On this page of StockholderLetter.com we present the latest annual shareholder letter from DOMINOS PIZZA INC — ticker symbol DPZ. Reading current and past DPZ letters to shareholders can bring important insights into the investment thesis.
DOMINO S PIZZA ##5 0 -%04
FINANCIAL HIGHLIGHTS $ in millions, except per share data Net Unit Growth U.S. Franchise U.S. Company-owned International Total Year End Store Counts U.S. Franchise U.S. Company-Owned International Total Revenues U.S. Franchise Royalties and Fees U.S. Company-Owned Stores U.S. Franchise Advertising Supply Chain International Franchise Royalties and Fees Total Same Store Sales Growth1 U.S. International Global Retail Sales2 U.S. International Total Income from Operations Net Income Diluted Earnings Per Share Diluted Earnings Per Share, as Adjusted3 Weighted Average Diluted Shares 2023 2022 2021 165 3 543 711 124 2 906 1,032 193 12 999 1,204 6,566 288 13,737 20,591 6,400 286 13,194 19,880 6,185 375 12,288 18,848 $604.9 376.2 473.2 2,715.0 310.1 $4,479.4 $556.3 445.8 485.3 2,754.7 295.0 $4,537.2 $539.9 479.0 479.5 2,561.0 298.0 $4,357.4 +1.6% +1.7% (0.8)% +0.1% +3.5% +8.0% $9,026.1 9,249.7 $18,275.8 $8,751.7 8,788.2 $17,539.9 $8,641.4 9,137.5 $17,779.0 $819.5 $519.1 $14.66 $14.66 35,401,313 $767.9 $452.3 $12.53 $12.53 36,093,754 $780.4 $510.5 $13.54 $13.60 37,691,351 -PpUepbCcLP zq qLC` }PCpq CcN pPqmPLtXzP`} ctPpcCtXecC` qCbP qtepP qC`Pq Vpe{tW P|L`uNPq LWCcVPq Xc UepPXVc LuppPcL} P|LWCcVP pCtPq `eKC` 0PtCX` 1C`Pq pPmpPqPct qC`Pq K} eup ebmCc} e{cPN CcN UpCcLWXqPN qtepPq pCcLWXqPN qtepP pPtCX` qC`Pq CpP pPmeptPN te uq K} eup UpCcLWXqPPq CcN CpP cet eup pPzPcuPq ctPpcCtXecC` pPtCX` qC`Pq CpP pPmeptPN Xc 5 1 Ne``Cpq X`utPN CpcXcVq -Pp 1WCpP Cq CN^uqtPN P|L`uNPq XtPbq CUUPLtXcV LebmCpCKX`Xt} Cq NPtCX`PN Xc tWP ebmCc} CpcXcVq 0P`PCqP Uep #e XtPbq CUUPLtPN Xc ep
TO OUR SHAREHOLDERS: Fellow Shareholders, As we embark on a new year, I want to take a moment to re eLt on the remarkable ^ourney Uor omXno s throuVhout 4hXs mast year was not wXthout Xts UaXr share oU LhallenVes, yet Xt also mresented us wXth tremendous ommortunXtXes Uor Vrowth and XnnozatXon It was a year that beVan aVaXnst the baLkdrom oU hXstorXLally hXVh Xn atXon, whXle Xnternally we reLoVnX ed the need to address LhallenVes Xn delXzery, LamaLXty, and XnnozatXon In our rst Uull year toVether, our e|eLutXze team demonstrated strenVth and unXty Xn the UaLe oU these LhallenVes, whXLh serzed as a Latalyst Uor the mosXtXze transUormatXon oU our brand and busXness, and undersLored the resXlXenLe, adamtabXlXty, and unwazerXnV LommXtment oU our team members and UranLhXsees to mrozXdXnV e|LemtXonal e|merXenLes Uor our Lustomers LAYING THE FOUNDATION FOR NEXT STAGE OF GROWTH elXzerXnV e|LemtXonal serzXLe and zalue to our Lustomers has lonV been a Lore tenant oU omXno s In , we aLhXezed a notable mXlestone Xn our ob^eLtXze to Vrow our Larryout busXness when we beLame the number one Larryout mX a Lommany Xn the 5 S omXnV Xnto , whXle we delXzered one out oU ezery three mX as Xn the 5 S , the Vrowth Xn our delXzery busXness was not meetXnV our hXVh standards -art oU the LhallenVe was ensurXnV that we had the LamaLXty to handle the XnLreased zolumes we Xntended to drXze %zer my years at omXno s, the omeratXons Xn our stores haze been essentXally the same SXmXlar to how we took share Xn our Larryout busXness and reXnzented our mX a Xn , we beVan by XnzestXnV Xn XmmrozXnV our delXzery LamaLXty and reXnzentXnV our LXrLle oU omeratXons throuVh a LombXnatXon oU teLhnoloVy, tools, and mroLess A stronV UoundatXon also means oUUerXnV LonsXstent and sustaXnable zalue to Lustomers that, Xn turn, drXzes store lezel mro tabXlXty In , estXmated 5 S UranLhXsee mro tabXlXty e|Leeded mre mandemXL hXVhs 4hXs dXsLXmlXned ammroaLh also ammlXed to our Lommany Xnzestments, where we made entermrXse deLXsXons that resulted Xn VrowXnV our omeratXnV XnLome by Xn the year DOMINO S HUNGRY FOR MORE STRATEGY 4hese eUUorts laXd the UoundatXon to unloLk addXtXonal Vrowth throuVh our new Hungry for MORE strateVy unVry Uor "%0 Xsn t a LatLhmhrase Xt remresents the massXon wXthXn ezery omXno s team member and UranLhXsee around the world And Xt lays out our lonV term mlan that wXll drXze our Xnzestments and delXzer that Vrowth ozer the ne|t ze years "ore smeLX Lally, unVry Uor "%0 wXll drXze MORE Sales; MORE Stores; MORE Pro ts ;e wXll aLLommlXsh thXs throuVh our Uour " % 0 strateVXL mXllars OST DELICIOUS FOOD PERATIONAL EXCELLENCE ENOWNED VALUE NHANCED BY BEST-IN-CLASS FRANCHISEES Most Delicious Food: ;e know that we haze the most delXLXous Uood Xn the Xndustry, but we need to better showLase Xt throuVh marketXnV and XnnozatXon Operational Excellence: ;e wXll delXzer on our mromXse to haze the most delXLXous Uood by drXzXnV Vreat serzXLe throuVh best Xn Llass tools and teLhnoloVy that allow stores to UoLus on eU LXenLy, LonsXstenLy, and LonzenXenLe Uor both team members and Lustomers 0eLoVnX XnV a need to re ne our omeratXons to meet our standards Uor delXzerXnV e|LemtXonal serzXLe, we took a sXVnX Lant stem Uorward wXth the launLh oU our 'Summer of Service' traXnXnV mroVram As mart oU the mroVram, we XnzXted all our 5 S UranLhXsees to martXLXmate Xn thXs e|tensXze traXnXnV XnXtXatXze, aXmed at Uast UorwardXnV adomtXon oU new tools and teLhnoloVy to make us better 0esults Uollowed ouXLkly, wXth delXzery tXmes returnXnV to mre %:I lezels ;e are now takXnV many oU these tools and mroLesses to our XnternatXonal markets Renowned Value: ;e ze always been known as a mremXer zalue mlayer and thXs wXll LontXnue to be a key dXUUerentXator Uor omXno s ;e wXll also unloLk new Lhannels and XnnozatXze marketXnV Xdeas that e|mand our de nXtXon oU zalue Enhanced by Best-in-Class Franchisees: zerythXnV we do at omXno s Xs made ezen better by our UranLhXsees %ur UoLus wXll be to LontXnue to drXze Xndustry leadXnV eLonomXLs to Xnzest Xn theXr busXness and buXld new stores |LludXnV a one tXme reUranLhXsXnV VaXn reLorded Xn
HUNGRY FOR MORE ALREADY IN ACTION ;hXle unVry Uor "%0 Xs the strateVy that wXll drXze our busXness ozer the ne|t ze years, we started e|eLutXnV aVaXnst Xt Xn / and the XmmaLt was Uelt XmmedXately Sales and transaLtXons were mosXtXze Xn the 5 S Uor the ouarter Xn both our Larryout and delXzery busXnesses 4o VXze you a taste oU what Xs to Lome Xn and beyond, I wanted to brXnV to lXUe unVry Uor "%0 zXa some oU the mroVrams borne out oU the " % 0 strateVXL mXllars and e|eLuted Xn Most Delicious Food ;e renewed our UoLus on XnnozatXon and buXlt on our LommXtment to delXzerXnV the "ost elXLXous Food Xn the Xndustry ;e launLhed Pepperoni Stuffed Cheesy Bread, LombXnXnV the best marts oU memmeronX mX a Xnto a sazory snaLk that not only satXs es taste buds, but also drXzes tXLket As we say at omXno s, memmeronX makes ezerythXnV better and addXnV our number one mX a tommXnV to our StuUUed heesy read made Uor a Lraze worthy treat -emmeronX StuUUed heesy read ouXLkly beLame our best sellXnV mroduLt Xn the StuUUed heesy read lXne Further, Xn / we beVan a shXUt Xn our adzertXsXnV, romanLXnV our mroduLts more, showLasXnV the delXLXousness oU our Uood Operational Excellence uXldXnV on the meanXnVUul omeratXonal strXdes ozer the mast year, we doubled down on %meratXonal |LellenLe wXth mroLesses and tools that haze taken the way we make, bake, and delXzer our mroduLts to a whole new lezel 4hese new mroLesses are summorted by Dom OS, our mromrXetary teLhnoloVy staLk that omtXmX es omXno s stores, makXnV them smarter and more LonneLted than ezer For e|ammle, when a Lustomer buXlds theXr order onlXne, om %S mredXLts when stores should start makXnV the order beUore that Lustomer ezen Lommletes Xt #ow our delXLXous Uood Lan not only be made to order, Xt Lan be made beUore a Lustomer orders om %S also LonneLts ezery drXzer to ezery store, so we know when delXzerXes wXll be drommed oUU and when drXzers are due baLk Stores are alerted when drXzers hXt theXr VeoUenLe, whXLh means Xt s tXme to dXsmatLh All oU thXs means Uood smends less tXme out oU the ozen beUore Xt Vets to Lustomers, resultXnV Xn more LonsXstent and more delXLXous Uood At the end oU the day, that s what wXll make Lustomers Lome baLk and that s what wXll make them unVry Uor "%0 4o Uurther rede ne and enhanLe the omXno s orderXnV e|merXenLe, we announLed a martnershXm wXth "XLrosoUt to work toVether on the ne|t VeneratXon oU mX a orderXnV and store omeratXons lezeraVXnV VeneratXze AI teLhnoloVy ;e look Uorward to seeXnV the XnXtXal results oU thXs work Xn market ne|t year Renowned Value ;e launLhed our new loyalty mroVram, Domino s Rewards, on Semtember omXno s 0ewards Xs well more rewardXnV ;e lowered the smend threshold to earn moXnts Urom down to 4hXs LhanVe wXll make us ezen more LommetXtXze Xn the Larryout seVment where tXLket tends to be lower %ur seLond LhanVe to loyalty was LreatXnV more attaXnable redemmtXon ommortunXtXes Uor lower UreouenLy Lustomers In the mast, they needed to order sX| tXmes to Vet a Uree mX a %ur new mroVram Ueatures redemmtXons at , , and moXnt tXers and oUUers Xtems Urom eXVht dXUUerent LateVorXes on our e|mansXze and delXLXous menu oXnXnV mX a at the moXnt lezel are our %zen aked SandwXLhes, mastas and hoLolate aza runLh akes At moXnts we Ueature our lXnes oU read 4wXsts and StuUUed heesy read And at moXnts we oUUer sXnVle serze bezeraVes, -armesan read Xtes, and dXmmXnV Lums "ore delXLXous Uood to Lhoose Urom wXth redemmtXon omtXons aUter ^ust two murLhases 4he mroVram Xs oUU to a Vreat start, enrollXnV mXllXon new members sXnLe Semtember, endXnV the year wXth ammro|Xmately mXllXon aLtXze members ;e are also seeXnV more redemmtXons than ezer beUore, as Lustomers are enVaVXnV more wXth the mroVram 4o drXze Lustomers to omXno s 0ewards, we launLhed one oU the most XnnozatXze mromotXons Xn our hXstory Emergency Pizza 4o oualXUy Uor a Uree merVenLy -X a on a Uuture murLhase, Lustomers needed to be enrolled Xn omXno s 0ewards merVenLy -X a droze XnLremental orders and helmed ^umm start the launLh oU omXno s 0ewards ;hXle mrozXdXnV zalue throuVh our owned Lhannels Xs one mart oU our Lustomer aLouXsXtXon barbell strateVy, tammXnV Xnto the aggregator marketplace Xs the other In uly, we entered Xnto a Vlobal aVreement wXth 5ber, omenXnV a new delXzery sales drXzXnV layer, whXLh we antXLXmate wXll XnLrease delXzery zolumes and unXt eLonomXLs wXth XnLremental, hXVher smend Lustomers
;e belXeze that our UaXr share oU the 5 S mX a aVVreVator market remresents ammro|Xmately bXllXon Xn XnLremental sales, and we belXeze we Lan aLhXeze thXs ozer the ne|t three years Enhanced by Best-in-Class Franchisees 4he momentum Xn our 5 S busXness Uueled stronV eLonomXLs Uor UranLhXsees who saw meanXnVUul mro t Vrowth to an estXmated Xn I4 A mer store Xn , an XnLrease oU k zersus FranLhXsees belXeze Xn our mlan and are leanXnV Xnto theXr Xnzestments In we added more than new UranLhXsees to the 5 S system, the most Xn years ;e also omened net 5 S stores, whXLh was a stronV XnLrease ozer the net stores we omened Xn MORE Sales4 ;e re tarVetXnV a Vrowth Xn Vlobal retaXl sales, eouXzalent to addXnV a tom 5 S restaurant LhaXn to our Vlobal busXness ozer the ne|t ze years I want to be Llear, Xs what we see as our oor the mlus Xn our outlook remresents our Xntent to do ezerythXnV we Lan to delXzer more MORE Stores ;e aXm to omen , net new stores annually worldwXde, brXnVXnV us to at least , addXtXonal stores ozer the ne|t ze years For mersmeLtXze, an addXtXonal , stores Xs the eouXzalent oU addXnV our entXre 5 S store Lount Urom to our e|XstXnV Vlobal UootmrXnt MORE Pro t %ur omeratXnV XnLome wXll Vrow at , meanXnV we Xntend to Vrow mro ts Uaster than sales As wXth sales and stores, the mlus on our ze year mro t outlook means remresents what we see as our oor As omXno s shareholders, you should know we are hunVry to delXzer more 7%+MORE SALES 4 7%+ annual growth in global retail sales In our XnternatXonal busXness, we reaLhed a remarkable mXlestone hazXnV Vrown same store sales Uor straXVht years For the year, our XnternatXonal net store Vrowth was unXts , and we haze a stronV mXmelXne Xn mlaLe to aLLelerate Vrowth and aLhXeze our tarVet oU , net stores aLross the Vlobe AddXtXonally, one oU the standout moments oU the year was the LommletXon oU - ash s XnXtXal mublXL oUUerXnV and the reLent omenXnV oU theXr th store Xn hXna, re eLtXnV our LommXtment to thXs strateVXL market and reLoVnXtXon oU the untammed motentXal Xn hXna LOOKING AHEAD WITH CONFIDENCE ookXnV baLk on , I am mroud oU the aLtXons our team members and UranLhXsees took and the mosXtXze results they delXzered 4hXs strenVth and momentum Xn our busXness was ezXdent Xn our 4otal Shareholder 0eturn, whXLh aLLelerated meanXnVUully Xn the baLk halU oU the year wXth the launLh oU our unVry Uor "%0 XnXtXatXzes, outmaLXnV the S - and our restaurant Xndustry benLhmarks MORE STORES 1,100+ 1,100+ net new stores annually worldwide 8%+MORE PROFIT Operating income growth of 8%+ annually In , we met LhallenVes head on wXth aLtXons that buXlt a stronVer UoundatXon and set us on a math Uor sustaXned Vrowth, XnnozatXon, and omeratXonal e|LellenLe #ow wXth the launLh oU our unVry Uor "%0 strateVy, our ambXtXon and Lon denLe Xn our brand and omXno s abXlXty to wXn has nezer been hXVher %ur Xntent Xs to translate more sales, more stores and more mro ts Xnto more shareholder returns 4hat Xs the ultXmate measure oU our suLLess As we moze Uorward, the launLh oU our new unVry Uor "%0 strateVy sets the staVe Uor an e|LXtXnV Uuture at omXno s ;e may be the number one mX a Lommany Xn the world wXth more than , stores Xn ozer markets, VeneratXnV lobal 0etaXl Sales oU nearly bXllXon Xn , but we are ^ust VettXnV started %ur team members, UranLhXsees and e|eLutXze team are unVry Uor "%0 , and thXs Lon denLe Xs re eLted Xn our umdated and more aVVressXze outlook Uor the ne|t ze years 4hank you Uor your LontXnued summort and Xnzestment Xn omXno s |LludXnV the stores Llosed Xn LonLert wXth our "aster FranLhXsee e|XtXnV the 0ussXa market From -@ Venerated a total shareholder return oU zs and Uor the S - and S - 0estaurant Xnde|es, resmeLtXzely "ore sales and more mro ts e|Llude the XmmaLt oU F< All VuXdanLe measures remresent lonV term outlook Uor Russell Weiner hXeU |eLutXze %U Ler
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DPZ Shareholder/Stockholder Letter Transcript:

DOMINO   S PIZZA            ##5   0 -%04

FINANCIAL HIGHLIGHTS
$ in millions, except per share data
Net Unit Growth
U.S. Franchise
U.S. Company-owned
International
Total
Year End Store Counts
U.S. Franchise
U.S. Company-Owned
International
Total
Revenues
U.S. Franchise Royalties and Fees
U.S. Company-Owned Stores
U.S. Franchise Advertising
Supply Chain
International Franchise Royalties and Fees
Total
Same Store Sales Growth1
U.S.
International
Global Retail Sales2
U.S.
International
Total
Income from Operations
Net Income
Diluted Earnings Per Share
Diluted Earnings Per Share, as Adjusted3
Weighted Average Diluted Shares
2023
2022
2021
165
3
543
711
124
2
906
1,032
193
12
999
1,204
6,566
288
13,737
20,591
6,400
286
13,194
19,880
6,185
375
12,288
18,848
$604.9
376.2
473.2
2,715.0
310.1
$4,479.4
$556.3
445.8
485.3
2,754.7
295.0
$4,537.2
$539.9
479.0
479.5
2,561.0
298.0
$4,357.4
+1.6%
+1.7%
(0.8)%
+0.1%
+3.5%
+8.0%
$9,026.1
9,249.7
$18,275.8
$8,751.7
8,788.2
$17,539.9
$8,641.4
9,137.5
$17,779.0
$819.5
$519.1
$14.66
$14.66
35,401,313
$767.9
$452.3
$12.53
$12.53
36,093,754
$780.4
$510.5
$13.54
$13.60
37,691,351
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TO OUR SHAREHOLDERS:
Fellow Shareholders,
As we embark on a new year, I want to take a moment
to re  eLt on the remarkable ^ourney Uor  omXno  s
throuVhout            4hXs mast year was not wXthout Xts
UaXr share oU LhallenVes, yet Xt also mresented us wXth
tremendous ommortunXtXes Uor Vrowth and XnnozatXon  
It was a year that beVan aVaXnst the baLkdrom oU
hXstorXLally hXVh Xn  atXon, whXle Xnternally we reLoVnX  ed
the need to address LhallenVes Xn delXzery, LamaLXty, and
XnnozatXon   In our   rst Uull year toVether, our e|eLutXze
team demonstrated strenVth and unXty Xn the UaLe oU
these LhallenVes, whXLh serzed as a Latalyst Uor the
mosXtXze transUormatXon oU our brand and busXness, and
undersLored the resXlXenLe, adamtabXlXty, and unwazerXnV
LommXtment oU our team members and UranLhXsees to
mrozXdXnV e|LemtXonal e|merXenLes Uor our Lustomers  
LAYING THE FOUNDATION FOR NEXT STAGE
OF GROWTH
 elXzerXnV e|LemtXonal serzXLe and zalue to our Lustomers
has lonV been a Lore tenant oU  omXno  s   In         , we
aLhXezed a notable mXlestone Xn our ob^eLtXze to Vrow
our Larryout busXness when we beLame the number one
Larryout mX    a Lommany Xn the 5  S   omXnV Xnto         ,
whXle we delXzered one out oU ezery three mX    as Xn the
5  S  , the Vrowth Xn our delXzery busXness was not meetXnV
our hXVh standards   -art oU the LhallenVe was ensurXnV
that we had the LamaLXty to handle the XnLreased
zolumes we Xntended to drXze   %zer my      years at
 omXno  s, the omeratXons Xn our stores haze been
essentXally the same   SXmXlar to how we took share Xn
our Larryout busXness and reXnzented our mX    a Xn         ,
we beVan          by XnzestXnV Xn XmmrozXnV our delXzery
LamaLXty and reXnzentXnV our LXrLle oU omeratXons throuVh
a LombXnatXon oU teLhnoloVy, tools, and mroLess  
A stronV UoundatXon also means oUUerXnV LonsXstent and
sustaXnable zalue to Lustomers that, Xn turn, drXzes store
lezel mro  tabXlXty   In         , estXmated 5  S   UranLhXsee
mro  tabXlXty e|Leeded mre  mandemXL hXVhs  
4hXs dXsLXmlXned ammroaLh also ammlXed to our Lommany
Xnzestments, where we made entermrXse deLXsXons that
resulted Xn VrowXnV our omeratXnV XnLome by          Xn
the year    
DOMINO   S HUNGRY FOR MORE STRATEGY
4hese eUUorts laXd the UoundatXon to unloLk addXtXonal
Vrowth throuVh our new Hungry for MORE strateVy  
 unVry Uor "%0  Xsn  t a LatLhmhrase   Xt remresents
the massXon wXthXn ezery  omXno  s team member and
UranLhXsee around the world   And Xt lays out our lonV  
term mlan that wXll drXze our Xnzestments and delXzer
that Vrowth ozer the ne|t   ze years   "ore smeLX  Lally,
 unVry Uor "%0  wXll drXze MORE Sales; MORE Stores;
MORE Pro  ts   ;e wXll aLLommlXsh thXs throuVh our Uour
"    %    0      strateVXL mXllars  
OST DELICIOUS FOOD
PERATIONAL EXCELLENCE
ENOWNED VALUE
NHANCED BY
BEST-IN-CLASS FRANCHISEES
Most Delicious Food: ;e know that we haze the most
delXLXous Uood Xn the Xndustry, but we need to better
showLase Xt throuVh marketXnV and XnnozatXon  
Operational Excellence: ;e wXll delXzer on our mromXse
to haze the most delXLXous Uood by drXzXnV Vreat serzXLe
throuVh best  Xn  Llass tools and teLhnoloVy that
allow stores to UoLus on eU  LXenLy, LonsXstenLy, and
LonzenXenLe Uor both team members and Lustomers  
0eLoVnX  XnV a need to re  ne our omeratXons to meet our
standards Uor delXzerXnV e|LemtXonal serzXLe, we took a
sXVnX  Lant stem Uorward wXth the launLh oU our 'Summer
of Service' traXnXnV mroVram   As mart oU the mroVram,
we XnzXted all our 5  S   UranLhXsees to martXLXmate Xn thXs
e|tensXze traXnXnV XnXtXatXze, aXmed at Uast UorwardXnV
adomtXon oU new tools and teLhnoloVy to make us better  
0esults Uollowed ouXLkly, wXth delXzery tXmes returnXnV to
mre   %:I  lezels   ;e are now takXnV many oU these tools
and mroLesses to our XnternatXonal markets  
Renowned Value: ;e  ze always been known as a
mremXer zalue mlayer and thXs wXll LontXnue to be a key
dXUUerentXator Uor  omXno  s   ;e wXll also unloLk new
Lhannels and XnnozatXze marketXnV Xdeas that e|mand
our de  nXtXon oU zalue  
Enhanced by Best-in-Class Franchisees:  zerythXnV
we do at  omXno  s Xs made ezen better by our
UranLhXsees   %ur UoLus wXll be to LontXnue to drXze
Xndustry  leadXnV eLonomXLs to Xnzest Xn theXr busXness
and buXld new stores  
    |LludXnV a one  tXme reUranLhXsXnV VaXn reLorded Xn           

HUNGRY FOR MORE ALREADY IN ACTION
;hXle  unVry Uor "%0  Xs the strateVy that wXll drXze
our busXness ozer the ne|t   ze years, we started
e|eLutXnV aVaXnst Xt Xn /            and the XmmaLt was Uelt
XmmedXately   Sales and transaLtXons were mosXtXze Xn the
5  S   Uor the ouarter Xn both our Larryout and delXzery
busXnesses   4o VXze you a taste oU what Xs to Lome Xn
         and beyond, I wanted to brXnV to lXUe  unVry Uor
"%0  zXa some oU the mroVrams borne out oU the "  %  
0    strateVXL mXllars and e|eLuted Xn           
Most Delicious Food
;e renewed our UoLus on XnnozatXon and buXlt on our
LommXtment to delXzerXnV the "ost  elXLXous Food Xn
the Xndustry   ;e launLhed Pepperoni Stuffed Cheesy
Bread, LombXnXnV the best marts oU memmeronX mX    a Xnto
a sazory snaLk that not only satXs  es taste buds, but
also drXzes tXLket   As we say at  omXno  s, memmeronX
makes ezerythXnV better and addXnV our number one
mX    a tommXnV to our StuUUed heesy read made Uor a
Lraze  worthy treat   -emmeronX StuUUed heesy read
ouXLkly beLame our best  sellXnV mroduLt Xn the StuUUed
heesy read lXne   Further, Xn /   we beVan a shXUt Xn our
adzertXsXnV, romanLXnV our mroduLts more, showLasXnV
the delXLXousness oU our Uood  
Operational Excellence
uXldXnV on the meanXnVUul omeratXonal strXdes ozer the
mast year, we doubled down on %meratXonal  |LellenLe
wXth mroLesses and tools that haze taken the way we
make, bake, and delXzer our mroduLts to a whole new
lezel   4hese new mroLesses are summorted by Dom OS,
our mromrXetary teLhnoloVy staLk that omtXmX  es  omXno  s
stores, makXnV them smarter and more LonneLted than
ezer   For e|ammle, when a Lustomer buXlds theXr order
onlXne,  om %S mredXLts when stores should start makXnV
the order beUore that Lustomer ezen Lommletes Xt   #ow
our delXLXous Uood Lan not only be made to order, Xt
Lan be made beUore a Lustomer orders    om %S also
LonneLts ezery drXzer to ezery store, so we know when
delXzerXes wXll be drommed oUU and when drXzers are due
baLk   Stores are alerted when drXzers hXt theXr VeoUenLe,
whXLh means Xt  s tXme to dXsmatLh   All oU thXs means
Uood smends less tXme out oU the ozen beUore Xt Vets
to Lustomers, resultXnV Xn more LonsXstent and more
delXLXous Uood   At the end oU the day, that  s what wXll
make Lustomers Lome baLk and that  s what wXll make
them  unVry Uor "%0   
4o Uurther rede  ne and enhanLe the  omXno  s orderXnV
e|merXenLe, we announLed a martnershXm wXth "XLrosoUt
to work toVether on the ne|t VeneratXon oU mX    a
orderXnV and store omeratXons lezeraVXnV VeneratXze AI
teLhnoloVy   ;e look Uorward to seeXnV the XnXtXal results
oU thXs work Xn market ne|t year  
Renowned Value
;e launLhed our new loyalty mroVram, Domino   s Rewards,
on Semtember         omXno  s 0ewards Xs    well    more
rewardXnV   ;e lowered the smend threshold to earn
moXnts Urom        down to        4hXs LhanVe wXll make us
ezen more LommetXtXze Xn the Larryout seVment where
tXLket tends to be lower   %ur seLond LhanVe to loyalty
was LreatXnV more attaXnable redemmtXon ommortunXtXes
Uor lower UreouenLy Lustomers   In the mast, they needed
to order sX| tXmes to Vet a Uree mX    a   %ur new mroVram
Ueatures redemmtXons at     ,     , and       moXnt tXers and
oUUers Xtems Urom eXVht dXUUerent LateVorXes on our
e|mansXze and delXLXous menu    oXnXnV mX    a at the       
moXnt lezel are our %zen aked SandwXLhes, mastas and
hoLolate aza runLh akes   At      moXnts we Ueature
our lXnes oU read 4wXsts and StuUUed heesy read  
And at      moXnts we oUUer sXnVle serze bezeraVes,
-armesan read Xtes, and dXmmXnV Lums   "ore delXLXous
Uood to Lhoose Urom wXth redemmtXon omtXons aUter
^ust two murLhases   4he mroVram Xs oUU to a Vreat start,
enrollXnV    mXllXon new members sXnLe Semtember, endXnV
the year wXth ammro|Xmately      mXllXon aLtXze members  
;e are also seeXnV more redemmtXons than ezer beUore,
as Lustomers are enVaVXnV more wXth the mroVram  
4o drXze Lustomers to  omXno  s 0ewards, we launLhed
one oU the most XnnozatXze mromotXons Xn our hXstory   
Emergency Pizza   4o oualXUy Uor a Uree  merVenLy -X    a
on a Uuture murLhase, Lustomers needed to be enrolled Xn
 omXno  s 0ewards    merVenLy -X    a droze XnLremental
orders and helmed ^umm start the launLh oU  omXno  s
0ewards  
;hXle mrozXdXnV zalue throuVh our owned Lhannels Xs one
mart oU our Lustomer aLouXsXtXon barbell strateVy, tammXnV
Xnto the aggregator marketplace Xs the other   In  uly,
we entered Xnto a Vlobal aVreement wXth 5ber, omenXnV
a new delXzery sales drXzXnV layer, whXLh we antXLXmate
wXll XnLrease delXzery zolumes and unXt eLonomXLs wXth
XnLremental, hXVher  smend Lustomers  

;e belXeze that our   UaXr share   oU the 5  S   mX    a
aVVreVator market remresents ammro|Xmately      bXllXon
Xn XnLremental sales, and we belXeze we Lan aLhXeze
thXs ozer the ne|t three years  
Enhanced by Best-in-Class Franchisees
4he momentum Xn our 5  S   busXness Uueled stronV
eLonomXLs Uor UranLhXsees who saw meanXnVUul mro  t
Vrowth to an estXmated           Xn   I4 A mer store Xn
        , an XnLrease oU       k zersus            FranLhXsees
belXeze Xn our mlan and are leanXnV Xnto theXr Xnzestments  
In          we added more than      new UranLhXsees to the
5  S   system, the most Xn      years   ;e also omened       
net 5  S   stores, whXLh was a stronV XnLrease ozer the       
net stores we omened Xn           
MORE Sales4
;e  re tarVetXnV a        Vrowth Xn Vlobal retaXl sales,
eouXzalent to addXnV a tom       5  S   restaurant LhaXn to
our Vlobal busXness ozer the ne|t   ze years   I want to
be Llear,      Xs what we see as our   oor    the   mlus   Xn
our outlook remresents our Xntent to do ezerythXnV
we Lan to delXzer more  
MORE Stores
;e aXm to omen   ,         net new stores annually
worldwXde, brXnVXnV us to at least   ,       addXtXonal stores
ozer the ne|t   ze years   For mersmeLtXze, an addXtXonal
  ,       stores Xs the eouXzalent oU addXnV our entXre 5  S  
store Lount Urom          to our e|XstXnV Vlobal UootmrXnt  
MORE Pro  t
%ur omeratXnV XnLome wXll Vrow at       , meanXnV we
Xntend to Vrow mro  ts Uaster than sales   As wXth sales
and stores, the   mlus   on our   ze  year mro  t outlook
means      remresents what we see as our   oor   As
 omXno  s shareholders, you should know we are hunVry
to delXzer more  
7%+MORE SALES
4
7%+ annual growth in global retail sales
In our XnternatXonal busXness, we reaLhed a remarkable
mXlestone hazXnV Vrown same store sales Uor      straXVht
years   For the year, our XnternatXonal net store Vrowth
was        unXts  , and we haze a stronV mXmelXne Xn mlaLe to
aLLelerate Vrowth and aLhXeze our          tarVet oU   ,        
net stores aLross the Vlobe   AddXtXonally, one oU the
standout moments oU the year was the LommletXon oU
 -  ash  s XnXtXal mublXL oUUerXnV and the reLent omenXnV
oU theXr       th store Xn hXna, re  eLtXnV our LommXtment
to thXs strateVXL market and reLoVnXtXon oU the untammed
motentXal Xn hXna  
LOOKING AHEAD WITH CONFIDENCE
ookXnV baLk on         , I am mroud oU the aLtXons our
team members and UranLhXsees took and the mosXtXze
results they delXzered   4hXs strenVth and momentum
Xn our busXness was ezXdent Xn our 4otal Shareholder
0eturn, whXLh aLLelerated meanXnVUully Xn the baLk halU
oU the year wXth the launLh oU our  unVry Uor "%0 
XnXtXatXzes, outmaLXnV the S  -        and our restaurant
Xndustry benLhmarks    
MORE STORES
1,100+
1,100+ net new stores annually worldwide
8%+MORE PROFIT
Operating income growth of 8%+ annually
In         , we met LhallenVes head  on wXth aLtXons that
buXlt a stronVer UoundatXon and set us on a math Uor
sustaXned Vrowth, XnnozatXon, and omeratXonal e|LellenLe  
#ow wXth the launLh oU our  unVry Uor "%0  strateVy,
our ambXtXon and Lon  denLe Xn our brand and  omXno  s
abXlXty to wXn has nezer been hXVher   %ur Xntent Xs to
translate more sales, more stores and more mro  ts Xnto
more shareholder returns   4hat Xs the ultXmate measure
oU our suLLess  
As we moze Uorward, the launLh oU our new  unVry Uor
"%0  strateVy sets the staVe Uor an e|LXtXnV Uuture at
 omXno  s   ;e may be the number one mX    a Lommany
Xn the world wXth more than     ,       stores Xn ozer     
markets, VeneratXnV  lobal 0etaXl Sales oU nearly           
bXllXon Xn         , but we are ^ust VettXnV started   %ur team
members, UranLhXsees and e|eLutXze team are  unVry Uor
"%0 , and thXs Lon  denLe Xs re  eLted Xn our umdated
and more aVVressXze outlook Uor the ne|t   ze years  
4hank you Uor your LontXnued summort and Xnzestment Xn
 omXno  s  
    |LludXnV the        stores Llosed Xn LonLert wXth our "aster FranLhXsee e|XtXnV the 0ussXa market  
   From                                           -@ Venerated a total shareholder return oU        zs        and      Uor the
S  -        and S  -          0estaurant Xnde|es, resmeLtXzely  
   "ore sales and more mro  ts e|Llude the XmmaLt oU F<   All VuXdanLe measures remresent lonV  term outlook Uor

Russell Weiner
hXeU  |eLutXze %U  Ler



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