Wingstop Inc (WING) 2024 Q4 法說會逐字稿

Good morning, ladies and gentlemen, and thank you for standing by. Welcome to the Wingstop fiscal fourth-quarter and full-year 2024 earnings conference call. (Operator Instructions) Please note that this conference is being recorded today, Wednesday, February 19, 2025.

女士們、先生們，早安，謝謝大家的支持。歡迎參加 Wingstop 2024 財年第四季和全年財報電話會議。(操作員指示)請注意，本次會議將於今天，即 2025 年 2 月 19 日星期三進行錄製。

On the call today are Michael Skipworth, President and Chief Executive Officer; Alex Kaleida, Senior Vice President and Chief Financial Officer; and Kristen Thomas, Senior Manager of Investor Relations. I would now like to turn the conference over to Kristen. Please go ahead.

今天參加電話會議的有總裁兼執行長 Michael Skipworth；資深副總裁兼財務長 Alex Kaleida；以及投資者關係高級經理克里斯汀·托馬斯（Kristen Thomas）。現在我想將會議交給克莉絲汀。請繼續。

Thank you, and welcome to the fiscal fourth-quarter and full-year 2024 earnings conference call for Wingstop. Our results were published earlier this evening and are available on our Investor Relations website at ir.wingstop.com.

謝謝您，歡迎參加 Wingstop 2024 財年第四季和全年財報電話會議。我們的業績已於今晚早些時候公佈，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 condition.

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 ask that you please each keep to one question and a follow-up to allow as many participants as possible to ask a question.

最後，在問答環節，我們要求每個人只提出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, Kristen, and good morning. We appreciate everyone joining our call. Before discussing our results, I want to take a moment to acknowledge those affected by the devastation from the wildfires in Southern California. California has always been a special place for Wingstop, where we have several hundred Wingstop restaurants and millions of fans.

謝謝你，克里斯汀，早安。我們感謝所有人參加我們的電話會議。在討論我們的結果之前，我想花點時間向那些受到南加州野火破壞影響的人們表示感謝。加州對 Wingstop 來說一直是一個特別的地方，我們在這裡擁有數百家 Wingstop 餐廳和數百萬粉絲。

Our thoughts and prayers go out to those impacted. Tragic events like this can have a profound impact on entire communities. To help support those in need and in partnership with the American Red Cross, during the month of February, we will match contributions made through our Round-Up program, dollar for dollar, up to $500,000. We also extend our deepest gratitude to the first responders, who have worked heroically and tirelessly to protect our communities.

我們向那些受到影響的人表示慰問和祈禱。此類悲劇事件可能會對整個社區產生深遠影響。為了幫助那些需要幫助的人，並與美國紅十字會合作，在二月份，我們將透過我們的 Round-Up 計劃以一比一的方式匹配捐款，最高金額為 500,000 美元。我們也向第一批救援人員表達最深切的感謝，他們英勇而不知疲倦地工作以保護我們的社區。

Now on to our results. 2024 was another record year, surpassing our industry-leading year in 2023 that showcases the category of one in which we operate. We achieved record top- and bottom-line results, extending our unprecedented streak of 21 consecutive years of same-store sales growth.

現在來看看我們的結果。 2024 年是另一個創紀錄的年份，超越了 2023 年的行業領先年份，展示了我們營運的類別。我們實現了創紀錄的營業收入和淨利潤，延續了連續21年同店銷售額成長的史無前例的紀錄。

For fiscal 2024, domestic same-store sales grew by 19.9%, primarily driven by transactions. And that translates to a two-year stacked comp of 38%. We opened a record 349 net new restaurants delivering a 15.8% unit growth. And we grew system-wide sales by 36.8% to $4.8 billion.

2024 財年，國內同店銷售額成長 19.9%，主要得益於交易。這意味著兩年的累計收益為 38%。我們創紀錄地開設了 349 家新餐廳，單位成長率為 15.8%。我們的全系統銷售額成長了 36.8%，達到 48 億美元。

Adjusted EBITDA increased 44.8% to $212 million. Our fourth-quarter results were strong. We opened 105 net new restaurants in the quarter and delivered 10.1% same-store sales growth, a comp that continues to be driven primarily by transaction growth.

調整後 EBITDA 成長 44.8% 至 2.12 億美元。我們的第四季業績強勁。我們在本季淨開設了 105 家新餐廳，同店銷售額成長 10.1%，這一成長仍主要受交易成長的推動。

Digital sales mix increased to 70%. Adjusted EBITDA increased 44% to $56.3 million. These results are a demonstration of the success and staying power of our strategies, which continue to fuel demand for growth in all facets of our business.

數位銷售佔比增加至 70%。調整後 EBITDA 成長 44% 至 5,630 萬美元。這些結果證明了我們策略的成功和持久力，這些策略繼續推動我們業務各個方面的成長需求。

In 2024, we saw double-digit transaction growth and an increase in frequency with our digital guests, which is the first time this has happened in my 10 years here at Wingstop. I believe the underlying health of the Wingstop business is as strong as it's ever been, yet we feel like we are just getting started.

2024 年，我們的數位客人交易量實現了兩位數成長，頻率也有所增加，這是我在 Wingstop 工作 10 年來第一次出現這種情況。我相信 Wingstop 業務的基本健康狀況一如既往地強勁，但我們感覺我們才剛起步。

I want to acknowledge and thank our passionate team members in the restaurant and our global support center, our brand partners, and our supplier partners. Without them, these results would not be possible.

我要感謝我們餐廳、全球支援中心、品牌合作夥伴和供應商合作夥伴的熱情團隊成員。如果沒有他們，這些成果就不可能實現。

Within the industry-leading results in 2024, we surpassed our previous target of $2 million average unit volumes, a target set just over two years ago. As we have scaled, we took an opportunity in 2024 to re-evaluate the global opportunity for Wingstop. Based on this effort, we established new long-term targets for both AUVs and global units. We believe we can grow AUVs to $3 million and scale our global unit count to over 10,000 restaurants.

在 2024 年領先業界的業績中，我們超越了兩年前設定的 200 萬美元平均單位銷售的目標。隨著規模的擴大，我們抓住 2024 年的機會重新評估 Wingstop 的全球機會。基於此努力，我們為 AUV 和全球單位制定了新的長期目標。我們相信，我們可以將平均新車銷售金額增加至 300 萬美元，並將全球門市擴大到 10,000 多家餐廳。

As I reflect back over the last couple of years, Wingstop has transformed into a brand with scale, creating greater capacity to invest behind our strategies. While the consumer is facing tough choices when it comes to restaurant occasions, they also are recognizing the quality and value proposition Wingstop delivers. And yet, we still believe we're the largest brand no one has heard of.

回顧過去幾年，Wingstop 已發展成為一個具有規模的品牌，為我們的策略投資創造了更大的能力。當消費者在選擇餐廳時面臨艱難的選擇時，他們也意識到 Wingstop 所提供的品質和價值主張。然而，我們仍然相信，我們是無人知曉的最大品牌。

With system-wide sales of over $4.8 billion, we now have an ad fund budget that has greater scale, enabling us to show up in a meaningful way to bring awareness to that indulgent Wingstop occasion. We are building brand awareness at a steady pace, increasing by a low single-digit percentage in the past couple of years. But our gap remains at over 20% to more mature brands. Our opportunity is significant to bring Wingstop into more households and attract new lifelong fans into the brand.

全系統銷售額超過 48 億美元，我們現在擁有更大規模的廣告基金預算，這使我們能夠以有意義的方式出現，讓人們意識到 Wingstop 的盛大場合。我們正在穩步建立品牌知名度，在過去幾年中以低個位數的百分比成長。但我們與較成熟品牌的差距仍在20%以上。我們的機會十分重要，可以將 Wingstop 帶入更多家庭，並吸引新的終身粉絲關注該品牌。

Consistent with previous years, in 2025, we are laser-focused on executing our multiyear sales strategies to move us closer to our $3 million AUV target. Our strategies consist of scaling brand awareness, driving menu innovation, expanding our delivery channels, leveraging data-driven marketing, and continuing our digital transformation.

與往年一致，2025 年，我們將專注於執行多年銷售策略，以使我們更接近 300 萬美元的 AUV 目標。我們的策略包括擴大品牌知名度、推動菜單創新、拓展交付管道、利用數據驅動行銷以及持續數位轉型。

It's clear to see the impact our strategies are having on our business. From a brand health standpoint, we are seeing improvements in quality, value, consideration, and purchase intent scores, finishing 2024 at record levels. Over the past two years, our brand partners and restaurant team members have been focused on operating with excellence. And our internal scores, along with our transaction growth, showcase the impact we are having.

我們的策略對業務的影響是顯而易見的。從品牌健康的角度來看，我們看到品質、價值、考慮和購買意向得分都在提高，並在 2024 年達到創紀錄的水平。在過去的兩年裡，我們的品牌合作夥伴和餐廳團隊成員一直致力於卓越營運。我們的內部分數以及交易成長顯示了我們的影響。

There remains a significant runway ahead of Wingstop, and we believe we are entering this next phase of growth. We spent a fair amount of time extracting insights from our digital guests, learning from our consumers as well as those that are more broadly frequent restaurants. What we're learning gives us confidence in the strategies we're executing, and we continue to have significant opportunities to gain our fair share in the restaurant industry.

Wingstop 的未來還有很長的路要走，我們相信我們正在進入下一個成長階段。我們花了大量的時間來從我們的數位客人那裡獲取見解，從我們的消費者以及那些更常光顧餐廳的顧客那裡學習。我們所學到的知識使我們對正在執行的策略充滿信心，並且我們繼續擁有在餐飲業中獲得應有份額的重要機會。

We will continue to lean into our always-on marketing strategy and are excited to see the effectiveness of our media placements. We look forward to further advancing our relationship as the official chicken and chicken wing partner of the NBA. A great example is the multiple activations we executed at the NBA All-Star game this past weekend, supported by marquee players in the league.

我們將繼續堅持我們永遠在線的營銷策略，並很高興看到我們的媒體投放的有效性。我們期待進一步推進作為 NBA 官方雞肉和雞翅合作夥伴的合作關係。一個很好的例子就是我們在上週末的 NBA 全明星賽上進行的多項活動，並得到了聯盟知名球員的支持。

We'll also see us expand our presence in both familiar and new spaces, including the NFL, WWE, and the UFC. This sizable opportunity and brand awareness, combined with the strategies we are executing, give us confidence in our ability to grow transactions on top of two record years of sales growth, as we have demonstrated in our 21 consecutive years of same-store sales growth.

我們還將擴大在熟悉和新領域的影響力，包括 NFL、WWE 和 UFC。這一巨大的機會和品牌知名度，加上我們正在實施的策略，使我們有信心在兩年創紀錄的銷售增長基礎上繼續增加交易量，正如我們連續 21 年的同店銷售額增長所證明的那樣。

Technology has always been at the forefront for us at Wingstop, and 2024 was a transformational year for our digital business. We launched our proprietary tech stack, MyWingstop in 2024, which we believe will further advance our best-in-class digital platform. Our digital database has surpassed 50 million customers, nearly 30% growth versus the prior year, which is truly remarkable.

對 Wingstop 來說，科技始終是最重要的，2024 年是我們數位業務的轉型之年。我們於 2024 年推出了專有技術堆疊 MyWingstop，我們相信這將進一步推進我們一流的數位平台。我們的數位資料庫已超過 5,000 萬名客戶，比上年增長近 30%，這確實令人矚目。

The most pronounced impacts we have seen early into our launch center around new guest acquisition with a record pace of registrations, increased frequency, and improved ROIs on our hyper-personalization strategy. Guests are beginning to experience a new level of hyper-personalization enabled by the data gathered from our platform, providing them with relevant, personalized, and optimized content.

我們在啟動中心初期看到的最明顯的影響是在新客人的吸引方面，註冊速度創下了歷史新高，頻率增加，並且超個性化策略的投資回報率也提高了。客人開始體驗由我們的平台收集的數據實現的全新超個性化水平，為他們提供相關、個性化和優化的內容。

Over the past two quarters, we have seen an increase in the number of guests opting in for notifications and registering with our platform. This information will help us to fine-tune our robust profiles to engage with our guests in a way that personally resonates with them, creating a more meaningful and engaging experience, which we feel is a competitive advantage for Wingstop.

在過去兩個季度中，我們發現選擇接收通知並在我們的平台上註冊的客人數量有所增加。這些資訊將幫助我們微調我們強大的個人資料，以便以一種能引起客人共鳴的方式與客人互動，創造更有意義、更具吸引力的體驗，我們認為這是 Wingstop 的競爭優勢。

And while many of our investments in the past have been focused on more of our consumer-facing digital platform, we also have been innovating around technology that can optimize the back of the house in the restaurant. A little over two years ago, we started working on a solution that we believe will unlock unmet demand.

雖然我們過去的許多投資都集中在面向消費者的數位平台上，但我們也一直在圍繞著可以優化餐廳後台的技術進行創新。兩年多前，我們開始研究一個我們認為可以滿足未滿足需求的解決方案。

The variability in demand can be a challenge for restaurants to operate using our manual processes today and potentially impact or create an inconsistent guest experience. It could lead to longer quote times that can risk curbing demand. And as we consider future daypart opportunities in an example like lunch, shortening quote times could be another opportunity to capitalize on and expand the consideration set for consumers.

需求的變化對於使用當今手動流程運營的餐廳來說可能是一個挑戰，並且可能會影響或造成不一致的客人體驗。這可能會導致報價時間延長，從而有可能抑制需求。當我們以午餐為例考慮未來的時段機會時，縮短報價時間可能是另一個利用和擴大消費者考慮範圍的機會。

While our brand experienced a step function growth in AUVs, benefiting from almost 40% same-store sales growth that was primarily driven by transactions over the past two years, we have been focused on positioning the brand for the next phase of growth and invested in a technology solution that will allow us to fundamentally change our back-of-house operations, a solution that further improves overall quality our brand is built to deliver, that cook-to-order, hand sauced-and-tossed chicken in one of our 12 bold distinctive flavors.

雖然我們的品牌在平均每家店面銷售額方面經歷了階梯式增長，受益於過去兩年主要由交易推動的近 40% 的同店銷售額增長，但我們一直專注於為品牌的下一階段增長定位，並投資於一項技術解決方案，讓我們能夠從根本上改變我們的後台手工運營，這一解決方案進一步提高了我們品牌的整體質量，即按混合食用的 1 種新口味，這一解決方案進一步提高了我們品牌的整體質量，即按混合配製的整體品質。

We have developed a proprietary AI-enabled kitchen operating platform that will allow us to have a meaningful reduction in our quote times and deliver on guest expectations around speed of service on a consistent basis. In doing this, we believe we will unlock pent-up demand and become more of the consideration set while also improving team member productivity in the restaurant.

我們開發了專有的人工智慧廚房操作平台，這將使我們能夠大幅縮短報價時間，並持續滿足客人對服務速度的期望。我們相信，透過這樣做，我們將釋放被壓抑的需求，並得到更多的考慮，同時提高餐廳團隊成員的生產力。

Ultimately, we discovered an opportunity to monetize how we operate our kitchens. We believe this new kitchen technology system will another powerful unlock for our brand and enable an increase in frequency over time. And I want to be clear, this is not about a throughput issue. Over 10% of our system is already above our average unit volume target of $3 million. And we have plenty of experience with restaurants that are operating volumes north of $4 million.

最終，我們發現了透過廚房營運賺錢的機會。我們相信，這種新的廚房技術系統將為我們的品牌帶來另一個強大的解鎖，並隨著時間的推移提高頻率。我想明確一點，這與吞吐量問題無關。我們的系統中超過 10% 的銷售量已經超出了 300 萬美元的平均單位銷售目標。我們在與營業額超過 400 萬美元的餐廳合作方面擁有豐富的經驗。

This is about capturing our fair share and ensuring Wingstop continues to be a part of the consideration set for guests. This new platform supports our existing strategies we are executing, and it just further strengthens our confidence in scaling AUVs to our new target of $3 million.

這是為了獲得我們應得的份額並確保 Wingstop 繼續成為客人考慮的一部分。這個新平台支持我們正在執行的現有策略，它進一步增強了我們將 AUV 擴大到 300 萬美元新目標的信心。

We unveiled this solution at our brand partner convention last quarter. And they too see the unlock this investment can be for their restaurants. Our new kitchen platform, which is a modest upfront investment, still allows us to maintain our industry-leading returns of 70%-plus, our brand partners have grown accustomed to. We are excited to begin the system-wide rollout, a true game changer for Wingstop. And we'll provide more updates in the coming year on this initiative.

我們在上個季度的品牌合作夥伴大會上公佈了這個解決方案。他們也看到了這項投資能為他們的餐廳帶來的好處。我們的新廚房平台的前期投資不大，但仍能讓我們保持業界領先的 70% 以上的回報率，我們的品牌合作夥伴也已經習慣了。我們很高興開始全系統推廣，這對 Wingstop 來說是一個真正的遊戲規則改變者。我們將在明年提供有關此舉措的更多更新資訊。

Essential to successful franchise system is the unit economics, and we believe we have the best in the industry. With our supply in strategy, 2024 created a level of predictability into food costs we haven't seen in the past. Coupling food cost predictability with our average unit volumes of more than $2.1 million, our brand partners are seeing cash flows at record levels. And they, in turn, are investing behind their infrastructure and operations to scale their businesses alongside this growth.

成功的特許經營體系的關鍵是單位經濟，我們相信我們擁有業界最好的單位經濟。透過我們的供應策略，2024 年食品成本的可預測性達到了過去從未有過的水平。結合食品成本的可預測性與我們超過 210 萬美元的平均單位銷量，我們的品牌合作夥伴的現金流達到了創紀錄的水平。而他們則反過來投資基礎設施和運營，以便隨著業務的成長擴大規模。

Our brand partners' demand for growth is demonstrated in the record 349 net new restaurants opened in 2024, as well as what we anticipate for 2025 which is a unit growth rate of 14% to 15%. We continue to see roughly 95% of our development come from existing brand partners reinvesting back into Wingstop. This demand for growth is translating into a record development pipeline, with nearly 2,000 restaurant commitments under development agreements at the end of 2024, the strongest pipeline ever for Wingstop.

我們的品牌合作夥伴對成長的需求體現在 2024 年開設的創紀錄的 349 家新餐廳，以及我們對 2025 年 14% 至 15% 的單位成長率的預期。我們持續看到約 95% 的發展來自現有品牌合作夥伴對 Wingstop 的再投資。這種成長需求轉化為創紀錄的開發管道，截至 2024 年底，根據開發協議承諾的餐廳數量將接近 2,000 家，這是 Wingstop 有史以來最強大的開發管道。

The demand we're seeing for more Wingstops transcends into our international business. We ended the year with 359 international locations and successfully added our 11th market in the fourth quarter. The success in our international expansion strategy was showcased by the level of interest in our UK business, roughly 60 restaurants that was acquired last month for over $500 million, and showcases the value creation Wingstop can provide.

我們發現對更多 Wingstops 的需求已經延伸到了我們的國際業務。截至年底，我們的國際門市數量已達 359 個，並在第四季度成功增加了第 11 個市場。我們的國際擴張策略的成功體現在我們英國業務受到的關注程度上，上個月我們以超過 5 億美元的價格收購了大約 60 家餐廳，並展示了 Wingstop 可以提供的價值創造。

Although Wingstop is still early in its international expansion, it is encouraging to see our brand resonates so well with consumers across the globe. Consistent with what we see globally, our brand attracts a Gen Z, millennial consumer that sparks to that quality and value we can deliver. We are excited to see 2025 be another accelerator in our journey to scale Wingstop to a top 10 global restaurant brand.

儘管 Wingstop 的國際擴張仍處於早期階段，但看到我們的品牌在全球消費者中引起如此熱烈的反響還是令人鼓舞的。與我們在全球範圍內看到的情況一致，我們的品牌吸引了 Z 世代、千禧世代的消費者，他們對我們所能提供的品質和價值產生了濃厚的興趣。我們很高興看到 2025 成為我們將 Wingstop 擴展為全球十大餐廳品牌的另一個加速器。

Lastly, I'd like to close by sharing exciting news of a fundraising program for our new partnership with St. Jude Children's Research Hospital. During the fourth quarter, we created an opportunity for those who share in our success to give back. And we did so in a big way. Our team, along with our brand partners, raised over $2 million that will directly support St. Jude's efforts to advance research and treatment for childhood cancer and other life-threatening diseases.

最後，我想與大家分享一個令人興奮的消息，即我們與聖猶達兒童研究醫院的新合作的籌款計劃。在第四季度，我們為那些與我們共享成功的人們創造了回饋的機會。我們大規模地做到了這一點。我們的團隊與品牌合作夥伴籌集了超過 200 萬美元，這些資金將直接支持聖猶達兒童研究醫院推動兒童癌症和其他危及生命的疾病的研究和治療。

The impact St. Jude has on families is incredible, and we are grateful for the opportunity to support this life-saving mission. I'm also happy to share that our charities organization in 2024 delivered over $3.7 million in community grants and sponsorships to local and national organizations. We believe, along with our brand partners, that it is our obligation to give back. And we'll continue to look for these opportunities to partner with world-class organizations such as St. Jude.

聖猶達對家庭的影響是不可思議的，我們很感激有機會支持這項拯救生命的使命。我也很高興地告訴大家，我們的慈善組織在 2024 年向當地和國家組織提供了超過 370 萬美元的社區補助和贊助。我們和我們的品牌夥伴都相信，回饋社會是我們的義務。我們將繼續尋找機會與聖猶達等世界一流的組織合作。

2024 was an exceptional year for Wingstop, a step change year and one we believe positions us well for this next phase of growth. The underlying momentum and health of our business is strong. As we move into 2025, we are focused on the disciplined execution of our strategies, which we believe will bring us closer to realizing our vision of becoming a top 10 global restaurant brand.

2024 年對 Wingstop 來說是特別的一年，也是改變的一年，我們相信這一年將為我們進入下一階段的成長做好準備。我們的業務潛在發展勢頭和健康狀況強勁。隨著我們邁入 2025 年，我們專注於嚴格執行我們的策略，我們相信這將使我們更接近實現成為全球十大餐飲品牌的願景。

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. As you heard from Michael, we delivered another year of industry-leading results. In the fourth quarter, system-wide sales increased 27.6% versus the prior year to $1.2 billion. Full-year system-wide sales for Wingstop are now approaching $5 billion.

謝謝，早安。正如您從邁克爾那裡聽到的，我們又取得了一年的行業領先業績。第四季度，全系統銷售額較上年同期成長 27.6%，達到 12 億美元。全年全系統Wingstop 的銷售額目前已接近 50 億美元。

Royalty revenues, franchise fees, and other revenue increased $18 million, driven by a 348 net new franchise openings since the prior-year comparable period, a record pace of openings for Wingstop and showcasing the demand among our brand partners.

特許權使用費收入、特許經營費和其他收入增加了 1800 萬美元，這得益於自去年同期以來新增 348 家特許經營店，這是 Wingstop 開業速度創紀錄的表現，也展示了我們品牌合作夥伴的需求。

In addition, same-store sales grew by 10.1%, which was primarily driven by transactions. On a two-year basis, in the fourth quarter, our stack same-store sales growth was 31.3%, a comp driven by transaction growth. Company-owned restaurant sales increased by $3.8 million in Q4, due to company-owned restaurant sales opened and acquired as well as a 3.8% increase in same-store sales, primarily driven by transaction growth.

此外，同店銷售額成長10.1%，主要得益於交易的推動。以兩年計算，第四季度，我們的同店銷售額成長率為 31.3%，這得益於交易量的成長。第四季度，該公司自營餐廳銷售額增加了 380 萬美元，這主要歸因於公司自營餐廳的開業和收購以及同店銷售額增長 3.8%，這主要得益於交易量的增加。

In the fourth quarter, we completed the sale of seven company-owned restaurants in the New York City market to an existing brand partner. In conjunction with the transaction, our brand partners signed a development agreement for 20 restaurants in the surrounding Manhattan market. In connection with the sale of the restaurants, the company recorded a $1 million pretax gain.

第四季度，我們完成了將紐約市市場七家公司自營餐廳出售給現有品牌合作夥伴的交易。配合此交易，我們的品牌合作夥伴簽署了在曼哈頓週邊市場開發20家餐廳的協議。在出售這些餐廳後，該公司獲得了 100 萬美元的稅前收益。

For modeling purposes, following the disposition of our New York restaurants, acquisitions in 2024, and new restaurant openings in 2024, we anticipate company-owned restaurant sales to be in the range of $124 million to $126 million. Overall cost of sales as a percentage of company-owned restaurant sales increased by 250 basis points in Q4 compared to the prior year.

為了建立模型，在我們處置紐約餐廳、2024 年收購以及 2024 年開設新餐廳之後，我們預計公司自有餐廳的銷售額將在 1.24 億美元至 1.26 億美元之間。第四季度，總銷售成本占公司自有餐廳銷售額的百分比與去年同期相比增加了 250 個基點。

This is primarily driven by food and packaging costs, as we lapped the atypical deflationary environment of bone-in chicken costs in the prior year. For the first time in our brand's history, at the end of 2023, we were able to communicate expectations for food and packaging costs and had visibility into a mid-30% target range for the year.

這主要是由食品和包裝成本推動的，因為我們在去年經歷了帶有骨雞肉成本的非典型通貨緊縮環境。在我們的品牌歷史上，到 2023 年底，我們首次能夠傳達對食品和包裝成本的預期，並且可以預見到今年 30% 左右的目標範圍。

Our brand partners immediately saw the benefits starting in Q1 when bone-in chicken costs started to rise and continued throughout the year at elevated levels. In fact, brand partners ended the year with food cost just below the mid-30% target, where historically, food costs would likely have been 500 to 600 basis points higher given the pricing movement on the spot market for classic wings.

從第一季開始，帶骨雞肉成本開始上漲，並在全年持續處於高位，我們的品牌合作夥伴立即看到了好處。事實上，品牌合作夥伴在年底的食品成本略低於 30% 左右的目標，而從歷史上看，考慮到傳統雞翅現貨市場的價格變動，食品成本可能會高出 500 到 600 個基點。

Consistent with the prior year, we anticipate food and packaging costs to be in the mid-30% range for 2025 and have further visibility into 2026. Additionally, we anticipate our cost of sales for company-owned restaurants to be between 75% and 76%.

與前一年一致，我們預計 2025 年食品和包裝成本將處於 30% 左右的範圍內，並且 2026 年這一數字還將進一步上升。此外，我們預計公司自營餐廳的銷售成本將在 75% 至 76% 之間。

SG&A increased by $3.2 million versus the prior-year comparable period to a total of $31.2 million in the quarter, primarily driven by investments in headcount-related expenses to support the growth of our business. SG&A as a percentage of system-wide sales was 2.5% in 2024, which continues to show leverage as we scale toward our vision of becoming a top 10 global restaurant brand.

本季銷售、一般及行政開支較去年同期增加 320 萬美元，至 3,120 萬美元，主要由於為支持業務增長而對員工相關費用進行投資。2024 年，銷售、一般及行政費用佔全系統銷售額的百分比為 2.5%，隨著我們朝著成為全球十大餐飲品牌的願景邁進，這一百分比將繼續顯示出槓桿作用。

Our long-term expectations for SG&A as a percentage of system-wide sales is in the 2% to 2.5% range. And based on our outlook on SG&A for 2025, we anticipate operating in a similar percentage to 2024 while making investments that support our long-term growth aspirations. Adjusted EBITDA, a non-GAAP measure, was $56.3 million for the quarter, an increase of 44.2% versus the prior year.

我們對銷售、一般及行政費用佔全系統銷售額的長期預期是在 2% 到 2.5% 之間。根據我們對 2025 年銷售、一般及行政費用的展望，我們預計營運百分比將與 2024 年相似，同時進行支持我們長期增長願望的投資。調整後 EBITDA（非 GAAP 指標）本季為 5,630 萬美元，較上年增長 44.2%。

Since 2022, we have doubled our adjusted EBITDA, and our full-year 2024 EBITDA was $212 million, highlighting the strength of our highly franchised asset-light model. In addition, we delivered earnings per diluted share of $0.92 for the quarter, a 44% increase versus the prior year.

自 2022 年以來，我們的調整後 EBITDA 翻了一番，2024 年全年 EBITDA 為 2.12 億美元，凸顯了我們高度特許經營的輕資產模式的實力。此外，本季我們實現每股攤薄收益 0.92 美元，較上年同期成長 44%。

In December, we completed a securitized financing transaction, which included the issuance of a new series of $500 million securitized notes. Proceeds from the transaction were used to pay related transaction fees and expenses, strengthened the company's liquidity position, and for general corporate purposes, including the repurchase of shares of the company's common stock.

12 月，我們完成了一項證券化融資交易，其中包括發行新一系列 5 億美元的證券化票據。交易所得款項將用於支付相關交易費用及開支、增強公司的流動性狀況以及用於一般公司用途，包括回購公司普通股。

As a result of this transaction, the additional interest expense associated with the securitization we completed in December reduced Q4 EPS by approximately $0.05 per share. Maximizing shareholder returns remains a key tenet of our strategies. This June will mark our 10th anniversary since becoming a public company. During that time, we have returned nearly $1 billion of capital to shareholders and delivered a total shareholder return of nearly 2,000%.

由於此交易，我們 12 月完成的證券化相關的額外利息支出導致第四季度每股收益減少約 0.05 美元。最大化股東回報仍然是我們策略的關鍵原則。今年六月是我們上市十週年。在此期間，我們向股東返還了近 10 億美元的資本，實現了近 2,000% 的股東總回報率。

And following the close of our securitization transaction in the fourth quarter, our Board of Directors authorized an additional $500 million for our share repurchase program. To further demonstrate our commitment to the program, the company entered into an accelerated share repurchase agreement to repurchase $250 million of our common stock that is anticipated to conclude by the end of the first quarter.

在我們的第四季證券化交易結束後，我們的董事會批准額外 5 億美元用於我們的股票回購計畫。為了進一步表明我們對該計劃的承諾，該公司簽署了一項加速股票回購協議，回購價值 2.5 億美元的普通股，預計將在第一季末完成。

Upon execution of the ASR agreement, Wingstop received and retired 551,325 shares of our common stock, representing an estimated 75% of the total shares expected to be delivered under the ASR agreement. As of December 28, 2024, $311.1 million remain available under the share repurchase program.

在執行 ASR 協議後，Wingstop 收到並註銷了 551,325 股普通股，約佔 ASR 協議預計交付的總股份的 75%。截至 2024 年 12 月 28 日，股票回購計畫下仍有 3.111 億美元可用。

In addition to our share repurchase program, we remain committed to returning capital to shareholders through our regular quarterly dividend. On February 18, 2025, our Board of Directors authorized and declared a quarterly dividend of $0.27 per share of common stock, resulting in a total dividend of approximately $7.7 million. This dividend will be paid on March 28, 2025, to stockholders of record as of March 7, 2025.

除了我們的股票回購計劃外，我們還致力於透過定期季度股利向股東返還資本。2025 年 2 月 18 日，我們的董事會批准並宣布每股普通股 0.27 美元的季度股息，總股息約為 770 萬美元。該股將於 2025 年 3 月 28 日支付給截至 2025 年 3 月 7 日登記在冊的股東。

Now on to our 2025 outlook. As you heard from Michael, we are confident in our strategies that have us on our path to our 22nd consecutive year of same-store sales growth and are providing guidance of a low to mid-single-digit same-store sales growth for the year. Our outlook for global unit growth rate is 14% to 15%, which we believe is industry-leading, an example of how we are continuing to scale our footprint globally.

現在我們來談談 2025 年的展望。正如您從邁克爾那裡聽到的，我們對自己的策略充滿信心，這些策略使我們連續 22 年實現同店銷售額增長，並且我們預計今年同店銷售額將實現低至中等個位數的增長。我們對全球單位成長率的預期是 14% 至 15%，我們相信這是業界領先的，也是我們如何繼續擴大全球影響力的一個例子。

SG&A guidance is estimated to be approximately $140 million, which includes nonrecurring system implementation costs of $4.5 million that will be an add-back to adjusted EBITDA and approximately $26 million of stock-based compensation expense. Additionally, interest expense is anticipated to be approximately $46 million for 2025. By utilizing these inputs, adjusted EBITDA growth rate translates to approximately 15% in 2025.

銷售、一般及行政開支指引估計約為 1.4 億美元，其中包括 450 萬美元的非經常性系統實施成本（將加回調整後的 EBITDA）和約 2,600 萬美元的股票薪資費用。此外，預計 2025 年的利息支出約為 4,600 萬美元。透過利用這些投入，調整後的 EBITDA 成長率將在 2025 年達到約 15%。

Lastly, for modeling purposes, at the start of the first quarter of 2025, the advertising fund contribution rate will increase from 5.3% to 5.5%. As a reminder, this is a net neutral impact to the P&L, as this investment will be funding additional operating expense associated with our MyWingstop platform.

最後，為了建立模型，從 2025 年第一季開始，廣告基金繳費率將從 5.3% 增加到 5.5%。提醒一下，這對損益表的影響是淨中性的，因為這項投資將用於資助與我們的 MyWingstop 平台相關的額外營運費用。

2024 was an incredible year for Wingstop. And our results would not have been possible without the continued dedication of our global support team members, restaurant team members, brand partners, and supplier partners. I want to thank them for their continued commitment.

2024 年對 Wingstop 來說是不可思議的一年。如果沒有我們全球支持團隊成員、餐廳團隊成員、品牌合作夥伴和供應商合作夥伴的持續奉獻，我們的成果就不可能實現。我要感謝他們的持續承諾。

While we are proud of the progress we have made against our strategies over the past year, we enter 2025 with greater visibility into our path to achieving targets of $3 million AUV and 10,000-plus global units.

雖然我們對過去一年在戰略方面取得的進展感到自豪，但進入 2025 年，我們將更加清晰地了解實現 300 萬美元 AUV 和 10,000 多家全球單位的目標的道路。

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) David Tarantino, Baird.

（操作員指示）大衛·塔倫蒂諾，貝爾德。

Hi, good morning. My question is on the comps outlook, low to mid-single digits for 2025. I was wondering maybe if you could comment on what the right framework to use is longer term?

嗨，早安。我的問題是關於可比公司的前景，到 2025 年將處於低到中等個位數。我想知道您是否可以評論一下長期內應使用的正確框架是什麼？

Is low to mid-single digits now your expectation as you think about your long-term targets? Or is 2025 maybe an unusual year given what you're cycling? And I do have a follow-up.

當您考慮自己的長期目標時，您的預期是低至中個位數嗎？或者考慮到您所騎的自行車，2025 年可能是一個不尋常的年份？我確實有一個後續行動。

Hey, David, good morning. This is Michael. Thank you for the question. I think as it relates to the outlook for 2025 and maybe more broadly as we look at our three- to five-year target that we've had previously of mid-single digits, that's intended, obviously, to guide expectations and kind of what to model on a long-term basis.

嘿，大衛，早安。這是邁克爾。感謝您的提問。我認為，就 2025 年的前景而言，或許從更廣泛的角度來看，當我們審視我們之前設定的中等個位數的三到五年目標時，這顯然是為了指導預期以及在長期基礎上如何建模。

And it's really meant to be an average. And as you can see in the prior few years, since we issued that three- to five-year outlook, we have significantly outperformed against that target. But we would use that as a basis to kind of average out over the long term.

這實際上只是一個平均值。正如您在過去幾年中所看到的，自從我們發布三至五年展望以來，我們的表現已大大超出了該目標。但我們會以此為基礎，進行長期平均。

Great. And the follow-up is, how you're thinking about this year playing out on a -- whether you want to talk about first half and half, just kind of -- how do you see the comp trajectory as you think about the quarters and the year? And then if you could comment on, perhaps, what you're thinking for Q1 specifically, that would be great. Thanks.

偉大的。接下來的問題是，您如何看待今年的業績——無論您是想談談上半年還是下半年——您如何看待各個季度和全年的業績軌跡？然後，如果您可以評論一下您對第一季的具體想法，那就太好了。謝謝。

Thanks, David. We definitely expect a few questions this morning as it relates to comps. So maybe I'll just hit that head on in a more broader response. But I think if you take a look at the restaurant industry over the past two years across the entire industry, it's actually experienced declining traffic.

謝謝，大衛。我們肯定會在今天早上聽到一些與 comps 相關的問題。因此，也許我會以更廣泛的方式正面回應這個問題。但我認為，如果回顧過去兩年整個餐飲業的狀況，你會發現客流量其實正在下降。

And if you look at Wingstop, we've actually gained share in the restaurant industry in a meaningful way. And that's against an industry backdrop that was not growing transactions, where Wingstop in 2024, delivered a 19.9% comp. And that was on the comp the year before, north of 18%. And both of those being driven primarily by transactions.

如果你看看 Wingstop，你會發現我們實際上已經在餐飲業中獲得了顯著的份額。在產業交易量沒有成長的背景下，Wingstop 在 2024 年實現了 19.9% 的年成長。與前一年相比，這一數字上漲了 18% 以上。這兩者主要都是由交易驅動的。

And what I would really attribute those -- that really two things. One is just the effectiveness of our proven strategies that we're executing against that we believe provide multiyear impacts. But then we also acknowledge the fact that the industry backdrop that we were operating in, a lot of brands took too much price. And the consumer grew frustrated with that.

我真正要歸因於的是——這實際上是兩件事。一是我們正在執行的經過驗證的策略的有效性，我們相信這些戰略將產生多年影響。但我們也承認，在我們營運的產業背景下，許多品牌的定價過高。消費者對此感到沮喪。

And that put us in a position to win an outsized share in the marketplace and something we took advantage of and we're excited about, and view that as almost a step change in this new base level of revenue that we're able to build off of and grow from there. But as we look at the business today or even into Q4, that backdrop has definitely evolved.

這使我們有機會在市場上贏得巨大的份額，我們充分利用了這一優勢，並對此感到興奮，並將其視為這一新的基礎收入水平的幾乎一步變化，我們可以在此基礎上繼續發展。但當我們審視今天的業務，甚至第四季的業務時，我們發現這種背景已經改變了。

QSR is promoting value heavily as a way to reverse their transaction trends. But we remain confident that the consumer is going to continue to be selective and prioritize quality and value, which are both tenets of the Wingstop brand.

QSR 正在大力提升價值，以扭轉其交易趨勢。但我們仍然相信，消費者將繼續挑剔並優先考慮品質和價值，這兩者都是 Wingstop 品牌的宗旨。

But we also want everybody to really understand that we are managing the business for the long term. And we've made strategic investments along the way that we believe position the brand in a spot to be able to sustain long-term growth as we scale AUVs from $2.1 million today to our target of $3 million.

但我們也希望每個人都真正理解，我們正在進行長期業務管理。在此過程中，我們進行了策略性投資，我們相信這將使品牌處於能夠維持長期成長的位置，因為我們的 AUV 將從目前的 210 萬美元擴大到我們的目標 300 萬美元。

And we've made investments along the way, whether it's MyWingstop or even, as we referenced in our prepared remarks, the innovation around a new kitchen operating platform, I think really showcased that we are setting this business up for the long term. And we're running it in a way that actually gives us confidence in being able to continue to deliver on growth year in and year out.

我們一路走來都在進行投資，無論是 MyWingstop，還是我們在準備好的發言中提到的圍繞新廚房操作平台的創新，我認為都真正表明了我們正在為長期發展這項業務做準備。我們的營運方式實際上給了我們信心，讓我們能夠年復一年地繼續成長。

And I really think it hits on -- and I think an important point is just the underlying strength of our business. While we might not be delivering the comps that are north of 20% again, the overall fundamentals of our business are really strong. If you look at our digital business, it's north of 70% today. And that's allowed us to grow a digital database from what just about a year ago is about 40 million users. And now it's north of 50 million users.

我確實認為這很有意義——而且我認為重要的一點是我們業務的潛在優勢。雖然我們可能無法再次實現超過 20% 的同比增幅，但我們業務的整體基本面確實強勁。如果你看看我們的數位業務，現在它的佔比已經超過70%。這讓我們的數位資料庫用戶數從一年前的約 4,000 萬人增長至現在的約 4,000 萬。現在其用戶數已超過 5,000 萬。

And that's given us information and data that we're able to drive our business. And then you look at the AUV itself, at $2.1 million on average, the progress we've made against our supply chain strategy, the cash flows for our brand partners are as strong as they've ever been. And you're seeing that show up in development with 349 new unit number for 2024 is something we're really excited about.

這為我們提供了推動業務發展的資訊和數據。然後你看看 AUV 本身，平均為 210 萬美元，我們在供應鏈策略方面的進展，我們品牌合作夥伴的現金流與以往一樣強勁。我們看到，2024 年開發中的新單位數量將達到 349 個，這讓我們感到非常興奮。

And one thing that I think is really important to understand the strength of our model. If you look at the restaurants that opened in 2024 and you annualize their sales, we generated north of $0.5 billion in system sales.

我認為有一件事對於了解我們模型的優勢非常重要。如果您查看 2024 年開業的餐廳並將其銷售額按年計算，我們的系統銷售額將超過 5 億美元。

And as you can see, based on our outlook for 2025, we expect to do that again. And so the strength of our model is really healthy and really strong. And we see a lot of runway and potential in our strategies that we're executing against.

正如您所看到的，根據我們對 2025 年的展望，我們預計會再次做到這一點。所以我們的模型的強度確實非常健康而且非常強大。我們看到，我們正在執行的策略有著很大的發展空間和潛力。

And David, good morning. This is Alex. I can jump in a bit on the pace of the comp. Something we did contemplate in our guidance of low to mid-digital same-store sales is really a function, to your point, on the lap. The first quarter is an example.

大衛，早安。這是亞歷克斯。我可以稍微跟上比賽的節奏。我們在指導中低數字同店銷售額時確實考慮到了一件事，就您所說的而言，這實際上是一個實際功能。第一季就是一個例子。

We have two consecutive years in the first quarter where we're lapping a 20% comp primarily driven by transaction growth. So we do believe that the pacing will kind of more follow and be a function of the lap.

我們連續兩年第一季實現 20% 的年成長，這主要得益於交易量的成長。因此，我們確實相信，步調將會更加跟隨並成為圈數的功能。

Q1 specifically, I will call out -- and I think you've heard this from other peers of ours out there -- is we did see a little bit of noise related to the unseasonal weather in the Southeast and the fires in California. But that's the only one-off example in the first quarter. But outside of that, it's more about what we'll be lapping.

具體來說，對於第一季度的情況，我要指出的是——我想你們也從其他同行那裡聽說過這個消息——我們確實看到了一些與東南部反常天氣和加州火災有關的干擾。但這是第一季唯一的一次性例子。但除此之外，我們更關心的是我們將要研磨什麼。

Great. Thank you.

偉大的。謝謝。

Andrew Charles, TD Cowen.

安德魯·查爾斯（Andrew Charles），TD Cowen 公司。

Great. Thanks. Al, maybe just a follow-up to that last question. You think about the laps and the way you're instructing kind of the quarterly flow, if you will, through 2025. Last quarter, for instance, you guys talked about holding the three-year trend from 3Q into 4Q. Is there a similar metric or stack you can point us through to help us guide how the quarters will shape up through 2025?

偉大的。謝謝。Al，也許這只是最後一個問題的後續回答。您可以思考一下圈數以及您指導季度流程的方式，如果可以的話，到 2025 年。例如，上個季度，你們談到了從第三季到第四季維持三年的趨勢。您能否向我們提供類似的指標或堆疊，以幫助我們引導 2025 年各季度的發展？

Yeah. Unfortunately, Andrew, I wouldn't say it's as linear as what we had play out last year, just given the level of transaction growth and some of what we're lapping. So think about it more -- back to my comments on the pacing of the comp and how we thought about or what we contested in the low to mid-single-digit same-store sales guidance.

是的。不幸的是，安德魯，考慮到交易成長水準和我們正在進行的一些工作，我不會說它像我們去年所經歷的那樣線性。所以，再多想想吧——回到我對公司節奏的評論，以及我們如何看待或爭論低至中等個位數的同店銷售指導。

Okay. And then I wanted to follow up just on the CRM efforts. You talked about how these are starting with e-mail database, 50 million users. Can you remind us how many people were added in the fourth quarter into that base? I think you said it was a record number.

好的。然後我想跟進 CRM 工作。您談到了這些是如何從電子郵件資料庫開始的，擁有 5000 萬用戶。你能提醒我們第四節增加了多少人嗎？我認為你說過這是一個創紀錄的數字。

And just would love the early learnings that you've had from CRM, just given how many people you have in the database and just given 70% of your sales are digital, how robust of a data set you're working with, following the MyWingstop tech platform implementation.

而且我很欣賞您從 CRM 中獲得的早期經驗，考慮到您的資料庫中有多少人，以及 70% 的銷售都是數位化的，在實施 MyWingstop 技術平台之後，您所使用的資料集有多麼強大。

Hi, Andrew. Yeah, we're excited. I mean, we're six months in roughly with MyWingstop and our ability to really connect that database that we've built, that we mentioned, is over 50 million users strong and really use that to lean in and connect that with the consumer digital experience and lean into hyper-personalization.

你好，安德魯。是的，我們很興奮。我的意思是，我們使用 MyWingstop 大約六個月了，我們真正連接我們所提到的已經建立的資料庫的能力已經超過 5000 萬用戶，我們真正利用這一點來將其與消費者的數位體驗聯繫起來，並實現超個性化。

But some of the early indicators that we've seen with the multiyear strategy we have with MyWingstop is our highest digital guest growth of nearly 50% year over year. We saw an increase in frequency. We actually are seeing an average check increase. And we actually -- we're really excited to see the fact that we're actually seeing an increase in digital guest satisfaction of about 6% year over year.

但是，從 MyWingstop 的多年期策略來看，我們的一些早期指標顯示，我們的數位客人成長率最高，年成長近 50%。我們看到頻率增加。我們實際上看到平均支票金額正在增加。事實上，我們非常高興地看到，數位賓客滿意度比去年同期成長了約 6%。

And then we saw over 20% of the number of guests among our heavy -- we saw over 20% growth in the number of guests among our heavy users. And what we really like to see is we're seeing both new move up the frequency curve and as well as growth within our heavy.

然後，我們發現重度用戶的客人數量增加了超過 20%——我們發現重度用戶的客人數量增加了超過 20%。我們真正希望看到的是，我們看到頻率曲線的新上升以及重量的增長。

And so both ends of the frequencies curve, we're seeing really nice growth by leveraging MyWingstop and this hyper-personalization. And so as we think about the business and continuing to drive growth, we view this as something that we're really excited about to continue to drive the business over the long term.

因此，在頻率曲線的兩端，我們都看到了利用 MyWingstop 和這種超個人化實現的非常好的成長。因此，當我們考慮業務並繼續推動成長時，我們認為這是一件讓我們真正興奮的事情，能夠繼續長期推動業務發展。

Thanks very much.

非常感謝。

Jeffrey Bernstein, Barclays.

巴克萊銀行的傑弗裡·伯恩斯坦。

Great, thank you very much. My first question, Michael, just following up on -- you mentioned QSR peers and value. I'm just wondering, how do you measure your own value scores? And how do you think you best communicate that value, especially in an environment where all of QSRs pretty much talking about the $5 meal value menu?

太好了，非常感謝。我的第一個問題，邁克爾，只是跟進一下——您提到了 QSR 同行和價值。我只是想知道，您如何衡量自己的價值分數？您認為如何最好地傳達這種價值，尤其是在所有 QSR 幾乎都在談論 5 美元套餐價值菜單的環境中？

Do you think consumers know you have, for example, a sandwich meal for one family bundle, both very attractive on a per person basis? Just trying to get a sense for how you think about value and where you score, and how best to communicate that. And then I have one follow-up.

您是否認為消費者知道您有一款適合家庭套餐的三明治套餐，以人均計算，這款套餐非常有吸引力？只是想了解您如何看待價值和得分，以及如何最好地傳達這一點。然後我還有一個後續問題。

Hey, Jeff, good morning. Yeah, I think it's really important to note that value is more than just a price point. It's more about value for money. And when you compare that or pair that with quality and that indulgent Wingstop occasion, we've actually measured improvements in those scores.

嘿，傑夫，早安。是的，我認為需要特別注意的是，價值不僅僅是一個價格點。這更關乎金錢的價值。當您將其與品質和放縱的 Wingstop 場合進行比較或配對時，我們實際上已經測量了這些分數的改善。

And I think we mentioned it in our prepared remarks that in 2024, we exited the year at record highs in our brand health metrics. And so we're not necessarily competing against that $5 value meal. But we know that the guest is prioritizing value and quality, Wingstop is well positioned to win our fair share, which I think we showcased in 2024.

我想我們在準備好的發言中提到過，2024 年，我們的品牌健康指標創下了歷史新高。因此，我們不一定要與價值 5 美元的套餐競爭。但我們知道客人優先考慮的是價值和質量，Wingstop 完全有能力贏得我們的公平份額，我認為我們在 2024 年展示了這一點。

Understood. And then just the follow-up is on the unit growth for 2025. You're talking about 14% to 15% growth. That's clearly well above the 10%-plus long-term algo that we've been thinking about for the past decade. It's actually more similar to the 15%-plus you just did in '24.

明白了。接下來是 2025 年的單位成長。你說的是14%到15%的成長。這顯然遠高於我們過去十年一直在考慮的 10% 以上的長期演算法。它實際上與您在 24 年實現的 15% 以上更為相似。

So just wondering, is mid-teen growth a more reasonable assumption for the next few years? Seemingly, you have a much stronger pipeline that you mentioned. I think you said 2,000 or so units. And how should we think about US versus international openings within that target for 2025? Thank you.

所以我只是想知道，未來幾年十幾歲的成長率是否是一個更合理的假設？看起來，您擁有比您所提到的更強大的管道。我認為您說的是 2,000 個左右。那麼，在 2025 年的目標下，我們該如何看待美國與國際市場的開放程度呢？謝謝。

Yeah, Jeff, we're really excited and encouraged by the strength of our development pipeline. And obviously, that's what gives us confidence to be able to guide to such a strong number for 2025, something we're excited about.

是的，傑夫，我們對我們的開發管道的實力感到非常興奮和鼓舞。顯然，這給了我們信心，能夠引導 2025 年實現如此強勁的數字，我們對此感到非常興奮。

We're not at a point really necessarily where we're going to guide beyond 2025. But what I will tell you is, our pipeline is as strong as it's ever been. And if you just go back two years ago, that pipeline was roughly about 1,000 restaurant commitments.

我們實際上還未到達需要為 2025 年以後做出指導的地步。但我要告訴你的是，我們的管道一如既往地強大。如果你回顧兩年前，這個管道大約有 1,000 家餐廳承諾。

As I mentioned on the call, it's close to 2,000 restaurant commitments as we enter 2025. And that reflects opening around 600 restaurants in that two-year period. And so you can see, and it's really showing up in the pipeline, the level of excitement our brand partners have with opening more Wingstops. And it just is a testament to the strength of the unit economics.

正如我在電話中提到的，到 2025 年，我們的餐廳承諾數量將接近 2,000 家。這意味著在這兩年內開設了約 600 家餐廳。所以您可以看到，我們的品牌合作夥伴對於開設更多 Wingstops 的興奮程度確實在計劃中得到體現。這只是單位經濟實力的證明。

Great. Thank you.

偉大的。謝謝。

Jim Salera, Stephens Inc.

薩萊拉（Jim Salera），Stephens Inc.

Hi, guys. Good morning. Thanks for taking our question. Michael, I wanted to circle back to something you had said about the value environment and having this kind of combination experiential but still at a reasonable price.

嗨，大家好。早安.感謝您回答我們的問題。邁克爾，我想回到你所說的關於價值環境以及這種組合體驗但價格仍然合理的話題上。

If we think about new customer acquisition, which has been a big source of growth for you guys, does the value focus messaging and advertisement in QSR impact your new customer acquisition? And maybe just some thoughts on kind of your marketing messaging in '25, and how you continue to attract new customers when the industry as a whole is very kind of price-focused at the moment?

如果我們考慮新客戶獲取，這對你們來說是一個很大的成長來源，QSR 中的價值重點資訊和廣告是否會影響你們的新客戶獲取？也許您只是對 25 年的行銷訊息有一些想法，以及當整個行業目前都非常注重價格時，您如何繼續吸引新客戶？

Hey, good morning. And thanks for the question. I think as we mentioned on the call, we saw a record level of new guest acquisition. And they are that heavy QSR user. And so we're pretty excited about what we saw. And part of what we're seeing in that leveraging MyWingstop is we're seeing some of the highest retention rates that we've ever seen, and we're encouraged by that.

嘿，早安。感謝您的提問。我想正如我們在電話中提到的那樣，我們看到了新客人數量的創紀錄水平。他們都是 QSR 的重度使用者。我們對所見所聞感到非常興奮。我們在利用 MyWingstop 的過程中看到的部分結果是，我們看到了有史以來最高的保留率，我們對此感到鼓舞。

And I think it showcases that when new guests do come into Wingstop, whether it's via the chicken sandwich or our core commodity, our core product of the bone-in wing, we're able to retain them and bring them back in. And we talked about it throughout 2024. These new guests that are coming in, we're seeing them move up the frequency curve a little bit faster than our traditional guests, which we're encouraged by.

我認為這表明，當新客人來到 Wingstop 時，無論是透過雞肉三明治還是我們的核心商品、我們的核心產品帶骨雞翅，我們都能夠留住他們並讓他們回來。我們在 2024 年一直在討論這個問題。我們發現這些新客人的入住頻率曲線比傳統客人上升得更快一些，這讓我們感到很受鼓舞。

So I think we're able to deliver on that value and quality that the consumer is looking for. And we mentioned it, I think, earlier, but the consumers, they are selective in how they are spending their dining out dollars. And so I think when they are making more choices and being a bit more selective, Wingstop is well positioned to win our fair share.

因此我認為我們能夠提供消費者所尋求的價值和品質。我想我們之前提到過，但是消費者在外出用餐時會選擇花錢的方式。因此我認為，當他們做出更多選擇並更加挑剔時，Wingstop 完全有能力贏得我們應得的份額。

Great. And maybe as a quick follow-up, how can we think about pricing as a factor in the 2025 same-store sales guide? And maybe as a part two to that, have you guys have given out what your average ticket is just as a way to kind of compare across other QSR occasions?

偉大的。或許作為快速的後續問題，我們如何將定價視為 2025 年同店銷售指南的因素？也許作為第二部分，你們是否已經給出了平均票價，以便與其他 QSR 場合進行比較？

Yeah. Jim, this is Alex. I can jump in. Our average ticket tends to be in that low to mid-$20 range. We tend to be a larger -- more of a group occasion, party size of two or more. So not quite comparable with maybe the individual eater occasions you may see more frequently at fast food.

是的。吉姆，這是亞歷克斯。我可以跳進去。我們的平均票價一般在 20 美元到 20 美元之間。我們的活動規模更大——更像是團體活動，聚會規模為兩人或兩人以上。因此，與您在快餐中更常見到的個體用餐場合不太具有可比性。

Regarding pricing, we do anticipate -- and we've talked about this in the past -- just having a historical disciplined cadence of about 1% to 2% pricing in two different windows. This year, I'd expect this maybe to trend towards the lower end, just given some of the macro uncertainty the consumer is facing, particularly in a market like California, where they faced a significant amount of inflation, but not dissimilar to other years in our approach.

關於定價，我們確實預計——我們過去也談論過這個問題——在兩個不同的窗口中定價將有一個大約 1% 到 2% 的歷史規律。今年，我預計這一趨勢可能會趨向於較低水平，因為消費者面臨著一些宏觀不確定性，特別是在加州這樣的市場，他們面臨著相當大的通貨膨脹，但與我們其他年份的情況並無不同。

We're going to listen to the consumer and monitor the health of the consumer, and inform our pricing strategy based on what we learned there.

我們將傾聽消費者的意見並監控消費者的健康狀況，並根據我們所了解的情況制定定價策略。

I appreciate all the detail, guys. I'll hop back in queue.

我很感謝你們提供的所有細節。我會重新回到隊列。

Sara Senatore, Bank of America.

美國銀行的薩拉‧塞納托爾 (Sara Senatore)。

Hi, thank you. I guess, a question, maybe two kind of follow-ups. One is, when you talked about like unit growth, is there any sense you have that accelerating unit growth has played any role in potentially slightly in moderating same-store sales?

你好，謝謝。我想，一個問題，也許有兩種後續問題。一是，當您談到單位成長時，您是否認為加速單位成長對同店銷售額的潛在輕微影響發揮了作用？

I mean, I wouldn't think so. You still have a long runway. But there tends to, sometimes, be an inverse correlation between those two things. And I just -- I wanted to get your thoughts on that aside from, obviously, tough comparison and everything else that you covered.

我的意思是，我不這麼認為。你的跑道還很長。但有時候，這兩者之間往往有反比關係。我只是 — — 除了顯然的艱難比較和您所涵蓋的所有其他內容之外，我想聽聽您對此的看法。

So just that notion of unit growth versus comp and that balance, especially in the context of what franchisees want to see. And then I'll have another quick question.

因此，只是單位成長與補償的概念以及平衡，特別是在特許經營者希望看到的背景下。然後我還有另一個快速問題。

Hey, good morning, Sara. Thank you. No, I think you know that we're not really seeing any impact. And if you look at our domestic business, which is north of 2,000 restaurants today, but yet we believe our total opportunity is more than 6,000.

嘿，早上好，薩拉。謝謝。不，我想你知道我們實際上並沒有看到任何影響。如果你看看我們的國內業務，目前已經有 2,000 多家餐廳，但我們相信我們的總數還超過 6,000 家。

So there's a lot of white space in front of us. And so we don't really see development playing a role in the overall comp. But what we're really excited about is, we talked about our 2023 vintage, which came out of the gates in year one at about $1.6 million. And the 2024 vintage is actually outperforming that somewhere around -- on average, about $1.7 million to $1.8 million.

所以我們面前有很多空白。因此，我們確實沒有看到發展在整體公司中發揮什麼作用。但真正讓我們興奮的是，我們談論的是 2023 年份葡萄酒，該葡萄酒第一年的銷量就達到了約 160 萬美元。而 2024 年份的葡萄酒實際上表現更佳，平均價格約為 170 萬美元至 180 萬美元。

And so we're seeing continued productivity in these new restaurants, which is really encouraging to see. And obviously, our brand partners are really excited about that as well.

因此，我們看到這些新餐廳的生產力持續提高，這確實令人鼓舞。顯然，我們的品牌合作夥伴也對此感到非常興奮。

Got it. Thank you. That's very helpful color. And then, Alex, just quickly on the share repurchase. I know in the past, you've done special dividends as well. I guess, what was the thought in terms of deciding how you want to return cash to shareholders, just in the context of higher interest rate environment?

知道了。謝謝。這是非常有用的顏色。然後，亞歷克斯，很快談談股票回購。我知道你們過去也派發過特別股息。我想，在利率較高的環境下，您決定如何向股東返還現金時會想到什麼呢？

Yeah. Thanks, Sara. And the way we have approached this conversation and the support from our Board is to think about the long-term opportunity to maximize shareholder returns through our return of capital strategy. And I think last quarter, you saw us be opportunistic with a new tranche of debt that was issued $500 million and sought an approval for a new $500 million -- or additional $500 million share repurchase program.

是的。謝謝，薩拉。我們處理此次對話和董事會支持的方式是考慮透過資本回報策略實現股東回報最大化的長期機會。我認為上個季度，您看到我們抓住機會，發行了一批 5 億美元的新債券，並尋求批准新的 5 億美元或額外的 5 億美元股票回購計劃。

And so as we think about the deployment of that capital and we entered into a $250 million accelerated share repurchase program, we're thinking about the long-term opportunity and value creation, our return of capital strategy can provide for shareholders. And I think you'll see us continue to focus on that or have that mindset along with the Board.

因此，當我們考慮部署這些資本時，我們簽訂了一項 2.5 億美元的加速股票回購計劃，我們正在考慮長期機會和價值創造，我們的資本回報策略可以為股東提供回報。我想你會看到我們和董事會繼續關注這一點或保持這種心態。

So the idea is just that the value of the -- stock value was compelling -- that was a better use than a special dividend?

所以這個想法只是因為股票價值引人注目，這比特別股息更有用嗎？

That's right.

這是正確的。

Thank you.

謝謝。

Brian Harbour, Morgan Stanley.

摩根士丹利的布萊恩哈伯 (Brian Harbour)。

Thanks. Morning, guys. Michael, just the kitchen operating system you mentioned. Is the main change there to sort of add some predictive capacity and thereby, lower service times? Is there anything else that we should think about there? And how quickly would you expect that to deploy?

謝謝。早安，大家。邁克爾，就是你提到的廚房作業系統。主要的變化是不是為了增加一些預測能力，進而縮短服務時間？還有什麼我們應該考慮的嗎？您預計它的部署速度有多快？

Hey, Brian, good morning. Yeah, we are really excited about -- as well as our brand partners, are excited about this new kitchen operating platform. And we actually believe this is going to fundamentally change our kitchen operations.

嘿，布萊恩，早安。是的，我們和我們的品牌合作夥伴都對這個新的廚房操作平台感到非常興奮。我們確實相信這將從根本上改變我們的廚房運作。

And while doing this, we actually think we're going to be able to further enhance the quality that Wingstop is known for. This is something that was codeveloped and was built specifically for Wingstop. This does leverage AI technology fully integrated into the platform.

在這樣做的同時，我們實際上認為我們將能夠進一步提高 Wingstop 所聞名的品質。這是共同開發並專為 Wingstop 建置的產品。這確實充分利用了平台中完全整合的 AI 技術。

And it isn't just a digitization of a kitchen ticket and order workflow. But it's really leveraging visual cues and gamification to engage the team member. And we see this as a really exciting opportunity to speed up the competency and role for new team members, and also provides role clarity. And ultimately, we think it's going to increase the productivity of our team members.

這不僅僅是廚房票據和訂單工作流程的數位化。但它實際上是利用視覺提示和遊戲化來吸引團隊成員。我們認為這是一個真正令人興奮的機會，可以加快新團隊成員的能力和角色的提升，同時也提供明確的角色。最終，我們認為這將提高我們團隊成員的工作效率。

But this solution also includes consumer-facing order-ready screens that will allow us to manage guest expectations around their order and their order status. But we think this platform is actually something, Brian, that's going to be foundational, as we think about opportunities to connect what's happening inside our kitchen with our investments we've made in the consumer-facing digital business, our platform of MyWingstop.

但該解決方案還包括面向消費者的訂單就緒螢幕，使我們能夠管理客人對其訂單和訂單狀態的期望。但我們認為這個平台實際上是一種基礎性的東西，布萊恩，因為我們考慮將廚房裡發生的事情與我們在面向消費者的數位業務（MyWingstop 平台）上的投資聯繫起來的機會。

And so this is pretty exciting for us, and we're going to be able to not only increase speed, but be more consistent. And we believe it's going to make Wingstop more of the consideration set that it's going to unlock some unmet demand. And we believe over time, it's going to help us continue to increase frequency, which we know will be a big driver as we continue to scale AUVs towards $3 million.

這對我們來說非常令人興奮，我們不僅能夠提高速度，而且還能夠更加一致。我們相信，這將使 Wingstop 受到更多關注，並釋放一些尚未滿足的需求。我們相信，隨著時間的推移，它將幫助我們繼續提高頻率，我們知道，隨著我們繼續將 AUV 規模擴大到 300 萬美元，這將成為一個巨大的推動力。

Okay. Got it. Thanks. When you think about this year, you've had several sales strategies that have worked very well over the last couple of years. What do you think will change the most this year, whether it's sort of really leaning into personalized marketing harder? Is it more about ad placement?

好的。知道了。謝謝。回顧今年，您會發現過去幾年您已經採取了幾種非常有效的銷售策略。您認為今年最大的改變是什麼，是否真的更傾向於個人化行銷？這是否與廣告投放有關？

Do you expect to, perhaps, do more advertising and delivery to drive that business? Which of those -- or maybe it's the innovation side, right? Which of those do you think could be most impactful this year as you kind of come off of two very good years?

您是否希望透過增加廣告和投放來推動該業務？其中哪一個——或者可能是創新方面，對嗎？由於您剛度過了兩年非常美好的時光，您認為今年的哪些事情對您影響最大？

Hey, Brian. I think we've answered the -- or been asked inverse of that question probably a year ago and what's driving the comp the most. And I really think it is the synergistic nature of these strategies we're executing against. And as we mentioned in the prepared remarks, 2024 marked our 21st consecutive year of same-store sales growth.

嘿，布萊恩。我想我們已經回答了這個問題——或者大概在一年前就被問到過這個問題的反面，即什麼對公司產生了最大的推動作用。我確實認為我們正在執行的這些策略具有協同作用。正如我們在準備好的發言中所提到的，2024 年是我們連續第 21 年實現同店銷售額成長。

And there's been some years where those sales were really high, and then there were other years where the sales growth was lower. But across the board, there was healthy growth across each one of those 21 years. And so I don't think 2025 is going to be any different.

有些年份的銷售額非常高，而有些年份的銷售額成長較低。但整體而言，這 21 年間，每年都維持著健康成長。所以我認為 2025 年也不會有什麼不同。

And it's these strategies working together that each have a lot of runway associated with them. I think we actually called out in our prepared remarks, the amount of runway we just have in brand awareness. We referenced this over a 20-point gap to other national brands.

這些策略共同發揮作用，各自擁有很大的發展空間。我覺得我們實際上在準備好的發言中就已經提到了我們在品牌知名度方面所擁有的巨大潛力。我們參考了這一點，發現與其他國家品牌的差距超過 20 個百分點。

And if you reflect back over the last year, we moved it low to mid-single digits. And so that opportunity is huge. And that's just an example of these strategies and the multiyear impact they have. And so I don't think I would call out any one of them specifically. But it's about executing against each one of them with discipline.

如果回顧過去的一年，我們將其提升到了個位數的中段。所以這個機會是巨大的。這只是這些策略及其多年影響的一個例子。因此我認為我不會特別點名他們中的任何一個。但這關乎對每一個問題的嚴格執行。

Okay. Thank you.

好的。謝謝。

Chris O'Cull, Stifel.

克里斯·奧卡爾（Chris O'Cull），斯蒂費爾（Stifel）。

Yeah, good morning guys, and thanks for taking my question. Alex, I had a quick follow-up on the comp cadence. Do you anticipate any quarter will fall outside of the guided range for the full year? I'm just trying to help maybe level set everyone on expectations.

是的，大家早安，感謝你們回答我的問題。亞歷克斯，我對電腦節奏進行了快速跟進。您是否預期任何一個季度的業績將超出全年預期範圍？我只是想幫助大家設定好期望值。

Hey, Chris, we're not going to give quarterly guidance. But I think we're confident in our ability to deliver our outlook of low to mid-single-digit same-store sales.

嘿，克里斯，我們不會提供季度指導。但我認為，我們有信心實現同店銷售額低至中位數個位數的預期。

Okay. Fair enough. And then I had a question on marketing. I know the company has been marketing to relatively new audiences like on UFC and WWE programming. How much overlap or crossover is there between those audiences and more traditional sports programming like the NBA and NFL?

好的。很公平。然後我有一個關於行銷的問題。我知道該公司一直在向相對較新的觀眾群進行行銷，例如 UFC 和 WWE 節目。這些觀眾和 NBA 和 NFL 等更傳統的體育節目有多少重疊或交叉？

Just kind of understand where you've had a significant presence over the years. I'm just curious what kind of incrementality you might get from these new audiences.

只要了解這些年來你在哪些領域扮演了重要角色。我只是好奇你能從這些新觀眾身上獲得什麼樣的增量。

Yeah, these new audiences, Chris, there is some overlap, but I wouldn't say there's a lot. But what I would tell you is their core audience looks a lot like Wingstop's core guests.

是的，克里斯，這些新觀眾有一些重疊，但我不會說有很多。但我想告訴你的是，他們的核心觀眾與 Wingstop 的核心嘉賓非常相似。

And so that's what we really like about some of these new properties we're growing into. And so we think there's a lot of opportunity as we look -- as we talk about continuing to grow brand awareness in some of these new areas like UFC that we're excited about.

這就是我們真正喜歡我們正在開發的一些新房產的原因。因此，我們認為，我們看到了很多機會——我們談到繼續在 UFC 等我們感到興奮的新領域提高品牌知名度。

Okay, great. Thanks, guys.

好的，太好了。謝謝大家。

Danilo Gargiulo, Bernstein.

達尼洛·加吉洛，伯恩斯坦。

Thank you. Michael, I actually want to follow up on that comment on awareness. And specifically, as you're reflecting on Wingstop today, how much more sales upside are you expecting from awareness increasing versus pushing up maybe the frequency, given your MyWingstop platform and the hyper-personalization?

謝謝。邁克爾，我實際上想跟進一下關於意識的評論。具體來說，當您今天回顧 Wingstop 時，考慮到您的 MyWingstop 平台和超個性化，您預計透過提高知名度而不是提高頻率可以帶來多少銷售成長？

And then if you reflect on kind of the marketing ROI that you've been able to generate maybe over the past couple of quarters, are you happy with that? And what are your thoughts on how to accelerate your awareness gap closure?

那麼，如果您回顧過去幾季所實現的行銷投資報酬率，您對此滿意嗎？您對如何加速縮小認識差距有何看法？

Hey, Danilo, thank you for the question. We're excited about the opportunity with brand awareness. Obviously, when we talk about moving frequency, we're talking about decimal points at this point in time.

嘿，達尼洛，謝謝你的提問。我們對提升品牌知名度的機會感到非常興奮。顯然，當我們談論移動頻率時，我們談論的是此時點的小數點。

But we see that as a big opportunity because we know that Wingstop is -- it's still a relatively low frequency occasion, on average, three times a quarter or once a month. And so we know that just winning one more occasion in a quarter has a meaningful impact to our AUVs.

但我們認為這是一個巨大的機遇，因為我們知道 Wingstop 的使用頻率仍然相對較低，平均每季三次或每月一次。因此我們知道，在一個季度內再贏一次就會對我們的 AUV 產生重大影響。

But we really look at those two things working in concert with one another as we think about how we're going to scale AUVs from $2.1 million today to our target of $3 million.

但當我們思考如何將 AUV 從目前的 210 萬美元擴大到我們的目標 300 萬美元時，我們確實將這兩件事結合起來看待。

Okay. Excellent. And then on the kitchen operation initiative, I'm wondering how many partner stores have you tested it?

好的。出色的。然後關於廚房運營計劃，我想知道你們已經測試了多少家合作商店？

And what was the early results you were seeing in the test stores in terms of sales uplift from the pent-up demand that you're now serving or maybe some margin improvement that you're seeing? And then how do you plan to communicate the increased speed of service to consumers going forward?

那麼，就您目前服務的被壓抑的需求所帶來的銷售額提升而言，或者就您看到的利潤率提高而言，您在測試店中看到的早期結果是什麼？那麼，您計劃如何向消費者傳達未來服務速度的提升呢？

Yeah. We're really excited about what we saw in our test, and we've been testing this for over a year now. But most recently, we've had it in quite a few restaurants, roughly, call it, 30 restaurants. And we are seeing a pretty remarkable consistency and increase in speed of service.

是的。我們對測試中看到的結果感到非常興奮，我們已經測試了一年多了。但最近，我們已經在不少餐廳裡推出了這種菜餚，大概有 30 家餐廳。我們看到了相當顯著的一致性和服務速度的提升。

And we are seeing those restaurants in this test outperform control. Obviously, it's going to take more with consumer and a marketing message, I think, to really capture that opportunity that we see in front of us. But as we think about that frequency, just as an example that I referenced earlier, if we're able to win one more occasion, it's a meaningful increase in our average unit volume per restaurant.

我們發現，參加本次測試的餐廳表現優於對照組。顯然，我認為，我們需要更專注於消費者和行銷訊息，才能真正抓住我們面前的機會。但是當我們考慮頻率時，就像我之前提到的例子一樣，如果我們能夠再贏一次，那麼我們每家餐廳的平均單位銷售就會有顯著的成長。

And so we think we're going to be able to get this rolled out within, call it, the next 12 months. And then from there, really start to leverage this as a way to capture that unmet demand and become more of the consideration set, which gives us a lot of confidence in these strategies we're executing against. It's not really anything a new strategy, but it really bolsters these existing strategies that we're executing against.

因此我們認為我們將能夠在未來 12 個月內推出這項計劃。然後從那裡開始，真正開始利用它來捕捉未滿足的需求並獲得更多考慮，這使我們對正在執行的這些策略充滿信心。這實際上並不是什麼新戰略，但它確實增強了我們正在執行的現有戰略。

Jeff Farmer, Gordon Haskett.

傑夫法默、戈登哈斯凱特。

Thank you. You did touch on it, but can you share your thoughts on the health of the Wingstop customer across some of your income cohorts, especially that lower income consumer?

謝謝。您確實提到了這一點，但您能否分享一下您對不同收入群體的 Wingstop 客戶健康狀況的看法，尤其是低收入消費者？

Hey, Jeff. Good morning. Yeah. I think more broadly -- I guess, more broadly speaking, the consumer seems -- I'll just kind of say, okay. If you look at the data, whether it's jobs, whether it's wages, whether it's credit card balances, the consumer seems okay in general. I wouldn't say good. I wouldn't say bad; just okay.

嘿，傑夫。早安.是的。我認為，從更廣泛的角度來看——我想，從更廣泛的角度來看，消費者似乎——我只是想說，好的。如果你看一下數據，無論是就業、薪資或信用卡餘額，消費者整體看起來還不錯。我不會說好。我不會說不好；還好。

I think that's consistent for the Wingstop consumer. But I will say in our data and in some of our consumer insights that we conduct, we've definitely seen an elevated increase of just anxiety about the future with the consumer.

我認為這與 Wingstop 消費者的情況一致。但我要說的是，從我們的數據和我們進行的一些消費者洞察來看，我們確實看到消費者對未來的焦慮增加。

And obviously, we know that that can impact their behavior and how they engage with, whether it's indulgence, taking the trip, or spending -- splurging on anything. But generally speaking, we see the consumer okay. But obviously, we'll stay close to this and continue to execute against the strategies we're talking about today.

顯然，我們知道這會影響他們的行為以及他們的參與方式，無論是放縱、旅行還是消費——揮霍任何事情。但整體來說，我們看到消費者還不錯。但顯然，我們會密切關注這一點，並繼續執行我們今天所討論的策略。

Okay. That's helpful. And just one follow-up here. In terms of measuring things like anxiety with your core customer, how are you doing that? Is that through a third party? Or how are you measuring some of those metrics?

好的。這很有幫助。這裡僅剩一個後續問題。在衡量核心客戶的焦慮程度等方面，您是如何做到的？是透過第三方嗎？或者您如何衡量其中一些指標？

Yeah. I mean, we leverage both third-party insights as well as our own consumer research that we do internally. And I think it was widely reported in January how you saw an elevated increase in just the consumer's anxiety about the future.

是的。我的意思是，我們既利用第三方的見解，也利用我們內部進行的消費者研究。我認為，一月份的報導已經廣泛指出消費者對未來的焦慮情緒正在大幅增加。

Okay. Appreciate it. Thank you.

好的。非常感謝。謝謝。

Christine Cho, Goldman Sachs.

高盛的 Christine Cho。

Thank you for taking my question. So I wanted to touch upon the international side of the business. Do you envision any impact from the recent acquisition of Wingstop UK in view of the future Western Europe expansion? And also, how do you continue to drive momentum in Canada? Thank you.

感謝您回答我的問題。所以我想談談該業務的國際方面。考慮到未來西歐擴張，您認為最近收購 Wingstop UK 會帶來什麼影響嗎？此外，您如何繼續推動加拿大的發展？謝謝。

Christine, thanks for the question. The international area is a really exciting area for us. We've been talking about that it's super charged for growth. And you've also heard us talk about a way to facilitate our strategy on international development by making small investments in these startups as we open the market.

克里斯汀，謝謝你的提問。國際區域對我們來說確實是一個令人興奮的區域。我們一直在談論它對成長的強大推動力。大家也聽過我們談論一種在開放市場時對這些新創公司進行小額投資以促進我們的國際發展策略的方法。

And the UK was an example of this. We took a minority equity position in the business. And you saw the transaction, the value of the transaction upwards of $500 million for a low upfront investment for us. We see that as a way to create value creation for our shareholders, as well as facilitate that growth with our brand partners in the market.

英國就是一個例子。我們在該企業中佔有少數股權。你們看到了這筆交易，它的價值超過 5 億美元，而我們的前期投資卻很少。我們認為這是為股東創造價值的一種方式，同時也促進了我們與市場上的品牌合作夥伴共同成長。

For the UK specifically, at one point, I think we thought the opportunity in the UK was somewhere in the 250 restaurant range, as we went through this transaction and just seeing the conversations we're having with the financial sponsor that bought the business. We now see an opportunity that could be upwards of 450 restaurants.

具體來說，對於英國來說，在某一時刻，我認為我們認為英國的機會是在 250 家餐廳的範圍內，因為我們經歷了這次交易，也看到了我們與購買該業務的金融贊助商進行的對話。我們現在看到的機會可能多達 450 家餐廳。

We extended a development agreement as part of this transaction, including Ireland. And we do see an opportunity where there could be expansion beyond the UK and Ireland into Western Europe as well. And so it's a component of our strategy that we're really excited about and probably, more to come from us as we enter new markets, which we anticipate in 2025 to be in two to four additional international markets this year.

作為此次交易的一部分，我們延長了開發協議，其中包括愛爾蘭。我們確實看到了從英國和愛爾蘭擴展到西歐的機會。因此，這是我們策略的一個組成部分，我們對此感到非常興奮，而且隨著我們進入新市場，我們可能會做出更多舉措，我們預計 2025 年將進入另外兩到四個國際市場。

With regards to Canada, that is another market example that is that start off really strong. It's almost moving up the awareness curve faster than what we saw in our UK business. They're now looking at extensions into other provinces in Canada after building those flagship locations in Toronto proper.

就加拿大而言，這是另一個開局強勁的市場例子。它的認知度上升速度幾乎比我們在英國業務中看到的速度更快。在多倫多市區建造這些旗艦店後，他們現在正在考慮將業務擴展到加拿大其他省份。

And our brand partner is also thinking about examples and opportunity to expand outside of Canada as well, just based on what they've seen in the returns that Wingstop can deliver. So the international story is a really exciting one for us. In addition to what we're seeing in development, it's a component factored into our new unit growth outlook of 14% to 15%.

我們的品牌合作夥伴也在考慮在加拿大以外擴張的案例和機會，這只是基於他們所看到的 Wingstop 所能帶來的回報。因此，國際故事對我們來說確實是一個令人興奮的故事。除了我們看到的發展之外，它也是影響我們新單位成長預期（14％至15％）的因素。

Thank you.

謝謝。

Gregory Francfort, Guggenheim Securities.

古根漢證券的格雷戈里·弗蘭克福特（Gregory Francfort）。

Hey, thanks for the question. Alex, I think the last time you and I spoke, you were talking about basically the strategy to bring in a customer and then try to get a repeat visit. I think it was in the first 90 days.

嘿，謝謝你的提問。亞歷克斯，我想上次你和我談話時，你談論的基本上是吸引顧客然後嘗試讓他們再次光臨的策略。我認為是在前 90 天。

Can you maybe help frame up what you're doing from that front? How much maybe you've seen that metric improve? And just any other strategies you're working on to change that? Thanks.

您能否從這方面幫助您闡述您正在做的事情？您可能看到該指標改善了多少？您是否正在採取其他策略來改變這種狀況？謝謝。

Yes, good morning, Greg. Great question. That's an example of one of the metrics we've seen flow through from our launch of MyWingstop. What we do is measure, after that first visit of a new guest entering our database, how quickly do they return in that first 90 days. And so we measure that retention rate. We were just looking for one additional visit following that first one.

是的，早上好，格雷格。好問題。這是我們從推出 MyWingstop 以來所看到的指標之一的範例。我們要做的是測量新訪客首次訪問我們的資料庫後，在前 90 天內他們返回的速度有多快。因此我們測量了保留率。我們只是想在第一次訪問之後再進行一次訪問。

And coming out of 2024, we had a record level, a record high on new guest retention rates, yet there's still a lot of opportunity for us. And so the investments we're making around enriching the database, attaching 500 different data points to learn about that guest and that profile we can build around them, how they then segment into one of our cohort groups that we can deploy hyper-personalization strategies against, that's a multiyear opportunity. And as Michael mentioned, something we're very early on and something we see providing benefits in future years.

到 2024 年，我們的新客人保留率將達到創紀錄的水平，但我們仍有許多機會。因此，我們所做的投資是為了豐富資料庫，附加 500 個不同的數據點來了解客人以及我們可以圍繞他們建立的檔案，然後如何將他們細分為我們的一個同類群體，我們可以針對該群體部署超個性化策略，這是一個多年的機會。正如邁克爾所提到的，我們正處於發展的早期階段，並且看到它將在未來幾年帶來好處。

This concludes our question-and-answer session and the Wingstop fiscal fourth-quarter and full-year 2024 earnings conference call. Thank you for attending today's presentation. You may now disconnect.

我們的問答環節和 Wingstop 2024 財年第四季和全年財報電話會議到此結束。感謝您參加今天的演講。您現在可以斷開連線。