Arko Corp. (ARKO) 2025 Q2 法說會逐字稿

Greetings. Welcome to Arko Corp.'s second quarter 2025 earnings call. (Operator Instructions) As a reminder, this conference is being recorded.

問候。歡迎參加 Arko Corp. 2025 年第二季財報電話會議。（操作員指示）提醒一下，本次會議正在錄音。

It is now my pleasure to introduce Jordan Mann, Senior Vice President, Corporate Strategy, Capital Markets, and Investor Relations. Thank you, sir. You may begin.

現在我很高興介紹企業策略、資本市場和投資者關係高級副總裁喬丹曼 (Jordan Mann)。謝謝您，先生。你可以開始了。

Thank you. Good afternoon, and welcome to Arko's second quarter 2025 earnings Conference Call and Webcast. On today's call are Arie Kotler, Chairman, President, and Chief Executive Officer; and Rob Giammatteo, Executive Vice President and Chief Financial Officer.

謝謝。下午好，歡迎參加 Arko 2025 年第二季財報電話會議和網路廣播。參加今天電話會議的有董事長、總裁兼執行長 Arie Kotler 和執行副總裁兼財務長 Rob Giammatteo。

Our earnings press release and quarterly report on Form 10-Q for the second quarter of 2025, as filed with the SEC, are available on Arko's website at www.arkocorp.com. During our call today, unless otherwise stated, management will compare results to the same period in 2024. Before we begin, please note that all second quarter 2025 financial information is unaudited.

我們提交給美國證券交易委員會 (SEC) 的 2025 年第二季財報新聞稿和 10-Q 表季報告可在 Arko 網站 www.arkocorp.com 取得。在今天的電話會議中，除非另有說明，管理層將把業績與 2024 年同期進行比較。在我們開始之前，請注意，所有 2025 年第二季的財務資訊均未經審計。

During this call, management may make forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Please review the forward-looking and cautionary statements section at the end of our second quarter 2025 earnings release for various factors that could cause actual results to differ materially from forward-looking statements made during our call today. Any forward-looking statements made during this call reflect our current views with respect to future events, and Arko is under no obligation to update or revise forward-looking statements made on this call, whether as a result of new information, future events, or otherwise, except as required by law.

在本次電話會議中，管理階層可能會根據 1995 年《私人證券訴訟改革法案》做出前瞻性陳述。請查看我們 2025 年第二季財報末尾的前瞻性和警示性聲明部分，以了解可能導致實際結果與我們今天電話會議上所作的前瞻性聲明有重大差異的各種因素。本次電話會議中所做的任何前瞻性陳述均反映了我們對未來事件的當前看法，Arko 沒有義務更新或修改本次電話會議中所做的前瞻性陳述，無論是由於新資訊、未來事件還是其他原因，除非法律要求。

On this call, management will share operating results on both a GAAP basis and on a non-GAAP basis. Descriptions of those non- GAAP financial measures that we use, such as adjusted EBITDA and reconciliations of those measures to our results as reported in accordance with GAAP are detailed in our earnings release or in our quarterly report on Form 10-Q for the quarter ended June 30, 2025. Additionally, management will share profit measures for our individual business segments, along with fuel contribution, which is calculated as fuel revenue less fuel costs, and exclude intercompany charges by our subsidiary, GPMP.

在本次電話會議上，管理層將分享基於 GAAP 和非 GAAP 的經營業績。我們使用的非 GAAP 財務指標的描述，例如調整後的 EBITDA 以及這些指標與根據 GAAP 報告的結果的對賬，在我們的收益報告或截至 2025 年 6 月 30 日季度的 10-Q 表季度報告中有詳細說明。此外，管理層將分享我們各個業務部門的利潤指標以及燃料貢獻，燃料貢獻的計算方法是燃料收入減去燃料成本，但不包括我們子公司 GPMP 的內部公司費用。

And now I would like to turn the call over to Arie.

現在我想把電話轉給 Arie。

Thank you, Jordan, and thank you all for joining. Like many in our industry, in the second quarter, we continued to navigate a challenging macro environment marked by geopolitical events, persistent inflation, mixed consumer sentiment, and restrained personal consumption. Through it all, our team remained focused and executed with discipline, as reflected by our financial performance this quarter with adjusted EBITDA above the midpoint of our guidance.

謝謝你，喬丹，也謝謝大家的加入。與我們行業中的許多公司一樣，在第二季度，我們繼續面臨著充滿挑戰的宏觀環境，其中包括地緣政治事件、持續的通貨膨脹、消費者情緒的波動以及個人消費的抑制。在整個過程中，我們的團隊始終保持專注並嚴格執行紀律，這反映在我們本季的財務表現上，調整後的 EBITDA 高於我們預期的中點。

In this environment, we have seen more price sensitivity, greater reliance on loyalty-driven offers, and continued movement towards value-based purchasing. We stayed grounded by focusing on execution, merchandising discipline, loyalty-led engagement, and controlling expenses, including smarter labor scheduling and tighter cost management at the store level. We expanded merchandise margin by 80 basis points year-over-year, driven by category mix, effective promotions through the work our team is doing with our suppliers, and our continued optimization of assortment through back bar resets and loyalty target offers, all while being responsive to evolving consumer needs.

在這種環境下，我們看到了更高的價格敏感度、對忠誠度驅動的優惠的更大依賴以及持續轉向基於價值的購買。我們腳踏實地，專注於執行、商品銷售紀律、忠誠度主導的參與和控制費用，包括更聰明的勞動力調度和更嚴格的門市成本管理。我們的商品利潤率年增了 80 個基點，這得益於品類組合、我們團隊與供應商合作進行的有效促銷，以及透過後台重置和忠誠度目標優惠持續優化商品種類，同時滿足不斷變化的消費者需求。

We were pleased with improved performance in most of our core categories, and we believe performance reflects the effectiveness of our promotions and our focus on driving growth in key categories. While the second quarter reflected many ongoing pressures, we saw consecutive improvement from May to June, and we are seeing further improvement as we enter the third quarter. Through late July, early third-quarter trends in both same-store gallons and inside sales have been more favorable than what we experienced in Q2, with same-store sales growth for July, excluding cigarettes, up slightly year-over-year.

我們對大多數核心類別的業績改善感到滿意，我們相信業績反映了我們促銷活動的有效性以及我們對推動關鍵類別成長的關注。雖然第二季度仍有許多壓力，但從5月到6月，情況持續改善，進入第三季度，情況正在進一步改善。截至 7 月底，第三季初同店加侖銷售額和內部銷售額的趨勢均比第二季更為有利，7 月份同店銷售額成長（不包括香菸）年比略有上升。

Total merchandise same-store sales trend in July was 3-percentage-points better than total merchandise same-store sales for the second quarter, which was the best comp performance we've seen in the last 18 months. It's still early, but we are encouraged by what

7 月商品同店銷售額整體趨勢比第二季商品同店銷售額整體趨勢高出 3 個百分點，這是我們在過去 18 個月中看到的最佳業績。現在還為時過早，但我們對

we're seeing so far. Our team remained focused on executing our transformation strategy, which include advancing our dealerization program, investing in our retail stores by bringing our new format store and our foodservice Fas Craves brand to life.

我們目前看到的。我們的團隊始終專注於執行我們的轉型策略，其中包括推進我們的經銷商計劃、透過推出新格式商店和餐飲服務 Fas Craves 品牌來投資我們的零售店。

In addition, we are applying targeted promotions both in-stores and at the pump to deepen customer engagement. These efforts are enabling us to navigate today's operating environment while positioning the business for sustainable long-term growth. Dealerization remain a central component of our long-term transformation plan. We continue to focus on converting select company-operated stores to dealer locations, where we believe the long-term economics are more favorable for those stores under our wholesale segment. Since launching this initiative last year, to date, we have converted more than 300 stores, and we currently have approximately 200 additional sites that we expect to convert under letter of intent or contract for conversion with a further meaningful pipeline for conversion ahead.

此外，我們也在店內和加油站實施有針對性的促銷活動，以加深客戶參與度。這些努力使我們能夠適應當今的營運環境，同時為業務的長期永續成長做好準備。經銷商化仍然是我們長期轉型計畫的核心組成部分。我們繼續致力於將精選的公司經營商店轉變為經銷商門市，我們相信，從長期經濟角度來看，這些門市對於我們批發部門旗下的門市更為有利。自去年啟動這項措施以來，到目前為止，我們已經改造了 300 多家門市，目前我們預計還有大約 200 個門市將根據意向書或合約進行改造，未來還有更多有意義的改造管道。

As previously disclosed, once fully scaled, we continue to expect this program to deliver a cumulative annualized operating income benefit of more than $20 million before G&A. As our dealerization efforts continue, we have identified more than $10 million in expected annual structural G&A savings as we fully scale this program. We continue to believe that by transitioning select stores to dealer locations, we are unlocking long-term value. We previously noted that our dealerization program will facilitate targeted capital investment into our retail stores. As part of this, we are very excited to introduce a new format stores, which include a bold and innovative remodel designed to elevate the customer experience and better reflect our commitment to food service, convenience, efficiency, and community connection.

如同先前所揭露的，一旦全面實施，我們預計該計劃將在扣除一般及行政費用之前帶來超過 2000 萬美元的累計年度營業收入收益。隨著我們的經銷商化努力不斷推進，隨著該計劃的全面實施，我們預計每年將節省超過 1000 萬美元的結構性 G&A 費用。我們始終相信，透過將精選商店轉變為經銷商所在地，我們可以釋放長期價值。我們先前指出，我們的經銷商計畫將促進對我們零售店的有針對性的資本投資。作為其中的一部分，我們非常高興地推出一種新形式的商店，其中包括大膽和創新的改造，旨在提升客戶體驗並更好地反映我們對食品服務、便利性、效率和社區聯繫的承諾。

We developed this new format over many months with our internal team and outside consultants, including learning from customer focus groups. This new format includes a complete remodel inside and outside the store, a modernized layout, and we have introduced our new food and beverage concept, Fas Craves, which elevates our food and beverage offering to grow food service as a differentiator across our network.

我們與內部團隊和外部顧問一起花了數月時間開發了這種新格式，包括從客戶焦點小組學習。這種新模式包括商店內外的徹底改造、現代化的佈局，我們引入了新的食品和飲料概念 Fas Craves，這提升了我們的食品和飲料供應，使食品服務成為我們整個網路的差異化因素。

We opened our first new-format store on June 25 in Ashland, Virginia. And while it has only been opened a short time, we are pleased with its initial performance. Early results show outperformance in foodservice and dispensed beverages, as well as key categories like candy, packaged beverages, and alternative snacks relative to the rest of our stores. Our second new format store opened this morning in Mechanicsville, Virginia. Importantly, we have identified the next tranche of stores to be remodeled in the new format, focusing on improved customer experience and with food service as a focus, which we believe is a critical area of opportunity for Arko. We are in various stages of engineering designs and layout on this next tranche of stores.

我們於 6 月 25 日在維吉尼亞州阿什蘭開設了第一家新業態商店。雖然開業時間不長，但我們對它的初步表現感到滿意。早期結果顯示，與我們其他商店相比，食品服務和飲料以及糖果、包裝飲料和替代零食等關鍵類別的表現均表現出色。我們的第二家新業態商店今天上午在弗吉尼亞州 Mechanicsville 開業。重要的是，我們已經確定了下一批將以新形式進行改造的商店，重點是改善客戶體驗並以食品服務為重點，我們相信這是 Arko 的關鍵機會領域。我們正處於下一批商店的工程設計和佈局的各個階段。

Turning to our new-to-industry stores. Last week, we opened our second new location this year. This NTI in Kinston, North Carolina, incorporates almost all elements of our new store format. We continue to advance the other NTIs in our pipeline and have begun working on 3 more of these NTI stores, of which 2 are expected to open in the second half of 2025. In addition to executing our dealerization program and remodel investments, we're beginning to see the positive momentum across other core initiatives for this year. This includes focusing on high-margin categories like OTP, and food, and enhancing our loyalty ecosystem to better engage customers.

轉向我們新進的行業商店。上週，我們開設了今年的第二家新店。位於北卡羅來納州金斯頓的這家 NTI 幾乎融合了我們新店形式的所有元素。我們繼續推進其他 NTI 項目，並已開始籌備另外 3 家 NTI 商店，其中 2 家預計將於 2025 年下半年開業。除了執行我們的經銷商計劃和改造投資外，我們還開始看到今年其他核心計劃的積極勢頭。這包括專注於 OTP 和食品等高利潤類別，並增強我們的忠誠度生態系統以更好地吸引客戶。

Our Fueling America's Future campaign continues to engage customers and drive improved loyalty enrollment growth, trip, and basket size. This program provides up to $2 per gallon in fuel discounts up to 20 gallons to enroll loyalty members who purchase qualifying in-store items. Average daily enrollment in our FAT Rewards program increased more than 50% from the period prior to the campaign. When utilizing the Fueling America's Future promotions, our enrolled loyalty members made an extra trip per month and spend on average more than 15% more than our typical enrolled loyalty member during the second quarter. Importantly, we are seeing improved sales on our qualifying items that are tied to our Fueling America's Future promotions.

我們的「為美國的未來加油」活動繼續吸引客戶並推動忠誠度註冊成長、旅行和購物籃規模的提高。該計劃為購買符合條件的店內商品的忠誠會員提供最高每加侖 2 美元的燃油折扣，最多 20 加侖。與活動開展前相比，我們的 FAT 獎勵計劃的每日平均註冊人數增加了 50% 以上。在利用「為美國未來加油」促銷活動時，我們的註冊忠誠會員每月會多出行一次，並且在第二季度平均比我們典型的註冊忠誠會員多花費 15% 以上。重要的是，我們發現與「為美國未來提供動力」促銷活動相關的合格商品的銷售量有所提高。

Turning to our loyalty program as a whole. During the quarter, enrolled Fas Rewards members spend on average approximately 50% more in the second quarter of 2025 and visited an average approximately 3 more trips per month compared to nonmembers. Overall, we added more than 38,000 new members in the quarter, bringing total enrollment to approximately 2.35 million members, up 10% from the end of Q2 last year.

轉向我們的整個忠誠度計劃。在本季度，與非會員相比，已註冊的 Fas Rewards 會員在 2025 年第二季度的平均消費增加了約 50%，平均每月出行次數增加了約 3 次。總體而言，本季我們增加了 38,000 多名新會員，總會員人數達到約 235 萬，比去年第二季末成長了 10%。

These results underscore the effectiveness of our loyalty platform in an environment where consumers are looking to stretch every dollar, and this is why we continue to focus on enrollment initiatives like Fueling America. Our team is continuing to optimize promotional offers and sharpen messaging to drive even deeper engagement.

這些結果強調了我們的忠誠度平台在消費者希望精打細算的環境中有效性，這也是我們繼續關注像 Fueling America 這樣的註冊計劃的原因。我們的團隊正在繼續優化促銷優惠並強化訊息傳遞，以推動更深入的參與。

Diving deeper into OTP, our stores are benefiting from expand assortments, revised space allocation, high-value promotions, and a more effective visual merchandising strategy, which has been significantly improved by our back bar refresh and incentive program for district and store managers. OTP remains a key growth lever for in-store margin and customer engagement. Over the quarter, OTP was one of our top-performing categories for same-store sales growth and same-store contribution growth. Taking all our strategies as

深入研究 OTP，我們的商店受益於擴大的商品種類、改進的空間分配、高價值的促銷以及更有效的視覺營銷策略，而我們的後台更新和針對地區和商店經理的激勵計劃則顯著改善了這些策略。OTP 仍然是店內利潤和客戶參與度的關鍵成長槓桿。本季，OTP 是我們同店銷售額成長和同店貢獻成長表現最好的類別之一。將我們的所有策略視為

a whole, they are guided by experienced leadership and brought to life every day by a dedicated operation team focused on enhancing the customer experience.

整體而言，他們由經驗豐富的領導層指導，並由專注於提升客戶體驗的專業營運團隊每天開展工作。

Turning to fuel. Industry-wide demand remained soft in the second quarter, with national retail fuel volumes down approximately 4% and our volumes reflected that trend. While gallons declined, our CPG margin increased compared to the prior year period, reflecting the benefit of our scale and our strategic pricing. This margin performance helped offset some of the impact of lower volume on retail fuel contribution. As I mentioned before, we saw consecutive improvement in same-store gallon growth from May to June, and this improvement continued into July.

轉向燃料。第二季全行業需求依然疲軟，全國零售燃料銷售量下降約 4%，我們的銷售量也反映了這一趨勢。雖然加侖數下降了，但我們的 CPG 利潤率與去年同期相比有所增加，這反映了我們的規模和策略定價的優勢。這一利潤率表現有助於抵消零售燃料銷售下降的部分影響。正如我之前提到的，我們看到同店加侖銷售量從 5 月到 6 月持續改善，並且這種改善一直持續到 7 月。

Our wholesale and fleet segments continue to perform through a combination of our dealerization program and robust fuel margin as compared to the prior year. These two segments continue to provide stable and reliable cash flow for our business. We continue to believe our stock is an attractive investment. In the second quarter, we repurchased 2.2 million shares. We believe that our disciplined capital allocation strategy, aligned with strength of our transformation plan and consistent operational execution, position us well to deliver long-term shareholder value.

與前一年相比，我們的批發和車隊部門繼續透過經銷商計畫和強勁的燃油利潤率表現出色。這兩個部門繼續為我們的業務提供穩定可靠的現金流。我們仍然相信我們的股票是一項有吸引力的投資。第二季度，我們回購了220萬股。我們相信，我們嚴謹的資本配置策略，加上我們強勁的轉型計畫和一致的營運執行，使我們能夠為股東創造長期價值。

I will now turn the call over to Rob to review financial results for the second quarter and review our thoughts for the third quarter and full year 2025.

現在，我將把電話轉給 Rob，讓他回顧第二季度的財務業績，並回顧我們對第三季和 2025 年全年的想法。

Thank you, Arie. Good afternoon, everyone. Turning to the second quarter 2025 results. Adjusted EBITDA was $76.9 million for the quarter compared to $80.1 million in the year-ago period, with the decrease caused primarily by lower retail merchandise contribution. At the segment level, our Retail segment contributed operating income of approximately $80.4 million compared to $87.9 million in the year-ago period. Same-store merchandise sales, excluding cigarettes, were down 3% versus the year-ago period, while total same- store merchandise sales were down 4.2%.

謝謝你，阿里。大家下午好。展望 2025 年第二季的業績。本季調整後 EBITDA 為 7,690 萬美元，而去年同期為 8,010 萬美元，下降的主因是零售商品貢獻下降。在分部層面，我們的零售部門貢獻了約 8,040 萬美元的營業收入，而去年同期為 8,790 萬美元。除香菸外的同店商品銷售額與去年同期相比下降了 3%，而同店商品總銷售額則下降了 4.2%。

Same-store margin rate was up approximately 50 basis points versus the prior year. Same-store fuel contribution was down approximately $0.8 million with a 6.5% decline in gallons, mostly offset by an increase of $0.026 per gallon. Same-store fuel margin was $0.45 per gallon for the quarter. Same-store operating expenses were down approximately 0.8%.

同店利潤率較上年同期上升約50個基點。同店燃料貢獻下降約 80 萬美元，加侖數下降 6.5%，但大部分被每加侖 0.026 美元的漲幅所抵消。本季同店燃油利潤率為每加侖 0.45 美元。同店營業費用下降約0.8%。

Turning to our wholesale segment. Operating income was $23.2 million for the quarter versus $21.3 million in the year-ago period. Fuel margin was $0.101 per gallon versus $0.09 in the year-ago period. Gallons were up 3.9% for the quarter, driven by our channel optimization program, which contributed more than 19 million gallons for the quarter or almost 8% of total wholesale gallons. Excluding channel optimization, gallons were down approximately 4.1% at comparable wholesale sites. We continue to be pleased with the impact of our channel optimization program, which has driven approximately $4.5 million in incremental profit contribution for the first half of 2025.

轉向我們的批發部門。本季營業收入為 2,320 萬美元，去年同期為 2,130 萬美元。燃油利潤率為每加侖 0.101 美元，而去年同期為 0.09 美元。受我們通路優化計畫的推動，本季加侖數成長了 3.9%，該計畫為本季度貢獻了超過 1,900 萬加侖，佔批發加侖總量的近 8%。不包括通路優化，可比批發站的加侖數下降了約 4.1%。我們繼續對通路優化計畫的影響感到滿意，該計畫為 2025 年上半年帶來了約 450 萬美元的增量利潤貢獻。

As Arie mentioned, we continue to expect that at full maturity, this program will deliver in excess of $20 million in incremental operating income across our combined retail and wholesale segments. This outlook excludes additional G&A efficiencies we expect over time as we transition to a smaller retail segment footprint.

正如 Arie 所提到的，我們繼續預計，該計劃在完全成熟後將為我們的零售和批發部門帶來超過 2000 萬美元的增量營業收入。這項展望不包括我們隨著向較小零售部門轉型而預期的額外 G&A 效率。

Moving on to our Fleet segment. Operating income was $13.1 million for the quarter versus $13.7 million in the year-ago period, with total gallons down 6.8% to the prior year. Fuel margin was very strong for the quarter at $0.49 per gallon, up from $459 in the year- ago period. Total company general and administrative expense for the quarter was $40.7 million versus $42.4 million in the year-ago period. Net interest and other financial expenses for the quarter were $19.5 million compared to $21.4 million in the year-ago period, with the decrease primarily related to lower average interest rates in the second quarter of 2025 and higher interest income generated. Net income for the quarter was $20.1 million compared to $14.1 million for the year-ago period, with the increase driven primarily by a noncash gain related to the expiration of a purchase option received in 2021. Please reference our press release for a detailed reconciliation from total company net income to adjusted EBITDA.

繼續討論我們的艦隊部分。本季營業收入為 1,310 萬美元，去年同期為 1,370 萬美元，總加侖數比上年下降 6.8%。本季燃油利潤率非常高，為每加侖 0.49 美元，高於去年同期的 459 美元。本季公司總務及行政開支為 4,070 萬美元，而去年同期為 4,240 萬美元。本季淨利息和其他財務支出為 1,950 萬美元，而去年同期為 2,140 萬美元，下降主要與 2025 年第二季平均利率較低以及產生的利息收入較高有關。本季淨收入為 2,010 萬美元，而去年同期為 1,410 萬美元，成長主要得益於 2021 年收到的購買選擇權到期相關的非現金收益。請參閱我們的新聞稿，以了解公司淨收入總額與調整後 EBITDA 的詳細對帳。

Turning to the balance sheet. Excluding lease-related financing liabilities, we ended the second quarter with $916.4 million in long- term debt. We maintained substantial liquidity of approximately $875 million, including $294 million in cash on hand at quarter end, along with remaining availability on our lines of credit. Total capital expenditures for the quarter were $45.3 million, which included the purchase of 22 fee properties at favorable terms.

轉向資產負債表。不包括租賃相關融資負債，我們第二季末的長期債務為 9.164 億美元。我們維持了約 8.75 億美元的大量流動性，包括季度末的 2.94 億美元現金，以及我們信用額度的剩餘可用性。本季總資本支出為 4,530 萬美元，其中包括以優惠條件購買 22 處收費房產。

Turning to third quarter guidance. We expect total company adjusted EBITDA to be in the range of $70 million to $80 million based on the following key segment assumptions.

轉向第三季指引。根據以下關鍵細分假設，我們預期公司調整後的 EBITDA 總額將在 7,000 萬美元至 8,000 萬美元之間。

First, for our retail segment. We expect our third quarter average retail store count to be approximately 1,220 sites. On a per-average- store basis, we expect merchandise sales to be up mid-single digits, reflecting the higher productivity of retained stores versus the year-ago period, partially offset by same-store merchandise sales performance, which is positioned down modestly. Again, on a per- average-store basis, we also expect gallons to be up mid-single digits, reflecting the higher productivity of retained stores versus the year-ago period, partially offset by same-store gallon performance, which is positioned down low to mid-single digits. We are modeling total retail fuel margin in a range of $0.425 to $0.445 per gallon.

首先，對於我們的零售部門。我們預計第三季平均零售店數量約為 1,220 家。以每家門市的平均水準計算，我們預期商品銷售額將成長中等個位數，這反映出保留門市的生產力較去年同期有所提高，但同店商品銷售業績略有下降，部分抵銷了這一成長。同樣，以每家門市的平均加侖數計算，我們還預計加侖數將上漲中等個位數，這反映了保留門市的生產率比去年同期有所提高，但同店加侖數表現下降了低至中等個位數，這部分抵消了這一增長。我們正在模擬每加侖 0.425 美元至 0.445 美元範圍內的零售燃料總利潤。

For our Wholesale segment, we expect mid- to high-teen percentage operating income growth in the third quarter, driven by our ongoing channel optimization work. And finally, for our Fleet segment, we expect third quarter operating income growth to be up low single digits with gallons roughly in line with the prior year on higher expected cents per gallon.

對於我們的批發部門，我們預計第三季的營業收入成長率將達到中高百分比，這得益於我們正在進行的通路優化工作。最後，對於我們的車隊部門，我們預計第三季的營業收入成長率將達到個位數，加侖數與上年大致持平，因為每加侖價格預計將上漲幾美分。

We are maintaining our full-year total company adjusted EBITDA guidance in a range of $233 million to $253 million.

我們維持全年公司調整後 EBITDA 總額預期在 2.33 億美元至 2.53 億美元之間。

And with that, I'll hand it back to Arie for closing remarks.

最後，我將把發言權交還給 Arie，請他做最後發言。

Thanks, Rob. I'm proud of the way our team continues to deliver in the face of ongoing challenges. We are deepening customer engagement. Our promotional efforts are yielding results, and we're making progress on our transformation road map. We are entering the second half of the year with clear priorities and a focus on creating lasting value. We will now open it up to questions.

謝謝，羅布。我為我們的團隊在不斷面臨挑戰時繼續努力的方式感到自豪。我們正在深化客戶參與。我們的宣傳工作正在取得成效，我們的轉型路線圖正在取得進展。我們正帶著明確的優先事項和創造持久價值的重點進入下半年。我們現在開始回答問題。

(Operator Instructions)

（操作員指示）

Bobby Griffin, Raymond James.

鮑比·格里芬、雷蒙德·詹姆斯。

Good afternoon everybody. Thanks for taking my questions. I guess, Arie, first for me, I wanted to maybe dive into your comments on July. Pretty notable change there, at least through the one month of the new quarter. Curious if you can unpack it further on what's maybe driving that industry trends versus the channel optimization, some of the new programs coming on? Because to your point, I don't think we've seen ex-cigarette merchandise sales close to flat in a very long time, and even gallons seem to be getting a little bit better. Bob.

大家下午好。感謝您回答我的問題。我想，Arie，首先，我想深入了解你對 7 月的評論。至少在新季度的一個月內，變化相當顯著。好奇您是否可以進一步解釋是什麼推動了行業趨勢、通路優化以及一些新項目的推出？因為就你的觀點而言，我認為我們很久沒有看到非香菸商品的銷售接近持平，甚至加侖的銷售似乎也變得更好了。鮑伯。

Yeah, good afternoon, Bobby. you are absolutely correct. I mean we saw improvement from basically from May to June, June to July, but this is probably the best improvement we've been seeing over the past 18 months. We don't know if this is just because all of a sudden, something turned around. But what I can tell you is probably that I think the value and the messages that we're sending out there with Fueling America, I believe our offering, our assortments, our promotions are very, very, very strong.

是的，下午好，Bobby。你完全正確。我的意思是，我們基本上從五月到六月、從六月到七月都看到了改善，但這可能是我們在過去 18 個月中看到的最好的改善。我們不知道這是否只是因為突然發生了一些轉變。但我可以告訴你的是，我認為我們透過 Fueling America 傳遞的價值和訊息、我們的產品、我們的產品組合和我們的促銷活動都非常非常強大。

And we see them driving trip frequency. I mentioned, for example, the loyalty trip frequency. So just to put dollars in sense, we are talking about going from $73.83 to $110, which is almost 50%. We're talking about trips up almost three trips basically per month between loyal members and non-loyal members. We see an increase in customers purchasing the qualified product of Fueling America's.

我們看到他們提高了出行頻率。例如，我提到了忠誠度旅行頻率。因此，僅僅從美元的角度來說，我們談論的是美元從 73.83 美元漲到 110 美元，幾乎是 50%。我們談論的是忠誠會員和非忠誠會員之間基本上每月最多三次的旅行。我們發現購買 Fueling America 合格產品的顧客數量增加。

And as you can imagine, all of those products are products that have a higher margin. I mean, I'll give you an example, just something that we're actually promoting this month. If you buy two candies for $6, you get $0.50 per gallon. I mean this is skittles and M&M, for example. I mean this is huge. Another one, if you buy Marlboro, 2 packs of Marlboro, $0.25 per gallon. So I hope that this is a result of what we've been doing over the past few months, but this is absolutely was very positive. And of course, we're going to take it.

正如您所想像的，所有這些產品都是利潤率較高的產品。我的意思是，我舉個例子，這只是我們本月實際推廣的東西。如果您以 6 美元的價格購買兩顆糖果，則每加侖可獲得 0.50 美元。我的意思是，例如，這是彩虹糖和 M&M。我的意思是這太巨大了。再一個，如果你買萬寶路，2包萬寶路，每加侖0.25美元。所以我希望這是我們過去幾個月所做工作的成果，但這絕對是非常正面的。當然，我們會接受它。

Absolutely thank you. And then, Rob, maybe just switching gears to the channel optimization, kind of a 2-part question. I don't think you guys want to give a full number of how many stores you think you can move the dealer. But maybe to help us think about it, are you identifying more stores today than you maybe identified 6 months ago? And if the program does run through '26, do you have to wait until '26, or do we have to wait until '26 to see some of the G&A savings start to flow out? Or can that start to flow out earlier, and you could view the program at scale sooner?

非常感謝。然後，Rob，也許只是轉換話題到頻道優化，這是一個分成兩個部分的問題。我認為你們不想給出可以轉移經銷商的商店數量的完整數字。但也許可以幫助我們思考一下，您今天識別的商店是否比 6 個月前識別的商店還要多？如果該計劃確實持續到 26 年，您是否必須等到 26 年，或者我們是否必須等到 26 年才能看到部分 G&A 節省的費用開始流出？或者它能否更早地開始流出，並且您可以更快地查看該程式的規模？

Yeah, thanks Bobby. So, no, I think the program store list, as we said, we're not, putting out the full number yet, but it's been defined for a good period of time now, and it's known about execution and, Arie had been prepared to mark what is under contract and then there's a substantial amount still after. So, I think we know what that number is. We've known what that number is and we're executing on it in terms. GNA savings. Now we already are seeing savings in GNA in the second quarter. You can see the total GNA number was down.

是的，謝謝鮑比。所以，不，我認為程序商店列表，正如我們所說的，我們還沒有公佈完整的數字，但它已經定義了很長一段時間，並且已知執行情況，並且 Arie 已經準備好標記合同中的內容，然後還有相當多的內容。所以，我想我們知道這個數字是多少。我們知道這個數字是多少，我們正在按照這個數字執行。GNA 儲蓄。現在我們已經看到第二季 GNA 的節省。您可以看到 GNA 總數下降了。

That number is inclusive of a certain amount of the restructuring expense that is in, so we are seeing it already. So things that are directly related to stores, field leadership, things that are directly one to unrelated, we're going to see real time. Things that are like, prepaid annual software licenses, we will see when we get into 2026. So again, that pace of GNA will accelerate as we continue, but we are seeing some of it already. I would estimate we're probably 25% to 33%, maybe a third of the way through the first tranche of savings, and I do believe that there's going to be more. So again, this is just the first tranche that we see and as we get deeper into the smaller footprint, we will continue to look for opportunities on that front.

這個數字包括了一定數量的重組費用，所以我們已經看到了。因此，與商店、現場領導直接相關的事情，以及直接無關的事情，我們都會即時看到。諸如預付年度軟體許可證之類的事情，我們將在 2026 年看到。因此，隨著我們繼續前進，GNA 的步伐將會加快，但我們已經看到了一些跡象。我估計我們可能已經完成了第一批儲蓄的 25% 到 33%，也許是三分之一，而且我相信還會有更多。所以，這只是我們看到的第一批，隨著我們深入較小的足跡，我們將繼續尋找這方面的機會。

And then lastly, for me, just CapEx, the 22 fee properties, I mean, we saw the absolute dollar number step up year-over-year meaningfully in and up sequentially. So any color just on how big of the 22 fee properties were and driving that? And just thoughts on exactly kind of what that is for the business, and help me understand that better.

最後，對我來說，僅就資本支出而言，即 22 項收費物業，我的意思是，我們看到絕對美元數字逐年顯著上升，並且連續上升。那麼，有沒有關於這 22 處收費房產的規模及其影響的詳細資訊？只要思考一下這對業務來說到底意味著什麼，並幫助我更好地理解這一點。

You're referring to the 22 properties that we purchased?

您指的是我們購買的 22 處房產嗎？

Yeah, just, yeah, and the CapEx, and I'm just trying to understand. I'm trying to kind of get at a run rate for core CapExand you had this this quarter it stepped up sequentially, but you also called out you purchased 22 properties and just trying to better understand what's normal and what was part of that property purchase.

是的，是的，還有資本支出，我只是想了解一下。我試圖了解核心資本支出的運行率，本季度它環比上升，但您也提到您購買了 22 處房產，只是想更好地了解什麼是正常的，什麼是購買房產的一部分。

Bobby, that number for the property is about $22 million. So when we talked about at the beginning of the year, we kind of talked about the prior two years, full year CapEx was about $110 million to $115 million. And while we don't provide guidance for CapEx, if you back out that $20-ish, $22 million from where you are, you're kind of on that similar pace from the past two years. So again, that was those are opportunistic at good cap rates for us to buy, and we look for those opportunities as they develop. But that is kind of a one-time. We financed it with M&T. So again, it doesn't impact our cash position. We offset that with financing.

鮑比，這處房產的價格約為 2,200 萬美元。因此，當我們在年初談論時，我們談論的是前兩年，全年資本支出約為 1.1 億美元至 1.15 億美元。雖然我們沒有提供資本支出的指導，但如果從目前的水平上減去 2000 萬美元到 2200 萬美元，就會發現其增長速度與過去兩年類似。所以，再說一次，這些都是我們可以以良好的資本化率購買的機會，我們會隨著這些機會的發展而尋找它們。但這只是一次性的。我們透過 M&T 為其提供資金。所以，這不會影響我們的現金狀況。我們透過融資來彌補這一損失。

Perfect. Yeah, that's exactly what I was looking at. Thanks Rob and. Thanks guys for the details. Best of luck here in 3Q.

完美的。是的，這正是我所看到的。謝謝 Rob 和。謝謝大家提供的詳細資料。祝第三季好運。

Thanks Bobby.

謝謝鮑比。

Daniel Guglielmo, Capital One Securities.

丹尼爾·古列爾莫（Daniel Guglielmo），Capital One Securities。

Hi everyone, thank you for taking my questions. The first one, you all mentioned macro headwinds and shifting consumer spending in the press release, but the July commentary was positive. For the guidance next quarter and the full year, what type of macro and consumer spending environment are you all assuming? Just trying to get a sense of what's kind of built in there for your assumption.

大家好，感謝你們回答我的問題。第一個問題，你們都在新聞稿中提到了宏觀逆風和消費者支出轉變，但七月的評論是正面的。對於下個季度和全年的預測，你們都假設什麼樣的宏觀和消費者支出環境？只是想了解你的假設中蘊含著什麼。

Yeah, So as we talked about in prepared remarks, we have the merchandise sales for the third quarter position same-store sales position down modestly. So again, this is on higher productivity stores. Again, the stores we're keeping higher productivity. But we do see, again, a macro, we are cautious, and we're at a negative modest same-store sales performance. We're not talking about the fourth quarter yet, Daniel. There's as we look sequentially on as Arie mentioned, we've seen since February, with the exception of a little blip in May, we've seen month-on-month sequential improvement in the comp sales trend on the merch side. And so that is a question in terms of does that continue going deeper into the back half of the year? Or does it stay where it is? That's something, again, we have a little more confidence near term in Q3 because we've seen July, we see where we are right now. Fourth quarter, we're going to see as we get deeper into the third quarter, what that looks like, and we don't really guide the forward quarter at this point.

是的，正如我們在準備好的評論中談到的那樣，我們第三季的商品銷售額與同店銷售額相比略有下降。所以，這又牽涉到生產力較高的商店。再次，我們正在保持商店更高的生產力。但我們確實再次看到宏觀方面，我們持謹慎態度，我們的同店銷售業績處於負面溫和狀態。丹尼爾，我們還沒有談論第四季。正如 Arie 所提到的，我們連續觀察發現，自 2 月以來，除了 5 月的小幅波動外，商品方面的銷售趨勢逐月環比都有所改善。那麼問題是，這種情況是否會持續到下半年？還是留在原處？再次說明，我們對第三季的近期表現更有信心，因為我們已經看到了 7 月的表現，也看到了我們目前的狀況。第四季度，隨著第三季的深入，我們將會看到情況會如何，目前我們還沒有真正預測未來季度的情況。

That's really helpful. I appreciate that color. And then the second one is on the transformational plan. We've seen it kind of drive down the site operating expenses line. And I know labor is a big piece of that line, especially kind of with demand increases in the summer. How have wages trended this summer versus last summer kind of when thinking about the business?

這真的很有幫助。我很欣賞那個顏色。第二個是關於轉型計劃。我們已經看到它在某種程度上降低了站點營運費用。我知道勞動力是其中很重要的一部分，尤其是夏季需求增加的時候。從業務角度來看，今年夏天與去年夏天相比，薪資趨勢如何？

Yeah, We've seen consistent wage performance up in that 3% range, and that's been consistent quarter-on-quarter for some time now, since we got clear of the pandemic. So that's kind of a baseline inflationary pressure that we're seeing about 3%. So as you think about the operating expense itself being down, the decreased hours as our field organization deals with lower top-line demand, we do reduce hours, and that is partially offset by the increased rate that we're seeing.

是的，我們看到薪資表現持續上漲 3%，而且自從我們擺脫疫情以來，這一漲幅在一段時間內一直保持環比成長。所以我們看到的基準通膨壓力約為 3%。因此，當您想到營運費用本身下降時，由於我們的現場組織處理較低的頂線需求，工作時間減少，我們確實減少了工作時間，而這被我們看到的增加的費率部分抵消了。

I appreciate that and and then just as a follow up to to that what what you said. As you continue through the transformation plan, you kind of, you're going at kind of low hanging fruit, it feels like, do you expect kind of less of a benefit as the kind of the later stores are taken out or how are you thinking about that?

我很感激，然後作為您所說的內容的後續跟進。隨著轉型計劃的繼續，您似乎開始做一些唾手可得的事情，感覺就像，隨著後期商店的關閉，您是否預期獲得的收益會減少，或者您對此有何看法？

Now I'm done.

現在我完成了。

I don't think we're expecting a lower benefit. I mean, I don't know if you have a point of view on that. I think, each deal depends on, go ahead.

我認為我們不會期望福利會降低。我的意思是，我不知道你對此是否有看法。我認為，每筆交易都取決於，繼續吧。

Yeah, Let me jump in, if you don't mind. Listen, there is a direct expense associated with the stores that we are dealerizing. I mean I'll give you an example. When we dealerize 10 stores, by definition, you are eliminating discrete managers. And this is just one example, okay? We have people in the back office that do accounting work, let's call it, 2 per 10 stores, for example. We have when you get to 80 stores, you're eliminating all of a sudden a regional manager. So again, there is a lot of position tied directly with the operation. So as you remove stores, by definition, you're going to reduce G&A. That's part of the outcome.

是的，如果你不介意的話，我就加入吧。聽著，我們所經銷的商店會產生直接費用。我的意思是我會給你一個例子。當我們擁有 10 家經銷店時，根據定義，您就消除了離散經理。這只是一個例子，好嗎？我們在後台辦公室有專門負責會計工作的人，比如說每 10 家商店就有 2 個人。當你擁有 80 家商店時，你會突然裁掉一名區域經理。因此，再次強調，有許多職位與營運直接相關。因此，當你關閉商店時，根據定義，你將減少 G&A。這是結果的一部分。

And I think he's looking to tease out as we get deeper into the optimization program. Do we see the deals getting less favourable so again I think, I think we, there's no reason to expect that.

我認為，隨著我們對優化計劃的深入研究，他正在尋求答案。我們是否看到交易變得不那麼有利了，所以我再次認為，我認為我們沒有理由期待這一點。

No, we, no, We are sharpening our pencil all the time. I mean at the end of the day, if you think about it, the plan that we put together over here, we're talking about 500 stores in around a year to 18 months. I mean this is a big project. This is a big project for us. And I think the reason we are moving forward very successfully is because we have the second segment, which is the wholesale segment, which help us tremendously over here. But so far, like I said, so far, we are very, very pleased with the traction.

不，我們，不，我們一直在削鉛筆。我的意思是，如果你仔細想想，我們在這裡制定的計劃是在大約一年到一年半的時間裡開設 500 家商店。我的意思是這是一個大項目。這對我們來說是一個大項目。我認為我們之所以能夠非常成功地向前發展，是因為我們擁有第二個細分市場，即批發細分市場，它為我們提供了極大的幫助。但到目前為止，就像我說的，我們對目前的進展非常非常滿意。

And like Rob said, I mean, we expect to continue to see benefits just ramping up further over here.

正如羅布所說，我的意思是，我們預計這裡的福利將繼續進一步增加。

Great, thank you. Appreciate all the color.

太好了，謝謝。欣賞所有的色彩。

Thank you.

謝謝。

Anthony Bonadio, Wells Fargo.

富國銀行的安東尼·博納迪奧。

Yeah, hey guys, thanks for taking our questions. So I wanted to start out with fuel margins. I know you guys had another strong quarter on that front. But I think industry data has maybe been a little softer than one might think, just given breakeven dynamics and how soft gallons have been. So can you guys just talk a little bit more about what you're seeing out there competitively on the fuel side and whether you've seen any change there as the year has progressed?

是的，嘿夥計們，感謝你們回答我們的問題。所以我想從燃料利潤開始。我知道你們在這方面又度過了一個強勁的季度。但我認為，考慮到盈虧平衡動態和加侖的疲軟程度，產業數據可能比人們想像的要弱一些。那麼，你們能否再多談談你們所看到的燃料方面的競爭情況，以及隨著時間的推移是否看到了任何變化？

I'll start, and then I'll let Rob maybe finish with some remarks. So if you're looking on the industry in Q2, the national demand was down 4%. That's the national demand. I understand we were a little bit down than the national demand. We are very, very competitive, very, very competitive. I think the softwares and the systems that we have in place helping us to just to optimize and maximize gross profit dollars over here, making sure that we continue to be competitive. And as you can see, this particular quarter, we were basically trending close to basically $0.45. So I think we see an improvement in fuel margin.

我先開始，然後讓羅布發表一些評論來結束。因此，如果你看一下第二季度的行業情況，你會發現全國需求下降了 4%。這是國家的要求。我知道我們的需求比全國需求略低。我們的競爭力非常非常強，非常非常強。我認為我們現有的軟體和系統可以幫助我們優化和最大化毛利，確保我們繼續保持競爭力。如您所見，本季我們的燃油利潤率基本上接近0.45美元。所以我認為我們的燃油利潤率有所提高。

We see so far, July, the same thing goes to July. We saw improvement month after month, but July, we basically saw a decline that is basically half of what we saw in Q2. So not only that we were able to expand margin, we also see an improvement in basically in fuel gallons decrease in July. And we hope that's going to be sustainable. That's what we hope.

到目前為止，我們看到，七月的情況也一樣。我們看到了月復一月的改善，但 7 月份，我們基本上看到了下降，基本上是第二季的一半。因此，我們不僅能夠擴大利潤率，而且還看到 7 月份燃油加侖數減少的情況有所改善。我們希望這種情況能夠持續下去。這正是我們所希望的。

Okay Anthony, the CPG can pop significantly when there's volatility. And I think we saw 1 month, specifically April in the second quarter, where we had a $0.07 increase year-on-year, and that drove significant profitability into April. And those things I mean, we're in an uncertain macro environment right now, geopolitically everywhere, and those sorts of things, those trends, even though there could be some pressure on gallons, that uncertainty certainly can be supportive of higher CPG.

好的安東尼，當出現波動時，CPG 可能會大幅上漲。我認為我們看到了 1 個月，特別是第二季度的 4 月份，我們的收入同比增長了 0.07 美元，這推動了 4 月份的顯著盈利。我的意思是，我們現在處於一個不確定的宏觀環境中，地緣政治無處不在，諸如此類的事情，這些趨勢，儘管可能對加侖造成一些壓力，但這種不確定性肯定可以支持更高的 CPG。

So it sounds like people are sort of behaving rationally still.

所以聽起來人們的行為仍然比較理性。

Well, I think people have the same issues with trends. If you are 4% or 6%, you still have a trend down. And I think when you have trend down, people need to pay. The smaller guys are probably like everybody else, need to pay their bills. And in order to pay the bills, the only way to make it happen, you need to increase margin. And that's what we've been seeing. I mean, listen, the margin is up almost $0.035 in Q2. And we continue to see strong margin going into July, very similar margin going into July. So we expect or we hope that margin will stay strong for the remaining quarters.

嗯，我認為人們對趨勢有同樣的疑問。如果是 4% 或 6%，則仍呈現下降趨勢。我認為，當趨勢下降時，人們就需要付出代價。小人物可能和其他人一樣，需要支付帳單。為了支付帳單，唯一的方法就是增加利潤。這就是我們所看到的。我的意思是，聽著，第二季的利潤率上漲了近 0.035 美元。我們繼續看到 7 月份利潤率強勁，與 7 月份的利潤率非常相似。因此，我們預計或希望剩餘季度的利潤率將保持強勁。

Okay, that's helpful. And then I just wanted to touch on OTP or alt nicotine. I think there was some rhetoric out of the FDA recently on an increased focus on the illicit market. So can you just talk a little bit more about what you're seeing in that category? And just any thoughts on a potential crackdown there and how you guys might be positioned to benefit from that?

好的，這很有幫助。然後我只想談談 OTP 或替代尼古丁。我認為 FDA 最近發表了一些言論，表示將更加關注非法市場。那麼，您能否再多談談您在該類別中看到的情況？您對那裡可能發生的打擊行動有何看法？你們將如何從中受益？

Yeah, So if you remember, Anthony, at the beginning of the year, I made the big remarks regarding to our back bar refresh in basically in many of our stores in almost 1,000 stores. Since that, I can just tell you that OTP was a very, very strong, basically category for us in Q2. OTP was up basically 2.6% in sales. And at the same time, our margin was up 170 basis points. So this is a category that, at least for us, we are paying a lot of attention to this category. And I think the those crackdowns can only help us against competition. Some of the competitors, I can tell you, I've been seeing that for a long period of time that some of the competitors are selling some illegal OTP product. We're, of course, selling only illegal products. And I think it's about time that we start to see some enforcement over there.

是的，安東尼，如果你還記得的話，在今年年初，我就我們在近 1,000 家商店的許多商店的後台酒吧更新發表了重要講話。從那以後，我可以告訴你，OTP 對我們來說在第二季是一個非常非常強大的類別。OTP 銷售額基本上上漲了 2.6%。同時，我們的利潤率上升了 170 個基點。因此，至少對我們來說，這是我們非常關注的類別。我認為這些打擊只能幫助我們抵制競爭。我可以告訴你，我長期以來一直看到一些競爭對手在銷售一些非法的 OTP 產品。當然，我們只銷售非法產品。我認為現在是時候我們開始看到那裡採取一些執法行動了。

But regardless, like I said, OTP for us was a very successful story since we refreshed the back bar offer more variety. And like I said, I mean, it's a big success, and it's a big contributor to the gross profit dollars over here in Q2.

但無論如何，就像我說的，OTP 對我們來說是一個非常成功的故事，因為我們刷新了後台欄目，提供了更多種類的菜餚。正如我所說的，這是一個巨大的成功，並且對第二季的毛利做出了巨大貢獻。

Just the OTP penetration is 10% of the total assortment versus cigarettes, and more in the 26%, 27% range. But the contribution margin from OTP was essentially equal to cigarettes. So as we continue to comp positive there, it's going to contribute more and more as we go forward to really mitigate some of the downside with cigarettes, the structural decline in cigarettes.

與香菸相比，OTP 的滲透率僅佔總分類的 10%，更高則在 26%、27% 的範圍內。但OTP的貢獻利潤率基本上與香菸相同。因此，隨著我們繼續在那裡取得積極進展，它將做出越來越大的貢獻，因為我們將真正減輕香菸帶來的一些負面影響，即香菸的結構性下降。

Alright thanks guys.

好的，謝謝大家。

Thank you.

謝謝。

Benjamin Wood, BMO Capital Markets.

本傑明伍德 (Benjamin Wood)，BMO 資本市場。

Hey everyone, This is Ben on behalf of BMO and Kelly Bania. Just wanted to circle back on the dealerization and just try to understand, is the pace of dealerizations going in line with the original plan? I think you're targeting now more than 500 stores, but you mentioned dealerizations are expected into 2026. So is the message that the total number is consistent with the long-term or with the prior communications, but is this maybe a slower pace? Also just trying to understand is this total number, is that all part of the $20 million savings target? Or should we expect you to update that savings as you guys get deeper into this?

大家好，我是 BMO 和 Kelly Bania 的 Ben。只是想回到經銷商化的問題上，並試著了解經銷商化的速度是否與原計畫一致？我認為您現在的目標是超過 500 家商店，但您提到預計到 2026 年才會有經銷商。那麼，這個消息是不是說總數與長期或之前的溝通一致，但速度可能比較慢？另外，我只是想了解這個總數，這是否是 2000 萬美元儲蓄目標的一部分？或者我們應該期待你們在深入了解此事後更新這些儲蓄？

I'll let Rob discuss the $20 million, and then I basically give you my two cents regarding to the pace. We are very pleased with the pace, but I'll let Rob jump in.

我會讓羅布討論一下這 2000 萬美元，然後我會就速度給出我的看法。我們對這個節奏非常滿意，但我會讓羅布加入。

Yeah, Ben, the number that we shared in excess of $20 million is the fully executed program. So while we haven't shared the total store count, that is inclusive of all the stores. So again, in excess of $20 million, but you should not expect us to be updating that number. That's consistent with what we're seeing so far in terms of run rate, and that's where we expect to end up.

是的，本，我們分享的超過 2000 萬美元的數字是完全執行的計劃。因此，雖然我們還沒有分享商店總數，但這是包括所有商店在內的。再次強調，超過 2000 萬美元，但你不應該指望我們會更新這個數字。這與我們目前看到的運行率一致，這也是我們預期的最終結果。

Yeah, And Ben, regarding to the pace, as I mentioned earlier, just think about it 500 stores in 18 months, this is unheard of. I mean, it's going in accordance to our plan. Like I said, we are very, very pleased with that. What sometimes take a little bit longer is just getting licenses and putting everything in place. I mean we want to make sure that all of the dealers that are taking over some of those stores, they are fully equipped and fully licensed. We don't want to be in a position that God forbid, they're losing a license and they're losing sales. For us, this is a long-term play, and we want to make sure that those guys continue to make money, and we want to make sure that they get all of their licenses in order to continue to operate from the minute that we stop operating.

是的，本，關於速度，正如我之前提到的，想想看，18 個月內開設 500 家商店，這是聞所未聞的。我的意思是，一切都按照我們的計劃進行。正如我所說的，我們對此非常非常高興。有時需要更長的時間只是獲得許可證並將一切準備就緒。我的意思是，我們要確保所有接管這些商店的經銷商都配備齊全，並擁有完整的執照。我們不想陷入這樣的境地：他們失去了執照，失去了銷量。對我們來說，這是一項長期計劃，我們希望確保這些人能夠繼續賺錢，我們希望確保他們獲得所有許可證，以便在我們停止運營的那一刻繼續運作。

Okay, that's great. And then could you just provide some details on this new store format for the NTIs and remodels? How does the square footage compare to the average store in your portfolio? And then what about the labor needed? How many employees will run it versus your store average? Trying to understand the complexity of it versus with this new food service versus kind of the other store-based you're running.

好的，太好了。那麼，您能否提供一些有關 NTI 和改造的新商店格式的詳細資訊？與您投資組合中的平均商店面積相比如何？那麼需要多少勞動力呢？與您商店的平均水平相比，有多少員工會運行它？試著了解它的複雜性，並將其與這種新的食品服務以及您正在經營的其他商店的食品服務進行比較。

Sure. So most of we opened the first one last week sorry, last month, last month on June 25. And this particular store, we did not change any of the square footage that was a large enough store, over 3,000 square feet. So we basically just added beer cave and some other freezers. of course, in addition to that, all of the food service equipment. Over there, we added deli before. So we just converted the deli to our new concept. We remodeled the store from the inside and the outside. So in this particular case, we did not add any square footage. In the stores that we opened this morning, we were able to add additional square footage to the basically to the original store. So this is something that we did.

當然。所以我們大多數人上週就開了第一個，對不起，是上個月，上個月 6 月 25 日。對於這家特定的商店，我們沒有改變其面積，因為它是一個足夠大的商店，面積超過 3,000 平方英尺。所以我們基本上只是增加了啤酒窖和一些其他的冰櫃。當然，除此之外，還有所有的食品服務設備。在那裡，我們之前增加了熟食店。因此，我們就將熟食店改造成了我們的新概念。我們從內部和外部對商店進行了改造。因此，在這種特殊情況下，我們沒有增加任何平方英尺。在我們今天早上開設的商店中，我們能夠在原有商店的基礎上增加額外的面積。這就是我們所做的事情。

In terms of labor, and we'll share some picture later on. But in terms of labor, we have a shared labor model, which means we need one person literally to operate the food service concept that we put in place over here.

關於勞動力，我們稍後會分享一些圖片。但在勞動力方面，我們採用共享勞動力模式，這意味著我們實際上需要一個人來操作我們在這裡實施的食品服務理念。

Oh, that's okay. That's super helpful. So then is it kind of correct to assume that or maybe I'll ask you this is what percentage of the remaining store base after you've gone through this dealerization do you think would qualify for this kind of full remodel?

噢，沒關係。這非常有幫助。那麼，這種假設是否正確？或者也許我會問您，您認為在完成這次經銷商化之後，剩餘的門市基礎中有多少比例有資格進行這種全面改造？

Well, the we are in a phase of structuring and engineering and but the stores that we are planning on keeping, we believe that the majority of them basically can fit. Remember, when we actually put this plan together, we put the plan together based on the fact

嗯，我們正處於結構和工程階段，但對於我們計劃保留的商店，我們相信大多數商店基本上都可以容納。請記住，當我們真正制定這個計劃時，我們是根據事實制定的

that we have different types of stores, different types of square footage, and we want to make sure that we can customize in most of those stores the food service concept that we put together. So this is something. But right now, at the moment, we are we already identified another tranche of basically of stores. It's approximately 25 stores that were already identified in the same geography that we started. We started over here in the Virginia market, in the Richmond market. And the plan is basically to finish this tranche and continue.

我們擁有不同類型的商店、不同類型的面積，我們希望確保我們可以在大多數商店中客製化我們整合的食品服務理念。所以這是某事。但現在，目前，我們已經確定了另一批商店。我們開始營業的地區內已經確定了大約 25 家商店。我們從維吉尼亞市場、里士滿市場開始。該計劃基本上是完成這一部分並繼續下去。

But again, we believe that the stores that we are planning on keeping as part of our retail segment, we will be able to customize in the majority of those stores, the food service concept and everything that we did in the last 2 stores, the last prototype that we just the new format that we just opened last month and this morning. Which, by the way, that was one of the decision of dealerizing some of the stores that we didn't feel will fit with this concept or with this new format that we brought to market.

但是，我們相信，對於我們計劃保留為零售部門一部分的商店，我們將能夠在大多數商店中定制食品服務理念以及我們在最後兩家商店中所做的一切，最後一個原型是我們上個月和今天早上剛開業的新格式。順便說一句，這是我們決定將一些我們認為不適合我們推向市場的概念或新模式的商店轉為經銷店的決定之一。

Great thank you guys very much.

太好了，非常感謝你們。

Which by the way, that was one of the decisions of dealerizing, some of the stores that we didn't feel will fit with this concept or with this, new format that we brought to market. I think we lost Ben. Thank you, Ben.

順便說一句，這是經銷商的決定之一，我們覺得有些商店不適合這個概念或我們推向市場的這種新模式。我想我們失去了本。謝謝你，本。

Hale Holden with Barclays.

巴克萊銀行的 Hale Holden。

Hey, good afternoon, I just had two on other tobacco products. I was wondering, I did hear those comments at the beginning of the year, and I was wondering where you are in the bar rollout and or how much more work you had to do to get the allocation space allocation to the product, or if you were fully built out at this point?

嘿，下午好，我剛吃了兩包其他煙草產品。我想知道，我確實在年初聽過這些評論，我想知道您在酒吧推廣方面處於什麼階段，或者您還需要做多少工作才能為產品分配空間，或者您是否已經完全建成了這一點？

We are fully on the stores that we are keeping, and like I said, it's over it's around 1,000 stores that we have out there. We already invested and finished our work on the back bar. We completed this project. This project was completed by the end of Q1, beginning of Q2. So we are we're done. It's just a matter of adding additional assortment to the mix of the year.

我們完全專注於我們保留的商店，就像我說的，我們在那裡擁有大約 1,000 家商店。我們已經投資並完成了後台的工作。我們完成了這個專案。此專案於第一季末、第二季初完成。所以我們完成了。這只是在年度組合中添加額外品種的問題。

And then on the store conversions that Ben was just asking about, any thoughts, Arie, on what would constitute a success in terms of either merchandise sales lift or same-store lift versus maybe where the control group is?

然後，關於 Ben 剛才詢問的商店轉換率，Arie，您認為與對照組相比，商品銷售額提升或同店銷售額提升方面什麼才算成功？

Sure. First of all, traffic. One of the reasons behind it, of course, is making sure that we increase traffic. Success will turn to be an increase inside margin because adding food service over here, by definition, the gross margin on food service is much higher than basically what we saw before. So the success for us will be increase foot traffic, increase the basket size associated with that, expand our food service. So far, we get very nice results. I can tell you that the store that we opened just last month on June 25, just in the month of July, sales excluding cigarettes in that particular store are up 6% compared to prior year. So that's for us. So far, we are very, very pleased on what we're seeing over here.

當然。首先，交通。當然，背後的原因之一是確保我們增加流量。成功將轉化為內部利潤的增加，因為在這裡增加食品服務，根據定義，食品服務的毛利率比我們之前看到的要高得多。因此，對我們來說，成功意味著增加客流量，增加購物籃的大小，擴大我們的餐飲服務。到目前為止，我們取得了非常好的結果。我可以告訴你們，我們上個月 6 月 25 日剛開業的那家店，光是 7 月份，該店除香菸以外的銷售額就比去年同期成長了 6%。這就是我們想要的。到目前為止，我們對所看到的情況感到非常非常滿意。

Great. I'd love to see some pictures in the next quarter deck. It's hard for me to see them from the satellite photos outside.

偉大的。我很想看看下個後甲板上的一些照片。我很難從外面的衛星照片看到它們。

Yeah, no problem. Thank you. We'll do that.

是的，沒問題。謝謝。我們會這麼做的。

We have reached the end of our question-and-answer session. I would like to turn the conference back over to Arie for closing remarks.

我們的問答環節已經結束。我想將會議交還給 Arie 做閉幕發言。

Thank you for joining, everyone. We are focused. We are on track, and we are excited on what's ahead of us. Have a great evening.

謝謝大家的加入。我們專注。我們正步入正軌，並對未來充滿期待。祝您有個愉快的夜晚。

Thank you. This will conclude today's conference. You may disconnect at this time, and thank you for your participation.

謝謝。今天的會議到此結束。此時您可以斷開連接，感謝您的參與。