Domino's Pizza, Inc.

Thank you for standing by and welcome to Domino's Pizza's second quarter 2025 earnings conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during this session, you'll need to press star 1-1 on your telephone. If your question has been answered and you'd like to remove yourself from the queue, simply press star 1-1 again. As a reminder, today's program is being recorded. And now I'd like to introduce your host for today's program, Greg Lemicek, Vice President, Investor Relations. Please go ahead, sir.

Good morning, everyone. Thank you for joining us today for our second quarter conference call. Today's call will begin with our Chief Executive Officer, Russell Wiener, followed by our Chief Financial Officer, Sandeep Reddy. The call will conclude with a Q&A session. The forward-looking statements in this morning's earnings release and 10Q are both of which are available on our IR website, also apply to our comments on the call today. Actual results or trends could differ materially from our forecast. For more information, please refer to the risk factors discussed in our filings with the FCC. In addition, please refer to the 8K earnings release to find disclosures and reconciliations of non-GAAP financial measures that may be referenced on today's call. This morning's conference call is being webcast and is also being recorded for replay via our website. We want to do our best this morning to accommodate as many of your questions as time permits. As such, we encourage you to ask one question only. With that, I'd like to turn the call over to Russell.

Thanks, Greg, and good morning, everybody. Our team drove strong results in the second quarter. In the U.S., both our delivery and carryout businesses were positive, and we drove meaningful market share gains. In international, we continue to grow despite a challenging macro environment. It's clear that our Hungry for More strategic pillars are working together to deliver more sales, more stores, and more profits. I'd like to highlight some of the initiatives that helped us drive these results. The M in Hungry for More stands for Most Delicious Food. An important way to drive deliciousness is through new products. Late in the first quarter, we added one of the biggest new menu items in our history, Parmesan stuffed crust pizza. This launch has gone extremely well and has met the high expectations that we had for it on every level. It's delivering incremental new customers to Domino's and a high mix that has been in line with our projections. Most importantly, our teams are executing this more complex product very well. This is proof that the training investments we made ahead of this launch paid off. In fact, customer praise for this product has been significantly higher than any of our recent product launches. Customers love Parmesan stuffed crust. I want to thank our franchisees and our operations team for their continued efforts to achieve operational excellence around this highly complex product. This is a point of differentiation for our brand. The early read shows that the addition of stuffed crust should be a market share catalyst for us over time, as this was a big reason why Domino's customers would go elsewhere in the past. The next time we look for more pillar I'd like to highlight is renowned value, which has been a key strength for Domino's. We're driving renowned value through national promotions, Domino's rewards, and by growing on aggregator platform. Domino's Rewards was a tailwind to our accomplishment quarter, particularly in the carryout business. You'll recall that growing carryout users was one of the primary reasons we redesigned the loyalty program. Active users continue to grow, and I expect Domino's Rewards to be a multi-year sales driver. We have a strong slate of initiatives ready to go for the rest of the year, inclusive of our Best Deal Ever promotion, which is currently running through early August. We will continue to give customers what they want, which is more value, in an environment where they remain pressured. The other part of our renowned value barbell strategy is tapping into the aggregator marketplace for pizza delivery. We recently completed our national rollout with DoorDash, the largest aggregator in the US. This rollout went extremely well as we were able to apply learnings from our prior launch with Uber. We will now begin marketing on the platform with investments coming from both sides. The expectation is that our sales on DoorDash will build as awareness and marketing increases. We continue to expect this to be a meaningful driver to our US comp in the back half of the year. Everything we do at Domino's is enhanced by our best-in-class franchisees. You've often heard us talk about how our franchisees are the secret sauce to our success, and this continues to be the case. In the second quarter, we re-franchised 36 company-owned stores in Maryland, to a new franchisee that's not so new to Domino's. In fact, he's been a part of the Domino's system for more than two decades. We continuously assess opportunities to strengthen the brand's position for long-term success, whether that means expanding into new markets or transitioning existing ones to franchisees to grow their business. I believe we've never been in a stronger position to drive sustained growth in our US business. We have best-in-class franchisee economics in QSR Pizza, the largest advertising budget, the best supply chain, and a rewards program that has never been bigger. We're now fully rolled out on the two largest aggregators, and with the addition of Stuff Crust, have all the major crust types on our menu. We have never had this many tools at our disposal to capture market share. This will be how we drive best-in-class results and long-term value creation for our franchisees and shareholders well into the future. I'll now hand the call over to Sandeep.