Wendy's Co (WEN) 2023 Q2 法說會逐字稿

Good morning. Welcome to the Wendy's Company Earnings Results Conference Call. (Operator Instructions) Kelsey Freed, Director of Investor Relations, you may begin your conference.

早上好。歡迎參加溫迪公司盈利電話會議。 （操作員指示） 投資者關係總監 Kelsey Freed，您可以開始會議了。

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 PowerPoint 演示文稿，您可以在我們的投資者關係網站 irwendys.com 上獲取該演示文稿。

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 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.

在我們開始之前，請注意我們收益發布末尾出現的安全港聲明。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提出的預測存在重大差異。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末尾或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調節表。

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 review our 2023 second quarter results and provide an update on our outlook for the year. From there, we will open up the line for questions.

在今天的電話會議上，我們的總裁兼首席執行官 Todd Penegor 將介紹業務最新情況；我們的首席財務官 Gunther Plosch 將回顧我們 2023 年第二季度的業績，並提供我們今年展望的最新信息。從那裡，我們將開放提問熱線。

And with that, I will hand things over to Todd.

這樣，我就把事情交給托德了。

Thanks, Kelsey, and good morning, everyone. In the second quarter, we continued to deliver meaningful sales and profit growth alongside sustained progress against our strategic growth pillars. Our global same-restaurant sales grew 5.1% on a 1-year basis and 8.8% on a 2-year basis, in line with our strong expectations for the quarter. This was driven in part by our international business, which achieved another outstanding quarter with same-restaurant sales growth of 7.2% and 2-year growth of 22.4%. This marks a ninth consecutive quarter of double-digit international same-restaurant sales growth on a 2-year basis.

謝謝，凱爾西，大家早上好。第二季度，我們繼續實現有意義的銷售和利潤增長，同時在戰略增長支柱方面取得持續進展。我們的全球同店銷售額一年增長 5.1%，兩年增長 8.8%，符合我們對本季度的強烈預期。這在一定程度上是由我們的國際業務推動的，該季度的同店銷售額增長了 7.2%，兩年增長了 22.4%。這標誌著國際同店銷售額連續第九個季度實現兩年兩位數增長。

We continue to see strong results across all our regions, including our Key international growth markets which have all achieved double-digit same-restaurant sales growth year-to-date through the second quarter. The continued success of these markets is driving interest and development from both new and existing franchisees and bolsters our confidence in our international growth plans. Our U.S. business delivered same-restaurant sales growth of 4.9%, with strong 2-year results of 7.2%. These results allowed us to hold our strong dollar and traffic share within the QSR burger category and once again, widen our share gap to several competitors.

我們繼續在所有地區看到強勁的業績，包括我們的主要國際增長市場，這些市場今年迄今到第二季度的同餐廳銷售額均實現了兩位數增長。這些市場的持續成功激發了新老加盟商的興趣和發展，並增強了我們對國際增長計劃的信心。我們的美國業務同店銷售額增長了 4.9%，兩年業績強勁，達到 7.2%。這些結果使我們能夠在 QSR 漢堡類別中保持強勁的美元和流量份額，並再次擴大我們與幾個競爭對手的份額差距。

During the quarter, we benefited from our strategic pricing actions and positive mix resulting from the evolution of our value platforms, partially offset by an expected decline in year-over-year customer counts. We carried forward our digital momentum as global digital sales mix held strong at over 12% following the large acceleration we drove during the first quarter. We once again drove significant profit expansion resulting in an over 200 basis point year-over-year increase in U.S. company-operated restaurant margin to 17.3% as sales growth drove P&L leverage and commodity inflation eased.

在本季度，我們受益於我們的戰略定價行動和價值平台發展帶來的積極組合，但部分被預計同比客戶數量下降所抵消。我們繼續推進數字化勢頭，繼第一季度大幅加速之後，全球數字化銷售組合保持在 12% 以上的強勁勢頭。隨著銷售增長推動損益槓桿和大宗商品通脹放緩，我們再次推動利潤顯著擴張，美國公司經營的餐廳利潤率同比增長超過 200 個基點，達到 17.3%。

We also continue to make progress against our development goal, opening 41 new restaurants across the globe totaling 80 new restaurant openings year-to-date through the second quarter. We remain fully committed to driving the restaurant economic model and delivering global growth alongside our franchisees, crew members and employees. I am confident that each of our growth pillars has significant runway ahead of us. Our plans remain deeply rooted in the foundation of the restaurant economic model. This is highlighted by our significant profit expansion year-to-date, which our franchisees are also experiencing.

我們還繼續在實現我們的發展目標方面取得進展，在全球新開 41 家餐廳，截至今年第二季度，總計新開餐廳 80 家。我們仍然完全致力於推動餐廳經濟模式，並與我們的特許經營商、工作人員和員工一起實現全球增長。我相信，我們的每一個增長支柱都擁有廣闊的發展空間。我們的計劃仍然深深植根於餐廳經濟模式的基礎。今年迄今為止，我們的利潤大幅增長，我們的特許經營商也正在經歷這一點，這凸顯了這一點。

Our growth and success would not be possible without the partnership we have with our franchisees, and I am confident that our systems continued alignment will allow us to achieve our near- and long-term goals. Our focused approach to driving same-restaurant sales momentum powered our strong results in the second quarter and gives us confidence in extending our track record of sales growth.

如果沒有與加盟商的合作，我們的成長和成功就不可能實現，我相信我們的系統的持續調整將使我們能夠實現我們的近期和長期目標。我們專注於推動同店銷售勢頭的方法推動了我們第二季度的強勁業績，並使我們有信心擴大我們的銷售增長記錄。

First, we are committed to delivering a restaurant experience that delights our customers and brings them back more often. In the second quarter, we once again drove improvement in our customer satisfaction scores and speed of service versus the prior year and prior quarter. This momentum was supported by both speed of service initiatives in our restaurants and continued improvements in the staffing environment, providing a great customer experience supports every other sales driver, and we will continue driving speed, consistency and accuracy in our restaurants every day.

首先，我們致力於提供讓顧客滿意並讓他們經常光顧的餐廳體驗。在第二季度，與去年和上季度相比，我們再次推動了客戶滿意度評分和服務速度的提高。這一勢頭得到了我們餐廳的服務舉措速度和人員環境的持續改善的支持，提供了良好的客戶體驗支持所有其他銷售驅動力，我們將繼續每天提高我們餐廳的速度、一致性和準確性。

Second, we continue to promote products across a variety of price points and occasions. The launch of the Ghost Pepper Ranch Chicken Sandwich and the return of Strawberry Frosty alongside continued profitable value with our Biggie Bag lineup contributed to our second quarter growth. We will continue utilizing our ownable platforms like Made to Crave, Biggie and Frosty to break through with our customers in new ways across the rest of the year.

其次，我們繼續在各種價位和場合推廣產品。鬼椒牧場雞肉三明治的推出和草莓霜的回歸以及我們的 Biggie Bag 系列的持續盈利價值推動了我們第二季度的增長。我們將繼續利用我們擁有的平台，如 Made to Crave、Biggie 和 Frosty，在今年剩下的時間里以新的方式與我們的客戶取得突破。

Third, we know there's significant growth ahead of us at the breakfast daypart. In the U.S., we achieved our highest quarterly breakfast sales volumes of all time, supported by our $3 croissant promotion, resulting in mid-single-digit sales growth versus the prior year. We expect to continue building on this momentum with our recently launched Frosty Cream Cold Brew, additional menu innovation launching soon and more consistent promotional activity to drive trial and repeat. All in, we continue to expect the breakfast daypart will deliver outsized sales growth in 2023 and beyond.

第三，我們知道早餐時段的銷量將大幅增長。在美國，在 3 美元牛角麵包促銷的支持下，我們實現了有史以來最高的季度早餐銷量，與上一年相比，銷售額實現了中個位數增長。我們希望通過最近推出的 Frosty Cream Cold Brew、即將推出的其他菜單創新以及更一致的促銷活動來推動試用和重複，從而繼續鞏固這一勢頭。總而言之，我們繼續預計早餐時段將在 2023 年及以後帶來巨大的銷售增長。

Finally, our recent push into the late-night daypart paid off with double-digit sales growth versus both the prior quarter and prior year. Up to 90% of our U.S. restaurants are now open until midnight or later. And as expected, we're seeing higher average checks and a skew towards delivery, which further supports the restaurant economic model.

最後，我們最近在深夜時段的努力取得了回報，與上一季度和去年相比，銷售額實現了兩位數的增長。我們多達 90% 的美國餐廳現在營業至午夜或更晚。正如預期的那樣，我們看到平均支票數量增加，並且偏向送貨，這進一步支持了餐廳的經濟模式。

We continue to see room to grow our share of this daypart versus our QSR competitors and are excited to continue advertising late-night during the third quarter. We believe the daypart will expand even further as customers come to know that Wendy's is reliably open for the high-quality late-night experience they deserve. The success of the second quarter and our strong plans for the remainder of the year drive our continued confidence that these 4 initiatives will ladder up to mid-single-digit global same-restaurant sales growth in 2023.

與我們的 QSR 競爭對手相比，我們繼續認為這一時段的份額有增長的空間，並且很高興在第三季度繼續深夜做廣告。我們相信，隨著顧客逐漸了解 Wendy's 可靠地為他們提供應有的高品質深夜體驗，日間時段將進一步擴大。第二季度的成功以及我們今年剩餘時間的強有力計劃使我們持續相信這 4 項舉措將在 2023 年實現全球同店銷售額中個位數增長。

We held our strong digital momentum in the second quarter, achieving over 12% global digital sales mix, while digital sales dollars grew over 25% year-over-year. Starting this quarter, our digital sales definition includes in-restaurant mobile scans in order to more accurately reflect our full digital portfolio and align our reporting with others across the restaurant industry. Internationally, we continue to see strong adoption of digital channels, leading to a digital sales mix of over 17%.

我們在第二季度保持了強勁的數字化勢頭，實現了超過 12% 的全球數字化銷售組合，而數字化銷售額同比增長超過 25%。從本季度開始，我們的數字銷售定義包括餐廳內移動掃描，以便更準確地反映我們完整的數字產品組合，並使我們的報告與整個餐飲行業的其他報告保持一致。在國際上，我們繼續看到數字渠道的大力採用，導致數字銷售組合超過 17%。

In the U.S., we are pleased that the digital gains we drill with our March Madness programming proved sticky into the second quarter. Our U.S. digital sales mix held relatively steady versus the prior quarter at over 11%, while digital sales grew over 25% year-over-year. U.S. digital performance also benefited from our late-night advertising and expanded operational hours. Our U.S. loyalty monthly active users held strong at over 3.5 million, supported in part by continued strides in our one-to-one marketing program.

在美國，我們很高興通過“瘋狂三月”節目獲得的數字收益在第二季度得以持續。我們的美國數字銷售組合與上一季度相比保持相對穩定，超過 11%，而數字銷售同比增長超過 25%。美國的數字表現也受益於我們的深夜廣告和延長的營業時間。我們的美國忠誠月度活躍用戶保持在 350 萬以上，部分原因是我們一對一營銷計劃的持續進步。

We have now activated more personalized user experiences and expect our progress in this area will accelerate over time, ultimately driving frequency, check and operational efficiencies. Additionally, we are proud to remain on the forefront of testing new technologies alongside our key partners. We are committed to staying nimble and finding innovative solutions to maximize the restaurant economic model.

我們現在已經激活了更加個性化的用戶體驗，並預計我們在這一領域的進展將隨著時間的推移而加速，最終提高頻率、檢查和運營效率。此外，我們很自豪能夠與我們的主要合作夥伴一起保持在新技術測試的最前沿。我們致力於保持靈活性並尋找創新的解決方案來最大化餐廳經濟模式。

Our strong year-over-year sales growth rate expectations for delivery, mobile order and kiosks have not changed. But with our updated definition, we now expect our global digital sales will reach over $1.5 billion this year. We are pleased to have opened 41 new restaurants in the second quarter, including our first global next-gen restaurant, bringing our openings for the first half of 2023 to 80 restaurants. We continue to make headway in our key international growth markets this quarter, including net unit growth in Canada, the U.K., India and the Philippines. We also further solidified our long-term international restaurant pipeline with new restaurant development commitments in Canada.

我們對送貨、移動訂單和自助服務終端強勁的同比銷售增長率預期沒有改變。但根據我們更新的定義，我們現在預計今年的全球數字銷售額將超過 15 億美元。我們很高興在第二季度新開了 41 家餐廳，其中包括我們的第一家全球下一代餐廳，使我們 2023 年上半年新開的餐廳數量達到 80 家。本季度我們繼續在主要國際增長市場取得進展，包括加拿大、英國、印度和菲律賓的淨銷量增長。我們還通過在加拿大開發新餐廳的承諾，進一步鞏固了我們的長期國際餐廳渠道。

Our significant sales growth across these key markets and continued improvements in our U.K. restaurant margin support our expectations for outsized growth of our international footprint over the short and long term. Additionally, we are excited to share that we have entered into a new master franchise agreement with Flynn Restaurant Group to develop 200 Wendy's restaurants in the Australian market. Flynn Restaurant Group is the largest restaurant franchise operator in the world and operates nearly 200 Wendy's restaurants in the U.S.

我們在這些關鍵市場的顯著銷售增長以及英國餐廳利潤率的持續改善支持了我們對短期和長期國際業務大幅增長的預期。此外，我們很高興地宣布，我們已與 Flynn Restaurant Group 簽訂了一項新的主特許經營協議，將在澳大利亞市場開發 200 家 Wendy's 餐廳。 Flynn Restaurant Group 是全球最大的餐廳特許經營商，在美國經營近 200 家 Wendy's 餐廳。

We are thrilled to expand our relationship with them in this key market. Our development pipeline continues to be supported by our suite of development programs, which provide compelling incentives and support to new and existing franchisees. In the event that restaurants under agreements are not open on time, the company receives a monthly fee, which builds an additional layer of certainty into our development pipeline. We made progress during the quarter on converting franchisee interest in our suite of development incentives into new agreements with an uptick in commitments across the Pacesetter, Groundbreaker and Build-to-Suit programs, and now have approximately 60% of our development pipeline through 2025 committed under a development agreement.

我們很高興能夠在這個關鍵市場擴大與他們的關係。我們的開發渠道繼續得到我們的一系列開發計劃的支持，這些計劃為新的和現有的特許經營商提供引人注目的激勵和支持。如果協議規定的餐廳沒有按時開業，公司將按月收取費用，這為我們的開發渠道增添了一層確定性。本季度，我們在將特許經營商對我們的一系列開發激勵措施的興趣轉化為新協議方面取得了進展，對Pacesetter、Groundbreaker 和Build-to-Suit 計劃的承諾有所增加，目前我們已承諾到2025 年開發管道的約60%根據開發協議。

We expect additional commitments across our system throughout 2023 and beyond as we continue to market these programs, sales momentum continues and inflationary pressures subside. In addition, we continue to lean into the Build-to-Suit program to ensure that all the new franchisees entering the Wendy's system can be up and running with new restaurants as quickly as possible. We expect 2023 global net unit growth of approximately 2% as we continue to navigate substantial permitting delays in the U.S., which have intensified and are pressuring our new restaurant opening time lines.

隨著我們繼續推廣這些計劃、銷售勢頭持續以及通脹壓力消退，我們預計整個系統將在 2023 年及以後做出更多承諾。此外，我們繼續致力於“量身定制”計劃，以確保所有進入溫迪系統的新特許經營商都能盡快建立並運營新餐廳。我們預計 2023 年全球淨單位增長率約為 2%，因為我們將繼續應對美國許可的大幅延誤，這種情況已經加劇，並對我們的新餐廳開業時間造成壓力。

All U.S. restaurants facing permitting delays in 2023 have fully secured sites. So to the extent that restaurants cannot open in 2023 due to permitting, it will be a timing shift into 2024. Our 2023 outlook continues to include a significant step-up in traditional net unit growth as we have transitioned our development focus into higher AUV formats. This shift substantially increases the long-term financial benefit of our 2023 unit growth versus the units we delivered in the prior year.

所有在 2023 年面臨許可延誤的美國餐廳都已完全鎖定場地。因此，如果餐廳因許可而無法在 2023 年開業，那麼時間將轉移到 2024 年。我們的 2023 年展望繼續包括傳統淨單位增長的顯著提升，因為我們已將開發重點轉向更高的 AUV 格式。與上一年交付的單位相比，這一轉變大幅提高了 2023 年單位增長的長期財務效益。

It is also important to note that our new traditional units are opening with AUVs almost double that of our restaurant closures, which is driving sales growth and building an even stronger system. Looking further out, our progress towards solidifying our restaurant pipeline keeps us on track to achieve our long-term global net unit targets of 2% to 3% in 2024 and 3% to 4% in 2025. We know there is substantial runway for the Wendy's brand and continue delivering meaningful global growth, and we believe our momentum and strategies across our 3 growth pillars will drive shareholder returns for years to come.

同樣重要的是要注意，我們新開的傳統單位配備 AUV 的數量幾乎是我們關閉餐廳數量的兩倍，這推動了銷售增長並建立了更強大的系統。展望未來，我們在鞏固餐廳渠道方面取得的進展使我們有望實現2024 年2% 至3% 和2025 年3% 至4% 的長期全球淨單位目標。我們知道，餐廳還有很長的路要走。 Wendy's 品牌並繼續實現有意義的全球增長，我們相信我們三大增長支柱的勢頭和戰略將在未來幾年推動股東回報。

I will now hand it over to GP to share our second quarter financial performance.

我現在將交給GP來分享我們第二季度的財務業績。

Thanks, Todd. Our second quarter results continue to highlight the strength of our financial formula as progress against our strategic growth initiatives once again drove sales and profit growth. Our global systemwide sales grew 6.9%, achieving 12.5% growth on a 2-year basis, supported by strong global same-restaurant sales across both U.S. and international segments and net unit growth.

謝謝，托德。我們第二季度的業績繼續凸顯了我們財務公式的實力，因為我們的戰略增長計劃的進展再次推動了銷售和利潤的增長。在美國和國際市場強勁的全球同店銷售以及淨單位增長的支持下，我們的全球系統銷售額增長了 6.9%，在兩年基礎上實現了 12.5% 的增長。

Our U.S. company restaurant margin reached an impressive 17.3%, increasing 230 basis points year-over-year. This expansion was primarily due to the benefit of a higher average check driven by cumulative pricing of 6% partially offset by commodity and labor inflation of 2% and 4%, respectively, and customer count declines.

我們的美國公司餐廳利潤率達到令人印象深刻的 17.3%，同比增長 230 個基點。這種擴張主要是由於 6% 的累計定價推動平均支票上漲，部分被商品和勞動力通脹分別 2% 和 4% 以及客戶數量下降所抵消。

G&A increased slightly primarily due to a higher incentive compensation accrual. Adjusted EBITDA increased almost 9% to approximately $145 million resulting primarily from higher franchise royalty revenue and an increase in U.S. company-operated restaurant margin. The almost 17% increase in adjusted earnings per share was driven by an increase in adjusted EBITDA and the higher interest income. These increases were partially offset by a decrease in investment income.

一般行政費用略有增加，主要是由於應計激勵薪酬增加。調整後的 EBITDA 增長了近 9%，達到約 1.45 億美元，這主要是由於特許經營權收入的增加和美國公司經營的餐廳利潤的增加。調整後每股收益增長近 17%，是由調整後 EBITDA 增長和利息收入增加推動的。這些增長被投資收入的下降部分抵消。

Year-to-date free cash flow increased over 40% to approximately $134 million, resulting primarily from higher net income, adjusted for noncash expenses and a decrease in payments for incentive compensation. These increases were partially offset by an increase in cash paid for income taxes. Our strong results through the first half of the year and the plans we have in place for the second half support our confidence in our 2023 and long-term financial outlook, which we are reaffirming today.

年初至今的自由現金流增加了 40% 以上，達到約 1.34 億美元，這主要是由於經非現金支出調整後的淨利潤增加以及激勵薪酬支付的減少。這些增長被所得稅支付的現金增加部分抵消。我們上半年的強勁業績和下半年制定的計劃支持了我們對 2023 年和長期財務前景的信心，我們今天重申了這一點。

We continue to expect global systemwide sales growth of 6% to 8% this year driven by mid-single-digit global same-restaurant sales and global net unit growth of approximately 2%. Our 2023 adjusted EBITDA outlook of $530 million to $540 million remains unchanged. And 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. Our restaurant margin expectation continues to include the benefit of approximately 7% pricing, which includes 1 new pricing action that was taken towards the end of May as planned.

我們繼續預計今年全球全系統銷售額將增長 6% 至 8%，這主要得益於全球同店銷售額中個位數和全球淨單位增長率約 2%。我們對 2023 年調整後 EBITDA 的預期為 5.3 億美元至 5.4 億美元，保持不變。我們繼續預計營收將強勁，美國公司經營的餐廳利潤率將達到約 15% 至 16%，商品和勞動力通脹將達到中個位數。我們的餐廳利潤率預期繼續包括約 7% 定價的好處，其中包括按計劃在 5 月底採取的 1 項新定價行動。

We are also reaffirming our 2023 outlook for adjusted EPS of $0.95 to $1 as the benefit of a lower expected tax rate and higher interest income are offset by a decrease in investment income and higher amortization of cloud computing arrangement costs. Our capital expenditure outlook for the year remains unchanged at $75 million to $85 million.

我們還重申 2023 年調整後每股收益預期為 0.95 美元至 1 美元，因為較低的預期稅率和較高的利息收入的好處被投資收入的減少和雲計算安排成本的較高攤銷所抵消。我們今年的資本支出前景保持在 7500 萬至 8500 萬美元不變。

Lastly, we continue to expect 2023 free cash flow of $265 million to $275 million. As expected, lower cash taxes and higher interest income are offset by higher expected cloud computing arrangement costs, which increased to $30 million from our initial expectation of $25 million.

最後，我們繼續預計 2023 年自由現金流為 2.65 億至 2.75 億美元。正如預期的那樣，較低的現金稅和較高的利息收入被較高的預期雲計算安排成本所抵消，該成本從我們最初預期的 2500 萬美元增加到 3000 萬美元。

Turning to our long-term outlook. We continue to expect 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. We have a strong history of delivering meaningful sales and adjusted EBITDA growth. In the last 3 years alone, we have grown these metrics by over 20% during a period of unprecedented economic uncertainty.

轉向我們的長期前景。我們繼續預計2024 年和2025 年全系統銷售額將實現中個位數增長，年度自由現金流將實現高個位數至低兩位數增長。我們在實現有意義的銷售和調整後EBITDA 增長方面有著悠久的歷史。僅在過去 3 年中，在前所未有的經濟不確定性時期，我們的這些指標就增長了 20% 以上。

By the end of 2022, our strong performance drove an increase of $2.4 billion in system-wide sales and $85 million in adjusted EBITDA versus 2019. These results were delivered while investing behind our breakfast, digital and development initiatives to set us up for continued growth, showcasing the resiliency and predictability of our financial model. Our plans are building on this momentum with our 2023 outlook showcasing approximately 30% sales and adjusted EBITDA growth versus 2019.

到2022 年底，我們強勁的業績推動全系統銷售額與2019 年相比增加了24 億美元，調整後EBITDA 增加了8500 萬美元。這些成果是在投資支持我們的早餐、數字和開發計劃的同時實現的，為我們的持續增長奠定了基礎，展示了我們財務模型的彈性和可預測性。我們的計劃正是在此勢頭的基礎上發展，我們預計 2023 年銷售額和調整後 EBITDA 較 2019 年增長約 30%。

I also wanted to take the opportunity to highlight how our asset-light financial model has continued to predictably and consistently generate a substantial amount of cash. We have continued to convert over 100% of our net income into free cash flow, significantly outperforming our key competitors in the QSR category. As we look ahead to 2023 and beyond, we expect our free cash flow conversion will remain well above 100%. Our cash balance of over $650 million at the end of the second quarter and strong and flexible balance sheet leave us well positioned to withstand any macroeconomic headwinds as we continue to drive significant return of cash to shareholders.

我還想藉此機會強調我們的輕資產財務模式如何繼續以可預測的方式持續產生大量現金。我們繼續將超過 100% 的淨利潤轉化為自由現金流，顯著優於 QSR 類別的主要競爭對手。展望 2023 年及以後，我們預計自由現金流轉換率將保持在 100% 以上。第二季度末我們的現金餘額超過 6.5 億美元，加上強大而靈活的資產負債表，使我們能夠在繼續向股東帶來大量現金回報的同時，抵禦任何宏觀經濟阻力。

To close, I'd like to highlight our capital allocation policy, which remains unchanged. Our first priority is investing in our business for growth, which we will continue to do while holding true to our asset-light model. Secondly, today, we announced the declaration of our third 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.

最後，我想強調一下我們的資本配置政策，該政策保持不變。我們的首要任務是投資業務以實現增長，我們將繼續這樣做，同時堅持我們的輕資產模式。其次，今天，我們宣布第三季度股息為每股 0.25 美元，這符合我們維持有吸引力股息的承諾。我們仍然預計 2023 年全年股息為每股 1 美元，這意味著股息支付率超過 100%。

Lastly, we will utilize excess cash to repurchase shares and reduce debt. As of August 2, we have repurchased approximately 4.7 million shares and have approximately $397 million remaining on our $500 million share repurchase authorization expiring in February of 2027.

最後，我們將利用多餘的現金回購股票並減少債務。截至 8 月 2 日，我們已回購約 470 萬股股票，我們的 5 億美元股票回購授權將於 2027 年 2 月到期，剩餘資金約為 3.97 億美元。

We expect to continue to lean in on share repurchases this year in light of our current share price and cash balance. Additionally, we repurchased approximately $32 million of our debentures through August 2, leaving approximately $43 million remaining on our debt repurchase authorization expiring in February of 2024. We are fully committed to continue delivering our simple, yet powerful formula.

鑑於我們目前的股價和現金餘額，我們預計今年將繼續傾向於股票回購。此外，截至8 月2 日，我們回購了約3200 萬美元的債券，剩餘約4300 萬美元的債務回購授權將於2024 年2 月到期。我們完全致力於繼續提供我們簡單而強大的公式。

We are a predictable, 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.

我們是一家可預測、高效的增長型公司，在同餐廳銷售積極和擴大我們的全球足蹟的背景下，我們正在投資於我們的增長支柱並推動整個系統的銷售強勁增長。這轉化為大量的自由現金流，支持通過有吸引力的股息和股票回購為股東帶來有意義的現金回報。

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

接下來，我將把事情交給凱爾西來分享我們即將推出的 IR 日曆。

Thanks, GP. To start things off, we have an investor call with Truist on August 15. We'll then head to Canada for an NDR with Stifel in Toronto and Montreal on August 22 and 23, respectively. On September 11, we have an investor call with Wedbush. Finally, we have an NDR in Chicago with Bernstein on September 27. 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，我們將於 8 月 15 日與 Truist 舉行投資者電話會議。然後，我們將分別於 8 月 22 日和 8 月 23 日前往加拿大，與 Stifel 在多倫多和蒙特利爾舉行 NDR。 9 月 11 日，我們與 Wedbush 舉行了投資者電話會議。最後，我們將於 9 月 27 日在芝加哥與 Bernstein 舉行 NDR。如果您有興趣參加我們的任何活動，請聯繫主辦公司相應的賣方分析師或股票銷售聯繫人。

Lastly, we plan to report our third quarter earnings and host a conference call that same day on November 2. As we transition into our Q&A section, I wanted to remind everyone that due to the high number of covering analysts, we will be limiting everyone to 1 question only.

最後，我們計劃報告第三季度收益，並於 11 月 2 日當天召開電話會議。當我們過渡到問答部分時，我想提醒大家，由於覆蓋分析師的人數較多，我們將限制所有人僅針對1 個問題。

With that, we are ready to take your questions.

這樣，我們就準備好回答您的問題了。

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

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

As it relates to late-night, I'm just hoping maybe you can expand on the early learnings here considering you just launched it this summer. Can you -- or the focus this summer? Can you speak about the degree of incrementality that you're getting from the sales you're experiencing as you pour more focus into late-night? And is the momentum you're starting to see at late-night, something that you anticipate to continue to build over the next several quarters?

由於它與深夜有關，考慮到您今年夏天剛剛推出它，我只是希望您可以擴展這裡的早期學習內容。你能——或者今年夏天的焦點嗎？您能談談當您將更多精力投入到深夜時，您從銷售中獲得的增量程度嗎？您在深夜開始看到的勢頭是否預計將在未來幾個季度繼續增強？

Brian. No, we're very pleased with the opportunity that we see at late-night. First and foremost, we want to make sure that we've got our restaurants open to midnight or later. We now have 90% of our system open midnight or later and actually goes up a little bit even higher as we get into the weekend. What we really want to do is make sure that there's awareness that we are open and we're consistently open.

布萊恩.不，我們對深夜看到的機會感到非常高興。首先也是最重要的，我們要確保我們的餐廳營業到午夜或更晚。我們現在 90% 的系統在午夜或更晚時間開放，而且隨著周末的到來，這一數字甚至會更高。我們真正想做的是確保人們意識到我們是開放的，並且我們始終保持開放。

So we can build into customers' routines that we are there for them on the late-night daypart. It is highly incremental. It's a business that we don't have today. It's a strong category that's been growing consistently for the last couple of years. And we're well positioned to compete with made-to-order, great food that can deliver on the promise each and every night. So we're excited. The piece that we really like about it is we can continue to drive sales without adding any labor. So it is really margin accretive to us through the bottom line.

因此，我們可以將我們在深夜為他們提供服務的習慣融入到客戶的日常生活中。它是高度增量的。這是我們今天所沒有的業務。這是一個強大的類別，在過去幾年中一直在持續增長。我們處於有利地位，可以與每天晚上都能兌現承諾的定制優質食品競爭。所以我們很興奮。我們真正喜歡的一點是我們可以在不增加任何勞動力的情況下繼續推動銷售。因此，這確實通過利潤增加了我們的利潤。

Our next question comes from Joshua Long of Stephens Inc.

我們的下一個問題來自 Stephens Inc. 的 Joshua Long。

Can we talk about the personalized user experiences that you mentioned on the digital. It seems like you're making some early strides there. Curious what kind of learnings you've had to date and where you think this could go next?

我們可以談談您在數字領域提到的個性化用戶體驗嗎？看來你已經在這方面取得了一些早期進展。想知道迄今為止您已經學到了哪些知識以及您認為下一步會走向何方？

Yes, we've been working for a while, as you know, to really make sure we had a database to really better connect to our customers. And it started with general customer journeys, it's now quickly becoming more personalized journeys. We feel like we are in a position now after a lot of work to really double down going forward to lean in to better connect to make sure that we've got offers customized to those consumers that are morning, afternoon and late-night customers, and we'll continue to learn and evolve into it to get it even more personalized, so it becomes one-to-one offers over time. But we're in a position to really leverage that moving forward. We started to see some of that progress in the first half of this year and a lot more to come.

是的，正如您所知，我們已經工作了一段時間，以真正確保我們擁有一個能夠更好地與客戶建立聯繫的數據庫。它從一般客戶旅程開始，現在迅速變得更加個性化的旅程。我們覺得，經過大量工作之後，我們現在可以加倍努力，更好地建立聯繫，以確保我們為早上、下午和深夜的消費者提供定制的優惠，我們將繼續學習和發展它，使其更加個性化，隨著時間的推移，它會變成一對一的報價。但我們能夠真正利用這一點向前發展。我們在今年上半年開始看到一些進展，並且未來還會有更多進展。

Our next question comes from Brian Harbour of Morgan Stanley.

我們的下一個問題來自摩根士丹利的布萊恩·哈伯。

Can I just ask about your kind of same-store sales outlook and also just some of the pieces in 2Q. Is it your expectation that you'd continue to see positive mix? Or is there anything that we should keep in mind with your expectations for mix? And then also just traffic, how do you kind of see that evolving as you go through the rest of the year?

我可以問一下你們的同店銷售前景以及第二季度的一些產品嗎？您是否期望繼續看到積極的組合？或者對於您對混音的期望，我們應該記住什麼？然後還有流量，您如何看待今年剩餘時間裡流量的變化？

Brian. Yes, we definitely are confident with our top line outlook we have for the year. We definitely started the third quarter well in July. We have definitely seen an acceleration on a 2-year basis versus the second quarter from an SRS point of view. We have great programming in place for the second half -- for the year to go. So we think the mid-single-digit guidance that we have is working for us from a marketing programming point of view. As we said in our prepared remarks, we do expect further growth on the breakfast side, further growth on the digital side and all of that is going to fuel our top line and bottom line.

布萊恩.是的，我們對今年的營收前景絕對充滿信心。我們在七月份的第三季度確實開局良好。從 SRS 的角度來看，我們確實看到了與第二季度相比兩年的加速增長。我們為下半年——接下來的一年——制定了精彩的計劃。因此，我們認為從營銷規劃的角度來看，我們所擁有的中個位數指導對我們來說是有效的。正如我們在準備好的發言中所說，我們確實預計早餐方面的進一步增長，數字方面的進一步增長，所有這些都將推動我們的營收和利潤。

Our next question comes from Andrew Charles of TD Cowen.

我們的下一個問題來自 TD Cowen 的 Andrew Charles。

Great. Can you expand on what you're observing with franchisee cash flow in the first half of 2023 when you compare it to the first half 2022, it's encouraging to see an easing of inflation, but curious to trade down within the menu, the value offering, like the Biggie Bag is offsetting some of the benefit as we're hearing about that elsewhere in quick service?

偉大的。當您將 2023 年上半年與 2022 年上半年進行比較時，您能否詳細介紹一下您對 2023 年上半年特許經營商現金流的觀察結果？ ，就像Biggie Bag 抵消了我們在其他快速服務中聽到的一些好處一樣？

Yes, a little bit on franchise help. So just to be clear, we are not kind of collecting franchise financials for 2023. But we always look at the company performance as a proxy. So as you have seen, our second quarter results were very strong. Our EBITDA -- our overall EBITDA was about 19% up versus prior year. I would fully expect that franchisees will have seen similar performance. So I think some of the tightness that franchisees have experienced as we worked ourselves through 2022 is definitely disappearing very, very quickly.

是的，有一點關於特許經營的幫助。因此需要明確的是，我們並不是在收集 2023 年特許經營財務數據。但我們始終將公司業績作為衡量指標。正如您所看到的，我們第二季度的業績非常強勁。我們的 EBITDA——我們的整體 EBITDA 比去年增長了約 19%。我完全希望加盟商也會看到類似的表現。因此，我認為 2022 年加盟商在我們自己的努力中所經歷的一些緊張肯定會非常非常快地消失。

As far as mix is concerned, we are doing really well there, right? If you look at our U.S. system sales growth of about 5%. We had about 5% price in the system, 1% positive mix, and it's driven by the focus on big sandwiches and kind of moving our value offerings up to higher price points and that was then as expected, slightly offset by about 1% traffic decline in the quarter.

就混合而言，我們做得非常好，對吧？如果你看看我們美國系統的銷售額增長了大約 5%。我們的系統中有大約5% 的價格，1% 的積極組合，這是由對大三明治的關注以及將我們的價值產品提升到更高的價格點推動的，這與預期的一樣，被大約1 % 的流量略微抵消本季度下降。

And the biggest opportunity that we continue to see on margin, as I just said at late-night, we can add a lot of sales without adding any incremental labor. And breakfast is still a big opportunity for us as we continue to grow our breakfast daypart. We know we can add a lot more sales with the existing labor in the restaurant. So both of those really led to nice cash flow generation at the restaurant in addition to everything that GP just said.

正如我剛剛在深夜所說，我們繼續在利潤方面看到的最大機會是，我們可以在不增加任何增量勞動力的情況下增加大量銷售額。隨著我們繼續增加早餐時段，早餐對我們來說仍然是一個很大的機會。我們知道，利用餐廳現有的勞動力，我們可以增加更多的銷售額。因此，除了全科醫生剛才所說的一切之外，這兩點確實為餐廳帶來了良好的現金流。

Our next question comes from Dennis Geiger of UBS.

我們的下一個問題來自瑞銀集團的丹尼斯·蓋革。

Wondering if you could speak a little bit more to the traffic and dollar share comments you made with respect to the QSR burger category. I'm not sure if you can speak to how that's trended at all, even if at a high level through the quarter or perhaps it was relatively consistent. And then just any comments with respect to share as it relates to the breakfast and the late-night, you talked about the outsized growth from those 2 dayparts. But any comments there on sort of share within the category as you look to capture your fair share?

想知道您是否可以多談談您對 QSR 漢堡類別的流量和美元份額評論。我不確定你是否能說出這一趨勢，即使整個季度處於高水平，或者可能相對一致。然後，關於分享的任何評論，因為它與早餐和深夜有關，你談到了這兩天的巨大增長。但是，當您希望獲得公平份額時，對該類別中的份額有什麼評論嗎？

Yes, you look at overall share, both traffic and dollar. Again, within the quarter, we held our share within the QSR burger category on both fronts. If you look at the growth that we're seeing on income cohorts, greater than $75,000. We're seeing some nice growth held our share there. We're seeing some softness in the under $75,000 cohort with a little less traffic, but we held our share on that point. Clearly gained share at late-night, that was incremental and we continue to lean into that. And we're holding our share on the breakfast daypart. So we're feeling good that we're competing well with the plans that we have in place.

是的，你會看到整體份額，包括流量和美元。同樣，在本季度內，我們在 QSR 漢堡類別中在兩個方面都保持了份額。如果你看看我們在收入群體中看到的增長，就會發現超過 75,000 美元。我們看到我們在那裡的份額出現了一些良好的增長。我們看到 75,000 美元以下的群體有些疲軟，流量略有減少，但我們在這一點上保持了份額。顯然，深夜的份額有所增加，這是增量的，我們將繼續致力於這一點。我們在早餐時段保留我們的份額。因此，我們感覺很好，因為我們正在與現有計劃進行良好的競爭。

Just a little more granularity because I know there's a lot of channel checks on Q2. If you think about May, we had really strong 2 years. And that was with the return of the Strawberry Frosty. And we had a little mismatch of timing. So last year, we actually launched Strawberry Frosty and all its success in June. So we had to lap over all of that. But between May and June, we were very consistent on our 2-year growth rates within the quarter. And then as GP just said, we saw a nice acceleration in our 2-year growth rates to start the third quarter.

只是粒度更細一些，因為我知道第二季度有很多渠道檢查。如果你想想五月，我們度過了非常強勁的兩年。那是隨著草莓霜的回歸。而且我們的時間有點不匹配。所以去年，我們實際上在六月份推出了草莓霜並取得了巨大的成功。所以我們必須克服所有這些。但在 5 月至 6 月期間，我們對該季度內的兩年增長率非常一致。正如 GP 剛才所說，從第三季度開始，我們的兩年增長率出現了良好的加速。

Our next question comes from Alex Slagle of Jefferies.

我們的下一個問題來自 Jefferies 的 Alex Slagle。

I wondered if you could discuss the international business a bit more look like the segment profit was down a little bit year-over-year. Just can you talk about franchise support actions and some of the inflationary pressures you're seeing in the U.K. and how this impacts your stance on the game plan in this market?

我想知道您是否可以多討論一下國際業務，看起來該部門的利潤同比略有下降。您能否談談特許經營支持行動和您在英國看到的一些通脹壓力，以及這如何影響您對該市場的遊戲計劃的立場？

Yes. So overall, really happy with the international business. As we said in the prepared remarks, more than 22% growth on a 2-year basis. That's really now the ninth consecutive quarter of double-digit growth in that market. So we are proud on that. The second point, I would say, the growth is definitely broad-based. So all our key markets have grown on a double-digit basis year-to-date.

是的。總的來說，我對國際業務非常滿意。正如我們在準備好的發言中所說，兩年增長超過 22%。這確實是該市場連續第九個季度實現兩位數增長。所以我們對此感到自豪。我想說的第二點，增長肯定是廣泛的。因此，今年迄今為止，我們所有的主要市場都實現了兩位數的增長。

Canada, which is obviously our biggest market from a sales point of view, is north of 50% of our international sales. We have actually grown dollar and traffic share in the Canadian market. We definitely expect that international segment profit on the year going to be up. So if you've seen the segment reporting profit slightly down, it's timing of investments we are making first half versus second half.

從銷售額的角度來看，加拿大顯然是我們最大的市場，占我們國際銷售額的 50% 以上。實際上，我們在加拿大市場的美元和流量份額都在增長。我們肯定預計今年國際業務的利潤將會上升。因此，如果您看到該部門報告的利潤略有下降，那麼這就是我們上半年與下半年進行投資的時機。

A specific comment on the U.K., really happy with the progress we are making there. We are now trending towards an AUV of about USD 1.9 million in the second quarter. We have improved our profitability by about 500 basis points. Unfortunately, we had catch-up accounting to do of expenses from prior year that depressed our profitability in consolidation a little bit. We do absolutely expect that we are sequentially improving. There's a good amount of interest of franchisees to further build out restaurants, and we expect to have 4 new restaurants in the U.K. by the end of this year.

針對英國的具體評論，對我們在那裡取得的進展感到非常滿意。我們目前預計第二季度的 AUV 約為 190 萬美元。我們的盈利能力提高了約 500 個基點。不幸的是，我們對上一年的費用進行了追趕會計處理，這稍微降低了我們在整合方面的盈利能力。我們絕對希望我們能夠逐步改進。特許經營商對進一步開設餐廳非常感興趣，我們預計到今年年底將在英國開設 4 家新餐廳。

Our next question comes from Jeffrey Bernstein of Barclays.

我們的下一個問題來自巴克萊銀行的杰弗裡·伯恩斯坦。

Great. Just a question on unit growth. I think you said your guidance for net unit growth for this year is now 2% easing a little bit due to permitting delays, but it looks like still we expect 2% to 3% or even more, I guess, with some rollover in '24 and then 3% to 4% in '25. Just wondering if you can talk about any puts or takes, whether there's any concern on the U.S. or the international front on that steady acceleration or that conversations with franchisees talking about a slowing macro and rising rates. Just trying to tease out the permitting issues in the short term versus any risk to the -- or the visibility to the accelerating growth over the next few years?

偉大的。只是關於單位增長的問題。我想你說過，由於允許延遲，你對今年淨單位增長的指導現在是 2%，但看起來我們仍然預計 2% 到 3% 甚至更多，我猜，在‘ 24 年，然後是25 年3% 到4%。只是想知道您是否可以談論任何看跌期權或看跌期權，美國或國際方面是否對這種穩步加速或與特許經營商談論宏觀放緩和利率上升的對話有任何擔憂。只是想弄清楚短期內的許可問題與任何風險 - 或者未來幾年加速增長的可見性？

Well, Jeff, in the short term, clearly, a little bit of pressure on some of the permitting that may create a little bit of slippage into next year, but that really solidifies next year's pipeline. You look at where we stand today, both in the U.S. and the international front, we do have good visibility with strong pipelines, not only into 2024, but into 2025. As we said in the prepared remarks, we now got 60% of our restaurants under a development agreement. And what you're really seeing is the steady improvement in the financials. In the U.S., we continue to create more headroom on their balance sheet.

好吧，傑夫，從短期來看，顯然，對一些許可施加一點壓力可能會導致明年的進度有所下滑，但這確實鞏固了明年的管道。你看看我們今天在美國和國際方面的處境，我們確實擁有良好的知名度和強大的管道，不僅到2024 年，而且到2025 年。正如我們在準備好的發言中所說，我們現在獲得了60 % 的資金開發協議下的餐廳。你真正看到的是財務狀況的穩步改善。在美國，我們繼續為其資產負債表創造更多空間。

We've had a lot of momentum on margin improvement. Some of that created a -- when we had the pressure back in 2022, folks slowed a little bit. But now we're back into an acceleration mode. But as you know, as you start to accelerate in development, you've got to restart that pipeline. And we've got some longer lead times, but that's all been contemplated in the outlook, and we feel really good on the U.S. front.

我們在利潤率改善方面有很大的動力。其中一些造成了——當我們在 2022 年面臨壓力時，人們放慢了腳步。但現在我們又回到了加速模式。但如您所知，當您開始加速開發時，您必須重新啟動該管道。我們的交貨時間更長，但這一切都在前景中考慮到了，我們在美國方面感覺非常好。

And then on international, as GP just said, I mean we've had some tremendous growth that we've seen. Our U.K. business has been growing really nice in same-restaurant sales comps. Canada continues to be really successful with growth on top of growth on top of growth. India, Philippines, we've seen a lot of success on our same-restaurant sales. Mexico, strong sales and profit. It gives us some really confidence to continue to build out that market. And with the success in the U.K., we're confident we can get dial into other markets over time.

然後在國際方面，正如 GP 剛才所說，我的意思是我們已經看到了一些巨大的增長。我們的英國業務在同餐廳銷售比較中增長得非常好。加拿大繼續取得真正的成功，不斷增長。印度、菲律賓，我們的同店銷售取得了很大的成功。墨西哥，銷售和利潤強勁。它給了我們繼續開拓該市場的真正信心。隨著在英國的成功，我們有信心隨著時間的推移能夠進入其他市場。

And then a little bit longer term, you heard our announcement today on entering the Australian market with a great franchise partner Flynn. So we're feeling good that all of those things are lining us up. The economics make sense. We've got a strong suite of tools, leaning into Build-to-Suit. We've got a Pacesetter, we've got Groundbreaker. We're going to continue to utilize all of those while at the same time, continue to enhance and improve our restaurant economic model. So the returns are there for our franchise community.

從長遠來看，您今天聽到了我們與出色的特許經營合作夥伴弗林一起進入澳大利亞市場的公告。所以我們感覺很好，所有這些事情都在幫助我們。經濟學是有道理的。我們擁有一套強大的工具，傾向於量身定制。我們有標兵，我們有開拓者。我們將繼續利用所有這些，同時繼續增強和改進我們的餐廳經濟模式。所以我們的特許經營社區會得到回報。

Our next question comes from Peter Saleh of BTIG. Peter your line is open.

我們的下一個問題來自 BTIG 的 Peter Saleh。彼得，你的線路已開通。

Our next question comes from Danilo Gargiulo of Bernstein.

我們的下一個問題來自伯恩斯坦的達尼洛·加吉烏洛。

Just a quick macro question. So where do you feel the consumer is healthier or weaker than the market is expecting today, especially as the overall restaurant inflation is starting to outpace the grocery inflation? And can you also comment on your expectations of the impact of resuming student loan repayments and how that could be impacting your same-store sales?

只是一個快速的宏觀問題。那麼，您認為消費者在哪些方面比市場預期的更健康或更弱，尤其是在餐廳整體通脹開始超過食品雜貨通脹的情況下？您能否評論一下您對恢復學生貸款償還的影響的預期以及這將如何影響您的同店銷售？

The consumers continue to face a lot of pressures as a result of the several macroeconomic factors, but we believe we're really well positioned to compete in this environment. QSR continues to be the place to be. We saw some trade down from mid-scale casual last year into our brand. Those customers have stuck with us. You're seeing higher income cohorts start to shift into QSR, which is good for our brand.

由於多種宏觀經濟因素的影響，消費者繼續面臨很大的壓力，但我們相信我們確實有能力在這種環境下競爭。 QSR 仍然是一個值得去的地方。去年，我們看到一些中檔休閒產品轉向我們的品牌。這些客戶一直選擇我們。您會看到收入較高的群體開始轉向快餐，這對我們的品牌有利。

And we do know the lower income cohort as inflation starts to moderate in the back half with all the gross income improvements they had real income will start to improve, which could be a nice tailwind for our business. That said, as student loan repayments start to come in and any other things that start to provide a little bit of pressure against personal disposable income, there could be a little bit of impact there. But we've got some great offerings across our menu. When you think about where we play on the Biggie Bag offering, we have a lot of relative value to add. So I think we're really well positioned no matter where the consumer health plays for the outlook of the year. Anything else GP to add?

我們確實知道，隨著通貨膨脹在下半年開始放緩，隨著所有總收入的改善，低收入群體的實際收入將開始改善，這可能對我們的業務來說是一個很好的推動力。也就是說，隨著學生貸款償還開始到來，以及任何其他事情開始對個人可支配收入帶來一點壓力，那裡可能會產生一點影響。但我們的菜單上有一些很棒的菜品。當你想到我們在 Biggie Bag 產品上發揮的作用時，我們有很多相對價值可以增加。因此，我認為，無論消費者健康對今年的前景有何影響，我們都處於有利位置。 GP還有什麼要補充的嗎？

The only thing I'm seeing is I definitely see that net disposable income is starting to improve a little bit with consumers. And as you know, there's a strong correlation of that with the restaurant business. So if that continues to hold, I think that -- but that's positive. I would also be saying in the numbers I look at, I'm in the camp of that we'll have a best and mild recession, maybe no recession at all. And if I'm right on that one, it should be good for the category.

我唯一看到的是，我確實看到消費者的可支配淨收入開始略有改善。如您所知，這與餐飲業有很強的相關性。因此，如果這種情況持續下去，我認為——但這是積極的。我還想說，從我看到的數字來看，我認為我們將經歷一次最好的、溫和的衰退，也許根本不會衰退。如果我的觀點是正確的，那麼它應該對該類別有利。

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

我們的下一個問題來自 Stifel 的 Chris O'Cull。

This is Patrick on for Chris. I have a question and a follow-up on the composition of the customer base in the breakfast daypart. I know early on, you provided sort of what your penetration was with core customers. I'm curious if you've seen that deepened as you've grown the daypart or if you're reaching an incremental customer base? And if that's the case, what opportunities does that give you to sort of trade them into occasions in your other offerings?

這是帕特里克代替克里斯。我有一個關於早餐時段客戶群構成的問題和後續行動。我很早就知道，您提供了對核心客戶的滲透率。我很好奇，隨著時段的增加，這種情況是否會加深，或者您是否正在擴大客戶群？如果是這樣的話，你有什麼機會可以將它們換成其他產品中的機會？

Yes, still a big opportunity moving forward for us, Patrick. We still got a majority of our customers that have tried us at lunch or dinner that have not yet tried us for breakfast. So that's an opportunity at the restaurant level as we continue to focus on breakfast to let them know why don't you try us for breakfast tomorrow. And we'll continue to focus on that.

是的，帕特里克，這對我們來說仍然是一個前進的巨大機會。我們仍然有大多數在午餐或晚餐時嘗試過我們的顧客，但尚未嘗試過我們的早餐。因此，這是餐廳層面的一個機會，因為我們繼續專注於早餐，讓他們知道為什麼你明天不嘗試我們的早餐。我們將繼續關注這一點。

The way our calendar lines up in the breakfast daypart year to go, I'm really excited. We've got Frosty Cream Cold Brew that's just been put into play. We've got some innovation that's going to be announced and launching soon. We've got more consistent promotional activity to drive trial and repeat, and we're really going to focus our operations teams on ensuring that we are breakfast ready with lights on and where we want the dining rooms open and breakfast both legs out and have a message around returning for breakfast in the future. So we think that can continue to drive our business going forward, building on the momentum that we saw in the second quarter.

我們的日曆在一年中早餐時段的排列方式，我真的很興奮。我們剛剛投入使用的霜凍奶油冷萃咖啡。我們有一些創新即將宣布並推出。我們有更一致的促銷活動來推動試驗和重複，我們真的將讓我們的運營團隊集中精力，確保我們準備好早餐，燈亮著，我們希望餐廳開放，早餐雙腿伸開，有關於將來回來吃早餐的消息。因此，我們認為這可以繼續推動我們的業務向前發展，以我們在第二季度看到的勢頭為基礎。

Our next question comes from Jeff Farmer of Gordon Haskett.

我們的下一個問題來自戈登哈斯克特的傑夫法默。

You guys have twice mentioned 2-year same-store sales accelerating to begin the third quarter. I don't know that you guys mentioned this, but just trying to figure out the relationship between that acceleration in same-store sales to begin the third quarter versus the buy 1 get 1, for $1 promotion that you guys have been running for the better part of the last month. So can you just share with us the decision to run that promotion and how it's been resonating for you?

你們已經兩次提到從第三季度開始兩年同店銷售額加速增長。我不知道你們提到過這一點，但我只是想弄清楚第三季度開始的同店銷售加速與你們一直在進行的買 1 送 1 促銷活動之間的關係上個月的大部分時間。那麼您能否與我們分享一下舉辦此次促銷活動的決定以及它對您有何影響？

Yes. We knew we had some big comps to lap over in kind of the June, July time frame with all the success of the Summer Strawberry last year. And we brought Strawberry back, it was a nice add to the portfolio and the momentum through those periods as you look at things on a 2-year stack basis. We also know that we wanted to make sure that we had a steady dose of value out there and the buy 1, get 1 for $1 was that opportunity. It's performed as we have expected. So that's been a good thing.

是的。我們知道，隨著去年夏季草莓的成功，我們在六月、七月的時間框架內有一些大型比賽需要進行。我們把草莓帶了回來，這是對投資組合的一個很好的補充，當你以兩年的堆棧為基礎來看待事物時，這對這些時期的勢頭來說是一個很好的補充。我們還知道，我們想要確保我們擁有穩定的價值，而 1 美元買 1 送 1 就是這個機會。它的執行符合我們的預期。所以這是一件好事。

And then as we think about where we move forward, we've got the late-night messaging continuing. And we got more news to come on the rest of day menu. We've got some new innovation coming on Made to Crave. Continue to lean in, as we talked about on the prepared remarks on Biggie, and we'll continue to bring news on Frosty throughout the year, and that's core because that actually has a halo to the entire brand to really drive awareness and affinity to the Wendy's brand.

然後，當我們思考前進的方向時，深夜消息仍在繼續。我們在當天剩餘時間的菜單上收到了更多消息。我們在 Made to Crave 上推出了一些新的創新。繼續向前推進，正如我們談到的關於Biggie 的準備好的評論一樣，我們將繼續全年帶來有關Frosty 的新聞，這是核心，因為這實際上對整個品牌有光環，可以真正提高人們的認知度和親和力溫迪品牌。

Our next question comes from Gregory Francfort of Guggenheim Securities.

我們的下一個問題來自古根海姆證券公司的格雷戈里·弗蘭克福特。

It seems like through this earnings season, a bunch of the large QSRs have been taking G&A guidance up a little bit. Can you just remind me what your thoughts are in the next maybe 12 to 24 months on the cadence of that?

似乎在這個財報季，許多大型 QSR 都將 G&A 指導略微上調了。您能否提醒我您在接下來的 12 到 24 個月內對此有何想法？

Greg. Yes, our G&A guidance is unchanged. As you know, we made pretty big investments between 2019 and 2022. Our G&A went up to $200 million to $255 million. We then restructured the company slightly to set us up for future growth and stay efficient. So as out of it, we are absolutely continuing to expect that '23 and '24, we will be relatively flat in dollar terms versus 2022. I mean if you look at our first half G&A expense was about $123 million, so well on pace to be relatively flat versus 2022.

格雷格.是的，我們的 G&A 指導沒有變化。如您所知，我們在 2019 年至 2022 年間進行了相當大的投資。我們的一般管理費用高達 2 億至 2.55 億美元。然後，我們對公司進行了輕微重組，為未來的增長做好準備並保持效率。因此，我們絕對繼續預計 23 年和 24 年，以美元計算，我們將與 2022 年相對持平。我的意思是，如果你看看我們上半年的一般管理費用約為 1.23 億美元，進展順利與2022年相比相對持平。

Our next question comes from Fred Wightman of Wolfe Research.

我們的下一個問題來自沃爾夫研究中心的弗雷德·懷特曼。

Is there anything you can share on the Fresh AI pilots that started back in June, either top line, possible labor savings, anything that you can share at this point?

關於 6 月份開始的 Fresh AI 試點，您有什麼可以分享的嗎？無論是營收、可能節省的勞動力，還是目前您可以分享的任何內容？

Yes, it's still early days. We've got it functioning in 1 restaurant. We continue to test and learn and get the confidence to move it to restaurant number 2 here shortly. We're making a lot of progress. We're seeing a lot of accuracy. Our crew loves it. They do see it as a supplement to helping them do their jobs even better. And the customers that have utilized it feel very comfortable and feel like it's a great experience for them.

是的，現在還為時尚早。我們已經在 1 家餐廳實現了這一功能。我們繼續測試和學習，並有信心很快將其移至這裡的 2 號餐廳。我們正在取得很大進展。我們看到了很多準確性。我們的船員喜歡它。他們確實將其視為幫助他們更好地完成工作的補充。使用過的客戶感覺非常舒服，感覺這對他們來說是一次很棒的體驗。

This isn't about labor savings for us. This is about how do we reposition the labor within the restaurant to drive more throughput, drive speed and accuracy and a better customer experience to drive frequency and repeat moving forward. Still too early to tell if all that can play out, but we're seeing some nice progress in the work and our partnership with the Google team.

這與我們節省勞動力無關。這是關於我們如何重新定位餐廳內的勞動力，以提高吞吐量、速度和準確性以及更好的客戶體驗，從而提高頻率和重複率。現在判斷這一切是否能夠實現還為時過早，但我們已經看到工作以及與 Google 團隊的合作取得了一些不錯的進展。

Our next question comes from Sara Senatore of Bank of America.

我們的下一個問題來自美國銀行的薩拉參議員。

Great. A point of clarification and then a question, please. So the breakfast business, I know you said you maintained share and you had the highest volumes that you've seen, but it sounds like growth was pretty much in line with your broader business. So mix or percentage of sales maybe is roughly stable. I'm sort of curious doing late-night, does that help? Are there other initiatives, I guess, to the extent that your goal is to take share, more share going forward and maybe mix higher with respect to breakfast because it does feel like that's a very sticky daypart.

偉大的。請先澄清一點，然後提出問題。因此，早餐業務，我知道您說過您保持了份額並且擁有您所見過的最高銷量，但聽起來增長與您更廣泛的業務非常一致。因此，銷售的組合或百分比可能大致穩定。我有點好奇深夜做這件事有幫助嗎？我想，是否還有其他舉措，您的目標是獲得份額，未來獲得更多份額，也許在早餐方面混合得更好，因為確實感覺這是一個非常粘性的一天。

And then the question is on pricing. Your pricing is less than I think what a lot of your competitors have. Is this something that where you feel like you're seeing some real benefit there? I know there's some offsetting puts and takes in terms of your approach to value. But as I think through kind of the price elasticity, do you have any signs that may be mid-single digit or -- now 7% pricing is helping you versus high singles or low doubles that you might be seeing from competitors?

然後問題是定價。你們的定價低於我認為你們許多競爭對手的定價。您覺得您在這方面看到了一些真正的好處嗎？我知道在你的價值方法方面有一些抵消的看跌期權和索取。但正如我通過價格彈性思考的那樣，您是否有任何跡象表明可能處於中個位數，或者現在 7% 的定價正在幫助您對抗您可能從競爭對手那裡看到的高單打或低雙打？

You're back checking Sara on breakfast, it did grow mid-single digits, so in line with our total sales, some nice momentum for us year-over-year. We're still working to ingrain the habit and really drive the frequency and the repeat on that breakfast daypart. And I think the way that our calendar lines up for the rest of the year with some innovation news as well as the promotional activity to drive that trial and repeat that we've got planned, I think, lines up well for that, as well as the focus on getting our existing customers to come try us a little bit more often or even try us for the first time at the breakfast daypart.

你回來檢查莎拉的早餐，它確實增長了中個位數，因此與我們的總銷售額一致，我們同比增長了一些良好的勢頭。我們仍在努力讓這個習慣根深蒂固，並真正提高早餐的頻率和重複次數。我認為我們的日曆在今年剩餘時間裡與一些創新新聞以及推動試驗和重複我們已計劃的促銷活動保持一致，我認為，也很適合這一點我們的重點是讓我們的現有客戶更頻繁地嘗試我們的服務，甚至在早餐時段首次嘗試我們的服務。

And we are focused, and we've got the staffing model set really well, so we can take on a lot more sales in the breakfast daypart to drive a lot of profit with the existing labor model. Late-night is a big opportunity for us. We've leaned in for the first time in about 4 years on advertising. It is incremental. We continue to see opportunities midnight or later. We do see a big opportunity to drive delivery business as well as folks coming to our restaurant. So we do see that as highly incremental for our business. And the more that we drive awareness and the more that we get consumers to come to us and see that we're reliably open in the late-night, daypart the more we become part of that routine. So we see a lot of opportunities there, too.

我們很專注，並且我們已經很好地設置了人員配置模型，因此我們可以在早餐時段進行更多銷售，從而利用現有的勞動力模型獲得大量利潤。深夜對我們來說是一個很好的機會。大約四年來，我們第一次在廣告方面投入了精力。它是增量的。我們繼續在午夜或晚些時候看到機會。我們確實看到了推動送貨業務以及來到我們餐廳的人們的巨大機會。因此，我們確實認為這對我們的業務來說是高度增量的。我們越是提高意識，越是讓消費者來找我們並看到我們在深夜、白天可靠地營業，我們就越成為這種慣例的一部分。所以我們也看到了很多機會。

Yes. And Sara, I wanted to ask a second -- answer your second question on pricing. We're happy with the pricing position we have taken. We are expecting 7% price this year in our company restaurants, 5% is carryover. We'd actually always plan to do another pricing action end of May. We have executed that. And as we step back and look at all of this, the flow-through from pricing is in the 70% to 80% range has not changed. We are competitive from a market share point of view. So all of that worked actually to plan. And we are going to be definitely careful on pricing on a go-forward basis. Obviously, not ruling out pricing in the future, restaurant economic model needs to progress.

是的。薩拉，我想問第二個問題——回答你關於定價的第二個問題。我們對我們採取的定價立場感到滿意。我們預計今年我們公司餐廳的價格為 7%，其中 5% 為結轉價格。實際上，我們一直計劃在五月底進行另一次定價行動。我們已經執行了。當我們退後一步審視這一切時，定價的流量在 70% 到 80% 的範圍內並沒有改變。從市場份額的角度來看，我們具有競爭力。所以所有這些實際上都按照計劃進行。我們在未來的定價上肯定會非常謹慎。顯然，不排除未來定價，餐飲經濟模式需要進步。

Our next question comes from Brian Mullan of Piper Sandler.

我們的下一個問題來自 Piper Sandler 的 Brian Mullan。

Just a question on capital allocation. GP, cash balance at $635 million, it still looks a bit elevated versus history. I guess, part one, do you still believe that the stock is undervalued, which I've heard you say in the past? And then part 2, assuming you do, can you just talk about how you balance that belief with where interest rates are and what you think the right targeted leverage ranges for Wendy's in this environment. So just any color on how you're approaching share repurchase topic going forward would be helpful?

只是一個關於資本配置的問題。 GP，現金餘額為 6.35 億美元，與歷史相比看起來仍然有點高。我想，第一部分，您是否仍然認為該股票被低估了，就像我過去聽您說過的那樣？然後第二部分，假設你這樣做，你能談談你如何平衡這種信念與利率水平，以及你認為溫迪在這種環境下的正確目標槓桿範圍是多少。那麼，關於您未來如何處理股票回購主題的任何顏色都會有幫助嗎？

Yes, Brian, definitely continues to believe that our shares are undervalued. You have seen so far year-to-date, we have leaned in. Remember, we have a share repurchase authorization of about $0.5 billion that spans over 4 years on a prorated basis that's $125 million a year, we have so far bought back about $103 million worth of shares. So we are going to continue to lean in for the rest of the year.

是的，布萊恩，肯定仍然相信我們的股票被低估了。你已經看到，今年迄今為止，我們已經做出了努力。請記住，我們擁有約5 億美元的股票回購授權，為期4 年，按比例分配，每年1.25 億美元，到目前為止，我們已經回購了約價值1.03億美元的股票。因此，我們將在今年剩餘時間內繼續努力。

From a leverage point of view, again, we actually, I think, in a great spot. If you look at our evolution at the end of 2021, our leverage ratio was 5.2x, we're seeking currently at the end of the second quarter at about 4.7x, would expect it throughout the year. We're going to stay well below 5x.

從槓桿的角度來看，我認為我們實際上處於一個很好的位置。如果你看看我們在 2021 年底的演變，我們的槓桿率為 5.2 倍，我們目前尋求第二季度末約為 4.7 倍，預計全年都是如此。我們將保持遠低於 5 倍的水平。

We have an authorization out there to buy back some more debt, $43 million worth of it on top of our mandatory authorization. So the cash balance is going to stay elevated. It gives us flexibility to weather any economic uncertainties and gives us obviously enough ammunition to invest in growth if we see opportunities.

除了我們的強制授權之外，我們還獲得了回購更多債務的授權，價值 4300 萬美元。因此，現金餘額將保持在較高水平。它使我們能夠靈活地應對任何經濟不確定性，並在我們看到機會時為我們提供足夠的彈藥來投資增長。

Yes, in the spirit of investing in growth, remember, we still got a lot of opportunity against our $100 million Build-to-Suit program. So we're going to continue to lean in on that. We've got a strong pipeline of franchisees. And what we're really trying to do is ensure that we're running things rather than sequential in parallel. We're bringing in the new franchisees. We're starting to leverage the Build-to-Suit program so we can get them into those restaurants sooner moving forward. We think that's an opportunity to deploy some of the cash on our balance sheet to get some nice returns and get some new restaurants open.

是的，本著投資增長的精神，請記住，我們仍然通過 1 億美元的定制計劃獲得了很多機會。所以我們將繼續依靠這一點。我們擁有強大的特許經營商渠道。我們真正想做的是確保我們正在運行事物而不是並行順序運行。我們正在引進新的特許經營商。我們開始利用定制計劃，以便我們可以讓他們更快地進入這些餐廳。我們認為這是一個在我們的資產負債表上部署一些現金以獲得可觀回報並開設一些新餐廳的機會。

Our next question comes from Jim Sanderson of Northcoast Research.

我們的下一個問題來自北海岸研究中心的吉姆·桑德森。

I wanted to talk a little bit more about digital sales mix in the U.S. I think that growth -- the sales mix rate held steady, but delivery is a bit stronger in late-night. So were there other dayparts where delivery slowed down?

我想多談談美國的數字銷售組合。我認為增長——銷售組合率保持穩定，但深夜交付稍強一些。那麼還有其他時段的配送速度會減慢嗎？

Our delivery business has been pretty consistent. I mean we saw a nice uptick on delivery with the late-night having those restaurants open a little bit later, there's a preponderance of consumers liking delivery at late-night daypart. You look at kind of our rest of day kind of lunch, dinner, our delivery business has hung in there pretty well, still seeing some growth hanging in there with what we're seeing in the industry. So we're feeling good about that.

我們的送貨業務一直相當穩定。我的意思是，我們看到送貨量有了很大的增長，深夜時這些餐廳的營業時間會晚一些，大多數消費者喜歡在深夜時段送貨。你看看我們剩下的午餐、晚餐，我們的送貨業務一直保持得很好，而且我們在行業中看到的情況仍然存在一些增長。所以我們對此感覺良好。

We're also seeing the consumer start to shift a little bit more to mobile grab and go. So folks ordering and then actually picking up in our restaurant. And as you know, we've put the delivery racks into our restaurant late last year. Those racks are now in the restaurant, and that's actually improved our overall experience with our digital customers. And helped us with speed and throughput at the restaurant because we continue to see speed of service improve. That was one of the tools that has helped us to do that to take some of those big delivery orders, lunch and dinner out of the line and get folks to grab their food and get out of the restaurant quickly.

我們還看到消費者開始更多地轉向移動設備，即拿即走。所以人們點餐後實際上是在我們的餐廳取貨。如您所知，我們去年年底已將送貨架放入餐廳。這些架子現在放在餐廳裡，這實際上改善了我們與數字客戶的整體體驗。並幫助我們提高了餐廳的速度和吞吐量，因為我們不斷看到服務速度在提高。這是幫助我們做到這一點的工具之一，可以將一些大額送貨訂單、午餐和晚餐排除在外，讓人們拿起食物并快速離開餐廳。

And the only other thing, Jim, I wanted to add is, yes, the mix went down a little bit versus quarter 1, but that's kind of expected. Since we obviously had heavy programming with much maintenance going on. A lot of that actually continued, I'm looking at absolute dollars, right? We are basically -- in absolute growth, we are not really slowing down. We are more than 25% up in the second quarter versus prior year, and we now expect that our overall digital sales are going to be north of $1.5 billion after the restatement that we made on a comparative base, that's about $1.4 billion in 2022. So there is high single-digit, low double-digit growth. So we feel really good that the business is working well for us.

吉姆，我想補充的唯一一件事是，是的，與第一季度相比，混合比例有所下降，但這是預期的。因為我們顯然有大量的編程工作和大量的維護工作。其中很多實際上仍在繼續，我關注的是絕對美元，對吧？基本上，就絕對增長而言，我們並沒有真正放緩。我們第二季度的銷售額比去年同期增長了 25% 以上，現在預計，在我們根據比較基礎進行重述後，我們的整體數字銷售額將超過 15 億美元，到 2022 年約為 14 億美元。因此，單位數增長較高，兩位數增長較低。因此，我們感到非常高興，因為我們的業務運作良好。

Next question comes from Jake Bartlett of Truist Securities.

下一個問題來自 Truist 證券公司的傑克·巴特利特。

Mine is about the comments of speed of service and customer satisfaction measures improving year-over-year and quarter-to-quarter. My question is how that compares to pre-COVID. I imagine it's still lower. I'm wondering how much opportunity there is to -- you to improve both speed of service and customer experience, and that could be a sales driver?

我的評論是關於服務速度和客戶滿意度指標逐年和逐季改善的評論。我的問題是，與新冠疫情之前相比，情況如何。我想它還會更低。我想知道有多少機會可以提高服務速度和客戶體驗，這可能會成為銷售驅動力？

Yes. Jake, as you look at our overall satisfaction, we are up fairly dramatic year-over-year. And clearly, as you get better staffed, you start to put yourself in a better position to create better experiences. But you look at taste, you look at accuracy, you look at voice of the customer on their perception of speed, you look at our digital overall satisfaction. We've had very marked increases versus a year ago. I would say we're getting back to pre-COVID levels, but we knew even pre-COVID levels, we had a lot of opportunity to be even better.

是的。傑克，當你看看我們的整體滿意度時，我們的同比增長相當顯著。顯然，當您配備更好的人員時，您就會開始使自己處於更好的位置來創造更好的體驗。但你看看品味，你看看準確性，你看看客戶對速度感知的聲音，你看看我們的數字整體滿意度。與一年前相比，我們的增長非常顯著。我想說，我們正在回到新冠疫情之前的水平，但我們知道，即使是新冠疫情之前的水平，我們也有很多機會變得更好。

So we'll continue to improve as turnover continues to improve as staffing continues to get better. Our new DSG rollout has been leading to hotter juicier hamburgers and its reduced cook times. That's another opportunity on speed. As I said, the rollout of the pickup order shelving to our entire U.S. system in the back half of last year is helping speed into this year and a better experience for that digital consumer. And we continue to do things around op simplification, like our new grilled chicken wraps that lower operational complexity and builds unique space on our menus.

因此，隨著營業額的不斷提高和人員配備的不斷改善，我們將繼續改進。我們新推出的 DSG 使漢堡變得更熱、多汁，並縮短了烹飪時間。這是速度方面的另一個機會。正如我所說，去年下半年我們在整個美國系統中推出了取貨訂單擱架，這有助於加快今年的速度，並為數字消費者帶來更好的體驗。我們繼續圍繞操作簡化開展工作，例如我們新的烤雞捲可以降低操作複雜性並在我們的菜單上建立獨特的空間。

The operations team have been very focused on speed. We've been talking about Speed the Wendy's Way. We've been focused on it. We've been measuring it. We've made market progress and we know we've got even more progress ahead of us. So we do think that continued to be an unlock. And the improvements in customer satisfaction don't only just help you today, but that actually drives frequency into the future, and that's the big unlock.

運營團隊非常注重速度。我們一直在談論《極速溫蒂之路》。我們一直專注於此。我們一直在測量它。我們已經取得了市場進步，而且我們知道我們還有更多進步。所以我們確實認為這仍然是一個解鎖。客戶滿意度的提高不僅在今天為您提供幫助，而且實際上會提高未來的頻率，這就是最大的解鎖。

Our next question comes from Peter Saleh of BTIG.

我們的下一個問題來自 BTIG 的 Peter Saleh。

Great. Okay. So I just wanted to ask maybe firstly on the pricing for the year, 7% pricing, 5% carryover. Does that imply that you don't take anything else for the balance of the year? And what may cause you guys to take additional price?

偉大的。好的。所以我只想先問一下今年的定價，7% 的定價，5% 的結轉。這是否意味著您在這一年的剩餘時間裡不會採取任何其他措施？什麼可能導致你們接受額外的價格？

Peter. Yes, that's currently the implication. We have taken the last pricing so far at the end of May. That was always in our plan. And now we are watching. We have seen no pushback from consumers. We'll have to see how inflation develops. We have to see what our competitors are doing, and we'll check and adjust our pricing plan. But to be clear, for the moment, there's no additional pricing baked in for the rest of the year.

彼得.是的，這就是目前的含義。我們在五月底得出了迄今為止的最後定價。這一直在我們的計劃中。現在我們正在觀看。我們沒有看到消費者的抵制。我們必須看看通貨膨脹如何發展。我們必須看看我們的競爭對手在做什麼，我們會檢查並調整我們的定價計劃。但需要明確的是，目前，今年剩餘時間內沒有額外的定價。

Thank you, Peter. That was the last question of the call. Thanks, Todd and GP, and thanks to 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.

謝謝你，彼得。這是電話會議的最後一個問題。謝謝托德和全科醫生，也感謝大家今天早上的參與。我們期待在 11 月份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. You may now disconnect your lines.

謝謝。今天的電話會議到此結束。您現在可以斷開線路。