Wendy's Co (WEN) 2024 Q4 法說會逐字稿

Good morning.

早安.

Welcome to The Wendy's company earnings results conference call.

歡迎參加溫迪公司獲利結果電話會議。

(Operator Instructions).

（操作員指令）。

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 fourth-quarter and full year earnings conference call.

早安，感謝您參加我們的 2024 財年第四季和全年財報電話會議。

After this brief introduction, Kirk Tanner, President and Chief Executive Officer, will provide a business update and then Ken Cook, Chief Financial Officer, will review our fourth quarter results and share our 2025 financial outlook and capital allocation priorities.

在簡短的介紹之後，總裁兼執行長 Kirk Tanner 將提供業務最新情況，然後財務長 Ken Cook 將回顧我們的第四季度業績並分享我們 2025 年的財務展望和資本配置重點。

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

從那時起，我們將開通問答熱線。

Today's conference call and webcast includes a presentation, which is available on our Investor Relations website, ir.wendys.com. Before we begin, please take note of the safe harbor statement that appears at the end of today's earnings release.

今天的電話會議和網路廣播包括一份演示文稿，可在我們投資者關係網站 ir.wendys.com 上查閱。在我們開始之前，請注意今天的收益報告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.

此揭露提醒投資者，我們今天討論的某些資訊是前瞻性的，反映了我們對未來計劃和業績的當前預期。

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

各種因素都可能影響我們的結果，並導致結果與我們的前瞻性陳述中的預測有重大差異。

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.

投資者應參閱本報告結尾處或今天的收益報告中我們對非公認會計準則財務指標與最直接可比較的公認會計準則指標的調節表。

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

如果您在今天的電話會議後還有任何疑問，請與我聯絡。

I will now hand the call over to Kirk.

我現在將電話轉給柯克。

Thank you, Aaron, and good morning, everyone.

謝謝你，亞倫，大家早安。

I'm going to start by discussing our results for the fourth-quarter and highlight progress we made in 2024 and I'll then share our updated capital allocation policy and some of the initiatives underway to deliver sales and EBITDA growth in 2025.

我將首先討論我們第四季度的業績，重點介紹我們在 2024 年取得的進展，然後我將分享我們更新的資本配置政策和正在進行的一些舉措，以實現 2025 年的銷售和 EBITDA 成長。

Our Q4 results were in line with the expectations that we shared with you on our last earnings call.

我們的第四季業績符合我們在上次財報電話會議上與您分享的預期。

I am pleased to report global system-wide sales increased over 5% and same-restaurant sales grew over 4%.

我很高興地報告，全球系統銷售額成長了 5% 以上，同店銷售額成長了 4% 以上。

In the US, our traffic and dollar growth outpaced the QSR burger category.

在美國，我們的客流量和銷售額的成長速度超過了 QSR 漢堡類別。

Growth was led by the success of our collaboration with Paramount, celebrating SpongeBob's 25th anniversary.

我們與派拉蒙影業成功合作，慶祝海綿寶寶 25 週年，這推動了我們的成長。

At its peak, this fan favorite drove an impressive 20% lift in same restaurant sales with increased traffic and an average check, including a crabby patty with nearly double our typical size.

在巔峰時期，這款深受粉絲喜愛的菜餚推動了同一餐廳銷售額的 20% 大幅增長，客流量增加，價格適中，其中包括一份大小幾乎是平常兩倍的蟹肉餅。

This was a great example of what sets Wendy's apart showcasing our approach to partnerships, innovation on our core offerings, supported by strong marketing and execution capabilities.

這是溫蒂漢堡脫穎而出的一個很好的例子，展示了我們的合作方式、核心產品的創新，以及強大的行銷和執行能力。

Growth in the quarter was also supported by innovative limited-time offerings, including our Salted Carmel Frosty and Mushroom Bacon Cheeseburger.

本季的成長也得益於創新的限時產品，包括我們的鹹焦糖冰淇淋和蘑菇培根起司漢堡。

The morning daypart continued to be a strong contributor to US growth with sales up over 4% compared to the prior year.

早間時段持續成為美國銷售成長的強勁貢獻者，銷售額較上年同期成長了 4% 以上。

Internationally, we achieved 11% system-wide sales growth on a constant currency basis led by strong net unit growth.

在國際上，由於淨單位成長強勁，我們以固定匯率計算實現了 11% 的全系統銷售額成長。

We continue to gain momentum with our strategy to increase digital mix, which grew 130 basis points from the prior quarter to 19% globally.

我們繼續透過增加數位組合的策略來獲得發展動力，全球數位組合較上一季成長了 130 個基點，達到 19%。

This generate valuable insights, which we use to enhance the customer experience and provide more relevant in-app offers for our customers.

這會產生有價值的見解，我們利用這些見解來增強客戶體驗並為客戶提供更相關的應用程式內優惠。

Global Digital sales grew nearly 40% year-over-year, and loyalty member growth was up 25% from a year ago.

全球數位銷售額較去年同期成長近 40%，忠誠會員數量較去年同期成長 25%。

We now have over 46 million reward members enrolled and continue to scale this program.

現在，我們的獎勵會員人數已超過 4,600 萬，我們也持續擴大計畫的規模。

We strengthened our system footprint by opening 113 new restaurants in the fourth quarter.

我們在第四季度開設了 113 家新餐廳，增強了我們的系統覆蓋範圍。

In addition, we delivered on the initiatives we announced last quarter to close underperforming restaurants.

此外，我們也履行了上個季度宣布的關閉業績不佳餐廳的舉措。

Moving on to our full year 2024 results.

繼續討論我們的 2024 年全年業績。

We delivered full year sales growth driven by breakfast, innovation and technology, achieving our 14th consecutive year of global same-restaurant sales growth.

在早餐、創新和技術的推動下，我們實現了全年銷售成長，連續第 14 年實現全球同店銷售成長。

Additionally, we delivered profit growth and restaurant level margin expansion.

此外，我們實現了利潤成長和餐廳水平利潤率擴大。

Importantly, we also opened 276 new restaurants across the globe.

重要的是，我們還在全球開設了 276 家新餐廳。

Total system-wide sales reached $14.5 billion, reflecting over 3% growth compared to the prior year.

全系統總銷售額達 145 億美元，比上年成長 3% 以上。

The US business delivered 1.4% same-restaurant sales growth and we maintained or grew dollar and traffic share in the QSR burger category in every quarter.

美國業務的同店銷售額成長了 1.4%，我們每季都維持或增加了 QSR 漢堡類別的金額和流量份額。

Our international system-wide sales grew 9% and same-restaurant sales grew 2.8%.

我們的國際系統銷售額成長了 9%，同店銷售額成長了 2.8%。

This overall sales performance drove adjusted EBITDA and free cash flow growth, and we returned over $280 million to shareholders through dividends and share repurchases.

這一整體銷售業績推動了調整後 EBITDA 和自由現金流的成長，我們透過股息和股票回購向股東返還了超過 2.8 億美元。

For the full year, our breakfast sales grew over 6%, which outpaced the QSR burger category.

全年來看，我們的早餐銷售額成長超過 6%，超過了 QSR 漢堡類別。

This was driven by increased awareness and impactful innovation.

這是由意識的增強和有影響力的創新所推動的。

Our innovation extended beyond the breakfast daypart with a series of new menu items, including our Saucy Nuggs that expanded our chicken offerings.

我們的創新不僅限於早餐時段，我們還推出了一系列新菜單，其中包括擴大雞肉供應範圍的 Saucy Nuggs。

We also featured new limited-time Frosty flavors tailored to each season to provide fresh, exciting experiences that resonated with our customers throughout the year.

我們還推出了根據每個季節定制的限時全新 Frosty 口味，以提供全年與顧客產生共鳴的新鮮、令人興奮的體驗。

We invested in our mobile app to improve the customer experience and accelerate growth in our loyalty program.

我們投資了行動應用程序，以改善客戶體驗並加速忠誠度計劃的發展。

This resulted in full year digital sales growing by nearly 40%.

這使得全年數位銷售額成長了近 40%。

We also advanced our digital journey with the implementation of digital menu boards at over 300 company and franchisee locations.

我們也透過在 300 多家公司和特許經營店實施數位菜單板來推進我們的數位化進程。

We deployed voice-enabled AI order taking at nearly 100 locations.

我們在近 100 個地點部署了語音 AI 訂單處理功能。

And we are pleased with the results we are seeing in improving accuracy and driving labor efficiency.

我們對提高準確性和提高勞動效率所取得的成果感到非常滿意。

Our execution in all of these areas drove a higher average check and provided labor efficiency that led to an 80 basis points improvement to our global company-operated restaurant margin compared to the prior year.

我們在所有這些領域的執行力都帶來了更高的平均支票和勞動效率，使我們全球公司經營餐廳的利潤率與前一年相比提高了 80 個基點。

We also made great progress on our strategy to expand the Wendy's brand to more customers around the world, opening 276 new restaurants.

我們也在將溫迪品牌拓展到全球更多顧客的策略上取得了巨大進展，開設了 276 家新餐廳。

As planned, we closed underperforming restaurants.

按照計劃，我們關閉了業績不佳的餐廳。

This is a headwind to sales growth in 2025, but absolutely the right thing to do to strengthen the Wendy's system as many closures will be replaced by new restaurants in stronger trade areas and where we expect to see double the AUVs of the restaurants that we closed.

這對 2025 年的銷售成長來說是一個阻力，但對於加強 Wendy's 系統來說絕對是正確的做法，因為許多關閉的餐廳將被更強大的貿易區域的新餐廳所取代，我們預計關閉的餐廳的 AUV 將翻倍。

We are supporting franchisees with incentives to develop higher-performing restaurants that will enhance the customer experience and increase profitability.

我們正在為特許經營商提供激勵措施，以發展業績更高的餐廳，從而提升顧客體驗並提高盈利能力。

As expected, we ended the year with flat net unit growth and are well positioned to accelerate unit growth in 2025.

正如預期的那樣，我們以持平的淨單位增長結束了這一財年，並預計在 2025 年加速單位增長。

In 2024, we established a new Wendy's promise, fresh famous food, made right for you.

2024年，我們制定了新的Wendy's承諾：為您特別製作新鮮的名菜。

This is a commitment we are making to our customers to build more love for Wendy's.

這是我們對顧客的承諾，旨在讓更多人喜愛溫蒂漢堡。

Our team is committed to deliver on the shared goals of always putting the customer first, making every restaurant, the star operating the one best way and owning the responsibility to grow the Wendy's brand.

我們的團隊致力於實現共同的目標：始終把顧客放在第一位，把每一家餐廳都打造成星級餐廳，以最佳方式運營，並承擔起發展溫迪品牌的責任。

In 2024, we achieved our results in a year we adopted a new organizational structure and onboarded a new leadership team for the company.

2024年，我們採用了新的組織結構，並為公司組建了新的領導團隊，這一年我們取得了成果。

These changes will drive improved accountability and operational excellence long into the future, and our new structure is already yielding positive results.

這些變化將在未來很長一段時間內推動問責制和卓越營運的提高，我們的新結構已經產生了積極的成果。

While we are proud of our progress in 2024, we have a lot of work ahead of us.

雖然我們為 2024 年的進步感到自豪，但我們還有很多工作要做。

We will deliver on the Wendy's promise by continuing to provide the highest quality food in QSR and increasing operational intensity to deliver an exceptional experience for our customers.

我們將履行溫蒂漢堡的承諾，繼續在快餐業提供最高品質的食品，並提高營運強度，為我們的顧客提供非凡的體驗。

These two areas of focus will drive long-term value for the company, franchisees and our shareholders.

這兩個重點領域將為公司、特許經營商和股東帶來長期價值。

To support our growth initiatives and ensure their success, it's critical that our capital allocation strategy aligns with our objectives.

為了支持我們的成長計劃並確保其成功，我們的資本配置策略必須與我們的目標保持一致。

As such, we have made the decision to rightsize our quarterly dividend payment.

因此，我們決定調整季度股利支付規模。

Our updated dividend policy provides the flexibility to increase growth investment in 2025 and beyond.

我們更新的股利政策提供了靈活性，以增加 2025 年及以後的成長投資。

This year, we will increase our investment in unit development around the world through both traditional CapEx and by increasing our build-to-suit program.

今年，我們將透過傳統的資本支出和增加客製化生產項目來增加對全球單位開發的投資。

We will also accelerate investments in technology to enhance the customer experience and drive productivity.

我們還將加快技術投資，以增強客戶體驗並提高生產力。

In addition, our updated capital allocation policy enables us to flex up share repurchases when the market provides attractive opportunities, and we believe an attractive opportunity exists today.

此外，我們更新的資本配置政策使我們能夠在市場提供有吸引力的機會時靈活地增加股票回購，我們相信今天存在一個有吸引力的機會。

As a sign of confidence in our growth plans, we are increasing share repurchases in 2025.

為了表明我們對我們的成長計劃有信心，我們將在 2025 年增加股票回購。

And Ken will share more details shortly.

Ken 很快就會分享更多細節。

We are confident this updated policy enables us to maximize shareholder value over the long term.

我們相信，這項更新的政策能讓我們長期達到股東價值最大化。

Now let me share our outlook for 2025.

現在，讓我分享我們對2025年的展望。

Our plan is built to drive continued sales and adjusted EBITDA growth and accelerate net unit development.

我們的計劃旨在推動持續銷售和調整後 EBITDA 成長並加速淨單位發展。

We have three strategic initiatives to execute on in 2025.

2025年我們將實施三項策略措施。

Fresh famous food delivering an exceptional customer experience and accelerating global unit development.

新鮮名優食品提供卓越的客戶體驗並加速全球單位發展。

Our fresh famous food strategy we'll focus on craveable core items, impactful innovation and relevant value.

我們的新鮮名優食品策略將專注於令人垂涎的核心產品、有影響力的創新和相關價值。

This year, we have plans to expand in fast-growing categories, including chicken and beverages.

今年，我們計劃擴大快速成長的類別，包括雞肉和飲料。

We know customers will continue to look for value throughout 2025, and Wendy's is uniquely positioned to lead with this important customer need.

我們知道，顧客將在 2025 年繼續尋求價值，而 Wendy's 擁有獨特的優勢，可以滿足這一重要的顧客需求。

At Wendy's value starts with quality.

溫迪的價值始於品質。

Our iconic Biggy Bag is uniquely Wendy's, delivering industry-leading quality at attractive price points.

我們標誌性的 Biggy Bag 是 Wendy's 獨有的，以極具吸引力的價格提供業界領先的品質。

We have plans to further strengthen our value leadership position through continuous innovation and the strategic expansion of our Biggie Bag platform.

我們計劃透過持續創新和 Biggie Bag 平台的策略擴展來進一步加強我們的價值領導地位。

We will deepen connections with our loyalty members and attract new ones by offering exclusive limited time, unbeatable deals available only through the Wendy's app.

我們將透過提供僅透過 Wendy's 應用程式提供的限時獨家優惠來加深與忠誠會員的聯繫，並吸引新會員。

Breakfast remains a top priority at Wendy's and will provide a tailwind to our growth.

早餐仍然是溫迪漢堡的重中之重，並將為我們的成長提供助力。

In 2025, we will invest in innovation to drive continued momentum around this daypart.

2025 年，我們將投資創新，以推動該時段的持續發展動能。

Breakfast will continue to receive a higher share of total advertising dollars compared to its percentage of sales.

與銷售額相比，早餐在總廣告費中所佔的份額仍將更高。

We expect the next stage of growth in breakfast to be driven by product innovation, which we will share more about later this year.

我們預計早餐下一階段的成長將由產品創新推動，我們將在今年稍後分享更多相關資訊。

You also see us continue to leverage strategic partnerships and promotions that inspire customer passion points and attract new audiences.

您還會看到我們繼續利用策略合作夥伴關係和促銷活動來激發客戶熱情並吸引新的受眾。

An example is our partnership with the Girl Scouts of the USA.

其中一個例子就是我們與美國女童軍的合作。

on a new limited time thin mince Frosty.

限時新品薄碎肉霜。

This is another example of how we can delight customers with core offerings by bringing together our innovation, marketing and outstanding execution capabilities.

這是我們如何透過結合創新、行銷和出色的執行能力，以核心產品取悅客戶的另一個例子。

As part of our commitment to deliver a perfect every time customer experience, we are increasing operational intensity across every restaurant.

為了履行我們每次提供完美顧客體驗的承諾，我們正在提高每家餐廳的營運強度。

This includes a framework of operating the one best way with clear standards, consistency and accountability.

這包括一個以明確標準、一致性和責任制的最佳方式運作的框架。

We are investing in field resources to provide enhanced support for franchisees, their teams and their restaurants.

我們正在投資現場資源，為特許經營商、他們的團隊和餐廳提供加強的支援。

These initiatives will provide an exceptional experience for our customer and drive restaurant level margins.

這些舉措將為我們的顧客提供非凡的體驗，並提高餐廳的利潤。

We are accelerating the implementation of digital menu boards, AI voice-enabled ordering and digital kiosks in 2025 across company and franchisee restaurants.

我們將加速在 2025 年在公司和加盟餐廳中實施數位菜單板、AI 語音訂購和數位資訊亭。

This technology simplifies ordering and frees up crew members to focus on quality and accuracy.

這項技術簡化了訂購流程，使工作人員能夠專注於品質和準確性。

Now let's talk about new unit growth. based on new builds underway and franchisee commitments to add additional restaurants this year, we are confident in our goal for net unit growth of 2% to 3% in 2025.

現在我們來談談新單位成長。根據今年正在進行的新建餐廳數量和特許經營商增加餐廳的承諾，我們對 2025 年淨單位增長率達到 2% 至 3% 的目標充滿信心。

At the midpoint of the range, this represents our highest net unit growth rate in over 15 years, and I'm excited to share some recent news.

處於該範圍的中間點，這代表了我們 15 年來最高的淨單位增長率，我很高興與大家分享一些最新消息。

In Australia, Flynn Restaurant Group opened the first Wendy's earlier this year and it's off to an amazing start.

在澳大利亞，弗林餐飲集團今年早些時候開設了第一家溫迪餐廳，取得了驚人的開局。

In closing, we have a clear vision for Wendy's to reach the full potential of this great brand.

最後，我們對於溫蒂漢堡有一個清晰的願景，那就是充分發揮這個偉大品牌的潛力。

You will see our resources allocated to drive long-term growth and our plans executed with a heightened operational intensity.

您將看到我們分配資源來推動長期成長，並以更高的營運強度執行我們的計劃。

I have confidence in our franchisees and the team we have assembled to lead this growth.

我對我們的加盟商和我們組建的團隊充滿信心，相信他們能夠帶領我們實現這一成長。

I look forward to sharing more details about our plans for 2025 and beyond at our Investor Day on March 6.

我期待在 3 月 6 日的投資者日上分享有關我們 2025 年及以後計劃的更多細節。

I want to thank our Wendy's employees, our partners at QSCC and our franchisees for their outstanding efforts in delivering for our customers every single day.

我要感謝 Wendy's 的員工、QSCC 的合作夥伴以及我們的特許經營商，感謝他們每天為我們的客戶所做的傑出努力。

With that, I'll turn it over to Ken.

說完這些，我會把話題交給肯。

Thank you, Kirk, and good morning, everyone.

謝謝你，柯克，大家早安。

I am thrilled to be here with you today as Wendy's Chief Financial Officer.

今天，我很榮幸能夠以溫蒂財務長的身份與大家在一起。

It is an honor to be part of the Wendy's team, and we are committed to acting decisively and driving operational excellence to unlock our full potential.

我很榮幸能夠成為 Wendy's 團隊的一員，我們致力於果斷行動、推動卓越運營，以充分發揮我們的潛力。

I will cover four topics with you this morning.

今天早上我將和大家討論四個話題。

First, I will share our fourth quarter results followed by details on our updated capital allocation policy.

首先，我將分享我們第四季度的業績，然後介紹我們更新後的資本配置政策的詳細資訊。

Next, I'll review our 2025 outlook for sales and profit, and I'll finish by discussing our CapEx and cash flow expectations.

接下來，我將回顧我們 2025 年的銷售和利潤前景，最後討論我們的資本支出和現金流量預期。

In the fourth quarter, results were in line with our expectations.

第四季的業績符合我們的預期。

Global systemwide sales increased 5.4% on a constant currency basis and reached $3.7 billion, driven by same-restaurant sales growth of 4.1% in the US and 4.9% in our international business.

以固定匯率計算，全球全系統銷售額成長 5.4%，達到 37 億美元，其中美國同店銷售額成長 4.1%，國際業務成長 4.9%。

US SRS growth was driven by increases in traffic and average check with growth across all dayparts.

美國 SRS 的成長得益於流量的增加以及所有時段的平均檢查成長。

US SRS was strongest in October, up over 10% year-over-year, driven by the SpongeBob collaboration.

受海綿寶寶合作電影的推動，美國 SRS 在 10 月表現最強勁，較去年同期成長超過 10%。

This was the strongest monthly SRS growth since 2021 and demonstrates what we can accomplish when we combine two iconic brands with multigenerational appeal.

這是自 2021 年以來最強勁的月度 SRS 成長，證明了當我們將兩個具有多代吸引力的標誌性品牌結合起來時我們可以取得的成就。

For the last two months of the quarter, our SRS performed in line with the category.

在本季的最後兩個月，我們的 SRS 表現與類別一致。

Company-operated restaurant revenue grew 2.7% year-over-year to $232.8 million.

公司自營餐廳營收年增2.7%至2.328億美元。

Franchise royalty revenue increased $6 million year-over-year to $133.8 million, driven by the increase in systemwide sales.

特許經營權使用費收入年增 600 萬美元，達到 1.338 億美元，這得益於全系統銷售額的成長。

Franchise fees increased $13.7 million to $34.2 million, primarily due to the termination fees from restaurants that closed during the fourth quarter.

特許經營費用增加了 1,370 萬美元，達到 3,420 萬美元，主要原因是第四季度關閉的餐廳的終止費用。

Our US company restaurant margin was 16.5%, a 300 basis points increase compared to the prior year, driven by a combination of sales leverage from a higher average check and customer count growth and savings from productivity initiatives.

我們美國公司餐廳的利潤率為 16.5%，比前一年增加了 300 個基點，這得益於平均帳單和顧客數量成長帶來的銷售槓桿以及生產力措施帶來的節省。

G&A expense was $67.2 million, and the company's investment in breakfast advertising was $7.1 million in the quarter.

一般行政費用為 6,720 萬美元，本季公司在早餐廣告上的投資為 710 萬美元。

Adjusted EBITDA increased 8.6% to $137.5 million.

調整後 EBITDA 成長 8.6% 至 1.375 億美元。

Walking through the rest of the income statement, we had $33.2 million of depreciation expense millions of cloud computing amortization, $31.1 million of interest expense and other income of $5.5 million.

縱觀損益表的其餘部分，我們有 3,320 萬美元的折舊費用、數百萬美元的雲端運算攤銷、3,110 萬美元的利息費用和 550 萬美元的其他收入。

Our adjusted tax rate for the quarter was 32.4%, and which was 1.8% higher than last year, primarily due to a discrete state tax item.

我們本季的調整後稅率為 32.4%，比去年高出 1.8%，主要歸因於單獨州稅項目。

This resulted in $50.5 million of adjusted net income.

調整後的淨收入為 5050 萬美元。

Adjusted earnings per share was $0.25, which was a $0.04 increase over the prior year.

調整後每股收益為 0.25 美元，比前一年增加 0.04 美元。

Moving on to cash flow and our balance sheet.

繼續討論現金流和資產負債表。

On a full year basis in 2024, we generated $355.3 million of cash from operations.

2024 年全年，我們的營運活動現金流為 3.553 億美元。

We invested $94.4 million in capital expenditures, including $53.4 million to accelerate our digital strategy and $24.9 million on development of new company-owned restaurants, bringing our free cash flow to $279 million.

我們投資了 9,440 萬美元的資本支出，其中 5,340 萬美元用於加速我們的數位策略，2,490 萬美元用於開發新的公司自有餐廳，使我們的自由現金流達到 2.79 億美元。

Additionally, we invested $41.2 million in our build-to-suit program which supported the development of over 50 new restaurants with 23 of them opening in 2024.

此外，我們還投資了 4,120 萬美元用於客製化建設項目，支持了 50 多家新餐廳的開發，其中 23 家將於 2024 年開業。

And as a reminder, build-to-suit cash flows are reflected on their own line in the investing section of our cash flow statement and are currently not part of our free cash flow calculation.

需要提醒的是，客製化現金流反映在我們的現金流量表的投資部分，目前不屬於我們自由現金流計算的一部分。

Through the end of fiscal year 2024, we repurchased approximately 4.3 million shares and had approximately $235 million remaining on our $500 million share repurchase authorization, which expires in February 2027.

截至 2024 財年末，我們回購了約 430 萬股股票，而我們的 5 億美元股票回購授權中還剩餘約 2.35 億美元，該授權將於 2027 年 2 月到期。

We ended the year with an unrestricted cash and cash equivalents balance of $451 million and net debt of approximately $2.3 billion. which equated to a leverage ratio of 4.3x our full year adjusted EBITDA of $544 million.

截至年底，我們的無限現金和現金等價物餘額為 4.51 億美元，淨債務約為 23 億美元。這相當於我們全年調整後 EBITDA 5.44 億美元的槓桿率為 4.3 倍。

Next, I'd like to share with you our updated capital allocation policy.

接下來，我想跟大家分享我們更新後的資本配置政策。

As Kirk mentioned, in order to maximize long-term shareholder value, we are updating our policy to ensure we have sufficient flexibility to invest in the opportunities we have identified to drive growth.

正如柯克所提到的，為了最大化長期股東價值，我們正在更新我們的政策，以確保我們有足夠的靈活性來投資我們已經確定的推動成長的機會。

Our first priority continues to be investing in our business.

我們的首要任務仍然是投資我們的業務。

We are increasing CapEx in 2025 to between $100 million and $110 million as we invest in building new restaurants globally and add technology to our existing restaurants, including digital menu boards and kiosks to enhance the customer experience, drive loyalty and increase efficiency.

隨著我們在全球範圍內投資建設新餐廳，並為現有餐廳添加技術，包括數位菜單板和資訊亭，以增強客戶體驗、提高忠誠度和提高效率，我們將在 2025 年將資本支出增加到 1 億至 1.1 億美元之間。

In addition to our CapEx investments, we plan to invest around $70 million through our build-to-suit program in 2025 to accelerate new restaurant development.

除了資本支出投資外，我們還計劃在 2025 年透過客製化建設計畫投資約 7,000 萬美元，以加速新餐廳的發展。

Build-to-suit is one of our incentive programs where the company co-invests in new restaurants with our franchisees in exchange for higher royalty and rent payments, expanding the pool of franchisees to build more restaurants.

客製化經營是我們的激勵計劃之一，公司與我們的特許經營商共同投資新餐廳，以換取更高的特許權使用費和租金，從而擴大特許經營商數量以建造更多餐廳。

Our next priority is paying an attractive dividend.

我們的下一個任務是支付有吸引力的股息。

This morning, we announced our first quarter dividend payment of $0.25 per share.

今天上午，我們宣布第一季每股股息 0.25 美元。

The company's new target dividend payout ratio is 50% to 60% of adjusted earnings.

該公司新的目標股利支付率為調整後收益的50％至60％。

Beginning in the second quarter, this equates to a quarterly dividend payment of $0.14 per share.

從第二季開始，這相當於每股季度股息 0.14 美元。

For the full year 2025, we expect to pay out $0.67 per share in dividends.

就 2025 年全年而言，我們預計每股股息為 0.67 美元。

Our third priority is to maintain a strong balance sheet.

我們的第三個優先事項是保持強勁的資產負債表。

We have established a target net leverage ratio of 3.5x to 5x adjusted EBITDA.

我們設定的目標淨槓桿比率為3.5倍至5倍調整後EBITDA。

And lastly, we will return excess cash to our shareholders through share repurchases.

最後，我們將透過股票回購將多餘的現金回饋給股東。

This morning, we announced our plan to increase share repurchases to up to $200 million in 2025 with the majority of this activity happening in the next few months.

今天上午，我們宣布了到 2025 年將股票回購額增加至 2 億美元的計劃，其中大部分活動將在未來幾個月內進行。

We believe that cash belongs to our shareholders and through the combination of dividends and share repurchases, we expect to return up to $325 million of cash to shareholders in 2025, which represents an increase of $40 million compared to 2024.

我們相信現金屬於我們的股東，透過股利和股票回購相結合的方式，我們預計到 2025 年將向股東返還高達 3.25 億美元的現金，比 2024 年增加 4,000 萬美元。

We view the changes to our capital allocation policy and this year's increase in planned share repurchases as a demonstration of the confidence we have in our growth plans for 2025 and beyond, and we look forward to sharing more with you at our Investor Day on March 6.

我們認為，我們的資本配置政策的變化和今年計劃股票回購的增加表明了我們對 2025 年及以後的成長計劃充滿信心，我們期待在 3 月 6 日的投資者日與您分享更多資訊。

Before diving into our financial outlook for 2025, I'd like to share my approach to guidance.

在深入探討2025年的財務展望之前，我想先分享我的指導方法。

We want to strengthen our credibility with investors.

我們希望增強投資者對我們的信任。

To do that, we will set realistic and achievable targets and then execute our plans with an increased level of intensity to deliver them.

為此，我們將制定切合實際、可實現的目標，然後加強執行計劃，以實現這些目標。

Let's turn to our financial outlook.

讓我們來談談財務前景。

We began planning for 2025 by looking at multiple third-party forecasts for both food away from home and industry traffic.

我們開始規劃 2025 年，透過查看多個第三方對外食和產業流量的預測。

These indicate that consumer spending for food away from home is expected to remain pressured and traffic in the QSR burger category is expected to be flat to down 1% compared to last year.

這表明，消費者在外出用餐方面的支出預計將繼續面臨壓力，QSR 漢堡類的客流量預計將與去年相比持平或下降 1%。

Our 2025 outlook does not include any impact from new tariffs.

我們對 2025 年的展望不包括任何新關稅的影響。

Based on those forecasts, we anticipate full year 2025 global system-wide sales growth of approximately 2% to 3%, driven by the combination of same-restaurant sales and new unit growth.

根據這些預測，我們預計 2025 年全年全球全系統銷售額將成長約 2% 至 3%，這主要得益於同店銷售額和新單位成長的共同推動。

As a reminder, our system-wide sales growth rate in 2025 is negatively impacted due to the actions we took in the fourth quarter to close underperforming restaurants and strengthen our system.

提醒一下，由於我們在第四季度採取了關閉表現不佳的餐廳和加強系統的行動，我們 2025 年的全系統銷售成長率受到了負面影響。

Additionally, we expect global net new unit growth to be between 2% and 3% in 2025.

此外，我們預計 2025 年全球淨新增單位成長率將在 2% 至 3% 之間。

We expect US company-operated restaurant margin of around 16% plus or minus 50 basis points.

我們預計美國公司經營餐廳的利潤率約為 16% 上下浮動 50 個基點。

Margin performance will be supported by restaurant productivity initiatives and sales growth leverage.

餐廳生產力措施和銷售成長槓桿將支持利潤率表現。

We are redeploying company breakfast advertising spend to investments in field operations that will improve the customer experience across all dayparts and drive efficiency in our restaurants.

我們正在將公司早餐廣告支出重新部署到現場營運的投資中，這將改善全天時段的顧客體驗並提高我們餐廳的效率。

As such, we anticipate G&A to increase to between $285 million and $290 million.

因此，我們預計 G&A 費用將增加至 2.85 億美元至 2.9 億美元之間。

In addition to the investments in field resources, we expect higher incentive compensation in 2025, assuming payouts at target levels compared to the favorability we experienced with incentive compensation in 2024.

除了對現場資源的投資外，我們預計 2025 年的激勵薪酬將更高，假設支出達到目標水平，而 2024 年的激勵薪酬則更為有利。

We will continue to maintain discipline in this area and anticipate G&A to represent approximately 1.9% and of 2025 system-wide sales.

我們將繼續在這一領域保持紀律，並預計 G&A 將佔 2025 年全系統銷售額的約 1.9%。

We expect adjusted EBITDA to increase to between $550 million and $560 million.

我們預計調整後的 EBITDA 將增至 5.5 億美元至 5.6 億美元之間。

We anticipate interest expense of approximately $127 million as we plan to refinance $400 million of debt maturing in 2025 and 2026.

我們計劃為 2025 年和 2026 年到期的 4 億美元債務進行再融資，預計利息支出約為 1.27 億美元。

Taking all these items into account, we expect adjusted EPS to range from $0.98 to $1.02 per share.

考慮到所有這些因素，我們預計調整後的每股盈餘將在 0.98 美元至 1.02 美元之間。

Free cash flow is expected to be between $275 million and $285 million, driven by earnings growth, partially offset by capital expenditures of $100 million to $110 million.

自由現金流預計在 2.75 億美元至 2.85 億美元之間，主要受獲利成長的推動，但被 1 億美元至 1.1 億美元的資本支出部分抵銷。

The increase in CapEx is primarily related to investments in new company restaurants and technology, both of which help accelerate sales and earnings growth.

資本支出的增加主要與對新公司餐廳和技術的投資有關，這兩者都有助於加速銷售和獲利成長。

In closing, we are proud of our fourth quarter results and the strong foundation we are building for sustainable, profitable growth.

最後，我們對第四季度的業績以及為可持續獲利成長奠定的堅實基礎感到自豪。

In 2025, we are setting realistic and achievable goals and taking decisive action on what we can control including increasing our operational intensity and elevating the customer experience.

2025年，我們將設定切合實際、可實現的目標，並對我們能夠控制的事情採取果斷行動，包括提高營運強度和提升客戶體驗。

Throughout the year, we will take advantage of opportunities that strengthen the business and drive long-term success.

全年我們將抓住機遇，增強業務，推動長期成功。

I'm excited about the road ahead and look forward to sharing more at our upcoming Investor Day.

我對未來的道路感到興奮，並期待在即將到來的投資者日分享更多內容。

I'll now hand it over to Aaron to share our Q1 Investor Relations calendar.

現在我將交給 Aaron 來分享我們的第一季投資者關係日程表。

Thank you, Ken.

謝謝你，肯。

The company is hosting an Investor Day at our corporate headquarters in Dublin, Ohio on March 6.

該公司將於 3 月 6 日在俄亥俄州都柏林的公司總部舉辦投資者日活動。

If you are an institutional investor and would like to join us in Dublin, please reach out to me.

如果您是機構投資者並且願意加入我們在都柏林的公司，請與我聯絡。

The event will be webcast live and can be accessed through our Investor Relations website at ir.wendys.com. On March 11, we will participate in the Citi Global Consumer and Retail Conference in Miami, followed by the UBS Global Consumer and Retail Conference in New York City on March 12.

活動將進行網路直播，您可以透過我們的投資者關係網站 ir.wendys.com 觀看。 3 月 11 日，我們將參加在邁阿密舉行的花旗全球消費者和零售會議，隨後 3 月 12 日參加在紐約舉行的瑞銀全球消費者和零售會議。

On March 25, we will be in Chicago for an NDR hosted by Piper Sandler.

3 月 25 日，我們將在芝加哥參加由 Piper Sandler 主持的 NDR。

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，請聯絡主辦公司的相應賣方分析師或股票銷售聯絡人。

Lastly, we plan to report our first quarter earnings and host a conference call on May 1, 2025.

最後，我們計劃於 2025 年 5 月 1 日報告第一季財報並召開電話會議。

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

我們現在將進入通話的問答部分。

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

由於負責分析師的數量較多，請只提問一個問題。

Operator, please queue up the first question.

接線員，請排隊第一個問題。

(Operator Instructions)

（操作員指令）

Jeff Bernstein, Barclays.

巴克萊銀行的傑夫伯恩斯坦。

Thanks for the question.

謝謝你的提問。

This is [Pradik] on for Jeff.

這是 Jeff 的 [Pradik]。

Ken, just a quick question on just your embedded comp expectations for the year.

Ken，我只想問一個簡單的問題，關於您對今年嵌入式薪資的預期。

You had mentioned that within the 2% to 3% system sales growth guidance embedded within that was a net unit growth expectation of 2% to 3%.

您曾提到，在 2% 至 3% 的系統銷售成長指引中，淨單位成長預期為 2% 至 3%。

So I'm just wondering what you're assuming in your forecast for comp growth?

所以我只是想知道您對公司成長的預測是什麼？

And then especially in the first quarter trends to date.

尤其是迄今為止第一季的趨勢。

Just anything -- any color you can provide on just how things have been trending with kind of all this weather noise and whatnot?

只是任何事情——您能否提供任何細節，說明由於所有這些天氣噪音等因素，事態的發展趨勢如何？

Thank you.

謝謝。

Yeah, happy to.

是的，很高興。

So proud that we achieved our 14th consecutive year of global SRS growth in 2024 and fully expect to make 2025 the 15th consecutive year.

我們非常自豪在 2024 年實現了全球 SRS 連續第 14 年成長，並完全預期 2025 年將是連續第 15 年。

So in terms of an SRS guide, I would say positive for 2025.

因此，就 SRS 指南而言，我認為 2025 年的情況是正面的。

In terms of the shape, we do expect SRS to be down year-over-year in the first quarter.

從形態上看，我們確實預計第一季的 SRS 將年減。

So we've started the year facing some overall industry traffic headwinds exacerbated by significant weather events across the country.

因此，我們在年初就面臨一些行業整體的交通阻力，而全國各地的重大天氣事件則加劇了這種阻力。

The good news is we do expect Q1 to be the trough.

好消息是我們確實預計第一季將會是低谷。

We expect our growth rate to improve as we move throughout the year, driven both by improvements in industry traffic and our exciting programming to drive winning in the market.

我們預計，隨著全年的發展，我們的成長率將會提高，這得益於行業流量的改善和我們推動市場成功的令人興奮的計劃。

Dennis Geiger, UBS.

瑞銀的丹尼斯·蓋格。

Great, thanks guys.

太好了，謝謝大家。

Good morning.

早安.

Wondering if you could talk a little bit more about the unit development outlook, including maybe how much of the '25 targets are covered at this point by development agreements or any more detail on sort of what that pipeline looks like?

想知道您是否可以再多談談單位發展前景，包括目前發展協議涵蓋了多少個‘25 個目標’，或者有關該管道狀況的更多細節？

And maybe just broadly, franchisee demand overall sentiment to grow in the current environment, considering some of the headwinds out there, but I guess, offset by some of the positive drivers that you guys called out.

也許從廣義上講，考慮到當前的一些不利因素，特許經營者要求整體情緒在當前環境下增長，但我想，這被你們所說的一些積極驅動因素所抵消。

Thank you.

謝謝。

Thanks, Dennis.

謝謝，丹尼斯。

Appreciate that.

非常感謝。

Let me take this question.

請讓我來回答這個問題。

We have a high level of confidence in our 2 to 3 guidance on net unit growth.

我們對淨單位成長 2 到 3 的預期非常有信心。

We have those agreements in place.

我們已經達成這些協議。

We can see the close-in build.

我們可以看到近距離的構造。

So we have a high level of confidence.

因此我們非常有信心。

And this will represent the most restaurants we have built in 15 years or more than 15 years.

這將是我們15年來或15年來新建餐廳數量最多的一次。

And well, look, we expect that to continue.

好吧，看，我們預計這種情況會繼續下去。

We'd also like to walk through our long-term unit growth outlook and exactly where we're going to build those restaurants at our March 6 Investor Day.

我們還想在 3 月 6 日的投資者日上介紹我們的長期單位成長前景以及我們將在何處開設這些餐廳。

So we hope many can attend so that we can walk through our long-term outlook on building more restaurants.

因此，我們希望更多的人能夠參加，這樣我們就可以闡述開設更多餐廳的長期願景。

David Palmer, Evercore ISI.

大衛·帕爾默（David Palmer），Evercore ISI。

Thanks.

謝謝。

I'll just try to squeeze in two in quick succession here.

我只是試著在這裡快速連續地擠進兩個。

Kirk, I know you've done a lot of consumer.

柯克，我知道你做了很多消費者工作。

You and the team have done consumer insight work and audited the brand and menu opportunity.

您和團隊已經完成了消費者洞察工作並審查了品牌和菜單機會。

I know you don't want to front run your entire Analyst Day, but if there's any sort of big bucket opportunities to drive comps that you're most excited about, where your energies are being applied love to hear maybe a teaser on that, if you could.

我知道您不想在整個分析師日之前就開始行動，但是如果有任何讓您最興奮的重大機遇來推動公司業績，而您的精力又用在何處，如果可以的話，我很樂意聽聽您對此的一些預告。

And then also, in what ways -- I know this is also another area for the Analyst Day, but in what ways have you restructured and rewired the organization since you've joined, which I think is about a year ago now.

然後還有，以哪些方式——我知道這也是分析師日的另一個領域，但是自從您加入以來，您以哪些方式重組和重新佈局了組織，我想大約是一年前。

And in what ways are maybe changing incentive compensation to metrics that really will change the priorities of the company.

以及以何種方式可能改變激勵性薪酬指標才能真正改變公司的優先事項？

Thank you.

謝謝。

Yeah.

是的。

Two really good questions, David.

大衛，這兩個問題真的非常好。

Appreciate that.

非常感謝。

First, let me just talk a little bit about things that you will see at the Investor Day on the menu.

首先，讓我簡單介紹一下您將在投資者日的菜單上看到的東西。

A couple of things that we're looking at that drive continued momentum and I'd say consumer relevance.

我們正在關注的幾個推動持續發展勢頭的因素以及消費者相關性。

So you saw in Q4, we certainly had a lot of momentum.

所以您可以在第四季度看到，我們確實有很大的發展勢頭。

We have in 2025, collaborations that we will share that will, again, tap us into culture that will drive momentum.

到 2025 年，我們將開展合作，再次將我們帶入推動發展勢頭的文化之中。

But we look at the menu in three distinct areas.

但我們從三個不同的角度來看菜單。

One, our core portfolio, our core menu.

第一，我們的核心產品組合，我們的核心菜單。

We expect that to grow.

我們預計該數字還會成長。

We have to invest in that.

我們必須對此進行投資。

You'll see innovation off that, pure innovation, things like Saucy Nuggets that we did last year, you'll see us innovate and we'll share those details as well.

你會看到創新，純粹的創新，像是我們去年做的 Saucy Nuggets，你會看到我們的創新，我們也會分享這些細節。

And then last, value.

最後，價值。

We have to have a relevant value.

我們必須有一個相關的價值觀。

We think we have an amazing proposition that's really based in quality on value, especially with our Biggie Bag platform.

我們認為我們有一個令人驚嘆的主張，它真正基於價值的質量，尤其是我們的 Biggie Bag 平台。

We think we have the highest quality in the industry as far as value and buy starts with quality at Wendy's.

我們認為，就價值而言，我們擁有業內最高的質量，而購買 Wendy's 的食物首先要從品質開始。

So we will unpack those three things and share the innovation pipeline.

因此，我們將解析這三個問題並分享創新管道。

We'll actually, if you're here in person, we'll be handing that innovation out, you can try it.

事實上，如果您親自到場，我們就會分發這項創新技術，您可以嘗試一下。

So come hungry, come ready for Investor Day.

所以，請懷著飢餓感前來，為投資者日做好準備。

Separately, operationally, operational intensity is really important.

另外，從操作上來說，操作強度非常重要。

Our expectation is to deliver a customer experience that is perfect every single time.

我們的期望是每次都提供完美的客戶體驗。

So we have wired our organization to deliver just that.

因此，我們已協調我們的組織來實現這一目標。

We have an organization that is really focused on delivering execution excellence at every single restaurant.

我們有一個真正專注於為每一家餐廳提供卓越執行的組織。

And we will align our priorities, our compensation, our metrics all around delivering that great customer experience.

我們將調整我們的優先事項、薪資和衡量標準，全力打造卓越的客戶體驗。

So both things we will talk about in greater detail.

因此我們將更詳細地討論這兩件事。

Abigail will walk through the new US deal structure and some of those operational scorecards and how we bring that to life and work with franchisees.

阿比蓋爾將介紹新的美國交易結構和一些營運記分卡，以及我們如何將其付諸實踐並與特許經營商合作。

We'll do all that on March 6, but I appreciate the questions.

我們將在 3 月 6 日完成所有這些工作，但我也很感謝您提出的問題。

Jon Tower, Citi.

花旗銀行的喬恩‧陶爾 (Jon Tower)。

Hey, great, thanks for taking the question.

嘿，太好了，謝謝你回答這個問題。

Hopefully, you can hear me okay.

希望您能聽到我的話。

I was just curious, the dividend cut that you announced today, curious why you decided to go down the path of repurchase activity rather than perhaps reinvesting back in the business considering the success that the brand has had, say, in reallocating some of the advertising dollars to breakfast in the past when you're building that out?

我只是很好奇，您今天宣布削減股息，為什麼您決定走回購活動的道路，而不是考慮到該品牌在過去將部分廣告費用重新分配給早餐方面所取得的成功，也許您決定重新投資於業務？

And then separately, why refinance the debt in this year rather than perhaps just paying some of that down.

另外，為什麼今年要再融資債務，而不是直接償還部分債務？

Yeah, thanks, Jon.

是的，謝謝，喬恩。

I appreciate the question.

我很感謝你提出這個問題。

Look, I'll handle the first part of that and kick it over to Ken to talk about financing.

聽著，我會處理第一部分，然後把它交給肯來討論融資問題。

Look, our policy on capital allocation, I think, is an important one.

我認為，我們的資本配置政策非常重要。

One, it starts with an attractive dividend.

首先，它以誘人的股息開始。

We still have an attractive dividend.

我們仍有具吸引力的股息。

And second, it allows us to accelerate our growth plan.

其次，它使我們能夠加速我們的成長計劃。

That is critical.

這很關鍵。

And when I think about growth plan, I'm thinking about net unit development, building more restaurants investing in technology and winning in the marketplace.

當我考慮成長計畫時，我考慮的是淨單位發展、建立更多的餐廳、投資技術以及在市場上獲勝。

So then you asked the question, it was like, well, we have a -- we're in a position in time where we have a very attractive stock price.

那麼你問這個問題，就像，好吧，我們正處於一個非常有吸引力的股價位置。

So we're going to take advantage of that.

所以我們要利用這一點。

What I'm saying is we can do both.

我想說的是，我們可以同時做到這兩點。

We have flexibility to grow in our long-term growth plan, and we're going to bet on ourselves by accelerating our stock repurchase.

我們的長期成長計畫具有靈活性，我們將透過加速股票回購來押注自己。

With that, I'll turn it over to Ken to talk about that.

說到這裡，我將把話題交給肯恩來討論這個問題。

Yeah, Jon, in terms of the debt activity we planned for 2025.

是的，喬恩，就我們計劃於 2025 年進行的債務活動而言。

We have $50 million that matures in December of this year.

我們有 5000 萬美元將於今年 12 月到期。

We also have about $350 million of WBS securities that mature in September of 2026.

我們還有約 3.5 億美元的 WBS 證券將於 2026 年 9 月到期。

Right now, we've drawn up the plan to refinance that total of $400 million in late 2025.

目前，我們已經制定了在 2025 年底再融資總額 4 億美元的計畫。

Obviously, we'll continue to evaluate whether it makes sense to pull that forward or push that further into the future.

顯然，我們將繼續評估是否有必要將其提前或進一步推遲到未來。

From an overall debt perspective, I would expect our total gross debt to decline a little bit both in 2025 and beyond through the amortization of the principal of the WBS security.

從整體債務角度來看，我預計我們的總債務將在 2025 年及以後透過 WBS 證券本金的攤銷略有下降。

So I'd expect it to decrease by, call it, $20 million to $30 million a year as we march through.

因此我預計，隨著時間的推移，這一數字每年將減少 2,000 萬至 3,000 萬美元。

And then at the same time, we plan to increase EBITDA to drive that -- our net leverage ratio to the lower end of that range.

同時，我們計劃增加 EBITDA，以使我們的淨槓桿率達到該範圍的低端。

Brian Mullan, Piper Sandler.

布萊恩·穆倫，派珀·桑德勒。

Just a question on the breakfast day part.

我只想問關於早餐的部分。

Kirk, I think one of the first decisions you made was to recommit to this business.

柯克，我認為你做出的第一個決定就是重新致力於這項事業。

I think you said in the prepared remarks, breakfast sales grew 6% last year.

我記得您在準備好的發言中說過，去年早餐銷售額成長了 6%。

So if you could just give us an assessment thus far, what have you learned?

那麼，您能否對我們迄今為止所取得的進展做一個評估？

And how does that inform your strategy with breakfast over, say, the next three to five years?

那麼這對您未來三到五年的早餐策略有何影響？

And is that going to require ongoing investments from corporate over a longer period of time?

這是否需要企業在較長時間內持續投資？

I know you're pulling a little this year, but just over the next several years.

我知道你今年會做出一些努力，但接下來的幾年也會如此。

Thank you.

謝謝。

Brian, thanks for the question.

布萊恩，謝謝你的提問。

Yes, we're -- if you reflect on 2024 performance with breakfast, our breakfast business grew about 300 basis points faster than the category.

是的，如果您回顧 2024 年的早餐表現，我們的早餐業務成長速度比同類業務快約 300 個基點。

It was a tailwind to us.

這對我們來說是一股順風。

It's still a large priority for us because of our potential, the potential that we can reach over the next several years makes it a priority for Wendy's.

由於我們的潛力，這仍然是我們的首要任務，我們在未來幾年所能發揮的潛力使其成為溫蒂的首要任務。

I think about it in two ways.

我從兩個方面考慮這個問題。

We'll continue to invest in driving awareness.

我們將繼續投入資金來提高知名度。

It will still receive an outside investment in A&M versus the rest of the business.

與其他業務相比，A&M 仍將獲得外部投資。

But we'll have to do other things, and we have plans to do just that.

但我們必須做其他事情，而且我們已經計劃好了這樣做。

We have to innovate and you'll see some innovation on our breakfast daypart later this year that accelerates the daypart continue to drive executional excellence with our field organizations, and that will also enhance the experience that customers have with breakfast.

我們必須創新，您將在今年稍後看到我們早餐時段的一些創新，這將加速時段的創新，繼續推動我們現場組織的卓越執行，這也將增強顧客的早餐體驗。

All in all, it still remains an important strategy for Wendy's, and we have a long way to go to reach our full potential.

總而言之，這仍然是溫迪的一項重要策略，我們還有很長的路要走才能充分發揮我們的潛力。

In the meantime, that will be a tailwind for our top line and our business growth.

同時，這將成為我們營收和業務成長的順風。

Danilo Gargiulo, Bernstein.

達尼洛·加吉洛，伯恩斯坦。

Great.

偉大的。

Ken, I was wondering if you can offer your early observations on the business being relatively new to the organization.

肯，我想知道您是否可以針對該組織相對較新的業務提出一些初步看法。

And maybe if you can expand on which best practices do you think you can bring over to the organization from topping from your past experience from, let's say, UPS.

也許您可以詳細說明一下，您認為您可以從過去的經驗（例如 UPS 的經驗）中為組織帶來哪些最佳實踐。

Thank you.

謝謝。

Yeah, thanks for the question, Dan.

是的，謝謝你的提問，丹。

First of all, I'm thrilled to be part of the Wendy's team.

首先，我很高興成為溫迪團隊的一員。

I'm really grateful for how the people here have welcome me on board over the last 2.5 months.

我真的很感激這裡的人們在過去的兩個半月裡對我的歡迎。

And I am here ultimately to create value for shareholders and create value for franchisees.

我在這裡的最終目的是為股東創造價值，為特許經營者創造價值。

My early observations are Wendy's has all the components we need to create tremendous value.

我早期的觀察是，溫蒂漢堡擁有我們創造巨大價值所需的所有要素。

We have the best product in the industry.

我們擁有業界最好的產品。

We have a great global brand, passionate employees and a very strong franchise system.

我們擁有優秀的全球品牌、充滿熱情的員工和非常強大的特許經營體系。

Where I can add value is driving operational excellence throughout the business.

我可以增加價值的地方是推動整個企業的卓越營運。

And by that, I really mean focus, execution and speed.

我實際上指的是專注、執行和速度。

In terms of focus, that means allocating resources to the handful of items that are going to drive the biggest long-term gains for us.

就重點而言，這意味著將資源分配給能為我們帶來最大長期利益的少數項目。

An example of that is the investment we're making in field resources in 2025 to enhance the customer experience.

例如，我們將在 2025 年對現場資源進行投資，以提升客戶體驗。

On execution, it's ensuring we have detailed plans in place and are constantly tracking our progress against those plans, and holding people accountable for delivering the targets that we have.

在執行方面，要確保我們制定了詳細的計劃，並不斷追蹤計劃的進展情況，並要求每個人對實現我們的目標負責。

And then in terms of speed, it's increasing a sense of urgency, empowering people to make decisions faster so we can use a watch, not a calendar to track the pace of our progress.

就速度而言，它增加了緊迫感，使人們能夠更快地做出決策，這樣我們就可以使用手錶而不是日曆來追蹤我們進步的速度。

So that's why I laid it out and it really comes down to two things.

這就是我闡述這一點的原因，它實際上可以歸結為兩件事。

It's about building more restaurants and it's about increasing restaurant profitability.

這是為了建立更多的餐廳並提高餐廳的盈利能力。

Brian Bittner, Oppenheimer.

奧本海默的布萊恩·比特納。

Thanks.

謝謝。

Good morning.

早安.

Your 2025 unit growth guidance is 2% to 3%.

您對 2025 年單位成長的預期是 2% 至 3%。

But last quarter, I think you talked about growing 3% to 4% in 2025.

但上個季度，我認為您談到了 2025 年的成長率為 3% 至 4%。

So can you talk about what shifted over the last few months, if it's related to less openings or more closures?

那麼，您能否談談過去幾個月發生了哪些變化，是否與開業數量減少或關閉數量增加有關？

And maybe perhaps this is part of your underpromised approach, Ken, as unit growth guidance historically has been on the optimistic side.

肯，也許這是你未充分承諾的方法的一部分，因為從歷史上看，單位增長指引一直偏向樂觀。

So can you just help us understand the change?

那麼您能幫助我們理解這種變化嗎？

Yeah.

是的。

Let me take that one and, Ken can add comments from a guidance standpoint.

讓我來回答這個問題，肯可以從指導的角度添加評論。

But look, yes, some of the timing has shifted.

但是你看，是的，有些時間已經改變了。

That's still -- those restaurants will still be built in the future.

那是——那些餐廳將來仍然會建造。

We're looking at this year, again, 2% to 3%.

我們預計今年的成長速度將再次達到 2% 至 3%。

We can see those units being built.

我們可以看到這些單位正在建造。

They're underway.

他們正在進行中。

That -- so we have a high level of confidence.

那 — — 因此我們有高度信心。

And that again, it represents more restaurants than we've built in the last 15 years.

這也意味著，它所代表的餐廳數量比我們過去 15 年建造的還要多。

And I'd say this year is foundational.

我想說今年是基礎之年。

So we fully expect that to build and continue to accelerate in the years to come.

因此，我們完全預期，未來幾年這一趨勢將會進一步發展並持續加速。

Again, we'll share the details at our March 6 Investor Day, we'll get very specific about unit growth development beyond '25, but I can say in '25, we feel very confident about that number.

再次強調，我們將在 3 月 6 日的投資者日分享詳細信息，我們將具體介紹 25 年以後的單位增長發展情況，但我可以說，在 25 年，我們對這個數字非常有信心。

Yeah, and then in terms of, the guidance philosophy, yeah, it is very important that we build credibility with investors.

是的，就指導理念而言，與投資者建立信譽非常重要。

And so the 2% to 3% net unit growth target for 2025 is an example of that.

因此，2025 年 2% 至 3% 的淨單位成長目標就是一個例子。

We're very confident in net unit openings of 150 to 200 units, and this will include some of the additional CapEx and build a suit investments that we're making.

我們對 150 到 200 個單位的淨開業數量非常有信心，這將包括我們正在進行的一些額外資本支出和配套投資。

Chris O'Cull, Stifel.

克里斯·奧卡爾（Chris O'Cull），斯蒂費爾（Stifel）。

Yeah, thanks.

是的，謝謝。

Good morning guys.

大家早安。

My question relates to just the timing of investments.

我的問題僅與投資時機有關。

And I apologize if I missed this, but Kirk, I was hoping you could elaborate more on which investments you can make quickly that would impact the customer experience.

如果我錯過了這一點，我深感抱歉，但柯克，我希望你能更詳細地說明哪些投資可以快速影響客戶體驗。

Hi, Chris, I think the most important customer experience is the investment we're making in our field organization, the frequency in which we're in our restaurants, the standards in which we reach delivering that great customer experience every single time is the most impactful short-term gain in momentum.

你好，克里斯，我認為最重要的客戶體驗是我們在現場組織方面所做的投資，我們進入餐廳的頻率，我們每次提供優質客戶體驗所達到的標準是短期內最有影響力的動力增長。

Of course, that comes with great menu innovation and all the things that we continuously talk about, we are focused on operational intensity and delivering that great customer experience, and we have organized ourselves and gotten back to the fundamentals and really aligned ourselves in '24 so that we can start gaining that momentum in '25 by delivering that great customer experience.

當然，這伴隨著出色的菜單創新和我們不斷談論的所有事情，我們專注於運營強度和提供出色的客戶體驗，並且我們已經組織起來，回歸基本面，並在'24年真正調整了自己，以便我們可以通過提供出色的客戶體驗在'25年開始獲得這種勢頭。

Yeah, that's right, Kirk.

是的，沒錯，柯克。

And the only thing I'd add is technology is also a piece of that customer experience.

我唯一想補充的是，科技也是客戶體驗的一部分。

So we're going to accelerate the rollout of our fresh AI digital menu boards across the system, which improves the customer experience and enable some labor efficiencies in our restaurants.

因此，我們將加速在整個系統中推出全新的 AI 數位菜單板，這將改善顧客體驗並提高我們餐廳的勞動效率。

Jim Salera, Stephens.

吉姆·薩萊拉、史蒂芬斯。

Hi, good morning, guys.

大家早安。

Thanks for taking my question.

感謝您回答我的問題。

You mentioned earlier, 1Q should be the low point for same-restaurant sales and then build there with improvements in industry traffic and some of the programming you have winter in the year if I could maybe parse that out, do you expect the traffic improvement to be driven by Wendy's specific efforts or just kind of taking your fair share of overall improvement in QSR.

您之前提到過，第一季應該是同店銷售額的最低點，然後隨著行業客流量的改善和您今年冬季的一些計劃的實施，銷售額會在這個水平上增長。

And maybe if I could add a second part on that question.

也許我可以就該問題添加第二部分。

Obviously, in '24, we saw a very kind of value-focused environment, especially in a lot of the marketing from QSR and even some full-service restaurants.

顯然，在 24 年，我們看到了一個非常注重價值的環境，尤其是在許多 QSR 行銷甚至一些全方位服務餐廳中。

You give me assumptions around how the industry progresses in '25 and how that messaging looks maybe if we shift a little bit back more to kind of experiential focus versus just kind of dollar price points?

您可以對我在 25 年的行業發展情況做出一些假設嗎？

Thanks.

謝謝。

Yeah.

是的。

Look, I think it's a really good question.

看，我認為這是一個非常好的問題。

Yes, as Ken mentioned, we talked about Q1 being a soft start, a lot driven by weather.

是的，正如肯所提到的，我們談到第一季的開局不利，很大程度上受到天氣的影響。

Consumer pressure.

消費者壓力。

We see that improving in the balance of the year.

我們看到今年的餘額有所改善。

I think a couple of things of how we think about that.

我思考了我們對此的看法。

One, we think that the industry will continue to improve.

一、我們認為產業將會持續改善。

And look, our attitude is to always win in the marketplace.

你看，我們的態度是永遠在市場上獲勝。

So winning in the marketplace against the category is priority number one.

因此，在同類產品中贏得市場勝利是首要任務。

Number two, we think that we can create that experience in the rest of this year, we have activities planned to do both that.

第二，我們認為我們可以在今年剩餘時間內創造這種體驗，我們計劃開展活動來實現這一點。

We have investments in our core innovation and value, but we also have collaborations that we'll talk about that, again, connect Wendy's into culture and create that exciting moment that we think that, that creates a high value for Wendy's we showed that we could do it in Q4.

我們對我們的核心創新和價值進行了投資，但我們也有合作，我們將再次討論這一點，將溫迪與文化聯繫起來，創造我們認為的激動人心的時刻，這為溫迪創造了很高的價值，我們表明我們可以在第四季度做到這一點。

We'll continue to do those things in 2025.

2025 年，我們將繼續做這些事。

So it's a combination of those things.

所以它是這些事物的結合。

Let me talk a little bit about value.

讓我稍微談談價值。

Obviously, consumers are still looking for value.

顯然，消費者仍在尋求價值。

That's going to be an important part of our strategy, just like it is to keep solutions for customers and consumers.

這將成為我們策略的重要組成部分，就像為客戶和消費者提供解決方案一樣。

We have a terrific brand in Biggie Bag.

我們有一個很棒的品牌 Biggie Bag。

And I can tell you that value starts with quality at Wendy's.

我可以告訴你們，溫蒂漢堡的價值始於品質。

Absolutely.

絕對地。

We have the highest quality value proposition that has got great brand equity a biggie.

我們擁有最高品質的價值主張，並擁有龐大的品牌資產。

We look to continue to innovate on this platform.

我們希望繼續在這個平台上創新。

We'll find new ways to bring value to customers through this big platform.

我們將透過這個大平台找到新的方式為客戶帶來價值。

It already has a lot of equity, but we plan to lean in on that equity and continue to move and elevate that experience for our customers, like no one can in the business.

它已經擁有很多資產，但我們計劃依靠這些資產，繼續為我們的客戶提供和提升體驗，這是業內任何人都無法做到的。

But I think value continues to be an important part of the strategy.

但我認為價值仍然是該策略​​的重要組成部分。

Andrew Charles, TD Cowen.

安德魯·查爾斯（Andrew Charles），TD Cowen 公司。

Great.

偉大的。

Thank you.

謝謝。

Kirk, what are the early learnings from the voice of the drive-thru pilot.

柯克，從免下車試辦的聲音中，你早期得到了什麼啟示？

In particular, I'm curious what you guys are seeing with speed of service as well as check lift as you expand the pilot to more stores.

特別是，我很好奇，當你們將試點擴展到更多商店時，你們對服務速度和檢查提升的看法如何。

Yeah.

是的。

Great question.

好問題。

Look, we really like the results.

你看，我們真的很喜歡這個結果。

We've expanded it to over 100.

我們已將其擴展到 100 多個。

We're going to expand it to 500 to 600 in this year.

今年我們要擴大到500到600個。

So we have a lot of confidence.

所以我們非常有信心。

One thing I love about it, it continues to get better. look, I put it to the test almost 3 times or 4 times a week.

我喜歡它的一個特點是它會變得越來越好。你看，我每週幾乎都會測試它三到四次。

We have one close to us here in the office.

我們辦公室附近就有一家。

And the experience is exceptional.

這是一次非凡的體驗。

What I would tell you is it drives sales as well, It gives customers the opportunity to build their orders.

我想告訴你的是，它也能促進銷售，讓顧客有機會下訂單。

It understands what to ask for and the accuracy definitely is improving.

它知道要請求什麼，而且準確性肯定在提高。

And that experience, we want to be remarkable.

我們希望這種體驗能夠變得非凡。

So we started with 100.

因此我們從 100 開始。

We're going to move that.

我們要移動它。

And then once we prove out where you have 500 restaurants that have this -- that allows us to have a real strong proof point to take it to the rest of the system.

一旦我們證明有 500 家餐廳擁有這種服務 —— 我們就有了真正強有力的證據點，可以將其推廣到系統的其餘部分。

I think it's definitely cutting edge.

我認為它絕對是最先進的。

I think it's important you'll get to experience that fresh AI when you come to the Investor Day here on March 6.

我認為，當您於 3 月 6 日參加投資者日時，您將能夠體驗到全新的人工智慧，這一點很重要。

So it's something that we're really excited about.

所以這是我們真正感到興奮的事情。

It's got a bright future, and we're moving forward.

它有著光明的未來，我們正在向前邁進。

Eric Gonzalez, KeyBanc.

艾瑞克·岡薩雷斯（Eric Gonzalez），KeyBanc。

Hi, thanks for the question.

你好，謝謝你的提問。

You clearly had a strong October with the SpongeBob activation.

顯然，隨著海綿寶寶的激活，你們十月份的表現很出色。

Were you able to retain a decent portion of the customers that you acquired during that promotion.

您是否能夠留住促銷期間獲得的大部分客戶？

And I think I heard you said you should expect some additional collapse this year. do you think you need to do anything different with regards to how you execute around the shoulders of something like the SpongeBob promotion such that you could see a longer tail?

我想我聽到您說過，今年應該會出現更多崩潰。您認為您需要在海綿寶寶促銷等項目上採取不同的執行方式，以便獲得更長的尾巴嗎？

Yeah.

是的。

Look, in Q4, I think that we were very excited about the performance.

你看，在第四季度，我認為我們對錶現感到非常興奮。

Obviously, we learned a great deal.

顯然，我們學到了很多。

If I just reflect on 2024 in total, look, we grew faster than the category.

如果我整體回顧 2024 年，你會發現，我們的成長速度比同類產品都要快。

We continue to do that in Q4.

我們將在第四季繼續這樣做。

We learned a lot.

我們學到了很多。

You think about when you have an exciting event like that, how do you get the supply chain grooved, how do you create that great experience?

想像一下，當您舉辦如此令人興奮的活動時，您如何讓供應鏈順暢運行，如何創造出如此美妙的體驗？

How do you have that be a part of what Wendy's is famous for?

您如何讓這成為 Wendy's 出名的一部分？

We learned all those things.

我們學到了所有這些東西。

And you think about how we take that into 2025.

想想我們如何將其帶入 2025 年。

Again, we'll share a lot of that at the Investor Day on the 5th but we're going to start an early collaboration that we talked about a little bit with the Girl Scouts of the USA. on the thin mint Frosty.

再次，我們將在 5 號的投資者日分享很多這方面的內容，但我們將開始與美國女童子軍進行一些早期合作。在薄薄的薄荷霜上。

That's an example of partnering with the Girl Scouts bringing in iconic flavor into Wendy's and moving that forward.

這是與女童子軍合作將標誌性風味引入溫迪漢堡並推動其發展的一個例子。

We'll continue to do those things in 2025, and we have those planned right now.

我們將在 2025 年繼續做這些事情，我們現在已經制定了計劃。

And we'll talk about those in the near future.

我們將在不久的將來討論這些問題。

But we think that's an important driver of being a part of culture and delivering a great experience.

但我們認為這是成為文化一部分和提供美好體驗的重要驅動力。

We also are -- we have a healthy dissatisfaction of always getting better.

我們也是──我們對不斷變得更好抱持健康的不滿。

How do we create that better customer experience, execution, supply chain, all those things are really important to us, and we continue to learn from these experiences.

我們如何創造更好的客戶體驗、執行、供應鏈，所有這些對我們來說都非常重要，我們會不斷從這些經驗中學習。

Rahul Krotthapalli, JPMorgan.

摩根大通的 Rahul Krotthapalli。

Good morning guys.

大家早安。

Can you discuss the average US franchise profitability and how the cash-on-cash returns for some of the new stores have tracked over time probably compared to pre-COVID.

您能否討論一下美國特許經營的平均獲利能力，以及與疫情之前相比，一些新店的現金回報率隨時間的變化。

I mean the context here is acceleration in the US development.

我的意思是這裡的背景是美國發展的加速。

And given the fact that around 40% of US

考慮到大約 40% 的美國

system is owned and operated by around 15 franchises who are also multi-brand operators.

該系統由大約 15 個特許經營商擁有和經營，他們也是多品牌運營商。

I'm curious to see how this cohort is going to contribute to unit growth versus the rest of the system as they prioritize capital allocation?

我很好奇，當他們優先考慮資本配置時，這個群體相對於系統的其他部分將如何為單位成長做出貢獻？

And a quick follow-up, is the 200-plus franchisees the right mix for the brand?

再問一下，200 多家特許經營商對於該品牌來說是正確的組合嗎？

Or do you see some room for consolidation as you move forward?

還是您看到了未來發展的整合空間？

Yeah.

是的。

Thanks for the question, Rahul.

謝謝你的提問，拉胡爾。

I would start by saying, in terms of franchisee profitability in 2024, we're currently collecting that data, and we will share it with you later in the year.

首先要說的是，就 2024 年特許經營商的盈利能力而言，我們目前正在收集這些數據，並將在今年稍後與您分享。

We saw good improvements in franchisee profitability in 2023.

2023年，我們看到加盟商的獲利能力有了很大的提升。

And if you look at our global restaurant margin as a proxy for those franchisees, we would expect further improvement in 2024.

如果將我們的全球餐廳利潤率視為這些特許經營商的代表，我們預計 2024 年將進一步改善。

In 2024, we expanded our global restaurant margin by 80 basis points to 15.4%, and at the high end of our range, we'd expect to expand that again in 2025.

2024 年，我們將全球餐廳利潤率提高 80 個基點，達到 15.4%，在我們預期的高端，我們預計 2025 年該利潤率將再次擴大。

So we like what we're seeing from a unit economic perspective.

因此，從單位經濟角度來看，我們喜歡我們所看到的結果。

And then we talked a little bit about the actions we took in the fourth quarter to strengthen our system.

然後我們稍微談論了第四季度為加強系統而採取的行動。

We also mentioned that the average AUVs of the new restaurants that we will be about double the ones that close.

我們也提到，新餐廳的平均 AUV 將是關閉餐廳的兩倍左右。

That's another testament to the strength, especially what we're seeing in the new restaurant openings that we have.

這再次證明了我們的實力，尤其是我們在新開的餐廳中看到的情況。

We'll continue to expand the pool of franchisees that we have.

我們將繼續擴大現有的特許經營商數量。

Build-to-suit is an important part of that. where the company co-invest with the franchisees on the front end, which expands the pool of franchisees that can open Wendy's.

定制生產是其中一個重要的部分。公司與前端的特許經營商共同投資，從而擴大可以開設 Wendy's 的特許經營商數量。

And we're happy with the returns that we see there.

我們對所看到的回報感到非常滿意。

Jim Sanderson, Northcoast Research.

吉姆·桑德森（Jim Sanderson），Northcoast Research。

Hey, thanks for the question.

嘿，謝謝你的提問。

I wanted to go back to the discussion on breakfast.

我想重新討論早餐問題。

I think you mentioned achieving 4% growth year-over-year, which I think gets you to about 8% sales mix in the US Just wondering how you expect the daypart mix to trend in 2025 what's embedded in your guidance?

我記得您提到過實現同比增長 4%，我認為這會使您在美國的銷售額達到 8% 左右，只是想知道您預計 2025 年時段組合的趨勢如何，您的指導中是如何體現的？

And if you're expecting a little bit of a step back as you divert investment into other areas?

當您將投資轉移到其他領域時，您是否預計會出現一些退步？

Thank you.

謝謝。

Yeah.

是的。

So on the full year, we grew 6%, 4% in we expect breakfast to be growing faster than the rest of our business.

因此，就全年而言，我們的成長了 6%，其中 4%，我們預計早餐的成長速度將快於其他業務。

That is part of how we're guiding.

這是我們指導方式的一部分。

We know that we still have a lot of potential.

我們知道我們還有很大的潛力。

We're driving awareness.

我們正在提高認識。

We will innovate on the platform.

我們將在平台上進行創新。

We've got operational excellence.

我們擁有卓越的營運。

And we're learning how to deliver a great experience to our customers with the food that we have.

我們正在學習如何利用現有的食物為顧客帶來更優質的體驗。

We think we have the highest quality food in the industry with breakfast.

我們認為我們的早餐食品是業界品質最高的。

So we know we have a lot of potential that we still are counting on, and it will be a tailwind for us in 2025 and beyond.

所以我們知道我們還有很大的潛力，而且這將成為我們在 2025 年及以後的順風。

Christine Cho, Goldman Sachs.

高盛的 Christine Cho。

Great, thank you so much.

太好了，非常感謝。

Great.

偉大的。

So it was really encouraging to see close to 5% comps in the international markets.

因此，看到國際市場年增近 5% 確實令人鼓舞。

So would you be able to add some texture to what drove the acceleration here?

那麼你能為推動加速的原因添加一些紋路嗎？

And within the 2% to 3% net unit growth that you're expecting for 2025, could you talk to the expansion you're in the international side, especially given kind of the new European markets that you're planning to enter and the key priorities here.

您預計 2025 年的淨單位成長率將達到 2% 到 3%，您能否談談您在國際方面的擴張，尤其是考慮到您計劃進入的新的歐洲市場以及這裡的關鍵優先事項。

Thank you.

謝謝。

Yeah.

是的。

Great question.

好問題。

I think in terms of driving the international comp sales growth, innovation was an important part.

我認為，就推動國際銷售成長而言，創新是重要部分。

We've seen good uplift in Canada from the collaboration that we launched in the fourth-quarter and continue to get smarter and smarter about how we go to market in these new markets.

我們看到，自從第四季度啟動的合作以來，加拿大市場取得了良好的成長，我們在如何進入這些新市場方面將繼續變得越來越聰明。

We've learned a lot in the UK this year. we're changing the strategy in terms of delivery and digital there.

今年我們在英國學到了很多。我們正在改變交付和數位化方面的策略。

So excited about the progress that, that will bring.

我對這將帶來的進步感到非常興奮。

In terms of our new units, we expect to open between 150 and 200 new units in 2025.

就新單位而言，我們預計 2025 年將開設 150 至 200 家新單位。

About Two-third of those will come from international markets.

其中約三分之二將來自國際市場。

And within that international bucket, I'd expect about one-third coming from a combination of Canada and Europe.

在國際範圍內，我預計約有三分之一來自加拿大和歐洲。

We'd expect about half coming from APMEA.

我們預計約有一半來自 APMEA。

And also see some good growth in other places around Latin America.

並且也看到拉丁美洲其他地方也出現了一些良好的成長。

We're going to share a lot of those details with you on March 6.

我們將於 3 月 6 日與您分享大量細節。

We'll break it down to the most attractive countries and give you a lot of details about how we are winning in those markets and what drives unit growth, both in 2025 and beyond.

我們將細分到最具吸引力的國家，並向您詳細介紹我們如何在這些市場取得成功，以及推動 2025 年及以後單位成長的因素。

Logan Reich, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的 Logan Reich。

Hey, good morning.

嘿，早安。

Thanks for the question.

謝謝你的提問。

I have a quick follow-up on the composition of the same-store sales outlook for 2025.

我對2025年同店銷售前景的組成進行快速跟進。

Can you provide any sort of breakdown from international versus US that's baked into your expectations?

您能否提供符合您預期的國際與美國情況的細分？

In terms of system-wide sales growth, I would expect the US to deliver kind of low single-digit system-wide sales growth.

就全系統銷售成長而言，我預計美國將實現低個位數的全系統銷售成長。

We would expect international to deliver high single to low double-digit systemwide sales growth.

我們預期國際市場將實現高個位數至低兩位數的系統銷售成長。

And again, in terms of the shape, we've kind of benchmarked our plans on the assumption that industry traffic in the US is flat to down 1%, and we expect to perform in line or better than that as we win in the marketplace.

再次，就形態而言，我們對我們的計劃進行了基準測試，假設美國的行業流量持平或下降 1％，並且我們預計在市場上獲勝後，我們的業績將與該水平一致或更好。

Gerald Lubinski, BMO.

傑拉爾德·魯賓斯基，BMO。

Hi, thank you for taking the question.

你好，謝謝你回答這個問題。

Hoping to get your thoughts on the level of commodity inflation you're expecting in the US for 2025.

希望了解您對 2025 年美國商品通膨水準的預期看法。

And some of the puts and takes there, specifically as it relates to beef costs, which one of your peers recently called out as a risk for 2025.

其中的一些利弊，特別是與牛肉成本相關的，您的一位同行最近指出這是 2025 年的風險。

Thank you very much.

非常感謝。

Yeah.

是的。

So embedded in our 2025 guidance is commodity inflation of about 1% and wage rate inflation of about 4%.

因此，我們對 2025 年的預期是，商品通膨率約為 1%，工資率通膨率約為 4%。

In terms of commodities, you're right, we think beef will be the biggest driver of that increase year-over-year.

就商品而言，您說得對，我們認為牛肉將是推動價格年增的最大動力。

We think we'll also see a little bit of pressure from bacon, partially offset by improvements in other areas.

我們認為，我們也會看到來自培根的一點壓力，但其他領域的改善會部分抵消這種壓力。

So beef, as you know, we're proud of our fresh never frozen beef.

正如你們所知，牛肉，我們為我們的新鮮、從未冷凍過的牛肉感到自豪。

Domestically sourced here in the US So it enables us to provide the best quality food in the industry.

在美國國內採購，因此我們能夠提供業界最優質的食品。

So that's what's embedded in the guide in terms of tariffs, right now, we wouldn't expect any significant impact to cost of goods sold as a result of tariffs, but it is something that we're watching closely, working with our partners at QSCC to make sure if there are incremental headwinds on what we guided to, that we're doing what we can to offset that in other areas of the commodity basket.

這就是指南中關於關稅的內容，目前，我們預計關稅不會對銷售成本產生任何重大影響，但我們正在密切關注，並與 QSCC 的合作夥伴合作，以確保如果我們的指導方針出現漸進的阻力，我們將盡我們所能，在商品籃子的其他領域抵消這種阻力。

That was our last question of the call.

這是我們這次通話中的最後一個問題。

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

謝謝柯克和肯，也謝謝大家今天早上加入我們。

We look forward to speaking with you again at our Investor Day on March 6.

我們期待在 3 月 6 日的投資者日再次與您交談。

Have a great day.

祝你有美好的一天。

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了。