Jack in the Box Inc (JACK) 2024 Q4 法說會逐字稿

Please stand by. Good day, everyone and welcome to the Jack fourth-quarter and full-year 2024 earnings webcast. At this time, I would like to hand the call over to Mr. Chris Brandon. Please go ahead, sir.

請稍候。大家好，歡迎收看 Jack 2024 年第四季和全年財報網路廣播。現在，我想將電話轉交給克里斯布蘭登先生。請繼續，先生。

Thanks, operator and good afternoon, everyone. We appreciate you joining today's conference call highlighting results from our fourth quarter and fiscal year 2024. With me today are Chief Executive Officer, Darin Harris; our Chief Financial Officer, Brian Scott; and our interim CFO, Dawn Hooper. Following their prepared remarks, we will be happy to take questions from our covering sell-side analysts.

謝謝接線員，大家下午好。我們感謝您參加今天的電話會議，重點介紹我們第四季和 2024 財年的業績。今天與我在一起的有執行長達林‧哈里斯 (Darin Harris)；我們的財務長布萊恩‧史考特；以及我們的臨時財務長 Dawn Hooper。在他們準備好的發言之後，我們將很樂意回答我們的賣方分析師的問題。

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 the 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中，我們可能會提及非 GAAP 項目。請參閱收益報告中提供的非 GAAP 調節表，該收益報告可在我們的投資者關係網站 jackinthebox.com 上取得。

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.

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。

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 all available on our Investor Relations website. And with that, I would like to turn the call over to our Chief Executive Officer, Darin Harris.

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，並且均可在我們的投資者關係網站上獲取。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. In fiscal 2024, we achieved really significant milestones for our company with the largest number of new restaurants opening in over a decade for Jack In The Box with sustained sales outperformance in new markets; positive net unit growth at both brands, with a growing new restaurant pipeline; progress on brand building initiatives, including first and third party digital; new POS rollout and restaurant reimages; re-franchising of Del Taco, now an asset light business at about 80% franchise owned; and lastly managing through significant inflation plus the cost pressures from increased minimum wages in California.

謝謝克里斯。2024 財年，我們公司實現了真正重要的里程碑，Jack In The Box 開設了十多年來最多的新餐廳，並且在新市場的銷售業績持續出色；隨著新餐廳的不斷增加，兩個品牌的淨單位數量均實現正增長；品牌建立措施的進展，包括第一方和第三方數位化；新 POS 推出和餐廳重新形象； Del Taco 的重新特許經營，現在是一家輕資產企業，擁有約 80% 的特許經營權；最後，應對嚴重的通貨膨脹以及加州提高最低工資所帶來的成本壓力。

Entering 2025, I am encouraged by the start to the year and believe strongly in our ability to continue executing on our transformation strategy to deliver results and shareholder value. I am thrilled to report the recent hiring of our new CFO, Lance Tucker, a familiar face to both the restaurant industry and the Jack brand. Lance will be a terrific addition to our leadership team and will get acclimated very quickly with our teams, many of whom worked with Lance in the past and our business. Most importantly, he will take the time to connect with franchisees and build relationships.

進入 2025 年，我對這一年的開局感到鼓舞，並堅信我們有能力繼續執行轉型策略，以實現成果和股東價值。我很高興地向大家報告，我們最近聘用了新任財務長蘭斯·塔克 (Lance Tucker)，他是餐飲業和傑克品牌都熟悉的面孔。蘭斯將成為我們領導團隊的絕佳補充，並將很快適應我們的團隊，其中許多人過去曾與蘭斯和我們的業務合作過。最重要的是，他會花時間與加盟商建立聯繫並建立關係。

With that said, let's briefly look back at 2024, particularly the progress and results related to net unit growth, new market openings, and digital. Our growth plan, several years in the making, is beginning to take shape and show results.

話雖如此，讓我們簡要回顧一下 2024 年，特別是與淨銷售成長、新市場開放和數位化相關的進展和結果。我們的成長計畫經過數年的醞釀，現已開始成形並取得成果。

There were notable macro challenges that emerged during the year. And I want to thank our franchisees and restaurant leadership teams for their efforts and dedication in serving our guests and making progress on our key long-term ambitions related to digital sales, unit economics, and new restaurant growth. We battled through a tough environment that brought top line headwinds to the industry, and we are adapting to this new environment to accelerate sales throughout 2025 and beyond.

這一年出現了顯著的宏觀挑戰。我要感謝我們的特許經營商和餐廳領導團隊在為客人服務以及在我們與數位銷售、單位經濟效益和新餐廳成長相關的關鍵長期目標方面取得進展所付出的努力和奉獻。我們經歷了為產業帶來頂峰逆風的艱難環境，我們正在適應這種新環境，以加快 2025 年及以後的銷售。

Our investments in modernizing restaurant technology and advancing our digital capabilities are now contributing toward the ambition objectives we shared last January, including becoming a 20% digital business by 2027. We will have nearly 550 Jack In the Box restaurants on our new POS by the end of calendar 2025, all of which include flip kiosk capabilities.

我們對現代化餐廳技術和提升數位化能力的投資正在為我們去年 1 月共同實現的宏偉目標做出貢獻，其中包括到 2027 年實現 20% 的數位化業務。到 2025 年底，我們的新 POS 上將有近 550 家 Jack In the Box 餐廳，所有這些餐廳都包含翻轉亭功能。

I want to extend a huge thanks to our technology teams and franchisees for the tremendous efforts in making this a seamless rollout. Although it is early innings using the new kiosk capabilities, we are experiencing a double digit increase in average check, helped by upsell and many visibility.

我要向我們的技術團隊和加盟商表示衷心的感謝，感謝他們為實現這項無縫部署所付出的巨大努力。儘管使用新的自助服務終端功能還處於早期階段，但在追加銷售和許多知名度的幫助下，我們的平均檢查量出現了兩位數的增長。

We are now starting to test freestanding kiosks and are excited to see how this can drive additional sales and labor efficiencies. New network capability added to all our restaurants this year; plus the POS implementation, enabled us to begin testing kiosks.

我們現在開始測試獨立式資訊亭，並很高興看到這如何提高銷售和勞動力效率。今年我們所有的餐廳都增加了新的網路功能；加上 POS 實施，我們能夠開始測試自助服務終端。

We also launched our new iOS Jack app during the fourth quarter with immediate benefits including an improved user experience, speed of ordering, incremental sales, and accelerated acquisition of loyalty members. With digital, now at over 14%, the combination of the new POS and app for Jack will allow us to dramatically improve our loyalty program to deliver personalized offers and promotions to our growing loyalty guest base.

我們還在第四季度推出了新的 iOS Jack 應用程序，帶來了立竿見影的好處，包括改進的用戶體驗、訂購速度、增量銷售以及加速獲取忠誠會員。數位化程度目前已超過 14%，新的 POS 和 Jack 應用程式的結合將使我們能夠大幅改進我們的忠誠度計劃，為我們不斷增長的忠誠度客戶群提供個人化優惠和促銷活動。

First-party sales continue to grow, higher by 83% year over year in quarter four; and third party now, it's nearly 70% of our total digital business, continues to grow consistently and was up high single digits.

第一方銷售額持續成長，第四季年增 83%；現在，第三方業務占我們數位業務總量的近 70%，並且持續持續成長，並實現了高個位數成長。

First party also saw record setting sales over the last eight weeks. Our digital investments are leading to incremental sales and a growing loyalty membership, which makes reaching guests more efficient and gives us confidence that digital can make a strong contribution in growing total sales this year. And this progress is expected to continue with the upcoming launch of our app for Android and a new mobile web ordering platform.

第一方在過去八週內的銷售額也創下了紀錄。我們的數位投資帶來了銷售額的增加和忠誠度會員的增加，這使得接觸客人變得更加高效，並讓我們相信數位化可以為今年的總銷售額成長做出巨大貢獻。隨著我們即將推出的 Android 應用程式和新的行動網路訂購平台，這一進展預計將繼續下去。

Now we attacked the macro backdrop aggressively in the fourth quarter, highlighted by our Munchies Under $4 platform, which drove an everyday value message and resulted in increased items per check and year-over-year improvement in average ticket. This will remain a permanent part of our menu and will continue to evolve and expand.

現在，我們在第四季度積極應對宏觀背景，特別是我們的 4 美元以下的 Munchies 平台，該平台推動了日常價值信息，導致每張支票的項目增加，平均票價同比改善。這將仍然是我們菜單中永久的一部分，並將繼續發展和擴展。

Our focus on value has continued through the recent LTOs of our Bonus Jack and 2 for $3 monster Tacos, which have been successful. Early in the quarter, we saw a strong average check supported by our spicy Chicken Strips and we made news with our Deadpool & Wolverine partnership which featured many chimneys as a product tie in.

我們對價值的關註一直持續到最近的 Bonus Jack 和 2 for 3 美元巨型 Tacos 的 LTO，這些都取得了成功。在本季度初，我們看到了我們的辣雞條帶來了強勁的平均支票，並且我們與 Deadpool 和 Wolverine 的合作夥伴關係成為新聞，該合作夥伴關係以許多煙囪作為產品搭配。

Breakfast improved in the fourth quarter, supported by French toast sticks, permanent and LTOs including the chicken and waffle sticks and scrambler sandwiches. We will continue to feature breakfast value in every window, highlighted by our $5 Breakfast Meals and 2 For $3 Breakfast Jack.

第四季的早餐有所改善，包括法式吐司棒、永久麵包和 LTO（包括雞肉、華夫餅棒和炒三明治）。我們將繼續在每個窗口提供早餐優惠，其中包括 5 美元早餐餐和 3 美元 2 份早餐傑克。

I'm encouraged to see this daypart moving in the right direction. The late-night daypart continued its streak as our best performer but followed closely by a much improved dinner daypart.

看到這一天朝著正確的方向發展，我感到很鼓舞。深夜時段繼續成為我們表現最好的時段，但緊隨其後的是晚餐時段的表現有了很大改善。

As I stated earlier, I am pleased with the start to fiscal year 2025. This emphasis on digital, value, and innovation helped us exit the fourth quarter with sales and transaction momentum with first quarter to date running at about 1% positive same store sales, look for us to continue to reach both the value and premium guest with innovation as we currently are executing with our Biscoff Shake and Donut Holes as well as Birria Tiny Tacos and the introduction of our Sourdough Smashed Jack.

正如我之前所說，我對 2025 財年的開始感到滿意。對數位化、價值和創新的重視幫助我們在第四季度結束時實現了銷售和交易勢頭，第一季度迄今為止的同店銷售正增長約 1%，期待我們繼續透過創新吸引價值和高端客戶因為我們目前正在執行Biscoff Shake 和Donut Holes 以及Birria Tiny Tacos 以及Sourdough Smashed Jack 的推出。

We will also support both value and breakfast as we have with our $5 Meals and Munchies Under $4. We will drive digital via first- and third-party offers an aggressive activity, and we will bring back fan favorites as we are currently doing with our potato wedges LTO.

我們還將支持超值早餐和早餐，就像我們 5 美元的餐點和 4 美元以下的零食一樣。我們將透過第一方和第三方提供積極的活動來推動數位化，我們將帶回粉絲的最愛，就像我們目前對馬鈴薯塊 LTO 所做的那樣。

Shifting to unit growth, our primary initiative to drive long term shareholder value. We're now at 101 development agreements for 464 restaurant commitments, and we signed our first franchise agreement for Chicago in Q4, which will be incremental to our eight company-owned locations opening this year.

轉向單位成長，這是我們推動長期股東價值的主要舉措。我們目前已簽署 101 份開發協議，承諾開設 464 家餐廳，並且我們於第四季度簽署了芝加哥第一份特許經營協議，這將是我們今年開業的八家公司自營餐廳的增量。

Chicago is also part of our current cloud kitchen test with two locations up and running, but I am certainly excited to cut the ribbon on our first full restaurant location in the second quarter of this year. This, in addition to our entry into Florida later in 2025, sets us up for a special year for the brand and our team is on the ground are working hard to ensure a terrific first impression of the Jack experience in these two new markets.

芝加哥也是我們目前雲端廚房測試的一部分，有兩個地點已啟動並運行，但我當然很高興能在今年第二季度為我們的第一個完整餐廳地點剪綵。再加上我們將於 2025 年稍後進入佛羅裡達州，這為我們品牌迎來了特殊的一年，我們的團隊正在當地努力確保 Jack 在這兩個新市場上獲得良好的第一印象。

In addition, we recently signed new franchise agreements to join our growth effort in Mexico, completing six new restaurant commitments to open in two new territories. And just this week, we completed a development agreement to enter Detroit, our second market in Michigan.

此外，我們最近簽署了新的特許經營協議，以加入我們在墨西哥的成長努力，完成了在兩個新地區開設六家新餐廳的承諾。就在本週，我們完成了進入底特律的開發協議，底特律是我們在密西根州的第二個市場。

Restaurant openings and new market performance were both a major highlight in 2024, a year where we increased our gross openings by 50% with 10 more restaurants than prior year and saw sustained momentum of new restaurants and white space markets.

餐廳新開張和新市場表現都是2024 年的一大亮點，這一年我們的新開餐廳總額增加了50%，比上年增加了10 家餐廳，並且看到了新餐廳和空白市場的持續增長勢頭。

New restaurants continue to outperform the system in both core territories and new markets. And of our 30 new restaurants in fiscal 2024, five opened in Salt Lake City and continue to collectively achieve over $90,000 in weekly AUVs with three restaurants now open for over a year.

新餐廳在核心地區和新市場的表現持續優於系統。在我們 2024 財年新開的 30 家餐廳中，有 5 家在鹽湖城開業，每週 AUV 總額繼續達到 90,000 美元以上，其中 3 家餐廳現已開業一年多。

Our two Louisville restaurants are averaging nearly $60,000 a week with performance sustaining nicely during our first full year in the market. And our two Chihuahua restaurants in Mexico, while still early, are performing better than expected.

我們位於路易斯維爾的兩家餐廳平均每週營業額接近 60,000 美元，在我們進入市場的第一個完整年度中，業績一直保持良好。我們在墨西哥的兩家奇瓦瓦餐廳雖然還處於早期階段，但業績好於預期。

Bringing new franchises to Jack In The Box has been a major focus for our team since the beginning, and we're seeing that focus pay off. We have added 22 new franchisees to the system, the most in our brand's history. We are thrilled to have these new operators join Jack during this key moment for our long-term growth story which is currently ahead of schedule.

從一開始，為 Jack In The Box 帶來新的特許經營權一直是我們團隊的主要關注點，我們看到這種關注得到了回報。我們在該系統中新增了 22 家特許經營商，這是我們品牌歷史上最多的。我們很高興這些新營運商在這個關鍵時刻加入傑克，以實現我們目前提前完成的長期成長故事。

While it's still early in our reimage program, we have committed $50 million on a multi year basis to support the over 1,100 requests for remodels we have received. And we're beginning to see some progress. We've now completed 17 of our industrial re-images with 67 in the design and permitting stage. And the future of our re-image platform, the Crave design now has 377 sites approved to participate in our capital incentive program.

雖然我們的改造計劃仍處於早期階段，但我們已承諾多年投入 5,000 萬美元，以支持我們收到的 1,100 多項改造請求。我們開始看到一些進展。我們現已完成 17 項工業重新映像，其中 67 項處於設計和授權階段。Crave 設計是我們重塑形象平台的未來，目前已有 377 個站點獲準參與我們的資本獎勵計畫。

This is a great start, and we look forward to providing more updates in the future, including performance from these restaurants which have historically ran around a 15% same store sales lift. Our margin improvement initiatives continue to roll out, and we believe both our franchisee and company owned restaurant level margins will improve.

這是一個好的開端，我們期待在未來提供更多更新，包括這些餐廳的業績，這些餐廳歷來同店銷售額提升約 15%。我們的利潤改善計劃繼續推出，我們相信我們的特許經營商和公司自有餐廳的利潤率都會提高。

We're also in the process of finalizing our beverage provider contract and believe the new equipment will improve product quality and definitely generate significant cost savings that will benefit restaurant level margins. These initiatives which include oil management, inventory management, and continued equipment implementation will continue to help offset AB 1228 and other cost pressures we are facing.

我們也正在敲定我們的飲料供應商合同，並相信新設備將提高產品質量，並肯定會產生顯著的成本節約，這將有利於餐廳的利潤率。這些措施包括石油管理、庫存管理和持續的設備實施，將繼續幫助抵消 AB 1228 和我們面臨的其他成本壓力。

In 2025 we will update our organizational structure to be more focused on the guest and their experience with a back-to-basics operational approach through a frictionless digital pickup experience. Our guests expect and we will deliver better speed and accuracy at the drive through. And we will absolutely have an obsession to reduce guest alerts, especially on these digital orders.

2025 年，我們將更新我們的組織結構，透過無摩擦的數位接送體驗，透過回歸基本的營運方法，更加關注客人及其體驗。我們的客人期望並且我們將在駕車通過時提供更好的速度和準確性。我們絕對會沉迷於減少客人警報，尤其是這些數位訂單。

We believe all of this will lead to a better overall guest satisfaction. And when you couple this with our great tasting food and all day, every day menu variety, it will make the future Jack experience more valuable for our guests.

我們相信所有這些都將帶來更好的整體賓客滿意度。當您將其與我們美味的食物和全天、每天的菜單相結合時，這將使未來的傑克體驗對我們的客人來說更有價值。

Now, I want to turn to Del Taco, the leadership team, there is making progress to transform this business, and that's helped by our first brand research study and guest segmentation work in seven years. We will be enhancing the media and marketing calendar that aligns to this segmentation work.

現在，我想談談 Del Taco 的領導團隊，這項業務的轉型正在取得進展，這要歸功於我們七年來的首次品牌研究和賓客細分工作。我們將加強與此細分工作一致的媒體和行銷日曆。

We will focus on rebuilding the innovation pipeline to support a barbell offering to meet the demands of both the value and premium guests. Very, very excited to report that our new menu initiative launched system wide yesterday after a successful test, demonstrating improved speed, positive feedback from operators, and improvements to top and bottom-line performance. We look forward to reporting on how this performs throughout the remainder of the year and beyond.

我們將專注於重建創新管道，以支援槓鈴產品，以滿足價值和高端客人的需求。非常非常興奮地報告，我們的新菜單計劃在成功測試後昨天在全系統範圍內推出，展示了速度的提高、操作員的積極反饋以及頂線和底線性能的改進。我們期待報告今年剩餘時間及以後的表現。

The team is working hard towards positioning this brand to compete for the long term and grab share from the number one player. I've been part of many brand transformation projects in my career, and this takes time, but I can see the progress being made. For example, our transactions saw sequential improvement for the first time in several quarters, demonstrating that our focus on value may be starting to take shape.

該團隊正在努力將該品牌定位為長期競爭並從第一名玩家手中奪取份額。在我的職業生涯中，我參與了許多品牌轉型項目，這需要時間，但我可以看到正在取得的進展。例如，我們的交易在幾個季度中首次出現連續改善，這表明我們對價值的關注可能已經開始形成。

I'm optimistic that we will begin to see fundamental improvements in 2025 led by an improved innovation and media calendar, expanding the rollout of freestanding kiosks with 63 now installed and 300 additional plan by the end of 2025 where we have seen a 15% to 20% average check lift from kiosk orders.

我樂觀地認為，我們將在2025 年開始看到根本性的改進，這主要是透過改進創新和媒體日曆，擴大獨立式資訊亭的推出，現已安裝63 個，併計劃到2025 年底增加300 個，其中我們已經看到15%自助終端訂單的平均支票提升量為 20%。

We will add catering, representing a brand new organization and currently something we have under test. We will evolve the Del Yeah! Rewards Program, and we will focus on scalable cost and margin saving initiatives, similar to those up and running at Jack In the Box that will dramatically help the bottom line.

我們將增加餐飲服務，代表一個全新的組織，目前我們正在測試中。我們將進化德爾耶！獎勵計劃，我們將專注於可擴展的成本和利潤節省計劃，類似於 Jack In the Box 中啟動和運行的計劃，這將極大地提高利潤。

I'd also like to note our progress on making Del Taco an asset like business as we are now at 80% franchised. Our new Del franchisees are very excited about what the future holds, now operating within a category that represents incredible opportunity to grow and gain share.

我還想指出我們在將 Del Taco 打造成類似資產的企業方面所取得的進展，因為我們現在 80% 是特許經營的。我們的新德爾特許經營商對未來感到非常興奮，他們現在在一個代表著令人難以置信的成長和獲得份額機會的類別中運作。

In closing, I'd like to take this opportunity to thank Brian for his time with Jack In the Box and wish him well on his return to his former company and Industry. And I'd also like to thank Dawn Hooper for stepping up once again to serve as interim CFO between now and Lance's start in mid-January.

最後，我想藉此機會感謝 Brian 與 Jack In the Box 的合作，並祝他回到以前的公司和行業一切順利。我還要感謝道恩·胡珀（Dawn Hooper）再次站出來擔任臨時財務官，從現在到蘭斯一月中旬上任為止。

I anticipate 2025 to be an outstanding year of progress towards achieving our ambitions and delivering sustained long-term value for our shareholders. I'll take this moment now to turn the call over to Brian.

我預計 2025 年將是實現我們的抱負並為股東提供持續的長期價值方面取得進展的傑出一年。我現在將把電話轉給布萊恩。

Thanks Darin and good afternoon, everyone. I'll begin by reviewing the results of our two brands individually, and then we'll provide details on our 2024 consolidated performance and 2025 guidance. Beginning with Jack In the Box, our fourth quarter system, same store sales declined 2.1%, with franchise comps lower by 2% and company-owned comps down 2.2%. This result included a decrease in transactions and negative mix, partially offset by a 4.8% increase in price.

謝謝達林，大家下午好。我將首先分別回顧我們兩個品牌的業績，然後我們將提供有關 2024 年綜合業績和 2025 年指導的詳細資訊。從我們第四季系統 Jack In the Box 開始，同店銷售額下降了 2.1%，其中特許經營銷售額下降了 2%，公司自有銷售額下降了 2.2%。這一結果包括交易量減少和負面組合，但部分被價格上漲 4.8% 所抵消。

We continue to drive increases in mobile and delivery channels and are excited by the early signs from our kiosk tests at both brands, which will ultimately help drive higher average ticket and restaurant efficiencies. Our ongoing investments in technology and marketing are paying off as we work towards achieving our ambition of 20% of sales through digital channels.

我們繼續推動行動和配送通路的成長，並對兩個品牌的自助服務終端測試的早期跡象感到興奮，最終將有助於提高平均門票和餐廳效率。我們在技術和行銷方面的持續投資正在獲得回報，我們正在努力實現 20% 銷售額來自數位管道的目標。

Turning to restaurant count, we opened 16 restaurants in the quarter. For the full year, there were 30 Jack restaurant openings, the highest number in over a decade along with 25 closures resulting in Jack delivering positive net restaurant growth for the year. We ended the year with 2,191 restaurants.

至於餐廳數量，本季我們新開了 16 家餐廳。全年，Jack 餐廳新開業 30 家，為十多年來的最高數量，同時關閉 25 家餐廳，導致 Jack 餐廳今年淨淨增長。截至年底，我們的餐廳總數為 2,191 家。

Our development pipeline continues to grow, and we are tracking well for another step up in openings in 2025. An exciting example of the expanding pipeline includes our recently announced deals in Chicago and Detroit which Darren mentioned earlier.

我們的開發管道持續成長，我們正在順利地在 2025 年進一步增加空缺職位。不斷擴大的管道的一個令人興奮的例子包括我們最近宣布的在芝加哥和底特律的交易，達倫之前提到過。

Jack restaurant level margin for the quarter decreased year over year by 220 basis points to 18.5%. The margin decrease was mainly driven by the lower same store sales during a period of increases in wages from California's new minimum wage law along with certain other restaurant level cost increases.

Jack 餐廳本季利潤率較去年同期下降 220 個基點至 18.5%。利潤率下降的主要原因是加州新的最低工資法導致薪資上漲，以及其他餐廳層級的成本上漲，導致同店銷售額下降。

Food and packaging costs, as a percentage of company on sales, declined 50 basis points to 30.3% driven by price increases exceeding an approximately 2% increase in commodity inflation and an unfavorable sales and exchange.

食品和包裝成本占公司銷售額的百分比下降了 50 個基點，至 30.3%，原因是價格上漲超過了商品通膨約 2% 的漲幅以及不利的銷售和交換。

Labor cost, as a percentage of company owned sales, increased 180 basis points to 32.7%, primarily due to wage inflation of over 14% from implementing AB 1228 along with negative sales leverage. Occupancy and other operating costs, as a percentage of company on sales, increased 100 basis points to 18.6%.

勞動成本占公司自有銷售額的百分比增加了 180 個基點，達到 32.7%，這主要是由於實施 AB 1228 導致工資上漲超過 14%，以及負銷售槓桿。入住率和其他營運成本占公司銷售額的百分比增加了 100 個基點，達到 18.6%。

Franchise-level margin was $70.9 million or 40.4% of franchise revenues compared to $71.1 million or 39.9% a year ago. The dollar decrease was driven by lower franchise same store sales and lower early termination fees, partly offset by lower IT support costs and higher franchise lease termination income.

特許經營層利潤率為 7,090 萬美元，佔特許經營收入的 40.4%，而一年前為 7,110 萬美元，佔特許經營收入的 39.9%。美元下降的原因是特許經營同店銷售額下降和提前終止費用降低，但 IT 支援成本降低和特許經營租賃終止收入增加部分抵消了這一影響。

For Del Taco, system same-store sales declined 3.9%, consisting of company-owned comps down 3% and franchise comps down 4.2%. This decline was driven by a decrease in transactions and an unfavorable mix, partially offset by an 8.2% price increase.

Del Taco 的系統同店銷售額下降了 3.9%，其中公司自營銷售額下降了 3%，特許經營銷售額下降了 4.2%。這一下降是由於交易減少和不利的組合造成的，但部分被價格上漲 8.2% 所抵消。

For the full year, there were 14 restaurant openings and 12 restaurant closures. Del Taco ended the year with a restaurant calendar of 594. Del Taco restaurant level margin was 9.3% compared to 14.8% in the prior year. This decrease was primarily driven by transaction declines, inflationary increases in wages, and other restaurant operating costs, partially offset by menu price increase and a change in restaurant mix.

全年有 14 家餐廳開業，12 家餐廳關閉。Del Taco 以 594 家餐廳日曆結束了這一年。Del Taco 餐廳水準利潤率為 9.3%，而前一年為 14.8%。這一下降主要是由於交易下降、工資通膨上漲和其他餐廳營運成本造成的，但部分被菜單價格上漲和餐廳組合的變化所抵消。

Food and packaging costs decreased 200 basis points to 25.2%, due primarily to price increases more than offsetting about 2% commodity inflation. Labor costs increased 430 basis points to 39%, primarily due to approximately 16% wage inflation driven by the new California minimum wage regulation.

食品和包裝成本下降 200 個基點至 25.2%，主要是由於價格上漲抵消了約 2% 的商品通膨。勞動成本增加了 430 個基點，達到 39%，主要是由於新的加州最低工資法規推動了約 16% 的工資上漲。

Occupancy and other costs increased 320 basis points to 26.5%, driven primarily by higher utilities, maintenance, and IT costs. Franchise level margin was $6 million or 26.5% of franchise revenues as compared to $6.3 million or 32.5% in the prior year.

佔用率和其他成本增加了 320 個基點，達到 26.5%，這主要是由於公用事業、維護和 IT 成本增加。特許經營水準利潤率為 600 萬美元，佔特許經營收入的 26.5%，而前一年為 630 萬美元，佔特許經營收入的 32.5%。

The dollar decrease was driven by our higher IT expenses, partially offset by increased royalties and re-franchising transactions. The margin percentage declined primarily from the additional re-franchising and the impact of the past due rent and marketing fees.

美元下降是由我們較高的 IT 支出推動的，但部分被特許權使用費和再特許經營交易的增加所抵消。利潤率下降主要是由於額外的再特許經營以及逾期租金和行銷費用的影響。

Moving to our consolidated results. SG&A for the fourth quarter was $30 million or 8.6% of revenues as compared to $43.7 million or 11.7% a year ago. The biggest drivers of the decrease were a $6 million benefit from current year gains on the cash around the value of our company owned life insurance policies and $3 million lower incentive based compensation as well as decreases in legal share-based compensation and other operating expenses.

轉向我們的綜合業績。第四季的銷售及管理費用為 3,000 萬美元，佔營收的 8.6%，而去年同期為 4,370 萬美元，佔營收的 11.7%。下降的最大驅動因素是我們公司擁有的人壽保險保單價值附近的本年度現金收益帶來的 600 萬美元收益，以及基於激勵的薪酬減少 300 萬美元，以及法定股票薪酬和其他營運費用的減少。

Excluding the net COLI gains along with company on marketing expenses, G&A was $26.6 million or 2.2% of total system wide sales. Consolidated adjusted EBITA was $65.5 million down from $68.4 million in the prior year, due primarily to the impacts from Del Taco re-franchising and the decrease in sales, partially offset by the lower G&A. GAAP diluted earnings per share was a $12 for the quarter compared to $8 in the prior year.

不包括 COLI 的淨收益以及公司的行銷費用，一般管理費用為 2,660 萬美元，佔系統總銷售額的 2.2%。合併調整後 EBITA 為 6,550 萬美元，較上一年的 6,840 萬美元下降，主要是由於 Del Taco 重新特許經營和銷售額下降的影響，但部分被總管理費用下降所抵消。本季 GAAP 攤薄後每股收益為 12 美元，而去年同期為 8 美元。

Operating earnings per share, which includes certain adjustments was a $16 for the quarter versus $10 in the prior year. Our effective tax rate for the quarter was 29.2% compared to 33.1% in the prior year quarter. The effective tax rate for such periods differed from the statutory tax rate primarily due to the impact of non-deductible goodwill related to the sale of company operated restaurants, partially offset by non-taxable COLI gains in both fiscal years.

本季每股營業利潤（包括某些調整）為 16 美元，而去年同期為 10 美元。我們本季的有效稅率為 29.2%，而去年同期為 33.1%。該期間的有效稅率與法定稅率不同，主要是由於與出售公司經營的餐廳相關的不可扣除商譽的影響，部分被兩個會計年度的非應稅中國海外發展收益所抵消。

The non-GAAP operating EPS tax rate was 28.1% for the fourth quarter and 27.2% for the full fiscal year. Cash flow from operations for the quarter were $29.6 million and for the full year was $68.8 million. The full year operating cash flow was muted in part from $50 million of fiscal 2023 income tax payments that were deferred into fiscal '24 as well as a $25 million litigation settlement payment.

第四季非 GAAP 營運 EPS 稅率為 28.1%，整個財政年度營運 EPS 稅率為 27.2%。本季營運現金流為 2,960 萬美元，全年營運現金流為 6,880 萬美元。全年營運現金流量減少的部分原因是 2023 財年的 5,000 萬美元所得稅付款（延後到 24 財年）以及 2,500 萬美元的訴訟和解付款。

Our capital expenditures were $29.7 million for the quarter and $115.5 million for the full year and included investments in our technology and digital initiatives, increased development of new company restaurants, and remodeling of the existing restaurants.

我們本季的資本支出為 2,970 萬美元，全年資本支出為 1.155 億美元，其中包括對科技和數位計畫的投資、增加新公司餐廳的開發以及對現有餐廳的改造。

Our capital allocation plan continues to focus first on investing in our long term strategy, including our restaurant growth and technology initiatives. We're also returning cash to shareholders through dividends and selective share repurchases.

我們的資本分配計劃繼續首先關注投資我們的長期策略，包括我們的餐廳成長和技術計劃。我們也透過股利和選擇性股票回購向股東返還現金。

Accordingly, on November 14, our Board of Directors declared a cash dividend of $0.44 per share to be paid on December 30. And during Q4, we repurchased approximately 300,000 shares for $15 million. For the full year, we repurchased approximately 1.1 million shares for $70 million. As of year end, we had $180 million remaining under our board authorized share repurchase program.

因此，11 月 14 日，我們的董事會宣布將於 12 月 30 日支付每股 0.44 美元的現金股利。在第四季度，我們以 1500 萬美元回購了大約 30 萬股股票。全年，我們以 7,000 萬美元回購了約 110 萬股股票。截至年底，董事會授權的股票回購計畫還剩 1.8 億美元。

We ended the year with an unrestricted cash balance of $24.7 million. We also had available borrowing capacity of $169.5 million. Our total debt at year end was $1.8 billion with our net debt to adjusted EBITDA leverage ratio at 5.3 times.

年底，我們的無限現金餘額為 2,470 萬美元。我們還有 1.695 億美元的可用借貸能力。截至年底，我們的總債務為 18 億美元，淨債務與調整後 EBITDA 的槓桿率為 5.3 倍。

Lastly, I'll cover our current outlook for 2025. On a consolidated basis, we're expecting the following. Capital expenditures of $105 million to $115 million, SG&A expenses of $160 million to $170 million, depreciation and amortization of $58 million to $60 million, share repurchases of approximately $20 million, operating EPS tax rate of approximately 27.5%, adjusted EBIDA of $288 million to $303 million, and operating EPS of $5.05 to $5.45.

最後，我將介紹我們目前對 2025 年的展望。綜合來看，我們預期會出現以下情況。資本支出為1.05 億至1.15 億美元，SG&A 費用為1.6 億至1.7 億美元，折舊及攤銷為5,800 萬至6,000 萬美元，股票回購約為2,000 萬美元，營業EPS 稅率約為27.5%，調整後的EBIDA 為2.88 億美元至3.03 億美元，營業每股收益為 5.05 至 5.45 美元。

For the Jack In the Box segment, we are expecting the following. Same store sales are flat to up 1%; 35 to 45 gross restaurant openings; company owned restaurant level margin of 20% to 22%, which reflects the full year impact of AB 1228 wage increases and assumes low single digit commodity inflation; and franchise level margin of 40% to 41%.

對於“Jack In the Box”部分，我們期待以下內容。同店銷售額持平至成長 1%； 35 至 45 家餐廳開幕總數；該公司擁有的餐廳水準利潤率為 20% 至 22%，這反映了 AB 1228 工資增長的全年影響，並假設商品通膨率較低；特許經營水準利潤率為 40% 至 41%。

For the Del Taco segment, we're expecting the following. Same-store sales approximately flat to down 1%; 15 to 20 gross restaurant openings; company owned restaurant level margin of 9% to 11%, which reflects the full year impact of AB 1228 wage increases and assumes mid-single digit commodity inflation; and franchise level marks for 25% to 26%.

對於 Del Taco 細分市場，我們的預期如下。同店銷售額大致持平至下降 1%； 15 至 20 家餐廳開幕總數；該公司擁有的餐廳水準利潤率為 9% 至 11%，這反映了 AB 1228 薪資成長對全年的影響，並假設商品通膨為中個位數；特許經營等級為25%至26%。

I would like to provide some additional context regarding our guidance. Part of my final efforts here at Jack included the completion of our 2025 budget and a refresh of our top priorities for the coming year. This process established the framework for fiscal 2025 guidance and our path from this point towards achieving our long-term ambitions.

我想提供一些有關我們指導的額外背景資訊。我在 Jack 的最後工作包括完成 2025 年預算以及更新來年的首要任務。這個過程確立了 2025 財年指導框架，以及我們從此實現長期目標的道路。

Although we've spoken today about the great progress made last year across multiple strategic initiatives, we also face some near-term industry headwinds that shape our expectations for next year. And while we are encouraged by the improved sales trend at Jack to start the year, it is early, and our full year sales guidance reflects some near-term gross margin pressures. This includes about $15 million of additional expense, annualizing the impact of California's new minimum wage law.

儘管我們今天談到了去年多項戰略舉措所取得的巨大進展，但我們也面臨著一些近期的行業阻力，這些阻力影響了我們對明年的預期。雖然我們對 Jack 年初銷售趨勢的改善感到鼓舞，但現在還為時過早，我們的全年銷售指引反映了一些近期毛利率壓力。這包括約 1500 萬美元的額外費用，按年計算加州新最低工資法的影響。

We are also expecting a more historically normalized commodity inflation after experiencing net deflation for combined brands in fiscal 2024 along with increased utility costs this year and realizing the full year impact from Del Taco re-franchising transactions.

在經歷了 2024 財年合併品牌的淨通貨緊縮以及今年公用事業成本的增加以及 Del Taco 重新特許經營交易對全年的影響之後，我們還預計大宗商品通膨將更加歷史性地正常化。

On the G&A front, we are proud of the efficiency gains achieved to the Del Taco integration and our ongoing process improvement initiatives. However, G&A is expected to be higher in fiscal 2025 as we lap their prior year $4 million actual reserve benefits and reset our incentive compensation accruals to target as well as having increased pre-opening costs for our company owned restaurants opening in 2025.

在一般管理費用方面，我們對 Del Taco 整合所取得的效率提升以及我們持續的流程改善措施感到自豪。然而，由於我們放棄了上一年400 萬美元的實際準備金福利，並將應計激勵薪酬重置為目標，並且增加了我們公司自營餐廳在2025 年開業的開業前成本，預計2025 財年的一般管理費用將會更高。

We remain confident that our investments in digital, new market expansion, restaurant technology, operational improvements and our uniquely craveable menus will drive positive same-store sales over time along with higher incremental level of profitability. This team has made tremendous progress over the last several years that set the foundation for delivering consistent and meaningful long-term shareholder value.

我們仍然相信，我們在數位化、新市場擴張、餐廳技術、營運改善和我們獨特的令人垂涎的菜單方面的投資將隨著時間的推移推動積極的同店銷售以及更高的盈利水平增量。該團隊在過去幾年中取得了巨大進步，為提供一致且有意義的長期股東價值奠定了基礎。

Before we open up the call for questions, I would like to take a moment to express my appreciation of Darin and the entire Jack in the Box team for my time here. The passion and dedication to our brands bleed throughout this organization and I'm excited to watch the company's continued growth and success in the coming years. And with that operator, please feel free to open the line for Q&A.

在我們開始提問之前，我想花點時間對 Darin 和整個 Jack in the Box 團隊花時間在這裡表示感謝。對我們品牌的熱情和奉獻精神遍布整個組織，我很高興看到公司在未來幾年持續成長和成功。請隨時與該接線員聯繫進行問答。

(Operator Instructions) Lauren Silberman, Deutsche Bank.

（操作員指令）Lauren Silberman，德意志銀行。

Thank you for the question. So I wanted to ask about quarter to date. You said it's running up 1% which is a pretty meaningful acceleration from the fourth quarter. So can you talk about what's driving that acceleration and the extent that you expect those trends to continue as we move through the quarter? Thank you.

謝謝你的提問。所以我想問一下迄今為止的季度情況。你說它成長了 1%，與第四季相比這是一個相當有意義的加速。那麼，您能否談談是什麼推動了這種加速，以及您預計這些趨勢在本季會持續到什麼程度？謝謝。

Thanks Lauren. Yeah, I think what we've seen is we've had a -- our calendar has been aligned to both innovation and value during this time. And we've seen, as we said, meaningful improvement to coming out of quarter four and into quarter one. And we're running at approximately 1% same store sales growth at Jack.

謝謝勞倫。是的，我認為我們所看到的是，我們的日曆在這段時間與創新和價值保持一致。正如我們所說，我們已經看到第四季和第一季取得了有意義的進步。Jack 的同店銷售額成長率約為 1%。

A lot of that has also been -- that innovation and premium has been paired with us continue to lean into digital. As you know, we've rolled out our new app. We are about to roll out into an Android component of that app as well. And all of these things are working to drive sales in a more meaningful way.

其中許多也是——創新和優質與我們繼續傾向於數位化相結合。如您所知，我們已經推出了新應用程式。我們也即將推出該應用程式的 Android 元件。所有這些都致力於以更有意義的方式推動銷售。

Brian Mullan, Piper Sandler.

布萊恩·穆蘭，派珀·桑德勒。

Thank you. Just a question on Del Taco. I just want to ask about the restaurant level margin guide for the year. You know, if we go back to the Investor Day in January, we got to hear a lot from Tom Rose and the opportunity to actually grow these over time.

謝謝。只是關於德爾塔科的問題。我只是想問一下今年餐廳等級的利潤指南。你知道，如果我們回到一月份的投資者日，我們會聽到湯姆·羅斯的許多聲音，以及隨著時間的推移實際增長這些的機會。

So I know, it's a tough consumer environment and you're dealing with AB 1228. So my question is really just, do you still feel good about the work that has gone on behind the scenes? Maybe what's the right way to think about a normalized margin in that business and then what the path is to get to where you want to be?

所以我知道，這是一個艱難的消費者環境，而您面對的是 AB 1228。所以我的問題很簡單，你對幕後進行的工作仍然感覺良好嗎？也許思考該業務的正常化利潤率的正確方法是什麼，然後到達您想要的目標的路徑是什麼？

So Brian, I think the work that we're doing, similar to what we did at Jack with financial fundamentals, is working and in progress. And I think some of the discipline that Tom has implemented around inventory management and other things has enabled us to run our P&L from a food and packaging standpoint substantially better by almost 2 points than we did in the past.

所以布萊恩，我認為我們正在做的工作，類似於我們在傑克所做的財務基礎知識，正在發揮作用並正在進行中。我認為湯姆在庫存管理和其他方面實施的一些紀律使我們能夠從食品和包裝的角度來運行損益表，比過去提高了近 2 個百分點。

The real challenge has been with AB 1228 and the inflation we've had related to it has driven up, you know, labor by about 4 -- a little over 4 points. And then also with electricity in California in some of our restaurants, it's also been driving up the P&L.

真正的挑戰是 AB 1228 和與之相關的通貨膨脹，你知道，勞動力增加了大約 4 個百分點——略多於 4 個百分點。此外，我們在加州的一些餐廳也使用了電力，這也推高了損益表。

So the key here is driving top line. And if we drive top line, I think the margins come in line and it all flows. And the last thing I would say, with the new menu rollout that we introduced at Investor Day, we're seeing substantial improvement in our business from a topline standpoint and a bottom-line standpoint. And it is going into the system this week and will be system wide within the next couple of weeks.

所以這裡的關鍵是提高營收。如果我們推動營收成長，我認為利潤率就會保持一致，一切都會流動。我要說的最後一件事是，隨著我們在投資者日推出的新菜單的推出，從營收和利潤的角度來看，我們看到我們的業務有了實質性的改善。它將於本週進入系統，並將在接下來的幾週內在整個系統範圍內推廣。

Sara Senatore, Bank of America.

薩拉·參議員，美國銀行。

Hi, thank you. This is Katherine Griffin on for Sara. We wanted to ask, to what extent would you attribute the software performance in the quarter to the demand backdrop in California versus your own sort of share loss or relative underperformance. Thank you.

你好，謝謝。我是凱瑟琳·格里芬（Katherine Griffin）為莎拉配音。我們想問的是，您在多大程度上將本季的軟體表現歸因於加州的需求背景，而不是您自己的股票損失或相對錶現不佳。謝謝。

I missed the last part of that question.

我錯過了這個問題的最後一部分。

No problem. I'll repeat it. Yeah, just wanted to -- just trying to figure out to what extent was the software performance in the quarter a function of the broader demand backdrop in California versus your own share loss and relative underperformance?

沒問題。我再說一次。是的，只是想弄清楚本季的軟體表現在多大程度上是加州更廣泛的需求背景與您自己的股票損失和相對錶現不佳的函數？

Yeah, this is Brian. Now, California has actually performed, you know, relatively well for us. If you look at the Q4 performance for Jack, it's in line if not slightly better. So we've seen a -- as we talked about in the last quarter, although we did take more price and we had a little more of a traffic impact, the California, it's such a strong market for us. It's actually held up well.

是的，這是布萊恩。現在，加州實際上對我們來說表現相對較好。如果你看一下傑克第四季的表現，你會發現它即使不是稍微好一點，也是符合要求的。所以我們看到了——正如我們在上個季度談到的那樣，儘管我們確實採取了更高的價格，並且我們對交通產生了更多的影響，但加州對我們來說是一個非常強大的市場。事實上它保持得很好。

So there's been variations across different regions. And some of that is based on what's going on in the consumer behavior in those markets as well as some prices take differences with our franchisees. But overall the price discipline in the strategy we've had in California, it's held up well.

所以不同地區之間存在差異。其中一些是基於這些市場中消費者行為的變化，以及一些價格與我們的特許經營商之間的差異。但總體而言，我們在加州實施的策略中的價格紀律保持得很好。

So it's not -- it's really more an industry issuing that all the QSRs have faced in the last couple of quarters, and we're not immune to that. But overall our performance in California, we've been very pleased with. And feel good about it going forward as Well.

所以這實際上不是——這實際上是所有 QSR 在過去幾季都面臨的行業問題，我們也不能倖免。但總的來說，我們對加州的表現非常滿意。並且對未來也感覺良好。

And I'll add to what Brian said, we're also seeing the same at Del Taco. California tends to be the best performing of the regions. And then also as you think about industry wide, where -- if you measure industry wide, all cohorts and all income levels are showing less QSR spend and transactions. And that also is age, ethnicity, gender, and overall demographics, and income levels. So we know that QSR transactions are softer than they've been historically, and we anticipate that improving into 2025.

我要補充一下 Brian 所說的，我們在 Del Taco 也看到了同樣的情況。加州往往是表現最好的地區。然後，當你考慮整個產業時，如果你衡量整個產業，所有群體和所有收入水準都顯示出較少的 QSR 支出和交易。這也包括年齡、種族、性別、總體人口統計和收入水平。因此，我們知道 QSR 交易比歷史上任何時候都要疲軟，我們預計這種情況會在 2025 年有所改善。

Alright, thank you both.

好的，謝謝兩位。

Brian Bittner, Oppenheimer.

布萊恩比特納，奧本海默。

Thanks. As it relates to the Jack In The Box brand, it is encouraging to see you continue to make progress on the gross openings and development agreements. But elevation and the closures, they do continue to pressure the net impact of this progress.

謝謝。由於它與 Jack In The Box 品牌相關，因此很高興看到您在總空缺和開發協議方面繼續取得進展。但海拔和關閉確實繼續對這一進展的淨影響施加壓力。

So, Darin, do you have visibility into the current health of the bottom Quintiles stores within that franchise portfolio? And do you have a line of sight to these closures subsiding and improving the net impact of the progress you're making on the gross openings?

那麼，達林，您是否了解該特許經營組合中排名靠後的昆泰商店當前的健康狀況？您是否認為這些關閉會減少並改善您所取得的進展對總空缺的淨影響？

Yeah. We continue to see that our closures -- you know what we saw in Q4 is we went ahead and accelerated some closures with all the openings we were having to get in front of it, especially with the environment we're in. We feel good about the health of the system. If we just look at our financial -- our franchisees financials, they basically held flat when we compare last year to this year. And so we feel good about the overall health of the system.

是的。我們繼續看到我們的關閉——你知道我們在第四季度看到的是我們繼續前進並加速了一些關閉，我們必須在它前面找到所有的空缺，特別是在我們所處的環境下。我們對系統的健康狀況感到滿意。如果我們只看一下我們的財務——我們的特許經營商的財務狀況，當我們與去年相比時，他們基本上持平。因此，我們對系統的整體健康狀況感到滿意。

If we think about going forward closures, we've always suggested on these calls that, you know, historical averages somewhere between [16 and 18] a year to 1%, which is more industry norm, would be kind of the run rate of closure. So that's what we anticipate going forward is more of an industry norm.

如果我們考慮繼續關閉，我們總是在這些電話中建議，你知道，歷史平均值每年 [16 到 18] 之間為 1％，這是更行業規範，將是一種運行率關閉。因此，我們預計未來這將成為行業規範。

Thank you.

謝謝。

Gregory Frankfurt, Guggenheim.

格雷戈里·法蘭克福，古根漢。

Thanks for the question. My question is just on the CapEx and just the guidance for next year. Brian, can you maybe break down how much of that is going to go into new stores versus maintenance CapEx versus investment projects? I'm trying to get maybe how elevated that is versus what it could be in a couple of years. Thanks.

謝謝你的提問。我的問題只是關於資本支出和明年的指導。Brian，您能否詳細說明其中有多少資金將用於新店、維護資本支出以及投資項目？我正在嘗試了解與幾年後的情況相比，這個數字可能會提高多少。謝謝。

Yeah, no doubt. And you can reference back to the Investor Day presentation as well. There's been no real material change in our strategy we've talked about. Our top priority is investing in the strategy that we have. We're seeing it pay off.

是的，毫無疑問。您也可以參考投資人日的示範。我們所討論的戰略並沒有真正的實質變化。我們的首要任務是投資於我們現有的策略。我們看到它得到了回報。

We mentioned digital. We're making really good progress in growing our digital mix, and that does take investment. And so if you look at fiscal '25, the technology investments are relatively similar. We're looking at somewhere in the $40 million to $45 million range for both digital and restaurant technology and kind of other corporate systems with the biggest components being the roll out of our POS.

我們提到了數位化。我們在發展數位組合方面取得了非常好的進展，這確實需要投資。因此，如果你看看 25 財年，你會發現技術投資相對相似。我們正在尋找 4000 萬至 4500 萬美元範圍內的數位和餐廳技術以及其他企業系統，其中最大的組成部分是我們的 POS 的推出。

And I want to make a comment as well. I think on our prepared remarks, we want to make sure it's clear that we expect to have about 550 stores with the POS implemented by the end of this calendar year. And we'll -- we're targeting to have the whole system, completely on the new point of sale by the end of 2025.

我也想發表評論。我認為，根據我們準備好的發言，我們希望明確表示，預計到今年年底，我們預計將有大約 550 家商店安裝 POS。我們的目標是到 2025 年底將整個系統完全部署在新的銷售點上。

I think that was -- we might have got that a little bit wrong on the prepared remarks to make sure that's very clear. We're on track with what we've talked about in prior calls, making really good progress. You know, digressing a bit here like that, it's gone really smoothly the implementation of the POS. I'm really proud of the teams and in that process. And again, we're on good track to be able to get the whole system over by the end of next year.

我認為，為了確保這一點非常清楚，我們在準備好的評論中可能有點錯誤。我們正在按照之前通話中討論的內容進行，並且取得了非常好的進展。你知道，稍微離題一下，POS 的實作非常順利。我為團隊以及整個過程感到自豪。再說一次，我們正處於良好的軌道上，能夠在明年年底前完成整個系統。

And so that work with the point-of-sale implementation as well as just work on digital. We've got the new iOS version of our app. But we've got more work to do on Android, new web interface, and then building out a lot of our loyalty. We can drive more personalized messaging to continue to grow our loyalty program. Those all are really critical investments as well as some in restaurant operational system enhancements.

因此，不僅要處理數位化工作，還要處理銷售點實施。我們的應用程式已推出新的 iOS 版本。但我們在 Android、新的 Web 介面以及建立大量忠誠度方面還有更多工作要做。我們可以推動更個人化的訊息傳遞，以繼續發展我們的忠誠度計劃。這些都是非常重要的投資，以及餐廳營運系統增強的一些投資。

So that's pretty much in line we talked about before. The other step up we've had though in '25 is on the new restaurant openings. We're looking at somewhere right north of $30 million from the $30 million to $40 million range. And that again is aligned to what we shared earlier this year.

這與我們之前討論過的非常一致。25 年我們採取的另一項措施是開設新餐廳。我們正在尋找 3000 萬美元至 4000 萬美元範圍內的 3000 萬美元以上的價格。這再次與我們今年早些時候分享的內容一致。

As we really continue to kind of ramp up here in some of these new markets like Chicago and soon to be Florida, those are corporate dollars into those new markets. And then the rest is going to cover a variety of things like, you know, main from the stores and the re-images we're doing in the company restaurants.

由於我們確實繼續在一些新市場（如芝加哥和即將到來的佛羅裡達州）加大力度，這些都是企業投入這些新市場的資金。然後剩下的內容將涵蓋各種內容，例如，主要來自商店以及我們在公司餐廳中進行的重新形象。

And I'm going to miss you being in this room. It's great. You flabbergast me how you can get in there and remember to say things like the POS and the rollout that we're going to have completed this year and next year.

我會想念你在這個房間裡的。這很棒。你讓我大吃一驚，你怎麼能進入那裡，並記得說諸如 POS 之類的事情以及我們將在今年和明年完成的部署。

Thank you.

謝謝。

Alton Stump, Loop Capital.

奧爾頓·斯坦普（Alton Stump），Loop Capital。

Great. Thanks for taking my question. You know, I just wanted to ask, you know, on the Jack In the Box grow front. Obviously, congrats on the over decade high openings and also site development deals. You know, I just want to ask, you know, given the fact that as you have pointed out in this call, it's been a tough overall macro environment over the last couple of quarters in particular. Has that had any negative impact on the appetite from franchisees to build Jack In The Box Units or are they looking a bit longer term, and therefore, it has not impacted their appetite to build.

偉大的。感謝您提出我的問題。你知道，我只是想問，你知道，關於「盒子裡的傑克」成長的問題。顯然，祝賀十多年來高空缺的職位和場地開發交易。你知道，我只是想問，你知道，正如你在這次電話會議中指出的那樣，特別是在過去幾個季度，整體宏觀環境非常艱難。這是否對特許經營商建造 Jack In The Box 單位的興趣產生了負面影響，或者他們是否著眼於長遠，因此，這並沒有影響他們的建造興趣。

Yeah, I'm glad you asked. I mean, we're signing more development agreements than we've ever signed. We're excited about our pipeline. Jack, just to give you an example, we have 18 restaurants under construction. Now, we have 54 in design and permitting and 32 approvals for sites. And so our site pipeline is as strong as it's ever been.

是的，我很高興你問。我的意思是，我們簽署的開發協議比以往任何時候都多。我們對我們的管道感到興奮。傑克，舉個例子，我們有 18 家餐廳正在興建中。現在，我們有 54 個設計和許可項目以及 32 個場地批准項目。因此，我們的網站管道一如既往地強大。

Again, I think, we said this year we had 101 development agreements for 464 restaurants in place. 51 of those have opened since we started this process. And so we have a good pipeline. We've signed 22 new franchisees. Our new markets are working. You know, Salt Lake City, we've already opened nine.

我想，我們今年說過，我們已經為 464 家餐廳簽署了 101 份開發協議。自從我們啟動此流程以來，其中 51 個已開業。所以我們有一個很好的管道。我們已經簽約了 22 家新的特許經營商。我們的新市場正在發揮作用。你知道，鹽湖城，我們已經開了九家。

And you know, those are averaging 90,000 in AUV so far. Louisville the same, to open 60,000 in AUV with eight restaurants coming Mexico, Chicago. So we think the development pipeline is starting to build the momentum that we had hoped for.

您知道，到目前為止，AUV 的平均數量為 90,000。路易斯維爾也是一樣，將在 AUV 開設 60,000 家餐廳，其中墨西哥和芝加哥將開設 8 家餐廳。因此，我們認為開發通路正在開始形成我們所希望的勢頭。

I think in our early comments and my comments in my script, I mentioned that this year, the 30 openings were the most gross openings since we've had since 2012. And we -- as we've guided to, believe we'll accelerate that even into this year in 2025. So we feel good about what's happening with our development pipeline. Our franchisees are supportive, and we'll continue to add more new franchisees to our future.

我想在我們早期的評論和我在劇本中的評論中，我提到今年的 30 個空缺是自 2012 年以來最糟糕的空缺。正如我們所指導的那樣，我們相信我們甚至會在 2025 年加速這一進程。因此，我們對開發通路的進展感到滿意。我們的加盟商給予我們支持，我們將繼續為我們的未來增加更多新的加盟商。

Dennis Geiger, UBS.

丹尼斯蓋革，瑞銀集團。

Great. Thanks guys, I wanted to see if you could talk a little bit more about the Taco re-franchising. And kind of what feedback you've had there, how demand has been? Any kind of update that you could give on the timeline or milestones as we think about franchise percent levels, obviously seeing good progress, getting good agreements tied to those sales. But just any other update as we look ahead to a potential milestone. Thank you.

偉大的。謝謝大家，我想看看你們是否能多談談 Taco 的重新特許經營。您在那裡得到了哪些回饋，需求如何？當我們考慮特許經營百分比等級時，您可以在時間表或里程碑上提供任何類型的更新，顯然看到了良好的進展，並與這些銷售掛鉤達成了良好的協議。但當我們展望一個潛在的里程碑時，只是任何其他更新。謝謝。

Yeah. So Del Taco, we're at about 80% re-franchise today and we would call that asset light. We'll continue to re-franchise. We have deals and works now for about 13 restaurants. And then what we're going to do is we're going to continue to evaluate how AB 1228 has impacted us in top line, how it's being impacted by this, you know, kind of restaurant environment because we want to maintain margin and grow margin and, you know, make sure we're getting the valuation for these restaurants that they deserve.

是的。所以 Del Taco，我們今天大約有 80% 的特許經營權被重新特許經營，我們稱之為輕資產。我們將繼續重新特許經營。我們現在有大約 13 家餐廳的優惠和合作。然後我們要做的是繼續評估 AB 1228 對我們的營收有何影響，以及它如何受到這種餐廳環境的影響，因為我們希望保持利潤並實現增長利潤，並且，你知道，確保我們得到這些餐廳應得的估值。

And so that's what we're going to hold steady to. We still have good demand. We still have deals that we could execute, but we're in a holding pattern right now just so we can make sure we can recapture some of the margin that has been challenged in the environment we've had.

這就是我們要堅持的。我們仍然有很好的需求。我們仍然有可以執行的交易，但我們現在處於持有模式，這樣我們就可以確保我們能夠重新奪回在我們所處的環境中受到挑戰的一些利潤。

Makes sense. Thank you.

有道理。謝謝。

Jon Tower, City.

喬恩塔，城市。

Thanks for taking the question. I was just curious, Darin, you ran through a lot of the new product news that that's come out in fiscal '24 and some more coming in 2025. And I'm just curious how you communicate that message and balance the operations against it and frankly get the best return on the advertising spend in particular, given all the new food that's out.

感謝您提出問題。我只是很好奇，達林，您瀏覽了 24 財年發布的許多新產品新聞，以及 2025 年發布的更多新產品新聞。我只是好奇你如何傳達這一訊息並平衡運營，坦白說，特別是在考慮到所有新食品推出的情況下，特別是在廣告支出上獲得最佳回報。

It just seems like there's a lot of activity, and I'm just curious if that's cutting through to the consumer. And then kind of following up on that, you know, have you offered, and I apologize if you did on the call, any thoughts around pricing in the fiscal '25?

似乎有很多活動，我只是好奇這是否會影響到消費者。然後對此進行跟進，你知道，你有沒有提出關於 25 財年定價的任何想法？

So as it relates to how we're driving sales and communicating to our guests, I think it goes back to a lot of the great work that our team has done around brand positioning and brand strategy and optimizing our media spin to maximize reach and awareness.

因此，由於它與我們如何推動銷售和與客人溝通有關，我認為這可以追溯到我們的團隊圍繞品牌定位和品牌策略以及優化媒體旋轉以最大限度地提高影響力和認知度所做的大量出色工作。

And so I think making sure we're hitting the right audience at the right time with the right offer. And you know, what we found is that we have to -- the deals that are in the marketplace are important to kind of keep your guest base. But we also have to answer both sides of it with the premium and the value at the same time making sure we're thinking about different offers by daypart and then also leaning into digital aggressively because it is now a channel that has become a regular weekly occasion for most guests. And so we need to make sure we're communicating all the right areas at the right time.

因此，我認為確保我們在正確的時間以正確的優惠吸引正確的受眾。你知道，我們發現我們必須－市場上的優惠對於留住你的客戶群很重要。但我們也必須同時回答溢價和價值的兩面問題，確保我們按時段考慮不同的報價，然後積極轉向數位化，因為它現在已經成為每週的常規頻道大多數客人的場合。因此，我們需要確保在正確的時間與所有正確的領域進行溝通。

And I can on that -- on the price side, and our review right now for Jack for fiscal '25 is around 3% to 4% price and for Del is a 5% to 6%. I think that there's kind of two parts of that. We've got some -- we have roll over of about 2% on the Jack side. So we're looking at another kind of 1% to 2% price take during the year.

我可以在這一點上——在價格方面，我們現在對傑克 25 財年的價格評估約為 3% 至 4%，對德爾的評估為 5% 至 6%。我認為這有兩個部分。我們有一些——我們在傑克方面有大約 2% 的展期。因此，我們正在考慮年內另一種 1% 至 2% 的價格上漲。

And then on the Del side, we're going to roll over about 3% price and then looking at another 2% to 3% price during the year. Some of that -- a lot of that is aligned to the new menu that we're rolling out. And that has set some changes to the pricing that puts it a little bit higher than Jack.

然後在德爾方面，我們將滾動大約 3% 的價格，然後在年內再考慮 2% 到 3% 的價格。其中一些——很多都與我們即將推出的新菜單一致。這使得定價發生了一些變化，使其比 Jack 稍高。

But, you know, we're predominantly focused on just very strategic price increases on certain items. So, you know, a little more of a normalized environment on the pricing side that's embedded into the same store sales guidance that we gave.

但是，您知道，我們主要關注某些商品的非常策略性的漲價。所以，你知道，定價方面有更多的標準化環境，它嵌入到我們提供的同一家商店銷售指導中。

Got it. Thanks for taking the questions.

知道了。感謝您提出問題。

Logan Reich, RBC Capital Markets

Logan Reich，加拿大皇家銀行資本市場

Hey, good afternoon. Thanks for taking the question. I had a follow up just on the franchisee profitability side. You know, obviously, gross openings are encouraging and, you know, you guys are facing headwinds in the business that sort of appear to be turning around. How do you -- how would you characterize franchisee profitability today and, and sort of outlook on how that's going to trend through next year for 2025?

嘿，下午好。感謝您提出問題。我對特許經營商的盈利能力進行了跟進。你知道，顯然，總的空缺職位令人鼓舞，而且你知道，你們正面臨著行業的逆風，而這種逆風似乎正在扭轉。您如何描述加盟商目前的獲利能力，以及對明年 2025 年獲利趨勢的展望？

And I think it comes down to sales growth. I think we've done a good job with the programs we've rolled out that, really helping them manage the P&L effectively and efficiently. It really comes down to -- if we get top line growth and it'll flow. If we look back, as I mentioned, franchisees currently, in the most recent data that we received, are running basically flat year over year on profitability.

我認為這取決於銷售成長。我認為我們推出的計劃做得很好，真正幫助他們有效且有效率地管理損益。這實際上取決於——如果我們實現營收成長並且它會流動。如果我們回顧過去，正如我所提到的，根據我們收到的最新數據，目前加盟商的獲利能力與去年同期基本持平。

Now, with AB 1228 continuing into, you know, 2025, I'm sure it'll impact the P&L somewhat just like it is for us. I mean, we're seeing -- that's a lot of the headwind you see in the guidance that we've provided. If you annualize AB 1228 just on our company restaurants, it's $15 million of the impact. So it's a large number. So franchisees in California will definitely feel some of that unless we offset it with more top line growth and then some of the things we're doing from a cost standpoint.

現在，隨著 AB 1228 持續到 2025 年，我確信它將對損益表產生影響，就像對我們一樣。我的意思是，我們看到 - 這是您在我們提供的指南中看到的許多阻力。如果您只對我們公司的餐廳進行 AB 1228 年化，那麼影響就是 1500 萬美元。所以這是一個很大的數字。因此，加州的特許經營商肯定會感受到其中的一些影響，除非我們透過更多的收入成長以及我們從成本角度所做的一些事情來抵消它。

And just keep in mind, our franchisees are -- many of them are multi-unit owners, and they run at a good level of profitability. So they are able to absorb some of this near-term pressure. And again, we've driven improvement in the margin through a lot of the financial fundamentals. And so they're -- we'll navigate through this.

請記住，我們的特許經營商中的許多人都是多單位所有者，並且他們的盈利水平很高。因此他們能夠吸收部分近期壓力。同樣，我們透過許多財務基本面推動了利潤率的改善。所以他們——我們將解決這個問題。

They're aligned with us. And overall, again, since they own multiple locations, they're performing well overall. Again, obviously, everybody's happier when you have topline sales growth. And we're set up for that to flow straight through the bottom line. But overall, the system is very healthy.

他們與我們保持一致。總的來說，由於他們擁有多個地點，因此整體表現良好。顯然，當收入成長時，每個人都會更高興。我們已經做好準備，讓它直接流向底線。但總體而言，該系統非常健康。

Alex Slagle, Jefferies.

亞歷克斯·斯萊格爾，杰弗里斯。

Thanks. You talked about a big focus on digital and improving execution and to go back to the basics approach at Jack in '25. So I was wondering if you could expand on that a little bit, add some color on what you're going to be doing differently.

謝謝。您談到了對數位化和提高執行力的高度關注，以及回到 Jack 25 年的基本方法。所以我想知道你是否可以對此進行一些擴展，為你將要做的不同事情添加一些色彩。

Yeah, the main focus is on how do we obsess about improving the guest experience, and we're going to structure around that. We're going to make sure that we focus on programs that are scalable and back to the basics, specifically around the frictionless digital because we know that is where the business is heading.

是的，主要關注點是我們如何致力於改善賓客體驗，我們將圍繞這一點進行構建。我們將確保我們專注於可擴展並回歸基礎的計劃，特別是圍繞無摩擦的數位化，因為我們知道這就是業務的發展方向。

Since 2019, it is the only aspect of the QSR business that has grown. So as we continue to invest in our digital stack and our martech stack, we also need to invest at the restaurant level on how do we make sure that experience is amazing for our guests and then improving the accuracy both in our digital business, but also at the drive through.

自2019年以來，這是QSR業務唯一成長的面向。因此，當我們繼續投資我們的數位堆疊和行銷技術堆疊時，我們還需要在餐廳層面進行投資，以確保我們的客人獲得令人驚嘆的體驗，然後提高我們數位業務的準確性，同時也提高我們的數位業務的準確性。

So that will enable us to reduce alerts. It's something that we hear from our guests that we can improve on. And we're going to make sure we do that in 2025. So aligned around it in the entire organization.

這將使我們能夠減少警報。這是我們從客人那裡聽到的，我們可以改進的地方。我們將確保在 2025 年實現這一目標。整個組織都圍繞著它進行協調。

And again, that's all set up by the new app, the enhancements we're going to make to our loyalty program, the new point of sale. All of these are kind of the cornerstone of -- the backbone of everything Darin just described. And again, the teams have done a phenomenal job executing.

再說一次，這一切都是由新應用程式、我們將對我們的忠誠度計劃和新銷售點進行的增強所設定的。所有這些都是達林剛才所描述的一切的基石——支柱。再說一次，團隊的執行工作非常出色。

You know, we're making progress, we're seeing it already in the performance with the growth we saw in first part in the fourth quarter. That has accelerated into the first part of '25. Again, a lot of it driven by our new app. But, you know, the marketing team has also done a really good job of looking at the digital channels and optimizing on them. And that's driving incremental transactions on both first and third party. And we expect that to continue through this year.

你知道，我們正在取得進展，我們已經在第四季度第一部分的業績成長中看到了這一點。這種情況已經加速到 25 年上半年。同樣，其中許多都是由我們的新應用程式驅動的。但是，您知道，行銷團隊在研究數位管道並對其進行優化方面也做得非常好。這推動了第一方和第三方的增量交易。我們預計這種情況將持續到今年。

Got it. Thank you.

知道了。謝謝。

Andrew Charles, TD Cowen.

安德魯查爾斯，TD·考恩。

Great. Thanks. Darin, it's good to hear you've seen sales prove to the high end of your 2025 teams for sales guidance range. But when your largest competitor is set to release a Bazooka of value deals in early calendar 2025, what needs to be done to profitably protect traffic as you just anticipate commodity inflation to pick up?

偉大的。謝謝。Darin，很高興聽到您看到銷售業績達到了 2025 年團隊銷售指導範圍的高端水平。但是，當您最大的競爭對手準備在 2025 年初推出價值交易火箭筒時，您需要採取哪些措施才能在您預計商品通膨將會加劇的情況下保護流量並實現盈利？

And if I can just squeeze in a quick follow up. Can you quantify the impact quarter-to-date from your largest competitors' food safety challenges just presumably had some benefit for you -- for the Jack brand? Maybe said differently, did the quarter-to-date accelerate after October 22?

如果我能快速跟進一下就好了。您能否量化本季迄今為止最大競爭對手食品安全挑戰的影響，這些挑戰可能對您（對 Jack 品牌）有一些好處？也許換句話說，10 月 22 日之後季度至今是否加速了？

So Andrew, I think the best thing that we can do is always be uniquely Jack and focus on our brand positioning what makes us different. And we can do that through the means of what we do is all day, every day. We lean into our innovation and premium -- and value. And then we do advance our digital capability, which we've been doing.

所以安德魯，我認為我們能做的最好的事情就是始終保持獨特的傑克，並專注於我們的品牌定位，使我們與眾不同。我們可以透過我們每天所做的事情來做到這一點。我們專注於我們的創新和溢價以及價值。然後我們確實提高了我們的數位能力，這是我們一直在做的。

I mean, you know, we're having -- we're at about 14% to 16% digital sales today. We still have plenty of opportunity to grow that. Because we're, behind the industry from an investment standpoint, we're catching up rapidly and we're seeing that advance our business. And we're going to continue to do that.

我的意思是，你知道，我們今天的數位銷售額約為 14% 至 16%。我們仍然有很多機會來發展這一點。因為從投資的角度來看，我們落後於該行業，所以我們正在迅速趕上，並且我們看到這推動了我們的業務。我們將繼續這樣做。

So just as an example, our loyalty users up -- our growth and loyalty is up to 107%. We know there's opportunity there. So we're going to continue to focus on how do we get better at that business model. And then the second part of the question, Brian, you know, do you want to talk about what he had asked about McDonald's?

舉個例子，我們的忠誠度用戶上升了——我們的成長和忠誠度高達 107%。我們知道那裡有機會。因此，我們將繼續關注如何改善該業務模式。然後是問題的第二部分，布萊恩，你想談談他問到的有關麥當勞的問題嗎？

Yeah. We were already seeing improvement on Jack trends before that, so there's no doubt that everyone gained a little bit of share from their challenges. But, you know, like I said, we were fortunate. I think the actions that we took in the back half of '24, were already starting to take hold as we went through the fourth quarter. And that trend was starting to pick up into the first quarter.

是的。在此之前，我們已經看到了 Jack 趨勢的改善，因此毫無疑問，每個人都從他們的挑戰中獲得了一點份額。但是，你知道，就像我說的，我們很幸運。我認為我們在 24 年後半段採取的行動在第四季已經開始發揮作用。這種趨勢在第一季開始回升。

And so I think that -- you know, again, everybody probably gained some. But it's not -- we don't look at that as the primary driver of the better start to the year. You know, I think that's why we are being a little bit cautious too on a full year guide because we don't -- nobody knows exactly what that impact was and how it'll impact the industry. But again, we were already encouraged before that happened about the trends we were seeing.

所以我認為——你知道，每個人可能都會有所收穫。但事實並非如此——我們並不認為這是今年開局較好的主要動力。你知道，我認為這就是為什麼我們對全年指南也持謹慎態度，因為我們沒有——沒有人確切知道這種影響是什麼以及它將如何影響產業。但同樣，在此之前我們已經對我們所看到的趨勢感到鼓舞。

Very helpful. Thanks.

非常有幫助。謝謝。

Christine Cho, Goldman Sachs.

克里斯汀‧曹，高盛。

Thank you for taking the question. So could we talk a little bit more about value? So, could you talk about how value mix trended this quarter and how you're thinking about the balance of the promoted value versus everyday value in your menu? Are there any modifications that needs to be made given the changing competitive dynamics and returns on the value promotion?

感謝您提出問題。那我們可以多談談價值嗎？那麼，您能否談談本季的價值組合趨勢，以及您如何考慮菜單中促銷價值與日常價值的平衡？鑑於不斷變化的競爭動態和價值提升的回報，是否需要進行任何修改？

Yeah. So as an example, during Q4, our Munchies Under $4 that we've talked about, it was the first full quarter in action. And we saw about 120 basis points improvement in trans for that value component of our menu. And so we're excited about what the Munchies Under $4 has done for our business model.

是的。舉個例子，在第四季度，我們談到的 4 美元以下的零食，這是第一個完整的季度。我們發現菜單中該價值部分的反式值提高了約 120 個基點。因此，我們對 4 美元以下的零食為我們的商業模式所做的貢獻感到興奮。

It also led to, you know, addition to check which we haven't seen for a period of time, an add on. And so, we'll continue to focus on growing our Munchies Under $4 business. And then what we saw with our digital performing offers, our $5 Breakfast and our 2 for $3 or 2 for $5 really helped us during the quarter.

你知道，這也導致了我們有一段時間沒有看到的附加檢查。因此，我們將繼續專注於發展 4 美元以下的零食業務。然後，我們看到的數位表演優惠、5 美元早餐和 3 美元 2 份早餐或 5 美元 2 份早餐確實在本季度幫助了我們。

Brian Harbour, Morgan Stanley.

布萊恩‧哈伯，摩根士丹利。

Yeah, thanks. I had a question about a couple of pieces that just feed into your guidance for next year. Have you assumed any re-franchising sort of beyond the 13 that you mentioned? And, you know -- I don't know if -- are there any G&A savings that, you know, come from that. It seems like maybe not at this point. And then also just kind of what drives the repurchase assumption relative to kind of what you did in '24?

是的，謝謝。我有一個關於一些內容的問題，這些內容將納入您明年的指導中。除了您提到的 13 個之外，您是否還假設過任何再特許經營的情況？而且，你知道 - 我不知道 - 是否有任何一般行政費用節省，你知道，來自於此。看來現在可能還沒有。然後，相對於你在 24 年所做的事情，是什麼推動了回購假設？

Yeah. This is Brian. So no, we do not have anything beyond the 13 restaurants that we expect to close here very shortly in the guidance for next year. We've generally not provided that because it's hard to know magnitude and timing of those.

是的。這是布萊恩.因此，除了我們預計明年指南中很快就會關閉的 13 家餐廳之外，我們沒有其他任何餐廳。我們通常不會提供這些信息，因為很難知道這些信息的規模和時間。

And as Darin mentioned earlier, we will likely won't see too many more this year unless somebody really wants to step up because we don't -- we make sure we get good value for these high-quality restaurants.

正如達林之前提到的，今年我們可能不會看到太多，除非有人真的想挺身而出，因為我們不會——我們確保這些高品質的餐廳物有所值。

So I think the other -- in terms of the share purchases, again, we are looking at prioritization of our operating cash flow and how we deploy it. And you know, again, the investments we talked about through our CapEx are kind of priority number one. We'll get a good return on those, and then we've got our dividends.

所以我認為，在股票購買方面，我們再次考慮營運現金流的優先順序以及如何部署它。你知道，我們透過資本支出討論的投資是第一要務。我們將獲得良好的回報，然後我們將獲得股息。

So we're just really right now just modeling out a very comfortable amount of free cash flow that we can deploy into repurchases. We'll continue to adjust that during the year. But, you know, again, that the greatest way we can deliver shareholder value long term is investing in our strategy. And so that's what we've -- we had to make some trade off and repurchases to achieve that. But, you know, that's exactly aligned with what we've laid out in our strategy this year.

因此，我們現在只是在建模一個非常舒適的自由現金流量，我們可以將其部署到回購中。年內我們將繼續對此進行調整。但是，您知道，我們能夠長期實現股東價值的最佳方式是投資我們的策略。這就是我們所做的——我們必須進行一些權衡和回購才能實現這一目標。但是，您知道，這與我們今年的策略中製定的內容完全一致。

I will add just a couple of other points that we didn't guide on just to make sure everybody's kind of aligned on it. One is the interest expense for the year. We're sending about $80 million in the guide and then the other on the pre-opening costs. I kind of made a note about pre opening which we separate from our traditional SG&A.

我將添加一些我們沒有提供指導的其他觀點，只是為了確保每個人都在這一點上保持一致。一是當年的利息支出。我們將在指南中發送約 8000 萬美元，然後將另一筆用於開業前費用。我對開業前做了一個記錄，我們將其與傳統的銷售和管理費用分開。

We were about $2.5 million in fiscal '24 with the increase in the number of new restaurant openings next year. That number we expect to be closer to $5 million. So that just help shape a little bit too as you're looking at your models to align with the guidance that we gave.

隨著明年新開餐廳數量的增加，24 財年我們的收入約為 250 萬美元。我們預計這個數字將接近 500 萬美元。因此，當您查看模型以與我們提供的指導保持一致時，這也有助於塑造一點。

Drew North, Baird.

德魯諾斯，貝爾德。

Thanks for taking the question. It's a bit of follow up on Jon's question earlier. Was hoping you could share some of the metrics on the Jack comps performance for Q4. I know you mentioned the perspective on pricing in the prepared remarks, but where did traffic and mix shake out for the quarter? And then the follow up being, how are you thinking about the cadence of traffic embedded in your guidance for 2025 and if there's any notable quarterly volatility to be aware of?

感謝您提出問題。這是對喬恩之前問題的一些後續。希望您能分享一些關於 Jack 比賽第四季表現的指標。我知道您在準備好的發言中提到了定價的觀點，但是本季的流量和組合發生了哪些變化？接下來是，您如何看待 2025 年指導中包含的流量節奏以及是否有任何值得注意的季度波動？

Trans were flat basically from quarter to quarter. Mix increased slightly or improved slightly, I should say. And then price was lower than the previous quarter.

跨季基本上持平。我應該說，混合略有增加或略有改善。然後價格低於上一季。

I mean traffic was down about 5%. Again that -- it did improve slightly from the third quarter. But you'll -- kind of work your back to it. And again, in the next year, we gave some expectations around price for the full year. And so you can -- you've got to work back the difference on that between the price and the same store sales is going to be a combination of traffic and mix.

我的意思是流量下降了大約 5%。同樣，它確實比第三季度略有改善。但你會——有點努力去做。接下來的一年，我們再次對全年的價格給了一些預期。所以你可以——你必須彌補價格和同店銷售額之間的差異，這將是流量和組合的結合。

And everyone, that is the last question today. That does conclude our question-and-answer session. That also does conclude our conference. Thank you all for your participation. You may now disconnect.

大家好，這是今天的最後一個問題。我們的問答環節到此結束。我們的會議也到此結束。感謝大家的參與。您現在可以斷開連線。