Wendy's Co (WEN) 2024 Q3 法說會逐字稿

Good morning.

早安.

Welcome to the Wendy's Company earnings results conference call.

歡迎參加溫迪公司收益電話會議。

(Operator Instructions)

（操作員說明）

Thank you.

謝謝。

You may begin your conference.

您可以開始您的會議了。

Good morning, and thank you for joining our fiscal 2024 third-quarter earnings conference call.

早安，感謝您參加我們的 2024 財年第三季財報電話會議。

After this brief introduction, Kirk Tanner, President and Chief Executive Officer, will provide a business update, and then Gunter Plosch, Chief Financial Officer, will review our third-quarter results and share our updated financial outlook.

在簡短介紹之後，總裁兼首席執行官柯克·坦納(Kirk Tanner) 將提供業務最新情況，然後首席財務官岡特·普洛斯(Gunter Plosch) 將回顧我們的第三季度業績並分享我們最新的財務展望。

From there, we will open up the line for questions.

從那裡，我們將開放提問熱線。

Today's conference call and webcast includes a presentation which is available on our investor relations website, ir.wendys.com.

今天的電話會議和網路廣播包括一個演示文稿，可在我們的投資者關係網站 ir.wendys.com 上查看。

Before we begin, please take note of the Safe Harbor statement that appears at the end of today's earnings release.

在我們開始之前，請注意今天收益發布末尾出現的安全港聲明。

This disclosure reminds investors that certain information we discuss today is forward looking and reflects our current expectations about future plans and performance.

本揭露提醒投資者，我們今天討論的某些資訊具有前瞻性，反映了我們當前對未來計劃和業績的預期。

Various factors could affect our results and cause those results to differ materially from the projections set forth in our forward-looking statements.

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。

Also, some of today's comments will reference non-GAAP financial measures.

此外，今天的一些評論將參考非公認會計準則財務指標。

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 today's earnings release.

投資者應在本簡報末尾或今天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。

If you have questions following today's conference call, please contact me.

如果您在今天的電話會議後有任何疑問，請與我聯絡。

I will now hand it over to Kirk.

我現在將其交給柯克。

Good morning, everyone, and thank you, Aaron.

大家早安，謝謝你，亞倫。

As many of you know, Aaron joined us in September to lead investor relations, and we are excited to have him aboard.

正如你們許多人所知，Aaron 在 9 月加入我們，負責領導投資者關係，我們很高興他加入。

I'm going to start with some high-level results and drivers in the quarter, and then we'll get into some of the initiatives we are working on to strengthen the Wendy's brand and its operations across the company and our franchisees.

我將從本季度的一些高水平業績和驅動因素開始，然後我們將討論我們正在採取的一些舉措，以加強溫迪品牌及其在整個公司和特許經營商的運營。

I'll then hand it over to GP to talk more about our third-quarter performance and updated outlook.

然後我將把它交給普通合夥人，更多地討論我們第三季度的業績和最新的前景。

During the third quarter, our restaurants continued to grow sales as global system-wide and same-restaurant sales grew 1.8% and 0.2%, respectively.

第三季度，我們的餐廳銷售額持續成長，全球全系統銷售額和同餐廳銷售額分別成長 1.8% 和 0.2%。

In the US, we remained competitive as we held traffic share within the QSR burger category, which has been a bit more challenging than we anticipated coming into the third quarter.

在美國，我們保持了競爭力，因為我們在 QSR 漢堡類別中保持了流量份額，這比我們預期的第三季更具挑戰性。

Our team's focused execution allowed us to also maintain dollar share driven by consumer demand for our craveable core items, our impactful innovation, and relevant value.

我們團隊的專注執行使我們能夠維持由消費者對我們渴望的核心產品、我們有影響力的創新和相關價值的需求所驅動的美元份額。

The morning-day part continues to be a compelling growth opportunity, delivering a mid-single-digit sales increase compared to the prior year.

早間時段仍然是一個引人注目的成長機會，與前一年相比，銷售額實現了中個位數的成長。

Late-night sales also delivered strong performance, growing sales at a high-single-digit percentage compared to the prior year, driven by momentum in our delivery and digital businesses.

在我們的交付和數位業務動能的推動下，深夜銷售也表現強勁，與前一年相比，銷售額以高個位數百分比成長。

In our international segment, we achieved high-single-digit system-wide sales growth driven by nearly 100 new restaurant openings through the end of the third quarter.

在我們的國際部門，截至第三季末新開的近 100 家餐廳推動我們實現了全系統銷售額的高個位數成長。

International same-restaurant sales growth was led by our Canadian market, including a high-teen percentage growth in breakfast traffic.

國際同店銷售成長由加拿大市場帶動，其中早餐客流量實現了高百分比的成長。

Now, turning to our digital business, global digital sales grew almost 40% year over year, led by our US segment, delivering over 17% digital sales mix.

現在，轉向我們的數位業務，全球數位銷售額年增近 40%，其中美國部門領先，數位銷售額佔比超過 17%。

This growth was supported by enhancements to the Wendy's app that have enabled us to deliver an improved user experience.

這一增長得益於 Wendy's 應用程式的增強，使我們能夠提供更好的用戶體驗。

We now have about 45 million reward members enrolled.

我們現在約有 4500 萬獎勵會員註冊。

Now, that's up from 43 million at the end of the second quarter.

現在，這個數字比第二季末的 4,300 萬有所增加。

In addition, we opened 64 new Wendy's restaurants globally during the third quarter and remain on track to meet our goal of 250 to 300 openings for the full year.

此外，第三季我們在全球新開了 64 家 Wendy's 餐廳，並有望實現全年新開設 250 至 300 家餐廳的目標。

Turning now to some of the initiatives I am working on with the team.

現在談談我正在與團隊合作的一些舉措。

As most of you know, I have now been in the role nine months, and I can tell you I'm even more optimistic today on the potential for our brand and opportunities for the near- and long-term growth.

正如你們大多數人所知，我擔任這個職位已經九個月了，我可以告訴你們，今天我對我們品牌的潛力以及近期和長期成長的機會更加樂觀。

As we look ahead, we are focused on continuing to build love for Wendy's by delivering on our new brand promise -- fresh, famous food made right for you, every time in every restaurant, for every customer, every day.

展望未來，我們致力於透過兌現新的品牌承諾，繼續贏得人們對 Wendy's 的喜愛——每天在每家餐廳為每位顧客提供新鮮、著名的美食。

It means that we're doubling down on operational excellence, ensuring customers receive the same excellent experience across every Wendy's restaurant.

這意味著我們將加倍努力實現卓越運營，確保顧客在每家溫迪餐廳都能獲得同樣出色的體驗。

Our Wendy's promise is foundational to our culture, and it's delivered by inspiring our employees to always put the customer first, make every restaurant the star, operate the one best way, and own the responsibility to grow the Wendy's brand.

我們的 Wendy's 承諾是我們文化的基礎，它是透過激勵我們的員工始終將顧客放在第一位、讓每家餐廳成為明星、以最佳方式運作以及承擔發展 Wendy's 品牌的責任來實現的。

We have shared the brand promise with employees and franchisees at our recent convention, and it has been met with enthusiasm.

在最近的大會上，我們與員工和加盟商分享了品牌承諾，並得到了熱情的歡迎。

This promise is embedded in the framework I have established that will serve as our blueprint to relentlessly pursue long-term profitable growth.

這項承諾已融入我所建立的框架中，該框架將作為我們不懈追求長期獲利成長的藍圖。

The framework consists of four key elements -- drive same-restaurant sales and share growth, accelerate digital growth, and improve restaurant profitability -- all of which will drive net unit development.

該框架由四個關鍵要素組成——推動同店銷售和份額成長、加速數位成長以及提高餐廳獲利能力——所有這些都將推動淨單位的發展。

Achieving these goals will strengthen the Wendy's brand and reach more Wendy's fans worldwide with a consistent and high-quality experience.

實現這些目標將增強 Wendy's 品牌，並為全球更多 Wendy's 粉絲提供一致的高品質體驗。

Let me expand a bit on the actions we are taking, beginning with global unit development.

讓我詳細介紹我們正在採取的行動，首先是全球單位的發展。

Our enhanced US incentive programs rolled out in July are resonating with franchisees and are expected to support continued progress on our new restaurant pipeline.

我們於 7 月推出的強化美國激勵計劃引起了特許經營商的共鳴，預計將支持我們新餐廳管道的持續進展。

In September, we also announced new development incentives in Canada and Latin American countries, which are already sparking many development and renewal conversations.

九月，我們也在加拿大和拉丁美洲國家宣布了新的發展激勵措施，這引發了許多發展和復興對話。

As we continue to open new restaurants, we are using data-driven insights to target high-growth trade areas.

隨著我們不斷開設新餐廳，我們正在利用數據驅動的見解來瞄準高成長的貿易領域。

These new restaurants have delivered an exceptional customer experience, enhanced by technology and improved drive-through and delivery experiences, higher employee satisfaction levels under a more efficient labor model, and US AUVs above $2 million and operating margins above the system average.

這些新餐廳透過技術和改進的得來速和送貨體驗提供了卓越的客戶體驗，在更有效率的勞動力模式下提高了員工滿意度，美國AUV 超過200 萬美元，營業利潤率高於系統平均水平。

Overall, the Wendy's system is incredibly healthy, and our restaurant re-imaging has been completed at 89% of restaurants globally, and we want to further improve our restaurant footprint and overall system health.

總體而言，Wendy's 系統非常健康，我們的餐廳重新形像已在全球 89% 的餐廳完成，我們希望進一步改善我們的餐廳足跡和整體系統健康。

In order to do so, we conducted a robust review of individual restaurants to ensure they meet our expectations for sales, have the profitability to fuel growth, and deliver the Wendy's brand experience for customers.

為此，我們對各個餐廳進行了嚴格的審查，以確保它們滿足我們的銷售預期，具有推動成長的盈利能力，並為顧客提供溫迪的品牌體驗。

Following this review, I have made the strategic decision to close additional restaurants this year that are outdated and located in underperforming trade areas.

經過這次審查，我做出了戰略決定，今年將關閉更多過時且位於表現不佳的貿易區域的餐廳。

These restaurants have AUVs of approximately $1.1 million and operating margins well below the system average.

這些餐廳的 AUV 約為 110 萬美元，營業利潤率遠低於系統平均值。

We have designed this initiative to ensure that over time, many of these units will be replaced by new restaurants at better locations with significantly improved sales and profitability.

我們設計這項舉措是為了確保隨著時間的推移，許多這些單位將被位置更好的新餐廳所取代，從而顯著提高銷售額和盈利能力。

We anticipate that total closures in 2024, including additional closures in the fourth quarter, will be offset by new restaurant openings this year, leaving our net unit growth approximately flat compared to the prior year.

我們預計 2024 年的總關閉量（包括第四季度的額外關閉量）將被今年新開的餐廳所抵消，從而使我們的淨單位增長與上一年基本持平。

By the end of 2024, we will have opened more than 500 new restaurants over the last two years and have the confidence we will deliver an elevated growth in 2025 and the years to come.

到 2024 年底，我們將在過去兩年內開設 500 多家新餐廳，並有信心在 2025 年及未來幾年內實現高速成長。

As we shared last quarter, we have development commitments in place to meet our 2025 new build goal, which supports our previously stated outlook for 3% to 4% net unit growth.

正如我們上季度分享的那樣，我們做出了開發承諾，以實現 2025 年新建目標，這支持了我們先前提出的 3% 至 4% 淨單位成長的前景。

Now, let's turn to our plans to drive growth in the fourth quarter and beyond.

現在，讓我們談談推動第四季及以後成長的計劃。

We continue to expect sequential improvement in year-over-year sales growth from the third to the fourth quarter.

我們繼續預期第三季至第四季銷售年增將連續改善。

This will be driven by our commitment to putting the customer first in everything we do to deliver our craveable menu, impactful innovation, and relevant value.

這將由我們致力於將客戶放在第一位來推動，我們所做的一切都是為了提供令人垂涎的菜單、有影響力的創新和相關價值。

We have strong momentum, as earlier this month, we launched the Krabby Patty Burger and Pineapple Under the Sea Frosty celebrating SpongeBob's 25th anniversary.

我們勢頭強勁，本月早些時候，我們推出了蟹黃派漢堡和海底菠蘿霜，慶祝海綿寶寶誕生 25 週年。

We were excited to bring this fan favorite to life through innovation on two of our iconic core menu items, and we are executing this promotion in a way that only Wendy's can deliver.

我們很高興能夠透過對我們兩個標誌性核心菜單項目的創新，將這個粉絲最愛的菜餚變為現實，並且我們正在以只有 Wendy's 才能提供的方式來執行這項促銷活動。

This programming is resonating with consumers, generating a powerful response that is driving significant sales growth and earned media for the Wendy's brand.

該節目引起了消費者的共鳴，產生了強烈的反響，推動了溫迪品牌的銷售顯著增長並贏得了媒體關注。

We are very pleased that the initial performance has exceeded our expectations.

我們很高興最初的表現超出了我們的預期。

This is a great example of what we can deliver when we bring our innovation, marketing, and execution capabilities together.

這是一個很好的例子，說明了當我們將創新、行銷和執行能力結合在一起時，我們可以提供什麼。

Looking ahead, we are building on this momentum with a strong lineup of campaigns launching in the upcoming weeks.

展望未來，我們將在未來幾週內推出一系列強大的活動，以鞏固這一勢頭。

We will feature an innovative new Salted Caramel Frosty flavor, the return of a customer favorite Mushroom Bacon Cheeseburger, and national media showcasing our iconic Spicy Chicken Sandwich.

我們將推出創新的鹹焦糖霜口味、顧客喜愛的蘑菇培根起司漢堡的回歸，以及全國媒體展示我們標誌性的辣雞肉三明治。

Building on our marketing efforts, we are evolving our national advertising and digital strategies.

在我們的行銷工作的基礎上，我們正​​在發展我們的國家廣告和數位策略。

Our new campaigns incorporate the Gotta be Wendy's tagline and highlight our delicious food as the hero.

我們的新活動融入了“Gotta be Wendy's”口號，並突出了我們作為英雄的美味食物。

We're pleased with the traction this approach has gained and look forward to sharing more as we progress.

我們對這種方法所獲得的關注感到高興，並期待隨著我們的進展分享更多資訊。

Moving on to our commitment on restaurant profitability, I see significant potential to strengthen our position and profit-accretive categories like beverages.

繼續我們對餐廳獲利能力的承諾，我看到了加強我們的地位和飲料等利潤成長類別的巨大潛力。

Extending our partnership with Coca-Cola is one of the ways we are doing this.

擴大與可口可樂的合作關係是我們這樣做的方式之一。

Our new agreement enables us to grow this highly profitable segment, leveraging the Coca-Cola Freestyle platform, which offers more than 100 drink choices.

我們的新協議使我們能夠利用可口可樂 Freestyle 平台（該平台提供 100 多種飲料選擇）來發展這個高利潤細分市場。

We also have plans to add beverage options aligned with modern consumer preferences.

我們也計劃增加符合現代消費者喜好的飲料選擇。

And right now, we're giving our beverage business a boost as we kick off the fourth quarter with $1 any size drink promotion.

現在，我們在第四季度開始時推出了任意尺寸飲料 1 美元的促銷活動，從而推動了我們的飲料業務。

Another category where we will drive margin improvement is through breakfast sales growth, which we anticipate will continue to outpace the rest of day.

我們將推動利潤率改善的另一個類別是透過早餐銷售成長，我們預計早餐銷售成長將繼續超過一天中的其他時間。

As part of our company investment in breakfast advertising, we recently launched national media for our breakfast burritos and are encouraged by the consistency of our breakfast growth.

作為我們公司早餐廣告投資的一部分，我們最近推出了早餐捲餅的全國媒體，並對我們早餐的持續成長感到鼓舞。

In addition, our fresh AI voice-enabled order taking provides us with another opportunity to enhance margins.

此外，我們全新的人工智慧語音接單為我們提供了另一個提高利潤的機會。

This technology boosts labor efficiency and allows crew members to spend more time on activities that elevate the customer experience.

這項技術提高了勞動效率，讓機組人員將更多時間花在提升客戶體驗的活動上。

We are encouraged by the results of testing at select company restaurants, and we will broaden the implementation in 2025 across more company and franchisee restaurants that will unlock margin expansion opportunities.

我們對選定公司餐廳的測試結果感到鼓舞，我們將在 2025 年在更多公司和特許經營餐廳中擴大實施範圍，從而釋放利潤擴張機會。

Our pursuit across these initiatives gives us the confidence in our outlook for accelerated growth and profitability to close out 2024 and beyond.

我們對這些措施的追求讓我們對 2024 年及以後的加速成長和獲利前景充滿信心。

Looking ahead, I'm excited about the future and our vision for Wendy's to reach its full potential.

展望未來，我對未來以及我們對溫蒂充分發揮潛力的願景感到興奮。

Our ability to deliver profitable growth and create shareholder value is grounded in our focus on the execution of our strategic priorities that build on our brand promise.

我們實現獲利成長和創造股東價值的能力是基於我們專注於執行以我們的品牌承諾為基礎的策略重點。

We look forward to sharing more details about our long-term growth strategy and execution plans at our Investor Day, which will be held on March 5, 2025.

我們期待在 2025 年 3 月 5 日舉行的投資者日上分享有關我們長期成長策略和執行計劃的更多細節。

Finally, I want to express my appreciation to all of our employees, franchisees, and suppliers for their dedication and outstanding contributions.

最後，我要向我們所有的員工、加盟商和供應商表示感謝，感謝他們的奉獻和傑出貢獻。

I'll now turn it over to GP to share more details on our third-quarter results.

我現在將其轉交給普通合夥人，分享有關我們第三季業績的更多細節。

Thanks, Kirk.

謝謝，柯克。

In the third quarter, our global system-wide sales grew 1.8%, 6.6% on a two-year basis, supported by global same-restaurant sales growth across both our US and international segments and contributions from new restaurants opened this year.

第三季度，我們的全球全系統銷售額年增 1.8%，較兩年前增長 6.6%，這得益於我們美國和國際部門的全球同店銷售額增長以及今年新開餐廳的貢獻。

Our US company restaurant margin was 15.6%, flat to prior year.

我們的美國公司餐廳利潤率為 15.6%，與前一年持平。

The impact of higher average check and labor efficiencies was offset by labor rate inflation and customer count declines.

較高的平均支票和勞動力效率的影響被勞動力價格上漲和客戶數量下降所抵消。

The increase in G&A was primarily driven by an increase in employee compensation and benefits and an increase in professional fees.

一般行政費用的增加主要是因為員工薪資和福利的增加以及專業費用的增加。

These were partially offset by a decrease in incentive compensation accruals.

這些被應計激勵薪酬的減少部分抵銷。

Adjusted EBITDA decreased 2.9% to approximately $135 million, resulting primarily from an increase in the company's incremental investment in breakfast and the increase in general and administrative expenses.

調整後 EBITDA 下降 2.9%，至約 1.35 億美元，主要是由於公司對早餐的增量投資增加以及一般和管理費用的增加。

These were partially offset by increases in franchise royalty revenue, other operating income, and net rental income.

這些收入被特許權使用費收入、其他營業收入和淨租金收入的成長部分抵銷。

The decrease in adjusted earnings per share was driven by lower adjusted EBITDA, an increase in depreciation, and a higher effective tax rate.

調整後每股盈餘的下降是由於調整後 EBITDA 降低、折舊增加和有效稅率提高所致。

These were partially offset by fewer shares outstanding due to the company's share repurchase program.

由於該公司的股票回購計劃，流通股數量減少，部分抵消了這些影響。

Finally, the increase in free cash flow resulted primarily from a decrease in cash paid for cloud computing arrangements and a decrease in capital expenditures.

最後，自由現金流的增加主要是由於雲端運算安排支付的現金減少和資本支出減少。

These were partially offset by the company's incremental investment in breakfast advertising.

這些被公司對早餐廣告的增量投資部分抵消。

Now, let's turn to our expectations for 2024.

現在，讓我們談談對 2024 年的期望。

As Kirk said, we are competing well and are pleased to have maintained traffic share in the third quarter.

正如柯克所說，我們的競爭很好，很高興在第三季保持了流量份額。

However, given a softer category environment in the third quarter, we now expect full-year global system-wide sales growth of approximately 3%, made up of 1% to 2% same-restaurant sales growth and contributions from new restaurants opened this year.

然而，鑑於第三季品類環境較為疲軟，我們目前預計全年全球全系統銷售額成長約為 3%，其中包括 1% 至 2% 的同店銷售額成長以及今年新開餐廳的貢獻。

We have strong momentum to start the fourth quarter with October US same-restaurant sales accelerating significantly compared to the third quarter, giving us confidence in achieving our updated 2024 same-restaurant sales outlook.

我們在第四季開始勢頭強勁，10 月份美國同店銷售較第三季顯著加速，這讓我們對實現更新的 2024 年同店銷售前景充滿信心。

Our adjusted EBITDA outlook of $535 million to $545 million remains unchanged.

我們調整後的 EBITDA 前景為 5.35 億美元至 5.45 億美元，維持不變。

The impact of our updated system-wide sales outlook is being offset by incremental franchise fees related to the additional restaurant closures in the fourth quarter and lower general and administrative expense.

我們更新的全系統銷售前景的影響被第四季度額外關閉的餐廳相關的增量特許經營費以及較低的一般和管理費用所抵消。

With one quarter left to go in the year, we have narrowed our US company-operated restaurant margin expectation to 15% to 16% and our outlook for adjusted EPS to $0.99 to $1.01.

今年還剩一個季度，我們將美國公司經營的餐廳利潤率預期縮小至 15% 至 16%，調整後每股收益預期至 0.99 美元至 1.01 美元。

Finally, we continue to expect capital expenditures of $90 million to $100 million and free cash flow of $275 million to $285 million.

最後，我們仍然預期資本支出為 9,000 萬至 1 億美元，自由現金流為 2.75 億至 2.85 億美元。

Now, I'd like to highlight our capital allocation policy which remains unchanged.

現在，我想強調一下我們的資本配置政策沒有改變。

Our first priority is still investing in profitable growth, which we will continue to do while holding true to our asset-light model.

我們的首要任務仍然是投資獲利成長，我們將繼續這樣做，同時堅持我們的輕資產模式。

Secondly, today, we announced the declaration of our fourth-quarter dividend of $0.25 per share, reflecting a full-year dividend of $1 per share in 2024.

其次，今天我們宣布宣布第四季股息為每股 0.25 美元，相當於 2024 年全年股息為每股 1 美元。

This represents an industry-leading mid-single-digit dividend yield and aligns with our commitment to sustain an attractive dividend.

這代表了業界領先的中個位數股息收益率，符合我們維持有吸引力股息的承諾。

Lastly, our capital allocation policy gives us the flexibility to use excess cash to repurchase shares and reduce debt.

最後，我們的資本配置政策使我們能夠靈活地使用多餘的現金回購股票並減少債務。

Year to date through October 24, we have repurchased approximately 3.6 million shares and have approximately $248 million remaining on our $500 million share repurchase authorization expiring in February of 2027.

今年迄今，截至 10 月 24 日，我們已回購約 360 萬股股票，5 億美元的股票回購授權將於 2027 年 2 月到期，剩餘資金約為 2.48 億美元。

We continue to anticipate total share repurchases in 2024 of approximately $75 million.

我們繼續預期 2024 年股票回購總額約為 7,500 萬美元。

We are fully committed to delivering our simple yet powerful formula.

我們完全致力於提供簡單而強大的配方。

As an efficient growth company, we drive system-wide sales growth supported by positive same-restaurant sales and expanding global footprint.

作為一家高效成長的公司，我們在積極的同店銷售和不斷擴大的全球足跡的支持下推動了整個系統的銷售成長。

This is translating into significant free cash flows, which supports meaningful return of cash to shareholders through an attractive dividend and share repurchases.

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。

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

接下來，我將把事情交給 Aaron 來分享我們即將推出的 IR 日曆。

Thank you, GP.

謝謝你，全科醫生。

On November 19, we will be in Chicago for an NDR hosted by Morgan Stanley, after which we will head to the Stephens Investment Conference in Nashville on November 20.

11 月 19 日，我們將在芝加哥參加由摩根士丹利主辦的 NDR，之後我們將前往 11 月 20 日在納許維爾舉行的史蒂芬斯投資會議。

On December 3, we will participate in the Barclays Eat, Sleep and Play Conference in New York City.

12 月 3 日，我們將參加在紐約市舉行的巴克萊飲食、睡眠和娛樂會議。

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.

如果您有興趣參加我們的任何活動，請聯絡主辦公司相應的賣方分析師或股權銷售聯絡人。

Lastly, we plan to report our fourth-quarter and full-year earnings and host a conference call on February 13, 2025.

最後，我們計劃報告第四季和全年收益，並於 2025 年 2 月 13 日召開電話會議。

And as mentioned earlier, we will hold an Investor Day on March 5, with more details to come later.

如前所述，我們將於 3 月 5 日舉辦投資者日，稍後將提供更多詳細資訊。

We will now transition to the Q&A part of the call.

我們現在將過渡到電話會議的問答部分。

Due to the high number of covering analysts, please limit yourself to one question only.

由於涵蓋分析師的數量較多，請限制您只回答一個問題。

Operator, please queue up the first question.

接線員，請排隊第一個問題。

(Operator Instructions) David Palmer, Evercore ISI.

（操作員說明）David Palmer，Evercore ISI。

Thanks.

謝謝。

I'll try to squeeze in a two-parter.

我會嘗試擠進兩個部分。

Really unrelated, but the unit growth outlook, I wonder how you're thinking about that now.

確實不相關，但單位成長前景，我想知道你現在怎麼想的。

I know you had some closures that might prove temporary as a drag to net unit growth in the US.

我知道你們關閉了一些工廠，這些工廠可能只是暫時的，會拖累美國的淨單位成長。

And at the same time, it looks pretty bright what's going on in terms of international development.

同時，國際發展的情況看起來相當光明。

I'm wondering if you're thinking about more of an international skew to your development going forward, how you're thinking about that.

我想知道您是否更多地考慮國際化對您未來發展的影響，您是如何考慮的。

And as far as the marketing goes, Krabby Patty has clearly been a big win.

就行銷而言，Krabby Patty 顯然取得了巨大的勝利。

I'm wondering how you're thinking about more platform-ish type renovations, innovations, things that seem to have more of a longer curve to them.

我想知道你是如何考慮更多平台式的改造、創新，以及那些似乎有更長曲線的東西。

I mean, these types of activations are great, but I'm wondering if you're also working on some bigger stuff that we should be thinking about around the corner.

我的意思是，這些類型的激活很棒，但我想知道您是否仍在研究一些我們應該立即考慮的更大的事情。

Thanks.

謝謝。

David, good morning, and appreciate the question.

大衛，早安，感謝這個問題。

First, I'd like to talk about the unit growth question that you asked.

首先，我想談談您提出的單位成長問題。

And look, the overall strategy and initiative here is to build on an already strong system.

看，這裡的整體策略和舉措是建立在一個已經很強大的系統之上。

This initiative makes us even stronger.

這項舉措使我們變得更加強大。

And I just want to point out a few things about our system.

我只想指出有關我們系統的一些事情。

One, if you look at the Wendy's system, 89% of our restaurants have already gone through this image activation.

第一，如果你看看 Wendy's 系統，我們 89% 的餐廳已經完成了這個圖像啟動。

And we've built 500 new restaurants over the last two years.

過去兩年我們新建了 500 家餐廳。

We'll build almost 250 to 300 restaurants this year.

今年我們將建造近 250 至 300 家餐廳。

And when you think about strengthening our system, we're looking at closing a few restaurants that underperform.

當你考慮加強我們的系統時，我們正在考慮關閉一些表現不佳的餐廳。

They have AUVs of about $1 million.

他們的 AUV 約為 100 萬美元。

Their margin is under the average of the business.

他們的利潤率低於企業的平均水準。

And they're just in locations that don't build our brands.

而且它們只是位於無法打造我們品牌的地方。

And so those are the opportunities that we've taken a look at to truly make our system much stronger.

因此，這些都是我們所考慮的機會，可以真正使我們的系統更強大。

Now, when you think about development for the future, we're guiding at 3% to 4%.

現在，當你考慮未來的發展時，我們的指導值為 3% 到 4%。

Now, I'd like you to think about that as 70% being international and 30% being domestic.

現在，我希望您認為 70% 是國際的，30% 是國內的。

That's kind of how we're thinking about our development goals.

這就是我們思考我們的發展目標的方式。

This strengthens our development progress over the next several years, not just in '25, but we're looking at it as '25, '26, '27, and beyond.

這將加強我們在未來幾年的開發進度，不僅是在 25 年，而且我們將其視為 25 年、26 年、27 年及以後。

So that really is the development strategy in strengthening our system.

這確實是加強我們體系的發展策略。

Let me turn the focus to our menu.

讓我把焦點轉向我們的選單。

We've seen some success with Krabby Patty.

我們已經看到 Krabby Patty 取得了一些成功。

And you know what?

你知道嗎？

I really attribute some of the success is it's really built off our core menu.

我確實將一些成功歸因於它確實建立在我們的核心菜單之上。

The Krabby Patty burger is built off that square, fresh, never-frozen burger.

克拉比帕蒂漢堡是由那種方形的、新鮮的、從未冷凍過的漢堡製成的。

And of course, leveraging our Frosty is always a game changer.

當然，利用我們的 Frosty 始終能夠改變遊戲規則。

And the combination of those two things really, really hit the mark.

這兩件事的結合真的非常非常切中要害。

As we look into the future of continuing to focus on our menu, we do that in three ways.

當我們展望未來繼續關注我們的菜單時，我們透過三種方式做到這一點。

One, build our core.

一、打造我們的核心。

We're looking at how we energize our core menu.

我們正在研究如何為我們的核心菜單注入活力。

I think that's incredibly important.

我認為這非常重要。

We'll continuously talk about the fresh, never-frozen quality of the ingredients that we put into our menu.

我們將不斷談論我們放入菜單中的食材的新鮮、從未冷凍的品質。

We think that that's an advantage over our competition.

我們認為這是我們相對於競爭對手的優勢。

But we'll continue to look at areas to build our core up.

但我們將繼續尋找建構核心的領域。

We'll always have an innovation pipeline.

我們將永遠擁有創新管道。

We've seen that this year.

今年我們已經看到了這一點。

If you look at our business this year, you've seen us innovate on Saucy Nuggs.

如果您看看我們今年的業務，您會發現我們在 Saucy Nuggs 上進行了創新。

You've seen us bring Frosty innovation to the forefront.

您已經看到我們將 Frosty 創新帶到了最前線。

That's always going to be a place where we can delight our consumers.

這永遠是我們可以取悅消費者的地方。

And then the last part, we'll continue to have a value offering that delivers the highest quality at the best value.

最後一部分，我們將繼續提供價值產品，以最佳價值提供最高品質。

And we do that today through Biggie Bag.

今天我們透過 Biggie Bag 來做到這一點。

So those are the three things we're thinking about as far as our menu ongoing.

因此，就我們的菜單而言，這些是我們正在考慮的三件事。

We always have this opportunity to get even better, and that's our focus.

我們總是有機會變得更好，這就是我們的重點。

Dennis Geiger, UBS.

丹尼斯蓋革，瑞銀集團。

Great.

偉大的。

Thanks, guys.

謝謝，夥計們。

I wanted to come back to breakfast, and it seems like you're continuing to see good performance at that day part given the initiative that you've got in place across advertising, some of the offers, innovation, et cetera.

我想回來吃早餐，考慮到你們在廣告、一些優惠、創新等方面採取的舉措，你們在當天的部分似乎繼續看到了良好的表現。

Just curious, Kirk, if you could kind of touch a bit more on that, on how plans are progressing and how progress is progressing against your plans, and how we think about 2025 perhaps from a breakfast perspective, if anything to highlight there.

只是好奇，柯克，您是否可以多談談這一點，計劃的進展情況以及您的計劃的進展情況，以及我們如何從早餐的角度考慮 2025 年，如果有什麼需要強調的話。

Thank you.

謝謝。

Dennis, thanks for the question.

丹尼斯，謝謝你的提問。

Appreciate it.

欣賞它。

Breakfast is an important part we've really set out.

早餐是我們真正著手的重要部分。

We launched breakfast in 2020, but we've invested in breakfast this year and continue to invest in breakfast in the years to come.

我們在 2020 年推出了早餐，但今年我們在早餐方面進行了投資，並將在未來幾年繼續在早餐方面進行投資。

We feel like this is still a real opportunity for us to build the potential of Wendy's.

我們覺得這仍然是我們發揮溫迪潛力的真正機會。

We like the tailwind that it's giving us right now.

我們喜歡它現在帶給我們的順風。

It is growing faster than the category, and it's growing faster than our business, so it's a nice tailwind to us.

它的成長速度比該類別的成長速度更快，也比我們的業務成長速度更快，所以這對我們來說是一個很好的推動力。

We look at this opportunity as profit accretive, leveraging the restaurant.

我們認為這個機會可以利用餐廳來增加利潤。

It's also an incremental day part as we build that, so it gives us the traction that we need for the long haul.

這也是我們建造的增量日部分，因此它為我們提供了長期所需的牽引力。

We do see this as a long-term strategic initiative.

我們確實認為這是一項長期策略舉措。

It's not going to be something that we just do this year or next year.

這不會是我們今年或明年才會做的事情。

You can look forward to us continuing to develop our breakfast strategy over the years to come.

您可以期待我們在未來幾年繼續制定早餐策略。

Danilo Gargiulo, Bernstein.

達尼洛·加吉烏洛，伯恩斯坦。

Great.

偉大的。

Thank you.

謝謝。

You mentioned that the macro was a bit more challenging than you were expecting coming into Q3.

您提到第三季的宏觀情況比您預期的更具挑戰性。

So can you help us understand the health of the consumer, both domestically as well as internationally, and whether you've seen any softening of this macro pressure getting into the fourth quarter?

那麼您能否幫助我們了解國內和國際消費者的健康狀況，以及您是否看到這種宏觀壓力進入第四季度有所緩解？

So any inter-quarter commentary might be helpful.

因此，任何季度間的評論可能都會有幫助。

Thank you.

謝謝。

Yeah.

是的。

I would talk a little bit about Q3.

我想談談第三季。

We're still in a very challenging environment, I would say, with the consumer.

我想說，對於消費者來說，我們仍然處於一個非常具有挑戰性的環境。

I would tell you that there's kind of Q3 -- there's two halves to Q3.

我想告訴你，第三季有兩個半場。

We saw some momentum in the second half of Q3 that gives us some confidence, and of course, we've seen that pick up in Q4 as well.

我們在第三季下半年看到了一些勢頭，這給了我們一些信心，當然，我們也看到了第四季的回升。

That gives me the confidence that, one, will deliver against our guidance, and then it's a little bit brighter moving into 2025.

這讓我有信心，第一，我們的指導將會實現，然後進入 2025 年，情況就會變得更加光明。

That's kind of how I would shape it.

這就是我塑造它的方式。

So still under pressure, Q3.

所以第三季仍然面臨壓力。

The second half of Q3 felt a little better than the first half, and then we're seeing some momentum in Q4.

第三季後半段感覺比上半年好一點，然後我們在第四季看到了一些勢頭。

That's kind of how I would architect what's happening with consumers.

這就是我如何建構與消費者發生的事情的方式。

John Ivankoe, JPMorgan.

約翰‧伊凡科，摩根大通。

Hi.

你好。

Thank you very much.

非常感謝。

The question is on prime costs, food and paper plus labor, which in the most recent quarter ran around 63%.

問題在於主要成本、食品和紙張以及勞動力，最近一個季度的成本約為 63%。

I probably don't have to tell you, that screen's actually very high relative to most public restaurant companies.

我可能不必告訴你，相對於大多數上市餐廳公司來說，這個螢幕實際上非常高。

In fact, I can only think of one that's higher, and that brand is not in quick service and doesn't have advertising.

其實我只能想到一個比較高的，而且那個牌子服務不快，也沒有廣告。

So I guess, have you, Kirk, as you came into the Wendy's system, kind of benchmarked that number relative to the peers?

所以我想，柯克，當你進入溫迪系統時，你是否已經相對於同行對這個數字進行了基準測試？

And if there are kind of a couple of quote-unquote easy, and I really do mean to say that, easy ways to kind of fix that number, what are the types of opportunities that we should be thinking for you to significantly improve that ratio and get it closer to a more typical 60% type of number where I know the industry typically long term tries to target?

如果有一些簡單的引用-不引用的方式，我真的想說，簡單的方法來修復這個數字，我們應該為你考慮哪些類型的機會來顯著提高這個比率並讓它更接近更典型的60 % 類型的數字，我知道該行業通常會長期嘗試目標？

Thank you.

謝謝。

Yeah, of course.

是的，當然。

We've definitely gone through some benchmarking exercises and are focused on delivering that restaurant-level margin.

我們確實已經進行了一些基準測試，並專注於提供餐廳級的利潤。

It's really important that we do that.

我們這樣做非常重要。

I see this in two buckets.

我在兩個桶子中看到了這一點。

One is driving that efficiency.

一是提高效率。

That's why you see us investing in things like AI with our drive-through.

這就是為什麼我們透過免下車服務投資人工智慧等領域。

That allows us to have our employees in the restaurant working the orders efficiently.

這使我們能夠讓餐廳的員工有效率地處理訂單。

It saves time, et cetera.

它可以節省時間等等。

That drives the labor number down.

這導致勞動力數量下降。

As you know, the split between food and labor is almost equal in restaurants, and so our opportunity is to drive labor costs down and to improve the food costs.

如您所知，餐廳的食品和勞動力之間的分配幾乎是相等的，因此我們的機會是降低勞動力成本並提高食品成本。

So you'll see us do that.

所以你會看到我們這樣做。

And I think the last thing, you'll see us focus on some categories that drive positive mix; one is beverages.

我認為最後一件事，你會看到我們專注於一些推動正向組合的類別；一是飲料。

We've got a new agreement with Coca-Cola.

我們與可口可樂達成了新協議。

This allows us to aggressively grow our beverage business, which is profit accretive from a mix standpoint.

這使我們能夠積極發展我們的飲料業務，從混合的角度來看，這可以增加利潤。

So you'll see us focus on menu accretion from a profitability standpoint.

因此，您會看到我們從盈利的角度關注菜單的增加。

So those are three areas we're looking at.

這就是我們正在關注的三個領域。

Looking at labor efficiency, we're looking at food costs, and we're looking at growing those categories that are more profitable than the rest of the business faster.

考慮到勞動力效率，我們正在考慮食品成本，我們正在考慮更快地發展那些比其他業務更有利可圖的類別。

Jeffrey Bernstein, Barclays.

傑弗裡·伯恩斯坦，巴克萊銀行。

Great.

偉大的。

Thank you.

謝謝。

I had one question and then one follow-up.

我有一個問題，然後是一個後續問題。

The follow-up, actually, just, GP, you reiterated the adjusted EBITDA guidance despite the comp and the system fail shortfall.

後續，實際上，只是，GP，儘管補償和系統失敗，但您重申了調整後的 EBITDA 指導。

I was wondering if you could maybe just talk high-level as to what you think of the offsets to allow you to maintain that EBITDA.

我想知道您是否可以簡單地談談您對抵消額的看法，以允許您維持 EBITDA。

And then my question is more just following up on the unit growth side of things.

然後我的問題更多的是跟進單位增長方面的情況。

Wondering in terms of international and, I guess, US franchisees' receptivity, you guys seem confident in, I guess, 2025 accelerating to that 3% to 4% net.

想知道國際特許經營商以及美國特許經營商的接受度，我想你們似乎對 2025 年加速達到 3% 至 4% 的淨增長率充滿信心。

Presumably, it is on a base reduced by the closures.

據推測，它的基數因關閉而減少。

So I'm wondering if you'd share how many closures there were or maybe how many absolute number of openings you're expecting in '25.

所以我想知道你是否願意分享一下 25 年有多少個關閉的工廠，或者你預計有多少個絕對的空缺工廠。

Just because I know you mentioned 100% of the new build goal is tied to development commitments, so it was a question of whether or not those are executed on.

只是因為我知道您提到 100% 的新建置目標與開發承諾相關，所以這是一個是否執行這些目標的問題。

So any color there would be great.

所以任何顏色都會很棒。

Thank you.

謝謝。

Good morning, Jeff.

早安，傑夫。

So first, on the trusted EBITDA guidance, you're right.

首先，就值得信賴的 EBITDA 指導而言，你是對的。

Obviously, the tightening of the sales range created a headwind for us on the EBITDA side that was offset by increased franchise fees.

顯然，銷售範圍的收緊給我們的 EBITDA 帶來了阻力，但特許經營費的增加抵消了這種阻力。

As we are allowing franchisees to close their restaurants, we are earning a fee that is helping our EBITDA.

由於我們允許特許經營商關閉他們的餐廳，我們賺取的費用有助於我們的 EBITDA。

And secondly, we have a slightly lower G&A.

其次，我們的一般行政費用略低。

The overall guidance range of $255 million to $265 million of G&A is unchanged.

G&A 2.55 億美元至 2.65 億美元的整體指引範圍保持不變。

We are sliding a little bit to the lower end of it.

我們正在向它的下端滑動一點。

So that's how we were able to keep adjusted EBITDA unchanged.

這就是我們能夠保持調整後 EBITDA 不變的原因。

A little bit more color on the closures, well, as we said previously, it was a 2% net unit growth rate.

倒閉的情況再多一點色彩，正如我們之前所說，淨單位成長率為 2%。

The additional closures are about 140 additional units.

額外關閉的單位約 140 個。

So basically, we are closing overall as many units as we are opening.

所以基本上，我們關閉的單位數量與新開的單位數量一樣多。

That's why we are ending up overall slightly flat.

這就是為什麼我們最終的整體表現略顯持平。

That obviously gives us really good confidence for the really significantly accelerated unit growth rate of 3% to 4% in 2025.

這顯然讓我們對 2025 年單位成長率真正顯著加快 3% 至 4% 充滿信心。

And as Kirk said, I think, in one of his answers already, these additional closures didn't all come out of 2025.

正如柯克所說，我認為，在他的一份回答中，這些額外的關閉並不是全部在 2025 年發生。

These are closures that would have happened in '25, '26, and '27.

這些關閉將在 25 年、26 年和 27 年發生。

So it gives us a longer-term visibility on accelerated net openings to come.

因此，它讓我們對未來加速的淨開放有了更長期的了解。

Brian Mullan, Piper Sandler.

布萊恩·穆蘭，派珀·桑德勒。

Thank you.

謝謝。

Just back to the breakfast day part, Kirk, can you talk about the beverage component of the offering?

回到早餐部分，柯克，您能談談該產品的飲料成分嗎？

Do you feel good about the beverage platform?

您對飲料平台感覺良好嗎？

Is that an area where you'll be spending more time or you think perhaps could be innovated from here?

您是否會在這個領域花費更多時間，或者您認為也許可以從這裡進行創新？

Just any thoughts on that component of the offering would be great.

只要對產品的該部分有任何想法就很好。

Yeah, thanks for the question.

是的，謝謝你的提問。

Yes, my heart is still with beverages a lot.

是的，我的心仍然和飲料很多。

This is an opportunity for us for sure with breakfast.

這對我們來說無疑是一個吃早餐的機會。

I think we've done a really good job building an unbelievable menu with the kind of highest-quality ingredients, a menu that really delivers for our customers.

我認為我們做得非常好，用最優質的食材打造了令人難以置信的菜單，真正為我們的顧客提供的菜單。

Beverages is an opportunity.

飲料是一個機會。

As I mentioned before, it drives profitability.

正如我之前提到的，它會提高獲利能力。

Yes, look for us to innovate across a beverage portfolio for breakfast and the rest of the day parts.

是的，我們將在早餐和一天中其他時間的飲料組合上進行創新。

You'll see a lot from us in the beverage category.

您會在飲料類別中看到我們的許多產品。

Chris O'Cull, Stifel.

克里斯·奧卡爾，斯蒂菲爾。

Good morning, guys, and thanks for taking the question.

早上好，夥計們，感謝您提出問題。

Kirk, it's good to hear the Krabby Patty promotions performed really well.

柯克，很高興聽到蟹黃派的促銷活動表現得非常好。

Can you discuss what customer segments it's appealed to and if there are plans to collaborate with any other brands in the future?

您能否討論一下它吸引了哪些客戶群以及未來是否有與其他品牌合作的計劃？

Yeah, this is one that has reached a lot of folks.

是的，這是一個已經影響了很多人的事情。

You think about the 25-year anniversary of SpongeBob has definitely struck a chord with a large population, and that excitement has driven clearly a lot.

你想想海綿寶寶 25 週年紀念日肯定引起了很多人的共鳴，而且這種興奮感顯然已經引起了很大的推動。

And it's the best of kind of what Wendy's can bring to the table.

這是溫迪可以提供的最好的產品。

I think that's what I take away.

我想這就是我所帶走的。

It's a great partnership.

這是一個很好的合作關係。

One plus one equals three, and I think we got that with Paramount in this regard.

一加一等於三，我認為我們在這方面與派拉蒙達成了共識。

I think this also is kind of a celebration of the quality of the menu that we have that delivered against the expectation of customers.

我認為這也是對我們不辜負顧客期望的菜單品質的慶祝。

I think, yes, this is an opportunity for us to continue to find ways to excite our customers and drive traffic.

我認為，是的，這是我們繼續尋找激發客戶和增加流量的方法的機會。

I think this is an example where others will want to partner with us to do that.

我認為這是一個其他人希望與我們合作做到這一點的例子。

We're always open-minded to drive growth, drive traffic and excitement, leveraging our menu.

我們始終持開放態度，並利用我們的菜單來推動成長、增加流量和興奮感。

I think this is an example of what we can do and what good partners we can be to drive growth.

我認為這是我們可以做什麼以及我們可以成為推動成長的良好合作夥伴的一個例子。

Lauren Silberman, Deutsche Bank.

勞倫·西爾伯曼，德意志銀行。

Thank you very much.

非常感謝。

One more, just a follow-up on the recent trends, clearly the acceleration that you've seen.

還有一點，只是對最近趨勢的跟進，顯然是您所看到的加速趨勢。

As the launch comes to an end, would you expect trends to normalize at a sustainably higher level than what we've seen in recent quarters?

隨著發布即將結束，您是否預計趨勢將持續正常化到比最近幾季更高的水平？

And then, can you just talk about the performance that you're seeing across the low, middle, and high-income cohorts?

然後，您能談談您在低收入、中等收入和高收入人群中看到的表現嗎？

Thank you.

謝謝。

Good morning, Lauren.

早安，勞倫。

October, as we said in the prepared remarks, we really significantly accelerated growth versus the third quarter.

十月份，正如我們在準備好的發言中所說，與第三季相比，我們確實顯著加速了成長。

As you do the math on our guidance, it implies that obviously we are sequentially stepping up our performance in the fourth quarter.

當您根據我們的指導進行數學計算時，這顯然意味著我們在第四季度的業績將逐步提高。

That obviously was a great start to the year.

這顯然是今年的一個好開始。

We have, as we said, a lot of additional really impactful programming out there for the rest of the quarter with the Salted Caramel Frosty, the Mushroom Bacon Cheeseburger that our consumers really love.

正如我們所說，在本季剩下的時間裡，我們還有很多其他真正有影響力的節目，包括我們的消費者真正喜歡的鹹焦糖霜、蘑菇培根起司漢堡。

And we're putting mainstream national media against the Spicy Chicken Sandwich.

我們正在讓主流國家媒體反對辣雞肉三明治。

And clearly, our $1 promotion on any size drinks has continued to run through the quarter.

顯然，我們在本季繼續對任何尺寸的飲料進行 1 美元促銷。

So we're very confident with that outlook, and we think it's a pragmatic guidance.

因此，我們對這一前景非常有信心，我們認為這是一個務實的指導。

And we were very confident to achieve the step-up in performance in the fourth quarter versus our year-to-date performance.

我們非常有信心在第四季實現業績較年初至今的提升。

As far as income cohorts is concerned, as you know, our research agency is splitting income cohorts in households that earn less than $75,000 and those that are maintaining more than $75,000.

就收入群體而言，如您所知，我們的研究機構將收入群體分為收入低於 75,000 美元的家庭和收入高於 75,000 美元的家庭。

As we, overall, we are maintaining share in the pedigree, dollar and traffic share, the same thing happens in those income cohorts.

總體而言，我們在血統、美元和流量份額方面保持著份額，同樣的情況也發生在這些收入群體中。

We're maintaining traffic and dollar share with both the lower and the higher income cohorts.

我們正在維持低收入和高收入群體的流量和美元份額。

Brian Harbour, Morgan Stanley.

布萊恩‧哈伯，摩根士丹利。

Thanks.

謝謝。

Good morning, guys.

早安，夥計們。

Sort of a random one, the voice AI in drive-through, are you in fact seeing kind of like labor hour savings?

有點隨機，汽車餐廳中的語音人工智慧，你實際上看到了類似的勞動力時間節省嗎？

I guess if you could quantify that or sort of tell us more about what you're seeing and what's like the accuracy rate on that or what do you usually look for?

我想您是否可以量化這一點，或者告訴我們更多有關您所看到的內容以及其準確率或您通常尋找什麼的信息？

You've obviously sort of expanded it, so you must be seeing things you like.

顯然你已經擴展了它，所以你一定看到了你喜歡的東西。

But could you tell us more about that?

但您能告訴我們更多相關資訊嗎？

Yeah.

是的。

We're still developing this.

我們仍在開發這個。

We like what we see.

我們喜歡我們所看到的。

If you think about the efficiency that we're driving through the drive-through, that's the key component of that.

如果您考慮一下我們透過得來速所提高的效率，那就是其中的關鍵組成部分。

That has a direct correlation to the efficiency in which we can drive in the drive-through, which if you think about the transactions that go through Wendy's today and 70% of those transactions going through the drive-through, this is kind of the first place you want to get right.

這與我們駕車通過得來速的效率有直接關係，如果你考慮一下今天透過 Wendy's 進行的交易，其中 70% 的交易是透過得來速進行的，這是第一個你想要正確的地方。

I'd tell you, we're delighted with how this continuously gets better.

我想告訴你，我們對這種情況不斷變得更好感到很高興。

We're seeing improvements in accuracy, efficiency, and it gives us the confidence that we're going to see some efficiencies in the overall labor model in the restaurant.

我們看到準確性和效率的提高，這讓我們有信心看到餐廳整體勞動力模式的效率有所提高。

So we'll leverage the restaurant, the employees in the restaurant to deliver against a more efficient execution, and that is enabled by AI.

因此，我們將利用餐廳和餐廳員工來實現更有效率的執行，而這是由人工智慧實現的。

This is one of those things you go slow to go fast.

這是從慢到快的事情之一。

Right now, we're in this continuous improvement, learning, getting our accuracy to a place where we like, and then you'll see it deployed across the system.

現在，我們正在不斷改進、學習，將我們的準確性提高到我們喜歡的水平，然後您將看到它在整個系統中部署。

Jon Tower, Citi.

喬恩塔，花旗銀行。

Great.

偉大的。

Thanks for taking the question.

感謝您提出問題。

Maybe specifically in the quarter, I'm just curious, starting, how did your Biggie Bag platform perform during the third quarter, knowing that one of your larger competitors decided to do a value meal deal throughout the period?

也許特別是在本季度，我只是好奇，開始，你的 Biggie Bag 平台在第三季度的表現如何，知道你的一個較大的競爭對手決定在整個期間進行超值餐交易？

And then, more broadly speaking, similar competitors talking about relaunching a new everyday value platform, likely in early 2025.

然後，更廣泛地說，類似的競爭對手正在討論重新推出新的日常價值平台，可能會在 2025 年初。

So can you speak to how your brand has performed in the past when large competitors kind of revamped their value message and, frankly, how you might plan to respond to this go-around?

那麼，您能談談您的品牌過去在大型競爭對手修改其價值訊息時的表現嗎？

Good morning, Jon.

早安，喬恩。

Biggie Bag is a nationally recognized platform.

Biggie Bag是全國認可的平台。

It's resonating really very well with consumers.

它確實引起了消費者的共鳴。

So as our competitor launched their meal deal, we obviously supported ours.

因此，當我們的競爭對手推出膳食優惠時，我們顯然支持我們的優惠。

The mix year over year was up 1% or so.

較去年同期成長 1% 左右。

So it did well for us and helped us perform well and maintain share on the dollar and traffic basis in the third quarter.

因此，它對我們來說效果很好，幫助我們表現良好，並在第三季度保持了美元和流量份額。

As we are thinking about value, we absolutely believe that value in an environment of value-seeking consumers is not about only executing price-pointed promotions and value deals and value bundles.

當我們思考價值時，我們絕對相信，在追求價值的消費者環境中，價值不僅僅是執行標價促銷、超值交易和超值捆綁。

There's more to that.

還有更多。

For us, we believe to be competitive, we need to continue to innovate.

對我們來說，我們相信要保持競爭力，我們需要不斷創新。

We have demonstrated this in the third quarter.

我們在第三季已經證明了這一點。

You see the innovation lineup in the fourth quarter.

你會看到第四季的創新陣容。

We're going to continue to do this to delight the value-seeking consumer.

我們將繼續這樣做，以取悅追求價值的消費者。

Top of it, as Kirk already said, we are not letting go on the core menu.

最重要的是，正如柯克已經說過的，我們不會放棄核心菜單。

The core menu needs to delight also in the value environment.

核心菜單也需要在價值環境中令人愉悅。

Again, we are executing accordingly to that in the fourth quarter.

同樣，我們正在根據第四季度的情況執行。

And let's don't forget operations.

我們不要忘記操作。

We are laser-focused for the restaurant to be the star and really have a customer-centric mindset.

我們專注於讓餐廳成為明星，並真正擁有以客戶為中心的心態。

We are working really hard on having that value-seeking consumer having an outstanding experience at the restaurant.

我們正在努力讓追求價值的消費者在餐廳獲得出色的體驗。

So this whole package of great value, great core menu, we are innovating, and then we are really executing well when it matters.

因此，這整個套餐具有巨大的價值，很棒的核心菜單，我們正在創新，然後我們在重要的時候真正執行得很好。

When we're meeting the consumer, this is how we can think we can be very successful in a value environment.

當我們與消費者見面時，我們就認為我們可以在價值環境中取得巨大成功。

Jim Salera, Stephens.

吉姆·薩萊拉，史蒂芬斯。

Hey, guys.

嘿，夥計們。

Good morning.

早安.

Thanks for taking our questions.

感謝您回答我們的問題。

In your prepared remarks, you mentioned the October accelerating and obviously the implied acceleration in 4Q in the guidance.

在您準備好的演講中，您提到了 10 月的加速，並且顯然在指導中提到了第四季度的隱含加速。

Can you just maybe offer some more color around what components of the menu are driving that acceleration?

您能否就菜單的​​哪些組件推動這種加速提供更多的顏色？

I know I've seen a lot of Saucy Nugg advertisements during football games this season.

我知道我在本賽季的足球比賽中看到了很多 Saucy Nugg 的廣告。

Maybe some color on how that's contributing, and then just any thoughts on bridging kind of the back half of the quarter, assuming that you see the Krabby Patty benefits start to roll off.

也許對它如何做出貢獻有一些看法，然後是關於在本季度後半段過渡的任何想法，假設你看到蟹黃餡餅的福利開始減少。

In quarter four, what I like to see about the momentum is the balance across our menu.

在第四季度，我希望看到的勢頭是我們菜單上的平衡。

We've seen our large sandwich perform very well.

我們已經看到我們的大三明治表現得非常好。

Our innovation with Saucy Nuggs has done very well.

我們與 Saucy Nuggs 的創新做得非常好。

And our value platform, as GP just talked about, it's that balanced approach across our menu that gives us the confidence that the momentum will continue.

正如 GP 剛才談到的，我們的價值平台是我們菜單中的平衡方法，這讓我們有信心繼續保持這種勢頭。

But that's kind of -- if you take a look at it, it's not one of those areas.

但如果你看一下，你會發現它不屬於這些領域之一。

It's a combination of the three.

這是三者的結合。

The core menu, Krabby Patty, has been a nice shot in the arm.

核心菜單“Krabby Patty”是一劑強心劑。

It's built off of a terrific core menu that is delivering growth.

它建立在一個出色的核心菜單之上，可以帶來成長。

And we'll continue to do that.

我們將繼續這樣做。

And again, we won't iterate -- you can't iterate enough the excitement that innovation drives.

再說一遍，我們不會重複——創新所帶來的興奮感怎麼重複都不為過。

You'll see us continue to drive innovation as we've talked about.

正如我們所討論的，您將看到我們繼續推動創新。

You'll see a Salted Caramel Frosty come out, which is timely for the season.

您將看到鹹焦糖霜上市，這正是這個季節的適時之選。

You'll see us deliver, again, a great quality hamburger and our Mushroom Bacon Cheeseburger.

您將看到我們再次提供優質漢堡包和蘑菇培根起司漢堡。

I mean, those are the kind of things you can expect from us -- continuous innovation, focus on our core, and delivering the best value in the marketplace.

我的意思是，這些都是您可以從我們身上獲得的東西——持續創新、專注於我們的核心以及在市場上提供最佳價值。

Sara Senatore, Bank of America.

薩拉·參議員，美國銀行。

Thank you very much.

非常感謝。

I wanted to go back to the store closures just in the sense of are there any kind of themes around the types of markets that they're in geographically?

我想回到商店關閉的問題，即是否存在圍繞其所在地理位置的市場類型的主題？

The reason I ask is it feels like a lot of restaurants that are accelerating unit growth are kind of shying away from the Rust Belt or the Northeast and really targeting the Sunbelt and faster-growing cities and MSAs.

我問這個問題的原因是，感覺很多正在加速單位增長的餐廳有點迴避鐵鏽地帶或東北部，而真正瞄準了陽光地帶和快速增長的城市和大城市。

And I'm trying to figure out if there's room for everybody and also what this means in terms of net growth.

我試圖弄清楚是否每個人都有空間，以及這對淨成長意味著什麼。

Is this just sort of population shifts?

這只是人口轉移嗎？

And as you follow them, we should think about it from that perspective, or is there really kind of room to densify further or to grow beyond just the sort of moves in the economy or the population that we've seen over time in the US?

當你關注他們時，我們應該從這個角度來思考它，或者是否真的有進一步緻密化的空間，或者超越我們長期以來在美國看到的那種經濟或人口變動的空間？

Yeah, let me answer that.

是的，讓我來回答一下。

Thanks for the question, Sara.

謝謝你的提問，薩拉。

If you look across the entire US, these are really spread out.

如果你放眼整個美國，這些確實是分散的。

It's not one geography in particular.

這不是一個特定的地理區域。

When you think about strengthening our system, you look at a brand that's 55 years old, and some of those restaurants are quite out, just out of date.

當你考慮加強我們的系統時，你會看到一個 55 年歷史的品牌，而其中一些餐廳已經非常過時了。

And that's really kind of the punchline on that one.

這確實是那句話的妙語。

It's not one particular area.

這不是一個特定的領域。

It's across the board.

這是全面的。

It's not that many in the scheme of things.

在事情的計劃中並沒有那麼多。

It is really about strengthening our system.

這實際上是為了加強我們的系統。

When I look at our potential, though, I look at -- we still have runway in the US to have another additional couple thousand restaurants that would allow us to kind of hit our potential.

不過，當我審視我們的潛力時，我會發現——我們在美國仍然有機會再開幾千家餐廳，讓我們能夠發揮我們的潛力。

And then internationally, of course, there's a great deal of potential to reach the penetration that we aspire to.

當然，在國際上，實現我們渴望的滲透率還有很大的潛力。

So if you think about -- the strategy was to strengthen our system to get high-performing restaurants moving.

因此，如果你想一想，我們的策略是加強我們的系統，讓業績出色的餐廳繼續營業。

Our focus is on building new restaurants because we know they deliver well over the average of these poor-performing restaurants.

我們的重點是建造新餐廳，因為我們知道它們的表現遠高於這些表現不佳的餐廳的平均水平。

So poor-performing restaurants, about $1 million.

那麼業績不佳的餐廳，大概100萬美元左右。

These new restaurants that we're building do $2 million AUVs.

我們正在建造的這些新餐廳的 AUV 價值為 200 萬美元。

That's kind of the mentality that we've taken in this approach.

這就是我們在這種方法中所採取的心態。

And then, we overall want the best restaurants for the customers and that customer experience we want to deliver.

然後，我們總體上希望為顧客提供最好的餐廳以及我們想要提供的顧客體驗。

So that's kind of how we have structured this strategy.

這就是我們建構這項戰略的方式。

Andrew Charles, TD Cowen.

安德魯查爾斯，TD·考恩。

Great.

偉大的。

Thank you.

謝謝。

I wanted to reconcile the breakfast performance of mid-single digit with the comps overall around flat.

我想將早餐表現中個位數與整體持平相調和。

So can you talk about the incrementality of breakfast sales and what you're seeing there versus incrementality in recent years?

那麼您能談談早餐銷售的增量以及您所看到的情況與近年來的增量相比嗎？

Yeah.

是的。

It's highly incremental from a day part standpoint.

從一天的角度來看，它是高度增量的。

It also leverages the labor model in the restaurant and leverages the restaurant itself.

它還利用了餐廳內的勞動力模式，並利用了餐廳本身。

So you think it's highly incremental to anything else that we would do.

所以你認為這對我們所做的任何其他事情來說都是高度增量的。

And again, we see the mid-single-digit growth that's ahead of our growth.

我們再次看到中個位數的成長領先於我們的成長。

It's ahead of the category.

它領先於該類別。

You think about gaining momentum on competition and building out this day part, it gives you the confidence to stick with it.

您考慮在競爭中獲得動力並充實這一天的內容，這會給您堅持下去的信心。

And that's exactly where we're at.

這正是我們現在的處境。

We'll continue to build this day part.

我們將繼續建立這一天的部分。

It's an important part of our strategy.

這是我們策略的重要組成部分。

It's important for our franchisees as well.

這對我們的特許經營者也很重要。

So that's kind of how we're looking at the breakfast day part.

這就是我們對早餐的看法。

But it is, to answer your question, incredibly incremental to the rest of our business.

但回答你的問題，它對我們其他業務來說是令人難以置信的增量。

Gregory Francfort, Guggenheim Securities.

格雷戈里·弗蘭克福特，古根漢證券公司。

Hey.

嘿。

Thanks for the question.

謝謝你的提問。

I just had a cost question, GP.

我只是有一個費用問題，GP。

Can you maybe just frame up what you're seeing from the commodity side and the labor side on inflation basis and how you expect that to play out kind of in the near to medium term?

您能否以通膨為基礎闡述您從大宗商品方面和勞動力方面看到的情況，以及您預計這種情況在中短期內會如何發展？

Thanks.

謝謝。

Good morning, Greg.

早安，格雷格。

A couple of things.

有幾件事。

So on the commodity front, a little bit more inflationary.

因此，在大宗商品方面，通膨程度較高一些。

Last time, I told you we would be flat.

上次我告訴你我們會持平。

We have got a little bit more inflation on beef.

我們的牛肉通膨率上升。

So we see about a 1% commodity inflation for the year.

因此，我們預計今年商品通膨率約為 1%。

That's obviously contemplated in the restaurant margin guidance we issued.

我們發布的餐廳利潤指引顯然考慮到了這一點。

Labor rate is stable.

勞動力價格穩定。

We told you 3% to 5% last quarter and continue tracking that way.

上個季度我們告訴您 3% 到 5%，並將繼續以這種方式追蹤。

So we have full visibility now.

所以我們現在有完全的可見性。

Price is locked down for the year.

價格全年鎖定。

So I don't expect any other movements in that area.

所以我預計該領域不會有任何其他變動。

We're obviously turning our focus now to lock down and get visibility for commodities for 2025.

顯然，我們現在將重點轉向鎖定 2025 年大宗商品並獲得可見性。

Jake Bartlett, Truist Securities.

傑克·巴特利特，Truist 證券公司。

Great.

偉大的。

Thank you very much.

非常感謝。

Kirk, my question was about your comments on operational improvements.

柯克，我的問題是關於您對營運改善的評論。

You talked about doubling down.

你談到了加倍努力。

And I'm wondering how large an opportunity improving operations is, whether you'd rank that as one of your kind of largest sales-driving potentials in the near -- in the longer term into 2025.

我想知道改善營運的機會有多大，您是否會將其列為近期（從長遠來看到 2025 年）最大的銷售驅動潛力之一。

How would you frame that opportunity as a sales driver?

作為銷售驅動力，您會如何建構這個機會？

Yeah, very good question, something close to my heart.

是的，非常好的問題，也是我最關心的問題。

When you think about our overall strategy and our promise of putting the customer first, making every restaurant the star, operating one best way, and owning it, those kinds of behaviors that we want.

當你想到我們的整體策略和我們的承諾時，即把顧客放在第一位，讓每家餐廳成為明星，以最好的方式經營並擁有它，這些都是我們想要的行為。

And if you think about what we're doing with our marketing, our innovation, our menu to deliver top-line growth, our digital acceleration, all those things are underpinned by operational excellence.

如果你想想我們在行銷、創新、實現營收成長的菜單、數位加速所做的事情，所有這些都是以卓越營運為基礎的。

That's kind of how I think about it.

我就是這麼想的。

I think that operational excellence is what delivers against your strategy.

我認為卓越營運是實現您的策略的關鍵。

And that's how important it is to us.

這就是它對我們的重要性。

We are very focused on it.

我們非常關注它。

We want to deliver that amazing experience for our customer every single time.

我們希望每次都能為客戶提供令人驚嘆的體驗。

That's why we're overt about the Wendy's promise.

這就是為什麼我們公開談論溫迪的承諾。

So that's kind of the essence of how we're putting focus on that.

這就是我們關注這一點的本質。

We've organized ourselves to do that.

我們已經組織起來這樣做。

We've recently had our convention with our franchisees.

我們最近與我們的特許經營商舉行了會議。

We've focused our energy on this operational excellence.

我們將精力集中在卓越營運上。

I think this is what all great companies do.

我想這就是所有偉大公司都會做的事。

They operate with excellence and deliver a great experience for their customers.

他們卓越運營，為客戶提供卓越的體驗。

And that's kind of the essence of what we're talking about.

這就是我們正在討論的本質。

Peter Saleh, BTIG.

彼得·薩利赫，BTIG。

Yeah, thanks for taking the question.

是的，感謝您提出問題。

I wanted to ask about the $1 any size soft drink promotion that you guys are running.

我想問一下你們正在進行的 1 美元任意尺寸軟性飲料促銷活動。

That's been a proven strategy.

這是一個行之有效的策略。

I think we've seen many of your competitors run this in the past and it's definitely worked.

我想我們已經看到你們的許多競爭對手過去都運行過這個，而且它絕對有效。

So could you just talk about the early success that you're seeing there?

那麼您能談談您在那裡看到的早期成功嗎？

And is this a promotion that's limited to the fourth quarter, or will this carry into 2025?

這是僅限於第四季的促銷活動，還是會持續到 2025 年？

Thank you.

謝謝。

Yeah, thank you.

是的，謝謝。

Beverage is the main focus like I mentioned before.

正如我之前提到的，飲料是主要焦點。

We have this terrific partnership with Coca-Cola.

我們與可口可樂有著良好的合作關係。

We have the Freestyle machine, which we love.

我們有我們喜歡的 Freestyle 機器。

It has the ability to deliver over 100 different beverages.

它能夠提供 100 多種不同的飲料。

What I like about it is it definitely delivers the portfolio that Coca-Cola has, and it delivers it in both full sugar and zero sugar, giving customers real choice.

我喜歡它的地方在於，它確實提供了可口可樂所擁有的產品組合，並且提供全糖和零糖兩種口味，為客戶提供了真正的選擇。

That's an advantage at Wendy's.

這是溫迪的優勢。

And we wanted to celebrate that and remind people of that.

我們想慶祝這一點並提醒人們這一點。

That's when the $1 promotion definitely is effective.

這時候1美元的促銷絕對有效。

We see that in quarter four.

我們在第四季度看到了這一點。

We won't talk about '25 moving forward, but that's kind of the intention about, once celebrating, we have beverages.

我們不會談論「25」的未來，但這就是這樣的意圖，一旦慶祝，我們就會喝飲料。

Beverages are a real profit opportunity for us in the future.

飲料對我們來說是未來真正的獲利機會。

We have a platform in Freestyle that allows us to deliver choice for customers, and you'll see us double down on that.

我們在 Freestyle 中有一個平台，使我們能夠為客戶提供選擇，您會看到我們在這方面加倍努力。

So we've got some momentum on beverages right now.

所以我們現在在飲料方面有一些動力。

We expect that will continue.

我們預計這種情況將會持續下去。

Christine Cho, Goldman Sachs.

克里斯汀‧曹，高盛。

Great.

偉大的。

Thank you for taking the question.

感謝您提出問題。

So we saw some announcements on executive leadership changes and major hires, including the Chief Legal Officer and Senior VP of US Operations, and I'm perhaps looking forward to meeting some of them at your Analyst Day in March.

因此，我們看到了一些關於高階主管領導層變動和主要招聘的公告，包括首席法務官和美國營運高級副總裁，我也許期待在三月份的分析師日會見其中的一些人。

But Kirk, do you feel you have all the right people in place now to kind of drive accountability and accelerate growth globally?

但是柯克，您認為您現在是否擁有合適的人員來推動問責制並加速全球成長？

And what are some of your key priorities in an organization perspective?

從組織的角度來看，您的一些關鍵優先事項是什麼？

Thank you.

謝謝。

Yes, thanks for the question.

是的，謝謝你的提問。

Yeah, we've made some changes that we are very excited about here at Wendy's.

是的，我們做出了一些讓溫蒂感到非常興奮的改變。

I think that I want you to take away that, one, we have a high level of talent that is focused.

我想我希望你明白這一點，第一，我們擁有高水準的專注人才。

And when I say focused, we've structured ourselves to drive our US business from a development and execution standpoint.

當我說專注時，我們已經建立了自己，從開發和執行的角度推動我們的美國業務。

We structured our international business to accelerate our international development and operations.

我們建構國際業務，加速國際化發展與營運。

So we are organizing ourselves and supporting that organization with great talent.

因此，我們正在組織自己，並以優秀人才支持組織。

That, I am very confident, will drive future growth for us.

我非常有信心，這將推動我們未來的成長。

And that is, I think, a very deliberate strategy that we've engaged in.

我認為，這是我們採取的一項非常深思熟慮的策略。

Alex Slagle, Jefferies.

亞歷克斯·斯萊格爾，杰弗里斯。

Thanks.

謝謝。

Going back to the success you're seeing with the SpongeBob collaboration and what seems like a really big jump in recent weeks, I just wanted to kind of see if you could elaborate on what you're doing differently just to drive engagement, whether there's something on the digital or social or any specific changes on that front that are working and you can carry on future promotions and innovations.

回到你在海綿寶寶合作中所看到的成功，以及最近幾週看起來確實很大的飛躍，我只是想看看你是否可以詳細說明你正在採取哪些不同的做法來提高參與度，是否有數位或社交方面的某些事情或這方面的任何具體變化正在發揮作用，您可以進行未來的促銷和創新。

Yeah, this is another example of when a lot of things are working at the same time.

是的，這是很多事情同時進行的另一個例子。

One is you build off a great menu.

一是你建立了一個很棒的菜單。

It's a great collaboration.

這是一次很棒的合作。

The networks have been working.

網路一直在發揮作用。

So our social game on this has been very impactful.

所以我們在這方面的社交遊戲非常有影響力。

Our digital business growing through both our loyalty program and delivery has been elevated.

我們的數位業務透過忠誠度計劃和交付不斷增長。

So it's kind of ticking a lot of boxes.

所以有點符合很多條件。

You got something that's exciting that our customers and our fans are interested in, and then you deliver the execution against it with the best menu in the business, coupled with great advertising, great digital platform, and great social media.

你得到了我們的客戶和粉絲感興趣的令人興奮的東西，然後你用業內最好的菜單，再加上出色的廣告、出色的數字平台和出色的社交媒體來執行它。

It's really all come together on this one.

這一切真的都集中在了這一點上。

Jim Sanderson, Northcoast Research.

吉姆桑德森，北海岸研究中心。

Hey.

嘿。

Thanks for the question.

謝謝你的提問。

Just following up on the discussion of promotional support given the success of the Krabby Patty promotion, do you plan to add more partnerships or potentially celebrity endorsements, something that would actually promote the product innovation you've described that you're launching later this quarter?

鑑於蟹黃派促銷活動的成功，繼促銷支援的討論之後，您是否計劃增加更多合作夥伴或潛在的名人代言，這實際上會促進您所描述的本季度晚些時候推出的產品創新？

Yeah, the success definitely gives us the encouragement to do more things of this nature.

是的，成功肯定會鼓勵我們做更多這樣的事。

I think it also shows that Wendy's can be a great partner in this regard.

我認為這也顯示溫迪在這方面可以成為一個很好的合作夥伴。

I think that's important that both parties in the partnership win, and I think in this case, that is true.

我認為合作雙方獲勝很重要，我認為在這種情況下，這是事實。

Of course, we look at every opportunity to elevate what is the best menu at Wendy's.

當然，我們會抓住一切機會來提升 Wendy's 的最佳菜單。

We think that the future is bright when it comes to these opportunities.

我們認為，當談到這些機會時，未來是光明的。

We'll certainly look for those opportunities that make sense for us and that only build the brand to new places, and that's kind of how we think about this in the future.

我們肯定會尋找那些對我們有意義的機會，並且只會將品牌打造到新的地方，這就是我們未來對此的看法。

Logan Reich, RBC.

洛根·賴克，加拿大皇家銀行。

Hey.

嘿。

Good morning.

早安.

Thanks for taking the question.

感謝您提出問題。

I just wanted to ask a follow-up just about the improving trends through the quarter and into October relative to income cohorts.

我只是想詢問後續情況，了解本季和十月相對於收入群體的改善趨勢。

Are you guys seeing improvement in the lower-income cohort, as well as the middle and higher income cohorts?

你們是否看到低收入群體以及中等收入和高收入群體的情況有所改善？

Or is there any sort of divergence between those brackets within the quarter and through October?

或者本季和整個 10 月的這些括號之間是否存在任何差異？

Good morning, Logan.

早上好，洛根。

Yeah. As I said previously in one of my answers from a market share point of view in quarter three, we maintain share with the lower and the higher-income cohorts. October numbers, it sounds like a cop-out answer, the data is not available. So I really can't answer your question.

是的。正如我之前在第三季市佔率的回答中所說，我們維持了低收入和高收入群體的份額。十月份的數字，聽起來像是逃避的答案，數據不可用。所以我實在無法回答你的問題。

Good morning, Logan.

早上好，洛根。

Yes, as I said previously in one of my answers from a market share point of view in quarter 3 we maintain share with the lower and higher income cohorts.

是的，正如我之前在第三季度市場份額的一個答案中所說，我們保持了低收入和高收入群體的份額。

October numbers, sounding a cop-out answer.

十月的數字聽起來像是個逃避現實的答案。

The data is not available, so I really can't answer your question.

沒有數據，所以我實在無法回答你的問題。

That was our last question of the call.

這是我們電話會議的最後一個問題。

Thank you, Kirk and GP, and thank you everyone for joining us this morning.

謝謝柯克和全科醫生，也謝謝大家今天早上加入我們。

We look forward to speaking with you again on our fourth-quarter call in February.

我們期待在二月份的第四季電話會議上再次與您交談。

Have a great day.

祝你有美好的一天。

Thank you.

謝謝。

Thank you all for joining today's call.

感謝大家參加今天的電話會議。

You may now disconnect your lines.

現在您可以斷開線路。