Dine Brands Global Inc (DIN) 2025 Q1 法說會逐字稿

Good day and thank you for standing by. Welcome to the Dine Brands' first-quarter 2025 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand conference over to your host today, Matt Lee, Senior Vice President in Finance and Investor Relations. Please go ahead.

您好，感謝您的支持。歡迎參加 Dine Brands 2025 年第一季財報電話會議。（操作員指示）請注意，今天的會議正在錄音。現在，我想將會議交給今天的主持人、財務和投資者關係高級副總裁 Matt Lee。請繼續。

Good morning and welcome to Dine Brands Global's first-quarter fiscal 2025 conference call. This morning's call will include prepared remarks from John Peyton, Dine Brand's CEO and President of Applebee's; and Vance Chang, CFO.

早安，歡迎參加 Dine Brands Global 2025 財年第一季電話會議。今天早上的電話會議將包括 Dine Brand 執行長兼 Applebee’s 總裁 John Peyton 和財務長 Vance Chang 的準備好的演講。

Following those prepared remarks, Lawrence Kim, President of IHOP, will also be available, along with John and Vance to address questions from the investment community during the Q&A portion of the call.

在這些準備好的發言之後，IHOP 總裁 Lawrence Kim 也將與 John 和 Vance 一起在電話會議的問答環節回答投資界提出的問題。

Please remember our Safe Harbor regarding forward-looking information. During the call, management will discuss information that is forward-looking and involves known and unknown risks, uncertainties, and other factors, which may cause the actual results to be different than those expressed or implied.

請記住我們關於前瞻性資訊的安全港。在電話會議中，管理階層將討論前瞻性訊息，涉及已知和未知的風險、不確定性和其他因素，這些因素可能會導致實際結果與明示或暗示的結果不同。

Please evaluate the forward-looking information in the context of these factors which are detailed in today's press release and 10-Q filing. The forward-looking statements are as of today, and we assume no obligation to update or supplement these statements. We refer to certain non- GAAP financial measures which are described in our press release and available on Dine Brands' Investor Relations website.

請根據今天的新聞稿和 10-Q 文件中詳細說明的這些因素來評估前瞻性資訊。這些前瞻性陳述截至今天為止，我們不承擔更新或補充這些陳述的義務。我們參考了新聞稿中描述的某些非 GAAP 財務指標，這些指標可在 Dine Brands 的投資者關係網站上查閱。

For calendar planning purposes, we are tentatively scheduled to release our Q2 2025 earnings before the market opens on August 6, 2025, and to host a conference call that morning to discuss the results.

出於日程安排的目的，我們暫定於 2025 年 8 月 6 日市場開盤前發布 2025 年第二季度收益，並在當天上午召開電話會議討論結果。

With that, it is my pleasure to turn the call over to Dine Brands' CEO and President of Applebee's, John Peyton.

我很高興將電話轉給 Dine Brands 執行長兼 Applebee’s 總裁 John Peyton。

Good morning, everyone. Thanks for joining us today. On today's call, I'll share Dine's Q1 results. I'll discuss trends in consumer behavior, provide updates on the progress of our brand's key priorities, and then Vance will discuss our financial results in more detail.

大家早安。感謝您今天加入我們。在今天的電話會議上，我將分享 Dine 的第一季業績。我將討論消費者行為趨勢，提供我們品牌關鍵優先事項進展的最新信息，然後 Vance 將更詳細地討論我們的財務業績。

First though, an update regarding the Applebee's leadership team. Over the last two months, I've been working closely with Applebee's leadership and franchisees to further develop our robust growth plan. And while we initially planned to hire a new Applebee's President, the Board and management team agree that continuity is crucial right now. And to ensure stability and accelerate business growth, I'll continue to serve as President of Applebee's in addition to my role as Dine Brands' CEO.

首先，讓我們來介紹一下 Applebee 領導團隊的最新情況。在過去的兩個月裡，我一直與 Applebee 的領導層和特許經營商密切合作，進一步製定我們強勁的成長計劃。雖然我們最初計劃聘請一位新的 Applebee 總裁，但董事會和管理團隊一致認為，現在保持連續性至關重要。為了確保穩定並加速業務成長，除了擔任 Dine Brands 的執行長之外，我還將繼續擔任 Applebee's 的總裁。

The positive traction we're currently seeing with key initiatives reinforces the need for my focus on Applebee's success. We'll resume the search for a President eventually, but for now I'll work alongside our franchisees to drive Applebee's forward and profitably grow the business.

我們目前看到的重大舉措所取得的積極進展進一步增強了我關注 Applebee 成功的必要性。我們最終會繼續尋找總裁，但現在我將與我們的特許經營商一起努力推動 Applebee 的發展並實現業務盈利增長。

The strength and caliber of the Dine Brands team gives me great comfort that this decision is the right one. And at the brand level, new Presidents at IHOP and Fuzzy's are both executing clear visions for their brands. My confidence in the entire Dine system and our brands remains unwavering.

Dine Brands 團隊的實力和能力讓我非常欣慰，這個決定是正確的。在品牌層面，IHOP 和 Fuzzy's 的新任總裁都為各自的品牌制定了清晰的願景。我對整個 Dine 系統和我們的品牌的信心仍然堅定不移。

Now back to our results. As we outlined on our last earnings call, we started the year with a renewed focus on three key priorities. First is elevating the guest experience. Second is enhancing menu and value programs. And third is better communicating the value that our brands offer to our guests.

現在回到我們的結果。正如我們在上次收益電話會議上所概述的那樣，我們在新的一年重新關注了三個關鍵優先事項。首先是提升客人體驗。二是強化菜單和增值項目。第三是更好地傳達我們的品牌為客人提供的價值。

In Q1, consumer confidence declined, and that certainly influences the challenges that our guests continue to face. Guests remain cautious with their spending, particularly the lower income guests, and we continue to see check management and trade down to lower priced items.

第一季度，消費者信心下降，無疑會影響我們的客人繼續面臨的挑戰。客人在消費方面仍然保持謹慎，尤其是低收入客人，我們繼續看到支票管理和購買低價商品。

Across Applebee's and IHOP, the value mix increased versus Q4. At Applebee's, the value mix increased from 28% to 34%. And at IHOP that mix increased from 16% to 19% due to the roll out more broadly of House Faves. Despite this challenging backdrop, sales, traffic, and our development pipeline each improved in March, and that positive momentum continued into April.

與第四季度相比，Applebee’s 和 IHOP 的價值組合有所增加。在 Applebee's，價值組合從 28% 增加到 34%。在 IHOP，由於 House Faves 的推廣範圍更廣，這一比例從 16% 上升到了 19%。儘管面臨如此嚴峻的形勢，3 月份的銷售額、客流量和開發管道均有所改善，並且這種積極勢頭一直延續到了 4 月份。

Of course, recent global trade tensions have also introduced new uncertainty into the operating environment, and although it's still early to assess the impact of tariffs, we can confirm that only a small portion of our market basket is sourced internationally. Approximately 13% of IHOP and 10% of Applebee's annual market basket comes from international markets.

當然，最近的全球貿易緊張局勢也為經營環境帶來了新的不確定性，儘管現在評估關稅的影響還為時過早，但我們可以確認，我們的市場籃子中只有一小部分來自國際。IHOP 每年約有 13% 的銷售額和 Applebee 每年約有 10% 的銷售額來自國際市場。

From a construction cost standpoint, the vast majority of the total equipment package for a new restaurant opening utilizes finished goods from the US, although we may have component parts that come from overseas. We're closely monitoring this dynamic situation and are actively working with our supply chain co-ops, CSCS to mitigate the impact of tariffs on our franchisees to the best of our ability.

從建築成本的角度來看，新餐廳開業時，絕大部分設備都採用來自美國的成品，儘管我們可能有一些來自海外的零件。我們正在密切關注這一動態情況，並積極與我們的供應鏈合作社 CSCS 合作，盡最大努力減輕關稅對我們特許經營商的影響。

And during a challenging environment like this, it's worth emphasizing that our asset-like business model serves us well when combating macro headwinds. First, we continue to generate significant free cash flow. This enables us to make investments in our brands such as the reimaging incentive program while also returning capital to our shareholders.

在這樣一個充滿挑戰的環境中，值得強調的是，我們的資產式商業模式在應對宏觀逆風時發揮了良好的作用。首先，我們持續產生大量自由現金流。這使我們能夠對我們的品牌進行投資，例如重塑激勵計劃，同時也向我們的股東返還資本。

Second, our scale, our infrastructure and capital allows us to opportunistically take over restaurants to advance our long term goals in a period of reinvestment in our system. And last and most important, our business model is rooted in the strength and relevance of our brands and the strength and expertise of our franchisees.

其次，我們的規模、基礎設施和資本使我們能夠在系統再投資期間抓住機會接管餐館，以推進我們的長期目標。最後也是最重要的一點是，我們的商業模式植根於我們品牌的實力和相關性以及我們特許經營商的實力和專業知識。

With that, I'll now walk through our key financial results. In Q1, our EBITDA was $54.7 million compared to $60.8 million in the same quarter last year. Revenues were up 4% to $214.8 million. And for comp sales, Applebee's reported a 2.2% decline in comp sales, and IHOP posted comp sales of negative 2.7%. Adjusted free cash flow was $14.6 million which was a decrease of $15.1 million.

接下來，我將介紹我們的主要財務表現。第一季度，我們的 EBITDA 為 5,470 萬美元，而去年同期為 6,080 萬美元。營收成長 4% 至 2.148 億美元。就同​​店銷售額而言，Applebee 報告同店銷售額下降了 2.2%，IHOP 報告同店銷售額下降了 2.7%。調整後的自由現金流為 1,460 萬美元，減少了 1,510 萬美元。

Now shifting to our brands, I'll share updates across our portfolio, starting with Applebee's. As I mentioned earlier, Applebee's saw improvement in sales and traffic, closing the gap between our performance and Black Box, with positive comp sales in March, driven by the growth of off-premise and the Big Easy promotion.

現在轉向我們的品牌，我將分享我們產品組合的最新動態，從 Applebee's 開始。正如我之前提到的，Applebee 的銷售額和客流量都有所改善，縮小了我們與 Black Box 之間的業績差距，3 月份的銷售額實現了正增長，這得益於場外銷售的增長和 Big Easy 促銷活動的推動。

Off-premise comp sales increased 3.7% compared to last year, largely driven by demand for the really big meal deal, and our $0.50 America's Favorite Boneless Wings campaign featured during the NCAA basketball tournament. The positive trend in off-premise volume is validation of our deliberate effort to grow off-prem by including nationally advertised campaigns and featuring to go only promotions.

與去年相比，場外同店銷售額增長了 3.7%，這主要受到大餐需求的推動，而且我們在 NCAA 籃球錦標賽期間推出了 0.50 美元的“美國最受歡迎的無骨雞翅”促銷活動。場外交易量的正面趨勢證明了我們透過全國性的廣告宣傳活動和僅限外帶的促銷活動來擴大場外交易量的努力。

Menu innovation is an important initiative at Applebee's, and we're at a point where we're now able to introduce a new item every quarter. In Q1, we launched our Big Easy Menu featuring two new Bourbon Street Cajun pasta dishes at a compelling price point starting at $11.99. This limited time promotion leveraged the fan favorite Bourbon Street section of our menu, and the Big Easy Menu drove both sales and check in March, and that momentum continued into April.

菜單創新是 Applebee's 的一項重要舉措，現在我們每季都可以推出一款新菜色。第一季度，我們推出了「Big Easy」菜單，主打兩款全新的波本街卡真意麵，價格誘人，僅售 11.99 美元起。此次限時促銷充分利用了我們菜單中深受粉絲喜愛的波旁街系列，Big Easy 菜單在 3 月份的銷售額和收銀台均有所提升，這一勢頭持續到了 4 月份。

We also brought back our viral Date Night Pass. This year we made Date Night exclusively available through our loyalty program, Club Applebee's as a way to expand the program and create deeper connections with our guests. This resulted in over 175,000 new sign-ups, bringing our total Club Applebee's program to over 8.5 million members.

我們還重新推出了熱門的約會之夜通行證。今年，我們透過我們的忠誠度計劃 Club Applebee's 獨家推出了約會之夜，以擴大該計劃並與我們的客人建立更深的聯繫。這導致新註冊會員超過 175,000 名，使我們的 Club Applebee 計劃的總會員數超過 850 萬名。

Making Date Night exclusive to Club Applebee's is an example of how we're leaning into Club Applebee's in a way that we haven't done so before. Providing early or exclusive access to new products and promotions is a key component of our loyalty strategy.

將約會之夜專門設為 Applebee's 俱樂部的特色，是我們以前從未做過的方式向 Applebee's 俱樂部傾斜的一個例子。提供新產品和促銷活動的早期或獨家訪問權是我們忠誠度策略的重要組成部分。

We'll continue to leverage Applebee's strong brand relevance and tap into insights from IHOP's loyalty program to enhance the Club Applebee's platform and its offerings. Overall, we're encouraged by the results that we saw toward the end of the quarter, which have continued through April, and we attribute this momentum to our menu innovation, investments in social media, and the launch of Applebee's new guest training initiative.

我們將繼續利用 Applebee 強大的品牌相關性，並利用 IHOP 忠誠度計劃的見解來增強 Club Applebee 的平台及其產品。總體而言，我們對本季末的業績感到鼓舞，這種業績一直持續到四月份，我們將這種勢頭歸功於我們的菜單創新、對社交媒體的投資以及 Applebee 新客戶培訓計劃的推出。

Now to talk about IHOP, in early March, we opportunistically took back 10 IHOP restaurants located in Cincinnati, and we already have plans in place to convert four of these restaurants to dual brands. We'll update investors on our progress as we move through the conversion process.

現在說說IHOP，3月初，我們趁機收回了位於辛辛那提的10家IHOP餐廳，我們已經制定了將其中4家餐廳轉變為雙品牌的計劃。在轉換過程中，我們將向投資者通報進度。

Under Lawrence's leadership, IHOP is focused on several key programs. First is the House Faves value menu. Second, is focusing on core breakfast equities. Recall that approximately 80% of total food sales at IHOP are breakfast items, and that's nearly 65% during the dinner day part.

在勞倫斯的領導下，IHOP 專注於幾個關鍵項目。首先是 House Faves 超值菜單。第二，關注核心早餐股票。回想一下，IHOP 食品總銷售額中約 80% 是早餐食品，而晚餐時段的銷售額則接近 65%。

Third is streamlining operations to increase speed of service and reduced wait times. And the fourth focus for IHOP is igniting social media and other marketing activations to be more culture centric.

第三是簡化操作，提高服務速度，減少等待時間。IHOP 的第四個重點是激發社交媒體和其他行銷活動，使其更加以文化為中心。

Our commitment to IHOP House Faves value menu, which launched in Q4 '24, is performing exactly as we expected, and it's helped attract more guests to our restaurants. Despite headwinds in the family dining segment, the House Faves menu is a key driver for traffic growth, building on last quarter's momentum, and as a result, IHOP beat the family dining segment on traffic this quarter.

我們對 IHOP House Faves 超值菜單的承諾，該菜單於 24 年第四季度推出，其表現正如我們預期的那樣，並有助於吸引更多客人到我們的餐廳。儘管家庭餐飲領域面臨阻力，但 House Faves 菜單是客流量成長的主要推動力，延續了上個季度的勢頭，因此，IHOP 本季的客流量超過了家庭餐飲領域。

As part of IHOP's ongoing marketing efforts to create bigger, more exciting moments to connect with guests, on Saturday, March 1, IHOP set a Guinness Book of World Records for most pancakes served in eight hours by serving over 25,000 pancakes. This event brought strong marketing awareness, social buzz, and garnered over 3 billion impressions, driving the largest National Pancake Day sales lift that we've seen since COVID.

作為 IHOP 持續行銷努力的一部分，為了創造更大、更激動人心的時刻來與客人建立聯繫，3 月 1 日星期六，IHOP 創造了八小時內供應煎餅數量最多的吉尼斯世界紀錄，共供應了超過 25,000 張煎餅。這項活動帶來了強大的營銷意識和社會熱議，並獲得了超過 30 億次的曝光，推動了自新冠疫情以來全國煎餅日銷售額的最大增長。

We're pleased to see the positive momentum after Lawrence's first quarter at the helm of IHOP, and I'm looking forward to seeing continued progress at the brand.

我們很高興看到勞倫斯執掌 IHOP 的第一個季度以來出現的積極勢頭，我期待看到該品牌繼續取得進步。

And now to discuss Fuzzy's. Comp sales continued to be pressured as traffic trends remained challenging for the brand. During the quarter, Fuzzy's implemented several initiatives to enhance its performance, including introducing its first system-wide Happy Hour to help boost dine-in traffic and expand our bar business.

現在來討論一下 Fuzzy。由於客流量趨勢對該品牌而言仍充滿挑戰，同店銷售額持續承壓。在本季度，Fuzzy's 實施了多項舉措來提升業績，包括推出首個全系統歡樂時光，以幫助增加堂食客流量並擴大我們的酒吧業務。

To support off-premise sales, Fuzzy's revamped its online ordering website and partnered with third party delivery services to increase market visibility and reach our guests where they are and how they want to order. And on the operations front, Fuzzy's is in the process of installing wireless and mobile pay systems in all locations, making the payment process more convenient for guests. This update will be completed by June.

為了支持場外銷售，Fuzzy's 改進了其線上訂購網站，並與第三方送貨服務合作，以提高市場知名度，並讓顧客在他們所在的地方以他們想要的方式訂購。在營運方面，Fuzzy's 正在所有門市安裝無線和行動支付系統，讓客人的支付過程更加便捷。此次更新將於六月完成。

Turning to our international business, we are encouraged by the development discussions we've had with both new and existing international franchisees. In March, we detailed our plans to expand the dual brand concept for the goal of opening 13 additional dual brands, while also completing 10 dual conversions this year, which will more than double our international dual brand restaurant count to 41.

談到我們的國際業務，我們與新的和現有的國際特許經營商進行的發展討論令我們感到鼓舞。今年 3 月，我們詳細制定了擴大雙品牌概念的計劃，目標是今年再開設 13 個雙品牌，同時完成 10 個雙品牌轉換，這將使我們的國際雙品牌餐廳數量增加一倍以上，達到 41 家。

This includes our first ever dual brand restaurant in Costa Rica, which will open in Q3 and the opening of the first non-traditional restaurant in Mexico. Latin America is a key international market for us, and we are excited to be working in partnership with our franchisees to strategically scale our presence in these countries and with new restaurant formats.

其中包括我們在哥斯達黎加的第一家雙品牌餐廳，該餐廳將於第三季開業，以及在墨西哥開設第一家非傳統餐廳。拉丁美洲是我們重要的國際市場，我們很高興能與我們的特許經營商合作，透過新的餐廳模式策略性地擴大我們在這些國家的影響力。

And finally, I'll discuss our development plans in more detail. We're pleased with the performance of our dual brand concept, and we remain on target for our 14 domestic dual brand openings this year. Our first domestic dual brand in Seguin, Texas continues to perform above expectations, doing approximately 3 times the sales compared to when it was a standalone IHOP.

最後，我將更詳細地討論我們的發展計劃。我們對雙品牌理念的表現感到滿意，今年我們仍將維持 14 家國內雙品牌開幕的目標。我們位於德州塞金的首個國內雙品牌繼續表現超出預期，其銷售額約為獨立 IHOP 時的 3 倍。

Guest feedback is very positive, especially around the fully combined menu of brand favorites. In fact, our franchisee in San Antonio just signed up to open eight more dual brands in the market over the next two years.

客人的回饋非常積極，尤其是圍繞品牌特色菜的完整組合菜單。事實上，我們在聖安東尼奧的特許經營商剛剛簽約，將在未來兩年內在市場上再開設八個雙品牌。

As a result of this strong showing, we continue to receive interest from both new and existing franchisees to build or convert to this new concept. And based on our current pipeline, we plan to have more openings in 2026.

由於這一強勁表現，我們繼續受到新舊特許經營商的興趣，以建立或轉變為這一新概念。根據我們目前的專案儲備，我們計劃在 2026 年開設更多新酒店。

So in fact, just last week, a current Applebee's and IHOP franchisee successfully acquired a portfolio of six additional Applebee's restaurants, and another IHOP franchisee acquired a portfolio of five Applebee's all in Wisconsin.

事實上，就在上週，一家 Applebee's 和 IHOP 特許經營商成功收購了另外六家 Applebee's 餐廳，另一家 IHOP 特許經營商則收購了位於威斯康辛州的五家 Applebee's 餐廳。

This strategic transaction marks a significant expansion, allowing these two strong operators to further diversify their portfolio and strengthen their presence in casual dining. The acquired Applebee's restaurants will either be converted to dual brands or they'll complete Applebee's reimage program.

這項策略性交易標誌著一次重大擴張，使這兩家實力雄厚的業者能夠進一步實現產品組合多元化，並加強其在休閒餐飲領域的地位。被收購的 Applebee 餐廳要么將轉換為雙品牌，要么將完成 Applebee 的重塑計劃。

And these deals in particular are positive indicators that our development strategy is resonating with our franchisees for two reasons. First, it's a great example of franchisee cross pollination between our brands. And second, it shows that our franchisees are engaged and interested in growing our brands, particularly with our new restaurant formats that are demonstrating great results.

這些交易尤其顯示出積極的跡象，表明我們的發展策略與我們的特許經營商產生了共鳴，原因有二。首先，這是我們品牌之間特許經營商相互影響的一個很好的例子。其次，這表明我們的特許經營商積極參與並有興趣發展我們的品牌，特別是我們的新餐廳模式已取得巨大成功。

So these recent deals also build on top of the approximately 100 franchise and corporate restaurants that we're expecting to remodel by the end of the year as part of the Applebee's Lookin' Good program. It's an important first step in the reimage cycle and reinforces our commitment to refreshing the Applebee's restaurants. We're pleased to see the positive reaction from franchisees to our new development and restaurant experiences, and that's an indicator of the enduring strength and relevancy of our brands.

因此，這些最近的交易也是在我們預計在今年年底前改造的約 100 家特許經營和公司餐廳的基礎上進行的，這是 Applebee 的 Lookin' Good 計劃的一部分。這是重塑週期中重要的第一步，並加強了我們更新 Applebee 餐廳的承諾。我們很高興看到特許經營商對我們的新發展和餐廳體驗的積極反應，這表明我們的品牌具有持久的實力和相關性。

And now our company owned portfolio. As a reminder, in addition to the 10 IHOPs we took back this quarter, we also took back 47 Applebee's in Q4 '24. This year will be a transition year with investments tied to operations, marketing, remodeling, and dual brand conversions of these restaurants, and we're working quickly to execute on each of these initiatives.

現在我們公司擁有自己的投資組合。提醒一下，除了本季我們收回的 10 家 IHOP 之外，我們還在 24 年第四季收回了 47 家 Applebee's。今年將是過渡年，投資將與這些餐廳的營運、行銷、改造和雙品牌轉換相關，我們正在迅速執行每項措施。

Since we acquired them last year, we've pulled a number of key levers around marketing and operations to improve performance. For example, we adjusted our menu pricing based on a data driven pricing optimization study, and we boosted local marketing efforts.

自去年收購以來，我們在行銷和營運方面採取了許多關鍵措施來提高業績。例如，我們根據數據驅動的定價優化研究調整了菜單定價，並加強了本地行銷力度。

We increased staffing levels. And within the Atlanta market, we extended restaurant hours to capture more of the lunch day part. As of today we've completed two remodels, with 28 more planned for 2025. As a result of these initiatives, we've seen a steady improvement in comp sales and traffic since we took over, and we'll continue to update investors on our progress as the year progresses.

我們增加了人員配置水準。在亞特蘭大市場，我們延長了餐廳營業時間，以獲得更多午餐時段的客戶。截至今天，我們已經完成了兩次改造，並計劃在 2025 年完成另外 28 次改造。由於這些舉措，自我們接手以來，我們的銷售額和客流量穩步提高，我們將繼續向投資者通報我們在今年的進展。

And so now I will turn the call over to Vance.

現在我將把電話轉給萬斯。

Thank you, John. On the top line, consolidated total revenues increased 4.1% to $214.8 million in Q1 versus $206.2 million in the prior year, primarily driven by a $21.3 million increase in company restaurant sales, partially offset by a $9.7 million decrease in franchise revenues.

謝謝你，約翰。總體而言，第一季綜合總收入成長 4.1% 至 2.148 億美元，而去年同期為 2.062 億美元，這主要得益於公司餐廳銷售額增長 2,130 萬美元，但特許經營收入減少 970 萬美元，部分抵消了這一增長。

Our total franchise revenues decreased 5.5% to $166.2 million compared to $175.9 million for the same quarter of 2024. Excluding advertising revenues, franchise revenues decreased 4.9%. Rental segment revenues for the first quarter of 2025 decreased compared to the same quarter of 2024, primarily due to lease terminations and a decrease in percentage rent attributable to lower system sales.

我們的特許經營總收入為 1.662 億美元，而 2024 年同期為 1.759 億美元，下降 5.5%。不包括廣告收入，特許經營收入下降了4.9%。2025 年第一季租賃部門收入與 2024 年同期相比有所下降，主要原因是租約終止以及系統銷售額下降導致租金百分比下降。

G&A expenses were $51.3 million in Q1 of 2025, down from $52.2 million in the same period of last year due to a decrease in compensation related expenses, offset by an increase in legal and professional service fees.

2025 年第一季的一般及行政費用為 5,130 萬美元，低於去年同期的 5,220 萬美元，原因是薪酬相關費用減少，但被法律和專業服務費用的增加所抵銷。

Adjusted EBITDA for Q1 of 2025 decrease to $54.7 million from $60.8 million in Q1 of 2024. Adjusted diluted EPS for the first quarter of 2025 was $1.03 compared to adjusted diluted EPS of $1.33 for the first quarter of 2024.

2025 年第一季調整後 EBITDA 從 2024 年第一季的 6,080 萬美元下降至 5,470 萬美元。2025 年第一季調整後稀釋每股收益為 1.03 美元，而 2024 年第一季調整後稀釋每股收益為 1.33 美元。

Now turning to the statement of cash flows. We had adjusted free cash flow of $14.6 million for the first three months of 2025 compared to $29.7 million for the same period of last year, driven by lower cash flows from operating activities.

現在轉向現金流量表。由於經營活動現金流減少，我們調整了 2025 年前三個月的自由現金流為 1,460 萬美元，而去年同期為 2,970 萬美元。

Cash provided by operations at the end of the first quarter of 2025 was $16.1 million compared to cash provided from operations of $30.6 million for the same period of 2024. The decrease was primarily due to an unfavorable decrease in working capital resulting from a shift in timing of prepaid rent payments and the collection of an income tax settlement in the prior period, as well as the decrease in gross segment profit offset by a decrease in incentive compensation payments.

2025 年第一季末經營活動提供的現金為 1,610 萬美元，而 2024 年同期經營活動提供的現金為 3,060 萬美元。下降的主要原因是，由於預付租金支付時間的變化和上期所得稅結算的收取導致營運資本不利減少，以及分部毛利潤的減少被激勵薪酬支付的減少所抵消。

CapEx through Q1 of 2025 was $3.3 million compared to $3.3 million for the same period of 2024. We finished the first quarter with total unrestricted cash of $186.5 million compared with unrestricted cash of $186.7 million at the end of the fourth quarter.

2025 年第一季的資本支出為 330 萬美元，而 2024 年同期為 330 萬美元。我們第一季末的非限制現金總額為 1.865 億美元，而第四季末的非限制現金總額為 1.867 億美元。

Regarding capital allocation, organic investments will continue to be a focus along with balance sheet management and returning capital to shareholders. Remodeling the Applebee's system is a key initiative, and as we mentioned last quarter, we are providing an early adopter incentive for franchisees which will have an impact on our P&L.

在資本配置方面，有機投資將繼續成為重點，同時也要注意資產負債表管理並向股東返還資本。重塑 Applebee 系統是一項關鍵舉措，正如我們上個季度提到的，我們為特許經營商提供早期採用者激勵，這將對我們的損益產生影響。

On buybacks and dividends, we repurchased $1.6 million in shares and paid $7.8 million in dividends in Q1 of 2025. We continue to remain committed to returning capital to shareholders while also ensuring we invest in our business and maintain a healthy balance sheet.

在回購和股息方面，我們在 2025 年第一季回購了價值 160 萬美元的股票並支付了 780 萬美元的股息。我們將繼續致力於向股東返還資本，同時確保我們對業務進行投資並保持健康的資產負債表。

As we prepare for the upcoming anticipated repayment date of our remaining Series 2019 bonds, we will look for the best window over the next several months to refinance those notes. Next, let me discuss Applebee's performance.

當我們為即將到來的剩餘 2019 系列債券預期還款日做準備時，我們將在未來幾個月內尋找最佳時機為這些票據進行再融資。接下來我來討論Applebee的表現。

Q1 same stores restaurant sales were negative 2.2%. Average weekly sales in 2025 was $54,700 including approximately $12,800 from off-premise or over 23% of total sales, of which 12.5% is from to go and 10.9% is from delivery.

第一季同店餐廳銷售額為負2.2%。2025 年每周平均銷售額為 54,700 美元，其中約 12,800 美元來自場外銷售，佔總銷售額的 23% 以上，其中 12.5% 來自外賣，10.9% 來自送貨。

IHOP's Q1 same restaurant sales were 2.7%. Average weekly sales were $36,500, including $7,700 from off-premise or over 21% of total sales, of which 8% is from to go and 13% is from delivery.

IHOP 第一季同店銷售額成長 2.7%。每周平均銷售額為 36,500 美元，其中 7,700 美元來自場外銷售，佔總銷售額的 21% 以上，其中 8% 來自外賣，13% 來自送貨。

Turning to commodities, Applebee's commodity costs in Q1 increased by 0.5%, and IHOP commodity costs increased by 8.4% versus the prior year. Our supply chain co-ops, CSCS continues to expect pricing in 2025 at Applebee's to be flat to slightly down.

談到商品，Applebee 第一季的商品成本比前一年增加了 0.5%，IHOP 的商品成本增加了 8.4%。我們的供應鏈合作社 CSCS 繼續預計 2025 年 Applebee's 的價格將持平或略有下降。

At IHOP, we now expect commodity costs to increase by mid-single digits for the full year versus our prior expectations of low to mid-single digits for the full year, driven by the continued impact of elevated egg pricing as a result of the avian influenza.

在 IHOP，我們目前預計全年商品成本將成長中等個位數，而我們先前預計全年商品成本將成長低至中等個位數，這是由於禽流感導致雞蛋價格上漲的持續影響。

While our egg costs have increased, as with the rest of the industry, CSCS continues to keep the system in supply of eggs at prices that are competitive to the overall marketplace. We have strong and reliable suppliers supporting the needs of our system in a very challenging environment.

儘管我們的雞蛋成本與業內其他公司一樣上漲，但 CSCS 仍繼續以與整體市場具有競爭力的價格供應雞蛋。我們擁有強大而可靠的供應商，在極具挑戰性的環境中支援我們系統的需求。

As John previously mentioned, the tariff situation remains very fluid. Therefore, while we continue to closely monitor how our food costs could be impacted, our forecasts for commodity costs do not account for the impact of tariffs.

正如約翰之前提到的，關稅情況仍然非常不穩定。因此，雖然我們繼續密切關注食品成本可能受到的影響，但我們對商品成本的預測並未考慮關稅的影響。

CSCS continues to work across both systems to identify additional cost saving opportunities and support restaurant profitability initiatives through both operational improvements and input costs. Today in 2025 we have implemented projects resulting in over $14 million of annualized savings across both systems and we continue to partner with CSCS to leverage our scale and make progress on our cross-functional restaurant profitability initiatives.

CSCS 繼續在兩個系統之間開展工作，以發現額外的成本節約機會，並透過營運改善和投入成本來支援餐廳獲利計畫。如今，在 2025 年，我們已經實施了多個項目，為兩個系統帶來了超過 1400 萬美元的年度節省，並且我們將繼續與 CSCS 合作，利用我們的規模優勢，推進跨職能餐廳盈利計劃。

On the labor front, franchisees continue to report that staffing and labor costs remain relatively stable. Before turning the call back over to John for Q&A, I'd like to add that we are maintaining our full year financial guidance at this time. With that, I'll hand it back over to John.

在勞動力方面，特許經營商繼續報告人員配備和勞動力成本保持相對穩定。在將電話轉回約翰進行問答之前，我想補充一點，我們目前仍維持全年財務指導。說完這些，我就把它交還給約翰。

Thank you, Vance. We continue to advance our strategic initiatives, including our value platforms, reimaging our restaurants, our dual brand conversions, our restaurant take backs, and strengthening our social media, and I am pleased that we are making great progress on all fronts.

謝謝你，萬斯。我們繼續推進我們的策略性舉措，包括我們的價值平台、重塑我們的餐廳、我們的雙品牌轉換、我們的餐廳回收以及加強我們的社交媒體，我很高興我們在各個方面都取得了巨大進展。

So now let's turn the call back to the operator and we will open up for questions.

現在讓我們將電話轉回接線員，我們將開始回答問題。

(Operator Instructions) Eric Gonzalez, KeyBanc.

（操作員指示）Eric Gonzalez，KeyBanc。

Hi, good morning and thanks for the question. I appreciate the comment on Applebee's in April. I'm just wondering if you could maybe give a little more context. I know last year you brought back the Dollarita in May, so I'm guessing your year-over-year comparison gets a little bit more difficult.

你好，早安，謝謝你的提問。我很感謝您對四月 Applebee 的評論。我只是想知道您是否可以提供更多背景資訊。我知道去年 5 月你們重新推出了 Dollarita，所以我猜你們的同比比較會變得更加困難。

So can you just help us understand what's going on from a multi-year perspective as you exited in March and went into April and what we should expect for the remainder of the second quarter, and then I have a quick follow-up.

那麼，您能否幫助我們從多年的角度了解一下您在 3 月份退出並進入 4 月份的情況，以及我們對第二季度剩餘時間的預期，然後我有一個快速的跟進。

Hey, good morning, Eric. It's John. Thanks. We'll have Vance can address the trend there.

嘿，早上好，艾瑞克。是約翰。謝謝。我們會讓萬斯來解決那裡的趨勢。

Morning Eric. Well -- So in January we really saw this modest improvement relative to Q4 on both of our brands. But as we got into Feb, we did see some pressure on rest of industry. But a much improved March, which is carrying into April, as you pointed out.

早安，埃里克。嗯——所以在一月份，我們確實看到我們兩個品牌相對於第四季度都有了適度的改善。但進入二月，我們確實看到其他行業面臨一些壓力。但正如您所指出的，三月的情況已經大大改善，並且這種狀況將持續到四月。

So despite the positive -- the tough compares from last year, we saw momentum continue and into beyond April as well. So this is part of the reason why we're optimistic that the plan is working. And a big part of this momentum is driven by just the Big Apple promotion and then also the off-premise momentum that we saw in Q1.

因此，儘管與去年相比存在積極的因素，但我們看到這種勢頭持續到 4 月以後。這也是我們樂觀地認為該計劃能夠奏效的原因之一。這種勢頭很大程度上是由大蘋果促銷活動以及我們在第一季看到的場外勢頭推動的。

Yeah, and Eric, it's John. I'll just -- I'll put a little bit of an exclamation point on that in that. Strategically for Applebee's, we learned a lot last year about what drives our customer in terms of value. We dipped our toe into a couple of different offerings.

是的，艾瑞克，我是約翰。我只是——我會在那裡加一點感嘆號。從 Applebee's 的策略角度來看，去年我們學到了很多關於顧客價值驅動因素的知識。我們嘗試了幾種不同的產品。

And what we concluded and is really influencing us this year is that we really got back to the basics of what our guests tell us they love most about us. We got back to what our menu analysis tells us sells best. And what we've been long known for.

我們得出的結論，也是今年對我們影響最大的是，我們真正回歸了客人最愛我們的地方。我們回到菜單分析，看看哪些菜色最暢銷。這也是我們長久以來聞名的原因。

And so by leaning into the Bourbon Street portion of our menu, that's not an accident, right? That is one of the most favorite segments of our menu. By introducing two new Bourbon Street dishes, we drove traffic and sales in a way that we haven't in several quarters, and that's why I think we were able to hold our own at a time when as we all know that our guest is watching his or her wallet more than ever.

因此，透過傾向於我們菜單上的波旁街部分，這並不是偶然的，對吧？這是我們菜單上最受歡迎的部分之一。透過推出兩款新的波本街菜餚，我們以幾個季度以來從未有過的方式推動了客流量和銷售額，這就是為什麼我認為我們能夠在我們都知道我們的客人比以往任何時候都更加關注自己的錢包的時候保持自己的地位。

That's helpful. And just as it relates to the value incident, I think you mentioned 34% up from 28%. Is that a range that you're comfortable operating in or would you expect that to go up or down as we move ahead here?

這很有幫助。正如它與價值事件相關，我認為您提到的是 34%，高於 28%。這是您可以接受的範圍嗎？或者您認為隨著我們繼續前進，這個範圍會上升或下降嗎？

We are comfortable with that. It's at the high end of what I would say is the historic range of the last couple of years that we've been in this more value oriented context. And we're comfortable with where it is because of the investment we're making in 2Q '25, which by the way is a profitable good margin area of our menu, particularly for value and a place for us to introduce new entrees as well. I would suspect that if and when we return to an environment where guests feel less pressure on their wallet, that number would come down a bit.

我們對此感到滿意。我想說的是，過去幾年我們一直處於更注重價值的環境中，目前處於歷史最高水準。我們對目前的狀況感到滿意，因為我們在 2025 年第二季度進行了投資，順便說一句，這是我們菜單上利潤豐厚的領域，特別是價值方面，也是我們推出新主菜的地方。我想，如果我們回到一個客人錢包壓力較小的環境，這個數字就會下降一點。

Jake Bartlett, Truist Securities.

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

Hi guys, this is [Larsson] on for Jake. We just had a question on IHOP. Looks like you're reiterating guidance same store sales, would imply an acceleration throughout the remainder of the year. Just wondering, is that solely due to ease and compares? Are you making any changes from the industry into that? Like what gives you the most confidence in terms of your own self-help drivers to accelerate. Thank you.

大家好，我是 [Larsson]，為 Jake 播報。我們剛剛對 IHOP 有一個疑問。看起來您正在重申同店銷售指導，這意味著今年剩餘時間內銷售額將加速成長。只是想知道，這只是因為容易和比較嗎？您是否對行業做出了任何改變？例如什麼能讓你對自己的自助駕駛加速最有信心。謝謝。

Thanks, Larsson. So Vance, why don't you talk about the trend and how we're looking at it. And then Lawrence, I'd love for you to talk about the IHOP strategy that gives us confidence for the back half of the year.

謝謝，拉爾森。那麼萬斯，為什麼不談談這個趨勢以及我們如何看待它呢？然後勞倫斯，我希望您能談談 IHOP 戰略，該戰略讓我們對今年下半年充滿信心。

Of course. So the trend we saw with IHOP is similar to Applebee's. We saw the momentum of traffic building in towards the later part of Q1 and continuing to into the early part of Q2. And big part of it is driven by House Faves that the success of it and how our guests are reacting to it.

當然。因此，我們看到的 IHOP 的趨勢與 Applebee 的趨勢相似。我們看到流量的成長動能在第一季後期逐漸增強，並持續到第二季​​初期。而這很大程度上得益於 House Faves 的成功以及我們的客人對它的反應。

And we have more sort of more in the works for the later part of this year that Lawrence will talk about that, that gives us comfort that we can maintain our IHOP com sales guidance.

我們在今年下半年還有更多計劃，勞倫斯將會談論這些，這讓我們有信心維持我們的 IHOP.com 銷售指導。

Yeah, hey Larsson, good morning. So as John mentioned earlier on the call, there are four key areas that the team is really rallying for the year. The first is what we call, the focus on our core breakfast equities. And as you mentioned, it's around 70%, 80% of our total food sales are accounted for in the breakfast -- of our breakfast offerings. So this is our core area.

是的，嘿，拉爾森，早安。正如約翰早些時候在電話會議上提到的那樣，球隊今年真正要努力的關鍵領域有四個。首先，我們所說的重點是核心早餐資產。正如您所說，我們的早餐食品銷售額佔了總食品銷售額的 70% 到 80%。這是我們的核心領域。

Our primary messaging is really driven towards these core breakfast equities. But that then follows into our second key priority which is value. And so we've had now House Faves since last October, so it's been almost seven months. And we're amplifying our marketing which we've been doing now for the past quarter, and we're going to continue to support this value program. We're also testing the evolution of our value.

我們的主要訊息確實針對這些核心早餐權益。但接下來就是我們的第二個關鍵優先事項，即價值。我們從去年十月開始就有 House Faves，到現在已經快七個月了。我們正在加強過去一個季度一直在進行的行銷，我們將繼續支持這項價值計劃。我們也在測試我們價值的演變。

And what this means for consumers, we mentioned this last quarter and we'll continue to test and learn. And value is going to be an important play as we continue to the rest of the year. And then the third is simplifying our operations.

這對消費者意味著什麼，我們在上個季度提到了這一點，我們將繼續測試和學習。在接下來的一年中，價值將發揮重要作用。第三是簡化我們的操作。

John mentioned areas of speed. We're looking at areas also focused on cleanliness, simplifying procedures, looking at ingredients, and this is a key focus of our operations team, just because we want to enhance the not just the consumer experience and the guest experience in restaurants, but also we want to amplify and enhance and ease our team member experience as well.

約翰提到了速度領域。我們正在關注的領域也集中在清潔度、簡化程序、專注於食材等方面，這是我們營運團隊關注的重點，因為我們不僅希望提升消費者體驗和餐廳的客人體驗，還希望擴大、增強和簡化我們團隊成員的體驗。

And the fourth key driver is this culture driving marketing. I -- we all know it's critical more than ever to drive awareness, which we've done, we've amplified our media plans. But a big part of it is just being part of conversation.

第四個關鍵驅動因素是文化推動行銷。我——我們都知道提高認識比以往任何時候都更加重要，我們已經做到了這一點，我們已經擴大了我們的媒體計劃。但很大一部分只是對話的一部分。

Driving top of mind awareness, we broke through with that Guinness World Record events, over 3 billion impressions. We're continuing to look at different activations, and really just figuring out how to stay engaged, whether it's social, whether it's PR, and making sure that we're top of mind, especially you've got a lot of cool stuff coming up and we're excited for the rest of the year.

推動頭腦意識的提升，我們突破了金氏世界紀錄，曝光次數超過 30 億次。我們正在繼續研究不同的激活方式，並且真正弄清楚如何保持參與度，無論是社交還是公關，並確保我們處於首要位置，特別是你有很多很酷的東西即將推出，我們對今年剩餘的時間感到興奮。

I'll also add to that Larsson and for all the guys that IHOP comp traffic beat Black Box for the quarter. We were up 4.3% for the quarter and improved each and every month of the quarter. We haven't done that in a couple of years, and so that's significant and tells us that the House Faves menu as well as the other plans the IHOP leadership team has put in place is resonating.

我還要補充一點，拉爾森和其他人都表示，本季 IHOP 的客流量超過了 Black Box。本季我們的業績成長了 4.3%，每個月都有所提升。我們已經有幾年沒有這樣做了，所以這很重要，並告訴我們 House Faves 菜單以及 IHOP 領導團隊制定的其他計劃正在引起共鳴。

And also notably, the absolute number of traffic. So absolute traffic was up in March, and that continued into April as well. We haven't seen traffic growth on an absolute basis for IHOP in years also. So the plan is coming together and we're seeing it in these numbers.

值得注意的是，流量的絕對數量。因此，三月絕對流量有所上升，並且這種趨勢一直持續到四月。多年來，我們也沒有看到 IHOP 的客流量絕對成長。所以計劃正在形成，我們從這些數字中看到了這一點。

Dennis Geiger, UBS.

瑞銀集團的丹尼斯蓋格。

Great, thanks guys. First, I just wanted to ask a little bit more on value and the value proposition right now with both brands. John, you gave a lot of good color there. I'm curious if anything to highlight as it relates to the kind of the customer value perceptions. How the customers viewing the brand on value right now.

太好了，謝謝大家。首先，我只想多問一些關於這兩個品牌目前的價值和價值主張的問題。約翰，你為那裡增添了很多美麗的色彩。我很好奇，是否有任何與客戶價值認知相關的值得強調的內容。顧客目前如何看待該品牌的價值。

And Lawrence, you kind of touched on it a bit for the brand as it relates to sort of an evolution of value at IHOP. But I'm curious as it relates to both brands, how you guys think about value positioning and kind of if there will be a notable evolution from here on value plans depending on the macro, or if the brands are generally kind of where you want them to be on value right now.

勞倫斯，您稍微談了一下品牌方面的問題，因為它與 IHOP 的價值演變有關。但我很好奇，因為這與兩個品牌有關，你們如何看待價值定位，以及從現在起，價值計劃是否會根據宏觀情況發生顯著的演變，或者這些品牌的價值是否總體上處於您希望它們現在所處的位置。

Thanks, Dennis. Lawrence, why don't you go first and I'll follow up.

謝謝，丹尼斯。勞倫斯，你先走，我跟上。

Yeah, hey Dennis. So we're always listening to our consumers. We have now seven months of House Faves in markets. And House Faves right now is Monday through Friday. And one of the pieces of feedback is, hey, could this be an everyday program, and that is what we're testing currently in several markets today.

是的，嘿，丹尼斯。因此我們始終在傾聽消費者的意見。目前，我們的 House Faves 已經在市場上銷售了七個月。目前 House Faves 的播出時間是週一至週五。其中一個回饋是，嘿，這可能是一個日常計劃，而這正是我們目前在幾個市場測試的。

But when we look at value and right now we have four incredible breakfast offerings at $6, $7 in some markets. We're of course looking at price points. We're looking at the food options. We're looking at, of course, the availability of time, which is that everyday test.

但當我們考慮價值時，現在我們在某些​​市場上提供四種令人難以置信的早餐，價格為 6 美元、7 美元。我們當然會考慮價格點。我們正在研究食物選擇。當然，我們正在考慮是否有時間，也就是每天的測驗。

And we're just going to continue to evaluate how value lives within our consumers' minds, but also the consumer experience. The other way we're thinking about value is also are other channels that we could drive value offerings.

我們將持續評估價值在消費者心中的地位以及消費者體驗。我們思考價值的另一種方式是，我們可以透過其他管道來推動價值的提供。

Digital delivery, even our loyalty platform with our International Bank of Pancakes, what we call the Stack Market. These are all areas that we're finding not just increased value for our loyal guests, but also just bringing new traffic again because we want to make sure that we have offerings from a value perspective in their minds on an everyday basis.

數位化交付，甚至包括我們的國際煎餅銀行忠誠度平台，我們稱之為 Stack Market。我們發現，這些領域不僅可以為我們的忠實顧客增加價值，還可以再次帶來新的客流量，因為我們希望確保我們每天都能從價值的角度向他們提供產品。

Yeah, thanks, Lawrence. And everything Lawrence said, plus Dennis, I like the word in your question of evolution because that is the way we're thinking about it at both brands. And particularly the Applebee's, which I'm now speaking for, we are a like any company, we're a learning, living, and most importantly evolving organization.

是的，謝謝，勞倫斯。勞倫斯和丹尼斯所說的一切，我喜歡你問題中「進化」這個詞，因為這是我們對兩個品牌的思考方式。尤其是我現在所代表的 Applebee's，我們就像任何一家公司一樣，是一個不斷學習、生存，最重要的是不斷發展的組織。

We learned a lot last year about how and when our value proposition resonates with guests. I think when we tried to be something we weren't, we were less successful. And when we've returned this year to what we do best. We can see the performance.

去年，我們學到了很多關於我們的價值主張如何以及何時引起客人共鳴的知識。我認為，當我們試圖成為我們不是的人時，我們就不會那麼成功。今年我們又回到了我們最擅長的領域。我們可以看到其表現。

And so we're going to continue to lean into 2Q '25, and you're going to see us evolve it throughout the year. We've got a new campaign that's coming behind it. We're using it as a mechanism to introduce new entrees as part of our 2Q '25 messaging. And the refining of our value proposition will really be through that platform.

因此，我們將繼續關注 2025 年第二季度，您將看到我們全年都在不斷發展。我們即將開展一項新的活動。我們將其用作一種機制，在 2025 年第二季度的信息傳遞中推出新的主菜。我們的價值主張的完善將真正透過該平台進行。

Great. Thanks guys. And one more if I could. Encouraging to hear some of the initial results you're seeing from the dual branded concepts, as well as what sounds like good franchisee demand, I'm just curious, bigger picture as you kind of think about franchisee sentiment for both brands and kind of that that new open demand sentiment, if that's changed sort of how you're thinking about the longer term.

偉大的。謝謝大家。如果可以的話，我還要再說一句。很高興聽到您從雙品牌概念中看到的一些初步結果，以及聽起來不錯的特許經營需求，我只是好奇，從更大的角度考慮特許經營商對這兩個品牌的情緒，以及那種新的開放需求情緒，這是否改變了您對長期的看法。

I know we don't want to get too far ahead of ourselves, but as it relates to the long term development of demand and your confidence maybe in where long term development for both brands can go.

我知道我們不想走得太遠，但這與需求的長期發展有關，也許您對這兩個品牌的長期發展方向有信心。

Yeah, I think you're asking if the mix of individual brand openings and dual brands changes or how we're thinking about that as a result of the dual brand. And we expect to continue to open single Applebee's, single IHOPs, as well as duels, and there's a lot of factors that influence that Dennis, including things as literal and practical as territories, right?

是的，我想您問的是單一品牌開幕和雙品牌的組合是否會發生變化，或者我們如何看待雙品牌帶來的變化。我們預計將繼續開設單一 Applebee's、單一 IHOP 以及決鬥，有很多因素會影響丹尼斯，包括像領土這樣實際和實際的事情，對嗎？

And that not every IHOP can take an Applebee's and not every Applebee's can take an IHOP because of the adjacent brand next to them. And we are being very respectful of our existing franchisees, territories and making sure that the dual brands when we add an extra brand that it doesn't infringe on either restaurant that's in the territory.

並不是每個 IHOP 都可以接納 Applebee’s，並不是每個 Applebee’s 都可以接納 IHOP，因為它們旁邊有相鄰的品牌。我們非常尊重我們現有的特許經營商和經營區域，並確保當我們添加額外的品牌時，雙重品牌不會侵犯該區域內任何一家餐廳的權益。

So for example, IHOP is continuing to open 40 restaurants a year. It's done that for the last couple of years. It'll do it again this year. We expect it to do so in the future. I think that's remarkable for a brand of its size as well as its tenure.

例如，IHOP 每年都會繼續開設 40 家餐廳。過去幾年來，它一直都是這麼做的。今年它將再次這樣做。我們期望未來它也能如此。我認為對於具有如此規模和歷史的品牌來說，這是非常了不起的。

And it's obviously it's a commitment shown by our IHOP franchisees to that concept. And when it comes to Applebee's, we're seeing our franchisees begin to build some new brands, some new Applebee's again, and some of our largest franchisees are doing so.

這顯然是我們 IHOP 特許經營者對這一理念的承諾。說到 Applebee’s，我們看到我們的特許經營商開始建立一些新品牌，一些新的 Applebee’s，我們的一些最大的特許經營商正在這樣做。

We have just completed the work on the prototype that we've been talking about for a long time and we've now been able to get cost estimates that take $1 million out of the cost of that build. We're going to build our own Applebee's in the back half of this year to demonstrate that cost model.

我們剛剛完成了我們討論已久的原型工作，現在我們已經能夠獲得成本估算，從該構建成本中拿出 100 萬美元。我們將在今年下半年建立自己的 Applebee's 來展示該成本模型。

And so that we can have that as a catalyst going forward. So I expect going forward that you'll see a healthy mix of dual brands as well as continuing single brands. Internationally, you're more likely to see dual brands as the primary vehicle.

這樣我們就可以將其作為前進的催化劑。因此，我預計未來你會看到雙品牌和單一品牌的健康組合。在國際上，你更有可能看到雙品牌作為主要載體。

Brian Vaccaro, Raymond James.

布萊恩·瓦卡羅、雷蒙·詹姆斯。

Hi, thanks and good morning. Just back to the Applebee's remodel package to looking good, that you mentioned, could you remind us the different levels of investment that are within the different tiers of the remodel. And I think you mentioned some franchisee incentives, could you elaborate on that and how or quantify the impact you expect on your P&L in 2025?

你好，謝謝，早安。回到您提到的 Applebee 改造方案，您能否提醒我們改造的不同層級需要不同的投資等級。我認為您提到了一些特許經營激勵措施，您能否詳細說明一下，以及您預計這些措施對 2025 年損益的影響如何或如何量化？

Sure, Brian. One question, Vance, just because I don't recall, have we disclosed the general amount of the renovation?

當然，布萊恩。有一個問題，萬斯，因為我不記得了，我們是否披露過翻修工程的總體金額？

In broad terms, not specifically. Obviously, Brian, it varies location by location and then region by region, but broadly speaking, sort of in the $200,000 to $300,000 level is what we're expecting for the package to be for the franchisees.

大體上是這樣的，不是具體的。顯然，布萊恩，這因地點和地區而異，但總體而言，我們預計特許經營商的待遇將在 20 萬至 30 萬美元之間。

And that package, Brian, includes a refresh of the exterior, awnings, lighting, refacing the facade in some cases. Internally it's new flooring, new wall covering, new lighting, refinishing all of the tables, new upholstery.

布萊恩，這個套餐包括翻新外部、遮陽篷、照明，在某些情況下還包括翻新正面。內部鋪設了新地板，安裝了新牆面裝飾，安裝了新照明設備，重新裝修了所有桌子，並更換了新室內裝潢。

The restaurants truly look refreshed and renewed, and the restaurants that the franchisees have renovated with our new package and the couple that we have done are showing more than the lift required to justify the ROI there, which is exactly what it's intended to do.

這些餐廳確實看起來煥然一新，而特許經營商使用我們的新方案進行翻新的餐廳以及我們自己完成的幾家餐廳都顯示出了超出投資回報率所需的提升，這正是我們想要達到的效果。

And Brian, in terms of the incentive package, it's for competitive reasons we haven't really disclosed what we're offering to our franchisees. It's a portion of that cost that we will help the franchisees with and support them as part of this early adopters program.

布萊恩，就激勵方案而言，出於競爭原因，我們並沒有真正透露我們向特許經營商提供的激勵方案。我們將利用這部分成本來幫助加盟商，並作為早期採用者計畫的一部分為他們提供支援。

But the way it's going to impact our P&L to your next question, which is if there's no extension of the franchise agreement, it would come in as a G&A, P&L impact. If there is an extension of the franchise agreement, then it gets to be amortized over the term -- the new term of the franchise agreement.

但它對我們的損益表的影響方式，對於您的下一個問題，即如果沒有延長特許經營協議，它將對一般及行政費用和損益表產生影響。如果特許經營協議延長，那麼它將在特許經營協議的新期限內攤提。

Okay, that's helpful, thank you. And then just a quick follow-up if I could. Could you level set us on what the year-on-year average check growth was for each brand in the first quarter. And I know pricing decisions are made by the franchisees, but any reasonable expectations on average check or pricing for each brand, sort of looking through the rest of the 2025.

好的，這很有幫助，謝謝。如果可以的話，我再快速跟進。您能否為我們介紹一下第一季每個品牌的年比平均支票成長率是多少？我知道定價決定是由特許經營商做出的，但對每個品牌的平均支票或定價的任何合理預期，都需要回顧 2025 年的剩餘時間。

Maybe Vance will take care of that.

也許萬斯會處理好這件事。

Sure. So we're seeing that the menu pricing increases definitely become more normalized for both of our brands in the low to single digit range going forward, and we expect that to continue as commodity costs and everything else that have come under control.

當然。因此，我們看到，未來我們兩個品牌的菜單價格漲幅肯定會變得更加正常化，在低位數到個位數的範圍內，我們預計，隨著商品成本和其他所有因素得到控制，這種情況將持續下去。

As far as Q1 specific check, Applebee's check increased slightly versus Q4 and or versus Q1 last year, because of the menu launch and then the Big Easy campaign that we talked about earlier. And IHOP's check actually dropped a little bit versus Q4 and Q1, primarily because of the (inaudible) dropped due to House Faves. But as we said, we saw a meaningful improvement in traffic for IHOP. So that's what makes up the check and traffic movement for both of our brands.

就第一季的具體支出而言，Applebee 的支出較第四季度或去年第一季略有增加，這得益於菜單的推出以及我們之前談到的 Big Easy 活動。而 IHOP 的支票實際上與第四季度和第一季相比略有下降，主要是因為 House Faves 導致的（聽不清楚）下降。但正如我們所說，我們看到 IHOP 的客流量有了顯著改善。這就是我們兩個品牌的支票和流量流動的組成。

Brian Mullan, Piper Sandler.

布萊恩·穆蘭、派珀·桑德勒。

Thank you. Just a question on IHOPs, I wanted to follow-up on the ease of operations priority for this year. Just curious if there's an example or two Lawrence and team have come across that could potentially be impactful over the near term, whether speed of service or franchisee margins.

謝謝。這只是關於 IHOP 的一個問題，我想跟進今年的營運便利性優先事項。只是好奇勞倫斯和他的團隊是否遇到過一兩個可能在短期內產生影響的例子，無論是服務速度還是特許經營商的利潤率。

And then if you could maybe just talk about the early receptivity from the franchisee community relative ease or relative difficulty of getting them behind some of the initiatives from the new leadership.

然後，您是否可以談談特許經營者社群早期的接受程度，讓他們支持新領導層的一些舉措是相對容易還是相對困難。

Lawrence, please.

請叫勞倫斯。

Absolutely. Hey Brian, how's it going? Yeah, so from simplification operation, let me give you one or two examples. So first, one of the things we know very quickly are we have tablets that the servers utilize and we've made modifications, optimized anything from tech size, all the way down to the flow of the tablets themselves to based on feedback from our team members.

絕對地。嘿，布萊恩，最近怎麼樣？是的，從簡化操作的角度，我舉一兩個例子給你聽。首先，我們很快就了解到的一件事是，我們有伺服器使用的平板電腦，根據我們團隊成員的回饋，我們對從技術尺寸到平板電腦本身的流程進行了修改和優化。

It's just helped them improve just ordering speed. But that also flows directly into the POS which then flows into the restaurants that have KDS. And so that alone, just levering tablets has improved speed by -- or speed of service and table turns by two minutes.

這只是幫助他們提高訂購速度。但這也直接流入 POS，然後流入擁有 KDS 的餐廳。僅此一項，僅利用平板電腦就可以提高速度——或者將服務和餐桌週轉速度提高兩分鐘。

So we are, of course, looking into the further we want to figure out how we can even improve that. But technology of course is an ease enabler. And we're looking at our roadmap and evaluating where we're going next.

因此，我們當然會進一步研究，想弄清楚如何才能改善這一點。但技術當然是一種便利的推動因素。我們正在研究我們的路線圖並評估下一步的方向。

The other thing is our culinary and our operations teams are in restaurants actually on a weekly basis right now. And we are evaluating from a step by step process standpoint, how do we improve the operational flow from anything from prep, all the way down to cook times?

另一件事是，我們的烹飪和營運團隊現在實際上每週都會在餐廳裡。我們正在從逐步流程的角度進行評估，如何改善從準備到烹飪的所有操作流程？

And so for example, if an item, that is a little more complex, has 17 steps associated with it, how can we reduce that anywhere from 10% to 20%, so that we can improve overall speed and just ease, which also ties to training.

舉例來說，如果一個稍微複雜一點的專案有 17 個步驟，我們如何將其減少 10% 到 20%，以便我們能夠提高整體速度和簡易性，這也與培訓有關。

One of the best parts I think over the past few months, that we've done is we've looked at the training protocol. And if it's paper-based or just standard protocol, what we thought is, okay, well, consumer behavior, team member behavior has changed.

我認為過去幾個月我們做的最好的事情之一就是研究了訓練協議。如果是紙本的或只是標準協議，我們的想法是，好吧，消費者行為、團隊成員行為已經改變了。

How can we leverage technology, leveraging short form videos to actually make the training experience easier and also you can memorize a lot more visually, than you can by reading a piece of paper. So we're testing that format right now, and it's getting a lot of positive feedback. And your question about franchisee engagements receptivity, it's been fantastic.

我們如何利用技術，利用短影片來真正讓培訓體驗變得更輕鬆，與閱讀紙張相比，您可以透過視覺記住更多內容。因此我們現在正在測試這種格式，並且得到了很多正面的回饋。至於您關於特許經營商參與接受度的問題，答案非常好。

We've actually, as I mentioned, are going out to the restaurants, but the best thing is that early on in the process over the past few months is we engaged what we call a task force from our franchisees directly to get their feedback because even though we may be in the restaurant, it's their operators, it's their GMs, it's themselves who have all this experience in terms of reality and applications behind it.

正如我所提到的，我們實際上已經去餐館了，但最好的事情是，在過去幾個月的早期階段，我們直接與我們的特許經營商進行了接觸，我們稱之為工作組，以獲得他們的反饋，因為即使我們可能在餐廳裡，也是他們的經營者，他們的總經理，他們自己在現實和應用方面擁有所有這些經驗。

So their feedback, their participation is even more critical than ever as we look to simplify operational protocol and partner with them doing so.

因此，當我們希望簡化操作協議並與他們合作時，他們的回饋和參與比以往任何時候都更加重要。

Todd Brooks, The Benchmark Company.

托德布魯克斯 (Todd Brooks)，基準公司。

Hey, thanks for taking my question. I want to ask on the Applebee's side. John, you talked about running a Date Night through loyalty only, driving a nice boost in membership. Can we talk about -- or through Club Applebee's I should say, we talk about the path forward for Club Applebee's, what you see from a direction standpoint for where the brand's looking to take that as you look at the success that IHOP's had with loyalty on their side.

嘿，謝謝你回答我的問題。我想從 Applebee 那邊詢問。約翰，你談到僅透過忠誠度來舉辦約會之夜，從而大幅提升會員數。我們可以談談嗎——或者我應該說透過 Club Applebee's，我們可以談談 Club Applebee's 的未來發展道路，從方向的角度來看，當您看到 IHOP's 在忠誠度方面取得的成功時，您會看到該品牌希望將方向轉向何處。

Absolutely, thanks Todd. So Club Applebee's has been in place for several years. And I would say was somewhat benign in our attention to it. It existed, but not with not as a result of a lot of Innovation or energy. And so it's one of our focuses for this year is to really lean into that as one of our primary ways of talking to our best customers and doing one to one marketing.

絕對的，謝謝 Todd。Club Applebee's 已經存在好幾年了。我想說的是，我們對此的關注是比較溫和的。它確實存在，但並不是因為大量的創新或能量。因此，我們今年的重點之一是真正依靠它作為我們與最佳客戶交談和進行一對一行銷的主要方式之一。

And so you'll see much more than in the past, a strategy around inside access. So you know access -- first, look at new items, promotions only available to people who are members of Club Applebee's, partnerships that we're excited to start to talk about in the next couple of weeks with third parties that will also be linked directly to Club Applebee's.

因此，您將看到比過去更多的圍繞內部訪問的策略。因此，您知道存取權限——首先，請查看新商品、僅對 Club Applebee's 會員開放的促銷活動，我們很高興在接下來的幾週內開始與第三方討論合作夥伴關係，這些第三方也將直接與 Club Applebee's 建立聯繫。

So it's all around creating them, enabling them to be much more of insiders. And to grow our share of those guests that visit us three or more times a year. Unlike IHOP, it's not going to have a classic currency and be points based. We've decided to -- while IHOP pursues that route, we're going to go with the insider access and special privilege, and we'll learn the best of both from the orientation of the two programs.

所以一切都圍繞著創造他們，使他們能夠成為更多的內部人士。並增加每年訪問我們三次或三次以上的客人的份額。與 IHOP 不同的是，它不會採用傳統貨幣，而是以積分為基礎。我們已決定——在 IHOP 走這條路線的同時，我們將採用內部訪問權和特殊特權，並將從這兩個項目的定位中學習到兩者的最佳之處。

Follow-up on that, John, if I can. You talked about the program being several years old, but really not having done a lot with it yet. What's the quality of the data in the program, and you talked about communicating more frequently through it and trying to get more personalized in your communication. Where do you feel like Club Applebee's is from a frequency driver for specific consumers and how much more work do you have to do on that front? Thanks.

如果可以的話，約翰，請繼續跟進。您說這個程式已經有好幾年的歷史了，但實際上還沒有發揮太大的作用。該程式中的數據品質如何？您談到透過它進行更頻繁的溝通，並嘗試在溝通中變得更加個人化。您覺得 Club Applebee's 對特定消費者的消費頻率有何影響？在這方面您還需要做多少工作？謝謝。

Yeah, so one of the things that we did recently is we reorganized a bit internally and we put Club Applebee's CRM, and our digital and off-premise business all under one leader, right? And we did that so that we can do exactly what you're suggesting, Todd, right, which is to leverage the data that we have and across all that technology in those platforms.

是的，我們最近做的事情之一就是對內部進行了一些重組，並將 Club Applebee 的 CRM 以及我們的數位和場外業務全部置於一位領導之下，對嗎？我們這樣做是為了能夠做到你所建議的，托德，對的，那就是利用我們擁有的數據和這些平台上的所有技術。

The data that we have for our Club Applebee's guests I would say is good and getting better, right? So we certainly have contact information. And we're beginning to understand through that data as well as third party matching data that we can do, we can understand if they have a family, we can understand if we see them more during the week or on the weekend.

我想說，我們掌握的 Club Applebee 客人的數據很好，而且越來越好，對嗎？所以我們肯定有聯絡資訊。我們開始透過這些數據以及我們可以做的第三方匹配數據來了解他們是否有家人，我們可以了解我們是在周中還是週末更多地見到他們。

So sort of basic information like that. We also know if they're purchasing on our channels, on our proprietary channels, our dotcom, our app. We know what their purchase history is so that we can offer them, entice them with things that are relevant to their past purchases, and what other people like them look like. And so the data is pretty good and getting better, particularly now that we've put all of that under one leader within Applebee's.

諸如此類的基本資訊。我們也知道他們是否在我們的管道、我們的專有管道、我們的網路公司、我們的應用程式上購買。我們了解他們的購買歷史，以便我們可以向他們提供與他們過去購買相關的產品，並吸引他們購買其他類似的產品。所以數據相當不錯，而且還在不斷改善，特別是現在我們已將所有這些都放在 Applebee 的一位領導者之下。

(Operator Instructions) I'm showing no further questions. I would now like to turn the call back over to John Peyton, Dine Brands' CEO for closing remarks.

（操作員指示）我沒有其他問題。現在我想將電話轉回 Dine Brands 執行長 John Peyton 來做最後發言。

All right, thanks guys for your questions. Thanks, Andrew for taking such good care of us today. We appreciate it. As a quick summary of what we've communicated for the last 50 minutes is we're certainly encouraged by the sequential progress we saw during the quarter and the progress to continue in April.

好的，謝謝大家的提問。謝謝安德魯今天對我們如此照顧。我們對此表示感謝。對我們過去 50 分鐘所傳達內容的簡要總結是，我們對本季度看到的連續進展以及 4 月份繼續取得的進展感到非常鼓舞。

We certainly think it's due to our deliberate plans and lessons we learned last year. And each of the brands, the big brands focus on what we do best, what our core is, and communicating that core value back to our franchise -- our guests in compelling ways.

我們當然認為這是因為我們去年制定了周密的計劃並吸取了教訓。每個品牌，大品牌都專注於我們最擅長的領域、我們的核心，並以引人注目的方式將核心價值傳達給我們的特許經營者——我們的客人。

For the rest of the year, our focus is on continuing to elevate the guest experience. We're going to continue to enhance our menus and our value programs. Focus on operations, particularly at IHOP. And both brands are working really hard to make sure that we communicate our value and our guest experience it's so special to our brand, to our guests through all channels, and particularly social media that we've challenged ourselves to really master over the next year. So thanks again for your questions everyone. Have a great day.

今年剩餘時間，我們的重點是持續提升賓客體驗。我們將繼續改進我們的菜單和價值計劃。專注於運營，尤其是 IHOP 的運營。兩個品牌都在努力確保透過所有管道，特別是社群媒體，傳達我們的價值和客戶體驗，這對我們的品牌和客戶來說都非常特別，我們挑戰自己在未來一年內真正掌握這些。再次感謝大家的提問。祝你有美好的一天。

Thank you for your participation in today's conference. This does conclude the program, and you may now disconnect.

感謝大家參加今天的會議。這確實結束了程序，您現在可以斷開連接了。