Jack in the Box Inc (JACK) 2024 Q2 法說會逐字稿

Thank you for standing by. At this time, I would like to welcome everyone to the Jack in the Box second quarter 2024 earnings webcast. (Operator Instructions)

謝謝你的支持。現在，我歡迎大家觀看 Jack in the Box 2024 年第二季財報網路廣播。（操作員說明）

I would now like to turn the call over to Chris Brandon, Vice President of Investor Relations. Chris, please go ahead.

我現在想將電話轉給投資者關係副總裁克里斯布蘭登 (Chris Brandon)。克里斯，請繼續。

Thanks, operator and good afternoon, everyone. We appreciate you joining today's conference call, highlighting results from our second quarter 2024. With me today our Chief Executive Officer, Darin Harris, and our Chief Financial Officer, Brian Scott. Following their prepared remarks, we'll be happy to take questions from our covering sell side analysts. Note that during both our discussion and Q&A we may refer to certain non-GAAP items. Please refer to the non-GAAP reconciliations provided in the earnings release, which is available on our Investor Relations website at jackinthebox.com.

謝謝接線員，大家下午好。我們感謝您參加今天的電話會議，重點介紹我們 2024 年第二季的業績。今天與我一起的是我們的執行長 Darrin Harris 和我們的財務長布萊恩史考特 (Brian Scott)。在他們準備好的發言之後，我們很樂意回答我們的賣方分析師的問題。請注意，在我們的討論和問答中，我們可能會提及某些非公認會計準則項目。請參閱收益報告中提供的非 GAAP 調節表，可在我們的投資者關係網站 jackinthebox.com 上找到。

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 the earnings release and the cautionary statements in our most recent 10-K to be part of our discussion. 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.

我們也將根據當前資訊和判斷做出前瞻性陳述，反映管理階層對未來的展望。然而，由於商業風險，實際結果可能與這些預期有重大差異。因此，我們認為收益發布中的安全港聲明和我們最近的 10-K 中的警示聲明是我們討論的一部分。我們向 SEC 提交的最新 10-K、10-Q 和其他公開文件詳細介紹了重大風險因素以及與公司運營相關的信息，並可在我們的投資者關係網站上獲取。

And lastly, I'd like to update you on our upcoming conference and event plans for the next few weeks. On Tuesday, June 2, we will be attending the Stifel conference in Boston; on Wednesday, June 3, we will be attending both the Baird and Cowen conferences in New York City; on Thursday, June 4, we will be attending the RBC conference in New York City; and on Tuesday, June 11, we will participate in the Oppenheimer conference, which will be held virtually. We look forward to seeing many of you at these events.

最後，我想向您介紹我們未來幾週即將舉行的會議和活動計劃的最新情況。6 月 2 日星期二，我們將參加在波士頓舉行的 Stifel 會議； 6 月 3 日星期三，我們將參加在紐約市舉行的貝爾德和考恩會議； 6月4日星期四，我們將參加在紐約舉行的RBC會議； 6 月 11 日星期二，我們將參加以虛擬方式舉行的奧本海默會議。我們期待在這些活動中見到你們中的許多人。

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

接下來，我想將電話轉給我們的執行長達林·哈里斯 (Darin Harris)。

Thank you, Chris. I appreciate the opportunity to speak with you today regarding our performance and results. To start, I want to thank everyone in the organization for their efforts in driving material progress on our breaking out of the box long-term additions of targeting top-tier AUVs, improving restaurant-level economics, driving digital growth, and building new restaurants with compelling returns for franchisees.

謝謝你，克里斯。我很高興今天有機會與您談論我們的表現和成果。首先，我要感謝組織中的每個人為推動我們突破常規的長期增補項目所付出的努力，包括瞄準頂級 AUV、改善餐廳層面的經濟效益、推動數字化增長和建設新餐廳為加盟商帶來可觀的回報。

Now at this point, you're aware of the consumer headwinds impacting our industry, and the need to drive transactions and win share, especially with the lower income guest. Providing a compelling value offering, in essence, what you get for what you pay is more important than ever to our barbell strategy and messaging.

現在，您已經意識到影響我們行業的消費者逆風，以及推動交易和贏得份額的必要性，尤其是針對低收入客人。從本質上講，提供令人信服的價值產品，一分錢一分貨對於我們的槓鈴策略和訊息傳遞來說比以往任何時候都更加重要。

Today, I'll talk more about our second quarter results and long-term goals, but we'll also share our near-term plans to play offense by executing on our exciting second half of the year marketing calendar. Although Q2 proved to be a challenging sales environment, I'm encouraged by the improvement at Jack near the end of the quarter, and leading into May. Brian will speak more on what occurred during the quarter and our current trends. And while there are still headwinds, the direction through the early stages of Q3 is more encouraging.

今天，我將更多地談論我們的第二季度業績和長期目標，但我們還將分享我們的近期計劃，透過執行令人興奮的下半年行銷日曆來發揮進攻作用。儘管事實證明第二季的銷售環境充滿挑戰，但我對 Jack 在本季末以及進入 5 月的改善感到鼓舞。布萊恩將更多地談論本季度發生的事情以及我們當前的趨勢。儘管仍有阻力，但第三季初期的方向更加令人鼓舞。

Q2 margins and earnings were better than expected, particularly as we lapped our strongest comp quarter last year for Jack, producing 7% same-store sales growth on a 2-year basis, while adapting to the initial effects from AB 1228. Speaking of AB 1228, I'm proud of how our California franchisees joined together with our company leadership teams to execute strategic price increases, implement our margin savings plans, share best practices, and test equipment and technology that can support labor savings in the future. Interestingly, our California restaurants at both brands have performed on par, and in some cases better than other regions across the country, particularly with our company-owned restaurants. As transaction and mix pressures persisted throughout Q2 for both brands, I want to spend some time on our focus areas for the remainder of the year.

第二季的利潤率和收益好於預期，特別是我們去年 Jack 的同店銷售額同比增長了 7%，同時適應了 AB 1228 的初步影響。說到AB 1228，我為我們的加州特許經營商如何與我們公司的領導團隊一起執行戰略性提價、實施我們的利潤節省計劃、分享最佳實踐以及測試可支持未來節省勞動力的設備和技術而感到自豪。有趣的是，我們在加州的兩家品牌餐廳的表現不相上下，在某些情況下甚至比全國其他地區更好，尤其是我們公司自營的餐廳。由於兩個品牌的交易和組合壓力在整個第二季度持續存在，我想在今年剩餘時間內花一些時間在我們的重點領域上。

Let's start with Jack in the Box. Later this month, we will launch our Munchies Under $4 platform, which will accomplish three things: First, provide a strong value message for our guests; second, support our hook and build strategy with disciplined pricing on our add-on and upsell favorites to increase attachment; and lastly, support value through digital channels.

讓我們從盒子裡的傑克開始。本月晚些時候，我們將推出 4 美元以下的 Munchies 平台，該平台將完成三件事：首先，為我們的客人提供強有力的價值資訊；其次，透過對我們最喜歡的附加產品和追加銷售產品嚴格定價來支持我們的掛鉤和構建策略，以增加依戀；最後，透過數位管道支持價值。

We are aggressively building direct guest connections via first party, growing the Jack Pack rewards program and gaining further data and insights that we can utilize to create personalized marketing strategies for the future. We're examining all marketing channels and promotional windows as an opportunity to drive value to complement our premium offer messages, particularly within digital, where we are generating 13% of sales and growing. We will also deliver opportunities for value across all five dayparts.

我們正在積極透過第一方建立直接的賓客聯繫，發展 Jack Pack 獎勵計劃，並獲得更多數據和見解，我們可以利用這些數據和見解來製定未來的個人化行銷策略。我們正在審查所有行銷管道和促銷窗口，將其視為推動價值的機會，以補充我們的優質優惠信息，特別是在數位領域，我們在數位領域創造了13% 的銷售額，並且還在不斷增長。我們還將在所有五個時段提供價值機會。

And on that note, I'd like to share a few of our upcoming marketing calendar highlights that I'm confident will drive sales during the second half of 2024. In two weeks, we will be concentrating on the late-night daypart where we can continue to win share. Backed by popular demand will be our Chicken-Tater melt, a favorite from our original Munchie Meal menu. And to make it even more exciting, we are partnering with Ice Cube to help us reintroduce it.

就此而言，我想分享一些我們即將推出的行銷日曆亮點，我相信這些亮點將在 2024 年下半年推動銷售。兩週後，我們將專注於深夜時段，在那裡我們可以繼續贏得份額。為了滿足大眾的需求，我們將推出我們的雞肉馬鈴薯泥融化食品，這是我們原創零食菜單中的最愛。為了讓它更加令人興奮，我們正在與 Ice Cube 合作，幫助我們重新推出它。

Cube's Munchie Meal will help bring back this item that has been in high demand from our long-time late-night fans for the past couple of years. We were thrilled to learn that Ice Cube, the rapper, actor, film producer, and Rock and Roll Hall of Famer was a huge Jack in the Box fan, and we are eager to roll out the campaign via television in our social channels. This partnership further displays the pop icon status of Jack Box as he partners with other celebrities to deliver the unique offering our guests and fans expect.

Cube 的 Munchie Meal 將有助於帶回過去幾年我們的長期深夜粉絲們強烈需求的產品。我們很高興得知饒舌歌手、演員、電影製片人和搖滾名人堂成員 Ice Cube 是 Jack in the Box 的忠實粉絲，我們渴望透過電視在我們的社交頻道上進行這項活動。此次合作進一步展示了 Jack Box 的流行偶像地位，他與其他名人合作，為我們的客人和粉絲提供他們所期望的獨特服務。

Also, at the end of this month, we will launch Wings system wide. Our product test this past November drove both transactions and outstanding feedback from our guests that craved this product, and wanted to order it again. We will initially promote Wings via digital and social, then plan to support the product with a major campaign in the future.

此外，在本月底，我們將在全系統範圍內推出 Wings。我們去年 11 月的產品測試推動了交易和來自渴望該產品並希望再次訂購的客人的出色反饋。我們最初將透過數位和社交方式推廣 Wings，然後計劃在未來透過大型活動來支持該產品。

Our Smashed Jack which launched in the second quarter drove high single-digit mix and improved the average check by 200 basis points, and really resonated with our premium guests. Consumer scores for the product have been outstanding, and in fact, we are looking to further innovate and develop new builds, utilizing this differentiated and craveable burger patty. Brian will have more detail on how Smashed Jack performed in a supplier delay, which impacted Q2 results.

我們在第二季推出的 Smashed Jack 推動了高個位數的組合，並將平均支票提高了 200 個基點，並真正引起了我們的優質客人的共鳴。消費者對該產品的評分非常出色，事實上，我們正​​在尋求利用這種差異化且令人渴望的漢堡肉餅進一步創新和開發新產品。Brian 將更詳細地介紹 Smashed Jack 在影響第二季業績的供應商延誤中的表現。

We will drive breakfast top line by making French toast sticks a proven fan favorite LTO item, permanent on our menu. This will provide a strong offering in addition to featuring breakfast messaging in every marketing window.

我們將透過讓法式吐司棒成為粉絲最喜歡的 LTO 食品並永久保留在我們的菜單上，來推動早餐業務的發展。除了在每個行銷視窗中提供早餐資訊之外，這還將提供強大的產品。

And lastly, in the spirit of continuing to capture culturally relevant moments, we will be partnering with one of Jack's celebrity friends this summer, and one of the most anticipated major motion picture events in recent years. Stay tuned.

最後，本著繼續捕捉文化相關時刻的精神，今年夏天我們將與傑克的一位名人朋友合作，這也是近年來最受期待的重大電影活動之一。敬請關注。

Despite the challenging consumer environment, I'm excited by what this team is creating to connect with guests and drive transactions. And as you can see, our second half marketing and promotional calendar is robust and will occur as we lap easier comparisons from a year ago. We will lead with value and follow with innovation while communicating in our own unique Jack way.

儘管消費者環境充滿挑戰，但我對這個團隊為與客人建立聯繫並推動交易而創造的成果感到興奮。正如您所看到的，我們下半年的行銷和促銷日曆非常強勁，並且將在我們與一年前進行更輕鬆的比較時發生。我們將以價值引領，以創新追隨，同時以我們自己獨特的傑克方式進行溝通。

Part of our breaking out-of-the-box strategy, we shared plans at our Investor Day to modernize our technology and data capabilities at the restaurant level, and within our MarTech stack. This strategy includes our plan to aggressively pursue digital growth. Our first-party platforms continue to grow meaningfully, and our third-party activity remains stable as we battle on a pay-to-play marketplace.

作為我們突破性的開箱即用策略的一部分，我們在投資者日分享了在餐廳層級和 MarTech 堆疊內實現技術和數據能力現代化的計劃。該策略包括我們積極追求數位成長的計劃。我們的第一方平台繼續有意義地成長，而我們的第三方活動在我們在付費遊戲市場上的競爭中保持穩定。

First-party channels grew over 80% during the quarter, and has grown on average 75% each quarter for the past year. We believe we can continue the strong growth through the launch of our next-generation mobile app later this year, with an emphasis on building active users and capturing data to reach our guests more effectively.

第一方通路在本季成長了 80% 以上，去年每季平均成長 75%。我們相信，透過今年稍後推出下一代行動應用程序，我們可以繼續強勁成長，重點是建立活躍用戶和捕獲數據以更有效地接觸我們的客人。

At the restaurant level, we recently announced our partnership with Qu, which will serve as the unified commerce platform at the heart of our new point of sale that will be installed across the entire Jack in the Box system. The new POS unlocks a variety of ways to enhance the guest experience and pursue our vision for the Jack restaurant of the future. It will significantly enhance our digital and in-restaurant loyalty integration, improve customer data capture, and streamline integration with our web and mobile ordering platforms. It will unlock the ability to effectively deploy kiosks and upgrade our back office inventory and labor management systems. And in the longer term, it will improve our ability to deploy automation and use AI throughout the restaurant.

在餐廳層面，我們最近宣布與 Qu 建立合作夥伴關係，Qu 將作為我們新銷售點核心的統一商務平台，該銷售點將安裝在整個 Jack in the Box 系統中。新的 POS 開啟了多種方式來增強賓客體驗並實現我們對 Jack 餐廳未來的願景。它將顯著增強我們的數位化和餐廳內忠誠度集成，改善客戶數據捕獲，並簡化與我們的網路和行動訂購平台的整合。它將釋放有效部署資訊亭和升級我們的後台庫存和勞動力管理系統的能力。從長遠來看，它將提高我們在整個餐廳部署自動化和使用人工智慧的能力。

Turning to unit growth and restaurant level economics, our focus on increasing restaurant level margins is critical to our long-term growth and will ultimately benefit the entire system. These efforts contributed toward Jack's 23.6% restaurant level margin this quarter, and was driven in part by ongoing equipment, technology, and financial fundamental initiatives, that our franchisees are embracing.

談到單位成長和餐廳層面的經濟效益，我們對提高餐廳層面利潤的關注對於我們的長期成長至關重要，並將最終使整個系統受益。這些努力使 Jack 本季的餐廳利潤率達到 23.6%，部分原因是我們的特許經營商正在採用的持續設備、技術和財務基本舉措。

Of the programs, we have rolled out to the system an example being high to rent equipment, we are currently at over 50% full system adoption. Next steps for additional savings include the three-in-one toaster, and then inventory and labor tool rollouts. We are very encouraged that the way these initiatives are supporting our long-term ambition of franchise restaurants, realizing 15% for EBITDA and an under 5-year payback on new restaurants.

在這些計劃中，我們已經向系統推出了一個高租金設備的例子，目前我們的系統採用率超過 50%。進一步節省開支的後續步驟包括三合一烤麵包機，以及庫存和勞動工具的推出。我們感到非常鼓舞的是，這些舉措支持了我們特許經營餐廳的長期目標，實現了 15% 的 EBITDA 以及新餐廳不到 5 年的投資回報。

Aligning to our ambition to drive higher AUVs, last month, we rolled out our new CRAVED reimage and refresh program to the franchise system, coupled with a $50 million commitment towards this program. We are thrilled with the interesting excitement from franchisees, with submitted requests to remodel over 500 restaurants. The performance of our new restaurants with this design has been outstanding, and we are confident these remodel efforts will drive incremental same-store sales. Franchisees will utilize this design in new restaurant builds and now have this image option in a remodel format, which has created even more excitement around the remodel program. We now have 71 restaurants in the design and permitting stages for our previous industrial design, and all restaurants from this point forward will feature the new CRAVED treatment.

為了實現我們推動更高 AUV 的雄心，上個月，我們在特許經營系統中推出了新的 CRAVED 重新形象和更新計劃，並為此計劃承諾了 5000 萬美元。我們對特許經營商的有趣興奮感到興奮，他們提交了改造 500 多家餐廳的請求。採用這種設計的新餐廳的業績非常出色，我們相信這些改造工作將推動同店銷售的增量。特許經營商將在新餐廳建設中使用這種設計，現在以改造格式提供此圖像選項，這使改造計劃更加令人興奮。目前，我們有 71 家餐廳正處於我們先前工業設計的設計和授權階段，從現在開始，所有餐廳都將採用新的 CRAVED 處理方式。

Turning to new market performance, we opened our first restaurant in Mexico during Q2. And much like our other new market locations, its performance has been beyond expectations. We will open our second Mexico restaurant in June, with a third set to open later this year. The success of our first opening there has generated interest from other operators throughout the country, and I am pleased to report that the trailing 12-month AUV for all new market restaurants, which now includes Mexico, is nearly $100,000 in weekly sales on average.

談到新的市場表現，我們在第二季在墨西哥開設了第一家餐廳。與我們其他新市場地點一樣，它的表現超出了預期。我們將於六月開設第二家墨西哥餐廳，第三家餐廳將於今年稍後開幕。我們在那裡首次開業的成功引起了全國其他經營者的興趣，我很高興地報告，所有新市場餐廳（現在包括墨西哥）過去 12 個月的 AUV 平均每週銷售額接近 100,000 美元。

Jack also continues to have success in signing development agreements with new franchisees, particularly in Florida, where we will open our first restaurant in Orlando in early 2025. We recently signed a new franchisee with outstanding restaurant experience to open in Tallahassee, and we now have 31 total restaurant commitments in Florida, and have seen a continued increase in franchise development interest.

Jack 也繼續成功與新特許經營商簽署開發協議，特別是在佛羅裡達州，我們將於 2025 年初在奧蘭多開設第一家餐廳。我們最近在塔拉哈西簽署了一家擁有出色餐廳經驗的新特許經營商，現在我們在佛羅裡達州總共擁有 31 家餐廳，並且特許經營開發興趣持續增加。

Maximizing unit economics and lowering build costs are critical elements in achieving our ambitions of a sub 5-year payback, and hitting net unit growth of over 2%. Our design and construction teams continue to identify ways to value engineer our CRAVED prototype and have made significant progress toward our build cost goals for both brands. While it will take some time to fully realize our new restaurant payback objectives, there is a clear path to making this happen. On the development front, there are 88 restaurants in the design, permitting, and construction stage, and we remain on track for both brands to hit our gross openings expectations range for the year.

最大限度地提高單位經濟效益和降低建造成本是實現我們 5 年以內投資回收目標和實現單位淨增長超過 2% 的目標的關鍵因素。我們的設計和施工團隊繼續尋找對我們渴望的原型進行價值設計的方法，並在實現兩個品牌的建造成本目標方面取得了重大進展。雖然完全實現我們新餐廳的投資回報目標需要一些時間，但要實現這一目標有明確的途徑。在開發方面，有 88 家餐廳處於設計、許可和施工階段，我們仍然有望使這兩個品牌達到我們今年的總開業預期範圍。

Shifting to Del Taco, I am pleased with Tom and Sara's efforts to get the team aligned on the right strategy to improve sales and profitability. As an early example, we are encouraged by Del's new menu simplification test. It is showing signs of improving sales, speed of service, and margins, and Del's ability to test kiosks, which are producing increased ticket and lower labor cost benefits only helps our progress towards it being a future system-wide opportunity for both brands. New restaurants recently opened in Utah, Alabama, Florida, and California continue to perform well, leading to recently signed agreements to expand in Atlanta and Greensboro, North Carolina.

轉到 Del Taco，我很高興 Tom 和 Sara 努力讓團隊就正確的策略保持一致，以提高銷售額和獲利能力。作為一個早期的例子，我們對德爾的新菜單簡化測試感到鼓舞。它顯示出銷售、服務速度和利潤提高的跡象，而且德爾測試自助終端的能力，這些自助終端產生了更多的門票和更低的勞動力成本效益，這只會幫助我們在成為兩個品牌未來全系統機會方面取得進展。最近在猶他州、阿拉巴馬州、佛羅裡達州和加利福尼亞州開設的新餐廳繼續表現良好，最近簽署了在亞特蘭大和北卡羅來納州格林斯伯勒擴張的協議。

In terms of back half 2024 plans, due to our everyday value, we will launch premium innovation that supports our barbell strategy, starting with bringing back the popular Birria, including a new Barito, as well as another quality product with the introduction of Al Pastor. In addition, this week, two fan favorites will return, Nacho Cheese after a 12-year hiatus and many fan requests and Funnel Cakes. We will couple this with a revised media activation strategy, which will bring heightened awareness to both our campaigns and new brand positioning.

就 2024 年下半年計畫而言，由於我們的日常價值，我們將推出支援槓鈴策略的優質創新，首先是帶回流行的 Birria，包括新的 Barito，以及推出 Al Pastor 的另一種優質產品。此外，本週，兩款深受粉絲喜愛的產品將回歸：時隔 12 年的納喬奶酪，以及眾多粉絲要求的漏斗蛋糕。我們將把這一點與修訂後的媒體活化策略結合起來，這將提高人們對我們的活動和新品牌定位的認識。

We look forward to updating you on the progress of these Del Taco initiatives under our new leadership throughout the remainder of 2024. We have the right team focused on the right things to achieve both our goals and the brand's potential.

我們期待在 2024 年剩餘時間向您通報在新領導層領導下這些 Del Taco 舉措的最新進展。我們擁有合適的團隊，專注於正確的事情，以實現我們的目標和品牌潛力。

In closing, I am confident in our ability to navigate industry headwinds in the short term while also ensuring that we remain focused on executing our strategy to achieve our long-term goals. Our strong margin and growth fundamentals are evident, and will continue to support our ambition targets.

最後，我對我們在短期內應對行業逆風的能力充滿信心，同時確保我們繼續專注於執行我們的策略以實現我們的長期目標。我們強勁的利潤率和成長基本面是顯而易見的，並將繼續支持我們的雄心目標。

Thank you again, and I'll now turn the call over to Brian.

再次感謝您，我現在將把電話轉給布萊恩。

Thank you, Darin, and good afternoon, everyone. I will start by reviewing our two brands individually, followed by details on our consolidated performance and capital allocation.

謝謝達林，大家下午好。我將首先分別回顧我們的兩個品牌，然後詳細介紹我們的綜合績效和資本配置。

Beginning with Jack in the Box, our second quarter system same-store sales declined 2.5%, consisting of a company-owned comp decrease of 0.6% and franchise comp decrease of 2.6%. Jack experienced a decline in transactions as well as unfavorable mix shift during the quarter, partially offset by an approximately 5% lift in price. The same-store sales decline was clearly impacted by the macro headwinds, but was exacerbated by a delay in our Smashed Jack launch, which I'll describe in a bit more detail.

從 Jack in the Box 開始，我們第二季的系統同店銷售額下降了 2.5%，其中公司自營銷售額下降了 0.6%，特許經營銷售額下降了 2.6%。Jack 在本季度經歷了交易量下降以及不利的組合變化，但部分被價格約 5% 的上漲所抵消。同店銷售額的下降顯然受到了宏觀逆風的影響，但由於我們的 Smashed Jack 發布的延遲而加劇了這一下降，我將對此進行更詳細的描述。

For Smashed, our original plan was to transition from the late December soft launch into a full marketing supported launch in February. However, two things happened. First, the soft launch was so successful, that we ran out of product in about three weeks.

對於 Smashed，我們最初的計劃是從 12 月底的軟發布過渡到 2 月的全面行銷支援發布。然而，發生了兩件事。首先，軟發布非常成功，我們的產品在大約三週內就售罄了。

Second, and even more impactful was an unexpected supplier issue that temporarily stalled our ability to proceed with our original February launch timing. This delay forced us to push the launch date with full marketing to March 15, about four weeks later than originally planned. While we were able to delay our TV campaign until the supplier issue was resolved, this caused an extended point-of-purchase promotion gap as our window panels have been updated in January to promote Smashed Jack. This delay also meant a temporary loss of the premium component of our familiar barbell marketing approach, forcing us to pivot to a suboptimal value promotion that negatively impacted average check.

其次，影響更大的是一個意想不到的供應商問題，它暫時阻礙了我們繼續原定 2 月發佈時間的能力。這一延遲迫使我們將全面行銷的發布日期推遲到 3 月 15 日，比原計劃晚了大約四個星期。雖然我們能夠推遲我們的電視廣告活動直到供應商問題得到解決，但這導致了購買點促銷間隙的延長，因為我們的窗板已在一月份更新以促銷《粉碎傑克》。這種延遲也意味著我們熟悉的槓鈴行銷方法的優質部分暫時喪失，迫使我們轉向次優的價值促銷，這對平均支票產生了負面影響。

Based on our sales performance after the Smashed Jack launch, we estimate that the delay caused about 100 basis points drag on our Q2 same-store sales. The supplier issue has been fully resolved and Smashed Jack has performed very well and consistent with our expectations, including mixing at a high single-digit level, boosting average check by approximately 2%, and providing strength in lapping the very successful Mint Mobile promotion from a year ago.

根據 Smashed Jack 推出後的銷售業績，我們估計延遲對我們第二季同店銷售造成約 100 個基點的拖累。供應商問題已經完全解決，Smashed Jack 的表現非常好，符合我們的預期，包括以高個位數水平混合，將平均支票提高約2%，並為從Mint Mobile 獲得非常成功的促銷活動提供了力量。

In terms of our recent performance, Jack quarter-to-date same-store sales trends have been running about 1% below prior year, with company-owned restaurants actually comping positive since March, showing the opportunity for our franchisees to reignite growth. As Darin mentioned, we have several upcoming initiatives, along with more favorable comparisons to give us optimism in regaining system-wide positive sales to the back half of the year. Regarding product categories, notable contributions came from burgers and sides with the introduction of Smashed Jack driving our burger category and sides benefiting from increased purchase of Jack Wraps and our famous two taco offering.

就我們最近的業績而言，Jack 季度至今的同店銷售趨勢比去年同期下降了約 1%，公司自營餐廳自 3 月以來實際上表現良好，這表明我們的特許經營商有機會重新激發成長。正如達林所提到的，我們有幾項即將推出的舉措，以及更有利的比較，這讓我們對今年下半年恢復全系統的正銷售感到樂觀。在產品類別方面，漢堡和配菜的貢獻顯著，Smashed Jack 的推出推動了我們的漢堡類別，而配菜則受益於 Jack Wraps 和我們著名的兩種炸玉米餅產品的購買增加。

Turning to restaurant count. There were three restaurant openings and no closures in the quarter. This resulted in a quarter in restaurant count of 2,195, and we continue to remain on track with our target of opening 25 to 35 restaurants this year with positive net unit growth.

轉向餐廳數量。本季有 3 家餐廳開業，沒有一家餐廳關門。這導致四分之一的餐廳數量達到 2,195 家，我們繼續保持今年開設 25 至 35 家餐廳的目標，並實現淨單位淨增長。

Jack restaurant-level margin expanded year-over-year by 220 basis points to 23.6%, driven primarily by lower commodity costs, along with price increases. Food and packaging costs as a percentage of company-owned sales declined 250 basis points to 28.8% primarily due to 0.5% commodity deflation and price increases. Labor as a percentage of company-owned sales remained consistent at 30.6% compared to prior year. Wage inflation in the quarter was 4.6%.

Jack 餐廳的利潤率年增 220 個基點，達到 23.6%，主要是由於商品成本下降以及價格上漲所致。食品和包裝成本占公司自有銷售額的百分比下降了 250 個基點，至 28.8%，這主要是由於 0.5% 的商品通貨緊縮和價格上漲。與去年相比，勞動力占公司自有銷售額的百分比維持在 30.6%。該季度薪資通膨率為 4.6%。

Franchise-level margin was $71.7 million or 40.4% of franchise revenues, compared to $73.9 million or 41.2% a year ago. The decrease in dollars and margin was mainly driven by the sales decline and resulting decrease in royalty and rent revenue.

特許經營層利潤率為 7,170 萬美元，佔特許經營收入的 40.4%，而一年前為 7,390 萬美元，佔特許經營收入的 41.2%。美元和利潤率的下降主要是由於銷售額下降以及特許權使用費和租金收入的下降所致。

Turning now to Del Taco, system same-store sales declined 1.4%, consisting of a company-owned comp decrease of 1.8% and franchise comp decrease of 1.1%. The decline in sales is a result of declines in transactions, partially offset by a lift in price.

現在看看 Del Taco，系統同店銷售額下降了 1.4%，其中公司自營銷售額下降了 1.8%，特許經營銷售額下降了 1.1%。銷售額下降是交易量下降的結果，但部分被價格上漲所抵銷。

Del Taco restaurant count at quarter end was 595, with three openings and no closures during the quarter. Del Taco also remains on track to achieve their target of opening 10 to 15 restaurants this year, with positive net new unit growth.

截至季末，Del Taco 餐廳數量為 595 家，本季新開 3 家餐廳，沒有一家關門。Del Taco 仍有望實現今年開設 10 至 15 家餐廳的目標，新店淨成長呈正成長。

Del Taco restaurant level margin was 16.8% compared to 17.3% in the prior year. The decrease was due to increased labor, utilities, and technology support costs, partially offset by menu price increases and commodity deflation. Food and packaging as a percentage of sales decreased 190 basis points to 25.6%, which was primarily due to price increases and commodity deflation of 1.6%. Labor as a percentage of sales increased 140 basis points to 34.9%, primarily due to wage inflation, which was approximately 4.7% in the quarter. Occupancy and other operating expenses increased 110 basis points to 22.8%, driven primarily by higher utility costs and an increase in technology costs.

Del Taco 餐廳水準利潤率為 16.8%，而前一年為 17.3%。下降的原因是勞動力、公用事業和技術支援成本增加，部分被菜單價格上漲和商品通貨緊縮所抵消。食品和包裝佔銷售額的百分比下降 190 個基點至 25.6%，主要是由於價格上漲和商品通貨緊縮 1.6%。勞動力佔銷售額的百分比增加了 140 個基點，達到 34.9%，這主要是由於薪資通膨（本季約為 4.7%）。入住率和其他營運費用成長 110 個基點，達到 22.8%，主要是由於公用事業成本上升和技術成本增加。

Franchise level margin was $6.1 million or 28.9% of franchise revenues compared to $5.1 million or 37.3% last year. The increase in dollars was due to refranchising over 100 restaurants over the past year, while the decrease in margin percentage was primarily driven by refranchising efforts and the resulting impact of the pass-through rent and marketing fees.

特許經營水準利潤率為 610 萬美元，佔特許經營收入的 28.9%，而去年為 510 萬美元，佔特許經營收入的 37.3%。美元增長是由於過去一年重新特許經營了 100 多家餐廳，而利潤率下降主要是由於重新特許經營以及轉嫁租金和營銷費用所產生的影響。

During the quarter, we refranchised 13 Del Taco restaurants with a new franchisee that includes a development agreement for 10 additional restaurants. We also have an agreement in place to refranchise an additional 27 restaurants that is expected to close later in the third quarter. We currently remain on track to have 40 to 60 refranchised restaurants this year.

本季度，我們與新的特許經營商重新特許經營 13 家 Del Taco 餐廳，其中包括另外 10 家餐廳的開發協議。我們還簽署了一項協議，對另外 27 家餐廳進行重新特許經營，預計這些餐廳將在第三季稍後關閉。目前，我們預計今年將擁有 40 至 60 家特許經營餐廳。

Shifting now to our consolidated results consolidated SG&A for the second quarter was $37.5 million or 10.3% of revenues as compared to $39.4 million or 10% a year ago. The decline was due primarily to lower incentive-based compensation, and lower advertising due to fewer company-owned restaurants, partially offset by a higher share-based compensation along with higher legal and technology costs.

現在轉向我們的合併業績，第二季的合併銷售及管理費用為 3,750 萬美元，佔營收的 10.3%，而去年同期為 3,940 萬美元，佔營收的 10%。下降的主要原因是基於激勵的薪酬較低，以及由於公司自營餐廳減少而導致的廣告減少，但部分被較高的基於股權的薪酬以及較高的法律和技術成本所抵消。

Our G&A expenses, excluding net COLI gains and selling and advertising of $31 million were 2.5% of total system-wide sales.

我們的一般管理費用（不包括 COLI 淨收益以及銷售和廣告費用 3,100 萬美元）佔全系統總銷售額的 2.5%。

Consolidated adjusted EBITDA was $75.7 million, down from $80.6 million in the prior year, due primarily to the impacts from the Del Taco refranchising as well as a decrease in sales. Consolidated GAAP diluted earnings per share was $1.26 compared to $1.27 in the prior year.

合併調整後 EBITDA 為 7,570 萬美元，低於上一年的 8,060 萬美元，這主要是由於 Del Taco 重新特許經營以及銷售額下降的影響。合併 GAAP 稀釋後每股收益為 1.26 美元，去年為 1.27 美元。

Operating earnings per share, which includes certain adjustments, was a $1.46 for the quarter versus $1.47 in the prior year. The effective tax rate for the second quarter was 26.5%, compared to 34.8% for the same quarter a year ago. The operating EPS tax rate for the second quarter of 2024, was 27.1%. The higher effective tax rate in the prior year was due to the write-off of non-deductible goodwill on re-franchising transactions.

本季每股營業利潤（包括某些調整）為 1.46 美元，去年同期為 1.47 美元。第二季的有效稅率為26.5%，而去年同期為34.8%。2024 年第二季的營業每股盈餘稅率為 27.1%。上一年有效稅率較高是由於再特許經營交易中不可抵扣商譽的沖銷。

Cash flows from operations for the quarter were $16.7 million, while capital expenditures were $22.2 million related primarily to our technology and digital initiatives as well as constructing new company restaurants and remodeling existing restaurants.

本季營運現金流為 1,670 萬美元，資本支出為 2,220 萬美元，主要與我們的技術和數位計劃以及建設新公司餐廳和改造現有餐廳有關。

During the quarter, we repurchased approximately 200,000 shares of our common stock for $15 million and now have $210 million remaining under our Board-authorized program. On May 10, 2024, the Board of Directors declared a cash dividend of $0.44 per share to be paid on June 25. As of quarter end, we had available borrowing capacity of $175.5 million under our variable funding notes and credit facility. Our total debt outstanding at quarter end was $1.7 billion, and our net debt to adjusted EBITDA leverage ratio was 5.2 times.

本季度，我們以 1,500 萬美元回購了約 20 萬股普通股，目前董事會授權計畫還剩 2.1 億美元。2024年5月10日，董事會宣布派發每股0.44美元的現金股息，並將於6月25日支付。截至季末，我們的可變融資票據和信貸安排下的可用借款能力為 1.755 億美元。截至季末，我們的未償債務總額為 17 億美元，淨負債與調整後 EBITDA 的槓桿率為 5.2 倍。

And finally, we are providing the following updates to our guidance and underlying assumptions reflecting the company's current expectations for the fiscal year ending September 29, 2024. Any guidance measures not discussed today remain the same as provided on November 21, 2023.

最後，我們對指導和基本假設進行了以下更新，反映了該公司對截至 2024 年 9 月 29 日的財年的當前預期。今天未討論的任何指導措施均與 2023 年 11 月 21 日提供的指導措施相同。

For the fiscal year 2024, company-wide guidance, we are anticipating adjusted EBITDA of $325 million to $330 million, operating earnings per share of $6.25 to $6.40, and depreciation and amortization expense of $60 million to $62 million.

對於 2024 財年，按照全公司指引，我們預計調整後 EBITDA 為 3.25 億美元至 3.3 億美元，每股營業利潤為 6.25 美元至 6.40 美元，折舊和攤銷費用為 6,000 萬美元至 6,200 萬美元。

For our Jack in the Box segment, we are expecting same-store sales growth of flat to low single digits, and a company-owned restaurant level margin of 22% to 23%. And for Del Taco, we are anticipating same-store sales growth of flat to low single digits, and our franchise level margin of 27% to 29%.

對於我們的 Jack in the Box 細分市場，我們預計同店銷售額成長將持平至低個位數，公司自營餐廳的利潤率為 22% 至 23%。對於 Del Taco，我們預計同店銷售成長將持平至低個位數，而我們的特許經營水準利潤率為 27% 至 29%。

Before we transition to Q&A, I want to take a moment to recognize and thank all of our team members across the organization. Their passion, drive, and dedication are what gives us confidence in our ability to deliver a superior guest experience and achieve our long-term ambitions.

在我們轉向問答之前，我想花點時間向整個組織的所有團隊成員表示認可和感謝。他們的熱情、幹勁和奉獻精神讓我們對提供卓越賓客體驗和實現長期目標的能力充滿信心。

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

因此，我們很樂意回答一些問題。接線員，請隨時開通問答線。

(Operator Instructions) Brian Bittner, Oppenheimer.

（操作說明）Brian Bittner，Oppenheimer。

Thanks. Good morning. Thank you for all the details on the call. You mentioned that macro headwinds and pressure on the low-end consumer is impacting same-store sales. And as you diagnose your sales trends, just how vital is incremental success with value to achieving the back half sales guidance, considering you're underwriting a pretty nice acceleration. And are you able to talk at all about what type of price points you're thinking about deploying to compete in this more aggressive value environment that we're going to see for the rest of the year? Thanks.

謝謝。早安.感謝您在通話中提供的所有詳細資訊。您提到宏觀阻力和低端消費者的壓力正在影響同店銷售。當您診斷銷售趨勢時，考慮到您正在承保相當不錯的加速，增量成功和價值對於實現後半段銷售指導是多麼重要。您能否談談您正在考慮部署什麼類型的價格點，以在今年剩餘時間裡我們將看到的更加激進的價值環境中競爭？謝謝。

Hey, good morning, Brian. Great question. And here's what I think about it. I mean, we in the industry are all seeing this kind of pressure from the headwinds of the consumer. We definitely felt it coming into the second quarter. And so we know that value is going to be something we talk about for the rest of the year. We know the competition is doing that, so we will be in that game. We are preparing for it as we talked about at our Investor Day.

嘿，早上好，布萊恩。很好的問題。這就是我的想法。我的意思是，我們這個行業的人都看到了來自消費者逆風的這種壓力。我們在第二季度確實感受到了這一點。所以我們知道價值將成為我們今年剩餘時間討論的話題。我們知道競爭對手正在這樣做，所以我們將參加那場比賽。正如我們在投資者日所討論的那樣，我們正在為此做好準備。

So Munchies Under $4 will be a price point. We have different $5 price points, whether it's $2.4 on the app, or whether we have the $5 Jack Pack, but we will have a strong value message across both brands that speak to the specific needs by the consumer. And as you know, it depends on channel, depends on the offering. It sometimes our larger fan favorite box at greater than $10 is a value. So it's what you get for what you pay, and we'll have the right price point in the right channel.

因此，低於 4 美元的零食將是一個價格點。我們有不同的 5 美元價格點，無論是應用程式上的 2.4 美元，還是我們的 5 美元 Jack Pack，但我們都會在兩個品牌中傳達強烈的價值訊息，以滿足消費者的特定需求。如您所知，這取決於管道，取決於產品。有時，我們粉絲最喜歡的大盒子價格超過 10 美元，這也是一個價值。因此，這就是一分錢一分貨，我們將在正確的管道提供正確的價格。

Thank you.

謝謝。

Lauren Silberman, Deutsche Bank.

勞倫·西爾伯曼，德意志銀行。

Thank you, guys. I wanted to ask just about the quarter-to-date trends. You guys talked about down 1%, was running Smashed at a nice high single-digit mix. Can you unpack what you're seeing quarter-to-date? How you expect that to evolve as we move through the quarter? And in the context of mix, particularly running negative and with incremental value, how you're thinking about that trade-off between incremental transactions and the offset in mix? Thank you very much.

感謝你們。我想問的是本季至今的趨勢。你們談到了下降 1%，正在以一個不錯的高個位數混合運行 Smashed。您能解開本季至今所看到的內容嗎？隨著本季的進展，您預計情況會如何發展？在混合的背景下，特別是在負值和增量價值的情況下，您如何考慮增量交易和混合中的抵消之間的權衡？非常感謝。

Hi, Lauren. Jack, what we saw is once we finally were able to get Smashed Jack up and running. Like we said, we were disappointed that we couldn't start the quarter off as we anticipated. We made a lot of good shifts, but we knew we were going to have trouble to overcome the headwinds -- so Smashed has performed great. It's mixing at 7.5%, and kind of leveled off a little bit less than that. But it definitely the full launch improved mix shift and average check by about 200 basis points. We've had a nice sell up-sell with it, and we see that to have future innovation with it.

嗨，勞倫。傑克，我們看到的是一旦我們終於能夠讓 Smashed Jack 啟動並運行。正如我們所說，我們對無法按預期開始本季感到失望。我們做出了很多好的轉變，但我們知道我們將很難克服逆風——所以 Smashed 表現得很好。它的混合率為 7.5%，並且比這個水平稍低一些。但它的全面推出確實將混合轉移和平均檢查提高了約 200 個基點。我們已經透過它進行了很好的銷售和追加銷售，我們認為它會帶來未來的創新。

The other thing I would say is that quarter-to-date, Jack, over the last two periods, specifically on the company side, has been positive, and we have continued to improve sales on the company side over those last two periods. Franchisees have also improved but not positive yet, and as we said, as a whole running negative quarter-to-date.

我要說的另一件事是，傑克，在過去兩個時期，特別是在公司方面，本季度迄今為止一直是積極的，並且在過去兩個時期我們繼續改善了公司方面的銷售額。特許經營商也有所改善，但尚未取得積極進展，正如我們所說，本季度迄今為止，整體表現不佳。

We're really excited about the initiatives to come. We've got a good balance on the barbell strategy, between really focusing on breakfast as we know that's probably where the industry as a whole have faced the most headwinds. So whether it's French toast sticks becoming an everyday item, and then marketing every -- having a breakfast message, every marketing window, and then bringing back a product that was -- where we had some self-inflicted sales issues with taking some products off. We've put back on a couple of the products that we'll start seeing on the menu in Windows 6. And then I get really excited about our late night with Ice Cube, the Chick-n-Tater Melt, and then the wings that we have launching.

我們對即將推出的舉措感到非常興奮。我們在槓鈴策略和真正關注早餐之間取得了很好的平衡，因為我們知道這可能是整個行業面臨最大阻力的地方。因此，無論是法式吐司棒成為一種日常用品，然後進行營銷——發布早餐信息，每個營銷窗口，然後帶回一種產品——我們在取消某些產品時遇到了一些自我造成的銷售問題。我們重新推出了一些我們將在 Windows 6 選單上看到的產品。然後我對我們與 Ice Cube 的深夜、Chick-n-Tater Melt 以及我們推出的翅膀感到非常興奮。

And then lastly, two other things that I think the back half calendar, we get this good balance between the Munchies Under $4, but we also get the higher-priced Munchie Meal, or we get -- what we're not going to talk about in detail, but what we have in the fourth quarter with a really nice partnership that I think will be -- get us a lot of media attention.

最後，我認為後半日曆中的另外兩件事是，我們在4 美元以下的零食之間取得了良好的平衡，但我們也得到了價格更高的零食餐，或者我們得到了- 我們不會談論的關於細節，但我們在第四季度所擁有的非常好的合作夥伴關係，我認為將會引起媒體的廣泛關注。

Thank you.

謝謝。

Nick Setyan, Wedbush Securities.

Nick Setyan，韋德布希證券公司。

Thank you. Just a couple of questions. The first one, just a kind of bigger picture approach to value, do you think sort of this under $4 Munchie platform is enough to compete with things like the $5 national launch of a value menu by your biggest competitor. Is it enough in terms of just what Jack value going forward should be? Or is there like a more holistic approach to value in terms of more sort of specific value meal type of offering that is necessary, number one.

謝謝。只是幾個問題。第一個，只是一種更宏觀的價值方法，你認為 4 美元的 Munchie 平台是否足以與你最大的競爭對手在全國範圍內推出的 5 美元超值菜單之類的東西競爭。就傑克未來的價值而言，這夠了嗎？或者是否有一種更全面的價值方法，即提供更多種類的特定價值膳食類型，這是必要的，第一。

And then just on the Del Taco side, it would be great to know what the quarter-to-date trends there are, and where you'd say you are with respect to the progress around the new strategy that launches there? Thank you.

然後，就 Del Taco 而言，很高興知道季度至今的趨勢是什麼，以及您認為圍繞在那裡推出的新策略的進展如何？謝謝。

So I would be speculating if I thought -- we knew how to react to the market. But what I would say is we're going to stick to what we do well. And we think the Munchies Under $4 is the right value message to promote. But I also think what we're seeing is value is what you get for what you pay. And so the right channel to the right guest is really what we're focused on. And sometimes that's not just a $5 meal.

因此，如果我認為我們知道如何對市場做出反應，我會猜測。但我想說的是，我們將堅持我們擅長的事情。我們認為 4 美元以下的零食是值得推廣的正確價值訊息。但我也認為我們看到的是價值是你所付出的代價所得到的。因此，為正確的客人提供正確的管道才是我們真正關注的重點。有時這不僅僅是一頓 5 美元的飯菜。

We do have that available to us, and we will promote it in app. We'll get a lot more aggressive in app to build our loyalty and database. As an example, recently, we've had $2 for $3 Jacks. So we know it's really going to depend on knowing our consumer, how to reach them through the right channel, at the right price, with the right product. And like you said, our premium items. If you think about Smashed Jack for the right guest, that's one of the more premium price points we've had on the menu, and it's doing extremely well.

我們確實可以使用它，我們將在應用程式中推廣它。我們將在應用程式中更加積極地建立我們的忠誠度和資料庫。舉個例子，最近我們推出了 2 美元買 3 美元的傑克。因此，我們知道這實際上取決於對消費者的了解，以及如何透過正確的管道、以正確的價格、使用正確的產品來接觸他們。正如您所說，我們的優質產品。如果你認為 Smashed Jack 適合合適的客人，那是我們菜單上價格較高的點之一，而且做得非常好。

Yes, and keep in mind, we have value on the menu. So part of this Munchies Under $4 strategy is to make sure that it's easier for guests to see that, and all in one place and then promoting that more. We've changed our marketing strategy going forward. We're promoting value more so that our customers know that they have that option. And then as they come in, they're more likely to add on, as we have the right products at the right price. So I think we've got a good strategy there.

是的，請記住，我們的菜單很有價值。因此，4 美元以下的零食策略的一部分是確保客人更容易看到這一點，並且所有這些都集中在一個地方，然後進行更多宣傳。我們已經改變了未來的行銷策略。我們正在更多地宣傳價值，以便我們的客戶知道他們有這樣的選擇。然後，當他們進來時，他們更有可能添加進來，因為我們以合適的價格提供合適的產品。所以我認為我們有一個很好的策略。

We have other things we're looking at, and we could activate more if we need based on market conditions. But I think we've got a good strategy in place, we think will resonate, and then we'll continue to evaluate what happens with the competition.

我們正在考慮其他事情，如果我們需要的話，我們可以根據市場情況啟動更多事情。但我認為我們已經制定了一個很好的策略，我們認為會引起共鳴，然後我們將繼續評估競爭對手的情況。

Gregory Francfort, Guggenheim Securities.

格雷戈里·弗蘭克福特，古根漢證券公司。

Hey, thanks for the question. My question is just can you guys maybe expand a little bit more on the experience in California, since the minimum wage increases went into effect, and what you're seeing from a consumer standpoint. I mean you guys have a lot of exposure there, but you also, I think, have done some things to try to mitigate it. Just any more detail on how that's going. Thanks.

嘿，謝謝你的提問。我的問題是，自從最低工資上漲生效以來，你們能否進一步擴展一下加州的經歷，以及從消費者的角度所看到的情況。我的意思是你們在那裡有很多曝光，但我認為你們也做了一些事情來試圖減輕它。只是關於事情進展的更多細節。謝謝。

Yeah. Our restaurants in California are at par or actually better than non-California markets. So we've seen check is offsetting the lower transactions. Our company-owned is performing even better than the positive comps -- but we're keeping a close eye on it still, and it's still early.

是的。我們在加州的餐廳與非加州市場的餐廳水準相當，甚至更好。所以我們看到支票正在抵消較低的交易。我們公司旗下的公司的表現甚至比積極的競爭對手還要好——但我們仍在密切關注它，而且現在還為時過早。

But overall, we feel that we've done the right things with the right price with the franchisees. We're seeing early indications that they're able to manage through kind of sales and margins, and we're all learning how to do that. And we've offered significant strategies in which to overcome kind of the margin compression issues. But overall, our California restaurants are at par or better than non-California.

但總的來說，我們認為我們以合適的價格與加盟商做了正確的事情。我們看到早期跡象表明他們能夠透過銷售和利潤來進行管理，我們都在學習如何做到這一點。我們提供了重要的策略來克服利潤壓縮問題。但總體而言，我們的加州餐廳與非加州餐廳持平或更好。

Yes. As Darin said in his closing remark, it's interesting that our coveted restaurants have been running positive since the March period. And most of those restaurants are in California. So I think it's just an indication that if we're really strategic and surgical on how we adjust price to accommodate for the higher minimum wage, you can still do it effectively and drive comps.

是的。正如達林在結語​​中所說，有趣的是，自三月以來，我們夢寐以求的餐廳一直在積極運作。大多數這些餐廳都在加利福尼亞州。因此，我認為這只是一個跡象，如果我們在如何調整價格以適應更高的最低工資方面確實具有戰略性和外科手術性，那麼您仍然可以有效地做到這一點並推動競爭。

So I think we're working closely right now with our franchisees, because they are running negative, much better since Smashed launched. But it needs some opportunity there for them to kind of relook at some of their price points on certain products that will help drive better traffic for them going forward as well.

所以我認為我們現在正在與我們的特許經營商密切合作，因為他們的經營狀況是負面的，自從 Smashed 推出以來好多了。但他們需要一些機會來重新審視某些產品的價格點，這也將有助於為他們帶來更好的流量。

I think, again, the positive comps we're seeing, the company stores is an indication of the opportunity that they have as well to turn things. And then you couple that with the next promotional calendar we have and some of the new products coming out, that's why we have confidence in getting the whole system back to positive here in the back half of the year.

我認為，我們所看到的積極的比較，公司商店表明他們也有扭轉局面的機會。然後，將其與我們下一個促銷日曆和即將推出的一些新產品結合起來，這就是為什麼我們有信心在今年下半年讓整個系統恢復正常。

Alton Stump, Loop Capital.

奧爾頓·斯坦普（Alton Stump），Loop Capital。

Great. Thanks for taking my question. I just wanted to ask you, it sounds like you've got obviously several pretty big upcoming things going on, the Wings launch, of course Ice Cube Munchie Meal, something bigger coming this summer, it sounds like. I'm just curious -- how much of an impact do you think that could have, not just on, obviously, in their own right, selling well, but just kind of bringing more news flow back to the Jack in the Box brand in general to consumers?

偉大的。感謝您提出我的問題。我只是想問你，聽起來你顯然有幾件即將到來的重大事情正在進行，Wings 的推出，當然還有 Ice Cube Munchie Meal，聽起來像是今年夏天會有更大的事情發生。我只是很好奇——你認為這會產生多大的影響，顯然，不僅僅是因為它們本身的銷量好，而且只是為 Jack in the Box 品牌帶來更多的新聞流。

Yes. I think from a standpoint of Wings is one where we -- it's a good benefit of -- it's the benefit we see from leading with value, but also innovation. So that will be an innovation item that we think will drive traffic to Jack. We saw that when we tested it, it performed extremely well. So we think it will bring traffic.

是的。我認為從 Wings 的角度來看，我們——這是一個很好的好處——這是我們從價值領先和創新中看到的好處。因此，這將是一個創新項目，我們認為它將為傑克帶來流量。當我們測試它時，我們發現它的性能非常好。所以我們認為這會帶來流量。

We also think it will improve our attachment rates -- it's similar to what -- when we rolled out Tiny Tacos. I think it's a great product for attachment. We saw that in the test. And so we think there's a substantial benefit in the back half of the year when you think of attachment of Munchies Under $4 or as a meal. And then the Wings, I think, will be a really good lift for us.

我們也認為這將提高我們的依戀率——這與我們推出 Tiny Tacos 時的情況類似。我認為這是一個很棒的依戀產品。我們在測試中看到了這一點。因此，我們認為，當您考慮購買 4 美元以下的零食或將其作為一頓飯時，下半年會有很大的好處。我認為，Wings 對我們來說將是一個非常好的提升。

Great. Thanks so much.

偉大的。非常感謝。

Jon Tower, Citi.

喬恩塔，花旗銀行。

Great. Thanks for taking the question. Just a clarification on the question. On the Munchies Under $4, is that effectively just kind of existing products? Are you introducing some value engineered products on this menu, so there'll be some new news with it?

偉大的。感謝您提出問題。只是對問題的澄清。4 美元以下的零食實際上只是現有產品嗎？您是否在此菜單上推出了一些價值工程產品，因此會有一些新消息？

And then the question is on the value front, in particular, with a lot of the larger brands kind of amplifying their message in the back half. Are you guys contemplating the idea of upping your dollar spend to kind of combat that? Or is it just a shift in mediums and some of the messaging, like you're saying tagging breakfast in most of your advertising?

然後問題是在價值方面，特別是許多較大的品牌在後半部分放大了他們的訊息。你們是否正在考慮增加美元支出來應對這種情況？或者這只是媒介和某些訊息傳遞的轉變，就像您所說的在大多數廣告中標記早餐一樣？

So the Munchies Under $4 is definitely a change to our overall value menu by adding some items. And as you said, tweaking or changing some of the offerings under the Munchies Under $4 with some margin improvement opportunities. Beyond that, we also, as you mentioned, in the back half of the year, what we've seen is on third-party delivery, it's a pay-for-play. People are spending a lot more money to buy share. We've done some reallocation of some media dollars that we think will help us in the back part of the year that we think can offset some of what we lost in third party during Q2. So we think overall, we can improve third party.

因此，4 美元以下的零食肯定是通過添加一些項目來改變我們的整體價值菜單。正如您所說，調整或更改 4 美元以下的零食下的一些產品，並提供一些提高利潤的機會。除此之外，正如您所提到的，我們在今年下半年看到的是第三方交付，這是一種付費遊戲。人們花更多的錢來買股票。我們已經對一些媒體資金進行了重新分配，我們認為這將在今年下半年幫助我們，我們認為這可以抵消我們在第二季度在第三方方面的一些損失。所以我們認為總的來說，我們可以改進第三方。

Our first party is growing tremendously. It grew over 80% at Jack in quarter two and contributed positively to sales. Now we just need third party to continue to be positive, and we'll shift some media that we think can buy a share in the back half of the year.

我們的第一方正在蓬勃發展。Jack 在第二季的銷售額成長了 80% 以上，並對銷售額做出了積極貢獻。現在我們只需要第三方繼續積極，下半年我們會轉向一些我們認為可以買入的媒體。

The other thing on the Munchies Under $4, we can have a lot more consistent pricing across the franchise, which then allows us to market that in a more effective way. So I think that's an important part is just make sure that our customers understand they've got a lot of choices there, and there will be consistency on that pricing across wherever restaurant they go to. That's going to resonate well also. And it will also -- we think it will drive more attachment as well.

關於 4 美元以下的 Munchies 的另一件事是，我們可以在整個特許經營範圍內擁有更一致的定價，使我們能夠以更有效的方式進行行銷。所以我認為重要的是要確保我們的顧客明白他們有很多選擇，無論他們去哪裡餐廳，定價都會保持一致。這也會引起很好的共鳴。我們認為它也會帶來更多的依戀。

Thank you.

謝謝。

Dennis Geiger, UBS.

丹尼斯蓋革，瑞銀集團。

Great. Thank you. I appreciate the commentary and the details on development and the pipeline. It sounds like things are progressing nicely, consistent with your expectations. Just curious if you could talk a little bit more about that development trajectory. And sort of if there's any latest updates on the development environment, as well as just some of the pressures out there across the industry that you've spoken to, and whether that has any impact on pipeline or getting boxes open, anything along those lines? Thank you.

偉大的。謝謝。我很欣賞有關開發和管道的評論和細節。聽起來事情進展順利，符合你的期望。只是好奇您能否多談談這個發展軌跡。以及是否有關於開發環境的任何最新更新，以及您所談到的整個行業的一些壓力，以及這是否對管道或打開盒子有任何影響，類似的事情？謝謝。

So development pipeline continues to grow, as we mentioned in our comments. We're now at 88 sites in permitting and construction. We signed more DAs, 93 development agreements and for 409 restaurants. So it's always critical that the top of the funnel is being built, and that's what we'll consistently share. So ultimately, that net unit growth of 2% becomes clearly visible to the street.

因此，正如我們在評論中提到的，開發管道繼續增長。目前，我們有 88 個地點正在進行許可和施工。我們簽署了更多發展議程、93 份開發協議和 409 家餐廳。因此，建立漏斗頂部始終至關重要，這也是我們將始終分享的內容。因此，最終，2% 的淨單位增長將在街上清晰可見。

Our stores are performing extremely well in Mexico, Salt Lake City, and Louisville. Mexico is averaging $90,000 plus a week. Restaurants opened by the end of the calendar year, more franchise interest in Mexico. Salt Lake City, we have five restaurants opened. The trailing 12 months of over $100,000 in average weekly sales, they're performing extremely well. Eight more restaurants to open by the end of '24 in Salt Lake City. And then Louisville, we have two restaurants open and they're averaging over $70,000 a week in average sales, with five more restaurants to open by the end of 2025.

我們的商店在墨西哥、鹽湖城和路易斯維爾的業績非常出色。墨西哥平均每週收入為 90,000 美元以上。年底開業的餐廳增加了墨西哥特許經營權的興趣。鹽湖城，我們有五家餐廳開業。過去 12 個月平均每週銷售額超過 10 萬美元，他們的表現非常出色。到 2024 年底，鹽湖城也將開設 8 家餐廳。然後是路易斯維爾，我們有兩家餐廳開業，平均每週銷售額超過 7 萬美元，到 2025 年底還將開設 5 家餐廳。

So our new markets are doing well. We have not seen a slowdown in development. I think there's naturally some projects that haven't -- they're not stopping. They just may take a little bit longer, but we haven't seen the development pipeline slow down as a result of what's going on in the market.

所以我們的新市場表現良好。我們沒有看到發展放緩。我認為自然有一些項目沒有停止——它們沒有停止。他們只是可能需要更長的時間，但我們並沒有看到開發管道因市場上發生的情況而放緩。

And then I'll add one more thing and then turn it back over for questions, but Florida is we're excited about the interest we're getting there. We've talked about it at our Investor Day about just the awareness in the market is strong. So we signed over 30 commitments to build in both Tallahassee and Orlando with some experienced operators.

然後我會再添加一件事，然後將其轉回以供提問，但佛羅裡達州我們對我們在那裡的興趣感到興奮。我們在投資者日討論過市場意識很強。因此，我們與一些經驗豐富的營運商簽署了 30 多項在塔拉哈西和奧蘭多進行建設的承諾。

So our plan to grow this brand in new markets is working very well, to expand with new franchisees is working well, and you're starting to see the traction, and we just continue to look forward to updating you as it grows.

因此，我們在新市場發展該品牌的計劃進展順利，與新特許經營商的擴張也進展順利，您開始看到它的吸引力，我們將繼續期待著隨著它的發展向您提供最新信息。

Yes. And the other thing I'd add is that in terms of development, you can imagine California, with California AB 1220, we've heard some -- a little bit of maybe concern or cause or pause on that, just a little bit a little bit longer, but we're seeing a lot of development agreements in the Southeast and other markets. So I think that's also why we're confident in our ability to continue to drive unit growth. And that's why it's been so critical to expand into new markets and bring in new franchisees, so that all the things that you just heard Darin talk about were all in new markets where there's a lot of enthusiasm and driving forward.

是的。我要補充的另一件事是，就發展而言，你可以想像加利福尼亞州，通過加利福尼亞州 AB 1220，我們聽到了一些——可能是一些擔憂、原因或暫停，只是一點點有點長，但我們在東南部和其他市場看到了很多開發協議。因此，我認為這也是我們對繼續推動銷售成長的能力充滿信心的原因。這就是為什麼拓展新市場並引入新的特許經營商如此重要，這樣你剛才聽到達林談論的所有事情都發生在充滿熱情和前進的新市場中。

So we feel good about that really hasn't lost any momentum at this point. If anything, we're continuing to see more new franchisees come in, and we've also got a couple of other markets as well that we'll be announcing here hopefully soon with new franchisees. So momentum is strong. And as we mentioned in the prepared remarks, we're still on track to hit our new unit openings for both brands in this fiscal year and feel like we're setting ourselves up for inflection to higher unit growth in F2025.

因此，我們對此感覺良好，目前還沒有失去任何動力。如果有什麼不同的話，那就是我們繼續看到更多新的特許經營商進入，而且我們還有幾個其他市場，我們希望很快就會在這裡宣布新的特許經營商。所以勢頭很強。正如我們在準備好的發言中提到的那樣，我們仍然有望在本財年為兩個品牌開設新單位，並且感覺我們正在為 2025 年實現更高的單位增長做好準備。

Chris O'Cull, Stifel.

克里斯·奧卡爾，斯蒂菲爾。

Thanks, guys. This is Patrick on for Chris. So the restaurant performance, obviously, Jack was impressive this quarter. And I was hoping you could help us understand just the commodity outlook for the company stores over the remainder of the year, given you didn't decrease your commodity inflation outlook for the year? And then just beyond that, how should we be thinking about the more sustainable drivers that won't come under pressure as we think about how to forecast that out over the second half of the year? Thanks.

多謝你們。這是派崔克代替克里斯。因此，傑克本季的餐廳業績顯然令人印象深刻。鑑於您沒有降低今年的商品通膨前景，我希望您能幫助我們了解公司商店在今年剩餘時間內的商品前景？除此之外，當我們考慮如何預測下半年的情況時，我們應該如何考慮不會面臨壓力的更永續的驅動因素？謝謝。

Thanks, Patrick. Yes, you said commodities have been favorable in the first half of the year. We talked about deflation in both the first and second quarter. We still have a favorable outlook in terms of commodities for the full year. The amount of benefit we expect to moderate in the third and fourth quarter just because we've seen some upward pricing like everybody else in beef prices, but other commodities have continued to still work favorably, and we've hedged well to kind of manage those costs.

謝謝，派崔克。是的，你說上半年大宗商品比較有利。我們談到第一季和第二季的通貨緊縮。我們對全年大宗商品的前景仍然看好。我們預計第三季和第四季的收益會有所放緩，因為我們看到牛肉價格像其他產品一樣上漲，但其他商品仍然繼續表現良好，而且我們已經很好地進行了對沖以進行管理這些費用。

So overall, for the full year, we tightened our restaurant-level margin outlook for the full year on Jack in part because commodity costs have been favorable, and that will continue through the back half of the year. But no, not at the pace we've seen in the first half, but still a good overall and helpful when you consider some of the impacts we're going to feel from the minimum wage increase.

因此，總體而言，就全年而言，我們收緊了傑克全年餐廳層面的利潤率預期，部分原因是商品成本一直有利，而且這種情況將持續到今年下半年。但不，沒有達到我們上半年看到的速度，但總體而言仍然不錯，並且當您考慮最低工資增長對我們將感受到的一些影響時，這仍然是有幫助的。

And the same is true on the Del side, so nice commodity deflation, 1.6% in the second quarter. You still expect to have deflation in the back half of the year, but not at the same level.

德爾方面也是如此，大宗商品通貨緊縮非常好，第二季為 1.6%。您仍預計下半年會出現通貨緊縮，但不會達到同一水平。

Sara Senatore, Bank of America.

薩拉·參議員，美國銀行。

Thank you. I have two questions, but they're both follow-ups, so hopefully it counts as one. The first is that you mentioned the quarter-to-date comp is down one for Jack, which I think on a quarterly basis, would imply stable 2-year if that's the right way to look at it. I know there's been a lot of volatility over the last couple of years. Is that the right interpretation and how you're thinking about the comp trajectory going forward, which is, to your point, your compare gets a lot easier in fiscal 4Q? And so just sort of assuming the underlying trends are stable or is it predicated on improvement given all of the initiatives you have underway? So that was the first.

謝謝。我有兩個問題，但它們都是後續問題，所以希望它算是一個。首先，您提到傑克的季度至今的薪酬下降了，我認為按季度計算，這意味著兩年期穩定，如果這是正確的看待方式的話。我知道過去幾年出現了很大的波動。這是正確的解釋嗎？因此，只是假設基本趨勢是穩定的，還是基於您正在進行的所有舉措的改善？這是第一個。

And just in terms of Smashed, high single-digit mix, but the same-store sales obviously negative, so not entirely incremental. What are you seeing in terms of existing customers trading up versus bringing in new customers to the extent that you can tell? Thanks.

而就Smashed而言，高個位數的組合，但同店銷售額明顯為負，因此並非完全是增量。您認為現有客戶的升級與新客戶的引進有何不同？謝謝。

Yes. So overall, I think you're right, you're seeing our toughest comp was in Q2 and in the back half of it, we started a comp positive on the company side. So we definitely saw improvement over our toughest comp last year. And so definitely, as you look into Q3, you're right, we're looking at about flat on comp. But with growth coming, we think, in the back half of the year as we have less of a lap. And so we think with what we have in the pipeline along with Smashed at a higher ticket, we've got a lot of things working to our benefit in the back half of the year.

是的。所以總的來說，我認為你是對的，你看到我們最艱難的競爭是在第二季度，在後半段，我們在公司方面開始了積極的競爭。因此，我們確實看到了比去年最艱難的比賽有所改善。因此，當您查看第三季時，您是對的，我們正在考慮持平的比較。但隨著成長的到來，我們認為，在今年下半年，我們的時間會減少。因此，我們認為，憑藉我們正在規劃中的內容以及更高票價的《Smashed》，我們在今年下半年做了很多對我們有利的事情。

And so as you think about Smash, there was really some unfortunate events that occurred. As you know, we ran out early because we outperformed. We think that impacted Q2, which is not calculated in the 100 basis points -- we think overall Smashed Jack during the normal promotional window that we had planned, and the lag of four weeks cost us about 100 basis points on Q2. Probably even more so if we would have had it for the entire time when we soft launched it, and we ran into a lack of availability and sold out of the product.

所以當你想到《Smash》時，確實發生了一些不幸的事件。如您所知，我們很早就用完了，因為我們表現出色。我們認為這對第二季度產生了影響，這不是以100 個基點計算的——我們認為在我們計劃的正常促銷窗口期間總體上“粉碎了傑克”，而四個星期的滯後使我們在第二季度損失了大約100 個基點。如果我們在軟發佈時一直擁有它，但我們遇到了可用性不足並售罄的情況，情況可能會更糟。

So we know Smashed Jack is performing as we expected. It did improve mixed shift, and it's a nice up-sell. So we think overall check is up about 200 basis points. And so we continue to be very pleased with what Smashed is doing in light of the environment that occurred during quarter two.

所以我們知道 Smashed Jack 的表現符合我們的預期。它確實改善了混合班次，而且是一個很好的追加銷售。因此，我們認為整體支票上漲了約 200 個基點。因此，鑑於第二季發生的環境，我們仍然對 Smashed 所做的事情感到非常滿意。

Yes. And on the second point, too, on the mix, we saw still pressure on breakfast. Our attachment rates on drinks and combos was lower as well. And so that's why we think there's some of this work on the value side will be very helpful, as we can bring more guests back through and improve attachment rates. I think that's going to be part of our story of how we improved the mix going forward as well.

是的。在第二點上，我們也看到早餐仍然面臨壓力。我們對飲料和套餐的依戀率也較低。這就是為什麼我們認為在價值方面的一些工作將非常有幫助，因為我們可以吸引更多的客人回來並提高依戀率。我認為這也將成為我們如何改進未來組合的故事的一部分。

In terms of -- predominantly, we see more trade up than bringing in new guests, but I think we kind of launched it into a kind of a different environment than we expected. But I think as we go forward, we do believe it will continue to drive more guests in overtime as they get a chance to experience the product. And then again, we want to make sure we have other items on the menu that are going to bring them in. But once -- I mean, everybody's tried the product is impressed, and we think it's a really important part of our go-forward strategy.

就主要而言，我們看到的交易比引進新客人更多，但我認為我們將其引入了與我們預期不同的環境。但我認為，隨著我們的前進，我們確實相信它將繼續吸引更多的客人加班，因為他們有機會體驗該產品。話又說回來，我們要確保菜單上還有其他可以將它們引入的菜餚。但一旦——我的意思是，每個人嘗試過的產品都留下了深刻的印象，我們認為這是我們前進策略的一個非常重要的部分。

Jim Sanderson, Northcoast Research.

吉姆桑德森，北海岸研究中心。

Thanks for the question. I wanted to follow up on the commentary you provided about the point-of-sale system. Just wondering if you can update us on how that will influence the timing of loyalty and potentially adding kiosks across Jack in the Box in Del Taco. Thank you.

謝謝你的提問。我想跟進您提供的有關銷售點系統的評論。只是想知道您是否可以向我們介紹這將如何影響忠誠度的時間以及可能在 Del Taco 的 Jack in the Box 上添加售貨亭的最新情況。謝謝。

Yeah. I think from a standpoint of the POS rolling out is our first focus, and we'll target full implementation by 2025, but we're also aggressively moving towards kiosks. We've seen really good results on the -- so many of our POS systems have a guest-facing component to the POS. So it operates as a kiosk. And we've seen really good countertop performance out of that system. We also add freestanding kiosks into the dining room. And this -- we can do that hand in hand, and we'll lead in California with kiosks throughout the next year to year and a half.

是的。我認為從 POS 推出的角度來看，這是我們的首要重點，我們的目標是到 2025 年全面實施，但我們也積極轉向自助服務終端。我們已經看到了非常好的結果——我們的許多 POS 系統都有面向客人的 POS 組件。因此它作為一個資訊亭運行。我們已經看到該系統的檯面性能非常好。我們還在餐廳中增加了獨立的售貨亭。我們可以攜手做到這一點，並且我們將在未來一年到一年半的時間裡在加州的資訊亭方面處於領先地位。

Yes. On the loyalty side, so as we roll out the new POS in conjunction with that we mentioned, we're also going to be coming out with kind of the next generation of our app. On the Jack side that will roll out here in the next few months. That's going to improve just the overall experience for anybody ordering through the app. It works now well, but we know that there's opportunity to improve that experience. And then between those two things, we'll be able to create a more integrated loyalty program, where if they're ordering through the app, if they're coming in and using the kiosks, they'll just be more easily able to access their loyalty program. And so that's all coming here very soon.

是的。在忠誠度方面，當我們推出新的 POS 以及我們提到的產品時，我們也將推出下一代應用程式。Jack 方面將在未來幾個月內推出。這將改善透過該應用程式訂購的任何人的整體體驗。現在效果很好，但我們知道還有機會改善這種體驗。然後在這兩件事之間，我們將能夠創建一個更整合的忠誠度計劃，如果他們透過應用程式訂購，如果他們進來並使用資訊亭，他們將更容易地能夠訪問他們的忠誠度計劃。所以這一切很快就會到來。

And the kiosk we have in place in Del and at Jack, we're seeing about a 15% to 20% lift in ticket, and about four to six hours a week in savings from labor.

透過我們在德爾和傑克設立的售票亭，我們發現門票價格提高了約 15% 至 20%，每周可節省約 4 至 6 個小時的勞動力。

Thank you.

謝謝。

Thank you.

謝謝。

Jake Bartlett, Truist Securities.

傑克·巴特利特，Truist 證券公司。

Great. Thanks for taking the question. Mine is another one on the Smashed Jack. In the past, I think it's been compared to Buttery Jack, especially the initial test and how strong that was. My question is, how the Buttery Jack mixed initially? And then what was the trajectory after the initial mix? I'm just wondering whether there was a deceleration material, deceleration then build from there. Just kind of what we can expect from this Smashed Jack going forward if they follow the same path.

偉大的。感謝您提出問題。我的是《Smashed Jack》上的另一張。過去，我認為它被與《黃油傑克》進行比較，尤其是最初的測試以及它的強度。我的問題是，Buttery Jack 最初是如何混音的？那麼最初的混音之後的軌跡是什麼呢？我只是想知道是否有減速材料，然後從那裡開始減速。如果他們走同樣的路，我們就可以期待這個「粉碎傑克」的未來。

Yeah. My view is Smashed Jack will have a longer-lasting impact at 6% to 7% of sales and stay solid as just a solid menu performer like our ultimate cheeseburger. Whereas Buttery Jack had a very spike in launch closer to 10% or 11%, where Jack, the Smashed Jack was probably close to 8% or 9%. And then Buttery Jack had a more precipitous fall off. And so, we think, overall, the Smashed Jack, because of what we're doing with innovation, with that product because of how good it is, we think there's a lot of continuation of product extensions that we'll add to the menu that can really help our innovation pipeline.

是的。我的觀點是，Smashed Jack 將產生更持久的影響，佔銷售額的 6% 到 7%，並且像我們的終極起司漢堡一樣，保持穩定的菜單表現。Buttery Jack 的發布率非常高，接近 10% 或 11%，而 Jack, the Smashed Jack 的發布率可能接近 8% 或 9%。然後巴特利·傑克的跌倒更加嚴重。因此，總體而言，我們認為 Smashed Jack 是因為我們在創新方面所做的事情，因為該產品非常好，我們認為我們將在菜單中添加許多產品擴展的延續這確實可以幫助我們的創新管道。

Great. Thanks so much.

偉大的。非常感謝。

Thanks, Jake.

謝謝，傑克。

Alex Slagle, Jefferies.

亞歷克斯·斯萊格爾，杰弗里斯。

Hi, thanks. I just wanted to follow up a little more on menu mix, which has become, I guess, increasingly a bigger headwind in recent quarters for Jack and already been tough for Del Taco for a while, and you called out the Smashed Jack issue this quarter. But just any sense of where we are now in terms of rebalancing back to pre-COVID levels and number of items per check after -- I mean, the mix was up nearly double digit for two years in '20 and '21?Just trying to get a sense of what to expect in the back half on mix and how that plays out going forward.

你好謝謝。我只是想對菜單組合進行更多跟進，我猜這在最近幾季度對Jack 來說越來越成為一個更大的阻力，並且對於Del Taco 來說已經有一段時間很困難了，你在本季提出了“Smashed Jack”問題。但是，我們現在在重新平衡到新冠疫情之前的水平以及之後每次檢查的項目數量方面是否有任何感覺——我的意思是，在20 年和21 年的兩年裡，這一比例增長了近兩位數？試著了解後半段混音的預期以及未來的表現。

Yeah, I think it's a great question. We definitely -- we're not back to the days of pre-COVID -- it is the lowest we've seen on items per ticket since COVID. And what I would say is I think some of that is what we've done from a standpoint of our add-on strategy. I think that's one of the opportunities we have to get more aggressive during this value period, is on those attach and add-on items, and we've got a strategy that in addition to the Munchies Under $4, that will do via our loyalty and via online and digital, that I think can really push back to some attachment rates that we saw.

是的，我認為這是一個很好的問題。我們肯定——我們並沒有回到新冠疫情之前的時代——這是自新冠疫情以來我們所見過的每張門票的最低價格。我想說的是，我認為其中一些是我們從附加策略的角度所做的。我認為這是我們在這個價值期間必須變得更加積極的機會之一，就是在那些附加和附加項目上，除了4 美元以下的零食之外，我們還制定了一項策略，這將通過我們的忠誠度來實現透過線上和數位化，我認為這確實可以降低我們看到的一些附件率。

I don't think we'll get all the way back to pre-COVID, but we definitely think there's an opportunity there that we're pursuing. And part of that is things like Wings, that we mentioned. And then a few other items that we have in the pipeline that we think can really help those attachment rates and drive that items per ticket.

我不認為我們會回到新冠疫情之前，但我們絕對認為我們正在尋求一個機會。其中一部分就是我們提到的「Wings」之類的東西。然後我們正在準備的其他一些項目我們認為可以真正幫助提高附件率並推動每張票的項目。

Thanks.

謝謝。

Thank you, Alex, and thank you all for your questions today. Ladies and gentlemen, that does conclude today's call. Thank you all for joining, and you may now disconnect. Have a great day, everyone.

謝謝你，亞歷克斯，也謝謝大家今天提出的問題。女士們、先生們，今天的電話會議到此結束。感謝大家的加入，現在可以斷開連線了。祝大家有個美好的一天。