Wendy's Co (WEN) 2023 Q4 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.

早安.歡迎參加溫迪公司獲利電話會議。 （操作員說明）謝謝。凱爾西·弗里德，投資者關係總監，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. 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.

謝謝大家，大家早安。今天的電話會議和網路廣播包括 PowerPoint 簡報，您可以在我們的投資者關係網站 irwendys.com 上取得該簡報。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。本揭露提醒投資者，我們今天可能討論的某些資訊具有前瞻性。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有重大差異。此外，今天的一些評論將參考非公認會計準則財務指標。投資者應在本簡報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較的公認會計原則指標的調節表。

On our conference call today, our President and Chief Executive Officer, Kirk Tanner; and our Chief Financial Officer, Gunther Plosch, will give a business update, review our fourth quarter and full year 2023 results and share our 2024 financial outlook. From there, we will open up the line for questions. And with that, I'll hand things over to Kirk.

在今天的電話會議上，我們的總裁兼執行長柯克‧坦納 (Kirk Tanner) 表示：我們的財務長 Gunther Plosch 將介紹業務最新情況，回顧我們第四季度和 2023 年全年業績，並分享我們 2024 年的財務展望。從那裡，我們將開放提問熱線。這樣，我就把事情交給柯克了。

Thanks, Kelsey, and good morning, everyone. Before we get started today, I wanted to share how fired up I am about the opportunity to join the Wendy's team and lead this iconic brand. I've been a Wendy's fan my whole life. And what drove me to make this move was not just the amazing brand heritage, but the incredible potential I see in this business. I am confident that you will be just as energized about our future as I am after hearing our plans to drive profitable growth.

謝謝，凱爾西，大家早安。在我們今天開始之前，我想分享我對有機會加入溫迪團隊並領導這個標誌性品牌的機會感到多麼興奮。我一生都是溫迪的粉絲。促使我做出這一舉動的不僅僅是令人驚嘆的品牌傳統，還有我在這個行業看到的令人難以置信的潛力。我相信，在聽到我們推動獲利成長的計劃後，您會像我一樣對我們的未來充滿活力。

Throughout my career, I have taken a customer-centric mindset, coupled with strong operational execution to guide growth and deliver on strategic objectives. I feel strongly that my experience and leadership philosophy will support our success, and I am excited to bring this perspective to Wendy's at such a pivotal time for the brand and industry. In my first 9 days, I've had the opportunity to meet with many members of the team and some of our passionate franchisees. I look forward to spending more time with others across the Wendy's system and our investment community in the coming weeks.

在我的職業生涯中，我一直秉持以客戶為中心的心態，加上強大的營運執行力來指導成長並實現策略目標。我強烈感覺到我的經驗和領導理念將支持我們的成功，我很高興能在品牌和產業的關鍵時刻將這種觀點帶到溫蒂。在我的前 9 天裡，我有機會會見了許多團隊成員和一些熱情的加盟商。我期待在未來幾週內與溫迪系統和投資界的其他人一起度過更多的時間。

When I look at Wendy's, I see the highest quality food in the QSR industry, which has built a very strong foundation of sales and profit, alongside a very healthy balance sheet. This foundation will serve as a springboard to drive what matters most, accelerated sales and unit growth, so the brand can reach its full potential. Our commitment to growth has never been stronger, and I believe that our strategic focus on driving global same-restaurant sales momentum, accelerating our digital business and expanding our footprint are the keys to unlocking our next chapter and becoming an even more formidable global competitor.

當我看到 Wendy's 時，我看到了 QSR 行業中最優質的食品，它建立了非常堅實的銷售和利潤基礎，以及非常健康的資產負債表。該基金會將作為一個跳板，推動最重要的事情，加速銷售和銷售成長，以便該品牌能夠充分發揮其潛力。我們對成長的承諾從未如此強烈，我相信，我們的策略重點是推動全球同店銷售勢頭、加速我們的數位業務和擴大我們的足跡，這是開啟我們新篇章並成為更強大的全球競爭對手的關鍵。

Today, you'll hear our plans to invest behind these pillars to build a growth engine that drives an acceleration in sales growth, footprint expansion and margin enhancement to level up the Wendy's brand for years to come. Before we dive into our profitable growth strategies, I'd like to take a moment to recognize the team's accomplishments last year. We delivered strong 2023 results, driving sales and profit growth as we made continued progress on our strategic growth pillars. This marks our 13th consecutive year of global same-restaurant sales growth, which highlights our consistent execution and dedication to growing the Wendy's brand.

今天，您將聽到我們計劃在這些支柱背後進行投資，以建立一個成長引擎，推動銷售成長加速、足跡擴張和利潤提高，從而在未來幾年提升 Wendy's 品牌水平。在我們深入探討我們的獲利成長策略之前，我想花點時間來表彰我們團隊去年的成就。我們在 2023 年取得了強勁的業績，隨著我們在策略成長支柱上不斷取得進展，推動了銷售額和利潤的成長。這標誌著我們的全球同店銷售額連續第 13 年成長，凸顯了我們對發展 Wendy's 品牌的一貫執行力和奉獻精神。

Our international business achieved 8.1% same-restaurant sales growth in 2023, laddering up to 20.5% on a 2-year basis and extending to 11 consecutive quarters of double-digit 2-year same-restaurant sales growth. This success supported a record number of international new restaurants opening in 2023 and is a key enabler of our international expansion in the coming years.

我們的國際業務在 2023 年實現了 8.1% 的同店銷售成長，在兩年基礎上攀升至 20.5%，並延續了連續 11 個季度實現兩位數的兩年同店銷售成長。這項成功支持了 2023 年開設的國際新餐廳數量創下紀錄，也是我們未來幾年國際擴張的關鍵推動力。

Our U.S. business reached 3.7% same-restaurant sales growth in 2023, resulting in 7.6% on a 2-year basis. This growth allowed us to maintain our dollar and traffic share within the QSR burger category each quarter of 2023. We delivered meaningful year-over-year digital sales growth every quarter, growing nearly 30% across the full year to almost $2 billion, which was well ahead of our original expectations. We reached a record high 14.5% global digital sales mix in the fourth quarter, supported by strength across all channels as we built more personalized relationships with our loyalty members and continue to provide great in-restaurant experiences.

2023 年，我們的美國業務同餐廳銷售額成長 3.7%，兩年成長 7.6%。這種成長使我們能夠在2023 年每個季度保持QSR 漢堡類別中的美元和流量份額。我們每個季度都實現了有意義的同比數位銷售成長，全年成長近30%，達到近20 億美元，遠遠超出了我們最初的預期。在所有管道的實力支持下，我們與忠誠會員建立了更個人化的關係，並繼續提供出色的餐廳體驗，第四季度全球數位銷售組合達到創紀錄的 14.5%。

Our sales expansion and lower commodity inflation supported a 100 basis point year-over-year increase in U.S. company-operated restaurant margin to 15.3%. This return to pre-COVID margin sets the stage for even further improvement in profitability moving forward. We closed the year strong from a restaurant development perspective, bringing our full year openings to 248. On a net basis, we achieved our goal of 2% net unit growth, with 75% of that growth in international markets.

我們的銷售擴張和較低的商品通膨支持美國公司經營的餐廳利潤率年增 100 個基點，達到 15.3%。利潤率回到新冠疫情前的水準為未來獲利能力的進一步改善奠定了基礎。從餐廳發展的角度來看，我們以強勁的業績結束了這一年，全年新開張餐廳數量達到248 家。按淨值計算，我們實現了2% 淨單位增長的目標，其中75% 的增長來自國際市場。

Finally, we remain disciplined in our capital allocation policy, including 100% increase in our dividend rate and returned nearly $400 million to shareholders in 2023. All of this momentum sets a strong foundation for our growth in the coming years. I will now turn it over to GP to share our fourth quarter and full year financial results.

最後，我們在資本配置政策上保持嚴格，包括將股息率提高 100%，並在 2023 年向股東返還近 4 億美元。所有這些動力為我們未來幾年的成長奠定了堅實的基礎。現在我將把它交給普通合夥人來分享我們第四季和全年的財務表現。

Thanks, Kirk. We are pleased to deliver another quarter of sales and adjusted EBITDA growth to close 2023. In the fourth quarter, our global systemwide sales grew over 3%, supported by continued global same-restaurant sales growth and the benefit of our global net unit growth. Our U.S. company-operated restaurant margin of 13.5% contracted versus the prior year, primarily due to a quarter-over-quarter acceleration in commodity inflation to mid-single digits, customer count declines and labor inflation of almost 4%. These were partially offset by the benefit of a higher average check driven by cumulative pricing of approximately 4.5%.

謝謝，柯克。我們很高興到2023 年結束時再實現一個季度的銷售額和調整後EBITDA 增長。第四季度，我們的全球系統銷售額增長了3% 以上，這得益於全球同店銷售額的持續增長以及全球淨單位成長的好處。我們美國公司經營的餐廳利潤率較上年下降 13.5%，主要是由於商品通膨環比加速至中個位數、顧客數量下降以及勞動力通膨近 4%。這些被約 4.5% 的累積定價驅動的平均支票較高的好處所部分抵消。

G&A decreased approximately 4%, primarily driven by a decrease in employee compensation and benefits. Adjusted EBITDA increased 2.5% to approximately $127 million, resulting primarily from higher franchise royalty revenue, a decrease in the company's incremental investment in breakfast advertising and lower G&A expense. These were partially offset by a decrease in U.S. company-operated restaurant margin and higher franchise support and other costs.

一般行政費用下降約 4%，主要是因為員工薪資和福利的減少。調整後 EBITDA 成長 2.5%，達到約 1.27 億美元，主要是由於特許經營權收入增加、公司早餐廣告增量投資減少以及一般管理費用減少。這些被美國公司經營的餐廳利潤率下降以及特許經營支持和其他成本上升部分抵消。

Adjusted EPS came in at $0.21, with the decrease versus prior year driven by higher amortization of cloud computing arrangement costs and a higher tax rate. These were partially offset by an increase in adjusted EBITDA. Across full year of 2023, our strategic plans and strong execution drove compelling financial performance. Our global systemwide sales grew 6.1%, supported by the mid-single-digit global same-restaurant sales growth alongside our 2% global net unit growth. Our U.S. company-operated restaurant margin of 15.3% returned to pre-COVID levels despite ongoing inflationary pressures. Adjusted EBITDA increased over 7.5% to approximately $536 million, while adjusted EPS increased almost 13% to $0.97. Finally, free cash flow increased 29% to approximately $274 million, further demonstrating the high cash flow generating abilities of our business. With that, I'll now turn it back over to Kirk to talk about our plans to drive growth in 2024.

調整後每股收益為 0.21 美元，與前一年相比有所下降，這是由於雲端運算安排成本攤提增加和稅率提高所致。這些被調整後 EBITDA 的增加部分抵消。 2023 年全年，我們的策略計畫和強有力的執行力推動了令人矚目的財務表現。我們的全球系統銷售額成長了 6.1%，這得益於全球同店銷售額中個位數成長以及 2% 的全球淨單位成長。儘管通膨壓力持續存在，我們美國公司經營的餐廳利潤率已恢復至新冠疫情前的 15.3% 水準。調整後 EBITDA 成長超過 7.5%，達到約 5.36 億美元，調整後每股盈餘成長近 13%，達到 0.97 美元。最後，自由現金流增加了 29%，達到約 2.74 億美元，進一步證明了我們業務的高現金流產生能力。現在，我將把它轉回給柯克，討論我們在 2024 年推動成長的計劃。

Thanks, GP. As I said earlier, I am excited to begin this chapter for the Wendy's brand with a focus on accelerating our global growth, delivering significant restaurant margin expansion and driving long-term shareholder value. Now let's turn to our growth plans across each strategic pillar. The breakfast daypart is one of the most compelling levers when considering sales growth and margin acceleration opportunities. We can grow our breakfast business significantly without adding incremental labor, which drives meaningful improvement of our restaurant economic model.

謝謝，全科醫生。正如我之前所說，我很高興能夠開始溫迪品牌的這一章，重點是加速我們的全球成長，實現餐廳利潤率的顯著擴張並推動長期股東價值。現在讓我們來談談每個策略支柱的成長計畫。在考慮銷售成長和利潤加速機會時，早餐時段是最引人注目的槓桿之一。我們可以在不增加勞動力的情況下顯著發展我們的早餐業務，這推動了我們餐廳經濟模式的有意義的改進。

To fuel the acceleration of this daypart to new heights, we are planning to invest approximately $55 million of incremental company advertising in the U.S. and Canada, split evenly over the next 2 years. This investment will further amplify our plans and support an always-on approach across media, partnerships and activations as we tell our breakfast story. We are on a mission to ensure everyone has tried breakfast at Wendy's, because we know from experience that once customers try our fresh cracked eggs and crispy bacon, they will be back again and again. The level of quality we provide on our breakfast menu supports our highest customer satisfaction scores, and we are now driving further growth at the daypart by providing our amazing food at a great everyday price, alongside craveable innovation throughout the year.

為了將這一時段的加速推向新的高度，我們計劃在美國和加拿大投資約 5500 萬美元的增量公司廣告，並在未來 2 年內平均分配。這項投資將進一步擴大我們的計劃，並在我們講述早餐故事時支持跨媒體、合作夥伴和活動的一致的方法。我們的使命是確保每個人都在 Wendy’s 嘗試過早餐，因為我們從經驗中知道，一旦顧客嘗試了我們的新鮮碎雞蛋和脆培根，他們就會一次又一次地回來。我們在早餐菜單上提供的品質水準支持我們最高的客戶滿意度得分，我們現在透過以優惠的日常價格提供令人驚嘆的食物以及全年令人渴望的創新來推動日間的進一步成長。

I've had the privilege of meeting with some of our growth-minded franchisees, and I can tell you they are all-in on breakfast and are committed to further supporting our investments by doing everything they can to execute at the highest level in the morning. We expect our investment and plans will drive a 50% increase in weekly U.S. breakfast sales per restaurant over the next 2 years as we charge forward on our journey towards earning our breakfast daypart fair share of approximately $6,000 weekly per restaurant.

我有幸會見了我們一些具有成長意識的特許經營商，我可以告訴你，他們全心投入早餐，並致力於通過盡一切努力以最高水平執行，進一步支持我們的投資。早晨。我們預計，我們的投資和計劃將在未來 2 年內推動每家餐廳每週的美國早餐銷售額增長 50%，因為我們將繼續努力，爭取每家餐廳每週約 6,000 美元的早餐時段公平份額。

We also have plans in place to double down on what makes Wendy's brand iconic. First, one of our biggest competitive advantages is our fresh, never frozen beef that we use on every hamburger every day. Nobody delivers this level of quality at the scale that we do. And we once again utilize March Madness as a high-impact platform to remind fans of this key Wendy's difference. Second, we will continue to lead the category in ownable and innovative programs that drive both traffic and check. In 2024, that means new premium flavors and build on our popular Made to Crave platform. It means big news on Frosty, including new flavors that will drive special visits and add-ons to existing orders. And it means game-changing innovation on our chicken lineup.

我們也制定了加倍努力打造溫迪品牌標誌性的計畫。首先，我們最大的競爭優勢之一是我們每天在每個漢堡包中使用的新鮮、非冷凍牛肉。沒有人能像我們一樣提供如此規模的品質。我們再次利用瘋狂三月作為一個高影響力的平台，提醒粉絲溫迪的這一關鍵差異。其次，我們將繼續在可推動流量和支票的可擁有和創新計劃方面保持領先地位。到 2024 年，這意味著新的優質口味將建立在我們廣受歡迎的 Made to Crave 平台上。這對 Frosty 來說意味著重大新聞，包括將推動特殊訪問的新口味以及現有訂單的附加內容。這意味著我們的雞肉產品系列具有改變遊戲規則的創新。

Finally, we will continue to leverage our very ownable Biggie Bag platform to offer compelling everyday value. Importantly, we will always do this the Wendy's way, which means never compromising on quality. This platform drove success in 2023, with our customer ratings on value and quality trending better than competitors, positioning us to win visits in 2024.

最後，我們將繼續利用我們擁有的 Biggie Bag 平台來提供引人注目的日常價值。重要的是，我們將始終按照溫迪的方式行事，這意味著永遠不會在品質上妥協。該平台在 2023 年取得了成功，我們的客戶對價值和品質的評分趨勢優於競爭對手，使我們能夠在 2024 年贏得訪問量。

Critically important, we will execute with excellence in our more than 7,000 global restaurants. In 2023, we made great progress on customer satisfaction, taste, accuracy and speed, and we will continue to elevate our in-restaurant experience to delight every customer every day. In total, we now expect our plans and investments will drive global same-restaurant sales growth of 3% to 4% in 2024, an increase versus our previous long-term expectation of low single digits, and we expect to build on this momentum moving forward.

至關重要的是，我們將在全球 7,000 多家餐廳中卓越執行。 2023年，我們在顧客滿意度、口味、準確性和速度方面取得了長足進步，我們將繼續提升我們的餐廳體驗，讓每位顧客每天都滿意。總的來說，我們現在預計我們的計劃和投資將推動2024 年全球同店銷售額增長3% 至4%，增幅高於我們之前低個位數的長期預期，並且我們預計將在此勢頭的基礎上繼續前進向前。

Now let's turn to our plans to accelerate our digital business. We've made a ton of progress on our digital journey as we've grown digital sales from under $250 million in 2019 to almost $2 billion in 2023. We are clearly seeing the benefits of the higher frequency and checks that digital drives. We also know there's a massive opportunity to further unlock digital sales growth and benefit even more from the margin expansion these channels can generate. To drive digital's new phase of growth, we are planning to invest approximately $50 million primarily in 2024 to further enhance our mobile app experience and step change our loyalty capabilities. The enhancement to our mobile app will allow us to consistently deliver a seamless experience for our customers, enabling them to access Wendy's anytime, anywhere.

現在讓我們來談談加速數位業務的計劃。我們在數位化之旅上取得了巨大進展，數位化銷售額從2019 年的不到2.5 億美元增長到2023 年的近20 億美元。我們清楚地看到了更高頻率的好處，並檢查了數位化驅動力。我們也知道，存在著巨大的機會，可以進一步釋放數位銷售成長的潛力，並從這些管道帶來的利潤擴張中獲得更多收益。為了推動數位化新階段的成長，我們計劃主要在 2024 年投資約 5000 萬美元，以進一步增強我們的行動應用體驗並逐步改變我們的忠誠度能力。行動應用程式的增強將使我們能夠始終如一地為客戶提供無縫體驗，使他們能夠隨時隨地訪問 Wendy's。

We also implemented a new customer data platform in Q4 and are evolving our loyalty platform alongside best-in-class third-party partners. These initiatives will unlock our ability to act on customer data through segmentation and machine learning, driving a meaningful increase in personalization for our loyalty members. I'm excited about our new capabilities in our digital toolbox. But what really drives our confidence in accelerating digital is the way we're bringing the entire experience together in a uniquely Wendy's way.

我們也在第四季度實施了新的客戶數據平台，並與一流的第三方合作夥伴一起發展我們的忠誠度平台。這些舉措將釋放我們透過細分和機器學習對客戶資料採取行動的能力，從而推動我們的忠誠會員的個人化有意義地提高。我對我們數位工具箱中的新功能感到興奮。但真正讓我們對加速數位化充滿信心的是我們以獨特的 Wendy's 方式將整個體驗整合在一起的方式。

We started our journey by forging a data-centric infrastructure and building out a top talent team. That foundation allows us to gain the maximum benefit from these new platforms, including increased digital engagement, frequency and lifetime spend. We have the right people, systems and plans in place to fuel the next phase of digital growth and now expect global digital sales will reach over $2 billion in 2024, a full year earlier than planned.

我們的旅程始於打造以數據為中心的基礎設施並建立了一支頂尖人才團隊。該基礎使我們能夠從這些新平台中獲得最大利益，包括增加數位參與、頻率和終身支出。我們擁有合適的人員、系統和計劃來推動下一階段的數位化成長，目前預計全球數位化銷售額將在 2024 年達到 20 億美元以上，比計劃提前了一整年。

We are always focused on improving the customer and crew experience. And in that spirit, we are leveraging technology in our restaurants even more. We are planning to invest approximately $20 million to roll out digital menu boards to all U.S. company-operated restaurants by the end of 2025 and approximately $10 million over the next 2 years to support digital menu board enhancements for the global system. We expect our digital menu boards will drive immediate benefits to order accuracy, improve crew experience and sales growth from upselling and consistent merchandising execution.

我們始終致力於改善客戶和機組人員的體驗。本著這種精神，我們在餐廳中更多地利用科技。我們計劃在 2025 年底前投資約 2,000 萬美元，在所有美國公司營運的餐廳推出數位菜單板，並在未來 2 年內投資約 1,000 萬美元，支援全球系統的數位菜單板增強功能。我們預計，我們的數位菜單板將透過追加銷售和一致的銷售執行，為訂單準確性、改善船員體驗和銷售成長帶來即時的好處。

Beginning as early as 2025, we will begin testing more enhanced features like dynamic pricing and daypart offerings, along with AI-enabled menu changes and suggestive selling. As we continue to show the benefit of this technology in our company-operated restaurants, franchisee interest in digital menu boards should increase, further supporting sales and profit growth across the system.

最早從 2025 年開始，我們將開始測試更多增強功能，例如動態定價和時段供應，以及人工智慧支援的菜單變更和建議性銷售。隨著我們繼續在公司經營的餐廳中展示這項技術的優勢，加盟商對數位菜單板的興趣應該會增加，從而進一步支持整個系統的銷售和利潤成長。

We will continue setting the pace in generative AI and now have rolled out Wendy's FreshAI in several restaurants where we see ongoing improvement in speed and accuracy. This technology also plays a key role on our restaurant team, enabling the crew to focus on what matters: preparing fresh, high-quality Wendy's favorites and building customer relationships to bring them back time and again. We will do everything we can to ensure this new technology is delighting our customers and crew while enhancing our restaurant economic model along the way.

我們將繼續引領生成式人工智慧的步伐，現在已經在幾家餐廳推出了 Wendy's FreshAI，我們看到這些餐廳的速度和準確性不斷提高。這項技術在我們的餐廳團隊中也發揮著關鍵作用，使工作人員能夠專注於重要的事情：準備新鮮、高品質的 Wendy's 最愛的美食，並建立客戶關係，讓他們一次又一次地回來。我們將盡一切努力確保這項新技術讓我們的顧客和工作人員滿意，同時增強我們的餐廳經濟模式。

The incremental sales growth we expect to deliver behind our investment in breakfast, digital and technology will drive meaningful sales leverage in our restaurants. These initiatives are highly incremental and margin-accretive to the overall business, driving further benefit to restaurant margin. These growth drivers, alongside our continued focus on supporting the restaurant economic model through cost management and strategic pricing, are driving acceleration in our U.S. company-operated restaurant margin outlook to 16% to 17% in 2024. And our plans perfectly position us to continue driving meaningful margin expansion into the future.

我們預計在早餐、數位和技術投資背後帶來的增量銷售成長將推動我們餐廳的有意義的銷售槓桿。這些舉措對整體業務來說是高度增量和利潤增值的，進一步提高餐廳利潤。這些成長動力，加上我們繼續致力於透過成本管理和策略定價來支持餐廳經濟模式，正在推動我們的美國公司經營餐廳的利潤率預期在2024 年加速達到16% 至17%。我們的計畫完美地使我們能夠繼續推動未來利潤率有意義的擴張。

The top 25% of our company-operated footprint already achieved over 20% restaurant margin. So we know significant growth is achievable. We are now creating the foundation for all restaurants to reach towards the top performance tier. We are committed to working with our franchisees to support margin expansion across our system. This drives both incremental profit for our current footprint and improvement in new unit economics, which further supports our global footprint expansion. Our expected restaurant margin expansion will improve new build paybacks and drive increased financial health across our system, increasing development appetite from new and existing franchisees over time.

我們公司經營範圍內前 25% 的餐廳利潤率已超過 20%。所以我們知道顯著的成長是可以實現的。我們現在正在為所有餐廳達到頂級績效水準奠定基礎。我們致力於與我們的特許經營商合作，支持我們整個系統的利潤擴張。這不僅推動了我們目前業務的增量利潤，也提高了新的單位經濟效益，從而進一步支持我們的全球業務擴張。我們預期的餐廳利潤率擴張將改善新建項目的投資回報，並推動整個系統的財務健康狀況改善，隨著時間的推移，增加新加盟商和現有加盟商的發展興趣。

But we aren't waiting to accelerate our unit growth. We are fueling growth now with continued support of our global expansion plans. Our popular Build-to-Suit funds continue to drive unit growth, and we expect to add incremental funding to the program over time to drive even more new restaurants. Additionally, as our restaurant economic model becomes even more compelling, we will lead by example and continue to expand our company-operated footprint in the U.S. and U.K. These initiatives build on our Groundbreaker and Pacesetter development incentive programs and our increased franchise recruiting efforts, which have resulted in hundreds of new restaurant commitments and 70 approved new franchisees across the last 2 years. These plans support our goal of driving global net unit growth of north of 2% in 2024 and further acceleration to 3% to 4% in 2025.

但我們不會等待加速我們的單位成長。我們現在正在透過對全球擴張計劃的持續支持來推動成長。我們廣受歡迎的客製化基金繼續推動單位成長，我們預計隨著時間的推移，為該計劃增加增量資金，以推動更多新餐廳的建設。此外，隨著我們的餐廳經濟模式變得更加引人注目，我們將以身作則，繼續擴大我們在美國和英國的公司經營足跡。這些舉措建立在我們的開創者和標兵發展激勵計劃以及我們在增加的特許經營招聘努力的基礎上，這過去 2 年，我們承諾開設數百家新餐廳並批准 70 家新特許經營商。這些計劃支持我們的目標，在 2024 年推動全球淨銷量成長超過 2%，並在 2025 年進一步加速至 3% 至 4%。

As of today, we have over 90% of our new restaurant pipeline through 2025 committed under a development agreement. This represents a 20% increase versus our position in the previous quarter, further solidifying our confidence in achieving our development goals. Now I'll turn it back to GP to walk through our financial outlook.

截至目前，到 2025 年，我們 90% 以上的新餐廳儲備均已簽訂開發協議。這比上一季成長了 20%，進一步堅定了我們實現發展目標的信心。現在我將把它轉回給普通合夥人來介紹我們的財務前景。

Thanks, Kirk. Our 2024 financial outlook, which replaces our previous long-term outlook, reflects the strong foundation we are building as we enter our next chapter. We expect to deliver significant sales growth of 5% to 6% this year, driven by global same-restaurant sales growth of 3% to 4% and global net unit growth north of 2%. This sales growth flows through the P&L, benefiting royalties and our company-operated restaurant EBITDA and driving our 2024 adjusted EBITDA outlook of approximately $535 million to $545 million, flat to slightly up versus the prior year, as we are making significant incremental investments across the business.

謝謝，柯克。我們的 2024 年財務展望取代了先前的長期展望，反映了我們在進入下一章時正在建立的堅實基礎。在全球同店銷售額成長 3% 至 4% 和全球淨單位成長超過 2% 的推動下，我們預計今年的銷售額將顯著成長 5% 至 6%。這種銷售成長貫穿損益表，使特許權使用費和我們公司經營的餐廳EBITDA 受益，並推動我們2024 年調整後EBITDA 前景約為5.35 億至5.45 億美元，與上一年持平或略有上升，因為我們正在整個領域進行大量增量投資。商業。

We are expecting U.S. company-operated restaurant margin expansion of approximately 100 basis points to 16% to 17%. This is supported by our sales growth, including cumulative pricing in the low single digits and flat commodity inflation. We expect labor inflation will hold relatively steady versus the prior year at 3% to 5%. Please note that we expect our start-up investments and ongoing inflationary pressures in the U.K. market will represent a headwind of approximately 50 basis points to global company-operated restaurant margin.

我們預計美國公司經營的餐廳利潤率將成長約 100 個基點，達到 16% 至 17%。這得益於我們的銷售成長，包括低個位數的累積定價和平穩的商品通膨。我們預期勞動力通膨率將與前一年相比保持相對穩定，介於 3% 至 5% 之間。請注意，我們預計英國市場的新創投資和持續的通膨壓力將導致全球公司經營的餐廳利潤率下降約 50 個基點。

We anticipate that the increases in royalty in restaurant EBITDA will be partially offset by our investment in U.S. and Canadian breakfast advertising, an increase in G&A to $265 million to $275 million and the decrease in net franchise fees to $15 million to $20 million. The expected G&A increase is driven by investments to high-end support top talent to drive our growth plans. These increases are partially offset by lower expected professional fees.

我們預計，餐廳EBITDA 特許權使用費的增加將被我們對美國和加拿大早餐廣告的投資、一般管理費用增加至2.65 億美元至2.75 億美元以及淨特許經營費減少至1500 萬美元至2000 萬美元所部分抵消。預期的一般行政費用增長是由對高端支持頂尖人才的投資推動的，以推動我們的成長計劃。這些成長被預期專業費用的降低部分抵消。

We expect free cash flow to grow to approximately $280 million to $290 million this year. We expect this will be driven by lower cloud computing arrangement cash outlays of approximately $25 million as both phases of our ERP implementation have now been completed, an increase in our core earnings and cash received for development activities and services provided to franchisees. We anticipate these benefits will be partially offset by an increase in CapEx to $90 million to $100 million, driven by the rollout of digital menu boards to our U.S. company-operated restaurants, investments in our mobile app and an increase in company newbuilds.

我們預計今年自由現金流將成長至約 2.8 億至 2.9 億美元。我們預計，這將是由於雲端運算安排現金支出減少約2500 萬美元，因為我們的ERP 實施的兩個階段現已完成，我們的核心收益以及為特許經營商提供的開發活動和服務收到的現金增加。我們預計這些收益將被資本支出增加至9000 萬至1 億美元所部分抵消，這是由於我們在美國公司經營的餐廳推出數位菜單板、對我們的行動應用程式的投資以及公司新建項目的增加所推動的。

To close our 2024 outlook discussion, we expect an increase in our adjusted EPS in 2024 to $0.98 to $1.02, primarily driven by an increase in adjusted EBITDA and lapping a decrease in investment income in the prior year. These are partially offset by lower interest income, driven by an expected decrease in our cash balance as we invest in the business for growth and an increase in amortization of cloud computing arrangements. We're building a profitable growth engine behind our investments to drive continued sales and margin expansion, supporting earnings and cash flow growth for years to come.

為了結束 2024 年展望討論，我們預計 2024 年調整後每股收益將增加至 0.98 美元至 1.02 美元，這主要是由於調整後 EBITDA 增加和上一年投資收入下降所致。這些部分被利息收入的下降所抵消，這是由於我們投資於業務成長而預期現金餘額減少以及雲端運算安排攤銷增加所致。我們正在投資背後建立一個獲利成長引擎，以推動持續的銷售和利潤擴張，支持未來幾年的收益和現金流成長。

Finally, I'd like to highlight our capital allocation policy, which remains unchanged. Investing in growth remains our #1 priority, and that is clear through the investments we are making to fuel our strategic growth pillars. Secondly, we are committed to sustaining an attractive dividend. We announced today the declaration of our first quarter dividend of $0.25 per share and expect a full year dividend of $1 per share in 2024. As we turn our focus to growth investments and maintaining an industry-leading dividend yield, we plan to allocate less cash over the next year to share and debt repurchases. We have approximately $310 million remaining on our $500 million share repurchase authorization expiring in February of 2027 and approximately $20 million remaining on our debt repurchase authorization expiring this month.

最後，我想強調我們的資本配置政策，這項政策沒有改變。投資成長仍然是我們的第一要務，這一點透過我們為推動策略成長支柱而進行的投資顯而易見。其次，我們致力於維持有吸引力的股息。我們今天宣布第一季股息為每股 0.25 美元，預計 2024 年全年股息為每股 1 美元。隨著我們將重點轉向增長投資並保持行業領先的股息收益率，我們計劃分配更少的現金明年將進行股票和債務回購。我們的 5 億美元股票回購授權剩餘約 3.1 億美元，將於 2027 年 2 月到期；我們的債務回購授權剩餘約 2,000 萬美元，將於本月到期。

We remain fully committed to delivering a simple, yet powerful formula. We are predictable, efficient growth company that is 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. With that, I will hand things over to Kirk.

我們仍然完全致力於提供一個簡單而強大的公式。我們是一家可預測的、高效成長的公司，在同店銷售積極成長和擴大全球足跡的背景下，推動整個系統的銷售強勁成長。這轉化為大量的自由現金流，支持透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。這樣，我就把事情交給柯克了。

Thanks, GP. I couldn't be more excited for what's ahead of us at Wendy's as the investments and plans we announced today position us to drive growth across our strategic pillars. These plans are specifically designed to complement each other in ways that build Wendy's fandom and bring more customers into our restaurants more often.

謝謝，全科醫生。我對溫迪的未來感到非常興奮，因為我們今天宣布的投資和計劃使我們能夠推動戰略支柱的成長。這些計劃經過專門設計，旨在相互補充，建立溫迪的粉絲群體，並吸引更多顧客更頻繁地光臨我們的餐廳。

Our plans and investment enable us to delight our customers with high-quality menu items, exciting innovation and compelling value across our daypart, fueling an increase in our 2024 global same-restaurant sales expectations to 3% to 4%. They allow us to build personalized relationships with our fans and make it easier for them to access the brand anytime, anywhere, enabling us to reach our global digital sales goal of over $2 billion a year earlier than planned. And they drive our global footprint expansion, bringing more Wendy's restaurants to the world and empowering our net unit growth acceleration to 3% to 4% in 2025.

我們的計劃和投資使我們能夠在整個時段以高品質的菜單、令人興奮的創新和引人注目的價值取悅客戶，推動我們 2024 年全球同餐廳銷售預期增長至 3% 至 4%。它們使我們能夠與粉絲建立個人化關係，並使他們能夠隨時隨地更輕鬆地訪問該品牌，從而使我們能夠比計劃提前一年實現超過 20 億美元的全球數位銷售目標。它們推動了我們的全球足跡擴張，為世界各地帶來更多 Wendy's 餐廳，並使我們的淨單位成長率在 2025 年加速至 3% 至 4%。

Wendy's already has a strong track record of growth. And now we are solidifying that foundation with the right investments at the right time to drive us to the next level. In the coming months, I am committed to working alongside the Wendy's system to build a robust profitable growth plan that will unlock the full potential of this iconic brand. With that, I will hand things over to Kelsey to share our upcoming IR calendar.

溫迪已經擁有強勁的成長記錄。現在，我們正在透過在正確的時間進行正確的投資來鞏固這一基礎，以推動我們更上一層樓。在接下來的幾個月裡，我致力於與 Wendy's 系統一起制定穩健的獲利成長計劃，以釋放這個標誌性品牌的全部潛力。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, Kirk. We're excited to get on the road and introduce many of you to Kirk, who will be attending all our investor events this quarter. To start things off, we have an NDR in Boston with Piper Sandler on March 7. We'll then attend the UBS Conference in New York on March 13, followed by the Citi Conference in Orlando on March 21. Lastly, we plan to report our first quarter earnings and host a conference call that same day on May 2.

謝謝，柯克。我們很高興能夠上路並向你們中的許多人介紹柯克，他將參加本季我們所有的投資者活動。首先，我們將於3 月7 日與Piper Sandler 在波士頓舉行NDR。然後我們將參加3 月13 日在紐約舉行的瑞銀會議，隨後是3 月21 日在奧蘭多舉行的花旗會議。最後，我們計劃報告我們的第一季財報，並於 5 月 2 日同一天召開電話會議。

As we transition into our Q&A section, I wanted to remind everyone that due to the high number of covering analysts, we'll be limiting everyone to 1 question only. With that, we are ready to take your questions.

當我們進入問答部分時，我想提醒大家，由於涵蓋分析師的人數較多，我們將限制每個人只能提出 1 個問題。這樣，我們就準備好回答您的問題了。

(Operator Instructions) We do have our first question, comes from Danilo Gargiulo from Bernstein.

（操作員說明）我們確實有第一個問題，來自 Bernstein 的 Danilo Gargiulo。

First of all, Kirk, welcome aboard. A quick question on the unit growth expectations for 2024. You've just recently been into the business. Can you help us understand, in your view, what has prevented Wendy's from potentially accelerating the unit growth development in 2024? And why are you excited about the growth development potential in 2025 and beyond?

首先，柯克，歡迎加入。關於 2024 年單位成長預期的一個簡單問題。您最近剛進入該行業。您能否幫助我們理解，您認為是什麼阻礙了 Wendy's 在 2024 年加速單位成長？您為何對 2025 年及以後的成長發展潛力感到興奮？

Danilo, Thanks. Yes, in 2024, we're excited about our expansion. I think the first thing to think about is between '24 and '25, we have 90% commitments through our development plan. So that gives me a lot of confidence. In 2024, we see north of 2%, which is an acceleration on 2023. I feel really good about that, and I feel really good about '25 and beyond because we've got that momentum, and we can see that momentum moving into the future. That gives me a great deal of confidence.

達尼洛，謝謝。是的，到 2024 年，我們對我們的擴張感到興奮。我認為首先要考慮的是在 24 至 25 年間，我們透過我們的發展計畫做出了 90% 的承諾。所以這給了我很大的信心。到2024 年，我們預計成長率將超過2%，比2023 年有所加速。我對此感覺非常好，而且我對25 年及以後也感覺非常好，因為我們已經有了這種勢頭，而且我們可以看到這種勢頭正在進入未來。這給了我很大的信心。

Our next question comes from Joshua Long from Stephens Inc.

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

Curious if you can talk a little bit about the breakfast sales trends to date and interested to hear about the incremental marketing that you're going to be focused on to drive that awareness in 2024 and beyond. Curious, kind of maybe with the second round of investment, what we've learned or what you all have learned from the first round and maybe how it might differ as you seek to drive the overall awareness of the category?

我很好奇您能否談談迄今為止的早餐銷售趨勢，並且有興趣了解您將重點關注的增量行銷，以在 2024 年及以後提高這種意識。好奇，也許在第二輪投資中，我們學到了什麼，或者你們都從第一輪投資中學到了什麼，也許當你們尋求提高該類別的整體知名度時，它可能會有何不同？

Joshua, on breakfast, we're really happy with our breakfast business. As you know, we are in it for -- since 4 years. We have now created the #3 market position in the United States. And there's a lot of opportunity, right? As you have heard on the prepared remarks, our fair share on this business is $6,000 per restaurant per week. We are definitely with that investment, growing sales by about 50% in the next 2 years. And how do we do that, right? We definitely are doing more innovation. You have seen us launch a breakfast Burrito that will resonate well with consumers. We are also leveraging the Cinnabon brand to launch Cinnabon Pull-Aparts to, again, fulfill an unmet need that will drive trial and repeat and will drive the breakfast business further.

約書亞，關於早餐，我們對我們的早餐業務非常滿意。如您所知，我們已經投入這四年了。我們現已在美國創造了第三大市場地位。而且機會很多，對吧？正如您在準備好的演講中所聽到的，我們在這項業務上的公平份額是每家餐廳每週 6,000 美元。我們肯定會進行這項投資，在未來 2 年內將銷售額成長約 50%。我們該怎麼做，對吧？我們肯定正在做更多的創新。您已經看到我們推出了一款能引起消費者良好共鳴的早餐捲餅。我們也利用 Cinnabon 品牌推出 Cinnabon Pull-Aparts，再次滿足未滿足的需求，推動試用和重複，並進一步推動早餐業務。

Secondly, I would say is we have definitely learned that kind of EBITDA value is really important. So you have seen us in the second half of last year to 2 for $3 Meal Bundle on breakfast. The consumer has learned now that they are here to stay. So whenever they choose us in the morning daypart, they will find great value and obviously, they find the best breakfast food in the category. I would also say is our franchise community is super excited about the breakfast investments that we are making. So they are all in. As you have heard, while Kirk talked to a lot of franchisees and they are excited to support the investment and continue to support and drive the breakfast business for us.

其次，我想說的是，我們確實已經了解到 EBITDA 價值非常重要。所以你在去年下半年就看到我們提供 2 美元 3 美元的早餐套餐。消費者現在已經知道他們會留下來。因此，每當他們在早上選擇我們時，他們都會發現物超所值，顯然，他們會找到同類中最好的早餐食品。我還想說的是，我們的特許經營社區對我們正在進行的早餐投資感到非常興奮。所以他們都參與了。正如您所聽到的，柯克與許多特許經營商進行了交談，他們很高興支持這項投資，並繼續支持和推動我們的早餐業務。

Yes. Just let me add a few things. Look, this is the most compelling growth opportunity for Wendy's. And with the investment, the innovation and the excitement from the franchise community, this is a real opportunity for 2024 and 2025. So you think about our SRS growth, this represents about 1/3 of the growth just in breakfast. So it's certainly a big bet for us, a lot of upside for us, and we really have system excitement. So I'm really excited about this opportunity.

是的。讓我補充一些內容。看，這是溫迪最引人注目的成長機會。憑藉特許經營社區的投資、創新和興奮，這對 2024 年和 2025 年來說是一個真正的機會。所以你想想我們的 SRS 成長，這約佔早餐增長的 1/3。所以這對我們來說無疑是一個很大的賭注，對我們來說有很多好處，而且我們真的對系統感到興奮。所以我對這個機會感到非常興奮。

Our next question comes from Jon Tower from Citi.

我們的下一個問題來自花旗銀行的 Jon Tower。

Great. Maybe just following up on the breakfast piece. Why -- just curious, why breakfast? And what's going to -- what do you think about for the rest of the dayparts? Are there any shifts in incremental spending regarding lunch and dinner and can you give us maybe some context on how breakfast performed in third and fourth quarter of '24? And maybe just reiterating Josh's question, how it looks quarter-to-date?

偉大的。也許只是跟進早餐。為什麼——只是好奇，為什麼要吃早餐？剩下的時段會想什麼？午餐和晚餐的增量支出是否有任何變化？您能否給我們一些關於 2024 年第三和第四季度早餐表現的背景資訊？也許只是重申喬希的問題，本季至今情況如何？

Yes, Jon, on the breakfast side, we do think we'll be spending enough time answering the question. And again, we are liking it because obviously, super incremental from a profitability point of view for the franchisees and for us, we can add 50% of sales without really adding any additional labor. So it's a great driver for restaurant economic model. I would say on the rest of day, obviously, super important for us. We are definitely going to double down on everything that makes this brand iconic, right? Fresh, never frozen beef, every day, the whole lineup, nobody can do that on the same scale as we. We're going to drive innovation. You're going to say -- see news on Made to Crave. You will see news on Frosty flavors. And you will see innovation on the chicken lineup.

是的，喬恩，在早餐方面，我們確實認為我們會花足夠的時間來回答這個問題。再說一次，我們喜歡它，因為顯然，從特許經營商和我們的盈利角度來看，我們可以增加 50% 的銷售額，而無需真正增加任何額外的勞動力。因此，它是餐廳經濟模式的重要推動力。我想說，顯然，今天剩下的時間對我們來說非常重要。我們肯定會加倍努力讓這個品牌成為標誌性的，對嗎？新鮮的、非冷凍的牛肉，每天都有，全系列，沒有人能像我們一樣規模做到這一點。我們將推動創新。你會說——看《Made to Crave》的新聞。您將看到有關 Frosty 口味的新聞。您會看到雞肉系列的創新。

Also would say, value, important, the consumer is under pressure. And our very ownable Biggie Bag is driving restaurant economic model for us and is meeting the needs of those consumers that are looking for a deal. And last but not least, execution, execution, execution in the restaurants. We've made great progress in quarter 4. We got faster customer satisfaction, accuracy all went better, and obviously, a huge focus for us. Kirk, anything else you can add?

也會說，價值，重要，消費者是有壓力的。我們擁有的 Biggie Bag 正在為我們推動餐廳經濟模式，並滿足那些尋求優惠的消費者的需求。最後但並非最不重要的一點是，在餐廳裡執行、執行、執行。我們在第四季度取得了巨大進步。我們獲得了更快的客戶滿意度，準確性都變得更好，顯然，這是我們的一個巨大關注點。柯克，你還有什麼可以補充的嗎？

Yes. I think we've talked about the upside potential and the profitability upside for breakfast for sure. I would just add, we'll use some of our platforms like March Madness to talk about our fresh, never frozen hamburgers, which are truly, I think, the best in the industry at the scale that we can provide. So we will certainly celebrate what we're famous for. But again, very excited about breakfast. Again, that's not the only thing we'll be talking about, but that's certainly one of the most important growth drivers for 2024 and 2025.

是的。我認為我們肯定已經討論過早餐的上行潛力和盈利能力。我想補充一點，我們將使用瘋狂三月等一些平台來談論我們新鮮的、從未冷凍過的漢堡包，我認為，就我們所能提供的規模而言，這確實是業內最好的。所以我們一定會慶祝我們的成名之處。但同樣，我對早餐感到非常興奮。再說一次，這不是我們要討論的唯一事情，但這肯定是 2024 年和 2025 年最重要的成長動力之一。

Yes, Jon, I just realized I didn't answer your question in terms of sales trends beginning of the first quarter. As you know, we don't give this out, but I can give you a little bit of color. As you have heard, we are increasing the SRS guidance with this outlook to 3% to 4%. The previous guidance was low single digit. So there's definite acceleration behind the investment. I can definitely say from a [share] point of view, I can say quarter 1 will be slightly lower. And then quarter 2 and quarter 3 will be kind of steady and a little bit higher than the fiscal year guidance. You might ask them the question.

是的，喬恩，我剛剛意識到我沒有回答您有關第一季初銷售趨勢的問題。如你所知，我們不會透露這一點，但我可以給你一點顏色。正如您所聽說的，我們將 SRS 指導值的展望提高至 3% 至 4%。之前的指引為低個位數。因此，投資背後肯定有加速。我可以肯定地說，從[分享]的角度來看，我可以說第一季會略低。然後第二季和第三季將保持穩定，並略高於財政年度指引。你可能會問他們這個問題。

So why are we saying quarter 1 is a little bit lower? Couple of things. First of all, definitely difficult comparisons in the first quarter of last year, our global SRS growth was 8%. And clearly, weather conditions in the United States didn't help. I can also offer that we have seen the sales momentum accelerate in recent weeks. And with all of that, we are confident with the sales guidance we have given out.

那為什麼我們說第一季略低一些呢？有幾件事。首先，與去年第一季相比絕對是困難的，我們的全球 SRS 成長率為 8%。顯然，美國的天氣狀況並沒有起到幫助作用。我還可以提供的是，最近幾週我們看到銷售勢頭加速。儘管如此，我們對我們給予的銷售指導充滿信心。

Our next question comes from Brian Bittner from Oppenheimer.

我們的下一個問題來自奧本海默的布萊恩·比特納。

GP, I just want to follow up on that. The system sales guidance for '24 does assume the 3% to 4% comps. And I do just want to understand the confidence in setting what does seem to be a high bar. I understand there's investments coming to drive growth, but you guys just did 1% comps in 4Q, 2% comps on average the last couple of quarters. Pricing is rolling off. So maybe help us understand why the same-store sales assumption for '24 is not a range that maybe reflects a bit more conservatism and maybe gives you a chance to maybe under promise and over deliver on the same-store sales and why you come out of the gate with what seems to be a pretty bold 3% to 4% target for comps.

GP，我只想跟進此事。 '24 的系統銷售指導確實假設 3% 到 4% 的比較。我只是想了解設定看似高標準的信心。我知道會有投資來推動成長，但你們在第四季度只進行了 1% 的比較，在過去幾個季度平均進行了 2% 的比較。定價正在下降。因此，也許可以幫助我們理解為什麼 '24 的同店銷售假設不是一個可能反映更多保守主義的範圍，並且可能給你一個機會，可能低於承諾並超額交付同店銷售，以及你為什麼出來門的比較目標似乎是相當大膽的3% 到4%。

Yes, Brian. The reason why we increased the guidance is we've put more money behind to drive that growth. That was not contemplated, obviously, in the previous guidance. So it's kind of the main reason. As we obviously thought about this guidance and look at our plans, we feel really good about them. What are the underlying assumptions to break it down a little bit. We definitely expect that the hamburger category will be slightly positive in traffic next year. That's our assessment. That's also the assessment of market research company that we are looking at (inaudible).

是的，布萊恩。我們增加指導的原因是我們投入了更多資金來推動成長。顯然，先前的指導意見中沒有考慮到這一點。所以這是主要原因。當我們顯然思考了這一指導並審視了我們的計劃時，我們對它們感覺非常好。稍微分解的基本假設是什麼。我們肯定預計明年漢堡類別的流量將略有成長。這就是我們的評估。這也是我們正在研究的市場研究公司的評估（聽不清楚）。

And if you look at on U.S. SRS, we are definitely expecting low single-digit traffic growth. Again, we are building frequency, right? We're building frequently in breakfast, we're building frequently in digital to drive traffic for us. We expect low single-digit prices. Your observation is correct. We have a carryover price of about 2%. We have a small price increase set up for the middle of the year. So that makes it about low single digit, and we expect the mix to be about flat.

如果你看看美國的 SRS，我們肯定預期流量成長率將呈現低個位數。再說一遍，我們正在建立頻率，對嗎？我們經常在早餐中進行建設，我們經常在數位領域進行建設以增加流量。我們預計價格將為低個位數。你的觀察是正確的。我們的結轉價格約為 2%。我們計劃在年中小幅漲價。因此，這使其約為低個位數，我們預計該組合將持平。

So that's the story. We obviously haven't given you all the details on all our commercial plans. We are highlighting breakfast. But again, rest of day, it's obviously a huge portion. We have a lot of exciting news and approaches for our consumer that makes us confident that guidance very realistic.

這就是故事。顯然我們還沒有向您提供我們所有商業計劃的所有細節。我們重點強調早餐。但同樣，在一天的其餘時間裡，這顯然是一個很大的部分。我們為消費者提供了許多令人興奮的消息和方法，這使我們相信該指導非常現實。

Our next question comes from Dennis Geiger from UBS.

我們的下一個問題來自瑞銀集團的丹尼斯蓋革。

Great. And congratulations. Wondering if you guys could talk a little bit more about your customer, whether you're seeing anything as far as customer behaviors or spending patterns changing? I think, GP, you just mentioned a little bit around the consumer pressure, and I think you talked about value within that context. So curious if anything more to expand also on the brand's value offering, anything on maybe value perception scores and maybe at a high level, just value plans for the year, if there's a way to kind of frame that up for us?

偉大的。恭喜你。想知道你們是否可以多談談你們的客戶，你們是否看到客戶行為或消費模式改變了？我認為，GP，您剛剛提到了一些關於消費者壓力的內容，我認為您在這種背景下談到了價值。很好奇是否有更多的東西可以擴展品牌的價值提供，可能是價值認知得分，也許是高水平的東西，只是今年的價值計劃，是否有一種方法可以為我們制定框架？

Dennis, let me start with the answer, and then we have Kirk chip in if I forget anything. So you're right, right? The consumer is definitely under pressure, continues to be under pressure. The trend that the lower income consumer, which we define as somebody with a household income of less than $75,000. Traffic is down with them. Our share is unchanged. So we are not losing there.

丹尼斯，讓我從答案開始，如果我忘了什麼，我們會讓柯克幫忙。所以你是對的，對吧？消費者肯定承受著壓力，並且繼續承受壓力。低收入消費者的趨勢，我們將其定義為家庭收入低於 75,000 美元的人。他們的交通量下降了。我們的份額沒有變化。所以我們並沒有在這方面失敗。

Same thing on the higher household income consumer. Traffic there is up. And again, our share is unchanged. So that's my overall in the quarter, our dollar and traffic share was unchanged. So value is going to be important. I think our barbell strategy of offering a Biggie Bag up to what I would call super premium with Made to Crave, I think is definitely helping all our consumer bases. The high-income consumer is probably tending more to the higher-priced items in the menu and vice versa. So that's kind of the consumer dynamics.

對於家庭收入較高的消費者也是如此。那裡的交通量增加了。再說一遍，我們的份額沒有變化。這就是我本季的整體情況，我們的美元和流量份額沒有變化。所以價值將變得很重要。我認為我們的槓鈴策略是透過 Made to Crave 提供我所謂的超優質的 Biggie Bag，我認為這肯定會幫助我們所有的消費者群。高收入消費者可能更傾向於菜單中價格較高的商品，反之亦然。這就是消費者動態。

If you look at the history of the category, you definitely find that net disposable income and miles driven are pretty big correlators. And expectation is clearly that net disposable income should go slightly up sequentially, right? Why do we believe this? Economy is doing pretty well. We are basically in full employment. Gross inflation is coming down. So quarter versus quarter, that the consumer should start to see net disposable income coming up slightly, feel a little bit richer and feel a little bit like, yes, you know what, I can treat myself and come a little bit more often into the restaurant. Fuel costs came down a little bit, so driving around mobility has come a little bit better. So all of that explains a little bit our position on the category should do a little bit better, and we would absolutely expect that we would perform at least in line with the category.

如果您查看該類別的歷史，您肯定會發現可支配淨收入和駕駛里程是相當大的相關因素。預期顯然可支配淨收入應該會略有上升，對吧？我們為什麼相信這一點？經濟表現相當不錯。我們基本上處於充分就業狀態。總通膨率正在下降。因此，與季度相比，消費者應該開始看到可支配淨收入略有上升，感覺更富有了一點，並且感覺有點像，是的，你知道嗎，我可以善待自己，更頻繁地進入餐廳。燃油成本有所下降，因此駕駛的流動性也有所改善。因此，所有這些都說明了我們在該類別上的立場應該做得更好一點，並且我們絕對希望我們的表現至少與該類別一致。

Yes. Look, I would just add, in my early days here, I'm seeing the Biggie Bag, looking at consumer trends and consumer feedback. Our consumers love Biggie. And that is a real platform we'll continue to build on. Value is going to be incredibly important. It also gives me the confidence of why we're building this digital capability so that we can give personalized value. We can also create that loyalty and have momentum in loyalty.

是的。聽著，我想補充一點，在我剛來這裡的時候，我看到了 Biggie Bag，關注了消費者趨勢和消費者回饋。我們的消費者喜歡 Biggie。這是我們將繼續發展的真正平台。價值將變得非常重要。這也讓我對為什麼我們要建立這種數位能力充滿信心，以便我們能夠提供個人化的價值。我們還可以創造這種忠誠度並擁有忠誠度的動力。

So digital is another avenue for us to drive value and the quality that we have at Wendy's.

因此，數位化是我們提升 Wendy's 價值和品質的另一個途徑。

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

我們的下一個問題來自 Stifel 的 Chris O'Cull。

Kirk, welcome to the call. Thanks for the information about the plans for '24. But I would like to hear your thoughts about the company's longer-term strategic priorities or at least if the company is going through a process to kind of evaluate whether the right long-term growth priorities are in place. And what I mean by this, for example, are things like whether the company should be focused on international development outside of North America is the right strategy or whether it should maybe consider franchising multiple domestic brands? I'd love your thoughts on that.

柯克，歡迎您的來電。感謝您提供有關 '24 計劃的資訊。但我想聽聽您對公司長期策略重點的看法，或至少公司是否正在經歷一個評估是否制定了正確的長期成長重點的流程。例如，我的意思是，公司是否應該專注於北美以外的國際發展是正確的策略，或者是否應該考慮特許經營多個國內品牌？我很想聽聽你對此的想法。

Chris, yes, good to meet you. Yes, one of the things that attracted me to Wendy's was certainly the potential for profitable growth and the expansion opportunities that we have. I mentioned earlier that 90% of our development, we can see full line of sight up through '25. One of the big growth opportunities certainly is both domestic and international expansion. We have a brand that certainly travels outside the U.S. and has the capability to provide great value and profitability and returns to franchisees. So we've recently brought on another 70 franchisees and approved another group of franchisees to drive that development. .

克里斯，是的，很高興認識你。是的，溫蒂吸引我的原因之一當然是我們擁有的獲利成長潛力和擴張機會。我之前提到過，我們 90% 的開發，我們可以在 25 年之前看到完整的視線。巨大的成長機會之一無疑是國內和國際擴張。我們的品牌肯定會在美國以外的地區傳播，並且有能力為特許經營商提供巨大的價值、盈利能力和回報。因此，我們最近又引進了 70 家特許經營商，並批准了另一組特許經營商來推動這一發展。 。

We're looking at international development as a real opportunity. We will build -- put a flag in several different countries that we can build brand awareness, drive profitable growth. Yes, that is -- I got to tell you, that is one of the things that excited me the most about joining Wendy's. That is in addition to driving SRS growth in our digital platform, unit growth, both domestically and internationally, is the clear priority for us.

我們將國際發展視為一個真正的機會。我們將在幾個不同的國家樹立一面旗幟，以提高我們的品牌知名度，推動獲利成長。是的，那就是——我必須告訴你，這是加入溫迪最讓我興奮的事情之一。除了推動我們數位平台的 SRS 成長之外，國內和國際單位的成長也是我們的首要任務。

Our next question comes from Eric Gonzalez from KeyBanc.

我們的下一個問題來自 KeyBanc 的 Eric Gonzalez。

My question is at the late-night daypart. I don't think we really talked about it that much on the prepared remarks. So maybe you can discuss how that performed during the fourth quarter and whether you continue to view that as a growth driver in '24.

我的問題是在深夜時段。我認為我們在準備好的發言中並沒有真正談論太多。因此，也許您可以討論第四季度的表現如何，以及您是否繼續將其視為 24 年的成長動力。

Eric, yes, really happy with the late-night daypart in the -- we grew in the fourth quarter about mid-teens year-over-year. So that was really a nice sales driver for us in 2023. As you know, right, we've managed now to get really good support from franchisees on that initiative. About 90% of our company, rest of our restaurants are open to midnight or even a little bit later. We love that business. It has high average check. It's really good for the delivery business. So we like all of that. I would, however, say is that's in the base. I think it's going to be a valuable sales layer going forward, but I would not expect the outsized high teen growth rate that we have seen in '23 to repeat itself in 2024.

艾瑞克，是的，對深夜時段非常滿意——我們在第四季度同比增長了大約十幾歲。因此，這對我們 2023 年的銷售確實是一個很好的推動力。正如您所知，我們現在已經成功地從特許經營商那裡獲得了對該計劃的大力支持。我們公司大約 90% 的餐廳以及其餘餐廳營業至午夜，甚至更晚一些。我們喜歡這個行業。它的平均檢查率很高。這對快遞業務來說確實是好事。所以我們喜歡這一切。然而，我想說的是，那是在基地裡。我認為這將成為未來一個有價值的銷售層，但我預計我們在 23 年看到的超高青少年成長率不會在 2024 年重演。

Our next question comes from John Ivankoe from JPMorgan.

我們的下一個問題來自摩根大通的約翰·伊万科。

So the question -- and I have two, if you don't mind. The question on international, and especially the idea of putting a flag in certain international markets to drive opportunity. In some cases, U.K. specifically, it's a mature market. There's a number of competitors that have a lot of scale in that market. You are very -- relatively new and very subscale in that market. So you may be applying some of your PepsiCo type of experience. How can Wendy's come in and break in a mature market where scale has already been established even by some very long-term competitors. Just kind of give us that path to success, if you don't mind.

那麼問題來了——如果你不介意的話，我有兩個問題。關於國際的問題，尤其是在某些國際市場上插旗以推動機會的想法。在某些情況下，特別是英國，這是一個成熟的市場。有許多競爭對手在該市場上具有很大的規模。你們在那個市場上是相對較新的、規模很小的。因此，您可能正在應用一些百事可樂類型的經驗。溫蒂如何進入並打入一個成熟的市場，即使是一些非常長期的競爭對手也已經形成了規模。如果你不介意的話，請給我們一條成功之路。

Yes. Well, that's a -- I think you're on to something here, especially with the U.K. One thing that I love about what we have is we have this quality differentiation that really plays in that market. We've seen real momentum in the U.K., and that's something -- enough, we have enough evidence with winning over customers with our quality that -- which is very differentiated, which is meaningful for the U.K. consumer. We've seen the growth, and we will continue to build in that market along with other markets. But in that example, we have enough momentum, enough evidence where we have brand love, brand awareness. And those are the things you think about when you're building a market is, wow, the awareness, what you're famous for, differentiation, and we have momentum. So I feel really good about where we're going internationally. And to your example, the U.K. is a very strong market and has tons of potential for the future.

是的。嗯，我認為你在這裡有所了解，尤其是在英國。我喜歡我們所擁有的一件事是，我們擁有真正在該市場發揮作用的品質差異化。我們在英國看到了真正的勢頭，這已經足夠了，我們有足夠的證據以我們的品質贏得客戶，這是非常差異化的，這對英國消費者來說是有意義的。我們已經看到了成長，我們將繼續在該市場以及其他市場上發展。但在這個例子中，我們有足夠的動力、足夠的證據表明我們有品牌熱愛和品牌知名度。這些是你在建立市場時要考慮的事情，哇，意識，你的出名之處，差異化，我們有動力。所以我對我們在國際上的發展方向感到非常滿意。就你的例子來說，英國是一個非常強大的市場，未來擁有巨大的潛力。

And John, I also wanted to add that also our franchisees are super excited, right? We have 10 franchise restaurants in the United Kingdom. Plus 14 REEF units and 12 company units. And the initial results that our U.K. franchisees saw excited them so much that actually -- really in the increased the development commitments and so like look, there's something there resonate with the U.K. consumers, we are so confident that we want to sign additional commitments to help you grow the market. So I think it's another good data point to think about that we probably got the entry into the U.K., right? It's a springboard for us into Europe and really think the investment is going to pay off nicely for us and for our shareholders.

約翰，我還想補充一點，我們的特許經營者也非常興奮，對吧？我們在英國擁有 10 家特許經營餐廳。另外還有 14 個 REEF 單位和 12 個公司單位。我們的英國特許經營商看到的初步結果讓他們非常興奮，實際上，實際上，在增加的開發承諾中，看起來，有一些東西與英國消費者產生了共鳴，我們非常有信心，我們希望簽署額外的承諾幫助您拓展市場。所以我認為這是另一個值得考慮的好數據點，我們可能已經進入了英國，對嗎？這是我們進入歐洲的跳板，我們確實認為這項投資將為我們和我們的股東帶來豐厚的回報。

Our next question comes from Andrew Strelzik from BMO.

我們的下一個問題來自 BMO 的 Andrew Strelzik。

Great. My question is on the restaurant margin outlook you provided for the U.S. business, obviously, expecting some nice margin expansion there. So I guess I was just hoping you could break that down a little bit. How much are you expecting that breakfast is going to contribute in '24? How much visibility do you have on the commodity inflation side, the thought that you mentioned? And as you think about balancing value and premium, I don't know if you're expecting mix to be a positive contributor or negative. I'm just curious for a little more texture on the margin outlook.

偉大的。我的問題是關於您為美國業務提供的餐廳利潤率前景，顯然，預計那裡的利潤率會出現一些不錯的增長。所以我想我只是希望你能把它分解。您預計 24 世紀早餐將貢獻多少？您對商品通膨方面（您提到的想法）有多少了解？當你考慮平衡價值和溢價時，我不知道你期望混合是正面的還是負面的。我只是對利潤前景有更多的了解。

Andrew, yes, we feel really confident about the guidance of 100 basis points up to 16% to 17%. It's definitely sales leverage, right? So the 50% growth of breakfast over the next 2 years, drives some of the profitability. Same with digital, right? As you know, check remains elevated versus the nondigital check that drives things for us. We have a couple of projects out there on kind of pure cost management to help get margin expansion going for us.

安德魯，是的，我們對 100 個基點至 16% 至 17% 的指導非常有信心。這絕對是銷售槓桿，對吧？因此，早餐在未來兩年內成長 50%，將推動部分獲利能力。數字也一樣吧？如您所知，與為我們推動業務的非數位支票相比，支票仍然較高。我們有幾個純粹的成本管理項目，以幫助我們擴大利潤。

Pricing, right? I talked about low single-digit pricing in the context of an expectation that commodities is going to be flat for us in 2024 and labor inflation in line with history, about 3% to 5%. A little bit of color on the commodity front. We definitely expect chicken to be deflationary for us, beef and fries, inflationary. All of that balances out to flat. From a visibility point of view, about 75% of our commodity pricing is locked down. The remaining 25%, as you know, a decent amount of that is beef, as you know, we cannot lock that down throughout the year. So it's kind of the color on restaurant margin for you.

定價，對嗎？我談到低個位數定價是在預期 2024 年大宗商品價格將持平，勞動力通膨率與歷史水準一致（約 3% 至 5%）的背景下。商品正面有點色彩。我們肯定預期雞肉對我們來說會出現通貨緊縮，而牛肉和薯條則會出現通貨膨脹。所有這些都平衡為持平。從可見性的角度來看，我們大約 75% 的商品定價是被鎖定的。剩下的 25%，如你所知，其中相當一部分是牛肉，如你所知，我們不能全年鎖定它。所以這對你來說是一種餐廳利潤的顏色。

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

我們的下一個問題來自加拿大皇家銀行資本市場的克里斯·卡里爾。

So GP, I believe you mentioned an increase in company newbuilds. So can you expand maybe a bit more on that, what the plan is there, both near term and long term? Just maybe touching on the impact of franchise mix, whether you plan to refranchise those new builds over time? Just any further detail on the company-owned strategy?

GP，我相信您提到了公司新建船的增加。那麼您能否進一步闡述近期和長期的計畫是什麼？也許只是觸及特許經營組合的影響，您是否計劃隨著時間的推移重新特許經營這些新建築？關於公司策略的更多細節嗎？

Yes. So overall, it's not a departure for our strategy. It's a little bit of leaning in, putting our money where our mouth is. We're going to stay asset light. As you know, our company restaurant ownership is about 5.7% at the end of this last year. It will hover around the growth of the rest of the system to about the same level. You can definitely expect that we're going to continue to build out the U.K. footprint. So that's about -- we're sitting at 12 restaurants currently. In the next couple of years, you can expect a growth to about 20 restaurants. We're also going to build out some of our existing markets in the U.S. a little bit further.

是的。所以總的來說，這並沒有偏離我們的策略。這是一點點傾斜，把我們的錢放在我們嘴邊。我們將保持輕資產。如您所知，截至去年年底，我們公司餐廳的持股比例約為 5.7%。它將圍繞系統其餘部分的增長徘徊到大約相同的水平。您絕對可以預期我們將繼續擴大在英國的足跡。就是這樣——我們目前有 12 家餐廳。在接下來的幾年裡，預計餐廳數量將增加到約 20 家。我們也將進一步拓展美國一些現有的市場。

So that's kind of the color on us leading in. It is not a departure from an asset-light structure. We are just demonstrating through franchisees that there's money to be made. That's a great financial return to be had when we build restaurants these days with the margin structures that we have and the AUVs that we have and the margin outlook that we have.

所以這就是我們領先的顏色。這並不是背離輕資產結構。我們只是透過特許經營者證明有錢可賺。如今，當我們利用現有的利潤結構、AUV 以及我們的利潤前景來建造餐廳時，可以獲得巨大的財務回報。

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

我們的下一個問題來自美國銀行的 Sara Senatore。

Just wanted a follow-up question on the competitive environment. I know third quarter, you exited, I think, with positive traffic. You talked about fourth quarter, you kind of maintained your share and the traffic, I think, dipped negative. So could you just maybe talk about the -- how much of that was the market versus maybe your menu news or marketing? And as you think about getting to positive traffic in the year ahead, with -- not to belabor this, but maybe if you could press on some of the levers? Is it just the marketing dollars or are you expecting perhaps some improvement in the operating or competitive environment too?

只是想問一個有關競爭環境的後續問題。我知道第三季你退出時，我認為流量是正面的。您談到了第四季度，您保持了自己的份額，但我認為流量下降了。那麼您能否談談—其中有多少是市場與您的菜單新聞或行銷？當你考慮在未來一年獲得積極的流量時，--不是要詳細說明這一點，但也許你可以按下一些槓桿？僅僅是行銷費用還是您期望營運或競爭環境也能有所改善？

Yes, it's a comment on the quarter 4, I would say it's really the category. The category was relatively soft. We performed in line with the category. I think we had a pretty decent program out there in quarter 4, will be pushed breakfast a little bit with the English Muffin and obviously, starting to instill the expectation with consumers on a 2 for $3 meal deal that is representing great value. So I would say the category in the fourth quarter was probably a little bit softer than we thought. We stayed obviously within the sales guidance that we had given of 6% to 7%, but we ended on the slightly lower side, but didn't obviously miss it.

是的，這是對第四季度的評論，我想說這確實是類別。該品類相對較軟。我們的表現符合類別。我認為我們在第 4 季制定了一個相當不錯的計劃，將早餐與英式鬆餅一起推出，顯然，開始向消費者灌輸對 2 美元 3 美元套餐的期望，這代表著巨大的價值。所以我想說第四季的類別可能比我們想像的要軟一些。我們顯然保持在我們給出的 6% 到 7% 的銷售指導範圍內，但我們最終的結果略低，但並沒有明顯錯過。

And again, we're encouraged about the programming for next year. Breakfast is important. And that's not the only thing we are doing. There is a decent amount of innovation across all our main product lines on rest of day that are going to fuel the business on the digital side and together with the breakfast business. That's kind of enough color I can give on that one.

我們再次對明年的計劃感到鼓舞。早餐很重要。這並不是我們正在做的唯一事情。在一天的其餘時間裡，我們所有的主要產品線都有大量的創新，這將推動數位方面的業務以及早餐業務。我可以給那個顏色足夠的顏色。

All right. Thank you, Sara. That was our last question of the call. Thank you, Kirk and GP, and thank you, everyone, for participating this morning. We will look forward to speaking with you again on our first quarter call in May. Have a great day. You may now disconnect.

好的。謝謝你，薩拉。這是我們電話會議的最後一個問題。謝謝柯克和全科醫生，也謝謝大家今天早上的參與。我們期待在五月的第一季電話會議上再次與您交談。祝你有美好的一天。您現在可以斷開連線。

Ladies and gentlemen, this concludes today's call. Thank you for joining. You may now disconnect your lines. Thank you.

女士們、先生們，今天的電話會議到此結束。感謝您的加入。現在您可以斷開線路。謝謝。