Wingstop Inc (WING) 2023 Q2 法說會逐字稿

Good morning, ladies and gentlemen, and thank you for standing by. Welcome to the Wingstop Inc. Fiscal Second Quarter 2023 Earnings Conference Call. (Operator Instructions) Please note that this conference is being recorded today, Wednesday, August 2, 2023. On the call today are Michael Skipworth, President and Chief Executive Officer; and Alex Kaleida, Senior Vice President and Chief Financial Officer. I would now like to turn the conference over to Alex. Please go ahead.

早上好，女士們先生們，感謝你們的支持。歡迎參加 Wingstop Inc. 2023 年第二季度財報電話會議。 （操作員指示）請注意，本次會議將於今天（2023 年 8 月 2 日星期三）進行錄製。今天參加電話會議的是總裁兼首席執行官 Michael Skipworth；以及高級副總裁兼首席財務官 Alex Kaleida。我現在想把會議交給亞歷克斯。請繼續。

Thank you, and welcome to the Fiscal Second 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. 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. 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. Lastly, for the Q&A session, we ask that you please each keep to one question and a follow-up to allow as many participants as possible to ask a question. With that, I would like to turn the call over to Michael.

謝謝，歡迎參加 Wingstop 2023 年第二季度財報電話會議。我們的業績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 上獲取。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，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 SEC 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。我們使用某些我們認為有助於評估我們業績的非公認會計準則財務指標。不應孤立地考慮此類信息的呈現，也不應將其視為根據 GAAP 準備的結果的替代品。我們的收益報告中包含了與可比公認會計準則衡量標準的對賬。最後，對於問答環節，我們要求大家只提出一個問題並進行跟進，以便讓盡可能多的參與者提出問題。說到這裡，我想把電話轉給邁克爾。

Good morning, and thank you for joining our call. Our second quarter results showcase the underlying strength of the Wingstop brand and the staying power of our strategy. Our results would not have been possible without the incredible work by our team members in the global support center, the restaurant team members, our supplier partners and our brand partners who work tirelessly each day to serve the world flavor. We delivered another industry-leading quarter, led by 16.8% domestic same-store sales growth. Consistent with the underlying strength in our brand we saw in the first quarter, substantially all of our comp in Q2 was driven by transaction growth.

早上好，感謝您加入我們的通話。我們第二季度的業績展示了 Wingstop 品牌的潛在實力和我們戰略的持久力。如果沒有我們全球支持中心的團隊成員、餐廳團隊成員、我們的供應商合作夥伴和我們的品牌合作夥伴每天不知疲倦地工作以提供世界風味的出色工作，我們的成果就不可能實現。我們在國內同店銷售額增長 16.8% 的帶動下，再次實現行業領先。與我們在第一季度看到的品牌的潛在實力一致，我們第二季度的所有收入基本上都是由交易增長推動的。

Within our sales growth, we saw further expansion in our digital channels, achieving a record 65.2% digital sales mix for the quarter. We opened 50 net new units during the quarter. This pace of development in same-store sales growth translated to system-wide sales growth of 27.8% in the quarter. Adjusted EBITDA totaled $34.4 million an increase of 47% versus the prior year, highlighting the strength of our asset-light model. Our unit economics are near our historical highs, and we have an energized base of brand partners. We are extremely excited by the strength we are seeing in our development pipeline positioning us for a record year across development metrics, whether it be our development agreement sales, site approvals and new restaurant openings.

在銷售增長的同時，我們的數字渠道進一步擴張，本季度數字銷售組合達到創紀錄的 65.2%。本季度我們淨開設 50 個新單位。同店銷售增長的這種發展速度轉化為本季度全系統銷售增長 27.8%。調整後 EBITDA 總計 3,440 萬美元，比上年增長 47%，凸顯了我們輕資產模式的優勢。我們的單位經濟效益接近歷史高點，並且我們擁有充滿活力的品牌合作夥伴基礎。我們對我們在開發管道中看到的實力感到非常興奮，無論是我們的開發協議銷售、場地審批和新餐廳開業，我們的開髮指標都創下了創紀錄的一年。

We are also making great progress increasing brand health metrics. We hit record highs across brand awareness, purchase consideration and intent as well as media-related perception metrics that include positive buzz, word-of-mouth and likelihood to recommend. And we are also seeing positive trends in value scores with guests in an environment where many brands are measuring decline. While we are encouraged by the progress we are making, we continue to see sustainable growth in front of us when we benchmark Wingstop's brand awareness to other national brands. The roughly 30% growth we've seen in system-wide sales during the first half of the year, gives us the firepower in our national ad fund to continue chipping away at this opportunity.

我們在提高品牌健康指標方面也取得了巨大進展。我們的品牌知名度、購買考慮和意圖以及媒體相關認知指標（包括積極的口碑、口碑和推薦可能性）均創下歷史新高。在許多品牌都在衡量下降的環境下，我們還看到了客人價值評分的積極趨勢。雖然我們對所取得的進步感到鼓舞，但當我們將 Wingstop 的品牌知名度與其他國家品牌進行比較時，我們繼續看到可持續增長就在我們面前。今年上半年，我們看到全系統銷售額增長了約 30%，這使我們的國家廣告基金有足夠的火力繼續抓住這一機會。

In our 19 consecutive years of same-store sales growth, we have a proven playbook and a multiyear strategy that we are working in, we continue to execute against. We believe our sales strategies provide us with clear line of sight to growing AUVs north of $2 million. Our strategy remains consistent and clear. Building brand awareness, menu innovation, expanding our delivery channel, digital transformation and data-driven marketing. One of the strategies we've talked about over the years is to broaden the top of the funnel by targeting heavy QSR users, a group that represents over 60% of all QSR visits, and is either not heard of or not tried Wingstop. We're excited by the progress we continue to make against this meaningful opportunity and are bringing a lot of new guests that are experiencing Wingstop for the first time.

在我們連續 19 年的同店銷售增長中，我們擁有行之有效的劇本和多年戰略，我們正在努力並繼續執行。我們相信，我們的銷售策略為我們提供了清晰的視野，使 AUV 的增長超過 200 萬美元。我們的戰略保持一致和明確。建立品牌知名度、菜單創新、擴大配送渠道、數字化轉型和數據驅動的營銷。多年來我們討論過的策略之一是通過針對 QSR 重度用戶來拓寬漏斗頂部，該群體佔所有 QSR 訪問量的 60% 以上，並且要么沒有聽說過，要么沒有嘗試過 Wingstop。我們對在這一有意義的機會中不斷取得的進展感到興奮，並帶來了許多首次體驗 Wingstop 的新客人。

These new guests that are coming into Wingstop tend to be Gen Z or millennials, multicultural, tech forward, party size of two or more and willing to spend a little more for quality or indulgent. The profile of the heavy QSR user. While we are encouraged by the progress we are making and the tremendous momentum we have in the brand, there remains a significant awareness opportunity helping fuel continued sales growth. The progress we are seeing in expanding brand awareness will be further bolstered by the launch of our new creative campaign, our first in more than 3 years, coinciding with the start of football season. This new creative, combined with our growing ads will allow us to continue closing our gap in brand awareness with breakthrough creative along with Wingstop showing up in more premium placements focused on live sports.

這些進入 Wingstop 的新客人往往是 Z 世代或千禧一代、多元文化、科技前沿、聚會規模為兩人或以上，並且願意為品質或放縱多花一點錢。 QSR 重度用戶的概況。雖然我們對我們所取得的進步和品牌的巨大動力感到鼓舞，但仍然存在重要的認知機會，有助於推動銷售的持續增長。我們在擴大品牌知名度方面所取得的進展將通過推出新的創意活動得到進一步加強，這是我們三年多來的首次活動，恰逢足球賽季的開始。這一新創意與我們不斷增長的廣告相結合，將使我們能夠通過突破性創意以及 Wingstop 出現在更多專注於體育賽事直播的優質廣告位中，繼續縮小品牌知名度方面的差距。

And to help us continue to execute our proven strategy, I couldn't be more excited about the addition of our new Chief Growth Officer, Anne Fisher. Her experience will position us to advance our best-in-class technology platform, and allow us to further unlock our growing first-party digital database as we work towards our aspirational goal of digitizing every transaction. Another sales driver on our path to $2 million plus AUV is the expansion of our delivery channel where we see the potential to nearly double our channel mix. In July of last year, we launched a second delivery provider for the entire domestic system. The addition of Uber Eats has allowed us to access a new guest that's proven to be highly incremental.

為了幫助我們繼續執行經過驗證的戰略，我對新任首席增長官 Anne Fisher 的加入感到無比興奮。她的經驗將使我們能夠推進我們一流的技術平台，並使我們能夠在努力實現每筆交易數字化的理想目標時進一步解鎖不斷增長的第一方數字數據庫。我們實現 200 萬美元以上 AUV 目標的另一個銷售驅動因素是我們的交付渠道的擴展，我們認為該渠道有可能使我們的渠道組合增加近一倍。去年7月，我們推出了針對整個國內系統的第二個交付提供商。 Uber Eats 優食的加入使我們能夠接觸到一位新客人，事實證明，這具有高度增量性。

And we see the two delivery marketplaces as another avenue to build awareness. Benchmark suggests delivery sales mix can be north of 50%. Today, we sit at approximately 30% delivery mix in the system. And reflecting on our first year of expanding to an additional delivery provider, we continue to see a substantial opportunity ahead. We have lapped the launch of Uber Eats in July of last year, and we are encouraged by the results we are seeing. We have commented over the last few quarters that we continue to see growth with both DoorDash and Uber Eats delivery channels, and we see continued growth in front of us within these channels. In addition to delivery, our Chicken Sandwich innovation continues to be a sales lever. Oh, and by the way, I'm sure many of you by now have tried at least 1 of our 12 chicken sandwiches, but yet we are only scratching the surface on the opportunity. With more than 2.8 billion chicken sandwich servings annually in the U.S., we are looking to capture our fair share of the category.

我們將這兩個配送市場視為提高知名度的另一個途徑。 Benchmark 建議送貨銷售組合可能超過 50%。如今，我們系統中的交付比例約為 30%。回顧我們向更多交付提供商擴張的第一年，我們繼續看到未來的巨大機遇。我們於去年 7 月推出了 Uber Eats 優食，我們對所看到的結果感到鼓舞。我們在過去幾個季度中表示，DoorDash 和 Uber Eats 的配送渠道都在持續增長，而且這些渠道的增長前景也將持續。除了送貨之外，我們的雞肉三明治創新仍然是一個銷售槓桿。哦，順便說一句，我相信你們中的許多人現在已經嘗試過我們 12 種雞肉三明治中的至少 1 種，但我們還只是觸及了這個機會的皮毛。美國每年的雞肉三明治供應量超過 28 億份，我們希望在該類別中佔據公平的份額。

This strategy is broader than just winning our fair share. It is also about broadening how consumers view Wingstop. It presents us with the opportunity to capture more occasions beyond that indulgent wing occasion, which we believe can ultimately impact frequency and presents us a huge opportunity for us over the long term.

這一戰略的意義不僅僅在於贏得我們的公平份額。它還旨在拓寬消費者對 Wingstop 的看法。它為我們提供了捕捉更多場合的機會，而不僅僅是放縱的機翼場合，我們相信這最終會影響頻率，並為我們提供了長期的巨大機會。

Wingstop Chicken Sandwiches provide another access point for the brand among new consumers and introduces our differentiating flavors and quality our core fans have enjoyed over the years. Another benefit we have seen as we bring in new guests into the brand through Chicken sandwich is a halo effect on our core wing business as guests learn to navigate the rest of the menu, something we believe just further strengthens our unique position. Chicken Sandwich has also helped advance our supply chain strategy.

Wingstop 雞肉三明治為該品牌在新消費者中提供了另一個切入點，並介紹了我們多年來深受核心粉絲喜愛的差異化口味和品質。當我們通過雞肉三明治為該品牌引入新客人時，我們看到的另一個好處是，當客人學會瀏覽菜單的其餘部分時，對我們的核心翼業務產生了光環效應，我們相信這將進一步加強我們的獨特地位。雞肉三明治還幫助推進了我們的供應鏈戰略。

The combination of increasing our utilization of breast meat and our size and scale has positioned us to make meaningful progress towards our goal of minimizing volatility we see in food costs. As we sit here today, the majority of our chicken we purchased is not directly tied to the week-to-week volatility that is seen in the spot market. This is a fundamental shift in our model and is helping us mitigate the volatility we have historically seen in food cost.

增加胸肉的利用率以及我們的規模和規模，使我們能夠在最大限度地減少食品成本波動的目標方面取得有意義的進展。當我們今天坐在這裡時，我們購買的大部分雞肉與現貨市場每週的波動沒有直接關係。這是我們模型的根本性轉變，有助於我們減輕歷史上食品成本的波動性。

As we continue to win more chicken sandwich occasions, we see a path to 50% plus boneless mix, which we believe could result in a structural change to our long-term food cost target, potentially yielding COGS in the low 30% range and further enhancing our best-in-class unit economics. These multiyear sales drivers that we are executing against have combined to drive significant transaction growth and gives us confidence in achieving our targeted AUV in excess of $2 million.

隨著我們繼續贏得更多的雞肉三明治場合，我們看到了一條通往50% 以上無骨混合的道路，我們相信這可能會導致我們的長期食品成本目標發生結構性變化，可能將COGS 控制在30 % 的低水平，甚至進一步提高我們一流的單位經濟效益。我們正在執行的這些多年銷售驅動因素結合起來推動了交易的顯著增長，並使我們有信心實現超過 200 萬美元的目標 AUV。

Our supply chain strategy and growth in AUVs have strengthened unit economics. The average investment to open a Wingstop is still a relatively modest $450,000 and with system AUVs of $1.7 million, brand partners aren't seeing a payback in less than 2 years. Our brand partners recognize the staying power of our strategies and the strength of our unit economics, which is supported by the fact that over 90% of new restaurant openings come from existing brand partners reinvesting back into the brand. A strong statement supporting our best-in-class returns and translates into significant demand for growth. Brand partners are motivated and excited to grow their Wingstop footprint as we continue to see our pipeline strengthen not only for new site approvals, but also for new development agreements, giving us confidence in our path to achieve our long-term goal of 7,000-plus global restaurants.

我們的供應鏈戰略和 AUV 的增長增強了單位經濟效益。開設 Wingstop 的平均投資仍然相對較低，為 45 萬美元，而係統 AUV 為 170 萬美元，品牌合作夥伴在不到 2 年內不會看到回報。我們的品牌合作夥伴認識到我們戰略的持久力和單位經濟效益的實力，超過 90% 的新餐廳開業來自現有品牌合作夥伴對品牌的再投資，這一事實證明了這一點。強有力的聲明支持我們一流的回報，並轉化為巨大的增長需求。品牌合作夥伴對擴大其Wingstop 足跡充滿動力和興奮，因為我們不斷看到我們的管道不斷加強，不僅是為了新場地批准，而且是為了新的開發協議，這讓我們對實現7,000 多個長期目標的道路充滿信心全球餐廳。

You've heard me say that we believe our international business is well positioned for growth. During the first half, we saw an acceleration in international same-store sales growth and the investments we have been making and the team are paying off. We signed two new markets during the quarter, Netherlands and Puerto Rico, which fit perfectly within the regional expansion strategy we have discussed over the years. We're growing our footprint in our newest markets, Canada and Korea while AUVs are accelerating. The business development pipeline remains strong, and I'm excited about the momentum that it's building in our international business.

您已經聽過我說過，我們相信我們的國際業務已做好了增長的準備。上半年，我們看到國際同店銷售增長加速，我們一直在進行的投資和團隊正在獲得回報。我們在本季度簽署了兩個新市場：荷蘭和波多黎各，這完全符合我們多年來討論的區域擴張戰略。我們正在擴大我們在加拿大和韓國等最新市場的足跡，同時 AUV 也在加速發展。業務發展渠道仍然強勁，我對我們國際業務中正在形成的勢頭感到興奮。

As we sit here today, the consumer is proving to be more resilient than what many of us might have expected to start the year. Whether it is continued inflation, rising interest rates or even the restart of student loan payments later this year, we acknowledge the macro backdrop continues to have a fair amount of uncertainty. However, despite the uncertainty ahead, we believe we are well positioned to deliver another industry-leading year. In the second quarter, we opened our 2,000th global restaurants. Our system sales have surged past $3 billion on a trailing 12-month basis through June, which is nearly double when comparing to just 3 years ago during the same time period. This is a direct reflection that our multiyear strategies are working and showcases the underlying momentum in the brand.

當我們今天坐在這裡時，事實證明，消費者比我們許多人對今年年初的預期更有彈性。無論是持續的通貨膨脹、利率上升，還是今年晚些時候重新開始學生貸款支付，我們承認宏觀背景仍然存在相當大的不確定性。然而，儘管未來存在不確定性，但我們相信我們已做好充分準備，再創行業領先的一年。第二季度，我們在全球開設了第 2,000 家餐廳。截至 6 月份的過去 12 個月，我們的系統銷售額已飆升至 30 億美元以上，與 3 年前同期相比幾乎翻了一番。這直接反映了我們的多年戰略正在發揮作用，並展示了品牌的潛在動力。

It's also what gives us confidence to raise our full year 2023 outlook on domestic same-store sales growth from high single digits to a 10% to 12% range with our sites clearly set on delivering an industry-leading 20th consecutive year of same-store sales growth. In addition, with the visibility that we have in our construction pipeline, we are updating on our development outlook from approximately 240 net new units to between 240 and 250 net new units, which would translate to a record number of net new units opened in a year for Wingstop. Before I hand it over to Alex, I wanted to share some exciting news on the ESG front. A key focus area in our ESG efforts is giving back to the communities in which we serve.

這也讓我們有信心將 2023 年全年國內同店銷售增長預期從高個位數提高到 10% 至 12%，我們的網站明確致力於連續 20 年實現行業領先的同店銷售增長銷售增長。此外，憑藉我們在建設管道中的可見性，我們正在更新我們的開發前景，從約 240 個淨新單位增至 240 至 250 個淨新單位，這將意味著新開工淨單位數量創歷史新高。 Wingstop 的一年。在將其交給 Alex 之前，我想分享一些有關 ESG 方面的令人興奮的消息。我們 ESG 工作的一個關鍵重點領域是回饋我們所服務的社區。

Our Wingstop charities mission is to amplify the flavor of our communities through service while focused on environment, education, sports, food and entrepreneurship. In December of 2022, we launched Round Up, a program in which our guests have the ability to round up their digital checks to the nearest dollar to donate to Wingstop Charity. This provides an opportunity to partner with more organizations in need of support. I'm excited to announce that in the third quarter, Wingstop Charities is partnering with No Kid Hungry, where 100% of the Roundup contributions made between August 1 and September 30, will go to support this terrific organization.

我們的 Wingstop 慈善機構的使命是通過服務增強我們社區的風采，同時專注於環境、教育、體育、食品和創業。 2022 年 12 月，我們推出了 Round Up 計劃，在該計劃中，我們的客人可以將他們的數字支票四捨五入到最接近的美元，然後捐贈給 Wingstop 慈善機構。這提供了與更多需要支持的組織合作的機會。我很高興地宣布，在第三季度，Wingstop 慈善機構將與 No Kid Hungry 合作，8 月 1 日至 9 月 30 日期間提供的 Roundup 捐款的 100% 將用於支持這個了不起的組織。

No Kid Hungry is an organization that is changing the way that schools and communities ensure our youth have the food they need to learn, grow and succeed. Their mission is to end child hunger and to help ensure every single child in America has the food they need to grow up healthy and strong. I'm thrilled with our efforts and the opportunities to have an even greater impact in the communities we serve. That the foundation of our strategies is people and our culture, which we refer to as the Wingstop way. We believe these are competitive advantages for us. And as we look ahead to second half of 2023, I'm excited by how the Wingstop team is positioned to deliver another industry-leading year.

No Kid Hungry 是一個正在改變學校和社區確保青少年獲得學習、成長和成功所需食物的方式的組織。他們的使命是消除兒童飢餓，並幫助確保美國的每個兒童都有健康強壯成長所需的食物。我對我們的努力以及對我們所服務的社區產生更大影響的機會感到興奮。我們戰略的基礎是人員和文化，我們將其稱為 Wingstop 方式。我們相信這些都是我們的競爭優勢。當我們展望 2023 年下半年時，我對 Wingstop 團隊如何做好準備，再創行業領先的一年感到興奮。

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

有了這個，我想把電話轉給亞歷克斯。

Thank you, Michael. The second quarter continued to demonstrate the strength of our long-term strategies. We delivered 27.8% growth in system-wide sales in the second quarter which, as you heard Michael mention, now exceed $3 billion. Total revenue increased to $107.2 million from $83.8 million in the prior year fiscal second quarter. Royalty revenues, franchise fees and other revenue increased by $11.9 million in Q2, driven primarily by 182 franchise restaurant openings since the prior year comparable period and a 16.8% increase in domestic same-store sales, which was driven almost entirely by transaction growth. Company-owned restaurant sales totaled $22.6 million in Q2 an increase of $3.8 million, primarily due to a 5.7% increase in company-owned same-store sales driven by transaction growth and 6 net new restaurants versus the prior year comparable period.

謝謝你，邁克爾。第二季度繼續展示了我們長期戰略的優勢。第二季度我們的全系統銷售額增長了 27.8%，正如您聽到邁克爾提到的那樣，現在已經超過 30 億美元。總收入從去年第二財季的 8380 萬美元增至 1.072 億美元。第二季度特許權收入、特許經營費和其他收入增加了1190 萬美元，主要是由於自上年同期以來新開設了182 家特許經營餐廳，以及國內同店銷售額增長16.8%（幾乎完全由交易增長推動）。第二季度公司自有餐廳銷售額總計 2,260 萬美元，增加了 380 萬美元，主要是由於交易增長推動公司自有同店銷售額增長 5.7%，且與去年同期相比淨新增 6 家餐廳。

Cost of sales as a percentage of company-owned restaurant sales improved by more than 580 basis points compared to the prior year, mainly driven by a reduction in food, beverage and packaging costs which included a nearly 40% decrease in the cost of bone-in wings. Our supply chain strategy is to mitigate volatility in our food costs in a component of our strategy where we've made a lot of progress is around shifting more of our buy from the spot market. Based on the progress we are making against our supply chain strategy and leading indicators for our core commodities, we entered the second half of the year with greater predictability and we continue to have line of sight to a food cost for 2023 in the low 30% range.

銷售成本占公司自有餐廳銷售額的百分比較上一年提高了 580 個基點以上，主要是由於食品、飲料和包裝成本的下降，其中骨肉成本下降了近 40%。在翅膀裡。我們的供應鏈戰略是減輕食品成本的波動，這是我們戰略的一部分，我們在從現貨市場轉移更多采購方面取得了很大進展。根據我們在供應鏈戰略和核心商品領先指標方面取得的進展，我們以更大的可預測性進入了下半年，我們繼續預計 2023 年食品成本將下降 30%範圍。

And consistent with our outlook last quarter, we anticipate company-owned restaurant cost of sales to be approximately 75%. With the progress we are making on our supply chain strategy, this visibility into food costs extends beyond 2023 and is generating quite a bit of excitement among our brand partners as unit economics have strengthened to near record levels.

與我們上季度的展望一致，我們預計公司自有餐廳的銷售成本約為 75%。隨著我們在供應鏈戰略上取得的進展，食品成本的可見性將持續到 2023 年以後，並且隨著單位經濟效益已增強至接近創紀錄的水平，我們的品牌合作夥伴感到非常興奮。

In the second quarter, SG&A totaled $22.1 million, an increase of $8.2 million versus the prior year comparable period. This quarter lapped a significant stock award forfeiture last year and in the current quarter included investments in head count and strategic projects to support the long-term growth of the business, as well as an increase in performance-based stock and incentive compensation as a result of our performance.

第二季度，SG&A 總額為 2210 萬美元，比去年同期增加 820 萬美元。本季度與去年相比，大量股票獎勵被沒收，本季度包括對員工人數和戰略項目的投資，以支持業務的長期增長，以及基於績效的股票和激勵薪酬的增加我們的表現。

Adjusted EBITDA, a non-GAAP measure, was $34.4 million during the quarter, an increase of 47% versus the prior year. Adjusting for nonrecurring items, we delivered adjusted earnings per diluted share, a non-GAAP measure of $0.57, a 27% increase versus the prior year. Our highly franchised asset-light model continues to deliver strong free cash flows. As of the end of the second quarter, we had $521 million in net debt. Our net debt to trailing 12-month adjusted EBITDA was at 4x, which is a half turn lower than at the end of the fourth quarter. Underscoring our ability to quickly delever through a combination of adjusted EBITDA growth and strong free cash flow generation. We are maintaining a strong cash balance that stands at approximately $200 million and we believe puts us in a position of strength as we enter the back half of this year.

本季度調整後 EBITDA（一項非 GAAP 衡量標準）為 3,440 萬美元，比上年增長 47%。對非經常性項目進行調整後，我們的調整後每股攤薄收益（非 GAAP 衡量標準）為 0.57 美元，比上年增長 27%。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。截至第二季度末，我們的淨債務為 5.21 億美元。我們的淨債務與過去 12 個月調整後 EBITDA 的比值為 4 倍，比第四季度末低半倍。強調我們通過調整後的 EBITDA 增長和強勁的自由現金流生成相結合來快速去槓桿化的能力。我們保持著約 2 億美元的強勁現金餘額，我們相信，在進入今年下半年時，我們將處於有利地位。

A component of our return of capital strategy is through our regular quarterly dividend, which is targeted at approximately 40% of free cash flow. Our Board of Directors today approved a 16% increase in our quarterly dividend to $0.22 per share of common stock, resulting in a total dividend value of $6.6 million. This dividend will be paid on September 8, 2023, to stockholders of record as of August 18, 2023. Now moving on to our outlook for 2023. With the strong start to the year, we now anticipate domestic same-store sales growth of 10% to 12% for full year 2023, an increase from high single digits.

我們資本回報策略的一個組成部分是通過我們的定期季度股息，其目標是自由現金流的約 40%。我們的董事會今天批准將季度股息增加 16%，達到每股普通股 0.22 美元，股息總額達到 660 萬美元。該股息將於 2023 年 9 月 8 日支付給截至 2023 年 8 月 18 日登記在冊的股東。現在轉向我們對 2023 年的展望。憑藉今年的強勁開局，我們現在預計國內同店銷售額將增長 10 2023年全年的增長率將從高個位數增長% 至12%。

Based on the visibility we have in our pipeline, we are raising our development outlook to a range of 240 to 250 net new units. And consistent with our prior comments, we also anticipate our pace of openings to be weighted more towards the fourth quarter. SG&A guidance is estimated to be between $91 million and $93 million, including $3.9 million in nonrecurring consulting projects to support our strategic initiatives and an estimated $14 million to $15 million of stock-based compensation expense, which was increased from $12 million to $13 million due to the performance of the business. For modeling purposes, we anticipate SG&A in the second half will be evenly split between the 2 quarters. Our strategies remain consistent, and we are focused on execution which is evident with the strong start in the first half of the year.

根據我們對管道的了解，我們將開發前景提高到淨新單位 240 至 250 個範圍。與我們之前的評論一致，我們還預計我們的開業步伐將更多地偏重於第四季度。 SG&A 指導預計在9100 萬美元至9300 萬美元之間，包括390 萬美元的非經常性諮詢項目，以支持我們的戰略舉措，以及估計1400 萬美元至1500 萬美元的股票薪酬費用，該費用從1200萬美元增加至1300 萬美元，原因是到業務績效。出於建模目的，我們預計下半年的銷售及管理費用將平均分配給兩個季度。我們的戰略保持一致，我們專注於執行，這一點從今年上半年的強勁開局就可見一斑。

Our multiyear growth strategy is a unique part of the story for Wingstop have staying power and give us the confidence in delivering upon our increased outlook for 2023. I want to thank our team members, supplier partners and brand partners for all their hard work and dedication to deliver a best-in-class experience for our guests. With that, I'd like to now turn to Q&A. Operator, please open the line for questions.

我們的多年增長戰略是 Wingstop 故事的獨特部分，它具有持久力，讓我們有信心實現 2023 年的增長前景。我要感謝我們的團隊成員、供應商合作夥伴和品牌合作夥伴的辛勤工作和奉獻精神為我們的客人提供一流的體驗。說到這裡，我現在想進入問答環節。接線員，請開通提問線路。

(Operator Instructions) Today's first question comes from David Tarantino with Baird.

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

Congratulations on great results. My question is on the comp trend that you're seeing. And clearly, still very strong on an absolute basis in Q2. But it was a little lower than in Q1. So I wanted to ask how you're viewing that change in the business from Q1 to Q2? And whether you think it's an underlying deceleration or not given -- I know it's kind of tough for us to tell given all the noise and the comparisons related to COVID. So I guess, how are you viewing the business trend kind of Q1 to Q2?

祝賀取得優異成績。我的問題是關於你所看到的比較趨勢。顯然，第二季度的絕對基礎仍然非常強勁。但比第一季度略低。所以我想問您如何看待第一季度到第二季度的業務變化？無論你是否認為這是潛在的減速——我知道，考慮到與新冠病毒相關的所有噪音和比較，我們很難判斷。所以我想，您如何看待第一季度到第二季度的業務趨勢？

I think as we think about the comp that we delivered in Q2, it's something we're obviously extremely proud about, particularly when to the underlying momentum and strength of the brand to deliver a comp of 16.8%, which it's been substantially driven by transaction growth, speaks a lot to the effectiveness of our strategies that we're executing against and just the overall health of the brand. I think you heard us in our prepared remarks, talk about whether it's from brand health metrics we're setting record levels for the brand and seeing really strong improvement. And then when you look at some of the metrics around value as an example, where we're showing and measuring really great progress and improvements in value scores when the industry is measuring declines.

我認為，當我們考慮第二季度的業績時，我們顯然對此感到非常自豪，特別是當品牌的潛在動力和實力實現 16.8% 的業績時，這在很大程度上是由交易推動的增長，很大程度上說明了我們正在執行的戰略的有效性以及品牌的整體健康狀況。我想您在我們準備好的講話中聽到了我們的講話，談論我們是否為品牌設定了創紀錄的水平並看到了真正強勁的改善。然後，當您以一些圍繞價值的指標為例時，我們會在行業衡量下降時展示和衡量價值得分的巨大進步和改進。

And so I think it really differentiates our position. But as we think about the quarter, I think obviously, we talked about this in prior quarters, we saw a bit of a perfect storm hit our business in April of last year. But then we moved quickly and deployed or leaned into our proven playbook, our value playbook, and was able to reverse that trend pretty quickly. So the compares did get a little bit more challenging as we moved through the quarter and not nearly as easy as what we lapped in April. But I think overall, we feel really good about where we stand and the trends that we're seeing in the business.

所以我認為這確實使我們的立場有所不同。但當我們思考這個季度時，我認為顯然，我們在前幾個季度討論過這個問題，我們看到去年 4 月我們的業務遭遇了一場完美風暴。但後來我們迅速採取行動，部署或依靠我們經過驗證的策略、我們的價值策略，並能夠很快扭轉這一趨勢。因此，隨著我們進入本季度，比較確實變得更具挑戰性，並且不像四月份那麼容易。但我認為總體而言，我們對自己的立場以及我們在業務中看到的趨勢感到非常滿意。

I think if we take a step back, I can remember just about a year ago, we were celebrating achieving $1.5 million AUVs for the brand. And at that point in time, we shared a broader strategy that showed what we believe is the growth levers we can execute against to scale AUVs north of $2 million. And fast forward to today, we're already up over $1.7 million. And so as we think about the unit economics and the strength that we're seeing there and how that's feeding into a significant amount of demand with brand partners, we're really encouraged by the underlying momentum we see.

我想如果我們退後一步，我還記得大約一年前，我們正在慶祝該品牌實現 150 萬美元的 AUV。當時，我們分享了一項更廣泛的戰略，該戰略展示了我們認為可以執行的增長槓桿，以將 AUV 規模擴大到 200 萬美元以上。快進到今天，我們已經籌集了超過 170 萬美元。因此，當我們考慮單位經濟效益和我們在那裡看到的實力以及如何滿足品牌合作夥伴的大量需求時，我們確實對我們看到的潛在勢頭感到鼓舞。

Great. And just a follow-up to that, Michael. I think one thing that's on investors' minds is how you lap this big performance you've seen in the first half of this year. So I guess, what are your thoughts on being able to just maintain kind of positive momentum on top of what you've seen recently as you think about the next 4 quarters playing out?

偉大的。這只是後續行動，邁克爾。我認為投資者關心的一件事是如何看待今年上半年的巨大業績。所以我想，當您考慮未來 4 個季度的情況時，您對在最近所看到的基礎上保持積極勢頭有何想法？

Another good question. And I think it's something we're actually really confident in because as we think about these sales levers that we're executing against, whether it's continuing to grow brand awareness, whether it's through menu of innovation and capturing new occasions through chicken sandwich, and as we mentioned in our prepared remarks, seeing that halo effect on the rest of our business as these new guests come in through a very familiar and easy entry point of chicken sandwich and are able to navigate the rest of the menu or the expansion of delivery where we mentioned it's at 30% today, but we still see an opportunity as we benchmark ourselves to other more mature heavy off-premise brands. An opportunity to almost double that channel mix and obviously, continued digital expansion and then leveraging our first-party data.

另一個好問題。我認為這是我們實際上非常有信心的事情，因為當我們考慮我們正在執行的這些銷售槓桿時，是否繼續提高品牌知名度，是否通過創新菜單並通過雞肉三明治抓住新場合，以及正如我們在準備好的評論中提到的，看到光環效應對我們其他業務的影響，因為這些新客人通過非常熟悉且簡單的雞肉三明治切入點進來，並且能夠瀏覽菜單的其餘部分或擴展交付我們提到今天的比例為30%，但當我們將自己與其他更成熟的大型非本地品牌進行比較時，我們仍然看到了機會。這是一個將渠道組合幾乎翻倍的機會，顯然，持續的數字化擴張，然後利用我們的第一方數據。

And so all of these things give us a lot of confidence in our ability to continue to grow AUVs and sustain continued sales growth and deliver on our long-term algorithm. And I think what's unique about our story is these aren't LTOs or onetime sales benefits. These are new sales layers that we continue to build upon. And I can remember answering the same question a couple of years ago when we saw extensive growth in our business from the pandemic. And we talked about that just simply being a pull forward of growth. And we were able to build on top of some and comp on top of some pretty incredible numbers back then and we don't see I think next year will be any different.

因此，所有這些都讓我們對繼續發展 AUV、維持持續銷售增長以及實現我們的長期算法的能力充滿信心。我認為我們的故事的獨特之處在於這些不是 LTO 或一次性銷售福利。這些是我們繼續發展的新銷售層。我記得幾年前回答過同樣的問題，當時我們看到我們的業務因疫情而大幅增長。我們談到這只是推動增長。我們當時能夠在一些令人難以置信的數字之上進行構建和比較，我們認為明年不會有任何不同。

And our next question today comes from Jeffrey Bernstein with Barclays.

今天我們的下一個問題來自巴克萊銀行的杰弗裡·伯恩斯坦。

First question is just on the unit growth. You raised your opening target modestly for '23. Now it looks like 12% to 13% growth. Just wondering if you could talk about maybe where the incremental growth is coming from, whether by geography or presumably a lot more existing franchisees, any reason to believe that the 2024 year will see any kind of slowdown in growth if we were to see a tougher macro? Or is your line of sight pretty strong that the 10% is the base, but you have demand to exceed that going to '24, where maybe the macro might be a little bit more challenged? And then I had one follow-up.

第一個問題只是關於單位增長。您適度提高了 23 年的開局目標。現在看起來增長了 12% 到 13%。只是想知道您是否可以談談增量增長可能來自何處，無論是通過地理位置還是通過更多的現有特許經營商，有什麼理由相信，如果我們看到更艱難的情況，2024 年增長將出現任何形式的放緩宏？或者你的視線是否相當強烈，認為 10% 是基礎，但你有需求超過 24 年的水平，屆時宏觀可能會面臨更多挑戰？然後我進行了一項後續行動。

We're definitely bullish about development for this year in particular. And what we're encouraged by is, it's balanced. It's balanced it through fortress markets, non-fortress markets. And again, you did mention it, but it is the majority of our development coming from existing brand partners that are reinvesting in the brand. We mentioned it in our prepared remarks, but there's a significant amount of demand and excitement from our brand partner community to continue to grow. We're seeing our pipeline of sold restaurant commitments for next year, continue to build very nicely. And in addition to that, we continue to see a really strong steady flow of sites coming in to be approved giving us a lot of confidence in continuing to be able to expand our footprint.

我們尤其看好今年的發展。我們感到鼓舞的是，它是平衡的。它通過堡壘市場、非堡壘市場來平衡。再說一遍，您確實提到了這一點，但我們的大部分發展來自對品牌進行再投資的現有品牌合作夥伴。我們在準備好的發言中提到了這一點，但我們的品牌合作夥伴社區對繼續發展提出了巨大的需求和興奮。我們看到明年的已售餐廳承諾渠道繼續建設得非常好。除此之外，我們繼續看到大量穩定的網站獲得批准，這讓我們對繼續擴大我們的足跡充滿信心。

And I think for us, a lot of that centers around the progress that we've made obviously driving top line probably equally as important is continuing to advance our supply chain strategy, where we've been able to move more and more of our buyer away from the spot market in how we structure some of the agreements with our supplier partners. And that's enabled us to provide a lot more predictability. And ultimately, as what our supply chain strategy as stated is to minimize the volatility that we see in food costs. And so we feel really good about how that's coming together, the progress that we're making. And I think as you heard in Alex's comments in our prepared remarks, reiterating what we told you last quarter around cost of sales margins for our company restaurants, I think it's a good indication.

我認為對我們來說，很多事情都圍繞著我們所取得的明顯推動營收的進展，可能同樣重要的是繼續推進我們的供應鏈戰略，我們已經能夠吸引越來越多的買家我們與供應商合作夥伴簽訂的一些協議的方式遠離了現貨市場。這使我們能夠提供更多的可預測性。最終，正如我們所說的供應鏈戰略是盡量減少食品成本的波動。因此，我們對如何整合在一起以及我們正在取得的進展感到非常滿意。我認為正如您在我們準備好的發言中亞歷克斯的評論中聽到的那樣，重申了我們上季度告訴您的關於我們公司餐廳的銷售利潤成本的內容，我認為這是一個很好的跡象。

Understood. And then the follow-up is really on something you didn't necessarily mentioned in your prepared remarks, but AI, which I know from recent conversations, it sounds like you were testing AI and I think you're 40 or so company-operated units in Dallas. I know that region still gets a fair amount of orders over the phone. So I'm just wondering if you can share any early feedback maybe on benefits of the shift to digital or other potential AI opportunities? Obviously, this is a sector where that is getting a fair amount of discussion. I know you guys tend to be on the forefront from a technology perspective. So any color on the AI test or future opportunities would be great.

明白了。然後後續的內容實際上是關於你在準備好的發言中不一定提到的事情，但是人工智能，我從最近的談話中知道，聽起來你正在測試人工智能，我認為你是40 歲左右的公司運營的達拉斯的單位。我知道該地區仍然通過電話收到相當多的訂單。所以我只是想知道您是否可以分享任何關於向數字化或其他潛在人工智能機會轉變的好處的早期反饋？顯然，這是一個引起大量討論的領域。我知道你們從技術角度來看往往走在最前沿。因此，人工智能測試或未來機會的任何顏色都很棒。

Yes. Thank you, Jeff. We're really excited about this AI solution that we've expanded the test on as it relates to intercepting phone orders, which still represent roughly 15% of our sales today. And so as we think about our digital sales mix, which we mentioned for Q2, was at a record 65.2%. We see a ton of runway to continue to expand our digital sales mix. And I think when you look at the overall industry and you've seen consumers revert back to prepandemic behaviors you're seeing digital sales mix for a lot of brands go the other direction. And we're continuing to expand, and we think this AI solution is a great catalyst for further expansion, where we enjoy and benefit from a higher average check.

是的。謝謝你，傑夫。我們對這個 AI 解決方案感到非常興奮，我們擴大了測試範圍，因為它與攔截電話訂單有關，目前電話訂單仍然約占我們銷售額的 15%。因此，當我們考慮我們提到的第二季度的數字銷售組合時，其比例達到了創紀錄的 65.2%。我們看到了繼續擴大數字銷售組合的巨大空間。我認為，當你觀察整個行業時，你會看到消費者恢復到大流行前的行為，你會發現許多品牌的數字銷售組合走向了另一個方向。我們正在繼續擴張，我們認為這個人工智能解決方案是進一步擴張的巨大催化劑，我們享受並受益於更高的平均支票。

But what we've seen in the additional restaurants that we've expanded to is pretty consistent with what we mentioned last quarter, and that is, we think it's capturing more calls that were previously missed, it's offering a better guest experience and then obviously, if the team members' not on the phone, while guests are at the counter picking up an order and having to manage both of those things at the same time, it provides a better team member experience. And so really excited about the progress we're seeing within the test and the opportunity we have in front of us to lean in and leverage AI.

但我們在擴展到的其他餐廳中看到的情況與我們上季度提到的非常一致，也就是說，我們認為它正在捕獲更多以前錯過的電話，它提供了更好的客戶體驗，然後顯然，如果團隊成員沒有打電話，而客人在櫃檯領取訂單並必須同時管理這兩件事，則可以提供更好的團隊成員體驗。我們對測試中所取得的進展以及我們面前的利用人工智能的機會感到非常興奮。

And our next question today comes from Andrew Charles at TD Cowen.

今天我們的下一個問題來自 TD Cowen 的 Andrew Charles。

I have two questions for Alex. First, I want to get your updated thoughts on accelerating cash to shareholders. Last March, you fortified the balance sheet, about $130 million of unrestricted cash as you pursue the supplier strategy you're on pace on this year with less than 4x net debt to EBITDA. So curious, what do you see to accelerate cash returns to shareholders? And how would you think this is more likely to be executed through releasing that excess cash on the balance sheet or through perhaps a dividend recap?

我有兩個問題要問亞歷克斯。首先，我想了解您關於加速向股東提供現金的最新想法。去年 3 月，您強化了資產負債表，在推行今年按計劃實施的供應商戰略時，您使用了約 1.3 億美元的非限制性現金，且 EBITDA 淨負債不到 4 倍。很好奇，您認為什麼可以加速股東的現金回報？您認為如何更有可能通過釋放資產負債表上的多餘現金或通過股息回顧來執行？

Consistent with our comments we made in the prior quarter, we intended to enter the second half in a position of strength with our balance sheet. So we are set up to be opportunistic with this cash, which could include a return of capital. And we are having regular dialogue with our Board on how to best optimize our return of capital strategy. So I think you've seen that cadence from us over the years around that every 18-month window. And we also obviously deploying the cash and move our leverage up a bit, but we're also comfortable at a little higher leverage than where we're at today to your point.

與我們在上一季度發表的評論一致，我們打算進入下半年，我們的資產負債表將處於強勢地位。因此，我們準備利用這筆現金進行機會主義，其中可能包括資本回報。我們正在與董事會定期對話，討論如何最好地優化我們的資本回報策略。所以我想你已經看到我們多年來圍繞每 18 個月的窗口期的節奏。顯然，我們也部署了現金，並將我們的槓桿率提高了一點，但我們也對比今天達到您的觀點更高一點的槓桿率感到滿意。

Great. And then my follow-up question is on bone-in wings prices. I think you said bone-in wings are going to continue to be benign in the back half of the year and then you have line of sight into 2024. And so wondering, can you expand more on that? What are the early indicators for 2024 wing costs that helped lead to or helping to lead to record store level cash flows in 2023. I know Michael, last call, you talked about, obviously, beef inflation is going to lead chicken suppliers increased production, increased supply. Is that settled the thought for 2024?

偉大的。然後我的後續問題是帶骨雞翅的價格。我想你說過帶骨翅膀在今年下半年將繼續保持良好狀態，然後你就可以展望 2024 年。所以想知道，你能對此進行更多闡述嗎？ 2024 年雞翅成本的早期指標是什麼，這些指標有助於導致或有助於導致2023 年創紀錄的商店水平現金流。我知道邁克爾，最後一次通話，您談到，顯然，牛肉通脹將導致雞肉供應商增加產量，增加供應。這是否解決了 2024 年的想法？

Yes, Andrew, this is something we're really excited about and our brand partners as well. I think this is the first year starting earlier in the year. We've been able to articulate where we see our food cost in that low 30% range for the year. And that's a function of what Michael mentioned on the call around moving more of our buy off the spot market. While we do watch the market, we're less reliant on that week-to-week buy because of the way we've been able to introduce different pricing arrangements with our suppliers. And for the first time, frankly, in years, in our history, we've been able to lean into 2024 as well, deploying this strategy of mitigating volatility in our food costs. And so it's more about -- it's less about the market dynamics and more about where this -- where our strategy is leading us into the following year.

是的，安德魯，這是我們以及我們的品牌合作夥伴都非常興奮的事情。我認為這是第一年提前開始的一年。我們已經能夠清楚地表明今年我們的食品成本在 30% 的低範圍內。這就是邁克爾在電話會議上提到的將我們更多的購買移出現貨市場的一個功能。雖然我們確實關注市場，但由於我們能夠與供應商引入不同的定價安排，因此我們不太依賴每週的購買。坦率地說，多年來，在我們的歷史上，我們第一次能夠向 2024 年邁進，部署這一減輕食品成本波動的戰略。因此，更多的是——不是市場動態，而是——我們的戰略將引領我們進入下一年。

And our next question today comes from Joshua Long with Stephens.

今天我們的下一個問題來自約書亞·朗和斯蒂芬斯。

When thinking about the unit development pipeline, Michael, I think you mentioned the ongoing strength and the fact that it continues to build globally. Just curious if you could quantify what that pipeline looks like. I think in prior calls, you've been you had built something along the lines of 1,200 units. But just curious if you could add an additional layer of texture on that. And then secondarily, just within the current environment, just what that development backdrop looks like? Obviously, you're able to take up the development range for the year, which is exciting, but curious what the kind of your brand partners and what you all are facing in terms of either permitting or supply chain headwinds in the current environment.

邁克爾，在考慮單位開發渠道時，我認為您提到了持續的實力以及它繼續在全球範圍內建設的事實。只是好奇你是否可以量化該管道的樣子。我想在之前的電話中，您已經建造了 1,200 個單位的東西。但只是好奇你是否可以在上面添加額外的紋理層。其次，就目前的環境而言，發展的背景是什麼樣的？顯然，您能夠承擔今年的開發範圍，這是令人興奮的，但也很好奇您的品牌合作夥伴是什麼樣的，以及在當前環境下，你們所有人在許可或供應鏈方面面臨著什麼阻力。

I think we mentioned it on the call, we were trending towards record levels in just about every metric across development, whether that's RDA commitment sales, whether it's sites approved or obviously based on our guide for the balance of the year. 2023 is shaping up to be a record year of new restaurant openings, and that pipeline continues to build. And so I think a lot of that has to do with some of my prior comments I made around just the strengthening of the unit economics that our brand partners see, the staying power of these sales drivers that we're executing against. And then as we mentioned earlier, the progress that we're making against our supply chain strategy that's providing more predictability and mitigating the risk around volatility that we see in food cost.

我想我們在電話會議上提到了這一點，我們在整個開發過程中的幾乎每個指標都趨向於創紀錄的水平，無論是RDA 承諾銷售，無論是批准的網站還是明顯基於我們今年剩餘時間的指南。 2023 年將成為新餐廳開業數量創紀錄的一年，而且新餐廳數量仍在不斷增加。因此，我認為這很大程度上與我之前發表的一些評論有關，這些評論涉及我們的品牌合作夥伴所看到的單位經濟效益的加強，以及我們正在執行的這些銷售驅動因素的持久力。正如我們之前提到的，我們在供應鏈戰略方面取得的進展提供了更多的可預測性，並減輕了我們在食品成本中看到的波動風險。

And so we're pretty encouraged by that progress. And obviously, our brand partners are really excited about it. And I think another thing they're really excited about is we talked about last year's vintage of new restaurants that came in at $1.3 million on average. And those restaurants today are comping strong. I think that's something we've demonstrated consistently over the years. That our restaurants come out of the gate strong and then just build from there, another unique element to our growth story. And then as we look at the restaurants that we opened this year, they're actually coming out of the gates and trending at above $1.3 million, which again further the excitement that we see from our brand partners, and I think ultimately fuels that development we talked about.

因此，我們對這一進展感到非常鼓舞。顯然，我們的品牌合作夥伴對此感到非常興奮。我認為他們真正興奮的另一件事是我們談論了去年新餐廳的平均收入為 130 萬美元。如今，這些餐廳的競爭力很強。我認為這是我們多年來不斷證明的事情。我們的餐廳一開始就很強大，然後從那裡開始發展，這是我們成長故事的另一個獨特元素。然後，當我們看看今年新開的餐廳時，它們實際上已經走出大門，價格趨勢超過130 萬美元，這再次進一步激發了我們從品牌合作夥伴那裡看到的興奮感，我認為最終會推動這種發展我們談過的。

That's very helpful. As a follow-up, when we think about the momentum behind Chicken Sandwich and the opportunity to bring new guests into the brand through that funnel that you mentioned, lot of work there and still more work to be done for sure. But can you talk about what you've seen thus far in terms of how you engage with guests when they enter the system, how they start to explore the menu and what kind of what that wingstop journey is for them. It seems like there's an opportunity to support some of that boneless mix that you talked about and then perhaps even kind of your core heritage bone-in specialty as well. But just curious what you've learned with them and how they've communicated with you all as they've gotten into the system.

這非常有幫助。作為後續行動，當我們想到雞肉三明治背後的動力以及通過您提到的渠道將新客人帶入該品牌的機會時，那裡有很多工作要做，而且肯定還有更多工作要做。但您能否談談到目前為止您所看到的情況，包括當客人進入系統時您如何與他們互動、他們如何開始探索菜單以及翼停之旅對他們來說是什麼樣的。似乎有機會支持您談到的一些無骨組合，甚至可能是您的核心傳統帶骨專業。但只是好奇你從他們那裡學到了什麼，以及他們在進入系統後如何與你們溝通。

Yes, it's a great question and it's something that we're pretty excited about, I think, feeds into the overall confidence that we have is that these new guests that are coming in. They're very familiar and understand how to engage with brands with a chicken sandwich, where maybe historically, they've only thought of wings as a special occasion, whether it be Super Bowl or some other group gathering. And as they come in, we are seeing them navigate the rest of the menu. And I think that is what's translating to a pretty unique situation where this comp growth that we're talking about and the transaction growth that we're seeing it's pretty consistent across daypart. It's pretty consistent across channel, and we're pretty excited about just seeing this overall what we call halo effect to the rest of the menu.

是的，這是一個很好的問題，我們對此感到非常興奮，我認為，這些新客人的到來增強了我們的整體信心。他們非常熟悉並了解如何與品牌互動雞肉三明治，也許從歷史上看，他們只認為雞翅是一個特殊的場合，無論是超級碗還是其他團體聚會。當他們進來時，我們看到他們瀏覽菜單的其餘部分。我認為這就是一種非常獨特的情況，我們正在談論的競爭增長和我們看到的交易增長在整個時段都非常一致。跨渠道的表現非常一致，我們很高興看到菜單其餘部分的整體光環效應。

But one of the data points I'll share with you that really highlights the progress that we're making is as we exited Q2, our boneless mix was the highest it's ever been at 43%. And so we talk about not only can this new guests come in through chicken sandwich and provide an overall benefit to the menu. We see that as continuing to build confidence around driving boneless mix long term north of 50%, which could structurally change kind of our overall food target which typically is mid-30s, we could actually see that move down to something in the low 30% range, which is pretty exciting when you think about combining that with the AUV growth that we're delivering really strengthens those unit economics and feeds that long-term growth story, which is really exciting when you think we just eclipsed 2,000 restaurants and have an opportunity in front of us to scale this brand to north of 7,000.

但我將與您分享的一個數據點真正凸顯了我們正在取得的進展，即當我們退出第二季度時，我們的無骨組合達到了有史以來的最高水平，達到 43%。因此，我們談論的新客人不僅可以通過雞肉三明治進來，還可以為菜單帶來整體好處。我們認為，隨著繼續建立對長期推動無骨混合食品超過50% 的信心，這可能會從結構上改變我們的總體食品目標（通常是30 歲左右），我們實際上可以看到這一目標會下降到30% 以下範圍，當你想到將其與我們提供的AUV 增長相結合，確實會增強這些單位經濟效益並促進長期增長故事時，這是非常令人興奮的，當你認為我們剛剛超越2,000家餐廳並擁有我們面前有機會將這個品牌擴展到 7,000 家以上。

And our next question today comes from Jon Tower at Citi.

今天我們的下一個問題來自花旗銀行的喬恩·塔爾。

Great. I was actually maybe just following up to that last point on the traffic growth. Is there any way you could break down the traffic growth that you're seeing between new customers versus, say, building frequency from existing customers based on the data that you have today?

偉大的。實際上，我可能只是在跟踪流量增長的最後一點。有沒有什麼方法可以將新客戶之間的流量增長與根據現有數據建立現有客戶的頻率進行分解？

I mean I'm sure we could get to that. What we're seeing, though, and I think is what's really encouraging is these new customers that are coming in are moving up the frequency curve and that's exactly what we want to see. And we talked about chicken sandwich, where it is a little bit more of a different occasion than our typical wing occasion, and it does over-index towards launch. And so I did mention that comp was pretty consistent any way you cut it, but it was stronger over that lunch day part, which I think we'd like to see, and see a lot of opportunity there to continue to grow. But we talk about our chicken sandwich mix. It's still mixing in that mid-single-digit range. But the fact that we're seeing growth in all areas of the business we think a better way to look at it and how we measure it is actually in quantity of sandwiches sold per restaurant per week, and we sold more sandwiches in Q2 than Q1, which is encouraging as we think about the back half of the year.

我的意思是我確信我們能夠做到這一點。不過，我們所看到的，我認為真正令人鼓舞的是這些進來的新客戶正在向上移動頻率曲線，這正是我們希望看到的。我們談到了雞肉三明治，它與我們典型的雞翅場合有一點不同，而且它確實在發佈時過度索引。因此，我確實提到，無論如何削減，補償都相當一致，但比午餐時間部分更強勁，我認為我們希望看到這一點，並看到那裡有很多繼續增長的機會。但我們談論我們的雞肉三明治組合。它仍然在中間個位數範圍內混合。但事實上，我們看到業務的所有領域都在增長，我們認為更好的方式來看待它以及我們如何衡量它實際上是每家餐廳每週銷售的三明治數量，而且我們在第二季度銷售的三明治比第一季度更多，當我們想到今年下半年時，這是令人鼓舞的。

Got it. And just I know it's something that you kind of not wanted to pursue in the past, but the idea of our rewards program, our loyalty program. Curious to get your updated thinking here. Obviously, you've got a high digital mix of customers and clearly driving quite a bit of traffic these days. But thinking about this business over the longer term, when you look across the rest of the landscape, it appears that loyalty has worked relatively well for quite a few brands, particularly within the limited service space. So curious to get your updated thoughts there, if anything has changed?

知道了。我只知道這是你過去不想追求的東西，而是我們的獎勵計劃、我們的忠誠度計劃的理念。很想在這裡了解您的最新想法。顯然，您擁有高度數字化的客戶組合，並且如今顯然帶來了相當多的流量。但從長遠來看，當你縱觀其他領域時，你會發現忠誠度對於相當多的品牌來說效果相對較好，尤其是在有限的服務空間內。很想知道您的最新想法，是否有任何變化？

Yes. I think what's -- another thing that's pretty unique about Wingstop is we've built this database 35 million users strong, and we've done that without a loyalty program, which is pretty incredible. If you think about the opportunity we have in front of us, but we continue to make progress against this roughly $50 million investment we're making in our own proprietary tech stack.

是的。我認為 Wingstop 的另一件非常獨特的事情是，我們已經建立了這個擁有 3500 萬用戶的數據庫，並且我們在沒有忠誠度計劃的情況下做到了這一點，這非常令人難以置信。如果您考慮一下我們面前的機會，但我們在自己的專有技術堆棧上進行的大約 5000 萬美元的投資仍在繼續取得進展。

And we think that will be an enabler that's going to allow us to really leverage this first-party data to personalize that customer journey and get a little bit -- a lot more targeted with how we engage with guests that we think will help further drive digital expansion. And then obviously, as we progress and we know that it could be a lever for us down the road as we aspire to digitize every transaction. We could engage with guests in some form of early access, maybe secret menu, some way to specialize the experience for guests that are signed up with a program with Wingstop.

我們認為這將成為一個推動因素，使我們能夠真正利用第一方數據來個性化客戶旅程，並更有針對性地與客人互動，我們認為這將有助於進一步推動數字化擴張。顯然，隨著我們的進步，我們知道它可能成為我們未來的槓桿，因為我們渴望將每筆交易數字化。我們可以通過某種形式的搶先體驗（可能是秘密菜單）與客人互動，或者以某種方式為與 Wingstop 簽約的客人提供專門化的體驗。

And our next question today comes from Andy Barish with Jefferies.

今天我們的下一個問題來自杰弗里斯的安迪·巴里什。

Just a quick one and kind of flushing out the guide of 10% to 12% on the same-store sales. Obviously, the math implies low to mid-single digits for the back half of the year. Are you willing to kind of give us sort of as you lap Uber and then have the chicken sandwich lap in front of you sort of where things are today or kind of where your -- where you're pointing to within that guidance range at this point?

只是快速的一個，有點沖淡同店銷售額 10% 到 12% 的指導。顯然，數學意味著今年下半年的數字為低至中個位數。你是否願意給我們一些信息，比如你在 Uber 上跑了一圈，然後把雞肉三明治放在你面前，告訴我們今天的情況，或者你在指導範圍內所指的位置。觀點？

Andy, yes, absolutely. I think a good way to think about it, and we've shared this, I think, in prior quarters is when we launched Uber Eats, we saw, call it, roughly a mid-single-digit sales mix through that platform. And we've talked over the quarters about continued growth in Q2 kind of our exit rate, if you will, that channel mix through Uber Eats platform was roughly double where it was when we launched. And so that gives us a lot of confidence in our ability to lap that and really what we alluded to in our prepared remarks. And so I think chicken sandwich is really no different in that we are selling more sandwiches, and we continue to see this overall halo effect to the rest of our business.

安迪，是的，絕對是。我認為思考這個問題的一個好方法是，我認為，在前幾個季度，當我們推出 Uber Eats 優食時，我們看到了通過該平台實現的大約中個位數的銷售組合。我們在幾個季度中都在討論第二季度的持續增長，即我們的退出率，如果你願意的話，通過 Uber Eats 平台的渠道組合大約是我們推出時的兩倍。因此，這讓我們對我們有能力實現這一目標以及我們在準備好的發言中提到的內容充滿信心。因此，我認為雞肉三明治實際上沒有什麼不同，因為我們銷售了更多的三明治，並且我們繼續看到這種整體光環效應對我們的其他業務產生了影響。

And you couple that with our growing ad fund increased media, this new creative that we have coming around football season. We're in here in the back half of the year with confidence. But obviously, like most other brands, there's still that overall uncertainty that's in the macro backdrop that everybody has to kind of navigate and measure.

再加上我們不斷增長的廣告基金增加了媒體，這是我們在足球賽季期間推出的新創意。我們充滿信心地在今年下半年來到這裡。但顯然，與大多數其他品牌一樣，宏觀背景下仍然存在總體不確定性，每個人都必須應對和衡量。

Got it. And then just quickly on the consulting fees or fees that are running through the G&A this year. Can you give us a little color on where that is? I imagine some of it is looking at China again, but anything else that you'd care to call out?

知道了。然後快速了解今年 G&A 中的諮詢費或費用。你能給我們一些關於它在哪裡的信息嗎？我想其中一些人又開始關注中國了，但你還有什麼想說的嗎？

Yes. Andy, I think over the years, we've been a brand or we've demonstrated that when we see an opportunity to put our foot on the gas and drive growth, that's exactly what we do. And so as we think this work and kind of the consulting fees here are really centered around strengthening our category of one position and just further bolstering our strategy for us to execute on this next phase of growth.

是的。安迪，我認為多年來，我們已經成為一個品牌，或者我們已經證明，當我們看到有機會加大力度並推動增長時，這正是我們所做的。因此，我們認為這項工作和這裡的諮詢費實際上是圍繞加強我們的一個職位類別，並進一步支持我們執行下一階段增長的戰略。

And our next question today comes from Jeff Farmer with Gordon Haskett.

今天我們的下一個問題來自傑夫·法默和戈登·哈斯克特。

Just a big picture follow-up to a handful of earlier questions. So really just looking back at your traffic growth drivers over the better part of the last year, a lot of things in play. But if you think about the move to always advertising, the Chicken Sandwich launch delivery growth, what can you share with us in terms of what has proven to be the most impactful driver over the last year? And in terms of thinking about drivers moving forward, which you continue to see being a driver as we get into back half of '23 and to '24.

只是對一些早期問題的大局後續。因此，只要回顧一下去年大部分時間的流量增長驅動因素，就會發現很多因素都在發揮作用。但如果你考慮到始終做廣告、雞肉三明治推出交付增長，你能與我們分享什麼被證明是去年最有影響力的驅動因素嗎？就思考驅動程序向前發展而言，當我們進入 23 世紀後半段和 24 世紀時，您將繼續將其視為驅動程序。

I think we got a similar question last quarter in it's -- when you think about the elevated advertising dollars that we have going into our media spend, and you think about us leveraging chicken sandwich as part of the messaging or using some of those dollars to drive just general awareness, it gets kind of challenging to tease apart. I think the thing that we talked about last quarter that continued this quarter is this overall strength that we're seeing in our brand is really the results of all of these things kind of working in concert with one another. And I think we mentioned it last quarter, but we obviously over-delivered even beyond what we expected, and we're continuing to just see overall strength.

我認為上個季度我們也遇到了類似的問題——當你想到我們投入媒體支出的廣告費用增加時，你想到我們利用雞肉三明治作為信息傳遞的一部分，或者使用其中一些美元來僅僅驅動一般意識，區分起來有點困難。我認為我們在上個季度討論並在本季度繼續討論的事情是，我們在我們的品牌中看到的整體實力實際上是所有這些事情相互配合的結果。我認為我們上個季度提到過這一點，但我們顯然超出了預期，甚至超出了我們的預期，而且我們繼續看到整體實力。

Okay. And then just one quick follow-up. As it relates to the 10% to 12% full year seeing for sales guidance, again, I might have missed it, but what level of menu pricing is contemplated in that guidance?

好的。然後只是一個快速跟進。由於它與全年銷售指導的 10% 至 12% 相關，我可能再次錯過了它，但該指導中考慮的菜單定價水平是多少？

We basically are reverting back to our historical approach in pricing, and that is 1 to 2 points of price through two windows. We did execute a window in the first half of the year, and we will execute another pricing window in the back half of the year.

我們基本上正在回歸歷史的定價方法，即通過兩個窗口定價 1 到 2 個點。我們在上半年確實執行了一個窗口，我們將在下半年執行另一個定價窗口。

And our next question today comes from Brian Harbour with Morgan Stanley.

今天我們的下一個問題來自摩根士丹利的布萊恩·哈伯。

Yes. This was sort of asked, but I think maybe just ask a different way. Have you kind of seen evidence that some of the customers that have come for the Chicken Sandwich or maybe some of the customers that have come in through Uber, are those -- are they increasing their frequency over time? Are they in fact higher frequency than some of your existing customers or perhaps the reverse? How have you -- I think the point is you've done a very good job kind of driving trial have you seen evidence that those are becoming very loyal customers?

是的。這是有人問的，但我想也許只是用不同的方式問。你有沒有看到證據表明，一些來吃雞肉三明治的顧客，或者一些通過優步進來的顧客，他們的頻率是否隨著時間的推移而增加？事實上，他們的頻率是否比您現有的一些客戶更高，或者相反？你怎麼樣——我認為關鍵是你在駕駛試驗方面做得非常好，你有沒有看到證據表明這些人正在成為非常忠誠的客戶？

I think the short answer is yes. We have seen these guests come in. And as I mentioned before, we're seeing them move up the frequency curve after that initial trial or initial visit. And for the quarter, we actually did see a nice uptick in frequency. And I think we mentioned it in our prepared remarks, beyond just frequency, if you look at all brand-level metrics we saw really strong improvement, record levels for the brand, kind of across the board. And I mentioned in my prepared remarks, when you think about this overall macro backdrop to be sitting here, driving transaction growth like we are and have value scores improving really gives us a lot of confidence in our ability to navigate the back half. And if there is a significant shift to consumer sentiment, we have a proven playbook. We know that we can lean into value, retain those indulgent occasions. And so we feel really good about where we stand today.

我認為簡短的答案是肯定的。我們已經看到這些客人進來了。正如我之前提到的，我們看到他們在初次嘗試或初次訪問後頻率曲線上升。在本季度，我們實際上確實看到了頻率的大幅上升。我想我們在準備好的發言中提到了這一點，除了頻率之外，如果你看看所有品牌層面的指標，我們會看到真正強勁的改進，品牌的創紀錄水平，有點全面。我在準備好的發言中提到，當你想到目前的整體宏觀背景時，像我們這樣推動交易增長並且價值得分提高確實讓我們對下半年的能力充滿信心。如果消費者情緒發生重大轉變，我們有一個行之有效的策略。我們知道我們可以依靠價值，保留那些放縱的場合。因此，我們對今天的處境感到非常滿意。

Could you also just maybe provide more detail on international. You kind of mentioned the acceleration in same-store sales. We obviously don't see some of those metrics reported regularly. But is it consistent with the U.S., any markets that are kind of doing better there? What's the additional opportunity to drive sales internationally?

您能否提供有關國際的更多詳細信息？您提到了同店銷售的加速。我們顯然沒有看到定期報告其中一些指標。但這與美國是否一致，是否有任何表現更好的市場？推動國際銷售的額外機會是什麼？

Yes, Brian, we're really excited about the momentum we see in our international business and the demand that's in our pipeline. I'll give you one example. And we -- I think this is we've talked about it before, this is the playbook that we're leveraging in new markets, and that is the progress we've made in the U.K. And last week, our U.K. business set another record week of sales. And in fact, our original restaurant in the U.K., in London and Cambridge Circus that opened 5 years ago roughly last week, had a record week and sold over $100,000 in sales for the week. And so I think that just speaks to some of the momentum that I referenced, and we're seeing that same playbook being deployed in Canada, we're seeing it deployed in Korea, and we're seeing those AUVs continue to grow while we expand our footprint there.

是的，布萊恩，我們對國際業務的勢頭和潛在的需求感到非常興奮。我給你舉一個例子。我想這是我們之前討論過的，這是我們在新市場中利用的劇本，這是我們在英國取得的進展。上週，我們的英國業務設定了另一個目標創紀錄的一周銷售。事實上，我們在英國的原創餐廳（位於倫敦和劍橋廣場）於 5 年前大約上週開業，一周創下了創紀錄的紀錄，當週銷售額超過 100,000 美元。所以我認為這只是說明了我提到的一些勢頭，我們看到同樣的劇本正在加拿大部署，我們看到它在韓國部署，我們看到這些 AUV 繼續增長，而我們擴大我們在那裡的足跡。

And then obviously, we talked about the two new markets that we signed in the quarter and the pipeline for new territory is really strong. So we're pretty excited about how our international business is performing, how the team is executing the strategy and then ultimately, how it will become more of the growth story as we look a little further out.

顯然，我們談到了我們在本季度簽署的兩個新市場，新領域的管道非常強大。因此，我們對我們的國際業務的表現、團隊如何執行戰略以及最終，當我們看得更遠時它將如何成為更多的增長故事感到非常興奮。

And our next question today comes from Brian Moon with Piper Sandler.

今天我們的下一個問題來自布萊恩·穆恩和派珀·桑德勒。

Just a question on delivery sales channel, a follow-up on some of the comments from the prepared remarks. Now that you're firmly established on both of the large platforms what do you think is the primary driver of the growth in the coming years from the 30% sales mix to 50% sales mix? Is it -- do you just believe more and more consumers will migrate to aggregators over time and you will benefit because of your offering? Or are you actually potentially working on some strategies or some marketing to help influence that growth forward on your side?

只是一個關於交付銷售渠道的問題，是對準備好的發言中的一些評論的跟進。既然您已在這兩個大型平台上站穩了腳跟，您認為未來幾年從 30% 的銷售組合到 50% 的銷售組合增長的主要驅動力是什麼？是不是——您是否相信隨著時間的推移，越來越多的消費者將遷移到聚合商，並且您將因您的產品而受益？或者您實際上是否有可能製定一些策略或營銷來幫助影響您方面的增長？

Brian, this is Alex. I can jump in here. I think we've talked about a bit that we essentially turned on Uber Eats last year with the launch. And so we haven't invested in the platform. That is an opportunity for us to deploy our advertising dollars to build more awareness. Even though we've seen our mix double since the launch week as we've lapped that, that's a big opportunity for us to build awareness in those two platforms, both DoorDash and Uber Eats marketplaces continue to grow as we expand our awareness. We build frequency, as Michael referenced. And so it is an opportunity for us to invest in those platforms that can lead us on that path towards those benchmarks of 50% plus.

布萊恩，這是亞歷克斯。我可以跳到這裡。我想我們已經討論過，去年我們推出了 Uber Eats 優食。所以我們還沒有投資這個平台。這是我們利用廣告資金來提高知名度的機會。儘管自發布週以來，我們的產品組合已經翻了一番，但這對我們來說是在這兩個平台上建立知名度的絕佳機會，隨著我們知名度的提高，DoorDash 和Uber Eats 優食市場都在繼續增長。正如邁克爾提到的，我們建立頻率。因此，這對我們來說是一個投資那些能夠引領我們朝著 50% 以上基準邁進的平台的機會。

And our next question today comes from Chris Carril with RBC Capital Markets.

今天我們的下一個問題來自加拿大皇家銀行資本市場的克里斯·卡里爾。

I guess just following up on the chicken sandwich and the potential long-term benefits you're seeing from it. How, if at all, does the momentum you're seeing with the sandwich influence how you're thinking about restaurant formats or real estate strategy longer term?

我想只是跟進雞肉三明治以及您從中看到的潛在長期好處。您所看到的三明治勢頭如何（如果有的話）如何影響您對餐廳業態或房地產長期戰略的看法？

I think for chicken sandwich, one of the things, if you reflect back on WingStop in our 30 years, our degree of menu innovation has really been limited to flavor. And so we go back a couple of decades, we added boneless wings and then shortly thereafter added tenders. And then last year, we added chicken sandwich. And I think one of the things that was key in all of those is to not compromise the simplicity of our operations. And we put a lot of work in partnership with our brand partners to ensure that when we launch Chicken sandwich, it didn't impact the simplicity and efficiency of our box. And so I think that supports the fact that I don't really think it's going to change the overall format of the box, the layout.

我認為對於雞肉三明治來說，其中之一，如果你回顧一下我們 30 年來的 WingStop，我們的菜單創新程度確實僅限於口味。所以我們回到幾十年前，我們添加了無骨雞翅，然後不久又添加了嫩肉。去年，我們添加了雞肉三明治。我認為所有這些的關鍵之一就是不要損害我們操作的簡單性。我們與品牌合作夥伴合作進行了大量工作，以確保當我們推出雞肉三明治時，不會影響我們盒子的簡單性和效率。所以我認為這支持了這樣一個事實：我真的不認為它會改變盒子的整體格式和佈局。

We continue to -- as we sit here today, we call it, 94%, 95% of our sales are off-premise. And so we'll continue to execute that because with that efficient footprint, heavy off-premise in the AUVs that we have grown. The unit economics are really strong. As we sit here today, we continue to see a big opportunity with chicken sandwich that we've talked about. And I think longer term, we can see that continuing to influence frequency in addition to just bringing in new guests to the brand as well. So it's something we're pretty excited about.

我們今天坐在這裡，我們繼續這樣稱呼它，我們 94%、95% 的銷售都是在場外進行的。因此，我們將繼續執行該計劃，因為我們已經發展了 AUV 的高效佔地面積和大量場外空間。單位經濟效益確實很強。當我們今天坐在這裡時，我們繼續看到我們已經討論過的雞肉三明治的巨大機遇。我認為從長遠來看，我們可以看到，除了為品牌帶來新客人之外，還會繼續影響頻率。所以這是我們非常興奮的事情。

Okay. Great. And then I know you touched on this in your prepared remarks. But could you expand maybe a bit more on brand awareness? And if you could maybe provide any quantitative measures around this relative to peers. And then obviously, new store growth and system sales growth is going to help fuel advertising. But is there anything else you would highlight as part of your strategy to drive awareness higher?

好的。偉大的。然後我知道你在準備好的發言中談到了這一點。但您能否進一步擴大品牌知名度？如果您可以提供與同行相關的任何定量衡量標準。顯然，新店的增長和系統銷售的增長將有助於推動廣告。但作為提高認知度戰略的一部分，您還有什麼要強調的嗎？

Yes. We made considerable progress on awareness, but it still remains a significant gap to where our numbers are relative to what we measure as those top 10 QSR brands. And so that's what our advertising dollars. We just surpassed $100 million for the first time last year. The system sales growth gives us opportunities to add more weeks on air, have an always on message through the year and increase the density of our advertising during the weeks we're on. And so really, when you compare our advertising funds to those larger, more mature brands, we have a large runway ahead to make Wingstop more mainstream.

是的。我們在認知度方面取得了相當大的進步，但與我們衡量的十大快餐品牌相比，我們的數字仍然存在很大差距。這就是我們的廣告費用。去年我們剛剛首次突破 1 億美元。系統銷售的增長使我們有機會增加更多的播出週數，全年始終傳達信息，並增加播出週內的廣告密度。事實上，當你將我們的廣告資金與那些更大、更成熟的品牌進行比較時，我們還有很長的路要走，可以讓 Wingstop 變得更加主流。

And our next question today comes from Gregory Francfort with Guggenheim.

今天我們的下一個問題來自古根海姆的格雷戈里·弗蘭克福特。

I just wanted to maybe follow up on I think there was two questions ago. Can you talk how you're thinking about deploying advertising dollars into either DoorDash or Uber Eats or your native platforms, how you're balancing those priorities?

我只是想跟進我認為之前有兩個問題。您能否談談您如何考慮將廣告資金部署到 DoorDash 或 Uber Eats 或您的本地平台，以及您如何平衡這些優先事項？

Yes. No, I think it's a good question, and it's one of those things we've we see as a big opportunity for us. If you reflect back on our overall progress in delivery at roughly 30% sales mix today. We -- that really hasn't been based with us deploying a significant amount of our ad dollars on their platforms. A lot of the advertising you see, the promotions you see are funded by those partners because we deliver a really nice high average check and that's good for their drivers and good for their business. And so we've seen them a willingness to invest in Wingstop, which we appreciate.

是的。不，我認為這是一個很好的問題，我們認為這對我們來說是一個巨大的機會。如果您回顧一下我們今天的交付總體進展情況，大約為 30% 的銷售組合。我們——這實際上並不是基於我們在他們的平台上部署了大量的廣告費用。你看到的很多廣告、促銷活動都是由這些合作夥伴資助的，因為我們提供了非常好的高平均支票，這對他們的司機和他們的業務都有好處。因此，我們看到他們願意投資 Wingstop，我們對此表示讚賞。

And obviously, when we think about that opportunity to over double -- or almost double our delivery channel mix, we obviously know that as we drive awareness of our brand on those platforms, we'll capture more occasions. So we see that as one of those multiyear sales drivers that we talked about earlier that allow us to sit here today and raise our outlook for the year. And then obviously, continue to see expanded AUV growth, which is strengthening the unit economics.

顯然，當我們想到將我們的交付渠道組合增加一倍以上或幾乎一倍的機會時，我們顯然知道，隨著我們在這些平台上提高我們品牌的知名度，我們將抓住更多機會。因此，我們認為這是我們之前討論過的多年銷售驅動因素之一，使我們今天能夠坐在這裡提高我們對今年的展望。顯然，AUV 的增長繼續擴大，這正在加強單位經濟效益。

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

今天我們的下一個問題來自奧本海默公司的邁克爾·塔馬斯。

You were way ahead of the industry in terms of taking less menu pricing and even leaning into value more, which I think was a big advantage in likely widened your relative pricing at the competitors. So now it seems like value is becoming a little more widespread across the industry and menu pricing also coming down. So do any of these change in dynamics cause you to think about your sales strategies differently as it relates to value or promotions?

在減少菜單定價，甚至更多地傾向於價值方面，你們遠遠領先於行業，我認為這是一個很大的優勢，可能會擴大你們在競爭對手中的相對定價。因此，現在看來，價值在整個行業中變得更加普遍，菜單價格也有所下降。那麼，這些動態變化是否會導致您以不同的方式思考與價值或促銷相關的銷售策略？

I think we're definitely in a unique position, whereas if you look at Q2, as an example, I think the QSR industry on average had about 10 points of price on the menu. And we were sitting in a very unique position. And I think that speaks to the comments we made about improvements in our value scores. And so what we are hearing from consumers in our research is they value or they're being a little bit more discerning with their dollars and what they're looking for is quality and indulgence, and I think that plays perfectly within Wingstop and how our brand is positioned. And so we will have a balanced message for those that are value sensitive. But then obviously, we still have the opportunity to capture so many new occasions. So as consumers are looking for quality and indulgence, I think Wingstop's well positioned and just further supports the strategy that we're executing against.

我認為我們絕對處於一個獨特的位置，而如果你以第二季度為例，我認為 QSR 行業的菜單上平均有大約 10 個點的價格。我們坐在一個非常獨特的位置。我認為這說明了我們對價值得分改進的評論。因此，我們在研究中從消費者那裡聽到的是，他們看重自己的錢，或者他們對自己的錢更加挑剔，他們尋求的是質量和享受，我認為這在 Wingstop 中完美髮揮，以及我們如何品牌定位。因此，我們將為那些對價值敏感的人提供平衡的信息。但顯然，我們仍然有機會捕捉到如此多的新場景。因此，當消費者尋求品質和享受時，我認為 Wingstop 處於有利位置，並且進一步支持我們正在執行的戰略。

And then on the -- you've mentioned a few times about your new supply chain strategy, buying more of the birds, not being so reliant on the spot market. And you mentioned visibility in the '24. I mean how long is that sort of agreement in place for? Is it just in to '24? Do you think that there's an opportunity for that to be sort of a much longer term looking out maybe a couple of years?

然後，您多次提到了您的新供應鏈戰略，購買更多的鳥類，而不是那麼依賴現貨市場。你提到了 24 世紀的知名度。我的意思是這種協議會持續多久？是剛到24年嗎？您認為這是否有可能是一個更長期的機會，也許是幾年？

Yes. I mean, I think we have made meaningful progress with our supply chain strategy and remain confident in continuing to execute against that. And as I mentioned earlier, we exited Q2 at a record level of boneless mix 43%. And as we win more chicken sandwich occasions as we see that halo effect on the rest of our business. We see the opportunity to continue to drive that mix. But obviously, with that underlying transaction growth, we're using more breast meat in absolute pound perspective.

是的。我的意思是，我認為我們的供應鏈戰略已經取得了有意義的進展，並且仍然有信心繼續執行該戰略。正如我之前提到的，第二季度我們的去骨混合比例達到了創紀錄的 43%。當我們贏得更多雞肉三明治機會時，我們看到光環效應對我們的其他業務產生了影響。我們看到了繼續推動這種組合的機會。但顯然，隨著潛在交易的增長，從絕對磅的角度來看，我們使用了更多的胸肉。

And so as we continue to use more breast meat, our supplier partners really like that, and it's allowing us to have fundamentally different conversations with them around how we structure our pricing arrangements for wings and as we sit here today, obviously, the Urner Barry is just north of $1 a pound, but it's even as we sit here today, it's well under the 5-year average to the tune of roughly $0.50, $0.55 from the 5-year average. And so obviously, we viewed this as the time to look longer term and talk differently and structure the arrangements differently with our supplier partners to ensure more predictability. And as we mentioned before, ultimately mitigate the volatility that we see in food costs. So we're pretty encouraged about the progress we've made.

因此，當我們繼續使用更多的胸肉時，我們的供應商合作夥伴真的很喜歡這一點，這使我們能夠與他們就如何構建雞翅的定價安排進行根本不同的對話，顯然，當我們今天坐在這裡時，Urner Barry略高於每磅 1 美元，但即使我們今天坐在這裡，它也遠低於 5 年平均水平，約為 0.50 美元，較 5 年平均水平低 0.55 美元。顯然，我們認為現在是時候著眼長遠，與我們的供應商合作夥伴以不同的方式進行討論和安排，以確保更多的可預測性。正如我們之前提到的，最終減輕我們在食品成本中看到的波動。因此，我們對所取得的進展感到非常鼓舞。

Thank you. Ladies and gentlemen, this concludes today's question-and-answer session and today's conference call. We thank you all for attending today's presentation. You may now disconnect your lines, and have a wonderful day.

謝謝。女士們、先生們，今天的問答環節和電話會議到此結束。我們感謝大家參加今天的演講。您現在可以斷開線路，度過美好的一天。