Dine Brands Global, Inc. (DIN) 2026 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Dine Brands First Quarter 2026 Earnings Conference Call. (Operator Instructions)

各位好，感謝您稍候。歡迎參加 Dine Brands 2026 年第一季財報電話會議。（接線員指示）

Please be advised that today's conference is being recorded.

請注意，今天的會議將進行錄音。

I would now like to hand the conference over to your host, Matt Lee, Senior Vice President, Finance and Investor Relations. Please go ahead, sir.

現在我想將會議交給今天的主持人——財務與投資人關係資深副總裁 Matt Lee。先生，請開始。

Good morning, and welcome to Dine Brands Global's First Quarter Fiscal 2026 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 during the Q&A portion of the call.

各位早安，歡迎參加 Dine Brands Global 2026 會計年度第一季電話會議。今天上午的電話會議將包含 Applebee’s 執行長兼總裁 John Peyton，以及財務長 Vance Chang 的事先準備發言。在這些準備發言之後，IHOP 總裁 Lawrence Kim 也將與 John 與 Vance 一同出席，在問答環節回應提問。

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.

請記得我們關於前瞻性資訊的安全港聲明。在本次電話會議中，管理層將討論前瞻性資訊，該等資訊涉及已知與未知的風險、不確定性及其他因素，可能導致實際結果與所明示或暗示者有所不同。

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.

請在上述因素的脈絡下評估前瞻性資訊；相關因素已詳載於今日新聞稿與 10-Q 申報文件中。前瞻性陳述以今日為準，我們不承擔更新或補充該等陳述之義務。我們將提及若干非 GAAP 財務衡量指標，相關說明載於新聞稿中，並可於 Dine Brands 投資人關係網站查閱。

With that, it is my pleasure to turn the call over to Dine Brands CEO, John Peyton.

接下來，我很榮幸將電話會議交給 Dine Brands 執行長 John Peyton。

Good morning, everyone, and thanks for joining us. Today, I'll walk through Dine's Q1 results and share insights on consumer behavior as well as our brand's performance in the current environment, and then I'll hand it over to Vance for a deeper dive into our financials.

各位早安，感謝加入我們。今天我將帶大家回顧 Dine 第一季的業績，並分享在當前環境下的消費者行為洞察以及我們品牌的表現，之後我會把時間交給 Vance，請他更深入說明我們的財務狀況。

We started the year building upon the momentum from last quarter, achieving flat to positive sales growth across all three brands for the first time in several years. This performance reflects progress against our key priorities, which include enhancing the guest experience through operational improvements, strengthening and simplifying our marketing to better connect with guests, particularly through more targeted, culturally relevant engagement and advancing menu innovation and everyday value platforms to meet evolving consumer needs.

我們在今年一開始延續上季的動能，數年來首次在三個品牌上都達成持平至正成長的銷售表現。這項表現反映我們在關鍵優先事項上的進展，包括：透過營運改善提升顧客體驗；強化並簡化行銷以更好地與顧客連結，特別是透過更精準、具文化相關性的互動；以及推進菜單創新與日常價值平台，以因應不斷演變的消費者需求。

As the quarter progressed, the operating environment became more dynamic and in many ways, more challenging as inflation for food away from home and higher gas prices put a strain on households. With consumer sentiment declining to historically low levels, discretionary spending has become harder to justify, prompting some guests to more carefully evaluate lower-cost alternatives across restaurants, grocery and other food channels. we're seeing the most pressure on lower-income consumers. And as a result, this is driving greater focus on offerings that combine compelling price points with quality abundance and differentiated experiences like Applebee's 2 for 25 platform and IHOP's Everyday Value menu.

隨著季度推進，營運環境變得更具變動性，且在許多方面更具挑戰；外食通膨與較高的汽油價格對家庭造成壓力。隨著消費者信心降至歷史低點，可支配支出更難合理化，促使部分顧客更審慎評估餐廳、雜貨與其他食品通路中的低成本替代選項。我們看到低收入消費者承受的壓力最大。因此，這也推動市場更聚焦於同時具備具吸引力的價格、優質且份量充足的產品，以及差異化體驗的方案，例如 Applebee’s 的 2 for 25 平台與 IHOP 的 Everyday Value 菜單。

Against this backdrop, the importance of our strategy and the relevance of our brands becomes even more central to our performance. We operate scaled, well-recognized brands built around value and everyday occasions and offering experiences that can't be easily replicated at home delivered at an accessible price point. This remains a strength of our business even within a more challenging landscape.

在此背景下，我們策略的重要性與品牌的相關性，對我們的表現更為關鍵。我們經營具規模、知名度高的品牌，核心圍繞價值與日常用餐情境，並以可負擔的價格提供在家中不易複製的體驗。即使在更具挑戰的環境中，這仍是我們業務的優勢。

And while we recognize there's more work to do to strengthen our financial performance this year, we are pleased with our first quarter sales performance and believe our focus on value cultural relevance and disciplined execution positions us well to compete and deliver sustainable results.

雖然我們也認知今年仍有更多工作要做以強化財務表現，但我們對第一季的銷售表現感到滿意，並相信我們對價值、文化相關性與紀律執行的聚焦，使我們具備良好競爭力並能交付可持續的成果。

So I'll turn now to our key financial highlights for the quarter. All of our brands outperformed Black Box on comp sales. Applebee's reported a 1.9% increase in comp sales and IHOP posted flat comps despite weather impacting Applebee's by 94 basis points and IHOP by 80 basis points in the quarter. Our EBITDA was $50.8 million compared to $54.7 million in the same quarter last year. Our decreased profitability reflects our investments in our dual brands and company-owned portfolio initiatives, and we expect these current investments to create value over the long term.

接下來我將說明本季的主要財務重點。我們所有品牌在同店銷售（comp sales）方面皆優於 Black Box。Applebee’s 同店銷售成長 1.9%，IHOP 同店銷售持平，儘管天候在本季對 Applebee’s 造成 94 個基點、對 IHOP 造成 80 個基點的影響。我們的 EBITDA 為 5,080 萬美元，去年同期為 5,470 萬美元。獲利下滑反映我們對雙品牌（dual brands）與公司自營（company-owned）組合計畫的投資；我們預期這些目前的投資將在長期創造價值。

And last, we returned $24 million of capital back to shareholders. Overall, our results reflect the balance between continued investment in the business and solid top line performance across the portfolio.

最後，我們向股東返還了 2,400 萬美元資本。整體而言，我們的結果反映在持續投資業務與整體組合穩健營收表現之間取得平衡。

And now with that, I'll share some updates across our portfolio, starting with Applebee's. Building on our sales momentum from 2025, Applebee's posted positive comp sales in the first quarter, outperforming Black Box. The continued focus of our 2 for $25 value platform and new menu innovation serves as our primary sales drivers as these initiatives continue to resonate with our guests.

接著我將分享我們投資組合的最新進展，先從 Applebee’s 開始。延續 2025 年的銷售動能，Applebee’s 在第一季繳出正向同店銷售，並優於 Black Box。我們持續聚焦 2 for $25 價值平台與新的菜單創新，作為主要銷售驅動因素；這些措施持續引起顧客共鳴。

Our strategy this quarter remained consistent communicating new menu innovation through the high-impact targeted marketing and maintaining strong execution in the restaurants. Rather than relying on broad-based campaigns, we're leaning into our 2 for $25 value platform and demand-led activations tied to cultural moments allowing us to connect more efficiently and compete more effectively for share of wallet.

本季我們的策略維持一致：透過高影響力的精準行銷傳達新的菜單創新，並在餐廳端維持強而有力的執行。我們不依賴大範圍的行銷活動，而是加碼 2 for $25 價值平台，以及與文化時刻連結、由需求帶動的行銷啟動（activations），讓我們能更有效率地連結顧客，並更有效地競爭消費者錢包份額。

The OM cheeseburger launch is an example of our value strategy in action. Since its introduction in January, the burger has driven high interest and engagement, supported by its compelling $11.99 price point and inclusion on our 2 for $25 value platform. In just a few months, it became the highest ordered burger on that platform, reinforcing Applebee's everyday value positioning. Because OM Cheeseburger launched in time for Valentine's Day, we further pushed our T4 platform to deliver an affordable yet experiential date night occasion. The OM Cheeseburger news generated more than 9 billion impressions, reached 96 million people on social media and spark nearly 80 times more organic reviews typical campaigns.

OM 起司漢堡（OM cheeseburger）的上市就是我們價值策略落地的例子。自 1 月推出以來，該漢堡在具吸引力的 11.99 美元定價，以及納入 2 for $25 價值平台的支持下，帶動高度關注與互動。短短幾個月內，它成為該平台上點購量最高的漢堡，強化 Applebee’s 的日常價值定位。由於 OM 起司漢堡趕在情人節前推出，我們進一步推動 T4 平台，打造價格可負擔但具體驗感的約會之夜情境。OM 起司漢堡的消息帶來超過 90 億次曝光，在社群媒體觸及 9,600 萬人，並引發接近一般活動 80 倍的自然評論。

By providing guests with incredible value during this seasonal moment, it drove the highest single-day sales volume in Applebee's history with the full week ranking among the top five sales weeks ever. Across digital channels, off-premise comp sales increased approximately 3.5% in the quarter, supported by third-party delivery and target promotions tied to key occasions like the Super Bowl and the NCAA basketball tournament. From an operations standpoint, our strategy is centered around driving excellence through simplicity, focus and accountability.

在這個季節性時點為顧客提供極具吸引力的價值，帶動 Applebee’s 歷史上單日最高銷售量，且整週銷售排名也進入史上前五高。於數位通路方面，本季外帶/外送（off-premise）同店銷售約成長 3.5%，主要受第三方外送與針對超級盃及 NCAA 籃球錦標賽等關鍵時點的精準促銷所支持。從營運角度來看，我們的策略聚焦於透過簡化、聚焦與問責來推動卓越表現。

We are implementing initiatives that simplify kitchen operations increased manager presence in the dining room and improve off-premise order accuracy. In fact, during the quarter, manager visibility contributed to higher guest satisfaction scores has reflected in improved guest surveys and Google review scores.

我們正在推動多項措施，以簡化廚房作業、提升經理在用餐區的在場程度，並改善外帶/外送訂單的正確性。事實上，本季經理可見度的提升帶動更高的顧客滿意度分數，並反映在更佳的顧客調查結果與 Google 評論分數上。

As part of these efforts, we're also preparing for a system-wide launch of a new toast point-of-sale platform. We expect this to meaningfully increase beverage order incidences, reduce voids and increase tips while providing better data and tools for our teams. Collectively, these efforts position us to operate more efficiently and support long-term growth.

作為這些努力的一部分，我們也正準備在全系統推出新的 Toast POS（銷售點）平台。我們預期這將顯著提高飲料點購發生率、降低作廢（voids），並提高小費，同時為團隊提供更好的數據與工具。綜合而言，這些措施使我們能更有效率地營運，並支持長期成長。

And while April sales have softened against tougher prior year comps our focus on value, targeted marketing and operational discipline will support our performance in a dynamic environment.

儘管 4 月銷售在面對去年較高的同店比較基期下有所轉弱，我們對價值、精準行銷與營運紀律的聚焦，將在多變的環境中支撐我們的表現。

And now turning to IHOP. For the second consecutive quarter, IHOP outperformed Black Box in both sales and traffic and that's in a category where traffic remains under pressure. This reflects the brand's focus on great value, product innovation, culture-driven marketing and an improved guest experience, all of which are helping to build momentum.

接著談 IHOP。連續第二個季度，IHOP 在銷售與來客數（traffic）兩方面皆優於 Black Box，而該品類的來客數仍承受壓力。這反映品牌聚焦於高價值、產品創新、文化驅動行銷與改善的顧客體驗，這些都在協助累積動能。

Comp sales were primarily supported by check improvement as we balanced IHOP's everyday value menu with increased awareness of premium offerings. Breakfast combos tied to our bottomless pancakes campaign performed well alongside limited time offerings, including this quarter's featured spotlight stack, New York Cheesecake Pancakes.

同店銷售主要由客單提升所支撐；我們在維持 IHOP 日常價值菜單的同時，也提高對高端產品的認知度。與「無限續加鬆餅」（bottomless pancakes）活動連結的早餐組合表現良好，並與限時產品相輔相成，包括本季主打的焦點堆疊款——紐約起司蛋糕鬆餅（New York Cheesecake Pancakes）。

This approach continues in Q2 with the promotion of IHOP Signature stuffed and stacked omelettes, including the new bold barbecue pulled pork omelette and the launch of a new proprietary coffee blend, the first new coffee introduced at IHOP in almost 20 years. IHOP continued to see momentum in off-premise with comp sales increasing 2.6% year over year largely driven by incremental third-party delivery volume.

這項作法在第二季將延續，將推廣 IHOP Signature 夾餡與堆疊歐姆蛋（stuffed and stacked omelettes），包括全新重口味的燒烤手撕豬肉歐姆蛋（bold barbecue pulled pork omelette），並推出全新的專屬咖啡配方（proprietary coffee blend）——這是 IHOP 近 20 年來首次推出的新咖啡。IHOP 的外帶/外送（off-premise）動能持續，本季同店銷售年增 2.6%，主要由第三方外送增量帶動。

Beyond driving comp sales, third-party channels enhance brand visibility and enable engagement with guests across multiple channels. Off-premise represents 22% of sales with continued opportunity across delivery, digital ordering and emerging areas like catering.

除了帶動同店銷售之外，第三方通路也能提升品牌能見度，並讓我們能在多個通路與顧客互動。外帶/外送（off-premise）占銷售額的22%，在外送、數位點餐以及餐飲外燴等新興領域仍有持續成長機會。

And while early, we're already seeing an approximately 16% improvement in comp sales and catering and we've made targeted investments over the past year in digital ordering, packaging and local store marketing to further support the catering channel. IHOP's differentiated breakfast offering translates well to group occasions, and we're seeing meaningful upside on this channel as it continues to scale.

雖然仍在早期階段，我們已經看到同店銷售與外燴約16%的改善；過去一年我們也在數位點餐、包裝與在地門店行銷方面進行了有針對性的投資，以進一步支持外燴通路。IHOP具差異化的早餐產品非常適合團體聚會情境，隨著該通路持續擴張，我們看到顯著的上行空間。

Beyond expanding how guests access the brand, we're also focused on how to connect with them. We're showing up in culturally relevant moments that have resulted in incredible buzz for IHOP, allowing us to engage with new fans and consumers Initiatives like National Pancake Day and the Bottomless Pancake campaign with NFS (inaudible) neighbors have been successful in driving engagement and keeping the brand top of mind with guests.

除了擴大顧客接觸品牌的方式之外，我們也專注於如何與他們建立連結。我們在具文化相關性的時刻現身，為IHOP帶來了驚人的話題熱度，讓我們能與新的粉絲與消費者互動。像是「全國鬆餅日」以及與NFS（聽不清）鄰里合作的「無限續鬆餅」活動，都成功帶動互動並讓品牌在顧客心中保持高曝光。

During National Pancake Day, we saw a 316% year-over-year increase in engagement across social channels, demonstrating the effectiveness of our investments to reach a broader audience. Underpinning all of this is a relentless focus on operational excellence and the guest experience. Speed is progressively improving with table turns that are approximately 6% faster than they were in Q4. We guest complaints are down year-over-year, reflecting strong execution and consistency across the system, while investments in our new POS and handholds continue to enhance order accuracy and efficiency in our restaurants.

在「全國鬆餅日」期間，我們在各社群通路的互動量年增316%，展現我們為觸及更廣泛受眾所做投資的成效。支撐這一切的是我們對營運卓越與顧客體驗的持續專注。速度正逐步改善，翻桌率較第四季約快6%。顧客抱怨年減，反映整體系統執行力與一致性強；同時，我們對新POS系統與手持設備的投資也持續提升餐廳的點餐正確性與效率。

Overall, IHOP continues to deliver steady performance in a challenging environment with April sales holding steady behind our value menu and barbell strategy with premium offerings.

整體而言，IHOP在充滿挑戰的環境中仍持續交出穩健表現；4月銷售在我們的超值菜單與「槓鈴策略」（以高性價比與高端產品並行）帶動下維持穩定。

And now to discuss Fuzzy's, the momentum from our Q4 promotions carried into Q1, and contributing to Fuzzy's posting positive comp sales for the first time in three years and enabling brand to outperform its competitors in sales every month in Q1. This progress is a result of the hard work we've done to strengthen the business with a focus on improving technology, streamlining the menu and enhancing the in-restaurant experience. We're encouraged by Fuzzy's performance this quarter and remain focused on sustaining and building on this progress.

接著談Fuzzy's。第四季促銷帶來的動能延續到第一季，促使Fuzzy's三年來首次繳出正向同店銷售，並讓品牌在第一季每個月的銷售表現都優於競品。這些進展來自我們為強化業務所做的努力，重點在於改善科技、精簡菜單，以及提升店內用餐體驗。我們對Fuzzy's本季表現感到鼓舞，並將持續專注於維持並擴大這些成果。

And now for dual brands. It's been one year since we opened our first domestic dual brand in Seguin, Texas and our confidence in the platform continues to grow. Across the system, most of these restaurants are generating about 1.5 to 2.5 times the sales of the original stand-alone restaurant while maintaining a healthy check balance across both brands. The Sagen restaurant is still delivering roughly 2 times its pre-conversion sales levels. Today, we've got 43 dual-brand restaurants open with 13 additional locations under construction, and we remain on track to have approximately 80 open domestically by year-end.

接著談雙品牌（dual brands）。自從我們在德州Seguin開出第一家美國本土雙品牌店以來已滿一年，我們對此平台的信心持續提升。就整體系統而言，多數這類餐廳的銷售額約為原本單一品牌店的1.5到2.5倍，同時在兩個品牌之間仍能維持健康的客單結構。Seguin這家餐廳目前仍約為改裝前銷售水準的2倍。現在我們已開出43家雙品牌餐廳，另有13個據點正在興建中，並仍按計畫在年底前於美國本土開出約80家。

Interest in our dual brands remain strong among existing and new franchisees. In fact, we now have 10 different operators that have opened a dual-brand restaurant. And of these, two are new franchisees to the Dine system.

現有與新加盟主對我們的雙品牌模式仍保持高度興趣。事實上，目前已有10家不同的營運商開出雙品牌餐廳；其中有兩家是首次加入Dine系統的新加盟主。

The dual remodel provides a flexible path to unlock additional value across our existing footprint. It allows franchisees to reposition lower-performing restaurants, including those that may have otherwise reached the natural end of their life cycle while also enhancing performance at higher sales restaurants. In fact, a long-standing Applebee's franchisee opened its first dual brand in Hawthorne New York just a month ago.

雙品牌改裝為我們既有據點提供一條具彈性的路徑，以釋放更多價值。它讓加盟主能重新定位表現較弱的餐廳，包括那些原本可能已接近自然生命週期終點的店點，同時也能提升高銷售餐廳的表現。事實上，一位長期的Applebee's加盟主就在一個月前於紐約州Hawthorne開出其第一家雙品牌店。

The successful conversion of a high sales single-brand restaurant validate the dual brand model is adaptable and scalable across a range of sales profiles. The unit was already a strong performing restaurant. And since converting and reopening in March, it has delivered an approximately 1.8 times sales lift.

成功將一間高銷售的單一品牌餐廳轉換為雙品牌，驗證雙品牌模式可因應不同銷售型態，且具可擴展性。該店原本就是表現強勁的餐廳；自3月改裝轉換並重新開幕以來，銷售約提升至原來的1.8倍。

During the last few months, we've learned more about these restaurants from a guest perspective, A few highlights include the guests are excited to have the option to choose between two complementary iconic brands, 62% of our dine-in tickets contain at least one item from each brand. Guests who do purchase from both brands are spending on average 24% more than those who purchased from just one brand, leading to an overall higher check average at the dual-brand restaurants. And lastly, sales remain balanced across all day parts, proving our thesis about the complementary nature of these brands.

過去幾個月，我們從顧客角度對這些餐廳有了更多了解，幾個重點包括：顧客很興奮能在兩個互補的經典品牌之間做選擇；62%的內用帳單至少包含兩個品牌各一項商品。購買兩個品牌商品的顧客，平均消費比只買單一品牌者高24%，使雙品牌餐廳的整體平均客單更高。最後，銷售在各時段（day parts）之間仍維持均衡，證明我們對兩品牌互補性的假設。

We also made operational improvements, including updating our online ordering flow to make the experience more seamless for guests which has driven an increase in average off-premise check and improving efficiencies in back of pass operations such as kitchen design.

我們也進行了營運改善，包括更新線上點餐流程，讓顧客體驗更順暢，進而帶動外帶/外送平均客單提升；同時也改善後場出餐口等作業效率，例如廚房設計。

We continue to improve our preopening training at restaurants and are seeing newer restaurants achieve faster table turn times. Taken together, these results reinforce our confidence in dual brands as a big idea and a compelling growth vehicle, driving strong unit economics and continued franchisee demand.

我們持續強化餐廳開幕前訓練，並看到較新的餐廳達成更快的翻桌時間。綜合來看，這些成果強化我們對雙品牌作為重大構想與具吸引力成長載體的信心，能帶動強勁的單店經濟效益，並持續吸引加盟主需求。

Now turning to our broader development initiatives. We maintained momentum this quarter in new restaurant openings, opening 24, up from 10 at this time last year. We remain on track to meet our full year domestic development guidance.

接著談更廣泛的展店計畫。本季我們維持新店開幕動能，共開出24家，高於去年同期的10家。我們仍按計畫達成全年美國本土展店指引。

Development remains a key priority for long-term growth, driven by our dual-brand formats, the Applebee's looking good remodel program and targeted investments in our company-owned portfolio. In addition to new unit growth, we're also seeing meaningful opportunity within our existing footprint through relocations and real estate optimization.

展店仍是長期成長的關鍵優先事項，動能來自我們的雙品牌店型、Applebee's「Looking Good」改裝計畫，以及對公司自營店組合的精準投資。除了新店成長外，我們也在既有據點中透過搬遷與不動產/選址優化看到顯著機會。

Two recent new restaurant openings are relocations within their existing markets. And while early, in both cases, sales increased over 50% compared to the prior location, highlighting both the continued relevance of the brand and the importance of site selection in unlocking incremental growth.

近期有兩家新開餐廳屬於在原有市場內的搬遷。雖然仍在早期階段，但兩者的銷售相較於先前店址都提升超過50%，凸顯品牌持續的市場相關性，以及選址在釋放增量成長上的重要性。

We made progress on the Applebee's Looking Good Remodel program, completing 11 remodels this quarter. This program has consistent engagement among franchisees and early results remain encouraging with, on average, a mid-single-digit percent sales lift, and we expect about one-third of the system to be remodeled by year-end. At IHOP, we're beginning a three-year renovation cycle with a fresh modern design called California heritage. It's a light, bright and joy field design that brings a warm, welcoming field to the restaurant while staying unmistakably IHOP.

我們在Applebee's「Looking Good」改裝計畫上取得進展，本季完成11家改裝。該計畫在加盟主間維持一致的參與度，且早期結果仍令人鼓舞：平均帶來中個位數百分比的銷售提升；我們預期到年底約有三分之一的系統門店完成改裝。在IHOP方面，我們正啟動為期三年的翻新循環，採用名為「California heritage」的清新現代設計。這是一種明亮、輕盈且充滿愉悅感的設計，為餐廳帶來溫暖、友善的氛圍，同時仍一眼就能辨識是IHOP。

So before turning the call over to Vance, I do want to note that while we expect to see some near-term headwinds, we remain focused on executing against our priorities and positioning the business to drive sustainable long-term growth in this challenging environment.

在把電話會議交給Vance之前，我想先說明：雖然我們預期短期內仍會面臨一些逆風，但我們仍專注於落實各項優先事項，並在這個充滿挑戰的環境中，讓業務處於可推動可持續長期成長的位置。

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

接下來我把電話會議交給Vance。

Thanks, John. On top line, consolidated total revenues increased 4.8% to $225.2 million in Q1 versus $21.8 million in the prior year and is primarily driven by the acquisition of company-owned restaurants since Q1 of 2025.

謝謝，John。就營收端而言，第一季合併總營收年增4.8%至2.252億美元，對比前一年為2,180萬美元，主要由於自2025年第一季以來收購公司自營餐廳所帶動。

And if we take out advertising revenues, franchise revenues in Q1 decreased 2.1%, primarily due to a decrease in proprietary product sales and performance of our international franchisees. Increases in comp sales for the quarter were offset by closures. Rental segment revenues for the first quarter of 2026 were consistent with the prior year period.

若排除廣告收入，第一季加盟收入年減2.1%，主要因自有專屬產品銷售下滑，以及國際加盟主表現所致。本季同店銷售的成長被門店關閉所抵銷。2026年第一季租賃事業部門收入與去年同期一致。

G&A expenses were $53.1 million in Q1 of 2026 and up from $51.3 million in the same period of last year due to annualization of last year's investments in training, development and operations to support our remodeling to our brand initiatives and our larger company restaurant portfolio.

2026年第一季一般及行政（G&A）費用為5,310萬美元，高於去年同期的5,130萬美元，主要因去年在訓練、發展與營運方面的投資進入全年化，這些投資用以支持我們的改裝、品牌計畫，以及更大的公司自營餐廳組合。

Adjusted EBITDA for Q1 of 2026 decreased to $50.8 million from $54.7 million in Q1 of 2025, primarily driven by the following factors: First, IHOP's proprietary product sales decreased due to sales timing to our distribution partners; and second, we have more company restaurants and dual brand restaurant openings than last year that resulted in higher G&A and preopening support costs.

2026年第一季調整後EBITDA由2025年第一季的5,470萬美元下降至5,080萬美元，主要由以下因素驅動：第一，IHOP自有專屬產品銷售因對配送合作夥伴的出貨時點影響而下降；第二，相較去年我們擁有更多公司自營餐廳與雙品牌餐廳開幕，導致G&A與開幕前支援成本更高。

In addition, EBITDA was impacted by restaurants taking back since the prior year quarter, which are still in turnaround stage and not yet at steady state. I'll touch further the progress we have seen in our company restaurants, particularly around the dual brand conversions in a moment. Adjusted diluted EPS for the first quarter of 2026 was $1.07 compared to adjusted diluted EPS of $1.03 for the first quarter of 2025.

此外，EBITDA 也受到自去年同期以來收回經營之餐廳的影響；這些餐廳仍處於扭轉階段，尚未達到穩態營運。我稍後會進一步說明我們在公司自營餐廳所看到的進展，特別是關於雙品牌轉換的部分。2026 年第一季調整後稀釋每股盈餘（EPS）為 1.07 美元，較 2025 年第一季的調整後稀釋 EPS 1.03 美元為高。

Now turning to the statement of cash flows. We had adjusted free cash flow of negative $3 million for the first three months of 2026 compared to $14.6 million for the same period of last year, primarily driven by higher CapEx for company restaurants and year-over-year impact of performance plan compensation payments. CapEx through Q1 of 2026 was $12.1 million compared to $3.3 million for the same period of 2025.

接著看現金流量表。2026 年前三個月的調整後自由現金流為負 300 萬美元，相較去年同期為 1,460 萬美元，主要係因公司自營餐廳資本支出（CapEx）較高，以及績效計畫薪酬支付的年對年影響所致。2026 年第一季累計 CapEx 為 1,210 萬美元，較 2025 年同期的 330 萬美元增加。

Nearly two-thirds of the CapEx year to date is tied to remodels and dual brand conversions of company-owned restaurants. Our lower adjusted free cash flow and increased CapEx this quarter is timing as we expect to end the year with CapEx being in the range that we previously provided.

截至目前年度累計的 CapEx 近三分之二與公司自營餐廳的整修與雙品牌轉換相關。本季調整後自由現金流較低且 CapEx 增加主要是時點因素，因為我們預期全年 CapEx 將落在先前提供的區間內。

We finished the first quarter with total unrestricted cash of $104.2 million compared to unrestricted cash of $128.2 million at the end of the fourth quarter last year. On buybacks and dividends, we returned $24 million of capital to shareholders in Q1, including $22 million of share repurchases, which was approximately 5% of our shares outstanding at the beginning of the year.

第一季結束時，我們的未受限制現金總額為 1.042 億美元，較去年第四季末的未受限制現金 1.282 億美元下降。關於庫藏股回購與股利，我們在第一季向股東返還 2,400 萬美元資本，其中包含 2,200 萬美元的股票回購，約占年初流通在外股數的 5%。

Our total shares repurchases during Q4 and Q1 were $52 million, which is above what we had committed to on our Q3 2025 call. We continue to believe our shares are undervalued and remain committed to share repurchases.

我們在 2025 年第四季與 2026 年第一季合計的股票回購金額為 5,200 萬美元，高於我們在 2025 年第三季法說會上所承諾的水準。我們仍認為公司股價被低估，並持續致力於股票回購。

Next, let me discuss Applebee's performance. Q1 same-restaurant sales increased 1.9% year-over-year. Domestic average weekly franchise sales per restaurant were $56,300, including approximately $13,500 from off-premise or 23.9% of total sales, of which 11.9% is from to go and 12.1% is from delivery. Off-premise saw a positive 3.5% lift in comp sales in 2026 compared to the same period last year.

接下來談 Applebee's 的表現。第一季同店銷售年增 1.9%。美國境內每家加盟店平均每週銷售額為 56,300 美元，其中約 13,500 美元來自店外（off-premise），占總銷售的 23.9%；其中 11.9% 來自外帶（to go），12.1% 來自外送（delivery）。2026 年迄今，店外業務的同店銷售較去年同期正向提升 3.5%。

IHOP's Q1 same-restaurant sales were flat. Domestic average weekly franchise sales per restaurant were $38,300 including $8,300 from off-premise or 21.5% of total sales, of which 7.5% is from to go and 14% is from delivery.

IHOP 第一季同店銷售持平。美國境內每家加盟店平均每週銷售額為 38,300 美元，其中 8,300 美元來自店外（off-premise），占總銷售的 21.5%；其中 7.5% 來自外帶（to go），14% 來自外送（delivery）。

All right. Turning to commodities. Applebee's commodity costs in Q1 increased by 6.3% and IHOP commodity costs increased by 3% versus the prior year. Our supply chain co-op CSCS continues to expect commodity costs in 2026 at mid-single digits for Applebee's and low single digits for IHOP. The primary driver for both brands commodity cost is higher beef prices, including the lapping of favorable contracts at Applebee's.

好。接著談原物料。Applebee's 第一季原物料成本較去年同期增加 6.3%，IHOP 原物料成本增加 3%。我們的供應鏈合作社 CSCS 仍預期 2026 年 Applebee's 的原物料成本增幅為中個位數百分比，IHOP 為低個位數百分比。兩個品牌原物料成本上升的主要驅動因素是牛肉價格走高，其中也包含 Applebee's 先前有利合約到期後的比較基期效應。

To date, in 2026, we implemented projects resulting in over $4 million of annualized savings across both systems, and we continue to partner with CSCS to leverage our scale.

截至 2026 年目前，我們已推動專案，為兩大系統合計帶來超過 400 萬美元的年化節省，並持續與 CSCS 合作以發揮規模效益。

Lastly, our company-owned portfolio remains instrumental in strengthening brand performance and supporting the overall health of our system. And our goal is to ultimately refranchise the locations at the right time. At the end of Q1, we operated 86 company-owned restaurants, totaling about 2% of our system, which is in line with our asset-light model. And this includes 12 Applebee's restaurants that we opportunistically took back in February of this year in the Virginia area with the potential to complete approximately five dual brand conversions out of this portfolio.

最後，我們的公司自營門店組合仍是強化品牌表現、支持整體系統健康度的關鍵。我們的目標是在適當時機最終將這些據點再度加盟化（refranchise）。第一季末，我們營運 86 家公司自營餐廳，約占整體系統的 2%，符合我們的輕資產模式。其中包括我們在今年 2 月於維吉尼亞地區把握機會收回經營的 12 家 Applebee's 餐廳，該組合有潛力完成約 5 家雙品牌轉換。

As it's been reported, one of our franchisees' neighborhood restaurant partners filed for bankruptcy protection and as part of its proposed plan, they're selling approximately 53 restaurants. Dine is stepping in as a stocking horse bidder because we believe that securing these restaurants gives us direct operational insight and allows us to invest in the units through our development initiatives. Although closures for construction impacted profitability of our company-owned portfolio, we're making progress.

如外界所報導，我們其中一位加盟商 Neighborhood Restaurant Partners 已申請破產保護，並在其提出的計畫中出售約 53 家餐廳。Dine 將以「備用競標者」（stalking horse bidder）身分介入，因為我們相信取得這些餐廳能讓我們直接掌握營運洞察，並可透過我們的開發計畫投資這些門店。儘管施工造成的暫停營業影響了公司自營門店組合的獲利能力，我們仍在取得進展。

In Q1, comp sales outperformed system with close to a mid-single-digit comp sales improvement year-over-year. And during the quarter, completed six remodels and two dual brand conversions, bringing our total to 20 remodels and 4 dual brand conversions since taking back these restaurants.

第一季，同店銷售表現優於整體系統，年對年同店銷售改善接近中個位數百分比。且在本季期間，我們完成 6 家整修與 2 家雙品牌轉換，使得自收回這些餐廳以來累計完成 20 家整修與 4 家雙品牌轉換。

By the end of 2026, we expect to have completed or under construction over 30 remodels and 8 plus dual brands. While early, we're seeing success at our 4 company dual-brand restaurants with sales lift of approximately 2.5 times, which further supports our confidence in our dual brand strategy.

到 2026 年底，我們預期將完成或正在施工中的整修將超過 30 家，雙品牌將達 8 家以上。雖然仍屬早期，我們在 4 家公司自營雙品牌餐廳已看到成功，銷售提升約為 2.5 倍，進一步支持我們對雙品牌策略的信心。

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.

在把電話交回給 John 進行問答之前，我想補充，我們目前維持全年財務指引不變。

With that, I will hand it back over to John.

接下來我把電話交回給 John。

Thank you, Vance. To wrap up, we're pleased with the start to the year and are confident that our strategy will enable us to navigate near-term headwinds. We remain focused on deplaned execution, supporting our franchisees and investing in initiatives that position us for sustainable long-term growth. Thank you so much for your time today. We look forward to your questions. And now operator, I'll turn it back to you for instructions on how to access our queue.

謝謝你，Vance。最後總結，我們對今年的良好開局感到滿意，並有信心我們的策略能協助我們因應短期逆風。我們仍專注於有紀律的執行、支持加盟商，並投資於能讓我們實現可持續長期成長的各項計畫。非常感謝各位今天撥冗參與。我們期待各位的提問。現在請接線員說明如何進入提問隊列。

(Operator Instructions) Jeffrey Bernstein, Barclays.

（接線員指示）Jeffrey Bernstein，Barclays。

Great. My first question is just on the comp trends more recently. John, I think you mentioned that the Applebee's comps slowed, but you referenced perhaps it was due to a tougher compare. So I'm just wondering how you think about that maybe on more of a relevant two-year basis kind of what the underlying trend is you did talk about, I guess, the lower income, which is the focus for your brand, perhaps a little bit more vulnerable.

很好。我第一個問題是關於近期同店趨勢。John，我想你提到 Applebee's 的同店增速放緩，但你也提到可能是因為比較基期更具挑戰。因此我想請教，你如何看待這件事——也許用較相關的兩年基礎來看，底層趨勢大概是什麼？你也談到我想是較低收入族群，這是你們品牌的核心客群，可能更容易受到影響。

So just wondering if you could talk a little bit about that and maybe whether the spike in gas prices you think had an outsized hit or maybe what you've seen in the past in such instances. And then I had one follow-up.

所以想請你多談一點，另外你是否認為汽油價格上漲造成了不成比例的衝擊，或是在過去遇到類似情況時你們觀察到什麼。然後我還有一個追問。

Jeff, it's John. That's exactly the answer. Our value conscious guests, our price-sensitive guest is very sensitive to increases in gas prices and the basics and the cost of living. There's a lot of statistical data broadly and within our company that demonstrates that. And that's exactly what we think we saw happening in April. We're encouraged by even today's news, where it seems to be lessening a little bit.

Jeff，我是 John。答案就是你說的那樣。我們重視價值的顧客、對價格敏感的顧客，對汽油價格以及民生基本支出與生活成本的上升非常敏感。無論是整體統計資料或公司內部數據，都能證明這一點。而這正是我們認為 4 月發生的情況。看到今天的消息顯示情況似乎稍微緩和，我們也受到鼓舞。

But more broadly, that just reinforces our strategy around making sure that we have the right value message at Applebee's for those guests that are price sensitive. We continue to lean into the 2 for $25 message strengthened by new and exciting news last quarter was OM Cheeseburger, and then we'll have something new in this quarter as well.

但更廣泛來看，這也再次強化我們的策略：確保 Applebee's 對那些價格敏感的顧客傳達正確的價值主張。我們會持續主打「2 份 25 美元」的訊息；上季令人振奮的新消息是 OM Cheeseburger，而本季我們也會推出新的內容。

Got it. And my follow-up is just on the asset base. one, just the dual brands, I think you confirmed 80 in the US by year-end. Just wondering where you think that could go over time.

了解。我的追問是關於資產基礎。第一，關於雙品牌，我想你確認美國在年底前會達到 80 家。想請教你認為長期來看這個數字可能會到哪裡。

seemingly, you're picking some markets where you think it will work best, but clearly, that is a very strong sales lift you're seeing. So will the dual brand mix could go over time? And just more broadly, that franchisee since they're the ones driving it. presumably how their engagement has been of late, whether they seem to be more open to the idea, whether just opening more Applebee's on their own or opening more of the dual brands in future years?

看起來你們正在挑選你們認為最適合運作的市場，但顯然你們看到非常強勁的銷售提升。所以雙品牌的占比長期可能會到什麼程度？另外更廣泛來說，因為是加盟商在推動這件事，他們近期的投入程度如何？他們是否更願意接受這個概念？以及未來幾年，他們是更傾向單獨再開更多 Applebee's，還是開更多雙品牌店？

Yeah. So we've done work where we've looked at and modeled the opportunities across the country. And we've concluded based upon our analysis and that analysis includes I think what you would expect, right? We look at the size of the market, we look at the demographics, we look at the competition. We look at the traffic in and out of the market during the day, et cetera.

是的。所以我們已經做了相關工作，檢視並建模全國各地的機會。我們根據我們的分析得出結論，而該分析包含我想你會預期的內容，對吧？我們看市場規模、看人口結構、看競爭情況。我們也看白天市場的進出車流量等等。

And we've identified 900 opportunities in the US to open a dual brand restaurant or convert an existing restaurant to a dual that would have minimal to no impact on an existing restaurant. And of those 900 restaurants, Jeff, 450 would be newbuilds and 450 would be adding a second brand to an existing restaurant, and we think that, that's achievable over the next 8 to 10 years.

我們已在美國辨識出 900 個機會，可開設雙品牌餐廳，或將既有餐廳轉為雙品牌，且對既有餐廳的影響極小甚至沒有。在這 900 家餐廳中，Jeff，有 450 家會是新建店（newbuilds），另 450 家則是在既有餐廳加上第二個品牌；我們認為在未來 8 到 10 年內可以達成。

In terms of franchisee enthusiasm, it's actually growing. So our pipeline is strengthening. We are very confident in the 8 that we've talked about for this year, and we're building a pipeline that goes into 2027 and beyond. We are -- that pipeline includes franchisees that are going to be new to the dual brand system and is becoming equally balanced between existing Applebee's and existing IHOP franchisees.

就加盟主的熱情而言，實際上正在升溫。所以我們的案源管線正在強化。我們對今年談到的那 8 家非常有信心，而且我們正在建立延伸到 2027 年及以後的管線。我們——該管線包含將新加入雙品牌系統的加盟主，並且在既有 Applebee’s 與既有 IHOP 加盟主之間，正變得同樣均衡。

Nick Setyan, Mizuho.

Nick Setyan，瑞穗（Mizuho）。

The guidance -- I guess, the EBITDA guidance, can you just update us on approximately how much in terms of investment in company-owned stores is embedded in that guidance?

關於指引——我想是 EBITDA 指引，你能否更新一下：該指引中大約包含多少公司自營門店的投資？

Yes, Nick, Vance will take that question.

好的，Nick，這題由 Vance 來回答。

Nick. So with company -- specifically, right, we said we're keeping the guidance and Q1 EBITDA was a little bit softer, but we're maintaining guidance for really two reasons, right? So we have the franchise business, and we have a company restaurants, as you said.

Nick。就公司——具體來說，我們說過會維持指引，而第一季 EBITDA 稍微偏弱，但我們維持指引主要有兩個原因，對吧？我們有加盟業務，也有你提到的公司餐廳（自營餐廳）。

Overall, the franchise business is steady, right? Even though it's a complicated operating environment, we believe our formula of value targeted marketing and the operational execution will improve the sales trends in the coming quarter and company restaurants will continue to improve. It's going to -- it's not going to be a straight line, but we have more work to do in terms of construction and in-store execution, et cetera.

整體而言，加盟業務是穩定的，對吧？即便營運環境複雜，我們相信以「價值導向的精準行銷」加上「營運執行」的組合，將在接下來的季度改善銷售趨勢，而公司餐廳也會持續改善。這——不會是一條直線，但我們在施工與店內執行等方面還有更多工作要做。

So the short-term EBITDA pressure should moderate over time as we start to leverage the investments we've made in our system. Now with company restaurants, one thing worth pointing out is that in Q1, we had 175 close base due to remodels and (inaudible) conversions. Obviously, this is not going to happen for the rest of the quarter. We'll have less closure days for the rest of the year. So that's what's baked into our guidance.

因此，短期的 EBITDA 壓力應會隨時間推移而趨於緩和，因為我們開始槓桿化（發揮效益）我們在系統中所做的投資。至於公司餐廳，有一點值得指出：第一季因為翻新與（聽不清）轉換，我們有 175 個關店基數日（close base）。顯然，接下來的季度不會再發生這種情況。今年剩餘時間的關店天數會更少。這些都已反映在我們的指引中。

And in terms of the alcohol licenses, et cetera, is that behind us? Or is that still an ongoing headwind?

那麼就酒類執照等等而言，這部分已經過去了嗎？還是仍然是持續的逆風？

That's mostly behind us at this point. So that's a tailwind for us.

目前大多已經過去了。所以這對我們來說會是順風。

Got it. And in terms of just the company-owned mix going up, you talked about sort of potential acquisition post the bankruptcy are we comfortable with the mix now? Or is that something that could continue to go up through the rest of the year and potential for 2027?

了解。那就公司自營占比上升而言，你提到破產後可能進行收購——我們現在對這個占比感到安心嗎？還是說今年剩餘時間以及到 2027 年仍可能繼續上升？

Nick, it's John. I'll take that question. The way we think about it are two parts I'd answer. The first is, we are certainly more amenable today than we were in years past to taking back restaurants or a portfolio of restaurants in order to strengthen them strengthen the system, prevent closures and then to refranchise them, which we think we can typically do in about three years after we acquire them.

Nick，我是 John。我來回答。我的看法分兩部分。第一，我們今天確實比過去幾年更願意收回餐廳或一個餐廳組合，以便強化它們、強化整個系統、避免關店，然後再把它們重新加盟（refranchise）；我們認為通常在收購後大約三年內可以做到。

And so we will continue to do that when we think it's the right portfolio, and it's right for the brand and that we can use those restaurants to advance our initiatives like proving out the remodel, converting to duals, testing our program technology.

因此，只要我們認為是合適的組合、對品牌也合適，我們就會持續這麼做；並且我們也能利用這些餐廳推進我們的各項倡議，例如驗證翻新方案、轉換為雙品牌、測試我們的計畫與技術。

What we've also said is that while our goal is not to get to 5% of company -- of the portfolio that's company-owned, I'm comfortable getting to 5% and still being asset-light and having all of the benefits of being ascilite. So that's about the threshold you should think about in terms of where I'm comfortable going, but that's not the goal to get there.

我們也說過，雖然我們的目標不是讓公司——也就是整體門店組合中自營的比例達到 5%，但我可以接受到 5% 並仍然保持輕資產（asset-light），同時保有輕資產的所有優勢。所以你可以把大約 5% 視為我覺得舒適的上限，但這並不是我們要達到那個比例的目標。

(Operator Instructions) Dennis Geigerm, UBS.

（接線員指示）Dennis Geigerm，瑞銀（UBS）。

I wanted to come back to the focus on quality and price points. I guess value in particular, you guys spoke to sort of having the right value message at Applebee's, the 2 for $25, something new coming this quarter as well. I guess the question is where that value mix was -- maybe for both brands in the quarter. And then just kind of on the go-forward again, is 2 for $25 plus something new? Is that kind of going to be the playbook over the balance of the year? Do you think you have to do even more there based on some of the consumer pressures that are out there that you're observing currently? Just any thoughts on that front, please?

我想回到你們對品質與價格帶的聚焦，特別是「價值」這一塊。你們提到 Applebee’s 有正確的價值訊息，例如 2 for $25，本季也會有新內容。我想問的是，本季兩個品牌的價值品項占比大概是多少？另外往後看，2 for $25 加上新內容，是否會成為今年剩餘時間的操作手冊？基於你們目前觀察到的消費者壓力，你們覺得是否需要做得更多？想請分享一下看法。

Yes, Dennis. It's John. I'll start with Applebee's, and then Lawrence is going to address it for IHOP. In terms of the mix for the quarter, about 26% of our tickets had value items on it, which would either be 2 for $25 or an LTO. That number is down from about one-third, which is what it's been for many, many quarters.

好的，Dennis。我是 John。我先談 Applebee’s，接著 Lawrence 會談 IHOP。就本季的占比而言，大約 26% 的客單（tickets）包含價值品項，可能是 2 for $25 或限時供應（LTO）。這個數字低於約三分之一，而過去很多很多季大致都是三分之一左右。

And the reason there is because we had the Ultimate Trio as a national promotion in Q1, and we moved it out of the national price point to being priced individually by franchisees. So technically, we don't count it. . But I would say in terms of the trend and even what we see in the Ultimate Trio sales, we still are running at about one-third of our tickets include some sort of value item, and that's been consistent now for five, six, seven quarters.

原因是我們在第一季把 Ultimate Trio 作為全國性促銷，但我們把它從全國統一定價移出，改為由加盟主各自定價。所以嚴格來說，我們不把它計入。不過我會說，就趨勢而言，甚至從 Ultimate Trio 的銷售來看，我們仍大約維持在三分之一的客單包含某種價值品項，而且這種情況已經連續五、六、七個季度都很一致。

When it comes to 2 for $25, yes, that is our primary message in terms of the way we're communicating value to entrees as an appetizer for $25 or $12.50 per person and the way we're keeping it fresh in addition to the consistent message throughout the year is by introducing a new item to it. In addition, we will have LTOs from time to time, including next quarter, also value-driven LTOs designed to drive traffic.

談到 2 for $25，是的，這是我們在溝通價值時的主要訊息：兩份主餐加一份開胃菜 25 美元，或每人 12.50 美元。除了全年一致的訊息之外，我們讓它保持新鮮的方法是加入新菜品。此外，我們也會不定期推出 LTO，包括下個季度也會有以價值為導向、用來帶動來客數的 LTO。

And the last thing I'll mention, which I think is interesting about the 2 for $25 program, Dennis, is that almost 62% of the items on 2 for $25 are the upsell. So it's not the entry-level $25. It's guests that are paying $2 or $3 more for Tier 2 or $2, $3 more for Tier 4. Remember the franchisees set those increments based upon their market. So it's doing what it's supposed to do. It's driving traffic with the 25 message and then two-thirds of the time, it's actually upselling beyond the $25.

最後我想提一點，我覺得 2 for $25 計畫很有意思，Dennis：2 for $25 上的品項中，將近 62% 是加價升級（upsell）。也就是說，不是入門的 25 美元組合，而是客人多付 2 或 3 美元選 Tier 2，或多付 2、3 美元選 Tier 4。請記得，這些加價幅度是加盟主依各自市場設定的。所以它確實達到預期效果：用 25 的訊息帶動來客，然後約三分之二的情況下，實際上會加價到超過 25 美元。

And then -- and Lawrence, can you address the value question for IHOP?

接著——Lawrence，你能回答 IHOP 的價值問題嗎？

Absolutely. Dennis, I was going. In regards to the value mix at IHOP, it has been around 20 -- for Q1, it's 22%. -- slightly higher than Q4, which is at around 20%, but it's remained fairly consistent. The uptick in Q1 was primarily due to a big promotion we had with bottomless pancakes that John referred to earlier. And this promotion is part of our value mix, which our value mix consists of the everyday value menu at $6 in addition to other promotions like the bottomless pancake or the free package promotion that we have on National Pancake Day as well as our senior menu.

當然可以，Dennis，我來說。就 IHOP 的價值占比而言，大約在 20% 左右——第一季是 22%。——比第四季略高，第四季大約 20%，但整體仍相當一致。第一季的上升主要是因為我們有一個大型促銷：無限續點煎餅（bottomless pancakes），John 先前也提到過。這個促銷屬於我們的價值組合；而我們的價值組合包含 6 美元的日常超值菜單（everyday value menu），以及像無限續點煎餅、全國煎餅日（National Pancake Day）的免費套餐促銷，還有我們的銀髮族菜單。

In terms of moving forward, we are staying consistent with the $6 value message. It resonates extremely well with our guests. Ever since we launched the $6 value message with House phase which is Monday through Friday and October '24 and then evolved it into the $6 everyday value menu in September '25.

就未來推進而言，我們會持續一致地傳達「6 美元超值」訊息。這個訊息在我們的顧客之間引起非常強烈的共鳴。自從我們在 2024 年 10 月推出「House」階段（週一到週五）的 6 美元超值訊息，並在 2025 年 9 月將其演進為「每日 6 美元超值菜單」以來。

And even this past March, we evolve even further by adding a new item or VLT to expand the daypart propositions, we've outperformed Black Box and traffic every month in 2025 and continue to do so into 2026. And we're going to continue that momentum with that everyday value menu.

甚至就在今年 3 月，我們再進一步演進，新增一個品項或 VLT 以擴展不同時段（daypart）的產品主張；我們在 2025 年每個月的表現都優於 Black Box 與客流，並且在 2026 年也持續如此。我們也將透過這份每日超值菜單延續這股動能。

And similar to Applebee's, we are balancing that with innovation. Not only did we do the BOT adding to the $6 value menu. But with the barbell strategy, we've complemented that with new product introductions, whether it's our stuff and stack unlet new coffee introduction that we had this past March. I'll end there's obviously more to come.

而且與 Applebee's 類似，我們也在創新與超值之間取得平衡。我們不僅透過 BOT 加入到 6 美元超值菜單中；同時採用「槓鈴策略（barbell strategy）」來搭配新品導入，不論是我們在今年 3 月推出的 stuff and stack unlet 新品，或是新的咖啡上市。我先收尾一下，顯然後續還會有更多。

Great. As a quick follow-up, you touched on it some, but we've heard from some of your peers a little bit about check management in recent months. And I know you just kind of touched on kind of the value mix there, so that could certainly someone answered the question, but anything beyond what you just touched on, on check management, thinking about appetizers, beverages, desserts and otherwise that you've observed over the last couple of months in particular? .

很好。快速追問一下，你剛剛有稍微提到，但我們近幾個月也從你們一些同業那邊聽到一些關於客單（check）管理的看法。我知道你剛剛也提到一些超值組合（value mix），那可能已經部分回答了問題；但除了你剛剛提到的之外，關於客單管理方面，特別是你在過去幾個月觀察到的開胃菜、飲料、甜點等品類，有沒有其他補充？

In regards to IHOP, and I'll turn that and John (inaudible). In to regards check management at IHOP, we have -- in 2025, we were laser-focused on driving value. And my primary messaging across the board was valued because at that time, we do not have a strong equity in the value landscape. And so we maintain that consistency. It's why we've seen our traffic growth, especially in Black Box every month in 2025.

關於 IHOP，我把這題轉給 John（聽不清）。就 IHOP 的客單管理而言，我們在 2025 年非常聚焦於推動超值。我在各方面的主要訊息都是「超值」，因為在那個時間點，我們在超值市場的品牌權益並不強。因此我們維持一致性。這也是為什麼我們在 2025 年每個月的客流都能成長，尤其是在 Black Box 的數據上。

As we've gone into 2026, we've now complemented that because we've complemented our value messaging with the barbell strategy in driving our innovation leaders. It's why we see different messaging right now even within our social platforms, PR, et cetera, with that of innovation, whether it's our omelettes.

進入 2026 年後，我們也做了互補：我們把超值訊息與槓鈴策略結合，推動我們的創新領先產品。這也是為什麼你現在會看到我們在社群平台、PR 等不同渠道上，除了超值之外，也有創新相關的訊息，例如我們的歐姆蛋（omelettes）。

But we have different layers that we're going to balance with coming up this summer as well as into the fall and winter. And you'll see a cadence of both value combined together with innovation to really go after that barbell strategy and create awareness across both platforms. .

但我們還有不同層次的內容，會在今年夏季以及秋冬持續平衡推出。你會看到一個節奏：把超值與創新結合在一起，真正去落實槓鈴策略，並在兩個面向上都建立認知度。

Yes. At Applebee's, Brian, average check remained at about $39. That included a slight menu price increase that the franchisees put in place in -- and we did see some migration toward lower-priced items or at the expense of a drink or an appetizer. But like I said, we did maintain the average check at $39. And our.

是的。在 Applebee's 這邊，Brian，平均客單維持在約 39 美元。這包含加盟主所實施的一次小幅菜單漲價（在——）。我們確實看到部分消費轉向較低價的品項，或是以犧牲一杯飲料或一道開胃菜為代價。但如我所說，我們仍把平均客單維持在 39 美元。而我們的。

Brian Mullen, Piper Sandler.

Brian Mullen，Piper Sandler。

This is Allison Arfstrom on for Brian Mullen. At IHOP on the California heritage remodel. I just wanted to ask in a very open-ended way. But can you talk more about what we should expect to see with the remodel, maybe the cadence or how many units are eligible, how do you expect to do anything like that?

我是代替 Brian Mullen 的 Allison Arfstrom。關於 IHOP 的 California heritage 翻新（remodel），我想用比較開放式的方式請教：你們能否多談談我們應該期待在這次翻新中看到什麼？例如推進節奏、符合資格的門店數量，或你們預期會如何推動之類的？

Thanks, Alice. Lawrence will take that.

謝謝你，Alice。這題由 Lawrence 回答。

Yes. So at or the California heritage redesign, and remodel. This design is based on a platform, which we've seen across international as well as in our dual brands, which is what we incorporated this bright modern unit sign that is distinctively IHOP. And we are very early in the process, actually. And we're working with our franchisee partners on the incentive program similar to that of Applebee's.

好的。關於 California heritage 的重新設計與翻新，這個設計是基於一個平台，我們在國際市場以及我們的雙品牌（dual brands）門店中都看過；我們把這個明亮、現代化、且具有鮮明 IHOP 識別的門店招牌納入其中。其實我們目前仍在非常早期的階段，並且正與加盟夥伴合作設計激勵方案，類似 Applebee's 的做法。

And we'll have more to come over the next several quarters. But we're excited because we're starting to see some of the remodels happening currently. But again, we're very early in the stage, and we'll have more in the upcoming quarters this year.

接下來幾個季度我們會有更多資訊。但我們很興奮，因為我們已開始看到一些翻新正在進行中。不過再次強調，我們仍處於非常早期的階段，今年接下來的季度會有更多更新。

And Alice, I would add two things. One is, if you haven't had a chance, we have a dual brand video on our IR section of our website. And on that video, when you look at the IHOP portion of the interior, that is the California heritage design. So we'll give you a sense of what it looks like and how fresh and modern and contemporary it is. And since you asked, I'll comment that the Applebee's remodel program refresh program continues. We're in year two and the franchisees are enthusiastically participating, and we expect that will be at about 40% of the portfolio by the end of this year, that is considered to be current.

另外 Alice，我補充兩點。第一，如果你還沒看過，我們在官網投資人關係（IR）區有一支雙品牌影片。影片中你看到 IHOP 室內的那一段，就是 California heritage 設計，能讓你感受到它的樣貌，以及它有多新鮮、現代、當代。第二，既然你問到，我也補充 Applebee's 的翻新／更新計畫仍在持續。我們現在是第二年，加盟主參與度很高；我們預期到今年年底，約有 40% 的門店組合會被視為已更新到「現行版本」。

Todd Brooks, Benchmark Stone.

Todd Brooks，Benchmark Stone。

John, I wanted to start off. I mean, you talked about talking more a situation with the franchisee for the 50-plus units. But if you look at the base, and I guess this applies to both brands your assessment of kind of franchisee health is we're maybe getting to a little tougher consumer environment here?

John，我想先從這裡開始。我是說，你提到針對那位擁有 50 多家門店的加盟主有一個情況需要更多溝通；但如果看整體基礎（base），而且我想這適用於兩個品牌——你對加盟主整體健康狀況的評估是什麼？因為看起來我們可能正進入一個更具挑戰的消費環境。

And would you expect to -- you talked about a willingness, not necessarily wanting to force yourself there, but would you expect more growth in the corporate-owned base not necessarily getting to the 5% kind of cap that you talked about, but just with the environment and wanting to keep those stores in operation.

你是否會預期——你提到你們有意願，但不一定想強迫自己那樣做——在這樣的環境下，為了讓那些店能持續營運，你是否會預期公司自營（corporate-owned）門店基礎會有更多成長？不一定要達到你提到的 5% 上限，但至少會增加一些。

Because at this point, I don't know that there's really a lot to learn from running the stores. It's kind of that willingness to invest and convert to duals. So I just wanted to get the thoughts on use health and if we should see an acceleration in corporate store or corporate taking back franchise locations.

因為就目前而言，我不確定經營門店本身還有多少可以學的；更多像是願不願意投資，以及轉成雙品牌門店（duals）。所以我想聽聽你對加盟主健康狀況的看法，以及我們是否會看到公司門店加速成長，或公司回收（take back）更多加盟據點。

Yes. I'll talk specifically about NRP and some of your questions and Vance can talk more broadly about franchisee. But a couple of thoughts. Todd. The first is that the NRP situation is very specific to that owner and what was going on within their fund and decisions they made about financing. In fact, the restaurants that we're potentially taking back via the stocking horse bid, it's a healthy portfolio. So it will be accretive to us. So I don't think it's appropriate to project the NRP situation onto the portfolio.

是的。我會先針對 NRP 以及你的一些問題具體回應，Vance 再更廣泛談加盟主健康狀況。有幾點想法，Todd。第一，NRP 的情況非常特定，與那位業主本身、其基金內部發生的事，以及他們在融資上的決策有關。事實上，我們可能透過「stalking horse bid」接回的那些餐廳，是一個健康的門店組合，因此對我們而言會是增益（accretive）。所以我不認為把 NRP 的情況推論到整體門店組合是合適的。

The other point you made about is there anything left to learn. Just agree with you there. I think that there is still a lot left to learn from walking in our franchisees shoes and owning restaurants. As many of you know, we have not owned restaurants in the last couple of years, and it's been a while.

你提到的另一點是：是否已經沒有什麼可學的了。我同意你的一部分看法，但我也認為，站在加盟主的角度、親自擁有並經營餐廳，我們仍有很多可以學。各位都知道，我們過去幾年並沒有自營餐廳，而距離上一次自營也已經有一段時間了。

And so to have 100 or so restaurants that we are running where we can be testing the new POS technology we can be putting our menu innovation into the restaurants faster and sooner than if we're running tests across the country and test kitchens, when we can be rolling in our guest service programming and our training, all of that is beneficial to us, and I have a high value in that.

因此，如果我們能營運大約 100 家左右的餐廳，我們就能在其中測試新的 POS 技術；也能比起在全國各地做測試、或在測試廚房（test kitchens）進行測試，更快、更早把菜單創新導入門店；同時也能推行我們的顧客服務方案與訓練。這些對我們都很有幫助，我也非常重視這一點。

In addition, as you suggested, to being able to renovate them and convert them to duals. We also think that we can see the progress we're making in the restaurants that we own. They're all trending in positive directions, particularly when it comes to growing EBITDA and profit, and we think that they'll be accretive to us when we refranchise them in the years. So I'm all in on that.

此外，如你所說，我們也能翻新這些門店並把它們轉成雙品牌。我們也認為，我們能在自營門店中看到我們正在取得的進展：它們都朝正向趨勢發展，特別是在 EBITDA 與獲利成長方面；而且我們認為，未來幾年當我們把它們再度加盟化（refranchise）時，會對我們帶來增益。所以我非常支持這件事。

And now I'll pass it to Vance to talk about franchisee health more broadly?

接下來我把問題交給 Vance，請他更廣泛地談談加盟主健康狀況？

Todd, so with franchisee health reminder, these are franchisees self-reported financials, and we collect them a quarter in the rear, as we've said in the past, based on what we're seeing is that the franchisees have steady margins on average and it's because of the steady sort of sales performance and cost management initiatives that CSCS and the franchisees are doing together our supply chain co-op.

Todd，關於加盟主健康狀況提醒一下：這些是加盟主自行申報的財務數據，我們收集到的資料會落後一個季度；如同我們過去所說，根據我們目前看到的情況，加盟主平均毛利率（margins）保持穩定，原因在於銷售表現相對穩健，以及 CSCS 與加盟主共同推動的成本管理措施——也就是我們的供應鏈合作社（supply chain co-op）。

Franchisees are aligned with our strategy and they remain committed to growing with us. We're also just practically making -- we have workout programs with franchisees to accelerate incentives to accelerate the modeling relocations and the various workout programs to promote and really unlock dual-brand territories, right? So you'll see all of this is happening behind the scene.

加盟商與我們的策略一致，並且仍然致力於與我們一同成長。我們也在務實地推動——我們與加盟商一起制定了各種「改善計畫」（workout programs），以加速激勵、加速門店模型的搬遷，以及透過各類改善計畫來推動並真正釋放雙品牌（dual-brand）商圈/區域的潛力，對吧？所以你會看到，這一切都在幕後進行。

And ultimately, as John and I have said before, we believe dual brands will that step function change to franchisees in economics outside of normal comp growth. So we're very enthusiastic about pushing that agenda and franchisees as well.

而且最終，正如 John 和我之前所說，我們相信雙品牌將為加盟商帶來一個階躍式（step function）的經濟性改善，超越一般同店成長（comp growth）所能帶來的效果。因此我們非常熱衷於推動這項議程，加盟商也是如此。

That's great. And just my follow-up, if I can. On the duals, you talked about kind of that range of 1.5, 2.5 type of sales lift relative to the individual branded location. You talked about the strong lift in Hawthorne, which I think you see is a strong restaurant going into the conversion. But what type of lift do you need for the conversion to a dual to really pencil?

很好。那我可以追問一下。關於雙品牌，你提到相較於單一品牌門店，銷售提升大概在 1.5 倍到 2.5 倍的區間。你也提到 Hawthorne 的提升很強，我想那是一家在轉換前本來就表現很強的餐廳。但要把單店轉成雙品牌，究竟需要什麼程度的提升，才真的算得過來（pencil）？

Does the 1.5 times lift get the return that you are franchisees looking for on the dual? Do you need closer to the 2 times? Just if you could frame that up a little bit, that would be helpful.

1.5 倍的提升就能達到加盟商在雙品牌上想要的報酬嗎？還是需要更接近 2 倍？如果你能稍微幫我們框架一下，會很有幫助。

Vance, you can address that.

Vance，你可以回答這個。

Of course. Todd. So the way you think about the economics for the conversion with dual brands is that the flow-through on that incremental sales that you're generating is going to be a lot higher than the traditional four-wall margin. That's because you're not really paying more rent to -- and you're not necessarily increasing your labor buy that much to compensate for the increase in sales. So that flow-through is probably -- should be north of 30% margin.

當然可以，Todd。你看雙品牌轉換的經濟性時，關鍵在於你所新增的增量銷售，其「流入」（flow-through）比例會遠高於傳統的單店四牆利潤率（four-wall margin）。原因是你基本上不需要支付更高的租金——而且你也不一定需要大幅增加人力成本來因應銷售增加。所以這個流入率大概——應該會高於 30% 的利潤率。

So if you just take due to simple math of assuming a $2 million restaurant adding another $1 million on top of it, that's a $300,000 flow-through to the Franchisees bottom line. . And then what we're seeing is that the cost of the conversion is about a little over $1 million. It depends on if there's no deferred maintenance and structural work that you have to do, which is site specific.

所以如果用簡單的數學來看，假設一家年營收 200 萬美元的餐廳，再增加 100 萬美元，那就有 30 萬美元會流入加盟商的淨利。然後我們看到轉換成本大約略高於 100 萬美元。當然，這取決於是否存在需要處理的遞延維護（deferred maintenance）與結構性工程，這會因店址而異。

But just again, using simple math on $1 million with a $300,000 flow-through, that's very attractive payback math for the franchisees and for company restaurants for that matter.

但同樣用簡單的數學來看，100 萬美元的投入、30 萬美元的流入，對加盟商而言是非常有吸引力的回收期（payback）計算；對公司自營餐廳也是如此。

Brian Vaccaro, Raymond James.

Brian Vaccaro，Raymond James。

I was hoping if we could just double click on the underlying consumer dynamics that you're seeing. You obviously noted the softness within lower income. But I'm curious if there's anything worth noting from a daypart perspective or even weekday versus weekend for either brand? And then the follow-up question is just also, could you comment on the average check and traffic trends that you saw within the comps in Q1 for each brand?

我想更深入了解一下你們看到的底層消費者動態。你們顯然提到低收入族群的疲弱。但我好奇，從時段（daypart）的角度，或甚至平日相較週末，對任一品牌是否有什麼值得注意的現象？另外一個追問是，你們能否評論一下第一季（Q1）各品牌同店（comps）中，平均客單（average check）與來客數（traffic）的趨勢？

Yes, Brian, it's John. On the consumer dynamic, I can talk about both brands since the consumer behaves similarly over time as well as last quarter. The first thing I'll say is reiterating the point that you mentioned, which is when it comes to looking at income cohorts, higher earners, lower earners, the only real change that we've seen this quarter and the last couple of quarters is that our price sensitive, more value-oriented guests seem to be staying home a bit more and/or looking for lower-cost alternatives. . When it came to other cohorts, we didn't see a significant change in behavior that is worth noting.

是的，Brian，我是 John。關於消費者動態，我可以談兩個品牌，因為消費者的行為在長期以及上一季都相當類似。首先我想重申你提到的重點：當我們看不同收入族群——高收入、低收入——我們在本季以及過去幾季看到的唯一真正變化是，我們對價格更敏感、更偏好價值（value-oriented）的顧客，似乎更常待在家裡，並且/或者在尋找成本更低的替代選項。至於其他族群，我們沒有看到值得特別指出的顯著行為改變。

When we look at day parts, when we look at weekdays, when you look at geography, it's -- there's no pattern there either. It's largely consistent this quarter to the past couple of quarters. And so I would really just target that consumer behavior issue on this -- on the guest that's really most impacted by gas prices and the economy in general. And then when it comes to average check and traffic trends, I will turn it to Vance.

當我們看用餐時段、看平日、看地理區域——也都沒有什麼模式可循。整體而言，本季與過去幾季大致一致。因此我會把這個消費者行為問題聚焦在——最受油價與整體經濟影響的那群顧客身上。至於平均客單與來客數趨勢，我交給 Vance。

So Brian, good to be to hear from you. John talked about average check for Applebee's was $39 for IHOP is about $35 menu pricing for Q1 was about 4% for Applebee's and 3% for IHOP. Applebee's actually saw a positive mix this quarter. IHOP was negative mix. And then both brands saw negative traffic, but IHOP black box for every month for the quarter.

Brian，很高興聽到你的提問。John 談到平均客單：Applebee's 約為 39 美元，IHOP 約為 35 美元。第一季（Q1）的菜單定價（menu pricing）Applebee's 約 4%，IHOP 約 3%。Applebee's 本季其實看到正向的組合（mix）效益；IHOP 則是負向組合。然後兩個品牌的來客數（traffic）都為負，但 IHOP 在本季每個月的黑盒（black box）數據都是如此。

Okay. Great. And then I guess last question for me was just around closures. I just wanted to touch on that. It seemed to step up here a bit in Q1. I think $20 at IHOP and $32 at Applebee's. But I believe you maintained the net development targets for the year. So could you just help us square that up a bit?

好的，很好。那我最後一個問題是關於關店。我只是想確認一下。第一季（Q1）看起來關店數有點上升，我想 IHOP 是 20 家、Applebee's 是 32 家。但我相信你們仍維持全年淨展店（net development）目標不變。你們能否幫我們把這兩者對起來解釋一下？

Vance, we'll let you wrap up with that question.

Vance，我們讓你用這個問題做個總結。

Sure. Brian, so we've said that closures, usually, what we see is sort of that 1% to 2% of systems the system. That's kind of the average closure rate. In the last year and this year, it's slightly elevated because we do have more franchise agreements come due than normal years. So that's reflected. But also as I've mentioned before, we're proactively making deals work out programs for franchisees to accelerate relocations and unlock dual brand territory.

好的，Brian。我們之前說過，關店通常我們看到大概是整個系統（system）約 1% 到 2% 的比例，這算是平均關店率。去年與今年略為偏高，因為到期的加盟協議（franchise agreements）比正常年份更多，所以反映在數字上。另外，如我之前提到的，我們也在主動與加盟商做協商並推動改善計畫（workout programs），以加速搬遷並釋放雙品牌商圈/區域。

So that's also reflected in the closure numbers. we're maintaining the net development number because we have a pretty strong pipeline of a brand that we're opening and stand-alone IHOP that we're opening. And so that's what's baked in to our guidance.

所以這也反映在關店數字中。我們維持淨展店數，是因為我們有相當強的開店管線，包括我們正在開的雙品牌門店，以及我們正在開的獨立 IHOP 門店。因此這些都已納入我們的指引（guidance）。

One other thing we've said before is that typically, Brian, what we see is the closures that tend to be lower sales volume for restaurants, right? And then the openings are bigger sales restaurants. So it's not one-to-one, right, in terms of unit count. So there is accretion happening there as we relocate and build a new restaurant versus a closing down an old restaurant. That's in the whole part of the town, for example.

另外我們之前也說過，Brian，一般而言我們看到關掉的店往往是銷售量較低的餐廳，對吧？而新開的店則是銷售量更高的餐廳。所以在店數（unit count）上並不是一比一的關係。當我們搬遷並新建一家餐廳、而不是關掉一家舊店時，整體是有增厚（accretion）的。以 Hawthorne 這個例子來說，就是在同一個城鎮的另一個區位。

This does conclude the question-and-answer session of today's program. I'd like to hand the program back to John Peyton, Dine Brands CEO, for any further remarks.

今天節目的問答環節到此結束。我想把節目交回給 Dine Brands 執行長 John Peyton，請他做進一步的結語。

Jonathan, thank you for guiding us today. Your expertise is valued as always.

Jonathan，謝謝你今天引導我們進行會議。你的專業一如既往地備受重視。

Thanks, everybody, for your questions. We appreciate it and the time you spent with us and like we said in our release and on this call today, we are pleased with the brand's performance during the quarter despite tough environment, and we've got the plans in place to continue to appeal to our guests, particularly those who are increasingly value-oriented over the next quarter, and you'll see some new news in the next couple of weeks that we think is going to drive a lot of traffic to both brands.

謝謝大家的提問。我們很感謝，也感謝你們撥冗與我們交流。正如我們在新聞稿以及今天這通電話會議中所說，儘管環境艱難，我們對本季品牌表現感到滿意；我們也已制定計畫，持續吸引我們的顧客，特別是那些在接下來一季愈來愈重視性價比（value-oriented）的顧客。接下來幾週你們會看到一些新消息，我們認為這將為兩個品牌帶來大量來客。

So thanks, everybody, and have a great day.

所以謝謝大家，祝各位有美好的一天。

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

謝謝各位女士、先生參與今天的電話會議。本次節目到此結束。您現在可以掛線。祝您有美好的一天。