European Wax Center Inc (EWCZ) 2024 Q2 法說會逐字稿

Good morning, ladies and gentlemen.

早安，女士們先生們。

Thank you for standing by.

謝謝你的支持。

Welcome to European Wax Center second quarter fiscal 2024 earnings call.

歡迎參加歐洲蠟中心 2024 財政年度第二季財報電話會議。

(Operator Instructions) On the call today are David Berg, Chief Executive Officer; and Stacie Shirley, Chief Financial Officer.

（操作員指示）今天接聽電話的是執行長 David Berg；和財務長 Stacie Shirley。

I would now like to turn the conference over to Bethany Johns, Director of Investor Relation.

我現在想將會議交給投資者關係總監貝瑟尼·約翰斯 (Bethany Johns)。

Ma'am, you may begin.

女士，您可以開始了。

Thank you, and welcome to European Wax Center's second quarter fiscal 2024 earnings call.

謝謝，歡迎參加歐洲蠟中心 2024 財年第二季財報電話會議。

On today's call, David Berg will begin with a brief review of our second quarter performance and discuss our priorities for the balance of 2024.

在今天的電話會議上，David Berg 將首先簡要回顧我們第二季度的業績，並討論我們 2024 年剩餘時間的優先事項。

Then Stacy will provide additional details regarding our financial performance and updates to our fiscal 2024 outlook.

然後，Stacy 將提供有關我們財務業績的更多詳細資訊以及 2024 財年展望的更新。

Following the prepared remarks, the team will be available to take questions.

在準備好發言後，團隊將可以回答問題。

Before we start, I would like to remind you of our legal disclaimer.

在我們開始之前，我想提醒您我們的法律免責聲明。

We'll 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.

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引用的其他事項。

These forward-looking statements involve a number of risks and uncertainties that could cause actual results to differ materially.

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。

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.

請參閱我們向 SEC 提交的文件以及今天發布的收益報告，以了解可能影響我們業績的風險因素的更詳細描述。

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 the results of any revision to our forward-looking statements in light of new information or future events.

另請注意，這些前瞻性陳述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資訊或未來事件修改或公開發布對我們的前瞻性陳述的任何修改結果。

Also, during the call, we will discuss non-GAAP financial measures, which adjust our GAAP results to eliminate the impact of certain items.

此外，在電話會議期間，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。

You'll find additional information regarding these non-GAAP financial measures and a reconciliation of these non-GAAP to GAAP measures in our earnings release.

您將在我們的收益報告中找到有關這些非 GAAP 財務指標的更多資訊以及這些非 GAAP 與 GAAP 指標的調整表。

A live broadcast of this call is also available on the Investor Relations section of our website at investors.waxcenter.com.

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.

謝謝貝瑟尼，大家早安。

Thank you for joining us today.

感謝您今天加入我們。

Let me start by saying how excited I am to be back at European Wax Center.

首先我要說的是，我很高興回到歐洲蠟像中心。

Speaking with you all today as CEO, once again.

今天再次以執行長的身份與大家交談。

I first joined EWC six years ago and was energized by the opportunity to build and expand an iconic one-of-a-kind brand.

六年前，我第一次加入 EWC，有機會建立和擴展一個標誌性的獨特的品牌，這讓我充滿活力。

I was most excited about the company's undisputed leadership position, significant white space, passionate associates, and consistent recurring revenue model that allowed our franchise partners to generate strong financial returns and reinvest in the brand.

最令我興奮的是該公司無可爭議的領導地位、重要的空白空間、充滿熱情的員工以及持續的經常性收入模式，這些模式使我們的特許經營合作夥伴能夠產生強勁的財務回報並對品牌進行再投資。

What I learned over the course of the past six years is there is a deep love for this brand from our guests, from our franchisees, and also from our associates who are guided by our core values while feeling empowered to be their authentic selves, all of which make European Wax Center a great place to work.

在過去的六年裡，我學到的是，我們的客人、我們的特許經營商以及我們的員工都對這個品牌深表熱愛，他們在我們的核心價值的指導下，同時感到自己有能力做真實的自己，所有這些這使得歐洲蠟像中心成為一個理想的工作場所。

These unique attributes still exist at EWC today, and I remain excited and optimistic about the potential that lies ahead for our company.

這些獨特的屬性如今在 EWC 仍然存在，我對我們公司未來的潛力仍然感到興奮和樂觀。

At the same time, I know there is much work to be done to realize our potential and reposition EWC for sustainable long-term growth.

同時，我知道要發揮我們的潛力並重新定位 EWC 以實現可持續的長期成長，還有很多工作要做。

We're navigating an ongoing difficult macroeconomic environment that is affecting consumer spending across many categories and income levels.

我們正在應對持續困難的宏觀經濟環境，該環境正在影響許多類別和收入水平的消費者支出。

Yet, it is our job to do everything we can do to drive growth despite the external challenges we are facing.

然而，儘管我們面臨外部挑戰，但我們的工作仍是盡一切努力推動成長。

There is strong alignment between the board and the executive team on what needs to be done to deliver long-term value to our guests, franchisees, associates, and shareholders.

董事會和執行團隊在為我們的客人、特許經營商、員工和股東提供長期價值所需採取的措施方面有著緊密的一致。

I believe that we have built a solid foundation from which to address those challenges, but it is important to refocus on the strategies that will move the needle and ultimately drive results.

我相信，我們已經為應對這些挑戰奠定了堅實的基礎，但重要的是要重新專注於能夠推動並最終取得成果的策略。

Before I jump into the details of the quarter and our outlook, I would also like to extend a thank you to David Willis for all he's done for EWC in his eight-year tenure and for being an invaluable partner to me over the past six years.

在詳細介紹本季和我們的前景之前，我還要感謝 David Willis 在其八年任期內為 EWC 所做的一切，以及在過去六年中成為我的寶貴合作夥伴。

He played an integral part of our unit growth and development story, and I truly wish him all the best in his future endeavors.

他在我們單位的成長和發展故事中發揮了不可或缺的作用，我衷心祝福他在未來的努力中一切順利。

Now, let me turn to a brief recap of our second quarter performance.

現在，讓我簡要回顧一下我們第二季的業績。

Our outlook and my key priorities as I stepped back into the CEO role.

當我重新擔任執行長時，我們的展望和我的主要優先事項。

During the second quarter, our top line was modestly below our expectations.

第二季度，我們的營收略低於我們的預期。

System-wide sales grew 2.3% to $260 million.

全系統銷售額成長 2.3%，達到 2.6 億美元。

Total revenue was just under $60 million and same-store sales increased 1.6%.

總營收略低於 6,000 萬美元，同店銷售額成長 1.6%。

We also opened at eight net new centers in the quarter.

本季我們也淨開設了八個新中心。

I will go into more detail on our unit growth strategy in a few moments.

稍後我將更詳細地介紹我們的單位成長策略。

We manage bottom-line performance well with adjusted EBITDA coming in at $20.6 million and adjusted EBITDA margin of 34.5%.

我們很好地管理了利潤，調整後的 EBITDA 為 2,060 萬美元，調整後的 EBITDA 利潤率為 34.5%。

During the second quarter, we continued to see a challenging macro environment with consumers being more selective with their spend.

在第二季度，我們繼續看到充滿挑戰的宏觀環境，消費者在支出上更加挑剔。

Last quarter, we highlighted a few key initiatives designed to drive transaction volume in our centers, which we expected to ramp up substantially in the back half of this year.

上季度，我們強調了一些旨在推動中心交易量的關鍵舉措，我們預計交易量將在今年下半年大幅增加。

While delivering some improvement, the impact from these initiatives has not been large enough to offset softer transaction and new guest growth in this environment.

雖然帶來了一些改進，但這些措施的影響不足以抵消這種環境下的交易疲軟和新客人的成長。

As a result, we are reducing our outlook for the back half of 2024.

因此，我們下調了 2024 年下半年的展望。

Stacie will cover our updated guidance in a few minutes.

Stacie 將在幾分鐘內介紹我們更新的指南。

We recognize we need to improve the effectiveness of our efforts to better position our franchise partners for long-term success.

我們認識到，我們需要提高我們努力的有效性，以便更好地定位我們的特許經營合作夥伴以獲得長期成功。

Driving transaction growth in ramping and mature centers is a top priority for both our franchisees and management, and we are actively collaborating with the network to refine our plans and achieve this objective.

推動成熟中心的交易成長是我們的加盟商和管理層的首要任務，我們正在積極與網路合作，完善我們的計劃並實現這一目標。

In pursuit of our shared goals and in light of the current operating environment, we have been working with our franchise partners over the past several weeks to reevaluate near-term development plans and extend the timeline of new center openings.

為了實現我們的共同目標，並根據當前的營運環境，過去幾週我們一直與特許經營合作夥伴合作，重新評估近期發展計劃並延長新中心開業的時間表。

As a result, we are lowering our unit growth outlook for 2024.

因此，我們下調了 2024 年的單位成長預期。

While we don't take this action lightly, it is the right thing to do as we believe it will provide us and our franchise partners with more capacity and resources to address near-term macro-related challenges.

雖然我們不會輕易採取這項行動，但這是正確的做法，因為我們相信這將為我們和我們的特許經營合作夥伴提供更多的能力和資源來應對近期宏觀相關的挑戰。

Additionally, we are actively working with franchisees in certain geographies who are facing increased rent and labor costs to mitigate potential closures, including facilitating transfers to stronger operators.

此外，我們正在積極與某些地區面臨租金和勞動力成本增加的特許經營商合作，以減輕潛在的關閉風險，包括促進向更強大的營運商轉移。

We continue to be pleased with the desire of our franchisee group to expand with the brand and support the network through these efforts.

我們仍然對我們的特許經營商集團透過這些努力擴大品牌並支持網路的願望感到滿意。

Importantly, existing franchisees remain committed to their long-term development plans.

重要的是，現有的特許經營商仍然致力於其長期發展計劃。

The health of our franchisees remain strong, as does our robust pipeline of over 370 locations.

我們的特許經營商的健康狀況依然強勁，我們擁有 370 多個門市的強大管道也是如此。

We are focused on the long-term success of the network.

我們專注於網路的長期成功。

Our franchisees have helped make us the undisputed leader in out-of-home waxing.

我們的加盟商幫助我們成為戶外打蠟領域無可爭議的領導者。

They are the ones who serve our guests day in and day out, and our job is to ensure they can do that to the best of their ability.

他們日復一日地為我們的客人提供服務，我們的工作就是確保他們能夠盡最大努力做到這一點。

Therefore, we have and will continue to explore ways to support them as we navigate this important time together.

因此，在我們共同度過這一重要時刻時，我們已經並將繼續探索支持他們的方法。

So, what are we doing?

那麼，我們在做什麼？

What are our focus areas?

我們的重點領域是什麼？

Our financial performance and our new center productivity are inextricably linked and the underlying drivers for the accelerating both to a level that meet our expectations are the same.

我們的財務表現和新中心的生產力密不可分，並且加速兩者達到滿足我們期望的水平的根本驅動因素是相同的。

Namely, one, driving new guests to the brand; two reactivating lapsed guests; three, fostering an amazing guest experience; and four, prudently investing in capabilities that will enhance financial performance; and above all, maintaining a close connection with our franchisees to confirm we are hearing our guests as we work together to grow four-wall profitability.

即，一是吸引新客人到該品牌；兩位重新啟動失效的客人；三、營造令人驚嘆的賓客體驗；第四，審慎地投資於能提升財務績效的能力；最重要的是，與我們的特許經營商保持密切聯繫，以確認我們在共同努力提高四牆盈利能力時能夠聽到客人的聲音。

Let me double click on each of these in detail where our opportunities lie.

讓我雙擊其中的每一個，詳細了解我們的機會所在。

We must first and foremost, stay focused.

我們首先必須保持專注。

The business model remains sound, our franchisees are engaged, our guests love the brand, and the services they receive.

商業模式仍然健全，我們的特許經營者積極參與，我們的客人喜歡這個品牌以及他們收到的服務。

Thus, our focused efforts will be.

因此，我們的重點工作將是。

First, inviting new guests to the brand.

首先，邀請新客人加入品牌。

Our enhanced data analytics capabilities allow us to verify that we capture a high ROI on our marketing spend, using the right channels and the right creative.

我們增強的數據分析能力使我們能夠驗證我們是否使用正確的管道和正確的創意在行銷支出上獲得了高投資回報率。

We are pleased with the progress we are making and media efforts are driving incremental reservations.

我們對所取得的進展感到高興，媒體的努力正在推動預訂量的增加。

But we must build on this.

但我們必須以此為基礎。

We know as the category leader in what is still a vastly fragmented market, that we have significantly more advertising dollars than the competition to deploy towards attracting new guests.

我們知道，作為這個仍然高度分散的市場中的類別領導者，我們擁有比競爭對手更多的廣告資金來吸引新客人。

Specifically, we are targeting both current waxers and those new to waxing.

具體來說，我們的目標既包括現有的打蠟者，也包括剛接觸打蠟的人。

We must continue to optimize our use of franchisees marketing funds to be as efficient as possible in supporting our network so we can put more dollars towards actively recruiting new guests to the brand.

我們必須繼續優化加盟商行銷資金的使用，盡可能有效地支持我們的網絡，這樣我們就可以投入更多的資金來積極招募新客人加入該品牌。

Second, we must do better at reactivating lapsed guests.

其次，我們必須更好地重新啟動流失的客人。

This is our bring-them-back strategy.

這是我們將他們帶回來的策略。

We know the ongoing challenging macroeconomic situation has impacted consumers behavior across many categories, including ours.

我們知道，持續充滿挑戰的宏觀經濟情勢影響了許多類別的消費者行為，包括我們的消費者行為。

We are fortunate that our core Wax Pass and routine guests who comprise of approximately 75% of our sales consider out-of-home waxing with EWC to be non-discretionary.

我們很幸運，我們的核心打蠟通行證和占我們銷售額約 75% 的常客認為使用 EWC 進行戶外打蠟是非自願的。

And their spend and visit frequency has remained stable, providing predictable and recurring revenue for us and our franchisees.

他們的支出和訪問頻率保持穩定，為我們和我們的特許經營商提供可預測的經常性收入。

However, we need to be better at re-engaging guests already in our system.

然而，我們需要更好地重新吸引已經進入我們系統的客人。

We have an opportunity to be more aggressive in our efforts to get lapsed guests back.

我們有機會更積極地努力讓流失的客人回來。

We believe we have untapped potential in delivering great service to these guests and converting them into core guests over time, thereby increasing their loyalty to both their waxing routine and our brand.

我們相信，我們有尚未開發的潛力，可以為這些客人提供優質服務，並隨著時間的推移將他們轉變為核心客人，從而提高他們對打蠟程序和我們品牌的忠誠度。

Our leadership position provides us with this unique capability.

我們的領導地位為我們提供了這種獨特的能力。

Our third focused effort, we must foster an amazing experience at center level.

我們的第三個重點工作是，我們必須在中心層面創造令人驚嘆的體驗。

We are relentlessly focused on partnering with our franchisees and deepening our relationship with our franchise advisory council, so they have the support they need and deserve from us.

我們堅持不懈地致力於與我們的特許經營商合作，並加深我們與特許經營諮詢委員會的關係，以便他們從我們那裡得到他們需要和應得的支持。

To start, as you may know, we launched a program referred to as Operation Elevate, the goal of which is to elevate four-wall performance and select markets through training, coaching, and ongoing development by our field trainers.

首先，如您所知，我們啟動了一項名為「提升行動」的計劃，其目標是透過我們的現場培訓師的培訓、輔導和持續發展來提升四牆績效並選擇市場。

We are encouraged by the early results here.

我們對這裡的早期結果感到鼓舞。

On a per center basis, participants are demonstrating sustainable improvement in dollars per ticket, Wax Pass sales, product purchases, and other key KPIs.

在每個中心的基礎上，參與者展示了每張門票的美元、Wax Pass 銷售、產品購買和其他關鍵 KPI 的可持續改進。

However, we have an opportunity to accelerate adoption.

然而，我們有機會加速採用。

As we continue to scale the program, we're making informed adjustments to enhance its impact.

隨著我們繼續擴大該計劃的規模，我們正在做出明智的調整以增強其影響力。

We've also seen promising results from our new center pre-opening playbook.

我們也從新的中心開幕前策略中看到了可喜的結果。

New centers opened in Q2, using the playbook are outperforming the 2022 and 2023 cohorts with notably higher sales and transactions in their first three months.

使用該策略在第二季度開業的新中心的表現優於 2022 年和 2023 年的同類中心，前三個月的銷售額和交易量顯著增加。

We will take those applicable learnings and operationalize them in mature centers as well.

我們將吸取這些適用的經驗教訓，並在成熟的中心實施它們。

Next, we will continue to focus on staffing levels.

接下來，我們將繼續關注人員配置水準。

We know that properly staff centers produce better results, so we will do a thorough review and ensure franchisees feel properly supported in this area.

我們知道，適當的員工中心會產生更好的結果，因此我們將進行徹底的審查，並確保加盟商在這方面感受到適當的支持。

Finally, European Wax Center has always been known for cleanliness, hygiene, efficiency, and expertise.

最後，歐洲蠟像中心一直以清潔、衛生、高效和專業而聞名。

This is demonstrated by our net promoter scores, which continue to be best in class.

我們的淨推薦值分數證明了這一點，該分數仍然是同類中最好的。

We must maintain this competitive advantage across all centers and continue to delight our guests with every service, so they can walk in and strut out.

我們必須在所有中心保持這種競爭優勢，並繼續透過每項服務讓我們的客人滿意，這樣他們就可以走進來並昂首闊步地走出去。

And finally, our fourth and final focus effort, we will make thoughtful investments to support our goals of driving new guests and elevating the guest experience.

最後，我們的第四個也是最後一個重點工作是，我們將進行深思熟慮的投資，以支持我們吸引新客人和提升客人體驗的目標。

In the past, I've led successful gain share structured agreements.

過去，我曾成功領導過收益分享結構性協議。

We plan to evaluate partnerships with experts in marketing and technology, including AI to help drive transactions and incentivize those partners based upon delivering improved performance.

我們計劃評估與行銷和技術專家（包括人工智慧）的合作夥伴關係，以幫助推動交易並透過提高績效來激勵這些合作夥伴。

We also have the opportunity to leverage our significant customer base and seek brand partnerships that can cast a wider net and introduce EWC to new guests.

我們還有機會利用我們重要的客戶群並尋求品牌合作夥伴關係，從而擴大人脈並向新客人介紹 EWC。

Even as the leader in this highly fragmented category, we have less than 15% market share.

即使作為這個高度分散的類別的領導者，我們的市場份額還不到 15%。

Gaining market share remains a large opportunity and we are pleased to have already driven a 22% increase in brand awareness year over year.

獲得市場份額仍然是一個巨大的機會，我們很高興品牌知名度同比增長了 22%。

We need to make deliberate investments in our app and website to make it easy for a guest to book an appointment, at the center of their choice, for the time they want, and the service they desire.

我們需要對我們的應用程式和網站進行深思熟慮的投資，以便客人可以輕鬆地在他們選擇的中心預約他們想要的時間和他們想要的服務。

Finally, we continue to advance our laser hair removal pilot, which has proven to be a valuable opportunity to add new guests to the brand and increase share of wallet from existing customers.

最後，我們繼續推進雷射除毛試點，事實證明，這是一個寶貴的機會，可以為品牌增加新客人並增加現有客戶的錢包份額。

We have made specific investments in laser expertise and marketing talent dedicated to this initiative.

我們在專門致力於這項計劃的雷射專業知識和行銷人才方面進行了具體投資。

We plan to further expand the test to Florida, Pennsylvania, and Ohio, bringing us to approximately 30 pilot centers in four states by the end of Q3.

我們計劃將測試進一步擴大到佛羅裡達州、賓夕法尼亞州和俄亥俄州，到第三季末，我們將在四個州建立約 30 個試點中心。

As I mentioned, our financial performance and our new center productivity are inextricably linked, driving and retaining new guests and improving transaction counts, feed the flywheel for center development and expansion.

正如我所提到的，我們的財務表現和新中心的生產力密不可分，推動和留住新客人並提高交易數量，為中心的發展和擴張提供動力。

When new centers ramp faster, our franchisees can generate higher four-wall EBITDA and in turn continue to reinvest in the brand.

當新中心加速擴張時，我們的特許經營商可以產生更高的四面牆 EBITDA，進而繼續對品牌進行再投資。

In closing, my commitment to our associates, guests, franchise partners, and shareholders is that we will continue to be guided by our values and relentlessly focused on driving new guests, retaining existing guests, and making them loyalists to the brand, while improving our financial performance and expanding our leadership position.

最後，我對我們的員工、賓客、特許經營合作夥伴和股東的承諾是，我們將繼續以我們的價值觀為指導，堅持不懈地致力於吸引新客人、留住現有客人並讓他們成為品牌的忠實擁護者，同時提高我們的品牌忠誠度。

While it will take some time for us to get back to our full potential, we can assure you we are incredibly action-oriented at EWC with a can-do attitude.

雖然我們需要一些時間才能充分發揮潛力，但我們可以向您保證，我們在 EWC 中非常注重行動，並抱持積極進取的態度。

I know I can count on our amazing associates and franchisees to keep accelerating EWC forward.

我知道我可以依靠我們優秀的員工和特許經營者來不斷加速 EWC 的發展。

I'm encouraged by our franchisees long-term commitments to drive continued predictable unit growth as reflected in our robust pipeline.

我對我們的特許經營商長期承諾推動持續可預測的單位成長感到鼓舞，這反映在我們強大的管道中。

By narrowing our focus on the key priorities, I highlighted earlier.

我之前強調過，透過縮小對關鍵優先事項的關注範圍。

I am confident that our says and do will match as we move forward and earn back your trust.

我相信，隨著我們不斷前進，我們的言行將會一致，並贏得您的信任。

I was excited about this brand's prospects when I joined a CEO in 2018.

當我在 2018 年擔任執行長時，我對這個品牌的前景感到興奮。

And as I rejoined a CEO in 2024, I have even more conviction that our best days are ahead of us.

當我在 2024 年重新擔任執行長時，我更加堅信我們最好的日子就在前方。

We will update you as we progress in our journey.

隨著我們旅程的進展，我們將向您通報最新情況。

And with that, I'd like to hand the call over to Stacie Shirley to discuss our Q2 financial performance and guidance for the balance of the year.

在此，我想將電話轉交給 Stacie Shirley，討論我們第二季的財務表現和今年剩餘時間的指導。

Stacie?

史黛西？

Thanks David, and welcome back.

謝謝大衛，歡迎回來。

Before I begin my remarks, I'd like to remind everyone that in some instances I will speak to adjusted metrics on this call.

在開始演講之前，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。

You can find reconciliation tables to the most comparable GAAP figures in our press release and 10-Q filed with the SEC today.

您可以在我們今天向 SEC 提交的新聞稿和 10-Q 中找到最具可比性的 GAAP 數據的調節表。

As a reminder, both fiscal years 2022 and 2023 included a 53rd week.

提醒一下，2022 財年和 2023 財年都包含第 53 週。

The fiscal 2024 returns to a 52-week year.

2024 財政年度又恢復為 52 週。

Now let's begin with our second quarter financial results.

現在讓我們從第二季的財務表現開始。

We added eight net new centers during the quarter and system-wide sales increased 2.3% to $260.2 million.

本季我們淨新增 8 個中心，全系統銷售額成長 2.3%，達到 2.602 億美元。

During our semi-annual Wax Pass promotional period, Wax Pass conversion grew solidly year-over-year and demonstrated both the value of our Wax Pass as well as the continued stability of our Wax Pass guest.

在我們半年度的 Wax Pass 促銷期間，Wax Pass 轉換率逐年穩定成長，證明了我們的 Wax Pass 的價值以及我們的 Wax Pass 客人的持續穩定性。

Same-store sales increased 1.6% and total revenue, which includes wax and retail products we sell to the network increased 1.3% to $59.9 million.

同店銷售額成長 1.6%，總收入（包括我們向網路銷售的蠟和零售產品）成長 1.3%，達到 5,990 萬美元。

As expected, gross margin improved 180 basis points to 73.2%, primarily due to product cost savings versus the prior year.

如預期，毛利率提高了 180 個基點，達到 73.2%，這主要是由於產品成本較前一年節省。

Q2 SG&A decreased 8.7% to $12.9 million and improved 230 basis points to 21.6% of revenue.

第二季 SG&A 下降 8.7% 至 1,290 萬美元，佔營收的比例提高 230 個基點至 21.6%。

SG&A this year benefited from lower incentive compensation expense and the receipt of legal judgment proceeds, partially offset by an increase in technology expense.

今年的銷售、管理及行政費用受益於較低的激勵補償費用和收到的法律判決收益，但部分被技術費用的增加所抵銷。

The improvements in gross margin in SG&A I just described were more than offset by a $2.9 million or 460 basis point increase in Q2 advertising spend year-over-year, which was in line with the expectations we communicated last quarter.

我剛剛描述的 SG&A 毛利率的改善被第二季度廣告支出同比增加 290 萬美元或 460 個基點所抵消，這與我們上季度傳達的預期一致。

This planned investment largely contributed to the second quarter adjusted EBITDA decrease of 2.6% to $20.6 million and adjusted EBITDA margin decrease of 140 basis points to 34.5%.

這項計畫投資在很大程度上導致第二季調整後 EBITDA 下降 2.6%，至 2,060 萬美元，調整後 EBITDA 利潤率下降 140 個基點，至 34.5%。

With higher interest income in 2024, net interest expense decreased to $6.4 million from $6.8 million in the same period last year.

隨著 2024 年利息收入的增加，淨利息支出從去年同期的 680 萬美元減少至 640 萬美元。

Income tax expense decreased to $1.7 million from $2.8 million last year as our effective tax rate improved to 22.5% from 33.1%.

由於我們的有效稅率從 33.1% 提高到 22.5%，所得稅費用從去年的 280 萬美元減少到 170 萬美元。

GAAP net income increased 7.3% to $6 million and adjusted net income grew 4% to $7.3 million.

GAAP 淨利成長 7.3%，達到 600 萬美元，調整後淨利成長 4%，達到 730 萬美元。

Turning to the balance sheet.

轉向資產負債表。

We ended Q2 with $55.7 million in cash and net cash provided by operating activities was $14.4 million compared to less than $200,000 in investing outflows.

第二季結束時，我們的現金為 5,570 萬美元，經營活動提供的淨現金為 1,440 萬美元，而投資流出不到 20 萬美元。

One of the most attractive characteristics of European Wax Center is our ability to generate strong free cash flow.

歐洲蠟中心最吸引人的特點之一是我們能夠產生強勁的自由現金流。

Even in a constrained macro environment, our asset light capital light model generates excess liquidity.

即使在宏觀環境受限的情況下，我們的輕資產輕資本模式也會產生過剩的流動性。

During the quarter, we deployed $10 million of that cash flow to repurchase Class A shares demonstrating our conviction in the underlying value of our business model and its long-term financial potential.

本季度，我們部署了 1000 萬美元現金流來回購 A 類股票，這表明我們對業務模式的潛在價值及其長期財務潛力充滿信心。

We have $40 million remaining under our current share repurchase authorization, and our $40 million revolver remains fully undrawn.

目前的股票回購授權還剩 4,000 萬美元，而我們的 4,000 萬美元循環資金仍未完全提取。

At quarter end, we had $392 million outstanding under our senior secured notes and net leverage was 4.3 times adjusted EBITDA.

截至季末，我們的優先擔保票據項下的未償餘額為 3.92 億美元，淨槓桿比率為調整後 EBITDA 的 4.3 倍。

Turning now to our revised outlook for the balance of 2024.

現在轉向我們對 2024 年剩餘時間的修訂展望。

As we shared last quarter, our initial 2024 guidance was predicated on both a stable macro environment and the ramping impact of our key early-stage initiatives that would primarily benefit the second half of the year.

正如我們上季度分享的那樣，我們最初的 2024 年指引是基於穩定的宏觀環境以及主要有利於下半年的關鍵早期舉措的不斷影響。

Our national media, local marketing, and operational initiatives are each driving improvement in their respective areas.

我們的國家媒體、本地行銷和營運措施都在推動各自領域的進步。

However, as David noted, that improvement has not been sufficient to overcome the softer macro environment and its impact on new guests and transaction growth.

然而，正如大衛指出的那樣，這種改善不足以克服宏觀環境疲軟及其對新客人和交易成長的影響。

As a result, we are revising our financial guidance to reflect current trends through the back half of 2024.

因此，我們正在修訂財務指引，以反映 2024 年下半年的當前趨勢。

As we learn more about what is resonating with guests in this environment, we will make adjustments to our current initiatives to increase their effectiveness, while also exploring new opportunities to drive guest acquisition and transactions.

隨著我們更多地了解在這種環境下什麼能引起客人的共鳴，我們將對當前的舉措進行調整，以提高其有效性，同時探索新的機會來推動客人獲取和交易。

As David mentioned, given lower-than-expected transaction volumes, we have partnered with franchisees to reevaluate near-term development plans, translating to a revised 2024 outlook of 27 to 32 net new center openings.

正如 David 所提到的，鑑於交易量低於預期，我們已與特許經營商合作，重新評估近期發展計劃，將 2024 年的展望調整為 27 至 32 個淨新中心開業。

We believe this reset will allow us and the network to devote resources to driving more new guests and increasing transactions, which we expect will support higher average unit volumes.

我們相信，這次重置將使我們和網路能夠投入資源來吸引更多新客人並增加交易量，我們預計這將支援更高的平均單位量。

We believe that the re-acceleration of center openings will be closely tied to the rebound and transaction growth at existing centers.

我們認為，中心開幕的重新加速將與現有中心的反彈和交易成長密切相關。

I do want to reiterate David's comments that we remain competent in the strength of our 370-unit pipeline, as well as our long-term market opportunity.

我確實想重申 David 的評論，即我們的 370 台產品線的實力以及我們的長期市場機會仍然具有競爭力。

Returning to our 2024 financial guidance, our system-wide sales outlook for the year now moves to a range of $930 million to $950 million.

回到我們的 2024 年財務指引，我們今年全系統的銷售前景目前調整至 9.3 億美元至 9.5 億美元的範圍。

Adjusting for the 53rd week of fiscal 2023, our revised guidance translates to approximately flat growth at the midpoint.

在 2023 財年的第 53 週進行調整後，我們修訂後的指引意味著中點成長大致持平。

We expect same-store sales to be in the range of down 1.5% to up 0.5% with total revenue of $216 million to $221 million.

我們預計同店銷售額將下降 1.5% 至成長 0.5%，總營收為 2.16 億美元至 2.21 億美元。

Our current trends are tracking in line with these ranges.

我們目前的趨勢與這些範圍一致。

In terms of profitability, we continue to expect that cost savings will drive gross margin improvement to approximately 73% for the year.

在獲利能力方面，我們繼續預期成本節約將推動今年毛利率提高至約73%。

We now expect adjusted EBITDA between $70 million and $74 million, which continues to include an incremental investment of up to $4 million of operating expenses to support the expansion of our laser hair-removal pilot, the majority of which will be spent in the coming quarters.

我們現在預計調整後的EBITDA 在7,000 萬美元至7,400 萬美元之間，其中繼續包括高達400 萬美元的營運費用增量投資，以支持我們雷射除毛試點的擴展，其中大部分將在未來幾個季度支出。

Higher interest income is benefiting net interest expense, and as a result, our full-year interest expense outlook is now $26.5 million.

更高的利息收入有利於淨利息支出，因此，我們的全年利息支出前景目前為 2,650 萬美元。

We are currently projecting our 2024 effective tax rate will be approximately 25% before discreet items.

我們目前預計 2024 年不計謹慎項目的有效稅率約為 25%。

Given our capital structure, we expect our blended statutory tax rate will be approximately 20% and expect it to increase over time as pre-IPO shareholders exchange their Class B shares for class A shares.

考慮到我們的資本結構，我們預計混合法定稅率約為 20%，並預計隨著 IPO 前股東將 B 類股換成 A 類股，該稅率會隨著時間的推移而增加。

As a result, we expect adjusted net income between $19 million and $22 million.

因此，我們預計調整後淨利潤將在 1,900 萬美元至 2,200 萬美元之間。

And finally, for modeling purposes, we currently expect that fourth quarter top line and bottom-line dollars will look fairly similar to the first quarter this year.

最後，出於建模目的，我們目前預計第四季的營收和利潤將與今年第一季非常相似。

While the majority of our remarks today have been on near-term dynamics, I'd like to take a moment to focus on the long-term opportunity that remains core to the European Wax Center story.

雖然我們今天的大部分演講都是關於近期動態，但我想花點時間關注仍然是歐洲蠟像中心故事核心的長期機會。

We have a highly cash-generative and asset-light model that gives us the ability to invest in our business and drive shareholder value.

我們擁有高度現金產生和輕資產的模式，使我們能夠投資於我們的業務並提高股東價值。

Even in a challenging operating environment, we believe EWC's cash-on-cash returns remain compelling on both an absolute and relative basis.

即使在充滿挑戰的經營環境中，我們相信 EWC 的現金回報率在絕對和相對基礎上仍然具有吸引力。

And our franchise partners remain committed to developing their portfolios over time.

我們的特許經營合作夥伴仍然致力於隨著時間的推移開發他們的產品組合。

In turn, we remain committed to driving new guests to the brand, supporting our franchise partners, and generating long-term shareholder returns.

反過來，我們仍然致力於為該品牌吸引新客人，支持我們的特許經營合作夥伴，並為股東創造長期回報。

With approximately 1,060 centers today and a long growth runway ahead of us, we remain confident in our unmatched leadership position in the highly fragmented out-of-home hair-removal industry.

目前我們擁有約 1,060 個中心，前面還有很長的成長跑道，我們對自己在高度分散的戶外除毛產業中無與倫比的領導地位充滿信心。

We'd now like to turn over the call for questions.

我們現在想轉交提問。

Operator?

操作員？

(Operator Instructions)

（操作員說明）

Randy Konik, Jefferies.

蘭迪·科尼克，傑弗里斯。

Good morning, everybody.

大家早安。

I guess Stacie, as a point of clarification, when I'm looking at the revised guidance.

我想，當我查看修訂後的指南時，史黛西需要澄清一下。

The EBITDA-dollar guide is not all that -- it's not down significantly.

EBITDA 美元指南並非如此——它並沒有大幅下降。

I think you spoke about some cost saves.

我想你談到了一些成本節省。

As we think about beyond this year and into the coming years, are those cost saves kind of temporary?

當我們思考今年之後和未來幾年時，這些成本節省是否是暫時的？

Are they permanent?

它們是永久性的嗎？

I'm just trying to get a sense of you have a very high margin structure, that seems sticky, I want to just kind of get some perspective on is it in fact going remain sticky in the out years going forward?

我只是想了解你們擁有非常高的利潤結構，這似乎很粘，我想了解一下它實際上在未來幾年內是否會保持粘性？

Thanks.

謝謝。

Good morning.

早安.

Thanks, Randy for the question.

謝謝蘭迪提出問題。

Yeah, so a couple of things.

是的，有幾件事。

One, as you -- as we've talked about and seen the past couple of quarters, our gross margin, we've seen an improvement there year-over-year.

第一，正如我們在過去幾個季度所討論和看到的那樣，我們的毛利率比去年同期有所改善。

And we've talked about that from a cost savings perspective, and we would expect that that would continue.

我們已經從節省成本的角度討論了這一點，我們預計這種情況將繼續下去。

We are expecting to be around that 73% for the full year.

我們預計全年的成長率約為 73%。

And there's no reason for us to anticipate that would go down in future years.

我們沒有理由預計未來幾年這數字會下降。

And then from an expense perspective, we would expect to leverage that top line.

然後從費用的角度來看，我們希望利用這筆收入。

We did have some favorability in the quarter, some of which was timing, and some of it is just trying to be obviously as conscious as we can from an expense standpoint in this very difficult environment.

我們在本季確實有一些優勢，其中一些是時機，還有一些只是試圖在這個非常困難的環境中盡可能地從費用的角度保持清醒。

Yeah, Randy, I think, listen, we've been consistent in this story that as we grow top line, we've got the opportunity to expand EBITDA margin.

是的，蘭迪，我想，聽著，我們在這個故事中一直一致認為，隨著我們收入的成長，我們有機會擴大 EBITDA 利潤率。

Our cost structure here at H2 does not require a continued adding of heads and expense.

我們在下半年的成本結構不需要繼續增加人頭和費用。

So as Stacie said, as we grow top line, we would continue to believe that that EBITDA margins will expand.

正如 Stacie 所說，隨著我們收入的成長，我們將繼續相信 EBITDA 利潤率將會擴大。

Got it.

知道了。

I guess, David, just lastly for you.

我想，大衛，最後是為了你。

You gave us a couple a number of points that you're focused on.

您向我們提出了您關注的一些要點。

Maybe give us some perspective on top one or two things you're kind of really focused on day to day prior -- I just want to like the -- how you're prioritizing all the different points to kind of set forth on the call this morning?

也許可以給我們一些關於您之前每天真正關注的一兩件事的看法——我只是想喜歡——您如何優先考慮在電話會議中提出的所有不同要點今晨？

What's most important to you and to the army of the employee base, what are you most kind of getting -- what are the top one or two messages you want to get across to them over the coming six months and year?

對您和廣大員工來說，什麼是最重要的？

Yeah, Randy, thanks for the question.

是的，蘭迪，謝謝你的提問。

Listen, I think, you know me and one of my key tenets in our leadership responsibility is to be crystal clear about what we're focused on and what our priorities are.

聽著，我想，你了解我，我在領導責任中的關鍵原則之一就是要清楚地了解我們的重點是什麼以及我們的優先事項是什麼。

If I sort of canvas what I've heard from franchisees and what we think is the most important thing in this business, it's two things.

如果我整理一下我從特許經營商那裡聽到的情況以及我們認為這個行業最重要的事情，那就是兩件事。

And they're really kind of the top two priorities that I spoke to.

它們確實是我交談過的兩個最重要的優先事項。

One is how do we drive more new guests into this brand?

一是我們如何吸引更多新客人進入這個品牌？

How do we attract more?

我們如何吸引更多人？

And then second, how do we drive transactions?

其次，我們如何推動交易？

If we -- this flywheel that where we can get centers that have faster ramping, better four-wall EBITDA.

如果我們——這個飛輪，我們可以得到具有更快的爬坡速度、更好的四面牆 EBITDA 的中心。

That just is an opportunity for our franchisees to reinvest in this amazing brand.

這對我們的特許經營商來說是一個對這個令人驚嘆的品牌進行再投資的機會。

And that flywheel just keeps moving.

那個飛輪一直在轉動。

We've got to do a better job at number one, driving new guests into the brand, retaining them, and increasing transactions.

我們必須在第一方面做得更好，吸引新客人進入品牌，留住他們，並增加交易。

Those are the top two key priorities for the organization.

這是組織的兩個最重要的優先事項。

Super helpful.

超有幫助。

Thanks, guys.

謝謝，夥計們。

Thanks, Randy.

謝謝，蘭迪。

Scott Ciccarelli, Truist.

斯科特·西卡雷利，真理論者。

Good morning.

早安.

This is Josh on for Scott.

這是喬許替補斯科特。

So obviously, the new center openings are down significantly for '24, but can you just give us any idea when you think you might be able to get back to a more normal pace here?

很明顯，24 年新中心的空缺數量大幅減少，但是當您認為您可能能夠在這裡恢復到更正常的節奏時，您能給我們任何想法嗎？

Or is it something that happened in '25 or you think that's further out.

或者是 25 年發生的事情，或者你認為那是更遠的事情。

Hey, Josh, thanks.

嘿，喬什，謝謝。

Thanks for the question.

謝謝你的提問。

Listen, I think, it's a great question because we really view the action that we took and as we said, not a decision that we took lightly.

聽著，我認為這是一個很好的問題，因為我們真正看待我們所採取的行動，正如我們所說，而不是我們輕易做出的決定。

This is a temporary reset.

這是臨時重置。

We think it's really important in concert with our franchisees to really focus on driving those top two initiatives that we spoke to.

我們認為，與我們的特許經營商合作，真正專注於推動我們談到的這兩項舉措非常重要。

Our view is, we get tickets back on track, we get new guest counts moving in the direction that we want, and we will go back to the kind of growth that we're accustomed to in terms of new center openings.

我們的觀點是，我們的門票回到正軌，我們的新客人數量朝著我們想要的方向發展，我們將回到我們在新中心開業方面所習慣的增長方式。

We feel incredibly confident as we look long term given our pipeline and given our franchisees real desire to continue to invest in this brand.

考慮到我們的管道以及我們的特許經營商繼續投資該品牌的真正願望，我們感到非常有信心，因為我們著眼於長遠。

So, this is a temporary reset, a temporary hold and we expect to get back on track to our normal growth rates and NCOs as soon as possible.

因此，這是暫時的重置、暫時的擱置，我們希望盡快回到正常的成長率和 NCO 軌道。

Yeah.

是的。

That's helpful.

這很有幫助。

Thank you.

謝謝。

And then just one other one.

然後只是另一張。

So, it sounds like the four-wall productivity has come down quite a bit for some centers here.

所以，聽起來這裡的一些中心的四牆生產力已經下降了很多。

Can you just help quantify that decline for us?

您能幫我們量化一下這種下降嗎？

And then is that widespread across the base or are there more there were specific regions or pockets where you're seeing that more pronounced?

那麼，這種情況是否在整個基地普遍存在，或者是否有更多的特定區域或地區，您認為這種情況更為明顯？

So, I'll start this and David, you can add any color.

那麼，我將開始這個，大衛，你可以添加任何顏色。

But yes, certainly the four-wall profitability has been pressured as we've been very challenged from the standpoint of the new guests and the transactions.

但是，是的，四面牆盈利能力肯定受到了壓力，因為從新客人和交易的角度來看，我們面臨著很大的挑戰。

As it relates to geography, there are certain geographies that are more impacted.

由於它與地理位置有關，因此某些地理位置受到的影響更大。

We've talked before about the west coast as it relates to higher rents and higher labor costs, and that certainly has put more pressure from a cashflow perspective on some of those particular franchisee's centers.

我們之前討論過西海岸，因為它涉及更高的租金和更高的勞動力成本，從現金流的角度來看，這無疑給一些特定的特許經營中心帶來了更大的壓力。

Okay, that's helpful.

好的，這很有幫助。

Thank you.

謝謝。

Thanks, Josh.

謝謝，喬許。

Dana Telsey, Telsey Advisory Group.

達納‧特爾西，特爾西諮詢小組。

Hi, good morning, everyone.

嗨，大家早安。

Nice to hear from you again, David.

很高興再次收到你的來信，大衛。

David, if you think about your two initiatives of driving new guests to the brand and reactivating lapse guests.

大衛，如果您考慮吸引新客人到該品牌和重新激活流失客人的兩項舉措。

At this time, is one weaker than the other?

這時候，是不是一個比一個弱？

Is the cadence of what you expected from new guests weaker than what you're seeing and reactivating lapse guests?

您對新客人的期望是否比您所看到的和重新激活流失客人的節奏要弱？

Second, you had a new national media agency you hired, you were testing some local media agencies.

其次，您僱用了一家新的國家媒體機構，您正在測試一些當地媒體機構。

Is that initiative still in place?

該倡議仍然有效嗎？

And what are you learning?

你在學什麼？

And lastly, you mentioned higher rents and potential center closings.

最後，您提到了更高的租金和潛在的中心關閉。

Had you seen that at all?

你見過嗎？

And is there any adjustments that you need to make to the franchise model in terms of fees that the franchisees are asking for?

就加盟商要求的費用而言，您的特許經營模式是否需要做出任何調整？

Thank you.

謝謝。

Yes, thanks, Dana.

是的，謝謝，達納。

Listen, if you look at those top two priorities, probably the driving of new guests outweighs the retention.

聽著，如果你看看這兩個最重要的優先事項，可能會發現吸引新客人比保留客人更重要。

I think, the opportunity for us with lapse guests, given our enhanced capabilities and data analytics, we can really identify those guests that have and haven't been visited us in six months.

我認為，鑑於我們增強的能力和數據分析能力，我們有機會處理流失的客人，我們可以真正識別出那些在六個月內曾經來過和沒有來過我們的客人。

That's what we define as a lapse guest.

這就是我們對失效賓客的定義。

So, we can go back and target that guest very specifically.

因此，我們可以回去非常具體地針對該客人。

As I mentioned in my opening remarks, how do we get a bit more aggressive in terms of getting that guest back, so that we can wow her with an amazing experience when she comes into the center.

正如我在開場白中提到的，我們如何能更積極地讓這位客人回來，這樣當她進入中心時我們就能給她帶來令人驚嘆的體驗。

But if I had to handicap both of those, or prioritize both of those, really drive new guests, continue to drive new guests into the brand, is the top priority.

但如果我必須限制這兩者，或優先考慮這兩者，真正吸引新客人，繼續吸引新客人進入品牌，才是首要任務。

We talked about those initiatives that you called out, that help drive new guests, the national media change, as well as an increase focus on local marketing.

我們討論了您提出的那些有助於吸引新客人、國家媒體變革以及更加註重本地行銷的舉措。

We have been very pleased with the results that we've seen there in terms of driving reservations.

我們對在駕車預訂方面看到的結果感到非常滿意。

But remember that those marketing efforts are just one piece of, or one leg of the, maybe a four or five-legged stool in terms of driving new guests in.

但請記住，就吸引新客人而言，這些行銷努力只是四條或五條腿凳子的一小部分或其中一條腿。

And we'll continue to invest those dollars that have the highest ROI from a marketing standpoint to drive new guests.

我們將繼續投資那些從行銷角度來看具有最高投資報酬率的資金來吸引新客人。

So, we're pleased with those, Dana.

所以，我們對這些感到滿意，達納。

We'll continue those.

我們將繼續這些。

And it's our job to think of some other opportunities where we can attract new guests into the brand.

我們的工作就是尋找其他機會來吸引新客人加入品牌。

I think the higher rents and the closures, we wanted to be open with that and transparent about particularly in California where rent rates have gone up, certainly labor costs.

我認為租金上漲和關閉，我們希望對此保持開放和透明，特別是在租金上漲的加州，當然還有勞動力成本。

We're all aware of what's going on, even at entry-level positions that is impacting particularly our California centers.

我們都知道正在發生的事情，即使是初級職位，這對我們的加州中心影響尤其大。

The team has done an amazing job where we might have a center or a group of centers that just say, it's got into a little bit too tough that we brought in stronger operators to take over some of those locations that's happened in California.

團隊做得非常出色，我們可能有一個中心或一組中心，只是說，我們引進更強大的操作員來接管加州發生的一些地點有點太困難了。

So that gives us great encouragement that we've got franchisees in this brand that love this brand and are absolutely willing to step in and help.

因此，這給了我們很大的鼓勵，因為我們擁有這個品牌的特許經營商，他們熱愛這個品牌，並且絕對願意介入並提供幫助。

So, we continue to mitigate that.

因此，我們繼續減輕這種情況。

Joel Larkin and his team are working constantly with our franchisees on.

喬爾·拉金 (Joel Larkin) 和他的團隊一直在與我們的特許經營商合作。

If they've got a rent renegotiation, how we manage those labor costs.

如果他們重新談判租金，我們如何管理這些勞動成本。

I alluded to the notion of labor staffing is really critically important for all of our centers.

我提到勞動力配置的概念對於我們所有的中心來說確實至關重要。

So those are things that we just continue to work with our franchisees on every day.

因此，這些都是我們每天繼續與特許經營商合作的事情。

If I got -- if I am not sure, Dana, I understood that the fees comment, but at this point, we don't see any change to our structure in our franchise or marketing fees at this time.

如果我得到 - 如果我不確定，達納，我理解費用評論，但在這一點上，我們目前沒有看到我們的特許經營或營銷費用的結構有任何變化。

One thing I would just I would add to that as it relates to the centers, let's not forget that from a cash-on-cash perspective, they are still very, very strong, plus 50%.

我想補充一點，因為它與中心有關，我們不要忘記，從現金對現金的角度來看，它們仍然非常非常強大，再加上 50%。

And so although there has been some pressure with the tickets and transactions overall, they're still overall a really incredible four-wall profitability model.

因此，儘管門票和交易總體上存在一些壓力，但總體而言，它們仍然是一個非常令人難以置信的四牆盈利模式。

Yes, Stacie, it's a great point.

是的，史泰西，這是一個很好的觀點。

And Dana, I mean, one of the things we really haven't done in a conservative effort, because we've got such great -- a group of franchisees that reinvest in this brand.

達納，我的意思是，這是我們在保守的努力中確實沒有做過的事情之一，因為我們有如此偉大的——一群對這個品牌進行再投資的特許經營商。

We know that even at 20% four-wall EBITDA margins, this is a very attractive model for a franchisee.

我們知道，即使四面牆 EBITDA 利潤率為 20%，這對特許經營商來說也是一個非常有吸引力的模式。

And as Stacie said, 50%-plus cash on cash returns, we've got folks that are continually looking to come into the brand, and we will ramp up our efforts to bring more folks into this franchise network because the business model is so strong.

正如 Stacie 所說，現金回報率超過 50%，我們有不斷尋求加入品牌的人，我們將加大努力，讓更多人加入這個特許經營網絡，因為商業模式是如此強的。

We've got a real high demand, there are folks that want to come in.

我們的需求確實很高，有人想進來。

So that's again, I think a real, real positive for the brand.

所以我認為這對這個品牌來說是真正的、真正的正面因素。

Thank you.

謝謝。

Thank you.

謝謝。

Lorraine Hutchinson, Bank of America.

洛琳‧哈欽森，美國銀行。

Good morning, David.

早安，大衛。

I just wanted to follow up on the decision to delay some of the new center openings.

我只是想跟進推遲一些新中心開業的決定。

Was that something that was driven by franchisees or purely an EWC decision?

這是由加盟商推動的還是純粹是 EWC 的決定？

And also, are you hearing any pullback or concern in the long-term pipeline of franchisee interest?

另外，您是否聽到特許經營商興趣的長期管道有任何回落或擔憂？

Yeah, Lorraine.

是的，洛林。

Thank for the question.

謝謝你的提問。

As you know, we try very hard to make sure that we've got a great relationship with all of our franchisees and particularly our franchise advisory council.

如您所知，我們非常努力確保我們與所有特許經營商，特別是我們的特許經營諮詢委員會建立良好的關係。

So, we're in conversations with them at all times.

所以，我們一直在與他們對話。

We thought the initiatives that we launched in Q1, we're going to have a faster impact.

我們認為我們在第一季推出的舉措將產生更快的影響。

When those things did not quite develop as fast as we thought, given the macroeconomic situation, we started having conversations with our franchisees.

鑑於宏觀經濟形勢，當這些事情發展得沒有我們想像的那麼快時，我們開始與我們的特許經營商進行對話。

And as Q2 results kind of unfolded went back to our franchisees, talked with them and just said, hey, what makes the best sense?

隨著第二季業績的公佈，我們回到了我們的特許經營商那裡，與他們交談，然後說，嘿，什麼是最有意義的？

And we agreed in concert with them that the right thing to do is to focus on the key initiatives that we have to drive our business.

我們與他們一致認為，正確的做法是專注於推動業務發展的關鍵舉措。

I want to reassure you and all the folks on the call that the long-term development goals are the same for us.

我想向您和所有參加電話會議的人員保證，我們的長期發展目標是相同的。

So, this is just moving things out a bit so that we can focus on this near-term opportunity we've got with the current situation.

所以，這只是把事情稍微推遲一下，以便我們可以專注於當前情況下的近期機會。

But we feel incredibly confident of our growth rate, of our franchisees commitment to continue to develop.

但我們對我們的成長率以及我們的加盟商繼續發展的承諾充滿信心。

And as I said in my opening comments, this is really just a short term pause to get us back on track and get the business righted on at sort from a core level.

正如我在開場白中所說，這實際上只是一個短期的暫停，目的是讓我們重回正軌，並從核心層面上調整業務。

Thank you.

謝謝。

Thanks, Lorraine.

謝謝，洛林。

Korinne Wolfmeyer, Piper Sandler.

科琳·沃爾夫邁耶，派珀·桑德勒。

Good morning, team.

早上好，團隊。

Thanks taking the question.

謝謝提出問題。

You had commented that the economics for the franchisees are actually still pretty good and the cash generation is still pretty good.

您曾評論說，特許經營商的經濟效益實際上仍然相當不錯，現金產生能力仍然相當不錯。

What are you hearing from them around their motivation to continue growing even further and generate even stronger returns, especially the ones that are just sitting kind of comfortably with where they're currently at?

您從他們那裡聽到了他們繼續進一步成長並產生更強勁回報的動機，尤其是那些安於現狀的人？

Thanks.

謝謝。

Yeah, I think there's probably two things I would comment on.

是的，我想我可能要評論兩件事。

Number one is that we've got an incredibly robust pipeline of 370-plus locations.

第一是我們擁有由 370 多個地點組成的極其強大的管道。

We have not had anybody kind of back off those development obligations, Korinne, in the out years.

Korinne，在過去的幾年裡，我們沒有任何人放棄這些發展義務。

And then second, as I alluded to in my comments, that we have stronger operators that have stepped up and say, hey, where somebody wants to exit the system or isn't it performing to the degree that they think they can operate a store, we absolutely have them coming in and taking over.

其次，正如我在評論中提到的，我們有更強大的運營商，他們站出來說，嘿，如果有人想退出系統，或者係統的性能沒有達到他們認為可以經營商店的程度，我們絕對讓他們進來並接管。

So, we believe that our franchisee base and obviously in close concert with our franchise advisory council, hearing what their concerns are, but we're not hearing a concern about, boy, we don't want to continue to grow with this brand.

因此，我們相信我們的特許經營商基礎，顯然與我們的特許經營諮詢委員會密切配合，聽取他們的擔憂，但我們沒有聽到關於我們不想繼續與這個品牌一起成長的擔憂。

We've said it before, we have franchisees that have multiple concepts and we've seen them exit other concepts and double down their investment in EWC.

我們之前說過，我們有擁有多種概念的特許經營商，我們看到他們退出了其他概念，並加倍了對 EWC 的投資。

And we continue to feel very strong about our long-term growth opportunities in terms of unit growth.

我們仍然對單位成長的長期成長機會感到非常強烈。

Great.

偉大的。

Thank you.

謝謝。

And then if you could just provide a little bit of clarity on around the back half phasing with Q3 and Q4?

然後，您是否可以就 Q3 和 Q4 的後半階段進行一些澄清？

I think you provided a little bit of color with Q4, looking similarly to Q1.

我認為你為 Q4 提供了一點顏色，看起來與 Q1 類似。

Was that on a dollar basis?

是用美元計算的嗎？

And then, how should we think about the new unit growth in Q3 versus Q4?

那麼，我們該如何看待第三季與第四季的新單位成長？

Thank you.

謝謝。

Sure.

當然。

Thanks for the question.

謝謝你的提問。

So, as it look -- as you think about Q3, Q4, yes, we made the comment about Q4 being similar in dollars to Q1.

所以，當你想到第三季、第四季時，是的，我們評論說第四季的美元金額與第一季相似。

Obviously, that's going to depend on where you're going to fall out in the overall range, but that is what we intended on that.

顯然，這將取決於您在整體範圍內的位置，但這正是我們的目的。

The only other thing I would say, as you think about the cadence of the quarters Q3 will have a little bit heavier expense-base based on a higher investment in advertising.

我要說的唯一一件事是，當你考慮到第三季的節奏時，由於廣告投資較高，第三季的費用基礎將會增加。

As we think about, the quarters we want to spend more sooner to drive transactions and try to get those new guests in into the center.

正如我們所考慮的，我們希望盡快花更多錢來推動交易，並嘗試讓這些新客人進入中心。

And then professional fees will be a little bit higher in Q3 as well.

第三季的專業費用也會更高一些。

And that's really just a function of timing.

這實際上只是時間的函數。

Great.

偉大的。

Thank you.

謝謝。

Simeon Gutman, Morgan Stanley.

西蒙古特曼，摩根士丹利。

Hi, good morning, everyone.

嗨，大家早安。

Hi, David.

嗨，大衛。

I wanted to ask lapsed guest.

我想問一下已故的客人。

Can you talk about if there is a number one reason or if there's multiple reasons why the guest lapses?

您能否談談是否有一個首要原因或是否有多個原因導致客人失敗？

And I want to also talk about Waxer turnover, it seems like that could be at the crux of it and thinking about the labor model, the pay model, is there anything special in all the years of looking at this business that can be done to ensure that the continuity of the person doing the waxing is still there?

我還想談談 Waxer 的營業額，這似乎是問題的癥結所在，思考一下勞動力模式、薪酬模式，多年來研究這個業務有什麼特別之處可以做嗎？ ？

Yes, Simeon, thanks for the question.

是的，西蒙，謝謝你的提問。

On lapse guest as I mentioned sort of our really the enhanced capability, we've got around data analytics and CRM to really get at that lapse guest and find out why she hasn't visited us in six months is much more robust than it has been.

對於流失的客人，正如我所提到的，我們確實增強了能力，我們利用數據分析和CRM 來真正了解流失的客人，並找出她在六個月內沒有來訪的原因，這比實際情況要強大得多到過。

So that allows Andrea and her team to really give a tailored message out to those guests.

因此，安德里亞和她的團隊能夠真正向這些客人傳達量身定制的訊息。

Probably in broad strokes, there is a group of that guests that just, it's gotten too expensive, it's gotten tough in this macroeconomic situation to come in.

大概概括地說，有一群客人只是覺得價格太貴了，在這種宏觀經濟情勢下很難進來。

We hear from our guest surveys that that has impacted their decision and their frequency of visit.

我們從客人調查中了解到，這影響了他們的決定和訪問頻率。

So, we've got opportunities, Simeon, to go address that concern with our with that lapse guest.

所以，西蒙，我們有機會去解決我們與那位失職客人的問題。

But I will tell you that our ability to really hone in on why somebody hasn't come back in six plus months, is much better than has been and allows us to be very specific in the offer and the attraction or the offer to get them back in.

但我會告訴你，我們真正磨練為什麼某人在六個多月內沒有回來的能力比以前要好得多，並且使我們能夠非常具體地提供要約和吸引力或要約以吸引他們回來。

Clearly, we think once we get you into the center, it's our opportunity to show you an amazing experience in the best-in-class environment that at EWC and get you on as a Wax Pass holder longer term.

顯然，我們認為一旦您進入中心，我們就有機會在 EWC 一流的環境中向您展示令人驚嘆的體驗，並讓您長期成為 Wax Pass 持有者。

So that's the goal.

這就是目標。

And kind of the attract, retain and reward that guest as they come in.

並在客人進來時吸引、保留和獎勵他們。

Waxer turnover really not an issue.

打蠟機的營業額確實不是問題。

Certainly, coming out of COVID and for many quarters, while I was in the chair, we talked a lot about the supply of wax specialists.

當然，在新冠疫情之後，在我擔任主席期間的許多季度裡，我們談論了很多關於蠟專家的供應的問題。

We feel great about that.

我們對此感覺很好。

The industry relations team has done an amazing job at fostering relationships so that we feel very good about that pipeline.

產業關係團隊在培養關係方面做得非常出色，因此我們對這條管道感覺非常好。

My comment in my opening remarks was how do we think about really revenue optimization for per wax suite?

我在開場白中的評論是，我們如何考慮每個蠟套件的真正收入優化？

And that involves the right labor staffing model.

這涉及到正確的勞動力配置模式。

We think we can work with our franchisees to help with that so that we're properly staffed, staffed at the right hours.

我們認為我們可以與我們的特許經營商合作來幫助解決這個問題，以便我們在正確的時間配備適當的人員。

So that we do maximize the return on those waxers.

這樣我們就能最大限度地提高這些打蠟機的回報。

As you know, legally, the compensation structure for associates in the franchisee wax centers is up to that franchisee.

如您所知，從法律上講，特許經營蠟中心員工的薪資結構由特許經營者決定。

We certainly have conversations with them about what is the best incentive program for those waxers?

我們當然會與他們討論對這些打蠟者最好的激勵計劃是什麼？

How do we incent them to rebook guests?

我們如何激勵他們重新預訂客人？

How do we incent them to add on a retail product?

我們如何激勵他們添加零售產品？

How do we incent them to get another service?

我們如何激勵他們獲得其他服務？

And that's another opportunity for us to take that best-in-class learning for those centers that have had great retention of wax specialists that are driving the most revenue per wax suite.

對我們來說，這是另一個機會，可以為那些保留了大量蠟專家的中心提供一流的學習，這些蠟專家為每個蠟套件帶來了最大的收入。

So those are things that we continue to share out with our franchisee network.

因此，我們將繼續與我們的特許經營商網路分享這些內容。

And a follow up, thinking about the entire footprint in the US, would we be surprised at how similar performance looks across markets, mature immature geographies?

接下來，考慮到美國的整個足跡，我們是否會對各個市場、成熟的不成熟地區的相似表現感到驚訝？

Are there anything --- is there anything stand out thinking about both network footprint franchise development and then overall performance?

在網路足跡特許經營發展和整體績效方面，有什麼突出的事情嗎？

I'll start with the performance.

我先從表演開始。

I mean, certainly as you cut it into different regions, you're going to see some variation, right?

我的意思是，當你把它分成不同的區域時，你肯定會看到一些變化，對吧？

And again, same thing that we've been talking about with the West Coast being more pressured because of their cost structure overall.

同樣，我們一直在談論西海岸由於其整體成本結構而面臨更大的壓力。

So, that's probably the biggest call out I would say.

所以，這可能是我想說的最大的呼籲。

Simeon, listen, we're disproportionate in kind of five or six states that really drive a significant portion of our business.

西蒙，聽著，我們在五六個州的比例不成比例，這些州確實推動了我們業務的很大一部分。

I think from a growth standpoint, there are bigger -- we continue to look at those top five, six states where there are growth opportunities.

我認為從成長的角度來看，還有更大的——我們繼續關注那些有成長機會的前五、六個州。

We want to protect and expand where we've got good market penetration and make sure that we're doing what's right in terms of making sure we are the place of choice.

我們希望保護和擴大我們已經擁有良好市場滲透率的領域，並確保我們正在做正確的事情，以確保我們成為客戶的選擇。

But also take our brand and expand it into areas, that makes sense.

但也要將我們的品牌擴展到有意義的領域。

So, I think the good news about our geographic expansion on new center development is that it's in places where we're well known, but we've also got opportunities in new areas.

因此，我認為關於我們新中心開發的地理擴張的好消息是，它位於我們眾所周知的地方，但我們也在新領域獲得了機會。

But I think that we've highlighted kind of those higher cost's areas in California specifically in rent and labor that continue to -- we continue to work with those franchisees on how to best maximize their four-wall.

但我認為我們已經強調了加州那些成本較高的地區，特別是在租金和勞動力方面，我們繼續與這些特許經營商合作，研究如何最好地最大化他們的四牆。

Great.

偉大的。

Thanks.

謝謝。

Take care.

小心。

Good bye.

再見。

One real quick follow up I missed, when you asked about the split of the NCOs over the balance of the year.

當你詢問今年餘下時間軍士的分配情況時，我錯過了一次真正的快速跟進。

As we're looking at that Q3, Q4, it's pretty evenly balanced between the two quarters.

當我們看到第三季和第四季時，這兩個季度之間的平衡相當均勻。

Thanks, Simeon.

謝謝，西蒙。

Jonathan Komp, Baird.

喬納森康普，貝爾德。

Yeah, hi.

是的，嗨。

Good morning.

早安.

Hi, David.

嗨，大衛。

Hi, Jon.

嗨，喬恩。

How are you?

你好嗎？

Good.

好的。

Thank you.

謝謝。

I want to follow-up just as you look at the second half performance, I think you're implying same store sales, slightly negative overall, and certainly looks like maybe more pressure on mature stores.

我想跟進一下，就像你看下半年的表現一樣，我認為你是在暗示同店銷售，總體上略有負面，而且看起來成熟商店的壓力可能更大。

Could you maybe just comment a little bit more broadly what you're seeing at mature stores?

您能否更廣泛地評論一下您在成熟商店中看到的情況？

And then David, as you think about moving the needle, is it really refocusing on a few specific initiatives already in place?

然後大衛，當你考慮採取行動時，它真的重新關註一些已經到位的具體舉措嗎？

Or are there more new initiatives needed within the action plans?

或者行動計劃中是否需要更多新措施？

I'll start.

我開始吧。

That's fair what you've said, more pressure on the mature centers.

你說的很公平，成熟中心的壓力更大。

If you think about those ramping centers, there's more of a tailwind there just based on the function of being new to market, et cetera.

如果你考慮那些加速發展的中心，你會發現那裡有更多的順風車，只是基於新進入市場的功能等等。

And also, we called out that although a small group, our NCOs that have started out with the new playbook have been doing very, very well.

此外，我們也指出，雖然是一個小團體，但我們的士官們從新劇本開始就表現得非常非常好。

But as we look between ramping and mature, definitely more pressure on the mature centers to get that new guest and to build on the transactions.

但當我們在擴張和成熟之間進行比較時，成熟的中心肯定會面臨更大的壓力，以吸引新客人並建立交易。

And so that's where you think about the second half exactly what you said is accurate.

所以這就是你對後半部的看法，你所說的是準確的。

And Jon, listen, I think at a high level, first and foremost, it's just those focus on like the key three or four things that I outlined in my opening comments.

喬恩，聽著，我認為從高層次來看，首先也是最重要的是，重點關注我在開場評論中概述的關鍵三到四件事。

To your question about, are there some things that we need to do differently?

對於你的問題，我們是否需要做一些不同的事情？

The answer is yes.

答案是肯定的。

We will continue to focus on those initiatives that we launched in Q1 that are working particularly the national media spend and the emphasis on local marketing, but we know we need to do more.

我們將繼續關注我們在第一季推出的那些舉措，尤其是全國媒體支出和對本地行銷的重視，但我們知道我們需要做得更多。

They have not, those initiatives on their own have not produced enough.

他們沒有，這些措施本身還沒有產生足夠的成果。

So that's part of our challenge and our opportunity working with our franchisees to really identify what are those couple of things.

因此，這是我們挑戰的一部分，也是我們與特許經營商合作的機會，以真正確定這幾件事是什麼。

And we've got some ideas that we will certainly keep you apprised of as we move along in our journey.

我們有一些想法，當我們繼續前進時，我們一定會通知您。

But we're going to stay hyper-focused on those key priorities and not get distracted, but really drive new guests and increase transactions that, again, feeds that flywheel that allows our franchisees to continue to reinvest in this amazing brand.

但我們將高度關注這些關鍵優先事項，不會分心，而是真正吸引新客人並增加交易，從而再次推動飛輪，使我們的特許經營商能夠繼續對這個令人驚嘆的品牌進行再投資。

As it relates to the guide overall, I would also say, when you look at the $930 million to $950 million and that second half, it certainly is assuming that there is continued pressure in the second half, the $950 million would assume that we're basically kind of where we have been -- on the $930 million though, that's going to assume that there is some potential allowance for a downtrend and that how we've looked at it.

由於它與整個指南相關，我還想說，當你看到 9.3 億至 9.5 億美元和下半年時，它肯定是假設下半年存在持續的壓力，9.5 億美元會假設我們「這基本上就是我們一直以來的情況——不過，就9.3 億美元而言，這將假設有一些潛在的下降趨勢，以及我們如何看待它。

Okay.

好的。

That's helpful.

這很有幫助。

Thank you.

謝謝。

And then, David, since this is the first time to speak with you in a while, could you just maybe share your thoughts on the laser initiative?

然後，大衛，由於這是一段時間以來第一次與您交談，您能否分享一下您對雷射計劃的想法？

Why is that the right thing to focus on at this stage as you're refocusing on the overall base?

當您重新關注整體基礎時，為什麼這是現階段應該關注的正確事情？

Or said differently, is that something you think could materially move the needle on unit economics going into next year?

或者換句話說，您認為這是否會對明年的單位經濟效益產生實質推動？

Just curious your thoughts there.

只是好奇你的想法。

Thanks again.

再次感謝。

Yes.

是的。

Thank you, Jon.

謝謝你，喬恩。

Listen, I think we start with what does the brand give us permission to do and what does our guests give us permission to do?

聽著，我想我們從品牌允許我們做什麼以及我們的客人允許我們做什麼開始？

So, as we thought about, and Jon you know me well enough, that I'm not going to do things that are sort of six rings outside the bullseye.

所以，正如我們所想的，喬恩你很了解我，我不會做那些六環之外的事情。

Hair-removal via another modality i.e. laser, made sense to us.

透過另一種方式（即雷射）除毛對我們來說很有意義。

And our guests told us, yes, we would be willing to do that and we would trust EWC to deliver that service.

我們的客人告訴我們，是的，我們願意這樣做，我們相信 EWC 能夠提供這項服務。

So, we felt like we absolutely had permission from a brand standpoint and a guest standpoint.

所以，我們覺得從品牌的角度和客人的角度來看我們絕對獲得了許可。

When we did sort of the business case around this, it can have a material impact on the financial health of our franchisees.

當我們圍繞這一點進行商業案例分析時，它可能會對我們特許經營商的財務健康產生重大影響。

So, we're excited about, A, just the opportunity to show our expertise in another modality of hair removal.

因此，我們很高興有機會展示我們在另一種除毛方式方面的專業知識。

And we're very excited about what this can do from a four-wall standpoint for our franchisees.

從四面牆的角度來看，這能為我們的特許經營商帶來什麼，我們對此感到非常興奮。

That's why we're expanding the pilot.

這就是我們擴大試點範圍的原因。

The initial rollout of the pilot in New York has gone very well.

該試點計畫在紐約的首次推出進展順利。

We have franchisees that are raising their hand saying, I want to try this.

我們的特許經營商舉手說，我想嘗試一下。

I want to put this into our center.

我想把這個放到我們的中心。

And we'll continue to, as we've said before, be very thoughtful about the pilot, but we do think this could be a materially positive impact on those centers that take up laser as an additional service.

正如我們之前所說，我們將繼續對試點進行深思熟慮，但我們確實認為這可能會對那些採用雷射作為附加服務的中心產生實質性的積極影響。

Great.

偉大的。

Thank you.

謝謝。

Thank you, John Kim.

謝謝你，約翰金。

(Operator Instructions)

（操作員說明）

Kelly Crago, Citi.

凱利克拉戈，花旗銀行。

Hi.

你好。

Thank you.

謝謝。

Welcome back, David.

歡迎回來，大衛。

Just a question on the macro, can you just talk about what you're seeing from a customer cohort perspective, maybe an income perspective?

只是一個關於宏觀的問題，您能否從客戶群的角度（也許是收入的角度）談談您所看到的情況？

What happens throughout the quarter versus your expectations and versus 1Q, just given the call out of the weakening macro.

考慮到宏觀經濟疲軟的呼聲，整個季度發生的情況與您的預期和第一季相比。

And then just secondly, just curious if you're -- what you're planning to do with the promotional strategy?

其次，我想知道您是否打算如何制定促銷策略？

Are you going to use the Wax Pass promotions as a tool to kind of go after those lapsed and new guests?

您是否打算利用蠟通行證促銷作為一種工具來吸引那些流失的客人和新客人？

Thank you.

謝謝。

Yes, Kelly, thanks.

是的，凱利，謝謝。

I think from a macro standpoint, the great news is that still approximately 75% of our revenue is coming from our core guests, that guest that has a Wax Passer is there on a regular basis.

我認為從宏觀角度來看，好消息是我們大約 75% 的收入仍然來自我們的核心客人，也就是那些經常光臨的客人。

So, we feel good about that portion of it.

所以，我們對這部分感覺很好。

And candidly, that customer segment for us has higher household income, is probably a bit more immune to the macroeconomic situation.

坦白說，我們的客戶群家庭收入較高，可能更容易受到宏觀經濟情勢的影響。

Where we've seen the drop off is in what we historically have called that episodic guest, or the guest that comes in on occasion.

我們看到下降的地方是我們歷史上所說的偶發客人，或是偶爾進來的客人。

And through our consumer surveys, we've seen that the macroeconomic situation has impacted that guest.

透過我們的消費者調查，我們發現宏觀經濟情勢對這位客人產生了影響。

So, we need to be creative about how we get that guest back into the center.

因此，我們需要創造性地思考如何讓客人回到中心。

But it is a very positive note that the behavior, the frequency, the rate with which our best guests are coming in continue to do so.

但我們最好的客人入住的行為、頻率和比率將繼續如此，這是一個非常積極的跡象。

We've got to drive new guests into the system that as we talked about a key priority.

正如我們所討論的一個關鍵優先事項，我們必須推動新客人進入系統。

But that's really sort of how that breaks out from that guest cohort.

但這確實是從嘉賓群中脫穎而出的方式。

Promotional strategy, obviously, we have those promotions around the nine-plus-three.

促銷策略，顯然，我們有圍繞九加三的促銷活動。

We need to think more creatively about are there other opportunities.

我們需要更有創意地思考是否還有其他機會。

We launched a six-plus-two Wax Pass out in California to help those folks that might not be able to afford a nine-plus-three.

我們在加州推出了六加二蠟通行證，以幫助那些可能無法負擔九加三蠟票的人。

That was taken up very well.

這一點得到了很好的解決。

So, we will continue to look at do we have the right pricing?

因此，我們將繼續關注我們的定價是否合適？

Do we have the right promotional strategy?

我們有正確的促銷策略嗎？

By no means will EWC ever be a discount brand.

EWC 絕不是一個折扣品牌。

We don't need to do that.

我們不需要這樣做。

But where we can get -- the use of promotion is really to get that guest, that new guest into the center or a lapsed guest back into the center, so that, again, with the services that we provide, we can get them on that Wax Pass and make them a loyal EWC guest.

但我們能做到的地方——促銷的真正目的是讓那位客人、那位新客人進入中心或讓已經流失的客人回到中心，這樣，再一次，透過我們提供的服務，我們可以讓他們繼續下去蠟通行證並使他們成為 EWC 的忠實客人。

Thank you.

謝謝。

And just question on the sort of implied, I guess speaking specifically about your 2024 cohort of new stores, just based on the revised guidance, it doesn't look like you're expecting much of a contribution from new stores.

只是關於隱含的問題，我想具體來說一下您 2024 年的新店群，僅根據修訂後的指導意見，您似乎並不期望新店做出太多貢獻。

Maybe there's something else offsetting that, but like even excluding the 53rd week impact.

也許還有其他因素可以抵消這種影響，但就像排除第 53 週的影響一樣。

It doesn't seem like the same-source or the system wide sales guidance expects much contribution from that.

似乎同一來源或系統範圍的銷售指南並沒有期望從中做出太大貢獻。

So just curious, how that 2024 new store cohort is performing versus expectations in your outlook for the year.

所以我很好奇，2024 年新店群的表現與您對今年的展望的預期相比如何。

Sure.

當然。

So let's start with expectations.

那麼讓我們從期望開始。

So, we launched an NCO playbook late in Q1, and so Q2 with the eight net new centers that we have opened, we've seen really good results from a standpoint of this system-wide sales as well as their tickets.

因此，我們在第一季末推出了 NCO 手冊，第二季我們開設了 8 個淨新中心，從全系統銷售及其門票的角度來看，我們看到了非常好的結果。

And that's a function of them really following this playbook, making sure that they were spending money local marketing, that they were staffed appropriately, and that they had a strong guest list an opening day.

這是他們真正遵循這個劇本的一個功能，確保他們在當地行銷上花錢，他們配備了適當的人員，並且他們在開業當天有一個強大的嘉賓名單。

And so that has been very exciting to see, and we feel very good about that.

因此，看到這一點非常令人興奮，我們對此感覺非常好。

As far as the overall impact with that number 27 to 32, there's not a huge impact on the top line of what we are expecting from a system-wide sale.

就 27 至 32 個數字的整體影響而言，這對我們對全系統銷售的預期的頂線影響並不大。

So, you are, you're correct in that regard.

所以，你是，在這方面你是對的。

Thank you.

謝謝。

Thanks, Kelly.

謝謝，凱利。

John Heinbockel

約翰·海因博克爾

Hey, David, wanted to start with can you -- when you look at new guests, I don't know what the volume is right, that you're bringing in a year, but maybe remind us the percent of new guests that are Wax Pass, the percent that start episodic.

嘿，大衛，想從你開始——當你看到新客人時，我不知道你一年內帶來的數量是多少，但也許提醒我們新客人的百分比蠟通行證，開始情節的百分比。

And then you've got new content out there, new creative around really focusing on the wax specialist, which I think is, is quite differentiated.

然後你就會得到新的內容，圍繞著真正專注於蠟專家的新創意，我認為這是非常與眾不同的。

When you think about the opportunity, is the message is the right one, but maybe not in the right channels.

當您考慮機會時，您會發現該訊息是否正確，但可能不在正確的管道中。

What do you think the message still needs to be refined?

您認為資訊還有哪些地方需要完善？

Where's the bigger opportunity, the message or how you're delivering it?

更大的機會、訊息或您如何傳遞訊息在哪裡？

Hey John.

嘿約翰。

So I was worried when I didn't hear you asking question, that maybe you were boycotting me, so it's nice to hear your voice again, John, thanks.

所以當我沒有聽到你問問題時我很擔心，也許你在抵制我，所以很高興再次聽到你的聲音，約翰，謝謝。

Listen, on new guests, we have a very deliberate sort of selling process to get them into a Wax Pass, and as we've had a first-wax free promise since the inception of the brand.

聽著，對於新客人，我們有一個非常深思熟慮的銷售流程，讓他們進入打蠟通行證，而且自品牌成立以來我們就做出了首次打蠟免費的承諾。

That continues to help us drive new guests into the brand.

這繼續幫助我們吸引新客人加入品牌。

And what we've seen is that there is an opportunity to offer that guest on their first visit a pretty attractive three-plus-one opportunity.

我們看到的是，有機會為首次訪問的客人提供相當有吸引力的三加一機會。

We're testing this.

我們正在測試這個。

We think that makes sense, while we have the guests in there, they've been wowed.

我們認為這是有道理的，當我們有客人在那裡時，他們都驚嘆不已。

That's a little bit of a departure where from the past, but to try to get them into the system faster.

這與過去有點不同，但試圖讓他們更快進入系統。

And we think that's something that we continue to roll out with our franchisees and work on to get them into the back into the center rather than kind of wait to the third or fourth visit.

我們認為這是我們繼續與我們的特許經營商推出的東西，並努力讓他們回到中心，而不是等待第三次或第四次訪問。

And so, as you know, once we convert those folks to a Wax Pass, that essentially becomes a membership light model.

因此，如您所知，一旦我們將這些人轉換為蠟通行證，這本質上就成為會員輕型模型。

And we get to enjoy more lifetime value from them.

我們可以從他們身上享受更多的終身價值。

On the marketing piece, we feel great about our creative, as I said in my opening comments that we're going to continue to focus on ROI on our marketing spend, so right channel, right creative, right messaging.

在行銷方面，我們對我們的創意感到非常滿意，正如我在開場白中所說，我們將繼續關注行銷支出的投資回報率，所以正確的管道、正確的創意、正確的訊息。

We continue to refine that.

我們將繼續完善這一點。

Andrea and her team are always looking at what makes sense?

安德里亞和她的團隊總是在尋找什麼是有意義的？

We think highlighting the wax specialists made absolute sense.

我們認為突出蠟像專家絕對有意義。

They are the ones that they have the most trusted relationship with our guests and highlight why we're in the best in the industry to do that.

他們與我們的客人有著最值得信賴的關係，並強調了為什麼我們是業內最擅長做到這一點的人。

But that's something we continually tweak to make sure we're sending the right message and driving the right results.

但這是我們不斷調整的事情，以確保我們發送正確的訊息並推動正確的結果。

And maybe because I know lapsed guests are not as important in the scheme of things as new guests, but can you size that when I think about how many lapse guests you have, I don't know if it's several hundred thousand, it's probably not a million, but maybe it is.

也許是因為我知道流失的客人在計劃中並不像新客人那麼重要，但是當我考慮一下您有多少流失的客人時，您能否估算一下，我不知道是否有幾十萬，可能不是一百萬，但也許是。

The size of that and then what you think is a 10% a fair conversion rate or is that overly optimistic?

其規模以及您認為 10% 的轉換率是合理的還是過於樂觀了？

On new guests or lapse guests, John?

約翰，關於新客人還是舊客人？

Lapsed guest.

逝去的客人。

Yes, I think that's fair.

是的，我認為這是公平的。

One of the things that we probably got 1 million-plus emails addresses of guests that have not visited us in the past six months.

其中之一是，我們可能收到了超過 100 萬個在過去六個月內沒有訪問過我們的客人的電子郵件地址。

So, our opportunity to go drive those folks back into the system is critically important.

因此，我們將這些人帶回系統的機會至關重要。

We have new guest targets, We have conversion rate targets that we want to get back to -- get those folks back into the system.

我們有新的訪客目標，我們有我們想要恢復的轉換率目標——讓這些人回到系統中。

Again, that lapsed guest, a lot of the feedback has been, it's a more challenging economic situation these days for those guests.

再說一遍，對於那位流失的客人，很多回饋都是，對這些客人來說，現在的經濟狀況更具挑戰性。

And we've seen that challenge.

我們已經看到了這個挑戰。

So, we continue to think about how we're creative and how we can be really offer unique opportunities to incent them to come back in.

因此，我們繼續思考如何發揮創造力，以及如何真正提供獨特的機會來激勵他們回來。

But they're -- I think from a prioritization, because I got asked the question, lapse guests are incredibly important to us because they've come to us.

但他們——我認為從優先順序來看，因為我被問到了這個問題，流失的客人對我們來說非常重要，因為他們來找我們。

It's very rare that we see guests.

我們很少見到客人。

I'm not coming back there because I had a lousy experience.

我不會再回到那裡了，因為我有過一次糟糕的經歷。

That's not the situation.

情況並非如此。

So, we know we've got guests out there that would love to come back.

所以，我們知道我們有一些願意回來的客人。

We've just got to make it worth their while to come back in.

我們必須讓他們的回歸值得。

Okay, thank you.

好的，謝謝。

All right, John.

好吧，約翰。

Thank you.

謝謝。

I'm showing no further questions in the queue at this time.

目前我在隊列中沒有顯示任何其他問題。

I will now turn the conference back to Mr. David Berg for any closing.

現在我將把會議交回給大衛·伯格先生以結束會議。

Thank you, operator.

謝謝你，接線生。

Thank you all very much for joining us again.

非常感謝大家再次加入我們。

As I said at the outset, I am as excited as I was when I when I came onboard in 2018.

正如我一開始所說的，我和 2018 年加入公司時一樣興奮。

That enthusiasm, optimism and excitement is back in tenfold as I reenter have gotten even in the few short hours that I've been here, at an incredibly strong welcome from our associates, from franchisees, and we certainly look forward to keeping you all posted on the progress we're making in the coming weeks and months.

當我重新進入這裡的短短幾個小時內，那種熱情、樂觀和興奮就以十倍的速度回來了，受到了我們的同事、加盟商的熱烈歡迎，我們當然期待著向大家通報最新情況關於我們在未來幾週和幾個月內取得的進展。

So thank you all for joining us today.

感謝大家今天加入我們。

Ladies and gentlemen, that does conclude our conference for today.

女士們、先生們，今天的會議到此結束。

Thank you for your participation.

感謝您的參與。

You may now disconnect.

您現在可以斷開連線。