Papa John's International Inc (PZZA) 2025 Q1 法說會逐字稿

Thank you for standing by, and welcome to Papa John's first-quarter 2025 conference call and webcast. (Operator Instructions) And as a reminder, today's program is being recorded.

感謝您的支持，歡迎參加 Papa John 2025 年第一季電話會議和網路廣播。（操作員指示）提醒一下，今天的節目正在錄製。

And now I'd like to introduce your host for today's program, Heather Hollander, Senior Vice President, Strategy and Investor Relations. Please go ahead.

現在，我想介紹今天節目的主持人、策略和投資者關係高級副總裁 Heather Hollander。請繼續。

Good morning, and welcome to our first quarter 2025 earnings conference call. Earlier this morning, we issued our first quarter earnings release, which can be found on our Investor Relations website at ir.papajohns.com under the News and Events tab or by contacting our Investor Relations department. Joining me on the call this morning are Todd Penegor, President and Chief Executive Officer; and Ravi Sonawala, Chief Financial Officer and Executive Vice President, International. 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.

早上好，歡迎參加我們的 2025 年第一季財報電話會議。今天早些時候，我們發布了第一季財報，您可以在我們的投資人關係網站 ir.papajohns.com 的「新聞與活動」標籤下找到該報告，也可以聯絡我們的投資者關係部門。今天早上與我一起參加電話會議的還有總裁兼執行長 Todd Penegor 和財務長兼國際執行副總裁 Ravi Sonawala。本次電話會議中的評論將包括聯邦證券法所定義的前瞻性陳述。這些聲明可能涉及風險和不確定性，可能導致實際結果與這些聲明有重大差異。

Forward-looking statements should be considered in conjunction with the cautionary statements in our earnings release and the risk factors included in our SEC filings. In addition, please refer to our earnings release and our Investor Relations website for the required reconciliation of non-GAAP financial measures discussed on today's call. Lastly, we ask that you please limit your questions to one question and one follow-up. And now I'll turn the call over to Todd.

前瞻性陳述應與我們收益報告中的警示性聲明以及我們向美國證券交易委員會提交的文件中包含的風險因素一起考慮。此外，請參閱我們的收益報告和投資者關係網站，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對帳。最後，我們要求您將問題限制為一個問題和一個後續問題。現在我將把電話轉給托德。

Thank you, Heather, and good morning, everyone. I'll begin today's call by sharing an update on the progress we made during Q1. as we execute our plans to be the best pizza makers in the business and deliver profitable growth. The strategic investments we've made to improve our value proposition, drive traffic in our restaurants and enhance our customer experience are driving momentum in the business as evidenced by the sequential improvement in sales and transaction comps versus the fourth quarter, along with transaction share gains despite a challenged macro environment.

謝謝你，希瑟，大家早安。在今天的電話會議上，我將首先分享我們在第一季的進展，我們正在執行我們的計劃，成為業內最好的披薩製造商，並實現盈利增長。我們為改善價值主張、增加餐廳客流量和提升客戶體驗而進行的策略性投資正在推動業務發展，這體現在銷售額和交易額與第四季度相比的連續改善以及交易份額的增長，儘管宏觀環境充滿挑戰。

While there is still work to be done to unlock our full potential, we are moving forward with a sense of urgency and confidence in our ability to deliver on our promise to be the best pizza makers in the business. Since the second half of 2024, our team has been orientated around a strategy based on 5 key priorities: focusing on core product and innovation, amplifying our marketing message, investing behind our technology infrastructure, differentiating our customer experience and partnering with and evolving our franchisee base. I'd like to spend the next few minutes going through each of these priorities in more detail and highlight how they're supporting our efforts to realign the Papa John's business. First, we are relentlessly focused on our core product and innovation. In Q1, we made the intentional decision to better leverage our traditional barbell strategy, which involves positioning our premium menu offerings alongside our popular value-orientated options to ensure that we're offering craveable menu items across occasions and price points.

儘管我們仍有許多工作要做才能充分發揮我們的潛力，但我們正帶著緊迫感和信心向前邁進，相信我們有能力兌現成為業內最好的披薩製造商的承諾。自 2024 年下半年以來，我們的團隊一直圍繞著基於 5 個關鍵優先事項的策略：專注於核心產品和創新、擴大我們的行銷訊息、投資我們的技術基礎設施、差異化我們的客戶體驗以及與我們的特許經營商群體合作並發展我們的特許經營商群體。接下來的幾分鐘，我想更詳細地介紹這些優先事項，並強調它們如何支持我們重組 Papa John 業務的努力。首先，我們堅持不懈地專注於我們的核心產品和創新。在第一季度，我們有意決定更好地利用我們的傳統槓鈴策略，即將我們的優質菜單產品與我們受歡迎的價值導向選項放在一起，以確保我們在各個場合和價位上提供令人垂涎的菜單產品。

To do so, we placed strong messaging behind our Epic Stuffed Crust Pizza priced at $13.99 nationally while also supporting our strong value message with our popular $6.99 Papa pairings.

為了做到這一點，我們在全國範圍內大力宣傳售價 13.99 美元的 Epic Stuffed Crust Pizza，同時透過廣受歡迎的售價 6.99 美元的 Papa 搭配來支持我們的強大價值信息。

This positioning worked as our Epic Stuffed Crust Pizza, which offers a significant competitive size advantage at 14 inches, delivered solid performance and increased pizza orders in March during our national promotion. Our barbell strategy is a great example of how we are taking action to bolster our value proposition while also driving traffic to increase our four-wall profitability. We've also seen that our value proposition and disciplined focus on pizza as our core product has consistently reinvigorated pizza orders.

這項定位對我們非常有效，因為我們的 Epic Stuffed Crust Pizza 具有 14 吋的顯著尺寸競爭優勢，在 3 月的全國促銷活動中表現穩健，增加了披薩訂單。我們的槓鈴策略是一個很好的例子，說明了我們如何採取行動來加強我們的價值主張，同時推動流量來提高我們的四牆獲利能力。我們還發現，我們的價值主張和對披薩作為核心產品的專注不斷激發了披薩訂單。

In Q1, the number of pizzas ordered increased 4% versus last year, and we've seen continued sequential improvement in orders with multiple pizzas since the first quarter of 2024. From our New York-style pizza that is now offered in a variety of sizes, including medium to our fan favorite chekaroni, to the highly shareable star-shaped pizza recently launched across several international markets, we are delivering innovative, highly relevant products to our customers.

第一季度，披薩訂單數量較去年同期增加了 4%，自 2024 年第一季以來，我們看到多個披薩的訂單數量持續環比增長。從現在提供各種尺寸的紐約風格披薩（包括中型到我們粉絲最喜歡的切卡羅尼披薩），到最近在多個國際市場推出的可分享的星形披薩，我們正在為客戶提供創新、高度相關的產品。

Additionally, as part of our focus on delivering a high-quality core product, we continue to review and remove underperforming SKUs from the menu, and we'll continue our menu simplification efforts throughout the year. On our path to being the best pizza makers in the business, we are focused on improving product consistency across our restaurants, starting with examining our oven calibration, baked temperatures and baked times. Oven calibration may seem like a small thing, but our ovens are the most important equipment in our kitchens and a key component in delivering a great customer experience and opening new innovation opportunities. Our oven calibration efforts kicked off in Q1, and we expect to see the first benefits from this work by mid-summer. This foundation enables product innovation across multiple layers of our menu, including new crust development opportunities.

此外，作為我們專注於提供高品質核心產品的一部分，我們將繼續審查並從菜單中刪除表現不佳的 SKU，並且我們將全年繼續簡化菜單。在成為業內最佳披薩製造商的過程中，我們專注於提高所有餐廳產品的一致性，首先是檢查烤箱校準、烘烤溫度和烘烤時間。烤箱校準似乎是一件小事，但我們的烤箱是我們廚房中最重要的設備，也是提供良好客戶體驗和開闢新的創新機會的關鍵組成部分。我們的烤箱校準工作於第一季啟動，我們預計到仲夏時節就能看到這項工作的第一批成果。這個基礎使我們菜單的多個層面的產品創新成為可能，包括新的外殼開發機會。

We look forward to introducing exciting new offerings across the barbell beginning with the second quarter, including new uses for our popular dipping sauces and even a new pizza format. Turning to our second priority. Papa John's is a challenger brand with a fighter mentality. We've embraced this position as we amplify our marketing message to win the customers' consideration and deliver exceptional quality and strong value perception across consumer segments. In our latest marketing campaign, Meet the Makers, we developed a compelling message that showcases real team members in our restaurants answering the question why Papa John's? This campaign demonstrates the craftsmanship that goes into each pizza and the intense passion our team members have for making the products we serve.

我們期待從第二季開始推出令人興奮的新產品，包括我們流行的蘸醬的新用途，甚至新的披薩形式。談談我們的第二個優先事項。棒約翰是一個具有鬥士精神的挑戰者品牌。我們秉持這一立場，擴大我們的行銷訊息，以贏得客戶的關注，並在各個消費者群體中提供卓越的品質和強大的價值感知。在我們最新的行銷活動「與製造者見面」中，我們設計了一個引人注目的訊息，展示了我們餐廳中真正的團隊成員如何回答「為什麼選擇 Papa John's？」這個問題。這次活動展示了製作每個披薩的精湛技藝以及我們團隊成員對製作我們提供的產品的強烈熱情。

As we continue to innovate across the menu, we're also improving our value perception relative to our restaurant peers.

隨著我們不斷對菜單進行創新，我們也正在提高相對於同行餐廳的價值認知。

Our brand health tracker showed meaningful improvement in value perception after we shifted to consistently showcasing our Papa Pairings menu and launched our Meet the Makers marketing campaign. We were also very pleased to see significant gains in customer awareness and consideration amongst QSRs during the quarter, indicating that our marketing strategy and investments are delivering early positive results. We are excited to build on this success with the evolution of our brand campaign.

在我們轉向持續展示 Papa Pairings 菜單並推出 Meet the Makers 行銷活動後，我們的品牌健康追蹤器顯示價值感知有了顯著改善。我們也很高興地看到，本季 QSR 的客戶認知度和考慮度顯著提高，這表明我們的行銷策略和投資正在取得早期的正面成果。我們很高興能夠透過品牌活動的演變來鞏固這一成功。

Consumer research shows that simple, fresh ingredients and handcrafted food are important differentiators that influence purchase decisions. And we have an opportunity to be more intentional in the way we highlight the quality, simplicity and freshness of our ingredients, which have always been our differentiator. This insight is the foundation of the next chapter of our new ad campaign, focusing on our commitment to high-quality ingredients and fresh never frozen original dough made with only six simple ingredients.

消費者研究表明，簡單、新鮮的食材和手工製作的食品是影響購買決策的重要差異因素。我們有機會更有意識地強調原料的品質、簡單性和新鮮度，這一直是我們的獨特之處。這項見解是我們新廣告活動下一章的基礎，重點關注我們對高品質原料的承諾以及僅用六種簡單原料製成的從未冷凍過的新鮮原味麵團。

In Q1, we also put media dollars to work across the barbell, showcasing premium offerings such as our Epic Stuffed Crust platform and our strategic Boost week buy one, get one offering, which saw success in driving margin gains while enhancing our value proposition and protecting transaction share. These incremental media investments have reinforced the Papa John's brand while also improving transactions. We recognize that pizza is a game played nationally, but one locally. As we amplify our marketing message, we are investing to win share of voice at both the national and regional levels, drive transactions, support continued testing of value propositions and increase our agility.

在第一季度，我們還將媒體資金投入到各個方面，展示優質產品，例如我們的 Epic Stuffed Crust 平台和我們的策略性 Boost 週買一送一優惠，這些產品成功地提高了利潤率，同時增強了我們的價值主張並保護了交易份額。這些增量媒體投資強化了 Papa John's 的品牌影響力，同時也提高了交易量。我們認識到披薩是一種全國性遊戲，但同時也是一種地方性遊戲。隨著我們擴大行銷訊息，我們正在投資贏得國家和地區層面的話語權，推動交易，支持持續測試價值主張並提高我們的敏捷性。

In the first quarter, we invested approximately $7 million in incremental marketing to test media mix, customer communications and messaging tactics while reinforcing our core message. Papa John's Pizza delivers a high-quality meal at an attractive value. We were pleased with the early learnings and anticipate investing up to an additional $25 million in marketing this year, above our spend in 2024 to build on this success. The third area of our strategic road map is investing behind our technology infrastructure. More than 70% of our sales are made on our own digital channels.

第一季度，我們投資了約 700 萬美元用於增量行銷，以測試媒體組合、客戶溝通和訊息傳遞策略，同時強化我們的核心訊息。棒約翰披薩 (Papa John's Pizza) 以誘人的價格提供高品質的餐點。我們對早期的經驗感到滿意，並預計今年將在行銷方面額外投資高達 2500 萬美元，高於 2024 年的支出，以鞏固這一成功。我們的策略路線圖的第三個領域是投資我們的技術基礎設施。我們 70% 以上的銷售額都是透過我們自己的數位管道實現的。

So we have a tremendous opportunity to improve customer engagement, win market share and improve four-wall profitability through technology and data science. We're seeing substantial gains in our app conversion rates and higher repeat purchases as we further develop our CRM capabilities and improve our end-to-end digital customer experience. As a part of this, we announced a long-term partnership with Google Cloud, which will enhance our ordering and delivery experience and take personalization to the next level, leveraging the power of AI. Through this partnership, we will make the customer journey more consistent, seamless and customized across our own channels. Google is a clear leader in technology, and their capabilities will help us unlock opportunities like anticipating customer cravings, optimizing delivery routes and setting the standard for an elevated experience from click to crust.

因此，我們有巨大的機會透過技術和數據科學來提高客戶參與度、贏得市場份額並提高獲利能力。隨著我們進一步開發 CRM 功能並改善端到端數位客戶體驗，我們的應用程式轉換率和重複購買量都大幅提升。作為其中的一部分，我們宣布與 Google Cloud 建立長期合作夥伴關係，這將增強我們的訂購和交付體驗，並利用人工智慧的力量將個人化提升到一個新的水平。透過此次合作，我們將透過我們自己的管道讓客戶旅程更加一致、無縫和客製化。谷歌無疑是科技領域的領導者，他們的能力將幫助我們釋放諸多機遇，例如預測客戶需求、優化配送路線以及為從點擊到完成的高級體驗設定標準。

This is one example of how we are moving at an accelerated pace to transform our technology and regain tech leadership. Our fourth priority is differentiating our customer experience to meet and exceed convenience, value and quality expectations within the customer's channel of choice. In November, we lowered the redemption threshold for our Papa Rewards loyalty program, allowing members to unlock Papa -- do faster. While the change decreased our overall order ticket by approximately 130 basis points, we saw significant improvement across our loyalty platform, adding approximately 1 million more loyalty members in Q1 and bringing our total Papa Rewards membership to over 37 million. Importantly, we saw growth among our medium and high-frequency loyalty consumers and faster repeat orders.

這是我們如何加速轉變技術並重新獲得技術領導地位的一個例子。我們的第四個優先事項是差異化客戶體驗，以滿足並超越客戶選擇的管道內的便利性、價值和品質期望。11 月，我們降低了 Papa Rewards 忠誠度計劃的兌換門檻，讓會員可以更快地解鎖 Papa——do。雖然這項變更使我們的整體訂單量減少了約 130 個基點，但我們的忠誠度平台卻得到了顯著改善，第一季增加了約 100 萬名忠誠度會員，使我們的 Papa Rewards 會員總數超過 3,700 萬。重要的是，我們看到中高頻忠誠消費者的成長和更快的重複訂單。

We are pleased with the response to the loyalty changes we've implemented and plan to build on this progress by further enhancing our loyalty program throughout 2025. Consistent with our focus on improving our customer experience, we conducted a holistic mystery shop program in partnership with a third party to assess our competitive performance across a range of order experiences. While we are pleased to see that our carryout experience and enhanced digital platforms exceeded industry standards, the results also highlighted an opportunity to continue to improve our delivery experience.

我們對所實施的忠誠度變化所獲得的迴響感到滿意，併計劃在此基礎上進一步加強我們的忠誠度計劃，直至 2025 年。為了與改善客戶體驗的重點保持一致，我們與第三方合作開展了一項整體神秘購物計劃，以評估我們在一系列訂單體驗中的競爭表現。雖然我們很高興看到我們的外送體驗和增強的數位平台超出了行業標準，但結果也凸顯了我們繼續改善送貨體驗的機會。

We know we can do delivery better and leveraging our new partnership with Google, we will improve driver dispatch and routing, increase the accuracy of our delivery time estimates and provide better driver tracking. Our last strategic priority is partnering with and evolving our franchisee base to be growth orientated as we strive to increase our market share and accelerate restaurant development in our most impactful markets while sustainably improving our restaurant economic model. Currently, we have 539 company-owned restaurants across North America that operate with the highest standards and operational excellence, which we believe present a compelling opportunity for a franchisee looking to grow or diversify their own business.

我們知道我們可以做得更好，利用與Google的新合作夥伴關係，我們將改善司機調度和路線規劃，提高送貨時間估算的準確性，並提供更好的司機追蹤。我們的最後一個策略重點是與我們的特許經營商合作並發展以成長為導向的特許經營商，我們努力增加我們的市場份額並加速我們最具影響力的市場的餐廳發展，同時持續改善我們的餐廳經濟模式。目前，我們在北美擁有 539 家公司自營餐廳，這些餐廳均按照最高標準和卓越運營進行運營，我們相信這為尋求發展或多元化自身業務的特許經營商提供了一個極具吸引力的機會。

With that in mind, throughout the quarter, we have evaluated refranchising select company-owned restaurants to future-focused franchisees as they look to scale across various markets. Ultimately, we are focused on improving the profitability of all Papa John's restaurants, and we have a number of active work streams in our supply chain to reduce our overall cost to serve. We remain committed to high-quality, better ingredients, such as our fresh never frozen original dough with 6 simple ingredients, but we know we can deliver that same quality at a lower cost to our restaurants.

考慮到這一點，在整個季度中，我們評估了將精選的公司自有餐廳重新特許經營給面向未來的特許經營商，因為他們希望在各個市場擴大規模。最終，我們專注於提高所有 Papa John's 餐廳的獲利能力，並且我們在供應鏈中擁有多個活躍的工作流程，以降低我們的整體服務成本。我們始終致力於提供高品質、更優質的原料，例如我們從未冷凍過的新鮮原味麵團，僅含 6 種簡單的原料，但我們知道，我們可以以更低的成本為我們的餐廳提供同樣優質的產品。

We are in the midst of aggressively evaluating opportunities to optimize the value proposition of our vertically integrated supply chain and better serve our franchisees. We look forward to updating you on these efforts on a future call. We are very encouraged by the progress we have made as we execute on our strategic priorities aimed at improving sales, strengthening the restaurant economic model and delivering profitable growth. Our improved value proposition, optimized creative and enhanced customer experience are driving improvements in sales and transactions as well as transaction share gains.

我們正在積極評估機會，以優化我們的垂直整​​合供應鏈的價值主張並更好地服務我們的特許經營商。我們期待在未來的電話會議上向您通報這些努力。我們在執行旨在提高銷售額、加強餐廳經濟模式和實現獲利成長的策略重點時所取得的進展令我們感到非常鼓舞。我們改進的價值主張、優化的創意和增強的客戶體驗正在推動銷售和交易的改善以及交易份額的成長。

We plan to build on this momentum in the second half of the year with accelerated product innovation, including new pizza formats, crushed flavor and topping innovation. We are excited about the many opportunities ahead and confident that we have the right plan and the right team to create great experiences for our customers and increase value for both our franchisees and shareholders. And with that, I'd like to turn it over to Ravi to discuss our first quarter financial results in greater detail. Ravi?

我們計劃在今年下半年繼續保持這一勢頭，加速產品創新，包括新的披薩形式、碎味和配料創新。我們對未來的眾多機會感到興奮，並相信我們擁有正確的計劃和合適的團隊，可以為我們的客戶創造良好的體驗，並為我們的特許經營商和股東增加價值。接下來，我想讓拉維更詳細地討論一下我們的第一季財務表現。拉維？

Thank you, Todd, and good morning, everyone. Our first quarter performance was in line with our expectations. Global system-wide restaurant sales were $1.22 billion for the first quarter, up 1% when compared with the prior year quarter in constant currency. Consistent with our expectations, North America comparable sales decreased 2.7% in the first quarter compared with the prior year quarter. For the second quarter in a row, comps improved sequentially, totaling 290 basis points of improvement since we implemented our value proposition work following the second quarter of 2024.

謝謝你，托德，大家早安。我們第一季的業績符合我們的預期。第一季全球全系統餐廳銷售額為 12.2 億美元，以固定匯率計算比去年同期成長 1%。與我們的預期一致，北美第一季可比銷售額與去年同期相比下降了 2.7%。自 2024 年第二季實施價值主張工作以來，同店銷售額連續第二季較上季成長，共提高了 290 個基點。

We are also encouraged that comp sales improved sequentially each month throughout the first quarter. North America transaction comps were down less than 1% when compared with the prior year and improved 120 basis points sequentially compared with Q4 as we focus on improving our value perception and investing in transaction-driving initiatives. Transactions continue to perform well on key occasions in the quarter such as the Super Bowl, Valentine's Day, High Day and more recently, the NCAA basketball tournaments.

我們也感到鼓舞的是，第一季同店銷售額每個月都持續成長。由於我們專注於提高價值認知和投資於交易驅動計劃，北美交易額與上年相比下降不到 1%，與第四季度相比較上季提高 120 個基點。本季的關鍵時刻，例如超級盃、情人節、高中日以及最近的 NCAA 籃球錦標賽，交易繼續表現良好。

We grew transaction share in the first quarter, and we remain focused on driving transaction growth given the high variable profitability of our transactions and the opportunity to improve four-wall profitability for our franchisees. First quarter ticket comps were down 2% versus the prior year, with more than 50% of the decline driven by our strategic decision to lower the threshold for rewards redemptions in our loyalty program in the fourth quarter.

我們在第一季增加了交易份額，並且鑑於我們的交易具有較高的可變盈利能力以及為我們的特許經營商提高四牆盈利能力的機會，我們將繼續專注於推動交易增長。第一季的機票銷售額與去年同期相比下降了 2%，其中超過 50% 的下降是由於我們在第四季度做出了降低忠誠度計劃中獎勵兌換門檻的戰略決策。

Additionally, we sold a higher mix of medium pizzas in the quarter as we focus on value-driving transactions. Finally, we saw a continued shift in our fulfillment channel mix driven by the relatively profit-neutral impact of reduced delivery fees. These pressures were partially offset by the positive impact of increased items per order. International comparable sales increased 3% year-over-year in the first quarter. We're seeing the benefits of our international transformation initiatives with strength across our focused countries.

此外，由於我們專注於價值驅動交易，本季我們銷售了更多種類的中型披薩。最後，我們看到我們的履行管道組合持續變化，這是由降低運費對利潤相對中性的影響所推動的。這些壓力被每份訂單商品數量增加的正面影響部分抵消。第一季國際可比銷售額較去年同期成長3%。我們看到，我們的國際轉型措施在我們關注的國家中發揮了重要作用，並帶來了許多好處。

Total revenues for the first quarter were $518 million, up 1% from last year as higher commissary and advertising fund revenues were mostly offset by lower revenues at our company-owned restaurants. Taking a closer look at our segments. Company-owned restaurants revenue decreased $17 million in the first quarter versus last year. This decrease was primarily driven by a $12 million decline at our international company-owned restaurants, reflecting the net impact of closing and refranchising 105 formerly company-owned restaurants in the UK and a $5 million decline at our domestic company-owned restaurants, primarily due to lower comparable sales.

第一季總收入為 5.18 億美元，比去年增長 1%，因為較高的小賣部和廣告基金收入大部分被我們公司自有餐廳收入的下降所抵消。仔細觀察我們的細分市場。第一季公司自營餐廳營收與去年同期相比減少了 1,700 萬美元。這一下降主要是由於我們國際公司自有餐廳的銷售額下降了 1200 萬美元，反映了關閉和重新特許經營英國 105 家原公司自有餐廳的淨影響，以及我們國內公司自有餐廳的銷售額下降了 500 萬美元，主要是由於可比銷售額下降。

Commissary revenues increased $11 million, reflecting higher commodity prices in the quarter and a 100 basis points increase to our cost plus fixed margin rate. Advertising fund revenues increased $7 million to support higher levels of national marketing relative to last year. First quarter consolidated adjusted EBITDA was approximately $50 million, down from $61 million a year ago and in line with our expectations.

商店收入增加了 1,100 萬美元，反映了本季商品價格上漲以及成本加固定利潤率增加 100 個基點。廣告基金收入比去年增加了 700 萬美元，以支持更高水準的全國行銷。第一季合併調整後 EBITDA 約 5,000 萬美元，低於去年同期的 6,100 萬美元，符合我們的預期。

The decline in adjusted EBITDA was primarily driven by anticipated higher G&A expenses of approximately $4 million related to our biannual franchisee conference, investments of approximately $7 million to drive growth such as incremental marketing to reinforce our value proposition and the loyalty platform that Todd previously referenced and higher equity forfeitures in the prior year due to executive departures. As a reminder, we define consolidated adjusted EBITDA as net income excluding stock-based compensation, interest expense, taxes, depreciation and amortization and onetime charges that do not affect the underlying fundamentals of our business operations.

調整後 EBITDA 的下降主要是由於預計與我們每兩年一次的特許經營商會議相關的 G&A 費用將增加約 400 萬美元，為推動增長而進行的約 700 萬美元的投資，例如增量營銷以強化我們的價值主張和 Todd 之前提到的忠誠度平台，以及由於高管離職導致的上一年股權增加。提醒一下，我們將合併調整後 EBITDA 定義為不包括股票薪酬、利息支出、稅金、折舊和攤提以及不影響我們業務營運基本面的一次性費用的淨收入。

Overall, our domestic company-owned restaurant segment EBITDA margins declined approximately 550 basis points compared with the prior year first quarter, driven by approximately 185 basis points of pressure from lower average ticket, a decrease of approximately 140 basis points from our investments in brand-building marketing, approximately 130 basis points of pressure from higher food costs, particularly around cheese and proteins, and a reduction of approximately 90 basis points from labor inflation in the quarter.

總體而言，我們國內公司自營餐廳部門的 EBITDA 利潤率與去年同期第一季度相比下降了約 550 個基點，其中，平均票價下降帶來了約 185 個基點的壓力，品牌建設營銷投資減少了約 140 個基點，食品成本上漲（尤其是奶酪和蛋白質成本）帶來了約 130 個基點的勞動力

Our first quarter North America Commissary segment adjusted EBITDA margins were 7.3%, an increase of approximately 50 basis points from a year ago, reflecting the flow-through from the changes to our cost plus fixed margin model.

我們第一季的北美配送部門調整後 EBITDA 利潤率為 7.3%，比去年同期成長了約 50 個基點，反映了成本加固定利潤模型變化帶來的收益。

Turning to the balance sheet. In March, we refinanced our existing revolving credit facility and secured a new $200 million term loan to provide us with additional financial flexibility and liquidity to execute on our strategic priorities. This transaction was leverage neutral and extends our maturity profile. At the end of the quarter, our total available liquidity was approximately $494 million in cash and borrowings available under our credit facilities, and our gross leverage ratio was 3.4x. Turning now to cash flows.

轉向資產負債表。3 月份，我們對現有的循環信貸額度進行了再融資，並獲得了一筆 2 億美元的新定期貸款，為我們提供額外的財務靈活性和流動性，以執行我們的戰略重點。此次交易的槓桿為中性，並延長了我們的期限。截至本季末，我們的可用流動資金總額約為4.94億美元，包括信貸安排下的現金和借款，總槓桿率為3.4倍。現在我們來談談現金流。

For the first quarter, net cash provided by operating activities was $31 million. Free cash flow was $90 million, an increase over the prior year, which primarily reflects the timing of cash payments for the National Marketing Fund and improved working capital, along with lower capital expenditures. Now turning to our outlook. As said, we are confident that we have the strategy in place to accelerate sales throughout the year while making the strategic investments necessary to strengthen the long-term health of the Papa John's system and yield incremental growth opportunities.

第一季度，經營活動產生的淨現金為3,100萬美元。自由現金流為 9,000 萬美元，比前一年增加，這主要反映了國家行銷基金現金支付的時間和營運資本的改善，以及資本支出的降低。現在轉向我們的展望。正如所說，我們有信心製定策略來加速全年的銷售，同時進行必要的策略性投資，以加強 Papa John 系統的長期健康並產生增量成長機會。

With that in mind, we are reiterating our 2025 financial and operational metrics. For 2025, we continue to expect system-wide sales to increase between 2% and 5% compared with 2024, supported by sequential improvement in North America comparable sales throughout the year, international comp sales growth and continued new restaurant development. With our barbell strategy, optimized creative and enhanced loyalty program already delivering improvements in sales and transactions, we plan to build on this momentum in the second half of the year with accelerating product innovation, including new pizza formats, crust flavor and toppings innovation.

考慮到這一點，我們重申我們的 2025 年財務和營運指標。對於 2025 年，我們仍然預計全系統銷售額將比 2024 年增長 2% 至 5%，這得益於北美全年可比銷售額的連續改善、國際可比銷售額的增長以及新餐廳的持續開發。我們的槓鈴策略、優化的創意和增強的忠誠度計劃已經帶來了銷售和交易的改善，我們計劃在下半年繼續保持這一勢頭，加速產品創新，包括新的披薩形式、餅皮口味和配料創新。

And we know that newness drives consumer engagement. From a comparable sales perspective, we also anticipate that North America comparable sales will be flat to up 2% in 2025. The second quarter is expected to deliver sequential improvement compared with the first quarter, reaching flat monthly comparable sales by midyear and positive accelerating comp sales as we exit 2025. Through the first 5 weeks of the second quarter, North America comparable sales are down less than 1% when compared with the same period in 2024 and comparable transactions are up over 1%. Internationally, we continue to anticipate that full year 2025 comparable sales will be flat to up 2% as we remain cautious in our outlook given the dynamic global operating environment.

我們知道新鮮感可以推動消費者的參與。從可比較銷售額的角度來看，我們也預計到 2025 年北美可比銷售額將持平或成長 2%。預計第二季將較第一季有所改善，到年中將達到月度可比銷售額持平，到 2025 年結束時可比銷售額將加速成長。在第二季前 5 週，北美可比銷售額與 2024 年同期相比下降不到 1%，可比交易量增加超過 1%。在國際上，我們繼續預期 2025 年全年可比銷售額將持平或成長 2%，因為考慮到動態的全球營運環境，我們對前景保持謹慎。

For 2025, we expect consolidated adjusted EBITDA to be between $200 million and $220 million compared with $227 million in 2024 as our teams execute on our strategic priorities, and we make investments to drive sustainable long-term growth and improved four-wall economics. As a reminder, our definition of adjusted EBITDA excludes stock-based compensation, interest expense, taxes, depreciation and amortization as well as exclusions for certain onetime items.

到 2025 年，我們預計合併調整後 EBITDA 將在 2 億美元至 2.2 億美元之間，而 2024 年為 2.27 億美元，因為我們的團隊將執行我們的戰略重點，並且我們將進行投資以推動可持續的長期增長和改善四壁經濟。提醒一下，我們對調整後 EBITDA 的定義不包括股票薪資、利息支出、稅金、折舊和攤提以及某些一次性項目的排除。

Our definition of adjusted G&A excludes the same onetime items as adjusted EBITDA, but does not exclude stock-based compensation. Stock-based compensation is expected to be approximately $4 million to $5 million per quarter. There are several timing-related nuances for our quarterly advertising and adjusted G&A spend that I'd like to highlight as well.

我們對調整後的 G&A 的定義不包括與調整後的 EBITDA 相同的一次性項目，但不排除股票薪酬。預計每季股票薪資約 400 萬至 500 萬美元。我們的季度廣告和調整後的 G&A 支出有幾個與時間相關的細微差別，我也想強調一下。

Specific to Q2, we expect to invest $5 million to $7 million of incremental marketing spend compared to the same period last year. For Q2 G&A, our management incentive plan will also reset. Altogether, we expect Q2 adjusted G&A to be approximately $4 million higher than Q1.

具體到第二季度，我們預計與去年同期相比，增量行銷支出將增加 500 萬至 700 萬美元。對於第二季的一般及行政事務，我們的管理激勵計畫也將重置。總體而言，我們預計第二季調整後的 G&A 將比第一季高出約 400 萬美元。

Overall, we expect second half adjusted G&A to be in line with Q1 2025 levels. 2025 and 2026 are investment periods for Papa John's as we execute our plans to be the best pizza makers in the business and generate high single-digit system-wide sales growth, improved four-wall restaurant profitability and adjusted EBITDA growth over the longer term. For 2025 nonoperating expense items, we expect our G&A expense to be between $70 million and $75 million, our net interest expense to be between $40 million and $45 million and our capital expenditures to be between $75 million and $85 million.

總體而言，我們預計下半年調整後的 G&A 將與 2025 年第一季的水平保持一致。 2025 年和 2026 年是 Papa John's 的投資期，因為我們將執行計劃，成為業內最好的披薩製造商，並在長期內實現高個位數的系統範圍內銷售增長、提高四面餐廳的盈利能力和調整後的 EBITDA 增長。對於 2025 年的非營業支出項目，我們預計 G&A 支出在 7,000 萬美元至 7,500 萬美元之間，淨利息支出在 4,000 萬美元至 4,500 萬美元之間，資本支出在 7,500 萬美元至 8,500 萬美元之間。

As a reminder, we expect our tax rate to be in the range of 28% to 32% -- turning to restaurant development. We ended the first quarter of 2025 with 6,019 restaurants globally. In North America, we opened 18 new restaurants and closed 16, bringing our total North America restaurant count to 3,516. We still expect to open between 85 and 115 gross new restaurants in North America in 2025 and approximately 70% of remaining projected openings are currently in the construction design or later stages. As a reminder, due to construction and permitting time lines, the majority of our new restaurants tend to open in the back half of the year.

提醒一下，我們預計我們的稅率將在 28% 至 32% 之間——轉向餐廳開發。截至 2025 年第一季度，我們在全球擁有 6,019 家餐廳。在北美，我們開設了 18 家新餐廳，關閉了 16 家，使我們在北美的餐廳總數達到 3,516 家。我們仍預計 2025 年北美將開設 85 至 115 家新餐廳，剩餘預計開設的餐廳中約有 70% 目前處於施工設計或後期階段。提醒一下，由於施工和許可時間表，我們的大多數新餐廳往往會在下半年開業。

For restaurant closures, we continue to anticipate our closures will return to our historical average of approximately 1.5% to 2% of the North America system. From an international perspective, we opened 29 new restaurants in the first quarter while closing 42, bringing our international restaurant count to 2,503. We continue to make significant progress in our international transformation while carefully evaluating marketplace health and considering strategic closures to ensure the continued health of the Papa John's brand.

對於餐廳關閉情況，我們繼續預計關閉率將恢復到北美系統的歷史平均水平，約為 1.5% 至 2%。從國際角度來看，我們在第一季開設了 29 家新餐廳，同時關閉了 42 家，使我們的國際餐廳數量達到 2,503 家。我們在國際轉型方面繼續取得重大進展，同時仔細評估市場健康狀況並考慮策略性關閉，以確保 Papa John's 品牌的持續健康發展。

For 2025, we still expect to open 180 to 200 gross new restaurants across our international markets. We will continue to monitor territory-specific trends as geopolitical and market dynamics continue to change. Going forward, we anticipate international closures will be between 4% and 5% of our international system outside of any strategic market closures to improve marketplace health. In closing, we are confident in our strategy to deliver profitable growth and pleased with the momentum building in our business. We remain laser-focused on delivering a better customer experience, improving four-wall profitability and delivering value creation for all stakeholders.

到 2025 年，我們仍預計在國際市場開設 180 至 200 家新餐廳。隨著地緣政治和市場動態的不斷變化，我們將繼續監控特定地區的趨勢。展望未來，我們預計，除為改善市場健康而採取的策略性市場關閉措施外，國際市場的關閉比例將占我們國際體系的 4% 至 5%。最後，我們對實現獲利成長的策略充滿信心，並對我們業務的發展勢頭感到滿意。我們始終專注於提供更好的客戶體驗、提高公司獲利能力並為所有利害關係人創造價值。

With that, I'll turn it back to Todd for some closing thoughts.

說完這些，我將把話題轉回給托德，讓他發表一些結束語。

Thank you, Ravi. Before we open it up for questions, I want to share that last month, I joined more than 1,000 attendees at our biannual franchisee conference, which brought together franchisees, operation partners, suppliers and team members from across the Papa John's system. We had the opportunity to share a business update, present our transformation initiatives, sample new menu offerings and collaborate with our franchise partners to grow sales and profitability across the Papa John's system. We received very positive feedback on the event and are grateful for our franchisees' time, commitment and engagement. Together, we continue to make great progress towards our #1 priority of creating great experiences for our customers and employees in our restaurants.

謝謝你，拉維。在我們開始提問之前，我想分享一下，上個月，我和 1,000 多名與會者一起參加了我們的兩年一次的特許經營商會議，該會議匯集了來自 Papa John's 系統的特許經營商、運營合作夥伴、供應商和團隊成員。我們有機會分享業務更新、展示我們的轉型舉措、品嚐新菜單並與我們的特許經營合作夥伴合作，以增加整個 Papa John 系統的銷售額和盈利能力。我們收到了對此次活動的非常積極的回饋，並感謝我們的特許經營商所付出的時間、承諾和參與。我們將繼續攜手努力，朝著我們的首要任務邁進，為餐廳的顧客和員工創造美好的體驗。

Now I'd like to open up the call for any questions you may have.

現在我想開始回答大家可能提出的任何問題。

Brian Bittner, Oppenheimer.

奧本海默的布萊恩·比特納。

As it relates to demand trends, it seems as though you're seeing some consistent sequential improvements since the year began in your traffic. Todd, I'd just love to hear how you're viewing this consumer environment you're operating in from Papa John's perspective. Are you maybe perhaps a bit more optimistic as the year unfolds from a consumer health perspective?

就需求趨勢而言，您似乎看到自今年以來流量出現了持續的持續改善。托德，我很想聽聽你從 Papa John 的角度如何看待你所處的消費環境。從消費者健康角度來看，隨著新的一年的到來，您是否會更樂觀？

Yes. Thanks for the question, Brian. As we look at consumer confidence, it does remain challenged amid the economic and market volatility. We're all talking about it. We all see it.

是的。謝謝你的提問，布萊恩。從消費者信心來看，在經濟和市場波動的背景下，消費者信心仍面臨挑戰。我們都在談論它。我們都看到了。

We've seen intensification on competitive pressures and the promotional cycles. We've also seen some challenges on the lower income cohorts. But what we're really encouraged on is we've made a lot of progress. We've improved our value perception. We're back in position on that.

我們看到競爭壓力和促銷週期不斷加劇。我們也看到低收入群體面臨一些挑戰。但真正讓我們感到鼓舞的是我們已經取得了巨大的進步。我們提高了我們的價值觀。我們已恢復原狀。

We continue to drive more traffic into our restaurants, as you've seen with the sequential improvements in same-restaurant sales comps and some of the transaction share gains that we noted on the call. And we're working hard to really enhance the customer experience. And we know value for the money is not just about sharp price points, and we've been playing the barbell strategy well with $6.99 Papa pairings and premium news. But we also know quality plays a big role. And we've been enhancing our customer experience in our restaurants consistently over the last several quarters.

我們將繼續吸引更多客流到我們的餐廳，正如您在電話會議上看到的，同店銷售額的連續增長以及交易份額的增長。我們正在努力真正提升客戶體驗。我們知道物有所值不僅僅意味著價格合理，我們一直採用槓鈴策略，提供 6.99 美元的 Papa 搭配和優質新聞。但我們也知道品質起著重要作用。在過去的幾個季度中，我們一直在不斷提升餐廳的顧客體驗。

So you're starting to see the benefits of all of that with the solid start now into Q2 through the first 5 weeks. As we noted on the call, same-restaurant sales are now down less than 1%, and our transactions are positive more than 1%. And we know we've got a lot more news coming in the back half of the year as we really start to lean into a more traditional innovation approach where we're bringing some news to life on a more consistent basis around crush flavors, some new pizza formats, some topping innovations and even some dipping options. So we think we will be able to actually recruit new customers into the brand and continue to win share of stomach along the way.

因此，隨著第二季前 5 週的良好開局，您開始看到所有這些帶來的好處。正如我們在電話會議中指出的那樣，同店銷售額目前下降不到 1%，而我們的交易額則增加了 1% 以上。我們知道，隨著我們真正開始傾向於更傳統的創新方式，我們將在今年下半年發布更多新聞，在這種方式下，我們將更持續地推出一些關於粉碎口味、一些新的披薩形式、一些配料創新甚至一些蘸醬選擇的新聞。因此，我們認為我們將能夠真正吸引新客戶加入品牌，並在此過程中繼續贏得消費者的青睞。

And just a quick follow-up is just as it relates to the incremental advertising, are you able to dive perhaps a little deeper into any early learnings on how the deployment of this is impacting demand or how you expect it to potentially impact demand moving forward just based on what you've seen?

再問一個簡短的後續問題，就增量廣告而言，您是否可以更深入地了解一下早期的經驗，了解這種部署如何影響需求，或者根據您所看到的情況，您預計它會如何影響未來的需求？

Yes. As we talked about, we had about $7 million of incremental media to test marketing in the first quarter and about the same that we've got planned here in the second quarter. We continue to check and adjust. The team has been doing a great job really trying to find the optimal mix between national and regional spend. We've got a lot of media mix tests out there to make sure we got the right balance between linear, social, digital and continue to evolve our social and digital voice.

是的。正如我們所說的，我們在第一季投入了大約 700 萬美元的增量媒體來測試行銷，而第二季的投入也與我們計劃的差不多。我們將繼續檢查並進行調整。團隊一直在努力尋找國家和地區支出之間的最佳組合，做得很好。我們進行了大量媒體組合測試，以確保線性、社交和數位之間取得適當的平衡，並不斷發展我們的社交和數位聲音。

And a lot of work with the refinements on leveraging our data better around customer communications in the CRM space. So we're working through all of those. We're seeing that get reflected in our brand health tracker, significant gains in our consumer awareness and consideration. As I said earlier, meaningful improvement in the value perception. So we're encouraged by the early results.

我們在 CRM 領域中圍繞客戶溝通更好地利用數據方面做了大量工作。所以我們正在努力解決所有這些問題。我們看到這反映在我們的品牌健康追蹤器中，消費者意識和考慮度顯著提高。正如我之前所說，價值觀的顯著改善。因此我們對早期結果感到鼓舞。

It was nice to see the Meet the Makers campaign come to life around craftsmanship, which is core to who we are. But importantly, we'll continue to evolve the craftsmanship message and really talk about why we're better, unique and different around our original dough with Sinkle ingredients. When you get to flower, water, sugar, oil, salt in the East, that's a differentiator in the category, and we're going to amplify that and it's relevant to today's consumer when you think about the quality message that we deliver day in and day out.

很高興看到「遇見製造者」活動圍繞著工藝而展開，這是我們的核心。但重要的是，我們將繼續發展工藝訊息，並真正談論為什麼我們在使用 Sinkle 原料製作的原始麵團方面更優秀、更獨特、更與眾不同。當你在東方接觸到鮮花、水、糖、油和鹽時，這就是該類別中的一個差異化因素，我們將擴大這一差異化，當你想到我們日復一日傳遞的品質訊息時，這與當今的消費者息息相關。

Andrew Strelzik, BMO Capital Markets.

蒙特利爾銀行資本市場 (BMO Capital Markets) 的 Andrew Strelzik。

Obviously, a lot of different areas that you're working on and making progress on. I guess I'm curious where you feel like you've made the most progress within those initiatives or maybe where you feel like you're pacing ahead or behind with some of the key areas that you've been working on?

顯然，您正在許多不同的領域開展工作並取得進展。我想我很好奇，您覺得在這些舉措中您在哪些方面取得了最大的進展，或者您覺得在您一直致力於的一些關鍵領域中您在哪些方面領先或落後？

I think there's two pieces where I feel really good. I mean on the technology transformation, as we brought Kevin Dusconi into the organization, he's built out his team in partnership with the marketing team, we've been really leveraging our data significantly different when you think about how we're managing CRM and connecting to our consumer. The change in the loyalty program clearly allows us to leverage the engagement with the loyalty consumer as we're really bending some trends with a great value proposition and really having cash that's rewarded that bounces you back for every visit.

我認為有兩件事讓我感覺非常好。我的意思是，在技術轉型方面，當我們將 Kevin Dusconi 帶入組織時，他與行銷團隊合作組建了他的團隊，當你想到我們如何管理 CRM 和聯繫我們的消費者時，我們確實以顯著不同的方式利用我們的數據。忠誠度計畫的變化顯然使我們能夠利用與忠誠度消費者的互動，因為我們確實透過巨大的價值主張改變了一些趨勢，並且確實獲得了獎勵現金，讓您每次造訪都能獲得回報。

So I feel really good about the progress we're making on the technology front. I love that we're really making some really good progress on telling our story around pizza craftsmanship and the quality message that we have around better ingredients and better pizza, and we've made some great strides there. And we've really focused on coaching visits in the restaurants, some simplification within the 4 walls of the restaurant. We know we've got more work to do on that front. But we've put some tools in around pizza grading and really making sure that we're delivering a great crust bake that are really making meaningful differences.

因此，我對我們在技術方面取得的進步感到非常滿意。我很高興我們在講述披薩工藝的故事以及關於更好的原料和更好的披薩的品質資訊方面取得了一些非常好的進展，而且我們已經取得了一些重大進展。我們真正關注的是餐廳的指導訪問，以及餐廳內部的一些簡化。我們知道在這方面我們還有許多工作要做。但我們在披薩分級方面採用了一些工具，真正確保我們提供的披薩餅皮烤得非常好，這確實帶來了有意義的變化。

The opportunity is we're really rebuilding our innovation pipeline. You've seen we've been fastball down the middle, back half of last year, early this year with the promotional cadence that we've had. It's allowing us to deliver better pizzas. And as we talked about on the prepared remarks, our core pizza business, more pies delivering up about 4%. We got some leaky buckets around Papadias and Papa Bites, but those are rhythmbreakers that get us back to making really core pizza.

機會在於我們正在重建我們的創新管道。你已經看到，從去年下半年到今年年初，我們的促銷節奏一直很快。它使我們能夠提供更好的披薩。正如我們在準備好的發言中談到的，我們的核心披薩業務是更多的披薩，成長了約 4%。我們在 Papadias 和 Papa Bites 周圍有一些漏水桶，但這些都是節奏破壞者，讓我們回到製作真正核心的披薩。

But you're going to see us start to really have some consumer-led insight-driven innovation in the back half. that is durable and sustainable and news that attract some of those new customers into our business. And we're really working hard to build a great shelf of strong innovations, not just to finish this year, but into 2026.

但你會看到我們在下半年開始真正擁有一些由消費者主導的洞察力所驅動的創新。這是持久的和可持續的，並且吸引了一些新客戶加入我們的業務。我們正在努力打造強大的創新體系，不僅在今年完成，還要持續到 2026 年。

Okay. Great. That's helpful. And the international momentum continues to pick up from a same-store sales perspective. Can you just talk about some of the drivers there regionally where you're seeing particular strength? Just a little bit more color on the outlook.

好的。偉大的。這很有幫助。從同店銷售額來看，國際動能持續回升。您能否談談您認為該地區特別強大的一些驅動因素？外觀上再多一點色彩就好了。

Yes. As we've talked about over the trailing 4 quarters, like we are in the middle of an international transformation, and we've been pleased with the initial results. But I still say we're in the early innings. -- we've laid out like what our focus countries are. When I take a step back and look at them, the vast majority of those markets are growing mid-single digits or double digits at this point in time.

是的。正如我們在過去四個季度中談到的那樣，我們正處於國際轉型之中，我們對初步結果感到滿意。但我仍然認為我們還處於早期階段。 ——我們已經確定了我們的重點國家。當我退一步觀察它們時，我發現絕大多數市場目前都處於中等個位數或兩位數的成長狀態。

Specific to the UK, we're up 1% in Q1, and we're accelerating quarter-to-date in Q2. We're seeing a couple of things play out.

具體到英國，我們在第一季成長了 1%，而第二季迄今的成長速度正在加快。我們看到了一些事情正在發生。

One, we've accelerated our pace of innovation in those markets and are being really thoughtful about how we roll out innovation over time. We're going back and taking a hard look to make sure that we're executing on our quality proposition as great as we can. And I think the third thing is that like as there's a little bit of shakeout or market consolidation happening across the globe in the pizza category, we're seeing that we are gaining share and gaining transactions through that.

首先，我們加快了在這些市場的創新步伐，並且正在認真考慮如何隨著時間的推移推出創新。我們正在回顧並認真審視，以確保我們盡可能出色地執行我們的品質主張。我認為第三件事是，隨著全球披薩市場出現一些調整或整合，我們看到我們正在透過這種方式獲得市場份額並獲得交易量。

So we've been pleased with the performance, particularly in our core focus countries in Latin America, in the UK, in Spain and Middle East and a number of the countries in the Middle East were already back to like pre-conflict levels, and we're excited about the growth opportunity that we have in front of us.

因此，我們對業績感到滿意，特別是在我們關注的核心國家拉丁美洲、英國、西班牙和中東，中東的一些國家已經恢復到衝突前的水平，我們對擺在我們面前的成長機會感到興奮。

Eric Gonzalez, KeyBanc.

艾瑞克·岡薩雷斯（Eric Gonzalez），KeyBanc。

I think you mentioned the potential to improve supply chain costs for your franchisees. I'm just curious how big that opportunity could be relative to your franchisees' overall four-wall margins. And would you expect to pass on all that savings to the franchisees?

我認為您提到了改善特許經營商供應鏈成本的潛力。我只是好奇，相對於您的加盟商的整體利潤而言，這個機會有多大。您是否希望將所有節省下來的錢轉嫁給特許經營商？

Yes. Thanks. We're in the early innings of really taking a hard look at our supply chain optimization. And we know we got opportunities to reduce the cost to serve. Always going to be committed to high quality and better ingredients as a starting point.

是的。謝謝。我們正處於認真審視供應鏈優化的早期階段。我們知道我們有機會降低服務成本。始終致力於以高品質和更好的原料為起點。

But when you look at the opportunities around manufacturing and our capacity utilization and how we distribute to our stores day in and day out. We think there's meaningful savings that we're going to see. They will be passed along to the system to really enhance the restaurant economic model, and we'll get the benefit with our company ownership there along the way.

但是，當你看到製造過程中的機會、我們的產能利用率以及我們如何日復一日地向商店分銷產品時。我們認為我們將會看到顯著的節省。它們將被傳遞到系統中，以真正增強餐廳經濟模式，而我們將在此過程中透過公司所有權獲得利益。

And we start to see -- we'll probably start to see some of those savings really take hold in '26. So we'll talk a lot more about this on the next call. We're in the midst of really deciding what levers we can and should pull and bringing the franchise community along on that journey. But we are absolutely committed to finding efficiencies in the supply chain to help offset some of the margin enhancements that we're taking on with some of the retrading we did with the franchise community last year. Rob?

我們開始看到——我們可能會開始看到其中一些儲蓄在 26 年真正發揮作用。因此，我們將在下次通話中詳細討論這個問題。我們正在認真決定我們能夠並且應該採取哪些措施，並帶領特許經營社區一起踏上這趟旅程。但我們絕對致力於提高供應鏈的效率，以幫助抵消我們去年與特許經營社區進行的一些重新交易所帶來的部分利潤率提升。搶？

Maybe a few things that I'd want to add. Like first and foremost, like quality is part of our competitive moat. And as Todd has kind of talked about that like our dough is made with 6 simple ingredients, flower, water, sugar, oil, salt, yeast. Our cheese is real cheese made from mozarella. Our sauce goes from vine to sauce in 24 hours.

也許我想補充一些事情。首先，品質是我們競爭力的一部分。正如托德所說的那樣，我們的麵團由六種簡單的原料製成：麵粉、水、糖、油、鹽、酵母。我們的起司是由馬蘇里拉起司製成的真正起司。我們的醬汁從藤蔓到成品只需 24 小時。

Those are things that are part of our competitive moat. But at the same time, we see opportunities to improve the four-wall economics for our franchisees. And as Todd talked about, like we're relentlessly focused on that. And we see this as a multiyear initiative that both from a focus for us as well as benefit for the franchisee community, and we look forward to sharing more.

這些都是我們競爭優勢的一部分。但同時，我們也看到了改善特許經營者四壁經濟的機會。正如托德所說，我們一直堅持不懈地關注這一點。我們認為這是一項多年計劃，既能讓我們專注於重點，又能使特許經營商社區受益，我們期待分享更多。

That's great. And then on the -- there was talk about the company-owned restaurants and some potential refranchising that you're considering. Do you have an idea of maybe where you can take -- where you would take your franchise mix over time as you try to spark that growth with the incentive of being able to buy some of those company-owned stores?

那太棒了。然後——我們談到了公司自營餐廳以及您正在考慮的一些潛在的特許經營權。您是否知道，當您試圖透過購買一些公司自有商店來刺激成長時，您可以將您的特許經營組合帶到哪裡？

Yes. More to come on that in the future, Eric. We'll probably see some of the first refranchising happen during the course of Q2 or early Q3. It's not contemplated in our guidance, but we think the first refranchisings could be accretive to earnings. Ultimately, as we shared back in December, we're really focused on our core markets where we have a strong 1 or 2 position.

是的。艾瑞克，未來我們會對此進行更多介紹。我們可能會在第二季或第三季初看到一些首批特許經營權的重新授予。我們的指導中沒有考慮到這一點，但我們認為第一次重新特許經營可能會增加收益。最終，正如我們在 12 月分享的那樣，我們真正專注於我們擁有強大 1 或 2 地位的核心市場。

And we've got some other great markets that could allow growth-minded franchisees to take on to scale up or bring some fresh blood into our system to really set ourselves up for long-term success.

我們還有其他一些優秀的市場，可以讓具有成長意識的特許經營商擴大規模或為我們的系統注入新鮮血液，從而真正為我們的長期成功做好準備。

But when you think about that corridor from Indianapolis down to Louisville, Nashville, Atlanta, that's really core. and we'll have to take a hard look at everything else. But we're really focused on running those restaurants really well and making an impact in our business for the long run in the company restaurants to be a great brand steward and showcase operational excellence in every restaurant that we own.

但是當你想到從印第安納波利斯到路易斯維爾、納許維爾、亞特蘭大的走廊時，那才是真正的核心。我們必須認真審視其他一切。但我們真正關注的是經營好這些餐廳，並對我們的公司餐廳業務產生長期影響，成為優秀的品牌管家，並在我們擁有的每家餐廳中展示卓越的營運。

So the one thing I'd add is that on a national level, we talk about ourselves as a 10% to 11% market share business. When you actually start to peel back the onion and look at some of these markets, whether it's from D.C. to Raleigh to Charlotte to Nashville, like our market share is in the high teens or in the low 20s.

所以我想補充一點，在國家層面，我們自稱為 10% 到 11% 市佔率的企業。當你真正開始剝開洋蔥皮並觀察這些市場時，無論是從華盛頓特區到羅利到夏洛特到納許維爾，我們的市場份額都在十幾歲或二十多歲出頭。

And we don't think we're done taking market share in those markets, and we have some fantastic growth-oriented franchisees who have been really striking the right balance of price value, transaction orientation, and we think that they could play a big and outsized role in helping us to continue to flesh out the markets of strength.

我們認為我們在這些市場的份額還沒有完全佔據，我們擁有一些非常出色的成長型特許經營商，他們在價格價值和交易導向之間取得了正確的平衡，我們認為他們可以發揮巨大作用，幫助我們繼續充實實力市場。

Peter Saleh, BTIG.

彼得·薩利赫（Peter Saleh），BTIG。

Great. In the past, Papa John's has been able to command a little bit more of a price premium for the higher-quality ingredients you guys offer. It looks like you guys are going to double down on that campaign. Can you just talk a little bit about the timing of the campaign on more higher-quality ingredients? And do you still feel like the customer appreciates that as maybe willing to pay a little bit more of a premium for the higher quality ingredients? And then I have a follow-up.

偉大的。過去，由於你們提供的原料品質較高，Papa John's 可以收取稍高一點的價格。看起來你們將加倍努力進行這項活動。能否簡單談談推出更多優質原料活動的時間安排？您是否仍覺得顧客會感激這一點，甚至願意為更高品質的原料支付更高的價格？然後我有一個後續問題。

Yes. We'll see over time whether the consumer really pay for the quality of the ingredients. Clearly, it will always be a tiebreaker. And we think over time, as we execute well at the restaurant level, the spirit of worth what you pay, the consumer will start to reward us for that work. As you think about where we started the year, we wanted to get back to our core.

是的。隨著時間的推移，我們將看到消費者是否真的為原料的品質買單。顯然，這永遠都是一場決勝局。我們認為，隨著時間的推移，當我們在餐廳層級執行良好、物有所值的精神時，消費者就會開始獎勵我們的工作。當你回想我們今年的起點時，我們想要回到我們的核心。

And it was really around this Meet the Makers campaign that is really focused on the pizza craftsmanship and what we do around handcrafted food in our restaurants. That's relevant today.

這次「與製造商見面」活動真正關注的是披薩製作工藝以及我們在餐廳中手工製作食物的方式。這與今天息息相關。

And as we really looked at messaging that the consumer is looking for, high quality, value for the money, feeding the family affordable, we can play that role with the great quality. And you'll see our Meet the Makers campaign evolve in short order here to not only talk about the great things we do in the restaurant, but really highlight our unique differences, really being proud of the 6 simple ingredients that we have in our original dough, and we'll continue to leverage that message moving forward.

當我們真正專注於消費者所尋求的資訊時，即高品質、物有所值、以可負擔的價格養家糊口，我們可以憑藉卓越的品質發揮這一作用。您將看到我們的「與製造商見面」活動在這裡迅速展開，不僅談論我們在餐廳所做的偉大的事情，而且真正突出我們的獨特之處，真正為我們原始麵團中的 6 種簡單成分感到自豪，我們將繼續利用這一信息向前發展。

Great. And then just as a follow-up on the oven calibration, Todd, that you mentioned that kicked off in 1Q. Can you elaborate a little bit on what exactly that is? I know you have several different types of ovens in the market. Does that need to be completed before you start the innovation in the back end of the year?

偉大的。然後，作為對烤箱校準的後續跟進，Todd，您提到該校準在第一季開始。能詳細說明一下那到底是什麼嗎？我知道市場上有幾種不同類型的烤箱。這是否需要在年底開始創新之前完成？

Just trying to get a little bit more color on that.

只是想讓它變得更加豐富多彩。

Yes. We're moving really fast on that. And it's really around -- we started to really speed up our ovens a few years back. And as you look at slowing down the oven speed, adjusting the baked temp, there's an opportunity to really drive a better bake on our core pizza. We're working on that initiative in earnest, and we'll have that largely completed here in the first half of the year.

是的。我們在這方面進展得非常快。它確實存在——幾年前我們就開始真正加快烤箱的速度。當您考慮降低烤箱速度、調整烘烤溫度時，我們就有機會真正改善我們的核心披薩的烘烤效果。我們正在認真實施這項舉措，並將在今年上半年基本完成。

So we'll start to see those benefits in the back half. That will complement all the innovations that are coming to market, but not necessarily something that really needs to be the lead to make that happen at the moment. But over time, it opens up a lot more opportunity for us. As we slow that oven down, there's different crust pipes that we can start to bring to life on our core pizza.

因此我們將在後半部分開始看到這些好處。這將補充所有進入市場的創新，但不一定是目前真正需要引領才能實現這一目標的東西。但隨著時間的推移，它為我們帶來了更多的機會。隨著我們減慢烤箱的速度，我們可以開始在核心披薩上製作不同的脆皮管。

And there's a lot of other options as you think about what we want to do on sites, what we want to do on handhelds, what we want to do on past or bowls or other things that we could potentially look at. It opens up the world to not just be the best pizza makers in the business, but how do we evolve to become the best bakers in the business. So this is a methodical work to ensure that we've really leveraged our core tool in our restaurants and oven that can unlock a lot of opportunities for years to come around what we bring to life for our consumer.

當您考慮我們想在網站上做什麼、我們想在手持設備上做什麼、我們想在過去或碗上做什麼或我們可能考慮的其他事情時，還有很多其他選擇。它不僅向世界展示瞭如何成為業內最好的披薩製作者，還展示瞭如何發展成為業內最好的麵包師。因此，這是一項有條不紊的工作，以確保我們真正利用了餐廳和烤箱中的核心工具，從而為未來幾年我們為消費者帶來的產品帶來許多機會。

(Operator Instructions) Jim Salera, Stephens.

（操作員指示）Jim Salera，Stephens。

I wanted to ask about just the kind of expectations for QSR pizza category. I believe on the previous call, you guys mentioned traffic for the category of flat to slightly down. And since then, consumer sentiment, I feel like it's probably gotten marginally worse than what the expectations were at that time. given the reiterated guidance, could we bridge that to point to maybe some market share gains that you guys are anticipating? Or just any thoughts on that dynamic would be helpful.

我只是想問一下 QSR 披薩類別的期望。我相信在之前的電話會議中，你們提到了該類別的流量持平或略有下降。從那時起，我覺得消費者情緒可能比當時的預期略有下降。鑑於重申的指導，我們能否彌合這一點，以指出你們預期的一些市場份額增長？或任何有關該動態的想法都會有所幫助。

Thanks, Jim, for the question. So we think that there are companies specific growth drivers for Papa John's. And as Todd talked about in the prepared remarks, our strategy across how we're focused on our core product new sales layers coming in the back half of the year, the advancements and loyalty, our new innovation partnership with Google. We believe that even if the category is a bit challenged we are well positioned to take transaction share. And that's what we've seen in the business through the first 5 months of the year.

謝謝吉姆提出這個問題。因此我們認為，Papa John's 有其特定的成長動力。正如托德在準備好的演講中談到的那樣，我們的策略包括如何專注於我們的核心產品、下半年的新銷售層、進步和忠誠度，以及我們與Google的新創新合作夥伴關係。我們相信，即使該類別面臨一些挑戰，我們仍能佔據有利地位，贏得交易份額。這就是我們今年前五個月的業務表現。

And we are reading and reacting in the business appropriately and fast when we need to, to make sure we're adjusting to where the consumer is adding. But fundamentally, we're seeing consumer counts get better as we move through the year. Our loyalty program is driving retention at a higher rate, we're seeing the distance, the second and third transaction continue to improve.

當需要時，我們會閱讀並適當、快速地對業務做出反應，以確保我們能夠根據消費者的增加進行調整。但從根本上來說，隨著時間的推移，我們看到消費者數量正在逐漸改善。我們的忠誠度計劃正在以更高的速度推動保留率，我們看到距離、第二次和第三次交易繼續改善。

No, thanks for that, Ravi. I mean we've been really focused on bringing in more customers more often. And we've talked about that for a while. We had to get back into position. And we do think it allows us on a transaction share basis to continue to bring more folks in more often.

不，謝謝你，拉維。我的意思是我們一直致力於更頻繁地吸引更多客戶。我們已經討論這個問題有一段時間了。我們必須回到原位。我們確實認為，它使我們能夠在交易份額的基礎上繼續更頻繁地吸引更多人。

What we need to continue to do then is turn that into higher average checks over time and working on that between pricing and innovation and the promotional cadence, and we know we can bring that to life. And we know that we got a high variable margin on every incremental transaction that we bring in. So we feel good about all of that.

我們需要繼續做的是隨著時間的推移將其轉化為更高的平均支票，並在定價和創新以及促銷節奏之間進行努力，我們知道我們可以將其變為現實。我們知道，我們引入的每一筆增量交易都獲得了較高的可變利潤。因此我們對這一切感到很滿意。

And Ravi, you mentioned the Google Cloud partnership, and we really look at that as an innovation partnership opportunities to enhance ordering and delivery experience and her take personalization to the next level or as Kevin likes to say, hyper personalization, we got the opportunity to bring that to life, like anticipating customer cravings or optimizing delivery routes or elevating the experience from click to cross others may have done some of those things already. Those are all in front of us and opportunities to really capitalize to better connect to our consumer to drive frequency.

拉維，您提到了與谷歌雲的合作，我們確實將其視為一個創新合作機會，以增強訂購和交付體驗，並將個性化提升到一個新的水平，或者正如凱文所說的那樣，超個性化，我們有機會將其變為現實，例如預測客戶的需求或優化交付路線或提升從點擊到交叉的體驗，其他人可能已經做了一些事情。這些都是擺在我們面前的機會，我們可以利用這些機會更好地與消費者建立聯繫，從而提高使用頻率。

And remember, our focus has really been around driving folks into the loyalty in our core consumer to date and really driving frequency around the core. We haven't had news in a while to really recruit new customers into our portfolio. And you will see a steady cadence of some news in the back half of the year.

請記住，迄今為止，我們的重點一直是推動人們對我們核心消費者的忠誠度，並真正推動核心消費者的使用頻率。我們已經有一段時間沒有消息真正吸引新客戶加入我們的作品集了。您將在今年下半年看到一些穩定的新聞。

Great. And maybe a quick follow-up on the rewards program. Are you able to quantify or are you able to see what percentage of orders are redeeming Papa Dough before and after you guys reduced the threshold? And I don't know if there's like an ideal mix of orders that you would like to see redeeming some type of awards? Or just any thoughts there would be helpful?

偉大的。或許可以快速跟進獎勵計劃。您能否量化或查看在降低門檻之前和之後兌換 Papa Dough 的訂單百分比？我不知道是否存在理想的訂單組合，您希望看到它兌換某種類型的獎勵？或只是任何想法都會有幫助？

Yes. We've seen a substantial increase in the number of our loyalty members though our earning. It's about 75% of our loyalty members actually earn awards every time that they purchase on our first-party channel. And what we're seeing is about 50% of our loyalty consumers actually redeeming. And what's really exciting about this experience is that if you purchase from -- on like a Sunday evening, Monday morning or Monday afternoon, you're getting a push notification to reengage with the brand and it's really helping us to stay relevant upon from the consumer and just for contacts, like we more than doubled the number of consumers who are redeeming Papa Dough.

是的。透過我們的收入，我們看到忠誠會員的數量大幅增加。我們的忠誠會員中約有 75% 的人每次在我們的第一方管道購物時都會獲得獎勵。我們發現大約 50% 的忠誠消費者確實進行了兌換。這種體驗真正令人興奮的是，如果你在周日晚上、週一早上或週一下午購買，你會收到一條推播通知，讓你重新與品牌互動，這確實幫助我們與消費者保持聯繫，僅就聯繫而言，我們兌換 Papa Dough 的消費者數量增加了一倍以上。

And I think the bigger point for us here was like our data science and our understanding the consumer is a core part of our competitive moat and really like pairs nicely with this notion of like focus on quality, focus on the simplicity of our ingredients, and we think that it's a long-term durable strategy for us to continue to lean into like our product proposition and lean in and take advantage of a great data science tech stack.

我認為對我們來說更重要的一點是，我們的數據科學和對消費者的理解是我們競爭優勢的核心部分，並且與關注質量、關注成分簡單性的理念完美結合，我們認為這是一個長期持久的戰略，讓我們繼續傾向於我們的產品主張，並利用強大的數據科學技術堆疊。

Our loyalty program is working as we intended it to. And when you think about providing cold hard cash for next bounce back, that's a differentiator. We're not bunching you back to a different product or something you might not want. We're giving you true value on the next purchase, and we're seeing the time to the next purchase improve. And we think that's an opportunity for the life cycle of that customer to really have a good investment and a great return.

我們的忠誠度計劃正在按照我們的預期進行。當你考慮為下一次反彈提供現金時，這就是一個區別因素。我們不會強迫您購買其他產品或您可能不想要的產品。我們將在您的下次購買中提供真正的價值，並且我們正在看到下次購買的時間得到改善。我們認為，這對客戶的生命週期來說是一個真正獲得良好投資和豐厚回報的機會。

So we're going to continue to recruit more folks into the loyalty program. You've seen that with over our loyalty members, up another 1 million people over the last quarter, and we think it's a big opportunity to drive the business moving forward.

因此，我們將繼續招募更多人加入忠誠度計畫。你已經看到，我們的忠誠會員數量在上個季度增加了 100 萬人，我們認為這是推動業務向前發展的一個巨大機會。

(inaudible), Bank of America.

（聽不清楚），美國銀行。

I have, I guess, one small, one big question. The smaller one is just you talked about improving the economics of franchisee margins. Are they seeing the same kind of pressure? And I guess in that sense, it sounds like you still feel good about the refranchising, but I'm just trying to understand if the extent to which, if pressure continues, does that hamper that?

我想，我有一個大問題，一個小問題。較小的一個就是您剛才談到的提高特許經營商利潤的經濟效益。他們是否面臨同樣的壓力？我想從這個意義上來說，聽起來你仍然對重新特許經營感到滿意，但我只是想知道如果壓力持續下去，這會在多大程度上阻礙這一點？

And then the bigger question maybe is just, to your point, you offer better quality, but you have to be competitive on price and you're sort of a smaller scale than some of your competitors. So maybe Todd haven't worked for challenger brands. How do you how do you square that circle where maybe your cost is not the lowest cost, but you need to offer better quality at a very compelling competitive value? So where do you where do you see the opportunity to do that if you kind of subscale?

那麼更大的問題可能就是，就您的觀點而言，您提供更好的質量，但您必須在價格上具有競爭力，而且您的規模比一些競爭對手要小。因此托德可能沒有為挑戰者品牌工作過。您如何解決這個問題？您的成本可能不是最低的，但您需要以極具吸引力的競爭價值提供更好的品質？那麼，如果您進行某種程度的細分，您認為在哪裡有機會做到這一點？

Yes, a couple of thoughts, and I'll turn it over to Ravi to finish on the franchise economics. On refranchising, the good news is there's a lot of interest in folks that want to become part of the Papa John's family. We've had a lot of folks inquire about joining our system. We've been betting a lot of very quality operators that are financially sound to come into the system. We've got some really good growth-minded franchisees in the system today that are performing well that would really like to continue to scale up.

是的，有幾點想法，我會把它交給拉維來完成特許經營經濟學。關於重新特許經營，好消息是，許多人對成為 Papa John's 家族一員感興趣。有很多人詢問是否願意加入我們的系統。我們一直在押注許多財務狀況良好的優質業者加入系統。目前，我們的系統中已經有一些非常有成長意識的加盟商，他們的表現表現良好，並且非常希望繼續擴大規模。

So we're feeling good about that even in the current economic conditions of our overall system. On the quality front, it's really having that challenger fighter brand mindset and really evolving some of our media mix away from linear and to more social and digital and really having a voice that's unique to Papa John's to point out our unique quality differences. There's a huge opportunity to connect to the next generation of consumer. And we're seeing that right now as you think about next generation of consumers that were more in the consideration set and our brand awareness is improving and we're going to continue to lean into that.

因此，即使在我們整個系統當前經濟狀況下，我們對此仍感到滿意。在品質方面，我們真正擁有挑戰者品牌思維，真正將我們的一些媒體組合從線性轉變為更具社交性和數位化的，真正擁有 Papa John's 獨有的聲音來指出我們獨特的品質差異。我們有巨大的機會與下一代消費者建立聯繫。我們現在看到，當你想到下一代消費者時，他們會更加考慮我們的品牌知名度，而我們的品牌知名度正在提高，我們將繼續傾向於這一點。

And things like 6 simple ingredients on our original dough and the real cheese from Mozzarella and pizza sauce from buying to sauce in 24 hours, those things matter, and they matter a lot. And it's a huge opportunity to make sure that people know that. That's only can come from Papa John's. And we can do it at a very affordable price point. because pizza is a very good value for the money category.

而像我們原始麵團上的 6 種簡單配料、馬蘇里拉起司和披薩醬，從購買到製作只需 24 小時，這些都很重要，而且非常重要。這是一個讓人們了解這一點的巨大機會。這只能從 Papa John’s 得到。而且我們可以以非常實惠的價格做到這一點。因為披薩是物超所值的。

And as things get a little tougher, I think the consumer truly realizes that, on what they can do to feed a family of three or four at a very affordable price. But franchise economics, some of the things we're doing to enhance margin and kind of the company versus franchise perspective, I'll turn it over to Ravi.

隨著情況變得越來越艱難，我認為消費者真正意識到他們可以以非常實惠的價格養活一個三四口之家。但是特許經營經濟學，我們正在做的一些事情，以提高利潤率以及公司與特許經營的觀點，我將把它交給拉維。

Yes. So a couple of things. One, we think the level of four-wall pressure we saw in Q1 for the corporate restaurants is somewhat transitory and will abate as we grasp through the year, and there are a couple of factors there. Just when I look like period 3 or March results to where we are recently, we've seen meaningful improvement in what our food costs is second, we're seeing transaction growth coupled with that adds not only fixed cost average but better variable profitability through the model. If I even take like a step back and look at just like two-year stack quarter-to-date results, we're down 1%, and we're taking like really thoughtful planful deal optimization and pricing strategies at this point that we strike that right balance of winning consumers' hearts and minds, given where the car is today, but protected the four-wall economics for the long term.

是的。有幾件事。首先，我們認為第一季企業餐廳面臨的四面牆壓力在某種程度上是暫時的，並且會隨著全年的推進而減輕，這其中有幾個因素。當我回顧最近的第 3 期或 3 月份業績時，我們發現食品成本有了顯著改善，此外，我們還看到交易量增長，這不僅增加了平均固定成本，還透過模型提高了可變盈利能力。如果我退一步看看過去兩年來的季度業績，我們下降了 1%，並且我們正在採取非常周到的計劃交易優化和定價策略，以達到贏得消費者心智的正確平衡，考慮到目前汽車的狀況，但要長期保護四面牆經濟。

In terms of timing of refranchising, I think we're clear now than we were even three months ago, like what are our core markets that are really important for us. to protect and own as the franchisor. And now we're thinking about like what is our market share strategy and growth plans for the balance of the company markets. And now over the right time horizon, we'll pair them up with great growth-oriented franchisees and will lean in because like as we talked about in a number of our corporate markets, we're in the 20s from a market share standpoint. We don't think we're done and there is a clear growth opportunity left for us.

就重新特許經營的時機而言，我認為我們現在比三個月前更清楚，哪些核心市場對我們來說真正重要，作為特許經營者需要保護和擁有。現在我們正在考慮我們的市場佔有率策略和公司市場平衡的成長計劃是什麼。現在，在正確的時間範圍內，我們將為他們匹配優秀的成長型特許經營商，並傾力相助，因為正如我們在許多企業市場中談到的那樣，從市場份額的角度來看，我們處於 20 多歲。我們認為我們還沒有完成，而且我們還擁有明顯的成長機會。

And then the last thing I'd share on franchisee economics is our growth-oriented franchisees, they don't really care about the system average at all. They care about how they're performing. And the franchisees who have been focused on delivering fantastic service at great price values and balancing profitability are faring quite well, and they continue to be optimistic, and we see that their business is actually accelerating in many cases right now. other franchisees who have may have been playing the slightly different game in terms of transaction versus price value, they may be going through a little bit more of a resat. But broadly, we've seen a lot of interest in the system to continue to look for system optimization opportunities and interest in talking to us about our corporate markets.

關於特許經營經濟學，我要分享的最後一件事是，我們的以成長為導向的特許經營商根本不關心系統平均值。他們關心自己的表現。而那些專注於以優惠的價格提供優質服務並平衡盈利能力的特許經營商則表現得相當不錯，他們繼續保持樂觀，我們看到他們的業務實際上現在在很多情況下都在加速增長。其他特許經營商可能在交易與價格價值方面玩著略有不同的遊戲，他們可能會經歷更多的重新調整。但總體而言，我們看到許多人對該系統感興趣，繼續尋找系統優化機會，並有興趣與我們討論我們的企業市場。

Appreciate the clear insights.

感謝您清晰的見解。

Brian Mullan, Piper Sandler.

布萊恩·穆蘭、派珀·桑德勒。

Just wanted to ask about the asset base potential to remodel stores. At the Analyst Day, you talked about this as something that could help moving forward, particularly on carryout. Just talk about one, maybe what are the plans for the company-owned stores in terms of remodeling? And then two, how about the franchisee base is their work on your end to encourage franchisees to go down this path as well? Any color would be great.

只是想詢問一下改造商店的資產基礎潛力。在分析師日上，您談到了這一點，認為它有助於推動業務向前發展，特別是在結轉方面。就說一個吧，公司自營店在改造上有什麼計畫？其次，特許經營者基礎怎麼樣？你們在這方面做了哪些工作來鼓勵特許經營者也走這條路？任何顏色都很好。

Yes. No, we're in the early innings of really working out the business case on reimaging. We partnered with some franchisees on the Orlando market got that almost completely reimaged at this stage. And we've got to now bring it to life and activate to make sure we drive consumers back to our restaurants. We'll continue to lean into that and built into our guidance in a company market as the year progresses to really test and learn and see how reimaging can really reengage with the consumer and drive our carryout business and complement the value perception of our overall brand.

是的。不，我們正處於真正制定重塑商業案例的早期階段。我們與奧蘭多市場的一些特許經營商合作，在這個階段幾乎完全重塑了市場形象。我們現在必須將其付諸實踐，確保吸引消費者回到我們的餐廳。隨著時間的推移，我們將繼續依靠這一點，並將其融入公司市場的指導中，以真正測試和學習，並了解重新形象化如何真正地重新吸引消費者並推動我們的外賣業務並補充我們整體品牌的價值認知。

We won't really see a lot of the reimaging start to take place until '26, '27 we'll talk a little bit more about that as we get into the later parts of this year and some of the thoughts and guidance on how we're going to bring that to life as we move forward. But we do think it's important.

直到 2026 年、2027 年，我們才會真正看到大量的重新構想開始發生，我們將在今年下半年更多地談論這個問題，以及關於我們如何在未來實現這一目標的一些想法和指導。但我們確實認為這很重要。

Our asset base has got older and tired we got an opportunity to reimage. We just got to continue to refine the economics to make sure that it works for the franchise community. And we know it may take a little bit of incenting and a little bit of push to bring that to life. But I think our entire system realizes that it's an important part of what we need to do to drive the brand image over time, and we'll start to lean into that more as as this year progresses and we get into early next year.

我們的資產基礎已經老化和疲憊，我們有機會重新塑造。我們只需要繼續完善經濟政策，以確保它能夠為特許經營社區服務。我們知道，要實現這一目標可能需要一點激勵和推動。但我認為我們的整個系統都意識到這是我們長期推動品牌形象所需要做的事情的重要組成部分，隨著今年的進展和明年年初的到來，我們將開始更多地傾向於這一點。

Maybe just two things I would add is just like we're probably more convicted now than we were even a quarter ago on the carryout opportunity. carry out was up low single digits in Q1 from an order standpoint. It's up mid-single digits quarter-to-date, Q2. We see meaningful opportunity for us to to continue to take share in that space. And what we're all seeing is like as we reset the value proposition, leaning in a little bit more into medium pizzas at certain points in the year, connecting that to a carryout consumer, we see that this could be a sales driver and then an incremental sales layer for us to continue to build on, that's going to benefit the four-wall economics benefit, frequency and benefit the business for the long term.

我可能只想補充兩件事，那就是我們現在可能比一個季度前更確信外送的機會。從訂單的角度來看，第一季的外賣量成長了個位數。第二季迄今，該數字已上漲了中等個位數。我們看到了繼續在該領域佔據份額的重大機會。而我們所看到的是，當我們重新設定價值主張時，在一年中的某些時候更多地傾向於中型披薩，並將其與外賣消費者聯繫起來，我們發現這可能是一個銷售驅動力，然後是一個增量銷售層，讓我們繼續在此基礎上發展，這將有利於四牆經濟效益、頻率，並有利於企業的長期發展。

Yes. I think key will be as we get into some of our high market share markets and really focus on where do we drive some infill opportunities with new builds, but how do we make sure that the existing restaurants are reimaged. And how do we really leverage kind of 1 plus 1 to equal 3 to unlock a lot of market share growth in those markets and play from a position of strength, a big part of our strategy moving forward.

是的。我認為關鍵在於，當我們進入一些高市場份額的市場時，我們真正關注的是在哪裡透過新建餐廳來推動一些填充機會，但我們如何確保現有餐廳得到重新形象化。我們如何真正利用 1 加 1 等於 3 的優勢來釋放這些市場的大量市場份額成長，並發揮優勢地位，這是我們未來策略的重要組成部分。

Jim Sanderson, Northcoast Research.

吉姆·桑德森（Jim Sanderson），Northcoast Research。

Just wanted to follow up on the secret shopper study you did. If you could provide any feedback on what current delivery time you observed? And if this is potentially a gating factor that limits consumers from ordering during peak periods and more or less what type of opportunity you see ahead to improve that delivery time and drive a deeper customer engagement?

只是想跟進您所做的神秘顧客研究。您能否就目前觀察到的交貨時間提供任何回饋？如果這可能是限制消費者在高峰時段訂貨的限制因素，那麼您認為未來有哪些機會可以改善送貨時間並推動更深入的客戶參與？

Yes. Thanks, Jim. And what I would say is like there is meaningful variation in terms of what the total time to deliver is from Friday night at 7:00 PM. at one market to Friday night at 7:00 PM. in another market, but probably more importantly is like how we are working with our innovation partnership with Google Sun improve the tech stack holistically, that's going to benefit the entire system.

是的。謝謝，吉姆。我想說的是，從週五晚上 7 點開始在一個市場交付，到週五晚上 7 點在另一個市場交付，總交付時間存在顯著差異，但可能更重要的是我們如何與 Google Sun 進行創新合作，全面改進技術堆疊，這將使整個系統受益。

And two, in the particular trade zones and markets where we have meaningful market share. Where are the ways that we're going to strategically split the market, continue to lean in to carry out to drive incrementality improve the service level. What we know is that temperature plays a an important role in terms of consumer satisfaction and taste of the food. So as Todd talked about this calibration. This is meant to work on multiple layers.

第二，在特定的貿易區和市場中，我們擁有相當的市場佔有率。我們將如何策略性地劃分市場，並繼續傾力推動增量式服務水準的提升。我們知道，溫度對於消費者滿意度和食物口味起著重要作用。正如 Todd 所談論的這個校準。這是為了在多個層面上發揮作用。

It helps us to unlock new innovation. It's also going to help us to continue to deliver the best quality product for the consumers from a delivery experience standpoint.

它幫助我們開啟新的創新。從交付體驗的角度來看，這也將幫助我們繼續為消費者提供最優質的產品。

Yes. No, just I'll add that this was an extensive mystery shop. 5,000 restaurants, 1,000 system restaurants across Papa John's and other 4,000 competitive. And it was great for us to look in the mirror on where we're doing really well and carry out the enhanced digital experience are performing well relative to our peers. And we do know we have some opportunities on the delivery experience, both first party and third party.

是的。不，我只是想補充一點，這是一個龐大的神秘商店。 5,000 家餐廳、1,000 家 Papa John's 系統餐廳和其他 4,000 家競爭對手餐廳。這對我們來說是件好事，我們可以審視自己在哪些方面做得非常好，並且相對於同行而言，增強的數位體驗表現良好。我們確實知道我們在交付體驗方面有一些機會，包括第一方和第三方。

And those are all addressable, and we got actions in place, and we know we can make meaningful difference to create better consumer experiences, which will drive business moving forward. So appreciate the work that the team did to really make sure we had that visibility and can have those discussions with our franchise community.

這些都是可以解決的，我們已經採取了行動，我們知道我們可以做出有意義的改變，創造更好的消費者體驗，這將推動業務向前發展。因此，感謝團隊所做的工作，確保我們擁有這種知名度，並能與我們的特許經營社區進行討論。

This does conclude the question-and-answer session of today's program. I'd like to hand the program back to Todd Penegor, for any further remarks.

今天節目的問答環節到此結束。我想將程式交還給 Todd Penegor，以便他提出進一步的意見。

Well, I really appreciate you all joining us today. Thanks for the great questions, as usual. It's an exciting time for Papa John's as we continue to reinvest to transform our business I really want to thank our team members and our franchise community for the hard work and the partnership as we worked really to serve our customers even better and connect to the communities that we're in. Have a great day, everyone, and we look forward to talking to you soon.

嗯，我非常感謝大家今天加入我們。一如既往，感謝您提出的這些精彩問題。對於 Papa John's 來說，這是一個激動人心的時刻，我們將繼續進行再投資，以改變我們的業務。我真的要感謝我們的團隊成員和特許經營社區的辛勤工作和合作夥伴關係，我們確實努力為客戶提供更好的服務，並與我們所處的社區建立聯繫。祝大家有個愉快的一天，我們期待很快與您交談。

Thank you, ladies and gentlemen, for your participation in today's conference. This does conclude the program. You may now disconnect. Good day.

女士們、先生們，感謝各位參加今天的會議。該計劃確實就此結束。您現在可以斷開連線。再會。