(EWCZ) 2023 Q2 法說會逐字稿

Good morning, ladies and gentlemen. Thank you for standing by. Welcome to European Wax Center's Second Quarter Fiscal 2023 Earnings Conference Call. (Operator Instructions)

早上好，女士們，先生們。謝謝你的支持。歡迎參加歐洲蠟中心 2023 財年第二季度收益電話會議。 （操作員說明）

At this time, I would now like to turn the conference over to Bethany Johns, Director of Investor Relations. Ma'am, you may begin.

現在，我想將會議交給投資者關係總監 Bethany Johns。女士，您可以開始了。

Thank you, and welcome to European Wax Center's Second Quarter Fiscal 2023 Earnings Call. With me today are David Berg, Chief Executive Officer; David Willis, President and Chief Operating Officer; and Stacie Shirley, Chief Financial Officer.

謝謝，歡迎參加歐洲蠟中心 2023 財年第二季度收益電話會議。今天與我在一起的有首席執行官 David Berg；大衛·威利斯，總裁兼首席運營官；和首席財務官 Stacie Shirley。

For today's call, David Berg and David Willis will provide a brief overview of our second quarter performance and discuss our priorities for fiscal 2023. Then Stacie will provide additional details regarding our second quarter financial performance and our fiscal 2023 outlook. Following the prepared remarks, David, Stacie and David will be available to take questions.

在今天的電話會議中，David Berg 和David Willis 將簡要概述我們第二季度的業績，並討論我們2023 財年的優先事項。然後Stacie 將提供有關我們第二季度財務業績和2023 財年展望的更多詳細信息。在準備好發言後，David、Stacie 和 David 將可以回答問題。

Before we start I would like to remind you of our legal disclaimer. We will make certain statements today which are forward-looking within the meaning of the federal securities laws, including statements about the outlook of our business and other matters referenced in our earnings release issued today. These forward-looking statements involve a number of risks and uncertainties that could cause actual results to differ materially. Please refer to our SEC filings as well as our earnings release issued today for a more detailed description of the risk factors that may affect our results. Please also note that these forward-looking statements reflect our opinions only as of the date of this call and we take no obligation to revise or publicly release results of any revision to our forward-looking statements in light of new information or future events.

在我們開始之前，我想提醒您我們的法律免責聲明。我們今天將發表聯邦證券法含義內的某些前瞻性聲明，包括有關我們業務前景的聲明以及我們今天發布的收益報告中提到的其他事項。這些前瞻性陳述涉及許多風險和不確定性，可能導致實際結果出現重大差異。請參閱我們向 SEC 提交的文件以及今天發布的收益報告，了解可能影響我們業績的風險因素的更詳細描述。另請注意，這些前瞻性聲明僅反映我們截至本次電話會議之日的意見，我們沒有義務根據新信息或未來事件修改或公開發布對我們的前瞻性聲明的任何修改結果。

Also, during this call, we will discuss non-GAAP financial measures which adjust our GAAP results to eliminate the impact of certain items. You will find additional information regarding these non-GAAP financial measures and a reconciliation of these non-GAAP to GAAP measures in our earnings release. A live broadcast of this call is also available on the Investor Relations section of our website at investors.waxcenter.com.

此外，在這次電話會議中，我們將討論非公認會計原則財務措施，這些措施調整我們的公認會計原則結果，以消除某些項目的影響。您將在我們的收益報告中找到有關這些非 GAAP 財務指標的更多信息以及這些非 GAAP 與 GAAP 指標的調節表。本次電話會議的現場直播也可在我們網站的投資者關係部分觀看：investors.waxcenter.com。

I will now turn the call over to David Berg.

我現在將把電話轉給大衛·伯格。

Thanks, Bethany, and good morning, everyone. Thank you all for joining us today. Before discussing our Q2 results, let me say a few words about this morning's news. As I'm sure most of you have seen by now, we issued a press release earlier today, announcing that after nearly 5 years as CEO of European Wax Center, I am excited to transition to the newly-created Executive Chair role.

謝謝，貝瑟尼，大家早上好。感謝大家今天加入我們。在討論我們的第二季度業績之前，讓我先談談今天早上的新聞。我相信你們大多數人現在都已經看到了，我們今天早些時候發布了一份新聞稿，宣佈在擔任歐洲蠟中心首席執行官近5 年後，我很高興能夠過渡到新設立的執行主席一職。

I couldn't be more thrilled to share that David Willis, our current President and Chief Operating Officer will become our next CEO, effective September 30, 2023. David Willis joined European Wax Center 7 years ago and has worn many hats, including President, COO and CFO over his tenure. He has been an integral part of our unit growth and development story and my key partner in designing and executing our strategic roadmap. Most importantly, David embodies the core values that drive European Wax Center's best in class culture by ensuring associates have the opportunities and resources to achieve their goals. I could not be more confident in his experience, franchisee relationships, deep knowledge of our business model and robust leadership skills, all of which make him perfectly suited to become our next CEO.

我非常高興地宣布，我們現任總裁兼首席運營官David Willis 將成為我們的下一任首席執行官，自2023 年9 月30 日起生效。David Willis 於7 年前加入歐洲蠟中心，擔任過許多職務，包括總裁、任期內首席運營官和首席財務官。他是我們部門成長和發展故事中不可或缺的一部分，也是我設計和執行戰略路線圖的關鍵合作夥伴。最重要的是，大衛體現了核心價值觀，通過確保員工有機會和資源來實現他們的目標，推動歐洲蠟像中心最好的班級文化。我對他的經驗、加盟商關係、對我們商業模式的深入了解以及強大的領導能力充滿信心，所有這些都使他非常適合成為我們的下一任首席執行官。

In addition, we announced that Gavin O'Connor, our Chief Legal and Human Resources Officer will transition to the newly-formed leadership position of Chief Administrative Officer. Gavin will assume responsibility for our supply chain and technology functions in addition to his current responsibilities of legal, talent, ESG and risk management.

此外，我們還宣布首席法律和人力資源官加文·奧康納 (Gavin O'Connor) 將過渡到新成立的首席行政官領導職位。除了目前負責法律、人才、ESG 和風險管理的職責外，Gavin 還將負責我們的供應鍊和技術職能。

This transition is the culmination of a thoughtful succession planning process developed by the Board and me over the last year, which has also involved the evolution and strengthening of our full executive leadership team. This team now includes Stacie Shirley, a seasoned retail executive and long-term public company CFO; and Chief Commercial Officer, Andrea Wasserman, responsible for driving network sales through our attract more, buy more and visit more pillars.

這次過渡是董事會和我在過去一年中製定的深思熟慮的繼任計劃流程的頂峰，其中還涉及我們整個執行領導團隊的發展和加強。該團隊現在包括經驗豐富的零售業高管和長期上市公司首席財務官 Stacie Shirley；首席商務官 Andrea Wasserman 負責通過吸引更多、購買更多和訪問更多支柱來推動網絡銷售。

Along with veteran team members, Joel Larkin, leading our unit growth initiative as Chief Development Officer; and Julie Hauser-Blanner supporting the field as Chief Franchise Officer. The Board and I are confident we have the right executive team in place for our next phase of growth.

與經驗豐富的團隊成員 Joel Larkin 一起，擔任首席開發官，領導我們的部門發展計劃；朱莉·豪瑟-布蘭納 (Julie Hauser-Blanner) 擔任首席特許經營官，為該領域提供支持。董事會和我相信我們擁有合適的執行團隊來實現下一階段的增長。

Given European Wax Center's strong foundation and our clear and demonstrated growth trajectory, it is the right time for me to complete this transition and I look forward to extending my tenure at EWC through my role as Executive Chairman. It has been an incredible honor to serve as European Wax Center CEO and I'm so proud of our many accomplishments that have positioned us for continued growth.

鑑於歐洲蠟中心的堅實基礎以及我們清晰且明確的增長軌跡，現在是我完成這一過渡的最佳時機，我期待通過擔任執行主席來延長我在 EWC 的任期。擔任歐洲蠟中心首席執行官是一種令人難以置信的榮幸，我為我們取得的許多成就感到非常自豪，這些成就使我們能夠持續發展。

Our founders envisioned a professional, consistent, hygienic and efficient experience for guests across the country. Almost 20 years later and despite navigating a global pandemic and an uncertain macroeconomic environment, we have expanded our presence as the undisputed leader in out-of-home waxing. Since 2018, we have significantly grown both our top and bottom lines and expanded our footprint as the dominant industry player.

我們的創始人設想為全國各地的客人提供專業、一致、衛生和高效的體驗。近 20 年後，儘管經歷了全球流行病和不確定的宏觀經濟環境，我們仍然擴大了我們的影響力，成為戶外打蠟領域無可爭議的領導者。自 2018 年以來，我們的營收和利潤均顯著增長，並擴大了我們作為行業主導者的影響力。

And since our successful IPO exactly 2 years ago, our says consistently match our does and we have been able to return over $200 million to shareholders. We are well-positioned to take more share in this highly fragmented industry and I'm confident that under David Willis, the best is yet to come. Most importantly, I am thankful for the best-in-class culture we've created, where our associates live our values, can be their authentic selves and are able to do their best work.

自從兩年前我們成功首次公開募股以來，我們的言行始終如一，我們已經向股東返還了超過 2 億美元。我們處於有利位置，可以在這個高度分散的行業中佔據更多份額，我相信在大衛·威利斯的領導下，最好的尚未到來。最重要的是，我感謝我們創造的一流文化，在這種文化中，我們的員工踐行我們的價值觀，可以做真實的自己，並能夠做到最好的工作。

Now diving into our Q2 results. We are pleased to deliver strong Q2 performance as continued franchisee demand drove robust new center openings and our strategic initiatives performed in line with our expectations. In the second quarter, we generated $254 million in system-wide sales, $59 million in total revenue and $21 million in adjusted EBITDA, representing 10%, 11% and 14% growth respectively. We delivered 2.6% same-store sales growth and opened 25 net new centers, building on momentum from Q1, during which we set the record for the number of European Wax Centers opened in a single quarter.

現在深入了解我們的第二季度業績。我們很高興在第二季度實現強勁的業績，因為持續的加盟商需求推動了新中心的強勁開業，而且我們的戰略舉措符合我們的預期。第二季度，我們的全系統銷售額為 2.54 億美元，總收入為 5900 萬美元，調整後 EBITDA 為 2100 萬美元，分別增長 10%、11% 和 14%。在第一季度的勢頭基礎上，我們實現了 2.6% 的同店銷售增長，並淨開設了 25 個新中心，在此期間，我們創下了單季度開設的歐洲蠟像中心數量的記錄。

We also drove more than 10% growth in Wax Pass sales during our May, June promo period, which symbolizes a deepened relationship between European Wax Center and our most valuable guests. While guests can purchase wax passes year round, we run enhanced promotions twice a year to drive outsized sign-ups and renewals. As a reminder, wax passes engender brand loyalty and drive repeat visits by rewarding guests with a discount on prepaid body part specific packages.

在 5 月和 6 月促銷期間，我們還推動了 Wax Pass 銷售額增長了 10% 以上，這象徵著歐洲蠟像中心與我們最有價值的客人之間的關係不斷加深。雖然客人全年都可以購買蠟像通行證，但我們每年都會舉辦兩次強化促銷活動，以吸引大量註冊和續訂。需要提醒的是，蠟通行證通過向客人提供預付身體部位特定套餐的折扣來獎勵客人，從而提高品牌忠誠度並推動重複光臨。

Much like a membership program, the Wax Pass supports predictable guest engagement. Wax Pass holders generate 2/3 of our visits and network sales. Our routine guest cohort behaves similarly and contributes an additional 10% of sales and visits and we're pleased that both groups remain consistent in their waxing frequency and spend. We continue to focus on driving bigger share of wallet and increase frequency with these loyal guests who together make up over 75% of our recurring revenue stream.

與會員計劃非常相似，Wax Pass 支持可預測的賓客參與度。 Wax Pass 持有者創造了我們 2/3 的訪問量和網絡銷售額。我們的常規賓客群體表現相似，並貢獻了額外 10% 的銷售額和訪問量，我們很高興這兩個群體在打蠟頻率和支出方面保持一致。我們繼續專注於推動更大的錢包份額並增加這些忠實客人的頻率，他們合計占我們經常性收入流的 75% 以上。

As we discussed last quarter, we also deployed several initiatives in Q2 to engage episodic guests and we are happy to share that we observed some recovery among this group as we exited the quarter. David Willis will touch on guest trends in depth later on. As a result, we are pleased with how the second quarter unfolded and our says and does match once again. We believe our results reinforce the strength and consistency of our business model anchored by our growth vectors, unit growth and in-center sales growth.

正如我們上季度討論的那樣，我們還在第二季度部署了幾項舉措來吸引不定期的客人，我們很高興地告訴大家，在本季度結束時，我們觀察到該群體出現了一些復甦。大衛·威利斯稍後將深入探討客座趨勢。因此，我們對第二季度的進展以及我們的言行再次相符感到滿意。我們相信，我們的業績增強了我們以增長向量、單位增長和中心銷售增長為基礎的業務模式的實力和一致性。

The predictable nature of our most loyal guests and the organic unit growth driven by a robust pipeline give us confidence in reiterating our full year financial expectations for 2023.

我們最忠實的客人的可預測性以及強勁的渠道推動的有機單位增長使我們有信心重申 2023 年全年財務預期。

With that, I'd like to turn the call over to David Willis to discuss our recent trends and growth vectors. David, over to you.

說到這裡，我想將電話轉給大衛·威利斯（David Willis），討論我們最近的趨勢和增長方向。大衛，交給你了。

Thank you, David, and good morning, everyone. Before I begin my remarks, I wanted to say a few words about this morning's announcement.

謝謝大衛，大家早上好。在開始發言之前，我想就今天上午的公告說幾句話。

I am both humbled and honored to have been selected as European Wax Center's next CEO. And I want to express my sincere appreciation to all of our associates and franchise partners for their continued support. We've been on a transformational journey since I became involved with the company 7 years ago and I could not be more excited about our future and the growth opportunities ahead for all of us.

能夠被選為歐洲蠟像中心的下一任首席執行官，我感到既謙卑又榮幸。我想對我們所有的員工和特許經營合作夥伴的持續支持表示誠摯的謝意。自從 7 年前我加入公司以來，我們一直處於轉型之旅，我對我們的未來以及我們所有人未來的增長機會感到非常興奮。

Importantly, I also want to thank David for his exceptional leadership and for the contributions he's made to European Wax Center's success. During his tenure, we've expanded from nearly 700 centers to more than 1,000 centers today, grown network sales at double-digit rates, we've doubled bottom line performance and successfully became a public company, all while creating a world-class culture for our associates. I look forward to continuing to partner with David in his new role as we continue our growth and deepen the brand's unparalleled relationships with our guests.

重要的是，我還要感謝大衛的卓越領導力以及他為歐洲蠟像中心的成功做出的貢獻。在他任職期間，我們的中心數量從近700 個擴展到如今的1,000 多個，網絡銷售額以兩位數的速度增長，我們的底線業績翻了一番，並成功成為一家上市公司，同時創造了世界一流的文化為我們的同事。我期待著在 David 的新職位上繼續與我們合作，推動我們不斷發展並加深品牌與賓客之間無與倫比的關係。

Turning to the second quarter. As David mentioned, our focus on our 2 key growth vectors remains unchanged. In terms of our first priority, unit growth, both our pipeline of new locations and the health of our franchisees remain strong. As a result, we continue to feel confident in targeting over 10% unit growth this year. In Q2, we opened 25 net new centers across 19 different states. We also reached an incredible milestone for the brand, opening our 1,000th center in Louisville, Kentucky. It means a lot to our team to celebrate this achievement in the heartland of America.

轉向第二季度。正如大衛提到的，我們對兩個關鍵增長向量的關注保持不變。就我們的首要任務（單位增長）而言，我們的新地點管道和特許經營商的健康狀況仍然強勁。因此，我們仍然對今年銷量增長 10% 以上的目標充滿信心。第二季度，我們在 19 個不同的州淨開設了 25 個新中心。我們還為該品牌實現了一個令人難以置信的里程碑，在肯塔基州路易斯維爾開設了第 1,000 個中心。在美國中心地帶慶祝這一成就對我們的團隊來說意義重大。

While the top 5 states with the most licenses yet to be developed, California, Florida, Pennsylvania, Texas and New York are along the coasts and comprise approximately 40% of our pipeline, we still have a lot of white space in the middle of the country. Through over 1,000 locations in 45 states, we've demonstrated that our concept translates across all geographies.

雖然尚未開發許可證最多的5 個州（加利福尼亞州、佛羅里達州、賓夕法尼亞州、德克薩斯州和紐約州）位於沿海地區，約占我們管道的40%，但我們在管道中間仍然有很多空白區域。國家。通過 45 個州的 1,000 多個地點，我們已經證明我們的理念適用於所有地區。

We're also proud that this milestone location was opened by a smaller franchisee, Mark Mick, who despite a multi-year pandemic was able to grow from 1 to 5 centers with us. Mark also has plans to continue densifying his local markets and he exemplifies the partnership with franchisees that are just as important to us as our relationships with the institutionally-backed operators who already comprise 1/3 of our pipeline. We expect that over the next few years, smaller independent operators, self-funded multi-unit developers and private equity-backed operators will each operate approximately 1/3 of our centers.

我們還感到自豪的是，這個具有里程碑意義的門店是由規模較小的特許經營商Mark Mick 開設的，儘管經歷了多年的流行病，他仍然能夠與我們一起從1 個中心發展到5 個中心。馬克還計劃繼續強化當地市場，他舉例說明了與特許經營商的合作關係，這對我們來說與我們與機構支持的運營商的關係同樣重要，這些運營商已經占我們管道的 1/3。我們預計，在未來幾年中，規模較小的獨立運營商、自籌資金的多單元開發商和私募股權支持的運營商將分別運營我們約 1/3 的購物中心。

Last month, we gathered more than 100 of our franchisees together to collaborate and share best practices. This was a high energy environment. The enthusiasm for both our brand and our future was truly palpable. It's easy to see why demand from franchisees of all sizes remains robust. Given the relatively modest initial investment for our centers, our franchisees have sufficient access to capital to fund their growth even in a high interest rate environment. They have access to several lenders who understand our model and its robust financial returns and who are committed to supporting the network as it expands.

上個月，我們聚集了 100 多家加盟商，共同協作並分享最佳實踐。這是一個高能量的環境。對我們品牌和未來的熱情是顯而易見的。很容易理解為什麼各種規模的加盟商的需求仍然強勁。鑑於我們中心的初始投資相對溫和，即使在高利率環境下，我們的特許經營商也有足夠的資金來支持其發展。他們可以接觸到多家貸款機構，他們了解我們的模式及其強勁的財務回報，並致力於支持網絡的擴張。

We also continue to find ways to maximize franchisees' capital investments by improving the build efficiencies in our new design elements and leveraging our scale to drive savings with our vendors. Operationally, we are focused on driving faster breakeven, preparing new centers for opening and building our pipeline of wax specialists to support near-term and long-term growth. We recently rolled out a new market playbook for franchisees featuring recommendations on where to find talent and attract them to our best-in-class brand.

我們還繼續尋找方法，通過提高新設計元素的構建效率並利用我們的規模來推動供應商節省成本，從而最大限度地提高特許經營商的資本投資。在運營方面，我們專注於推動更快的盈虧平衡，為開設新中心做好準備，並建立我們的蠟專家管道，以支持近期和長期增長。我們最近為特許經營商推出了一本新的市場手冊，其中包含有關在哪裡尋找人才並吸引他們加入我們一流品牌的建議。

Our beauty school partnership program continues to expand, now at 27 schools in 6 states, including our top markets. Scheduling efficiencies have improved labor utilization rates year-over-year. This drives throughput and profitability for the center. As a result of our efforts, Q2 wax specialist staffing levels were in line with our targets. We are confident in our ability to provide excellent service in our existing centers and to support new center growth through our wax specialist pipeline initiative for years to come.

我們的美容學校合作夥伴計劃不斷擴大，目前已覆蓋 6 個州的 27 所學校，其中包括我們的頂級市場。調度效率逐年提高了勞動力利用率。這提高了中心的吞吐量和盈利能力。經過我們的努力，第二季度蠟專家的人員配備水平符合我們的目標。我們相信我們有能力在現有中心提供優質服務，並在未來幾年通過我們的蠟專家管道計劃支持新中心的發展。

Now turning to our second growth vector, driving in-center sales. This benefits both system-wide and same-store sales growth. During the second quarter, we deepened our executive team by adding Andrea Wasserman as our first ever Chief Commercial Officer. As Andrea digs in, she will work to identify areas for optimization and leverage data insights to drive sales through actionable marketing and merchandising initiatives.

現在轉向我們的第二個增長方向，推動中心內的銷售。這有利於整個系統和同店銷售的增長。在第二季度，我們任命 Andrea Wasserman 為我們的第一位首席商務官，從而深化了我們的執行團隊。隨著 Andrea 的深入研究，她將努力確定需要優化的領域，並利用數據洞察力，通過可行的營銷和推銷計劃來推動銷售。

Within marketing, we remain focused on our 3 pillar attract more, buy more and visit more strategies to engage new and existing guests. Our attract more pillar is designed to drive new guest acquisition and its cornerstone is the new Every Body Smooth campaign we launched in May. In the campaign's first 2 months, it generated significant year-over-year increases in ad awareness, consumer consideration and paid media performance. We are more than pleased with the results so far and we'll continue to monitor its performance as we evolve and build upon the campaign in the back half of the year.

在營銷方面，我們仍然專注於吸引更多、購買更多和訪問更多策略的三大支柱，以吸引新客人和現有客人。我們吸引更多的支柱旨在推動新客人的獲取，其基石是我們在五月份推出的新的 Every Body Smooth 活動。在該活動的前兩個月，廣告認知度、消費者考慮度和付費媒體表現均同比顯著提高。我們對迄今為止的結果非常滿意，我們將在今年下半年的活動發展和基礎上繼續監控其表現。

Consistent with Q2, we also intend to optimize our marketing spend in the back half to lean into action-driven performance media designed to support our near-term guest acquisition and transaction goals. Our second pillar, buy more, is designed to increase the average spend per ticket, primarily by, one, adding on services per transaction or SVT, and two, attaching more retail products. As I mentioned last quarter, we believe that bundling services or services and products has meaningful potential for us. We began testing bundles in our corporate-owned centers this summer and more recently expanded the pilot to more than 100 centers across the network. While it's too early to measure the learnings, anecdotally, we are hearing positive feedback from wax specialists.

與第二季度一致，我們還打算優化下半年的營銷支出，以傾向於行動驅動的績效媒體，旨在支持我們的近期客戶獲取和交易目標。我們的第二個支柱“多買”旨在增加每張票的平均支出，主要是通過一是增加每筆交易的服務或 SVT，二是附加更多零售產品。正如我上季度提到的，我們相信捆綁服務或服務和產品對我們來說具有重大潛力。今年夏天，我們開始在公司擁有的中心測試捆綁包，最近將試點範圍擴大到網絡上的 100 多個中心。雖然現在衡量學習成果還為時過早，但據傳聞，我們聽到了蠟專家的積極反饋。

In terms of retail product, we anticipate rolling out in-suite merchandising tools that empower wax specialists to leverage their trusted guest relationships to suggest their favorite products. We expect this to drive retail attachment and increased spend per ticket.

在零售產品方面，我們預計推出套房內銷售工具，使蠟專家能夠利用他們值得信賴的客戶關係來推薦他們最喜歡的產品。我們預計這將推動零售依存度並增加每張門票的支出。

Our third pillar, visit more, is designed to increase frequency among existing guests. Wax Pass holders and routine guests have maintained their frequency while generating over 75% of annual system-wide sales. While we began to see softening frequency during Q1 among a portion of our more episodic guests, we deployed several initiatives in Q2 and have been pleased to see some recovery among this cohort recently. We remain focused on growing episodic engagement and converting them into Wax Pass holders and routine guests through our ever-evolving CRM tools. Ultimately, with Wax Pass holders visiting more than twice as often as episodic guests, the Wax Pass remains our most powerful frequency driver.

我們的第三個支柱是增加訪問量，旨在增加現有客人的訪問頻率。蠟像通行證持有者和常客一直保持著他們的頻率，同時創造了超過 75% 的年度全系統銷售額。雖然我們在第一季度開始看到部分偶爾出現的客人的頻率有所軟化，但我們在第二季度部署了幾項舉措，並且很高興看到該群體最近有所恢復。我們仍然專注於增加不定期的參與度，並通過我們不斷發展的 CRM 工具將他們轉變為 Wax Pass 持有者和常客。最終，Wax Pass 持有者的訪問頻率是臨時訪客的兩倍多，因此 Wax Pass 仍然是我們最強大的頻率驅動因素。

I'd like to thank our operations associates and franchisee teams in center who drove more than 10% growth in Wax Pass sales during the Q2 promo period. This helped us deliver a strong second quarter and gives us confidence in our outlook for the remainder of the year.

我要感謝中心的運營人員和特許經營團隊，他們在第二季度促銷期間推動了 Wax Pass 銷售額超過 10% 的增長。這幫助我們實現了強勁的第二季度業績，並使我們對今年剩餘時間的前景充滿信心。

Lastly, as the dominant player in our category with a strong and resilient core service offering, we are always looking at opportunities to expand our brand and the model. Based on our established leadership position and the trust that guests place in European Wax Center to remove unwanted hair, we believe that offering another modality could capture an incremental customer demographic and enhance already robust 4-wall economics. Therefore, in the coming months, we will launch a small laser hair removal test in a handful of New York centers to help us evaluate this potential over time.

最後，作為我們類別中的主導者，擁有強大而有彈性的核心服務，我們一直在尋找機會擴展我們的品牌和模式。基於我們既定的領導地位以及客人對歐洲脫毛中心去除多餘毛髮的信任，我們相信提供另一種方式可以吸引不斷增加的客戶群體，並增強本已強勁的四牆經濟效益。因此，在接下來的幾個月中，我們將在紐約的幾個中心啟動小型激光脫毛測試，以幫助我們隨著時間的推移評估這種潛力。

With that, I'd like to hand the call over to Stacie Shirley to review our financial performance and guidance for fiscal 2023. Stacie?

說到這裡，我想將電話轉交給 Stacie Shirley，以審查我們 2023 財年的財務業績和指導。Stacie？

Thanks, David, and good morning, everyone. Before I begin my remarks, I'd like to remind everyone that in some instances, I will speak to adjusted metrics on this call. You can find reconciliation tables to the most comparable GAAP figures in our press release and 8-K filed with the SEC today.

謝謝大衛，大家早上好。在開始講話之前，我想提醒大家，在某些情況下，我將在本次電話會議上討論調整後的指標。您可以在我們今天向 SEC 提交的新聞稿和 8-K 中找到最具可比性的 GAAP 數據的調節表。

Turning to our financial performance. Our second quarter played out largely as expected. Q2 system-wide sales increased 10% to $254.2 million and total revenue increased 10.7% to $59.1 million. Overall, top line growth was driven by our 2 growth vectors, including 12.3% unit growth over the second quarter of last year. We also delivered a 2.6% same-store sales increase in line with expectations, driven by both our ramping and mature centers.

轉向我們的財務業績。我們第二季度的表現基本符合預期。第二季度全系統銷售額增長 10%，達到 2.542 億美元，總收入增長 10.7%，達到 5910 萬美元。總體而言，營收增長是由我們的兩個增長向量推動的，其中包括比去年第二季度 12.3% 的單位增長。在我們不斷擴張和成熟的中心的推動下，我們的同店銷售額增長了 2.6%，符合預期。

Consistent with Q1, higher average tickets were the primary driver of our comp growth. From a profit standpoint, second quarter gross margin of 71.4% was in line with our full year guidance. Second quarter SG&A was $14.1 million and a margin of 23.9% was a 460 basis point improvement from Q2 last year. This improvement was primarily driven by 2 factors. First, the non-recurrence of $1.4 million in professional fees related to a secondary offering and our whole business securitization, both completed in the second quarter of last year and to a lesser extent, the timing of certain professional fees and travel expenses this year that we had expected to occur in Q2, but now expect to occur in Q3.

與第一季度一致，更高的平均門票是我們的競爭增長的主要驅動力。從利潤角度來看，第二季度毛利率為 71.4%，符合我們的全年指引。第二季度的 SG&A 為 1,410 萬美元，利潤率為 23.9%，比去年第二季度提高了 460 個基點。這一改進主要由兩個因素推動。首先，與二次發行和我們整個業務證券化相關的140 萬美元專業費用不再重複發生，這兩項費用均於去年第二季度完成，並且在較小程度上，今年某些專業費用和差旅費用的時間安排我們原本預計會在第二季度發生，但現在預計會在第三季度發生。

Q2 adjusted EBITDA, which excludes transaction-related expenses, increased 13.8% to $21.2 million. Adjusted EBITDA margin was 35.9%, representing a 100 basis point improvement year-over-year. Below the line, adjusted net income was $5.8 million. This differs from adjusted EBITDA that I just mentioned due to 3 primary reasons. First, interest expense was $6.8 million. This is a decrease from $8.1 million last year, primarily due to $2 million of debt extinguishment charges incurred last year when we refinanced our long-term debt and locked in a fixed 5.5% rate.

第二季度調整後 EBITDA（不包括交易相關費用）增長 13.8%，達到 2120 萬美元。調整後 EBITDA 利潤率為 35.9%，同比提高 100 個基點。線下調整後淨利潤為 580 萬美元。這與我剛才提到的調整後 EBITDA 不同，主要有 3 個原因。首先，利息支出為 680 萬美元。這比去年的 810 萬美元有所減少，主要是由於去年我們為長期債務再融資並鎖定 5.5% 的固定利率時產生了 200 萬美元的債務清償費用。

Second, Q2 depreciation and amortization were $5.1 million. As always, the vast majority of this line item relates to the noncash amortization of intangible assets, such as franchisee relationships and area representative rights that were established prior to our IPO. And third, the income tax component. We released our valuation allowance on deferred tax assets at the end of 2022. As a result, we expect to recognize annual income tax expense compared to very negligible expense incurred during the periods covered by the valuation allowance.

其次，第二季度折舊和攤銷為 510 萬美元。與往常一樣，該行項目的絕大多數與無形資產的非現金攤銷有關，例如我們在首次公開募股之前建立的特許經營關係和地區代表權。第三，所得稅部分。我們於 2022 年底公佈了遞延所得稅資產的估值備抵。因此，我們預計將確認年度所得稅費用，而估值備抵涵蓋期間發生的費用可忽略不計。

For Q2, GAAP net income reflects $2.8 million of tax expense and adjusted net income reflects $3.6 million of adjusted tax expense. Q2 tax expense was higher than initially expected due to changes in state tax rates that impacted our deferred tax assets during the period. In terms of the balance sheet, we ended the quarter with $54.4 million in cash, $396 million outstanding under our senior secured notes and nothing drawn on our $40 million revolver.

第二季度，GAAP 淨利潤反映了 280 萬美元的稅收費用，調整後的淨利潤反映了 360 萬美元的調整後稅收費用。由於州稅率的變化影響了我們的遞延稅資產，第二季度的稅費高於最初預期。就資產負債表而言，本季度結束時，我們的現金為 5,440 萬美元，高級擔保票據項下的未償付金額為 3.96 億美元，4,000 萬美元的左輪手槍沒有任何動用。

Net leverage continues to decrease, ending Q2 at 4.5x adjusted EBITDA compared to 4.8x in Q1 and 5.6x in Q2 last year. We continue to expect to de-lever approximately a full turn from 2022 to 2023. Operating activities generated $17 million in cash during the second quarter compared to investing outflows of approximately $250,000. We repurchased less than $1 million of stock during the quarter and still have approximately $29 million remaining under our current buyback authorization.

淨槓桿率繼續下降，截至第二季度調整後 EBITDA 為 4.5 倍，而去年第一季度為 4.8 倍，第二季度為 5.6 倍。我們仍然預計從 2022 年到 2023 年將去槓桿化大約一個週期。第二季度運營活動產生 1,700 萬美元現金，而投資流出約為 25 萬美元。我們在本季度回購了不到 100 萬美元的股票，目前的回購授權仍剩餘約 2900 萬美元。

Our ability to generate strong free cash flows gives us the optionality to deploy cash over time to continue to create value for our model, our network and our shareholders.

我們產生強勁自由現金流的能力使我們可以選擇隨著時間的推移部署現金，以繼續為我們的模型、網絡和股東創造價值。

Turning now to our outlook for 2023. As David mentioned, the Wax Pass and routine guests driving more than 75% of our system-wide sales have continued to show resilience and consistency, demonstrating that European Wax Center provides a non-discretionary part of their personal care routine. Given stable trends for these core guests and the improvement we've seen with episodic guests since implementing several initiatives in Q2, we are pleased with how we entered Q3 and continue to feel good about our existing full year guidance.

現在轉向我們對2023 年的展望。正如David 提到的，Wax Pass 和常客推動了我們整個系統銷售額的75% 以上，繼續表現出彈性和一致性，這表明歐洲蠟中心提供了他們的非酌情部分個人護理程序。鑑於這些核心客人的穩定趨勢以及自第二季度實施多項舉措以來我們看到的偶發客人的改善，我們對進入第三季度的方式感到滿意，並繼續對我們現有的全年指導感到滿意。

In terms of new centers, franchisee demand and unit growth remains strong. As a reminder, we delivered more than 10% unit growth in 2022 and expected to deliver another 10% in 2023. A handful of Q3 new centers opened a few weeks early at the end of the second quarter, enabling us to reach 59 net new centers in the first half of the year. We have a clean line of sight to the balance of our fiscal 2023 openings and we remain confident in our existing full year outlook of 95 to 100 net new centers.

就新中心而言，加盟商需求和單位增長依然強勁。提醒一下，我們在2022 年實現了超過10% 的單位增長，並預計在2023 年再實現10% 的增長。少數第三季度新中心在第二季度末提前幾週開業，使我們能夠達到59 個淨新中心上半年的中心。我們對 2023 財年的空缺職位餘額有明確的目標，並且對現有的全年淨新增中心 95 至 100 個的前景仍然充滿信心。

Our expectations remain unchanged for 2023 system-wide sales of between $965 million and $990 million and total revenue between $222 million and $229 million, implying 7% to 10% growth for both metrics. We continue to expect a mid-single-digit same-store sales increase for the full year and mid-single-digit comps in Q3 and Q4, driven by ramping centers, solid Wax Pass sales and the tactics underlying our attract more, buy more, visit more strategy that David covered earlier.

我們的預期保持不變，即2023 年全系統銷售額在9.65 億美元至9.9 億美元之間，總收入在2.22 億美元至2.29 億美元之間，這意味著這兩個指標都將增長7%至10%。我們繼續預計全年同店銷售額將實現中個位數增長，第三季度和第4 季度的同店銷售額將實現中個位數增長，這主要得益於中心的擴張、穩定的Wax Pass 銷售以及我們吸引更多、購買更多的策略。 ，請訪問 David 之前介紹的更多策略。

We are also reiterating our existing adjusted EBITDA outlook of $77 million to $80 million. As David just shared, we anticipate launching a laser hair removal test in 6 New York centers in the coming months. We estimate that we could incur up to $1 million of SG&A expense to support this test, primarily driven by foundational guest research and marketing to build awareness in test markets. While this investment was not contemplated in our original guidance for fiscal 2023, we still expect our full year adjusted EBITDA to be within our existing range.

我們還重申我們現有的調整後 EBITDA 預期為 7700 萬至 8000 萬美元。正如 David 剛剛分享的那樣，我們預計未來幾個月將在紐約的 6 個中心推出激光脫毛測試。我們估計，我們可能會花費高達 100 萬美元的 SG&A 費用來支持這項測試，這主要是通過基礎客座研究和營銷來提高測試市場的知名度。雖然我們最初的 2023 財年指導中並未考慮這項投資，但我們仍然預計全年調整後 EBITDA 將在現有範圍內。

As it relates to the cadence of the year, the timing of products sell into the network and SG&A expenses, including advertising, certain professional fees, payroll and travel has shifted since we provided our initial expectations for fiscal 2023.

由於與年度節奏相關，自我們提供 2023 財年的初步預期以來，產品銷售到網絡的時間和 SG&A 費用（包括廣告、某些專業費用、工資和差旅）已經發生了變化。

As a result of this inter-quarter timing and incremental laser-related costs, we now expect adjusted EBITDA margins to be in the low 30%s in Q3 before peaking in Q4 and we continue to expect mid-30%s adjusted EBITDA margins for the full year. Our 2023 interest expense outlook remains approximately $28 million, slightly weighted to Q4 given the 53rd week in 2023. We continue to expect our 2023 blended statutory tax rate to approximate 20%, which is based on known year-to-date exchanges from Class B to Class A shares. All in, we expect adjusted net income within our existing range of $22 million to $24.5 million.

由於季度間時間安排和激光相關成本的增加，我們現在預計調整後EBITDA 利潤率將在第三季度降至30% 左右，然後在第四季度達到峰值，並且我們繼續預計調整後EBITDA 利潤率將在30% 左右。全年。我們對2023 年利息支出的展望仍約為2800 萬美元，考慮到2023 年已是第53 週，稍微加權到第四季度。我們繼續預計2023 年混合法定稅率約為20%，這是基於B 類已知的年初至今的匯率為 A 類股票。總而言之，我們預計調整後淨利潤將保持在 2200 萬美元至 2450 萬美元的現有範圍內。

In conclusion, we believe our business remains on solid ground, delighting guests with an unparalleled experience and generating strong free cash flow. We are pleased with the progress we have made in our guest trends, which enabled us to deliver on our expectations to date and to reiterate our outlook for the balance of fiscal 2023. As we look ahead, we expect our continued efforts to generate strong top line growth and EBITDA margin expansion in fiscal 2024 and beyond.

總而言之，我們相信我們的業務仍然穩固，能夠為客人提供無與倫比的體驗並產生強勁的自由現金流。我們對我們在賓客趨勢方面取得的進展感到高興，這使我們能夠實現迄今為止的預期，並重申我們對 2023 財年平衡的展望。展望未來，我們預計我們將繼續努力，創造強勁的頂級業績2024財年及以後的生產線增長和EBITDA 利潤率擴張。

With that, I'd like to turn the call back to David Berg to wrap up our prepared remarks and open it up for Q&A. David?

說到這裡，我想把電話轉回大衛·伯格，以結束我們準備好的發言並開始問答。大衛？

Thank you, Stacie. We are the undisputed leader in a highly fragmented industry, delighting guests in more than 1,000 centers across 45 states. Our best-in-class business model is generating continued enthusiasm and reinvestment from our franchisees. We enjoy average cash-on-cash returns of 60% at maturity.

謝謝你，史黛西。我們是高度分散行業中無可爭議的領導者，在 45 個州的 1,000 多個中心為客人帶來愉悅。我們一流的商業模式正在激發我們的加盟商持續的熱情和再投資。到期時我們享有平均 60% 的現金回報率。

At only 1/3 of our unit growth target of 3,000 centers, we believe we have incredible runway within our existing model to continue growing for years to come. We expect our focus on our 2 key growth vectors will enable us to generate long-term revenue growth, leverage our fixed cost profile for EBITDA margin expansion and generate significant free cash flow over time, in turn, creating significant value for European Wax Center's franchisees and shareholders. I look forward to working with David Willis and the leadership team as we continue to grow our leadership position.

我們的單位增長目標僅達到 3,000 個中心的 1/3，但我們相信我們現有的模式擁有令人難以置信的跑道，可以在未來幾年繼續增長。我們預計，對兩個關鍵增長向量的關注將使我們能夠實現長期收入增長，利用我們的固定成本狀況來擴大EBITDA 利潤率，並隨著時間的推移產生大量的自由現金流，進而為歐洲蠟中心的特許經營商創造巨大的價值和股東。我期待著與 David Willis 和領導團隊合作，繼續提升我們的領導地位。

We'd now like to open up the call for questions. Operator?

我們現在要開始提問。操作員？

(Operator Instructions) And our first question coming from the line of Randal Konik with Jefferies.

（操作員說明）我們的第一個問題來自 Randal Konik 和 Jefferies 的電話。

David, congratulations and David, congratulations. Look forward to working with you, David. And David, thanks for everything for the last 5 years and still look forward to working with you. You guys had a lot of good things to talk about on the call. Maybe give us some perspective on the episodic guests because I think that's showing a real good signal of improvement there. Any other kind of items you would call out that are kind of important for us to kind of take away?

大衛，恭喜你，大衛，恭喜你。期待與您合作，大衛。 David，感謝過去 5 年所做的一切，並且仍然期待與您合作。你們在電話中聊了很多好話。也許可以讓我們對臨時嘉賓有一些看法，因為我認為這顯示出了真正良好的改進信號。您認為還有哪些對我們來說很重要、需要帶走的物品？

And as you think about the dynamic of ticket versus traffic, you did talk about ticket driving a lot of the comp. But it sounds like we should be expecting a little bit more balance in ticket versus traffic going forward. Just want to get your thoughts there. And then I have a follow-up.

當您考慮門票與交通的動態時，您確實談到了門票在很大程度上推動了競爭。但聽起來我們應該期待未來門票與流量的平衡。只是想了解一下您的想法。然後我有一個後續行動。

Listen, let me just start with the great news is our Wax Pass holders and our routine guests have behaved consistently. Continue to come on the same frequency, spending the same amount of money. So that ring fence of 75-plus percent of our revenue stream has been absolutely consistent. To your point, we were pleased to see some recovery in our episodic guests. As we talked about in our Q1 announcement, we did some specific things.

聽著，讓我首先告訴大家一個好消息，我們的蠟通行證持有者和我們的常客的行為始終如一。繼續以同樣的頻率來，花同樣的錢。因此，我們 75% 以上的收入來源的圍欄是絕對一致的。就您的觀點而言，我們很高興看到偶爾出現的客人有所恢復。正如我們在第一季度公告中談到的，我們做了一些具體的事情。

First and foremost, with Andrea Wasserman coming on as our Chief Commercial Officer. And as we mature our data warehouse really have dug in to say, hey, what's going on with that episodic guest? Who is she? How do we go out and reach her? And we did a couple of specific things. One was we were able to find that episodic guests with some real targeted e-mails and drive that episodic guests back into our centers during the second quarter. We did offer some incentives for them to come in and get a value reduction in their next service to help drive them back into our centers. So we were very pleased to see that recovery with our episodic guests.

首先也是最重要的是，Andrea Wasserman 將擔任我們的首席商務官。隨著我們的成熟，我們的數據倉庫確實開始深入研究，嘿，那個偶爾出現的客人到底發生了什麼？她是誰？我們如何出去聯繫她？我們做了一些具體的事情。一是我們能夠通過一些真正有針對性的電子郵件找到偶爾出現的客人，並在第二季度將這些偶爾出現的客人帶回我們的中心。我們確實為他們提供了一些激勵措施，讓他們進來並在下一次服務中獲得價值折扣，以幫助他們回到我們的中心。因此，我們很高興看到臨時來賓的康復。

Again, Randy, you know this for context. It's kind of 5% to 10% of our guest profile. So the tail doesn't wag the dog here. It's really us making sure that our most loyal guests continue to come, but we were very pleased with the work that we did around driving that episodic guest.

再說一次，蘭迪，你知道這個背景。這大約占我們客人資料的 5% 到 10%。所以尾巴不會在這裡搖狗。確實是我們在確保我們最忠實的客人繼續光臨，但我們對我們為吸引這位偶爾出現的客人所做的工作感到非常滿意。

The other key thing we've done is really moved our media spend to lower funnel to really some action-driven media. That's -- we're pleased with the initial results of that and that will continue in the second half of the year. We continue to feel good as we started the quarter. Obviously, the consumer is still something we keep an eye on in the macroeconomic situation we're in. But I think probably what we're most pleased with is that we delivered Q2 and in line with our expectations.

我們所做的另一件關鍵事情是將我們的媒體支出真正轉移到了一些行動驅動的媒體上。我們對初步結果感到滿意，並將在今年下半年繼續下去。本季度伊始，我們繼續感覺良好。顯然，在我們所處的宏觀經濟形勢下，消費者仍然是我們關注的焦點。但我認為，我們最滿意的可能是我們第二季度的業績符合我們的預期。

And Randy, this is David. I'll just to touch on your ticket versus traffic. The positive news is all of our cohorts continue to comp positive. So that's another quarter where we feel good about that. It is a similar story that we've had in prior quarters where we're getting there more from ticket value more so than traffic volume. We've not done an across-the-board price increase. We are seeing some of our guests purchase the higher dollar value body services. And we've seen a handful of our franchisees take price that are operating in markets that had elevated minimum wage rates. So comp still positive between the ramping in the mature centers, still getting there more from ticket value than from traffic.

蘭迪，這是大衛。我只想談談你的票與交通。好消息是我們所有的員工都繼續保持積極的心態。這是我們對此感覺良好的另一個季度。這與我們在前幾個季度遇到的情況類似，我們從門票價值中獲得的收益比從交通量中獲得的收益更多。我們還沒有全面提價。我們看到一些客人購買了價值更高的身體服務。我們已經看到我們的一些特許經營商採取了在提高最低工資率的市場中經營的價格。因此，成熟中心的增長之間的競爭仍然是積極的，仍然更多地來自門票價值而不是來自交通。

The last thing I would add to that, Randy, is we also saw a slight increase in our services per ticket. So our wax specialists are doing an even better job of driving those sales and driving those guests for additional services. So that helps slightly as well.

蘭迪，我要補充的最後一件事是，我們還發現每張票的服務略有增加。因此，我們的蠟專家在推動銷售和吸引客人獲得額外服務方面做得更好。所以這也有一點幫助。

And David Willis, one other thing that really kind of caught my attention in your prepared remarks was you talked about the partnering with the franchisees talking through some additional build efficiencies, helping to focus on that breakeven pace. Maybe elaborate a little bit on that because I think that's super important where it kind of continues to kind of underpin the strength that you're seeing from franchisees to open. So maybe a little bit more elaboration on what you talked about earlier in the prepared remarks would be super helpful.

大衛·威利斯（David Willis），在您準備好的發言中真正引起我注意的另一件事是您談到了與特許經營商的合作，討論了一些額外的建設效率，有助於專注於盈虧平衡的步伐。也許詳細說明一下這一點，因為我認為這非常重要，它會繼續支撐您從特許經營商處看到的開業實力。因此，也許對您之前在準備好的發言中談到的內容進行更多詳細說明會非常有幫助。

You bet. So while we already view kind of our upfront capital investment as a relatively modest investment compared to do some other concepts, we do view it our responsibility to continue focus on value engineering cost out of the fixtures. We have great partners that work with our franchisees in that respect. And so that will be an ongoing initiative that we work with both our vendors and our franchisees.

你打賭。因此，雖然我們已經將我們的前期資本投資視為與其他一些概念相比相對溫和的投資，但我們確實認為我們有責任繼續關注固定裝置的價值工程成本。我們有很好的合作夥伴在這方面與我們的特許經營商合作。因此，這將是我們與供應商和特許經營商合作的一項持續舉措。

While we've got the spec book is established, we will continue to look at opportunities to value engineer costs out of the upfront capital investment we're asking our franchisees to make.

雖然我們已經制定了規格書，但我們將繼續尋找機會，從我們要求特許經營商進行的前期資本投資中評估工程師成本。

And our next question coming from Delano Dana Telsey with Telsey Advisory Group.

我們的下一個問題來自特爾西諮詢小組的德拉諾·達納·特爾西。

As you think about regional trends and what you're seeing in terms of availability of aesthetician, what did you see in California? Were there any regional trends to note and the cadence? And with the promotion, any different insights this year from the promotion than you've had in years past? And then I have a follow-up.

當您考慮區域趨勢以及您在美容師的可用性方面所看到的情況時，您在加利福尼亞州看到了什麼？有什麼區域趨勢和節奏需要注意嗎？通過此次促銷活動，您對今年的促銷活動有何與往年不同的見解？然後我有一個後續行動。

Dana, this is David. As you may recall, we really focused extensively in California as that state came back online, last day to come back online post-pandemic. And some of the best practices that we learned with the successes that we had in California, we've now applied those in other markets where we have a need to find aesthetician.

達納，這是大衛。您可能還記得，我們確實廣泛關注了加利福尼亞州，因為該州恢復了在線狀態，這是大流行後恢復在線狀態的最後一天。我們從加州的成功中學到了一些最佳實踐，現在我們已經將這些實踐應用到了需要尋找美學家的其他市場。

I would say there is no specific region that we are doing better or worse. I think when I look at our targeted staffing levels across the country that we are in line with our targets across the country, we feel pretty good. Of course, there are always opportunities in certain markets where we need to focus our wax or pipeline initiative efforts in our outreach to beauty schools. But overall, I don't think that we're seeing a given state or a given region that's trending below where our targets are on overall.

我想說的是，我們沒有哪個特定地區做得更好或更差。我認為，當我看到我們在全國范圍內的目標人員配置水平與我們在全國范圍內的目標一致時，我們感覺非常好。當然，在某些市場中總會有機會，我們需要將蠟或管道計劃的努力集中在美容學校的推廣上。但總的來說，我認為我們沒有看到某個州或某個地區的趨勢低於我們的總體目標。

In terms of -- Dana, in terms of promotions, we are using targeted promotions through our CRM efforts to reach certain guest cohorts. So it's not so much that we are using a certain promotion in a given geographic reach and if I understood your question specifically.

就 Dana 而言，在促銷方面，我們正在通過 CRM 工作使用有針對性的促銷活動來吸引某些賓客群體。因此，如果我具體理解您的問題，那麼我們在給定的地理範圍內使用某種促銷活動並不重要。

And Dana, specifically on sort of, as you know, we run a Wax Pass promotion 2 times a year. We were very pleased with the lift that we saw in Wax Pass sales during our May, June promotion that we just came out of. And as I think everybody on the call understands that Wax Pass guest visits us more often, spend more money, stays with us longer and refers more guests. So it continues to be a key driver for our field team to have higher conversion rates on Wax Pass, particularly during the promotional periods where we outsized in terms of sale of our Wax Pass. And we were very pleased with how that came out in the quarter.

達納（Dana），特別是，正如你所知，我們每年舉辦兩次蠟通行證促銷活動。我們對剛剛結束的 5 月、6 月促銷活動中看到的 Wax Pass 銷售增長感到非常滿意。我認為參加電話會議的每個人都明白，Wax Pass 客人來訪我們的頻率更高，花費更多的錢，在我們這裡停留的時間更長，並且推薦了更多的客人。因此，它仍然是我們的現場團隊在 Wax Pass 上獲得更高轉化率的關鍵驅動力，特別是在我們大規模銷售 Wax Pass 的促銷期間。我們對本季度的結果感到非常滿意。

Got it. And then just on the laser test, is it -- did I hear that it's going in 5 stores? How you price -- how are you pricing it and frequency of laser versus frequency of waxing and how you're going to market it? And what measures -- what is a sign of success? How long do you expect to test it for before you move on?

知道了。然後就激光測試而言，是嗎——我聽說它會在 5 家商店上市嗎？您如何定價——您如何定價以及激光頻率與打蠟頻率的比較以及您將如何營銷它？採取什麼措施——什麼是成功的標誌？在繼續之前，您預計測試多長時間？

Dana, that was a 6-part follow-up question. Your combo question. DW, you want to...

達納，這是一個由 6 部分組成的後續問題。你的組合問題。 DW，你想...

Yes. Dana, as you probably heard us talk in prior quarters, so we're going to focus on those things that what does the brand give us permission to do and what does the guest give us permission to do. From survey work that we have conducted, we feel confident the guest would give us permission to remove hair through other modalities.

是的。達納，正如您可能在前幾個季度聽到我們談論的那樣，所以我們將重點關注品牌允許我們做什麼以及客人允許我們做什麼的事情。根據我們進行的調查工作，我們相信客人會允許我們通過其他方式脫毛。

I'll start with our core business performance is so solid. That's what's really giving us permission to launch this pilot later in the year. We're talking to you guys today because we will be in the market talking to guests here over the next few weeks and we didn't want to catch our analysts and our investors off-guard by discovering we're exploring pilot, we're exploring laser through website marketing.

我首先要說的是我們的核心業務業績非常穩健。這才是真正允許我們在今年晚些時候啟動該試點的原因。我們今天與你們交談是因為我們將在接下來的幾週內在市場上與客人交談，我們不想讓我們的分析師和投資者發現我們正在探索試點，從而讓我們措手不及。通過網站營銷正在探索激光。

So what we want to do, we think there's a couple of hypothesis here. One, we think we can attract more new guests to the brand that are lasering with somebody else. So that's one objective that we want to measure and evaluate. Two, we want to increase share of wallet. So we think there's an opportunity with our existing guests that are waxing certain body parts that may have a propensity to laser other body parts. And we really want to leverage our unique value proposition. If you think about that industry, we, as European Wax Center, can be agnostic as to the form of hair removal for those types of guests.

所以我們想做的是，我們認為這裡有幾個假設。第一，我們認為我們可以吸引更多與其他人一起激光的品牌新客人。這就是我們想要衡量和評估的目標之一。第二，我們要增加錢包份額。因此，我們認為我們現有的客人有機會對某些可能傾向於對其他身體部位進行激光處理的身體部位進行打蠟。我們真的想利用我們獨特的價值主張。如果您考慮一下這個行業，我們作為歐洲脫毛中心，對於此類客人的脫毛形式可能是不可知的。

And then finally, we want to make sure that we can operationally execute this and provide an amazing guest journey like we do with our core waxing guests. So it's months in the making. In terms of pricing, marketing, all of those logistics, those are -- we have ideas there. We have formulas, we have approaches and strategies, but we'll be in market later this year and happy to report how things are progressing once we get a few weeks, if not months.

最後，我們希望確保我們可以有效地執行此操作，並提供令人驚嘆的賓客旅程，就像我們為核心打蠟賓客所做的那樣。所以它的製作已經持續了幾個月。在定價、營銷、所有這些物流方面，我們都有想法。我們有公式、方法和策略，但我們將在今年晚些時候進入市場，並很樂意在幾週甚至幾個月的時間後報告事情的進展情況。

I would say this, Dana, final comment. We're going to be very deliberate in terms of measuring results. So in terms of whether this goes beyond 6 centers, that's likely going to -- that will be informed with data, performance and a decision that's likely going to be a 2024 decision.

我想說的是，達納，最後的評論。我們將非常謹慎地衡量結果。因此，就是否超出 6 個中心而言，這很可能會通過數據、性能和可能會在 2024 年做出的決定來告知。

And our next question coming from the line of Scot Ciccarelli with Truist Securities.

我們的下一個問題來自 Truist Securities 的 Scot Ciccarelli。

This is Josh Young on for Scot. So you mentioned last quarter that the aesthetician turnover rate in the first 90 days are starting to improve. So curious if that's continued and what your outlook is there? And then how do you feel about the pipeline for new wax specialists? What do you think about the hiring keeping pace with your new center targets?

這是斯科特的喬什·楊。所以您上個季度提到美容師前 90 天的流動率開始改善。很好奇這種情況是否會持續下去，您的前景如何？那麼您對新蠟專家的管道有何看法？您對招聘與新中心目標保持同步有何看法？

So in terms of turnover rate, no material trends, positive or negative. When I talked in our prepared remarks about our targeted level of wax specialist per center, we are in line with those targets throughout the country. So all in, we're feeling good. In terms of our confidence in the pipeline and our ability for our franchisees to recruit wax specialists, I think the best kind of bellwether is our franchisees continue to open centers and we continue to support them in staffing those centers.

因此，就換手率而言，沒有重大趨勢，無論是積極還是消極。當我在準備好的發言中談到我們每個中心蠟像專家的目標水平時，我們與全國各地的這些目標保持一致。總而言之，我們感覺很好。就我們對管道的信心以及我們特許經營商招募蠟專家的能力而言，我認為最好的領頭羊是我們的特許經營商繼續開設中心，並且我們繼續支持他們為這些中心配備人員。

So as of today, we feel great about the staffing levels to support our guests within our existing centers and we feel very confident that the wax or pipeline initiatives we have in place working in concert with our franchisees should enable them to continue to recruit and staff their centers, new centers that come online.

因此，截至今天，我們對現有中心內支持客人的人員配備水平感到滿意，並且我們非常有信心，我們與特許經營商合作實施的蠟或管道計劃將使他們能夠繼續招聘和員工他們的中心，上線的新中心。

Got it. And then one quick follow-up. It sounds like Wax Pass sales were strong during the quarter. So was that primarily just a function of the promotions you're running during the period? Or is there anything else you'd call out there that's helping to drive that strength?

知道了。然後是快速跟進。聽起來 Wax Pass 的銷售在本季度很強勁。那麼這主要是你們在此期間進行的促銷活動的結果嗎？或者還有其他什麼東西可以幫助增強這種力量嗎？

Sean, it's David. As we've talked about, May, June and November, December are 2 promotional periods on wax passes. We put a lot of focus on it. Our franchisees are phenomenal in terms of executing because they know the value that our Wax Pass holders bring to the brand and bring into the 4-wall contribution to their center. So it's just super-focused. And again, we're really pleased with the kind of the year-over-year lift that we saw during the May-June time frame.

肖恩，我是大衛。正如我們所說，5月、6月和11月、12月是蠟通票的2個促銷期。我們非常關注它。我們的加盟商在執行方面表現出色，因為他們知道我們的 Wax Pass 持有者為品牌帶來的價值，並為其中心的 4 牆貢獻。所以它只是超級專注。再說一遍，我們對 5 月至 6 月期間的同比增長感到非常滿意。

And our next question coming from the line of Jonathan Komp with Baird.

我們的下一個問題來自喬納森·康普（Jonathan Komp）和貝爾德（Baird）的對話。

I want to ask about the same-store sales outlook. You maintained the full year outlook for mid-single digits. So would you expect both third and fourth quarter to be in that range? And could you maybe just highlight some of the key factors driving some acceleration from the Q2 trend?

我想問一下同店銷售前景。您維持全年展望為中個位數。那麼您預計第三季度和第四季度都會在這個範圍內嗎？您能否強調一下推動第二季度趨勢加速的一些關鍵因素？

And then Stacie, can I ask on the system sales? Would you expect roughly similar system sales Q3 and Q4? Or are there other factors to think about seasonality between the quarters?

然後 Stacie，我可以詢問一下系統銷售情況嗎？您預計第三季度和第四季度的系統銷售額大致相似嗎？或者還有其他因素需要考慮季度之間的季節性嗎？

Sure. So on the comp, so we didn't give any further guidance other than mid-single digits for the year. So you can take that to mean that we would expect similar comp Q3 and Q4. And what we see is driving that is just the continued strength of our Wax Pass sales as some of that kind of bleeds over into Q3 and then again the promotional period that we'll have once again in Q4. And then also just the strategy that we have been talking about, as it relates to our buy more, attract more, visit more and those marketing efforts as a result of Andrea coming on and looking at everything with a slightly different lens. And so the strength of those kind of will continue, which is what gives us confidence in that guidance.

當然。因此，在比較方面，除了今年的中個位數之外，我們沒有給出任何進一步的指導。因此，您可以認為這意味著我們預計第三季度和第四季度的業績會類似。我們看到的推動因素是我們的 Wax Pass 銷售的持續強勁，因為其中一些會滲透到第三季度，然後我們將在第四季度再次進入促銷期。然後還有我們一直在談論的策略，因為它涉及我們購買更多、吸引更多、訪問更多以及由於安德里亞（Andrea）出現並以略有不同的視角看待一切而做出的營銷努力。因此，這種力量將持續下去，這讓我們對這種指導充滿信心。

As it relates to the overall cadence of the quarter and reiterating our guidance for the full year, a couple of things I would note. So on a top line basis, if we think about system-wide sales, again, we'd expect those to be roughly even between those 2 quarters. There will be a little bit of shifting as it relates to EWC revenue because as you know, as the franchisor, some of that product revenue for us, it hits our P&L differently than it does the franchisees that we're doing the sell-in of that product.

由於它關係到本季度的整體節奏並重申我們對全年的指導，因此我要注意以下幾點。因此，在營收基礎上，如果我們再次考慮整個系統的銷售額，我們預計這兩個季度之間的銷售額將大致持平。與 EWC 收入相關的情況將會有一些變化，因為如您所知，作為特許人，我們的一些產品收入對我們的損益的影響與我們進行銷售的特許經營商的影響不同該產品的。

So a couple of things have happened. We had some products in [LTO] product that shifted to a couple of weeks early in Q2. And then there's also a couple of retail launches that the timing of that might shift into Q4. So just think about that as you're looking at your model specifically to our revenue line.

所以發生了一些事情。我們的 [LTO] 產品中的一些產品在第二季度提前了幾週。此外，還有一些零售產品的發佈時間可能會轉移到第四季度。因此，當您專門針對我們的收入線查看您的模型時，請考慮一下這一點。

As it relates to expenses, we talked about the shifting of some expenses this quarter. It was really just from timing from professional fees, some marketing shifting into Q3. We had also, if you recall on our Q1 call, had discussed there was about $1 million of expenses, those same categories and including payroll that we expected to shift into Q3. And then the last piece that we called out this quarter was the investment in laser in that pilot of $10 million, which is a number of things or foundational investment that we're making, consultant, surveys, those sorts of things as well as marketing around the pilot.

由於與費用相關，我們討論了本季度一些費用的轉移。這實際上只是因為專業費用的時間安排，一些營銷轉移到了第三季度。如果你還記得在我們第一季度的電話會議上，我們還討論了大約 100 萬美元的費用，這些相同的類別，包括我們預計轉移到第三季度的工資單。然後，我們本季度提到的最後一項是該試點項目中對激光的投資為 1000 萬美元，這是我們正在進行的許多事情或基礎投資，顧問，調查，諸如此類的事情以及營銷飛行員周圍。

And so as you think about that piece, it's going to be a little heavier in Q4. So all in all, we also gave the guidance for the year that we still expect to hit the mid-30%s on our EBITDA, adjusted EBITDA margin, with some additional guidance for Q3 being in the lower 30%s.

所以當你想到這件事時，第四季度它會變得更重一些。總而言之，我們還給出了今年的指導，我們仍預計 EBITDA、調整後 EBITDA 利潤率將達到 30% 左右，第三季度的一些額外指導則在 30% 以下。

Great. That's all very helpful detail. And then just one follow-up. Going back to the laser test -- not to ask too many questions about a small test, but I know that the discussion previously highlighted your view of some of the advantages from the consumer side of waxing versus laser. So I just wanted to get your current thoughts if the thinking on there has changed at all.

偉大的。這些都是非常有用的細節。然後只有一個後續行動。回到激光測試——不要對一個小測試提出太多問題，但我知道之前的討論強調了您對消費者方面打蠟相對於激光的一些優勢的看法。所以我只是想了解您目前的想法是否有任何改變。

And then you administering laser in a franchise model, could you just talk through some of the operational factors that you're considering to test out here?

然後，您在特許經營模式中管理激光，您能談談您正在考慮在這裡測試的一些運營因素嗎？

Yes, Jon. So I don't think our -- as we think about this pilot, we've monitored that form of hair removal modality. And as we step back and really looked at it, we said how can we maximize 4-wall profitability within our existing footprint? And would the guests give us permission to do this? Based on survey work, we think they might. So that was the catalyst was how do we optimize revenue and EBITDA beyond what we think are already pretty robust 4-wall economics, is this an opportunity to further enhance that?

是的，喬恩。所以我不認為我們——當我們考慮這個試點時，我們已經監控了這種形式的脫毛方式。當我們退後一步並真正審視它時，我們說我們如何才能在現有足跡內最大化 4 牆盈利能力？客人會允許我們這樣做嗎？根據調查工作，我們認為有可能。因此，催化劑是我們如何優化收入和 EBITDA，超越我們認為已經相當強勁的四牆經濟，這是進一步增強這一點的機會嗎？

In terms of how do we operationalize this across the franchise network, we're going to learn a lot in these 6 centers. And candidly, based on the homework we've done, the regulatory environment varies by state. So we're starting in a state where I think operational execution should be easier than in other states. That will inform our ability to go to other states and execute this where regulations are a bit more. And there are certain states that likely we will never go.

就我們如何在整個特許經營網絡中實施這一點而言，我們將在這 6 個中心學到很多東西。坦率地說，根據我們所做的功課，各州的監管環境各不相同。因此，我認為我們從一個州開始，運營執行應該比其他州更容易。這將告訴我們有能力前往其他州並在法規更嚴格的地方執行此操作。有些州我們可能永遠不會去。

So I don't want to -- I don't want to commit to you, we figured this out in terms of a full network rollout. This was intended to be a small isolated pilot that will inform kind of where we go next with the potential laser, but we're incredibly excited, at least about its potential.

所以我不想——我不想向你承諾，我們通過全面的網絡部署來解決這個問題。這本來是一個小型的孤立試點，它將告訴我們下一步使用潛在激光器的方向，但我們非常興奮，至少對它的潛力感到興奮。

And our next question coming from the line of John Heinbockel with Guggenheim.

我們的下一個問題來自約翰·海因博克爾和古根海姆的路線。

Congratulations to you guys. Let me -- I want to start with how would you characterize this Wax Pass sale compared to the last few, right, in terms of not just volume but sort of composition, right? Renewals versus new, right? And then I guess the other part of that, Wax Pass members, what percent of those are renewing the next time their package runs out and they're eligible to renew?

恭喜你們。讓我——我想首先談談與過去幾次相比，您如何評價這次蠟像通行證銷售，對吧，不僅是數量，而且是構成，對吧？續訂與新的，對嗎？然後我猜想另一部分，Wax Pass 會員，下次他們的套餐用完並且有資格續訂時，有多少百分比的人會續訂？

John, so I'll start with the last part of your question. We have not cited previously the specific percentage of renewals on Wax Pass. As we continue to evolve our data warehouse, we look forward to being able to share with you the specific percentage of renewals. In terms of overall performance, I would say, one, we're very pleased. As David said in his prepared remarks, I would say it operated on par with prior spring Wax Pass promos. When you look at the growth in the network, the 10% lift year-over-year, we feel good about that.

約翰，我將從你問題的最後一部分開始。我們之前沒有提到過 Wax Pass 續訂的具體百分比。隨著我們不斷發展我們的數據倉庫，我們期待能夠與您分享具體的續訂百分比。就整體表現而言，我想說，第一，我們非常滿意。正如大衛在他準備好的講話中所說，我想說它的運作與之前的春季蠟通行證促銷活動相同。當你看到網絡的增長（同比增長 10%）時，我們對此感覺很好。

As you know, John, the performance of Wax Pass promos are leading indicators of what we would expect to see future visits in the back half of the year and into 2024. So all in, I think we feel, especially against this macroeconomic environment, that it performed in line with expectations, performed consistently with where we've seen prior spring promos. And that is, in part, informing kind of our reaffirmation of outlook for fiscal 2023.

約翰，如您所知，Wax Pass 促銷活動的表現是我們預計下半年和 2024 年未來訪問情況的領先指標。因此，我認為我們認為，尤其是在當前的宏觀經濟環境下，它的表現符合預期，與我們之前看到的春季促銷活動一致。這在一定程度上表明我們重申了 2023 財年的前景。

Okay. Maybe a separate topic. I know you want to improve the 4-wall returns, right, for franchisees. Now changing the investment helps. But the bigger thing, right, is getting to $1 million of AUV faster. So maybe give us sort of an updated thought, right, because there was a model that you put out during the IPO, right? So maybe $500,000 year 1, right, getting up to $1 million over, I guess, 4 years. Are new cohorts exceeding that? And how quickly do you think you can get to that kind of terminal rate with a network effect and other initiatives?

好的。也許是一個單獨的主題。我知道您想提高加盟商的 4 牆回報，對吧。現在改變投資有幫助。但更重要的是，AUV 更快達到 100 萬美元。所以也許給我們一些更新的想法，對吧，因為你在 IPO 期間推出了一個模型，對嗎？所以第一年可能是 500,000 美元，對吧，我猜，四年後會達到 100 萬美元。新的群體是否超過了這個數字？您認為通過網絡效應和其他舉措可以多快達到這種終端速率？

Yes, John. So great question. There's a couple of things we're doing this year, specifically to focus on faster breakeven. Our operations team recently launched kind of a staffing playbook for NCOs that walks them through leveraging all of the wax or pipeline initiatives that we support our franchisees and packages those. So a new center kind of has a go-to playbook for what to do when in their pre-opening cycle from a staffing and recruiting standpoint.

是的，約翰。很好的問題。今年我們正在做幾件事，特別是為了更快地實現收支平衡。我們的運營團隊最近為 NCO 推出了一種人員配置手冊，引導他們利用我們支持特許經營商的所有蠟或管道計劃並將其打包。因此，從人員配置和招聘的角度來看，一個新的中心有一個在開業前週期應該做什麼的首選劇本。

Andreas' team recently launched a marketing playbook for NCOs that includes packaging of some initiatives that we have time to be quite successful plus some local initiatives that are new to the network. What we plan to do by the end of this year is have this pre- -- what we call -- [pre-MCO] opening playbook and discipline and rigor that says, here's the checklist you need to complete to qualify to open your center. And those -- all those activities will be informed with data that say, if you staff at this level, we know you can hit a certain level of revenue in month 1, month 3, month 6. If you build your guest file to this level prior to opening, we know with data that you can achieve revenues of X in month 1, Y in month 3, Z in month 6.

安德烈亞斯的團隊最近推出了一本針對 NCO 的營銷手冊，其中包括一些我們有時間取得相當成功的舉措以及一些對網絡來說是新的本地舉措。我們計劃在今年年底之前做的是，制定我們所說的[行動管制令前]開業行動手冊以及紀律和嚴格要求，這是您需要完成的清單，才有資格開設您的中心。所有這些活動都將通過數據通知，如果您的員工處於這個級別，我們知道您可以在第 1 個月、第 3 個月、第 6 個月達到一定的收入水平。如果您按照此建立訪客檔案在開業前的水平上，我們通過數據知道您可以在第1 個月實現X 收入，在第3 個月實現Y 收入，在第6 個月實現Z 收入。

So the 2 -- the staffing playbook and the marketing playbook have been released to the network. There's a few other steps that we continue to work on that we expect to wrap up by end of the year, but the goal of all of this to your point, John, is to get faster breakeven, maximize revenues in year 1. We have seen with data, when you open with momentum, our franchisees tend to maintain that momentum through their maturation curve.

因此，第二個——人員配置手冊和營銷手冊已發佈到網絡上。我們還將繼續開展其他一些步驟，預計將在今年年底前完成，但約翰，對於您的觀點而言，所有這一切的目標是更快地實現收支平衡，並在第一年實現收入最大化。我們有從數據來看，當你帶著動力開業時，我們的加盟商往往會在他們的成熟曲線中保持這種動力。

John, just to build on David's comment, it is an absolute key initiative cross-functionally for us here at EWC with the commercial office marketing team and the ops team. A key initiative is how do we get to breakeven faster, how do we ramp faster. So it's front and center in terms of our priorities out in the field.

John，以 David 的評論為基礎，對於我們 EWC 的商業辦公室營銷團隊和運營團隊來說，這絕對是一項跨職能的關鍵舉措。一個關鍵舉措是我們如何更快地實現收支平衡，如何更快地實現增長。因此，就我們在該領域的優先事項而言，它是最前沿和中心的。

I think kind of the proof in the pudding here is that we feel incredibly confident about our now close to plus 10% year-over-year growth in terms of units. We feel great about that. And it's our current franchisees that are continuing to reinvest in our brand, right? That's where our growth is coming from. And it's all because of that 60% cash-on-cash returns and we know that or we can move that from 4 years to 3 years, it's just going to accelerate that flywheel and help drive unit count. So you pick a good topic, one that's front and center for us and we know that can drive continued growth for us from a unit standpoint.

我認為這裡的布丁中的某種證據是，我們對我們現在接近 10% 的同比增長（以單位計算）感到非常有信心。我們對此感覺很好。我們現有的特許經營商正在繼續對我們的品牌進行再投資，對嗎？這就是我們的增長的來源。這一切都是因為 60% 的現金回報率，我們知道或者我們可以將其從 4 年延長到 3 年，這只會加速飛輪並有助於推動單位數量。因此，您選擇一個很好的主題，一個對我們來說至關重要的主題，我們知道從單位的角度來看，它可以推動我們的持續增長。

(Operator Instructions) And our next question coming from the line of Kelly Crago with Citi.

（操作員說明）我們的下一個問題來自花旗銀行的 Kelly Crago。

I just wanted to follow up on an earlier question. Do you continue to expect ticket to be the main driver of comp growth in the second half of the year? Or should we see more of a balance between traffic and ticket that's going to drive the acceleration in comp growth?

我只是想跟進之前的一個問題。您是否繼續預計門票將成為下半年業績增長的主要推動力？或者我們應該看到流量和門票之間更多的平衡，這將推動公司加速增長？

I think we'll start to see more of a balance as we look at the balance of the year, the remaining part of the year. The different initiatives that we've spoken about, right, to drive traffic to continue to reengage that episodic guests, all of those things will drive higher traffic. At least that is the intention of those initiatives. And so I think there will be more balance -- in this quarter, we still have a little bit of that tailwind of the pricing that we took last year.

我認為，當我們審視今年的剩餘時間和今年剩餘的時間時，我們將開始看到更多的平衡。我們已經談到了不同的舉措，對吧，為了推動流量繼續重新吸引那些不定期的客人，所有這些都將帶來更高的流量。至少這是這些舉措的目的。因此，我認為將會有更多的平衡——在本季度，我們仍然有一些去年定價的順風車。

We also know that some of our franchisees have taken price where they thought that it was appropriate. But going forward, we would expect it to be more balanced.

我們還知道，我們的一些特許經營商已經採取了他們認為合適的價格。但展望未來，我們預計它會更加平衡。

Got it. And then just wondering if you could elaborate on the bundling tests that you've been running. What does the bundles look like? And how has the customer responded? Are these initiatives that you would eventually deploy are part of your broader promotional strategy?

知道了。然後只是想知道您是否可以詳細說明您一直在運行的捆綁測試。捆綁包是什麼樣子的？客戶的反應如何？您最終部署的這些舉措是否是您更廣泛的促銷策略的一部分？

Kelly, we certainly hope so. When we talked last quarter, we had literally, I think, a few days before, had launched the bundles. There are 6 versions of the bundles. Most of these are service bundles and we offer one that is a Brazilian bikini and a product bundle. We used the first several weeks to just operationally pressure test our ability to execute these in center. We have since rolled those out more recently to 100 centers, all of these bundles.

凱利，我們當然希望如此。當我們上個季度交談時，我認為幾天前我們實際上已經推出了捆綁包。該捆綁包有 6 個版本。其中大部分是服務捆綁包，我們提供巴西比基尼和產品捆綁包。我們用前幾週的時間來測試我們在中心執行這些任務的能力。此後，我們最近將這些服務推廣到了 100 個中心，所有這些都是捆綁銷售。

So I think we don't probably have an update to say this is definitively going to go to the broader network. What I would say is the early (inaudible) we're quite pleased with it and most importantly, the wax specialists are pleased with it. They view that these are easy to execute. So we're not putting extra pressure on them to try to sell a second service or another product.

所以我認為我們可能沒有更新說這肯定會進入更廣泛的網絡。我想說的是，早期（聽不清）我們對此非常滿意，最重要的是，蠟專家對此感到滿意。他們認為這些很容易執行。因此，我們不會對他們施加額外的壓力來嘗試銷售第二種服務或另一種產品。

So right now we're in 100 centers. We'll continue to measure that. If those continue to perform well, then we would ultimately roll this out to the balance of the network based on results.

現在我們有 100 個中心。我們將繼續衡量這一點。如果這些繼續表現良好，那麼我們最終將根據結果將其推廣到網絡的平衡中。

And just last one for me. To follow up on the laser hair test, I was just curious, do you need to hire a certain specialist? Or can you kind of train your existing aestheticians in laser? Just curious how that works?

對我來說只是最後一件。為了跟進激光頭髮測試，我只是好奇，你需要聘請某個專家嗎？或者您可以對現有的美容師進行激光培訓嗎？只是好奇這是如何運作的？

So at least in the -- at least where we're starting in New York, we will hire some laser techs as are the franchise centers that are participating in this pilot and we expect to cross-train our wax specialist as well. There are other states where that may not be possible, but at least in New York where we're starting, the goal is to hire experts that are already familiar with this service, administered the service as well as cross-train our wax specialists.

因此，至少在紐約開始的地方，我們將僱用一些激光技術人員，參與該試點的特許經營中心也是如此，我們希望對我們的蠟專家進行交叉培訓。在其他州，這可能是不可能的，但至少在我們開始的紐約，目標是聘請已經熟悉這項服務的專家，管理這項服務並對我們的蠟專家進行交叉培訓。

And our next question coming from the line of Simeon Gutman with Morgan Stanley.

我們的下一個問題來自摩根士丹利的西蒙·古特曼。

Congratulations, Dave. On lasering -- first question -- I get the hypothesis on driving revenue, I think that's great and it's good for the franchisees, the question is, are you seeing the market move any more in that direction? Because when we spoke a couple of years ago, it was sort of off to the side and not something that we're really worried about. Curious how that's evolved.

恭喜，戴夫。關於激光——第一個問題——我得到了關於增加收入的假設，我認為這很好，對特許經營商也有好處，問題是，你是否看到市場繼續朝這個方向發展？因為當我們幾年前交談時，這有點偏向一邊，而不是我們真正擔心的事情。很好奇這是如何演變的。

Simeon, we still feel great about sort of the modality of waxing growing at 2.5x the rate of the other modalities. As David sort of commented in both prepared remarks and in the follow-up, we just -- this is a test, right? And we wouldn't be doing this if our core business was anything but as rock solid as it is. But we do think there's an opportunity, candidly, to get full service. We know that some guests that get laser service need to augment that with a different modality. As the experts in waxing, we're the experts in hair removal. And we just think this is a good opportunity for us to test and, to your point, to hopefully drive some additional revenue into our centers for our franchisees, reach a new customer group.

Simeon，我們仍然對打蠟方式感覺很棒，其生長速度是其他方式的 2.5 倍。正如大衛在準備好的發言和後續行動中評論的那樣，我們只是——這是一個測試，對吧？如果我們的核心業務不堅如磐石，我們就不會這樣做。但坦率地說，我們確實認為有機會獲得全面的服務。我們知道，一些接受激光服務的客人需要通過不同的方式來增強服務。作為打蠟專家，我們是脫毛專家。我們只是認為這對我們來說是一個很好的測試機會，並且就您的觀點而言，希望為我們的特許經營商帶來一些額外的收入，接觸新的客戶群。

So we continue to feel great about our addressable market probably continues to be significantly higher than that of the laser category. And that's why, again, I don't want this to be too much of the shiny disk, that's why we're going to be very prudent in our test in the New York area, learn and figure out if this makes sense for our guests and helping drive additional revenue for our franchisees.

因此，我們仍然對我們的潛在市場感到滿意，因為我們的潛在市場可能繼續顯著高於激光類別。這就是為什麼，再次，我不希望這成為太多閃亮的磁盤，這就是為什麼我們在紐約地區的測試中要非常謹慎，學習並弄清楚這對我們來說是否有意義客人並幫助我們的特許經營商增加額外收入。

Fair enough. And then a follow-up. When we do some fieldwork and speak to customers, they talk about the reason why they continue is they get comfortable with a particular aesthetician. So I think you mentioned staffing levels are high. Maybe can you talk about within that, the turnover of the most seasoned folks, how those metrics look? And is there any change, good or bad, on those metrics?

很公平。然後是後續行動。當我們進行一些實地調查並與客戶交談時，他們會說他們繼續這樣做的原因是他們對特定的美學家感到滿意。所以我認為你提到人員配備水平很高。也許您可以談談最有經驗的人員的流動率，這些指標看起來如何？這些指標是否有任何變化，無論好壞？

I mean, Simeon, I think certainly from the outset of the brand, right, consistency, training, ensuring a great guest experience has been an absolute foundational piece of who we are and that continues today. We do more training candidly than a lot of aestheticians get in beauty school. So if you come in, you have your favorite aesthetician, but she's not available and you can go to somebody else, you better get the same exact experience in that center or even if you're across the country in another center. So we're very diligent to make sure that there's consistency of service levels across regardless of what center you go into.

我的意思是，西蒙，我認為從品牌一開始，一致性、培訓、確保良好的賓客體驗一直是我們的絕對基礎，並且一直延續到今天。我們坦誠地接受的培訓比許多美容師在美容學校接受的培訓還要多。因此，如果您進來，您有您最喜歡的美學家，但她不在，您可以去找其他人，您最好在該中心獲得相同的體驗，即使您在全國各地的另一個中心。因此，我們非常努力地確保無論您進入哪個中心，服務水平都是一致的。

We continue to feel great about sort of the improvements we've made in staffing. As we've talked about before, we've got very tenured wax specialists that can make $70,000, $80,000, $90,000 that have been with us for 10 years and that continues. It's a place where they can build a book of business. Kind of all the back of the house stuff has taken care of for them. So we continue to feel great about our staffing levels.

我們仍然對我們在人員配備方面所做的改進感到滿意。正如我們之前談到的，我們有非常資深的蠟制專家，他們可以賺取 70,000 美元、80,000 美元、90,000 美元，他們已經在我們身邊工作了 10 年，而且這種情況還在繼續。這是他們可以撰寫商業書籍的地方。所有後勤工作都已經為他們處理好了。因此，我們仍然對我們的人員配置水平感到滿意。

And again, I keep going back to our franchisees open new centers with gusto and continue to reinvest in our brand and also feel great about the ability to continue to deliver that amazing experience to our guests.

再次，我不斷地回到我們的特許經營商興致勃勃地開設新中心，並繼續對我們的品牌進行再投資，並且對能夠繼續為我們的客人提供令人驚嘆的體驗感到非常高興。

I'm not showing any further questions in the queue at this time. I would now like to turn the call back over to Mr. David Berg for any closing remarks.

目前我不會在隊列中顯示任何其他問題。現在我想將電話轉回給大衛·伯格先生，請他發表結束語。

Thank you very much. Thanks, everybody, for getting on the call this morning. Again, very pleased that we delivered our Q2 in line with our expectations and we look forward to speaking with you in the coming days and reporting on Q3 later this year. Have a great rest of the day. Thank you all.

非常感謝。謝謝大家今天早上撥通電話。再次，我們非常高興我們的第二季度交付符合我們的預期，我們期待在未來幾天與您交談並在今年晚些時候報告第三季度。祝你這一天好好休息。謝謝你們。

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

女士們、先生們，今天的會議到此結束。感謝您的參與。您現在可以斷開連接。