達美樂 (DPZ) 2026 Q2 法說會逐字稿

Thank you for standing by. My name is Jordan, and I'll be your conference operator today. At this time, I'd like to welcome everyone to the rescheduled Domino's Pizza, Inc. second quarter 2026 earnings conference call. (Operator Instructions) Thank you. I would now like to turn the call over to Greg Lemenchik. Please go ahead.

感謝您耐心等候。我叫 Jordan，今天將擔任本次電話會議的接線員。此刻，我想歡迎各位參加重新安排的達美樂披薩公司（Domino's Pizza, Inc.）2026 年第二季財報電話會議。(接線員指示) 謝謝。現在我想把電話交給 Greg Lemenchik。請開始。

Good morning, everyone. Thank you for joining us today for our second quarter conference call. Today's call will begin with our Chief Executive Officer, Russell Weiner, and incoming CEO, Joe Jordan, followed by our Chief Financial Officer, Sandeep Reddy. The call will conclude with a Q&A session.

各位早安。感謝各位今天加入我們的第二季電話會議。今天的電話會議將先由我們的執行長 Russell Weiner 與即將上任的執行長 Joe Jordan 開場，接著由我們的財務長 Sandeep Reddy 發言。會議最後將進行問答環節。

The notices regarding forward-looking statements in this morning's earnings release in 10-Q, both of which are available on our IR website, also apply to our comments on the call today.

今天早上財報新聞稿與 10-Q 中關於前瞻性陳述的公告（兩者皆可於我們的投資人關係網站取得）同樣適用於我們今天在電話會議中的評論。

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.

實際結果或趨勢可能與我們的預測有重大差異。更多資訊請參閱我們向美國證券交易委員會（SEC）提交文件中所討論的風險因素。此外，請參閱 8-K 財報新聞稿，以取得今日電話會議可能提及之非 GAAP 財務衡量指標的揭露與調節表。

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將以網路直播，並同時錄音，供日後透過我們的網站重播。今天早上我們希望在時間允許的情況下，盡可能回答各位的問題。因此，我們鼓勵各位僅提一個問題。接下來，我想把電話交給 Russell。

Thanks, Greg, and good morning, everybody. I wanted to start off by welcoming Joe Jordan, our incoming CEO, who has joined us on the call this morning. I am thrilled that the board unanimously elected Joe as our next CEO. He's an incredible leader whose experience spans virtually every aspect of our business over his 15 years with the company.

謝謝你，Greg，各位早安。我想先歡迎我們即將上任的執行長 Joe Jordan，他今天早上也加入了本次電話會議。我非常高興董事會一致選出 Joe 擔任我們下一任執行長。他是一位傑出的領導者，在公司服務 15 年間，幾乎涵蓋了我們業務的各個面向。

Joe has earned the trust of franchisees across our global system, embodies the Domino's culture of developing leaders from within and is uniquely qualified to guide the company through its next phase of growth. Let me turn it over to Joe for a few comments.

Joe 贏得了我們全球體系中加盟主的信任，體現了達美樂「由內部培育領導者」的文化，並且具備獨特的資格，帶領公司邁向下一階段的成長。接下來我把時間交給 Joe，請他說幾句。

Thanks, Russell. I'm honored to have the opportunity to lead Domino's, and I'm excited about the opportunities ahead. I've had the privilege of working alongside Russell for many years, and I want to thank him for his leadership and partnership. He has helped build one of the strongest businesses in our industry, and I'm grateful that we'll continue to benefit from his experience as he transitions to Executive Chairman next year.

謝謝你，Russell。能有機會領導達美樂，我深感榮幸，也對未來的機會感到振奮。多年來我有幸與 Russell 並肩合作，我想感謝他的領導與夥伴關係。他協助打造了本產業中最強健的企業之一；我也很感激，當他明年轉任執行董事長（Executive Chairman）後，我們仍能持續受益於他的經驗。

Having spent the last several years as COO, I've had the opportunity to work closely with our franchisees and our teams across the globe. That experience has only strengthened my belief in what makes Domino's unique. We have an exceptional global franchise system, talented people, a culture of innovation and operational excellence and a brand that continues to earn the trust of customers every day.

過去幾年擔任營運長（COO）期間，我有機會與我們的加盟主以及全球各地的團隊密切合作。這段經驗更加強了我對達美樂獨特之處的信念。我們擁有卓越的全球加盟體系、優秀的人才、創新與營運卓越的文化，以及一個每天持續贏得顧客信任的品牌。

Those strengths give me tremendous confidence in our future. Our priorities remain clear: serving customers with delicious food, outstanding value and a great experience, supporting our franchisees and executing with discipline to drive long-term growth. I couldn't be more excited to lead this next chapter alongside the incredible people who make this company what it is. I look forward to engaging with you all more closely in my new role once I become CEO in October. Until then, my focus is on partnering with Russell and our leadership team to ensure a seamless transition.

這些優勢讓我對我們的未來充滿信心。我們的優先事項依然清晰：以美味的餐點、出色的價值與良好的體驗服務顧客，支持我們的加盟主，並以紀律執行以推動長期成長。能與成就這家公司的一群傑出夥伴一起帶領下一個篇章，我感到無比振奮。待我於 10 月就任執行長後，我期待在新角色中與各位更密切互動。在此之前，我的重點是與 Russell 及我們的領導團隊合作，確保交接順利無縫。

Congrats again, Joe. The most important lesson I have learned in nearly two decades with Domino's, it's simple. Order counts drive long-term success. Order counts matter because they fuel growth for both the brand and our franchisees. The winners in QSR over time are the brands that can grow order counts while driving healthy ticket through disciplined pricing. That has been Domino's formula for success. Since I joined the company at the end of 2008, we have more than doubled the number of orders coming through our system in the US, resulting in double-digit market share gains.

再次恭喜你，Joe。我在達美樂近二十年的職涯中學到最重要的一課很簡單：訂單量驅動長期成功。訂單量之所以重要，是因為它同時為品牌與加盟主帶來成長動能。長期來看，速食餐飲（QSR）領域的贏家，是那些能在以紀律定價推動健康客單價的同時，仍能提升訂單量的品牌。這一直是達美樂成功的公式。自我於 2008 年底加入公司以來，我們在美國體系中的訂單數已超過翻倍，帶來了兩位數的市占率提升。

This growth in transactions helped drive approximately $7 billion in additional retail sales, more than 2,100 net new stores and nearly 240% increase in store level EBITDA for franchisees. Put simply, more orders and disciplined pricing have led to more sales, more stores and more profits. This formula has helped make Domino's the number one pizza company in the world, and our growth opportunity remains substantial. With roughly 23% share of the pizza category, we still have significant runway ahead of us compared with leading QSR brands in other categories that command a 40% to 50% market share.

交易量的成長推動了約 70 億美元的新增零售銷售額、淨新增超過 2,100 家門市，並使加盟主的門市層級 EBITDA 成長近 240%。簡而言之，更多訂單與有紀律的定價帶來了更多銷售、更多門市與更多獲利。這套公式協助達美樂成為全球第一大披薩公司，而我們的成長機會仍然相當可觀。以披薩品類約 23% 的市占率來看，相較於其他品類中市占可達 40% 至 50% 的領先 QSR 品牌，我們仍有很長的成長跑道。

The QSR industry in the US has been struggling with order counts during a difficult period of macroeconomic uncertainty. We believe this continued in Q2, where QSR order counts were flat. And despite this backdrop, demand for Domino's remained incredibly strong. While we have not shared specific order count numbers in the past, and I won't start sharing them now on my last call, what I will tell you, is that our order counts were up meaningfully in total and individually in our delivery and carryout businesses. This means that while other restaurants were fighting for orders, millions of new customers came to Domino's.

在宏觀經濟不確定性加劇的艱難時期，美國 QSR 產業的訂單量一直面臨壓力。我們認為這種情況在第二季仍持續，QSR 訂單量持平。即便在這樣的背景下，達美樂的需求依然非常強勁。雖然過去我們未曾分享具體的訂單量數字，而我也不會在我最後一次電話會議上開始分享，但我可以告訴各位：我們的訂單量整體顯著成長，且外送與外帶業務的訂單量也各自明顯上升。這表示當其他餐廳在爭奪訂單時，數以百萬計的新顧客選擇了達美樂。

In the race for long-term dominance, our increase in order count during both the first and second quarters of this year highlights that more people are ordering Domino's than ever before. Order counts are what drive our business. Orders bring people into our loyalty program flywheel, and they power our supply chain business. The order counts of today are consumers with whom we can drive frequency in the future. Now one of the reasons we grew orders in Q2 was tapping into the aggregator marketplace. We continue to grow on both Uber and DoorDash and believe that we are now the number one pizza player on both platforms.

在爭取長期主導地位的競賽中，我們今年第一季與第二季訂單量的提升，凸顯出下單達美樂的人比以往任何時候都更多。訂單量是驅動我們業務的核心。訂單把消費者帶入我們的會員忠誠計畫飛輪，也為我們的供應鏈業務提供動能。今天的訂單量，代表的是我們未來可以提升消費頻率的消費者基礎。而我們在第二季能夠提升訂單量的原因之一，是切入聚合平台（aggregator）市場。我們在 Uber 與 DoorDash 兩個平台上持續成長，並相信我們現在已是兩個平台上的第一大披薩品牌。

Despite being number one, we have a significant amount of growth ahead of us to achieve our fair share. As we look at what consumers are ordering from Domino's on aggregators and look at where our customers go when they don't buy pizza, we see an opportunity in our portfolio and in the pizza segment for a new offering. We're bringing this product to market later this quarter, and I'll expand on that more in a minute. While I'm energized at our long-term prospects given our ability to drive order counts in this environment, same store sales in Q2 did not meet our expectations due to the miss on ticket.

儘管我們排名第一，但要達到我們應有的市占份額，前方仍有相當大的成長空間。當我們觀察消費者在聚合平台上向達美樂點了什麼，以及當顧客不買披薩時會轉向哪些品類，我們看到在我們的產品組合與披薩品類中推出新產品的機會。我們將在本季稍晚把這項產品推向市場，我稍後會再多談一些。雖然在這樣的環境下，我們仍能推動訂單量成長，讓我對長期前景充滿動能，但第二季同店銷售未達我們的預期，原因在於客單價未達標。

I don't believe this miss was due to macroeconomic headwinds. Those were assumed in our plan. The miss on ticket was largely within our control, which means we can and will address it moving forward. In Q2, we were lapping our Stuffed Crust Pizza launch, which carried a higher ticket and mix in the prior year. To roll over this, we launched our premium series, inclusive of our new Slice Sauce. This did not resonate with customers the way it needed to. The messaging wasn't compelling enough. The result was a drag on ticket, which impacted our results.

我不認為這次未達標是由宏觀經濟逆風所致。這些因素已納入我們的計畫假設。客單價未達標在很大程度上是我們可控的，這表示我們可以、也將在未來加以改善。在第二季，我們正逢去年「夾心餅皮披薩（Stuffed Crust Pizza）」上市的比較基期，該產品在去年帶來較高的客單價與較高的產品組合占比。為了接續這一點，我們推出了高端系列（premium series），其中包含我們新的 Slice Sauce。但它未能以所需的方式引起顧客共鳴。訊息傳達不夠有說服力。結果是對客單價造成拖累，進而影響了我們的業績。

We expect this drag to be lower in Q3 as the mix of Stuffed Crust came down in the prior year when we shifted media to our next promotion. We also expect and are already seeing the quality of our messaging back at the high bar we set at Domino's. On our last quarterly earnings call, I told you that we would be making changes in our 2026 marketing calendar for the second half of the year in light of what we were seeing in the competitive and macro environments. And we've done that.

我們預期這項拖累在第三季會較低，因為在前一年我們將媒體資源轉向下一檔促銷時，起司餡餅皮（Stuffed Crust）的組合占比已下降。我們也預期，且已經看到，我們的訊息傳達品質已回到我們在 Domino's 所設定的高標準。在上一次季度財報電話會議上，我曾告訴各位，鑑於我們在競爭與總體環境中所觀察到的情況，我們將在 2026 年下半年調整行銷行事曆。而我們已經這麼做了。

To start the third quarter, we changed our Best Deal Ever and made it even better with the addition of Stuffed Crust. Customer reaction has shown that it was the right thing to do. Customers are enjoying getting our most indulgent pizza as part of this promotion that leverages both our most delicious food and renowned value hungry for more strategic pillars.

為了展開第三季，我們調整了「Best Deal Ever」，並加入起司餡餅皮（Stuffed Crust），讓它變得更超值。顧客的反應顯示，這樣做是正確的。顧客很享受在這檔促銷中獲得我們最奢華的披薩；這項促銷同時運用我們最美味的食物與廣受讚譽的價值主張，並強化「渴望更多」等策略支柱。

Our revised calendar for the second half brings a pizza innovation in Q3 that is unlike anything we've offered before at Domino's. Similar to the opportunity Stuffed Crust created by filling a gap in our menu offerings, we believe this new product will address an unmet consumer need, but this time, with a pizza that is unique to Domino's.

我們下半年修訂後的行事曆，將在第三季帶來一項披薩創新，這是 Domino's 以往從未推出過的。就像起司餡餅皮（Stuffed Crust）透過填補我們菜單供給的缺口所創造的機會一樣，我們相信這項新產品將滿足一項尚未被滿足的消費者需求；但這一次，將是一款 Domino's 獨有的披薩。

This signature product will give customers a delicious new reason to come to Domino's while protecting the core pizza occasions that have been key to our success. I will also tell you, it is my favorite pizza full stop and customers agree. It's one of the best tasting products we have ever tested. More to come later this quarter. As I finish up my last earnings call as CEO, I want to highlight why I remain so bullish on our business. Just like great pizza, the key to a great pizza company is its ingredients.

這款招牌產品將為顧客提供一個全新且美味的理由走進 Domino's，同時也能保護那些一直是我們成功關鍵的核心披薩消費情境。我也要告訴各位，這就是我最喜歡的披薩，毫無疑問，顧客也同意。這是我們測試過口味最好的產品之一。本季稍晚會有更多消息。在我作為執行長的最後一次財報電話會議結束前，我想強調我為何仍然對我們的業務非常看好。就像一份好披薩一樣，一家優秀披薩公司的關鍵在於它的「食材」。

The formula for success at Domino's remains the same. The only difference is our brand has never been stronger and our competition has never been weaker. We have the best ingredients in the business, both literally and figuratively, the scale, the team, the franchisees and an incredible new CEO Joe Jordan. In the QSR industry, just like orders count, the team counts. The achievements of the Domino's team have been incredible, and we are just getting started.

Domino's 的成功方程式依然不變。唯一的差別是，我們的品牌從未如此強大，而競爭對手從未如此疲弱。我們擁有業界最好的「食材」，無論是字面上或比喻上——規模、團隊、加盟主，以及一位令人驚豔的新任執行長 Joe Jordan。在 QSR 產業中，就像訂單數很重要一樣，團隊也很重要。Domino's 團隊的成就令人驚嘆，而我們才正要開始。

The global team and our best-in-class franchisees in over 90 markets around the world create the Domino's effect every single day. They are what makes us the number one pizza company on the planet, and they are hungry. Hungry for even more. I'll now hand the call over to Sandeep.

全球團隊與遍布全球 90 多個市場、同級最佳的加盟主，每一天都在創造「Domino's 效應」。他們讓我們成為地球上第一的披薩公司，而且他們充滿渴望。渴望更多。接下來我把電話交給 Sandeep。

Thank you, Russell. And once again, a huge congratulations to both you and Joe. It has been fantastic working and learning from Russell over the past four years as we welcome him to Domino's. Joe has been an incredible business partner for me. He has been just as welcoming and I've learned so much from him as well. I'm very much looking forward to continuing to work with Joe to drive our business.

謝謝你，Russell。也再次向你與 Joe 致上熱烈祝賀。過去四年能與 Russell 共事並向他學習非常棒，我們也很高興迎接他加入 Domino's。Joe 一直是我非常出色的業務夥伴。他同樣非常友善，我也從他身上學到很多。我非常期待能持續與 Joe 合作，推動我們的業務成長。

Now let's jump into the results. Income from operations increased 2.6% in Q2, excluding the impact of foreign currency and refranchising gains from the sale of certain US company-owned store markets in the second quarters of 2026 and 2025.

現在讓我們直接看業績。在第二季，營業利益成長 2.6%；此數字排除外幣影響，以及 2026 年與 2025 年第二季出售部分美國自營門市市場所帶來的再加盟（refranchising）處分利益影響。

This increase in operating income, which came in slightly below our expectations, was primarily driven by higher US and international franchise royalties and fees. It also benefited from gross margin dollar growth within supply chain that was fueled by our strong order count growth in the US.

這項營業利益的增加（略低於我們的預期）主要由美國與國際加盟權利金與費用的提升所帶動。同時也受惠於供應鏈毛利金額的成長，而這是由美國強勁的訂單數成長所推動。

These increases were partially offset by higher general and administrative expenses. G&A increased due to expenses related to our worldwide rally in the second quarter of 2026. The rally takes place every two years. Excluding the impact of foreign currency, global retail sales grew 3% in the quarter due to global net store growth of almost 1,000 stores over the past 12 months. In Q2, retail sales grew by 1.9% in the US, driven primarily by net store growth, inclusive of 26 net new stores in the quarter.

上述增幅部分被較高的一般及行政費用所抵銷。G&A 增加，主要因 2026 年第二季舉辦全球大會（worldwide rally）所產生的費用。該大會每兩年舉辦一次。排除外幣影響後，本季全球零售銷售額成長 3%，主要來自過去 12 個月全球淨增近 1,000 家門市。第二季，美國零售銷售額成長 1.9%，主要由淨增門市所帶動，本季淨增 26 家新店。

Same-store sales grew 0.1%. Our business continued to be impacted by a challenging macro environment, which is pressuring consumers as well as heightened competition. Our comp was comprised of a strong increase in order counts that drove the strength of our core business as well as continued growth in our aggregator business.

同店銷售成長 0.1%。我們的業務持續受到艱困的總體環境影響，對消費者造成壓力，同時競爭也更加激烈。我們的同店表現包含訂單數的大幅增加，帶動核心業務的強勁表現，以及聚合平台（aggregator）業務的持續成長。

This was offset by a lower average ticket. As Russell noted, our ticket was impacted by rolling over our launch of Stuffed Crust in the prior year, which carried a higher ticket and a mix of orders while we were on media with it. Our planned lap with the premium series and Slice Sauce resulted in a mix that was below our expectations. Pricing was up 0.2% in the quarter, and our carryout comp was up 1.1% and delivery was down 0.7%. I wanted to take a moment to share some color on the QSR pizza category through the first half of 2026.

但上述表現被較低的平均客單價所抵銷。如 Russell 所提到，我們的客單價受到前一年推出起司餡餅皮（Stuffed Crust）基期影響；當時該產品客單價較高，且在投放媒體期間帶動了訂單組合。我們原先規劃的高端系列（premium series）與 Slice Sauce 的基期比較，導致產品組合低於我們的預期。本季定價上升 0.2%；外帶同店成長 1.1%，外送則下滑 0.7%。我想花一點時間，分享 2026 年上半年 QSR 披薩品類的一些補充觀察。

The category continues to grow in line with our historical growth rate, and we continue to take share. Category growth this year is being driven by the dine-in channel as some pizza consumers are returning to pre-COVID habits of wanting a dine-in experience.

該品類仍以符合我們歷史成長率的速度持續成長，而我們也持續提升市占。今年的品類成長主要由內用通路帶動，因為部分披薩消費者正回到疫情前偏好內用體驗的習慣。

Independent QSR pizza restaurants have been the biggest beneficiary of this shift. Shifting to our international business, where retail sales grew 4.1%, excluding the impact of foreign currency in the quarter. This was primarily driven by net store growth over the last year, inclusive of 183 stores in Q2.

獨立 QSR 披薩餐廳是這波轉變的最大受益者。接著看國際業務，本季零售銷售額在排除外幣影響後成長 4.1%。這主要由過去一年淨增門市所帶動，其中第二季淨增 183 家門市。

Comp sales declined by 0.1% in the quarter as they continue to be impacted by Domino's Pizza Enterprises. They remain focused on turning their business around, and we continue to work closely with them on that. Comps were also impacted by macro and geopolitical uncertainty across the world in the quarter. Moving to capital allocation. Through Q2, we repurchased approximately 632,000 shares for a total of $231 million year-to-date.

本季國際同店銷售下滑 0.1%，持續受到 Domino's Pizza Enterprises 的影響。他們仍專注於扭轉其業務表現，我們也持續與他們密切合作。本季同店也受到全球總體與地緣政治不確定性的影響。接著談資本配置。截至第二季，我們今年迄今已回購約 632,000 股，年初至今合計金額為 2.31 億美元。

As of the end of the quarter, we had approximately $1.23 billion remaining on our share repurchase authorization. We continue to expect to deliver meaningful cash to shareholders in 2026 and beyond, in line with our capital allocation priorities, and we look to drive the best possible returns for our shareholders.

截至季末，我們在股票回購授權額度下尚餘約 12.3 億美元。我們仍預期將依循資本配置優先順序，在 2026 年及其後持續向股東提供可觀的現金回饋，並致力為股東創造最佳可能的報酬。

Now turning to our updated outlook for 2026, which excludes the impact of the 53 week. First, US same-store sales. We continue to expect our US comp to be up low single digits. This contemplates the continuation of a challenging macro and competitive environment like we have seen in the first half of the year. We continue to expect our international same-store sales growth to be up low single digits, inclusive of the benefit of the World Cup soccer tournament that just concluded.

接著說明我們對 2026 年更新後的展望（不含第 53 週的影響）。首先是美國同店銷售。我們仍預期美國同店將呈現低個位數成長。此預期反映了如同上半年所見，艱困的總體與競爭環境將持續。我們也仍預期國際同店銷售成長為低個位數，並包含剛結束的世界盃足球賽所帶來的助益。

We now expect approximately 175 net stores in the US, which is a slight shift from the 175-plus we had previously. We are making this adjustment as we are seeing some pressure on our pipeline due to the macro, coupled with the challenging start to the year that has impacted franchisee profitability. We continue to expect approximately 800 net stores in our international business. We continue to expect our global retail sales growth to be up mid-single digits for the year.

我們目前預期美國約為175家淨新增門市，較先前預期的175家以上略有調整。我們之所以做出此調整，是因為在宏觀環境影響下，我們的展店管線正承受一些壓力，再加上年初的艱難開局已影響加盟商獲利能力。我們仍預期國際業務約為800家淨新增門市。我們仍預期今年全球零售銷售成長將為中個位數百分比。

Lastly, we continue to expect operating income growth of mid- to high single digits, excluding the impact of foreign currency, refranchising gains and the gain on the sale of our corporate aircraft. Before I wrap up, I wanted to call your attention to an investor presentation that we've added to our IR website. This deck gives a summary of our business and historical growth over time across our key Hungry for MORE metrics. It also includes updated market share information through December 2025 that is broken down by nationals, regionals and independents.

最後，我們仍預期在排除外匯、再加盟（refranchising）收益以及出售公司專機的處分利益影響後，營業利益成長將為中到高個位數百分比。在我結束之前，我想提醒各位注意：我們在投資人關係（IR）網站新增了一份投資人簡報。這份簡報彙總了我們的業務概況，以及隨時間推進、在關鍵「Hungry for MORE」指標上的歷史成長表現。其中也包含截至2025年12月的最新市占資訊，並按全國型、區域型與獨立業者進行拆分。

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

謝謝。我們現在開放提問。

(Operator Instructions)

（接線員指示）

David Palmer, Evercore ISI.

David Palmer，Evercore ISI。

Thanks for those comments. Russell, if you could maybe take a step back and maybe sort of label the biggest challenges and opportunities maybe by the parts of the business as you see fit. I can think about the innovation front, the value lift front, the channel expansion, you're doing very well with carryout. There's been more like low single digits there.

謝謝這些評論。Russell，如果你能稍微退一步，依你認為合適的業務面向，概括標示一下最大的挑戰與機會。我想到的包括創新面、價值提升面、通路擴張；你們在外帶（carryout）做得非常好。那邊的成長更像是低個位數。

There's a third-party marketing lift. You have the DomOS and new versions of the app. If you had to kind of go through these areas, your own execution versus the environment, where do you think has been the biggest sort of disappointment versus plan -- and how much is under execution? And how does that inform the biggest near- and medium-term opportunities?

還有第三方平台帶來的行銷拉抬。你們有DomOS以及新版App。如果要逐一檢視這些領域，在你們自身執行與外部環境之間，你認為相較於計畫最大的落差／失望出現在哪裡——其中有多少是執行層面的因素？而這又如何指引近期與中期最大的機會？

Thanks, David. What I've always been proud of working here at Domino's is we turn our challenges into opportunities. And so one of the things I'm really looking forward to, when you're in these jobs, all you can do is lean forward and give it everything that you can. And then there's the time to look back. And I look forward to doing that with Joe on what our strengths have been, what our opportunities are and then in my new role, helping him as he plans the vision moving forward. So I'm not going to go through detail by detail.

謝謝你，David。我一直以在達美樂工作為榮的一點是：我們會把挑戰轉化為機會。所以我非常期待的一件事是，當你在這些職位上，你能做的就是向前傾、全力以赴。然後才會有回頭檢視的時刻。我期待能和Joe一起回顧我們的優勢是什麼、機會在哪裡，並在我新的角色中，在他規劃未來願景時提供協助。所以我不會逐項細談。

I will say one of my sayings throughout my career has been there's no rearview mirror in a 747. We are going forward quickly. We're going to learn. We're going to make those adjustments. And I have all the faith in the world on -- with Joe and the team. I will specifically, though, talk about this product that we have coming up, David.

我職涯中常說的一句話是：747沒有後視鏡。我們會快速向前。我們會學習。我們會做出那些調整。我對Joe和團隊充滿信心。不過，David，我會特別談談我們即將推出的這項產品。

One of the things that we did here was we looked at some of the challenges within not only Domino's, but within pizza. And we looked at what do consumers who are interested in pizza, what do they buy when they don't buy pizza. And that's what this new product does. It's going to hit an occasion. I don't think we, as a pizza category, hit that well today. And so that's an opportunity that I'm really looking forward to hitting market in Q3.

我們在這裡做的一件事，是檢視不僅是達美樂、也包括披薩品類內的一些挑戰。我們也研究：對披薩有興趣的消費者，在不買披薩時會買什麼。而這就是這個新產品要做的事。它將切入一個消費情境。我認為我們作為披薩品類，目前並沒有很好地滿足那個情境。因此，這是一個我非常期待在第三季（Q3）推向市場的機會。

Brian Bittner, Oppenheimer.

Brian Bittner，Oppenheimer。

Russell, as you move into this Executive Chair role, just a huge congratulations on such an amazing career at Domino's. And Joe, of course, congratulations on the big CEO promotion. And the question is just in light of the meaningful order count growth that you're alluding to, it begs the question, are you still seeing the short-term competitive pressures on the business that you called out specifically on the last quarter's earnings call?

Russell，當你轉任執行董事長（Executive Chair）這個角色時，恭喜你在達美樂締造了如此精彩的職涯。當然也恭喜Joe升任CEO。我的問題是：鑑於你們提到的顯著訂單量成長，這讓人想問，你們是否仍看到你們在上一季財報電話會議中特別提到的、短期競爭壓力對業務的影響？

On this earnings call, you said that your competition has never been weaker. And I'm assuming that's more of a consistent structural view that you have. So I'm curious if you're starting to see some of those competitive pressures that you called out on the last call start to dissipate? Or if you could just unpack that dynamic for us?

在這次財報電話會議上，你說競爭對手從未如此疲弱。我猜這更像是你們一貫的結構性觀點。所以我想了解：你們是否開始看到上次電話會議提到的那些競爭壓力正在消退？或者你能否為我們拆解一下這個動態？

Yes, sure, Brian. Thanks so much. It's been a pleasure to work with you as well. The competitive pressures, not only in pizza and QSR continued through the quarter. We expect them to continue through the rest of the year. I talked about in Q1, what we saw competitively, what we anticipated for the rest of the year, and I said that we would be looking at our calendar and making changes, and we have.

好的，當然可以，Brian。非常感謝。也很高興能與你合作。本季競爭壓力不僅在披薩品類，在速食餐飲（QSR）也持續存在。我們預期這些壓力會延續到今年剩餘時間。我在第一季（Q1）談到我們在競爭面看到的情況、以及對今年其餘時間的預期，並表示我們會檢視行銷檔期並做出調整，而我們也確實做了。

We looked at our Best Deal Ever, which was a renowned value promotion for us, and we made a change on that. We said, hey, how do we make it better? And so we added our -- one of our most delicious indulgent pizzas with Stuffed Crust into that. And so I think what we did was we looked at what was going on in the category, and we said, you know what, everyone is leaning in we need something in as well. And so you saw that with Best Deal Ever, and you're going to see that with stuff going on in Q3 and Q4.

我們檢視了「Best Deal Ever」，那是我們非常知名的超值促銷活動，並對其做了調整。我們問自己：嘿，我們要怎麼把它做得更好？因此我們把——我們最美味、最具享受感的披薩之一：起司夾心餅皮（Stuffed Crust）加入其中。我認為我們做的是：看了品類裡正在發生的事，然後說，你知道嗎，大家都在加大力道，我們也需要有所投入。所以你在「Best Deal Ever」上看到了這點，而你也會在第三季和第四季（Q3與Q4）的相關動作中看到。

And when I talk about the competition, I'm also talking about relative to us, I've been here, as you know, 18 years. We weren't always the number one pizza brand. And now as we are, the distance between us and our competition is greater than it's ever been. And so when I think about -- not I think, I know what wins in this category, right? It's scale because what you can do is through supply chain, offer low market basket cost to your franchisees.

而當我談到競爭時，我也在談相對於我們自身的競爭態勢——如你所知，我在這裡已經18年了。我們並非一直都是第一大披薩品牌。但現在我們是，而我們與競爭對手之間的差距，比以往任何時候都更大。所以當我思考——其實不是思考，我很清楚在這個品類裡什麼會贏，對吧？是規模，因為你可以透過供應鏈，為加盟商提供較低的平均客單成本（market basket cost）。

Then you can drive volume if you have the biggest ad budget in the industry, which we do. And scale wins. And we've never had a greater scale. And relative to our competition, they've never had less scale and momentum. And so those two things add up well for us to continue to drive share as we have over the last decade plus.

接著，如果你擁有業界最大的廣告預算——我們確實如此——你就能帶動銷量。規模會贏。而我們的規模從未如此之大。相較之下，我們的競爭對手從未如此缺乏規模與動能。因此，這兩點加總起來，對我們非常有利，讓我們能像過去十多年一樣持續推動市占成長。

Gregory Francfort, Guggenheim.

Gregory Francfort，Guggenheim。

I just wanted to ask about third-party. Russell, I think you made a comment that you were the largest pizza player on third party now. And I guess as you think about trying to drive the business higher or continue to grow going forward, how do you balance profitability with market share in that channel? And are you trying to hold kind of gross profit dollars similar to your in-store business? And are you willing to maybe discount a little more aggressively? Just any thoughts on continuing to drive that business going forward?

我想問一下第三方平台。Russell，我記得你提到你們現在是第三方平台上最大的披薩業者。那麼當你們思考要把業務做得更大、或在未來持續成長時，你們如何在該通路中平衡獲利能力與市占？你們是否希望維持與門市內（in-store）業務相近的毛利金額（gross profit dollars）？你們是否願意採取更積極一些的折扣？關於未來如何持續推動這塊業務，有沒有任何想法可以分享？

Yes. Thanks, Greg. Yes, on third party, just to be clear, we believe we're now the number one pizza company on both Uber and DoorDash. Overall, as we've talked about, our pricing on aggregators is premium. And so we try to be kind of profit neutral for the franchisees. So even though -- and we still think the 50% incrementality number we put out there is still the one to look at. Really, at the end of the day, the way we priced the franchisees should be neutral where consumers buy that product.

是的。謝謝，Greg。是的，關於第三方平台，為了說清楚，我們相信我們現在在 Uber 和 DoorDash 兩個平台上都是第一大披薩公司。整體而言，正如我們談過的，我們在聚合平台上的定價是偏高端（premium）的。因此我們會盡量讓加盟店在利潤上大致中性。所以即使——而且我們仍然認為我們之前提出的 50% 增量（incrementality）數字仍然是值得關注的指標。歸根結底，我們對加盟店的定價方式應該是中性的，讓消費者購買該產品。

What I do want to talk about, that I'm really excited about that -- actually pertains to third party is something under our operational excellence pillar. We've talked a little bit about our orchestration agent. And just to remind those on the call, what we're doing is we're setting up our back-of-house to optimize to make sure that I use this term just-in-time pizza making, that we've got the pizza right out of the oven and in the delivery driver's hands or in a consumer's hands as quickly as possible.

我確實想談一件我非常興奮的事——其實也與第三方平台有關——這是我們「營運卓越」支柱下的一項內容。我們稍微談過我們的協調代理（orchestration agent）。提醒一下線上的各位，我們正在做的是建立後場（back-of-house）以進行最佳化，確保——我用這個詞——即時（just-in-time）的披薩製作，讓披薩一出爐就能盡快交到外送司機手上或消費者手上。

And so what the orchestration agent does, let's say, for example, a delivery driver is stuck in traffic on his way back, an order comes in, the past, we would have just made that order. Now the orchestration agent without the store kind of seeing, will say, hey, you know what, let's not show the store that order yet because we don't need to make it. We need to make it so it's hot when the delivery driver gets back. Now Greg, those orders, that's orchestration agent that works not only for orders on Domino's website, but also orders through the aggregator.

因此協調代理的作用是，舉例來說，若外送司機回程途中塞在路上，有一筆訂單進來，以前我們就會直接做那筆訂單。現在協調代理在門店不需要看到的情況下，會說：嘿，你知道嗎，我們先不要把那筆訂單顯示給門店，因為我們還不需要開始製作。我們要在外送司機回來時再做，確保披薩是熱的。Greg，這些訂單——這個協調代理不只適用於 Domino's 官網的訂單，也適用於透過聚合平台下的訂單。

And so I think when you look at what our advantages are on aggregators, certainly, we've got the same thing that wins in every marketplace. We've got brand scale. We've got value. But one of the secret ingredients for us is we deliver our product no matter where the order comes, and it's part of this ecosystem that we're getting better and better in every day.

所以我認為，當你看我們在聚合平台上的優勢時，當然，我們具備在每個市場都能勝出的同樣要素。我們有品牌規模。我們有價值（value）。但對我們而言，其中一個秘密武器是：不論訂單從哪裡來，我們都能把產品送達，而這也是我們這個生態系的一部分，而且我們每天都在變得更好。

So I think not only in the front end that we're going to be delivering great value, but that value is going to pay off on the back end because there's no one who's going to be able to deliver a hotter product than we will.

所以我認為，不僅在前端我們會提供很高的價值，這個價值也會在後端得到回報，因為沒有人能比我們送出更熱的產品。

And Greg, I just want to add something on the profitability that we're actually seeing on the aggregator orders. We've been very, very thoughtful about the way we're actually going after the growth opportunity. As Russell mentioned, where we're not getting our fair share from a growth perspective, there's plenty of runway still for us, even though we're the number one player.

Greg，我還想補充一下我們在聚合平台訂單上實際看到的獲利情況。我們在把握成長機會的方式上一直非常、非常審慎。如 Russell 提到的，在成長面我們還沒有拿到應有的份額之處，即使我們是第一名，對我們而言仍然有很長的跑道（runway）。

But the reason we are actually being so careful is because we want to protect profitability as we go after this growth. And that's going to be a guiding philosophy that we're going to employ as a management team as we move forward. But the runway is there. The profitable growth is there. And this is one more lever to actually drive franchisee profitability.

但我們之所以如此謹慎，是因為我們希望在追求成長的同時保護獲利能力。這將是我們管理團隊未來推進時會採用的指導理念。但跑道就在那裡。可獲利的成長也就在那裡。而這也是另一個槓桿，用來實際提升加盟店的獲利能力。

David Tarantino, Baird.

David Tarantino，Baird。

Russell and Joe, congratulations from me as well. My question is maybe on the US comps performance in the second quarter. And you mentioned, I think, meaningful order count growth offset by ticket declines. I was hoping maybe you could give us a sense of the magnitude of the up and down around the order counts and the ticket growth.

Russell 和 Joe，我也向你們表示祝賀。我的問題可能是關於第二季美國同店（comps）表現。你們提到，我想是訂單量有顯著成長，但被客單價下滑所抵銷。我希望你們能讓我們大概了解一下訂單量成長與客單價變動的幅度大概各是多少。

I appreciate that you don't want to give the exact number, but perhaps something directionally like was it better in Q2 than Q1 on order count growth or something like that? And then I guess on the order counts specifically, just wondering your thoughts on what drove that specifically in the second quarter and how sustainable that might be for the second half of the year?

我理解你們不想給出精確數字，但或許可以方向性地說，例如第二季的訂單量成長是否比第一季更好之類的？另外就訂單量本身而言，我想請教你們認為第二季具體是什麼因素帶動了訂單量，以及這種動能在下半年可能有多可持續？

David, thanks for the question. And let me actually give you just a high-level overview of how the quarter worked out. From an order count perspective, not only was it meaningful order count growth, but it actually met our expectations. It did exactly what we were planning to do. The challenge we really had was on ticket, as Russell mentioned in the prepared remarks, and I did too, where I think the premium series that was intended to lap the Parmesan Stuffed Crust from last year didn't give us the results that we needed.

David，謝謝你的問題。我先給你一個關於本季表現的高層次概述。從訂單量角度來看，不僅是顯著的訂單量成長，而且其實符合我們的預期。它完全達成了我們原本的規劃。我們真正遇到的挑戰是在客單價（ticket）上，正如 Russell 在事先準備的講稿中提到的，我也提到了：我認為原本用來銜接（lap）去年帕瑪森起司夾心餅皮（Parmesan Stuffed Crust）的高端系列（premium series），沒有帶來我們需要的結果。

And I think that's why we had a bit of a shortfall on ticket and same-store sales fell below our expectations. But from what our plans are, I think this is a very sustainable opportunity from an order count growth perspective because it ties into what we're doing with renowned value, whether it's some of the promotions that we actually have had in the first half of the year or what we're running right now with Best Deal Ever.

我想這就是為什麼我們在客單價上出現一些缺口，導致同店銷售低於我們的預期。但就我們的規劃而言，我認為從訂單量成長的角度看，這是一個非常可持續的機會，因為它與我們在「著名價值」（renowned value）上的作為相連結，不論是我們在上半年推出的一些促銷，或是我們現在正在推的「Best Deal Ever」。

And in addition to that, aggregators will continue to be a growth driver, and that should be driving more and more occasions. So we are really confident in our ability to drive order count growth as we move into the rest of the year as well.

此外，聚合平台也將持續成為成長驅動因素，並且應該會帶來越來越多的消費情境（occasions）。因此，我們對於在今年剩餘時間持續推動訂單量成長的能力非常有信心。

Yes. Maybe just to add some color to that. I was putting Sandeep on the spot. I knew he wasn't going to give you the actual numbers. But just to shed a little light -- when you think about the way we run our business, it's kind of like a barbell on order count and ticket. And not only were orders meaningfully up on the total business, but they also were on delivery and carryout separately. And I think that's really important.

是的。我也許再補充一些背景。我剛剛是在讓 Sandeep 有點為難。我知道他不會給你實際數字。但稍微說明一下——當你想到我們經營業務的方式，它有點像在訂單量與客單價之間做「槓鈴式」（barbell）的配置。不僅整體業務的訂單顯著上升，外送與外帶兩個部分也都是如此。我認為這點非常重要。

So both parts of the business are healthy. Now when that happens, you drive market share. I talked about that. I want to make sure I reiterate this point that we believe the QSR industry was flat on order counts. And so this is significant not only in absolute, but relative to what's going on in the industry where you see a lot of folks out there trying to drive value, trying to drive orders. And these are profitable orders that go into our loyalty program. So we've got millions of more people now as part of our loyalty program in that flywheel.

所以業務的兩個部分都很健康。當這種情況發生時，你就能提升市占率。我談過這點。我想再次強調：我們相信 QSR 產業的訂單量是持平的。因此，這不僅在絕對值上很顯著，相對於產業現況也很顯著——你會看到很多同業都在努力推動價值、推動訂單。而這些是能帶來獲利的訂單，並且會進入我們的會員忠誠計畫。所以現在有數百萬更多的人加入了我們忠誠計畫的飛輪（flywheel）。

And that's why order counts are so important, and that's why they're so correlated with franchisee profitability is once we get them in the flywheel, that's what the future is all about. On the ticket thing, David, what I'd say there is that one was under our control. If we executed the way we intended to and we rarely miss, we would have had that balance. So there's nothing within the business that I think permanently is affecting that. We're going to barbell balance ticket and order count moving forward, and that's going to continue to result in share growth.

這就是為什麼訂單量如此重要，也就是為什麼它與加盟店獲利能力高度相關：一旦我們把他們納入飛輪，未來就靠這個了。至於客單價這件事，David，我想說的是那部分是在我們可控範圍內。如果我們按原本意圖去執行——而我們很少失手——我們本來會達到那個平衡。所以我不認為業務中有任何因素會永久性地影響它。接下來我們會持續以槓鈴式平衡客單價與訂單量，而這也將持續帶來市占成長。

Danilo Gargiulo, Berenstein.

Danilo Gargiulo，Berenstein。

Again, Russell, huge congratulations on the incredible success you've had at Domino's, the big impact you had over your career and congrats and good luck to you, Joe, on your new role. I guess my question is, obviously, you tested the new premium series before opening up to the market and it fell short of your expectations. So I'm wondering if you can elaborate on what drove the disconnect between your testing and the actual results? And what learnings are you embedding to make sure that the new pizza that you're going to be launching later this quarter is not going to fall short of your expectations?

再次恭喜你，Russell，祝賀你在 Domino's 取得令人難以置信的成功、在職涯中帶來巨大的影響；也恭喜並祝你好運，Joe，祝你在新職務上一切順利。我想我的問題是，很明顯你們在向市場全面推出之前測試了新的高端系列，但結果未達你們的預期。所以我想請你們進一步說明，是什麼原因導致測試結果與實際表現之間出現落差？以及你們吸取了哪些教訓並將其納入，來確保你們將在本季稍晚推出的新披薩不會再次低於預期？

Yes. Thanks, Danilo. We've been, as you said, pretty good, at least over the last 18 years that I've been here in what I call is having the answers to the test before we go into the test. Whether it's pricing or new products, doing a really good job at understanding the impact of what we do.

是的。謝謝你，Danilo。正如你所說，至少在我在這裡的過去 18 年裡，我們一直做得相當不錯；我把這稱為在進入測試之前就先把答案準備好。不論是定價或新產品，我們都非常擅長理解我們所做之事會帶來的影響。

Clearly, we missed on this one. It wasn't compelling enough. I think I said in my opening remarks that I really felt like our messaging is back to where it needs to be. And that is not only for what's on air now, but for what's going on with this new product coming up. So stay tuned. We're very, very excited, and I can't wait for you to try it.

很明顯，這次我們失準了。它不夠有吸引力。我想我在開場致詞中提到，我確實覺得我們的訊息傳達已回到應有的水準。而這不僅適用於目前正在播出的內容，也適用於接下來這款新產品的推廣。所以敬請期待。我們非常、非常興奮，我也迫不及待想讓你試試看。

Dennis Geiger, UBS.

Dennis Geiger，瑞銀（UBS）。

Congrats, Russell and Joe. I wanted to ask another one on the order count and mix dynamic. Specific to the order count, Russell, you commented on adding millions of new customers. I'm curious if there's any way to put that into context relative to prior quarters. And presumably, some of that's a good chunk is coming from the third-party channel. Anywhere else where you think those new customers are coming from?

恭喜你，Russell 和 Joe。我想再問一個關於訂單數與組合（mix）變化的問題。就訂單數而言，Russell，你提到新增了數百萬名新客戶。我想知道是否有辦法把這個數字放在相較於前幾季的脈絡中來看。而且推測其中相當一部分應該來自第三方通路。你們還認為這些新客戶可能來自哪些其他來源？

And then just as it relates to the mix side of that, just curious, as you think about Best Deal Ever with Stuffed there, is that something that has a notable drag on mix? Or have you kind of engineered it or figured it out that it's not a notable ticket drag?

另外就組合面來看，我也好奇，當你們把夾餡（Stuffed）納入 Best Deal Ever 時，這是否會對組合造成明顯的拖累？或者你們是否已經把它設計／調整到不會對客單價造成明顯的下拉？

So Dennis, I'll start and maybe Russell will tag team on this one as well. I think on the order count front, it's really a consequence of all the great stuff we talked about during the Investor Day when you think about the loyalty program that we launched just before Investor Day, we have continued to build significant numbers into the loyalty program. And as of the end of '25, we were up 20% from what we were before launching it. And I think we're really excited about the frequency build that come behind customers acquired through the loyalty program, and that is a big driver of our order count.

Dennis，我先回答，Russell 也許也會接著補充。我認為在訂單數方面，這其實是我們在投資人日所談到的所有好進展的結果；例如我們在投資人日之前推出的會員忠誠計畫（loyalty program），之後我們持續讓該計畫的規模顯著成長。截至 2025 年底，相較於推出前我們成長了 20%。而我們對於透過忠誠計畫取得的客戶，後續帶來的消費頻次提升感到非常興奮，這也是推動我們訂單數的重要因素。

And that's on the one hand. On the other hand, the other part that we talked about on the Investor Day was the entry into the aggregator channel. And the beautiful thing with 50% incrementality is we are acquiring more customers that we wouldn't have been able to acquire otherwise by being on the aggregator channel. And this continues to build, and this also continues to compound over time as we spend more time on platform. We're seeing this in the case of Uber, and we expect to see this in the case of DoorDash over time as well.

這是一方面。另一方面，我們在投資人日也談到的另一個部分，是進入聚合平台通路（aggregator channel）。而 50% 的增量（incrementality）這點很棒，因為透過上架聚合平台通路，我們正在取得更多原本無法取得的客戶。這個效應仍在持續累積，也會隨著我們在平台上經營時間拉長而持續複利成長。我們在 Uber 的案例中已看到這點，也預期隨著時間推進，在 DoorDash 的案例中也會看到同樣情況。

And that's why we're so bullish on the future with the aggregator platform as we move forward. And then I think on the mix dynamics, we touched on this a little bit in the prepared remarks as well, where, yes, we did have an impact on ticket during the second quarter because the premium series didn't give us the mix that we were looking for. But as we also noted, as we moved into the third quarter of last year, a few weeks into it, the messaging changed from Parmesan Stuffed Crust to our next promotion, which happened to be Best Deal Ever.

這也是為什麼我們對聚合平台通路的未來進展非常樂觀。至於組合動態，我們在事先準備的講稿中也稍微提到：是的，第二季客單價確實受到影響，因為高端系列沒有帶來我們期待的產品組合。但如同我們也提到的，進入去年第三季後的幾週，訊息主軸就從「帕瑪森起司夾餡餅皮（Parmesan Stuffed Crust）」轉為下一檔促銷，而那檔剛好就是 Best Deal Ever。

And now we're actually lapping Best Deal Ever with Best Deal Ever. And we're super excited about the reinvention that we've done with the inclusion of Parmesan Stuffed Crust in the Best Deal Ever offer and really excited and confident that this is going to be an important order count driver in addition to the fact that the mix impact on the ticket is much more modest in Q3 because we pretty much have already lapped that.

而現在我們其實是在用 Best Deal Ever 去對比（lap）去年同樣的 Best Deal Ever。我們對於這次重新改造、把帕瑪森起司夾餡餅皮納入 Best Deal Ever 優惠感到非常興奮，也很有信心：這將成為重要的訂單數驅動因素；此外，由於我們基本上已經完成對比基期（pretty much have already lapped that），因此第三季對客單價的組合影響會溫和得多。

And I also think about this as almost -- we use this term paid trial. By putting Parmesan Stuffed Crust in Best Deal Ever, yes, it's a discount for customers, but they're still paying a good fee for it. And that trial will lead to long-term repeat. So putting Parm Stuffed Crust in Best Deal Ever was really important because we know when people try it, they'll come back again and again. And so that's happening right now with Best Deal Ever.

我也把這幾乎視為——我們會用「付費試吃（paid trial）」這個詞。把帕瑪森起司夾餡餅皮放進 Best Deal Ever，對顧客而言確實是折扣，但他們仍然會為此支付不錯的費用。而這樣的試用會帶來長期的回購。所以把帕瑪森起司夾餡餅皮放進 Best Deal Ever 非常重要，因為我們知道人們一旦嘗試，就會一次又一次回來。因此，這件事現在正透過 Best Deal Ever 發生中。

Lauren Silberman, Deutsche Bank.

Lauren Silberman，德意志銀行（Deutsche Bank）。

Congrats, Russell and Joe. I guess, first, I just want to clarify my question, the clarifications on same-store sales. Is it fair to assume 2Q comps are the lowest for the year, just given the comments that average check just gets better and it sounds like momentum on the order count continues. And then my actual question is just on US unit growth.

恭喜你，Russell 和 Joe。我想先釐清一下我對同店銷售（same-store sales）的問題。考量你們提到平均客單價會改善，而且聽起來訂單數的動能仍在延續，是否可以合理假設第二季的同店比較（2Q comps）會是全年最低？然後我真正的問題是關於美國的門市淨增（US unit growth）。

So trimmed it slightly. You called out franchisee profitability. I know a lot of development would have been in place in '26. So I guess what does that mean for '27? And just given peak industry pressures, is this a little bit of rebalancing across same-store sales and unit growth? Anything you'd consider differently to sort of incentivize unit growth?

你們把目標稍微下修。你們提到加盟商獲利能力（franchisee profitability）。我知道很多展店開發原本會在 2026 年就已安排到位。所以這對 2027 年意味著什麼？另外，在產業壓力達到高峰的情況下，這是否有點像是在同店銷售與門市成長之間重新平衡？你們是否會考慮用不同方式來激勵門市成長？

So Lauren, let me start with the same-store sales projections. And look, I mean, we didn't change the guidance for the full year from up low single digits. And I think we're sticking to that. And I think based on how we updated last quarter, we weren't really going to talk to a cadence during the course of the year, where we're happy with the order count growth in the second quarter, but not happy with the ticket outcome that we got.

Lauren，我先從同店銷售的展望開始。你看，我們沒有改變全年指引，仍是低個位數成長（up low single digits）。我想我們會維持這個看法。而且根據我們上季更新時的說法，我們不太會在一年當中去談每一季的節奏；我們對第二季訂單數成長感到滿意，但對我們拿到的客單價結果不滿意。

And I think as we move into the back half of the year, we're looking to -- fix both sides of it. And so we're very confident in our guide of low single digits. So when it comes to the unit growth, and I think we touched on that specifically, and you did catch that we made a modification to it. When we actually have looked at the last few months and some of the headwinds that we've been seeing broadly in the environment, the pipeline has started to see some pressure.

我認為隨著我們進入下半年，我們希望——把兩個面向都修正好。因此我們對低個位數成長的指引非常有信心。至於門市成長，我想我們也有特別提到，而你也注意到我們做了調整。當我們回頭看過去幾個月，以及我們在整體環境中廣泛看到的一些逆風時，展店管線（pipeline）已開始感受到一些壓力。

And I think this happens sometimes when there's a bit of pressure on franchisee profitability. And so while order counts have been great, unfortunately, in the short term, when we don't execute both sides of our barbell strategy, with the ticket actually not achieving the objectives that it was intended to achieve, that had a short-term impact on franchisee profitability. We know exactly what the problem is.

我認為這種情況有時會在加盟商獲利能力承受一些壓力時發生。因此，雖然訂單量表現一直很強，但遺憾的是，短期內當我們沒有把槓鈴策略的兩端都執行到位、且客單價實際上未達成其原本設定的目標時，這就對加盟商獲利能力造成了短期影響。我們非常清楚問題出在哪裡。

We're fixing it in the back half of the year. So we're pretty confident that we'll actually get back on track over time. But I think in the short term, because of the window that we're in halfway through the year, we are seeing a little bit of that pressure, which we are sure will actually take care of itself over time. Too early to talk about 2027. We'll come back once we do our budgets for the year by the end of the year, and we'll talk about it more when we report Q4.

我們會在下半年把它修正到位。所以我們相當有信心，隨著時間推進，我們會回到正軌。但我認為短期內，因為我們正處於年中這個時間窗口，確實看到一些壓力；我們也確信，隨著時間推移，這些問題會自行得到解決。現在談2027年還太早。等到年底我們完成年度預算後會再回來更新，並在我們公布第四季業績時再多談一些。

Yes, I think I'd be remiss on my last call not to address the second part of your question, which is pizza industry pressures. That one I just -- I'd love to put into context, again, for as long as I've been here, the pizza industry has grown 1% to 2%. We can continue to take share. And I guess rather than just reiterate that statement, I take a step back and say, certainly, is this -- is pizza a mature category? Yes. Is our sandwiches and burgers mature categories? Also, yes.

是的，我如果在最後一次電話會議上不回應你問題的第二部分——也就是披薩產業的壓力——那就失職了。這一點我想再次放到脈絡中來看：就我在這裡的這段時間，披薩產業的成長一直是1%到2%。我們仍然可以持續取得市占。與其只是重複那句話，我退一步說：當然，披薩是不是一個成熟品類？是。那我們的三明治與漢堡是不是成熟品類？同樣也是。

And I think pizza did relatively well to both those categories last year. The difference between pizza and the leaders in those categories is we have about half the share as the leader in burger has of their category. So I think the proof is in the pudding. And if the category continues to grow the way it has, the upside from us -- for us just to get what a number one share should be of a category that grows pretty similar to those other categories, there's a lot of upside for us, and its upside that we've shown we've hit over the last decade plus.

而我認為去年披薩相對於那兩個品類表現得還不錯。披薩與那些品類領導者的差異在於：我們在披薩品類的市占，大約只有漢堡品類領導者在其品類市占的一半。所以我認為成果最能說明一切。如果品類持續以過去的方式成長，那麼對我們而言，僅僅是把市占提升到一個品類第一名理應具備的水準——而且該品類的成長率與其他品類相當——我們就有很大的上行空間；而這個上行空間，我們在過去十多年已經證明我們做得到。

John Ivankoe, JP Morgan.

John Ivankoe，摩根大通。

First, a comment, and obviously, I don't know if it's the product, but the Italiano that you have in the UK is my single favorite large brand pizza I've ever had. So we have an opportunity to bring that to the US I'd be very happy about it. So -- just a comment on that. Hopefully, I landed okay. And then secondly, when I do think about unit development, obviously, to follow-up to Lauren's question but asking in a different way, a little bit of a tweak down in '26, it does seem like, at least from what I'm interpreting, '27, has an opportunity to perhaps be a little bit less.

首先一個評論，當然我不確定是不是產品本身的原因，但你們在英國的 Italiano 是我吃過最喜歡的大型品牌披薩。所以如果有機會把它帶到美國，我會非常開心。所以——只是對此做個評論。希望我這樣說還算得體。第二，當我思考門店開發時，顯然是延續Lauren的問題、但換個角度問：2026年略微下修，看起來——至少依我解讀——2027年可能也有機會再少一點。

My experience is that one of the easiest ways really to drive same unit economics is to focus on what's already open as opposed to what would open in the future. And Domino's as a brand in the US has closed nearly nothing in the past, in my experience covering the company since 2004 has closed nearly nothing.

以我的經驗，要提升同店經濟效益最容易的方法之一，確實是把重點放在已經開業的門店，而不是未來要開的門店。而以我自2004年開始追蹤這家公司以來的經驗，多米諾在美國作為一個品牌，幾乎沒有關店。

So do you have an opportunity to maybe remap some of the US and just kind of think, okay, what's the best way to optimize same unit profitability and not just maybe rethink of what was previously planned to be open, but maybe in some cases, actually consolidate some stores that perhaps we could have over split certain markets in order to enhance same unit profitability.

所以你們是否有機會重新規劃美國的版圖，並思考：要如何最佳化同店獲利能力？不只是重新思考先前規劃要開的店，甚至在某些情況下，實際上整併一些門店——可能我們在某些市場切得太細——以提升同店獲利能力。

So how are we thinking about kind of remapping the US businesses? I think we have an opportunity and maybe rethink some things.

那我們是如何思考重新規劃美國業務版圖的？我認為我們有機會，也許可以重新思考一些事情。

Thanks, John. And if we could get it to you in 30 minutes, over the pond, we would, but even the new orchestration agent can't do that. But I agree it's a very, very good product. What I'd say is the -- I'm not sure I agree with the thesis that we should be remapping our stores. What we did this last quarter and last couple of quarters is we grew order count.

謝謝你，John。如果我們能在30分鐘內把它送到你那邊、跨過大西洋，我們當然願意，但就算是新的編排代理（orchestration agent）也做不到。不過我同意，那確實是一個非常、非常好的產品。我想說的是——我不確定我同意我們應該重新劃分門店版圖這個論點。我們在本季以及前幾季所做的，是提升訂單量。

Growing order count leads to more store growth. And so as you said, it's -- there was not -- I think we had like six, seven stores closed over the last couple of years in the US. And so there's really no need to redraw anything. I think there's a need -- there's an ability to open up more stores and more stores gets driven by more orders.

訂單量成長會帶動更多的開店成長。所以如你所說——過去幾年在美國，我想我們大概只關了六、七家店。因此其實沒有必要重新畫任何版圖。我認為需要的是——我們有能力開更多店，而更多開店是由更多訂單所驅動的。

So what you've seen here in the quarter, franchisee profitability is the other piece of it. But more orders, that's key to future store growth. And so I'm bullish at that part, that outcome in the quarter and its effect on long-term store growth.

所以你在本季看到的，加盟商獲利能力是另一塊。但更多訂單才是關鍵，這是未來門店成長的關鍵。因此我對這一點很樂觀：本季的結果，以及它對長期門店成長的影響。

I was going to add on this, John. I think Russell said this many times before in previous calls and so have I. When we open up a store, the carryout business is about 80% incremental. And with the scale that we've actually already achieved, we have tremendous opportunity to drive incremental growth with our share just about 20% on carryout. So it continues to be a very compelling vehicle for growth for us and does offer great returns for the franchisees when they open those stores.

John，我再補充一下。我想Russell在過去的電話會議中多次提到，我也提過：當我們開一家店時，外帶（carryout）業務大約有80%是增量。而以我們目前已達到的規模，我們有很大的機會推動增量成長，因為我們在外帶的市占大約只有20%。所以這對我們而言仍然是一個非常有吸引力的成長載體，而且當加盟商開這些店時，也能帶來很好的報酬。

Zach Fadem, Wells Fargo.

Zach Fadem，富國銀行。

Congrats, Russell and Joe. Following up on the innovation, Domino's has a history of implementing or testing new products overseas and then bringing them to the US. So my first question is, if you can update us on what products you have tested internationally of late? And any thoughts on results Chicken Dippers, et cetera. And then with respect to your pizza innovation, is this something that's been tested overseas? And is there anything that you can share about performance?

恭喜你們，Russell和Joe。延續創新這個話題，多米諾過去常在海外導入或測試新產品，之後再帶回美國。所以我的第一個問題是：你們能否更新一下，最近在國際市場測試了哪些產品？以及對Chicken Dippers等產品的結果有何看法。另外，關於你們的披薩創新，這是否也曾在海外測試？你們是否能分享任何關於表現的資訊？

Zach, yes, Chicken dip has been launched by DPG, Domino's Pizza Group, and they reported in Q1, they were very happy with the launch. We're not going to get ahead of reporting their results. So I'll go ahead and let them do that. But I would remind everyone that's through kind of the -- what is currently in a Domino's store, currently the ovens and all that.

Zach，是的，Chicken dip 已由DPG（Domino's Pizza Group）推出，他們在第一季的報告中表示對這次上市非常滿意。我們不會搶在他們公布結果之前先行透露。所以我會讓他們自己來說。但我要提醒大家，那是透過某種程度上——也就是目前多米諾門店現有的設備配置來完成的，包括現有的烤箱等等。

So they're excited, we are certainly excited. And we look at our products internationally all the time. The Lava cake that we launched years ago came from international. This particular product the team developed here in the US and we're excited at watching it because I actually believe that this is an occasion that can help pizza potentially expand a little bit more outside of pizza because of the occasion that it hits. And if it works here, hopefully, this is something we can bring abroad. Stay tuned for that.

所以他們很興奮，我們當然也很興奮。而我們一直都在關注國際市場的產品。我們多年前推出的熔岩巧克力蛋糕（Lava cake）就是來自國際市場。這一次的產品是團隊在美國本土開發的，我們很期待觀察它的表現，因為我相信它所切中的消費情境，可能有助於披薩在披薩之外的場景中稍微擴張一些。如果它在這裡成功，希望這也是我們可以帶到海外的產品。敬請期待。

Sara Senatore, Bank of America.

Sara Senatore，美國銀行。

I wanted to follow up on the comment about your share of the market being half what it is in other segments. But I guess the -- independents seem to be maybe more formidable challengers in this segment than elsewhere. And you mentioned dine-in channel, in particular, that now seems to be driving growth.

我想追問一下你們提到的評論：你們在這個市場的市占率只有其他細分市場的一半。不過我猜——獨立業者在這個細分市場似乎比其他地方更具挑戰性。而你們也提到內用通路，特別是現在看起來正在帶動成長。

I guess, one, I would have thought that this normalization from COVID might have happened already. So if you can give some insight into maybe where dine-in is as a share of channel and whether that's different from historical. And then two, as you think about kind of competing with independents, is that something that you -- concerned you in terms of like going forward if, in fact, they seem to be on the upswing.

我想，第一，我原本以為從 COVID 的常態化應該已經發生了。所以如果你們能分享一些洞見：內用目前在通路中的占比大概是多少，以及是否與歷史水準不同。第二，當你們思考與獨立業者競爭時，若他們確實正在回升，這是否會讓你們對未來感到擔憂？

Thanks, Sara. Yes, I'm just excited that we had another quarter and year-to-date where the pizza category grew. And as we said, we grew order counts. And so we're happy when both of those things happen. The -- what we did call out in our opening remarks was that dine-in pizza was -- saw some positive momentum. When I look back over the years, what you see for a quarter or for half a year, it's really important to step back at the end of the year and take a look.

謝謝你，Sara。是的，我只是很興奮我們又迎來一個季度，以及年初至今，披薩品類都有成長。而且如我們所說，我們的訂單量也成長了。所以當這兩件事同時發生時，我們很高興。——我們在開場致詞中特別提到，內用披薩出現了一些正向動能。當我回顧過去幾年，你會看到某一季或半年期的表現，但真正重要的是在年底退一步、整體回頭看。

As you remember last year, the pizza category started out, it was a little bit rough and folks wondered, hey, you're going to hit the 1% to 2%, and we did. And so we're open to all growth on the pizza category. Dine-in is obviously something that we don't compete in directly, but more people coming into pizza is only helpful for us, especially while we continue to grow order counts.

你還記得去年披薩品類一開始有點艱難，大家在想，嘿，你們能達到 1% 到 2% 嗎？而我們做到了。所以我們對披薩品類的任何成長都持開放態度。內用顯然不是我們直接競爭的領域，但更多人走進披薩品類只會對我們有幫助，尤其是在我們持續提升訂單量的同時。

And Sara, I'm going to add something on that. I think as I mentioned in the prepared remarks, we posted an investor deck on the IR website. And if you go back there, we've got two pieces over there. We've got one piece, which actually gives a retrospective to what we shared back in December '23, at our Analyst Day, where we gained nine points of share over eight years.

Sara，我再補充一點。我想如我在事先準備的發言中提到的，我們在投資人關係網站上發布了一份投資人簡報。如果你回去看，我們那裡有兩個部分。其中一個部分其實回顧了我們在 2023 年 12 月分析師日分享的內容：我們在八年內市占率提升了九個百分點。

three of those nine points came from independents. So we can actually take share from independents. And essentially, when you look at things, just like Russell said, you don't look at a quarter or maybe six months, you don't look at things even in the very short time frame of years.

這九個百分點中的三個來自獨立業者。所以我們確實可以從獨立業者手中取得市占。而且本質上，當你看事情時，就像 Russell 說的，你不會只看一個季度或可能六個月，甚至也不會只看非常短的年度時間框架。

You look at it over a longer period of time. We have done it before. We can do it again. And I think that's the way we focus on all our competition and what are the best ways to compete occasions away from them.

你要用更長的時間跨度來看。我們以前做過。我們也可以再做一次。我認為這就是我們看待所有競爭對手的方式，以及如何用最佳方式把消費情境從他們那裡爭取過來。

Andrew Charles, TD Cowen.

Andrew Charles，TD Cowen。

Russell and Joe, I just wanted to extend my congratulations as well. I wanted to reconcile your thoughts on the US business. You talked about strength in the aggregator business in 2Q. And I know you said earlier in this call, the thesis getting into it is around the premium pricing if you don't offer the $6.99 mix and match.

Russell 和 Joe，我也想向你們致上祝賀。我想釐清你們對美國業務的看法。你們談到第二季聚合平台（aggregator）業務的強勁表現。而且我知道你們在本次電話會議稍早提到，進入該領域的論點在於：如果你不提供 6.99 美元的 mix and match（任選搭配）方案，就能維持較高的定價。

But I'm curious if part of 2Q's ticket mix can be explained by the value offers being offered in recent months on both Uber and DoorDash, which is $3 medium pizza among other value offers here to help attract more guests.

但我好奇，第二季的客單組合是否有一部分可由近期 Uber 與 DoorDash 上推出的超值優惠來解釋，例如 3 美元的中尺寸披薩等其他超值方案，以吸引更多顧客。

Yes, Andrew, thanks. No, the ticket miss, at least versus our plan was -- can be explained by the premium series.

是的，Andrew，謝謝。不，客單價的落差，至少相對於我們的計畫——可以用高端系列（premium series）來解釋。

Chris Carril, KeyBanc Capital Markets.

Chris Carril，KeyBanc Capital Markets。

Russell and Joe, congratulations on your new roles here going forward. So I did want to ask about the international business. I was hoping you could expand a little bit more on that beyond what you've already said today. Maybe areas or geographies that were perhaps a drag in the 2Q, where there might be opportunities for improvement and also where you saw strength?

Russell 和 Joe，恭喜你們接下來的新職務。我想問一下國際業務。我希望你們能在今天已經提到的內容之外，再多展開說明一些。例如第二季有哪些地區或市場可能拖累表現、有哪些改善機會，以及你們在哪些地方看到強勁表現？

And Sandeep, I know you mentioned World Cup benefit or at least World Cup as part of your guide for the year. Curious if that was a 3Q specific comment. So any clarification there would be great.

另外，Sandeep，我知道你提到世界盃帶來的效益，或至少把世界盃納入你們今年的指引之中。我想確認那是否是針對第三季的特定評論。所以若能釐清一下就太好了。

Sandeep, you want to start with World Cup and then I'll take it from there.

Sandeep，你要先從世界盃開始嗎？然後我再接著說。

Yes. I'll start with World Cup and I'll probably give a little bit of color on the comp as well. So look, in terms of the World Cup, it's really started after June -- for the most part, after June 14, which is the end of our quarter. So there was really a full year comment on the guidance and what it included. We have always included it, but we wanted to make sure that we clarified it on this particular guidance messaging.

好的。我先談世界盃，並且也可能補充一些同店（comp）的背景。你看，就世界盃而言，它大多是在 6 月之後才開始——主要是在 6 月 14 日之後，而那天是我們季度結束日。所以在指引中，那其實是針對全年層面的說明，以及指引所包含的內容。我們一直都有把它納入，只是想確保在這次指引訊息傳達中特別釐清。

So -- but in terms of the performance that we had in the quarter, there's obviously lots of puts and takes when we get to the final comp that we had. And we're really not going to get into too much specifics on geographical variation. What I will say is two things actually impacted us. The macroeconomic and geopolitical environment was definitely an overhang that we anticipated and we experienced.

至於我們本季的表現，最終同店結果中顯然有很多正負因素交錯。我們不會深入談太多各地區的差異細節。我會說，實際上有兩件事影響了我們。宏觀經濟與地緣政治環境確實是一個我們預期到、也實際感受到的壓力因素。

And as I called out in the prepared remarks, Domino's Pizza Enterprises was definitely a drag on our same-store sales because their performance continued to be impacted by the approach that their management have already talked about, which is they've actively decided to actually reduce the lower-margin transactions.

而且如我在事先準備的發言中提到的，Domino's Pizza Enterprises（DPE）確實拖累了我們的同店銷售，因為他們的表現持續受到其管理層已經談過的策略影響：他們主動決定降低低毛利交易。

And as a result of that, we've actually had a reduction in order counts where the ticket increase has not been able to compensate it. And that same-store sales drag that they've experienced impacts us pretty materially. And that's another driver that I would say is embedded in the numbers.

因此，我們看到訂單量下降，而客單價的提升未能彌補這個缺口。他們所經歷的同店銷售拖累，對我們的影響相當顯著。我會說，這也是反映在數字中的另一個驅動因素。

Yes. And just maybe on the DPE comment. Their new CEO, Andrew Gregory, is going to be starting in August. And we're really looking forward to working with Andrew. He's got 30 years in the restaurant business, majority of those with McDonald's. And what we're going to be focusing on is, like Sandeep said, there's been an initial kind of reboot on the profit side at the expense of orders. We think -- I think they think as well, now we need to go in with the right kind of value to recapture order counts.

是的。再補充一下關於 DPE 的部分。他們的新任 CEO Andrew Gregory 將在 8 月上任。我們非常期待與 Andrew 合作。他在餐飲業有 30 年經驗，其中大多數時間在麥當勞。我們接下來會聚焦的是：如 Sandeep 所說，他們一開始在獲利端做了一次類似重啟的調整，代價是訂單量。我們認為——我想他們也這麼認為——現在需要以適當的價值方案來重新奪回訂單量。

It's important for folks to remember that with Domino's Pizza Enterprises, yes, there are some struggles going on right now, and some of them are purposeful resetting kind of the profit piece here. But they are the number one pizza player in the majority of their markets. And so they're coming back from a position of strength. And I think that's super important to understand. Also, just shouts out to China and India that continue over time being standouts for us.

大家要記得，對 Domino's Pizza Enterprises 來說，是的，他們目前確實有一些困難，其中一部分是有意為之，目的是在獲利面進行重置。但他們在其多數市場仍是第一大披薩品牌。所以他們是從強勢地位回來調整。我認為理解這點非常重要。另外也特別提一下，中國與印度長期以來持續是我們表現突出的市場。

Jon Tower, Citi.

Jon Tower，花旗。

Maybe just going back to the new product that might be on its way in the third quarter here or is on its way. I'm just curious if you could kind of trying to read through the tea leaves here Russell, you had mentioned that this is effectively a new occasion for Domino's and while also protecting the core pizza occasions.

也許回到第三季這裡可能即將推出、或正在路上的新產品。Russell，我只是好奇，如果我們試著從蛛絲馬跡來解讀一下，你提到這基本上等於為達美樂創造了一個新的消費情境，同時也在保護核心的披薩消費情境。

And I think about your business, and you guys hit really well at nighttime, maybe not daytime, particularly around lunch. So it seems to lean in the direction of something around that lunch occasion, maybe even more single serve. So if that's the case, how should we think about protecting the aggregate ticket if you're moving in the direction of, say, single serve occasions here or something more geared towards smaller portions?

我想到你們的業務，你們在夜間表現非常好，但白天可能沒那麼強，特別是午餐時段。所以看起來更像是偏向午餐情境的產品，甚至可能更偏單人份。如果是這樣，當你們朝向例如單人份情境、或更偏小份量的方向走時，我們應該如何看待你們對整體客單價的保護？

YYes. Thanks, Jon. I would definitely think about this a little bit differently. Stuffed Crust for us was a part of the category we didn't participate in. I think this is an occasion that pizza doesn't participate as well in. We're not going to go into pretty good hypothesis, so we can check on the next call. I think the key for us always is that this is an incremental occasion. We believe there's a lot of incrementality to this.

是的。謝謝你，Jon。我會用稍微不同的方式來看這件事。對我們而言，起司夾心餅皮（Stuffed Crust）屬於我們過去沒有參與的一個品類區隔。我認為這是一個披薩參與度沒那麼高的消費情境。我們不會在這裡提出一個看似很好的假設，所以下次電話會議我們可以再檢視。對我們來說，關鍵一直是：這是一個增量的消費情境。我們相信這裡有很大的增量空間。

And so even in the case if there were pressures one way or the other on ticket, you're also bringing in new customers as well. And so we're going to look at that balance overall. If we can bring in more customers, as I said before, more customers lead to more profits, more profits and more customers lead to more stores, we're doing the right thing. And this was really looked at after understanding what do customers who think about pizza but order something else, what do they order? And how through pizza can we address that.

因此即便在客單價可能面臨某種方向的壓力時，你同時也會帶來新客。所以我們會整體來看這個平衡。如果我們能帶來更多顧客，正如我之前說的，更多顧客帶來更多利潤，更多利潤與更多顧客帶來更多門市，那我們就是在做對的事。而這其實是在理解「那些會想到披薩但最後改點別的東西的顧客」之後所做的研究：他們點了什麼？以及我們如何透過披薩來滿足那個需求。

Jacob Aiken-Phillips, Melius Research.

Jacob Aiken-Phillips，Melius Research。

Congrats to both Russell and Joe. So you -- so you described order growth is profitable, and I understand the ticket mix, but you also cited franchisee profitability as one of the constraints to the development pipeline. Can you give us any color or direction on where franchisee profitability is trending this year versus the $166,000 you have in slides for 2025? And then maybe break apart what are the things that are pressuring it the most and what needs to improve for those openings to reaccelerate?

恭喜Russell和Joe兩位。你們——你們提到訂單成長是有利可圖的，我也理解客單結構，但你們也把加盟商獲利能力列為開店管線的一項限制因素。能否提供一些資訊或方向，說明今年加盟商獲利能力相較於你們投影片中2025年的166,000美元是呈現什麼趨勢？另外，也請拆解一下目前對其壓力最大的因素是什麼，以及要改善哪些面向，才能讓開店速度重新加快？

o Jacob, I think on this one, as we look in the first half of the year, we definitely saw the order count growth that we were looking to have. But I think especially on the second quarter, we talked about the premium series not mixing to the extent that we were planning on. And that has a negative impact on franchisee profitability. So part of what happened was a discrete event in the second quarter that actually impacted franchisee profitability due to the ticket drag that we talked about.

Jacob，關於這題，當我們看今年上半年時，我們確實看到了我們希望達成的訂單量成長。但我認為，特別是在第二季，我們談到高端系列（premium series）的銷售組合占比沒有達到我們原先規劃的程度。這對加盟商獲利能力有負面影響。所以部分情況是第二季發生了一個單一事件，因為我們提到的客單價拖累，實際上影響了加盟商獲利能力。

Now we are fully cognizant of it. We know what we need to do. We need to go and fix it, and we are fixing it, and that's all embedded in our plans. But I think on a short-term basis, there was that impact in the second quarter. But in no way should this be an impact to long-term franchisee profitability.

我們現在完全意識到這點。我們知道需要做什麼。我們需要去把它修正，我們也正在修正，而且這些都已納入我們的計畫之中。但我認為在短期內，第二季確實有那樣的影響。但這絕不應該影響到長期的加盟商獲利能力。

The whole point that Russell was making on the prepared remarks is, if you look at the long-term relationships between franchisee profitability and what drives it, is driving order count, customer acquisition, building frequency behind it, but doing it with healthy ticket with disciplined pricing. So if you are in balance over time across all these elements, you're going to drive franchisee profitability. We had a one-quarter blip on ticket. We're not going to have another blip.

Russell在事先準備的發言中要表達的重點是：如果你看加盟商獲利能力與其驅動因素之間的長期關係，關鍵在於推動訂單量、獲取新客、提升消費頻次，同時在有紀律的定價下維持健康的客單價。因此，只要你在時間推移中於這些要素之間保持平衡，就能推動加盟商獲利能力。我們在客單價上出現了一季的短暫波動。我們不會再出現另一個波動。

Thank you, Jacob. That was our last question of the call. We want to apologize for the technical issues we experienced this morning that were the result of our third-party conference call provider. We very much appreciate your patience and flexibility as we work through that. We look forward to speaking with you all again soon. You may now disconnect.

謝謝你，Jacob。這是本次電話會議的最後一個問題。我們想為今天早上因第三方電話會議服務供應商所造成的技術問題致歉。在我們處理這些問題的過程中，非常感謝各位的耐心與彈性配合。我們期待很快再次與各位交流。各位現在可以掛線。