Wendy's Co (WEN) 2022 Q2 法說會逐字稿

Good morning. Welcome to The Wendy's Company Earnings Results Conference Call. (Operator Instructions) Thank you.

早上好。歡迎來到溫迪公司收益結果電話會議。 （操作員說明）謝謝。

Kelsey Freed, Director of Investor Relations, you may begin your conference.

Kelsey Freed，投資者關係總監，您可以開始您的會議了。

Thank you, and good morning, everyone. Today's conference call and webcast includes a PowerPoint presentation, which is available on our Investor Relations website, irwendys.com.

謝謝大家，大家早上好。今天的電話會議和網絡廣播包括一個 PowerPoint 演示文稿，可在我們的投資者關係網站 irwendys.com 上找到。

Before we begin, please take note of the safe harbor statement that appears at the end of our earnings release. This disclosure reminds investors that certain information we may discuss today is forward-looking. Various factors could affect our results and cause those results to differ materially from the projections set forth in our forward-looking statements.

在我們開始之前，請注意出現在我們收益發布末尾的安全港聲明。本披露提醒投資者，我們今天可能討論的某些信息具有前瞻性。各種因素可能會影響我們的結果，並導致這些結果與我們前瞻性陳述中的預測存在重大差異。

Also, some of today's comments will reference non-GAAP financial measures. Investors should refer to our reconciliations of non-GAAP financial measures to the most directly comparable GAAP measure at the end of this presentation or in our earnings release.

此外，今天的一些評論將參考非公認會計準則財務指標。投資者應在本演示文稿結束時或在我們的收益發布中參考我們對非公認會計原則財務指標與最直接可比的公認會計原則指標的對賬。

On our conference call today, our President and Chief Executive Officer, Todd Penegor, will give a business update; and our Chief Financial Officer, Gunther Plosch, will share a franchise health update, review our 2022 second quarter results and provide an update on our outlook for the year. From there, we will open up the line for questions.

在我們今天的電話會議上，我們的總裁兼首席執行官 Todd Penegor 將提供最新的業務信息；我們的首席財務官 Gunther Plosch 將分享特許經營狀況更新，回顧我們 2022 年第二季度的業績，並提供我們今年的展望更新。從那裡，我們將打開問題線。

With that, I will hand things over to Todd.

有了這個，我會把事情交給托德。

Thanks, Kelsey, and good morning, everyone.

謝謝，凱爾西，大家早上好。

I am incredibly proud of the entire Wendy system for driving a significant sequential acceleration in our results in the second quarter, which highlights the strength of our underlying business and brand as well as our commitment to the restaurant economic model.

我為整個 Wendy 系統推動我們第二季度業績的顯著連續增長感到無比自豪，這突出了我們基礎業務和品牌的實力以及我們對餐廳經濟模式的承諾。

Our Global same-restaurant sales significantly exceeded our expectations, marking a third consecutive quarter of double-digit 2-year growth. We once again accelerated versus the prior quarter on a 1- and 2-year basis, which highlights the momentum that continues to build on our business across the globe. This sales growth translated into an almost 300 basis point sequential expansion in our company-operated restaurant margin even as we faced incredible inflationary pressures during the quarter.

我們的全球同店銷售額大大超出我們的預期，連續第三個季度實現兩位數的兩年增長。與上一季度相比，我們再次以 1 年和 2 年的速度加速，這突顯了我們在全球業務中繼續發展的勢頭。即使我們在本季度面臨令人難以置信的通脹壓力，這種銷售增長也轉化為我們公司經營的餐廳利潤率連續增長近 300 個基點。

On the breakfast front, we are very excited to have officially launched breakfast in Canada, giving our fans in that market the craveable breakfast they deserve. Meanwhile, our U.S. breakfast business outperformed the competition with another quarter of morning meal traffic share growth in the QSR burger category.

在早餐方面，我們很高興能在加拿大正式推出早餐，為我們在該市場的粉絲提供他們應得的美味早餐。與此同時，我們的美國早餐業務在 QSR 漢堡類別中的早餐流量份額增長了另外四分之一，從而超越了競爭對手。

Our digital business continued to accelerate, delivering global digital sales mix of approximately 10% and growing monthly active users in the U.S. by more than 5%.

我們的數字業務繼續加速發展，實現了約 10% 的全球數字銷售組合，美國的月活躍用戶增長了 5% 以上。

Our franchisees are operating from a position of strength after achieving record-setting profits across the U.S. and Canada in 2021. These results are evidence of our strong system alignment, consistent execution and unwavering focus on delivering profitable growth across our 3 strategic pillars. As we look ahead, we remain committed to accelerating our business behind these pillars for years to come.

在 2021 年在美國和加拿大實現創紀錄的利潤後，我們的特許經營商正處於強勢地位。這些結果證明了我們強大的系統調整、一致的執行以及堅定不移地專注於在我們的 3 個戰略支柱中實現盈利增長。展望未來，我們將繼續致力於在未來幾年加速我們在這些支柱背後的業務。

Our Global same-restaurant sales accelerated on both a 1- and 2-year basis in the second quarter, with 2-year growth of over 21%. We are entering the back half of the year with a ton of momentum following sequential Global same-restaurant sales acceleration each month of the second quarter.

我們的全球同店銷售額在第二季度以 1 年和 2 年的速度增長，兩年增長超過 21%。隨著第二季度每個月的全球同店銷售連續加速，我們正進入下半年，勢頭強勁。

We continue to see widespread growth across our International business, achieving a fifth consecutive quarter of double-digit 1- and 2-year same-restaurant sales growth. This was driven by another outstanding quarter in Canada due in part to our breakfast launch and outperformance across our Latin America and Caribbean region and our largest markets in Asia Pacific.

我們繼續看到我們國際業務的廣泛增長，連續第五個季度實現兩位數的 1 年和 2 年同店銷售增長。這是由加拿大另一個出色的季度推動的，部分原因是我們在拉丁美洲和加勒比地區以及我們在亞太地區最大的市場推出了早餐並表現出色。

During the second quarter, we also celebrated the 1-year anniversary of our first U.K. restaurant opening. Only 1 year later, we have over 20 restaurants in the U.K., 8 of which are company-operated. Sales in our company-operated U.K. restaurants held steady quarter-over-quarter despite macroeconomic headwinds that continue to weigh on the overall market. Even in the face of these industry-wide pressures, our development plans are on track, and the long-term opportunity in the region remains fast. We now have 6 traditional franchisees approved in the region who we expect will begin opening restaurants in early 2023.

在第二季度，我們還慶祝了第一家英國餐廳開業一周年。僅僅一年後，我們在英國就有超過 20 家餐廳，其中 8 家是公司經營的。儘管宏觀經濟逆風繼續給整個市場帶來壓力，但我們公司運營的英國餐廳的銷售額環比保持穩定。即使面對這些全行業的壓力，我們的發展計劃仍在正常進行，該地區的長期機遇仍然很快。我們現在在該地區有 6 家傳統特許經營商獲得批准，我們預計它們將在 2023 年初開始開設餐廳。

In the U.S., our strong and balanced marketing calendar, alongside the benefit of our strategic price increases, drove our outperformance versus the competition and delivered our 12th consecutive quarter of gaining or maintaining dollar share within the QSR burger category.

在美國，我們強大而平衡的營銷日曆，以及我們的戰略價格上漲的好處，推動了我們在競爭中的表現，並實現了我們連續第 12 個季度在 QSR 漢堡類別中獲得或保持美元份額。

The relaunch of our fan favorite $5 Biggie Bag delivered a compelling value meal that offers a trade-up option from our other value platforms. We also paired the return of our Summer Salad with a new twist on one of our most iconic products. Strawberry Frosty was an instant runaway success that drove year-over-year customer count growth as we exited the quarter.

我們粉絲最喜歡的 5 美元 Biggie Bag 的重新推出提供了令人信服的超值套餐，提供了我們其他超值平台的換購選擇。我們還將夏季沙拉的回歸與我們最具標誌性的產品之一的新變化配對。當我們退出本季度時，Strawberry Frosty 立即取得了巨大的成功，推動了客戶數量的同比增長。

We believe our U.S. marketing calendar sets us up to continue delivering strong results in the back half of the year with the craveable innovation only Wendy's can deliver, the return of an old favorite in our ownable and compelling value platforms.

我們相信，我們的美國營銷日曆使我們能夠在下半年繼續取得強勁的業績，只有 Wendy's 才能提供令人渴望的創新，這是我們擁有和引人注目的價值平台中的老寵回歸。

We also recently completed a pilot with a third-party pricing specialist and plan to partner with them to support our U.S. system in making strategic pricing decisions backed by rigorous data and analytics. We expect this partnership will drive sales and profit growth while protecting value perception. We believe that our momentum and the strong plans we have in place make us uniquely positioned to compete in this environment and in the QSR category.

我們最近還與第三方定價專家完成了一項試點，併計劃與他們合作，以支持我們的美國系統在嚴格的數據和分析支持下制定戰略定價決策。我們預計這種夥伴關係將推動銷售和利潤增長，同時保護價值觀念。我們相信，我們的勢頭和我們制定的強有力計劃使我們在這種環境和 QSR 類別中具有獨特的競爭優勢。

Now let's turn to our breakfast business. We are thrilled by the customer and franchisee excitement around our breakfast launch in Canada. The daypart met our expectations for the quarter despite overall category pressures and increased competition. We are confident that the addition of this daypart will drive Canadian franchise profitability to new heights.

現在讓我們轉向我們的早餐業務。客戶和加盟商對我們在加拿大推出的早餐感到興奮不已，我們對此感到非常興奮。儘管整體類別壓力和競爭加劇，但這一時段仍符合我們對本季度的預期。我們相信，這一時段的加入將把加拿大特許經營的盈利能力推向新的高度。

Turning to the U.S. We are pleased with our breakfast performance in the context of the overall category, which continued to contract in the second quarter. We were able to maintain breakfast sales volumes versus the prior year and grow morning meal traffic share in the QSR burger category. Our performance was driven by another run of our successful buck biscuit promotion and awareness messaging throughout the quarter. Our sales volumes continue to reach well above our breakeven mark of just over $2,000 per week, driving profit for the company and our franchisees. We continue to expect year-over-year U.S. breakfast sales growth of approximately 10% in 2022 and to reach average weekly sales of $3,000 by year-end. This growth will be supported by the launch of our new French Toast Sticks this month, which we expect to drive incremental visits and add-ons. We will also continue to lean into profitable promotions throughout the back half of the year.

談到美國，我們對整體類別的早餐表現感到滿意，該類別在第二季度繼續收縮。與去年相比，我們能夠保持早餐銷量，並在 QSR 漢堡類別中增加早餐流量份額。我們的業績是由我們在整個季度成功的降壓餅乾促銷和宣傳信息推動的。我們的銷售額繼續遠高於我們每週 2,000 多美元的盈虧平衡點，為公司和我們的加盟商帶來利潤。我們繼續預計 2022 年美國早餐銷售額將同比增長約 10%，到年底將達到 3,000 美元的平均每週銷售額。這一增長將得到我們本月推出的新法式吐司棒的支持，我們預計這將推動增加的訪問量和附加組件。我們還將在今年下半年繼續進行有利可圖的促銷活動。

We know there's a ton of upside ahead of us this year and over the long term, as we look to capture our fair share of the massive QSR breakfast business and we remain committed our $16 million global investment in breakfast advertising this year.

我們知道，從長遠來看，今年和長期來看，我們有很大的上升空間，因為我們希望在龐大的 QSR 早餐業務中獲得應有的份額，並且我們今年將繼續承諾在早餐廣告方面進行 1600 萬美元的全球投資。

Our Global digital sales accelerated versus the first quarter, with Global digital sales mix holding strong at approximately 10%.

與第一季度相比，我們的全球數字銷售加速，全球數字銷售組合保持強勁，約為 10%。

Our International digital sales mix was approximately 15% as we continue to achieve outstanding results across many of our markets, including Canada, which is seeing strong digital usage at breakfast, and our U.K. restaurants, which reached digital mix of over 70%.

我們的國際數字銷售組合約為 15%，因為我們繼續在我們的許多市場取得出色的業績，包括在早餐中看到強大的數字使用的加拿大，以及我們的英國餐廳的數字組合達到 70% 以上。

In the U.S., digital made up just over 9% of our overall sales and accelerated approximately 2.5% versus the prior quarter. This growth was driven by an uptick in mobile orders as we grew our total loyalty members and monthly active users by over 5% versus the first quarter, exiting the second quarter at record highs.

在美國，數字業務僅占我們總銷售額的 9% 以上，與上一季度相比增長了約 2.5%。這一增長是由移動訂單的增長推動的，因為我們的忠誠度會員總數和月活躍用戶數與第一季度相比增長了 5% 以上，第二季度創下歷史新高。

We expect our focus on refining our one-to-one marketing capabilities, expanding delivery and mobile order or access and efficiency and fine-tuning our user experience will continue to grow our digital business across the globe.

我們希望我們專注於完善我們的一對一營銷能力、擴大交付和移動訂單或訪問和效率以及微調我們的用戶體驗將繼續在全球範圍內發展我們的數字業務。

We continue to make progress against our Global unit expansion in the second quarter, now opening 140 new restaurants and reaching a key milestone of 75% Global image activation. Clearly, our franchisees are all-in on investing in the Wendy's brand, and I couldn't be prouder of the team for once again delivering growth in what continues to be a challenging environment.

我們在第二季度繼續在全球部門擴張方面取得進展，現在開設了 140 家新餐廳，並達到了 75% 全球形象激活的關鍵里程碑。顯然，我們的特許經營商正在全力投資溫迪品牌，我為團隊再次在充滿挑戰的環境中實現增長感到無比自豪。

As the second quarter progressed, we reevaluated our REEF development commitment. We now anticipate that REEF will open approximately 100 to 150 Wendy's delivery kitchen locations by the end of 2025, with the majority operating internationally in Canada and the U.K., where sales volumes have continued to meet our expectations. This reduction in our anticipated REEF development is due to a change in REEF's growth strategy, which includes a shift to operating multiple brands from its locations and some recent challenges with opening Wendy's delivery kitchens in certain locations.

隨著第二季度的進展，我們重新評估了我們的 REEF 開發承諾。我們現在預計，到 2025 年底，REEF 將開設大約 100 到 150 家 Wendy 的外賣廚房，其中大部分在加拿大和英國開展國際業務，銷售量繼續滿足我們的預期。我們預期的 REEF 發展減少是由於 REEF 的增長戰略發生變化，其中包括從其地點轉向經營多個品牌，以及最近在某些地點開設 Wendy 外賣廚房的一些挑戰。

In the U.S., we will continue to test and learn with REEF, with a focus on densely populated, high potential markets. We remain committed to expanding access to our great brand and will continue to be a leader in innovative, nontraditional concepts alongside many franchisees across the globe.

在美國，我們將繼續與 REEF 一起測試和學習，重點關注人口稠密、高潛力的市場。我們將繼續致力於擴大對我們偉大品牌的訪問，並將繼續與全球許多特許經營商一起成為創新、非傳統概念的領導者。

Primarily due to this change, we now anticipate 2022 net unit growth of approximately 3% to 4% and expect to reach 8,000 to 8,500 Global restaurants by year-end 2025. This continues to represent a significant step-up versus our historical unit growth performance, and we have made even further progress in solidifying our near- and long-term growth plans.

主要由於這一變化，我們現在預計 2022 年的淨單位增長約為 3% 至 4%，並預計到 2025 年底將達到 8,000 至 8,500 家全球餐廳。與我們的歷史單位增長表現相比，這將繼續顯著提升，我們在鞏固近期和長期增長計劃方面取得了進一步進展。

Through the end of July, we had over 70% of our 2022 new unit growth open or under construction. We now have well over 200 potential franchise candidates in our pipeline. And we expect our own year opportunity campaign to attract additional interest. This recruiting focus is already paying off as we expect an approximately 10% increase in our Global franchisee count in 2022.

到 7 月底，我們 2022 年新增單位增長的 70% 以上已開放或正在建設中。我們現在有超過 200 名潛在的特許經營候選人在我們的管道中。我們希望我們自己的年度機會活動能夠吸引更多的興趣。這種招聘重點已經得到了回報，因為我們預計 2022 年我們的全球特許經營商數量將增加約 10%。

Finally, we recently unveiled a new Global restaurant design that we expect to improve operating efficiency and seamlessly integrate digital access while lowering build costs by almost 10% to improve overall returns. This new design is truly cutting-edge and will focus on optimized layouts that deliver convenience, speed and accuracy for our crew and our customers across all order and fulfillment channels.

最後，我們最近推出了一項新的全球餐廳設計，我們預計該設計將提高運營效率並無縫集成數字訪問，同時將建設成本降低近 10%，從而提高整體回報。這種新設計是真正前沿的，將專注於優化佈局，為我們的工作人員和客戶在所有訂單和履行渠道提供便利、速度和準確性。

All these growth initiatives, alongside our strong underlying performance, make us confident in our accelerated unit growth in 2022 and beyond.

所有這些增長舉措，加上我們強勁的基本業績，使我們對 2022 年及以後的加速單位增長充滿信心。

Our playbook of investing to drive accelerated growth behind our 3 long-term pillars, to build our breakfast daypart, drive our digital business and expand our footprint across the globe, remains the same. Our continued growth and success would not be possible without the partnership we have with our franchisees, who we believe are the best in the business. The entire Wendy system is laser-focused on driving the restaurant economic model, which is highlighted by our ability to deliver strong results year after year.

我們的投資手冊以推動我們的 3 個長期支柱背後的加速增長、建立我們的早餐時段、推動我們的數字業務並擴大我們在全球的足跡，保持不變。如果沒有我們與特許經營商的合作夥伴關係，我們的持續增長和成功是不可能的，我們相信特許經營商是業內最好的。整個 Wendy 系統都專注於推動餐廳經濟模式，這一點體現在我們年復一年地取得強勁業績的能力上。

I will now hand things over to GP to share a record-setting 2021 and franchise financial results.

我現在將把事情交給 GP，以分享創紀錄的 2021 年和特許經營財務業績。

Thanks, Todd. We recently finished collecting our U.S. and Canadian franchise financials for 2021 and the breakthrough performance we saw as a company was also experienced by our franchise system. Over the last 2 years, our U.S. and Canadian franchisees have set sales and profit records, achieving remarkable acceleration versus pre-COVID results, even in the face of an extremely volatile environment.

謝謝，托德。我們最近完成了 2021 年美國和加拿大特許經營財務數據的收集，我們的特許經營系統也經歷了我們作為一家公司所看到的突破性業績。在過去的 2 年中，我們的美國和加拿大特許經營商創造了銷售和利潤記錄，即使面對極其動蕩的環境，與 COVID 之前的結果相比也取得了顯著的增長。

In 2021, our franchisees achieved high single-digit 1-year sales growth which levered up to approximately 10% on a 2-year basis. Sales results were positively impacted by strong [average] check supported by pricing and elevated mix alongside gains in our digital business and our U.S. breakfast business. This momentum led to outstanding 2-year EBITDA dollar growth of approximately 20% in the U.S. and over 30% in Canada.

2021 年，我們的加盟商實現了高個位數的 1 年銷售額增長，在 2 年的基礎上槓桿率高達約 10%。銷售業績受到定價和組合提升以及我們的數字業務和美國早餐業務收益的強勁[平均]檢查的積極影響。這一勢頭導緻美國 2 年 EBITDA 美元增長約 20%，加拿大增長超過 30%。

Additionally, our franchise system has very healthy balance sheets as their lease-adjusted leverage ratios remain below 2019 levels. This firm financial foundation gives us confidence in our ability to weather the headwinds facing the industry today. These results support a strong partnership with our franchise system that allows us to focus on great execution aligned together behind our strategic growth initiatives.

此外，我們的特許經營系統擁有非常健康的資產負債表，因為其租賃調整後的槓桿率仍低於 2019 年的水平。這種堅實的財務基礎使我們對我們能夠抵禦當今行業面臨的逆風充滿信心。這些結果支持與我們的特許經營系統建立牢固的合作夥伴關係，使我們能夠專注於在我們的戰略增長計劃背後協同一致的出色執行。

Now turning to our second quarter financials. Our second quarter results highlight the strength of our financial formula, as we achieved significant quarter-over-quarter acceleration in 2-year global same-restaurant sales and company-operated restaurant margin.

現在轉向我們的第二季度財務。我們的第二季度業績突出了我們財務公式的實力，因為我們在 2 年的全球同店銷售額和公司經營的餐廳利潤率方面實現了顯著的季度環比增長。

Our Global systemwide sales grew 5.6%, supported by strong Global same-restaurant sales growth across both our U.S. and International segments and continued net unit growth.

我們的全球系統銷售額增長了 5.6%，這得益於我們在美國和國際部門的強勁全球同店銷售額增長以及持續的淨單位增長。

Despite a sequential increase in commodity pressure, company restaurant margin expanded by almost 300 basis points versus the prior quarter, driven by our pricing actions and strong marketing calendar. In the U.S., this has resulted in quarter 2 restaurant margin approaching pre-COVID levels in the face of significant macro headwinds.

儘管商品壓力連續增加，但在我們的定價行動和強大的營銷日曆的推動下，公司餐廳利潤率與上一季度相比增長了近 300 個基點。在美國，面對重大的宏觀逆風，這導致第二季度餐廳利潤率接近 COVID 之前的水平。

The year-over-year company restaurant margin decrease was driven primarily by commodity and labor inflation of over 19% and almost 12%, respectively, customer count declines and the impact of investments to support our entry into the U.K. market. These decreases were partially offset by the benefit of a higher average check driven by cumulative pricing of approximately 8%.

公司餐廳利潤率同比下降的主要原因是商品和勞動力通脹分別超過 19% 和近 12%，客戶數量下降以及支持我們進入英國市場的投資的影響。這些下降部分被約 8% 的累積定價驅動的更高平均支票的好處所抵消。

The decrease in G&A was primarily driven by a lower compensation accrual as a result of our overdelivery versus plan in the prior year. This was partially offset by higher salaries and benefits as a result of investment in resources to support our development and digital organizations, technology costs primarily related to our ERP implementation and increased travel expenses.

G&A 的減少主要是由於我們的超額交付與上一年的計劃相比，應計薪酬較低。這部分被由於支持我們的發展和數字組織的資源投資、主要與我們的 ERP 實施相關的技術成本以及旅費增加而導致的更高工資和福利所抵消。

Adjusted EBITDA increased to approximately $133 million, primarily driven by higher franchise royalty revenue and lower G&A expense. These increases were partially offset by a decrease in company-operated restaurant margin.

調整後的 EBITDA 增加到約 1.33 億美元，主要受特許權使用費收入增加和 G&A 費用減少的推動。這些增長被公司自營餐廳利潤率的下降部分抵消。

The decrease in adjusted earnings per share was driven by higher tax rate and high interest expense as a result of our debt rate transaction in the first quarter of 2022. This was partially offset by an increase in adjusted EBITDA and (inaudible) shares outstanding from our share repurchase program.

調整後每股收益的下降是由於我們在 2022 年第一季度的債務利率交易導致的更高稅率和高利息費用。這部分被我們調整後 EBITDA 和（聽不清）流通股的增加所抵消股票回購計劃。

The decrease in free cash flow resulted primarily from an increase in payments for incentive compensation for the 2021 fiscal year paid in 2022, the timing of receipt of franchisee rental payments, cash pays for cloud computing arrangements primarily related to the company's ERP implementation and an increase in capital expenditures.

自由現金流的減少主要是由於 2022 年支付的 2021 財年激勵補償支付的增加、特許經營商租金支付的收到時間、主要與公司 ERP 實施相關的雲計算安排的現金支付以及增加在資本支出方面。

Let's turn to our outlook for 2022. We are entering the back half of the year with a great deal of momentum and believe we have the plans in place to achieve our 2022 financial outlook, which remains largely unchanged.

讓我們轉向我們對 2022 年的展望。我們正以巨大的勢頭進入下半年，並相信我們已經制定了實現 2022 年財務展望的計劃，該展望基本保持不變。

We continue to expect strong Global system-wide sales growth of 6% to 8%, with approximately 2/3 driven by same-restaurant sales and the remainder driven by our 3% to 4% unit growth. To achieve this growth, we expect a significant step-up in 1-year same-restaurant sales in the back half of the year, and our results through July are accelerating as planned.

我們繼續預計全球系統範圍內的銷售額將強勁增長 6% 至 8%，其中約 2/3 由同店銷售推動，其餘由我們 3% 至 4% 的單位增長推動。為了實現這一增長，我們預計今年下半年的 1 年同店銷售額將顯著增長，我們截至 7 月份的業績正在按計劃加速。

Our adjusted EBITDA outlook of $490 million to $505 million remains unchanged. The impact of the reduction of unit growth expectation is entirely offset by the expected increase in same restaurant sales and higher other income as the result of favorable lease updates.

我們調整後的 4.9 億美元至 5.05 億美元的 EBITDA 前景保持不變。單位增長預期降低的影響完全被預期的同店銷售額增長和由於有利的租賃更新而增加的其他收入所抵消。

We continue to expect company-operated restaurant margin of 14.5% to 15.5% in for the full year. This is supported by the expected acceleration in same-restaurant sales, which is inclusive of an additional pricing action of approximately 2% in the third quarter, and easing inflationary pressures, which we expect to drive significant margin expansion in the back half of the year.

我們繼續預計公司經營的餐廳全年利潤率為 14.5% 至 15.5%。這得益於同店銷售的預期加速，其中包括第三季度約 2% 的額外定價行動，以及通脹壓力的緩解，我們預計這將推動下半年利潤率的大幅增長.

We are increasing our outlook for adjusted EPS to $0.84 to $0.88, driven by higher expected interest income earned on our increased cash balance. At the end of the second quarter, we had a cash balance of over $700 million, which provides us with flexibility to manage through headwinds in the broader environment.

我們將調整後每股收益的前景提高至 0.84 美元至 0.88 美元，這是由於我們增加的現金餘額所賺取的預期利息收入增加。在第二季度末，我們的現金餘額超過 7 億美元，這為我們提供了在更廣泛的環境中應對逆風的靈活性。

Finally, we are reaffirming our CapEx outlook of $90 million to $100 million and free cash flow of $215 million to $225 million.

最後，我們重申我們的資本支出前景為 9000 萬至 1 億美元，自由現金流為 2.15 億至 2.25 億美元。

To close, I would like to highlight our capital allocation policy, which remains unchanged. Our first priority remains the investing in profitable growth and we are continuing to showcase this.

最後，我想強調我們的資本配置政策，該政策保持不變。我們的首要任務仍然是投資於盈利增長，我們將繼續展示這一點。

Today, we announced a declaration of our third quarter dividend of $0.125 per share, which aligns with our capital allocation policy to sustain an attractive dividend payout ratio of more than 50%.

今天，我們宣布宣布第三季度每股 0.125 美元的股息，這與我們的資本分配政策保持一致，以維持超過 50% 的有吸引力的股息支付率。

Lastly, our capital allocation policy gives us the flexibility to utilize excess cash to repurchase shares and reduce debt. We repurchased 2.8 million shares in the second quarter and have approximately $198 million remaining of our $250 million share repurchase authorization that expires in February of 2023.

最後，我們的資本分配政策使我們能夠靈活地利用多餘的現金回購股票並減少債務。我們在第二季度回購了 280 萬股股票，我們在 2023 年 2 月到期的 2.5 億美元股票回購授權中剩餘約 1.98 億美元。

We are fully committed to continue delivering our simple, yet powerful formula. We are an accelerated, efficient growth company that is investing in all strategic pillars and driving strong system-wide sales growth on the backdrop of positive same-restaurant sales and expanding our global footprint, which is translating into significant free cash flows.

我們完全致力於繼續提供我們簡單而強大的配方。我們是一家加速、高效的增長公司，在同店銷售和擴大我們的全球足蹟的背景下，對所有戰略支柱進行投資並推動強勁的全系統銷售增長，這正在轉化為大量的自由現金流。

With that, I will hand things back over to Kelsey to walk through our upcoming IR calendar.

有了這個，我會把事情交還給 Kelsey 來瀏覽我們即將到來的 IR 日曆。

Thanks, GP. To start things off, we have 2 NDRs next week. The first will be held virtually on August 16 with Citi focused on the New York market, and the second will be held in Boston with Credit Suisse on August 17. We'll be back in New York on September 8 for the Goldman Sachs conference. After that, we will have a virtual headquarter visit with RBC on September 15, followed by an investor call on September 22 with Truist. Our final event in the quarter will be an NDR with Stifel on September 29 in Toronto. If you are interested in joining us at any of these events, please contact the respective sell-side analyst or equity sales contact at the host firm.

謝謝，全科醫生。首先，我們下周有 2 個 NDR。第一場將於 8 月 16 日舉行，花旗專注於紐約市場，第二場將於 8 月 17 日在波士頓與瑞士信貸舉行。我們將於 9 月 8 日回到紐約參加高盛會議。之後，我們將在 9 月 15 日與 RBC 進行虛擬總部訪問，隨後於 9 月 22 日與 Truist 進行投資者電話會議。我們本季度的最後一項活動將是 9 月 29 日在多倫多與 Stifel 舉行的 NDR。如果您有興趣加入我們參加任何這些活動，請聯繫相應的賣方分析師或主辦公司的股票銷售聯繫人。

Lastly, we plan to report our third quarter earnings and host a conference call that same day on November 9.

最後，我們計劃在 11 月 9 日的同一天報告第三季度收益並召開電話會議。

As we transition into our Q&A section, please note that we have no further comment on Trian Partners' amended 13D filing and would refer you to the statement made in our May 24 press release. Please keep any questions focused on our quarterly results. (Operator Instructions)

當我們過渡到問答部分時，請注意，我們對 Trian Partners 修改後的 13D 文件沒有進一步評論，並將向您推薦我們在 5 月 24 日新聞稿中發表的聲明。請將任何問題集中在我們的季度業績上。 （操作員說明）

(Operator Instructions) And our first question today comes from John Glass of Morgan Stanley. John, please go ahead.

（操作員說明）我們今天的第一個問題來自摩根士丹利的約翰·格拉斯。約翰，請繼續。

My question, GP, is just around the comp guidance for the back half of the year would assume that you'd essentially double the comp growth rate. Is this -- one, can you just talk about kind of where (inaudible) to give that context. And can you maybe just sort of throw through kind of the dynamics between the International which has been very strong versus the U.S.? How do you sort of see those 2 interplaying to get to the 4% to 6% comp, if you will, guiding -- 4% to 5% comp that you're guiding to imply the 6% to 8% system sales, please?

我的問題，GP，就在今年下半年的薪酬指導附近，假設你基本上會使薪酬增長率翻一番。這是 - 一個，你能談談在哪裡（聽不清）給出這個背景。你能不能簡單介紹一下國際與美國之間的動態？您如何看待這 2 個相互作用以達到 4% 到 6% 的補償，如果您願意，請指導您指導的 4% 到 5% 的補償以暗示 6% 到 8% 的系統銷售，請?

John, you're right, it's actually unchanged. Like we have always said, that in the second half of the year, we're expecting elevated 1-year SRS number. We basically have reconfirmed this in our prepared remarks.

約翰，你是對的，它實際上沒有改變。就像我們一直說的那樣，在今年下半年，我們預計 1 年 SRS 數量會增加。我們在準備好的評論中基本上已經再次確認了這一點。

Why are we confident about this? We were confident about it, first of all, because we have seen that track record now in July. We're expecting a step-up in the 1-year SRS number for year to go. We have seen that in July. We have shared also in the prepared remarks we have new innovation out on breakfast with a strong marketing program in place for the U.S. So the combination of these 2 and, obviously, the pricing actions that we have taken and the additional pricing action we are going to take in the third quarter are all reasons why the 1-year SRS number is stepping up.

為什麼我們對此充滿信心？首先，我們對此充滿信心，因為我們現在已經在 7 月份看到了這一記錄。我們預計 1 年的 SRS 數量在未來一年會有所增加。我們在 7 月已經看到了這一點。我們還在準備好的評論中分享了我們在早餐方面有新的創新，並為美國製定了強有力的營銷計劃。因此，將這兩者結合起來，顯然，我們已經採取的定價行動和我們將要採取的額外定價行動進入第三季度都是 1 年期 SRS 數量增加的原因。

And our next question comes from Lauren Silberman of Credit Suisse.

我們的下一個問題來自瑞士信貸的 Lauren Silberman。

I wanted to ask about breakfast, what you're seeing with the breakfast daypart across the industry. And as you build to 3,000 in average weekly sales by the end of the year, what are the most meaningful initiatives to drive that growth this year? And does the current environment change how you're thinking about making investments in the daypart in '23?

我想問一下早餐，你在整個行業的早餐時段看到了什麼。當您在年底前將平均每週銷售額提高到 3,000 輛時，今年推動這一增長的最有意義的舉措是什麼？當前的環境是否會改變您對 23 年白天進行投資的想法？

Yes, Lauren, as you look at the breakfast daypart, we do see that the category in traditional QSR burger has softened a little bit, but we're very pleased with our performance within the category. We continue to gain share, which is important to create loyalists to continue to drive our business into the future. And we did see in our business a nice step-up. So in the first quarter, we were running about a little over $2,500 per week per restaurant. In the second quarter, that jumped up to north of $2,700. So the trend is our friend despite some of the category dynamics. You're seeing a few more folks either work from home or have the food at the house and then grab the drink on the way to the restaurant or on the way to the office.

是的，勞倫，當您查看早餐時段時，我們確實看到傳統 QSR 漢堡的類別有所軟化，但我們對我們在該類別中的表現感到非常滿意。我們繼續獲得份額，這對於培養忠誠者以繼續推動我們的業務走向未來非常重要。我們確實看到我們的業務取得了不錯的進步。因此，在第一季度，我們每家餐廳每週的運營成本約為 2,500 美元。在第二季度，這一數字躍升至 2,700 美元以北。因此，儘管存在一些類別動態，但趨勢是我們的朋友。你會看到更多的人要么在家工作，要么在家裡吃東西，然後在去餐廳或去辦公室的路上拿飲料。

All that said, we're seeing some nice acceleration in our business. We continue to grab share and that's part of making sure we got loyalists that will drive frequency into the future.

綜上所述，我們看到我們的業務出現了一些不錯的加速。我們繼續搶占市場份額，這是確保我們擁有能夠將頻率推向未來的忠實擁護者的一部分。

As far as our investment posture, as we said in the prepared remarks, still committed to the $16 million of spend across U.S. and Canada in 2022. We'll continue to support the Canadian breakfast launch in 2023, but we don't think we need additional support as we talked about in the past in the U.S. business into 2023.

就我們的投資態勢而言，正如我們在準備好的評論中所說，仍然承諾 2022 年在美國和加拿大的 1600 萬美元支出。我們將繼續支持 2023 年加拿大早餐的推出，但我們認為我們不會正如我們過去談到的，到 2023 年美國業務需要額外的支持。

And our next question goes to Dennis Geiger of UBS.

我們的下一個問題是瑞銀的丹尼斯蓋格。

Wondering if you could talk a little bit about, GP or Todd, at the back half comp acceleration. And then I guess maybe just starting from kind of what you're seeing in recent months, in this past quarter and then into July, I know you talked about the acceleration through the quarter on a global basis. Presumably, that was in the U.S. as well. But just curious as it relates to the low-income consumer or any kind of macro headwinds that might be impacting the business. And then just again, the offsets to that. I know you talked about kind of compelling value coming in the back half. But just kind of maybe matching up some of the macro headwinds, if you're seeing any. And then again, kind of the offsets, the levers there and thinking about your value platform and how you remain resilient?

想知道您是否可以在後半場加速時談談 GP 或 Todd。然後我想也許只是從你最近幾個月看到的那種情況開始，在過去的這個季度，然後到 7 月，我知道你談到了全球範圍內本季度的加速。據推測，那也是在美國。但只是好奇，因為它與低收入消費者或任何可能影響業務的宏觀逆風有關。然後再一次，偏移量。我知道你談到了後半部分的引人注目的價值。但是，如果您看到的話，可能會匹配一些宏觀逆風。再說一次，那種抵消，那裡的槓桿，考慮你的價值平台以及你如何保持彈性？

Yes. A few thoughts and a little bit of this will be redundant some of the thoughts that GP had. But as you think about this quarter, this was our third consecutive quarter of accelerating 2-year on the same-restaurant sales growth. And what we're really pleased is we've now grew or held QSR burger category dollar share for 12 consecutive quarters. So we've got a lot of momentum overall in our business.

是的。一些想法和一點點這將是 GP 的一些想法多餘的。但正如您對本季度的看法，這是我們連續第三個季度在同一餐廳銷售增長的情況下連續兩年加速增長。我們真正高興的是，我們現在已經連續 12 個季度增長或保持 QSR 漢堡類別的美元份額。因此，我們的業務總體上有很大的發展勢頭。

And importantly, we held overall total QSR dollar share within the second quarter. What really given us the confidence has been the sequential global same-restaurant sales acceleration that we saw each month in Q2. And as GP just pointed out, we exited June really strong, had a lot of momentum with $5 Biggie Bag, had a lot of momentum with the launch of the Summer Strawberry with the Strawberry Frosty and the Summer Strawberry Salad, and that momentum continued into July to start the third quarter. So we're starting from a position of strength.

重要的是，我們在第二季度持有整體 QSR 美元份額。真正給我們信心的是我們在第二季度每個月看到的全球同店銷售連續加速。正如 GP 剛剛指出的那樣，我們在 6 月的表現非常強勁，5 美元的 Biggie Bag 勢頭強勁，隨著草莓霜和夏季草莓沙拉的 Summer Strawberry 的推出，勢頭強勁，而且這種勢頭一直持續到七月開始第三季度。所以我們從實力的位置開始。

We continue to see strong check growth. It has been offset a little bit by a decline in customer counts in Q2. And we have seen a little bit of a decrease in mix driven by a reduction in items per transaction. That's really due to a decrease in party size and fewer attachments along the way.

我們繼續看到強勁的支票增長。它已被第二季度客戶數量的下降所抵消。我們已經看到由於每筆交易項目的減少，商品組合略有減少。這實際上是由於派對規模的減少和沿途的附件減少。

But when you look at our year-to-go calendar, we said this in the prepared remarks, we've got some really good innovation. We've got a return of an old favorite. We've got French Toast Sticks in the breakfast daypart. We've got more to come later in the year. Our dining rooms continue to have more customers come in to sit in them, which is always good for check. We're now at about a 21% dining room mix. And we do expect a double-digit 2-year same-restaurant sales comp each quarter this year.

但是，當您查看我們的年度日曆時，我們在準備好的評論中說過，我們有一些非常好的創新。我們得到了一個老寵兒的回歸。我們在早餐時段有法式吐司棒。我們將在今年晚些時候推出更多內容。我們的餐廳繼續有更多的顧客進來就坐，這總是有好處的。我們現在的餐廳混合比例約為 21%。我們確實預計今年每個季度的同店銷售額 2 年都將達到兩位數。

In the spirit of the state of the consumer, value will continue to be important, but we're really well positioned with a robust and ownable value menu. The work that we've done on $5 Biggie Bag, the trade-up that we're seeing from 4 for $4, we're not seeing trade down on our menu per se. So we're really seeing our premium and value hanging there quite nicely.

本著消費者狀態的精神，價值將繼續很重要，但我們確實擁有強大且可擁有的價值菜單。我們在 5 美元 Biggie Bag 上所做的工作，我們看到從 4 美元到 4 美元的換購，我們並沒有看到菜單本身的換購。所以我們真的看到我們的溢價和價值非常好。

And importantly, we held our traffic share with the under 75,000 consumer in the second quarter. So our high-low strategy, compelling value, news on the high end has really allowed us to bring that consumer in and stay with us.

重要的是，我們在第二季度與不到 75,000 名消費者保持了流量份額。因此，我們的高低策略、引人注目的價值、高端新聞確實讓我們能夠吸引消費者並留在我們身邊。

The piece that we're all watching is we've seen some declines in frequency in the category. But beyond that, we're really confident that we got a lot of loyalty to our brand. And when the consumer gets healthier, we'll drive the business hard going forward.

我們都在關注的是我們已經看到該類別的頻率有所下降。但除此之外，我們非常有信心，我們對我們的品牌非常忠誠。當消費者變得更健康時，我們將努力推動業務向前發展。

Yes. So, it was a long answer. The only thing I want to reiterate again is pricing, right? We are -- pricing is another tailwind in the second quarter, as we said. We will price around 2% again in the third quarter. So all of that, the cumulative pricing actions we have taken, is another reason why SRS in the second half is going to step up.

是的。所以，這是一個很長的答案。我唯一想再次重申的是定價，對吧？正如我們所說，我們是 - 定價是第二季度的另一個順風。我們將在第三季度再次定價 2% 左右。因此，所有這一切，我們採取的累積定價行動，是 SRS 在下半年將加緊的另一個原因。

The flow-through on pricing is good. We are seeing around 80% flow-through. So we're losing a little bit of traffic on the pricing action but net, obviously, a really positive lift to our SRS numbers.

定價的流動性很好。我們看到大約 80% 的流量通過。因此，我們在定價行動中失去了一點流量，但顯然，我們的 SRS 數字確實是一個非常積極的提升。

And the next question goes to Brian Bittner of Oppenheimer & Co.

下一個問題是 Oppenheimer & Co. 的 Brian Bittner。

I just want to switch gears to the unit growth. You clearly talked about lowering your expectations for REEF, which is impacting your original unit targets. In the 10-Q, it states that your new goal for system-wide restaurants is 8,000 to 8,500 by 2025, so 500 lower than previously, which makes a lot of sense. But could some of this reduction as we move forward potentially be offset by stronger international growth than maybe you originally were embedding because we're seeing just such strong comps internationally, you're clearly bullish on the U.K. based on your comments on this call. So I'm just curious if you can maybe talk about where the International growth could go as we look towards 2025 and maybe if it represents potential upside?

我只想切換到單位增長。您明確談到降低對 REEF 的期望，這會影響您最初的單位目標。在 10-Q 中，它指出，到 2025 年，全系統餐廳的新目標是 8,000 到 8,500 家，比以前低 500 家，這很有意義。但是，隨著我們向前發展，其中一些減少可能會被比您最初嵌入的更強勁的國際增長所抵消，因為我們在國際上看到如此強勁的組合，根據您對這次電話會議的評論，您顯然看好英國。所以我很好奇你是否可以談談我們展望 2025 年的國際增長會走向何方，或者它是否代表潛在的上行空間？

So fair comment. So the real call down that we had in our long-term development outlook was the change in direction in REEF. And it was a big change, and REEF really wanted to shift operating multiple brands from its locations, and they've had some recent challenges with opening some delivery kitchens in certain locations with what it takes to work through the permitting in those markets. So we thought it prudent to call down that number. We did not want multiple brands out of our kitchens. We want to dedicate it to Wendy's so we'll be slow and steady. We still think there's a great urban opportunity to continue to provide access to our brand with some kind of concept in those markets. So that's what the call down was with the news that we had today around REEF.

如此中肯的評論。因此，我們對長期發展前景的真正呼籲是 REEF 方向的改變。這是一個很大的變化，REEF 真的希望將多個品牌的運營從其所在地轉移，他們最近遇到了一些挑戰，在某些地點開設了一些送貨廚房，需要通過這些市場的許可才能工作。因此，我們認為降低該號碼是謹慎的做法。我們不希望廚房出現多個品牌。我們想把它獻給 Wendy's，這樣我們就會緩慢而穩定。我們仍然認為有一個很好的城市機會，可以繼續在這些市場中以某種概念為我們的品牌提供渠道。所以這就是我們今天關於 REEF 的消息的原因。

But on the International front, we do have a ton of momentum. You look at our widespread growth across the globe, you look at the momentum that we have, bringing on franchisees to build alongside of us in the U.K., the opportunity to then move over into Ireland, we're looking at Spain as our next market to get into, we've got momentum in markets like Mexico, we've got momentum in markets like the Philippines. We do think that there's a lot of growth opportunities across the board there. And delivery kitchens in India. So that could be an offset over time. It's just going to save some time to work that plan to have the confidence that we can put that commitment out there.

但在國際方面，我們確實有很大的動力。你看看我們在全球範圍內的廣泛增長，你看看我們擁有的動力，讓特許經營商在英國與我們一起建設，然後有機會進入愛爾蘭，我們將西班牙視為我們的下一個市場進入，我們在墨西哥等市場有動力，我們在菲律賓等市場也有動力。我們確實認為那裡有很多全面的增長機會。和印度的送貨廚房。因此，隨著時間的推移，這可能是一種抵消。這只是為了節省一些時間來製定計劃，以確保我們可以將承諾付諸實施。

And the next question goes to Jeffrey Bernstein of Barclays.

下一個問題是巴克萊的杰弗裡伯恩斯坦。

Great. I just wanted to ask about the inflation and response, I guess, pricing outlook. From an inflation standpoint, I think you said commodities in the second quarter were up 19% and labor up 12%. So I'm just wondering your thoughts. We've heard from others that maybe commodity inflation is peaking on one end to year basis and that labor challenges are easing. So just trying to get your perspective on those in the back half and whether you think the incremental pricing is enough to fully offset that. It seems like you were running 8%. In the second quarter, you're taking another 2%. I'm not sure if it's as easy as that's running 10% or what you're lapping. But any color you can provide on the pricing and whether there's any concern of pricing out that lower income consumer in that effort to offset that inflation?

偉大的。我只是想問一下通貨膨脹和反應，我猜，定價前景。從通貨膨脹的角度來看，我認為你說第二季度的商品上漲了 19%，勞動力上漲了 12%。所以我只是想知道你的想法。我們從其他人那裡聽說，大宗商品通脹可能正在逐年達到頂峰，勞動力挑戰正在緩解。因此，只需嘗試了解您對後半部分的看法，以及您是否認為增量定價足以完全抵消這一點。好像你跑了8%。在第二季度，您將再獲得 2%。我不確定它是否像運行 10% 或你正在研磨的那樣簡單。但是您可以在定價上提供任何顏色，以及是否有任何擔心將低收入消費者定價以抵消通貨膨脹？

Jeff, yes, so you are right. Commodity inflation in the second quarter was about 19% and our labor inflation was about 12%. We're definitely expecting that numbers are peaking, right? So on a year-to-date basis, our commodity inflation is about, again, 19% and our labor inflation is also above double digits.

傑夫，是的，所以你是對的。第二季度的商品通脹率約為 19%，而我們的勞動力通脹率約為 12%。我們絕對期待數字達到頂峰，對吧？因此，從年初至今，我們的商品通脹率再次約為 19%，我們的勞動力通脹率也高於兩位數。

Our guidance for the year on commodities is about at 15% commodity inflation. So basically, if you do the math on it, you're going to find that our commodity is going to step down. So we are basically anticipating that, that's going to happen.

我們對大宗商品的年度指引約為 15% 的大宗商品通脹率。所以基本上，如果你對它進行數學計算，你會發現我們的商品將會下台。所以我們基本上已經預料到了，這將會發生。

Why are we confident with this? We have about 90%, 9-0, of our commodities now locked down. Could there be a little bit of volatility? Yes, but again, 90% confirmed. That's why we think the additional 2% pricing action we are taking in the third quarter will be sufficient and appropriate to get into -- to make sure we are reaching our margin guidance for the year.

為什麼我們對此有信心？我們現在有大約 90%（9-0）的商品被鎖定。會不會有一點波動？是的，但同樣，90% 確認。這就是為什麼我們認為我們在第三季度採取的額外 2% 的定價行動將足以和適當地進入——以確保我們達到今年的利潤率指導。

And the next question goes to Jared Garber of Goldman Sachs.

下一個問題是高盛的賈里德加伯。

Great. I actually just wanted to follow up on Jeff's question. So if we think about the incremental 2% flowing through in the back half of the year, does that get you to 10% pricing? Or is there a dynamic where something is rolling off that we should be thinking about?

偉大的。我實際上只是想跟進 Jeff 的問題。因此，如果我們考慮到今年下半年通過的 2% 增量，這會讓你達到 10% 的定價嗎？或者是否存在我們應該考慮的動態？

And then following that, just kind of want to understand how you thought through the pricing cadence here with all the pressure on the consumer and some other of your peers calling out some lower income consumer pressure in their results and admittedly continued inflation on the consumer wallet with declining traffic seeming in the Wendy's business. I just want to understand the dynamics underlying the pricing actions.

然後在此之後，只是想了解一下您是如何考慮這裡的定價節奏的溫迪的生意似乎流量下降。我只想了解定價行為背後的動態。

Jared, there was a lot of questions in one question. Hopefully, I answer them all.

Jared，一個問題有很多問題。希望我能全部回答。

So from a mechanical point of view, the pricing with roll-offs that are happening is slightly below 10%. So that's the answer on that one. You cannot just add 2% to the 8%, it's slightly below that.

因此，從機械的角度來看，正在發生滾降的定價略低於 10%。所以這就是那個問題的答案。您不能只將 2% 添加到 8%，它略低於此。

Again, we constantly are watching our pricing action. We are not seeing any pushback from consumers. So it's evidence at the highest levels on the progress we are making in the marketplace, holding or gaining market share. You have seen also that Todd's remarks as we held traffic share for the income consumer that's earning less than $75,000. So these are all positive indicators.

同樣，我們一直在關注我們的定價行為。我們沒有看到消費者的任何反對。因此，這是我們在市場上取得的進步、保持或獲得市場份額的最高級別證據。您還看到了托德的言論，因為我們為收入低於 75,000 美元的收入消費者持有流量份額。所以這些都是積極的指標。

Commodity inflation versus the previous guidance went ever so slightly up. So in order to be really on the safe side, to make sure our restaurant economic model stays intact, we decided to move up one additional price increase here in the third quarter to again make sure the restaurant economic model is protected. And as I said, we are not seeing evidence of a pushback from consumers on our price increases.

與之前的指引相比，商品通脹率略微上升。因此，為了真正安全起見，為了確保我們的餐廳經濟模式保持不變，我們決定在第三季度再上調一次價格，以再次確保餐廳經濟模式受到保護。正如我所說，我們沒有看到消費者反對我們提價的證據。

Jared, one other comment. I think that, that gives us confidence, as we talked about the sequential sales momentum in the second quarter into the third quarter. We're also seeing the traffic momentum behind that. So when you think about the construct of our calendar with 4 for $4 and $5 Biggie Bag and some news on the top end, some great news around things like Strawberry Frosty and French Fries as attachments, those give us confidence that we have a menu construct that can connect to that consumer and we can continue to build on that momentum.

賈里德，另一條評論。我認為這給了我們信心，因為我們談到了第二季度到第三季度的連續銷售勢頭。我們也看到了這背後的交通勢頭。因此，當您考慮我們的日曆結構，其中包含 4 個 4 美元和 5 美元 Biggie Bag 以及一些高端新聞，一些關於草莓霜和炸薯條等附件的好消息，這些讓我們相信我們有一個菜單結構這可以連接到那個消費者，我們可以繼續在這種勢頭的基礎上再接再厲。

And we also are seeing an improving labor market. So we do continue to see staffing improve. We see 90-day turnover levels improving. We see turnover rates coming down. All of those things will allow us to drive more throughput as we're focused on speed in our restaurants to make sure that we can serve more customers in this environment to continue to drive more traffic from an operational expectation experience with better service times at the restaurant.

我們也看到勞動力市場在改善。因此，我們確實繼續看到人員配備有所改善。我們看到 90 天成交量水平有所改善。我們看到周轉率下降。所有這些都將使我們能夠提高吞吐量，因為我們專注於餐廳的速度，以確保我們可以在這種環境中為更多的客戶提供服務，從而繼續從運營預期體驗中獲得更多的客流量，並提供更好的服務時間。餐廳。

And our next question goes to Andrew Charles of Cowen.

我們的下一個問題是 Cowen 的 Andrew Charles。

Todd, what is needed to execute on targets for 10% breakfast growth and get to that $3,000 in AWS by year-end and really critically drive the habit that is needed here in what you're calling to be a challenged daypart.

Todd，要實現 10% 的早餐增長目標，並在年底前在 AWS 中達到 3,000 美元，並真正關鍵地推動您所謂的挑戰日期間所需的習慣，需要什麼。

And PG, just a quick follow-up. I know you guys called out AWS increased from $2,500 in 1Q to around $2,700 in 2Q. But isn't that part of that just seasonality? My math suggests that both imply about 7% of sales in both quarters so far this year.

而PG，只是一個快速的跟進。我知道你們稱 AWS 從第一季度的 2,500 美元增加到第二季度的 2,700 美元左右。但這不只是季節性的一部分嗎？我的數學表明，兩者都意味著今年到目前為止兩個季度的銷售額都約為 7%。

Yes. So on the breakfast side, we've already got some of that nice momentum. So you think about the step-up from the first quarter of a little over $2,500 per week to a little over north of $2,700, we're well on our way already towards that $3,000 by year-end, clearly bringing news to the category.

是的。所以在早餐方面，我們已經有了一些不錯的動力。因此，您考慮一下從第一季度每週 2,500 多美元到略高於 2,700 美元的增長，到年底我們已經朝著 3,000 美元邁進，這顯然為該類別帶來了新聞。

As you think about French Toast Sticks launch, having a suite savory offering, I think that's going to be a great add-on. We also think that actually brings in more family and kid, which we haven't had to date. So that news helps us continue to bring folks in.

當您考慮推出法國吐司棒時，提供套房鹹味產品，我認為這將是一個很棒的附加組件。我們還認為這實際上帶來了更多的家庭和孩子，這是我們迄今為止還沒有過的。所以這個消息可以幫助我們繼續吸引人們。

And then our operational focus is on speed, how do we continue to drive speed and get you through fast in the morning on that breakfast daypart, how do we get folks into digital so you can actually enhance your speed with digital, how do you actually take advantage of trial through some of the offers that we have in mobile. All of those things give us a lot of confidence that we can continue to build the momentum in the breakfast daypart, break through the clutter.

然後我們的運營重點是速度，我們如何繼續提高速度並讓您在早上的早餐時段快速度過，我們如何讓人們進入數字化，以便您可以通過數字化提高您的速度，您實際上如何通過我們在移動設備中提供的一些優惠來利用試用。所有這些都給了我們很大的信心，我們可以繼續在早餐時段建立勢頭，打破混亂。

We've got our system all in. We still only have 5 restaurants that have actually opted out based on their trade area, and that's only on a temporary basis. So the systems all in, well above that breakeven mark of $2,000 per week. So we'll continue to lean in. We've got the investment that we have on that $11 million incremental that we'll continue to support on top of the contributions from the system. So we feel good that all the tools are there to continue to break through in a more challenged environment at the moment, but a category that will have a lot of upside over the long term.

我們的系統已經全部到位。我們仍然只有 5 家餐廳根據他們的貿易區域實際選擇退出，而且這只是暫時的。因此，系統全部投入使用，遠高於每週 2,000 美元的盈虧平衡點。因此，我們將繼續努力。我們已經獲得了 1100 萬美元增量的投資，我們將在系統貢獻的基礎上繼續支持這些投資。因此，我們感到高興的是，所有工具都可以在目前更具挑戰性的環境中繼續突破，但從長遠來看，這一類別將有很大的上升空間。

And the next question goes to Chris O'Cull of Stifel.

下一個問題是 Stifel 的 Chris O'Cull。

Todd, you mentioned breakfast sales in the industry have contracted and you're taking share, but the industry leader indicated sales had increased in that daypart. So where do you believe you're taking share? And I missed some of the initiatives planned for the second half of the year, but is the price point value expected to play a greater role in growing the breakfast daypart?

托德，您提到該行業的早餐銷售已經收縮並且您正在分一杯羹，但行業領導者表示該時段的銷售額有所增加。那麼你認為你在哪里分享？我錯過了今年下半年計劃的一些舉措，但價格點價值是否有望在早餐時段的增長中發揮更大的作用？

Yes, Chris, a couple of things. Yes, price point value will play a role. I think we've got some good promoted activity that we'll have on the breakfast daypart that not only drives trial but also drive some nice check in profit. So you will see that sprinkled in, in the back half on top of all the other news that I just talked about.

是的，克里斯，有幾件事。是的，價格點價值將發揮作用。我認為我們有一些很好的促銷活動，我們將在早餐時段進行，不僅可以推動試用，還可以帶來一些不錯的簽到利潤。所以你會在我剛剛談到的所有其他新聞的後半部分看到這一點。

If you look at the category, you're seeing more folks consume their food at home and grab the drink on the way. So you're seeing folks grab a C-store beverage or seeing folks go to the traditional coffee houses. A lot of the function of the share growth is when you look at some of the year-on-year comparisons. And there's still a little bit of noise out there in the comparisons.

如果你看一下這個類別，你會看到越來越多的人在家消費他們的食物並在路上喝飲料。因此，您會看到人們去 C 店喝飲料，或者看到人們去傳統的咖啡館。當您查看一些同比比較時，份額增長的許多功能是。在比較中仍然存在一些噪音。

So you have seen the overall QSR burger category and breakfast soften. We actually held our growth year-on-year. Others may have started from a little lower base the year before and grow based on their comments. But we feel good with the momentum that we have relative to the industry context that we're competing in at the moment.

因此，您已經看到整體 QSR 漢堡類別和早餐軟化。我們實際上保持了同比增長。其他人可能在前一年從較低的基數開始，並根據他們的評論增長。但是，相對於我們目前正在競爭的行業環境，我們對我們所擁有的勢頭感到滿意。

And the next question goes to Eric Gonzalez of KeyBanc.

下一個問題是 KeyBanc 的 Eric Gonzalez。

Just regarding to month-to-month comp trends, it seemed like the industry maybe didn't see the same directional progress that you saw in the second quarter. So could you just confirm the industry did flow through the quarter implies (inaudible) share being decelerated. And on that point, did you see an impact from abnormal seasonality? Some of your peers cited heightened summer travel as a headwind that might roll off in the fall. So just wondering if you experienced any of that.

僅就月度對比趨勢而言，該行業似乎沒有看到您在第二季度看到的相同方向性進展。因此，您能否確認該行業確實在本季度流動意味著（聽不清）份額正在減速。在那一點上，您是否看到異常季節性的影響？您的一些同行將夏季旅行的增加列為可能在秋季減弱的逆風。所以只是想知道你是否經歷過這些。

I think the question just is around where is the industry. If you think about QSR burger, we've continued to see really nice sales growth. But traffic has been down year-over-year within the QSR total industry and within QSR burger. But the trends have been improving as of recent across the category on traffic.

我認為問題在於這個行業在哪裡。如果您考慮 QSR 漢堡，我們會繼續看到非常不錯的銷售增長。但 QSR 整個行業和 QSR 漢堡的客流量同比下降。但截至最近，整個交通類別的趨勢一直在改善。

As you get into some of the seasonality, some of those could play into our favor. You get into back to routine with back-to-school and folks are out and about, that should certainly help on our breakfast business, a lot more folks out traveling. So I think there would be more benefit to some of the seasonality as folks get back into routines later in the year that could potentially help support our accelerated same-restaurant sales growth rate on a 1-year basis.

當你進入一些季節性時，其中一些可能會對我們有利。你回到學校回到日常生活，人們出去走走，這肯定有助於我們的早餐業務，更多的人出去旅行。因此，我認為隨著人們在今年晚些時候恢復日常活動，一些季節性因素會帶來更多好處，這可能有助於支持我們在 1 年的基礎上加速同店銷售增長率。

And our next question goes to Peter Saleh of BTIG.

我們的下一個問題是 BTIG 的 Peter Saleh。

Great. I want to come back to the conversation on the unit growth and REEF partnership. Can you just talk about the performance of the REEF units that you currently have? And given the strategic shift over at REEF, are you still committed to just using REEF? Or are you looking at other partners to help expand your unit growth? I mean, is it possible that you come back to us in a couple of quarters with another partner that reaccelerates this development strategy?

偉大的。我想回到關於單位增長和 REEF 夥伴關係的對話。您能談談您目前擁有的 REEF 裝置的性能嗎？鑑於 REEF 的戰略轉變，您是否仍然致力於僅使用 REEF？或者您是否正在尋找其他合作夥伴來幫助您擴大單位增長？我的意思是，您是否有可能在幾個季度後與另一個重新加速這一發展戰略的合作夥伴一起回到我們這裡？

Peter, great question. So from a performance point of view, a couple of data points in the U.K. and in Canada. The AUVs are tracking between $0.5 million and $1 million, so very consistent with the performance ranges that we have previously communicated. In the U.S., we are not yet performing, right? We are around $0.5 million and less. It's one of the reasons why there is this shift on strategy to go multi-brand in a vessel which we are simply not comfortable with. And so as a result of that, we are working with REEF to make this work. As Todd said, we are trying to reposition these vessels into better trade areas. We're on a single brand on the vessel, we can achieve similar AUV trends as we are seeing in the U.K. and in Canada. So that's kind of the perspective that I have on REEF.

彼得，好問題。因此，從性能的角度來看，英國和加拿大的幾個數據點。 AUV 的跟踪價格在 50 萬美元到 100 萬美元之間，與我們之前傳達的性能範圍非常一致。在美國，我們還沒有表演，對吧？我們大約是 50 萬美元，甚至更少。這就是為什麼在我們根本不適應的船隻中轉向多品牌的戰略轉變的原因之一。因此，我們正在與 REEF 合作完成這項工作。正如托德所說，我們正試圖將這些船隻重新定位到更好的貿易區域。我們在船上使用單一品牌，我們可以實現與英國和加拿大相似的 AUV 趨勢。這就是我對 REEF 的看法。

Yes. And I think that the opportunity still is large in urban locations. So whether that's cracking the code with REEF, finding another partner, thinking about other ways to traditionally grow into some of those markets, that will continue to be our focus moving forward.

是的。而且我認為城市地區的機會仍然很大。因此，無論是破解 REEF 的密碼，尋找另一個合作夥伴，還是考慮傳統上進入其中一些市場的其他方式，這將繼續成為我們前進的重點。

But as GP said, with those relocations, as you think about our closure outlook for the year, it will be a little more elevated. We're probably in that 140 restaurant closure area this year. 35 to 40 of those will be REEF's, a lots of those are relocations during the course of the year. So a closure and a new opening to get to about 75 REEF's by the end of the year.

但正如 GP 所說，隨著這些搬遷，當您考慮我們今年的關閉前景時，它會更高一些。今年我們可能在 140 家餐廳關閉區。其中 35 到 40 個將是 REEF，其中很多是在一年中搬遷的。因此，到今年年底關閉並重新開放大約 75 個 REEF。

And as I said a little bit earlier, we've got a few closures that had happened earlier this year in Mexico and in Indonesia post COVID that have us a little more elevated than in the past, but we still have a really healthy, less than 100 kind of run rate on closures and about 20% to 25% of that is always relocations, excluding the REEF comments. So we feel good that we got a healthy mix of opening and closures for the long run.

正如我早些時候所說的那樣，今年早些時候在墨西哥和印度尼西亞發生了一些關閉 COVID 後的情況，這使我們比過去提高了一點，但我們仍然有一個非常健康，更少關閉的運行率超過 100 種，其中大約 20% 到 25% 總是搬遷，不包括 REEF 評論。所以我們感覺很好，從長遠來看，我們得到了開放和關閉的健康組合。

Small correction on Todd's comment. At the end of the second quarter, we had about 70 REEF units. We expect by the end of the year about 65 REEF units. So we have actually, in the second half, more closures than openings. That's probably -- yes, I just wanted to clear that.

對托德評論的小幅修正。在第二季度末，我們擁有大約 70 個 REEF 單位。我們預計到今年年底將有大約 65 個 REEF 單位。所以實際上，在下半年，我們關閉的次數多於打開的次數。那可能是——是的，我只是想澄清一下。

And the next question comes from Brian Mullan of Deutsche Bank.

下一個問題來自德意志銀行的布賴恩穆蘭。

Just a question on development. I was hoping you could share your current thinking on a potential expansion into other markets in Western Europe. Would you need to build restaurants on balance sheet in new countries? And are you -- would you be willing to do that in the right cases? Or do you think you can get this done entirely with franchisees? What would your degree of confidence be there? Just any thoughts on what this could look like over the next couple of years.

只是一個關於發展的問題。我希望你能分享你目前對西歐其他市場潛在擴張的想法。您是否需要在新國家的資產負債表上建立餐廳？你——你願意在正確的情況下這樣做嗎？或者您認為您可以完全通過特許經營商來完成這項工作？你的自信程度如何？關於未來幾年這可能會是什麼樣子的任何想法。

Yes, we got a lot of confidence. We don't think we have to do it on our balance sheet. Our balance sheet is really focused on leading the way in the U.K., as we've talked about previously. We've already got a couple of franchisees approved that will be opening restaurants early next year alongside us in the U.K. And then we got another handful beyond that, that have been approved that will start opening restaurants in the U.K. a little bit further down the road. We've got a lot of interest to then move over into the -- into Ireland, really leveraging the expertise operationally that we have with company restaurants in the U.K., the supply chain that we're putting in place. And we got a lot of interest in moving into the continent, as you mentioned. And our first opportunity there will be Spain and we're working with candidates at the moment.

是的，我們有很大的信心。我們認為我們不必在資產負債表上這樣做。正如我們之前所說，我們的資產負債表確實專注於在英國引領潮流。我們已經獲得了幾家特許經營商的批准，他們將在明年初與我們一起在英國開設餐廳。除此之外，我們還獲得了少數幾家已獲得批准的加盟商，他們將開始在英國開設餐廳。路。我們非常有興趣進入愛爾蘭，真正利用我們在英國公司餐廳的運營專業知識，以及我們正在實施的供應鏈。正如你提到的，我們對進入非洲大陸很感興趣。我們的第一個機會將是西班牙，我們目前正在與候選人合作。

Yes. And as we are having this contact in Ireland and in Spain for us to have the opportunity to host them in England with our company operations there, that's actually sufficient. So they have -- they can touch a restaurant, it's an hour flight. And so with all of these dynamics we have, we don't see at all that we need to deploy our balance sheet to build company restaurants outside of the U.K.

是的。因為我們在愛爾蘭和西班牙有這種聯繫，所以我們有機會在英格蘭接待他們，我們的公司在那裡開展業務，這實際上就足夠了。所以他們有——他們可以觸摸一家餐館，這是一個小時的飛行。因此，在我們擁有所有這些動態的情況下，我們根本不需要部署我們的資產負債表來在英國以外建立公司餐廳。

And the next question goes to Andrew Strelzik of BMO Capital Markets.

下一個問題是 BMO Capital Markets 的 Andrew Strelzik。

I'd love to hear a little bit more about the new prototype that you mentioned, the new store prototype and how that plays into that lower kind of 2025 unit count target. Is there anything that you could share on the cost of return profile and franchisee feedback as well would be great?

我很想听聽您提到的新原型、新商店原型以及它如何實現較低的 2025 年單位數量目標。關於退貨成本和加盟商反饋，您有什麼可以分享的嗎？

Andrew. Yes, franchisees are super excited about this. We have a prototype on this down the road. I personally actually walked it. It is a very different design. What it does is it actually now has -- finally we're embracing digital in our design. It has a dedicated delivery pickup window. The kitchen is reconfigured. So literally, you have to do way less steps to get all your tasks done. So that drives also operating efficiencies. And we are also embracing whole mobile orders with all shelfing and dedicated shelfing units and dedicated parking so that the friction for the consumer is much more reduced and the friction for the crews is much more reduced, and with the design, which is as far as I can tell, state-of-the-art here, we were able then to reduce our investment cost by 10%. And as a result of it, obviously, the returns have improved as well.

安德魯。是的，加盟商對此非常興奮。我們有一個原型在路上。我個人實際上是走過它。這是一個非常不同的設計。它所做的是它現在實際上已經 - 最後我們在我們的設計中擁抱數字。它有一個專門的送貨取貨窗口。廚房重新配置。所以從字面上看，你必須做更少的步驟來完成你的所有任務。因此，這也推動了運營效率。而且我們還接受了全移動訂單，所有貨架和專用貨架單元以及專用停車位，從而大大減少了消費者的摩擦，也減少了工作人員的摩擦，並且設計，這是盡可能我可以說，這裡最先進的技術使我們能夠將投資成本降低 10%。因此，顯然，回報也有所提高。

Lots of input from franchisees across the globe to get to that design. So a lot of buy-in and ownership already. So we do think it will be a super efficient, cost-effective restaurant. And we'll have our first restaurant open in early next year in the Columbus market. So we'll be able to showcase that.

來自全球各地的特許經營商的大量投入來實現該設計。因此，已經有很多買入和所有權。所以我們確實認為這將是一家超級高效、具有成本效益的餐廳。明年初，我們將在哥倫布市場開設第一家餐廳。所以我們將能夠展示這一點。

And the next question goes to John Ivankoe of JPMorgan.

下一個問題是摩根大通的約翰伊万科。

Your balance sheet really sticks out for $700 million of cash, I mean, relative to $2.8 billion of long-term debt, which I don't think you have, a principal due for some number of years. $52 million of stock bought back in the second quarter, none in the third. I mean, I guess, what kind of signaling are you doing with that cash? I mean there's conservatism and then there's $700 million of cash. I mean if you could just walk us through, I guess, how you're thinking about capital priorities and maybe how you can make that balance sheet work a little bit harder for you in some way, if that's something that you're considering over the next 6 to 18 months.

我的意思是，相對於 28 億美元的長期債務，你的資產負債表確實突出了 7 億美元的現金，我認為你沒有長期債務，本金到期數年。第二季度回購了 5200 萬美元的股票，第三季度沒有回購。我的意思是，我猜，你用這筆錢做什麼信號？我的意思是有保守主義，然後有 7 億美元的現金。我的意思是，如果你能告訴我們，我猜，你是如何考慮資本優先事項的，也許你可以如何讓資產負債表在某種程度上對你來說更難工作，如果這是你正在考慮的事情接下來的 6 到 18 個月。

Yes, John, good question. You're right. We are keeping an elevated cash balances. We have declared our dividend that is very competitive. It's in line with our capital allocation policy. On share repurchases where, as you rightfully pointed out, we have not been in the market and we are not announcing any specific share repurchase plans for the time being is the only comment I want to make at that point in time.

是的，約翰，好問題。你是對的。我們保持較高的現金餘額。我們宣布了非常有競爭力的股息。這符合我們的資本配置政策。關於股票回購，正如您正確指出的那樣，我們還沒有進入市場，我們暫時沒有宣布任何具體的股票回購計劃，這是我當時想發表的唯一評論。

And the next question goes to Jon Tower of Citi.

下一個問題是花旗的 Jon Tower。

Great. Quick clarification and a question. The clarification on the breakevens on breakfast that's $2,000 a week in average weekly sales, is that for a fully open dining room or just the drive-through? That's the clarification.

偉大的。快速澄清和一個問題。關於早餐盈虧平衡點的說明，即平均每週銷售額為 2,000 美元，這是針對完全開放的餐廳還是僅用於免下車服務？這就是澄清。

Another question. It seems like the innovation on the core, like the Strawberry Frosty, is really resonating quite well with customers. And I'm just curious how you're thinking about new products or perhaps back-half product news, balancing new product news versus, say, innovation around the core. I know, for example, there's been some press recently related to the pretzel bun making its way back onto the menu. Is -- how do you balance the new product, like truly new products, versus innovation on the core?

另一個問題。似乎核心上的創新，比如草莓霜，真的很能引起客戶的共鳴。我只是好奇你如何看待新產品或後半部分產品新聞，平衡新產品新聞與核心創新之間的關係。例如，我知道最近有一些新聞報導說椒鹽捲餅麵包重新回到了菜單上。是——你如何平衡新產品，比如真正的新產品，與核心創新？

The clarification question. So the breakeven on breakfast of $2,000 is across all breakfast. So remember, our model is to open the restaurant at 6:30, dining rooms closed until 9, then we open up the dining group for the rest of the day. We've got some franchisees and based on trade area that might open a little bit earlier. But on average, for that whole breakfast construct, it is $2,000 as the breakeven point.

澄清問題。因此，2,000 美元的早餐盈虧平衡涵蓋了所有早餐。所以請記住，我們的模式是在 6:30 開放餐廳，餐廳關閉到 9 點，然後我們在一天的剩餘時間開放用餐組。我們有一些特許經營商，並且基於貿易區可能會更早開放。但平均而言，對於整個早餐結構，盈虧平衡點為 2,000 美元。

When you think about kind of the menu, there's nothing better than refreshing and innovating and bringing news to the iconic brands that we have. And when you think about something like a Strawberry Frosty really paired with the Summer Strawberry Salad, not only do we get to have food news, but we actually get the build on the equity that we have talking about Frosty and people know Wendy's for Frosty.

當您考慮菜單類型時，沒有什麼比刷新和創新以及為我們擁有的標誌性品牌帶來新聞更好的了。當你想到像草莓霜這樣的東西真的搭配夏季草莓沙拉時，我們不僅可以獲得食物新聞，而且我們實際上得到了我們談論 Frosty 的公平性，人們知道 Wendy's for Frosty。

So we will continue to make sure that we got a good balance between renovating, doing some great things on the core, bringing some new news, bringing back some fan favorites that we talked about and pace some sequence so it works operationally.

因此，我們將繼續確保在翻新、在核心上做一些偉大的事情、帶來一些新消息、帶回我們談論的一些粉絲最愛以及調整一些順序之間取得良好的平衡，以便它可以正常運行。

And remember, we have made a great lineup that allows us to bring things in and have them work hard on the menu until the consumer gets tired before we bring something else out. So I think we've got a good cadence and a good balance.

請記住，我們已經製作了一個很棒的陣容，讓我們可以把東西帶進來，讓他們在菜單上努力工作，直到消費者在我們把其他東西拿出來之前厭倦了。所以我認為我們有很好的節奏和很好的平衡。

And the next question goes to Gregory Francfort of Guggenheim Securities.

下一個問題是古根海姆證券公司的 Gregory Francfort。

Todd, you talked about it a little bit earlier with just the category as a whole. But I mean, traffic's been negative for kind of most of quick-service burger and actually most of QSR the last couple of quarters. And I'm curious where you think that share is going. What dynamic do you think is playing out between QSR? And is it going to food at home or casual dining? I'm just curious your thoughts on that.

托德，你剛才談到了整個類別。但我的意思是，過去幾個季度，大多數快餐漢堡和實際上大部分 QSR 的客流量都是負面的。我很好奇你認為份額的去向。你認為 QSR 之間的動態是什麼？它是在家吃飯還是休閒用餐？我只是好奇你對此的看法。

That's pretty simple. It's clearly food at home. I mean if you think about pre pandemic, about 82% of all meals were consumed at home. During the pandemic, it jumped up to about 85%, and it's been fairly sticky at about that 85%. And I think it's sticky because the consumer has been a little more strapped, so there's a few more meals prepared at home, whether it's bringing your lunch to the office or having breakfast at home. My sense is over time, that will shift back as some of the near-term pressures ease on the consumer. Their overall wage rates have increased, but inflation has been high, so net disposable income has been a little bit pinched in some of the cohorts across the income ranges. But over time, that will shift and that consumer that will have more disposable income will be right in the wheelhouse of continuing to drive QSR and driving Wendy's business, which will drive traffic into the future.

這很簡單。明明是家裡的飯菜。我的意思是，如果您考慮大流行前的情況，大約 82% 的膳食是在家中食用的。在大流行期間，它躍升至約 85%，並且在 85% 左右相當穩定。而且我認為它很粘，因為消費者有點緊張，所以在家準備了更多的飯菜，無論是把午餐帶到辦公室還是在家吃早餐。我的感覺是隨著時間的推移，隨著消費者面臨的一些近期壓力的緩解，這種情況會恢復。他們的整體工資率有所上升，但通貨膨脹率一直很高，因此在收入範圍內的一些群體中，可支配淨收入受到了一些限制。但隨著時間的推移，這種情況將會發生變化，擁有更多可支配收入的消費者將能夠繼續推動 QSR 和推動 Wendy 的業務，這將推動未來的流量。

And the next question goes to Nicole Miller of Piper Sandler.

下一個問題是派珀桑德勒的妮可米勒。

I want to come back to Canada. Just in this reporting period alone, I think you might be the fourth concept to mention strength there. Is that just an ongoing recovery because the market otherwise lagged? Or structurally, have some challengers fallen out and is there an ability to recalibrate your growth opportunities in Canada in terms of both comp and units? And I think the last number I found was like plus or minus 400 stores in Canada, if you could validate that.

我想回到加拿大。僅在本報告期內，我認為您可能是第四個提到實力的概念。這僅僅是因為市場在其他方面落後而導致的持續復甦嗎？或者在結構上，是否有一些挑戰者退出了，是否有能力重新調整您在加拿大的增長機會，包括薪酬和單位？我認為我發現的最後一個數字是加拿大的正負 400 家商店，如果你能證實的話。

We have just over 400 restaurants in Canada. And we've had a lot of momentum in Canada going back probably 4 years now. Our average AUVs Canadian dollars are now at CAD 2.5 million. Clearly, breakfast on plan with expectations in Canada and performing quite nicely, which has put another layer of growth on top of our business.

我們在加拿大隻有 400 多家餐廳。我們在加拿大已經有了很大的發展勢頭，大概可以追溯到 4 年前。我們的平均 AUV 加元現在為 250 萬加元。顯然，在加拿大的早餐計劃如期而至，並且表現相當不錯，這為我們的業務帶來了另一層增長。

But we've gained a lot of share over the last 4 years in the market and are now the #3 concept in the QSR burger category in Canada. So there is overall strength in the category, but we're outperforming the category significantly, and that's creating a lot of momentum for us to not only have existing franchisees continue to build but to recruit a lot of new franchisees to build where we have a lot of open space across the market. So feeling good about the future of that business.

但在過去的 4 年裡，我們在市場上獲得了很多份額，現在是加拿大 QSR 漢堡類別中的第三大概念。因此，該類別具有整體實力，但我們的表現明顯優於該類別，這為我們創造了很大的動力，不僅讓現有的特許經營商繼續建立，而且招募許多新的特許經營商在我們擁有的地方建立市場上有很多空地。所以對那家企業的未來感覺很好。

And in the call, right, you've also heard this now from me on the franchise financial, it translated, right? Since COVID, the last 10 years, the Canadian sales are kind of up 10% and profits, really outsized growth, 30% growth that creates excitement within the Canadian franchise space and there's obviously a decent amount of interest to push development relatively hard. In Canada, new franchise candidates, and there is a lot of open and wide space in Canada that we can take over as the Wendy's brand.

在電話會議中，對，你現在也從我那裡聽到了關於特許經營財務的消息，它被翻譯了，對吧？自 COVID 以來，過去 10 年，加拿大的銷售額增長了 10%，利潤增長非常驚人，30% 的增長在加拿大特許經營空間內引起了興奮，顯然有相當大的興趣推動發展相對困難。在加拿大，新的特許經營候選人，在加拿大有很多開放和廣闊的空間，我們可以接管溫迪的品牌。

And the next question goes to [Rick Smith] of Smith Capital.

下一個問題是 Smith Capital 的 [Rick Smith]。

I guess this is a bit of a clarification question. But we're halfway through the quarter, why no share repurchases yet?

我想這是一個澄清問題。但是我們已經過了這個季度的一半，為什麼還沒有股票回購呢？

Rick, yes, we are not doing any share repurchases. We have not announced anything. It has to do with the Trian process that we are going through.

里克，是的，我們沒有進行任何股票回購。我們還沒有宣布任何事情。這與我們正在經歷的 Trian 過程有關。

Thank you. And our next question comes from James Sanderson of Northcoast Research.

謝謝你。我們的下一個問題來自 Northcoast Research 的 James Sanderson。

Just wanted to go back to the U.K., to get a little bit more detail on trend there. I think the revenue reported in 10-Q relative to the number of stores in operation was down sequentially, but I think you mentioned steady. So I wanted to understand the FX dynamics. And if you could maybe comment on traffic trend, if the consumer is increasing frequency now that you've had a year in the market, how we should look at that?

只是想回到英國，了解更多關於那裡的趨勢的細節。我認為 10-Q 報告的收入相對於運營門店數量環比下降，但我認為你提到穩定。所以我想了解外匯動態。如果您可以評論流量趨勢，如果您已經進入市場一年，消費者正在增加頻率，我們應該如何看待？

Yes, we're definitely happy with the U.K. business, right? We have about 22 restaurants at the moment sitting there, 8 company and the rest is franchise REEF units.

是的，我們肯定對英國業務感到滿意，對吧？目前我們有大約 22 家餐廳坐在那裡，8 家公司，其餘的是特許經營 REEF 單位。

The comment that we made on the call, that is steady progress versus the first quarter was FX-adjusted. So if you would do that, you would see that comparison.

我們在電話會議上發表的評論，即與第一季度相比穩步進展，是經過外匯調整的。因此，如果您這樣做，您會看到這種比較。

And I have to say, the U.K. consumer is clearly under a decent amount of pressure, right? There is very, very high inflation and that is definitely having an impact on the footfall that is happening in the U.K.

我不得不說，英國消費者顯然承受著相當大的壓力，對吧？通貨膨脹率非常非常高，這肯定會對英國的客流量產生影響。

Having said all of that, we are -- remain very bullish on the U.K. market. We expect to have about 35 restaurants by the end of the year, 10 on the company side, so that development schedule is in place. And the remaining are going to be REEF units.

說了這麼多，我們仍然非常看好英國市場。我們預計到今年年底將有大約 35 家餐廳，其中 10 家在公司方面，因此開發計劃已經到位。其餘的將是 REEF 單位。

I agree with all the GP's comments. The other one I'd just put out there is we're continuing to be in start-up mode in that market and opening new restaurants and having preopening costs. And you think about our overall margin construct, there was about a 50-point headwind on U.K. as we ramp up into that market. So in the U.S., our margins are running at that 15% mark. But we're absolutely confident that the AUVs overall that we're seeing in both the REEF units and then the traditional units are in a good spot for the economic environment that we compete in with a lot of optimism and a lot of opportunity to grow into the future.

我同意全科醫生的所有意見。我剛剛提出的另一個問題是，我們將繼續在該市場處於啟動模式，並開設新餐廳並承擔開店前的成本。你想想我們的整體利潤率結構，當我們進入該市場時，英國面臨大約 50 個百分點的逆風。所以在美國，我們的利潤率是 15%。但我們絕對有信心，我們在 REEF 單位和傳統單位中看到的 AUV 總體上處於我們競爭的經濟環境的好位置，我們充滿樂觀和很多成長機會進入未來。

And our final question today comes from Jake Bartlett of Truist Securities.

我們今天的最後一個問題來自 Truist Securities 的 Jake Bartlett。

Mine is about the U.S. business and the momentum there, and this is looking back a little bit. But when I look at the 3-year comp in the U.S., my math is just 13.5% down from 14.7% in the first quarter. So a deceleration. Your 2 largest competitors accelerated on a 3-year comp. Wendy's also has breakfast in that kind of 2Q 3-year comp as well. So if you could just maybe provide some context of why you decelerate if you look back that far. Any kind of -- anything particularly to the Wendy's brand that we should think about that maybe is not continuing going forward. And any driver to why that would have decelerated when we've seen general acceleration from competitors?

我的是關於美國的業務和那裡的勢頭，這是回顧一下。但是，當我查看美國的 3 年期比較時，我的計算結果僅比第一季度的 14.7% 下降了 13.5%。所以減速。您的 2 個最大的競爭對手加速了 3 年的競爭。 Wendy's 也在這種 2Q 3-year comp 中提供早餐。因此，如果您可以提供一些背景信息，說明如果您回顧那麼遠，您為什麼會減速。任何一種我們應該考慮的尤其是溫迪品牌的任何東西，可能都不會繼續向前發展。當我們看到競爭對手普遍加速時，任何驅動因素為什麼會減速？

Yes, Jake, I need to look a little bit at the U.S. on a 3-year comp basis. We didn't look at it on a global basis, the 3 years are accelerating, U.S. I think what's stripping us up is definitely the 53rd week shifting, you might remember that, that is creating a shift between the first quarter and the second quarter. If you actually adjust for that, you're actually going to find out that on a 3-year comp basis, also the U.S. has accelerated. I'm sure when we have the call back a little bit later, we'll compare notes on those numbers.

是的，傑克，我需要在 3 年補償的基礎上稍微了解一下美國。我們沒有在全球範圍內看待它，這 3 年正在加速，美國。我認為剝奪我們的絕對是第 53 週的轉變，你可能還記得，那是在第一季度和第二季度之間產生轉變.如果你真的對此進行調整，你實際上會發現，在 3 年的補償基礎上，美國也在加速發展。我敢肯定，當我們稍後回電時，我們會比較這些數字的註釋。

Thanks, Jake. That was the last question of the call. Thanks to Todd and GP, and thank you, everyone, for participating this morning. We look forward to speaking with you again on our third quarter call in November. Have a great day. You may now disconnect.

謝謝，傑克。這是通話的最後一個問題。感謝 Todd 和 GP，感謝大家今天早上的參與。我們期待在 11 月的第三季度電話會議上再次與您交談。祝你有美好的一天。您現在可以斷開連接。

Thank you. This concludes today's call. Thank you all for joining. You may now disconnect your lines.

謝謝你。今天的電話會議到此結束。謝謝大家的加入。您現在可以斷開線路。