Good Times Restaurants Inc (GTIM) 2025 Q4 法說會逐字稿

Good afternoon, ladies and gentlemen. Welcome to the Good Times Restaurants, Inc., fiscal 2025 fourth-quarter and year-end earnings call.

女士們、先生們，午安。歡迎參加 Good Times Restaurants, Inc. 2025 財年第四季及全年財報電話會議。

I am Keri August, the company's Senior Vice President of Finance and Accounting.

我是 Keri August，公司財務和會計高級副總裁。

By now, everyone should have access to the company's earnings release, which is available in the Investors section of the company's website.

現在，所有人都應該可以存取公司的獲利報告，該報告可在公司網站的投資者關係部分找到。

As a reminder, a part of today's discussion will include forward-looking statements within the meaning of federal securities laws. These forward-looking statements are not guarantees of future performance. Therefore, you should not put undue reliance on them. These statements involve known and unknown risks, which may cause the company's actual results to differ materially from results expressed or implied by the forward-looking statements.

提醒各位，今天的討論部分內容將包含聯邦證券法意義上的前瞻性陳述。這些前瞻性陳述並不構成對未來績效的保證。因此，你不應該過度依賴他們。這些聲明涉及已知和未知的風險，可能導致公司的實際業績與前瞻性聲明中明示或暗示的業績有重大差異。

Such risks and uncertainties include, among other things, the market price of the company's stock prevailing from time to time; the nature of other investment opportunities presented to the company; the disruption to our business from pandemics and other public health emergencies; the impact of staffing constraints at our restaurants; the impact of supply chain constraints and inflation; the uncertain nature of current restaurant development plans and the ability to implement those plans and integrate new restaurants; delays in developing and opening new restaurants because of weather, local permitting, or other reasons; increased competition, cost increases, or ingredient shortages; general economic and operating conditions; risks associated with our share repurchase program; risks associated with the acquisition of additional restaurants, adequacy of cash flows, and the cost and availability of capital or credit facility borrowings to provide liquidity; changes in federal, state, or local laws and regulations affecting our restaurants, including wage and tip credit regulations; and other matters discussed under the risk factors section of Good Times' annual report on Form 10-K for the fiscal year ended September 24, 2024, and other reports filed with the SEC, including Form 10-K for the fiscal year ended September 30, 2025.

此類風險和不確定性包括但不限於：公司股票不時在市場上的價格；公司面臨的其他投資機會的性質；疫情和其他公共衛生緊急事件對我們業務造成的干擾；餐廳人員配備限制的影響；供應鏈限制和通貨膨脹的影響；當前餐廳發展計劃的不確定性以及實施這些計劃和整合新餐廳的能力；由於天氣、當地許可或其他原因導致新餐廳開發和開業延誤；競爭加劇、成本增加或原料短缺；總體經濟和經營狀況；與我們的股票回購計劃相關的風險；與收購其他餐廳、現金流充足性以及提供流動性所需的資本或信貸借款的成本和可用性相關的風險；影響我們餐廳的聯邦、州或地方法律法規的變化，包括工資和小費抵扣規定；以及小費抵扣規定； Good Times 截至 2024 年 9 月 24 日止財政年度的 10-K 表格年度報告風險因素部分討論的其他事項，以及向美國證券交易委員會提交的其他報告，包括截至 2025 年 9 月 30 日止財政年度的 10-K 表格。

During today's call, we will discuss non-GAAP measures, which we believe can be useful in evaluating our performance. The presentation of this additional information should not be considered in isolation or as a substitute for results prepared in accordance with GAAP and reconciliation to comparable GAAP measures available in our earnings release.

在今天的電話會議中，我們將討論非GAAP指標，我們認為這些指標有助於評估我們的表現。不應孤立地看待這些補充信息，也不應將其視為根據公認會計準則編制的結果以及與盈利報告中提供的可比公認會計準則指標的調節表的替代。

Now, I would like to turn the call over to our Chief Executive Officer, Ryan Zink.

現在，我想把電話交給我們的執行長瑞安·津克。

Thank you, Keri. Thank you, all, for joining us today.

謝謝你，凱莉。感謝各位今天蒞臨。

As has been reported by other company-operated quick-service burger companies, the fourth fiscal quarter was a challenging one for us; in particular, at our Good Times concept. The combination of soft sales and higher costs, most specifically the significantly elevated cost of ground beef, put a dent in profitability for the quarter.

正如其他公司自營的快餐漢堡公司所報導的那樣，第四財季對我們來說是一個充滿挑戰的季度；尤其是我們的 Good Times 概念店。銷售疲軟和成本上升，尤其是牛肉價格大幅上漲，導致本季獲利能力下降。

Keri will go into details surrounding the financial performance during the quarter but it goes without saying that we are disappointed in the results and committed to immediate improvement.

Keri將詳細介紹本季的財務業績，但毋庸置疑，我們對結果感到失望，並致力於立即改進。

Of note, although the same-store sales at Good Times remained negative in the fourth quarter, the 6.6% decline represented a 240 basis points sequential improvement from the fiscal third quarter. Through the first 11 weeks of the first fiscal quarter, Good Times same-store sales were down approximately 3.6% compared to the same time period in the prior year.

值得注意的是，儘管 Good Times 第四季的同店銷售額仍然為負，但 6.6% 的降幅較第三財季環比改善了 240 個基點。在第一財季的前 11 週，Good Times 同店銷售額與上年同期相比下降了約 3.6%。

Craig Soto, our Director of Operations for Good Times, continues to demonstrate strong leadership and has been holding a higher level of accountability among above-store leaders, which has cascaded down to our restaurant-level general managers.

Good Times 的營運總監 Craig Soto 繼續展現出強大的領導才能，並對門市以上級別的領導提出了更高的問責要求，這種要求也傳遞到了餐廳級別的總經理。

Craig has focused on realigning general manager schedules to better align the time GMs are in restaurant with peak revenue periods, which is creating greater GM level awareness and interaction with team members throughout the day, enabling them to address product and service opportunities that exist primarily in the dinner and late-night dayparts.

克雷格致力於重新調整總經理的日程安排，使總經理在餐廳的時間與收入高峰期更好地銜接，從而提高總經理在一天中與團隊成員的互動和意識，使他們能夠抓住主要存在於晚餐和深夜時段的產品和服務機會。

Craig, along with our Learning & Development team, have made significant strides in improving restaurant-level training, paving the way for us to roll out true cook-to-order among all of our burger products, with minimal impact on speed of service.

Craig 與我們的學習與發展團隊一起，在改善餐廳層面的培訓方面取得了重大進展，為我們在所有漢堡產品中推出真正的現點現做鋪平了道路，同時最大限度地減少了對服務速度的影響。

We have several different price tiers within our system and remain sensitive to many price increases, as the quick-service burger segment has earned a poor reputation recently for value as a result of the significant price increases major players have taken in the years since the pandemic.

我們的系統內有多個不同的價格等級，並且對許多價格上漲保持敏感，因為自疫情爆發以來，主要參與者大幅提價，導致快餐漢堡行業的性價比聲譽最近很差。

Our core menu pricing at Good Times remains near its lowest premium to our large competitors in fast food, as we have only taken approximately 1% of menu price since January of 2024.

自 2024 年 1 月以來，Good Times 的核心菜單定價仍然接近快餐業大型競爭對手的最低溢價，因為我們只收取了菜單價格的約 1%。

With our upcoming cook-to-order process and continued improvements in ops execution, we believe we can re-earn a premium to those competitors, over time.

憑藉即將推出的按需烹飪流程和營運執行方面的持續改進，我們相信，隨著時間的推移，我們可以重新贏得相對於競爭對手的溢價。

We continue to be averse to large-scale discounting due to its impacts on profitability. However, we will be addressing value concerns with highly targeted value promotions starting this spring and expect expanded offerings through our GT Rewards loyalty program and a recently refreshed mobile app meant to simplify the mobile ordering experience.

我們仍然反對大規模折扣，因為這會影響獲利能力。不過，我們將從今年春天開始，透過極具針對性的促銷活動來解決價值方面的擔憂，並期待透過我們的 GT Rewards 會員計劃和最近更新的行動應用程式提供更多優惠，以簡化行動訂購體驗。

For Bad Daddy's, although our same-store sales weakened during the fourth quarter, they have improved sequentially to date in the first quarter and were down approximately 1.6% through the first 11 weeks of the quarter compared to the same time period in the prior year.

對於 Bad Daddy's 來說，雖然我們在第四季度的同店銷售額有所下降，但第一季至今已環比有所改善，與去年同期相比，本季前 11 週的銷售額下降了約 1.6%。

Same-store sales improvement has been most evident in our Colorado restaurants, marking a change in trend from 2025 when our Colorado restaurants have been a drag on same-store sales for the Bad Daddy's system.

科羅拉多州餐廳的同店銷售額改善最為明顯，這標誌著與 2025 年相比，科羅拉多州餐廳的銷售額一直拖累 Bad Daddy's 系統的同店銷售額，而 2025 年科羅拉多州餐廳的銷售額則有所下降。

Similar to Good times, we've made some targeted pricing adjustments and have made some upward adjustments to our [Bad A** Margarita] pricing in the fall.

與 Good times 類似，我們在秋季進行了一些有針對性的價格調整，並對我們的 [Bad A** Margarita] 的價格進行了一些上調。

We currently have a blended year-over-year price increase covering food and beverage of less than 1% and expect an average year-over-year price increase for the first quarter of approximately 1.7%.

目前食品和飲料的綜合年價格漲幅不到 1%，預計第一季平均年比價格漲幅約 1.7%。

Our fall product promotion, which, among other items, featured a giant shareable Bavarian pretzel, served with a house-made sauce trio of jalapeño cheddar, Sam Adams' beer cheese, and whole-grain dijonnaise, was a hit with our guests. We see opportunity for the pretzel to be included in our core menu at some point in the future.

我們的秋季產品促銷活動，其中一項特色產品是巨型巴伐利亞椒鹽捲餅，可供多人分享，並配以自製的墨西哥辣椒切達奶酪醬、山姆·亞當斯啤酒奶酪醬和全麥第戎蛋黃醬三種醬料，深受顧客喜愛。我們認為，未來某個時候，椒鹽捲餅有機會加入我們的核心菜單。

Our holiday promotion includes a chocolate cookie cheesecake that is made in-house and has satisfied a long-term guest request for a chocolate dessert. Similar to the pretzel, we see the cheesecake as a potential future core menu addition.

我們的節慶促銷活動包括一款店內自製的巧克力餅乾起司蛋糕，滿足了顧客長期以來對巧克力甜點的需求。與椒鹽捲餅類似，我們認為起司蛋糕未來有可能成為核心菜單的一部分。

Following a winter promotion anchored by a Mediterranean Power Bowl and two regional burger features, we expect to move to a Burger of the Month platform which will simplify messaging around the product feature, enable a sharper focus on product execution and salesmanship; but more importantly, will feature approachable and familiar items to our guests but still with Bad Daddy's quality and scratch-made ingredients.

在以地中海能量碗和兩款區域特色漢堡為核心的冬季促銷活動之後，我們計劃轉向「每月漢堡」平台，這將簡化產品特色宣傳，使產品執行和銷售更加精準；但更重要的是，這將為我們的顧客提供平易近人且熟悉的菜品，同時仍然保持 Bad Daddy 的品質和手工製作的食材。

I'll now turn the call over to Keri for a review of our performance during the quarter.

現在我將把電話交給凱莉，讓她回顧我們本季的表現。

Thank you, Ryan. Let's review this quarter's results.

謝謝你，瑞恩。讓我們回顧一下本季的業績。

Total revenues decreased approximately 5.1% for the quarter to $34 million and decreased approximately 0.5% compared to our all-time record fiscal year 2024 sales to $141.6 million.

本季總營收下降約 5.1% 至 3,400 萬美元，與我們 2024 財年創紀錄的 1.416 億美元銷售額相比下降約 0.5%。

We'll start by going through Bad Daddy's results. Total restaurant sales decreased $1.7 million to $24 million for the quarter and decreased $2.2 million to $101.4 million for the full year. The sales decrease for the quarter was primarily driven by reduced customer traffic, as well as the closure of the Longmont, Colorado restaurant in the fourth quarter of fiscal 2024, partially offset by menu price increases. Our average menu price during the quarter was 0.4% higher than Q4 2024.

我們先來看看「壞爸爸」的測試結果。本季餐廳總銷售額減少 170 萬美元至 2,400 萬美元，全年減少 220 萬美元至 1.014 億美元。本季銷售額下降的主要原因是客流量減少，以及科羅拉多州朗蒙特餐廳在 2024 財年第四季關閉，但部分被菜單價格上漲所抵銷。本季平均菜單價格比 2024 年第四季高出 0.4%。

Same-store sales decreased 4.6% for the quarter, with 38 Bad Daddy's in the comp base at quarter end. As Ryan mentioned, same-store sales have improved into the first quarter of the new year, with the most significant improvement in our Colorado restaurants. We expect an average price increase of approximately 1.7% for the first quarter of 2026. With the exception of certain targeted adjustments due to menu engineering, we do not expect any significant price increases over the next six months.

本季同店銷售額下降了 4.6%，季末同店基數為 38 家 Bad Daddy's。正如瑞恩所提到的，新年第一季同店銷售額有所改善，其中科羅拉多州餐廳的改善最為顯著。我們預計 2026 年第一季平均價格上漲約 1.7%。除了因菜單調整而進行的某些針對性調整外，我們預計未來六個月內不會出現任何重大的價格上漲。

Food and beverage costs were 31.6% for the quarter, a 40 basis points increase from last year's quarter. The increase is primarily attributable to record-high ground beef prices in fourth-quarter 2025, as well as significantly higher prices for other proteins over the prior year quarter, partially offset by the impact of the [4.4%] average increase in menu pricing.

本季食品和飲料成本佔總成本的 31.6%，比去年同期成長了 40 個基點。此次上漲主要歸因於 2025 年第四季牛肉價格創歷史新高，以及其他蛋白質價格較上年同期大幅上漲，但部分被菜單價格平均上漲 4.4% 的影響所抵消。

Thus far, into the first-quarter 2026, we have experienced lower input costs; and despite the large number of complimentary burgers for our military guests on Veterans Day, expect food and beverage costs as a percent of sales to improve quarter over quarter.

截至目前，2026 年第一季度，我們的投入成本有所下降；儘管在退伍軍人節當天為軍人顧客提供了大量免費漢堡，但預計食品和飲料成本佔銷售額的百分比將逐季改善。

Labor costs increased by 140 basis points compared to the prior year quarter to 35.7% for the quarter. This increase as a percentage of sales is primarily attributable to lower team member productivity resulting from sales deleverage. Although we expect improvement in this metric in the current year, in January, Colorado's minimum wage increases to $15.16, a 2.4% increase; and the tipped minimum wage increases to $12.14, a 3% increase.

本季勞動成本較上年同期成長140個基點，達35.7%。銷售佔比的增長主要歸因於銷售槓桿效應減弱導致團隊成員生產力下降。儘管我們預計今年這項指標會有所改善，但科羅拉多州的最低工資在 1 月將提高到 15.16 美元，成長 2.4%；小費最低工資將提高到 12.14 美元，成長 3%。

Occupancy costs were 6.7%, an increase of 50 basis points from the prior year quarter. The increase is primarily due to a decrease in benefit from the GAAP-required non-cash rent adjustments between the quarterly periods.

佔用成本為 6.7%，較上年同期成長 50 個基點。成長的主要原因是季度期間之間，GAAP 要求的非現金租金調整帶來的收益減少。

Other operating costs were 16% for the quarter, an increase of 80 basis points, primarily due to increased repair and maintenance and utility expenses.

本季其他營運成本為 16%，成長了 80 個基點，主要原因是維修保養和公用事業費用增加。

Overall, restaurant-level operating profit, a non-GAAP measure for Bad Daddy's, was approximately $2.4 million for the quarter or 9.9% of sales compared to $3.4 million or 13.2% last year, primarily due to increases in labor and food and beverage costs, as well as the deleveraging impact of lower sales on various fixed costs.

總體而言，Bad Daddy's 餐廳層級的營業利潤（非 GAAP 指標）本季約為 240 萬美元，佔銷售額的 9.9%，而去年同期為 340 萬美元，佔銷售額的 13.2%，這主要是由於勞動力和食品飲料成本的增加，以及銷售額下降對各種固定成本的去槓桿化影響。

Moving over to Good Times, total restaurant sales for company-owned restaurants decreased approximately$ 0.3 million to $9.7 million for the quarter compared to the prior-year fourth quarter and increased $1.2 million to $39.2 million for the year compared to the 2024 fiscal year.

再來看 Good Times，公司自營餐廳的總銷售額在本季比上年同期減少了約 30 萬美元，至 970 萬美元；而與 2024 財年相比，全年銷售額增加了 120 萬美元，至 3,920 萬美元。

Same-store sales decreased 6.6% for the quarter, with 27 Good Times restaurants in the comp base at quarter end.

本季同店銷售額下降了 6.6%，季末同店銷售額基數為 27 家 Good Times 餐廳。

The average menu price for the quarter was approximately the same as the prior year quarter. We have taken a small menu price increase for the first quarter of fiscal 2026 and currently expect to take only modest price increases, as we have assessed our relative pricing position in the market. We expect to monitor competitive pricing in January and continue to make very targeted adjustments to the pricing of specific menu items but believe it is unlikely we will take any significant across-the-board price increases.

本季平均菜單價格與去年同期大致相同。2026 財年第一季度，我們對菜單價格進行了小幅上調，目前預計只會進行適度的價格上漲，因為我們已經評估了我們在市場上的相對定價地位。我們預計在 1 月會密切關注競爭價格，並繼續對特定菜單項目的價格進行有針對性的調整，但我們認為不太可能進行任何大幅度的全面漲價。

Food and packaging costs were 32.1% for the quarter, an increase of 120 basis points compared to last year's quarter. As with Bad Daddy's, we experienced record-high beef prices during the quarter. We also saw significantly higher costs for bacon and eggs.

本季食品和包裝成本成長了 32.1%，比去年同期成長了 120 個基點。與 Bad Daddy's 一樣，我們本季也經歷了創紀錄的牛肉價格。我們也發現培根和雞蛋的價格明顯上漲。

As is the case with Bad Daddy's, input costs have decreased into the first quarter. We expect food and beverage costs as a percent of sales to improve quarter over quarter.

與 Bad Daddy's 的情況一樣，第一季的投入成本有所下降。我們預計食品和飲料成本佔銷售額的比例將較上季改善。

Total labor cost increased to 35.9%, a 200 basis points increase from the 33.9% we ran during last year's quarter due to higher average wage rates resulting from market forces and the CPI index minimum wage in Denver and the state of Colorado, as well as decreased productivity due to sales deleverage.

由於市場力量和丹佛及科羅拉多州的 CPI 指數最低工資導致平均工資水準上漲，以及由於銷售槓桿作用減弱導致生產力下降，總勞動成本上升至 35.9%，比去年同期的 33.9% 上升了 200 個基點。

Occupancy costs were 9.1%, an increase of 10 basis points from prior year quarter.

佔用成本為 9.1%，較上年同期成長 10 個基點。

Other operating costs were 15% for the quarter, an increase of 110 basis points, primarily due to increased customer delivery, technology, and utility expenses.

本季其他營運成本為 15%，成長了 110 個基點，主要原因是客戶交付、技術和公用事業費用增加。

Good Times restaurant-level operating profit decreased by $0.4 million for the quarter to $0.8 million. As a percent of sales, restaurant-level operating profit decreased by 420 basis points versus last year to 8% due to elevated costs throughout the P&L.

Good Times 餐廳層級的季度營業利潤減少了 0.4 百萬美元，至 0.8 百萬美元。由於損益表各環節成本上升，餐廳層級的營業利潤佔銷售額的百分比比去年下降了 420 個基點，至 8%。

Combined general and administrative expenses were $2.4 million during the quarter or 7% of total revenues, a decrease of 70 basis points from the prior year quarter, primarily related to decreased multi-unit supervision costs, legal and professional services, and outsourced accounting fees, as well as health insurance underwriting costs, partially offset by an increase in recruiting and training-related costs. We anticipate 6% to 7% general and administrative costs in fiscal 2026.

本季一般及行政費用合計為 240 萬美元，佔總收入的 7%，比上年同期下降 70 個基點，主要與多單元監管成本、法律和專業服務、外包會計費用以及健康保險承保成本的下降有關，但部分被招聘和培訓相關成本的增加所抵消。我們預計 2026 財年的一般及行政成本將佔 6% 至 7%。

Our net loss to common shareholders for the quarter was $3,000 or [$0.00] per share versus net income of [$0.2 million, $0.02] per share in the fourth quarter last year.

本季歸屬於普通股股東的淨虧損為 3,000 美元，即每股 [0.00 美元]，而去年第四季淨利為 [20 萬美元，每股 0.02 美元]。

There was approximately $0.5 million of income tax benefit recorded during the current quarter versus $0.4 million in the prior year quarter.

本季錄得約 50 萬美元的所得稅優惠，而去年同期為 40 萬美元。

Adjusted EBITDA do for the quarter was negative $74,000 compared to $1.3 million for the fourth quarter of 2024.

本季調整後 EBITDA 為負 74,000 美元，而 2024 年第四季為 130 萬美元。

We finished the quarter with $2.6 million in cash and $2.3 million of long-term debt.

本季末，我們持有現金 260 萬美元，長期債務 230 萬美元。

Now, I will turn the call back to Ryan.

現在，我將把電話轉回給瑞恩。

Thank you, Keri.

謝謝你，凱莉。

[Abby], we can open the call for questions at this time.

[Abby]，我們現在可以開始接受提問了。

(Operator Instructions)

（操作說明）

We have no questions at this time. I will turn the conference back over to Mr. Ryan Zink.

目前我們沒有任何問題。我將把會議交還給瑞安·津克先生。

Thank you, Abby.

謝謝你，艾比。

Although the fourth quarter was a difficult one for our concepts, the first quarter of fiscal 2026 is shaping to mark improvement in same-store sales and in adjusted EBITDA.

儘管第四季對我們的理念來說很艱難，但 2026 財年第一季預計將實現同店銷售額和調整後 EBITDA 的改善。

Our product and promotional roadmap at both concepts is robust and targeted towards broad guest appeal. We continue to drive operating improvements, translating into great guest experiences.

我們在這兩個概念中都制定了完善的產品和推廣路線圖，旨在吸引廣泛的顧客群。我們不斷推進營運改進，從而為顧客帶來卓越的體驗。

I am proud of our leaders and team members in our restaurants who, each day, deliver memorable experiences for our guests and who ultimately are the ones who create value for our shareholders.

我為我們餐廳的領導和團隊成員感到自豪，他們每天都為顧客帶來難忘的體驗，最終正是他們為我們的股東創造了價值。

Thank you, all, for joining us today.

感謝各位今天蒞臨。

In conclusion, I wish all of you, as well as all of the members of the Good Times and Bad Daddy's teams, happy holidays.

最後，我祝福各位以及「美好時光」和「壞爸爸」團隊的所有成員節日快樂。

Ladies and gentlemen, this concludes today's call. We thank you for your participation. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線了。