Jack in the Box Inc (JACK) 2026 Q1 法說會逐字稿

Thank you for standing by. My name is Jordan, and I'll be your conference operator today. At this time, I'd like to welcome everyone to the Jack in the Box first quarter 2026 earnings call. (Operator Instructions) Thank you.

感謝您的耐心等待。我叫喬丹，今天我將擔任你們的會議接線生。此時此刻，我謹代表 Jack in the Box 歡迎各位參加 2026 年第一季財報電話會議。（操作說明）謝謝。

I'd now like to turn the call over to Rachel Webb, Vice President of Investor Relations. Please go ahead.

現在我將把電話交給投資者關係副總裁瑞秋韋伯。請繼續。

Thanks, operator, and good afternoon, everyone. We appreciate you joining today's conference call, highlighting results from our first quarter of fiscal 2026. With me today are Chief Executive Officer, Lance Tucker; our Chief Financial Officer, Dawn Hooper; and our Chief Customer and Digital Officer, Ryan Ostrom. 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 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，我們將重點介紹 2026 財年第一季的業績。今天陪同我出席的有執行長蘭斯·塔克；首席財務官道恩·胡珀；以及首席客戶和數位長瑞安·奧斯特羅姆。在他們發表完準備好的演講後，我們將樂意接受我們報道此主題的賣方分析師的提問。請注意，在我們的討論和問答環節中，我們可能會提及非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 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.

請參閱獲利報告中提供的非GAAP財務指標調整表，該報告可在我們的投資者關係網站jackinthebox.com上查閱。我們還將根據當前資訊和判斷做出前瞻性聲明，以反映管理層對未來的展望。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，我們將盈利報告中的安全港聲明和我們最新 10-K 文件中的警示性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.

有關重大風險因素以及與公司營運相關的信息，詳見我們最新的 10-K、10-Q 和其他向美國證券交易委員會提交的公開文件，這些文件可在我們的投資者關係網站上查閱。

Additionally, on January 21, 2026, the company filed a definitive proxy statement and related materials with the SEC in connection with the 2026 Annual Meeting of Stockholders. Our Directors and certain officers are participants in the solicitation of proxies in connection with the annual meeting.

此外，2026 年 1 月 21 日，該公司向美國證券交易委員會提交了與 2026 年股東年會相關的最終委託書及相關資料。我們的董事和某些高級職員參與了與年度股東大會相關的委託書徵集工作。

Stockholders are encouraged to read the proxy statement and related materials as they contain important information, including the identity of the participants and their direct or indirect interest by security holdings or otherwise.

我們鼓勵股東閱讀委託書及相關資料，因為其中包含重要訊息，包括參與者的身份以及他們透過證券持有或其他方式獲得的直接或間接利益。

While we understand that there may be interest in our ongoing proxy contest, please note the purpose of today's call is to discuss Jack's first quarter earnings results and we ask that you keep your questions focused on our financial performance.

雖然我們理解大家可能對正在進行的代理權爭奪戰感興趣，但請注意，今天電話會議的目的是討論傑克的第一季度收益結果，我們要求大家將問題集中在我們的財務業績上。

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

接下來，我將把電話交給我們的執行長蘭斯·塔克。

Thanks, Rachel, and I appreciate everyone joining us today. I want to begin by thanking our team, our franchisees and our shareholders. This past quarter has been one of hard work, dedication and grit. It is a quarter critical in laying the foundation for 2026 and beyond. We remain focused on simplifying the business, and we've made visible progress since the last quarter.

謝謝瑞秋，也謝謝今天所有到場的各位。首先，我要感謝我們的團隊、加盟主和股東。過去這個季度充滿了辛勤工作、專注投入和堅韌不拔的精神。這是為 2026 年及以後奠定基礎的關鍵季度。我們將繼續專注於簡化業務，並且自上個季度以來已經取得了明顯的進展。

On this call, I'll provide a brief update on our JACK on Track plans and how I'm thinking about the remainder of 2026 and then I'll turn it over to Dawn to walk through first quarter results. In December, we successfully closed on the sale of Del Taco, and we then made a significant paydown on our debt.

在本次電話會議上，我將簡要介紹我們的 JACK on Track 計劃以及我對 2026 年剩餘時間的看法，然後我將把發言權交給 Dawn，讓她來介紹第一季的業績。12 月，我們成功完成了 Del Taco 的出售，並大幅償還了債務。

We are doing exactly what we committed to do by simplifying the business and bringing down debt levels, and I'm really pleased with the progress to date. With the transaction complete, only minimal separation activities remain and the team is fully recentered on strengthening the Jack in the Box brand and executing the remaining elements of our JACK on Track plan.

我們正在按照承諾簡化業務、降低債務水平，我對迄今為止的進展感到非常滿意。交易完成後，僅剩少量分離工作需要完成，團隊已全面重新專注於加強 Jack in the Box 品牌，並執行 JACK on Track 計畫的剩餘部分。

As we entered 2026, Jack in the Box proudly marked its 75th anniversary, a milestone few brands reached. The response to our anniversary activations has been positive, reinforcing what we know to be true. Jack remains beloved by our customers. Guests are leaning into the nostalgia that defines our heritage while embracing the differentiation and innovation that continue to move the brand forward. 2026 is about laying the foundation for sustainable long-term growth. which requires doing a lot of hard work right now.

進入 2026 年之際，Jack in the Box 自豪地慶祝了其成立 75 週年，這是極少數品牌能夠達到的里程碑。週年慶活動的反應積極，印證了我們一直以來所堅信的真理。傑克依然深受顧客喜愛。賓客們既沉浸於我們傳承的懷舊情懷，又欣然接受推動品牌不斷向前發展的差異化和創新。 2026 年的目標是為可持續的長期成長奠定基礎，而這需要我們現在付出大量的努力。

We're confident that the actions we're taking will lead to a stronger, more stable platform from which to grow. We are beginning to see early results that reinforce that we are on the right path but as a reminder, this is a multistep process and the benefits of this work will take time to fully materialize.

我們相信，我們正在採取的行動將打造一個更強大、更穩定的發展平台。我們開始看到一些初步成果，這些成果證實我們走在正確的道路上，但需要提醒的是，這是一個多步驟的過程，這項工作的益處需要時間才能完全顯現。

Turning now to first quarter results. Q1 results were choppy but broadly in line with our expectations. As we discussed on the last call, we're off to a tough start to the quarter. And while we did experience some bright spots throughout the quarter, the end of the calendar year didn't improve to the degree we were looking for. It really wasn't until January that we started experiencing consistent meaningful improvements to performance. And importantly, the improvement was on both a one and a two year basis.

現在來看第一季業績。第一季業績雖有波動，但整體符合我們的預期。正如我們在上次電話會議上討論的那樣，本季開局艱難。雖然本季我們確實經歷了一些亮點，但年底的情況並沒有達到我們預期的改善。直到一月份，我們才開始真正感受到效能的持續顯著提升。更重要的是，這種改善在一年和兩年的時間內均有體現。

January featured the launch of our 75th anniversary marketing calendar, including a throwback combo in the [Chicken Supreme Monty] meal, coupled with a new fan favorite, [Jib], a backpack charm. Customers have been trying to collect all four [Jibs] and we've seen a great response, which drove an increase in sales of our Munchie Meals, which generate a higher average check.

一月份，我們推出了 75 週年紀念行銷日曆，其中包括 [Chicken Supreme Monty] 套餐的復古組合，以及深受粉絲喜愛的新產品 [Jib] 背包掛飾。顧客們一直試圖收集全部四個[Jibs]，我們看到了很好的反響，這推動了我們的Munchie Meals的銷量增長，從而帶來了更高的平均客單價。

Customers are still careful about where they spend and we remain committed to a strategy grounded in driving value for guests while protecting profitability for ourselves and our franchisees. You'll see us continue to feature price pointed value promotions but also drive our barbell strategy with add-on and upsells through technology.

顧客仍會謹慎消費，而我們將繼續致力於為顧客創造價值，同時保障我們自身和加盟商的獲利能力。你會看到我們繼續推出價格優惠的促銷活動，同時也會透過技術手段推動附加產品和追加銷售，從而實現我們的槓鈴銷售策略。

To reiterate, Q1 was in line with our expectations, and we knew the year would get off to a slow start. But as the reaffirmation of our guidance reflects, we expect to see steady improvement on the top line as we move through 2026. This is really a year of getting back to our roots at Jack in the Box.

重申一下，第一季業績符合我們的預期，我們也知道今年開局會比較緩慢。但正如我們重申的業績指引所反映的那樣，我們預計隨著2026年的到來，營收將穩定成長。今年是Jack in the Box回歸初心的一年。

We have been very deliberate in how we spend our time and capital, focusing on the fundamentals we believe are essential to sustainably improving the business. These efforts will take time to become visible in our results, but they are critical to improving consistency, profitability and long-term returns. And I'm more convinced than ever that we're moving in the right direction. To frame up some of the early progress we're making on [Jack's way], which is designed to improve the guest experience. I'm pleased with the progress the team has made in improving operations.

我們一直非常謹慎地安排時間和資金的使用，專注於我們認為對業務永續發展至關重要的基本要素。這些努力需要時間才能在我們的業績中顯現出來，但它們對於提高業績的穩定性、獲利能力和長期回報至關重要。我比以往任何時候都更加確信，我們正朝著正確的方向前進。為了更好地展現我們在 [Jack's way] 上取得的一些早期進展，該方案旨在改善賓客體驗。我對團隊在改進營運方面取得的進展感到滿意。

Last quarter, we identified a gap in field support and restructured that team. Shannon has moved to these changes decisively from desire to execution, meaning we have a greatly increased presence in the restaurants to give more real-time support to our franchisees and team members as they ultimately work to delight the guest. Starting in Q1, the team aligned to training on our core Jack's way principles to further simplify the experience for our team members and reinforce the importance of fundamentals.

上個季度，我們發現現場支援方面存在不足，並重組了團隊。Shannon 已將這些改變從願望轉化為行動，這意味著我們在餐廳的投資將大大增加，以便為我們的加盟商和團隊成員提供更多即時支持，幫助他們最終為顧客帶來愉悅的體驗。從第一季開始，團隊開始按照我們核心的 Jack's way 原則進行培訓，以進一步簡化團隊成員的體驗，並強化基本功的重要性。

For example, aligning with our [Monster Munchie's] promotion, the team was focused on doubling down on joyful service, and we will continue to see the fundamentals reinforced across every marketing window. In Q1, we also enhanced our restaurant audit process to reinforce critical behaviors and standards to elevate the guest experience.

例如，為了配合我們的[Monster Munchie's]促銷活動，團隊專注於加倍提供快樂服務，我們將繼續在每個行銷窗口期看到這些基本原則得到強化。第一季度，我們也加強了餐廳審核流程，以強化關鍵行為和標準，進而提升顧客體驗。

We have additional high-touch training coming later this year, including in-restaurant workshops, and none of this would be successful without laying the foundation of a new field team to ensure it sticks. We are also making progress on enhancing our value proposition and menu strategies.

今年晚些時候，我們將進行更多高接觸式培訓，包括餐廳內部研討會，但如果沒有建立一支新的現場團隊來確保培訓效果，這一切都不會成功。我們在提升產品價值主張和優化菜單策略方面也取得了進展。

As we continue to celebrate our 75th anniversary, you'll see brand activations leading into classic fan favorites, while we also launched new products designed to drive customer interest in trial, leveraging innovation that can only be found at Jack in the Box.

在我們繼續慶祝 75 週年之際，您將看到一系列品牌活動，其中包括經典粉絲最愛的產品，同時我們也推出了旨在激發顧客試用興趣的新產品，利用了只有在 Jack in the Box 才能找到的創新技術。

Just last week, we announced the return of one of our most popular products, the Hot Mess Burger. This limited time offer is paired with another collectible or antenna ball featuring a meet Jack ad from one of our most memorable JACK commercials.

就在上週，我們宣布了最受歡迎的產品之一——「辣味漢堡」的回歸。這項限時優惠活動還附贈另一款收藏品或天線球，上面印有我們最令人難忘的 JACK 廣告中的「遇見傑克」廣告。

We're also incorporating experiential marketing with an anniversary tour that kicked off in LA and his landing in Austin for Jack's actual anniversary later this month. We've continued to simplify our marketing as well. We simplified our marketing calendar to have a more balanced and consistent focus between value and innovation. We've also reduced our media messages from three to two, which allows our teams to focus on stronger execution of fewer LTOs and drive media effectiveness.

我們還結合了體驗式行銷，開展了周年紀念巡迴活動，該活動從洛杉磯開始，他將於本月晚些時候抵達奧斯汀，參加傑克的周年紀念活動。我們也一直在簡化行銷流程。我們簡化了行銷日程，以便在價值和創新之間取得更平衡和一致的重點。我們也把媒體訊息從三條減少到兩條，這樣我們的團隊就可以專注於更有效地執行更少的限時促銷活動，從而提高媒體效果。

The final component of Jack's Way is modernizing our restaurants. The key takeaway here is that we're focused on a highly cost-effective refresh that substantially improves the [core appeal] of our restaurants. So far, by many refreshes we've put in market have generated a modest but meaningful uplift, and we remain encouraged by the limited investment they require.

Jack's Way 的最後一個組成部分是餐廳現代化。關鍵在於，我們專注於以極具成本效益的方式進行翻新，從而大幅提升我們餐廳的[核心吸引力]。到目前為止，我們多次推向市場的更新換代都帶來了適度但意義重大的提升，而且它們所需的投資有限，這讓我們倍感鼓舞。

Across roughly 20 restaurants and tests today, we're seeing low single-digit sales lifts. We're now expanding these efforts in Southern California markets, which allows us to capture additional upside potential as we see higher clusters of refreshed restaurants.

今天，我們在大約 20 家餐廳進行了測試，結果顯示銷售額僅出現了個位數的成長。我們現在正在南加州市場擴大這些努力，這樣一來，隨著翻新餐廳數量的增加，我們就能抓住更多的成長潛力。

As you recall, last year, we also modernized our technology within the restaurant, rolling out both new POS and back-of-house systems. We can now start leveraging these systems not only for cost efficiencies, but also better up-sell capabilities, which we expect will improve both the top and bottom lines. Before I turn it over to Dawn, I want to reiterate just a few key points.

您可能還記得，去年我們也對餐廳的技術進行了現代化改造，推出了新的POS系統和後台系統。現在我們可以開始利用這些系統，不僅可以提高成本效益，還可以提高追加銷售能力，我們預計這將改善收入和利潤。在把麥克風交給 Dawn 之前，我想重申幾個重點。

First, we're doing exactly what we said we were going to do with regard to both the JACK on Track initiatives to strengthen our business model and also with our Jack way programs to improve operating results. Both are yielding tangible results.

首先，我們正在嚴格按照我們之前所說的去做，包括推進 JACK on Track 計劃以加強我們的商業模式，以及推進 Jack way 計劃以改善營運績效。兩者都取得了切實成果。

Second, we're seeing early positive results from simplification efforts we've made across ops and marketing, allowing our teams to focus on what truly matters, driving trial, frequency and executing on a great customer experience. I'm confident that these changes will drive improved same-store sales as we move through the balance of the year.

其次，我們在營運和行銷方面所做的簡化工作已經初見成效，使我們的團隊能夠專注於真正重要的事情，即推動試用、提高購買頻率，並打造卓越的客戶體驗。我相信，隨著今年剩餘時間的推進，這些改變將推動同店銷售額的提升。

And finally, I continue to be inspired by the efforts and resiliency of both our team and our franchisees and by the foundation we're building as we do the hard work to strengthen the business. These efforts are helping us to sharpen our discipline as a brand and position Jack to drive sustained profitability and long-term shareholder value as we move through 2026.

最後，我深受我們團隊和加盟商的努力和韌性的鼓舞，也深受我們為加強業務而努力奮鬥所奠定的基礎的鼓舞。這些努力有助於我們加強品牌紀律，並使 Jack 在 2026 年實現持續獲利和長期股東價值。

And with that, I'll turn it over to Dawn.

接下來，我將把麥克風交給道恩。

Thanks, Lance, and good afternoon, everyone. I will start by reviewing the details on our performance in the first quarter as well as provide an update on JACK on Track. Before I begin, I just wanted to remind everyone that the company completed the sale of Del Taco on December 22, 2025, and the results of Del Taco are excluded from continuing operations and associated results for these purposes.

謝謝你，蘭斯，大家下午好。我將首先回顧我們第一季的業績詳情，並提供 JACK on Track 專案的最新進展。在開始之前，我想提醒大家，公司已於 2025 年 12 月 22 日完成了 Del Taco 的出售，因此 Del Taco 的業績不計入持續經營和相關業績。

The first quarter same-store sales for Jack in the Box decreased 6.7%, comprised of franchise restaurant same-store sales decrease of 7% and a company-owned same-store sales decrease of 4.7%. This resulted from a decline in transactions and sales mix, partially offset by many price increases. Jack's restaurant level margin percentage in the quarter decreased to 16.1%, down from 23.2%.

Jack in the Box 第一季同店銷售額下降 6.7%，其中加盟餐廳同店銷售額下降 7%，公司自營餐廳同店銷售額下降 4.7%。這是由於交易量和銷售組合的下降造成的，但部分被許多價格上漲所抵消。Jack's 餐廳本季的利潤率下降至 16.1%，低於先前的 23.2%。

Food and packaging costs as a percentage of sales were 29.7% for the quarter, increasing 380 basis points from the prior year. This was driven by commodity inflation of 7.1% in the quarter, the negative impact from rolling over a prior year beverage benefit and a change in the mix of restaurants.

本季食品和包裝成本佔銷售額的 29.7%，比上年同期成長 380 個基點。這主要是由於本季大宗商品通膨率達 7.1%，上一年飲料收益結轉帶來的負面影響，以及餐飲業結構的變化。

Labor costs as a percentage of sales were 35.3%, increasing 200 basis points from the prior year. This increase was primarily related to a change in the mix of restaurants, driven by our Chicago restaurants. We expected Chicago to have elevated labor in the quarter, and while the market did improve throughout the quarter, there is still work to be done. Shannon and team are working with urgency to address this market. Occupancy and other costs increased 120 basis points, driven by higher costs for utilities and other operating expenses.

勞動成本佔銷售額的百分比為 35.3%，比前一年增加了 200 個基點。這一增長主要與餐廳組合的變化有關，而這種變化是由我們在芝加哥的餐廳所推動的。我們預計芝加哥本季勞動成本會較高，雖然市場在本季有所改善，但仍有許多工作要做。Shannon和她的團隊正在爭分奪秒地解決這個市場問題。入住率和其他成本上升了 120 個基點，主要原因是公用事業和其他營運費用上漲。

Franchise-level margin was $84.1 million or 38.6% of franchise revenues compared to $97.1 million or 40.9% a year ago. The decrease was mainly driven by lower sales, driving lower rent and royalty revenue and a decrease in the number of restaurants.

特許經營層面的利潤為 8,410 萬美元，佔特許經營收入的 38.6%，而一年前為 9,710 萬美元，佔特許經營收入的 40.9%。下降的主要原因是銷售額下降，導致租金和特許權使用費收入減少，以及餐廳數量減少。

Turning to restaurant count. There were 6 restaurant openings and 14 restaurant closures in the quarter. SG&A for the quarter was $37 million or 10.6% of revenues compared to $41.2 million or 11.1% a year ago. The decrease of $4.1 million was primarily due to the market fluctuations of our COLI policies and the current period income from our transition services agreement, partially offset by increases in information technology expenses and digital advertising costs.

接下來統計餐廳數量。本季有 6 家餐廳開業，14 家餐廳倒閉。本季銷售、一般及行政費用為 3,700 萬美元，佔營收的 10.6%，而去年同期為 4,120 萬美元，佔營收的 11.1%。410 萬美元的減少主要是由於我們的 COLI 保單的市場波動以及我們過渡服務協議的當期收入，部分被資訊技術支出和數位廣告成本的增加所抵消。

Excluding net COLI gains of $2.4 million as well as advertising costs, G&A was 2.5% of total system-wide sales for the quarter. Following the Del Taco sale, we are generating income associated with the transition services agreement, or TSA, and we received approximately $900,000 in the first quarter. We expect our TSAs to largely be completed by the end of the second quarter. For the full year, we expect the income to be nominal, no more than around $2 million. This income is included in our reported G&A figures.

扣除 240 萬美元的 COLI 淨收益以及廣告費用後，本季一般及行政費用佔系統總銷售額的 2.5%。在 Del Taco 出售之後，我們正在產生與過渡服務協議 (TSA) 相關的收入，我們在第一季收到了約 90 萬美元。我們預計到第二季末，我們的運輸安全協議將基本完成。我們預計全年收入將微乎其微，不會超過 200 萬美元左右。這部分收入已計入我們公佈的行政管理費用。

Other operating expenses net were $8.1 million for the quarter, which include proxy contest fees and professional fees for a tax refund settlement, partially offset by gains on real estate sales. The effective tax rate for continuing operations for the first quarter of 2026 was 32.4% compared to 30% for the same quarter a year ago.

本季其他營運支出淨額為 810 萬美元，其中包括代理權爭奪費和稅務退款結算的專業費用，部分被房地產銷售收益所抵銷。2026 年第一季持續經營的實際稅率為 32.4%，而去年同期為 30%。

The adjusted tax rate used to calculate the non-GAAP operating earnings per share this quarter was 31.2%. Earnings from continuing operations was $14.4 million for the first quarter of 2026 as compared to $31 million for the first quarter of the prior year.

本季用於計算非GAAP每股營運收益的調整後稅率為31.2%。2026 年第一季持續經營業務的收益為 1,440 萬美元，而上年第一季為 3,100 萬美元。

We reported a GAAP diluted earnings per share from continuing operations for the first quarter of $0.75 compared to diluted net earnings per share from continuing operations of $1.61 in the same period of the prior year.

我們公佈的第一季持續經營業務的GAAP稀釋後每股收益為0.75美元，而上年同期持續經營業務的稀釋後每股淨收益為1.61美元。

Operating earnings per share, which includes adjustments for certain items, was $1 for the quarter, versus $1.86 in the first quarter of the prior year. Consolidated adjusted EBITDA was $68.2 million, down from $88.8 million in the prior year due primarily to the impact from sales deleverage.

經某些項目調整後，本季每股營業收益為 1 美元，而去年同期為 1.86 美元。調整後的綜合 EBITDA 為 6,820 萬美元，低於上年的 8,880 萬美元，主要原因是銷售槓桿下降的影響。

Now for some specifics regarding JACK on Track. As a reminder, while Lance discussed elements of Jack's Way, which focuses on operational and sales improvements, JACK on Track is meant to bolster the long-term financial performance of the company by strengthening the balance sheet and positioning the company for sustainable growth.

現在來具體介紹一下 JACK on Track。需要提醒的是，雖然 Lance 討論了 Jack's Way 的一些要素，主要側重於營運和銷售改進，但 JACK on Track 旨在透過加強資產負債表和使公司實現可持續增長來增強公司的長期財務業績。

I've already mentioned a few points in regards to our JACK on Track plan, but to put a finer point on it. First, we simplified the company by selling Del Taco and successfully closing on the transaction in December. Second, we are focusing on franchisee economics by closing underperforming restaurants. In the first quarter, franchisees closed 12 restaurants. Based on closures so far, we have generally seen a roughly 30% sales benefit to nearby restaurants.

關於我們的 JACK on Track 計劃，我已經提到了一些要點，但為了更清楚地說明這一點。首先，我們透過出售 Del Taco 簡化了公司，並在 12 月成功完成了交易。其次，我們正在透過關閉業績不佳的餐廳來改善加盟商的經濟狀況。第一季度，加盟商關閉了 12 家餐廳。根據目前的關閉情況來看，附近餐廳的銷售額普遍成長了約 30%。

This element of JACK on Track is moving a little slower than we would have expected as franchisees are evaluating lease dynamics and sales transfer benefits on a case-by-case basis. Third, we are preserving our capital expenditures for technology and restaurant reimages. For the first quarter, our capital expenditures were $23.2 million which primarily includes spending on restaurant information technology.

JACK on Track 的這一部分進展比我們預期的要慢一些，因為加盟商正在逐案評估租賃動態和銷售轉移收益。第三，我們將保留用於技術和餐廳改造的資本支出。第一季度，我們的資本支出為 2,320 萬美元，主要包括餐飲資訊科技方面的支出。

Approximately $8 million reported in Q1 relates to prior year expenditures primarily for our new Chicago restaurants that were incurred in fiscal '25, but paid in fiscal '26. This is solely a timing impact and does not represent incremental fiscal year 2026 spend.

第一季報告的約 800 萬美元與前一年的支出有關，主要用於我們在 2025 財年新建的芝加哥餐廳，但這些支出是在 2026 財年支付的。這只是時間上的影響，並不代表 2026 財年的額外支出。

Lastly, and importantly, our focus on debt reduction. During the quarter, we made a partial prepayment of $105 million on our August 2026 tranche. Our total debt outstanding at quarter end was $1.6 billion our net debt to adjusted EBITDA leverage ratio was 6.5 times. Please note that this figure now excludes any historical adjusted EBITDA impact for Del Taco. We remain committed to paying down an additional $200 million in debt over the course of our JACK on Track plan.

最後，也是非常重要的一點，我們專注於減少債務。本季度，我們提前支付了 2026 年 8 月到期款項的 1.05 億美元。截至季末，我們的未償債務總額為 16 億美元，淨債務與調整後 EBITDA 的槓桿率為 6.5 倍。請注意，該數字目前不包括 Del Taco 的任何歷史調整後 EBITDA 影響。我們仍致力於在「JACK on Track」計劃實施期間償還額外的 2 億美元債務。

As it pertains to real estate sales, we generated $10.9 million of proceeds in the first quarter with associated gains of approximately $6.3 million. We expect to sell real estate with proceeds of $50 million to $60 million by the end of fiscal year 2026, with the expectation that these proceeds, along with cash on hand, would be applied to pay down debt.

就房地產銷售而言，我們第一季獲得了 1,090 萬美元的收入，相關收益約為 630 萬美元。我們預計到 2026 財年末，將出售房地產，獲得 5,000 萬至 6,000 萬美元的收益，並期望這些收益連同手頭現金一起用於償還債務。

We are thoughtfully assessing refinancing options related to our upcoming tranches, taking into account market conditions, interest rates and our long-term capital structure objectives. It is likely we will be in the market in the coming months. Lastly, as we mentioned in today's release, we are reiterating our guidance from November 2025.

我們正在認真評估與即將發行的債券相關的再融資方案，同時考慮市場狀況、利率和我們的長期資本結構目標。我們很可能在未來幾個月內進入市場。最後，正如我們在今天的公告中提到的，我們重申我們從 2025 年 11 月起的指導方針。

In closing, this quarter reflects steady progress on JACK on Track as we continue to build a stronger foundation for sustainable long-term growth. We look forward to keeping you updated on our progress throughout this fiscal year. Thanks again for your time this afternoon.

綜上所述，本季反映了 JACK on Track 專案穩步推進，我們繼續為可持續的長期成長奠定更堅實的基礎。我們將在本財年內持續向您報告我們的進度。再次感謝您今天下午抽出時間。

Operator, please open the line for questions.

接線員，請開通提問線。

(Operator Instructions)

（操作說明）

Alex Slagle, Jefferies.

Alex Slagle，傑富瑞集團。

Hey, thanks. Good afternoon. I wanted to follow up on just some of the trends you're seeing. I mean, it sounds like the initial response to some of the 75th anniversary work has been good. And January trends were improved. And maybe you could elaborate on what you saw. I'm not sure like how much there is weather that maybe came into an impact at all in your system into February if that's something we should consider also.

嘿，謝謝。午安.我想跟進你觀察到的一些趨勢。我的意思是，聽起來大家對一些75週年紀念作品的初步反應不錯。1月份的趨勢有所改善。或許你可以詳細描述一下你所看到的。我不確定二月的天氣狀況對你們的系統產生了多大影響，這是否也是我們應該考慮的因素。

Sure. Hi, Alex. So kind of to your point, once we hit the beginning of '26, we did start to see some kind of meaningful improvements. Certainly, when we got off to the new window, that helped a lot. And as we got into Q2, because bear in mind, our quarter ended kind of mid-January as we got into Q2. We're really seeing kind of same-store sales play out the way we thought they would. We started the second quarter, really a couple of hundred basis points better than we were in the first quarter, and that's before the weather impact to your question about weather.

當然。嗨，Alex。所以，正如你所說，到了 2026 年初，我們確實開始看到一些有意義的改進。當然，當我們換到新的視窗後，那確實幫了大忙。進入第二季時，請記住，我們的季度在一月中旬左右就結束了，那時我們進入了第二季。我們看到同店銷售情況確實如我們預期的那樣發展。第二季開始，我們的業績比第一季好了幾百個基點，而且這還沒算上天氣因素的影響（關於天氣的影響）。

We're actually over 400 basis points better when you factor in the winter storm, which on a full quarter basis will have about a 60 basis point or 70 basis point impact to the quarter. Since we're talking about roughly a month of impact, it's a couple of hundred basis points just for the month.

如果將冬季風暴考慮在內，我們實際上比預期好 400 多個基點，而冬季風暴對整個季度的影響約為 60 到 70 個基點。由於我們討論的是大約一個月的影響，僅一個月的影響就達到了幾百個基點。

So when you factor out the weather, we're really low single digits right now, which we're pleased with. We're not quite where we want to be. But [$200] negative. Let me rephrase that. I think I misspoke there. We're not quite where we want to be, but we're certainly gaining on it, and we're getting really good initial response to our 75th anniversary of marketing.

所以，如果排除天氣因素，我們現在的氣溫真的只有個位數，我們對此很滿意。我們還沒有達到我們想要的目標。但[$200]為負值。我換個說法吧。我想我剛才說錯話了。我們還沒有完全達到目標，但我們肯定正在朝著目標前進，而且我們為慶祝成立 75 週年而開展的營銷活動也得到了非常好的初步反響。

Awesome. The Chicago performance and the efforts to recover from some of the labor inefficiencies there, what's the issue going on there? I guess, supply, is it still a drag? I would have thought it was more about the openings and staffing up and that would sort of be able to get out of that heading into the 2Q, I guess?

驚人的。芝加哥的表現以及為解決當地勞動力效率低下問題所做的努力，究竟存在什麼問題？我想問，供應方面，是否仍面臨阻礙？我原以為這更多是關於門市開業和人員配備的問題，我想這些問題應該能在第二季解決吧？

We're still working on it, as you can see from the results. I think from a top line standpoint, we're kind of performing reasonably well, particularly given that we have not yet turned on our 24-hour operations, we've not yet turned on digital. We don't have our full menu yet. So there's still a lot of upside on the top line.

正如你從結果中看到的，我們仍在努力。我認為從總體上看，我們的表現還不錯，特別是考慮到我們還沒有開始24小時運營，也沒有開始數位轉型。我們還沒有完整的菜單。因此，營收方面仍有很大的成長空間。

We haven't turned those things on yet because we do still have some issues we're working through. And I think the easiest thing I can say about it is it's a tough labor market. We opened eight restaurants in the span of under three months, which for us and our corporate operations sides a lot and we're just still dialing in the P&L there.

我們還沒有啟用這些設備，因為我們還有一些問題需要解決。我覺得最簡單的一點就是，現在的勞動市場情況嚴峻。我們在不到三個月的時間裡開了八家餐廳，這對我們和我們的公司營運來說都是一筆不小的數目，我們目前還在調整損益表。

So we -- it is one of the big priorities we have right now. We're spending a lot of time up in Chicago to get that fixed. I think it will be fixed in the coming months. And then you'll see us be able to turn on the sales side, full steam. And I think you'll see that market come around the way you'd expect to.

所以，這是我們目前的首要任務之一。我們花了很多時間在芝加哥解決這個問題。我認為這個問題會在未來幾個月內解決。然後你就會看到我們能夠全力以赴地進行銷售工作。我認為你會看到市場按照你預期的方式轉變。

And the only thing I'd add to that, Lance, is we did expect continued margin compression of Chicago in our guidance that we provided, specifically in Q1.

蘭斯，我唯一要補充的是，我們在提供的業績指引中確實預期芝加哥的利潤率將繼續收窄，尤其是在第一季。

Alright. Next.

好吧。下一個。

Jeff Bernstein, Barclays.

傑夫·伯恩斯坦，巴克萊銀行。

Hi, good afternoon. This is Pratik on for Jeff. Thanks for the question Lance, I had a question on franchisee 4-wall margins. They were presumably below the company margin at 16.1%, given the ongoing disparity in comp performance. Beyond JACK on Track, is there anything in the short term that you can do to help franchisees navigate this difficult environment maybe on the commodity side to secure better prices or maybe a release? And I have one follow-up.

您好，下午好。這裡是Pratik替Jeff報道。謝謝你的提問，蘭斯，我有一個關於加盟商四面牆利潤率的問題。考慮到同業表現持續存在差異，他們的利潤率可能低於公司 16.1% 的利潤率。除了 JACK on Track 之外，短期內您能否採取一些措施來幫助加盟商應對這種困難的環境，例如在商品方面爭取更好的價格或獲得一些釋放？我還有一個後續問題。

So generally speaking, our franchisees have pretty good economics with AUVs still approaching $2 million. But you're right, we are seeing pressure on 4-wall EBITDA right now between the sales conditions and then beef inflation in particular.

總的來說，我們的加盟商經濟狀況相當不錯，平均單店銷售額仍接近 200 萬美元。但你說得對，目前由於銷售狀況和牛肉價格上漲，四壁肉店的 EBITDA 確實面臨壓力。

So at this point, no, we're not doing any kind of blanket assistance. But we are looking at what we need to do in those kind of one-off cases where we have a franchisee struggling. But generally speaking, I mean, as you can imagine right now, particularly with where [beef] is, yes, the fall margins are not where they need to be, but we're doubling down, doing a lot on the profitability side.

所以目前，不，我們不提供任何形式的全面援助。但我們正在研究在遇到加盟主經營困難這種個別案例時，我們需要做些什麼。但總的來說，我的意思是，正如你現在所能想像的，特別是就牛肉市場而言，是的，秋季利潤率還沒有達到應有的水平，但我們正在加倍努力，在盈利能力方面做了很多工作。

We just actually restructured our team to make sure we're more focused on profitability. We're doing things like rolling out a new soft drink dispenser. We're doing a number of things within the supply chain to try to cut costs.

我們最近對團隊進行了重組，以確保我們更加專注於盈利能力。我們正在進行一些項目，例如推出新的軟性飲料自動販賣機。我們正在供應鏈中採取多種措施來降低成本。

So yes, we're kind of putting a full court press on -- on our digital or all of our profitability. And then we're also making some revamps to our digital programs, including loyalty, that are going to add some profitability back in that channel as well.

所以，是的，我們正在全力以赴——全力提升我們的數位化業務以及所有業務的獲利能力。此外，我們也正在對包括會員忠誠度計畫在內的數位項目進行一些改進，這將為該管道重新帶來一些獲利。

Got it. Thank you for that. And Dawn, it was encouraging to see the company traffic trend improve modestly on a two year basis. Believe you were at the mid-2% pricing range to close fiscal '25 and you ended this quarter at 3%, it looks like per the 10-Q. Just wanted to get your thoughts on how you think about the price value equation in this environment, while at the same time, protecting your margins and unit economics. Thank you.

知道了。謝謝。令人欣慰的是，Dawn，公司流量趨勢在兩年內略有改善。我相信你們在 2025 財年結束時定價在 2% 左右，而根據 10-Q 報告，本季末定價為 3%。我想了解您對於當前環境下的價格價值等式有何看法，同時也要保護利潤率和單位經濟效益。謝謝。

This is Lance. I'll start with that one and Dawn can come on in and jump in here as she needs to. We have been able to take a little more price on the company side. it's interesting. The franchisees have taken a little more price than we had historically.

這是蘭斯。我先從這個開始，Dawn 可以根據需要隨時加入。公司方面，我們能夠爭取到更高的價格。這很有意思。加盟商收取的價格比我們以往的價格略高一些。

So our absolute prices are still lower. But throughout the quarter, we were able to take a little more price on the company side and still leave ourselves in a spot where we feel very comfortable with the value proposition we're getting to our guests.

所以我們的實際價格仍然更低。但在整個季度中，我們能夠在公司層級多投入一些成本，同時仍能讓我們對自己為客戶提供的價值主張感到非常滿意。

The other thing we did do during the quarter was we took several of our bundles and make sure that we lowered prices kind of in one of our chicken bundles in one of our burger combos and a breakfast combo. We also added assets into the soft drink amounts.

本季我們還做了另一件事，那就是我們降低了幾個套餐的價格，包括我們的一款雞肉套餐、一款漢堡套餐和一款早餐套餐。我們也把資產計入了軟性飲料的金額中。

So we're doing a lot of things to try to make sure that we're showing that value to the customer, while at the same time, making sure that we're protecting profitability not only here on the corporate side, but ultimately to the franchisees as well.

因此，我們正在做很多事情來確保向客戶展現這種價值，同時確保我們不僅在公司層面，而且最終也在加盟商層面保護獲利能力。

Thank you very much.

非常感謝。

Sara Senatore, Bank of America.

薩拉·參議員，美國銀行。

Hi, thanks for the questions. (inaudible) on for Sarah. Just kind of touching on what you were just discussing. Anything specific as to why there was such a large gap in comp between the company restaurants and the franchise ones, maybe anything related to operations, tech, anything that you have there?

您好，謝謝您的提問。 （聽不清楚）請莎拉接話。我只是稍微提及一下你剛才討論的話題。能否具體說明為什麼公司直營餐廳和加盟餐廳之間的績效差距如此之大？例如與營運、技術或其他任何方面相關的問題？

I'd say a couple of things. One is, we think, a little bit of pricing disparity, but I think probably the bigger factor is our company restaurants are pretty much 100% religious about opting into the offers that we do on the digital side.

我想說幾點。我們認為，其中一個原因是價格差異，但我認為更大的因素可能是我們公司旗下的餐廳幾乎 100% 都積極參與我們在數位方面提供的優惠活動。

The franchisees tend to be a little more selective as to which actual promotions they're going to opt into. And so we've seen on the company side, a lot more overall effectiveness on the digital side than we have with the franchisees. And I think that's probably the biggest singular driver.

加盟商在選擇參與哪些促銷活動方面往往更加挑剔。因此，我們看到，公司在數位化方面的整體效果比加盟商要好得多。我認為這可能是最大的單一驅動因素。

Got it. Thanks. And then just kind of switching gears. Just thinking about how -- if you could give us a little color on just how you guys have historically competed against larger competitors just in periods of intense value competition and when you're thinking about scale, do you guys think more about the importance of competing nationally? Or do you view scale on a more local easier to compete kind of basis more?

知道了。謝謝。然後就突然轉換話題了。我只是想問一下——您能否簡要介紹一下，在激烈的價值競爭時期，你們是如何與規模更大的競爭對手競爭的？在考慮規模問題時，你們是否更重視在全國範圍內競爭？或者，您更傾向於從更本地化、更容易競爭的角度來看待規模問題？

Let me start with that, and then I'll ask Ryan to jump in and supplement me a little bit, too. But I think, first of all, we've always been smaller than some of these really big chains like a McDonald's or Taco Bell, Burger King, whoever it may be.

我先來說說這個，然後我會請 Ryan 也來補充一些內容。但我認為，首先，我們一直比麥當勞、塔可鐘、漢堡王之類的大型連鎖店規模還要小。

I think in order for us to be successful when they're out there with heavy value, we've got to have our own consistent value. And then we've got to lean into what really differentiates Jack which is innovation. We have a lot of innovation, both within our LTOs, but also within our core menu.

我認為，要在競爭對手實力雄厚的情況下取得成功，我們必須擁有自己穩定的價值。然後，我們必須深入了解傑克真正的與眾不同之處——創新。我們在限時特供產品和核心菜單中都融入了許多創新元素。

And so making sure we've got our own consistent price that, that price is in a reasonable spot and that we continue to bring innovative products, I can't get somewhere else is the biggest piece, and I'll turn it over to Ryan, let him supplement that.

因此，確保我們擁有自己穩定且合理的價格，並不斷推出別處買不到的創新產品，這是最重要的部分，接下來我會把這部分交給瑞恩，讓他補充說明。

Yeah, we know to be relevant where we have to have that price point of value, which we have in every single window moving forward, which is something we didn't have in '25. So that really goes up their value guests, but it's about the distinctive and ownable value that we have out there. So when you think about Jack in the Box, it's really about that abundance value. It's about the Munchie Meals. We saw a great response to our Jimmy, so adding some gift with purchase on our abundant meals have done really well.

是的，我們知道要保持競爭力，就必須具備相應的價格優勢，而我們今後的每一款產品都具備這樣的價值，這是我們在 2025 年所不具備的。所以這確實提高了他們客人的價值，但這關乎我們擁有的獨特且獨特的價值。所以，當你想到 Jack in the Box 時，它真正體現的就是這個富足的價值。是關於零食套餐的。我們發現吉米這個角色反應很好，所以在豐富的餐點中加入一些贈品也取得了非常好的效果。

on top of aggressive quick hit value, I mean, we are an iconic brand that has tacos. And so our ability to pulse in some aggressive disruptive price points on tacos, celebrating our 75th like we are once a month with $0.75 tacos. We have a $0.75 Jumbo Jacks coming in next week or this Saturday.

除了快速有效的行銷策略之外，我們還是擁有墨西哥捲餅的標誌性品牌。因此，我們有能力在墨西哥捲餅上推出一些激進的顛覆性價格點，例如每月一次以 0.75 美元的墨西哥捲餅來慶祝我們的 75 週年紀念日。下週或本週六會有售價 0.75 美元的巨型傑克漢堡到貨。

These type of offers that are ownable and distinctive to us really drive a quick impact to drive traffic to our brand. But we also have to look at value differently and where we really need to compete is how do we improve value for the guests through quality.

這些我們獨有的、具有獨特性的優惠活動，能夠迅速有效地為我們的品牌帶來流量。但我們也必須以不同的視角看待價值，我們真正需要競爭的地方在於如何透過品質來提升顧客的價值。

And so it's not all just about price points, it's about improving the quality of our goods. And we've already executed some of that in our latest window with improving our core grilled chicken. And our next step is looking across our core platform and improving across our items to make sure that value for the money score that's really important to the guest, matches up with the product they're getting. And so you'll see a lot more quality improvements from our brand moving forward.

所以，這不僅僅是價格的問題，而是要提高我們產品的品質。在最近的幾個季度裡，我們已經透過改進核心烤雞產品，實現了其中的一些目標。下一步，我們將審視我們的核心平台，並改進我們的產品，以確保顧客真正重視的性價比與他們所獲得的產品相符。因此，未來您將會看到我們品牌在品質方面有更多提升。

Andrew Charles, TD Cowen.

Andrew Charles，TD Cowen。

Great. Thanks. Dawn, you called out the 7% commodity inflation in the quarter. Can you just remind us what you're expecting for commodity inflation for the year? And really just how much of that 7% increase was in beef as well as the forecast for that within the '26 guidance?

偉大的。謝謝。Dawn，你指出了本季7%的大宗商品通膨率。您能否提醒我們一下您對今年大宗商品通膨的預期？那麼，這7%的成長中究竟有多少是牛肉帶來的呢？ 2026年的業績預期又與此相符嗎？

Yeah. So our guidance still stands. We had guided to mid-single digits back in November. Beef is definitely the most impactful. Q1 actually came in a little higher than we had anticipated but you can look to see beef up double digits. And as the year continues, that impact will moderate. It was definitely the highest in Q1.

是的。因此，我們的指導意見仍然有效。早在11月份，我們就曾預測降幅會達到個位數中段。牛肉的影響無疑是最大的。第一季的實際業績比我們預期的略高，但您可以期待看到兩位數的成長。隨著時間的推移，這種影響將會減弱。這絕對是第一季最高的。

Great. Thank you.

偉大的。謝謝。

Gregory Francfort, Guggenheim.

格雷戈里·弗朗福特，古根漢。

Hey, thanks fort the question. My first one just on weather. I guess there was some maybe drag later in January, but you guys have a lot of stores in the West Coast. Are you guys able to identify if it may have helped late December and early January?

嘿，謝謝你的提問。我的第一篇部落格文章是關於天氣的。我猜想一月下半年可能出現了一些銷售拖累，但你們在西海岸有很多門市。你們能否判斷一下這對12月下旬和1月初是否有幫助？

We didn't see any meaningful improvements or benefits, I would say relative to weather. Certainly, everything we saw was more related, particularly with the big Texas footprint and where we are in the Midwest to I think it was called [Fern] winter storm, [firm] that impacted us by a couple of hundred basis points actually.

就天氣而言，我們沒有看到任何實質的改善或好處。當然，我們看到的一切都更加相關，特別是德克薩斯州的巨大影響，以及我們所在的美國中西部地區，我認為那場被稱為“蕨類植物”的冬季風暴實際上對我們造成了幾百個基點的影響。

Got it. And then just maybe going back to kind of franchisee health and performance, how much is beef up now versus where it was a few years ago? And if that reverses, I guess what could that do to fancy cash flows? And do you expect that to happen over the next 12 months to 18 months? Thanks.

知道了。那麼，回到加盟商的健康狀況和業績方面，與幾年前相比，現在的情況好轉了多少呢？如果情況逆轉，我想這會對高端現金流產生什麼影響？你預計這種情況會在未來 12 到 18 個月內發生嗎？謝謝。

I think Dawn is going to look back and see if she can give a reasonable estimate as to what it's done for the last few years. I don't have that off the top of my head. Obviously, though, beef is trading very, very high relative to where it's been, and we would expect a fairly significant benefit. If it were to go down, as Dawn said, we expect it to moderate some throughout but I think, at least as far as the predictions I've seen in the next 12 months to 18 months, we wouldn't expect it to become a tailwind.

我認為 Dawn 會回顧過去，看看她能否對過去幾年它所取得的成就做出合理的估計。我一時想不起來。不過，顯然牛肉目前的交易價格相對於以往水準非常非常高，我們預計會從中受益匪淺。如果像 Dawn 所說的那樣下降，我們預計它會在整個過程中有所緩和，但我認為，至少就我看到的未來​​ 12 到 18 個月的預測而言，我們預計它不會成為順風。

Okay. Thanks for the [that], Lance.

好的。謝謝你，蘭斯。

[Samantha Cheng], Goldman Sachs.

[Samantha Cheng]，高盛。

This is Samantha on for Christine Cho. Thanks for taking my questions. I wanted to ask about breakfast. I know many of your competitors have called out the [state part] as an underperforming part of the day as it tends to be more economically sensitive with some peers recently making breakfast optional for franchisees. Could you share an update on how you're thinking about breakfast and how this [daypart] has performed at Jack relative to the rest of the day, particularly following the launch of your much better deals lineup? Thanks.

這裡是薩曼莎，代克莉絲汀喬為您報道。謝謝您回答我的問題。我想問早餐的狀況。我知道你們的許多競爭對手都指出[州政府部分]是一天中表現不佳的部分，因為它往往對經濟形勢更加敏感，一些同行最近甚至讓加盟商選擇是否提供早餐。能否分享一下您對早餐的看法，以及在Jack餐廳，早餐時段相對於其他時段的表現如何，尤其是在推出更優惠的套餐之後？謝謝。

Sure. So breakfast for us has actually been pretty consistent. It's always been a big part of what we do at Jack. And of course, we have breakfast all day, which I'm sure you're aware. So from our perspective, as we look like at this past quarter as an example, it was pretty consistent with all our other dayparts with the exception of late night, which is where we really had some gains. So overall, we haven't seen much change. We are aware that other competitor given some optionality to their franchisees as whether or not they do breakfast, but we'll have to wait and see if that impacts us.

當然。所以，我們的早餐其實一直都很穩定。這始終是我們Jack公司業務的重要組成部分。當然，我們全天供應早餐，這一點您肯定知道。所以從我們的角度來看，以上個季度為例，除了深夜時段外，其他時段的銷售情況都相當穩定，而深​​夜時段的銷售情況則確實有所增長。所以總的來說，我們沒有看到太大的變化。我們注意到其他競爭對手允許加盟商自行決定是否提供早餐，但我們還得拭目以待，看看這會不會對我們產生影響。

With us, it's all day breakfast is the core of our brand that's been around for -- since this brand has been around. So basically, it's something that we don't -- we take really serious in making sure that we continue to drive breakfast and an all-day solution to our guests.

對我們來說，全天供應早餐是我們品牌的核心，自品牌創立以來，早餐一直是我們的品牌核心。所以基本上，我們非常重視這一點，確保我們繼續為客人提供早餐和全天候服務。

Karen Holthousem, Citi.

Karen Holthousem，花旗銀行。

Hi, this is Karen on for Jon Tower. Just going back to the remodel program, I don't know if you've shared or willing to share your guardrails around what you're thinking in terms of your cost per unit what are like the key elements you think are really driving that curbside appeal or change in curbside appeal? And how do your franchisees plan on funding this? Do they think they can do it through existing cash flows? Is there appetite for financing it? Anything on that would be great.

大家好，我是凱倫，為您報道喬恩‧托爾。回到改造計劃的話題，我不知道您是否分享過或願意分享您在單位成本方面的考量，以及您認為真正影響房屋外觀吸引力或改變外觀吸引力的關鍵因素是什麼？你們的加盟商打算如何籌措資金？他們認為能夠透過現有的現金流實現這一目標嗎？是否有人願意為此提供融資？任何相關資訊都非常感謝。

Sure, Karen. As I know, I said a couple of times here over the last few of these calls, our ultimate goal is to get a full-scale reimage program established and going kind of towards the end of the year. Really what we're doing right now, though, is much more of what we're considering kind of a mini refresh.

當然可以，凱倫。正如我所知，我在最近幾次通話中也說過幾次，我們的最終目標是在年底前建立一個全面的系統重裝計劃並使其順利進行。但實際上，我們現在所做的，更像是一次小小的更新。

And the intent, honestly, is just to improve the curb appeal until we get to such point as we can do the full reimage program because, as you know, even if we kick that off within the next 12 months or so, it takes usually a number of years for those things to play out. So this is really more cosmetic as what I would tell you.

說實話，我們的目的只是改善房屋外觀，直到我們能夠進行全面的重新形象改造計劃。因為你知道，即使我們在接下來的 12 個月左右啟動該計劃，這些事情通常也需要數年時間才能完成。所以，這其實更多的是一種外觀上的問題，正如我之前所說。

It's paint, it's [restriking] and sealing the parking lot is cleaning up the landscaping, it's making sure the drive path looks good and that can be done for a very, very low cost. I'm talking under $20,000 and franchisees tend to have a way of getting things done more cheaply than we do.

就是重新粉刷、重新打磨、密封停車場、清理景觀、確保車道看起來美觀，而這些都可以以非常非常低的成本完成。我指的是低於 2 萬美元的項目，而且加盟商往往有辦法以比我們更低的成本完成任務。

So for them, it's probably under $10,000. So this is the kind of thing that really is intended just to give us a better curve appeal, get us through to the point when we are ready to get the full-scale reimage program going and do so at a tremendously economical price.

所以對他們來說，這可能不到 1 萬美元。所以，這種做法的真正目的就是為了讓我們的曲線更具吸引力，幫助我們順利過渡到全面重新形象改造計劃，並且以極其經濟的價格完成這項工作。

And then just a follow-up. When we get there end of this year, hopefully, talking about liking into a broader remodel program. Is your expectation that there would be some incentives tied to doing that or any sort of financial support for franchisees?

然後還有一個後續問題。希望今年年底我們能達成協議，討論將其納入更廣泛的改造計劃。您是否預期這樣做會有一些激勵措施，或者會為加盟商提供任何形式的財務支持？

100%. We -- let me rephrase that. 100%, there will be assistance from corporate. Corporate will not pay for it 100%, figure I'd better clean that up. But the -- you know how these things can get taken out of context. But anyway, yes, we would expect to make a meaningful contribution to whatever reimage program we would eventually roll out. The most recent one we did was in the 35% neighborhood, if I'm not mistaken. And so I would think a little bit either side of that is what we'd be talking about.

100%。讓我換個說法。百分之百，公司會提供協助。公司不會全額支付這筆費用，我想我最好自己把這筆錢清理乾淨。但是──你知道這些事情很容易被斷章取義。但無論如何，是的，我們希望能夠為我們最終推出的任何系統重裝計劃做出有意義的貢獻。如果我沒記錯的話，我們最近一次的轉換率在 35% 左右。所以我認為，我們討論的應該是介於兩者之間的任何一點。

Okay. Great. I'll pass it on.

好的。偉大的。我會轉達的。

Thank you.

謝謝。

Jim Sanderson, Northcoast Research.

吉姆·桑德森，北海岸研究公司。

Hey, thanks for the question. I wanted to find out a little bit more about Hispanic consumer demand. I think you had called that out in the past to something that was unusually more difficult for Jack in the Box. Has that improved over the past year and most recently? And is it improving at a much richer pace?

嘿，謝謝你的提問。我想多了解一些關於西​​班牙裔消費者需求的資訊。我認為你之前也曾指出過這一點，這對 Jack in the Box 來說是一個異常困難的問題。過去一年以及最近一段時間情況是否有改善？而且它的發展速度是否更快？

What we've seen, let's say, over the last quarter is not a whole lot of movement. Frankly, we've seen both in the low income and the consumer and the Hispanic consumer segments. We've seen maybe the slightest amount of change, meaning improvement but not anything significant at this point.

比如說，過去一個季度我們並沒有看到太大的變化。坦白說，我們在低收入消費者和西班牙裔消費者群體中都看到了這種情況。我們或許看到了一些細微的變化，這意味著有所改善，但目前還沒有什麼顯著的變化。

Okay. So that's more or less trending with the sequential improvements you've observed across the board. Is that the right way to look at that? Nothing then?

好的。所以，這或多或少與你觀察到的各方面逐步改進的趨勢相符。這樣看待這個問題是否正確？那就沒有別的了嗎？

It's kind of in that ballpark. Certainly, we're not seeing anything meaningful as far as improvement there yet.

差不多就是那個意思。當然，就目前而言，我們還沒有看到這方面有任何實質的改善。

Alright. And if I could follow up on a question on -- you had mentioned some technology you were leveraging in store. And I was wondering, is that related to the new point-of-sale system to the kiosks? Anything there to call out that might be beneficial, especially in the back half to drive traffic or transaction?

好吧。我可以就您提到的一些在店內使用的技術再問一個問題嗎？我想知道，這是否與自助服務終端的新銷售點系統有關？有什麼值得特別指出的，可能對提升流量或促成交易有益的地方嗎？尤其是在後半部？

Jim, there's a couple of things we've done, actually. So we completed the rollout of the POS system along -- I think it was about the end of August. And so as we continue to make refinements to that system and learn it, I would expect to see some benefit there. But the other thing we did, and this is a real tribute to the ops team as well as our IT team with [led by cook]. We did deploy new back of house, both on the labor management side and the inventory side, and that was completed in November of '25. And so again, it's kind of very early days.

吉姆，實際上我們已經做了幾件事。所以我們完成了POS系統的部署——我想大概是在八月底。因此，隨著我們不斷改進和學習該系統，我預計會看到一些好處。但我們做的另一件事，這真要歸功於我們的維運團隊和IT團隊，他們…[由廚師帶領]。我們在勞動力管理和庫存方面都部署了新的後台設施，這項工作已於 2025 年 11 月完成。所以，現在還處於非常早期的階段。

We're getting to know the systems. We're learning how to utilize them. But our focus for the balance of the year is really going to be how do we leverage those systems now that we've made those investments to get more efficiencies out of them, both on the top line and the bottom line.

我們正在熟悉這些系統。我們正在學習如何利用它們。但今年剩餘時間裡，我們的重點將真正放在如何利用這些系統來提高效率上，無論在收入或利潤方面。

Alright. Thank you very much.

好吧。非常感謝。

Jake Bartlett, Truist Securities.

Jake Bartlett，Truist Securities。

Great. Thanks for taking the questions. Mine was about your regional performance. And as we compare Jack in the Box to the larger peers, it might be unfair just given your exposure to certain markets. So I'm wondering whether markets like California are particularly weighing the system down and maybe how you think you might compare to your peers within a big market like California?

偉大的。謝謝您回答問題。我的是關於你們地區表現的。當我們把 Jack in the Box 與規模更大的同行進行比較時，僅僅考慮到你在某些市場的敞口，這樣做可能並不公平。所以我想知道像加州這樣的市場是否對整個系統造成了特別大的負擔，以及您認為自己在加州這樣的大市場中與同行相比會如何？

Sure. I'll start with that, and then I'll ask Ryan to jump in if there's anything he wants to add or Rachel for that matter. California has been difficult for, I believe, most brands, at least from the information that we have. So I do believe that is a little more of a headwind, not only on the sales front, but certainly on the profitability front with some of the labor pressures that you see in California.

當然。我先從這部分開始，然後我會請 Ryan 或 Rachel 補充一些內容。我認為，至少根據我們掌握的資訊來看，加州市場對大多數品牌來說都很艱難。所以我認為這確實是一個更大的阻力，不僅在銷售方面，而且在盈利能力方面，尤其是在加州面臨的一些勞動力壓力方面。

Now as we look at first quarter in particular, I think the weather, obviously, the weather impact we've already talked about was more Texas and Midwest phenomenon than it was in California. But just generally speaking, what we've seen in my time back here is that California has been challenging.

現在我們特別來看第一季度，我認為很明顯，天氣的影響，我們已經討論過的天氣影響，更多地發生在德克薩斯州和中西部地區，而不是加利福尼亞州。但總的來說，我回到加州這段時間以來，我們看到的情況是，加州一直充滿挑戰。

And I think when you look at our over 40% of restaurants being based in California, we certainly have a little more of a headwind when you're looking at an overall consolidated number than some of our competitors may.

我認為，考慮到我們超過 40% 的餐廳都位於加州，從整體合併數據來看，我們面臨的不利因素肯定比一些競爭對手要多一些。

That concludes the question and answer session. I'd now like to turn the call back over to Lance Tucker, CEO, for closing remarks.

問答環節到此結束。現在我想把電話轉回給執行長蘭斯·塔克，請他作總結發言。

As always, I just want to say thanks, everybody, for your time, and we look forward to seeing you this time next quarter.

和往常一樣，我只想對大家說聲謝謝，感謝大家抽出時間，我們期待下個季度再見大家。

That concludes today's meeting. You may now disconnect

今天的會議到此結束。您現在可以斷開連線了。