Wingstop Inc (WING) 2023 Q4 法說會逐字稿

Good morning, ladies and gentlemen, and thank you for standing by. Welcome to the Wingstop Fiscal Fourth Quarter and Full Year 2023 Earnings Conference Call. (Operator Instructions) Please note that this conference is being recorded today, Wednesday, February 21, 2024. On the call today are Michael Skipworth, President and Chief Executive Officer; and Alex Kaleida, Senior Vice President and Chief Financial Officer.

早安，女士們先生們，感謝你們的支持。歡迎參加 Wingstop 2023 年第四季和全年財報電話會議。 （操作員指示）請注意，本次會議將於今天（2024 年 2 月 21 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；以及資深副總裁兼財務長 Alex Kaleida。

I would now like to turn the conference over to Alex. Please go ahead.

我現在想把會議交給亞歷克斯。請繼續。

Thank you, and welcome to the Fiscal Fourth Quarter and Full Year 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 財年第四季和全年財報電話會議。我們的業績於今天早上早些時候發布，可在我們的投資者關係網站 ir.wingstop.com 上取得。

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。這些陳述並非對未來績效的保證，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有重大差異。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。

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.

我們使用某些我們認為有助於評估我們績效的非公認會計準則財務指標。不應孤立地考慮此類資訊的呈現，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較公認會計準則衡量標準的對帳。

Lastly for the Q&A session, (Operator Instructions).

最後是問答環節（操作員說明）。

With that, I would like to turn the call over to Michael.

說到這裡，我想把電話轉給麥可。

Good morning, everyone, and thank you for joining our call. 2023 marked the strongest year on record for Wingstop. These industry-leading results showcase the strength and staying power of the strategies we are executing and they're a true demonstration of Wingstop's category of one positioning. We delivered an unprecedented 20th consecutive year of same-store sales growth with a comp of 18% for the full year, primarily driven by transactions.

大家早安，感謝您加入我們的通話。 2023 年是 Wingstop 有史以來最強勁的一年。這些領先業界的結果展示了我們正在執行的策略的實力和持久力，它們真實地展示了 Wingstop 的單一定位類別。我們的同店銷售連續第 20 年實現史無前例的成長，全年複合成長率為 18%，這主要是由交易推動的。

We opened a record 255 net new restaurants, fueling system-wide sales growth of 27% to more than $3.5 billion. Company-owned restaurant margins were 26%, a proof point of the effectiveness of our supply chain strategy and our industry-leading unit economics. This translated into adjusted EBITDA growth of 39% when excluding the benefit of the 53rd week during 2022.

我們淨新開設 255 家餐廳，創下歷史紀錄，推動全系統銷售額成長 27%，達到超過 35 億美元。公司自營餐廳的利潤率為 26%，證明了我們供應鏈策略的有效性和行業領先的單位經濟效益。在排除 2022 年第 53 週的收益後，調整後 EBITDA 成長了 39%。

2023 started strong as we delivered a 20% domestic same-store sales comp in the first quarter that was driven entirely by transaction growth. We saw the strength of our business to build as we progress through the year, while we lapped a couple of key growth levers we executed in 2022, such as the launch of Uber Eats, and the addition of the Wingstop chicken sandwich. This momentum was demonstrated with the fourth quarter marking our strongest quarter in the year. Our domestic same-store sales growth in the quarter was 21.2%, driven almost entirely by transaction growth.

2023 年開局強勁，我們在第一季實現了 20% 的國內同店銷售業績成長，這完全是由交易成長所推動的。隨著這一年的進展，我們看到了業務的實力正在增強，同時我們也完成了 2022 年執行的幾個關鍵成長槓桿，例如推出 Uber Eats 優食，以及添加 Wingstop 雞肉三明治。第四季是我們今年表現最強勁的季度，這一勢頭得到了證明。本季我們的國內同店銷售成長 21.2%，幾乎完全由交易成長推動。

Based on the visibility into our development pipeline at the beginning of 2023, we knew our openings would be weighted toward the end of the year, and we are pleased with a record 115 net new restaurant openings in the fourth quarter. This is a great demonstration of the strength of our unit economics and the excitement of our brand partners, who are expressing a strong desire to open more restaurants. It's truly an exciting time at Wingstop.

根據 2023 年初對我們開發管道的了解，我們知道我們的開業時間將在年底進行加權，我們對第四季度淨新開餐廳創紀錄的 115 家感到滿意。這很好地展示了我們單位經濟效益的實力以及我們品牌合作夥伴的興奮，他們表達了開設更多餐廳的強烈願望。這對 Wingstop 來說確實是一個令人興奮的時刻。

Our strategies of sustaining same-store sales growth, maintaining best-in-class returns for our brand partners, and accelerating growth have remained consistent over the years. The foundation of our strategies are our people and culture, which we believe is our competitive advantage. And I'm truly humbled by what our global support team, brand partners and team members in the restaurants accomplished in 2023.

多年來，我們保持同店銷售成長、為品牌合作夥伴保持一流回報以及加速成長的策略始終如一。我們策略的基礎是我們的員工和文化，我們相信這是我們的競爭優勢。我們的全球支援團隊、品牌合作夥伴和餐廳團隊成員在 2023 年的成就讓我深感謙卑。

As we look at the opportunity to more than triple the size of our existing Wingstop footprint, that was 2,214 restaurants at the end of 2023, it all starts with the strength of unit economics. Our AUVs are now above $1.8 million, and we believe we have clear line of sight to expanding AUVs well north of $2 million.

當我們尋找到 2023 年底將現有 Wingstop 足跡擴大至三倍以上（即 2,214 家餐廳）的機會時，這一切都始於單位經濟效益的實力。我們的 AUV 目前已超過 180 萬美元，我們相信我們有明確的目標，可以將 AUV 擴大到 200 萬美元以上。

Our supply chain strategy is creating greater predictability with restaurant margins and combined with our AUV growth, our brand partners saw returns strengthened and are now enjoying an unlevered cash-on-cash return of more than 70% and on a low upfront investment that is still less than $500,000 on average and less than 2-year payback. Wingstop's best-in-class returns have translated to a record development pipeline. We believe the progress we have made against our strategies position us well to continue to deliver on our long-term targets.

我們的供應鏈策略正在為餐廳利潤創造更大的可預測性，結合我們的AUV 成長，我們的品牌合作夥伴看到了回報的增強，現在享受著超過70% 的無槓桿現金回報，而且前期投資仍然較低。平均不到 50 萬美元，投資回收期不到 2 年。 Wingstop 一流的回報已轉化為創紀錄的開發管道。我們相信，我們在策略方面取得的進展使我們能夠繼續實現我們的長期目標。

At our Investor Day in 2022, we outlined our strategies to increase system AUVs to more than $2 million. Those strategies consist of increasing brand awareness, menu innovation, expanding our delivery occasion, data-driven marketing and a digital transformation that further expands our best-in-class digital platform. As we demonstrated in 2023, our proven strategies are designed to have multiyear benefits and give us confidence to further scale AUV.

在 2022 年投資者日上，我們概述了將系統 AUV 增加到 200 萬美元以上的策略。這些策略包括提高品牌知名度、菜單創新、擴大我們的送貨範圍、數據驅動的行銷以及進一步擴展我們一流數位平台的數位轉型。正如我們在 2023 年所展示的那樣，我們行之有效的策略旨在帶來多年效益，並使我們有信心進一步擴大 AUV 規模。

In the last year, we made great progress against these strategies, increasing AUVs by more than $200,000 to $1.8 million. AUV growth that was fueled primarily by transaction growth, double-digit transaction growth, which is against an industry backdrop that has seen a decline in traffic.

去年，我們在這些策略上取得了巨大進展，AUV 增加了 20 萬美元以上，達到 180 萬美元。 AUV 的成長主要是由交易成長推動的，兩位數的交易成長是在流量下降的產業背景下實現的。

And another unique part of the Wingstop story is that we are seeing transaction growth across all vintages. In fact, even in our original restaurant, we continue to see healthy transaction growth. Our always-on media strategy is helping us make great progress against our awareness gap, which remains a meaningful opportunity. With system-wide sales growth of nearly 30% during 2023, this gives us the firepower in our national ad fund to invest behind this strategy and continue to expand brand awareness.

Wingstop 故事的另一個獨特部分是我們看到所有年份的交易都在成長。事實上，即使在我們原來的餐廳，我們也繼續看到健康的交易成長。我們始終在線的媒體策略正在幫助我們在彌補認知差距方面取得巨大進展，這仍然是一個有意義的機會。 2023 年全系統銷售額成長近 30%，這使我們的國家廣告基金有足夠的火力來支持這項策略並繼續擴大品牌知名度。

Our menu innovation with chicken sandwich continues to bring new guests into Wingstop. As these new guests experience our flavors for the first time with a chicken sandwich that is cooked to order, enhanced soft and tossed in 1 of our 11 bold and distinctive flavors, they are learning to navigate the rest of our menu and enjoy that indulgent Wingstop occasion our core guests have come to appreciate over the years. Our new chicken sandwich guests are demonstrating a higher frequency than our traditional guests as well as a skew towards higher boneless mix, which has helped us increase our boneless mix to now 47%.

我們的雞肉三明治菜單創新不斷為 Wingstop 帶來新客人。當這些新客人第一次體驗我們的雞肉三明治時，我們的雞肉三明治是按訂單烹製的，口感更加柔軟，並加入了我們11 種大膽而獨特的口味中的一種，他們正在學習如何瀏覽我們菜單的其餘部分並享受放縱的Wingstop多年來，我們的核心客人都對此表示讚賞。我們的新雞肉三明治客人比我們的傳統客人表現出更高的頻率，並且傾向於更高的無骨混合，這幫助我們將無骨混合增加到現在的 47%。

And as a reminder, greater utilization of breast meat helps advance our supply chain strategy and will further strengthen our unit economics. We have many examples today where restaurants operating with boneless mix that exceeds 50% are enjoying food costs in the low 30% range.

提醒一下，更多地利用胸肉有助於推進我們的供應鏈策略，並將進一步增強我們的單位經濟效益。今天我們有很多例子，其中使用超過 50% 的無骨混合料的餐廳的食品成本低至 30%。

Our strategies have led to higher new guest acquisition, along with an increase in frequency, and the fourth quarter marked one of our highest guest acquisition periods on record. We also saw an increase in frequency across all income cohorts, including the low income gap. Our digital sales surged, passed $2 billion in the last 12 months and we exited 2023 with a digital sales mix at 67%, up from 63% at the end of 2022.

我們的策略帶來了更高的新客獲取量以及頻率的增加，第四季度是我們有史以來客獲取量最高的時期之一。我們也看到所有收入群體的頻率都有增加，包括低收入差距。我們的數位銷售額激增，在過去 12 個月內突破了 20 億美元，2023 年結束時，我們的數位銷售額佔比為 67%，高於 2022 年底的 63%。

Our digital guest database is now over 40 million users strong. And combined with the investments we are making in technology, we have the ability to create a hyper-personalized experience with our guests, one that we believe over time will drive conversion, retention rates and frequency.

我們的數位訪客資料庫現已擁有超過 4,000 萬用戶。結合我們在技術方面的投資，我們有能力為客人創造超個人化的體驗，我們相信隨著時間的推移，這種體驗將提高轉換率、保留率和頻率。

This industry-leading transaction growth in our business is supported by record brand health metrics. We know consumers remain selective with their restaurant spend, and they continue to prioritize quality and value. Wingstop has measured improvements in both of these categories as we progress through 2023.

我們業務中領先業界的交易成長得到了創紀錄的品牌健康指標的支持。我們知道消費者對餐廳消費仍然有選擇性，並且他們繼續優先考慮品質和價值。隨著 2023 年的進展，Wingstop 衡量了這兩個類別的改進。

We believe improvements in quality and value scores have been supported by a measured and disciplined approach to pricing as well as a relentless focus on operating restaurants with excellence. I want to thank our team members in the restaurants and brand partners for their dedicated focus to serve our guests and provide a best-in-class experience.

我們相信，品質和價值評分的提高得益於審慎且嚴格的定價方法以及對卓越經營餐廳的不懈關注。我要感謝我們餐廳的團隊成員和品牌合作夥伴，感謝他們專注於為我們的客人提供服務並提供一流的體驗。

Our brand partners recognize both to strengthen our unit economics and that Wingstop is operating in a category of one. 95% of the net new restaurant openings in 2023 were from existing brand partners reinvesting back into Wingstop. This demand for growth was also showcased in the fact that we exited the year with approximately 1,400 restaurant commitments under development agreements, representing nearly 600 new commitments during the year, a record year that positions us to continue to accelerate growth.

我們的品牌合作夥伴認識到，這不僅可以增強我們的單位經濟效益，而且 Wingstop 的營運也屬於其中之一。 2023 年淨新開餐廳的 95% 來自現有品牌合作夥伴對 Wingstop 的再投資。這種成長需求也體現在以下事實中：我們在今年結束時根據開發協議承諾了約1,400 家餐廳，相當於年內新增近600 家餐廳，這是創紀錄的一年，使我們能夠繼續加速成長。

And this success extends beyond our domestic business. We are now in 10 markets outside of the U.S. Our success in Canada is another proof point for the growth ahead. Average weekly sales already exceed those of established markets and the Canadian consumer is lining up to get their hands on our flavors as we open more restaurants in Toronto. This is an example of the response from consumers across the globe that is incredibly exciting for us.

這種成功不僅限於我們的國內業務。我們現在已涉足美國以外的 10 個市場。我們在加拿大的成功是未來成長的另一個證明。平均每週銷售額已經超過成熟市場，隨著我們在多倫多開設更多餐廳，加拿大消費者正在排隊購買我們的口味。這是全球消費者反應的一個例子，這讓我們非常興奮。

In 2023, our international business generated same-store sales growth consistent with the domestic business, also driven primarily by transaction growth. International markets are executing our proven playbook with guests enjoying our flavor for the first time, and we're providing greater access to our development pipeline. I continue to believe our international business is supercharged for growth and 2024 is set up to capitalize on this momentum.

2023年，我們的國際業務實現了與國內業務一致的同店銷售成長，這也主要是由交易成長所推動的。國際市場正在執行我們行之有效的策略，讓首次品嚐我們風味的客人享受我們的風味，並且我們正在為我們的開發管道提供更多的機會。我仍然相信我們的國際業務將強勁成長，2024 年的目標就是利用這一勢頭。

Alex will provide specific details on our 2024 outlook shortly, but we remain confident in our long-term targets and believe our growth algorithm, combined with our return of capital strategy, will deliver best-in-class shareholder returns. While we have clearly strengthened brand partner returns, a core tenet of our strategies is to also enhance shareholder returns. In 2023, we launched our first share repurchase program set at an authorization level of $250 million. To demonstrate our commitment, we completed an accelerated share repurchase program totaling $125 million in the fourth quarter. This is another example of the strength of our asset-light model and our ability to maximize shareholder returns.

Alex 很快就會提供有關我們 2024 年前景的具體細節，但我們對我們的長期目標仍然充滿信心，並相信我們的成長演算法與我們的資本回報策略相結合，將帶來一流的股東回報。雖然我們明顯提高了品牌合作夥伴的回報，但我們策略的核心宗旨是提高股東回報。 2023年，我們啟動了首次股票回購計劃，授權水準為2.5億美元。為了證明我們的承諾，我們在第四季度完成了總額為 1.25 億美元的加速股票回購計畫。這是我們輕資產模式的優勢以及我們實現股東回報最大化的能力的另一個例子。

I truly believe Wingstop is in a category of one. 2023 established another base layer of sales that is positioning us to advance AUVs well north of $2 million. We will continue to invest in building brand awareness and increasing guest acquisition and frequency. Our supply chain strategy is mitigating volatility in food costs, which maintains brand partner returns on their investments and have them excited to open more Wingstops.

我堅信 Wingstop 屬於其中一類。 2023 年，我們的 AUV 銷售額將達到 200 萬美元以上。我們將繼續投資於建立品牌知名度並增加賓客獲取和頻率。我們的供應鏈策略是減輕食品成本的波動，從而維持品牌合作夥伴的投資回報，並讓他們興奮地開設更多 Wingstop。

And importantly, we continue to invest in our team, and I believe we have the best team in the industry that is motivated to achieve our vision of becoming a top 10 global restaurant brand. I want to thank the entire Wingstop team, all of our team members in the support center and in the restaurants, our supplier partners and our brand partners for their dedication to serving the world flavor.

重要的是，我們繼續投資於我們的團隊，我相信我們擁有業內最好的團隊，他們有動力實現我們成為全球十大餐廳品牌的願景。我要感謝整個 Wingstop 團隊、支援中心和餐廳的所有團隊成員、我們的供應商合作夥伴和我們的品牌合作夥伴，感謝他們為提供世界風味而做出的奉獻。

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. 2023 was a standout year on all accounts for Wingstop, whether it's our unit growth, AUV expansion, brand health metrics, operations or financial performance. We hit our 20th consecutive year of same-store sales growth with an 18.3% comp for 2023 that was driven primarily by a double-digit increase in transactions. We opened 255 net new units and generated adjusted EBITDA of $146.5 million.

謝謝你，麥可。 2023 年對 Wingstop 來說都是出色的一年，無論是我們的單位成長、AUV 擴張、品牌健康指標、營運或財務表現。我們的同店銷售連續第 20 年實現成長，2023 年年增 18.3%，這主要是由交易量兩位數成長推動的。我們淨新開設了 255 個單位，調整後 EBITDA 為 1.465 億美元。

Before I dive into quarterly results and our 2024 outlook, I want to remind everyone, fiscal year 2022 included a 53rd week. So the fourth quarter in 2022 includes 14 weeks as compared to 13 weeks in the current year. Therefore, year-over-year results are not strictly comparable unless specifically identified. Please review our earnings release for the impact of the 53rd week in 2022.

在深入探討季度業績和 2024 年展望之前，我想提醒大家，2022 財年包括第 53 週。因此，2022 年第四季包括 14 週，而今年為 13 週。因此，除非特別指出，否則逐年結果不具有嚴格可比性。請查看我們的財報發布，以了解 2022 年第 53 週的影響。

Our growth in system-wide sales during the fourth quarter was 24.5% versus the prior year. Royalty revenues, franchise fees and other revenue increased by $10.6 million in the fourth quarter due to domestic same-store sales growth of 21.2%, primarily driven by transaction growth and 249 net franchise openings since the prior year comparable period, offset by an estimated $3 million of additional revenue associated with the 53rd week in fiscal year 2022.

第四季我們全系統銷售額比去年同期成長了 24.5%。由於國內同店銷售成長21.2%，第四季度特許權使用費收入、特許經營費和其他收入增加了1,060 萬美元，這主要是由於交易增長和自上年同期以來淨特許經營店開業249 家所推動，抵銷了估計的3 美元與 2022 財年第 53 週相關的額外收入達 100 萬美元。

Company-owned restaurant sales increased by $3.8 million in Q4 and due to a 10.8% increase in same-store sales, primarily driven by transaction growth, 6 net new restaurants versus the prior year comparable period and offset by $1.5 million of additional sales from the 53rd week. Cost of sales as a percentage of company-owned restaurant sales decreased by 130 basis points in Q4, compared to the prior year, primarily driven by sales leverage on labor and operating expenses.

公司自營餐廳銷售額在第四季度增長了380 萬美元，主要由於同店銷售額增長了10.8%（主要是由交易增長推動），與去年同期相比淨新開6 家餐廳，並被來自公司的150 萬美元額外銷售額所抵銷。第53週。第四季銷售成本占公司自有餐廳銷售額的百分比與去年同期相比下降了 130 個基點，這主要是由於勞動力和營運費用的銷售槓桿所致。

Our supply chain strategy to mitigate the volatility and bone-in wing cost is yielding the results we anticipated. The progress we have made is carrying into 2024 and for modeling purposes, we anticipate company-owned restaurant food costs to be approximately 35%. Additionally, our boneless mix for the system reached a new high of 47% in Q4, which helps advance our whole bird strategy. This underscores our progress in our supply chain strategy. And with the predictable food cost, this will further strengthen our best-in-class unit economics.

我們減輕波動性和骨骼成本的供應鏈策略正在產生我們預期的結果。我們所取得的進展將延續到 2024 年，出於建模目的，我們預計公司自營餐廳的食品成本約為 35%。此外，我們的系統無骨混合料在第四季度達到了 47% 的新高，這有助於推進我們的全雞戰略。這凸顯了我們在供應鏈策略上的進展。憑藉可預測的食品成本，這將進一步增強我們一流的單位經濟效益。

Q4 SG&A increased by $9.7 million versus the comparable prior year period to a total of $28.1 million. driven by an increase of professional fees of $2.9 million associated with the company's strategic initiatives, an increase in short-term and long-term incentive-based compensation of $2.7 million as a result of the company's performance and a $1.7 million increase in headcount-related investments. Additionally, Q4 lapped the prior year benefit of $1.3 million in stock forfeitures offset by an approximately $1 million impact from the 53rd week.

第四季的 SG&A 與去年同期相比增加了 970 萬美元，達到 2,810 萬美元。由於與公司策略措施相關的專業費用增加了 290 萬美元，由於公司業績而導致的短期和長期激勵性薪酬增加了 270 萬美元，以及與員工人數相關的增加了 170 萬美元投資。此外，第四季的收益超過了去年 130 萬美元的股票沒收收益，但被第 53 週約 100 萬美元的影響所抵消。

Adjusted EBITDA, a non-GAAP measure, was $39.1 million in the quarter, an increase of 13% versus the prior year on a reported basis. When excluding the estimated $2.6 million impact associated with the 53rd week in 2022, adjusted EBITDA growth was 22.6% versus the comparable period prior year. And to put this in context, this growth is on top of the fourth quarter that grew adjusted EBITDA by 58% in 2022.

本季調整後 EBITDA（非 GAAP 衡量標準）為 3,910 萬美元，按報告數據比上年增長 13%。在排除與 2022 年第 53 週相關的預期 260 萬美元影響後，調整後 EBITDA 與去年同期相比成長了 22.6%。從背景來看，這一成長是在 2022 年第四季調整後 EBITDA 成長 58% 的基礎上實現的。

We delivered adjusted earnings per diluted share, a non-GAAP measure, of $0.64, a 6.7% increase versus the prior year and 14% growth versus prior year when excluding the estimated $0.04 impact associated with the 53rd week.

我們的調整後每股攤薄收益（非公認會計原則衡量標準）為 0.64 美元，比上年增長 6.7%，如果排除與第 53 週相關的 0.04 美元的估計影響，則比上年增長 14%。

Our highly franchised asset-light model continues to generate strong free cash flows that position us to support strategic initiatives while maximizing shareholder returns. In 2023, we announced our inaugural share repurchase program authorized at $250 million. To demonstrate our commitment, in August, we launched a $125 million accelerated share repurchase program that concluded on December 21. In connection with our ASR program, we repurchased a total of 645,952 shares of common stock at an average price of $193.51.

我們高度特許經營的輕資產模式繼續產生強勁的自由現金流，使我們能夠支持策略舉措，同時實現股東回報最大化。 2023 年，我們宣布了首次股票回購計劃，授權金額為 2.5 億美元。為了證明我們的承諾，我們在8 月啟動了一項1.25 億美元的加速股票回購計劃，該計劃於12 月21 日結束。根據我們的ASR 計劃，我們以平均價格193.51 美元回購了總計645,952股普通股。

Additionally, our regular dividend program is targeted at 40% of free cash flow. Our Board of Directors authorized our next quarterly dividend of $0.22 per share, which will be paid on March 29 to shareholders of record as of March 8. Our balance sheet is in a position of strength that will continue to enable investments in our strategies to maximize shareholder returns.

此外，我們的定期股利計畫的目標是自由現金流的 40%。我們的董事會批准了我們下一季每股 0.22 美元的股息，將於 3 月 29 日向截至 3 月 8 日在冊的股東支付。我們的資產負債表處於有利地位，將繼續使我們的策略投資最大化股東回報。

Now turning to our outlook for 2024. As you heard from us today, we believe our strategies can deliver another industry-leading year. Consistent with our 3- to 5-year targets, we are guiding to a mid-single-digit domestic same-store sales growth, and we anticipate approximately 270 global net new restaurants, which represents a growth rate of 12%. SG&A guidance is estimated to be approximately $108 million, including an estimated $19 million of stock-based compensation expense. By utilizing these inputs, adjusted EBITDA growth will translate to approximately 15% in 2024.

現在轉向我們對 2024 年的展望。正如您今天所聽到的，我們相信我們的策略能夠再創行業領先的一年。與我們 3 至 5 年的目標一致，我們預計國內同店銷售額將實現中等個位數增長，並且我們預計全球淨新餐廳數量約為 270 家，增長率為 12%。 SG&A 指引預計約為 1.08 億美元，其中包括預計 1,900 萬美元的股票補償費用。透過利用這些投入，調整後的 EBITDA 成長將在 2024 年達到約 15%。

I'd like to thank the incredible team members at our support center and in the restaurants, our supplier partners and brand partners that have helped us deliver another record year. We are truly fortunate to have such talent throughout Wingstop and their dedication and commitment gives us the confidence in achieving our vision of becoming a top 10 global restaurant brand.

我要感謝我們支持中心和餐廳的優秀團隊成員、我們的供應商合作夥伴和品牌合作夥伴，他們幫助我們再創紀錄的一年。我們真的很幸運在 Wingstop 擁有這樣的人才，他們的奉獻和承諾讓我們有信心實現成為全球十大餐廳品牌的願景。

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

說到這裡，我現在想進入問答環節。接線員，請開通提問線。

(Operator Instructions) Our first question today comes from David Tarantino with Baird.

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

Congratulations on a great 2023. My question is about the outlook for 2024 and specifically, the same-store sales outlook of mid-single digits. I was wondering, Michael, if you could kind of frame up your thoughts on that range relative to the type of momentum that you've been delivering recently? And specifically talk about whether kind of your confidence in being able to drive traffic growth again this year, especially as you think about the tough comparisons exiting the year?

恭喜您度過了美好的 2023 年。我的問題是關於 2024 年的前景，特別是中位數的同店銷售前景。我想知道，邁克爾，你是否可以相對於你最近所提供的動力類型來建立你對這個範圍的想法？具體談談您對今年能夠再次推動流量成長是否有信心，特別是當您考慮到今年的艱難比較時？

David, thank you for the question. We're really excited and very pleased with the results we delivered in 2023. And I think not only is it an incredible year delivering a plus 18% same-store sales growth that was primarily driven by transactions. But that was against an industry backdrop that for the most part, was measuring declines in transactions. And so I think it really solidified the category of one positioning for Wingstop.

大衛，謝謝你的提問。我們對 2023 年所取得的成果感到非常興奮和非常滿意。我認為，這不僅是令人難以置信的一年，主要由交易推動的同店銷售成長超過 18%。但這是在大多數情況下衡量交易量下降的行業背景下進行的。所以我認為它確實鞏固了 Wingstop 的一個定位類別。

We are excited about the momentum we saw build throughout 2023 as well as into the Q4 itself. And we're encouraged by the progress we're making against the strategies that we're executing. We highlighted it in our prepared remarks that Q4 was our highest acquisition period of new guests and something we're pretty proud of that really showcases the strength of the strategies that we're executing against.

我們對 2023 年以及第四季的勢頭感到興奮。我們對正在執行的策略所取得的進展感到鼓舞。我們在準備好的發言中強調，第四季度是我們吸引新客人最多的時期，我們對此感到非常自豪，這確實展示了我們正在執行的策略的優勢。

And so we're confident in our ability to continue to drive the business and advance our growth strategies towards our goal of exceeding the AUVs of north of $2 million. That said, we know that there's -- we're growing on top of a record year, but yet have confidence in our ability to deliver on our 3- to 5-year outlook. When we compare that on a 2-year basis, we know that's remarkably strong compared to the industry and something we're pretty proud of.

因此，我們對繼續推動業務並推進成長策略以實現超過 200 萬美元以上 AUV 的目標充滿信心。也就是說，我們知道我們正在創紀錄的一年中成長，但我們對實現 3 到 5 年前景的能力充滿信心。當我們以兩年為基礎進行比較時，我們知道與行業相比，這是非常強勁的，我們對此感到非常自豪。

The next question is from Jeffrey Bernstein with Barclays.

下一個問題來自巴克萊銀行的傑弗裡·伯恩斯坦。

Great. A question on the unit growth side of things, as we look to '24. So if you look back to '23, you provided initial guidance for 240 global openings. I think deals into 255. If you flash forward to today, you provided initial guidance of 270. I was wondering if you could talk about the pipeline as we try and engage your confidence in these openings which equates to 12% growth? But just your thoughts on where that comes from, I guess, U.S. versus international? And whether we should really care so much, whether it comes from U.S. or international if you think about the AUVs and the royalties coming from each? Just trying to gauge whether you're in difference with that growth comes from and the potential upside there? And then I have one follow-up.

偉大的。一個關於單位成長方面的問題，正如我們展望 24 世紀。因此，如果您回顧 23 年，您為全球 240 個職缺提供了初步指導。我認為交易會達到 255 個。如果你閃到今天，你提供了 270 個的初步指導。我想知道你是否可以談論一下管道，因為我們試圖讓你對這些相當於 12% 增長的空缺充滿信心？但我想，您對這來自美國還是國際的看法？如果你考慮 AUV 和來自每個國家的特許權使用費，我們是否真的應該如此關心，無論它來自美國還是國際？只是想衡量一下您對成長的來源和潛在的上升空間是否有不同意見？然後我有一個後續行動。

Jeff, thank you for the question. We're really proud of the development number we were able to deliver in 2023, a record year, 255 net. Obviously, when we guided at the beginning of the year, it was based on the visibility we had in the pipeline at that time. But I think it really speaks to the excitement with our brand partner community that want to grow with Wingstop. In that 255 net new restaurants, over 95% of those openings were existing brand partners reinvesting in Wingstop, which really is a testament to the strength of the unit economics, the progress we've made in scaling AUVs, combined with the progress against our supply chain strategy translating to truly industry-leading returns for our brand partners, a less than 2-year payback on average.

傑夫，謝謝你的提問。我們對 2023 年能夠實現的開發數字感到非常自豪，淨開發數量為 255 個，創歷史新高。顯然，當我們在年初進行指導時，它是基於我們當時在管道中的可見性。但我認為這確實體現了我們品牌合作夥伴社群希望與 Wingstop 共同成長的興奮之情。在這255 家淨新餐廳中，超過95% 的新餐廳是現有品牌合作夥伴對Wingstop 進行再投資，這確實證明了單位經濟效益的實力、我們在擴大AUV 方面取得的進展，以及我們在AUV方面取得的進展。供應鏈策略為我們的品牌合作夥伴帶來了真正產業領先的回報，平均回報期不到 2 年。

And so I think that really showed up in our development agreements that we cited in our prepared remarks, approximately 1,400 commitments at the end of 2023. That reflects -- when you count the restaurants that we opened compared to where we started the year. That reflects almost 600 new commitments. So brand partners are signing up for more.

因此，我認為這確實體現在我們在準備好的發言中引用的發展協議中，到 2023 年底大約有 1,400 項承諾。這反映了——當你將我們開設的餐廳與年初相比時進行計算。這反映了近 600 項新承諾。因此，品牌合作夥伴正在簽約更多。

So our guide this year, it's again above our long-term target of 10% plus, something we're confident in as we sit here today. And as the pipeline takes shape throughout the year, obviously, we'll provide any updates that we can. But we're pretty excited about being able to sit here today with confidence from the level of demand we have from our existing brand partners to grow with us and our initial guide of roughly 270 restaurants in 2024.

因此，我們今年的指導值再次高於 10% 以上的長期目標，我們今天坐在這裡對此充滿信心。顯然，隨著全年管道的形成，我們將提供盡可能的更新。但我們今天能夠滿懷信心地坐在這裡，感到非常興奮，因為我們現有的品牌合作夥伴對與我們一起成長的需求水平，以及我們對 2024 年約 270 家餐廳的初步指南。

And just that mix you're thinking of for the U.S. and international in '24?

您正在考慮 24 世紀美國和國際市場的這種組合嗎？

Yes. I think you should expect to see a pretty similar mix as what we saw in 2023 as far as how that 270 estimate for 2024 breaks out.

是的。我認為，就 2024 年 270 的預測如何突破而言，您應該會看到與我們在 2023 年看到的非常相似的組合。

Got it. And my follow-up is just on the balance sheet. I think last quarter, you talked about the (inaudible). So just trying to get an update on the fourth quarter, but either way well below the 6 to 7x target you've historically talked about. And I know in recent quarters, you mentioned the Board wanted to retain flexibility on the balance sheet to "navigate" uncertainty ahead, which -- just wonder whether that's still the current thinking or whether we should expect a return to some more aggressive leverage levels as we think about 2024?

知道了。我的後續行動只是在資產負債表上。我想上個季度，您談到了（聽不清楚）。因此，我只是想了解第四季度的最新情況，但無論怎樣，都遠低於您歷史上談論過的 6 到 7 倍的目標。我知道最近幾個季度，您提到董事會希望保持資產負債表的靈活性，以「應對」未來的不確定性，這只是想知道這是否仍然是當前的想法，或者我們是否應該期望回歸到一些更激進的槓桿水平當我們思考 2024 年？

Jeff, this is Alex. Yes, I think you pointed out a position of strength for us with our balance sheet. And we took a position, if you recall, a couple of years ago in our last recapitalization to build cash ahead of this elevated interest rate environment. And that has, in turn, given us the flexibility to invest behind our strategies, which include our first share repurchase authorization of $250 million in 2023.

傑夫，這是亞歷克斯。是的，我認為您透過我們的資產負債表指出了我們的優勢地位。如果你還記得的話，我們在幾年前的最後一次資本重組中採取了立場，以便在利率上升的環境之前累積現金。這反過來又使我們能夠靈活地投資我們的策略，其中包括我們於 2023 年首次授權 2.5 億美元的股票回購。

And I think if you trace back to what's different for us a few years ago, we're generating cash flow at 2x the rate of where we were, which has given us that fuel to continue to invest without the need to necessarily take up leverage. That being said, we are comfortable at historical leverage levels, and I think it will be predicated upon the opportunity we see to maximize shareholder returns.

我認為，如果你追溯到幾年前我們的不同之處，我們產生的現金流量是當時的兩倍，這為我們提供了繼續投資的動力，而無需一定要使用槓桿。話雖這麼說，我們對歷史槓桿水平感到滿意，我認為這將取決於我們看到的實現股東回報最大化的機會。

The next question is from Andrew Charles with TD Cowen.

下一個問題是 Andrew Charles 和 TD Cowen 提出的。

Michael, can you walk us through a preview of the My Wingstop tech stack launch on April 1. I'm curious, what will guess see change? And really, the question is what is the key with this initiative to help drive ticket and traffic? And then Alex, just as a related follow-up, can you just help us walk through modeling with tech fee to 0.3% of sales that begins at the end of March. What should that benefit from a sales perspective? And where is the cost of the expense that you'll be netting that out?

Michael，您能否向我們介紹 4 月 1 日發布的 My Wingstop 技術堆疊的預覽。我很好奇，猜猜會發生什麼變化？事實上，問題是這個措施幫助推動門票和流量的關鍵是什麼？然後，Alex，作為相關的後續跟進者，您能否幫助我們從 3 月底開始將技術費佔銷售額的 0.3% 進行建模。從銷售角度來看，這會帶來什麼好處？您要扣除的費用成本在哪裡？

Andrew, we are really excited about My Wingstop. It's something we've been working on for the last few years, a big capital investment for us. And it's our investment that we've made in building our own e-commerce and digital experience that's customized specifically for Wingstop's business. And we've built that in a very modern architecture or modern technology stack that allows us to focus on investing in the strategic component parts and then where it makes sense, leveraging third parties and other elements of the tech stack. But with My Wingstop, our pilot is going great. We're on schedule. We're encouraged by the progress we've made.

安德魯，我們對 My Wingstop 感到非常興奮。這是我們過去幾年一直在努力的事情，對我們來說是一筆巨大的資本投資。我們投資建立了自己的電子商務和數位體驗，專門為 Wingstop 的業務量身定制。我們已經在一個非常現代的架構或現代技術堆疊中建立了它，這使我們能夠專注於投資策略組成部分，然後在有意義的地方，利用第三方和技術堆疊的其他元素。但透過 My Wingstop，我們的飛行員表現出色。我們按計劃進行。我們對所取得的進展感到鼓舞。

And you're right, we're on track to roll this out, begin rolling this out system-wide beginning of April and something we're really encouraged by is the ability that it's going to unlock for us as it relates to really leaning into that first-party data that we have and our ability to really create a hyper-personalized customer experience, customer journey, which we think, in turn, will impact conversion over time, will impact frequency. And those are things that we're -- and retention. Those are things we're excited about.

你是對的，我們正在按計劃推出這一功能，從四月初開始在全系統範圍內推出這一功能，我們真正感到鼓舞的是它將為我們解鎖的能力，因為它與真正的學習相關我們擁有的第一方數據以及我們真正創造超個人化客戶體驗和客戶旅程的能力，我們認為這反過來會隨著時間的推移影響轉換率，也會影響頻率。這些就是我們正在做的事情以及保留的事情。這些都是我們感到興奮的事情。

Obviously, there will be some elements of it that are consumer-facing and they do see a different and a little bit more of an innovative and relevant customer ordering experience, but a majority of this works behind the scenes, building the infrastructure and technology behind that. But we're excited about that, and this is just part of our journey we're on to digitize every transaction. And we exited the fourth quarter at 67% digital mix. That's continuing to grow and something we're pretty proud of in an industry backdrop that most folks are measuring declines in their digital business. And so we're encouraged by the progress we continue to make there.

顯然，其中會有一些面向消費者的元素，他們確實看到了一種不同的、更具創新性和相關性的客戶訂購體驗，但其中大部分是在幕後工作的，在背後構建基礎設施和技術那。但我們對此感到興奮，這只是我們將每筆交易數位化的旅程的一部分。在第四季結束時，我們的數位混合比例為 67%。這一數字正在持續成長，在大多數人都在衡量其數位業務下滑的行業背景下，我們對此感到非常自豪。因此，我們對我們在這方面繼續取得的進展感到鼓舞。

And then I'll let Alex jump into the second part of your question.

然後我會讓亞歷克斯跳到你問題的第二部分。

Yes. And Andrew, to address your question on the technology fee. At the start of the quarter, coinciding with the launch advertising fund contribution rate will move from 5% of sales to 5.3%. And the intent of this fee is to cover ongoing operating expenses associated with the means of our My Wingstop platform. And it will look very -- it will be consolidated in our advertising revenue and expense lines, so that's neutral to our P&L, similar to what you see today. And ultimately, we view -- to Michael's point on what the opportunity is, we view My Wingstop as this opportunity to enhance profitability for the restaurants and the unit economics.

是的。安德魯，回答你關於技術費的問題。本季初，與產品發布同時的廣告資金貢獻率將從銷售額的 5% 升至 5.3%。這筆費用的目的是支付與我們的 My Wingstop 平台相關的持續營運費用。它看起來非常 - 它將合併在我們的廣告收入和支出項目中，因此這對我們的損益表是中性的，類似於您今天看到的。最終，我們認為，根據邁克爾關於機會是什麼的觀點，我們將 My Wingstop 視為提高餐廳盈利能力和單位經濟效益的機會。

The next question is from Joshua Long with Stephens.

下一個問題是約書亞·朗和史蒂芬斯提出的。

I was curious if you could talk a little bit about the ad fund. When we think about this always on premium approach to advertising, it clearly seems to be working but then also, as I look at the dollars compared to last several years, those have grown meaningfully. Can you talk a little bit about how this is performing versus your expectations? And where you could -- where we might expect to see the brand lean into some of that brand awareness activity that you mentioned being a key driver of same-store sales going forward? And then I also have a follow-up.

我很好奇你能否談談廣告基金。當我們想到這種始終優質的廣告方式時，它顯然似乎正在發揮作用，但同時，當我查看與過去幾年相比的美元時，這些數字也有了有意義的增長。您能談談它的表現與您的期望相比如何嗎？您可以在哪裡——我們可能會期望看到品牌投入您提到的一些品牌意識活動中，這些活動是未來同店銷售的關鍵驅動力？然後我還有一個後續行動。

Josh, thank you for the question. I think you said it well, we really believe our strategy is working. This is a strategy we deployed a couple of years ago, where we really leaned into live sports. And our hypothesis at the time is that's where the eyeballs would be. And we think that's really shown up and demonstrated itself. And obviously, when you combine that with, as you pointed out, meaningful increase in our ad dollars that we're able to deploy. If you look at just 2023 alone, system-wide sales growth of almost 30% translates to an equal increase in the amount of ad dollars we have to go invest. And we think that, combined with the new creative that we deployed back in late Q3 is something we're pretty excited about and the results that we're seeing there.

喬什，謝謝你的提問。我認為你說得很好，我們真的相信我們的策略正在發揮作用。這是我們幾年前部署的策略，我們真正傾向於體育直播。我們當時的假設是眼球就在那裡。我們認為這確實已經顯現出來並得到了證明。顯然，正如您所指出的，當您將其與我們能夠部署的廣告資金的有意義增加結合起來時。如果只考慮 2023 年，整個系統的銷售額成長近 30%，這意味著我們必須投資的廣告費用也相應增加。我們認為，結合我們在第三季末部署的新創意，我們感到非常興奮，也看到了我們在那裡看到的結果。

So I think as far as what to expect from us, I think you can expect us to lean into a strategy that we believe is working. And while we're seeing incredible results obviously showing up in same-store sales growth in Q4, in particular, over 21% same-store sales growth and the majority of that being transaction-driven, we think it's working. And even with those results, Josh, we're on only 1 or 2 spots a game as an example. And so there's still a lot of opportunity for us to continue to chip away at what we described as a meaningful opportunity to close the gap to other national brands from a brand awareness perspective. And so the additional firepower into our ad fund with the effectiveness of our strategy is something we're going to continue to lean into and chip away at that.

因此，我認為就對我們的期望而言，我認為您可以期望我們採取我們認為有效的策略。雖然我們在第四季度的同店銷售成長中看到了令人難以置信的結果，特別是超過 21% 的同店銷售成長，其中大部分是由交易驅動的，但我們認為它正在發揮作用。喬什，即使有這些結果，我們在一場比賽中也只獲得一到兩個位置作為例子。因此，我們仍然有很多機會繼續利用我們所謂的有意義的機會，從品牌知名度的角度縮小與其他民族品牌的差距。因此，我們將繼續致力於向我們的廣告基金提供額外的火力以及我們策略的有效性，並不斷努力。

That's very helpful. And then when we think about just the underlying driver or at least a key underlying driver of the strong results is going to be -- the brand is focused on people and culture. That's something that you mentioned in your prepared comments. Could you talk a little bit about some of the investments that are happening in and around the organization to support that? But then also, I imagine also support the brand partners' continued appetite for unit growth?

這非常有幫助。然後，當我們考慮潛在的驅動因素或至少是強勁業績的關鍵潛在驅動因素時——品牌關注的是人和文化。這是您在準備好的評論中提到的。您能否談談組織內部和周圍為支持這一目標而進行的一些投資？但我想也支持品牌夥伴對單位成長的持續需求？

Yes. You said it well. The foundation of our strategy is our people, our culture, and that's something that we take very seriously. It starts with how we hire, it's with how we onboard. And we really lean into and invest in organizational health, making sure that we're driving clarity throughout the organization. And I think the results we delivered in 2023 are the best testament of the clarity that we're driving in the organization.

是的。你說得好。我們策略的基礎是我們的員工、我們的文化，這是我們非常重視的事情。這始於我們如何招聘，以及我們如何入職。我們真正致力於並投資於組織健康，確保我們在整個組織中推動透明度。我認為我們在 2023 年交付的結果是我們在組織中推動的清晰度的最佳證明。

We were able to open 115 net new restaurants in the fourth quarter, which represents over 1 restaurant a day. And obviously, that's supported with top line growth that we're able to deliver. And I think the success we're seeing in the business is really a demonstration of the healthiness of the culture and the team that we have here at Wingstop.

我們在第四季淨開設了 115 家新餐廳，相當於每天超過 1 家餐廳。顯然，這是我們能夠實現的營收成長的支持。我認為我們在業務中看到的成功確實證明了 Wingstop 文化和團隊的健康狀況。

The next question is from Sara Senatore with Bank of America.

下一個問題來自美國銀行的 Sara Senatore。

I just wanted to ask about the food costs, please. So you talked about how you have restaurants where the boneless mix is above 50%, you're seeing low 30s food costs. But I think you said your system is at 47%. So really close to that, and you're guiding to kind of mid-30s. So I'm just trying to understand, is this sort of a step change or a continuous kind of function? And if any of this the fact that you're guiding to that mid-30s and even have to do with sort of the value proposition you're trying to communicate, just as I think about where commodity costs are going and the absence of a significant price?

我只是想問一下伙食費。所以你談到了你的餐廳的去骨比例超過 50%，你看到食物成本低至 30 多美元。但我想你說你的系統是 47%。非常接近這個目標，你已經到了 30 多歲了。所以我只是想了解，這是一種階躍變化還是一種連續的功能？如果你正在引導 30 多歲的事實，甚至與你試圖傳達的某種價值主張有關，就像我思考商品成本的走向以及缺乏重要的價格？

Yes. No, I'll jump in, and Alex can add to this. But our outlook for 2024 on food costs in the mid-30s is really specific to our company-owned restaurants, which are actually below the system average from a boneless perspective. And so I think you could interpret that to mean the system would be at a little bit lower than those mid-30s on average. That said, I think it's demonstrating a very strong return for brand partners in that mid-30% target range. And as we mentioned in our prepared remarks, an unlevered cash-on-cash return in excess of 70% is pretty incredible and something we're pretty proud of.

是的。不，我會插話，亞歷克斯可以補充這一點。但我們對 2024 年 30 多歲食品成本的展望實際上是針對我們公司自營餐廳的，從無骨的角度來看，這些餐廳實際上低於系統平均水平。所以我認為你可以將其解釋為系統的平均水平會比 30 多歲的人低一點。也就是說，我認為這表明品牌合作夥伴在 30% 中間的目標範圍內獲得了非常強勁的回報。正如我們在準備好的演講中提到的，超過 70% 的無槓桿現金回報率是相當令人難以置信的，我們對此感到非常自豪。

But we are continuing to be very focused on what we believe is a proven strategy around how to think about value perceptions, particularly as it relates to pricing in that we've demonstrated a very prudent and disciplined approach to pricing, and that's something we're going to stay committed to. And we acknowledged it in our prepared remarks, but we're measuring continued improvements in quality and value in an environment where I think a lot of other brands have taken a lot of price and are measuring declines in value scores. And so we're going to be very protective of that and it's something we'll focus on as we continue to drive the business forward in 2024.

但我們將繼續非常關注我們認為是關於如何思考價值認知的行之有效的策略，特別是因為它與定價有關，因為我們已經展示了一種非常謹慎和嚴格的定價方法，這就是我們的東西我們將繼續致力於。我們在準備好的演講中承認了這一點，但我們正在衡量品質和價值的持續改進，我認為許多其他品牌已經採取了很多價格，並且正在衡量價值分數的下降。因此，我們將對此予以大力保護，這是我們在 2024 年繼續推動業務向前發展時將重點關注的事情。

Okay. And then just a follow-up. I know you don't sort of give pricing, but as you think about your approach to pricing in the year ahead, again, to your point, I think the industry is still probably a little bit above historical run rates in that kind of low single digits. Should we be thinking about you as more closer to that very low single-digit price increase consistent with closer to historical averages?

好的。然後只是後續行動。我知道你不會給出定價，但當你考慮未來一年的定價方法時，再次，就你的觀點而言，我認為該行業在這種低水平下的運行率可能仍略高於歷史運行率。個位數。我們是否應該認為您更接近與歷史平均值一致的非常低的個位數價格上漲？

Sara, this is Alex. Yes, I think I would anticipate that we're going to go back to our historical cadence that you saw last year of about 1% to 2% menu pricing to be opportunistic and markets. I will say that excludes California, where we'll take a little more price, a modestly higher price increase in relation to the FAST Act effective in April. But 1% to 2% is probably a good proxy for us this year.

薩拉，這是亞歷克斯。是的，我想我預計我們將回到歷史節奏，去年你看到的大約 1% 到 2% 的菜單定價是機會主義和市場的。我要說的是，這不包括加州，在那裡我們將採取更高的價格，相對於 4 月生效的 FAST 法案，價格略有上漲。但今年 1% 到 2% 可能是我們的一個很好的指標。

The next question is from Brian Harbour with Morgan Stanley.

下一個問題來自摩根士丹利的布萊恩哈伯（Brian Harbor）。

Could you maybe just talk about delivering as you're still seeing digital mix go higher, was delivery, the driver of that? Or was it mobile ordering? And just have you done more advertising still lately in the delivery channel, what are you seeing there?

您能否談談交付，因為您仍然看到數位混音走得更高，交付是其中的驅動力嗎？還是手機點餐？最近你在投放管道上做了更多的廣告嗎？你在那裡看到了什麼？

Brian, I would say from a sales mix perspective, our delivery channel mix was pretty consistent Q4 to Q3 as an example. But I just think that demonstrates another unique element to our story in that this growth that we're seeing, it's not just 1 channel, it's not just delivery. We're actually seeing growth across every single channel. That includes dine-in. It includes digital carryout. It includes nondigital carryout as well.

Brian，我想說，從銷售組合的角度來看，我們的交付管道組合在第四季到第三季非常一致。但我只是認為這展示了我們故事的另一個獨特元素，我們所看到的成長不僅僅是一個管道，也不僅僅是交付。實際上，我們看到每個管道都在成長。這包括堂食。它包括數字結轉。它還包括非數字結轉。

And so it's a really healthy approach to growth that we're seeing. And so I would guess that -- or I would point to the increase in digital while we're seeing growth in our delivery channel from a mix perspective, it stayed pretty consistent from quarter 3 to quarter 4.

因此，我們看到這是一種非常健康的成長方式。所以我猜想——或者我會指出數位化的成長，同時我們從混合的角度看到我們的交付管道的成長，從第三季到第四季保持相當一致。

Okay. Sounds good. Just to follow up that last question, too. In California, would you expect your franchisees to adjust pricing sort of consistent with what some of your peers have been talking about or do you have a sense for the magnitude?

好的。聽起來不錯。只是為了跟進最後一個問題。在加州，您是否希望您的特許經營商調整定價，使其與您的一些同行一直在談論的內容一致，或者您是否了解其幅度？

Yes. I would say, Brian, the work we've done is we would -- Alex referenced our historical approach to pricing is about 1 to 2 points of price a year. And when we look at the impact of this minimum wage increase within California, that on average, we're looking at somewhere around 4 to 5 points of price. So not much above our prior or kind of our historical cadence, but yet, I think, below what you're hearing a lot of others referenced.

是的。我想說，布萊恩，我們所做的工作是——亞歷克斯提到我們歷史上的定價方法是每年大約 1 到 2 個點的價格。當我們觀察加州最低工資上漲的影響時，平均而言，我們看到的價格大約上漲了 4 到 5 個百分點。因此，並沒有高於我們之前的或我們的歷史節奏，但我認為，低於你聽到的許多其他人提到的內容。

Yes. And Brian, one difference for us is the streamlined operating model that we deploy in that lean roster size that's in our restaurants. We can run a shift at that system average of $1.8 million with about 4 team members. So I think that lessens some of the impact.

是的。布萊恩，我們的一個差異是我們在餐廳的精簡人員規模中部署了簡化的營運模式。我們可以在大約 4 名團隊成員的情況下以該系統平均 180 萬美元的價格進行輪班。所以我認為這減輕了一些影響。

The next question is from Danilo Gargiulo with Bernstein.

下一個問題是達尼洛·加吉烏洛 (Danilo Gargiulo) 和伯恩斯坦 (Bernstein) 提出的。

I wonder if you can expand a bit on your comment of breaking in a category of one, especially as we are seeing some larger national chains entering into the category. So can you maybe share whether you're seeing any impact so far on the stores that are located close to these national players who are now offering wings?

我想知道您是否可以擴展一下您對闖入某一類別的評論，特別是當我們看到一些較大的全國性連鎖店進入該類別時。那麼，您能否分享一下，到目前為止，您是否看到對這些現在提供翅膀的國家玩家附近的商店有任何影響？

Yes. No, I appreciate the question. And there's a few components to unpack here, but I would say, just to answer directly your comment about some other national brands promoting wings at this time. What we've seen historically is when other brands promote wings, it's actually a benefit to our business. In fact, if consumers are aware of Wingstop, and someone makes wings top of mind, there's really not a decision tree. They go to Wingstop versus that other brand. And so historically, we've seen that as a tailwind to our business.

是的。不，我很欣賞這個問題。這裡有一些組件需要解開，但我想說，只是直接回答您對此時推廣翅膀的其他一些民族品牌的評論。我們從歷史上看到的是，當其他品牌推廣雞翅時，這實際上對我們的業務有利。事實上，如果消費者知道 Wingstop，有人將翅膀放在首位，那麼實際上就不存在決策樹。他們選擇 Wingstop 而不是其他品牌。因此，從歷史上看，我們將其視為我們業務的順風車。

And so as we think about us operating in the category of one, that's part of it. I also think building on top of that is the strength of our unit economics, our simple operating model. We mentioned in our prepared remarks, our AUV is now above $1.8 million. We believe we have these multiyear drivers of our business that we're executing against that give us line of sight to increasing AUVs above $2 million. And that's on an initial investment that even today is on average less than $500,000.

因此，當我們考慮我們在一個類別中運作時，這就是其中的一部分。我還認為，在此基礎上建立的是我們單位經濟效益和簡單營運模式的優勢。我們在準備好的演講中提到，我們的 AUV 現在超過 180 萬美元。我們相信，我們擁有這些多年的業務驅動因素，我們正在執行這些驅動因素，這使我們能夠將 AUV 增加到 200 萬美元以上。即使在今天，這還是平均不到 50 萬美元的初始投資。

And so at those type of unit economics, the brand partners are enjoying some pretty incredible returns. And I think it really shows up in the numbers and that of the 255 net new restaurants that we opened, over 95% of those were existing brand partners reinvesting, because they see and they understand the return that they get. They see and understand that we are in a category of one. And so I think that speaks a lot to the results and to our positioning.

因此，在這種單位經濟效益下，品牌合作夥伴正在享受一些相當令人難以置信的回報。我認為這確實體現在我們開設的 255 家淨新餐廳的數字中，其中超過 95% 是現有品牌合作夥伴的再投資，因為他們看到並了解他們獲得的回報。他們看到並理解我們屬於其中一類。所以我認為這對結果和我們的定位很重要。

So I think -- and there's other elements of our brand. We talked about our oldest restaurant in the system that is a company-owned restaurant and it is comping positive after all these years, and it's increasing transactions. And if you stack up our vintages by year, it's a pretty linear chart. Our restaurants start strong. We talked about our average unit volume for our 2022 vintage was $1.3 million. Restaurants come out of the gate strong and then they comp from there. That 2022 vintage is comping very similar to the rest of the system, growing transaction growth.

所以我認為──我們的品牌還有其他元素。我們談到了系統中最古老的餐廳，它是一家公司擁有的餐廳，經過這些年，它的盈利狀況良好，並且交易量不斷增加。如果你按年份累積我們的年份，你會發現這是一個非常線性的圖表。我們的餐廳起步強勁。我們談到 2022 年年份的平均單位銷售量為 130 萬美元。餐廳一開始就很強大，然後他們就從那裡開始競爭。 2022 年的情況與系統的其他部分非常相似，交易量不斷增長。

And so that is all centered upon a very efficient model. Alex mentioned, our labor profile, our footprint, on average, 1,700 square feet in line. We're not competing for in cap. 94% of our business is off-premise, allowing us to operate a very efficient box. And so I think the -- and then we mentioned the 67% digital mix, an industry-leading number for us and something we believe we continue to expand. So I think it's because of all those things, we believe that we are in a category of one.

因此，這一切都集中在一個非常有效的模型上。 Alex 提到，我們的勞動概況、我們的佔地面積平均為 1,700 平方英尺。我們不是在爭取帽子。我們 94% 的業務都在場外進行，這使我們能夠運作一個非常有效率的盒子。所以我認為——然後我們提到了 67% 的數字組合，這對我們來說是行業領先的數字，我們相信我們會繼續擴大這一數字。所以我認為正是因為所有這些事情，我們相信我們屬於一類。

Excellent. And if I can follow up, please, on the very strong unit economics and the $1.8 million on AUV. Can you help us understand the distribution of the AUV across your stores? In other words, if you see a difference in performance between, say, the top quintile of your stores and the bottom quintile of your stores, what's causing the delta? So how much more opportunity do you have to kind of uplift kind of the "weaker" stores into your system to enable the $2 million AUV?

出色的。如果我可以跟進非常強勁的單位經濟效益和 AUV 的 180 萬美元。您能否幫助我們了解 AUV 在您商店中的分佈？換句話說，如果您發現商店中排名前五分之一的商店和商店中排名後五分之一之間的業績存在差異，那麼是什麼導致了增量？那麼，您還有多少機會將「較弱」的商店提升到您的系統中，以啟用 200 萬美元的 AUV？

Yes, there's really one common denominator in that difference, and that is tenure. The difference between higher-volume restaurants versus those that are maybe below that $2 million threshold is really just how many years of these 20 years of consecutive same-store sales growth, those restaurants have participated in. I think a great market for me to highlight just to kind of showcase that is the Dallas-Fort Worth market, which is sitting at an AUV for the entire market that is above $2 million, and we have over 135 restaurants in that market today. And that market is comping double digits as well.

是的，這種差異確實有一個共同點，那就是任期。銷量較高的餐廳與那些可能低於 200 萬美元門檻的餐廳之間的區別實際上只是這些餐廳參與了這 20 年連續同店銷售增長的年數。我認為這是一個值得我強調的巨大市場達拉斯-沃斯堡市場就是一個例子，整個市場的AUV 價值超過200 萬美元，目前該市場擁有超過135 家餐廳。該市場的成長率也達到了兩位數。

And so I think it really speaks to the fact that the difference is really tenure. And the beautiful thing here is we haven't even found a ceiling. I referenced that first original Wingstop that is still comping. And so we haven't quite found that ceiling or maturity within our box either. It's something we're pretty excited about. And so we have a lot of confidence in these multiyear strategies that we're executing against and our ability to continue to increase the system average from $1.8 million today to above $2 million over time.

所以我認為這確實說明了這樣一個事實：差異在於任期。這裡美妙的事情是我們甚至沒有找到天花板。我提到了第一個仍在製作中的原始 Wingstop。因此，我們還沒有完全找到我們的框架內的上限或成熟度。這是我們非常興奮的事情。因此，我們對我們正在執行的這些多年策略以及我們繼續將系統平均水平從目前的 180 萬美元提高到未來 200 萬美元以上的能力充滿信心。

The next question is from Chris O'Cull with Stifel.

下一個問題是來自 Stifel 的 Chris O'Cull。

I realize the domestic development pipeline is quite strong, but with the continued improvements in unit economics, have you guys seen franchisees look to build ahead of their development commitments? Or are there still obstacles to development that make it difficult to kind of pull forward that development? And then I had a follow-up.

我意識到國內的開發管道相當強大，但隨著單位經濟效益的持續改善，你們是否看到特許經營商希望提前完成他們的開發承諾？或是否仍有發展障礙，導致難以推動發展？然後我進行了跟進。

No, Chris. I think we're definitely seeing examples where brand partners are developing ahead of their schedule. And I know your question was specific to the U.S. business. But what we're really excited about is we're actually seeing that manifest itself outside of the U.S., some of these new markets. I highlighted Canada, as an example, and then even another market we opened in 2023, Puerto Rico. We have some of these international markets that are seeing these strong results, seeing the brand land really well, seeing our proven playbook show up, and they're actually developing ahead of their schedule as well. So we're encouraged by the progress we're seeing outside of the U.S. as well.

不，克里斯。我認為我們確實看到了品牌合作夥伴提前開發的例子。我知道你的問題是針對美國企業的。但真正令我們興奮的是，我們實際上看到這種情況在美國以外的一些新市場中得到體現。我以加拿大為例，然後是我們在 2023 年開放的另一個市場，波多黎各。我們的一些國際市場已經看到了這些強勁的業績，看到了品牌的落地效果非常好，看到了我們經過驗證的劇本的出現，而且他們實際上也提前了發展。因此，我們對美國以外地區所取得的進展感到鼓舞。

But just as a follow-up to that, I was wondering if you could tell us which countries are showing the best unit economics. And which ones are showing kind of the best improvement in returns? And then maybe how that's playing out in terms of the pipeline and maybe the future pace of growth that we could expect in that International segment?

但作為後續行動，我想知道您是否可以告訴我們哪些國家表現出最佳的單位經濟效益。哪些回報率改善最好？然後，也許這在管道方面如何發揮作用，也許我們在該國際領域可以預期的未來成長速度？

Yes. I think you've heard us, Chris, over time, talk about the business in the U.K. and how the AUVs there are well above our system average here in the U.S., and they're seeing very similar unit economics there as we are here in the U.S. And so I would say that is in and of itself, our playbook, how we launched that market, how we started with the flagship and then built out from their additional points of access and expand the brand is our proven and demonstrated playbook. And so we're actually -- those other markets that I referenced, we're seeing very similar results. We're seeing them execute the same playbook and see very similar results.

是的。克里斯，我想你已經聽過我們在英國的業務，以及那裡的 AUV 遠高於我們在美國的系統平均水平，而且他們在那裡看到的單位經濟效益與我們在這裡非常相似所以我想說，這本身就是我們的劇本，我們如何推出這個市場，我們如何從旗艦產品開始，然後從他們的額外接入點建立並擴展品牌，這是我們經過驗證和展示的劇本。所以我們實際上 - 我提到的其他市場，我們看到了非常相似的結果。我們看到他們執行相同的劇本並看到非常相似的結果。

And so we're really encouraged by the progress we're seeing in our international business, and I've mentioned it before, I mentioned it in my prepared remarks. We think this business is building some momentum and is supercharge for growth, and we're really excited about it.

因此，我們對國際業務所取得的進展感到非常鼓舞，我之前已經在準備好的發言中提到過這一點。我們認為這項業務正在形成一些勢頭，並為成長提供強勁動力，我們對此感到非常興奮。

The next question is from Jeff Farmer with Gordon Haskett.

下一個問題是傑夫·法默和戈登·哈斯克特提出的。

A question and a follow-up as well. So somewhat in line with your earlier 10-year comments. Has there been a notable impact on traffic trends in recent quarters from improved staffing, reduced turnover levels, just better metrics as it relates to the labor force?

還有一個問題和後續行動。所以有點符合您之前的 10 年評論。在最近幾個季度，人員配備的改善、人員流動率的降低以及與勞動力相關的指標的改善是否對交通趨勢產生了顯著影響？

Yes. I know Alex highlighted the efficiency of our model as it relates to the labor roster that were required and how efficient our boxes. You can run a Wingstop with as few as 4 team members. And so we haven't really seen a lot of issues around hiring, but what I would say is we've been really focused within the system, our brand partners, their team members in the restaurants on ensuring we operate with excellence. And we've been measuring some record levels for the brand as it relates to guest satisfaction scores. And I think that's translating to some of those improvements we talked about around quality and value. And I think it all ladders up and support some of those results we're delivering on the top line.

是的。我知道亞歷克斯強調了我們模型的效率，因為它與所需的勞動力名冊以及我們的盒子的效率有關。您只需 4 位團隊成員即可運行 Wingstop。因此，我們並沒有真正看到很多有關招聘的問題，但我想說的是，我們一直非常關注系統、我們的品牌合作夥伴、他們在餐廳的團隊成員，以確保我們卓越運作。我們一直在衡量該品牌的一些創紀錄水平，因為它與賓客滿意度得分相關。我認為這正在轉化為我們談到的有關品質和價值的一些改進。我認為這一切都在不斷上升並支持我們在營收方面取得的一些成果。

Okay. And then on the follow-up, record number of new guests, I believe, in both Q3 and Q4. So as we sit here looking out to the balance of 2024, what are your thoughts on sort of continuing net guest acquisition momentum?

好的。接下來，我相信第三季和第四季的新客人數量將創紀錄。因此，當我們坐在這裡展望 2024 年的剩餘時間時，您對持續的淨客源成長動能有何看法？

Yes. We think we're just scratching the surface. A lot of these new guests that are coming in are coming in through the chicken sandwich occasion initially. And we've referenced this number before. There's 2.4 billion chicken sandwich occasions in the U.S. annually. And so we think we're just scratching the surface there. But we're really excited about these new guests that are coming in that we talked about this last quarter, but they look a little bit different than our core or traditional guests.

是的。我們認為我們只是觸及了表面。許多新來的客人最初都是透過雞肉三明治活動進來的。我們之前已經引用過這個數字。美國每年有 24 億份雞肉三明治。所以我們認為我們只是觸及了表面。但我們對上個季度談到的這些新客人的到來感到非常興奮，但他們看起來與我們的核心或傳統客人有點不同。

They're a little bit higher income, they're less likely to have children at home, they're demonstrating a higher frequency coming back a little bit quicker after that initial visit. They're learning to navigate the rest of the menu and actually are over-indexing to boneless, again, kind of helping support and drive that boneless mix, they engage with us digitally, and they are demonstrating a little bit higher average check.

他們的收入稍高一些，他們在家生孩子的可能性較小，他們在初次訪問後表現出更高的頻率，更快地回來。他們正在學習導航菜單的其餘部分，實際上過度索引到無骨，再次，有點幫助支持和推動無骨混合，他們以數字方式與我們互動，並且他們表現出更高的平均檢查。

And so we think not only is there a lot of runway and additional opportunity for us to bring these new guests in and capture more occasions. But the broader impact they're having on our business around driving average check, driving boneless mix are a couple of elements we're really excited about.

因此，我們認為，我們不僅有很多跑道和額外的機會來吸引這些新客人並捕捉更多場合。但他們對我們的業務產生了更廣泛的影響，包括提高平均值、推動無骨混合，這是我們真正感到興奮的幾個因素。

The next question is from Andy Barish with Jefferies.

下一個問題來自 Jefferies 的安迪·巴里什 (Andy Barish)。

Just circling back on some of the international stuff and then a quick follow-up. You still obviously don't have all the arrows in the quiver that you've been implementing so successfully in the U.S. So are some of these results, especially comps kind of tracking similar to the incredible numbers in the U.S. a little bit ahead of what you would have thought? Just give us a little bit more background there.

只是回顧一些國際事務，然後快速跟進。顯然，您仍然沒有像在美國那樣成功地實現所有目標。其中一些結果也是如此，尤其是與美國令人難以置信的數字類似的比較跟踪，稍微領先於美國的令人難以置信的數字。你會想到嗎？請給我們多一點背景知識。

Andy, this is Alex. Yes, they are tracking. They're executing our playbook in the international markets, and we're seeing a same-store sales that's consistent with what we're reporting for domestic. And again, in the international markets as well, that is primarily driven by transaction growth.

安迪，這是亞歷克斯。是的，他們正在追蹤。他們正在國際市場上執行我們的策略，我們看到的同店銷售與我們報告的國內銷售情況一致。同樣，在國際市場上，這主要是由交易成長所推動的。

Okay. And then just quickly following up on the on the food cost guide and understanding that's the company side. But are you guys kind of where you want to be for supply chain for the time being? I mean, I recall a couple of years ago, there were some discussions about "owning" supply chain or stuff like that. But are you kind of at a size and scale now where you've locked and are kind of comfortable with where you are at least for the near term?

好的。然後快速跟進食品成本指南並了解公司方面的情況。但你們目前對供應鏈的定位是怎麼樣的呢？我的意思是，我記得幾年前，有一些關於「擁有」供應鏈或類似內容的討論。但你現在的規模和規模是否已經鎖定，並且至少在短期內對自己的處境感到滿意？

We're obviously, Andy, very excited about the position we're in today, something that is the first for us, being able to have confidence and visibility into what to expect from a food cost perspective for the next year. But we're definitely not finished. We remain committed to our supply chain strategy, which the progress and the results we're seeing today are one component of that, just simply how we structure our purchase agreements and moving more and more of that buy away from the week-to-week fluctuations in the spot market.

安迪，顯然我們對我們今天所處的位置感到非常興奮，這對我們來說是第一個，能夠對明年食品成本的預期有信心和可見性。但我們絕對還沒結束。我們仍然致力於我們的供應鏈策略，我們今天看到的進展和結果是其中的一個組成部分，只是我們如何建立採購協議並將越來越多的採購從每週的採購中轉移出來現貨市場的波動。

But yet, we remain committed to additional components of that strategy, which could include some level of co-investment could include a joint venture or could ultimately include some amount of taking control of an entire complex and vertically integrated. And so I think that all remains at play. And I think it's all part of the longer-term strategy, but yet what gives us confidence in that we're able to minimize the volatility that our brand partners see in food costs and focus on opening more restaurants.

但是，我們仍然致力於該策略的其他組成部分，其中可能包括某種程度的共同投資，可能包括合資企業，或者最終可能包括對整個綜合體和垂直整合的某種程度的控制。所以我認為一切都在發揮作用。我認為這都是長期策略的一部分，但讓我們有信心的是，我們能夠最大限度地減少品牌合作夥伴在食品成本方面的波動，並專注於開設更多餐廳。

The next question is from Jon Tower with Citigroup.

下一個問題來自花旗集團的 Jon Tower。

Just for me. The I'm curious if you can give an update on the AI voice ordering test that you guys had in a few markets, especially in your efforts to kind of get the digital sales mix kind of up to 100% aspirational over time?

只為我。我很好奇你們是否可以提供你們在一些市場進行的人工智慧語音訂購測試的最新情況，特別是你們努力讓數位銷售組合隨著時間的推移達到 100% 的期望？

Yes, Jon. We're happy with what we're seeing in the test. These large language models continue to progress, and we're enhancing that ordering experience. And I think it's a good example of investments of opportunities in our best-in-class digital platform and something that can help us achieve our aspirational goal of digitizing every transaction. So we view it as a another lever for us on our path to AUVs scaling beyond $2 million.

是的，喬恩。我們對測試中所看到的結果感到滿意。這些大型語言模型不斷進步，我們正在增強訂購體驗。我認為這是對我們一流的數位平台進行機會投資的一個很好的例子，可以幫助我們實現每筆交易數位化的理想目標。因此，我們將其視為我們 AUV 規模突破 200 萬美元之路上的另一個槓桿。

Okay. How many stores is it in today?

好的。今天有多少家店？

We have about a little over 150 restaurants.

我們大約有 150 多家餐廳。

Okay. Great. And just in terms of the My Wingstop rollout, can you -- I believe it's a domestic-only launch. Can you talk about maybe the hurdles or the reasons for not moving that into the international markets at this time?

好的。偉大的。就 My Wingstop 的推出而言，我相信這只是在國內推出。您能談談目前不將其推向國際市場的障礙或原因嗎？

Yes. I think, Jon, there's a practical element in the investment that's needed to support the investments to do something like we've done here in the U.S. I think our playbook in the U.S. that included a strategic partner like OLO that helped us scale our business to where it is today, a digital business that's north of $2 million. I think is a good strategy and is the approach we are taking in these international markets initially. And I think over time, as they scale, we can find -- we can evaluate whether or not it makes sense to make this kind of investment to scale that this My Wingstop digital business or platform outside of the U.S.

是的。喬恩，我認為，投資中有一個實際的要素，需要支持投資來做我們在美國所做的事情。我認為我們在美國的策略包括 OLO 這樣的戰略合作夥伴，幫助我們擴大了業務規模發展到今天，數位業務的價值已超過200 萬美元。我認為這是一個很好的策略，也是我們最初在這些國際市場上採取的方法。我認為隨著時間的推移，隨著它們的規模擴大，我們可以發現——我們可以評估進行此類投資以擴大 My Wingstop 數位業務或平台在美國以外的地區是否有意義。

But I think the partnership I referenced with OLO is one we are replicating in a couple of markets outside of the U.S. using them. And then we continue to see opportunities to leverage a partner like OLO and Alex referenced voice ordering. We're leaning into OLO as a partner there to help with the integration elements around that. And so we'll continue to find ways to drive our digital business and as Alex mentioned, continue to expand it to our aspirational goal of over 100 -- to a 100% fully digitized business.

但我認為我提到的與 OLO 的合作關係是我們正在使用它們在美國以外的幾個市場複製的。然後，我們繼續看到利用 OLO 和 Alex 等合作夥伴參考語音訂購的機會。我們希望 OLO 作為合作夥伴來幫助解決相關的整合問題。因此，我們將繼續尋找方法來推動我們的數位業務，正如 Alex 所提到的，繼續將其擴展到我們超過 100 家的理想目標，即 100% 完全數位化的業務。

Great. And then just the last one. I know you've spoken in the past about your chicken tender business as being an opportunity to -- as a platform where you feel like there's real opportunity. Can you discuss where you think that is in the pipeline? Could we see something coming in '24?

偉大的。然後就是最後一個。我知道你過去曾說過，你的嫩雞業務是一個機會——一個讓你覺得有真正機會的平台。您能討論一下您認為該專案正在醞釀中嗎？我們能在 24 年看到一些東西嗎？

Yes, Jon, today, chicken tenders is a good example of something with very low awareness on our menu. Even our core guests aren't even aware at times that chicken tenders is a mini option. It mixes in the low single digit. And so I think that is a good example of an opportunity for us within our menu innovation to bring something new, leveraging our flavor profiles to the guests and a lot of -- we believe a lot of chicken sandwich users are also high tender usage as well. So it is an opportunity for us to consider as to continue to drive new guests into the brand.

是的，喬恩，今天，雞柳就是我們菜單上認知度很低的食物的一個很好的例子。即使是我們的核心客人有時甚至不知道雞柳是一個迷你選擇。它混合在低個位數。因此，我認為這是一個很好的例子，說明我們有機會在菜單創新中帶來新的東西，利用我們的風味特徵給客人和很多人——我們相信很多雞肉三明治用戶也很喜歡使用嫩肉，因為出色地。因此，這是我們考慮繼續吸引新客人進入品牌的機會。

The next question is from Dennis Geiger with UBS.

下一個問題來自瑞銀集團的丹尼斯蓋格。

You've got a bunch of initiatives that are clearly resonating, supporting traffic and you've got some newer initiatives coming this year. So recognizing a lot of the sales momentum is about all these levers that you've touched on working together. But just curious if you could kind of speak to how you think about some of the most impactful sales drivers for '24 or maybe the drivers that you're most excited about for this year? And if that's at all different from 2023?

您已經採取了一系列明顯引起共鳴的舉措，支持流量，今年還將推出一些更新的舉措。因此，要認識到許多銷售勢頭都與您接觸過的所有這些槓桿有關。但只是好奇您是否可以談談您如何看待 24 世紀最有影響力的銷售驅動因素，或者您今年最興奮的驅動因素？這與 2023 年有什麼不同嗎？

Yes. I mean I think for us, these drivers we're executing against, whether it's expanding brand awareness, which we mentioned is still a meaningful opportunity even after the progress we've made in 2023, and the growth in our ad fund to be able to support us continuing to expand awareness delivery. We're at still that roughly 30% channel mix. We know much more mature heavy off-premise brands enjoyed a delivery mix, that's north of 50%. So we see meaningful growth in that channel, and we can kind of move along the chicken sandwich occasions through menu innovation.

是的。我的意思是，我認為對我們來說，我們正在執行的這些驅動因素，無論是擴大品牌知名度，我們提到的這仍然是一個有意義的機會，即使我們在2023 年取得了進展，並且我們的廣告基金的成長能夠支持我們繼續擴大意識傳播。我們仍然保持著大約 30% 的頻道組合。我們知道，更成熟的大型場外品牌享有超過 50% 的交付組合。因此，我們看到該管道的有意義的成長，我們可以透過菜單創新來推動雞肉三明治的發展。

I mentioned that we're just scratching the surface there. We talked about digital marketing and the deleveraging our database that we have, the launch of My Wingstop, the investments we're making in technology there to help us continue to drive our digital business. We think all of those have a lot of runway associated with them. And we're kind of equally excited about all of them, because each one of those have a multiyear impact and all support our overall target of exceeding AUVs of north of $2 million from that $1.8 million level today.

我提到我們只是觸及了表面。我們討論了數位行銷和我們現有資料庫的去槓桿化、My Wingstop 的推出以及我們為幫助我們繼續推動數位業務而進行的技術投資。我們認為所有這些都有很多與之相關的跑道。我們對所有這些都同樣感到興奮，因為每一項都具有多年的影響，並且都支持我們的總體目標，即 AUV 從今天的 180 萬美元水平超過 200 萬美元。

This concludes our question-and-answer session as well as our conference call for today. Thank you for attending today's presentation. You may now disconnect.

我們今天的問答環節和電話會議到此結束。感謝您參加今天的演講。您現在可以斷開連線。