European Wax Center Inc (EWCZ) 2024 Q3 法說會逐字稿

Good morning, ladies and gentlemen.

早安，女士們先生們。

And thank you for standing by.

感謝您的支持。

Welcome to European Wax Center's third quarter earnings call at this time.

歡迎參加歐洲蠟中心此時舉行的第三季財報電話會議。

All participants are in a listen-only mode.

所有參與者都處於只聽模式。

After the speaker's presentation, there will be a question and answer session to ask a question during the session.

演講者演講結束後，將進行問答環節，在會議期間提出問題。

Please press star 11.

請按星號 11。

In order to facilitate as many participants as possible.

為了方便盡可能多的參與者。

We ask that you please limit yourself to one question and one follow up question during the Q&A session.

我們要求您在問答環節中將自己限制在一個問題和一個後續問題上。

If you have additional questions, you may rejoin the queue on the call today are David Berg, Chief Executive Officer and Stacy Shirley, Chief Financial Officer.

如果您還有其他問題，可以在今天的電話會議上重新加入隊列，執行長 David Berg 和財務長 Stacy Shirley。

I would now like to turn the conference over to Bethany Johns, Director of Investor Relations, ma'am.

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

You may begin.

你可以開始了。

Good morning, everyone.

大家早安。

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

感謝並歡迎歐洲蠟中心今天舉行的 2024 財年第三季財報電話會議。

David Berg will begin with a brief review of our third quarter performance and discuss our strategic priorities.

大衛伯格將首先簡要回顧我們第三季的業績，並討論我們的策略重點。

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.

依照準備好的發言。

The team will be available to take questions before we start, I would like to remind you of our legal disclaimer.

在我們開始之前，團隊將可以回答問題，我想提醒您我們的法律免責聲明。

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.

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, 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.

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，請參閱我們向美國證券交易委員會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結果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 this call, we will discuss non-GAAP financial measures which adjust our GAAP results to eliminate the impact of certain items.

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。

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.

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 dot waxcenter dotcom.

您也可以在我們網站的投資者關係部分觀看本次電話會議的現場直播，網址為 Investors.waxcenter.dotcom。

I will now turn the call over to David Burke.

我現在將把電話轉給大衛伯克。

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。

When I last spoke with you all three months ago, I had just resumed the CEO role and I shared my excitement and optimism for European Wax Center, a one of a kind brand celebrating 20 years of loyal guests, an asset light and recurring revenue model that generates strong cash flow and an undisputed leadership position in a highly fragmented industry.

當我三個月前最後一次與大家交談時，我剛剛恢復了首席執行官的角色，我分享了我對歐洲蠟中心的興奮和樂觀，這是一個慶祝20 週年忠誠客人的獨特品牌，一種輕資產和經常性收入模式這會產生強勁的現金流，並在高度分散的行業中佔據無可爭議的領導地位。

As I marked 90 days back in this role, we have sharpened our focus and my enthusiasm for the brand continues.

在我擔任這一職務 90 天之際，我們更加專注，我對這個品牌的熱情也將持續下去。

I am also pleased our third quarter financial results were in line with our expectations.

我也很高興我們第三季的財務表現符合我們的預期。

I would like to begin today's call by sharing my assessment of European Wax Center's current state.

我想在今天的電話會議開始時分享我對歐洲蠟像中心當前狀況的評估。

Our evolved priorities and recent actions taken to unlocking the full potential of this iconic brand.

我們不斷發展的優先事項和最近採取的行動，以釋放這個標誌性品牌的全部潛力。

Over the last three months, I've spent significant time diving deeper into the business and meeting with franchisees, corporate team members in center associates and external stakeholders including our shareholders.

在過去的三個月裡，我花了很多時間深入了解業務，並與特許經營商、中心員工的公司團隊成員以及包括我們的股東在內的外部利害關係人會面。

Most importantly, I'm regularly meeting with our franchisee leadership, ensuring close alignment with them on both the challenges and opportunities we have as I've engaged with these key partners, three things remain clear to me.

最重要的是，我定期與我們的特許經營商領導層會面，確保在我與這些關鍵合作夥伴接觸時，我們所面臨的挑戰和機會與他們保持密切一致，我仍然清楚三件事。

First, our loyal guests have an enduring passion for and commitment to this brand.

首先，我們的忠實客人對這個品牌有著持久的熱情和承諾。

Even in a challenging macroeconomic environment.

即使在充滿挑戰的宏觀經濟環境中也是如此。

Our core guests continue to love this brand and the services they receive.

我們的核心客人仍然喜歡這個品牌和他們收到的服務。

Second, we have exceptional team members who are guided by our core values and deliver unparalleled experiences for our guests.

其次，我們擁有優秀的團隊成員，他們以我們的核心價值為指導，為我們的客人提供無與倫比的體驗。

And third, we are collaborating and aligning on key priorities to drive success for our franchise partners and the network.

第三，我們正在專注於合作和調整關鍵優先事項，以推動我們的特許經營合作夥伴和網路成功。

As I mentioned on last quarter's call, we recognize that we have a significant opportunity to drive new guests into the brand and increase ticket growth which are inextricably linked to improving unit economics and financial returns for our franchise partners.

正如我在上個季度的電話會議上提到的，我們認識到我們有一個重要的機會來吸引新客人進入該品牌並增加門票增長，這與提高特許經營合作夥伴的單位經濟效益和財務回報密不可分。

Ultimately, this will enable us to deliver thoughtful growth for European Wax Center, thereby creating long term value for both our franchisees and stakeholders.

最終，這將使我們能夠為歐洲蠟中心帶來深思熟慮的成長，從而為我們的特許經營商和利害關係人創造長期價值。

To this end.

為此。

During Q3, we narrowed our focus deliberately pausing the expansion of our laser hair removal pilot and reallocating resources to our core out of home Waxing business.

在第三季度，我們縮小了關注範圍，故意暫停了雷射除毛試點的擴張，並將資源重新分配給我們的核心戶外除毛業務。

We continue to be excited about lasers' potential to further enhance four wall economics.

我們仍然對雷射進一步增強四牆經濟效益的潛力感到興奮。

And we are taking this opportunity to reflect refine and improve our laser test in New York as we evaluate when and how to roll it out more broadly.

我們正在藉此機會反思和改進我們在紐約的雷射測試，同時評估何時以及如何更廣泛地推廣它。

In addition, we've made personnel changes to better align our teams with our priorities.

此外，我們還進行了人事變動，以更好地使我們的團隊與我們的優先事項保持一致。

I now have direct responsibility for our development and operations functions.

我現在直接負責我們的開發和營運職能。

We reorganized our commercial and operations departments and we elevated team members with extensive center level experience into critical operational roles.

我們重組了商業和營運部門，並將具有豐富中心級經驗的團隊成員提拔為關鍵營運角色。

Our restructured organization prioritizes our attention on our core business to drive performance improvements in our key focus areas.

我們重組後的組織優先關注核心業務，以推動關鍵重點領域的績效改善。

I briefly introduced these areas during our last earnings call as a reminder, they are first attracting new guests, second, increasing tickets by retaining and reactivating existing guests and third, improving the productivity of underperforming centers.

我在上次財報電話會議上簡要介紹了這些領域，以提醒大家，它們首先是吸引新客人，其次是透過保留和重新激活現有客人來增加門票，第三是提高表現不佳的中心的生產力。

Today, I would like to take you through more details on the action plans that we have put in place for each.

今天，我想向您詳細介紹我們為每個專案製定的行動計劃。

I'll start with attracting new guests.

我將從吸引新客人開始。

We recently announced our partnership with Delaro Digital who is beginning to overhaul our guest acquisition and engagement strategies through a pay for performance structure.

我們最近宣布與 Delaro Digital 建立合作夥伴關係，後者開始透過按績效付費的結構來徹底改革我們的客戶獲取和參與策略。

We have closely aligned their financial outcomes with our own.

我們將他們的財務成果與我們自己的財務成果緊密結合。

The Delaro team in concert with our internal resources has hit the ground running and will assist us in two primary ways over the coming months.

Delaro 團隊與我們的內部資源合作已經開始運作，並將在未來幾個月內以兩種主要方式為我們提供協助。

First, helping us insource many of our marketing activities that are currently performed by third parties which we will expect will make us more efficient.

首先，幫助我們將目前由第三方執行的許多行銷活動內包起來，我們希望這將使我們更有效率。

We are in the process of streamlining our vendor partnerships and retainer relationships to bring that work in house, which should enable us to redeploy more of our marketing funds towards working media in 2025 with the goal of reaching more guests and driving them into our centers.

我們正在簡化我們的供應商合作夥伴關係和保留關係，以便將這項工作納入內部，這將使我們能夠在2025 年將更多行銷資金重新部署到工作媒體上，目標是吸引更多客人並吸引他們進入我們的中心。

Second, Delaro plans to enhance our technology capabilities, elevate our data utilization and refine our measurement practices to make us significantly more effective in the near term.

其次，Delaro 計劃增強我們的技術能力，提高我們的數據利用率並完善我們的測量實踐，以使我們在短期內顯著提高效率。

We are working closely with Delaro to evaluate test and improve everything from creative assets to email execution, SS MS delivery to KP I reporting.

我們正在與 Delaro 密切合作，評估測試並改進一切，從創意資產到電子郵件執行、SS MS 交付到 KP I 報告。

Going forward, we expect to improve media, buying and performance measurement using revamp creative and dynamic content across channels to drive engagement from both new and existing guests.

展望未來，我們希望透過跨管道改善創意和動態內容來改善媒體、購買和績效衡量，以提高新舊客人的參與度。

We are also evaluating other new guest drivers including our referral programs and influencer partnerships.

我們也正在評估其他新的客座司機，包括我們的推薦計畫和有影響力的合作關係。

Given the team at Delas track record of delivering significant improvements at other customer facing organizations.

鑑於 Delas 團隊在其他面向客戶的組織中提供重大改進的記錄。

We look forward to implementing their solutions and providing an update in the coming quarters.

我們期待在未來幾季實施他們的解決方案並提供更新。

In terms of our second focus area, increasing tickets, Delas expertise in CRM, guest segmentation and predictive insights should help us reactivate guests who have lapsed over time.

就我們的第二個重點領域而言，增加門票、Delas 在 CRM 方面的專業知識、賓客細分和預測性見解應該可以幫助我們重新激活隨著時間推移而流失的賓客。

We plan to better leverage our data to build tailored content recommendations and promotions based on customer preferences and behaviors.

我們計劃更好地利用我們的數據，根據客戶的偏好和行為建立量身定制的內容推薦和促銷活動。

Once these messages are fully architected, we will have the ability to deliver highly personalized iterations across email, direct mail, mobile web and S MS channels, analyzing their effectiveness and optimizing as we go.

一旦這些訊息被完全構建，我們將能夠跨電子郵件、直郵、行動網路和簡訊管道提供高度個人化的迭代，分析其有效性並隨時進行最佳化。

This is an area of opportunity that I'm incredibly excited about and I have confidence that we have found the right partner to help us execute on it to retain guests and keep them coming back.

這是一個讓我感到非常興奮的機會領域，我相信我們已經找到了合適的合作夥伴來幫助我們執行該計劃，以留住客人並讓他們成為回頭客。

Our field training teams in concert with our franchisee partners are intent on delivering a consistently phenomenal guest experience.

我們的現場培訓團隊與我們的特許經營合作夥伴合作，致力於提供始終如一的卓越賓客體驗。

Each guest interaction is an opportunity to create lasting impressions and foster brand loyalty through revamped guest journey mapping.

每次賓客互動都是透過改進的賓客旅程地圖創造持久印象並培養品牌忠誠度的機會。

We have identified the touch points that matter most to the guests and supplied these insights to the network to create additional value for both the center and the guest.

我們已經確定了對客人最重要的接觸點，並將這些見解提供給網絡，為中心和客人創造額外的價值。

Our field operations team also continues to provide hands on support with the goal of elevating four wall performance.

我們的現場營運團隊也繼續提供實際支持，以提高四牆性能。

I'm spending time in centers and have been an active listener on center manager calls where they share best practices.

我在中心度過了一段時間，並一直積極傾聽中心經理的電話，他們在電話中分享了最佳實踐。

Ensure focus on key deliverables and align on how best to delight our guests.

確保專注於關鍵交付成果，並致力於如何最好地取悅我們的客人。

Listening to our amazing center managers reinforces the love, commitment and energy these leaders have for the EWC brand.

聆聽我們出色的中心經理的講話，可以增強這些領導者對 EWC 品牌的熱愛、承諾和活力。

As we move forward, field operations will continue their efforts to drive improved dollars per ticket wax, pass, sales, product purchases and other KPIS evolving as needed to ensure we best support our franchisees and four wall profitability.

隨著我們的前進，現場營運將繼續努力提高每張票蠟、通行證、銷售、產品採購和其他根據需要不斷發展的KPIS 的金額，以確保我們最好地支持我們的特許經營商和四牆盈利能力。

Turning to our third focus area, improving the productivity of underperforming centers.

轉向我們的第三個重點領域，提高表現不佳的中心的生產力。

We know there are some lagging centers in the network that could benefit from hands on operational and marketing assistance.

我們知道網路中有一些落後的中心可以從實際的營運和行銷援助中受益。

As part of our organizational restructure, we established a dedicated cross functional team to diagnose and support these centers with operating procedures and local marketing strategies designed to drive tickets, increase productivity and ultimately mitigate potential closures.

作為我們組織重組的一部分，我們建立了一個專門的跨職能團隊，透過營運程序和本地行銷策略來診斷和支援這些中心，旨在推動門票，提高生產力並最終減少潛在的關閉。

We are also in the early stages of deploying the learnings from our new center opening playbook in these centers which we believe can drive top line and accelerate their ramp to maturity.

我們還處於在這些中心部署從新中心開業手冊中學到的知識的早期階段，我們相信這可以推動收入並加速其成熟。

As a reminder, we rolled out the new playbook earlier this year and we are encouraged that recent 2024 new centers are outperforming previous cohorts.

提醒一下，我們在今年稍早推出了新的策略，我們對最近 2024 年新中心的表現優於之前的同類中心感到鼓舞。

Ultimately, we believe these are the right key focus areas and near term actions that will best position us to enhance ticket growth and franchisee economics and existing centers and therefore, pave the way for us to return to consistent new center openings.

最終，我們相信這些是正確的關鍵重點領域和近期行動，將使我們能夠最好地提高門票增長和特許經營經濟效益以及現有中心，從而為我們恢復一致開設新中心鋪平道路。

Turning now to my assessment of new unit growth, as I mentioned earlier, I assumed responsibility for the development function during the fourth quarter.

現在轉向我對新單位成長的評估，正如我之前提到的，我在第四季度承擔了開發職能的責任。

As I've dug into the business further, we have intensified a comprehensive review of both our existing network and our pipeline.

隨著我對業務的進一步深入，我們加強了對現有網路和管道的全面審查。

And in the process identified additional centers at risk of closing.

在此過程中，還發現了其他有關閉風險的中心。

We continue to work closely with franchisee partners as they consider closures for a variety of reasons.

我們將繼續與特許經營合作夥伴密切合作，因為他們考慮因各種原因關閉。

Ongoing macro challenges impacting new guest acquisition and top line performance higher than expected cost pressures, portfolio optimization or exploration of lease terms or licenses with increased visibility, strong leadership and an expanded team now in place, we are taking decisive action.

持續的宏觀挑戰影響新客獲取和營收績效高於預期的成本壓力，投資組合優化或租賃條款或許可的探索，提高可見性，強大的領導力和擴大的團隊現已就位，我們正在採取果斷行動。

The team is currently implementing more rigorous processes to manage the portfolio such as proactively tracking upcoming license expirations and renewals, better monitoring, franchisee, financial health and reevaluating market planning.

該團隊目前正在實施更嚴格的流程來管理產品組合，例如主動追蹤即將到來的許可證到期和續約、更好的監控、特許經營商、財務健康狀況以及重新評估市場規劃。

They are also assessing near term development plans including renegotiating certain multiunit development agreements.

他們也正在評估近期開發計劃，包括重新談判某些多單元開發協議。

Lastly, we expect to recruit qualified new franchisees who are attracted to our model and its solid returns relative to other concepts taken together, we believe these efforts will ensure we have the strongest operators to support our future growth while mitigating long term closure risk for fiscal 2024 we continue to have full confidence in opening 43 gross new centers which was the basis for our previous guidance from a net opening standpoint.

最後，我們希望招募合格的新加盟商，他們被我們的模式及其相對於其他概念的穩健回報所吸引，我們相信這些努力將確保我們擁有最強大的運營商來支持我們的未來成長，同時減輕財務的長期關閉風險到 2024 年，我們仍然對開設 43 個新中心充滿信心，這是我們先前從淨開設角度指導的基礎。

There have been 16 center closures year-to-date and we expect an additional 5 to 10 closures by end of year translating to 17 to 22 net new center openings in 2024 overall.

今年迄今已有 16 個中心關閉，我們預計到年底還會關閉 5 至 10 個中心，這意味著 2024 年總共將有 17 至 22 個淨新中心開幕。

While we do foresee an above average closure for this year, we expect the rate to be less than 3% of our existing footprint of 1,064 centers while it is too early to give guidance for 2025.

雖然我們確實預計今年的關閉率將高於平均水平，但我們預計關閉率將低於我們現有 1,064 個中心的 3%，而現在給出 2025 年的指導還為時過早。

At this time, we do expect to have positive new openings on a gross basis for next year.

目前，我們確實預計明年的新開張總數將是正面的。

We remain in active dialogue with our franchisee partners as we work to address near term macro related constraints, grow tickets and realign the business to its full potential.

我們仍然與我們的特許經營合作夥伴保持積極對話，努力解決近期宏觀相關的限制，增加門票並重新調整業務以充分發揮其潛力。

As a result, we believe closures may have the potential to more than offset unit growth on a net basis in 2025.

因此，我們認為，到 2025 年，工廠關閉可能會抵消單位淨成長的影響。

And we expect to provide further details during our fourth quarter earnings call in March, I want to emphasize that we remain committed to long term sustainable, reliable and consistent net unit growth.

我們預計將在三月的第四季財報電話會議上提供更多細節，我想強調的是，我們仍然致力於長期可持續、可靠和一致的淨單位成長。

We believe that the review of our network will leave us best positioned to capitalize on the significant white space available for European Wax Center's continued expansion.

我們相信，對我們網路的審查將使我們能夠最好地利用歐洲蠟像中心持續擴張所需的大量空白空間。

As we look ahead, one thing is certain, our franchisees have helped make us the undisputed leader in out of home.

展望未來，有一點是肯定的：我們的加盟商幫助我們成為戶外領域無可爭議的領導者。

Waxing.

打蠟。

We recognize the value of maintaining a close connection with them and we are taking action to drive ticket growth best support our network and achieve our collective priorities.

我們認識到與他們保持密切聯繫的價值，我們正在採取行動推動門票增長，最好地支持我們的網絡並實現我們的集體優先事項。

As I wrap up my prepared remarks I want to summarize my first three months back in the CEO seat.

當我結束準備好的演講時，我想總結我重新擔任執行長的頭三個月。

I've listened intently to our teams and our franchise partners go deep into the business to evaluate our strengths and opportunities to find our key focus areas and updated our teams and external partners to align with those priorities.

我認真聽取了我們的團隊和特許經營合作夥伴的意見，深入了解我們的業務，評估我們的優勢和機會，找到我們的關鍵重點領域，並更新我們的團隊和外部合作夥伴，以適應這些優先事項。

During this time, we also delivered on our financial expectations for the third quarter.

在此期間，我們也實現了第三季的財務預期。

We look forward to beginning to implement marketing and technology solutions designed to attract new guests and deepen guest engagement.

我們期待開始實施旨在吸引新客人並加深客人參與的行銷和技術解決方案。

Further refined field operations to support guest retention and deploy focused actions expected to improve the performance of our underperforming centers.

進一步完善現場運營，以支援客戶保留並部署旨在改善表現不佳的中心績效的重點行動。

We believe these initiatives will be instrumental in improving existing center productivity and unit economics and ultimately to resuming thoughtful unit growth.

我們相信，這些措施將有助於提高現有中心的生產力和單位經濟效益，並最終恢復深思熟慮的單位成長。

This is both a transitional and pivotal time for European Wax Center and I'm excited for what's to come as we build upon the deep love for this brand shared by our guests, franchisees and associates.

對於歐洲蠟像中心來說，現在是一個過渡和關鍵時刻，我對即將發生的事情感到興奮，因為我們的客人、特許經營商和員工都對這個品牌懷有深厚的熱愛。

It is our commitment to you that above all, we will remain guided by our values and relentlessly focused on driving new guests reactivating and retaining existing guests and converting them to brand loyalists, improving our financial performance and expanding our leadership position while it will take us time to do so and achieve our goals.

我們對您的承諾是，最重要的是，我們將繼續以我們的價值觀為指導，不懈地致力於推動新客人重新激活和留住現有客人，並將他們轉變為品牌忠誠者，改善我們的財務表現並擴大我們的領導地位，同時這將幫助我們是時候這樣做並實現我們的目標了。

We will not stop, we will keep accelerating forward and we remain confident in the European Wax Center brand and its long term growth potential.

我們不會停下來，我們將繼續加速前進，我們對歐洲蠟像中心品牌及其長期成長潛力仍然充滿信心。

With that, I'd like to turn the call over to Stacy Shirley to discuss our Q3 financial performance and guidance for the rest of the year, Stacy.

說到這裡，我想將電話轉給 Stacy Shirley，討論我們第三季度的財務業績和今年剩餘時間的指導，Stacy。

Thank you, David.

謝謝你，大衛。

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

在開始發言之前，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 note that our third quarter reflects an out of period balance sheet adjustment related to intangible assets.

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，其中指出我們的第三季度反映了與無形資產相關的期外資產負債表調整。

Further details are contained in our 10-Q as a reminder, both fiscal years 2022 and 2023 included a 53rd week, but fiscal 2024 returns to a 52 week year.

更多詳細資訊包含在我們的 10-Q 中，提醒您，2022 財年和 2023 財年都包含第 53 週，但 2024 財年恢復為 52 週。

Now let's begin with our third quarter results.

現在讓我們從第三季的業績開始。

As David noted our financial performance was in line with the revised expectations we provided on our earnings call in August, we ended Q3 with 1,064 centers representing a 3.7% growth year over year.

正如 David 指出的那樣，我們的財務表現符合我們在 8 月的財報電話會議上提供的修訂後的預期，截至第三季度，我們擁有 1,064 個中心，同比增長 3.7%。

We had 12 gross openings during the quarter offset by seven closures resulting in a net add of five new centers system wide sales were relatively flat at 240.2 million compared to 240.7 million in the same quarter.

本季度我們總共開設了 12 個新中心，被 7 個關閉所抵消，導致淨增加了 5 個新中心，系統範圍內的銷售額相對持平，為 2.402 億，而同一季度為 2.407 億。

Last year, total revenue of 55.4 million decrease half a percentage point primarily due to guests pulling back on retail products in a challenged macro environment.

去年，總收入為 5,540 萬元，下降了半個百分點，主要是由於客人在充滿挑戰的宏觀環境下減少了零售產品。

Same store sales also decrease half a percentage point compared to a 3.4% increase in the same quarter last year and year-to-date same store sales are flat as expected cost savings continue to drive gross margin which increased 110 basis points versus the same quarter last year to 72.9% SG&A expenses including approximately $3 million of non routine expenses related to executive severance reorganization and return to office efforts and a prospective debt offering that we decided not to pursue in the third quarter.

與去年同季 3.4% 的增幅相比，同店銷售額也下降了半個百分點，而年初至今的同店銷售額持平，因為預期成本節省繼續推動毛利率，與同店相比增長了 110 個基點去年，SG&A 費用佔72.9%，其中包括與高階主管遣散重組、重返辦公室工作以及我們決定在第三季不進行的預期債務發行相關的約300 萬美元的非常規費用。

These non routine expenses were the primary driver of a 21.6% year over year increase to $17.5 million.

這些非常規費用是年增 21.6% 至 1,750 萬美元的主要推動力。

Advertising expenses increased $300,000 or 70 basis points to $8.4 million due to our planned efforts to drive traffic and the timing of seasonal campaign costs adjusted EBD A of 18.4 million decreased 4.4% from 19.3 million in the prior year period.

由於我們計劃努力增加流量和季節性活動時間，廣告費用增加了30 萬美元或70 個基點，達到840 萬美元，調整後的EBD A 為1,840 萬美元，比上年同期的1,930 萬美元減少了4.4 %。

And adjusted ed.

並調整了編輯。

A margin decreased to 33.2% from 34.6%.

利潤率從 34.6% 下降至 33.2%。

With continued favorability from interest income net interest expense decreased to 6.3 million from 6.5 million last year.

由於利息收入的持續利好，淨利息支出從去年的 650 萬下降至 630 萬。

Income tax expense decreased to $800,000 from $1.8 million last year as our effective tax rate improved to 28.7% from 30% and adjusted net income decreased to $5.5 million.

由於我們的有效稅率從 30% 提高到 28.7%，調整後的淨利潤減少到 550 萬美元，所得稅費用從去年的 180 萬美元減少到 80 萬美元。

Turning to the balance sheet, we ended Q3 with $48 million in cash net cash provided by operating activities was $14.8 million compared to approximately $60,000 in investing outflows, which highlights one of our biggest strengths, the ability to generate strong free cash flow through our asset light capital light model.

轉向資產負債表，第三季末，我們經營活動提供的現金為4800 萬美元，淨現金為1480 萬美元，而投資流出約為60,000 美元，這凸顯了我們最大的優勢之一，即透過我們的資產產生強勁自由現金流的能力光資本光模型。

Even in a softer consumer environment.

即使在消費環境較為疲軟的情況下也是如此。

During the quarter, we deployed $20.1 million of that cash flow to repurchase class A shares.

本季度，我們部署了 2,010 萬美元現金流來回購 A 類股票。

Once again demonstrating our conviction in the underlying value of our business and its long term potential.

再次證明我們對業務的潛在價值及其長期潛力的信念。

At quarter end, we had approximately 20 million remaining under our $50 million share repurchase authorization.

截至季末，我們的 5,000 萬美元股票回購授權中剩餘約 2,000 萬股。

A fully undrawn $40 million revolver and $391 million outstanding under our senior secured notes.

完全未提取的 4000 萬美元左輪手槍和我們的優先擔保票據下未償還的 3.91 億美元。

Net debt was 4.5 times trailing 12 months adjusted EBITDA.

淨債務是過去 12 個月調整後 EBITDA 的 4.5 倍。

Our strong liquidity position gives us the continued flexibility to consider share repurchases dividends and debt pay down on an ongoing basis.

我們強大的流動性狀況使我們能夠持續且靈活地考慮股票回購、股利和持續償還債務。

We are also evaluating the potential to use our balance sheet to purchase select units from franchisees.

我們也正在評估利用我們的資產負債表從特許經營商購買精選單位的潛力。

As always, we remain committed to financial discipline and stewardship as we consider these opportunities.

像往常一樣，在考慮這些機會時，我們仍然致力於財務紀律和管理。

Turning now to our outlook for the balance of 2024.

現在轉向我們對 2024 年的展望。

As David mentioned, our financial performance continues to trend in line with our latest expectations.

正如大衛所提到的，我們的財務表現繼續符合我們的最新預期。

And as a result, we are reiterating our financial outlook for fiscal 2024.

因此，我們重申 2024 財年的財務前景。

We expect system wide sales of 930 to 950 million revenue of 216 to 221 million and same store sales of negative 1.5% to positive 0.5% from a guest standpoint.

從賓客角度來看，我們預期全系統銷售額為 93 至 9.5 億美元，營收為 2.16 至 2.21 億美元，同店銷售額為負 1.5% 至正 0.5%。

We are encouraged that our core guests remain committed to our brand and continue to represent approximately 75% of network sales.

我們感到鼓舞的是，我們的核心客戶仍然致力於我們的品牌，並繼續佔網路銷售額的約 75%。

We're less than halfway through our semi annual wax pass promotional period, but we are pleased with the growth in wax pass sales so far, which is a positive indicator of future guest loyalty and frequency.

我們的半年度蠟像通行證促銷期不到一半，但我們對迄今為止蠟像通行證銷售的成長感到滿意，這是未來客人忠誠度和頻率的正面指標。

In contrast, the challenging macro environment has had a notable impact on our ability to attract new guests and increased tickets.

相較之下，充滿挑戰的宏觀環境對我們吸引新客人和增加門票的能力產生了顯著影響。

David outlined our key focus areas and the action plans we have in place to enable stronger ticket growth and we look forward to implementing our new strategies in the coming quarters from a profit standpoint, we continue to expect gross margin will improve to approximately 73% for fiscal 2024.

David 概述了我們的關鍵重點領域以及我們為實現更強勁的門票增長而製定的行動計劃，我們期待在未來幾個季度從利潤的角度實施我們的新戰略，我們仍然預計毛利率將提高至約73 % 2024 財年。

And our full year outlook remains 70 to 74 million of adjusted EBD A and 19 to 22 million of adjusted net income.

我們的全年展望仍然是調整後的 EBD A 為 7,000 至 7,400 萬美元，調整後的淨利潤為 1,900 至 2,200 萬美元。

Keep in mind these adjusted metrics exclude approximately $3 million in third quarter SG&A expenses related to the executive transitions return to office efforts and the debt refinancing that we elected to terminate However, these metrics do include up to $4 million of expenses related to our laser hair removal pilot.

請記住，這些調整後的指標不包括第三季約300 萬美元的SG&A 費用，這些費用與高階主管調動、重返辦公室工作以及我們選擇終止的債務再融資相關。與我們的雷射毛髮相關的高達400 萬美元的費用去除試點。

There was no change to our expectations for interest expense of $26.5 million and an effective tax rate of 25% before discrete items.

我們對 2650 萬美元利息支出和不計離散項目的有效稅率 25% 的預期沒有變化。

Finally, in terms of new centers, as David mentioned, we continue to expect 43 gross new openings this year of which 35 are already open as we continue to manage a dynamic closure environment and review our network portfolio.

最後，就新中心而言，正如 David 所提到的，我們繼續預計今年將有 43 個新開業中心，其中 35 個已經開業，因為我們將繼續管理動態關閉環境並審查我們的網路組合。

We expect 17 to 22 net new center openings in fiscal 2024.

我們預計 2024 財年將淨開設 17 至 22 個新中心。

Before we open the call for Q&A, I'd like to take a moment to focus on the long term opportunity that remains central to European Wax Center.

在我們開始問答之前，我想花點時間關注歐洲蠟中心仍然核心的長期機會。

Our commitment to driving new guests supporting our franchise partners and generating long term shareholder returns is unwavering.

我們堅定不移地致力於推動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。

Even in a challenging environment.

即使在充滿挑戰的環境中。

Our business generates significant cash flow and our asset light model gives us the flexibility to consider various opportunities to drive value for guests franchisees and shareholders.

我們的業務產生大量現金流，而我們的輕資產模式使我們能夠靈活地考慮各種機會，為賓客特許經營商和股東創造價值。

We continue to have a long runway of growth in front of us in an unmatched leadership position in a highly fragmented industry.

在高度分散的行業中，我們繼續保持無與倫比的領導地位，擁有漫長的成長道路。

And as David noted, we have taken decisive action towards fulfilling our clear vision for the future of this enduring brand.

正如大衛所指出的，我們已採取果斷行動，以實現我們對這個持久品牌的未來的明確願景。

We look forward to executing on our focus areas and updating you on our progress in the coming months.

我們期待在未來幾個月內執行我們的重點領域並向您通報我們的進展。

We now like to turn the call over for questions, operator.

接線員，我們現在想轉接電話詢問問題。

Thank you.

謝謝。

As a reminder to ask a question, please press star 11 on your telephone and wait for your name to be announced to withdraw your question.

作為提問提醒，請按電話上的星號 11 並等待宣布您的名字以撤回您的問題。

Press star 11 again due to time restraints, we ask that you please limit yourself to one question and one follow up question.

由於時間限制，請再次按星號 11，我們要求您只回答一個問題和一個後續問題。

Please stand by while we compile the Q&A roster.

我們正在整理問答名單，請稍候。

Yeah, our first question will come from the line of Randy Koic with Jeffrey.

是的，我們的第一個問題來自蘭迪·科伊奇和傑弗裡的對話。

Your line is open.

您的線路已開通。

Yeah.

是的。

Good morning and thank you for taking the questions.

早上好，感謝您提出問題。

And David, I appreciate, you know, the, the approach here.

大衛，我很欣賞這裡的方法。

It's kind of, you, you're, you're kind of being thoughtful, you're, you're taking a step back, you know, you're reflecting on the strategies and involving them as that function.

這有點像，你，你，你有點深思熟慮，你，你正在後退一步，你知道，你正在反思策略並將其作為該功能。

You know, obviously it, it feels like there's some kind of units that are at risk.

你知道，顯然，感覺好像有某種單位處於危險之中。

Is there anything that is common that you're seeing in those units that, you know, is, is different and perhaps the way units were opened or the or the real estate locations were chosen in the most in the last couple of years versus, you know, five years ago or something like that.

您在這些單元中看到的有什麼共同點是不同的，也許是過去幾年中單元的開放方式或選擇的房地產位置與，你知道，五年前或類似的事情。

What, what are you seeing that is different in that, that, that's causing that underperformance and maybe location or something else that, that could, you could give us some more, you know, color on.

你所看到的不同之處在於，這導致了表現不佳，也許是位置或其他原因，你可以給我們更多的，你知道的，顏色。

Thanks.

謝謝。

Yeah.

是的。

Hey, Randy, good morning.

嘿，蘭迪，早安。

Thanks for the question.

謝謝你的提問。

I don't, you know, I don't think this is a real estate issue.

我不知道，我不認為這是一個房地產問題。

There's, there's probably of the 16 closures that we've had year-to-date, you know, that there's maybe an instance or two where it was just a bad pick on real estate.

今年迄今為止，我們已經關閉了 16 家酒店，其中可能有一兩起是房地產行業的糟糕選擇。

I think this is really much more around the, the macroeconomic conditions that our franchisees have been facing.

我認為這實際上更多地涉及我們的特許經營商所面臨的宏觀經濟狀況。

So some, you know, certainly higher, higher than expected rent and wage costs in certain areas.

所以，你知道，某些地區的租金和薪資成本肯定高於預期。

You know, folks coming up to the expiration of their leases or licenses and they just elected not to renew, given kind of elevated costs and a more difficult macroeconomic pressure and just, or, or potentially a desire to relocate to a different trade area.

你知道，人們的租約或許可證即將到期，他們只是選擇不續約，因為成本上升和宏觀經濟壓力更大，並且只是或或可能希望搬遷到不同的貿易區域。

You know, sometimes where we got multi unit owners, they're just optimizing their portfolio.

你知道，有時我們有多個單位的業主，他們只是在優化他們的投資組合。

So I, I wouldn't, I wouldn't pin it on real estate.

所以我，我不會，我不會把它寄託在房地產上。

I think what we're doing, Randy, you're, you're sort of, is it just my digging in a lot deeper with the current leadership and the development team to ensure we've got better visibility to what's coming at us, looking at the financial health of our franchisees, seeing when licenses are going to expire, and working with, you know, to be crystal clear, our, our strong desire is to work with our existing franchisees to renegotiate multi unit development agreements where that makes sense.

我認為我們正在做的事情，蘭迪，你，你是，只是我與現任領導層和開發團隊進行了更深入的研究，以確保我們能夠更好地了解即將發生的事情，查看我們特許經營商的財務狀況，了解許可證何時到期，並與我們合作，你知道，明確地說，我們的強烈願望是與我們現有的特許經營商合作，重新談判多單位開發協議，其中有道理。

And I think it's, it still continues to be an attractive model that, we're, we're very pleased where we've seen franchisees step in and take on transfers.

我認為它仍然是一個有吸引力的模式，我們非常高興看到特許經營商介入並進行轉讓。

And we also believe that there will be an interest of folks outside of the system, given the attractive returns that we have at the end of the day.

我們也相信，鑑於我們最終獲得的誘人回報，系統外的人們也會感興趣。

You know, it all comes back to what we've talked about in terms of our priorities, which is we have to drive more new guests and we have to improve tickets for, for our franchisees and that will drive drive the, the overall four wall profitability, which is our key focus for our, for our franchisees.

你知道，這一切都回到了我們所討論的優先事項，即我們必須吸引更多的新客人，我們必須改善我們的特許經營商的門票，這將推動整體四個牆的盈利能力，這是我們和我們的特許經營商的重點關注點。

Thank you one moment.

謝謝你一會兒。

Oh, go ahead, Randy.

哦，繼續吧，蘭迪。

And you're kind of coming in and out.

你就像進進出出。

We can't hear you.

我們聽不到你的聲音。

Now, Randy.

現在，蘭迪。

Our next question will come from the line of Dana Telsey with Telsey Advisory Group.

我們的下一個問題將來自特爾西諮詢小組的達納·特爾西。

I just circling back to the to the units that are being closed as you go through your franchisee network.

我只是回到當你瀏覽你的加盟商網絡時正在關閉的單位。

It is there, are there more that you'd like to close?

它就在那裡，還有更多您想關閉的嗎？

Are there any metrics that are defining around those that you want close and then opening new centers?

是否有任何指標來定義您想要關閉然後開設新中心的中心？

Is there any reframing of what you'd like to look for?

您想要尋找的內容是否有任何重構？

And then secondly, franchise terms and franchise terms are those at all changing in this landscape?

其次，特許經營條款和特許經營條款在這種情況下是否發生了變化？

And what are you seeing from your customers regionally?

您從區域客戶看到了什麼？

How's California performing?

加州表現如何？

What did you see and wax pass members versus not?

您看到蠟通行證會員和非蠟通行證會員有何不同？

How would you calibrate the consumer out there for European wax?

您如何評價歐洲蠟的消費者？

Thank you.

謝謝。

Dana, I always love that you get four questions in and your one question.

達納，我一直很喜歡你提出四個問題和一個問題。

So we'll try to try to dissect those.

所以我們將嘗試剖析這些。

Let me, let me take it sort of in reverse order from a franchise agreement standpoint.

讓我，讓我從特許經營協議的角度以相反的順序來看待它。

We, we, we don't anticipate any, any material change in the, the franchise agreement that we have with our, our franchisees today.

我們，我們，我們預計我們今天與我們的特許經營商簽訂的特許經營協議不會發生任何重大變化。

Your question around sort of, you know, units being closed and would we like units to be closed?

你的問題是，你知道，單位被關閉，我們希望單位被關閉嗎？

Obviously, we want, you know, our, our preference is that that units stay open and they, they ramp successfully and they, they get to the, the kind of, you know, mid 10s, low 20% 4 wall ebida margins that incense our franchisees to reinvest in, in the system.

顯然，我們希望，你知道，我們的偏好是，這些單位保持開放，他們，他們成功地成長，他們，他們達到那種，你知道，10年代中期，低20％的4牆EBDA利潤率香我們的加盟商再投資，在系統裡。

And, and we've certainly historically been very fortunate that our growth has come from our current franchise ebay.

而且，從歷史上看，我們確實非常幸運，我們的成長來自於我們目前的特許經營 eBay。

So that's our goal and again, back to why we're focused on driving new guests and increase tickets into the, into the system.

這就是我們的目標，再次回到為什麼我們專注於吸引新客人並增加進入系統的門票。

I, I think the, in, in terms of our behavior of our guests, our, our core guest has, has behaved the same and this has really been pre COVID post COVID tougher macroeconomic situation.

我，我認為，就我們客人的行為而言，我們的核心客人的行為是一樣的，這確實是在新冠疫情之前，在新冠疫情之後，宏觀經濟形勢更加嚴峻。

That core guest still accounts for 75% of our, of our revenue.

這核心客人仍占我們收入的 75%。

And that recurring revenue model is one of the strongest aspects of the business model that we have here regionally.

這種經常性收入模式是我們在該地區擁有的商業模式中最強大的方面之一。

I think that, you know, California, as we talked about even last quarter that, you know, they have seen higher costs there, particularly in rent and labor.

我認為，加州，正如我們在上個季度談到的那樣，他們那裡的成本更高，特別是在租金和勞動力方面。

And there's been a, so that's been a little bit of a pressure on the, on the production or productivity of the California centers.

加州中心的生產或生產力受到了一點壓力。

You know, one of the things that I'm sure we'll, we'll get asked about is pricing.

你知道，我確信我們會被問到的事情之一就是定價。

We continue to think about, are there places where we could take price?

我們繼續思考，有沒有地方可以定價？

Do that in a, in a way that makes sense, the elasticity studies that, that might help those franchisees see a little bit of a little bit of improvement given those higher costs particularly in California.

以一種有意義的方式進行彈性研究，考慮到成本較高，尤其是在加利福尼亞州，這可能會幫助那些特許經營商看到一點點改善。

I I think the only thing I would add, you mentioned Wax pass.

我想我唯一要補充的是，你提到了蠟通行證。

Dana.

達納。

So the only thing there is we, as we mentioned on the call, we're about halfway through the Wax Pass promo for, you know, season and so far we're pleased with what we've seen.

所以唯一的事情是，正如我們在電話中提到的，我們的蠟通行證促銷活動已經進行了大約一半，你知道，賽季，到目前為止，我們對所看到的感到滿意。

And again, just kind of its that core guest continues to be very, very loyal and I think as you know, an indication of, of the future growth as it relates to those wax passes, they continue to, to increase.

再說一遍，核心客人仍然非常非常忠誠，我認為正如你所知，這表明與蠟通行證相關的未來增長，他們會繼續增加。

Thank you.

謝謝。

Thanks Dana.

謝謝達納。

Thank you one moment for our next question and that will come from the line of Jonathan Comp with Baird.

感謝您提出我們的下一個問題，該問題將由 Jonathan Comp 和 Baird 提出。

Your line is open.

您的線路已開通。

Yeah, good morning.

是的，早安。

Thank you.

謝謝。

David, could you maybe just follow up and share a little bit more of your current thoughts on sort of the range of outcomes for net unit growth in 2025.

David，您能否跟進並分享您目前對 2025 年淨單位增長結果範圍的想法。

I know, I know you gave your some directional color and, and, and just as a follow up, given that, I think it's 98% of your openings of the past few years have come from an existing franchisees.

我知道，我知道你給了你一些方向性的色彩，並且，作為後續行動，考慮到這一點，我認為過去幾年 98% 的空缺職位都來自現有的特許經營商。

Can you give any more insight on, on the infrastructure in place to attract more franchisees and you know, the success rate so far or the lead time that, that you might need to do so?

您能否提供更多有關吸引更多加盟商的基礎設施的見解，以及到目前為止的成功率或您可能需要這樣做的準備時間？

Yeah, so, so John on 2025 what what we just wanted to be clear about is that we do continue to expect that we will have new openings on a gross basis.

是的，約翰，關於 2025 年，我們只是想澄清的是，我們確實繼續預計我們將在總體上有新的職位空缺。

What we we we talked about in my prepared remarks was that given sort of the dynamic environment that we're in closures could exceed gross openings next year and it's possible that we would have a net negative number.

我們在我準備好的演講中談到的是，鑑於我們所處的動態環境，明年的關閉總量可​​能會超過開業總量，而且我們的淨數字可能會是負數。

We're not, we'll give we'll give more specific guidance on that.

我們不會，我們會就此提供更具體的指導。

When we announce Q4 in, in early March.

當我們在三月初宣布第四季。

So that's probably as far as we're going on on that guidance, John, I, I think on the the the we've been very fortunate as I, as I mentioned in my response to question, but our growth has come from our current franchisee base.

因此，就我們目前的指導而言，約翰，我，我認為，正如我在回答問題時提到的那樣，我們非常幸運，但我們的成長來自我們的目前的加盟商基地。

Again, our strong preference is that we, we have discussions with our current franchisees that have signed multi unit development agreements or that want to grow with us and continue to do that.

再次強調，我們強烈希望與我們現有的特許經營商進行討論，這些特許經營商已經簽署了多單位開發協議，或者希望與我們一起成長並繼續這樣做。

We've got to readjust those, that's, that's work that's going on right now with, within our development team.

我們必須重新調整這些，也就是說，這是我們開發團隊目前正在進行的工作。

With respect to bringing on new franchisees, this is still an attractive model given the returns that you have, from a four wall standpoint, the cost of the cost of entry, the cash on cash returns.

就引進新加盟商而言，考慮到您所獲得的回報（從四牆的角度來看）、進入成本、現金回報，這仍然是一個有吸引力的模式。

And we have hired in the last month, a couple of new folks on that development team that will specifically be working with both our current franchisees, but also, you know, talking with other folks about coming into the system.

上個月，我們在該開發團隊中聘請了幾個新人，他們將專門與我們目前的特許經營商合作，而且，你知道，與其他人討論進入該系統的事宜。

So a little bit too early given that they have just and ramped up here in the last 30 days.

考慮到他們在過去 30 天內剛剛增加，現在還為時過早。

But, but the discipline around our new growth is, is, is front and center and we want to make sure that we, as I said in my prepared remarks that we're consistent, it's reliable and we're thoughtful about how we grow the, the unit count going forward.

但是，但是圍繞我們新增長的紀律是、是、是前沿和中心，我們希望確保，正如我在準備好的發言中所說，我們是一致的、可靠的，並且我們對如何發展深思熟慮，未來的單位計數。

Okay, great.

好的，太好了。

Thank you.

謝謝。

And just as a follow up David or, or Stacy, If, if in a scenario where units don't grow in 2025 just could you give any thoughts at a high level, how you plan to balance preserving the overall profitability of the organization versus, you know, keeping, keeping the growth infrastructure in place for, for the longer term opportunity.

正如大衛或史黛西的後續行動一樣，如果在 2025 年單位數量不再增長的情況下，您能否從高層次上給出任何想法，您計劃如何在保持組織的整體盈利能力與，你知道，保持成長基礎設施到位，以獲得更長期的機會。

Thanks again.

再次感謝。

Yeah.

是的。

Yeah.

是的。

Thanks for the question.

謝謝你的提問。

What I'd say for, you know, obviously we haven't given any guidance and that will, you know, certainly impact on the overall results.

我想說的是，顯然我們沒有給出任何指導，這肯定會影響整體結果。

But when we look at anything below sales, we think about our gross margin, you know, we've shown some tremendous increase or, you know, growth this year.

但是，當我們考慮銷售額以下的任何東西時，我們會考慮我們的毛利率，你知道，我們今年已經出現了一些巨大的增長，或者說，增長。

And so there's no reason we would think that that would change, you know, we should be able to sustain that level that's coming in around 73 basis points.

因此，我們沒有理由認為這種情況會改變，我們應該能夠維持 73 個基點左右的水平。

And then from a cost perspective, you know, we will we don't require a lot, you know, once we start to lever, we will leverage our, our cost structure as we get the top line growing.

然後從成本的角度來看，你知道，我們不需要太多，你知道，一旦我們開始槓桿，隨著收入的成長，我們將利用我們的成本結構。

But don't expect to see any, you know, increases that would be and put us in a position to necessarily deleverage, but more more to come when we report our Q4 results as it relates to 2025.

但你知道，不要指望看到任何成長，這將使我們有必要去槓桿化，但當我們報告與 2025 年相關的第四季業績時，還會有更多成長。

Thank you one moment for our next question.

謝謝您提出我們的下一個問題。

And that will come from the line of Ken Wolfmeyer with Piper Sandler.

這將來自肯·沃爾夫邁耶 (Ken Wolfmeyer) 和派珀·桑德勒 (Piper Sandler) 的血統。

Your line is open.

您的線路已開通。

Hey, good morning team.

嘿，早上好，團隊。

Thanks for taking the question.

感謝您提出問題。

Not to harp on the unit growth too much, but maybe could you provide a little bit of color on some of the criteria you're using to assess if a unit is worth closing or not?

不要過度談論單位成長，但也許你可以提供一些關於你用來評估單位是否值得關閉的標準的一些資訊？

If it's not the franchisee making that ultimate decision.

如果不是特許經營商做出最終決定。

Just what metrics are you looking at?

您正在關注哪些指標？

And then at what point would you consider, you know, using your, your cash to bring some of these units under the corporate umbrella?

然後你會在什麼時候考慮使用你的現金將其中一些單位納入公司旗下？

Thanks.

謝謝。

Yeah.

是的。

Hey, Ken, good morning.

嘿，肯，早安。

We, we have a closure policy, and we want to work closely with our franchisees to talk to them about where there are opportunities within their P&L that we can be helpful.

我們有關閉政策，我們希望與我們的特許經營商密切合作，與他們討論損益表中哪些地方有我們可以提供幫助的機會。

If there are areas that you know, where we could add additional support or training, we do that, we certainly are, are monitoring the the potential at risk and, and closure list with a lot more robustness really, really starting in the, in the last the last 30 days or so to make sure that we've got better visibility to that so that we can work with our franchisees to either, you know, help them stay open or in the event that they have to close, potentially look for someone to transfer that to or if, if the ultimate decision is they have to close that, that we've got awareness to that and we can do that in a thoughtful way.

如果您知道在某些領域我們可以增加額外的支援或培訓，我們會這樣做，我們當然會監控潛在的風險，並以更加穩健的方式關閉清單，真正開始，在過去30 天左右的時間，以確保我們對此有更好的了解，以便我們可以與我們的特許經營商合作，幫助他們保持營業，或者在他們必須關閉的情況下，可能會尋找讓某人將其轉移給或者，如果最終決定是他們必須關閉它，我們已經意識到這一點，並且我們可以以深思熟慮的方式做到這一點。

The on, on, on using the balance sheet.

繼續，繼續，繼續使用資產負債表。

I mean, listen, we're, this is a great model as you know, that generates a lot of cash flow.

我的意思是，聽著，正如你所知，這是一個很棒的模型，可以產生大量現金流。

One of the things that we do think about is is using some of our cash to buy up franchisees that might want to close.

我們確實考慮的事情之一是用我們的一些現金收購可能想要關閉的特許經營商。

We're going to do that again in a thoughtful manner.

我們將以深思熟慮的方式再次這樣做。

We always want to make sure that we are an asset light model.

我們始終希望確保我們是輕資產模式。

But we do, we've got opportunities to deploy cash in, in, in places that make the most sense and given, given kind of the attractive overall returns.

但我們確實如此，我們有機會將現金部署在最有意義、最有吸引力的整體回報的地方。

There may be instances where that absolutely does make sense.

在某些情況下，這絕對是有意義的。

Great.

偉大的。

Thank you.

謝謝。

And then maybe can you touch a little bit on interest from perspective, franchisees wanting to come into the European Wax group, you know, is there opportunity to pass on these closing units to, you know, additional interested for potential franchisees?

然後，也許您可以從希望進入歐洲蠟集團的特許經營商的角度談談興趣，您知道，是否有機會將這些關閉單位傳遞給對潛在特許經營商更加感興趣的人？

And is that something that you started to do, is something that we could think about into 2025 and 2026 as a way to keep that unit growth still up?

這是你們開始做的事情嗎？

Yeah, really, really early days, Corinne, but, and I think there's, there's two, I think we've certainly seen interest from our current franchisees where and, and great partners that have said, hey, here's a franchisee that might want to exit or is struggling a little bit and, and oftentimes we're able to have a transfer to a stronger operator that, that takes on those those centers.

是的，真的，真的很早，科琳娜，但是，我認為有，有兩個，我想我們肯定看到了我們當前的特許經營商的興趣，以及偉大的合作夥伴說，嘿，這是一個可能想要的特許經營商退出或有點掙扎，而且通常我們能夠轉移到一個更強大的運營商，該運營商可以接管這些中心。

That's a great result for, for all of us.

對我們所有人來說，這都是一個很好的結果。

And I think just again reinforces the belief that our franchisees have in the current system again, very early days about sort of, you know, soliciting or talking to folks that want to come into the system.

我認為這再次強化了我們的特許經營商再次在當前系統中的信念，在很早的時候，你知道，招攬或與想要進入該系統的人交談。

But the, you know, the early, early early read is that given again, the, the, the low cost of entry and the returns that you can have in, in our, in our, in our business model that we expect that we can attract folks where these returns are better than other franchise concepts.

但是，你知道，早期、早期的解讀是，再次考慮到，進入成本低，以及你可以在我們的商業模式中獲得的回報，我們期望我們可以吸引那些回報比其他特許經營概念更好的人。

Great.

偉大的。

Thank.

感謝。

You.

你。

Thank you one moment for our next question and that will come from the line of Simeon Gutman with Morgan Stanley.

感謝您提出我們的下一個問題，該問題將來自摩根士丹利的西蒙·古特曼。

Your line is open.

您的線路已開通。

Hi, this is Lauren on for Simon.

大家好，我是西蒙的勞倫。

I guess in the press release, you, you mentioned enhancing, you know, unit economics.

我想在新聞稿中，您提到了增強單位經濟效益。

I was wondering if you could maybe expand or elaborate on this a little bit.

我想知道您是否可以對此進行擴展或詳細說明。

Is this maybe because the business has seen, you know, comps or declines just can you give more color on how unit economics are performing relative to your expectations?

這可能是因為企業已經看到了，你知道，比較或下降，你能提供更多關於單位經濟效益相對於你的預期的表現嗎？

Thank you.

謝謝。

Yeah, II I think Lauren thanks for the question.

是的，我想勞倫感謝你提出這個問題。

I, I think this is really our as we look at those key focus areas right about driving new guests, driving more tickets.

我認為這確實是我們的重點，因為我們著眼於吸引新客人、吸引更多門票的關鍵焦點領域。

That's going to, that's going to increase the overall productivity from a four wall standpoint.

從四面牆的角度來看，這將提高整體生產力。

So I I just want to make sure everybody understands that our job here is the as the franchisor and the corporate team is to be the, the customer service department for our franchisees to help them perform at, at, at four, at four wall.

所以我只是想確保每個人都明白，我們在這裡的工作是作為特許經營商，而公司團隊是我們的特許經營商的客戶服務部門，幫助他們在四牆四牆表現。

I think that the, the partnership with the lava is really focused on doing just what you've talked about.

我認為與熔岩的合作確實專注於做你所說的事情。

How do we more, more revenue generation that is through driving new guests where we're getting a lot smarter about our creative, how we buy media, how we place, how we, how we message to both new and existing guests.

我們如何透過吸引新客人來創造更多、更多的收入，我們在創意、如何購買媒體、如何放置、如何向新客人和現有客人傳達訊息方面變得更加聰明。

So all kind of all those focus areas that we've talked about that, that there aren't 10 of them.

我們討論過的所有這些重點領域，其中不只有 10 個。

It's really those two or three that we're hyper focused on and have reallocated resources to address is to do just what you said, which is to continue to enhance our our, our productivity at the four at a, at a four wall basis.

實際上，我們非常關注這兩三個問題，並重新分配了資源來解決這些問題，就是按照您所說的去做，即繼續提高我們的生產力，以四牆為基礎，以四牆為基礎。

Great.

偉大的。

Thank you.

謝謝。

And then my follow up is just, you mentioned, the core guests remain, you know, committed to the brand.

然後我的後續行動就是，你提到的，核心客人仍然致力於品牌。

I guess.

我猜。

How should we think about the base of the core guests specifically?

具體該如何看待核心客人的基礎呢？

Are you pleased with maybe the retention of the cohort and also just any color on on laps guests?

您對隊伍的保留以及圈上客人的任何顏色感到滿意嗎？

Thank you.

謝謝。

Sure, I'll start and then David can add.

當然，我先開始，然後大衛可以補充。

Yeah.

是的。

So as we said, you know, that core guest continues to be, you know, about 75% of our system wide sales.

正如我們所說，您知道，核心客戶仍然占我們系統範圍內銷售額的 75% 左右。

So we're pleased with that, that routines have not changed.

所以我們很高興，慣例沒有改變。

And so they've proven to be a very loyal, loyal guest for us.

事實證明，他們是我們非常忠誠的客人。

And so we're, we're, we're pleased with that.

所以我們對此感到滿意。

Certain, pleased with so far with how our wax pass promo is going.

當然，到目前為止我們對蠟通行證促銷的進展感到滿意。

So that piece of it is good as well, the issue that we have and as we talked about and the challenge is really bringing a new guest to the center.

所以這一部分也很好，我們所遇到的問題以及我們所討論的挑戰確實是將一位新客人帶到中心。

And so those are the initiatives that that we spoke about specifically around marketing, as well as the the the operations team to help drive additional guests into center, which will then overall help overall kind of continue to fill the funnel and grow that core.

因此，這些是我們專門圍繞行銷以及營運團隊討論的舉措，以幫助吸引更多客人進入中心，這將總體上幫助整體繼續填充漏斗並發展核心。

Guest.

客人。

Yeah.

是的。

And if you think about that journey, it's us driving that core guest and then a real hyper focus from our, our operations team on making sure that the guest experience once they're in the center is, is amazing so that we attain that guest and then those laps guests that we talked about that haven't visited us in a period of time being more specific with really hyper personalized marketing and CRM efforts to bring them back into the center again once they get there, ensuring that that with the partnership with our franchisees that they're, they're getting an amazing guest experience.

如果您考慮這段旅程，您會發現是我們在推動核心客人，然後我們的營運團隊真正高度關注，確保客人進入中心後的體驗是令人驚嘆的，以便我們吸引到該客人然後，我們談談到的那些在一段時間內沒有訪問過我們的圈內客人，透過真正的超個性化行銷和CRM 努力，在他們到達那裡後將他們再次帶回中心，確保與合作夥伴關係更加具體與我們的特許經營者一起，他們獲得了令人驚嘆的賓客體驗。

So we convert them into a wax pass holder into that core guest that drives that recurring revenue.

因此，我們將他們轉變為蠟通票持有者，轉變為推動經常性收入的核心客人。

Great.

偉大的。

Thank you.

謝謝。

Thank you one moment for our next question.

謝謝您提出我們的下一個問題。

And that will come from the line of John Heinbockel with Guggenheim.

這將來自約翰·海因博克爾和古根漢的血統。

Your line is open.

您的線路已開通。

Hey, I wanted to start with underperforming centers.

嘿，我想從表現不佳的中心開始。

You think that that number is less than 5% of the network.

您認為這個數字還不到網路的 5%。

Is that, is that fair?

這樣，這樣公平嗎？

I don't know.

我不知道。

And I don't know what percent you're working on at any, at any one point in time.

我不知道你在任何時間點的工作百分比是多少。

And then when you think about non revenue ways to improve the economic model, right?

然後當你考慮改善經濟模式的非收入方法時，對嗎？

You know, there are ways to, I think about, you know, ca capital cost and, or labor.

我想，有很多方法可以降低資本成本和/或勞動成本。

But the catch 22 being right with this, with the wax specialist, you can't cut back on that too much, right?

但第二十二條軍規就是這樣，對於蠟專家來說，你不能削減太多，對吧？

So, so you gotta address wax specialist productivity.

因此，您必須解決蠟專家的生產力問題。

How how do you think about doing that?

你覺得如何做呢？

Yeah, so John, I think part part of underperforming, you know, is definitional, right?

是的，所以約翰，我認為表現不佳的一部分，你知道，是定義性的，對嗎？

But if we think about stores that are probably negative ebita, it's a it's a small percentage less, you know, 10 10% or so of mature of mature centers.

但如果我們考慮到可能出現負息稅前利潤的商店，那麼成熟中心的比例就會低 10-10% 左右。

And, and again, we continue to work with them about how to, how to enhance that, that profitability.

並且，我們將繼續與他們合作，研究如何提高獲利能力。

I mean, your your non revenue questions is a is a really good one.

我的意思是，你的非收入問題是一個非常好的問題。

As, as I, I think there's a couple of things from a from a cost of the box standpoint, you know, we continue to look at ways how do we make opening a new center and the construction of that more affordable so that we can we can get the ramp faster and get the break even faster and, and drive those cash on cash return.

正如我一樣，我認為從盒子成本的角度來看，有一些事情，你知道，我們將繼續研究如何使開設一個新中心和建造該中心更加經濟實惠，以便我們能夠我們可以更快地實現增長，甚至更快地實現盈利，並透過現金回報來推動這些現金。

So that work continues to go on again in concert with our franchisees.

因此，這項工作將繼續與我們的特許經營商合作繼續進行。

Labor is we, we've called out specifically, you know, labor continues to be a challenge as we, as we look at particularly high, high cost states like California or regions like, you know, the, the, the Northwest Seattle and, and, and Portland and those areas.

勞工就是我們，我們特別呼籲，你知道，勞工仍然是一個挑戰，因為我們看到像加州這樣成本特別高的州或像西雅圖西北部和、、、波特蘭等地區。

And as I mentioned, John, that, that, you know, pricing is an area that we've got to be conscious of that, that can help us offset some of those those costs that our franchisees are, are, are looking at.

正如我所提到的，約翰，你知道，定價是我們必須意識到的一個領域，它可以幫助我們抵消我們的特許經營商正在考慮的一些成本。

But I, I keep coming back to sort of what, what our real opportunity is to drive new guests into the system.

但我，我不斷地回到我們真正的機會是什麼，以吸引新客人進入系統。

And then once we get them there to make sure that we retain them and reactivate those guests that haven't been there.

然後，一旦我們把他們帶到那裡，以確保我們留住他們並重新激活那些沒有去過那裡的客人。

So that, that truly is our hyper focus the help of GLA and what they're doing.

因此，這確實是我們高度關注 GLA 的幫助以及他們正在做的事情。

You know, we feel confident we're going to see, we're going to get traction doing that.

你知道，我們有信心看到，我們將獲得這樣做的動力。

And that's, that's that, that's really the, that, that flywheel that'll get us, get us moving back to the, the, the thoughtful growth that we, we talk about.

那就是那個，那真的是那個飛輪，它會讓我們回到我們談論的深思熟慮的增長。

And do you think just as a follow up to that, is it too early to, to think about?

您是否認為作為後續行動，現在考慮是否還為時過早？

Right.

正確的。

You had an al go a couple of years ago to think, does that all goes, does that still apply?

幾年前你曾想過，這一切都適用嗎？

You know, has it changed a little bit and if it still applies, you know, we kind out, you know, it's certainly not 25 but it's sort of 26 when you or some part of 26.

你知道，它有一點改變嗎？

Do you see that starting to manifest itself or do, do we know.

您是否看到這種情況開始顯現出來或確實發生了，我們知道嗎？

I, I think at this point, we're really not in a place to provide that guidance as we talked about, we're really just very focused on the thoughtful growth.

我，我認為在這一點上，我們確實無法提供我們所說的指導，我們真的只是非常專注於深思熟慮的成長。

And, and doing that right?

而且，這樣做對嗎？

And also the three things that, you know, that, that David just talked about attracting new guests, increasing tickets and improving the productivity.

還有大衛剛才談到的三件事，就是吸引新客人、增加門票和提高生產力。

So at this point, I don't think that we can say, you know, 25 is, is we'll, we'll know more in the coming weeks.

所以在這一點上，我認為我們不能說，你知道，25 是，我們會，我們會在未來幾週內知道更多。

But there's no reason that we don't believe that we won't be able to get back to that in, in the future.

但我們沒有理由不相信我們將來無法回到這一點。

We have a lot of white space in front of us.

我們面前有很多空白。

We have a lot of franchisees that are very supportive and still excited about the brand.

我們有很多特許經營商，他們非常支持我們，並且仍然對我們的品牌感到興奮。

And so that's what we're focused on.

這就是我們關注的重點。

Thank you.

謝謝。

Thank you.

謝謝。

Thank you.

謝謝。

As a reminder.

作為提醒。

If you have a question, please press star 11.

如果您有疑問，請按星號 11。

Our next question will come from the line of Melanie Nunez with Bank of America.

我們的下一個問題將來自美國銀行的梅蘭妮·努涅斯 (Melanie Nunez)。

Your line is open.

您的線路已開通。

Hi, good morning.

嗨，早安。

Thanks for taking my question.

感謝您提出我的問題。

I wanted to ask just on promotional, you know, efforts.

我只想問一下促銷方面的問題。

I know you're in the middle of the wax pass semi annual.

我知道你正處於半年一度的臘月中期。

Can you talk about any new efforts on the promotional front?

您能否談談在宣傳上有哪些新的舉措？

You know, I think you did a six plus two in the past, you know, in California and then you've done some other limited time ones for college students.

你知道，我想你過去在加州做過六加二，然後你為大學生做了一些其他限時的活動。

So just anything new to call out or will that be more of a factor after?

那麼，只是有什麼新的東西需要指出，或者這會成為之後的因素嗎？

You know, some of these initiatives elaborate come through?

你知道，其中一些舉措的精心策劃是如何實現的嗎？

Yeah, I think Melanie, it was thanks.

是的，我想梅蘭妮，這是謝謝。

Thanks for the question.

謝謝你的提問。

We as you know, we have the, the semi annual Wax pass sale where the nine plus two becomes a nine plus three.

如你所知，我們有半年一次的蠟票銷售，其中九加二變成了九加三。

That, that continues to be a great driver for us as, as Stacy talked about in her prepared remarks, even though we're kind of four weeks, you just four weeks into this, this this promotional period, very pleased with the early results of our Wax Pass sales.

這對我們來說仍然是一個巨大的推動力，正如史黛西在她準備好的講話中談到的那樣，即使我們已經過去了四個星期，你也才進入這個促銷期四個星期，對早期的結果非常滿意我們的蠟通行證銷售。

In, in, in the past 30 days, we are not a discount brand, right?

在、在、這30天裡，我們不是折扣品牌吧？

And we're not going to rely on sort of promotions and discounts.

我們不會依賴某種促銷和折扣。

One of the things that we worked.

我們所做的事情之一。

We're working with our marketing subcommittee of our franchise advisory council is to have real clear around what our 2025 promotional calendar looks like.

我們正在與特許經營諮詢委員會的營銷小組委員會合作，以便真正明確我們 2025 年的促銷日曆。

So we'll continue to, to use those, those promotions that we know drive drive profitability at at a four wall standpoint.

因此，我們將繼續利用那些我們知道可以從四面牆的角度推動獲利的促銷活動。

And I think that lens is incredibly important that we keep that in mind that any promotion that we run, that we both have a franchisor and franchisee lens on it.

我認為這個鏡頭非常重要，我們要記住，我們進行的任何促銷活動，我們都有特許人和特許經營商的鏡頭。

And we'll continue to use LT Os and limited time offers in, in product to, to enhance excitement and bring in the guests to make additional purchases.

我們將繼續在產品中使用 LT Os 和限時優惠，以增強興奮感並吸引客人進行額外購買。

But I don't think that our, our overall promotional mentality is going to change.

但我不認為我們的整體促銷心態會改變。

It's just we're going to have better clarity around it, make sure that we've got the, the, the, the support of our franchisee system and understand the impact from them clearly, you know, with the LA coming in again, that, that better insight into what our guests want to see what, what the pricing impacts might be.

只是我們要對此有更好的清晰度，確保我們得到特許經營商系統的支持，並清楚地了解他們的影響，你知道，隨著洛杉磯再次到來，這樣可以更好地了解我們的客人想看什麼、價格可能產生什麼影響。

That that's going to be incredibly helpful as we, as we move forward.

當我們前進時，這將非常有幫助。

Got it.

知道了。

Thank you.

謝謝。

Thank you.

謝謝。

One moment for our next question.

請稍等一下我們的下一個問題。

We do have a follow up question from Randy KIC with Jeffrey.

我們確實收到了 Randy KIC 和 Jeffrey 提出的後續問題。

Your line is open.

您的線路已開通。

Hey, thanks and sorry for the phone issues earlier.

嘿，感謝並抱歉之前的電話問題。

I just wanted to David back to you.

我只是想讓大衛回到你身邊。

I wanted to kind of just get your perspective on, you know, as we're, we're focusing on the near term here and this reset with items.

我想了解您的看法，您知道，我們現在的重點是短期內以及專案的重置。

Just give us your thoughts just on the long term TAM, you still have an industry that's fragmented.

請告訴我們您對 TAM 長期發展的看法，您仍然擁有一個分散的行業。

You're the largest branded player.

你是最大的品牌玩家。

You know, how do you want us to think about that be on the store side.

您知道，您希望我們在商店方面如何考慮這一點。

And, and, and if it's the same, is there any changes or, or not, let us know and, and just if it is the same, any changes in terms of how you think about where those pins are put in the ground, perhaps less in California.

並且，如果相同，是否有任何變化，或者是否有任何變化，請讓我們知道，如果相同，您對這些引腳放置在地面的位置的看法有任何變化，在加利福尼亞州可能更少。

I don't know.

我不知道。

I just want to get your perspective on how we should be thinking about long term.

我只是想了解您對我們應該如何考慮長期問題的看法。

As obviously, you know, the next couple couple quarters is going to be kind of written off.

顯然，你知道，接下來的幾季將會被註銷。

And, and is already reflected in the stock.

並且，並且已經反映在庫存中。

Just give us your perspective long term there.

請向我們提供您的長期觀點。

Thanks.

謝謝。

Yeah, Randy, I think I would start with the business model is absolutely still solid, right?

是的，蘭迪，我想我會從商業模式絕對仍然穩固開始，對吧？

We, we feel great about the that recurring revenue model that, that, that we talk about, you know, quite often from a, from a TAM standpoint, still still believe in the opportunity that we have in the us that it's still robust.

我們對我們經常談論的經常性收入模式感覺很好，從 TAM 的角度來看，我們仍然相信我們擁有的機會，它仍然很強大。

We still like the fact that we are the leader, you know, six times bigger in terms of unit count than the next biggest competitor, 11 times bigger in terms of system wide sales.

我們仍然喜歡這樣一個事實，即我們是領先者，你知道，就單位數量而言，我們是第二大競爭對手的六倍，就係統範圍銷售額而言，我們是後者的 11 倍。

And, and, and our, our modality continues to grow at a, at a gagger that we're very, we're very pleased with.

而且，我們的，我們的模式繼續以我們非常非常滿意的速度成長。

We think that the white space is, is still there, that we've got plenty of room to grow.

我們認為空白仍然存在，我們有足夠的成長空間。

Continue to be as we talk about ran thoughtful growth to make sure that we're doing that in a way that as we open new centers, they can ramp and, and be and be successful.

繼續我們所說的深思熟慮的成長，以確保我們在開設新中心時能夠實現成長並取得成功。

And that's really our focus is, is to have that thoughtful, consistent, reliable growth as we go forward.

這確實是我們的重點，是在我們前進的過程中實現深思熟慮、一致、可靠的成長。

So we again, feel great about leadership position in a category that dominated by mom and pops highly fragmented.

因此，我們再次對這個由高度分散的夫妻主導的類別中的領導地位感到滿意。

You know, get much smarter and better in terms of our, our working media spend with, with our partnership with the la that we can put more of those dollars to work, make the investments in in the guest experience from a technology standpoint that candidly our competitor set can't do.

你知道，在我們的工作媒體支出方面變得更加聰明和更好，透過與洛杉磯的合作，我們可以將更多的資金投入到工作中，從技術的角度坦率地對賓客體驗進行投資我們的競爭對手集無法做到。

You know, we, we, we didn't get a question about Laser Day, but you know, we also are going to, you know, continue to test that in, in our New York Centers.

你知道，我們，我們，我們沒有收到有關雷射日的問題，但你知道，我們也將，你知道，繼續在我們的紐約中心進行測試。

We think that's another place where both the brand and our guest gives us permission.

我們認為這是品牌和客人都給予我們許可的另一個地方。

So we're going to look at modalities that that makes sense for us and our guest gives us permission to do.

因此，我們將研究對我們有意義並且我們的客人允許我們這樣做的方式。

We, we, we continue to feel good about the, the opportunities running from an overall market standpoint and, and white space.

從整體市場的角度來看，我們、我們、我們繼續對機會和空白感覺良好。

Helpful.

有幫助。

Thanks guys.

謝謝你們。

Okay, thank you.

好的，謝謝。

Thank you.

謝謝。

And we do have a follow up question from Jonathan Comp with Baird.

我們確實收到了 Jonathan Comp 和 Baird 提出的後續問題。

Thanks just to squeeze two follow ups here, David.

謝謝大衛，在這裡擠出兩個後續行動。

I'm wondering if you could talk about or, or quantify the working media budget in 2025.

我想知道您是否可以談談 或 或 量化 2025 年的工作媒體預算。

Could that, could that be up year over year just given some of the changes you mentioned?

鑑於您提到的一些變化，這一數字是否會逐年上升？

And then Stacy just to confirm, sorry if I missed this.

然後史黛西確認一下，如果我錯過了，抱歉。

Have you, have you already purchased any corporate units from franchisees?

您是否已經從加盟商處購買了任何公司單位？

And if you have or if you do, could you just remind us how that would flow through the income statement?

如果您有，或者如果您有，您能否提醒我們這將如何反映在損益表中？

Thanks again.

再次感謝。

So let me start with that.

那麼就讓我從這個開始吧。

That's an, that's an easy one at this point in time.

就目前而言，這是一件容易的事。

No, we have not purchased any units.

不，我們沒有購買任何單位。

We've had transfers, you know, to our franchisees, which is always kind of our first, you know, course.

你知道，我們已經向我們的特許經營商進行了轉讓，這始終是我們的第一次，你知道，當然。

But at this point, no, we have not purchased any.

但目前，不，我們還沒有買任何東西。

And John on, on the marketing fund, as you know, the, the franchisees, we're the, we're the stewards of franchisees 3% contribution.

約翰，關於行銷基金，如你所知，特許經營商，我們是特許經營商的管家，出資 3%。

They, they clearly and, and we should spend that money in a way that's most effective.

他們，他們顯然，我們應該以最有效的方式花這筆錢。

We do think there's an opportunity for us to improve that in terms of more dollars towards working media.

我們確實認為我們有機會透過向工作媒體投入更多資金來改善這一點。

We've got kind of the first cut at that talking with our franchisee group about how to do that.

我們已經與我們的特許經營商小組討論如何做到這一點，這是我們的第一步。

And, and I think we, we can see some you know, fairly, fairly significant improvement in that year, over year.

而且，我認為我們可以看到一些你知道的、相當顯著的進步。

Part of what we talked about was bringing, you know, some of this work in house being more efficient.

我們討論的部分內容是讓內部的一些工作更有效率。

Some of the classic retainer kind of relationships.

一些經典的保留關係。

We will, we will move away from those and, and really redeploy those dollars into working media, which is good for good for us as a franchisor is certainly good for, for our franchisee system as well.

我們將，我們將擺脫這些，並真正將這些資金重新部署到工作媒體中，這對我們有好處，因為特許人當然對我們的特許經營商系統也有好處。

Got it.

知道了。

That's helpful.

這很有幫助。

Thank you both.

謝謝你們倆。

Thanks again.

再次感謝。

Thank you.

謝謝。

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 would now like to turn the call over to Mr David Berg for closing remarks.

我現在想將電話轉交給戴維·伯格先生進行總結發言。

Hey, thanks everybody for, for listening in today and we'll, we'll certainly look forward to talking to you in the, in the coming days and weeks and, and more to follow when we talk about Q4 in early March.

嘿，謝謝大家今天的收聽，我們一定會期待在未來幾天和幾週內與您交談，並且當我們在 3 月初談論第四季度時，我們還會有更多內容。

Thank you all very much.

非常感謝大家。

This concludes today's program.

今天的節目到此結束。

Thank you all for participating.

感謝大家的參與。

You may now disconnect.

您現在可以斷開連線。