Denny's Corp (DENN) 2024 Q4 法說會逐字稿

Greetings and welcome to the Denny's Corporation fourth quarter 2024 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.

問候並歡迎參加 Denny's Corporation 2024 年第四季財報電話會議。（操作員指示）提醒一下，本次會議正在錄音。

It is now my pleasure to introduce your host, Kayla Money, Senior Director of Investor Relations. Thank you. You may begin.

現在我很高興介紹您的主持人，投資者關係高級總監 Kayla Money。謝謝。你可以開始了。

Good morning. Thank you for joining us for Denny's fourth quarter 2024 earnings conference call. With me today from management are Kelli Valade, Denny's Chief Executive Officer; and Robert Verostek, Denny's Executive Vice President and Chief Financial Officer.

早安.感謝您參加 Denny 2024 年第四季財報電話會議。今天與我一起出席的管理層有 Denny's 執行長 Kelli Valade；以及 Denny's 執行副總裁兼財務長 Robert Verostek。

Please refer to our website at investor.dennys.com., to find our fourth quarter earnings press release, along with the reconciliation of any non-GAAP financial measures mentioned on the call today. This call is being webcast, and an archive of the webcast will be available on our website later today.

請造訪我們的網站 investor.dennys.com，查看我們的第四季度收益新聞稿以及今天電話會議上提到的任何非 GAAP 財務指標的對帳表。本次電話會議正在進行網路直播，網路直播的存檔將於今天稍晚在我們的網站上發布。

Kelli will begin today's call with a business update. Then Robert will provide a recap of our fourth quarter financial results and a development update before commenting on guidance. After that, we will open it up for questions.

凱莉 (Kelli) 將在今天的電話會議上介紹業務最新情況。然後，羅伯特將回顧我們的第四季度財務業績和發展更新，然後對指導意見發表評論。之後，我們將開放提問。

Before we begin, let me remind you that in accordance with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The company knows that certain matters to be discussed by members of management during this call may constitute forward-looking statements. Management urges caution and considering its current trends and any outlook on earnings provided during this call.

在我們開始之前，請允許我提醒您，根據 1995 年《私人證券訴訟改革法案》的安全港條款。本公司知道管理階層成員在本次電話會議中討論的某些事項可能構成前瞻性陳述。管理層敦促謹慎行事，並考慮當前趨勢以及本次電話會議中提供的任何盈利前景。

Such statements are subject to risk, uncertainties, and other factors that may cause the actual performance of Denny's to be materially different from the performance indicated or implied by such statements. Such risks and factors are set forth in the company's most recent annual report on Form 10K for the year ended December 27, 2023, and in any subsequent Forms 8K and quarterly reports on Form 10Q.

此類聲明受風險、不確定性和其他因素的影響，可能導致 Denny's 的實際業績與此類聲明所顯示或暗示的業績有重大差異。此類風險和因素在公司最新的截至 2023 年 12 月 27 日的 10K 表年度報告以及任何後續的 8K 表和 10Q 表季度報告中均有列出。

With that, I will now turn the call over to Kelli Valade, Denny's Chief Executive Officer.

說完這些，我現在將電話轉給 Denny's 執行長 Kelli Valade。

Thank you, Kayla. Good morning, everyone, and thank you for joining us. Today's discussion will focus on the continued progress we've made to execute profitable traffic driving initiatives at our flagship Denny's restaurants.

謝謝你，凱拉。大家早安，感謝大家的收看。今天的討論將集中在我們在旗艦丹尼餐廳執行有利可圖的客流驅動計劃方面所取得的持續進展。

We'll also discuss our continued confidence in our growth brand Keke's Breakfast Cafe. After that, we'll review our fourth quarter financial results and full year 2025 guidance expectations. With that, let's get started.

我們也將討論我們對成長型品牌 Keke's Breakfast Cafe 的持續信心。之後，我們將回顧第四季的財務表現和 2025 年全年指引預期。有了它，我們開始吧。

The fourth quarter marked our strongest quarter of 2024 for both brands. Specifically, Denny's maintained positive quarter over quarter, same restaurant sales at 1.1%, while Keke's generated same restaurant sales of 3%. Additionally, we are very pleased that Denny's outperformed the BBI Family dining sales index for the fourth consecutive quarter as we continued to steal share from our peer set.

第四季是我們兩個品牌在 2024 年表現最強勁的一個季度。具體而言，Denny’s 的同店銷售額較上季成長 1.1%，而 Keke’s 的同店銷售額則成長 3%。此外，我們非常高興 Denny’s 連續第四個季度超越 BBI 家庭餐飲銷售指數，繼續從同業手中搶佔市場份額。

Keke's also outperformed the BBI Family dining sales index in Florida for the second consecutive quarter. Overall, both brands benefited in the back half of the year from consumer stabilization as optimism rose and spending normalized.

Keke's 也連續第二季超越佛羅裡達州 BBI 家庭餐飲銷售指數。總體而言，隨著樂觀情緒的上升和支出的正常化，這兩個品牌在下半年都受益於消費者的穩定。

While we are a bit disappointed that trends have since softened to start 2025, our continued focus on executing our strategic initiatives and winning with our guests will serve us well in restoring momentum. I want to express my gratitude to our teams and our franchisees for their continued dedication, focus, and execution.

雖然我們對 2025 年以來趨勢減弱感到有些失望，但我們將繼續專注於執行我們的策略計劃並贏得客人的支持，這將有助於我們恢復勢頭。我要對我們的團隊和特許經營商的持續奉獻、專注和執行表示感謝。

For Denny's, several of our key initiatives in 2024 have been in the works for quite some time. We saw those initiatives come to fruition in the back half of the year, including launching our [$2, $4, $6, $8] value play, expanding our virtual brand Banda Burrito, and enhancing our digital presence and guest experience.

對 Denny’s 來說，我們 2024 年的幾項關鍵措施已經籌備了相當長一段時間。我們看到這些舉措在下半年取得了成果，包括推出我們的 [2 美元、4 美元、6 美元、8 美元] 價值產品、擴大我們的虛擬品牌 Banda Burrito，以及增強我們的數位形象和客戶體驗。

We launched our $2, $4, $6, $8 value play in August, which was engineered as a consumer friendly traffic driving platform that's also profitable for our franchisees and our system. This brand differentiator was an instant hit and continues to perform well because our guests recognize and appreciate the great value we are providing to them.

我們於 8 月推出了價值 2 美元、4 美元、6 美元和 8 美元的產品，該產品旨在成為消費者友好的流量驅動平台，同時也為我們的特許經營商和系統帶來利潤。這個品牌差異化因素立即引起了轟動並持續表現良好，因為我們的客人認可並欣賞我們為他們提供的巨大價值。

We continue to believe strongly in our off-premise strategies and are leaning into our three virtual brands, the Burger Den, the Meltdown, and Banda Burrito, which we nationally expanded in the back half of the year and was a significant contributor in Denny's same restaurant sales growth.

我們繼續堅信我們的場外策略，並傾向於我們的三個虛擬品牌，Burger Den，Meltdown和Banda Burrito，我們在今年下半年在全國範圍內擴展了這些品牌，並為Denny's同一餐廳的銷售增長做出了重要貢獻。

Denny's is uniquely positioned to build a sizable virtual brand business given our labor structure and these transactions over indexing at dinner and late night when we can leverage our labor line to generate incremental profitability for the system.

鑑於我們的勞動力結構以及晚餐和深夜交易的指數化，丹尼餐廳具有獨特的優勢，可以打造一個規模可觀的虛擬品牌業務，我們可以利用我們的勞動力線為系統創造增量盈利能力。

Plus we see less than 1% overlap between guests that use our virtual brands and those that are in our dining rooms. So these brands are delivering incremental sales volumes and margins. Our investments in digital enhancements are also working. Things like improving the digital guest experience, optimizing our email creative, and improving search engine optimization led to increased website traffic and conversion rates.

此外，我們發現使用我們的虛擬品牌的客人和在我們餐廳用餐的客人之間的重疊率不到 1%。因此這些品牌的銷售量和利潤都在增加。我們對數位化增強的投資也取得了成效。改善數位客戶體驗、優化我們的電子郵件創意以及改善搜尋引擎優化等措施導致了網站流量和轉換率的增加。

Additionally, we reignited our Diner 2.0 remodel program, completing six remodels during the fourth quarter, bringing the total to 23 during 2024. The program was tested prior to the pandemic and has been tweaked to meet how guests' expectations have since evolved.

此外，我們重新啟動了 Diner 2.0 改造計劃，並於第四季度完成了六項改造，使 2024 年的改造總數達到 23 項。該計劃在疫情爆發之前進行了測試，並根據客人不斷變化的期望進行了調整。

In tests, we saw a 6.5% lift in traffic in remodeled restaurants. This program is a catalyst to increasing same restaurant sales, generating incremental traffic, and driving profitability to our system, and is a key component of achieving our long-term goal of $2.2 million system AUVs for the Denny's brand.

在測試中，我們發現改造後的餐廳的客流量增加了6.5%。該計劃是增加同店銷售額、產生增量客流和提高我們系統盈利能力的催化劑，也是實現 Denny's 品牌 220 萬美元系統 AUV 的長期目標的關鍵組成部分。

And so we are living our values and executing our strategic initiatives, leaning into our brand strengths, winning in key occasions like breakfast with a renewed value emphasis and engaging the next generation of fans to drive meaningful results for our business.

因此，我們實踐我們的價值觀、執行我們的策略性舉措、發揮我們的品牌優勢、以新的價值重點在早餐等關鍵場合贏得勝利，並吸引下一代粉絲，為我們的業務帶來有意義的成果。

I'd also like to say that we extend our heartfelt thoughts and prayers to the Southern California community in the wake of the devastating wildfires. We deployed our mobile relief diner to the area and served nearly 5,800 meals in addition to donating food and non-food items to those affected.

我還想說，我們向遭受毀滅性山火襲擊的南加州社區表達我們最誠摯的慰問和祈禱。我們向該地區派遣了流動救援餐廳，為受災群眾提供了近 5,800 份餐食，此外還捐贈了食品和非食品物品。

Additionally, we offered a free original Grand Slam and coffee to all uniformed first responders as a small token of our gratitude to those that have worked tirelessly to support the fire and recovery efforts.

此外，我們還向所有穿制服的急救人員免費提供正宗的大滿貫和咖啡，以表達我們對那些為火災和恢復工作不懈支持的人的感激之情。

Denny's is America's diner. We are at the center of our communities feeding people's bodies, minds, and souls, and providing comfort in ways only a diner can. Now let's talk about the Keke's brand and how we're building momentum and unlocking its growth potential.

丹尼餐廳 (Denny's) 是美國的餐廳。我們是社區的中心，滋養人們的身體、思想和靈魂，並以只有餐廳才能做到的方式提供舒適。現在讓我們來談談 Keke 品牌以及我們如何建立發展勢頭並釋放其成長潛力。

Like Denny's, Keke's had several initiatives in the final testing stages during the first half of 2024, and now we're starting to see those results. These included the beverage program rollout, incremental marketing investments, and the expansion of their off-premise business.

與 Denny's 一樣，Keke's 在 2024 年上半年也推出了多項舉措，處於最後測試階段，現在我們開始看到這些成果。這些舉措包括飲料計劃的推出、增量行銷投資以及場外業務的擴展。

And while we're pleased with the same restaurant sales of 3%, it's important to note that this would have been 4.1% positive absent the impact of Hurricane Helene and Milton in Florida, as many of our cafes were in the path of these back to back hurricanes.

雖然我們對餐廳銷售額同樣達到 3% 的增幅感到滿意，但值得注意的是，如果沒有佛羅裡達州的海倫颶風和米爾頓颶風的影響，餐廳銷售額將會達到 4.1% ，因為我們的許多咖啡館都處於這兩次接連颶風的路徑上。

A big focus area for Keke's is development, and 2024 was a record breaking year for growth. Robert will talk more about the specifics, but we are incredibly encouraged by this momentum. We also now have over 140 development commitments as we work towards the goal of becoming one of the largest competitors in the fast growing daytime eatery segment.

發展是 Keke 關注的重點領域，2024 年是成長創紀錄的一年。羅伯特將會談論更多具體細節，但我們對這種勢頭感到非常鼓舞。我們現在還擁有超過 140 項開發承諾，我們正努力成為快速成長的日間餐飲領域最大的競爭者之一。

That growth will come under our new design, which has received incredible guest feedback in three company test cafes. We're targeting a 6% to 8% sales list that we are confident can be delivered.

這種增長將在我們的新設計下實現，該設計已在該公司的三家測試咖啡館中獲得了令人難以置信的客人反饋。我們的目標是實現 6% 到 8% 的銷售目標，我們有信心能夠實現。

Now let's turn to 2025, and what we've seen in the first six weeks of the year. As we sat at the ICR conference a few weeks ago, there was a feeling of consumer stabilization and normalcy. However, since then, we've observed evolving consumer sentiment driven by macro events.

現在讓我們展望 2025 年，看看今年前六週我們看到了什麼。幾週前，當我們參加 ICR 會議時，我們感受到消費者的消費狀況穩定且恢復正常。然而，自那時起，我們觀察到受宏觀事件推動的消費者情緒不斷變化。

As a result, over the last few weeks in particular, we've seen a decline in system-wide same restaurant sales. Robert will speak in greater detail about how this impacts our 2025 guidance, which is intentionally conservative.

因此，特別是過去幾週，我們看到全系統同店銷售額出現下降。羅伯特將更詳細地談論這對我們有意保守的 2025 年指導方針有何影響。

We believe this is a temporary shift in consumer behavior and we remain confident in our strategies and the long-term fundamentals of being America's diner. We are a great value leader, and we know how to leverage that strength to drive traffic and support our guests' needs.

我們相信這只是消費者行為的暫時轉變，我們對我們的策略和作為美國餐廳的長期基本面仍然充滿信心。我們是卓越的價值領導者，我們知道如何利用這項優勢來推動客流量並滿足客人的需求。

We have many sales levers at our disposal, including a full year of renewed focus on value, a full year of Banda Burrito, an ongoing and expanding remodel program driving a 6.5% sales lift, and new digital enhancements, including an improved digital guest experience and a new loyalty CRM program set to launch in the back half of the year.

我們擁有許多可用的銷售槓桿，包括整整一年的重新專注於價值、整整一年的 Banda Burrito、持續且不斷擴大的重塑計劃（推動銷售額增長 6.5%），以及新的數位增強功能（包括改進的數位客戶體驗和定於今年下半年推出的新忠誠度 CRM 計劃）。

In closing, we continue to be proud of all the progress we've made. While there is some near term choppiness, we are confident that the steps we are taking will enable us to continue to meet the guests where they are and create shareholder value.

最後，我們繼續為所取得的所有進步感到自豪。儘管短期內會出現一些波動，但我們相信，我們正在採取的措施將使我們能夠繼續滿足客人的需求並創造股東價值。

We have a lot to look forward to, and I'm incredibly proud of our teams, our franchise partners, and all those leading these amazing brands, executing our strategies and taking great care of our guests every single day.

我們有很多值得期待的事情，我為我們的團隊、我們的特許經營合作夥伴以及所有領導這些令人驚嘆的品牌、執行我們的策略並每天照顧我們的客人的人感到無比自豪。

I'll now turn the call over to Robert, Denny's CFO for further comments on the quarter performance and on our 2025 guidance.

現在，我將把電話轉給丹尼的財務長羅伯特，請他對本季業績和 2025 年指引做出進一步評論。

Thank you, Kelli, and good morning everyone. Denny's reported fourth quarter domestic system-wide same restaurant sales of positive 1.1% and outperformed the BBI family dining index for the fourth consecutive quarter. This included strong performance in both California and Florida.

謝謝你，凱莉，大家早安。丹尼餐廳公佈第四季國內全系統同店銷售額成長 1.1%，連續第四個季度跑贏 BBI 家庭餐飲指數。加州和佛羅裡達州均有出色表現。

Domestic franchise restaurants delivered same restaurant sales of positive 1.2%, while companies same restaurant sales were flat compared to the prior year quarter as they lapped a more challenging comparison.

國內特許經營餐廳的同店銷售額增長了 1.2%，而公司同店銷售額與去年同期相比持平，因為他們面臨著更具挑戰性的比較。

Average guest check increased approximately 6.5% compared to the prior year quarter, which was a step up from previous quarters of approximately 5%. This change was solely due to shifting the $2, and $4 categories on the $2, $4, $6, $8 value menu from guest entrees to add-ons, which increases check, but it is simply a categorization change and not an increase in pure price.

與去年同期相比，平均客流量增加約 6.5%，比前幾季約 5% 的增幅有所提高。這一變化完全是由於將 2 美元、4 美元、6 美元、8 美元價值菜單中的 2 美元和 4 美元類別從客人主菜轉移到附加菜品，從而增加了賬單，但這僅僅是分類變化，而不是純價格的增加。

This will continue to be the case until we roll over the relaunch of $2, $4, $6, $8 later in 2025. Denny's off-premises sales remain strong at 21% in the fourth quarter, boosted by a 70 basis points increase in same restaurant sales from the launch of our third virtual brand Banda Burrito.

這種情況將持續下去，直到 2025 年晚些時候我們重新推出 2 美元、4 美元、6 美元和 8 美元的版本。丹尼餐廳第四季的場外銷售額依然保持強勁，增幅達到 21%，這得益於我們推出第三個虛擬品牌 Banda Burrito 後同店銷售額增長了 70 個基點。

Value incidents mixed at approximately 19% during the fourth quarter with strong performance in the $6, and $10 categories, specifically, the value plates guests know and love us for the everyday value slam and the super slam.

第四季價值事件混合比例約為 19%，其中 6 美元和 10 美元類別表現強勁，具體來說，價值板塊的客人熟知和喜愛我們的日常價值大滿貫和超級大滿貫。

Denny's opened four franchise restaurants during the quarter and 14 for the full year. And as part of our previously communicated strategy to accelerate the closure of lower volume restaurants, Denny's closed 30 restaurants during the fourth quarter and 88 for the full year.

丹尼餐廳本季新開了 4 家特許經營餐廳，全年新開了 14 家。作為我們先前傳達的加速關閉客流量較低的餐廳的策略的一部分，丹尼在第四季度關閉了 30 家餐廳，全年關閉了 88 家餐廳。

These closures had an average unit volume of slightly under $1.1 million and were open on average for nearly 30 years. In any mature brand, when restaurants have been open that long, it is natural that trade areas can shift over time.

這些關閉的企業的平均單位交易額略低於 110 萬美元，平均開業時間近 30 年。對於任何成熟的品牌來說，當餐廳開業時間很長時，商圈會隨著時間的推移而變化，這是很自然的。

Accelerating the closure of lower volume restaurants will improve franchisee cash flow and allow them to reinvest into traffic driving initiatives like our tested and proven remodel program. 23 Denny's remodels were completed during 2024, including seven at company restaurants, which represents over 11% of our company fleet.

加速關閉客流量較低的餐廳將改善特許經營商的現金流，並允許他們重新投資於客流量驅動計劃，例如我們經過測試和驗證的改造計劃。2024 年，Denny's 完成了 23 家餐廳的改造，其中包括 7 家公司餐廳，占公司餐廳總數的 11% 以上。

This program delivered a 6.5% sales lift during testing and is a key component of growing our AUVs and enhancing the guest experience. Now moving to Keke's. Keke's delivered system-wide same restaurant sales of positive 3% for the quarter and outperformed the BBI family dining index in Florida for the second consecutive quarter.

該計劃在測試期間實現了 6.5% 的銷售提升，是增加我們的 AUV 和提升客戶體驗的關鍵要素。現在搬到 Keke 家。本季，Keke's 全系統同店銷售額成長 3%，連續第二季超越佛羅裡達州 BBI 家庭餐飲指數。

With all of Keke's comp base concentrated in Florida, system-wide same restaurant sales were impacted by approximately 110 basis points related to Hurricane Helene and Milton.

由於 Keke 的所有同店銷售額都集中在佛羅裡達州，颶風海倫 (Helene) 和米爾頓 (Milton) 對整個系統的同店銷售額造成了約 110 個基點的影響。

Same restaurant sales performance was softer at company cafes compared to franchise, illustrating the law of small numbers. There are only seven company cafes included in the company comp base for Keke's. Any one outsized impact, good or bad, can swing numbers dramatically, which is exactly what happened in the fourth quarter.

同一餐廳，公司咖啡館的銷售表現低於特許經營店，反映了小數定律。Keke's 的公司薪資基數僅包含 7 家公司咖啡館。任何一個巨大影響，無論好壞，都可能對業績產生巨大影響，而第四季發生的情況正是如此。

The franchise comp base consists of 49 Keke's providing a broader data set for comparison. Keke's opened eight new cafes during the fourth quarter, which is more than they have opened in any year since their founding almost 19 years ago, and a total of 12 for the full year.

特許經營公司比較基礎由 49 名 Keke 組成，提供了更廣泛的數據集以供比較。Keke’s 在第四季度開設了 8 家新咖啡館，比該公司成立近 19 年以來任何一年開設的咖啡館都要多，全年共開設了 12 家新咖啡館。

These openings expanded our footprint from being solely in Florida at the beginning of 2024 to being in six different states by the end of 2024. Keke's expanded its new remodel test to two additional company cafes during the quarter, and we continue to be impressed with the results we are receiving.

這些門市的開幕擴大了我們的業務範圍，從 2024 年初僅在佛羅裡達州擴展到 2024 年底的六個不同州。本季度，Keke 將其新改造測試擴展到另外兩家公司咖啡館，我們繼續對所獲得的結果印象深刻。

Thus far in 2025, we have opened three new cafes and expanded to our seventh state, Georgia. Additionally, subsequent to year end, we terminated two Keke's franchise agreements impacting 11 cafes. Keke's Corporate has assumed operation of five locations with the intention of keeping three to maximize oversight efficiencies in the Orlando market and re-franchise too.

到 2025 年為止，我們已經開設了三家新咖啡館，並擴展到第七個州，喬治亞州。此外，年底之後，我們終止了影響 11 家咖啡館的兩份 Keke 特許經營協議。Keke's Corporate 已接管了五個門市的運營，並計劃保留三家店，以最大程度地提高在奧蘭多市場的監督效率並重新進行特許經營。

We expect this transaction to close in the near term. Four cafes have been temporarily closed, and we anticipate those to reopen in the near term. And two were permanently closed due to trade area shifts and low volume sales. Now moving on to fourth quarter financial details.

我們預計此次交易將在近期完成。四家咖啡館已暫時關閉，我們預計它們將在不久的將來重新開業。其中兩家因貿易區域轉移和銷售量低而永久關閉。現在來看看第四季的財務細節。

Total operating revenue was $114.7 million, compared to $115.4 million for the prior year quarter. This change was primarily driven by the re-franchising of three Denny's Company restaurants during the third quarter and the strategic closure of lower volume Denny's franchise restaurants in order to enhance the broader portfolio.

總營業收入為 1.147 億美元，去年同期為 1.154 億美元。這項改變主要由於第三季丹尼公司對三家餐廳進行重新特許經營，以及為了擴大更廣泛的產品組合而策略性地關閉銷量較低的丹尼特許經營餐廳。

This was partially offset by an increase in local advertising Co-op contributions for the current quarter and positive system-wide same restaurant sales. Adjusted franchise operating margin was $31.9 million or 51.2% of franchise and license revenue compared to $31.5 million or 51.4% for the prior year quarter.

這被本季本地廣告合作社貢獻的增加和全系統同店銷售額的積極成長部分抵消。調整後的特許經營營業利潤率為 3,190 萬美元，佔特許經營和授權收入的 51.2%，而去年同期為 3,150 萬美元，佔 51.4%。

The margin dollar increase was primarily due to positive franchise same restaurant sales at both brands, partially offset by the closures I mentioned before.

利潤率的成長主要歸功於兩個品牌的特許經營同店銷售額的增加，但被我之前提到的關閉門市所部分抵消。

Adjusted company restaurant operating margin was $5.9 million or 11.3% of company restaurant sales compared to $6.1 million or 11.4% for the prior year quarter. This margin change was primarily due to investments in marketing and expected new Keke's Cafe opening inefficiencies partially offset by lower legal settlement expense.

調整後的公司餐廳營業利潤率為 590 萬美元，占公司餐廳銷售額的 11.3%，而去年同期為 610 萬美元，佔 11.4%。利潤率變化主要歸因於行銷投資以及預期新開的 Keke's Cafe 效率低下，但法律和解費用的降低部分抵消了這一影響。

I want to briefly discuss the financial performance of Keke's new openings. As we expand into new markets. It is expected that margins will take time to reach our long term goal of upper 10s. There are inherent inefficiencies in the early months, but we have a structured and disciplined approach to ensure new cafes meet our expectations after this initial period.

我想簡單討論一下 Keke 新開店的財務表現。隨著我們不斷拓展新的市場。預計利潤率需要一些時間才能達到我們長期的 10% 以上的目標。在最初幾個月裡，必然存在效率低下的問題，但我們採取了結構化和規範化的方法來確保新咖啡館在此初始階段後能夠滿足我們的期望。

Furthermore, as we set our seed and feed strategy up for long term success, there are also initial oversight inefficiencies related to hiring dedicated area leaders with extensive knowledge of the new market, despite only having a few cafes operational. This investment is intended to establish a solid foundation for future franchisees to build upon.

此外，當我們為長期成功制定種子和供應策略時，儘管只有幾家咖啡館在運營，但僱用對新市場有廣泛了解的專門區域領導也存在初始監督效率低下的問題。此項投資旨在為未來的特許經營商奠定堅實的基礎。

We estimate these new cafe operational and oversight inefficiencies impacted the overall adjusted company margin in the fourth quarter by approximately 70 basis points. To conclude on the fourth quarter adjusted company margins, commodity inflation was approximately 3% during the quarter, driven by increases in pork, orange juice, and eggs, and [te] labor inflation was approximately 3%.

我們估計，這些新咖啡館營運和監督效率低下對第四季度的整體調整後公司利潤率影響了約 70 個基點。總結第四季調整後的公司利潤率，本季商品通膨率約 3%，受豬肉、柳橙汁和雞蛋價格上漲推動，勞動力通膨率約 3%。

General and administrative expenses for the fourth quarter totaled $18.7 million compared to $19.3 million for the prior year quarter, primarily due to lower deferred compensation valuation adjustments, corporate administrative expenses, and incentive compensation.

第四季的一般和行政費用總計 1,870 萬美元，而去年同期為 1,930 萬美元，這主要由於遞延薪酬估值調整、公司管理費用和激勵薪酬減少。

These results collectively contributed to our strongest quarter of adjusted EBITDA during 2024, increasing 11.1% year-over-year to $22.2 million. The effective income tax rate was 33.8% compared to 36.9% for the prior year quarter. This change in rate was primarily due to discrete items relating to share-based compensation.

這些結果共同促成了我們 2024 年調整後 EBITDA 最強勁的一個季度，年增 11.1% 至 2,220 萬美元。有效所得稅率為 33.8%，去年同期為 36.9%。此利率變動主要歸因於與股權激勵相關的單一項目。

Adjusted net income per share was $0.14 in the current year quarter, and our quarter end total debt leverage ratio was 3.85 times, and we had approximately $272 million of total debt outstanding, including approximately $261 million borrowed under our credit facility. Let me now discuss our business outlook.

本季調整後每股淨利潤為 0.14 美元，季末總債務槓桿率為 3.85 倍，未償還債務總額約為 2.72 億美元，其中包括根據信貸安排借入的約 2.61 億美元。現在讓我來討論一下我們的業務前景。

As Kelli mentioned, when we entered 2025, there was a feeling of the consumer stabilizing and a sense of normalcy ahead. This was even in the face of horrific wildfires and snowstorms spanning across the US and even into the Deep South.

正如凱利 (Kelli) 所說，當我們進入 2025 年時，我們感覺到消費者正在穩定下來，並且未來將恢復正常。儘管美國各地乃至美國南部都遭遇了可怕的野火和暴風雪，但這項舉措仍然有效。

Yet there has been a shift in consumer sentiment and a slowing that persisted through the remainder of January and has seemingly accelerated in the last few weeks given the evolving macro environment. Given this shift, we want to provide an update on our results through the first six fiscal weeks of the year.

然而，消費者情緒發生了轉變，經濟放緩的趨勢在整個 1 月持續存在，鑑於宏觀環境的變化，過去幾週似乎有所加速。鑑於這種轉變，我們希望提供今年前六週的財報更新。

Denny's delivered domestic system-wide same restaurant sales of negative 0.7% in fiscal January, which ended on January 22. This was comprised of a 0.8% decline at domestic franchise restaurants and a 1% increase at company restaurants.

截至 1 月 22 日的一月財年，丹尼餐廳全系統國內同店銷售額下降了 0.7%。其中國內特許經營餐廳下降0.8%，公司餐廳成長1%。

The variation between the two was driven by company restaurants having less exposure to the Midwest and Mid-Atlantic, which were impacted by weather. Additionally, January had fewer weeks of media compared to the prior year, which also impacted results.

兩者之間的差異是由於公司餐廳對中西部和中大西洋地區的關注較少，而這些地區容易受到天氣的影響。此外，一月份的媒體投放週數與去年同期相比有所減少，這也對業績產生了影響。

Through the first two fiscal weeks of February, trends shifted, and Denny's domestic system-wide same restaurant sales thus far are down approximately 5% but starting to see some relief in the last few days. Again, we are experiencing variation between company and domestic franchise restaurants with company down approximately 1% and franchise down approximately 5%.

在二月的前兩個財週，趨勢發生了變化，丹尼的國內全系統同店銷售額迄今下降了約 5%，但最近幾天開始出現一些緩解。再次，我們發現公司餐廳和國內特許經營餐廳之間存在差異，公司餐廳下降約 1%，特許經營餐廳下降約 5%。

Keke's delivered strong January, same restaurant sales at positive 6.2%. Similar to Denny's, Keke's experienced a shift in fiscal February and is now approximately flat. As we navigate this environment, we are providing intentionally conservative guidance for full year 2025.

Keke's 1 月業績表現強勁，同店銷售額成長 6.2%。與 Denny's 類似，Keke's 在 2 月財政年度也經歷了轉變，目前基本上持平。在這種環境下，我們為 2025 年全年提供了刻意保守的指導。

We expect domestic system-wide same restaurant sales of between negative 2% and positive 1%. While we believe the consumer sentiment shift is temporary, it will clearly impact first quarter results as we will likely be at or below the low end of this range for the quarter.

我們預期國內全系統同店銷售額將介於負 2% 至正 1% 之間。雖然我們認為消費者信心的轉變是暫時的，但它顯然會影響第一季的業績，因為本季的業績可能會處於或低於此範圍的低端。

However, as trends stabilize and our second half sales initiatives are implemented, including remodels and a new loyalty program, we anticipate costs will rise throughout the year and place us more firmly within the range.

然而，隨著趨勢穩定以及我們下半年銷售計劃的實施，包括改造和新的忠誠度計劃，我們預計成本將在全年上升，並使我們更加穩固地處於範圍內。

We anticipate opening 25 to 40 restaurants on a consolidated basis, with half expected to come from Denny's and half from Keke's. We expect the Keke's openings to be approximately 60% company and 40% franchised.

我們預計將合併開設 25 至 40 家餐廳，其中一半預計來自 Denny’s，另一半來自 Keke’s。我們預計 Keke 的開業數量約佔 60% 為公司門市，40% 為特許經營店。

As previously discussed, we plan to intentionally accelerate the closure of lower volume Denny's restaurants to improve the cash flow of our franchisees, allowing them to reinvest in their remaining portfolio and enhance the overall health of the brand.

正如之前所討論的，我們計劃有意加速關閉客流量較低的丹尼餐廳，以改善我們的特許經營商的現金流，使他們能夠重新投資於剩餘的投資組合併提高品牌的整體健康狀況。

As such, we expect to close between 70 and 90 restaurants, which includes some closures related to lease explorations. We are projecting 2025 commodity inflation to be between 2% and 4%. This is not contemplate any outsized impacts related to tariffs, and while concerns about eggs in the avian flu are valid, we are working closely with our suppliers to ensure minimal disruptions.

因此，我們預計將關閉 70 至 90 家餐廳，其中包括一些與租賃勘探相關的關閉餐廳。我們預計 2025 年商品通膨率將在 2% 至 4% 之間。這不會考慮與關稅相關的任何巨大影響，儘管對禽流感雞蛋的擔憂是合理的，但我們正在與供應商密切合作，以確保將幹擾降到最低。

Labor inflation at company restaurants is expected to be between 2.5% and 3.5%. Our expectations for consolidated total general and administrative expenses are between $80 million and $85 million. This includes three components.

預計公司餐廳的勞動力通膨率將在2.5%至3.5%之間。我們預計合併後的總一般及行政開支在 8,000 萬美元至 8,500 萬美元之間。這包括三個部分。

The first is corporate and administrative expenses between $60 million and $62 million inclusive of approximately $1 million related to the 53rd week. Excluding the impact of the 53rd week, the midpoint of this range suggests a reduction of approximately 3.5% to 4% moving towards our long term goal of 5% to 6%. This reduction is attributable to recent head count reductions in the consolidation of our support centers.

第一部分是企業及行政開支，介於 6,000 萬美元至 6,200 萬美元之間，其中包括與第 53 週相關的約 100 萬美元。排除第 53 週的影響，該範圍的中點表明降幅約為 3.5% 至 4%，朝著我們 5% 至 6% 的長期目標邁進。這一減少是由於我們最近在合併支援中心時裁減了員工人數。

The second component is our annual incentive compensation, which is expected to be between $6 million and $9 million as we reload our bonus pool. And the third component is approximately $14 million related to share-based compensation expense, which does not impact adjusted EBITDA.

第二部分是我們的年度激勵薪酬，隨著我們重新充實獎金池，預計該薪酬將在 600 萬至 900 萬美元之間。第三部分約為 1,400 萬美元，與股權激勵費用有關，這不會影響調整後的 EBITDA。

As a result, we expect consolidated adjusted EBITDA to be between $80 million and $85 million inclusive of approximately $2 million related to the 53rd week. We understand these ranges are wider than normal. However, we will aim to tighten these throughout the year as the consumer environment stabilizes.

因此，我們預計合併調整後 EBITDA 將在 8,000 萬美元至 8,500 萬美元之間，其中包括與第 53 週相關的約 200 萬美元。我們知道這些範圍比正常範圍還要廣。然而，隨著消費環境的穩定，我們將爭取全年收緊這些限制。

We are confident in the actions we are taking to provide relevant messaging to our guests and invest in the business through remodels in our new loyalty program, as well as delivering GNA savings which are within our control.

我們對所採取的行動充滿信心，我們將向客人提供相關信息，透過重塑我們的新忠誠度計劃來投資業務，並提供我們可控制的 GNA 節省。

We also remain committed to returning capital and creating value for our shareholders. In 2025 we will balance investing in Keke's growth, further expanding company remodels at both brands, and capitalizing on price dislocations in the market.

我們也將繼續致力於回報資本並為股東創造價值。2025 年，我們將在對 Keke 成長的投資、進一步擴大兩個品牌的公司重塑以及利用市場價格錯位之間取得平衡。

Accordingly, we plan to deploy between $15 million and $25 million towards share repurchases, which includes proceeds from the anticipated sale of one to two Keke's markets as we initiate our seed and feed strategy.

因此，我們計劃投入 1,500 萬至 2,500 萬美元用於股票回購，其中包括在我們啟動種子和飼料策略時預計出售一到兩個 Keke 市場的收益。

I would like to thank our dedicated franchise partners, restaurant operators, and results-driven brand teams who have remained focused on delivering a best in class guest experience while continuing to drive our strategic priorities. The support of our teams and partners gives me great confidence in our path forward. That wraps up our prepared remarks.

我要感謝我們盡職盡責的特許經營合作夥伴、餐廳經營者和以成果為導向的品牌團隊，他們始終專注於提供一流的客戶體驗，同時繼續推動我們的策略重點。我們團隊和合作夥伴的支持讓我對我們前進的道路充滿信心。我們的準備好的演講到此結束。

I will now turn the call over to the Operator to begin the Q&A portion of our call.

我現在將把電話轉給接線員，開始通話的問答部分。

(Operator Instructions) Nick Setyan, Wedbush Securities.

(操作員指令) Nick Setyan，Wedbush Securities。

Yeah, I think at ICR you were relatively confident you'd be able to expand the both company margins and franchise margins. Can we just kind of, revisit your confidence there and kind of go over, what you think about 2025, I guess a month from then and what's changed? Thank you.

是的，我認為在 ICR 您相對有信心擴大公司利潤和特許經營利潤。我們能否重新審視您的信心，並回顧一下您對 2025 年的看法，我想一個月後會發生什麼變化？謝謝。

Hey Nick, this is Robert. Good to hear you. I still would characterize that we have some pretty high confidence that we will be able to expand company margins with Chris Bode back, our President, who joined us again just late last year, that with his direction and oversight of that, we are maniacically focused on the things that we can control in that environment, despite the softness that we've seen a little bit here in February.

嘿，尼克，我是羅伯特。很高興聽到你的消息。我仍然認為，我們對能夠在總裁克里斯·博德（Chris Bode）回歸後擴大公司利潤率抱有很高的信心。

So with regard to margins, the company margins specifically, that mid-teens number that we did quote is something that we are still really quite confident in despite the consumer uncertainty that we're seeing at the moment.

因此，就利潤率、特別是公司利潤率而言，儘管我們目前看到消費者的不確定性，但我們仍然對我們所引用的十幾歲的數字非常有信心。

And you will, -- with regard to the Keke's margins, specifically the cafes that we have owned for more than 12 months, those are improving with every single month and heading towards that, the high 10s margins, the ones that the newer ones, frankly take a minute to get under control.

而關於 Keke 的利潤率，特別是那些我們擁有超過 12 個月的咖啡館，利潤率每個月都在提高，並且正朝著 10% 的高位發展，坦白說，新開的咖啡館需要花點時間才能控制利潤率。

We've always anticipated that that they grow into those margins, but the ones that we've owned for a period of time are accelerating towards that, the guidance that we offered. So again, Nick, despite this uncertainty that we've run into here in February, we're confident in our margins, able to grow our margins like we talked about at ICR.

我們一直預期它們會成長到這些利潤率，但我們已經擁有一段時間的公司正在加速向那個方向發展，這是我們提供的指導。所以，尼克，儘管我們在二月遇到了這種不確定性，但我們對我們的利潤率充滿信心，能夠像我們在 ICR 上談論的那樣提高我們的利潤率。

Michael Tamas, Oppenheimer Company.

奧本海默公司的麥可‧塔馬斯。

Hi, good morning. Thank you. Can you unpack the commentary about the shift that you saw in your sales trend starting in late January and what do you believe those macro factors are that are changing consumer behaviors and then just maybe related to that, what do you think changes, that causes those headwinds to fade that that's giving you the confidence your sales will accelerate after this first quarter? Thanks.

嗨，早安。謝謝。您能否解釋一下自 1 月底以來銷售趨勢發生的變化？謝謝。

Yeah, Mike, that's an excellent question. So we did a kind of detail that what we thought we saw in January, the weather impacting there. There's just a lot of uncertainty. You and I are both reading every day within there. I think the BLS just talked about inflation going up just that just came out again this morning.

是的，麥克，這個問題問得非常好。因此，我們對一月份看到的情況以及那裡的天氣影響進行了詳細描述。存在很多不確定性。你和我每天都在那裡讀書。我認為美國勞工統計局剛剛談到通貨膨脹上升，今天早上剛剛公佈了這個消息。

So we have seen, some a lot of volatility here in February, as we did remark, it is coming back to us as we move through further February, so not nearly the numbers that we were quoting in that script. And it was really the impetus for us to give that really ultra conservative guidance there that we with that down to because we just don't know we are going to control the things that we can control and we are highly confident in our initiatives and that includes the CRM loyalty that I talked about, the remodels that I talked about, we will maintain our value leadership position.

因此，我們看到，2 月出現了很大的波動，正如我們所說，隨著 2 月的到來，這種波動又會回到我們身邊，因此遠不及我們在那個腳本中引用的數字。這確實是我們給予非常極端保守的指導的動力，因為我們不知道我們將控制哪些我們能夠控制的事情，我們對我們的舉措非常有信心，其中包括我談到的 CRM 忠誠度、我談到的重塑，我們將保持我們的價值領導地位。

So as we grow through this year, we are confident, as I said, that we will get into that guidance range and hopefully towards the top end.

因此，隨著我們今年的成長，我們有信心，正如我所說的，我們將進入這個指導範圍，並希望達到最高水平。

And Michael, we also, -- This is Kelli, we also can see, just as Robert mentioned that the reports that just came out as of this morning, right, really referencing inflation and then consumer prices rising 3% at a much more accelerated rate.

邁克爾，我們也——這是凱莉，我們也可以看到，正如羅伯特所提到的，今天早上剛發布的報告確實提到了通貨膨脹，然後消費者價格以更快的速度上漲 3%。

So I think, we just characterize it as uncertainty, as you've heard from Robert, and even from again whether to flu. Lots of other things happening. We still see some of our some strong markets for us. California and Florida remaining strong in '25.

因此我認為，我們只是將其描述為不確定性，正如你從羅伯特那裡聽到的，甚至是從是否會感染流感來看。還發生了很多其他的事情。我們仍然看到一些對我們來說強勁的市場。加州和佛羅裡達州在25年依然保持強勁勢頭。

So despite some of that that we've spoken to, Texas and Arizona have the most pullback. So we're really, slicing and dicing this and looking at what we can do to lift up those DMAs or those states that we're seeing the most pullback.

因此，儘管我們已經談過一些問題，但德克薩斯州和亞利桑那州的撤退幅度最大。因此，我們實際上正在對此進行細分，並研究我們可以採取哪些措施來提升這些 DMA 或我們看到最大回呼的狀態。

As Robert also mentioned, we've done some things to -- first of all, kind of Weather that Storm, if you will, recently and just recently in these past few days we've seen a little bit of positive momentum as we switch to the everyday value slam messaging on TV. Now that everyday value slam is right in the middle of our $2, $4, $6, $8 platform, so it's still part of our value play.

正如羅伯特所提到的，我們已經做了一些事情 - 首先，如果你願意的話，有點像天氣預報那樣，最近，就在過去的幾天裡，隨著我們轉向電視上每天傳遞價值信息，我們看到了一點積極的勢頭。現在，日常價值大滿貫正好處於我們的 2 美元、4 美元、6 美元、8 美元平台的中間，因此它仍然是我們價值發揮的一部分。

It will remain part of what we are doing this year, so there's no pulling back on that, but we did decide to just create this hero, pull that hero plate and slam out and put it out front at a [699] starting point -- starting at price point. So we just did that and again just to combat any uncertainty the consumer may be feeling and just meet them where they are. In addition to all the things Robert mentioned, the initiatives are still in play for us. So we're still incredibly confident in that. Just got, -- just saw some of that slippage in the first few weeks of the year.

這仍將是我們今年所做工作的一部分，因此我們不會放棄，但我們確實決定創造這個英雄，拉出這個英雄牌子，將其推出，並以 [699] 的起點——從價格點開始。所以我們這樣做只是為了消除消費者可能感受到的任何不確定性，並在他們所在的地方與他們見面。除了羅伯特提到的所有事情之外，這些舉措對我們來說仍然有效。所以我們對此仍然非常有信心。我剛剛看到，今年頭幾週出現了一些下滑。

Thanks, that makes sense. And if I could just follow up on that, is there any way that you can talk about what your performance versus the industry looks like maybe in '25, obviously all performed, in the fourth quarter there in '24, is that still the case here? Do you think there's been any shift in that that dynamic? Thanks.

謝謝，這很有道理。如果我可以繼續追問的話，您能否談談您的業績與行業表現相比如何，比如 25 年，顯然所有業績都與 24 年第四季度的行業表現相比，現在的情況仍然如此嗎？您認為這種動態發生了任何轉變嗎？謝謝。

Yeah, I think in January for us, so we watch it, it's really early and because of all of the holiday flips, especially in a you've got a lot of things going on in between January, the way those things line up. So really early for us to tell, just exactly what's happening in family dining or in casual dining, more as we go on in the quarter, obviously, we look at it all the time.

是的，我認為對我們來說，一月份是比較早的，所以我們會關注它，因為這時候所有的假期都在變化，特別是在一月份之間有很多事情要做，這些事情的排列方式。因此，我們現在還不能確切地知道家庭餐飲或休閒餐飲領域正在發生什麼，但隨著本季度的進展，我們顯然會一直關注這個問題。

(Operator Instructions) Jake Bartlett, Truist Securities.

（操作員指示）傑克·巴特利特（Jake Bartlett），Truist Securities。

Great. Thanks for taking the questions. Mine was on the marketing strategy for 2005, and Kelli, I think you just mentioned a little bit of the question, but it was on the value side. I understand you're going to be, continuing to push the $2, $4, $6, $8 , but what else are you going to do?

偉大的。感謝您回答這些問題。我討論的是 2005 年的行銷策略，Kelli，我想你剛才提到了一點問題，但它是關於價值方面的。我知道你會繼續推銷 2 美元、4 美元、6 美元、8 美元，但你還打算做什麼？

Are you going to be very active outside of that platform, kind of, emphasizing the value side and then on the other side of the menu, how confident are you in your innovation pipeline how excited are you, that the other side of the barbell is going to be, effective in '25.

你會在這個平台之外非常活躍嗎？

Yeah, absolutely. Hey Jake, it's great to hear from you and great question. I appreciate that. Yeah, so I think we, so the $2, $4, $6, $8 platform, you'll see us throughout the year we're going to absolutely balance that with the barbell strategy as you already mentioned.

是的，絕對是如此。嘿，傑克，很高興收到你的來信，這個問題問得非常好。我很感激。是的，所以我認為，在 2 美元、4 美元、6 美元、8 美元的平台上，您會看到我們全年都會使用您提到的槓鈴策略來保持絕對的平衡。

So as of right now, we are still seeing the check is actually up, so even aside from there's pricing in there, obviously, but the check is still up slightly. And so we know, we're seeing still those premium items in restaurants. Tax rates are a little different this last this early into 2025 with a few less desserts and apps. So again, back to seeing that consumer kind of really manage their spend, although again our check is still up.

所以截至目前，我們仍然看到支票金額實際上在上漲，所以即使撇開其中的定價不談，支票金額顯然仍略有上漲。所以我們知道，我們在餐廳裡仍然能看到這些高檔商品。到 2025 年初，稅率會略有不同，甜點和應用程式會減少一些。所以，我們再次看到消費者確實在管理他們的支出，儘管我們的支出仍未受到控制。

So $2, $4, $6, $8 that everyday value slam that I talked about being the hero is that that 699 price point is on the $2, $4, $6, $8 menu. So you're going to just see us. Really creative throughout the year to the exact kind of point you're making. We're going to still be emphasizing that value play, but we'll pull in innovation throughout the year.

因此，我所說的 2 美元、4 美元、6 美元、8 美元的日常超值大促銷的重點是，699 美元的價格點是在 2 美元、4 美元、6 美元、8 美元的菜單上。所以你只會看到我們。全年都充滿創造力，正如您所表達的那種觀點。我們仍將強調價值發揮，但我們將全年引入創新。

We'll have a hero that is maybe new innovation or quality that we want to talk about. So the pipeline is very robust. There are lots of things in tests that we're working on. There's lots of things that our franchisees have brought to us that are pretty exciting that we know will help us out in the coming months and in the back half of the year especially.

我們會選出一位英雄，他可能是我們想要談論的新創新或新品質。因此該管道非常穩健。我們正在進行許多測試。我們的特許經營商為我們帶來了很多令人興奮的事情，我們知道這些東西將在未來幾個月，特別是在今年下半年為我們提供幫助。

So the pipeline we've got an 18 month pipeline of food and again we're balancing that with how do you create these heroes within the $2, $4, $6, $8 platform still emphasize innovation, and then inside the restaurant still have a barbell strategy where the guests can find exactly what they're looking for. Our servers have an opportunity to upsell or just to meet the guests where they are in that case as well. So really confident in what we've got, yeah.

因此，我們有 18 個月的食品管道，我們再次平衡如何在 2 美元、4 美元、6 美元、8 美元的平台內創造這些英雄，仍然強調創新，然後在餐廳內部仍然採用槓鈴策略，以便客人可以準確找到他們想要的東西。在這種情況下，我們的服務員也有機會追加銷售或僅在客人所在的地方與他們見面。是的，我們對所取得的成果非常有信心。

Great. Thanks. And just building on kind of the drivers from incremental things for sales drivers in '25. You'll get the first half of the year of Banda will continue. Are you expanding Banda to more stores is one question. Then the second part is how significant a driver, does the change in the loyalty program. In your mind, how much is that, how big a deal is that? I'm trying to kind of think about what drives the recover, the accelerating sales from here.

偉大的。謝謝。並且只是在 25 年以增量方式建構銷售驅動因素。您將會看到 Banda 上半年的活動將繼續進行。您是否會將 Banda 擴展到更多商店是一個問題。第二部分是忠誠度計畫的改變對於推動其發展有多重要。在您看來，那是多少錢？我正在嘗試思考是什麼推動了經濟復甦和銷售加速成長。

Yeah, great. Thank you, Jake. You've got it isolated pretty well in terms of the drivers that we have talked about. And one of the things you mentioned, so as I go into CRM, one of the things we have spent a lot of time and money and resources investing in is the digital, just digital enhancements overall, whether it's CRM or whether it's what we're doing in off-premise with our Denny's on demand.

是的，很棒。謝謝你，傑克。就我們討論的驅動因素而言，您已經將其隔離得很好了。正如您所提到的，當我進入 CRM 領域時，我們投入了大量的時間、金錢和資源進行投資的事情之一就是數位化，總體而言是數位增強，無論是 CRM 還是我們在 Denny's 的場外按需服務中所做的事情。

Some of those things are up this year and are helping to kind of offset. Some of the other uncertainty. So we've often talked about our off-premise strategy and while others may be digging, we're zagging because it is absolutely right for us, given the lack of overlap between the consumer, given our virtual brands index at night, all the things that we've said over and over again.

今年其中一些因素有所上升，有助於抵消影響。其他一些不確定性。因此，我們經常談論我們的場外策略，雖然其他人可能在深入挖掘，但我們卻在曲折前行，因為這對我們來說絕對正確，考慮到消費者之間缺乏重疊，考慮到我們晚上的虛擬品牌指數，以及我們一遍又一遍說過的所有事情。

We also use this time when we see people, if there is a, that there are higher flu cases, we're emphasizing off-premise and We are seeing some of those things really work for us at a time when we need it. And so that will continue. So specifically you mentioned Banda, we don't -- I don't know that we think you won't see us. It's in a lot of locations today.

當我們探望病人時，如果流感病例較多，我們也會利用這個時間，強調在場外進行治療，我們發現其中一些方法在我們需要的時候確實發揮了作用。這種情況將會持續下去。所以你特別提到了班達，我們不——我不知道我們認為你不會看到我們。如今，它出現在很多地方。

That was a big impact in Q4 of 2024, as you mentioned, 70 basis points we attributed to it in 2024. It's in about 1,000 locations today, so we don't necessarily in fact, part of our strategy around our virtual brands is to optimize throughout the country and really lean in to where there's strength for those brands.

正如您所說，這對 2024 年第四季產生了巨大影響，我們將其歸因於 2024 年的 70 個基點。目前，它已涵蓋約 1,000 個地點，因此，我們不一定需要事實上，我們圍繞虛擬品牌的策略的一部分是在全國範圍內進行優化，並真正傾向於那些品牌的優勢所在。

You, -- the Co-op rollover you mentioned as a lever in '25, absolutely right. And then the CRM program, I don't know if we've gotten really specific about what it's worth to us in '25, but it'll launch in the second half of the year and again with the momentum we're already seeing. With the digital enhancements and the investments we've made, we can already see just some of those basics, improving as we gear up to launch that in the second half of the year.

您—您提到合作社翻轉是 25 年的一個槓桿，完全正確。然後是 CRM 計劃，我不知道我們是否已經具體了解了它在 25 年對我們有何價值，但它將在今年下半年推出，並且會再次展現我們已經看到的勢頭。隨著數位化增強和我們的投資，我們已經看到一些基礎功能正在不斷改進，我們正準備在今年下半年推出這些功能。

Great. And then the last question is on is on Keke’s and maybe just a little more detail on the franchise agreements that were canceled, the two permanent closures, the four, I think that are temporary closed, not something I think we typically see at this stage of a growth branch and just maybe help us understand and feel confident that this isn't, a negative sign.

偉大的。最後一個問題是關於 Keke’s 的，也許我可以更詳細地介紹一下被取消的特許經營協議，兩家店是永久性關閉的，四家店是暫時關閉的，我認為這些並不是我們在增長分支的這個階段通常會看到的現象，這也許有助於我們理解並確信這不是一個負面信號。

And then also just in terms of the sales drivers, I mean I think you talked about a 6% same sort of sales in January, but then flat in the last couple of weeks, yet you also mentioned that that Florida was one of the markets it wasn't so bad, in more recently so maybe just, the what's going on with the system, and then some of the sales trends and drivers in '25.

然後就銷售驅動因素而言，我的意思是，我認為您談到了 1 月份 6% 的相同銷售額，但在過去幾週持平，但您也提到佛羅裡達州是最近情況不是那麼糟糕的市場之一，所以可能只是，系統發生了什麼，然後是 25 年的一些銷售趨勢和驅動因素。

Yeah, Jake, that's an excellent question. I'll take the first part of that, and I'll let Kelli speak to the sales. With regard to the two franchisees and the 11 cafes that we're talking about, that it was actually a really a function of the balance sheets of those two franchisees.

是的，傑克，這個問題問得非常好。我將負責第一部分，然後讓凱利 (Kelli) 負責銷售。關於我們所談論的兩家特許經營商和 11 家咖啡館，這實際上取決於這兩家特許經營商的資產負債表。

So we'll let that sit to the side for a minute, but we are actually really kind of excited about this transaction, believe it or not. We, -- it gives us the opportunity to capture several additional corporate cafes in the Orlando market, build out oversight efficiency in that market.

因此，我們先將這個問題放在一邊，但不管你信不信，我們實際上對這筆交易感到非常興奮。我們——它使我們有機會在奧蘭多市場上佔領幾家額外的企業咖啡館，並在該市場提高監督效率。

These are good restaurants. There are good cafes that are -- that we took over that we're running the four that are temporarily closed will get back open. The two that closed, frankly, they were just lower volume performing cafes and needed to close, but 9 of the 11 are really good cafes and we look forward to actually, running those going -- the note that I'm being told is all of the restaurants, all of the cafes that remain open are 2 million plus, with regard to that, so.

這些都是不錯的餐廳。我們接管並經營一些不錯的咖啡館，暫時關閉的四家咖啡館將重新開業。坦白說，關閉的兩家只是業績較低的咖啡館，需要關閉，但 11 家咖啡館中有 9 家確實很不錯，我們期待著真正地經營它們——據我所知，所有仍在營業的餐廳、所有咖啡館的顧客人數都超過 200 萬，所以。

Great. Thank you.

偉大的。謝謝。

So Jake on the same store, -- great question on the same store sales or the optimism we have for Keke's, it's actually just a bit of a story around the momentum gained in the back half of '24 for Keke's, and we still see that continue.

所以傑克，關於同店銷售或我們對 Keke 的樂觀態度，這個問題問得很好，這實際上只是關於 Keke 在 24 年下半年獲得的發展勢頭的一個故事，我們仍然看到這種勢頭繼續下去。

So the levers and the drivers that we spoke to at ICR. That we spoke to that really strengthened and remembering again, a 3% comp and definitely still in share, in family dining and in Florida. In that quarter we continue to see that momentum into 2025, and it's really things that we've spoken to in terms of the alcohol program and now and again just momentum throughout the year but building to having that all in place, the alcohol program and things were things we talked about remodels a little bit as things that we will pull forward more in '25, but having excitement around that it's the off-premise business as well, just solidifying that off-premise business which really didn't exist when we took over and acquired the brand, but Dave Schmidt and the team have done a tremendous job there just shoring up that off-premise business.

我們在 ICR 上討論過槓桿和驅動因素。我們談到的這一點確實加強了，並再次提醒大家，3%的同比增幅，而且在家庭餐飲和佛羅裡達州的份額肯定還在。在那個季度，我們繼續看到這種勢頭進入 2025 年，這確實是我們在酒精計劃方面談到的事情，現在只是全年的勢頭，但建立在所有這些都到位的基礎上，酒精計劃和其他事情是我們談論過的稍微改造的事情，我們將在'25 年進一步推進，但令人興奮的是它的場外業務也是如此，只是鞏固了 Schmidt了場外業務。

And then finally there's marketing. There's local marketing. It's definitely grassroots efforts. It's not national anything because this is about going to new markets, telling people who Keke's is, and then exposing to just this fabulous little brand. So those things were the contributors, and we've just seen that momentum continue in '25, as we mentioned, February, we did see a little again back to that just macro, those macro headwinds and that consumer sentiment we saw it tapered a little bit in February as well, but still remain really confident that we've got the right levers to pull and the right things within our control for the Keke's brand.

最後還有行銷。有本地行銷。這絕對是草根性的努力。這並不是什麼全國性的事情，因為這是為了進入新的市場，告訴人們誰是 Keke’s，然後讓人們了解這個出色的小品牌。因此，這些都是促成因素，而且我們剛剛看到這種勢頭在 25 年繼續，正如我們所提到的，2 月份，我們確實再次看到了一些宏觀因素，這些宏觀逆風和消費者情緒，我們看到它在 2 月份也有所減弱，但我們仍然非常有信心，我們已經找到了正確的槓桿，並且為 Keke 品牌做好了正確的控制。

Great. I appreciate it. Thank you.

偉大的。我很感激。謝謝。

Thank you. And we have reached the end of the question-and-answer session. I'll now turn the call back over to Kayla Money for closing remarks.

謝謝。問答環節現已結束。現在我將把電話轉回給凱拉·莫尼 (Kayla Money) 做結束語。

Thank you. I'd like to thank everyone for joining us on today's call. We look forward to our next conference call in April, when we will discuss our first quarter 2025 results. Thank you and have a great day.

謝謝。我想感謝大家參加今天的電話會議。我們期待 4 月的下一次電話會議，屆時我們將討論 2025 年第一季的業績。謝謝您，祝您有愉快的一天。

Ladies and gentlemen, this concludes today's conference. So you may disconnect your line at this time. Thank you for your participation.

女士們、先生們，今天的會議到此結束。因此您現在可以斷開您的線路。感謝您的參與。