Jack in the Box Inc (JACK) 2025 Q3 法說會逐字稿

Hello, and thank you for standing by. My name is Lacey, and I will be your conference operator today. At this time, I would like to welcome everyone to the Jack in the Box third quarter 2025 earnings webcast. (Operator Instructions) Thank you. I would now like to turn the conference over to Rachel Webb, Vice President of Finance and Investor Relations. You may begin.

您好，感謝您的支持。我叫萊西 (Lacey)，今天我將擔任您的會議主持人。現在，我歡迎大家收看 Jack in the Box 2025 年第三季財報網路直播。（操作員指示）謝謝。現在，我想將會議交給財務和投資者關係副總裁 Rachel Webb。你可以開始了。

Thanks, operator, and good afternoon, everyone. We appreciate you joining today's conference call, highlighting results from our third quarter 2025. With me today are Chief Executive Officer, Lance Tucker; and our Chief Financial Officer, Dawn Hooper. Following their prepared remarks, we will be happy to take questions from our covering sell-side analysts. Note that during both our discussion and Q&A, we may refer to certain non-GAAP items.

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 年第三季的業績。今天和我一起的還有執行長 Lance Tucker 和財務長 Dawn Hooper。在他們準備好發言之後，我們將很高興回答我們的賣方分析師的問題。請注意，在我們的討論和問答過程中，我們可能會提到某些非 GAAP 項目。

Please refer to the non-GAAP reconciliations provided in the earnings release, which is available on our Investor Relations website at jackinthebox.com. 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 risk.

請參閱收益報告中提供的非公認會計準則 (Non-GAAP) 對帳表，該報告可在我們的投資者關係網站 jackinthebox.com 上取得。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。

We, therefore, consider the safe harbor statement in the earnings release and the cautionary statements in our most recent 10-K to be part of our discussion. Material risks 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. With that, I would like to turn the call over to our Chief Executive Officer, Lance Tucker.

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。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。說到這裡，我想把電話轉給我們的執行長蘭斯·塔克 (Lance Tucker)。

Thanks, Rachel, and I appreciate everyone joining us today. As I've now been back with Jack in the Box for six months, I'd like to take a moment to share my observations thus far. Despite the last six months being some of the most challenging, I can recall in my time in the QSR industry, I've been struck by the energy, passion and grit that I've seen from our teams and our franchisees at both Jack in the Box and Del Taco, giving me even greater confidence that we can and will leverage the many equities at both brands to deliver strong long-term results for our franchisees and investors.

謝謝 Rachel，我感謝大家今天加入我們。現在我已經回到 Jack in the Box 六個月了，我想花點時間分享我迄今為止的觀察。儘管過去六個月是最具挑戰性的六個月，但我記得在 QSR 行業工作期間，我從 Jack in the Box 和 Del Taco 的團隊和特許經營商身上看到的活力、熱情和勇氣給我留下了深刻的印象，這讓我更加有信心，我們能夠並將利用這兩個品牌的眾多資產，為我們的特許經營商和投資者帶來強勁的長期業績。

I continue to be grateful for the opportunity to lead such an amazing group of people as we work to drive these brands forward.

我仍然很感激有機會領導這樣一群出色的人，並共同努力推動這些品牌向前發展。

Another reason for my confidence is the excitement generated by our recent entrants in the new markets, highlighting the relevance and potential of both brands, Jack in the Box, fantastic new market openings. Recently opened restaurants in Chicago, while Del Taco entered the Durham, North Carolina market.

我充滿信心的另一個原因是我們最近進入新市場所激發的興奮，凸顯了兩個品牌 Jack in the Box 的相關性和潛力，以及絕佳的新市場開拓。最近在芝加哥開設了餐廳，而 Del Taco 則進入了北卡羅來納州達勒姆市場。

In both cases, these restaurants are opening with very high volumes and are expected to be excellent performers. I want to thank the operations teams at both brands as well as our newly appointed Chief Development Officer, Van Ingram and the entire development team for the contributions to these fantastic new market openings. Turning to third quarter results.

在這兩種情況下，這些餐廳的開幕客流量都非常大，預計業績會非常出色。我要感謝兩個品牌的營運團隊以及我們新任命的首席開發長 Van Ingram 和整個開發團隊為這些出色的新市場開拓所做的貢獻。談到第三季業績。

There were several challenges we had to continue with during the quarter. As many in the QSR industry have already called out, the macro environment is very difficult, and consumers remain cautious. Jack in the Box significantly over-indexes with Hispanic guests, who, especially in our core markets, face uncertainty and have pulled back their spending. This issue is having an outsized impact on our sales. In addition, we have seen lower income cohorts pull back as well in line with industry trends.

本季我們必須繼續應對多項挑戰。正如許多快餐業人士所指出的那樣，宏觀環境非常困難，消費者仍然保持謹慎。Jack in the Box 在西班牙裔顧客中的受歡迎程度明顯高於其他顧客，而這些顧客，尤其是在我們的核心市場，面臨著不確定性，因此減少了消費。這個問題對我們的銷售產生了巨大影響。此外，我們也看到低收入群體也隨著產業趨勢而減少。

We're also continuing with some difficult compares as we continue to lap successful Smashed Jack promotions from last year as well as significant price taken by many of our restaurants in 2024 and as a result of California minimum wage increases. Both of these have negatively impacted Jack growth on a year-over-year basis.

我們仍在繼續進行一些艱難的比較，因為我們繼續總結去年 Smashed Jack 促銷活動的成功，以及我們許多餐廳在 2024 年採取的大幅降價措施，以及加州最低工資上漲的結果。這兩點都對傑克的同比增長產生了負面影響。

As I look at our Q3 results, and what is needed to drive better sales performance in spite of the headwinds, we need to get back to our barbell strategy and more specifically provide more demonstrable value to our customers. So we're doing just that as we move through the fourth quarter. To start, last week, we reintroduced our Bonus Jack combo, a fan favorite at a very compelling introductory price point.

當我回顧我們的第三季業績，並思考如何在逆風中推動銷售業績的提高時，我發現我們需要回到我們的槓鈴策略，更具體地說，為我們的客戶提供更明顯的價值。因此，我們在進入第四季時就這麼做了。首先，上週我們重新推出了 Bonus Jack 組合，這是粉絲們最喜歡的組合，而且價格非常誘人。

In addition, we have launched our popular Spicy Chicken Strips featuring a new craveable hot and honey flavor that really resonates with our core guests. Our always popular Sauced and Loaded Potato Wedges are also back for a limited time. And to combat late-night competition and help bolster some of the softness in check, we'll continue to pulse our Munchie Meals with culturally relevant collabs, including our current Munchie Meal featuring Coca-Cola Starlight.

此外，我們還推出了廣受歡迎的辣雞柳，具有令人垂涎的全新辣味和蜂蜜味，真正引起了我們核心客人的共鳴。我們一直很受歡迎的醬汁土豆角也限時回歸了。為了應對深夜競爭並幫助增強一些柔和度，我們將繼續透過與文化相關的合作來推動我們的 Munchie Meals，包括我們目前以可口可樂星光為特色的 Munchie Meal。

As you can tell, our current lineup is strong, and we are investing $5.5 million in incremental marketing across the fiscal fourth quarter to make sure we're fully supporting it. Part of this spend is to overcome the shortfall created by our sales performance in Q3, while the majority is to add media weight, so our guests are fully aware of these capable offerings.

正如您所看到的，我們目前的陣容非常強大，我們將在第四財季投資 550 萬美元用於增量行銷，以確保我們全力支持它。這筆支出的一部分是為了彌補第三季銷售業績造成的缺口，而大部分是為了增加媒體影響力，以便我們的客人充分了解這些強大的產品。

As I look longer term, the entire guest experience requires improvement in the coming months and years. The value equation has gotten a bit off track across the broader QSR industry and Jack in the Box is no different. So we need to work on the entire guest experience not just promotion or price.

從長遠來看，我認為未來幾個月和幾年內整個賓客體驗都需要改善。在整個 QSR 產業中，價值方程式已經有點偏離軌道，Jack in the Box 也不例外。因此，我們需要致力於改善整個賓客體驗，而不僅僅是促銷或價格。

As such, we are refocusing on three key areas to enable staying power of the Jack brand. We'll do this by getting back to our roots and leaning on our 75-year heritage by going back to doing things as we call it, Jack's Way.

因此，我們重新專注於三個關鍵領域，以增強 Jack 品牌的持久力。我們將回歸本源，秉承 75 年的傳統，以我們稱之為「傑克的方式」的方式去做事。

While JACK on Track is intended to quickly fortify the financial foundation for both the company and its franchisees, it is comprised of structural actions, it's not an actual operating plan. But in contrast, Jack's Way will be our ongoing strategy for driving a better overall experience for our guests.

雖然 JACK on Track 旨在快速鞏固公司及其特許經營商的財務基礎，但它由結構性行動組成，而不是實際的營運計劃。但相較之下，「傑克之道」將是我們持續的策略，旨在為我們的客人提供更好的整體體驗。

First, doing things Jack's Way means improving service quality and getting back to emphasizing operational excellence. In a sense, it's as simple as getting back to basics. Initially, this means delivering a better experience through improved guest interactions and focusing on consistent service quality across our core menu items from burgers to our fried offerings.

首先，按照傑克的方式做事意味著提高服務品質並重新強調卓越營運。從某種意義上來說，這就像回歸本源一樣簡單。首先，這意味著透過改善與客人的互動來提供更好的體驗，並專注於從漢堡到油炸食品等核心菜單項目的一致服務品質。

It includes additional training and support for employees at both our restaurant and field levels, and it also includes holding our restaurants more accountable performance and also rewarding them for outstanding work by reintroducing key recognition programs to motivate and recognize our team members in every restaurant.

它包括為我們餐廳和現場級別的員工提供額外的培訓和支持，還包括讓我們的餐廳承擔更多責任，並通過重新引入關鍵認可計劃來激勵和認可每個餐廳的團隊成員，以獎勵他們的出色工作。

While operational changes don't impact sales overnight, we know these are table stakes for the long-term brand success. That's why we are thrilled to have Shannon McKinney back at Jack in the Box as our COO. Shannon has hit the ground running and is already building a great rapport with our team members and franchisees to improve our system-wide operations.

雖然營運變化不會在一夜之間影響銷售，但我們知道這些是品牌長期成功的必要條件。這就是為什麼我們很高興 Shannon McKinney 重返 Jack in the Box 擔任我們的營運長。Shannon 已開始積極工作，並已與我們的團隊成員和加盟商建立了良好的關係，以改善我們整個系統的運作。

Second, doing things Jack's Way means serving high-quality food at a good value. Recently, we have missed the mark on delivering the value to our guests that they've come to expect. What I like the most about the rest of this year is the marketing lineup has a strong balance of innovation and ownable value that will keep guests coming back more often. In addition, we are entering Jack's 75th anniversary in 2026. We are fully embracing the out-of-the-box qualities that make Jack in the Box such a distinctive iconic brand.

其次，按照傑克的方式做事意味著以合理的價格提供高品質的食物。最近，我們未能為客人提供他們所期望的價值。今年剩餘時間我最喜歡的是行銷陣容在創新和可擁有價值之間實現了良好的平衡，這將使客人更頻繁地回來。此外，2026年我們將迎來傑克誕辰75週年。我們充分擁抱那些讓 Jack in the Box 成為如此獨特的標誌性品牌的創新品質。

While I won't get into specifics, you'll see more innovation and improve quality across our core products as well as the return of some classic Jack throwback products our loyal fans have been asking for. You'll also see nods to Jack's history in our marketing, including a modern twist on iconic commercials from the brand's past that will feature Jack's reverent quirky personality in a way that we expect will really resonate. These improvements, coupled with the improved operations will deliver that incredibly hot flavorful food our guests crave.

雖然我不會透露具體細節，但您會看到我們的核心產品有了更多的創新和品質的提升，以及我們的忠實粉絲一直要求的一些經典傑克復古產品的回歸。您還會在我們的行銷中看到對傑克歷史的致敬，包括對該品牌過去標誌性商業廣告的現代詮釋，以我們期望的方式展現傑克虔誠而古怪的個性，從而引起共鳴。這些改進，加上改進的操作，將為我們的客人提供他們渴望的、熱騰騰、味道鮮美的食物。

The third key element of doing things Jack's Way is the modernization of our restaurants. We want our guests to enjoy a consistent experience from our mobile app all the way to the drive-thru. The guest experience has suffered over the years as many of our restaurants have not received timely reimages.

按照傑克的方式做事的第三個關鍵要素是餐廳的現代化。我們希望我們的客人從使用我們的行動應用程式到駕車取餐都能享受一致的體驗。多年來，由於我們的許多餐廳沒有及時進行重新形象改造，客人的體驗受到了影響。

To remedy this, we intend to deploy a multiyear reimage initiative to touch at least 1,000 additional restaurants beyond our current program. We'll share more plans about this in November as part of our capital planning discussions, but please know I am committed to the revival of the Jack in the Box brand stores.

為了解決這個問題，我們打算部署一項多年的重塑計劃，除了目前的計劃之外，還將涵蓋至少 1,000 家餐廳。作為我們資本規劃討論的一部分，我們將在 11 月分享更多有關此方面的計劃，但請知悉，我致力於復興 Jack in the Box 品牌商店。

Underlying all of our plans around an improved guest experience is a solid foundation in technology. The digital mix reached a total of 18.5% of sales for the Jack brand this quarter. We are pleased with the progress the teams have made in enabling our restaurants with technology and we're well ahead of schedule in achieving our initial goal at 20% of sales through digital channels.

我們所有圍繞改善賓客體驗的計劃都建立在堅實的技術基礎上。本季度，數位產品組合佔 Jack 品牌銷售額的 18.5%。我們對團隊在利用技術為我們的餐廳提供支援方面所取得的進展感到滿意，並且我們已經提前實現了透過數位管道實現 20% 銷售額的初始目標。

I'm also pleased to announce that as of last week, over 2,000 restaurants now have the new point-of-sales be installed. I want to thank Doug Cook and the IT organization, our ops team, our vendor partners, and our franchisees for installing these ahead of schedule. It's been a true team effort.

我也很高興地宣布，截至上週，已有超過 2,000 家餐廳安裝了新的銷售點。我要感謝 Doug Cook 和 IT 組織、我們的營運團隊、我們的供應商合作夥伴以及我們的特許經營商提前安裝這些設備。這是一次真正的團隊合作。

We anticipate the new POS will be fully rolled out to the entire Jack system by the end of this month. While we continue to see implementation impacts from temporary downtime, we anticipate these impacts will be short term in nature.

我們預計新的 POS 將在本月底全面推廣到整個 Jack 系統。雖然我們繼續看到臨時停機對實施的影響，但我們預計這些影響將是短期的。

And of note, the vast majority of issues we discussed last quarter related to our technology modernization have been mitigated. While there's been a lot of progress, we do still have a number of items on our technology road map.

值得注意的是，我們在上個季度討論的與技術現代化相關的絕大多數問題都得到了緩解。雖然我們已經取得了很大進展，但我們的技術路線圖上仍然有許多項目。

With future enhancements to our digital platforms, loyalty program and data capabilities yet to come, there is a lot of long-term upside from enabling our restaurants with better tech. Switching gears, Dawn will speak to the specifics regarding the JACK on Track program and updates, but I am pleased with the progress we've made thus far.

隨著我們數位平台、忠誠度計劃和數據功能的未來增強，為我們的餐廳提供更好的技術將帶來許多長期利益。換個話題，Dawn 將談論有關 JACK on Track 計劃和更新的具體細節，但我對我們迄今為止的進展感到滿意。

There are many puts and takes throughout the plan, and my commitment is to provide as much transparency as I can, knowing on timing will be challenging to predict on our end. Spend a moment on the balance sheet component of the program, we remain committed to reducing our leverage, but want to be very clear about why this is a priority.

整個計劃中有很多需要改進的地方，我的承諾是盡可能地提供透明度，因為從我們的角度來看，預測時間安排將是一個挑戰。花點時間討論一下該計劃的資產負債表部分，我們仍然致力於降低槓桿率，但想非常清楚地說明為什麼這是優先事項。

Jack in the Box has a very flexible existing securitization debt structure and is well over $100 million from approaching its debt covenants, so our cash flow easily supports our debt. We simply feel it is prudent to operate with more modest leverage as we move forward, and we also want to mitigate increases in our interest expense as we begin to refinance the various tranches in this higher interest rate environment.

Jack in the Box 現有的證券化債務結構非常靈活，距離債務契約的履行還差 1 億美元以上，因此我們的現金流可以輕鬆支撐我們的債務。我們只是覺得，在未來的發展中，以更適度的槓桿來運營是明智之舉，而且，當我們開始在這種高利率環境下為各個部分進行再融資時，我們也希望減輕利息支出的增加。

And lastly, while there are certainly a lot of activities occurring in Jack in the Box, I want to make it very clear that my number one priority is improving performance at our restaurants to ensure long-term health across the system now and for years to come. Before I pass it over to Dawn, I want to take a moment to acknowledge Dawn's much deserved promotion to Chief Financial Officer.

最後，雖然 Jack in the Box 確實有很多活動，但我想明確表示，我的首要任務是提高我們餐廳的業績，以確保整個系統現在和未來幾年的長期健康。在將權力移交給 Dawn 之前，我想花一點時間來感謝 Dawn 當之無愧地晉升為財務長。

The stability, consistency in over 20 years of Jack knowledge she provides gives me great confidence in her ability to drive shareholder value. Now I'll turn the call over to her for her prepared remarks, after which we'll take your questions. Dawn?

她提供的有關傑克的 20 多年知識的穩定性和一致性讓我對她推動股東價值的能力充滿信心。現在我將把電話交給她，請她發表準備好的發言，然後我們將回答你們的提問。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 as well as update guidance.

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以及更新指南。

Starting with our Jack brand. The third quarter system same-store sales decreased 7.1% comprised of a franchise restaurant same-store sales decrease of 7.2% and a company-owned same-store sales decrease of 6.4%. This resulted from a decrease in transactions and mix negativity, partially offset by many price increases.

從我們的 Jack 品牌開始。第三季系統同店銷售額下降7.1%，其中特許經營餐廳同店銷售額下降7.2%，公司自營同店銷售額下降6.4%。這是由於交易量減少和組合負面因素所致，但部分被價格上漲所抵消。

Now looking at restaurant-level performance. Jack's restaurant-level margin percentage in the quarter decreased to 17.9%, down from 21% a year ago, driven primarily by sales deleverage. Food and packaging costs as a percentage of sales were favorable in the quarter, declining 60 basis points from the prior year to 28.6%.

現在來看看餐廳層面的表現。本季度，傑克餐廳的利潤率從去年同期的 21% 下降至 17.9%，主要原因是銷售去槓桿。本季食品和包裝成本佔銷售額的百分比良好，較上年下降 60 個基點至 28.6%。

This was driven by an increase in beverage funding relating to a new contract and menu price increases partially offset by commodity inflation of 4% in the quarter. Labor costs as a percentage of sales were 34.5%, increasing 220 basis points from the prior year.

這是由於與新合約相關的飲料資金增加以及菜單價格上漲，但本季 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 34.5%，比前一年增加 220 個基點。

This increase was primarily driven by a California unemployment payroll tax adjustment as well as wage inflation, which was 1.5% for the quarter. Wage inflation was relatively low for the quarter as we lapped the impact of AB 1228, and we expect wage inflation to be 2 percentage points to 3 percentage points on a go-forward basis.

這一增長主要受到加州失業工資稅調整以及工資通膨（本季為 1.5%）的推動。由於我們克服了 AB 1228 的影響，本季的薪資通膨率相對較低，我們預期未來薪資通膨率將達到 2 個百分點至 3 個百分點。

Occupancy and other operating expenses increased 160 basis points, driven primarily by sales deleverage and higher costs for rent, utilities, and other operating expenses. Franchise level margin was $66.2 million or 39.3% of franchise revenues compared to $74.6 million or 41.1% a year ago. The decrease in dollars was mainly driven by lower sales, driving lower rent revenue and royalties, partially offset by franchise lease buyout transactions in the current year.

入住率和其他營運費用增加了 160 個基點，主要原因是銷售去槓桿以及租金、水電費和其他營運費用成本上升。特許經營等級利潤率為 6,620 萬美元，佔特許經營收入的 39.3%，而去年同期為 7,460 萬美元，佔特許經營收入的 41.1%。美元減少的主要原因是銷售額下降，導致租金收入和特許權使用費下降，但本年度的特許經營租賃收購交易部分抵消了這一影響。

Turning to restaurant count. There were 6 restaurant openings and 21 restaurant closures in the quarter, of which 13 were associated with our JACK on Track closure program. Turning now to Del Taco. System same-store sales declined 2.6%, with a franchise same-store sales decline of 2.7%, and a company-owned same-store sales decrease of 2.2%. The lower sales were the result of a decline in transactions and mix, partially offset by an increase in price.

轉向餐廳數量。本季有 6 家餐廳開業，21 家餐廳關閉，其中 13 家與我們的 JACK on Track 關閉計劃有關。現在轉向 Del Taco。系統同店銷售額下降2.6%，其中特許經營同店銷售額下降2.7%，公司自營同店銷售額下降2.2%。銷售額下降是由於交易量和產品組合的下降，但價格上漲部分抵消了這一影響。

Del Paco benefited from a strong value promotion in El Big Boxes and bolstered check later in the quarter by adding a premium protein promotion in Carnitas.

Del Paco 受益於 El Big Boxes 的強勁價值促銷，並在本季度後期透過在 Carnitas 中增加優質蛋白質促銷來增強業績。

All Del Taco company-owned restaurants have kiosks installed and we are continuing to see franchisees increasing their adoption rate as well, including kiosks, along with third-party delivery and mobile, digital mix now makes up roughly 20% of system-wide sales.

所有 Del Taco 公司旗下的餐廳都安裝了自助服務終端，而且我們不斷看到特許經營商的採用率也在不斷提高，包括自助服務終端、第三方配送和行動裝置在內的數位化組合現在約佔全系統銷售額的 20%。

Del Taco restaurant level margin was 9.7%, down 370 basis points from the prior year. The margin percentage decline was driven primarily by lower sales and higher costs, including higher utilities, labor, and other operating costs as well as commodity inflation.

Del Taco 餐廳的利潤率為 9.7%，比前一年下降 370 個基點。利潤率下降的主要原因是銷售額下降和成本上升，包括公用事業、勞動力和其他營運成本上升以及商品通膨。

Food and packaging costs as a percentage of sales increased 100 basis points to 26.6% due to unfavorable menu mix and commodity inflation of 4.7% in the quarter. Labor costs as a percentage of sales increased 100 basis points to 39.6%, primarily due to higher insurance and a California unemployment payroll tax adjustment, partially offset by wage deflation of 0.5% for the quarter.

由於菜單組合不佳以及本季商品通膨率為 4.7%，食品和包裝成本佔銷售額的百分比增加了 100 個基點，達到 26.6%。勞動成本佔銷售額的百分比增加了 100 個基點，達到 39.6%，這主要是由於保險費用增加和加州失業工資稅調整，但本季 0.5% 的工資通縮部分抵消了這一影響。

Occupancy and other operating expenses increased 170 basis points, driven primarily by higher utility costs and other operating expenses. Franchise global margin was $6.4 million or 27% of franchise revenues compared to $5.8 million or 27.1% last year.

入住率和其他營運費用增加了 170 個基點，主要原因是公用事業成本和其他營運費用增加。特許經營全球利潤為 640 萬美元，佔特許經營收入的 27%，而去年為 580 萬美元，佔 27.1%。

The increase was driven by the benefit of refranchising, early termination fees, and lower IT costs, partially offset by negative sales and higher bad debt expense. Del Taco restaurant count at quarter end was 585 with three openings and nine closures during the quarter.

成長的動力來自於特許經營權的再授權、提前終止費用以及較低的 IT 成本，但部分被負銷售額和較高的壞帳費用所抵消。本季末 Del Taco 餐廳總數為 585 家，其中新開 3 家，關閉 9 家。

Moving on now to our consolidated results. SG&A for the quarter was $26.8 million or 8.1% of revenues as compared to $29.6 million or 8% a year ago. The decrease of $2.7 million was primarily due to fluctuations in the cash surrender value of our company-owned life insurance policies, net of changes in our non-qualified deferred compensation obligation supported by these policies of $2.6 million. Lower incentive-based compensation of $1.7 million also contributed to the decrease.

現在來看看我們的綜合業績。本季銷售、一般及行政費用為 2,680 萬美元，佔營收的 8.1%，而去年同期為 2,960 萬美元，佔營收的 8%。270 萬美元的減少主要是由於我們公司擁有的人壽保險單的現金退保價值的波動，扣除由這些保單支持的 260 萬美元的非合格遞延薪酬義務的變化。較低的激勵性薪酬（170 萬美元）也導致了這一下降。

These decreases were partially offset by increases in insurance of $3.3 million. Excluding net COLI gains of $6.1 million as well as advertising costs, G&A was 2.2% of total system-wide sales for the quarter and total G&A spend was $25.5 million, which is an increase of $1 million versus the prior year.

這些減少被 330 萬美元的保險增加部分抵消。不包括 610 萬美元的淨 COLI 收益以及廣告費用，G&A 費用佔本季全系統總銷售額的 2.2%，G&A 總支出為 2,550 萬美元，比上年增加 100 萬美元。

Consolidated adjusted EBITDA was $61.6 million, down from $78.9 million in the prior year due primarily to the impact from sales deleverage. We reported a consolidated GAAP diluted earnings per share for the third quarter of $1.15 compared to a net loss per share of $6.26 in the third quarter of the prior year. Operating earnings per share, which includes adjustments for certain items, was $1.02 for the quarter versus $1.65 in the third quarter of the prior year.

合併調整後 EBITDA 為 6,160 萬美元，低於上年的 7,890 萬美元，主要原因是銷售去槓桿的影響。我們報告第三季的綜合 GAAP 稀釋每股收益為 1.15 美元，而去年同期的每股淨虧損為 6.26 美元。每股營業收益（包括某些項目的調整）本季為 1.02 美元，去年同期第三季為 1.65 美元。

The effective tax rate for the third quarter of 2025 was negative 2.4%, compared to a negative 0.1% for the same quarter a year ago. The lower tax rate in the current year was primarily driven by non-taxable gains from the market performance of insurance products. The adjusted tax rate used to calculate the non-GAAP operating earnings per share this quarter was 26.1%.

2025 年第三季的有效稅率為負 2.4%，去年同期為負 0.1%。本年度稅率較低主要是由於保險產品市場表現帶來的非應稅收益。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26.1%。

On the investing front, our capital expenditures were $22.5 million for the quarter and $70.3 million on a year-to-date basis and included investments in our restaurant technology and digital initiatives as well as the development of new company restaurants. We did not repurchase any shares of stock during the quarter, and as previously announced, we discontinued our dividend.

在投資方面，本季我們的資本支出為 2,250 萬美元，年初至今的資本支出為 7,030 萬美元，其中包括對餐廳技術和數位計畫以及新公司餐廳開發的投資。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 5.7 times.

截至季末，扣除已簽發的信用狀後，我們在浮動融資票據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 5.7 倍。

I'd like to spend a few moments reiterating our JACK on Track plan elements and provide a progress update. As discussed during our April 23 call, our objective is to position Jack in the Box for long-term sustainable growth. Reviewing the primary actions as part of this plan, I'll start with the restaurant block closure program.

我想花一點時間重申我們的 JACK on Track 計劃要素並提供進度更新。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 in the Box 實現長期永續成長。回顧該計劃的主要行動，我將從餐廳關閉計劃開始。

In Q3, we closed 13 restaurants as part of this program. Five of these closures were company-owned restaurants, and we don't anticipate any more company-owned closures as part of the program. To give you more color on the roughly 200 restaurants in the JACK on Track closure program, we expect the profile of a restaurant to resemble the following.

在第三季度，我們根據該計劃關閉了 13 家餐廳。其中五家關閉的是公司自營餐廳，我們預計該計劃不會再關閉任何公司自營餐廳。為了讓您更詳細地了解 JACK on Track 關閉計劃中的大約 200 家餐廳，我們預計餐廳的概況將類似於以下內容。

Average annual sales volumes of roughly $1.2 million per restaurant; average annual four-wall EBITDA of negative $70,000 per restaurant, which has been a drag on our franchise operators.

每家餐廳的年平均銷售額約為 120 萬美元；每家餐廳的年平均四面 EBITDA 為負 70,000 美元，這對我們的特許經營商來說是一個拖累。

The average annual Jack in the Box contribution from rent and royalties to franchise level margin of $80,000 per restaurant. By closing these restaurants, we expect the health of our franchisees overall portfolios to improve.

Jack in the Box 每家餐廳每年透過租金和特許權使用費為特許經營利潤貢獻的平均金額為 80,000 美元。透過關閉這些餐廳，我們預計我們的特許經營商整體投資組合的健康狀況將會改善。

We do expect there will be a sales transfer benefit to nearby restaurants, many of which are owned by the same franchise operator. Because we are closing these restaurants over a span of years, the total impact depends on restaurant closure dates.

我們確實預計附近的餐廳將獲得銷售轉移利益，其中許多餐廳由同一家特許經營商擁有。由於我們是在幾年內關閉這些餐廳的，因此整體影響取決於餐廳關閉的日期。

As announced in April, we are on track to close 80 to 120 restaurants by the end of calendar year 2025 and the majority of these performed more poorly than the averages I just outlined. As it pertains to real estate sales, we did not sell any real estate in the third quarter. We do expect to sell real estate with proceeds of at least $100 million, most of which will occur within the next fiscal year.

正如 4 月宣布的那樣，我們計劃在 2025 年底之前關閉 80 至 120 家餐廳，其中大多數餐廳的業績都比我剛才概述的平均水平要差。就房地產銷售而言，我們在第三季沒有出售任何房地產。我們確實希望出售房地產，獲得至少 1 億美元的收益，其中大部分將在下一個財政年度內實現。

And for the last component of JACK on Track, the Del Taco strategic process, we have good interest and are progressing through the process. Ideally, we will have news to share with you by the end of this calendar year. Lastly, we have updated our outlook for the remainder of fiscal year 2025. These are updated from our April JACK on Track call. As a reminder, we do not include the impacts of future JACK on Track activities in these estimates.

對於 JACK on Track 的最後一個組成部分，即 Del Taco 策略流程，我們非常感興趣並且正在推進該流程。理想情況下，我們將在今年年底之前與您分享新聞。最後，我們更新了 2025 財年剩餘時間的展望。這些是我們四月 JACK on Track 電話會議的更新內容。提醒一下，我們沒有在這些估計中包括未來 JACK 對 Track 活動的影響。

On a company-wide basis, we expect total capital expenditures for the year of $85 million to $90 million. We do not plan to repurchase any additional shares beyond the $5 million that was repurchased in the first quarter.

從整個公司的角度來看，我們預計今年的總資本支出為 8,500 萬至 9,000 萬美元。除了第一季回購的 500 萬美元以外，我們不打算回購任何其他股票。

Our tax rate expectations remain the same at about 26%. We expect SG&A spend of $155 million to $160 million for the full year which includes the $5.5 million in incremental marketing spend in the fourth quarter that Lance mentioned, but does not include any COLI gains. We expect G&A as a percentage of system-wide sales also excluding COLI gains to be roughly 2.3%.

我們的稅率預期維持不變，約26%。我們預計全年銷售、一般及行政開支為 1.55 億美元至 1.6 億美元，其中包括 Lance 提到的第四季度 550 萬美元的增量行銷開支，但不包括任何 COLI 收益。我們預計，一般及行政費用佔全系統銷售額（不包括中國海外投資收益）的百分比約為 2.3%。

Depreciation and amortization are expected to be closer to $57 million to $59 million for the full year. We expect adjusted EBITDA of $270 million to $275 million, which includes the $5.5 million in incremental marketing spend in the fourth quarter. And we expect operating EPS of $4.55 to $4.73.

預計全年折舊和攤提將接近 5,700 萬美元至 5,900 萬美元。我們預計調整後的 EBITDA 為 2.7 億美元至 2.75 億美元，其中包括第四季 550 萬美元的增量行銷支出。我們預計營業每股收益為 4.55 美元至 4.73 美元。

For Jack in the Box specifically, we expect same-store sales of negative low to mid-single digits, consistent with our expectations from April. 30 to 35 gross restaurant openings and restaurant level margin of 19% to 21%. This includes the full year impact of AB 1228 as well as higher costs for utilities and low- to mid-single-digit commodity inflation. We look forward to sharing our outlook for fiscal year 2026 on our upcoming earnings call in November.

具體來說，對於 Jack in the Box，我們預計同店銷售額將為負低至中個位數，與我們 4 月的預期一致。餐廳總數將達 30 至 35 家，餐廳利潤率為 19% 至 21%。這包括 AB 1228 的全年影響以及公用事業成本的增加和低至中等個位數的商品通膨。我們期待在 11 月即將召開的收益電話會議上分享我們對 2026 財年的展望。

In closing, we expect the JACK on Track program to set the groundwork to improve the long-term financial performance of the company as we refocus on our customer experience from improving the value equation to modernizing the image of our restaurants, we expect to get back to Jack's Way of delivering best-in-class results. We look forward to speaking with you again in November when we release the fourth quarter results and set expectations for fiscal 2026. Thanks again for your time this afternoon. Operator, please open the line for questions.

最後，我們希望 JACK on Track 計畫能夠為改善公司的長期財務表現奠定基礎，因為我們將重新專注於客戶體驗，從改善價值方程式到實現餐廳形象的現代化，我們希望回到 Jack's Way 來提供一流的結果。我們期待在 11 月發布第四季度業績並設定 2026 財年預期時再次與您交談。再次感謝您今天下午抽出時間。接線員，請打開熱線以回答問題。

(Operator Instructions)

（操作員指示）

Brian Bittner, Oppenheimer.

奧本海默的布萊恩·比特納。

Two questions. First, is the guidance for Jack in the Box same-store sales down low to mid-single digits for the fiscal year, it does imply a very wide range for the fourth quarter. So any help on the rate of change we should be expecting relative to 3Q's performance would be helpful, particularly given the incremental advertising you're deploying in 4Q. If you could kind of help us understand what that's going to be used for specifically?

兩個問題。首先，Jack in the Box 預計本財年同店銷售額將下降低至個位數至中位數，這確實意味著第四季的銷售額降幅將非常大。因此，任何有關我們應該預期相對於第三季度業績的變化率的幫助都會有所幫助，特別是考慮到您在第四季度部署的增量廣告。您能否幫助我們了解它的具體用途？

Sure, Brian, it's Lance. On Q4, what we're really doing is we're kind of pivoting to a little bit better value. So the first several weeks of the quarter were difficult because we were still in kind of the same window that we were coming out of Q3.

當然，布萊恩，我是蘭斯。在第四季度，我們真正在做的是轉向更好的價值。因此本季的前幾週很困難，因為我們仍處於第三季的同一階段。

But then when you look at what we've seen for just about the last couple of weeks since we rolled the new window, we've rolled out very attractive price-pointed combo in our Bonus Jack. We have also rolled out our Spicy Chicken Strips with a really good new flavor in hot honey.

但是，當您查看自我們推出新視窗以來過去幾週所看到的情況時，您會發現我們在 Bonus Jack 中推出了非常有吸引力的價格組合。我們還推出了辣味雞柳，加入熱蜂蜜，味道非常好。

We also are rolling out Sauced and Loaded Potato Wedges, which is the fan favorite. We're bringing those back for a limited time, continuing to pulse in Munchie Meals, which is one of our best-performing products. And right now, we have a collab with Coca-Cola Starlight. We're going to put the media weight mainly behind the Bonus Jack combo. And so again, that's price pointed.

我們還推出了深受粉絲喜愛的醬汁土豆角。我們將在有限的時間內重新推出這些產品，並繼續推出 Munchie Meals，這是我們表現最好的產品之一。目前，我們與可口可樂星光有合作。我們將把媒體的重心主要放在 Bonus Jack 組合上。再次強調，這是價格指向。

I think that's been a little bit of a miss for us throughout the quarter. We didn't have quite enough price point of value. So as we look to Q4, what I'll tell you is that the first few weeks started off a little bit at rough, the last couple of weeks, while it is still early, the trends have looked much improved.

我認為整個季度我們都有一點失誤。我們的價格價值點不夠。因此，當我們展望第四季時，我想告訴大家的是，最初幾週的情況有些艱難，但在過去幾週，雖然還處於初期階段，但趨勢已經明顯改善。

So we definitely think we're on the right track. And I think kind of the theme is going to be, we probably need to be looking at a little more price pointed value, little more consistent value honestly and making sure it's visible by being on the menu board, which we're also doing, which we don't always do when we do an LTO.

所以我們絕對認為我們走在正確的道路上。我認為主題是，我們可能需要考慮更多的價格點價值，更誠實地考慮更一致的價值，並確保它在菜單板上可見，我們也在這樣做，但在進行 LTO 時我們並不總是這樣做。

And my follow-up is just on the JACK on Track strategy and specifically the real estate sales of potentially $100 million over the next fiscal year. How did you decide on that dollar amount figure without knowing the final result of the Del Taco strategic review. I was assuming that the Del Taco dynamic could have an impact on the amount of real estate sales you may have been targeting. So if you could just help us better understand the $100 million and how that got constructed?

我的後續工作是關於 JACK on Track 策略，特別是下一財年可能達到 1 億美元的房地產銷售額。在不知道 Del Taco 策略評估的最終結果的情況下，您是如何確定這個金額的？我假設 Del Taco 的動態可能會對您所針對的房地產銷售量產生影響。那麼，您能否幫助我們更了解這 1 億美元以及它是如何形成的呢？

Absolutely. And really the way you should think about that $100 million is kind of an at least $100 million. The way I'm thinking, we're going to use the real estate sales as really as the balancer, so very similar, I think, to what your expectation was, as I heard you explain it. We'll see where the Del Taco process lands. We'll also see what cash we're able to accumulate via other means, a little bit less CapEx spend, et cetera, what our operating result look like, all those things.

絕對地。實際上，你應該認為這 1 億美元至少是 1 億美元。我的想法是，我們將把房地產銷售作為平衡器，所以我認為，這與你預期的非常相似，正如我聽到你解釋的那樣。我們將拭目以待 Del Taco 流程的最終結果。我們還將看看我們能夠透過其他方式累積多少現金，減少一點資本支出等等，我們的經營結果會是什麼樣的，所有這些事情。

We know we'll want to sell at least $100 million of real estate and then beyond that, we'll kind of wait and see.

我們知道我們想要出售至少價值 1 億美元的房地產，除此之外，我們還會拭目以待。

Gregory Francfort, Guggenheim.

古根漢美術館的格雷戈里·弗蘭克福特。

This is Arian Razai for Greg. Lance, with Shannon McKinney coming back to Jack, what do you think you can bring or change operationally? And then I have a quick follow-up on income cohorts. It seems like the low-income consumer has been struggling for the last, I don't know, 2, 2.5 years. And the mid-income consumer for the past six, eight months. Can you provide more color on what you're seeing a at Jack within these 2 and how it tracks over the recent quarters?

我是格雷格的阿里安·拉扎伊 (Arian Razai)。蘭斯，隨著香農·麥金尼回歸傑克，您認為您在營運方面能帶來什麼或改變什麼？然後我會快速跟進收入群。看起來低收入消費者在過去的兩年或兩年半裡一直在苦苦掙扎。以及過去六、八個月的中等收入消費者。您能否更詳細地介紹一下您在這兩個季度中對傑克的看法以及最近幾季的走勢？

Sure. So let me start with Shannon. So we are thrilled to have an him back. He used to be in the system a number of years ago in a senior role at that time, too. And I think what you'll see Shannon bring back is a real focus on operations.

當然。那麼就讓我從香農 (Shannon) 開始吧。所以我們很高興他回來了。幾年前，他也曾在該系統內擔任高階職務。我認為你會看到香農重新將注意力集中在營運上。

And I guess to be a little bit more specific, and we mentioned this in some of our scripting, we're going to get back to the basics on some things that we can do, they really were falling a little bit short of. So even just things like friendliness, making sure some real basics are taken care of in our food prep.

我想更具體一點，我們在一些腳本中提到了這一點，我們將回到我們可以做的一些事情的基礎知識，它們確實有點不足。因此，即使只是像友好這樣的事情，也要確保我們在準備食物時考慮到一些真正的基本事項。

And then we're going to be holding our franchisees and ourselves as the company operators more accountable as well. And so Shannon will be leading that charge. I can tell you, just in the first month or so that he's been here, he's already been out in several of our major markets.

然後，我們將要求我們的特許經營商和我們自己作為公司經營者承擔更多責任。因此香農將領導這項工作。我可以告訴你，他來這裡才一個月左右，就已經去過我們幾個主要的市場。

He spent the last couple of weeks in 50 or 60 restaurants, both in Texas and over on the East Coast. So he's been all over the place, and he's going to bring that real field-based leadership and being out there in the field of a bit more really driving results. As it relates to income -- and I'm going to start here, and I'll ask Ryan to jump in if he needs to.

過去幾週，他在德克薩斯州和東海岸的 50 或 60 家餐廳裡待了一段時間。所以他去過很多地方，他將帶來真正的實地領導力，並在實地取得更多真正的成果。因為這與收入有關——我將從這裡開始，如果需要的話，我會請瑞恩加入。

But we continue to see the low income consumer has been cautious, even though the sentiment overall has gone up overall if you look at stats, that's not necessarily true to the low-income consumer. So we're seeing a lot of the things that you see, I think, from other competitors, which is just that those folks continue to be cautious. But the mid-range maybe just a little bit less so, but not appreciably.

但我們繼續看到低收入消費者保持謹慎，儘管整體情緒有所上升，但如果你看統計數據，你會發現低收入消費者的情況並不一定如此。所以，我認為，我們看到的很多事情和其他競爭對手的情況一樣，只是那些人繼續保持謹慎。但中檔可能稍微差一點，但不明顯。

And I think the only thing to add in there is as we have a higher propensity for the Hispanic communities, just noting that we kind of got a little bit more by that and really working on how we bring that customer back in as well.

我認為唯一需要補充的是，由於我們更傾向於西班牙裔社區，因此我們確實從中獲得了更多收益，並正在努力研究如何將這些客戶重新吸引回來。

Jon Tower, Citi.

花旗銀行的喬恩‧陶爾 (Jon Tower)。

Great. I was just wondering maybe you could talk. I know you're discussing the pivot to doing more value in the fourth quarter, and you outlined a handful of the LTOs that are coming to Bonus Jack, Spicy Chicken Strips. I'm just curious how you can get the franchisees to buy into, say, a more consistent ongoing everyday value menu and messaging around that beyond these LTO windows. Is that one of the efforts that you're hoping to kind of pursue going forward?

偉大的。我只是想知道你是否可以聊聊。我知道您正在討論在第四季度實現更多價值，並且您概述了即將推出的 Bonus Jack、Spicy Chicken Strips 的一些 LTO。我只是好奇，除了這些 LTO 窗口之外，您如何讓特許經營商接受更一致的持續日常價值菜單和相關消息。這是您希望繼續努力的方向之一嗎？

I think you're hitting on earlier, Lance, during the discussion that pricing has gotten a little out of hand, not only for you guys, but certainly the category and there needs to be kind of a broader pivot to value and LTOs work for a while, but then they come off the menu. So how are you getting them more aligned on an everyday basis?

蘭斯，我認為你之前在討論中提到過，定價有點失控，不僅對你們而言，而且肯定對整個類別而言，需要進行更廣泛的價值轉變，並且 LTO 可以工作一段時間，但隨後它們就會從菜單中消失。那麼，您如何在日常生活中讓它們更協調呢？

I think there's a couple of things I'd say, Jon. First of all, we're kind of taking a fresh look at our menu architecture, at the way our menu is built at our pricing overall. We're engaging a third party to actually help us do so.

我想有幾件事我想說，喬恩。首先，我們正在重新審視我們的菜單架構，以及我們的菜單的整體定價方式。我們正在聘請第三方來實際幫助我們實現這一目標。

So I think the first thing is to make sure we've got the menu constructed right, I think without going into too much detail, we don't have enough kind of entry level. If you think about a good, better, best structure, we don't have enough sitting in the good category.

所以我認為第一件事就是確保我們的菜單構建正確，我認為無需過多贅述，我們的入門級菜單還不夠。如果您考慮好的、更好的、最好的結構，我們在好的類別中沒有足夠的內容。

So we'll be looking at that. But as far as specifically how we get the franchisees on board, I think our franchisees, they understand the need to bring customers back in. Obviously, you can tell that we haven't brought them in at the pace we would expect.

所以我們會關注這一點。但就我們具體如何讓加盟商加入而言，我認為我們的加盟商明白讓顧客回來的必要性。顯然，你可以看出我們並沒有按照我們預期的速度引進他們。

And I think by really focusing on profitability and making sure we're balanced with when and where we do add a little bit more value and make sure we're really sticking of that barbell approach where, Yes, we do have the value that's going to bring that lower income consumer in, but we also have some of the higher-end products that are going to keep the folks that are able to spend a little bit more coming in. That is how you get the franchisees on board.

我認為，透過真正專注於獲利能力，確保我們在何時何地保持平衡，我們確實會增加一點價值，並確保我們真正堅持槓鈴式的方法，是的，我們確實有價值，可以吸引低收入消費者，但我們也有一些高端產品，可以留住那些有能力多花一點錢的人。這就是您吸引加盟商加入的方法。

What franchisees don't want is everything discounting and just giving away a lot of food. The reality is they're fine to bring people in, try to upsell them where they can, it's just got to be balanced and it's just got to be profitable transactions where they're concerned.

特許經營者不希望看到所有商品都打折，或大量贈送食物。事實是，他們很樂意引進人才，並盡力向他們推銷產品，但必須保持平衡，而且他們關心的必須是有利可圖的交易。

Got it. And maybe just you hit on the idea of the menu architecture. Included in that, are you thinking about the size of the menu as well? Is that part of the discussion? Or is it more around just price and pricing architecture?

知道了。也許您只是偶然想到了選單架構的想法。其中，您是否也考慮過菜單的大小？這是討論的一部分嗎？或者它僅僅與價格和定價架構有關？

I'll start with that one, and then, I'll let Ryan jump in here on a couple of things. But I think we'll look at it. A lot of our brand equity, though at Jack in the Box does come from a variety and the fact that we have 24-hour breakfast, and we have 24-hour menu generally, and you can get an egg roll or churros or tacos or things that you can't traditionally get elsewhere.

我先從這個開始，然後讓 Ryan 來談談一些事情。但我想我們會考慮的。不過，Jack in the Box 的品牌資產很大一部分來自於品種的豐富，而且我們提供 24 小時早餐，一般來說，我們提供 24 小時菜單，你可以買到蛋捲、油條、玉米餅或一些你在其他地方買不到的東西。

So I think we do need to look to make sure we're being smart about our menu. But it's a difficult task at Jack in the Box simply because so much of the equity relies on variety, so it's making sure how do you keep as much variety out there on the menu for the guest, while maybe trying to make it a little simpler in the back of the house. Ryan, what am I missing there?

所以我認為我們確實需要仔細考慮以確保我們的菜單是明智的。但對於 Jack in the Box 來說，這是一項艱鉅的任務，因為很大程度上，餐廳的資產依賴於菜餚的多樣性，所以，你必須確保為客人提供盡可能多樣化的菜單，同時還要盡量讓後台的菜餚更簡單一些。瑞安，我遺漏了什麼？

I think when you look at our menu architecture, I think we have a really strong entry to point value around Munchies under $4, but those are all the carte items, and then we have our combos, which are priced mainly $10 or more. So we're really trying to figure out how we create some ownable value on the menu in between that $4 price point and the $10 price point. And so that's where you see us really leverage, creating some ownable value but that's on the menu panel, which is what we haven't had for the past 2 windows.

我認為，當您查看我們的菜單架構時，我們會發現我們的入門點數價值在 4 美元以下的 Munchies 附近非常高，但這些都是菜單項目，然後我們有組合，價格主要在 10 美元或以上。因此，我們確實在嘗試弄清楚如何在 4 美元和 10 美元之間的價位上創造一些可擁有的價值。所以這就是我們真正發揮槓桿作用的地方，創造了一些可擁有的價值，但那是在菜單面板上，這是我們在過去兩個窗口中所沒有的。

Teddy Farley, Goldman Sachs.

高盛的泰迪法利。

You talked about it in broad terms, but would you mind giving the specifics on the same-store sales breakout for both Jack and Del Taco?

您概括地談論了這一點，但您介意提供一下 Jack 和 Del Taco 同店銷售額的具體情況嗎？

Yeah. And this is going to be we only give it for company restaurants. But for Jack Company, same-store sales were down 6.4%. That included trans down 6.6 and price of 2.2 with the balance of mix down 2. And then on the Del Taco side, company was down 2.2, transition down 5.2, mix unfavorable 1% and price up 4.1.

是的。我們只會提供給公司餐廳。但對傑克公司來說，同店銷售額下降了 6.4%。其中包括變速箱下降 6.6 和價格下降 2.2，混合餘額下降 2。而 Del Taco 方面，該公司股價下跌 2.2%，轉型股價下跌 5.2%，混合股價下跌 1%，價格上漲 4.1。

(Operator Instructions)

（操作員指示）

Jim Sanderson, Northcoast Research.

吉姆‧桑德森，Northcoast Research。

I was hoping you could update us on average weekly sales trends in Salt Lake City and Lexington, Kentucky, and how they compare to the new store openings you've seen in Chicago to date?

我希望您能向我們介紹一下鹽湖城和肯塔基州列剋星敦的平均每週銷售趨勢，以及它們與您迄今為止在芝加哥看到的新店開業情況相比如何？

We won't give the exact numbers, Jim, but I can tell you, Salt Lake continues to perform very strongly; in fact, so is Louisville not Lexington, Kentucky. And again, it continues to be very strong. Chicago has opened in excess of where both of those are today and has been a very strong opening overall.

吉姆，我們不會給出確切的數字，但我可以告訴你，鹽湖城的表現仍然非常強勁；事實上，路易斯維爾也是如此，而不是肯塔基州的列剋星敦。而且，它仍然保持著強勁勢頭。芝加哥的開盤價超過了這兩家公司目前的水平，而且整體開盤非常強勁。

Now of course, we're only a few weeks into Chicago, but we do already have three restaurants up, and we're actually going to have eight restaurants within about a two-month period. So we're excited about the early returns on Chicago.

當然，我們到芝加哥才幾週時間，但我們已經開了三家餐廳，實際上我們將在大約兩個月內開設八家餐廳。因此，我們對芝加哥的早期回報感到非常興奮。

I had just one other follow-up question on your commentary regarding low-income consumers in Hispanics. Can you provide any type of sense of what share of traffic those groups drive for Jack in the Box?

關於您關於西班牙裔低收入消費者的評論，我還有一個後續問題。您能否說明一下這些團體為 Jack in the Box 帶來的流量份額是多少？

I can tell you we significantly over-index on the Hispanic consumer. And by that, I mean, at least 1.7 times kind of the general industry. In some cases, versus some of our major competitors is twice as high. The lower income consumer, we look more similar to the rest of the industry. So I can't give you the exact percentages of what they make up on our sales base, but that gives you a feel for how we compare our competition anyway.

我可以告訴你，我們對西班牙裔消費者的關注度明顯過高。我的意思是，這至少是一般產業的 1.7 倍。在某些情況下，與我們的一些主要競爭對手相比，其價格甚至高出兩倍。對於低收入消費者來說，我們看起來與產業的其他消費者更相似。因此我無法告訴你他們在我們的銷售基礎上所佔的確切百分比，但無論如何這可以讓你了解我們與競爭對手的比較。

Chris O'Cull, Stifel.

克里斯·奧卡爾（Chris O'Cull），Stifel。

This is Ella on for Chris. So EBITDA was better than we would have expected with comps down 7% at Jack. Can you help us understand how sensitive Jack's restaurant margin is to like a 1% change in comps? And then I have a follow-up question.

我是 Ella，為 Chris 表演。因此，EBITDA 比我們預期的要好，因為 Jack 的同店銷售額下降了 7%。您能否幫助我們了解傑克餐廳利潤率對於 1% 的同店銷售額變化的敏感度如何？然後我有一個後續問題。

So relative to -- Dawn is going to want to look at the number here and give me some guidance. But so give us just one second, while we kind of look at this.

所以相對於——Dawn 會想看看這裡的數字並給我一些指導。但是請給我們一秒鐘，讓我們來看看這個。

I'm sorry, can you repeat your question just one more time?

抱歉，您能再重複一次您的問題嗎？

Yeah. So EBITDA was better than what we have expected with like comps down some 7%, which is more than what we projected. And we want to understand how sensitive is the restaurant margin to 1% change in comps?

是的。因此，EBITDA 比我們預期的要好，而同類產品下降了約 7%，這超過了我們的預期。我們想了解餐廳利潤率對於同店銷售額 1% 變化的敏感度如何？

Give us one second.

請給我們一秒鐘。

It would be 10 basis points based on 1% change in the comp.

根據同類產品 1% 的變化，它將是 10 個基點。

Great. And then is there a risk that the soft sales would impact timing or sequence of the JACK on Track plan?

偉大的。那麼軟性銷售是否會影響 JACK on Track 計畫的時間或順序？

I'm so sorry, I'm having a hard time hearing you. If you could repeat that question, please?

非常抱歉，我聽不清楚你的聲音。您可以重複一下這個問題嗎？

So sorry. My question is, is there a risk that a soft sales impact the timing or sequencing of the JACK on Track plan?

非常抱歉。我的問題是，軟性銷售是否會影響 JACK on Track 計劃的時間或順序？

I see. No, there really isn't. Certainly, we'd rather not be doing some of these things in a down sales environment. But with that said, the downturn certainly has not been so severe that it's impacting anything we're doing relative to the JACK on Track program.

我懂了。不，確實沒有。當然，我們不想在銷售低迷的環境下做這些事情。但話雖如此，經濟衰退肯定還沒有嚴重到影響到我們正在做的與 JACK on Track 計劃相關的任何事情。

And one thing that I would kind of remind the group is that with the closures happening over four to five years, that EBITDA impact is actually going to be leaked in over a number of years, and there's going to be some sales transfer.

我想提醒集團的一件事是，隨著四到五年內工廠的關閉，EBITDA 的影響實際上將在幾年內逐漸顯現，並且將有一些銷售轉移。

So once you get beyond that initial 80 to 120 closures, you're going to see the impact spread out over a fairly significant number of time. And similarly, the real estate sales while they will have a little bit of an EBITDA impact, that will happen kind of throughout 2026. So there's nothing happening in the current environment, it would slow down what we're doing for JACK on Track.

因此，一旦關閉數量超過最初的 80 到 120 個，您就會看到影響在相當長的時間內蔓延開來。同樣，房地產銷售雖然會對 EBITDA 產生一點影響，但這種影響將持續到 2026 年。因此，在當前環境下沒有任何事情發生，這會減慢我們為 JACK on Track 所做的事情的速度。

And Ella, I apologize. We have must heard you when you ask your initial question, and we'll follow-up with you on the basis point change to restaurant level margin.

艾拉，我很抱歉。當您提出最初的問題時，我們一定已經聽到了您的聲音，並且我們將跟進餐廳級利潤率基點的變化。

Jake Bartlett, Truist Securities.

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

Mine is on the operational improvements that you're targeting in the Jack's Way. If you can just maybe frame the opportunity, meaning where are some key metrics landed today versus maybe where they've been a few years ago? And how much opportunity do you see there to whether it's speed of service or customer satisfaction, just other ways you measure? I'm just trying to understand really what the opportunity is here.

我的目標是實現 Jack's Way 中的營運改進。如果您可以抓住這個機會，那麼今天的一些關鍵指標與幾年前相比處於什麼水平？您認為在服務速度、顧客滿意度或衡量標準方面有多少機會？我只是想真正了解這裡的機會是什麼。

And when we look at the operational opportunities under Jack's Way, it's really going back to the basics. And it's just like Lance said, but it's going to be really focused. When we look at that overall guest experience and satisfaction, one of the key drivers of that will be overall accuracy as well as friendliness of the execution at our stores.

當我們審視 Jack's Way 下的營運機會時，我們真正回歸了基礎。正如蘭斯所說的那樣，但這將非常集中。當我們考慮整體客戶體驗和滿意度時，其中一個關鍵驅動因素是整體準確性以及我們商店執行的友善性。

And that's really what we're going to focus on for the next six months as well as just making sure the consistent quality. When you look at consistent quality, it's just making sure as you look at our fries, you're looking at our burgers, you're looking at our core items, and we're consistently executing that quality on an ongoing basis.

這確實是我們未來六個月要關注的重點，同時還要確保始終如一的品質。當您專注於始終如一的品質時，只需確保您在關注我們的薯條、漢堡和核心產品時，都能持續保持這種品質。

And we're really going to get the field focus. We're getting our team members focused, and we're going to stay on that topic for some time to make sure, reassured what Jack's Way means all the way down to the team members.

我們確實會關注該領域。我們正在讓團隊成員集中註意力，並且我們將在這個主題上停留一段時間，以確保、確認「傑克之路」對團隊成員的意義。

Great. And there's another concept that you out of the -- not in the QSR segment have made comments about Hispanic consumer and impact in certain markets. I think kind of timed around the protest in Los Angeles and the reactions, although all the headlines that we're hitting as well at that time. Was that -- you mentioned that series of event, did that have a big impact on Jack in the Box same-store sales? Has it improved as you've as we've gotten further from that time?

偉大的。還有另一個概念，您在 QSR 領域之外對西班牙裔消費者及其對某些市場的影響發表了評論。我認為這與洛杉磯的抗議活動和人們的反應有關，儘管當時我們也看到了所有的頭條新聞。您提到的這一系列事件對 Jack in the Box 的同店銷售有很大影響嗎？隨著我們不斷取得進展，情況是否有所改善？

I'm trying to understand the impact of some of the environmental stuff that's going on right now and whether that's -- whether you're seeing -- already seeing some sort of change in trajectory there?

我試圖了解目前正在發生的一些環境問題的影響，以及您是否已經看到那裡的軌跡發生了某種變化？

Jack, it's been honestly pretty consistent for us over the last really since the beginning of the year, call it. It has not been acute. It doesn't mean you don't have a day or two where it's works here and there, but by and large, it's really been pretty consistent, and that's kind of attributable to our footprint, I think. If you look at where we're heavy footprint, we're obviously huge in California and Texas and then throughout the Southwest. And so it's been relatively constant for us.

傑克，說實話，自今年年初以來，我們的表現一直相當穩定。情況還不是很嚴重。這並不意味著你沒有一兩天的時間在這裡或那裡工作，但總的來說，它確實非常一致，我認為這可以歸因於我們的足跡。如果你看看我們的業務重點在哪裡，你會發現我們在加州、德州以及整個西南地區都佔有重要地位。所以對我們來說，它一直相對穩定。

Alex Slagle, Jefferies.

傑富瑞的亞歷克斯‧斯拉格爾 (Alex Slagle)。

I want to ask on the remodels. I know it's early to talk about the new program, but kind of curious what the franchisee interest looked like in the original program when you kind of set that up and sort of what the franchisee conversation look like?

我想問一下有關改造的問題。我知道現在談論新計劃還為時過早，但有點好奇當您制定該計劃時，特許經營商對原始計劃的興趣是什麼樣的，特許經營商的對話是什麼樣的？

Alex, it was actually very favorable. I don't remember if it was this time last year or maybe a little bit earlier in the year in 2024, we went out and said the company is going to do a significant contribution of $50 million, and we're only able to touch about 300 to 400 restaurants with that contribution, and we took applications for it, and we had, as I would call, over 1,000 applications. And so the interest was really high.

亞歷克斯，這實際上非常有利。我不記得是不是去年這個時候，或者是 2024 年稍早的時候，我們宣佈公司將捐贈 5000 萬美元，這筆捐款只能惠及 300 到 400 家餐廳，我們收到了申請，我猜是超過 1000 份申請。因此人們的興趣確實很高。

So what we're going to do here, I think when you look at our system, honestly, touching 300 to 400 restaurants, it's nearly enough when you look at across our system. And so we are going to attempt to touch an additional 1,000, which honestly ought to get us to a spot where we've touched the vast majority of the system when we're finished with it.

所以，我們在這裡要做的是，我認為，當你查看我們的系統時，老實說，涉及 300 到 400 家餐廳，當你查看我們的整個系統時，這幾乎足夠了。因此，我們將嘗試觸及另外 1,000 個，老實說，當我們完成它時，我們應該已經觸及了系統的絕大多數。

And it will be a meaningful contribution from corporate. I'm not ready to give the exact numbers quite yet, and we'll do that in November. But you can look and say, well, gosh, we did $50 million before and it touched 300 to 400.

這將是企業的一項有意義的貢獻。我還沒有準備好給出確切的數字，我們將在十一月公佈。但你可以看看然後說，好吧，天哪，我們之前賺了 5000 萬美元，現在卻達到了 3 億到 4 億美元。

So if you're looking for kind of a guidepost that would at least give you a feel for what an additional contribution would look like. And the reason we're not giving quite as much detail yet, from a timing standpoint, as you would imagine, I want to get through the next few quarters and get a little bit of a debt pay down and kind of get through that first part of JACK on Track.

因此，如果您正在尋找一種路標，它至少可以讓您了解額外貢獻是什麼樣子。而我們尚未提供太多細節的原因，從時間角度來看，正如您所想像的，我想度過接下來的幾個季度，償還一些債務，並順利完成 JACK 計劃的第一部分。

And then once we're in a position to start making significant contributions to reimages that would be the plan. I think the franchisees will be excited. They certainly were when we did this last year.

然後，一旦我們能夠開始對 reimages 做出重大貢獻，這將是計劃。我認為加盟商會很興奮。當我們去年這樣做的時候，他們確實如此。

For sure. Yeah, that's helpful. And on the franchisee store closures, part of the JACK on Track program, the block closures, I guess there were 13 in the third quarter and just trying to think about the cadence of the remaining balance, like what might show up in the 4Q. And I know it's a range of 80 to 120 through the calendar year. So I don't know if you can narrow that down at all just to get us a little closer.

一定。是的，這很有幫助。關於特許經營店的關閉，作為 JACK on Track 計劃的一部分，即大面積關閉，我估計第三季度有 13 家，我只是在考慮剩餘餘額的節奏，例如第四季度可能出現的情況。我知道全年的數字在 80 到 120 之間。所以我不知道你是否可以縮小範圍，讓我們更接近一點。

Alex, I can probably give you a little tighter range on that by the end of the fiscal year, but there are still a lot of conversations happening. There's a reason we haven't narrowed it down too much. But I would think of the, let's call it, remaining 65-plus for the remainder of the calendar year or 70-plus for the remainder of the calendar year.

亞歷克斯，我可能會在財政年度結束前給你一個更緊湊的範圍，但仍有許多對話正在進行。我們沒有縮小太多是有原因的。但我會考慮，讓我們稱之為，在今年剩餘時間內保持 65 歲以上，或者在今年剩餘時間內保持 70 歲以上。

At least half of those, probably a little bit more will happen in the fiscal year. And then you'll see, as you get going through the program throughout the rest of the program, you'll see the remainder of the kind of the early closures of the ones that are pulling forward against their franchise agreement happening in '26.

其中至少有一半，可能多一點，將在本財政年度發生。然後你會看到，隨著你在整個計劃的剩餘部分中不斷推進，你會看到那些為了遵守 26 年發生的特許經營協議而提前關閉的企業。

And then everything else will just fall pretty evenly according to when franchise agreements run through. I don't know if that was at all helpful. But we'll get a good bit of them done by the end of the fiscal year, but I don't think it will be all of them.

然後，其他一切都會根據特許經營協議的執行時間均勻下降。我不知道這是否有幫助。但我們會在本財政年度結束前完成其中的大部分工作，但我認為不會是全部。

This concludes today's question-and-answer session.

今天的問答環節到此結束。

All right. Thank you everybody.

好的。謝謝大家。

Thank you for joining the call. You may disconnect.

感謝您參加此通話。您可以斷開連線。