Wingstop Inc (WING) 2024 Q2 法說會逐字稿

Good morning, ladies and gentlemen, and thank you for standing by. Welcome to the Wingstop Inc's fiscal second quarter 2024 earnings conference call. (Operator Instructions) Please note that this conference is being recorded today, Wednesday, July 31, 2024. 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.

早安，女士們先生們，感謝你們的支持。歡迎參加 Wingstop Inc 2024 年第二季財報電話會議。（操作員說明）請注意，本次會議將於今天（2024 年 7 月 31 日星期三）錄製。今天參加電話會議的是總裁兼執行長 Michael Skipworth；和亞歷克斯·卡萊達；資深副總裁兼財務長。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 2024 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

謝謝，歡迎參加 Wingstop 2024 財年第二季財報電話會議。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。我們今天的討論包括前瞻性陳述。這些陳述不是對未來績效的保證，並受到許多風險和不確定性的影響，這些風險和不確定性可能導致我們的實際結果與我們目前的預期有重大差異

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. (Event Instructions) With that, I would like to turn the call over to Michael.

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。（活動說明）接下來，我想將電話轉給麥可。

Thank you, Alex, and good morning, everyone. Our second-quarter results were truly remarkable. I want to start by recognizing the incredible work by the entire Wingstop team. Teams in the restaurant and in the global support center, our brand partners and our supplier partners. Their relentless focus on executing our long-term strategy and living the Wingstop Way has delivered another industry-leading quarter.

謝謝你，亞歷克斯，大家早安。我們第二季的業績確實非常出色。首先，我想對整個 Wingstop 團隊所做的令人難以置信的工作表示認可。餐廳和全球支援中心的團隊、我們的品牌合作夥伴和供應商合作夥伴。他們堅持不懈地致力於執行我們的長期策略並實踐 Wingstop 方式，從而實現了另一個行業領先的季度。

In the second quarter, we delivered 28.7% same-store sales growth, which was almost entirely driven by transaction growth. This sustained top-line growth continues to strengthen our unit economics and is increasing demand for growth from our brand partners as our development pipeline strengthens. We opened 73 net new restaurants, a record Q2. And we delivered adjusted EBITDA of $51.8 million, representing a 50.7% growth rate over the prior year. I am truly humbled to be part of a brand that is experiencing such unprecedented growth.

第二季度，我們的同店銷售成長了 28.7%，幾乎完全是由交易成長所推動的。這種持續的收入成長持續增強我們的單位經濟效益，並隨著我們的開發管道的加強而增加我們的品牌合作夥伴對成長的需求。我們第二季淨新開了 73 家餐廳，創歷史新高。我們的調整後 EBITDA 為 5,180 萬美元，比上年增長 50.7%。能夠成為一個正在經歷如此前所未有的成長的品牌的一員，我感到非常榮幸。

Earlier this month, we celebrated our 30th anniversary. The first Wingstop opened in Dallas, which began our journey pioneering wings as a center of the plate meal occasion. Over the last 30 years, not a lot has changed with our brand. We added boneless wings, tenders and the chicken sandwich, and we have remained focused on our simple operating model and delivering guests that indulgent Wingstop occasion, that is centered around quality cooked-to-order wings, sauced-and-tossed in our bold distinctive flavors.

本月早些時候，我們慶祝了成立 30 週年。第一家 Wingstop 在達拉斯開業，開啟了我們將雞翅作為餐盤中心的開拓之旅。在過去的 30 年裡，我們的品牌沒有太大變化。我們添加了無骨雞翅、嫩肉和雞肉三明治，我們仍然專注於我們簡單的運營模式，為客人提供放縱的Wingstop 場合，以優質的按訂單烹製的雞翅為中心，用我們大膽獨特的醬料和拌料調味。

That original Wingstop remains open today doing roughly $4 million in sales out of that simple, efficient footprint and is still experiencing transaction growth 30 years later. While we have a lot to celebrate and be proud of over the past three decades, I can confidently say that we are just getting started here at Wingstop. A little over two years ago at our Investor Day and shortly after assuming the role as CEO, we outlined several multiyear strategies that supported Wingstop's category-of-one positioning and AUV growth from the then system average of $1.5 million to a target of $2 million.

最初的 Wingstop 至今仍在營業，憑藉其簡單、高效的足跡實現了約 400 萬美元的銷售額，並且在 30 年後仍在經歷交易增長。雖然在過去三十年裡我們有很多值得慶祝和自豪的事情，但我可以自信地說，我們在 Wingstop 才剛開始。兩年多前的投資者日，在擔任執行長後不久，我們概述了幾項多年策略，支持 Wingstop 的一類定位和 AUV 成長，從當時的系統平均 150 萬美元增長到 200 萬美元的目標。

These are the same strategies we are executing against today that consist of scaling brand awareness, new innovation, expanding our delivery channel, data-driven marketing and our digital transformation. We were confident that our multiyear strategies would lead to strengthen returns for our brand partners, which in turn would create significant demand for growth.

這些與我們今天正在執行的策略相同，包括擴大品牌知名度、新的創新、擴大我們的交付管道、數據驅動的行銷和我們的數位轉型。我們相信，我們的多年策略將為我們的品牌合作夥伴帶來更大的回報，進而創造巨大的成長需求。

Fast forward to today, just two years later and our AUVs are now above $2 million. Yet as we look at the success of these strategies, we are executing against, we see meaningful runway in front of us. I can sit here today with the same level of confidence in these sustaining sales strategies as I did two years ago at our Investor Day. And this is what gives us confidence to announce today a new AUV target of $3 million.

快進到今天，僅僅兩年後，我們的 AUV 價值現已超過 200 萬美元。然而，當我們看到這些策略的成功時，我們正在執行這些策略，我們看到我們面前有有意義的跑道。今天我坐在這裡，對這些持續銷售策略充滿信心，就像兩年前的投資者日一樣。這讓我們有信心今天宣布 300 萬美元的新 AUV 目標。

Brand awareness is a great example of a strategy we see sustaining same-store sales growth. We are making great progress in scaling brand awareness as we work towards closing the gap in awareness to more mature national brands, but our opportunity remains meaningful. In 2024, we have been delivering more than 20% same-store sales growth, but yet we have only moved brand awareness by a couple of percentage points year-over-year. The impact from closing this gap is significant.

品牌知名度是我們看到的維持同店銷售成長策略的一個很好的例子。隨著我們努力縮小與更成熟的國家品牌的知名度差距，我們在擴大品牌知名度方面取得了巨大進展，但我們的機會仍然很有意義。2024 年，我們的同店銷售額成長超過 20%，但品牌知名度年比僅提高了幾個百分點。縮小這一差距的影響是巨大的。

During the quarter, system-wide sales grew by 45%, which delivers additional firepower in our advertising fund, which allows us to invest meaningful dollars to expand brand awareness. To provide some perspective, the growth in system sales over the past couple of years has fueled a media investment in 2024 and that is double what we invested in 2022.

本季度，全系統銷售額成長了 45%，這為我們的廣告基金提供了額外的火力，使我們能夠投入有意義的資金來擴大品牌知名度。從一些角度來看，過去幾年系統銷售的成長推動了 2024 年的媒體投資，這是我們 2022 年投資的兩倍。

Our media strategy focused on live sports and a very targeted approach in streaming and online video placement combined with breakthrough creative has proven to be highly effective. We continue to measure strong levels in value and quality scores as our brand partners and team members are focused on operational excellence and delivering a great guest experience.

我們的媒體策略專注於體育直播，在串流媒體和線上影片投放方面採用非常有針對性的方法，並結合突破性的創意，事實證明是非常有效的。我們的品牌合作夥伴和團隊成員專注於卓越營運並提供卓越的賓客體驗，因此我們將繼續衡量價值和品質分數的高水準。

Our disciplined approach to menu pricing over the years is paying dividends. The consumer is continuing to prioritize quality and value when deciding how to spend their discretionary dollars. We believe that indulgent Wingstop occasion delivers upon both value and quality and has us uniquely positioned, which is evident in our second-quarter results, where our 28.7% comp was almost entirely driven by transaction growth.

多年來我們嚴格的菜單定價方法正在帶來回報。消費者在決定如何花錢時繼續優先考慮品質和價值。我們相信，放縱的 Wingstop 活動能夠帶來價值和質量，並使我們處於獨特的地位，這在我們第二季度的業績中顯而易見，我們 28.7% 的業績幾乎完全由交易增長推動。

Our menu innovation with our chicken sandwich is attracting a new guest into the brand, who is experiencing our quality and flavor for the first time, which has made Wingstop unique over the years and what's driving an incredible stickiness with this new guest. While we continue to see growth in our chicken sandwich guests, we still haven't come anywhere close to reaching our fair share of the 2.8 billion chicken sandwich servings annually in the US.

我們的雞肉三明治菜單創新吸引了一位新客人進入該品牌，他們第一次體驗我們的品質和風味，這使得 Wingstop 多年來獨一無二，也使這位新客人產生了令人難以置信的粘性。雖然我們的雞肉三明治顧客數量持續成長，但我們在美國每年 28 億份雞肉三明治中所佔的份額仍然遠未達到應有的水平。

What excites me the most about this new guest is they're demonstrating a higher frequency than our traditional guests and index higher on boneless. These guests are moving up the frequency curve faster than what we've witnessed before. For the first time in my 10 years at Wingstop, we're beginning to see frequency tick upwards.

這位新客人最讓我興奮的是，他們比我們的傳統客人表現出更高的頻率，並且對無骨的指數更高。這些客人在頻率曲線上的上升速度比我們之前看到的要快。我在 Wingstop 工作 10 年來，第一次看到頻率開始上升。

Digital sales for the second quarter represented 68.3% of sales, and our database now stands at over 45 million users strong. We have been investing in the technology and data to enrich our digital guest profiles and optimize our engagement with our digital guests. We recently completed the rollout of our MyWingstop platform in Q2, migrating more than $2.5 billion of digital sales through our platform.

第二季的數位銷售額佔銷售額的 68.3%，我們的資料庫目前擁有超過 4,500 萬用戶。我們一直在技術和數據方面進行投資，以豐富我們的數位賓客檔案並優化我們與數位賓客的互動。我們最近在第二季完成了 MyWingstop 平台的推出，透過我們的平台遷移了超過 25 億美元的數位銷售額。

I couldn't be prouder of what the team accomplished and I believe we executed a best-in-class rollout. MyWingstop is our proprietary tech platform that we started building over three years ago and invested nearly $60 million. It is a platform that is built for Wingstop with the most modern technology and allows us to more quickly adapt to changing consumer needs.

我對團隊所取得的成就感到非常自豪，我相信我們執行了一流的部署。MyWingstop 是我們的專有技術平台，我們在三年多前開始構建，投資了近 6000 萬美元。它是一個利用最現代的技術為 Wingstop 打造的平台，使我們能夠更快地適應不斷變化的消費者需求。

While early, we are very excited about the long-term impact MyWingstop will have on our digital business. And with the launch of MyWingstop, we believe we can unlock a new level of hyper personalization that can allow us to increase conversion rates and frequency, something we view as a multiyear sales driver as we continue to execute against our aspirational goal of digitizing 100% of our business.

雖然還很早，但我們對 MyWingstop 對我們數位業務的長期影響感到非常興奮。隨著 MyWingstop 的推出，我們相信我們可以解鎖新的超個性化水平，從而提高轉換率和頻率，我們將其視為多年銷售驅動力，因為我們將繼續實現 100% 數位化的理想目標我們的業務。

Delivery occasions remain another core tenet of our strategy to sustain sales growth. We continue to see transaction growth in both DoorDash and Uber Eats and have a lot of white space in our delivery channel as we reach more consumers within their platforms. We view this as an opportunity to make Wingstop more top of mind and fill the top of the funnel with new guests.

交貨時機仍然是我們維持銷售成長策略的另一個核心原則。我們繼續看到 DoorDash 和 Uber Eats 的交易量成長，並且隨著我們在他們的平台上吸引更多消費者，我們的配送管道中也有大量的空白空間。我們認為這是一個讓 Wingstop 更受關注並吸引新客人的機會。

It's truly been remarkable to see these multiyear sales growth levers in action. While we have made great progress, I'm energized by the amount of growth that lies ahead of us. When you combine this with the team's consistent execution, it gives us confidence in our ability to scale AUV to our new target of $3 million.

看到這些多年銷售成長槓桿發揮作用確實令人驚嘆。雖然我們取得了巨大進步，但我對我們面前的增長量感到充滿活力。當將此與團隊一致的執行力結合時，我們對將 AUV 擴展到 300 萬美元的新目標的能力充滿信心。

Based on the strength that we see in the business and the effectiveness of our strategies, we are raising our comp guidance for 2024 to approximately 20% setting us up for our 21st consecutive year of same-stores sales growth, further demonstrating that Wingstop is operating in a category-of-one. The combination of our AUV growth and strengthening unit economics is fueling a record pace of development.

基於我們在業務中看到的實力和策略的有效性，我們將 2024 年的比較指導提高到約 20%，為我們的同店銷售連續 21 年增長做好準備，進一步證明 Wingstop 正在運營在一類中。我們的 AUV 成長和單位經濟效益的增強相結合，正在推動創紀錄的發展速度。

In the last 12 months, we have opened more than 300 net new restaurants, showcasing the excitement of our brand partners to open more Wingstops. And it is important to note that over 95% of our restaurants were opened by existing brand partners reinvesting. Our pipeline for future restaurant commitments is the strongest it's ever been. Our brand partners are enjoying industry-leading unlevered cash-on-cash returns of more than 70%, which has fueled significant demand for growth. As the demand for growth has taken shape in our new restaurant pipeline, we are increasing our outlook to a range of 285 to 300 net new restaurants for 2024.

在過去 12 個月中，我們淨開設了 300 多家新餐廳，這展示了我們的品牌合作夥伴開設更多 Wingstop 餐廳的興奮之情。值得注意的是，我們 95% 以上的餐廳都是由現有品牌合作夥伴再投資開設的。我們對未來餐廳承諾的管道是有史以來最強大的。我們的品牌合作夥伴正在享受行業領先的超過 70% 的無槓桿現金回報率，這推動了巨大的成長需求。隨著新餐廳管道的成長需求已形成，我們將 2024 年淨新餐廳數量的預期提高至 285 至 300 家。

As we have scaled the brand in a meaningful way over the past couple of years, continue to bring record levels of new guests and further expand our restaurant footprint, we have taken a hard look at the unit opportunity we have in front of us domestically. We re-evaluated our total addressable market in the US through a combination of a top-down and bottoms-up build from a trade area specific standpoint. This work has led to refreshed market plans and playbooks. And I'd like to announce an updated unit potential in the US. We now believe we can support over 6,000 restaurants domestically, more than tripling our current US footprint.

在過去的幾年裡，我們以有意義的方式擴大了品牌規模，繼續帶來創紀錄的新客人數量，並進一步擴大我們的餐廳足跡，我們認真審視了我們在國內面臨的單位機會。我們從特定貿易區域的角度出發，透過自上而下和自下而上的建構相結合的方式重新評估了美國的整體潛在市場。這項工作導致了更新的市場計劃和行動手冊。我想宣布美國的更新單位潛力。現在，我們相信我們可以為國內 6,000 多家餐廳提供支持，是我們目前在美國足跡的三倍多。

When you combine this with our opportunity outside of the US and the early success we're having in markets from the Asia Pacific region to Western Europe to North America, we believe we can scale Wingstop to more than 10,000 restaurants globally. Similar to the US, we are seeing double-digit same-store sales growth trends, which is primarily driven by transaction growth. Our international AUV growth have grown more than 82% in the last two years. We have a clear playbook for our international markets, and I believe our international business is supercharged for growth.

當將此與我們在美國以外的機會以及我們在亞太地區、西歐和北美等市場取得的早期成功結合起來時，我們相信我們可以將 Wingstop 擴展到全球 10,000 多家餐廳。與美國類似，我們看到兩位數的同店銷售成長趨勢，這主要是由交易成長所推動的。過去兩年，我們的國際 AUV 成長率超過 82%。我們針對國際市場制定了明確的策略，我相信我們的國際業務將會強勁成長。

We remain anchored in the foundation of our strategy, investing in our people and our culture, what we refer to as the Wingstop Way. We view our people and our culture as a competitive advantage. As we look towards Wingstop's opportunity to scale globally, we believe we have clear line of sight to scaling Wingstop into a top 10 global restaurant brand. It is an incredibly exciting time at Wingstop. With that, I'd like to turn the call over to Alex.

我們仍然立足於我們策略的基礎，投資於我們的員工和文化，我們稱之為「Wingstop 方式」。我們將我們的員工和文化視為競爭優勢。當我們期待 Wingstop 的全球擴張機會時，我們相信我們有明確的目標，將 Wingstop 打造成全球十大餐廳品牌。這是 Wingstop 令人難以置信的激動人心的時刻。有了這個，我想把電話轉給亞歷克斯。

Thank you, Michael. I could not be more excited by the first half performance we've had at Wingstop. Our second quarter results showcase the resiliency of our proven strategies and further solidify Wingstop's category-of-one position. In the second quarter, our domestic AUV exceeded our prior target of $2 million. And as Michael mentioned, the multiyear strategies we are executing against position us to reach a new $3 million AUV target. The AUV growth in Q2 was fueled by 28.7% increase in domestic same-store sales, primarily driven by transaction growth, which is truly remarkable considering the industry backdrop.

謝謝你，麥可。我對我們在 Wingstop 上半場的表現感到非常興奮。我們第二季的業績展現了我們經過驗證的策略的彈性，並進一步鞏固了 Wingstop 的第一類地位。第二季度，我們的國內 AUV 超過了先前 200 萬美元的目標。正如 Michael 所提到的，我們正在執行的多年策略使我們能夠達到新的 300 萬美元 AUV 目標。第二季 AUV 的成長得益於國內同店銷售額 28.7% 的成長，這主要是由交易成長推動的，考慮到行業背景，這確實是引人注目的。

We delivered 45.2% growth in system-wide sales in the second quarter, which is fueling and creating a flywheel for our advertising fund as we chip away at our opportunity and brand awareness. Our best-in-class unit economics have further strengthened in the quarter, creating more demand from our brand partners to open more Wingstops and our development pipeline sits at a record level today.

第二季我們的全系統銷售額成長了 45.2%，這為我們的廣告基金提供了動力並創造了飛輪，同時我們也逐漸抓住了機會和品牌知名度。我們一流的單位經濟效益在本季度進一步增強，為我們的品牌合作夥伴創造了更多開設更多 Wingstop 的需求，我們的開發管道今天達到了創紀錄的水平。

We opened 73 net new units, achieving a record for Q2, which follows record set in the prior three quarters. And while not fully annualized yet, our new restaurant AUVs for our 2023 vintage are now approaching $1.6 million in year one, with 2024 vintages on a pace that's even stronger. The visibility we have into our pipeline gives us the confidence to raise our development outlook to a range of 285 to 300 net new restaurants.

我們淨開設 73 個新單位，創下第二季的記錄，繼前三個季度創下的記錄之後。雖然尚未完全年度化，但我們新餐廳 2023 年年份的 AUV 目前第一年已接近 160 萬美元，2024 年年份的成長速度甚至更快。我們對管道的了解使我們有信心將我們的發展前景提高到淨新餐廳數量為 285 至 300 家。

Total revenue increased 45.3% versus the prior year to $155.7 million. Royalty revenues, franchise fees and other revenue increased by $23.2 million in Q2, driven primarily by roughly 300 net franchise openings since the prior year comparable period and same-store sales growth of 28.7%. Company-owned restaurant sales totaled $29.9 million in Q2, an increase of $7.3 million, primarily due to a 14.1% increase in company-owned same-store sales, driven by transaction growth and 7 net new restaurants versus the prior year comparable period.

總收入較上年增長 45.3%，達到 1.557 億美元。第二季特許權使用費、特許經營費和其他收入增加了 2,320 萬美元，這主要是由於自去年同期以來淨特許經營店數量增加了約 300 家，同店銷售增長了 28.7%。第二季公司自有餐廳銷售額總計2,990 萬美元，增加了730 萬美元，主要是由於交易成長和與去年同期相比淨新開7 家餐廳的推動，公司自有同店銷售額增長了14.1% 。

Our supply chain strategy has proven to be highly effective, a strategy that is centered around creating predictability and minimizing volatility in food costs. In the second quarter, our company-owned restaurant food, beverage and packaging costs were well in our target range of mid-30% food costs. At a time when bone-in wing costs on the spot market have reached north of $2.50 per pound.

事實證明，我們的供應鏈策略非常有效，該策略的核心是創造可預測性並最大限度地減少食品成本的波動。第二季度，我們公司自有餐廳的食品、飲料和包裝成本完全處於我們 30% 食品成本中段的目標範圍內。此時，現貨市場上的帶骨雞翅成本已達到每磅 2.50 美元以上。

We acknowledge the recent market movement in the price of bone-in wings. However, our expectations for food costs have not changed, and we continue to have line of sight to a food cost target in the mid-30% range. Historically, in an environment where the spot market was north of $2 per pound, we would experience food costs well into the 40% range.

我們承認最近帶骨雞翅價格的市場走勢。然而，我們對食品成本的預期並沒有改變，我們繼續將食品成本目標控制在 30% 左右。從歷史上看，在現貨市場價格高於每磅 2 美元的環境中，我們的食品成本將大幅上漲 40%。

As we continue to lean into our strategy, it is providing us with line of sight into 2025 food costs. This predictability of food cost is creating a tremendous level of excitement among our brand partners and is fueling this record demand for growth as it further strengthens our best-in-class unit economics.

隨著我們繼續實施我們的策略，它為我們提供了 2025 年食品成本的視野。這種食品成本的可預測性在我們的品牌合作夥伴中引起了巨大的興奮，並推動了創紀錄的成長需求，因為它進一步增強了我們一流的單位經濟效益。

In the second quarter, SG&A increased by $6 million versus the prior year comparable period to a total of $28.1 million, driven by investments that support our long-term strategies and an increase in incentive and performance-based stock compensation based on our industry-leading performance. Adjusted EBITDA, a non-GAAP measure, was $51.8 million during the quarter, an increase of 50.7% versus the prior year. This growth is on top of a Q2 2023 adjusted EBITDA growth rate of 47%.

第二季度，SG&A 與上年同期相比增加了 600 萬美元，達到 2810 萬美元，這得益於支持我們長期戰略的投資以及基於我們行業領先的激勵和基於績效的股票薪酬的增加。本季調整後 EBITDA（非 GAAP 衡量標準）為 5,180 萬美元，比上年增長 50.7%。這一成長是在 2023 年第二季調整後 EBITDA 成長率 47% 的基礎上實現的。

We delivered earnings per diluted share of $0.93, a 70% increase versus the prior year. Another key tenet in our strategy is to enhance shareholder returns. In the second quarter, we repurchased 75,862 shares of our stock at an average price of $381.29 per share. At the end of Q2, $96.1 million was remaining under our current share repurchase program authorization.

我們的攤薄每股收益為 0.93 美元，比上年增長 70%。我們策略的另一個關鍵原則是提高股東回報。第二季度，我們以每股 381.29 美元的平均價格回購了 75,862 股股票。截至第二季末，我們目前的股票回購計畫授權剩餘 9,610 萬美元。

Since the inception of our share repurchase program, we have repurchased a total of 721,814 shares at a weighted average price of $217.32. And another component of our return of capital strategy is through our regular dividend program. On July 30, our Board of Directors approved a dividend of $0.27 per share of common stock, an increase of 23%, which is a demonstration of the strength of our asset-light model.

自股票回購計畫啟動以來，我們已回購了總計 721,814 股股票，加權平均價格為 217.32 美元。我們資本回報策略的另一個組成部分是透過我們的定期股利計畫。7月30日，我們的董事會批准了每股普通股0.27美元的股息，成長了23%，證明了我們輕資產模式的實力。

This dividend totaling approximately $7.9 million will be paid on September 6, 2024, to stockholders of record as of August 16, 2024. We remain committed to enhancing shareholder returns through a combination of our remaining $96 million share repurchase authorization and our regular quarterly dividend program.

總計約 790 萬美元的股息將於 2024 年 9 月 6 日支付給截至 2024 年 8 月 16 日在冊的股東。我們仍然致力於透過剩餘的 9,600 萬美元股票回購授權和定期季度股息計劃相結合來提高股東回報。

Now shifting to guidance for 2024. Based on the strong results of the first half of the year and visibility into our pipeline, we are providing the following updates to our outlook. Domestic same-store sales growth of approximately 20% for fiscal year 2024, previously low double digits. Net new restaurants between 285 and 300, previously 275 to 295 net new restaurants. SG&A guidance is estimated to be between $114 million and $116 million, previously approximately $111 million, including approximately $20 million of stock-based compensation expense.

現在轉向 2024 年指導。基於今年上半年的強勁業績和對我們管道的了解，我們對前景進行以下更新。2024財年國內同店銷售額成長約20%，此前為較低的兩位數。淨新餐廳數量在 285 至 300 家之間，此前淨新餐廳數量為 275 至 295 家。SG&A 指引預計在 1.14 億美元至 1.16 億美元之間，之前約為 1.11 億美元，其中包括約 2,000 萬美元的股票薪酬費用。

The increase in the SG&A guidance is primarily driven by short-term incentive compensation as a result of the performance in our business. Our quarter two results are a testament to our proven strategies and focus we have to execute against our long-term vision of becoming a top 10 global restaurant brand. These results would not have been possible without the extraordinary efforts by our global support team members, restaurant team members, brand partners and supplier partners. I'd like to now turn to Q&A. Operator, please open the line for questions.

SG&A 指導的增加主要是由於我們業務績效帶來的短期激勵薪酬的推動。我們第二季的業績證明了我們經過驗證的策略和重點，我們必須根據成為全球十大餐廳品牌的長期願景來執行。如果沒有我們的全球支援團隊成員、餐廳團隊成員、品牌合作夥伴和供應商合作夥伴的非凡努力，這些成果是不可能實現的。我現在想進入問答環節。接線員，請開通提問線。

(Operator Instructions)

（操作員說明）

David Tarantino, Baird.

大衛·塔倫蒂諾，貝爾德。

Hi. Good afternoon and good morning. And congratulations on a very strong start to the year. Michael, I had a question about your comments on brand awareness. I think you mentioned that brand awareness is up only a couple of percentage points in the gap versus maybe where you are now versus where you'd like to be long term is still pretty wide.

你好。下午好，早安。祝賀今年取得了良好的開局。邁克爾，我有一個關於你對品牌知名度的評論的問題。我想你提到品牌知名度只提高了幾個百分點，而你現在的水平與你想要的長期水平的差距仍然相當大。

I was wondering if you would be willing to share where you are on brand awareness versus some of the bigger national brands just to kind of frame up the opportunity? And within that gap, is it mostly some of these new consumers that you've been attracting. I guess any color there would be great. Thanks

我想知道您是否願意分享您與一些較大的全國品牌相比在品牌知名度方面的情況，只是為了抓住機會？在這個差距中，主要是您所吸引的一些新消費者。我想任何顏色都會很棒。謝謝

Good morning, David. Thank you for the question. I think you said it well or summarized it well in that year-to-date, we've been delivering over a 20% same-store sales growth. But when we measure how much that moved brand awareness over the prior year, we're only talking about a couple -- a few percentage points. And I think we've talked about in the past, the gap we have to other more mature national brands is significant. It's meaningful.

早安，大衛。謝謝你的提問。我認為您說得很好，或者總結得很好，今年迄今為止，我們的同店銷售額增長了 20% 以上。但當我們衡量去年品牌知名度的提升程度時，我們只討論了幾個百分點——幾個百分點。我想我們過去已經討論過，我們與其他更成熟的國家品牌的差距是巨大的。很有意義。

It's definitely in the double-digit range. And I think as you think about that in concert with these other strategies we're executing against, it gives us a lot of confidence in our ability to achieve over time our new AUV target of $3 million. And we are bringing in a lot of new guests into the brand.

絕對是兩位數範圍內。我認為，當你考慮到與我們正在執行的其他策略相結合時，這讓我們對隨著時間的推移實現 300 萬美元新 AUV 目標的能力充滿信心。我們正在為該品牌引入許多新客人。

I think if you look at our results against this industry backdrop, where there's a handful of brands that are increasing transactions and a lot more that are losing them. And we delivered in Q2, a 28.7% comp that was primarily driven by transaction growth. I think that really showcases the effectiveness of our strategies and the fact that we are bringing in a lot of new guests into the brand. And we're winning more occasions in addition to just bringing in new guests.

我認為，如果你在這個行業背景下看看我們的結果，你會發現少數品牌的交易量正在增加，而更多的品牌正在失去交易量。我們在第二季度實現了 28.7% 的複合成長率，這主要是由交易成長推動的。我認為這確實展示了我們策略的有效性以及我們為該品牌引入了許多新客人的事實。除了引進新客人之外，我們還贏得了更多機會。

And we talked about menu innovation, chicken sandwich and how that's allowing us to become more of that consideration set. And as our team members and brand partners in the restaurant focus on ops excellence and delivering a great guest experience, we're winning more occasions. And so that gives us a lot of confidence in continuing to drive outsized top-line growth.

我們討論了菜單創新、雞肉三明治以及這如何讓我們更加關注這一點。隨著我們餐廳的團隊成員和品牌合作夥伴專注於卓越營運並提供出色的賓客體驗，我們贏得了更多機會。因此，這讓我們對繼續推動營收大幅成長充滿信心。

And you saw that in our updated outlook for this year, where I don't know there's many other brands in this environment that are increasing their outlook for same-store sales like we are much less expecting the year to shape up to be something in that approximately 20% range.

你在我們今年更新的展望中看到了這一點，我不知道在這種環境下還有很多其他品牌正在提高同店銷售的前景，就像我們更不期望今年會出現什麼情況一樣。範圍。

Great. And just a follow-up. I think one of the big catalyst seems to have been advertising the chicken sandwich platform with your national media. And I wanted to sort of get your thoughts on whether that's something you're planning to continue? Or are there new approaches with the advertising that you're contemplating?

偉大的。只是後續行動。我認為最大的催化劑之一似乎是透過國家媒體為雞肉三明治平台做廣告。我想了解您是否打算繼續這樣做？或者您正在考慮的廣告有新的方法嗎？

Yeah, David. I think it ties back to just that significant opportunity we have around awareness Obviously, chicken sandwich is something that just about every consumer in the US can relate to and understand how to engage with, with 2.8 billion chicken sandwich servings annually in the US. And so that's created a really easy entry point into our brand.

是的，大衛。我認為這與我們在意識方面所擁有的重大機會有關。因此，這為我們的品牌創建了一個非常簡單的切入點。

And what we've seen with these new guests that we're bringing in is they enter via chicken sandwich and then they learn to navigate the rest of the menu, and that we're seeing these new guests come back sooner, come back more frequently. And so we're really encouraged by that. But I think generally speaking, around our advertising, it's about just building awareness. And I think it's about showcasing abundance. It's about showcasing the variety of our flavors, and we believe that strategy is resonating well with guests.

我們看到我們引入的這些新客人是透過雞肉三明治進入的，然後他們學會瀏覽菜單的其餘部分，而且我們看到這些新客人回來得更快，回來得更多頻繁地。所以我們對此感到非常鼓舞。但我認為一般來說，我們的廣告只是為了建立意識。我認為這是為了展示豐富性。這是為了展現我們的口味多樣性，我們相信這項策略能夠引起客人的良好共鳴。

Great. Thank you very much, and congrats again.

偉大的。非常感謝，並再次恭喜。

Thank you.

謝謝。

Jeffrey Bernstein, Barclays.

傑弗裡·伯恩斯坦，巴克萊銀行。

Great. Thank you very much. My first question was just on the comp trends for the second quarter. Obviously, there's a lot of industry and investor concerns of slowing comps. It doesn't seem to be evident in your results. Wondering if you could share maybe the trends directional or specifically by month and into July. I mean are you seeing any change in consumer behavior to note whether it's visitation, mix shift, anything along those lines that would either reflect any change in the macro for better or for worse? And then I had one follow-up.

偉大的。非常感謝。我的第一個問題是關於第二季的比較趨勢。顯然，許多行業和投資者都對經濟放緩感到擔憂。在你的結果中似乎並不明顯。想知道您是否可以分享方向性趨勢或具體按月和七月的趨勢。我的意思是，您是否看到消費者行為發生任何變化，以注意是否是訪問、混合轉變，或者類似的任何事情都反映了宏觀變化的好壞？然後我進行了一項後續行動。

Yeah, Jeff. Good morning. As it relates to Q2, we saw a pretty consistent comp throughout the quarter, which I think just showed consistent strength in our business. And as we think about the overall backdrop, I think it really just showcases Wingstop operating in a category-of-one. And there's a couple of things to point out here. With our guide for 2024 that's setting us up to deliver our 21st consecutive year of same-store sales growth.

是的，傑夫。早安.就第二季而言，我們在整個季度看到了相當一致的業績，我認為這表明了我們業務的持續實力。當我們考慮整體背景時，我認為它實際上只是展示了 Wingstop 在一類中的運作。這裡有幾點要指出。根據我們的 2024 年指南，我們將實現連續 21 年同店銷售成長。

And so I think within those couple of decades there, you can clearly see that we've been able to grow same-store sales regardless of the macro backdrop. And I think that highlights the unique position of our brand, how consumers, if they are under pressure and do begin to pull back, what we've seen historically is they'll pull back on more high-frequency occasions, and they'll save up for that indulgent Wingstop occasion, and that's allowed us to retain those visits and continue to grow the business.

因此，我認為在這幾十年裡，您可以清楚地看到，無論宏觀背景如何，我們都能夠實現同店銷售額的成長。我認為這凸顯了我們品牌的獨特地位，如果消費者面臨壓力並開始退縮，我們從歷史上看到的是，他們會在更頻繁的場合退縮，而且他們會為那個放縱的Wingstop 活動存錢，這使我們能夠保留這些訪問並繼續發展業務。

And then in addition to that, we have some really unique brand-specific growth drivers that we're executing against, whether it's closing the gap in brand awareness, whether it's bringing new guests in via menu innovation like chicken sandwich, continuing to expand the top of the funnel through access via delivery, which remains a significant opportunity.

除此之外，我們還有一些真正獨特的品牌特定成長動力，我們正在執行這些成長動力，無論是縮小品牌知名度的差距，還是透過雞肉三明治等菜單創新吸引新客人，繼續擴大透過交付進入管道頂部，這仍然是一個重要的機會。

And then all of that supported by a digital business that's close to 70% of sales, a database of over 45 million users strong that we've invested in to be very targeted with how we advertise and then continuing to expand our digital business. And so all of that, I think, just really puts us in a unique spot and it puts us in a position to where we can in this environment actually increase our outlook this year where a lot of other brands are navigating in a more challenging environment.

所有這一切都得到了佔銷售額近 70% 的數位業務的支持，我們投資了一個擁有超過 4500 萬用戶的資料庫，以便非常有針對性地進行廣告宣傳，然後繼續擴展我們的數位業務。因此，我認為，所有這些確實讓我們處於一個獨特的位置，並且使我們能夠在這種環境下實際上提高我們今年的前景，因為許多其他品牌都在更具挑戰性的環境中航行。

Understood. And then my follow-up. I mean, I think investors get excited by the comp growth, but hard to imagine you can sustain at these levels long term. So it's really the unit growth that is the more consistent, stable top line driver. The fact that you bumped up your target for this year to what looks like 13% to 14%. I think you mentioned it's the strongest pipeline ever.

明白了。然後是我的後續行動。我的意思是，我認為投資者對公司的成長感到興奮，但很難想像你能長期維持在這樣的水平。因此，單位成長確實是更一致、更穩定的收入驅動因素。事實上，您將今年的目標提高到了 13% 至 14%。我想你提到過這是有史以​​來最強大的管道。

Just wondering, as you think out going into next year, I mean, your long-term algorithm is for 10% growth. But on that higher base of openings this year, is that the visibility to see more openings in '25 versus '24 to kind of maintain that elevated percentage growth rate? And within that, you talked about a $3 million AUV, but there was no necessarily time frame to achieve. I'm just wondering if you can give any kind of thoughts as to how many years before we're talking about $4 million. Thank you.

只是想知道，當你考慮明年時，我的意思是，你的長期演算法是 10% 的成長。但在今年較高的職缺基礎上，是否有可能在 25 年看到比 24 年更多的職缺，以維持較高的百分比成長率？其中，您談到了 300 萬美元的 AUV，但沒有一定的時間框架來實現。我只是想知道您是否可以對我們談論 400 萬美元之前多少年提出任何想法。謝謝。

Thanks, Jeff. I mean I think you highlighted something really important. We often talk a lot about same-store sales, but for us, it's really focused on continuing to drive AUV growth. And in just two years, to have gone from $1.5 million to $2 million, that's translated to strength in unit economics. And then you combine that with the progress against our supply chain strategy.

謝謝，傑夫。我的意思是我認為你強調了一些非常重要的事情。我們經常談論同店銷售，但對我們來說，真正關注的是繼續推動 AUV 成長。在短短兩年內，銷售額從 150 萬美元增加到 200 萬美元，這轉化為單位經濟效益的增強。然後將其與我們供應鏈策略的進展結合起來。

The demand for growth from our brand partners is really strong. And so it gives us confidence in continuing to be able to deliver on our long-term algorithm as far as unit growth goes. But I think most importantly, as we thought about the opportunity we have within the US, we feel like we're in a position in the work to support increasing that total addressable market to over 6,000 units.

我們的品牌合作夥伴對成長的需求非常強勁。因此，這讓我們有信心繼續能夠在單位成長的情況下實現我們的長期演算法。但我認為最重要的是，當我們考慮美國境內的機會時，我們覺得我們有能力支持將潛在市場總量增加到 6,000 多個單位。

And so as we continue to deliver on that algorithm, obviously, that denominator gets bigger, and therefore, we'll need to open more units year after year, and we think the demand is there to support that.

因此，隨著我們繼續實現該演算法，顯然，分母會變得更大，因此，我們需要年復一年地開設更多單位，我們認為需求是支持這一點的。

Thank you.

謝謝。

Andrew Charles, Cowen.

安德魯查爾斯，考恩。

Great. Thank you. Michael, something clicked this quarter. I mean, you've had very strong traffic growth for the better part of the last two years, but the fact that guest frequency starting to improve from that roughly 3 times a quarter roughly once a month level. Is there something you can pinpoint around what's changing the frequency? I would think it would be the advertising, but anything you can point to around how you're rationalizing would be very helpful.

偉大的。謝謝。邁克爾，本季發生了一些事情。我的意思是，在過去兩年的大部分時間裡，您的流量成長非常強勁，但事實上，訪客頻率開始從大約每季 3 次、大約每月一次的水平開始改善。您是否可以找出頻率變化的原因？我認為這將是廣告，但任何你能指出的關於你如何合理化的內容都會非常有幫助。

Yeah, Andrew. The -- really, the thing driving an uptick in frequency is a couple of things. One is as we continue to become more of that consideration set, consumer -- and we lean in and focus on delivering on value and quality, where we have measured continued improvements in those categories. The consumers are rewarding us for that.

是的，安德魯。事實上，推動頻率上升的因素有幾個。一是我們繼續更多地考慮這一點，消費者——我們傾向於並專注於提供價值和質量，我們已經衡量了這些類別的持續改進。消費者因此而獎勵我們。

But I think this new guest that we're bringing in, as I mentioned earlier, we're continuing to bring in a record level of new guests quarter after quarter, and these new guests are coming back to the brand sooner than our traditional guests. And they're moving up that frequency curve faster. And so that's starting to impact the overall frequency we're really encouraged by because we think we can continue to broaden how consumers view Wingstop, how we fit in their consideration set and win more and more occasions over time.

但我認為我們引入的新客人，正如我之前提到的，我們將繼續一個又一個季度地引進創紀錄水平的新客人，而且這些新客人比我們的傳統客人更早回到該品牌。而且他們在頻率曲線上的移動速度更快。因此，這開始影響我們真正受到鼓舞的整體頻率，因為我們認為我們可以繼續拓寬消費者對 Wingstop 的看法，我們如何適應他們的考慮範圍，並隨著時間的推移贏得越來越多的場合。

Okay. Very helpful. And then my follow-up is, this is the second time you've raised the long-term TAM for the US market. Can you talk about how you landed on 6,000 stores? Last time you did this, you went from 3,000 to 4,000. So just curious how you leapfrog 5,000 to 6,000.

好的。非常有幫助。然後我的後續行動是，這是你們第二次為美國市場籌集長期 TAM。可以談談你們是如何登陸6000家門市的嗎？上次您這樣做時，您的數量從 3,000 增加到了 4,000。所以只是好奇你是如何從 5,000 躍升至 6,000 的。

Yeah, Andrew, it has a lot to do with just the progress we've made over the past couple of years to take some of our more mature markets as an example of DFW where we continue to open more restaurants, and we see a lot of runway in front of us.

是的，安德魯，這與我們過去幾年取得的進展有很大關係，以我們一些更成熟的市場為例，我們繼續開設更多餐廳，我們看到了很多前面的跑道。

And so it ties back a little bit to your prior question as Wingstop becomes more of the consideration set as we've won more new guests that's providing an opportunity for more restaurants within the US. And so we did a very detailed analysis around the progress we made and how that would develop over time across the broader US and that's how we arrived at a pretty meaningful opportunity of over 6,000 units in the United States, which is over triple our footprint today.

因此，這與您之前的問題有些聯繫，因為 Wingstop 成為我們更多考慮的因素，因為我們贏得了更多新客人，這為美國境內更多餐廳提供了機會。因此，我們對所取得的進展以及隨著時間的推移在整個美國範圍內的發展進行了非常詳細的分析，這就是我們如何獲得在美國擁有6,000 多個單位的非常有意義的機會，這是我們今天足跡的三倍多。

Very helpful. Thanks, Michael.

非常有幫助。謝謝，麥可。

Sara Senatore, Bank of America.

薩拉·參議員，美國銀行。

Great. Thank you. A clarification and then a question. So just in terms of the -- going from $2 million to $3 million that target AUV, is there anything any constraints that you would need to address from a production standpoint, whether it's the kitchen size or equipment, anything that would limit that based on what you have now? Or could you just anticipate seeing kind of continued leverage as you swap the assets even harder than you have already?

偉大的。謝謝。先澄清，然後提問。因此，就 AUV 的目標從 200 萬美元到 300 萬美元而言，從生產的角度來看，是否有任何限制需要解決，無論是廚房大小還是設備，任何會限制這一點的因素你現在有什麼？或者，當您比現在更努力地交換資產時，您是否可以預見到會看到持續的槓桿作用？

Good morning, Sara. I think I mentioned in my prepared remarks, the first Wingstop that opened 30 years ago. And in that same efficient box, we're doing roughly $4 million out of the same kitchen. And that restaurant is still growing transactions. And so I think we don't have a capacity constraint by any means as we sit here today, roughly 10%, a little bit more of our system is already doing $3 million or above.

早安，薩拉。我想我在準備好的發言中提到了 30 年前開業的第一個 Wingstop。在同一個高效的盒子裡，我們從同一個廚房賺了大約 400 萬美元。那家餐廳的交易量仍在增加。所以我認為我們今天坐在這裡的時候無論如何都沒有容量限制，大約 10%，我們系統的一部分已經在做 300 萬美元或以上的工作。

So there's a lot of capacity within the restaurant. So we don't see a need for any sort of structural change in the size of the box or the operations to be able to achieve that. And I think it really kind of just showcases and the strength that we've seen across all vintages within the brand who are delivering outsized comps.

所以餐廳的容量很大。因此，我們認為不需要對盒子的大小或操作進行任何形式的結構變更來實現這一目標。我認為這確實展示了我們在該品牌內所有年份酒中所看到的實力，這些年份提供了超大的比較。

Got it. Okay. Thank you for clarifying. And then the question is about cost of goods, which obviously, you've sort of made a structural shift that's really benefited the business given with the -- it would have been 40% food cost in the past at these bone-in prices. So just wanting to understand what that means for pricing going forward because I think the value proposition is very strong. And the longer you continue to take limited amounts of price while everybody else kind of has to cover higher inflation, the greater that is.

知道了。好的。謝謝你的澄清。然後問題是關於商品成本，顯然，你已經做出了某種結構性轉變，這確實使企業受益——在過去，按照這些基本價格，食品成本將是 40%。所以只是想了解這對未來的定價意味著什麼，因為我認為價值主張非常強大。當其他人都必須承受更高的通貨膨脹時，你繼續採取有限價格的時間越長，這個數字就越大。

But so I guess how should I think about this going forward? If it truly is kind of fixed at this mid-30s then presumably, your pricing only has to cover kind of wage or other inflation. But I'm also trying to get my head around this idea that even if wing prices go up over time, you can still maintain this mid-30s. So maybe just a little bit more clarity on what your input cost, how this works for input costs and then pricing strategy? Thanks.

但我想我以後該如何考慮這個問題？如果它確實固定在 30 多歲左右，那麼你的定價可能只需要涵蓋薪資或其他通貨膨脹。但我也試著理解這樣一個想法：即使雞翅價格隨著時間的推移而上漲，你仍然可以維持在 30 多美元左右。那麼，也許只是更清楚地了解您的投入成本是多少，這對投入成本有何影響，然後是定價策略？謝謝。

Good morning, Sara, this is Alex. Thanks for the question. Yeah, it's -- we view this -- Michael mentioned the excitement of our brand partners on the strength of the unit economics and this strategy is a big unlock for us. And our strategy at the core of our first supply chain is to mitigate the volatility in our food costs. Just to paint the picture a bit of our history as a brand.

早安，薩拉，我是亞歷克斯。謝謝你的提問。是的，我們認為，麥可提到了我們的品牌合作夥伴對單位經濟效益的興奮，而這項策略對我們來說是一個巨大的釋放。我們第一條供應鏈的核心策略是減輕食品成本的波動。只是為了描繪我們作為一個品牌的歷史。

If you trace back to a year like 2017 in Q3, we had a wing price on the spot market that was just under $2.10 and our food cost was 43% at that time. Fast forward to today, our quarter just ended below 36%. We saw the spot market move by $0.60 quarter-to-quarter, and the average market price for wings was about $2.30.

如果你追溯到 2017 年第三季這樣的一年，我們現貨市場上的雞翅價格略低於 2.10 美元，而當時我們的食品成本為 43%。快進到今天，我們這個季度的成長率剛剛低於 36%。我們看到現貨市場每季變動 0.60 美元，雞翅的平均市場價格約為 2.30 美元。

So something our brand partners are really excited about, and we now have gotten visibility into 2025. And to your question on price, what this allows us to do is remain disciplined on opportunistic price increases that we can take to really maximize this transaction growth we're seeing in our business.

我們的品牌合作夥伴對此感到非常興奮，現在我們已經看到了 2025 年的情況。對於你關於價格的問題，這讓我們能夠做的是保持對機會主義價格上漲的紀律，我們可以採取這種做法來真正最大化我們在業務中看到的交易成長。

Chris O'Cull from Stifel.

來自斯蒂菲爾的克里斯·奧卡爾。

Yeah. Michael, I just had a -- I had a follow-up question about the TAM changes. I mean the US system sales goal went from -- went to $18 billion from $8 billion. So can you give us a little more color around the research the company did to determine that's a reasonable potential for the chain in the US?

是的。Michael，我剛剛有一個關於 TAM 變更的後續問題。我的意思是，美國的系統銷售目標從 80 億美元增加到 180 億美元。那麼，您能否為我們介紹一下該公司為確定這家連鎖店在美國具有合理潛力而進行的研究？

Yeah. I mean I think, Chris, if you think about other more mature brands who have similar footprints, but yet don't necessarily operate in a category-of-one like us, I think, at a high level, top-down approach. It's pretty easy to get there. But then as we worked from the bottoms-up and when trade area specific, understanding the demographics, understanding how restaurants perform that are more mature than maybe some of these new or emerging markets, it was a pretty detailed analysis that gives us confidence in our ability to deliver that.

是的。我的意思是，克里斯，如果你考慮其他更成熟的品牌，它們也有類似的足跡，但不一定像我們一樣以高層次、自上而下的方式運作。到達那裡非常容易。但是，當我們自下而上地工作，並且在特定貿易區域時，了解人口統計數據，了解比某些新興市場更成熟的餐廳的表現，這是一項非常詳細的分析，使我們對我們的業務充滿信心。

Okay. And then, Michael, the UK AUVs are now exceeding the US. The company just announced a marketing event in Paris with an opening, I think, planned later this year. Can you help us understand how the system plans to expand in Western European countries. And in that response, how many units you believe the system can have in that region, let's say, over the next three to five years?

好的。然後，邁克爾，英國 AUV 現在已經超過了美國。該公司剛剛宣佈在巴黎舉辦一場行銷活動，我認為計劃在今年稍後開業。您能否幫助我們了解該系統計劃如何在西歐國家進行擴張？在該回應中，您認為該系統在未來三到五年內可以在該地區擁有多少個單位？

Yeah, Chris, we're pretty excited about the momentum we have in our international business. And I don't think it's -- I would narrow the conversation to just Western Europe. If we look across all of our markets, even the more mature ones that we've been in for a while, such as Mexico or Indonesia, we're experiencing double-digit growth similar to what we're seeing in the US.

是的，克里斯，我們對國際業務的發展勢頭感到非常興奮。我不認為──我會把談話範圍縮小到西歐。如果我們縱觀所有市場，即使是我們已經進入了一段時間的更成熟的市場，例如墨西哥或印度尼西亞，我們正在經歷與美國類似的兩位數增長。

And so that gives us a lot of excitement about the overall opportunity that we have, couple that with the demand in our business development pipeline for new countries. We're pretty bullish about the opportunity we have outside of the US. And you're right. In the UK, the brand is performing extremely well. And that's our proven playbook. And so you're going to see us replicate that across the additional markets that we expand into. We're already doing that in Canada, Puerto Rico.

因此，這讓我們對我們擁有的整體機會感到非常興奮，再加上我們對新國家的業務發展管道的需求。我們非常看好美國以外的機會。你是對的。在英國，該品牌的表現非常出色。這就是我們經過驗證的策略。因此，您將看到我們在擴展到的其他市場中複製這一點。我們已經在加拿大、波多黎各這樣做了。

You mentioned us opening a location in Paris later. That's exactly right. We know the playbook. We feel like it's proven. And so it's about just finding the right partner and scaling this thing. And so we're pretty excited about the overall opportunity outside of US.

您提到我們後來在巴黎開了一家分店。完全正確。我們知道劇本。我們覺得這已經被證明了。因此，關鍵在於找到合適的合作夥伴並擴大規模。因此，我們對美國以外的整體機會感到非常興奮。

Thank you.

謝謝。

Danilo Gargiulo, Bernstein.

達尼洛·加吉烏洛，伯恩斯坦。

Thank you and congrats again on an exceptional quarter once again. My question is back on to your AUV growth about the $3 million going forward. I know you mentioned that there is no kitchen capacity constraint that you're seeing today. But refrigeration space might be a little bit more limited.

謝謝您，並再次恭喜您再次度過了一個非凡的季度。我的問題又回到了你們關於未來 300 萬美元的 AUV 成長。我知道您提到您今天看到的廚房容量沒有限制。但冷藏空間可能會更加有限。

So can you help us understand whether the more successful stores right now that are having AUVs about the $3 million are maybe leveraging some increased delivery from suppliers? And if so, how does that change your supply chain strategy going forward? And also, if you can give us some context on what percentage of your stores are already above the $3 million AUV.

那麼，您能否幫助我們了解目前擁有約 300 萬美元 AUV 的更成功商店是否可能利用供應商增加的交付量？如果是這樣，這將如何改變您未來的供應鏈策略？另外，您能否向我們提供一些背景信息，說明您的商店中 AUV 已超過 300 萬美元的百分比。

Yeah. Thank you and good morning. I think that's one of the unique things about Wingstop is to achieve those AUV levels. It doesn't require a fundamental change to the asset or the kitchen or the back of the house. It may require one additional delivery of chicken a week, but not a fundamental change to the operations.

是的。謝謝你，早安。我認為 Wingstop 的獨特之處之一就是達到了 AUV 水平。它不需要對資產、廚房或房子的後面進行根本性的改變。可能需要每週額外運送一次雞肉，但不會對營運產生根本性改變。

And as we sit here today, I mentioned previously, over 10% of our system is already doing $3 million in AUVs. And really, the only difference from those restaurants and the ones that are below $3 million have to do with tenure. If you stack up our restaurants by vintage, it's a pretty linear chart up into the right. And so the reality is, these are a little bit more tenured restaurants who have had the opportunity to participate in more of those 20, soon to be 21 years of same-store sales growth.

當我們今天坐在這裡時，我之前提到過，我們系統的 10% 以上已經在 AUV 上投入了 300 萬美元的資金。事實上，這些餐廳與 300 萬美元以下餐廳的唯一區別在於任期。如果你按年份排列我們的餐廳，你會發現右邊是一個非常線性的圖表。因此，現實情況是，這些都是長期經營的餐廳，他們有機會參與這 20 家餐廳中的更多餐廳，即將迎來 21 年的同店銷售成長。

Great. And can you just talk about the relevance of your bundle strategy, so maybe the positioning of your bundle compared to maybe the price promotion activity that we've seen picking up from competitors? Why do you think this is a winning strategy, at least in the wings category? And are you seeing, or are you witnessing any pricing challenges or advertising and elevated promotional challenges now denting on to your ability to track consumers reflecting on some of the meal deals that some of your competitors are doing also on chicken sandwiches? Thank you.

偉大的。您能談談您的捆綁策略的相關性嗎？為什麼你認為這是一個制勝策略，至少在側翼類別中？您是否看到或目睹了任何定價挑戰或廣告和促銷挑戰現在削弱了您追蹤消費者的能力，這些消費者反映了您的一些競爭對手也在雞肉三明治上所做的一些膳食交易？謝謝。

Yeah. Our bundle strategy, I wouldn't say is really anything new or reactive to the current environment. It's something that's been a part of our playbook over the years and it allows us to, if you will, maybe do a little bit of the thinking for our guests and provided a group pack really which there's plenty of those on our menu today but provide a group pack that highlights that occasion that Wingstop plays well in. It's that group occasion two or more off-premise.

是的。我不會說我們的捆綁策略實際上是任何新的或對當前環境的反應。多年來，這一直是我們劇本的一部分，如果您願意的話，它使我們能夠為我們的客人做一些思考，並提供一個團體套餐，今天我們的菜單上有很多這樣的套餐，但提供一組突顯Wingstop 表現出色的場合的套裝。這是兩次或兩次以上在場外舉行的團體活動。

And so when we do highlight bundles, it allows us to deliver on that and deliver on guest expectations. As it relates to the competitive environment, I think as you can see with our Q2 results, there's not a lot that we're too focused on or believe we have to pivot, quite frankly. We think the strategies we're executing against are working quite well, and we'll just continue to lean into those.

因此，當我們突出捆綁時，它使我們能夠實現這一目標並滿足客人的期望。由於它與競爭環境有關，我認為正如您從我們第二季的業績中看到的那樣，坦白說，我們沒有太多關注或相信我們必須調整的地方。我們認為我們正在執行的策略非常有效，我們將繼續依靠這些策略。

Brian Harbour, Morgan Stanley.

布萊恩‧哈伯，摩根士丹利。

Hey. Thanks. Good morning. Going from $2 million to $3 million AUVs, what do you think is kind of most impactful to that? And maybe the obvious answer might be just what you're doing, right? But if you think about expanding product assortment or something like that, what do you think will be more material in driving that uplift?

嘿。謝謝。早安.從 200 萬美元到 300 萬美元的 AUV，您認為對此影響最大的是什麼？也許顯而易見的答案可能就是你正在做的事情，對嗎？但如果你考慮擴大產品種類或類似的事情，你認為什麼會更有效地推動這種提升？

Hey, Brian. Good morning. As we think about the strategies we're executing against and the line of sight we believe we have into scaling AUVs to $3 million, if you kind of oversimplify it, it's really about opening the top of the funnel, bringing more guests in, becoming more of their consideration set and winning more occasions, which is exactly what we're doing and what we're seeing in our Q2 results.

嘿，布萊恩。早安.當我們思考我們正在執行的策略以及我們相信我們必須將AUV 規模擴大到300 萬美元的視線時，如果你把它過於簡單化的話，它實際上是關於打開漏斗的頂部，吸引更多的客人進來，成為更多地考慮他們並贏得更多機會，這正是我們正在做的以及我們在第二季度結果中看到的。

And so I don't think there's this fundamental change that we have to go chase after or do differently. And it's -- that was one of the points within our prepared remarks is I really wanted to highlight just the amount of runway we have in front of us as it relates to the strategies that we're executing against. I talked earlier about brand awareness, but take delivery as a channel. It's still roughly 30% of our sales mix. And if we benchmark delivery in more mature heavy off-premise brands, it's north of 50%.

所以我不認為我們必須去追求或採取不同的做法來實現這種根本性的改變。這是我們準備好的發言中的要點之一，我真的想強調我們面前的跑道數量，因為它與我們正在執行的策略相關。我之前談到了品牌知名度，但以交付作為管道。它仍然約占我們銷售組合的 30%。如果我們以較成熟的大型非預置品牌的交付為基準，則該比例將超過 50%。

And our awareness levels on delivery platforms are really low. And so there's a ton of opportunity there. And another example is the launch of MyWingstop. We believe that's going to be a game changer for us, allowing us to leverage that first-party data that we've invested in to really lean into hyper personalization and build that digital ordering experience that's customized for our business, which I think, again, when you create ease of access and you create a best-in-class guest ordering experience, you're going to win more occasions. So I think, Brian, it's really about us just continuing to lean into some of the strategies that are working.

而且我們對配送平台的認知度非常低。所以那裡有很多機會。另一個例子是 MyWingstop 的推出。我們相信，這將改變我們的遊戲規則，使我們能夠利用我們投資的第一方數據真正傾向於超個性化，並構建為我們的業務定制的數位訂購體驗，我再次認為這一點，當您創造當您的便利訪問並創造一流的客人訂購體驗時，您將贏得更多的機會。所以我認為，布萊恩，我們實際上只是繼續採取一些有效的策略。

Okay. Thanks. Your highest volume stores, your prior answer kind of suggested it's really just about vintage like you've been open longer, you kind of drive higher AUVs. But do they have any kind of operational advantage in your view, do those stores have faster service times? Or is there -- are there other things you can learn from those to drive sales in some of the lower volume stores?

好的。謝謝。你的銷量最高的商店，你之前的回答表明這實際上只是關於年份，就像你已經營業了更長的時間，你可以駕駛更高的AUV。但您認為他們有什麼營運優勢嗎？或者您可以從中學到其他東西來推動一些銷售較低的商店的銷售？

I wouldn't say there's anything I would call out, whether it's operational efficiencies or impact as it relates to those higher volumes other than they more likely than not have a more tenured team because the restaurants tenured and that allows some improvements in operations there. But generally speaking, it's just about the tenure of the restaurant, and there's not really a fundamental difference.

我不會說有什麼我要強調的，無論是營運效率還是影響，因為它與更高的銷量有關，除了他們很可能擁有一個更長期的團隊，因為餐廳長期任職，這使得那裡的運營可以得到一些改進。但一般來說，只是餐廳的任期問題，並沒有什麼本質上的差異。

And I think you asked about some of these higher-volume restaurants. We're seeing really exciting new restaurant productivity in smaller, newer emerging markets, where there's this pent-up demand, which gives us a lot of confidence in our ability to continue to expand the brand and continue to grow AUVs.

我認為您詢問了其中一些客流量較大的餐廳。我們在規模較小的新興市場中看到了令人興奮的新餐廳生產力，這些市場有被壓抑的需求，這讓我們對繼續擴大品牌和繼續發展 AUV 的能力充滿信心。

Andy Barish, Jefferies.

安迪·巴里什，杰弗里斯。

Hey, guys. The digital sales number stayed the same. I mean it's obviously impressive at 68%-plus. But with MyWingstop rolling out in the 2Q, can you kind of help us understand why that didn't start to move that number up? I mean maybe it wasn't expected initially. And if that's so, kind of how do you think it helps that glide path over the next year or so?

嘿，夥計們。數字銷售數字維持不變。我的意思是，68% 以上的比例顯然令人印象深刻。但隨著 MyWingstop 在第二季推出，您能否幫助我們理解為什麼這個數字沒有開始上升？我的意思是，也許一開始並沒有預料到這一點。如果是這樣，您認為這對未來一年左右的下滑有何幫助？

Hey, Andy. good morning. We did see total digital sales grow. But as a channel mix perspective, it was pretty consistent to Q1, and we're okay with that because we saw some really strong growth in non-digital carryout which is just the way some consumers are choosing to engage with our brand and come into the brand. And so we're pretty excited. And from a year-over-year perspective, we're continuing to see strength in digital sales, which we're encouraged by.

嘿，安迪。早安.我們確實看到數位銷售總額有所增加。但從通路組合的角度來看，這與第一季非常一致，我們對此表示同意，因為我們看到非數位結轉的成長非常強勁，這正是一些消費者選擇與我們的品牌互動並進入的方式品牌。所以我們非常興奮。從同比的角度來看，我們繼續看到數位銷售的強勁勢頭，對此我們感到鼓舞。

And MyWingstop, obviously, we completed the rollout by the end of Q2. So we're excited about how this does position us to have a platform and a digital guest experience that's built for Wingstop and for our guests that we think can continue to drive digital sales growth which to remind everybody, does experience about a 20% increase in average check.

顯然，MyWingstop 我們在第二季末完成了部署。因此，我們很高興這使我們能夠擁有一個專為 Wingstop 和我們的客人打造的平台和數位客人體驗，我們認為這可以繼續推動數位銷售成長，提醒大家，體驗是否增加了 20% 左右在平均檢查中。

But with MyWingstop, we're going to be able to lean into [hyper] personalization, leverage that database of over 45 million users strong that we've invested in and enrich that data to really drive top of mind consideration and ultimately the very personalized guest experience.

但透過 MyWingstop，我們將能夠實現[超]個人化，利用我們投資的超過 4500 萬用戶的資料庫，並豐富這些數據，以真正推動人們的首要考慮，並最終實現非常個性化的服務。

Got it. Thank you very much.

知道了。非常感謝。

Jim Salera, Stephens Inc.

吉姆·薩萊拉，史蒂芬斯公司

Hey, guys. Good morning. Thanks for taking our question. Michael, you talked about the chicken sandwich consumer skewing more towards boneless. And we've actually noticed really is what seems like some increased marketing around the tender products on TV. Can you just give us an update for the tender mix and maybe what you think the potential is for tenders to kind of help you guys along the pathway to that $3 million AUV target?

嘿，夥計們。早安.感謝您提出我們的問題。邁克爾，你談到雞肉三明治消費者更傾向於無骨三明治。我們實際上註意到，電視上圍繞招標產品的營銷似乎確實有所增加。您能否向我們介紹一下招標組合的最新情況，以及您認為招標可能會幫助您您實現 300 萬美元 AUV 目標的潛力？

Hey, good morning. Yeah, the tender mix is actually lower than chicken sandwich. And you're right. We do see that as an opportunity, as a lever we have to pull, as an opportunity to win more tender occasions. I would say if you're seeing tenders in our advertising, it's more about just highlighting that variety and abundance that we offer at Wingstop around that indulgent occasion.

嘿，早安。是的，嫩的混合物實際上比雞肉三明治要低。你是對的。我們確實將其視為一個機會，作為我們必須拉動的槓桿，作為贏得更多溫柔機會的機會。我想說的是，如果您在我們的廣告中看到招標，更多的是為了強調我們在 Wingstop 圍繞這個放縱場合提供的多樣性和豐富性。

So nothing specific or targeted there, but we do see that as an opportunity to, as I mentioned before, become more of the consideration set and win more occasions, which we're pretty excited about.

所以沒有什麼具體的或有針對性的，但我們確實認為這是一個機會，正如我之前提到的，更多地考慮並贏得更多機會，我們對此感到非常興奮。

Okay. Great. And historically, we viewed the Wingstop brand as maybe tilting more towards experiential value versus absolute value. But with the relative price taken versus the industry and new offerings, like chicken sandwich and like the tenders. It seems like maybe it's tilting more favorably to absolute value, and that's supporting some of the strong traffic growth. Can you maybe just talk a little bit more about the supply chain strategy and tilting more towards an absolute value offering, again, to support going from $2 million to $3 million AUV?

好的。偉大的。從歷史上看，我們認為 Wingstop 品牌可能更傾向於體驗價值而不是絕對價值。但考慮到相對於行業和新產品的相對價格，例如雞肉三明治和招標。看起來也許它更傾向於絕對價值，這支持了一些強勁的流量成長。您能否再多談談供應鏈策略，並更多地向絕對價值產品傾斜，以支援從 200 萬美元到 300 萬美元的 AUV？

Yeah. I would actually say our brand positioning hasn't really changed. And I think you can kind of see that in -- we've sustained if not seen a little bit of growth in our average check. And so what we have seen evolve over the last year or so is the consumer's desire for quality and value as they're becoming more selective about how to spend those discretionary dollars.

是的。實際上我想說我們的品牌定位並沒有真正改變。我想你可以看到這一點——我們的平均支票即使沒有看到一點點增長，也已經持續了。因此，我們在過去一年左右看到消費者對品質和價值的渴望發生了變化，因為他們對如何花費這些可自由支配的資金變得更加挑剔。

And with Wingstop, it's about an indulgent occasion. It's about flavor and quality. And I think that's the way our food shows up. And so as consumers are leaning more towards experiential and looking for less gut fill when they do dine out, we feel like that's really helping support how our brand is positioned, and it's been a position that we've had for a long time now.

而 Wingstop 則是一次放縱的場合。這是關於味道和品質的。我認為這就是我們的食物的表現方式。因此，隨著消費者在外出用餐時更加傾向於體驗式並尋求更少的飽足感，我們覺得這確實有助於支持我們的品牌定位，而且這是我們長期以來的立場。

Great. Appreciate the color, guys. I'll get back in the queue.

偉大的。欣賞一下這個顏色，夥計們。我會回到隊列中。

Jeff Farmer, Gordon Haskett.

傑夫法默，戈登哈斯克特。

Morning, guys. Thanks. Your very strong same-store sales numbers suggest that life's good across all markets. But several of your restaurant company peers have pointed to material softening of demand in California. I'm just curious what the Wingstop system has seen in California on the demand front.

早安，夥計們。謝謝。你們非常強勁的同店銷售數據顯示所有市場的生活都很好。但幾家餐飲公司同業指出，加州的需求大幅疲軟。我只是好奇 Wingstop 系統在加州的需求上看到了什麼。

Good morning, Jeff. This is Alex. Yeah. We see and hear some of the same comments, but I think this is a good example of Wingstop being different. And in this category-of-one, we deploy a streamlined operating model that allows us to have lean roster size in the restaurant. And our brand partners were very disciplined on pricing they took to help offset that wage increase that they saw on April 1. We measured results prior to the wage increase and post, and we did not see a change in our transaction growth. In fact, the trends in California are following a very similar trend to what we see outside of California for our business.

早安，傑夫。這是亞歷克斯。是的。我們看到和聽到一些相同的評論，但我認為這是 Wingstop 與眾不同的一個很好的例子。在這一類中，我們部署了一種簡化的營運模式，使我們能夠減少餐廳的人員規模。我們的品牌合作夥伴在定價方面非常嚴格，以幫助抵消 4 月 1 日的薪資上漲。我們在薪資上漲和薪資上漲之前測量了結果，我們沒有看到交易成長發生變化。事實上，加州的趨勢與我們在加州以外看到的業務趨勢非常相似。

Okay. That's helpful. And just one follow-up on MyWingstop. I think some of the 150 or so test restaurants have been operating for at this point, a couple of quarters with the MyWingstop platform. I'm just curious what some of the key learnings from those early 150 test restaurants are that you would be willing to share with us in terms of what you're seeing and how the consumers are responding to the MyWingstop platform.

好的。這很有幫助。MyWingstop 上只有一個後續行動。我認為大約 150 家測試餐廳中的一些已經使用 MyWingstop 平台運營了幾個季度。我只是好奇您從早期 150 家測試餐廳中獲得的一些重要經驗是什麼，您是否願意與我們分享您所看到的內容以及消費者對 MyWingstop 平台的反應。

Hey, Jeff. I would say the biggest thing I would point out as it relates to MyWingstop in the test and pilot is just the positive feedback from team members in the restaurant from brand partners about the operational capabilities that it provides to them.

嘿，傑夫。我想說，在測試和試點中與 MyWingstop 相關的最重要的事情是品牌合作夥伴餐廳團隊成員對其提供的營運能力的積極反饋。

And as we've talked about before, we launched a BI or business intelligence solution associated with MyWingstop that's really allowing them visibility into their business real time that's helping drive over time profitability. But I think from a consumer perspective, it wasn't until we completed the rollout could we launch the consumer-facing experience in our new web and app. And so early days there, but we're encouraged by what we see.

正如我們之前討論過的，我們推出了與 MyWingstop 相關的 BI 或商業智慧解決方案，這確實使他們能夠即時了解其業務，從而有助於提高長期盈利能力。但我認為從消費者的角度來看，直到我們完成推出後，我們才能在新的網路和應用程式中推出面向消費者的體驗。雖然還處於早期階段，但我們對所看到的情況感到鼓舞。

All right. I appreciate that. Thank you.

好的。我很欣賞這一點。謝謝。

Gregory Francfort, Guggenheim.

格雷戈里·弗蘭克福特，古根漢。

Hey. Thanks for the question. My question is you guys have been making a lot of investments the last couple of years, maybe recently on the half of the franchisees in technology and loyalty and supply chain. Do you feel like the current royalty and maybe fee or digital fee structure gives you the right return on investments over those investments you're making? Have you contemplated making changes to that? And how are you thinking about it? Thanks.

嘿。謝謝你的提問。我的問題是，你們在過去幾年中進行了大量投資，也許最近在技術、忠誠度和供應鏈方面對一半的特許經營商進行了投資。您認為目前的特許權使用費以及可能的費用或數位費用結構是否為您提供了比您正在進行的投資合適的投資回報？您是否考慮過對此做出改變？你覺得怎麼樣？謝謝。

Hi. Good morning. Yeah. It is something that we contemplate from time to time. But I'd say where you see us or where we ask for that investment among our brand partners has been centered around the opportunity to close our gap in awareness and so increases in our advertising, national advertising fund or most recently with the increase in our tech fee and the tech fund that we established as part of the MyWingstop rollout.

你好。早安.是的。這是我們不時思考的事情。但我想說的是，你在哪裡看到我們，或者我們在我們的品牌合作夥伴中要求投資的地方，一直圍繞著縮小我們認知差距的機會，因此我們的廣告、國家廣告基金或最近隨著我們的廣告、全國廣告基金的增加而增加。

We want our -- we see the opportunity for growth, and we feel right now the best opportunity to maximize returns for our brand partners and shareholders is focus on the unit growth ahead for us as a brand, now 6,000-plus.

我們希望——我們看到了成長的機會，我們認為現在為我們的品牌合作夥伴和股東帶來最大化回報的最佳機會是專注於我們作為一個品牌未來的單位成長，目前已經有 6,000 多個品牌。

Thank you. Congrats, guys.

謝謝。恭喜，夥計們。

This concludes our question-and-answer session and the conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

我們的問答環節到此結束，會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。