European Wax Center Inc (EWCZ) 2025 Q3 法說會逐字稿

Good day, and thank you for standing by. Welcome to the European Wax Center third-quarter 2025 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

您好，感謝您的耐心等待。歡迎參加 European Wax Center 2025 年第三季財報電話會議。（操作人員指示）請注意，今天的會議正在錄音。

I would now like to hand the conference over to your speaker today, Tom Kim, Chief Financial Officer. Please go ahead.

現在我謹將會議交給今天的演講人，財務長湯姆金。請繼續。

Good morning, everyone. Thank you, and welcome to European Wax Center's third-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. Then I will discuss our third-quarter results and fiscal 2025 outlook. Following the prepared remarks, we will be able to take questions.

各位早安。謝謝，歡迎參加 European Wax Center 2025 財年第三季財報電話會議。在今天的電話會議上，克里斯莫里斯將介紹公司的最新業績，並討論有關我們優先事項進展的更多細節。接下來，我將討論我們第三季的業績和 2025 財年的展望。在發言結束後，我們將接受提問。

Before we start, I would like to remind you of our legal disclaimer. We will make certain statements today, which are forward-looking within the meaning of the federal securities laws, including statements about the outlook of our business and other matters referenced in our earnings release issued today. These forward-looking statements involve a number of risks and uncertainties that could cause actual results to differ materially. Please refer to our SEC filings as well as our earnings release issued today for a more detailed description of the risk factors that may affect our results.

在開始之前，我想提醒各位注意我們的法律免責聲明。今天我們將發表一些聲明，這些聲明屬於聯邦證券法意義上的前瞻性聲明，包括關於我們業務前景的聲明以及我們在今天發布的盈利報告中提到的其他事項。這些前瞻性陳述涉及許多風險和不確定性，可能導致實際結果與預期結果有重大差異。有關可能影響我們業績的風險因素的更詳細說明，請參閱我們向美國證券交易委員會提交的文件以及我們今天發布的盈利報告。

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. Also during this call, we will discuss non-GAAP financial measures, which adjust our GAAP results to eliminate the impact of certain items. You will find additional information regarding these non-GAAP financial measures and a reconciliation of these non-GAAP to GAAP measures in our earnings release.

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，我們沒有義務根據新資訊或未來事件修改或公開任何前瞻性陳述的修改結果。此外，在本次電話會議中，我們還將討論非GAAP財務指標，這些指標調整了我們的GAAP結果，以消除某些項目的影響。您可以在我們的獲利報告中找到有關這些非公認會計準則財務指標的更多資訊以及這些非公認會計準則指標與公認會計準則指標的調節表。

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

本次電話會議的現場直播也可在公司網站 investors.waxcenter.com 的投資者關係版塊觀看。

I will now turn the call over to Chris Morris.

現在我將把電話交給克里斯莫里斯。

Thank you, Tom, and good morning, everyone. Thank you for joining us to discuss European Wax Center third-quarter 2025 financial performance. In Q3, we delivered system-wide sales of $238.2 million, 20 basis points of same-store sales growth and $20.2 million in adjusted EBITDA.

謝謝你，湯姆，大家早安。感謝您參加我們關於 European Wax Center 2025 年第三季財務表現的討論。第三季度，我們實現了系統內銷售額 2.382 億美元，同店銷售額成長 20 個基點，調整後 EBITDA 為 2,020 萬美元。

I've now been with European Wax Center for 10 months, and it's clear we've made meaningful progress in laying a strong foundation for growth and profitability. While we still have work ahead, we are in a much stronger position than when we began this journey, thanks to the dedication of our franchisees, associates, and our refreshed leadership team.

我在 European Wax Center 工作已經 10 個月了，很明顯，我們在為成長和獲利奠定堅實基礎方面取得了實質進展。雖然我們還有很多工作要做，但由於加盟商、員工和煥然一新的領導團隊的奉獻，我們現在的處境比剛開始這段旅程時要好得多。

2025 is a pivotal year of transformation dedicated to strengthening and accelerating the fundamentals that power our business model. Over the past several months, we've refined our acquisition messaging, deepened our use of data to unlock actionable insights, and partnered even more closely with our franchisees to drive local impact.

2025 年是轉型的關鍵一年，致力於加強和加速支撐我們商業模式的基本要素。在過去的幾個月裡，我們改進了客戶獲取信息，加深了對數據的使用，以獲取可操作的見解，並與我們的加盟商建立了更緊密的合作關係，以推動本地化的影響。

This year, my senior leaders and I have doubled the amount of stores we visited in the past, meeting directly with more franchisees and in-center teams listening to their perspective, recognizing what's working and witnessing firsthand the passion and discipline that shape our incredible guest experience. While transformations take time and progress is rarely linear, we believe our core business is stable, focused, and positioned to capture growth ahead.

今年，我和我的高階主管們比以往走訪了兩倍多的門市，直接與更多加盟商和門市團隊會面，傾聽他們的意見，了解哪些方面做得好，並親眼見證了塑造我們卓越顧客體驗的熱情和自律。雖然轉型需要時間，而且進展很少是線性的，但我們相信我們的核心業務穩定、專注，並已準備好迎接未來的成長。

Over the past several quarters, we've worked to become a smarter, more agile organization, one with sharper visibility into what's driving performance and the ability to adapt quickly when challenges arise. This focus has strengthened our ability to identify opportunities sooner, act decisively, and translate learnings into measurable progress across the business, which I will highlight today.

在過去的幾個季度裡，我們努力成為一個更聰明、更敏捷的組織，一個能夠更清晰地了解業績驅動因素並能夠在挑戰出現時快速適應的組織。這種專注增強了我們更快地發現機會、果斷行動以及將經驗轉化為整個業務可衡量進展的能力，我今天將重點放在這一點上。

Very importantly, we're reaffirming our full-year financial guidance, reinforcing the strength and resiliency of our model. I am confident we are headed in the right direction and every action we take is anchored in three clear strategic priorities: driving sales through traffic growth, improving four-wall profitability for our franchisees through operational excellence, and pursuing disciplined profitable expansion. I will expand on our progress in each of these areas before turning the call over to Tom to deliver our Q3 financial results.

非常重要的一點是，我們重申了全年財務預期，這進一步鞏固了我們模式的實力和韌性。我相信我們正朝著正確的方向前進，我們採取的每一項行動都基於三個明確的策略重點：透過客流量成長來推動銷售，透過卓越的營運提高加盟商的獲利能力，以及追求有紀律的獲利擴張。在將電話會議交給 Tom 來公佈我們第三季財務業績之前，我將詳細介紹我們在上述各個領域取得的進展。

Turning first to traffic growth among both new and existing guests, powered by continued investment in a robust data-driven marketing engine. Over the past year, we've taken a hard look at our marketing tactics, testing, learning, and optimizing how we reach and convert guests across channels to drive visits and deepen engagement.

首先，透過持續投資強大的數據驅動型行銷引擎，實現新舊客戶流量的成長。過去一年，我們認真審視了我們的行銷策略，測試、學習並優化了我們如何透過各種管道接觸和轉換顧客，以推動訪問量並加深互動。

We've eliminated underperforming tactics and doubled down on those driving results. While much of this work has been about building a durable foundation and putting those insights to work to accelerate momentum into next year, our disciplined test-and-learn approach is already improving efficiency and returns.

我們摒棄了效果不佳的策略，並加倍投入那些能帶來成效的策略。雖然這項工作的大部分內容都是為了建立一個持久的基礎，並將這些見解付諸實踐，以加快明年的發展勢頭，但我們嚴謹的測試和學習方法已經提高了效率和回報。

For existing guests, we're seeing clear signs of progress. Retention is stable quarter over quarter, fewer guests are lapsing and engagement in our Wax Pass program remains strong, which is an enduring source of strength for us. Within our guest base, visit frequency remains our largest opportunity for growth. During the quarter, we launched even more structured guest life cycle campaigns, building on the successes from Q2.

對於現有客戶而言，我們看到了明顯的進步跡象。客戶留存率逐季保持穩定，流失客戶數量減少，Wax Pass 會員計畫的參與度依然強勁，這為我們提供了持久的優勢。在我們的客戶群中，到訪頻率仍然是我們最大的成長機會。本季度，我們推出了更系統化的客戶生命週期行銷活動，鞏固了第二季度的成功經驗。

We also introduced new franchisee reporting on their guest frequency, enabling them with actionable center-level data. This reporting helps them identify key controllable traffic drivers, pinpoint performance gaps and quantify the impact of specific actions to improve results. It provides clear visibility into what's within their control, turning data into actionable insights and accountability. It went live in Q3, and we're already seeing strong franchisee engagement.

我們還推出了關於加盟商顧客光顧頻率的新報告，使他們能夠獲得可操作的中心級數據。這份報告幫助他們確定關鍵的可控交通驅動因素，找出績效差距，並量化具體措施對改善結果的影響。它能清楚展現使用者可控範圍內的事項，將數據轉化為可操作的洞察和問責機制。該系統於第三季上線，我們已經看到加盟商的積極參與。

At the beginning of 2025, we prioritized marketing contactability as an important frequency enabler for existing guests and over the course of the year, have materially improved the percentage of guests that we are able to contact via SMS or e-mail. With this improved access to our guests, we're now more directly managing risk and opportunities on frequency. Through this process, we gained valuable insight into which guest outreach tactics are replicable and scalable.

2025 年初，我們將行銷聯繫能力作為提高現有客戶聯繫頻率的重要因素，並在這一年中顯著提高了我們能夠透過簡訊或電子郵件聯繫到的客戶比例。透過這種更方便的方式接觸我們的客人，我們現在可以更直接地管理頻率方面的風險和機會。透過這個過程，我們獲得了寶貴的見解，了解哪些客戶拓展策略是可複製和可擴展的。

Our focus now is on relevance, creating consistent, personalized communication with guests that more directly speak to our guests about what matters to them. We believe that this tailored approach will continue to help convert less frequent guests into high-frequency visitors and deepen engagement across our existing guest base.

我們現在的重點是相關性，與顧客建立持續、個人化的溝通，更直接地與顧客溝通他們關心的事。我們相信，這種量身定制的方法將繼續幫助我們把不常光顧的客人轉化為經常光顧的客人，並加深我們現有客群的參與度。

Turning to new guest acquisition, which remains a top priority and key to returning to sustainable traffic growth. While we're still not seeing the levels of new guest growth we would like to, we continue to focus on the things we can control in an evolving macro environment and are encouraged by the progress we've made.

轉向獲取新客戶，這仍然是首要任務，也是恢復永續流量成長的關鍵。雖然我們尚未看到我們期望的新客戶成長水平，但我們將繼續專注於在不斷變化的宏觀環境中我們可以控制的事情，並對我們所取得的進展感到鼓舞。

In Q3, we've leveraged our enhanced data insights to identify actionable opportunities that allowed us to more effectively target and attract new guests. Additionally, our improved capabilities allowed us to pivot and refine the rollout of regional marketing pilots. Together, these learnings enabled us to quickly refine our processes and scale guest acquisition through paid media within the quarter. Given the importance of word of mouth in our categories, we have also refocused the network on our referral program, a powerful and cost-effective channel for new guests.

在第三季度，我們利用增強的數據洞察力，發現了可操作的機會，從而能夠更有效地鎖定和吸引新客戶。此外，我們能力的提升使我們能夠調整和改進區域行銷試點計畫的推廣。綜合這些經驗，我們能夠迅速改善流程，並在本季透過付費媒體擴大客戶獲取規模。鑑於口碑在我們行業的重要性，我們也重新調整了網絡，將重點放在推薦計劃上，這是一個強大且經濟高效的新客戶管道。

Looking ahead to Q4, the overhaul of our influencer strategy to reach prospects more authentically and at scale that began in Q3 will be a key focus. We partnered with a new influencer agency and the content we've produced is already showing a 75% improvement in efficiency related to our prior influencer content. Our execution of a national eyebrow day activation included our new influencer strategy on top of a PR media push, which helped us break through at new levels. The campaign delivered more than 75 million impressions and drove a 53% lift in unique website visitors.

展望第四季度，我們從第三季度開始對影響者策略進行全面改革，以更真實、更大規模地觸及潛在客戶，這將是我們的重點工作。我們與一家新的網紅行銷代理商合作，我們製作的內容在效率上已經比我們之前的網紅內容提高了 75%。我們在全國美眉日活動中採用了新的網紅行銷策略，並輔以公關媒體宣傳，這幫助我們取得了新的突破。該活動獲得了超過 7500 萬次的曝光量，並使網站獨立訪客數量提升了 53%。

Finally, we're excited to have brought on a new brand agency partner to help refine our brand and better connect with high-value audiences. Together, we've completed foundational work, including site visits and surveys, all aimed at deepening our understanding of our positioning and what will resonate most with guests going forward.

最後，我們很高興引進了一家新的品牌代理商合作夥伴，以幫助我們完善品牌並更好地與高價值受眾建立聯繫。我們共同完成了基礎性工作，包括實地考察和調查，所有這些工作的目的都是為了加深我們對自身定位的理解，以及未來什麼最能引起客人的共鳴。

While this initiative will scale meaningfully in 2026, it's already shaping how we think and act today. As I've said before, there's still work to be done, but we're far better positioned from both a sales and traffic perspective than we were a year ago, thanks to the insights and learnings we've gained.

雖然這項計劃要到 2026 年才會真正擴大規模，但它已經在影響我們今天的思考和行動方式。正如我之前所說，還有很多工作要做，但由於我們獲得了洞察力和經驗，從銷售和流量的角度來看，我們現在的處境比一年前要好得多。

Moving on to our next priority, driving four-wall profitability for franchisees through operational excellence. We continue to believe that the greatest opportunity ahead of us lies inside our centers. In August, we welcomed Angela Jaskolski as our new Chief Operating Officer. While her work is only beginning, Angela has already taken a more granular look at in-center operations and has been active in the field working closely with franchisees to demonstrate how elevating the guest experience can meaningfully impact center performance.

接下來，我們將重點放在透過卓越營運提高加盟商的獲利能力。我們始終相信，擺在眼前的最大機會就蘊藏在我們自己的中心之中。8 月，我們迎來了 Angela Jaskolski 擔任新的營運長。雖然安吉拉的工作才剛開始，但她已經對中心內部運作進行了更細緻的考察，並積極參與實地工作，與加盟商密切合作，以展示提升顧客體驗如何能對中心業績產生有意義的影響。

One of Angela's key priorities is digging deep into the factors within a center's control, which we know have a direct impact on sales and retention. Her team is focused on ensuring franchisees have the tools, insights, and resources they need to strengthen operations and ultimately improve profitability. We believe this disciplined focus on center controllables is critical to driving stronger unit economics and delivering a consistent high-quality guest experience across the system.

安吉拉的主要工作之一是深入研究中心可控因素，我們知道這些因素會對銷售和客戶留存產生直接影響。她的團隊致力於確保加盟商擁有加強營運並最終提高盈利能力所需的工具、洞察力和資源。我們認為，這種對中心可控因素的嚴格關注，對於提高單位經濟效益和在整個系統中提供一致的高品質賓客體驗至關重要。

In addition, performance in Q2 and Q3 confirms the role of franchisee engagement and hands-on support in driving performance. We've continued to expand in-center coaching and training resources to ensure every franchisee can access and implement best practices consistently, while also exploring ways technology can unlock additional upside at the unit level. These learnings from 2025 are shaping a comprehensive operational strategy for 2026 focused on closing training and infrastructure gaps, enhancing field support, and franchisee engagement and driving greater consistency and stronger center profitability across our network.

此外，第二季和第三季的業績也證實了加盟商的參與和實際支持在推動業績方面所扮演的角色。我們不斷擴大中心內的指導和培訓資源，以確保每個加盟商都能持續獲得和實施最佳實踐，同時也在探索如何利用科技在門市層級釋放更多潛力。從 2025 年汲取的經驗教訓正在塑造 2026 年的全面營運策略，重點是彌合培訓和基礎設施差距，加強現場支援和加盟商參與，並推動我們整個網路的一致性和更強勁的中心盈利能力。

Finally, our third priority is grounded in advancing a disciplined development approach that supports thoughtful, profitable expansion. Under the leadership of Kurt Smith, our new Chief Development Officer, we've completed a deep network analysis to help us prepare for the remainder of 2025 and 2026.

最後，我們的第三個優先事項是推動有紀律的發展方法，以支持深思熟慮、有利可圖的擴張。在新任首席發展長庫爾特史密斯的領導下，我們完成了深入的網路分析，以幫助我們為 2025 年剩餘時間和 2026 年做好準備。

Our development and operations team have also launched a focused effort to strengthen unit economics, mitigate future closure risk, and improve network health. Through our analysis, we've identified centers that are ramping more slowly and determined where we believe targeted action can make the greatest impact, especially in attractive markets. We're working directly with these franchisees to strengthen performance through targeted operational support, training and local marketing.

我們的開發和營運團隊也已啟動一項重點工作，旨在加強單位經濟效益、降低未來關閉風險並改善網路健康。透過我們的分析，我們已經確定了成長速度較慢的中心，並確定了我們認為有針對性的行動可以在哪些方面產生最大的影響，尤其是在有吸引力的市場。我們正與這些加盟商直接合作，透過有針對性的營運支援、培訓和本地行銷來提升業績。

Improving unit economics across the system remains essential to reducing closure risk over the long term. As we continue this work, we now expect total closures to be between 35 and 40 for the year compared to our prior estimates of 40 to 60. This reflects both timing shifts in anticipated closures and the traction we're seeing in our strategic initiatives with franchisees as we thoughtfully assess which centers should remain in the system.

從長遠來看，提高整個系統的單位經濟效益對於降低關閉風險仍然至關重要。隨著這項工作的繼續，我們現在預計今年的總關閉數量將在 35 到 40 家之間，而我們之前的估計是 40 到 60 家。這不僅反映了預期關閉時間的變化，也反映了我們在與加盟商的策略舉措中看到的進展，因為我們正在認真評估哪些中心應該留在系統中。

Looking ahead, our focus turns to 2026, where we're working closely with franchisees to refine development plans that reflects the timing of 25 closures and continued progress on our strategic initiatives. Our class of 2026 openings are taking shape, and we believe we remain on track to return to positive net center growth by year-end as development momentum builds throughout the year.

展望未來，我們的重點轉向 2026 年，屆時我們將與加盟商緊密合作，完善發展計劃，以反映 25 家門市關閉的時間安排以及我們戰略舉措的持續進展。我們 2026 年的開幕計劃正在逐步成形，我們相信，隨著全年發展勢頭的增強，我們仍將按計劃在年底前恢復中心淨增長。

We continue to prioritize new centers and markets with strong demand and solid unit economics to support sustainable, profitable growth. Encouragingly, our 2025 class continues to ramp above pre-pandemic levels, underscoring the commitment of our franchisee partners and the effectiveness of our grand opening playbook, and we're applying those insights in an effort to set our 2026 openings up for success.

我們將繼續優先發展需求強勁、單位經濟效益良好的新中心和市場，以支持可持續的獲利成長。令人鼓舞的是，我們的 2025 屆新店數量持續增長，超過了疫情前的水平，這凸顯了我們加盟合作夥伴的決心和我們盛大開業策略的有效性，我們正在運用這些經驗，努力為 2026 年的新店開業做好準備。

As we look to finish the year strong, I'm confident in the path we're on and the progress we're making. We are confidently taking action, having built the better data, sharper insights, and a clearer view of what's within our control to keep the system healthy and moving forward. We're using that visibility to make smarter decisions, focus on the levers that matter most and drive consistent execution across the business.

展望今年的最後階段，我對我們所走的道路和所取得的進展充滿信心。我們有信心採取行動，因為我們累積了更好的數據、更敏銳的洞察力，並且更清楚地了解了哪些因素在我們掌控之中，從而保持系統健康並向前發展。我們利用這種視覺性來做出更明智的決策，專注於最重要的槓桿，並推動整個業務的一致執行。

While results can fluctuate quarter-to-quarter, we believe the work we're doing now is building lasting strength and setting the stage for sustained growth. We have the right leadership, the right strategy and the discipline to stay focused on what drives performance. The momentum is building and the opportunity ahead is significant. I've never been more confident in where we're headed.

雖然業績可能會逐季度波動，但我們相信，我們現在所做的工作正在建立持久的實力，並為持續成長奠定基礎。我們擁有正確的領導、正確的策略和自律精神，能夠始終專注於推動業績成長的因素。勢頭正盛，未來機會巨大。我從未像現在這樣對我們未來的方向充滿信心。

With that, I'll turn it over to Tom to walk through our Q3 financial results and share more about our outlook for the year. Tom?

接下來，我將把發言權交給湯姆，讓他來詳細介紹我們第三季的財務業績，並分享更多關於我們今年的展望。湯姆？

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 third quarter of fiscal 2025 compared to the third quarter of fiscal 2024. Now to our results. We delivered another solid quarter, underscoring the progress we're making on our strategic priorities in this pivotal transitional year. Our performance reflects disciplined execution, a strong business model, and a continued momentum in the initiatives that are strengthening our foundation for sustainable growth.

謝謝你，克里斯。在我開始發言之前，我想提醒大家，本次電話會議中關於成長率的討論將指的是 2025 財年第三季與 2024 財年第三季的比較。現在公佈我們的結果。我們又完成了一個穩健的季度，凸顯了我們在這關鍵過渡年中，在策略重點方面的進展。我們的業績反映了嚴謹的執行力、強大的商業模式以及在各項舉措中持續取得的進展，這些舉措正在鞏固我們實現可持續增長的基礎。

Same-store sales grew 20 basis points year over year. System-wide sales decreased 0.8% to $238.2 million, driven primarily by the impact of closed centers. As we continue to build out our marketing and operational capabilities under our new leadership team, we are gaining clear visibility into what's driving performance and where targeted actions can strengthen guest engagement and traffic.

同店銷售額較去年同期成長 20 個基點。系統銷售額下降 0.8% 至 2.382 億美元，主要受關閉中心的影響。隨著我們在新領導團隊的帶領下不斷提升行銷和營運能力，我們越來越清楚地了解哪些因素在推動業績成長，以及哪些有針對性的措施可以加強客戶參與度和客流量。

Comp trends were strong through July and mid-August before softening in the latter half of August and September. This was driven in part by short-term factors within our control that we've since addressed. The utilization of our enhanced data insights has already informed changes across the system, and we expect to see the benefits reflected in mature center traffic over the coming months.

7 月和 8 月中旬同店銷售趨勢強勁，8 月下旬和 9 月放緩。這部分原因是因為我們可控的短期因素造成的，而這些因素我們已經解決了。我們利用增強的數據洞察力已經為整個系統帶來了改變，我們預計在未來幾個月內，成熟中心的客流量將體現出這些改變帶來的好處。

We ended Q3 with 1,053 centers, down 1% year over year. We opened three growth centers during the quarter and closed nine, resulting in six net closures, which was better than our expected closure range of 15 to 16, driven by a shift in the timing of anticipated closures and the progress we're making in our strategic initiatives with franchisees.

第三季末，我們共有 1053 家中心，年減 1%。本季我們開設了三個成長中心，關閉了九個，淨關閉六個，這比我們預期的 15 到 16 個關閉範圍要好，這得益於預期關閉時間的變化以及我們在與加盟商的戰略舉措方面取得的進展。

Total revenue of $54.2 million decreased approximately $1.2 million or 2.2%, primarily driven by lower contributions from wholesale product and retail revenue as a percentage of system-wide sales. As expected, gross margin increased modestly to 73.3%, in part due to a higher mix of royalty, marketing fees and product margin improvements. SG&A expenses decreased $4.5 million to $13 million, primarily driven by timing of payroll and benefits, professional fees, and marketing spend.

總收入為 5,420 萬美元，減少了約 120 萬美元或 2.2%，主要原因是批發產品和零售收入佔系統總銷售額的比例下降。正如預期的那樣，毛利率小幅增長至 73.3%，部分原因是特許權使用費、行銷費用和產品利潤率的提高。銷售、一般及行政費用減少了 450 萬美元，降至 1300 萬美元，主要原因是工資和福利、專業費用和行銷支出的時間表。

Advertising expense decreased $0.8 million due to the timing of spend within the fiscal year. Adjusted EBITDA of $20.2 million increased 9.6% from $18.4 million in the prior year period. Adjusted EBITDA margin increased 400 basis points to 37.2%. This reflects our continued focus on profitability, cost discipline, and operational efficiency, all of which contributed to significant margin improvement.

由於本財年支出時間安排的原因，廣告費用減少了 80 萬美元。經過調整後的 EBITDA 為 2,020 萬美元，比去年同期的 1,840 萬美元成長了 9.6%。調整後 EBITDA 利潤率成長 400 個基點至 37.2%。這體現了我們對獲利能力、成本控制和營運效率的持續關注，所有這些都促成了利潤率的顯著提高。

Q3 results also benefited from the timing of certain operating expenses, including marketing and technology spend tied to our strategic initiatives, which will shift into the fourth quarter. Net interest expense increased to $6.5 million from $6.3 million in the prior year, and income tax expense increased to $2 million from $0.8 million last year. Adjusted net income increased 14.2% to $10.7 million from $9.3 million last year.

第三季業績也受惠於某些營運費用的時間安排，包括與我們的策略措施相關的行銷和技術支出，這些支出將轉移到第四季。淨利息支出從去年的 630 萬美元增加到 650 萬美元，所得稅支出從去年的 80 萬美元增加到 200 萬美元。經調整後的淨收入從去年的 930 萬美元成長 14.2% 至 1,070 萬美元。

Lastly, as a housekeeping item, as of November 7, 2025, there were 43.7 million Class A common shares outstanding, and 20.7 million potentially dilutive shares related to Class B shares and outstanding equity awards.

最後，作為一項日常事務，截至 2025 年 11 月 7 日，已發行 A 類普通股 4,370 萬股，以及與 B 類股份和未償股權獎勵相關的 2,070 萬股可能稀釋股份。

Turning now to the balance sheet. Our $40 million revolver remains fully undrawn, and we ended the quarter with $73.6 million in cash and $387 million outstanding under our senior secured notes. Our net leverage ratio at quarter end was 3.9 times and would have been approximately 3.7 times, excluding the $16.1 million in stock buybacks executed over the trailing 12 months, which includes $0.4 million in excise tax related to 2024 buybacks. As of quarter end, we had $4.1 million remaining under our current $50 million share repurchase authorization.

現在來看資產負債表。我們的 4,000 萬美元循環信貸額度仍未動用，本季末我們擁有 7,360 萬美元現金，以及 3.87 億美元未償還的優先擔保票據。截至季末，我們的淨槓桿率為 3.9 倍，如果排除過去 12 個月執行的 1,610 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），則約為 3.7 倍。截至季末，在我們目前 5,000 萬美元的股票回購授權下，還剩餘 410 萬美元。

Our franchise model continues to produce consistent free cash flow, providing us both the flexibility and financial strength to maintain a disciplined capital allocation strategy. In Q3 year to date, operating activities generated $45.2 million in net cash compared to $2.2 million of investing cash outflows. Our whole business securitization structure remains a source of stability, allowing us to meet debt obligations safely, invest in the brand, and maintain a healthy balance sheet in a dynamic macro environment.

我們的特許經營模式持續產生穩定的自由現金流，為我們提供了靈活性和財務實力，以維持嚴格的資本配置策略。今年第三季至今，營運活動產生了 4,520 萬美元的淨現金，而投資現金流為 220 萬美元。我們的整個業務證券化結構仍然是穩定的來源，使我們能夠在動態的宏觀環境中安全地履行債務義務、投資品牌並保持健康的資產負債表。

Turning now to our current outlook for the balance of 2025. Starting with our unit expectations for the year. We are narrowing our closure range to between 35 and 40, which reflects timing shifts in anticipated closures and progress made on our initiatives to strengthen the health of our network in partnership with our franchisees. We continue to expect 12 gross openings in 2025, resulting in 23 to 28 net center closures for the full year.

現在讓我們來看看我們對2025年剩餘時間的展望。首先，我們來談談本年度的單位預期。我們將關閉門市的範圍縮小到 35 至 40 家之間，這反映了預期關閉門市的時間變化，以及我們與加盟商合作，加強我們網路健康措施所取得的進展。我們仍然預計 2025 年將有 12 家新店開業，這將導致全年淨關閉 23 至 28 家購物中心。

Moving to our financial outlook. As we've discussed in prior quarters, our guidance for 2025 reflects a balanced view of our transformation progress and the expected timing benefits from our strategic initiatives. As we approach the end of the year, our results are tracking within our previously communicated outlook, enabling us to reaffirm our financial guidance for the year. We continue to expect system-wide sales of $940 million to $950 million and same-store sales to be flat to up 1% for the full year.

接下來談談我們的財務展望。正如我們在前幾個季度討論的那樣，我們對 2025 年的展望反映了我們轉型進展的平衡看法以及我們戰略舉措預期帶來的時間效益。隨著年底臨近，我們的業績符合先前公佈的預期，因此我們重申今年的財務預期。我們仍預期全年系統銷售額為 9.4 億美元至 9.5 億美元，同店銷售額將持平或成長 1%。

Our adjusted EBITDA outlook remains unchanged at $69 million to $71 million, reflecting continued disciplined execution and cost management. Full-year revenue remains in the range of $205 million to $209 million, reflecting stable transaction trends and initiatives to support franchisee health.

我們調整後的 EBITDA 預期仍維持在 6,900 萬美元至 7,100 萬美元之間，這反映了我們持續嚴謹的執行和成本控制。全年收入仍維持在 2.05 億美元至 2.09 億美元之間，反映出穩定的交易趨勢和支持加盟商健康的各項措施。

While we continue to see steady progress across our strategic priorities, new guest acquisition remains pressured, and we expect to see more improvement in 2026. We continue to plan for advertising expenses slightly above 3% of system-wide sales.

儘管我們在各項策略重點方面持續取得穩定進展，但新客戶獲取仍面臨壓力，我們預計 2026 年情況將會有所改善。我們繼續計劃將廣告支出略高於系統總銷售額的3%。

On tariffs, we've continued to stay ahead of potential impacts by partnering closely with our suppliers and further diversifying our sourcing. These ongoing efforts to optimize our supply chain give us confidence in our ability to manage cost pressures and maintain our EBITDA outlook. Finally, we continue to expect adjusted net income between $31 million and $33 million, reflecting an approximately 23% effective tax rate before discrete items.

在關稅方面，我們透過與供應商密切合作並進一步實現採購多元化，持續領先於潛在的影響。我們不斷努力優化供應鏈，這使我們有信心應對成本壓力並維持 EBITDA 預期。最後，我們仍預期調整後淨收入在 3,100 萬美元至 3,300 萬美元之間，反映出扣除特殊項目前的實際稅率約為 23%。

In summary, our financial guidance remains unchanged, and the progress we've made to date gives us confidence that we're on track for the remainder of the year. The strategic groundwork we've established from strengthening franchisee alignment and enhancing guest analytics to refining our marketing playbook is beginning to take hold. We're encouraged that these initiatives are reinforcing the foundation of our business and positioning us for sustainable long-term growth.

總而言之，我們的財務預期保持不變，迄今為止的進展讓我們有信心在今年餘下的時間裡按計劃進行。從加強加盟商合作、提升客戶分析能力到完善行銷策略，我們已經建立的策略基礎正開始發揮作用。我們感到鼓舞的是，這些舉措正在鞏固我們業務的基礎，並使我們為可持續的長期成長做好準備。

As we continue to execute with focus and discipline, we expect to see greater consistency and stability in our top line performance. We remain confident in our ability to navigate 2025 within our expectations and position the brand for meaningful growth in 2026.

只要我們繼續保持專注和自律，我們預計公司業績將更加穩定和持續成長。我們仍有信心在 2025 年實現預期目標，並為品牌在 2026 年取得實質成長做好準備。

With that, operator, please open the line for questions.

接線員，請開啟提問頻道。

(Operator Instructions)

（操作說明）

Scot Ciccarelli, Truist.

Scot Ciccarelli，Truist。

This is Josh Young on for Scot. So it sounds like the revamped marketing efforts are showing solid early results in terms of re-engaging some of those less frequent guests. Can you just give us any quantification in terms of the lift that you're seeing there? And how do you think that can look as you move into '26?

這是代表史考特出賽的喬許楊。看來，改進後的行銷措施在重新吸引一些不常光顧的顧客方面已經取得了初步的良好效果。您能否就您觀察到的升溫幅度給出一些量化數據？那麼，你認為進入2026年之後，情況會是如何呢？

Josh, this is Chris. Yes, here's what I can tell you is we are seeing -- so there are three main things that we're focused on, on top-line growth. One is marketing tactics aimed right at existing guests. Two is a focused effort on new guest acquisitions; and three is ops execution.

喬希，這位是克里斯。是的，我可以告訴你們的是，我們看到──所以我們目前主要關註三個方面，也就是營收成長。一種方法是直接針對現有顧客的行銷策略。第二點是集中精力吸引新客戶；第三點是營運執行。

So your question is more around existing guests. We have seen quite a bit of ability now that we have developed robust reporting around our guest behavior, and we're able to group our guests into a certain set of routines. We have more insight than ever before into how to intercept those guests to drive behavior going forward.

所以你的問題比較是關於現有客人的。現在我們已經開發出強大的客戶行為報告系統，並且能夠將客戶歸入某些特定的行為模式中，我們已經看到了相當大的能力。我們比以往任何時候都更清楚地了解如何攔截這些客人，從而引導他們未來的行為。

Adding to that has been our focused effort partnering directly with our franchisees to grow our contactability number. So when we started the year, we only had the ability to contact about 38% of our guests. Today, we have 60%. We have an ability to contact 60% of our guests.

此外，我們也專注於與加盟商直接合作，以提高我們的聯繫管道暢通程度。所以年初的時候，我們只能聯絡到大約 38% 的客人。今天，我們擁有 60%。我們有能力聯絡60%的客人。

And so as you can imagine, that just gives us so much more opportunity to engage with our guests, and we know when we do that we have a greater chance of being able to drive behavior going forward. And so through that effort, we have been able to very -- through a focused effort to take a non-routine guest and start to drive them into routines. And we are seeing an improvement in our frequency.

因此，正如您所想，這給了我們更多的機會與顧客互動，我們也知道，當我們這樣做時，我們更有可能引導顧客未來的行為。因此，透過這種努力，我們能夠——透過集中精力，將非常規客人引導成常規客人。我們看到頻率有所提高。

I don't -- I really don't want to get into the habit of disclosing specific frequency numbers across all those different bands. But I can tell you that we've seen meaningful progress in that ability, and it gives us a lot of confidence as we move forward.

我不想——我真的不想養成透露所有不同頻段具體頻率值的習慣。但我可以告訴你們，我們在這能力上已經取得了顯著進步，這讓我們在未來的工作中充滿信心。

Dana Telsey, Telsey Advisory Group.

Dana Telsey，Telsey顧問集團。

As you talked about the cadence of the quarter, what did you notice about your core consumer? How is it different? How is it the same? What are you seeing from Wax Pass sales? And how is that trending? And regional trends, anything California versus other areas? And then I just have a follow-up.

在談到季度節奏時，你注意到你的核心消費者有哪些特徵？有何不同？哪裡一樣了？Wax Pass的銷售情況如何？這個趨勢如何？還有區域趨勢方面，例如加州與其他地區相比如何？然後我還有一個後續問題。

Okay. All right. This business just continues to be very stable. Wax Pass sales, we're seeing a slight uptick on a year-over-year basis in Wax Pass sales. When we look at our total core guest, our core guest, it's very stable. It's been stable throughout the entire year. So we're not seeing any meaningful movement there. And so that gives us that stability just reinforces our confidence as we move forward.

好的。好的。這家公司一直都非常穩定。Wax Pass 的銷售額，我們看到 Wax Pass 的銷售額比去年同期略有成長。當我們查看我們的核心客戶總數時，我們的核心客戶群非常穩定。全年都保持穩定。所以，我們並沒有看到這方面有任何實質的進展。因此，這種穩定性增強了我們前進的信心。

Our big opportunity is everything that I just walked through with Josh. Our big opportunity going forward is to build on that stability by: one, engaging with our existing guests to drive more frequency; two, partnering with our operators to drive more new guest retention; and three, to continue to build on all the success that we've seen on our marketing tactics around new guest acquisition.

我們現在最大的機會就是我剛才和喬希一起討論的一切。我們未來最大的機會在於鞏固這種穩定性，具體措施包括：一、與現有客戶互動，提高客戶光顧頻率；二、與運營商合作，提高新客戶的留存率；三、繼續鞏固我們在新客戶獲取營銷策略方面取得的所有成功。

So when all that comes together, we believe we're going to be poised for long-term sustainable growth because we're starting from such a strong position of strength. Not many brands have the stability that we have in this brand.

因此，當所有這些因素結合在一起時，我們相信我們將能夠實現長期可持續成長，因為我們擁有如此強大的起點。很少有品牌能像我們這個品牌一樣擁有如此穩定的實力。

In terms of regional differences, we've actually seen -- throughout the year, we've seen some improvement in California. Where we continue to see more weakness is in areas like New York, Philadelphia, DC. But I'll -- having said that, I'll tell you, it's not a situation where you have three or four markets pulling down the entire company.

就區域差異而言，我們實際上已經看到——在過去一年中，加州的情況有所改善。我們看到紐約、費城、華盛頓特區等地區的表現依然疲軟。但是，話雖如此，我還是要說，這並不是說三、四個市場拖垮了整個公司。

We see relative consistency across the entire country. But if there is more weakness in one area or the other, it's those three areas, New York, Philadelphia, and DC. But we've seen some improvement in California.

我們看到全國各地的情況都相對一致。但如果說哪個地區比較弱，那就是紐約、費城和華盛頓特區這三個地區。不過，加州的情況有所改善。

Got it. And then just on the center openings and closings as you move forward, thoughts on more closings, less closings, openings? Is there any difference in cost of opening, different construction or configuration of a center that you're looking for and how you're thinking about closings go forward?

知道了。然後，隨著你不斷推進，關於中心區域的開啟和關閉，你有什麼想法？是增加關閉次數，還是減少關閉次數，還是增加開啟次數？開業成本、您所尋找的中心的不同結構或配置，以及您未來對關閉中心的看法，是否有任何差異？

Yes, sure. So we are in the throes right now of building out our business plan for 2026 and partnering directly with our franchisees on what those business priorities are. And so in February, the next time we get in front of all of you, we will provide guidance on exactly how we see 2026 playing out.

當然可以。所以，我們目前正在全力製定 2026 年的商業計劃，並直接與我們的加盟商合作，確定這些業務重點。因此，在二月份，當我們下次與大家見面時，我們將就我們對 2026 年的展望提供指導。

What I can tell you is we're very pleased that we're now narrowing the range on closures. We started the year saying 40 to 60, now we're saying 35 to 40. And some of that is timing. So some of those closures are moving into 2026, and some of it is just improving the partnership with our franchisees and starting to make progress on our initiatives.

我可以告訴大家的是，我們非常高興現在正在縮小封蓋範圍。年初我們說的是 40 到 60，現在說的是 35 到 40。其中一些因素與時機有關。因此，部分關店計畫將延後到 2026 年，部分關店計畫只是改善與加盟商的合作關係，並開始在我們的各項措施上取得進展。

So we do expect closures next year. We're still in the process of sizing that up. What I can tell you is with respect to NCOs, we continue to target that by the end of 2026, we will return to net positive growth from that point forward. So that's consistent. We've been saying that from the beginning of 2025, and we still believe we're on track to do that.

所以我們預計明年會有停工。我們仍在評估中。我可以告訴大家的是，就非委任軍官而言，我們仍然以到 2026 年底為目標，從那時起我們將恢復淨正成長。所以這一點是一致的。從 2025 年初我們就開始這麼說了，而且我們仍然相信我們正按計劃實現這一目標。

So the way that will play out next year is there'll be closures in the beginning of the year, but then when we move to the end of the year, we'll be in a positive position. And you have to remember that when we started, basically, our NCO development was on pause. So in order to go from something that's on pause to returning to growth, there is a lag time.

所以明年年初可能會有一些店家關門，但到了年底，情況就會好轉。你必須記住，在我們開始的時候，我們的士官培養基本上是暫停的。因此，從停滯狀態到恢復成長，需要一段時間的延遲。

We're still -- we're working closely with our franchisees on sizing up what growth looks like next year, and we're pleased with that pipeline and how that's shaping up, and I'll share more of that with you in February.

我們仍在與加盟商密切合作，評估明年的成長前景，我們對目前的進展感到滿意，二月我會和大家分享更多相關資訊。

Jonathan Komp, Baird.

喬納森康普，貝爾德。

This is Alex Conway on for John. If I could just ask again about the units. As you just mentioned, cutting the guidance for closures for this year. What are you still seeing out of the units that are having to close? What are the main holdups? And what's really giving you that confidence that those pressures are going to alleviate by the second half of next year?

這裡是亞歷克斯·康威，替約翰報道。我可以再問一下關於單位的問題嗎？正如你剛才提到的，削減今年的停業指導方針。你對那些不得不關閉的單位還有什麼看法？主要阻礙因素是什麼？是什麼讓你確信這些壓力會在明年下半年緩解？

So the units that are closing are low-volume units, and they've been low-volume units from day one. And the reason they're low volume is just a variety of different reasons, bad real estate, bad market, in some cases, franchisees just had some other unique circumstances that they were managing through. But it's mainly -- it's just all low-volume units.

所以，這些正在關閉的單元都是低銷量單元，而且它們從一開始就是低銷量單元。而他們銷售低迷的原因有很多，例如房地產市場不好、市場行情差，在某些情況下，加盟商還面臨一些其他獨特的困境。但主要是──都是些小批量生產的機型。

And so we've worked closely with them to understand what's the -- where is this unit? How is this unit performing? What are the chances that we can get it back up to profitability. And we just had a number of units that when we went through that exercise, we did not feel like that it made sense for those units to continue to open.

因此，我們與他們密切合作，以了解這個單位在哪裡？這台設備性能如何？我們能讓它恢復獲利的幾率有多大？經過一番評估，我們發現有些門市沒有必要繼續營業。

It's ultimately a franchisee's decision, but we're partnering directly with the franchisee to assess that situation. Lease expiration date really plays a big role in this. because obviously, the franchisee is still on the hook for the lease if they close before the expiration date. And so we're -- as we've kind of sorted through our portfolio, we've first understood the financial performance and then also understood lease expirations. And that's how we've been able to kind of get our arms around the risk of closure here in 2025 and as we look for 2026.

最終由加盟商決定，但我們會直接與加盟商合作評估這種情況。租賃到期日在這方面起著至關重要的作用。因為很顯然，如果加盟商在到期日之前關閉門市，他們仍然要承擔租賃責任。因此，在梳理我們的投資組合時，我們首先了解了財務業績，然後也了解了租賃到期情況。正因如此，我們才能大致了解 2025 年以及展望 2026 年可能面臨的關閉風險。

In terms of our confidence that by the end of 2026, we'll be back into NCO-positive growth territory is we've got -- we really have our arms around just the overall health of the portfolio. And so we feel confident that we have a good grip on where the risk is. And our communication and partnership with our franchisees just continues to get better and better. And so that gives us confidence that we're not going to be surprised in a material way.

至於我們有信心到 2026 年底能夠重回 NCO 正成長區間，是因為——我們確實對投資組合的整體健康狀況瞭如指掌。因此，我們有信心能夠很好地掌握風險所在。我們與加盟主的溝通和合作關係也越來越好。因此，這讓我們有信心，在實質方面不會遇到意想不到的情況。

And then secondly is we are seeing a lot of green shoots throughout the business. And so as our team has dug in and worked directly with our franchisees, it's becoming very clear where the opportunities are. And what has me excited is not only do we know where the opportunities are, but there is a shared passion across the network for addressing those opportunities.

其次，我們看到整個產業出現了許多復甦的跡象。因此，隨著我們的團隊深入研究並與加盟商直接合作，機會在哪裡變得越來越清晰。令我興奮的是，我們不僅知道機會在哪裡，而且整個網路都對抓住這些機會充滿熱情。

So we're seeing improvement in our ability to target existing guests to drive frequency. We're seeing improvement in our ability to effectively scale our acquisitions on new guest acquisitions. And we have alignment on what we need to do operationally and improved reporting to highlight where the opportunities are. And I just believe the combination of all that is going to put us in a position to where we can really start seeing some improvement into 2026.

因此，我們看到我們在提高針對現有客戶的行銷能力方面有所改進，從而能夠提高客戶光顧頻率。我們看到，我們在有效擴大新客戶獲取規模方面的能力正在提高。我們在營運方面需要做什麼已經達成共識，並且改進了報告機制，以突出機會所在。我相信所有這些因素結合起來，將使我們處於一個有利的位置，從而在 2026 年真正開始看到一些改善。

Great. And then maybe just as a follow-up on the modeling side. It seems like through the first three quarters, you drove decent EBITDA growth year over year. And obviously, guidance is showing that below for the full year. Are there any unique factors to Q4 that we should be thinking about that's kind of causing the lower year-over-year growth?

偉大的。然後，或許可以作為建模方面的後續工作。前三個季度，你們的 EBITDA 似乎實現了年比不錯的成長。顯然，以下是全年的業績指引。第四季是否存在一些獨特的因素，導致年成長放緩？我們應該考慮這些因素嗎？

Thanks, Alex. So what we've commented is we still believe in the full-year guidance that holds relative to top line with our comp trajectory and what we're seeing in the system. And then on the bottom-line standpoint, as we've guided and reiterated to the EBITDA, that still holds as well, and we're very confident in delivering against that.

謝謝你，亞歷克斯。因此，我們表示，我們仍然相信全年業績指引，這與我們的同業成長軌跡以及我們在系統中看到的情況相符。從最終收益的角度來看，正如我們一直強調和重申的 EBITDA 目標一樣，這一點仍然成立，我們非常有信心實現這一目標。

Now when you take this 2 components of top line and bottom line and what that implies, you can see that from a yearly standpoint, the adjusted EBITDA target ranges in that 34% range. When you look at and take a step back and look at the whole year as a whole, and this is what you're calling out.

現在，當你把營收和利潤這兩個組成部分以及它們所代表的意義結合起來考慮時，你會發現，從年度角度來看，調整後的 EBITDA 目標範圍在 34% 的範圍內。當你回顧過去一年，退後一步，把這一年看作一個整體時，你會發現，這就是你所指出的問題。

There are some timing situations going on that will play out through the year, but we are very confident as you look through the modeling and you level out through the year to those targets and the bottom line implication, that's the dynamics that will play out in Q4.

今年會有一些時間上的變化，但我們非常有信心，透過模型分析，我們將在一年內逐步實現這些目標，並最終達到目標，這就是第四季度將呈現的動態。

(Operator Instructions)

（操作說明）

Simeon Gutman, Morgan Stanley.

西蒙古特曼，摩根士丹利。

First, I want to ask about new guest acquisition. It seems like it's a big, big piece of the three-pronged approach. Can I ask what your hypothesis is on what is holding it back? If there's anything regionally, it's broader marketing, if there are certain markets that are just more mature. So why has that been tougher than you've expected to turn?

首先，我想問一下關於新客戶獲取的問題。這似乎是三管齊下策略中非常重要的一部分。請問您認為阻礙它發展的原因是什麼？如果說區域性方面有什麼不同，那就是更廣泛的行銷，或者某些市場更加成熟。為什麼轉變比你預想的還要困難？

A combination of factors. One, just having robust data, having the right data analytics to gather the right insights to then know what decisions to make and how to pivot. Our team, we've now -- I've been with the company now for 10 months, and then I have -- feel very fortunate that I've been able to attract an incredibly talented group of individuals. Those individuals have onboarded and then started to not only develop the reporting, but then to develop the tactics to test and learn to get better and better. And so a lot of it is just knowing exactly how to drive the most effectiveness through marketing dollars.

多種因素共同作用的結果。第一，就是要有強大的數據，擁有正確的數據分析方法來收集正確的見解，然後才能知道該做出什麼決策以及如何調整方向。我們的團隊—我加入公司已經 10 個月了，我感到非常幸運，能夠吸引一群才華洋溢的人才。這些人已經入職，然後不僅開始開發報告功能，還開始製定策略進行測試和學習，以不斷改進。因此，關鍵在於知道如何最大限度地利用行銷資金，從而獲得最佳效果。

And I think, again, that's one of the reasons why we are so enthusiastic about where we are at this stage in our journey because all that work that we've been doing over the last several months is now really starting to take hold, and we feel much smarter, and we're seeing the results of that improved intelligence actually making an impact on our ability to scale. So just being able to build all that out has taken some time.

而且我認為，這也是我們對目前所處階段充滿熱情的原因之一，因為我們在過去幾個月所做的所有工作現在真的開始見效了，我們感覺自己更聰明了，而且我們看到這種智慧的提升確實對我們的規模化能力產生了影響。所以，光是把所有這些都搭建起來就花了一些時間。

I would say our brand, you see us -- I mentioned in the prepared remarks that we hired a new brand agency to work with us closely on developing a brand identity that is -- will help us make more progress in high-value acquisitions. And so we think that there's a big opportunity to just inject new life into the brand. And we're doing that in close partnership with our franchisees as well, just so we can use -- leverage all their years of experience with this brand to help guide that.

我想說，我們的品牌，正如你們所見——我在準備好的發言稿中提到，我們聘請了一家新的品牌代理公司與我們緊密合作，開髮品牌標識，這將幫助我們在高價值收購方面取得更大的進展。因此，我們認為這是一個為品牌注入新活力的絕佳機會。而且我們也與加盟商緊密合作，以便利用他們多年來累積的品牌經驗來指導這項工作。

But we're very excited about that work. And that's underway right now, and we will be -- you'll start seeing that show up in the market in 2026. So a combination of the right intelligence along with a freshened lively brand aimed at high-valued acquisitions, we think that combination is really going to pay off.

但我們對這項工作感到非常興奮。這項工作目前正在進行中，我們將——您將在 2026 年開始在市場上看到它的出現。因此，我們認為，將正確的情報與煥然一新、充滿活力的品牌相結合，旨在進行高價值收購，這種組合一定會取得豐碩的成果。

Okay. And the follow-up is, can you give us a sense of guest count versus ticket in the quarter? And then what is the right model or mode for the business? Is it flat guest count? I'm sure you want it up, but can it be flattish and then you can grow with price? Or it has to be positive guest count with some level of price as well?

好的。其次，您能否簡單介紹一下本季賓客人數與門票數量的關係？那麼，哪種模式或模式最適合這家企業呢？賓客人數是固定的嗎？我知道你想把它建高，但能不能先建得平坦一些，然後隨著價格上漲再擴建呢？或者說，必須要有正的客流量並且價格也達到一定水準？

We don't -- our reporting practices are we don't provide that level of granularity, that breakdown. But to answer the second part of your question, ultimately, we want to drive traffic into the centers. We believe that is our very sharp focus is to generate long-term sustainable traffic count growth. I do think in the realities of the business, we can't do that just alone. We have to also be mindful of ticket.

我們不提供－我們的報告慣例是，我們不提供那種細緻程度、那種細分程度的資訊。但要回答你問題的第二部分，歸根結底，我們希望將人流引入購物中心。我們認為，我們工作的重點在於實現長期可持續的交通流量成長。我認為在商業現實中，我們單憑一己之力是無法做到這一點的。我們還要注意車票問題。

And so we're trying to take a really balanced approach. So this will never be -- you're not going to see our team driving traffic through promotions, a deep discount and promotional type of tactic. We're going to be very conscious of attacking both sides of that.

因此，我們正努力採取真正平衡的方法。所以這種情況永遠不會發生——你不會看到我們的團隊透過促銷、大幅折扣和促銷策略來吸引流量。我們將非常注意同時攻擊雙方。

So ultimately, we want to get to long-term sustainable traffic count growth along coupled with smart ticket growth. And that ticket growth can come in the form of price increases as well as add-ons. So as we are focusing on building out the reporting, the capabilities to be able to engage with our existing guests, it puts us in a better position to deliver a message to that guest in a way that's going to resonate to drive more incremental spending either through services or retail product.

所以最終，我們希望實現交通流量的長期永續成長，同時實現智慧票務的成長。票務成長可能表現為價格上漲以及附加服務增加。因此，當我們專注於建立報告功能，以及與現有客戶互動的能力時，我們就能更好地向客戶傳遞訊息，從而引起他們的共鳴，並推動他們在服務或零售產品方面增加消費。

And so that's -- ultimately, that would also drive ticket. So it's not just going to be price, it's going to be a combination of all of those. So that was a long way of saying we're going to take a balanced approach.

所以最終，這也會導致罰單的產生。所以，這不僅僅是價格問題，而是所有這些因素的綜合考慮。所以說了這麼多，其實就是想表達我們會採取平衡的策略。

And I'm currently showing no further questions at this time. I'd like to now turn the call back over to Chris Morris for closing remarks.

目前我沒有其他問題要問。現在我把電話交還給克里斯·莫里斯，請他作總結發言。

All right. Thank you, everyone. Thank you for your time today and your support. We look forward to sharing with you our progress update in February and walking through our plans for 2026. Have a great day.

好的。謝謝大家。感謝您今天抽出時間並給予支持。我們期待在二月與您分享我們的最新進展，並詳細介紹我們 2026 年的計劃。祝你有美好的一天。

This concludes today's conference. Thank you for your participation. You may now disconnect.

今天的會議到此結束。感謝您的參與。您現在可以斷開連線了。