Wendy's Co (WEN) 2023 Q1 法說會逐字稿

Good morning. Welcome to The Wendy's Company earnings results conference call. (Operator Instructions) Thank you. Kelsey Freed, Director of Investor Relations, you may begin your conference.

早上好。歡迎來到 The Wendy's Company 財報電話會議。 （操作員說明）謝謝。投資者關係總監 Kelsey Freed，你可以開始你的會議了。

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，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 上獲取。

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. Also, some of Jay'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.

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。此披露提醒投資者，我們今天可能討論的某些信息是前瞻性的。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提出的預測存在重大差異。此外，Jay 的一些評論將參考非 GAAP 財務指標。投資者應在本演示文稿末尾或我們的收益發布中參考我們對非 GAAP 財務指標與最直接可比的 GAAP 指標的調節。

On our conference call today, our President and Chief Executive Officer, Todd Penegor, will give a business update and highlight progress against our Good Done Right initiative. From there, our Chief Financial Officer, Gunther Plosch, will provide a franchise health update, review our 2023 1st quarter results and share our reaffirmed outlook. 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 將介紹業務更新，並強調我們的 Good Done Right 計劃取得的進展。在那裡，我們的首席財務官 Gunther Plosch 將提供特許經營權健康更新，審查我們 2023 年第一季度的業績並分享我們重申的前景。從那裡，我們將打開問題熱線。

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. I am proud of the Wendy's system for building on the momentum we created in 2022 to deliver an outstanding start to the year. Our high-quality food, strong marketing programs and focus on great restaurant experiences continue to resonate with our customers and resulted in our sixth consecutive quarter of double-digit global same-restaurant sales growth on a 2-year basis.

謝謝，凱爾西，大家早上好。我為 Wendy 的系統感到自豪，它在我們 2022 年創造的勢頭的基礎上，為今年帶來了出色的開端。我們的高品質食品、強大的營銷計劃和對一流餐廳體驗的關注繼續與我們的客戶產生共鳴，並使我們的全球同一餐廳銷售額連續第 6 個季度連續 2 年實現兩位數增長。

During the first quarter, we drove a significant acceleration in our global digital business, reaching over 12% digital sales mix. This growth was supported by our very successful March Madness messaging in the U.S. and continued growth across many of our international markets. Our top line growth contributed to an over 250 basis point year-over-year expansion in the U.S. company-operated restaurant margin, which is remarkable as commodity inflation remained highly elevated throughout the first quarter. We also opened 39 new restaurants across the globe, and we remain on track to achieve our development goal for the year.

在第一季度，我們推動了全球數字業務的顯著加速，達到了超過 12% 的數字銷售組合。這種增長得益於我們在美國非常成功的 March Madness 消息傳遞以及我們在許多國際市場的持續增長。我們的收入增長促成了美國公司經營的餐廳利潤率同比增長超過 250 個基點，這在整個第一季度大宗商品通脹仍然居高不下的情況下非常顯著。我們還在全球開設了 39 家新餐廳，我們將繼續朝著實現今年的發展目標邁進。

And our long-term development confidence continues to be bolstered by new and existing franchisee interest in our suite of development programs. We remain fully committed to driving the restaurant economic model through our three long-term growth pillars: driving sales momentum, accelerating our digital business and expanding our global footprint. This commitment and our successful start to the year give us confidence that we will deliver meaningful global growth for the remainder of 2023 and beyond.

新的和現有的特許經營商對我們的開發計劃套件的興趣繼續增強了我們的長期發展信心。我們仍然完全致力於通過我們的三個長期增長支柱來推動餐廳經濟模式：推動銷售勢頭、加速我們的數字業務和擴大我們的全球足跡。這一承諾和我們今年的成功開局讓我們相信，我們將在 2023 年剩餘時間及以後實現有意義的全球增長。

We delivered against our strong global same-restaurant sales expectations in the first quarter, achieving 8% growth on a 1-year basis and 10.4% growth on a 2-year basis. Our International business achieved another outstanding quarter with same-restaurant sales growth of 13.9% and an eighth consecutive quarter of double-digit same-restaurant sales growth on a 2-year basis.

我們在第一季度實現了強勁的全球同店銷售預期，實現了 1 年增長 8% 和 2 年增長 10.4%。我們的國際業務再創佳績，同店銷售額增長 13.9%，連續第八個季度同店銷售額在 2 年基礎上實現兩位數增長。

We continue to see strong results across all of our regions with Canada, our largest international market, delivering double-digit same-restaurant sales and customer count increases. Our Canadian breakfast business accelerated versus the prior quarter, supported by the launch of French toast sticks and our croissants promotion. Our growth at the breakfast daypart, along with continued rest of day strength, led to another quarter of gaining dollar and traffic share in the Canadian market faster than all QSR burger competitors.

我們繼續在我們所有地區看到強勁的業績，加拿大是我們最大的國際市場，實現了兩位數的同一餐廳銷售額和客戶數量增長。在法式吐司棒的推出和我們的羊角麵包促銷活動的支持下，我們的加拿大早餐業務較上一季度有所加速。我們在早餐時段的增長，以及其餘時間的持續增長，導致加拿大市場的收入和流量份額又增加了四分之一，快於所有 QSR 漢堡競爭對手。

Our U.S. business delivered same-restaurant sales growth of 7.2%, holding our strong dollar and traffic share within the QSR burger category and widening our share gap to several competitors. These results were underpinned by the continued benefit of our strategic pricing actions alongside year-over-year customer count growth each month of the quarter.

我們的美國業務實現了 7.2% 的同店銷售額增長，保持了我們在 QSR 漢堡類別中的強勁美元和流量份額，並擴大了我們與幾個競爭對手的份額差距。這些結果得到了我們戰略定價行動的持續好處以及本季度每個月客戶數量同比增長的支持。

Our Q1 marketing programs makes compelling value offerings like our successful 2 for $6 promotion with messaging behind our iconic fresh beef and hot and crispy french fries. We leveraged March Madness to reach millions of fans as the official hamburger of the NCAA, driving our premium hamburger business to its highest point in the last several years. On the breakfast front, we continue to lean into the strength of French toast sticks and closed the quarter with the start of our croissant promotion, entering Q2 with an uptick in momentum.

我們的第一季度營銷計劃提供了極具吸引力的超值產品，例如我們成功的 6 美元 2 件促銷活動，以及我們標誌性的新鮮牛肉和熱脆炸薯條背後的信息。我們利用“瘋狂三月”作為 NCAA 的官方漢堡吸引了數百萬粉絲，將我們的優質漢堡業務推向了過去幾年的最高點。在早餐方面，我們繼續依靠法式吐司棒的優勢，並以牛角麵包促銷活動結束本季度，進入第二季度勢頭強勁。

As our strong programs drive more customers to our restaurants, we are committed to delivering an experience that brings them back more often. Our first quarter customer satisfaction scores and speed of service improved markedly versus the prior year and prior quarter as restaurants were better staffed, turnover improved and our systems focused on operational excellence sharpened even further.

隨著我們強大的計劃吸引更多顧客光顧我們的餐廳，我們致力於提供一種讓他們更頻繁地回來的體驗。我們第一季度的客戶滿意度得分和服務速度與去年和上一季度相比有了顯著提高，因為餐廳配備了更好的員工，營業額有所提高，我們專注於卓越運營的系統進一步加強。

As we turn to the second quarter, we will promote products across a variety of price points and occasions with dedicated messaging behind our ownable Biggie Bag platform, the return of the fan favorite Strawberry Frosty and bringing the heat like only Wendy's can with the addition of the Ghost Pepper Ranch Chicken Sandwich to our Made to Crave lineup. We also have plans in place to accelerate our momentum at the bookends of the day, breakfast and late night. We have plans for increased activity to drive the breakfast business in the U.S. and Canada for the remainder of the year and will lean into our playbook of building awareness around our craveable products, launching exciting menu innovation and promoting targeted trial-driving offers.

當我們進入第二季度時，我們將通過我們自有的 Biggie Bag 平台背後的專門信息在各種價位和場合推廣產品，粉絲最喜歡的 Strawberry Frosty 的回歸以及通過添加 Wendy's 帶來的熱度Ghost Pepper Ranch 雞肉三明治加入我們的 Made to Crave 系列。我們還制定了計劃，在一天的書擋、早餐和深夜加速我們的勢頭。我們計劃在今年剩餘時間裡增加活動以推動美國和加拿大的早餐業務，並將依靠我們的劇本來提高人們對我們令人垂涎的產品的認識，推出令人興奮的菜單創新並推廣有針對性的試駕優惠。

Furthermore, after diligent preparations to ensure our customers will have a great experience, we plan to promote Wendy's late night business this summer. During the first quarter, we already saw an uptick in sales at this daypart, driven by a return to more normalized late-night hours, local advertising and our growing late-night delivery business. We are excited to offer our customers the high-quality late night experience they deserve and believe there's a ton of opportunity ahead of us during this daypart. We continue to expect that executing against our strong and balanced marketing calendar, leaning into underpenetrated dayparts and continued operational improvements will ladder up to mid-single-digit global same-restaurant sales growth in 2023.

此外，經過精心準備以確保我們的客戶擁有良好的體驗，我們計劃在今年夏天推廣 Wendy 的深夜業務。在第一季度，我們已經看到這一時段的銷售額有所上升，這得益於回歸更正常的深夜時間、本地廣告和我們不斷增長的深夜送貨業務。我們很高興能為我們的客戶提供他們應得的高質量深夜體驗，並相信在這一天我們面前有很多機會。我們繼續預計，根據我們強大而平衡的營銷日曆執行，依靠滲透率低的時段和持續的運營改進，將在 2023 年實現中等個位數的全球同店銷售額增長。

Our Global digital business continued to accelerate to new heights this quarter as digital sales grew over 25% year-over-year and reached over 12% sales mix. On the International side, our customers are increasingly embracing our many digital options leading to an all-time high digital sales mix of nearly 19%. In the U.S., our digital business accelerated every month throughout the quarter as we achieved our highest ever U.S. digital sales mix of over 11%. This growth was driven by continued gains in delivery and mobile order sales as we offered compelling value alongside our third-party delivery partners and once again successfully advertised our digital options across the March Madness tournament. This programming drove a 5% increase in our total loyalty members and a nearly 10% increase in monthly active users versus the prior quarter.

本季度，我們的全球數字業務繼續加速發展，達到新的高度，數字銷售額同比增長超過 25%，銷售組合達到 12% 以上。在國際方面，我們的客戶越來越多地接受我們的許多數字選項，導致近 19% 的歷史最高數字銷售組合。在美國，我們的數字業務在整個季度每個月都在加速增長，因為我們實現了美國有史以來最高的數字銷售組合，超過 11%。這一增長是由交付和移動訂單銷售的持續增長推動的，因為我們與第三方交付合作夥伴一起提供了極具吸引力的價值，並再次成功地在 March Madness 錦標賽中宣傳了我們的數字選項。與上一季度相比，該計劃使我們的忠誠會員總數增加了 5%，每月活躍用戶增加了近 10%。

As we drive more fans into our restaurants through digital ordering, we are also delivering on a seamless operational experience that keeps customers coming back. During the first quarter, our digital customer satisfaction scores significantly increased versus prior year, and our delivery wait time and order accuracy sequentially improved. As we look ahead, we are excited to have the infrastructure in place and momentum behind us to shift into a new phase of meaningful digital growth. We made significant strides in our one-to-one marketing programs last quarter, enabling more personalized user experiences to influence key behaviors. This allows our team to quickly check and adjust against a set of established benchmarks all in service of driving increased frequency.

隨著我們通過數字訂購吸引更多粉絲光顧我們的餐廳，我們也在提供無縫的運營體驗，讓顧客回頭客。在第一季度，我們的數字客戶滿意度得分與去年同期相比顯著提高，我們的交貨等待時間和訂單準確性也相繼改善。展望未來，我們很高興擁有到位的基礎設施和推動我們進入有意義的數字增長新階段的動力。上個季度，我們在一對一營銷計劃中取得了重大進展，使更加個性化的用戶體驗能夠影響關鍵行為。這使我們的團隊能夠根據一組已建立的基準快速檢查和調整所有這些基準，以提高頻率。

Lastly, I'm excited to share that we have partnered with Google to pilot Wendy's Fresh AI, a voice AI solution for drive-through ordering that utilizes Google Cloud's generative AI and large language models technology. We believe this solution creates a huge opportunity for us to deliver a truly differentiated, faster and frictionless experience for our customers and allows our crew members to continue focusing on making great food and providing exceptional service. We plan to launch this pilot in June and are incredibly excited about the potential unlocks to speed of service, customer satisfaction and profitability that this technology could drive over time. You can expect us to continue pushing into new and promising technology alongside our partners as we look to maximize the restaurant economic model and grow our digital sales to approximately $1.5 billion this year.

最後，我很高興與大家分享，我們已與 Google 合作試行 Wendy's Fresh AI，這是一種利用 Google Cloud 的生成式 AI 和大型語言模型技術的免下車訂購語音 AI 解決方案。我們相信，這一解決方案為我們創造了一個巨大的機會，可以為我們的客戶提供真正差異化、更快和無摩擦的體驗，並讓我們的船員繼續專注於製作美味的食物和提供卓越的服務。我們計劃在 6 月啟動該試點項目，並且對隨著時間的推移這項技術可能會提高服務速度、客戶滿意度和盈利能力的潛力感到非常興奮。您可以期待我們與我們的合作夥伴一起繼續推進新技術和有前途的技術，因為我們希望最大限度地提高餐廳經濟模式並將我們的數字銷售額增長到今年約 15 億美元。

We are pleased to have opened 39 new restaurants in the first quarter and remain on track to reach our global development goal for the year. We are well underway on our development journey with approximately 45% of our 2023 pipeline open or under construction through the end of Q1. In the U.K., we closed the quarter with 29 restaurants, including our first drive-thru format in the market, which is performing ahead of expectations so far. We look forward to building on that success with our second drive-thru restaurant planned to open in the second quarter.

我們很高興在第一季度開設了 39 家新餐廳，並繼續按計劃實現我們今年的全球發展目標。我們的開發之旅進展順利，到第一季度末，我們 2023 年約有 45% 的管道開放或在建。在英國，我們在本季度結束時擁有 29 家餐廳，包括我們在市場上的第一家得來速餐廳，迄今為止的表現超出預期。我們期待在第二季度開業的第二家得來速餐廳取得成功。

We are seeing increased excitement around our suite of development programs from both new and existing franchisees. We expect an increased appetite for growth across our system throughout 2023 and beyond as we continue to market these programs, sales momentum continues and inflationary pressures begin to subside. We continue to believe we have the plans in place to support our goal of 2% to 3% global net unit growth in 2023. We expect all of our net unit growth will be delivered in the second half of the year, primarily driven by longer restaurant development time lines as the construction and permitting environment remains challenging, in addition to the planned permanent closure of our U.S. REEF restaurants in the second quarter.

我們看到新加盟商和現有加盟商對我們的開發計劃套件越來越感興趣。我們預計，隨著我們繼續推銷這些計劃、銷售勢頭持續以及通脹壓力開始消退，我們整個系統在 2023 年及以後的增長需求將會增加。我們仍然相信我們有計劃支持我們在 2023 年實現 2% 至 3% 的全球單位淨增長目標。我們預計我們所有的單位淨增長都將在下半年實現，這主要是由於較長時間的推動由於施工和許可環境仍然充滿挑戰，我們的餐廳開發時間線仍然充滿挑戰，此外我們計劃在第二季度永久關閉我們的 U.S. REEF 餐廳。

We also remain on track to achieve our longer-term global net unit growth targets of 2% to 3% and 3% to 4% in 2024 and 2025, respectively. We are excited about all of the growth that's ahead of us and the opportunities to delight even more customers around the globe.

我們也有望在 2024 年和 2025 年分別實現 2% 至 3% 和 3% 至 4% 的長期全球淨單位增長目標。我們對未來的所有增長以及取悅全球更多客戶的機會感到興奮。

Before turning it over to GP to cover our financial results, I wanted to share an update on our progress against our food, people and footprint goals within our Good Done Right framework. I am proud of the work our team has done over the last year to advance these goals and continue building ESG into the foundation of our business. Within our food pillar, we developed responsible sourcing criteria and began to collect sustainability information from our supply partners in addition to expanding our animal welfare standards program. Within our people pillar, we advanced our key diversity, equity and inclusion focus areas and launched the Own Your Opportunity campaign to increase both accessibility and diversity across franchisee candidates. And finally, within our Footprint pillar, we transitioned more than 50% of our customer-facing packaging to be sustainably sourced and received validation of our Science-Based Target nearly a year ahead of schedule.

在將其轉交給 GP 以涵蓋我們的財務業績之前，我想分享我們在“正確完成”框架內實現食品、人員和足跡目標方面的最新進展。我為我們的團隊在過去一年中為推進這些目標所做的工作感到自豪，並繼續將 ESG 打造成我們業務的基礎。在我們的食品支柱中，除了擴大我們的動物福利標準計劃外，我們還制定了負責任的採購標準並開始從我們的供應合作夥伴那裡收集可持續性信息。在我們的人才支柱內，我們推進了關鍵的多樣性、公平性和包容性重點領域，並發起了“擁有你的機會”運動，以提高加盟商候選人的可及性和多樣性。最後，在我們的“足跡”支柱內，我們將超過 50% 的面向客戶的包裝轉變為可持續採購，並提前近一年收到了我們基於科學的目標的驗證。

This is just a sample of all the progress we've made over the past year, and I encourage you to read our recently released 2022 corporate responsibility report on our Investor Relations website for more information.

這只是我們過去一年取得的所有進展的一個示例，我鼓勵您閱讀我們最近在我們的投資者關係網站上發布的 2022 年企業責任報告，以了解更多信息。

Our strategic growth pillars remain deeply rooted in the foundation of the restaurant economic model and our Good Done Right framework. Looking ahead, we remain focused on delivering accelerated global growth behind the most impactful drivers of our business: driving same-restaurant sales momentum, accelerating our digital business and expanding our global footprint. Everything we do at Wendy's is focused on bringing to life our vision to become the world's most thriving and beloved restaurant brand. And with the momentum that we have in our business, we are well on our way.

我們的戰略增長支柱仍然深深植根於餐廳經濟模式的基礎和我們的 Good Done Right 框架。展望未來，我們將繼續專注於在我們業務最具影響力的驅動因素背後實現加速全球增長：推動同店銷售勢頭，加速我們的數字業務並擴大我們的全球足跡。我們在 Wendy's 所做的一切都專注於實現我們成為世界上最繁榮和最受歡迎的餐廳品牌的願景。憑藉我們在業務中的勢頭，我們正在順利前進。

I will now hand things over to GP.

我現在將事情交給GP。

Thanks, Todd. I wanted to take this time to share an update on franchise health as we recently collected 2022 financials from our U.S. and Canadian franchisees. As a reminder, our focus on driving the restaurant economic model led to record franchisee sales and profits in 2020 and 2021 in both the U.S. and Canada.

謝謝，托德。我想藉此機會分享有關特許經營健康狀況的最新信息，因為我們最近從美國和加拿大的特許經營商那裡收集了 2022 年的財務數據。提醒一下，我們專注於推動餐廳經濟模式，導致 2020 年和 2021 年美國和加拿大的特許經營商銷售額和利潤都創下歷史新高。

Turning to 2022. Our U.S. and Canadian franchisees achieved another year of record sales with 7% and 13% year-over-year growth, respectively. This contributed to incredible 3-year sales growth of over 18% in the U.S. and over 24% in Canada. And despite unprecedented inflationary headwinds in 2022, which pressured year-over-year comparisons, franchisee EBITDA dollars remained approximately 2% and 11% higher versus 2019 in the U.S. and Canada, respectively. Just as we expect EBITDA expansion in our company-operated restaurants, we expect franchisees will return to EBITDA dollar growth in 2023 as inflation eases, and we continue to drive same-restaurant sales momentum and digital acceleration, all supporting our global footprint expansion.

展望 2022 年。我們的美國和加拿大特許經營商再次創下銷售額新高，同比分別增長 7% 和 13%。這促成了令人難以置信的 3 年銷售額增長，美國超過 18%，加拿大超過 24%。儘管 2022 年出現了前所未有的通脹逆風，對同比比較造成了壓力，但美國和加拿大的加盟商 EBITDA 美元仍分別比 2019 年高出約 2% 和 11%。正如我們預計公司經營的餐廳的 EBITDA 擴張一樣，我們預計隨著通貨膨脹的緩解，特許經營商將在 2023 年恢復 EBITDA 美元增長，並且我們將繼續推動同店銷售勢頭和數字加速，所有這些都支持我們的全球足跡擴張。

Now let's turn to our first quarter financial results, which showcase the improved profitability we expect this year. We are incredibly proud of our first quarter results, which highlight the strength of our growth initiatives and the sound execution of our financial formula. Our global systemwide sales grew 10%, contributing to year-over-year growth across our financials. Our U.S. company restaurant margin reached 14.7%, increasing over 250 basis points year-over-year despite inflationary pressures remaining elevated. This expansion was primarily due to the benefit of a higher average check driven by cumulative pricing of 9.5%, partially offset by commodity and labor inflation of approximately 7% and 5%, respectively, and customer count decline.

現在讓我們來看看我們第一季度的財務業績，它展示了我們預計今年盈利能力將有所提高。我們對第一季度的業績感到無比自豪，這突出了我們增長計劃的實力和我們財務公式的良好執行。我們的全球系統銷售額增長了 10%，促進了我們財務的同比增長。我們的美國公司餐廳利潤率達到 14.7%，儘管通脹壓力仍然很高，但同比增長超過 250 個基點。這種擴張主要是由於累計定價 9.5% 帶來的更高平均支票的好處，部分被商品和勞動力通脹分別約 7% 和 5% 以及客戶數量下降所抵消。

G&A held flat versus the prior year, primarily due to a decrease in stock compensation offset by higher information technology costs and a higher incentive compensation accrual. Adjusted EBITDA increased almost 18% to approximately $126 million, primarily driven by higher franchise royalty revenue and the increase in U.S. company-operated restaurant margin. The over 20% increase in adjusted earnings per share was driven by the increase in adjusted EBITDA and higher interest income. These increases were partially offset by higher interest expense, a decrease in investment income and higher amortization of cloud computing arrangement costs.

G&A 與上一年持平，這主要是由於股票薪酬的減少被更高的信息技術成本和更高的激勵薪酬應計所抵消。調整後的 EBITDA 增長近 18% 至約 1.26 億美元，這主要是由於特許經營權使用費收入增加和美國公司經營的餐廳利潤率增加所致。調整後每股收益增長超過 20% 的原因是調整後 EBITDA 的增加和利息收入的增加。這些增長被利息支出增加、投資收入減少和雲計算安排成本攤銷增加部分抵消。

Finally, our free cash flow in the first quarter increased over 40% to approximately $63 million, resulting primarily from a decrease in payments for incentive compensation and higher net income adjusted for noncash expenses. These increases were partially offset by the timing of receipt of franchisee rental payments in the first quarter of 2022.

最後，我們第一季度的自由現金流增加了 40% 以上，達到約 6300 萬美元，這主要是由於激勵薪酬支付的減少和非現金支出調整後的淨收入增加所致。這些增長被 2022 年第一季度收到加盟商租金付款的時間部分抵消。

Our 2023 and long-term financial outlook remain unchanged. We continue to expect significant global system-wide sales growth of 6% to 8% this year, driven by mid-single-digit global same-restaurant sales and global net unit growth of 2% to 3%. Our 2023 adjusted EBITDA outlook of $530 million to $540 million remains unchanged as we continue to expect strong top line sales, U.S. company-operated restaurant margin of approximately 15% to 16% and mid-single-digit commodity and labor inflation. Additionally, we continue to expect net franchise fees of less than $20 million and net rental income of approximately $105 million for the full year. We are also reaffirming our 2023 outlook for adjusted EPS of $0.95 to $1, capital expenditures of $75 million to $85 million and free cash flow of $265 million to $275 million.

我們的 2023 年和長期財務前景保持不變。我們繼續預計今年全球系統範圍內的銷售額將顯著增長 6% 至 8%，這主要得益於全球同店銷售額的中等個位數增長和 2% 至 3% 的全球淨單位增長。我們將 2023 年調整後的 EBITDA 前景保持在 5.3 億美元至 5.4 億美元之間，因為我們繼續預計強勁的營收、美國公司經營的餐廳利潤率約為 15% 至 16% 以及中等個位數的商品和勞動力通脹。此外，我們繼續預計全年淨特許經營費將低於 2000 萬美元，淨租金收入約為 1.05 億美元。我們還重申 2023 年調整後每股收益 0.95 美元至 1 美元、資本支出 7500 萬至 8500 萬美元以及自由現金流 2.65 億美元至 2.75 億美元的前景。

Looking further out, we are reaffirming our long-term outlook of mid-single-digit annual system-wide sales growth and high single-digit to low double-digit annual free cash flow growth in 2024 and 2025. Our reaffirmed financial outlook over the short and long term is a result of the momentum of our business and our dedication to driving the restaurant economic model behind our strategic growth pillars.

展望更遠的未來，我們重申了我們的長期前景，即 2024 年和 2025 年全系統銷售額實現中等個位數年度增長以及高個位數至低兩位數的年度自由現金流增長。我們重申了對短期和長期是我們業務發展勢頭以及我們致力於推動戰略增長支柱背後的餐廳經濟模式的結果。

To close, I'd like to highlight our capital allocation policy, which remains unchanged. Investing in our business for growth while holding true to our asset-light model continues to be our first priority. Secondly, we announced today the declaration of our second quarter dividend of $0.25 per share, which aligns with our commitment to sustain an attractive dividend. We continue to expect a full year dividend of $1 per share in 2023, which represents an over 100% dividend payout ratio. Lastly, we will utilize excess cash to repurchase shares and reduce debt.

最後，我想強調一下我們的資本配置政策，該政策保持不變。投資於我們的業務以實現增長，同時堅持我們的輕資產模式仍然是我們的首要任務。其次，我們今天宣布了每股 0.25 美元的第二季度股息，這符合我們維持有吸引力的股息的承諾。我們繼續預計 2023 年的全年股息為每股 1 美元，這意味著超過 100% 的股息支付率。最後，我們將利用多餘的現金回購股票並減少債務。

As of May 3, we have repurchased approximately 2.9 million shares and have approximately $438 million left on our $500 million share repurchase authorization expiring in February of 2027. Additionally, we repurchased approximately $32 million of our debentures through May 3, leaving approximately $43 million remaining on our debt repurchase authorization expiring in February of 2024.

截至 5 月 3 日，我們已經回購了約 290 萬股股票，我們的 5 億美元股票回購授權還剩下約 4.38 億美元，該授權將於 2027 年 2 月到期。此外，我們在 5 月 3 日之前回購了約 3200 萬美元的債券，剩餘約 4300 萬美元我們的債務回購授權將於 2024 年 2 月到期。

Our elevated cash balance and strong and flexible balance sheet leave us well positioned to withstand any macroeconomic headwinds as we continue to deliver meaningful global growth. We are fully committed to continue delivering our simple yet powerful formula. We are an accelerated, efficient growth company that is investing in our growth pillars and driving strong system-wide sales growth on the backdrop of positive same-restaurant sales and expanding our global footprint. This is translating into significant free cash flows, which supports meaningful return of cash to shareholders through an attractive dividend and share repurchases.

我們不斷增加的現金餘額和強大而靈活的資產負債表使我們處於有利地位，可以在我們繼續實現有意義的全球增長的同時抵禦任何宏觀經濟逆風。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、高效增長的公司，在積極的同店銷售和擴大我們的全球足蹟的背景下，正在投資於我們的增長支柱並推動全系統的強勁銷售增長。這轉化為可觀的自由現金流，支持通過有吸引力的股息和股票回購向股東返還有意義的現金。

With that, I will hand things over to Kelsey to share our upcoming IR calendar.

有了這個，我將把事情交給 Kelsey 來分享我們即將推出的 IR 日曆。

Thanks, GP. To start things off, we have an NDR in Boston with Guggenheim on May 23, followed by an NDR in New York with JPMorgan on May 24. On June 13, we will attend the Virtual Oppenheimer Conference followed, by the Virtual Evercore Conference on June 14. We will also host investor calls on June 20 and 21 with RBC and BTIG, respectively. 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. Lastly, we plan to report our second quarter earnings and host a conference call that same day on August 9.

謝謝，全科醫生。首先，我們將於 5 月 23 日在波士頓與古根海姆舉行 NDR，隨後於 5 月 24 日在紐約與摩根大通舉行 NDR。6 月 13 日，我們將參加 Virtual Oppenheimer Conference，然後是 6 月的 Virtual Evercore Conference 14. 我們還將在 6 月 20 日和 21 日分別與 RBC 和 BTIG 召開投資者電話會議。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。最後，我們計劃在 8 月 9 日的同一天報告我們的第二季度收益並召開電話會議。

As we transition into our Q&A section, I wanted to remind everyone that due to a high number of covering analysts, we will be limiting everyone to one question only. With that, we are ready to take your questions.

當我們過渡到問答部分時，我想提醒大家，由於有大量分析師參與，我們將限制每個人只回答一個問題。這樣，我們就可以回答您的問題了。

(Operator Instructions) First question today comes from David Palmer with Evercore ISI.

（操作員說明）今天的第一個問題來自 Evercore ISI 的 David Palmer。

You talked about a lot on that in your prepared remarks. I'm just wondering if you could sort of rank what -- where your energies are going to be applied in terms of driving sales and traffic, call it, market share between the marketing, the innovation and potentially renovation and then you mentioned some digital initiatives. Where do you think the biggest energy is going to be applied? And what do you think is going to give you the best bang for your buck?

你在準備好的發言中談到了很多。我只是想知道你是否可以對什麼進行排名——你的精力將用於推動銷售和流量，稱之為營銷、創新和潛在革新之間的市場份額，然後你提到了一些數字舉措。你認為最大的能量會用在什麼地方？您認為什麼能讓您物有所值？

David, thanks for the question. I think it's balanced across several things. I think the opportunity to continue to raise our game on operational excellence, we're staffed better today. We've got opportunities to continue to drive some more business into our late night as we talked about in the prepared remarks. We know we have opportunity to continue to grow on the breakfast day part. We've got some nice news coming the rest of this year. And we feel really good around the balance of our calendar for the remainder of the year. Some great new innovation coming throughout the year, a commitment to value with 4 for $4 and $5 and $6 Biggie Bags, So I do think we got a nice balanced calendar that will continue to drive our business.

大衛，謝謝你的提問。我認為它在幾件事上是平衡的。我認為有機會繼續提高我們在卓越運營方面的遊戲，我們今天的人員配備更好。正如我們在準備好的評論中談到的那樣，我們有機會繼續在深夜開展更多業務。我們知道我們有機會在早餐日部分繼續增長。我們在今年餘下時間裡收到了一些好消息。在今年餘下的時間裡，我們對日曆的平衡感到非常滿意。全年都會出現一些偉大的新創新，承諾以 4 美元、5 美元和 6 美元的 Biggie Bags 價格購買 4 個，所以我認為我們有一個很好的平衡日曆，它將繼續推動我們的業務。

And we'll continue to lean in on digital. Our digital mix continued to grow each period within -- in Q1. We feel like we got some momentum. The tools are coming to life to better connect to the consumers to create even better experiences. So hard to rank them because I think they all need to come together to continue to drive great experiences for the crew and our customers. But that will allow us to continue to drive mid-single-digit growth quarter-over-quarter-over-quarter throughout the rest of this year, and we've got a lot of confidence in that visibility.

我們將繼續依靠數字技術。我們的數字組合在第一季度的每個時期都在持續增長。我們覺得我們有一些動力。這些工具變得栩栩如生，可以更好地與消費者建立聯繫，從而創造更好的體驗。很難對它們進行排名，因為我認為它們都需要齊心協力，才能繼續為機組人員和我們的客戶帶來出色的體驗。但這將使我們能夠在今年餘下的時間裡繼續推動中等個位數的環比增長，我們對這種可見性充滿信心。

Our next question comes from Brian Harbour with Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Brian Harbour。

I just wanted to ask about development. Could you comment on were the closures in 1Q more REEF related? And how many more of those do we kind of expect? I guess I'm just trying to think about kind of the pace of development through the year as you get to the 2% to 3% target for the full year?

我只是想問一下發展。您能否評論第一季度的關閉是否與 REEF 更相關？我們還期望有多少這樣的人？我想我只是想考慮一下當您達到全年 2% 到 3% 的目標時，全年的發展速度如何？

Yes. So on REEF specific, we only had a couple of REEF closures in the first quarter. We had several U.S. restaurants temporarily closed. So in the second quarter, you'll see 15 U.S. REEF closures in that number. The way the calendar is lined up for this year, we're on track with our internal expectations. The 39 new restaurants, you look at our historical averages in the first quarter, we've typically, other than maybe the first quarter of last year, always open 30 to 40 restaurants. It is back-end loaded on the openings, it is front-end loaded on the closures. But we got good line of sight with 45% of those restaurants now open or under construction. And as we get to the end of the second quarter, we're going to have the vast preponderance of those open or under construction. So we'll be able to report back to you on that. But we've got visibility to the work that's underway and the plans to deliver our 2% to 3% net unit growth this year. So we're feeling good about that.

是的。因此，就 REEF 而言，我們在第一季度僅關閉了幾次 REEF。我們有幾家美國餐館暫時關閉。所以在第二季度，你會看到 15 個美國 REEF 關閉。今年的日曆排列方式，我們正在按照我們的內部期望走上正軌。 39 家新餐廳，你看看我們第一季度的歷史平均水平，除了去年第一季度，我們通常總是開設 30 到 40 家餐廳。它是後端加載在開口上，它是前端加載在閉合件上。但我們的視線很好，其中 45% 的餐廳現已開業或正在建設中。當我們進入第二季度末時，我們將擁有大量開放或在建的項目。因此，我們將能夠就此向您報告。但我們已經了解正在進行的工作以及今年實現 2% 至 3% 淨單位增長的計劃。所以我們對此感覺很好。

We now turn to Brian Bittner with Oppenheimer.

我們現在轉向 Brian Bittner 和 Oppenheimer。

I'm actually really interested in the comments that you made in the prepared remarks on a much heavier focus on driving the late night business. As the year unfolds, can you just talk about the drivers that made you come to the conclusion that this is the right targeted strategy? And if successful, could you frame up what type of impact late night could have on sales? Maybe you can frame the upside or help us understand what that size -- the size of the business is today and where you think it could go?

我實際上對你在準備好的評論中發表的關於更加關注推動深夜業務的評論非常感興趣。隨著時間的推移，您能否談談讓您得出結論認為這是正確的目標戰略的驅動因素？如果成功了，你能想出深夜對銷售有什麼影響嗎？也許您可以勾勒出上升趨勢或幫助我們了解該規模——今天的業務規模以及您認為它可以發展的方向？

Yes. Well, what gives us confidence? We've leaned in on late night for a while in the company restaurants and we've seen some great success. We know when we look at the rest of the system relative to where we are in the company restaurants, there is an opportunity. Some of that comes with our operations. Some of that is a result of not having the staffing we need. But now that we've got ourselves staffed appropriately, as we look at where that late night business is, not only what we can do through the drive-thru with traditional drive-up customers, but what we know we can continue to do with the momentum that we have on the delivery business, and our delivery business continued to grow period -- month-over-month-over-month in the first quarter, those all give us a lot of confidence that we're in a position to really drive significant growth in that daypart.

是的。那麼，是什麼給了我們信心？我們已經在公司餐廳熬夜了一段時間，並且取得了一些巨大的成功。我們知道，當我們查看系統的其餘部分與我們在公司餐廳的位置相關時，就有機會。其中一些來自我們的運營。其中一些是由於沒有我們需要的人員配置造成的。但是現在我們已經為自己配備了適當的人員，當我們看看深夜業務在哪裡時，不僅是我們可以通過傳統的得來速客戶做的事情，而且我們知道我們可以繼續做的事情我們在交付業務上的勢頭，以及我們的交付業務持續增長的時期——第一季度環比增長，這些都給了我們很大的信心，我們有能力真正推動了那一天的顯著增長。

The size of the prize, hard to quantify. But when I start to look at where we have some big growth drivers, late night is going to be one of those and breakfast will continue to be one. And we'll continue to work hard to continue to win like we have been at lunch and dinner, and you've seen some nice growth in those dayparts too for us.

獎金的大小，難以量化。但當我開始審視我們有哪些巨大的增長動力時，深夜將是其中之一，而早餐將繼續是其中之一。我們將繼續努力工作，繼續贏得勝利，就像我們在午餐和晚餐時一樣，你也看到了我們在那些日子裡的一些不錯的成長。

Our next question comes from Dennis Geiger with UBS.

我們的下一個問題來自瑞銀的 Dennis Geiger。

Another one on development, if I could. And the commentary on franchisee profitability is certainly helpful. Just wondering on the development side of things, specific to franchisee demand in the current environment. Just if you could size up a bit more those macro headwinds offset by some of the specific drivers you mentioned and particularly as it relates to feedback on the development incentive programs, Todd, if there's anything more that you could share on what kind of franchisee feedback you're getting there.

另一個關於發展的，如果可以的話。對加盟商盈利能力的評論肯定有幫助。只是想知道事情的發展方面，具體到當前環境中的加盟商需求。只是如果你能稍微估計一下那些被你提到的一些特定驅動因素抵消的宏觀逆風，特別是因為它與發展激勵計劃的反饋有關，托德，如果你還有什麼可以分享什麼樣的加盟商反饋你到了那裡。

Yes. On the development incentive program, still early. So a lot of education going on Groundbreaker 3.0, what we have on Pacesetter, the continued opportunity to take advantage of our build-to-suit program. So we'll have a lot more visibility into that in Q2. Clearly, incentives are attractive and they help the restaurant economic model. With the momentum that we continue to see with improvement quarter-over-quarter in our restaurant margins, that certainly helps create some excitement into the future. And we've got our Global Next Gen 2.0 design, and that's digital forward restaurant, costs down about 10%.

是的。關於發展激勵計劃，還早。因此，在 Groundbreaker 3.0 上進行了大量的教育，我們在 Pacesetter 上擁有的東西，以及繼續利用我們的定制項目的機會。因此，我們將在第二季度對此有更多的了解。顯然，激勵措施很有吸引力，它們有助於餐廳的經濟模式。隨著我們繼續看到餐廳利潤率環比提高的勢頭，這無疑有助於為未來創造一些興奮點。我們已經有了 Global Next Gen 2.0 設計，那是數字前瞻性餐廳，成本降低了大約 10%。

So when you factor all of those versus the prior model, when you'll factor all of those together and you think about where we can see the strength of the consumer on the other side of all the inflationary pressure they're facing with a lot of nominal wage growth. I think you're going to start to see a lot of our franchisees want to continue to lean in to take advantage of those opportunities. And that Next Gen design restaurant with the digital forward view, all the things that we're working on when it comes to voice AI and digital menu boards and other technological advancements into that restaurant, those can continue to better connect to the consumer, help our employees and drive the restaurant economic model.

因此，當你將所有這些因素與之前的模型進行比較時，當你將所有這些因素結合在一起時，你會考慮我們在哪裡可以看到消費者在他們面臨的所有通貨膨脹壓力的另一邊的力量名義工資增長。我想你會開始看到我們的很多特許經營商希望繼續利用這些機會。還有那家具有數字前瞻性的下一代設計餐廳，我們正在做的所有事情，包括語音人工智能和數字菜單板，以及餐廳的其他技術進步，這些都可以繼續更好地與消費者聯繫，幫助我們的員工並推動餐廳經濟模式。

Our next question comes from Joshua Long with Stephens.

我們的下一個問題來自 Joshua Long 和 Stephens。

Was curious if you could walk through the pricing mix, traffic components of the quarter. It sounds like during the prepared comments, you talked about traffic being down a little bit, but was just hopefully hoping we can get additional context there. And within that same vein, how are you thinking about pricing on your side of the business as we think forward to the year with inflation moderating, labor pressure is still there, but the consumer overall being relatively strong for your prepared comments?

很好奇您是否可以了解本季度的定價組合和流量組成部分。聽起來好像在準備好的評論中，您談到流量有所下降，但只是希望我們能在那裡獲得更多背景信息。在同樣的情況下，當我們展望今年通脹放緩、勞動力壓力仍然存在，但消費者整體對你準備好的評論來說相對強勁時，你如何考慮你的業務定價？

Josh, so as you've heard in the prepared remarks, U.S. SRS was up 7.2%. Pricing was about 7% for the system, a little bit below food-away-from-home inflation. We are caught a little bit in rounding. If you actually look at the exact numbers, what you will find is traffic was up a little bit less than 1%, mix was slightly negative and pricing was a little bit below 7%. So when you add it all up, it reconciles the 7.2% we have reported. It's important to note the traffic growth was really happening in every single month. Remember, January was the easiest comparison with Omicron and really bad weather.

喬希，正如你在準備好的發言中所聽到的那樣，美國 SRS 上漲了 7.2%。該系統的定價約為 7%，略低於外出就餐的通貨膨脹率。我們有點四捨五入。如果您實際查看確切的數字，您會發現流量增長略低於 1%，混合略有負增長，定價略低於 7%。因此，當您將所有這些加起來時，它會與我們報告的 7.2% 相協調。重要的是要注意流量增長確實發生在每個月。請記住，一月份是與 Omicron 最簡單的比較，而且天氣非常糟糕。

We grew traffic there, that was kind of expected, but we also grew traffic February and in March. As far as the company is concerned, we obviously lean in, in pricing a little bit more with 9.5% in the first quarter. We kind of caught up on our pricing position with sole services franchisees. If you look at the year, total pricing for the year is about 7%. It's a little bit higher than what we talked about last quarter. Last quarter, we talked about 6%. The difference is we are accelerating pricing a little bit to put us in even better position. Remember, pricing, the carryover is about 5%. So the price -- the new pricing action is not a lot. And again, I think the proof is in the pudding here. We have not seen major resistance from customers on the pricing actions we have taken, as evidenced by the traffic growth that we have seen in the first quarter and maintaining and holding our dollar and traffic share in the category.

我們在那裡增加了流量，這是意料之中的，但我們在 2 月和 3 月也增加了流量。就公司而言，我們顯然傾向於在第一季度以 9.5% 的價格定價。我們有點趕上了我們與獨家服務特許經營商的定價地位。如果你看一下這一年，當年的總定價約為 7%。它比我們上個季度談到的要高一點。上個季度，我們談到了 6%。不同之處在於我們正在稍微加快定價，以使我們處於更好的位置。請記住，定價，結轉約為 5%。所以價格——新的定價行動並不多。再一次，我認為證據就在這裡。我們沒有看到客戶對我們採取的定價行動產生重大阻力，我們在第一季度看到的流量增長以及維持和保持我們在該類別中的美元和流量份額就證明了這一點。

We now turn to Lauren Silberman with Credit Suisse.

我們現在求助於瑞士信貸的 Lauren Silberman。

I just want to ask if you can expand on what you're seeing with consumer behavior signs of check management. I think you mentioned mix was negative. And then if you can just talk about what you're seeing across different consumer cohorts, that under $75,000 and over $75,000 consumers.

我只想問你是否可以擴展你所看到的支票管理的消費者行為跡象。我想你提到混合是負面的。然後，如果您可以談談您在不同的消費者群體中看到的情況，即 75,000 美元以下和 75,000 美元以上的消費者。

Lauren, yes, as I said, the consumer is reacting well to our programs. That's why we have high single-digit growth in the quarter. From a customer satisfaction point of view, value perception, we have not gone backwards. In contrary, actually our scores have improved quarter-over-quarter and year-over-year. From an income level point of view, the below and above $75,000 income cohort, we maintain share in the category in both income cohorts.

勞倫，是的，正如我所說，消費者對我們的計劃反應良好。這就是我們在本季度實現高個位數增長的原因。從客戶滿意度的角度來看，價值感知，我們沒有倒退。相反，實際上我們的分數環比和同比都有所提高。從收入水平的角度來看，低於和高於 75,000 美元的收入群體，我們在這兩個收入群體中均保持該類別的份額。

So it's interesting on the income cohort. If you think about the under $75,000 consumer, we've maintained our share but traffic is relatively flattish there. The good news is we're seeing nice growth with the over $75,000 cohort, and we continue to hold nice a share there. So participating in that growth.

所以這對收入人群很有趣。如果您考慮 75,000 美元以下的消費者，我們會保持我們的份額，但那裡的流量相對平穩。好消息是，我們看到超過 75,000 美元的人群出現了不錯的增長，並且我們繼續在那裡佔有不錯的份額。所以參與這種增長。

Our next question comes from Andrew Charles with TD Cowen.

我們的下一個問題來自 TD Cowen 的 Andrew Charles。

GP, can you comment on your beef inflation expectation for 2020 versus what you laid out in the last call? And, Todd, I guess looking to better understand is how this impacts your promotional strategy, particularly for the Biggie Bag, to help mitigate potential cost volatility as potential inflation might weigh on value efforts.

GP，您能否評論一下您對 2020 年的牛肉通脹預期與您在上次電話會議中提出的預期？而且，托德，我想更好地了解這會如何影響您的促銷策略，尤其是 Biggie Bag，以幫助減輕潛在的成本波動，因為潛在的通貨膨脹可能會影響價值努力。

Andrew, so our commodity outlook is unchanged versus the previous position we have taken. So it's mid-single digits. Within the commodity basket, we saw a little bit of movement. Beef goes a little bit more expensive for us, still slightly deflationary versus prior year. That was offset by favorability in other food categories. I would also point out that beef is about 15% to 20% of our commodity basket. We have now price visibility up and inclusive of the first 8 weeks of the third quarter. So there is not a lot open. Could there be a little bit more headwinds, maybe. We do expect that, that offsets elsewhere, and very confident with the mid-single-digit commodity inflation guidance we have reaffirmed.

安德魯，所以我們的商品前景與我們之前的立場相比沒有變化。所以它是中個位數。在商品籃子中，我們看到了一些變動。牛肉對我們來說有點貴，與去年相比仍然略有通貨緊縮。這被其他食品類別的受歡迎程度所抵消。我還要指出，牛肉約占我們商品籃子的 15% 到 20%。我們現在已經提高了價格能見度，包括第三季度的前 8 週。所以開放的不多。也許會有更多的逆風。我們確實預計，這會抵消其他地方的影響，並且對我們重申的中個位數商品通脹指引非常有信心。

Yes. And as far as the promotional calendar, we don't think that impacts our plans at all. And we've got good visibility into what we've aligned to with the system around where we want to continue to support the $5 and $6 Biggie Bag and we'll continue to lean in there. We've got some really nice news on the premium hamburger side of the business. In Q1, we were able to really focus a lot on our core items, when you think about our Hot and Crispy Fries, the work that we did around hamburger equity and squares the beef. And we'll continue to lean in on those equity drivers and those unique points of difference with the calendar that we have, and we'll continue to play our game.

是的。至於促銷日曆，我們認為這根本不會影響我們的計劃。我們已經很好地了解了我們與系統保持一致的情況，我們希望繼續支持 5 美元和 6 美元的 Biggie Bag，我們將繼續靠在那裡。我們在優質漢堡包業務方面得到了一些非常好的消息。在第一季度，我們能夠真正專注於我們的核心項目，當你想到我們的熱脆薯條時，我們圍繞漢堡包股權和牛肉方塊所做的工作。我們將繼續依靠那些股權驅動因素和我們現有日曆的獨特差異點，我們將繼續玩我們的遊戲。

Our next question comes from Jeffrey Bernstein with Barclays.

我們的下一個問題來自巴克萊銀行的杰弗裡伯恩斯坦。

I just wanted to ask about the franchise sentiment -- or franchisee sentiment post-COVID, but pre potential recession. I'm just wondering what the primary topics of discussion are greatest friction points. Obviously, it's encouraging to see that the sales and profits are up versus pre-COVID levels, but what's the primary pushback there? And maybe if you could just compare your leverage position and outlook relative to franchisees. We get a lot of questions on franchisees' liquidity and ability to borrow in this environment to support that unit growth.

我只是想問一下特許經營情緒——或 COVID 後但潛在衰退前的特許經營者情緒。我只是想知道討論的主要話題是最大的摩擦點。顯然，看到銷售額和利潤高於 COVID 之前的水平是令人鼓舞的，但那裡的主要阻力是什麼？也許如果您可以將您的槓桿地位和前景與特許經營商進行比較。我們對特許經營商的流動性和在這種環境下借貸以支持該單位增長的能力提出了很多問題。

Jeff, the great news is we've got a strong working relationship with our franchise community, both through our advertising trustees here in the U.S.; and in Canada, we continue to stay linked in the hip on what we're trying to accomplish, and that focus is to drive the restaurant economic model. That's the area of discussion all the time, how do we continue to enhance margin to make sure we can invest back into our people, back into technology into reimaging and new builds? And that's what we'll continue to work on together. We are making progress. You're seeing that quarter-over-quarter in a highly inflationary environment that we'll continue to break through and do that and find that right balance between one more visit and one more dollar with a really balanced high-low calendar, sprinkling of value, some price point and promotions as well as a lot of focus on the core, as I just mentioned. So we feel like we've got a good partnership, but it is about driving that restaurant economic model. Around lease adjusted leverage ratios and our ratios versus theirs on the debt side. GP, I'll turn it over to you.

傑夫，好消息是我們通過我們在美國的廣告受託人與我們的特許經營社區建立了牢固的工作關係；在加拿大，我們繼續就我們正在努力實現的目標保持聯繫，重點是推動餐廳經濟模式。這一直是討論的領域，我們如何繼續提高利潤率以確保我們可以重新投資於我們的員工，重新投資於技術以重新成像和新建？這就是我們將繼續共同努力的方向。我們正在取得進展。你會看到在高通脹環境下的季度環比，我們將繼續突破並做到這一點，並通過真正平衡的高低日曆，在多一次訪問和多一美元之間找到正確的平衡，灑正如我剛才提到的，價值、一些價格點和促銷活動以及對核心的很多關注。所以我們覺得我們建立了良好的合作夥伴關係，但這是關於推動餐廳經濟模式的。圍繞租賃調整後的槓桿率以及我們與他們在債務方面的比率。 GP，我把它交給你。

Yes. The company has a leverage ratio of about 4.7x, so below 5x. The system is north of that, definitely increased slightly versus 2019. Debt levels have slightly increased with all the acquisitions that have happened. I would say on the leverage ratio, the system will make rapid progress to take the leverage down. You can see this from our company restaurant outlook, right? We are forecasting mid-single-digit sales growth. If you take the midpoint of our U.S. margin guidance, that's as an expansion versus prior year of north of 100 basis points, you can do the math. It's double-digit profit growth so that will go a long way to take leverage down in the system as well.

是的。公司的槓桿率約為 4.7 倍，低於 5 倍。該系統位於此之上，與 2019 年相比肯定略有增加。隨著所有收購的發生，債務水平略有增加。我會說在槓桿率上，系統將快速降低杠桿率。你從我們公司餐廳的外觀上就可以看出這一點，對吧？我們預測中個位數的銷售增長。如果您採用我們的美國保證金指導的中點，即與上一年相比增加 100 個基點以上，您可以計算一下。這是兩位數的利潤增長，因此這也將大大降低系統中的槓桿率。

We now turn to Jon Tower with Citi.

我們現在轉向花旗銀行的 Jon Tower。

Can you give us an idea of where breakfast average weekly sales settled out in the quarter? And more specifically, I think you've talked in the past about your awareness of breakfast being relatively high for your core customers. But I'm curious, what are you hearing from those customers as to why they aren't coming as frequently? Or what would drive them to come more frequently than they are today? Is it something on the product side? Is it speed of service? Is it price points that they're looking for? I'm just curious to kind of get some color around that.

您能否告訴我們本季度早餐平均每週銷售額在哪裡結算？更具體地說，我認為您過去曾談到您對核心客戶的早餐意識相對較高。但我很好奇，您從這些客戶那裡聽到了什麼關於他們來得不那麼頻繁的原因？或者什麼會促使他們比現在更頻繁地來？它是產品方面的東西嗎？是服務速度嗎？他們正在尋找的是價格點嗎？我只是想在這周圍找到一些顏色。

Yes, John, on breakfast, as you did mention, our awareness continues to be quite high. I think that the consumer is looking for a couple of things from us. We've got to continue to drive speed of service, which we're doing quite nicely. We've got to continue to drive overall satisfaction, and it's still our highest overall satisfaction daypart. But I do think we've got to sprinkle in a little more value, having an opportunity to play on things like $3 croissant on a more regular basis are certainly helpful. There's a core consumer that's only going to come to breakfast and QSR if there's a product on deal. So we're going to have to continue to make sure we're competitive on that front. And we've got to continue to make sure that we got a more complete beverage business.

是的，約翰，正如你提到的那樣，早餐時我們的意識仍然很高。我認為消費者正在尋找我們的一些東西。我們必須繼續提高服務速度，我們做得很好。我們必須繼續提高總體滿意度，這仍然是我們總體滿意度最高的一天。但我確實認為我們必須投入更多的價值，有機會更經常地玩 3 美元羊角麵包之類的東西肯定會有所幫助。如果有產品打折，核心消費者只會來吃早餐和 QSR。因此，我們將不得不繼續確保我們在這方面具有競爭力。我們必須繼續確保我們擁有更完整的飲料業務。

You look at a lot of the growth in the breakfast daypart over the last several quarters, it's those with heavy beverage businesses, whether that's in QSR burger or elsewhere. We'll continue to lean in. We've got some news coming around our Frosty cold brew, which we've talked about in the past. So I think we've got those plans in place to continue to lean in. And on the breakfast side, we're no longer giving those weekly sales numbers around that breakfast daypart. But as I look at the calendar for the rest of the year, where we are on value, what we're doing on Frosty cold brews, what we're doing on some innovation and the pressure that we have to support our business for the rest of the year, I'm feeling really confident that we're going to continue to compete well.

你可以看到過去幾個季度早餐時段的增長，這是那些擁有大量飲料業務的公司，無論是 QSR 漢堡還是其他地方。我們將繼續深入了解。我們有一些關於 Frosty 冷萃啤酒的消息，我們過去曾討論過。所以我認為我們已經制定了這些計劃以繼續向前推進。在早餐方面，我們不再在早餐時段提供每週銷售數據。但是，當我查看今年剩餘時間的日曆時，我們在價值上的表現、我們在 Frosty 冷萃啤酒方面所做的工作、我們在一些創新方面所做的工作以及我們為支持我們的業務所承受的壓力今年剩下的時間裡，我真的很有信心我們會繼續保持良好的競爭狀態。

Our next question comes from Chris O'Cull with Stifel.

我們的下一個問題來自 Stifel 的 Chris O'Cull。

Todd, could you speak a little bit more about Wendy's thinking regarding pricing later this year, and whether you think customer count growth is going to be needed to achieve positive comp growth later this year? And then when does the system start to roll off some of the larger price increases?

托德，你能否多談談 Wendy 在今年晚些時候對定價的看法，以及你是否認為需要客戶數量增長才能在今年晚些時候實現積極的收入增長？然後系統什麼時候開始取消一些較大的價格上漲？

Chris. So as we said, right, we don't need a lot of pricing to get into attractive margin structure. We have not yet taken a new pricing this year, that comes a little bit later. And as I said, the gap between the carryover pricing and the new pricing is about 2% on the year. So it's not a massive action. If you fast forward, while if you look at our long-term sales guidance for '24 and '25, we are basically saying, yes, it's low single-digit SRS growth. We do think the pricing levels will come down. As a result of it, we are expecting flattish traffic in the outer years. So I think it's going to be healthy. With all the focus that we have on the restaurant economic model, we see no reason why our profitability in our company restaurant shouldn't expand further in the outer years with that construct. And it drives then, obviously, our high single-digit to low double-digit free cash flow outlook.

克里斯。所以正如我們所說，對，我們不需要很多定價就可以進入有吸引力的保證金結構。今年我們還沒有採用新的定價，那會晚一點。正如我所說，結轉定價與新定價之間的差距約為 2%。所以這不是一個大規模的行動。如果你快進，而如果你看看我們對 24 和 25 年的長期銷售指導，我們基本上是在說，是的，這是低個位數的 SRS 增長。我們確實認為定價水平會下降。因此，我們預計外年的交通會平穩。所以我認為它會很健康。鑑於我們對餐廳經濟模式的所有關注，我們認為我們公司餐廳的盈利能力在未來幾年內沒有理由不通過這種結構進一步擴大。然後，很明顯，它推動了我們高個位數到低兩位數的自由現金流前景。

Our next question comes from Chris Carril with RBC Capital Markets.

我們的下一個問題來自 RBC Capital Markets 的 Chris Carril。

So can you expand maybe a bit more on the pace of the remaining reimaging? I think it's about 20% of the global system. And maybe to what extent you think that can provide a tailwind to new unit development as that reimaging program winds down?

那麼，您能否在剩餘的重新映像的步伐上進一步擴展？我認為它大約佔全球系統的 20%。也許您認為隨著重塑計劃的結束，這可以在多大程度上為新單位的開發提供順風？

Yes. So we exited the quarter with 80% of our system global image activated, which is great progress. And originally, remember, our full goal was to have the system 100% reimaged by 2024. That could slip a little bit into 2025. So if you take advantage of the Pacesetter incentive, you can actually get an extra year to rework your reimaging, which is a choice we wanted our franchisees to make to focus and lean in on new development and continue to work hard to get all of their restaurants reimaged. I do think that, that does free up capital as we get over the hump on the reimaging, it does create opportunities for capital to be focused not just on new development but also to invest back into those restaurant economic model driving things around technology and the people. So those things then fuel even more top spin into development as that restaurant economic model gets even stronger and stronger in the future.

是的。因此，我們在本季度結束時激活了 80% 的系統全局映像，這是一個很大的進步。請記住，最初我們的全部目標是到 2024 年對系統進行 100% 的重新映像。這可能會推遲到 2025 年。因此，如果您利用 Pacesetter 激勵措施，您實際上可以多花一年時間來重新映像，這是我們希望我們的加盟商做出的選擇，專注於新的發展，並繼續努力讓他們所有的餐廳重新形象。我確實認為，當我們克服重塑的困難時，這確實釋放了資本，它確實為資本創造了機會，不僅可以將重點放在新的開發上，還可以重新投資於那些圍繞技術和人們。因此，隨著餐廳經濟模式在未來變得越來越強大，這些東西會進一步推動發展。

Our next question comes from Eric Gonzalez with KeyBanc Capital Markets.

我們的下一個問題來自 KeyBanc Capital Markets 的 Eric Gonzalez。

Maybe another one on the late night opportunity. Can you talk about where we are in terms of traffic or sales versus pre-pandemic levels. And I think you mentioned that you're fully staffed. I was wondering, is the daypart currently profitable for your franchisees? And is maybe there an opportunity to value engineer the menu or to make the daypart more efficient, similar to what you've done at breakfast?

也許是深夜的另一個機會。你能談談我們在流量或銷售方面與大流行前水平相比所處的位置嗎？我想你提到過你人手充足。我想知道，該時段目前對您的加盟商有利可圖嗎？也許有機會對菜單進行價值設計或提高一天的效率，類似於您在早餐時所做的？

Yes, Eric, it's pre-pandemic -- when you look at overall traffic at late-night, it is back to prepandemic levels. Our opportunity is to make sure that we're getting our fair share of that at the late-night daypart. We'll continue to lean in to take a look at what that menu construct should look like to be really efficient and effective to drive throughput and great food at that late-night day part. So opportunity to come as we continue to lean in to think about what that menu should look like and how we should support that business. When you look at the profitability, when you start to think about where we traditionally go and shut down the dining room after 10 and get into a late-night staffing model, there is a lot of profit to be had.

是的，埃里克，這是大流行前的情況——當你在深夜查看整體交通時，它又回到了大流行前的水平。我們的機會是確保我們在深夜時段獲得公平的份額。我們將繼續深入研究該菜單結構應該是什麼樣子，才能真正有效地推動深夜時段的吞吐量和美味佳餚。因此，隨著我們繼續深入思考菜單應該是什麼樣子以及我們應該如何支持該業務，機會來了。當您查看盈利能力時，當您開始考慮我們傳統上去哪裡，在 10 點後關閉餐廳並進入深夜人員配置模式時，就會有很多利潤。

So when you look at the labor model against the existing menu with the sales and transaction it takes, it can be a nice contribution to the restaurant economic model. And we'll continue to look to make sure that we make it even more efficient around the menu construct, how do you make it easier close at night to provide a better opening in the morning so they can really then continue to support your breakfast business too to make it the virtuous circle.

因此，當您根據現有菜單及其所需的銷售和交易來查看勞動力模型時，它可以對餐廳經濟模型做出很好的貢獻。我們將繼續努力確保圍繞菜單結構提高效率，如何讓它在晚上更容易關閉以在早上提供更好的開放，這樣他們才能真正繼續支持您的早餐業務也使之良性循環。

Our next question comes from John Ivankoe with JPMorgan.

我們的下一個問題來自摩根大通的 John Ivankoe。

I know we've spoken before about grocery maybe being the biggest competitor to the QSR category, in general, maybe you specifically. Can you -- just in terms of total meal share. Can we talk about that category, I mean, which is obviously shifting from pricing which is well in excess of restaurants to in the relatively near term to pricing that will be below restaurants? If you do think there's any real risk, kind of share shift into grocery or maybe other factors like employment, gas prices might lead to a slightly different outcome this time. And I guess how you would like to be best positioned to keep the share for yourself and away from potentially back to the grocery category.

我知道我們之前說過雜貨店可能是 QSR 類別的最大競爭對手，一般來說，也許是你。你能——就總膳食份額而言。我們可以談談那個類別嗎，我的意思是，它顯然正在從遠高於餐館的定價轉變為相對近期的定價，轉向低於餐館的定價？如果您確實認為存在任何真正的風險，例如將份額轉移到雜貨店或其他因素（例如就業），這次汽油價格可能會導致略有不同的結果。而且我猜想您希望如何處於最佳位置以保持自己的份額並遠離可能回到雜貨類別。

So it will be interesting to see, John. I think you pre-pandemic, food consumed at home was running that 81%, 82% range. During the pandemic, you got the 85%, 86%. It's kind of settled in today at 85%. So it's not like we've taken advantage of a lot of folks shifting back into the restaurants at this stage. There's still a lot of folks eating meals at home. You look at the convenience, you look at the overall price point, still there's been a lot of inflation over the last several years in the grocery daypart. And you think about constructs like a $5 Biggie Bag, a $6 Biggie Bag, the value we can create on a freshly prepared meal on a Single or Made to Crave, we still have a lot of relative value against grocery, and we drive a lot of convenience. So I think we're well positioned to continue to compete. And as folks start to get out and think about what their patterns are and what their hybrid work environments are, getting back to work, those things will continue to get -- try -- push miles driven and continue to help the restaurant business overall, whether that's breakfast or lunch. Anything else, GP?

約翰，所以看到會很有趣。我想你在大流行前，家裡消費的食物在 81%、82% 的範圍內。在大流行期間，你得到了 85%、86%。今天已經確定為 85%。因此，我們並沒有利用現階段很多人重新回到餐廳的機會。還是有很多人在家吃飯。你看看便利性，看看整體價格點，在過去幾年中，雜貨店的時段仍然存在很大的通貨膨脹。你想想像一個 5 美元的 Biggie Bag，一個 6 美元的 Biggie Bag 這樣的結構，我們可以在單身或 Made to Crave 的新鮮烹製餐點上創造的價值，我們仍然有很多相對於雜貨的價值，而且我們開車很多方便。所以我認為我們有能力繼續競爭。隨著人們開始走出去思考他們的模式是什麼以及他們的混合工作環境是什麼，重新開始工作，這些事情將繼續得到——嘗試——推動里程並繼續幫助整個餐廳業務，無論是早餐還是午餐。還有別的嗎，全科醫生？

Yes, I would also say that net disposable income is a big, big correlator. And I would expect with inflation coming down in grocery, net disposable income will come up, right, because wage inflation is still relatively high. So as the consumer is looking quarter-over-quarter, they should be left with a little bit more net disposable income, and it should encourage them to go to the restaurants more open -- more often and spend some more money. And then hopefully, with us, I think our offerings are compelling. They're really for our consumers and it should be good for our business.

是的，我還要說淨可支配收入是一個很大很大的相關因素。而且我預計隨著雜貨店通貨膨脹的下降，淨可支配收入將會增加，對吧，因為工資通脹仍然相對較高。因此，隨著消費者環比增長，他們的淨可支配收入應該多一點，這應該會鼓勵他們去更開放的餐廳——更頻繁地消費更多的錢。然後希望與我們一起，我認為我們的產品很有吸引力。它們真的是為我們的消費者服務的，這對我們的業務應該是有好處的。

We now turn to Gregory Francfort for Guggenheim.

我們現在轉向古根海姆的 Gregory Francfort。

GP, I think you made a comment about staffing being in a much better spot. Can you maybe update us on what you're seeing on turnover levels of staffing and if you're starting to see any maybe early break on entry-level wage rate at all just as the labor market starts to free up?

GP，我想你曾評論過人員配置情況要好得多。你能否向我們更新你所看到的員工流動率水平，以及你是否開始看到入門級工資率可能會在勞動力市場開始釋放時提前突破？

Greg, so staffing levels definitely have improved. What's the metrics we are looking at? The 90-day turnover rate has definitely improved year-over-year and quarter-over-quarter. You've heard in the prepared remarks, we are going to advertise late night. That's an indication that we feel really good about staffing levels, even in difficult to staff time periods like late night. So there's definitely confidence there. We have not seen really deflationary environment in labor if that's what you were asking, Our labor inflation in the first quarter was mid-single digit, about 5%.

格雷格，所以人員配備水平肯定有所提高。我們關注的指標是什麼？ 90 天周轉率同比和環比都有明顯提高。你已經在準備好的評論中聽到了，我們將在深夜做廣告。這表明我們對人員配備水平感覺非常好，即使是在深夜這樣難以配備人員的時間段也是如此。所以那里肯定有信心。如果您要問的話，我們還沒有看到真正的勞動力通縮環境，我們第一季度的勞動力通脹率是中等個位數，約為 5%。

Again, right, that on a stacked basis, that's a massive increase. If you might remember, the first quarter of last year, wage inflation was about 15%. So that's the environment that we have. And obviously, we are trying to remove our reliance on labor. How do you do this? Obviously, drive retention as fast as possible -- as best as you can. From a competitive and benchmark point of view, our turnover rates are better than the industry, so that helps restaurant economic model. And then obviously, the push towards digital, digital ordering voice AI is also helping with productivity in the restaurants. Todd, anything else?

再次，正確的，在堆疊的基礎上，這是一個巨大的增長。如果你還記得，去年第一季度，工資通脹率約為 15%。這就是我們擁有的環境。顯然，我們正在努力消除對勞動力的依賴。你怎麼做到這一點？顯然，盡可能快地提高保留率——盡你所能。從競爭和基準的角度來看，我們的周轉率優於行業，因此有助於餐廳經濟模式。然後顯然，推動數字化、數字化訂購語音 AI 也有助於提高餐廳的生產力。托德，還有什麼事嗎？

You're seeing all the benefits of all of that, GP. I mean, you look at where our overall satisfaction is as we've been better staffed. That's improved significantly quarter-over-quarter. We're seeing it across taste, we're seeing it across accuracy, we're seeing it across our speed perception. Importantly, we're seeing our actual speed improve. So we're making improvements on that front. Speed, convenience, affordability is what our game is all about. Differentiating on quality as the game will continue to play. being in a much better position with labor is certainly going to help us lean into all of that with better trained crews and better staffing across all dayparts.

GP，您看到了所有這些的所有好處。我的意思是，你看看我們的總體滿意度在哪裡，因為我們的人員配備得更好。這比上一季度有了顯著改善。我們在品味上看到它，在準確性上看到它，在速度感知上看到它。重要的是，我們看到了實際速度的提高。所以我們正在這方面進行改進。速度、便利、經濟實惠是我們遊戲的宗旨。隨著遊戲的繼續進行，質量上的差異化。在勞動力方面處於更好的位置肯定會幫助我們通過訓練有素的工作人員和更好的全天候工作人員來適應所有這些。

Our next question comes from Sara Senator with Bank of America.

我們的下一個問題來自美國銀行的 Sara Senator。

This is Katherine Griffin on for Sarah. Todd, I wanted to ask a couple of questions about the AI investments. Firstly, why is now the right time to be making this investment? And secondly, do you -- when you spoke about the unlock, do you expect that to be more on the throughput side or on the labor cost operational side?

這是莎拉的凱瑟琳格里芬。托德，我想問幾個關於人工智能投資的問題。首先，為什麼現在是進行這項投資的合適時機？其次，當你談到解鎖時，你是否希望更多地出現在吞吐量方面或勞動力成本運營方面？

Yes. I think now is the right time. We've done a lot of work on our tech stack and our restaurants. And we've had Kevin Vasconi, who joined us several years ago now from Domino's, and his team have done a nice job really setting ourselves up to lean in even more on technology. Clearly, it starts with the Global Next Gen design. That's all digital forward. We've got work that we can continue to do even on the digital menu board. So that's still growth in front of us.

是的。我認為現在是合適的時機。我們在技術棧和餐廳方面做了大量工作。我們有 Kevin Vasconi，他幾年前從 Domino's 加入我們，他的團隊做得很好，真正讓我們更加依賴技術。顯然，它始於 Global Next Gen 設計。這都是數字化的。即使在數字菜單板上，我們也可以繼續做一些工作。所以這仍然是我們面前的增長。

But when you look at why now, it is a great partner that we have in Google Cloud. We believe in their generative AI and large language models technology. We've been testing it. We'll have it live in a couple of restaurants as pilots here in June in the Columbus area. And we really look at this as a speed and throughput opportunity for us. Slowest point in the whole drive-through is that order station, trying to make our lives a little bit better for our employees and a heck of a lot better for our customers as we really get them focused on making great food and expediting it out that window super fast. So that's where the opportunity really lies, to elevate the experience for both employees and customers moving forward.

但是當你現在看看為什麼，它是我們在谷歌云中的一個偉大的合作夥伴。我們相信他們的生成人工智能和大型語言模型技術。我們一直在測試它。我們將於 6 月在哥倫布地區的幾家餐廳試播。我們真的把這看作是我們的速度和吞吐量機會。整個免下車過程中最慢的一點是點餐站，試圖讓我們的員工的生活好一點，讓我們的顧客好很多，因為我們真的讓他們專注於製作美味的食物並加快它的速度窗口超級快。所以這才是真正的機會所在，提升員工和客戶的體驗。

Our next question comes from Jim Sanderson with Northcoast Research.

我們的下一個問題來自 Northcoast Research 的 Jim Sanderson。

I just wanted to follow up on your commentary regarding late-night and just wanted to make sure I understood. Are franchise stores in the U.S. operating to expected operating hours in breakfast and late-night? Or are there still opportunities or areas where stores cannot fully operate as expected? Just to check on capacity.

我只是想跟進你關於深夜的評論，只是想確保我理解。美國的特許經營店是否按照預期的早餐和深夜營業時間營業？或者是否還有門店不能完全按照預期運營的機會或領域？只是為了檢查容量。

Yes, still opportunities. I mean, if you go back over the last 12 months, when you think about late-night hours, having your dining rule put until 10, having your restaurant open until midnight or later, we weren't all the way there. And we've done a lot of work, as you heard in the prepared remarks, to get ourselves set up to actually nationally advertise now open for late-night business, midnight or later. So we'll have the vast preponderance of the system in a position to do that as we roll into the summer.

是的，還有機會。我的意思是，如果你回顧過去 12 個月，當你想到深夜時間，將你的用餐規則規定到 10 點，讓你的餐廳營業到午夜或更晚時，我們並沒有完全做到這一點。正如您在準備好的評論中所聽到的那樣，我們已經做了很多工作，以便讓我們自己真正在全國范圍內做廣告，現在可以在午夜或更晚的時間營業。因此，隨著我們進入夏季，我們將擁有系統的巨大優勢來做到這一點。

We now turn to Jake Bartlett with Truist.

我們現在轉向 Jake Bartlett 和 Truist。

Mine is on the value of offering. You mentioned 4 for $4, you mentioned Biggie Bag at $5 or $6. One, I just want to confirm, are you keeping the 4 for $4. My understanding is that it was kind of going away at some point, I thought soon. And then one kind of feedback that I hear from franchisees is that the view is that the value offering is actually too attractive, it kind of -- versus the core menu. There's too large a difference. Is that something that you think is a problem? And is that something that you're kind of looking to address?

我的觀點是提供的價值。你提到 4 美元 4 美元，你提到 Biggie Bag 5 美元或 6 美元。第一，我只想確認一下，您是否以 4 美元的價格保留 4。我的理解是它在某個時候會消失，我想很快就會消失。然後我從加盟商那裡聽到的一種反饋是，與核心菜單相比，提供的價值實際上太有吸引力了。差別太大了。你認為這是個問題嗎？這是你想要解決的問題嗎？

Yes. So if you think about where we are, we've been trying to move folks from 4 for $4 to $5 Biggie Bag to $6 Biggie Bag. So we've been able to drive some nice mix gains as we've shifted folks up and across those offerings over the course of the last several months. 4 for $4, it really is a local decision. Is it going to stay on the menu board? Is it off the menu board? Still be honored if you come through the restaurant, you can still manage it within the app. The focus has been on $5 and $6 Biggie Bags with the offerings that we have there. But if you look at our overall mix around value when it comes to 4 for $4, $5 and $6, it's been relatively stable.

是的。因此，如果您考慮一下我們的現狀，我們一直在努力將人們從 4 美元 4 美元的 Biggie Bag 轉移到 5 美元的 Biggie Bag，再到 6 美元的 Biggie Bag。因此，在過去幾個月的過程中，我們已經將人們轉移到這些產品中，我們已經能夠推動一些不錯的混合收益。 4 美元 4 美元，這真的是當地的決定。它會留在菜單板上嗎？它不在菜單板上嗎？如果您經過餐廳，仍然很榮幸，您仍然可以在應用程序中對其進行管理。重點是 5 美元和 6 美元的 Biggie Bags，以及我們在那裡提供的產品。但是，如果您以 4 美元、5 美元和 6 美元的價格查看我們圍繞價值的整體組合，就會發現它相對穩定。

So we haven't seen a lot of trade down. We are watching that gap between value and premium. It's an age-old discussion that is not just happening today, but probably the same discussion we had 5 years ago. And how do you actually sprinkle in value in between with other offers like 2 for $6 and things like that. But we're really trying to make sure we got the right balance between value and premium. And I'll tell you what, in the first quarter, with all the hamburger equity advertising, the news that we have around Made to Crave and our core, we had our best core large hamburger volumes in the last 6 years. So we're really feeling good about that on the premium side.

所以我們沒有看到很多交易下降。我們正在關注價值與溢價之間的差距。這是一個古老的討論，不僅在今天發生，而且可能與我們 5 年前的討論相同。以及如何在其他優惠（例如 2 美元 6 美元等）之間真正體現價值。但我們真的在努力確保我們在價值和溢價之間取得正確的平衡。我會告訴你，在第一季度，通過所有漢堡包資產廣告，我們擁有關於 Made to Crave 和我們的核心的新聞，我們在過去 6 年中擁有最好的核心大漢堡量。因此，我們在溢價方面真的感覺很好。

Our next question comes from Fred Wightman with Wolfe Research.

我們的下一個問題來自 Wolfe Research 的 Fred Wightman。

There was a comment earlier, the traffic was positive on a year-over-year basis each month, but I'm wondering if you could give a little bit of color. It sounded like there was some weather in January, but maybe just how that year-over-year trend throughout the quarter.

早些時候有評論說，每個月的流量與去年同期相比都是積極的，但我想知道你是否可以給一點顏色。聽起來 1 月份有一些天氣，但也許整個季度的同比趨勢如何。

So as I said, traffic for the quarter was a little bit less than 1% in the month of January, a little bit north of 1%. And obviously for the remaining of the quarter, a little bit below.

正如我所說，該季度的流量在 1 月份略低於 1%，略高於 1%。顯然，對於本季度的剩餘時間，略低於此。

Our final question today comes from Peter Saleh with BTIG.

我們今天的最後一個問題來自 BTIG 的 Peter Saleh。

It sounds like the industry is seeing improvements on the labor side really across the board, and you guys are seeing it as well. Yet on your commentary on breakfast, you indicated the need to drive faster speed of service. I think that was one of the first comments. So just curious, are you seeing improvements in speed of service across all dayparts? Is breakfast the slowest? Just trying to understand there the improvement that you're seeing on the labor side is really helping to drive the speed of service or if there's something else you need to do there?

聽起來整個行業都在全面看到勞動力方面的改善，你們也看到了。然而，在您對早餐的評論中，您表示需要加快服務速度。我認為這是最早的評論之一。很好奇，您是否看到所有時段的服務速度都有所提高？早餐是最慢的嗎？只是想了解您在勞動力方面看到的改進確實有助於提高服務速度，或者您是否需要在那裡做其他事情？

Yes. From a speed of service perspective, our breakfast daypart is our fastest speed of service and continues to be. But we got to continue to do that reliably and make sure that we're prepared for the breakfast rush, just as we are for lunch and dinner to be rush-ready. So that's where that comment is. It's just one of the things that continue to deliver a consistent experience. I do think the other factors around how do we continue to bring some news into our breakfast business around food, what do we do to continue to expand our beverage offerings, those are things that will play even more into our growth into the future. And we've got those things planned in the pipeline right now.

是的。從服務速度的角度來看，我們的早餐時段是我們最快的服務速度，並將繼續如此。但我們必須繼續可靠地做到這一點，並確保我們為早餐高峰做好準備，就像我們為午餐和晚餐做好準備一樣。這就是該評論所在的位置。這只是持續提供一致體驗的其中一件事。我確實認為其他因素圍繞我們如何繼續為我們的食品早餐業務帶來一些新聞，我們如何繼續擴大我們的飲料供應，這些因素將對我們未來的增長發揮更大的作用。我們現在已經在計劃這些事情了。

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

謝謝，彼得。這是電話會議的最後一個問題。謝謝 Todd 和 GP，也謝謝大家今天早上的參與。我們期待在 8 月份的第二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。