Wingstop Inc (WING) 2025 Q3 法說會逐字稿

Good morning, ladies and gentlemen, and thank you for standing by. Welcome to Wingstop, Inc., fiscal third-quarter 2025 earnings conference call. (Operator Instructions) Please note that this conference is being recorded today, Tuesday, November 4, 2025.

女士們、先生們，早安，感謝各位的耐心等待。歡迎參加 Wingstop 公司 2025 財年第三季財報電話會議。（操作員說明）請注意，本次會議正在錄製，時間是2025年11月4日，星期二。

On the call today are Michael Skipworth, President and Chief Executive Officer; Alex Kaleida, Senior Vice President and Chief Financial Officer; and Sarah Niehaus, Senior Director of Investor Relations.

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總監 Sarah Niehaus。

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

現在我想把會議交給莎拉。請繼續。

Thank you, and welcome to the fiscal third-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.

謝謝，歡迎參加 Wingstop 2025 財年第三季財報電話會議。我們的業績報告已於今天早上早些時候發布，可在我們的投資者關係網站 ir.wingstop.com 上查閱。

Our discussion today includes forward-looking statements. These statements are not guarantees of future performance and are subject to numerous risks and uncertainties that could cause our actual results to differ materially from what we currently expect. Our SEC filings describe various risks that could affect our future operating results and financial condition. We use certain non-GAAP financial measures that we believe can be useful in evaluating our performance. Presentation of such information should not be considered in isolation or as a substitute for results prepared in accordance with GAAP. Reconciliations to comparable GAAP measures are contained in our earnings release.

我們今天的討論包含前瞻性陳述。這些聲明並非對未來績效的保證，並且受到許多風險和不確定因素的影響，這些風險和不確定因素可能導致我們的實際結果與我們目前的預期有重大差異。我們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。我們使用一些我們認為有助於評估我們績效的非GAAP財務指標。此類資訊的呈現不應被孤立地看待，也不應被視為替代按照公認會計原則編制的結果。與可比較GAAP指標的調節表已包含在我們的獲利報告中。

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

最後，在問答環節，我們要求每位參與者只提出一個問題和一個後續問題，以便盡可能多的參與者都能提問。

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

接下來，我想把電話交給麥可。

Good morning, everyone. We appreciate you joining our call. Coming into 2025, our priorities were clear: accelerate our global footprint as we scale towards our goal of over 10,000 Wingstop restaurants, execute the national rollout of our new kitchen operating platform across our 2,500 domestic restaurants, and delivered average unit volume growth as we scale towards our target of $3 million, following two industry-leading years of same-store sales growth, stacking comps of roughly 40%.

各位早安。感謝您參加我們的電話會議。進入 2025 年，我們的優先事項很明確：加快全球擴張步伐，朝著擁有 10,000 多家 Wingstop 餐廳的目標邁進；在 2,500 家國內餐廳全面推廣我們的新廚房運營平台；在連續兩年實現行業領先的同店銷售增長（累計增長約 40%）之後，朝著 300 萬美元的平均目標成長，實現平均單店增長

Through the first three quarters of 2025, we have opened 369 net new restaurants, representing a 19% unit growth rate, well surpassing our expectations. And we are quickly approaching 3,000 restaurants globally, not even 1/3 of our potential. System-wide sales have grown by 13%. And on a trailing 12-month basis, system-wide sales exceeds well over $5 billion. The strength of our highly franchised asset-light model has delivered 17% adjusted EBITDA growth in the same timeframe.

截至 2025 年前三個季度，我們淨增 369 家餐廳，門市成長率達 19%，遠遠超出我們的預期。我們即將擁有全球 3000 家餐廳，但這還不到我們潛力的三分之一。系統整體銷售額成長了13%。過去 12 個月，系統銷售額超過 50 億美元。我們高度特許經營的輕資產模式的優勢，在同一時期內實現了 17% 的調整後 EBITDA 成長。

And as of this past week, we have implemented our new kitchen operating platform in over 2,000 restaurants, keeping us on track to have the national rollout completed by prior to year-end. We shared earlier this year that certain regional pockets, which over-indexed to Hispanic and low-income consumers we're experiencing some softness in sales as we lap two consecutive years of industry-leading same-store sales growth.

截至上週，我們已在 2000 多家餐廳實施了新的廚房營運平台，這使我們能夠按計劃在年底前完成全國推廣。今年稍早我們曾表示，在某些地區，由於西班牙裔和低收入消費者比例過高，我們在連續兩年實現行業領先的同店銷售成長後，銷售出現了一些疲軟。

During the third quarter, we saw this dynamic broaden across the industry and within our business to more geographies as well as to the middle income consumer in some areas, resulting in a 5.6% decline in same-store sales in Q3, that was below our expectations. We believe this is only temporary, and the current consumer environment will prove to be cyclical.

第三季度，我們看到這種動態在整個產業和我們公司內部擴展到更多地區，以及一些地區的中等收入消費者，導致第三季同店銷售額下降了 5.6%，低於我們的預期。我們認為這只是暫時的，目前的消費環境將會是週期性的。

While none of us can predict the duration, where I am focused is on the strategies we are executing that position Wingstop to return to same-store sales growth and further strengthen our already best-in-class unit economics. What gives me confidence is the underlying fundamentals and health of the brand that remains strong and the early results we're seeing from our strategies being implemented in 2025.

雖然我們誰也無法預測持續時間，但我關注的是我們正在執行的策略，這些策略使 Wingstop 能夠恢復同店銷售成長，並進一步加強我們已經一流的單位經濟效益。讓我感到信心的，是品牌的基本面和健康狀況依然強勁，以及我們從 2025 年實施的策略中看到的早期成果。

Let me touch on each of these strategies we are investing in that we believe will scale AUVs towards our target of $3 million. First, our new kitchen operating platform, Wingstop Smart Kitchen is truly a game changer. As I mentioned earlier, we are live in over 2,000 restaurants. We are seeing more and more restaurants that have been on the new kitchen operating platform start to consistently deliver a 10-minute speed of service, truly incredible to think about. That's over a 50% reduction from our prior speed of service levels.

讓我來談談我們正在投資的每項策略，我們相信這些策略將使 AUV 的規模擴大到我們 300 萬美元的目標。首先，我們全新的廚房操作平台－Wingstop Smart Kitchen，真正改變了遊戲規則。正如我之前提到的，我們的直播已覆蓋超過 2000 家餐廳。我們看到越來越多的餐廳採用了新的廚房操作平台，開始穩定地提供 10 分鐘內即可上菜的服務速度，這真是令人難以置信。這比我們之前的服務速度水準降低了 50% 以上。

Our consumer research and early results in markets with the Wingstop Smart Kitchen show that speed and consistency are sizable opportunities for us to become more of the consumers' consideration set. Our brand partners are fully bought in, motivated to execute our new operating standards, and maximize the investment they are making.

我們在擁有 Wingstop 智慧廚房的市場進行的消費者研究和早期結果表明，速度和一致性是我們獲得更多消費者考慮對象的重要機會。我們的品牌合作夥伴完全認同並積極執行我們的新營運標準，力求最大限度地發揮他們的投資價值。

Our Southwest region, which has the highest concentration and longest tenure with the new kitchen operating platform, is consistently delivering these 10-minute speed of service levels with 100% of restaurants, seeing improvements in guest satisfaction scores, particularly in areas such as accuracy and consistency.

我們的西南地區擁有最高比例的新廚房營運平台，並且使用時間最長，該地區所有餐廳均持續提供 10 分鐘的服務速度，顧客滿意度評分也得到了提高，尤其是在準確性和一致性等方面。

Additionally, during the last quarter, same-store sales growth in the Southwest region had a mid-single-digit delta versus the US average. What we're learning is restaurants begin seeing measurable improvements in guest scores following eight weeks of go-live and sustaining performance into a three- to six-month window from implementation where new guest retention rates and frequency strengthen, reinforcing that the benefits are consistent, repeatable, and scalable across the system.

此外，上一季西南地區的同店銷售成長與美國平均水準相比，增幅為個位數中段。我們發現，餐廳在上線八週後開始看到顧客評分有可衡量的改善，並在實施後的三到六個月內保持良好表現，新顧客的留存率和光顧頻率有所提高，這進一步證明，這些好處在整個系統中是持續的、可重複的和可擴展的。

As we enter 2026 and begin supporting this game-changing improvement, in our speed of service levels with marketing. We anticipate this curve will start to accelerate and position us to win more share of occasions in our demand space.

隨著我們進入 2026 年，並開始支持這項具有變革意義的改進，提高我們的服務水準和行銷速度。我們預計這一曲線將開始加速成長，並使我們能夠在需求領域贏得更多市場份額。

Second is our new marketing campaign. Let me first help explain our core demand space where Wingstop is best positioned to win and who we need to target to fully appreciate the significance of this new campaign. It starts -- it's a party size of two or more adults who prioritize a high-quality restaurant experience and access brands through off-premise occasions. These guests aren't anchored to a specific demographic. They are equally representative across ethnicity, income level or age. The fact is today, we are only winning roughly 2% of this demand space.

其次是我們的新行銷活動。首先，讓我來解釋一下我們的核心需求領域，Wingstop 在哪些領域最有優勢贏得市場，以及我們需要瞄準哪些目標群體才能充分理解這項新活動的意義。它指的是兩個或兩個以上成年人組成的聚會，他們重視高品質的餐廳體驗，並透過非堂食場合接觸品牌。這些客人並非來自特定的人群。他們在種族、收入水平和年齡方面都具有同等的代表性。事實上，目前我們只贏得了約 2% 的市場份額。

And we believe we have a runway to gain our fair share at 20% over the long term. It starts with filling the top of the funnel and attracting new guests into the brand. Our gap in awareness to larger, more mature national brands is more than 20%. And as consumers become aware of your brand, consideration becomes an unlock where we have an even larger gap to these same brands.

我們相信，從長遠來看，我們有能力獲得 20% 的市場份額。首先要填滿銷售漏斗的頂端，吸引新顧客加入品牌。我們與規模更大、更成熟的全國性品牌之間的認知度差距超過 20%。隨著消費者對你的品牌有所了解，考慮因素會逐漸顯現，而我們與這些品牌之間的差距也會進一步拉大。

This is where our new ad campaign comes into play. The tagline is, Wingstop is here. Our new campaign will showcase how Wingstop fits into everyday life moments: a friend hosting dinner for game night, streaming a show with your plus one, a quick lunch with coworkers or that late-night indulgent craving only Wingstop can fulfill.

這就是我們新的廣告宣傳活動發揮作用的地方。宣傳語是：Wingstop來了。我們的新活動將展示 Wingstop 如何融入日常生活：朋友舉辦遊戲之夜的晚餐、與伴侶一起觀看串流節目、與同事快速午餐，或只有 Wingstop 才能滿足的深夜放縱慾望。

Insights and moments informed by our more frequent guests. It is easily centered on reminding our core fans of that indulgent Wingstop occasion they know and love and educating new guests on how Wingstop fits into everyday life.

從常客那裡獲得的見解和感悟。它很容易就能圍繞著提醒我們的核心粉絲他們所熟悉和喜愛的 Wingstop 的那種令人愉悅的體驗，以及向新顧客普及 Wingstop 如何融入日常生活展開。

Our new campaign is centered around broadening the top of the funnel and bringing in guests and occasions, we are best positioned to win. I am extremely excited to see the interplay of this new marketing campaign and our kitchen operating platform, the Wingstop market, come to life, and I believe it will be a powerful unlock for our business. The third strategic investment is loyalty. We have a best-in-class digital platform representing over 70% of sales, and we have amassed a database of over 60 million users, all without a loyalty program.

我們的新行銷活動以拓寬銷售漏斗頂部、吸引顧客和活動為中心，我們擁有最有利的取勝條件。我非常興奮地看到這項新的行銷活動與我們的廚房營運平台 Wingstop 市場之間的相互作用得以實現，我相信這將為我們的業務帶來強大的推動作用。第三項戰略投資是忠誠度。我們擁有業界領先的數位平台，銷售額佔比超過 70%，並且我們累積了超過 6,000 萬用戶的資料庫，而這一切都沒有建立忠誠度計畫。

Our technology platform, which we refer to as my Wingstop has positioned us for that next natural extension of our digital journey with the launch of a loyalty program that we are branding as club Wingstop. The addition of our loyalty program is just another tool in our digital flywheel that would allow us to drive behavior and win more of those occasions we are best positioned for.

我們的技術平台，我們稱之為“我的 Wingstop”，使我們能夠自然地推進數位化進程，推出我們命名為“俱樂部 Wingstop”的會員忠誠度計劃。增加會員忠誠度計畫只是我們數位飛輪中的另一個工具，它可以幫助我們引導客戶行為，並在我們最有優勢的場合贏得更多。

It will connect our rich first-party data with personalized offers and experiences to increase frequency and lifetime value. Club Wingstop will bring a hyperpersonalized digital experience to life in a way that only Wingstop can, not through discounting, but you curate one-of-a-kind access to content, flavors, merchandise and experiences. We are currently in the pilot phase. Sign-up rates and guest engagement are ahead of our expectations.

它將把我們豐富的第一方數據與個人化優惠和體驗聯繫起來，以提高購買頻率和客戶終身價值。Club Wingstop 將以 Wingstop 獨有的方式，帶來高度個人化的數位體驗，不是透過折扣，而是透過您精心策劃的獨特的內容、口味、商品和體驗。我們目前處於試點階段。註冊率和用戶參與度均超出預期。

Based on early results, it's validating the extensive research and insights from our existing personalization strategies that informed the design of our program. It will truly be a differentiated loyalty program that we can bring to guests. We're on track for a national launch of our loyalty program by the end of the second quarter in 2026.

根據初步結果，它驗證了我們現有個人化策略的廣泛研究和見解，這些研究和見解為我們專案的設計提供了基礎。這將是一個真正與眾不同的會員忠誠度計劃，我們可以將其帶給顧客。我們的會員忠誠度計畫預計將於 2026 年第二季末在全國推出。

As we look to 2026 and consider our Wingstop Smart Kitchen, our new ad campaign and loyalty all coming together, there is a lot to be excited about, and I believe positions Wingstop well for this next phase of growth. Just last month, we hosted our brand partners at our annual franchisee conference. You could really fill the energy and enthusiasm in the brand. And it was clear they share my excitement around these investments we are making to support this next phase of growth for Wingstop.

展望 2026 年，考慮到 Wingstop 智慧廚房、新的廣告宣傳活動和會員忠誠度計劃的結合，有很多值得興奮的事情，我相信這將使 Wingstop 為下一個增長階段做好充分準備。就在上個月，我們舉辦了年度加盟商大會，接待了我們的品牌合作夥伴。你完全可以把品牌的活力和熱情注入其中。很明顯，他們和我一樣對我們為支持 Wingstop 下一階段成長而進行的這些投資感到興奮。

The opportunity to scale Wingstop to over 10,000 restaurants globally remain significant. We are now opening more than one Wingstop per day. The demand from our brand partners is as strong as it's ever been. It holds true for a 5-restaurant brand partner or a 100-plus restaurant brand partner. We are executing our development strategy through our market-level playbooks that allow us to grow in the most sustainable way and maintain our industry-leading unit growth.

將 Wingstop 的規模擴大到全球 10,000 多家餐廳的機會仍然非常巨大。我們現在每天開設不只一家Wingstop餐廳。來自品牌合作夥伴的需求一如既往地強勁。對於擁有 5 家餐廳的品牌合作夥伴，或擁有 100 多家餐廳的品牌合作夥伴，這個結論都適用。我們正在透過市場層面的策略來執行我們的發展策略，這使我們能夠以最永續的方式發展，並保持行業領先的單位成長。

In our most recent quarter, over 70 unique brand partners opened a Wingstop in over 100 different markets across the US, which really showcases the breadth and depth of demand for unit growth across our brand partners. Based on the strength of our pipeline, we now have line of sight into delivering a unit growth rate in the mid-teens range for 2026 and well above our long-term algorithm of 10%-plus unit growth.

在最近一個季度，超過 70 個不同的品牌合作夥伴在美國 100 多個不同的市場開設了 Wingstop 門市，這充分展現了我們品牌合作夥伴對門市成長的廣度和深度需求。憑藉我們強大的產品線，我們現在有理由相信，到 2026 年，我們的單位成長率將達到 15% 左右，遠高於我們 10% 以上的長期成長率目標。

Outside of the US, we are making tremendous progress with new market openings, and our growth rate continues to accelerate. We've opened in several countries throughout the GCC, launched a brand building site in the Netherlands, expanded in France with multiple flagships and are preparing to launch in Ireland, Thailand and Italy. We're proving the world needs our flavor and brand partners need our best-in-class unit economics. And we're just getting started in bringing Wingstop to guests around the world.

在美國以外，我們在開拓新市場方面取得了巨大進展，成長速度持續加快。我們在海灣合作委員會的多個國家開設了分店，在荷蘭推出了品牌建立網站，在法國開設了多家旗艦店，並正準備在愛爾蘭、泰國和義大利推出分店。我們正在證明，世界需要我們的口味，品牌合作夥伴需要我們一流的單位經濟效益。我們才剛開始將 Wingstop 帶給世界各地的顧客。

Most recently, we finalized a landmark agreement for Wingstop in India, a market with an opportunity of over 1,000 restaurants. Our international success shows the strength of the brand and the significant global runway still ahead. As of the end of Q3, our development pipeline yet again, sits at a record level and just continues to build. A powerful signal that our bent partners see what we see, a runway for sustained profitable growth supported by industry-leading returns. As our business continues to scale, we believe our obligation to give back grows as well.

最近，我們與 Wingstop 就其在印度的合作達成了一項具有里程碑意義的協議，印度市場擁有超過 1000 家餐廳的潛力。我們在國際上的成功展現了品牌的實力，也顯示了我們未來在全球市場仍有巨大的發展空間。截至第三季末，我們的研發項目儲備再次達到歷史最高水平，並且持續成長。這是一個強有力的信號，表明我們志同道合的合作夥伴看到了我們所看到的，即在行業領先的回報支持下，持續盈利增長的前景。隨著我們業務規模的不斷擴大，我們認為我們回饋社會的責任也隨之成長。

About a year ago, we announced our partnership with St. Jude's Children's Research Hospital. The work that is happening at St. Jude is remarkable. And our brand partners, team members and fans have embraced the opportunity to contribute to St. Jude's lifesaving mission, finding a cure for childhood cancer. Since this partnership started a year ago, I'm thrilled to share that we have raised nearly $3.5 million as a system, and we're not going to stop there. We believe in St. Jude's cause and see this as a lasting partnership opportunity for our brand.

大約一年前，我們宣布與聖裘德兒童研究醫院建立合作關係。聖裘德兒童研究醫院正在進行的工作令人矚目。我們的品牌合作夥伴、團隊成員和粉絲都積極參與聖裘德兒童研究醫院拯救生命的使命中來，致力於尋找治癒兒童癌症的方法。自從一年前開始這項合作以來，我很高興地宣布，我們作為一個系統已經籌集了近 350 萬美元，我們不會止步於此。我們認同聖裘德兒童研究醫院的事業，並將此視為我們品牌建立長期合作關係的良機。

There's a lot to be excited about at Wingstop. We are focused on executing against strategies that we believe will position Wingstop well for the next phase of growth, providing line of sight for continued AUV expansion and maintaining industry-leading unit economics as we continue to expand our global restaurant count towards our goal of over 10,000 restaurants.

Wingstop有許多令人興奮的地方。我們專注於執行我們認為能夠使 Wingstop 為下一階段增長奠定良好基礎的戰略，為持續擴大單店營業額 (AUV) 提供方向，並在我們不斷擴大全球餐廳數量，朝著 10,000 多家餐廳的目標邁進的過程中，保持行業領先的單店經濟效益。

The progress we've made in rolling out the new Wingstop Smart Kitchen platform, building our loyalty program and opening over 350 net new restaurants globally in just 9 months is a testament to the people who are relentlessly focused on scaling Wingstop into a top 10 global restaurant brand. Our strategy is only as good as those executing and I want to take a moment and thank our brand partners, supplier partners and team members across the globe for their efforts.

我們在推出新的 Wingstop 智慧廚房平台、建立忠誠度計劃以及在短短 9 個月內在全球淨增 350 多家餐廳方面取得的進展，證明了那些孜孜不倦地致力於將 Wingstop 打造成全球前 10 大餐飲品牌的人們的努力。我們的策略只有執行得好才能成功，我想藉此機會感謝我們全球的品牌合作夥伴、供應商合作夥伴和團隊成員所付出的努力。

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

接下來，我想把電話交給亞歷克斯。

Thank you, Michael. Our third quarter performance is a testament to the continued strength and resiliency of our highly franchised asset-light model, delivering 10% system-wide sales growth, 19% unit growth and nearly 19% adjusted EBITDA growth. This performance reflects our disciplined focus on the long term, not reacting impulsively to the short term but rather executing against our proven playbook. Our success in the last three years has been fueled by this playbook. And while we're navigating an evolving consumer backdrop, our unit economics continue to hold strong, driving an industry-leading unit growth outlook.

謝謝你，麥可。第三季業績證明了我們高度特許經營的輕資產模式的持續實力和韌性，實現了系統銷售額增長 10%，單位數量增長 19%，調整後 EBITDA 增長近 19%。這一表現體現了我們對長期發展的嚴謹關注，而不是對短期利益做出衝動反應，而是按照我們行之有效的策略執行。過去三年我們的成功都得益於這套策略。儘管我們面臨著不斷變化的消費環境，但我們的單位經濟效益依然強勁，推動了業界領先的單位成長前景。

By seeing committed to our strategies, investing behind initiatives such as the Wingstop Smart Kitchen and our loyalty program, we believe this is positioning us to be able to win our fair share of our core demand space and continue driving sustainable best-in-class returns for our brand partners and shareholders alike.

透過堅持我們的策略，投資於 Wingstop 智慧廚房和我們的會員計劃等舉措，我們相信這將使我們能夠在核心需​​求領域贏得應有的份額，並繼續為我們的品牌合作夥伴和股東帶來可持續的一流回報。

Our highly franchised model continues to generate durable capital-efficient growth. System-wide sales grew in the third quarter to $1.4 billion, fueled by 114 net new restaurant openings, marking our fifth consecutive quarter of adding more than 100 net new restaurants.

我們高度特許經營的模式持續產生持久且資本高效的成長。第三季系統銷售額成長至 14 億美元，這得益於淨新增 114 家餐廳，也是我們連續第五個季度淨新增餐廳超過 100 家。

Through the first nine months of the year, we've opened 369 net new restaurants at a unit growth rate of 19%. The appetite for expansion across our brand partner base has never been stronger. We're experiencing record demand for new development with brand partners reinvesting behind the strength of our unit economics and returns. We expect to maintain this elevated pace of development into 2026 in the range of the mid-teens unit growth, well above our long-term algorithm of 10%-plus unit growth.

今年前九個月，我們淨增了 369 家餐廳，門市成長率為 19%。我們對品牌合作夥伴群擴張的需求從未如此強烈。我們正經歷新開發案需求創紀錄的成長，品牌合作夥伴們也因為我們強大的單位經濟效益和回報而增加了投資。我們預計到 2026 年，這種較高的發展速度將保持在 15% 左右的單位成長率，遠高於我們 10% 以上的長期成長率演算法。

Total revenue increased 8.1% to $175.7 million versus the prior year. Royalty revenue, franchise fees, and other increased $6.8 million, of which $10.6 million was due to net new franchise development, partially offset by domestic same-store sales decline of 5.6%. When stacking 30.6% same-store sales growth over the last three years, this has translated to more than $500,000 in AUV growth.

總收入較上年增長 8.1%，達到 1.757 億美元。特許經營費、特許經營費和其他收入增加了 680 萬美元，其中 1,060 萬美元是由於新增特許經營業務淨增長，但部分被國內同店銷售額下降 5.6% 所抵消。過去三年同店銷售額成長 30.6%，這意味著平均單店銷售額成長超過 50 萬美元。

Domestic AUVs are now at $2.1 million, with industry-leading unlevered cash-on-cash returns of 70%-plus on an average upfront investment of $500,000. That's why our brand partners continue to lean in, which showcases the attractiveness of our unit economic model.

目前國內AUV為210萬美元，平均前期投資50萬美元，即可獲得業界領先的70%以上的無槓桿現金回報率。這就是為什麼我們的品牌夥伴不斷加大投入的原因，這也反映了我們單位經濟模式的吸引力。

Our company-owned restaurants continued to perform very well, delivered same-store sales growth of 3.8% in the quarter, outpacing the broader system. These restaurants serve as an early indicator of the impact we're seeing from the Wingstop Smart Kitchen that's translated into a meaningful operational and financial impact.

我們公司自營餐廳持續保持良好的業績，本季同店銷售額成長了 3.8%，超過了整個系統的平均水準。這些餐廳可以作為早期指標，表明 Wingstop 智慧廚房已經產生了顯著的營運和財務影響。

The Wingstop Smart Kitchen continues to validate the long-term opportunity to drive both transaction growth and margin expansion. Our company-owned margins also continue to expand, with company-owned restaurant cost of sales declining by 300 basis points versus prior year in Q3 to 74.8% of sales, primarily due to lower bone-in wing costs and sales leverage on labor and operating expenses. Our supply chain strategy continues to serve us well, providing stability in food cost and visibility that allows our brand partners to plan with confidence, a key advantage in this environment.

Wingstop 智慧廚房持續驗證了其在推動交易量成長和利潤率擴張方面的長期潛力。公司自有利潤率也持續擴大，第三季公司自有餐廳的銷售成本較上年同期下降 300 個基點，佔銷售額的 74.8%，這主要是由於帶骨雞翅成本降低以及銷售槓桿作用降低了勞動力和營運費用。我們的供應鏈策略持續為我們帶來良好效益，為食品成本提供穩定性，並確保透明度，使我們的品牌合作夥伴能夠充滿信心地進行規劃，這在當前環境下是一項關鍵優勢。

We have line of sight into food and packaging costs throughout 2026 at our targeted range in the mid-30%, which was shared recently at our brand partner conference, further generating their excitement in our unit economics. SG&A decreased $1.6 million to $30.7 million, driven by lower headcount-related expenses, primarily associated with lower short-term and stock-based incentive compensation, partially offset by system implementation costs associated with our new ERP, human capital and global development platform.

我們預計到 2026 年，食品和包裝成本將保持在 30% 左右的目標範圍內，這一消息最近已在我們的品牌合作夥伴會議上分享，進一步激發了他們對我們的單位經濟效益的興奮之情。銷售、一般及行政費用減少了 160 萬美元，至 3,070 萬美元，主要原因是與人員相關的支出減少，尤其是與短期和股票激勵性薪酬減少有關，但部分被與我們新的 ERP、人力資本和全球發展平台相關的系統實施成本所抵消。

Adjusted EBITDA, a non-GAAP measure, was $63.6 million in the third quarter, an increase of about 19% year over year. Adjusted EBITDA for Q3 was our highest single quarter on record. Adjusted earnings per diluted share was $1.09, a 15.6% increase compared to the prior year. This includes a $0.24 impact from the additional interest expense associated with our $500 million securitization transaction completed at the end of 2024.

第三季調整後 EBITDA（非 GAAP 指標）為 6,360 萬美元，較去年同期成長約 19%。第三季調整後 EBITDA 為我們有史以來最高的單季數據。調整後的每股攤薄收益為 1.09 美元，較上年增長 15.6%。這其中包括與我們於 2024 年底完成的 5 億美元證券化交易相關的額外利息支出造成的 0.24 美元的影響。

Both metrics reflect the strength and profitability of our asset-light operating model. It's this operating model that fuels our return of capital strategies centered upon enhancing shareholder returns. In recognition of our strong free cash flow generation and our commitment to returning capital to shareholders on November 3, 2025 our Board of Directors authorized and declared a quarterly dividend of $0.30 per share of common stock, resulting in a total dividend of approximately $8.3 million. This dividend will be paid on December 12, 2025, to stockholders of record as of November 21, 2025.

這兩個指標都反映了我們輕資產營運模式的優勢和獲利能力。正是這種營運模式推動了我們以提高股東回報為中心的資本回報策略。鑑於我們強勁的自由現金流產生能力以及我們對股東回報資本的承諾，我們的董事會於 2025 年 11 月 3 日批准並宣布派發每股普通股 0.30 美元的季度股息，總股息約為 830 萬美元。該股將於 2025 年 12 月 12 日支付給截至 2025 年 11 月 21 日登記在冊的股東。

In addition, during the third quarter, we repurchased and retired 140,103 shares of common stock at an average price of $285.26. At the end of the quarter, 151.3 million remained available under our existing share repurchase authorization. Since the inception of our share repurchase program in August of 2023, we have repurchased and retired over 2.3 million shares of common stock at an average price of $260.45 per share.

此外，在第三季度，我們以平均每股 285.26 美元的價格回購並註銷了 140,103 股普通股。截至季末，我們現有的股票回購授權下仍有 1.513 億股可用。自 2023 年 8 月啟動股票回購計畫以來，我們已回購並註銷了超過 230 萬股普通股，平均價格為每股 260.45 美元。

Turning to guidance for 2025. We are updating our full year outlook for domestic same-store sales to a decline of 3% to 4%. We believe our updated outlook is reflective of new data points on the consumer over the last couple of months and the broader softening of the macro environment. Importantly, however, the fundamentals of our brand remains strong. The combination of expansion at the top of the funnel to capture more of our demand space execution of our new operating sandwich with the Wingstop Smart Kitchen and the late Q2 launch of Club Wingstop positions us for a return to same-store sales growth during 2026. And we believe our industry-leading momentum in unit growth will continue.

接下來展望2025年。我們將全年國內同店銷售額預期更新為下降 3% 至 4%。我們認為，我們更新後的展望反映了過去幾個月消費者方面的新數據以及宏觀環境的整體疲軟。但重要的是，我們品牌的基本面依然強勁。透過擴大銷售漏斗頂端的產品線，抓住更多市場需求，同時利用 Wingstop 智慧廚房執行新的三明治營運模式，並在第二季末推出 Club Wingstop，我們預計在 2026 年恢復同店銷售成長。我們相信，我們在銷售成長方面保持行業領先的勢頭將會持續下去。

As a result of the visibility we have into our development pipeline, we are increasing our global unit growth guidance to a range of 475 to 485 net new restaurants for 2025. A testament to the ongoing confidence our brand partners have in the model and the compelling returns they are realizing.

由於我們對自身的發展規劃有了更清晰的了解，我們將 2025 年全球門市成長預期提高至淨新增餐廳 475 至 485 家。這證明了我們的品牌合作夥伴對該模式的持續信心，以及他們所獲得的豐厚回報。

Additionally, we are updating our SG&A guidance to a range of $131 million to $132 million, which includes approximately $26 million of stock-based compensation expense and $4.5 million for nonrecurring system implementation costs, both of which will be an add-back to adjusted EBITDA.

此外，我們將銷售、一般及行政費用預期更新為 1.31 億美元至 1.32 億美元，其中包括約 2,600 萬美元的股票選擇權費用和 450 萬美元的非經常性系統實施成本，這兩項都將加回調整後的 EBITDA。

As we look ahead, our focus remains on executing the long-term strategies that have driven Wingstop's success since becoming a public company 10 years ago. In this timeframe, our AUVs have scaled from $1 million to $2 million. We have opened more than 2,100 restaurants globally. System-wide sales have grown from $800 million to north of $5 billion. We've enhanced unit economics and unlevered cash on cash returns increase from an industry-leading 50% to 70%-plus. And we've returned over $1 billion of capital to shareholders alongside a TSR of over 1,200%.

展望未來，我們將繼續專注於執行自 10 年前成為上市公司以來推動 Wingstop 成功的長期策略。在此期間，我們的AUV價格已從100萬美元成長到200萬美元。我們已在全球開設了超過2100家餐廳。系統銷售額已從 8 億美元成長到超過 50 億美元。我們提高了單位經濟效益，無槓桿現金回報率從業界領先的 50% 提高到 70% 以上。我們已向股東返還了超過 10 億美元的資本，總股東回報率超過 1200%。

Yet when we reflect on our strategies and the opportunity in front of Wingstop, it feels like we're just getting started. We're continuing to execute with discipline, and we believe we're entering the next phase of growth that is centered on scaling AUVs to our $3 million target maintaining best-in-class returns and expanding our footprint globally to more than 10,000 restaurants.

然而，當我們回顧我們的策略以及 Wingstop 所面臨的機會時，感覺我們才剛起步。我們將繼續嚴格執行，我們相信我們正在進入下一個成長階段，該階段的核心是將平均單店銷售額 (AUV) 擴大到 300 萬美元的目標，保持一流的回報，並將我們的業務拓展到全球 10000 多家餐廳。

Coming off of our annual brand partner conference last month, conviction in our long-term growth has never been stronger. Our brand partners believe deeply in this brand and are signing up to open more Wingstops. The energy and optimism across the system are powerful proof points of the health of the business. I, too, share that excitement and couldn't be more energized by this next phase of growth for Wingstop.

繼上個月的年度品牌合作夥伴大會之後，我們對長期發展的信心從未如此堅定。我們的品牌合作夥伴對這個品牌充滿信心，並已簽約開設更多 Wingstop 門市。整個系統展現的活力和樂觀精神，有力地證明了企業的健康發展。我也同樣感到興奮，並且對 Wingstop 的下一個發展階段感到無比振奮。

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

接下來，我想進入問答環節。接線員，請開通提問線。

(Operator Instructions) David Tarantino, Baird.

（操作說明）大衛·塔蘭蒂諾，貝爾德。

My question is on the comp outlook. I think looking at your full year guidance, it would imply a pretty low number for Q4, maybe worse than what you reported for Q3. So I guess First question is, is that how you're running quarter-to-date? Or are you trying to leave yourself a little bit of room given the uncertainty in the environment? Any way to frame up how you're thinking about Q4?

我的問題是關於薪酬前景的。我認為，從你們的全年業績預期來看，第四季的業績可能會非常低，甚至可能比你們公佈的第三季業績還要差。所以我想問的第一個問題是，你們本季至今的業績是這樣嗎？或者，鑑於當前環境的不確定性，您是否想為自己留一些餘地？能否簡要說明一下您對第四季的看法？

And then I have a follow-up on that.

然後我還有後續問題。

David, thank you for the question. I think we obviously acknowledge that there's some near-term choppiness in the business and in the overall industry. I think as we take a step back and look at how the business trended during the third quarter, which we did, in fact, expect the third quarter to be negative.

大衛，謝謝你的提問。我認為我們顯然都意識到，短期內業務和整個產業都會出現一些波動。我認為，當我們回顧第三季的業務發展趨勢時，我們確實預料到第三季會出現負成長。

But the industry saw a consumer -- a change in the consumer trend, and we're not immune to that. And the reality is we over-indexed to this consumer that's under the most pressure. But I think similar to the trend that we saw as we exited Q3, we expect that trend to somewhat continue into Q4 just based on the current data that we have.

但業界看到了消費者的改變──消費趨勢的轉變，而我們也無法置身事外。而現實情況是，我們對承受最大壓力的消費者群體過度重視了。但我認為，與我們在第三季末看到的趨勢類似，根據我們目前掌握的數據，我們預計這種趨勢將在第四季繼續下去。

I will tell you, we have seen that trend stabilize within the fourth quarter. But then I think most importantly, David, we take a look at kind of the data that we have and the visibility that we have into the business, and we're actually pretty encouraged by what we see despite the overall comp number for Q3. And we see growth in our largest daypart as dinner as an example, the fastest-growing cohort within our database is that $75,000 household income and above. And so there's some really encouraging data points that we think, put us in a unique position to really not feel like we have to solve for the near term, but really stay focused on the investments we're making to position the brand for this next phase of growth.

我可以告訴你，我們已經看到這種趨勢在第四季趨於穩定。但我認為最重要的是，David，我們審視我們掌握的數據以及我們對業務的了解，儘管第三季的整體業績數據不佳，但我們實際上對所看到的情況感到非常鼓舞。我們看到，在晚餐時段，也就是我們最大的消費時段，出現了成長。例如，我們資料庫中成長最快的群體是家庭收入在 75,000 美元及以上的群體。因此，有一些非常令人鼓舞的數據點，我們認為，這讓我們處於一個獨特的地位，我們不必擔心短期問題，而是可以專注於我們正在進行的投資，為品牌進入下一個成長階段做好準備。

Great. And my follow-up is, Alex, I think you mentioned that you're confident or you expect comps to be positive in 2026. I guess maybe we what would be helpful is just to kind of lay out the path you think the comps take as you move into next year? And what some of the key drivers of returning to positive might be, whether it's easier comparisons or whether the Smart Kitchen rollout or the loyalty program, I guess, what is the catalyst that's going to get it positive? And then how are you thinking about the timing of that?

偉大的。我的後續問題是，Alex，我想你提到你對 2026 年的業績比較充滿信心，或者說你預期業績比較會是正面的。我想，或許我們應該大致規劃一下你認為明年比賽的發展方向？那麼，推動業績轉正的關鍵因素可能是什麼呢？是更容易進行比較，還是智慧廚房的推廣，又或是會員忠誠度計畫？我想，究竟是什麼催化劑能夠促成業績轉正呢？那麼，你覺得時機如何？

Is it later in the year? Is it earlier in the year? Anything you could offer would be helpful.

是在今年晚些時候嗎？是年初的時候嗎？您能提供的任何幫助都將不勝感激。

Yes, David, thanks for the question. Obviously, there's, as Michael mentioned, some near-term choppiness, the industry is navigating right now. But I think for Wingstop specifically, there's unique drivers in our business. And as we commented on our outlook for what we're seeing in early signs from the Wingstop Smart Kitchen, one of our largest regions is seeing the -- saw positive comp last quarter. very large mid-single-digit delta versus the system average and performance.

是的，大衛，謝謝你的提問。正如邁克爾所提到的那樣，顯然，目前該行業正面臨一些短期波動。但我認為，就 Wingstop 而言，我們產業有其獨特的驅動因素。正如我們之前評論的那樣，根據 Wingstop 智慧廚房的早期跡象，我們最大的區域之一上季度實現了正增長，與系統平均水平相比，增幅非常大，達到個位數中段水平。

That region has the highest concentration, longest tenure on the Wingstop Smart Kitchen.

該地區擁有 Wingstop 智慧廚房設備最高集中度和最長使用年限。

Then we think about loyalty, which we're targeting to launch by the end of Q2, that coming together to complement our hyper personalization strategies really unlock this database of 60 million users that we have access to. We'll be rolling that out. And then this new advertising campaign that we're seeing that's really going to open up the top of the funnel.

然後我們考慮忠誠度計劃，我們計劃在第二季末推出該計劃，該計劃與我們高度個人化的策略相結合，真正釋放了我們所擁有的 6000 萬用戶的資料庫的潛力。我們將逐步推出這項服務。然後，我們看到的這項新的廣告宣傳活動，真的會打開銷售漏斗的頂端。

So we as we open the top of the funnel, we're bringing new guests into the brand. And we're now delivering on those opportunity areas that we've talked about over the last year plus on delivering against speed and consistency. And so as that comes together into 2026, we're confident in our ability to deliver that same-store sales growth that we've guided to over the long term.

因此，當我們打開銷售漏斗的頂端時，我們就為品牌帶來了新的客戶。現在，我們正在兌現過去一年多來我們一直在討論的那些機會，即在速度和穩定性方面取得進展。因此，展望 2026 年，我們有信心實現我們長期以來所預期的同店銷售成長目標。

Danilo Gargiulo, Bernstein.

Danilo Gargiulo，Bernstein。

Great. Michael, I have a question on the Smart Kitchen incrementality. You're mentioning that you're still seeing a mid-single-digit incrementality in the year have the highest concentration of markets. And I was wondering if you can give an estimate of how long you think the change management will take to see the benefits across the franchise stores. And perhaps also if you can comment on the biggest delta or what are some of the challenges that franchise stores might be seen in delaying the implementation and following the change management that you're suggesting?

偉大的。邁克爾，我有一個關於智慧廚房增量性的問題。您提到，在市場集中度最高的年份，您仍然看到中等個位數的增量。我想請問您能否估計一下，您認為變革管理需要多長時間才能在所有加盟店中看到成效？另外，您能否就最大的差異或加盟店在推遲實施您建議的變革管理過程中可能遇到的挑戰發表一下看法？

Thanks, Danilo, for the question. I think one of the things that I'm most excited about as it relates to the Wingstop's Smart Kitchen is the fact that we're introducing a new operating standard for Wingstop. This is a transformational change for our business, and we unveiled that new operating standard to our brand partners at our business meeting we had with them last month, and they're bought in. And we think this new operating standard is going to position us to win more occasions that Alex talked about earlier, position us to deliver on quality that indulgent Wingstop occasion on a consistent basis. And as more and more restaurants are executing Wingstop Smart Kitchen and delivering our new operating standard, we are actually seeing that show up in guest satisfaction scores.

謝謝達尼洛的提問。我覺得 Wingstop 智慧廚房最讓我興奮的一點是，我們正在為 Wingstop 引入一個新的營運標準。這對我們的業務來說是一次變革性的改變，我們在上個月與品牌合作夥伴舉行的業務會議上向他們公佈了這一新的營運標準，他們對此表示贊同。我們認為，這項新的營運標準將使我們能夠贏得更多 Alex 之前提到的機會，使我們能夠持續地提供像 Wingstop 這樣令人愉悅的優質服務。隨著越來越多的餐廳採用 Wingstop 智慧廚房並達到我們新的營運標準，我們確實在顧客滿意度評分中看到了這一點。

And as we mentioned in our prepared remarks, take a region like the Southwest region beyond the DFW market, where we're seeing a consistent delivery of that 10 -- speed of service. And we're seeing that market or that whole region actually deliver a mid-single-digit spring comps to the overall country. And that's because that is a region that has the longest tenure and are demonstrating that consistent delivery of speed and consistency for our guests. And so as more and more restaurants deliver on these new standards, I think we're going to see that gap close over time.

正如我們在準備好的演講稿中所提到的，以達拉斯-沃斯堡 (DFW) 市場以外的西南地區為例，我們看到那裡持續提供 10 分的服務速度。我們看到，該市場或整個地區實際上為全國帶來了中等個位數的春季銷售額成長。這是因為該地區的服務歷史最悠久，並且始終如一地為我們的顧客提供快速、穩定的服務。因此，隨著越來越多的餐廳達到這些新標準，我認為隨著時間的推移，這種差距將會縮小。

Great. And then I wanted to ask a question on the net unit growth because you have a very strong pipeline. You've been accelerating for 2025. I was wondering if you can provide any context on the amount of cannibalization that you're seeing today and how that is related to the past. Obviously, the cash on cash returns have been very strong.

偉大的。然後我想問淨單位成長方面的問題，因為你們的銷售管道非常強勁。你一直在加速邁向2025年。我想請您提供一些關於目前所看到的同類相食現象的背景信息，以及這與過去的情況有何關聯。顯然，現金回報率非常強​​勁。

I just want to understand also what it means may seem to be a drag potentially forward.

我也想了解一下，這可能看起來像是一種阻礙前進的因素。

This is Alex. I can jump in here. The cannibalization we've seen, as we've talked about over the years, has really been concentrated on restaurants. It's higher volume restaurants really kind of max out capacity in the box itself from a storage standpoint. We operate out of this very small footprint, 1,400 to 1,700 square foot location typically.

這是亞歷克斯。我可以插話。正如我們多年來一直在討論的那樣，我們所看到的這種蠶食現象主要集中在餐飲業。對於客流量較大的餐廳來說，從​​儲存角度來看，餐車本身的容量實際上已經達到了極限。我們的辦公室面積非常小，通常只有 1400 到 1700 平方英尺。

So that hasn't changed too much. It's typically about 1 point in the comp that we've seen. What's been a little different, I think, as it relates to development in the last -- in the most recent quarter, specifically has been around lapping some openings that we had in a single market -- a brand new market where there's one restaurant.

所以情況並沒有太大變化。在我們看到的比賽中，通常大約是 1 分。我認為，最近一個季度（特別是最近一個季度）在發展方面發生了一些變化，那就是我們在某個市場（一個全新的市場，只有一家餐廳）開設了一些新店。

And last year, we saw some openings that the restaurants touch six figures in the first week of sales and are in the first several weeks of sales. As we open more restaurants this year as part of our market playbooks to surround that restaurant, we're lapsing a little bit of that honeymoon side. So I'd say that part has come in to play a little more recently. It is more of a near-term dynamic. The restaurants are settling in very well above, in fact, our system average on AUVs, but that's probably the most recent dynamic associated with development.

去年，我們看到一些餐廳開業第一周的銷售額就達到了六位數，而且在開業後的前幾週銷售額也保持了這一水平。今年，我們將根據市場策略開設更多餐廳，圍繞這些餐廳打造週邊環境，這也意味著我們將逐漸告別最初的蜜月期。所以我覺得這部分作用最近才開始顯現出來。這更多的是一種短期動態。事實上，這些餐廳的 AUV 數量遠高於我們系統的平均水平，但這可能是與發展相關的最新動態。

Andrew Charles, TD Cowen.

Andrew Charles，TD Cowen。

I was hoping you can unpack the mid-single-digit outperformance from smart kitchens in the Southwest, with the gap between company-operated same-store sales and franchise or I should say system -- excuse me, that widened to 940 basis -- outperformance in the Southwest is perhaps underrepresented, just given the outsized Hispanic consumer penetration in this market? Or is it perhaps that we're seeing some other benefit to company-operated same-store sales in the third quarter?

我希望你能分析一下西南地區智慧廚房的個位數中段超額收益，因為公司自營同店銷售額與加盟店（或應該說是系統店）銷售額之間的差距——抱歉，這個差距擴大到了940個基點——西南地區的超額收益可能被低估了，僅僅是因為這個市場中西班牙裔消費者的滲透率非常高？或者，我們是否看到了第三季公司自營同店銷售額的其他一些成長？

Andrew, our comment as it relates to the overall Southwest region, I think it's important to appreciate that, that includes over 600 restaurants. And I think really demonstrates the progress we're making around operationalizing this new kitchen operating platform. This new operating standard for Wingstop as a brand that just talked about. But I think if you look at DFW market specifically where the majority of our company-owned restaurants do operate. It's a really interesting business case, if you will.

安德魯，就整個西南地區而言，我認為重要的是要認識到，該地區擁有超過 600 家餐廳。我認為這充分體現了我們在經營這個新的廚房營運平台方面所取得的進展。這是 Wingstop 作為品牌剛剛討論過的新營運標準。但我認為，如果你專門看看達拉斯-沃斯堡市場，我們公司旗下的大多數餐廳都在那裡運營，情況就會有所不同。如果你願意的話，這真是一個非常有趣的商業案例。

Obviously, that market is benefiting from the longest tenure on the Wingstop Smart Kitchen.

顯然，Wingstop 智慧廚房的最長使用壽命讓該市場受益匪淺。

But in addition to that, when you take a look at the DFW market, it is our most mature market, our first market, brand awareness for Wingstop is a lot closer to that national brand awareness level of more mature national brands.

但除此之外，當你審視達拉斯-沃斯堡市場時，你會發現它是我們最成熟的市場，也是我們的第一個市場，Wingstop 的品牌知名度已經非常接近成熟的全國性品牌的知名度水平。

If we look at the demographics within DFW, it actually looks a little bit different than we do nationally. We over-index a little bit higher income. We're a little bit less ethnically diverse. And quite frankly, it's a really good representation of that demand space, we've been talking about and the opportunity we have.

如果我們看一下達拉斯-沃斯堡地區的人口統計數據，就會發現它與全國的情況略有不同。我們對較高的收入進行了略微超額的估計。我們的種族多樣性稍低。坦白說，這很好地體現了我們一直在討論的需求領域以及我們所擁有的機會。

And so what you're seeing is the interplay of Wingstop Smart Kitchen, Wingstop's new operating standard, delivering on those guest expectations and then obviously leaning into that demand space that we're best positioned to win. So I think it's a really nice indication of the strategy we're executing and the opportunity that's in front of us.

所以你現在看到的是 Wingstop 智慧廚房（Wingstop 的新營運標準）如何滿足顧客的期望，以及我們顯然如何抓住這個我們最有優勢贏得的需求領域。所以我認為這很好地表明了我們正在執行的策略以及我們面前的機會。

That's helpful. And then my follow-up question is just, obviously, the industry is trying to figure out ways to better emphasize value. And obviously, Wingstop has been very reticent in pricing, only taking about 1% to 2% per year in recent years. But I guess as you think about how to better use value to help our traffic in this more challenging time for the industry, what place does the 20 for 20 promotion that you successfully ran in the May and June time frame have as we look forward?

那很有幫助。然後我的後續問題是，很顯然，該行業正在努力尋找更好地強調價值的方法。顯然，Wingstop 在定價方面一直非常謹慎，近年來每年只漲價 1% 到 2%。但我想，當您思考如何在這個行業面臨更大挑戰的時期更好地利用價值來幫助我們的流量時，您在 5 月和 6 月期間成功開展的 20 for 20 促銷活動在我們展望未來時又扮演著怎樣的角色呢？

Andrew, I think Wingstop is in a pretty unique position. Unlike most other brands in the industry, we've experienced pretty incredible industry-leading years of growth over the past two years, putting us in a spot where we don't really feel like we have to get overly promotional or glean into discounting or solve for the near term. We're really focused on what's central to our strategy, which is protecting those unit economics which today remain as strong as they have ever been. And you're seeing that show up in the pace of development that we're delivering, which 2025 is shaping up to be a record year of opening what we estimate to be between 475 and 485 units, a pretty remarkable number for the brand and for any brand out there, quite frankly. And so we're focused on that and then investing in these strategies that are going to position the brand for the long term and for this next phase of growth.

安德魯，我認為Wingstop的處境相當獨特。與業內大多數其他品牌不同，我們在過去兩年中經歷了令人難以置信的行業領先增長，這使我們覺得不必過度促銷、打折或解決短期問題。我們真正關注的是我們策略的核心，那就是保護那些如今依然強勁的單位經濟效益。這一點從我們交付的開發速度中就能看出，2025 年有望成為創紀錄的一年，我們預計將開設 475 至 485 套住宅單元，坦白說，這對該品牌乃至任何品牌來說都是一個相當了不起的數字。因此，我們專注於此，並投資於這些策略，以使品牌能夠長期發展並進入下一個成長階段。

Christine Cho, Golden Sachs.

Christine Cho，Golden Sachs。

So Michael, I think you mentioned earlier the importance of unlocking that under 30 minutes or fastest -- new mechanism into 3D getting into kind of the guest consideration set. So I was wondering if you were tracking kind of the changes in the percentage of the stores that are now falling into this bucket. Along with the progress of this market -- and whether you're seeing any shift in sales on in this channel. Additionally, are you contemplating on any ways to better communicate that faster speed of service to your guests.

所以邁克爾，我想你之前提到過，在 30 分鐘內或更短的時間內解鎖 3D 新機制的重要性，以便進入賓客考慮範圍。所以我想知道您是否正在追蹤目前屬於這一類別的商店百分比的變化。隨著市場的發展——以及您是否看到該管道的銷售有任何變化。此外，您是否考慮過如何更好地向顧客傳達更快的服務速度？

Christine, great question. We are relentlessly focused on most importantly and first, delivering on that 10-minute speed of service, but then a fast follow is ensuring that our restaurants are showing up in those categories on the DSP platforms. And what we're really learning is not only does it put Wingstop into the consideration set where we weren't previously considered or there before, but we're actually seeing and learning as we watch these consumers, and we talk to our partners, the delivery providers, that it actually drives repeat and drives behavior.

克里斯汀，問得好。我們始終專注於最重要的首要任務，即實現 10 分鐘內送達的服務速度，其次是確保我們的餐廳出現在 DSP 平台的相應類別中。我們真正了解到的是，這不僅讓 Wingstop 進入了以前從未考慮過或從未進入過的消費者考慮範圍，而且透過觀察這些消費者，並與我們的合作夥伴、配送提供者交談，我們實際上看到和了解到，這確實能促進重複購買和行為改變。

And so as we look to 2026 and operationalize and complete the national rollout of Wingstop Smart Kitchen. This is going to be an area where we're definitely going to lean in and an area that we see an opportunity to drive growth.

因此，展望 2026 年，我們將全面投入運營，完成 Wingstop 智慧廚房在全國各地的推廣。這將是我們重點關注的領域，也是我們認為能夠推動成長的領域。

And also excited about the new Wingstop this year, Ten. But you also have several very important messages to deliver to customers, including your value proposition, improved speed of service, all of that. So what are kind of the key messages that you will prioritize and how do you plan to kind of allocate media spending to achieve these holes while kind of maximizing leverage on your NFL and NBA partnership.

Ten，我也對今年新開的 Wingstop 感到興奮。但你還有幾個非常重要的訊息要傳達給客戶，包括你的價值主張、更快的服務速度等等。那麼，你們會優先考慮哪些關鍵資訊？你們計劃如何分配媒體支出來彌補這些不足，同時最大限度地利用與 NFL 和 NBA 的合作關係？

Yes, Christine, that's what I love about Wingstop is here. This is actually a campaign that can accomplish all of that. It's allowing us to showcase moments, moments that each and every person can find and relate with and showcase how Wingstop can play a role in their life, in their dining occasions.

是的，克里斯汀，這就是我喜歡Wingstop的原因。實際上，這是一場能夠實現所有這些目標的行動。它讓我們能夠展示每個人都能找到並產生共鳴的時刻，並展示 Wingstop 如何在他們的生活和用餐場合中發揮作用。

In addition to that, we can showcase moments around speed. We can showcase occasions that hit on when the consumer is in a hurry, when they are in a rush and we can do it under this broad umbrella and at the same time, showcasing quality, showcasing abundant. Some of those tenants that really separate Wingstop from other brands that are out there. And we're excited to have a 30-second spot really for the first time, that story tells to that new consumer about Wingstop, who we are, how they can engage with our brand and how we deliver on quality and abundance.

除此之外，我們還可以展示一些與速度相關的精彩時刻。我們可以展示那些消費者匆忙購物、急於購買的場合，我們可以在這個大框架下展示這些場合，同時展現品質和豐富性。正是這些租戶讓 Wingstop 與其他品牌真正區分開來。我們很高興第一次推出 30 秒的廣告，這個故事將向新消費者講述 Wingstop 的故事，我們是誰，他們如何與我們的品牌互動，以及我們如何提供優質且豐富的產品。

And so while there is definitely an opportunity to impact the occasions that our current guests consider us for the bigger opportunity and the huge prize out there, and it really shows up in that demand space where we're only winning 2% today when benchmarking suggests we should be winning 20% to be at our fair share. The huge opportunity is really around all those guests who don't know of Wingstop or maybe Wingstop is just not in their consideration set. And so that's what we're going to be going after with this campaign as we operationalize Wingstop Smart Kitchen. And then just to think about in 2026 layering on something like loyalty, in the second quarter to be able to add that to our digital flywheel. It gives us a ton of confidence in our ability to continue to scale AUVs towards our target of $3 million over time.

因此，雖然我們確實有機會影響現有客戶考慮我們時的情景，但更大的機會和巨大的回報也擺在我們面前，這在需求領域體現得尤為明顯，我們今天只贏得了 2% 的市場份額，而基準表明我們應該贏得 20% 的市場份額才能達到我們應有的水平。真正的巨大商機在於那些不了解 Wingstop 的顧客，或者 Wingstop 根本不在他們的考慮範圍之內。因此，這就是我們在經營 Wingstop 智慧廚房的過程中，透過這次活動所要努力實現的目標。然後想想，到 2026 年，我們可以在第二季度加入忠誠度之類的功能，將其添加到我們的數位飛輪中。這讓我們對逐步擴大 AUV 規模，最終實現 300 萬美元的目標充滿信心。

Jeffrey Bernstein, Barclays.

巴克萊銀行的傑弗裡·伯恩斯坦。

Great. Just looking at the near-term comps. It looks like you're assuming down 5% or more in the fourth quarter that would be similar to or actually a little bit easing from the third quarter. But as we've talked about all your loan, the compares are easing. I know in the fourth quarter, they're using 1,100 basis points from the third quarter. Therefore, I guess that two-year stack still seems to be slowing materially.

偉大的。只看近期的可比較數據。看來你假設第四季會下降 5% 或更多，這將與第三季的情況類似，或者實際上會比第三季略有緩和。但正如我們之前討論的，關於您的貸款，比較情況正在好轉。我知道第四季度，他們採用了比第三季度高出 1100 個基點的利率。因此，我認為兩年的累積速度似乎仍在顯著放緩。

I'm just wondering whether you're surprised the compares are not driving the inflection or said another way, it does seem like the business is slowing further from here. So just wondering whether or not the compares in and of itself are not enough or how you go about directly bringing back, like you said, you over-indexed to perhaps a little bit lower income or more minority consumers, how you go about more aggressively bringing them back to slow that decline. And then I had one follow-up.

我只是想知道，你是否對同比數據未能推動業績拐點感到驚訝？或者換句話說，業務似乎正在進一步放緩。所以我想知道，僅僅進行比較是否還不夠，或者您是如何直接吸引回流的，就像您說的，您可能過度關注了收入稍低或少數族裔消費者，您是如何更積極地吸引他們回來以減緩這種下滑趨勢的。然後我還有一次後續跟進。

Jeff, I appreciate the question. I think as we said earlier, we acknowledge that there's definitely some near-term choppiness. And while we have seen trends stabilize as we've entered the fourth quarter. Obviously, we're not one, and I'm not sure who is to predict kind of the duration of this current environment and when it evolves. But what we're focused on, again, is not solving for the near term, but really focused on leaning into and ensuring that we operationalize this game-changing kitchen operating platform of Wingstop Smart Kitchen and ensure we're ready to really lean in and win our fair share as we look out into 2026 of that demand space and then doing loyalty right and launching it in a big way in 2026.

傑夫，感謝你的提問。我認為正如我們之前所說，我們承認短期內肯定會有一些波動。雖然我們已經看到，隨著進入第四季度，各種趨勢趨於穩定。顯然，我們並非一體，我也不確定誰能預測當前這種環境會持續多久以及何時演變。但我們關注的重點，再次強調，不是解決短期問題，而是真正專注於推進並確保 Wingstop Smart Kitchen 這個顛覆性的廚房運營平台得以運營，並確保我們做好準備，在展望 2026 年的需求領域中真正投入並贏得我們應得的份額，然後做好忠誠度計劃，並在 2026 年大舉推出。

And then obviously supporting all that with this ad campaign, while we open a lot of restaurants at the same time and continue to expand on that opportunity. And we're going to remain focused on protecting the unit economics because that's really what it's about, here at Wingstop to what's central to our strategy. When you think about it, yes, we've opened a lot of restaurants this year. We're almost at 3,000 restaurants as a brand. but yet it's not even 1/3 of our potential.

然後，我們顯然會透過這次廣告宣傳活動來支持這一切，同時我們將開設許多餐廳，並繼續擴大這一機會。我們將繼續專注於保護單位經濟效益，因為這才是 Wingstop 的真正核心所在，也是我們策略的核心。仔細想想，是的，我們今年確實開了很多餐廳。我們的品牌旗下餐廳數量已接近3000家，但這還不到我們全部潛力的三分之一。

So the white space we have in front of us, the growth in front of us is what we're really focused on.

所以，我們面前的空白空間，我們面前的成長空間，才是我們真正關注的重點。

Understood. And just following up on that. as you look back over the past few months, how much do you think of the deceleration with industry or consumer versus maybe anything that will be self-inflicted. I mean, obviously, this is hindsight, but what could have been done better to mitigate the choppiness that you could perhaps use as you think about potential risk of this type of choppiness in the future.

明白了。再補充一點，回顧過去幾個月，您認為這種放緩在多大程度上是由於行業或消費者的因素造成的，又有多少是人為因素導致的？我的意思是，這顯然是事後諸葛亮，但是為了減輕波動，有哪些可以做得更好的方法呢？這樣您在考慮未來可能出現此類波動的風險時，或許可以參考。

Yes, Jeff, I think that's a great question. And I think more than anything it really just has to do about how we over index to this consumer and that's under the most pressure right now more than anything else.

是的，傑夫，我覺得這是一個很好的問題。我覺得最根本的問題在於我們對這類消費者的過度重視，而這類消費者目前面臨的壓力比其他因素還要大。

But the second part of your question, it really feeds into the strategy, we're executing around winning our fair share of our core demand space. And as we look at who comprises this occasion that we're gone after and we look at the DFW as I mentioned earlier, is a great example of that. it is a little bit of an equal distribution as you cut the data, whether it's income level, ethnicity, ages.

但你問題的第二部分，實際上與我們正在執行的策略息息相關，即贏得我們核心需求領域應有的份額。當我們審視活動的參與者組成時，正如我之前提到的達拉斯-沃斯堡地區就是一個很好的例子。當你分析數據時，你會發現它的分佈相當均衡，無論是從收入水平、種族或年齡來看都是如此。

And so it's about continuing to win our fair share of that demand base. And we think this new creative is going to be an unlock to position our brand to start to win that. And so as you fast forward and think about any other future cycles similar to this one, we'd expect our business to be in a different position than it is today.

所以，關鍵在於繼續贏得我們應有的市佔率。我們認為，這個新的創意將成為我們品牌定位的關鍵，幫助我們贏得市場。因此，當我們展望未來，思考與此類似的任何其他未來週期時，我們預計我們的業務將處於與今天不同的境地。

Andrew Barish, Jefferies.

Andrew Barish，傑富瑞集團。

Just following up on that. It kind of reminds me of '22 when you had a negative comp. And obviously, the ad budget was going up -- Sandwich and Uber were rolled out. Are you kind of thinking about this in a similar way. It's just maybe going to take a little bit longer until all three of the current sort of drivers you laid out layer on top of one another?

我只是跟進一下。這讓我想起了 22 年你遭遇的負面比較。顯然，廣告預算也在增加——三明治和優步的廣告都推出了。你是不是也以類似的方式思考這個問題？或許需要更長的時間，才能讓目前你提出的這三個驅動因素完全疊加在一起？

Yes, Andy, I think that's a great point. And I think it's a good analogy to kind of compare to. I would say maybe what's different is -- and we'll acknowledge that a lot of our success during that time was focused on our core, and we won a lot of share with that core. And as we look forward, it's really about broadening the top of the funnel. Bringing in more new guests, new guests that maybe look a little bit different than our core and diversifying the business a bit.

是的，安迪，我覺得你說得很有道理。我認為這是一個很好的類比。我想說，或許不同之處在於——我們承認，那段時間我們的許多成功都集中在我們的核心業務上，我們憑藉核心業務贏得了巨大的市場份額。展望未來，關鍵在於拓寬銷售漏斗的頂端。引入更多新客人，一些可能與我們核心客人略有不同的新客人，從而使業務更加多元化。

Sara Senatore, Bank of America.

薩拉·參議員，美國銀行。

I wanted to go back to the comment, I think Alex made about a honeymoon period for restaurants. I don't think we've heard you talk about that in the past. And I was just curious, I guess, a couple of things. One is, do you see that across different types of markets. And do you think it signals anything about where brand awareness is, I guess, when I think of a big awareness gap, which has been a long-term opportunity, typically, I would not associate that with the honeymoon.

我想回到之前的評論，我記得 Alex 說過餐廳也存在蜜月期。我想我們以前沒聽你談過這件事。我當時只是好奇，大概有幾件事吧。第一個問題是，您是否在不同類型的市場中都觀察到了這種情況？你認為這是否預示著品牌認知度的現況？我想，當我想到巨大的認知差距（這是一個長期的機會）時，通常我不會將其與蜜月期聯繫起來。

Yes, Sara, I can jump in here. I think it really is a little more unique to the last 12 months dynamic or 2024 because, we've attacked these white space opportunities. We're executing market-level playbooks. And we couldn't have predicted the strength of some of these openings in these, what we call kind of flavor desserts in a small town and Kentucky or Georgia or other parts of the country where we had no wing stops available. So I think it was a little bit unique to something in the last year.

是的，薩拉，我可以加入。我認為這與過去 12 個月的動態或 2024 年的情況確實有些不同，因為我們已經抓住了這些空白市場的機會。我們正在執行市場層面的策略規劃。我們無法預料到這些新店開幕會如此火爆，尤其是在肯塔基州、喬治亞州或其他一些小鎮，那裡根本沒有雞翅店，而我們卻稱之為「風味甜點」。所以我覺得這在過去一年有點特別。

I don't think it's playing out the exact same way. It's not playing out the exact same way this year on how the pace of restaurant openings are and what we're seeing. I think they're kind of competing well among each other as we execute these playbooks.

我認為事情的發展並不完全一樣。今年餐廳開幕的速度和我們目前看到的情況與往年略有不同。我認為，在我們執行這些戰術手冊的過程中，他們之間展開了良性競爭。

And then the awareness piece, I guess, that was the second part. Do you think that awareness kind of has reached a critical mass or you still see a lot of opportunity there?

然後，提高公眾意識這部分，我想，就是第二部分了。你認為這種意識是否已經達到臨界點，還是仍有很大的發展空間？

Yes. We still have a more than 20% gap in awareness to the larger, more mature QSR brands. And Michael talked about the opportunity in consideration is even larger. So as we're delivering against these opportunity areas on speed and consistency. I think we think the combination is going to further strengthen our AUVs on our path to that $3 million target.

是的。我們與規模更大、更成熟的快餐品牌之間仍然存在超過 20% 的認知度差距。麥可也談到，目前考慮的機會甚至更大。因此，我們正在以速度和穩定性抓住這些機會領域。我認為我們認為這個組合將進一步增強我們的AUV實力，協助我們實現300萬美元的目標。

Chris O'Cull, Stifel.

克里斯·奧庫爾，斯蒂費爾。

Michael, my question is about the new ad campaign. Have you conducted any testing to confirm how the message resonates with consumers, particularly new consumers. I would just like to understand what gives you confidence that it's going to be successful.

邁克爾，我的問題是關於新的廣告宣傳活動。您是否進行過任何測試來確認這些資訊如何引起消費者，特別是新消費者的共鳴？我只是想了解一下，是什麼讓你確信它會成功。

Yes, Chris, we are super encouraged by early feedback and results on the new campaign. We think it works hard for us and accomplishes really what we set out to accomplish, which is to showcase moments that really speak to a wide range of different consumers, different cohorts, but yet still showcase quality and abundance. And tell a story. This is one of our first ads with the voiceover. And so it's actually informing that new guest that doesn't know about Wingstop, a little bit about who we are.

是的，克里斯，我們對新活動的早期回饋和結果感到非常鼓舞。我們認為它對我們非常有效，並且真正實現了我們想要實現的目標，那就是展示能夠引起不同消費者群體共鳴的時刻，同時又能展現品質和豐富性。講個故事。這是我們最早一批採用旁白的廣告之一。因此，這實際上是向不了解 Wingstop 的新顧客介紹我們公司的一些資訊。

The fact that we are the number one wing company in the US and taking that bold claim and sharing that on national TV. And so early feedback, early testing, very positive, and we think it's working hard for us.

我們是美國排名第一的雞翅公司，我們大膽地宣稱這一點，並在國家電視台分享了這個消息。因此，早期回饋和早期測試結果都非常積極，我們認為它對我們很有幫助。

Okay. And then my follow-up is you mentioned finalizing an agreement in India. Can you talk about the partner you selected, maybe the structure of the agreement for that market? And why do you believe this operator, you've chosen is the right one for the market?

好的。然後我的後續問題是，您提到在印度最終敲定了一項協議。能談談您選擇的合作夥伴嗎？例如針對該市場的協議結構？為什麼你認為你選擇的這家業者是市場上最合適的選擇？

Yes, Chris. We're pretty excited about the opportunity in India, a market that we see over 1,000 Wingstop restaurants over time. And so obviously, a really big deal for our global growth story. And this partner is a proven operator a multinational operator of brands that has a lot of experience in India.

是的，克里斯。我們對印度的市場機會感到非常興奮，我們預計未來一段時間內，Wingstop 將在印度開設超過 1000 家餐廳。所以很顯然，這對我們的全球成長故事來說是一件非常重要的事情。而且，這家合作夥伴是一家經驗豐富的跨國品牌營運商，在印度擁有豐富的經驗。

And so we'll have a lot more details to share as this comes together and as our plans finalize on exactly what our market entry will look like, but we're really excited to share that with you as we continue to progress towards that long-term opportunity of over 1,000 restaurants in India.

隨著專案的推進和市場進入計劃的最終確定，我們將分享更多細節。但我們非常高興能與您分享這些，因為我們正朝著在印度開設 1000 多家餐廳的長期目標穩步前進。

Jeff Farmer, Gordon Haskett.

傑夫法默，戈登哈斯克特。

Just wanted to drill down further on the lower income and Hispanic consumer cohorts. I know you guys don't share a lot, but -- anything that you can share as it relates to exposure to these cohorts even if it's just broad strokes?

我想進一步深入了解低收入和西班牙裔消費者群體。我知道你們平常不太分享訊息，但是──如果可以的話，能否分享一些與接觸這些群體相關的訊息，哪怕只是大致情況？

Yes, Jeff, I would say broad strokes would maybe just be the overall comp trend you saw play out as you saw that dynamic broaden a little bit across the industry. But we're not overly focused or really overly thinking about that overall trend. And as I said earlier in our comments, as we look at the data we have and we look at the underlying health of our business, we're continuing to measure improvements in brand health metrics, which is really encouraging for us to see and showcases that the overall underlying strength and health of the brand are strong. And again, this is a little bit of near-term choppiness. And again, our business clearly over-indexes to that consumer that's under the most pressure right now.

是的，傑夫，我認為概括來說，或許就是你看到的整個薪資趨勢，因為你看到這種動態在整個產業中有所擴展。但我們並沒有過度關注或過多考慮這種整體趨勢。正如我之前在評論中所說，當我們審視我們掌握的數據並審視我們業務的潛在健康狀況時，我們不斷衡量品牌健康指標的改善，這真的讓我們感到鼓舞，並表明品牌的整體潛在實力和健康狀況良好。再次強調，這只是短期內的一些波動。而且，我們的業務顯然與目前面臨最大壓力的消費者群體高度相關。

Okay. And then unrelated follow-up. the development guidance has been pretty crazy. It's jumped 100 units, I think, almost 30% over the last nine months. I can't remember ever seeing anything of this magnitude for as many restaurants as you guys have.

好的。然後還有一些無關的後續問題。開發指導簡直太瘋狂了。過去九個月裡，它的銷售量成長了100個單位，增幅接近30%。我印像中從未見過像你們這樣擁有如此多餐廳的規模如此之大的規模。

So really, the question is, how did that happen? And I know you talked about 2026 development, but in terms of just really sort of overperforming on your initial development guidance, what drove that? And why theoretically wouldn't that outperformance continue in coming years?

所以真正的問題是，這是怎麼發生的？我知道您談到了 2026 年的發展目標，但就實際表現超越最初的發展預期而言，是什麼因素促成了這一結果？理論上講，為什麼這種優異表現不會在未來幾年繼續下去？

Jeff, it's a great question. It's really exciting to see how our unit growth played out for this year. And I think there's a couple of things that we've talked about in the past. One is you've been executing these market-level playbooks. And alongside of that, we're having conversations with our brand partners about scaling the infrastructure, building their teams, organizations to execute an even greater number of openings than what they've had in the past.

傑夫，這是一個很好的問題。看到我們今年的銷售成長情況，真是令人興奮。我認為我們過去也討論過一些事情。第一點是，你一直在執行這些市場層面的策略。同時，我們正在與品牌合作夥伴探討如何擴大基礎設施、組建團隊和組織，以便開設比以往更多的門市。

International is playing a bigger role. We've started -- we've talked about how we see that opportunity in front of us as we've opened as many as five new markets this year. And we have line of sight to three more in the horizon, there are four more on the horizon going into 2026. So it's -- international is starting to play a big role and their pace of openings is moving a little faster than what we saw at the front end of the year.

國際因素正在發揮越來越重要的作用。我們已經開始了——我們已經討論過，我們如何看待擺在我們面前的這個機會，因為我們今年已經開拓了多達五個新市場。而且我們已經看到了三個即將建成的項目，到 2026 年還將有四個項目即將建成。所以，國際市場開始發揮重要作用，擴張速度比年初我們看到的速度快一些。

And then the last part is we thought about the guidance at the start of the year was related to our Smart Kitchen rollout. We have not undertaken that size of a technology rollout in our footprint for this year, and we knew that was something brand partners we're going to need to allocate -- and frankly, they've done a tremendous job with executing both the Smart Kitchen rollout and building their infrastructure and organization. And so we felt the need to kind of allow that just continued growth and pace that we're heading into for 2026.

最後一點是，我們認為年初的指導意見與我們的智慧廚房推廣計畫有關。今年我們還沒有在我們業務範圍內進行如此大規模的技術推廣，我們也知道這是我們需要品牌合作夥伴投入的資源——坦白說，他們在執行智慧廚房推廣以及建立基礎設施和組織方面都做得非常出色。因此，我們覺得有必要允許這種持續成長和發展的速度，以迎接 2026 年的到來。

But it's a great point. It's incredibly exciting about what we have in front of us. And that's why it's so central to us is maintaining those best-in-class returns for our brand partners, so we continue to see this growth opportunity from a development standpoint.

但你的觀點很棒。眼前的一切令人無比興奮。因此，對我們來說，保持為品牌合作夥伴帶來一流的回報至關重要，所以我們從發展的角度繼續看到這種成長機會。

Jim Salera, Stephens Inc.

吉姆·薩萊拉，史蒂芬斯公司

I was hoping that you might help us deconstruct some of the frequency trends that you've talked about. You guys have highlighted between rewards and the Smart Kitchen uplift and some of the new marketing those are all opportunities to drive better frequency. But maybe in kind of here and now, are you seeing any particular daypart or kind of specific consumer cohort that's seen a step down in frequency, and particularly, maybe around some of your restaurants that are closer in the border, maybe there's just less cross-border trade. And so it's not even so much that a guest is choosing not to come to Wingstop, but just there is not that restaurant occasion available anymore because fewer people trading in that area. Just any color on that dynamic would be helpful.

我希望您能幫助我們分析您提到的一些頻率趨勢。你們強調，獎勵、智慧廚房升級和一些新的行銷活動都是提高消費頻率的機會。但就目前而言，您是否注意到某個特定時段或某個特定消費族群的消費頻率有所下降？特別是，您餐廳附近靠近邊境的地區，跨境貿易可能有所減少。所以，與其說是顧客選擇不來 Wingstop，不如說是因為在那個地區做生意的人少了，所以不再有去餐廳用餐的機會了。任何顏色只要能起到作用就行。

Yes, Jim. It's a great question. And what I would say is we talked about a little bit of a change in the consumer trend as we progress through the third quarter. And I think where we really saw from a daypart perspective, maybe that show up a little bit in snack daypart. And with that could come a little bit of ticket management.

是的，吉姆。這是一個很好的問題。我想說的是，我們討論的是隨著第三季的推進，消費者趨勢發生了一些變化。我認為從一天中不同時段的角度來看，我們真正看到的可能是零食時段的情況。隨之而來的是一些票務管理工作。

But generally speaking, and I mentioned it earlier, our biggest daypart dinner, we actually saw growth during the third quarter, which I think really speaks to when you combine that with the strength in our brand health metrics, just speaks to the overall health -- underlying health of the brand.

但總的來說，正如我之前提到的，我們最大的晚餐時段在第三季度實際上實現了增長，我認為這與我們的品牌健康指標的強勁表現相結合，真正體現了品牌的整體健康狀況——品牌的根本健康狀況。

Kind of keep that in mind, are you able to disaggregate what we would think about as group occasion, which I would assume leans heavily dinner versus somebody going by themselves. Is that really where the frequency pressure is concentrated is in those occasions where the guest is buying food just for themselves versus kind of copication?

請記住這一點，您能否將我們通常認為的集體活動細分一下？我猜團體活動主要指聚餐，而不是獨自一人參加的活動。頻率壓力真的集中在客人為自己購買食物而不是模仿他人購買食物的情況嗎？

Jim, this is Alex. What I'd point to in the last quarter was really around where we saw a little bit more of a difference from our targeted group occasion was on tenders. We did continue to see more individual occasions come through on tenders as they're trying -- that's that nice entry point for the brand coming in for the first time at high-quality tender experience. And specifically from a cohort standpoint one of our highest acquisitions last quarter was in that 18 to 25 age demographic, which also associates with a higher propensity for tender purchases.

吉姆，這是亞歷克斯。我想指出的是，在上個季度，我們在投標方面與目標群體出現了一些較大的差異。我們確實看到越來越多的個人場合透過投標來嘗試——這對於首次進入高品質投標體驗的品牌來說是一個很好的切入點。具體來說，從群體角度來看，我們上個季度收購量最大的群體之一是 18 至 25 歲年齡層的人群，而這個年齡層的人群也更容易進行要約收購。

Dennis Geiger, UBS.

瑞銀集團的丹尼斯蓋格。

You touched on some, but I wanted to ask a little bit more on Smart Kitchen, the franchisee feedback. And as it relates to sort of the rollout and if you say that the rollout so far across similar stores at various stages of the rollout process, if that's been largely consistent or if there's some variability there, if anything more, they're obviously -- the Southwest data is super helpful. But anything more just kind of on how that rollout has gone and sort of performance along the various stages a couple of months in, two months and three months in, et cetera, if you could get that granular.

您已經提到了一些，但我還想就 Smart Kitchen 和加盟商的回饋多問一些。至於推廣方面，如果你說到目前為止在類似門市的推廣過程中，各個階段的推廣情況是否基本一致，或者是否存在一些差異，如果有的話，顯然——西南航空的數據非常有幫助。但如果能更詳細地介紹一下推廣的進度，以及在幾個月、兩個月、三個月等各階段的表現，那就太好了。

Yeah, Dennis, it's a great question. And I would say, just generally speaking, we're really encouraged by where we are today in over 2,000 restaurants with the Wingstop Smart Kitchen operating platform. It was a big step in our brand partner conference last month for us to unveil and be super clear around these new Wingstop operating standards.

是的，丹尼斯，這是一個很好的問題。總的來說，我們對目前在 2000 多家餐廳中使用 Wingstop 智慧廚房營運平台的成果感到非常鼓舞。上個月的品牌合作夥伴大會上，我們公佈並清楚闡述了這些新的 Wingstop 營運標準，這對我們來說是一個重要的里程碑。

And obviously, as we transition into 2026 and get the entire platform launched across the system nationally, it will be really about driving those standards and holding our brand partners accountable because of the upside and opportunity we see associated with Wingstop Smart Kitchen.

顯然，隨著我們過渡到 2026 年，並在全國範圍內推出整個平台，真正的重點將是推動這些標準，並讓我們的品牌合作夥伴承擔責任，因為我們看到了 Wingstop 智慧廚房帶來的好處和機會。

So we mentioned it in our prepared remarks. We are seeing times, speed of service times experienced a pretty significant reduction, call it, in that six- to eight-week time period in. And then as you think about our frequency, you're starting to see a little bit of traction as it relates to the consumer and how they engage with our brand, showing up in that three- to six-month window. And this is all without any sort of marketing support, all happening organically.

所以我們在準備好的發言稿中提到了這一點。我們看到，服務速度在六到八週的時間裡出現了相當大的下降。然後，當你思考我們的投放頻率時，你會開始看到一些成效，這與消費者以及他們如何與我們的品牌互動有關，在三到六個月的時間窗口內就會顯現出來。而且這一切都是在沒有任何市場推廣支援的情況下自然發生的。

And so as you sit here and look at these early results, we're seeing the opportunity that's in front of us. And then again, when we look out into 2026 and think about this new ad campaign opening the top of the funnel, and then our new Wingstop operating standards delivering on those guest expectations in a consistent way, we get pretty excited about what's in front of us.

所以，當你坐在這裡看到這些初步結果時，我們看到了擺在我們面前的機會。展望 2026 年，當我們想到這項新的廣告活動將打開銷售漏斗的頂端，以及我們新的 Wingstop 營運標準將以一致的方式滿足顧客的期望時，我們對眼前的前景感到非常興奮。

Due to time constraints, this concludes our question-and-answer session. The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

由於時間有限，我們的問答環節到此結束。會議已經結束。感謝各位參加今天的報告會。您現在可以斷開連線了。