Good Times Restaurants Inc (GTIM) 2026 Q2 法說會逐字稿

Ladies and gentlemen, thank you for joining us, and welcome to the Q2 2026 Good Times Restaurants, Inc. earnings call. I will now hand the conference over to Keri August, Chief Accounting Officer. Please go ahead.

各位女士、先生，感謝各位加入我們，歡迎參加 Good Times Restaurants, Inc. 2026 年第二季（Q2）財報電話會議。現在我將把會議交給首席會計官 Keri August。請開始。

Good afternoon, ladies and gentlemen, and welcome to the Good Times Restaurants, Inc. fiscal 2026 second quarter earnings call. I am Keri August, the company's Chief Accounting Officer. By now, everyone should have access to the company's earnings release, which is available in the Investors section of the company's website. As a reminder, a part of today's discussion will include forward-looking statements within the meaning of federal securities laws.

各位女士、先生，下午好，歡迎參加 Good Times Restaurants, Inc. 2026 會計年度第二季財報電話會議。我是公司首席會計官 Keri August。目前各位應已可取得公司的財報新聞稿，該新聞稿可於公司網站的投資人（Investors）專區查閱。提醒各位，今天討論的一部分內容將包含符合聯邦證券法定義的前瞻性陳述。

These forward-looking statements are not guarantees of future performance, and 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.

這些前瞻性陳述並非對未來績效的保證，因此各位不應對其過度依賴。這些陳述涉及已知與未知風險，可能導致公司實際結果與前瞻性陳述所明示或暗示的結果出現重大差異。

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 30, 2025, and other reports filed with the SEC.

此等風險與不確定性包括但不限於：公司股票不時的市場價格；公司所面臨之其他投資機會的性質；疫情及其他公共衛生緊急事件對我們業務造成的干擾；餐廳人力配置限制的影響；供應鏈限制與通膨的影響；目前餐廳開發計畫的不確定性，以及執行該等計畫並整合新餐廳的能力；因天候、地方許可或其他原因導致新餐廳開發與開幕延遲、競爭加劇、成本上升或原料短缺、整體經濟與營運狀況；與我們股票回購計畫相關的風險；與收購更多餐廳相關的風險、現金流量是否充足，以及為提供流動性所需資本或信用額度借款的成本與可得性；影響我們餐廳的聯邦、州或地方之法律與法規變動，包括工資與小費抵免（tip credit）規範，以及 Good Times 截至 2025 年 9 月 30 日止會計年度之 Form 10-K 年報「風險因素」章節所討論之其他事項，及其他向 SEC 提交之報告。

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

在今天的電話會議中，我們將討論非 GAAP 指標，我們認為其有助於評估我們的表現。此額外資訊之呈現不應被孤立看待，亦不應作為依 GAAP 編製之結果的替代；與可比 GAAP 指標之調節表已載於我們的財報新聞稿中。現在我想把電話會議交給我們的執行長 Ryan Zink。

Thank you, Keri, and thank you all for joining us today. I'm encouraged by the results that our team has delivered in the second quarter of fiscal 2026. Our same-store sales at both brands again improved sequentially from the first quarter. Profitability also improved from the prior year, the result of a combined partnership between operations and supply chain to improve upon both our food and beverage costs and our cost of labor. While cost management continues to be a fundamental pillar of our forward-looking strategy, our leadership team continues to focus on same-store sales growth as our highest priority.

謝謝你，Keri，也感謝各位今天加入我們。我對我們團隊在 2026 會計年度第二季所交出的成果感到振奮。我們兩個品牌的同店銷售額再次較第一季呈現逐季改善。獲利能力也較去年同期提升，這得益於營運與供應鏈的合作夥伴關係，共同改善我們的餐飲成本以及人力成本。雖然成本管理仍是我們前瞻性策略的基本支柱，但我們的領導團隊仍將同店銷售成長視為最高優先事項。

Early in the second quarter, we retained Cultivator based out of Denver to serve as our design and advertising agency for the Good Times brand. Cultivator has extensive experience in the restaurant industry and blends expertise built from working on large accounts with a scrappiness that matches our own culture.

在第二季初期，我們聘請了位於丹佛的 Cultivator，擔任 Good Times 品牌的設計與廣告代理商。Cultivator 在餐飲產業擁有豐富經驗，結合了服務大型客戶所累積的專業能力，以及與我們企業文化相契合的靈活與拚勁。

During the past couple of months, we have worked with them to create new brand imagery and refine our brand position, and we are excited to activate this new creative image, starting with on-premise merchandising and ultimately in outside the 4 walls advertising as well. We are having good success with a test of a $2 promotional price for our Bambinos in a handful of our restaurants in Northern Colorado. Bambinos are sliders, topped with burger sauce, American cheese and pickles. We've seen strong results in both same-store sales and same-store traffic improvement in the test restaurants as compared to the balance of the system. We expect to roll this promotional price system-wide beginning in June as a summer promotion to catalyze traffic growth with a simple-to-execute tasty burger that fits the needs of today's customers, both in portion size and in price.

過去幾個月，我們與他們合作打造新的品牌視覺並精煉品牌定位；我們很期待啟動這套全新的創意形象，先從店內陳列與促銷物料開始，最終也會延伸到店外的「四面牆之外」廣告投放。我們在科羅拉多州北部少數幾家餐廳測試 Bambinos 2 美元促銷價，取得了不錯的成效。Bambinos 是迷你漢堡（sliders），上面加了漢堡醬、美式起司與酸黃瓜。相較於系統內其他餐廳，我們在測試餐廳看到同店銷售與同店來客數都有明顯改善。我們預期自 6 月起在全系統推行此促銷價，作為夏季促銷活動，以一款容易執行、風味佳且在份量與價格上符合當今顧客需求的漢堡，來帶動來客數成長。

It provides a clear message of value to strike right at the value-based promotions being used by many of our competitors. Bambinos are quintessentially Good Times, having been on our menu for 19 years. Though Bambinos have a strong following, we hope to attract new customers and to increase frequency with our Bambino OGs. Simultaneously, we will strongly merchandise our full-size burger lineup, now featuring a larger cook-to-order patty while remaining a speedy experience for our guests. We continue to have our seasonal burger features as well with our Jalapeno Popper Burger beginning June 1.

這能傳遞清楚的超值訊息，直接對應許多競爭對手正在採用的價值型促銷。Bambinos 可說是 Good Times 的經典產品，已在我們菜單上存在 19 年。雖然 Bambinos 擁有忠實粉絲，我們仍希望吸引新顧客，並提高 Bambino OG（老粉）的回訪頻率。同時，我們也將大力推廣我們的全尺寸漢堡產品線；目前改為更大、現點現做的肉排，同時仍維持讓顧客感到快速便利的體驗。我們也會持續推出季節限定漢堡，Jalapeno Popper Burger 將自 6 月 1 日起登場。

Our intent is to drive traffic and build guest frequency while managing the impact of the mix shift into the promotionally priced Bambinos. On May 1, based on loud and clear guest feedback, we reintroduced cheese curbs to the menu and are promoting this to build traffic and attract returning guests that really love this proprietary product.

我們的目標是在管理產品組合轉向促銷價 Bambinos 所帶來影響的同時，推動來客數並提升顧客回訪頻率。5 月 1 日，基於顧客明確且強烈的回饋，我們將 cheese curbs 重新加入菜單，並加以推廣，以帶動來客數並吸引真正喜愛這項獨家產品的回流顧客。

Within our custard lineup, we have a trio of brand-new spoon benders made with our signature vanilla custard for June, July and August. The Berry Cool Spoon Bender will kick summer off with strawberries, blueberries and granola, followed by the cherry pie spoon bender and then wrapping up summer will be a Colorado-inspired trail mix spoon bender. We continue to grow our GT Rewards program, which is a key method we have to connect with and engage with our regular guests. Fully 7% of our sales are now generated by GT Rewards members, and this is up from just shy of 4% immediately prior to switching our loyalty engine to Thanx in December from our prior provider. GT Rewards will be a strong supplement to our messaging strategy around the multiple price and product promotional news we will be sharing with guests this summer.

在我們的卡士達產品線方面，我們為 6 月、7 月與 8 月推出三款全新的 spoon benders，皆以我們招牌香草卡士達製作。Berry Cool Spoon Bender 將以草莓、藍莓與穀麥為夏季揭開序幕，接著是櫻桃派 spoon bender，最後以科羅拉多風格的什錦堅果乾（trail mix）spoon bender 為夏季畫下句點。我們持續擴大 GT Rewards 計畫，這是我們與常客建立連結並提升互動的關鍵方式。目前已有足足 7% 的銷售額來自 GT Rewards 會員；相較之下，在我們於 12 月將會員系統引擎從先前供應商切換至 Thanx 之前，該占比略低於 4%。GT Rewards 將成為我們今年夏天向顧客傳遞多項價格與產品促銷訊息策略的重要補充。

Our approach of growth is aimed at organic sales and traffic growth at Bad Daddy's as well. As discussed during last quarter's call, we have implemented our new monthly drops program that has replaced our previous traditional LTO. Leaning into drop culture, we feature a single item that is limited to a single month. While to date, these items have been exclusively burgers and our pipeline for the balance of this fiscal year is burger-centric, the program is designed to be more expansive than a simple burger of the month program, and a drop could apply to any section of our menu. At both concepts, we are nearing completion of the rollout of our new learning management platform that we call BurgerHub.

我們的成長策略同樣也著重於 Bad Daddy's 的自然（有機）銷售與來客數成長。如同在上一季電話會議中所討論，我們已導入新的每月 drops 計畫，以取代先前傳統的 LTO（限時供應）。呼應 drop 文化，我們每月主打一項僅限當月供應的單一品項。截至目前，這些品項皆為漢堡，而本會計年度剩餘期間的規劃也以漢堡為主；但此計畫的設計目標是比「每月一款漢堡」更具延展性，drop 可適用於我們菜單的任何區塊。在兩個品牌概念中，我們也即將完成新學習管理平台（LMS）的全面上線，我們稱之為 BurgerHub。

Powered by the Schoox LMS, this platform expands beyond our already existing digital access to concept-specific training materials and provides defined learning paths and validations within the system, along with data and reporting that can be accessed both at the unit level and by above-store leadership. Burger Hub itself is but one manifestation of our operations team's strategic focus during the year to deliver high-impact training and learning to employees in all roles within our restaurants. I will now turn the call back over to Keri for a review of our performance during the quarter.

由 Schoox LMS 提供支援，該平台在我們既有的數位化概念專屬訓練教材存取基礎上進一步擴展，並在系統內提供明確的學習路徑與驗證機制，同時提供可於門店層級及區域以上管理層存取的數據與報表。Burger Hub 本身只是我們營運團隊今年策略重點的其中一項具體展現，旨在為餐廳內各職務的員工提供高影響力的訓練與學習。接下來我將把電話會議交回給 Keri，請她回顧我們本季的表現。

Thank you, Ryan. I'll review this quarter's results now. Total revenues decreased approximately 3.1% for the quarter to $33.2 million. We'll start by going through Bad Daddy's results. Total restaurant sales decreased $0.9 million to $23.9 million for the quarter.

謝謝你，Ryan。我現在來回顧本季的業績。本季總營收約下降 3.1%，至 3,320 萬美元。我們先從 Bad Daddy's 的結果開始。本季餐廳總銷售額減少 90 萬美元，至 2,390 萬美元。

The sales decrease was primarily due to the fourth fiscal quarter 2025 closure of one Bad Daddy's restaurant, the first fiscal quarter 2026 closure of one Bad Daddy's restaurant and decreased guest traffic, partially offset by menu price increases. Our average menu price during the quarter was 0.2% higher than Q2 of 2025. Same-store sales decreased 0.8% for the quarter, which continued the improvement trend over the prior quarter.

銷售下滑主要是因 2025 會計年度第四季關閉一家 Bad Daddy's 餐廳、2026 會計年度第一季再關閉一家 Bad Daddy's 餐廳，以及來客量下降；部分被菜單價格上調所抵銷。本季平均菜單價格較 2025 年第二季高 0.2%。本季同店銷售下降 0.8%，延續了較上一季改善的趨勢。

There were 37 Bad Daddy's in the comp base at quarter end. Food and beverage costs were 29.6% for the quarter, a 110 basis point decrease from last year's quarter. The decrease is primarily attributable to reduced waste and improved chicken pricing, partially offset by higher beef and bacon purchase prices. Due to seasonality and the continued tightening of beef supply, we anticipate ground beef costs will increase in the last half of the fiscal year. We did not take any menu pricing during the quarter and have year-over-year pricing that is approximately 1% higher than prior year.

截至季末，納入同店比較基礎的 Bad Daddy's 餐廳共有 37 家。本季餐飲成本為 29.6%，較去年同期下降 110 個基點。下降主要歸因於減少浪費及雞肉價格改善，部分被牛肉與培根採購價格上升所抵銷。由於季節性因素及牛肉供應持續趨緊，我們預期本會計年度下半年絞牛肉成本將上升。本季我們未進行任何菜單調價，且我們的年對年定價約較去年高 1%。

We took approximately 1% menu pricing in April.

我們在 4 月進行了約 1% 的菜單調價。

Additionally, beginning in May, we have been rolling over our promotional $8 margarita pricing from last year. Labor costs decreased by 20 basis points compared to the prior year quarter to 34.1% for the quarter. This decrease is primarily attributable to lower employee benefit costs, partially offset by higher average wage rates. Occupancy costs were 6.8%, an increase of 10 basis points from the prior year quarter. Other operating costs were 15.6% for the quarter, an increase of 110 basis points, primarily due to increases in customer delivery and repair and maintenance expenses.

此外，自 5 月起，我們已延續去年促銷的 8 美元瑪格麗塔定價。本季人力成本較去年同期下降 20 個基點至 34.1%。此下降主要歸因於員工福利成本降低，部分被平均工資率上升所抵銷。本季占用成本為 6.8%，較去年同期增加 10 個基點。本季其他營運成本為 15.6%，增加 110 個基點，主要由於顧客外送及維修保養費用上升。

Overall, restaurant-level operating profit, a non-GAAP measure for Bad Daddy's, remained relatively flat at $3.3 million for the quarter or 13.8% of sales compared to $3.4 million or 13.8% last year.

整體而言，Bad Daddy's 的餐廳層級營運利潤（非 GAAP 指標）本季維持相對持平，為 330 萬美元，或占銷售額 13.8%，相較去年為 340 萬美元或 13.8%。

Moving over to Good Times, total restaurant sales for company-owned restaurants decreased approximately $0.1 million to $9.2 million for the quarter compared to the prior year second quarter. Same-store sales decreased 0.8% for the quarter, which is a notable improvement over the prior quarter's decrease. There were 26 -- good Times restaurants in the comp base at quarter end. The average menu price for the quarter was approximately 1% higher than the prior year quarter.

接著看 Good Times，公司自營餐廳本季餐廳總銷售額較去年第二季約減少 10 萬美元至 920 萬美元。本季同店銷售下降 0.8%，相較上一季的降幅有明顯改善。截至季末，納入同店比較基礎的 Good Times 餐廳共有 26 家。本季平均菜單價格約較去年同期高 1%。

We increased core menu prices by approximately 1% in March and have a blended menu price that is approximately 1.7% higher on a year-over-year basis as of the end of the quarter. Based upon the competitiveness in the current market, we are not currently planning for other price increases during the balance of the year.

我們在 3 月將核心菜單價格上調約 1%，截至季末，我們的混合菜單價格年對年約高 1.7%。基於目前市場競爭態勢，我們目前不規劃在今年剩餘期間再進行其他調價。

Food and packaging costs were 29.7% for the quarter, a decrease of 100 basis points compared to last year's quarter. As with Bad Daddy's, the decrease is primarily attributable to reduced waste, partially offset by higher beef and bacon prices, and we expect higher ground beef prices for the remainder of the fiscal year due to seasonality and the continued tightening of supply. Total labor costs decreased to 35%, a 60 basis point decrease from the 35.6% we ran during last year's quarter, primarily attributable to increased labor efficiency, partially offset by higher average wage rates. Occupancy costs were 10%, a decrease of 10 basis points from the prior year quarter. Other operating costs were 15.2% for the quarter, an increase of 10 basis points, primarily due to increased customer delivery expenses.

本季食品與包材成本為 29.7%，較去年同期下降 100 個基點。與 Bad Daddy's 相同，下降主要歸因於減少浪費，部分被牛肉與培根價格上升所抵銷；且由於季節性因素及供應持續趨緊，我們預期本會計年度剩餘期間絞牛肉價格將走高。本季總人力成本降至 35%，較去年同期的 35.6% 下降 60 個基點，主要歸因於人力效率提升，部分被平均工資率上升所抵銷。本季占用成本為 10%，較去年同期下降 10 個基點。本季其他營運成本為 15.2%，增加 10 個基點，主要由於顧客外送費用增加。

Good Times restaurant-level operating profit increased $0.1 million over last year's quarter to $0.9 million. As a percent of sales, restaurant-level operating profit increased by 150 basis points versus last year to 10.1%. Combined general and administrative expenses were $2.2 million during the quarter or 6.6% of total revenues, a decrease of 90 basis points from the prior year quarter, primarily related to decreased multiunit supervision costs and technology costs.

Good Times 的餐廳層級營運利潤較去年同期增加 10 萬美元至 90 萬美元。以銷售額百分比計，餐廳層級營運利潤較去年增加 150 個基點至 10.1%。本季合併一般及行政費用為 220 萬美元，或占總營收 6.6%，較去年同期下降 90 個基點，主要與多店監督成本及科技成本下降有關。

We anticipate 6% to 7% general and administrative costs on a full year basis for fiscal 2026. Our net income to common shareholders for the quarter was $0.1 million or income of $0.01 per share versus a net loss of $0.6 million or $0.06 per share in the second quarter last year. There was $23,000 of income tax benefit recorded during the quarter compared to $57,000 of expense in the prior year quarter. Adjusted EBITDA for the quarter was $1.4 million compared to $1 million for the second quarter of 2025. We finished the quarter with $2.7 million in cash and $1 million of long-term debt.

我們預期 2026 會計年度全年一般及行政費用將占 6% 至 7%。本季歸屬普通股股東淨利為 10 萬美元，或每股盈餘 0.01 美元；相較去年第二季為淨損 60 萬美元，或每股虧損 0.06 美元。本季認列 23,000 美元所得稅利益，去年同期則為 57,000 美元所得稅費用。本季調整後 EBITDA 為 140 萬美元，較 2025 年第二季的 100 萬美元增加。季末我們持有現金 270 萬美元，長期負債 100 萬美元。

And now I will turn the call back to Ryan.

現在我將把電話會議交回給 Ryan。

Thank you, Keri. As Keri discussed, we've made strides in lowering our leverage, strengthening our balance sheet so far in fiscal 2026. We believe that a debt-free balance sheet with adequate liquidity is important given our scale and the specific operating segment that we operate in, and it additionally creates greater flexibility for value creation. At this time, we can open the call for questions.

謝謝你，Keri。如 Keri 所述，在 2026 會計年度迄今，我們在降低槓桿、強化資產負債表方面已取得進展。鑑於我們的規模以及所處的特定營運領域，我們認為在具備充足流動性的前提下，維持無負債的資產負債表相當重要，並且也能為創造價值帶來更大的彈性。此時我們可以開放提問。

(Operator Instructions) Zachary Segal, August Investors.

(操作員指示) Zachary Segal，August Investors。

I was just curious if you guys could speak about the settlement with the White Winston lawsuit and what proceeds, if any, have been received or will be received from that?

我只是好奇你們是否可以談談與 White Winston 訴訟的和解，以及是否已收到或將收到任何（如有）相關款項？

Yes. So with respect to that, I think the disclosure that we provided last quarter in the 10-Q gives as much information as I'll speak to. I think we said ultimately from that, that it was not substantially material to our financials. I will say all of those funds have been received and all of that has been recognized in the results of this quarter.

是的。關於這點，我認為我們在上一季於 10-Q 中提供的揭露，已包含我能談到的最多資訊。我想我們最終也提到，這件事對我們的財務並非重大影響。我可以說，所有款項都已收到，且本季的業績結果中已全數認列。

David Schwartz, Morningstar.

David Schwartz，Morningstar。

So maybe you can tell us a little bit more about what the marketing plans have been in the last few quarters and how they're going to change with this new advertising relationship you talked about? And how do you think this will be more effective than what you've done in the past?

所以也許你可以多談一些，過去幾季的行銷計畫是什麼，以及隨著你提到的這個新的廣告合作關係，這些計畫將如何改變？你認為這會比你們過去做的更有效的原因是什麼？

So I'll step back to maybe about 18 months ago and with that prior to that, we were significantly heavy on radio advertising. And I would say about 12 months ago, we went away from nearly all radio advertising and we're pretty much -- and I'm speaking specifically to -- Good Times now, that concept and switched really to primarily social media advertising. Without substantial additional media that we had been using. What we are looking at moving forward and although the final media plans have not been fully developed and committed to, we are looking at a greater deployment of digital media, which could include some digital audio streaming, will likely include digital video streaming, whether that is on connected TV or on platforms such as YouTube as well as just general display campaigns.

我先回到大約 18 個月前。在那之前，我們在廣播廣告上的投放比重相當高。而我會說大約 12 個月前，我們幾乎停止了所有廣播廣告投放，基本上——我這裡特別指的是——Good Times 這個品牌概念，並轉而主要採用社群媒體廣告。而不再使用我們先前採用的其他大量媒體。展望未來，雖然最終的媒體計畫尚未完全制定並承諾落地，但我們正在考慮更大幅度部署數位媒體，其中可能包含部分數位音訊串流，也很可能包含數位影音串流，不論是在連網電視（connected TV）上，或是在 YouTube 等平台上，以及一般的展示型廣告活動。

I think the biggest difference in terms of what we are looking at moving forward compared to any of the prior campaigns that we've run in the past year. And I would go so far to say back towards even the past 2 or 3 years is the message itself and that we are really looking at what our guests are demanding in the market. And it's very clear that as components of value, what they are specifically looking for are smaller portion size and lower price.

我認為我們未來要做的，與過去一年我們所執行的任何先前活動相比，最大的差異在於訊息本身。我甚至可以說，回溯到過去 2 到 3 年也是如此：我們真正聚焦在市場上顧客的需求。而很明顯地，就「價值」的構成要素而言，他們特別在找的是更小的份量與更低的價格。

And I think the smaller portion size is driven in part by a need for a lower price, but it's also being driven by factors such as healthy eating and even the use of GLP-1 drugs. And I think -- so what has changed really is our focus on that and the fact that we have a really salient message to deliver with a very compelling $2 price point with a product that already is very attractive to our guests and that we expect to create greater awareness around.

我認為較小的份量部分是由於需要更低的價格所驅動，但也同時受到健康飲食等因素影響，甚至包括 GLP-1 藥物的使用。我想——所以真正改變的是我們對此的聚焦，以及我們有一個非常鮮明的訊息可以傳達：以非常具吸引力的 2 美元價位，搭配一個本來就對顧客很有吸引力的產品，而我們預期能為此創造更高的認知度。

That's helpful. So how do you plan to use this marketing plan to drive more membership in GT Rewards? I know you had said in past calls that because it's primarily a drive-thru restaurant that it's difficult to get people to sign up for the loyalty program.

這很有幫助。那你們打算如何利用這個行銷計畫，來推動更多人加入 GT Rewards 會員？我知道你們在過去的電話會議中提到，因為主要是得來速餐廳，要讓人們註冊忠誠度計畫比較困難。

So we are doing a couple of things there. One is we do have and we are updating the, I'd call it, window-based point-of-sale materials and so posters with QR code to invite guests to join with more attractive creative that have a much clearer call to action. Beyond that, we expect to begin using what we call bag stuffers basically little cards with QR code and/or link, explaining the benefits on that, that we would include with each order.

所以我們在這方面做了幾件事。第一，我們確實有在更新我稱之為「窗口式」的銷售點（POS）物料，也就是帶有 QR code 的海報，用更吸睛的創意邀請顧客加入，並且有更清楚的行動呼籲。除此之外，我們預期會開始使用我們所謂的「袋內夾帶物」（bag stuffers），基本上是一些帶有 QR code 和／或連結的小卡，說明其好處，並隨每筆訂單一併放入。

We have some other ideas that we're tossing around that are not committed to yet. Those are the primary ways. I will say that in the past 6 months, we have done a much-improved job within the operations capability of speaking to GT Rewards at the window and at the order box. And we are growing that membership base right now at a clip of about 5% per month. So if you do the math on that, that's about a 75% annual growth rate.

我們還有一些其他想法正在討論中，但尚未定案。以上是主要方式。我也要說，在過去 6 個月，我們在營運執行上，於窗口與點餐箱主動提及 GT Rewards 的表現已大幅改善。目前我們的會員基數正以每月約 5% 的速度成長。所以如果你算一下，年化大約是 75% 的成長率。

As we grow the system base, that obviously will decline at the rate of increase, but we're very happy with the progress we're making on a monthly basis of growing the participants in that program right now.

隨著我們的系統基數擴大，成長率當然會下降，但我們對目前每月在擴大該計畫參與者方面的進展非常滿意。

There are no further questions at this time. I would like to turn the call back to Ryan Zink, CEO, for closing remarks. Ryan, please go ahead.

目前沒有其他問題。我想把電話會議交回給執行長 Ryan Zink 作結語。Ryan，請開始。

Our operations leaders as well as our support capability leaders are committed to delighting our guests and creating memorable experiences during each visit in the mission of building a same-store sales flywheel. My sincere gratitude goes out to every single member of our team at every level for every contribution they make to our brands. And as always, I'd like to thank all of you for joining us today.

我們的營運領導團隊以及支援職能的領導者，都致力於讓顧客感到滿意，並在每次到訪時創造難忘的體驗，以達成建立同店銷售飛輪的使命。我由衷感謝我們團隊中每一位、各個層級的成員，感謝他們為我們品牌所做的每一項貢獻。也一如既往，感謝各位今天與我們一同參與。

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

今天的電話會議到此結束。感謝各位出席。您現在可以掛線。