Wingstop Inc (WING) 2025 Q1 法說會逐字稿

Good morning ladies and gentlemen, and thank you for standing by. Welcome to the Wingstop fiscal first-quarter and 2025 earnings conference call. (Operator Instructions) Please note that this conference is being recorded today, Wednesday, April 30, 2025.

女士們、先生們，早安，謝謝你們的支持。歡迎參加 Wingstop 財年第一季和 2025 年財報電話會議。（操作員指示）請注意，本次會議將於今天（2025 年 4 月 30 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 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 first-quarter 2025 earnings conference call for Wingstop. Our results were published earlier this morning and are available on our Investor Relations website at ir.wingstop.com. Our discussion today includes forward-looking statements. These statements are not guarantees of future performance and are subject to numerous risks and uncertainties that could cause our actual results to differ materially from what we currently expect.

謝謝，歡迎參加 Wingstop 2025 財年第一季財報電話會議。我們的結果已於今天早上公佈，並可在我們的投資者關係網站 ir.wingstop.com 上查閱。我們今天的討論包括前瞻性陳述。這些聲明並非對未來業績的保證，並且受多種風險和不確定性的影響，可能導致我們的實際結果與我們目前的預期有重大差異。

Our SEC filings describe various risks that could affect our future operating results and financial conditions. 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.

我們向美國證券交易委員會提交的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。我們使用某些非公認會計準則財務指標，我們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。

Reconciliations to comparable GAAP measures are contained in our earnings release. Lastly, for the Q&A session, we ask that you please each keep to one question and a follow-up to allow as many participants as possible to ask a question. With that, I would like to turn the call over to Michael.

我們的收益報告中包含了與可比較 GAAP 指標的對帳。最後，在問答環節，我們要求每個人只提出一個問題並進行後續提問，以便盡可能多的參與者能夠提問。說完這些，我想把電話轉給麥可。

Thank you, Kristen, and good morning, everyone. The start to 2025 has been one that has been underscored by uncertainty. Despite increased uncertain across the consumer landscape, our Q1 results showcase the resiliency of the Wingstop brand and the staying power of our long-term strategies.

謝謝你，克里斯汀，大家早安。2025年的開始充滿了不確定性。儘管整個消費領域的不確定性增加，但我們的第一季業績展示了 Wingstop 品牌的彈性和我們長期策略的持久力。

I want to start by thanking our team members, brand partners, and supplier partners for their tremendous efforts that position us to deliver these strong results while continuing to serve our guests that high-quality indulgent flavor they've come to appreciate with Wingstop. It is moments like this that demonstrate the excitement and enthusiasm for Wingstop's potential.

首先，我要感謝我們的團隊成員、品牌合作夥伴和供應商合作夥伴，感謝他們付出的巨大努力，使我們能夠取得這些強勁的業績，同時繼續為我們的客人提供他們所欣賞的 Wingstop 高品質的美味。正是這樣的時刻展現了人們對 Wingstop 潛力的興奮和熱情。

My comments today will be divided into two parts. First, discussing the current macro environment. And then I want to provide a couple of progress updates on our strategy and the long-term opportunity for Wingstop, which I believe is and will continue to be the best story in the restaurant industry.

我今天的評論分為兩部分。第一，討論當前的宏觀環境。然後，我想提供一些有關我們的策略和 Wingstop 的長期機會的進展更新，我相信這是並將繼續是餐飲業最好的故事。

As you have seen in the consumer data and have heard from several other companies that have reported, 2025 has proven to present a dramatically different macro operating environment that we experienced in the last couple of years. Consumer sentiment has dropped to its second lowest level since 1952, even surpassing pandemic levels.

正如您在消費者數據中看到的，以及從其他幾家公司報告中所聽到的，事實證明，2025 年的宏觀營運環境與我們過去幾年所經歷的截然不同。消費者信心已降至1952年以來的第二低水平，甚至超過了疫情期間的水平。

While I believe it is impossible to know with certainty, this current macro environment feels similar to consumer pullbacks we have seen before. Indicators we see in our business show pockets where the consumer has an elevated level of concern as they face the macroeconomic uncertainty. That being said, we don't believe what we are seeing is broad-based, but rather concentrated among certain geographies, which suggests to us more of a near-term issue.

雖然我認為不可能確切知道，但當前的宏觀環境與我們之前看到的消費者回落類似。我們在業務中看到的指標表明，消費者在面對宏觀經濟不確定性時，擔憂程度有所提高。話雖如此，我們認為我們看到的情況並不是廣泛的，而是集中在某些地區，這對我們來說更像是短期問題。

During our 21 consecutive years of same-store sales growth, we have navigated similar periods of temporary consumer pullback in years such as 2017, 2020 and 2022. We experienced the consumer navigating a more challenging macro and elevated anxiety levels that created unpredictability with consumer spending.

在我們連續 21 年實現同店銷售額成長的過程中，我們也經歷了 2017 年、2020 年和 2022 年等類似的暫時消費者回落時期。我們經歷了消費者面臨更具挑戰性的宏觀環境和不斷上升的焦慮水平，這導致消費者支出變得不可預測。

In a macro environment like today or even in those prior examples, we believe the consumer can show a near-term reaction to reserve cash and reprioritize spending. That being said, we've navigated these situations effectively in our past and as evidenced by the strength of our model, delivering industry-leading returns for our brand partners.

在當今這樣的宏觀環境中，甚至在先前的例子中，我們相信消費者可以表現出短期反應，以儲備現金並重新安排支出。話雖如此，我們過去已經有效地處理了這些情況，並且我們的模型的優勢證明了這一點，為我們的品牌合作夥伴帶來了行業領先的回報。

In our first quarter, we are lapping two consecutive years of over 20% same-store sales growth. I'm proud to report that we were able to deliver same-store growth inclusive of transaction growth on these incredibly difficult labs. Our comp of 0.5% includes impacts from the California fires, more severe winter weather events in the Southeast, and the macro backdrop we're now operating in. However, we have not slowed our pace of development, which is on an accelerated pace this year.

今年第一季度，我們連續兩年實現同店銷售額超過 20% 的成長。我很自豪地報告，我們能夠在這些極其困難的實驗室中實現同店成長，包括交易成長。我們的 0.5% 的補償包括加州火災、東南部更嚴重的冬季天氣事件以及我們現在運營的宏觀背景的影響。但我們的發展步伐並沒有放慢，今年更是加快了腳步。

We opened a record 126 units in the first quarter. Digital sales increased to 72%, adjusted EBITDA increased 18.4% to $59.5 million. These strong results are a demonstration of the success and staying power of our strategies. Despite the headwinds confronting us and many others, we remain focused on executing on our long-term strategy and the incredible opportunity that is in front of us, scaling AUVs to $3 million and expanding our footprint to over 10,000 restaurants globally.

我們在第一季開設了創紀錄的 126 家新店。數位銷售額成長至 72%，調整後 EBITDA 成長 18.4% 至 5,950 萬美元。這些強勁的業績證明了我們策略的成功和持久力。儘管我們和許多其他人都面臨著逆風，但我們仍然專注於執行我們的長期策略和擺在我們面前的難以置信的機遇，將 AUV 擴大到 300 萬美元，並將我們的業務範圍擴大到全球 10,000 多家餐廳。

We will continue to execute our proven strategies which consist of scale and brand awareness, driving menu innovation, expanding our delivery channels, leveraging data-driven marketing and enhancing our digital transformation. It is clear to us the impact our strategies are having on our business.

我們將繼續執行我們行之有效的策略，包括規模和品牌知名度、推動菜單創新、擴大我們的交付管道、利用數據驅動行銷和加強我們的數位轉型。我們很清楚我們的策略對業務的影響。

The underlying fundamentals of our business remains strong. Our guest scores and survey data showcase that brand love is at an all-time high, guests are telling us they want to engage with a trusted brand like Wingstop and one that can reliably deliver quality and value. We're measuring record levels on brand health metrics while the broader restaurant benchmarks show declines.

我們的業務基本面依然強勁。我們的客人評分和調查數據顯示，品牌喜愛度達到了歷史最高水平，客人告訴我們，他們希望與 Wingstop 這樣值得信賴的品牌合作，並且能夠可靠地提供品質和價值。我們正在衡量品牌健康指標的創紀錄水平，而更廣泛的餐廳基準卻顯示出下降。

Operating KPIs at the restaurant level continue to improve. In the month of March, we had our largest single month of guest acquisition on record. We believe the strengthening of our underlying fundamentals position us to emerge from this macro environment in an even stronger position with the consumer.

餐廳層面的營運KPI持續提升。三月份，我們迎來了有史以來最多的單月遊客數量。我們相信，基本面的加強將使我們在這種宏觀環境中脫穎而出，在消費者市場中佔據更有利的地位。

I mentioned the record-breaking 126 new restaurants we opened in Q1, something that has exceeded our expectations. Restaurant development is a key enabler for building brand awareness. Coupling that with an ad fund that is growing by double-digit percentage this year, we're continuing to have the fuel to invest in meaningful ways to bring awareness to that indulgent Wingstop occasion.

我提到我們在第一季開設了創紀錄的 126 家新餐廳，這超出了我們的預期。餐廳發展是建立品牌知名度的關鍵推動因素。再加上今年廣告基金以兩位數的百分比成長，我們將繼續以有意義的方式進行投資，以提高人們對 Wingstop 這一奢華場合的認識。

Our partnership with the NBA is proving to be valuable as we see top-tier presence with the -- any game and on broadcast messaging. In fact, Wingstop was the most seen brand during NBA games this season, enabling our strategy to drive brand awareness.

我們與 NBA 的合作被證明是有價值的，因為我們在任何比賽和廣播訊息中都看到了頂級的存在。事實上，Wingstop 是本賽季 NBA 比賽中出現次數最多的品牌，這使得我們的策略能夠提升品牌知名度。

Our creative features our new crispy chicken tenders that was relaunched this past quarter in which guests can get soft and toppedin any 1 of our 12 bold distinctive flavors. Similar to the chicken sandwich, tenders represent a meaningful opportunity and an adjacent demand space for us to access our fair share.

我們的創意特色是上個季度重新推出的全新酥脆雞柳，客人可以品嚐到鬆軟的雞柳，並可選擇我們 12 種大膽獨特的口味中的任何一種。與雞肉三明治類似，雞柳代表著一個有意義的機會和相鄰的需求空間，讓我們能夠獲得公平的份額。

We create excitement around our launch. We opened a pop-up bar in Brooklyn, the first of its kind. That was a bar entirely dedicated to chicken tenders. We called it bartender. The response was impressive with thousands of RSVPs in the first hours and lines wrapped around two city blocks.

我們為產品的發布營造了興奮的氛圍。我們在布魯克林開了一家快閃酒吧，這是第一家這類酒吧。那是一家專門經營雞柳的酒吧。我們稱之為調酒師。反響令人印象深刻，在最初的幾個小時內就收到了數千份回复，排隊隊伍繞了兩個街區。

Although it is still early, initial observations suggest that the new tender guests exhibit similar characteristics and behaviors to those seen with the launch of our Chicken sandwich where the guests visited the first time as an individual occasion rather than a group. Expect to hear more from us in 2025 to showcase what we believe is the best tender out there.

雖然現在還為時過早，但初步觀察表明，新來的客人表現出與我們推出雞肉三明治時類似的特徵和行為，當時客人第一次來訪是單獨一人，而不是一群人。期待我們在 2025 年推出更多產品，展示我們認為最好的招標產品。

We've grown to more than 2,600 restaurants and have eclipsed $2 million AUVs with essentially the same simple menu and model from our first restaurant that opened in 1994 in Garland, Texas. Not much has changed in our kitchens to get us to this point, still operating with paper kitchen tickets and limited back-of-house technology integration.

我們已經發展到擁有 2,600 多家餐廳，平均營業額 (AUV) 已超過 200 萬美元，而菜單和模式與 1994 年在德克薩斯州加蘭開設的第一家餐廳基本相同。我們的廚房並沒有發生太大的變化，仍然使用紙質廚房票據和有限的後台技術整合。

As a brand, we challenged ourselves to finally to leverage technology to drive more consistency and further enhance the quality that we deliver within our indulgent Wingstop occasion. That journey started two years ago. We started with serving tens of thousands of consumers both Wingstop guest and non-Wingstop guests, going deep to understand all restaurant occasions and for each of those occasions, clearly defining what's important to those guests.

作為一個品牌，我們挑戰自己，最終利用科技來推動更多的一致性，並進一步提高我們在放縱的 Wingstop 場合中所提供的品質。那段旅程始於兩年前。我們首先為數以萬計的 Wingstop 客人和非 Wingstop 客人提供服務，深入了解所有餐廳場合，並針對每種場合明確定義對這些客人來說什麼是重要的。

We also assess where we best fit in the demand space and how we win more of their consideration set. The punch line is that there is not a fundamental shift needed in our menu or strategies to deliver $3 million AUVs. But yet, we have an opportunity around speed of service and consistency.

我們還評估了我們在需求空間中的最佳位置以及如何贏得更多人的考慮。關鍵在於，我們的菜單或策略不需要根本性的轉變就能實現 300 萬美元的 AUV。但是，我們在服務速度和一致性方面仍有機會。

Today, as we size up our core demand space, we are only winning 1% share. However, benchmarking other large more mature QSRs, they are winning 20% of their respective demand space. We also clearly understand what consumers expect within the occasion we are targeting. They expect high-quality food, value through a group occasion and an indulgent experience. Wingstop nailed it on all three.

今天，當我們評估我們的核心需求空間時，我們只贏得了 1% 的份額。然而，與其他更成熟的大型快餐店相比，它們分別贏得了 20% 的需求空間。我們也清楚地了解消費者在我們所針對的場合中期望什麼。他們期望高品質的食物、透過團體活動獲得的價值以及盡情享受的體驗。Wingstop 在這三個方面都取得了成功。

In our last earnings call, we announced our new kitchen operating platform, which we're referring to internally as the Wingstop Smart Kitchen. We believe our new kitchen operating platform can further enhance the value proposition for both new and existing guests.

在我們上次的收益電話會議上，我們宣布了新的廚房操作平台，我們內部稱之為 Wingstop 智慧廚房。我們相信，我們新的廚房操作平台可以進一步提升新舊客人的價值主張。

Our standard quote time is roughly 20 minutes at its best today. And we encounter variability in demand during our busiest hours. We can see quote times reach 45 minutes or higher. And managing guest expectations through an accurate quote time is a manual process today, and we know that this can lead to an inconsistent guest experience. But when we get it right, there is nothing that compares to that first bite experience we can deliver.

我們目前的最佳標準報價時間約為 20 分鐘。我們在最繁忙的時段會遇到需求的變化。我們可以看到報價時間達到 45 分鐘或更長。如今，透過準確的報價時間來管理客人的期望是一個手動過程，我們知道這可能會導致不一致的客人體驗。但當我們做得正確時，沒有什麼能比得上我們能提供的第一口體驗。

Consider this, our AUVs are $2.1 million, and yet we're only gaining 1% of our fair share. There is a significant amount of unmet demand that Wingstop is best positioned to win. Our investments in our proprietary technology, opportunity to build brand awareness, and expanding delivery are key strategies in that journey to capturing more of our fair share.

想想看，我們的 AUV 為 210 萬美元，但我們只獲得了應得份額的 1%。有大量未滿足的需求，而 Wingstop 最有能力滿足這些需求。我們對專有技術的投資、建立品牌知名度的機會以及擴大交付範圍是我們獲得更多公平份額的關鍵策略。

Just one more visit per guest per quarter translates to a significant step towards our $3 million target. And this is where Wingstop Smart Kitchen enters into the equation.

每季每位客人只需多訪問一次，就意味著我們向 300 萬美元的目標邁出了重要一步。這就是 Wingstop Smart Kitchen 發揮作用的地方。

Over the past two years, while same-store sales grew 40% stacked, we were focused on executing against our long-term strategies and investing to make sure we were well positioned for our next phase of growth. The Wingstop Smart Kitchen is the interplay of software and hardware. This is a technology solution we codeveloped with the start-up that has built for Wingstop, customized for our menu, our guests, and our team members.

在過去兩年中，雖然同店銷售額成長了 40%，但我們專注於執行長期策略並進行投資，以確保我們為下一階段的成長做好準備。Wingstop 智慧廚房是軟體和硬體相互作用的結果。這是我們與為 Wingstop 打造的新創公司共同開發的技術解決方案，針對我們的菜單、我們的客人和我們的團隊成員進行了客製化。

Through the deployment of this new kitchen operating platform, we have seen consistent order times that are half of our standard quote time, and we believe unlock new dayparts and increased order consistency. The solution set includes three elements: an AI-driven demand forecasting technology, a gamified highly visual kitchen display system, and a customer-facing status tracking order ready screen.

透過部署這個新的廚房操作平台，我們看到一致的訂單時間是我們標準報價時間的一半，並且我們相信這將開啟新的時段並提高訂單的一致性。該解決方案包括三個要素：人工智慧驅動的需求預測技術、遊戲化的高度視覺化廚房顯示系統和麵向客戶的狀態追蹤訂單就緒畫面。

This platform has a demand forecast that is integrated into kitchen operating system, providing role clarity and efficiency for team members improving accuracy and in turn, helping to deliver a 10-minute average ticket time. Not only is this over a 50% reduction in ticket times, it's also delivering a consistent guest experience and improving product quality.

該平台具有整合到廚房作業系統的需求預測功能，​​為團隊成員提供了清晰的角色和效率，提高了準確性，進而有助於實現 10 分鐘的平均出票時間。這不僅將售票時間減少了 50% 以上，還提供了一致的客戶體驗並提高了產品品質。

We have made great progress in our rollout. At the end of Q1, we have deployed the Wingstop Smart Kitchen in over 200 restaurants. We are pleased with the early results we've seen, including improvements in overall satisfaction and cutting quote times in half.

我們的推廣工作已取得巨大進展。截至第一季末，我們已在 200 多家餐廳部署了 Wingstop 智慧廚房。我們對所看到的早期結果感到滿意，包括整體滿意度的提高和報價時間的縮短一半。

Sales for these restaurants versus control restaurants are outperforming. We are targeting to have the rollout complete by year end. This is truly a game changer for our guests. It's a game changer for our team members. And it's a transformation in our restaurants that we believe will be a catalyst on our path to $3 million AUVs. Over the years, we have demonstrated our ability to innovate and maintain discipline around investments that we believe drive the business for the long term.

與對照組餐廳相比，這些餐廳的銷售表現更佳。我們的目標是在年底前完成推廣。對於我們的客人來說，這確實是一個改變遊戲規則的事情。對於我們的團隊成員來說，這是一個改變遊戲規則的事件。我們相信，我們餐廳的轉型將成為我們實現 300 萬美元平均營業收入的催化劑。多年來，我們已經證明了我們的創新能力和對我們認為能夠長期推動業務發展的投資保持紀律的能力。

In 2023, we made investments into our database to enrich and build robust guest profiles. This led to our Wing ID platform, unlocking first-party data capture at scale and laid the foundation personalized experiences across channels. In 2024, MyWingstop was the next step to enable this personalization through a seamless and best-in-class digital ordering experience. Wing ID is allowing us to execute hyper personalization strategies designed to create loyalty-like behaviors with our guests.

2023 年，我們對資料庫進行了投資，以豐富和建立強大的客人檔案。這促成了我們的 Wing ID 平台的誕生，解鎖了大規模第一方資料捕獲，並為跨渠道的個人化體驗奠定了基礎。2024 年，MyWingstop 邁出了下一步，透過無縫且一流的數位訂購體驗實現這種個人化。Wing ID 使我們能夠執行超個人化策略，旨在為我們的客人創造忠誠的行為。

Since we launched MyWingstop, we've been mining for insights and learning which strategies are proving to be most effective. But we aren't stopping there. With our aspirational goal of digitizing every transaction, we are focused on elevating the end-to-end guest experience, and that next natural evolution for us will be a loyalty program.

自從我們推出 MyWingstop 以來，我們一直在挖掘見解並學習哪些策略被證明是最有效的。但我們不會就此止步。我們的目標是將每筆交易數位化，我們專注於提升端到端的客戶體驗，而我們的下一個自然發展方向將是忠誠度計畫。

With the database that has scaled to over 50 million users as well as our new Wingstop Smart Kitchen innovation, we believe that timing is now right for us. We have an opportunity to drive frequency and retention by rewarding repeat behavior and tap into that emotional connection our guests have with our brand.

隨著資料庫擴展到超過 5000 萬用戶以及我們新的 Wingstop 智慧廚房創新，我們相信現在時機已經成熟。我們有機會透過獎勵重複行為來提高頻率和保留率，並利用客人與我們品牌之間的情感連結。

Supercharge by Wing ID, our loyalty program will drive a one-to-one experience and unique access to the brand. We believe our loyalty program will be distinctive in the industry because we're not taking the typical transactional approach within our design.

透過 Wing ID 的超級充電，我們的忠誠度計劃將帶來一對一的體驗和對品牌的獨特訪問。我們相信我們的忠誠度計劃將在行業中獨樹一幟，因為我們在設計中沒有採用典型的交易方式。

The level of insights we have with our guests today plays a big role in informing the executional elements of a loyalty program. We are excited to share more about our loyalty program in the coming quarters and intend to pilot the program in the fourth quarter of this year and for a system-wide launch in 2026.

我們今天對客人的了解程度對於忠誠度計畫的執行要素起著重要作用。我們很高興在接下來的幾個季度分享更多有關我們的忠誠度計劃的信息，併計劃在今年第四季度試行該計劃，並於 2026 年在全系統範圍內推出。

It's investments such as the ones we've made in our digital technology platform that allow us to maintain our industry-leading unlevered cash-on-cash returns of 70% our brand partners enjoy. Essential to a successful franchise system is the unit economics, and we believe we have the best in the industry.

正是我們在數位技術平台上的投資，讓我們能夠保持業界領先的無槓桿現金回報率，我們的品牌合作夥伴享受到 70% 的回報率。成功的特許經營體系的關鍵在於單位經濟效益，我們相信我們擁有業內最好的單位經濟效益。

Our supply chain strategy continues to provide a level of predictability into food costs that we have not seen in the past.

我們的供應鏈策略持續為食品成本提供過去從未見過的可預測性。

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 in turn, they are investing behind their infrastructure and operations to scale their businesses alongside this growth.

食品成本的可預測性加上我們超過 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。反過來，他們也在對基礎設施和營運進行投資，以隨著業務的成長而擴大業務規模。

The biggest testament to the strength of our unit economics, especially in this current macro environment is our brand partners' demand for growth. Average new restaurant volumes are on pace to exceed $1.8 million in the latest vintage, which compares to $1.2 million just three years ago. We opened a record 126 net new restaurants in Q1 and updated our guidance to 16% to 17% unit growth in 2025. This implies net new units of between 410 to 435 globally.

我們單位經濟實力的最佳證明，尤其是在當前的宏觀環境下，就是我們的品牌合作夥伴對成長的需求。最新一季，新餐廳的平均營業額預計將超過 180 萬美元，而三年前這一數字僅為 120 萬美元。我們在第一季開設了創紀錄的 126 家新餐廳，並將我們的預期更新為 2025 年單位增長率為 16% 至 17%。這意味著全球新增單位淨額在 410 至 435 之間。

As we mentioned last quarter, our global development agreement pipeline had over 2,000 restaurant commitments at the start of the year. This demand for growth continues to build and extends beyond our domestic business. The demand is just as strong in our international business, which also delivered strong Q1 results.

正如我們上個季度所提到的，今年年初，我們的全球開發協議管道已有超過 2,000 家餐廳承諾。這種成長需求持續增強，並延伸至我們國內業務之外。我們的國際業務需求同樣強勁，第一季也取得了強勁的業績。

We opened a new market in a marquee flagship location in Kuwait, which in its first week open, broke the record for highest global weekly sales. Not only are we opening more restaurants we're opening stronger than ever, and there's incredible levels of pent-up demand across the globe. Take our Puerto Rico market, for example, we opened our first restaurant in that market one year ago and already have nine restaurants opened with sales pacing ahead of the US average.

我們在科威特的一家大型旗艦店開設了一個新市場，開業第一週就打破了全球最高週銷售額的紀錄。我們不僅開設了更多餐廳，而且開設的規模也比以往更大，而且全球範圍內被壓抑的需求水平令人難以置信。以我們的波多黎各市場為例，我們一年前在該市場開設了第一家餐廳，目前已開設了九家餐廳，銷售額超過美國平均水平。

Next on the horizon is the launch of our Australian market, with the first restaurant opening in Q2. We have a proven operator who is set on opening over 100 restaurants in Australia with the potential for many more on our journey to opening over 10,000 restaurants across the globe.

我們接下來將進軍澳洲市場，第一家餐廳將於第二季開幕。我們擁有一位經驗豐富的營運商，他計劃在澳洲開設 100 多家餐廳，我們還有潛力在全球開設更多餐廳，目標是在全球開設 10,000 多家餐廳。

We now anticipate opening as many as five new markets in 2025. Within the context of this more challenging macro-operating environment, I firmly believe that 2025 will be another proof point for the resiliency of our model and will continue to deliver industry-leading returns for our brand partners and shareholders.

我們預計到 2025 年將開闢多達五個新市場。在更具挑戰性的宏觀經營環境下，我堅信2025年將是我們模式韌性的另一個證明點，並將繼續為我們的品牌合作夥伴和股東帶來業界領先的回報。

We will remain disciplined on the investments that fuel this growth over the long term. and are confident in our strategies we are executing to scale Wingstop into a top 10 global restaurant brand. With that, I'd like to turn the call over to Alex.

我們將嚴格控制投資，以推動長期成長。並且對我們正在實施的將 Wingstop 打造成全球十大餐飲品牌的策略充滿信心。說完這些，我想把電話轉給亞歷克斯。

Thank you, Michael. Wingstop has undergone quite a transformation in the last couple of years that's positioning us for our next phase of growth. AUV scaled by over $500,000 from $1.6 million to over $2.1 million in just two years. We've opened nearly 700 restaurants since Q1 of 2023. To frame the impact from development and showcasing our asset-light model, adjusted EBITDA is now more than $220 million on a trailing 12-month basis.

謝謝你，麥可。Wingstop 在過去幾年中經歷了巨大的變革，為我們下一階段的成長做好了準備。短短兩年內，AUV 就從 160 萬美元增加到 210 萬美元以上，增幅超過 50 萬美元。自 2023 年第一季以來，我們已開設了近 700 家餐廳。為了反映開發的影響並展示我們的輕資產模式，調整後的 EBITDA 在過去 12 個月內已超過 2.2 億美元。

And we entered the first quarter in a position of strength with the consumer, while they are faced with an increased level of uncertainty. This uncertainty, however, does not change our strategies and where we believe our opportunities to invest. And as Michael mentioned, maximize returns for our brand partners and shareholders. In the first quarter, system-wide sales increased 15.7%, reaching $1.3 billion, the highest system sales recorded in a single quarter in our brand's history.

我們在第一季處於消費者強勢地位，但消費者也面臨越來越大的不確定性。然而，這種不確定性不會改變我們的策略以及我們對投資機會的信念。正如麥可所說，為我們的品牌合作夥伴和股東最大化回報。第一季度，全系統銷售額成長15.7%，達到13億美元，創下我們品牌史上單季的最高系統銷售額。

Our brand partners confidence in our strategies and our best-in-class unit economics is evident in both our pipeline and our unit growth. We opened over 400 net new restaurants in the last 12 months. This growth creates a flywheel for us providing additional fuel for our advertising fund to invest behind our opportunity to tip away at a double-digit gap in brand awareness.

我們的品牌合作夥伴對我們的策略充滿信心，我們一流的單位經濟效益在我們的​​通路和單位成長中都得到了充分體現。過去 12 個月，我們新開了超過 400 家餐廳。這種成長為我們創造了一個飛輪，為我們的廣告基金提供了額外的燃料，讓我們有機會縮小品牌知名度的兩位數差距。

In the first quarter, total revenue increased 17.4% to $171 million versus the prior year. Royalty revenues, franchise fees and other revenues increased by $11.7 million in Q1, driven primarily by 409 net franchise openings since the prior year comparable period and a 0.5% increase in domestic same-store sales. Company-owned restaurant sales increased $1.5 million in Q1 due to same-store sales growth of 1.4%, primarily driven by transactions and one net new restaurant versus the prior period.

第一季度，總營收較上年同期成長17.4%，達到1.71億美元。第一季特許權使用費收入、特許經營費和其他收入增加了 1,170 萬美元，主要原因是自去年同期以來特許經營店淨開業數量為 409 家，國內同店銷售額增長了 0.5%。第一季度，該公司自營餐廳銷售額增加了 150 萬美元，原因是同店銷售額增長了 1.4%，這主要得益於交易量和與上一期相比新增了一家餐廳。

In the first quarter, SG&A increased $6.3 million versus the prior year comparable period to a total of $31.4 million. This increase was driven by investments to support the long-term growth of the business through headcount-related expenses, plus $1.8 million of nonrecurring system implementation expenses as well as transaction costs related to the sale and reinvestment of our interest in Lemon Pepper Holdings, our brand partner in the UK.

第一季度，銷售、一般及行政費用較去年同期增加 630 萬美元，達到 3,140 萬美元。這一增長是由透過與員工人數相關的費用來支持業務的長期增長的投資，加上 180 萬美元的非經常性系統實施費用以及與出售和再投資我們在英國的品牌合作夥伴 Lemon Pepper Holdings 的權益相關的交易成本所推動的。

The recent transaction by our brand partner, Lemon Pepper Holdings, was a great example of the value creation Wingstop's model can provide another proof point of the brand's portability and industry-leading returns outside of the US.

我們的品牌合作夥伴 Lemon Pepper Holdings 最近進行的交易是一個很好的例子，證明了 Wingstop 模式的價值創造，這為該品牌在美國以外的可移植性和行業領先的回報提供了另一個證明。

About three years ago, we invested a modest $4 million into Lemon Pepper Holdings and took a minority equity position in the business. As a result of the closing of the sale of their business, we recognized a gain of $92.5 million, which was recorded in the first quarter.

大約三年前，我們向 Lemon Pepper Holdings 投資了 400 萬美元，並獲得了該公司的少數股權。由於其業務出售的完成，我們確認了第一季記錄的 9,250 萬美元收益。

Confident in the long-term opportunity within our UK business, we reinvested approximately $75 million of the proceeds, initiating a minority equity position into the newly formed acquisition entity. We believe our international business continues to be supercharged for growth, and we see this as an example to maximize shareholder returns and plan to seek out similar investments around the globe as we open new markets.

由於對英國業務的長期發展機會充滿信心，我們將約 7,500 萬美元的收益進行了再投資，並在新成立的收購實體中佔據少數股權。我們相信，我們的國際業務將繼續強勁成長，我們將此視為最大化股東回報的典範，並計劃在開拓新市場的同時在全球範圍內尋求類似的投資。

Adjusted EBITDA, a non-GAAP measure, was $59.5 million during the quarter, an increase of 18.4% versus the prior year. This marked our largest first quarter on record and represents an increase of more than $25 million when compared to the first quarter in 2023.

本季調整後 EBITDA（非 GAAP 指標）為 5,950 萬美元，較上年增長 18.4%。這是我們有史以來最大的第一季度，與 2023 年第一季相比增長了 2500 多萬美元。

Reported EPS for the first quarter was $3.24 per diluted share, a more than 200% increase versus the prior year. Note the quarter included a few non-recurring items. The net gain from the LPA transaction previously mentioned, along with associated transaction costs and taxes, our system implementation costs and the loss on the sale of an office building.

第一季報告的每股收益為每股 3.24 美元，較上年同期增長 200% 以上。請注意，本季包含一些非經常性項目。前面提到的 LPA 交易的淨收益，以及相關交易成本和稅金、我們的系統實施成本以及出售辦公大樓的損失。

After adjusting for nonrecurring items, we delivered adjusted earnings per diluted share, a non-GAAP measure of $0.99, a 1% increase versus the prior year. This includes a $0.19 EPS impact from the additional interest expense associated with our $500 million securitization transaction completed at the end of 2024.

在調整非經常性項目後，我們實現了調整後每股攤薄收益（非 GAAP 指標）為 0.99 美元，比上年增長 1%。這包括我們在 2024 年底完成的 5 億美元證券化交易產生的額外利息支出對每股收益 0.19 美元的影響。

We remain committed to enhancing shareholder returns. On our last call, we announced our $500 million share repurchase authorization program. And to further demonstrate our commitment to shareholders, we entered into an accelerated share repurchase agreement to repurchase $250 million of our common stock that concluded prior to quarter end.

我們始終致力於提高股東回報。在上次電話會議上，我們宣布了 5 億美元的股票回購授權計畫。為了進一步表明我們對股東的承諾，我們簽署了一項加速股票回購協議，以回購價值 2.5 億美元的普通股，該協議在季度末之前完成。

Throughout the first quarter, the company repurchased and retired 830,012 shares of its common stock at an average price of $257.40 per share, which included open market repurchases. At the end of the quarter, $191.3 million remained available under our existing share repurchase programs.

整個第一季度，該公司以平均每股 257.40 美元的價格回購並註銷了 830,012 股普通股，其中包括公開市場回購。截至本季末，我們現有的股票回購計畫仍有 1.913 億美元可用。

Additionally, on April 29, our Board of Directors approved a dividend of $0.27 per share of common stock, a demonstration of the strength of our model. This dividend totaling approximately $7.5 million will be paid on June 6, 2025, to stockholders of record as of May 16, 2025.

此外，4 月 29 日，我們的董事會批准每股普通股派發 0.27 美元的股息，證明了我們模式的實力。該股總額約 750 萬美元，將於 2025 年 6 月 6 日支付給截至 2025 年 5 月 16 日登記在冊的股東。

Now, moving on to our outlook for 2025. Our outlook is dependent on the macroeconomic conditions and with the heightened level of uncertainty, we are basing this on the information we have today. We are providing the following updates: Domestic same-store sales growth of approximately 1% for fiscal year 2025, previously low to mid-single-digit same-store sales growth. For modeling purposes, our outlook reflects the trend at the start of the second quarter that is tracking to a same-store sales decline by approximately mid-single digits versus the prior year, which is primarily due to the strength of our lapse in the prior two years.

現在，我們來展望一下 2025 年。我們的前景取決於宏觀經濟條件，隨著不確定性的增加，我們根據目前掌握的資訊做出這項預測。我們提供以下更新：2025 財年國內同店銷售額成長約 1%，此前同店銷售額成長率為低至中個位數。出於建模目的，我們的展望反映了第二季初的趨勢，即同店銷售額與上年相比下降約中等個位數，這主要是由於前兩年我們的失誤所致。

The second quarter is lapping a two-year comp of 45.5%, almost entirely driven by transaction growth. This compares to the first quarter lap of 41% on a two-year basis. As the lap for comps ease in the second half, we anticipate returning to growth through the third quarter.

第二季的年成長率為 45.5%，幾乎完全由交易成長推動。相比之下，兩年來第一季的環比增長為 41%。隨著下半年可比銷售額的成長放緩，我們預計第三季將恢復成長。

Demonstrating the strength of our model and visibility into our pipeline at this point, our net new global unit growth rate is increasing to 16% to 17%, previously 14% to 15%. Net interest expense is now anticipated to be approximately $40 million, previously $46 million. This reduction is due to the interest income associated with our reinvestment in our UK brand partner.

目前，我們的模型實力和產品線的可視性已得到證明，我們的全球新單位淨增長率已從先前的 14% 至 15% 增加到 16% 至 17%。目前預計淨利息支出約 4,000 萬美元，之前為 4,600 萬美元。這一減少是由於我們對英國品牌合作夥伴的再投資所產生的利息收入。

Additionally, we are reiterating the following guidance. SG&A 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.

此外，我們重申以下指示。銷售、一般及行政費用 (SG&A) 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 萬美元的股票薪酬。

As a result of these assumptions and for modeling purposes, this translates to an estimated adjusted EBITDA growth rate of 15% versus 2024 and is consistent with what we communicated in our last earnings call.

根據這些假設並出於建模目的，這意味著預計調整後的 EBITDA 成長率為 2024 年的 15%，這與我們在上次收益電話會議上傳達的內容一致。

2025 will be another testament to the resiliency of the Wingstop model particularly given the current macro environment and the level of uncertainty. Our strategies are working, and we're continuing to invest behind our strategy that will position us for sustained growth over the long term.

2025 年將再次證明 Wingstop 模型的彈性，尤其是在當前宏觀環境和不確定性水準的情況下。我們的策略正在發揮作用，我們將繼續投資於該策略，以實現長期持續成長。

We're delivering predictable food costs for our brand partners. With this predictability, along with unlevered cash-on-cash returns of over 70%, our brand partners are accelerating their development and opening more wing stops at a record level. It's positioning us well in our path to becoming a top 10 global restaurant brand.

我們為品牌合作夥伴提供可預測的食品成本。憑藉這種可預測性，加上超過 70% 的無槓桿現金回報率，我們的品牌合作夥伴正在加速發展，並以創紀錄的水平開設更多的機翼停靠站。這為我們成為全球十大餐飲品牌奠定了良好的基礎。

I want to thank our global support team members, restaurant team members, brand partners and supplier partners. We believe we have the best team in the industry that will allow us to navigate the evolving economic backdrop, and we'll remain focused on executing our proven strategies. With that, I'd like to now turn to Q&A. Operator, please open the line for questions.

我要感謝我們的全球支援團隊成員、餐廳團隊成員、品牌合作夥伴和供應商合作夥伴。我們相信，我們擁有業內最優秀的團隊，能夠幫助我們應對不斷變化的經濟環境，並且我們將繼續專注於執行我們行之有效的策略。好了，現在我想進入問答環節。接線員，請打開熱線來回答問題。

(Operator Instructions) Jeffrey Bernstein, Barclays.

（操作員指示）巴克萊銀行的傑弗裡·伯恩斯坦。

Great, thank you very much. My question is related to the comp outlook for 2025, you're now forecasting 1%. So really no range at all after the low-single digit to mid-single digit just a couple of months ago, which was more like a 5%, 6% type range.

太好了，非常感謝。我的問題與 2025 年的公司前景有關，您現在預測的是 1%。因此，在幾個月前的低個位數到中等個位數之後，實際上沒有任何範圍，這更像是 5%、6% 類型的範圍。

So you would think the line of sight is more limited today with the new found macro headwinds. I'm just curious if you'd be willing to share color on -- to give some insight, the sequential trends for the first quarter, your expectations were down 5% in the second quarter.

因此，您可能會認為，由於新發現的宏觀逆風，今天的視線更加有限。我只是好奇您是否願意分享一些細節——為了提供一些見解，第一季的連續趨勢，您預期第二季下降了 5%。

Any kind of color you can provide, especially again, it seems like a fairly narrow full year targets. Any color you could provide on the second quarter and your assumption for the back half of the year would be great. And then I had one follow-up.

您可以提供任何類型的顏色，尤其是再次，這似乎是一個相當狹窄的全年目標。如果您能提供有關第二季度的任何資訊以及對下半年的預測，那就太好了。然後我進行了一次後續行動。

Jeff, thank you for the question. As we went into this year, we obviously expected the first half to be tougher than the second half, and it's really simply a function of the number we're growing up against. Not just on a one-year basis, but on a two-year basis. And I think as you heard from a lot of other brands who have reported, we saw in the first quarter an impact associated with the fires in California and then obviously, the unseasonal winter weather.

傑夫，謝謝你的提問。進入今年以來，我們顯然預計上半年會比下半年更加艱難，這實際上只是我們成長過程中遇到的數字的函數。不只是以一年為單位，而且以兩年為單位。我想，正如您從許多其他品牌的報告中所聽到的，我們在第一季看到了與加州火災有關的影響，顯然還有反常的冬季天氣。

But as we exited Q1, we did see -- obviously, everyone saw a broader pullback in consumer confidence as they're navigating uncertainty in the macro. But as we referenced on our last call, what we really saw in our business wasn't something that was broad-based necessarily.

但隨著第一季的結束，我們確實看到——顯然，每個人都看到消費者信心在宏觀不確定性中出現了更廣泛的回落。但正如我們在上次電話會議上提到的那樣，我們在業務中真正看到的並不一定是廣泛的。

We actually saw this more in specific pockets, and it was pockets that really kind of over-indexed to the Hispanic consumer, lower middle income and where we saw a meaningful pullback in our business, which as we look back over some prior instances in our 21 years of same-store sales growth, this looks and feels similar to some of those pullbacks that we've seen in certain pockets.

實際上，我們在特定領域中更多地看到了這種情況，這些領域實際上對西班牙裔消費者和中低收入人群的依賴程度過高，我們的業務出現了明顯的回落，當我們回顧 21 年同店銷售額增長的一些先前情況時，這種回落看起來和感覺起來與我們在某些​​領域看到的一些回落類似。

But again, it's not something that we're seeing broad-based in our business. And as we look at the underlying health of our brand, and compare this current environment to what we've seen before, it does feel like a near-term pullback. And so as we thought about our guidance and the current trend from Q1 into Q2 and then the balance of the year, it is primarily a function of the numbers we're going up against and we remain extremely confident in the strategies that we're executing and the underlying health of the business.

但同樣，這並不是我們業務中普遍存在的情況。當我們審視我們品牌的潛在健康狀況，並將當前環境與先前所見的情況進行比較時，我們確實感覺到短期內會出現回調。因此，當我們考慮我們的指導和從第一季到第二季以及今年剩餘時間的當前趨勢時，這主要取決於我們要面對的數字，我們對我們正在執行的策略和業務的基本健康狀況仍然非常有信心。

Understood. And if you're able to nail this at the end of this year with a 1% comp, you'll be viewed quite favorably in terms of your visibility. My follow-up question is just on the franchisees.

明白了。如果您能夠在今年年底實現這一目標，且成長率達到 1%，那麼您的知名度將會得到相當高的評價。我的後續問題只是關於特許經營商。

Presumably, most are very happy with the sales growth the past two years and as you mentioned, the 70% cash-on-cash returns they're generating, but with that said, you think the current environment would be quite challenging. So I'm wondering if you could talk a little bit about the recent conversations you've had with franchisees.

想必大多數人對過去兩年的銷售成長以及您提到的 70% 的現金回報率感到非常滿意，但話雖如此，您認為當前的環境將相當具有挑戰性。所以我想知道您是否可以談談最近與特許經營商的對話。

What are they most focused on? The fact that you're able to raise your unit growth guidance this year in an environment like that is quite impressive. So just curious to hear what's on franchisees' mind as they think about accelerating growth.

他們最關注什麼？在這樣的環境下，你們今年能夠提高單位成長預期，這令人印象深刻。所以我只是好奇地想聽聽特許經營者在考慮加速成長時是怎麼想的。

Yes. Thank you, Jeff, for that question. It's a great one. In full transparency, there's not a lot of conversations with our brand partners that are centered around same-store sales growth. They look at their business a little bit differently.

是的。謝謝傑夫提出這個問題。這是一個很棒的經驗。坦白說，我們與品牌合作夥伴之間圍繞同店銷售額成長的對話並不多。他們對自己的業務的看法有些不同。

As Alex mentioned in his prepared remarks, over two years, our AUVs have grown $500,000. And at that same time, we've advanced our supply chain strategy to create predictability in food cost. And that's actually translated to their returns to strengthening. And so the conversations we're having with our brand partners really center around unit growth.

正如亞歷克斯在準備好的發言中提到的那樣，兩年來，我們的 AUV 成長了 50 萬美元。同時，我們改進了供應鏈策略，以實現食品成本的可預測性。這實際上轉化為他們的回報增強。因此，我們與品牌合作夥伴的對話實際上圍繞著單位成長。

And I think you saw that show up in a big way in Q1, a record quarter for us, something we're really proud of. And as we look at our pipeline today and the demand for growth from our brand partners who are taking their capital and investing it in Wingstop, it gives us a lot of confidence to sit here and see what is shaping up to be a record year from a development perspective.

我想您已經在第一季看到了這一點，這是我們創紀錄的一個季度，我們對此感到非常自豪。當我們審視今天的產品線以及來自品牌合作夥伴的成長需求時，他們正在將資金投入到 Wingstop，這給了我們很大的信心，讓我們從發展的角度看到今年將會是創紀錄的一年。

And so those conversations are really centered around access to more territory, more unit growth. And it really gives us confidence in that long-term opportunity we see in front of us to take a brand that's at over 2,600 units today and scale it to over 10,000 globally.

因此，這些對話實際上都集中在獲得更多領土、更多單位成長。這確實讓我們對眼前的長期機會充滿信心，將目前擁有 2,600 多家門市的品牌擴張至全球 10,000 多家門市。

And Jeff, this is Alex. Just to add 1 point. We had about 50 different brand partners open a restaurant in the first quarter, and we opened a restaurant in 11 different markets, 33 states. I think that's a good testament to this strategy, we're working at the market level to execute our playbook on development.

傑夫，這是亞歷克斯。只需補充 1 點。第一季度，我們有大約 50 個不同的品牌合作夥伴開設了餐廳，我們在 11 個不同的市場、33 個州開設了餐廳。我認為這很好地證明了這個策略，我們正在市場層面努力執行我們的發展策略。

David Tarantino, Baird.

大衛·塔倫蒂諾，貝爾德。

My question is about the smart kitchen and what you're seeing there. I was hoping maybe you could give a bit more insight on the comps impact or the sales impact when you roll it out? Is it relatively immediate that you see the benefits or does it take time to play out given consumers may not notice it right away?

我的問題是關於智慧廚房以及您在其中看到的東西。我希望您能就推出該功能時對競爭對手或銷售的影響提供更多見解？您能立即看到其好處嗎？還是需要一段時間才能看到，因為消費者可能不會立即註意到它？

Any color you could offer there, including if you're willing to talk about maybe the magnitude of what you're seeing in terms of the sales lift.

您可以提供任何顏色，包括您是否願意談論您所看到的銷售成長的幅度。

David, this is Alex. Yeah, we got about the start of the year about half of our company-owned restaurants operating with the Wingstop Smart Kitchen. And you're right, there is a little bit of a lag because we're not advertising, we're not actively telling consumers about the change. But what we're measuring as the restaurants get more time and demonstrate that consistency and speed in that high-quality indulgent experience we can deliver, we are seeing a positive divergence in sales trends versus control restaurants for the ones that have been operating with the smart kitchen.

大衛，這是亞歷克斯。是的，今年年初，我們公司旗下大約有一半的餐廳都採用了 Wingstop 智慧廚房。你說得對，確實存在一些滯後，因為我們沒有做廣告，也沒有主動告訴消費者這項變化。但是，隨著餐廳獲得更多時間並展示我們可以提供的高品質享受體驗的一致性和速度，我們看到與使用智慧廚房的餐廳相比，銷售趨勢出現了積極的分歧。

I'll give you another example as well. We just completed the rollout this past quarter of our Dallas-Fort Worth market, and we initiated a small test within our delivery marketplaces. Same creative, same promotion relative to markets outside the Dallas-Fort Worth area, and we saw a 5% increase early on in conversion in the Dallas restaurants relative to those markets outside of Dallas.

我再給你舉一個例子。我們剛剛在上個季度完成了達拉斯-沃斯堡市場的推廣，並在我們的配送市場內進行了小規模測試。與達拉斯-沃斯堡地區以外的市場相比，同樣的創意、同樣的促銷，我們發現達拉斯餐廳的轉換率相對於達拉斯以外的市場提高了 5%。

So we're really encouraged early on by what we're seeing. We're measuring a consistent -- we're seeing increased guest satisfaction scores because we're delivering that consistent and that faster service time for our guests.

因此，我們一開始就對所看到的情況感到非常鼓舞。我們正在衡量一致性——我們看到客人滿意度分數不斷提高，因為我們為客人提供了一致且更快的服務時間。

Great. And I guess the follow-up is, is this factored into your second half outlook as you roll this out? Or I guess, I guess there's going to be questions about how you accelerate from what you're running now into the back half. And I know you mentioned the comparisons, but is this one of the reasons to believe that outlook is achievable?

偉大的。我想接下來的問題是，在您推出這項計劃時，這是否已考慮到您下半年的展望中？或者我想，我想人們會問你如何從現在的速度加速到後半段。我知道您提到了比較，但這是相信這前景可以實現的原因之一嗎？

Yeah, David. I think as we thought about the outlook for this year, it really contemplated the strategies that we're executing against around continuing to expand brand awareness. And I think you saw the strength of our unit growth really show up in a big way in Q1 where comps grew by 0.5%.

是的，大衛。我認為，當我們思考今年的前景時，我們實際上考慮了圍繞繼續擴大品牌知名度而實施的策略。我認為，您已經看到我們的單位成長實力在第一季得到了充分體現，同店銷售額成長了 0.5%。

But based on the unit development number we delivered, system sales grew by 16%, giving us continued dollars into our funds to drive brand awareness. And you continue to work down to things like tenders and menu innovation, the opportunity we have there that we think is going to perform and that consumer behave very similar to what we saw with chicken sandwich.

但根據我們交付的單位開發數量，系統銷售額成長了 16%，這為我們提供了持續的資金來提升品牌知名度。然後你繼續研究諸如招標和菜單創新之類的事情，我們認為我們在那裡擁有的機會將會實現，並且消費者的行為與我們在雞肉三明治中看到的非常相似。

It gives us a lot of excitement there. We can talk about our LTO calendar and what's coming there from a flavor perspective that we're excited about to drive indulgent occasions. And then obviously, digital, continuing to acquire new digital guests, continue to target our marketing to those guests with the right message to the right mediums, then obviously personalization.

這讓我們非常興奮。我們可以談論我們的 LTO 日曆，以及從風味角度即將推出的內容，我們很高興能夠推動放縱的場合。然後顯然，數位化，繼續吸引新的數位客戶，繼續透過正確的媒介向那些客戶傳達正確的訊息，然後顯然是個人化。

And so we feel confident that our strategies that we're executing are proven and something that will allow us to deliver on that comp number that we shared. And it's really just kind of a function primarily of the easing of the compares that we see returning to positive growth in the back half of the year.

因此，我們相信，我們正在執行的策略是經過驗證的，並且能夠讓我們實現我們所分享的業績數字。這實際上只是一種功能，主要是由於比較寬鬆，我們看到今年下半年恢復了正增長。

That said, to your initial question, that guidance does not contemplate a benefit associated with the Wingstop market. And we're excited about what that means for our business, not only just near term but long term.

話雖如此，對於您最初的問題，該指南並未考慮與 Wingstop 市場相關的好處。我們對此感到非常興奮，因為這對我們的業務意義重大，不僅是短期的，而且是長期的。

We see it as a true game changer. Our brand partners are excited. And we mentioned on the call that we are over 200 restaurants at the end of Q1, but the rollout is pacing nicely. And by the end of this week, we're going to be at roughly 400 restaurants that have the smart kitchen solution.

我們認為它將真正改變遊戲規則。我們的品牌合作夥伴非常興奮。我們在電話會議上提到，到第一季末，我們的餐廳數量已超過 200 家，但推廣進度良好。到本週末，我們將在約 400 家餐廳推出智慧廚房解決方案。

Danilo Gargiulo, Bernstein.

達尼洛·加吉烏洛，伯恩斯坦。

Great. First of all, I'd like to ask something about the international expansion. So can you talk a little bit more about the new five markets of entry? And how far along are you on the launch and expanding Wingstop in China? And specifically like how much of the 10,000 unit growth potential depends on expansion in China?

偉大的。首先我想問一下關於國際擴張的問題。那麼，您能否再多談談這五個新的進入市場的情況？Wingstop 在中國的推出與推廣進度如何？具體來說，10,000 輛的成長潛力有多少取決於在中國的擴張？

And thank you for the question. You've heard us over the years -- recent years, talk about our international business being super charged for growth. And we're really excited about the momentum that we have in the business there. The business continues to perform well from a same-store sales perspective. It is performing stronger than our US business, which we're excited to see.

感謝您的提問。近年來，您一直聽到我們談論我們的國際業務正在強勁增長。我們對那裡的業務發展勢頭感到非常興奮。從同店銷售額來看，該業務持續表現良好。它的表現比我們的美國業務更強勁，我們很高興看到這一點。

We referenced a record opening in Kuwait this last quarter that we're really excited about. And then if you look at just from a unit development perspective, we had a record for our international business on a net new units perspective for Q1 out of any quarter, and we're excited about that.

我們提到上個季度科威特的開幕創下了紀錄，我們對此感到非常興奮。如果你僅從單位發展的角度來看，我們在第一季的國際業務淨新增單位數量方面創下了歷史新高，我們對此感到非常興奮。

I think it speaks to the strength of that business, the strength of our strategy. We have opened a couple of new markets in the GCC that are performing great. We referenced Australia as another market that's coming online later this quarter. And then we do have additional markets that we haven't announced yet that are closed that we anticipate opening this year as well.

我認為這體現了我們業務的實力和策略的實力。我們在海灣合作委員會開闢了幾個表現良好的新市場。我們將澳洲視為本季稍後上線的另一個市場。此外，我們確實還有其他尚未宣布的已關閉的市場，預計今年也會開放。

And China, it remains a big opportunity for us. And it's obviously something we're navigating in a very thoughtful and intentional way, particularly when you consider this current macro -- or this current geopolitical environment. But it's -- we still remain confident in the long term that that's a meaningful opportunity for us and for Wingstop.

而中國對我們來說仍然是一個巨大的機會。顯然，我們正在以非常周到和有意的方式處理此事，特別是當你考慮到當前的宏觀環境或當前的地緣政治環境時。但從長遠來看，我們仍然相信，這對我們和 Wingstop 來說都是一個有意義的機會。

And we've done a lot of work around understanding that consumer, understanding the brand positioning and understanding the partner landscape in there. But it's nothing that I would say is being prioritized right now in light of the current geopolitical environment.

我們在了解消費者、了解品牌定位和了解合作夥伴格局方面做了大量工作。但鑑於當前的地緣政治環境，我認為這並不是當前的優先事項。

But I think another opportunity that we're equally excited about is India, a market that we think can be a pretty meaningful opportunity for Wingstop and is a big part of that overall 10,000 global unit opportunity.

但我認為另一個讓我們同樣興奮的機會是印度，我們認為這個市場對 Wingstop 來說是一個非常有意義的機會，也是全球 10,000 家門市機會的重要組成部分。

Great. And then the tenders, I mean, the relaunch of tenders seems to be an opportunity to supercharge your lunch daypart, even more kind of handheld similar to the chicken sandwich. So can you share the early learnings from the relaunch? How are you planning to integrate into menu expansion and target new consumer occasions? And then if you can also comment on the strategic positioning to differentiate in light of potentially competing launches like McDonald's and others.

偉大的。然後是雞柳，我的意思是，雞柳的重新推出似乎是一個增強午餐時段的機會，甚至更像是一種手持式食物，類似於雞肉三明治。那麼，您能分享一下重新啟動後的早期經驗嗎？您計劃如何融入菜單擴展並瞄準新的消費場合？然後，您是否可以評論一下針對麥當勞等潛在競爭對手的差異化策略定位？

Yeah. We're really excited about tenders. And we're -- we think it's a meaningful opportunity for us. We referenced the launch -- the relaunch, if you will, of our new crispy tenders in Q1, and we're extremely excited about the early results we're seeing. We referenced that in March. We saw a record level of new guest acquisition, which I think just speaks to the opportunity we have in front of us.

是的。我們對投標感到非常興奮。我們認為這對我們來說是一個有意義的機會。我們提到了在第一季重新推出我們的新款脆皮雞柳，我們對所看到的早期結果感到非常興奮。我們在三月提到這一點。我們看到了創紀錄的新客人數量，我認為這說明了我們面前的機會。

And as we look at these new guests, they're coming into our brand via tenders. They look and behave a lot like those chicken sandwich guests that we brought in. And what we saw were those chicken sandwich guests typically came in as an individual eater occasion but then came back and learned to navigate the rest of the menu, more of a group occasion and Wingstop became more of their overall consideration set.

當我們看到這些新客人時，他們是透過招標進入我們品牌的。它們的外表和行為舉止很像我們帶來的那些雞肉三明治客人。我們看到，那些吃雞肉三明治的客人通常是單獨前來，但回來後就學會瞭如何品嚐菜單上的其他菜餚，更多的是集體用餐，而 Wingstop 則更多地成為他們的整體考慮對象。

And we see the same opportunity with tenders. And that's what gives us a lot of confidence in the opportunity we have there is what we're seeing in the early data and how the consumer is engaging with us.

我們在招標中也看到了同樣的機會。正是這些讓我們對我們所擁有的機會充滿信心，我們在早期數據中看到了這一點，也看到了消費者如何與我們互動。

And we think just like sandwich, we can differentiate really well in the marketplace, because most places give you one tender and one dip. And at least, you can get it soft and tossed in our 12 bold and unique flavors as well as our iconic ranch or blue cheese. And so we think we have a real opportunity to win our fair share of tender occasions, and we feel like we're just scratching the surface there.

我們認為就像三明治一樣，我們可以在市場上很好地實現差異化，因為大多數地方都只提供一份肉汁和一種醬汁。至少，您可以品嚐到我們 12 種濃鬱獨特的口味以及標誌性的牧場或藍紋乳酪的柔軟口感。因此，我們認為我們確實有機會贏得公平的投標機會，但我們感覺我們才剛開始觸及皮毛。

As far as daypart mix, we've actually seen our tender sales since the relaunch be pretty balanced across day parts, which we're encouraged by. And so we think there's balanced growth and continued opportunities for us to win more occasions, but then also focus on the data that were obtained on these new guests and driving them for that repeat visit and they're continuing to work them up the frequency curve similar to what we did with sandwich.

就時段組合而言，自重新推出以來，我們實際上已經看到各個時段的招標銷售相當均衡，這讓我們感到鼓舞。因此，我們認為存在平衡的成長和持續的機會，讓我們贏得更多的機會，但同時也要關注從這些新客人那裡獲得的數據，並推動他們再次光臨，他們將繼續努力提高頻率曲線，類似於我們對三明治所做的那樣。

Brian Harbour, Morgan Stanley.

摩根士丹利的布萊恩哈伯 (Brian Harbour)。

As I recall, back in -- I think the way you're thinking about this year looks kind of like 2022. As I recall at that point, we were all worried about a recession in the first half of the year. And I think you called out kind of some similar customer groups that had pulled back.

我記得，回到——我認為你對今年的看法有點像 2022 年。我記得當時我們都擔心上半年會出現經濟衰退。我認為您呼籲一些類似的、已經退出的客戶群。

Is that the case, right? I guess I was also under the impression that maybe there were some shifts in sort of your customer base since that time. How is that different versus a few years ago for better or for worse.

是這樣的吧？我想我也覺得從那時起您的客戶群可能發生了一些變化。與幾年前相比，這有什麼不同，無論是好是壞？

Yes, Brian, I think you said it well. That is -- that is what we -- it looks like we see in the business today in the data we have and what we're tracking, it looks like very similar behavior to what we saw in 2022 as an example. And it's where the consumer in certain pockets demonstrated a near-term pullback and then things normalize after a period of time.

是的，布萊恩，我認為你說得很好。也就是說，從我們擁有的數據和正在追蹤的數據來看，我們今天的業務看起來與我們在 2022 年看到的行為非常相似。某些地區的消費者在短期內會出現消費回落，但經過一段時間後就會恢復正常。

I think for us today, our customer base has evolved a little bit. Obviously, we've brought in, and what we've talked about is a lot of guests, those heavy QSR guests that look a little bit different than our traditional guest, a little bit higher income, a little bit less ethnically diverse and engage -- preferred engage with brands digitally and off-premise through the delivery channel.

我認為對於我們今天來說，我們的客戶群已經有了一點發展。顯然，我們已經吸引了很多客人，而且我們談論的是那些重度 QSR 客人，他們看起來與我們的傳統客人略有不同，收入略高，種族多樣性略低，並且更喜歡通過交付渠道以數字方式和場外方式與品牌互動。

And so we have seen a little bit of a diversification in our customer base. But what we -- and because of that, I think it's why we commented that we're not really seeing this broad based, but more specifically in pockets. There are areas of our business that are performing quite well in this environment.

因此，我們看到客戶群略有多樣化。但是，正因為如此，我認為這就是為什麼我們評論說我們並沒有真正看到這種廣泛的現象，而是更具體地說是在一些小範圍內。在這種環境下，我們的一些業務領域表現相當良好。

And so I think for us, it does feel like this is kind of a little bit of a temporary near-term pullback in certain pockets that we feel comfortable we can navigate again. I would say the big difference against 2022 is just the strength of the compares that we're going up against.

因此，我認為，對我們來說，這確實感覺像是某些領域的暫時短期回調，但我們覺得可以再次進行調整。我想說，與 2022 年相比，最大的差異在於我們所面臨的對手的實力。

Yes. Makes sense. How is the delivery faring within? Is it growing faster? Is growing slow right now? Like what are you seeing delivery trends? And I guess you cite that as something you want to continue to grow? How are you going to be doing that actively this year?

是的。有道理。境內送貨情況如何？它成長得更快嗎？現在成長緩慢嗎？您看到了什麼樣的交付趨勢？我想您認為這是您想要繼續發展的事情吧？今年您將如何積極地進行這項工作？

Yeah, Brian, I think we've seen pretty consistent growth in the delivery channel. It continues to perform well for us, and I think it really speaks to just the overall opportunity we have in that channel, where we know that we're still just scratching the surface with -- if you look at the number of eaters on Uber Eats platform or DoorDash platform, that have engaged with our brand, we see a ton of opportunity there.

是的，布萊恩，我認為我們已經看到交付管道相當持續的成長。它對我們來說繼續表現良好，我認為這確實說明了我們在該渠道擁有的整體機會，我們知道我們仍然只是觸及表面——如果你看看 Uber Eats 平台或 DoorDash 平台上與我們的品牌互動的食客數量，我們會在那裡看到大量的機會。

And I think Alex mentioned it earlier when we talked about the Wingstop Smart Kitchen. But in DFW, we are seeing a little bit of an early indication in that opportunity we have where when we get below a certain threshold on delivery time, you're just -- you're in the consideration set.

我認為 Alex 之前在我們談論 Wingstop 智慧廚房時提到過它。但在 DFW，我們看到了我們擁有的機會的一些早期跡象，即當我們的交貨時間低於某個閾值時，您就 - 您在考慮範圍內。

And so the same creative, the same ad in a market with a faster delivery time, we're seeing a much higher conversion rate on that. And that shows to us is a pretty strong proof point of the opportunity we have with delivery.

因此，同樣的創意、同樣的廣告，在交付時間更快的市場中，我們看到的轉換率要高得多。這向我們充分證明了我們在交付方面擁有的機會。

Andrew Charles, TD Cowen.

安德魯查爾斯 (Andrew Charles)，TD Cowen。

I understand the message that the softness you're seeing in the consumer is really in pockets. But given the success of the development strategy, based on the strength of your franchisee cash flows, I'm wondering if you're seeing a more pronounced impact of sales transfer on mature stores as franchisees have increased desire to take advantage of the brand's robust cash-on-cash returns.

我理解你所看到的消費者疲軟其實是經濟問題。但考慮到發展策略的成功，基於您的特許經營商現金流的強勁，我想知道您是否看到銷售轉移對成熟商店產生更明顯的影響，因為特許經營商越來越希望利用該品牌強勁的現金回報。

So maybe just said differently, can you speak to how much sales trends for you're observing within reported same-store sales versus what you may have observed a year or two ago? And then I have a follow-up.

所以也許換一種說法，您能否談談您在報告的同店銷售額中觀察到的銷售趨勢與一兩年前觀察到的銷售趨勢相比有多少差異？然後我有一個後續問題。

Yes, Andrew, thank you for the question. I think what I would say is we've talked about just the number of restaurants in our portfolio today that are already above that $3 million AUV, I think it's roughly 10%, a little bit more than that.

是的，安德魯，謝謝你的提問。我想說的是，我們今天討論的是，我們投資組合中平均每家餐廳的營業額已經超過 300 萬美元的餐廳數量，我認為大約佔 10%，略高於這個數字。

And we've talked over the years how that there are instances where our brand partners will be intentional about taking some pressure off of some really high-volume restaurants, and that allows them to maximize their overall returns on investment, but also provides a solid guest experience and improved overall operations for the team.

多年來，我們一直在談論，在某些情況下，我們的品牌合作夥伴會有意減輕一些客流量很大的餐廳的壓力，這不僅使他們能夠最大限度地提高整體投資回報，而且還能為客戶帶來良好的體驗，並改善團隊的整體運營。

And so I would say that continues to happen. And as we look at -- and it's natural in this environment to take a hard look at what's driving the trends you're seeing in the business. And I would say, as we look at any sort of impact as it relates to new restaurants opening on the overall business and the overall comp, it's not a material change or anything to call out from what we've seen historically.

所以我想說這種情況還會繼續發生。當我們觀察時——在這種環境下，認真審視推動業務趨勢的因素是很自然的。我想說的是，當我們觀察新餐廳開幕對整體業務和整體業績的影響時，從我們過去的經驗來看，這並不是一個重大變化，也沒有什麼值得關注的地方。

I think, again, it really points back to these pockets of certain cohorts that are primarily a Hispanic consumer, lower middle income where we are seeing a bit of a temporary pullback in overall restaurant purchases.

我認為，這再次表明，某些群體主要是西班牙裔消費者和中低收入者，我們看到整體餐廳購買量出現了暫時的回落。

Okay. That's very helpful. My other question was just around CRM and now the loyalty program coming online. It was about five months ago that you were able to start doing the CRM efforts to about 50 million e-mail database users. So I'm curious what the learning was to make this into a formal loyalty program rather than just continue with the CRM efforts that you have in place.

好的。這非常有幫助。我的另一個問題是關於 CRM 以及現在上線的忠誠度計劃。大約五個月前，您開始為大約 5,000 萬電子郵件資料庫使用者進行 CRM 工作。所以我很好奇，將其變成一個正式的忠誠度計劃，而不是只是繼續現有的 CRM 工作，你們學到了什麼。

Yes, Andrew, this is Alex. It's a little bit of both. We're going to continue to work our hyper personalization strategies. And as we think about our demand space to win our fair share of that an opportunity to go from 1% to 20%, this is a good example of an intentional lever we have in our business.

是的，安德魯，這是亞歷克斯。兩者都有一點。我們將繼續推行超個人化策略。當我們考慮我們的需求空間以贏得公平的份額時，這是一個從 1% 到 20% 的機會，這是我們在業務中有意利用槓桿的一個很好的例子。

And the hyper personalization strategies with WingID are the foundation for how we can inform and drive the design of a loyalty program. We're almost coming at this from a completely different angle from other brands in the industry because of the wealth of information insight we have.

WingID 的超個人化策略是我們如何告知和推動忠誠度計畫設計的基礎。由於我們擁有豐富的資訊洞察力，我們幾乎從與業內其他品牌完全不同的角度來處理這個問題。

A good example is the largest cohort we've seen in new guest acquisition has been that Gen Z, Millennial consumer. And we know they embrace brands that provide some type of experiential aspect to their engagement.

一個很好的例子是，我們在新客人獲取方面看到的最大群體是 Z 世代，即千禧世代消費者。我們知道，他們歡迎那些能為他們的參與提供某種體驗方面的品牌。

And so a loyalty program is something we see as a way to enable that. And it's something we've been working on, again, tied back to our strategies over the last couple of years as we've seen our business scale and an opportunity for us to move down that -- move up that path to $3 million AUVs.

因此，我們認為忠誠度計劃是實現這一目標的一種方式。這是我們一直在努力的事情，再次與我們過去幾年的策略緊密相關，因為我們已經看到了我們的業務規模和機會，可以沿著這條道路向上邁進，達到 300 萬美元的 AUV。

Chris O'Cull, Stifel.

克里斯·奧卡爾（Chris O'Cull），Stifel。

Michael, you mentioned hispanic consumers have pulled back and that you've seen this in the past. I guess what is the playbook to address this challenge? I mean, did you weather the storm? Or were there some proactive actions that you executed to improve results in those markets that over-indexed with that segment?

邁克爾，您提到西班牙裔消費者已經減少，並且您過去也看到過這種情況。我猜想應對這項挑戰的策略是什麼？我的意思是，你經受住了這場風暴嗎？或者您採取了一些主動措施來改善那些與該細分市場指數過高的市場表現？

Yeah, Chris, it's a great question. And I think, again, it really speaks to the visibility we have into our business and the strength of that database that's over 50 million users strong. So it does allow us to get very targeted and very specific and understand how to attack the current business and what we're seeing in these markets.

是的，克里斯，這是一個很好的問題。我認為，這再次證明了我們業務的透明度以及超過 5000 萬用戶的資料庫的實力。因此，它確實使我們能夠非常有針對性和非常具體地了解如何攻擊當前業務以及我們在這些市場中看到的情況。

And it's not a one size fits all. So we do -- we are executing very specific tactics that are addressing these pockets where we are seeing softness. And it really anchors back to ultimately solving for -- creating a reminder, if you will, but just that top of mind consideration around that indulgent Wingstop occasion, which again, we're not a high-frequency occasion, and we've demonstrated over 21 years, same-store sales growth, our ability to keep those indulgent occasions.

而且它並不是萬能的。所以我們確實在執行非常具體的策略來解決我們所看到的這些疲軟之處。它實際上最終解決了這個問題——創建一個提醒，如果你願意的話，但只是在那個放縱的 Wingstop 場合中首先要考慮的問題，再說一次，我們不是一個高頻場合，我們已經證明了 21 年來，同店銷售額的增長，我們有能力保持這些放縱的場合。

And so for us, it's the right messaging, it's through the right medium. And then obviously, in instances where we can present value to a customer who is a little bit more sensitive to this current macro environment, we're going to lean in and do that as well. But they really do all ladders back to that indulgent Wingstop location.

所以對我們來說，這是正確的訊息傳遞，是透過正確的媒介。顯然，在我們可以向對當前宏觀環境更敏感的客戶提供價值的情況下，我們也會傾向於這樣做。但他們確實把所有的梯子都帶回了那個令人放縱的 Wingstop 位置。

Great. And I had a follow-up on the rollout of the kitchen system. Just given the lower frequency of the brand, how do you envision helping guests realize that times have improved? I mean I understand quote times on 3P platform should be lower, but is there anything you can do to help raise awareness that guests maybe getting their orders twice as fast as they used to?

偉大的。我對廚房系統的推出進行了追蹤。鑑於品牌的使用頻率較低，您設想如何幫助客人意識到時代已經改善？我的意思是，我理解 3P 平台上的報價時間應該更短，但是您可以做些什麼來幫助提高人們的意識，讓客人知道他們獲得訂單的速度可能比以前快兩倍？

Yeah, Chris, it's a great question. And I would really think of it in two buckets. You have to remember, we are still one of the largest brands that nobody's ever heard of. We have a 20-point gap in brand awareness. There's a lot of people who do not engage with our brand yet.

是的，克里斯，這是一個很好的問題。我確實會從兩個方面來考慮這個問題。你必須記住，我們仍然是無人知曉的最大品牌之一。我們在品牌知名度上有20個百分點的差距。很多人尚未接觸我們的品牌。

And so for them, this will be the only experience they know. And so we will naturally and organically just become more of their consideration set because we're delivering on both speed and the consistent experience time in and time out.

因此對他們來說，這將是他們唯一的經驗。因此，我們將自然而然地、有機地成為他們更多的考慮對象，因為我們始終在提供速度和一致的體驗。

As it relates to existing guests, again, Alex talked about this a little bit earlier, as we line out our strategy over the next few years, we thought about loyalty as being a great way for us to just drive consideration with the consumer around certain occasions in certain ways to become their consideration set.

至於與現有客人的關係，亞歷克斯之前也談到了這一點，在我們制定未來幾年的策略時，我們認為忠誠度是一種很好的方式，可以讓我們在某些​​場合以某種方式吸引消費者的注意，從而成為他們的考慮對象。

We're not going to go out there and tell people we're faster now and more consistent, but we're going to find ways to drive Wingstop to the top of their consideration set for certain occasions that we believe we have the right to win, and then it's about delivering on those expectations.

我們不會去告訴人們我們現在速度更快、更穩定，但我們會找到方法讓 Wingstop 在某些我們認為有權獲勝的場合成為他們的首選，然後就是實現這些期望。

Andy Barish, Jefferies.

安迪‧巴里什 (Andy Barish)，傑富瑞 (Jefferies)。

One question and a quick follow-up. Just I guess I missed or didn't realize you bumped up the ad fund at the beginning of the year, another 50 bps. Is this -- can you just kind of give us an update on sort of what the focus of that was? Is it NBA stuff? Are you generating the kind of returns you lag there?

一個問題和一個快速的後續行動。我只是猜測我錯過了或沒有意識到你在年初增加了廣告基金，又增加了 50 個基點。這是－您能否向我們簡單介紹一下此次活動的重點是什麼？這是 NBA 的東西嗎？您是否獲得了落後的那種回報？

And is there a focus maybe on more individual either occasions, just given some of the things you've mentioned prior on the economy and uncertainty.

鑑於您之前提到的一些經濟和不確定性問題，是否會更關注個別情況？

Andy, yes, last year, when we launched MyWingstop platform, we upped the overall advertising fund by 30 bps. And that was to cover the operating expense for the MyWingstop platform. And going into this year, we stair-stepped that up to the 50 bps you referenced, so another 20 bps to 5.5% total ad fund, but that all -- the increase entirely represents the funding of the operating expense associated with MyWingstop.

安迪，是的，去年，當我們推出 MyWingstop 平台時，我們將整體廣告基金提高了 30 個基點。這是為了支付 MyWingstop 平台的營運費用。進入今年，我們逐步將其提高到您提到的 50 個基點，因此又增加了 20 個基點，達到總廣告基金的 5.5%，但所有這些增長完全代表了與 MyWingstop 相關的營運費用的資金。

But as we mentioned before, with our double-digit growth in system-wide sales, we're continuing to grow our ad fund. And we're super excited about what we're seeing with our advertising with the NBA partnership that we're stepping into. And we're not running nearly as many spots as other brands are, but yet we were the most recognized brand in the NBA this season.

但正如我們之前提到的，隨著全系統銷售額達到兩位數成長，我們將繼續增加廣告基金。我們對於與 NBA 合作的廣告效果感到非常興奮。儘管我們投放的廣告數量不如其他品牌多，但我們卻是本賽季 NBA 中最受認可的品牌。

And so that tells us our advertising is working really hard for us, and we're excited about some of the end game moments we're able to take advantage of through that partnership. And so we're taking that. We're taking what we've learned last year around starting to expand in a partnership with the WWE, and now we're looking at the UFC and those guests for both of those -- or those audiences for both of those areas.

這表明我們的廣告確實發揮了很大的作用，而且我們對能夠透過這種合作關係利用的一些最終時刻感到很興奮。所以我們接受了這一點。我們正在利用去年學到的經驗開始擴大與 WWE 的合作，現在我們正在關注 UFC 以及這兩個領域的嘉賓——或者說這兩個領域的觀眾。

Our guests that don't know Wingstop have a low level of awareness but look a lot like our core guests and who we're targeting. So we're excited about the strategy and how it's working for us. And I think it's showing up in our brand health metrics. They give us a lot of confidence in our ability to navigate this year.

不了解 Wingstop 的客人認知度較低，但他們與我們的核心客人和目標客戶非常相似。因此，我們對該策略以及它對我們的作用感到非常興奮。我認為這體現在我們的品牌健康指標中。它們讓我們對今年的航行能力充滿信心。

Yes. And just a quick follow-up for Alex. I don't want to get too much into semantics, but you said kind of return to same-store sales growth through the 3Q. So I'm going to, I guess, ask it just does that mean you expect the 3Q to be positive on a same-store sales basis?

是的。這只是對 Alex 的一個快速跟進。我不想過多地談論語義，但您說第三季同店銷售額將恢復成長。所以我想問的是，這是否意味著您預計第三季同店銷售額將為正值？

Yeah, Andy, we're not going to guide to the quarter, but I think about the second half as something on a three-year basis based on what we guided to, that would imply a three-year in the second half within the high 30% range.

是的，安迪，我們不會對該季度做出預測，但我認為，根據我們的預測，下半年將是三年內的事情，這意味著下半年的三年增長率將在 30% 的高位範圍內。

Sara Senatore, Bank of America.

薩拉·參議員，美國銀行。

Just on the first question and then I do have yet another question on the same-store sales stack that you're talking about. You mentioned that you had positive transaction growth, which I guess implies negative ticket. If you could just talk about what might be driving that mix?

就第一個問題而言，我還有一個關於您談到的同店銷售額的問題。您提到交易量呈正增長，我猜這意味著票面金額為負。您能否談談造成這種混合現象的原因是什麼？

Is it just fewer group orders, which would be perhaps positive because it's growth in sandwiches and tenders or less attach or anything on value? Have you done more kind of sharper price points around some of the value offers.

是團體訂單減少了，這可能是積極的，因為三明治和嫩肉的數量增加了，或者附加價值減少了，或者其他有價值的東西減少了？您是否針對某些價值優惠制定了更多更明確的價格點？

Michael had mentioned a bit. I think what this points to what you saw in the quarter relates to this individual eater occasion that we're tracking with tenders on their initial purchase. So that ticket is obviously a smaller average ticket size than what we see from a traditional group occasion that we typically anchored to.

麥可曾提到一點。我認為這與您在本季看到的情況有關，我們正在透過招標追蹤個人用餐者的首次購買情況。因此，這張門票的平均票價顯然比我們通常關注的傳統團體活動的平均票價要小。

And we saw a little bit of this dynamic with chicken sandwich when we first launched that. So that's really what it points to in the first quarter regarding the ticket.

當我們第一次推出雞肉三明治時，我們看到了這種動態。所以這其實就是第一季關於票務的情況所指向的內容。

Right. So not value or tech management?

正確的。那麼不是價值管理或技術管理嗎？

No.

不。

Okay. And then just on the stack, you point into three year. I guess, if I look at the two-year stack, I mean, the implication would be that it's very stable. So if you're down mid-single digits, the compare sequentially gets about mid-single digits, harder 1% comp for the full year is, I think, roughly 22% two year.

好的。然後就在堆疊上，你指向三年。我想，如果我看一下兩年的堆棧，其意義就是它非常穩定。因此，如果下降了中等個位數，那麼連續比較就會得到中等個位數，全年 1% 的較差水平，我認為，兩年大約是 22%。

So I guess the question I have is, is that sort of the two-year rather than the three-year, perhaps more indicative And if so, presumably, it's going to vary around that trend. So I think April was your toughest compare last year of the quarter. So just trying to sort of think through obviously, everybody is looking at kind of some of the same data that you are.

所以我想我的問題是，這種兩年而不是三年的趨勢是否更具指示性？如果是這樣，那麼大概它會圍繞著這一趨勢而變化。因此，我認為與去年同期相比，四月是最艱難的季度。因此，嘗試去思考一下，顯然每個人都在查看與您相同的一些數據。

Yes. I think you said it varies around the compare. And so I think what I would think about is just that three-year stack comp, as I mentioned, in the second half.

是的。我認為您說的是比較時會有所不同。因此，我認為我會考慮的只是下半年的三年堆疊補償，正如我所提到的。

Okay. So even though the three-year decelerates in the second half, you're saying high 30s, I guess maybe if you add it, that's what you're looking to, okay. Thank you.

好的。因此，即使下半年三年增速放緩，您仍會說 30 多歲，我想也許如果您加上它，這就是您所期待的，好吧。謝謝。

Christine Cho, Goldman Sachs.

高盛的 Christine Cho。

A quick follow-up on the tender mix. I recall previously, it was around low single digit. But are you seeing any meaningful uptick here post the recipe upgrade as well as the March Madness campaign? And how do you size the opportunity relative to chicken sandwich, for instance?

對投標組合進行快速跟進。我記得以前，它大約是個位數的低點。但是，在配方升級以及瘋狂三月活動之後，您是否看到任何有意義的上升趨勢？例如，您如何衡量與雞肉三明治相關的機會？

Yeah, Christine, we are really encouraged by the early results with our tenders relaunch. And we've seen that sales mix obviously spike similar to what we did with sandwich when we initially launched sandwich. And it's now mixing -- tenders are now mixing higher than sandwich. We're encouraged by that. But we know there is a meaningful opportunity for us to win our first share of tender occasions.

是的，克里斯汀，我們重新啟動招標後早期的結果確實讓我們感到鼓舞。我們發現，銷售組合明顯出現飆升，與我們最初推出三明治時的情況類似。現在正在混合中——嫩肉的混合程度現在比三明治更高。我們對此感到鼓舞。但我們知道，這是一個讓我們贏得第一批投標機會的有意義的機會。

And again, it's a great entry point into our brand that consumers who aren't familiar with Wingstop or either don't really understand how to engage with us outside of maybe a special occasion. Exactly what we saw with chicken sandwich, and that's what we're seeing with that record guest -- number of guests -- new guests we acquired in the month of March. So all early indications are really encouraging, and we're excited about the opportunity we have with tenders.

再次強調，對於不熟悉 Wingstop 或不太了解如何在特殊場合之外與我們互動的消費者來說，這是一個很好的切入點。這與我們在雞肉三明治上看到的完全一樣，這也是我們在三月創紀錄的客人數量（新客人數量）中所看到的。因此，所有早期跡像都令人鼓舞，我們對投標機會感到非常興奮。

This concludes our question-and-answer session. I would like to turn the conference back over to Michael Skipworth for any closing remarks.

我們的問答環節到此結束。我想將會議交還給 Michael Skipworth 做最後發言。

We just want to thank everybody for their time this morning. And as we take a step back and look at our business, the underlying health of our business, the fact we see record development momentum. We see accelerating brand strength.

我們只想感謝大家今天早上抽出時間。當我們回顧我們的業務、業務的基本健康狀況時，我們看到了創紀錄的發展勢頭。我們看到品牌實力正在加速增強。

We're expanding digital engagement and menu innovation combined with our new Wingstop Smart Kitchen operating platform that unlocks new occasions, it's hard to not see a path to $3 million AUVs and over 10,000 restaurants globally. Thank you.

我們正在擴大數位參與和菜單創新，並結合我們新的 Wingstop 智慧廚房營運平台來開啟新的場合，很難不看到全球 300 萬美元 AUV 和超過 10,000 家餐廳的道路。謝謝。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。