Wingstop Inc (WING) 2024 Q3 法說會逐字稿

Good morning, ladies and gentlemen. And thank you for standing by. Welcome to the Wingstop fiscal third quarter, 2024 earnings conference call. (Operator Instructions)

女士們、先生們，早安。感謝您的支持。歡迎參加 Wingstop 2024 財年第三季財報電話會議。 （操作員指令）

Please note that this conference is being recorded today Wednesday, October 30, 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.

請注意，本次會議將於 2024 年 10 月 30 日星期三今天進行錄製。以及資深副總裁兼財務長 Alex Kaleida。現在我想將會議交給亞歷克斯。請繼續。

Thank you and welcome to our fiscal third 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.

感謝您並歡迎參加 Wingstop 2024 財年第三季財報電話會議。我們的業績已於今天早上公佈，並可在我們的投資者關係網站 ir.wingstop.com 上查閱。

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

我們今天的討論包括前瞻性陳述。這些聲明並不能保證未來的表現，並且受多種風險和不確定因素的影響，可能導致我們的實際結果與我們目前的預期有重大差異。我們的美國證券交易委員會文件描述了可能影響我們未來經營績效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.

我們使用某些非公認會計準則財務指標，認為這些指標有助於評估我們的績效。此類資訊的呈現不應被孤立地看待，也不應將其視為根據 GAAP 編制的結果的替代品。我們的收益報告中包含與可比較 GAAP 指標的對帳表。

Lastly, for the Q&A session, we asked you please each keep the one question and a follow up to allow as many participants as possible to ask a question.

最後，在問答環節，我們要求你們每個人都保留一個問題和一個後續問題，以便盡可能多的參與者提出問題。

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。

Thank you, Alex and good morning everyone. We appreciate everyone joining our call. Our third quarter was another industry leading quarter that showcases the staying power of our strategies and the multiyear benefits they provide. Before I dive into our results, I want to acknowledge that these results could not have been achieved without the tremendous effort by the entire Wingstop team. I want to thank team members in the restaurants and in our global support center, our brand partners and our supplier partners for their relentless focus on executing our long term strategy that has translated into another record quarter.

謝謝你，亞歷克斯，大家早安。我們感謝所有參與我們電話會議的人。我們的第三季度又一個行業領先季度，展示了我們戰略的持久力及其帶來的多年利益。在深入討論我們的成果之前，我想承認，如果沒有整個 Wingstop 團隊的巨大努力，這些成果就不可能取得。我要感謝我們餐廳和全球支援中心的團隊成員、我們的品牌合作夥伴和供應商合作夥伴，感謝他們堅持不懈地致力於執行我們的長期策略，這又為我們帶來了一個創紀錄的季度。

Q3 domestic, same store sales growth was 20.9% which continues to be primarily driven by transaction growth. Putting us well on our way to our 21st consecutive year of same store sales growth an unprecedented track record.

第三季國內同店銷售額成長 20.9%，主要仍受交易量成長的推動。這讓我們連續 21 年實現同店銷售成長，創造了前所未有的紀錄。

The AUV for our restaurants has now surpassed $2.1 million. This compares to $2 million just last quarter and $1.8 million in the prior year quarter, fueling our confidence and our ability to scale AUVs to $3 million over time. This a UV growth combined with our supply chain strategy continues to strengthen our industry leading unit economics.

我們餐廳的平均營業額 (AUV) 現已超過 210 萬美元。相較之下，上個季度的營收為 200 萬美元，去年同期的營收為 180 萬美元，這增強了我們的信心和能力，使我們能隨著時間的推移將 AUV 擴大到 300 萬美元。這種 UV 成長與我們的供應鏈策略相結合，將繼續增強我們行業領先的單位經濟。

The average investment to open a Wingstop remains at around $500,000 and our brand partners are seeing unlevered cash on -- cash returns in excess of 70%. This overall strength in the Wingstop business has translated to a record level of demand for growth from our brand partner community.

開設 Wingstop 的平均投資額仍在 50 萬美元左右，我們的品牌合作夥伴獲得無槓桿現金回報超過 70%。Wingstop 業務的整體實力已轉化為我們品牌合作夥伴社群對成長的需求達到創紀錄的水平。

And as we saw that excitement come to life in the third quarter where we had a record Q3 for new restaurant development. We opened over 100 restaurants in the third quarter, delivering a unit growth rate of 17% truly remarkable. We are also seeing new unit productivity come out of the gates well ahead of the prior year vintage, which was already strong at roughly $1.6 million AUVs in the first year.

我們看到這種興奮在第三季得以體現，我們的新餐廳開發數量創下了第三季的新紀錄。我們在第三季開設了 100 多家餐廳，單位成長率達到 17%，確實非常出色。我們也看到新單位生產力的發展遠早於前一年，而第一年的 AUV 就已經非常強勁，達到約 160 萬美元。

This has translated into the strongest development pipeline on record for the brand. The effectiveness of our strategies and the excitement of our brand partner community to reinvest in Wingstop has allowed us to increase our new -- net new restaurant target again. We now expect to open between 320 to 330 net new restaurants in 2024.

這意味著該品牌擁有了有史以來最強勁的發展勢頭。我們策略的有效性以及我們的品牌合作夥伴社群對 Wingstop 進行再投資的熱情使我們能夠再次提高新的淨新增餐廳目標。我們目前預計 2024 年將淨開設 320 至 330 家新餐廳。

Last quarter, we shared new targets for system AUVs and our total global restaurant opportunity. I'll spend a few minutes today discussing our path to achieving those targets, starting with our new AUV target of $3 million.

上個季度，我們分享了系統 AUV 和全球餐廳整體機會的新目標。今天我將花幾分鐘討論我們實現這些目標的途徑，首先是我們的新的 AUV 目標 300 萬美元。

While we have delivered some pretty remarkable growth over the past couple of years, we have incredible confidence in our long term strategies as we look to the runway in front of us. These strategies consist of scaling brand awareness, menu innovation, expanding our delivery channel, data driven marketing in our digital transformation.

雖然我們在過去幾年中取得了相當顯著的成長，但當我們展望眼前的跑道時，我們對我們的長期策略充滿信心。這些策略包括擴大品牌知名度、菜單創新、拓展我們的交付管道、以及數位轉型中的數據驅動行銷。

Brand awareness remains a huge opportunity for Wingstop. As we work toward our opportunity to scale brand awareness, we are leaning into our media strategy focused on live sports and a very targeted approach in streaming and online video placements combined with breakthrough creative that is proving to be highly effective. And this media strategy is being fueled by an ad fund that is growing at the same growth rate as system sales of approximately 40%.

品牌知名度對 Wingstop 來說仍然是一個巨大的機會。當我們努力尋找擴大品牌知名度的機會時，我們傾向於專注於體育直播的媒體策略，並在串流媒體和線上影片投放方面採取非常有針對性的方法，並結合突破性的創意，事實證明這種方法非常有效。這項媒體策略受到廣告基金的推動，廣告基金的成長速度與系統銷售額的成長率相同，約 40%。

You've seen us show up in major events including the start of the NFL and NBA seasons, as well as Thursday Night Football an Amazon Prime's pregame show. These media placements are helping us increase brand awareness and have contributed to record levels of new guest acquisition, while we've delivered industry leading same store sales growth through the first three quarters of 2024 we have only moved brand awareness by a couple percentage points, highlighting the opportunity and potential we have in front of us.

您已經看到我們出現在重大活動中，包括 NFL 和 NBA 賽季開始，以及週四晚間足球賽和亞馬遜 Prime 的賽前節目。這些媒體投放幫助我們提高了品牌知名度，並有助於吸引創紀錄的新客人，同時，到 2024 年前三個季度，我們實現了行業領先的同店銷售額增長，但品牌知名度僅提高了幾個百分點，凸顯了我們面前的機遇和潛力。

As we look to close out 2024, we're going to continue to invest our advertising dollars to expand our reach across platforms such as the NFL and NBA. We'll be on a lot more NFL and NBA games this year and we're finding new ways to partner. A great example is an exciting new partnership we announced last week.

展望 2024 年，我們將持續投入廣告資金，擴大我們在 NFL 和 NBA 等平台的影響力。今年我們將參加更多的 NFL 和 NBA 比賽，並且正在尋找新的合作方式。一個很好的例子就是我們上週宣布的令人興奮的新合作關係。

Wingstop is now the official chicken partner and the official wing of the NBA. This is our first official sponsorship with a major professional sports league. The partnership will unlock opportunities we haven't been able to access in the past within the NBA and it fits perfectly within our strategy.

Wingstop 現在是 NBA 的官方雞肉合作夥伴和官方雞翼。這是我們首次與大型職業運動聯盟達成官方贊助協議。此次合作將為我們帶來過去在 NBA 中無法獲得的機會，而且完全符合我們的策略。

The past quarter marked our full quarter with our proprietary tech stack, My Wingstop which launched earlier this year while we're still in the early days, I couldn't be more excited by what we're seeing in the results. As we have shared before, the first step was to operationalize the platform moving over $2.5 billion of digital sales through our tech stack.

過去一個季度是我們全面採用專有技術堆疊 My Wingstop 的季度，該技術棧於今年早些時候推出，而我們仍處於早期階段，對於我們所看到的結果，我感到非常興奮。正如我們之前所分享的，第一步是透過我們的技術堆疊使該平台投入運營，實現超過 25 億美元的數位銷售額。

Since the launch, we have introduced greater operational capabilities for our brand partners that increase visibility into their digital business and provide advanced analytics platform that drives insights across a variety of KPIs to drive restaurant level profitability. I'm proud of the team and how seamless this transition was for our restaurants.

自推出以來，我們為品牌合作夥伴引入了更強大的營運能力，提高了他們數位業務的可見性，並提供了先進的分析平台，可以從各種 KPI 中獲得洞察力，從而提高餐廳水平的盈利能力。我為我們的團隊以及我們餐廳的無縫過渡感到自豪。

My Wingstop also included enhancements to the guest experience that focused on many of the insights we've developed over the years. We've made investments in our first party database, building out rich guest profiles that allow us to unlock a whole new level of hyper personalization. We're now beginning to welcome guests on our website and app with relevant personalized and optimized content that will only further improve over time.

My Wingstop 也增強了客人體驗，重點關注我們多年來累積的許多見解。我們對第一方資料庫進行了投資，建立了豐富的客戶資料，使我們能夠實現全新的超個人化水準。我們現在開始在我們的網站和應用程式上以相關的個人化和優化內容來歡迎客人，這些內容只會隨著時間的推移而進一步改善。

During the quarter, we hit a record level of app downloads and user sessions both within our app and website. We measured a 10% improvement in order efficiency times and product or flavors are now featured in AI enabled personalized content. Digital sales mix is now at 69% and our first party database has increased by more than 35% compared to the prior year.

在本季度，我們的應用程式和網站內的下載量和用戶會話量都達到了創紀錄的水平。我們測量到訂單效率提高了 10%，並且產品或口味現在可在支援 AI 的個人化內容中展示。數位銷售組合現在已達到 69%，我們的第一方資料庫與前一年相比增加了 35% 以上。

Our technology investments advance an already best in class digital experience for our guests and while enabling our aspirational goal of digitizing every transaction. I highlighted a couple of examples that give us confidence in our path to $3 million AUVs which will just further strengthen our industry leading unit economics.

我們的技術投資為我們的客人提供了一流的數位體驗，同時實現了我們數位化每筆交易的宏偉目標。我強調了幾個例子，這些例子讓我們對實現 300 萬美元 AUV 的目標充滿信心，這將進一步增強我們領先業界的單位經濟效益。

We also have made tremendous progress with our supply chain strategy in 2024 to mitigate the volatility in our core commodity. This is the first full year that strategy has taken effect. Historically, we had been anchored to weekly spot market purchase for classic bone and wings and the spot market this year experienced a peak inflation window of nearly 200%.

我們在 2024 年的供應鏈策略方面也取得了巨大進展，以減輕核心商品的波動。這是該戰略生效的第一個整年。從歷史上看，我們一直依賴每週在現貨市場上購買經典骨頭和雞翅，而今年現貨市場經歷了近 200% 的通膨高峰。

Our restaurants have been able to avoid that level of inflation and are seeing food costs within our targeted range of mid 30% and we have line of sight into wing pricing into 2025 and 2026 as we continue to execute our strategy, this coupled with our AUVs exceeding $2.1 million has translated into record cash flows for our brand partners.

我們的餐廳已經能夠避免這種程度的通貨膨脹，並且食品成本在我們目標的30%中間範圍內，隨著我們繼續執行我們的策略，我們已經將目光投向了2025年和2026年的雞翅定價，再加上我們的AUV超過210萬美元，已經為我們的品牌合作夥伴帶來了創紀錄的現金流。

And as a result, we're experiencing an unprecedented pace of growth for Wingstop. Q3 showcased this with a record 106 net new restaurants. To highlight the breadth and depth of our development, over 70 different brand partners have opened a restaurant this year covering 28 states and 10 countries. To support our brand partners aspirations for growth, we are executing market level playbooks that match the trade area level opportunities in our 6,000-plus domestic unit target to a schedule we feel will be sustainable as brand partners scale their infrastructure.

因此，Wingstop 正經歷著前所未有的成長速度。第三季度，新增餐廳數量達到創紀錄的 106 家。為了突顯我們發展的廣度和深度，今年已有超過 70 個不同的品牌合作夥伴開設了餐廳，涵蓋 28 個州和 10 個國家。為了支持我們品牌合作夥伴的成長願望，我們正在執行市場層級的劇本，將我們 6,000 多個國內單位目標中的貿易區域層級機會與我們認為隨著品牌合作夥伴擴大其基礎設施而可持續的時間表相匹配。

Our international business also continues to be on fire. We recently capitalized on an opportunity to make our global presence known in France during the Olympics, showcasing our flavor in a big way by opening a pop up restaurant that we call House of Flavor.

我們的國際業務也持續蓬勃發展。我們最近抓住了在法國奧運會期間提高我們全球影響力的機會，透過開設一家名為「House of Flavor」的臨時餐廳，大力展示我們的風味。

We gave away nearly a 0.5 million wings in just 10 days, with long lines of flavor fans wrapping around the venue waiting to get into the pop up to experience Wingstop for the first time. With the amount of excitement we generated, we believe this event will be a catalyst for future expansion in Western Europe. Shortly after our pop up restaurant, we opened our first restaurant in Paris as we continue to execute a more aggressive development plan for the city and broader France.

我們在短短 10 天內送出了近 50 萬個雞翅，會場周圍排起了長隊，等待進入快閃店首次體驗 Wingstop。由於我們激發了極大的熱情，我們相信這次活動將成為我們未來在西歐擴張的催化劑。在我們的快閃餐廳開業後不久，我們在巴黎開設了第一家餐廳，並繼續為這座城市和整個法國實施更積極的發展計劃。

The opportunity in France is as large, if not greater than what we're building towards in the UK. And we -- and when we combine our opportunity to expand France with other markets recently signed, we believe we can deliver over 750 restaurants across these new international markets alone.

法國的機會與我們在英國的機會一樣大，甚至更大。而且，當我們將拓展法國市場的機會與最近簽約的其他市場結合時，我們相信，僅在這些新的國際市場上，我們就能開設超過 750 家餐廳。

We have a clear playbook for international markets and I truly believe our international business is supercharged for growth, which we expect to become a bigger part of our story as we scale wings up to more than 10,000 restaurants across the globe.

我們對國際市場有著清晰的規劃，我堅信我們的國際業務將迎來強勁增長，隨著我們在全球開設超過 10,000 家餐廳，我們預計國際業務將成為我們故事中更重要的一部分。

It's pretty incredible to see the demand for growth from our brand partner community as well as how guests are responding to the brand as we expand our footprint across the globe. Before I turn the call over to Alex, I'm excited to announce a new partnership for Wingstop.

隨著我們在全球擴大影響力，看到我們的品牌合作夥伴社群的成長需求以及客人對品牌的反應真是令人難以置信。在我將電話轉給亞歷克斯之前，我很高興地宣布 Wingstop 建立了新的合作夥伴關係。

During the month of October, 100% of contributions received from our roundup program will be donated to St. Jude's Children's Research Hospital, as our business continues to drive industry leading growth our obligation to give back, grows as well.

在十月期間，我們從匯總計劃中收到的所有捐款將捐贈給聖猶達兒童研究醫院，隨著我們的業務繼續推動行業領先的增長，我們回饋社會的義務也在增長。

The work that is happening at St. Jude's is remarkable and we believe our brand partners, team members and fans will embrace the opportunity to contribute to St. Jude's lifesaving mission, finding a cure for childhood cancer.

聖猶達兒童研究醫院正在進行的工作非常出色，我們相信我們的品牌合作夥伴、團隊成員和粉絲們將抓住機會為聖猶達兒童研究醫院的拯救生命的使命做出貢獻，找到治療兒童癌症的方法。

2024 is shaping up to be another record year for Wingstop. But yet we feel like we are just getting started. Our strategies have proven staying power and we are laser focused on execution, as we scale Wingstop into a top 10 global restaurant brand. It is truly an exciting time at Wingstop.

2024 年有望成為 Wingstop 又一個創紀錄的一年。但我們感覺我們才剛開始。我們的策略已被證明具有持久力，我們高度重視執行，將 Wingstop 打造成全球十大餐飲品牌之一。這確實是 Wingstop 令人興奮的時刻。

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

說到這裡，我想把電話轉給亞歷克斯。

Thank you and good morning. The momentum and the amount of growth in front of us here at Wingstop is incredibly energizing. Our third quarter results are another proof point in Wingstop's category of one positioning. Domestic AUVs increased to $2.1 million in Q3 driven by a 20.9% increase in domestic same store sales primarily driven by transaction growth.

謝謝你，早安。Wingstop 所展現的動能與成長令人振奮。我們的第三季業績是 Wingstop 單一定位類別的另一個證明點。第三季度，國內平均營業收入 (AUV) 增至 210 萬美元，這主要得益於交易量的成長，國內同店銷售額成長了 20.9%。

This translates to 36.2% comp on a two year basis, which also includes the majority of the growth driven by transactions. A true demonstration of the underlying health and strength of the Wingstop brand. This same store sales growth combined with opening over 350 restaurants in the last 12 months, delivered 39.4% systemwide sales growth in the third quarter.

這意味著兩年內年增 36.2%，其中還包括大部分由交易推動的成長。真正展現了 Wingstop 品牌的內在健康與實力。同店銷售額的成長加上過去 12 個月內開設了 350 多家餐廳，推動第三季全系統銷售額成長 39.4%。

This topline growth gives us the fuel in our advertising fund to work against a double digit GAAP in brand awareness when benchmarked to more mature QSR brands.

與更成熟的 QSR 品牌相比，這項營收成長為我們的廣告基金注入了動力，使我們的品牌知名度達到了兩位數的 GAAP 水平。

What we continue to hear from consumers is they will prioritize restaurants that offer both high quality and value in their experience. And we believe Wingstop is clearly delivering as our quality and value scores are an outlier relative to industry trends.

我們不斷聽到消費者說，他們會優先選擇那些提供高品質和高價值的餐廳。我們相信 Wingstop 的表現非常出色，因為我們的品質和價值分數相對於產業趨勢而言是一個異常值。

Our best in class unit economics continue to strengthen, which is driving the pace of our growth and has surpassed our expectations this year. We opened 106 net new restaurants, achieving a record for Q3 which follows record set in each of the prior four quarters. Our brand partners are leveraging the cash generated from our best in class unit economics and are eager to invest in more wing stops.

我們一流的單位經濟效益持續增強，這推動了我們的成長步伐，並且今年已經超出了我們的預期。我們淨開設了 106 家新餐廳，創下了第三季的新紀錄，而先前四個季度我們都創下了新紀錄。我們的品牌合作夥伴正在利用我們一流的單位經濟所產生的現金，並渴望投資更多的翼站。

Grand partner, excitement is apparent as we are attaining record levels in our development pipeline. A great testament to the strength of our returns is that we continue to see 95% of our store openings coming from existing brand partners.

偉大的合作夥伴，我們的發展管道正在達到創紀錄的水平，這讓我們感到非常興奮。我們回報強勁的一個很好的證明是，我們 95% 的店鋪開業仍然來自現有的品牌合作夥伴。

The visibility we have into our pipeline today gives us the confidence to raise our development outlook to a range of 320 to 330 net new restaurants, which was previously set at 285 to 300 net new restaurants for 2024.

目前，我們對新餐廳數量的清晰了解，使我們有信心將發展前景提升至 320 至 330 家淨新增餐廳的範圍，而之前設定的 2024 年淨新增餐廳數量為 285 至 300 家。

Total revenue for the quarter increased 38.8% to $162.5 million. It increased to $45.4 million versus the prior year. Royalty revenues, franchise fees and other revenue increased by $21.2 million in Q3, driven primarily by net franchise restaurant openings since the prior year comparable period and same store sales growth of 20.9%.

本季總營收成長 38.8% 至 1.625 億美元。與前一年相比，這一數字增加至 4,540 萬美元。第三季特許權使用費收入、特許經營費和其他收入增加了 2,120 萬美元，主要原因是自去年同期以來特許經營餐廳淨開業數量增加以及同店銷售額增長 20.9%。

Company owned restaurant sales totaled $31.3 million in Q3, an increase of $7.4 million primarily due to 10 net new restaurants and a 7.3% increase in company owned same store sales driven by transaction growth versus the prior year comparable period.

第三季公司自有餐廳銷售額總計 3,130 萬美元，增加 740 萬美元，主要由於新增 10 家餐廳以及受交易量增長推動公司自有同店銷售額較去年同期增長 7.3%。

Over the past couple of years, we've been discussing our supply chain strategy. In 2024 marked our first full year to showcase the impact it's having on our unit economics. As a reminder, our strategy is centered around creating predictability and minimizing volatility in food costs.

過去幾年，我們一直在討論我們的供應鏈策略。2024 年是我們展示其對單位經濟影響的第一個完整年份。提醒一下，我們的策略是圍繞著創造可預測性和盡量減少食品成本的波動。

In the past as the spot market price for bone and wings reached north of $2 per pound and when inflation was over 100% just as what happened in the market this year, food costs could have surged well into the 40% range.

過去，當骨頭和雞翅的現貨市場價格達到每磅 2 美元以上時，通貨膨脹率超過 100%，就像今年市場上發生的情況一樣，食品成本可能會飆升至 40% 左右。

However, today, with the execution of our supply chain strategy, we are providing our brand partners with predictability and food costs further strengthening our unit economics. As we have shared at the start of the year, we target a few costs in the mid 30% range, but we are on track to deliver that mid 30% target for this year.

然而，今天，透過實施我們的供應鏈策略，我們為我們的品牌合作夥伴提供了可預測性和食品成本，進一步加強了我們的單位經濟。正如我們在年初所分享的那樣，我們的目標是將一些成本控制在 30% 左右，但我們預計今年將實現 30% 左右的目標。

Due to the effectiveness of this strategy, we also have visibility into system wide average food costs to be in the mid 30% range into 2025. The excitement and confidence in our strategies among our brand partners continues to fuel a record demand in our development pipeline.

由於該策略的有效性，我們也預計2025年全系統平均食品成本將處於30%左右的範圍內。我們的品牌合作夥伴對我們策略的興奮和信心繼續推動我們開發通路的創紀錄需求。

Now, shifting to SG%A. SG&A increased by $9.2 million versus the prior year comparable period to a total of $32.3 million primarily driven by an increase in performance based stock compensation based on our industry leading performance and also by investments in headcount related expenses.

現在，轉向 SG%A。銷售、一般及行政開支較去年同期增加 920 萬美元，至 3,230 萬美元，主要由於基於我們行業領先業績的績效股票薪酬增加，以及對員工人數相關費用的投資。

As we position the company for this next phase of growth, adjusted EBITDA, a non-GAAP measure was $53.7 million during the quarter, an increase of 39.5% versus the prior year. And we delivered earnings per diluted share of $0.88 a 35.4% increase versus the prior year.

隨著我們為公司下一階段的成長做好準備，本季調整後的 EBITDA（非 GAAP 指標）為 5,370 萬美元，較上年增長 39.5%。我們實現每股攤薄收益 0.88 美元，較上年增長 35.4%。

Our asset light highly franchised model is an enabler for us to enhance shareholder returns. As a reminder in Q3 of last year, we launched our inaugural share repurchase program which was authorized at $250 million.

我們的輕資產、高度特許經營模式有助於我們提高股東回報。提醒一下，去年第三季度，我們啟動了首個股票回購計劃，授權金額為 2.5 億美元。

We continue to make progress this year and have $61.1 million remaining under the current authorization at the end of the third quarter. Since the inception of our share repurchase program, we have repurchased just over 815,000 shares at a weighted average price of $276.

我們今年繼續取得進展，截至第三季末，現有授權金額剩餘 6,110 萬美元。自從我們的股票回購計畫啟動以來，我們已以 276 美元的加權平均價格回購了超過 815,000 股。

Additionally, due to the strong cash flow generation from our asset light model, our Board of Directors approved a dividend on October 29, of $0.27 per share of common stock. This dividend totaling approximately $7.9 million will be paid on December 6, 2024 to stockholders of record as of November 15, 2024. We remain committed to enhancing shareholder returns through a combination of our share repurchases and our regular quarterly dividend program.

此外，由於我們的輕資產模式產生了強勁的現金流，我們的董事會於 10 月 29 日批准了每股普通股 0.27 美元的股息。該股總額約 790 萬美元，將於 2024 年 12 月 6 日支付給截至 2024 年 11 月 15 日登記在冊的股東。我們將繼續致力於透過股票回購和定期季度股利計畫相結合的方式提高股東回報。

Moving to our outlook for 2024. We are reiterating domestic same store sales growth guidance of approximately 20%. In addition to the update for net new restaurants, I discussed earlier, we are updating our estimates for SG&A guidance to be between $117.5 million and $118.5 million previously, between $114 million and $116 million including approximately $22.5 million of stock based compensation expense previously approximately $20 million.

展望 2024 年。我們重申國內同店銷售額成長約 20% 的預期。除了我之前討論過的淨新增餐廳更新之外，我們還將銷售、一般及行政開支指南的估計值更新為之前的 1.175 億美元至 1.185 億美元之間，1.14 億美元至 1.16 億美元之間，其中包括約 2,250 萬美元的股票薪酬費用，此前該費用約為 2,000 萬美元。

The increase in SG&A guidance is primarily driven by stock based compensation as a result of the performance in our business.

銷售、一般及行政開支指引的增加主要由於我們業務表現優異而帶來的股票薪酬影響。

Our third quarter results showcase the stained power of our strategies and gives us the confidence to achieve another record year for Wingstop. I would like to thank our global support center team members, restaurant team members, brand partners and supplier partners for continuing to serve fans our flavor while providing a best in class guest experience.

我們的第三季業績展現了我們策略的強大威力，並讓我們有信心讓 Wingstop 再創紀錄。我要感謝我們的全球支援中心團隊成員、餐廳團隊成員、品牌合作夥伴和供應商合作夥伴，他們繼續為粉絲提供我們的風味，同時提供一流的賓客體驗。

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

現在我想進入問答環節。接線員，請打開電話線以回答問題。

(Operator Instructions)

（操作員指令）

Jeffrey Bernstein, Barclays.

巴克萊銀行的傑弗裡·伯恩斯坦。

Great. Thank you very much. My first question is just on the comp trends, another strong third quarter north of 20%. But the reiteration of the 20% for the full year does seem to imply and obviously, it could be in a range but something closer to 10% in the fourth quarter, which would be a deceleration on a two year basis which you had been holding.

偉大的。非常感謝。我的第一個問題是關於競爭趨勢，第三季再次強勁成長 20%。但重申全年成長 20% 似乎確實意味著，第四季的成長幅度可能在一個更接近 10% 的範圍內，這將是您一直堅持的兩年成長率的減速。

So I'm just wondering, maybe you could share some October quarter to day trends or to what you might attribute what could be a comp slowdown, whether it's something internally you could be doing different or the competition or the macro or capacity issues, just trying to get a sense again, 20% comp is incredible driven by traffic, but obviously, investors are questioning the potential fourth quarter implications and then I had one follow up.

所以我只是想知道，也許您可以分享一些 10 月份當季的趨勢，或者您可能將什麼歸因於同店銷售放緩，無論是內部做了什麼不同的事情，還是競爭、宏觀或產能問題，只是想再次了解一下，20% 的同店銷售在流量推動下是令人難以置信的，但顯然，投資者正在質疑其第四季度的潛在影響，然後跟進。

Hey, Jeff. Good morning. Thank you for the question. It's one that we definitely anticipated. But what I would say is we are not managing our strategies or the business to solve for a quarter. And if you take a step back, we're managing the business for the long term and we believe we are executing against proven strategies that have multiyear benefits.

嘿，傑夫。早安.感謝您的提問。這是我們絕對預料到的。但我想說的是，我們管理我們的策略或業務並不是為了解決一個季度的問題。如果你退一步來看，我們正在長期管理業務，我們相信我們正在執行那些具有多年利益的成熟策略。

And again, if you think about it, Q4 will mark the first of four consecutive quarters where we will be lapping same store sales growth of over 20%. And so as we look at it on a two year basis, to be able to scale our comps or AUVs by a stack, same store sales growth that's north of 30% is pretty remarkable.

如果你再想的話，你會發現第四季將是我們連續四季同店銷售額增幅超過 20% 的第一個季度。因此，當我們從兩年期的角度來看時，我們能夠大幅擴大我們的同店銷售額或 AUV，同店銷售額成長率超過 30% 是相當了不起的。

And a couple of other data points that I think just speak to the effectiveness of our strategies and the overall health of the brand is year-to-date in 2024, we've experienced double digit same store sales growth across every single vintage, which is pretty remarkable.

我認為其他一些數據點也說明了我們策略的有效性以及品牌的整體健康狀況，截至 2024 年，我們在每個年份都經歷了兩位數的同店銷售額成長，這是非常了不起的。

And so this AUV growth that now sits at $2.1 million is creating incredibly strong cash flows for our brand partners, combine that with our supply chain strategy, you're seeing it show up in a pretty exciting way from a development perspective. Q3 was a pretty exciting quarter for us from a development front, we opened over 100% more units this year than last year at 106 delivering a 17% unit growth rate, which at our size and scale is pretty remarkable.

因此，目前 AUV 成長至 210 萬美元，為我們的品牌合作夥伴創造了令人難以置信的強勁現金流，再加上我們的供應鏈策略，從發展角度來看，您會看到它以一種非常令人興奮的方式呈現。從發展角度來看，第三季度對我們來說是一個非常令人興奮的季度，我們今年開設的門市比去年多出 100% 以上，達到 106 家，門市成長率為 17%，這對我們的規模來說是相當了不起的。

Understood. And then my follow up, which is my preferred question because again, I agree with you on the short term comp focus. But as you think about the unit growth side of things, you uptick the openings for '24, now, it looks like mid-teens growth well beyond kind of your 10% long term promise. And it would seem like just based on what you did in the third quarter, the demand going into '25 I assume is very strong.

明白了。然後是我的後續問題，這也是我喜歡的問題，因為我再次同意你關於短期補償的焦點。但是，當您考慮單位成長方面時，您會上調 24 年的開盤價，現在，看起來十幾歲的成長率遠遠超出了您 10% 的長期承諾。而且，僅根據您在第三季的表現來看，我認為 25 年的需求將非常強勁。

So unlike the challenges that maybe company operated systems have to accelerate growth just from a capital standpoint and a people standpoint, it would seem like with a franchise system growing in lots of new markets, with lots of new franchisees, you have the ability to ramp that up quicker, especially if the momentum is so strong in the brand.

因此，與公司營運系統可能面臨的僅從資本角度和人員角度加速成長的挑戰不同，特許經營系統似乎在許多新市場中發展，擁有大量新特許經營商，你有能力更快地提升這一水平，特別是當品牌勢頭如此強勁時。

So I'm just wondering directionally speaking, is there any reason why you wouldn't sustain that mid-teens unit growth that you're doing in '24 into '25? Is there any limiting factors or should we look to '25 as another year of well in excess of kind of that 10% promise? Thank you.

所以我只是想知道，從方向上講，有什麼原因導致你們沒有將2024年到2025年的十幾歲的單位增長速度維持下去？是否存在任何限制因素，或者我們是否應該將 25 年視為另一個遠遠超過 10% 承諾的年份？謝謝。

Hey, Jeff, thank you for the question. I appreciate it. And obviously we are navigating the law of large numbers, but you nailed it the unit economics continue to strengthen the demand for growth is extremely strong from our brand partner community.

嘿，傑夫，謝謝你的提問。我很感激。顯然，我們正在遵循大數定律，但您確實做到了，單位經濟學繼續加強，我們的品牌合作夥伴社群對成長的需求非常強烈。

We referenced that our pipeline is the strongest one we've ever had on record for development. And so the pipeline's there to support continued industry leading growth, but we're very focused on responsible and sustainable growth.

我們提到，我們的管道是我們有史以來開發的最強大的管道。因此，我們有通路支持產業持續領先的成長，但我們非常注重負責任和永續的成長。

And so you'll see us continue to be disciplined, but we like to take a step back and think about our guide for this year. It really represents the fact that we're opening a small chain on an annual basis, which is something we're pretty proud of.

所以你會看到我們繼續嚴守紀律，但我們想退一步思考今年的指導方針。這確實代表了我們每年都會開設一家小型連鎖店，這是我們非常自豪的事情。

Thank you.

謝謝。

David Tarantino, Baird.

大衛·塔倫蒂諾，貝爾德。

Hey, good morning. Michael, I wanted to follow up on the question about the comps in Q4 and I know you can look at it relative to a year ago comparisons or two years ago comparisons and you can slice it a lot of different ways. But what I wanted to ask is that in your mind, does the implied guidance that you're giving for Q4 represent a big change or material change in the trajectory of the business or not? I guess the comparisons are making that a difficult question to answer.

嘿，早安。邁克爾，我想跟進關於第四季度的比較問題，我知道你可以將其與一年前或兩年前進行比較，並且可以用很多不同的方式來劃分它。但我想問的是，在您看來，您給出的第四季隱含指引是否代表著業務發展軌跡的重大變化或實質變化？我想，透過比較，這個問題會變得很難回答。

Yeah, David, I know it's difficult to look at stack same store sales growth on a two year basis when we're delivering growth that's north of 20%. And the way we've actually kind of looked at it is more on a three year basis, which would suggest not a material change in the trend of the business. And I think most importantly, we're continuing to showcase healthy transaction growth in our business as we continue to acquire record levels of new guests. And we continue to see an uptick in frequency across every single cohort, which we're pretty excited to see about. So the overall fundamentals and health of our business are extremely strong.

是的，大衛，我知道當我們達到 20% 以上的成長時，很難以兩年為基礎來觀察同店銷售額的成長率。我們實際上更多的是以三年為基礎來看待這個問題的，這表明業務趨勢並沒有重大變化。我認為最重要的是，隨著我們繼續吸引創紀錄數量的新客人，我們的業務交易量繼續呈現健康成長。我們繼續看到每個群體的頻率都在上升，這讓我們非常興奮。因此，我們業務的整體基本面和健康狀況非常強勁。

Yeah. Thank you for that clarification. And then I think you referenced 750 unit opportunity in some new markets in Europe. So I was hoping you could elaborate on which markets that applies to because I think you had previously laid out a target that was lower than that for Western Europe. So I just wanted to maybe understand why you're more bullish now and which markets are included in that number.

是的。感謝您的澄清。然後我認為您提到了歐洲一些新市場的 750 個單位機會。所以我希望您能詳細說明這適用於哪些市場，因為我認為您之前為西歐設定的目標低於這個數字。所以我只是想了解為什麼您現在更加看好以及該數字中包含了哪些市場。

Yeah, David, just to clarify that number is -- it includes some new markets we signed that are outside of Western Europe, but we're super excited about -- and we've talked about it over the last couple of quarters how the pipeline of new brand partner interest in the brand has just continued to strengthen.

是的，大衛，需要澄清的是，這個數字包括了我們簽約的一些西歐以外的新市場，但我們對此感到非常興奮，而且我們在過去幾個季度中討論過，新品牌合作夥伴對該品牌的興趣渠道如何持續加強。

And we're excited to report a handful of signings that as we mentioned, aggregate to an opportunity of over 750 restaurants long term, but that includes France. It includes several Gulf Coast countries where we actually have a presence in that region with 30 restaurants already that perform pretty similar to our domestic business.

我們很高興地報告，正如我們所提到的，我們已簽署了幾份協議，從長遠來看，這些協議將累積超過 750 家餐廳的機會，但其中包括法國。其中包括幾個墨西哥灣沿岸國家，我們在該地區實際上已有 30 家餐廳，其表現與我們的國內業務非常相似。

And then we also have Australia as another new market that we signed. But in aggregate these opportunities roll up to the potential for over 750 restaurants, which are pretty exciting.

此外，我們還簽約了澳洲作為另一個新市場。但總體而言，這些機會將為超過 750 家餐廳帶來潛力，這是非常令人興奮的。

Great. Thank you.

偉大的。謝謝。

Thank you.

謝謝。

Andrew Charles, TD Cowen.

安德魯·查爾斯（Andrew Charles），TD Cowen 公司。

Great. Thank you. Sticking on the theme of comps, Michael, very helpful context on the way that you guys do this on a on a three year basis. If I kind of roll these three year trends, that you saw in 3Q that were great through 4Q and then 2025, it suggests that the mid single digit comps, for next year should be on track. Just want to make sure that I'm thinking about this kind of the right way that, after the great few years that you've seen here, mid-single digits is still the right way to think about 2025 and beyond.

偉大的。謝謝。堅持討論補償的主題，邁克爾，關於你們在三年內如何做到這一點，提供了非常有幫助的背景資訊。如果我把這三年的趨勢滾動起來，你會發現，第三季到第四季以及到 2025 年，這些趨勢都很好，這表明明年的中等個位數成長應該會步入正軌。只是想確保我以正確的方式思考這個問題，在經歷了幾年的輝煌之後，中位數仍然是思考 2025 年及以後的正確方式。

Andrew, I appreciate the question. I think what I would point to is the confidence we have in the strategies we're executing against and how we have highlighted several examples of just the amount of runway we have in front of us as it relates to these strategies we're executing, whether it's brand awareness, whether it's continuing to gain our fair share of chicken sandwich occasions, continuing to expand the delivery channel.

安德魯，我很感謝這個問題。我想指出的是，我們對正在執行的策略充滿信心，我們已經用幾個例子來說明我們面前還有多大的發展空間，這些空間與我們正在執行的策略有關，無論是品牌知名度，還是繼續獲得我們在雞肉三明治市場中的公平份額，還是繼續擴大配送管道。

And then we talked about the launch of My Wingstop, which we're really excited about. We have a pretty exciting, it's early innings still with My Wingstop, but we do have some pretty exciting proof points that are showing up and one that we would point to is we saw the highest level of new digital guest retention we've ever seen in the third quarter.

然後我們談到了 My Wingstop 的推出，我們對此感到非常興奮。我們有一個非常令人興奮的時刻，My Wingstop 仍處於早期階段，但我們確實有一些非常令人興奮的證據點正在出現，其中我們要指出的是，我們在第三季度看到了有史以來最高水平的新數位客戶保留率。

And it's showcasing how we're able to leverage that platform to lean into and invest in those new guest profiles that's allowing us to demonstrate some hyper personalization that's impacting the business. And, so long story short, we have confidence in the business. We're not here to guide to 2025. But I think we would just point to the fact that we see a lot of runway in the strategies we're executing against.

它展示了我們如何利用該平台來依賴和投資這些新客人資料，這使我們能夠展示對業務有影響的超個性化。長話短說，我們對這項業務充滿信心。我們並不是來指導 2025 年的。但我認為，我們只想指出一個事實，即我們在正在執行的策略中看到了很多潛力。

Okay. That's very helpful and very encouraged -- my second question, very encouraging to see the new store economics, the new store volumes, up $1.6 million. I mean, that's nearly a million dollars higher than when you guys went public roughly 10 years ago.

好的。這非常有幫助，而且非常鼓舞人心——我的第二個問題是，看到新店經濟效益、新店銷量成長 160 萬美元，我感到非常鼓舞。我的意思是，這比你們大約 10 年前上市時高出了近 100 萬美元。

So I'm just curious, do you see a ceiling on this or do you think that, just given the playbook you have in place, the ability for more third party delivery sales, the benefits of national advertising. Do you think this has more room to run higher?

所以我很好奇，您是否看到了這個方面的上限，或者您是否認為，僅僅考慮到您現有的劇本，更多的第三方交付銷售的能力，以及全國廣告的好處。您認為這還有進一步上漲的空間嗎？

Yeah, Andrew. I think we've got a lot of gas left in the tank if you will continue to drive growth. We reference this current year vintage, this 2024 vintage, obviously not a full year under our belt, but if you annualize how those restaurants are coming out of the gate, they're performing much stronger than that 2023 vintage that you referenced, which is really encouraging to see.

是的，安德魯。我認為，只要你繼續推動成長，我們就會擁有巨大的發展潛力。我們參考的是當前年份的葡萄酒，也就是 2024 年份的葡萄酒，顯然不是我們積累的整整一年的經驗，但如果你按年計算這些餐廳的起步表現，它們的表現要比你參考的 2023 年份強勁得多，這確實令人鼓舞。

And then I commented earlier how we did see this year across every single vintage, which includes that original Wingstop open 30 years ago, that's due in north of $4 million, we saw double digit same store sales growth across every single vintage. So we think there's a lot of runway in front of us to continue to drive growth and gives us confidence in our target that we set last quarter or revealed last quarter of a $3 million AUV.

然後我之前評論過，我們確實看到今年每個年份的銷售額，包括 30 年前開業的最初的 Wingstop，銷售額超過 400 萬美元，每個年份的同店銷售額都實現了兩位數的增長。因此，我們認為，我們面前還有很大的發展空間來繼續推動成長，這也讓我們對上個季度設定的目標充滿信心，或者說，上個季度公佈的 300 萬美元的 AUV 目標充滿信心。

Very helpful. Thank you.

非常有幫助。謝謝。

Sarah Senatore, Bank of America.

美國銀行的莎拉‧塞納托爾 (Sarah Senatore)。

Thank you. Actually a follow up first and then maybe a question. Follow up was just on the international those agreements. I think so that would put you those plus your existing store count, gets you like kind of a quarter of the way to the long term, 4,000 that I think you've put out there. I know that only recently put out there. So I'm not suggesting that you should revise it again.

謝謝。實際上首先要進行跟進，然後可能會提出問題。後續工作只是針對國際上的那些協議。我認為這樣可以將這些數字加上您現有的商店數量，這樣就完成了長期目標的四分之一，我認為您已經將 4,000 家商店投入其中。我知道這是最近才推出的。所以我並不是建議你再修改一次。

But I'm just curious, did that number contemplate all of these new findings because it, it seems like a pretty meaningful increase versus what you have on the ground now. And I'm just trying to understand, how conservative that long term guide is and then I give it a separate question, please.

但我只是好奇，這個數字是否考慮到了所有這些新發現，因為與現在的情況相比，這似乎是一個非常有意義的成長。我只是想知道這個長期指南有多保守，然後我再提出一個單獨的問題。

Hi Sarah, this is Alex. That number that we referenced 6,000 plus domestic units and outside the US 4,000 plus did contemplate the expansion we discussed today, but I think it also showcases and we have a plus sign for a reason on our targets that we haven't found the ceiling and we're still growing and expanding our presence across the markets. We're opening our UK market is a great example.

你好，莎拉，我是亞歷克斯。我們提到的 6,000 多家國內單位和 4,000 多家美國境外單位確實考慮到了我們今天討論的擴張，但我認為這也表明，我們在我們的目標上有一個加號，因為我們還沒有找到上限，我們仍在增長並擴大我們在市場上的影響力。我們正在開拓英國市場就是一個很好的例子。

We have over 50 restaurants and AEVs now are over $3 million in the market. They continue to showcase that same story when you stack the vintage, each vintage is comping and growing transaction growth. So I think as we've demonstrated in our past, we'll continue to reevaluate, but for now we want to put out a target that we have a high degree of confidence in hitting. And I think these markets that we just signed showcase that.

我們擁有超過 50 家餐廳，目前市場平均銷售額超過 300 萬美元。當你堆疊年份葡萄酒時，它們會繼續展示相同的故事，每個年份的葡萄酒都在不斷增加並且交易量不斷增長。因此我認為，正如我們過去所表明的那樣，我們將繼續重新評估，但現在我們希望提出一個我們有高度信心實現的目標。我認為我們剛剛簽署的這些市場就體現了這一點。

Certainly, yeah. Thank you. And then the question is about the, the partnership, with the NBA and I guess maybe more broadly, one of the things that it seemed like we saw this year in 2024 was like, this sort of step up in underlying volumes if I compare it to pre COVID, which I know it was a long time ago, kind of been, very consistently up kind of in that 95% range.

當然，是的。謝謝。然後問題是關於與 NBA 的合作，我想也許更廣泛地說，我們在今年（2024 年）看到的一件事是，如果我將其與新冠疫情之前相比，基礎交易量有所上升，我知道那是很久以前的事了，一直非常持續地上漲，在 95% 的範圍內。

And so I was just, I was trying to understand like is this -- what is this partnership mean? And is this sort of another opportunity for potentially a step change? I know your awareness has not grown as fast as your comps. But if you could just sort of give a little bit more insight into what you meant when you said that sort of unlock opportunities you haven't had before as we think about, again, drivers including visibility.

所以我只是試著去理解這是——這種合作關係意味著什麼？這是否是另一個可能實現重大變革的機會？我知道你的意識還沒有像你的同伴那樣成長得快。但是如果您可以更深入地解釋您所說的那種以前從未有過的解鎖機會的意思，當我們再次考慮包括可見性在內的驅動因素時。

Yeah, absolutely, Sarah. And we're really excited about this partnership with the NBA. It's a first for us, we think it fits perfectly within our strategy that we're executing and obviously to start at the top of the funnel, we think it's going to continue to help drive awareness.

是的，絕對是，莎拉。我們對與 NBA 的合作感到非常興奮。這對我們來說還是第一次，我們認為它完全符合我們正在執行的策略，而且顯然從漏斗的頂部開始，我們認為它將繼續幫助提高知名度。

But this partnership is going to be built on. As you pointed out a strong presence on TV already. But from there, we're going to be able to profile our brand in some pretty exciting events like the All Star Game. We're going to be able to own the green carpet event for the celebrity game and we're actually going to be able to have a presence in games. So think of the logo on the court or even outside of the arena.

但這種夥伴關係將會繼續發展。正如您所指出的，它在電視上已經具有很強的存在感。但從那時起，我們將能夠在一些非常令人興奮的賽事中塑造我們的品牌，例如全明星賽。我們將能夠擁有名人遊戲的綠地毯活動，並且我們實際上將能夠在遊戲中佔有一席之地。因此，請考慮一下球場上甚至競技場外面的標誌。

And in addition to that, it's going to allow us to unlock some social content series with the NBA as well as give us access to perhaps some custom TV spots that allow us to leverage NBA talent. And so as we think of the evolution of the brand of continuing to scale Wingstop and drive top of mind awareness for the brand, we think this is a pretty exciting evolution in our strategy.

除此之外，它還能讓我們與 NBA 合作解鎖一些社群內容系列，並讓我們能夠存取一些客製化電視廣告，以便我們能夠利用 NBA 的人才。因此，當我們思考品牌的演變，繼續擴大 Wingstop 的規模，並提高品牌的知名度時，我們認為這是我們策略中相當令人興奮的演變。

Thank you.

謝謝。

You're welcome.

不客氣。

Jim Salera, Stephens Inc.

薩萊拉（Jim Salera），Stephens Inc.

Yeah, thanks for taking our question. I wanted to ask if you guys would be able to potentially parse out, very strong volume trends. But if we can break that into a frequency of increasing frequency of existing customers versus new customers since there's still this huge awareness GAAP that you're closing and obviously the increase in advertising this year, I'm sure is bringing a lot of new people to the platform. So any details you could give on, how much of the volume is being driven by people coming more frequently versus new customers.

是的，感謝您回答我們的問題。我想問你們是否能夠分析出非常強勁的數量趨勢。但是，如果我們可以將其分解為現有客戶與新客戶增加的頻率，因為你正在關閉的 GAAP 意識仍然很高，而且今年的廣告顯然有所增加，我相信這會為該平台帶來很多新人。所以您可以提供任何細節嗎，有多少銷售量是由更頻繁光顧的顧客而不是新顧客推動的？

Hey, thank you for the question. I think that highlights another unique element of our strategies and our growth story is that, that growth, it's actually coming from both, which is pretty exciting. We're seeing an uptick in frequency and this is something that is pretty new for us this year. We've seen a pretty consistent frequency over my tenure with the brand and it's pretty exciting to see the profile of these new guests, the addition of chicken sandwich, the addition of channels or access points with the brand.

嘿，謝謝你的提問。我認為這凸顯了我們策略和成長故事的另一個獨特元素，那就是，這種成長實際上來自於兩者，這非常令人興奮。我們看到頻率上升，這對我們來說是今年相當新的事情。在我任職品牌期間，我們看到了相當一致的頻率，看到這些新客人的資料、雞肉三明治的增加、品牌管道或接入點的增加，我感到非常興奮。

And then our advertising are all helping drive frequency, but then it's also helping us acquire a lot of new guests. We continue to set records quarter after quarter on new guest acquisition.

我們的廣告不僅有助於提高訪客頻率，還幫助我們吸引大量新客人。我們每季都在不斷創下新客人吸引紀錄。

And so it's a combination of both of those things that are fueling this industry leading growth, which is pretty remarkable to think about, our reiteration of our outlook this year of approximately 20% and not only is that number impressive by itself, but it also sets us up for our 21 consecutive year of same store sales growth. There's just nobody else out there doing that.

因此，正是這兩方面的因素共同推動了這一行業領先的增長，這是非常了不起的，我們重申今年約 20% 的預期，不僅這個數字本身令人印象深刻，而且還為我們連續 21 年實現同店銷售額增長奠定了基礎。只是沒有其他人能做到這一點。

Yeah, I appreciate the context on. Maybe one more to just try to double click on. If we talk about the increasing frequency, is that primarily driven by mix and you're seeing more boneless or sandwich customers who have a higher frequency or are you also seeing the traditional bone in wing customer purchasing with greater frequency just as the awareness is out there more.

是的，我很欣賞這背景。也許只需再嘗試雙擊即可。如果我們談論頻率的增加，這主要是由組合驅動的嗎？

Hi Jim, this is Alex. Actually, we're seeing both growth in the classic wings and the boneless business. And as we think about it, we step back from our brand health and our funnel metrics awareness is increasing and moving up year over year, we're seeing consideration grow and then that purchase intent as the consumer becomes aware of us.

嗨，吉姆，我是亞歷克斯。實際上，我們看到經典雞翅和無骨雞翅業務都在成長。當我們思考這個問題時，我們會回顧我們的品牌健康狀況，我們的通路指標意識正在逐年提高和上升，我們看到考慮度在增長，然後隨著消費者意識到我們，購買意向也在增長。

And then we talked about this over prior calls on what we measure more broadly across the industry, we see consumers prioritizing brands that are going to deliver on quality and value. And we're seeing growth in those metrics for our consumers specifically. And we think we're right in that sweet spot of those guess expectation and frankly, another area that we see in frequencies are growth in across all income cohorts in our database are seeing frequency growth as of the last quarter.

我們在先前的電話會議中討論了我們對整個行業進行更廣泛衡量的標準，我們發現消費者優先考慮那些能夠提供高品質和高價值的品牌。我們看到，針對消費者的這些指標正在成長。我們認為我們正處於這些猜測預期的最佳點，坦白說，我們在頻率中看到的另一個領域是，截至上個季度，我們資料庫中所有收入群體的頻率都在增長。

Great. Appreciate all the color guys. I'll hop back in the queue.

偉大的。感謝所有的色彩人。我將重新回到隊列中。

Brian Harbour, Morgan Stanley.

摩根士丹利的布萊恩哈伯 (Brian Harbour)。

Thanks. Good morning guys. Just looking at the company owned store margins quickly the food cost I see there has kind of gone from like low to mid 30% to mid to high 30% range.

謝謝。大家早安。只要看一下公司自有商店的利潤率，我發現食品成本已經從 30% 的低點到中點上漲到了 30% 的中點到高點。

And I guess is that sort of consistent with your system or not. And is that kind of what you expect going forward? And then I guess related to that, like given that wing prices have moved higher, do you contemplate a bit higher price near term or are you sort of happy with that range right now?

我猜這是否與你的系統一致。這就是您對未來的期望嗎？然後我想與此相關的是，鑑於機翼價格已經上漲，您是否考慮在短期內將價格提高一點，或者您對目前的這個價格範圍感到滿意？

Good morning, Brian. Just the club for company restaurants specifically before I address food costs, we did have a little bit of noise related to three restaurant acquisitions we made in the Dallas market that we expect to carry in a bit into quarter four. And that relates to training labor and R&M expenses that we have to set those restaurants up for the long term and catch up some things.

早安，布萊恩。在我解決食品成本問題之前，特別是在公司餐廳俱樂部，我們確實聽到了一些與我們在達拉斯市場進行的三家餐廳收購有關的聲音，我們預計這些收購將持續到第四季度。這與培訓勞動力和研發維護費用有關，我們必須長期開設這些餐廳並趕上一些事情。

But to address your question on food costs, it did deliver upon our expectations. And last quarter is a good example of the effectiveness of our supply chain strategy. We saw the spot market on wings move past $2.25 per pound. And historically, when our buy was anchored to that weekly spot market purchase, our food costs would have been 5 basis points to 600 basis points higher than what we reported last quarter for the company restaurants of 37%. So we're really excited about this.

但對於您關於食品成本的問題，它確實滿足了我們的期望。上個季度就很好地證明了我們的供應鏈策略的有效性。我們看到雞翅現貨市場價格突破每磅 2.25 美元。從歷史上看，當我們的採購以每週現貨市場採購為基礎時，我們的食品成本將比上個季度報告的公司餐廳 37% 的成本高出 5 個基點到 600 個基點。所以我們對此感到非常興奮。

The excitement is felt among our brand partners. And to answer a question on the brand partner food costs, they're actually seeing a food cost as 300 basis points lower than what the company restaurants are averaging purely based on their higher bonus mix relative to the company average. So that excitement is translated as Michael mentioned into a record pace in our development pipeline.

我們的品牌合作夥伴也感受到了這種興奮。回答關於品牌合作夥伴食品成本的問題，他們實際上看到的食品成本比公司餐廳的平均成本低 300 個基點，這純粹是基於相對於公司平均水平更高的獎金組合。正如邁克爾所提到的那樣，這種興奮轉化為我們開發流程的創紀錄速度。

Okay, thanks. And your SG&A guide is the change that really just incentive comp driven? Is there anything else that sort of varied versus plan there and I don't know if you have any thoughts on what that kind of looks like next year yet.

好的，謝謝。您的銷售、一般及行政開支指南的變化真的只是由激勵補償推動的嗎？還有其他類似的計劃嗎 我不知道您是否對明年的計劃有什麼想法。

That's correct, Brian, it's purely based on the performance adjustments associated with our stock based compensation that you saw in the guidance update for both our stock comp as well as our SG&A. Despite even with those investments, though we are showing leverage year over year SG&A as a percent of system sales was 2.8%.

沒錯，布萊恩，這純粹基於與我們的股票薪酬相關的績效調整，您在我們的股票薪酬以及銷售、一般及行政費用的指導更新中看到了這種調整。儘管進行了這些投資，但我們顯示，銷售、一般及行政開支佔系統銷售額的百分比比去年同期上升了 2.8%。

And then our guidance would imply about a rate of about 2.6% this year. And so I think we're going to continue to invest in our strategies and the long term growth aspirations in our business, but you'll see us also continue to kind of gain leverage over time.

那麼我們的指導就意味著今年的利率約為 2.6%。因此，我認為我們將繼續投資於我們的策略和業務的長期成長願望，但你會看到我們隨著時間的推移也會繼續獲得槓桿作用。

Danilo Gargiulo, Bernstein.

達尼洛·加吉洛，伯恩斯坦。

Thank you. Can you please talk about the actual pipeline for both domestic and international stores that you have visibility on to? And maybe can you share your updated view on the split stores given the success of the model that you've seen in the US. Thank you.

謝謝。您能否談談您所了解的國內和國際商店的實際管道？鑑於您在美國看到的分拆商店模式的成功，您能否分享一下您對分拆商店的最新看法？謝謝。

Hey, Danielo, can you repeat the last part of your question, please? Our phone broke up over here.

嘿，丹尼爾洛，你能重複一下你問題的最後部分嗎？我們的電話在這邊壞了。

Yeah. Sorry. Yeah. What is your updated view on split stores, given that you're seeing some great successes in development in the United States.

是的。對不起。是的。鑑於您看到分體商店在美國的發展取得了一些巨大成功，您對分體商店的最新看法是什麼？

What do you mean by split stores? I'm sorry.

拆分商店是什麼意思？對不起。

Those stores that are open in innovation to (inaudible) existing stores already. So any cannibalization threats that you see in strategy?

那些已經對（聽不清楚）現有商店開放創新的商店。那麼您認為戰略中存在任何蠶食威脅嗎？

Okay. I'm getting into those strategy. No, I think we mentioned it earlier on the call the pipeline we have today. It's as strong as it's ever been. There's significant amount of demand for growth from our existing brand partners in the US. And I think one of the testaments that we've said before that remains the same as 95% of the restaurants, we open our existing brand partners reinvesting and so we'll update that pipeline at the end of the year on the exact count.

好的。我正在了解這些策略。不，我想我們之前在電話會議中提到過我們今天的管道。它和以前一樣強大。我們在美國現有的品牌合作夥伴有著龐大的成長需求。我認為我們之前說過的其中一條原則與 95% 的餐廳相同，我們會對現有的品牌合作夥伴進行再投資，因此我們會在年底更新確切的數量。

But when you combine that obviously with these new markets for international, the pipeline is really, really strong. Now, if you take a step back on our updated unit opportunity, we see in the US that we provided last quarter of roughly 6,000 or more restaurants, we actually built playbooks that are down to trade area specific identified site locations that ladder up to that overall unit opportunity we see in the US and we contemplated that development strategy in conjunction with our new AUV target of $3 million.

但當你將其與這些新的國際市場結合時，其管道就會變得非常非常強大。現在，如果回顧我們更新後的單位機會，我們會發現，我們在美國上個季度提供了大約 6,000 多家餐廳，我們實際上製定了劇本，這些劇本細分為特定的貿易區域，確定了站點位置，這些位置逐漸上升到我們在美國看到的整體單位機會，並且我們結合新的 300 萬美元 AUV 目標考慮了這一發展戰略。

And so I think both of those were that exercise in the work was completed in conjunction with one another. And so we feel confident in continuing to improve our unit economics for our brand partners, which will inherently fuel continued industry leading unit growth.

所以我認為這兩項工作都是互相配合完成的。因此，我們有信心繼續為我們的品牌合作夥伴提高單位經濟效益，這將推動行業持續領先的單位成長。

Thank you. And earlier, you mentioned that you have a lot of gas in the tank also beyond 2024. So what is the trend and the lever that you're most excited about specifically for 2025?

謝謝。而且之前您提到，2024 年以後，您的油箱裡還有大量的汽油。那麼，對於 2025 年來說，您最興奮的趨勢和槓桿是什麼？

I think for 2025 it's really no different in the strategies we've been executing this year and the amount of runway we have and it's not just one component of the strategy. It's how these strategies work in concert with one another and really kind of fuel each other that give us a lot of excitement and a lot of confidence in our ability to continue to scale AUVs to $3 million over time.

我認為對於 2025 年來說，我們今年執行的策略和我們擁有的跑道數量沒有什麼不同，而且它不僅僅是策略的一個組成部分。這些策略如何協同工作並真正相互促進，讓我們感到非常興奮，並且對我們有能力隨著時間的推移繼續將 AUV 擴大到 300 萬美元充滿信心。

It's pretty remarkable to think. We just celebrated last quarter, achieving our 2 million AUV target and we're already above 2.1 million quarter later. So I think it just speaks to the effectiveness of our strategies and our excitement.

想想真是令人驚奇。我們剛剛慶祝了上個季度實現了 200 萬 AUV 的目標，而本季之後我們的 AUV 已經超過了 210 萬。所以我認為這說明了我們策略的有效性和我們的興奮之情。

Andy Barish, Jefferies.

傑富瑞 (Jefferies) 的安迪巴里什 (Andy Barish)。

Hey guys. Excuse me. Wondering if you can kind of quantify a little bit more the, maybe the TRP growth, I assume it's, in '24 relatively in line with the kind of approaching 40% system sales growth. But, if you kind of look out to '25 is there anything different kind of the way it tracks versus system sales growth? Does the NBA sponsorship kind of maybe divert a few dollars from the regular, sort of marketing, weights or anything like that that we should be aware of?

嘿，大家好。打擾一下。想知道您是否可以更進一步量化，也許是 TRP 成長，我認為它在 24 年與接近 40% 的系統銷售成長相對一致。但是，如果你展望 25 年，它的追蹤方式與系統銷售成長方式有何不同？NBA 贊助是否會從常規行銷、稱重或類似我們應該注意的類似活動中分流一些資金？

Hey, thank you. Thank you, Andy for the question. It's interesting, we don't really look at it on a TRP basis anymore when you combine streaming and some of the other platforms where we invest our media dollars, it's a little difficult to just look at it on a TRP basis because it's not comparable.

嘿，謝謝你。謝謝安迪提出這個問題。有趣的是，當你將串流媒體和我們投資媒體資金的其他一些平台結合起來時，我們實際上不再以 TRP 為基礎來看待它了，僅僅以 TRP 為基礎來看待它有點困難，因為它們無法比較。

But what I would say is we're on a heck, we look at it by spots. And we're on a heck of a lot more spots this year than we were last year. And I wouldn't say this NBA sponsorship really diverts any dollars away from continuing to invest in more placements on live sports.

但我想說的是，我們處境艱難，我們根據情況來判斷。與去年相比，今年我們的地點多了許多。而且我不會說這項 NBA 贊助確實會分散我們對繼續投資更多體育直播節目的資金。

It really just helps enhance that and I think, bring us more front and center within the NBA programming that we're pretty excited about and it will all feed back to the opportunity we have around continuing to scale awareness.

它確實有助於增強這一點，而且我認為，讓我們在 NBA 節目中處於更突出的位置，這讓我們非常興奮，而這一切都將反饋到我們在繼續提高知名度方面所擁有的機會。

But I think looking at system sales, obviously, it's a one for one increase in our ad fund dollars. But obviously we get a little bit of efficiency on those dollars as we get bigger and bigger as well. So have been able to lean in a bigger way as we continue to scale the brand.

但我認為，從系統銷售來看，顯然我們的廣告資金是一比一增加的。但顯然，隨著我們規模越來越大，這些資金的利用效率也提高了。因此，隨著我們繼續擴大品牌規模，我們能夠以更大的方式向前邁進。

Well. And then one quick follow up on food costs. That the 37% is kind of see an increase during the year, it just to help us understand a little bit on supply chain. Is there, some lag kind of a quarter lag or so just relative to the spike in wing cost that you guys absorb a little bit of it, obviously not the same as historically. And then how do we think about the 4Q, company owned food costs relative to that 3Q level, please?

出色地。然後快速跟進食品成本。37% 是年內的成長，這有助於我們了解供應鏈。是否存在一些滯後，例如四分之一左右的滯後，相對於機翼成本的飆升，你們會吸收一點，這顯然與歷史上的情況不同。那麼，我們如何看待第四季公司自有食品成本相對於第三季的水平呢？

Andy there's a slight perhaps lag in our food cost. So what you saw in Q3 was likely the peak for the year. So to anticipate in Q4, we stepped down a little bit more in food cost for company restaurants, but I did flag as well though that there are some additional investments on training labor and repair maintenance expenses that will flow into Q4 from the acquisitions we made. That's a bit unique to company restaurants specifically as you know.

安迪，我們的食品成本可能略有滯後。因此，您在第三季看到的情況很可能是今年的最高峰。因此，預計在第四季度，我們將稍微降低公司餐廳的食品成本，但我也指出，我們在培訓勞動力和維修維護費用方面的一些額外投資將從我們的收購中流入第四季度。如您所知，這對於公司餐廳來說是比較獨特的。

Okay, thanks guys.

好的，謝謝大家。

Jeff Farmer, Gordon Haskett.

傑夫法默、戈登哈斯凱特。

Thank you. I'm just following up on Andy's question and Sarah's from earlier as well about advertising. So just big picture, what comes next for a national advertising fund that is growing at that 40% clip. Obviously, the NBA is coming there. You've basically got to that always on media strategy a couple of years ago. But what are some of the more aspirational things you guys are looking at on the marketing front over the next couple of years?

謝謝。我只是在跟進安迪和莎拉之前關於廣告的問題。那麼從整體來看，以 40% 的速度成長的全國性廣告基金下一步會怎麼樣呢？顯然，NBA 正在走向那裡。幾年前，您基本上已經在媒體策略上做到了這一點。但是，在未來幾年裡，你們在行銷方面最有抱負的目標是什麼？

Yeah, it's a great question, Jeff. We do think we are showcasing breakthrough creative and I think we give a much bigger impression that we're on more than we actually are. We're up meaningfully over last year, but we're still not on every game. And if we are in a game, it's still a spot or two a game.

是的，傑夫，這是一個很好的問題。我們確實認為我們正在展示突破性的創意，而且我認為我們給人留下的印像比實際情況要深刻得多。與去年相比，我們的成績有了顯著提高，但我們仍然沒有在每場比賽中都表現出色。如果我們參加一場比賽，每場比賽仍然會有一個或兩個得分。

So there's still a lot more awareness, driving runway in front of us on our current strategy. But I think the NBA sponsorship is a great example of how we can continue to evolve, continue to lean in and drive brand awareness through the size and growth we're experiencing in our ad fund.

因此，我們還需要更多的認識來推動當前策略的發展。但我認為 NBA 贊助是一個很好的例子，說明我們如何能夠不斷發展、不斷向前邁進，並透過我們廣告基金的規模和成長來提升品牌知名度。

So I would say more of that but yet our current tactics which are proving to be highly effective continue to have a fair amount of runway associated with each of them.

所以我想說更多，但是我們的現行策略已被證明是非常有效的，並且每個策略仍然有相當長的發展空間。

Okay. And just an unrelated follow up, you guys touched on it a little bit on the international front but unit level economics with those international units, obviously the US economics are as good as they get. But can you give us or give us some context as to what type of cash and cash return your international franchisees are seeing with those units?

好的。再問一個不相關的問題，你們剛才稍微談到了國際方面的問題，但從單位層級的經濟學來看，這些國際單位顯然是美國經濟最好的一面。但是您能否向我們提供一些背景信息，說明您的國際特許經營商從這些單位獲得的現金和現金回報類型？

Yeah, you hear us talk about the UK and the 50 restaurants there a lot. And I would say Jeff that the cash on cash returns, the unit economics are very similar to those that we experience here in the US, maybe a little bit higher buildout cost. But when you look at the AUVs that Alex mentioned earlier north of $3 million the cash on cash returns are really strong there.

是的，你經常聽我們談論英國和那裡的 50 家餐廳。我想告訴傑夫，現金報酬率、單位經濟與我們在美國經歷的非常相似，可能建設成本稍微高一點。但是，當您查看亞歷克斯之前提到的超過 300 萬美元的 AUV 時，您會發現那裡的現金回報率確實很強勁。

And Jeff just to add as well. Markets that have reached near their 10 year development agreement have each re up to double the size of their footprint and their markets showcasing the returns they're seeing.

傑夫也補充一下。已達成近 10 年發展協議的市場均已將其足跡擴大一倍，其市場也展現了所見的回報。

And just last one. I know I'm sort of pushing the envelope here, but 330 some odd international units right now, where do you guys think you need to get to before you start reporting comps for those units consistently.

只剩最後一個了。我知道我在這裡有點超出界限，但是現在有 330 多個國際單位，你們認為在開始持續報告這些單位的業績之前，需要達到什麼水平。

Even though in aggregate, it's a decent sized number, close to 350 I think, each market or each territory is at a pretty different phase in its growth cycle. So I think we want to see still a little bit more scale and a little bit more representative demonstration of the overall health of the business before we start breaking that out. But it's something that's on our radar and we hear investors and analysts loud and clear.

儘管從總體上看，這是一個相當大的數字，我認為接近 350，但每個市場或每個地區在其成長週期中都處於相當不同的階段。因此，我認為，在我們開始詳細闡述這一點之前，我們希望看到更大規模、更具代表性的整體業務健康狀況的展示。但這是我們關注的問題，我們也清楚地聽到了投資人和分析師的呼聲。

Okay. Thank you.

好的。謝謝。

Gregory Francfort, Guggenheim.

古根漢的格雷戈里·弗蘭克福特。

Hey, thanks for the question. I just want to ask maybe about that G&A and if I look the last two years revenue is up 80% G&A is up 80%. And as I kind of think about maybe the opportunity to leverage that going forward, how are you thinking about the growth rate for that line item?

嘿，謝謝你的提問。我只是想問一下有關 G&A 的問題，如果我看一下，過去兩年的收入增長了 80%，G&A 增長了 80%。當我思考也許有機會利用這一優勢向前發展時，您如何看待該專案的成長率？

And then maybe just as a follow up to that, if you guys count 5% or 10% or 15$, how sensitive will the G&A line be to? What could be a pretty wide scenario of things for sales outlook possibilities next year? Thanks.

然後也許只是作為後續問題，如果你們計算 5％ 或 10％ 或 15 美元，G&A 線的敏感度是多少？明年銷售前景的可能性有多高？謝謝。

Good morning Greg. What you're seeing in SG&A is us investing in the long term scaling capabilities in areas whether it's in international to invest ahead of growth, technology the investments we're making there, and then we have had some adjustments connected to the performance, this industry leading performance we've delivered are related to incentive based compensation.

早安，格雷格。您在銷售、一般及行政開支中看到的是，我們投資於各個領域的長期擴展能力，無論是在國際領域進行增長前的投資，還是在技術方面，我們都在進行投資，然後我們對業績進行了一些調整，我們所實現的行業領先業績與激勵性薪酬有關。

But as I mentioned, that is showing our G&A outlook that we have for this year is showing leverage relative to where we were last year. And if you trace back five years ago, we were probably in the more of that low 3% range as a percent of systemwide sales.

但正如我所提到的那樣，這表明我們今年的 G&A 前景相對於去年具有槓桿作用。如果追溯到五年前，我們的系統銷售佔比可能處於 3% 左右。

If you take -- and just to give you additional context for what we're delivering, if you take the top line guidance, we provided this quarter and couple that with the expense guidance, we also provided an outlook for that would imply an approximately 42% rate for adjusted EBITDA growth and that's on top of a prior year in 2023 that it delivered adjusted EBITDA growth of 38%. We believe that's an industry leading profit picture that we provided and shows the sustainability of the results we're driving.

如果您接受——只是為了讓您更了解我們提供的內容，如果您接受我們本季提供的營收指引，再加上費用指引，我們也提供了一個前景，這意味著調整後的 EBITDA 成長率約為 42%，這是在 2023 年實現的 38% 調整後 EBITDA 成長率的基礎上的。我們相信，我們提供的利潤圖景在業界處於領先地位，並且表明我們所推動的成果具有永續性。

Thank you.

謝謝。

Christine Cho, GS.

Christine Cho，GS。

Hi. Thank you for taking my questions. So, Alex, I think you mentioned in your comments that the majority of your new units are being developed by existing brand partners.

你好。感謝您回答我的問題。所以，亞歷克斯，我想你在評論中提到，你的大多數新單位都是由現有的品牌合作夥伴開發的。

And I'm just trying to understand whether this has been a meaningful factor in accelerating the new store ramp compared to the past. And are your partners seeing increased synergies between their stores as they go from a handful of stores maybe three, four years ago to nine now and probably again, a lot higher in a few years.

我只是想知道與過去相比，這是否是加速新店擴張的一個有意義的因素。您的合作夥伴是否看到他們的商店之間的協同效應增強，因為他們的商店數量從三、四年前的幾家增加到現在的九家，並且可能在幾年後再次大幅增加。

So, yeah, just trying to gauge the impact of a more experienced and scaled kind of brand partner base on your long term AUV and unit growth. Thank you.

所以，是的，只是試圖衡量更有經驗和規模的品牌合作夥伴對您的長期 AUV 和單位成長的影響。謝謝。

Thanks for the question, Christine. Good morning. I think we -- Michael called this out in his prepared remarks earlier, we had over 70 different brand partners open a restaurant this year which I think is pretty unique in a franchise system relative to others out there.

謝謝你的提問，克里斯汀。早安.我想我們——邁克爾在之前的準備好的演講中提到了這一點，今年我們有超過 70 個不同的品牌合作夥伴開設了餐廳，我認為這在特許經營體系中相對於其他體系來說是相當獨特的。

And what that showcases there's brand partners of all size and scale that are growing with Wingstop and interested in adding more Wingstop’s to their portfolio. So we're seeing five years operators scale to 15, 15 unit operators scale to 30 restaurants which drives this number of 95% of our growth coming from existing brand partners and translated into this record pace of pipeline that we're seeing.

這表明，各種規模的品牌合作夥伴都在與 Wingstop 共同成長，並有興趣將更多 Wingstop 添加到他們的產品組合中。因此，我們看到五年內運營商規模擴大到 15 家，15 家單位運營商規模擴大到 30 家餐廳，這推動了我們 95% 的增長來自現有的品牌合作夥伴，並轉化為我們看到的創紀錄的渠道增長速度。

Brian Vaccaro, Raymond James.

布萊恩·瓦卡羅、雷蒙·詹姆斯。

Hi, thanks. Just two quick ones for me. I'm following up on margins. Alex, what was the year on year bone in wing inflation in the third quarter? And could you just level set us on your fourth quarter COGS and maybe company store margin expectations?

嗨，謝謝。我只想問兩個問題。我正在跟進利潤情況。亞歷克斯，第三季機翼內骨膨脹率年比是多少？您能否為我們介紹一下第四季度的銷貨成本以及公司商店利潤率的預期？

Hi, Brian. Yeah, I think that's a great example of what we've been able to navigate and the effectiveness of our supply chain strategy. We had a peak window this year where the inflation was more than 200% in the last quarter. It was over 100% inflation on that spot market wing price.

你好，布萊恩。是的，我認為這是我們能夠駕馭的以及我們的供應鏈策略的有效性的一個很好的例子。今年最後一個季度的通貨膨脹率達到了頂峰，超過 200%。現貨市場機翼價格的通貨膨脹率超過了 100%。

And we were able to navigate that by with the strategies we're executing on supply chain. I mentioned earlier that we do anticipate that food costs would step down a little bit into the fourth quarter.

我們能夠透過在供應鏈上執行的策略來解決這個問題。我之前提到過，我們確實預計食品成本在第四季會略有下降。

And I think more importantly beyond the company food costs is that our brand partners are seeing a food cost that's 300 basis points better than what our company restaurants reported, which is incredibly exciting for us and what they're seeing that's further strengthening their returns.

我認為，除了公司食品成本之外，更重要的是，我們的品牌合作夥伴看到的食品成本比我們公司餐廳報告的要低 300 個基點，這對我們來說非常令人興奮，他們看到的也進一步提高了他們的回報。

Okay. Thank you. And then more broadly just in light of the more intense industry value environment, including many large QSRs pushing meal deals and the like, I'm curious if you've seen any changes in your customer order patterns or frequency and just how you think about your broader value posture heading into year end. Thank you.

好的。謝謝。然後從更廣泛的角度來看，僅鑑於更加激烈的行業價值環境，包括許多大型 QSR 推廣套餐等，我很好奇您是否看到客戶訂購模式或頻率發生了任何變化，以及您如何看待年底的更廣泛的價值態勢。謝謝。

Yeah, Brian, I would say first and foremost, we're pretty encouraged by what we see in our business. We referenced it earlier, how we saw growth in every single cohort as we cut the data.

是的，布萊恩，我想說，首先，我們對我們業務中看到的情況感到非常鼓舞。我們之前提到過，當我們剪切數據時，我們看到每個群體都在成長。

In addition to that, we continue to measure really strong levels in quality and value And we've said this before, but our disciplined approach to pricing, we think has paid dividends for us. And so we believe we're well positioned to navigate this environment and feel confident in our ability to deliver another record year for the brand.

除此之外，我們繼續衡量品質和價值的真正強大水平，我們之前已經說過這​​一點，但我們認為，我們對定價的嚴謹方法已經為我們帶來了回報。因此，我們相信，我們有能力應對這種環境，並有信心為該品牌再創紀錄。

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

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