European Wax Center Inc (EWCZ) 2025 Q2 法說會逐字稿

Good morning ladies and gentlemen. Thank you for standing by. Welcome to European Wax Center second-quarter 2025 earnings results call. (Operator Instructions)

女士們、先生們，早安！感謝大家的支持。歡迎參加歐洲蠟業中心 2025 年第二季財報結果電話會議。（操作員指示）

On the call today is Chris Morris, Chairman and Chief Executive Officer, and Tom Kim, Chief Financial Officer. I would like now to turn the conference over to Tom Kim, Chief Financial Officer. Sir, you may begin.

今天參加電話會議的有董事長兼首席執行官克里斯莫里斯 (Chris Morris) 和首席財務官湯姆金 (Tom Kim)。現在我想將會議交給財務長湯姆金 (Tom Kim)。先生，您可以開始了。

Good morning, everyone.

大家早安。

Thank you and welcome to European Wax Center's second-quarter fiscal-year 2025 earnings call. On today's call, Chris Morris will provide an update on the company's performance and discuss additional details regarding progress made on our priorities.

感謝您並歡迎參加歐洲蠟中心 2025 財年第二季財報電話會議。在今天的電話會議上，克里斯莫里斯將介紹公司業績的最新情況，並討論有關我們優先事項進展的更多細節。

Then I will discuss our second quarter results and fiscal 2025 outlook. Following the prepared remarks, we'll be available to take questions. Before we start, I would like to remind you of our legal disclaimer. We will make certain statements today which are forward-looking within the meaning of the federal securities laws, including statements about the outlook of our business and other matters referenced in our earnings release issued today.

然後我將討論我們的第二季業績和2025財年展望。準備好發言後，我們將回答提問。在我們開始之前，我想提醒您注意我們的法律免責聲明。我們今天將做出一些符合聯邦證券法含義的前瞻性聲明，包括有關我們業務前景和今天發布的收益報告中提及的其他事項的聲明。

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 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因素，可能導致實際結果與預期有重大差異。有關可能影響我們業績的風險因素的更詳細說明，請參閱我們提交給美國證券交易委員會的文件以及我們今天發布的收益報告。

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觀點，我們不承擔根據新資訊或未來事件修改或公開發布前瞻性陳述修訂結果的義務。

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

此外，在本次電話會議中，我們將討論非差距財務指標，這些指標將調整我們的 GAAP 結果，以消除某些項目的影響。

You'll find additional information regarding these non-gap financial measures and a reconciliation of these non-gap to GAAP measures in our earnings release. Live broadcast of this call is also available on the investor relations section of our website at investors.waxcenter.com.

您可以在我們的收益報告中找到有關這些非差距財務指標的更多資訊以及這些非差距與 GAAP 指標的對帳。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（investors.waxcenter.com）上觀看。

I will now turn the call over to Chris Morris.

現在我將把電話轉給克里斯莫里斯。

Thank you, Tom, and good morning everyone. Thank you for joining us to discuss European Wax Center's second-quarter 2025 financial performance.

謝謝湯姆，大家早安。感謝您與我們一起討論歐洲蠟中心2025年第二季的財務表現。

In Q2, we delivered $257.6 million in system-wide sales, 30 basis points of same store sales growth, and $21.6 million in adjusted EBITDA. The second quarter brought encouraging early signs that our strategies are beginning to take hold, even as we remain in the initial stages of a broader effort to further strengthen the foundation of the business and position EWC for sustainable growth.

第二季度，我們實現了2.576億美元的全系統銷售額，同店銷售額增長30個基點，調整後息稅折舊攤銷前利潤（EBITDA）為2160萬美元。儘管我們仍在更廣泛地努力鞏固業務基礎，並為EWC實現永續成長做好準備，但第二季取得了令人鼓舞的早期跡象，表明我們的策略已開始奏效。

Though our results do not reflect our long-term potential. They showed improvement over the course of the quarter, reaffirming the stability of our core business and the importance of the foundational work underway. This all reinforces my confidence in the fundamentals of European Wax Center, the resilience of our model, and the long term potential of the brand.

儘管我們的結果並不能反映我們的長期潛力。本季業績有所改善，再次印證了我們核心業務的穩定性以及正在進行的基礎工作的重要性。這一切都增強了我對歐洲蠟中心基本面、我們模式的韌性以及品牌長期潛力的信心。

As I've shared before, this is a transitional year during which we are implementing new tools, investing in our capabilities, building a new management team, and refining how we show up in the market and in our centers.

正如我之前所說，這是一個過渡年，在此期間我們將實施新工具、投資我們的能力、建立新的管理團隊，並改善我們在市場和中心的表現方式。

We are increasingly grounded in data, research, and a test to learn mindset, an approach that's helping us uncover what works, what doesn't, and where to focus our energy moving forward. That work is beginning to translate into clearer execution and more consistent operating performance across several fronts. To that point, in a rapidly shifting macroeconomic environment, having the right data is critical. And so is knowing how to use it.

我們越來越以數據、研究和「測試學習」的思維模式為基礎，這種方法幫助我們發現哪些方法有效，哪些無效，以及未來應該將精力集中在哪裡。這些努力正開始轉化為更清晰的執行力和更一致的營運業績，涵蓋多個領域。因此，在快速變化的宏觀經濟環境中，擁有正確的數據至關重要。懂得如何利用數據也同樣重要。

Today we're sharing a deeper view into key data points and what it tells us. We don't plan to share this level of detail every quarter, but we thought it was important to do so now given where we are in the business.

今天，我們將更深入地了解關鍵數據點及其含義。我們不打算每季都分享這種程度的細節，但考慮到我們目前的業務狀況，我們認為現在這樣做很重要。

In recent weeks we've seen an uptick in our performance, primarily driven by an improvement in year over year transaction growth, with same store sales up 1.7% in June and through the first five weeks of Q3 up 1.5%. While we recognize this is a short period of time and there's still much work to be done, these early indicators are promising.

最近幾週，我們的業績回升，主要得益於交易額年增率的改善，6月同店銷售額成長1.7%，第三季前五週成長1.5%。雖然我們意識到這只是一個短暫的時期，還有很多工作要做，但這些早期指標令人鼓舞。

With that in mind, we will continue to remain prudent in our outlook, which Tom will cover in detail in a few moments. To help build on this momentum and accelerate many of the changes already underway, we've added two exceptional leaders whose experience aligns closely with our priorities. Angela Jaskolski as Chief Operating Officer and Kurt Smith as Chief Development Officer.

考慮到這一點，我們將繼續保持審慎的展望，Tom 稍後將詳細介紹。為了鞏固這一勢頭並加速推進許多已在進行的變革，我們新增了兩位經驗與我們的優先事項高度契合的傑出領導者：Angela Jaskolski 擔任首席營運官，Kurt Smith 擔任首席開發官。

Their leadership brings critical depth and operations and development at a time when execution and discipline are central to our strategy, and I'll share more about their respective focus areas shortly.

在執行和紀律成為我們策略核心的時刻，他們的領導力帶來了關鍵的深度、營運和發展，我很快就會分享更多關於他們各自關注領域的資訊。

With this expanded leadership team in place, we believe we are better positioned to advance our three strategic objectives driving sales through traffic growth, improving for wall profitability for our franchisees through operational excellence, and implementing more sophisticated development approach focused on thoughtful, profitable expansion.

隨著領導團隊的擴大，我們相信我們將能夠更好地推進我們的三大戰略目標，透過客流量成長來推動銷售，透過卓越營運來提高特許經營商的牆面盈利能力，並實施更複雜的發展方法，專注於深思熟慮、有利可圖的擴張。

Turning first to traffic and sales growth. Our goal is to develop a robust data-informed marketing engine that consistently drives traffic to centers, and we're encouraged by the progress we've made to date. Our core guests consistently demonstrate their loyalty to the European Wax Center and the value they place on their waxing experiences.

首先談談客流量和銷售額的成長。我們的目標是開發一個強大的數據驅動型行銷引擎，持續提升中心客流量，我們對目前的進展感到鼓舞。我們的核心客戶始終如一地展現出他們對歐洲蜜蠟中心的忠誠度，以及他們對蜜蠟除毛體驗的重視。

We've learned a great deal about our business through a rigorous test to learn process and have made substantial strides in how we deploy marketing resources to acquire new guests and engage existing guests, including those who may have visited once but haven't yet developed a regular habit. We've been pleased to see this work translate into early indicators of improvement and visit frequency and consistency among our existing guests.

透過嚴格的測試學習流程，我們對業務有了更深入的了解，並在如何部署行銷資源以吸引新顧客和吸引現有顧客（包括那些可能只來過一次但尚未養成常客習慣的顧客）方面取得了長足的進步。我們很高興看到這項工作轉化為改進的早期指標，提高了現有顧客的訪問頻率和一致性。

While new gas acquisition hasn't accelerated the same pace, we're beginning to see traction from our initiatives, and we believe we will see this area improve more meaningfully in the latter part of 2025 and end of 2026.

雖然新的天然氣收購速度沒有加快，但我們開始看到我們的舉措取得進展，我們相信我們將在 2025 年下半年和 2026 年底看到這一領域取得更有意義的改善。

We've continued to refine our media strategy to be more efficient and data driven, and we're now better able to see which creative assets and placements are actually driving incremental traffic. That improved visibility paired with smarter guest targeting has led to as much as an estimated 40% improvement in cost per acquisition since the beginning of the year.

我們不斷優化媒體策略，使其更有效率、數據驅動，現在我們能夠更了解哪些創意資產和投放方式真正帶來了流量成長。這種可見性的提升，加上更聰明的客源定位，自今年年初以來，預計每次轉換成本已降低高達 40%。

Building on this, we partnered with our franchisees to implement the same tactics with their local marketing dollars, helping them achieve greater efficiency and effectiveness with their marketing spend as well.

在此基礎上，我們與我們的特許經營商合作，利用他們的本地行銷資金實施相同的策略，幫助他們提高行銷支出的效率和效果。

In Q2 we launched our champion ad test evaluating over 100 creative variations and identifying top4 performing assets now running in markets across high visibility channels. This test and learn approach is a key building block of our evolving marketing engine.

我們在第二季啟動了冠軍廣告測試，評估了超過 100 個創意變體，並確定了目前在各大高曝光度管道中投放的 4 個表現最佳的素材。這種「測試與學習」方法是我們不斷改進的行銷引擎的關鍵基石。

Additionally, we've worked closely with our franchise partners to double down on efforts to turn our loyal guests into brand advocates. These focused efforts have led to a meaningful improvement in guest referrals, one of the most powerful and cost effective drivers of new guest acquisition.

此外，我們與特許經營合作夥伴緊密合作，加倍努力將忠實顧客轉化為品牌擁護者。這些專注的努力顯著提升了顧客推薦率，而推薦率是吸引新顧客最有力且最具成本效益的驅動力之一。

Referrals also help drive energy and deepen engagement across our system. Let's now turn to existing guests. We've made considerable progress in our ability to retain existing guests and improve frequency.

推薦也有助於提升我們整個系統的活力，並加深我們的參與度。現在，讓我們來談談現有賓客。我們在留住現有客人和提高客人頻率方面取得了長足的進步。

One area of focus has been our contactability percentage, which is the share of our guests that opt into our SMS and email database. This is a key lever in driving frequency and reactivation. Through this focused effort, we've seen our contactability rate improve from 38% at the beginning of the year to now 57%.

我們關注的重點之一是聯絡率，即選擇加入我們簡訊和電子郵件資料庫的客人比例。這是提升客人頻率和再次入住率的關鍵因素。透過這項重點工作，我們的聯繫率已從年初的38%提升至目前的57%。

We're using this increase in our engagement platform to deliver personalized messaging tailored to each guest's history with us and have evolved our creative and language through testing. On average, we've been successful at driving 0.5% increase in visit frequency from guests who have opted into our SMS and email engagement platform.

我們正利用互動平台的這種成長，根據每位賓客的入住體驗，提供個人化的信息，並透過測試不斷改進我們的創意和語言。平均而言，我們成功地將選擇使用簡訊和電子郵件互動平台的賓客的造訪頻率提高了 0.5%。

To build on this momentum, we are working closely with our franchise partners on the importance of retaining guests and helping guests build routines. We are showing them the link between enhanced guest experiences and traffic to our centers. We still have work to be done here, but I'm excited about the progress we're making and the level of engagement from our franchise partners.

為了保持這一勢頭，我們正與特許經營合作夥伴密切合作，強調留住客人和幫助客人建立日常習慣的重要性。我們正在向他們展示提升顧客體驗與中心客流量之間的連結。我們在這方面仍有工作要做，但我對我們的進展以及特許經營合作夥伴的參與程度感到興奮。

Looking ahead, we're beginning to reshape our brand identity to better engage high value audiences, work that will scale in 2026 but is already informing how we show up today. The insights we gained in Q2 on our traffic and sales growth priority have sharpened our focus and made us smarter in how we attract and engage new and existing guests, and we believe this foundation positions us well in the quarters ahead.

展望未來，我們正著手重塑品牌形象，以更能吸引高價值受眾。這項工作將在2026年進一步擴大，但目前已然影響我們目前的形象。我們在第二季度獲得的流量和銷售成長重點的洞察，使我們更加專注，並更明智地吸引和互動新舊顧客。我們相信，這一基礎將使我們在未來幾季佔據有利地位。

Next, turning to our second strategic focus, improving overall profitability for our franchisees. This priority is cultivating a more effective service-based corporate infrastructure that enables operational excellence and sets our franchisees up to succeed. We aspire to be the premier franchisor of choice, and that starts with a partnership mindset.

接下來，談談我們的第二個策略重點：提升加盟主的整體獲利能力。這一重點是建立更有效率的、以服務為基礎的企業基礎設施，以實現卓越運營，並為加盟商的成功奠定基礎。我們渴望成為首選的加盟商，而這一切始於合作的理念。

Over the past quarter we've continued to work closely with franchisees to deliver targeted support in hands-on partnership at the center level. The tools we introduced earlier this year designed to improve tracking, accountability and transparency are now fully operational across the system. Consistency and engagement are critical drivers of a turnaround, and our actions are taken root.

在過去的一個季度，我們繼續與加盟商緊密合作，在中心層級提供有針對性的實踐合作支援。我們今年稍早推出的旨在改善追蹤、問責和透明度的工具現已在整個系統中全面投入使用。一致性和參與度是扭轉局面的關鍵驅動力，我們的行動已紮根。

This year we've already delivered over 2,000 touch points, including 400 field visits, implemented local marketing campaigns, and 450 centers, and provided nearly 200 labor analytics reports. We're seeing encouraging signs of margin and other KPI improvements across the network, particularly with centers that are highly engaged, where EBITDA margins have improved 170 basis points.

今年，我們已經提供了超過 2,000 個接觸點，包括 400 次實地考察、實施了本地行銷活動和 450 個中心，並提供了近 200 份勞動力分析報告。我們看到整個網路的利潤率和其他 KPI 改善的令人鼓舞的跡象，特別是在高度參與的中心，EBITDA 利潤率提高了 170 個基點。

With the appointment of Angela as Chief Operating Officer, we expect to take this work even further. She officially joins us next week and will oversee all aspects of franchise operations, training, learning, and development.

隨著安吉拉被任命為首席營運官，我們期望這項工作能取得更大的進展。她將於下周正式加入我們，並將負責特許經營運營、培訓、學習和發展的各個方面。

She brings a demonstrated track record of operational transformation at scale combined with deep industry and franchise experience, and I'm confident she'll make a significant impact on sooner performance. Under her leadership, we expect to further evolve our support structure and refine the tools our operators need to drive execution.

她擁有豐富的行業和特許經營經驗，在大規模營運轉型方面擁有卓越的業績，我相信她將為業績的快速提升帶來顯著的推動作用。在她的領導下，我們期待進一步改進我們的支援架構，並完善營運人員所需的工具，以推動業務執行。

I also want to take a few moments here to discuss our annual franchisee brand conference that we hosted a few months ago. I came away incredibly energized by the quality of our franchisees and their level of engagement and alignment across our franchise network.

我還想花點時間討論一下我們幾個月前舉辦的年度特許經營品牌大會。我們特許經營商的素質以及他們在我們整個特許經營網絡中的參與度和協調度讓我感到非常振奮。

We spent time listening to their feedback, level setting where we are, and most importantly, where we're going. Franchisees were enthusiastic about the data-driven mindset our new management team is bringing to the table, and survey feedback showed a meaningful increase in confidence around the company's direction.

我們花時間傾聽他們的回饋，明確了我們目前的狀況，以及最重要的，我們的未來發展方向。加盟商對我們新管理團隊帶來的數據驅動思維模式感到非常興奮，調查回饋也表明，他們對公司發展方向的信心顯著增強。

There's a clear understanding of our opportunities to drive traffic and for profitability and a shared commitment to capturing them together as one team. Finally, our third strategic focus is on implementing a more sophisticated development approach focused on thoughtful, profitable expansion. As we said before, our goal is to return to net unit growth by the end of 2026, and we've continued to make active progress to that.

我們清楚地認識到提升流量和獲利的機會，並致力於團結一致，共同抓住這些機會。最後，我們的第三個策略重點是實施更精細的發展方式，專注於深思熟慮、獲利能力強的擴張。正如我們之前所說，我們的目標是到2026年底恢復淨單位成長，並且我們一直在積極推進這一目標。

In the near term, we're laser focused on successfully opening the centers in our 2025 pipeline. To date we've opened 7 centers and continue to be on track for 10 to 12 openings in 2025 with all of the remaining 5 NCOs currently under construction.

短期內，我們將專注於成功啟用2025年計畫中的中心。迄今為止，我們已經啟用了7個中心，並計劃在2025年繼續啟用10至12個中心，其餘5個中心目前均在建設中。

I'm pleased to report the class of 2025 openings, while still early, are ramping above pre-pandemic levels, which we believe is a testament to the commitment of our franchise partners and our newly launched grand opening playbook.

我很高興地報告，2025 年開業的酒店數量雖然還處於早期階段，但已經超過了疫情前的水平，我們相信這證明了我們的特許經營合作夥伴的承諾以及我們新推出的盛大開業計劃。

As we continue laying the groundwork for 2026 center openings, we've further refined our view of under penetrated trade areas with strong demand for out of home hair removal. We expect these insights to help franchisees resume unit growth and markets with the highest potential for long-term success.

隨著我們繼續為 2026 年中心開幕奠定基礎，我們進一步完善了對滲透率較低且對戶外除毛服務有強勁需求的貿易區的看法。我們希望這些見解能夠幫助特許經營者恢復單位成長和具有長期成功潛力的市場。

With Kurt Smith now on board as Chief Development Officer, we're enhancing this work through his almost 20 years of global leadership experience in strategy and franchising, including overseeing Pizza Hut's nearly 1,500 unit network across Latin America and the Caribbean.

現在， Kurt Smith 擔任首席發展官，我們將利用他在策略和特許經營方面近 20 年的全球領導經驗來加強這項工作，包括監督必勝客在拉丁美洲和加勒比地區近 1,500 個門市網絡。

His deep understanding of franchise relationships, the importance of unit profitability and thoughtful expansion is already informing our approach. We continue to upgrade our market planning platform, which strengthens our site approval process to help ensure that each new center aligns with performance expectations and network health.

他對特許經營關係、單位盈利能力的重要性以及深思熟慮的擴張的深刻理解已經為我們的方法提供了指導。我們繼續升級我們的市場規劃平台，加強我們的站點審批流程，以幫助確保每個新中心都符合效能預期和網路健康狀況。

Together these improvements positioned us to support more consistent unit performance and enable thoughtful, profitable growth over time. As we look ahead to the second half of the year, we believe we're better equipped today than we were three months ago with clear priorities and a leadership team ready to execute.

這些改進措施使我們能夠支持更穩定的部門業績，並實現長期穩健的獲利成長。展望下半年，我們相信，與三個月前相比，我們今天的準備更加充分，擁有明確的優先事項和一支隨時準備執行的領導團隊。

We're also increasingly confident that we are focused on the right things and beginning to make an impact. We have the right people, the right tools, the right franchise partners, and a clear understanding of where to focus our efforts moving forward.

我們也越來越有信心，我們專注於正確的事情，並開始產生影響力。我們擁有合適的人才、合適的工具、合適的特許經營合作夥伴，並且清楚知道未來的重點是什麼。

With that, I'll turn it over to Tom to walk through our Q2 financial results and share more about our outlook for the year.

接下來，我將讓湯姆介紹我們的第二季財務表現並分享更多關於我們對今年的展望。

Thank you, Chris. Before I begin my remarks, I'd like to remind everyone that our discussion of growth rates on this call will refer to the second quarter of fiscal 2025 compared to the second quarter of fiscal 2024.

謝謝你，克里斯。在我開始發言之前，我想提醒大家，我們在本次電話會議上討論的成長率將是指 2025 財年第二季與 2024 財年第二季的比較。

Now to our results. We delivered a solid quarter marked by a stable top line trend and strong profitability even as we continue to operate through a transitional year.

現在來看看我們的業績。儘管我們正處於轉型期，但我們本季依然表現穩健，營收趨勢穩定，獲利能力強勁。

Our performance reflects disciplined execution, a resilient business model, and early traction from the strategic initiatives we put in place.

我們的業績體現了嚴謹的執行力、有彈性的商業模式以及我們實施的策略性舉措的早期牽引力。

Sato sales grew 30 basis points year over year. System-wide sales decreased 1% to $257.6 million driven by a decrease in same day services and retail sales, partially offset by an increase in cash collected from waxpat sales.

Sato 銷售額較去年同期成長 30 個基點。全系統銷售額下降 1%，至 2.576 億美元，原因是當日服務和零售額下降，但蠟塊銷售現金收入增加部分抵消了這一影響。

We're still in the early stages of strengthening our marketing and operational capabilities under the leadership of our new executive team, with clear priorities in place, designed to improve guest engagement and ultimately strengthen our top line performance.

在新管理團隊的領導下，我們仍處於加強行銷和營運能力的早期階段，並制定了明確的優先事項，旨在提高客人參與度並最終提高我們的營收表現。

We ended Q2 with 1,059 centers flat year over year. We opened two growth centers during the quarter and closed five, resulting in three net center closures. Well we had anticipate seven to eight net closures in the quarter, we benefited from some timing shifts, and these closures now expected in Q3 and Q4.

我們第二季結束時，中心數為1,059個，與去年同期持平。本季我們開設了兩個成長中心，並關閉了五個，導致淨關閉三個中心。我們原本預計本季將有七到八個中心淨關閉，得益於一些時間安排的調整，這些中心的關閉預計將在第三季和第四季進行。

Total revenue of $55.9 million, decreased approximately $4 million or 6.6%, primarily driven by lower contributions from wholesale products and retail revenue as a percent of system-wide sales.

總收入為 5,590 萬美元，減少約 400 萬美元，即 6.6%，主要原因是批發產品和零售收入佔全系統銷售額的百分比下降。

Additionally, as noted last quarter, we believe Q1 revenue was favorably impacted by the pull forward of franchisee orders in anticipation of tariffs, a dynamic that was consistent with our expectations heading into Q2. As expected, gross margin increased modestly to 74.6% in part due to a higher mix of royalty, marketing fees, and product margin improvements.

此外，正如上季所述，我們認為第一季的收入受到了特許經營商訂單提前的正面影響，這主要源於對關稅的預期，這與我們對第二季的預期一致。如預期，毛利率小幅成長至74.6%，部分原因是特許權使用費、行銷費用以及產品利潤率的提升。

SG&A expenses increased $1.6 million to $14.5 million, primarily driven by an increase in payroll and benefits and higher professional fees in addition to higher stock-based compensation that we exclude from adjusted EBITDA.

銷售、一般及行政費用 (SG&A) 增加了 160 萬美元，達到 1,450 萬美元，主要原因是工資和福利增加、專業費用增加，以及我們從調整後的 EBITDA 中排除的股票薪酬增加。

Advertising expense decreased $3.4 million due to the timing of spend within the fiscal year. Adjusted EBITDA of $21.6 million increased 4.7% from $20.6 million in the prior-year period.

由於本財年內支出時間安排的原因，廣告費用減少了340萬美元。調整後EBITDA為2,160萬美元，較去年同期的2,060萬美元成長4.7%。

Adjusted EBITDA margin increased 420 basis points to 38.7%. This reflects our continued focus on profitability, cost discipline, and operational efficiency, all of which contributed to significant margin improvement despite top-line performance.

調整後EBITDA利潤率提升420個基點至38.7%。這反映了我們持續關注獲利能力、成本控制和營運效率，這些因素在營收表現不佳的情況下，仍顯著提升了利潤率。

Net interest expense increased to $6.6 million from $6.4 million in the prior year, and income tax expense increased to $2.1 million from $1.7 million last year. Adjusted net income increased 5.6% to $11.8 million from $11.1 million last year.

淨利息支出從上年的640萬美元增加至660萬美元，所得稅支出從上年的170萬美元增加至210萬美元。調整後淨收入從上年的1,110萬美元增至1,180萬美元，成長5.6%。

Lastly, as a housekeeping item, as of August 8, 2025, there were 43.4 million Class A common shares outstanding and 22.1 million potentially diluted shares related to Class B shares in outstanding equity awards.

最後，作為一項內部事項，截至 2025 年 8 月 8 日，已發行 A 類普通股 4,340 萬股，已發行股權獎勵中與 B 類股票相關的潛在稀釋股份 2,210 萬股。

Now turning to the balance sheet. Our $40 million dollar revolver remains fully undrawn, and we ended the quarter with $63.9 million in cash and $388 million outstanding under our senior secured notes.

現在來看資產負債表。我們4000萬美元的循環信貸額度仍未全部提取，本季末我們持有現金6390萬美元，優先擔保票據未償還餘額3.88億美元。

Our net leverage ratio at quarter end was 4.2 times and would have been approximately 3.8 times, excluding the $31.6 million in stock buybacks executed over the trailing 12 months, which includes $0.4 million in excise tax related to 2024 buybacks.

我們季末的淨槓桿率為 4.2 倍，如果不包括過去 12 個月執行的 3,160 萬美元股票回購（其中包括與 2024 年回購相關的 40 萬美元消費稅），則原本約為 3.8 倍。

As of quarter end, we had $8.8 million remaining under our current $50 million share repurchase authorization.

截至季末，我們目前的 5,000 萬美元股票回購授權還剩餘 880 萬美元。

Our asset-light capital-efficient franchise model continues to generate strong free cash flow, supporting our ability to remain agile and opportunistic in our capital allocation priorities.

我們的輕資產、資本高效的特許經營模式繼續產生強勁的自由現金流，支持我們在資本配置優先事項中保持靈活性和機會主義的能力。

Q2 was yet another strong quarter, as net cash provided by operating activities was $15.2 million compared to $0.7 million of investing cash outflows.

第二季度又是一個表現強勁的季度，經營活動提供的淨現金為 1,520 萬美元，而投資現金流為 70 萬美元。

We remain confident in our ability to meet debt obligations under our flexible whole business securitization and view it as a strategic advantage, allowing us to invest in our core business while preserving balance sheet strength through varied macroeconomic conditions.

我們仍然對我們在靈活的整體業務證券化下履行債務義務的能力充滿信心，並將其視為一項戰略優勢，使我們能夠投資於核心業務，同時在各種宏觀經濟條件下保持資產負債表實力。

Now turning to our current outlook for the balance of 2025. Starting with our unit expectations for the year, which remain unchanged, we continue to expect 10 to 12 gross openings and 40 to 60 center closures, or 28 to 50 net center closures.

現在談談我們對 2025 年平衡的當前展望。首先從我們對今年的單位預期開始，保持不變，我們繼續預計總開業數量為 10 至 12 個，中心關閉數量為 40 至 60 個，或淨中心關閉數量為 28 至 50 個。

As I mentioned earlier, some planned closures were delayed and now expected to occur in Q3 and Q4. Today in Q3, franchisees have opened 0 and closed 3 centers so far, and we expect 15 to 16 net closures for the quarter.

正如我之前提到的，一些計劃中的關閉門市被推遲，目前預計將在第三季和第四季進行。截至目前，第三季加盟商已開設0家門市，關閉3家門市，我們預計本季將淨關閉15至16家門市。

Moving to our financial outlook. As we shared during our March and May calls, the high end of our outlook assumed that our efforts would begin to drive more traffic in the back half of 2025.

談到我們的財務前景。正如我們在3月和5月的電話會議上所分享的那樣，我們預期的高端業績是假設我們的努力將在2025年下半年開始帶來更多流量。

The low end of our outlook assumed that while we make progress against our priorities, our initiatives begin to meaningfully drive the top line in 2026. With more than half the year axisual life, we have a clearer picture of how our transformation efforts are taking shape.

我們低端的展望是假設，雖然我們在實現優先事項方面取得了進展，但我們的舉措將在 2026 年開始對營收產生有意義的推動作用。隨著超過半年的軸心壽命過去，我們對我們的轉型努力如何成形有了更清晰的認識。

With a new leadership team in place and in the early innings of a turnaround, we recognize the importance of setting clear expectations and being transparent as we track progress. We are narrowing our top line guidance for 2025.

隨著新領導團隊的到位以及轉型初期的推進，我們意識到設定清晰的預期並在追蹤進度過程中保持透明的重要性。我們正在縮減2025年的營收預期。

And now expect system-wide sales to be between $940 million and $950 million and same store sales are now expected to be flat to up 1% for the full year. Our adjusted EBITDA guidance remains unchanged.

目前預估全系統銷售額將在9.4億美元至9.5億美元之間，同店銷售額預計全年將持平或成長1%。我們的調整後EBITDA指引保持不變。

I'll walk you through how we came to this conclusion. As Chris mentioned, in recent weeks, we've seen encouraging improvement in transaction trends during June and the first five weeks of Q3.

我將向您介紹我們如何得出這個結論。正如克里斯所提到的，最近幾週，我們看到 6 月和第三季前五週的交易趨勢出現了令人鼓舞的改善。

These results validate that our strategic initiatives are gaining traction with our existing customers, and our enhanced analytics are giving a sharper visibility into how our guests are making purchase decisions and what they are responding to.

這些結果證明，我們的策略性舉措正在吸引現有客戶，而我們增強的分析功能讓我們能夠更清楚地了解客人如何做出購買決策以及他們的反應。

This deeper insight is allowing us to fine tune our approach in real time and reinforces our confidence in the strategies we put in place.

這種更深入的洞察使我們能夠即時調整我們的方法，並增強我們對所製定的策略的信心。

Our data is showing that we're delivering better against our existing customer base. However, it's taking a bit longer than expected for our initiatives to show comparable momentum with the new customer acquisition.

我們的數據顯示，我們為現有客戶群提供了更好的服務。然而，我們的舉措要顯示出與新客戶獲取相當的勢頭，需要比預期更長的時間。

We believe we'll begin to see stronger impact from these efforts in the back half of the year and into 2026.

我們相信，我們將在今年下半年和 2026 年開始看到這些努力產生更強大的影響。

With five months remaining in the year, we believe it's prudent to narrow our full year revenue outlook to reflect a more conservative view on timing.

今年還剩五個月，我們認為縮小全年收入預期是明智之舉，以反映更保守的時間觀念。

We expect full year revenue between $205 million and $209 million, which reflects a modest shift in revenue mix driven by transaction trend and our continued efforts to support the health of our franchise network. While these results in slightly lower contributions from a wholesale product and retail revenue as a percentage of system-wide sales, these actions are intentional, and we view them as long-term investments in system-wide performance.

我們預計全年收入將在 2.05 億美元至 2.09 億美元之間，這反映了交易趨勢推動的收入結構適度轉變以及我們為支持特許經營網絡健康而做出的持續努力。雖然這導致批發產品和零售收入佔全系統銷售額的百分比略有下降，但這些行動是有意為之，我們將其視為對全系統績效的長期投資。

We continue to plan advertising expenses slightly above 3% of system-wide sales in fiscal 2025. Spread more evenly across the year to support ongoing traffic driving initiatives. Importantly, as noted, our adjusted EBITDA outlook remains unchanged at $69 million to $71 million.

我們計劃在2025財年繼續將廣告支出控制在略高於全系統銷售額3%的水平。廣告支出將更均勻地分攤到全年，以支援持續的流量提升計畫。重要的是，如上所述，我們調整後的EBITDA預期保持不變，為6900萬美元至7100萬美元。

This reflects discipline, execution, and strong operational efficiency even as we fine-tune revenue expectations. We've maintained a sharp focus on high impact investments and support long term value creation, and we're doing more with less, a clear signal of our team's operational rigor and strategic clarity.

這體現了我們嚴謹的紀律、執行力和強大的營運效率，即使在我們調整收入預期的情況下也是如此。我們始終專注於高影響力的投資，並支持長期價值創造，並以更少的投入實現更高的產出，這清楚地展現了我們團隊的營運嚴謹性和戰略清晰度。

On tariffs, our teams remain proactive. We partner closely with suppliers to mitigate potential impacts through diversified sourcing and ongoing supply chain optimization. We remain confident in our ability to manage these pressures as reflected in our sustained outlook.

在關稅問題上，我們的團隊始終保持積極主動。我們與供應商緊密合作，透過多元化採購和持續優化供應鏈來減輕潛在影響。我們對自身應對這些壓力的能力充滿信心，這體現在我們持續的展望中。

Finally, we continue to expect adjusted net income between $31 million and $0.33 million dollars net of an approximately 23% effective tax rate before discrete items.

最後，我們繼續預期調整後的淨收入在 3,100 萬美元至 33 萬美元之間，扣除單獨項目前約 23% 的有效稅率。

As we enter the second half, we're focused on what matters most driving sales, improving for profitability, and reigniting unit growth. These are our priorities, and they're within our control. What gives us confidence is the alignment we're building across the business to execute against them.

進入下半年，我們將專注於最重要的事情：推動銷售成長、提升獲利能力、重振銷售成長。這些都是我們的首要任務，而且都在我們掌控之中。讓我們充滿信心的是，我們正在整個企業範圍內建立協調機制來應對這些挑戰。

With the right leadership now in place and a clear sense of urgency, we're acting with discipline to turn our strategy into results and value for our guests, our franchisees, and our shareholders. We have high conviction in our updated outlook which reflects the visibility we now have and the tangible progress we've made.

在卓越的領導團隊和清晰的緊迫感的指引下，我們正嚴謹行事，致力於將策略轉化為成果，為賓客、加盟商和股東創造價值。我們對最新的願景充滿信心，這反映了我們目前的清晰視野和實際的進展。

As Chris shared earlier, recent trends are encouraging, and while we know there's more work ahead, there's a lot to be excited about as we build momentum in the months to come.

正如克里斯之前分享的那樣，最近的趨勢令人鼓舞，雖然我們知道未來還有更多的工作要做，但隨著我們在未來幾個月內積聚勢頭，還有很多值得興奮的事情。

Operator, please open the line for questions.

接線員，請打開熱線以回答問題。

(Operator Instructions) Randal Konik, Jefferies.

（操作員指示） Randal Konik，Jefferies。

Hey, good morning, guys. I wanted to kind of you talked about the opening of the -- the class of 2025 openings, I guess thus far you've been very happy with the ramps. I think you talked about the opening playbook has changed, that's been very, positive.

嘿，大家早安。我想請您談談 2025 屆開幕式的開幕情況，我想到目前為止您對坡道非常滿意。我認為您談到的開場劇本已經改變，這是非常積極的。

Just kind of give us the overarching kind of changes that you've kind of made there and, what types of ramp differentials you're seeing versus, what that was in place in the last, year or two. Thanks.

請向我們介紹一下你們在那裡做出的整體改變，以及你們看到的坡道差異類型與過去一兩年的情況。謝謝。

Yeah, no problem, Randy. This is Chris. I'm really excited about what we're seeing with our ramps, and we are certainly seeing an impact on our 2025 openings from our new grand opening playbook. But I think it's also important to note, we started to see a shift, a material improvement in ramping back in October 2024. So really since October 2024 through where we are today, we've opened about 18 units. And that class of 18 units are all performing, at our expectations are a little bit higher. So there are a couple of things happening. Number one, the previous management team under the leadership of David Berg.

是的，沒問題，蘭迪。我是克里斯。我對我們坡道的進展感到非常興奮，我們新的開業計劃無疑將對我們2025年的開業產生積極的影響。但我認為同樣值得注意的是，我們在 2024 年 10 月開始看到轉變，即產量回升的實質改善。因此，從 2024 年 10 月到今天，我們已經開設了大約 18 個單位。而且那 18 個單位的表現都比我們的預期高一些。因此發生了幾件事。第一，以大衛伯格（David Berg）為首的前任管理團隊。

Implemented some new tools directly with our operators on ensuring that our centers were set up for success before they opened, so making sure that staffing levels, that they're going to be staffed, that we had the right training certified, and then there was an LSM playbook.

直接與我們的營運商一起實施了一些新工具，以確保我們的中心在開業前就已成功設置，從而確保人員配備水平，確保他們將配備人員，確保我們擁有正確的培訓認證，然後有一個 LSM 劇本。

That really kind of created momentum that we've been able to build on in 2025 and so we simply just took that great work and further refined the playbook that we've branded as a Geo Go grand opening playbook and just we're a little more precise in the tactics and the focus that it takes in order to set a center up for success, but it's a combination of strict operating standards. And elephant effort.

這確實為我們在 2025 年繼續前進創造了動力，因此，我們只是做了出色的工作，並進一步完善了我們稱之為 Geo Go 盛大開幕劇本的劇本，我們在策略和重點上更加精確，以便為成功建立中心，但它是嚴格操作標準的結合。和大象的努力。

Really helpful. And then, when you give us guidance on the closure pace, based on, the better ramps.

真的很有幫助。然後，當您根據更好的坡道為我們提供關閉速度的指導時。

Since October of last year combined with some things you're doing, you talked about efficiencies being on the marketing side of things, that strategies, etc. How do we think about closure pace or, maybe into next year and beyond, like how do you want us to kind of think about this, maybe not quantitatively or quali maybe qualitatively if you don't want to kind of give us numbers or just kind of how we should be thinking about this going forward would be super helpful. Thanks.

自去年 10 月以來，結合您正在做的一些事情，您談到了行銷方面的效率、策略等。我們如何考慮結束速度，或者也許到明年及以後，例如你希望我們如何考慮這個問題，也許不是定量或定性，也許是定性，如果你不想給我們數字，或者只是我們應該如何考慮這個問題，那將會非常有幫助。謝謝。

Yeah, sure. Well, I mean your instincts are spot on. The initiatives that we're focused on are not mutually exclusive. All these initiatives help work with each other, so they all build and our plan is that they're going to create momentum as we move forward. And so when we think about everything you cited, when we think about. All the great work that we're doing with our marketing engine and getting fine tuning our approach of being able to take a non-routine guest and convert them into a routine guest.

是的，當然。嗯，我的意思是你的直覺是正確的。我們所關注的舉措並不互相排斥。所有這些舉措都有助於相互合作，因此它們都會發揮作用，我們的計劃是，它們將在我們前進的過程中創造動力。因此，當我們思考您所引用的所有內容時，當我們思考時。我們利用行銷引擎所做的所有出色工作以及對方法的微調都是為了能夠將非常規客人轉變為常規客人。

All the work we're doing and partnering with our operators on the onboarding process and engaging with our guests and implementing the right steps of service that we know will lead to greater frequency, all the steps that we're doing partnering with our franchisees to improve profitability.

我們所做的所有工作，包括與我們的運營商合作開展入職流程、與我們的客人互動以及實施我們知道將帶來更高頻率的正確服務步驟，以及我們與特許經營商合作以提高盈利能力的所有步驟。

All of that work will it will work towards minimizing any negative impact from closures and so we're very focused on building out these foundation building blocks because we not only will it put us in a position to drive sustainable traffic, but it's also just going to improve the overall health of the network. So as we've said many times before, our goal is 2026 will be the year we return to net unit growth by the end of 2026, we, our plan is to be back to net unit growth.

所有這些工作都是為了盡量減少關閉帶來的負面影響，因此我們非常注重建構這些基礎構件，因為這不僅能讓我們能夠推動可持續的流量，而且還能改善網路的整體健康狀況。因此，正如我們之前多次說過的，我們的目標是到 2026 年實現淨單位增長，到 2026 年底，我們的計劃是恢復淨單位增長。

And so all the work that we're doing this year is done to improve the overall health of the network and we believe will put us in a position to, hopefully be at the low end of, closer to the low end of the range that we've been providing versus the high end and then really set us up for success in 2026.

因此，我們今年所做的所有工作都是為了改善網路的整體健康狀況，我們相信這將使我們處於一個更接近我們提供的範圍的低端而不是高端的位置，然後真正為我們在 2026 年取得成功做好準備。

Great, thanks a lot guys. I appreciate it.

太好了，非常感謝大家。我很感激。

Scot Ciccarelli, Truist.

斯科特·西卡雷利（Scot Ciccarelli），Truist。

Good morning guys. So a lot of your comments have really centered around data analytics and marking effectiveness. I guess the question is, are you or maybe specifically your franchises making a notable store level changes or incenter execution changes, or is the primary focus really just centered on the marketing side?

大家早安。所以你們的許多評論其實都集中在數據分析和行銷效果上。我想問題是，你們，或者俱體地說，你們的特許經營店，是否在門店層面或中心執行方面做出了顯著的改變，還是主要關注點僅僅集中在營銷方面？

Well, I would say it's kind of yes and yes, so, and just know that Angela's starting next week, we fully anticipate that her partnership with our franchise partners will lead to just sharper focus in all the right areas to help support them, to drive the business forward, but where we. On the marketing side we really kind of view our approach to marketing and you know there's the approach that we're taking on new guest acquisitions and then there's the approach that we're taking on our existing guests.

嗯，我想說是的，是的，所以，只要知道安吉拉下週就開始工作，我們完全預計她與我們的特許經營夥伴的合作將使我們更加關注所有正確的領域，以幫助支持他們，推動業務向前發展，但我們在哪裡。在行銷方面，我們確實會審視我們的行銷方法，你知道，我們採取的是吸引新客人的方法，還有我們對待現有客人的方法。

We know that to get the most out of our existing guests, it's a combination of marketing tactics as well as operational tactics. So we are partnering closely with our franchisees to identify. The right sequence of service, the right approach, the right guest interface to be able to drive frequency with our existing guests. And so we're getting smarter.

我們知道，要最大限度地利用現有客人，就需要結合行銷策略和營運策略。因此，我們正在與我們的特許經營商密切合作以確定。正確的服務順序、正確的方法、正確的客人介面能夠提高我們現有客人的入住頻率。因此我們變得越來越聰明。

We've learned a lot over the last three months, and the good news is we're seeing that it's impacting the business. We're able to see a direct link into the work that we're doing both through marketing and operations to really drive the business and we believe that that's just going to continue to grow from this point forward because we're just getting started.

在過去的三個月裡，我們學到了很多東西，好消息是我們看到它正在對業務產生影響。我們能夠看到透過行銷和營運所做的工作與真正推動業務的直接聯繫，並且我們相信從現在開始這種聯繫將繼續增長，因為我們才剛剛起步。

So, this team is a team that's going to be very focused on a strong partnership with our franchise network to drive the business forward. We know that our future is, we can't get to where we want to go without having that strong partnership and so there is a lot of work that we will be doing in the future around. Bringing more support, more focus in the areas that we know drive the business, and the reason we know it drives the business is because of the focus that we have on data analytics.

因此，這個團隊將非常注重與我們的特許經營網絡建立強有力的合作夥伴關係，以推動業務向前發展。我們知道，如果沒有強大的合作關係，我們就無法實現我們的未來，因此，未來我們還有很多工作要做。在我們所知的推動業務發展的領域提供更多支援和更多關注，而我們知道它推動業務發展的原因是我們對數據分析的關注。

Got it, thanks for that. And then just a quickie, hopefully at least historically you've provided some more details around behavior of different customer cohorts. Any color on the performance as you look at your different customer sets?

明白了，謝謝。然後只是一個快速的，希望至少從歷史上看，您已經提供了一些有關不同客戶群行為的更多細節。當您觀察不同的客戶群時，對業績有何看法？

Yeah, I'll tell you a couple of things. Number one, we still, this brand is such a resilient brand, and we have such a loyal guest base. So the first thing I'll say is that we have not seen any material shift in our core guest.

是的，我會告訴你一些事情。首先，這個品牌仍然是一個非常有韌性的品牌，我們擁有如此忠實的客戶群。因此，我要說的第一件事是，我們尚未看到核心客人發生任何實質變化。

The second thing is we are part of the improvement in the analytical platform is all around identifying a set of guest routines. And then segmenting those routines to where we start to gain intelligence around the right tactics to improve the level of engagement with those guests in that particular routine. So we've part of what you're going to hear from us going forward is speaking more to those bands of guests that we've been able to identify.

第二件事是，我們改進分析平台的一部分是圍繞著識別一系列客人慣例。然後將這些例程細分，以便我們開始獲得有關正確策略的情報，以提高特定例程中與這些客人的互動水平。因此，您接下來會聽到我們的部分內容，更多的是針對那些我們已經能夠識別的嘉賓群體。

And again, what has us really encouraged is part of one of the areas where we've made the most improvement on engaging with our existing guests to start to change the trajectory of transaction counts. Is in the down trend guest. So guests who had a routine but now are starting to fall out of that routine. We're able to identify those guests and then we have been successfully able to get the right message to them at the right time to return them back into a routine set of behaviors.

再次，真正讓我們感到鼓舞的是，我們在與現有客人互動方面取得了最大的進步，從而開始改變交易數量的軌跡。正處於下行趨勢的客人。因此，原本有規律的客人現在開始不再有規律了。我們能夠辨識這些客人，然後成功地在正確的時間向他們傳達正確的訊息，讓他們恢復正常的行為。

And so that work is still, we're still very early, but what we've seen so far is very encouraging. So stability kind of to summarize, stability with our core and and tools and data that we believe will allow us to, even leverage that loyalty even more.

因此，這項工作仍處於早期階段，但迄今為止我們所看到的情況非常令人鼓舞。所以，穩定性可以概括為，我們的核心、工具和數據的穩定性，我們相信這將使我們能夠更好地利用這種忠誠度。

Dana Telsey, Telsey Advisory Group.

達娜‧特爾西 (Dana Telsey)，特爾西顧問集團 (Telsey Advisory Group)。

Hi, good morning, everyone. As you think about the data that you've been been garnering, what is the data telling you exactly? What are you seeing? What are you seeing regionally? Obviously we've always heard about California. What are you seeing about the new product launch you had a deodorant and how that's performing, and what are the markers of data that lead to the turnaround in either more store closures, less door closures, and openings. Thank you.

大家好，早安。當您思考自己所收集的數據時，這些數據究竟告訴了您什麼？你看到了什麼？您在區域上看到了什麼？顯然，我們一直聽說過加州。您如何看待新產品的發布？例如您之前推出的除臭劑，它的銷售情況如何？哪些數據指標導致了門市關閉數量增加、關門數量減少以及新開店數量減少？謝謝。

All right, thank you, Dana. With respect to regional performance, we're seeing, you cited California is, there's a lot of challenges on the West Coast. It's been solved for a while now, so there continues to be challenge there, but we're bringing a lot of focus. We've got some very strong franchisees on the west coast and I'm confident that, we're putting the right energy against those opportunities and we're going to start making progress as we move forward, but that is an area that, continues to be challenging.

好的，謝謝你，達娜。關於地區表現，我們看到，正如您所提到的加州，西海岸面臨著許多挑戰。這個問題已經解決了一段時間了，所以那裡仍然存在挑戰，但我們正在集中精力。我們在西海岸擁有一些非常強大的特許經營商，我相信，我們正在為這些機會投入正確的精力，隨著我們前進，我們將開始取得進展，但這是一個仍然充滿挑戰的領域。

Where we've seen some improvement across the region here of late is we've seen some nice improvement in Texas and Florida, even seen some improvement in New York.

我們最近看到整個地區的情況有所改善，德克薩斯州和佛羅裡達州的情況不錯，甚至紐約州的情況也有所改善。

But overall, Where we're most excited is some of the commentary I provided Scott a few minutes ago. We're we're most excited is using our data analytics platform to identify our guests based on their set of routines and then engaging with those guests to deliver messages and content in a way to drive more business. That that's meaningful to them to drive more frequency and in particular where we made some very significant progress is on our guests that had routines that were falling into a non-routine, so a downturn in guests we've been able to intercept that and start to see progress on returning them back to a routine.

但總的來說，最讓我們興奮的是幾分鐘前我向斯科特提供的一些評論。我們最興奮的是使用我們的數據分析平台根據客人的日常習慣來識別他們，然後與這些客人互動，傳遞訊息和內容，從而推動更多業務。這對他們來說很有意義，可以提高他們的訪問頻率，特別是我們取得了一些非常顯著的進展，那就是我們的客人的習慣正在變得不規律，因此，我們能夠阻止客人數量的下降，並開始看到在讓他們恢復正常方面取得進展。

So that is. Gives us, we're very encouraged by that because we think there's a lot that we can do with that type of approach, especially given just the amount of our business that's in, that core guest. So we're encouraged by that.

確實如此。這讓我們感到非常鼓舞，因為我們認為，透過這種方式，我們可以做很多事情，特別是考慮到我們的業務量，即核心客戶。所以我們對此感到鼓舞。

Got it. And then new product acceptance and how you're thinking about the product pipeline.

明白了。然後是新產品的驗收以及你對產品線的思考。

We're pleased with the product acceptance, so nothing really there to report. We've seen our retail team here has just done a phenomenal job this year, and that's an area that, we're going to continue to put emphasis against, but, as of right now, our greatest priority is on transaction counts and, continuing to really focus on that side of the equation, but retail will always be part of what we do. And so far, we've been pleased with what we've been able to deliver this year.

我們對產品的接受度感到滿意，所以沒有什麼好報告的。我們看到我們的零售團隊今年做得非常出色，我們將繼續專注於這一領域，但就目前而言，我們的首要任務是交易數量，並繼續真正關注這一方面，但零售永遠是我們工作的一部分。到目前為止，我們對今年的成果感到滿意。

And just lastly, wax paths, what are you seeing from trajectory of wax paths and frequency? Has there been any change at all?

最後，關於蠟路，您從蠟路的軌跡和頻率中看到了什麼？有沒有什麼變化？

So we're just wrapping up our, as Dana, we're just wrapping up our busy period of time where wax pass sales are kind of at the forefront, and we had a really nice season. Our wax past sales were up almost 2% year to year, so not seeing any material change there. So wax past continues to be a fundamental part of our product offering and the way our guests engage with us, and so.

因此，正如達娜 (Dana) 所說，我們剛剛結束了一段繁忙的時期，蠟像通行證的銷售處於領先地位，我們度過了一個非常愉快的季節。我們的蠟銷售額同比增長了近 2%，因此沒有看到任何實質的變化。因此，蠟像繼續成為我們提供的產品和客人與我們互動的方式的基本組成部分，等等。

We're pleased and as we move forward, we're just going to continue to figure out different ways of being able to package our product and use our wax pass in a way to drive the business.

我們很高興，隨著我們不斷前進，我們將繼續尋找不同的方式來包裝我們的產品，並使用我們的蠟通行證來推動業務。

Thank you.

謝謝。

Jonathan Komp, Baird.

喬納森康普，貝爾德。

Yeah, hi, good morning. If I could just ask about the second half comps outlook, it looks like at the midpoint, you're not assuming the trend over the last five or nine weeks continues at the same rate. So just how are you thinking about the back half and as it, look forward to hear, visibility to some of the comps drivers?

是的，你好，早安。如果我可以問一下下半年的可比較前景，看起來在中點，你並沒有假設過去五週或九週的趨勢以相同的速度繼續下去。那您對後半部有什麼看法？期待聽到一些 comps 驅動程式的可見性嗎？

In actuality we were looking, we're very pleased, as Chris mentioned, with the recent trends, and we do expect that as that continues through the rest of the year, we expect that to guide to the higher end of that range as we continue that progress, but.

實際上，正如克里斯所提到的，我們正在觀察最近的趨勢，我們對這一趨勢感到非常高興，我們確實預計，隨著這種趨勢在今年剩餘時間內持續下去，我們預計隨著我們繼續取得進展，這一趨勢將引導到該範圍的高端，但是。

Again, reiterating, we felt it was prudent just where we stand today and it's more of just being careful about the timing outlook of all the tactics and initiatives that we're putting in place, particularly on the new guest acquisition side. That the trends we're tempering it slightly to be conservative to make sure we're we're well within the range of delivering the 940 to 950 by the end of the year which again guides us within that comp range of 0 to 1%.

再次重申，我們認為今天的立場是謹慎的，更重要的是謹慎考慮我們正在實施的所有策略和舉措的時間前景，特別是在新客人獲取方面。我們對趨勢進行了稍微的調整，使其更加保守，以確保我們在年底前能夠達到 940 到 950 的範圍內，這再次引導我們在 0 到 1% 的範圍內。

Okay, thanks. That that's helpful context, and then Chris, maybe just a broader question again as you think about, the the barriers or the biggest challenges to get back to net unit growth, just what do you think the biggest.

好的，謝謝。這是一個很有幫助的背景，然後克里斯，也許這只是一個更廣泛的問題，當你思考時，恢復淨單位成長的障礙或最大挑戰是什麼，你認為最大的障礙或挑戰是什麼。

You hurdles you see here in near term that that you know maybe getting back to net unit growth sooner and as you look at, really the makeup of the franchisee system today, do you think you have the right types and and you know the right operators to help you achieve those goals. Thanks again.

您看到的短期障礙是，您可能更快地恢復淨單位成長，並且當您看到當今特許經營系統的組成時，您是否認為您擁有合適的類型並且您知道合適的運營商可以幫助您實現這些目標。再次感謝。

Yeah, you bet. It's a great question, Jonathan.

是的，沒錯。這是一個很好的問題，喬納森。

So let me kind of just step through it. I would say when, so I'm 7 months now into this role and when I joined the company, new unit development for the most part was stalled. Franchisees just given the state of the business, franchisees kind of paused and we weren't seeing a lot of NCO development as evidenced by, 10 to 12 being our target for openings this year. So the first barrier is just going from a pause situation back into an accelerated situation.

那麼就讓我來逐步講解一下。我想說的是，我擔任這個職位已經 7 個月了，當我加入公司時，新部門的開發大部分都處於停滯狀態。鑑於特許經營商的業務狀況，特許經營商有點停滯不前，我們沒有看到很多 NCO 發展，證據是，今年我們的開業目標是 10 到 12 家。因此，第一個障礙就是從暫停狀態回到加速狀態。

So it's always harder to go from kind of zero to something, and so that would be the first barrier. So then the next question is, well, how do you ramp that engine back up? And what we've been doing is focusing on the basics, let's first and foremost focus on putting the foundation building blocks in place to support sustainable traffic growth across the network and doing that in a highly transparent way with our franchise network in close partnership. We believe that that's a very critical component to returning to growth is just building, earning the credibility to grow and instilling confidence throughout our network that this is a management team that's going to be thoughtful, deliberate, and have the right data to get back to growth.

因此，從零開始做某件事總是比較困難，這是第一個障礙。那麼下一個問題是，如何讓引擎重新運轉？我們一直在做的是專注於基礎工作，讓我們首先關注的是建立基礎構建模組，以支持整個網路的可持續流量增長，並以高度透明的方式與我們的特許經營網絡密切合作。我們相信，恢復成長的一個非常關鍵的因素是建立、贏得成長的信譽並在整個網路中建立信心，相信這是一支深思熟慮、深思熟慮並擁有正確數據來恢復成長的管理團隊。

And I'm very pleased with where we are today and that trajectory. The third part to your question is do we have the right franchisees, and we believe we've spent a lot of time going through and looking at where we have pockets of opportunity to continue to grow and I, the good news is there's still plenty of runaway for us to grow for multiple years hereafter and most of that growth we believe will be with our existing franchisees. You know this is a business that has its own little complexity to it.

我對我們今天的狀況和發展軌跡感到非常滿意。您的問題的第三部分是我們是否有合適的特許經營商，我們相信我們已經花了很多時間去研究和尋找我們繼續增長的機會，而我的好消息是，我們在未來幾年仍然有足夠的增長空間，我們相信大部分增長將來自我們現有的特許經營商。你知道這是一個有其自身複雜性的業務。

On the surface it seems simple, but when you get into it, it's more complicated, and we've got a lot of dedicated franchisees who are doing the right things that are we believe with the right support, they're ready to grow. But it's got to be something that we're doing hand in hand, and we need to make sure that we're setting them up for success, both with the tools that they have to be able to open a center and making sure that they're picking the right sites and they're timing everything the right way.

表面上看這似乎很簡單，但當你深入其中時，你會發現它更加複雜，我們有很多專注的加盟商，他們正在做正確的事情，我們相信，在正確的支持下，他們已經準備好成長。但這必須是我們攜手並進的事情，我們需要確保為他們的成功做好準備，既要為他們提供開設中心所需的工具，又要確保他們選擇正確的地點，並以正確的方式安排好一切時機。

And so that's the work that that we're doing right now. And then finally with Kurt Smith joining, he's been with us now for 3 weeks and has already just made tremendous strides in the last 3 weeks. I believe Kurt is just going to do an outstanding job of being able to match the right franchise partner with the right development opportunity and to be able to communicate across the network why we're excited about these opportunities and why that makes sense.

這就是我們現在正在做的工作。最後，庫爾特史密斯 (Kurt Smith) 加入了我們，他已經和我們在一起 3 週了，並且在過去的 3 週裡已經取得了巨大的進步。我相信庫爾特會出色地完成工作，能夠將合適的特許經營合作夥伴與合適的發展機會相匹配，並能夠透過人脈傳達我們為何對這些機會感到興奮以及為什麼這是有意義的。

The last thing I'll say is, we're having, we're actively involved in conversations with our franchisees to identify where we see the greatest opportunities in 2026, and those conversations are starting to pick up some momentum. But we really, there, there's a lot that we need to do here over the next 3 to 4 months, to really get things moving in 2026. So that is going to be one of our top priorities here over the next several months.

我要說的最後一件事是，我們正在積極與我們的特許經營商進行對話，以確定我們在 2026 年看到的最大機會在哪裡，並且這些對話開始獲得一些動力。但實際上，在接下來的 3 到 4 個月裡，我們還有很多事情要做，才能在 2026 年真正取得進展。因此，這將是我們未來幾個月的首要任務之一。

Okay, that's great. Thanks again.

好的，太好了。再次感謝。

Thank you.

謝謝。

(Operator Instructions) John Heinbockel, Guggenheim.

（操作員指示）古根漢的約翰·海因博克爾。

Hey Chris, do you have an idea? You think about the 4 or the the studio level, center level model, right? And year one AUV, I know you, the idea was you mature by year 5, get to a million of AUV, and I think you maybe doing, 500 or a little less in year one.

嘿克里斯，你有什麼想法嗎？您考慮的是 4 或工作室等級、中心級模型，對嗎？第一年的 AUV，我知道你的想法是到第五年成熟，達到一百萬的 AUV，我認為你第一年可能會達到 500 或更少。

To what degree can you accelerate that? Do you have an idea in mind, can you accelerate maturity by a year? Can you do 600,000 in year one, or is that a big ask?

你能將其加速到什麼程度？您有什麼想法嗎？可以將成熟期提早一年嗎？你能在第一年就完成 60 萬嗎，還是這是一個很大的要求？

I don't yet know to what degree we can accelerate it. I can tell you that we talk about that often and as we, we're very focused on it.

我還不知道我們可以將其加速到什麼程度。我可以告訴你，我們經常談論這個問題，而且我們非常關注這個問題。

So as we build out this marketing engine, develop the right capabilities, we work closely with our franchise partners on what it takes to set the unit up for success, to have the most successful opening, and then what type of engagement do we need to have with our guests to be able to drive the most frequency. I fundamentally believe the intersection of that is a faster ramp, but it's, right now it's a belief we need to prove it, and I can't articulate, to the extent that we'll be successful, but I can just tell you that we're focused on it and and I believe that that we will get there at the right time, which is why, you keep hearing from me, our approach is Having the right sequence, putting the right building blocks in place, focusing on things at the right time because doing that will set ourselves up for success in the future.

因此，當我們建立這個行銷引擎、開發正確的能力時，我們會與我們的特許經營合作夥伴密切合作，研究如何讓單位獲得成功、如何獲得最成功的開業，以及我們需要與客人進行何種類型的互動才能提高客人的頻率。我從根本上相信，兩者的交匯處是一個更快的坡道，但現在我們需要證明這一信念，我無法清楚地表達我們會在多大程度上取得成功，但我可以告訴你，我們專注於此，我相信我們會在正確的時間到達那裡，這就是為什麼，你一直聽到我說，我們的方法是按照正確的順序，將正確的構建時間放到位

Just maybe as a follow up to that, the the biggest cost right for for wall cost is labor.

或許作為後續，牆體成本中最大的成本就是勞力。

But you don't want to skimp on labor, right? So how do you think about the labor model?

但你不想在勞動力上吝嗇，對吧？那麼您如何看待勞動模式？

And then, cause I don't think other other pieces of the the cost structure can can really make up for that. Can you be more efficient with labor without impacting the fundamental experience?

然後，因為我認為成本結構的其他部分無法真正彌補這一點。您能否在不影響基本體驗的情況下提高勞動力效率？

Well, you're absolutely right. Labor is by far the greatest cost in our business, and we certainly don't want to change the WAC specialist. And so I think given the WAC specialists more and more tools to be able to be successful at growing their own business is very important. So where we have a little bit of flexibility is just, the way that the guest experience kind of flows that guest journey and interaction with our GSA at the very front of the experience. But the greatest way of improving labor margin is to drive more volume and because driving more volume, there's just tremendous flow through to the bottom line.

嗯，你說得完全正確。勞動力是我們業務中最大的成本，我們當然不想更換 WAC 專家。因此，我認為為 WAC 專家提供越來越多的工具，幫助他們成功發展自己的業務非常重要。因此，我們擁有的一點靈活性在於，客人的體驗方式是流動的，客人的旅程和與我們的 GSA 的互動是體驗的最前端。但提高勞動利潤率的最佳方法是提高產量，而提高產量就會為利潤帶來巨大的流量。

And so our focus is on those items. Our focus is on what does it take to drive more volume to be able to get more frequency out of our existing gas, and part of that answer is. The investments that we're making and and our our business and our technology to be able to give our operators the right tools, the right information to be able to do that.

因此我們的重點是這些項目。我們的重點是如何提高產量，從而能夠從現有的天然氣中獲得更高的頻率，而答案的一部分是。我們正在進行的投資以及我們的業務和技術能夠為我們的運營商提供正確的工具和正確的信息，從而實現這一目標。

So I think kind of summarizing, short term, there might be some labor efficiencies that we can drive through the GSA possibly, long term, it's really just getting to sustainable traffic volume and being smart about our unit expansion.

所以我認為總結一下，短期內，我們可能可以透過 GSA 提高一些勞動效率，但從長遠來看，這實際上只是為了獲得可持續的交通量，並明智地進行單位擴張。

I show no further questions at this time. I would now like to turn the call back over to Chris Morris for closing remarks.

我目前沒有其他問題。現在我想將電話轉回給克里斯·莫里斯，請他做最後發言。

All right, well thank you for the time this morning. We're excited to share with you the progress that we're going to make over the next few months, and we continue to be excited about the future. We've got the dominant brand and a very exciting category, and we've got the right team to make all this happen. So thank you very much and look forward to future updates.

好的，非常感謝您今天上午抽出時間。我們很高興與您分享我們在未來幾個月將要取得的進展，並且我們繼續對未來感到興奮。我們擁有主導品牌和非常令人興奮的類別，我們擁有合適的團隊來實現這一切。非常感謝您，並期待未來的更新。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝大家的參與。您現在可以斷開連線。