Papa John's International Inc (PZZA) 2024 Q3 法說會逐字稿

Thank you for standing by, and welcome to Papa John's third-quarter 2024 earnings conference call.(Operator Instructions)

感謝您的耐心等待，歡迎參加棒約翰 2024 年第三季財報電話會議。

I would now like to hand the call over to Stacy Frole, Vice President of Investor Relations. Please go ahead.

我現在想將電話轉給投資者關係副總裁 Stacy Frole。請繼續。

Good morning, and welcome to our third-quarter 2024 earnings conference call. This morning, we issued our third quarter earnings release. A copy of the release can be obtained on our investor relations website at ir.papajohns.com under the news release tab or by contacting our investor relations department at investor_relations@papajohns.com.

早上好，歡迎參加我們的 2024 年第三季財報電話會議。今天早上，我們發布了第三季財報。您可以在我們的投資者關係網站 ir.papajohns.com 的「新聞發布」標籤下取得該新聞稿的副本，或透過 Investor_relations@papajohns.com 聯絡我們的投資者關係部門。

Joining me on the call this morning are Todd Penegor, our President and Chief Executive Officer; and Ravi Thanawala, our Chief Financial Officer and Executive Vice President, International.

今天早上和我一起參加電話會議的是我們的總裁兼執行長 Todd Penegor；以及我們的財務長兼國際執行副總裁 Ravi Thanawala。

Before we begin, I need to remind you that comments made during this call will include forward-looking statements within the meaning of the federal securities laws. These statements may involve risks and uncertainties that could cause actual results to differ materially from these statements. Forward-looking statements should be considered in conjunction with the cautionary statements in our earnings release and the risk factors included in our SEC filing.

在開始之前，我需要提醒您，本次電話會議中發表的評論將包括聯邦證券法含義內的前瞻性陳述。這些陳述可能涉及風險和不確定性，可能導致實際結果與這些陳述有重大差異。前瞻性陳述應與我們的收益發布中的警示性陳述以及我們向 SEC 提交的文件中包含的風險因素結合起來考慮。

In addition, please refer to the earnings release for the required reconciliation of non-GAAP financial measures discussed on today's call. Lastly, let me thank you in advance for asking only one question and getting back in the queue for more follow ups.

此外，請參閱收益發布，以了解今天電話會議上討論的非公認會計準則財務指標所需的調節。最後，讓我提前感謝您只提出一個問題並回到隊列中以進行更多跟進。

And now, let me turn the call over to Todd.

現在，讓我把電話轉給托德。

Thank you, Stacy, and good morning, everyone. Since joining Papa John's in August, I've had the opportunity to meet with a significant number of our franchisees and team members around the globe. I've also engaged with many of our analysts and investors. These interactions have provided a deeper understanding of our customer needs, organizational structure, and operating model.

謝謝你，史黛西，大家早安。自從八月加入棒約翰以來，我有機會會見了我們在全球各地的眾多特許經營商和團隊成員。我還與我們的許多分析師和投資者進行了接觸。這些互動讓我們對客戶需求、組織結構和營運模式有了更深入的了解。

It is clear we have opportunities to improve execution and profitability. We have work to do, but based on my experience in the industry, and my learnings of the company thus far, I am confident that Papa John's has what it takes to be the best pizza makers in QSR and to create significant sustainable shareholder value over the long term. Already, we have made progress in bringing on new team members who have the right skills and expertise to help us compete and win.

顯然，我們有機會提高執行力和獲利能力。我們還有很多工作要做，但根據我在該行業的經驗以及迄今為止對公司的了解，我相信棒約翰有能力成為QSR 領域最好的披薩製造商，並在超過20 年的時間裡創造顯著的可持續股東價值。我們已經在引進新團隊成員方面取得了進展，他們擁有適當的技能和專業知識來幫助我們競爭和獲勝。

Kevin Vasconi joined us in September as Papa John's new Chief Digital and Technology Officer. Kevin and I worked together at the Wendy's company, where I experienced first-hand, his ability to lead technology innovation that delivered significant impact for our customers, team members, and franchisees.

Kevin Vasconi 於 9 月加入我們，擔任棒約翰新任首席數位和技術長。凱文和我在溫蒂公司一起工作，在那裡我親身體驗了他領導科技創新的能力，為我們的客戶、團隊成員和特許經營商帶來了重大影響。

This morning, we also announced that Jenna Bromberg will be joining Papa John's as our Chief Marketing Officer. Jenna is an experienced marketing leader in the restaurant, franchising, and retail industry. She's been recognized for her transformative brand campaigns and deep consumer insights. Our teams will surely benefit from her unique blend of quick service restaurant and modern retail marketing expertise that she brings to this role.

今天早上，我們也宣布珍娜·布羅姆伯格 (Jenna Bromberg) 將加入棒約翰 (Papa John's) 擔任我們的首席行銷長。Jenna 是餐廳、特許經營和零售業經驗豐富的行銷領導者。她因其變革性的品牌活動和深刻的消費者洞察而受到認可。我們的團隊肯定會受益於她為這一角色帶來的快速服務餐廳和現代零售行銷專業知識的獨特融合。

Kevin and Jenna are a strong complement to the proven leaders we have within the company, including Ravi, who in addition to serving as CFO, will now be responsible for Papa John's International Business; and Joe Sieve, who in addition to serving as Chief Restaurant and North America Development Officer, will now be responsible for overseeing all global development as well as corporate and franchise restaurant operations. By adding industry expertise and enhancing our bench strength, we are bringing fresh insights and energy to our leadership team.

Kevin 和 Jenna 是我們公司內部經過驗證的領導者的強大補充，包括 Ravi，他除了擔任財務長外，現在還將負責棒約翰的國際業務； Joe Sieve 除了擔任首席餐廳和北美發展長外，現在還將負責監督所有全球發展以及企業和特許經營餐廳的營運。透過增加行業專業知識和增強我們的後備力量，我們正在為我們的領導團隊帶來新的見解和活力。

As previously announced, we will be hosting an analyst and investor meeting on December 12, where we'll share insights and learnings from my first 100 days at Papa John's and our journey ahead. This will also provide an opportunity for the investor community to interact with our executive management team while tasting pizzas from around the world.

正如先前宣布的，我們將於 12 月 12 日舉辦分析師和投資者會議，會上我們將分享我在棒約翰的頭 100 天以及我們未來旅程中的見解和經驗。這也將為投資者社群提供一個與我們的執行管理團隊互動的機會，同時品嚐來自世界各地的披薩。

While I'm looking forward to a more detailed discussion on December 12, I'd like to share some initial observations today.

雖然我期待 12 月 12 日進行更詳細的討論，但今天我想分享一些初步觀察。

First; starting with our North America business We must accelerate profitable growth in our restaurant system and we'll get there through five key elements. First, relentlessly focusing on our core product proposition and improving innovation across the barbell. Traditional superior quality pizza is the foundation of our success. Consumers know us for better ingredients, better pizza. And we need to deliver on this promise consistently every day to every customer across every restaurant.

第一的;從我們的北美業務開始，我們必須加速餐廳系統的獲利成長，我們將透過五個關鍵要素來實現這一目標。首先，堅持不懈地專注於我們的核心產品主張並提高整個槓鈴的創新。傳統的優質披薩是我們成功的基礎。消費者知道我們提供更好的原料和更好的披薩。我們需要每天始終如一地向每家餐廳的每位顧客兌現這項承諾。

Additionally, we want to win the hearts and stomachs of customers with craveable menu items across occasions and value offers. Work is underway on core menu optimization to pave the way for more impactful product offerings. We need to make sure we deliver on our core menu offerings. New menu items resonate with our customers and our margins work extremely well for the system.

此外，我們希望透過各種場合的令人垂涎的菜單項目和超值優惠來贏得顧客的心和胃。核心菜單優化工作正在進行中，為提供更具影響力的產品鋪路。我們需要確保提供我們的核心菜單產品。新的菜單項目引起了我們客戶的共鳴，我們的利潤對系統非常有利。

Second; amplifying our marketing message to drive customer consideration and call to action across target segments. Our Better Get You Some campaign that was launched earlier this year has traction, but we must enhance the message why consumers should choose Papa John's, and highlight our pizza craftsmanship.

第二;放大我們的行銷訊息，以提高客戶的考慮度並號召跨目標細分市場採取行動。我們今年稍早推出的「Better Get You Some」活動頗具吸引力，但我們必須強化消費者為何應選擇棒約翰的訊息，並突顯我們的披薩工藝。

Third; investing in modernizing our tech stack to enable commercial and operational efficiency through improvements in the end-to-end digital customer experience and our customer relationship management platform. We need to make it easier for our customers and franchisees to do business. As noted, Kevin has an outstanding record of delivering innovation that drives sales, and I'm confident that he will do so at Papa John's as well.

第三;投資我們的技術堆疊現代化，透過改進端到端數位客戶體驗和客戶關係管理平台來提高商業和營運效率。我們需要讓我們的客戶和加盟商更輕鬆地開展業務。如前所述，凱文在推動銷售的創新方面有著出色的記錄，我相信他在棒約翰店也能做到這一點。

Fourth; differentiating our customer experience to meet and exceed the convenience value and quality expectations of our customer's channel of choice. By simplifying our processes, optimizing our menu, and employing technology, our teams will be set up to be the best pizza makers in the business while delivering exceptional experiences, regardless of the order and delivery channels.

第四;差異化我們的客戶體驗，以滿足並超越客戶選擇管道的便利價值和品質期望。透過簡化流程、優化菜單和採用技術，我們的團隊將成為業內最好的披薩製造商，同時提供卓越的體驗，無論訂單和交付管道如何。

Our Papa Rewards loyalty program is a great example of how we can evolve our customer experience in the near term while investing in and building capabilities over the longer term to enhance the lifetime value of customers ordering from Papa John's. Today, roughly one quarter of our active program members have not yet reached a reward due to the current thresholds.

我們的棒約翰獎勵忠誠計畫是一個很好的例子，說明我們如何在短期內發展客戶體驗，同時投資和建立長期能力，以提高從棒約翰訂購的客戶的終身價值。如今，由於當前的門檻，大約四分之一的活躍計劃成員尚未獲得獎勵。

In the fourth quarter, we will allow members to unlock Papa Dough faster, activating our members at higher rates to help drive transactions and frequency. The construct of the program is simple. We believe that converting points to Papa Dough in smaller increments to members can unlock rewards faster for more immediate customer gratification.

在第四季度，我們將允許會員更快解鎖 Papa Dough，以更高的速率啟動我們的會員，以幫助推動交易和頻率。該程式的構造很簡單。我們相信，以較小的增量將積分轉換為 Papa Dough 會員可以更快地解鎖獎勵，從而更直接地滿足客戶需求。

This is just the first step, as we plan to make further improvements to our loyalty program. We understand the importance of building a program that innovates ahead of the category. Our loyalty program must be flexible and easy to understand to create strong emotionally connected consumer engagement that seamlessly integrates with our creative paid, earned, and owned messaging.

這只是第一步，我們計劃進一步改進我們的忠誠度計劃。我們了解建立領先於同類產品的創新計劃的重要性。我們的忠誠度計畫必須靈活且易於理解，以創造強大的情感連結消費者參與度，並與我們富有創意的付費、贏得和擁有的資訊無縫整合。

We see so much opportunity here with the greatest impact to come from more quickly driving that all important second purchase and shrinking the number of days it takes for future visits to occur. It is critical that we take the time needed and make the proper investment to develop and launch a long-term structure that will deliver the rewards our customers deserve with unique brand experiences that matter to them, while maintaining a strong focus on acquiring new loyalty members.

我們在這裡看到瞭如此多的機會，其中最大的影響來自於更快地推動所有重要的第二次購買並減少未來訪問所需的天數。至關重要的是，我們需要花時間並進行適當的投資來開發和啟動一個長期結構，透過對他們重要的獨特品牌體驗為我們的客戶提供應有的回報，同時保持重點關注獲取新的忠誠會員。

Finally, partnering with and evolving our franchisee base to be growth oriented, focusing on increasing our market share through strategic new restaurant development and priority markets. From a development perspective, the North America market is our most accretive development opportunity, and we remain committed to accelerating the expansion of our domestic footprint moving forward.

最後，與我們的特許經營商合作並發展以成長為導向，重點是透過策略性新餐廳開發和優先市場來增加我們的市場份額。從發展角度來看，北美市場是我們最具增值性的發展機會，我們將持續致力於加速國內業務的拓展。

Our teams have made substantial progress this year in identifying real-time cost savings throughout the development process which enhances the value proposition for franchisees to expand their portfolio. Through these efforts, we now anticipate our remaining company-owned restaurant openings in 2024 will have an average build cost of approximately $500,000 excluding marketing incentives and we are continuing to look for opportunities to further reduce these costs in the future.

今年，我們的團隊在確定整個開發過程中的即時成本節省方面取得了實質進展，這增強了加盟商擴大其產品組合的價值主張。透過這些努力，我們現在預計 2024 年剩餘的公司自有餐廳開業的平均建設成本將約為 50 萬美元，不包括行銷激勵措施，我們將繼續尋找機會在未來進一步降低這些成本。

I'll have more details on how we specifically plan to deliver against this road map in December but want to underscore that we're acting with urgency. We are laser-focused on strengthening our foundation in the near term while positioning the company to capitalize on opportunities to drive success and value creation over the long term.

我將在 12 月詳細介紹我們具體計劃如何根據此路線圖實現目標，但我想強調我們正在採取緊急行動。我們專注於在短期內加強我們的基礎，同時使公司能夠利用機會來推動長期成功和價值創造。

Next, looking at our international business. Our international strategy requires a narrower and deeper focus on the most impactful territories to fuel growth and create long term earnings power. Simply put, international is not a large generic market. We see it as a collection of markets that we will target with an informed consumer-centric mindset. The establishment of regional restaurant support centers and the hiring of experienced leaders to create holistic strategies within their markets has helped to align global best practices and operations, marketing, and technology, with local preferences and needs.

接下來看看我們的國際業務。我們的國際策略要求更廣泛、更深入地關注最具影響力的領域，以推動成長並創造長期獲利能力。簡而言之，國際並不是一個很大的仿製藥市場。我們將其視為我們將以消費者為中心的心態瞄準的市場集合。建立區域餐廳支援中心並聘請經驗豐富的領導者在其市場內制定整體策略，有助於將全球最佳實踐和營運、行銷和技術與當地偏好和需求結合。

In China, we are focused on establishing a sustainable operating model to accelerate growth in this important global market. Korea and Spain are well-established markets with a solid foundation that we can continue to build on to drive long-term growth through product innovation, operational excellence, and new restaurant development to improve penetration and accessibility. In Latin America, we continue to build on our strong market share and remain focused on being the brand of choice.

在中國，我們致力於建立可持續的營運模式，以加速這個重要的全球市場的成長。韓國和西班牙是成熟的市場，擁有堅實的基礎，我們可以繼續在此基礎上透過產品創新、卓越營運和新餐廳開發來提高滲透率和可及性，推動長期成長。在拉丁美洲，我們繼續鞏固強大的市場份額，並繼續致力於成為首選品牌。

Finally, I've had the opportunity to travel to the UK this quarter with Ravi and several others. And we're incredibly proud of the work that has been done in this market over the past year. This progress is a great example of the power of focus and teamwork. We've learned a lot through this process and gain tools that we can use in the future, both in the UK, and in other markets. Their innovation pipeline is robust, insights-driven and consumer-led, supported by a strong marketing focus.

最後，本季我有機會與拉維和其他幾個人一起去英國旅行。我們對過去一年在這個市場所做的工作感到非常自豪。這項進步是專注和團隊合作力量的一個很好的例子。透過這個過程，我們學到了很多東西，並獲得了未來可以在英國和其他市場使用的工具。他們的創新管道強大、以洞察為導向、以消費者為主導，並以強大的行銷重點為支持。

I'm excited to see how these markets and our international presence will grow under Ravi's leadership and look forward to building upon this momentum. Over the past three months, my conviction in Papa John's has only grown stronger. We are refining our strategic priorities, and reenergizing our team members and franchisees as we position ourselves to make the restaurant system better and more effective.

我很高興看到這些市場和我們的國際業務將如何在拉維的領導下發展，並期待在此勢頭的基礎上再接再厲。在過去的三個月裡，我對棒約翰的信念越來越堅定。我們正在完善我們的策略重點，並為我們的團隊成員和特許經營商重新註入活力，因為我們定位自己，使餐廳系統變得更好、更有效。

We are committed to making strategic investments that will enable us to build for the future, propel durable growth, and value creation, and help ensure consumers have us as their top choice in their consideration set.

我們致力於進行策略性投資，使我們能夠建立未來，推動持久成長和價值創造，並幫助確保消費者將我們作為他們的首選。

We are working with urgency to strengthen the business in the near-term, while also working to position Papa John's for long term success and category leadership, with a challenger brand mindset.

我們正在緊急努力加強短期內的業務，同時以挑戰者的品牌心態努力使棒約翰取得長期成功和品類領導地位。

And with that, I'd like to turn it over to Ravi to discuss our third quarter results. Ravi?

說到這裡，我想把它交給拉維來討論我們第三季的業績。拉維？

Thank you, Todd, and good morning, everyone. I'd like to start by echoing Todd's comments about the heightened level of focus and dedication across Papa John's today. While we continue to face external pressures, our teams have been executing well against our strategic objectives and we are starting to gain traction.

謝謝托德，大家早安。首先，我想回應托德關於棒約翰今天高度關注和奉獻精神的評論。雖然我們繼續面臨外部壓力，但我們的團隊一直在很好地實現我們的策略目標，並且我們開始獲得牽引力。

We will stay focused on the things in our control and positioning Papa John's for value creation, especially as consumer spending rebounds. Now, let me turn to the details of the quarter. In line with our expectations, the challenging sales trends we saw in the first half of the year persisted into the third quarter, and we expect they will likely continue as we close out 2024 and enter 2025.

我們將繼續專注於我們控制的事情，並將棒約翰定位為價值創造，特別是在消費者支出反彈的情況下。現在，讓我談談本季的細節。與我們的預期一致，我們在上半年看到的具有挑戰性的銷售趨勢一直持續到第三季度，我們預計隨著 2024 年結束並進入 2025 年，這種趨勢可能會持續下去。

Global system-wide restaurant sales for the third quarter were approximately $1.2 billion, down approximately 3% in constant currency. The lower sales were attributable to lower comparable sales, partially offset by a 2% net unit growth on a trailing 12-month basis. North America comparable sales were down approximately 6% from a year ago.

第三季全球全系統餐廳銷售額約 12 億美元，以固定匯率計算下降約 3%。銷售額下降的原因是可比銷售額下降，但過去 12 個月 2% 的淨銷量成長部分抵消了銷售額下降。北美地區可比銷售額較去年同期下降約 6%。

Similar to the first half of 2024, we saw lower transactions, as we continue to grow in our aggregator channel was more than offset by a decline in our organic delivery and to a lesser extent, our carry-out business. We estimate this shift in channel mix once again created an approximate 100 basis points [advent] to comparable sales in the third quarter driven by the relatively profit-neutral impact of reduced delivery fees, an impact which is expected to continue through the remainder of this year.

與 2024 年上半年類似，隨著我們聚合管道的持續成長，我們的交易量有所下降，但我們的自然交付以及（較小程度上）外送業務的下降抵消了交易量的下降。我們估計，由於送貨費用降低對利潤相對中性的影響，通路組合的這種轉變再次使第三季的可比較銷售額增加了約 100 個基點，預計這種影響將持續到本季剩餘時間。年。

As we discussed last quarter, in this current economic cycle, consumers have become more deliberate in managing their overall ticket, and are showing a preference for brands that are offering a compelling value. Throughout the third quarter, we shifted our efforts and investments towards initiatives that improve our value perception while still protecting our brand positioning. These efforts are having a positive impact on transactions as we saw year-over-year momentum built throughout the third quarter in both carry-out and delivery channels.

正如我們上季度所討論的，在當前的經濟週期中，消費者在管理整體門票方面變得更加謹慎，並且對提供令人信服的價值的品牌表現出偏好。在整個第三季度，我們將努力和投資轉向提高我們價值認知的舉措，同時仍然保護我們的品牌定位。這些努力對交易產生了積極影響，因為我們看到第三季的結轉和交付管道均呈現同比增長勢頭。

In fact, our carry-out transactions turned positive in September and that trend continued in October. It will take several more quarters to further narrow our value perception gap versus others within the QSR segment. But the tests we are running within our company-owned restaurants give us confidence that we can produce incremental wins over time.

事實上，我們的結轉交易在 9 月轉為正數，而這一趨勢在 10 月仍在繼續。我們還需要幾個季度才能進一步縮小我們與 QSR 領域其他公司的價值認知差距。但我們在公司自營餐廳內進行的測試讓我們相信，隨著時間的推移，我們可以取得增量勝利。

Having Papa Pairings always on promotion has also helped and we are working to refresh this great offering to keep it exciting for our customers. As Todd mentioned, we are moving with urgency, but it's also important to strike the right balance between volume, price, and unit profitability to maintain a strong competitive position for the long-term.

Papa Pairings 始終進行促銷活動也有所幫助，我們正在努力更新這一出色的產品，以使其繼續為我們的客戶帶來興奮。正如托德所提到的，我們正在緊急行動，但在數量、價格和單位盈利能力之間取得適當的平衡也很重要，以保持長期強大的競爭地位。

From an international perspective, comparable sales were down 3% in the third quarter as we continue to operate in a dynamic environment across several of our key markets including the Middle East. Excluding this region, our international comparable sales were down less than 1% from a year ago.

從國際角度來看，由於我們繼續在包括中東在內的幾個關鍵市場的動態環境中運營，第三季可比銷售額下降了 3%。不包括該地區，我們的國際可比銷售額比去年同期下降了不到 1%。

We remain encouraged that our international transformation initiatives will yield gains and position us for strategic growth in the years to come. Total revenues for the third quarter were $507 million, down 3% from last year, primarily reflecting an approximately $10 million decrease in international revenues, reflecting the closure of 43 underperforming UK company-owned restaurants in the second quarter of this year and the refranchising of 60 company owned-restaurants in the UK market through the first nine months of 2024.

我們仍然感到鼓舞的是，我們的國際轉型措施將產生收益，並使我們在未來幾年實現策略性成長。第三季總收入為 5.07 億美元，比去年下降 3%，主要反映國際收入減少約 1000 萬美元，反映出今年第二季度關閉了 43 家表現不佳的英國公司擁有的餐廳以及重新特許經營到2024 年頭9 個月，英國市場將有60 家公司自營餐廳。

And approximately $8.5 million decrease in domestic company-owned restaurant revenues, reflecting lower transaction volumes and to a lesser extent, ticket, and an approximately $5 million-decrease related to preferred marketing, our formerly wholly owned print and promotions company, which was sold in the fourth quarter of 2023.

國內公司擁有的餐廳收入減少了約 850 萬美元，反映出交易量和門票收入的減少，以及與首選營銷相關的約 500 萬美元的減少，我們以前全資擁有的印刷和促銷公司，該公司在2023 年第四季。

Somewhat offsetting these revenue declines was a $5.5 million increase in North America commissary revenues due to higher commodity prices in the quarter, partially offset by lower volumes. Turning to profits. Adjusted operating income for the third quarter of 2024 was $29 million. Down $4 million from a year ago, the year-over-year change in adjusted operating income was a result of anticipated lower operating margins at our domestic company-owned restaurants as we strategically reinvested some of our first-half savings into improving our value perception with customers.

由於本季大宗商品價格上漲，北美小賣部收入增加了 550 萬美元，在一定程度上抵消了這些收入下降，但部分被銷量下降所抵消。轉向利潤。2024 年第三季調整後營業收入為 2,900 萬美元。調整後營業收入年減 400 萬美元，是由於我們策略性地將上半年節省的部分資金用於提高價值認知，因此預計我們國內公司自營餐廳的營業利潤率將下降。

As a reminder, the third quarter is typically our lowest margin quarter due to seasonality of sales. Overall, our domestic company-owned restaurant segment margins declined approximately 360 basis points, compared with the prior-year third quarter. The lower margins were primarily driven by an approximate 190 basis point-decline from higher food basket costs, particularly around cheese and chicken, which were anticipated; and an approximately 40 basis point-decline from lower average ticket.

提醒一下，由於銷售的季節性，第三季通常是我們利潤率最低的季度。總體而言，與去年第三季相比，我們的國內公司自有餐廳部門利潤率下降了約 360 個基點。利潤率下降主要是由於食品籃成本上升導致約 190 個基點下降，特別是起司和雞肉方面，這是預期的；與較低的平均票價相比下降了約 40 個基點。

Restaurant labor costs were roughly flat with the prior-year third quarter, as our teams continue to do an excellent job optimizing the business model as we see shifts in channel mix and consumer demand trends. Through the first nine months of 2024, our adjusted operating margin was 7.3%, approximately 30 basis points higher compared with the first nine months of 2023. For the full year, we anticipate adjusted operating margins to be roughly flat, with the prior year when excluding 2023's 53rd week benefit.

餐廳勞動成本與去年第三季大致持平，因為我們看到通路組合和消費者需求趨勢的變化，我們的團隊繼續出色地優化業務模式。2024 年前 9 個月，我們調整後的營業利益率為 7.3%，比 2023 年前 9 個月高出約 30 個基點。對於全年而言，我們預計調整後的營業利潤率將與前一年大致持平，排除 2023 年第 53 週的收益。

Moving on to cash flow and our balance sheet. For the first nine months of the year, net cash provided by operating activities was $56 million. Free cash flow was $9 million, a decrease compared with the prior year, reflecting unfavorable changes in working capital and timing of cash payments for advertising and income tax; partially offset by a $4 million-decrease in capital expenditures.

轉向現金流和我們的資產負債表。今年前 9 個月，經營活動提供的淨現金為 5,600 萬美元。自由現金流為 900 萬美元，較前一年減少，反映出營運資金以及廣告和所得稅現金支付時間的不利變化；資本支出減少 400 萬美元，部分抵銷了這一影響。

Our business operates with ample liquidity, which at the end of the third quarter, totaled approximately $291 million in cash and borrowings available under our revolving credit facility and a gross leverage ratio of 3.0 times. Our continued financial prudence and strong balance sheet supports our ability to invest in the strategic initiatives that we've discussed today, and navigate the continued challenging consumer environment, while maintaining our financial stability.

我們的業務營運流動性充足，截至第三季末，我們的循環信貸安排下的可用現金和借款總額約為 2.91 億美元，總槓桿率為 3.0 倍。我們持續的財務審慎和強勁的資產負債表支持我們投資於我們今天討論的戰略舉措的能力，並應對持續充滿挑戰的消費者環境，同時保持我們的財務穩定。

Turning to our outlook. We are narrowing our 2024 North America comparable sales guidance to a range of down 3.5% to 4.5%, which implies down low-single digits to mid-single digits in the fourth quarter. Through our first four weeks of October, North America comparable sales were down approximately 4%, with transaction trends continuing to improve. This is a result of strategic pricing decisions, as we focus on improving our value perception by prioritizing transactions over ticket in the near term.

轉向我們的展望。我們將 2024 年北美可比銷售指引縮小至 3.5% 至 4.5% 的下降範圍，這意味著第四季的低個位數下降至中個位數。10 月的前四個星期，北美可比銷售額下降了約 4%，但交易趨勢持續改善。這是策略定價決策的結果，因為我們在短期內專注於透過優先考慮交易而不是門票來提高我們的價值認知。

We expect to see gradual improvement in both value perception and sales throughout 2025, as we begin to see the benefit from the strategic decisions that we have executed this year. Internationally, we anticipate full year 2024 sales comps will be down low single digits, but improving year over year. We also anticipate fourth quarter comps to be down low-single digits as the software consumer environment in China is somewhat offset by solid performance in other regions.

我們預計到 2025 年，價值認知和銷售將逐步改善，因為我們開始看到我們今年執行的策略決策所帶來的好處。在國際上，我們預計 2024 年全年銷售業績將下降個位數，但年比有所改善。我們也預期第四季的比較將下降低個位數，因為中國的軟體消費環境在一定程度上被其他地區的穩健表現所抵銷。

We are pleased with the continued progress of our international Transformation initiative, and we expect this segment of our business to be a profit growth contributor going forward.

我們對國際轉型計劃的持續進展感到高興，我們預計這部分業務將成為未來利潤成長的貢獻者。

We anticipate 2024 adjusted operating income to be between $135 million to $150 million, a slightly narrower range than we spoke of previously, as our teams execute against our strategy and operate with agility and making strategic investments to drive long-term growth.

我們預計2024 年調整後營業收入將在1.35 億美元至1.5 億美元之間，這個範圍比我們之前提到的略窄，因為我們的團隊根據我們的策略執行、靈活營運並進行策略性投資以推動長期增長。

We continue to expect benefits from three areas: first, the increase to our fixed commissary margin; second, our international transformation initiatives, notably the closure and refranchising of the UK restaurants mentioned earlier; and third, continued growth in North America development. However, we expect these benefits will be somewhat offset by lower North America comparable sales and incremental investments in advertising to support our year to go initiatives.

我們繼續期望從三個方面受益：首先，固定小賣部利潤的增加；其次，我們的國際轉型舉措，特別是前面提到的英國餐廳的關閉和重新特許經營；第三，北美發展持續成長。然而，我們預計這些收益將在一定程度上被北美可比銷售額的下降以及為支持我們的年度計劃而增加的廣告投資所抵消。

In terms of other non-operating expense items, we expect our D&A expense for 2024 to be between $70 million and $75 million, and our net interest expense to be between $40 million and $45 million; our capital expenditures to be at the lower end of our $75 million to $85 million range, and our tax rate to be at the higher end of our 23% to 26% range. From a development perspective, the North America market remains Papa John's most accretive development opportunity.

就其他非營運費用項目而言，我們預計 2024 年的 D&A 費用將在 7,000 萬美元至 7,500 萬美元之間，淨利息費用將在 4,000 萬美元至 4,500 萬美元之間；我們的資本支出將處於 7,500 萬美元至 8,500 萬美元範圍的低端，我們的稅率將處於 23% 至 26% 範圍的高端。從發展角度來看，北美市場仍是棒約翰最具增值性的發展機會。

We have opened 49 new restaurants through the first nine months of the year while closing 28; resulting in a total of 21 net new North America restaurants. And as Todd mentioned earlier, we continue to be pleased with new restaurant performance. This brings our total North America restaurant count to 3,454.

今年前 9 個月，我們新開了 49 家餐廳，同時關閉了 28 家餐廳；北美淨新增餐廳總數為 21 家。正如托德之前提到的，我們仍然對新餐廳的業績感到滿意。這使得我們的北美餐廳總數達到 3,454 家。

For fiscal year 2024, we continue to expect to open more than 100 new restaurants, while also anticipating closures of underperforming restaurants to remain well within our historical norms. With this in mind, we anticipate 2024 net new openings to be between 50 and 60 restaurants, with a significant number of openings still to come in the fourth quarter.

2024 財年，我們預計將繼續開設 100 多家新餐廳，同時預計關閉表現不佳的餐廳，以保持在歷史正常水平之內。考慮到這一點，我們預計 2024 年淨新開餐廳數量將在 50 至 60 家之間，其中大量餐廳將在第四季度開業。

From an international perspective, through the first nine months of the year, we have opened 115 restaurants on a gross basis. These new restaurant openings were offset by 134 closures primarily in the UK, certain Middle East markets, and China as we execute against our narrow and deep strategy of top priority markets. This brings our total international restaurant count to 2,454.

從國際角度來看，今年前 9 個月，我們總共開了 115 家餐廳。這些新開餐廳被主要在英國、某些中東市場和中國的 134 家餐廳關閉所抵消，因為我們執行了針對首要市場的狹隘而深入的策略。這使得我們的國際餐廳總數達到 2,454 家。

The teams in our regional restaurant support centers are doing an excellent job engaging with franchisees in their local markets to build focused development plans and improve unit economics. Given the progress we have made, we now expect fiscal 2024 gross openings to be between 170 and 190 new restaurants, exceeding our original guidance of 100 to 140 gross new international restaurants.

我們區域餐廳支援中心的團隊在與當地市場的特許經營商合作方面做得非常出色，以製定有針對性的發展計劃並提高單位經濟效益。鑑於我們的進展，我們現在預計 2024 財年新開餐廳總數將在 170 至 190 家之間，超過我們最初設定的新開國際餐廳總數 100 至 140 家的目標。

The last few quarters have been challenging for many of us in the QSR marketplace. But I am incredibly proud of everyone on the Papa John's team for their disciplined execution, focus on improving our customer experience, and resilience as we chart a path to capitalize on the many opportunities ahead. I'm confident in the strength of our brand and our ability to deliver on our goals and generate incremental value for all of our stakeholders.

過去幾季對於 QSR 市場上的許多人來說都充滿挑戰。但我為棒約翰團隊中的每個人感到無比自豪，他們紀律嚴明，專注於改善我們的客戶體驗，並在我們規劃一條利用未來眾多機會的道路時表現出應變能力。我對我們品牌的實力以及我們實現目標並為所有利益相關者創造增量價值的能力充滿信心。

Todd?

托德？

Thank you, Ravi. As we move forward together, our number one priority will be to create great experiences for our customers and employees in our restaurants, while also ensuring the restaurant economic model is very strong. When done right, we make the best pizzas in the business with high-quality ingredients, and our focus is on bringing this to life with every order.

謝謝你，拉維。當我們共同前進時，我們的首要任務將是為餐廳的顧客和員工創造良好的體驗，同時確保餐廳經濟模式非常強勁。如果做得好，我們會用高品質的原料製作業內最好的披薩，我們的重點是讓每個訂單都體現出這一點。

Our leadership team comes to Papa John's with a track record of driving commercial success within QSR and other consumer-facing industries, and I'm excited to work alongside them to unlock our full value potential.

我們的領導團隊來到棒約翰，在推動 QSR 和其他面向消費者的行業取得商業成功方面有著良好的記錄，我很高興能與他們一起工作，釋放我們的全部價值潛力。

In partnership with our board and franchise leaders, we are actively evaluating our business and refining our strategic initiatives to drive success across the system and ensure we are well positioned to compete even stronger in 2025 and beyond.

我們與董事會和特許經營領導者合作，積極評估我們的業務並完善我們的策略舉措，以推動整個系統的成功，並確保我們處於有利地位，在 2025 年及以後的競爭中更加強大。

At this point, we'd like to open up the call for any questions you may have.

此時，我們願意撥打電話詢問您可能有的任何問題。

(Operator Instructions) Eric Gonzalez, KeyBanc.

（操作員說明）Eric Gonzalez，KeyBanc。

Hi, good morning, and thanks for the question. It's clear from the margin decline in the company and stores that there was a fair amount of testing and iterating that was done this quarter. So I was wondering if you could talk more about the learnings that were achieved from this investment and how they can be applied going forward.

你好，早安，謝謝你的提問。從公司和商店的利潤下降中可以清楚地看出，本季進行了大量的測試和迭代。所以我想知道您是否可以更多地談談從這項投資中獲得的經驗教訓以及如何將它們應用到未來。

And maybe if you could touch on how we should think about margins in the fourth quarter, perhaps the first half of '25 and whether we should expect another quarter or two of reinvestment, or you think you have a better sense of the go forward plans such as the margin should be a bit more normalized?

也許您可以談談我們應該如何考慮第四季度（也許是 25 年上半年）的利潤率，以及我們是否應該預計再投資一個季度或兩個季度，或者您認為您對未來計劃有更好的了解例如邊距應該比較規範一些？

(technical difficulty) We were looking at a lot of different value propositions during the course of the quarter, around 699 tests on two mediums. Some carry-out tests at different price points, and sides tests, and bounce back tests. Did a lot of work to really figure out what we needed to do to really supplement what we have in our loyalty program, what would happen if folks had additional Papa Dough, would it drive transactions to the restaurant and re-engage a lot of those loyalty users.

（技術難度）我們在本季期間研究了許多不同的價值主張，在兩種媒介上進行了大約 699 次測試。一些在不同價格點進行測試、側面測試和反彈測試。我們做了很多工作來真正弄清楚我們需要做什麼來真正補充我們在忠誠度計劃中的內容，如果人們有額外的爸爸麵團會發生什麼，它是否會推動餐廳的交易並重新吸引很多人忠誠用戶。

So we've been learning a lot. And we've been checking and adjusting pretty quickly as we move through all of that. And what you've seen and you heard on the call is starting to help us really bend the trends on some of the transaction trends that we've had in our business through the course of the quarter and into the start of the fourth quarter. Still have work to do.

所以我們學到了很多。當我們完成所有這些過程時，我們一直在快速檢查和調整。您在電話會議中看到和聽到的內容開始幫助我們真正扭轉整個季度和第四季度初我們業務中的一些交易趨勢。還有工作要做。

But we're going to take those learnings, apply them, make sure that we've got a strong calendar to come out of the gate to compete early next year, and then make sure we get onto the regularly scheduled programming with a great balanced innovation calendar with [news] across both the premium core side of the equation, as well as on the value side. Work to do to make sure we're making the best pizzas in the business.

但我們將汲取這些經驗教訓，應用它們，確保我們有一個強大的日曆，可以在明年初參加比賽，然後確保我們以非常平衡的方式進入定期安排的節目創新日曆，其中[新聞]涵蓋了等式的高端核心面向以及價值方面。努力確保我們製作出業界最好的披薩。

I know we can continue to improve the quality, not just from an execution, but from a design of our pizzas. I know we can continue to make sure that Papa Pairings is relevant. But we know we've got some headwinds too on the commodity front end of the year term that provide a little bit of pressure on margins. And we're going to have to thread the needle both on transactions and price realization mix as we work through that.

我知道我們可以繼續提高質量，不僅僅是從執行上，而是從披薩的設計上。我知道我們可以繼續確保 Papa Pairings 的相關性。但我們知道，今年年底大宗商品也遇到了一些阻力，這給利潤率帶來了一些壓力。當我們解決這個問題時，我們將不得不在交易和價格實現組合上進行調整。

Any other thoughts, Ravi?

還有其他想法嗎，拉維？

Yeah. Thanks, Todd. May be a few more specifics that may help you. First, like the way we're thinking about Q4 food cost is that the food basket will be up mid-single digits. As Todd mentioned, our focus is first continue to focus in on transaction gains. As we continue to see improvements, we'll start inject margin initiatives as we go.

是的。謝謝，托德。可能還有一些細節可以幫助您。首先，就像我們考慮第四季食品成本的方式一樣，食品籃子將上漲中個位數。正如托德所提到的，我們的重點首先是繼續關注交易收益。隨著我們不斷看到改進，我們將開始注入保證金計劃。

But what we're seeing is that when we ran some of our tests and we saw improvements in our value perception, we saw improvements in our consideration, we're seeing better repeat rates. These are all long-term indicators -- with our focus in terms of our new mix of promotional cadence, we will regain transaction momentum and we're going to do it at a solid variable profit. As we talked about it in the prepared remarks, it's going to take some time and we talked about like -- we're going to sequentially improve as we go in terms of value perception.

但我們看到的是，當我們進行一些測試時，我們發現我們的價值認知有所改善，我們的考慮有所改善，我們看到了更好的重複率。這些都是長期指標——隨著我們專注於新的促銷節奏組合，我們將重新獲得交易動力，並且我們將以穩定的可變利潤來做到這一點。正如我們在準備好的發言中談到的那樣，這將需要一些時間，我們談到了——我們將在價值觀念方面逐步改進。

And we're excited about the test results we've seen. In Q3, we talked about our digital experience update in the app. And what I'd say is like with Kevin here, we're already starting to see some of the impacts of the work that the marketing plus the technology teams are doing and our conversion rate went up in our app. And that was another example of the long-term opportunities we have in the business.

我們對所看到的測試結果感到興奮。在第三季度，我們討論了應用程式中的數位體驗更新。我想說的是，就像凱文在這裡一樣，我們已經開始看到行銷和技術團隊正在做的工作的一些影響，並且我們的應用程式的轉換率有所提高。這是我們在該業務中擁有長期機會的另一個例子。

And we need to ensure that we're in the consideration set. Time and again, when people are thinking about choices across -- it's not just the pizza category but the QSR category, the work we've been doing is really about how do we bring them back in? How do we bring them back again? And then how do we trade them up over time? And those are the opportunities where we can actually continue to drive this business and make sure it's balanced for the consumer as well as for the economic model at the restaurant level.

我們需要確保我們在考慮範圍之內。一次又一次，當人們思考不同的選擇時——不僅僅是披薩類別，還有快餐類別，我們一直在做的工作實際上是如何讓他們回來？我們怎麼才能把他們帶回來呢？那麼隨著時間的推移，我們該如何對它們進行交易？這些是我們實際上可以繼續推動這項業務的機會，並確保它對消費者以及餐廳層面的經濟模式是平衡的。

Brian Bittner, Oppenheimer.

布萊恩比特納，奧本海默。

Thank you. Good morning. As you just take a step back and you evaluate the same-store sales in the third quarter and into the fourth quarter, what do you believe is the biggest driver of the underperformance against your two largest peers in the industry, I guess? Do you believe it is primarily value perception, Todd? Or are there other reasons worth pointing out that's driving this gap? And as you do lean in more to value, how do you protect franchise profitability as you move forward in 2025?

謝謝。早安.當您退後一步評估第三季和第四季的同店銷售額時，我猜您認為導致與業內最大的兩家同業相比表現不佳的最大因素是什麼？托德，你認為這主要是價值觀念嗎？還是還有其他值得指出的原因導致了這個差距？當您確實更加重視價值時，您如何在 2025 年前進時保護特許經營盈利能力？

Yeah, I think value perception is a big part of the momentum challenges that we've seen in this business and we have a lot of value across the menu. So we had to come back and start to talk about what we've already had. You start to think about what we did with the XL New York style at a $10.99 price point, a great pizza on the premium side with a really good price point.

是的，我認為價值認知是我們在這個行業中看到的動力挑戰的重要組成部分，我們在整個菜單上都有很多價值。所以我們必須回來並開始談論我們已經擁有的東西。你開始思考我們如何以 10.99 美元的價格推出 XL New York 風格的披薩，這是一款價格非常實惠的優質披薩。

Having Papa Pairings always on, it certainly helped reengage. And those things are things that we've consistently done in the past. As we moved into the fourth quarter here, we've traded up a bit with Shaq-a-Roni at a $12.99 price point, but we need to make sure that we're back in the consideration set first and foremost, to be competitive on price.

讓 Papa Pairings 始終處於開啟狀態，這無疑有助於重新參與。這些事情是我們過去一直在做的事情。當我們進入第四季度時，我們以 12.99 美元的價格點與 Shaq-a-Roni 進行了一些交易，但我們需要確保我們首先回到考慮範圍內，以保持競爭力關於價格。

But we also have to amplify our message around quality and why we're uniquely different. And you think about everything that we do day in and day out in our restaurants from the Fresh Never Frozen dough to the six simple ingredients, to the Farm to Fork, and what we do with our pizza sauce and our vegetables to high-quality cheese and proteins, we haven't paid that story off to continue to make sure that the consumer has top of the list when it comes to high-quality pizza at an affordable price.

但我們也必須圍繞著品質以及我們的獨特之處來傳達我們的訊息。你會想到我們在餐廳日復一日所做的一切，從新鮮的從未冷凍的麵團到六種簡單的原料，從農場到餐桌，以及我們如何使用披薩醬、蔬菜和高品質奶酪和蛋白質，我們還沒有付清這個故事，以繼續確保消費者在以實惠的價格獲得高品質披薩時佔據首要地位。

And we've got work to do on that to make sure we are focused on renovation on our core pizzas, take some of the complexity out of the restaurant so we can be the best pizza makers in the business, and then maybe get into a nice cadence of some innovation, both on the high end and the low end of the barbell, to drive some more frequency into our business. And I think that's where we get the balance.

我們還有很多工作要做，以確保我們專注於核心披薩的改造，消除餐廳的一些複雜性，這樣我們就可以成為業內最好的披薩製造商，然後也許可以進入一個新的領域。良好節奏，無論是在槓鈴的高端還是低端，都可以提高我們業務的頻率。我認為這就是我們取得平衡的地方。

How do we start to get folks to start to come back into Papa John's more often, drive a little bit of frequency, engage better with them through our loyalty program, and that's why we're making some of the revamps with Papa Rewards, leverage all the data that we have to better communicate, not just journeys, but more of a one-to-one basis, and we got a lot of great data. I'd have more targeted specific deals rather than the national deal all the time, so we can discount a little more surgically.

我們如何開始讓人們開始更頻繁地回到棒約翰店，提高頻率，透過我們的忠誠度計劃更好地與他們互動，這就是我們對棒約翰獎勵進行一些改造的原因，槓桿作用我們必須更好地溝通所有數據，不僅僅是旅程，而是更多的一對一的基礎，我們獲得了許多很棒的數據。我會一直有更有針對性的具體交易，而不是全國性的交易，這樣我們就可以更徹底地打折。

I think the combination of all of that will help us not only thread the needle on bringing folks in more often and being in the consideration set, but ultimately, driving the restaurant economic model. And that's going to take a little bit of time with some of the commodity headwinds in the near term, but we're very focused on that to make sure it's an ad, win the hearts and minds of the consumer as well as partner with the franchise community on the restaurant economics.

我認為所有這些的結合不僅將幫助我們更頻繁地吸引人們進來並被納入考慮範圍，而且最終將有助於推動餐廳經濟模式。短期內，由於一些商品的不利因素，這將需要一些時間，但我們非常關注這一點，以確保它是一則廣告，贏得消費者的青睞，並與餐廳經濟學的特許經營社區。

But maybe two additional points to add. The first is when you look at year-to-date through Q3 [four-wall] EBITDA dollars for the corporate restaurants. We were actually flat to 2023 levels and slightly ahead of 2022 levels.

但也許還有兩點要補充。第一個是當你查看今年迄今為止到第三季[四牆]企業餐廳的 EBITDA 美元時。實際上，我們與 2023 年的水平持平，略高於 2022 年的水平。

Second, just like as we decompose the business, we see that the going-forward power of incremental transactions being really impactful in this business when you look at the gross product margin for our blended business, we're still earning more than $17 in product gross margin per transaction. If you just look at the carry-out business, it's north of $13. So what we're confident in is like as we continue to work those areas that Todd talked about, there's clear opportunity for us to drive restaurant profitability for the long term.

其次，就像我們分解業務一樣，當你查看我們混合業務的毛產品利潤率時，我們發現增量交易的前進動力對這項業務確實產生了影響，我們的產品收入仍然超過 17 美元每筆交易的毛利率。如果你只看外送業務，它的價格超過 13 美元。因此，我們有信心的是，隨著我們繼續致力於托德談到的那些領域，我們顯然有機會推動餐廳的長期獲利能力。

Thank you.

謝謝。

Andrew Strelzik, BMO Capital Markets.

Andrew Strelzik，BMO 資本市場。

Good morning. Thanks for taking the question. Clearly a lot going on and a number of focus areas, you've been pretty clear this is going to take some time. But my question is about the sequencing of all these initiatives. And I guess I'm curious where you think there's the greatest opportunity to move the needle in the short-term, and where we might see that show up initially versus more over the medium to longer term as you implement changes across the strategy? Thanks.

早安.感謝您提出問題。顯然有很多事情正在發生，有很多重點領域，您已經很清楚這將需要一些時間。但我的問題是關於所有這些舉措的順序。我想我很好奇，您認為短期內最有機會推動變革的地方是什麼？出現更多機會？謝謝。

Yeah, thanks, Andrew, for the question. I think, job one for us is how do we really get on the journey of investing and really modernizing our tech stack. The work that we're doing right now to make sure that our loyalty program is more relevant, not just to drive that all important first purchase, but to really bring them back for the second and the third, which is a huge opportunity for us. As we've tested and learned on what we could do if you supplement customers, Papa Dough accounts to see what it does to drive a call to action to come to Papa John's, it's been encouraging.

是的，謝謝安德魯提出的問題。我認為，我們的首要任務是如何真正踏上投資之旅並真正實現技術堆疊現代化。我們現在正在做的工作是為了確保我們的忠誠度計劃更具相關性，不僅是為了推動所有重要的首次購買，而且是為了真正讓他們在第二次和第三次購買時回來，這對我們來說是一個巨大的機會。我們已經測試並了解到，如果您補充顧客，Papa Dough 可以做些什麼，看看它能起到什麼作用，從而推動人們採取行動來到棒約翰店，這是令人鼓舞的。

So super excited about getting that live as a real first step here in the fourth quarter knowing we've got work to do to really modernize and find out what our next generation loyalty program is. I do think that's job one. We've got a lot of other opportunities on the tech side too that we've got to address. We've got to create less friction. We've done a lot of great work so far in the app putting the Papa Dough up front. It certainly helped us on the conversion front.

非常興奮能在第四季度真正邁出第一步，因為我們知道我們還有很多工作要做，才能真正現代化，並找出我們的下一代忠誠度計劃是什麼。我確實認為這是工作之一。我們在技術方面還有很多其他機會需要解決。我們必須減少摩擦。到目前為止，我們已經在應用程式中做了很多出色的工作，將 Papa Dough 放在前面。它確實在轉換方面幫助了我們。

We're doing some work similar on web ordering. So I know we've got some opportunities there to make that more frictionless. So I really do think around the tech stack and some of the technology initiatives that we're working on, it's kind of the near term where we can actually regain some transaction. Partnering with the franchise community to make sure we got a really good, high, low balance calendar is another one that helps us in the short term.

我們正在做一些類似的網路訂購工作。所以我知道我們有一些機會可以讓這一切變得更加順暢。因此，我確實圍繞著技術堆疊和我們正在研究的一些技術舉措進行了思考，短期內我們實際上可以重新獲得一些交易。與特許經營社區合作，確保我們獲得一個真正良好、高、低平衡的日曆，是短期內對我們有幫助的另一件事。

But most importantly, in the long term, we got to get back to our game. How are we making the best pizzas in the business? What are we doing to pave the way to really make sure that we don't have a lot of rhythm breakers in the restaurant so we can make those best pizzas, how do we bring some news from an innovation perspective? And how do we continue to focus on the core quality, both from an execution perspective as well as what we wanted to do on the design of the pizza. And we got a lot of work on that which are longer term wins for us.

但最重要的是，從長遠來看，我們必須回到我們的遊戲中。我們如何製作業界最好的披薩？我們正在做什麼來鋪平道路，真正確保餐廳裡沒有太多破壞節奏的人，這樣我們就可以製作出最好的披薩，我們如何從創新的角度帶來一些新聞？我們如何繼續專注於核心質量，無論是從執行角度還是我們想要在披薩設計上做的事情。我們在這方面做了大量的工作，這對我們來說是長期的勝利。

So I think those are the couple of things that we're really trying to focus on and then ultimately, how do you tell that story unique and different, and really have that challenger brand mindset, be a little more scrappy, find a different way to connect to the consumer to really tell our story of why we're unique, different, and better.

所以我認為這些是我們真正想要關注的幾件事，最終，你如何講述獨特和不同的故事，並真正擁有挑戰者品牌心態，更加鬥志旺盛，找到不同的方式與消費者建立聯繫，真實地講述我們的故事，說明我們為何獨特、與眾不同、更好。

Great. Thank you very much.

偉大的。非常感謝。

Chris O'Cull, Stifel Financial Group.

克里斯‧奧卡爾 (Chris O'Cull)，Stifel 金融集團。

Thanks. Good morning, guys. I apologize if I missed this, but Todd, it sounded like the company plans to make some additional advertising contributions. Can you clarify that is the plan and maybe what level of investment the company could make?

謝謝。早安，夥計們。如果我錯過了這一點，我深表歉意，但是托德，聽起來該公司計劃做出一些額外的廣告貢獻。您能否澄清一下這是該計劃以及公司可能進行的投資水平是多少？

Yeah. So Chris, a couple of things. So if you think about the guidance that we provided when I first got here for the third -- for the full year, we tightened that range today on operating income to the [135 to 150]. And what we've done is supplemented some incremental investments, both from a digital marketing as well as a traditional marketing perspective to the tune of about $3.5 million.

是的。克里斯，有幾件事。因此，如果你考慮一下我第一次來到這裡時提供的第三年的指導——全年的指導，我們今天將營業收入的範圍收緊至[135至150]。我們所做的是補充一些增量投資，無論是從數位行銷還是傳統行銷的角度來看，總計約為 350 萬美元。

So we're still within that guidance with incremental investments and advertising to finish out the year. And it was in partnership with the franchise community to make sure we're putting a little bit more pressure back into the local markets to make sure we continue to drive some momentum in our business to finish out this year.

因此，我們仍然遵循這項指導方針，透過增量投資和廣告來完成今年的工作。我們與特許經營社區合作，確保我們向當地市場施加更大的壓力，以確保我們繼續推動業務發展勢頭，以完成今年的工作。

As we look to next year, you know, we'll talk a lot more about this in future meetings. But there could be some opportunities where we need to co-invest alongside the franchise community to really drive our business. We got to get the balance right between the national advertising and the local advertising. We're having a lot of good discussions with the franchise community on that.

展望明年，我們將在未來的會議中更多地討論這個問題。但可能存在一些我們需要與特許經營社區共同投資的機會，以真正推動我們的業務。我們必須在全國廣告和地方廣告之間取得平衡。我們正在與特許經營社區就此進行許多良好的討論。

And beyond marketing, we know we got to invest in technology. And the good news is in partnership with the franchise community, we recently increased our tech fee from 1.5% to 2%. Going forward, we may have to front run some of these technology investments because we know there's some low hanging fruit opportunities in the short run. We're still really trying to refine all of those plans and we'll talk a lot more as we get to my 100-day observations in December and ultimately into next year as we start to provide some guidance for 2025 and beyond.

除了行銷之外，我們知道我們必須投資於技術。好消息是，我們與特許經營社區合作，最近將技術費從 1.5% 提高到 2%。展望未來，我們可能必須提前進行一些技術投資，因為我們知道短期內有一些容易實現的機會。我們仍在努力完善所有這些計劃，當我們在 12 月進行 100 天觀察時，我們將進行更多討論，並最終在明年開始為 2025 年及以後提供一些指導。

That's helpful. And then just given the top line challenges, does the company -- have you considered revisiting the commissary price increase or maybe having some franchisees reallocate some of that to maybe advertising or something that could help with the top line?

這很有幫助。然後，考慮到營收挑戰，公司是否考慮過重新考慮小賣部價格上漲，或者讓一些特許經營商將其中的一些重新分配給廣告或可能有助於營收的其他東西？

I think we needed to become more competitive in the commissary system. I do think the increases that we have out there are appropriate. What we really need to do is drive transactions and sales because there's a great rebate scheme when we do that. And beyond driving sales to drive the rebates for the system, we got to continue to work to find more productivity opportunities through the entire commissary system, whether that's on the production side or on the distribution side. And Kurt and the team are actively working on that.

我認為我們需要在小賣部系統中變得更具競爭力。我確實認為我們現有的成長是適當的。我們真正需要做的是推動交易和銷售，因為當我們這樣做時有一個很棒的回扣計劃。除了推動銷售以推動系統回扣之外，我們還必須繼續努力透過整個小賣部系統尋找更多生產力機會，無論是在生產方面還是在分銷方面。Kurt 和團隊正在積極致力於此。

I think our biggest opportunity is really to make sure we get this balance right between thinking nationally, acting locally, spending on the national level, but also having some fuel to go compete locally. And it's really challenging to compete locally when you don't have co-ops. As we got rid of the commitment to do local advertising, we still got a lot of the system doing it. What went away was the co-op.

我認為我們最大的機會實際上是確保我們在全國性思考、本地行動、國家層面的支出以及在本地競爭中提供一些動力之間取得正確的平衡。當你沒有合作社時，在地方競爭確實具有挑戰性。當我們放棄做本地廣告的承諾時，我們仍然有很多系統在做這件事。消失的是合作社。

So you don't have that local group or franchise meeting together with the company to think about how those local plans can really be amplified, come together as one system in the markets where we've got some strong positions. And that's a miss for us right now and we're going to have to continue to have some discussions with our franchise community to figure out how we get that balance back right into the future.

因此，你沒有當地團體或特許經營會議與公司一起思考如何真正擴大這些當地計劃，在我們擁有一些強勢地位的市場中作為一個系統整合在一起。現在這對我們來說是一個遺憾，我們將不得不繼續與我們的特許經營社區進行一些討論，以弄清楚我們如何在未來恢復這種平衡。

Makes sense. Thanks.

有道理。謝謝。

Sara Senatore, Bank of America.

薩拉·參議員，美國銀行。

Oh, thank you. Clarification, and then a question, please. So just on the trends of transaction improvement through the quarter, and I guess into October. To some extent, I think we've seen improvement through the quarter from other restaurants as well.

哦，謝謝。請澄清一下，然後提問。因此，就整個季度乃至十月份的交易改善趨勢而言。在某種程度上，我認為本季我們也看到了其他餐廳的進步。

So to what extend is the improvement that you're seeing a function of perhaps more of a benign macro of more consume -- better consumer spending versus share shifts or your ability to claw back some of those transactions? So that, that was just one part.

那麼，您所看到的改善在多大程度上可能更多地是更多消費的良性宏觀作用——更好的消費者支出與份額轉移或您收回部分交易的能力？所以，這只是一部分。

And then the second question is, as you think about, you know, 1P versus 3P, it does seem like the third party continues to be stronger and I guess I'm wondering -- I know that it's profit-neutral. But you know that the data obviously and the (technical difficulty) intermediation that happens when you have a 1P transaction just seems like that's much better.

然後第二個問題是，正如你所想，1P 與 3P 相比，第三方似乎確實繼續變得更強大，我想我想知道——我知道它是利潤中性的。但您知道，數據顯然以及當您進行 1P 交易時發生的（技術難度）中介似乎要好得多。

So have you thought about whether there's a way to incentivize consumers to come back to your ordering? I know incrementality is in that 50% to 60% range. So that suggests there are a lot of consumers who know about your app, but are still choosing to order on prepaid. Thanks.

那麼您有沒有想過是否有辦法激勵消費者再次訂購您的產品呢？我知道增量在 50% 到 60% 的範圍內。因此，這表明有很多消費者了解您的應用程序，但仍然選擇預付費訂購。謝謝。

Yeah, I'll start, and I can have Ravi chime in with a little more detail. But as you think about the transaction trends, throughout the quarter, the sequential improvement, we're both on an absolute and a comp basis. So you do have some seasonality, but it was nice to see that those improvements were on both fronts.

是的，我要開始了，我可以讓拉維插話，提供更多細節。但當你考慮整個季度的交易趨勢以及連續改善時，我們都是基於絕對和比較的基礎上。所以確實有一些季節性，但很高興看到這些改進在兩個方面都有。

Probably a balance. Some of the things that we've adjusted in the consumer starting to come back into the space a little bit more, looking for a treat, and food away from home. And we saw that in the industry from the first month of the quarter to the last month of the quarter. So I think there was probably a balance there, Sara, some of the things we're doing and some of the things the consumer is doing, which is probably a nice healthy mix.

大概是一種平衡。我們在消費者中調整的一些事情開始更多地回到這個領域，尋找款待和遠離家鄉的食物。從本季第一個月到最後一個月，我們在業界看到了這一點。所以我認為薩拉，我們正在做的一些事情和消費者正在做的一些事情可能存在平衡，這可能是一個很好的健康組合。

1P versus 3P, at the end of the day, the best experience, the best deals need to be found in the first part and we clearly want to continue to drive our customers there. That's why we're working so hard on the loyalty program to get a revamp out there quickly. That's why we're going to continue to work on the loyalty program to drive it even harder into the future to make sure that hey, you get the best deals, the best offers, and ultimately the best experience when you're managing everything through the first party and we'll continue to work to make sure we got that mix right between first party and third party.

1P 與 3P 相比，歸根結底，最好的體驗、最好的交易需要在第一部分找到，我們顯然希望繼續推動我們的客戶到達那裡。這就是為什麼我們在忠誠度計劃上如此努力，以便快速進行改造。這就是為什麼我們將繼續致力於忠誠度計劃，以更加努力地推動它進入未來，以確保您在通過管理一切時獲得最好的交易、最好的優惠，並最終獲得最佳的體驗。繼續努力確保我們在第一方和第三方之間實現正確的組合。

Clearly, we're competing well in third party and pizza's got an opportunity to win even more share of voice and share a stomach in third party, not just Papa John's, but the entire industry. So I think there's still growth there, and we got to be conscious of finding the right balance between that 3P and 1P.

顯然，我們在第三方領域的競爭非常激烈，披薩有機會贏得更多的話語權，並在第三方領域分享胃口，不僅僅是棒約翰，而是整個產業。所以我認為那裡仍然有成長，我們必須有意識地在 3P 和 1P 之間找到適當的平衡。

But anything else, Ravi, as we've been working plans?

但拉維，我們還有其他工作計畫嗎？

Yeah, maybe like three proof points for you, Sara. First is like when we looked at like peak days to compete in Q4 today, such as Halloween, we performed really well when competition was high, Halloween was actually the highest day of sales that we've ever had in Papa John's .

是的，也許給你三個證據，莎拉。首先，當我們看到今天第四季的競爭高峰日時，例如萬聖節，當競爭激烈時我們表現得非常好，萬聖節實際上是我們在棒約翰百貨有史以來銷售最高的一天。

Second is like when we look at specifically carry-out trends, which is something that uniquely need to come to 1P from, we turned positive in October, we saw additional acceleration in November month to day. We're cautiously optimistic there. We want -- the consumer is still navigating a very challenging moment.

其次，當我們觀察具體的結轉趨勢時，這是唯一需要從 1P 得出的​​趨勢，我們在 10 月轉為正值，我們在 11 月逐月看到了額外的加速。我們對此持謹慎樂觀態度。我們希望——消費者仍然處於一個非常具有挑戰性的時刻。

And the third is, we tested a number of loyalty strategies over the course of Q3. And what we saw is when we ran these tests that we did bring more transactions than consumers into our 1P business. So this is a multi-step process and we're really tearing down the business to make sure that we're striking the right balance of serving consumers with where they want to be served and some of them are in 3P, some of them are absolutely in 1P.

第三，我們在第三季測試了多種忠誠度策略。我們看到，當我們進行這些測試時，我們確實為我們的 1P 業務帶來了比消費者更多的交易。因此，這是一個多步驟的過程，我們確實正在分解業務，以確保我們在為消費者提供服務和他們想要獲得服務的地方之間取得適當的平衡，其中一些是 3P，一些是絕對在1P 。

But Todd's point -- we see opportunity to focus in on making sure the best experience and value you get for the Papa John's brand is in our first-party channel.

但托德的觀點是——我們看到了機會，專注於確保您在我們的第一方管道中獲得棒約翰品牌的最佳體驗和價值。

Thank you.

謝謝。

Peter Saleh, BTIG.

彼得·薩利赫，BTIG。

Great, thanks. Just a couple of quick ones. Just on the development side, I know you're planning for 50 to 60 net new units in the US or North America this year. Can you talk a little bit about the incentives and the success that you're seeing with the incentives this year? And are you planning to expand those incentives into 2025 on the development side? I know those incentives that stick around a little bit, but they are just not as powerful, I think in 2025.

太好了，謝謝。只是幾個快速的。就開發而言，我知道你們今年計劃在美國或北美淨增加 50 到 60 個新單位。您能談談今年的激勵措施以及您在激勵措施方面所取得的成功嗎？您是否計劃在發展方面將這些激勵措施擴大到 2025 年？我知道這些激勵措施會持續存在一些，但我認為到 2025 年它們就不再那麼強大了。

Just any thoughts on the development as we go and the incentives as we go into 2025 would be helpful.

只要對我們的發展以及進入 2025 年的激勵措施有任何想法都會有所幫助。

Thanks for the question, Peter. I'll start and Todd jump in with anything I miss. So first, like our big focus led by Joe and the team was to make sure that we had a relentless focus on improving the unit build cost, because ultimately, we want the unit economic model to stand on its own for the Papa John's business.

謝謝你的提問，彼得。我會開始，托德會補充我錯過的任何內容。因此，首先，就像喬和團隊領導的我們的重點是確保我們不懈地致力於提高單位建造成本一樣，因為最終，我們希望單位經濟模型能夠獨立於棒約翰的業務。

And as we talked about, we've gotten our buildout costs down to $500,000 and that's a meaningful improvement versus the run rate we were on during the pandemic and slightly thereafter. So first that has had an impact and we see that as really beneficial too.

正如我們所說，我們的擴建成本已降至 50 萬美元，與我們在大流行期間及之後不久的運行率相比，這是一個有意義的改進。首先，這已經產生了影響，我們認為這也確實有益。

We believe that we are creating incentive right now for our franchisees to develop and we talked about gross openings north of a 100 locations this year. And we're encouraged and glad that we're in that spot. We're going to continue to evaluate incentives as we go forward to strike the right balance of developing in the right markets across the United States and across the world.

我們相信，我們現在正在為我們的特許經營商的發展創造激勵，我們談到了今年 100 家以上門市的總開業數量。我們很受鼓舞，也很高興我們處於這個位置。我們將繼續評估激勵措施，以便在美國和世界各地的正確市場中實現發展的適當平衡。

But fundamentally, we think that as we continue to drive transactions, we continue to improve buildout costs, we continue to work our core menu and be the best pizza makers -- like the model gets stronger and stronger over time.

但從根本上說，我們認為，隨著我們繼續推動交易，我們將繼續改善擴建成本，我們將繼續開發我們的核心菜單，並成為最好的披薩製造商——隨著時間的推移，該模式會變得越來越強大。

I think you hit it all, Ravi. I mean, the incentives that are out there, I mean, the 0% NMF for five years for 2024 going down to 3% in 2025 or still 0% for three years in 2025, those are really strong incentives and it really comes down to the confidence and a growth mindset of the franchise system. And the more momentum we start to build in this business, the more confidence that we start to create as we go into next year -- if we look at our development pipeline for 2025 where we sit today, we've probably got more visibility right now than where we would have been a year ago at this time for visibility into this year.

我想你已經成功了，拉維。我的意思是，現有的激勵措施，我的意思是，2024 年五年內0％的NMF 到2025 年降至3％，或者到2025 年三年內仍為0％，這些都是非常強大的激勵措施，這實際上可以歸結為特許經營體系的信心和成長心態。我們在這項業務中開始建立的動力越多，我們在進入明年時就越有信心 - 如果我們看看我們今天所處的 2025 年開發渠道，我們可能會獲得更多的可見性現在的情況比一年前此時的情況要好，以了解今年的情況。

But a lot of that is, how do you continue to drive some momentum in the business and confidence in the franchise community to really invest back into a their businesses and then into the trade areas that we know we should be able to serve. And that's our job. Then some trends have an attractive incentive, make sure the economic model is really strong. And really start to lean in to provide more access to our brand and we're working that hard.

但其中許多問題是，如何繼續推動業務發展勢頭和特許經營社區的信心，真正投資回他們的業務，然後投資到我們知道我們應該能夠服務的貿易領域。這就是我們的工作。然後一些趨勢具有有吸引力的激勵，確保經濟模型確實強大。並真正開始努力提供更多訪問我們品牌的機會，我們正在努力工作。

And just to clarify on the guidance, [$135 million to $150 million] in operating income for the year, it's a pretty wide range for 4Q given that guidance. Is that a reflection of just the investments and the test and learn that you guys are still doing or is there something else that keeps that range rather large for 4Q?

只是為了澄清指導意見，今年的營業收入[1.35億美元至1.5億美元]，考慮到該指導意見，第四季度的範圍相當廣泛。這是否僅僅反映了你們仍在做的投資和測試，還是有其他因素使第四季度的範圍保持相當大？

More of a testament to some of the flexibility that we want to continue to invest, to compete, to finish out the year-end and build a little momentum and some of the work that we're doing on some testing as we evolve some of the digital programs out there. So we kept it purposely a little bit wide to account for the unknown on a couple of those things. And give us a little more flexibility to finish out the year with some momentum.

更多地證明了我們希望繼續投資、競爭、完成年底並建立一點動力的靈活性，以及​​我們在發展一些產品時正在進行的一些測試工作。因此，我們故意將其保留得有點寬，以解釋其中一些未知因素。並讓我們有更多的靈活性，以一些動力來結束這一年。

Understood. Thank you very much.

明白了。非常感謝。

Brian Mullen, Piper Sandler.

布萊恩·馬倫，派珀·桑德勒。

Thank you. Just to follow up on development, Todd, wondering if you view the domestic system still being about 15% company-owned. That's something that makes sense for Papa John's over the long term. And in your prior answer, as you continue to stabilize the business, build up that confidence with franchisees also make progress with cost to build. Could you envision doing any refranchising with development agreements attached with franchisees that might be willing to build?

謝謝。托德，只是為了跟進發展情況，想知道您是否認為國內系統仍然由大約 15% 的公司擁有。從長遠來看，這對棒約翰來說是有意義的。在您先前的回答中，隨著您繼續穩定業務，與特許經營者建立信心也會在建設成本方面取得進展。您是否可以設想透過與可能願意建造的特許經營商簽訂的開發協議進行任何再特許經營？

Yeah. No, thanks for the question, Brian. And we clearly did some refranchising as part of the transformational work in the UK already before my time and continued that into the third quarter. In the third quarter, we refranchised 13 restaurants in Wisconsin. And we are actively evaluating the appropriate mix of company ownership versus franchise ownership and refranchising really has to come with how do you put restaurants in the right hands of operators that are growth minded thinking about investing into the future, want to reimage storefronts, want to sign new development commitments, and are really partners of the brand to continue to drive all of us forward into the future.

是的。不，謝謝你的提問，布萊恩。作為英國轉型工作的一部分，我們顯然在我之前就已經進行了一些重新特許經營，並將其持續到第三季。第三季度，我們重新授予了威斯康辛州 13 家餐廳的特許經營權。我們正在積極評估公司所有權與特許經營所有權的適當組合，而重新特許經營實際上必須考慮如何將餐廳交給具有成長意識、考慮投資未來、想要重新塑造店面、想要簽署新的發展承諾，成為品牌真正的合作夥伴，繼續推動我們所有人走向未來。

So as we're going through all of our strategic initiatives, we are looking actively at what's the right level of company ownership, what's the role of refranchising and how does that help stimulate even more growth for our system as we scale up franchisees that are growth minded and bring some new folks into the system to make sure we got some new growth minded franchisees that want to be part of the Papa John's journey in the future. So we are actively looking at that and we'll talk more about that at future dates as we get together.

因此，當我們實施所有策略性舉措時，我們正在積極研究什麼是正確的公司所有權水平，再特許經營的作用是什麼，以及隨著我們擴大特許經營商規模，這如何幫助刺激我們系統的進一步增長具有成長意識，並引入一些新人進入系統，以確保我們有一些新的具有成長意識的特許經營商，他們希望成為棒約翰未來旅程的一部分。因此，我們正在積極研究這個問題，並且我們將在未來聚會時更多地討論這個問題。

Thank you and just a quick follow up to that and thank you for all the answer that -- 5% seems to be a level that other QSR systems stop it. And I think there's benefits to continue to own restaurants. If you were to go down this path, would you envision wanting to continue to own some restaurants?

謝謝您，快速跟進並感謝您的所有回答——5% 似乎是其他 QSR 系統阻止的水平。我認為繼續擁有餐廳是有好處的。如果你走這條路，你會想繼續擁有一些餐廳嗎？

I think it's always important to own some restaurants, Brian, whether it was in the last system or this system. You have to have the operating backbone so you can buy and/or sell over time depending on what's happening in the system with the franchise community. It's the right number, 5%. I think the right numbers have enough skin in the game to actually be a great brand steward and have enough restaurants that we're really proud of that we can run the heck out of to really be a role model for everybody else across the system to send the bellwether on sales and profits along the way.

我認為擁有一些餐廳總是很重要的，布萊恩，無論是在上一個系統還是在這個系統中。您必須擁有營運支柱，以便您可以隨著時間的推移根據特許經營社區系統中發生的情況進行購買和/或出售。這個數字是正確的，5%。我認為正確的數字有足夠的參與度，可以真正成為一個偉大的品牌管理者，並擁有足夠多的餐廳，讓我們感到非常自豪，我們可以竭盡全力成為整個系統中其他人的榜樣一路上發送銷售和利潤方面的領頭羊。

So 5% I think was a made up number way back when by a lot of us in the restaurant industry. We will go look at what is the right level of restaurants for Papa John's to have to be that great Fran Stewart and make sure we got the operating backbone, but it is probably something less than we have today, for sure.

所以我認為 5% 是我們餐飲業中的許多人編造的數字。我們將去看看棒約翰餐廳的合適水平，必須是偉大的弗蘭·斯圖爾特，並確保我們擁有經營骨幹，但肯定比我們今天擁有的要少。

Thank you.

謝謝。

Dennis Geiger, UBS.

丹尼斯蓋革，瑞銀集團。

Great. Thanks, guys. I wanted to ask just about the asset base globally first and just that international footprint specifically. Not sure if I missed it, but any comment on additional closures from here, if you think generally you're getting closer to where you want to be from a from a footprint, internationally.

偉大的。謝謝，夥計們。我想先詢問全球資產基礎，特別是國際足跡。不確定我是否錯過了它，但是如果您認為總體上您已經離您想要的地方越來越近了，那麼您可以對這裡的其他關閉發表任何評論。

I'll turn it over to Ravi, now that he picked up the international business. So I'll put him on the spot.

既然拉維接手了國際業務，我就把它交給他。所以我會把他放在那個位置。

Thanks, Dennis, for the question. And as we've talked about the last couple of quarters, we're getting sharper on our priority markets where we see meaningful long term growth opportunity as well as development opportunities. And then we think that there's like a handful -- probably between 7 and 10 territories that are going to have an outsized impact. So there may be some additional [pruning] of the fleet on a global scale.

謝謝丹尼斯提出這個問題。正如我們在過去幾個季度所討論的那樣，我們對我們的優先市場變得更加敏銳，我們在這些市場中看到了有意義的長期成長機會和發展機會。然後我們認為，有少數地區（可能有 7 到 10 個地區）將產生巨大影響。因此，全球範圍內的機隊可能會進行一些額外的[修剪]。

However, we believe we made the right steps this year to get ourselves to the right spot. We talked about how we expect the international business to be a net profit contributor going forward. And I just want to remind you of that point. And then lastly, as I look at the results for Q3 across the international markets, we're definitely spending our time on this narrow and deep strategy.

然而，我們相信今年我們採取了正確的步驟，讓自己到達了正確的位置。我們討論了我們如何期望國際業務成為未來淨利潤的貢獻者。我只是想提醒你們這一點。最後，當我查看國際市場第三季的結果時，我們肯定會把時間花在這個狹隘而深入的策略上。

And like in our top two LatAm markets, we were high-single digits or low-double digits growth from a com basis was driven by transactions; similar in terms of some of our key markets in the media, high-single digits or low double digits growth.

與我們前兩個拉丁美洲市場一樣，我們的高個位數或低兩位數成長是由交易驅動的。我們在媒體領域的一些關鍵市場也有類似情況，高個位數成長或低兩位數成長。

And in Korea, another one of our important markets where we're up mid-single digits, so there were some puts and takes across the markets. But I just want to reinforce where we want to grow, we are putting our time and energy and we're starting to see the proof points come to life of where we lean in and focus in, we're seeing gains, but narrow and deep in a really thoughtful approach to how we develop, it is critical to my international strategy.

在韓國，我們的另一個重要市場，我們的股價上漲了中個位數，因此市場上出現了一些看跌期權和看跌期權。但我只是想加強我們想要成長的地方，我們投入了時間和精力，我們開始看到證據點變成了我們所傾注和關注的地方，我們看到了收穫，但狹窄和有限深入思考我們如何發展，這對我的國際戰略至關重要。

And it's been great. As I've had the opportunity to learn the business and get out into some of the markets, the work that we've done in the UK to set it up for long term success. It's not just the things we talked about on the prepared remarks, but spending a lot of time with the franchise leaders, willing to lean in and invest back into marketing to compete in that market, that's exciting.

這很棒。因為我有機會學習業務並進入一些市場，我們在英國所做的工作為長期成功奠定了基礎。這不僅僅是我們在準備好的發言中討論的事情，而是花大量時間與特許經營領導者在一起，願意投入並重新投資於營銷以在該市場競爭，這令人興奮。

Because they got the confidence into the future. I was at another Board meeting in Chile, met with our folks down in that market, clearly driving a lot of sales and a lot of growth in another market in Latin America. And I know we've got a couple of markets, Chile, Peru, that have been doing quite well.

因為他們對未來充滿信心。我參加了在智利舉行的另一場董事會會議，與我們在該市場的人員會面，這顯然推動了拉丁美洲另一個市場的大量銷售和成長。我知道我們有幾個市場，智利、秘魯，表現都很好。

But there's a couple of handfuls of market in the spirit of narrow and deep that I know Ravi is going to spend a disproportionate amount of his time. And even within those markets go narrow on where you really need to scale up key markets to make sure our brand is relevant, accessible, and has the brand presence it needs to drive the economics to fuel even more growth in those markets.

但有幾個市場本著狹窄而深入的精神，我知道拉維將花費不成比例的時間。即使在這些市場中，也要縮小你真正需要擴大關鍵市場的範圍，以確保我們的品牌具有相關性、可訪問性，並擁有推動經濟成長所需的品牌影響力，從而推動這些市場的進一步成長。

So looking forward to that journey and Ravi's partnership with Joe Sieve to bring that to life.

因此，期待這段旅程以及 Ravi 與 Joe Sieve 的合作，將其變為現實。

Thanks guys, and just one more if I could quickly slip it in, just because it comes up a decent amount. How do you think about the competitor intrusion maybe next year in the key areas of strength for you -- third party, select key menu items. Anything you do differently to plan for that or do you play the game that you outlined and things will take care of themselves? Thank you.

謝謝大家，如果我能很快把它塞進去的話，就再多一個，因為它的數量相當可觀。您如何看待競爭對手可能明年在您的關鍵優勢領域的入侵——第三方，選擇關鍵菜單項目。你會採取什麼不同的措施來計劃這個事情，或者你玩你概述的遊戲，事情就會自行解決嗎？謝謝。

Yeah, I think we play the game we outline. I mean, if you think about other folks picking up other platforms in third party, we've competed well on innovation, we've competed well on price. The pizza category still has an opportunity I think in third party to drive even more penetration as we've been traditional first party.

是的，我認為我們正在玩我們概述的遊戲。我的意思是，如果你考慮其他人選擇第三方的其他平台，我們在創新方面競爭很好，我們在價格方面競爭也很好。我認為披薩類別仍然有機會在第三方推動更多滲透，因為我們一直是傳統的第一方。

But I do think if we play our playbook, find the right balance to compete in 3P, make sure we get the best deals and the best experience in 1P. I think we can start to bend some trends on net net between the two channels on what we're doing on the delivery business.

但我確實認為，如果我們按照我們的劇本，找到在 3P 中競爭的適當平衡，確保我們在 1P 中獲得最好的交易和最好的體驗。我認為我們可以開始改變兩個管道之間的一些趨勢，即我們在送貨業務上所做的事情。

And it's going to be a great balance of making sure that there is good value there. That's not just the sharp price point, but that's value for the money -- whether that's the service experience, whether that's the food, whether that's the price and we're going to work hard to bring all those three things together.

這將是一個很好的平衡，確保那裡有良好的價值。這不僅僅是尖銳的價格點，而且是物有所值——無論是服務體驗，無論是食物，無論是價格，我們將努力將這三件事結合在一起。

But any other thoughts, Ravi on that one?

但拉維還有其他想法嗎？

Maybe a pretty quick proof point. First, we continue to see sequential growth in the 3P business, even though it continues to be competitive and we had strong gains and both of the two big players in that space. Second, absolutely like the QSR space is dynamic and aggressive right now, but our carry-out business did turn positive in October and we continue to be encouraged by those results.

也許是一個非常快速的證明點。首先，我們繼續看到 3P 業務持續成長，儘管它仍然具有競爭力，而且我們和該領域的兩大巨頭都取得了強勁的收益。其次，絕對就像 QSR 領域現在充滿活力和積極性一樣，但我們的外賣業務確實在 10 月出現了積極的變化，我們繼續對這些結果感到鼓舞。

And three, we really leaned into the data science on the marketing and we're identifying LTOs that specifically drive, repeat, and re -- and engage our frequent and super frequent consumers. So as I said, like we're going to go play our game, but we are closely watching the business and checking and adjusting like a great digital native company would.

第三，我們真正依靠行銷數據科學，我們正在確定專門驅動、重複和重新吸引我們的頻繁和超頻繁消費者的 LTO。正如我所說，就像我們要去玩我們的遊戲一樣，但我們正在密切關注業務，並像一家偉大的數位原生公司一樣進行檢查和調整。

Which has been great for me to see, right? As we walk, watch this business and learn this business, for me personally through my first almost 100 days now, I mean, ensuring that we're consumer-led, insight-driven in everything we do to make sure that when we go act, we've got confidence that we're going to get a return for the actions that we're taking, and really making sure that we have that challenger brand mindset to play the game a little different to be disruptive. Those are all opportunities ahead.

這對我來說很高興，對嗎？當我們行走、觀察這個行業並了解這個行業時，對我個人來說，在我現在的前近100 天裡，我的意思是，確保我們所做的一切都是以消費者為主導、以洞察為導向，以確保當我們採取行動時，我們有信心我們正在採取的行動將會得到回報，並真正確保我們擁有挑戰者品牌的心態，以稍微不同的方式玩遊戲，從而具有顛覆性。這些都是未來的機會。

I feel great. Finally got to build out the team, having Kevin on board, Jenna Bromberg getting announced today on the marketing side, Joe and Ravi picking up expanded responsibilities. It's a team that I'm super proud of, but a team that works really well together and I think you're going to see that those benefits play out and not only how the senior team works together here, the talent we have below the senior team, but our partnership with the franchise community to lean in and play a different game to compete even stronger as we finish this year and get into 2025. I'm really excited about these days ahead.

我感覺很棒。終於組建了團隊，凱文加入，珍娜·布羅姆伯格今天宣布擔任行銷方面的職務，喬和拉維承擔了更大的職責。這是一支我非常自豪的團隊，而且是一支合作非常好的團隊，我想你會看到這些好處發揮出來，不僅是高級團隊如何在這裡合作，還有我們下面的人才。但我們與特許經營社區的合作夥伴關係將向前推進並玩不同的遊戲，以便在我們今年結束並進入2025 年時更具競爭力。我對未來的這些日子感到非常興奮。

Jim Salera, Stephens Inc.

吉姆·薩萊拉，史蒂芬斯公司

Hey guys, thanks for fitting this in. Todd, I wanted to go back to something you said earlier about pizza competing for bigger share of voice and stomach on third party. Do you think that that there's still a big incremental awareness opportunity on those apps? Or is it really just about getting customers to re-engage at a higher frequency with either Papa John's or the pizza category more broadly?

嘿夥計們，謝謝你把這個放進去。托德，我想回到你之前所說的關於披薩在第三方上爭奪更大份額的話語權和胃口的事情。您認為這些應用程式仍然有很大的提高認知度的機會嗎？或者它真的只是為了讓顧客以更高的頻率重新參與棒約翰或更廣泛的披薩類別嗎？

Yeah. No, thanks for the question, Jim. I do think there's a little bit on the awareness front. I mean, folks are so traditionally used to, either calling the restaurant or ordering on the web or the app directly from a first party. So they're starting to learn that pizza is now available also on third party. So I think there's a little bit on the awareness.

是的。不，謝謝你的提問，吉姆。我確實認為在意識方面存在一些問題。我的意思是，人們傳統上習慣於打電話給餐廳或直接從第一方在網路或應用程式上訂購。因此他們開始了解到現在第三方也可以提供披薩。所以我認為有一點關於意識。

But the more reps that folks get, they're not going to carry that many apps around. I think that once they start to look at the variety, they look at the quality and ultimately, look at the value for the money. When you think about what pizza can do, feed a family of four, an extra-large pizza, a side and a drink. It's a really affordable price even delivered with a tip. So I do think folks will start to see there is real value in pizza.

但人們得到的代表越多，他們就不會隨身攜帶那麼多應用程式。我認為，一旦他們開始關注品種，他們就會關注質量，最終關注物有所值。當您考慮披薩可以做什麼時，請為一家四口提供一份超大披薩、一份配菜和一杯飲料。即使加上小費，這也是一個非常實惠的價格。所以我確實認為人們會開始看到披薩的真正價值。

A third party will then -- as they start to realize that between the awareness and the reps, I think you'll start to see more frequency and an opportunity to grab a little bit of share in the pizza category in 3P and then we'll continue to drive the heck out of making sure we get the best deals and the best experiences in 1P to have it balanced.

然後，當第三方開始意識到意識和代表之間的關係時，我認為您會開始看到更多的頻率和機會，在 3P 的披薩類別中獲得一點份額，然後我們'我們將繼續努力確保我們在1P 中獲得最好的交易和最好的體驗，以實現平衡。

But anything else, Ravi?

但還有別的事嗎，拉維？

Yeah, so maybe a few quick comments like specific to Papa John's. First, we saw consideration for our brand improve as we progress through the quarter and we're pleased that we're continuing to make progress on consideration. And that is a long-term strategy for us to continue to drive that.

是的，所以也許有一些簡短的評論，例如棒約翰的具體評論。首先，隨著本季的進展，我們看到對我們品牌的考慮度有所提高，我們很高興我們在考慮度方面繼續取得進展。這是我們繼續推動這一目標的長期策略。

Second is like actually as you tear down the Papa John's brand by region and then by market, Papa John's is actually the number-two player from a market share standpoint in a number of our key strategic markets, particularly when you look at the Southeast and Midwest.

其次，實際上當你按地區和市場來分析棒約翰品牌時，從市場份額的角度來看，棒約翰實際上是我們許多關鍵戰略市場中的第二大玩家，特別是當你看看東南部和中西部。

So as we double down on this focus on continue to drive consideration, focus on where we want to win, we believe that with a great value message with the right balance of premium with a focus on being the best pizza in the game and this targeted focus on the markets that matter most, we think that that's part of the recipe to take share over time.

因此，當我們加倍關注繼續推動考慮，關注我們想要獲勝的地方時，我們相信，通過一個偉大的價值信息，與保費的適當平衡，專注於成為遊戲中最好的披薩，並且這個目標專注於最重要的市場，我們認為這是隨著時間的推移奪取市場份額的秘訣之一。

Jim Sanderson, North Coast Research.

吉姆桑德森，北海岸研究中心。

Hey, thanks for the question. I just wanted to follow up a little bit more in the discussion related to third party. How are you looking at that marketplace next year? If one of your top competitors partners with Doordash and expands that penetration in third party channels, is it likely to be able to maintain share? A little concerned about the share [shift]

嘿，謝謝你的提問。我只是想進一步跟進有關第三方的討論。您如何看待明年的市場？如果您的主要競爭對手之一與 Doordash 合作並擴大在第三方管道的滲透率，它是否有可能保持份額？有點擔心分享[轉移]

Yeah, thanks for the question, Jim. A couple of things. So first is we're going to focus both on our 1P business as well as 3P. As Todd talked about the number of things we're doing on the tech stack side, as well as some of the loyalty work that we're doing in Q4.

是的，謝謝你的提問，吉姆。有幾件事。因此，首先我們將重點放在 1P 業務和 3P 業務。正如托德談到我們在技術堆疊方面所做的事情的數量，以及我們在第四季度所做的一些忠誠度工作。

Second, we've been watching the trends as competitors are rolled on to the aggregators. And we continue to believe what we're gaining our fair share, if not more. When we look at particularly what's happening in both, we continue to see -- in both of the large-scale aggregators, we continue to see growth year on year and we think that this category has room for us to continue to grow regardless of what competitor comes on.

其次，我們一直在關注競爭對手湧向聚合商的趨勢。我們仍然相信我們正在獲得公平的份額，甚至更多。當我們特別關注這兩個領域所發生的事情時，我們繼續看到——在這兩個大型聚合商中，我們繼續看到逐年增長，我們認為這個類別有我們繼續成長的空間，無論發生什麼競爭對手登場。

We want to be where the consumer is. We want to serve them where they want to be served. And that's a little bit why we're taking a really equal balance, focus on 1P and 3P. And we have a number of years of history now in the 3P business and our team is dialed in to how to compete in that marketplace. And we have a really solid team that has lots of experience, whether it's working in the business here at Papa John's on that business or from their experiences prior to being at Papa John's.

我們希望成為消費者所在的地方。我們希望在他們想要服務的地方為他們提供服務。這就是為什麼我們要採取真正平等的平衡，專注於 1P 和 3P。我們在 3P 業務方面已經有多年的歷史，我們的團隊已經開始研究如何在該市場中競爭。我們擁有一支非常可靠的團隊，擁有豐富的經驗，無論是在棒約翰的業務中工作，還是在加入棒約翰之前的經驗。

I think we're well positioned. We have great partnerships. We'll make sure we drive awareness with those partnerships. Innovation will play a role. Our premium positioning certainly helps in that channel and we also have great value in that channel. So I do think we're well positioned to compete. I think there is room for category expansion as we talked a little bit earlier and the lunch and the late-night opportunities for us to continue to grow are all opportunities in that aggregator channel.

我認為我們處於有利位置。我們擁有良好的合作關係。我們將確保透過這些合作關係提高人們的認識。創新將發揮作用。我們的優質定位無疑有助於該管道，而且我們在該管道中也具有巨大的價值。所以我確實認為我們處於有利的競爭地位。我認為品類還有擴展的空間，因為我們之前談過，午餐和深夜的機會都是我們繼續成長的機會，都是聚合管道的機會。

So just to complement some of the things that Ravi said, I think we're in a good position to continue to compete no matter what the competition does in that channel.

因此，為了補充拉維所說的一些事情，我認為無論競爭對手在該頻道中做什麼，我們都處於繼續競爭的有利位置。

I would now like to turn the conference back to Todd Penegor for closing remarks. Sir?

現在我想請托德·佩內戈爾 (Todd Penegor) 致閉幕詞。先生？

Well, thanks, and thanks for all the questions today, guys. I really appreciate it. I'd like to sincerely thank you for your time this morning and your continued support of Papa John's. Thank you to our team members and our franchisees for the resiliency and the agility you continue to show during these unique times. Look forward to meeting many of you in person on December 12 in Atlanta. That's right around the corner. So see you all soon.

嗯，謝謝，謝謝大家今天提出的所有問題。我真的很感激。我衷心感謝您今天上午抽出寶貴的時間以及您對棒約翰的持續支持。感謝我們的團隊成員和加盟商在這些獨特的時期繼續表現出的韌性和敏捷性。期待 12 月 12 日在亞特蘭大與你們中的許多人見面。就在轉角處。所以很快就會見到大家。

Thanks, everyone.

謝謝大家。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。