Wingstop Inc (WING) 2025 Q2 法說會逐字稿

Good morning, ladies and gentlemen, and thank you for standing by. Welcome to Wingstop Inc.'s fiscal second-quarter 2025 earnings conference call. (Operator Instructions) Please note that this conference is being recorded today, Wednesday, July 30, 2025. On the call today are Michael Skipworth, President and Chief Executive Officer; Alex Kaleida, Senior Vice President and Chief Financial Officer; and Kristin Thomas, Senior Manager of Investor Relations.

女士們、先生們，早安，謝謝你們的支持。歡迎參加 Wingstop Inc. 2025 財政年度第二季財報電話會議。（操作員指示）請注意，本次會議將於今天（2025 年 7 月 30 日，星期三）進行錄製。參加今天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 和投資者關係高級經理 Kristin Thomas。

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

現在我想將會議交給克莉絲汀。請繼續。

Thank you, and welcome to the fiscal second-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 財政年度第二季財報電話會議。我們的業績已於今日早上早些時候發布，並可在我們的投資者關係網站 ir.wingstop.com 上查閱。我們今天的討論包含前瞻性陳述。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 condition. We use certain non-GAAP financial measures that we believe can be useful in evaluating our performance. Presentation of such information should not be considered in isolation or as a substitute for results prepared in accordance with GAAP.

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.

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。

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

說完這些，我想把電話轉給麥可。

Thank you, Kristen, and good morning, everyone. Before we jump into our second-quarter results, I want to start today's call by acknowledging the horrific events that took place earlier this month in our home state of Texas, with the devastating floods in the Texas Hill Country. None of us can imagine what those families and communities are going through after such a tragedy. However, we, along with our brand partners are here to support our fellow Texans and are keeping all of those impacted in our thoughts and prayers.

謝謝你，克里斯汀，大家早安。在我們開始討論第二季度業績之前，我想先在今天的電話會議上承認本月早些時候在我們的家鄉德克薩斯州發生的可怕事件，即德克薩斯丘陵地區發生的毀滅性洪水。我們誰也無法想像，在這樣的悲劇發生後，那些家庭和社區將經歷怎樣的痛苦。然而，我們和我們的品牌合作夥伴都在這裡支持我們的德州同胞，並在我們的思念和祈禱中記住所有受到影響的人。

Now shifting to our second quarter results. I believe 2025 will be another differentiated year for Wingstop, showcasing the resiliency of our model and the opportunity we have to scale into a top 10 global restaurant brand.

現在轉向我們的第二季業績。我相信 2025 年將是 Wingstop 又一個差異化的一年，展示我們模式的彈性以及我們擴展為全球十大餐飲品牌的機會。

Our second quarter was a great example of this. System-wide sales increased 13.9% to $1.3 billion, while same-store sales declined 1.9% for the quarter. To put our Q2 comp in perspective, we lapped 28.7% same-store sales growth in 2024 and a 16.8% comp in 2023, both of which were primarily driven by transactions. I believe this highlights the effectiveness of our multiyear strategies and our brand partners couldn't be more excited about the future with Wingstop.

我們的第二季就是一個很好的例子。本季全系統銷售額成長 13.9%，達到 13 億美元，而同店銷售額下降 1.9%。為了全面了解我們第二季的業績，我們預計 2024 年同店銷售額將成長 28.7%，2023 年將成長 16.8%，這兩項成長主要都由交易推動。我相信這凸顯了我們多年策略的有效性，我們的品牌合作夥伴對 Wingstop 的未來感到無比興奮。

The demand for opening more Wingstop's is the strongest it's ever been. We opened 129 net new restaurants globally in the second quarter, a nearly 20% growth rate. The 129 net new units was the highest number of restaurants opened in a single quarter in our history. I'm incredibly proud of how our team members and brand partners executed in the second quarter and the continued shared confidence they have in Wingstop and our long-term strategies.

開設更多 Wingstop 門市的需求達到了前所未有的強烈程度。我們在第二季在全球淨開設了129家新餐廳，成長率接近20%。129 家新餐廳是我們歷史上單季新開餐廳數量最多的一次。我對我們的團隊成員和品牌合作夥伴在第二季度的表現以及他們對 Wingstop 和我們的長期策略的持續信心感到無比自豪。

As we look ahead to the second half of the year, we have the utmost confidence in our proven long-term strategies, which consists of scaling brand awareness, driving menu innovation expanding our delivery channels, leveraging data-driven marketing and investing behind our digital transformation.

展望下半年，我們對行之有效的長期策略充滿信心，包括擴大品牌知名度、推動菜單創新、擴大配送管道、利用數據驅動行銷以及投資數位轉型。

I also want to acknowledge there remains a good deal of uncertainty with the consumer behaviors and implications to their spending habits. Through our regular consumer research, we hear concerns about elevated prices future job prospects and general anxiety about the future, but we remain focused on what we can control in this environment and executing our strategies.

我也想承認，消費者行為及其消費習慣的影響仍然存在著很大的不確定性。透過定期的消費者研究，我們聽到了人們對物價上漲、未來就業前景和對未來的普遍焦慮的擔憂，但我們仍然專注於在這種環境下我們能夠控制的事情並執行我們的策略。

Fundamentals are strong across the board for Wingstop. We're seeing improvements in brand health metrics, restaurant operations, digital guest engagement and unit economics. We continue to measure strength within our brand health metrics, including within quality and satisfaction scores.

Wingstop 的基本面整體強勁。我們看到品牌健康指標、餐廳營運、數位客戶參與度和單位經濟效益都有所改善。我們將繼續衡量品牌健康指標的強度，包括品質和滿意度評分。

I also share more about the tremendous progress we're making with speed and consistency from markets that have implemented our game-changing new kitchen operating platform that we are calling the Wingstop Smart Kitchen. While we made considerable improvements in brand health metrics, there remains significant opportunity to narrow the gap to brand awareness when benchmark to more established larger restaurant brands.

我還分享了更多關於我們在實施了我們稱為 Wingstop Smart Kitchen 的改變遊戲規則的新廚房操作平台的市場中以速度和一致性取得的巨大進步的信息。雖然我們在品牌健康指標方面取得了長足的進步，但與更成熟的大型餐飲品牌相比，仍有很大機會縮小品牌知名度的差距。

This past quarter, we took an opportunity to amplify our brand presence and connect us more deeply with current and future fans by leveraging our NBA partnership. With this partnership, we gained access to in-game brand placement throughout the NBA playoffs as well as becoming the presenting sponsor during the second round of the playoffs. We're just scratching the surface on this partnership with the NBA and look forward to our activations for this upcoming season.

上個季度，我們利用與 NBA 的合作關係，擴大了我們的品牌影響力，並與現有和未來的球迷建立了更深的聯繫。透過此次合作，我們獲得了在整個 NBA 季後賽期間進行遊戲內品牌植入的權利，並成為季後賽第二輪的指定贊助商。我們與 NBA 的合作才剛剛開始，我們期待即將到來的新賽季的啟動。

Our new Crispy Chicken Tenders are quickly becoming a fan favorite. Since the relaunch in the first quarter, we've seen strong guest engagement, particularly with new guests, and we're excited by the unique value they offer. In true Wingstop fashion, guests can order their Tenders in any of our 12 bold distinctive flavors setting us apart in the category.

我們的新款脆皮雞柳很快就受到粉絲們的喜愛。自第一季重新推出以來，我們看到了強勁的客人參與度，特別是新客人，我們對他們提供的獨特價值感到非常興奮。秉承 Wingstop 一貫的風格，客人可以從我們的 12 種大膽獨特口味中任意選擇一種來訂購嫩肉，這使我們在這一類別中脫穎而出。

We're seeing encouraging signs, including higher new guest retention, strong satisfaction scores compared to our previous Tenders and a healthy mix of daypart occasion. Most notably, our Tenders are driving reactivation of last users at a level we haven't seen any menu innovation in the past two years.

我們看到了令人鼓舞的跡象，包括更高的新客人保留率、與先前的招標相比更高的滿意度分數以及健康的時段組合。最值得注意的是，我們的招標正在推動最後用戶的重新激活，其水平是我們在過去兩年中從未見過的任何菜單創新。

In fact, the number of new and reactivated guests has tripled since launch, compared to the run rate at the end of 2024. While frequency hasn't yet reached the level of our core guests, the early results are promising, and we plan to continue leveraging Tenders to unlock our fair share of this demand space and its 1.6 billion handled Tender servings.

事實上，與 2024 年底的運行率相比，自推出以來，新客人和重新啟動的客人數量增加了兩倍。雖然頻率尚未達到我們核心客人的水平，但早期結果令人鼓舞，我們計劃繼續利用 Tenders 來釋放我們在這一需求空間及其 16 億份 Tender 服務中的公平份額。

This past quarter, we welcomed many of you to Dallas to showcase our new kitchen operating platform, the Wingstop Smart Kitchen. It didn't take long for those in attendance to see what a game changer it is for our guests and team members. I'm excited to say that today, the Wingstop Smart Kitchen is live in 1,000 restaurants across the US, and we are on track for a full system implementation by year-end.

上個季度，我們歡迎許多人來到達拉斯展示我們的新廚房操作平台—Wingstop Smart Kitchen。在場的人很快就意識到，這對我們的客人和團隊成員來說是多麼大的改變。我很高興地說，今天，Wingstop 智慧廚房已在全美 1,000 家餐廳上線，我們預計在年底前全面實施該系統。

Although still early, the results from our initial markets are encouraging. Just four weeks into their implementation, we're measuring 40% reductions in average ticket times with restaurants ramping faster towards our steady-state operating model. Markets with the Wingstop Smart Kitchen are delivering faster speed or consistent guest experience and sales outperformance, and all of this without additional advertising to the guest.

儘管還處於早期階段，但我們最初市場的結果令人鼓舞。實施僅四周後，我們測量到平均售票時間減少了 40%，餐廳正在更快地向穩定狀態營運模式邁進。擁有 Wingstop 智慧廚房的市場正在提供更快的速度或一致的客戶體驗和優異的銷售業績，而所有這些都無需向客戶進行額外的廣告。

Our restaurants are more consistent with ticket times in the range of 10 minutes, which compares to a prior quote time that was 18 to 20 minutes on our best days. Restaurants with the new Wingstop Smart Kitchen are outperforming.

我們的餐廳的出票時間更加一致，在 10 分鐘的範圍內，而之前的報價時間在我們最好的日子裡為 18 到 20 分鐘。配備全新 Wingstop 智慧廚房的餐廳表現優異。

And in our 160-plus restaurants in the Dallas-Fort Worth market, we are seeing meaningfully higher same-store sales growth relative to control restaurants. The Wingstop Smart Kitchen is clearly delivering the game-changing expectations that we established, enabling operational excellence, elevating the guest experience and fueling growth.

在達拉斯-沃斯堡市場的 160 多家餐廳中，我們發現同店銷售額的成長相對於對照組餐廳而言有顯著提高。Wingstop 智慧廚房顯然滿足了我們所設定的改變遊戲規則的期望，實現了卓越運營，提升了客戶體驗並推動了成長。

The guest is experiencing improved speed of service, consistency and accuracy, which is reflected in our guest satisfaction scores and the Wingstop Smart Kitchen restaurants are about 8 points higher than restaurants that do not have our new kitchen operating platform. We are also seeing improvements in all dayparts, including our lunch and late-night dayparts, which we believe is an untapped opportunity for us.

客人體驗到服務速度、一致性和準確性的提高，這反映在我們的客人滿意度評分中，Wingstop 智慧廚房餐廳比沒有採用我們新廚房操作平台的餐廳高出約 8 分。我們也看到所有時段都有所改善，包括午餐和深夜時段，我們相信這對我們來說是一個尚未開發的機會。

Without the benefit from the Wingstop Smart Kitchen, our delivered times can be in excess of 40 minutes, resulting in us not being in the consideration set for many delivery consumers. With Wingstop Smart Kitchen, we are unlocking delivery times under 30 minutes on the third-party delivery marketplaces, and we are now in the consideration set for those guests.

如果沒有 Wingstop 智慧廚房的幫助，我們的送貨時間可能會超過 40 分鐘，導致我們不在許多外送消費者的考慮範圍內。透過 Wingstop Smart Kitchen，我們可以在第三方外送市場上實現 30 分鐘內的配送時間，現在我們已經為這些客人做好了考慮。

For our restaurants in the Dallas-Fort Worth market, year-over-year sales growth in the delivery channel is outpacing the US average growth rate by mid-single digits. What's more, our brand partners see the impact of the kitchen operating platform in their team member experience and training, guest feedback as well as insight from the new reporting capabilities, all contributing to enhanced profitability.

對於我們在達拉斯-沃斯堡市場的餐廳而言，外送通路的年比銷售額成長率比美國平均成長率高出中等個位數。此外，我們的品牌合作夥伴看到了廚房操作平台對其團隊成員體驗和培訓、客人反饋以及新報告功能的洞察的影響，所有這些都有助於提高盈利能力。

I can't tell you how many brand partners have told me how much they love the new system, and how much of a game changer it is for their restaurant operations. But most importantly, the results we are seeing from the Wingstop Smart Kitchen are exactly what we had anticipated and are validating the opportunities we have within our strategy supporting our long-term target of scaling AUVs to $3 million.

我無法告訴您有多少品牌合作夥伴告訴我他們有多喜歡這個新系統，以及它對他們的餐廳運作有多大的影響。但最重要的是，我們從 Wingstop 智慧廚房看到的結果正是我們所預期的，並且驗證了我們策略中的機會，支持我們將 AUV 擴大到 300 萬美元的長期目標。

Our commitment to innovation is proven, and we have focused investments aimed at driving long-term sustainable value. One of those investments was in our proprietary tech stack, MyWingstop, which recently marked its first full year in operation. In that time, we have harnessed the data gather to provide our guests with relevant personalized and optimized content. We have been continuously fine-tuning our robust guest segments leveraging our segmentation to reach guests and give them a more meaningful experience while mining for additional insights to inform future strategies.

我們對創新的承諾已得到證實，並且我們已集中投資以推動長期永續價值。其中一項投資是我們的專有技術堆疊 MyWingstop，該技術堆疊最近剛迎來營運一周年。在此期間，我們利用收集的數據為我們的客人提供相關的個人化和優化內容。我們一直在不斷調整我們強大的客戶細分，利用我們的細分來接觸客戶並為他們提供更有意義的體驗，同時挖掘更多見解以指導未來的策略。

Since the launch, our digital database has grown by 30%, now approaching $60 million. We will continue to invest as we advance towards our aspirational goal of digitizing every transaction. With the launch of MyWingstop, coupled with our rich database of digital guest insights, we are uniquely positioned to build and subsequently launch a differentiated loyalty program, designed to strengthen guest engagement by encouraging repeat visits and deepening the emotional connection guests have with our brand.

自推出以來，我們的數位資料庫成長了 30%，目前已接近 6,000 萬美元。我們將繼續投資，朝著實現每筆交易數位化的目標邁進。隨著 MyWingstop 的推出，加上我們豐富的數位客戶洞察資料庫，我們擁有獨特的優勢，可以建立並隨後推出差異化的忠誠度計劃，旨在透過鼓勵重複存取和加深客戶與我們品牌的情感聯繫來加強客戶參與度。

It's a clear example of how we're leveraging technology to create lasting value for our guests. We're excited about this next phase in our digital journey and remain on track to pilot our new loyalty program in the fourth quarter with a full system-wide launch planned for 2026.

這是我們如何利用科技為客人創造持久價值的一個明顯例子。我們對數位化旅程的下一階段感到興奮，並計劃在第四季度試行我們的新忠誠度計劃，併計劃於 2026 年在全系統範圍內推出。

Our ongoing investments in technology continue to advance us on our path to $3 million AUVs and further strengthen unit economics for our brand partners, which are translating to industry-leading unlevered cash-on-cash returns of 70%.

我們對科技的持續投資使我們繼續朝著 300 萬美元的 AUV 目標邁進，並進一步加強了我們品牌合作夥伴的單位經濟效益，從而轉化為行業領先的 70% 無槓桿現金回報率。

Brand partners confidence in our model is showing up in our 2025 pace of new restaurant development. We have opened 255 net new units through the first half of 2025, which is equivalent to the number of units opened during the entire year in 2023, just two years ago. And over 95% of those openings are from existing brand partners reinvesting, furthering their commitment to Wingstop. The level of reinvestment by our brand partners truly speaks to the strength of our unit economics.

品牌合作夥伴對我們模式的信心體現在我們 2025 年新餐廳開發的步伐上。截至 2025 年上半年，我們已淨開設 255 個新單位，相當於兩年前 2023 年全年開設的單位數。其中超過 95% 的開業都是由現有品牌合作夥伴進行再投資，進一步加強了他們對 Wingstop 的承諾。我們的品牌合作夥伴的再投資水準確實體現了我們的單位經濟實力。

After delivering a record 129 net new restaurants in Q2, we updated our guidance again to 17% to 18% unit growth for 2025. This implies net new units of between 435 to 460 globally. And demand for additional growth with our brand partners remains strong, as we replenish our development agreement pipeline, which now has grown to the highest level of sold restaurant commitments on record.

在第二季創紀錄地新增 129 家餐廳後，我們再次更新了對 2025 年餐廳單位成長率的預期，即 17% 至 18%。這意味著全球新增單位淨額在 435 至 460 之間。隨著我們補充開發協議管道，我們對品牌合作夥伴額外增長的需求依然強勁，目前我們的開發協議管道已增長到有史以來銷售餐廳承諾的最高水平。

In addition to the strength in our domestic business, a key contributor to our growth is the exciting progress we continue to make within our international business. Demand is strong and our first half results were impressive.

除了國內業務的強勁成長之外，我們成長的關鍵因素是國際業務不斷取得的令人振奮的進展。需求強勁，我們上半年的業績令人印象深刻。

Last month, we hosted our International Summit in Toronto, where Wingstop brand partners and team members from around the world came together to connect, share ideas and spotlight their early successes. It was especially rewarding to see our more seasoned brand partners share insights and advice with those newer to the brand, delivering confidence into the playbook we are executing.

上個月，我們在多倫多舉辦了國際高峰會，來自世界各地的 Wingstop 品牌合作夥伴和團隊成員齊聚一堂，交流想法並展示他們早期的成功。看到我們經驗豐富的品牌合作夥伴與品牌新人分享見解和建議，為我們正在執行的策略帶來信心，這尤其令人欣慰。

But what stood out most, the passion for the brand is real, and it's growing fast. In the second quarter, we opened our first restaurant in Sydney, Australia, where new Wingstop fans lined up around the block in the pouring rain, just to get a taste of that bold, distinctive Wingstop flavor. Another example is in Paris, where more Wingstop fans lined up for our first flagship restaurant in the city, building on the momentum we established from last year's house of flavor event at the Olympics.

但最引人注目的是，人們對該品牌的熱情是真實的，而且還在快速成長。第二季度，我們在澳洲雪梨開設了第一家餐廳，新的 Wingstop 粉絲們在傾盆大雨中排起了長隊，只為品嚐濃鬱獨特的 Wingstop 風味。另一個例子是在巴黎，更多的 Wingstop 粉絲在我們在市內的第一家旗艦餐廳排隊等候，這延續了我們去年奧運風味之家活動所建立的勢頭。

Our new international markets are opening at levels surpassing domestic average unit volumes. And in more established markets like the UK, we continue to see strength, where our newest restaurant shattered Kuwait's recent record for highest global weekly sales. That's brand love in action, and we are just getting started.

我們的新國際市場的開拓水準正在超過國內平均水準。在英國等較成熟的市場，我們繼續看到強勁成長勢頭，我們最新的餐廳打破了科威特最近創下的全球每週最高銷售額紀錄。這就是品牌熱愛的實際行動，而我們才剛開始。

We've officially signed two additional markets, and we are set to open the first Wingstop this year in Italy and the Netherlands with several more markets in the pipeline. The world is craving our flavor and Wingstop is delivering. While we recognize the challenging macro environment we're navigating, the resiliency of our model and disciplined focus we have on executing our strategies as well as the game-changing initiatives such as the Wingstop Smart Kitchen and loyalty give us the confidence in our path to $3 million AUVs.

我們已正式簽約另外兩個市場，並計劃今年在義大利和荷蘭開設第一家 Wingstop，同時也將拓展其他幾個市場。全世界都渴望我們的風味，而 Wingstop 正在滿足這項需求。雖然我們認識到我們正在面臨的宏觀環境充滿挑戰，但我們模式的彈性、對執行策略的專注以及 Wingstop 智慧廚房和忠誠度等改變遊戲規則的舉措，讓我們對實現 300 萬美元 AUV 的目標充滿信心。

I want to thank our team members in the restaurants and at the global support center, brand partners and supplier partners for their ongoing commitment and collaboration advancing our vision to become a top 10 global restaurant brand.

我要感謝我們餐廳和全球支援中心的團隊成員、品牌合作夥伴和供應商合作夥伴的持續承諾和合作，推動我們成為全球十大餐廳品牌的願景。

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

說完這些，我想把電話轉給亞歷克斯。

Thank you, Michael. Our second quarter performance highlights the momentum in our global development and showcases the strength of our asset-light model. Through consistent execution of our strategies, we've continued to enhance brand partner returns. In just three years, AUVs have searched to over $2 million, an increase of more than $500,000.

謝謝你，麥可。我們第二季的業績凸顯了我們全球發展的勢頭，並展現了我們輕資產模式的優勢。透過持續執行我們的策略，我們不斷提高品牌合作夥伴的回報。短短三年內，AUV的搜尋額已超過200萬美元，增加了50萬多美元。

At today's AUVs of $2.1 million and on a low $500,000 investment to build a Wingstop, grant partners are seeing unlevered cash-on-cash returns of over 70%. This is driving yet another record-breaking quarter for development, and as Michael mentioned, fueling a record pipeline of sold restaurant commitments.

以目前 210 萬美元的 AUV 和僅需 50 萬美元的低投資來建造 Wingstop 計算，資助合作夥伴可獲得超過 70% 的無槓桿現金回報。這推動了又一個破紀錄的季度的發展，正如邁克爾所提到的，推動了餐廳銷售承諾的創紀錄增長。

We opened 129 net new restaurants in the second quarter, marking our fourth straight quarter with 100 or more net new openings. System-wide sales grew 13.9% to $1.3 billion for the quarter, pushing us past $5 billion in system-wide sales over the last 12 months.

我們在第二季淨開設了 129 家新餐廳，這是我們連續第四個季度淨開設 100 家或更多新餐廳。本季全系統銷售額成長 13.9%，達到 13 億美元，使我們過去 12 個月的全系統銷售額超過 50 億美元。

Total revenue increased 12% to $174.3 million versus the prior year. Royalty revenues, franchise fees and other revenue increased by $8.7 million in Q2, driven primarily by 464 net franchise openings since the prior year comparable period and partially offset by a 1.9% decline in domestic same-store sales.

總收入較上年增長 12% 至 1.743 億美元。第二季特許權使用費收入、特許經營費和其他收入增加了 870 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增加 464 家，但國內同店銷售額下降 1.9% 部分抵消了這一增長。

Company-owned restaurant sales increased $2.6 million due to same-store sales growth of 3.6%, primarily driven by transaction growth and two net new restaurants versus the prior year period. Our company-owned restaurants have fully implemented the Wingstop Smart Kitchen and are delivering a consistent 10-minute average ticket time, and these results are a good indication of the early success we're seeing with our new kitchen operating platform.

該公司自有餐廳銷售額增加 260 萬美元，原因是同店銷售額增長 3.6%，主要得益於交易量增長和與去年同期相比新增兩家餐廳。我們公司旗下的餐廳已全面實施 Wingstop 智慧廚房，並持續提供 10 分鐘的平均出票時間，這些結果很好地表明了我們的新廚房操作平台所取得的早期成功。

Cost of sales as a percentage of company-owned sales were 75.2% for the second quarter, a decline of 70 basis points. The decrease was primarily driven by sales leverage on labor and operating expenses. Our supply chain strategy to mitigate volatility in food costs continues to pay dividends and is creating predictability for our brand partners.

第二季銷售成本占公司自有銷售額的百分比為 75.2%，下降了 70 個基點。下降的主要原因是勞動力和營運費用的銷售槓桿。我們的供應鏈策略旨在緩解食品成本的波動，並持續帶來回報，為我們的品牌合作夥伴創造可預測性。

System average food cost has sustained at approximately 34%, which is well within our targeted range of mid-30%. In the second quarter, SG&A increased $4.8 million versus the prior year comparable period to a total of $32.9 million. This increase was driven by headcount-related investments to support the long-term growth of the business, plus $1.5 million of nonrecurring system implementation expenses associated with our new ERP and HRIS platform.

系統平均食品成本維持在 34% 左右，完全處於我們 30% 左右的目標範圍內。第二季度，銷售、一般及行政費用較去年同期增加 480 萬美元，總計 3,290 萬美元。這一成長是由與員工人數相關的投資推動的，以支持業務的長期成長，加上與我們的新 ERP 和 HRIS 平台相關的 150 萬美元的非經常性系統實施費用。

Adjusted EBITDA, a non-GAAP measure, was $59.2 million during the quarter, an increase of 14.3% versus the prior year. Adjusted EPS, a non-GAAP measure, for the second quarter was $1 per diluted share, a 1.6% increase versus the prior year.

本季調整後 EBITDA（非 GAAP 指標）為 5,920 萬美元，較上年增長 14.3%。第二季調整後每股盈餘（非公認會計準則衡量指標）為每股稀釋收益 1 美元，較前一年成長 1.6%。

This includes an $0.18 EPS impact from the additional interest associated with our $500 million securitization transaction completed in December of 2024. Proceeds from this transaction were used to enhance shareholder returns, and subsequently funded $370 million in share repurchases through the first quarter of 2025.

這包括我們在 2024 年 12 月完成的 5 億美元證券化交易產生的額外利息對每股收益 0.18 美元的影響。此交易的收益用於提高股東回報，並隨後為 2025 年第一季的 3.7 億美元股票回購提供資金。

We remain focused on creating long-term value to our shareholders through a balanced approach that includes our regular quarterly dividend and remaining $191 million authorized under our current share repurchase program.

我們將繼續致力於透過平衡的方式為股東創造長期價值，包括定期季度股息和當前股票回購計畫授權的剩餘 1.91 億美元。

Acknowledging the strong cash flow generation from our asset-light model, on July 29, our Board of Directors approved an increase to our regular quarterly dividend from $0.27 per share to $0.30 per share of common stock, a demonstration of the strength of our model. This dividend totaling approximately $8.4 million will be paid on September 5, 2025, to stockholders of record as of August 15, 2025. Shifting to our outlook for 2025.

由於認可我們輕資產模式產生的強勁現金流，7 月 29 日，董事會批准將常規季度股息從每股 0.27 美元提高至每股普通股 0.30 美元，證明了我們模式的實力。該股總額約 840 萬美元，將於 2025 年 9 月 5 日支付給截至 2025 年 8 月 15 日登記在冊的股東。轉向我們對 2025 年的展望。

Based on the visibility we have into our development pipeline at this point of the year, we are increasing our global unit growth rate to a range of 17% to 18%, previously 16% to 17%. Our new outlook implies a 30-unit increase to our prior outlook in a range of 435 to 460 global net new units for the year. For domestic same-store sales growth, we are reiterating our guidance for fiscal year 2025 of approximately 1%.

根據我們目前對今年開發通路的了解，我們將全球單位成長率提高到 17% 至 18% 之間，之前為 16% 至 17%。我們的新展望意味著，今年全球淨新增單位數量將在 435 至 460 個單位之間，比我們先前的展望增加 30 個單位。對於國內同店銷售額成長，我們重申 2025 財年約 1% 的預期。

Our outlook remains dependent on macroeconomic conditions and is based on the most recent information available to us. For modeling purposes, our current outlook anticipates sales growth will return as the third quarter progresses. And as the impact of tougher prior year comparisons begins to moderate in the back half of the third quarter and into the fourth quarter.

我們的展望仍然取決於宏觀經濟條件，並基於我們掌握的最新資訊。出於建模目的，我們目前的預測是，隨著第三季的進展，銷售額將恢復成長。隨著第三季後半段和第四季度，與去年同期相比更嚴格的影響開始減弱。

We are also reiterating our guidance for SG&A 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. With these inputs and for modeling purposes, these assumptions translate to an estimated adjusted EBITDA growth rate that exceeds 15% versus 2024.

我們也重申銷售、一般及行政費用 (SG&A) 指導價約為 1.4 億美元，其中包括 450 萬美元的非經常性系統實施成本（將加回到調整後的 EBITDA 中）和約 2,600 萬美元的股票薪資費用。透過這些輸入和為建模目的，這些假設轉化為預計調整後的 EBITDA 成長率將超過 2024 年的 15%。

Our second quarter results underscore the strength and resilience of our model in this uncertain environment. The strengthening industry-leading returns our brand partners are experiencing is fueling global demand for development reflected in our robust pipeline and record pace of growth.

我們第二季的業績凸顯了我們的模型在這種不確定的環境中的優勢和彈性。我們的品牌合作夥伴正在經歷業界領先的不斷增強的回報，這推動了全球的發展需求，這體現在我們強大的產品線和創紀錄的成長速度上。

We remain steadfast in executing our long-term strategies to realize our vision of becoming a top 10 global restaurant brand. I want to thank our global support team members, restaurant team members, brand partners and supplier partners for their continued dedication and commitment to Wingstop.

我們堅定不移地執行我們的長期策略，以實現成為全球十大餐飲品牌的願景。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對 Wingstop 的持續奉獻和承諾。

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

好了，現在我想進入問答環節。接線員，請打開熱線以回答問題。

(Operator Instructions)

（操作員指示）

David Tarantino, Baird.

大衛·塔倫蒂諾，貝爾德。

Hi, good morning. First, a clarification question on your third quarter guidance. And I think, Alex, you mentioned that you expect to return to positive comps as the quarter progresses. But are you expecting the full quarter to be positive in Q3? And then maybe as a follow-up, to that. I just wanted to ask about your general confidence in that trend playing out.

嗨，早安。首先，我想澄清一下您對第三季的預測。亞歷克斯，我認為您提到過，隨著本季度的進展，您預計業績將恢復正成長。但是您是否預計第三季的整個季度都會呈現正成長？然後也許作為後續行動。我只是想問一下您對這趨勢的整體信心。

Is it more of a matter of just running the current trends forward against easier comparisons, or are you expecting some sort of acceleration in the underlying trend?

這是否只是將當前趨勢與更容易的比較進行對比的問題，還是您預期潛在趨勢會出現某種加速？

Hey David, and thank you for the question. This is Michael. I'll jump in. I think you've read a lot of others mentioned some weakening with the consumer demand to start third quarter and some industry signals have signaled some softness to the start. And I don't think that's any different for Wingstop.

嘿，大衛，謝謝你的提問。這是邁克爾。我會跳進去。我想你已經讀到很多人提到第三季開始時消費需求有所減弱，而且一些行業訊號也預示著開始時消費需求有所疲軟。我認為 Wingstop 也是一樣。

What we've referenced in some of the prior -- our prior call about seeing some softness in a few pockets that over-indexed to lower income or Hispanic consumers, I would say we really haven't seen those pockets improve. And so as we look at the business for the balance of the year and kind of the behaviors that we observe with the guests within our business.

我們在先前的電話會議中提到過，我們看到一些領域出現了疲軟現象，這些領域主要集中在低收入或西班牙裔消費者，但我想說，我們確實沒有看到這些領域的改善。因此，當我們回顧全年的業務平衡以及我們在業務中觀察到的客人的行為時。

Alex mentioned it, we -- our compares ease as we start to exit the third quarter or the back half of the third quarter. And as we run our current trends out, we would expect that to position us to return to growth when we compare that against the strategies that we're executing. And then obviously, as you move further past the third quarter that compares to ease.

亞歷克斯提到了這一點，當我們開始退出第三季或第三季的後半段時，我們的比較輕鬆。當我們推演當前趨勢時，我們預計，與我們正在執行的策略相比，這將使我們恢復成長。顯然，隨著第三季的推進，情況會變得更加輕鬆。

And so as it relates to our outlook for the full year of approximately 1%, our confidence in delivering on that number is really related to kind of running out the trends we see in the business today, combined with the easing of the compares that we see.

因此，就我們對全年約 1% 的展望而言，我們對實現這一數字的信心實際上與我們今天在業務中看到的趨勢以及我們所看到的比較的緩和有關。

Great, thank you for that. And then just a follow-up. I don't think at least as of the last call, you were assuming much benefit from the Smart Kitchen in the numbers, but it does sound like you're seeing a benefit in the stores that have been.

太好了，謝謝你。然後只是後續行動。我認為至少截至上次通話時，您還沒有從數字上認為智慧廚房會帶來多大好處，但聽起來您確實看到了已經投入使用的商店的好處。

So I guess -- can you just explain kind of what you're seeing in the stores or the restaurants that have had that the longest in terms of whether you want to quantify the lift or however you want to talk about it? And just to kind of frame up what this might look like as you get it fully implemented?

所以我想——您能否解釋一下您在商店或餐館中看到的情況，這些商店或餐館已經存在這種情況最久，您是否想量化這種提升，或者您想如何談論它？當它完全實現時，它會是什麼樣子？

Yeah, David, we are extremely excited about Wingstop Smart Kitchen and really just what it means for what's in front of us here at Wingstop and the opportunity is, and we've often referred to it as a game changer and early results that we are seeing are validating that thesis, which is really encouraging for us.

是的，大衛，我們對 Wingstop 智慧廚房感到非常興奮，它對我們 Wingstop 面臨的情況和機會意義重大，我們經常稱它為遊戲規則改變者，而我們看到的早期結果證實了這一論點，這對我們來說真的很令人鼓舞。

But as of today, we're in about 1,000 restaurants with Wingstop Smart Kitchen, and what we're seeing is it really takes about four weeks for restaurants to acclimate to the new operating platform and really start to deliver on that targeted speed of service up approximately 10 minutes. And you do see quickly improvements in guest satisfaction scores, obviously, in speed and consistency.

但截至今天，我們已在約 1,000 家餐廳部署了 Wingstop 智慧廚房，我們發現餐廳需要大約四周的時間來適應新的操作平台，並真正開始實現將服務速度提高約 10 分鐘的目標。而且您確實會看到客人滿意度分數在速度和一致性方面明顯快速提高。

We called out some of the improvements we're seeing in accuracy as well as overall guest satisfaction, which is super encouraging for us. But I would say that what we're really seeing, and I think the best example is the Dallas-Fort Worth market is it feels like once we kind of hit that four-month mark, you're really starting to see it impact the overall trend in overall sales of the business.

我們指出，我們在準確性以及整體客戶滿意度方面取得了一些進步，這對我們來說非常令人鼓舞。但我想說的是，我們真正看到的，我認為最好的例子是達拉斯 - 沃斯堡市場，感覺一旦我們達到四個月的標記，你就會真正開始看到它影響整體業務銷售的整體趨勢。

And I think you layer in what I talked about around just the amount of training in an effort to get to acclimate to the system for our team. I think you overlay against that just our frequency, where we're still a relatively low frequency brand. It takes a little bit of time for the guest to realize the benefits associated with Wingstop Smart Kitchen.

我認為你所說的只是圍繞訓練量進行分層，以便讓我們的團隊適應這個系統。我認為您只考慮了我們的頻率，而我們仍然是一個頻率相對較低的品牌。客人需要花一點時間才能意識到 Wingstop 智慧廚房帶來的好處。

And so it feels like about that that four-month mark, which we hit in the -- towards the end of the second quarter in the DFW market. And we called out how we are seeing sales outperformance in that market. And I think a great indication or signal for that is our company-owned restaurants where the majority of that portfolio is in DFW.

因此感覺就像我們在 DFW 市場第二季末達到的四個月大關一樣。我們也指出了該市場的銷售業績表現優異。我認為一個很好的跡像或信號就是我們公司旗下的餐廳，其中大部分都在達拉斯-沃斯堡地區。

But our focus, David, it's not about leaning in too early on how we drive sales. Our focus is really centered around best-in-class implementation of this operating platform this year, making sure we're spending the time and investing in training, making sure that we're leaning on just the capabilities and reporting that we need to ensure that we're delivering on these guests expectations and the benefits associated with Wingstop Smart kitchen for the long term. But early results are very encouraging.

但是，大衛，我們的重點並不是過早地關注如何推動銷售。我們的重點實際上是圍繞今年最佳地實施這個操作平台，確保我們投入時間和投資進行培訓，確保我們只依賴我們需要的功能和報告，以確保我們滿足這些客人的期望以及與 Wingstop 智慧廚房長期相關的好處。但早期結果非常令人鼓舞。

Great. Thank you.

太好了，謝謝。

Jeffrey Bernstein, Barclays.

巴克萊銀行的傑弗裡·伯恩斯坦。

Great. Thank you. My first question is just on the unit growth side of things. Your long-term guidance is for 10%-plus, and you've exceeded that pretty consistently in recent years. And I know starting this year, you guided to 14% to 15%, but I guess, 10%-plus still seem like a reasonable longer-term target. But now you've increased it twice in the first two quarters. Now we're talking about 17% to 18%.

偉大的。謝謝。我的第一個問題是關於單位成長方面的。您的長期指導目標是 10% 以上，而且近年來您已經相當穩定地超過了這個目標。我知道從今年開始，您指導的成長目標是 14% 到 15%，但我想，10% 以上似乎仍是一個合理的長期目標。但現在前兩個季度已經增加了兩倍。現在我們談論的是 17% 到 18%。

So I'm just wondering if you could talk about the increased franchisee demand. And maybe if there's anything unusual about the 2025 growth, or should we now think about future years unit growth more in the 15% type range rather than 10%, which you seem to be far surpassing. So any color you could share on that demand and maybe the balance of what you think of US versus international as we think about this in forward years? And then I had one follow-up.

所以我只是想知道您是否可以談談特許經營商需求的增加。也許 2025 年的成長有什麼不尋常之處，或者我們現在是否應該考慮未來幾年的單位成長率更多地在 15% 的範圍內，而不是 10%，而你似乎已經遠遠超過了 10%。那麼，您能否就這一需求分享一些看法，當我們考慮未來幾年時，您能否談談美國和國際之間的平衡？然後我進行了一次後續行動。

Hey Jeff, thank you for the question. We're really encouraged by the pace of development we're seeing in 2025. And we said it in our prepared remarks that we think it's a pretty powerful statement towards the strength of the unit economics and the strength of the returns. But as we went into this year, we obviously contemplated the fact that we were asking our brand partners, albeit not a meaningful capital investment but yet as you add up a number of restaurants based on brand partner, we wanted to make sure there was plenty of capital to deploy and implement the Wingstop Smart Kitchen.

嘿，傑夫，謝謝你的提問。我們對 2025 年的發展速度感到非常鼓舞。我們在準備好的發言中說過，我們認為這是單位經濟實力和回報實力的一個非常有力的證明。但隨著今年的到來，我們顯然考慮到了這樣一個事實，即我們正在向我們的品牌合作夥伴提出要求，儘管這不是一項有意義的資本投資，但隨著您根據品牌合作夥伴增加餐廳數量，我們希望確保有足夠的資金來部署和實施 Wingstop 智慧廚房。

But what we've seen this year is that capital investment set against the opportunity to expand their footprint with Wingstop hasn't slowed down our brand partners at all. And so I think that's an encouraging sign, and I think a strong statement again to the returns. But then the other half of the story is our international business, which is on pace for a record year there, and you're really starting to see momentum pick up in that business, which is encouraging.

但我們今年看到的是，資本投資與透過 Wingstop 擴大影響力的機會並沒有減緩我們的品牌合作夥伴的步伐。所以我認為這是一個令人鼓舞的跡象，我認為這對回報來說是一個強有力的證明。但故事的另一半是我們的國際業務，今年該業務正創下紀錄，而且你真的開始看到該業務的勢頭回升，這是令人鼓舞的。

So we're really excited about the pace of development, the opportunity we have here today to increase outlook yet again. We talked about it in our prepared remarks that it's hard to believe. Just two years ago, we opened 255 net new restaurants for the full year, and we've already hit that number through the first half of 2025.

因此，我們對發展速度感到非常興奮，今天我們在這裡有機會再次提高前景。我們在準備好的演講中談到了這一點，這很難讓人相信。就在兩年前，我們全年淨開設了 255 家新餐廳，到 2025 年上半年我們已經達到了這個數字。

So we are encouraged by that. And as we mentioned in our prepared remarks, even though we are opening a lot of restaurants, the demand continues to grow. Our pipeline has sold commitments sits at a record level today, and we're encouraged by that. But I don't think we're here today to revisit our long-term or short-term targets for unit growth, but it does give us a lot of confidence in our ability to deliver on that long-term algorithm of 10%-plus.

所以我們對此感到鼓舞。正如我們在準備好的演講中提到的那樣，儘管我們開設了許多餐廳，但需求仍在持續增長。今天，我們的管道銷售承諾達到了創紀錄的水平，我們對此感到鼓舞。但我認為我們今天在這裡並不是為了重新審視我們的長期或短期單位成長目標，但它確實讓我們對實現 10% 以上的長期演算法的能力充滿信心。

Understood. And then my follow-up is just on the, some commentary about loyalty program. I know in the past, you guys have been somewhat hesitant when you're delivering the results you have been no surprise there. But I'm wondering what details you can share in terms of the structure of the program. I think you said you're going to pilot it in the fourth quarter and we roll it out across the entire system year.

明白了。然後我的後續內容是關於忠誠度計劃的一些評論。我知道過去你們在交付成果時有些猶豫，但這並不令人意外。但我想知道您能分享有關該計劃結構方面的哪些細節。我想您說過您將在第四季度試行它，然後我們將在整個系統年度內推廣它。

But any thoughts in terms of the type of program or the potential impact on comp or frequency or check or the type of awards you're going to offer any kind of sneak peek into what a Wingstop Rewards program would look like would be great.

但是，如果您對計劃類型、對薪酬、頻率、支票的潛在影響或您將提供的獎勵類型有任何想法，並且能夠預先了解一下 Wingstop 獎勵計劃是什麼樣子，那就太好了。

Good morning, Jeff, this is Alex. I can take this one. It's pretty exciting for us on the genesis of how we thought about loyalty and rewards and watching the industry, studying that and also a massing this database that's approaching 60 million guests that we've been able to unlock in mine insights around. And you heard us talk a little bit about Tenders and the reactivation of lapse.

早安，傑夫，我是亞歷克斯。我可以拿這個。這對我們來說非常令人興奮，因為我們對忠誠度和獎勵的想法以及對這個行業的觀察和研究，以及對這個接近 6000 萬客人的資料庫的積累，我們已經能夠從中獲得洞察力。您聽到我們談論了一些有關招標和失效恢復的問題。

That was a good example of how we've leveraged our hyper personalization strategies to reactivate lapsed users that we can then inform approaches that we're going to have designed into our loyalty rewards program. We really draw aspirations for what we see as best-in-class, those that really tie an emotional connection to the rewards program.

這是一個很好的例子，說明我們如何利用超個人化策略來重新激活流失的用戶，然後我們可以告知我們將在忠誠度獎勵計劃中設計的方法。我們真正描繪出我們所認為的一流水平，那些真正將情感與獎勵計劃聯繫起來的水平。

So where you're not transacting or you don't have this transactional relationship with a guest, but you're driving a connection to the brand that wants them to be engaged and you're rewarding them with surprises or unique things like even just Wingstop swag is a way for our guests to be rewarded that they're looking for and experiences that they could get access to through our partners that we have on the media side.

因此，當您不與客人進行交易或不與客人建立交易關係時，您會與希望他們參與的品牌建立聯繫，並用驚喜或獨特的東西（例如 Wingstop 贓物）獎勵他們，這是讓我們的客人獲得他們所尋求的獎勵的一種方式，他們可以透過我們在媒體方面的合作夥伴獲得這些獎勵和體驗。

So there's a wealth of different approaches we're looking at to activate our rewards program. But we think it's going to be something pretty unique in the industry, and we're a bit advantaged with what we have in our digital business that's over 70% strong.

因此，我們正在研究多種不同的方法來啟動我們的獎勵計劃。但我們認為這在行業中將是相當獨特的，而且我們的數位業務佔有一定優勢，佔比超過 70%。

Thank you very much.

非常感謝。

Christine Cho, Goldman Sachs.

高盛的 Christine Cho。

Great. Thank you. Congrats on the quarter. You've leaned into kind of the value messaging this year with very compelling deals such as 20 for 20 or 999, three-piece crispy Tender offers? Could you elaborate on how these value deals were received by customers, and what impact they had on average ticket or traffic during the quarter?

偉大的。謝謝。恭喜本季取得佳績。今年，您傾向於透過非常有吸引力的優惠來傳達價值訊息，例如買二送一或買三送一的 999 元三件套脆皮 Tender 優惠？您能否詳細說明這些超值優惠如何受到客戶的歡迎，以及它們對本季的平均票價或客流量有何影響？

And also curious what feedback you're receiving from your brand partners regarding these promos, and how it has impacted their four-wall economics, if at all, doesn't seem like it, but -- thank you

而且也很好奇您從品牌合作夥伴那裡得到了關於這些促銷活動的什麼反饋，以及它對他們的四面牆經濟有何影響，如果有的話，看起來似乎沒有，但是——謝謝

Hey Christine, good morning and thank you for the question. I would say -- maybe I'll start with -- for those who aren't as familiar with Wingstop, what we did with this 20 for 20 bundle, as an example, is a page out of our playbook that we've been executing for years.

嘿，克里斯汀，早安，謝謝你的提問。我想說——也許我應該從——對於那些不太熟悉 Wingstop 的人來說，我們對這個 20 for 20 捆綁包所做的事情，例如，是我們多年來一直在執行的劇本中的一頁。

And it's an opportunity for us to showcase abundance value and quality. And I think you alluded to this in your question, but a lot of other brands when they do promote value that usually comes at the risk of lower margin. And for us, we approach bundles and we approach value and quality, a little bit different than other brands.

這也是我們展現豐富價值和品質的機會。我認為您在問題中提到了這一點，但許多其他品牌在提升價值時通常會面臨利潤率降低的風險。對我們來說，我們對捆綁銷售以及價值和品質的態度與其他品牌略有不同。

And I think 20 for 20 is a great example. This bustle performed really well for us. And the reality is that delivered on the food cost on the P&L that's right in line with our target. And the guests clearly saw value and quality associated with this bundle. And what we were really encouraged to see is when you look at the overall basket associated with 20 for 20.

我認為「20 for 20」就是一個很好的例子。這次忙碌對我們來說確實表現得很好。實際情況是，損益表中的食品成本完全符合我們的目標。客人清楚地看到了該捆綁包的價值和品質。當我們看到與「20 for 20」計劃相關的整體情況時，我們感到非常鼓舞。

It actually carried a higher average check than our typical average check. So we were encouraged by that. So we saw this again as a way for us to lean into our proven playbook and showcase value and quality in a very differentiated weight that Wingstop can do. And we're really encouraged by the results we saw associated with that.

它的平均支票金額實際上比我們的典型平均支票金額要高。所以我們對此感到鼓舞。因此，我們再次將此視為一種方式，讓我們能夠依靠我們經過驗證的劇本，並以 Wingstop 可以做到的差異化方式展示價值和品質。我們對所看到的結果感到非常鼓舞。

Great, thank you so much for the call. I just want to follow up. So with kind of that increased price sensitivity and consumer anxiety that you're seeing? Are you seeing any meaningful shift in the percentage of the checks that are on deals or promo, or is there any specific consumer cohorts that are responding more actively to these promos? Thank you.

太好了，非常感謝您的來電。我只是想跟進一下。那麼，您是否看到了價格敏感度和消費者焦慮程度的增加？您是否看到交易或促銷的支票百分比有任何顯著變化，或者是否有特定的消費者群體對這些促銷活動的反應更積極？謝謝。

Hi Christine, this is Alex. Nothing I'd specifically point to. We've talked about just generally speaking, the pockets where we've seen some consumer under a little more pressure that low-income Hispanic consumer. Mike mentioned earlier that that's been consistent with what we've seen from the start of the year. And in that situation, there's been some ticket management, but they're still finding ways to engage with Wingstop. And I think we're really encouraged by that.

你好，克莉絲汀，我是亞歷克斯。我沒有特別指出什麼。我們討論的是一般而言，我們發現有些消費者承受的壓力比低收入西班牙裔消費者更大一些。麥克之前提到，這與我們今年年初看到的情況一致。在這種情況下，他們進行了一些票務管理，但他們仍在尋找與 Wingstop 合作的方式。我認為我們確實因此受到鼓舞。

Great. Thank you so much.

偉大的。太感謝了。

Brian Harbour, Morgan Stanley.

摩根士丹利的布萊恩哈伯 (Brian Harbour)。

Yeah, thanks. Good morning guys. With those stores that have Smart Kitchen deployed, I mean, have you sort of seen a pickup in delivery mix? I know you said that sort of like all dayparts were seeing the benefit, but are you seeing more of a benefit where you expected? And I know that your digital mix is still kind of been ticking up here the last couple of quarters. Is that part of what you're seeing as well?

是的，謝謝。大家早安。對於那些已經部署了智慧廚房的商店，您是否看到配送組合有所回升？我知道您說過好像所有時段都看到了好處，但您是否看到了比預期更多的好處？我知道，過去幾個季度，你們的數位組合仍然保持成長勢頭。這也是您所看到的一部分嗎？

Hi Brian, thanks for the question. There is a little bit of a difference we're seeing in performance on comp for restaurants that have Smart Kitchen by daypart. Lunch in late night is a hypothesis we've had without advertising. We're seeing a little bit of an uptick in performance at the daypart level for lunch and late night. The other aspect to what you mentioned is on delivery.

你好，Brian，謝謝你的提問。我們發現，配備智慧廚房的餐廳在按時段劃分時的表現略有差異。深夜午餐是我們一直以來沒有宣傳過的假設。我們發現午餐和深夜時段的業績略有上升。您提到的另一個方面是交付。

When we measure results for Smart Kitchen restaurants on delivery sales on what restaurants are performing at on an average weekly basis, restaurants with Smart Kitchen are seeing about a mid-single-digit growth rate differential versus restaurants that do not have Smart Kitchen. And again, that ties to us being in the consideration set for fastest near you or guests that are filtering under 30 minutes. And we haven't advertised in those platforms either. That's just the guest naturally engaging with us and finding us in those filters.

當我們根據餐廳每週的平均表現來衡量智慧廚房餐廳的外帶銷售結果時，擁有智慧廚房的餐廳與沒有智慧廚房的餐廳相比，成長率差異約為個位數。再次，這與我們為您附近最快的服務或 30 分鐘內到達的客人提供最快的服務有關。我們也沒有在這些平台上做廣告。這只是客人自然地與我們互動並在這些過濾器中找到我們。

Okay. Got it. Have you seen -- as you've opened faster recently, have you seen any change in what you would typically observe as sales transfer from new store openings?

好的。知道了。您是否看到—由於您最近開業速度加快，您是否看到新店開幕帶來的銷售轉移發生了變化？

No, Brian, I think we've got a pretty well sought out development strategy, we refer to them as playbooks built down to the market level that really outlined kind of the sequencing, and who we are growing with in each market that map us to the broader opportunity we believe we have here in the US business. And we always look at and measure if there's any impact to other restaurants. And I think we got a similar question last quarter, and nothing's really changed materially from that.

不，布萊恩，我認為我們已經有一個非常完善的發展策略，我們稱之為根據市場層面構建的劇本，它真正概述了排序，以及我們在每個市場中與誰一起成長，這將我們與我們認為在美國業務中擁有的更廣泛的機會聯繫起來。我們始終關注並衡量這是否會對其他餐廳產生影響。我認為上個季度我們也遇到類似的問題，但實際上並沒有實質的改變。

It's not a material number to the overall business.

對於整體業務來說，這不是一個重要的數字。

And Brian, I would just add that when we set our new targets, we thought about just the overall TAM for the US at 6,000-plus restaurants updated from 4,000-plus as well as the AUV at the same time, moving from a $2 million target to now a $3 million target.

布萊恩，我想補充一點，當我們設定新目標時，我們考慮的只是美國的整體 TAM，從 4,000 多家餐廳更新到 6,000 多家餐廳，同時也考慮了 AUV，從 200 萬美元的目標變為現在的 300 萬美元的目標。

And so within these playbooks, we have a lot of data down to pens on maps, trade areas identified as well as predictions of sales both restaurant level as well as what the market can see. So I think that shows in how we set these new targets, our confidence in scaling this beyond our existing range. Thanks.

因此，在這些劇本中，我們擁有大量數據，包括地圖上的筆、確定的貿易區域以及餐廳層級和市場銷售額的預測。所以我認為這體現在我們如何設定這些新目標上，反映了我們超越現有範圍的信心。謝謝。

Jim Salera, Stephens.

吉姆·薩萊拉、史蒂芬斯。

Hey Alex, good morning. Thanks for taking my question. I was hoping you guys might be able to provide a little bit more detail on the record-breaking new unit openings. Are you able to offer any color on how many of those are in kind of existing established markets versus entrants into newer kind of expansion markets?

嘿，亞歷克斯，早安。感謝您回答我的問題。我希望你們能夠提供更多關於破紀錄的新單位開業的細節。您能否透露其中有多少是現有成熟市場中的企業，有多少是進入較新的擴張市場的企業？

And then maybe as a part two to that, does the unlock from the Smart Kitchen, do you find that there's actually more consumers that are closer to each restaurant that you want reaching before. And so perhaps the density in each market could be higher with a greater efficiency from the Smart Kitchen.

然後也許作為第二部分，智慧廚房的解鎖是否會發現實際上有更多的消費者更接近您想要接觸的每家餐廳。因此，也許每個市場的密度都可以隨著智慧廚房效率的提高而提高。

Hey Jim, thanks for the question or multiple questions. But on the first one, what I would say is we opened restaurants in the second quarter in -- as an example, in 46 different states. And so pretty diversified development for us. And so I wouldn't really say anything was concentrated by any means in any certain market or area.

嘿，吉姆，謝謝你提出這個問題或多個問題。但關於第一個問題，我想說的是，我們在第二季在 46 個不同的州開設了餐廳。因此，對我們來說，這是一個相當多元化的發展。因此，我不會說任何東西都集中在某個特定的市場或地區。

As it relates to your second question around Wingstop Smart Kitchen, I think really, we take a step back, and we've shared a little bit about this, but we understand like our guests, we understand the core occasion that Wingstop is best positioned to win in.

至於您關於 Wingstop 智慧廚房的第二個問題，我認為我們確實退後一步，並且已經分享了一些這方面的內容，但我們和我們的客人一樣了解，我們了解 Wingstop 最有可能獲勝的核心場合。

And we've shared this number before, but we're winning of that core demand space, a little over 1%. And when we benchmark other brands to their core demand space, most are winning about 20%. And so there's a pretty meaningful opportunity or a meaningful number of occasions that are out there for us to win our fair share that we strongly believe Wingstop Smart Kitchen is going to unlock.

我們之前也分享過這個數字，但我們在核心需求領域的份額略高於 1%。當我們將其他品牌與其核心需求空間進行比較時，大多數品牌的勝率都在 20% 左右。因此，我們堅信 Wingstop Smart Kitchen 將為我們帶來非常有意義的機會或許多有意義的場合來贏得我們的公平份額。

And so when we did the work that Alex described earlier, which was not only putting pins on a map and building out the development strategy to our TAM of over 6,000, we also looked in each and every one of those trade areas is understood a lot about the consumer -- the demand space. And in conjunction with that work we did to arrive at over 6,000 units in the US.

因此，當我們進行 Alex 先前描述的工作時，不僅要在地圖上標記位置，還要為超過 6,000 的 TAM 制定發展策略，我們還會對每個貿易領域進行研究，以了解消費者——需求空間。結合這項工作，我們在美國已擁有超過 6,000 個單位。

We also increased our AUV target to $3 million, and it really ties back to winning our fair share of the demand space that we're best positioned to win in. And this all letters back to those strategies we've been talking about for years, expanding brand awareness, menu innovation, delivery channel expansion digital transformation and continuing to use data to drive our marketing that we have the insights around.

我們還將 AUV 目標提高到了 300 萬美元，這實際上與我們贏得最有可能獲勝的需求空間的公平份額息息相關。所有這些都與我們多年來一直在談論的策略相呼應，即擴大品牌知名度、菜單創新、交付管道擴展數位轉型，並繼續利用數據來推動我們所掌握的行銷知識。

And so all of that is bolstered by Wingstop Smart Kitchen. So I wouldn't say this is necessarily a change or new unlock. It really just is enabling and strengthening the strategies that we're executing against today.

所有這些都是由 Wingstop Smart Kitchen 提供支援的。所以我不認為這必然是一個改變或新的解鎖。它實際上只是支持和加強了我們今天正在執行的策略。

Got it. And then just since you mentioned marketing talent in your answer, do they thought you can offer given we'll be entering football season with a lot more visibility on the third-party platforms. Anything can tease on marketing or anything that would drive greater visibility and maybe for some --

知道了。然後，既然您在回答中提到了行銷人才，他們是否認為您可以提供這樣的服務，因為我們將進入足球賽季，並且在第三方平台上擁有更高的知名度。任何可以用於行銷或任何可以提高知名度的東西，也許對某些人來說--

I guess if you take it -- I'm sorry, go ahead, Jim.

我想如果你接受它——對不起，請繼續，吉姆。

No, no, no. You answer --

不，不，不。你回答--

I may have lost you there. But I think if you take a step back, and we just look at our media investment throughout the year, Q4 will be our highest investment out of all of 2025. So we have that. But we're -- we feel like we're executing a playbook that's working. We have great partnerships that we're leaning into.

我可能已經把你丟在那裡了。但我認為，如果退一步來看，我們只看全年的媒體投資，第四季將是我們 2025 年全年最高的投資。所以我們有這個。但我們——我們感覺我們正在執行一個有效的劇本。我們擁有值得信賴的優秀合作關係。

Obviously, we were an early partner of Amazon when they took over Thursday Night Football, and we were able to lean in and co-create some commercial with them and using some of their talent. Amazon is now taking on NBA, which gives us another opportunity to lean in early there as well.

顯然，當亞馬遜接管《週四晚間橄欖球賽》時，我們是他們的早期合作夥伴，我們能夠與他們合作製作一些廣告並利用他們的一些才華。亞馬遜目前正在與 NBA 競爭，這也為我們提供了另一個提前參與的機會。

And then obviously, we're leaning into culture where it makes sense. So we'll continue to execute against the playbook that we're executing against today that we feel like is working. But we're excited about football season. I think the consumer is excited about football season, and so we're encouraged about the back half of the year.

顯然，我們在有意義的地方傾向於文化。因此，我們將繼續按照我們今天正在執行的劇本執行，我們認為這是有效的。但我們對足球賽季感到興奮。我認為消費者對足球賽季感到興奮，因此我們對今年下半年的前景充滿信心。

Great, I appreciate all the color. I'll come back in the queue.

太棒了，我很欣賞所有的顏色。我會回到隊列中。

Andrew Charles, TD Cowen.

安德魯查爾斯 (Andrew Charles)，TD Cowen。

Great, thank you. Curious in terms of the reiterated guidance, July seems weaker than you anticipated along with the industry. So curious about the mechanics where was the offset? Was it that 2Q outperformed expectations Or is there perhaps more consideration for Smart Kitchens versus prior forecast that didn't include any impact from Smart Kitchen in the back half of this year?

太好了，謝謝。令人好奇的是，就重申的指導而言，7 月的表現似乎比您和業界預期的都要弱。所以我很好奇偏移的機制在哪裡？是因為第二季的表現超出了預期嗎？還是說與先前的預測相比，對智慧廚房的考慮更多了，先前的預測沒有包括今年下半年智慧廚房的任何影響？

Hi Andrew, it's Alex. We haven't considered any benefit from Smart Kitchen and our outlook as well as any change in the consumer and any additional macro pressure that broadens more than what we're seeing today in these pockets. So I think it was that as it relates to how we thought about the quarter and the start.

你好，安德魯，我是亞歷克斯。我們沒有考慮智慧廚房和我們的前景帶來的任何好處，也沒有考慮消費者的任何變化以及任何比我們今天在這些領域看到的更廣泛的額外宏觀壓力。所以我認為這與我們對本季和開始的看法有關。

Certainly, you're hearing more commentary around the start of July across various industries with the consumer pressure. But I think us reiterating our guidance shows us the confidence in our strategies that we're executing. In the third quarter, we expect and anticipate that we would return to growth at the end of the quarter that positions us well in Q4 to hit our guidance of approximately 1%.

當然，在七月初，您會聽到各個行業更多關於消費者壓力的評論。但我認為，重申我們的指導方針顯示了我們對正在執行的策略的信心。在第三季度，我們預計並預期我們將在季度末恢復成長，這將使我們在第四季度達到約 1% 的預期。

And Andrew, I'll just add that when we provided our prior outlook, we made the reference that it was based on recent trends in the business and kind of modeling that out and looking at compares as they ease to the balance of the year, obviously, pretty materially in Q4. What we would say about Q3 is it kind of looks a little bit similar.

安德魯，我只想補充一點，當我們提供先前的展望時，我們提到它是基於近期業務趨勢，並對其進行了建模，然後進行比較，顯然，在第四季度，它們會逐漸趨於平衡。我們認為 Q3 看起來有點類似。

And so there are similar trends that we're forecasting off of. So I wouldn't say a material change. But I think it's kind of interesting if you're debating a point here or point there, but if you look at just the contribution of the incremental net new restaurants that we're opening, it's pretty powerful to our asset-light model.

因此，我們預測會出現類似的趨勢。所以我不會說這是一個實質的改變。但我認為，如果你在這裡或那裡爭論一個觀點，這很有趣，但如果你只看我們開設的增量淨新餐廳的貢獻，它對我們的輕資產模式來說是相當強大的。

But we're pretty proud of our results for Q2, particularly when you look at the environment we're operating in, where the consumer sentiment is, and we take a look -- take a step back and you kind of look at our business and on a three-year basis to be driving cells over 40% is a pretty strong testament to the staying power of the multiyear horizons of our strategies.

但我們對第二季的業績感到非常自豪，特別是當你看看我們所處的營運環境、消費者情緒時，我們退一步看看我們的業務，在三年的基礎上推動電池增長超過 40%，這有力地證明了我們多年戰略的持久力。

And so we're pretty encouraged by those results. And most importantly, we're really excited about what's in front of us as it relates to Wingstop Smart Kitchen, which is truly a game changer for our business or getting to sit in, as Alex mentioned, in the design meetings around loyalty and understanding how that's going to continue to bolster the strategies we're executing to continue to scale AUVs towards that $3 million target.

因此我們對這些結果感到非常鼓舞。最重要的是，我們對 Wingstop Smart Kitchen 的未來感到非常興奮，它確實改變了我們的業務，或者像 Alex 提到的那樣，讓我們能夠參加有關忠誠度的設計會議，並了解它將如何繼續支持我們正在執行的戰略，繼續擴大 AUV 規模，實現 300 萬美元的目標。

That's very well said. Thank you for all that. My follow-up question was just on the pockets of challenges that you're citing. What tools do you have your toolkit to help address this more. Obviously, 20 for 20 was nationwide, but I would think value initiatives could be something. There's an opportunity to step on the gas a bit more of advertising.

說得很好。謝謝你所做的一切。我的後續問題只是關於您提到的一些挑戰。您有哪些工具可以幫助進一步解決這個問題。顯然，「20 for 20」是全國性的，但我認為價值措施可能會有所作為。這是一個加大廣告宣傳力道的機會。

You guys did a flavor innovation on Mexican street corn. Just kind of curious what are the other items here to help accelerate performance in those pockets.

你們對墨西哥街頭玉米進行了口味創新。只是有點好奇這裡還有哪些物品可以幫助加速這些口袋的性能。

Yeah, I think, Andrew, you kind of answered the question. It's the component of our playbook that you're seeing us activate showcasing abundance, quality and value that really differentiates the Wingstop experience, flavors a fun way to engage our guests. We had a great flavor last quarter in Mexican street spice that we launched. You'll see additional labor news coming out from us that really finds ways to engage the guest and remind the consumer that high-quality, high-value occasion that Wingstop offers.

是的，我想，安德魯，你已經回答了這個問題。這是我們劇本的一部分，您會看到我們啟動它來展示豐富性、品質和價值，這真正使 Wingstop 體驗與眾不同，並以一種有趣的方式吸引我們的客人。上個季度，我們推出的墨西哥街頭香料味道很棒。您將看到我們發布的更多勞動新聞，這些新聞真正找到了吸引客人的方法，並提醒消費者 Wingstop 提供的是高品質、高價值的場合。

And we've said this before, Andrew, but we kind of -- we believe some of these -- the softness in some of these pockets that we do see is temporary as well. And so we do expect to get on the other side a bit over time.

安德魯，我們之前就說過這一點，但我們相信，我們所看到的一些領域的疲軟也是暫時的。因此，我們確實期望隨著時間的推移能夠取得進展。

Very good. Thank you both.

非常好。謝謝你們兩位。

Andy Barish, Jefferies.

安迪‧巴里什 (Andy Barish)，傑富瑞 (Jefferies)。

Hey guys. Can you just kind of give us a little sense of sort of the huge unit growth year this year, just how we should be thinking about kind of some maybe normalization next year, or maybe total unit count up or down a little bit? Just -- yeah, just trying to kind of get our arms around how huge the development has been and maybe this is the run rate for now.

嘿，大家好。您能否給我們稍微介紹一下今年的巨大單位成長情況，我們應該如何考慮明年的正常化，或者總單位數量是否略有增加或減少？只是——是的，只是想讓我們了解發展有多大，也許這就是目前的運行率。

Hey Andy, good morning and thanks for the question. It's -- we're obviously pretty excited about and encouraged about the pace of development. And what's pretty wild is it wasn't that long ago, we just celebrated hitting 2,000 restaurants as a system, and based on our outlook for this year, we're already going to be at the 3,000-unit milestone, which is pretty exciting for us. We mentioned that the pipeline of sold commitments is at a record level.

嘿，安迪，早安，謝謝你的提問。顯然，我們對發展速度感到非常興奮和鼓舞。非常瘋狂的是，不久前，我們剛剛慶祝了整個系統達到 2,000 家餐廳，根據我們今年的展望，我們已經將達到 3,000 家餐廳的里程碑，這對我們來說非常令人興奮。我們提到，已售出的承諾數量達到了創紀錄的水平。

And so the demand is there. We're obviously not in a position to provide any sort of outlook or guidance related to 2026. But what we're going to remain focused on is disciplined and sustainable growth and delivering on our long-term algorithm.

所以需求是存在的。我們顯然無法提供任何與 2026 年相關的展望或指導。但我們將繼續關注的是規範、可持續的成長以及實現我們的長期演算法。

And I think really what you're seeing in 2025 is what we talked about over the past couple of years is we were making investments, and it was showing up in our G&A, but making investments in process and systems and people and resources and the team. And our brand partners have been making investments as well.

我認為您在 2025 年看到的正是我們在過去幾年中談論的，我們正在進行投資，這體現在我們的 G&A 中，但我們的投資是在流程、系統、人員、資源和團隊方面。我們的品牌合作夥伴也一直在進行投資。

And so I think you're seeing a lot of those investments that we often reference that we're making to position this thing for growth and scale really coming to life in 2025. And so we're encouraged by that.

因此，我認為您會看到我們經常提到的許多投資，這些投資是為了在 2025 年實現成長和規模而進行的。因此我們對此感到鼓舞。

Got you. And then just a follow-up on the labor line, which saw some leverage obviously in the company-owned stores that have Smart Kitchen. Can you just talk to -- I know it's already a very efficient back of the house, but is there -- is there anything out there, or does this just kind of show that, hey, you can run higher volumes with the same team, and they're just getting more efficiency out of the technology.

明白了。然後只是對勞動力線的跟進，這在擁有智慧廚房的公司自營商店中顯然具有一定的影響力。你能不能談談——我知道這已經是一個非常高效的後台部門，但是——還有什麼可以做的嗎，或者這是否只是表明，嘿，你可以用同一個團隊來運行更高的產量，而且他們只是從技術中獲得了更高的效率。

Hi Andy, this is Alex. Yeah, that's right. We talked about how this Smart Kitchen can improve the team member experience, simplify operations and make that back of house that kitchen operations much more efficient. So I think you're seeing that play out in the corporate restaurants. We do have a little bit of a dynamic in both labor and operating expenses related to the exit of our -- or the refranchising of our New York market from last year.

你好，安迪，我是亞歷克斯。是的，沒錯。我們討論了智慧廚房如何改善團隊成員的體驗、簡化操作並提高廚房後台操作的效率。所以我認為你會在公司餐廳看到這種情況。由於我們去年退出或重新特許經營紐約市場，勞動力和營運費用確實有一些變化。

But I'd say a combination of what you're seeing, and this is probably a good run rate for us what you saw in Q2 as a way to think about corporate restaurant -- the corporate restaurant labor line. And we did, as we talked about as well with frozen fries, we took out -- with the launch of Frazer Fries, we took out some of the prep labor that's associated with that, hand-cutting fries every day in the morning.

但我想說，結合您所看到的情況，這可能對我們來說是一個很好的運行率，您在第二季度看到的情況可以作為思考企業餐廳——企業餐廳勞動力線的一種方式。正如我們在冷凍薯條上談到的那樣，隨著 Frazer Fries 的推出，我們取消了一些與此相關的準備工作，即每天早上手工切薯條。

So I think we're getting a little bit of the benefit of that showing up as well.

所以我認為我們也從中獲得了一點好處。

Okay, thank you.

好的，謝謝。

Gregory Francfort, Guggenheim.

古根漢美術館的格雷戈里·弗蘭克福特。

Hey, thanks. Thanks for the question. My question, maybe it's a little nuanced, but your customer is lower frequency than some of the other QSR categories. But I think you have some customers that are probably coming 15, 20 times a year. Have you noticed with the Smart Kitchens, or are you able to detect at what kind of point that customer notices that you've gotten faster and that the operations are better and changes their visitation patterns? Is it on the first or second visit? Is it a couple in? Any thoughts on or just color there? Thanks.

嘿，謝謝。謝謝你的提問。我的問題可能有點微妙，但您的顧客頻率比其他一些 QSR 類別的顧客頻率要低。但我認為有些顧客每年可能會來 15 到 20 次。您是否注意到智慧廚房，或者您是否能夠偵測到顧客何時注意到您的速度變得更快、操作變得更好並改變了他們的存取模式？是第一次還是第二次訪問？是情侶嗎？有什麼想法嗎？或只是塗點顏色？謝謝。

Hey, good morning and thanks for the question. Some of this is a little bit anecdotal, but we can clearly be in restaurants with Smart Kitchen and see and hear guests just react to the improvement in speed, the consistency and the experience.

嘿，早上好，謝謝你的提問。其中一些有點軼事，但我們可以清楚地在配備智慧廚房的餐廳看到和聽到客人對速度、一致性和體驗的改善做出反應。

But we talked about it in some of our earlier comments. But when we look -- do look at our frequency, it seems like we kind of hit a sweet spot in the DFW market at about four months in. But there's no question for those higher frequency guests.

但我們在之前的一些評論中已經討論過這個問題。但是當我們看一下我們的頻率時，似乎我們在大約四個月後就達到了 DFW 市場的最佳點。但對於那些頻率較高的客人來說，沒有任何問題。

You're seeing benefits sooner as they realize the additional benefits associated with the Wingstop Smart Kitchen. But I would say, we talked about the improvement in comps versus control. We pointed to our corporate restaurants as a good proxy.

當他們意識到 Wingstop 智慧廚房帶來的額外好處時，您會更快看到好處。但我想說，我們討論的是補償與控制的改進。我們指出，公司餐廳是一個很好的替代方案。

I wouldn't say that those deltas were overnight. And so it obviously kind of gradually has continued to grow and improve there. But again, as we take a step back and look at what's in front of us and the opportunity we have here with Wingstop Smart Kitchen, we're pretty excited, and we feel like it really gives us a lot of confidence and mind of sight into scaling AUVs to $3 million over time.

我不會說這些改變是一夜之間發生的。因此它顯然在那裡逐漸持續成長和改善。但是，當我們退一步看看我們面前的事物以及我們在 Wingstop Smart Kitchen 擁有的機會時，我們感到非常興奮，我們覺得它確實給了我們很大的信心和遠見，讓我們能夠隨著時間的推移將 AUV 的規模擴大到 300 萬美元。

Sharon Zackfia, William Blair.

莎朗·扎克菲亞、威廉·布萊爾。

Hi, good morning. Thanks for taking the question. We've heard a lot of companies talk about kind of having to increase the pace of innovation or create more calls to action in this environment. And I know you also have that with your value messaging. But I'm curious on the pace of innovation, just given success with the relaunch of Tender. How are you thinking about that for the balance of '25? And is there an opportunity to accelerate that into '26 as you've got the Smart Kitchens fully rolled out.

嗨，早安。感謝您回答這個問題。我們聽到很多公司談論在這種環境下必須加快創新步伐或發出更多行動呼籲。我也知道您的價值訊息也反映了這一點。但鑑於 Tender 重新推出的成功，我對創新的速度感到好奇。您對於 25 年餘下的開支有何看法？隨著智慧廚房全面推出，是否有機會將這一進程加速到 26 年？

Good morning and thank you for the question. You mentioned Tenders and the relaunch of Tenders, and the feedback from guests has been very strong. And I believe hands down. We have the best Tender on the market, but Tenders in and of itself, I think it's a great example of menu innovation at Wingstop, but yet really we're just scratching the surface. There's 1.6 billion chicken Tenders served annually and we are a long way from winning our fair share.

早安，感謝您的提問。您提到了《Tenders》和《Tenders》的重新推出，嘉賓的回饋非常強烈。我對此深信不疑。我們擁有市場上最好的 Tender，但就 Tenders 本身而言，我認為它是 Wingstop 菜單創新的一個很好的例子，但實際上我們只是觸及了表面。每年要賣出 16 億塊雞柳，但我們距離贏得公平的份額還很遠。

We compare against that Chicken Sandwich occasions annually of 2.8 billion, and while we're encouraged by what we've seen with Chicken Sandwich, which we still see a ton of upside there. And for us, both of -- when we look at the upside in both of those occasions and layer that against how Wingstop Smart Kitchen is going to position us to win our fair share, we think we have a lot of runway in front of us.

我們將其與每年 28 億次雞肉三明治進行比較，儘管我們對雞肉三明治的表現感到鼓舞，但我們仍然看到它有很大的發展空間。對我們來說，當我們看到這兩個機會的優勢，並將其與 Wingstop Smart Kitchen 將如何幫助我們贏得公平的份額結合起來時，我們認為我們面前還有很長的路要走。

And so as it relates to innovation and Alex mentioned this earlier, I think you're going to see us continue to lean into flavor as a way to create new news, create engagement and excitement with our Wingstop fans. But when we look at Sandwich and Tenders and two examples, we see a ton of runway in front of us.

因此，就創新而言，Alex 之前也提到過這一點，我想你會看到我們繼續依靠風味來創造新新聞，與我們的 Wingstop 粉絲建立聯繫並激發他們的熱情。但當我們看看 Sandwich 和 Tenders 這兩個例子時，我們會發現我們面前還有很長的路要走。

And as a follow-up, I know you mentioned lunch and late night as particular opportunities. Are there any products that you have in the queue or any flavors that you think will really resonate with those dayparts?

作為後續問題，我知道您提到午餐和深夜是特殊機會。您是否在等待哪些產品，或者哪些口味您認為會與這些時段產生共鳴？

Hi Sharon, I think it's a bit of what we just talked about with Sandwich and Tenders. We've seen Sandwich since the launch index a bit higher at the lunch occasion. Tenders was nominally higher, maybe not to the same extent as Sandwich. But I think in both cases, more broadly speaking, across restaurants, you do tend to see those index higher and perhaps a launch in late night. So I think we can take advantage of that. When we have something like Smart Kitchen, we're delivering on the speed expectations for our guests.

嗨，莎倫，我認為這和我們剛才談論的三明治和嫩肉有點相似。自從推出以來，我們看到 Sandwich 在午餐時的指數略有上升。Tenders 的價格名義上要高一些，但可能不如 Sandwich 那麼高。但我認為，從更廣泛的角度來看，在這兩種情況下，在所有餐廳中，你確實傾向於看到這些指數更高，並且可能在深夜推出。所以我認為我們可以利用這一點。當我們擁有像智慧廚房這樣的設備時，我們就能滿足客人對速度的期望。

And just to add on to Alex's comment, I don't know that we necessarily need any new products. But as we think about those two dayparts launch or late night, there could just be things we do with combos and packaging that physician, existing products in a way that drive engagement with guests.

補充一下 Alex 的評論，我不知道我們是否一定需要任何新產品。但是，當我們考慮在這兩個時段或深夜推出產品時，我們可能會採用組合和包裝的方式來吸引顧客，現有的產品也可以透過這種方式來吸引顧客。

Okay. That's great. Thank you.

好的。那太棒了。謝謝。

Chris O'Cull, Stifel.

克里斯·奧卡爾（Chris O'Cull），Stifel。

Yeah, thanks. Michael, the marketing fund continues to increase substantially. And I know you've moved the needle on the quality and quantity of placements over the past few years. So I was hoping you could just discuss what doors continue to open as the fund grows. Are there any key inflections where you can invest at a level that might disproportionately bring more visibility to the brand?

是的，謝謝。邁克爾，行銷基金繼續大幅增加。我知道過去幾年來你們在安置品質和數量方面取得了很大進展。所以我希望您能討論一下隨著基金的成長，哪些大門會繼續敞開。是否存在一些關鍵的轉折點，您可以透過這些轉折點進行一定程度的投資，從而為品牌帶來更多的知名度？

Hey Chris, good morning. Thanks for the question. No, you're right. Our ad fund has been growing at a pretty consistent pace of system sales. And we're encouraged by that, and we feel like it's giving us continued [AMO] to chip away at this meaningful opportunity we have to close the gap to other more mature scale restaurant brands as it relates to brand awareness.

嘿，克里斯，早安。謝謝你的提問。不，你是對的。我們的廣告基金一直按照系統銷售額的穩定速度成長。我們對此感到鼓舞，我們覺得這給了我們 [AMO] 持續的、有意義的機會，我們必須縮小與其他更成熟規模的餐飲品牌在品牌知名度方面的差距。

We feel like a lot of the strategies we're executing are working, but we do see opportunities to lean in and some other areas to lean in, and I mean you've heard us talk about WWE as an example. We did a test last year. And so we saw that as an opportunity this year to lean in. As we look at the fans of WWE. They look a lot like Wingstop fans, but majority of them don't know us or don't engage with our brands. So a ton of opportunity there for us to lean in.

我們覺得我們正在執行的許多策略都有效，但我們確實看到了向前邁進的機會和其他一些需要向前邁進的領域，我的意思是，你已經聽過我們談論 WWE 的例子了。我們去年做過一次測試。因此，我們認為這是今年的一個機會。當我們看 WWE 的粉絲時。他們看起來很像 Wingstop 的粉絲，但大多數人並不認識我們或不關注我們的品牌。因此，我們有大量的機會可以把握。

And then you can even go one step beyond that and look at the UFC, another area that we've seen an opportunity to lean in and so we'll continue to lean into additional channels like that or additional areas like that to continue to expand awareness.

然後你甚至可以更進一步，看看 UFC，這是我們看到的一個可以涉足的另一個領域，因此我們將繼續利用類似的其他管道或其他領域來繼續擴大知名度。

But even if you take an example like the NFL, we're showing up in a big way, but yet we still have a lot of opportunity to chip away at making a bigger impact with that partnership and in that presence and with that audience. But I wouldn't say there's going to be a fundamental shift in our strategy, but us continuing to lean in into what's working.

但即使以 NFL 這樣的例子來說，我們的存在感很強，但我們仍然有很多機會透過這種合作關係、這種存在感和這種觀眾來產生更大的影響。但我不會說我們的策略會發生根本性的轉變，但我們將繼續堅持有效的策略。

And then I had a follow-up on delivery. Just given the improvement you're seeing in quote times and placements, does that increase the attractiveness of deploying some incremental marketing investment on these three platforms over the next few quarters?

然後我對交付情況進行了跟進。鑑於您在報價時間和位置方面看到的改善，這是否會增加在未來幾季在這三個平台上部署一些增量行銷投資的吸引力？

Hey Chris, I would say, first and foremost, it's pretty incredible how many consumers when they engage with DoorDash or Uber Eats they start their decision-making by opening one of the categories that Alex mentioned earlier of under 30 minutes or fastest near you.

嘿，克里斯，我想說，首先，令人難以置信的是，許多消費者在使用 DoorDash 或 Uber Eats 時，都是通過打開亞歷克斯之前提到的 30 分鐘以內或附近最快的類別之一來開始做決定的。

Historically, Wingstop wasn't even in that category -- either of those categories, so we weren't in the consideration set. And so for us, and I think the early results that we're seeing are simply Wingstop getting into the consideration set for this large group of users of delivery that are looking for speed and looking for consistency.

從歷史上看，Wingstop 甚至不屬於這個類別——任何一個類別，所以我們不在考慮範圍內。所以對我們來說，我認為我們看到的早期結果只是 Wingstop 進入了追求速度和一致性的龐大送貨用戶群體的考慮範圍。

And so we're excited about that. And as it relates to leaning in from an investment perspective, we continue to opportunities within that platform, within that channel to invest, but most importantly, we continue to receive co-investment behind our brand because both DoorDash and Uber Eats like our business a lot and the size of check that comes with it.

因此我們對此感到興奮。從投資角度來看，我們將繼續在該平台、該管道內尋找投資機會，但最重要的是，我們將繼續在我們的品牌背後獲得聯合投資，因為 DoorDash 和 Uber Eats 都非常喜歡我們的業務以及隨之而來的巨額回報。

And so we're continuing to lean in and push them and get as much as we can there. So early results from Smart Kitchen are really, really encouraging as it relates to the delivery channel.

因此，我們將繼續努力，推動他們，盡我們所能。因此，智慧廚房在配送通路的早期成果確實非常令人鼓舞。

Thanks.

謝謝。

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

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