Jack in the Box Inc (JACK) 2023 Q2 法說會逐字稿

Good morning. My name is Rob, and I will be your conference operator today.

早上好。我叫 Rob，今天我將擔任你們的會議接線員。

At this time, I would like to welcome everyone to the Jack Second Quarter 2023 Earnings Webcast. (Operator Instructions) Thank you. Chris Brandon, Vice President of Investor Relations, you may begin your conference.

此時，歡迎大家收看 Jack 2023 年第二季度收益網絡直播。 （操作員說明）謝謝。投資者關係副總裁克里斯布蘭登，你可以開始你的會議。

Thanks, operator, and good morning, everyone. We appreciate you joining today's conference call, highlighting results from our second quarter 2023. With me today are Chief Executive Officer, Darin Harris; and our Interim Chief Financial Officer, Dawn Hooper. Following their prepared remarks, we will be happy to take questions from our covering sell-side analysts.

謝謝接線員，大家早上好。感謝您參加今天的電話會議，重點介紹我們 2023 年第二季度的業績。今天和我在一起的是首席執行官 Darin Harris；以及我們的臨時首席財務官 Dawn Hooper。在他們準備好的評論之後，我們將很樂意回答我們的覆蓋賣方分析師的問題。

Note that during both our discussion and Q&A, we may refer to non-GAAP items. Please refer to the non-GAAP reconciliations provided in today's earnings release, which is available on our Investor Relations website at jackinthebox.com.

請注意，在我們的討論和問答過程中，我們可能會提及非 GAAP 項目。請參閱今天的收益發布中提供的非 GAAP 調節，可在我們的投資者關係網站 jackinthebox.com 上獲取。

We will also be making forward-looking statements based on current information and judgments that reflect management's outlook for the future. However, actual results may differ materially from these expectations because of business risks. We, therefore, consider the safe harbor statement in today's earnings release and the cautionary statements in our most recent 10-K to be part of our discussion.

我們還將根據反映管理層未來展望的當前信息和判斷做出前瞻性陳述。然而，由於商業風險，實際結果可能與這些預期存在重大差異。因此，我們將今天的收益發布中的安全港聲明和我們最近的 10-K 中的警告聲明視為我們討論的一部分。

Material risk factors as well as information relating to company operations are detailed in our most recent 10-K, 10-Q and other public documents filed with the SEC and are available on our Investor Relations website.

重大風險因素以及與公司運營相關的信息在我們最近向美國證券交易委員會提交的 10-K、10-Q 和其他公開文件中有詳細說明，並可在我們的投資者關係網站上查閱。

I'd like to provide our conference and event schedule for the next few weeks. We will be attending the Cowen Future of the Consumer Conference on Tuesday, June 6; the Baird Global Consumer, Tech and Services Conference on Wednesday, June 7; and the RBC Capital Markets Consumer Conference on Thursday, June 8, all in person and all taking place in New York City.

我想提供接下來幾週的會議和活動時間表。我們將於 6 月 6 日星期二參加 Cowen 未來消費者大會； 6 月 7 日星期三的 Baird 全球消費者、技術和服務會議；以及 6 月 8 日星期四在紐約市舉行的 RBC 資本市場消費者大會。

The week following, we will attend the Oppenheimer Conference on Wednesday, June 14, which is being held virtually. We look forward to participating and seeing many of you there.

接下來的一周，我們將參加 6 月 14 日星期三以虛擬方式舉行的奧本海默會議。我們期待著參與並在那裡見到你們中的許多人。

Lastly, we'd like to apologize in advance for any background noise. Our headquarters are 5 miles from Miramar, and the naval base decided to go ahead with their training exercises this morning regardless of the Jack in the Box earnings call. While fun to watch out the window, it is not ideal for a conference call. So please forgive us for any aviation or top gun sounding noises throughout our remarks.

最後，對於任何背景噪音，我們提前表示歉意。我們的總部距離 Miramar 有 5 英里，海軍基地今天早上決定繼續他們的訓練演習，而不管 Jack in the Box 的收益電話會議。雖然看窗外很有趣，但不適合召開電話會議。因此，請原諒我們在整個發言過程中出現的任何航空或高炮聲。

And with that, I would like to turn the call over to our Chief Executive Officer, Darin Harris.

有了這個，我想把電話轉給我們的首席執行官達林哈里斯。

Thanks, Chris. We are very pleased to report strong quarter 2 performance as we are seeing momentum from our strategy execution and the results prove it out. Our performance can be best characterized by a sharp increase in same-store sales, improvements in restaurant and franchise level margin, growth in adjusted EBITDA and operating EPS and combined with continued confidence in reaching positive net unit growth for the year.

謝謝，克里斯。我們很高興地報告第二季度的強勁表現，因為我們看到了戰略執行的勢頭，結果也證明了這一點。我們的業績最好的特點是同店銷售額的急劇增長、餐廳和特許經營水平利潤率的提高、調整後的 EBITDA 和經營每股收益的增長，以及對今年實現正淨單位增長的持續信心。

This progress on top of our results from the first quarter have given us the confidence to raise annual guidance across key metrics. In doing so, we want to thank our franchisees, dedicated center staff and our restaurant-level team members who are working together to successfully execute our strategy and put wins on the scoreboard. They are a talented team that makes it possible to achieve our objective of creating value for our shareholders.

第一季度業績的這一進展使我們有信心提高關鍵指標的年度指導。在此過程中，我們要感謝我們的加盟商、敬業的中心員工和我們的餐廳級團隊成員，他們共同努力，成功執行了我們的戰略，並在記分牌上取得了勝利。他們是一支才華橫溢的團隊，能夠實現我們為股東創造價值的目標。

I will keep utilizing our 4 strategic pillars of the guide in discussing the progress and outcomes of many actions supporting our strategy before turning it over to Dawn to review our financial results and updated guidance in greater detail.

我將繼續利用我們指南的 4 個戰略支柱來討論支持我們戰略的許多行動的進展和結果，然後再交給 Dawn 更詳細地審查我們的財務結果和更新的指南。

We start with building brand loyalty. In our efforts to grow sales and accelerate transactions through our crave marketing strategy and positioning. We exhibited strong calendar execution in quarter 2 by balancing value with premium offerings, beginning the quarter focused on the debut of the $5 Jack Pack combo. This new value platform can be revisited throughout the year and was particularly effective in driving incremental transactions.

我們從建立品牌忠誠度開始。通過我們渴望的營銷策略和定位，我們努力增加銷售額並加速交易。我們通過平衡價值與優質產品，在第二季度展示了強大的日曆執行力，本季度開始重點關注 5 美元 Jack Pack 組合的首次亮相。這個新的價值平台可以全年重新訪問，並且在推動增量交易方面特別有效。

In January, we launched a new beverage layer through our partnership with Red Bull, debuting our premium Red Bull infusion ice beverages. These products expanded our variety and drove incremental sales in our beverage category by providing customers with a new use occasion.

1 月，我們通過與紅牛的合作推出了一個新的飲料層，推出了我們的優質紅牛輸液冰飲料。這些產品通過為客戶提供新的使用場合，擴大了我們的品種並推動了我們飲料類別的銷量增長。

We also enhanced our core by rolling out a new and improved Grilled Chicken Sandwich for guests looking for a great tasting, healthier options to start off the year. In early March, we featured the return of classic and spicing popcorn chicken, a fan's favorite that has proved itself as a strong performance driver for the brand. We did celebrated a cultural moment with our distinctive St. Patrick's promotion, the Mint Mobile shake, which was supported by a fun and edgy campaign featuring one of the sexiest men alive, Jack Box, and of course, Ryan Reynolds.

我們還通過推出經過改進的全新烤雞肉三明治來增強我們的核心產品，為尋求美味、健康選擇的賓客開啟新的一年。 3 月初，我們推出了經典辣味爆米花雞的回歸，這是粉絲們的最愛，已證明自己是該品牌強大的性能推動力。我們確實通過我們獨特的聖帕特里克促銷活動慶祝了一個文化時刻，即 Mint Mobile 奶昔，它得到了一場有趣而前衛的活動的支持，其中包括一位在世最性感的男人 Jack Box，當然還有 Ryan Reynolds。

This one of a kind activation created a unique partnership between the popular actor and its Mint Mobile investment, along with the Jack brand.

這種獨一無二的活動在這位受歡迎的演員及其 Mint Mobile 投資以及 Jack 品牌之間建立了獨特的合作夥伴關係。

We saw strong social engagement and positive brand sentiment, helping average check growth, mobile and app sales, while setting a new benchmark for future shake promotions. Continuing to develop these unique brand partnerships as a priority and is one more lever is making Jack even more craved in 2023.

我們看到了強大的社會參與度和積極的品牌情緒，有助於平均支票增長、移動和應用程序銷售，同時為未來的搖一搖促銷設定了新的基準。繼續發展這些獨特的品牌合作夥伴關係作為優先事項，並且是另一個槓桿，這讓傑克在 2023 年更加渴望。

Over the past 2 years, Ryan Ostrom and team have optimized our marketing spend by focusing on reach over frequency while using digital channels to keep an active dialogue with core users. When hand-in-hand with effective creative and the right offer, this adds a meaningful layer of sales performance.

在過去的 2 年裡，Ryan Ostrom 和團隊優化了我們的營銷支出，重點關注覆蓋頻率，同時使用數字渠道與核心用戶保持積極對話。當與有效的創意和合適的報價攜手並進時，這會增加一層有意義的銷售業績。

By investing in our martech stack, it has enabled us to become a more formidable digital competitor and assisted in driving same-store sales and brand loyalty. We have gone from (inaudible) digital sales pre-COVID and we are now approaching 12%. Last quarter, we rolled out a new app plus a new web ordering platform. which now allows guests to order when they want and from whichever device they choose, all while we get to capture important data on our guests.

通過投資我們的 martech 堆棧，它使我們成為一個更強大的數字競爭對手，並有助於推動同店銷售和品牌忠誠度。我們已經從 COVID 之前的（聽不清）數字銷售中脫穎而出，現在接近 12%。上個季度，我們推出了一個新的應用程序和一個新的網絡訂購平台。現在允許客人在他們想要的時候通過他們選擇的任何設備訂購，同時我們可以捕獲客人的重要數據。

We're now positioned to drive incremental upsell and add-ons to our order, while operating safe payment methods, favorite locations, previous orders and the ability to easily earn and redeem loyalty points through Jack Pack rewards. This is all led to a higher average check, greater transactions and a 30% increase in web and app sales during quarter 2.

我們現在定位於推動增量銷售和訂單附加產品，同時運營安全的支付方式、最喜歡的地點、以前的訂單以及通過 Jack Pack 獎勵輕鬆賺取和兌換忠誠度積分的能力。這一切都導致了第二季度更高的平均支票、更多的交易以及 30% 的網絡和應用銷售額增長。

Third-party delivery continues to perform well with room to grow, and we continue to focus on the operational initiatives that assist further in optimizing this channel. While we have only scratched the surface of our overall digital potential, we have clear next steps including personalization, driving loyalty and frequency with our [biggest fans] and that ability to retarget lapsed users while growing our CRM and loyalty database. In fact, Jack Pack Rewards membership grew 45% during the second quarter, driven by our in-app promotions of the Mint Mobile Shake and our famous tacos. We are well equipped to realize this big opportunity and see realistic potential to do so by leveraging our scale and resources to capture and better utilize data to yield incremental sales for both brands.

第三方交付繼續表現良好並有增長空間，我們繼續專注於有助於進一步優化該渠道的運營計劃。雖然我們只觸及了我們整體數字潛力的表面，但我們有明確的後續步驟，包括個性化、提高忠誠度和與我們 [最大粉絲] 的頻率，以及在發展我們的 CRM 和忠誠度數據庫的同時重新定位流失用戶的能力。事實上，在我們對 Mint Mobile Shake 和我們著名的炸玉米餅的應用內促銷的推動下，Jack Pack Rewards 會員在第二季度增長了 45%。通過利用我們的規模和資源來捕獲和更好地利用數據為兩個品牌帶來增量銷售，我們有能力實現這一巨大機遇並看到實現這一目標的現實潛力。

Lastly, on this pillar, I will touch on the early progress of our reimage program, which is garnering solid interest from our franchisees. On the franchise side, there are currently 405 reimage forms that have been submitted and already 71 of these in the design and permitting stage. We expect about 5 industrial image remodels to be completed by the end of the fiscal year.

最後，在這個支柱上，我將談談我們重塑計劃的早期進展，該計劃引起了我們特許經營商的濃厚興趣。在特許經營方面，目前已經提交了 405 份重新映像表格，其中 71 份已經處於設計和許可階段。我們預計到本財年年底將完成約 5 項工業形象改造。

For company-owned, we have approved 28 restaurants set to be updated in the new craved-image with 10 restaurants in the design and permitting phase, with 5 of these to be completed by the end of the fiscal year. We are targeting the expecting sales lists at these restaurants, and we'll update you on this regularly as the program continues to gain meaningful traction going forward.

對於公司擁有的餐廳，我們已批准 28 家餐廳將按照新的渴望形象進行更新，其中 10 家餐廳處於設計和許可階段，其中 5 家將在本財年末完成。我們的目標是這些餐廳的預期銷售名單，隨著該計劃繼續獲得有意義的推動力，我們會定期向您更新。

Let's move on to our second pillar, driving operational excellence and the 3 key items within, building our people capability through training and staffing, elevating the execution of standards across the system and simplifying operations. In terms of executing standards, we continue to see significant progress overall. We began by focusing on training, resulting in lower turnover and better staffing which has directly driven improvements related to speed, alerts and guest satisfaction.

讓我們繼續我們的第二個支柱，推動卓越運營和其中的 3 個關鍵項目，通過培訓和人員配置培養我們的人員能力，提升整個系統標準的執行並簡化運營。在執行標準方面，我們繼續看到總體上取得了重大進展。我們首先專注於培訓，從而降低人員流動率並改善人員配置，這直接推動了與速度、警報和客戶滿意度相關的改進。

Our drive-through's were 11 seconds faster year-over-year in the second quarter, even as we roll over improvements the previous year. After implementing our guest experience standard a year ago, we have seen over a 20% improvement in our standard execution from third-party assessments. All in all, due to these many efforts, we are operating at higher levels and giving our guests a better experience.

我們的得來速在第二季度比去年同期快了 11 秒，即使我們在前一年進行了改進。在一年前實施我們的客戶體驗標准後，我們發現第三方評估的標準執行提高了 20% 以上。總而言之，由於這些努力，我們的運營水平更高，並為我們的客人提供了更好的體驗。

I'd like to touch on hours of operation and the reopening of dining rooms, which are both having a positive impact on transactions. We have been particularly focused on owning late night by increasing hours, specifically on the franchise side and [digital] again compared to Q1. While we are still about 30 minutes behind average hours opened versus 2019, our franchisees are taking actions and understands that late night represents a daypart where we believe we can take share.

我想談談營業時間和餐廳的重新開放，它們都對交易產生了積極影響。與第一季度相比，我們特別關注通過增加時間來擁有深夜，特別是在特許經營方面和[數字]。雖然與 2019 年相比，我們的平均營業時間仍落後約 30 分鐘，但我們的加盟商正在採取行動，並且明白深夜是我們認為可以分享的白天時段。

In terms of dining room reopenings, we have now increased the number of dining rooms open greater than 5 hours a day to 98% System wide. On average, dinning rooms across the system were opened just over 13 hours a day, an improvement from last quarter. We continue to share the playbook and work with our franchisees and are pleased with this progress.

在餐廳重新開放方面，我們現在已將每天開放時間超過 5 小時的餐廳數量增加到全系統的 98%。平均而言，整個系統的餐廳每天營業 13 小時多一點，比上一季度有所改善。我們繼續與我們的特許經營商分享劇本和合作，並對這一進展感到高興。

Lastly, touching on our point-of-sale selection process. We have narrowed the fuel to 2 POS providers and plan to finalize our decision during Q3. Restaurant implementation funded by franchisees will begin in fiscal year 2024 and we anticipate being near system completion by the end of fiscal year 2025.

最後，談談我們的銷售點選擇流程。我們已將燃料範圍縮小到 2 個 POS 供應商，併計劃在第三季度完成我們的決定。由加盟商資助的餐廳實施將於 2024 財年開始，我們預計到 2025 財年年底系統將接近完成。

The new POS will allow us to drive cost out of the system and improve the guest experience with advanced tools like automation and AI, but we won't wait for the POS rollout to innovate on other automation initiatives. In fact, we will be expanding our current Miso robotics automatic prior test to a second location and Del Taco is successfully testing voice ordering with Presto, which is providing us insight that could benefit both brands.

新的 POS 將使我們能夠降低系統成本，並通過自動化和人工智能等高級工具改善客戶體驗，但我們不會等到 POS 推出後才對其他自動化計劃進行創新。事實上，我們將把我們目前的 Miso 機器人自動預先測試擴展到第二個位置，Del Taco 正在使用 Presto 成功測試語音訂購，這為我們提供了可能使兩個品牌都受益的見解。

Success across these operational focus areas should lead to growing restaurant profits, which is our third strategic pillar. We see profitability going in the right direction after a tough inflationary environment in 2022. We're starting to see progress on the 200 basis point restaurant level margin opportunity. We identified potential savings of about $55,000 per restaurant on an annualized basis. As of today, 50% of the system has installed both cheese pumps and hydro-rich equipment. These 2 initiatives represent almost 30% of the annualized savings possible.

這些運營重點領域的成功應該會導致餐廳利潤的增長，這是我們的第三個戰略支柱。在 2022 年艱難的通脹環境之後，我們看到盈利能力朝著正確的方向發展。我們開始看到 200 個基點的餐廳級利潤率機會取得進展。我們發現每家餐廳每年可節省約 55,000 美元。截至今天，50% 的系統都安裝了奶酪泵和富氫設備。這 2 項舉措代表了近 30% 的年化可能節省。

We will continue to roll out other equipment process and technology programs that will assist us in achieving the 200 basis point goal and maintain the momentum displayed within our improved RLM performance. While inflation is showing signs of easing, we continue to be strategic with each pricing action, using a more data-driven and surgical approach. We are identifying pricing opportunities by store, channel, channel and market while enabling us to benchmark competitively. We are regularly sharing these best practices with franchisees so that they can make more educated pricing decisions.

我們將繼續推出其他設備工藝和技術計劃，以幫助我們實現 200 個基點的目標，並保持我們改進的 RLM 性能中顯示的勢頭。雖然通貨膨脹顯示出緩和跡象，但我們繼續在每項定價行動中保持戰略性，使用更加數據驅動和外科手術的方法。我們正在按商店、渠道、渠道和市場確定定價機會，同時使我們能夠進行有競爭力的基準測試。我們會定期與加盟商分享這些最佳實踐，以便他們能夠做出更有根據的定價決策。

The profitability initiatives we just mentioned, along with synergy savings and focus on maximizing store-level ROI, further encourages franchisees to build and open new restaurants, which brings us to our fourth and all-important final pillar, expanding our reach. Our growth plan has led to more development commitments and site approvals in the last year alone than we had in the previous 3 years. We are slated to have a very active back half of the year and remain positive in our ability to meet our annual guidance for gross openings.

我們剛剛提到的盈利舉措，連同協同效應節省和專注於最大化商店級投資回報率，進一步鼓勵特許經營商建立和開設新餐廳，這將我們帶到第四個也是最重要的最後一個支柱，擴大我們的影響範圍。僅去年一年，我們的發展計劃就帶來了比過去 3 年更多的開發承諾和場地批准。我們預計今年後半年將非常活躍，並且對我們實現年度總營業額指導的能力保持積極態度。

We now have 61 restaurants currently in the permitting, design or construction phases, which is the most we have seen in at least a decade. Naturally, we will still experience some closures, but we remain confident in our ability to reach net positive unit growth in 2023 for the first time in 4 years.

我們現在有 61 家餐廳處於許可、設計或施工階段，這是我們至少十年來看到的最多的餐廳。當然，我們仍將經歷一些關閉，但我們仍然相信我們有能力在 2023 年實現 4 年來的首次淨單位增長。

Next month, we will open the first Jack restaurants in Salt Lake City with a new Crave image. We plan to open 3 stores in 2023 and at least 7 in 2024, both company and franchise locations. With this being a combined market, all resources and efforts are activated in the hopes of making this our strongest new market opening in history. Later in the summer, we will open restaurants in Louisville beginning with company restaurants.

下個月，我們將以全新的 Crave 形像在鹽湖城開設第一家 Jack 餐廳。我們計劃在 2023 年開設 3 家商店，並在 2024 年至少開設 7 家，包括公司和特許經營地點。由於這是一個聯合市場，所有資源和努力都被激活，希望將其打造成歷史上最強大的新市場。夏季晚些時候，我們將從公司餐廳開始在路易斯維爾開設餐廳。

And speaking of strong early performance, I'd like to provide the latest on our newest Jack drive-through-only prototype in Tulsa, Oklahoma. Through the end of Q2, this restaurant is still outperforming expectations, generating average weekly sales of approximately $43,000. We are also seeing about [15%] of sales coming through digital, aided by food lockers for speed and convenience.

說到強大的早期性能，我想提供我們在俄克拉荷馬州塔爾薩的最新 Jack drive-through 原型的最新消息。到第二季度末，這家餐廳的表現仍然超出預期，平均每週銷售額約為 43,000 美元。我們還看到約 [15%] 的銷售額來自數字，食品儲物櫃為速度和便利提供了幫助。

The restaurant has been open for about 9 months, has all of our latest equipment, and we have seen a much higher level of sustained outperformance in terms of AUV and sales, particularly compared to the Honeymoon curve, we typically see in newly opened locations. This is very encouraging as our franchisees look to expand with this lower cost prototype.

該餐廳已開業約 9 個月，配備了我們所有的最新設備，我們在 AUV 和銷售額方面看到了更高水平的持續優異表現，特別是與我們通常在新開業地點看到的蜜月曲線相比。這是非常令人鼓舞的，因為我們的特許經營商希望通過這種低成本原型進行擴展。

Since launching our Jack development program in mid-2021, we have signed a total of 76 new agreements for a total of 335 restaurants with 69 commitments in fiscal 2023. Highlights within these commitments include our first new Jack franchisees in over a decade. Brand new market commencements, including Florida and Arkansas, and incremental development agreements via Del Taco refranchising, including commitments from a Del Taco franchisee to build both Jack and Del Taco restaurants for the first time in new markets Montana and Wyoming.

自 2021 年年中啟動我們的 Jack 發展計劃以來，我們在 2023 財年共簽署了 76 份新協議，涉及 335 家餐廳和 69 項承諾。這些承諾中的亮點包括我們十多年來第一批新的 Jack 特許經營商。全新的市場啟動，包括佛羅里達和阿肯色州，以及通過 Del Taco 重新特許經營的增量開發協議，包括 Del Taco 特許經營商承諾在蒙大拿州和懷俄明州的新市場首次建立 Jack 和 Del Taco 餐廳。

I would also like to make special mention of our franchise agreement for 22 restaurants in Mexico. It is a monumental step for the brand to be returning after 30 years, and we know that many citizens of Mexico are familiar with our brand due to the proximity to many of our U.S. restaurants.

我還想特別提及我們在墨西哥的 22 家餐廳的特許經營協議。這是該品牌在 30 年後回歸的里程碑式的一步，我們知道，由於靠近我們的許多美國餐廳，許多墨西哥公民都熟悉我們的品牌。

We are excited to work with this experienced multi-brand franchise operator in this new territory centered on the border states of Mexico. We believe he and his family have the right operations and development experience, personal values and culture fit and an established distribution network to be successful right from the start.

我們很高興能在這個以墨西哥邊境各州為中心的新領域與這家經驗豐富的多品牌特許經營商合作。我們相信他和他的家人擁有正確的運營和發展經驗、個人價值觀和文化契合度以及成熟的分銷網絡，可以從一開始就取得成功。

To be clear, we are not pursuing an aggressive international growth strategy at this time. We chose to enter the Mexico border states due to the strategic partner we identified, their distribution capability, the brand affinity due to adjacent Jack in the Box market and the ease to which we can assist with nearby restaurant and franchise support.

需要明確的是，我們目前並不追求積極的國際增長戰略。我們之所以選擇進入墨西哥邊境各州，是因為我們確定了戰略合作夥伴、他們的分銷能力、鄰近的 Jack in the Box 市場帶來的品牌親和力，以及我們可以輕鬆協助附近的餐廳和特許經營支持。

Turning to Del Taco, which continues to be a value-driving addition to our company that I'm excited about. The brand is well positioned to meet varied customer needs with a strong value proposition and barbell menu strategy despite the elevated market pricing model to protect margins hindered from inflation. We started the quarter with a promotional focus on the 20 Under $2 menu platform and the Epic Fresh Guacamole burrito. 20 Under $2 continues to be well received, mixing at approximately 16% during nonpromotional periods and over 18% went on primary message.

轉向 Del Taco，它繼續為我們公司帶來價值驅動，我為此感到興奮。該品牌定位良好，可以通過強大的價值主張和槓鈴菜單策略滿足不同的客戶需求，儘管市場定價模式有所提高以保護利潤率不受通貨膨脹的影響。本季度開始時，我們的促銷重點是 20 美元 2 美元以下的菜單平台和 Epic Fresh Guacamole 捲餅。 20 低於 2 美元的廣告繼續受到歡迎，在非促銷期間混合了大約 16%，超過 18% 的人使用了主要消息。

Promoting the premium epic burrito simultaneously was designed to enhance check and did so nicely by mixing at over 8%. We then shifted primary methods to premium crispy Jumbo shrimp with an added beer-battered fish focus during length. In the last week of Q2, we introduced $5 Del's deal, which added another value layer beyond $20 Under $2. The Del Yeah rewards program launched about 18 months ago and is currently up to 1.3 million members compared to 1.2 million members as of Q1.

同時推廣高級史詩捲餅旨在增強檢查效果，並且通過混合超過 8% 做得很好。然後，我們將主要方法轉變為優質脆皮大蝦，並在長度上添加啤酒糊魚。在第二季度的最後一周，我們推出了 5 美元德爾的交易，它在 2 美元以下的 20 美元之外增加了另一個價值層。 Del Yeah 獎勵計劃大約在 18 個月前推出，目前擁有多達 130 萬會員，而第一季度的會員數量為 120 萬。

Throughout Q2, we also tested a variety of additional offers in our mobile app to drive incremental business and frequency where we have seen an uptick in app engagement and use. As membership continues to grow, Del Taco will also gain the ability to target guests, to help drive average spend and reorder trends.

在整個第二季度，我們還在我們的移動應用程序中測試了各種額外的優惠，以推動增量業務和頻率，我們已經看到應用程序參與和使用有所增加。隨著會員人數的持續增長，Del Taco 還將獲得針對客人的能力，以幫助推動平均消費和再訂購趨勢。

Turning to operations. There is a continued focus on recruiting and the expansion of operating hours to help drive same-store sales. Thankfully, we are seeing labor availability increase in most of the brand's geographical footprint and have invested additional wages in order to increase staffing for late night.

轉向運營。繼續關注招聘和營業時間的延長，以幫助推動同店銷售。值得慶幸的是，我們看到該品牌大部分地區的勞動力可用性都在增加，並投入了額外的工資來增加深夜的工作人員。

We are getting closer to pre-COVID for operating hours and are now well above 2022 average hours per store. We have started the process of implementing the same operational focus as we have at Jack, including training and standards execution. This has led to an improvement related to restaurant level turnover in Q2 which is actually the lowest it's been in over a year. Our large per store are also showing early signs of being helped by these initiatives with Q2 seeing the lowest number of the brand has seen in well over a year.

我們的營業時間越來越接近 COVID 之前，現在每家商店的平均營業時間遠高於 2022 年。我們已經開始實施與 Jack 相同的運營重點，包括培訓和標準執行。這導致與第二季度餐廳營業額相關的改善，這實際上是一年多以來的最低水平。我們的大型單店也顯示出受益於這些舉措的早期跡象，第二季度該品牌的數量是一年多以來的最低水平。

Since the DEL development program launched in 2021, Del Taco has signed 14 agreements for a total of 101 restaurants. Within these agreements, 2 restaurants have opened, leaving 99 remaining for future development. We opened 3 franchise restaurants in Q2, and there are currently 17 restaurants in the permitting, design or construction phases. This includes our first drive-through only Fresh Flex restaurant, which opens next month in New Mexico. We are feeling optimistic about the opportunity to increase the development pipeline at Del Taco while continuing the progress made at Jack.

自 2021 年推出 DEL 發展計劃以來，Del Taco 已為總計 101 家餐廳簽署了 14 份協議。根據這些協議，2 家餐廳已經開業，剩下 99 家餐廳用於未來發展。我們在第二季度開設了 3 家特許經營餐廳，目前有 17 家餐廳處於許可、設計或施工階段。這包括我們下個月在新墨西哥州開業的第一家免下車餐廳 Fresh Flex。我們對增加 Del Taco 開發管道的機會感到樂觀，同時繼續在 Jack 取得進展。

We are making progress on the 3 major benefits to shareholders of refranchising Del Taco restaurants. First, getting closer to a company-wide asset-light model; second, capturing incremental development agreements involving both existing and new franchisees as well as existing and new markets for both brands; and third, accretion via share buybacks from refranchising proceeds, evidenced by, again, raising our share repurchase outlook to at least $70 million for fiscal year 2023.

我們正在為重新授權 Del Taco 餐廳的股東帶來 3 大好處取得進展。一是向全公司範圍內的輕資產模式靠攏；其次，獲取涉及現有和新特許經營商以及兩個品牌現有和新市場的增量開發協議；第三，通過重新特許經營收益回購股票實現增值，再次證明我們將 2023 財年的股票回購前景提高到至少 7000 萬美元。

We completed a 17-unit agreement subsequent to the second quarter and continue to see demand with several more agreements in process. When including the 32 restaurants completed year-to-date, we expect to refranchise 65 to 85 restaurants in this fiscal year, all of which will contain at least a 1:1 ratio of restaurants purchased to restaurants developed. In fact, as part of the development agreements within the most recent transaction, both Jack and Del Taco will enter Montana and Wyoming for the first time in each brand's history. We will continue to update regularly on our continued progress.

我們在第二季度之後完成了一份 17 個單位的協議，並繼續看到更多協議的需求。如果包括年初至今完工的 32 家餐廳，我們預計本財年將重新授予 65 至 85 家餐廳的特許經營權，所有這些餐廳的購買與開發比例至少為 1:1。事實上，作為最近交易中開發協議的一部分，Jack 和 Del Taco 將在各自品牌的歷史上首次進入蒙大拿州和懷俄明州。我們將繼續定期更新我們的持續進展。

And finally, as we noted at ICR last January, our groundwork for synergies is in its early phases, but we have made steady progress in 3 areas of note thus far in 2023. Media buying consolidation, providing both brands with better rates and further reach; second, supply chain and integration; and third, the completion of the initial phase of headcount and shared service consolidation, resulting in $3.8 million of EBITDA benefits with an additional $2.3 million benefiting the full system, which is an ongoing process and assessment. Opportunities for the future include a company-wide approach to technology and digital scale benefit as well as continued supply chain and procurement projects.

最後，正如我們去年 1 月在 ICR 上指出的那樣，我們的協同效應基礎工作尚處於早期階段，但到 2023 年為止，我們在 3 個值得注意的領域取得了穩步進展。媒體購買整合，為兩個品牌提供更好的價格和更廣泛的影響力;第二，供應鏈與整合；第三，完成初始階段的員工人數和共享服務整合，帶來 380 萬美元的 EBITDA 收益，另外還有 230 萬美元使整個系統受益，這是一個持續的過程和評估。未來的機會包括全公司範圍內的技術和數字規模效益方法，以及持續的供應鍊和採購項目。

To conclude, we will remain focused on delivering results from the significant progress made executing our strategy to create value, whether it be digital and the steps we have made to become a formidable player in this competitive area; unit economics and restaurant level profitability moving in the right direction and the beginning stages of real progress against our 200 basis point RLM objective.

總而言之，我們將繼續專注於從執行我們創造價值的戰略所取得的重大進展中取得成果，無論是數字化戰略還是我們為成為這一競爭領域的強大參與者所採取的步驟；單位經濟和餐廳層面的盈利能力朝著正確的方向發展，並且在我們的 200 個基點 RLM 目標方面取得了真正進展的開始階段。

Staffing initiatives, when coupled with our top line fundamentals, is driving sales, traffic and faster service levels; refranchising and synergies, both of which are helping make our new company more efficient while driving shareholder value; and lastly, unit growth performance that is going beyond development agreements and starting to reflect in openings.

人員配備計劃與我們的頂級基本面相結合，正在推動銷售、流量和更快的服務水平；重新特許經營和協同效應，這兩者都有助於提高我們新公司的效率，同時推動股東價值；最後，超越發展協議並開始反映在空缺中的單位增長績效。

Thank you again for your time today, and I will now turn the call over to Dawn.

再次感謝您今天的時間，我現在將把電話轉給 Dawn。

Thanks, Darin. I will begin my review with a discussion of each of our 2 brands, followed by details on our consolidated performance and capital allocation. Finally, I will provide updates on our outlook for fiscal year 2023 as we are increasing our guidance across several key metrics.

謝謝，達林。我將首先討論我們的兩個品牌，然後詳細介紹我們的綜合業績和資本配置。最後，我將更新我們對 2023 財年的展望，因為我們正在增加對幾個關鍵指標的指導。

Let's start with Jack in the Box, where Q2 system same-store sales growth was 9.5%, consisting of company-owned comps of 10.8% and franchise comps of 9.4%. On a 3-year basis, same-store sales growth was 29.3%. The system-wide quarterly same-store sales breakdown was as follows: a 9.1% increase in pricing, reflecting a sequential decrease of 90 basis points; a 0.8% decrease in transactions, reflecting a 30 basis point sequential improvement; and a 1.2% increase in mix, reflecting a 230 basis point sequential improvement.

讓我們從 Jack in the Box 開始，第二季度系統同店銷售額增長 9.5%，其中公司自有銷售額為 10.8%，特許經營銷售額為 9.4%。按 3 年計算，同店銷售額增長 29.3%。全系統季度同店銷售明細如下：定價增長 9.1%，反映環比下降 90 個基點；交易量下降 0.8%，環比改善 30 個基點；混合增長 1.2%，反映連續改善 230 個基點。

We are especially encouraged by the return of a positive year-over-year mix shift for the firm time since Q3 of 2021. Transactions were supported by our hook and build strategy as well as the successful marketing of our barbell menu with culturally relevant messaging. These marketing initiatives, in addition to improvements in hours of operation and ops execution, have been the key drivers of our improving transactions over the last 3 quarters.

自 2021 年第 3 季度以來，我們對公司時間的同比積極組合轉變的回歸感到特別鼓舞。我們的掛鉤和構建策略以及我們的槓鈴菜單與文化相關信息的成功營銷支持了交易。這些營銷舉措，除了運營時間和運營執行的改進之外，一直是我們在過去 3 個季度改善交易的主要驅動力。

Increasing average operating and dinning room hours also remain tailwinds for the Jack in the Box system. And while company ops are leading the way, franchise ops are catching up. Notably, 11.5% of net sales came from digital channels, the highest in Jack's history. The majority of digital sales stems from third-party aggregators, but mobile ordering on the Jack app is increasing month-to-month and web ordering is starting to build as well, having launched fairly recently in Q1 of 2023.

增加平均營業時間和餐廳時間也對 Jack in the Box 系統有利。雖然公司運營處於領先地位，但特許經營正在迎頭趕上。值得注意的是，11.5% 的淨銷售額來自數字渠道，這是傑克歷史上最高的。大多數數字銷售來自第三方聚合商，但 Jack 應用程序上的移動訂購量逐月增加，網絡訂購也開始建立，最近於 2023 年第一季度推出。

On product categories, notable contributions came from sides, burgers, chicken and breakfast. Our daypart generated positive sales, but once again, dinner and late night stood out the most with late night now posting positive transactions for the second straight quarter. We are making significant headway in our objective to dominate this daypart, helped by expanding operating hours and compelling products that resonate particularly well with our late night guests.

在產品類別中，配菜、漢堡、雞肉和早餐做出了顯著貢獻。我們的時段產生了積極的銷售額，但晚餐和深夜再次脫穎而出，深夜現在連續第二個季度出現積極的交易。我們在實現主導這一時段的目標方面取得了重大進展，這得益於延長營業時間和引人注目的產品，這些產品特別能引起深夜客人的共鳴。

Turning to restaurant count. There were 2 Jack franchise openings in Texas and Arizona, along with 1 franchise closure. This resulted in a quarter-end restaurant count of 2,187 restaurants. We are pleased to have posted positive net unit growth again in Q2, and we'll be further building on this throughout the back half of the year, supported by our strong and growing development pipeline.

轉向餐廳數量。傑克在得克薩斯州和亞利桑那州開設了 2 家特許經營權，同時關閉了 1 家特許經營權。這導致四分之一末的餐廳數量為 2,187 家。我們很高興在第二季度再次實現淨單位增長，並且在我們強大且不斷增長的開發渠道的支持下，我們將在今年下半年進一步鞏固這一點。

Importantly, we continue to anticipate Jack will deliver positive net restaurant growth for the first time since 2019 and meet our growth opening guidance of 25 to 30 restaurants in fiscal year 2023.

重要的是，我們繼續預計傑克將實現自 2019 年以來的首次餐廳淨增長，並在 2023 財年達到我們 25 至 30 家餐廳的增長目標。

Turning to our Jack restaurant level margins. We expanded performance by 640 basis points to 21.4%. Notably, this is inclusive of our 2 remaining evolving markets, Oklahoma and Kansas City. Food and packaging costs as a percentage of company-owned sales declined 130 basis points to 31.3%, driven primarily by sales performance, led by menu price increases and positive mix shift. Commodity inflation was 7.7% for the quarter, with increases across nearly all categories, except for pork and beef with the greatest impact seen in sauces, potatoes, beverages and bakery.

轉向我們的傑克餐廳級別的利潤率。我們將業績擴大了 640 個基點，達到 21.4%。值得注意的是，這包括我們剩下的兩個不斷發展的市場，俄克拉荷馬州和堪薩斯城。食品和包裝成本占公司自有銷售額的百分比下降 130 個基點至 31.3%，這主要是受銷售業績的推動，菜單價格上漲和積極的組合轉變帶動。本季度大宗商品通脹率為 7.7%，幾乎所有類別都出現上漲，但豬肉和牛肉除外，其中影響最大的是醬料、土豆、飲料和麵包店。

Labor as a percentage of company-owned sales fell 340 basis points due to sales leverage, inclusive of price increases and the benefit of refranchising Oregon and Nashville within the last year. However, this was partially offset by wage inflation of 4.8% compared to the prior year.

由於銷售槓桿，包括價格上漲以及去年俄勒岡州和納什維爾重新特許經營的好處，勞動力占公司自有銷售額的百分比下降了 340 個基點。然而，這部分被與上一年相比 4.8% 的工資通脹所抵消。

Recall that in Q2 2022, we executed a substantial wage increase in order to attract and retain team members due to the tight labor market and are now beginning to lap that. This resulted in lower sequential labor inflation year-over-year.

回想一下，在 2022 年第二季度，由於勞動力市場緊張，我們大幅提高了工資以吸引和留住團隊成員，現在我們開始赶超。這導致連續勞動力通脹同比下降。

Occupancy and other operating costs decreased 160 basis points to 16.8% of company restaurant sales due to leverage from higher sales in the Oregon and Nashville refranchising benefit, partially offset by higher costs from utilities, maintenance and repair expenses, delivery fees and other operating expenses.

由於俄勒岡州和納什維爾重新特許經營收益的銷售額增加，入住率和其他運營成本下降了 160 個基點，占公司餐廳銷售額的 16.8%，部分被公用事業、維護和維修費用、送貨費和其他運營費用的增加所抵消。

Franchise level margin was 41.2% of franchise revenues or $73.9 million, an $8.9 million increase compared to the prior year, helped by flow-through from higher sales and lower cost for bad debt expense. Turning now to Del Taco, system same-store sales rose 3.2%, consisting of company-owned comps of 3.5% and franchise comps of 2.8%. There were positive sales results in all major geographies, with particular strength across the non-California franchise footprint, demonstrating our ability to drive strength in non-core markets.

特許經營利潤率佔特許經營收入的 41.2% 或 7390 萬美元，比上年增加 890 萬美元，這得益於更高的銷售額和更低的壞賬費用成本。現在轉向 Del Taco，系統同店銷售額增長 3.2%，其中公司自有銷售額為 3.5%，特許經營銷售額為 2.8%。所有主要地區都取得了積極的銷售業績，尤其是在非加州特許經營足跡上的實力，證明了我們在非核心市場上取得實力的能力。

Del Taco's system same-store sales breakdown included pricing of 9.9%, down 200 basis points sequentially, a decline in transactions of 3.8%, a sequential improvement of 200 basis points and a mix decline of 2.6%, up 10 basis points sequentially. All dayparts were positive led by strength during snack, dinner and late night. Late night was aided by growth in delivery, which overindexes during late-night hours.

Del Taco 的系統同店銷售明細包括定價 9.9%，環比下降 200 個基點，交易下降 3.8%，環比提高 200 個基點，混合下降 2.6%，環比上升 10 個基點。在小吃、晚餐和深夜期間，所有時段都表現積極。交貨量的增長有助於深夜，交貨量在深夜時段過度指數化。

Staffing improvements resulted in operating hours running above 2022 levels, and we are roughly 1 hour per store on average lower than pre-COVID with continued upside opportunity.

人員配備的改進導致營業時間超過 2022 年的水平，我們每家商店的營業時間平均比 COVID 之前低大約 1 小時，並有持續的上行機會。

In Q2, there were no restaurant closures and 3 Del Taco franchise openings in Ohio, Idaho and California. The Del Taco restaurant count at quarter end was 595. Del Taco restaurant level margin was 17.3% compared to 17.8% in the prior year. Food and packaging as a percentage of sales decreased 90 basis points to 27.5%. Tortillas, shells and potatoes drove most of the 6.8% commodity inflation we experienced and was offset favorably by chicken, produce and beef.

在第二季度，沒有餐廳關閉，俄亥俄州、愛達荷州和加利福尼亞州有 3 家 Del Taco 特許經營店開業。本季度末 Del Taco 餐廳數量為 595 家。Del Taco 餐廳利潤率為 17.3%，而去年同期為 17.8%。食品和包裝佔銷售額的百分比下降 90 個基點至 27.5%。玉米餅、貝殼和土豆推動了我們經歷的 6.8% 商品通脹的大部分，並被雞肉、農產品和牛肉抵消。

Labor as a percentage of sales increased 40 basis points to 33.5%, while average wage inflation was approximately 4% in Q2. Occupancy and other operating expenses increased 100 basis points to 21.7%, driven by higher utilities, increases in maintenance and repair costs and higher rent expense.

勞動力佔銷售額的百分比增加了 40 個基點，達到 33.5%，而第二季度的平均工資通脹率約為 4%。入住率和其他運營費用增加 100 個基點，達到 21.7%，這主要受公用事業費用增加、維護和維修費用增加以及租金費用增加的推動。

Franchise level margin was $5.1 million or 37.3% of franchise revenues compared to $2.5 million or 41.7% last year.

特許經營級別的利潤為 510 萬美元或占特許經營收入的 37.3%，而去年為 250 萬美元或 41.7%。

Shifting now to our consolidated results. Consolidated SG&A was $39.4 million or 10% of revenue compared to $28.2 million or 8.8% a year ago. Note that Q2 2023 reflected a full quarter of Del Taco, whereas last year only included in about 6 weeks. Excluding net COLI gains, G&A was 2.5% of total system-wide sales and within our long-term expectations.

現在轉向我們的綜合結果。綜合 SG&A 為 3940 萬美元，佔收入的 10%，而一年前為 2820 萬美元，佔收入的 8.8%。請注意，2023 年第二季度反映了 Del Taco 的整個季度，而去年僅包括大約 6 週。不包括淨 COLI 收益，G&A 佔全系統總銷售額的 2.5%，符合我們的長期預期。

Consolidated adjusted EBITDA was $78.8 million, up from $64.4 million in the prior year, due primarily to higher Jack franchise and restaurant level margins and a full quarter of Del Taco contribution compared to the partial quarter in the prior year, partially offset by higher G&A.

合併調整後的 EBITDA 為 7880 萬美元，高於去年的 6440 萬美元，這主要是由於 Jack 特許經營權和餐廳層面的利潤率以及 Del Taco 的整個季度貢獻與去年的部分季度相比有所增加，部分被較高的 G&A 所抵消。

Consolidated GAAP diluted EPS was $1.27 compared to $0.37 in the prior year. Operating earnings per share, which includes certain adjustments, was $1.47 for the quarter versus $1.16 in the prior year. Note that the effective tax rate for Q2 was 34.8% compared to 33.3% a year ago. The operating EPS tax rate for the second quarter of 2023 was 26.7%.

綜合 GAAP 稀釋後每股收益為 1.27 美元，上年同期為 0.37 美元。本季度每股營業收益（包括某些調整）為 1.47 美元，而去年同期為 1.16 美元。請注意，第二季度的有效稅率為 34.8%，而一年前為 33.3%。 2023 年第二季度的營業每股收益稅率為 26.7%。

Moving to capital allocation. During Q2, we repurchased approximately 200,000 shares or $18.4 million as part of our ongoing share repurchase program. And year-to-date, we have repurchased $33.4 million. We now plan to execute at least $70 million in share repurchases this fiscal year, up from $60 million previously and currently have $141.6 million remaining under our board-authorized buyback program.

轉向資本配置。在第二季度，作為我們正在進行的股票回購計劃的一部分，我們回購了大約 200,000 股股票或 1,840 萬美元。今年迄今為止，我們已經回購了 3340 萬美元。我們現在計劃在本財年執行至少 7000 萬美元的股票回購，高於之前的 6000 萬美元，目前董事會授權的回購計劃還剩餘 1.416 億美元。

On our previous call, we committed to paying down $50 million of our variable funding note this fiscal year. During the quarter, we strategically decided to accelerate the entire paydown of the balance due to our strong cash position and the current interest rate environment. We now have approximately $172 million of total available borrowing capacity under our VFN and Del Taco credit facility.

在我們之前的電話會議上，我們承諾在本財年支付 5000 萬美元的可變融資票據。在本季度，由於我們強大的現金狀況和當前的利率環境，我們戰略性地決定加速償還全部餘額。根據我們的 VFN 和 Del Taco 信貸安排，我們現在擁有大約 1.72 億美元的總可用借貸能力。

Beyond share repurchases and paying down debt, we will also continue investing in the future of our brands while returning cash to shareholders through dividends. To that end, on May 12, our Board declared a cash dividend of $0.44 per share to be paid on June 13 to shareholders of record as of the close of business on May 31. Of course, future dividends will be subject to Board approval.

除了股票回購和償還債務外，我們還將繼續投資於我們品牌的未來，同時通過股息向股東返還現金。為此，我們的董事會於 5 月 12 日宣布將於 6 月 13 日向截至 5 月 31 日營業結束時登記在冊的股東派發每股 0.44 美元的現金股息。當然，未來的股息將得到董事會的批准。

Now let's conclude with a review of our updated company-wide and segment guidance, reflecting our revised expectations across several key metrics for the fiscal year ending October 1, 2023. Our updated company-wide guidance includes the following: CapEx and other investments guidance of $75 million to $90 million inclusive of capital expenditures and franchise tenant improvement allowances and incentives is unchanged. SG&A guidance of $170 million to $180 million, excluding net COLI gains, which amount to $6.6 million year-to-date. This increase is primarily due to $5 million in net litigation charges year-to-date in addition to higher incentive-based compensation.

現在，讓我們回顧一下我們更新後的全公司範圍和細分市場指南，以反映我們對截至 2023 年 10 月 1 日的財政年度的幾個關鍵指標的修訂預期。我們更新的全公司範圍指南包括以下內容：資本支出和其他投資指南7500 萬至 9000 萬美元（包括資本支出和特許經營租戶改善津貼和激勵措施）保持不變。 SG&A 指引為 1.7 億至 1.8 億美元，不包括 COLI 淨收益，年初至今為 660 萬美元。這一增長主要是由於年初至今 500 萬美元的淨訴訟費用以及更高的基於激勵的薪酬。

Company-owned commodity guidance is now up 8% to 10% versus 2022. Company-owned wage rate guidance is unchanged, still at 3% to 6% versus 2022. And lastly, we are raising our fiscal year 2023 operating EPS guidance to between $5.90 and $6.10. This includes the $0.22 negative impact from the legal charge in Q1 of 2023 as well as the $0.05 net positive impact from the 2 litigation matters in Q2 of 2023, all of which are not expected to recur. And recall, this also includes the $0.23 positive impact from the Hawaii transaction in Q1, which should be noted as a onetime item that will not occur in Q1 2024.

公司擁有的商品指導現在比 2022 年提高了 8% 到 10%。公司擁有的工資率指導沒有變化，與 2022 年相比仍然在 3% 到 6%。最後，我們將 2023 財年的運營 EPS 指導提高到介於5.90 美元和 6.10 美元。這包括 2023 年第一季度法律費用帶來的 0.22 美元負面影響，以及 2023 年第二季度兩起訴訟事件帶來的 0.05 美元淨正面影響，預計所有這些都不會再發生。回想一下，這還包括第一季度夏威夷交易帶來的 0.23 美元的積極影響，應該注意這是一次性項目，不會在 2024 年第一季度發生。

In addition, note the $0.11 negative impact associated with store-level technology and POS investments, which was previously $0.22 when we originally guided last November. And lastly, this includes the impact from the expected refranchising of 65 to 85 total Del Taco restaurants in fiscal year 2023.

此外，請注意與商店級技術和 POS 投資相關的 0.11 美元的負面影響，我們去年 11 月最初指導時為 0.22 美元。最後，這包括預計在 2023 財年將 65 至 85 家 Del Taco 餐廳重新特許經營的影響。

Shifting to our brand segment guidance measures. We reiterated our expectation of positive net unit growth for Jack in 2023, led by 25 to 30 expected gross openings. For Del Taco, we anticipate positive net unit growth, led by 8 to 12 expected gross openings. Same-store sales for Jack is now expected to be up mid- to high single digits, which is up from our prior low single-digit guidance. Same-store sales for Del Taco is still expected to be low-single digit for the full year.

轉向我們的品牌細分指導措施。我們重申了我們對 Jack 在 2023 年的淨單位增長的預期，預計將有 25 至 30 個預計總開張數。對於 Del Taco，我們預計單位淨增長將由 8 至 12 個預期的總開張數帶動。傑克的同店銷售額現在預計將達到中高個位數，高於我們之前的低個位數指導。預計 Del Taco 全年的同店銷售額仍將保持在低個位數。

Turning now to restaurant level margin guidance. For Jack, we are now expecting between 19% and 21%, up from 18% to 20% previously. This assumes high single-digit price increases for the year. We still estimate a roughly 125 basis point impact from our evolving markets. For Del Taco restaurant level margin, we still expect it to be 14% to 16% inclusive of a high single-digit price increase and the impact of refranchising.

現在轉向餐廳層面的利潤率指導。對於傑克，我們現在預計在 19% 到 21% 之間，高於之前的 18% 到 20%。這是假設今年的高個位數價格上漲。我們仍然估計我們不斷發展的市場會產生大約 125 個基點的影響。對於 Del Taco 餐廳級別的利潤率，我們仍然預計它為 14% 至 16%，包括高個位數的價格上漲和重新特許經營的影響。

Jack's franchise level margin is expected to now be between 41% and 42% for the year. This includes the negative impact of store level technology platforms to support POS selection, operations and e-commerce. And as a reminder, the $7.3 million or roughly 90 basis point impact from the Hawaii transaction was included in both the original franchise level margin guidance from November as well as the current franchise level margin guidance update provided today.

傑克今年的特許經營利潤率預計在 41% 至 42% 之間。這包括商店級技術平台對支持 POS 選擇、運營和電子商務的負面影響。提醒一下，夏威夷交易帶來的 730 萬美元或大約 90 個基點的影響已包含在 11 月的原始特許經營級別利潤率指南以及今天提供的當前特許經營級別利潤率指南更新中。

On the Del Taco side, franchise level margin is now expected to be 37% to 38%, primarily due to the impact of refranchising. Keep in mind that although refranchising is accretive via share buybacks and incremental development agreement and accretive to franchise level margin dollars via royalties, it is dilutive to the franchise level margin percentage due to the pass-through nature of rent on refranchise Del Taco restaurants.

在 Del Taco 方面，特許經營水平的利潤率現在預計為 37% 至 38%，這主要是由於重新特許經營的影響。請記住，儘管重新特許經營通過股票回購和增量開發協議增加，並通過特許權使用費增加特許經營級別的利潤率，但由於重新特許經營 Del Taco 餐廳租金的轉嫁性質，它會稀釋特許經營級別的利潤率。

To conclude, strong execution against the 4 strategic pillars has yielded robust quarterly performance through the first half of the year, while enabling us to increase our guidance for the remainder of 2023. Of course, these results would not be possible without the combined efforts of our Jack and Del Taco team and we thank them for helping us continue to unlock the combined power of our brands.

總而言之，對 4 個戰略支柱的強有力執行在今年上半年產生了強勁的季度業績，同時使我們能夠增加對 2023 年剩餘時間的指導。當然，如果沒有以下方面的共同努力，這些結果是不可能實現的我們的 Jack and Del Taco 團隊，我們感謝他們幫助我們繼續釋放我們品牌的綜合力量。

And with that, we'd be happy to take some questions. Operator, please feel free to open the line for Q&A.

有了這個，我們很樂意回答一些問題。接線員，請隨時開通問答。

(Operator Instructions)

（操作員說明）

And your first question comes from the line of Brian Bittner from Oppenheimer.

你的第一個問題來自 Oppenheimer 的 Brian Bittner。

I just boarded a plane. So hopefully, you can hear me. But Darin, Jack in the Box, same-store sales have significantly outperformed so far this year relative to your original guidance that you gave at the beginning of the fiscal year. What's been the biggest drivers of the upside surprise? Is it a flip in the mix? Or is there anything else that you'd like to describe as what's driving this upside? And what are your current indicators telling you about the health of your core consumer as we move forward from here?

我剛上飛機。希望你能聽到我的聲音。但是 Darin, Jack in the Box，今年迄今為止同店銷售額的表現明顯優於您在本財年年初給出的最初指導。上行驚喜的最大推動力是什麼？這是混合中的一個翻轉嗎？或者還有什麼你想描述的是什麼推動了這種上漲？隨著我們從這裡向前邁進，您當前的指標告訴您核心消費者的健康狀況是什麼？

So I think overall, Brian, it's been a strong quarter as you can tell and I think there's just a triangulation of things happening. We've had strong operations performance. We've had the right promotions at the right time speaking to the right guest. And from those 2 things, that's led to some things we've done in our marketing speaking to our guests. The last piece of this is with our marketing and offers all 3 things are resonating.

所以我認為總體而言，布賴恩，正如你所知，這是一個強勁的季度，我認為只是對正在發生的事情進行了三角測量。我們的運營表現強勁。我們在合適的時間與合適的客人進行了合適的促銷活動。從這兩件事來看，這導致了我們在營銷中與客人交談時所做的一些事情。最後一部分與我們的營銷有關，並提供所有 3 件事都引起共鳴。

So we've had the combination of price. We've had sequential improvement in transactions. We've had positive improvement from mix. And then the acceleration of our digital business. So all those things are working together to really drive our top line. And so we feel great about the momentum we've been able to maintain in our business.

所以我們有價格的組合。我們在交易方面取得了連續改善。我們從混合中得到了積極的改善。然後是我們數字業務的加速。因此，所有這些因素共同作用，真正推動了我們的收入增長。因此，我們對我們能夠在業務中保持的勢頭感到非常高興。

And your next question comes from the line of Lauren Silberman from Credit Suisse.

你的下一個問題來自瑞士信貸的 Lauren Silberman。

And congrats on the quarter. Would you be able to talk about the cadence of comp that you saw throughout the quarter? And any color on what you're seeing quarter-to-date? I know you talked about continued momentum. And then related, any additional color you can provide on what you're seeing across different consumer cohorts? I know the past couple of quarters, you had mentioned about regarding the strength in the low and high-end consumer and potentially some opportunities in the middle band.

並祝賀本季度。您能否談談您在整個季度看到的競爭節奏？你看到季度至今的任何顏色？我知道你談到了持續的勢頭。然後相關的是，您可以提供關於您在不同消費者群體中看到的內容的任何其他顏色嗎？我知道在過去的幾個季度裡，你提到過低端和高端消費者的實力以及中端市場的一些潛在機會。

Lauren, thanks for the question. I would say on the cadence on composition during the quarter, we really have some favorable momentum in specifically February and March. As a reminder, our quarter ended April 15 And trends in Q3 are -- remain favorable. The momentum continues, and we're active on the innovation front. We have a lot of strong promotions coming in Ribeye burger. We have fresh toast sticks which is always a fan favorite. So a lot of positivity going into Q3.

勞倫，謝謝你的提問。我想說的是，在本季度的構成節奏上，我們確實在 2 月和 3 月有一些有利的勢頭。提醒一下，我們的季度截至 4 月 15 日，第三季度的趨勢仍然有利。這一勢頭仍在繼續，我們在創新前沿也很活躍。我們在肋眼漢堡中推出了很多強力促銷活動。我們有新鮮的吐司棒，一直是粉絲的最愛。因此，很多積極因素進入了第三季度。

And as a result, Lauren, we've taken the chance to move our guidance upwards to mid- to high single digits. So as Dawn remarked, there's really no big changes in momentum. Our AUV is strong and it continues to remain favorable.

因此，勞倫，我們抓住機會將我們的指導向上移動到中高個位數。因此，正如 Dawn 所說，勢頭確實沒有太大變化。我們的 AUV 很強，並且繼續保持有利。

And then I think you mentioned something about the consumers. And so as we look at the business and the income level -- I'm sorry and the income level of our customers. What we've been able to do is we've seen a really good balance between all levels of income. And most substantially over a 2-year basis, we're seeing heavy contribution from high income. But overall, this year, we've seen a really balanced across all levels of income and positive momentum in both sales and transactions.

然後我想你提到了一些關於消費者的事情。因此，當我們審視業務和收入水平時——對不起，我們客戶的收入水平。我們能夠做的是，我們看到了所有收入水平之間的良好平衡。最重要的是，在 2 年的基礎上，我們看到高收入做出了巨大貢獻。但總的來說，今年，我們看到了各個收入水平的真正平衡以及銷售和交易的積極勢頭。

And your next question comes from the line of Dennis Geiger from UBS.

你的下一個問題來自瑞銀的 Dennis Geiger。

Great. Encouraging development update, specific to the unit growth and the development agreement that you highlighted. I'm wondering if you could talk a bit more about sort of where franchisee sentiment is now on development and broadly, particularly as it relates to the thoughts on the environment and cost across cost pressures and interest rates. And if you're seeing any impact there, obviously heading in the right direction with all the agreements. Just if there's been any impact there, Darin, and how you'd kind of frame some of that up?

偉大的。鼓勵發展更新，具體到您強調的單位增長和發展協議。我想知道你是否可以多談談特許經營商現在在發展和廣泛方面的情緒，特別是因為它涉及對環境和成本壓力和利率的想法。如果你在那裡看到任何影響，顯然所有協議都朝著正確的方向前進。只是如果那裡有任何影響，達林，你會如何構建其中的一些？

Yes, Dennis, I think -- as I think about our development pipeline, the biggest positive, seeing our people continue to show desire to sign agreements where we mentioned in our release and in our commentary that the pipeline for real estate continues to build. We have more locations in both permitting all the way through construction than we've had in the last 10 years.

是的，丹尼斯，我認為——當我想到我們的開發管道時，最大的積極因素是，看到我們的員工繼續表現出簽署協議的願望，我們在發布和評論中提到房地產管道繼續建設。與過去 10 年相比，我們在這兩個方面都擁有更多的地點，可以一直通過建設。

So the sentiment is positive. I think naturally, as most of the industry has described, we've had a run-up in costs, but we've also had a run-up in pricing to offset some of those costs related to our sales. So all the benefits we are getting from a lower cost model, we've had to make up for in price or have been raised because of the increase in cost of build. So long story short is favorability from the franchisees and sentiment is positive. And ultimately, we're showing it through our pipeline growth. And so at this time, we've kept our guide at 25 to 30 for gross openings.

所以情緒是積極的。我自然地認為，正如大多數行業所描述的那樣，我們的成本有所上漲，但我們的定價也有所上漲，以抵消與我們的銷售相關的部分成本。因此，我們從低成本模型中獲得的所有好處，我們不得不通過價格來彌補，或者由於構建成本的增加而提高了。長話短說，特許經營商的好感度和情緒是積極的。最終，我們通過我們的管道增長來展示它。所以在這個時候，我們將我們的指南保持在 25 到 30 的總開張數。

And your next question comes from the line of Andrew Charles from TD Cowen.

你的下一個問題來自 TD Cowen 的 Andrew Charles。

Darin, we got a lot of questions around what is different today for Jack in the Box versus the brand is more challenged 2008-2009 experience, that, of course, predate your time with the company. And it's good to hear about the continued momentum that you're seeing in 3Q. But hypothetically, if we were to see a more challenging macro for the industry, which part of the crave playbook would you anticipate leaning into more to help preserve traffic?

Darin，我們收到了很多關於 Jack in the Box 與品牌在 2008-2009 年經歷更具挑戰性的經歷有何不同的問題，當然，那早於你在公司的時間。很高興聽到您在第三季度看到的持續勢頭。但假設，如果我們要看到一個更具挑戰性的行業宏觀，你會期待更多地投入到渴望劇本的哪一部分來幫助保持流量？

I think for us, it's balancing our barbell approach to both premium, which is we've seen working, but also having a very strong value offer that drives people into the restaurant. So we've been deeply in the middle of our value menu, things like $5 Jack Pack. We also have highlighted things like munchies Under $3 as a way to drive the value, but also combine it with a premium promotion like we did with the Ribeye Burger or Popcorn Chicken.

我認為對我們來說，它正在平衡我們的槓鈴方法與我們已經看到的溢價，但也有一個非常強大的價值提供來驅使人們進入餐廳。所以我們一直在我們的價值菜單中間，比如 5 美元的 Jack Pack。我們還強調了 3 美元以下的零食作為推動價值的一種方式，但也將其與我們對肋眼漢堡或爆米花雞所做的高級促銷相結合。

And then beyond that, I think we've been really strong at driving our digital business compared to pre-pandemic and 2008. And I think that helps us as far as driving check and substantially increasing our overall AUV in ticket.

除此之外，我認為與大流行前和 2008 年相比，我們在推動數字業務方面一直非常強大。而且我認為這有助於我們推動檢查並大幅增加我們的整體 AUV 機票。

And your next question comes from the line of Gregory Francfort from Guggenheim Securities.

你的下一個問題來自 Guggenheim Securities 的 Gregory Francfort。

Darin, maybe just a follow-up to Dennis' question. I would imagine you're starting to get a look into what the development pipeline looks like for 2024 in openings. And do you expect acceleration in 2024? Do you expect to have to start to play out? And can you talk maybe just a little bit about franchisees balancing remodel CapEx versus growth CapEx and the way to fund that?

達林，也許只是丹尼斯問題的後續。我想你會開始了解 2024 年的開發管道是什麼樣子的。您預計 2024 年會加速嗎？你預計要開始玩了嗎？你能談談特許經營商平衡改造資本支出與增長資本支出以及為其提供資金的方式嗎？

Yes. I think, as I mentioned, our pipeline, we've already have a line of sight into 61 restaurants that between now and the end of next year that are in the permit -- permitting and design and construction phases. So we have a very strong pipeline. Some of those obviously can get extended beyond '24. But the pipeline is as strong as it's ever been at Jack in the Box.

是的。我認為，正如我提到的，我們的管道，從現在到明年年底，我們已經看到了 61 家餐廳，這些餐廳處於許可、設計和施工階段。所以我們有一個非常強大的管道。其中一些顯然可以擴展到 24 年後。但是管道和 Jack in the Box 一樣強大。

From a standpoint of related to reimage and franchisees balancing between reimage and development. At this point, it's a balanced approach. Most of our franchisees have shown the interest in growing, and that would be the primary factor is where their capital dollar is going. And over time, as we begin to prove out our remodel program, I anticipate more and more franchisees will participate because of the return on investment from that opportunity.

從重新形象和特許經營權相關的角度來看，在重新形象和發展之間取得平衡。在這一點上，這是一種平衡的方法。我們的大多數特許經營商都表現出對增長的興趣，而這將是主要因素是他們的資金流向。隨著時間的推移，當我們開始證明我們的改造計劃時，我預計會有越來越多的特許經營商參與，因為這個機會的投資回報。

We're at the early stages of our reimage program. At this point, we rolled it out. We've had 71 of the 405 forms submitted to move to permitting. And those -- we'll have 5 of those remodels opened -- or reopened this year. And so we'll be able to report on the progress, and we anticipate a pretty strong return on investment. And at the same time, the company is testing our crave reimage, and we're going aggressively into the crave reimage program, so we'll be able to report on results that I think will increase the momentum of the system to want to do more reimages but not at a lack of a desire for growth.

我們正處於重新映像計劃的早期階段。在這一點上，我們推出了它。我們已經提交了 405 份表格中的 71 份以進行許可。而那些 - 我們將有 5 個改造開放 - 或今年重新開放。因此，我們能夠報告進展情況，我們預計將獲得相當可觀的投資回報。同時，公司正在測試我們的 crave 重映像，我們正在積極地進行 crave 重映像程序，因此我們將能夠報告結果，我認為這會增加系統想要做的勢頭更多的重新形象，但並非缺乏增長的願望。

And your next question comes from the line of Chris O'Cull from Stifel.

你的下一個問題來自 Stifel 的 Chris O'Cull。

Dawn, I wanted to make sure we understood your comments about sales momentum continuing into the third quarter. Just wondering if your implying comps are still up in that high single-digit range. And then how much pricing will the company stores have during the last 2 quarters and maybe give us any commentary you think about menu mix change?

黎明，我想確保我們理解您對持續到第三季度的銷售勢頭的評論。只是想知道您的隱含補償是否仍在那個高的個位數範圍內。然後公司商店在過去兩個季度的定價是多少，也許可以給我們任何您認為菜單組合變化的評論？

Yes. I think we're just going to say that momentum continues to be favorable. As far as pricing, we guided to pricing being up high single digits. Pricing through Q1 and Q2 is about net of 9.7% for the Jack brand, so kind of continuing at that higher level. However, if you recall, the most substantial pricing we took was in Q3 and Q4 last year. So the rollover of pricing is going to decrease as we progress throughout the year.

是的。我想我們只是要說勢頭繼續有利。至於定價，我們指導定價高個位數。 Jack 品牌在第一季度和第二季度的定價約為 9.7%，因此繼續保持在較高水平。但是，如果您還記得的話，我們採取的最重要的定價是在去年的第三季度和第四季度。因此，隨著我們全年的進步，定價的展期將會減少。

And your next question comes from the line of Alex Slagle from Jefferies.

你的下一個問題來自 Jefferies 的 Alex Slagle。

Congrats on the quarter. With the outlook for 65 to 85 units to be refranchised this fiscal year. Does this alter your view on the longer-term opportunity for 120 over 3 years? I mean perhaps it's premature to talk about that, but it would seem you're happier about the kinds of valuations and development agreements you're seeing. So any color on how you're thinking about the opportunity beyond this year?

祝賀這個季度。預計本財年將有 65 至 85 個單位重新獲得特許經營權。這是否會改變您對 3 年內 120 的長期機會的看法？我的意思是，也許現在談論這個還為時過早，但你似乎對你所看到的各種估值和發展協議感到高興。那麼你對今年以後的機會有何看法？

Yes, at this point. Our focus on the refranchising transactions is that, we've provided the guidance at 120 over 3 years. We've had offers on every market. We like the valuations that we've received. They're accretive. And so what we've shared is that they'll probably move faster than the 3 years. As we get through this early stage of the 120, then we'll update you on the further or the next steps related to our overall refranchising strategy.

是的，在這一點上。我們對重新特許經營交易的關注是，我們在 3 年內提供了 120 的指導。我們在每個市場上都有報價。我們喜歡我們收到的估值。他們是增值的。所以我們分享的是，他們可能會比 3 年更快。當我們完成 120 的早期階段時，我們將向您介紹與我們的整體重新特許經營戰略相關的進一步或後續步驟。

And with that, as we've stated before that we will use proceeds towards share repurchases and you see in this report, we increased our guidance to at least $70 million in share repurchases this fiscal year.

因此，正如我們之前所說，我們將把收益用於股票回購，你在本報告中看到，我們將本財年的股票回購指導增加到至少 7000 萬美元。

And your next question comes from the line of Eric Gonzalez from KeyBanc.

你的下一個問題來自 KeyBanc 的 Eric Gonzalez。

Congrats on the quarter. My question about your guidance. Given the momentum that you're seeing as you head into the third quarter, I'm wondering whether you might be being a bit conservative with the outlook for the second half? Just given that you delivered low double-digit EPS growth in the first half, and I think the midpoint of the guidance implies that EPS would be down mid-to high single digits in the back half. Obviously, you're lapping the Del Taco acquisitions, but maybe if you can comment on that assumption and then call out any other onetime items that we should note as we think about the next 2 quarters?

祝賀這個季度。我對你的指導的問題。鑑於您進入第三季度時看到的勢頭，我想知道您對下半年的前景是否會有點保守？鑑於你在上半年實現了兩位數的低 EPS 增長，我認為指導的中點意味著 EPS 將在後半段下降到中高個位數。顯然，您正在考慮 Del Taco 的收購，但也許您可以對該假設發表評論，然後提出我們在考慮接下來的兩個季度時應該注意的任何其他一次性項目？

Yes. I don't know that I have an opinion to say that there's anything conservative or otherwise. We're focused on our guidance. We've shown that we're putting results on the scoreboard and we'll continue to keep strategy and so forth.

是的。我不知道我有意見說有什麼保守的或其他的。我們專注於我們的指導。我們已經表明我們正在將結果放在記分牌上，我們將繼續保持戰略等等。

And your next question comes from the line of David Tarantino from Baird.

你的下一個問題來自 Baird 的 David Tarantino。

Darin, I think you referenced in your prepared remarks some pricing analytics that you're doing and helping the franchisees with better, I guess, technology around pricing. So I was wondering if you could elaborate on that and also talk about really the outlook for pricing. Do you think you can price or your franchisees can price ahead of inflation to try to recoup some of the margin pressures they've had or profitability pressures they have? Or is this more of a strategy to just offset the inflation they're seeing and drive margins through some of the productivity initiatives you mentioned? So any color there would be great.

達林，我想你在準備好的評論中提到了你正在做的一些定價分析，並幫助特許經營商更好地，我猜，圍繞定價的技術。所以我想知道你是否可以詳細說明這一點，並真正談談定價前景。您認為您或您的特許經營商可以在通貨膨脹之前定價，以試圖彌補他們所面臨的一些利潤壓力或盈利壓力嗎？或者這更多的是一種策略來抵消他們看到的通貨膨脹並通過您提到的一些生產力舉措來提高利潤率？所以任何顏色都會很棒。

Yes. So I think I'll start with the latter part of the question first, and that is, what we've been able to do with pricing is cover this year's inflation what we've seen in food and wage. And so that was our focus is going to this year and make sure at least through pricing covering this year's inflation and then through other means, whether it's operational performance, better discipline around how we look at mix and what we're promoting chip away at last year's inflation. And we've been able to do that on both brands is make up for some of the margin we lost in 2022. So that's been our focus.

是的。所以我想我會先從問題的後半部分開始，也就是說，我們已經能夠通過定價來彌補今年我們在食品和工資方面看到的通貨膨脹。因此，這就是我們今年的重點，並確保至少通過涵蓋今年通貨膨脹的定價，然後通過其他方式，無論是運營績效，還是圍繞我們如何看待組合以及我們正在推動的籌碼進行更好的紀律去年的通貨膨脹。我們已經能夠在兩個品牌上做到這一點，彌補了我們在 2022 年損失的部分利潤。所以這一直是我們的重點。

Now about 16 to 18 months ago, we built an internal pricing team. We've supported them with technology tools and machine learning so that we can go in and we can understand the ability to find strategic pricing opportunities by store, by market and do competitive benchmarking. So we've been able to find each quarter different opportunities related to pricing, and that's where we remain focused is how do we find by store, by market and by product, an opportunity to price more strategically, and make sure we're in line with the competition versus just historically, the approach looking at pricing sensitivity and then spreading a price across the whole menu. So now we're looking specifically by item and by market.

現在大約 16 到 18 個月前，我們建立了一個內部定價團隊。我們用技術工具和機器學習為他們提供支持，這樣我們就可以深入了解按商店、市場找到戰略定價機會並進行競爭性基準測試的能力。因此，我們已經能夠在每個季度找到與定價相關的不同機會，這就是我們仍然關注的地方，即我們如何按商店、市場和產品找到更具戰略性的定價機會，並確保我們在與競爭保持一致，而不僅僅是歷史，這種方法著眼於定價敏感性，然後將價格分散到整個菜單上。所以現在我們正在按項目和市場專門尋找。

And your next question comes from the line of Chris Carril from RBC Capital Markets.

你的下一個問題來自 RBC Capital Markets 的 Chris Carril。

So Darin, can you expand maybe a little bit more on the progress you made in staffing levels and in-restaurant operations? And maybe help us better understand to what extent you think that's providing a tailwind to the momentum you're seeing at Jack here? And then just relative to the other initiatives you have in place?

那麼 Darin，你能否進一步說明你在人員配置水平和餐廳運營方面取得的進展？也許可以幫助我們更好地了解您認為這在多大程度上為您在傑克這裡看到的勢頭提供了順風？然後就相對於你已經到位的其他舉措？

Yes. As far as from a staffing standpoint, what we've seen is Jack on the company-owned side, it's been working since we implemented our playbook, we're at pre-COVID levels, staffing actually exceeded those on the company side of the business. Our franchisees have been following that playbook and making up for some of the lost ground. We're about 0.6 hours away from being at pre-COVID levels on the franchise side of the business. So we're definitely seeing improvement there.

是的。就人員配置的角度而言，我們所看到的是公司擁有方面的傑克，自從我們實施我們的劇本以來，它一直在運作，我們處於 COVID 之前的水平，人員配置實際上超過了公司方面的人員配置商業。我們的特許經營商一直在遵循該劇本並彌補一些失地。我們距離業務特許經營方面的 COVID 前水平還有大約 0.6 小時的路程。所以我們肯定在那裡看到了改進。

And on the Del Taco, we're about an hour off of pre-COVID levels. And the team has really made up some progress over the last 1.5 quarters using some of the same playbook and their own. And so yes, we still think there's upside. From a Q2 standpoint, we think it had about a 2% impact to same-store sales and a positive -- from a positive standpoint. And then we still think there's opportunity in the back half of the year.

在 Del Taco，我們比 COVID 之前的水平低了大約一個小時。在過去的 1.5 個季度中，團隊使用一些相同的劇本和他們自己的劇本確實取得了一些進展。所以是的，我們仍然認為有上行空間。從第二季度的角度來看，我們認為它對同店銷售額產生了大約 2% 的影響，並且從積極的角度來看是積極的。然後我們仍然認為下半年有機會。

Your next question comes from the line of Brian Harbour from Morgan Stanley.

你的下一個問題來自摩根士丹利的布賴恩港。

Can you just maybe comment on the mix component of the same-store sales? And is that more about channels, delivery, it sounds like it's still performing well. Or anything in customer behavior you'd call out? Or just was it some specific promotions that drove that?

您能否評論一下同店銷售的混合組成部分？並且更多關於渠道，交付，聽起來它仍然表現良好。或者您會指出任何客戶行為？或者只是一些特定的促銷活動推動了這一點？

Yes. I mean we were very pleased to see the favorable mix return up 1.2% favorable to Q1 performance. I'd say that we've seen positive for the first time, I guess, since Q3 of 2021, so 6 quarters. We've seen guests move -- more guests move into the premium items that is contributing to some of that mix benefit that we're posting.

是的。我的意思是，我們很高興看到有利的組合回報率上升 1.2%，有利於第一季度的業績。我想說，自 2021 年第三季度以來，我們第一次看到積極的一面，所以有 6 個季度。我們已經看到客人搬家了——更多的客人搬進了高級項目，這有助於我們發布的一些混合收益。

To add to Dawn's comment, we've been balancing between an innovation item in core. And what we've seen is a carryover effect when we promoted core that it reminds our guests of a product that they love, such as our Bacon Ultimate Cheeseburger, and we saw that carry over into this quarter more guests ordering that premium product.

補充一下 Dawn 的評論，我們一直在核心的創新項目之間取得平衡。當我們推廣 core 時，我們看到的是一種結轉效應，它讓我們的客人想起他們喜歡的產品，例如我們的 Bacon Ultimate Cheeseburger，我們看到這個季度有更多的客人訂購該優質產品。

And your next question comes from the line of Jeffrey Bernstein from Barclays.

你的下一個問題來自巴克萊銀行的杰弗裡伯恩斯坦。

Darin, I wanted to follow up on the franchisee pipeline of unit opportunity and their health more broadly. On the pipeline, I think you said you have like 60 or so Jack units that are in permitting, design and construction, which presumably, I guess, is double the 30 gross units you're expecting this year, although I'm not sure if that 61 is inclusive in it.

達林，我想更廣泛地跟進加盟商的單位機會及其健康狀況。在管道中，我想你說你有大約 60 個 Jack 單元正在許可、設計和建造中，我想這可能是你今年預期的 30 個總單元的兩倍，儘管我不確定如果 61 包含在其中。

But with an 18-month type pipeline needed to open up a new store, it doesn't seem like the growth in fiscal '24 will be that much more than '23. So just trying to gauge, I know your prior target was to get to 4% plus net unit growth in '24. I would think that that's been delayed a little bit. But just trying to get your expectation for how many you think gross openings you could have in '24 and whether it's any risk that franchisee balance sheets are elevated or are they becoming a little bit more cautious that the openings might lag the commitments?

但是，由於開設一家新店需要 18 個月的管道，因此 24 財年的增長似乎不會比 23 財年多得多。所以只是想衡量一下，我知道你之前的目標是在 24 年達到 4% 以上的淨單位增長。我認為這有點延遲。但是，只是想了解一下您認為 24 年可以開設多少總營業額，以及加盟商資產負債表是否存在任何風險，或者他們是否會變得更加謹慎，認為營業額可能會落後於承諾？

We will guide '24 later this year as we typically do and then we provide longer-term guidance at our Investor Day. Overall, as I mentioned, we are positive about the pipeline. The pipeline that we've seen at Jack in the Box is the strongest I've seen since my tenure and in the last 10 years. We've approved more sites, as I mentioned in my commentary, in the last 3 to 4 quarters than we had in the prior 3 to 4 years.

我們將像往常一樣在今年晚些時候指導'24，然後我們在投資者日提供長期指導。總的來說，正如我提到的，我們對管道持樂觀態度。我們在 Jack in the Box 看到的管道是我任職以來和過去 10 年中見過的最強大的管道。正如我在評論中提到的，我們在過去 3 到 4 個季度批准的網站數量比之前 3 到 4 年還要多。

So all those things point to a stronger pipeline of growth. We are definitely -- and I think the industry is seeing is that the time from site to open is taking longer because of labor, because of manufacturing challenges and getting equipment. But overall, the key is to fill the top of the funnel, and that is our commitment then with sites and get stores in that design and permitting process so we can get them open.

因此，所有這些都指向更強大的增長渠道。我們肯定 - 我認為業界看到的是，由於勞動力、製造挑戰和設備獲取，從現場到開放的時間正在變長。但總的來說，關鍵是填補漏斗的頂部，這是我們對網站的承諾，讓商店參與設計和許可流程，這樣我們就可以讓它們開業。

And so 61 for us, like I said, it's the most we've had in our pipeline at this point in 10 years at this stage with more coming behind it from a site approval standpoint. So we feel really good about where we are. It has taken longer, and the cycle to build stores is not as efficient. And that's where we're spending our time, how do we make the pipeline more efficient from the time a site comes into opening, and we'll continue to focus on our guide of 25 to 30 in 2023.

所以 61 對我們來說，就像我說的那樣，這是我們 10 年來在這個階段的管道中最多的，從現場批准的角度來看，還有更多的支持。所以我們對自己所處的位置感覺非常好。花費的時間更長，建店的周期也沒有那麼高效。這就是我們花時間的地方，我們如何使管道從站點開放時起更有效率，我們將繼續關注 2023 年 25 到 30 的指南。

And the -- please go ahead, sir.

還有——請繼續，先生。

Well, thank you again for joining the call today. We were really excited about this quarter how we performed. We believe that the strategy that we have in place is working. We felt that it was showing in results in that next quarter, we anticipate our performance to be strong as we see strong momentum. And so we look forward to seeing many of you this summer on the road at conferences, and we look forward to the next time we speak in August for our third quarter 2023 earnings call.

好吧，再次感謝您今天加入電話會議。我們對本季度的表現感到非常興奮。我們相信我們制定的戰略正在發揮作用。我們認為下個季度的結果正在顯現，我們預計我們的表現會很強勁，因為我們看到了強勁的勢頭。因此，我們期待今年夏天在會議上與你們中的許多人見面，我們期待下次在 8 月的 2023 年第三季度財報電話會議上發言。

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

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。