Denny's Corp (DENN) 2025 Q2 法說會逐字稿

Ladies and gentlemen, thank you for joining us, and welcome to the Denny's Corporation second quarter 2025 earnings conference call. (Operator Instructions)

女士們，先生們，感謝各位的到來，歡迎參加丹尼公司2025年第二季業績電話會議。 （操作員指示）

I will now hand the conference over to Kayla Money, Senior Director of Investor Relations. Kayla, please go ahead.

現在，我將會議移交給投資者關係高級總監 Kayla Money。 Kayla，請講。

Good afternoon. Thank you for joining Denny's second quarter 2025 earnings conference call. With me today for management are Kelli Valade, Denny's Chief Executive Officer; and Robert Verostek, Denny's Executive Vice President and Chief Financial Officer.

午安.感謝您參加Denny's 2025年第二季財報電話會議。今天與我一同出席會議的還有Denny's執行長Kelli Valade和Denny's執行副總裁兼財務長Robert Verostek。

Please refer to our website at investor.denny's.com to find our 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.denny's.com，查看我們的獲利新聞稿以及今天電話會議中提及的任何非公認會計準則 (non-GAAP) 財務指標的對帳表。本次電話會議將進行網路直播，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 second quarter financial results and the development update before commenting on guidance. After that, we will open it up for questions.

今天的電話會議將以凱莉（Kelli）的業務更新開始。然後，羅伯特（Robert）將回顧我們第二季度的財務業績和發展更新，並以就業績指引發表意見。之後，我們將開放提問環節。

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.

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》的安全港條款，本公司知道管理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。

Management urges caution and considering its current trends and any outlook on earnings provided during this call. 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.

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展望。此類聲明受風險、不確定性和其他因素的影響，可能導致丹尼餐廳的實際業績與此類聲明所顯示或暗示的業績有重大差異。

Such risks and factors are set forth in the company's most recent annual report on Form 10-K for the year ended December 25, 2024, and any subsequent Forms 8-K and quarterly reports on Form 10-Q.

此類風險和因素已在本公司截至 2024 年 12 月 25 日的最新 10-K 表年度報告以及任何後續的 8-K 表和 10-Q 表季度報告中列出。

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

現在，我將把電話轉給 Denny's 執行長 Kelli Valade。

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

謝謝凱拉。大家下午好，感謝大家的參與。今天的討論將聚焦於我們為旗艦店丹尼餐廳帶來獲利性客流提升計畫所取得的持續進展。

We'll also talk about our continued confidence in our growth brand, Keke’s Breakfast Cafe. After that, we'll provide updates on our quarterly financial results and share a full year 2025 outlook. With that, let's get started.

我們也將談談我們對成長品牌 Keke's Breakfast Cafe 的持續信心。之後，我們將更新季度財務業績，並分享 2025 年全年展望。好了，讓我們開始吧。

As we talked about in quarter one, we are operating in a very choppy consumer environment, and that has continued through quarter two. Household incomes remain under pressure, and consumer sentiment continues to be volatile, meaning consumers are pulling back on spending across most categories, and they're being more selective about where to spend.

正如我們在第一季所討論的，我們正處於一個非常動盪的消費環境中，這種情況一直持續到第二季​​。家庭收入仍面臨壓力，消費者情緒持續波動，這意味著消費者正在縮減大多數類別的支出，並且在消費方面更加謹慎。

Despite these challenges, Denny's delivered system-wide same restaurant sales of 1.3%, which is a 170 basis point sequential improvement from Q1. Results were impacted by our concentration in key states and markets that are particularly under pressure right now.

儘管面臨許多挑戰，丹尼餐廳的全系統同店銷售額仍成長1.3%，較上季成長170個基點。業績受到我們專注於關鍵州和市場的影響，這些州和市場目前尤其面臨壓力。

For instance, our top four DMAs of Los Angeles, San Francisco, Houston, and Phoenix represent nearly 30% of our comp sales base and have historically been strong performers for us, lifting our overall system-wide same restaurant sales in Q1 by approximately 40 basis points.

例如，我們的前四大 DMA ——洛杉磯、舊金山、休士頓和鳳凰城——占我們可比銷售額的近 30%，並且歷來表現強勁，將我們第一季全系統同店銷售額提高了約 40 個基點。

However, in Q2, these markets experienced outsized macroeconomic pressures that contributed to a reduction in system-wide same restaurant sales of approximately 30 basis points. This was a shift felt across the industry, and we were not unique, but our concentration in these markets means we may have felt the impact more acutely.

然而，在第二季度，這些市場經歷了巨大的宏觀經濟壓力，導致全系統同店銷售額下降了約30個基點。整個產業都感受到了這種轉變，我們並非個案，但由於我們專注於這些市場，因此可能感受到的影響更為深刻。

Despite this, we continue to remain laser-focused on driving profitable traffic, helping us continue to outperform BBI family in California specifically and for the sixth consecutive quarter. We expect that the volatility and consumer sentiment will moderate over time, but in the meantime, we are continuing to stay nimble, innovating our value messaging and merchandizing and meeting the guests where they are.

儘管如此，我們仍將專注於提升獲利客流量，這有助於我們在加州的業績持續超越BBI集團，並連續六季保持領先。我們預期市場波動和消費者情緒將逐漸緩和，但同時，我們將繼續保持靈活應變，創新我們的價值理念和商品銷售，並在顧客所在的地方為他們提供服務。

In March, we introduced the buy one get one slam for a $1 deal featuring our Original Grand Slam and our All-American Slam. This was a compelling and competitive offer and it performed well over the 12-week period, driving traffic from new and laps users.

今年3月，我們推出了「買一送一」大滿貫優惠，只需1美元即可購買原味大滿貫和全美大滿貫。這項優惠極具吸引力，且極具競爭力，在12週內表現良好，吸引了許多新用戶和老用戶。

In fact, over 15% of the new and lapse users who visited us during the BOGO promotion have since returned to enjoy our latest promotions, and some have even visited multiple times.

事實上，在 BOGO 促銷期間造訪過我們的新用戶和流失用戶中，超過 15% 已經回來享受我們的最新促銷活動，有些用戶甚至訪問過多次。

As we headed into the busy summer months, we opted to refresh our value offer again with something that highlighted our brand equity and slams. In June, we introduced four slams under $10 featuring the Red, White, and Berry Everyday Value Slam, which is particularly relevant in the summer months around the July 4, as well as the Choconana Everyday Value Slam and the fan favorites Super Slam and Everyday Value Slam.

隨著繁忙的夏季即將到來，我們選擇再次更新我們的超值優惠，推出一些能夠凸顯我們品牌價值和「大滿貫」的商品。 6月，我們推出了四款售價低於10美元的“大滿貫”，包括紅、白、漿果味“每日超值大滿貫”，這款產品在7月4日左右的夏季尤為暢銷，此外還有巧克力味“每日超值大滿貫”以及深受粉絲喜愛的“超級大滿貫”和“每日超值大滿貫”。

The Super Slam incidents peaked at a record high of nearly 10%, demonstrating the significant appeal of this offer, and the 4 Slams promotion is continuing to drive similar new and lapse user trial as the BOGO promotion did.

超級大滿貫事件達到了歷史最高水平，接近 10%，證明了這項優惠的巨大吸引力，而 4 個大滿貫促銷活動正在繼續推動與 BOGO 促銷活動類似的新用戶和流失用戶試用。

We are continuing to iterate and evaluate ways to meet our guests' desire for value through a variety of offers that meet their different needs. We also remain confident in our off-premise strategies, which we believe uniquely position Denny's as a leader in the family dining category.

我們將持續改進和評估各種方案，以滿足顧客對價值的追求，從而滿足他們不同的需求。我們對我們的場外策略也充滿信心，我們相信這些策略將使丹尼餐廳成為家庭餐飲領域的領導者。

Our volatility is concentrated in dine-in transactions, but our off-premise business remains strong. In fact, our off-premise sales contributed a 1.5% improvement in same restaurant sales during Q2. We attribute our strength in this channel to our continued smart investments in digital, which increased traffic to our website, improved conversion rates, and more effective promotions on third-party platforms.

我們的波動主要集中在堂食交易上，但我們的外送業務依然強勁。事實上，第二季度，我們的外送銷售額貢獻了同店銷售額的1.5%的成長。我們將這一管道的強勁成長歸功於我們持續在數位領域的明智投資，這增加了我們網站的流量，提高了轉換率，並在第三方平台上進行了更有效的推廣。

And we'll go deeper with digital as we launch a new points-based loyalty program during the back half of this year. This new program is a best-in-class one to one marketing program that leverages our already strong database of loyal guests to create greater, more compelling reasons for them to engage and spend more.

我們將在今年下半年推出一項新的積分制忠誠度計劃，進一步深化數位化。這項新計劃是一項一流的一對一行銷方案，它利用我們現有的強大忠誠客戶資料庫，為他們創造更強大、更有說服力的理由，促使他們參與並增加消費。

It will allow us to collect valuable first party data that enables us to personalize offers based on real guest behavior, drive frequency and margin with the right promotions, and deliver the right message to the right guests at the right time.

它將使我們能夠收集有價值的第一方數據，使我們能夠根據真實的客人行為提供個人化優惠，透過正確的促銷來提高頻率和利潤，並在正確的時間向正確的客人傳遞正確的訊息。

These digital guests are more valuable because they tend to visit more often. On average, these guests visit 2 times more often than other guests. Plus, we're making it easy for everyone to join from anywhere they can access dennys.com, which includes but isn't limited to just the Denny's app.

這些數位客人更有價值，因為他們往往更頻繁地光顧。平均而言，這些客人的造訪頻率是其他客人的兩倍。此外，我們讓每個人都能在任何可以訪問 dennys.com 的地方輕鬆加入，包括但不限於 Denny's 的應用程式。

By launching this new points-based loyalty program, we incentivize engagements every visit, collecting data needed to fuel a personalized CRM program to build frequency and delivering between 50 basis points to 100 basis points in traffic over time.

透過推出這個新的基於積分的忠誠度計劃，我們激勵每次訪問的參與，收集個性化 CRM 計劃所需的數據以建立頻率，並隨著時間的推移提供 50 個基點到 100 個基點之間的流量。

I also want to take a moment and provide an update on our previously communicated strategy to close underperforming restaurants and return to pre-pandemic growth of flat to slightly positive in future years. The surgical and methodical approach, which began in 2023 and will be completed by the end of this year, was specifically designed to optimize and enhance the overall health of the franchise system with the goal of returning to net flat to positive growth by 2026.

我還想花點時間，更新我們之前溝通過的策略，即關閉業績不佳的餐廳，並在未來幾年恢復到疫情前的平穩至略微正增長。這項精準而有條不紊的策略始於2023年，預計將於今年年底完成，旨在優化和提升特許經營體系的整體健康狀況，目標是到2026年恢復到淨持平至正增長。

Rationalizing the portfolio was the right thing to do, and we're seeing the results that we wanted and expected from this process. It has already resulted in a franchise AUV increase of approximately 5% or nearly $100,000 in AUVs.

合理化投資組合是正確的做法，我們也看到了這個過程帶來的預期成果。這已經使特許經營的平均營業額（AUV）增長了約5%，相當於近10萬美元。

In addition, our rehabilitation plan is also working as expected. We're moving underperforming restaurants to new operators and taking a targeted approach to rehabilitating other restaurants through enhanced training and dedicated support from our field teams.

此外，我們的恢復計劃也如預期般順利進行。我們正在將業績不佳的餐廳轉移給新的營運商，並透過加強培訓和現場團隊的專門支持，採取有針對性的措施來幫助其他餐廳恢復營運。

This collaborative effort has resulted in the remaining quintile five restaurants now outperforming franchise same restaurant sales by approximately 120 basis points during quarter two, further proving the strategy to rationalize the portfolio in this way, though difficult, was absolutely the right thing to do.

透過這種合作，剩下的五分之一餐廳的銷售額在第二季度比特許經營的同店銷售額高出約 120 個基點，進一步證明了以這種方式合理化投資組合的策略雖然困難，但絕對是正確的做法。

One more important action we're taking to improve not only the lower quintile restaurants but the entire portfolio is protecting margins and leaving no stone unturned. Our margins and improvement efforts to date have already identified significant savings through reduced food and non-food costs and was savings. These savings are a result of supplier negotiations, product spec changes, recipe changes, menu enhancements, and operational procedure modifications.

我們正在採取的另一項重要措施，不僅是為了改善排名靠後的五分之一餐廳，也是為了改善整個餐廳組合，那就是保護利潤率，並竭盡全力。迄今為止，我們的利潤率和改進措施已透過降低食品和非食品成本以及成本節約實現了顯著的節約。這些節約源自於與供應商的談判、產品規格的調整、配方的改進、菜單的最佳化以及營運流程的改進。

As we look forward, upcoming areas of opportunities for savings include pack size optimizations, product packaging, and to go packaging. In total, we believe this initiative can deliver up to 200 basis points of savings over the next 12 to 18 months to mitigate continued rising costs and boost both our company P&Ls and franchise P&Ls.

展望未來，我們即將在包裝尺寸優化、產品包裝和外帶包裝等領域實現成本節約。整體而言，我們相信這項措施在未來12至18個月內可帶來高達200個基點的節支，從而有效緩解持續上漲的成本，並提升我們公司和加盟店的損益。

It's important to note none of the savings I've referenced are at the expense of the guests, and all of them have come with complete alignment and working closely with our franchisees. Overall, we remain focused on living our values and executing our strategic initiatives.

需要注意的是，我提到的所有節省都不是犧牲客人的利益，而且所有節省都是與我們的加盟商完全協調並緊密合作的結果。總而言之，我們始終專注於實踐我們的價值觀並執行我們的策略性舉措。

We are leaning into our strengths as a brand, winning on key occasions like value and off-premise, and engaging the next generation of brand fans to drive meaningful results for our business. I'd like to thank Chris Bode and the entire team at Denny's, along with our dedicated Denny's franchisees. Their resilience and focus are inspiring.

我們正在發揮品牌優勢，在價值和場外等關鍵環節贏得勝利，並吸引下一代品牌粉絲，從而推動我們業務取得有意義的成果。我要感謝克里斯·博德和丹尼餐廳的全體團隊，以及我們敬業的丹尼餐廳加盟商。他們的韌性和專注令人鼓舞。

Now turning to Keke's Breakfast Cafe, which was recently named to the Nation's Restaurant News 2025, 100 under 100 list of emerging restaurant chains with staggering results. The brand continues to delight guests, and as we've taken it beyond Florida, we're seeing incredibly strong guest sentiment, including a 4.85% Google rating.

現在來看看Keke's早餐咖啡館，它最近憑藉著驚人的業績，榮登《美國餐廳新聞2025》（Nation's Restaurant News 2025）“100位100歲以下新興餐廳連鎖店”榜單。該品牌持續受到顧客的喜愛，隨著它走出佛羅裡達州，我們看到了異常強勁的顧客情緒，其中包括4.85%的谷歌評分。

Keke's delivered strong second quarter same restaurant sales of 4% compared to the prior year quarter, and they continued their trend of significantly outperforming the BBI Family Dining Index in Florida by over 220 basis points.

Keke's 第二季同店銷售額與去年同期相比成長了 4%，並且持續維持佛羅裡達州 BBI 家庭餐飲指數超過 220 個基點的大幅成長趨勢。

The brand continues to delight our guests, and as we've taken it beyond Florida, we're seeing incredibly strong guest sentiment, including a 4.85 Google rating. And when you take care of guests this way, they thank you by coming back more often.

這個品牌持續為我們的客人帶來愉悅體驗，隨著我們將其拓展到佛羅裡達州以外的地區，我們看到了異常強勁的客流量，包括4.85的谷歌評分。當你以這種方式服務客人時，他們會以更頻繁的回頭來回報你。

Because of this and our other compelling initiatives, Keke's was able to deliver strong second quarter same restaurant sales of 4% compared to the prior year quarter, and they continued their trend of significantly outperforming the BBI Family Dining Index in Florida by over 220 basis points.

由於這項舉措以及我們的其他引人注目的舉措，Keke's 在第二季度實現了與去年同期相比 4% 的強勁同店銷售額增長，並且繼續保持了顯著超越佛羅裡達州 BBI 家庭餐飲指數 220 多個基點的趨勢。

Keke says continued to benefit from all the foundational work that was done to capture the essence of the submerging brand, maintaining industry leading guest satisfaction scores while focusing on operational excellence and speed of execution. This combined with initiatives such as introducing alcohol offerings and growing off-premise sales, helped to deliver the 4% comp in Q2. Importantly though, the growth came from both dine-in and off-premise transactions, making it even more impressive.

Keke表示，所有基礎工作都為抓住「沉浸式」品牌的精髓而付出，在保持業界領先客戶滿意度的同時，也注重卓越營運和快速執行，這些都使其持續受益。此外，我們也推出了酒水供應和提升店外銷售額等舉措，協助第二季實現了4%的年成長。更重要的是，這一成長同時來自堂食和店外交易，這使得業績更加令人印象深刻。

Additionally, Keke's launched its first ever system-wide promotion in fiscal June featuring $5 kids' meals with every adult entree This timely promotion set out to capture families traveling during the busy summer months and promote the recently added kids section of the menu. This first ever Keke's promotion drove substantial incremental traffic during the weekdays throughout the summer and helped introduce the brand to new guests.

此外，Keke's 於 6 月推出了首個全系統促銷活動，每份成人主菜都包含 5 美元兒童套餐。這項適逢其時的促銷活動旨在吸引在夏季繁忙月份出行的家庭，並推廣菜單中新增的兒童餐。 Keke's 的這項首個促銷活動在整個夏季的工作日帶來了可觀的客流量成長，並幫助該品牌吸引了更多新顧客。

Another big area of focus for Keke's is development. In Q2, Keke's opened eight new cafes, which included reopening two previously closed Keke's locations now under new management and ownership. In July, we opened two more, bringing our year-to-date cafe openings to 13 already.

Keke's 的另一個重點領域是發展。第二季度，Keke's 開設了 8 家新咖啡館，其中包括重新開業兩家先前關閉的 Keke's 門市，目前這些門市已由新的管理層和所有者管理。 7 月，我們又開設了兩家，讓今年迄今的咖啡館開幕數量達到 13 家。

The brighter, more vibrant new image has been included in all of the new cafe openings, and with the new three company remodels completed, our company fleet is now over 70% converted, and our franchise fleet is starting the journey with nearly 20% representing the new image.

所有新開的咖啡館都採用了更明亮、更加充滿活力的新形象，隨著三家公司新改造的完成，我們公司的車隊現已完成 70% 以上的改造，我們的特許經營車隊也開始了新的旅程，其中近 20% 代表了新形象。

We plan to complete a couple more remodels this year in company locations as well as a few new franchise remodels, and we'll launch into a broader remodel program for the franchise fleet in 2026. As part of the strategic plan to remain asset light, we also refranchised three company cafes in Northern Florida during the quarter and expect to refranchise two more in the near term. This allows us to streamline Florida Keke's company operations to Orlando while expanding into Nashville and Dallas.

我們計劃今年在公司門市完成幾家新店的改造，並完成幾家新加盟店的改造，並將於2026年啟動一項更廣泛的特許經營店改造計畫。作為保持輕資產策略計畫的一部分，我們還在本季重新特許經營了北佛羅裡達州的三家公司咖啡館，並預計近期將重新特許經營另外兩家。這使我們能夠將佛羅裡達Keke的公司營運精簡至奧蘭多，同時擴展到納許維爾和達拉斯。

I'd like to take a few minutes to share an update specifically on these new markets for Keke's. The national market, which marked the brand's initial expansion outside of Florida about a year and a half ago, now includes six company cafes, one of which opened in fiscal July. Sales momentum has improved with each successful opening, reflecting enhanced brand recognition within the market.

我想花幾分鐘時間專門分享 Keke's 在這些新市場的最新進展。大約一年半前，該品牌首次在佛羅裡達州以外拓展全國市場，目前已擁有六家公司咖啡館，其中一家於今年七月開幕。隨著每家咖啡館的成功開業，銷售勢頭都得到了提升，反映出品牌在市場中的認知度不斷提升。

The six cafes in the national market currently generate roughly 15% higher average weekly volumes than the system-wide average, and we are confident that volumes will continue to grow as the market matures. Although we now have six cafes in Nashville, only two have operated for over a year. The rest average just over three months. Robert will speak to this in more detail when you hear from him, but notes that margins are improving as planned and are on track to meet the upper-teens targets that were set at Investor Day.

目前，全國市場上的六家咖啡館每週平均客流量比全系統平均高出約15%，我們相信，隨著市場的成熟，客流量將持續成長。雖然我們現在在納許維爾有六家咖啡館，但只有兩家運營了一年多。其餘咖啡館的平均營運時間也只有三個月多一點。 Robert會在您收到他的採訪時更詳細地介紹這一點，但他指出，利潤率正在按計劃提高，並有望實現投資者日設定的十幾個百分點的目標。

Dallas is similar with six company cafes now open for less than six months on average. We are optimistic about this market as well, having expanded early into many new and developing suburbs, and we expect Dallas to achieve its targets as scheduled.

達拉斯的情況類似，目前平均有六家公司咖啡館開業時間不到六個月。我們對這個市場也持樂觀態度，因為我們很早就將業務拓展到許多新興郊區，我們預期達拉斯將如期實現目標。

The maturity of these two markets will be crucial for demonstrating success, providing a playbook for openings and growing in new markets and attracting new franchisees beyond our current internal pipeline. I am confident we are on the right path.

這兩個市場的成熟對於展現成功至關重要，它能為新市場的開店和發展提供參考，並吸引現有內部管道以外的新加盟商。我相信我們正走在正確的道路上。

I want to thank our Keke's team and franchisees for their ongoing commitment and enthusiasm as we aim to become one of the largest competitors in the fastest growing daytime eatery segment. In closing, we continue to focus on executing our strategic initiatives and winning with our guests while being nimble, facing challenges head on, and meeting our guests where they are.

我要感謝 Keke's 團隊和加盟商一直以來的投入和熱情，我們的目標是成為成長最快的日間餐飲領域最具競爭力的餐廳之一。最後，我們將繼續專注於執行我們的策略舉措，與顧客共贏，同時保持敏捷的行動，面對挑戰，並根據顧客的實際情況為他們提供服務。

We are a value leader, and we know how to leverage that strength to drive profitable traffic and support our guests and our franchisees' needs. We are hopeful that the macro environment will continue to stabilize and improve, and we are confident in our sales levers and smarter initiatives. These include a continued focus on value and off-premise and new digital enhancements such as our new loyalty CRM platform set to launch in the back half of this year.

我們是價值領導者，我們深諳如何利用這項優勢來提升客流量，並滿足賓客和加盟主的需求。我們期待宏觀環境持續穩定和改善，並對我們的銷售策略和更明智的舉措充滿信心。這些策略包括持續專注於價值和場外業務，以及新的數位升級，例如我們即將於今年下半年推出的全新忠誠度CRM平台。

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

展望未來，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、每天執行我們的策略並悉心照顧我們的客人的人感到無比自豪。

I will now turn the call over to Robert Verostek, Denny's Chief Financial Officer, to discuss our Q2 financial results.

現在我將把電話轉給 Denny's 財務長 Robert Verostek，討論我們的第二季財務表現。

Thank you, Kelli, and I also want to echo how proud I am of the team's unwavering dedication to executing our strategies. They have maintained a sharp focus controllable factors as we steer through this choppy landscape.

謝謝你，Kelli。我也想再次強調，我對團隊堅定不移地執行策略感到無比自豪。當我們渡過這段波折的時期時，他們總是專注於可控因素。

Now, starting with our second quarter financial results, as Kelli mentioned, Denny's reported Q1 domestic system-wide same restaurant sales of 1.3%. This reflected a sequential improvement of approximately 170 basis points from the first quarter, but was also weighed down by the impacts of our concentration in certain markets.

現在，先從我們第二季度的財務業績說起，正如Kelli提到的，​​Denny's公佈第一季國內全系統同店銷售額增長了1.3%。這反映出環比第一季成長了約170個基點，但也受到了我們專注於某些市場的影響。

From an income perspective, all income cohorts improved during the quarter, but the biggest improvement came from those guests in the $50,000 to $70,000 range. This is particularly encouraging as this is our core Denny's guest.

從收入角度來看，本季所有收入群體的收入都有所提高，但收入在5萬至7萬美元之間的顧客收入增幅最大。這尤其令人鼓舞，因為他們是丹尼餐廳的核心顧客。

Denny's company restaurants delivered flat same restaurant sales for the second quarter, even though they were exposed to some of these same pressures as the franchise system. This speaks to the investments we have made at our company restaurants by being early adopters of server tablets, allowing for quicker table turns, accelerating remodels which deliver significant cash on cash returns, as well as having higher guest satisfaction scores.

儘管丹尼旗下餐廳也面臨著與特許經營模式相同的壓力，但其第二季的銷售額與去年持平。這體現了我們在旗下餐廳的投資：率先採用平板電腦服務員，加快了餐桌週轉速度，加快了改造速度，從而帶來了顯著的現金回報率，並提高了顧客滿意度。

Additionally, beginning late last year, we started testing another virtual brand at our company restaurants in partnership with Franklin Junction, selling Nathan's famous hotdogs. This rolled out throughout Q1 and is currently in over 70% of our company restaurants.

此外，從去年年底開始，我們與 Franklin Junction 合作，在公司餐廳測試另一個虛擬品牌，銷售 Nathan's 的招牌熱狗。該品牌在第一季全面推出，目前已覆蓋超過 70% 的公司餐廳。

Virtual brands have always been highly incremental for us, with minimal skews being added, driving traffic during day parts where we have capacity, and our operators are loving how easy hotdogs are to execute also.

虛擬品牌對我們來說一直具有高度的增量性，只需添加極少的偏差，就可以在我們有能力的時間段內推動流量，而且我們的運營商也喜歡熱狗的簡單易行。

In the second quarter alone, this new revenue channel improved company same restaurant sales by approximately 50 basis points, and we are starting to explore what a broader franchise rollout could look like.

僅在第二季度，這項新的營收管道就使公司同店銷售額提高了約 50 個基點，我們開始探索更廣泛的特許經營推廣方式。

Denny's system guess check average increased approximately 3% compared to the prior year quarter, which was primarily from carryover pricing from 2024. Off-premises sales have remained strong during the quarter, representing 21% of total sales. This unique strength for us benefited system-wide same restaurant sales by approximately 150 basis points.

Denny's 系統平均顧客消費金額較去年同期成長約 3%，主要得益於 2024 年的結轉定價。本季，店外銷售額保持強勁，佔總銷售額的 21%。這項獨特優勢使全系統同店銷售額成長約 150 個基點。

And was evenly split between our investments in digital, which improved online sales, strategic promotions with third party platforms, and the continued benefit of rolling out Banda Burrito last year. Value was clearly a big component of our quarter as well, with incidents just over 20%. There is no doubt that we needed to lean into value, but we also did it in a smart way, which resulted in us driving enough traffic during the quarter to offset the discount provided to our guests.

這部分投資主要集中在數位化方面的投入，這提升了我們的線上銷售額；第三方平台的策略性推廣；以及去年推出的Banda Burrito帶來的持續收益。價值顯然也是我們本季業績的重要組成部分，事故發生率略高於20%。毫無疑問，我們需要注重價值，但我們也以巧妙的方式做到了這一點，這讓我們在本季度獲得了足夠的客流量，足以抵消我們為客人提供的折扣。

Denny's opened three restaurants during the quarter and closed 10 franchised restaurants with average unit volumes of approximately $1 million.

丹尼餐廳在本季開設了三家餐廳，並關閉了 10 家特許經營餐廳，平均單店營業額約為 100 萬美元。

As Kelli mentioned, being proactive in closing these lower volume restaurants, along with a focused rehabilitation program has already improved our franchise AUVs by nearly 5% since we started this journey almost two years ago.

正如凱莉所提到的，自從我們兩年前開始這一進程以來，主動關閉這些客流量較低的餐廳，並實施有針對性的恢復計劃，已經使我們的特許經營平均營業額 (AUV) 提高了近 5%。

Also during the quarter, Denny's completed 14 remodels, including 5 at company restaurants. This brings our company fleet to nearly 55% remodeled, and our franchise system is ramping up with over 10% of the system remodeled.

本季度，Denny's 完成了 14 家門市的改造，其中包括 5 家公司餐廳的改造。這使得我們公司門市的改造率接近 55%，我們的特許經營體係也正在蓬勃發展，目前已有超過 10% 的門市進行了改造。

We expect to complete another 5 to 10 company remodels this year and upwards of another 50 franchise remodels. And lastly, we have always had a practice of opportunistic buying in markets where we already have oversight, which is why we strategically acquired one restaurant in Texas during the quarter. We have been very pleased with this acquisition, as this restaurant is rivaling for our top sales unit in Texas over the last several weeks.

我們預計今年將完成另外5到10家公司門市的改造，以及50多家特許經營店的改造。最後，我們一直秉持在現有市場進行機會性收購的策略，因此我們在本季策略性地收購了德州的一家餐廳。我們對此次收購感到非常高興，因為這家餐廳在過去幾週一直在與我們在德克薩斯州的頂級銷售部門競爭。

Now moving to Keke's. Keke's delivered system-wide same restaurant sales of a positive 4% for the quarter and outperformed the BBI Family Dining Index in Florida for the fourth consecutive quarter. Company same restaurant sales experienced sequential improvement of nearly 300 basis points, primarily due to strong performance in the newly acquired Keke's cafes from the first quarter.

現在來看看Keke's。 Keke's本季全系統同店銷售額成長4%，連續四季超越佛羅裡達州BBI家庭餐飲指數。公司同店銷售額較上季成長近300個基點，主要得益於第一季新收購的Keke's咖啡館的強勁表現。

Keke's average check increased approximately 6% during the second quarter, driven by pricing, favorable menu trades, higher beverage incidents, and off-premises growth. They opened eight new cafes during the quarter, four of which were company owned. The openings also included two previously closed franchise cafes that reopened under new ownership and with our new image.

Keke's 的平均帳單在第二季度增長了約 6%，這得益於定價、菜單交易的積極性、飲料事故的增加以及店外業務的增長。本季度，他們新開了八家咖啡館，其中四家為公司直營。新開的咖啡館還包括兩家之前關閉的特許經營咖啡館，它們在新的所有者和新圖像下重新開業。

Thus, far in the third quarter, we have reopened one additional franchise cafe under the new image and also opened our sixth company cafe in the Nashville market. And as Kelli mentioned, we also refranchised three company cafes in Northern Florida during the quarter and have one more transaction expected to be completed in the near term.

因此，截至第三季度，我們以新形象重新開設了一家特許經營咖啡館，並在納許維爾市場開設了第六家公司咖啡館。正如Kelli所提到的，我們在本季度也重新特許經營了北佛羅裡達州的三家公司咖啡館，預計近期還將完成一筆交易。

Now moving on to our second quarter financial details. Total operating revenue was $117.7 million compared to $115.9 million for the prior year quarter. This increase was primarily driven by 12 additional Keke's company cafes and partially offset by our previously communicated strategy to intentionally close lower volume Denny's franchise restaurants to improve the overall health of the brand.

現在來看看我們第二季的財務細節。總營業收入為 1.177 億美元，去年同期為 1.159 億美元。這一成長主要得益於新增 12 家 Keke's 公司咖啡館，部分抵消了我們先前傳達的策略，即有意關閉客流量較低的 Denny's 特許經營餐廳，以改善品牌整體健康狀況。

Adjusted franchise operating margin was $30.0 million or 50.7% of franchise and license revenue compared to $30.8 million or 50.0% for the prior year quarter. This margin of change was primarily due to fewer Denny's equivalent units and softer Denny's same restaurant sales. Adjusted company restaurant operating margin was $6.7 million or 11.5% of company restaurant sales compared to $13.7 million or 12.9% for the prior year quarter.

調整後特許經營營業利潤率為3,000萬美元，佔特許經營及授權收入的50.7%，而去年同期為3,080萬美元，佔50.0%。這項變更主要由於Denny's同檔門市數量減少以及同檔門市銷售額下降。調整後公司餐廳營業利潤率為670萬美元，占公司餐廳銷售額的11.5%，去年同期為1,370萬美元，佔12.9%。

This margin change was largely attributable to increased product costs of 80 basis points, with commodity prices holding steady at 5% during the quarter. However, as egg prices declined over the period, we anticipate this pressure will ease for the remainder of the year.

利潤率變動主要歸因於產品成本上漲80個基點，而本季大宗商品價格維持穩定在5%。然而，隨著雞蛋價格在本季有所下降，我們預計今年剩餘時間內這一壓力將會有所緩解。

The current year quarter also included approximately 115 basis points related to legal and medical reserve adjustments, as well as approximately 100 basis points related to inherent inefficiencies and new cafe openings and oversight.

本季還包括與法律和醫療儲備調整相關的約 115 個基點，以及與固有效率低下和新咖啡館開業和監督相關的約 100 個基點。

As a reminder, with our smaller company base, having eight cafes within the quarter that were open less than four months on average can have short-term impacts that will abate over time. And as Kelli mentioned, we are very pleased with the progress we are making in Keke's new cafe sales and margins, and these new opening inefficiencies are just a temporary headwind as they mature into the higher-teens margin targets we have previously communicated.

需要提醒的是，由於我們公司規模較小，本季平均有八家咖啡館開業時間不到四個月，這可能會產生短期影響，但隨著時間的推移會逐漸減弱。正如Kelli所提到的，我們對Keke新咖啡館的銷售額和利潤率的進展感到非常滿意，這些新開咖啡館的低效率只是暫時的阻力，因為我們會逐步實現之前溝通的十幾倍以上的利潤率目標。

Absent the temporary new cafe ramp up costs, legal and medical reserves, and adjusting for normalized commodities, our adjusted company margins would have been approximately 14%.

如果不考慮新咖啡館臨時增加的成本、法律和醫療儲備以及正常化商品的調整，我們調整後的公司利潤率將約為 14%。

Now moving on to G&A, general and administrative expenses were $21.4 million compared to $20.5 million in the prior year quarter. This change was primarily due to additional incentive compensation, along with additional share-based compensation and deferred compensation valuation adjustments, neither of which affect adjusted EBITDA.

再來看看一般及行政費用 (G&A)，本季一般及行政費用為 2,140 萬美元，去年同期為 2,050 萬美元。這項變更主要歸因於額外的激勵薪酬，以及額外的股權激勵和遞延薪酬估值調整，但這些均不會影響調整後的 EBITDA。

These impacts were partially offset by corporate administrative expenses savings of approximately $0.6 million or a reduction of approximately 3.5% compared to the prior year quarter. This discipline focused on costs that are within our control has us well on our way to hitting our stated goal of reducing G&A between 3.5% and 4.5% in 2025 and a longer term goal of 5% to 6%.

這些影響被公司行政管理費用節省約60萬美元（較去年同期下降約3.5%）部分抵銷。這種專注於控製成本的原則，使我們有望順利實現既定目標，即到2025年將一般行政管理費用（G&A）降低3.5%至4.5%，並實現5%至6%的長期目標。

These results collectively contributed to adjusted EBITDA of $18.8 million. The effective income tax rate was 34.3% compared to 25.1% for the prior year quarter. This change in rate was primarily due to discrete items relating to share-based compensation in the current year quarter.

這些績效共同促成了1,880萬美元的調整後息稅折舊攤提前利潤（EBITDA）。有效所得稅率為34.3%，去年同期為25.1%。稅率變動主要歸因於本季與股權激勵相關的單一項目。

Adjusted net income per share was $0.09 in the current year quarter, and we were compliant with our debt covenants as of the end of the quarter. We had approximately $279 million of total debt outstanding, including approximately $269 million borrowed under our credit facility.

本季調整後每股淨收益為0.09美元，截至本季末，我們已履行債務契約。我們未償還債務總額約為2.79億美元，其中包括透過信貸安排借入的約2.69億美元。

Let me now discuss our business outlook for 2025. I will go through the details, but at a high level we are reiterating everything we guided on our previous call.

現在，讓我來討論一下我們對 2025 年的業務展望。我將詳細介紹，但從總體上講，我們重申了上次電話會議中提出的所有內容。

Sales results have been choppy. However, we still see a path to the low end of our same restaurant sales guidance range given our continued momentum from digital enhancements, strong off-premises sales, additional remodels, and a new loyalty program that will provide positive benefits.

銷售業績波動較大。然而，鑑於數位化升級、強勁的店外銷售、額外的翻新以及將帶來積極效益的新會員計劃帶來的持續增長勢頭，我們仍預計未來銷售額有望達到我們餐廳銷售預期區間的低端。

With the 20 openings through the second quarter and two additional Keke's openings thus far in the third quarter, we are confident in our current range of 25 to 40 openings.

截至第二季度，我們已經開設了 20 家門市，而第三季度迄今為止，Keke's 又開設了 2 家門市，因此，我們對目前的 25 至 40 家門市數量範圍充滿信心。

With regard to closures, as we previously shared, we expect between 70 and 90 closures, which includes our strategy to close underperforming restaurants as well as some attrition related to normal lease expirations, and we still believe this range is appropriate. Our expectations for commodities between 3% and 5% and labor inflation between 2.5% and 3.5% remain intact.

關於關店情況，正如我們之前所述，我們預計關店數量將在70至90家之間，其中包括我們關閉業績不佳餐廳的策略，以及一些與正常租約到期相關的員工流失。我們仍然認為這個範圍是合理的。我們對大宗商品價格上漲3%至5%、勞動力通膨2.5%至3.5%的預期維持不變。

Additionally, our G&A guidance of between $80 million and $85 million is still appropriate and as a reminder includes approximately $1 million related to the 53rd week. We remain on track to reach the low end of our adjusted EBITDA guidance of $80 million to $85 million.

此外，我們8000萬至8500萬美元的G&A指導值仍然合理，其中約100萬美元與第53週相關。我們仍有望達到調整後EBITDA指導值的低端，即8000萬至8500萬美元。

Our refinancing process is currently underway, and we anticipate its completion prior to our third quarter earnings call. We intend to resume share repurchases in the fourth quarter and ultimately achieve our previously stated guidance range of $15 million to $25 million.

我們的再融資流程目前正在進行中，預計將在第三季財報電話會議前完成。我們計劃在第四季恢復股票回購，並最終實現我們先前設定的1500萬美元至2500萬美元的預期目標。

We have historically been a highly cash generative business and returned a significant amount of cash to shareholders through our successful share repurchase program. And we believe this strategy remains critical to maximizing shareholder value.

我們一直以來都是一家現金流強勁的公司，並透過成功的股票回購計畫為股東帶來了豐厚的現金回報。我們相信，這項策略對於最大化股東價值仍然至關重要。

In closing, I would like to thank our teams and franchisees for their continued dedication and support to both Denny's and Keke's. We remain focused on delivering a best-in-class guest experience and advancing our strategic initiatives to ensure sustainable growth on both top line and bottom line.

最後，我要感謝我們的團隊和加盟商對Denny's和Keke's的持續奉獻和支持。我們將繼續專注於提供一流的顧客體驗，並推動我們的策略舉措，以確保營收和利潤的可持續成長。

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，開始我們通話的問答部分。

(Operator Instructions)

（操作員指示）

Michael Tamas, Oppenheimer.

麥可‧塔馬斯，奧本海默。

Hi, thanks. Good afternoon. Robert, you mentioned that the sales have been choppy, but you still see a path to the lower end of your same store sales guidance for the year. So I was wondering, can you comment maybe on what July same store sales might look like and then what you're seeing is giving you the confidence to still hit that same store sales guidance because your comparisons do toughen them quite a bit, I think, particularly in the fourth quarter. Thanks.

嗨，謝謝。午安.羅伯特，您提到銷售額波動較大，但您仍然認為今年的同店銷售額有望達到您預期的下限。所以，我想問一下，您能否評論一下7月的同店銷售額？您目前看到的情況是否讓您有信心仍能達到同店銷售預期？我認為，您的比較數據確實讓預期變得更加困難，尤其是在第四季。謝謝。

Yeah. Hey, Michael, good to hear from you. So we are in a pretty volatile period here in July, due to the some of the macroeconomic changes that have been more recent. It probably would be a disservice to quote what it was. It's been up and down. We're actually in a pretty good spot as we sit.

是的。嘿，邁克爾，很高興收到你的來信。由於最近發生的一些宏觀經濟變化，我們7月正處於一個相當動盪的時期。現在就直接描述一下當時的情況可能有點不太準確。情況起伏不定。目前我們的處境其實還不錯。

So when you look at it, I think we're down to two year-to-date. So we'll need about a 0.5 point improvement compared to that on the back half of the year. And when you look at what we have in slated for the back half of the year, we got the -- we'll continue to evolve the value of messaging.

所以，從目前來看，我認為我們今年迄今的業績已經下降到兩年了。因此，與下半年相比，我們需要提高約0.5個百分點。而從我們下半年的計畫來看，我們將持續提升訊息傳遞的價值。

We're actually pretty bullish with what we have seen and how that continues to evolve remodels, we are picking up some momentum in remodels. We'll do additional company remodels, the franchise side will pick up at the -- then when you look at the CRM and loyalty program, we are really close to getting that launched.

事實上，我們對目前的情況以及未來重塑的進展非常樂觀，我們正在重塑方面取得一些進展。我們將進行更多公司層面的重塑，特許經營方面也會有所提升——然後，看看客戶關係管理和忠誠度計劃，我們已經非常接近上線了。

So when you look at the front half of the year, Michael, and look what we, how we need to improve, even with that rollover, we'll have some really good value to roll over on top of that value that I think [$2, $4, $6, $8] launched last September.

因此，邁克爾，當你回顧今年上半年的情況，看看我們需要如何改進，即使有這種展期，我們仍然會有一些非常好的價值可以在去年 9 月推出的價值 [2 美元、4 美元、6 美元、8 美元] 之上展期。

We'll be in good shape with regard to that. So again, with the all of the things I just mentioned, I think what I -- the comments that we made with regard to that low end of the guidance range are clearly within reach the way we see it.

在這方面，我們會保持良好的狀態。所以，再說一遍，結合我剛才提到的所有事情，我認為我們之前對指導範圍下限的評論，在我們看來，顯然是可以實現的。

Okay, thanks. And then, you mentioned that the biggest sales improvement you saw was in the $50,000 to $70,000 income cohort, I believe was the number. So based on the data that you have, do you have any thoughts on maybe why that income cohort saw the biggest improvement and where do you think the shift in spending came from? Was it from other restaurants or were they eating at home and now they sort of came back, any insight that would be great.

好的，謝謝。然後，您提到銷售額成長最快的是收入在 5 萬到 7 萬美元之間的群體，我相信這個數字是真的。那麼，根據您掌握的數據，您認為為什麼這個收入群體的銷售額成長最快？您認為這種消費轉變來自哪裡？是之前他們去其他餐廳用餐，還是之前在家用餐，現在又回來了？您能提供一些見解嗎？

Hey Michael, this is Kelli. Yeah, great question. I think when we think about that $50,000 to $75,000 household income, we definitely think speaking to them, meeting them where they are and the launch of our BOGO that buy one get one for $1 with those two really amazing slams that are equity was the reason for those -- for that pickup and then we really saw a return visits of new.

嘿，邁克爾，我是凱莉。是的，這個問題問得好。我認為，當我們考慮到那些收入在5萬到7.5萬美元之間的家庭時，我們肯定會考慮與他們溝通，在他們所在的地方與他們見面，以及推出“買一送一”活動（買一送一隻需1美元），還有那兩項非常划算的優惠，這些優惠正是我們取得這些成績的原因——也回頭這些成績的背後，我們確實看到了新顧客的背後，我們確實看到這些成績的背後，我們確實看到了新顧客的背後，我們確實看到這些成績的背後，我們確實看到了新顧客的背後的原因。

We had a lot of new first time or lapse users that came back in, light users if you will, that came in for that promotion. We saw that immediately, we tracked that against other promotions. Seeing something similar throughout the summer with the four slams promotion. And so we feel good about that, in terms of them just kind of coming back to us and then continuing to come back as they see us lean into just a great value proposition at a time when they need it most.

我們有很多新的首次用戶或流失用戶，或者說輕度用戶，因為這次促銷活動而回歸。我們立即發現了這一點，並追蹤了其他促銷活動的情況。整個夏天的「四大滿貫」促銷活動也出現了類似的情況。因此，我們對此感到很高興，因為他們會再次光顧我們，並且繼續回來，因為他們看到我們在他們最需要的時候，提供了極具價值的方案。

Thank you.

謝謝。

Thanks, Michael.

謝謝，麥可。

Todd Brooks, Benchmark Company.

托德布魯克斯 (Todd Brooks)，Benchmark 公司。

Hey, thanks for taking my questions. Can you hear me, okay?

嘿，謝謝你回答我的問題。你聽得到我說話嗎？

Yes, Todd.

是的，托德。

Okay, perfect. First on the value mix, Robert, I think you said it was running about 20%. I was wondering if you could parse it. How much is kind of everyday value that sits there in $2, $4, $6, $8 versus how much is tied to the LTOs?

好的，完美。首先關於價值組合，羅伯特，我記得你說它佔比大約是20%。我想知道你能否分析一下。 2美元、4美元、6美元、8美元的日常價值佔比是多少，以及與長期股權轉讓（LTO）掛鉤的價值佔比是多少？

We just hear more operators talking about customers seeking out, everyday value that they know will be there versus, more episodic value and thoughts on going forward. Do we need to continue to roll these slam type of promotions to make them fall into that relatively everyday type of bucket?

我們聽到越來越多的業者表示，客戶尋求的是他們知道會存在的日常價值，而不是更注重偶發性價值和未來發展的想法。我們是否需要繼續推出這種「猛擊式」促銷活動，讓他們融入相對日常的消費族群？

Yeah, it's a really great question, Todd this is Kelli, and it's the crux of the issue, as you just said it is you're spot on. It really to me everyday value $2, $4, $6, $8 would fall into that everyday value category. What you've seen us doing is what I would call, you said episodic, I'd call it LTO value, right? Limited time only meeting them again, where we know they need -- we knew when we pivoted to that and we did the BOGO, we could see the volatility, we could see the enhanced competitive pressures that were happening and for us turning that LTO value on was really important and it drove significant traffic for us in this -- in the quarter that we're referencing.

是的，Todd，我是Kelli，這個問題問得真好。正如你剛才所說，這正是問題的關鍵。對我來說，每天2美元、4美元、6美元、8美元的價值都屬於「日常價值」範疇。你看到我們所做的，我稱之為“階段性”的，我稱之為“LTO價值”，對吧？我們只在有限的時間內與他們見面，我們知道他們需要——我們知道，當我們轉向這個模式，並推出「買一送一」時，我們可以看到市場波動，我們可以看到正在發生的競爭壓力加劇。對我們來說，LTO價值的實現非常重要，它為我們帶來了可觀的流量——在我們參考的這個季度。

So we saw the traffic build. It definitely was margin positive. It actually was a 5% traffic change to the delta from the beginning to pre pre-impose after doing that. So we knew we were on to something with that, and we carried that through the summer just knowing. That there would continue to be volatility.

所以我們看到流量成長了。這絕對對利潤率有正面影響。實際上，從一開始到實施之前，增量流量變化了5%。所以我們知道我們在這方面取得了一些進展，我們整個夏天都堅持這樣做，因為我們知道波動性還會持續下去。

Your question about $2, $4, $6, $8. So as of right now, the leaning into that four slams is what we're doing, and we're looking at everyday value going into the fall and testing new ideas and new propositions so that The guests can find everyday value all the time. It's engineered for the right profitability.

你的問題是關於2美元、4美元、6美元、8美元。所以，目前，我們正在努力實現這四個目標，並著眼於秋季的日常價值，同時測試新的想法和新的主張，以便客人可以始終找到日常價值。這一切都是為了實現合理的盈利而設計的。

What we saw with $2, $4, $6, $8 was they were -- as Ellie Doty, our Chief Brand Officer, like to say they were hacking our value. They were taking $2, $4, $6, $8 and it was primarily the everyday value slam and the super slam.

我們看到，2美元、4美元、6美元、8美元的價格——正如我們的首席品牌官埃莉·多蒂所說，他們正在竊取我們的價值。他們拿走了2美元、4美元、6美元、8美元，主要是日常價值大滿貫和超級大滿貫。

Hence us coming in with the LTO approach around our slams this summer, and then just weaving that in, using the Red, White and Berry Slam as well. So we're just trying to iterate, and really just being nimble and flexible but doing what the guest needs us to do right now.

因此，我們今年夏天在舉辦Slam活動時採用了LTO策略，之後又融入了紅白莓Slam。我們只是在嘗試迭代，保持靈活敏捷，但同時也會根據客人的需求進行調整。

At the same time, either rearchitecting, re-engineering $2, $4, $6, $8, or there'll be this, looking for that next everyday value proposition that you can always find on the menu that the guests can count on us for. And then, yeah, I think you'll always see some LTO stuff going on.

同時，我們要麼重新設計，重新設計2美元、4美元、6美元、8美元的餐廳，要麼尋找下一個日常價值主張，讓你總能在菜單上找到，讓客人信賴我們。然後，是的，我想你總是會看到一些LTO（長期服務）的東西正在進行。

Whether it's obviously premium offerings or, maybe some episodic other offers, but the goal is everyday value that the guests can find, premium offerings and new innovation from food offerings that you'll see from us in the back half of the year.

無論是明顯的優質產品還是一些偶然的其他優惠，但目標都是客人每天都能找到的價值、優質產品和食品產品的新創新，您將在今年下半年看到我們推出這些產品。

Perfect. Thanks, Kelli. If I can just squeeze in two quick follow-ups, one on the refranchise of the three, Keke's in Northern Florida, I think it's probably the first refranchise activity under seed and feed. Any commentary that you can share around, proceeds and what the process was, how much interest there were in these properties and trying to give us some hope and kind of momentum building behind seed and feed.

太好了。謝謝，Kelli。我能否擠出兩個時間快速跟進一下，一個是關於這三個品牌中的Keke's的再特許經營，我認為它可能是種子和飼料領域的第一個再特許經營活動。您能否分享一些評論，包括收益和流程，以及人們對這些物業的興趣程度，並嘗試給我們一些希望，並推動種子和飼料領域的發展。

And then the other one I have is just a quick one. I'm just a little confused. I want to be clear. So Robert, you said predominantly pricing, driving the average check-up 3%. But then I heard when you guys were talking about the value that it drove enough traffic to offset the mixed drag. So I just want to understand where mixed versus price came out in the quarter to kind of be able to put a little color around those two comments. Thanks.

然後我想問另一個問題，只是簡短的一點。我有點困惑，想解釋清楚。羅伯特，你說主要是定價推動了平均體檢量3%。但我聽到你們在談論價值時，它帶來了足夠的流量，足以抵消混合帶來的拖累。所以我只是想了解本季混合和價格的對比情況，以便能夠稍微解釋一下這兩個評論。謝謝。

Yeah. I appreciate that Todd. Let me try to unpack that a little bit for us. So with regard to the refranchising, those were, while we did refranchise those restaurants in the quarter, they were not actually technically part of the seed and feed. Those were restaurants, the cafes that we owned, as part of the original acquisition.

是的，我很感謝 Todd。讓我來稍微解釋一下。關於重新特許經營，雖然我們在本季度確實重新特許經營了這些餐廳，但嚴格來說，它們並不屬於種子和飼料業務。這些是我們在最初收購時擁有的餐廳和咖啡館。

So we actually -- so those were all in Florida. So the pricing of those, they were ones that were just not optimal for us to keep in the Florida -- in the Florida market. So it was all part of the purchase price accounting in there. So those weren't actually new bills as part of the seed and feed.

所以實際上——這些都在佛羅裡達。所以這些產品的定價，對我們來說，在佛羅裡達市場，並不是最優的。所以，這些都算在了收購價格的會計中。所以，這些其實並不是種子和飼料的新帳單。

We were just really looking to optimize our oversight efficiency in the Orlando market is why we kind of tweaked those [three refrans]. From a perspective of going forward, I can tell you that we are -- the seed and feed is really starting to mature into to how we envisioned it.

我們只是想優化我們在奧蘭多市場的監管效率，所以我們對這三個版本進行了調整。從未來的角度來看，我可以告訴你，我們的種子和飼料確實開始逐漸成熟，朝著我們設想的方向發展。

Nashville is coming together nicely with regard to maturing into a market with now with six company cafes, the volumes in that market are -- have grown into being quite substantial, with regard to that. So I -- they're maturing into that time when we could begin the idea of actually selling that market.

納許維爾市場發展得不錯，目前已經有六家公司咖啡館，市場規模也相當可觀。所以，他們正在逐漸成熟，到了我們可以開始真正銷售這個市場的時候了。

Dallas is earlier on into that process, right? We're just, we just got those opened up with regard to that. So they're earlier on in the maturation curve, and so it'll be a second before that'll mature into to being ready.

達拉斯在這方面比較早，對吧？我們剛剛開放了這方面的資源。所以他們處於成熟曲線的早期階段，所以還需要一秒鐘才能成熟到準備就緒。

So with regard to the proceeds, I don't have that at my fingertips, Todd, but again, it weren't, they were not ones that we built, so with regard to recouping the actual build cost that that it's a different dynamic with these first three.

因此，就收益而言，托德，我目前還沒有掌握這些，但再說一次，它們不是我們建造的，所以就收回實際建造成本而言，前三個的動態是不同的。

With regard to the second question regarding the pricing. So it is predominantly pricing. We took 3%, there's 3% pricing within the current quarter. The majority of that is rollover pricing. When you -- the question, the clarity, I think that you're seeking with regard to that is we did have some -- as Kelli mentioned, we -- the traffic did offset the GCA decline.

關於定價的第二個問題。所以主要是定價。我們取了3%，本季有3%的定價。其中大部分是展期定價。當你——這個問題，或者說清晰度——我認為你尋求的是關於這一點的，正如Kelli提到的，​​我們確實有一些——客流量確實抵消了GCA的下降。

There is, as you recall, I don't want to get too far into it. It could be -- it's a complicated issue, but you know about it. The way we are accounting for the $2, $4, $6, $8 plates with regard to the $2 price points that are now add-ons that used to be replaced, so now it's in check and not yes count.

你們還記得，我不想談得太深。這可能是個很複雜的問題，但你們也知道。我們處理2美元、4美元、6美元、8美元車牌的方式，是將2美元的車牌價格點與之前被替換的附加車牌價格點進行核算，所以現在車牌價格是可控的，而不是「是」的。

Net-net, when you look at the LTO when you look at that dynamic, it gets to a flat mix GCA impact. So you're getting back to what happened in the quarters really 3% pricing, predominantly rollover pricing.

淨額方面，當你觀察LTO的動態時，它對GCA的影響是持平的。所以你回到了季度中發生的情況，實際上是3%的定價，主要是展期定價。

Okay, great. Thanks, Robert.

好的，太好了。謝謝，羅伯特。

Thanks, Todd.

謝謝，托德。

Jake Bartlett, Truist Securities.

傑克·巴特利特（Jake Bartlett），Truist Securities。

Hey Jake.

嘿，傑克。

My question first, actually, Kelli, if you could just talk about some of the macro trends your consumer, I mean, obviously we're hearing about volatility in in July. But I think Kelli, your comment was also some stabilization in the demand from your consumer. So maybe just some comments, what you see is the trajectory, just on an underlying a macro basis, and I had some questions on what you can do about it.

我首先想問的是，凱莉，您能否談談一些宏觀趨勢，例如消費趨勢？顯然，我們聽說7月出現了波動。但我認為凱莉，您剛才提到了消費需求穩定。所以，也許只是一些評論，您看到的只是宏觀層面上的趨勢，我有一些問題想問您能做些什麼。

Sure, Jake. Well, it's the jobs report that just came out recently that doesn't it just there's so much when I think about the buckets, it's everything from, just inflation, it's interest rates, it's the jobs reports that have come out. It's our most pressured consumer that is that $50,000 to $75,000 household income.

當然，傑克。嗯，最近剛發布的就業報告，我想想，各種因素太多了，從通貨膨脹到利率，再到剛發布的就業報告，不一而足。我們壓力最大的消費者是家庭收入在5萬到7.5萬美元之間的人。

And it's just -- the farther we get away from any kind of big announcements or changes or things that are out there from a narrative the better we see our promotions, our work really coming into play and really making a difference for the guests.

而且，我們越遠離任何重大公告、變化或敘述中出現的事情，我們就越能看到我們的促銷活動、我們的工作真正發揮作用，並真正為客人帶來改變。

So it just is choppy still, right? It's just continues to be choppy. I -- we believe and have there's no crystal ball here, but hope to see that moderate and as it continues to moderate, we're encouraged as of late. I will say that we are encouraged by what we're seeing as of late and the response to, like I said, all the things that we are doing with some of these offers, some of the promotions that we're doing.

所以現在還是很不穩定，對吧？它一直在波動。我相信，而且也沒有水晶球可以預測，但我們希望看到市場緩和下來。隨著市場持續緩和，我們最近感到很受鼓舞。我想說，最近看到的情況，以及市場對我們正在推出的一些優惠和促銷活動的反響，都讓我們感到鼓舞。

And so encouraged by it, which gives us some watching other things, black box metrics, looking at some of the things that we see and learn from other data points gives us some confidence things will continue to moderate, which will only help us because the initiatives are the right initiatives, the macro environment moderating will really be what we need.

因此，受到它的鼓舞，它讓我們專注於其他事物，黑盒指標，查看我們從其他數據點看到和學到的一些東西，讓我們有信心事情會繼續緩和，這只會對我們有幫助，因為這些舉措是正確的舉措，宏觀環境的緩和才是我們真正需要的。

Got it. And as we think about the second quarter, just the cadence around the quarter. I think April was flat, you'd shared that last time, obviously decelerated since. It wasn't -- I guess the question is, are you seeing a good response when you -- in May, in June when you bring back more heavy LTO activity with the slams, under [$10]. Is that we think about the cadence of central sales is really very much tied to that cadence of your LTOs, like, meaning it would have just celebrated it in May and then snap back in June.

明白了。說到第二季度，我們來看看季度的節奏。我認為四月份持平，您上次也提到過，但之後顯然有所放緩。問題在於，當您在五月六月以低於[10美元]的價格推出更多LTO活動時，您是否看到了良好的反響？我們認為，集中銷售的節奏實際上與您的LTO節奏密切相關，也就是說，五月會略有起色，六月又會迅速回落。

Yeah. I think, it's probably fair. That's probably a good way to describe it, and invest that we would want to kind of given the volatility that happened in the quarter and not getting into specifics by month. But yeah, I think that's fair. That's fair, Jake, yeah.

是的。我覺得這大概是公平的。這或許是個不錯的描述方式，考慮到本季的波動性，我們確實希望進行投資，但具體到月份就不細說了。不過，是的，我覺得這很公平。傑克，是的。

Okay. And then for the back half of the year, does it look similar in terms of the cadence, of whether it's value oriented or more premium oriented LTOs as we think about how much you you're going to be you're trying to drive a recovery here.

好的。那麼對於下半年來說，就節奏而言，看起來是否相似，無論是價值導向還是更高端的 LTO，當我們考慮您將在多大程度上推動復甦時。

Yeah. You -- I think what you'll continue to see us do is look for great -- again back to everyday value, maybe some pulsing of LTO value in there. Certainly, our CRM and loyalty program launches soon. We've talked about that.

是的。我想你會繼續看到我們所做的是，繼續追求卓越的——回歸日常價值，或許還會融入一些LTO價值。當然，我們的CRM和忠誠度計劃很快就會推出。我們已經討論過了。

We're real bullish about that in the way that we will engage with those most loyal guests, and we have a really strong amount in our database already and we'll start to really target them with unique and special offers.

我們對此非常樂觀，我們將與那些最忠實的客人進行互動，我們的資料庫中已經有大量數據，我們將開始以獨特的特殊優惠真正瞄準他們。

So I think new food innovation and think, yes, new value innovation, whether it comes in the form of pulsing some LTO value over time or just getting a really strong everyday value proposition in place over the next couple of months.

所以我認為新的食品創新，是的，新的價值創新，無論它是以隨著時間的推移脈衝一些 LTO 價值的形式出現，還是僅僅在接下來的幾個月內獲得一個真正強大的日常價值主張。

Okay. And then last question is just on that the rewards program. And just I want to make sure I understand what has -- what is changing with it and what gives your confidence it's going to be more effective, also any timing, back after the year, whether it's, sooner rather than later would certainly make a difference.

好的。最後一個問題是關於獎勵計劃的。我想確保我理解它帶來了哪些變化，以及是什麼讓你相信它會更有效。此外，無論何時，無論是在年後，還是更早，都肯定會產生影響。

Yeah, it's absolutely sooner, so I the latter part. In fact, it is absolutely on schedule, the timing is going to be this quarter, late this quarter, so. We're excited about that. This is has been in the works and with our and it's really aligned with the investments we made about a year ago with a digital -- brand new digital team and a new tech stack to support this.

是的，絕對會更快，所以我指的是後期。事實上，它完全按計劃進行，具體時間將在本季結束。我們對此感到很興奮。這項工作一直在籌備中，而且與我們大約一年前對數位業務的投資非常一致——我們組建了一支全新的數位團隊，並採用了新的技術堆疊來支持這項工作。

So think about it going from basically a digital coupon program where we've got a database that has over 5 million, it's 5.5 million people in the database. We do have significant sales that comes from those guests that do engage with us in the database, but they're all getting similar offers and similar coupons.

想像一下，我們基本上就是一個數位優惠券項目，資料庫裡有超過500萬，也就是550萬人的數據。我們確實從那些在資料庫中與我們互動的客人那裡獲得了可觀的銷售額，但他們獲得的優惠和優惠券都差不多。

And what we're moving to is truly a one to one marketing program and honestly it'd be best-in-class from the team that's worked on this and the expertise we have in this area now. So we're truly moving to that one to one where I'll have journeys or lanes where you might get one offer based on your patterns, your purchase history and I might get a different one.

我們正在轉向真正的一對一行銷計劃，說實話，憑藉我們目前在該領域的專業知識和團隊的努力，這將是業內最佳的。所以我們正在真正轉向這種一對一行銷模式，我會根據你的購物習慣和購買歷史，為你提供不同的旅程或路線，你可能會收到一個優惠，而我可能會收到另一個。

So we know that those kind of programs are absolutely what's needed in the one to one marketing, that takes place today. We're building that best-in-class framework and it is set to launch. In fact, there's training going on in all the restaurants, right now to make sure that we really have the right engagement in the restaurants when this happens.

所以我們知道，這類項目正是如今一對一行銷模式所需要的。我們正在建立一流的框架，即將推出。事實上，目前所有餐廳都在進行培訓，以確保在進行此類活動時，我們能夠真正有效地與餐廳互動。

So we can continue to get those signups. Those loyalty -- those loyal guests come to us almost twice as much as an average guest. And so we're building in frequency, you're building in upside, they tend to spend more, and we've got that 50 basis points to 100 basis points over time expected from this, and it'll build, right, it'll build over time, but full year, we have really good, strong expectations of this program.

這樣我們就能持續獲得這些註冊用戶。這些忠誠的顧客——這些忠誠的顧客幾乎是普通顧客的兩倍——來我們酒店的次數也在增加。因此，我們正在提高顧客頻率，創造更多收益，他們往往會消費更多，我們預計隨著時間的推移，這項計劃的收益將增加50個基點到100個基點，而且它會隨著時間的推移而增加，對，它會隨著時間的推移而增加，但全年來看，我們對這項計劃抱有非常高昂的期望。

Great. I really appreciate it.

太好了！我真的很感激。

Thank you, Jake.

謝謝你，傑克。

Thanks, Jake.

謝謝，傑克。

(Operator Instructions)

（操作員指示）

Jon Tower, Citigroup.

花旗集團的喬恩‧陶爾 (Jon Tower)。

Hey guys, thanks for taking the question. Maybe going back to the buy one get one for $1 in the quarter. I'm just curious, it sounds like it was a fairly successful promotion during the period, I think it was 21% of value incidents or maybe that was the total quarter.

大家好，感謝你們回答這個問題。或許可以回顧一下本季的買一送一活動。我只是好奇，聽起來這個促銷活動在這段時間相當成功，我覺得它佔了價值事件的21%，或者說佔了整個季度的21%。

And I think you said something about 70% of BOGO transactions were from new and lapsed users. So I guess the question is, why did you move off of it? Was it growing ineffective and what's the chance that we see it coming back to the drawing board and sometime in the third or fourth quarter given how effective it was.

我記得您說過，大約70%的「買一送一」交易來自新用戶和流失用戶。所以我想問題是，為什麼你們放棄了這個服務？它是不是越來越沒有效率了？考慮到它曾經的效率，我們有多大可能在第三季或第四季看到它重新開始？

Yeah, it's a great question, Jon. Here's what I would say is we continue to look at what most were ordering, even in that BOGO environment. It was the Original Grand Slam and the All-American for this -- but again, we were still seeing in $2, $4, $6, $8 significant incidents and significant preference goes to the Everyday Value Slam and the Super Slam.

是的，喬恩，這個問題問得很好。我想說的是，即使在「買一送一」的環境下，我們仍然會關注大多數人點什麼。這款產品是Original Grand Slam和All-American——但我們仍然看到，在2美元、4美元、6美元、8美元的售價中，出現了一些重大事件，而且人們明顯更傾向於Everyday Value Slam和Super Slam。

And given the seasonality, Red, White, and Berry is something, it's a fan favorite and it's something our guests have come to expect from us on July 4. So weaving in a couple new flavored slams it's still our equity and just really refreshing it. It had been on for quite some time. So just refreshing it for the summer was the idea there.

考慮到季節性因素，紅、白、莓三種口味的雞尾酒很受粉絲喜愛，也是我們7月4日客人們期待的。所以，加入幾款新口味的雞尾酒仍然是我們的特色，而且真的能讓人耳目一新。這款雞尾酒已經推出一段時間了。所以，我們的想法就是在夏天推出一些新口味。

And then just looking at, again, a significant price point to be able to talk about $4 to $10 this is what you get with those equities. And it's helped us, it definitely was margin positive, but we also -- we wanted to really make sure in talking with our franchisee that we could refresh things throughout, when it made sense.

然後再看看，價格點很重要，大概在4到10美元之間，這就是這些股權能帶來的收益。這對我們很有幫助，肯定帶來了正利潤，但我們也想確保，在與加盟商溝通時，在合理的情況下，能夠不斷更新。

So could it come back it's a great question, and I think when we look at, margins and what we've got ahead of us for the full year, some of that gives us confidence in what we did in terms of reiterating our guidance. So we just are trying to kind of balance all of that could come back, but it was about trying to make sure we could deliver on our expectations.

那麼，業績能否回升？這是一個很好的問題。我認為，當我們審視利潤率以及全年的預期時，這些因素會讓我們對我們重申業績指引的做法充滿信心。所以我們只是在努力平衡所有可能回升的因素，但最終目的是確保我們能夠實現預期。

Okay. Appreciate that and then -- go ahead, Robert.

好的。非常感謝，然後——請講，羅伯特。

Yeah. Hey, Jon, and with regard to those margins, when you look at the back half of the year, in my script, we talked about the kind of a bridge back to that kind of mid-teens, that 14% margin. So you look at this, you look at the what Kelli just described, you looked at the abatement in the egg pressure that we did see into a good part of Q2, so you we'll get the margins back.

是的。嘿，喬恩，關於利潤率，你看看下半年的情況，在我的腳本中，我們談到瞭如何回到14%左右的水平。所以，你看看凱莉剛才描述的情況，你看到我們在第二季度的大部分時間裡確實看到了雞蛋壓力的減輕，所以我們的利潤率會恢復。

With the G&A does excel at the G&A savings do accelerate into the back half of the year. We did get the Dallas support center closed is just an example. So those savings will accelerate the better sales that we are describing, it really was an extension of Michael's first question about well, how do you wrap into the low end of the guides.

由於一般及行政管理（G&A）方面確實表現出色，G&A 的節省在下半年確實會加速。我們關閉了達拉斯支援中心，這只是一個例子。因此，這些節省將加速我們所描述的更好的銷售表現。這其實是 Michael 第一個問題的延伸，關於如何將銷售額納入指導價的低端。

It does imply some improvement there that'll help. And then you got the 53rd week, so in the back half of the year. So you're looking, we're pretty confident in reiterating that guidance towards the low end clearly, but the margins component will be a critical piece of that.

這確實意味著一些改善會有所幫助。然後是第53週，也就是下半年。所以，我們很有信心重申這項指引，明確指向低端，但利潤率部分將是其中的關鍵部分。

Okay, thank you. Maybe going to the quarter itself, I know Kelli, you called out some key states and markets where there was some, outsized drag on the system. LA, San Francisco, Houston, Phoenix, I think you said it's 30% of your store base or same store sales base that is.

好的，謝謝。說到季度本身，我知道凱莉，你提到了一些關鍵州和市場，這些州和市場對系統造成了巨大的拖累。洛杉磯、舊金山、休士頓、鳳凰城，我記得你說的是，這占到你門市基數或同店銷售額的30%。

Can you just talk to how it manifested itself? Did it kind of suddenly come on or is it broad-based throughout the quarter? Did you have one month in particular where it stood out? It just seems like, to your point earlier, first quarter was a good guy or contributed to the system, and then second quarter, it was a pretty big hit. So just trying to suss out what exactly transpired and why those markets in particular really had a downdraft year, sequentially.

您能談談它是如何表現出來的嗎？它是突然出現的，還是整個季度都普遍存在？有沒有哪個月的疫情表現特別突出？就像您之前提到的，第一季的疫情表現不錯，或者說對整個市場有所貢獻，而第二季的疫情則受到了相當大的衝擊。所以，我只是想弄清楚到底發生了什麼，以及為什麼這些市場在連續的一年裡出現了下滑。

Yeah. I think it's a great question. And I think, there were some things that we saw specifically in June, and they were -- they're tied to headlines and we've watched it kind of again moderate as of late, but in those states in particular there's just even more kind of macro pressures affecting those states and a lot just of other kind of choppiness. As I mentioned earlier we're encouraged as of late, but yeah, I would say it punctuated sometime in mid-June and then it bounced around quite a bit and as of late it's we've been encouraged.

是的。我覺得這個問題問得很好。我認為，我們在6月份確實看到了一些事情，它們與新聞頭條息息相關，而且我們最近看到經濟形勢有所緩和，但尤其是在這些州，宏觀壓力更大，而且還有很多其他類型的波動。正如我之前提到的，我們最近感到鼓舞，但我想說，經濟在6月中旬的某個時候出現了反彈，然後出現了相當大的波動，最近我們一直感到鼓舞。

Got it. Okay, cool. That's it from me for now. Thank you.

明白了。好的，太棒了。我的回答就到這裡。謝謝。

Thank you, Jon

謝謝你，喬恩

Thank you, Jon.

謝謝你，喬恩。

There are no further questions at this time. I will now turn the call back to Kayla Money for closing remarks.

目前沒有其他問題了。現在我將把電話轉回給凱拉·莫尼，請她做最後發言。

I'd like to thank everyone for joining us on today's call. We look forward to our next conference call in early November as we discuss our third quarter results. Thank you, and have a great evening.

感謝各位參加今天的電話會議。我們期待11月初的下次電話會議，屆時我們將討論第三季的業績。謝謝大家，祝大家晚上愉快。