So I'll do a split combo.

所以，我就來個拆分組合。

Would you like five, six, eight, 10, or 12?

你想要 5 個、6 個、8 個、10 個還是 12 個？

Eight, this sounds great.

八，這聽起來不錯。

What began as a buffalo chicken wing restaurant in 1994 in Texas has now grown to more than 2,000 restaurants nationwide.

從 1994 年德克薩斯州的一家水牛城雞翅餐廳起步，如今已在全國發展了 2000 多家餐廳。

Right now, we're just dropping some chicken.

現在，我們只是放下一些雞肉。

I love this.

我喜歡這個。

Any other flavor, hot honey, oh man.

任何其他味道，熱蜂蜜，哦，天哪。

I'll take it.

我要了

I'll take hot honey more than anything, ever.

我最喜歡熱蜂蜜了，永遠都喜歡。

That's the lemon pepper.

那是檸檬胡椒。

It's one of their most popular.

這是他們最受歡迎的產品之一。

It's delicious.

太好吃了

Since initially going public in 2015, Wingstop's stock price is up over 1,100%.

自 2015 年首次上市以來，Wingstop 的股價漲幅已超過 1,100%。

Over the past five years, it's up nearly 300%.

在過去的五年裡，它增長了近 300%。

And in the past year alone, it's more than doubled.

僅在去年，這一數字就增長了一倍多。

So Wingstop's growth is really unprecedented in the restaurant industry.

是以，Wingstop 的增長速度在餐飲業可謂史無前例。

You know, if I went back to Chipotle in the 2000s when the brand was emerging, we saw growth almost at Wingstop's levels.

要知道，如果我回到 2000 年代 Chipotle 品牌剛剛興起的時候，我們看到的增長几乎達到了 Wingstop 的水準。

But what's different about Wingstop is the fact that it's over 2,000 stores.

但 Wingstop 的不同之處在於，它有 2000 多家分店。

You know, there's no other brand that scales with the growth that Wingstop's doing.

要知道，沒有任何其他品牌能像 Wingstop 一樣實現如此規模的增長。

The company's system-wide store count reached over 2,300 at the end of June.

截至 6 月底，公司全系統的門店數量已超過 2,300 家。

That's about 1,000 more locations than it had in 2019.

這比 2019 年增加了約 1000 個網點。

Consequently, revenue has more than doubled in that same time period.

是以，在同一時期，收入增加了一倍多。

On average, our franchisees invest about $500,000 to open a Wingstop, and they're basically getting that entire investment paid back to them in less than two years because the income statement is so strong.

平均而言，我們的加盟商投資約 50 萬美元開設一家 Wingstop，而他們基本上在不到兩年的時間內就能收回全部投資，因為收入報表非常強勁。

With chains like Starbucks and McDonald's facing consumer pullback, how did Wingstop become one of the hottest restaurant chains in the country?

在星巴克和麥當勞等連鎖店面臨消費者流失的情況下，Wingstop 是如何成為全國最熱門的連鎖餐廳之一的？

Across fast food chains, chicken has been a hit, especially this year.

在所有快餐連鎖店中，雞肉一直很受歡迎，尤其是今年。

And with school coming back around, football scaling back up, and it's starting to pick up in the morning, they love chicken in the morning.

隨著學校開學，足球比賽又開始了，早上的氣溫也開始回升，他們喜歡早上吃雞肉。

They love chicken in the morning.

他們喜歡早上吃雞肉。

I love chicken, but, you know, love chicken in the morning.

我喜歡吃雞肉，但是，你知道，我喜歡早上吃雞肉。

That's good news for Wingstop because, well, chicken is about all it sells.

這對 Wingstop 來說是個好消息，因為它只賣雞肉。

Its menu also lends itself well to an experiential offering for hanging out with friends or watching a football game.

它的菜單也非常適合作為與朋友聚會或觀看足球比賽的體驗式產品。

If you're thinking about someone who has to make a decision on where to trim spending, the likelihood that they're gonna give up something that is associated with a social event is much lower than, hey, I'm gonna forego my Starbucks coffee this morning.

如果你考慮的是一個必須決定在哪裡削減開支的人，那麼他們放棄與社交活動相關的東西的可能性要比 "嘿，我今天早上要放棄星巴克咖啡 "低得多。

Wingstop is a special occasion.

Wingstop 是一個特殊的場合。

Our frequency over my 10 years has really averaged about three times a quarter or once a month, a low-frequency occasion.

在我 10 年的時間裡，我們的約會頻率平均為每季度三次或每月一次，屬於低頻場合。

And we're just now, for the first time, starting to see that tick upwards, which we're pretty excited about.

現在，我們第一次開始看到這種上升趨勢，我們對此感到非常興奮。

Going beyond just wings has helped drive that uptick.

除了機翼之外，其他產品也推動了這一增長。

The chicken sandwich wars took off right before the pandemic.

雞肉三明治大戰是在大流行病之前爆發的。

And as chain after chain vied for market share, Wingstop eventually got in on the game.

隨著一家又一家連鎖店爭奪市場份額，Wingstop 最終也加入了這場遊戲。

The chicken sandwich.

雞肉三明治

This was introduced in the middle of 2022.

這是 2022 年中期推出的。

Chicken is a very popular protein with the consumer, particularly fried chicken.

雞肉是深受消費者喜愛的蛋白質，尤其是炸雞。

And so the ability for Wingstop to offer their chicken sandwich in 11 flavors, you know, really an opportunity for continued utilization.

是以，Wingstop 能夠提供 11 種口味的雞肉三明治，你知道，這確實是一個持續利用的機會。

Wingstop has seen an increase in new guests visiting its locations ever since the chicken sandwich was introduced.

自 Wingstop 推出雞肉三明治以來，光顧其分店的新客人越來越多。

And those new customers are visiting more frequently than its traditional wing customer.

而這些新客戶的訪問頻率要高於傳統的翼型客戶。

The company reported same-store sales growth increasing nearly 30% in the U.S. for the second quarter of this year.

據該公司報告，今年第二季度美國同店銷售額增長了近 30%。

That means that the company generated more sales per store compared to last year.

這意味著，與去年相比，公司每家店的銷售額有所增加。

The company says that this growth was driven by increased transactions.

該公司表示，這一增長主要是由於交易量的增加。

I would say, dependent on the day, we will receive typically around 300, 400 transactions.

我想說的是，根據當天的情況，我們通常會收到大約 300 到 400 筆交易。

Investors look at same-store sales as the key metric for health of a restaurant concept.

投資者將同店銷售額作為衡量餐飲概念是否健康的關鍵指標。

Wingstop has experienced same-store sales growth for 20 years.

Wingstop 已連續 20 年實現同店銷售增長。

The stores themselves require relatively low operational costs.

商店本身的營運成本相對較低。

We run a very efficient labor profile.

我們的勞動力配置非常高效。

You can run that Wingstop that's doing on average $2 million, you can run that with as few as four team members in the restaurant.

你可以經營平均營業額為 200 萬美元的 Wingstop，你可以在餐廳裡只有四名團隊成員的情況下經營。

We run in a very efficient box on average about 1,600, 1,700 square feet.

我們在一個非常高效的盒子裡運行，平均面積約為 1,600 或 1,700 平方英尺。

And so our occupancy cost where we target B, B minus real estate is extremely efficient.

是以，我們以 B 為目標的佔用成本，B 減去不動產，效率極高。

So this Wingstop in Neptune, New Jersey opened a few years back.

這家位於新澤西州奈普圖恩的 Wingstop 在幾年前開業。

And I initially thought it was a very interesting location choice.

我最初認為這是一個非常有趣的地點選擇。

It's set off from the main road, across from a grocery store, in the middle of a shopping center.

它遠離主幹道，對面是一家雜貨店，位於購物中心中間。

But that's exactly the type of real estate that Wingstop targets.

但這正是 Wingstop 瞄準的房地產類型。

It doesn't need to target prime real estate because last quarter, nearly 70% of its sales came from digital orders, meaning people were not just impulsively stopping by.

它不需要瞄準黃金地段，因為上個季度，近 70% 的銷售額來自數字訂單，這意味著人們並不是一時衝動才光顧的。

They were coming here intentionally.

他們是故意來這裡的。

The use occasion or the consumption occasion for Wingstop is the consumer coming to them.

Wingstop 的使用場合或消費場合是消費者前來消費。

And so I don't care if I have to go next to the pet store to pick up my wings because I'm going there to pick it up.

是以，我不在乎是否要去寵物店旁邊取我的翅膀，因為我就是要去那裡取。

Whereas, like I said, if a McDonald's was in the middle of a strip mall, you lose a lot of those impulse purchases because there's not a drive-thru.

就像我說的，如果麥當勞開在一個購物中心的中間，你就會失去很多衝動購物的機會，因為那裡沒有汽車餐廳。

Brand awareness is growing.

品牌知名度不斷提高。

Franchisees contribute a percentage of sales into the National Advertising Fund.

特許經營商按銷售額的一定比例向全國廣告基金繳款。

So as system sales grow, so does ad spend, which nearly doubled from 2021 to 2023.

是以，隨著系統銷售額的增長，廣告支出也在增長，從 2021 年到 2023 年幾乎翻了一番。

From about five years ago to now, not a lot of people knew about Wingstop, but now everybody know about Wingstop.

從五年前到現在，知道 Wingstop 的人並不多，但現在每個人都知道 Wingstop。

The viral nature of the brand and how it's cropped up so many different times on social media has really helped feed into the customer acquisition.

該品牌的病毒式傳播特性，以及它在社交媒體上的多次出現，確實有助於客戶的獲取。

Hashtag Wingstop has been tagged in over 150,000 TikTok videos that have garnered millions of views.

Hashtag Wingstop 已在 150,000 多個 TikTok 視頻中被標記，獲得了數百萬次觀看。

The company has leaned heavily into marketing with live sports.

該公司在體育直播營銷方面投入了大量精力。

It has official partnerships with multiple NBA teams and its free wing promotions have led to viral moments with top athletes.

它與多支 NBA 球隊建立了官方合作關係，其免費贈送翅膀的促銷活動還曾引發頂級運動員的病毒式傳播。

He wants to get the QR code to get his free wings.

他想通過二維碼獲得免費雞翅。

Although the chain saw its U.S. same-store sales grow over 28% last quarter and beat Wall Street earnings expectations, the stock price has actually fallen more than 10% from the highs that were seen in June.

儘管該連鎖店上一季度在美國的同店銷售額增長了 28% 以上，並超出了華爾街的盈利預期，但其股價實際上已從 6 月份的高點下跌了 10% 以上。

Wingstop is still one of the best-performing restaurant stocks.

Wingstop 仍是表現最好的餐飲股之一。

I think as of recent, you've seen a big divergence in the valuations of restaurant stocks.

我認為，最近餐飲股的估值出現了很大的分化。

So a stock like Wingstop, a stock like Sweetgreen, a stock like Caba have very premium valuations relative to the overall restaurant space.

是以，像 Wingstop、Sweetgreen 和 Caba 這樣的股票，相對於整個餐飲業來說，估值都非常高。

And then other more mature restaurant stocks like McDonald's, like Starbucks, have seen their stocks have their valuation beat down.

而麥當勞、星巴克等其他更成熟的餐飲股，其股票估值也被打壓。

Take a look at Wingstop's stock price.

看看 Wingstop 的股價。

Now look at the company's earnings per share over the last 12 months.

現在看看該公司過去 12 個月的每股收益。

That price-to-earnings ratio is high.

這個市盈率很高。

Now take a look at the same valuation for stocks like McDonald's and Starbucks.

現在看看麥當勞和星巴克等股票的相同估值。

Trading at a higher premium means more volatility in its share price.

溢價越高，意味著股價波動越大。

The risk to the story, though, is really macro, that the consumer base for Wingstop historically skewed more lower income.

不過，這個故事的風險其實很宏觀，因為 Wingstop 的消費群體歷來偏向於低收入者。

And on a price-per-calorie basis, it's just cheaper to go to a quick-service drive-thru to get food relative to a Wingstop.

就每卡路里的價格而言，去快餐店購買食物要比去 Wingstop 便宜得多。

However, Charles says that Wingstop is seeing a shift from a middle-to-higher-income consumer with increased transaction on third-party delivery apps.

不過，查爾斯說，隨著第三方外賣應用程序交易量的增加，Wingstop 看到了中等收入消費者向高收入消費者的轉變。

Plus, unlike its fast-food competitors, Wingstop has kept a tight leash on prices.

此外，與快餐業的競爭對手不同，Wingstop 一直嚴格控制價格。

Since 2019, Wingstop has only increased prices by around 15%, while its peers in the quick-service restaurant category fall into the 30% to 40% range.

自 2019 年以來，Wingstop 的提價幅度僅為 15%左右，而同類快餐店的提價幅度則在 30% 至 40% 之間。

The reason we think quick service is underperforming Wingstop is really about the amount of price that quick service has taken and that there is a lot less discipline relative to what Wingstop has done in recent years.

我們之所以認為快餐店的業績不如 Wingstop，實際上是因為快餐店的價格，而且相對於 Wingstop 近幾年的表現，快餐店的經營紀律性要弱得多。

In 2021, wing prices soared, so Wingstop pushed chicken thighs instead.

2021 年，雞翅價格飆升，於是 Wingstop 改推雞腿。

To combat this type of volatility going forward, the company changed the way it sourced its chicken wings.

為了應對未來的這種波動，公司改變了雞翅的採購方式。

They shifted from a spot, you know, where they're just buying whatever the market price is, to negotiating that price, you know, for the whole bird.

他們從 "隨行就市"，你知道，他們只是買市場上的任何價格，轉變為談判價格，你知道，整隻鳥的價格。

They'll use the parts of the bird they need for their operations, the wing, the breast, et cetera, and they'll effectively sell the remains to either a soup or pet food company that can use or make a part of the birds.

他們會使用鳥類的部分器官，如翅膀、胸部等，然後將殘骸賣給可以使用或製作鳥類部分器官的湯料公司或寵物食品公司。

And that's allowing us to create predictability, and most importantly, it's minimizing the volatility that our franchisees see on their income statement within their food cost line.

這使我們能夠創造可預測性，最重要的是，它將加盟商在損益表上看到的食品成本項目的波動性降到了最低。

In its most recent earnings call, Wingstop raised its store count goal to reach a domestic total of 6,000 locations.

在最近的財報電話會議上，Wingstop 提高了其門店數量目標，即在國內總共開設 6000 家分店。

That would be about triple its current total, and more locations than Kentucky Fried Chicken currently has in the U.S.

這將是其目前總數的三倍，比肯德基炸雞目前在美國的分店數量還要多。

However, that kind of growth could be a long way out.

不過，這種增長可能還很遙遠。

TD Cowan anticipates the chain to have about 4,000 locations domestically and 5,000 locations globally by 2030.

TD Cowan 預計，到 2030 年，該連鎖店將在國內擁有約 4000 家分店，在全球擁有 5000 家分店。

You know, I don't think this is gonna be the new Kentucky Fried Chicken or some big chain, but they've got another two or three years of packing on 250, 300 stores before they start saturating America.

你知道，我不認為這會成為新的肯德基或其他大型連鎖店，但他們還需要兩三年的時間，在250或300家店的基礎上，才能開始覆蓋全美。

The company also says it has room for growth within the world of third-party delivery systems.

該公司還表示，它在第三方交付系統領域還有發展空間。

On DoorDash and on Uber Eats, our awareness levels are still really low.

在 DoorDash 和 Uber Eats 上，我們的認知度還很低。

Our delivery channel mix is about 30% today.

目前，我們的交付管道組合約佔 30%。

When we benchmark delivery channel mix to other more mature, heavy off-premise businesses, think Big Pizza, their delivery channel mix is north of 50%, so we see a lot of runway there.

當我們將外賣管道組合與其他更成熟、重型的非現場業務進行比較時，比如大比薩，他們的外賣管道組合在 50%以上，是以我們認為還有很大的發展空間。

Wingstop is still relatively low awareness.

Wingstop 的知名度還比較低。

Even as the broader consumer is maybe pulling back from spending on food away from home, Wingstop has the opportunity to gain incremental consumers that have never heard of the brand before.

儘管廣大消費者可能會減少外出就餐的消費，但 Wingstop 仍有機會贏得更多從未聽說過該品牌的消費者。

Skipworth says that Wingstop has a goal of transitioning entirely to digital ordering.

Skipworth 說，Wingstop 的目標是完全過渡到數字訂購。

Does that mean you would eliminate that face-to-face interaction and it would be more of just kind of a pickup model?

這是否意味著你們將取消面對面的交流，而更多地採用搭訕模式？

Is that the goal?

這就是目標嗎？

We're not holding chicken that's been previously cooked.

我們不拿以前烹飪過的雞肉。

We're making it to order, and on average, it takes about 18 minutes to get your order at a Wingstop.

我們是按訂單製作的，在 Wingstop 吃到你點的菜平均需要 18 分鐘。

So training guests to order ahead through our digital platform, it's actually just a better guest experience, but then for our perspective, we tend to see a higher average check.

是以，培訓客人通過我們的數字平臺提前下單，實際上只是讓客人有更好的體驗，但從我們的角度來看，我們往往會看到更高的平均結賬率。

The average annual sales per store is over $2 million, and the company now aims to make that $3 million.

每家店的平均年銷售額超過 200 萬美元，公司現在的目標是達到 300 萬美元。

About 98% of Wingstops are franchises.

大約 98% 的 Wingstops 都是特許經營店。

And as we grow our average sales per restaurant, it's continuing to make those income statements for our franchisees better, and that's gonna make them want to open more Wingstops.

隨著我們每家餐廳平均銷售額的增長，加盟商的收入報表也會不斷改善，這將促使他們開設更多的 Wingstops。

And that's how I think we'll continue to be able to scale Wingstop into what our overall vision is is to become a top 10 global restaurant brand.

是以，我認為我們將繼續擴大 Wingstop 的規模，使其成為全球十大餐飲品牌。

In order to be a top 10 restaurant brand, you're talking about roughly about $10 billion in scale.

要成為排名前十的餐飲品牌，規模大約在 100 億美元左右。

And so this is an ambition that getting to $18 billion based on their long-term target will put them pretty solidly there.

是以，根據他們的長期目標，達到 180 億美元將使他們的雄心更加堅定。

And just to give you some perspective, the $18 billion target puts them right now in between Chick-fil-A and Taco Bell in terms of what they'll be for today.

為了讓大家更直觀地瞭解，180 億美元的目標讓他們現在的身價介於 Chick-fil-A 和 Taco Bell 之間。