達美樂 (DPZ) 2021 Q3 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Domino's Pizza Third Quarter 2021 Earnings Conference Call. (Operator Instructions) Please be advised, today's conference may be recorded. (Operator Instructions)

美好的一天，感謝您的支持。歡迎參加 Domino's Pizza 2021 年第三季度收益電話會議。 （操作員說明）請注意，今天的會議可能會被錄製。 （操作員說明）

I'd now like to hand the conference over to your host today, Jenny Fouracre, Director of Public and Investor Relations. Please go ahead.

我現在想把今天的會議交給你的主持人，公共和投資者關係總監 Jenny Fouracre。請繼續。

Thank you so much, and thanks to all of you for joining us for our conversation today regarding the results for the third quarter of 2021. Today's call will feature commentary from Chief Executive Officer, Ritch Allison; and from the office of CFO, Jessica Parrish. (Operator Instructions)

非常感謝大家，也感謝大家今天加入我們就 2021 年第三季度業績進行的對話。今天的電話會議將由首席執行官 Ritch Allison 發表評論；來自首席財務官 Jessica Parrish 的辦公室。 （操作員說明）

I want to remind everyone that the forward-looking statements in this morning's earnings release and 10-Q also apply to our comments on the call today. Both of these documents are available on our website. Actual results or trends could differ materially from our forecast. For more information, please refer to the risk factors discussed in our filings with the SEC.

我想提醒大家，今天上午的收益發布和 10-Q 中的前瞻性陳述也適用於我們今天對電話會議的評論。這兩個文件都可以在我們的網站上找到。實際結果或趨勢可能與我們的預測大相徑庭。有關更多信息，請參閱我們提交給 SEC 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 non-GAAP financial measures that may be referenced on today's call. (Operator Instructions)

此外，請參閱 8-K 收益發布，以查找可能在今天的電話會議中引用的非 GAAP 財務指標的披露和對賬。 （操作員說明）

Today's conference call is being webcast and is also being recorded for replay via our website.

今天的電話會議正在進行網絡直播，並通過我們的網站進行錄製以供重播。

With that, I'd like to turn the call over to our CEO, Ritch Allison.

有了這個，我想把電話轉給我們的首席執行官 Ritch Allison。

Thank you, Jenny, and thanks to all of you for joining us this morning. Overall, I'm happy with our results this quarter, which, once again, demonstrated the powerful growth potential of the Domino's brand around the world. The third quarter presented significant challenges related to COVID and specifically the rise in the Delta variant. Across the U.S. and around the world, our system had to pivot yet again in response to the resulting changes in public health guidance and requirements.

謝謝你，珍妮，也感謝大家今天早上加入我們。總體而言，我對本季度的業績感到滿意，這再次證明了 Domino 品牌在全球的強大增長潛力。第三季度提出了與 COVID 相關的重大挑戰，特別是 Delta 變體的增加。在美國和世界各地，我們的系統不得不再次調整以應對由此產生的公共衛生指導和要求的變化。

As this pandemic extends deep into its second year, I'm proud to say that our franchisees have continued to step up to meet the ongoing challenge in service of their customers, their communities and their team members. Throughout the Domino's system, we remain committed to serving our customers with outstanding food through safe and reliable delivery and carryout experiences.

隨著這種流行病深入到第二年，我很自豪地說，我們的特許經營商繼續加緊應對為客戶、社區和團隊成員提供服務的持續挑戰。在整個 Domino 系統中，我們始終致力於通過安全可靠的交付和外賣體驗為我們的客戶提供優質食品。

Now you've heard me say it many times, global retail sales growth is the engine that drives our business model. During the third quarter, we delivered 8.5% global retail sales growth, excluding foreign currency impact, driven by a combination of store growth and same-store sales. That 8.5% result was lapping a 14.8% from the third quarter of 2020.

現在你已經聽我說過很多次了，全球零售額增長是推動我們商業模式的引擎。在第三季度，我們實現了 8.5% 的全球零售額增長，不包括外幣影響，這是由門店增長和同店銷售額共同推動的。 8.5% 的結果比 2020 年第三季度增長了 14.8%。

The third quarter extended our unmatched streak of international same-store sales growth to 111 consecutive quarters. While a 41-quarter streak of positive same-store sales in the U.S. ended during the quarter, I'm pleased that we still grew our U.S. retail sales during the quarter while rolling over 21.3% retail sales growth in Q3 2020.

第三季度將我們無與倫比的國際同店銷售增長勢頭延續至連續 111 個季度。雖然本季度結束了美國連續 41 個季度的正向同店銷售額，但我很高興我們在本季度仍然增長了美國零售額，同時在 2020 年第三季度實現了 21.3% 的零售額增長。

During the quarter, we also accelerated our pace of global store growth. On a trailing 4-quarter basis, we have opened 1,124 net new stores. That's an increase of 500 relative to where we were in Q4 2020. Over the last 4 quarters, we've averaged just a touch above 3 net new stores every day. So overall, the Domino's brand continues to deliver.

在本季度，我們還加快了全球門店增長的步伐。在過去的 4 個季度中，我們淨開設了 1,124 家新店。與 2020 年第四季度相比，這增加了 500 家。在過去的四個季度中，我們平均每天新增 3 家新店。所以總的來說，多米諾的品牌繼續提供。

I'll turn the call over now to Jessica Parrish, our Controller and Treasurer. She will take you through the details of the quarter, and then I'll come back to share some additional thoughts about the business. Jessica, over to you.

我現在將把電話轉給我們的財務總監和財務主管 Jessica Parrish。她將帶您了解本季度的詳細信息，然後我會回來分享一些有關該業務的其他想法。傑西卡，交給你了。

Thank you, Ritch, and good morning, everyone. We are pleased to share our third quarter results with you today. Overall, Domino's team members and franchisees around the world continued to generate healthy operating results, leading to a diluted EPS of $3.24 for Q3.

謝謝你，里奇，大家早上好。我們很高興今天與您分享我們的第三季度業績。總體而言，多米諾在全球的團隊成員和加盟商繼續產生健康的經營業績，導致第三季度攤薄後每股收益為 3.24 美元。

In Q3, we sustained our positive momentum in both our U.S. and international businesses, resulting in year-over-year global retail sales growth. Global retail sales, excluding the positive impact of foreign currency, grew 8.5% in Q3 as compared to Q3 2020.

在第三季度，我們在美國和國際業務中保持了積極勢頭，導致全球零售額同比增長。與 2020 年第三季度相比，第三季度全球零售額（不包括外彙的積極影響）增長 8.5%。

Breaking down total global retail sales growth, U.S. retail sales grew 1.1%, rolling over a prior year increase of 21.3%. International retail sales, excluding the positive impact of foreign currency, grew 16.5%, rolling over a prior year increase of 8.5%.

細分全球零售總額增長情況，美國零售額增長 1.1%，高於上年 21.3% 的增長。剔除外彙的正面影響，國際零售額增長 16.5%，較上年增長 8.5% 有所回升。

Turning to comps. During Q3, we continued our streak of 111 consecutive quarters of positive international comps. Same-store sales for our international business grew 8.8%, rolling over a prior year increase of 6.2%. The U.S. comp was negative in Q3, following 41 straight quarters of positive same-store sales growth. Same-store sales in the U.S. declined 1.9% in the quarter, rolling over a 17.5% increase in same-store sales in Q3 of 2020, the highest quarterly U.S. comp we have ever achieved since becoming a publicly traded company in 2004.

轉向comps。在第三季度，我們繼續連續 111 個季度取得積極的國際業績。我們國際業務的同店銷售額增長 8.8%，比上年增長 6.2% 有所回升。在連續 41 個季度實現同店銷售額正增長之後，美國第三季度的業績為負數。本季度美國同店銷售額下降 1.9%，超過 2020 年第三季度同店銷售額增長 17.5%，這是我們自 2004 年成為上市公司以來在美國取得的最高季度業績。

Breaking down the U.S. comp, our franchise business was down 1.5% in the quarter, while our company-owned stores were down 8.9%. We continue to observe a larger spread between the top line performance of our franchised stores and our company-owned stores than we've historically observed which we believe is a function of the heavily urban and higher-income footprint of our company-owned store markets relative to a more diverse mix across our franchise base. More aggressive fortressing in our company-owned store markets also contributed to the same-store sales gap between our corporate store and franchised store businesses.

細分美國公司，我們的特許經營業務在本季度下降了 1.5%，而我們公司擁有的商店下降了 8.9%。我們繼續觀察到我們的特許經營店和我們公司自有商店的收入表現之間的差距比我們以往觀察到的要大，我們認為這是我們公司自有商店市場的城市化和高收入足蹟的函數相對於我們的特許經營基地更多樣化的組合。在我們公司自有商店市場上更積極的堡壘也導致我們的公司商店和特許經營店業務之間的同店銷售差距。

The decline in U.S. same-store sales this quarter was driven by lower order counts. Our U.S. order counts during Q3 were pressured by a very challenging staffing environment, which had certain operational impacts, such as shortened store hours or customer service challenges in many of our stores. Additionally, since the onset of the pandemic, our comps had also benefited from significant economic stimulus activity in the U.S., the effects of which largely tapered off in the third quarter, which we believe pressured our order counts as compared to Q3 2020.

本季度美國同店銷售額下降的原因是訂單數量減少。我們在第三季度的美國訂單數量受到非常具有挑戰性的員工環境的壓力，這對運營產生了一定的影響，例如我們許多商店的營業時間縮短或客戶服務面臨挑戰。此外，自大流行開始以來，我們的公司還受益於美國的重大經濟刺激活動，其影響在第三季度基本減弱，我們認為與 2020 年第三季度相比，這給我們的訂單數量帶來了壓力。

Ticket growth partially offset the decline in order counts as we continued to see consumers order more items per transaction during Q3. The ticket comp also benefited from increases to our transparent delivery fee as well as the mix of products we sell.

門票增長部分抵消了訂單數量的下降，因為我們繼續看到消費者在第三季度每筆交易訂購更多商品。機票補償還受益於我們透明送貨費的增加以及我們銷售的產品組合。

The international comp was primarily driven by order growth due to the return of nondelivery service methods across a number of international markets as well as the resumption of normal store hours and the reopening of stores that were temporarily closed in certain of our international markets in Q3 2020 due to the COVID-19 pandemic.

由於多個國際市場恢復了非送貨服務方式以及恢復正常營業時間以及我們在 2020 年第三季度在我們的某些國際市場暫時關閉的商店重新開業，導致訂單增長。由於 COVID-19 大流行。

Shifting to unit count. We and our franchisees added 45 net stores in the U.S. during the third quarter, consisting of 46 store openings and only 1 closure. Our international business added 278 net stores comprised of 287 store openings and 9 closures.

轉移到單位計數。我們和我們的加盟商在第三季度在美國增加了 45 家網店，其中包括 46 家開店和 1 家關店。我們的國際業務增加了 278 家網店，其中包括 287 家開店和 9 家關店。

Turning to revenues and operating margins. Total revenues for the third quarter were up approximately $30.3 million or 3.1% over the prior year quarter. The increase was driven by higher retail sales which generated higher international royalty, supply chain and U.S. franchise revenues. Changes in foreign currency exchange rates positively impacted our international royalty revenues by $1.3 million in Q3.

轉向收入和營業利潤率。第三季度的總收入比去年同期增長了約 3030 萬美元或 3.1%。這一增長是由更高的零售額推動的，這產生了更高的國際特許權使用費、供應鍊和美國特許經營收入。第三季度，外匯匯率的變化對我們的國際特許權使用費收入產生了 130 萬美元的積極影響。

Our consolidated operating margin as a percentage of revenues increased to 38.6% in Q3 2021 from 37.4% in the prior year due primarily to higher revenues from our global franchise businesses. Company-owned store margin as a percentage of revenues was flat year-over-year at 19.8%. As a percentage of revenues, food and occupancy costs were higher year-over-year, offset by lower labor costs. Recall that we incurred additional bonus pay in the third quarter of last year for frontline team members. And although we did make investments in frontline team member wage rates during Q3, we continue to experience staffing shortages in certain of our company-owned stores.

我們的綜合營業利潤率佔收入的百分比從去年的 37.4% 增加到 2021 年第三季度的 38.6%，這主要是由於我們全球特許經營業務的收入增加。公司自有門店利潤率佔收入的百分比與去年同期持平，為 19.8%。作為收入的百分比，食品和入住成本同比較高，但被較低的勞動力成本所抵消。回想一下，我們在去年第三季度為一線團隊成員支付了額外的獎金。儘管我們在第三季度確實對一線團隊成員的工資率進行了投資，但我們在某些公司擁有的商店中繼續遇到人員短缺的情況。

Supply chain operating margin as a percentage of revenues increased to 10.7% from 10.2% in the prior year quarter. While the market basket increased 2.1% year-over-year, higher product and supplies expenses related to certain COVID-related safety and sanitizing equipment negatively affected the supply chain operating margin in Q3 2020 which did not recur in the current quarter. This year-over-year decrease in product cost was partially offset by higher labor cost.

供應鏈營業利潤率佔收入的百分比從去年同期的 10.2% 增加到 10.7%。儘管市場籃子同比增長 2.1%，但與某些與 COVID 相關的安全和消毒設備相關的更高產品和供應費用對 2020 年第三季度的供應鏈運營利潤率產生了負面影響，而這在本季度並未出現。產品成本的同比下降部分被較高的勞動力成本所抵消。

G&A expenses increased approximately $4.7 million in Q3 as compared to Q3 2020, resulting from higher travel and labor cost, including higher noncash compensation expense, partially offset by lower professional fees.

與 2020 年第三季度相比，第三季度的 G&A 費用增加了約 470 萬美元，原因是差旅和勞動力成本增加，包括非現金補償費用增加，部分被較低的專業費用所抵消。

Net interest expense increased approximately $7.1 million in the quarter driven by a higher average debt balance due to our recent recapitalization transaction completed in Q2.

由於我們最近在第二季度完成的資本重組交易導致平均債務餘額增加，本季度淨利息支出增加了約 710 萬美元。

Our weighted average borrowing rate for Q3 decreased to 3.8% from 3.9% in Q3 2020 due to lower interest rates on our outstanding debt as a result of this recapitalization transaction.

由於此次資本重組交易導致我們的未償債務利率降低，我們第三季度的加權平均借款利率從 2020 年第三季度的 3.9% 降至 3.8%。

Our effective tax rate was 10.7% for the quarter as compared to 19.9% in Q3 2020. The effective tax rate in Q3 2021 included a 10.4 percentage point positive impact from tax benefits on equity-based compensation. This compares to a 2.8 percentage point positive impact in Q3 2020. This increase was due to more stock option exercises in Q3 of this year. We expect to see continued volatility in our effective tax rate related to these tax benefits from equity-based compensation.

我們本季度的有效稅率為 10.7%，而 2020 年第三季度為 19.9%。2021 年第三季度的有效稅率包括稅收優惠對股權薪酬的 10.4 個百分點的積極影響。相比之下，2020 年第三季度的積極影響為 2.8 個百分點。這一增長是由於今年第三季度更多的股票期權行使。我們預計與股權薪酬帶來的這些稅收優惠相關的有效稅率將持續波動。

Combining all of these elements, our third quarter net income was up $21.3 million or 21.5% versus Q3 2020.

結合所有這些因素，我們第三季度的淨收入與 2020 年第三季度相比增長了 2130 萬美元或 21.5%。

Our diluted EPS in Q3 was $3.24 versus $2.49 in the prior year quarter. Breaking down that $0.75 increase in our diluted EPS, most notably, our improved operating results benefited us by $0.36; our lower effective tax rate, primarily due to higher tax benefits on equity-based compensation, positively impacted us by $0.34; a lower diluted share count driven by share repurchases over the trailing 12 months benefited us by $0.19; and higher net interest expense negatively impacted us by $0.14.

我們在第三季度的攤薄後每股收益為 3.24 美元，而去年同期為 2.49 美元。分解我們攤薄後每股收益增加 0.75 美元，最值得注意的是，我們改善的經營業績使我們受益 0.36 美元；我們較低的有效稅率，主要是由於基於股權的薪酬更高的稅收優惠，對我們產生了 0.34 美元的積極影響；在過去的 12 個月中，由於股票回購導致稀釋後的股票數量減少，使我們受益 0.19 美元；更高的淨利息費用對我們產生了 0.14 美元的負面影響。

Shifting to cash. Our strong financial model continues to generate significant cash flows. During Q3, we generated net cash provided by operating activities of approximately $189 million. After deducting for CapEx, we generated free cash flow of approximately $172 million. Regarding our capital expenditures, we spent approximately $17 million on CapEx in Q3, primarily on our technology initiatives, including our next-generation point-of-sale system and our new supply chain center. Our strong free cash flow generation allowed us to continue our long-term commitment to returning cash to shareholders.

轉向現金。我們強大的財務模型繼續產生大量現金流。在第三季度，我們產生了約 1.89 億美元的經營活動提供的淨現金。扣除資本支出後，我們產生了約 1.72 億美元的自由現金流。關於我們的資本支出，我們在第三季度在資本支出上花費了大約 1700 萬美元，主要用於我們的技術計劃，包括我們的下一代銷售點系統和我們的新供應鏈中心。我們強大的自由現金流產生使我們能夠繼續我們向股東返還現金的長期承諾。

As we discussed on the Q2 earnings call, we completed our $1 billion accelerated share repurchase transaction during Q3. Subsequent to the settlement of the ASR, during Q3, we repurchased and retired approximately 153,000 shares for $80 million or an average price of $521 per share. As of the end of Q3, we had approximately $920 million remaining under our current Board authorization for share repurchases. We have continued to repurchase and retire shares subsequent to the end of the quarter. And through October 12, we had repurchased and retired an additional 205,000 shares for approximately $100 million or an average price of $488 per share. We also returned $35 million to our shareholders during Q3 in the form of a $0.94 per share quarterly dividend.

正如我們在第二季度財報電話會議上所討論的，我們在第三季度完成了 10 億美元的加速股票回購交易。在 ASR 結算之後，在第三季度，我們以 8000 萬美元或平均每股 521 美元的價格回購併退還了大約 153,000 股股票。截至第三季度末，根據我們目前的董事會授權，我們剩餘大約 9.2 億美元用於股票回購。在本季度末之後，我們繼續回購和退市股票。到 10 月 12 日為止，我們以約 1 億美元或平均每股 488 美元的價格回購併退出了額外的 205,000 股股票。我們還在第三季度以每股 0.94 美元的季度股息形式向股東返還了 3500 萬美元。

Shifting gears, as we look toward our fourth quarter, we wanted to provide an update on our annual guidance measures for full year 2021 provided earlier this year. We previously provided guidance that our store food basket pricing in our U.S. system would increase approximately 2.5% to 3.5% over 2020 levels. We previously provided guidance that foreign currency could have a $4 million to $8 million positive impact on royalty revenues as compared to 2020. We previously provided guidance of $415 million to $425 million for G&A expense. Based on our current outlook, we expect each of these 3 measures to come in at the high end of these current estimates. We continue to expect that our full year CapEx investments will be approximately $100 million.

換檔，當我們展望第四季度時，我們希望提供有關今年早些時候提供的 2021 年全年年度指導措施的最新信息。我們之前提供的指導是，我們在美國系統中的商店食品籃定價將比 2020 年的水平提高約 2.5% 至 3.5%。我們之前提供的指導是，與 2020 年相比，外幣可能對特許權使用費收入產生 400 萬至 800 萬美元的積極影響。我們之前為 G&A 費用提供了 4.15 億至 4.25 億美元的指導。根據我們目前的展望，我們預計這三項指標中的每一項都將位於當前估計的高端。我們繼續預計我們全年的資本支出投資將約為 1 億美元。

Keep in mind that these metrics can change based on economic and other factors outside of our control. Our G&A expense is also affected by our own performance versus our plan, which affects variable performance-based compensation expense. These estimates also reflect our normal 16-week Q4 which will be rolling over the 17-week Q4 we had in 2020 due to the inclusion of a 53rd week in our fiscal year. Recall that the 53rd week last year contributed an incremental $0.39 to our EPS in Q4 2020 due to the additional week of revenues and the costs attributable to the 53rd week. This amount was adjusted as an item affecting comparability in our Q4 2020 earnings release.

請記住，這些指標可能會根據我們無法控制的經濟和其他因素而發生變化。我們的 G&A 費用也受到我們自己的績效與我們的計劃的影響，這會影響基於績效的可變薪酬費用。這些估計還反映了我們正常的 16 週第四季度，由於我們的財政年度中包含了第 53 週，這將比我們在 2020 年的第 17 週第四季度滾動。回想一下，由於額外一周的收入和歸因於第 53 週的成本，去年第 53 週為我們在 2020 年第四季度的每股收益貢獻了 0.39 美元的增量。在我們的 2020 年第四季度收益發布中，該金額已作為影響可比性的項目進行了調整。

In closing, our business continued its solid performance during the third quarter, and we are proud of the results our franchisees and team members around the world delivered.

最後，我們的業務在第三季度繼續保持穩健的表現，我們為我們在世界各地的加盟商和團隊成員所取得的成果感到自豪。

Thank you all for joining the call today, and now I will turn it back over to Rich.

感謝大家今天加入電話會議，現在我將把它轉回給 Rich。

Thanks, Jessica. I'll begin my comments with a look at our U.S. business. Retail sales grew 1.1% in the third quarter, lapping a 21.3% increase from Q3 2020. Our 1.9% same-store sales decline during the quarter was offset by the positive impact of 232 net new stores that we have opened over the trailing 4 quarters. Domino's trailing 4-quarter U.S. retail sales, excluding the impact of the 53rd week of 2020, were up 9.5%, a truly impressive achievement by our franchisees and operators which shows the tremendous amount of growth in the brand across the U.S.

謝謝，傑西卡。我將從看看我們的美國業務開始我的評論。第三季度零售額增長 1.1%，比 2020 年第三季度增長 21.3%。本季度我們 1.9% 的同店銷售額下降被我們在過去四個季度新開的 232 家淨新店的積極影響所抵消.不計 2020 年第 53 週的影響，Domino 過去 4 個季度的美國零售額增長了 9.5%，這是我們的特許經營商和運營商真正令人印象深刻的成就，表明該品牌在美國的巨大增長。

Now let's take a few minutes to further break down the U.S. retail sales growth into its 2 components: store growth and same-store sales. Our 45 net new stores in Q3 was a sequential improvement over Q2 but still came in softer than we would like to see. While cash-on-cash returns remained very strong and we continue to see a robust pipeline of future openings, we and our franchisees had a number of store openings delayed due to a variety of factors. We and our franchisees saw delays in construction, equipment, utility hook-ups and inspections. In addition, franchisee staffing challenges also resulted in some delays. We remain very bullish on the unit growth potential in the U.S. but believe that we may continue to see some of these challenges in the months ahead.

現在讓我們花幾分鐘時間將美國零售銷售增長進一步分解為兩個組成部分：門店增長和同店銷售。我們在第三季度的 45 家淨新店比第二季度有所改善，但仍然比我們希望看到的要疲軟。雖然現金回報仍然非常強勁，而且我們繼續看到未來開業的強勁渠道，但由於各種因素，我們和我們的特許經營商有許多門店開業延遲。我們和我們的特許經營商在施工、設備、公用事業連接和檢查方面遇到了延誤。此外，加盟商人員配備方面的挑戰也導致了一些延誤。我們仍然非常看好美國的單位增長潛力，但相信我們可能會在未來幾個月繼續看到其中的一些挑戰。

Now let's turn to same-store sales. As we continue to experience COVID overlaps, we believe it's instructive to look at the cumulative stack of comparable U.S. same-store sales anchored back to 2019 as a pre-COVID baseline, and we'll continue to do so for as long as we believe it is useful in understanding our business performance. At 15.6% for Q3, we saw a sequential decline of the 2-year stack when compared to the second quarter, bringing us back more in line with the 2-year stack we saw in Q1 of this year.

現在讓我們轉向同店銷售。隨著我們繼續經歷 COVID 重疊，我們認為將 2019 年可比美國同店銷售額的累積堆棧視為 COVID 之前的基準是有啟發性的，只要我們相信，我們就會繼續這樣做它有助於了解我們的業務績效。第三季度為 15.6%，與第二季度相比，我們看到 2 年堆棧連續下降，使我們更符合我們在今年第一季度看到的 2 年堆棧。

So what changed from Q2 to Q3? Jessica highlighted several key drivers that I'll expand on here. First, we believe that government stimulus had an impact on our sales in Q2 that waned in the third quarter as we moved further away from the spring onetime payments and as other enhanced benefits tapered off. Second, we saw more pronounced staffing challenges across the country, resulting in reduced operating hours and service challenges in a number of stores across the network. We believe these challenges posed a more significant headwind on orders and sales during the third quarter than they did during the first half of this year.

那麼從 Q2 到 Q3 發生了什麼變化？傑西卡強調了幾個關鍵驅動因素，我將在此處進行擴展。首先，我們認為政府刺激措施對我們第二季度的銷售額產生了影響，隨著我們進一步遠離春季一次性付款以及其他增強的福利逐漸減少，第三季度的銷售額有所下降。其次，我們在全國范圍內看到更加明顯的人員配備挑戰，導致整個網絡中的許多商店的營業時間減少和服務挑戰。我們認為，與今年上半年相比，這些挑戰對第三季度的訂單和銷售構成更大的阻力。

We and our franchisees are taking a number of actions to address the staffing issues. A new applicant tracking system rolled out a few weeks ago that will make it easier for candidates to apply for openings and to be onboarded at both corporate and franchise locations across our U.S. system. We are also sharing operational best practices to eliminate unnecessary time-consuming tasks in the operation of stores, like pre-folding boxes, for example, that can drive both team member and customer satisfaction. In our corporate stores, we have recently implemented meaningful increases in team member compensation and are also piloting new approaches to team member onboarding, training and development. While I'm optimistic about the efforts that we and our franchisees have underway, we believe that staffing may remain a significant challenge in the near term as the labor market continues to evolve.

我們和我們的加盟商正在採取一些行動來解決人員配備問題。幾週前推出了一個新的申請人跟踪系統，這將使候選人更容易申請空缺職位並在我們美國系統的公司和特許經營地點入職。我們還分享了運營最佳實踐，以消除商店運營中不必要的耗時任務，例如預折疊盒子，這可以提高團隊成員和客戶的滿意度。在我們的企業商店中，我們最近大幅提高了團隊成員的薪酬，並且還在試行團隊成員入職、培訓和發展的新方法。雖然我對我們和我們的加盟商正在進行的努力持樂觀態度，但我們認為，隨著勞動力市場的不斷發展，人員配備在短期內可能仍然是一項重大挑戰。

Now I'll share a few thoughts specifically about the carryout and delivery businesses. We saw positive carryout same-store sales growth during Q3 as we continue to build awareness of Domino's Carside Delivery. We were on air for several months with a fun campaign highlighting our Carside Delivery 2-minute guarantee. This campaign hits on 2 key elements of the Domino's brand: service and value. I'm very pleased with our Carside Delivery performance as our franchisees and operators have enthusiastically embraced this new service method. Our research shows it's also bringing in new customers. We have consistently averaged below 2 minutes out the door and on our way to the customers' cars. In fact, we have many stores across the country that are consistently below 1 minute. It's a great technology-enabled way to serve our customers and will remain an important part of our long-term strategy to serve our existing carryout customers and to attract new QSR drive-through-oriented customers going forward.

現在我將分享一些關於結轉和交付業務的想法。隨著我們繼續提高對 Domino 的 Carside Delivery 的認識，我們在第三季度看到了積極的結轉同店銷售增長。我們播出了幾個月，開展了一場有趣的活動，突出了我們的 Carside Delivery 2 分鐘保證。此次活動針對 Domino 品牌的兩個關鍵要素：服務和價值。我對我們的 Carside Delivery 表現非常滿意，因為我們的加盟商和運營商都熱情地接受了這種新的服務方式。我們的研究表明，它還帶來了新客戶。我們一直平均低於 2 分鐘走出門和前往客戶汽車的路上。事實上，我們在全國有許多商店的時間始終低於 1 分鐘。這是為我們的客戶服務的一種很好的技術支持方式，並將繼續成為我們長期戰略的重要組成部分，為我們現有的隨身攜帶客戶提供服務，並在未來吸引新的 QSR 直通式客戶。

I'm also excited to talk about our latest menu innovations. Just this past Monday, we went on air to launch 3 great new products to support our signature $7.99 carryout offer. We call them Dips & Twists, and they hit the mark for great taste and consumer appeal with terrific economics for our franchisees. I'm excited about the impact these can have on sales and on store-level profitability. I really hope you'll get out and try them. We have 1 sweet and 2 savory dip options in this new product line: baked apple, five cheese, and my personal favorite, cheesy marinara.

我也很高興談論我們最新的菜單創新。就在上週一，我們播出了 3 款出色的新產品，以支持我們標誌性的 7.99 美元結轉優惠。我們稱它們為 Dips & Twists，它們為我們的加盟商帶來了極好的經濟性，並以極好的品味和消費者吸引力達到了目標。我對這些可能對銷售和商店級盈利能力產生的影響感到興奮。我真的希望你能出去嘗試一下。在這個新產品系列中，我們有 1 種甜味和 2 種鹹味蘸料可供選擇：烤蘋果、五種奶酪和我個人最喜歡的奶酪馬力拉。

Turning to our delivery business, Q3 saw same-store sales decline relative to 2020, but delivery sales remained significantly above 2019 levels. During the quarter, we believe that the stimulus wind-down and the staffing challenges that I referenced earlier had a disproportionate impact on our delivery business.

談到我們的配送業務，第三季度的同店銷售額相對於 2020 年有所下降，但配送銷售額仍顯著高於 2019 年的水平。在本季度，我們認為我之前提到的刺激措施逐漸減少和人員配備挑戰對我們的交付業務產生了不成比例的影響。

Just a few weeks ago, we launched a new ad campaign to support the delivery business. It plays on a key tension that consumers have with third-party delivery apps: the surprise fees that are often charged for service, for small orders or simply because you live in a certain ZIP code. Consumers also tell us that they hate the fact that these charges are often confusing, hidden or buried in the receipt. Domino's and our franchisees never charge surprise fees. We charge one transparent delivery fee. So we decided to give our customers surprise: frees instead of surprise fees. Doing this campaign, 1 out of every 14 digital delivery orders receives a free item. That item could be a pizza, stuffed cheesy bread, lava cakes,or any one of a number of other great items. Over the course of the campaign, Domino's and our franchisees will give away $50 million worth of surprise frees to delivery customers. Now this campaign supports 2 of our key brand attributes: value and transparency.

就在幾週前，我們推出了一項新的廣告活動來支持配送業務。它發揮了消費者對第三方交付應用程序的一個關鍵壓力：通常為服務、小訂單或僅僅因為你住在某個郵政編碼區而收取的意外費用。消費者還告訴我們，他們討厭這些費用經常混淆、隱藏或隱藏在收據中。達美樂和我們的加盟商從不收取意外費用。我們收取一筆透明的運費。所以我們決定給我們的客戶一個驚喜：免費而不是驚喜費用。進行此活動時，每 14 個數字交付訂單中就有 1 個收到免費物品。該物品可以是比薩餅、奶酪餡麵包、熔岩蛋糕或許多其他很棒的物品中的任何一種。在活動期間，達美樂和我們的特許經營商將向送貨客戶贈送價值 5000 萬美元的驚喜贈品。現在，此活動支持我們的兩個關鍵品牌屬性：價值和透明度。

I'll also share a few important milestones that occurred in the U.S. during the quarter. First, we broke ground just a few weeks ago on a new supply chain center in Indiana, which we expect to complete and open by the end of 2022. And second, we are now running a pilot version of our new PULSE point-of-sale system in a live store environment, and we will continue to invest in that multiyear project going forward.

我還將分享本季度在美國發生的一些重要里程碑。首先，幾週前我們在印第安納州的一個新供應鏈中心破土動工，我們預計該中心將在 2022 年底之前完成並開放。其次，我們現在正在運行我們新 PULSE 點的試點版本——現場商店環境中的銷售系統，我們將繼續投資於該多年項目。

So as we look forward in the U.S. business, I remain optimistic about our ability to continue driving long-term growth. We'll manage through the staffing and other challenges in the short term. Frankly, that's what Domino's franchisees and operators do and have always done. And we'll continue to lead the brand with a clear focus on long-term profitable growth for our franchisees and DPZ. I'll end the U.S. discussion with a big thank you to our U.S. franchisees, our corporate store operators and our supply chain team members for their ongoing efforts to serve their customers, their team members and their communities.

因此，當我們展望美國業務時，我仍然對我們繼續推動長期增長的能力持樂觀態度。我們將在短期內應對人員配備和其他挑戰。坦率地說，這就是多米諾的特許經營商和運營商所做的並且一直在做的事情。我們將繼續引領品牌，明確關注我們的特許經營商和 DPZ 的長期盈利增長。我將非常感謝我們的美國特許經營商、我們的企業商店運營商和我們的供應鏈團隊成員為他們的客戶、他們的團隊成員和他們的社區提供服務的持續努力，從而結束美國的討論。

Now moving on to international. It was another outstanding quarter of performance for our international business. Our 16.5% international retail sales growth, excluding foreign currency impact, was supported by a very strong 8.8% comp. When you look at it on a trailing 4-quarter basis, excluding the impact of foreign currency and the 53rd week of 2020, Domino's international retail sales grew by 16.2%. As I discussed earlier with our U.S. business, we are also watching the 2-year comp stacks for international anchoring back to pre-COVID 2019. Q3 represented a 15% 2-year stack, which was very consistent with the second quarter.

現在轉向國際。這是我們國際業務又一個出色的季度表現。剔除外匯影響，我們 16.5% 的國際零售額增長受到 8.8% 的強勁增長的支持。從過去的 4 個季度來看，不包括外彙和 2020 年第 53 週的影響，多米諾的國際零售額增長了 16.2%。正如我之前與我們的美國業務所討論的那樣，我們也在關注國際錨定到 2019 年之前的 2 年補償堆棧。第三季度代表 15% 的 2 年堆棧，這與第二季度非常一致。

International store growth was a highlight during the quarter. Our international master franchisees opened 278 net new stores during the quarter, which increased the trailing 4-quarter pace to 892 stores for the international business. This acceleration in international store growth, combined with our U.S. store growth, has driven the global pace of store growth back into our 2- to 3-year outlook range of 6% to 8% global net unit growth.

國際商店的增長是本季度的一大亮點。我們的國際主要特許經營商在本季度淨開設 278 家新店，這將國際業務的後續 4 個季度的速度提高到 892 家。國際門店增長的加速，加上我們的美國門店增長，推動全球門店增長速度回到我們 2 至 3 年全球淨單位增長 6% 至 8% 的展望範圍。

I was also very pleased to see that we had only 9 closures in international and only 10 closures on a global basis during the quarter. This low level of store closures is driven by 2 factors: first, our outstanding unit-level economics; and second, and very importantly, the strong commitment of our franchisees across the globe.

我也很高興地看到，本季度我們在國際上僅關閉了 9 家，而在全球範圍內僅關閉了 10 家。這種低水平的商店關閉是由兩個因素驅動的：首先，我們出色的單位級經濟性；其次，也是非常重要的，我們在全球範圍內的加盟商的堅定承諾。

During the quarter, COVID continued to have a significant impact on many of our international markets, and we expect COVID to remain a challenge in many parts of the world for some time to come. At the end of the quarter, we estimate Domino's had fewer than 175 temporary store closures with many of those located in India and New Zealand. I'll highlight a few of the international markets that contributed significantly to our growth during the quarter.

在本季度，COVID 繼續對我們的許多國際市場產生重大影響，我們預計 COVID 在未來一段時間內仍將是世界許多地區的挑戰。在本季度末，我們估計達美樂臨時關閉的商店不到 175 家，其中許多位於印度和新西蘭。我將重點介紹一些對本季度增長做出重大貢獻的國際市場。

We successfully converted 52 stores in Poland as Dominium Pizza rebranded to become part of the Domino's family. This provides important scale for us in Poland, fast-forwarding us to 119 total stores in the market at the end of the third quarter. We now have 24 international markets with 100 or more Domino's stores.

我們成功改造了波蘭的 52 家門店，將 Dominium Pizza 更名，成為 Domino 家族的一員。這為我們在波蘭提供了重要的規模，使我們在第三季度末在市場上擁有 119 家門店。我們現在有 24 個國際市場，擁有 100 家或更多的多米諾商店。

We opened our 93rd international market during the quarter, officially welcoming Lithuania to the Domino's family. We're off to a great start there with the first store opening, and we have a second one coming very soon.

我們在本季度開設了第 93 個國際市場，正式歡迎立陶宛加入多米諾大家庭。我們的第一家店開張是一個很好的開端，我們很快就會有第二家店。

India resumed an impressive pace of store growth by becoming the first Domino's market outside the U.S. to reach 1,400 stores. I could not be more proud of Jubilant, our master franchise partner, and the efforts they have made to fight through COVID, taking care of their people while still growing their business.

印度恢復了令人印象深刻的商店增長速度，成為美國以外第一個達到 1,400 家商店的多米諾市場。我為我們的主要特許經營合作夥伴 Jubilant 以及他們為戰勝 COVID、在照顧員工的同時仍在發展業務所做的努力感到無比自豪。

Japan had another outstanding quarter, passing the 800-store milestone and continuing its impressive streak of growth. The transformation of the market by a master franchisee, Domino's Pizza Enterprises, has been remarkable.

日本又迎來了一個出色的季度，突破了 800 家門店的里程碑，並繼續保持了令人印象深刻的增長勢頭。主要特許經營商 Domino's Pizza Enterprises 對市場的轉變是顯著的。

China delivered double-digit same-store sales growth while continuing its strong pace of store growth. With each passing quarter, we become even more confident about the long-term growth potential for the Domino's brand in China.

中國實現了兩位數的同店銷售額增長，同時繼續保持強勁的門店增長步伐。每過一個季度，我們就對達美樂品牌在中國的長期增長潛力更有信心。

In addition to those markets, the U.K., Mexico, The Netherlands, Turkey and Colombia were additional large market highlights and a strong quarter of performance across our international business. And along with those markets, we also saw robust regional growth across the Middle East and Northern Africa during the quarter.

除了這些市場外，英國、墨西哥、荷蘭、土耳其和哥倫比亞是我們國際業務的另一個重要市場亮點和強勁的季度表現。除了這些市場，我們還看到本季度中東和北非的區域增長強勁。

I've long been convinced that we have the best international franchise partners in the restaurant business, and they certainly proved me right during the third quarter. As we look forward, we have so much opportunity ahead of us to continue driving long-term growth for Domino's outside the U.S.

長期以來，我一直堅信我們在餐飲業擁有最好的國際特許經營合作夥伴，他們在第三季度確實證明了我的正確性。展望未來，我們有很多機會繼續推動多米諾在美國以外的長期增長。

So in closing, I'm pleased with our third quarter results. Our outstanding franchisees and operators continued to battle through a challenging set of circumstances while delivering strong growth for the Domino's brand around the world. These passionate Dominoids, combined with our outstanding unit-level economics, position us incredibly well for the future.

最後，我對我們第三季度的業績感到滿意。我們傑出的加盟商和運營商繼續在充滿挑戰的環境中奮戰，同時為 Domino 的品牌在全球範圍內實現強勁增長。這些充滿激情的 Dominoid 加上我們出色的單位級經濟學，為我們的未來奠定了難以置信的優勢。

There is no doubt that we will continue to experience challenges with COVID, with staffing and other factors. We also expect inflationary headwinds to continue impacting Domino's and the broader restaurant industry over the coming quarters, but we will face all of these challenges and headwinds from a position of strength and with the unwavering commitment of our franchisees and team members who proudly wear the Domino's logo. My team and I are proud to serve them each and every day.

毫無疑問，我們將繼續面臨 COVID、人員配備和其他因素的挑戰。我們還預計通脹逆風將在未來幾個季度繼續影響多米諾骨牌和更廣泛的餐飲業，但我們將從實力的地位以及自豪地穿著多米諾骨牌的特許經營商和團隊成員的堅定承諾面對所有這些挑戰和逆風標識。我和我的團隊為每天為他們服務而感到自豪。

So thank you again for joining us today, and we'll now be happy to take your questions.

再次感謝您今天加入我們，我們現在很樂意回答您的問題。

(Operator Instructions) Our first question comes from Brian Bittner with Oppenheimer.

（操作員說明）我們的第一個問題來自奧本海默的 Brian Bittner。

Rich, the labor staffing issues was obviously highlighted as an incremental challenge in the quarter. Do you guys have any data to try to help us, on the outside, quantify how these capacity and service issues from labor staffing challenges maybe impacted the trends in the quarter? And also these staffing issues, are they specifically preventing you from deploying traffic-driving initiatives throughout the system, like utilizing the 50% boost weeks, et cetera?

Rich 認為，勞動力配備問題顯然是本季度的一項增量挑戰。你們是否有任何數據可以幫助我們在外部量化這些來自勞動力人員配置挑戰的能力和服務問題可能如何影響本季度的趨勢？還有這些人員配備問題，它們是否特別阻止您在整個系統中部署交通驅動計劃，例如利用 50% 的提升周等？

Sure, Brian. Thanks for the question. Staffing has been a challenge, most certainly during the quarter, as we highlighted. It's -- I don't have a lot to share with you today in terms of specific stats about what that headwind is on the comp because it's always difficult to say what sales might have been without staffing challenges.

當然，布賴恩。謝謝你的問題。正如我們強調的那樣，人員配備一直是一個挑戰，尤其是在本季度。這是 - 我今天沒有太多要與你分享的具體統計數據，因為在沒有人員配置挑戰的情況下，總是很難說出銷售可能會是什麼。

But what I can tell you is that when you look at the third quarter relative to the first half of the year, we certainly saw more of an impact in the system around some things like reduced operating hours and some challenges with respect to delivery service times in particular.

但我可以告訴您的是，當您查看相對於今年上半年的第三季度時，我們確實看到了系統中更多的影響，例如運營時間減少和交付服務時間方面的一些挑戰特別是。

And when we look in our own corporate store business, we certainly saw our staffing levels, relative to ideal, were lower than we saw during the first half of the year. So the impact on the comp in the U.S. was more pronounced in the third quarter than it was in the second quarter.

當我們審視自己的企業商店業務時，我們當然看到我們的員工水平，相對於理想而言，低於我們在今年上半年看到的水平。因此，第三季度對美國公司的影響比第二季度更為明顯。

And as it relates to how we think about the business going forward, the staffing challenges do impact our ability to be more aggressive as it relates to promotional activities in the marketplace. So we're continuing, obviously, to monitor the levels across our system. In our corporate store business, we are doing things proactively, like looking at our wages, compensation for our team members, and as I spoke about earlier, working across the system, rolling out an applicant tracking system to help with team member acquisition and hiring. And then we're also working on a number of operational improvements inside of our stores to allow us to operate more efficiently, and frankly, with less labor for every order that goes out. And then finally, I'd just highlight the carryout business will continue to be a focus of ours given the significantly lower amount of labor involved in those transactions and the fact that's been a big growth driver for us anyway. We're going to continue pushing there.

由於這關係到我們對未來業務的看法，人員配備方面的挑戰確實會影響我們在市場促銷活動方面更具進取性的能力。因此，顯然，我們正在繼續監控整個系統的水平。在我們的企業商店業務中，我們正在積極地做事，比如查看我們的工資、團隊成員的薪酬，正如我之前所說，在整個系統中工作，推出申請人跟踪系統以幫助團隊成員的獲取和招聘.然後，我們還在我們的商店內部進行了一些運營改進，以使我們能夠更有效地運營，坦率地說，每個訂單發出的勞動力更少。最後，我要強調的是結轉業務將繼續成為我們的重點，因為這些交易所涉及的勞動力數量明顯減少，而且無論如何這對我們來說都是一個巨大的增長動力。我們將繼續推動那裡。

Our next question comes from Peter Saleh with BTIG.

我們的下一個問題來自 BTIG 的 Peter Saleh。

Great. So Rich, you mentioned on a couple of occasions the impact of the labor challenges on the comps. But can you talk a little bit about the labor challenges and maybe the impact on the industry on independents? Are you seeing more closures there? I suspect if you're seeing these issues and feeling these issues on labor that your competitive set is feeling it just as much, if not more. Any comments on closures in the industry?

偉大的。 So Rich，您曾多次提到勞工挑戰對薪酬的影響。但是你能談談勞動力挑戰以及對獨立人士對行業的影響嗎？你看到那裡有更多的關閉嗎？我懷疑如果您在勞動力方面看到這些問題並感受到這些問題，那麼您的競爭對手也會同樣感受到，如果不是更多的話。對行業倒閉有何評論？

Pete, thanks. I certainly believe that the staffing challenges are impacting the restaurant industry more broadly. As I take a look across the industry and talk to leaders in the industry, it's certainly a common theme that you hear.

皮特，謝謝。我當然相信人員配備的挑戰正在更廣泛地影響餐飲業。當我縱觀整個行業並與行業領導者交談時，這肯定是您聽到的一個共同主題。

In terms of how that's impacting independents, I don't have great statistics for you about what's going on with closures there, but I can tell you that I think the impact of staffing and rising labor costs and also, frankly, rising commodity costs, where independents are typically less able to buy -- are less able to buy with the scale and also to lock in pricing as the larger players, like we are, I suspect that there is a lot of pressure on the P&L among some of the independents and smaller regionals out there.

就這對獨立人士的影響而言，我沒有關於那里關閉的詳細統計數據，但我可以告訴你，我認為人員配備和勞動力成本上升以及坦率地說，商品成本上升的影響，在獨立人士通常不太能夠購買的地方 - 不太能夠購買規模並鎖定價格，因為像我們這樣的大型參與者，我懷疑一些獨立人士的損益表壓力很大和較小的地區。

Our next question comes from Brian Mullan with Deutsche Bank.

我們的下一個問題來自德意志銀行的 Brian Mullan。

Ritch, last call, you indicated the carryout order counts in the U.S. had not quite reached the 2019 levels. Just wondering if they got back to even or close to in the third quarter relative to where they were in 2019. The country was dealing with Delta, but there was also a broad reopening. So just any color on the carryout business order counts would be great.

Ritch，最後一次通話，您表示美國的結轉訂單數量尚未完全達到 2019 年的水平。只是想知道他們是否在第三季度恢復到與 2019 年相比的水平或接近水平。該國正在與三角洲打交道，但也有廣泛的重新開放。因此，結轉業務訂單計數上的任何顏色都會很棒。

Sure. When we look at our carryout order counts, we are still not quite back to where we were 2 years ago on carryout order counts despite having positive carryout same-store sales in the third quarter. But it continues to be a focus for us and an area where we continue to see strong opportunity to continue the long-term growth trajectory of that side of the business.

當然。當我們查看我們的結轉訂單數量時，儘管第三季度的結轉同店銷售額為正，但我們的結轉訂單數量仍未完全恢復到兩年前的水平。但它仍然是我們關注的焦點，也是我們繼續看到繼續保持業務這一方面長期增長軌蹟的強大機會的領域。

We just launched these Dips & Twists that just went on air this week as just yet another tool coming from our innovation team to help us continue to push carryout and push it at that $7.99 hero price point that we've got there.

我們剛剛推出了本周剛剛播出的這些 Dips & Twists，作為來自我們創新團隊的又一工具，以幫助我們繼續推動結轉並將其推向我們已經到達的 7.99 美元的英雄價位。

Our next question comes from John Glass with Morgan Stanley.

我們的下一個問題來自摩根士丹利的 John Glass。

Ritch, just 2 follow-ups. One is, is the labor issue most focused on drivers that would make that maybe more of a delivery company issue? Or do you think it's -- is it in the restaurants as well? I just want to make sure we understand if it's more specific to your type of business versus others.

Ritch，只有 2 次跟進。一個是，勞動力問題是否最集中在司機身上，這可能會使這更像是一個快遞公司的問題？或者你認為它是——它也在餐館裡嗎？我只是想確保我們了解它是否更適合您的業務類型而不是其他業務類型。

And can you talk about -- I know you talked about independents, but is there -- how do you think you are on a market share basis this quarter, just so we can understand how maybe you think you're doing versus your largest peers to the extent you have insight into that? Did you gain share or lose share? Is everyone sort of in the same boat given the external factors you've cited?

你能談談 - 我知道你談到了獨立人士，但在那裡 - 你認為你在本季度的市場份額基礎上如何，這樣我們就可以了解你認為你與最大同行相比的表現如何在多大程度上你對此有洞察力？你是獲得份額還是失去份額？考慮到您引用的外部因素，每個人都在同一條船上嗎？

Thanks, John. First, on the labor, what I would tell you is that it is more pronounced with respect to drivers, but we see labor challenges really across our business. And as I look broadly across the industry, the restaurant industry, both the retail side and the distribution side of that, I think -- and frankly among suppliers, I think labor continues to be a significant challenge. You look at the number of open job positions across the U.S. right now, it's a pretty staggering number. And a lot of those are certainly related to our industry. But drivers, in particular, have been challenging as we look over the last -- the third quarter.

謝謝，約翰。首先，在勞動力方面，我要告訴你的是，在司機方面更為明顯，但我們確實在整個業務中看到了勞動力挑戰。當我放眼整個行業，餐飲業，零售方面和分銷方面，我認為 - 坦率地說，在供應商中，我認為勞動力仍然是一個重大挑戰。你看看現在美國的空缺職位數量，這是一個相當驚人的數字。其中很多肯定與我們的行業有關。但是，當我們回顧上一個季度（第三季度）時，尤其是車手一直充滿挑戰。

And then as it relates to market share, we don't get great real-time data on that. And we always take -- when we do get it on a quarterly basis, we always like to see a few quarters of trend before we get really comfortable about what those external views of the market look like. But we do continue to believe that we and the larger players in the market continue to gain share at the expense of some of the smaller chains and some of the locals.

然後因為它與市場份額有關，我們沒有得到很好的實時數據。而且我們總是採取 - 當我們確實按季度獲得它時，我們總是希望看到幾個季度的趨勢，然後我們才能真正對市場的外部觀點感到滿意。但我們仍然相信，我們和市場上較大的參與者繼續以犧牲一些較小的連鎖店和一些當地人為代價來獲得份額。

Our next question comes from Jared Garber with Goldman Sachs.

我們的下一個問題來自高盛的 Jared Garber。

Obviously, labor continues to be a topic of discussion, but I wanted to maybe take it a little bit of a different route. The offset there would obviously be pricing. So Ritch, I wanted to ask how you're thinking about pricing across the menu and if there's any thoughts about maybe potentially increasing those $5.99 and $7.99 platforms that you're so well known for and just how you think about offsetting some of these highly inflationary pressures.

顯然，勞動仍然是一個討論的話題，但我想也許可以走一條不同的路線。那裡的抵消顯然是定價。所以里奇，我想問一下你是如何考慮整個菜單的定價的，是否有任何想法可能會增加你眾所周知的那些 5.99 美元和 7.99 美元的平台，以及你如何考慮抵消其中一些高度通脹壓力。

Sure, Jared. Thanks. As we are -- currently, as we do, on a very frequent basis, taking a look at our price points. We test them on a pretty frequent basis over time and really with an eye to what are the price points in the marketplace that can help us to drive long-term profitable growth for our franchisees. So we are certainly taking a look at those again. Here, as we look forward into 2022, there are cost pressures across the business, as you highlight, both on the labor side, but also inflationary pressures as it relates to commodities as well.

當然，傑瑞德。謝謝。就像我們一樣 - 目前，正如我們所做的那樣，非常頻繁地查看我們的價格點。隨著時間的推移，我們會非常頻繁地對其進行測試，並且真正著眼於市場上可以幫助我們推動特許經營商長期盈利增長的價格點。因此，我們肯定會再次查看這些內容。在這裡，正如我們展望 2022 年一樣，正如您所強調的那樣，整個企業都存在成本壓力，不僅是勞動力方面的壓力，還有與大宗商品相關的通脹壓力。

So we're taking all of those things into account as we think about what our pricing looks like in 2022. And what I'll tell you there is that we will, as always, do it with the long-term profitable growth of the franchisees in mind. And while we are wedded to value, we are not specifically wedded to any individual price points. And if a better price point yields better long-term profitable growth for our franchisees, then that's where we're going to go.

因此，當我們考慮 2022 年的定價時，我們會考慮所有這些因素。我要告訴你的是，我們將一如既往地在長期盈利增長的情況下做到這一點。考慮到加盟商。雖然我們專注於價值，但我們並不特別專注於任何單獨的價格點。如果更好的價格點為我們的加盟商帶來更好的長期盈利增長，那麼這就是我們要去的地方。

Our next question comes from Andrew Strelzik with BMO.

我們的下一個問題來自 BMO 的 Andrew Strelzik。

I appreciate the commentary on some of the sales constraints that you mentioned. But I'm just curious, and I know, historically, you said these are 2 distinct occasions, but do you think as we're kind of normalizing from an operating environment perspective and trying to find an equilibrium or normal, do you think you're seeing more switching between carryout and delivery? Or do you continue to believe that that's really not the case, even kind of in this unique period here?

我很欣賞你提到的一些銷售限制的評論。但我只是好奇，而且我知道，從歷史上看，你說這是兩個不同的場合，但你認為從運營環境的角度來看，我們正在趨於正常化並試圖找到平衡或正常，你認為你'看到更多的結轉和交付之間的轉換？或者你是否繼續相信事實並非如此，即使是在這個獨特的時期？

Yes. It's a great question because -- and as you highlight, historically, we've not seen a lot of switching across those 2 service methods. And in fact, only about 15% of customers would go back and forth between the 2. But it's an interesting question that I think opens up to your point as we work our way out of COVID and as we and across the industry continue to see some of these staffing challenges and labor cost increases which do result in higher delivery fees.

是的。這是一個很好的問題，因為——正如您強調的那樣，從歷史上看，我們並沒有看到很多切換這兩種服務方法的情況。事實上，只有大約 15% 的客戶會在這兩者之間來回走動。但我認為這是一個有趣的問題，隨著我們努力擺脫 COVID 以及我們和整個行業繼續看到這一點其中一些人員配備挑戰和勞動力成本增加確實導致更高的交付費用。

As Jessica highlighted earlier, we've seen some increase in our single transparent delivery fees across markets. And we've certainly seen prices go up as it relates to delivery charges or even what it takes you to go across town when you hail an Uber or a Lyft. So I think it is an open question as to how much more switching we might see when the cost of delivery continues to rise for consumers. So those are some of the things that we're obviously thinking about and testing here.

正如 Jessica 之前強調的那樣，我們已經看到跨市場的單一透明交付費用有所增加。我們當然已經看到價格上漲，因為它與送貨費用有關，甚至是當你叫 Uber 或 Lyft 時，你需要穿過城鎮。因此，我認為當消費者的交付成本繼續上升時，我們可能會看到多少轉換是一個懸而未決的問題。所以這些是我們顯然正在考慮和測試的一些事情。

We're also really pushing on this Carside Delivery as a service method to try to make things significantly more convenient for customers to pick up product. Eliminating the need to go into the store and pay and carry your own food out, we think is a significant improvement in the consumer experience and may tip some more consumers over to come into the carryout channel as opposed to delivery.

我們還真正推動了這種 Carside Delivery 作為一種服務方式，試圖讓客戶取貨更加方便。消除了進入商店支付和攜帶自己的食物的需要，我們認為這是對消費者體驗的顯著改善，並且可能會讓更多的消費者進入外賣渠道，而不是送貨。

Our next question comes from John Ivankoe with JPMorgan.

我們的下一個問題來自摩根大通的 John Ivankoe。

The question is on U.S. unit development. Certainly, we understand labor. We understand the construction-related issues, but there was a comment made that fortressing is affecting company stores more than franchise stores. And if you look at -- excuse me, company store development is up something like 5% year-over-year. The comp is down whatever it is, 8.9%. If one were to assume that half of that comp decline is due to fortressing, would basically mean that the new stores actually aren't -- are basically getting all their volume from nearby stores? I know that's -- it's very bad math to mention this on a conference call, but the numbers are -- could potentially look fairly exaggerated in terms of the amount of sales transfer that's happening to a new store that acts as a fortress store.

問題在於美國單位的發展。當然，我們了解勞動。我們了解與建設相關的問題，但有人評論說，堡壘對公司商店的影響大於特許經營店。如果你看一下 - 對不起，公司商店的發展同比增長了 5%。不管它是什麼，comp都下降了8.9%。如果有人假設該組合下降的一半是由於堡壘，那麼基本上意味著新店實際上不是——基本上是從附近的商店獲得所有銷量？我知道這是 - 在電話會議上提及這一點是非常糟糕的數學，但數字 - 可能看起來相當誇張，因為新商店發生的銷售轉移量是一個堡壘商店。

So can you comment on just kind of what the current algorithm is in fortressing, I mean, when you open new stores for both company and franchise, the percentage of sales that it expects to get on its own versus the percentage of sales that it expects to get elsewhere. And considering the labor and the construction environment that we've talked about, are you prepared to talk about how materially lower potentially fiscal '22 development in the U.S. could be relative to '21, which I think would be consistent with some comments that you made of units being delayed in the overall U.S. system.

所以你能評論一下當前算法在堡壘中的作用嗎？去別的地方。考慮到我們已經討論過的勞動力和建築環境，您是否準備好談論美國的 22 財政年度發展相對於 21 財政年度可能大幅降低，我認為這與您的一些評論一致由在整個美國系統中延遲的單位組成。

John, yes, I'll try to pick off some of the parts of your question there. First of all, on U.S. unit development, I'll just make a macro comment overall. There is still a very healthy demand out there among our franchisee base for unit development. I've highlighted some of the challenges in the near term of getting these stores open. But when we take a look at the profit of the 4-wall profitability at the store level and the resulting cash-on-cash returns for Domino's, which is ultimately what drives store growth, it's still very, very strong.

約翰，是的，我會嘗試在那裡挑選出你問題的一些部分。首先，關於美國單位的發展，我將總體上做一個宏觀的評論。在我們的加盟商基礎中，仍然存在非常健康的單元開發需求。我已經強調了在短期內開設這些商店的一些挑戰。但是，當我們查看商店級別的 4 壁盈利能力以及由此產生的多米諾現金回報（最終推動商店增長）時，它仍然非常非常強勁。

And as we continue to dust off our models to take a look at what the U.S. holding capacity is for Domino's stores, we continue to be very bullish about that holding capacity. I've talked about 8,000 store potential in the past, and we believe it's at least that, if not more, as we continue to dust it off.

當我們繼續對我們的模型進行除塵以了解美國多米諾商店的容納能力時，我們繼續非常看好這種容納能力。我過去曾談到過 8,000 家商店的潛力，我們相信至少是這樣，如果不是更多的話，我們會繼續對其進行清理。

When we open new stores, a significant portion of those are fortress stores in that they do take some number of addresses from existing store service areas. When we take a look at the impact that, that has on the comp, I have spoken in the past about that being 1 point, 1.5 points or so. If you take a look at the third quarter, it was about 1 point when you look across the system and a bit higher than that on the corporate store side because, to your point, we have been a little bit more aggressive in terms of percentage opens off the base, but also basically every store we open in our corporate store business is a fortress store.

當我們開設新店時，其中很大一部分是堡壘店，因為它們確實從現有的商店服務區獲取了一些地址。當我們看一下這對比賽的影響時，我過去曾說過這是 1 分，1.5 分左右。如果您看一下第三季度，當您查看整個系統時，它大約是 1 點，並且比企業商店方面高一點，因為就您而言，我們在百分比方面更具侵略性開基地，但基本上我們在公司商店業務中開設的每一家商店都是堡壘商店。

But when we take a look at what the cash-on-cash return expectations are for those openings and we look at it, not only on the individual new store, but we look at it on the impact of the store cluster that, that store is a part of, we still see very positive returns on those stores, and that's why we continue to be aggressive in the growth of our corporate stores.

但是，當我們查看這些開業的現金回報預期時，我們不僅會查看單個新店，還會查看商店集群的影響，即那家商店是其中的一部分，我們仍然看到這些商店的回報非常積極，這就是我們繼續積極發展公司商店的原因。

So it -- fortressing is going to continue to be a key part of our strategy, John, and I haven't seen anything in the quarter that gives me any sense that we should be slowing down. There is still a lot of opportunity out there to continue opening Domino's stores around the country.

所以它 - 堡壘將繼續成為我們戰略的關鍵部分，約翰，我在本季度沒有看到任何讓我感覺我們應該放慢速度的東西。仍然有很多機會繼續在全國開設多米諾門店。

And just because I think that there's going to be such a point of conversation, I mean, can we -- can you give us at least a soft guide of '22 U.S. development relative to '21? Is that something that you're prepared to do at this point?

僅僅因為我認為會有這樣一個對話點，我的意思是，我們能否——你能給我們至少一個相對於 21 年的 22 年美國發展的軟指南嗎？這是你現在準備做的事情嗎？

We're not going to do that today, John.

我們今天不打算這樣做，約翰。

Our next question comes from Gregory Francfort with Guggenheim.

我們的下一個問題來自古根海姆的 Gregory Francfort。

My question is on the technology upgrades. But do you have staffing as a percent of maybe where your target was in the quarter? Just any quantification on that. But my question is, Ritch, I know you've been putting a lot of investments and focus on upgrading the technology platforms, PULSE 2.0. Can you just help us understand where that stands and when that may have an impact on the business?

我的問題是關於技術升級。但是，您的人員配置是否佔您本季度目標的百分比？只是對此進行任何量化。但我的問題是，Ritch，我知道您一直在投入大量投資並專注於升級技術平台 PULSE 2.0。您能否幫助我們了解它的位置以及何時可能對業務產生影響？

Sure. Yes, Greg, in terms of staffing relative to where we'd like it to be, I don't have a specific percentage to share with you today. It varies pretty significantly market by market because the labor markets around the country are so unique. And obviously, we've got direct visibility into the corporate store markets that we operate but not direct visibility into all of our franchise locations who obviously manage their own employment base.

當然。是的，格雷格，就我們希望的人員配備而言，我今天沒有具體的百分比與您分享。它因市場而異，因為全國各地的勞動力市場非常獨特。顯然，我們可以直接了解我們經營的企業商店市場，但不能直接了解我們所有的特許經營地點，這些地點顯然管理著自己的就業基礎。

On tech, I made brief reference to this earlier in my prepared remarks, but we've had a really exciting milestone over the course of the last several months where we now have our new version of PULSE operating on a continuous basis in a live store. So the team has just done a terrific job of developing that to the point where we've got the minimum viable product to have out in a store today that allows us to continue to test and learn. And our expectation is that we continue to expand the initial phase of that rollout with a few more stores this year. And then as we continue to learn and improve the product, we'll be able to come back to you in subsequent quarters and give you a little bit more of a sense of the pace of rollout of that product.

在技術方面，我早些時候在準備好的評論中簡要提到了這一點，但在過去幾個月中，我們有了一個非常令人興奮的里程碑，現在我們的新版本 PULSE 在現場商店中持續運行.因此，團隊剛剛完成了一項了不起的工作，將其開發到今天我們在商店中推出的最小可行產品，使我們能夠繼續測試和學習。我們的期望是，今年我們將繼續擴大推廣的初始階段，增加幾家商店。然後，隨著我們繼續學習和改進產品，我們將能夠在接下來的幾個季度中與您聯繫，讓您對該產品的推出速度有更多的了解。

But when we go in and have a look at how it's operating in the stores, it is easier to manage transactions inside the store and significantly easier to get new team members up to speed on the use of PULSE.

但是，當我們進入並查看它在商店中的運作情況時，更容易管理商店內的交易，並且更容易讓新團隊成員加快使用 PULSE。

And then as it relates to our ongoing development and evolution of the product, the architecture that we've used with PULSE is a -- is transformational for us in terms of our ability to respond more quickly and add enhancements and updates to the product versus the architecture that the current version of PULSE is on. So we're excited about it, and you'll hear a lot more about it from us in the future.

然後，由於它與我們對產品的持續開發和演變有關，我們與 PULSE 一起使用的體系結構對我們來說是一種變革，因為我們能夠更快地響應並為產品添加增強和更新，而不是當前版本的 PULSE 所在的架構。所以我們對此感到很興奮，將來您會從我們這裡聽到更多關於它的信息。

Our next question comes from David Tarantino with Baird.

我們的下一個問題來自貝爾德的大衛塔倫蒂諾。

Ritch, I want to circle back on the issue related to staffing and get your thoughts on what you think needs to happen for you and the industry to get this resolved. It seems like the industry needs to consider maybe a structural step change in wage rates here and maybe much more aggressive than what's already been done, and I'm wondering if you agree with that.

Ritch，我想回到與人員配備相關的問題上，並就您認為需要為您和整個行業解決此問題而發生的事情提出您的想法。似乎該行業需要考慮在這里工資率的結構性步驟變化，並且可能比已經做過的事情更加激進，我想知道你是否同意這一點。

And then secondly, how your franchisees are approaching it. It seems like they entered the year with all-time high profitability and should be willing to fund that to get the staffing levels right, but maybe I'm missing that. So any perspective you can offer would be helpful.

其次，你的加盟商是如何接近它的。似乎他們以前所未有的高盈利能力進入了這一年，並且應該願意為此提供資金以確保人員配備水平，但也許我錯過了這一點。因此，您可以提供的任何觀點都會有所幫助。

Yes, David. It's a great question, and I can tell you it's something we spend a lot of time on around here each and every day and have a lot of conversations with our operators and franchisees about it. When you think about what has to happen in the labor market,for our industry, I think there are a couple of things that are under our control, and then there are a couple of things that are more macro factors. If I start with kind of -- with the macro factors, most certainly, there have been a significant number of Americans who have removed themselves from the workforce over the course of COVID and haven't come back yet. If you look at labor force participation rates, they are down rather significantly from pre-COVID.

是的，大衛。這是一個很好的問題，我可以告訴你，我們每天都會在這里花費大量時間，並與我們的運營商和特許經營商就它進行大量對話。當您考慮勞動力市場必鬚髮生的事情時，對於我們的行業，我認為有幾件事在我們的控制之下，還有幾件事是更宏觀的因素。如果我從宏觀因素開始，毫無疑問，有相當多的美國人在 COVID 的過程中已經從勞動力中解脫出來並且還沒有回來。如果你看一下勞動力參與率，他們會比 COVID 之前顯著下降。

We have not seen it yet, as much as we would like, but we do expect there to be some relaxing of the labor market as COVID continues to subside and as folks get more comfortable, have more options to care for their children, et cetera, to get back out into the workforce. I have no doubt that this Delta variant, over the course of the last several months, has made that recovery more challenging.

我們還沒有看到它，正如我們所希望的那樣，但我們確實希望隨著 COVID 繼續消退以及隨著人們變得更加舒適、有更多的選擇來照顧他們的孩子等等，勞動力市場將會有所放鬆, 重返工作崗位。我毫不懷疑，在過去幾個月的過程中，這種 Delta 變體使復蘇更具挑戰性。

We also have not had much in the way of immigration into the U.S. here over the course of the last couple of years. And in a country whose population is not growing as it used to, we, in our industry and a number of others, will need more immigration, I think, to continue to have a robust workforce, particularly in the younger age groups.

在過去的幾年裡，我們也沒有太多的移民進入美國。我認為，在一個人口沒有像過去那樣增長的國家，我們，在我們的行業和其他一些行業，將需要更多的移民，以繼續擁有強大的勞動力，尤其是在年輕群體中。

So those are some macro things that we can't really control. What we spend our time thinking about is what we can control. Wages is one of those levers. I spoke earlier about the fact that we have made some significant moves in our own corporate store business, and we've done that in our supply chain business as well. And as we talk to franchisees, we don't control their employment practices or wages, but we hear from many franchisees that they are also investing in their team members. And frankly, with the profitability levels that we have in our stores, we are much better positioned than many players in the restaurant industry to be able to invest in our teams.

所以這些是我們無法真正控制的宏觀事情。我們花時間思考的是我們可以控制的東西。工資是這些槓桿之一。我之前談到了我們在自己的企業商店業務中採取了一些重大舉措，我們在供應鏈業務中也這樣做了。當我們與加盟商交談時，我們不控制他們的僱傭慣例或工資，但我們從許多加盟商那裡聽說他們也在投資於他們的團隊成員。坦率地說，憑藉我們商店的盈利水平，我們比餐飲業的許多參與者更有能力投資我們的團隊。

But then also, as an industry and as a company, we also have to think about the jobs themselves and how do we make those jobs easier and more appealing to team members. And we're spending a lot of time on that inside our business and piloting a number of exciting things in our corporate stores where we're looking fundamentally at the jobs themselves. How do we make them easier? How do we keep drivers in their cars 100% of the time and not have them do tasks inside the stores that they don't enjoy doing and that don't drive tips for them? How do we bring more technology into the stores to allow us to operate more efficiently with fewer labor hours per unit of sales?

但同時，作為一個行業和公司，我們還必須考慮工作本身，以及我們如何讓這些工作變得更容易，對團隊成員更有吸引力。我們在我們的業務內部花費了大量時間，並在我們的公司商店中試行了許多令人興奮的事情，我們從根本上看待工作本身。我們如何讓他們更容易？我們如何讓司機 100% 的時間在他們的車裡，而不是讓他們在商店裡做他們不喜歡做的事情並且不為他們提供小費？我們如何將更多的技術引入商店，以使我們能夠以更少的單位銷售工時更高效地運營？

So we're looking at all of these elements. And while it's a challenge, I feel like we're very well positioned with the profitability that we've got in our stores and also really well positioned, just based on the innovation and technology teams that we've built over time, who -- this is power alley for them to go in and figure out how to solve these problems alongside our great operators.

所以我們正在研究所有這些元素。雖然這是一個挑戰，但我覺得我們在商店中的盈利能力方面處於非常有利的地位，而且也非常有利，僅基於我們隨著時間的推移建立的創新和技術團隊，誰 - - 這是他們進入並找出如何與我們偉大的運營商一起解決這些問題的權力小巷。

Our next question comes from Dennis Geiger with UBS.

我們的下一個問題來自瑞銀的丹尼斯蓋格。

Great. Ritch, you talked about the impact from the waning benefits of stimulus. And specifically curious if you're kind of able to identify any specific shift that you've seen in customer behavior from that benefit fading or anything else that you would kind of point out that changed from 2Q into 3Q with that benefit starting to fade some.

偉大的。里奇，你談到了刺激措施收益減弱的影響。並且特別好奇您是否能夠識別出您在客戶行為中看到的任何特定轉變，因為該收益逐漸消失，或者您會指出從 2Q 到 3Q 的任何其他變化，而這種收益開始逐漸消退.

Yes. Dennis, thanks for the question. We saw a boost back in the second quarter when the $1,400 stimulus payments went out. You had the onetime payment, and then you also had the unemployment which was introduced at that time and ultimately completed, I believe, in first or second week of September. And I think what we saw was, as consumers spent off that $1,400 and as some of those unemployment benefits waned, the impact was really more pronounced, we believe, on our delivery business than it was on the carryout business. So I think we had more customers with money in their pockets also worried about COVID, and more of those were ordering delivery into their homes, and we saw that taper off in the third quarter relative to what we saw in the second quarter.

是的。丹尼斯，謝謝你的提問。我們在第二季度看到 1,400 美元的刺激付款發放後出現了提振。你有一次性付款，然後你也有當時引入的失業，我相信最終在 9 月的第一周或第二週完成。而且我認為我們看到的是，隨著消費者花掉這 1,400 美元，並且隨著其中一些失業救濟金的減少，我們認為，對我們的送貨業務的影響確實比對結轉業務的影響更為明顯。因此，我認為我們有更多口袋裡有錢的客戶也擔心 COVID，其中更多的客戶正在訂購送貨到家中，與第二季度相比，我們看到第三季度這種情況逐漸減少。

Our next question comes from Lauren Silberman with Credit Suisse.

我們的下一個問題來自瑞士信貸的 Lauren Silberman。

Another one on labor. More broadly, it feels like some structural headwinds, increased competition from 3P platforms, people have left the industry and then just higher manual labor costs. A follow-up to your response to David's question, can you expand on the technology you're exploring to address labor headwinds over the medium to long term like automation perhaps more so than you would have considered, call it, 6 to 12 months ago?

另一個關於勞動的。更廣泛地說，感覺像是一些結構性逆風，來自 3P 平台的競爭加劇，人們離開了這個行業，然後是更高的體力勞動成本。作為您對 David 問題的回答的後續行動，您能否擴展您正在探索的技術，以解決中長期的勞動力逆風，例如自動化，可能比您在 6 到 12 個月前所考慮的要多得多?

Sure, Lauren. And we're looking at that really in several areas of our business. At the store level, which we've spent most of the time talking about today, one of the key things that we're working on is in an environment where driver staffing is one of the constraints, key question is how do you keep drivers in their car more? And how do you get more deliveries per hour through those drivers?

當然，勞倫。我們正在關注我們業務的幾個領域。在商店層面，我們今天大部分時間都在談論，我們正在做的關鍵事情之一是在司機人員配備是限制之一的環境中，關鍵問題是你如何留住司機在他們的車裡更多？你如何通過這些司機每小時獲得更多的送貨？

We introduced some time ago our GPS tools that are in the hands of drivers. That's a core technology that helps them to be more efficient. The technology underpinning of Domino's Carside Delivery and the operational practices that we've instituted around that are also key ways for us to think about driving more efficiency with our delivery drivers. Because if we can identify when a customer pulls into the parking lot and run a pizza out to that customer's car, there's no reason why -- and we're doing it in a lot of stores around the country, no reason why we can't just run pizzas out to drivers' cars as well.

不久前，我們介紹了駕駛員手中的 GPS 工具。這是一項核心技術，可以幫助他們提高效率。支持 Domino 的 Carside Delivery 的技術以及我們圍繞它制定的運營實踐也是我們考慮通過我們的交付驅動程序提高效率的關鍵方式。因為如果我們能夠識別客戶何時進入停車場並將披薩送到該客戶的車上，那就沒有理由 - 我們在全國各地的很多商店都這樣做，沒有理由我們可以'不僅僅是把披薩送到司機的車上。

And when I think about the Domino's I would like to see in the future, I don't see why drivers should ever have to get out of their cars. Why can't we keep them turning to the store, back to the customer and maximizing deliveries per driver per hour which also maximizes the wages that those drivers earn? So there are a number of different things going on there inside the stores. Our next-generation version of our point-of-sale system, along with other store technology innovations, are also helping us to get more productivity, to drive more productivity in the stores.

當我想到我希望在未來看到的多米諾骨牌時，我不明白為什麼司機應該永遠下車。為什麼我們不能讓他們轉向商店，回到客戶那裡，並最大限度地提高每個司機每小時的交付量，同時最大限度地提高這些司機的工資？因此，商店內發生了許多不同的事情。我們的下一代銷售點系統版本以及其他商店技術創新也幫助我們提高生產力，提高商店的生產力。

And then lastly, outside of the stores, if I shift gears over to our supply chain centers, as we build these new centers and as we go back and replace assets in existing centers, we're putting in place equipment and technology that reduce the amount of labor that is required to produce our dough balls and to manage the distribution of product out to our stores as well.

最後，在商店之外，如果我將齒輪轉移到我們的供應鏈中心，當我們建立這些新中心並返回並更換現有中心的資產時，我們正在部署設備和技術，以減少生產我們的麵團球以及管理將產品分配到我們的商店所需的勞動力。

And our last question will come from Chris Carril with RBC Capital Markets.

我們的最後一個問題將來自加拿大皇家銀行資本市場的 Chris Carril。

So I wanted to ask about the surprise frees promotion. I mean to what extent do you think the promotion helped to offset some of those declining stimulus tailwinds and other delivery headwinds that you had pointed out? And I think the promotion continues into November. So are you planning on marketing it more over these next few weeks?

所以我想問一下關於驚喜免費促銷的問題。我的意思是，您認為此次促銷活動在多大程度上幫助抵消了您指出的一些減少刺激順風和其他交付逆風？我認為促銷活動將持續到 11 月。那麼，您是否計劃在接下來的幾週內對其進行更多營銷？

Yes. Chris, we just rolled it out a few weeks back, and we're getting a lot of exciting press out of it. And I think it really -- it plays on a tension, a consumer tension. And that's one of the things we think about always when we think about great advertising at Domino's is how does it play on a consumer tension. And consumers tell us that they get increasingly irritated about all of these fees that they get charged, so we've decided to do the flip side of that and do surprise frees.

是的。克里斯，幾週前我們剛剛推出了它，我們從中得到了很多令人興奮的新聞。而且我認為它真的 - 它在緊張，消費者緊張中發揮作用。當我們在 Domino's 考慮出色的廣告時，我們總是想到的事情之一就是它如何影響消費者的緊張情緒。消費者告訴我們，他們對收取的所有這些費用感到越來越惱火，因此我們決定反其道而行之，提供驚喜免費服務。

So far, we're pleased with the customer reception to the campaign. We're going to continue to run it in the weeks ahead and excited about how that can continue to position Domino's as the transparent and value-oriented player in the market. So we remain excited about it. Look forward to sharing results as we -- as the program continues to evolve. And as we see how it behaves in the quarter, we look forward to talking to you about it in more depth when we report our fourth quarter results out.

到目前為止，我們對客戶對該活動的接受程度感到滿意。我們將在未來幾周繼續運行它，並對如何繼續將 Domino's 定位為市場上透明且以價值為導向的參與者感到興奮。所以我們仍然對此感到興奮。隨著計劃的不斷發展，期待與我們分享結果。當我們看到它在本季度的表現時，我們期待在報告第四季度業績時與您更深入地討論它。

All right, folks. Well, thank you so much for joining us on the call this morning, and I look forward to getting back together with you in February to discuss our fourth quarter and full year 2021 results.

好吧，伙計們。好吧，非常感謝您今天早上加入我們的電話會議，我期待在 2 月份與您再次見面，討論我們的第四季度和 2021 年全年業績。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。