FAT Brands Inc (FAT) 2025 Q2 法說會逐字稿

Good afternoon, ladies and gentlemen, and thank you for standing by. Welcome to the FAT Brands Inc. second quarter 2025 earnings conference call. (Operator Instructions) Please note that this conference is being recorded today, July 30, 2025.

女士們、先生們，下午好，謝謝你們的支持。歡迎參加 FAT Brands Inc. 2025 年第二季財報電話會議。（操作員指示）請注意，本次會議將於今天（2025 年 7 月 30 日）進行錄製。

On the call from Fat Brands are Chairman of the Board, Andy Wiederhorn, and co-Chief Executive Officer and Chief Financial Officer, Ken Kuick. This afternoon, the company released its second quarter 2025 financial results. Please refer to the earnings release, and earnings supplement, both of which are available in the investors section of the company's website at www.fatbrands.com. Each contain additional details about the quarter, which closed on June 29, 2025.

參加電話會議的有 Fat Brands 董事會主席 Andy Wiederhorn 和聯合執行長兼財務長 Ken Kuick。今天下午，該公司發布了2025年第二季財務業績。請參閱財報和財報補充文件，均可在本公司網站 www.fatbrands.com 的投資者專區查閱。每份文件均包含本季度（截至 2025 年 6 月 29 日）的更多詳細資訊。

Before we begin, I must remind everyone that part of the discussion today will include forward-looking statements. These forward-looking statements are not guarantees of future performance and therefore undue reliance should not be placed upon them. Actual results may differ materially from those indicated by these forward-looking statements due to a number of risks and uncertainties.

在我們開始之前，我必須提醒大家，今天的討論部分將包括前瞻性陳述。這些前瞻性陳述並非對未來績效的保證，因此不應過度依賴它們。由於存在許多風險和不確定性，實際結果可能與這些前瞻性陳述所示的結果有重大差異。

The company does not undertake to update these forward-looking statements at a later date. For a more detailed discussion of the risks that could impact future operating results and financial condition, please see today's earnings release and recent SEC filings.

本公司不承諾在日後更新這些前瞻性陳述。有關可能影響未來經營業績和財務狀況的風險的更詳細討論，請參閱今天的收益報告和最近的美國證券交易委員會文件。

During today's call, the company will also discuss non-GAAP financial measures, which it believes can be useful in evaluating its performance. The presentation of this additional information should not be considered in isolation, nor as a substitute for results prepared in accordance with GAAP. Reconciliations to comparable GAAP measures are available in today's earnings release. I would now like to turn the call over to Andy Weiderhorn, Chairman of the Board. Thank you.

在今天的電話會議上，該公司還將討論非公認會計準則財務指標，該公司認為這些指標有助於評估其表現。不應孤立地考慮這些補充資訊的呈現，也不應將其作為根據 GAAP 編制的結果的替代方案。今天的收益報告中提供了與可比較 GAAP 指標的對帳。現在我想將電話轉給董事會主席安迪·韋德霍恩 (Andy Weiderhorn)。謝謝。

Thank you, operator, and good afternoon, everyone. Before we begin, I want to address major news that came out yesterday. The US Department of Justice has dropped all charges against me, FAT Brands, William Amon, and Rebecca Hershinger. I'm grateful to the US attorney's Office for taking a fresh look at this case and to the attorneys who worked tirelessly on my behalf and on behalf of the other defendants.

謝謝接線員，大家下午好。在我們開始之前，我想談談昨天發布的重要新聞。美國司法部撤銷了對我、FAT Brands、William Amon 和 Rebecca Hershinger 的所有指控。我感謝美國檢察官辦公室重新檢視此案，也感謝為我和其他被告不知疲倦工作的律師。

I have always maintained my innocence and the innocence of the other defendants. Additionally, I want to alert you that we have reached a settlement with all the parties in the Delaware derivative cases named Harris 1 and Harris 2 that were filed in 2021 and 2022.

我始終堅稱自己和其他被告都是無辜的。此外，我想提醒您，我們已與 2021 年和 2022 年提起的特拉華州衍生案件 Harris 1 和 Harris 2 的所有當事人達成和解。

And while the settlement is subject to court approval, I'm optimistic that since all parties have reached an agreement, the court will look favorably on the settlement. We will issue a separate press release on this matter once filed with the court very shortly.

雖然和解協議尚需獲得法院批准，但我樂觀地認為，由於各方已達成協議，法院將對和解協議持積極態度。一旦向法院提交此案，我們將很快就此事發佈單獨的新聞稿。

Now, with that matter behind us, I would like to acknowledge the outstanding work of our team and franchise partners across the FAT brand's portfolio. Their focus on excellence is driving our momentum, and I couldn't be more optimistic about what lies ahead for FAT brands.

現在，這件事已經過去了，我想對我們團隊和 FAT 品牌組合的特許經營合作夥伴所做的出色工作表示感謝。他們對卓越的關注推動著我們的發展勢頭，我對 FAT 品牌的未來充滿信心。

I am particularly proud to share that we have been recognized on time and Statista's Best Midsize Company list for the second consecutive year, underscoring the strength of our business model and culture. Additionally, 10 of our brands earned spots on Technomics' prestigious top 500 list, with Twin Peaks securing an impressive position in the top100 largest restaurant chains by annual system sales in the United States.

我特別自豪地告訴大家，我們連續第二年獲得 Statista 最佳中型公司名單的認可，這突顯了我們的商業模式和文化的優勢。此外，我們的 10 個品牌在 Technomics 享有盛譽的 500 強榜單中佔有一席之地，其中 Twin Peaks 在美國年度系統銷售額排名前 100 的餐飲連鎖店中佔據了令人印象深刻的位置。

Our global restaurant portfolio now spans approximately 2,300 locations across 49 states and 35 countries, creating a diversified ecosystem that enables us to capture market share across multiple segments and dining occasions.

我們的全球餐廳組合目前遍布 49 個州和 35 個國家的約 2,300 個地點，創造了一個多元化的生態系統，使我們能夠在多個細分市場和用餐場合佔據市場份額。

With 80% of our units in domestic markets and 20% in international markets, we've built a balanced geographic footprint supported by more than 730 franchise partners. Over 250 of these franchise partners operate in multiple locations ranging from 2 to 75 units, with no single partner representing an outsized portion of our portfolio.

我們的 80% 的門市位於國內市場，20% 的門市位於國際市場，我們建立了均衡的地理覆蓋範圍，並得到 730 多家特許經營合作夥伴的支持。其中超過 250 個特許經營夥伴在多個地點經營，從 2 個到 75 個單位不等，沒有一個合作夥伴占我們投資組合的過大份額。

Our structure both mitigates concentration risk and positions us for continued expansion. Within this framework, we continue to invest in brand level leadership that supports long term growth. In May, Kim Boerema joined as CEO of Twin Hospitality Group and our high growth polished casual dining sports bar brand.

我們的結構既減輕了集中風險，也為我們持續擴張做好了準備。在此框架內，我們將繼續投資於支持長期成長的品牌層面的領導力。五月，Kim Boerema 加入 Twin Hospitality Group 並擔任其高成長精緻休閒餐飲運動酒吧品牌的執行長。

With over three decades of restaurant industry experience, Kim brings an exceptional track record of scaling concepts, most recently tripling Parry's Pizzeria & Taphouse from 10 to 30 units in just twoand a half years. His distinguished career includes serving as COO of California Pizza Kitchen and regional Vice President at Texas Roadhouse, where he oversaw 125 locations across 22 states.

Kim 擁有超過 30 年的餐飲業經驗，在擴展概念方面擁有卓越的業績記錄，最近在短短兩年半的時間裡，他將 Parry's Pizzeria & Taphouse 的門市數量從 10 家擴大到了 30 家。他傑出的職業生涯包括擔任加州比薩廚房的首席營運長和德州客棧的地區副總裁，負責管理 22 個州的 125 家分店。

In his first two months, Kim has already made significant strides by focusing on three strategic priorities enhancing operations, improving corporate store, restaurant level margins, and driving unit development. With a robust pipeline of approximately 100 new lodges and Kim's proven expertise, we are confident in Twin Peaks' next chapter of growth.

在上任後的頭兩個月裡，金正恩已經取得了重大進展，他專注於三個策略重點：加強營運、提高公司門市和餐廳的利潤率以及推動單位發展。憑藉約 100 家新旅館的強大儲備和 Kim 公認的專業知識，我們對 Twin Peaks 的下一階段增長充滿信心。

I also want to express our sincere gratitude to Ken Kuick for his exemplary leadership during this transition. Ken continues to serve as Chief Financial Officer of Twin Hospitality Group. Regarding Twin Peaks capital structure, market volatility has extended our original timeline, but we continue to move forward with a planned $75 to $100 million dollar equity raise and we'll provide further updates as appropriate.

我還要向肯·庫克 (Ken Kuick) 表示誠摯的謝意，感謝他在過渡期間所發揮的模範領導作用。Ken 繼續擔任 Twin Hospitality Group 的財務長。關於 Twin Peaks 的資本結構，市場波動延長了我們原定的時間表，但我們將繼續推進計劃中的 7,500 萬至 1 億美元的股權融資，並將在適當的時候提供進一步的更新。

Following today's call, we invite you to join twin hospitality groups Q2 earnings discussion at 5:15 p.m. Eastern time with details available in their earnings release published earlier today. We continue to take decisive steps to strengthen our financial position. Our indenture-related dividend pause remains in effect until we reach the $25 million principal reduction threshold, preserving $35million to $40 million annually in cash flow.

今天的電話會議結束後，我們邀請您參加東部時間下午 5:15 舉行的雙子酒店集團第二季度收益討論會，詳情請參閱他們今天早些時候發布的收益報告。我們繼續採取果斷措施加強我們的財務狀況。我們的契約相關股利暫停政策將一直有效，直到我們達到 2,500 萬美元的本金減少門檻，從而每年保留 3,500 萬至 4,000 萬美元的現金流。

Plus, we will save at least another $30 million per year with the dismissal of the DOJ cases and the derivative matters. Additionally, we've implemented over $5 million in annual SG&A reductions while identifying another $5 million or so of further cost optimization opportunities.

此外，透過撤銷司法部案件和衍生事項，我們每年將節省至少 3,000 萬美元。此外，我們每年還削減了超過 500 萬美元的銷售、一般和行政費用，同時還發現了另外 500 萬美元左右的進一步成本優化機會。

In parallel, we're actively working towards refinancing our three remaining securitization silos well ahead of their July 2026 anticipated repayment date. These combined actions position us to achieve cash flow positive status in the coming quarters while continuing our strategic deleveraging efforts.

同時，我們正在積極努力為剩下的三個證券化機構進行再融資，以便在 2026 年 7 月的預計還款日期之前完成。這些綜合行動使我們能夠在未來幾季實現現金流為正，同時繼續我們的策略去槓桿努力。

Turning to our second quarter performance, which Ken will elaborate on shortly, our results of $146.8 million in revenue and $592.2 million in system-wide sales reflect the current challenging operating environment. And despite this, we achieved adjusted EBITDA of $15.7 million in the quarter, which is comparable with last year's quarter. We remain focused on the strategic initiatives that will drive long-term value creation.

談到我們的第二季業績，肯將很快詳細說明，我們的收入為 1.468 億美元，全系統銷售額為 5.922 億美元，這反映了當前充滿挑戰的經營環境。儘管如此，我們本季的調整後 EBITDA 仍達到 1,570 萬美元，與去年同期持平。我們仍專注於推動長期價值創造的策略舉措。

Domestic system-wide sales outperformed international for the quarter. However, we are seeing encouraging signs internationally, particularly with our Fatburger locations in Canada, which represent about 1/3 of the fat burger system and are benefiting from favorable exchange rate movements.

本季國內系統銷售額優於國際銷售額。然而，我們在國際上看到了令人鼓舞的跡象，特別是我們在加拿大的 Fatburger 門市，這些門市約佔 Fat Burger 系統的 1/3，並且受益於有利的匯率變動。

Our diversified portfolio strategy is paying dividends, particularly in our snack segment where Great American Cookies and Marble Slab Creamery demonstrate consistent strength. Digital innovation is accelerating this success. Great American Cookies digital mix now represents 25% of sales, up 3% points from Q1, with loyalty members spending 40% more than non-members.

我們的多元化投資組合策略正在帶來回報，特別是在我們的零食領域，Great American Cookies 和 Marble Slab Creamery 表現出持續的強勁勢頭。數位創新正在加速這一成功。Great American Cookies 數位組合目前佔銷售額的 25%，比第一季成長 3%，忠誠會員的消費比非會員高出 40%。

Round Table Pizza's digital metrics are equally compelling with 21% loyalty sales growth and 18% higher customer engagement. Looking ahead, our growth strategy remains anchored by three strategic pillars, driving organic expansion through strategic market penetration, evaluating targeted acquisitions to further diversify our brand portfolio.

Round Table Pizza 的數字指標同樣引人注目，忠誠度銷售額成長了 21%，顧客參與度提高了 18%。展望未來，我們的成長策略仍以三大策略支柱為基礎，透過策略市場滲透推動有機擴張，評估有針對性的收購以進一步實現品牌組合多樣化。

And increasing our manufacturing capacity with an emphasis on cookie dough production and dry mix capabilities. Our organic growth strategy is anchored by a robust development pipeline of approximately 1,000 locations that franchisees have already paid for and committed to open over the next five to seven years.

並提高我們的生產能力，重點是餅乾麵團生產和乾燥混合能力。我們的有機成長策略以強大的開發管道為基礎，該通路包含約 1,000 個門市，特許經營商已經支付了費用並承諾在未來五到七年內開業。

This pipeline continues to expand with 120 new development agreements signed year-to-date, demonstrating sustained demand across our portfolio and reinforcing our long-term growth outlook. Once operational, these units are expected to generate $50million to $60 million in incremental earnings without the capital costs typically associated with acquiring new brands. Momentum remains strong.

該管道繼續擴大，今年迄今已簽署了 120 項新的開發協議，表明我們的投資組合持續存在需求，並增強了我們的長期成長前景。一旦投入運營，這些部門預計將產生 5,000 萬至 6,000 萬美元的增量收益，而無需承擔收購新品牌通常產生的資本成本。勢頭依然強勁。

In Q2 alone, we opened 18 new locations, including three co-branded Marble Slab Creamery and Great American Cookie stores, as well as three stand-alone Marble Slab Creamery units. We remain on track to meet our goal of opening 100 new locations in 2025, led by seven high-growth brands, Fat Burger, Johnny Rockets, Fasoli's, Round Table Pizza, Twin Peaks, Marvel Slab Creamery and Great American Cookies.

光是第二季度，我們就開設了 18 家新店，包括三家聯合品牌的 Marble Slab Creamery 和 Great American Cookie 商店，以及三家獨立的 Marble Slab Creamery 分店。我們仍有望實現 2025 年開設 100 家新店的目標，其中以七個高成長品牌為首：Fat Burger、Johnny Rockets、Fasoli's、Round Table Pizza、Twin Peaks、Marvel Slab Creamery 和 Great American Cookies。

In Florida, we've signed a new development deal with an existing franchisee to open 40 additional fabricator locations over the next decade, including expansion into the Jacksonville market. This will grow our total presence in the state to approximately 50 Fatburger locations.

在佛羅裡達州，我們與現有的特許經營商簽署了一項新的開發協議，將在未來十年內開設 40 個額外的製造廠，包括擴展到傑克遜維爾市場。這將使我們在州內的 Fatburger 門市總數增至約 50 家。

Since re-entering Florida two years ago after a 20 year absence, that burger has seen a strong demand, particularly at our riverview and celebration locations, which have exceeded expectations. Additionally, our first restaurant in the Jacksonville area is slated to open later this year, further establishing Fatburger as a key player in Florida's competitive burger market.

自從兩年前時隔二十年再次進入佛羅裡達州以來，這種漢堡的需求量一直很強勁，特別是在我們的河景店和慶典店，其需求量已經超出了預期。此外，我們在傑克遜維爾地區的第一家餐廳預計將於今年稍後開業，這將進一步確立 Fatburger 在佛羅裡達州競爭激烈的漢堡市場中的重要地位。

Roundtable Pizza continues its Texas expansion, recently opening in San Marcos with a key franchisee targeting 100 locations in Texas across FAT Brands concepts, including Fatburger, Round Table Pizza and Johnny Rockets within the next five years.

Roundtable Pizza 繼續在德克薩斯州擴張，最近在聖馬科斯開設了一家分店，其主要特許經營商計劃在未來五年內在德克薩斯州開設 100 家 FAT Brands 品牌分店，包括 Fatburger、Round Table Pizza 和 Johnny Rockets。

Our international expansion also continues to gain momentum. Fazoli's recently achieved a significant milestone with its first international location in Calgary, Alberta, the beginning of a 20-unit expansion across Canada over nine years with a franchise partner who already successfully operates Fatburger locations and we're not just expanding our footprint.

我們的國際擴張也持續獲得動力。Fazoli's 最近在阿爾伯塔省卡加利開設了第一家國際分店，實現了一個重要的里程碑，並開始了為期九年、在加拿大境內擴張 20 家分店的計劃，我們的特許經營合作夥伴已經成功經營了 Fatburger 分店，而我們不僅僅是在擴大我們的業務範圍。

We're also enhancing the guest experience through innovation and menu development. At Marble Slab Creamery, what began as a limited test of the Dubai Chocolate Sundae has evolved into a successful rollout across approximately 50 locations, with the indulgent flavor now extended through a year-end due to the overwhelming customer response.

我們也透過創新和菜單開發來提升客人體驗。在 Marble Slab Creamery，杜拜巧克力聖代最初只是一個小範圍的測試，如今已發展成為在約 50 家門店成功推出的一款產品，由於顧客的熱烈反響，這種令人沉醉的口味現已延長至年底。

On the beverage front, Pretzelmaker recently launched frosted lemonades, a refreshing twist on their signature beverage that's quickly becoming a customer favorite. Beyond new store development, we're investing in our existing locations through our newly launched or refresh program, which will revitalize 5% of our portfolio this year with plans to double that pace to 10% in 2026.

在飲料方面，Pretzelmaker 最近推出了冰鎮檸檬水，這是對其招牌飲料的全新詮釋，很快就成為了顧客的最愛。除了新店開發之外，我們還透過新推出或更新的計劃對現有門市進行投資，這將在今年振興我們 5% 的投資組合，併計劃到 2026 年將這一速度翻一番，達到 10%。

I'm particularly proud that our brands continue to receive prestigious industry recognition. Fatburger was recently named by Yelp as one of the top 25 burger chains in the US, while Fazoli's earned the number 12 spot on the fast casual Movers and Shakers 2025 list, a ranking that evaluates growth, reputation, customer sentiment, and sales volume.

我特別自豪的是我們的品牌不斷獲得業界的認可。Fatburger 最近被 Yelp 評為美國前 25 家漢堡連鎖店之一，而 Fazoli's 在快餐休閒品牌 Movers and Shakers 2025 榜單中名列第 12 位，該排名評估了增長、聲譽、客戶情緒和銷售量。

Additionally, Marble Slab Creamery was once again named to USA Today's 10 best list for best dessert or treat chain. We also continue to advance our balance sheet, strengthening initiatives. In April, we successfully amended our Fazoli securitization, securing improved terms that enhance our financial flexibility.

此外，Marble Slab Creamery 再次被《今日美國》評為十大最佳甜點或零食連鎖店之一。我們也將繼續改進資產負債表，加強措施。四月份，我們成功修改了 Fazoli 證券化，確保了更優的條款，增強了我們的財務靈活性。

The revised agreement extends both call and repayment dates while easing certain covenant requirements. The new structure also enables the sale of company operated locations to franchisees, creating an opportunity to re-franchise our entire 57 unit corporate Fazoli's portfolio. A move that would substantially reduce our corporate owned footprint while delivering approximately $2.5 million in annual overhead savings.

修訂後的協議延長了贖回和還款日期，同時放寬了某些契約要求。新的結構還允許將公司經營的門市出售給特許經營商，從而為重新特許經營我們整個 57 個單位的 Fazoli 公司組合創造了機會。此舉將大幅減少我們公司的自有空間，同時每年節省約 250 萬美元的管理費用。

Should we proceed with this refranchising initiative, we would maintain direct ownership of only about 33 hotdog on a stick corporate locations, within our 2,300 unit system, positioning us to return to nearly a 100% franchise operating model, a structure that optimizes capital efficiency and operational focus.

如果我們繼續進行這項重新特許經營計劃，我們將在 2,300 個單位系統內僅保留約 33 個熱狗串公司地點的直接所有權，使我們能夠恢復到幾乎 100% 特許經營的運營模式，這種結構可以優化資本效率和運營重點。

This of course excludes Twin Peaks and Smokey Bones, which now operate as a separate public company despite being consolidated into FAT's financials due to our significant ownership percentage. Now turning to our growth by acquisition strategy, we are prioritizing value creation and deleveraging our balance sheet while navigating the elevated capital cost environment.

當然，這不包括 Twin Peaks 和 Smokey Bones，儘管由於我們持有大量股權而合併到 FAT 的財務中，但它們現在仍作為獨立的上市公司運營。現在轉向我們的收購策略成長，我們優先考慮價值創造和降低資產負債表槓桿率，同時應對資本成本上升的環境。

We remain actively engaged in evaluating strategic opportunities that align with these core objectives and will share updates as appropriate. Our Georgia production facility represents one of our key strategic advantages, generating impressive financial performance with $10.3 million in second quarter sales and $3.8 million in adjusted EBITDA, resulting in an attractive 37% margin.

我們將繼續積極評估符合這些核心目標的策略機遇，並在適當的時候分享最新進展。我們的喬治亞州生產設施代表了我們的主要策略優勢之一，其財務表現令人印象深刻，第二季銷售額達 1,030 萬美元，調整後 EBITDA 達 380 萬美元，利潤率高達 37%。

Currently operating at just 45% capacity, our cookie dough manufacturing facility represents significant growth opportunity. With modest capital investment to expand mixing equipment, we can nearly double production capacity. The facility sits on four acres while currently utilizing only half an acre, providing ample room for future expansion.

目前，我們的餅乾麵團生產設施的產能僅為 45%，代表著巨大的成長機會。透過適度的資本投資來擴大混合設備，我們可以幾乎使生產能力翻倍。該設施佔地四英畝，但目前僅使用半英畝，為未來擴建提供了充足的空間。

We are also continuing to build out a third party strategic partnership with the national restaurant entertainment chain to launch the Great American Cookies brand virtually. We look forward to sharing further details on this shortly. Before concluding, I'd like to highlight the meaningful impact of the FAT Brands' Foundation, which has awarded 21 grants in 2025.

我們也將繼續與全國餐飲娛樂連鎖店建立第三方策略合作夥伴關係，以虛擬方式推出 Great American Cookies 品牌。我們期待很快分享有關此事的更多細節。最後，我想強調 FAT Brands 基金會的重大影響，該基金會已在 2025 年頒發了 21 項資助。

I'm pleased to share that President Jessica Wiederhorn and director Jenn Johnston were recently recognized at the Los Angeles Business Journal's Women's Leadership Symposium and awards for their leadership and commitment to the foundation.

我很高興地告訴大家，總裁傑西卡·維德霍恩 (Jessica Wiederhorn) 和主任詹恩·約翰斯頓 (Jenn Johnston) 最近在《洛杉磯商業雜誌》的女性領導力研討會上因其領導力和對基金會的奉獻而獲得表彰和獎勵。

The foundation also recently participated in Twin Peaks Restaurant's annual conference for the first time, surpassing its fundraising goals through donations and a successful raffle. These funds will support non-profits helping families and communities thrive. As we move forward, we remain confident in the resilience of our brands and the momentum we have built.

該基金會最近還首次參加了雙峰餐廳的年度會議，透過捐款和成功的抽獎活動，其籌款金額超過了目標。這些資金將用於支持幫助家庭和社區繁榮發展的非營利組織。隨著我們不斷前進，我們仍然對我們品牌的韌性和我們所建立的勢頭充滿信心。

Our efforts are centered on expanding our core business, enhancing efficiencies across our production facility, and reinforcing our financial foundation to disciplined debt reduction, all of which support our path towards long-term success. With that, I would like to hand it over to Ken to discuss our financial highlights from the second quarter of 2025.

我們的努力集中在擴大核心業務、提高生產設施的效率以及加強財務基礎以嚴格削減債務，所有這些都支持我們走向長期成功。接下來，我想讓肯恩來討論我們 2025 年第二季的財務亮點。

Thanks, Andy. Moving on to our second quarter results, total revenues were $146.8 million a 3.4% decrease from $152 million in last year's quarter. This was driven by the closure of five underperforming Smokey Bones locations, the temporary closure of one Smokey Bones location for conversion into a Twin Peaks Lodge, and lower same store sales, partially offset by revenues generated by our new Twin Peaks lodges.

謝謝，安迪。我們第二季的業績顯示，總營收為 1.468 億美元，比去年同期的 1.52 億美元下降 3.4%。這是由於五家業績不佳的 Smokey Bones 門市關閉、一家 Smokey Bones 門市暫時關閉以改建為 Twin Peaks Lodge 以及同店銷售額下降所致，但新 Twin Peaks Lodge 產生的收入部分抵消了這一影響。

Turning to cost and expenses, general and administrative expense increased $14.8 million to $44.4 million in the quarter from $29.6 million in the year ago quarter. Primarily due to $12.6 million of non-cash share-based compensation expense, related to the public listing of Twin Hospitality Group earlier this year and the recognition of $2.1 million in employee retention tax credits recognized during the second quarter of last year.

談到成本和費用，本季一般和行政費用從去年同期的 2,960 萬美元增加 1,480 萬美元至 4,440 萬美元。主要是由於 1,260 萬美元的非現金股權激勵費用，與今年稍早 Twin Hospitality Group 的公開上市以及去年第二季度確認的 210 萬美元員工保留稅收抵免有關。

Costs of restaurant and factory revenues decreased to $98.1 million in the quarter compared to $100.1 million primarily driven by the closure of underperforming Smokey Bones locations, the closure of the Smokey Bones location for conversion, and lower same store sales, partially offset by wage and food cost inflation.

本季餐廳和工廠收入成本從 1.001 億美元下降至 9,810 萬美元，主要原因是關閉表現不佳的 Smokey Bones 分店、關閉 Smokey Bones 分店進行轉型以及同店銷售額下降，但工資和食品成本上漲部分抵消了這一影響。

Advertising expense varies in relation to advertising revenues and decreased to $11.5 million in the quarter from $14.7 million in the year ago period. Total other expense net, which consisted primarily of interest expense, was $39.4 million in the quarter, compared to $34.8 million in last year's quarter.

廣告費用隨廣告收入而變化，從去年同期的 1,470 萬美元降至本季的 1,150 萬美元。本季其他支出淨總額（主要包括利息支出）為 3,940 萬美元，而去年同期為 3,480 萬美元。

Net loss attributable to FAT Brands was $54.2 million or $3.17million per diluted share compared to a net loss of $39.4 million or $2.43million per diluted share in the prior year quarter. And on an as-adjusted basis, our net loss attributable to fat brands was $49 million or $2.88million per diluted share compared to $30.9 million or $1.93million per diluted share in the prior year quarter.

FAT Brands 淨虧損為 5,420 萬美元，即每股攤薄虧損 317 萬美元，而去年同期淨虧損為 3,940 萬美元，即每股攤薄虧損 243 萬美元。經過調整後，我們歸屬於脂肪品牌的淨虧損為 4,900 萬美元或每股攤薄虧損 288 萬美元，而去年同期為 3,090 萬美元或每股攤薄虧損 193 萬美元。

And lastly, adjusted EBITDA for the quarter remained flat at $15.7 million. And with that operator, please open the line for questions.

最後，本季調整後的 EBITDA 保持不變，為 1570 萬美元。請與接線員聯繫，以便我們解答疑問。

(Operator Instructions)

（操作員指示）

Joe Gomes, Noble Capital. Please go ahead.

喬‧戈麥斯 (Joe Gomes)，Noble Capital。請繼續。

Good afternoon. Thanks for taking my questions.

午安.感謝您回答我的問題。

I do. (inaudible)

我願意。（聽不清楚）

So, congrats on last night's announcement with the DOJ related there was an SEC civil action filed at the same time. Any update on whether that goes away also and then we lately and you talked about the elimination of roughly $30 million a year of litigation costs. Are you going to be able to recover any of the past cost from your insurance companies?

因此，祝賀昨晚與司法部相關的公告，同時向證券交易委員會提起了民事訴訟。關於這一問題是否會消失，您有什麼最新消息嗎？最近我們和您談到了每年約 3000 萬美元的訴訟費用的取消。您能從保險公司收回過去的任何費用嗎？

So, we're hopeful that the SEC investigation or case civil case goes away following the the DOJ case, but we can't report anything on that or comment anything about that today with respect to the legal fees, which in total over the last 3.5 years or $70 million.

因此，我們希望美國證券交易委員會的調查或民事案件在司法部案件之後能夠結束，但今天我們無法就律師費發表任何報道或評論，過去 3.5 年的律師費總額為 7000 萬美元。

We did file with our insurance company, and there is a settlement that's, that is connected to the derivative case settlement. So we've recovered or we will recover the policy limits of that, as part of that settlement.

我們確實向保險公司提交了文件，並且達成了與衍生案件和解相關的和解協議。因此，作為和解協議的一部分，我們已經恢復或將恢復該政策的限額。

Okay, great. Pardon me, and then one of the big variants is, our model was the increase in G&A cost, and you know you explained that was for share-based comp. Is that kind of like a one quarter event, should we expect G&A cost to go back down? I think they've been running roughly around 25% of revenue this.

好的，太好了。對不起，其中一個很大的變化是，我們的模型是 G&A 成本的增加，你知道你解釋過這是針對基於股票的補償。這是否類似於一個季度的事件，我們是否應該預期 G&A 成本會下降？我認為他們今年的收入大約佔25%左右。

Yes, it absolutely goes down and it has -- Gomes -- I should let you finish. It absolutely goes down. It's a one-time event that's tied to the Twin Peaks, to the Twin Peaks spinoff.

是的，它絕對會下降，而且它已經——戈麥斯——我應該讓你說完。它絕對會下降。這是一次性活動，與《雙峰》及其衍生作品有關。

Okay, just wanted to make sure that I thought so, but I just wanted to just make sure. And that you talked about the the manufacturing facility, the new contract, you also talked about that I think last quarter, kind of, can you give us a little timing of when you think that might be fully rolled out, and we can start to see the benefits of it.

好的，我只是想確保我是這麼想的，但我只是想確保一下。您談到了製造工廠、新合同，我想您上個季度也談到了這些，您能否告訴我們您認為什麼時候可以全面推出這些計劃，我們什麼時候可以開始看到它的好處。

Yeah, so it's in production now. It's not quite fully rolled out. It'll be announced very shortly. Sometime, I expect in the next 30 to 60 days it'll be completely out there. And there's sort of different versions of it with different operators, different restaurant companies, and so, I think you'll see an announcement in maybe three weeks or so about it or maybe four.

是的，現在正在生產中。它還沒有完全推出。我們將很快公佈這一消息。有時，我預計在接下來的 30 到 60 天內它就會完全出現。不同的運營商、不同的餐飲公司有不同的版本，所以我認為你會在大約三週或四周後看到有關它的公告。

But there's two different paths we're going down to accelerate the manufacturing business and one is more virtual, and one is a direct very large operator 400 unit operator. So it's going to be, it's really going to be helpful for the factory for cookie dough production, all of that.

但是，為了加速製造業務，我們採取了兩種不同的途徑，一種是更虛擬化，一種是直接的大型營運商 400 個單位營運商。所以，這對於餅乾麵團生產工廠來說確實會很有幫助。

Okay, and one more for me, so Cisco reported, they were talking about improved restaurant industry traffic, improved through the quarter, for their food service segment, momentum continued in July, Wings stop reported, this morning, and they beat expectations. Just wondering, are you starting to see some of this at your locations across the chains?

好的，我還有一個問題，思科報告稱，他們談到餐飲業客流量有所改善，整個季度都有所改善，對於他們的食品服務部門來說，這種勢頭在 7 月份持續了下去，Wings 今天早上報告稱，他們的食品服務部門的客流量超出了預期。我只是想知道，您是否開始在連鎖店的各個地點看到這種情況？

So, it's different in the brand categories. And so like the snack brands, cookies, ice cream, pretzels, things like that are doing significantly better. You're seeing QSR brands be, as beaten up as McDonald's or some of the brands. So Burger King, where you're seeing like Fazoli's has had a tougher road here with sales in the last couple of quarters.

因此，品牌類別有所不同。因此，像餅乾、冰淇淋、椒鹽脆餅等零食品牌的銷售量明顯更好。您會看到 QSR 品牌像麥當勞或某些品牌一樣遭受打擊。因此，如您所見，漢堡王和 Fazoli 一樣，在過去幾季中，其銷售情況都變得更加艱難。

And then, on the Paul's casual side is getting better and better and better. And so, we're optimistic. Honestly, that we get through this consumer confidence push here as we get over the summer, and that things will continue to improve. We are seeing things, they're off less and less.

然後，保羅的隨意性就越來越好了。因此，我們很樂觀。說實話，隨著夏季的到來，我們能夠度過消費者信心的提升期，情況將會持續改善。我們看到的事物越來越少。

Okay great. Thanks Andy I appreciate it I'll get back in queue.

好的，太好了。謝謝安迪，我很感激，我會回到隊列中。

Thank you, Joe. Okay.

謝謝你，喬。好的。

Roger Lipton, Lipton Financial Services.

羅傑‧利普頓，利普頓金融服務公司。

Yeah. Hi, Andrew, congrat first congratulations on the legal progress being understate -- understatement for sure, and, even though your organization has done an admirable job of not getting too distracted by it, it's got to be a great source of new focus for everybody, I'm sure.

是的。你好，安德魯，首先祝賀你在法律方面取得的進步，這當然是輕描淡寫——儘管你的組織已經做了令人欽佩的工作，沒有被它分散太多注意力，但我相信它一定會成為每個人關注的焦點。

Generally, you indicate that you're going to have a working your way to a positive cash flow, sounds like within three, four, five quarters from now. That's my estimate, not yours, it's, rough guest eimate, but, what's the current liquidity situation?

一般來說，你表示你將會努力實現正現金流，聽起來像是從現在起的三、四、五個季度內。這是我的估計，不是你的，這是粗略的估計，但是，目前的流動性狀況如何？

You would generally give us a quarterly update on your financial flexibility in terms of of money you can draw upon if necessary just to bridge this remaining period.

您通常需要每季向我們提供一份財務彈性的最新情況，即在必要時您可以動用多少資金來彌補剩餘的這段時間。

Yeah, we continue to sit on a pile of somewhere between $130million and $150 million of retained notes. Those are bonds that we originally issued that we haven't yet sold, so we've drawn upon those either financing those or selling those from time to time for liquidity. So that's generally our path for liquidity, and we do have things like an ATM in place at that, we can use, but given that we think the stock's undervalued, we haven't done much of that at all.

是的，我們仍然持有價值 1.3 億美元至 1.5 億美元的保留票據。這些是我們最初發行但尚未出售的債券，因此我們利用這些債券進行融資或不時出售以獲取流動性。所以這通常是我們實現流動性的途徑，我們確實有像 ATM 這樣的設備可以使用，但考慮到我們認為股票被低估了，我們根本沒有做太多這樣的事情。

Our focus right now is to, we want to continue to look at G&A and see if there's any anywhere else to have savings across all the brands and, we, we've identified $5 million, we put in place there's another $5 million, I think we can get accomplished here over the between now and the end of the year.

我們現在的重點是，我們希望繼續專注於一般及行政費用，看看是否還有其他地方可以在所有品牌中節省開支，我們已經確定了 500 萬美元，我們已撥付了另外 500 萬美元，我認為我們可以在現在到年底之間完成這項工作。

And then there is the rapid acceleration of the Smoky Bones portfolio and that is identifying the stores that are going to be converted and getting them under that conversion process whether it's with franchise partners or corporate, and then also the stores that are not going to be converted and not going to remain open as a smoky bones because the leases might mature.

然後是 Smoky Bones 投資組合的快速成長，即確定將要轉換的商店並讓它們進入轉換過程，無論是與特許經營合作夥伴還是公司合作，然後還要確定那些不會轉換的商店，也不會繼續以 Smoky Bones 的形式營業，因為租約可能會到期。

We want to accelerate that we really want that process to be accelerated, just wasn't moving at the pace it needed to move at with the prior management team and it's going to, and that's going to change here, very rapidly under Kim's leadership and we're going to help him do whatever we need to do that so that's not dragging down the Twin Peaks business.

我們希望加快這一進程，我們確實希望加快這一進程，但在先前的管理團隊的帶領下，這一進程並沒有按照需要的速度推進，在 Kim 的領導下，這種情況將會迅速改變，我們將幫助他做任何我們需要做的事情，這樣就不會拖累 Twin Peaks 的業務。

And there's some smoky bones that are very profitable that will keep the Smoky Bones and whether we keep that as a subsidiary of Twin Peaks or not, we'll decide later. But there's plenty of stores that are cashing just fine. It's just that, the ones that are going to be converted and are not great as Smoky bones today we need to deal with now.

還有一些利潤豐厚的煙熏骨頭，我們會保留煙熏骨頭，至於是否將其保留為雙峰的子公司，我們稍後再決定。但還是有很多店家的收銀情況良好。只是，我們現在需要處理的是那些即將轉換的、而且不如今天的 Smoky bones 那麼好的。

We can't wait, right, and I can't really, I can't emphasize enough the savings on the legal expense and professional side that's just significant cash, and with if you take that cash and you take the savings from the dividends that we've temporarily paused, then you're already in the $70million to $75 million dollar a year range.

我們等不及了，對吧，我真的不能，我不能過分強調法律費用和專業方面的節省，這只是一筆可觀的現金，如果你拿出這筆現金，再加上我們暫時停止的股息節省，那麼你已經在每年 7000 萬至 7500 萬美元的範圍內了。

So that's a huge savings and there's a few other things we're trying to negotiate for we'll see if we get them and that's but (multiple speakers).

所以這是一筆巨大的節省，我們還在嘗試協商其他一些事情，看看能否得到它們，但是（多位發言者）。

Okay, thank you. And you talked about refreshing, 5% of the system. Which brands are the priority in terms of beginning to refresh them?

好的，謝謝。您談到了刷新，系統的 5%。哪些品牌是優先開始更新的？

Well, so these are not company owned stores, right? These are all franchise locations.

那麼，這些不是公司自營的商店，對嗎？這些都是特許經營地點。

I understand.

我明白。

It depends on, just by unit count you have 400 Roundtable pizzas and then you have, 300 or 400 ice cream and 300 or 400 cookie restaurants and so on. So it's really diverse, it's spread out. It's not just one brand, it's a, it's targeted by brand and by market.

這取決於，僅按單位數量計算，您就有 400 個圓桌披薩店，然後有 300 或 400 個冰淇淋店和 300 或 400 個餅乾餐廳等等。所以它真的是多種多樣的，而且很分散。它不只是一個品牌，而是一個以品牌和市場為目標的品牌。

And when presumably you've got enough, profitable franchisees who have the capital to do that. It obviously takes money, and, so I would, I would assume you got an adequate number of prosperous franchisees who can afford to reinvest and refresh their brands. Yeah.

並且當您擁有足夠多的、有盈利能力的特許經營商並且他們有資本來做到這一點時。這顯然需要錢，因此，我認為您有足夠數量的富裕特許經營商，他們有能力進行再投資並更新他們的品牌。是的。

I mean, I think it's like, someone we all know who says often you'd like to see interest rates lower, so would we. If the interest rates were lower, that's going to accelerate development, it's going to accelerate remodels, and franchisees are committed, they're continuing to build more stores, they're continuing to buy the rights to build more stores.

我的意思是，我認為這就像我們都知道的某個人經常說的那樣，你希望看到利率降低，我們也是如此。如果利率較低，這將加速發展，加速改造，特許經營商將致力於繼續建造更多的商店，繼續購買建造更多商店的權利。

They're very positive about things in general, but you have different ebbs and flows of the labor market in California or cost of doing business in California, and then the cost of, the actual cost of a remodel and the cost of equipment and supplies.

他們對整體情況持非常樂觀的態度，但加州勞動市場的起伏或在加州經商的成本，以及改造的實際成本和設備和耗材成本都有所變化。

I would, I, I'm sure that once, the current balance sheet is leveraged somewhat. You'll have an adequately creative way to step up and give your franchise some help in terms of financing those renovations, because too many brands have ignored that possibility. They 've brought back billions worth billions of dollars worth of stock, to enhance the stock options rather than give their franchise a little help.

我會，我，我確信，一旦，目前的資產負債表就會有所槓桿化。您將擁有一種足夠有創意的方式來加強並為您的特許經營店提供一些融資方面的幫助，因為太多品牌都忽略了這種可能性。他們帶回了價值數十億美元的股票，以增強股票選擇權，而不是給他們的特許經營權一點幫助。

But I don't picture you doing, I think you're doing something more productive for your franchisees. Lastly, which of your brands have the strongest sales trends?

但我並不認為你會這麼做，我認為你正在為你的加盟商做一些更有成效的事情。最後，你們哪個品牌的銷售趨勢最強勁？

Well, you're, again, you're seeing in the snack brands, very positive sales, momentum, and then I, you're actually seeing things improve. Roundtable pizza has been very strong, not, I wouldn't say hitting the ball out of the park, but very strong given it's competitors and competitive landscape and the competitors, it's up against.

嗯，你再次看到零食品牌的銷售情況非常積極，發展勢頭強勁，而且我實際上看到情況有所改善。圓桌披薩一直非常強大，我不會說它非常出色，但考慮到它的競爭對手和競爭格局以及它所面對的競爭對手，它非常強大。

We don't report brand by brand or by segment, so I'm not going to go into the specific numbers of each brand, but where you see, we've seen the most trauma has really been in the QSR space, which is consistent with most other QSR players and at the other end of the spectrum in sports bars and stuff, there's just an increased consumer sentiment to want to get back into the restaurants.

我們不按品牌或細分市場進行報告，因此我不會深入討論每個品牌的具體數字，但你可以看到，受創最嚴重的確實是 QSR 領域，這與大多數其他 QSR 參與者的情況一致，而在體育酒吧等另一端，消費者希望重返餐廳的情緒有所增強。

And the summer, of course, is not the greatest sports time and so we're looking forward to football starting up in August and the way we go into the fall and expect some some really good numbers there.

當然，夏天並不是運動的最佳時節，因此我們期待八月份開始的足球比賽，並期待秋季的比賽能取得一些非常好的成績。

Okay. Well that's all I've got right now. Thank you so much.

好的。嗯，這就是我現在所知道的全部。太感謝了。

Thank you.

謝謝。

There are no further questions at this time. I would like to turn the floor back over to Andy Weiderhorn for closing comments.

目前沒有其他問題。我想把發言權交還給 Andy Weiderhorn，請他發表最後評論。

Thank you operator, and I want to thank everyone for joining us and and invite you to the Twin Peaks call if you are interested. This concludes today's call.

謝謝接線員，我想感謝大家加入我們，如果您有興趣，我邀請您參加雙峰電話會議。今天的電話會議到此結束。

Alright. Thank you. This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

好吧。謝謝。今天的電話會議到此結束。現在您可以斷開線路。感謝您的參與。