Krispy Kreme Inc (DNUT) 2025 Q3 法說會逐字稿

Hello, everyone, and thank you for standing by. My name is Ellie, and I will be your conference operator today. At this time, I would like to welcome everyone to the Krispy Kreme third quarter 2025 earnings call. (Operator Instructions)

大家好，感謝各位的耐心等待。我叫艾莉，今天我將擔任你們的會議接線生。在此，我謹代表 Krispy Kreme 公司歡迎各位參加 2025 年第三季財報電話會議。（操作說明）

I would now like to turn the call over to Christine McDevitt, Krispy Kreme Associate General Counsel. Please go ahead.

現在我將把電話交給 Krispy Kreme 副總法律顧問 Christine McDevitt。請繼續。

Hello, everyone, and welcome to Krispy Kreme's third quarter 2025 earnings call. Thank you for joining us today. This morning, Krispy Kreme issued its earnings press release for the third quarter of fiscal 2025. The press release and an accompanying presentation are available on our Investor Relations website at investors.krispykreme.com.

大家好，歡迎參加 Krispy Kreme 2025 年第三季財報電話會議。感謝您今天蒞臨。今天上午，Krispy Kreme 發布了 2025 財年第三季的獲利新聞稿。新聞稿及相關簡報可在我們的投資者關係網站 investors.krispykreme.com 上查閱。

Joining me on the call are President and Chief Executive Officer, Josh Charlesworth; and Chief Financial Officer, Raphael Duvivier. After their prepared remarks, we will host a question-and-answer session. But before we begin, please note that during this call, we will be making forward-looking statements pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including statements of expectations, future events, or future financial performance.

與我一同參加電話會議的還有總裁兼執行長喬許·查爾斯沃思和財務長拉斐爾·杜維維爾。在他們發言結束後，我們將進行問答環節。但在我們開始之前，請注意，在本次電話會議中，我們將根據 1995 年《私人證券訴訟改革法案》的安全港條款作出前瞻性聲明，包括對預期、未來事件或未來財務業績的聲明。

Forward-looking statements involve a number of risks, assumptions, and uncertainties, and we caution investors that many factors could cause actual results to differ materially from those contained in any forward-looking statements. These factors and other risks and uncertainties are described in detail in the cautionary statements in our earnings press release, our annual report on Form 10-K filed with the SEC and in other SEC filings we make from time to time.

前瞻性陳述涉及許多風險、假設和不確定性，我們提醒投資者，許多因素可能導致實際結果與任何前瞻性陳述中所包含的結果有重大差異。這些因素以及其他風險和不確定性已在我們的獲利新聞稿、向美國證券交易委員會提交的 10-K 表格年度報告以及我們不時向美國證券交易委員會提交的其他文件中進行了詳細描述。

Forward-looking statements represent our expectations only as of today, and we assume no obligation to publicly update or revise any forward-looking statements, except as may be required by law. Additionally, during this call, we will reference certain non-GAAP financial measures. Please refer to our earnings press release on our website for additional information regarding those non-GAAP measures, including a reconciliation to the closest comparable GAAP measures.

前瞻性陳述僅代表我們截至今日的預期，除法律可能要求的情況外，我們不承擔公開更新或修改任何前瞻性陳述的義務。此外，在本次電話會議中，我們將提及一些非GAAP財務指標。有關這些非GAAP指標的更多信息，包括與最接近的可比較GAAP指標的調節表，請參閱我們網站上的盈利新聞稿。

Raphael will take us through our quarterly financial performance in a moment. But first, here's Josh.

拉斐爾稍後將為我們介紹我們季度的財務業績。但首先，讓我們來認識一下喬希。

Thank you, Christine, and good morning, everyone. I am pleased with the early progress we are making on our turnaround plan to deleverage the balance sheet and deliver sustainable, profitable growth as reflected in our third quarter performance. As a reminder, we are focused on: one, refranchising. Two, improving returns on capital. Three, expanding margins; and four, driving sustainable, profitable US growth.

謝謝你，克里斯汀，大家早安。我對我們扭虧為盈計劃的早期進展感到滿意，該計劃旨在降低資產負債率，實現可持續的盈利增長，這已體現在我們第三季度的業績中。再次提醒大家，我們目前專注於：一、重新特許經營。第二，提高資本報酬率。第三，擴大利潤率；第四，推動美國經濟實現可持續的、獲利性的成長。

First, refranchising enables us to more profitably drive system-wide sales growth and accelerate unit development through our capital-light franchise model. We are already working toward refranchising certain international markets as we look for experienced long-term potential partners to operate and expand our iconic brand around the world.

首先，重新特許經營使我們能夠透過輕資本特許經營模式，更有效地推動系統範圍內的銷售成長並加速門市發展。我們正在努力對某些國際市場進行特許經營權的重新授予，同時尋找經驗豐富的長期潛在合作夥伴，以在全球範圍內運營和擴展我們的標誌性品牌。

We also plan to restructure our joint venture in the Western US with the WKS Restaurant Group, which today represents approximately 15% of our US revenues. Restructuring is expected to reduce our ownership to a minority stake. We are happy with the strength of our operations in the WKS joint venture and look forward to future capital-light expansion across 10 Western US states.

我們也計劃重組與 WKS 餐飲集團在美國西部的合資企業，目前約占我們美國收入的 15%。重組預計將使我們的持股比例降至少數股權。我們對 WKS 合資企業的營運實力感到滿意，並期待未來在美國西部 10 個州進行輕資本擴張。

Proceeds from international refranchising and the WKS restructuring are expected to be used to reduce net debt. Second, our focus on improving returns on capital involves reducing capital intensity by leveraging existing assets and focusing on franchise development. As part of this approach, we have lowered our CapEx spending for the back half of 2025 compared to the first half of the year.

國際特許經營權轉讓和 WKS 重組所得款項預計將用於減少淨債務。其次，我們提高資本報酬率的重點在於透過利用現有資產和專注於特許經營發展來降低資本密集度。作為這項策略的一部分，我們降低了 2025 年下半年的資本支出，與上半年相比有所下降。

And in aggregate, annual CapEx will be significantly below 2024 levels. In the US next week, we will open our Hot Light Theater Shop and production hub in Minneapolis, bringing Krispy Kreme to an area where fans have been eagerly anticipating our arrival. Overall, though, we have reduced investment in building new hubs, preferring to leverage existing excess capacity for growth where available.

總體而言，年度資本支出將遠低於 2024 年的水準。下週，我們將在美國明尼阿波利斯開設熱光劇院商店和生產中心，將 Krispy Kreme 帶到粉絲們一直熱切期盼我們到來的地區。不過整體而言，我們減少了對建設新樞紐的投資，更傾向於利用現有的剩餘產能來成長。

Looking ahead to 2026, we plan to reduce CapEx investment compared to 2025. We also expect our international franchise pipeline to continue to be a source of capital-light growth in the years ahead. For example, through our franchisees and minority joint ventures, we recently opened our first Hot Light Theater Shop in Madrid, Spain. We'll soon enter Uzbekistan and have announced further expansion in Brazil.

展望 2026 年，我們計劃減少資本支出投資，與 2025 年相比。我們也預計，未來幾年，我們的國際特許經營管道將繼續成為輕資本成長的來源。例如，我們最近透過加盟商和少數股權合資企業在西班牙馬德里開設了第一家熱光影院商店。我們即將進入烏茲別克市場，並已宣佈在巴西進一步擴張。

Future international growth is expected to come not just from new shop openings with franchisees, but also through fresh delivery door expansion in grocery, convenience, club wholesalers and quick service restaurants. For example, our collaboration with KFC in the UAE has now expanded to more than 200 KFC restaurants offering Krispy Kreme doughnuts.

未來國際成長預計不僅來自加盟商開設新店，還來自雜貨店、便利商店、會員制批發商和快餐店的新鮮配送通路擴張。例如，我們與阿聯酋肯德基的合作現已擴展到 200 多家肯德基餐廳，這些餐廳提供 Krispy Kreme 甜甜圈。

This reflects the success of the model and the potential for future growth. Third, to expand margins through greater operational efficiency, the business model is being simplified. US operations have been strengthened under the leadership of Chief Operating Officer, Nicola Steele, and costs across the P&L are being reduced.

這反映了該模式的成功以及未來發展的潛力。第三，為了透過提高營運效率來擴大利潤率，商業模式正在簡化。在營運長尼古拉·史蒂爾的領導下，美國業務得到了加強，損益表上各項成本都在降低。

First, doughnuts are being made more efficiently by optimizing production, streamlining hub activities, and improving labor productivity. These initiatives are expected to maximize capacity, enhance operations and guest experience and increase profitability through better labor management. Second, doughnuts are being delivered more efficiently by improving route management and demand planning and by testing adjusted production and delivery schedules to support cost-effective expansion.

首先，透過優化生產、簡化樞紐活動和提高勞動生產力，甜甜圈的生產效率正在提高。這些措施可望最大限度地提高產能，提升營運效率和賓客體驗，並透過更好的勞動力管理提高獲利能力。其次，透過改善路線管理和需求計劃，並測試調整後的生產和交付計劃，以支援具有成本效益的擴張，從而提高了甜甜圈的配送效率。

These efforts are further strengthened by the capabilities of our third-party logistics partners whose expertise in fleet management, delivery technology and safety now supports approximately 54% of our US network. Outsourcing has already resulted in more predictable logistics costs, and we expect to fully outsource US delivery in 2026.

這些努力得益於我們第三方物流合作夥伴的能力，他們在車隊管理、配送技術和安全方面的專業知識目前為我們美國網路的約 54% 提供支援。外包已經使物流成本更加可預測，我們預計將在 2026 年將美國境內的配送完全外包。

And third, the benefits of reduced headcount and costs that we previously announced are decreasing both operating expenses and SG&A. Finally, to drive sustainable, profitable growth in the US, we are focused on strategic customers with high volume and high-margin doors, ensuring that we have the right product variety in the right amount, in the right place and at the right time.

第三，我們先前宣布的減少員工人數和降低成本的好處是降低了營運費用和銷售、一般及行政費用。最後，為了在美國實現可持續的、盈利性的成長，我們專注於擁有大批量、高利潤門產品的策略客戶，確保我們在合適的時間、合適的地點提供合適的產品種類和數量。

We continue to grow with strong existing customers. During the third quarter, more than 200 profitable doors were added with strategic partners, including Target, Costco, Sam's Club, Kroger and Publix. In total, approximately 1,000 profitable doors have been added year-to-date, and these doors are delivering weekly sales well above the system average.

我們憑藉現有客戶的鼎力支持，持續發展壯大。第三季度，該公司與 Target、Costco、Sam's Club、Kroger 和 Publix 等策略合作夥伴新增了 200 多家獲利門市。今年迄今為止，總共新增了約 1000 家獲利門市，這些門市的周銷售額遠高於系統平均水準。

At Walmart, we are seeing the benefit of additional shelf space combined with our current merchandising towers and cabinets as well as placement on Walmart's website. Early results demonstrate higher sales at current stores while supporting incremental distribution and new stores. So far, we only serve about 30% of Walmart's total domestic footprint. So there is a considerable opportunity ahead of us.

在沃爾瑪，我們看到了額外的貨架空間，結合我們現有的商品陳列塔和陳列櫃，以及在沃爾瑪網站上的展示位置，都帶來了好處。初步結果顯示，現有門市的銷售額有所提高，同時支持擴大分銷管道和開設新店。目前，我們僅服務沃爾瑪國內總業務量的約 30%。因此，我們面前存在著相當大的機會。

Our marketing continues to emphasize the original glaze donut, our most iconic, most affordable, and most profitable product, while leveraging digital channels to engage consumers and further amplify sales. The excitement around our signature core product is coupled with innovative limited time offerings that are culturally relevant and tied to buzzworthy events.

我們的行銷活動持續強調原味糖霜甜甜圈，這是我們最具代表性、最實惠、最賺錢的產品，同時利用數位管道與消費者互動，進一步擴大銷售。我們標誌性核心產品的受歡迎程度，再加上與文化相關且與熱門事件相關的創新限時產品，共同構成了我們引以為傲的特色。

Third quarter examples include our Harry Potter and Passport to Italy collections as well as our collaboration with Crocs. In the fourth quarter, we are also pleased with our successful Halloween campaign. These limited time offerings performed particularly well in our digital channel. In the third quarter, US digital sales increased 17% year-over-year and represented more than 20% of US retail sales.

第三季的例子包括我們的哈利波特系列和義大利護照系列，以及我們與 Crocs 的合作。第四季度，我們對成功的萬聖節行銷活動也感到滿意。這些限時優惠活動在我們的數位管道表現尤為出色。第三季度，美國數位銷售額年增 17%，占美國零售額的 20% 以上。

Our heightened traction in this channel reinforces digital as a key driver of profitable growth and a highly valued means for connecting with US consumers. In addition, we recently announced a refresh of our everyday doughnut menu, featuring trending flavors, fan favorites requested on social media and returning popular doughnuts.

我們在該管道取得的顯著進展鞏固了數位化作為獲利成長的關鍵驅動力以及與美國消費者建立聯繫的重要手段的地位。此外，我們最近宣布對日常甜甜圈菜單進行更新，其中包括流行口味、社交媒體上粉絲要求的口味以及回歸的熱門甜甜圈。

Our updated offerings provide more variety for consumers while reinforcing the strength of our core menu. Our turnaround plan to drive sustainable, profitable growth and reduce debt leverage is showing progress, and I'm confident that we can deliver on our objectives and achieve compelling results. Our long-term success will be built upon the strength of our leadership and field teams whose talent and commitment to operational excellence continue to inspire confidence.

我們更新的產品和服務為消費者提供了更多選擇，同時鞏固了我們核心菜單的優勢。我們旨在推動可持續獲利成長和降低債務槓桿的扭虧為盈計畫正在取得進展，我相信我們能夠實現目標並取得令人矚目的成果。我們的長期成功將建立在我們強大的領導團隊和第一線團隊之上，他們的才華和對卓越營運的承諾不斷鼓舞著我們。

I'm especially encouraged by how our new CFO has seamlessly taken off his role, providing strategic financial leadership that complements the operational expertise of our teams.

令我特別感到鼓舞的是，我們的新任財務長已經順利地接手了他的工作，提供了策略性的財務領導，這與我們團隊的營運專長相得益彰。

With that, Raphael will now review our third quarter financials.

接下來，拉斐爾將審閱我們第三季的財務報表。

Thank you, Josh. Through our comprehensive turnaround plan, we have pivoted to better position ourselves for sustainable, profitable growth. As I mentioned in August, my immediate focus as CFO is deleveraging the balance sheet, improving profitability in the US during the second half of this year and leading our refranchising efforts to evolve Krispy Kreme to a more capital-light franchise model.

謝謝你，喬希。透過我們全面的轉型計劃，我們已調整方向，以更好地為可持續的獲利成長做好準備。正如我在 8 月提到的，我作為財務長的當前重點是降低資產負債率，提高今年下半年在美國的盈利能力，並領導我們的特許經營改革工作，使 Krispy Kreme 轉型為資本更輕的特許經營模式。

The third quarter provided us with an encouraging start as we grew adjusted EBITDA 17% year-over-year or 20% if you exclude the sale of our majority stake in Insomnia Cookies in the third quarter of 2024. Adjusted EBITDA was $40.6 million in the third quarter, more than double what we saw in the second quarter. We also delivered positive free cash flow of $15.5 million.

第三季為我們帶來了一個令人鼓舞的開局，調整後的 EBITDA 同比增長 17%，如果排除 2024 年第三季出售 Insomnia Cookies 的多數股權，則同比增長 20%。第三季調整後 EBITDA 為 4,060 萬美元，是第二季的兩倍多。我們也實現了1550萬美元的正自由現金流。

These results reflect the early progress we are making on our turnaround plan, reducing our net leverage by 20 basis points compared to second quarter. We have excess liquidity of over $200 million as of the third quarter, which I believe provide us with the flexibility to meet both short-term obligations and long-term investments as we continue to implement our turnaround plan.

這些結果反映了我們在扭虧為盈計畫方面的初步進展，與第二季相比，我們的淨槓桿率降低了 20 個基點。截至第三季度，我們擁有超過 2 億美元的超額流動資金，我相信這將使我們有足夠的靈活性來履行短期義務和進行長期投資，同時繼續實施我們的扭虧為盈計畫。

Net revenue for the quarter was $375.3 million with 0.6% organic revenue growth driven by the international segment, offset by the strategic closure of underperforming doors, primarily in the US. Total net revenue declined by 1.2% compared to last year, largely due to the sale of a majority stake of Insomnia Cookies. Adjusted EBITDA was $40.6 million, up from $34.7 million last year.

本季淨收入為 3.753 億美元，有機收入成長 0.6%，主要得益於國際業務的成長，但被策略性關閉業績不佳的門市（主要在美國）所抵銷。與去年相比，總淨收入下降了 1.2%，這主要是由於出售了 Insomnia Cookies 的多數股權。調整後 EBITDA 為 4,060 萬美元，高於去年的 3,470 萬美元。

We generated nearly as much adjusted EBITDA in the third quarter as we delivered in the first half of 2025. These results were positively impacted by productivity initiatives, SG&A savings, and the removal of costs from the now ended McDonald's USA partnership, combined with recoveries from business interruption insurance related to the 2024 cybersecurity incident.

我們第三季的調整後 EBITDA 幾乎與 2025 年上半年的調整後 EBITDA 持平。這些結果得益於生產力提升措施、銷售、一般及行政費用節省，以及從現已結束的麥當勞美國合作關係中消除成本，再加上從與 2024 年網路安全事件相關的業務中斷保險中獲得的賠償。

Turning to the US segment. Organic revenue growth declined 2.2%, in part due to the exit of approximately 600 unprofitable doors. During the third quarter, we also exited approximately 2,400 doors connected to the now ended McDonald's USA partnership. As Josh mentioned, we also have added doors to deliver substantially higher average weekly sales.

接下來我們來看美國部分。有機收入成長下降了 2.2%，部分原因是關閉了約 600 家不盈利的門市。第三季度，我們也關閉了與現已結束的麥當勞美國合作關係相關的約 2400 家門市。正如喬許所提到的那樣，我們也增加了門市，從而大幅提高了每周平均銷售額。

Sequentially, this store optimization has resulted in an 18% increase in average weekly sales to $617 per door, demonstrating the traction we have when our products are in the right place with the right partner. Adjusted EBITDA was $21 million in the quarter, up from $13.9 million in the third quarter of last year. We benefit from cost savings related to operational efficiencies at our retail shops and our logistic outsourcing initiatives in addition to cyber-related insurance recoveries of $9.3 million.

從這個角度來看，這種店鋪優化使平均每週銷售額增長了 18%，達到每家店 617 美元，這表明當我們的產品與合適的合作夥伴一起擺放在合適的地方時，我們就能取得良好的市場反響。本季調整後 EBITDA 為 2,100 萬美元，高於去年第三季的 1,390 萬美元。除了獲得 930 萬美元的網路相關保險賠償外，我們還受益於零售店營運效率的提高和物流外包措施帶來的成本節約。

Excluding those cyber-related insurance recoveries, US adjusted EBITDA increased sequentially $1.8 million despite approximately $3 million of lagging costs early in the quarter related to the now ended McDonald's USA partnership. This demonstrates solid improvement resulting from our turnaround planned initiatives. Within our company-owned international markets, organic revenue grew 6.2%, driven by growth in Canada, Japan, and Mexico.

除去與網路相關的保險賠償，儘管本季初與現已結束的麥當勞美國合作關係相關的滯後成本約為 300 萬美元，但美國調整後的 EBITDA 仍環比增長 180 萬美元。這證明我們採取的扭轉局面的計劃措施取得了切實成效。在我們公司擁有的國際市場中，有機收入成長了 6.2%，這主要得益於加拿大、日本和墨西哥的成長。

These markets continue to see the benefit of strategically rolling out our hub-and-spoke model. International segment adjusted EBITDA increased by $0.4 million or 1.7% to $23.2 million, driven by Japan and Mexico. This is the first time, in the last 4 quarters, we saw year-over-year adjusted EBITDA growth in this segment. The margin decline of 90 basis points to 16.5% was due to the ongoing turnaround in the UK, where we saw a strong sequential improvement in adjusted EBITDA as the UK leadership team continues to make progress.

這些市場持續受益於我們策略性地推廣中心輻射式模式。國際業務調整後 EBITDA 成長 0.4 百萬美元，增幅 1.7%，達到 2,320 萬美元，主要得益於日本和墨西哥市場的成長。這是近四個季度以來，我們首次在該業務板塊看到調整後 EBITDA 年成長。利潤率下降 90 個基點至 16.5%，這是由於英國業務持續好轉所致。隨著英國領導團隊不斷取得進展，英國調整後 EBITDA 實現了強勁的環比改善。

In the Market Development segment, organic revenue declined 5.3% as growth in royalty revenues from international markets was more than offset by lower product sales and limited equipment sales in the quarter. Adjusted EBITDA was $12 million with a margin rate of 63.5%, up 930 basis points year-over-year. Shifting back to our consolidated results, adjusted EBITDA and working capital management strengthened cash flow.

在市場開發部門，由於國際市場特許權使用費收入的成長被本季產品銷售額下降和設備銷售額有限所抵消，有機收入下降了 5.3%。調整後 EBITDA 為 1,200 萬美元，利潤率為 63.5%，較去年同期成長 930 個基點。回到我們的綜合業績，調整後的 EBITDA 和營運資本管理增強了現金流。

We generated $42.3 million in operating cash flow during the third quarter and $15.5 million in free cash flow following two quarters of cash outflows in the first half. Our bank leverage ratio was 4.5 times at the end of the quarter, which is below the five times leverage ratio limit in our credit facility. Our net leverage ratio, which reflects our net debt divided by trailing four quarters adjusted EBITDA was 7.3 times, down from 7.5 times as of last quarter, positively impacted by the adjusted EBITDA improvement.

我們在第三季產生了 4,230 萬美元的營運現金流，在經歷了上半年兩季的現金流出後，產生了 1,550 萬美元的自由現金流。本季末，我行槓桿率為 4.5 倍，低於我行信貸額度規定的 5 倍槓桿率上限。我們的淨槓桿率（反映淨負債除以過去四季的調整後 EBITDA）為 7.3 倍，低於上季的 7.5 倍，這得益於調整後 EBITDA 的改善。

Josh outlined several steps we are taking to increase profitability. We have already started to see the benefit of an estimated $12 million to $15 million of annualized SG&A cost savings along with productivity improvements at retail shops and efficiencies through third-party logistics. All of these items are already having a tangible impact on our financial condition.

喬希概述了我們為提高獲利能力而正在採取的幾項措施。我們已經開始看到每年可節省約 1,200 萬至 1,500 萬美元的銷售、管理及行政費用，同時零售店的生產力也提高，第三方物流的效率也得到提升。所有這些項目都已經對我們的財務狀況產生了實際的影響。

Sequentially, we saw working capital improvement across our balance sheet, including accounts receivable, accounts payable and inventories. While we're encouraged by this progress, we are mindful of continued consumer softness in the marketplace and are managing through these conditions with discipline. We must remain focused on deleveraging the balance sheet as we move towards our capital-light franchise model.

從各方面來看，我們的資產負債表上的營運資金均有所改善，包括應收帳款、應付帳款和存貨。儘管我們對這項進展感到鼓舞，但我們也意​​識到市場消費持續疲軟，並且正在以嚴謹的態度來應對這些情況。在轉型為輕資產特許經營模式的過程中，我們必須繼續專注於降低資產負債比率。

With that, I'll turn it over to Josh for his closing remarks.

接下來，我將把發言權交給喬什，請他作總結發言。

Thanks, Raphael. In summary, we are making progress on our comprehensive turnaround plan to deleverage the balance sheet and deliver sustainable, profitable growth. We are focused on refranchising, improving returns on capital, expanding margins, and driving sustainable, profitable US growth. I am confident in our ability to capitalize on the significant growth opportunity ahead and share the joy of Krispy Kreme with more people in more places around the world.

謝謝你，拉斐爾。總而言之，我們在全面扭轉局面、降低資產負債率、實現可持續獲利成長的轉型計畫方面取得了進展。我們專注於重新特許經營、提高資本回報率、擴大利潤率，並推動美國市場實現可持續的、獲利性的成長。我對我們有信心抓住未來巨大的成長機遇，將 Krispy Kreme 的快樂分享給更多世界各地的人。

Operator, let's now open it up for Q&A, please.

操作員，現在我們進入問答環節。

(Operator Instructions) Daniel Guglielmo, Capital One Securities.

（操作員說明）丹尼爾·古列爾莫，第一資本證券。

You all mentioned great momentum in the International segment, and we have seen international strength versus the US for other global brands this earnings season. Are you seeing continued strong trends in those markets for 4Q? I think you mentioned Japan and Mexico adjusted EBITDA growth this year -- this quarter.

你們都提到了國際業務的強勁勢頭，我們也看到，在本財報季，其他全球品牌在國際市場相對於美國市場表現出了強勁的勢頭。您認為這些市場在第四季會持續保持強勁的成長動能嗎？我想你提到了日本和墨西哥今年——本季——的調整後 EBITDA 成長。

This is Raphael. I can take the question. Thank you for the question. Yes, we did see, and as you can see from the results in international, we saw year-over-year growth, but also more important, a growth in the quarter, which we have not seen in the past quarters. We continue to see good momentum. You mentioned Mexico and Japan, they continue to deliver.

這是拉斐爾。我可以回答這個問題。謝謝你的提問。是的，我們確實看到了成長，正如您從國際業績中看到的那樣，我們看到了同比增長，但更重要的是，季度增長也是過去幾個季度所沒有看到的。我們持續看到良好的發展動能。你提到了墨西哥和日本，它們一直表現出色。

But also the markets that we don't own, the international franchise markets, we continue to see growth in places like Brazil, where we've just opened and the places that we're actually planning to open. So we continue to see strong momentum there.

但對於我們尚未擁有的市場，即國際特許經營市場，我們也看到在巴西等我們剛開設分店的地方以及我們計劃開設分店的地方持續增長。因此，我們持續看到這方面強勁的發展動能。

Okay. Great. I appreciate that. And then I think in the commentary, it seemed like there is going to be some DFD expansion in some of the international markets. Can you just talk about some learnings that you've taken away from the US expansion that you're going to kind of think about as you're doing this expansion in international? It would just be helpful to understand.

好的。偉大的。我很感激。然後，我認為評論中似乎暗示，DFD 在一些國際市場將會擴張。您能否談談從美國市場擴張中汲取的一些經驗教訓，這些經驗教訓在您進行國際擴張時會如何運用？了解這一點會很有幫助。

Yes, it's a great question. Look, we learned a lot with DFD over the years. And as we expand internationally, we have the hub and spoke in mind. So as we go in places where we already have the DFD in place internationally, think about UK, think about Mexico, Japan, but also the places we're expanding now, once again, new countries like Brazil or France, we are taking all those learnings.

是的，這是一個很好的問題。你看，這些年來我們從資料流程圖（DFD）中學到了很多。隨著我們向國際市場擴張，我們始終牢記中心輻射型模式。因此，當我們進入已經擁有國際資料流程圖（DFD）的地方，例如英國、墨西哥、日本，以及我們現在正在擴張的地方，例如巴西或法國等新國家時，我們會學到所有這些經驗教訓。

We know better and better what works. And it's interesting. When the brand is in the right place with the right partner, we see how DFD and the hub and spoke can operate very well.

我們越來越清楚哪些方法有效。這很有意思。當品牌與合適的合作夥伴處於合適的位置時，我們就能看到 DFD 和中心輻射型模式如何運作得非常出色。

Brian Harbour, Morgan Stanley.

布萊恩‧哈伯，摩根士丹利。

I guess maybe can you just comment on sort of the US demand environment as you saw in 3Q and kind of what's important here?

我想請您談談您在第三季看到的美國需求環境，以及其中哪些因素比較重要？

Yes, I'll take that. Q3 was very interesting for us because the results reflect the progress on our turnaround plan. Think about it, we intentionally exited from McDonald's restaurants and another 600 poor performing doors. So overall, that contributed to a small revenue decline, but a significant improvement in EBITDA and positive cash flow.

是的，我要了。第三季對我們來說非常有趣，因為業績反映了我們扭虧為盈計畫的進展。想想看，我們故意從麥當勞餐廳和其他 600 家業績不佳的餐廳關門。因此，總體而言，這導致收入略有下降，但 EBITDA 顯著改善，現金流為正。

So it was clearly the outcome of our actions, the rationalization program, though on US doors is over. So instead, we continue to focus on high-volume, profitable doors going forward with strategic partners. We've actually added 1,000 of those year-to-date with people like Walmart, Target and Costco. And that's resulted in average weekly sales jumping back up over $600. So that is about the future.

所以很明顯，這是我們行動的結果，也是合理化計畫的結果，儘管在美國已經結束了。因此，我們將繼續與策略夥伴一起，專注於高銷量、高利潤的門類產品。今年迄今為止，我們已經新增了 1000 家合作商戶，包括沃爾瑪、塔吉特和好市多等。因此，平均每週銷售額已回升至 600 美元以上。以上就是關於未來的展望。

We intended to have that reduction in growth in the third quarter to drive the turnaround plan. Underlying all that, we're actually seeing US trends improving. The consumer response, in particular to our specialty doughnut campaigns, we had Harry Potter in the late summer and just saw a successful Halloween means that my confidence in Krispy Kreme's long-term sustainable profitable growth is high.

我們計劃透過降低第三季的成長速度來推動扭虧為盈計畫。從這一切來看，我們實際上看到美國的發展趨勢正在改善。消費者的反響，尤其是對我們特色甜甜圈活動的反響，例如夏末的哈利波特主題活動，以及剛剛成功的萬聖節活動，都讓我對 Krispy Kreme 的長期可持續盈利增長充滿信心。

Okay. What -- I guess, what additional cost things should we expect here just since the end of the year? And I know you're not guiding, right, but do you think that -- do you want to make any comments about where you think EBITDA could be in the fourth quarter?

好的。我想問的是，從年底到現在，我們應該預期還會出現哪些額外的費用？我知道您不是在做預測，對吧？但是，您覺得——您想對第四季度的 EBITDA 可能達到的水平發表一些評論嗎？

Yes, I can take this. This is Raphael. Look, we saw a sequential improvement in EBITDA in Q3 as we saw in Q2 and are happy with the progress we made. The turnaround plan is working. And we continue to believe that as we enter Q4, we'll see sequential EBITDA improvement. As I said, we're not providing guidance, but we do expect Q4 EBITDA to be higher and to still be able to generate a positive cash flow in Q4.

是的，我可以接受。這是拉斐爾。你看，第三季 EBITDA 像第二季一樣實現了環比成長，我們對取得的進展感到滿意。扭轉局面的計劃正在奏效。我們仍然相信，進入第四季度後，EBITDA 將環比改善。正如我所說，我們不提供業績指引，但我們預計第四季度 EBITDA 將更高，並且仍然能夠在第四季度產生正現金流。

Sara Senatore, Bank of America.

薩拉·參議員，美國銀行。

Isaiah Austin on for Sara. My first question is around the comment on fully outsourcing US delivery in 2026. Do you guys mind talking through the P&L implications? Does that create a lower cost per delivery or just a more like variable cost structure so that you don't need as much volume to lever expenses? And then I have a quick follow-up.

以賽亞·奧斯汀替補薩拉上場。我的第一個問題是關於在 2026 年將美國交付完全外包的評論。你們能不能分析一下這對損益表的影響？這樣會降低每次配送的成本，還是只會形成更具變動性的成本結構，因此不需要大量的銷售量就能降低成本？然後我還有一個簡短的後續問題。

Yes, sure. This is an important program for us through our turnaround. You're right, we're now -- 54% of the network is outsourced to third-party providers, and we expect that to be the whole network in 2026. What we see is very high service levels. We're very pleased with the partners as we roll this program out. For now, on your P&L question, it's ensuring we have more predictable costs but interestingly, we see it as, in the long term, providing us a tailwind.

當然可以。這對我們扭轉局面來說是一個重要的項目。你說得對，我們現在——54% 的網路外包給了第三方供應商，我們預計到 2026 年整個網路都將如此。我們看到的是非常高的服務水準。我們對此專案推廣過程中的合作夥伴非常滿意。就您提出的損益問題而言，目前它確保了我們擁有更可預測的成本，但有趣的是，我們認為從長遠來看，它將為我們帶來順風。

If you recall, earlier in 2025, late '24, we were seeing the impact of casualty losses, and that exposure is reduced going forward. We also expect with the expertise of these partners who are focused every day on moving our doughnuts as logistics experts as opposed to us ourselves being the producers of the doughnuts, we expect operational improvements over time.

如果你還記得的話，在 2024 年末，也就是 2025 年初，我們看到了意外損失的影響，而這種風險在未來會降低。我們也期望憑藉這些合作夥伴的專業知識（他們每天都專注於作為物流專家運輸我們的甜甜圈，而不是我們自己作為甜甜圈的生產者），隨著時間的推移，營運狀況能夠得到改善。

They've already been identifying and sharing with us ideas around how they can use their technology and expertise to improve route management, for example. So a long-term tailwind for us. But for now, the impact on the P&L is more just ensuring we have predictable costs without any of the surprises of those casualty losses.

例如，他們已經開始向我們提出並分享一些想法，探討如何利用他們的技術和專業知識來改善路線管理。所以這對我們來說是一個長期的利多因素。但就目前而言，對損益表的影響更多在於確保成本可預測，避免意外損失造成的任何不便。

Excellent. And then just as a follow-up, just thinking about the recently announced expanded core menu lineup, just want to know like what prompted that change? And how do you all think about balancing variety versus complexity?

出色的。另外，關於最近宣布的擴大核心菜單陣容，我想知道是什麼促成了這一改變？你們是如何看待多元和複雜之間的平衡？

Yes. I mean it reflects -- we talk about long-term sustainable, profitable growth. That's seen us really focus on our core business. And there's nothing more core than our fresh doughnuts board at our doughnut shops across America. And we've been highlighting the original glazed itself, adding flavored glazes like chocolate glaze, strawberry glaze. But we also saw that we haven't refreshed and updated our assorted doughnut menu for many years.

是的。我的意思是，這反映了——我們談論的是長期可持續的、獲利性的成長。這使得我們能夠真正專注於核心業務。沒有什麼比我們遍佈全美各地甜甜圈店的新鮮甜甜圈拼盤更具核心價值了。我們一直強調原味糖霜本身，並添加了巧克力糖霜、草莓糖霜等風味糖霜。但我們也發現，我們的各種甜甜圈菜單已經很多年沒有更新換代了。

And we get a lot of input from consumers, social media, in particular, pointing out that there are favorite doughnuts from the past or even favorite ideas that they have that they would love to see. So we've been listening to the consumer. You'll see we've brought out with this new refreshed range, OREO Cookies with Kreme and New York Cheesecake, my favorite, the Biscoff Cookie Butter. And that's a response to consumer demand.

我們從消費者那裡獲得了大量回饋，尤其是在社群媒體上，他們指出過去有哪些他們最喜歡的甜甜圈口味，甚至還有一些他們希望看到的創意。所以我們一直在傾聽消費者的意見。你會看到我們推出了全新的系列產品，包括奧利奧奶油夾心餅乾和紐約起司蛋糕口味，還有我最喜歡的焦糖餅乾醬口味。這是對消費者需求的回應。

Now we also think -- we've also done that. We've been really thoughtful about making sure that consumers have a good amount of choice and get a really awesome experience when they come to the Krispy Kreme Doughnut shop, all in the context of our turnaround plan, focusing on what we do best, making awesome doughnuts. And we're really looking forward to the impact of that.

現在我們也認為──我們也做到了。我們一直非常注重確保消費者在光顧 Krispy Kreme 甜甜圈店時擁有充足的選擇和絕佳的體驗，這一切都是在我們轉型計劃的背景下進行的，專注於我們最擅長的領域——製作美味的甜甜圈。我們非常期待它帶來的影響。

(Operator Instructions) Rahul Krotthapalli, JPMorgan.

（操作說明）Rahul Krotthapalli，摩根大通。

Josh, you have a large brand presence or brand equity that is probably even bigger than the company as many would say today. I mean discuss the growing supply or competition in the segment as we see a number of cake and cookie and other sweet treat brands in the market. And at the same time, many consumers are also being more mindful of spending generally and then also more conscious around the segment. Any thoughts you could like to share there? And then I have a follow-up.

喬希，你擁有巨大的品牌影響力或品牌資產，這甚至可能比公司本身還要大，正如許多人今天所說的那樣。我的意思是，鑑於市場上出現了許多蛋糕、餅乾和其他甜點品牌，我們可以討論該領域日益增長的供應或競爭情況。同時，許多消費者在整體支出方面也更加謹慎，在特定細分市場也更加重視消費。有什麼想法想分享嗎？然後我還有一個後續問題。

Yes. We're very proud of the strength of the brand, both in terms of awareness and also in terms of what it means to people, particularly in sharing occasions, gifting occasions, makes us quite unique compared to others. It's a relatively infrequent purchase, just two or three times a year.

是的。我們為品牌的實力感到非常自豪，無論是在知名度方面，還是在它對人們的意義方面，尤其是在分享場合和送禮場合，這使我們與其他品牌相比顯得非常獨特。這是一種相對不頻繁的購買行為，一年也就兩三次。

So we don't really get impacted by those things. Instead, we find what's most important is making sure we really come with an awesome doughnut experience with our original glaze, most famously with the hot doughnut and continuously bringing news, as I just mentioned a moment ago, with innovation, specialty collections and being relevant at those important times of the year.

所以我們其實不會受到這些事情的影響。相反，我們認為最重要的是確保我們能用我們獨創的糖霜，尤其是熱甜甜圈，為顧客帶來絕佳的甜甜圈體驗，並且不斷推出新品，正如我剛才提到的，包括創新、特色系列，並在一年中的重要時刻保持相關性。

I mean we're in hot doughnut season right now. It's really important that we saw a good response to the brand at Halloween and the whole holiday period coming up is an important one for us. So that's where we are focused, bringing moments of joy that people can share and enjoy with us.

我的意思是，現在正是甜甜圈的旺季。萬聖節期間品牌獲得了良好的反響，這對我們來說非常重要，而即將到來的整個假期對我們來說也至關重要。所以，這就是我們關注的重點，那就是為人們帶來可以與我們分享和享受的快樂時刻。

And the follow-up is on the retooling the distribution network. I know you are like taking a full look on the entire DFD touch points now. Is there any changes to the thought process on kind of brands and partnerships you want to focus on going forward? Are we -- where are we in the journey there? And then also, is there any change in the kind of agreements or how you want to execute the drop-offs in this new model?

後續工作是對分銷網絡進行改造。我知道你現在正在全面審視整個 DFD 觸點。未來您希望重點關注的品牌和合作夥伴類型，您的想法是否有所改變？我們現在處於旅程的哪個階段？另外，在這種新模式下，協議類型或您希望如何執行退訂流程是否有任何變更？

So we're continuously looking to improve our distribution network, looking at delivery timing, making sure that we are producing the doughnuts in close proximity to our customers, but also efficiently. So we really are doing a lot of work around that as part of our turnaround and continue to expect benefits from that. The big initiative for us was to exit from low-traffic doors.

因此，我們一直在努力改善我們的分銷網絡，專注於交貨時間，確保我們在靠近客戶的地方生產甜甜圈，同時也要有效率地生產。因此，作為我們扭虧為盈計畫的一部分，我們確實在這方面做了很多工作，並繼續期待從中受益。我們最大的舉措是選擇人流較低的出口。

We had -- over time, we identified there were about 1,400 doors in the US where the traffic wasn't high enough, and therefore, the weekly sales were good enough. And so we intentionally exited from those this year, but that program is done. So going forward, to your broader question, it is about expanding convenience and access to the brand.

隨著時間的推移，我們發現美國大約有 1400 家門市客流量不夠高，因此每週的銷售額也不夠好。因此，我們今年有意退出了這些項目，但該項目已經結束了。所以，展望未來，回答你更廣泛的問題，關鍵在於擴大品牌的便利性和可近性。

But only where the traffic is high enough and in-store visibility is really clear. That's when the conditions are right for us. What's great is we have several customers that already qualify against that. And they have plenty of upside opportunity. It's only recently in the last year or so that we entered Target, and we're really just starting out with Costco as two clear examples of that. And even more recently just got going with Sam's Club.

但只有在人流夠高且店內視野非常開闊的情況下才行。那時對我們來說就是最佳時機。最棒的是，我們已經有好幾位客戶符合這個條件。他們擁有巨大的上漲空間。我們進入 Target 市場也只是最近一年左右的事，而 Costco 則是我們剛起步的兩個明顯例子。最近，我們也開始與山姆會員店合作。

So we have plenty of customers where we can go that are sort of proven with that high traffic. It's interesting and internationally that we see some other innovations such as the KFC we're seeing in the Middle East. But really in the US, the focus is on these big high-traffic locations in which we have plenty of runway, and they can support our long-term sustainable profitable growth.

所以我們有很多客戶可以選擇，這些客戶都擁有很高的流量，已經證明了這一點。有趣的是，在國際上，我們也看到了一些其他的創新，例如我們在中東看到的肯德基。但實際上，在美國，重點是這些客流量大的地區，我們有足夠的發展空間，它們可以支持我們長期可持續的獲利成長。

Jaafar Mestari, BNP.

Jaafar Mestari，BNP。

This is Jaafar Mestari from BNP. Just wanted to clarify one thing in terms of the outlook where you talk about the remainder of 2025, you expect to see further improvement in adjusted EBITDA. Does that mean a Q4 '25 EBITDA higher sequentially than Q3? Is that a Q4 '25 EBITDA higher year-on-year than Q4 last year? Or is there any other way we should look at this?

這是來自 BNP 的 Jaafar Mestari。關於您談到 2025 年剩餘時間的展望，我想澄清一點，您預計調整後的 EBITDA 將進一步改善。這是否意味著2025年第四季的EBITDA將比第三季季增？2025年第四季的EBITDA是否比去年同期成長？或者我們應該從其他角度來看這個問題嗎？

I can take this. This is Raphael. Yes, that's the way you should read this. We do expect to see improvement in Q4 versus Q3 and also positive cash flow in Q4 as we generated in Q3. And as to 2026, we're still not providing guidance, but you can expect sequential improvement in EBITDA.

我可以接受。這是拉斐爾。是的，就應該這樣理解。我們預計第四季業績將比第三季有所改善，並且第四季的現金流也將像第三季一樣為正。至於 2026 年，我們仍不提供指引，但您可以預期 EBITDA 將逐週改善。

And as I said, in Q2, we continue to focus on lowering CapEx spend. We will do this in the second half of this year, and we will lower CapEx for next year as well.

正如我所說，第二季我們將繼續專注於降低資本支出。我們將在今年下半年實施這項措施，明年也將降低資本支出。

Thank you. There are no further questions. I'd now like to hand the call back to the CEO, Josh, for final remarks.

謝謝。沒有其他問題了。現在我想把電話交還給執行長喬什，請他做最後的總結發言。

Well, thank you, everyone, for your interest in Krispy Kreme today. We saw we implemented a turnaround plan this summer to drive sustainable profitable growth and deleverage the balance sheet, and we are already seeing that turnaround underway. It's thanks in large part to our great Krispy Kreme team all over the world. So I thank you as well. Thank you. Goodbye.

謝謝大家今天對 Krispy Kreme 的關注。今年夏天，我們實施了一項扭虧為盈計劃，旨在推動可持續的盈利增長並降低資產負債率，我們已經看到扭虧為盈的趨勢正在發生。這很大程度上要歸功於我們遍佈全球的優秀的 Krispy Kreme 團隊。所以我也要感謝你。謝謝。再見。

Thank you for attending today's call. You may now disconnect. Goodbye.

感謝您參加今天的電話會議。您現在可以斷開連線了。再見。