Wingstop Inc (WING) 2023 Q1 法說會逐字稿

Good morning, ladies and gentlemen, and thank you for standing by. Welcome to the Wingstop Inc. Fiscal First Quarter 2023 Earnings Conference Call. (Operator Instructions) Please note that today's event is being recorded today, Wednesday, May 3, 2023. On the call today are Michael Skipworth, President and Chief Executive Officer; and Alex Kaleida, Vice President and Chief Investment Officer.

早上好，女士們，先生們，感謝你們的支持。歡迎來到 Wingstop Inc. 2023 財年第一季度收益電話會議。 （操作員說明）請注意，今天的活動將於 2023 年 5 月 3 日星期三錄製。今天的電話會議是總裁兼首席執行官 Michael Skipworth；副總裁兼首席投資官 Alex Kaleida。

At this time, I would like to introduce Mr. Kaleida to begin the presentation. Thank you.

這時，我想介紹一下Kaleida先生，開始演講。謝謝。

Thank you, and welcome to the Fiscal First Quarter 2023 Earnings Conference Call for Wingstop. Our results were published earlier this morning and are available on our Investor Relations website at ir.wingstop.com.

謝謝，歡迎參加 Wingstop 2023 財年第一季度收益電話會議。我們的結果於今天上午早些時候發布，可在我們的投資者關係網站 ir.wingstop.com 上查閱。

Our discussion today includes forward-looking statements. These statements are not guarantees of future performance and are subject to numerous risks and uncertainties that could cause our actual results to differ materially from what we currently expect. Our SEC filings describe various risks that could affect our future operating results and financial condition.

我們今天的討論包括前瞻性陳述。這些陳述不是對未來業績的保證，並受到許多風險和不確定性的影響，這些風險和不確定性可能導致我們的實際結果與我們目前的預期存在重大差異。我們向美國證券交易委員會提交的文件描述了可能影響我們未來經營業績和財務狀況的各種風險。

We use certain non-GAAP financial measures that we believe can be useful in evaluating our performance. Presentation of such information should not be considered in isolation or as a substitute for results prepared in accordance with GAAP. Reconciliations to comparable GAAP measures are contained in our earnings release. (Operator Instructions) With that, I would like to turn the call over to Michael.

我們使用某些我們認為有助於評估我們業績的非 GAAP 財務指標。此類信息的呈現不應被孤立地考慮或替代根據公認會計原則編制的結果。我們的收益發布中包含與可比的 GAAP 措施的調節。 （操作員說明）有了這個，我想把電話轉給邁克爾。

Good morning, and thank you for joining our call. The momentum we saw in our business in the back half of 2022 has continued into 2023 and given us a strong start to the year. While we continue to execute against several multiyear sales drivers, our strong start to 2023 speaks to the resiliency of the Wingstop brand and the staying power of our strategies.

早上好，感謝您加入我們的電話會議。我們在 2022 年下半年在業務中看到的勢頭一直持續到 2023 年，並為我們今年開了個好頭。雖然我們繼續執行幾個多年的銷售驅動因素，但我們到 2023 年的強勁開局說明了 Wingstop 品牌的彈性和我們戰略的持久力。

This gives us confidence in our ability to deliver another year of industry-leading results. At the foundation of our strategies is people, and I couldn't be prouder of our team and brand partners who are fueling our path to becoming a top 10 global restaurant brand. In the first quarter, we delivered 20.1% same-store sales growth. Substantially, all of our comp was driven by transaction growth, a true demonstration of the underlying strength of the Wingstop brand.

這使我們相信我們有能力在下一年取得行業領先的成果。我們戰略的基礎是人，我為我們的團隊和品牌合作夥伴感到無比自豪，他們正在推動我們成為全球十大餐廳品牌。第一季度，我們實現了 20.1% 的同店銷售額增長。實質上，我們所有的補償都是由交易增長驅動的，這真實地展示了 Wingstop 品牌的潛在實力。

Within our sales growth, we saw further expansion in our digital channels, achieving a record 65% digital sales mix for the quarter. We opened 37 net new units during the quarter, representing a unit growth rate of 11.4%. Global system-wide sales grew by 30%, and we are now approaching $3 billion in system sales.

在我們的銷售增長中，我們看到我們的數字渠道進一步擴展，本季度實現了創紀錄的 65% 的數字銷售組合。我們在本季度淨開設了 37 個新單位，單位增長率為 11.4%。全球系統範圍的銷售額增長了 30%，我們現在的系統銷售額接近 30 億美元。

Adjusted EBITDA was $34.6 million, an increase of 60% versus the prior year. This strength in transaction growth fueling our same-store sales is driven by multiyear sales drivers we have been executing against, and we believe provides us clear line of sight to growing AUVs north of $2 million.

調整後的 EBITDA 為 3460 萬美元，比上年增長 60%。這種推動我們同店銷售的交易增長的力量是由我們一直在執行的多年銷售驅動因素推動的，我們相信為我們提供了超過 200 萬美元的增長 AUV 的清晰視線。

These strategic growth levers consist of building brand awareness, menu innovation, expanding our delivery channel, digital transformation and data-driven marketing. In just the last 3 years alone, our AUV has grown by nearly $400,000 and is now approaching $1.7 million. But we believe the growth levers we are executing against will continue to increase AUVs, and a huge opportunity within our strategies is to scale brand awareness.

這些戰略增長槓桿包括建立品牌知名度、菜單創新、擴展我們的交付渠道、數字化轉型和數據驅動營銷。僅在過去 3 年裡，我們的 AUV 就增長了近 400,000 美元，現在接近 170 萬美元。但我們相信，我們正在執行的增長槓桿將繼續增加 AUV，我們戰略中的一個巨大機會是擴大品牌知名度。

Our advertising fund continues to grow at a rate similar to our system sales, which increased 30% in Q1, giving us the fuel to continue making progress against the gap in brand awareness to other national brands.

我們的廣告基金繼續以與我們的系統銷售額相似的速度增長，我們的系統銷售額在第一季度增長了 30%，這為我們提供了繼續取得進展的動力，以彌補與其他國家品牌的品牌知名度差距。

In the first quarter, the ad fund was further bolstered by the conversion of the 1% local advertising requirement to national advertising that became effective at the beginning of Q2 last year. The growth in our ad spend has allowed us to increase our presence in social, streaming and digital channels and to be a big buyer in media to include more premium properties such as the NFL and NBA.

在第一季度，廣告基金因去年第二季度初生效的 1% 本地廣告要求轉換為全國廣告而得到進一步支持。我們廣告支出的增長使我們能夠增加我們在社交、流媒體和數字渠道中的影響力，並成為媒體的大買家，包括更多優質資產，如 NFL 和 NBA。

2023 will mark our first full year deploying an always-on message, which will keep Wingstop top of mind with consumers throughout the entire year, a strategy we implemented in the back half of 2022 and one that we believe is working.

2023 年將是我們部署始終在線消息的第一個完整年度，這將使 Wingstop 在整個一年中始終成為消費者的首要考慮因素，這是我們在 2022 年下半年實施的一項戰略，我們認為該戰略正在奏效。

We are making great progress on closing our gap in awareness to other national brands, but there remains a significant opportunity ahead as we look to deliver our 20th consecutive year of same-store sales growth and sustain same-store sales growth over the long term.

我們在縮小與其他國家品牌的知名度差距方面取得了很大進展，但在我們希望實現同店銷售額連續 20 年增長並長期保持同店銷售額增長的過程中，我們仍然面臨著重大機遇。

We recently announced the appointment of our new creative agency, 72andSunny, currently, the lead agency for the NFL and many other great brands. We feel 72andSunny can propel the Wingstop brand into our next phase of growth and help make Wingstop a household name. We're excited about their proven talent and what's in store for our creative later this year.

我們最近宣布任命我們的新創意機構 72andSunny，目前是 NFL 和許多其他偉大品牌的牽頭機構。我們認為 72andSunny 可以推動 Wingstop 品牌進入下一階段的發展，並幫助 Wingstop 成為家喻戶曉的品牌。我們對他們久經考驗的才華以及今年晚些時候我們的創意作品感到興奮。

A new creative campaign will further support the growth levers we are actioning against. In fact, we can slightly see new creative that focuses on one of our recent menu innovations like chicken sandwich, which was introduced in August of 2022. Not only did we launch 1 chicken sandwich, which we launched 12 chicken sandwiches that showcase our unique flavor profiles to both new and existing guests. This has proven to be a powerful enabler for building awareness, increasing frequency and winning new occasions.

一項新的創意活動將進一步支持我們正在採取行動的增長槓桿。事實上，我們可以略微看到新的創意，專注於我們最近的一項菜單創新，例如 2022 年 8 月推出的雞肉三明治。我們不僅推出了 1 款雞肉三明治，還推出了 12 款展示我們獨特風味的雞肉三明治新老客人的個人資料。這已被證明是建立意識、增加頻率和贏得新場合的強大推動力。

Chicken sandwich gives us an opportunity to deliver our Wingstop flavor in a category that has upwards of 2.8 billion servings annually, an opportunity we are just scratching the surface. Not only is chicken sandwich a growth lever, it also advances our supply chain strategy in a meaningful way, where we see a path to 50% plus boneless mix, which we believe could result in a structural change to our long-term food costs, yielding COGS in the low 30% range and would further enhance our already best-in-class unit economics.

雞肉三明治讓我們有機會在每年供應超過 28 億份的類別中提供我們的 Wingstop 口味，而我們只是觸及了這個機會。雞肉三明治不僅是一個增長槓桿，它還以一種有意義的方式推進我們的供應鏈戰略，我們看到了 50% 以上無骨混合的途徑，我們相信這可能會導致我們長期食品成本的結構性變化，在 30% 的低範圍內產生 COGS，並將進一步提高我們已經一流的單位經濟效益。

We also drive innovation through flavor. During the first quarter, we brought back a new fan-favorite flavor, Hot Honey Rub, which has been our highest mixing flavor LTO on record. Flavor LTOs are a proven tactic in our toolkit to drive relevance and repeat occasions with our core as well as bring in new guests to the brand, and we have a pantry full of consumer-tested flavor options with tremendous potential that we can lean into for future LTOs.

我們還通過風味推動創新。在第一季度，我們帶回了一款深受粉絲喜愛的新口味 Hot Honey Rub，這是我們有記錄以來混合口味最高的 LTO。風味 LTO 是我們工具包中的一種行之有效的策略，可以通過我們的核心推動相關性和重複場合，並為品牌帶來新客人，我們有一個食品儲藏室，裡面裝滿了經過消費者測試的風味選擇，具有巨大的潛力，我們可以依靠它來實現未來的 LTO。

Another contributor to our AUV growth is the delivery channel. And in our case, this channel has not shown any signs of slowing down. The launch of Wingstop on Uber Eats platform in July of last year, combined with continued growth on DoorDash's platform, provides us with an additional base of consumers to build awareness and capture new occasions. We have seen growth in all channels, but expansion in our delivery channels showcases the opportunity we believe we have to continue to scale this channel long term and drive further AUV growth.

我們 AUV 增長的另一個貢獻者是交付渠道。在我們的例子中，這個渠道沒有顯示出任何放緩的跡象。去年 7 月在 Uber Eats 平台上推出 Wingstop，再加上 DoorDash 平台的持續增長，為我們提供了額外的消費者基礎，以建立知名度和捕捉新的場合。我們已經看到所有渠道的增長，但我們交付渠道的擴張展示了我們相信我們必須繼續長期擴大該渠道並推動 AUV 進一步增長的機會。

We hit a record digital sales mix in Q1, surpassing 65%, and our first-party database continues to grow, now at an incredible 35 million. This database feeds our marketing engine, allowing us to drive improvement in retention rates, increased frequency and win new occasions. Even with our early success in leveraging first-party data to drive our business, it remains a significant opportunity for Wingstop to further impact retention and frequency.

我們在第一季度創下了創紀錄的數字銷售組合，超過 65%，我們的第一方數據庫繼續增長，目前已達到令人難以置信的 3500 萬。該數據庫為我們的營銷引擎提供支持，使我們能夠提高保留率、增加頻率並贏得新機會。即使我們在利用第一方數據來推動我們的業務方面取得了早期成功，它仍然是 Wingstop 進一步影響保留率和頻率的重要機會。

As we continue to lean into innovation and pursue our aspirational goal of digitizing every transaction, we are excited about early results from a test we just completed around AI-enabled phone orders. We are expanding this test to where we convert phone orders, would still represent about 10% of our sales today, into digital orders through AI voice ordering technology.

隨著我們繼續致力於創新並追求將每筆交易數字化的理想目標，我們對剛剛完成的圍繞支持 AI 的電話訂單的測試的早期結果感到興奮。我們正在將此測試擴展到通過 AI 語音訂購技術將電話訂單轉換為數字訂單的地方，電話訂單仍占我們今天銷售額的 10% 左右。

The early results are promising as we see an improvement in the team member experience, order time, guest satisfaction and an increase in ticket size with the ability to capture this guest digitally. This also allows team members to focus on taking care of our guests that is picking up their order in the restaurant.

早期的結果是有希望的，因為我們看到團隊成員體驗、訂購時間、客人滿意度和門票數量的增加以及以數字方式捕獲該客人的能力有所改善。這也讓團隊成員可以專注於照顧在餐廳取餐的客人。

The transaction growth fueling 20% same-store sales in Q1 is bringing a lot of new guests into the brand, winning new occasions with these guests and moving them up the frequency curve, which is a powerful unlock for continued AUV growth. And we know how important it is to provide a great guest experience. A key to that is operating with excellence, something we have been extremely focused on.

第一季度推動同店銷售額增長 20% 的交易增長為品牌帶來了很多新客人，與這些客人一起贏得了新的場合，並將他們提升到頻率曲線上，這是 AUV 持續增長的強大解鎖。我們知道提供卓越的賓客體驗有多麼重要。做到這一點的關鍵是卓越運營，這是我們一直非常關注的事情。

We are encouraged by the progress our restaurants are making to deliver a best-in-class guest experience, and the results back it up. But we know there continues to be opportunity to further enhance the guest experience that we know will contribute to further top line growth.

我們的餐廳在提供一流的賓客體驗方面取得的進展令我們感到鼓舞，結果也證明了這一點。但我們知道，我們仍然有機會進一步提升賓客體驗，我們知道這將有助於進一步的收入增長。

The multiyear sales levers we are executing against give us confidence in our goal to drive AUVs above $2 million. But even at our current AUVs of almost $1.7 million and an initial investment in the mid-$400,000 range, we are generating best-in-class returns for our brand partners. A good proxy for our system is our company-owned restaurants, which, in Q1, we saw our unit economics strengthen to margins of 27.6%.

我們正在執行的多年銷售槓桿使我們對推動 AUV 超過 200 萬美元的目標充滿信心。但即使我們目前的 AUV 接近 170 萬美元，初始投資在 400,000 美元左右，我們仍在為我們的品牌合作夥伴帶來一流的回報。我們系統的一個很好的代表是我們公司擁有的餐廳，在第一季度，我們看到我們的單位經濟效益提高到 27.6% 的利潤率。

We're not resting on our laurels and remain committed to executing our supply chain strategy to become less reliant on the historically volatile spot price for wings and delivering more predictable food cost for our brand partners. The combination of our size and scale, combined with our strategy, has enabled a fundamental change in how we go to market from a supply chain standpoint and is allowing us to make great progress towards moving more of our buy away from the spot market to longer-term pricing arrangements.

我們並沒有固步自封，而是繼續致力於執行我們的供應鏈戰略，以減少對歷史上波動的機翼現貨價格的依賴，並為我們的品牌合作夥伴提供更可預測的食品成本。我們的規模和規模的結合，再加上我們的戰略，使我們從供應鏈的角度進入市場的方式發生了根本性的變化，並使我們能夠在將更多的採購從現貨市場轉移到更長時間的市場上取得重大進展- 期限定價安排。

Our brand partners are excited by our progress and the strength in our business, and this is translating into significant growth in our development pipeline, setting the backdrop for another strong development year in 2023.

我們的品牌合作夥伴對我們的進步和業務實力感到興奮，這正在轉化為我們開發渠道的顯著增長，為 2023 年又一個強勁的發展年奠定了背景。

Based on the strength of our pipeline and the visibility we have today into approved sites and stages in our construction pipeline, we are reiterating our guidance for 2023 of approximately 240 net new restaurants, which would be another record year for Wingstop.

基於我們管道的實力以及我們今天對批准的地點和建設管道階段的可見性，我們重申我們對 2023 年約 240 家淨新餐廳的指導，這將是 Wingstop 又一個創紀錄的年份。

As we exited 2022, a year where we surpassed more than 200 net new restaurants for the first time, we have an energized base of brand partners that are ready and willing to acquire and develop more territory. In fact, as of the end of the first quarter, we now have a record global development pipeline that's approaching 1,200 restaurant commitments. We also are seeing a record number of approved sites through the start of the year, which supports our outlook for openings in 2023.

當我們離開 2022 年時，這一年我們的淨新餐廳數量首次超過 200 家，我們擁有充滿活力的品牌合作夥伴基礎，他們準備好並願意收購和開發更多領域。事實上，截至第一季度末，我們現在擁有創紀錄的全球開發管道，接近 1,200 家餐廳承諾。到今年年初，我們還看到了創紀錄數量的批准地點，這支持了我們對 2023 年開業的展望。

This strength in momentum and development helped us hit an exciting milestone for the brand, opening our 2,000th restaurant this past month. Truly exciting times for Wingstop with an accelerated pace of development and the incredible opportunity we have in front of us to scale to more than 7,000 global restaurants.

這種勢頭和發展的力量幫助我們達到了品牌令人興奮的里程碑，在上個月開設了我們的第 2,000 家餐廳。對於 Wingstop 來說，真正激動人心的時刻是加快發展步伐，我們面臨著難以置信的機會，可以擴展到全球 7,000 多家餐廳。

We're making great progress in our international markets, where we see an opportunity to open more than 3,000 restaurants. Our U.K. market, which serves as a playbook for future market launches, continues to expand AUVs past $2 million, while unit economics are at levels comparable to our domestic business.

我們在國際市場上取得了長足的進步，我們看到了開設 3,000 多家餐廳的機會。我們的英國市場作為未來市場推出的劇本，繼續將 AUV 擴大到 200 萬美元以上，而單位經濟效益與我們的國內業務相當。

Our Canada market launched in June last year, and we're thrilled by the consumer response. We opened the first Wingstop in Korea during Q1. And most recently, we signed a 30-restaurant commitment to bring our flavor to Puerto Rico, another example of the strength of our business development pipeline.

我們的加拿大市場於去年 6 月推出，我們對消費者的反應感到非常興奮。我們在第一季度在韓國開設了第一家 Wingstop。最近，我們簽署了一項 30 家餐廳承諾，將我們的風味帶到波多黎各，這是我們業務發展渠道實力的另一個例子。

This week, Raj Kapoor, new Head of International, joined my leadership team. Raj is a tremendous business leader, and I'm thrilled to have the opportunity to partner with him as we scale Wingstop globally. He brings a wealth of experience and an eagerness to shepherd our international business into our next phase of growth.

本週，新任國際主管 Raj Kapoor 加入了我的領導團隊。 Raj 是一位了不起的商業領袖，我很高興有機會與他合作，因為我們在全球範圍內擴展了 Wingstop。他帶來了豐富的經驗和將我們的國際業務帶入下一個增長階段的渴望。

Wingstop is well positioned for another industry-leading year. I'm excited by our start to 2023, and our sight's clearly set on the 20th consecutive year of same-store sales growth. With a strong start to the year, we are raising our full-year 2023 outlook to high-single-digit same-store sales growth from our prior guidance of mid-single digits. Our brand partners are seeing some of the strongest unit economics in our history. We believe this positions us to deliver upon our target of approximately 240 net new units.

Wingstop 為又一個行業領先的年份做好了準備。我對我們 2023 年的開局感到興奮，我們的目標明確設定在同店銷售額連續第 20 年增長。憑藉今年的強勁開局，我們將 2023 年全年的展望從之前的中個位數指引上調至高個位數的同店銷售額增長。我們的品牌合作夥伴正在見證我們歷史上最強大的單位經濟效益。我們相信，這使我們能夠實現約 240 個淨新單位的目標。

Wingstop is well positioned as an asset-light, high-growth brand, supported by best-in-class unit economics with unique sustaining same-store sales growth drivers in an industry-leading pace of restaurant development. We believe this really highlights the opportunity we have in front of us here at Wingstop, and positions us well to deliver best-in-class shareholder returns.

Wingstop 定位為輕資產、高增長品牌，由一流的單位經濟支持，以行業領先的餐廳發展速度提供獨特的持續同店銷售增長動力。我們相信，這確實突出了我們在 Wingstop 面臨的機會，並使我們能夠很好地提供一流的股東回報。

Before I hand it off to Alex, I want to thank our brand partners, our team members in the restaurant and the team members at the Global Support Center for all their incredible work and commitment.

在我把它交給亞歷克斯之前，我要感謝我們的品牌合作夥伴、我們在餐廳的團隊成員和全球支持中心的團隊成員，感謝他們所做的所有令人難以置信的工作和承諾。

With that, I'll -- I'd like to turn the call over to Alex.

有了這個，我會 - 我想把電話轉給亞歷克斯。

Thank you, Michael. As you just heard from Michael, the first quarter demonstrated the strength of our long-term strategies. We delivered 30.4% growth in system-wide sales in the first quarter, which now totals $2.9 billion on a trailing 12-month basis.

謝謝你，邁克爾。正如您剛剛從邁克爾那裡聽到的那樣，第一季度展示了我們長期戰略的實力。我們在第一季度實現了 30.4% 的全系統銷售額增長，過去 12 個月的總銷售額為 29 億美元。

Total revenue increased to $108.7 million from $76.2 million in the prior-year fiscal first quarter. Royalty revenues, franchise fees and other revenue increased by $13.1 million in Q1, driven primarily by 199 net franchise openings since the prior-year comparable period and a 20.1% increase in domestic same-store sales.

總收入從去年第一財季的 7620 萬美元增至 1.087 億美元。特許權使用費收入、特許經營費和其他收入在第一季度增加了 1310 萬美元，這主要是由於自去年同期以來 199 家淨特許經營店開業以及國內同店銷售額增長 20.1%。

The transaction growth we experienced in the second half of the prior year continued, and the majority of our first quarter comp was driven by transaction growth.

我們在去年下半年經歷的交易增長仍在繼續，我們第一季度的大部分收入都是由交易增長推動的。

Company-owned restaurant sales totaled $23.1 million in Q1, an increase of $4.5 million, primarily due to a 10.3% increase in company-owned same-store sales, driven entirely by transaction growth and 6 net new restaurants versus the prior-year comparable period.

第一季度公司自有餐廳銷售額總計 2310 萬美元，增長 450 萬美元，這主要是由於公司自有同店銷售額增長 10.3%，這完全受交易增長和 6 家淨新餐廳的推動，與去年同期相比.

Cost of sales as a percentage of company-owned restaurant sales improved by more than 1,100 basis points compared to the prior year, mainly driven by a 1000-basis-point reduction in food, beverage and packaging costs. We are pleased to see this continued improvement in restaurant margins, which, for the first quarter, benefited from a 53% decrease in the cost of bone-in chicken wings.

銷售成本占公司自有餐廳銷售額的百分比與上一年相比提高了 1,100 多個基點，這主要是由於食品、飲料和包裝成本降低了 1000 個基點。我們很高興看到餐廳利潤率持續提高，第一季度得益於帶骨雞翅成本下降 53%。

With our supply chain strategy and based on what we know today with leading indicators for our core commodities, we believe we have line of sight to a predictable food costs for 2023 in the low 30% range. As a result, we anticipate company-owned restaurant cost of sales to be approximately 75%.

憑藉我們的供應鏈戰略，並根據我們今天對核心商品領先指標的了解，我們相信我們可以預見到 2023 年的可預測食品成本將下降 30%。因此，我們預計公司自有餐廳的銷售成本約為 75%。

Combined with this deflation in our core commodity, our supply chain strategy to reduce the volatility in our food cost is paying dividends and is generating quite a bit of excitement among our brand partners as unit economics have strengthened to near record levels.

結合我們核心商品的這種通貨緊縮，我們減少食品成本波動的供應鏈戰略正在帶來紅利，並且隨著單位經濟效益增強到接近創紀錄的水平，我們的品牌合作夥伴感到非常興奮。

In the first quarter, SG&A increased by $5.6 million versus the prior-year comparable period to a total of $23.6 million, driven by investments in strategic projects to support the long-term growth of the business and an increase in performance-based stock compensation and incentive compensation as a result of the business' performance. We will continue to make investments in strategic areas of our business, such as in technology, development and international, to allow us to sustaining these industry-leading results.

第一季度，SG&A 比上年同期增加 560 萬美元，達到 2360 萬美元，這是受支持業務長期增長的戰略項目投資以及基於績效的股票薪酬和因業務績效而產生的激勵性薪酬。我們將繼續對我們業務的戰略領域進行投資，例如技術、發展和國際化，以使我們能夠維持這些行業領先的成果。

Adjusted EBITDA, a non-GAAP measure, was $34.6 million during the quarter, an increase of 60% versus the prior year. Adjusting for nonrecurring items, we delivered adjusted earnings per diluted share, a non-GAAP measure, of $0.59, an 80% increase versus the prior year.

本季度調整後的 EBITDA 是一項非公認會計準則指標，為 3460 萬美元，比上年增長 60%。調整非經常性項目後，我們交付的調整後每股攤薄收益（非 GAAP 指標）為 0.59 美元，比上一年增長 80%。

Our highly franchised asset-light model continues to deliver strong free cash flows. As of the end of the first quarter, we had $513.3 million in net debt. Our net debt to trailing 12-month adjusted EBITDA was at 4.3x, which is a 0.5x lower than at the end of the fourth quarter, underscoring our ability to quickly delever through a combination of adjusted EBITDA growth and a strong free cash flow generation.

我們高度特許經營的輕資產模式繼續提供強勁的自由現金流。截至第一季度末，我們的淨債務為 5.133 億美元。我們過去 12 個月調整後 EBITDA 的淨債務為 4.3 倍，比第四季度末低 0.5 倍，突顯出我們有能力通過調整後的 EBITDA 增長和強勁的自由現金流生成相結合來快速去槓桿化.

We are maintaining a strong cash balance that stands at over $200 million, and it allows us to be opportunistic as we navigate any uncertainty in the macro backdrop in the back half of this year. We will also continue to explore opportunities with this cash to maximize shareholder returns.

我們保持著超過 2 億美元的強勁現金餘額，這使我們能夠在今年下半年應對宏觀背景的任何不確定性時採取機會主義態度。我們還將繼續利用這筆現金探索機會，以最大限度地提高股東回報。

We remain committed to driving shareholder value and returning capital to shareholders through our regular quarterly dividend. Today, we announced a dividend of $0.19 per share of common stock, a demonstration of the strength of our model. This dividend totaling approximately $5.7 million, will be paid on June 9, 2023 to stockholders of record as of May 19, 2023.

我們仍然致力於推動股東價值，並通過定期的季度股息向股東返還資本。今天，我們宣布派發每股普通股 0.19 美元的股息，這證明了我們模型的實力。該股息總額約為 570 萬美元，將於 2023 年 6 月 9 日支付給截至 2023 年 5 月 19 日在冊的股東。

Now shifting to our outlook for 2023. With the strong start to the year, we have increased our outlook to high-single-digit same-store sales growth for 2023 from mid-single-digit same-store sales. Based on the visibility we have in our pipeline at this point in the year, we are reiterating our development outlook of approximately 240 net new units, translating to a unit growth rate of more than 12% versus the prior year. We also anticipate our pace of openings to be weighted more towards the second half.

現在轉向我們對 2023 年的展望。憑藉今年的強勁開局，我們將 2023 年同店銷售額的預期從中等個位數增長上調至高個位數。根據今年此時我們在管道中的可見性，我們重申我們的發展前景為大約 240 個淨新單位，與上一年相比單位增長率超過 12%。我們還預計我們的開業速度將更多地放在下半年。

SG&A guidance is estimated to be between $85.5 million and $87.5 million, including $2.8 million in consulting projects to support our strategic initiatives and an estimated $12 million to $13 million of stock-based compensation expense.

SG&A 指導估計在 8550 萬美元到 8750 萬美元之間，包括 280 萬美元的諮詢項目以支持我們的戰略計劃，以及估計 1200 萬到 1300 萬美元的股票補償費用。

We are excited by the momentum in our business, the underlying health of the Wingstop brand and the opportunity that lies ahead for 2023 and beyond. Our growth strategy is a unique part of the story for Wingstop. We have staying power that give us the confidence in delivering our outlook for 2023.

我們對我們業務的發展勢頭、Wingstop 品牌的潛在健康狀況以及 2023 年及以後的機遇感到興奮。我們的增長戰略是 Wingstop 故事的獨特部分。我們有持久力，使我們有信心實現 2023 年的展望。

With that, I'd like to now turn to Q&A. Operator, please open the line for questions.

有了這個，我想現在轉向問答。接線員，請打開問題線路。

(Operator Instructions) And the first question comes from David Tarantino with Baird.

（操作員說明）第一個問題來自 David Tarantino 和 Baird。

And congratulations on such a strong start to the year. My question is related to the strength you're seeing in the domestic comps or AUVs. I guess the way we look at it on a seasonal basis, it looked like you had a pretty strong surge in volumes relative to normal seasonality. And I was wondering, Michael, if you could maybe talk about the factors that drove that step-up from the last quarter? And whether you think those are structural or whether you think there was some temporary benefit in the first quarter? And then I have a follow-up.

祝賀今年開局如此強勁。我的問題與您在國內 comps 或 AUV 中看到的實力有關。我想我們在季節性基礎上看待它的方式，看起來你的銷量相對於正常的季節性有相當強勁的增長。我想知道，邁克爾，你是否可以談談推動上個季度提升的因素？你認為這些是結構性的還是你認為第一季度有一些暫時的好處？然後我有一個後續行動。

Yes. I think we mentioned this on our last call how we did acknowledge that we saw the comp momentum build as we progress through Q4, and that continued into Q1 this year, giving us a really strong start to the year, as you mentioned.

是的。我想我們在上次電話會議上提到了這一點，我們是如何承認我們在第四季度取得進展時看到了競爭勢頭的增強，並且這種勢頭一直持續到今年第一季度，正如您提到的那樣，這給我們今年帶來了非常強勁的開端。

We really believe it is structural, not a seasonal change in our business, in that these growth levers that we're executing against putting us in a pretty unique spot to have so many different levers that are not only continuing to drive repeat visit with our core consumers, we're bringing a lot of guests into the brand, whether that's through just expanding brand awareness, through the growth in our national ad fund or expansion in the delivery channel or winning occasions with chicken sandwich, just to name a few, that we've been executing against.

我們真的相信這是結構性的，而不是我們業務的季節性變化，因為我們正在執行的這些增長槓桿使我們處於一個非常獨特的位置，擁有如此多不同的槓桿，這些槓桿不僅繼續推動我們的重複訪問核心消費者，我們正在為品牌帶來很多客人，無論是通過擴大品牌知名度，通過我們國家廣告基金的增長，還是通過擴大交付渠道，或者通過雞肉三明治贏得機會，僅舉幾例，我們一直在執行。

And so we saw that momentum build as we progressed through the quarter. And obviously, as we think about the rest of this year and kind of how it's going to shape up, everyone is trying to get their arms around the back half of the year, the consumer. But we feel pretty confident in the strategies that we're executing against and in our ability to deliver on our outlook, which would result in the 20th consecutive year of same-store sales growth.

因此，隨著我們在本季度的進展，我們看到了這種勢頭。顯然，當我們考慮今年餘下的時間以及它將如何塑造時，每個人都在努力擁抱今年下半年的消費者。但我們對我們正在執行的戰略以及我們實現前景的能力充滿信心，這將導致同店銷售額連續第 20 年增長。

Great. Michael, I did want to ask about the guidance. I guess the guidance assumes your comps moderate pretty significantly and maybe even your seasonally adjusted volumes moderate pretty significantly from what you just reported for Q1. So I guess, first question is, are you already seeing that? Or are you seeing something? Or is this just maybe a bit of conservatism as you think about the second half of the year?

偉大的。邁克爾，我確實想問一下指導。我想該指南假設您的 comps 非常顯著，甚至可能您的季節性調整後的銷量與您剛剛報告的第一季度相比也非常顯著。所以我想，第一個問題是，你已經看到了嗎？或者你看到了什麼？還是您對下半年的看法可能有點保守？

Yes, David, I think it's probably more of the latter. Obviously, there's still a fair amount of uncertainty with the macro environment, the consumer, recession. Everyone is trying to really understand what's going to happen later today with the Fed as an example. And so we're all trying to get our arms around exactly what that means to the overall consumer.

是的，大衛，我認為可能更多是後者。顯然，宏觀環境、消費者、經濟衰退仍然存在相當大的不確定性。以美聯儲為例，每個人都在努力真正理解今天晚些時候會發生什麼。因此，我們都在努力了解這對整體消費者意味著什麼。

That said, and I mentioned it just a second ago, we feel like we're in a pretty unique spot as a brand to be able to raise our guidance this year, even considering that overall macro backdrop, and deliver a really strong year.

也就是說，我剛才提到過，我們覺得我們作為一個品牌處於一個非常獨特的位置，即使考慮到整體宏觀背景，我們也能夠在今年提高我們的指導，並實現非常強勁的一年。

And the next question comes from Jeffrey Bernstein with Barclays.

下一個問題來自巴克萊銀行的杰弗裡伯恩斯坦。

Great. Two questions. The first one just on the unit growth. Clearly, there are concerns of macro easing and rate increases and just, over the [past] month or 2, a lot of small bank concerns. So I'm just wondering if any or all of those factors you think are having any impact on your unit growth outlook.

偉大的。兩個問題。第一個只是關於單位增長。顯然，人們擔心宏觀寬鬆政策和加息，而且就在 [過去] 一兩個月裡，很多小銀行都擔心。所以我只是想知道您認為是否有任何或所有這些因素對您的單位增長前景有任何影響。

I know you've reiterated the guidance for this year for 12% plus. But just trying to get some color on whether you think that has any impact at all. I think you mentioned your pipeline is 1,200 units. So I'm just wondering maybe that could provide some color. Maybe what was that pipeline last year and the year before? Any kind of color in terms of the -- any headwinds on that unit growth outlook, based on the current macro? And then I have one follow-up.

我知道你已經重申了今年 12% 以上的指導方針。但只是想了解一下您是否認為這有任何影響。我想你提到你的管道是 1,200 個單位。所以我只是想知道也許這可以提供一些顏色。也許去年和前年的管道是什麼？基於當前的宏觀經濟，該單位增長前景有任何不利因素嗎？然後我有一個跟進。

Yes, the pipeline, as we sit here today, we mentioned, is at a record level, 1,200 strong. And just to provide some perspective, that was close to 1,000 this time a year ago. And then you layer on top of that the openings we had over the past year of 200 roughly, it really speaks to the demand that we're seeing from our brand partners to reinvest in Wingstop and their desire to continue to grow.

是的，正如我們今天坐在這裡所提到的，管道處於創紀錄的水平，1,200 強。只是為了提供一些觀點，一年前的這個時候接近 1,000。然後你再加上我們在過去一年中大約有 200 個空缺，這確實說明了我們從我們的品牌合作夥伴那裡看到的對 Wingstop 進行再投資的需求以及他們繼續增長的願望。

And as we sit here today, we have pretty good visibility into our pipeline. And in fact, the number of sites that we need to deliver on that outlook that we reiterated of 240 net new units are sitting in our pipeline today. And so we feel pretty confident, regardless of what happens in the overall macro, to be able to continue to deliver industry-leading unit development.

當我們今天坐在這裡時，我們對我們的管道有很好的了解。事實上，我們需要提供的網站數量今天正在我們的管道中，我們重申了 240 個淨新單位的前景。因此，無論整體宏觀情況如何，我們都非常有信心能夠繼續提供行業領先的單位開發。

And a lot of that has to do -- if you think about financing, the rate environment or these regional banks, there's not a lot of lending or leverage conversations we have with our brand partner community. A lot of their growth is fueled by cash flow from operations.

很多事情都必須做——如果你考慮融資、利率環境或這些區域性銀行，我們與品牌合作夥伴社區的貸款或槓桿對話並不多。他們的增長在很大程度上是由運營產生的現金流推動的。

And then, on top of that, compared to other brands, it's a relatively modest initial investment to open a Wingstop. So I think all those things help position us to be able to sit here today with confidence in delivering another industry-leading return from a unit development perspective.

然後，最重要的是，與其他品牌相比，開設 Wingstop 的初始投資相對較少。所以我認為所有這些事情都有助於我們今天能夠坐在這裡，從單位開發的角度有信心提供另一個行業領先的回報。

Understood. And then the follow-up is just on the commodity cost outlook. Clearly, the deflation of 50% plus on the bone-in wings is incredible. Just wondering -- your outlook for that for the second quarter or the back half, just wondering, when you would think it might turn into a headwind?

明白了。然後後續只是關於商品成本前景。顯然，帶骨翅膀的放氣量超過 50% 令人難以置信。只是想知道 - 你對第二季度或後半段的展望，只是想知道，你認為它什麼時候會變成逆風？

And I think you mentioned something about from a supply chain's perspective, you're shifting more to long-term buys versus spot market. If there's any incremental color you could provide in terms of new details, that would be great.

而且我認為你從供應鏈的角度提到了一些事情，你正在更多地轉向長期購買而不是現貨市場。如果您可以在新細節方面提供任何增量顏色，那就太好了。

Jeff, we're really encouraged by the commodity backdrop that we see today. As we look at some of the leading indicators around the price of -- that leads to the price of wings, those are favorable as well. Seems to signal to a little bit of softness maybe out there from a more macro perspective, but obviously, nothing we're seeing in our business. And we're seeing some pretty favorable pricing as we sit here today in the Urner Barry.

傑夫，我們今天看到的商品背景真的讓我們感到鼓舞。當我們查看圍繞價格的一些領先指標時——這會導致機翼的價格，這些指標也是有利的。從更宏觀的角度來看，似乎暗示了一點點疲軟，但顯然，我們在我們的業務中沒有看到任何東西。當我們今天坐在 Urner Barry 時，我們看到了一些非常優惠的價格。

But we do expect that to normalize -- the Urner Barry to revert back to what I would describe as a more seasonal trend, which, if you get into the back half of the year, football season, you see the price of wings usually tick up a little bit. But even that, with that environment in front of us, we still see a pretty favorable overall food cost, not only for our company-owned restaurants that we guided to in the overall margin there, but for our brand partners, something that we think is going to continue to fuel overall demand for growth.

但我們確實希望這種情況正常化——Urner Barry 會恢復到我所說的更具季節性的趨勢，如果你進入今年下半年，即足球賽季，你會看到機翼的價格通常會上漲一點點。但即便如此，在我們面前的這種環境下，我們仍然看到整體食品成本非常有利，不僅對於我們在整體利潤率方面指導的公司擁有的餐廳，而且對於我們的品牌合作夥伴，我們認為將繼續推動對增長的總體需求。

But you mentioned it, and we talked about it in our prepared remarks. The combination of our size and scale and then just the continued execution against our overall supply chain strategy is allowing us to shift more and more of our buy away from the spot market and be able to negotiate longer-term pricing arrangements that give us more predictability in food cost as -- the further we look out. And some of these arrangements are actually giving us some comfort and confidence into what 2024 is starting to shape up as well.

但是你提到了它，我們在準備好的發言稿中談到了它。我們的規模和規模的結合，以及對我們整體供應鏈戰略的持續執行，使我們能夠將越來越多的採購從現貨市場轉移出去，並能夠協商更長期的定價安排，從而使我們更具可預測性在食品成本方面——我們看得越遠。其中一些安排實際上讓我們對 2024 年開始形成的情況有了一些安慰和信心。

Understood. And just to clarify, in your response there, I think you mentioned the macro outlook maybe softening a little bit, but not anything you're seeing in your results. I think it was questioned earlier, but is that safe to assume then, without giving specifics, that the momentum you saw through the first quarter, there really hasn't been a change in trend at least through the month of April?

明白了。澄清一下，在你的回復中，我認為你提到宏觀前景可能會有所緩和，但你在結果中沒有看到任何東西。我認為它早些時候受到質疑，但是在沒有給出具體細節的情況下，是否可以安全地假設你在第一季度看到的勢頭，至少在 4 月份確實沒有趨勢變化？

Jeff, I can jump in here. One of the leading indicators is around frozen inventory levels on wings and breast meat. And I think that's the one that we're pointing to that signals some softness as suppliers are rebalancing that equilibrium between demand and supply right now.

傑夫，我可以跳進去。領先指標之一是圍繞翅膀和胸肉的冷凍庫存水平。而且我認為這就是我們所指出的信號，因為供應商現在正在重新平衡需求和供應之間的平衡。

I'm sorry. I was talking about the comp momentum with the 20% plus in the first quarter, and I think you've indicated you really haven't seen a slowdown from a top line comp perspective thus far in the second quarter, despite the macro concerns. I wasn't sure if that was the message you were trying to convey about April?

對不起。我在談論第一季度 20% 以上的補償勢頭，我認為你已經表明，儘管存在宏觀擔憂，但從第二季度的頂線補償角度來看，你真的沒有看到放緩。我不確定這是否是您要傳達的關於四月的信息？

No, I don't think we were trying to be intentional about April, but more just around some of the leading indicators that influence the outlook and what the Urner Barry will do. As it relates to our business and overall demand, I think all of that factored into kind of our outlook for the balance of the year, which resulted in us raising our guidance for the year from mid-single digits to high-single digits.

不，我不認為我們試圖在 4 月有意為之，而是更多地圍繞一些影響前景和 Urner Barry 將做什麼的領先指標。由於它與我們的業務和整體需求有關，我認為所有這些因素都影響了我們對今年餘額的展望，這導致我們將今年的指導從中個位數提高到高個位數。

And the next question comes from Jon Tower with Citigroup.

下一個問題來自花旗集團的 Jon Tower。

One question and then a follow-up. Just curious on the chicken sandwich where that mixed in, in the quarter. But more importantly just looking at the LTO, you talked about the Hot Honey Rub doing quite well. I'm curious if you could speak to how a product makes its way from an LTO to a permanent menu item, especially given the success that this product seemed to have during the quarter?

一個問題，然後跟進。只是對本季度混入的雞肉三明治感到好奇。但更重要的是，只要看看 LTO，你就談到了 Hot Honey Rub 做得很好。我很好奇您是否可以談談產品如何從 LTO 變成永久菜單項，特別是考慮到該產品在本季度似乎取得的成功？

Jeff -- or Jon, I'm sorry. I would say, as it relates to the LTO, and maybe I'll start there, as we reflect on Wingstop as a brand over our almost 30 years, there hasn't been a significant amount of menu innovation. And specifically related to flavors, I think we've eliminated 1 and added 2. So it is a decently high bar to make it on our menu permanently.

傑夫——或者喬恩，對不起。我會說，因為它與 LTO 相關，也許我會從那裡開始，因為我們將 Wingstop 作為一個品牌反思了近 30 年，沒有大量的菜單創新。特別是與口味相關的，我認為我們已經刪除了 1 種並添加了 2 種。因此，將其永久列入我們的菜單是一個相當高的標準。

That said, obviously, we look at and listen to the overall consumer sentiment and demand for a flavor like Hot Honey Rub, which has been significant. And so we'll continue to evaluate that and monitor it, Jon.

也就是說，很明顯，我們觀察並傾聽了整體消費者情緒和對像 Hot Honey Rub 這樣的口味的需求，這是很重要的。因此，喬恩，我們將繼續評估並監控它。

But as it relates to chicken sandwich, what's exciting for our brand and kind of what we've seen is, we've seen growth in all channels. If you look at digital carryout, nondigital carryout, you look at delivery, you name it, we saw growth across all channels.

但就雞肉三明治而言，我們的品牌和我們所看到的令人興奮的是，我們看到了所有渠道的增長。如果你看看數字結轉，非數字結轉，你看看交付，你的名字，我們看到了所有渠道的增長。

And chicken sandwich, we saw that mix sustain from what we've seen in prior quarter of about a mid-single-digit mix range. And we're encouraged by that because it's a bit of a halo effect, in that we're seeing bone-in wings, boneless wings, tender [cells], all categories rise as we're experiencing some of the strength in the overall business. And so we're encouraged by that.

和雞肉三明治，我們看到這種混合維持在我們在上一季度看到的大約中等個位數混合範圍內。我們對此感到鼓舞，因為它有點光環效應，因為我們看到帶骨翅膀、無骨翅膀、嫩[細胞]，所有類別都在上升，因為我們正在體驗整體的一些力量商業。因此，我們對此感到鼓舞。

And really excited to see that we continue to see that chicken sandwich sales mix sustain, which means we're winning more occasions and bringing new guests into the brand, as we mentioned earlier, which we're really excited about what that can mean for the brand long term.

很高興看到我們繼續看到雞肉三明治銷售組合的持續發展，這意味著我們贏得了更多的機會，並為品牌帶來了新客人，正如我們之前提到的，我們對這意味著什麼感到非常興奮品牌長期。

Got it. And then just going to -- I think, thinking about the consulting projects that you talked about. Can you give us a little color as to what's going on? Is that going back to the supply chain side of the business? And looking at the opportunities there, is there something else happening that you're looking at right now that might impact the business, going forward?

知道了。然後只是 - 我想，想想你談到的諮詢項目。你能告訴我們發生了什麼事嗎？這會回到業務的供應鏈方面嗎？看看那裡的機會，你現在正在尋找的其他事情是否會影響業務，向前發展？

Yes, Jon, I think as we take a step back and sit here, we kind of feel like, as a brand, this is another one of those put-our-foot-on-the-gas moments. And so we've -- you've known us over the years to make some strategic investments in areas, where we think we can continue to advance our growth strategy and continue to deliver industry-leading results.

是的，喬恩，我認為當我們退後一步坐在這裡時，我們有點覺得，作為一個品牌，這是另一個讓我們踏上油門的時刻。所以我們 - 多年來你已經知道我們在我們認為我們可以繼續推進我們的增長戰略並繼續提供行業領先成果的領域進行一些戰略投資。

And I would kind of generally put this in that bucket, where we're leaning in just to make sure we are taking advantage of the momentum that we have in the brand today. We're playing offense and leaning in to position the brand for this next phase of growth that's in front of us that we're excited about.

我一般會把它放在那個桶裡，我們正在傾斜只是為了確保我們正在利用我們今天在品牌中擁有的勢頭。我們正在進攻，並傾向於為我們興奮的下一階段增長定位品牌。

Okay. So this is not to do with the supply chain examination you've done previously?

好的。所以這和你之前做的供應鏈檢查沒有關係？

Yes. It's not specifically related to that overall supply chain strategy that we've talked about historically, correct.

是的。它與我們在歷史上討論過的整體供應鏈戰略沒有具體關係，正確的。

And the next question comes from Andrew Charles with TD Cowen.

下一個問題來自 TD Cowen 的 Andrew Charles。

Great. Michael, in 1Q is impressive comps with your higher 2023 outlook, what's the plan with the surplus, the ad fund that comes on top of what was already a robust-planned 20% ad fund increase that followed the 40% increase in 2022? Is the plan to deploy this later in 2023? Or are you able to hold on to the surplus to beef up 2024 TRPs?

偉大的。邁克爾，第一季度與您更高的 2023 年前景相比令人印象深刻，在 2022 年增長 40% 之後，廣告基金的盈餘計劃是什麼？廣告基金已經計劃穩健地增長 20%？是否計劃在 2023 年晚些時候部署它？或者您是否能夠保留盈餘以加強 2024 TRP？

Andrew, I think it ties back a little bit to my comment I just made to Jon about this feeling like a little bit of a put-our-foot-on-the-gas moment. And so we are leaning in and finding opportunities to strategically invest any surplus that we do see coming into the ad fund to continue to drive growth and take advantage of this -- these growth levers we have in front of us that are bringing a lot of new guests into the brand that we mentioned in our prepared remarks.

安德魯，我認為這與我剛剛對喬恩發表的評論有一點關係，這種感覺有點像踩油門的時刻。因此，我們傾向於並尋找機會戰略性地投資我們確實看到進入廣告基金的任何盈餘，以繼續推動增長並利用這一點——我們面前的這些增長槓桿帶來了很多新客人進入我們在準備好的評論中提到的品牌。

And we're really excited about what we're seeing, not only within the 4 walls of the restaurant, but how we're able to retain more of those guests and see them move up the frequency curve with the brand, which is what you want to see, and we think, to tie back to an earlier comment, as part of an overall structural change that we're seeing in AUVs for the brand.

我們對所看到的一切感到非常興奮，不僅是在餐廳的 4 堵牆內，還有我們如何能夠留住更多的客人，並看到他們隨著品牌的頻率曲線上升，這就是作為我們在品牌 AUV 中看到的整體結構變化的一部分，您希望看到，並且我們認為，與之前的評論聯繫起來。

Okay. Great. And then I wanted to just check in as well just on the opportunity to mitigate bone-in wing volatility. You described that you're very flexible in the approach here. And so roughly a year later after first detailing the project. Just kind of want to see the progress that's been made, just kind of where your head is with this?

好的。偉大的。然後我也想看看有沒有機會減輕骨翼波動。你描述說你在這裡的方法非常靈活。在第一次詳細介紹該項目後大約一年後。只是想看看已經取得的進展，只是想看看你的想法是什麼？

And obviously, when you did the recap a year ago, you took on about $130 million of cash on the balance sheet to help fortify. Is that something you still view as really needed to help you with your efforts? Or is there, perhaps, more of a lower intensity, lower cash usage approach here that may be able to lead to the cash to be deployed to shareholders?

很明顯，當你在一年前進行回顧時，你在資產負債表上使用了大約 1.3 億美元的現金來幫助鞏固。您仍然認為這是真正需要幫助您努力的事情嗎？或者，這裡是否有更多強度較低、現金使用率較低的方法可能會導致將現金分配給股東？

Andrew, this is Alex. Thanks for the question. Yes, I think, as you will recall, our supply chain strategy included multiple tenets of the strategy, which include more of a cost plus pricing model, moving our buy away from the spot market, potential co-investment scenario, an acquisition of a complex or a potential build scenario.

安德魯，這是亞歷克斯。謝謝你的問題。是的，我認為，正如您所記得的那樣，我們的供應鏈戰略包括該戰略的多個原則，其中包括更多的成本加成定價模型、將我們的購買從現貨市場轉移、潛在的共同投資方案、收購複雜或潛在的構建場景。

And we've been working that first element of our strategy really hard, where, as Michael mentioned on the call, just with our articulation of our strategy, that has fundamentally changed conversations that we're having on our buy year in, year out. So you're starting to see some of that come into our outlook.

我們一直在非常努力地研究我們戰略的第一個要素，正如邁克爾在電話中提到的那樣，通過我們對戰略的闡述，這從根本上改變了我們年復一年的購買對話.所以你開始看到其中一些進入我們的前景。

And I think this is really the first -- one of the first years we've been able to articulate the visibility we have into food costs in that low 30% range for 2023. So we're going to work that -- continue to work that less capital-intensive approach as we continue to see the benefits from that. And then, as you mentioned, we are positioned with the cash on our balance sheet to be opportunistic, whether it is something in our supply chain strategy or a return of capital to shareholders down the line.

而且我認為這真的是第一次 - 我們能夠清楚地闡明我們對 2023 年 30% 的低食品成本的可見性的第一年。所以我們將努力 - 繼續隨著我們繼續從中看到好處，採用資本密集度較低的方法。然後，正如你提到的，我們將資產負債表上的現金定位為機會主義，無論是在我們的供應鏈戰略中還是向股東返還資本。

Next question comes from Brian Harbour with Morgan Stanley.

下一個問題來自摩根士丹利的 Brian Harbor。

Can you talk about just demographic exposure a little bit? Because I know about a year ago, we had talked about kind of some of the lower-end customers pulling back. I think the higher-end customers have since come to you in quite a strong way, especially given kind of delivery. But what do you observe more recently? Has some of the lower end improved? Or what have you seen just from a demographic perspective?

你能談談人口統計曝光嗎？因為我知道大約一年前，我們曾討論過一些低端客戶退縮的問題。我認為高端客戶已經以相當強烈的方式來找你，特別是在交付方面。但是你最近觀察到什麼？一些低端有改善嗎？或者你從人口統計的角度看到了什麼？

Brian, if you recall, several years ago, we had a stated strategy where we saw an opportunity to broaden kind of the top of the funnel and go after this heavy -- we described it as a heavy QSR user. And this QSR user represents about 60% of all QSR visits and is a little -- just skew a little bit more higher income, a little bit less [ethnically] diverse than our core.

布賴恩，如果你還記得，幾年前，我們有一個既定的戰略，我們看到了擴大漏斗頂部的機會，並追求這個重度——我們將其描述為重度 QSR 用戶。這個 QSR 用戶約佔所有 QSR 訪問量的 60%，並且有點——只是偏向於更高的收入，比我們的核心用戶 [種族] 多樣化少一點。

And we're pretty excited about the progress we've made over the years as it relates to bringing those heavy QSR users into the brand. And so, call it, 4 or 5 years ago, that lower-income consumer was over half of our business. And today, that's roughly less than 30%. So we're clearly making progress there.

我們對多年來在將 QSR 重度用戶帶入品牌方面取得的進展感到非常興奮。因此，在 4 或 5 年前，低收入消費者占我們業務的一半以上。而今天，這個比例大約不到 30%。所以我們顯然在那裡取得了進展。

That said, we have a unique position as a brand with these -- our core, and that is, it's not a high-frequency occasion. The average frequency is once a month or 3 times a quarter, and they engage with our brand -- is almost an indulgent occasion.

也就是說，作為一個品牌，我們擁有獨特的地位——我們的核心，那就是，它不是高頻場合。平均頻率是每月一次或每季度 3 次，他們與我們的品牌互動——幾乎是一種放縱的場合。

And so we've talked about the unique position that puts Wingstop, whether it's in a recessionary environment or just the consumers feeling overall pressure from inflation in their pocket book is that they'll have a tendency to pull back more on high-frequency QSR occasions. And then it's almost as though they get towards the end of the month and feel like they should reward themselves.

因此，我們已經討論了 Wingstop 的獨特地位，無論是在經濟衰退的環境中，還是消費者在他們的錢包中感受到通貨膨脹的整體壓力，他們都會傾向於在高頻 QSR 上拉回更多場合。然後就好像他們快到月底了，覺得他們應該獎勵自己。

And so as long as we're driving top-of-mind awareness and presenting them with value, we've demonstrated an ability to retain those indulgent occasions. And I think that's exactly what we've seen throughout the first quarter and -- is our ability to retain those indulgent occasions with our core.

因此，只要我們提高人們的意識並向他們展示價值，我們就展示了保留這些放縱場合的能力。我認為這正是我們在整個第一季度所看到的——我們有能力用我們的核心保留那些放縱的場合。

Great. And I mean, related to that, is there anything you can quantify just in terms of the increase in frequency more recently, too? And you sort of alluded to this, and certainly, I think elsewhere in the industry, we are seeing some of the higher-frequency QSRs holding on or even building frequency at this point, but it kind of depends on the brand. What have you seen with that more recently?

偉大的。我的意思是，與此相關，您是否也可以根據最近頻率的增加來量化什麼？你有點提到這一點，當然，我認為在行業的其他地方，我們看到一些高頻 QSR 在這一點上保持甚至建立頻率，但這在某種程度上取決於品牌。你最近看到了什麼？

Brian, this is Alex. I can jump in here. As we mentioned, we've attracted this new guest that comes in that's into Wingstop at a lower frequency than our core average, yet we've been able to sustain that average overall of about 3x a quarter. So I think that demonstrates the continued focus to build frequency with our core as well as move our new guests along the frequency curve.

布賴恩，這是亞歷克斯。我可以跳進去正如我們所提到的，我們吸引了這位以低於我們核心平均水平的頻率進入 Wingstop 的新客人，但我們已經能夠維持每季度約 3 倍的總體平均水平。因此，我認為這表明我們繼續專注於通過我們的核心建立頻率以及沿著頻率曲線移動我們的新客人。

And then I'll just add to that, Brian. We mentioned our comp in Q1 of 20.1% was entirely driven by transaction growth. And I think that just further supports the point Alex is making about bringing in a lot of new users and new occasions into the brand while retaining those indulgent occasions with their core.

然後我會補充一點，布賴恩。我們提到我們第一季度 20.1% 的收入完全是由交易增長推動的。而且我認為這進一步支持了 Alex 提出的關於在品牌中引入大量新用戶和新場合同時保留那些放縱場合的核心觀點。

And the next question comes from Josh along with Stephens Inc.

下一個問題來自 Josh 和 Stephens Inc.

My first question was more of a clarification on some of the build-out costs that you mentioned. I understand that the pipeline is very strong, that's very exciting. Curious if you could talk about some of the construction cost inflation or just maybe permitting things that may have been kind of pushing and pulling on the development pipeline?

我的第一個問題更多是澄清你提到的一些擴建成本。我知道管道非常強大，這非常令人興奮。想知道您是否可以談論一些建築成本膨脹或者只是允許可能推動和拉動開發管道的事情？

I understand that your stores and your format is advantaged versus many others of your peers. But just curious, what kind of pressures in your feeling in the current environment? And then I have one follow-up.

我了解您的商店和您的格式與許多其他同行相比具有優勢。但是很好奇，在當前的環境下，你的感受是怎樣的壓力？然後我有一個跟進。

Thanks for the question, Josh. This is Alex. I think what you've seen is we've been able to sustain that initial investment of about $450,000 for brand partners and while building our AUVs to now approaching $1.7 million. So that yield is a payback of less than 2 years.

謝謝你的問題，喬希。這是亞歷克斯。我想你所看到的是，我們已經能夠為品牌合作夥伴維持大約 450,000 美元的初始投資，同時將我們的 AUV 建設到現在接近 170 萬美元。因此，收益率是不到 2 年的投資回收期。

So while we're not certainly immune to inflation, we've been doing things very strategically behind the scenes to stage inventory, buy-forward equipment in order to mitigate some of the smaller headwinds they see on some of their purchases.

因此，雖然我們不能肯定不受通貨膨脹的影響，但我們一直在幕後非常有策略地做一些事情來儲存庫存，購買遠期設備，以減輕他們在某些採購中看到的一些較小的逆風。

But I think with the growth in the expansion of our margins, with what you're seeing in the pipeline and the level of commitments that we've continued to build on and that low upfront investment, that's got our brand partner base energized to continue to grow and open more Wingstops.

但我認為，隨著我們利潤率的增長，你在管道中看到的，我們繼續建立的承諾水平以及較低的前期投資，這讓我們的品牌合作夥伴基礎充滿活力繼續發展和開放更多的 Wingstops。

Great. That's very helpful. And maybe shifting gears, when we think about the goals you set forward in terms of becoming a top 10 global restaurant brand, scaling to more than 3,000 stores internationally, can you talk about some of the near-term opportunities with that? Michael, you mentioned kind of using the U.K. as a kind of jumping-off point for how you can think about going into new markets.

偉大的。這很有幫助。也許換檔，當我們考慮您設定的目標，即成為全球前 10 大餐廳品牌，在全球範圍內擴展到 3,000 多家門店時，您能談談近期的一些機會嗎？邁克爾，你提到過將英國作為你如何考慮進入新市場的起點。

And I believe you've also made some key hires here recently on the human capital side to help propel that. But could you kind of frame up how we should be thinking about some of the near-term opportunities internationally as you start to work towards that 3,000-unit target?

而且我相信你最近也在人力資本方面進行了一些重要的招聘，以幫助推動這一點。但是，當您開始努力實現 3,000 輛的目標時，您能否構想一下我們應該如何考慮國際上的一些近期機會？

Yes, absolutely. And I think you've heard us refer to our international business in a position that's supercharged for growth. We have a significant amount of demand in our business development pipeline for new territories. We mentioned a few that we've recently opened that are starting to build the pipeline there, and we'll continue to expand.

是的，一點沒錯。而且我想您已經聽過我們提到我們的國際業務處於增長動力強勁的位置。我們對新地區的業務發展渠道有大量需求。我們提到了我們最近開放的一些開始在那裡建立管道的項目，我們將繼續擴大。

We noted in our prepared remarks that we just secured a partner for Puerto Rico, just to speak to the overall business development pipeline and demand there. But really excited about what's in front of us.

我們在準備好的評論中指出，我們剛剛為波多黎各找到了一個合作夥伴，只是為了談論那裡的整體業務發展渠道和需求。但對我們面前的一切感到非常興奮。

Obviously, you mentioned it, bringing in Raj is a big hire and someone we're really excited about in him leading our international business and that growth strategy. But we talked about the overall unit outlook and target for this year of roughly 240 net.

顯然，你提到過，引入 Raj 是一個很大的聘用，我們對他領導我們的國際業務和增長戰略感到非常興奮。但我們談到了今年大約 240 個淨單位的總體單位前景和目標。

Within that number is another record year for international and something we're really excited about and, I think, speaks to the momentum. But as we bring new territories online, the way those development agreements are written is they start out with a little bit of a slower pace. But then as they get up to the pace of what we see in the U.K. today, which is opening roughly mid-teens units a year, more territories get to that pace is when it becomes a more meaningful contribution to the overall unit growth story.

在這個數字中，又是國際賽事創紀錄的一年，我們對此感到非常興奮，而且我認為這說明了勢頭。但是當我們將新的領域帶到網上時，這些開發協議的編寫方式是它們開始時的速度會稍微慢一些。但隨後，當他們跟上我們今天在英國看到的步伐時，英國每年大約開設十幾家單位，更多的地區達到這一速度，這對整體單位增長故事做出更有意義的貢獻。

But we're pretty excited about what we see today, the demand for the brand outside of the U.S. and obviously, Raj joining our team.

但我們對今天看到的情況感到非常興奮，美國以外對該品牌的需求很明顯，Raj 加入了我們的團隊。

And the next question comes from Jeff Farmer with Gordon Haskett.

下一個問題來自 Jeff Farmer 和 Gordon Haskett。

I'm curious, where did the 20% Q1 same-store sales performance stand or come in relative to what you guys were thinking in terms of internal expectations heading into the quarter?

我很好奇，相對於你們進入本季度的內部預期，第一季度 20% 的同店銷售業績與你們的想法有什麼關係？

Jeff, I think, in full transparency, it exceeded our expectations. We knew we exited 2022 with some great momentum. We were, call it, low double digits and kind of expected.

傑夫，我認為，在完全透明的情況下，它超出了我們的預期。我們知道我們以強勁的勢頭退出了 2022 年。我們是，稱之為低兩位數，有點像預期的那樣。

We could continue to execute at that level. But then, obviously, as I mentioned earlier, saw that momentum continue to build as we progress through the quarter. And so we're encouraged by the -- how the team rallied together and how effective the strategies have been, and we're going to continue to put our foot on the gas.

我們可以繼續在那個級別執行。但是，很明顯，正如我之前提到的，隨著我們在本季度的進展，這種勢頭繼續增強。因此，我們對團隊如何團結在一起以及這些策略的有效性感到鼓舞，我們將繼續努力。

Okay. That's helpful. And then just one follow-up, really a clarification on the Q1 same-store sales components. You said largely all traffic, but can you -- you might have said this or given this detail already, but -- so virtually, no menu pricing, no mix impact at all in the Q1 same-store sales number?

好的。這很有幫助。然後只是一個跟進，真的是對第一季度同店銷售組成部分的澄清。你說的主要是所有流量，但是你能不能——你可能已經說過這個或者已經給出了這個細節，但是——實際上，沒有菜單定價，對第一季度同店銷售數字根本沒有混合影響？

Yes. I think the right way to think about it, Jeff, is -- and we mentioned this, I think, last quarter, but we expect to get back towards our more historical approach to pricing, which is 1 to 2 points of price in two windows throughout the year at a very strategic level. And we enacted that pricing in Q1.

是的。傑夫，我認為正確的思考方式是——我們在上個季度提到了這一點，但我們希望回到我們更具歷史意義的定價方法，即 1 到 2 個點的價格全年的窗戶都處於非常具有戰略意義的水平。我們在第一季度製定了該定價。

That said, we had been experiencing a little bit of ticket impact from success with the chicken sandwich, which does tend to mix a little bit more towards that lunch day part and have a little bit of a lower overall average check, which is a good thing, and we like.

也就是說，我們一直在經歷雞肉三明治的成功帶來的一點門票影響，它確實傾向於在午餐日部分混合更多，並且整體平均檢查略低，這是一個很好的東西，我們喜歡。

But I would say those two components largely washed within the quarter, resulting in substantially all of the comp growth being driven by transaction growth.

但我要說的是，這兩個組成部分在本季度內大部分被洗掉了，導致幾乎所有的收入增長都是由交易增長推動的。

And the next question comes from Nick Setyan with Wedbush Securities.

下一個問題來自 Wedbush Securities 的 Nick Setyan。

You guys talked about 75% cost of sales for 2023, even with the food basket being in the low 30s. Assuming labor is flattish to slightly lower, what's driving that uptick in other OpEx? Is it just a delivery mix?

你們談到了 2023 年 75% 的銷售成本，即使食物籃子在 30 多歲以下。假設勞動力持平或略有下降，是什麼推動了其他 OpEx 的上升？它只是一個交付組合嗎？

In Q1 alone, really, what you're seeing is the 1% ad fund contribution that changed year-over-year.

實際上，僅在第一季度，您所看到的是 1% 的廣告基金捐款同比發生變化。

And I think as we progress through the year, as we mentioned, there is some seasonality associated with the Urner Barry that's contemplated in our food cost outlook and embedded in our approximately 75%. And we see some small seasonality within some of the OpEx components that come into play. But I think we're really excited about what that means with that type of outlook and how our brand partners feel about that type of margin profile.

而且我認為，正如我們所提到的，隨著我們今年的進展，我們的食品成本展望中考慮到了與 Urner Barry 相關的一些季節性，並且嵌入了我們大約 75% 的成本中。我們在一些發揮作用的 OpEx 組件中看到了一些小的季節性。但我認為我們對這種前景意味著什麼以及我們的品牌合作夥伴對這種利潤率的看法感到非常興奮。

Got it. So it's not necessarily just -- it's more of a signpost than a hard line to the 25% level margin. Is that fair?

知道了。所以它不一定只是 - 它更像是一個路標，而不是對 25% 水平利潤率的強硬路線。這公平嗎？

Yes. That's right.

是的。這是正確的。

Would you guys be willing to break out the international part of system-wide sales in Q1?

你們願意在第一季度打破全系統銷售的國際部分嗎？

That's not really anything we've done yet as it still continues to build. But obviously, as we progress and it becomes more of the growth story, that's something we'll break out. But the comp, I'll say this, the comp for our international business was really strong in the first quarter, somewhat similar to what we saw in the overall domestic business.

這並不是我們真正做過的任何事情，因為它仍在繼續構建。但顯然，隨著我們的進步，它越來越成為增長的故事，這是我們將要打破的。但是，我要說的是，第一季度我們國際業務的表現非常強勁，與我們在整體國內業務中看到的情況有些相似。

And the next question comes from Andrew Strelzik with BMO.

下一個問題來自 BMO 的 Andrew Strelzik。

This is Daniel on for Andrew Strelzik. I was hoping you can provide some details on the domestic franchise base, how many units does your average franchisee operate? And what is your philosophy around partnering with larger well-capitalized partners? And also regarding your new unit pipeline, what would be the split between new and existing franchisees?

我是 Andrew Strelzik 的丹尼爾。我希望你能提供一些關於國內特許經營基地的細節，你的平均加盟商經營多少家？您與資本充足的大型合作夥伴合作的理念是什麼？還有關於您的新單位管道，新加盟商和現有加盟商之間的劃分是什麼？

Daniel, yes, we've seen that gradually the account per brand partner tick up. And I think it's something we've talked about over the years as we've had single operators take the opportunity to exit and having the willingness to grow around the trade area. So that number is around 7.5 restaurants per brand partner.

丹尼爾，是的，我們已經看到每個品牌合作夥伴的賬戶逐漸增加。而且我認為這是我們多年來一直在討論的事情，因為我們讓單一運營商抓住機會退出並願意在貿易區周圍發展。所以這個數字是每個品牌合作夥伴大約 7.5 家餐廳。

But the unique part of Wingstop is the growth we're seeing, 90% plus of our development is from existing brand partners reinvesting that cash they're generating from their business. So we are -- we do see some new brand partners that come into the system, but we're very selective about who those are and strategically where they fit within our geography.

但 Wingstop 的獨特之處在於我們看到的增長，我們 90% 以上的發展來自現有品牌合作夥伴對他們從業務中產生的現金進行再投資。所以我們 - 我們確實看到一些新的品牌合作夥伴進入系統，但我們非常有選擇性地選擇這些合作夥伴以及他們在我們地理範圍內的戰略位置。

And the next question comes from Andy Barish with Jefferies.

下一個問題來自 Jefferies 的 Andy Barish。

Just wondering, you mentioned a couple of times that kind of momentum built. So -- and exceeded your expectations. Just wondering, historically, the brand didn't focus as much on sports or be driven by sports.

只是想知道，你多次提到這種勢頭。所以 - 超出了您的期望。只是想知道，從歷史上看，該品牌並沒有過多地關注運動或受運動驅動。

But just kind of putting those comments together with March Madness and the bundle deal you did with new flavors as well, I mean was March kind of outsized? And is this a bit of a shift just to make sure you're getting your fair share around major sporting events now?

但只是將這些評論與 March Madness 以及您對新口味所做的捆綁交易放在一起，我的意思是 March 有點過大嗎？這是否只是為了確保您現在在主要體育賽事中獲得公平份額而做出的一些轉變？

Andy, this is Michael. I think we've clearly talked about, as we looked at our media placement and media strategy for television, we felt the most eyeballs were going to be in live sports. And so that is where our TV buy has been focused. We really leaned into that last year, back half of last year, and that continues to be our strategy this year. So I wouldn't say a huge change year-over-year.

安迪，這是邁克爾。我想我們已經清楚地討論過，當我們審視我們的電視媒體投放和媒體策略時，我們覺得最引人注目的是體育直播。這就是我們購買電視的重點所在。去年，去年的一半，我們真的傾向於這樣做，這仍然是我們今年的戰略。所以我不會說同比有很大的變化。

But I'll say the thing we're also doing is making sure that we're being really smart about how we -- as we scale the brand to become a national brand, a household name that we continue to lean into culturally relevant moments that we can resonate with the guests there as well.

但我要說的是，我們也在做的事情是確保我們在如何將品牌擴展為全國品牌、家喻戶曉的品牌時非常聰明，我們將繼續關注與文化相關的時刻我們也可以與那裡的客人產生共鳴。

And so I think your -- what you saw in Q1 wasn't anything I would point out around a pivot in our media strategy or advertising, but just continuing to execute against these unique growth initiatives that we have in place that are bringing a lot of new guests into the brand and retaining those indulgent occasions with our core.

所以我認為你 - 你在第一季度看到的並不是我要指出的圍繞我們媒體戰略或廣告的支點，而是繼續執行我們已經實施的這些獨特的增長計劃，這些計劃帶來了很多新客人進入品牌，並以我們的核心保留那些放縱的場合。

Got you. I mean could we assume March was the strongest month of the quarter? Or is that not correct?

明白了我的意思是我們可以假設 3 月是本季度最強勁的月份嗎？或者那是不正確的？

That is correct. It was.

那是對的。它是。

And the next question comes from Michael Tamas with Oppenheimer & Company.

下一個問題來自 Oppenheimer & Company 的 Michael Tamas。

You mentioned a couple of times some of the strategies that you're executing on the driver business and obviously, you put some of those pretty powerful strategies in place in the back half of '22. So can you talk about maybe what some of the incremental drivers are as you roll against those tougher comparisons in the later part of the '23?

你多次提到你在司機業務上執行的一些策略，顯然，你在 22 世紀的後半段實施了一些非常強大的策略。那麼，當你在 23 世紀後期與那些更嚴格的比較進行比較時，你能談談可能有哪些增量驅動因素嗎？

Yes, Michael, I appreciate the question. And I think that's kind of a reaction we often hear is how are you going to lap these levers that you pull? And I think it's really important to understand that these are not single-year, onetime drivers for our business. But we've demonstrated over the years, and I don't think 2022 and 2023 will be any different, in our ability to be really intentional about how we pull these levers, when we pull them.

是的，邁克爾，我很欣賞這個問題。我認為這是我們經常聽到的一種反應，你將如何駕馭你拉動的這些槓桿？而且我認為了解這些不是我們業務的單一年度、一次性驅動程序非常重要。但多年來我們已經證明，我認為 2022 年和 2023 年不會有任何不同，我們有能力真正有意識地決定我們如何拉動這些槓桿，何時拉動它們。

And take the launch of Uber Eats as an example. We've seen some really strong growth in that channel. But even as we sit here today, you're talking low single-digit of eaters on Uber Eats have engaged with our brands. So just a significant amount of opportunity for us to continue to lean in there and partner with Uber Eats as well as DoorDash in ways that we can continue to expand the delivery channel, which, we mentioned this last quarter, we are encouraged with where our mix level is today, but see an opportunity for that to almost double.

並以 Uber Eats 的推出為例。我們已經看到該渠道的一些非常強勁的增長。但即使我們今天坐在這裡，你說的 Uber Eats 上只有低個位數的食客與我們的品牌互動。因此，我們有大量機會繼續依靠並與 Uber Eats 以及 DoorDash 合作，我們可以繼續擴大交付渠道，我們在上個季度提到過，我們對我們的地方感到鼓舞混合水平是今天，但看到機會幾乎翻倍。

And then you take chicken sandwich, mixing mid-single digits, something we're excited about, those are highly incremental occasions that we're winning there. But there's 2.8 billion chicken sandwich servings a year in the U.S. So we think there's a huge opportunity, and we're just scratching the surface.

然後你拿雞肉三明治，混合中個位數，這是我們很興奮的事情，這些都是我們在那裡獲勝的高度增量的場合。但美國每年有 28 億份雞肉三明治。所以我們認為這是一個巨大的機會，而我們只是觸及了表面。

And so we really think about these strategies that we're executing against, the levers that we pulled specifically in the back half of 2022 as being multiyear drivers for our business. And I think kind of that statement is supported by the fact that 2022 was our 19th consecutive year of same-store sales growth. And based on our outlook for this year, we think we're well on our way to our 20th.

因此，我們真正考慮了我們正在執行的這些戰略，我們在 2022 年下半年特別採取的槓桿是我們業務的多年驅動力。我認為 2022 年是我們連續第 19 年同店銷售額增長這一事實支持了這種說法。根據我們對今年的展望，我們認為我們正朝著 20 週年邁進。

Makes sense. And then I think last quarter, there was an implication that EBITDA in 2023 would be somewhere around $122 million. Do you have any update on that or thoughts about where that might shake out?

說得通。然後我認為上個季度，這意味著 2023 年的 EBITDA 將在 1.22 億美元左右。您對此有任何更新或對可能發生變化的地方有想法嗎？

Yes. I think we did signal to a growth rate last quarter. But obviously, if you take Q1 results, which were well above even our own expectations, but clearly, consensus expectations, and you take our updated outlook, where we've raised same-store sales guidance, it would clearly imply a higher number.

是的。我認為我們確實在上個季度發出了增長率信號。但顯然，如果你採用 Q1 結果，這甚至遠高於我們自己的預期，但顯然是共識預期，並且你採用我們更新的展望，我們已經提高了同店銷售指導，這顯然意味著更高的數字。

And the next question comes from Peter Saleh with BTIG.

下一個問題來自 BTIG 的 Peter Saleh。

Great. Congrats on a great start to the year. I just want to come back to the conversation around delivery. I don't know if I missed it, but can you just tell us what the mix was on delivery in the first quarter?

偉大的。祝賀今年有個好的開始。我只想回到關於交付的對話。我不知道我是否錯過了它，但你能告訴我們第一季度交付的組合是什麼嗎？

And if you could just provide a little bit more color on what type of guest is using you guys for delivery through your -- the 2 third-party platforms? Are they lower income, higher income, younger, older? And are you seeing growth in unique users through these third-party platforms?

如果你能提供更多關於哪種類型的客人正在使用你們通過你的 - 2 第三方平台交付的顏色？他們是低收入、高收入、年輕還是年長？您是否通過這些第三方平台看到了獨特用戶的增長？

Peter, I appreciate the question. What we're encouraged about and what we're excited about is we saw growth, as we mentioned, within the delivery channel as an overall mix perspective within Q1. But that's on top of seeing growth across all channels. And so it just, I think, really speaks to the opportunity that we have there.

彼得，我很欣賞這個問題。我們感到鼓舞和興奮的是，正如我們所提到的，我們看到交付渠道內的增長是第一季度的整體組合觀點。但這是在所有渠道增長的基礎上。因此，我認為，這確實說明了我們在那裡擁有的機會。

And that growth was in all platforms, whether it was DoorDash or Uber Eats. We saw growth across the board, and we were encouraged by that. And obviously, we don't have a ton of visibility into the users on their platforms. But I think we view those, since we saw growth in every other channel in our business, as being highly incremental. And again, as I mentioned before, just we see a ton of opportunity within that delivery channel to continue to drive growth long term.

這種增長出現在所有平台上，無論是 DoorDash 還是 Uber Eats。我們看到了全面的增長，我們為此感到鼓舞。顯然，我們對他們平台上的用戶沒有太多的了解。但我認為我們認為這些是高度增量的，因為我們看到我們業務中所有其他渠道的增長。再一次，正如我之前提到的，我們在該交付渠道中看到了大量機會，可以繼續推動長期增長。

Great. And then just lastly, I think I know what the answer to this is, but I will ask it anyway. Is there any thought or change in your real estate strategy, given how important delivery has become over the past couple of years? Are you guys looking at different types of sites or kind of sticking with the same strategy, going forward?

偉大的。最後，我想我知道答案是什麼，但我還是會問。考慮到交付在過去幾年中變得多麼重要，您的房地產策略是否有任何想法或變化？你們是在尋找不同類型的網站還是堅持相同的策略，繼續前進？

Yes, Peter, it's a good question. And I think even if we reflect back to 2020, where we saw meaningful growth in our business, and I think I referenced in the prepared remarks how our AUV, over the last 3 years alone, has grown about $400,000, and I really think what's behind that is Wingstop was built for this. You sit here today, and 94% of our sales are off-premise. So whether that's carryout or delivery, our model was built for this.

是的，彼得，這是個好問題。而且我認為，即使我們回顧 2020 年，我們的業務實現了有意義的增長，而且我想我在準備好的評論中提到了我們的 AUV 僅在過去 3 年中就增長了約 400,000 美元，我真的認為什麼是背後是 Wingstop 是為此而建造的。你今天坐在這裡，我們 94% 的銷售額都是場外銷售。因此，無論是結轉還是交付，我們的模型都是為此而構建的。

And so as it relates to our overall strategy around real estate, I wouldn't say that there's anything that's changed significantly there. We clearly understand where we play well. We've master planned every key market in the U.S. and have a clear line of sight to expanding our footprint today, which, globally, we just crossed 2,000, but in the U.S., see a line of path to -- a line of sight to a path of over 4,000 units in the U.S. and know pretty much exactly where those will be. So no real change to call out.

因此，由於它與我們圍繞房地產的整體戰略有關，我不會說那裡有任何重大變化。我們清楚地知道我們在哪裡玩得好。我們已經對美國的每個關鍵市場進行了總體規劃，並且對擴大我們今天的足蹟有著清晰的視線，在全球範圍內，我們剛剛超過 2,000 個，但在美國，看到一條通往 - 視線的路線到美國超過 4,000 個單元的路徑，並且非常清楚這些單元的位置。所以沒有真正的改變可以呼喚。

And the next question comes from Jim Sanderson with Northcoast Research.

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

Just wanted to get a little bit more detail on what drove traffic growth in the first quarter. Wondering if you can comment on any noticeable improvement in day part mix, based on traffic or late night? And then I have a follow-up question about the full-court promotion.

只是想更詳細地了解推動第一季度流量增長的因素。想知道您是否可以根據交通或深夜對白天部分組合的任何顯著改善發表評論？然後我有一個關於全場晉級的後續問題。

Yes, it's been interesting, very consistent across all channels, all days league, nothing to call attention to. We're seeing this new guests come in. We're seeing the frequency continue to build across our business with new and core. So fundamentally, digital, nondigital channels are growing. I think the one that we've pointed to before, to call your attention to is how chicken sandwich mix shows up. It does index a little higher with -- at the lunch occasion as well as maybe a little more of an individual eater.

是的，這很有趣，所有渠道都非常一致，所有聯賽，沒有什麼值得關注的。我們看到這些新客人進來了。我們看到頻率繼續在我們的業務中建立新的和核心的。所以從根本上說，數字、非數字渠道正在增長。我想我們之前已經指出，要引起您注意的是雞肉三明治混合物是如何出現的。它的指數確實高了一點——在午餐時間以及可能更多的個人食客。

But I think this is what Michael mentioned earlier, there's this a bit of a halo effect on the rest of the business as we've attracted this new guests into our business.

但我認為這就是邁克爾之前提到的，這對其他業務有一點光環效應，因為我們已經吸引了這些新客人進入我們的業務。

All right. And just a quick question about the full-court promotion. I think that was at a bit of a higher price point. Any commentary on how the consumer reacted? Did you see it mix as strongly, despite the higher price point for the promotion?

好的。還有一個關於全場晉級的快速問題。我認為這是一個更高的價格點。對消費者的反應有何評論？儘管促銷的價格更高，但您是否看到它混合得如此強烈？

Yes. I think a bundle like that, we saw an opportunity where we knew guests were going to be gathering in group occasions to watch college basketball. And so it mixed well. We were encouraged with the results that we saw.

是的。我認為像這樣的捆綁，我們看到了一個機會，我們知道客人將聚集在集體場合觀看大學籃球比賽。所以它混合得很好。我們對所看到的結果感到鼓舞。

But the other thing I would call out is just it really speaks to the unique position we have with our menu, and how we can use piece count and protein mix to create value for consumers. Even if that was at a higher price point, it did include meaningful value, we think, for guests, if you look at it on a per person basis. And so something we're pretty intentional about, and we were encouraged with what we saw from that promotion.

但我要指出的另一件事是，它確實說明了我們在菜單上的獨特地位，以及我們如何使用計件數和蛋白質混合為消費者創造價值。我們認為，即使價格更高，但如果按人均計算的話，對於客人來說，它確實包含了有意義的價值。所以我們非常有意的事情，我們從這次促銷中看到的東西讓我們感到鼓舞。

And this concludes both the question-and-answer session as well as the event itself. Thank you so much for attending today's presentation. You may now disconnect your lines.

問答環節和活動本身到此結束。非常感謝您參加今天的演講。您現在可以斷開線路。