Jack in the Box Inc (JACK) 2025 Q2 法說會逐字稿

Thank you for standing by. My name is Rebecca, and I will be your conference operator today. At this time, I would like to welcome everyone to the Jack in the Box second quarter 2025 earnings webcast conference call. (Operator Instructions)

感謝您的支持。我叫麗貝卡，今天我將擔任您的會議主持人。現在，我歡迎大家參加 Jack in the Box 2025 年第二季收益網直播電話會議。（操作員指示）

Thank you. I will now turn the call over to Chris Brandon, Vice President of Investor relations. Please go ahead.

謝謝。現在我將電話轉給投資者關係副總裁克里斯布蘭登 (Chris Brandon)。請繼續。

Thanks, operator, and good afternoon, everyone. We appreciate you joining today's conference call, highlighting results from our second quarter 2025. With me today, our Chief Executive Officer, Lance Tucker; our Interim Chief Financial Officer, Dawn Hooper; and our Chief Customer and Digital Officer, Ryan Ostrom.

謝謝接線員，大家下午好。感謝您參加今天的電話會議，重點介紹我們 2025 年第二季的業績。今天與我一起的還有我們的執行長 Lance Tucker；我們的臨時財務長 Dawn Hooper；以及我們的首席客戶和數位長 Ryan Ostrom。

Select second quarter results were pre-announced on April 23, as part of our Jack on track plan announcement. Feel free to refer to the press release and conference call which took place that day for additional commentary related to the pre-announced metrics. For this reason, today's prepared remarks will be fairly brief. Following the prepared remarks, we will be happy to take questions from our covering cell side analysts.

作為我們 Jack on track 計畫公告的一部分，第二季的部分業績已於 4 月 23 日預先公佈。請隨意參考當天的新聞稿和電話會議，以獲取與預先宣布的指標相關的更多評論。因此，今天的準備好的發言將會相當簡短。在準備好的發言之後，我們將很樂意回答我們的報道單元分析師的提問。

Note that during both our discussion in 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.

請注意，在問答討論中我們可能會提到某些非 GAAP 項目。請參閱收益報告中提供的非 GAAP 對帳表，該 對帳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.

我們也將根據當前資訊和判斷做出前瞻性陳述，以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，我們將收益報告中的安全港聲明和我們最近的 10-K 中的警告聲明視為我們討論的一部分。

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

重大風險因素以及與公司營運相關的資訊在我們最近向美國證券交易委員會 (SEC) 提交的 10-K、10-Q 和其他公開文件中有詳細說明，並可在我們的投資者關係網站上查閱。

And with that, I'd like to turn the call over to our Chief Executive Officer, Lance Tucker.

接下來，我想將電話轉給我們的執行長 Lance Tucker。

Thanks, Chris, and I appreciate everyone joining us today. I will be brief as we provided several key metrics as pre-announcement items within our Jack on track plan three weeks ago.

謝謝，克里斯，我感謝今天與我們一起的各位。我會簡短地講一下，因為我們在三週前就在我們的 Jack on track 計劃中提供了幾個關鍵指標作為預先公告項目。

First, I'd like to reiterate my excitement around the changes we're making at Jack in the Box, namely, becoming a simpler asset-like company that drives sustainable and healthy long-term growth for our franchisees, as well as our investors. While our transformation won't happen overnight, we strongly believe the actions we're taking will meaningfully change the company's directions for the better in the near future.

首先，我想重申我對 Jack in the Box 所做出的改變的興奮之情，即成為一家更簡單的資產型公司，為我們的特許經營商和投資者推動可持續、健康的長期增長。雖然我們的轉型不會在一夜之間發生，但我們堅信，我們正在採取的行動將在不久的將來顯著改變公司的發展方向。

Turning to our second quarter results, there are a couple of main themes I'd like to highlight that impacted the quarter. First, the top line environment. It's well known that there is significant pressure on multiple income cohorts, and we've seen the results in our negative traffic. There are definitely more headwinds and tailwinds at the moment for most within our industry.

談到我們第二季的業績，我想強調幾個影響本季的主要主題。第一，頂線環境。眾所周知，多個收入群體都面臨著巨大的壓力，我們已經看到了負面流量所帶來的後果。對於我們這個行業中的大多數人來說，目前肯定面臨著更多的逆風和順風。

To combat these challenges, we remain focused on our barbell strategy, digital growth, and innovative LTOs to differentiate ourselves. These elements are all fundamental to the Jack brand, and each can meaningfully draft top line momentum. While the team has a number of high priority Jack on track actions we're working through, allow me to emphasize that driving same source sales is and always will be our top priority.

為了應對這些挑戰，我們將繼續專注於我們的槓鈴策略、數位成長和創新的 LTO，以使自己脫穎而出。這些元素對於傑克品牌來說都是至關重要的，並且每個元素都可以顯著地提升營收成長動能。雖然團隊正在努力採取一系列高優先級的行動，但請允許我強調，推動同一來源的銷售現在是、並且永遠是我們的首要任務。

Second, our tech modernization and digital evolution continues to take shape, helped by continued increases in first party activity and flip kiosks, we are now at 18% digital sales system-wide. As we stated when announcing Jack on track, digital is an area where continued investment will be tremendously important, and we remain committed to becoming a digital leader within our category.

其次，在第一方活動和翻轉亭持續成長的推動下，我們的技術現代化和數位轉型持續成形，目前我們全系統的數位銷售額已達 18%。正如我們在宣布傑克步入正軌時所說的那樣，數位化是一個持續投資極其重要的領域，我們仍然致力於成為我們所在領域的數位化領導者。

The rollout of our new point of sale system is another key aspect of our technological advancement. We have successfully implemented the new system in its accompanying flip kiosks in nearly 1,500 restaurants. In our Jack on track announcement, we mentioned that the rollout impacted second quarter sales, and I would like to briefly provide some additional color into what we are experiencing.

新銷售點系統的推出是我們技術進步的另一個關鍵面向。我們已在近 1,500 家餐廳的配套翻轉自助服務終端中成功實施了新系統。在我們的 Jack on track 公告中，我們提到此次推出影響了第二季的銷售，我想簡要介紹我們正在經歷的情況。

As we integrate modern technology with our existing legacy systems, some of which are decades old, we've encountered a few challenges. These issues are unrelated to our new POS system or the partners involved in the integration.

當我們將現代技術與現有的遺留系統（其中一些已有幾十年歷史）結合時，我們遇到了一些挑戰。這些問題與我們的新 POS 系統或參與整合的合作夥伴無關。

Rather, they highlight the necessity for Jack and the market to continue overhauling its technology by investing in the rapid modernization of these legacy systems, which is already in progress. Before I move on, please note that while the sales impacts we've seen are temporary in nature and are being resolved as they arise, they do continue to impact results as we move into the third quarter.

相反，他們強調了傑克和市場繼續透過投資這些已經在進行的遺留系統的快速現代化來改變其技術的必要性。在我繼續之前，請注意，雖然我們看到的銷售影響是暫時的，並且在出現時會得到解決，但隨著我們進入第三季度，它們會繼續影響業績。

And lastly, before I turn it over to Dawn, I'd like to spend a moment reiterating our Jack on track plan elements. First, a reminder that there will be much more detail to come in August. As discussed during our April 23, call our objective is to position Jack in the box for long term sustainable growth, which we will accomplish by implementing several significant actions as follows.

最後，在將時間交給 Dawn 之前，我想花一點時間重申一下 Jack 的計畫要點。首先，提醒大家，八月將會有更多細節公佈。正如我們在 4 月 23 日的電話會議上所討論的那樣，我們的目標是讓 Jack 處於長期可持續增長的位置，我們將透過實施以下幾項重要行動來實現這一目標。

We will strengthen our balance sheet to accelerate cash flow and pay down debt while preserving growth oriented capital investments related to technology and restaurant re-images. We will also close underperforming restaurants to position ourselves for consistent net unit growth and competitive unit economics. And we will return overall simplicity to the Jack in the Box business model and our investor story. The team has started work on all of these initiatives, and I look forward to updating you on our progress with more specifics on our third quarter call.

我們將加強資產負債表，以加速現金流並償還債務，同時保留與科技和餐廳重塑形象相關的成長型資本投資。我們還將關閉表現不佳的餐廳，以實現持續的淨單位成長和具有競爭力的單位經濟效益。我們將使 Jack in the Box 的商業模式和投資者故事恢復整體的簡單性。團隊已開始著手所有這些舉措，我期待在第三季電話會議上向您通報我們的進度以及更多具體細節。

Now I'll turn the call over to our Interim Chief Financial Officer, Dawn Hooper for her remarks, after which we will take your questions. Dawn.

現在，我將把電話轉給我們的臨時財務長 Dawn Hooper，請她發表評論，然後我們將回答您的問題。黎明。

Thanks, Lance, and good afternoon, everyone. I will start by reviewing our two brands individually, followed by details on our consolidated performance and capital allocation. Starting with our Jack brand, second quarter, same store sales decreased 4.4%, comprised of a franchise restaurant comp decrease of 4.5%, and a company-owned sales decrease of 4%.

謝謝，蘭斯，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。從我們的 Jack 品牌開始，第二季同店銷售額下降 4.4%，其中特許經營餐廳銷售額下降 4.5%，公司自有銷售額下降 4%。

This result included a decrease in transactions and negative myths partially offset by many price increases which continue to moderate. As Lance mentioned, we continue to drive sales in our mobile and digital channels, which is essential in our efforts to increase active loyalty program membership and create personalized targeted promotions to this high-value channel.

這一結果包括交易量的減少和負面傳言，但部分被持續緩和的許多價格上漲所抵消。正如 Lance 所提到的，我們繼續推動行動和數位管道的銷售，這對於我們增加活躍忠誠度計劃會員以及為這一高價值管道創建個性化的定向促銷活動至關重要。

We are also excited by our kiosk implementation at both brands, both the freestanding kiosks at Dell and the flip kiosks now active in nearly 1,500 Jack locations as part of our new POS rollout. We feel great about our ability to achieve the target of 20% digital sales ahead of schedule.

我們也對在兩個品牌中實施自助服務終端感到興奮，無論是戴爾的獨立自助服務終端，還是現在在近 1,500 個 Jack 地點投入使用的翻轉自助服務終端，都是我們新 POS 推出的一部分。我們對能夠提前實現 20% 數位銷售的目標感到非常高興。

Turning to restaurant count, there were five restaurant openings and 12 restaurant closures in the quarter. Jack is still expecting to open between 35 to 40 restaurants for fiscal 2025, including openings in Chicago. Jack's restaurant level margin percentage in the quarter decreased to 19.6%, down from 23.6% a year ago, driven primarily by lower sales, continued inflation for commodities, wages, and utilities, as well as higher operating costs, partially offset by price increases and favorable beverage funding.

從餐廳數量來看，本季有 5 家餐廳開業，12 家餐廳關閉。傑克仍預計在 2025 財年開設 35 至 40 家餐廳，包括在芝加哥開設的餐廳。本季度，傑克餐廳的利潤率從去年同期的 23.6% 下降至 19.6%，主要原因是銷售額下降，商品、工資和公用事業的持續通膨，以及營運成本上升，但價格上漲和有利的飲料融資部分抵消了這一影響。

More specifically, food and packaging costs as a percentage of sales declined 100 basis points from the prior year to 27.8%, driven by an increase in beverage funding related to a new contract entered into last quarter and many price increases, partially offset by commodity inflation of 3.4% in the quarter. Labor costs as a percentage of sales were 33.8%, increasing 320 basis points from the prior year.

更具體地說，食品和包裝成本佔銷售額的百分比比上年下降了 100 個基點，至 27.8%，這是由於上個季度簽訂的新合約相關的飲料資金增加以及許多價格上漲，但本季度 3.4% 的商品通膨部分抵消了這一影響。勞動成本佔銷售額的百分比為33.8%，比前一年增加320個基點。

Wage inflation was 10.6% for the quarter, and mainly due to wage increases to comply with California's minimum wage law, which lapped its one-year mark on April 1. Occupancy and other operating expenses increased 170 basis points, driven primarily by higher rent, utilities, and other operating expenses, including third party delivery fees.

本季工資通膨率為 10.6%，主要原因是為遵守加州最低工資法而上調工資，該法於 4 月 1 日生效一周年。入住率和其他營運費用增加了 170 個基點，主要原因是租金、水電費和其他營運費用（包括第三方送貨費）增加。

Franchise level margin was $68.3 million or 40% of franchise revenues compared to $71.7 million or 40.4% a year ago. The decrease in dollars was mainly driven by lower franchise same store sales and the resulting decrease in royalty and rent revenue.

特許經營等級利潤率為 6,830 萬美元，佔特許經營收入的 40%，而去年同期為 7,170 萬美元，佔特許經營收入的 40.4%。美元收入的下降主要是由於特許經營同店銷售額下降以及由此導致的特許權使用費和租金收入的減少。

Now turning to Del Taco. System same store sales declined 3.6%, with a franchise sales decline of 4.2% and a company-owned comp decrease of 1.7%. The lower sales were the result of a decline in transactions, partially offset by an increase in price. As mentioned last quarter, 100% of our company-owned restaurants have kiosks installed, and we are continuing to feed franchisees, increasing their adoption rate as well.

現在轉向 Del Taco。系統同店銷售額下降 3.6%，特許經營銷售額下降 4.2%，公司自營銷售額下降 1.7%。銷售額下降是由於交易量下降，但價格上漲部分抵消了這一影響。正如上個季度所提到的，我們公司旗下 100% 的餐廳都安裝了自助服務終端，而且我們正在繼續為特許經營商提供服務，同時提高他們的採用率。

Including kiosks along with third party delivery and mobile, Digital Mix now makes up over 18% of system-wide sales. We are also seeing positive momentum from the menu optimization initiative, which launched system-wide in the first half of Q1, driving improvements in both product mix and average check. Del Taco restaurant level margin was 12.8%, down 400 basis points from the prior year.

包括自助服務終端、第三方配送和行動裝置在內，Digital Mix 目前佔全系統銷售額的 18% 以上。我們也看到了菜單優化計劃的積極勢頭，該計劃於第一季上半年在全系統範圍內推出，推動了產品組合和平均消費的改善。Del Taco 餐廳的利潤率為 12.8%，比前一年下降了 400 個基點。

The decline was driven mainly by lower sales and commodity and wage inflation, partially offset by many price increases. Food and packaging costs as a percentage of sales decreased 100 basis points to 24.6% due to favorable beverage funding, partially offset by commodity inflation of 5.7%. Labor costs as a percentage of sales increased 330 basis points to 38.2%, primarily due to wage inflation, which was 11.7% for the quarter, mainly due to increases to comply with California's minimum wage law.

下降的主要原因是銷售額下降以及商品和工資上漲，但被許多價格上漲部分抵消。由於飲料融資有利，食品和包裝成本佔銷售額的百分比下降了 100 個基點，至 24.6%，但被 5.7% 的商品通膨率部分抵消。勞動成本佔銷售額的百分比增加了 330 個基點，達到 38.2%，這主要是由於工資上漲所致，本季度工資上漲了 11.7%，這主要是由於為遵守加州最低工資法而增加的工資。

Occupancy and other operating costs increased 160 basis points, driven primarily by higher utility and maintenance and repair costs. Franchise level margin was 24.4% of franchise revenues compared to 28.9% last year. The decrease in franchise level margin percentage was driven by re-franchising and the associated impact of pass through rent, marketing, and purchasing fees.

入住率和其他營運成本增加了 160 個基點，主要原因是公用事業和維護及維修成本增加。特許經營等級利潤率為特許經營收入的 24.4%，而去年為 28.9%。特許經營級別利潤率的下降是由於重新特許經營以及轉嫁租金、行銷和採購費用的相關影響。

Del Taco restaurant count at quarter end was 591 with 6 openings and 4 closures during the quarter.

本季末 Del Taco 餐廳總數為 591 家，其中新開 6 家，關閉 4 家。

Moving on now to our consolidated results. SG&A for the quarter was $35.5 million or 10.5% of revenues as compared to $37.5 million or 10.3% a year ago. The decrease of $2 million was primarily due to lower share-based and incentive-based compensation, partially offset by fluctuations in the cash surrender value of our company owned life insurance policies.

現在來看看我們的綜合業績。本季銷售、一般及行政費用為 3,550 萬美元，佔營收的 10.5%，而去年同期為 3,750 萬美元，佔營收的 10.3%。200 萬美元的減少主要是由於基於股票和激勵的薪酬減少，但被公司擁有的人壽保險單的現金退保價值的波動部分抵消。

Excluding net Coley gains and losses, as well as advertising costs, GNA was $26.2 million or 2.2% of total system-wide sales, down $4.4 million versus the prior year. Consolidated adjusted EBITDA was $66.5 million, down from $75.7 million in the prior year due primarily to the impacts from Del Taco re-franchising and sales de leverage and inflation experienced by both brands, partially offset by lower GNA.

不包括科利的淨收益和損失以及廣告費用，GNA 的銷售額為 2,620 萬美元，佔全系統總銷售額的 2.2%，比前一年下降 440 萬美元。合併調整後 EBITDA 為 6,650 萬美元，低於上年的 7,570 萬美元，主要原因是 Del Taco 重新特許經營以及兩個品牌經歷的銷售槓桿和通貨膨脹的影響，但被較低的 GNA 部分抵消。

During the quarter, the company recorded non-cash goodwill and intangible asset impairment of $203.2 million for the Del Taco reporting unit. This charge resulted from the lower current performance and other assumption updates impacting our long-term forecast and related cash flows. Due to the non-cash goodwill, and intangible asset impairment charge in the quarter, we reported a consolidated GAAP diluted loss per share for the second quarter of $7.47 compared to diluted earnings per share of $1.26 in the second quarter of the prior year.

本季度，該公司為 Del Taco 報告部門記錄了 2.032 億美元的非現金商譽和無形資產減損。該費用是由於當前業績較低以及其他假設更新影響了我們的長期預測和相關現金流。由於本季非現金商譽和無形資產減損費用，我們報告第二季合併 GAAP 稀釋的每股虧損為 7.47 美元，而去年同期每股稀釋收益為 1.26 美元。

Operating earnings per share, which includes adjustments for certain items, was $1.20 for the quarter versus $1.46 in the second quarter of the prior year. The effective tax rate for the quarter was 19.5% compared to 26.5% for the same quarter a year ago. The lower tax rate was primarily due to non-deductible goodwill impairment and non-deductible coley losses.

每股營業收益（包括某些項目的調整）本季為 1.20 美元，去年同期第二季為 1.46 美元。本季有效稅率為 19.5%，去年同期為 26.5%。較低的稅率主要是由於不可扣除的商譽減損和不可扣除的科利損失。

The adjusted tax rate used to calculate the non-GAAP operating earnings per share this quarter was 24.8%. On the investing front, our capital expenditures were $21.5 million for the quarter and included investments in our restaurant technology and digital initiatives, as well as development of new company restaurants. We did not repurchase any shares of stock during the quarter, and as was previously announced, we discontinued our dividend.

用於計算本季非公認會計準則每股營業收益的調整後稅率為24.8%。在投資方面，本季我們的資本支出為 2,150 萬美元，包括對餐廳技術和數位計畫的投資，以及新公司餐廳的開發。我們在本季沒有回購任何股票，並且正如先前宣布的那樣，我們停止了股息發放。

As of quarter end, we had available borrowing capacity of $96.5 million under our variable funding notes net of letters of credit issued. Our total debt outstanding at quarter end was $1.7 billion and our net debt to adjusted EBITDA leverage ratio was 5.5 times. Lastly, we'd like to reiterate that all guidance measures remain the same as provided on April 23, as part of the Jack on Track plan announcement.

截至季末，我們在浮動融資票據（扣除已發行信用狀）下的可用借款能力為 9,650 萬美元。我們季末的未償債務總額為 17 億美元，淨負債與調整後 EBITDA 的槓桿率為 5.5 倍。最後，我們想重申，所有指導措施與 4 月 23 日「Jack on Track」計畫公告中提供的措施相同。

Thanks again for your time this afternoon, operator, please open the line for questions.

再次感謝您今天下午抽出時間，接線員，請開通熱線來回答問題。

(Operator Instructions)

（操作員指示）

Chris O'Cull, Stifle.

克里斯‧歐卡爾，《Stifle》。

Thanks guys. This is Patrick on for Chris. Lance, I wanted to ask you about the current trends in Jack relative to the down 44 you just ran into and curious curious if you can provide any color around maybe where you exited the quarter. I know it was widely known in the industry. February was soft and maybe how that's held up as you've moved into the third quarter. And then as you look at the comp performance in the quarter, I was curious if there are any geographic differences that were notable, particularly maybe in markets that over index with certain customer demographics.

謝謝大家。這是派崔克，代替克里斯。蘭斯，我想問一下傑克目前的趨勢，相對於你剛剛遇到的 44 的下跌趨勢，並且好奇你是否可以提供一些關於你退出本季度的情況的信息。我知道這在業內是眾所周知的。二月的銷售表現疲軟，進入第三季後，這種狀況或許還會持續下去。然後，當您查看本季的業績表現時，我很好奇是否存在任何顯著的地理差異，特別是在某些客戶人口統計過度指數化的市場中。

This is Lance. I'll start on that and I'll get some input from Ryan as well. So starting with the third quarter, we're basically running in line with what we saw in the second quarter, which pretty well matches up with the guidance we've given. It remains a challenging industry environment, and as we've spoken to, we do continue to see some challenges, they're a little bit self-inflicted, certainly the consumer remains cautious, from a other comments I'll forward it over to Ryan here for a minute and let him jump in on anything I may have missed there.

這是蘭斯。我將從那開始，並且也會從 Ryan 那裡得到一些意見。因此，從第三季開始，我們的業績基本上與第二季持平，這與我們給出的指導非常吻合。這仍然是一個充滿挑戰的行業環境，正如我們所說的那樣，我們確實繼續看到一些挑戰，這些挑戰有點是我們自己造成的，當然消費者仍然保持謹慎，從其他評論中，我會將其轉發給Ryan一分鐘，讓他補充我可能遺漏的任何內容。

I think I think you hit it right on the head. I think as we look, moving forward we're really going to be focused on our core strengths and equities as a brand, so you'll see us really focused on driving tickets through some munchi meal executions as well as driving innovation on our iconic curly fries. Next window and you'll see us puls in a lot of core value to drive the value guest in, to move forward.

我認為你說得非常正確。我認為，展望未來，我們將真正專注於我們作為一個品牌的核心優勢和資產，因此你會看到我們真正專注於透過一些小吃餐的執行來推動門票，以及推動我們標誌性捲曲薯條的創新。在下一個視窗中，您將看到我們加入許多核心價值來推動價值客人前進。

Lauren Silberman, Deutsche Bank.

勞倫·西爾伯曼，德意志銀行。

Thank you very much. My question's a little bit of a follow up to the prior one. How much do you think of the pressure you're seeing right now is driven by company specific headwinds? You talked about the POS situation, but beyond that, is there a shortfall in the marketing strategy, your approach to value given the industry is going to remain challenging? I guess what are you doing differently in the back half that you didn't do in the first half of the year, to reaccelerate comps? Thank you.

非常感謝。我的問題與上一個問題有點相似。您認為現在面臨的壓力有多少是由公司特定的不利因素造成的？您談到了 POS 的情況，但除此之外，行銷策略是否存在不足，考慮到該行業仍將面臨挑戰，您的價值方法是什麼？我想問一下，為了重新加速成長，您在下半年會採取哪些與上半年不同的措施？謝謝。

Thanks Lauren. Lance, I'll start again and again turn it over to Ryan relative to company specific issues, I mean we've mentioned some of the IT issues that we think are probably 1% to 2% in the same store sales. We also over-index on the low income consumer, so I'm not sure not going to put a percentage on that, but certainly we feel like that's probably hitting us a little harder than it is others. I don't know that I see anything that was a particular shortfall on the marketing side, but I'll let Ryan talk to what we're doing to get things accelerated in the second half of the year.

謝謝勞倫。蘭斯，我會一次又一次地將公司具體問題交給瑞安，我的意思是我們已經提到了一些 IT 問題，我們認為這些問題可能只佔同店銷售額的 1% 到 2%。我們也對低收入消費者進行了過度指數化，因此我不確定是否會在其中增加一個百分比，但我們肯定覺得這對我們的打擊可能比對其他人的打擊更大一些。我不知道我是否看到了行銷方面有什麼特別的不足，但我會讓瑞安談談我們正在採取哪些措施來加速下半年的進程。

I think if you look in, a year ago, we had some strong comps as we were rolling over to launch of Smash Jack and so rolling over the execution of that is something we really have to focus on in the next few windows because we're really comping over the high mix of a premium burger. So that's where you'll see us really focus on that munchie meal and the trade up strategy with our T-Pain execution in the next window, really does really well for us, only in the late night, owning a munchy meal and driving ticket.

我想如果你回顧一下，一年前，我們在推出 Smash Jack 時有一些強勁的競爭對手，因此，在接下來的幾個窗口中，我們必須真正關注的是推出這款產品，因為我們真正在與高端漢堡的高組合競爭對手競爭。所以你會看到我們真正專注於那頓零食，並且在下一個窗口中通過我們的 T-Pain 執行的升級策略，對我們來說確實做得很好，只有在深夜，擁有一頓零食和駕駛罰單。

We've seen box meals do really well in some of our competitors and so we're going to lean into that equity. As mentioned before, really driving that trans -- the transaction side is focusing on our curly fries, and we have two new flavors coming out. First was kind in the industry of chili crisps as well as barbecue chip flavored seasoned curly fries.

我們發現一些競爭對手的盒裝餐點銷售情況非常好，因此我們將依靠這種優勢。正如之前提到的，真正推動這種轉變——交易方面的重點是我們的捲曲薯條，我們即將推出兩種新口味。首先是辣椒脆片產業，以及燒烤脆片口味的捲捲薯條。

These are our iconic seasoned fries. Now we have new flavors which should drive excitement for people to come in and just add on ticket, but also make that extra visit to try something new and innovative. And then on top of that, we are really focusing on that value guessing how do we look at our core offering and put out some strong core value to drive that guest in on an ongoing basis.

這是我們標誌性的調味薯條。現在我們推出了新的口味，這應該會讓人們興奮不已，不僅會買票進來，還會讓他們多來幾次，嘗試一些新的和創新的東西。除此之外，我們真正關注的是價值猜測，我們如何看待我們的核心產品，並推出一些強大的核心價值來持續吸引客人。

Brian Mullen, Piper Sandler.

布萊恩·馬倫、派珀·桑德勒。

Hey, thank you. Just a question on on Del Taco, understanding you're exploring strategic alternatives, can you just speak to the key priorities for that brand while that process is ongoing and, Lance with some fresh eyes on this brand. There are one or two things in particular where you see some op opportunity that maybe can get addressed as this process unfolds.

嘿，謝謝你。關於 Del Taco 的一個問題，據我了解，您正在探索策略替代方案，您能否談談在此過程中該品牌的關鍵優先事項，以及 Lance 對這個品牌的一些全新看法。具體來說，有一兩件事你會看到一些操作機會，隨著這個進程的展開，這些機會也許可以解決。

Yeah, thanks, Brian. That's a good question. I would tell you a couple of things relative to Del Taco. First, we've got to continue to execute operationally, and Tom Rose, the brand President over there and his team are working on that. We're also have been revamping our marketing some, and so you're going to see a little bit different tone coming out of our marketing as we move throughout the rest of the year.

是的，謝謝，布萊恩。這是個好問題。我想告訴你一些與 Del Taco 相關的事情。首先，我們必須繼續執行運營，那裡的品牌總裁湯姆·羅斯和他的團隊正在努力做到這一點。我們也一直在改進我們的行銷方式，因此在今年餘下的時間裡，你會看到我們的行銷基調略有不同。

And then Tom and team have some kind of exciting menu additions. I don't I think I'm going to share those exactly right now, but some things they're working on on the menu, kind of looking backwards to some things we may have done in the past that I think are going to be exciting for the brand. So continue to drive marketing, bring out innovation and and drive operations.

然後湯姆和他的團隊又添加了一些令人興奮的菜單。我認為我現在不會分享這些，但他們正在菜單上做一些事情，有點像回顧我們過去可能做過的一些事情，我認為這些事情對品牌來說是令人興奮的。因此，繼續推動行銷、帶來創新並推動營運。

Andrew Charles, TD Cowen.

安德魯查爾斯 (Andrew Charles)，TD Cowen。

Great, thank you. It looks like there's a step up in the allowance for doubtful accounts, and I'm curious as you go through the upcoming store closure program, there's risks for elevated bed debt expense that might hit the adjusted up.

太好了，謝謝。看起來壞帳準備金有所增加，我很好奇，隨著您經歷即將到來的商店關閉計劃，床位債務費用增加的風險可能會影響調整後的收入。

Yeah, this is done. The step up is similar to the step up or the charge that you saw in Q1. It's related to one specific franchise matter on the Del Taco side. I don't anticipate the closure program would accelerate or increase it in any way.

是的，已經完成了。這種提升與您在第一季看到的提升或收費類似。這與 Del Taco 方面的一項特定特許經營事宜有關。我並不認為關閉計劃會以任何方式加速或增加這一進程。

Dennis Giger, UBS.

瑞銀的丹尼斯·吉格。

Great, thanks guys. I wanted to circle back just on value and you guys gave some some good color on it. Any anything more that you can say just kind of on where you think value is positioned right now, whether it's on scores or value incidents, and then as we look ahead, I'm not sure, how much more you can kind of add on on some of the value plans that are coming, but anything more to share at the high level on how you're thinking about where you should be positioned on value now relative to maybe where where you have been given the environment and given the competitive set. Thank you.

太好了，謝謝大家。我想重新回到價值問題上，你們對此給了很好的解釋。您能否再說說您認為目前的價值定位，無論是分數還是價值事件，然後當我們展望未來時，我不確定您還能在多少即將推出的價值計劃上添加內容，但您能否在高層次上分享一下您如何思考您現在應該將價值定位在哪裡，相對於您所處的環境和競爭環境。謝謝。

Yeah, I think, you look at our value because value in our business is very important, and I think it's trying to find that balance of what is the right value for the dollar. I think that. Value has changed though. I don't think it's all about low price. It's about, guests feeling satisfied is what they purchase. So even though, I mentioned munchie meal, we're seeing in the industry where $9, $10 dollars is considered a value because it's food by the pound and it, it's valuable for the guests.

是的，我認為，你要看看我們的價值，因為我們業務中的價值非常重要，我認為我們試圖找到與美元相稱的正確價值的平衡。我認為如此。但價值已經改變。我認為這不僅僅與低價有關。重要的是，客人感到滿意就是他們購買的東西。因此，儘管我提到了零食餐，但我們發現，在行業中，9 美元、10 美元也被認為是有價值的，因為這是按磅計算的食物，對客人來說很有價值。

And so as you see us really focused on an ownable equity of munchie meal, we think there is value in that as we move forward. You also, like, as I mentioned, we will be looking at our core offering and say, what are those right items that we can drive the lower value guest in, at the right price point. We do think we have value on the menu. We still have our amazing two tacos, on the menu, we still have a lot of items under our munchies under four, which we're leaning into, so we have that wide variety. It's just making sure that message resonates and gets people to come to the store.

因此，正如您所見，我們真正專注於零食餐的自有權益，我們認為，隨著我們不斷前進，這是有價值的。正如我所提到的，我們也將關注我們的核心產品，並思考哪些合適的產品能夠以合適的價格吸引低價值的客人。我們確實認為菜單很有價值。我們的菜單上仍然有令人驚嘆的兩種玉米卷，我們的四種以下小吃下仍然有很多菜品，這是我們所傾向的，所以我們的品種非常豐富。這只是為了確保訊息能夠引起共鳴並吸引人們來到商店。

Logan Reich, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的 Logan Reich。

Hey, good afternoon, guys. Thanks for taking my question. I guess just in a few weeks following the rollout of the jack on track, I'm just curious what the conversations with franchisees have been like and sort of how they're feeling about everything that's been going on and then just separately, I was wondering if you can share how much price you guys have been rolling -- have rolling off for for the rest of the year. Thanks.

嘿，大家下午好。感謝您回答我的問題。我想，在千斤頂推出後的幾週內，我只是好奇與特許經營商的對話是什麼樣的，以及他們對所發生的一切有何感受，然後單獨地，我想知道您是否可以分享一下你們在今年剩餘時間內推出的價格是多少。謝謝。

Hi Logan, I'll start with the first part and I'll let Ryan cover the the price question there. But actually the conversations with the franchisees have gone quite well in my, a few months on board here, they have been tremendously supportive. When you think about specific to some of the Jack on track stuff, they generally be been behind it, and I think the reason for that is those guys are all in this for the long term.

嗨，洛根，我將從第一部分開始，然後讓瑞安來回答價格問題。但實際上，我和加盟主的對話進行得非常順利，在這裡的幾個月裡，他們給予了極大的支持。當你具體思考傑克在賽道上的一些事情時，他們通常會支持它，我認為原因是這些人都是長期從事這項事業的。

These are long term business owners that have been in the Jack system for a long time, want to be in the system a lot longer, and, turn them into generational businesses and the changes we're making with Jack on track really are more made to drive the business going forward for the next, 10, 15, 20 years than necessarily what it's going to do next quarter.

這些都是長期企業主，他們已經在傑克系統中工作了很長時間，希望繼續留在系統中更長時間，並將其轉變為代際企業，而我們與傑克一起進行的變革實際上更多的是為了推動企業在未來 10 年、15 年、20 年的發展，而不一定是下個季度要做的事情。

So overall, I've been extremely pleased with the feedback I've gotten from the franchisees, from the reception I've gotten from the franchisees. And frankly from their support as we line up to do a lot of things that are going to change the business for the better.

所以總的來說，我對從特許經營商那裡得到的反饋和接待感到非常滿意。坦白說，在他們的支持下，我們準備好做很多事情來讓業務變得更好。

So I'll turn it over to Dawn actually and let her talk about the price we see rolling off.

因此我實際上會把它交給 Dawn，讓她來談談我們看到的價格下滑情況。

Yeah, so in November we had talked about our price being between 3% and 4%. The carryover is a little over 2%.

是的，11 月我們討論過我們的價格在 3% 到 4% 之間。結轉額略高於2%。

Brian Harbor, Morgan Stanley.

摩根士丹利的布萊恩‧哈伯。

Yeah, thanks, good afternoon. Lance, maybe at that point, where exactly are the closures going to be concentrated like geographically I guess and then, is it a smaller number of franchisees or is it pretty broad. And how do you have a different view of of kind of new markets. Are are those still going to you you've obviously signed a bunch of deals in new markets are those still going to proceed as planned? Are you still open to to adding them during this time? How will that play out?

是的，謝謝，下午好。蘭斯，也許到那時，我猜關閉的門市究竟會集中在哪裡，從地理位置上來說，特許經營商的數量是較少還是相當廣泛。您對新市場有何不同看法？這些還會繼續嗎？您顯然已經在新市場簽署了一系列協議，這些協議還會按計劃進行嗎？在此期間您是否仍願意添加它們？最終結果會怎樣？

Hi, Brian, first of all it relates to the closure program, and we're going to give a lot more detail in August as to exactly what that's going to look like, but at a high level, it's going to be spread throughout the system, so there's not going to be -- you know what I would think to be a huge concentration in any one given area. I think as far as is it concentrated to a set number of franchisees, we're going to do our best to spread actually among a fairly broad number of franchisees, it is largely going to be driven on economics and sometimes you're going to have a given franchisee who have -- who may have more closures than others. Certainly that's going to be the case.

你好，布萊恩，首先，這與關閉計劃有關，我們將在 8 月份提供更多細節，說明該計劃的具體內容，但從高層次來看，它將擴展到整個系統，所以不會——你知道我認為在任何一個特定領域都會出現巨大的集中。我認為就集中於一定數量的特許經營商而言，我們將盡力在相當廣泛的特許經營商中傳播，這很大程度上將受到經濟因素的驅動，有時你會遇到某個特定的特許經營商——其關閉門店的數量可能比其他特許經營商更多。事實肯定會如此。

But with that said, we are going to try to keep it pretty broad among the franchise base. And then finally, with regard to new markets, I do expect we'll continue to grow in new markets. We think we've got a lot of white space, we think we've got a lot of ability. To grow, I think the big -- bigger change from my perspective would be we want it to be more franchisee led than corporate led. So we will continue to meet the obligations we've made as far as building a long term franchisees in some of these markets. We'll just take a little bit less active role and how many of those are actually restaurants that we own versus restaurants we'll be asking the franchisees to build. But absolutely we want to keep going on those new markets.

但話雖如此，我們仍將努力在特許經營基礎上保持相當廣泛的影響力。最後，關於新市場，我確實預期我們將在新市場繼續成長。我們認為我們有很多空白，我們認為我們有很多能力。為了發展，我認為從我的角度來看，最大的變化是我們希望它更多地由特許經營商主導，而不是由企業主導。因此，我們將繼續履行我們在其中一些市場建立長期特許經營商的義務。我們只是會扮演不那麼積極的角色，看看其中有多少是我們自己擁有的餐廳，有多少是我們要求特許經營商建造的餐廳。但我們絕對希望繼續開拓這些新市場。

Jeffrey Bernstein, Barclays.

巴克萊銀行的傑弗裡·伯恩斯坦。

Great, thank you very much, Lance, I just hoping to talk a little bit more about Del Taco. I know you mentioned a variety of strategic alternatives, including possible divestiture. I'm just wondering what the other options would be. It would seem like if you're looking to simplify the portfolio, the divestiture would be, I guess, your preferred route, but just curious to hear your thoughts there and whether you're pleased with any kind of early interest or how you think about the potential divestiture and time frame for such. Thank you.

太好了，非常感謝，蘭斯，我只是希望多談談 Del Taco。我知道您提到了多種策略選擇，包括可能的資產剝離。我只是想知道還有哪些其他選擇。如果您想簡化投資組合，那麼我想，資產剝離似乎是您的首選途徑，但我只是好奇想聽聽您的想法，以及您是否對任何早期的興趣感到滿意，或者您如何看待潛在的資產剝離及其時間框架。謝謝。

I think overall, I can't get too deep into Del Taco as you would guess at least the potential sales process. What I would tell you though is we, we've had a lot of retail. We haven't even gone to official marketing yet on the thing. We're still, directionally a few weeks out on that without going into a lot of depth, and we have had significant reach out and interest in the brand. So as you, that's probably about as far as I can go on that when you think about other alternatives. I think given the early returns on the interest we seem to be getting, I feel pretty solidly that that would be the option we would go down.

我認為總的來說，我無法深入了解 Del Taco，因為你至少會猜測潛在的銷售流程。不過我想告訴你的是，我們有很多零售業務。我們甚至還沒有對該產品進行正式行銷。我們仍然需要幾週的時間才能確定這個方向，並且不會進行深入探討，我們已經對該品牌產生了濃厚的興趣。所以，當您考慮其他選擇時，這可能就是我所能想到的最多的事情了。我認為，考慮到我們似乎獲得的早期利息回報，我非常堅定地認為這將是我們會選擇的選擇。

Jake Bartlett, Truist Securities.

傑克·巴特利特（Jake Bartlett），Truist Securities。

Great, thanks for taking the question and I'm going to just build on one of the earlier ones about a new unit development and I guess you mentioned your excitement, and level of commitment to that strategy, maybe if you could also, you just give us an update on how many restaurant commitments you have, outstanding how many development agreements it's something that had been disclosed pretty regularly and I just want to see where the where the progress is there.

太好了，感謝您回答這個問題，我想基於之前關於新單位開發的問題再談一談，我想您提到了您對這一戰略的興奮程度和投入程度，如果您可以的話，請您向我們介紹一下您有多少家餐廳的承諾，有多少份開發協議尚未完成，這些都是我們經常披露的信息，我只是想看看那裡的進展如何。

Sure, so first of all on new units. I mean, we are excited to continue growing. First of all, I think the key with what we're doing on the Jack on track stuff is really make sure we're set up with a good healthy franchise base that can grow from a position of strength. So while we are going to have some closures here coming down the road, as you, as you've seen from our announcements, I think where that's really going to net us is franchisees that are, not dragging along some units, frankly, that that probably need to close.

當然，首先是新單位。我的意思是，我們很高興能夠繼續成長。首先，我認為我們在傑克軌道上所做的事情的關鍵是真正確保我們建立一個良好健康的特許經營基礎，可以從實力地位開始發展。因此，儘管我們將來會關閉一些門市，但正如您從我們的公告中看到的那樣，我認為真正對我們有利的是那些不會拖累一些可能需要關閉的門市的特許經營商。

It's going to free up dollars. We expect some of those dollars to flow into the new unit builds and then to piggyback on the new market question from a few minutes ago as well, and we've got Chicago where we expect to convert, around 8, I believe it is by the end of the fiscal year. We've got bills happening in other markets where there's Louisville, Salt Lake City. We're getting ready to be opening some units in Florida, so there's a lot going on there too. So, I think from a new unit standpoint, the picture still looks good. We just got to get it through a few closures here before we'll start to see it in the net in the net numbers as it relates to the development numbers. I don't have those in front of me at the moment, so that'll be something we'll need to circle back on.

這將釋放美元。我們預計其中一些資金將流入新單位的建設，然後搭載幾分鐘前的新市場問題，我們已經在芝加哥進行了轉換，我相信這將在財政年度結束時實現，大約 8 個。我們在路易斯維爾、鹽湖城等其他市場也有業務。我們正準備在佛羅裡達州開設一些分店，所以那裡也有很多事情要做。因此，我認為從新單位的角度來看，情況仍然不錯。我們只需在這裡完成一些關閉操作，然後我們才能開始在淨數字中看到它與開發數字的關係。我目前還沒有這些，所以我們需要重新討論這個問題。

Christine Cho, Goldman Sachs.

高盛的 Christine Cho。

Thank you for taking the question. So would you be able to share some observations on the various food part performances in the quarter? Are you seeing any particular pressure on breakfast or late night, and how are you seeing the market share progressing? Thank you.

感謝您回答這個問題。那麼您能否分享一些本季各個食品部分錶現的觀察呢？您是否覺得早餐或宵夜市場面臨特別的壓力？您認為市佔率的成長情況如何？謝謝。

Now when we look across day part, I think we, we've kind of seen a little bit, especially at the lunch and dinner time, but it's kind of been spread out evenly across, we had some success over the last, this past window that we really are trying to build off where we actually quickly sold out of our natural hot mozzarella sticks. We had a great partnership with the Red Bull that moved really well. So we've had success at certain executions and add-ons that we're willing to start building off moving forward, and our goal, as we mentioned before, is really focused on that barbell strategy with a balance of driving ticket with some of our core equities while also introducing some more value to drive trains.

現在，當我們回顧一天中的不同時段時，我想我們已經看到了一些變化，特別是在午餐和晚餐時間，但它已經均勻地分佈在各個時段，我們在過去取得了一些成功，我們真正想要在此基礎上再接再厲，我們的天然熱馬蘇里拉奶酪條很快就賣光了。我們與紅牛車隊建立了良好的合作關係，進展非常順利。因此，我們在某些​​執行和附加操作上取得了成功，我們願意開始向前邁進，正如我們之前提到的，我們的目標實際上是專注於槓鈴策略，透過一些核心股權來平衡駕駛票，同時也為驅動列車引入更多價值。

And I'll just quickly chip in with I think you're looking for the development agreement or restaurant commitment number and it's since mid 2021, which is kind of where we've kept a running total going it's at 440.

我很快插一句，我認為您正在尋找開發協議或餐廳承諾數量，自 2021 年中期以來，我們的累計總數一直保持在 440。

Ladies and gentlemen, this concludes today.

女士們、先生們，今天的會議到此結束。