了什麼。

However, the important thing, and this was really critical, we grew about a point of market share in the year, and that is critical because you take that market share growth, you take the loyalty membership which grew by 2.5 million members, and then you look forward into 2025 with a scale advantage that we have, whether it's in marketing, whether it's in digital, whether it's in the supply chain side, we have a lot of catalysts to drive continued growth. Not only in cash flows, but I think overall in terms of share growth as we move into '25.

然而，重要的是，這真的很關鍵，我們在今年的市場份額增長了大約一個點，這是至關重要的，因為你有了市場份額的增長，你的忠誠會員數量增長了 250 萬，然後你展望 2025 年，我們擁有規模優勢，無論是在營銷方面，還是在數字方面，還是在供應鏈方面，我們都有很多催化劑來持續增長。不只是現金流，我認為隨著我們進入25年，整體而言，股價也會成長。

I guess I'd add to that, our franchisees are pretty special, they're fully invested in in Domino's. They don't run any other restaurant chains. This is their business, and they are competitive folks and actually they're in it for the long term because of this being their primary business.

我想補充一點，我們的特許經營商非常特殊，他們全力投資了 Domino’s。他們不經營任何其他連鎖餐廳。這是他們的業務，他們都是具有競爭力的人，事實上，他們會長期從事這項業務，因為這是他們的主要業務。

And so what they saw this year was -- I'm sorry, this year, meaning in 2024. I apologize. 2024 was similar promotions right with some of the competition, but sales higher for us, stores higher for us, share higher for us. And so, they know what the P&L looks like on lower volumes and if they're in it for the long term, if you know you're holding your own on profit and you know you're negatively impacting the competition.

所以他們今年看到的是──抱歉，是今年，也就是 2024 年。我很抱歉。 2024 年與一些競爭對手的促銷活動類似，但我們的銷售額更高、商店數量更多、份額更高。因此，他們知道在較低交易量下損益情況如何，以及他們是否要長期從事這一業務，如果您知道自己能夠保持利潤，並且知道自己正在對競爭產生負面影響。

And that's a good thing, and this is not me just talking about sentiment. I'd say the franchisees are talking with their actions because one of the things that they approved well into the quarter so they knew where things were going was this $9,99, any promotion, this Best Deal Ever. And so they're going to -- if they had any qualms about continuing to lean in, you wouldn't see literally what is our Best Deal Ever in market. And similarly with store growth, the store growth signs up are there. So it was -- it certainly wasn't a year where we delivered what we said we would, but I think they're in it for the long term. We're in it for the long term. It was still a win in 2024 for Domino's Pizza.

這是一件好事，這不僅僅是我在談論情緒。我想說特許經營商正在用行動說話，因為他們在本季度批准的事情之一就是這個 9.99 美元的促銷活動，這是有史以​​來最好的優惠，所以他們知道事情的走向。所以他們會——如果他們對繼續傾向有任何疑慮，你就不會看到我們在市場上有史以來最好的交易。同樣，隨著商店的增長，商店增長的跡像也存在。所以，這當然不是我們兌現承諾的一年，但我認為他們會長期堅持下去。我們會長期致力於此。對於達美樂披薩來說，2024 年仍然是一場勝利。

Jon Tower, Citi.

花旗銀行的喬恩‧陶爾 (Jon Tower)。

I was just curious if you could dig a little bit into the international unit growth, and I understand the headwinds that the business will be facing in '25 from the Australia master franchisee closure, but what -- can you speak to maybe the confidence you have in this re-accelerating in '26? And specifically, do you have any other global master franchisees where you see potential for potential market consolidation in store closures over the next 12 months or so?

我只是好奇，您是否可以深入了解國際單位的增長情況，我了解到由於澳大利亞特許經營商的關閉，公司在 25 年將面臨阻力，但是，您能否談談您對 26 年重新加速發展的信心？具體來說，您是否還有其他全球特許經營商，您認為在未來 12 個月左右的時間內，透過關閉門市，可能會出現市場整合的可能性？

Look, I think you know the 200 closures by DPE by the end of the year, I think those closures will be behind us. What I want to make sure that I focus everyone is our two largest growth markets. China and India remain on track. China opened up 240 stores last year, they're talking now 300 to 350. And so, the growth in the rest of the system is really strong, and the DPE closures by the end of the year, I think, will be behind us.

看，我想你知道 DPE 在今年年底前將關閉 200 家門市，我認為這些關閉將成為過去。我想確保每個人都關注的是我們最大的兩個成長市場。中國和印度仍保持著正軌。去年，中國新開了 240 家門市，現在他們計劃開設 300 至 350 家門市。因此，系統其餘部分的成長確實強勁，我認為，到今年年底，DPE 關閉的情況將成為過去。

Yeah, and I think what I will say is you've probably heard on the prepared marks, I talked about the international store profitability improving slightly despite the pressures that we're talking about on DPE and paybacks improving. The paybacks are obviously very compelling in China and India that Russell just talked about. But they're very good outside of China and India as well, even when you look at the portfolio outside of DPE and even DPE, I think we're looking at all the actions that are being talked about by the DPE organization to prune the portfolio, the 2 hour plus stores that they're going to close this year.

是的，我想我要說的是，你可能已經聽說過準備好的標記，我談到了儘管我們在談論 DPE 和回報改善的壓力，但國際商店的盈利能力略有改善。拉塞爾剛才談到的中國和印度的回報顯然非常引人注目。但是它們在中國和印度以外的表現也非常好，即使你看看 DPE 甚至 DPE 之外的投資組合，我認為我們正在研究 DPE 組織正在討論的所有行動，以精簡投資組合，他們今年將關閉 2 小時以上的商店。

The commentary from their CEO is to be very focused on profitable, sustainable growth from their portfolio. So, all of this all goes very well for 2026 and beyond because I think we're looking at very healthy growth. And invariably store economics are going to be the leading indicator of what is going to happen with unit growth, and we're definitely on the right path on this.

其執行長的評論主要關注其投資組合的盈利和可持續增長。所以，這一切對於 2026 年及以後來說都會非常順利，因為我認為我們正在看到非常健康的成長。商店經濟狀況無疑將成為單位成長的主要指標，而我們在這方面無疑走在正確的道路上。

Christine Cho, Goldman Sachs.

高盛的 Christine Cho。

So I think you mentioned 1,600 dough stretchers at the end of fourth quarter, which is up meaningfully but, still in roughly a quarter of your stores in the US. So, I'd like to understand what are some of the key inhibitors on a more accelerated rollout and any metrics that you can share on the impact to the overall store operational efficiency.

所以我認為您提到了第四季度末的 1,600 台麵團拉伸機，這個數字是有顯著增長的，但仍只分佈在大約四分之一的美國門市中。因此，我想了解加速推出的一些關鍵阻礙因素是什麼，以及您可以分享的任何對整體商店營運效率的影響的指標。

Yeah, sure. Right now, really just the impact on why we don't have more is we're just trying to ramp up supply. Demand is higher than supply, and that means the thing is working. Metrics, the one that I'd like to point on is usually if we bring somebody new on board, it takes them about 25 shifts in the store to get to kind of call it speed of competency to stretch dough; with a DJ, it's two shifts, and I don't even think it's that long, but that's all that son needs letting me say is two shifts.

是的，當然。目前，我們沒有更多供應的真正原因是我們只是在試圖增加供應。需求高於供應，這意味著事情正在發揮作用。我想要指出的指標是，如果我們招募新人，他們通常在店裡需要在店裡工作大約 25 個班次才能達到我們所說的拉伸麵團的能力速度；和 DJ 一起，就是兩班倒，我什至不認為時間那麼長，但這就是兒子需要的，讓我說就是兩班倒。

So, but I -- what I want to do is take a step back and make sure we, you guys understand that the dough stretcher is just one piece of it. You know what we did, and this was really coming out of COVID, we said we've got to get better at what we're doing. We have to reinvent our circle of operations, both a physical plant but also technology.

所以，但是我 — — 我想做的是退一步並確保我們，你們明白麵團拉伸機只是其中的一部分。你知道我們做了什麼，這確實是從新冠疫情中走出來的，我們說我們必須更好地做好我們正在做的事情。我們必須重塑我們的營運圈，包括實體工廠和技術。

And so you look at what we've done, which is improved Dom.OS. Reinvent our circle of operations. Two straight years of programs concentrating on training our franchisees. We had a summer of service 2 years ago. And then last year we had, most delicious operations, that training.

所以你看看我們所做的，那就是改進的 Dom.OS。重塑我們的營運圈。連續兩年的計劃專注於培訓我們的特許經營商。兩年前我們有一個夏季服務。去年我們進行了最精彩的操作，也就是那項訓練。

Net net, a couple of things. One is our delivery times have improved by a couple of minutes. And secondly, in our Team USA, stores turnover turnover is lower. So if you've got a new circle of operations that makes it better for your team members and you're delivering better to your customers, I think that's a win-win. So I know the question was about DJ, but I just want to take a step back and say DJ is part of an overall approach we've had over the last 3 years to improve operations.

淨淨，有幾件事。一是我們的送貨時間縮短了幾分鐘。其次，在我們的美國隊中，商店營業額較低。因此，如果你有了一個新的營運圈，可以更好地為你的團隊成員服務，並且你可以更好地為你的客戶提供服務，我認為這是一個雙贏的局面。所以我知道問題是關於 DJ 的，但我只想退一步說，DJ 是我們過去 3 年為改善營運所採取的整體方法的一部分。

Chris O'Cull, Stifel.

克里斯·奧卡爾（Chris O'Cull），斯蒂費爾（Stifel）。

Russell, you mentioned the roll out of a new e-commerce platform this year including new app and site. Can you just provide some more information of what those changes will entail both from a consumer facing side and then also kind of a back end for the business side? And then are you are you expecting a meaningful improvement, let's, say in conversion rates following these changes?

拉塞爾，您提到今年推出了一個新的電子商務平台，包括新的應用程式和網站。您能否提供更多有關這些變化將帶來哪些影響的信息，包括從消費者角度，以及從業務後端角度？那麼，您是否期待這些變化會帶來有意義的改善，例如轉換率的改善？

Yeah, Chris, so let me talk to you about how we're doing the rollout. First is that the site's built. We finished building it last year and you talk about conversion. That's kind of what we're doing now. And so, we're slowly showing more and more people the site, letting them order on the site. And then what we do is when there are pieces of conversion that are flat to positive, we'll roll that if things we need to change, we'll go back and fix that. This is obviously it's a huge website and so you know, tenth of a percent of conversion loss is an issue. And so what we see in 2025, is this is going to be a year where we're rolling this out at a fast pace as we can to make sure we're continuing to support the business in the right way. Probably the apps will be a little bit later than the website but all should be out this year.

是的，克里斯，那麼讓我跟你談談我們是如何開展這項計劃的。首先是網站的建置。我們去年就建設完成了，而您卻在談論轉換。這正是我們現在正在做的事情。因此，我們正在慢慢向越來越多的人展示網站，讓他們可以在網站上訂購。然後我們所做的是，當轉換的某些部分從平穩變為正值時，我們會進行滾動，如果需要進行更改，我們會返回並進行修復。這顯然是一個巨大的網站，所以你知道，百分之零點一的轉換損失是一個問題。因此，我們看到 2025 年將會是我們盡可能快速推出這項服務的一年，以確保我們繼續以正確的方式支援業務。應用程式可能會比網站上線晚一點，但今年應該就會推出。

If I were to highlight a couple of things on what consumers will see, it takes most delicious food up a level big time. I mean, we've already fast forwarded some of the new food photography onto the old website, but just the layouts and all that are people buy with their eyes first and so I'm excited about that. A lot of the user flows are just we've taken steps out of the user flow and things are much more intuitive, the app was we brought it up a long time ago, a lot of things have changed a lot of things that were frankly common among other apps we didn't have.

如果我要強調消費者會看到的幾件事，那就是它讓大多數美味的食物上升到了一個全新的水平。我的意思是，我們已經將一些新的美食攝影快速轉發到舊網站上，但僅僅是佈局和所有這些都是人們首先用眼睛購買的，所以我對此感到很興奮。許多用戶流程只是我們從用戶流程中採取的步驟，事情變得更加直觀，該應用程式是我們很久以前就提出的，很多東西已經改變了很多東西，坦白說，這些東西在其他應用程式中很常見，而我們沒有。

Also, our carry out business is much bigger than it was when we developed the the original website. And so, that which was kind of an afterthought in our first website won't be there in this. This will be a great carry on experience. And then on the back end, when you talk about integration into our systems, when you talk about personalization, when you talk about speed, all of that is the reason we're confident about the new website.

此外，我們的外送業務比我們開發原始網站時規模大得多。所以，我們第一個網站事後才想到的東西不會出現在這個網站上。這將會是一次非常棒的持續體驗。然後在後端，當您談到整合到我們的系統中時，當您談到個性化時，當您談到速度時，所有這些都是我們對新網站充滿信心的原因。

Brian Harbour, Morgan Stanley.

摩根士丹利的布萊恩哈伯 (Brian Harbour)。

Sometimes you've talked about kind of carry out versus delivery share was the point gain consistent across both of those in 2024 and I guess just as was sort of implied earlier, right, excluding kind of the Uber contribution, I mean underlying delivery is obviously still kind of the softer spot, is your expectation that doesn't change too much into into this year, or you know is there some some pick up there and and where do you think kind of that business is is going to?

有時您會談到外賣與配送份額，到 2024 年，這兩者之間的點數增長是否一致，我想就像之前暗示的那樣，排除 Uber 的貢獻，我的意思是基礎配送顯然仍然是比較薄弱的環節，您的預期是今年不會發生太大變化，還是您知道那裡會有所回升，您認為這項業務將會走向何方？

The market share gains were both in carry out and delivery and we continue to think we're going to have balanced growth moving forward. You're right about 1P being a little bit where the softness was, there it's people switching to eating at home. And so, 3P for us is new once we once we get into that, obviously, all those consumers in those marketplaces are new, but delivery is a tougher value right now in this value conscious world. And so, the choice though isn't going to another restaurant most of the time, it's eating at home.

市場佔有率的成長來自於外送和配送，我們仍然認為未來我們將實現平衡成長。您說得對，1P 確實有點軟，人們開始在家吃飯了。因此，一旦我們進入 3P 領域，它對我們來說就是新的，顯然，這些市場中的所有消費者都是新的，但在這個注重價值的世界裡，交付現在是一個更難的價值衡量標準。因此，大多數時候的選擇不是去其他餐館，而是在家吃飯。

And Brian, I think you didn't specifically ask this, but I think you brought up something which I think is super important. As we think about '25, we expect balanced growth between delivery and carry out. We expect balanced growth between ticket and transaction as well, and I think that's super important to actually think about as you're putting together your your models, and we will continue to stay very disciplined on pricing. We saw in spite of actually taking the high single digit pricing in California, we really were in the low-single digits in in '24 in pricing. Expect much the same in terms of pricing disciplines in 25, so we continue to build on our advantage on renown value and drive for more market share.

布萊恩，我想你並沒有特別問這個問題，但我認為你提出了一些我認為非常重要的事情。當我們思考25年時，我們預期交付和執行之間將實現平衡成長。我們也希望門票和交易之間能夠實現平衡成長，我認為在整合模型時考慮這一點非常重要，我們將繼續對定價保持嚴格紀律。我們看到，儘管加州的價格實際上處於個位數的高位，但2024年的定價實際上處於個位數的低點。預計 25 年的定價原則將大致相同，因此我們將繼續鞏固我們在知名度方面的優勢並爭取更多的市場份額。

One of the things I should have said as well is looking forward, especially when we're on all the delivery platforms, our delivery business is going to be, that's how we're going to report on delivery business. Our delivery business is going to be 1P and 3P. And if you remember the way we priced and the way we're managing franchisee profitability on some of these new channels, we want to meet consumers where they are, and if this is where they want to be, it's going to be a profitable transaction for customers. So I understand the questions on 1P. I really would though, especially as in the back half of the year, start thinking about our delivery business as one business. That's how we're approaching it.

我還應該說的一件事是展望未來，特別是當我們出現在所有配送平台上時，我們的配送業務將會是這樣的，這就是我們報告配送業務的方式。我們的送貨業務將是1P和3P。如果您還記得我們的定價方式以及我們在某些​​新管道上管理特許經營商盈利能力的方式，我們希望在消費者所在的地方與他們會面，如果這是他們想要的地方，那麼這對客戶來說將是一筆有利可圖的交易。因此我理解1P上的問題。不過，我確實會開始將我們的送貨業務視為一項業務，尤其是在今年下半年。這就是我們處理這個問題的方法。

Lauren Silberman, Deutsche Bank.

德意志銀行的勞倫·西爾伯曼。

So it's been reported that you plan to launch stuff across soon. I think most investors expect it in the next month or so, I guess how are you thinking about balancing the timing of a high volume LTO with potential additional delivery partners? And on that point, it sounds like you may not be willing to be confirming a specific LTO, but can you help us understand whether this is already contemplated in the 3% guide and what you're expecting in the first half being a little softer?

據報道，您計劃很快推出一些產品。我認為大多數投資者都預計它會在下個月左右推出，我想問一下您是如何考慮平衡大批量 LTO 的時間與潛在的額外交付合作夥伴的？在這一點上，聽起來您可能不願意確認特定的 LTO，但您能否幫助我們了解這是否已經在 3% 指南中考慮到了，以及您預計上半年會稍微疲軟一些？

I think, in general, your first question -- your first sentence you talked about LTOs. I'm not saying we'll never do LTOs, but you know we do a lot of work. I talked about innovation with intent in my opening remarks, our desire when we launch something is to get the long-term ROI you need to keep the thing long term. So if you look at what we did last year with New York Style pizza on the pizza end we brought in a crust that we didn't have. And then with Mac and Cheese, we brought news to pasta that we launched in 2009 and by the way, that news helped us keep pasta volume while we took a couple of SKUs out of the clean up that business a little bit.

我認為，總的來說，您的第一個問題——您的第一句話談到了 LTO。我並不是說我們永遠不會做 LTO，但你知道我們做了很多工作。我在開場白中談到了有意圖的創新，我們推出某件產品時的願望是獲得長期維持該產品所需的長期投資回報率。因此，如果你看一下我們去年製作的紐約風格披薩，那麼在披薩的最後，我們引入了我們沒有的披薩餅皮。然後隨著起司通心粉的推出，我們為 2009 年推出的意大利麵帶來了新消息，順便說一句，這個消息幫助我們保持了意大利麵的銷量，同時我們從清理業務中拿出了幾個 SKU。

You're not the first person, believe it or not, who's asked about stuffed crust, and look, I'm not surprised. We're the number one pizza company in the world and it's one of the biggest crust types out there, and we don't have it. We don't have it in the states. We do have it in other markets, so we're not going to comment on future products. But I think maybe the way to answer is is your last question, which is to say hey, look, guys, you're trying to build volume here whether it's with new products or going on more aggregators. What's your capacity to deal with that? And I guess I'd say a couple things.

不管你信不信，你不是第一個被問到餡皮的人，看，我並不感到驚訝。我們是世界第一的披薩公司，它是市面上最大的披薩餅底類型之一，但我們卻沒有它。我們在美國沒有它。我們確實在其他市場有它，所以我們不會對未來的產品發表評論。但我認為回答的方式可能是你的最後一個問題，也就是說，嘿，看，夥計們，你們正在嘗試在這裡建立銷量，無論是透過新產品還是使用更多的聚合器。你有什麼能力處理這個問題？我想我要說幾件事。

One is if you think about the number of orders we were putting through during COVID, we are still not at that level. Number two is if you think about our operations since then, it's at a much better level. I won't go through it again, but we've changed our circle of operations, Dom.OS, all of that stuff, so there's still volume upside in a more efficient Domino's than we've ever had since I've been here.

一是，如果你想想我們在疫情期間處理的訂單數量，我們仍然沒有達到那個水準。第二，如果你回顧我們當時的營運情況，你會發現我們的營運水準已經提高了很多。我不會再重複這些，但我們已經改變了我們的營運圈、Dom.OS 以及所有這些東西，因此，自從我來到這裡，Domino's 的效率仍然比任何時候都高，而且銷量還有上升空間。

And Lauren, I'll just add to what Russell said because you asked specifically what's in the same store sales guide. So a couple of things, I think on aggregators it was pretty clear in the prepared remarks that we're expecting a more meaningful impact in the backup. So yes, that is included in the 3% same store sales guide. And I think apart from that, we have a slate of initiatives that we're not going to talk about for competitive reasons, but they're all in the same store sales guide because we know what those are and that's part of our expectation.

勞倫，我只想補充一下拉塞爾所說的話，因為你具體詢問了同一家商店的銷售指南中的內容。所以有幾件事，我認為關於聚合器，在準備好的評論中已經很清楚地表明，我們期待在備份中產生更有意義的影響。是的，這包含在 3% 同店銷售指南中。我認為除此之外，我們還有一系列舉措，出於競爭原因我們不會談論這些舉措，但它們都包含在同一個商店銷售指南中，因為我們知道它們是什麼，這也是我們期望的一部分。

Including two new products. Obviously, we say we're going to do 2 new products every year and so there will be 2 new products this year, yeah.

包括兩款新產品。顯然，我們說我們每年都會推出 2 款新產品，所以今年會有 2 款新產品，是的。

Jeffrey Bernstein, Barclays.

巴克萊銀行的傑弗裡·伯恩斯坦。

Want to talk about Domino's positioning within that renowned value in the US that you speak about. Clearly, it looks like you're assuming comps re-accelerate to reach the 3% in ‘25 versus the Looks like 40 basis points in the most recent quarter, and there's already lots of focus on value in the pizza and broader QSR segments.

想談談您提到的達美樂在美國知名價值中的定位。顯然，您似乎假設可比價格在 25 年將重新加速達到 3%，而最近一個季度的成長率似乎為 40 個基點，人們已經非常關注披薩和更廣泛的 QSR 領域的價值。

So I'm just wondering when you think about two things. One, the delivery side of your business, I would think is less about value with the surcharges and tips. And at the same, time your QSR competition is aggressively pushing $5 meals. I would think both of those things maybe eat into your value leadership. So just hoping you could talk about the delivery segments resilience and a challenge macro and Your thoughts on the broader non pizza QSRs pushing a whole lot more value than they were doing 12, 24 months ago.

所以我只是想知道您何時考慮過兩件事。首先，我認為你們業務的配送方面與附加費和小費的價值關係不大。與此同時，您的 QSR 競爭對手正在積極推廣 5 美元的餐點。我認為這兩件事都可能侵蝕你的價值領導力。所以只是希望您能談談配送細分市場的彈性和宏觀挑戰，以及您對更廣泛的非比薩 QSR 推動的價值比 12、24 個月前更大的看法。

The way I think about value, it's relative value and so relative to ourselves and carry out, delivery is certainly more expensive. You've got the fees, hopefully, tips for our drivers. But still when you look at delivery to delivery, we're very competitive down to the delivery fee and the price not only to other pizza.

我認為價值是相對價值，因此相對於我們自己而言，交付肯定更昂貴。您已經了解了費用，希望可以給我們的司機一些小費。但是，當您查看送貨時，我們的送貨費和價格不僅與其他披薩相比非常有競爭力。

But really, other items you get delivered. If you think about getting a pizza delivered to your house, two pizzas delivered to your house for $6.99 each, that's 16 slices, you're feeding a lot of people. And so, when we talk about value in delivery, being a little pressured, especially with the lower income customer, it's more it's more value compared to our carryout than it is to other delivery choices.

但實際上，您還會收到其他物品。如果你想讓別人把披薩送到你家，兩個披薩送到你家，每個 6.99 美元，總共有 16 片，你可以餵飽很多人。因此，當我們談論送貨的價值時，我們會感到有點壓力，特別是對於低收入客戶來說，與我們的外賣相比，它比其他送貨選擇更有價值。

Jeffrey Farmer, Gordon Haskett.

傑弗瑞法默、戈登哈斯凱特。

You just touched on a little bit of it, but with some of the restaurant earnings calls over the last two weeks, your peers have clearly suggested that the demand headwinds that had largely been isolated to the lower income cohort for most of 2024 are beginning to sort of expand beyond just lower income. So, how do you see that as you move through 2025 in terms of demand headwinds that might be expanding beyond the lower income cohort?

您剛剛提到了一點，但從過去兩週的一些餐廳財報電話會議來看，您的同行已經明確表示，在 2024 年的大部分時間裡，需求逆風基本上只影響到低收入群體，而現在，這種逆風開始擴展到低收入群體之外。那麼，您如何看待 2025 年需求阻力可能會超出低收入群體的範疇？

Yeah, I think for us a couple of things. I'll talk about Domino's, but then I'll talk about larger restaurants. I mean, we're seeing the gross income cohort be really more of a pressure on 1P within pizza, 1P delivery. But I mean I think if I was just talking about overall QSR business and what seems to be happening is there's a new dynamic. You've always heard me talk about kind of down switching, so in a tougher climate economically you're going to see customers.

是的，我認為有幾件事。我首先會談論 Domino’s，然後再談論較大的餐廳。我的意思是，我們看到總收入群體對 1P 披薩、1P 外賣的壓力確實更大。但我的意思是，如果我只是在談論整體 QSR 業務，那麼似乎正在發生的事情就是出現了新的動態。您總是聽我談論向下轉換，因此在經濟狀況更加嚴峻的情況下，您將會看到客戶。

Maybe go down from more expensive dining options into QSR or pizza. That's continuing to happen and you've always heard me talk about outswitching, right, which is at some point, especially with delivery, when consumer pressures are as such that, maybe they want more affordable options to leave at home.

也許可以從更昂貴的餐飲選擇轉向 QSR 或披薩。這種情況還在繼續發生，你們也經常聽我談論外賣，對吧，在某種程度上，特別是在送貨方面，當消費者面臨如此大的壓力時，他們可能想要有更多價格更實惠的選擇留在家裡。

What we're starting to see now, and maybe a little bit less so in pizza than in other parts of QSR, it's what I'll call upswing, where the price gap between, let's say a burger at QSR versus you know casual dine or fast casual, the price gap, those other areas may be more expensive than QSR. But the gap maybe isn't as big as it used to be, and so a customer may be saying, hey what, I'm willing to pay a little bit more because the occasion's going to be different, or maybe the food's going to be a little bit different. And so there are lots of dynamics that we're following now with customers the down switching, the outswing, the upswing.

我們現在開始看到，披薩的這一現象可能比 QSR 的其他部分要少一些，這就是我所說的上升趨勢，例如 QSR 的漢堡與休閒餐廳或快餐店的漢堡之間的價格差距，其他地區的價格差距可能比 QSR 更貴。但差距可能不像以前那麼大了，所以顧客可能會說，嘿，我願意多付一點錢，因為場合會有所不同，或者食物可能會有所不同。因此，我們現在關注的客戶動態有很多，包括向下轉換、向外轉換和向上轉換。

Clearly though, they're looking for a value, but maybe this is a good way to end the call. I think one of the things that I keep reiterating with the team is this. Thought that value is not value if a customer doesn't value it. What do I mean by that? As folks are driving more value into the marketplace. Just because there is price off a certain item. If customers don't want that item, then it's really not value.

顯然，他們正在尋找價值，但也許這是結束通話的好方法。我想我一直向團隊重申的事情之一就是這個。認為如果客戶不重視它，那麼價值就沒有任何價值。我這樣說是什麼意思？隨著人們向市場注入越來越多的價值。只是因為某件商品有折扣。如果顧客不想要該物品，那麼它就真的沒有價值。

And one of the strengths I think we have at Domino's Pizza is that when you think about our pizza and every single platform we have, all of those you can get as part of our mix and match, and I think that's something that's unique to us. It's something we've had for, 14, 15 years and in the long term, if a customer is having to buy something they don't want to buy. For the right price, it's going to start to affect their frequency at a restaurant. So that's why I think long term I really like what our strategies have brought forth.

我認為達美樂披薩的優勢之一是，當你想到我們的披薩和我們擁有的每個平台時，你都可以將它們作為我們混合搭配的一部分，我認為這是我們的獨特之處。這是我們擁有的東西，14、15 年了，從長遠來看，如果客戶不得不購買他們不想買的東西。如果價格合適，它將開始影響他們去餐廳的頻率。所以我認為從長遠來看我真的很喜歡我們的策略所帶來的結果。

Thank you, Jeff. 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，傑夫。這是我們這次通話中的最後一個問題。我要感謝大家今天參加我們的電話會議，我們期待很快能再次與大家交談。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，感謝大家參加今天的會議。該計劃確實結束了。您現在可以斷開連線。再會。