FAT Brands Inc (FATBB) 2025 Q3 法說會逐字稿

Good afternoon, ladies and gentlemen, and thank you for standing by. Welcome to the Fat Brands Inc third quarter 2025 earnings conference call.

女士們、先生們，下午好，感謝各位的耐心等待。歡迎參加 Fat Brands Inc 2025 年第三季財報電話會議。

At this time, all participants have been placed in a listen-only mode. Please note that this conference is being recorded today, November 5, 2025.

目前，所有參與者均處於只聽模式。請注意，本次會議將於2025年11月5日進行錄製。

On the call from Fat Brands, our Chairman and Chief Executive Officer Andy Wiederhorn and Chief Financial Officer Ken Kuick.

Fat Brands 的董事長兼執行長 Andy Wiederhorn 和財務長 Ken Kuick 出席了電話會議。

This afternoon, the company released its third 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.

今天下午，該公司發布了 2025 年第三季財務業績。請參閱本公司網站 www.fatbrands.com 投資者關係部分的獲利報告和獲利補充資料。

Each contains additional details about the third quarter, which closed on September 28, 2025.

每份報告都包含有關第三季的更多詳細信息，第三季於 2025 年 9 月 28 日結束。

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.

在開始之前，我必須提醒大家，今天的討論部分將包含前瞻性陳述。這些前瞻性陳述並非對未來績效的保證，因此不應過度依賴這些陳述。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聲明所指出的結果有重大差異。

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

本公司不承諾在日後更新這些前瞻性聲明。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，請參閱最近提交給美國證券交易委員會的文件以及今天的盈利報告。

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.

在今天的電話會議上，該公司還將討論其認為有助於評估其績效的非GAAP財務指標。不應孤立地看待這些補充信息，也不應將其視為按照公認會計原則編制的結果的替代品。與可比較GAAP指標的調節表可在今天的獲利報告中查閱。

I would now like to turn the call over to Andy Wiederhorn, Chairman and Chief Executive Officer. Please go ahead.

現在我謹將電話交給董事長兼執行長安迪·維德霍恩。請繼續。

Good afternoon everyone and thank you all for joining us. I'm pleased to be back as Chief Executive Officer of Fat Brands.

各位下午好，感謝各位的參與。我很高興能再次擔任 Fat Brands 的執行長。

With this transition, Ken Kuick is now focusing exclusively on his responsibilities as Chief Financial Officer of both Fat Brands and Twin Hospitality Group, while Taylor Wiederhorn will continue as our Chief Development Officer.

隨著這一轉變，Ken Kuick 將專注於擔任 Fat Brands 和 Twin Hospitality Group 的財務長，而 Taylor Wiederhorn 將繼續擔任我們的首席發展長。

I want to thank Ken and Taylor for their leadership as co-CEOs. They played an instrumental role in navigating the company through an arduous few years of legal matters. I'm excited to continue executing against our key priorities, which I will outline shortly.

我要感謝 Ken 和 Taylor 作為聯合執行長的領導。在公司經歷數年艱難的法律糾紛期間，他們發揮了至關重要的作用。我很高興能夠繼續推進我們的關鍵優先事項，稍後我將詳細介紹這些事項。

Before discussing the third quarter results, I'd like to provide an update on the legal matters we discussed during our last hearings call. In late July, the US Department of Justice dismissed all charges against me, Fat Brands, William Amen, and Rebecca Hirschinger. I'm grateful to the US Attorney's Office for their thorough review and to all legal counsel involved.

在討論第三季業績之前，我想先就我們在上次聽證會電話會議中討論的法律事項提供最新進展。7 月下旬，美國司法部撤銷了對我、Fat Brands、William Amen 和 Rebecca Hirschinger 的所有指控。我感謝美國檢察官辦公室的全面審查，也感謝所有參與其中的法律顧問。

We have also resolved the Delaware derivative cases known as Harris one and Harris two filed in 2021 and 2022, relating to our 2020 merger and 2021 recapitalization, respectively.

我們也解決了分別於 2021 年和 2022 年提起的與 2020 年合併和 2021 年資本重組相關的特拉華州衍生訴訟案（Harris 一案和 Harris 二案）。

As announced in early August, our settlement agreement resolves all claims without any admission of liability or wrongdoing. The settlement includes the recognition of previously adopted corporate governance enhancements by the board, a $10 million insurance payment to the company, and a contribution of 200,000 shares of Twin Hospitality Group by Fawcutter Holdings.

正如8月初所宣布的那樣，我們的和解協議解決了所有索賠，且不承認任何責任或不當行為。和解協議包括董事會承認先前通過的公司治理改善措施，向公司支付 1,000 萬美元的保險金，以及 Fawcutter Holdings 出資 20 萬股 Twin Hospitality Group 的股份。

We received preliminary approval in September and expect final court approval in December. We're now fully focused on strategic execution and enhancing shareholder value.

我們於9月獲得了初步批准，預計將於12月獲得法院最終批准。我們現在全力以赴，專注於策略執行和提升股東價值。

Turning to Twin Hospitality Group, the business continues to gain momentum under Ken Barima's leadership, who has strengthened both brands operationally and bolstered his executive team. During the quarter, he appointed Ken Brendamill as President of Smokey Bones, hired Rob Chern as Chief Operating Officer of Smokey Bones, promoted Lexie Burns to Chief People Officer, expanding her role across both Twin Peaks and Smokey Bones, and hired Melissa Fry as Chief Marketing Officer.

再來看 Twin Hospitality Group，在 Ken Barima 的領導下，集團的業務持續發展壯大。 Ken Barima 加強了旗下兩個品牌的運營，並壯大了他的管理團隊。本季度，他任命 Ken Brendamill 為 Smokey Bones 的總裁，聘請 Rob Chern 為 Smokey Bones 的首席營運官，將 Lexie Burns 晉升為首席人力資源官，擴大了她在 Twin Peaks 和 Smokey Bones 兩家公司的職責範圍，並聘請 Melissa Fry 擔任首席營銷官。

These strategic leadership additions position twin Hospitality for further growth and operational excellence. In August I was honoured to assume the role of Chairman of Twin Hospitality Group, providing valuable continuity following its successful spin out earlier this year.

這些策略領導層的加入將使 Twin Hospitality 實現進一步成長和卓越營運。今年八月，我很榮幸擔任雙子酒店集團董事長一職，為該公司今年稍早成功分拆後的發展提供了寶貴的延續性。

My deep understanding of the business and direct involvement in structuring the transaction provide a solid foundation for the company.

我對業務的深刻理解以及對交易架構的直接參與，為公司奠定了堅實的基礎。

Finally, I invite you to join Twin Hospitality Group's third quarter earnings discussion at 5:15 Eastern time today with details available in the earnings release published earlier today.

最後，我邀請您參加今天美國東部時間 5:15 舉行的 Twin Hospitality Group 第三季財報討論會，詳情請參閱今天稍早發布的財報。

Turning back to the business, we continue to take decisive actions to strengthen our financial position and sharpen our capital structure.

回到業務方面，我們將繼續採取果斷措施，加強財務狀況，優化資本結構。

We are advancing plans for a $75million to $100 million equity raise at Twin Peaks to pay down debt and fund new unit development. Our dividend pause remains in effect, preserving $35million to $40 million annually in cash flow.

我們正在推進在 Twin Peaks 籌集 7,500 萬至 1 億美元股權的計劃，以償還債務並為新單元開發提供資金。我們的股利暫停政策仍然有效，每年可節省 3,500 萬至 4,000 萬美元的現金流。

The dismissal of the DOJ case and the resolution of the derivative matters provide at least $30 million a year in additional annual savings.

司法部案件的駁回和衍生案件的解決，每年至少可節省 3,000 萬美元。

We've already executed more than $10 million of SG&A reductions and continue to look for additional savings.

我們已經削減了超過 1000 萬美元的銷售、管理及行政費用，並將繼續尋找更多節省開支的機會。

And we are actively negotiating a debt restructuring with our note holders. Together, these actions put us on track to achieve positive cash flow in the coming quarters, reduce our debt, and build a strong foundation for long-term growth.

我們正積極與債券持有人協商債務重整事宜。這些舉措將使我們預計在未來幾季實現正現金流，減少債務，並為長期成長奠定堅實的基礎。

While the restaurant industry continues to face headwinds, we delivered adjusted EBITDA of $13.1 million for the quarter. Most encouraging is the momentum we are building in same store sales performance. We've narrowed our decline to just 3.5%. Down from 4.2% in the second quarter, representing our strongest quarterly performance so far this year.

儘管餐飲業持續面臨不利因素，但我們本季的調整後 EBITDA 仍達到 1,310 萬美元。最令人鼓舞的是我們在同店銷售業績方面正在取得的良好勢頭。我們已將跌幅收窄至僅3.5%。較第二季的 4.2% 有所下降，第二季是我們今年迄今表現最好的季度。

Notably, our casual dining segment demonstrated particularly strong results with same store sales growth of 3.9%. Now I would like to provide you with an update on our 3 strategic pillars organic expansion through strategic market penetration.

值得注意的是，我們的休閒餐飲業務表現特別強勁，同店銷售額成長了 3.9%。現在我想向大家報告我們透過策略性市場滲透實現有機擴張的三大策略支柱的最新進展。

Targeted acquisitions to diversify our brand portfolio and manufacturing scale up, emphasizing cookie dough and dry mix production.

透過有針對性的收購，實現品牌組合多元化和生產規模擴大，並專注於發展餅乾麵團和乾粉混合料的生產。

First, organic expansion. We opened 13 new locations during the third quarter and 60 locations year-to-date with a current target of 80 new openings this year.

首先是自然擴張。我們在第三季開設了 13 家新店，今年迄今開設了 60 家新店，目前的目標是今年新開 80 家。

Development remains concentrated within our seven highest performing brands Fatburger, Johnny Rockets, Fazoli's, Round Table Pizza, Twin Peaks, Marble Slab Creamery, and Great American Cookies.

發展仍然集中在我們表現最好的七個品牌：Fatburger、Johnny Rockets、Fazoli's、Round Table Pizza、Twin Peaks、Marble Slab Creamery 和 Great American Cookies。

Looking beyond 2025, our development visibility is strong. We secured over 190 franchise development agreements year-to-date, contributing to approximately 900 committed locations scheduled to open over the next 5 to 7 years. These represent executed contracts with paid franchise fees.

展望 2025 年以後，我們的發展前景十分明朗。今年迄今為止，我們已達成超過 190 項特許經營發展協議，預計在未來 5 至 7 年內開設約 900 家門市。這些代表已簽署並支付特許經營費的合約。

The potential earnings impact is quite substantial. Once operational, these units should generate $50million to $60 million in incremental earnings through our asset light model requiring no acquisition capital or corporate buildout investment.

潛在的收益影響相當顯著。一旦投入運營，這些部門將透過我們的輕資產模式產生 5,000 萬至 6,000 萬美元的增量收益，無需收購資本或公司建設投資。

As co-branding remains a key growth driver domestically.

聯合品牌仍然是國內市場的重要成長驅動力。

In August we opened our first co-branded Roundtable Pizza and Fat Burger location in Rancho Cordova, California. We leveraged more than 3,000 square feet of unused space at an existing Roundtable location and added a Fat Burger, enhancing sales across day parts, particularly lunch.

今年八月，我們在加州蘭喬科爾多瓦開設了第一家 Roundtable Pizza 和 Fat Burger 聯名門市。我們利用了 Roundtable 現有門市 3000 多平方英尺的閒置空間，增設了一家 Fat Burger 餐廳，提高了全天各時段的銷售額，尤其是午餐時段的銷售額。

Weekly sales and transactions have doubled, with approximately 50 of these co-branded locations in our development pipeline. We see significant expansion potential across California and beyond.

每週的銷售額和交易量翻了一番，目前我們正在籌建約 50 家這類聯名門市。我們看到了在加州及其他地區的巨大擴張潛力。

During the third quarter, we opened new Great American Cookies and Marble Slab Creamery locations in Maryville, Tennessee, and Sanford, North Carolina. The Sanford opening marks both brands' entry into the Raleigh market.

第三季度，我們在田納西州瑪麗維爾和北卡羅來納州桑福德開設了新的 Great American Cookies 和 Marble Slab Creamery 門市。Sanford門市的開幕標誌著這兩個品牌正式進軍羅利市場。

We also opened our first co-branded Fat Burger in Buffalo's Express location in Springer, Oklahoma, at the high traffic Arbuckle Travel Center, marking Fatburger's debut in the state.

我們還與 Buffalo's Express 在俄克拉荷馬州 Springer 的 Arbuckle 旅行中心（人流量大）開設了第一家合作品牌的 Fat Burger 餐廳，這標誌著 Fatburger 首次進駐該州。

Beyond co-branding, we expanded our presence with strategic stand-alone openings. Roundtable Pizza expanded in Western US footprint with its first Colorado location in Colorado Springs, a milestone opening that sets the stage for additional growth across the state. The brand also added a third location in the Las Vegas market.

除了聯合品牌推廣之外，我們還透過策略性地開設獨立門市來擴大市場份額。Roundtable Pizza 在科羅拉多州科羅拉多斯普林斯開設了第一家分店，進一步拓展了其在美國西部的業務版圖。這一里程碑式的開幕為該公司在該州的進一步發展奠定了基礎。該品牌還在拉斯維加斯市場增設了第三家分店。

Hot Dog on a Stick opened at Downtown Commons in Sacramento, a high traffic shopping center that reinforces the brand's strong California presence.

Hot Dog on a Stick 在薩克拉門托市中心商業區開業，這是一個客流量很大的購物中心，鞏固了該品牌在加州的強大影響力。

On the international front, Johnny Rockets continues its global expansion, opening 7 new locations this year across Iraq, Chile, the UAE, Mexico, and Brazil. Highlights include 2 openings in Baghdad and new locations in high traffic destinations such as Cancun's Grand outlet Riviera Maya and Dubai's Jamaira district.

在國際方面，Johnny Rockets 繼續其全球擴張計劃，今年在伊拉克、智利、阿聯酋、墨西哥和巴西開設了 7 家新店。亮點包括在巴格達開設兩家新店，以及在人流量大的目的地開設新店，例如坎昆的 Grand Outlet Riviera Maya 和杜拜的 Jamaira 區。

Additionally, we announced Fatburger's return to Japan through a new franchise agreement that will bring 4 locations to Okinawa over the next 5 years.

此外，我們宣布 Fatburger 將透過一項新的特許經營協議重返日本，未來 5 年將在沖繩開設 4 家分店。

The first restaurant is slated to open before year end, strategically leveraging Okinawa's robust tourism traffic and US military base presence as a gateway to re-establish Fatburger's footprint in Japan.

第一家餐廳計劃於年底前開業，戰略性地利用沖繩強勁的旅遊業和美國軍事基地的存在，作為重新確立 Fatburger 在日本的影響力的門戶。

Along with new unit development, we plan to complete 100 remodels this year, refreshing our brand's presence and enhancing the customer experience across our portfolio.

除了開發新單元外，我們計劃今年完成 100 個單元的改造，從而提升我們品牌的形象，並增強我們旗下所有單元的客戶體驗。

Also, our portfolio digital mix hit a new record high, with year-to-date digital sales increasing 19% from Q2 to Q3.

此外，我們的數位產品組合也創下了新的歷史新高，今年迄今的數位銷售額從第二季到第三季成長了 19%。

Additionally, our brands received several notable awards this quarter, underscoring the strength and recognition of our portfolio.

此外，我們的品牌在本季度獲得了多項重要獎項，凸顯了我們產品組合的實力和認可度。

Great American Cookies and Marble Slab Creamery were named to QSR's Best Franchise Deals 2025 list.

Great American Cookies 和 Marble Slab Creamery 入選了 QSR 2025 年最佳特許經營交易榜。

Hurricane Grill and Wings earned a spot on USA Today's 10 best list for sports bars. 12 of our concepts were included in the Franchise Times TOP 400.

颶風燒烤雞翅餐廳榮登《今日美國》十大最佳運動酒吧榜單。我們旗下12家餐廳品牌入選《特許經營時報》TOP榜單。400。

Twin Peaks, Round Table Pizza, Johnny Rockets, Rizzoli's, Great American Cookies, Fat Burger, Marble Slab Creamery, Ponderosa and Bonanza Steakhouses, pretzel maker, native rill and wings, and Elevation Burger.

Twin Peaks、Round Table Pizza、Johnny Rockets、Rizzoli's、Great American Cookies、Fat Burger、Marble Slab Creamery、Ponderosa 和 Bonanza Steakhouses、椒鹽捲餅製造商、Native Rill and Wings 和 Elevation Burger。

And finally, Round Table Pizza was recognized on Yelp's TOP 25 US pizza chains list.

最後，圓桌披薩榮登 Yelp 美國 TOP 25 披薩連鎖店名單。

Now turning to our growth by acquisition strategy, we remain disciplined while preserving flexibility. Strengthening the balance sheet is our near-term priority given current capital costs, but we continue to actively market, to monitor the market for opportunities at the right valuation. Our focus is on acquisitions that enhance our core brand or add complementary capabilities without compromising our commitment to deleveraging.

現在談談我們的收購成長策略，我們將保持嚴謹，同時保持靈活性。鑑於目前的資本成本，加強資產負債表是我們近期的首要任務，但我們將繼續積極進行市場調查，以尋找估值合適的投資機會。我們的重點是收購能夠提升我們核心品牌或增加互補能力的公司，同時又不損害我們去槓桿化的承諾。

Our Georgia production facility continues to perform well, generating $9.6 million in sales and $3.8 million in adjusted EBITDA, a 39.6% margin during the third quarter.

我們在喬治亞州的生產設施持續表現良好，第三季銷售額達 960 萬美元，調整後 EBITDA 達 380 萬美元，利潤率為 39.6%。

Importantly, we are operating at only 45% of capacity with meaningful expansion potential at low incremental cost.

重要的是，我們目前的產能利用率僅為 45%，並且具有以較低增量成本實現顯著擴張的潛力。

In August, we announced a major strategic initiative supporting our manufacturing scale-up goals, a partnership with virtual dining concepts to make great American cookies available for delivery from Chuck E. Cheese locations nationwide.

8 月，我們宣布了一項重大策略舉措，以支持我們的生產規模擴大目標，即與虛擬餐飲概念合作，讓全國各地的 Chuck E. Cheese 餐廳都能提供美味的美式餅乾外送服務。

The collaboration is already live at over 450 locations, with 500 additional locations targeted through the virtual dining concepts network by the end of this year.

該合作項目已在超過 450 個地點上線，並計劃在今年年底前透過虛擬餐飲概念網絡再拓展 500 個地點。

In addition to delivery, we're exploring in-venue cookie sales and co-branded menu opportunities. This partnership represents a transformative step in our manufacturing growth strategy, leveraging third-party partnerships to significantly increase production volume and drive our Georgia facility towards greater capacity utilization.

除了外送服務外，我們還在探索店內銷售餅乾和聯合品牌菜單的機會。此次合作標誌著我們在製造業成長策略中邁出了變革性的一步，利用第三方合作夥伴關係，大幅提高產量，並推動我們在喬治亞州的工廠實現更高的產能利用率。

All while maintaining an asset li business model.

同時保持資產負債表商業模式。

Before I turn it over to Ken, I'd like to highlight the meaningful impact of the Fat Brands Foundation, which has awarded 42 grants and provided over $170,000 in funding so far this year. In September, the foundation launched a health and wellness campaign aimed at promoting Fat Brand's employee well-being in addition to driving fund raising efforts. The Step Up for Fat Brands Foundation Challenge.

在把發言權交給 Ken 之前，我想重點介紹一下 Fat Brands 基金會的重要影響，該基金會今年迄今已頒發 42 項撥款，提供了超過 17 萬美元的資金。9 月，基金會發起了一項健康與福祉活動，旨在促進 Fat Brand 員工的福祉，同時推動籌款工作。「為肥胖品牌挺身而出」基金會挑戰賽。

The initiative saw a tremendous engagement from employees and reinforced the foundation's role in giving back to the communities we serve.

該倡議得到了員工的極大參與，並鞏固了基金會在回饋我們所服務社區方面所發揮的作用。

With approximately $12,000 in funds raised from this month's from the month-long initiative, the foundation was able to help provide 1,000 meals to underprivileged children in Collier County, Florida, equipsix schools and 250 students with books and materials to promote fourth grade literacy, and assist families impacted by the Eaton fires in Altadena, California through the purchase of essential gift cards.

透過本月為期一個月的活動籌集的約 12,000 美元資金，該基金會得以幫助佛羅裡達州科利爾縣的貧困兒童獲得 1,000 份餐食，為六所學校和 250 名學生提供書籍和材料以促進四年級識字率，並通過購買必需的禮品卡幫助受加利福尼亞州阿爾塔迪納伊頓山火影響的家庭。

Looking ahead, our focus is on execution, driving growth across our brands, strengthening our balance sheet, and unlocking the full potential of our platform. We believe these efforts will deliver meaningful value for shareholders, franchise partners, and team members alike.

展望未來，我們的重點是執行，推動旗下各品牌的成長，增強資產負債表，並釋放我們平台的全部潛力。我們相信這些努力將為股東、加盟合作夥伴和團隊成員帶來實質價值。

With that, let me turn it over to Ken to walk through our financial highlights for the third quarter.

接下來，我會把麥克風交給 Ken，讓他來介紹我們第三季的財務亮點。

Thanks, Andy. Moving on to our third quarter results, total revenues were $140 million a 2.3% decrease from $143.4 million in last year's quarter. This was driven primarily by the closure of 11 underperforming Smokey Bones locations as planned, the temporary closure of two Smokey Bones locations for conversion into Twin Peaks Lodges, and lower steam source sales. Partially offset by revenues generated by our new Twin Peaks lodges.

謝謝你，安迪。接下來來看我們第三季的業績，總營收為 1.4 億美元，比去年同期的 1.434 億美元下降了 2.3%。這主要是由於按計劃關閉了 11 家業績不佳的 Smokey Bones 餐廳，暫時關閉了兩家 Smokey Bones 餐廳改建為 Twin Peaks Lodges，以及蒸汽燃料銷售額下降所致。部分損失由我們新建的雙峰旅館產生的收入抵消。

Turning to costs and expenses, general and administrative expense increased $8.2 million to $42.7 million in the quarter from $34.5 million in the year ago quarter, primarily due to a $6.9 million store closure reserve and a $1.4 million non-cash impairment of fixed assets in the third quarter related to the closure of underperforming Smokey Bones locations. And higher non-cash share-based compensation expense related to the public listing of Twin Hospitality Group earlier this year.

再來看成本和費用，本季一般及行政費用從去年同期的 3,450 萬美元增加 820 萬美元至 4,270 萬美元，主要原因是第三季提列了 690 萬美元的門市關閉準備金，以及因關閉業績不佳的 Smokey Bones 門市而產生的 140 萬美元固定資產非現金減值。此外，今年稍早 Twin Hospitality Group 上市還帶來了更高的非現金股權激勵支出。

Costs of restaurant and factory revenues decreased to $94.6 million in the quarter compared to $96.8 million primarily driven by the closure of underperforming Smokey Bones locations, the closure of two Smokey Bones locations 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降至 9,460 萬美元，而上一季為 9,680 萬美元，主要原因是業績不佳的 Smokey Bones 門市關閉、兩家 Smokey Bones 門市關閉進行改造以及同店銷售額下降，部分被工資和食品成本上漲所抵消。

Advertising expense varies in relation to advertising revenues and decreased to $12.2 million in the quarter from $10 million in the year ago period.

廣告支出與廣告收入的關係不一，本季廣告支出從去年同期的 1,000 萬美元減少到 1,220 萬美元。

Total other expense net, which consisted primarily of interest expense, was $41 million in the quarter compared to $35.8 million in last year's quarter. Net loss attributable to fat brands was $58.2 million or $3.39 per diluted share.

本季其他淨支出總額（主要包括利息支出）為 4,100 萬美元，去年同期為 3,580 萬美元。歸屬於脂肪品牌的淨虧損為 5,820 萬美元，即每股攤薄虧損 3.39 美元。

Compared to a net loss of $44.8 million or $2.74 per diluted share in the prior year quarter.

相較之下，上年同期淨虧損為 4,480 萬美元，即每股攤薄虧損 2.74 美元。

And on an as adjusted basis, our net loss attributable to Fat brands was $45.4 million or $2.67 per diluted share compared to $38 million or $2.34 per diluted share in the prior year quarter.

經調整後，歸屬於 Fat 品牌的淨虧損為 4,540 萬美元，即每股攤薄虧損 2.67 美元，而去年同期為 3,800 萬美元，即每股攤薄虧損 2.34 美元。

And lastly, adjusted EBITTA for the quarter was $13.1 million compared to $14.1 million in the year ago quarter.

最後，本季調整後的 EBITTA 為 1,310 萬美元，而去年同期為 1,410 萬美元。

And with that operator, please open the line for questions.

請接線生開通提問通道。

Thank you. We will now be conducting a question-and-answer session. (Operator Instructions)

謝謝。接下來我們將進行問答環節。（操作說明）

And our first question will come from Joe Gomes with Noble capital markets.

我們的第一個問題將來自 Noble Capital Markets 的 Joe Gomes。

Good afternoon. Thanks for taking my questions.

午安.謝謝您回答我的問題。

Hi Joe.

嗨，喬。

So and wanted to start off on the debt, restructure that you're negotiating, can you give us any feel for timing on that?

那麼，我想先談談您正在協商的債務重組事宜，您能大概透露一下時間安排嗎？

I'm hopeful that during this quarter we'll come to a resolution on A restructuring the, we've publicly stated that we're close to raising equity for Twin Peaks that is held up only by the government shutdown. As soon as the government opens, Twin Peaks is good to go and the majority of the proceeds from the equity raise go to reduce debt with the note holders, so we'd like to get that started as quickly as everyone would. We're just waiting for the government to open.

我希望在本季度內，我們能夠就 A 重組問題達成解決方案。我們已經公開表示，我們即將為 Twin Peaks 籌集股權，目前僅因政府停擺而受阻。一旦政府重新開放，Twin Peaks 就可以立即開工，股權融資的大部分收益將用於減少債券持有人的債務，所以我們和大家一樣，都希望盡快啟動這項工作。我們正等著政府開放。

Okay, thanks for that. And on the Twin Peaks, have you closed all the underperforming Smokey bones, or is there still more to do there?

好的，謝謝。至於《雙峰》，你們是否已經關閉了所有表現不佳的煙囪酒吧，還是還有更多工作要做？

Well, for now we have closed all of them and reserved for them. There are some stores that are not performing well, but they're part of a larger master lease where we have a number of very well, stores are performing very well, and then there's a few that are not performing that well all in the same master lease. So there's some more to go over the coming couple of quarters, but that will really come to an end once the master lease is sorted out and extended.

目前我們已經關閉了所有這些門市，並為他們保留了房間。有些門市業績不佳，但它們都屬於一個更大的總租賃協議的一部分，該協議中包含許多業績非常好的門店，也包含一些業績不太好的門市。所以接下來幾季還有一些工作要做，但一旦主租賃協議得到解決和延期，這一切就會真正結束。

Okay. And where do we stand on the effort for refranchising the Fazoli units?

好的。那麼，我們在重新開放 Fazoli 餐廳特許經營權的努力中進展如何呢？

We've made some material progress on the fazoli's refranchising. We are evaluating some proposals that we've received and deciding if we want to move forward or continue negotiating with additional parties.

我們在 fazoli 餐廳的重新特許經營方面取得了一些實質進展。我們正在評估收到的一些提案，並決定是否要繼續前進或繼續與其他各方進行談判。

All right, let me see what else do we have here.

好的，讓我看看這裡還有什麼。

I'm assuming it's more economic economy related, but you know the goal was 100 new targeted, stores to open in 2025, and you said now the target's to 80. I just wanted to give us a little update on that.

我猜這比較是經濟方面的因素，但你知道，目標是在 2025 年開設 100 家新的目標店，而你說現在目標降到了 80 家。我只是想給大家簡單報告一下最新情況。

There's definitely, a slowdown in the pace of which, new stores are getting open that's a little bit of foot dragging. By franchisees to open their stores, so they'll slip into next year. It's not really many projects getting canceled as much as it is just moving a little bit slower, it's always frustrating because every day, every month that a store is delayed, that's $5000 in royalties you'll never get. And so if you wait, if the store is delayed a year it's $60,000 you add 10 of those, it's $600,000 so it really adds up quickly and we're trying to accelerate the throughput and the opening of those new stores as quickly as we can.

新店開幕的速度確實有所放緩，有點拖延。加盟商將陸續開設門市，所以他們會在明年開業。其實沒有很多項目被取消，只是進度稍微慢了一些。這總是令人沮喪的，因為商店每延遲一天、一個月，就意味著你永遠無法獲得 5000 美元的版稅。所以，如果等一年，商店開業就會損失 6 萬美元，10 家這樣的商店加起來就是 60 萬美元，所以損失很快就會累積起來，我們正在努力加快新店的開業速度。

But you still got to get them open with the franchisees, doing their part.

但你還是需要讓加盟主們做好他們的本分，才能讓他們順利開業。

Right, and you mentioned the, about $10 million of SG&A reduction. I was wondering if you could kind of maybe give us an idea of where that's, where that came from and, what more do you see as your potential, for additional cost optimization.

對，你還提到了大約 1000 萬美元的銷售、管理及行政費用削減。我想請您大概介紹一下這是哪裡來的，從哪裡來的，以及您認為在進一步優化成本方面還有哪些潛力。

Well there's been across the board that there there's staff reductions, there's there are executive reductions, there's just general G&A we've closed some offices that as we were able to consolidate and consolidate some of the accounting departments and things like that to get further, single platform shared services so that's been very beneficial, you know going forward we just have to see how the restaurant economy performs.

嗯，各方面都進行了裁員，包括員工裁減、高階主管裁減，以及一般行政開支的削減。我們關閉了一些辦公室，同時整合了一些會計部門等等，以實現更有效率的單一平台共享服務，這非常有益。你知道，展望未來，我們只能看看餐飲業的經濟表現如何了。

I don't think any of the major restaurant operators would argue that we're in a restaurant recessionary environment. They all agree that we are generally in that environment. There are some outliers where guys are putting up some big numbers, but for the most part people are off a little bit. We're fortunate that it's just a little bit, not a lot, if, 3% or 4% is okay in this environment. It's not what you want, but it's certainly not off 10 or 20% or closing 30% of our units like, some other problems that have occurred.

我認為任何一家大型餐飲企業都不會否認我們正處於餐飲業衰退期。他們都認為我們總體上處於這種環境中。雖然也有一些例外，有些人的數據非常亮眼，但大多數情況下，人們的數據都略有偏差。我們很幸運，這個數字只是很小，不多，3%或4%在這種環境下是可以接受的。雖然這不是你想要的結果，但肯定不會像之前發生的一些問題那樣，導致我們損失 10% 或 20% 的銷售額，甚至關閉 30% 的門市。

So, that we push through that there may be, when you're in that environment, you're looking at costs and you're looking at what am I spending on new business development or things like that that may just not be realistic in this environment and so that's probably where there's additional savings.

所以，我們努力克服這一點，當你身處那種環境時，你會考慮成本，你會考慮我在新業務開發上花費了多少錢，或者諸如此類的事情，而這些在當前環境下可能並不現實，因此這可能就是可以節省更多成本的地方。

Great, thanks for that. I'll get back in que.

太好了，謝謝。我會重新排隊。

Thank you.

謝謝。

Thank you.

謝謝。

And next you'll hear from Roger Lipton with Lipton Financial Services.

接下來，您將聽到來自利普頓金融服務公司的羅傑·利普頓的演講。

Yes, hi, as this is Roger. Thanks for taking my question, Andy. You answered the questions I had about the timing of your, the restructuring efforts. Let me ask you made reference to the same store sales growth in the casual dining. Now what, which of the chains are in that category these days?

是的，你好，我是羅傑。謝謝你回答我的問題，安迪。你回答了我關於你重組工作的具體時間安排的問題。請問您之前有提到休閒餐飲門市的銷售成長嗎？那麼，如今哪些連鎖店屬於這一類呢？

Well, it's quite a few you have, Hurricane Grill and Wings, Buffalo's Cafe, Native Grill and Wings, and Ponderosa and Bonanza, our steakhouse brands.

嗯，你們有不少選擇，像是 Hurricane Grill and Wings、Buffalo's Cafe、Native Grill and Wings，還有 Ponderosa 和 Bonanza，我們的牛排餐廳品牌。

Okay.

好的。

So what's interesting is really you see consumers, you, you've seen a lot of information in the industry about the QSR end of things. The consumer has felt pinched and has, really sought out value and that's a little bit of a bounce back from when they were bringing a turkey sandwich from home and not going out at all and now you've seen McDonald's put up numbers where.

所以有趣的是，你會看到消費者，你會看到業內有很多關於速食店方面的資訊。消費者感到經濟拮据，因此更重視性價比。這與他們之前在家吃火雞三明治、完全不出門的情況相比，算是一種反彈。現在，你可以看到麥當勞的業績有所改善。

They're showing that if they promote value they're getting customers to come back and traffic to improve. And so on the QSR side of things it's all about value, and I mean value with, discounted kind of deal, not guest experience as you move into the higher end brands, it's all about the value of what you're spending for the guest experience, and you've got to justify the price you're charging, which you need to charge with labor and food costs where they are, to the guest experience and so it's kind of two different value propositions and on the casual dining side the consumer is saying if I'm going to spend what it costs to go to a casual dining restaurant I want the experience to be great and I'll spend it because I don't want to be, I can only do so much QSR.

他們證明，如果他們宣傳價值，就能吸引顧客回頭，並改善流量。所以，在速食店方面，一切都關乎價值，我指的是折扣優惠之類的價值，而不是顧客體驗。當你進入高端品牌時，一切都關乎你為顧客體驗所花的錢的價值，你必須證明你收取的價格是合理的，你必須把人工和食品成本考慮在內，並與顧客體驗相匹配。所以這是兩種不同的價值主張。而在休閒餐飲方面，消費者會說，如果我要花錢去休閒餐廳，我希望獲得很棒的體驗，我會花錢，因為我不想總是去快餐店，我的能力有限。

Right, no question what you're saying is, exactly consistent with what we're hearing, all over the industry. So, thank you for that. Talking about, Twin Peaks for a second, can you give us any idea what opening program there could be for next year at Twin Peaks frame.

沒錯，毫無疑問，你所說的話與我們從整個行業聽到的情況完全一致。所以，謝謝你。說到Twin Peaks，您能否透露一下明年Twin Peaks Frame的開幕節目會是什麼樣子？

There are a number of new stores slated to convert both Smokey Bones conversions into Twin Peaks as corporate and some as franchise, and then there are new franchise locations that have nothing to do with Smokey Bones that are also under development.

目前計劃開設多家新店，將 Smokey Bones 改造成 Twin Peaks，其中一些是直營店，一些是加盟店；此外，還有一些與 Smokey Bones 無關的新加盟店也在開發中。

And so that's a little bit of a moving target as to the timing and the permitting and the franchisees undertaking as to when they start and when they get them open, but there's active development going on. The brand, is, has a robust pipeline, and franchisees who want to get more stores open and build their platforms, so it's a positive.

因此，具體時間、許可證和加盟商何時開始營業、何時開業，都存在一些不確定因素，但目前正在積極開發中。該品牌擁有強大的發展管道，加盟商也希望開設更多門市並建立自己的平台，所以這是一個積極的信號。

Right, and I didn't have too much time to look at their numbers with everything coming up in a, in an over a cost of coup couple of minutes in your 4:30 call here, but it looks like Twin Peaks is settling down in terms of their day to day operations. Their store level margins improved, I think 50 basis points year to year, but up to 17%, so that's encouraging. .

沒錯，由於所有事情都擠在4:30的電話會議中，我沒太多時間仔細查看他們的數據，但看起來Twin Peaks的日常運營正在步入正軌。他們的門市利潤率有所提高，我認為比去年同期提高了 50 個基點，達到 17%，這令人鼓舞。。

That's a big priority for Kim. The restaurant level margin is a big priority for Kim. And he's very focused on it, and I think we'll see the restaurant level margins go well beyond 17% if you just give it a little time over the next couple quarters as several initiatives kick into place.

這是金正恩的首要任務。餐廳層面的利潤率是金非常重視的因素。他非常重視這一點，我認為，如果在接下來的幾個季度裡，隨著幾項措施逐步落實，餐廳層面的利潤率將會遠遠超過 17%。

And then with Ken Brenanville coming on board and helping to take the helm at Smokey Bones, there's just a renewed focus there. On streamlining the cost structure so we don't really have duplicative costs by running two different brands inside of twin Hospitality and then also, menu management streamlining purchasing, operational efficiencies there's just a bunch of things there that that they're focused on and we'll see.

隨後，肯·布雷南維爾加入並協助掌舵 Smokey Bones，這讓餐廳重新煥發了活力。他們正在努力簡化成本結構，避免在 Twin Hospitality 旗下經營兩個不同品牌而產生重複成本；此外，他們還致力於簡化菜單管理、採購和營運效率，等等，這些都是他們關注的重點，我們拭目以待。

And that brand Excel, there's going to be a number of Smokey bones that remain Smokey bones because they're not convertible into Twin Peaks because of the location or landlord restrictions, and those are good profitable stores. They're solid, and we want to keep those and run them properly.

而 Excel 品牌旗下的一些門市，由於地點或房東的限制，無法改造成 Twin Peaks，因此會保留 Smokey 的原貌，但這些門市利潤豐厚。它們性能可靠，我們希望保留它們並妥善運作。

And then there's a bunch that are eligible for conversion, and we have to the ones that we've converted so far have been something like doubles, so sales have doubled, profits doubled, it's been worth it, but it's also uses up capital and so we have to pace that with our ability to fund that and then there's franchisees that are interested in some of them and some they've got additional development opportunities that have nothing to do with Smokey Bones. So it's a combination of those things.

然後還有一大批符合轉換條件的門店，到目前為止我們已經轉換的門市都實現了翻倍增長，銷售額翻了一番，利潤也翻了一番，這很值得，但這也會消耗資金，所以我們必鬚根據我們的資金能力來控制轉換速度。此外，還有一些加盟商對其中一些門市感興趣，而另一些加盟商則有與Smokey Bones無關的其他發展機會。所以這是這些因素綜合作用的結果。

Alright, well, that color is helpful, no question, for you, for your management group, even more than the analytical group, it'll be great to get these major structural, efforts behind us and we can so that you can, talk about opening stores and running stores and improving margins in stores and more day to day operational stuff, that'll be a pleasure for everybody.

好的，毫無疑問，這個顏色對你，對你的管理團隊很有幫助，甚至比對分析團隊更有幫助。如果能把這些重大的結構性工作完成，我們就可以談論開設門市、經營門市、提高門市利潤率以及更多日常營運方面的事情，這對每個人來說都是一件樂事。

So thanks for everything from your lips to God's ears, you bet. I agree.

所以，非常感謝你，真的非常感謝。我同意。

Okay, thank you.

好的，謝謝。

Thank you.

謝謝。

And there are no further questions at this time, I would like to turn the floor back to Andy Wiederhorn for closing remarks.

目前沒有其他問題了，我想把發言權交還給安迪·維德霍恩，讓他做總結發言。

Thank you operator. I want to thank all of you for attending our earnings call today and feel free to reach out to the company if you have any other questions. Take care.

謝謝接線生。感謝各位今天參加我們的財報電話會議，如有任何其他疑問，請隨時與公司聯繫。小心。

Thank you. This does conclude today's teleconference. We thank you for your participation. You may disconnect your lines at this time.

謝謝。今天的電話會議到此結束。感謝您的參與。您可以在此時斷開線路。