Dine Brands Global Inc (DIN) 2025 Q3 法說會逐字稿

Good day, and thank you for standing by. Welcome to Dine Brands' third quarter 2025 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

您好，感謝您的耐心等待。歡迎參加 Dine Brands 2025 年第三季財報電話會議。（操作人員指示）請注意，今天的會議正在錄音。

I would now like to hand the conference over to your host today, Matt Lee, Senior Vice President of Finance and Investor Relations. Sir, you may begin.

現在我謹將會議交給今天的主持人，財務和投資者關係高級副總裁馬特李。先生，您可以開始了。

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

早上好，歡迎參加Dine Brands Global第三季電話會議。今天早上的電話會議將包括 Applebee's 執行長兼總裁 John Peyton 和財務長 Vance Chang 的準備好的演講。在這些準備好的發言之後，IHOP 總裁 Lawrence Kim 也將與 John 和 Vance 一起出席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.

請注意我們關於前瞻性資訊的安全港條款。在電話會議中，管理階層將討論一些具有前瞻性的信息，這些信息涉及已知和未知的風險、不確定性和其他因素，這些因素可能導致實際結果與明示或暗示的結果有所不同。

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 will refer to certain non-GAAP financial measures, which are described in our press release and available on Dine Brands' Investor Relations website. With that, it is my pleasure to turn the call over to Dine Brands' CEO, John Peyton.

請結合以下因素評估前瞻性訊息，這些因素已在今天的新聞稿和 10-Q 文件中詳細說明。這些前瞻性陳述僅代表截至今日的觀點，我們不承擔更新或補充這些陳述的義務。我們將提及一些非GAAP財務指標，這些指標在我們的新聞稿中有詳細說明，也可在Dine Brands的投資者關係網站上查閱。接下來，我很高興將電話轉交給 Dine Brands 的執行長約翰佩頓。

Good morning, everyone. Thanks for joining us today. As usual, I'll start with an overview of Dine's Q3 performance and key brand updates and then turn it over to Vance, who will discuss our financial results in more detail.

各位早安。感謝您今天收看我們的節目。照例，我將首先概述 Dine 第三季的業績和主要品牌更新，然後交給 Vance，他將更詳細地討論我們的財務表現。

Afterwards, I'm going to spend some extra time before the Q&A to share more details about our dual brand program, how it's unlocking a new lever to grow and ultimately, why we're putting our money behind it. Vance will then cover our capital allocation priorities and how our asset-light model is designed to create long-term shareholder value.

之後，在問答環節之前，我將額外花一些時間來分享更多關於我們雙品牌計劃的細節，它如何解鎖新的成長槓桿，以及最終我們為什麼要投入資金支持它。接下來，Vance 將介紹我們的資本配置重點，以及我們的輕資產模式如何旨在創造長期股東價值。

Now to provide an overview of the third quarter and trends we've seen in consumer behavior. In Q3, we sustained the sales and traffic momentum from Q2, driven by new menu innovation and targeted marketing campaigns.

現在概述一下第三季以及我們看到的消費者行為趨勢。第三季度，我們延續了第二季度的銷售和客流量成長勢頭，這得益於新的菜單創新和有針對性的行銷活動。

While we continue to operate in a competitive environment, Applebee's and IHOP held their ground, underscoring the strength and relevance of our brands as guests continue to seek value, variety, and an exceptional dining experience.

儘管我們仍在競爭激烈的環境中經營，但 Applebee's 和 IHOP 仍然站穩了腳跟，這凸顯了我們品牌的實力和相關性，因為顧客們繼續追求價值、多樣性和卓越的用餐體驗。

These are the same expectations that have been driving consumer behavior throughout the year. While spending patterns remained relatively consistent, we're observing slightly higher macroeconomic anxiety, leading to more intentional decision-making, where every dollar spent must feel justified across the entire dining experience.

這些預期與全年驅動消費者行為的預期一致。雖然消費模式保持相對穩定，但我們觀察到宏觀經濟焦慮略有上升，導致人們在做決定時更加謹慎，希望在整個用餐體驗中每一分錢的花費都能得到充分的體現。

Guests continue to manage their check by trading down to lower price for value items on our menus. IHOP's value mix remained at about 19%, while Applebee's value mix slightly increased to about 30% in Q3. Despite the industry headwinds, our focus on everyday value platforms, operational simplification and high-impact guest-centric marketing is delivering results.

顧客們繼續透過選擇菜單上價格較低的超值菜餚來控制帳單金額。第三季度，IHOP 的價值佔比保持在 19% 左右，而 Applebee's 的價值佔比略微上升至約 30%。儘管產業面臨諸多不利因素，但我們專注於日常價值平台、營運簡化和以顧客為中心的高影響力行銷，並取得了成效。

Lastly, I'll add that we recently completed our annual franchisee conferences that included participation from the leaders of each of our franchisee councils. And across all three of our brands, the biggest takeaway is that our franchisees are aligned with our strategy and remain committed to grow.

最後，我還要補充一點，我們最近完成了年度加盟商大會，我們各個加盟商委員會的領導人都參加了會議。在我們所有三個品牌中，最大的收穫是我們的加盟商與我們的策略保持一致，並繼續致力於發展。

Reinforcing this sentiment is the fact that franchisee health remains resilient with clear improvement in Applebee's, given the sales growth we're seeing and encouraging momentum at IHOP. Now while there's still more work ahead, I'm grateful to our team and franchisees for their ongoing dedication and unrelenting belief in the strength and potential of our iconic brands.

進一步佐證這一觀點的是，加盟商的健康狀況依然穩健，Applebee's 的銷售成長明顯改善，IHOP 的發展勢頭也令人鼓舞。雖然前方還有更多工作要做，但我感謝我們的團隊和加盟主一直以來的奉獻精神，以及他們對我們標誌性品牌的實力和潛力的堅定信念。

So with that, I'll walk through our financial results for the quarter. Applebee's reported a 3.1% increase in comp sales and IHOP posted comp sales of negative 1.5%. Notably, positive comp traffic was an important driver for both brands.

接下來，我將詳細介紹我們本季的財務表現。Applebee's 的同店銷售額成長了 3.1%，而 IHOP 的同店銷售額則下降了 1.5%。值得注意的是，正面的同類產品流量是這兩個品牌的重要驅動因素。

Our adjusted EBITDA was $49 million compared to $61.9 million in the same quarter last year, and year-to-date adjusted free cash flow was $68.2 million compared to $77.8 million in the same quarter last year. Now I'll share some updates across our portfolio, starting first with some leadership updates at Applebee's.

我們調整後的 EBITDA 為 4,900 萬美元，而去年同期為 6,190 萬美元；年初至今調整後的自由現金流為 6,820 萬美元，而去年同期為 7,780 萬美元。現在我將分享我們投資組合中的一些最新進展，首先是 Applebee's 的一些領導層更新。

In September, we welcomed our new Chief Marketing Officer, Michelle Chin; and Chief Operating Officer, Jay Wong, to Applebee's. Both leaders are passionate fans of the Applebee's brand, and they bring fresh perspectives to elevate the guest experience as well as strengthen franchisee and team member relationships.

9 月，我們迎來了新的首席行銷長 Michelle Chin 和營運長 Jay Wong 加入 Applebee's。兩位領導者都是 Applebee's 品牌的忠實擁躉，他們帶來了全新的視角，旨在提升顧客體驗，並加強加盟商和團隊成員之間的關係。

Michelle spent two decades shaping consumer marketing and brand strategy for global brands like Starbucks, Godiva, and Unilever, where she built high-performing teams and launched impactful insight-led campaigns.

米歇爾在星巴克、歌帝梵和聯合利華等全球品牌中從事消費者行銷和品牌策略制定工作長達二十年，期間她組建了高效團隊，並推出了以洞察為導向的、具有影響力的行銷活動。

And Jay has led global teams and transformations at top-tier brands, including Four Seasons, Starwood Hotels, and Exclusive Resorts. His focus on seamless guest experiences will help Applebee's further enhance how we serve our guests. I'm looking forward to working closely with both of them to continue to promote innovation, operational excellence, and long-term brand relevance.

Jay 曾領導全球團隊，並在四季酒店、喜達屋酒店和 Exclusive Resorts 等頂級品牌進行轉型。他專注於打造無縫的顧客體驗，這將有助於 Applebee's 進一步提升我們服務顧客的方式。我期待與他們二位密切合作，繼續推動創新、卓越營運和長期品牌相關性。

Now into the Applebee's results. In Q3, Applebee's achieved its second consecutive quarter of positive comp sales and traffic, continuing the gains in traffic that started in March. New menu items are driving this traffic by appealing to core Applebee's fans while also attracting new guests.

現在來看看Applebee's的檢測結果。第三季度，Applebee's 連續第二季實現同店銷售額和客流量的成長，延續了自 3 月開始的客流量成長動能。新推出的菜單項目既能吸引 Applebee's 的核心粉絲，又能吸引新顧客，從而帶動了客流量的成長。

Guests should expect to see this continued menu innovation, driven by a robust menu pipeline, with a new appetizer and a new entree added to our menu each quarter. As we shared last quarter, we're introducing new entrees via the 24 section of our menu, which is a pillar of our everyday value platform.

顧客可以期待看到我們不斷推陳出新，菜單持續創新，這得益於我們強大的菜單研發體系，每個季度都會在我們的菜單中增加一道新的開胃菜和一道新的主菜。正如我們上個季度所分享的，我們將透過菜單的 24 部分推出新的主菜，這是我們日常價值平台的支柱。

In Q3, we launched Chicken Parmesan Fettuccine, which became our best-selling stand-alone pasta dish, representing approximately 13% of transactions and was a key contributor to our traffic and sales growth. Another important menu innovation from this quarter was the launch of our new Ultimate Trio appetizer sampler as part of our second season as the official grill and bar of the NFL.

第三季度，我們推出了雞肉帕瑪森寬面，它成為我們最暢銷的獨立義大利麵菜餚，約佔交易量的 13%，並成為我們流量和銷售額成長的關鍵因素。本季度另一個重要的菜單創新是推出了全新的終極三重奏開胃菜拼盤，這是我們作為 NFL 官方燒烤酒吧的第二個賽季的一部分。

This offer has over 80,000 flavor combinations, highlighting the power of choice that younger guests love without adding more SKUs or complexity to the kitchen, and it's been wildly popular. The Ultimate Trio has become one of the best-selling appetizers, averaging 13.5% of transactions and contributing meaningfully to check growth.

這項優惠提供超過 80,000 種口味組合，突出了年輕顧客所喜愛的選擇權，而無需增加 SKU 或增加廚房的複雜性，因此廣受歡迎。終極三重奏已成為最暢銷的開胃菜之一，平均佔交易量的 13.5%，對客單價成長做出了顯著貢獻。

As a part of our off-premise strategy, the Ultimate Trio is also available for to-go and delivery, contributing to a 9% increase in off-premise sales in Q3, building on 3.7% growth in Q1 and 7.6% growth in Q2. Our success in the off-premise channel is driven by pairing LTOs with digital promotions to encourage off-premise occasions.

作為我們非堂食策略的一部分，終極三重奏也可供外帶和配送，這使得第三季非堂食銷售額增長了 9%，而第一季度增長了 3.7%，第二季度增長了 7.6%。我們在非現場通路的成功，得益於將限時特惠與數位促銷結合，以鼓勵非現場消費。

Our off-premise remains a growth opportunity for Applebee's, and we're pleased with the momentum and our capabilities to meet guests where they are. An important way to connect with both our dine-in and off-premise guests is reaching them on social media. Throughout the year, we've expanded our marketing capabilities and social media prowess to deepen engagement and reach a broader audience.

外送業務仍然是 Applebee's 的一個成長機會，我們對目前的勢頭以及我們滿足顧客需求的能力感到滿意。透過社群媒體與堂食和非堂食顧客建立聯繫的重要途徑之一就是與他們互動。在過去一年中，我們不斷提升行銷能力和社群媒體實力，以加深用戶互動並觸及更廣泛的受眾。

Since Q3 2024, Applebee's has increased postings by over 300%. And as a result, we've seen a 266% increase in engagement, proving that we are more effectively reaching our guests in real time. And this ties into our ongoing efforts to modernize the brand and elevate the guest experience.

自 2024 年第三季以來，Applebee's 的招募資訊發布量增加了 300% 以上。因此，我們的互動率提高了 266%，證明我們能夠更有效地即時接觸我們的顧客。這也與我們不斷努力實現品牌現代化、提升顧客體驗的目標息息相關。

Over the past year, guest satisfaction scores are improving, and it's a direct result of our focus on efficiency across both the front and back-of-house functions. The look and good remodel program also continues to progress. Franchisees are reporting strong post-remodel sales lifts and an increase in guest frequency.

過去一年，顧客滿意度評分有所提高，這直接得益於我們注重提高前廳和後廚的營運效率。外觀和良好的改造計劃也在持續推進。加盟商報告稱，翻新後銷售額大幅提升，顧客光顧頻率也有所增加。

Approximately 80 restaurants have been remodeled to date, and we expect to exceed our 100-remodel target by year-end. There's more to do and plenty of opportunity ahead, and we're committed to strengthening the brand's relevance, sharpening our competitive edge, and driving long-term growth.

截至目前，已有約 80 家餐廳完成翻新，我們預計到年底將超過 100 家餐廳的翻新目標。未來還有更多工作要做，也有很多機會，我們將致力於增強品牌的相關性，提高我們的競爭優勢，並推動長期成長。

Now moving to IHOP, where positive traffic trends continue to be the highlight for the brand. IHOP outperformed Black Box traffic metrics every month in 2025, making Q3 our third straight quarter of traffic outperformance versus industry benchmarks.

現在讓我們來看看 IHOP，客流量持續成長是品牌的一大亮點。IHOP 在 2025 年的每個月都超越了 Black Box 的流量指標，第三季是我們連續第三個季度流量表現優於行業基準。

More importantly, this was IHOP's first quarter of positive traffic in many years. I want to take a moment to fully recognize the significance of IHOP returning to positive traffic comps. This is a big win, especially in a category where traffic has been challenged for years.

更重要的是，這是 IHOP 多年來首次實現客流量正成長。我想花點時間來充分肯定 IHOP 客流量恢復正成長的意義。這是一場重大勝利，尤其是在流量多年來一直面臨挑戰的領域。

Traffic is a core indicator of customer connection and demand. Our steady industry outperformance, now further supported by positive absolute gains, shows that we're successfully connecting with guests -- especially as they seek exceptional value, abundance, and a great dining experience.

流量是衡量客戶聯繫和需求的核心指標。我們持續優於行業的業績，現在又得到了絕對收益的進一步支持，這表明我們正在成功地與顧客建立聯繫——尤其是在他們尋求超值、豐富的選擇和絕佳的用餐體驗的時候。

In fact, recent third-party research on search trends identified IHOP as the most searched diner chain in the US, underscoring its continued relevance with consumers. As it relates to traffic trends, the momentum really accelerated when we launched our IHOP Value menu and expanded and rebranded version of the House Faves menu now available seven days a week.

事實上，近期第三方對搜尋趨勢的研究表明，IHOP 是美國搜尋量最高的連鎖餐廳，這凸顯了它對消費者的持續重要性。就客流量趨勢而言，自從我們推出 IHOP 超值菜單和擴展並重新命名了 House Faves 菜單（現在每週七天供應）以來，客流量的增長勢頭就真正加快了。

Notably, this is the first time IHOP has introduced an everyday value menu as part of its core offering. Early results are strong with positive impacts on sales and traffic since its launch in mid-September, and we're seeing continued momentum into the fourth quarter.

值得注意的是，這是 IHOP 首次將日常超值菜單納入其核心產品系列。自 9 月中旬推出以來，初步結果強勁，對銷售額和流量產生了積極影響，我們看到這種勢頭延續到了第四季度。

The IHOP Value menu is one of the largest launches in the brand's history, made possible through strong partnership with our franchisees. As always, this platform was designed and tested to be profitable, and we continue working to improve margins and protect profitability for our franchisees.

IHOP 超值菜單是品牌史上規模最大的新品發表之一，這得益於我們與加盟商的緊密合作。與以往一樣，該平台的設計和測試都以獲利為目標，我們將繼續努力提高利潤率，並保障加盟商的獲利能力。

While our value offerings are important for bringing guests through our doors, we're also focused on increasing check and margin. In Q3, our updated barbell strategy improved check month-over-month by drawing more attention to some of our higher-priced menu offerings, resulting in a decrease in value incidents on weekdays from about 25% of checks to roughly 15%.

雖然我們的超值產品對於吸引顧客進店很重要，但我們也專注於提高客單價和利潤率。在第三季度，我們更新的槓鈴策略透過吸引更多人關注我們一些價格較高的菜單產品，提高了月度帳單金額，從而使工作日的超值事件從帳單金額的約 25% 下降到約 15%。

Looking ahead, we're continuing to optimize check through upselling sides and introduce premium offerings, like our limited time breakfasts in Q4. Operationally, we remain focused on strengthening our foundational basics. As a result, table turn times have reached multiyear lows, and we continue to identify potential for further improvement.

展望未來，我們將繼續優化結帳流程，透過追加銷售來提升服務質量，並推出高端產品，例如我們在第四季度推出的限時早餐。在營運方面，我們將繼續專注於加強基礎建設。因此，餐桌週轉時間已達到多年來的最低水平，我們仍在不斷尋找進一步改進的潛力。

Now to discuss Fuzzy's. We saw modest improvements across sales and traffic at Fuzzy's as we work diligently alongside our franchisees to improve technology, streamline the menu, and enhance the in-restaurant experience for our guests.

現在來討論一下Fuzzy的。隨著我們與加盟商共同努力改進技術、簡化菜單並提升顧客在餐廳內的體驗，Fuzzy's 的銷售額和客流量都出現了小幅增長。

In Q3, new delivery campaigns exceeded expectations, driving growth in off-premise channels. This is one of the many benefits of our multi-brand platform, the ability to use learnings from one brand and apply it to another to enable further growth.

第三季度，新的外送推廣活動超出預期，推動了非現場通路的成長。這是我們多品牌平台的眾多優勢之一，即能夠將從一個品牌中學到的經驗應用到另一個品牌中，從而實現進一步成長。

Turning to our international business. We continue to have positive engagement with both new and existing international franchisees around development, and we remain on track to double our total international dual brand restaurants by the end of the year.

接下來談談我們的國際業務。我們與新舊國際加盟商在發展方面保持著積極的互動，並且我們仍然預計在年底前將我們的國際雙品牌餐廳總數翻一番。

The increase in unit growth is helping offset some macroeconomic headwinds impacting sales, and we remain bullish on the growth opportunities across our key international markets.

銷售成長有助於抵銷一些影響銷售的宏觀經濟不利因素，我們仍然看好我們在主要國際市場的成長機會。

Now I'll quickly touch on our company-owned portfolio. As a reminder, we now have 70 company-operated restaurants, representing approximately 2% of our total restaurant count. Our strategy is to invest in these restaurants to improve the health of our brands, but ultimately refranchise the restaurants back to our franchisees.

現在我將簡單介紹一下我們公司自有的投資組合。再次提醒大家，我們目前擁有 70 家公司自營餐廳，約占我們餐廳總數的 2%。我們的策略是投資這些餐廳以改善我們品牌的健康狀況，但最終將餐廳重新特許經營權交還給我們的加盟商。

We're seeing our strategy deliver results at our company-operated restaurants with sequential comp sales improvement versus Q2. Assuming all restaurants have alcohol licenses, Applebee's locations are now performing in line with the system average and IHOP locations are now outperforming the system average.

我們看到，我們的策略在公司自營餐廳取得了成效，與第二季相比，同店銷售額較上季有所提高。假設所有餐廳都持有酒類許可證，Applebee's 餐廳目前的業績與系統平均水平持平，而 IHOP 餐廳目前的業績則超過了系統平均水平。

Although profitability in the quarter continues to be impacted by temporary closures for remodels and dual brand conversions and onetime costs related to catch-up of repairs and maintenance and training, we are optimistic about the upside potential of these initiatives.

儘管本季獲利能力繼續受到臨時停業進行改造和雙品牌轉換以及與追趕維修保養和培訓相關的一次性成本的影響，但我們對這些舉措的上升潛力持樂觀態度。

12 restaurants have now been remodeled, and we are seeing traffic-driven sales growth, validating the brand's core strength when paired with refreshed physical environment. Additionally, 60% of restaurants now have alcohol licenses, which is supporting check growth.

目前已有 12 家餐廳完成翻新，我們看到客流量帶動了銷售額的成長，這驗證了品牌在煥然一新的實體環境基礎上的核心優勢。此外，目前 60% 的餐廳都獲得了酒類許可證，這有助於提升客單價。

We also recently completed our first company-owned dual brand conversion and -- while early, are excited to see sales increase to 4x pre-conversion levels. This further adds to our confidence around the potential of dual brands, which I will detail later.

我們最近也完成了公司首個自有雙品牌轉換項目，雖然目前還處於早期階段，但我們很高興看到銷售額成長到轉換前水準的 4 倍。這進一步增強了我們對雙品牌潛力的信心，我稍後會詳細介紹。

So now I'll turn the call over to Vance.

現在我把電話交給萬斯。

Thanks, John. On the top line, consolidated total revenues increased 10.8% to $216.2 million in Q3 versus $195 million in the prior year, primarily driven by an increase in company restaurant sales, offset by a decrease in franchise revenues.

謝謝你，約翰。從營收方面來看，第三季合併總收入成長 10.8% 至 2.162 億美元，而上年同期為 1.95 億美元，主要得益於公司餐廳銷售額的成長，但被特許經營收入的下降所抵銷。

Our total franchise revenues decreased 3% to $161.3 million compared to $166.4 million for the same quarter of 2024. Excluding advertising revenues, franchise revenues decreased 3.6%. Rental segment revenues for the third quarter of 2025 decreased $1 million compared to the same quarter of 2024, primarily due to lease terminations.

與 2024 年同期相比，我們的特許經營總收入下降了 3%，至 1.613 億美元，而 2024 年同期為 1.664 億美元。剔除廣告收入後，特許經營收入下降了3.6%。2025 年第三季租賃業務收入比 2024 年同期減少了 100 萬美元，主要原因是租賃終止。

G&A expenses were $50.2 million in Q3 of 2025, up from $45.4 million in the same period of last year, primarily due to compensation-related expenses and an increase in travel and conference expenses. Adjusted EBITDA for Q3 of 2025 decreased to $49 million from $61.9 million in Q3 of 2024. Adjusted diluted EPS for the third quarter of 2025 was $0.73 compared to adjusted diluted EPS of $1.44 for the third quarter of 2024.

2025 年第三季一般及行政費用為 5,020 萬美元，高於去年同期的 4,540 萬美元，主要原因是與薪酬相關的費用以及差旅和會議費用的增加。2025 年第三季調整後 EBITDA 從 2024 年第三季的 6,190 萬美元下降至 4,900 萬美元。2025 年第三季調整後稀釋每股收益為 0.73 美元，而 2024 年第三季調整後稀釋每股收益為 1.44 美元。

Now turning to the statement of cash flows. We had adjusted free cash flow of $68.2 million for the first nine months of 2025 compared to $77.8 million for the same period of last year, driven by an increase in additions to property and equipment, primarily related to CapEx investments in our company-owned restaurants.

現在來看現金流量表。2025 年前九個月，我們調整後的自由現金流為 6,820 萬美元，而去年同期為 7,780 萬美元，這主要是由於物業和設備增加，主要與我們公司自有餐廳的資本支出投資有關。

Cash provided by operations at the end of the third quarter of 2025 was $83.3 million compared to cash provided from operations of $77.7 million for the same period of 2024. The increase was primarily due to a favorable change in working capital due to the timing of federal tax payments postponed due to wildfire relief and of interest payments postponed in connection with our June 2025 debt refinancing, offset by the decrease in segment profit and higher G&A expenses.

2025 年第三季末，經營活動產生的現金流量為 8,330 萬美元，而 2024 年同期經營活動產生的現金流量為 7,770 萬美元。成長主要歸因於營運資本的有利變化，這得益於因山火救濟而推遲的聯邦稅款支付以及與我們 2025 年 6 月債務再融資相關的利息支付的推遲，但被部門利潤下降和一般及行政費用增加所抵消。

CapEx through Q3 of 2025 was $21.3 million compared to $10.3 million for the same period of 2024 due to investments into our company-owned restaurants. We finished the third quarter with total unrestricted cash of $168 million compared with unrestricted cash of $194.2 million at the end of the second quarter.

由於對公司自營餐廳的投資，截至 2025 年第三季的資本支出為 2,130 萬美元，而 2024 年同期為 1,030 萬美元。第三季末，我們的非限制性現金總額為 1.68 億美元，而第二季末的非限制性現金總額為 1.942 億美元。

Regarding capital allocation, I'll provide an update and a more detailed overview of our framework later in the call, but I want to mention that we continue to make progress on our key initiatives, including remodeling the Applebee's system, which includes providing an early adopter incentive for franchisees and remodeling and/or converting company-owned restaurants to dual brand restaurants.

關於資本配置，我將在稍後的電話會議中提供最新進展和更詳細的框架概述，但我想提一下，我們在關鍵舉措方面繼續取得進展，包括改造 Applebee's 系統，其中包括為加盟商提供早期採用者激勵措施，以及改造和/或將公司擁有的餐廳轉變為雙品牌餐廳。

On buybacks and dividends, we repurchased $22.5 million in stock and paid $7.8 million in dividends in Q3 of 2025. As a reminder, as a franchisor, we obtained debt financing through the whole business securitization market, which allows us to have investment-grade cost of debt capital.

在股票回購和分紅方面，我們在 2025 年第三季回購了價值 2,250 萬美元的股票，並支付了 780 萬美元的股息。再次提醒大家，作為特許經營商，我們透過整個企業證券化市場獲得了債務融資，這使我們能夠擁有投資等級的債務資本成本。

This is evidenced by the successful refinancing a few months ago of our $600 million senior secured notes with a fixed rate coupon of 6.72%. We continue to monitor the WBS market, and we'll look to refinance our 2023 senior secured notes when the economics are more favorable given the current make-whole premium of approximately $20 million, and the par call window does not open until December of 2026.

幾個月前，我們成功地對 6 億美元的優先擔保票據進行了再融資，固定利率為 6.72%，證明了這一點。我們將繼續關注 WBS 市場，並將在經濟狀況更加有利時，考慮對我們 2023 年的優先擔保票據進行再融資。目前，全額補償溢價約為 2000 萬美元，而按面值贖回窗口要到 2026 年 12 月才會開放。

Next let me discuss Applebee's performance. Q3 same-restaurant sales were positive 3.1%. Average weekly franchise sales in 2025 were $52,600, including approximately $12,000 from off-premise or 22.9% of total sales, of which 11.7% is from to-go and 11.1% is from delivery.

接下來我想談談 Applebee's 的表現。第三季同店銷售額成長 3.1%。2025 年平均每週特許經營銷售額為 52,600 美元，其中約 12,000 美元來自非現場銷售，佔總銷售額的 22.9%，其中 11.7% 來自外帶，11.1% 來自送貨上門。

Off-premise saw a positive 9% lift in comp sales in Q3 compared to the same period last year. IHOP's Q3 same-restaurant sales were negative 1.5%. Average weekly franchise sales were $36,700, including $7,500 from off-premise or 20.4% of total sales, of which 7.8% is from to-go and 12.5% is from delivery.

第三季非現場銷售的同店銷售額比去年同期成長了 9%。IHOP 第三季同店銷售額下降 1.5%。平均每週特許經營銷售額為 36,700 美元，其中 7,500 美元來自非營業場所，佔總銷售額的 20.4%，其中 7.8% 來自外帶，12.5% 來自送貨上門。

Turning to commodities. Applebee's commodity costs in Q3 increased by 0.3% and IHOP commodity costs increased by 5.7% versus the prior year. Our supply chain, co-op CSCS, now expects commodity costs in 2025 at Applebee's to be roughly flat versus prior outlook of flat to slightly down due to higher beef and seafood costs.

轉向大宗商品。與去年同期相比，Applebee's 第三季的商品成本上漲了 0.3%，IHOP 的商品成本上漲了 5.7%。我們的供應鏈合作社 CSCS 現在預計，由於牛肉和海鮮成本上漲，Applebee's 2025 年的商品成本將大致持平，而先前的預期是持平或略有下降。

At IHOP, we continue to expect commodity costs to increase by mid-single digits for the full year, driven by elevated egg pricing, pork and coffee. As we mentioned on our prior call, the tariff situation remains fluid. As a result, our forecast for commodity costs incorporates the effects from existing tariffs to date, but do not reflect the potential impact of future tariff changes or trade policy.

IHOP 預計，受雞蛋、豬肉和咖啡價格上漲的影響，全年大宗商品成本將繼續以中等個位數百分比的速度增長。正如我們在上次電話會議中提到的，關稅情況仍然瞬息萬變。因此，我們對大宗商品成本的預測包含了迄今為止現有關稅的影響，但並未反映未來關稅變化或貿易政策的潛在影響。

CSCS continues to work across both systems to identify additional cost savings opportunities and support restaurant profitability initiatives through both operational improvements and input costs.

CSCS 繼續在兩個系統中開展工作，以尋找更多節省成本的機會，並透過營運改善和投入成本來支援餐廳獲利能力計畫。

To date, in 2025, we have implemented projects resulting in over $42 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.

截至目前，在 2025 年，我們已實施多個項目，在兩個系統中每年可節省超過 4,200 萬美元，我們將繼續與 CSCS 合作，利用我們的規模優勢，在跨職能的餐廳盈利能力計劃方面取得進展。

Before turning the call back over to John, for a strategic update on our dual brand opportunity and our capital allocation framework, I'd like to add that we are maintaining our full year financial guidance at this time.

在將電話轉回給約翰，讓他介紹我們雙品牌機會和資本配置框架的策略最新進展之前，我想補充一點，我們目前維持全年財務預期不變。

Specifically, with our EBITDA guidance, we are anticipating to be on the low end of the range due to investments to improve our company restaurants, which includes remodeling and dual brand conversion process.

具體而言，由於對公司餐廳進行改造和雙品牌轉換等投資，我們預計 EBITDA 預期將處於預期範圍的下限。

In Q3, approximately 10% of our restaurants were temporarily closed due to remodeling and dual brand conversion for a portion of the quarter, impacting our performance, and we expect an even greater number to be temporarily closed in Q4.

第三季度，由於部分餐廳需要進行翻新和雙品牌轉換，我們約有 10% 的餐廳暫時關閉，這影響了我們的業績，我們預計第四季度暫時關閉的餐廳數量會更多。

With that, I'll hand it back over to John.

就這樣，我把它還給約翰。

Thank you, Vance. Now I know we've talked about our dual brand strategy before, but today, I'd like to provide more insight into the opportunity we see, what it is, why it's unique, and why we and our franchisees are excited about it.

謝謝你，萬斯。我知道我們之前已經討論過我們的雙品牌策略，但今天，我想更深入地探討我們看到的機會，它是什麼，為什麼它獨特，以及為什麼我們和我們的加盟商對此感到興奮。

We've done extensive research into how exactly dual brands fit into our long-term growth without cannibalizing the independent growth trajectories of the individual brands. The results, as I'll walk through today, are compelling.

我們已經進行了廣泛的研究，探討雙品牌如何在不蠶食各個品牌獨立成長軌蹟的情況下，真正融入我們的長期成長計畫。正如我今天將要詳細介紹的那樣，這些結果令人信服。

To start, we are the only franchisor with two iconic full-service brands that serve guests across all dayparts, IHOP in the earlier hours of the day and Applebee's in the later hours. Our thesis is that combining these two complementary daypart brands into one dual-branded restaurant will drive higher sales and create efficiency, resulting in increased profits for our franchisees and growth for Dine through higher system sales and unit growth.

首先，我們是唯一擁有兩個標誌性全方位服務品牌的特許經營商，這兩個品牌在一天中的所有時段都為顧客提供服務，IHOP 在一天中的早些時候提供服務，Applebee's 在一天中的晚些時候提供服務。我們的論點是，將這兩個互補的時段品牌合併成一個雙品牌餐廳，將推動更高的銷售額並提高效率，從而為我們的加盟商帶來更高的利潤，並透過更高的系統銷售額和門市成長實現 Dine 的成長。

After an early prototype in Detroit, we began testing this idea in earnest internationally two years ago. And since then, we've opened 20 international dual-branded restaurants that have proved our thesis. These restaurants are delivering 1.5x in sales versus single branded restaurants and are generating significant incremental margin. This year, we're on our way to doubling our international dual-branded restaurant count to 40.

在底特律完成早期原型設計後，我們兩年前開始在國際範圍內認真測試這個理念。從那以後，我們開設了 20 家國際雙品牌餐廳，證明了我們的理念。這些餐廳的銷售額是單一品牌餐廳的 1.5 倍，並且產生了可觀的增量利潤。今年，我們預計將國際雙品牌餐廳的數量翻一番，達到 40 家。

With these compelling results, we brought this concept to the US in February. For those who haven't yet had a chance to see it from the exterior, both brands are prominently displayed around the building, and there is one shared entrance.

憑藉這些令人信服的成果，我們在二月將這個理念引入了美國。對於那些還沒有機會從外觀上看到它的人來說，這兩個品牌都在建築物周圍醒目地展示，並且共用一個入口。

Inside, the aesthetics and seating for each brand are represented in different sections, one being Applebee's iconic red and the other is IHOP's iconic blue. The guest can choose to sit on either side and is presented with one menu organized by daypart that has been simplified to include the best of both brands.

餐廳內部，每個品牌的風格和座位都體現在不同的區域，一個區域是 Applebee's 標誌性的紅色，另一個區域是 IHOP 標誌性的藍色。客人可以選擇坐在任何一側，餐廳會提供一份按時段分類的菜單，該菜單經過簡化，包含了兩個品牌的精華。

The menu also includes some dual brand exclusive items like our popular Buffalo Chicken Omelet. To experience our dual brand concept, you can find a video explaining and touring the first tei domestic locations on the Dine Brands investor website.

菜單上還有一些雙品牌獨家菜品，例如我們廣受歡迎的布法羅雞肉煎蛋捲。要體驗我們的雙品牌理念，您可以在 Dine Brands 投資者網站上找到一段視頻，其中解釋了並參觀了首批 tei 國內門市。

There are several key highlights that support our belief in this opportunity. First, from the restaurant operator's perspective, there is one kitchen, POS, a cross-train staff, and the same number of menu items as a single branded restaurant. The simplification of operations allows our team members to focus on our guests and ensure they have a great experience that is representative of both brands' core values.

以下幾個關鍵亮點支撐了我們對這機會的信心。首先，從餐廳經營者的角度來看，它擁有一個廚房、一個POS系統、一個經過交叉培訓的員工，以及與單一品牌餐廳相同數量的菜單項目。簡化營運流程使我們的團隊成員能夠專注於服務顧客，確保他們獲得能夠體現兩個品牌核心價值的絕佳體驗。

From a guest perspective, feedback is strong. In particular, they're enjoying the expanded choice provided by the combined menu from both brands. In fact, for each daypart, the off brand represents at least 15% of sales.

從顧客的角度來看，回饋非常好。他們尤其喜歡兩個品牌合併後的菜單所提供的更多選擇。事實上，在每個時段，非品牌產品至少佔銷售額的 15%。

For example, Applebee's items represent at least 15% of sales in the morning and IHOP items represent at least 15% of sales in the evening. And so far in terms of financial performance, we have seen sales performance approximately 1.5x to 2.5x higher post conversion.

例如，Applebee's 的商品在上午的銷售額中至少佔 15%，而 IHOP 的商品在晚上的銷售額中至少佔 15%。就財務表現而言，到目前為止，我們看到轉換後的銷售業績增加了約 1.5 倍到 2.5 倍。

Sales are relatively consistent throughout the day with no daypart exceeding one-third of total sales, further showcasing the complementary nature of the two brands. We're seeing a meaningful increase in franchisee profitability with four-wall margins nearly doubling, and we've seen a reduction in construction costs and time lines for dual brand conversions as the process becomes more efficient and standardized, which we expect will result in a payback period of less than three years.

全天銷售額相對穩定，任何時段的銷售額均不超過總銷售額的三分之一，進一步展現了這兩個品牌的互補性。我們看到加盟商的獲利能力顯著提高，四牆利潤率幾乎翻了一番；隨著流程變得更加高效和標準化，雙品牌轉換的建造成本和時間也減少了，我們預計這將使投資回收期縮短至不到三年。

Our initial target was to have 12 to 14 domestic dual-branded restaurants open in 2025. And as of today, we can share that we expect to have approximately 30 opened or under construction by year-end and that we expect to achieve at least 50 dual brand openings in 2026.

我們最初的目標是到 2025 年開設 12 至 14 家國內雙品牌餐廳。截至目前，我們可以透露，預計到今年年底將有大約 30 家門市開業或正在建設中，並預計到 2026 年將開設至少 50 家雙品牌門市。

From a long-term perspective, our internal analysis of the US white space opportunity shows potential for approximately 900 dual-branded restaurants over the next decade. While near-term openings will primarily be conversions, we also see potential for approximately 50% of these opportunities to be new builds.

從長遠來看，我們對美國空白市場機會的內部分析表明，未來十年內，美國大約有 900 家雙品牌餐廳的潛力。雖然近期新增項目主要為改建項目，但我們也看到其中約 50% 的機會可能是新建項目。

It's important to note that dual-branded restaurants are only one strategic development lever for us. It's not a solution for all markets, and we continue to greenlight single-brand restaurant concepts. To summarize, the dual-branded opportunity is a big one.

值得注意的是，雙品牌餐廳只是我們策略發展的一個槓桿。這並非適用於所有市場的解決方案，我們將繼續批准單一品牌餐廳概念。總而言之，雙品牌機會非常大。

Guest and franchisee feedback is strong. It significantly enhances the unit economics for a franchisee by potentially doubling four-wall revenue and margin. It represents an approximately 900-unit white space opportunity

顧客和加盟商的回饋都很好。它能顯著提高加盟商的單位經濟效益，有可能使四面牆的收入和利潤翻倍。它代表著大約900個單元的空白市場機會。

We expect to have approximately 30 open or under construction by year-end, and we expect to achieve at least 50 dual-branded openings in 2026. Now I'll pass the call back to Vance, who will discuss our updated capital allocation.

我們預計到年底將有大約 30 家門市開業或正在建設中，並預計到 2026 年將開設至少 50 家雙品牌門市。現在我將把電話轉回給萬斯，他將討論我們更新後的資本配置方案。

Thanks, John. Given that we are one of the largest franchisors in the full-service restaurant segment, our asset-light model generates best-in-class return on invested capital and margins. We take a disciplined approach to capital allocation to drive shareholder value, focusing on three key priorities: organic investments, balance sheet management, and returning capital to shareholders.

謝謝你，約翰。鑑於我們是全方位服務餐廳領域最大的特許經營商之一，我們的輕資產模式產生了業內最佳的投資回報率和利潤率。我們採取嚴謹的資本配置方法來提升股東價值，並專注於三個關鍵優先事項：有機投資、資產負債表管理和向股東返還資本。

This financial strength gives us the flexibility to invest in our brands, our company-owned restaurant portfolio and development pipeline while also returning meaningful capital to our shareholders, something we have consistently done over the past several decades, and that will not change.

這種財務實力使我們能夠靈活地投資於我們的品牌、公司自營餐廳組合和發展計劃，同時還能為股東帶來可觀的回報，這是我們在過去幾十年中一直堅持的做法，而且不會改變。

Current time, however, we believe our stock price is currently undervalued, which represents a unique opportunity to be more aggressive with share repurchases to create long-term shareholder value. As a result, the Board has declared the reduction of our dividend from $0.51 per share per quarter to $0.19 per share per quarter, which would imply an annual dividend yield of approximately 3% based on today's stock price.

然而，我們認為目前我們的股價被低估了，這為我們提供了一個獨特的機會，可以更積極地進行股票回購，從而創造長期的股東價值。因此，董事會宣布將每股季度股息從 0.51 美元減少到 0.19 美元，以今天的股價計算，這意味著每年股息收益率約為 3%。

This will continue to generate one of the highest yields amongst our peers. We allocate our capital towards a larger share repurchase program. We will commit to buy back at least $50 million of shares over the next two quarters, which will represent a share reduction of approximately 11% to 13% at the current price.

這將繼續為我們帶來同行中最高的收益率之一。我們將資金用於更大規模的股票回購計畫。我們將在未來兩季回購至少 5,000 萬美元的股票，以當前價格計算，這將相當於減少約 11% 至 13% 的股份。

This is on top of the approximately 8.5% shares that we have repurchased year-to-date, which would total a nearly 20% reduction in shares versus the beginning of 2025. We're maintaining our current investments into the franchise system either as an ongoing or as needed basis, such as our Applebee's good remodel incentives or IHOP franchisee egg subsidy earlier this year.

除此之外，我們今年迄今已經回購了約 8.5% 的股份，這將使股份總數比 2025 年初減少近 20%。我們將繼續對特許經營體系進行投資，無論是持續投資還是按需投資，例如今年早些時候我們對 Applebee's 的良好改造獎勵或對 IHOP 加盟商的雞蛋補貼。

I want to reiterate that the dividend reduction, increased share repurchases, and investments into our business are proactive changes we're making to our shareholder return strategy to drive increased shareholder value.

我想重申，減少股利、增加股票回購、對公司業務的投資，都是我們為提升股東價值而對股東回報策略做出的正面改變。

It demonstrates confidence in our plan and our principal view that the stock is undervalued, affirming the Board's alignment with investors. With the momentum that we continue to see in the business and the alignment and shared excitement from our franchisees, now is the right time to be aggressive in investing in our own stock.

這顯示我們對自身計畫和股票被低估這一主要觀點充滿信心，也證實了董事會與投資人的立場一致。鑑於公司業務持續成長的勢頭，以及加盟商們的積極配合和共同熱情，現在正是我們積極投資自有股票的合適時機。

I will now pass it back to John to close.

現在我將把這個任務交還給約翰來完成。

Thank you, Vance. I'll end the call by summarizing our key initiatives that will create long-term value for our shareholders. At the brand level, our focus is on menu innovation, high-impact marketing and social media, simplified operations, and enhanced guest experience.

謝謝你，萬斯。最後，我將總結我們將為股東創造長期價值的關鍵舉措。在品牌層面，我們的重點是菜單創新、高影響力行銷和社群媒體、簡化營運以及提升顧客體驗。

In terms of development, we will drive unit growth by capitalizing on our dual-branded opportunity, continuing to open single branded restaurants, especially at IHOP, which has for over a decade, consistently opened double-digit restaurants every year and introducing a new lower-cost Applebee's prototype.

在發展方面，我們將利用雙品牌優勢推動門市成長，繼續開設單品牌餐廳，尤其是 IHOP，該品牌十多年來每年都持續開設兩位數的餐廳，並推出新的低成本 Applebee's 原型。

And last, we will remain prudent with our capital allocation and accelerate share buybacks to take advantage of a significant discount in our valuation, which we believe will be highly accretive to our shareholders.

最後，我們將繼續謹慎進行資本配置，加速股票回購，以利用公司估值的大幅折讓，我們相信這將大大提升股東的收益。

Now with that, we'll turn the call back to the operator and open up the line for Q&A.

現在，我們將把通話轉回給接線生，並開通問答環節。

(Operator Instructions) Eric Gonzalez, KeyBanc.

（操作員說明）Eric Gonzalez，KeyBanc。

Congrats on the positive traffic in both brands. I want to ask about the company-owned stores. You had a decent sized loss, maybe $4 million or $5 million in the quarter. I recognize we had some catch-up expenses in repair and maintenance and training and remodels, et cetera.

恭喜兩個品牌都取得了正面的流量成長。我想問一下公司自營門市的狀況。你們虧損了不少，這個季度可能虧損了 400 萬到 500 萬美元。我承認我們在維修保養、訓練、改造等方面有一些追趕性支出。

But do you have a sense of how much of a drag we should expect from these stores going forward and maybe when you kind of -- when that maybe goes away?

但您是否預感到這些商店未來會為我們帶來多大的阻礙，以及這種情況何時會消失？

Thanks, Eric. Vance can address that question.

謝謝你，埃里克。范斯可以回答這個問題。

Good morning, Eric. Just to give you a little bit more context on the sort of the disruption. So year-to-date, we had close to 50 restaurants without liquor license for 30-plus weeks per restaurant. And then on the construction side, year-to-date, we had approximately 500 days of construction closures across 30-plus restaurants or if you do the average math of roughly 15 days of closure per restaurant So that's what happened year-to-date.

早安，埃里克。為了讓您對這種混亂局面有更多了解，我再補充一些背景資訊。今年迄今為止，我們有近 50 家餐廳沒有酒類許可證，每家餐廳的無酒許可證期限超過 30 週。在施工方面，今年到目前為止，我們有大約 500 天的施工停業時間，涉及 30 多家餐廳，或者如果你按平均每家餐廳大約 15 天的停業時間計算，那就是今年到目前為止的情況。

I point that out to let you know that although that's noise and the headwinds this year, we're comping -- by and large, those factors won't be there next year, right? So it's a onetime investment that we're making to improve the restaurants. For this year, we're expecting roughly $9 million to $10 million of segment profit hit from the company restaurants to answer your question specifically. And then that includes about $2 million of D&A. So hopefully, that helps.

我指出這一點是想告訴你們，雖然今年有噪音和不利因素，但總的來說，這些因素明年就不會存在了，對吧？所以這是我們為改善餐廳而進行的一次性投資。針對您的問題，我們預計今年公司餐廳的利潤將減少約 900 萬至 1000 萬美元。其中還包括約 200 萬美元的攤銷費用。希望這能有所幫助。

Then maybe just a question on the IHOP side. Again, congrats on the positive traffic. But the overall comps they were down a little bit. So just wondering, you're leaning pretty heavily on value. What are you doing to address the check side? And do you think you can get that mix up in the quarters ahead?

那麼，或許可以問一個關於IHOP的問題。再次恭喜流量成長。但總體而言，他們的表現略有下滑。所以我想問一下，你似乎非常注重性價比。你們採取了哪些措施來解決支票結算方面的問題？你認為你能在接下來的幾季扭轉這種局面嗎？

Thanks, Eric. Lawrence will take that.

謝謝你，埃里克。勞倫斯會接受的。

Eric, so as I shared probably in earlier calls or earnings calls, we have a three-pronged approach when it came to driving transactions and traffic. The first was, of course, launching the value platform, which we did last October.

艾瑞克，正如我之前在電話會議或財報電話會議上分享的那樣，我們在推動交易和流量方面採取了三管齊下的方法。首先，當然是推出價值平台，我們去年十月就完成了這項工作。

And actually, we've now evolved, as John shared earlier, where we launched an everyday value menu this past September. So we're continuing to drive that transaction. And as John shared, we've continued to do so since the beginning of this year.

事實上，正如約翰之前分享的那樣，我們現在已經發展壯大，我們在去年九月推出了每日超值菜單。所以我們正在繼續推進這筆交易。正如約翰所說，從今年年初開始，我們就一直在做這件事。

But to your question, in regards to check and overall sales, the third phase of it is actually balancing the value and the transaction growth from that with our barbell strategy to drive check. And so we're doing that in multiple ways from upsell strategies with our tablets and our servers, but of course, also featuring some premium priced items such as our premium priced pancakes, like our pumping spice and our coffee cakes pancakes in addition to combo features, which are primarily displayed in our restaurants with POP, like our recent breakfast, which performed really well last year. So we brought them back this past September a few weeks ago as well.

但回到你的問題，關於支票和整體銷售額，第三階段實際上是透過我們的槓鈴策略來平衡價值和交易成長，從而推動支票銷售。因此，我們正在透過多種方式來實現這一目標，包括利用平板電腦和服務器進行追加銷售策略，當然，我們還推出了一些高價商品，例如我們的高價煎餅，如我們的香辣煎餅和咖啡煎餅，以及套餐特色菜，這些特色菜主要在我們的餐廳中以醒目的方式展示，例如我們最近的早餐，去年的早餐表現非常出色。所以，我們在去年九月，也就是幾週前，又把它們帶回來了。

So this is helping to already drive our check balance, improve check flow and overall profitability for our restaurants, and we're going to continue to drive this as we drive value in the next quarter.

因此，這有助於提高我們的帳單餘額，改善帳單流速，並提高我們餐廳的整體獲利能力，我們將繼續推動這一舉措，以在下一季度創造價值。

Eric, it's John. I would just add one more point to what Lawrence said, which is since they moved into Phase 3, which is driving the barbell strategy and featuring the higher-priced items in the restaurants, the incidence of the value was 25% of checks weekdays. And since they started this new program, it's fallen to 15%. So we're seeing a good response to the program to upsell once they're in the restaurant.

艾瑞克，我是約翰。我只想補充勞倫斯所說的一點，那就是自從他們進入第三階段以來，也就是推行槓鈴策略並在餐廳推出價格更高的菜餚之後，高價菜餚的出現率達到了工作日賬單的 25%。自從他們啟動這項新計劃以來，這一比例已經下降到 15%。所以我們看到，顧客對在餐廳內進行追加銷售的計畫反應良好。

Great. Maybe just the last one for me. I think you said 3Q momentum sustained. Did you talk about fourth quarter at all yet? I think you said momentum sustained, but I couldn't tell if that was either an Applebee's and IHOP comment or both.

偉大的。也許這是我的最後一個了。我想你說過第三季的成長動能得以延續。你們之前有討論過第四季的情況嗎？我想你說過勢頭得以延續，但我無法判斷這是指 Applebee's 和 IHOP，還是兩者都有。

Vance?

萬斯？

Eric, so what we're seeing is that the sales volume for Applebee's really sustained from Q3 into Q4, and then it's accelerated for IHOP from Q3 into Q4.

艾瑞克，我們看到的是，Applebee's 的銷售額從第三季到第四季保持穩定，而 IHOP 的銷售額從第三季到第四季加速成長。

Dennis Geiger, UBS.

瑞銀集團的丹尼斯蓋格。

Encouraging to hear some of the insights there on the dual-branded concepts. I appreciate that. And what sounds like good franchisee demand. Could we unpack a little more the franchisee demand? Are there certain characteristics for those that have kind of signed up already for the dual-branded box?

很高興聽到大家對雙品牌概念的一些見解。我很感激。聽起來加盟需求不錯。我們能否更深入探討一下加盟主的需求？那些已經報名參加雙品牌盒子活動的人有哪些特色？

And then maybe what are the biggest hurdles that you're finding from those that you feel should but aren't yet? Do they just want to see the proof point? Anything on that, John, would be great.

那麼，對於那些你認為應該做到但尚未做到的人，你認為他們面臨的最大障礙是什麼？他們只是想看看證據嗎？約翰，你在這方面有什麼建議嗎？

Yes. Sure, Dennis. Happy to talk about that. So in terms of franchisee demand, I would characterize the initial wave of dual brand restaurants as, number one, conversions versus new build, which makes sense; number two, more IHOPs than Applebee's.

是的。當然可以，丹尼斯。我很樂意談論這個話題。因此，就加盟商需求而言，我會將雙品牌餐廳的最初浪潮描述為：第一，改造而非新建，這很合理；第二，IHOP 的數量多於 Applebee's。

And we attribute that to the fact that Applebee's -- I'm sorry, that IHOP is currently open for dinner, right? And dinner has always been a challenge for that brand. So to add an Applebee's solves an existing challenge for that brand. For Applebee's, they're not open for breakfast. So they're not trying to fix an issue.

我們認為這是因為 Applebee's——抱歉，是 IHOP——目前提供晚餐，對吧？晚餐一直是品牌面臨的挑戰。因此，引進 Applebee's 餐廳可以解決品牌目前面臨的一個挑戰。Applebee's 不供應早餐。所以他們並不是想解決問題。

And so it's a different decision for an Applebee's to add the IHOP and grow the revenue. What we're seeing now in what I would call sort of Phase 2 as we move toward a robust pipeline of at least 50 for next year is we're seeing our Applebee's franchisees begin to explore one or two opportunities among the more major franchisees.

因此，對於一家 Applebee's 來說，收購 IHOP 並增加收入是一個不同的決定。我們現在正處於我稱之為第二階段的階段，朝著明年至少 50 個新項目穩步推進的目標邁進，我們看到 Applebee's 的加盟商開始探索與一些大型加盟商合作的機會。

In terms of the hurdles, I think it's less about the franchisee and more about what we're learning as we go. So for example, we're learning that IHOP franchisees who don't typically have bar experience, we need to give them extra training and support to run a really great bar, which is a key element of an Applebee's. And so we're learning things like that along the way, which is the kind of things we expected to learn and that we can address with our training and our coaching.

就遇到的障礙而言，我認為這與其說是加盟主的問題，不如說是我們邊做邊學的問題。例如，我們了解到，IHOP 的加盟商通常沒有酒吧經營經驗，我們需要為他們提供額外的培訓和支持，讓他們能夠經營一家真正優秀的酒吧，而這正是 Applebee's 的一個關鍵要素。因此，我們一路走來也在學習這類事情，這些都是我們期望學習到的，也是我們可以透過訓練和指導來解決的事情。

Then one more, if I could. Just more broadly, I guess, you touched on it some, but in thinking about franchisee sentiment more broadly in this environment that we're in, you touched on the commodities piece. Just if you could touch on that, both across Applebee's as well as IHOP right now. And maybe just tying broader new open demand in and how you're kind of thinking about net growth maybe longer term, if there's anything to share there across either closures as well as gross opens, would appreciate anything there.

如果可以的話，再來一個。更廣泛地說，我想，您也稍微談到了這一點，但在更廣泛地思考我們所處的這種環境下加盟商的情緒時，您提到了商品方面的問題。如果您能談談目前 Applebee's 和 IHOP 的情況就太好了。或許可以把更廣泛的新開放需求以及您如何看待長期淨增長聯繫起來，如果您在關閉和新增項目方面有什麼想分享的，我將不勝感激。

We're not putting a firm date or time line on net unit growth, Dennis, but we're getting close. That's for sure. What we like about our program now is we have multiple products and almost a product to fit every situation.

丹尼斯，我們目前還沒有為淨單位增長設定確切的日期或時間表，但我們正在接近目標。那當然。我們現在喜歡我們專案的一點是，我們有多種產品，幾乎每種情況都有相應的產品。

So to develop a single unit IHOP, which we've been doing 30 to 40 a year for the last several years, 80% of those are conversions. So IHOP is a great conversion brand and a good solution for opportunities to repurpose buildings.

因此，為了開發單一 IHOP 門市（過去幾年我們每年都開發 30 到 40 家），其中 80% 是改造項目。所以 IHOP 是一個很棒的改造品牌，也是建築物再利用的絕佳解決方案。

As I mentioned, Applebee's, we've got a new prototype that takes about $1 million in cost out of it for a much better return, and we're going to build one of those next year to prove that out. On the international side, same thing.

正如我之前提到的，Applebee's 餐廳，我們有一個新的原型，可以節省大約 100 萬美元的成本，並獲得更好的回報，我們明年將建造一個這樣的原型來驗證這一點。國際方面也是如此。

We've been opening about 40 restaurants a year consistently, increasingly dual-branded restaurants there. And now we have the dual brand concept here in the US. And each market is unique and each solution has to make sense for that market. But the dual brand is giving us a catalyst to get back to net unit growth sooner rather than later.

我們每年穩定開設約 40 家餐廳，而且越來越多地開設雙品牌餐廳。現在，美國也出現了雙品牌概念。每個市場都是獨一無二的，每個解決方案都必須適合該市場。但雙品牌策略為我們提供了一個契機，使我們能夠盡快恢復淨銷售成長。

Dennis, this is Vance. One more point I would add is that even without net development growth, just the context is that the closures that we've had are obviously lower AUV boxes, right? So they're averaging sort of 1.2, low 1s. And then the new restaurants we're opening are $1.8 million, $2 million. So it's not a 1:1 ratio, even though the net development number, as you pointed out, has not been positive.

丹尼斯，我是萬斯。我還要補充一點，即使沒有淨發展成長，就目前的情況來看，我們關閉的港口顯然都是 AUV 值較低的港口，對吧？所以他們的平均值大概在 1.2 到 1 左右。然後，我們新開的餐廳投資額為 180 萬美元，200 萬美元。所以，即使淨發展數字如您所指出的並非正數，也不是 1:1 的比例。

So I just want to make sure that point is clear.

所以我想確認一下這一點是否清楚。

Jeffrey Bernstein, Barclays.

巴克萊銀行的傑弗裡·伯恩斯坦。

First question is just on the broader consumer backdrop, hearing from lots of restaurants as they look at their data. More and more companies, I guess, have data on the age of their consumer, the income level, the ethnicity, and there's been seemingly a big change in trend in recent quarters.

第一個問題是關於更廣泛的消費者背景，從許多餐廳查看數據的情況來看。我猜想，越來越多的公司掌握了消費者的年齡、收入水平、種族等數據，而且近幾個季度以來，這種趨勢似乎發生了很大的變化。

I'm wondering, one, whether you have any degree of data on any of those cohorts and whether you've noticed any change in trend among any of those for better or for worse? And then I had a follow-up.

我想知道，第一，您是否掌握這些群體的任何數據，以及您是否注意到這些群體中任何群體的趨勢發生了任何變化，無論是好轉還是惡化？然後我還有後續跟進。

Yes. Sure, Jeff, it's John. I can take that and speak to both brands because our observations are consistent with both IHOP and Applebee's. We're seeing a slight shift in the guest mix this quarter. We've had more higher-income guests joining us than lower income guests leaving us, which is what's -- the net of that is what's driving our traffic growth.

是的。當然，傑夫，我是約翰。我可以以此為依據，對這兩個品牌都做出評價，因為我們的觀察結果與 IHOP 和 Applebee's 的情況一致。本季我們看到賓客組成略有變化。我們收到的高收入客人比離開的低收入客人多，這才是推動我們流量成長的根本原因。

So that is good news. The two cohorts that we're seeing who are most price sensitive right now are the lower-income guests and Gen Z. They're dining out less than they have in the past. But all of our guests, that being said, are hyper focused on value, and that hasn't changed all year or for last year as well. And that's our plans for the future as we think that that focus on value is what's going to be on consumers' minds throughout the rest of this year and into next.

這是個好消息。目前我們看到對價格最敏感的兩類人是低收入顧客和Z世代。他們外出用餐的次數比以前少了。但即便如此，我們所有的客人都非常注重性價比，這一點今年和去年都沒有改變。這就是我們未來的計劃，因為我們認為，在今年餘下的時間裡以及明年，消費者都會更加關注價值。

And that's why we believe the everyday value program at IHOP and the Super 25 program enhanced at Applebee's is driving our traffic right now because it's the match that consumers are looking for.

這就是為什麼我們相信 IHOP 的每日超值計劃和 Applebee's 的 Super 25 計劃正在推動我們的客流量成長，因為它們正是消費者所尋找的。

Then just following up on that value mix. I think you kicked off your commentary by saying Applebee's was at 30% mix depending on the way you define it. But you said that was up modestly. So just curious what that was up from. And IHOP at 19%, I think you said was unchanged, which was surprising considering the negative check, which seems significant.

然後就是繼續跟進這種價值組合。我認為你在評論開頭就說 Applebee's 的混合比例為 30%，這取決於你如何定義它。但你說過那隻是小幅上漲。我只是好奇之前發生了什麼事。IHOP 的股價跌幅為 19%，我想你說過它沒有變化，考慮到負值，這令人驚訝，而且負值似乎影響很大。

So just wondering how to kind of balance the significant negative check with no increase in their value sales mix.

所以我想知道如何在銷售額沒有成長的情況下，平衡這筆巨額虧損。

So Applebee's is at 30%, which is pretty close to where it's been. It's been 28%, 29% last quarter. So consider that about flat. We define value. We calculate that as the 2 for 25 menu plus LTOs.

所以 Applebee's 的銷售額為 30%，這與它之前的水平非常接近。上個季度是28%，29%。所以可以把它看作是平坦的。我們定義價值。我們計算得出，這是 25 美元 2 件的菜單加上限時特惠。

So any incidence of those as a ticket is about a third, 30% of what we see. At IHOP, just to clarify, the value mix grew to 19%. It wasn't down. It grew to 19% during the quarter because of the rollout of House Faves and then turning that into everyday value. So it grew to 19%, and we expect that 19% to be a little bit higher next quarter because we're going to seven days a week, and that only happened the last two weeks of the quarter.

因此，這類罰單的發生率大約占我們所見罰單總數的三分之一，30%。需要澄清的是，IHOP 的超值套餐比例成長至 19%。它沒有倒閉。本季成長至 19%，這得益於 House Faves 的推出，並將其轉化為日常價值。因此，這一比例增長到了 19%，我們預計下個季度這個數字會略高一些，因為我們將實行每週七天營業，而這只是本季度最後兩週才開始實行的。

It grew to 19% from what was the number that you most recently talked about?

它從你最近一次提到的數字成長到了 19%？

Last quarter, I'm going from memory.

上個季度，我都是憑記憶說的。

It was like 18.9% to 19.1%, slight increase.

大約在 18.9% 到 19.1% 之間，略有成長。

But pre-everyday, pre-House Faves, it was more like 10%, right before we introduced.

但在 Everyday 和 House Faves 推出之前，這個比例大概是 10%，就在我們推出之前。

Yes, yes, about low to mid-teens last year is where we're averaging.

是的，是的，去年我們的平均值大概在十幾到五成左右。

Just lastly, just to clarify, you said the dual brands that there would be 30 open or under construction by year-end this year. So I'm just curious how many actually you think would be open by the end of this year? And then you said something about 50 for next year. I wasn't sure if that's just the cumulative total number or whether that's incremental openings. So just trying to get a sense for how many actually will be open end of this year and how many in total will be open end of next year.

最後，為了澄清一下，您提到雙品牌將在今年年底前有 30 家門市開業或正在建設中。所以我很好奇，你認為到今年年底究竟會有多少家店開業？然後你又說了明年大概會達到50個名額。我不確定這只是累積總數，還是新增開幕數量。所以，我只是想了解今年年底究竟會有多少所學校開學，以及明年年底總共會有多少所學校開學。

So it's 30 plus 50 for a total of 80. And in terms of this year, the vast majority of that 30 will be open. But as you know, sometimes opening dates slip from December to January. So not giving a precise number, but the openings will be much closer to 30 than not.

所以是 30 加 50，總共是 80。就今年而言，這 30 家餐廳中的絕大多數都將開放。但如您所知，有時開業日期會從12月推遲到1月。因此，雖然不能給出確切的數字，但開業數量應該會非常接近 30 個。

Brian Vaccaro, Raymond James.

Brian Vaccaro，Raymond James。

I just had a quick question on the guidance, Vance. I just wanted to confirm, has there been any change to your previously communicated comp guide at either Applebee's or IHOP or any change to your unit growth expectations that you gave us in the second quarter?

Vance，我有一個關於指導方針的小問題。我只是想確認一下，您之前公佈的 Applebee's 或 IHOP 的業績指引是否有任何變化？或者您在第二季度給出的門市成長預期是否有任何變化？

No, those are staying the same. No change to guidance, yes.

不，那些都保持不變。是的，指導方針沒有變化。

I guess I heard some of your comments about how IHOP has accelerated and Applebee's seems to be holding in. I guess if I do the quick math on Applebee's, and I think my notes are right on this, but I think your previous guide on comp was down 2% to up 1% at Applebee's, if I have my notes correct.

我好像聽到了你的一些評論，說IHOP發展迅猛，而Applebee's似乎還在穩步前進。我猜如果我快速計算一下 Applebee's 的情況，而且我認為我的筆記是正確的，但我認為你之前的指南中 Applebee's 的薪酬水平下降了 2% 到上升了 1%，如果我的筆記沒錯的話。

So that would embed, I think -- go ahead, sorry. Basically trying to get at what is -- yes, what's a reasonable expectation for 4Q on comps, just to level set, because we didn't have the guide in the release.

所以我覺得這樣就可以嵌入了——請繼續，抱歉。基本上，我試圖弄清楚——是的，對於競技模式的 4Q 來說，合理的預期是什麼，只是為了設定一個水平，因為發佈時我們沒有提供指南。

Yes. The Applebee's guidance, we actually bumped it up from positive 1% to positive 3%. So that didn't change. We changed that last quarter. And then for IHOP it's negative 1% to positive 1%, and we didn't change that either.

是的。我們實際上將 Applebee's 的業績預期從正 1% 上調至正 3%。所以情況並沒有改變。我們在上個季度做了調整。至於 IHOP，則是從負 1% 到正 1% 的變化，我們也沒有改變這一點。

So that implies a sort of a decent Q4 for Applebee's and a strong Q4 for IHOP.

所以這意味著 Applebee's 第四季業績尚可，而 IHOP 第四季業績強勁。

Great. You also obviously highlighted the traffic being positive at both brands. Could you firm up just the comp components within that sort of where average check was versus traffic for each brand in Q3?

偉大的。您顯然也強調了兩個品牌的流量都是正面的。能否具體說明第三季各品牌平均客單價與客流量的比較情況？

Yes. So for Q3, I think our check -- so let's see. So traffic was positive for both brands. We have negative P mix for IHOP and sort of flat P mix -- no, actually negative P mix for Applebee's as well. And then about 2%-ish menu price increase. So that kind of gives you the rough breakdown.

是的。所以對於第三季度，我認為我們的檢查——讓我們拭目以待。因此，兩個品牌的流量都達到了正成長。IHOP 的 P 混合效應為負，而 Applebee's 的 P 混合效應則比較平穩——不，實際上 Applebee's 的 P 混合效應也是負的。然後菜單價格上漲了大約 2%。這樣就大致了解狀況了。

Great. Then last one for me. You talked about the Applebee's remodel program with over 100 planned for this year, I think you said. I'm just curious how you see that potentially accelerating into '26 and beyond? What sort of a reasonable rate on remodels might be?

偉大的。那我最後一個了。你提到了 Applebee's 的翻新計劃，今年計劃翻新 100 多家，我想你是這麼說的。我只是好奇，您認為這種情況在 2026 年及以後可能會如何加速發展？合理的房屋翻修費用大概是多少？

Yes, Brian, it's John for that question. Yes, we said over 100 this year, and we expect to do at least that number next year, if not more. And our goal is to have two-thirds of the portfolio renovated by the end of '27.

是的，布萊恩，這個問題應該由約翰來回答。是的，我們今年預計超過 100 人，我們預計明年至少能達到這個數字，甚至更多。我們的目標是到 2027 年底完成三分之二的房產翻新。

Nick Setyan, Mizuho.

Nick Setyan，瑞穗銀行。

Just on the remodels, I'm not sure if I missed this, but did you say the kind of lift you're seeing?

關於改造方面，我不知道我是否錯過了，但您有沒有提到您看到的電梯類型？

Nick, it's John. Welcome back. We're glad you're here. Vance will take that question.

尼克，我是約翰。歡迎回來。我們很高興您能來。范斯將回答這個問題。

Nick, so it's obviously early days, right? A lot of the restaurants that's been remodeled are pretty new, but we're -- franchisees are very happy with what they're seeing. And from company restaurants, the ones that we've done, we're seeing sort of double-digit lifts for our own portfolio. Now again, one caveat is early. Two is that I think the starting point for our restaurants are a little bit lower than system average.

尼克，所以現在顯然還處於早期階段，對吧？很多翻新過的餐廳都很新，但是加盟商們對他們所看到的都非常滿意。從我們已開展的公司餐廳專案來看，我們自己的投資組合實現了兩位數的成長。不過，要注意的是，時機還早。第二點是，我認為我們餐廳的起點略低於系統平均。

So I'm not underwriting that sort of lift for the entire portfolio. But so far, we're very encouraged by what we're seeing as well as the franchisees.

所以我不會為整個投資組合承擔這種程度的上漲風險。但到目前為止，我們以及加盟商都對我們所看到的情況感到非常鼓舞。

Vance, it's fair to say that -- I'm sorry, Nick, it's fair to say that the franchisees that have renovated recently following the renovation package that we have are seeing lifts that more than cover the cost. The return is good.

Vance，可以這麼說——抱歉，Nick，可以這麼說，最近按照我們提供的翻新方案進行翻新的加盟商，都發現電梯的收益遠遠超過了成本。回報不錯。

Definitely.

確實。

Thank you for the kind words, John. It's good to be back.

謝謝你的好意，約翰。很高興回來。

Yeah, good to have you back, Nick.

是啊，歡迎你回來，尼克。

You've had a couple quarters to think about it.

你還有幾個季度的時間來考慮這件事。

Well, I mean 4x on the deal conversion, that's a great number. In terms of just the number of like actual conversions, where it gives you confidence that that kind of lift is possible, is that something that we can commit to? Or is that also kind of too early and the numbers of conversions are too small to really be able to project that out?

嗯，我的意思是交易轉換率達到 4 倍，這真是個很棒的數字。就實際轉換率而言，如果能讓你確信這種提升是可能的，我們是否可以承諾實現這一點？或者現在下結論還為時過早，轉換率太低，無法真正進行預測？

Well, we can't speculate on forward-looking data, right? And we can't make a firm commitment. All we can do is report on what we've seen so far. What we've seen so far in the close to 40 international dual brands is a 1.5x improvement in revenue or more. And what we're seeing here in the 15 or so that are open in the US, we're seeing a range of 1.5 to 2.5 in sales lifts. But again, it's a sample set of 15 in the US.

我們不能對前瞻性數據進行推測，對吧？我們無法做出確切承諾。我們只能報道目前為止我們所看到的情況。到目前為止，我們在近 40 個國際雙品牌中看到的是營收成長了 1.5 倍或更多。而我們看到，在美國目前開放的約 15 家門市中，銷售額成長幅度在 1.5 到 2.5 倍之間。但再次強調，這只是美國 15 個樣本。

Then just in terms of pricing and how we're thinking about just menu price versus mix going into 2026. Is there any kind of early indication you can give us in terms of what we can think of as the right price number in 2026 for both brands?

然後就定價而言，我們正在考慮 2026 年的菜單價格與產品組合之間的關係。您能否提前透露這兩個品牌在 2026 年的合理價格範圍？

Vance can provide an update there.

Vance可以在那裡提供最新消息。

Nick, as you're seeing and as we're seeing sort of with menu pricing right now, we're -- both sets of franchisees are in the low -- around low middle -- low single-digit range, which we do expect that to be the case going forward, given the fact that commodity costs have sort of come under control, egg pricing is still elevated, but it's come under control and it's getting better.

尼克，正如你所看到的，也正如我們現在從菜單定價中看到的，兩組加盟商的價格都在個位數低位左右，我們預計這種情況會持續下去，因為大宗商品成本已經得到控制，雞蛋價格仍然偏高，但已經得到控制，而且情況正在好轉。

So that's what we're expecting. Now obviously, the disclaimer we always have is that we don't control pricing. So it's the franchisees that said this. But there's -- we're not anticipating any outsized menu pricing for next year though, having said that.

這就是我們所預期的。當然，我們始終要聲明，我們無法控制價格。這是加盟商說的。但是，話雖如此，我們預計明年菜單價格不會出現過高的情況。

(Operator Instructions) Todd Brooks, The Benchmark Company.

（操作說明）托德·布魯克斯，基準公司。

Vance, I wanted to start off with the capital allocation update and just walk me through why we needed to cut the dividend to fund the $50 million in share repurchase. Is there a third component around additional franchise keeping firepower dry for additional franchisee location acquisitions. I think you guys said you'd be willing to take that portfolio up to maybe a couple of hundred at a premium? Or just kind of walk me through why one lever had to be pulled to accomplish the share repurchase.

Vance，我想先談談資本配置的最新情況，請您解釋為什麼我們需要削減股息來為 5000 萬美元的股票回購提供資金。是否存在第三個組成部分，即透過增加特許經營權來保持資金充足，以便收購更多特許經營店？我記得你們說過，願意以溢價將那個投資組合的價格提高到幾百美元？或者，請您簡單解釋一下，為什麼必須採取某種措施才能完成股票回購。

Sure, Todd. So first of all, our dividend yield implies a dividend yield of approximately 3%, as we said, and it's still one of the highest amongst our peers, right? And second, our asset-light model really generates healthy free cash flow. So it allows us to return meaningful capital to shareholders consistently, and that's not going to change. So it has nothing to do with cash flow or ability concerns on that matter.

當然可以，托德。首先，正如我們所說，我們的股息殖利率約為 3%，這仍然是我們同行中最高的之一，對吧？其次，我們的輕資產模式確實能產生健康的自由現金流。因此，這使我們能夠持續地向股東返還可觀的資本，這一點不會改變。所以這與現金流或相關能力問題無關。

Lastly, the goal -- to hit your point, the goal is always for us to deliver strong returns to shareholders. Currently, given how undervalued the stock is, right, especially given what we're seeing with the momentum with our business, the best way to increase TSR over time is through buybacks. And while we invest in company restaurants and franchisee restaurant remodeling and development. So we just think at this point in time, this is the most efficient way to increase shareholder return over time.

最後，說到目標—正如您所說，我們的目標始終是為股東帶來豐厚的回報。目前，鑑於該股票被嚴重低估，尤其是考慮到我們業務的發展勢頭，隨著時間的推移，提高總股東回報率的最佳方法是透過股票回購。同時，我們也對公司餐廳和加盟餐廳的改造和發展進行投資。所以我們認為，就目前而言，這是隨著時間推移提高股東回報的最有效方法。

So price dependent, obviously, but this -- you signed up for the two-quarter commitment, but it sounds like share repurchase is a bigger component of returning capital to shareholders going forward?

所以，這顯然取決於價格，但是——你簽署了兩個季度的承諾，但聽起來股票回購是未來向股東返還資本的更大組成部分？

Price dependent, but that's a fair statement, price dependent, yes.

取決於價格，但這種說法很中肯，確實取決於價格。

Great. Then I wanted to ask Lawrence about with House Faves expanding to seven days a week, how has the brand been able to handle that operationally? I know that typically, those weekend periods are peak periods for IHOP to begin with. Now you're bringing potentially a value-seeking customer to try to get to the box during those peak periods as well. How are the units handling it?

偉大的。然後我想問勞倫斯，隨著 House Faves 擴展到每週七天營業，該品牌在營運方面是如何應對的？我知道，通常來說，週末是 IHOP 的客流高峰期。現在，你也可能吸引到一些追求性價比的顧客在尖峰時段前來搶購。各單位處理情況如何？

And is there an efficiency gain to happen as we get more than six weeks into having the menu available seven days a week?

如果菜單每​​週七天都可用，持續六週以上，效率是否會提高？

Yes. So thanks for the question, Todd. One thing that we're very methodical about is ensuring our franchisees and our restaurants are equipped to handle any new type of promotion and especially when it comes to something like an everyday value menu.

是的。謝謝你的提問，托德。我們非常注重確保我們的加盟商和餐廳能夠應對任何新的促銷活動，尤其是像每日超值菜單這樣的促銷活動。

So we tested this across several months and across different markets to ensure not just is it a transaction and traffic driving, but also profitable program for the franchisees. And also, that ties to your question, which is the operational capabilities.

因此，我們進行了數月的測試，並在不同的市場進行了測試，以確保它不僅能促進交易和流量成長，還能為加盟商帶來利潤。而且，這也與你的問題有關，也就是作戰能力。

So the main focus of our value platform, in particular, is leveraging core items. So I cook a lot in the restaurants and it's back with the cooks and the chefs back there. And we want to make sure they focus on our core items, pancakes, eggs, bacon, omelets, items that from a speed standpoint, could be managed thoroughly and have no impact whatsoever in terms of speed.

因此，我們價值平台的主要重點是充分利用核心產品。所以我常在餐廳做飯，最後還是得回到後廚和廚師們一起工作。我們希望確保他們專注於我們的核心產品，如煎餅、雞蛋、培根、煎蛋捲等，這些產品從速度的角度來看，可以得到徹底的管理，並且不會對速度產生任何影響。

And so that's why, as John alluded earlier, our speed has actually improved continuously even with the everyday value menu because we've optimized it based on our core. And so from a cooking standpoint, they're just masters at the trade there.

所以，正如約翰之前提到的那樣，即使是日常超值菜單，我們的速度也一直在不斷提高，因為我們根據核心業務對其進行了優化。所以從烹飪的角度來看，他們在那裡都是烹飪大師。

Just a follow-up there, Lawrence. If customers were coming anyway on the weekend and the House Faves is focused around core items, that kind of transference into the value bucket, is that greater on the weekends at peak periods? Is it less? Is it pretty consistent with what you've seen during the week?

勞倫斯，我還有一個後續問題。如果顧客無論如何都會在週末光顧，而「招牌菜」又以核心菜餚為主，那麼這種向高性價比商品的轉移，在周末高峰期是否會更大？更少嗎？這和這週看到的情況大致一致嗎？

It's still early as we've only been in the everyday value menu launch since mid-September. And so we're continuously tracking. But even throughout the test data as we did it for several months, it stayed fairly consistent.

現在還為時過早，因為我們從九月中旬才開始推出日常超值菜單。因此，我們一直在持續追蹤。但即使在我們進行了幾個月的測試資料收集過程中，結果也相當一致。

Actually, with the barbell strategy, we are seeing potentially value increasing on the weekends, but the check counter, which is our barbell strategy, introducing new premium items and featuring them on the table with POP and even with the menu inserts, we're seeing a good balance in terms of check growth, even including on weekends.

實際上，透過槓鈴策略，我們看到週末的價值可能會增加，但結帳櫃檯，也就是我們的槓鈴策略，引入新的高端產品，並在餐桌上用促銷品甚至菜單插頁來展示它們，我們看到在結帳增長方面取得了良好的平衡，即使包括週末也是如此。

Ladies and gentlemen, I'm showing no further questions at this time. I would now like to turn the call back to John Peyton, Dine Brands' CEO, for closing remarks.

女士們、先生們，目前我不再回答任何問題。現在我想把電話轉回給 Dine Brands 的執行長 John Peyton，請他作總結發言。

Thanks, Towanda, for taking such good care of us, as you always do. And thanks, guys, for your questions. I'll just sum up with a few key points. We know we've got more work to do, but we are pleased with the effects of the retooling and the refocus that both brands have put in place. We're pleased with the performance from the last two quarters.

謝謝托萬達，你一如既往地對我們照顧有加。謝謝各位的提問。我只用幾個要點來總結一下。我們知道還有更多工作要做，但我們對兩個品牌重組和重新聚焦的效果感到滿意。我們對過去兩個季度的業績感到滿意。

We're pleased with the potential that dual brands is posing to accelerate our return to net unit growth. As Vance mentioned, our stock is undervalued in our opinion, and we are directing our shareholder return strategy through this buyback program because we believe in our strategy, we believe in the future of the company, and we think that's a very good investment right now. So I appreciate your questions and look forward to talking to you later today.

我們對雙品牌策略可能帶來的加速淨銷售成長的潛力感到滿意。正如 Vance 所提到的，我們認為我們的股票被低估了，我們正在透過這項股票回購計畫來指導我們的股東回報策略，因為我們相信我們的策略，我們相信公司的未來，我們認為這是一項非常好的投資。感謝您的提問，期待今天晚些時候與您交流。

Ladies and gentlemen, that does conclude today's conference call. Thank you for your participation. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線了。