達美樂 (DPZ) 2022 Q1 法說會逐字稿

Good day, and welcome to the First Quarter 2022 Domino's, Inc. Earnings Conference Call. (Operator Instructions) As a reminder, this call is being recorded.

美好的一天，歡迎參加 2022 年第一季度 Domino's, Inc. 收益電話會議。 （操作員說明）作為提醒，此通話正在錄音中。

I would now like to turn the call over to Jenny Fouracre. You may begin.

我現在想把電話轉給 Jenny Fouracre。你可以開始了。

Thank you for joining us today for our conversation regarding the results for the first quarter of 2022. Today's call will feature commentary from Chief Executive Officer, Ritch Allison; and from our new CFO, Sandeep Reddy; and incoming CEO, Russell Weiner.

感謝您今天加入我們，就 2022 年第一季度的業績進行對話。今天的電話會議將由首席執行官 Ritch Allison 發表評論；來自我們的新首席財務官 Sandeep Reddy；和即將上任的首席執行官拉塞爾·韋納。

(Operator Instructions) 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 those 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.

（操作員說明）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 earnings release to find disclosures and reconciliations of non-GAAP financial measures that may be referenced on today's call. (Operator Instructions) Today's conference call is being webcast and is also being recorded for replay via our website.

此外，請參閱收益發布以查找可能在今天的電話會議中引用的非公認會計原則財務指標的披露和對賬。 （操作員說明）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.

謝謝你，珍妮，也感謝大家今天早上加入我們。

Before getting into the details of the first quarter, I would like to publicly welcome our new CFO, Sandeep Reddy, to the Domino's leadership team. Sandeep officially joined us on April 1, and we are thrilled to have found such an accomplished finance leader. You will hear from Sandeep in a few minutes.

在深入了解第一季度的細節之前，我想公開歡迎我們的新首席財務官 Sandeep Reddy 加入 Domino 的領導團隊。 Sandeep 於 4 月 1 日正式加入我們，我們很高興能找到如此出色的財務領導者。您將在幾分鐘後收到 Sandeep 的消息。

You'll also hear from Russell Weiner on today's call. Russell will officially step into the CEO role 3 days from now, on May 1. With Russell and Sandeep in place, alongside our outstanding leadership team, I have enormous confidence in the future of this company and of our great brand.

您還將在今天的電話會議上收到 Russell Weiner 的來信。羅素將在 3 天后的 5 月 1 日正式就任首席執行官一職。羅素和桑迪普就職，加上我們出色的領導團隊，我對這家公司和我們偉大品牌的未來充滿信心。

Let's now turn our attention to the first quarter. As you saw in our release this morning, Q1 was a challenging quarter, particularly on the top line for our U.S. business. We got off to a slow start in January due to the Omicron surge, which impacted our stores and supply chain centers, further limiting our capacity to serve customer demand, particularly in the delivery channel. After a return to modestly positive U.S. same-store sales in February, we turned negative again as we began to overlap the impact of the 2021 federal government stimulus in March and have continued to face that overlap in April.

現在讓我們將注意力轉向第一季度。正如您在我們今天早上發布的新聞稿中看到的那樣，第一季度是一個充滿挑戰的季度，尤其是在我們美國業務的營收方面。由於 Omicron 的激增影響了我們的商店和供應鏈中心，我們在 1 月份起步緩慢，進一步限制了我們滿足客戶需求的能力，特別是在交付渠道方面。在 2 月份美國同店銷售額恢復適度增長後，我們再次轉為負值，因為我們在 3 月份開始與 2021 年聯邦政府刺激措施的影響重疊，並在 4 月繼續面臨這種重疊。

While we saw momentum continuing to build in Q1 in our U.S. carryout business, and in particular, digital carryout, we are disappointed in our Q1 delivery results and still have a lot of work to do to restore growth in that important channel. I will also acknowledge that we are not satisfied with the sales or the margin performance in our corporate store business in the first quarter. Our team is fast at work on a comprehensive assessment and recovery plan to restore that business to the leadership role in our U.S. system that we expected to play.

雖然我們看到第一季度美國結轉業務的勢頭繼續增強，尤其是數字結轉業務，但我們對第一季度的交付結果感到失望，要恢復這一重要渠道的增長還有很多工作要做。我還要承認，我們對第一季度公司商店業務的銷售或利潤率表現並不滿意。我們的團隊正在快速制定一項全面的評估和恢復計劃，以使該業務恢復到我們預期在美國系統中發揮的領導作用。

Consistent with our communications during our prior earnings call, we faced significant inflationary cost increases across the business in Q1. Those cost pressures combined with the deleveraging from the decline in U.S. same-store sales resulted in earnings falling short of our high expectations for the business.

與我們在之前的財報電話會議中的溝通一致，我們在第一季度面臨整個業務的通脹成本顯著增加。這些成本壓力加上美國同店銷售額下降導致的去槓桿化導致收益低於我們對該業務的高預期。

While the quarter was certainly challenged, we also saw the solid foundation of the Domino's brand and business model on display as evidenced by our robust global store growth that continues to demonstrate the strength of the Domino's operating model along with our franchisees' ongoing commitment to investing in growth. During the quarter, we reached another significant milestone with the opening of our 19,000th global store.

儘管本季度確實面臨挑戰，但我們也看到了多米諾品牌和商業模式的堅實基礎，我們強勁的全球門店增長證明了這一點，這繼續證明了多米諾運營模式的實力以及我們的特許經營商對投資的持續承諾在成長中。在本季度，我們在全球開設了第 19,000 家門店，達到了另一個重要的里程碑。

We have action plans in place that are designed to address the issues in our U.S. business as well as other initiatives that we are developing. But that work will take some time. And we believe that we will continue to face pressure, both on the top line for our U.S. business and on our bottom line earnings over the next few quarters. While we remain very optimistic about our ability to drive long-term profitable growth, in the near term, 2022 is shaping up to be a challenging year.

我們制定了行動計劃，旨在解決我們美國業務中的問題以及我們正在製定的其他舉措。但這項工作需要一些時間。我們相信，我們將繼續面臨壓力，無論是在我們的美國業務的頂線上，還是在未來幾個季度的底線收益方面。雖然我們對推動長期盈利增長的能力仍然非常樂觀，但在短期內，2022 年將成為充滿挑戰的一年。

Now with that as a backdrop, I'll share a few additional observations on the U.S. business, followed by a brief review of our international performance. We have completed our analysis of U.S. franchisee P&Ls from 2021 and are pleased to share that our average estimated 2021 U.S. franchisee store level EBITDA came in at $174,000. With our strong 4-wall economics, we remain bullish on the long-term unit growth potential in the U.S. And we maintain our conviction that the U.S. can be an 8,000-plus store market for Domino's. But we believe it may take some time to accelerate the pace of U.S. store growth beyond the current 4-quarter run rate, given some of the continued development, supply chain, staffing and inflationary headwinds we expect to continue to see in the quarters ahead.

現在以此為背景，我將分享一些對美國業務的額外觀察，然後簡要回顧我們的國際表現。我們已經完成了對 2021 年美國加盟商損益的分析，並很高興地分享，我們估計的 2021 年美國加盟店平均 EBITDA 為 174,000 美元。憑藉我們強大的 4 壁經濟，我們仍然看好美國的長期單位增長潛力。我們堅信美國可以成為多米諾的 8,000 多家商店市場。但我們認為，鑑於我們預計未來幾個季度將繼續看到一些持續的發展、供應鏈、人員配備和通脹逆風，美國商店的增長速度可能需要一段時間才能加快到目前的 4 季度運行速度以上。

Staffing challenges continued during Q1, resulting in reduced operating hours and other service-related challenges in many stores across the U.S. business. To give you a sense for the magnitude, when we add up all the lost operating hours during the first quarter, U.S. stores were cumulatively closed the equivalent of almost 6 days across the entire U.S. business.

第一季度的人員配備挑戰繼續存在，導緻美國企業的許多商店的營業時間減少和其他與服務相關的挑戰。為了讓您了解規模，當我們將第一季度所有損失的營業時間加起來時，美國商店累計關閉相當於整個美國業務近 6 天。

As I shared last quarter, we believe it is instructive to break our U.S. stores into quintiles based on staffing levels relative to an essentially fully staffed store. When we compare sales performance across the quintiles in the first quarter, it gives us a sense for the magnitude of the impact that staffing continues to have on our U.S. business.

正如我在上個季度分享的那樣，我們認為將我們的美國商店劃分為五分之一是有啟發性的，這取決於相對於基本滿員的商店的人員配備水平。當我們比較第一季度各五分之一的銷售業績時，我們可以了解人員配置繼續對我們的美國業務產生的影響程度。

Looking at Q1 same-store sales, stores in the top 20%, those that are essentially or close to fully staffed, on average, outperformed stores in the bottom 20%, those that are facing the most significant labor shortages by 12 percentage points. When we look across the U.S. business, we continue to believe that consumer demand for Domino's remains very strong across the country. It is our current capacity to serve that strong demand, particularly for delivery customers, that has continued to be our greatest near-term challenge.

從第一季度的同店銷售額來看，排名前 20% 的商店，即基本上或接近滿員的商店，平均比排名最低的 20%，面臨最嚴重的勞動力短缺的商店高出 12 個百分點。當我們縱觀美國業務時，我們仍然認為全國消費者對達美樂的需求仍然非常強勁。正是我們目前滿足這種強勁需求的能力，特別是對送貨客戶的需求，這仍然是我們近期最大的挑戰。

Now I'll share a few thoughts specifically about the carryout and delivery businesses. The carryout business was very strong in Q1, with U.S. carryout same-store sales 11.3% positive compared to Q1 2021, driven by both ticket and order growth. On a 3-year basis, our carryout same-store sales were up over 24% versus Q1 2019.

現在我將分享一些關於結轉和交付業務的想法。第一季度的結轉業務非常強勁，在門票和訂單增長的推動下，與 2021 年第一季度相比，美國的結轉同店銷售額增長了 11.3%。在 3 年的基礎上，我們的結轉同店銷售額與 2019 年第一季度相比增長了 24% 以上。

As of January 31, our $7.99 national carryout offer is now available online only. This supports a balanced approach of bringing value and a great experience to our customers online and is aligned with our goals of growing the digital carryout business and enhancing the profitability of our carryout orders. Online carryout orders generate a higher ticket and require a lower cost to serve than phone carryout orders, in addition to driving digital engagement and the opportunity to add members to our loyalty program. Thus far, we are very pleased with the initial results in our carryout business, with positive impacts on order counts, ticket, store-level margins, and in particular, digital penetration.

截至 1 月 31 日，我們 7.99 美元的全國結轉優惠現在僅在線提供。這支持一種平衡的方法，為我們的在線客戶帶來價值和出色的體驗，並符合我們發展數字結轉業務和提高結轉訂單盈利能力的目標。除了推動數字參與和將會員添加到我們的忠誠度計劃中的機會之外，在線結轉訂單產生更高的門票並且需要比電話結轉訂單更低的服務成本。到目前為止，我們對外賣業務的初步成果感到非常滿意，這對訂單數量、門票、商店級利潤率，尤其是數字化滲透率產生了積極影響。

During the quarter, we began a strategic campaign to support a transition to online carryout for our customers by offering a $3 tip for each online carryout order. This approach also aims to drive repeat purchases as the tip comes in the form of a coupon that the customer can use on their next order, which must be used the week after the initial purchase.

在本季度，我們開始了一項戰略活動，通過為每個在線結轉訂單提供 3 美元的小費來支持我們的客戶向在線結轉的過渡。這種方法還旨在推動重複購買，因為小費以優惠券的形式提供，客戶可以在下一次訂單時使用，必須在初次購買後的一周內使用。

Tying back to my comments earlier around the staffing quintiles, it's useful to note that we saw almost no difference in carryout same-store sales performance across the quintiles in the first quarter. We believe the relatively low labor intensity associated with carryout has largely insulated this business from the staffing challenges we see impacting delivery.

回到我早些時候關於五分之一人員的評論，值得注意的是，我們發現第一季度五分之一的結轉同店銷售業績幾乎沒有差異。我們認為，與結轉相關的相對較低的勞動強度在很大程度上使該業務免受我們認為影響交付的人員配備挑戰的影響。

Turning now to the delivery business. Q1 delivery same-store sales declined by 10.7% relative to Q1 2021, driven by order count declines, offset in part by higher ticket. Looking at the business on a 3-year stack, Q1 delivery same-store sales remained almost 6% above Q1 2019 levels. When we look at the same quintiles relative to the delivery business, we see the stark impact that staffing had during the first quarter. We saw a 17 percentage point gap in delivery same-store sales between stores in the top 20% and those in the bottom 20%. It is this disparity in delivery performance that is driving the overall contrast in performance across our U.S. business. The gap between our top performers and our bottom performers has widened over the past year, and we are keenly focused on lifting up the underperforming stores.

現在轉向送貨業務。與 2021 年第一季度相比，第一季度交付同店銷售額下降了 10.7%，原因是訂單數量下降，部分被更高的票價所抵消。從 3 年的業務來看，第一季度的交付同店銷售額仍然比 2019 年第一季度的水平高出近 6%。當我們查看與交付業務相關的相同五分之一時，我們看到了人員配置在第一季度產生的明顯影響。我們看到排名前 20% 的商店和排名最低的 20% 的商店之間的同店配送銷售額差距為 17 個百分點。正是這種交付績效的差異推動了我們美國業務的整體績效對比。在過去的一年裡，我們表現最好的人和表現最差的人之間的差距擴大了，我們非常專注於提升表現不佳的商店。

On March 14, we evolved our long-running $5.99 mix-and-match offer for the first time in over 12 years. Our delivery mix-and-match offer is now $6.99 each for any 2 or more items on the mix-and-match menu. We believe that $6.99 is still a great relative value for our delivery customers, offering variety, great taste and a competitive price, while also reflecting the increased costs inherent in a delivery order. This approach can allow our franchisees to achieve balanced growth across ticket and orders, which is key to driving profitable long-term growth for their businesses.

3 月 14 日，我們推出了 5.99 美元的長期混搭優惠，這是 12 年來的第一次。對於混合搭配菜單上的任何 2 件或更多商品，我們的送貨混合搭配優惠現在為每件 6.99 美元。我們相信 6.99 美元對於我們的送貨客戶來說仍然是一個很大的相對價值，它提供了多樣化、美味和有競爭力的價格，同時也反映了送貨訂單固有的成本增加。這種方法可以讓我們的加盟商實現門票和訂單的平衡增長，這是推動其業務長期盈利增長的關鍵。

We are also bringing more value to our customers by adding 3 great products to the mix-and-match menu: 32-piece Parmesan bread bites, 6-piece wings, and 3-piece chocolate lava cakes. Customers can now have even more variety , with more than a dozen items to choose from as they assemble their meals. We made these changes in part to manage through the significant cost inflation facing the business. And we did it using the same balanced approach we have successfully executed over the last decade by offering great value to our customers while giving our franchisees the tools to profitably grow their businesses over the long term.

我們還通過在混合搭配菜單中添加 3 種優質產品來為我們的客戶帶來更多價值：32 塊帕爾馬麵包、6 塊雞翅和 3 塊巧克力熔岩蛋糕。顧客現在可以擁有更多種類的食物，在他們準備餐點時有十幾種物品可供選擇。我們做出這些改變的部分原因是為了應對業務面臨的巨大成本膨脹。我們使用過去十年成功執行的相同平衡方法來做到這一點，為我們的客戶提供巨大的價值，同時為我們的加盟商提供長期盈利增長業務的工具。

As we just implemented these changes to mix-and-match on March 14, the new offers were only in place for 2 weeks of the first quarter. It is still very early. But so far, results are fairly consistent with our expectations. Russell will be able to share more with you on the Q2 call in July.

由於我們剛剛在 3 月 14 日對混搭進行了這些更改，因此新報價僅在第一季度的 2 週內有效。現在還很早。但到目前為止，結果與我們的預期相當一致。羅素將能夠在 7 月的第二季度電話會議上與您分享更多信息。

I'll turn now to our international business. It was another strong quarter of performance for our international business. I'm pleased to report that this was our 113th consecutive quarter of positive same-store sales growth in our international business. We are also encouraged that growth during the quarter was driven by a mix of ticket and order count increases as franchisees continue to provide great value to their customers globally.

我現在談談我們的國際業務。這是我們國際業務又一個強勁的季度表現。我很高興地報告，這是我們國際業務連續第 113 個季度實現同店銷售正增長。我們也感到鼓舞的是，本季度的增長是由門票和訂單數量的增加推動的，因為特許經營商繼續為全球客戶提供巨大的價值。

A clear highlight for the quarter was the outstanding store growth momentum that continued to build across our international business. When combined with our U.S. store growth, our trailing 4-quarter global net store growth of 7% aligns squarely within our 2- to 3-year outlook range of 6% to 8%. 40 international markets opened at least one new store during the first quarter, demonstrating the broad and balanced growth across the business.

本季度的一個明顯亮點是我們在國際業務中繼續建立的出色門店增長勢頭。結合我們的美國門店增長，我們過去 4 季度 7% 的全球門店淨增長與我們 6% 至 8% 的 2 至 3 年展望範圍完全一致。 40 個國際市場在第一季度至少開設了一家新店，顯示了整個業務的廣泛而均衡的增長。

I'll now highlight a few international markets of note. India once again led our international markets in store growth and opened their 1,500th store during the quarter. This was accompanied by a continued same-store sales growth. We also continue to see strong sales and store growth from China. And I'd like to congratulate Alamar Foods, our master franchisee across 11 markets in the Middle East and North Africa, on the opening of their 500th store during the first quarter.

我現在將重點介紹一些值得注意的國際市場。印度在門店增長方面再次引領我們的國際市場，並在本季度開設了第 1,500 家門店。這伴隨著同店銷售的持續增長。我們還繼續看到來自中國的強勁銷售和門店增長。我要祝賀我們在中東和北非 11 個市場的主要特許經營商 Alamar Foods 在第一季度開設了第 500 家門店。

Other markets of note with strong growth in the quarter included Mexico, Spain, Turkey, Taiwan, Iceland and Guatemala. Our master franchisees across the globe continue to show resilience and a strong belief in the future of the Domino's brand in their markets.

本季度增長強勁的其他值得注意的市場包括墨西哥、西班牙、土耳其、台灣、冰島和危地馬拉。我們在全球的主要特許經營商繼續表現出韌性和對 Domino 品牌在其市場中的未來的堅定信念。

The combination of our global brand and systems with their local expertise gives me great confidence in both the long- and short-term growth prospects in international. And with nearly 96% of the global population and 75% of the world's GDP residing outside the U.S., we are just getting started.

我們的全球品牌和系統與他們的本地專業知識相結合，使我對國際的長期和短期增長前景充滿信心。由於全球近 96% 的人口和全球 75% 的 GDP 居住在美國以外，我們才剛剛起步。

I'll turn it over now to Sandeep, who will take you through the details of the quarter. And after that, Russell will share his views on the road ahead and the actions we and our franchisees are taking to drive growth in the U.S. business. Sandeep, over to you.

我現在將其交給 Sandeep，他將帶您了解本季度的詳細信息。在那之後，羅素將分享他對未來道路的看法，以及我們和我們的特許經營商為推動美國業務增長而採取的行動。桑迪普，交給你了。

Thank you, Ritch, and good morning to everyone on the call.

謝謝你，里奇，大家早上好。

I'm thrilled to now be a part of the Domino's team. Having had the privilege of working with many great brands over my career, this opportunity to work with such an iconic global brand with enormous growth potential is very exciting to me. I look forward to partnering with Russell and the leadership team as we craft the road map to continued value creation.

我很高興現在能成為 Domino 團隊的一員。在我的職業生涯中，有幸與許多偉大的品牌合作過，有機會與這樣一個具有巨大增長潛力的標誌性全球品牌合作，我感到非常興奮。我期待與羅素和領導團隊合作，共同製定持續創造價值的路線圖。

To start with, I would like to comment on one of my initial observations in the past few weeks as I start to learn the business. Given the softness in comparable sales trends in the U.S. and the resulting contraction of operating income as a percentage of sales in the first quarter, we expect margins for the rest of 2022 to be pressured. However, we are already actively working on several initiatives to drive improved profitability. These include, number one, exploring further optimization of our consumer pricing architecture in the United States. Specifically, this covers our many levers of pricing, which includes our standard menu pricing, national offers, local offers and delivery fees, to enable both our company-owned and franchisee stores to better cover the cost increases we are facing in both the food basket and labor market. Number two, efficiencies in our cost structure as we seek to ensure that revenues consistently grow faster than expenses. Number three, actions to accelerate our capacity to service the demand we see and generate incremental sales growth.

首先，我想評論一下我在過去幾週開始學習業務時的初步觀察之一。鑑於美國可比銷售趨勢疲軟，以及由此導致的第一季度營業收入佔銷售額的百分比收縮，我們預計 2022 年剩餘時間的利潤率將受到壓力。但是，我們已經在積極開展多項舉措，以提高盈利能力。其中包括，第一，探索進一步優化我們在美國的消費者定價架構。具體來說，這涵蓋了我們的許多定價槓桿，包括我們的標準菜單定價、國家優惠、當地優惠和送貨費，以使我們的公司擁有和特許經營店能夠更好地應對我們在食品籃子中面臨的成本增長和勞動力市場。第二，我們的成本結構效率，因為我們力求確保收入持續增長快於支出。第三，採取行動加快我們滿足我們看到的需求並產生增量銷售增長的能力。

Once implemented, we expect the initiatives I just covered to enable annual operating income margins to recover to pre-pandemic levels post 2022.

一旦實施，我們預計我剛剛介紹的舉措將使年營業收入利潤率在 2022 年後恢復到大流行前的水平。

I will now review our financial results for the quarter in more detail. Global retail sales increased 0.3% in Q1 2022 as compared to Q1 2021. When excluding the negative impact of foreign currency, global retail sales grew 3.6% due to sustained positive momentum in our international business, lapping 14% growth in Q1 2021.

我現在將更詳細地回顧我們本季度的財務業績。與 2021 年第一季度相比，2022 年第一季度全球零售額增長 0.3%。剔除外彙的負面影響後，由於我們的國際業務持續保持積極勢頭，全球零售額增長 3.6%，較 2021 年第一季度增長 14%。

As we've discussed in the past, we believe it remains instructive to look at the cumulative stack of sales across the business 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. Looking at the 3-year stack, our Q1 2022 global retail sales, excluding foreign currency impact, grew 23.5% versus 2019.

正如我們過去所討論的，我們認為，將 2019 年的整個業務的累積銷售額作為 COVID 之前的基線來看待仍然具有指導意義。只要我們認為它有助於了解我們的業務績效，我們就會繼續這樣做。從 3 年的堆棧來看，我們 2022 年第一季度的全球零售額（不包括外匯影響）與 2019 年相比增長了 23.5%。

Breaking down total global retail sales growth, international retail sales, excluding the negative impact of foreign currency, grew 8.4%, rolling over a prior year increase of 12.8%, and are up 28% on a 3-year stack basis relative to 2019. U.S. retail sales declined 1.4%, rolling over a prior year increase of 15.3%, and are up 18.8% on a 3-year stack basis relative to 2019.

細分全球零售總額增長情況，剔除外匯負面影響的國際零售額增長 8.4%，較上年增長 12.8% 有所回升，與 2019 年相比三年累計增長 28%。美國零售額下降 1.4%，較上年增長 15.3% 有所回升，與 2019 年相比，三年累計增長 18.8%。

Turning to comps. During Q1, same-store sales for our international business grew 1.2%, rolling over a prior increase of 11.8%, and were up 14.5% on a 3-year stack basis relative to 2019. The international comp in the quarter was driven by both ticket and order count growth.

轉向comps。在第一季度，我們國際業務的同店銷售額增長了 1.2%，高於之前的 11.8%，並且相對於 2019 年的 3 年堆棧基礎上增長了 14.5%。本季度的國際競爭受到兩者的推動門票和訂單數量增長。

Same-store sales for our U.S. business declined 3.6%, rolling over a prior year increase of 13.4%, and were up 11.4% on a 3-year stack basis relative to 2019. Breaking down the U.S. comp, our franchise business was down 3.2% in the quarter, while our company-owned stores were down 10.5%. We believe the difference in the top line performance in our company-owned stores as compared to our franchise stores continues to be driven by more substantial operational challenges, combined with more conservative price increases as compared to our franchise stores.

我們美國業務的同店銷售額下降 3.6%，較上年增長 13.4% 有所回升，並且相對於 2019 年的 3 年堆棧基礎上增長了 11.4%。細分美國業務，我們的特許經營業務下降了 3.2 %，而我們公司擁有的商店下降了 10.5%。我們認為，與我們的特許經營店相比，我們公司自有商店的收入表現差異繼續受到更大的運營挑戰以及與我們的特許經營店相比更為保守的價格上漲的推動。

The decline in U.S. same-store sales in Q1 was driven by a decline in order counts, which were pressured by the very challenging staffing environment, which had certain operational impacts, such as shortened store hours and customer service challenges in many stores, both company-owned and franchised. The decline in order counts was partially offset by ticket growth, resulting from higher menu prices as well as more items per transaction and increases to our average delivery fee.

第一季度美國同店銷售額下降的原因是訂單數量下降，這是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，例如商店營業時間縮短和許多商店的客戶服務挑戰，兩家公司-擁有和特許經營。訂單數量的下降部分被門票增長所抵消，這是由於菜單價格上漲以及每筆交易的商品增加以及我們的平均送貨費增加所致。

Shifting to unit count. We and our franchisees added 37 net stores in the United States during Q1, consisting of 40 store openings and 3 closures. We've also completed the purchase of 23 franchise stores in the Detroit DMA during Q1, bringing our total company-owned store count to 400 as of the end of the quarter. The purchase of these stores allowed us to consolidate the market along with higher-performing franchisees and should unlock growth in the Detroit DMA.

轉移到單位計數。我們和我們的加盟商在第一季度在美國增加了 37 家網店，其中包括 40 家開店和 3 家關店。我們還在第一季度完成了在底特律 DMA 的 23 家特許經營店的購買，截至本季度末，我們公司擁有的商店總數達到 400 家。購買這些商店使我們能夠與表現更好的特許經營商一起鞏固市場，並應該釋放底特律 DMA 的增長。

We believe there will be some markets where corporate stores can unlock growth and others where franchisees can optimize the market, as was the case with the sale of our New York corporate stores to franchise partners in 2019. We believe leveraging our corporate portfolio to unlock growth will be an important strategic use or source of capital in the United States going forward.

我們相信，在某些市場，企業商店可以釋放增長，而在其他市場，加盟商可以優化市場，例如 2019 年將我們的紐約企業商店出售給特許經營合作夥伴的情況。我們相信，利用我們的企業組合來釋放增長將成為美國未來重要的戰略用途或資金來源。

Our international business added 176 net stores in Q1, comprised of 217 store openings and 41 closures. More than half of the closures were in Brazil, where our master franchisee remains highly committed to the Domino's brand, while making strategic decisions to get out of some underperforming locations to focus resources and grow stores in other areas. This brought our net global store openings in the quarter to 213.

我們的國際業務在第一季度增加了 176 家網店，其中包括 217 家開店和 41 家關店。超過一半的關閉在巴西，我們的主要特許經營商仍然高度致力於 Domino 的品牌，同時做出戰略決策以擺脫一些表現不佳的地點，集中資源並在其他地區發展商店。這使我們在本季度的全球淨開店數量達到 213 家。

Turning to revenues and operating income. Total revenues for the first quarter increased approximately $27.5 million or 2.8% from the prior year quarter, driven by higher supply chain revenues resulting from higher market basket pricing to stores. This increase was partially offset by declines in our company-owned stores and U.S. franchise revenues due to the decline in retail sales I mentioned earlier.

轉向收入和營業收入。第一季度的總收入比去年同期增加了約 2750 萬美元或 2.8%，這是由於商店的市場籃子定價較高導致供應鏈收入增加。由於我之前提到的零售額下降，我們公司擁有的商店和美國特許經營收入的下降部分抵消了這一增長。

Changes in foreign currency exchange rates negatively impacted international royalty revenues by $4.3 million during Q1.

外幣匯率的變化在第一季度對國際特許權使用費收入產生了 430 萬美元的負面影響。

Our consolidated operating income as a percentage of revenues decreased by 270 basis points to 16.3% in Q1 from the prior year quarter, primarily driven by food basket and labor increases in excess of pricing increases as well as G&A deleverage due to the decline in same-store sales in our U.S. business.

我們的綜合營業收入佔收入的百分比在第一季度比去年同期下降了 270 個基點至 16.3%，這主要是由於食品籃子和勞動力的增長超過了價格的增長，以及由於相同的下降而導致的 G&A 去槓桿-我們美國業務的商店銷售。

Our diluted EPS in Q1 was $2.50 versus $3 in the prior quarter. Breaking down that $0.50 decrease in our diluted EPS, our operating results negatively impacted us by $0.36. Changes in foreign currency exchange rates negatively impacted us by $0.08. The gain on our investment in Dash in Q1 of last year negatively impacted us by $0.05. Our higher effective tax rate negatively impacted us by $0.04. Higher net interest expense negatively impacted us by $0.15. And a lower diluted share count, driven by share repurchases over the trailing 12 months, benefited us by $0.18.

我們第一季度的攤薄後每股收益為 2.50 美元，而上一季度為 3 美元。分解我們攤薄後每股收益減少 0.50 美元，我們的經營業績對我們產生了 0.36 美元的負面影響。外幣匯率的變化對我們產生了 0.08 美元的負面影響。去年第一季度我們對 Dash 的投資收益對我們產生了 0.05 美元的負面影響。我們較高的有效稅率對我們產生了 0.04 美元的負面影響。較高的淨利息費用對我們產生了 0.15 美元的負面影響。在過去 12 個月的股票回購推動下，稀釋後的股票數量減少了 0.18 美元。

Although we faced operating headwinds in Q1, we continue to generate sizable free cash flow. During Q1, we generated net cash provided by operating activities of approximately $79 million. After deducting for capital expenditures of approximately $12 million, which included investments in our technology initiatives, such as our next-generation point-of-sale system and investments in our supply chain centers, we generated free cash flow of approximately $66 million.

儘管我們在第一季度面臨經營逆風，但我們繼續產生可觀的自由現金流。在第一季度，我們產生了約 7900 萬美元的經營活動提供的淨現金。在扣除約 1200 萬美元的資本支出後，其中包括對我們的技術計劃的投資，例如我們的下一代銷售點系統和對供應鏈中心的投資，我們產生了約 6600 萬美元的自由現金流。

We invested $6.8 million in purchases of franchise operations in our Detroit DMA. We repurchased and retired approximately 101,000 shares for $47.7 million or an average price of $473 per share. As of the end of Q1, we had approximately $656 million remaining under our current Board authorization for share repurchases. And subsequent to the end of the first quarter, we also returned $40 million to our shareholders in the form of a $1.10 per share quarterly dividend payment.

我們投資 680 萬美元購買底特律 DMA 的特許經營業務。我們以 4,770 萬美元或平均每股 473 美元的價格回購併退還了大約 101,000 股股票。截至第一季度末，我們目前的董事會授權股票回購剩餘約 6.56 億美元。在第一季度末之後，我們還以每股 1.10 美元的季度股息支付形式向股東返還了 4000 萬美元。

In addition, we would like to update the guidance we provided in March for 2022. Based on the continuously evolving inflationary environment, we now expect the increase in the store food basket within our U.S. system to range from 10% to 12% as compared to 2021 levels. Changes in foreign currency exchange rates are now expected to have a negative impact of $12 million to $16 million compared to 2021. We anticipate that we will continue to see fluctuations in commodity prices, including wheat and fuel costs, and foreign currency exchange rates resulting from geopolitical risk and the impact on the overall macroeconomic environment.

此外，我們希望更新我們在 3 月提供的 2022 年指導。基於不斷變化的通貨膨脹環境，我們現在預計我們美國系統內的商店食品籃子的增長幅度將在 10% 到 12% 之間，而2021 級。與 2021 年相比，外匯匯率的變化現在預計將產生 1200 萬美元至 1600 萬美元的負面影響。我們預計，包括小麥和燃料成本在內的大宗商品價格以及因地緣政治風險及對整體宏觀經濟環境的影響。

G&A is now expected to range from $420 million to $428 million as we cancel or delay some of the investments originally planned for 2022 and prioritize those projects we believe will be more near-term drivers of growth.

G&A 現在預計在 4.2 億美元到 4.28 億美元之間，因為我們取消或推遲了一些最初計劃在 2022 年進行的投資，並優先考慮那些我們認為將成為近期增長動力的項目。

CapEx is not expected to change from the $120 million projection we provided in March.

預計資本支出不會改變我們在 3 月份提供的 1.2 億美元預測。

Finally, while our global retail sales growth, excluding the impact of foreign currency in 2022, will likely drop below the low end of our 6% to 10% 2- to 3-year outlook, we are confident that the long-term growth algorithm is still very much intact, and we expect to recover back to that range starting in 2023.

最後，儘管 2022 年我們的全球零售額增長（不包括外匯影響）可能會低於我們 2 至 3 年預期 6% 至 10% 的低端，但我們相信長期增長算法仍然完好無損，我們預計從 2023 年開始恢復到該範圍。

Our practice has been to not comment on short-term sales trends in the business, and we do not plan to make a habit of doing so. However, based on the very unusual and volatile operating environment we and others are experiencing, we are making an exception in this case. On future investor calls, plan on not sticking with our 2- to 3-year outlook as the best indicator of our expected global retail sales trends.

我們的做法是不對業務中的短期銷售趨勢發表評論，我們也不打算養成這樣做的習慣。然而，基於我們和其他人正在經歷的非常不尋常和不穩定的操作環境，我們在這種情況下破例。在未來的投資者電話會議上，不要堅持將我們的 2 至 3 年展望作為我們預期全球零售銷售趨勢的最佳指標。

Thank you all for joining the call today. And now, I will turn it over to Russell.

感謝大家今天加入電話會議。現在，我將把它交給拉塞爾。

Thank you, Sandeep, and good morning, everybody.

謝謝你，Sandeep，大家早上好。

I want to start off by thanking our franchisees and their teams for continuing to work incredibly hard to serve their communities during the pandemic. Domino's franchisees are the best operators in the business, delivering around 1 out of every 3 pizzas in this country every day. COVID, and Omicron in particular, required that they balance this volume with customer service and team member workload. And we were faced with the same situation in many of our corporate stores.

首先，我要感謝我們的特許經營商和他們的團隊在大流行期間繼續努力工作，為他們的社區服務。多米諾的加盟商是業內最好的經營者，每天在這個國家提供每 3 個比薩餅中的 1 個。 COVID，尤其是 Omicron，要求他們平衡這一數量與客戶服務和團隊成員的工作量。在我們的許多公司商店中，我們都面臨著同樣的情況。

While none of us were satisfied with U.S. sales in Q1, I am confident in our ability to get back to the growth levels we and our franchisees expect. As indicated by our carryout performance and the strength of our business in stores that were less constrained by labor shortages, we believe the demand for Domino's remains strong. Our focus now is on addressing the capacity constraints that have impacted our ability to fulfill this demand. Those constraints have led to demand shaping activity across the U.S. business, things like reducing store hours, not answering phones and restricting online orders. These bottlenecks are largely in our and our franchisees' control. And as we distance ourselves from the peak of Omicron's impact, we're addressing them together with our franchisees.

雖然我們沒有人對第一季度在美國的銷售額感到滿意，但我相信我們有能力恢復到我們和我們的加盟商所期望的增長水平。正如我們的結轉業績和我們在受勞動力短缺限制較少的商店中的業務實力所表明的那樣，我們認為對多米諾骨牌的需求仍然強勁。我們現在的重點是解決影響我們滿足這一需求的能力的能力限制。這些限制導致整個美國企業的需求塑造活動，例如減少商店營業時間、不接電話和限制在線訂單。這些瓶頸主要在我們和我們的加盟商的控制之中。當我們遠離 Omicron 影響的高峰時，我們正在與我們的特許經營商一起解決這些問題。

First, we'll be returning to our core standard operating hours. Knowing the last thing our franchisees want is to be closed, we're working with them closely to return to standard hours. This will be monitored along with online ordering uptime.

首先，我們將恢復我們的核心標準工作時間。知道我們的加盟商最不想要的就是關閉，我們正在與他們密切合作以恢復標準工作時間。這將與在線訂購正常運行時間一起受到監控。

Second, we have worked with third-party call center providers to facilitate and add capacity that will allow our stores to utilize call centers to take phone orders when necessary. This will allow stores to focus on production and delivery when they're short staffed during peak hours. By the middle of May, we believe between 2,500 and 3,000 stores will be leveraging call centers in some capacity. That number can grow depending on our needs. Our corporate stores will be testing phone center options as part of this process so we can understand the impact on operations, on store team members, customer service and the P&L.

其次，我們與第三方呼叫中心提供商合作，以促進和增加容量，使我們的商店能夠在必要時利用呼叫中心接受電話訂單。這將使商店在高峰時段人手不足時可以專注於生產和交付。到 5 月中旬，我們相信 2,500 到 3,000 家商店將在一定程度上利用呼叫中心。這個數字可以根據我們的需要而增長。作為此過程的一部分，我們的公司商店將測試電話中心選項，以便我們了解對運營、商店團隊成員、客戶服務和損益表的影響。

Third, boost weeks will return this summer. And we expect they will continue moving forward in the cadence similar to our pre-COVID practices. Boost weeks are key to building our business. They drive customer acquisition and grow our loyalty program.

第三，助推週將在今年夏天回歸。我們預計他們將繼續以類似於我們在 COVID 之前的做法的節奏前進。提升周是建立我們業務的關鍵。他們推動客戶獲取並發展我們的忠誠度計劃。

Now while these actions will begin to take effect in Q2, we know from the quintile analysis that stores need to solve for different levels of staffing challenges. So it will take some time for our entire U.S. system to get back to pre-Omicron levels of staffing. Additionally, we're facing 2-year same-store sales overlaps of 19.6% in Q2. As such, we expect Q2 to be another quarter where same-store sales will continue to be pressured.

現在，雖然這些措施將在第二季度開始生效，但我們從五分位分析中了解到，商店需要解決不同級別的人員配備挑戰。因此，我們整個美國系統需要一段時間才能恢復到 Omicron 之前的人員配備水平。此外，我們在第二季度面臨 19.6% 的 2 年同店銷售重疊。因此，我們預計第二季度將是同店銷售將繼續承壓的另一個季度。

Next, I'd like to talk about our corporate stores. We are disappointed in the results of that business. As we've said in prior calls, our current mix of corporate stores, they are concentrated in areas more impacted by staffing shortages. That said, when adjusting for uncontrollables, these stores have underperformed similar stores owned by our franchisees. This has not been the case historically, and the gap is being addressed by our leaders of that business. They are already several weeks into operations recovery plan with 30, 60 and 90-day milestones. While corporate stores represent only 2% of our footprint around the world, they remain a critical strategic tool to develop talent and to test and refine innovation, and in some instances, to accelerate the growth of an under-penetrated market. We must restore their leadership from a performance perspective.

接下來，我想談談我們的公司商店。我們對這項業務的結果感到失望。正如我們在之前的電話會議中所說，我們目前的企業商店組合集中在受人員短缺影響較大的地區。也就是說，在調整不可控因素時，這些商店的表現不如我們特許經營商擁有的類似商店。歷史上並非如此，我們該業務的領導者正在解決這一差距。他們已經制定了幾週的運營恢復計劃，其中包含 30、60 和 90 天的里程碑。雖然企業門店僅占我們在全球的 2%，但它們仍然是培養人才、測試和改進創新的關鍵戰略工具，在某些情況下，還能加速滲透率不足的市場的增長。我們必須從績效的角度恢復他們的領導地位。

Next, I wanted to talk through staffing and some of our plans to address it as a headwind on our performance this year. First, we're seeing an improvement in delivery service in many Domino's stores. By the end of Q1, delivery service has improved versus the same time last year in 42% of stores. This number improved sequentially in each period during the first quarter.

接下來，我想談談人員配置和我們的一些計劃，以解決今年對我們業績的不利影響。首先，我們看到許多 Domino 商店的送貨服務有所改善。到第一季度末，42% 的商店的送貨服務與去年同期相比有所改善。這一數字在第一季度的每個時期都有所改善。

Second, while it may take some time to get to full staffing levels, the majority of our franchisees support the boost week and a return to more aggressive promotions that drive customer acquisition. I believe this is an indication of their confidence that staffing and service will continue to improve.

其次，雖然可能需要一些時間才能達到滿員水平，但我們的大多數加盟商都支持提升週，並回歸更積極的促銷活動來推動客戶獲取。我相信這表明他們對人員配備和服務將繼續改進充滿信心。

Third, with Omicron interruptions largely behind us, we were able to roll out a new service assessment program at the end of the quarter. The service assessment provides each store with its own specific service improvement objectives based on individual results. The service assessment also comes with tools to help stores identify and address where they have opportunities. We really expect this new program to help our franchisees as the year progresses.

第三，由於 Omicron 的中斷在很大程度上已經過去，我們能夠在本季度末推出新的服務評估計劃。服務評估根據個人結果為每家商店提供自己的特定服務改進目標。服務評估還附帶工具，幫助商店識別和解決他們有機會的地方。隨著時間的推移，我們真的希望這個新計劃能夠幫助我們的加盟商。

Finally, as Ritch mentioned during our last call, we are continuing our deep dive on driver labor. A lot in the world of delivery has changed because of the pandemic. And we're thoroughly analyzing what all these shifts mean for our business. We're still doing the work of this important initiative and believe many of the solutions for how we can evolve and improve our driver staffing already exist within our system, as is evidenced by the performance of our top quintile stores. That said, we're coming at this analysis with an open mind and are exploring all avenues at our disposal.

最後，正如 Ritch 在我們上次電話會議中提到的那樣，我們將繼續深入研究司機勞動力。由於大流行，交付領域發生了很多變化。我們正在徹底分析所有這些轉變對我們的業務意味著什麼。我們仍在開展這項重要舉措的工作，並相信我們的系統中已經存在許多關於如何發展和改進司機人員配置的解決方案，我們的頂級五分之一商店的表現就證明了這一點。也就是說，我們以開放的心態進行這項分析，並正在探索我們可以使用的所有途徑。

I am excited for what's ahead at Domino's. And I'm honored at the opportunity to lead the continued evolution of this great brand. Together with Sandeep and the rest of our leadership team, we will leverage the learnings from these headwinds we're facing today, and we'll use them to become even better. I look forward to talking with you about this in future calls.

我對 Domino's 的未來感到興奮。我很榮幸有機會領導這個偉大品牌的持續發展。與 Sandeep 和我們領導團隊的其他成員一起，我們將利用從我們今天面臨的這些逆風中吸取的教訓，並利用它們變得更好。我期待在未來的電話會議中與您討論這個問題。

And with that said, I'll send it back to Ritch for some final words.

話雖如此，我會把它發回給 Ritch 做一些最後的話。

Thanks, Russell. Looking forward, I have a great deal of confidence in you, our outstanding leadership team, and our incredible team members and franchisees here in the U.S. and all around the world. I'm optimistic about the future of this brand, with many years of growth runway ahead.

謝謝，拉塞爾。展望未來，我對您、我們傑出的領導團隊以及我們在美國和世界各地令人難以置信的團隊成員和特許經營商充滿信心。我對這個品牌的未來持樂觀態度，未來會有多年的增長。

Today is my last earnings call, and I'll close my remarks this morning with a heartfelt thank you to our franchisees and team members across the globe. Over the last 11 years, you have inspired me every day with your passion, your commitment and your innovative spirit. I'm truly grateful for the partnership and the friendship that you have extended to me. Serving you as the CEO of this great brand has been the highlight of my professional career. And to our investors and analysts, it has been a pleasure to work with you over these years.

今天是我最後一次財報電話會議，我將在今天早上結束我的講話，衷心感謝我們在全球的特許經營商和團隊成員。在過去的 11 年中，您的熱情、承諾和創新精神每天都在激勵著我。我真的很感謝你給我的伙伴關係和友誼。擔任這個偉大品牌的 CEO 是我職業生涯的亮點。對於我們的投資者和分析師來說，很高興與您合作這些年來。

Thank you again for joining us on the call today. And we will now be happy to take your questions.

再次感謝您今天加入我們的電話會議。我們現在很樂意回答您的問題。

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

（操作員說明）我們的第一個問題來自 Oppenheimer & Company 的 Brian Bittner。

Ritch, well wishes into the future. As we think about the U.S. business and the pressure that you guys are experiencing from staffing, stimulus, rollover, et cetera, can you help us understand what your share trends look like year-to-date so we can better kind of understand how much of this is idiosyncratic to Domino's versus industry-wide headwinds? And just, Russell, as you come into this role, is there any new strategic initiatives we could see you pivot towards to really help get the system more staff more quickly, perhaps even gaining some operational health maybe through new partnerships?

里奇，未來的美好祝愿。當我們考慮美國業務以及你們從人員配置、刺激、延期等方面所承受的壓力時，您能否幫助我們了解您今年迄今為止的股票趨勢，以便我們更好地了解多少這對於多米諾與全行業的逆風來說是特殊的嗎？只是，Russell，當你擔任這個角色時，我們是否可以看到你轉向真正幫助系統更快地獲得更多員工的任何新戰略舉措，甚至可能通過新的合作夥伴關係獲得一些運營健康？

Brian, I'll answer your first question. On the share trends, on those, we rely on NPD information. And there's been so many switches from sit-down to -- when that sit-down was closed, people would get delivery. Now sit-down was open again, and so there's a lot of moving parts, kind of up and down. When we look at kind of the total Delco delivery carryout share performance for us, we've held our own and actually moved up significantly on the carryout side.

布萊恩，我會回答你的第一個問題。在份額趨勢上，我們依賴 NPD 信息。從坐下到坐下的轉變太多了——當坐下結束時，人們就會收到快遞。現在靜坐再次開放，所以有很多活動部件，有點上下。當我們為我們查看 Delco 交付結轉份額的總體表現時，我們已經持有自己的股票，並且實際上在結轉方面顯著上升。

I suspect a lot of people have the same question you did on the second -- on your second question, so I'm going to take a little bit more time answering that, if that's okay. And I wanted to start with a little perspective. And I just got back from, over the last month, a listening tour where I visited with 155 of our U.S. franchisees over the last month. And what I can tell you that I heard was the only person more disappointed than the customer who can't order Domino's is the franchisee who owns that store and can't serve that customer. We take so much pride, our franchisees take so much pride. When I started Domino's in 2008, and I -- there's a motto that's thrown around and I hold it close to my heart because it describes our franchisees, which is, we are the last to close and the first to open. And so the fact and Ritch talked to this in his comments earlier, the fact that we were closed almost 6 days is not something that our franchisees or us, that's not part of our DNA. And Omicron is behind us now. And I can tell you through these visits, they are ready to get after it.

我懷疑很多人都有你在第二個問題上提出的相同問題——關於你的第二個問題，所以如果可以的話，我將花更多時間來回答這個問題。我想從一個小角度開始。上個月，我剛剛結束了一次聆聽之旅，上個月我拜訪了我們的 155 家美國特許經營商。我可以告訴你的是，我聽說唯一比無法訂購 Domino 的顧客更失望的是擁有那家商店但無法為該顧客服務的特許經營商。我們非常自豪，我們的加盟商也非常自豪。當我在 2008 年創辦 Domino's 時，我有一個座右銘，我一直牢記在心，因為它描述了我們的加盟商，也就是說，我們是最後一個關閉的，也是第一個打開的。因此，Ritch 早些時候在他的評論中談到了這一事實，我們關閉了將近 6 天這一事實與我們的特許經營商或我們無關，這不是我們 DNA 的一部分。 Omicron 現在落後於我們。我可以通過這些訪問告訴你，他們已經準備好接受它。

And so the question really is, with that, what are we going to do to -- if the energy is there, kind of what are we going to do to address that capacity? And I'll give you some -- maybe some quantitative information and then a couple of facts along the way. First, what we've seen every period during Q1 is an improvement in our delivery service. And in fact, we ended the quarter with 2,700 stores, a little bit more than that, with delivery service better this year than it was same time last year. And like I said, it continued to improve every period. We're going to return to our store hours, the core store hours. There were times at which a store had to decide, hey, do I let my staff go home, it's been a long day, or not. And we are proud that they made the right decisions in that case. But again, we're in a different situation now. And our franchisees and us feel like we can make that return to core store hours in all of our stores.

所以問題真的是，有了這個，我們要做什麼——如果能量在那裡，我們要做什麼來解決這種能力？我會給你一些——也許是一些定量信息，然後是一些事實。首先，我們在第一季度的每個時期都看到了我們交付服務的改進。事實上，我們在本季度結束時擁有 2,700 家門店，比這多一點，今年的送貨服務比去年同期要好。就像我說的，它在每個時期都在不斷改善。我們將回到我們的商店營業時間，即核心營業時間。有時商店必須決定，嘿，我是否讓我的員工回家，這是漫長的一天，還是不。我們很自豪他們在這種情況下做出了正確的決定。但同樣，我們現在處於不同的境地。我們的加盟商和我們覺得我們可以在我們所有的商店中恢復到核心商店營業時間。

Next, we need to free up capacity. Obviously, bringing in new team members is one thing. But if phone calls are one of the things that maybe gets second fiddle if a store is busy, now moving and getting capacity for 3,000-plus doors, and the number can increase, to take those phone orders, that's going to take work out of the store where they can focus on making the pizza and delivering the pizza. And lastly, we haven't done boost weeks in a couple of years. And boost weeks really is what drives new customers into Domino's. And that's where the magic happens with our loyalty program and all our digital and analytical capability.

接下來，我們需要釋放容量。顯然，引進新的團隊成員是一回事。但是，如果電話是商店繁忙時可能會被次要的事情之一，現在搬家並獲得 3,000 多個門的容量，並且數量可能會增加，以接受這些電話訂單，那將需要工作他們可以專注於製作披薩和提供披薩的商店。最後，我們已經有幾年沒有做過提升幾週了。提升週數確實是推動新客戶進入 Domino 的原因。這就是我們的忠誠度計劃以及我們所有的數字和分析能力發生的神奇之處。

And so when you think about all I went through, hopefully you understand why I'm bullish on this. I'm bullish, but I think we also have to be realistic. And that's why Ritch talked about the last call, I talked about this call, we are undergoing a full assessment of the driver and delivery landscape, both today and into the future. We do think a lot of the answers for some of the headwinds that you mentioned before and how we're going to overcome them, hey, we're seeing them in our top quintile stores, right? So a lot of stores are actually doing that. And our goal, my job, is to help everyone move to that top quintile. But our job as well is to make sure that anyone who wants a Domino's Pizza gets a Domino's Pizza. And so while we continue to look internally for best practices, I will tell you nothing is off the table when we look at -- when we think about long term and getting folks who want Domino's their delivery order.

所以當你想到我所經歷的一切時，希望你明白我為什麼看好這件事。我看好，但我認為我們也必須現實。這就是為什麼 Ritch 談到上一次電話會議，我談到了這次電話會議，我們正在對今天和未來的司機和交付情況進行全面評估。對於您之前提到的一些不利因素，我們確實想出了很多答案，以及我們將如何克服它們，嘿，我們在五分之一的頂級商店中看到了它們，對吧？所以很多商店實際上都在這樣做。而我們的目標，我的工作，是幫助每個人進入前五分之一。但我們的工作也是確保任何想要 Domino's Pizza 的人都能得到 Domino's Pizza。因此，儘管我們繼續在內部尋找最佳實踐，但我會告訴您，當我們考慮長期並讓想要 Domino 的人們獲得他們的交付訂單時，沒有什麼是不可能的。

Our next question comes from David Palmer with Evercore ISI.

我們的下一個問題來自 Evercore ISI 的 David Palmer。

You mentioned the quintiles. How is staffing at the bottom 1 or 2 quintiles versus pre-COVID? And perhaps you can talk about how that's changed in recent months and even recent weeks and to the degree that that's giving you confidence to this labor capacity getting better, perhaps midyear-ish or so? And then maybe there's something tied into this call center as a solution. But I do want to get a sense of your confidence on getting that bottom up to pre-COVID levels.

你提到了五分之一。與 COVID 之前相比，最低 1 或 2 個五分之一的人員配備如何？也許你可以談談這在最近幾個月甚至最近幾週發生了怎樣的變化，以及這讓你對這種勞動力能力變得更好的信心程度，也許是年中左右？然後也許這個呼叫中心有一些東西作為解決方案。但是我確實想了解您對將其自下而上達到 COVID 之前水平的信心。

Sure, David. I think a couple of things. One is it's not just my confidence. We and our franchisees are aligned on bringing back boost weeks this summer. And so that means the entire Domino's system is confident we'll be where we need to be. We're not going to be perfect, but we're going to try. And that's been our history, right? Last to close, first to open.

當然，大衛。我認為有幾件事。一是這不僅僅是我的信心。我們和我們的加盟商一致同意在今年夏天恢復提振週。所以這意味著整個 Domino 的系統都相信我們會到達我們需要的地方。我們不會完美，但我們會努力。這就是我們的歷史，對吧？最後關閉，先打開。

How I'll address the quintile piece is maybe -- a better way to think about it maybe is, what have we learned that the top quintiles do that we can help inform the bottom quintiles to move up? And what's really interesting to me is only one of those learnings to me is something that's out of your control. So in general, if you're an urban store, it's a little bit harder to staff than if you're a suburban store. But as I take you through some of these other points, I think what you'll realize is these are things that are well within folks control. And we just help -- need to help lead and inform our franchisees.

我將如何解決五分之一的問題可能是——一個更好的思考方式可能是，我們了解到頂部五分之一的人做了什麼，我們可以幫助通知底部五分之一向上移動？對我來說真正有趣的是，對我來說，其中一個學習是你無法控制的。所以一般來說，如果你是一家城市商店，那麼人員配備比郊區商店要難一些。但當我帶你了解其他一些要點時，我想你會意識到這些都是人們可以控制的事情。我們只是提供幫助——需要幫助領導和通知我們的特許經營商。

So I'll take you through with some of them, differences, again, top quintile versus bottom quintile. They're going to have more drivers on the road, right? Their drivers are going to spend more time on the road, less time in stores doing things other than driving. They process their new hires more quickly, right? They are in markets that are more fortressed. We've been talking about fortressing forever and how important fortressing is from a delivery standpoint, but also how incremental it is from a carryout standpoint. I think the results here show that us and our franchisees, we're really happy we started fortressing because that's a big difference in the quintile analysis. Higher (inaudible) is another one. The last one, and this is really important, one of the biggest drivers of quintile performance is the strength and the tenure of the general manager. And so when I think about the things that are within our control, all but one of those things are, and we can get after that.

因此，我將帶您了解其中的一些差異，再次，最高五分之一與最低五分之一。他們會有更多的司機上路，對吧？他們的司機將花更多的時間在路上，而不是在商店里花更少的時間做除了開車以外的事情。他們更快地處理新員工，對嗎？它們位於更加堅固的市場中。我們一直在談論堡壘，以及從交付的角度來看堡壘的重要性，以及從結轉的角度來看它的增量。我認為這裡的結果表明我們和我們的加盟商，我們真的很高興我們開始鞏固，因為這是五分位數分析的一個很大差異。更高（聽不清）是另一個。最後一個，這一點非常重要，五分之一表現的最大驅動力之一是總經理的實力和任期。因此，當我想到我們控制範圍內的事情時，除了其中一件事情之外，所有事情都是如此，我們可以做到這一點。

Our next question comes from Peter Saleh with BTIG.

我們的下一個問題來自 BTIG 的 Peter Saleh。

Great. I just wanted to come back to the conversation around delivery drivers and what you guys plan to do, I guess, to attract more delivery drivers and keep the ones that you have. I think last quarter, you talked about more scheduling flexibility and using technology to make sure you keep the drivers in their cars, I guess, more often. So just give us an update on where you are with some of those initiatives and if you feel like that's going to be enough. Or do you think you have to really step up pay or push the franchisees to step up pay to really, I guess, retain the drivers that you have and maybe go out and expand and find more drivers?

偉大的。我只是想回到關於送貨司機的談話，以及你們計劃做的事情，我猜，以吸引更多的送貨司機並留住你擁有的那些。我想上個季度，你談到了更多的調度靈活性和使用技術來確保你讓司機更頻繁地留在他們的車裡。因此，只需向我們介紹您在其中一些舉措方面的最新情況，以及您是否覺得這已經足夠了。還是你認為你必須真正提高工資或推動特許經營商提高工資，我想，真的，留住你擁有的司機，也許出去擴大並尋找更多的司機？

Thanks, Peter. From a payer perspective -- obviously, I can talk to our corporate stores. Over the last 3 years, we spent -- we've increased wages well over $30 million. So I don't think it's pay. I think it's a real holistic view. As I said earlier, that general manager is a big piece of it. And so you want to make sure the store around them is as stable as possible.

謝謝，彼得。從付款人的角度來看——顯然，我可以與我們的公司商店交談。在過去的 3 年裡，我們花了 - 我們增加了超過 3000 萬美元的工資。所以我不認為這是報酬。我認為這是一個真正的整體觀點。正如我之前所說，那位總經理是其中的一員。所以你要確保他們周圍的商店盡可能穩定。

I think the way we look at hiring is really a chain from start to finish. And so if you think about what we did this year that we really haven't done in the past to attract new people is we used our television advertising. We had not done that in the past. And so we have a story out there with, Lolly, a 27-year-old franchisee who owns 2 stores, started as a delivery driver, really, as an aspirational goal. If you want to be a general manager at Domino's and an owner at Domino's, it all starts as being a driver. So getting awareness out there, we're a marketing company. And marketing staffing is something we hadn't done before. So that brings in more people.

我認為我們看待招聘的方式實際上是一個從頭到尾的鏈條。所以如果你想想我們今年做了什麼，過去我們真的沒有做過什麼來吸引新人，那就是我們使用了我們的電視廣告。我們過去沒有這樣做過。所以我們有一個故事，Lolly，一個擁有 2 家商店的 27 歲的特許經營商，最初是一名送貨司機，真的，作為一個有抱負的目標。如果你想成為 Domino's 的總經理和 Domino's 的老闆，一切從成為一名司機開始。因此，提高知名度，我們是一家營銷公司。營銷人員配備是我們以前沒有做過的事情。所以這會帶來更多的人。

Now when they come in, then what happens? Well, you have to process their applications more quickly. And we rolled out a new ATS system, which helps applicants get through in less than 5 minutes. And so that piece is better. Then once they start in the store, you need to do what you can to make the job as easy as possible. There's a lot of pressure on those jobs. And so a lot of the technology that we've introduced addresses that. We talked last time about some operational best practices, taking box holding way, for example, that takes 30 to 40 hours out of the store. And so when you think about that kind of holistic start, apply, working in a store, what we've tried to do is change our approach holistically that -- to that. What I can tell you though is, again, we are doing a full assessment of this area, and we will have enough people to deliver Domino's Pizza.

現在，當他們進來時，會發生什麼？那麼，您必須更快地處理他們的申請。我們推出了一個新的 ATS 系統，它可以幫助申請人在 5 分鐘內通過。所以那一塊更好。然後，一旦他們在商店開始工作，您就需要盡您所能使工作盡可能簡單。這些工作壓力很大。我們引入的許多技術都解決了這個問題。上次我們談到了一些運營最佳實踐，例如採取盒子存放方式，需要 30 到 40 個小時才能離開商店。因此，當您考慮這種整體的開始，應用，在商店工作時，我們試圖做的是從整體上改變我們的方法 - 到那個。不過，我可以告訴你的是，我們正在對該地區進行全面評估，我們將有足夠的人來提供達美樂披薩。

And Peter, just one thing I would add to Russell's comments. We're absolutely also looking at how we schedule those drivers once we have them on the payroll. And certainly, there are a lot of folks out there now looking for more flexibility, perhaps shorter shifts, maybe fewer hours over the course of the full week. So we're taking a look at that scheduling component as well to make sure that the way we ask our team members to show up aligns in some cases better with their expectations of what they want to do.

還有彼得，我只想在拉塞爾的評論中添加一件事。一旦我們將這些司機列入工資單，我們絕對也在考慮如何安排這些司機。當然，現在有很多人正在尋求更大的靈活性，也許是更短的輪班時間，也許是整週的工作時間更少。因此，我們也在研究調度組件，以確保我們要求團隊成員出現的方式在某些情況下更符合他們對自己想做的事情的期望。

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。

I just had one clarification question about the U.S. comps, and perhaps it's a bit nuanced, but I know you mentioned a lot of volatility around Omicron. And I was wondering if you could comment on whether you've seen some stability in the business post Omicron. Meaning, if you look at growth relative to pre-COVID levels in February up through March, did it stay relatively stable in March, decelerate because of the comparison, or are you seeing a further deceleration? I guess that's one clarification.

我剛剛對美國的比賽提出了一個澄清問題，也許它有點微妙，但我知道你提到了圍繞 Omicron 的很多波動。我想知道你是否可以評論一下你是否在 Omicron 的商業職位上看到了一些穩定性。這意味著，如果您查看 2 月至 3 月相對於 COVID 之前水平的增長，它是在 3 月保持相對穩定，由於比較而減速，還是您看到進一步減速？我想這是一個澄清。

And then I guess my real question is really about the operational challenges and the impact that might be happening on consumer feedback or consumer perceptions towards Domino's more generally. And just wondering if you can comment on what kind of consumer feedback you're getting from some of the issues you're having on the delivery side.

然後我想我真正的問題實際上是關於運營挑戰以及可能對消費者反饋或消費者對多米諾的普遍看法產生的影響。只是想知道您是否可以評論您從交付方面遇到的一些問題中獲得了什麼樣的消費者反饋。

David, this is Sandeep. I'll take the first part of the question and then I'll pass it over to Russell for the second piece. But I think when you talk about the cadence of U.S. comps, Ritch talked about it in the opening remarks. And it was a very tough January with Omicron. Feb got a little bit better. But then we actually got -- it went backwards a little bit in March. So we had a bit of a mixed bag as we went through the quarter. But I think the challenge that we actually saw was across the quarter, quite significant. That's why we ended up that down 3.6%. And I think Russell talked about this in the prepared remarks as well. We are now up against a very tough comparison, on a 2-year stack, 19.6% in the second quarter. So I think that's something to keep in mind given how we actually finished up in the first quarter, that we're up against tough compares. So that's really what's been happening from a cadence standpoint.

大衛，這是桑迪普。我將回答問題的第一部分，然後將其傳遞給 Russell 進行第二部分。但我認為當你談到美國比賽的節奏時，里奇在開場白中談到了它。對於 Omicron，這是一個非常艱難的一月。二月稍微好一點。但後來我們實際上得到了 - 它在三月份倒退了一點。因此，當我們度過這個季度時，我們有點喜憂參半。但我認為我們實際看到的挑戰貫穿整個季度，非常重要。這就是為什麼我們最終下跌了 3.6%。我認為羅素在準備好的評論中也談到了這一點。我們現在面臨著一個非常艱難的比較，在 2 年的堆棧中，第二季度為 19.6%。所以我認為考慮到我們在第一季度的實際完成情況，我們要記住這一點，我們面臨著艱難的比較。所以從節奏的角度來看，這確實是正在發生的事情。

But pivoting back to what Russell talked about in the opening remarks, we're doing a whole bunch of things to address this and accelerate demand. We're not going to basically just accept where things are at right now. And everything that Russell talked about in terms of getting back to normal operating hours, using the call center to actually bolster our volume and be able to create more capacity to take it, this is all going to be critical. And it's amazing that the boost weeks haven't been done for so long with the pandemic, but that should be a significant accelerator as well.

但回到拉塞爾在開場白中談到的內容，我們正在做很多事情來解決這個問題並加速需求。我們基本上不會接受現在的情況。羅素談到的關於恢復正常工作時間、使用呼叫中心實際增加我們的業務量並能夠創造更多容量來接受它的所有內容，這一切都將是至關重要的。令人驚訝的是，在大流行的情況下，提振週沒有完成這麼長時間，但這也應該是一個重要的加速器。

So personally, when I kind of take a look at comps in the first quarter, to me, it's an aberration. When I look at the business performance over multiple years, I've gone back and looked at the history, on a 3-year stack basis, we're up 11% despite all these problems with labor that we're dealing with. And I'm really bullish about our ability to bounce back once we actually start implementing the initiatives that Russell was talking about as we move through the year.

所以就個人而言，當我在第一季度看一下比賽時，對我來說，這是一種失常。當我回顧多年的業務表現時，我回顧了歷史，在 3 年的基礎上，儘管我們正在處理所有這些勞動力問題，但我們仍然增長了 11%。一旦我們真正開始實施羅素在這一年中談到的舉措，我真的很看好我們反彈的能力。

Great. Thanks, Sandeep. David, I'll -- on what are consumers saying question, I'll reflect back. You may know, I started at Domino's in 2008. And at 2008, we had a customer problem which affected demand, which is people didn't like the taste of our pizza. We actually had plenty of capacity back then. In fact, we were closing stores and we were closing supply chain. Demand from a customer perspective is hard to create, and we did it here at Domino's. Where we are now, the customer issue, we actually have plenty of demand. We just have that capacity problem. And so I say that just to reflect that this is a company and a group of franchisees that overcame what I think is a much more difficult issue. And what the headwinds we're up against right now is we just got to serve the demand that's coming our way.

偉大的。謝謝，桑迪普。大衛，我會——關於消費者在說什麼問題，我會反思一下。你可能知道，我從 2008 年開始在 Domino's。在 2008 年，我們遇到了一個影響需求的客戶問題，那就是人們不喜歡我們披薩的味道。那時我們實際上有足夠的容量。事實上，我們正在關閉商店，我們正在關閉供應鏈。從客戶的角度來看，需求很難創造，我們在 Domino's 做到了。我們現在所處的位置，客戶問題，我們實際上有很多需求。我們只是有容量問題。所以我說這只是為了反映這是一家公司和一群特許經營商，他們克服了我認為更困難的問題。我們現在面臨的逆風是我們必須滿足即將到來的需求。

Are consumer -- are our customers happy about it? No. Do we have programs that can address them? Sure. We have an extreme delivery program. If you get your pizza late, you're going to have free pizza next time. We've got the loyalty program. We've got all those things. I also think our customers understand -- they're not happy, but they understand what our team members are up against. If you remember, the amazing thing about the Domino's system is when COVID first was hitting its peak and everybody was closed, our folks were open, and our customers don't forget that. So anyway, maybe a long way of answering your question, but I think we've overcome more difficult customer issues before. And what they'll see soon is we're going to be back to being the same Domino's as far as delivery perspective.

消費者——我們的客戶對此是否滿意？沒有。我們有可以解決這些問題的計劃嗎？當然。我們有一個極端的交付計劃。如果你遲到了你的披薩，下次你將有免費的披薩。我們有忠誠度計劃。我們擁有所有這些東西。我還認為我們的客戶理解——他們不高興，但他們理解我們的團隊成員所面臨的挑戰。如果您還記得，Domino 系統的驚人之處在於，當 COVID 第一次達到頂峰時，每個人都關閉，我們的員工是開放的，我們的客戶不會忘記這一點。所以無論如何，回答你的問題可能還有很長的路要走，但我認為我們之前已經克服了更困難的客戶問題。他們很快就會看到，就交付角度而言，我們將回到原來的多米諾骨牌。

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。

Just a question on domestic unit growth. Last call, you had given a heads up that this year could be impacted by some COVID-related delays. It sounds like from your prepared remarks today that maybe the driver issues and general inflation could have an impact as well. But at the same time, you expressed confidence in the unit economics and the 8,000 long-term targets. Can you just help us marry those 2 things? Can all these issues get sorted out this year and next year's return to that 4% to 5% growth range? Or could it perhaps take a bit longer than that in your minds?

只是關於國內單位增長的問題。上次通話時，您已經提醒今年可能會受到一些與 COVID 相關的延誤的影響。從您今天準備好的講話中聽起來，驅動因素和總體通脹可能也會產生影響。但同時，您對單位經濟和 8,000 個長期目標表示了信心。你能幫我們把這兩件事結婚嗎？所有這些問題都可以在今年和明年恢復到 4% 到 5% 的增長范圍內得到解決嗎？或者它可能需要比你想像的更長的時間？

Brian, this is Sandeep. And I think if we look back at what we've done on unit growth in the past quarter, we've been really thrilled. And frankly, if you go back to the trailing 12 months as well, it's been a very impressive growth rate. And we've -- on a global basis, we've actually gotten to a growth rate of about 7%, which is very strong. And it's driven by strength, both in the international store growth as well as the domestic store growth.

布賴恩，這是桑迪普。我認為，如果我們回顧過去一個季度在單位增長方面所做的工作，我們真的很激動。坦率地說，如果你也回到過去的 12 個月，這是一個非常令人印象深刻的增長率。而且我們 - 在全球範圍內，我們實際上已經達到了大約 7% 的增長率，這是非常強勁的。它是由實力驅動的，無論是國際商店的增長還是國內商店的增長。

What we have said is there are certain challenges that we faced in the last few quarters, especially because of the supply chain delays and permitting delays and the like that have actually caused our rate of unit growth to be less than we'd like it to be in the past few quarters. And those issues probably are likely to persist for the next few quarters, as Ritch mentioned in the prepared remarks. However, when I look at the landscape of where we are in the U.S. business, our unit economics for the franchisees are industry-leading. It's amazing how much value they generate. $174,000 in EBITDA for the franchisees enables them to have a fantastic cash-on-cash return and an opportunity to continue expanding their footprint.

我們所說的是，我們在過去幾個季度面臨某些挑戰，特別是由於供應鏈延遲和許可延遲等實際上導致我們的單位增長率低於我們希望的速度在過去幾個季度。正如里奇在準備好的評論中提到的那樣，這些問題可能會在接下來的幾個季度中持續存在。然而，當我審視我們在美國的業務情況時，我們為特許經營商提供的單位經濟效益是行業領先的。令人驚訝的是它們產生了多少價值。加盟商的 EBITDA 為 174,000 美元，使他們能夠獲得出色的現金回報，並有機會繼續擴大業務範圍。

And so we're at 6,600 stores, give or take, across the system. And the 8,000 plus objective is very much within reach. And with the clip that we've been through this last trailing 12 months, it's not that far away either. So it's super exciting. I'm thrilled about the opportunity that we have because it's such a profitable business for our franchisees. And we're working all the time to make sure that they continue to be profitable. And I think that's why we're very comfortable with the unit growth projections that we provided of 6% to 8%. We're committed to that. We expect to see that this year and going forward.

因此，我們在整個系統的 6,600 家商店中提供或接受。而8000+的目標是非常觸手可及的。有了我們在過去 12 個月中所經歷的剪輯，它也不是那麼遙遠。所以超級刺激。我對我們擁有的機會感到興奮，因為這對我們的特許經營商來說是一項有利可圖的業務。我們一直在努力確保他們繼續盈利。我認為這就是為什麼我們對我們提供的 6% 到 8% 的單位增長預測感到非常滿意。我們致力於此。我們希望在今年和未來看到這一點。

Yes. Sandeep, I'll just add a little bit to your comments. But you're right, I mean, 7%, right, that's right, [smack] in between our 6% to 8% guidance. I want to do first a shadow on the international side. We're experiencing the last 12 months, our highest organic growth from a store perspective internationally. And when I think about the U.S. business, I really like to -- people say, half empty, half full, what is your glass? And my glass on U.S. development half full, and we're going to fill it up more. And why I say half full is when you look at the pizza category in QSR, there is no one trailing 12 months, 2 years, 3 years, nobody has opened up as many pizza stores in the United States as has Domino's franchisee. So that is an absolutely huge accomplishment. And that is why I think the glass starts half full.

是的。 Sandeep，我將在您的評論中添加一點。但你是對的，我的意思是，7%，對，沒錯，[smack] 在我們 6% 到 8% 的指導之間。我想先在國際方面做一個影子。我們正在經歷過去 12 個月，從國際商店的角度來看，這是我們最高的有機增長。當我想到美國的業務時，我真的很喜歡——人們說，半空半滿，你的杯子是什麼？我對美國發展的看法是半滿的，我們將繼續加滿。我之所以說半滿，是因為當你查看 QSR 中的比薩類別時，在過去的 12 個月、2 年、3 年中，沒有人在美國開設的比薩店像達美樂的特許經營商一樣多。所以這絕對是一項巨大的成就。這就是為什麼我認為杯子是半滿的。

As Sandeep said, there are a bunch of things that they're dealing with now, both on the labor side and on the supply of things that you need to open up a store. So it makes some time -- may take some time to get beyond what you've been seeing. But again, I want to thank our franchisees for doing what nobody else is doing. They have high expectations as do we, and that 8,000 number is within reach.

正如 Sandeep 所說，他們現在正在處理很多事情，無論是在勞動力方面，還是在開店所需的物品供應方面。所以這需要一些時間——可能需要一些時間才能超越你所看到的。但再次，我要感謝我們的特許經營商做了其他人沒有做的事情。他們和我們一樣抱有很高的期望，而 8,000 的數字觸手可及。

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。

Speaking of glasses, Russell, you didn't mention sort of the consumer reaction to the price increase in March to $6.99. But the business also got softer. So can you just talk about, has that been accepted? Is that not a factor as you look at your sales?

說到眼鏡，Russell，你沒有提到消費者對 3 月份價格上漲到 6.99 美元的反應。但業務也變得疲軟。所以你能談談，這被接受了嗎？當您查看銷售時，這不是一個因素嗎？

And Sandeep, I think you talked about further pricing actions. And I think one of the things on the list was further exploring price points to national offers. And I sort of thought this was a one-time raise the price because there was so much equity in that you didn't want to adjust it further. Are you now reconsidering that and thinking about further increases in the national price point offers?

Sandeep，我想你談到了進一步的定價行動。我認為清單上的一件事是進一步探索國家報價的價格點。而且我有點認為這是一次性提高價格，因為有太多的股權，你不想進一步調整它。您現在是否正在重新考慮這一點並考慮進一步提高全國價格點的報價？

So John, you totally threw me off my game because I'm just sitting here trying to think of a retort to your glass comment, so well done.

所以約翰，你完全把我從我的遊戲中甩了出來，因為我只是坐在這裡想反駁你的玻璃評論，做得很好。

On the 2 changes that we made from a promotion standpoint, the $5.99 one to $6.99, at least on the delivery side, remember, we held the carryout side, that was middle of March. And so we've got some time before we're going to see what's happened there. I can say on the $7.99, remember, there were a couple of things that we did there. We did $7.99 to move it online, because moving our carryout customer online is really important to become part of the loyalty program. We can do all our data magic with them. At the same time, we also did the carryout tips promotion. And the only way you can get the carryout tip is to also go online. And so we've seen a 5 percentage point increase in our online carryout business. And so that strategy is absolutely working.

在我們從促銷的角度進行的 2 項更改中，從 5.99 美元到 6.99 美元，至少在交付方面，請記住，我們持有結轉方面，那是 3 月中旬。所以我們有一些時間來看看那裡發生了什麼。我可以說 7.99 美元，記住，我們在那裡做了幾件事。我們花了 7.99 美元將其轉移到網上，因為將我們的結轉客戶轉移到網上對於成為忠誠度計劃的一部分非常重要。我們可以用它們來做我們所有的數據魔法。同時，我們也做了結轉小貼士的推廣。獲得結轉小費的唯一方法就是上網。因此，我們的在線結轉業務增長了 5 個百分點。所以這個策略絕對有效。

I'll start answering the Sandeep portion. I'll let you finish it. But John, we've been doing -- when it comes to pricing, we've been doing pricing analysis since we launched $5.99 here at Domino's. It's not like we wrote it down on a piece of paper and decided to stick with it. And that architecture is not set in stone. There's actually math and there are numbers behind all of it. And so essentially, what Sandeep is saying is true. But we look at pricing every day. I looked at pricing before I came down here. It doesn't mean we need to change pricing. What we do is we optimize our pricing to make sure that our customer has the best value relative to the competition, and that, that drives the most bottom line for our franchisees. And so we can understand through our testing demand when we look at different brands. And we know what the input costs are from a labor standpoint, from a food standpoint. And if things need to change, to protect the consumer value proposition or to protect our franchisees' profitability, we will do that. And that I think is what Sandeep was referring to.

我將開始回答 Sandeep 部分。我會讓你完成它。但是約翰，我們一直在做——在定價方面，自從我們在 Domino's 推出 5.99 美元以來，我們一直在做定價分析。這不像我們把它寫在一張紙上並決定堅持下去。而且這種架構並不是一成不變的。實際上有數學，所有這些背後都有數字。所以本質上，桑迪普所說的是真的。但我們每天都在看定價。在我來到這里之前，我查看了價格。這並不意味著我們需要改變定價。我們所做的是優化我們的定價，以確保我們的客戶在競爭中獲得最大的價值，這為我們的加盟商帶來了最大的利潤。所以當我們看不同的品牌時，我們可以通過我們的測試需求來理解。從勞動力的角度，從食品的角度，我們知道投入成本是多少。如果事情需要改變，以保護消費者價值主張或保護我們的加盟商的盈利能力，我們會這樣做。我認為這就是 Sandeep 所指的。

Yes, that's exactly right, Russell. I think Russell hit it exactly because it's -- in the end, it's a delicate balance between the value our consumers expect and then our franchisee partners who have to actually make sure that they generate the profitability to keep their growth going and our business continuing to grow the way it has. So I think what we have to do is be cognizant of the fact that today, we're dealing with a highly inflationary economy. And so the food basket is up double-digits. Labor costs have actually gone up significantly. And in this environment, I think we just want to make sure that while we keep in mind that consumer value proposition and we are making sure that the demand continues to flow, we still find a way to ensure the profitability of the franchisees is where it needs to be to drive that long-term growth for them and for us. And that's as simple as it is.

是的，這是完全正確的，拉塞爾。我認為羅素之所以成功，是因為它——最終，這是我們消費者期望的價值與我們的特許經營合作夥伴之間的微妙平衡，他們必須真正確保他們產生盈利能力以保持增長，我們的業務繼續以它的方式成長。所以我認為我們要做的是認識到今天，我們正在應對一個高度通貨膨脹的經濟。所以食品籃子增長了兩位數。勞動力成本實際上已經大幅上漲。在這種環境下，我認為我們只想確保在牢記消費者價值主張並確保需求繼續流動的同時，我們仍然找到一種方法來確保特許經營商的盈利能力在哪裡需要為他們和我們推動長期增長。就這麼簡單。

And our last question comes from Jared Garber with Goldman Sachs.

我們的最後一個問題來自高盛的 Jared Garber。

Wanted to get a sense -- I know you talked about this driver economic study, and maybe it's early days in there, but just wanted to get a sense of if you have any sort of early reads on maybe what specifically is keeping folks from sort of signing up to work at Domino's or to drive for Domino's. Fully understand sort of some of the Omicron-related headwinds in January. But I think post that, we've heard from several restaurant industry peers that would suggest staffing levels that are back at or above pre-COVID levels. But maybe Domino's is seeing something different. So I just wanted to get a sense of what you're seeing sort of in early days of that study and how that's starting to inform some of your decision-making going forward.

想了解一下——我知道你談到了這項驅動經濟研究，也許它還處於早期階段，但只是想了解你是否有任何早期讀物，也許是什麼讓人們遠離註冊在 Domino's 工作或為 Domino's 開車。完全了解 1 月份與 Omicron 相關的一些不利因素。但我認為，在那之後，我們從幾位餐飲業同行那裡聽到，他們建議員工配備水平回到或高於 COVID 之前的水平。但也許多米諾看到了一些不同的東西。所以我只是想了解一下你在這項研究的早期看到了什麼，以及這如何開始為你未來的一些決策提供信息。

Sure. When I -- when we talk about staffing, I really think you need to think that we essentially we have 2 businesses at Domino's. We've got a -- the carryout piece of business and the delivery business. The carryout business has not really been constrained because there are no delivery. The customer, as you know, we tip them. And the customer is their own delivery driver. And that business over the last 3 years is up 24%. What we're really talking about here is, I think, stuff that's a little bit more specific to Domino's as a restaurant. But I want to be clear, first, nobody in this country delivers more pizza than Domino's Pizza. So we have a lot of fantastic drivers there. I think the question is, can we deliver more than more? And that's part of what this study is and this is part of what we're working with our franchisees on. Like I said, I do think we have a lot of the answers internally. But we're going to leave nothing on the table when we look at options once the study is done.

當然。當我 - 當我們談論人員配備時，我真的認為你需要認為我們基本上在 Domino's 有兩個業務。我們有一個 - 結轉業務和交付業務。外賣業務並沒有真正受到限制，因為沒有交貨。客戶，如您所知，我們給他們小費。客戶是他們自己的送貨司機。該業務在過去 3 年中增長了 24%。我認為，我們在這裡真正談論的是多米諾作為一家餐廳更具體的東西。但我想明確一點，首先，這個國家沒有人提供的比薩比達美樂比薩多。所以我們在那裡有很多出色的車手。我認為問題是，我們能提供更多嗎？這就是這項研究的一部分，也是我們與特許經營商合作的一部分。就像我說的，我確實認為我們內部有很多答案。但是，當我們在研究完成後查看選項時，我們不會在桌面上留下任何東西。

And I guess maybe elephant in the room, but as part of that assessment, is third-party aggregators partnership being considered?

我想可能是房間裡的大象，但作為評估的一部分，是否正在考慮第三方聚合器的合作關係？

Nothing is off the table. But I've got a lot of faith in the Domino's system. We've got quintiles that are doing it. But like I said, our job is to fulfill the demand that customers have for us. Luckily, we don't have a demand problem right now, but nothing is off the table.

什麼都沒有。但我對 Domino 的系統很有信心。我們有五分之一正在這樣做。但就像我說的，我們的工作是滿足客戶對我們的需求。幸運的是，我們現在沒有需求問題，但沒有什麼可以解決的。

This concludes the question-and-answer session. Please proceed with closing remarks.

問答環節到此結束。請繼續結束語。

Thanks, everybody, for joining the call this morning. Sandeep and I look forward to speaking with you in July to discuss our second quarter 2022 results. Have a great day.

謝謝大家，今天早上加入電話會議。 Sandeep 和我期待在 7 月與您交談，討論我們 2022 年第二季度的業績。祝你有美好的一天。

This concludes the program. You may now disconnect.

程序到此結束。您現在可以斷開連接。