Papa John's International Inc (PZZA) 2025 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Papa John's second quarter 2025 conference call and webcast. (Operator Instructions) Please be advised that today's conference is being recorded.

您好，感謝您的支持。歡迎參加 Papa John 2025 年第二季電話會議和網路廣播。（操作員指示）請注意，今天的會議正在錄音。

I would now like to hand the conference over to your speaker today, Heather Hollander, SVP of Investor Relations. Please go ahead.

現在，我想將會議交給今天的發言人、投資者關係高級副總裁 Heather Hollander。請繼續。

Good morning, and welcome to our second quarter 2025 earnings conference call. Earlier this morning, we issued our second quarter earnings release, which can be found on our Investor Relations website at ir.papajohns.com under the News & Events tab or by contacting our Investor Relations department.

早安，歡迎參加我們的 2025 年第二季財報電話會議。今天早些時候，我們發布了第二季度收益報告，您可以在我們的投資者關係網站 ir.papajohns.com 的「新聞與事件」標籤下找到該報告，也可以聯繫我們的投資者關係部門。

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

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 Thanawala。

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 filings.

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。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。

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.

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。

(Operator Instructions) And now I'll turn the call over to Todd.

（操作員指示）現在我將把電話轉給托德。

Thank you, Heather, and good morning, everyone. I'm pleased to be with you today to discuss our better-than-expected second quarter results and provide an update on the meaningful progress we are making in transforming the business.

謝謝你，希瑟，大家早安。我很高興今天能與大家一起討論我們好於預期的第二季業績，並介紹我們在業務轉型方面取得的重大進展。

It's been just over a year since I joined the Papa John's team, and we've accomplished a lot in a short period of time, thanks to the hard work and dedication of our team members and franchisees.

我加入 Papa John's 團隊已經一年多了，在短時間內我們已經取得了很多成就，這要感謝我們團隊成員和加盟商的辛勤工作和奉獻精神。

The progress we've made is substantial. For example, we've successfully returned the company to positive comparable sales and transaction growth in North America. With our barbell strategy and enhanced loyalty program in place, our brand strength has improved significantly. And strategic investments are enabling us to deliver great experiences for our customers.

我們所取得的進展是巨大的。例如，我們成功地使公司在北美實現了可比較銷售額和交易量的正成長。透過實施槓鈴策略和強化忠誠度計劃，我們的品牌實力得到了顯著提升。戰略投資使我們能夠為客戶提供出色的體驗。

Taken together, I am confident we are on the right path towards profitable growth. Our goal is to be the best pizza makers in the business, and we are laser-focused on continuing to execute our strategy to grow restaurant sales, generate sustainable profits through the system and build long-term value for all of our stakeholders.

總而言之，我相信我們正走在實現獲利成長的正確道路上。我們的目標是成為業內最好的披薩製造商，我們專注於繼續執行我們的策略，以增加餐廳銷售額，透過系統創造可持續利潤，並為我們所有的利益相關者創造長期價值。

I stepped into this role knowing that Papa John's was a resilient, one-of-a-kind brand with a commitment to quality ingredients, superior operations and outstanding customer service. While the company had a great foundation in place. we needed to make additional changes to improve our operations and deliver better financial results, and we are.

我擔任這個職位時就知道，棒約翰是一個堅韌不拔、獨一無二的品牌，致力於提供優質的原料、卓越的營運和出色的客戶服務。儘管公司已經打下了良好的基礎，但我們需要做出額外的改變來改善我們的營運並實現更好的財務業績，而我們也正在這樣做。

Over the last year, we've spent time in our restaurants, restaurant support centers and QCCs across the company and have been meeting with our franchisees, team members, vendors and community partners. Through these experiences, we learned a tremendous amount about the strengths and opportunities, and from there, quickly set our transformation in motion.

在過去的一年裡，我們花了大量時間拜訪公司各處的餐廳、餐廳支援中心和品質合作中心，並與我們的特許經營商、團隊成員、供應商和社區合作夥伴會面。透過這些經歷，我們學到了很多關於優勢和機會的知識，並由此迅速啟動了我們的轉型。

One of my first priorities was building out the Papa John's leadership team. We supplemented our strong bench of existing talent with the addition of several key industry leaders to build a consumer-focused insights-driven experienced team with years of quick service restaurant, digital and retail experience.

我的首要任務之一是組成 Papa John 的領導團隊。我們在現有人才隊伍的基礎上，又吸收了幾位關鍵的行業領袖，打造了一支以消費者為中心、洞察驅動、經驗豐富的團隊，他們在快餐店、數位和零售領域擁有多年的經驗。

With our team in place, we came together to establish a strong strategic plan built around five key priorities: focusing on our core product and premium innovation, amplifying our marketing message across consumer channels, investing in our technology infrastructure, differentiating our customer experience and partnering with and evolving our franchisee base.

在團隊到位後，我們共同製定了強有力的戰略計劃，該計劃圍繞五個關鍵優先事項：專注於我們的核心產品和高端創新、擴大我們在消費者渠道上的營銷信息、投資於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基礎合作並不斷發展。

Our second quarter results, which exceeded our expectations are evidence that our strategy is working. The North America business returned to positive comparable sales, ending the quarter up 1%. We also delivered sequential improvement across several key international markets, driving 4% comparable sales growth in Q2.

我們第二季的業績超出了我們的預期，證明我們的策略正在發揮作用。北美業務恢復了可比銷售額，本季成長了 1%。我們還在幾個主要國際市場實現了連續成長，推動第二季可比銷售額成長 4%。

Ravi will share additional details about our second quarter performance in a few minutes. But before he does, I'd like to review each of our five priorities and share more about the progress we've made against our plans to transform the Papa John's business.

拉維將在幾分鐘後分享有關我們第二季度業績的更多細節。但在此之前，我想先回顧我們的五個優先事項，並分享我們在改造 Papa John 業務計劃方面取得的進展。

First, we are focused on improving our core product proposition and premium menu innovation throughout our restaurants. We're building a menu to not only capture the hearts and stomachs of customers, but also generate margins that improve profitability for our franchisees. Our consumer research consistently shows that exciting menu innovations bring in new customers.

首先，我們專注於改進我們餐廳的核心產品主張和優質菜單創新。我們制定的菜單不僅是為了抓住顧客的心和胃，也是為了創造利潤，提高我們的特許經營商的獲利能力。我們的消費者研究始終表明，令人興奮的菜單創新能夠吸引新顧客。

In the second quarter, we introduced Cheddar Crust, made on our fresh, never frozen original dough in our North American restaurants. Our Cheddar Crust innovation, combined with the addition of a fan favorite Shaquille Neal pizza as a long-term menu item plus continued strong value message with our popular $6.99 Papa Pairings delivered an increase in both the average number of pies per order and overall pizza sales versus last year.

第二季度，我們在北美餐廳推出了切達乾酪皮，採用我們新鮮的、從未冷凍過的原味麵團製作而成。我們的切達乾酪脆皮創新，加上粉絲最愛的沙奎爾·尼爾披薩作為長期菜單項目，加上我們廣受歡迎的 6.99 美元 Papa Pairings 繼續傳遞強大的價值信息，使每份訂單的平均披薩數量和整體披薩銷量與去年相比都有所增加。

In Q2, the number of pizzas order increased 6%, demonstrating both the power of our deep focus on our core product as well as value.

第二季度，披薩訂單數量增加了 6%，證明了我們對核心產品和價值的高度關注。

Internationally, we made global QSR news with the launch of our expertly handcrafted Croissant pizza in our Dubai restaurants. Our Croissant Pizza pairs the flaky texture of a buttery croissant with the bold flavors of Papa John's pizza for an elevated pizza experience. After one year in development and extensive consumer validation, Croissant Pizza is a prime example of how our talented culinary teams are blending global food culture with the high-quality pizza craftsmanship that only Papa John's can deliver.

在國際上，我們在杜拜餐廳推出了精心手工製作的羊角麵包披薩，成為了全球 QSR 新聞。我們的羊角麵包披薩將黃油羊角麵包的酥脆口感與 Papa John's 披薩的濃鬱風味完美結合，為您帶來更高級的披薩體驗。經過一年的開發和廣泛的消費者驗證，Croissant Pizza 成為了我們才華橫溢的烹飪團隊如何將全球飲食文化與只有 Papa John's 才能提供的高品質披薩工藝相融合的典範。

We look forward to expanding the launch of this exciting product to other international markets.

我們期待將這款令人興奮的產品推廣到其他國際市場。

We're also making progress in our oven calibration work, which allows us to advance our innovation while also delivering greater product consistency across our restaurants. Our ovens are the single most important piece of equipment in our restaurants, and by regulating bake time and temperatures, we're able to improve our ability to deliver a consistent pizza with each and every order.

我們的烤箱校準工作也取得了進展，這使我們能夠推進創新，同時為我們的餐廳提供更高的產品一致性。我們的烤箱是我們餐廳中最重要的設備，透過調節烘烤時間和溫度，我們能夠提高為每個訂單提供一致披薩的能力。

Our oven calibration were kicked off in the first quarter, and we're already seeing benefits with improvements in our product quality and taste scores.

我們的烤箱校準於第一季啟動，我們已經看到了產品品質和口味評分的改善。

This work also opens a variety of new product innovations and layers across our menu, including new crust and formats.

這項工作也為我們的菜單開闢了各種新的產品創新和層次，包括新的外殼和格式。

Beyond oven calibration, we are making great progress rebuilding our innovation pipeline, leveraging deep consumer insights, world-class suppliers and our strong culinary team. In fact, our consumer insight work led us to develop an on-trend shareable pizza format and a new lineup of dipping sauces. These are two of the innovations that we'll be launching over the second half of the year as we lean into abundant value and expand into new flavor profiles.

除了烤箱校準之外，我們還在重建創新管道方面取得了巨大進展，利用深刻的消費者洞察力、世界一流的供應商和強大的烹飪團隊。事實上，我們的消費者洞察工作促使我們開發出一種流行的可共享披薩形式和一系列新的蘸醬。這是我們在今年下半年將推出的兩項創新，我們將致力於豐富的價值並拓展新的風味。

Turning now to the progress we've made on our second priority, which is to amplify our marketing message. We've been hard at work creating a marketing message that speaks to Papa John's differentiation among QSR pizza companies. At the end of June, we launched the second chapter of our popular Meet the Makers marketing campaign, leaning into the six simple ingredients of our fresh, never-frozen original dough. Six simple ingredients is a strong point of differentiation with high importance among consumers.

現在來談談我們在第二大優先事項上的進展，即擴大我們的行銷訊息。我們一直在努力創造一種行銷訊息，以體現 Papa John 在 QSR 披薩公司中的差異化。六月底，我們啟動了廣受歡迎的「與製造商見面」行銷活動的第二章，重點介紹我們新鮮、從未冷凍的原始麵團的六種簡單成分。六種簡單的成分是消費者高度重視的強大差異化賣點。

Our customers have told us that using simple, fresh ingredients is our biggest and most important differentiator, and we've doubled down on that message in our national marketing campaign. Consumers want high-quality pizza with real ingredients and our messaging strategy meets them where they are, emphasizing our points of differentiation and showcasing select core products at relevant price points.

我們的客戶告訴我們，使用簡單、新鮮的食材是我們最大、最重要的區別因素，我們在全國行銷活動中加倍強調了這個訊息。消費者想要用真正的原料製成的高品質披薩，我們的訊息傳遞策略能夠滿足他們的需求，強調我們的差異化優勢，並以合適的價格展示精選的核心產品。

This will be part of our long-term strategy to win customers and deliver compelling four-wall economics. Ultimately, we think the world deserves better pizza, and we are here to deliver it.

這將成為我們贏得客戶並實現引人注目的四面牆經濟的長期策略的一部分。最終，我們認為世界值得擁有更好的披薩，而我們來這裡就是為了提供更好的披薩。

We continue to proactively invest in local marketing efforts at our Company-owned restaurants. We said it before and we'll say it again. Pizza is a game played nationally, but won locally. In the second quarter, we invested approximately $9 million in incremental marketing versus last year. While a portion of this spend was allocated to working media to support on a large scale our improved value proposition, we also invested in our test-and-learn platform expansion to evaluate new promotions and CRM tactics. We are also leveraging analytics and a strong testing protocol to optimize the allocation of our marketing spend across channels, further improve our marketing ROI and better meet customers where they are.

我們將繼續積極投資於公司自營餐廳的本地行銷工作。我們以前說過，現在還會再說。披薩是一種全國性的遊戲，但在當地卻能取勝。與去年相比，第二季我們在增量行銷方面投資了約 900 萬美元。雖然這筆支出的一部分被分配給了工作媒體，以大規模支持我們改進的價值主張，但我們也投資於測試和學習平台擴展，以評估新的促銷和 CRM 策略。我們也利用分析和強大的測試協議來優化跨通路行銷支出的分配，進一步提高我們的行銷投資報酬率，並更好地滿足客戶的需求。

As we continue to invest in marketing, we are continuously measuring and adjusting our mix towards the most efficient and effective use cases to drive long-term growth, supported by data-driven insights.

隨著我們繼續在行銷方面投入，我們也在不斷衡量和調整我們的組合，以實現最有效和最有效的用例，並在數據驅動的洞察力的支持下推動長期成長。

Overall, our targeted approach to amplify our marketing is paying off as we've seen continued improvement in our brand health, including a significant increase in consumer consideration following the launch of our Meet the Makers campaign. We've also grown our share of voice on social channels and launched compelling activations, including Chini dirty soda and stress dough balls, which are resonating particularly well with Gen Z.

總體而言，我們擴大行銷的針對性方法正在取得成效，因為我們看到品牌健康狀況持續改善，包括在推出「與製造商見面」活動後消費者考慮度顯著提高。我們還增加了在社交管道上的發言權，並推出了引人注目的活動，包括 Chini 髒蘇打水和減壓麵團球，這些活動在 Z 世代中引起了特別強烈的共鳴。

We're pleased to see that our work to strengthen and amplify our creative, advance our social presence and optimize mix is increasing the impact of our marketing efforts.

我們很高興地看到，我們為加強和擴大我們的創造力、提升我們的社會影響力和優化組合所做的工作正在增加我們的行銷工作的影響力。

Our third strategic priority is investing in our technology infrastructure. Under Kevin Vasconi's leadership, we are implementing our technology road map with the goal of reestablishing Papa John's as a best-in-class technology leader in QSR. By better utilizing data and leveraging AI, we believe we can create a more seamless experience across our digital assets and own channels and better connect with customers.

我們的第三個策略重點是投資我們的技術基礎設施。在 Kevin Vasconi 的領導下，我們正在實施我們的技術路線圖，目標是將 Papa John's 重塑為 QSR 領域一流的技術領導者。透過更好地利用數據和人工智慧，我們相信我們可以在我們的數位資產和自有管道上創造更無縫的體驗，並更好地與客戶聯繫。

This work is especially powerful because it builds on the advancements we're making in marketing by inviting customers into the brand and then layering in hyper-personalization to drive additional engagement and retention. We're already seeing the benefits from this work with substantial engagement gains in our CRM platform, higher app conversion and improving repeat purchase rates amongst our digital users.

這項工作尤其有力，因為它建立在我們在行銷方面取得的進步的基礎上，透過邀請客戶加入品牌，然後分層進行超個性化，以推動額外的參與度和保留率。我們已經看到了這項工作帶來的好處，我們的 CRM 平台參與度大幅提升，應用程式轉換率更高，數位用戶的重複購買率也提高。

In April, we announced our partnership with Google Cloud aimed at transforming our customer experience from click to crust while driving operational efficiency in our restaurants. We are currently in the beta testing phase for new omnichannel experiences, including the planned introduction of an all-new customer-facing app that is designed to improve navigation, reduce clicks to purchase and improve order tracking and targeted communication.

今年 4 月，我們宣布與 Google Cloud 建立合作關係，旨在將客戶體驗從點擊轉變為點餐，同時提高我們餐廳的營運效率。我們目前正處於新的全通路體驗的 Beta 測試階段，包括計劃推出一款全新的面向客戶的應用程序，旨在改善導航、減少購買點擊次數並改善訂單追蹤和有針對性的溝通。

Leveraging the power of AI, we plan to enhance the ordering experience, better anticipate our customers needs, generate proactive recommendations and share relevant offers and messaging based on learned customer preferences.

利用人工智慧的力量，我們計劃增強訂購體驗，更好地預測客戶需求，根據了解的客戶偏好產生主動建議並分享相關的優惠和資訊。

We are also working to utilize voice AI solutions to drive customer orders and deliver operational efficiency.

我們也致力於利用語音 AI 解決方案來推動客戶訂單並提高營運效率。

We look forward to updating you on this and many other exciting advancements. Our partnership with Google Cloud is only one of the mechanisms that we're employing to make the customer ordering journey more personalized, more consistent and more impactful. With approximately 70% of our system sales generated by our own digital channels, we believe that building a more robust technology infrastructure will lead to higher revenue, improved operational effectiveness and better returns on our marketing investments.

我們期待向您通報這項進展以及許多其他令人興奮的進展。我們與 Google Cloud 的合作只是我們採用的機制之一，旨在使客戶訂購過程更加個人化、更一致、更具影響力。我們的系統銷售額約有 70% 來自我們自己的數位管道，我們相信，建立更強大的技術基礎設施將帶來更高的收入、更高的營運效率和更好的行銷投資回報。

Our fourth priority, differentiating our customer experience across all of our channels, underpins each of our strategic pillars.

我們的第四個優先事項是在所有管道中區分我們的客戶體驗，這支撐著我們的每一個策略支柱。

Starting with our loyalty program. We continue to benefit from the lowering of our redemption threshold late last year and allowing members to unlock Papa dough faster. Though this enhancement decreased our overall order ticket by approximately 100 basis points in the quarter, the benefits far outweigh the ticket impact.

從我們的忠誠度計劃開始。我們繼續受益於去年年底兌換門檻的降低，並允許會員更快解鎖 Papa dough。儘管這項改進使我們本季的整體訂單量減少了約 100 個基點，但其帶來的好處遠遠超過了訂單量的影響。

As a result of this change, we are acquiring new Papa Rewards members. More members are redeeming Papa dough and our loyalty customers are returning for their next order more quickly. All in, we have added approximately 2.7 million new loyalty accounts to our Papa Rewards program since the November relaunch.

由於這項變化，我們正在招募新的 Papa Rewards 會員。越來越多的會員正在兌換 Papa dough，我們的忠誠客戶也更快回來訂購下一個產品。總的來說，自 11 月重新推出以來，我們的 Papa Rewards 計劃已增加了約 270 萬個新的忠誠度帳戶。

The enhanced loyalty platform has proven to be a great customer acquisition tool for our brand while also driving higher order frequency among all customer cohorts. As we look ahead, we will continue to pursue opportunities to build on this progress and enhance our Papa Rewards programs to drive additional activation and recruit more new customers to our loyalty program.

事實證明，增強的忠誠度平台是我們品牌的絕佳客戶獲取工具，同時也能提高所有客戶群的訂單頻率。展望未來，我們將繼續尋求機會，鞏固這一進步，並增強我們的 Papa Rewards 計劃，以推動更多活動並吸引更多新客戶加入我們的忠誠度計劃。

As a consumer-driven and insights-led brand, it is critical that we serve our customers on their channel of choice. That means continuing to partner with third-party aggregators. Pizza as a category is underrepresented on aggregator platforms, and we see many opportunities for category growth as well as growth for Papa John's specifically. We were a first mover among QSR pizza companies in the aggregator ecosystem, having first partnered with third-party delivery providers in 2019. We command a leading position in the category in terms of sales per store, and this has not changed with the entrance of competitors onto the platforms.

作為一個以消費者為導向、以洞察力為主導的品牌，透過客戶選擇的管道為他們提供服務至關重要。這意味著繼續與第三方聚合商合作。披薩作為一個類別在聚合平台上的代表性不足，我們看到了該類別以及 Papa John's 的增長的許多機會。我們是聚合生態系中 QSR 披薩公司的先驅者，於 2019 年首次與第三方配送供應商合作。我們在每家商店的銷售額方面在該類別中處於領先地位，而且隨著競爭對手進入平台，這一地位並沒有改變。

Within the aggregator marketplace, we believe that the most successful players will be those who best serve the customers and provide the highest quality product. Papa John's with our premium positioning, high-quality, simple ingredients and great value has a strong competitive advantage. We are encouraged by the strength we're seeing within the aggregator channel as overall sales and orders continue to grow high teens in the second quarter versus the prior year.

在聚合器市場中，我們相信最成功的參與者將是那些為客戶提供最佳服務並提供最高品質產品的人。棒約翰憑藉其高端定位、高品質、簡單的原料和巨大的價值，具有強大的競爭優勢。我們對聚合通路的強勁表現感到鼓舞，因為第二季的整體銷售額和訂單量與去年同期相比持續保持高成長。

As we mentioned on our last earnings call, our mystery shop study revealed that our carryout and digital platforms were top in class among QSR pizza restaurants. It also showed us that we need to improve our delivery experience, and we are taking action to do just that. For example, we are currently rolling out a system-wide delivery tracking service that will provide better driver tracking for our customers so they will know exactly when their hot, made-to-order pizza will arrive at their doorstep.

正如我們在上次收益電話會議上提到的那樣，我們的神秘商店研究顯示，我們的外賣和數位平台在 QSR 披薩餐廳中名列前茅。這也向我們表明，我們需要改善我們的交付體驗，我們正在採取行動來做到這一點。例如，我們目前正在推出全系統的送貨跟踪服務，該服務將為我們的客戶提供更好的司機跟踪，以便他們確切地知道他們訂購的熱騰騰的披薩何時會送到他們家門口。

Currently, approximately 60% of our restaurants offer our updated delivery tracking service and we expect to substantially complete this rollout to all North American restaurants by the first quarter of 2026. Delivery is a very important component of our business, and we are committed to consistently providing a great delivery experience.

目前，我們約有 60% 的餐廳提供更新的配送追蹤服務，我們預計到 2026 年第一季將基本完成向所有北美餐廳的推廣。配送是我們業務中非常重要的組成部分，我們致力於始終如一地提供出色的配送體驗。

Finally, our operations team have been hard at work improving execution and delivering a more consistent experience in our restaurants. Through restaurant visits and evaluations, coaching and tools to improve product quality we are improving our customer satisfaction scores in line with our goal to be the best pizza makers in the business.

最後，我們的營運團隊一直在努力提高執行力並在我們的餐廳提供更一致的體驗。透過餐廳訪問和評估、指導和改進產品品質的工具，我們正在提高客戶滿意度分數，以符合我們成為業內最佳披薩製造商的目標。

Our fifth strategic priority is partnering with and evolving our franchisee base to drive profitable growth through market share gains, accelerating restaurant development in our most impactful markets and sustainably improving our restaurant economic model.

我們的第五個策略重點是與我們的特許經營商合作並不斷發展，透過增加市場份額來推動獲利成長，加速我們最具影響力的市場的餐廳發展，並持續改善我們的餐廳經濟模式。

After the quarter closed, we signed an agreement for the sale of our ownership stake in a joint venture that operates 85 restaurants. We expect the transaction to close by the fourth quarter of this year, and we plan to use proceeds to fund investments in our strategic initiatives as well as pay down debt.

本季結束後，我們簽署了一項協議，出售我們在一家經營 85 家餐廳的合資企業的所有權。我們預計交易將在今年第四季完成，我們計劃利用收益來資助我們的戰略計劃投資以及償還債務。

We also continue to evaluate refranchise opportunities across our portfolio of company-owned restaurants in North America. We believe that refranchising with strategy forward, well-capitalized and growing franchisees strengthens the long-term health of the Papa John's system and unlocks future growth opportunities.

我們也將繼續評估我們在北美的自營餐廳組合的再特許經營機會。我們相信，採用前瞻性策略、資金充足且不斷成長的特許經營商進行重新特許經營，可以增強 Papa John 系統的長期健康，並釋放未來的成長機會。

Finally, we are working to improve the four-wall economics at all Papa John's restaurants and we have completed an extensive review of our North American supply chain to reduce overall cost to serve. We have identified an opportunity to achieve more than $50 million in total cost savings with approximately 40% expected to be realized in 2026.

最後，我們正在努力改善所有 Papa John's 餐廳的四牆經濟狀況，並且我們已經完成了對北美供應鏈的廣泛審查，以降低整體服務成本。我們發現了節省總成本超過 5000 萬美元的機會，預計到 2026 年可實現約 40% 的節省。

Through a series of initiatives, we will optimize our supply chain and enhance productivity while maintaining the same high quality, better ingredients in our restaurants.

透過一系列舉措，我們將優化我們的供應鏈並提高生產力，同時保持我們餐廳同樣高品質、更好的食材。

Overall, we plan to deliver margin improvement of at least 1-percentage-point to our average North American restaurant once the program is fully ramped by 2028.

總體而言，我們計劃在 2028 年該計劃全面實施後，為北美餐廳的平均利潤率提高至少 1 個百分點。

As I reflect on my first year as Papa John's CEO, I am highly encouraged by the early progress we've made against our strategic priorities. We're attracting new customers to the brand while driving incremental purchases from existing customers. We've substantially improved the value proposition for Papa John's while also improving our quality perception. We're rebuilding the innovation pipeline. We're driving growth and higher utilization amongst our Papa Rewards members.

當我回顧擔任 Papa John's 執行長的第一年時，我們在策略重點方面所取得的早期進展令我深受鼓舞。我們正在吸引新客戶關注該品牌，同時推動現有客戶的增量購買。我們大幅提升了 Papa John's 的價值主張，同時也提高了我們的品質認知。我們正在重建創新管道。我們正在推動 Papa Rewards 會員的成長和更高的利用率。

We've developed marketing messages that are resonating with our most important customers. We've established a plan to deliver significant cost savings to our franchisees without compromising the customer experience. And we've implemented our technology road map with the goal of reestablishing Papa John's as a best-in-class technology leader in QSR. Importantly, we've returned the brand to top line growth while making strategic investments in innovation, marketing and technology to drive profitable growth in the future.

我們已經制定了能引起我們最重要的客戶共鳴的行銷訊息。我們制定了一項計劃，在不影響客戶體驗的情況下為我們的特許經營商節省大量成本。我們已經實施了技術路線圖，目標是將 Papa John's 重新打造為 QSR 領域一流的技術領導者。重要的是，我們讓品牌恢復了營收成長，同時在創新、行銷和技術方面進行了策略性投資，以推動未來的獲利成長。

We've made a great deal of progress in the last year, but our work is just getting started. We recognize a significant opportunity ahead and are moving forward with enthusiasm and determination as we implement our plans and build on the foundation we've established.

去年我們取得了很大進展，但我們的工作才剛開始。我們認識到前方的重大機遇，並將滿懷熱情和決心地向前邁進，實施我們的計劃，並在已建立的基礎上繼續前進。

We are in a solid position to deliver sustainable value creation to all stakeholders as we move into the second half of 2025 and beyond.

隨著我們邁入 2025 年下半年及以後，我們有能力為所有利害關係人創造可持續的價值。

And with that, I'd like to turn it over to Ravi to discuss our second quarter financial results in greater detail. Ravi?

接下來，我想讓拉維更詳細地討論一下我們的第二季財務表現。拉維？

Thank you, Todd, and good morning, everyone. I will begin my comments with an overview of our second quarter results followed by our financial outlook.

謝謝你，托德，大家早安。我首先會概述我們的第二季業績，然後介紹我們的財務展望。

Please note that all comparisons and growth rates referenced today are compared to the prior year period, unless otherwise noted.

請注意，除非另有說明，今天引用的所有比較和增長率均與去年同期相比。

We delivered solid performance in the second quarter, generating top and bottom line results that exceeded our expectations. In the second quarter, global system-wide restaurant sales were $1.26 billion, up 4% in constant currency. As Todd noted, North America comparable sales increased 1% in the second quarter and outperformed our expectations.

我們在第二季度表現穩健，營收和淨利潤均超出了我們的預期。第二季度，全球全系統餐廳銷售額為 12.6 億美元，以固定匯率計算成長 4%。正如托德所指出的，北美第二季可比銷售額成長了 1%，超出了我們的預期。

Second quarter transaction comps in North America grew 1% and improved 220 basis points sequentially as we further monetize our strategic investments and transaction-driving initiatives.

隨著我們進一步將策略性投資和交易驅動計畫貨幣化，北美第二季交易額成長了 1%，季增了 220 個基點。

Sales and transaction growth are a key focus areas for us given the long-term benefits for four-wall profitability and the high variable profitability of our transactions. Second quarter ticket comps decreased less than 0.5-percentage-point, driven by the strategic changes to our loyalty program in the fourth quarter of 2024 as well as product mix shift as we again saw growth in the sales of medium pizzas versus other sizes in the quarter. These pressures were partially offset by the positive impact of an increased number of pizzas sold per order.

鑑於四牆盈利能力的長期利益和交易的高可變盈利能力，銷售和交易增長是我們關注的重點領域。第二季度的票務收入下降不到 0.5 個百分點，這主要是由於我們在 2024 年第四季度對忠誠度計劃進行了戰略性調整，以及產品結構發生了變化，因為我們在本季度再次看到中號披薩的銷量相對於其他尺寸的銷量有所增長。這些壓力被每份訂單售出的披薩數量增加所帶來的正面影響部分抵消。

International comparable sales increased 4%. We're pleased with the results of our international transformation initiatives, which are yielding near-term growth while also setting the stage for long-term value creation.

國際可比銷售額成長4%。我們對國際轉型措施的成果感到滿意，這些措施在帶來短期成長的同時也為長期價值創造奠定了基礎。

Total revenues for the second quarter were $529 million, an increase of 4%, primarily driven by higher commissary revenues and partially offset by lower revenues at our Company-owned restaurants mostly related to U.K. refranchising activity and market optimization efforts.

第二季總收入為 5.29 億美元，成長 4%，主要由於配送中心收入增加，但部分被公司自有餐廳收入下降所抵消，主要與英國再特許經營活動和市場優化工作有關。

Commissary revenues increased $20 million driven by higher volume and pricing in the quarter. This increase was partially offset by a $6 million decrease in Company-owned restaurant revenues, driven by an $8 million decline in our international company-owned restaurants reflecting the net impact of closing and refranchising 105 formerly Company-owned restaurants in the UK partially offset by a $3 million increase at our Domestic Company-owned restaurants driven by comparable sales growth as a result of higher average ticket slightly offset by the refranchising of 15 restaurants in the prior year.

由於本季銷量和價格上漲，商店收入增加了 2000 萬美元。這一增長被公司自有餐廳收入減少 600 萬美元所部分抵消，這主要是由於我們國際公司自有餐廳收入減少 800 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，而國內公司自有餐廳收入增加 300 萬美元則部分抵消了這一銷售額，這主要是由於平均價格上漲，但略有銷售一年的特許經營銷售。

While consolidated adjusted EBITDA declined modestly to approximately $53 million, this reflects investments to fuel stronger customer engagement and long-term brand equity. Second quarter consolidated adjusted EBITDA performance was impacted by incremental loyalty and marketing investments of approximately $9 million as we continue to build momentum with our most valuable customers and position the brand for long-term growth, anticipated elevated G&A related to $3.7 million of higher incentive compensation under our management incentive plan and higher food and labor costs at our Company-owned restaurants.

雖然合併調整後的 EBITDA 小幅下降至約 5,300 萬美元，但這反映了為增強客戶參與度和長期品牌資產而進行的投資。第二季合併調整後 EBITDA 業績受到約 900 萬美元的增量忠誠度和行銷投資的影響，因為我們繼續與最有價值的客戶建立聯繫，並為品牌的長期增長做好準備，預計 G&A 費用會增加，這與我們管理激勵計劃下 370 萬美元的更高激勵薪酬以及我們公司自有餐廳的食品和勞動力成本增加有關。

These higher expenses were partially offset by revenue growth.

這些增加的支出被收入成長部分抵消。

Our second quarter Domestic Company-owned restaurant segment EBITDA margins declined approximately 220 basis points, primarily driven by a decrease of approximately 210 basis points from labor inflation, aggregator fees and advertising in the quarter, approximately 140 basis points of pressure from higher food costs, particularly around cheese and proteins, and 60 basis points of decline driven by general expenses and technology fees. These declines were partially offset by 190 basis points improvement from average ticket growth.

我們第二季國內公司自營餐廳部門的 EBITDA 利潤率下降了約 220 個基點，主要原因是本季勞動力通膨、聚合費和廣告導致利潤率下降約 210 個基點，食品成本上漲（尤其是起司和蛋白質）導致利潤率下降約 140 個基點，一般費用和技術費用導致利潤率下降 60 個基點。這些下降被平均票價增加 190 個基點的改善部分抵消。

We accomplished this level of check growth even as we continue to support our value offerings across the barbell.

即使我們繼續支持整個槓鈴領域的價值產品，我們也實現了這一水平的支票成長。

As we move forward, our focus is driving long-term gains in transaction share and winning in customer consideration. We will balance restaurant-level margins against strategic investments in our brands that we believe will yield stronger four-wall economics over the long term.

隨著我們不斷前進，我們的重點是推動交易份額的長期成長並贏得客戶的青睞。我們將平衡餐廳層面的利潤和我們品牌的策略投資，我們相信從長遠來看這將帶來更強勁的四面牆經濟。

North America commissary segment adjusted EBITDA margins were 7.3% in the second quarter, an improvement of 130 basis points, reflecting higher volumes and pricing.

北美配送部門第二季調整後的 EBITDA 利潤率為 7.3%，提高了 130 個基點，這反映了銷售量和價格的提高。

Turning to our balance sheet. At the end of the quarter, our total available liquidity was approximately $500 million in cash and borrowings available under our credit facilities, and our gross leverage ratio was 3.4 times.

轉向我們的資產負債表。截至本季末，我們的可用流動資金總額約為 5 億美元，包括信貸安排下的現金和借款，總槓桿率為 3.4 倍。

Turning now to cash flows. For the first six months of 2025, net cash provided by operating activities was approximately $67 million. Free cash flow was $37 million, an increase of $24 million primarily reflecting the timing of cash payments for the National Marketing Fund and improved working capital.

現在談談現金流。2025 年前六個月，經營活動提供的淨現金約為 6,700 萬美元。自由現金流為 3,700 萬美元，增加了 2,400 萬美元，主要反映了國家行銷基金現金支付的時間和營運資金的改善。

Now turning to our outlook. We continue to make meaningful progress on our strategic priorities. And with that in mind, we are raising the range for international comparable sales guidance while reiterating the remainder of our 2025 annual guidance.

現在轉向我們的展望。我們在戰略重點上繼續取得有意義的進展。考慮到這一點，我們提高了國際可比銷售額指引的範圍，同時重申了 2025 年年度指引的其餘部分。

For 2025, we continue to expect system-wide sales to increase between 2% and 5%. From a comparable sales perspective, we still anticipate that North America comparable sales will be flat to up 2% in 2025. Through the first five weeks of the third quarter, North America comparable sales are down approximately 1% as we've seen a more cautious consumer and softer carryout business.

到 2025 年，我們預計全系統銷售額仍將成長 2% 至 5%。從可比較銷售額的角度來看，我們仍然預計到 2025 年北美可比銷售額將持平或成長 2%。第三季的前五週，北美可比銷售額下降了約 1%，因為我們看到消費者更加謹慎，外送業務也更加疲軟。

Given our plans to leverage our barbell strategy with strong value messaging and a compelling full margin product, we expect that North America comparable sales will accelerate through the remainder of the third quarter. We anticipate further acceleration in the fourth quarter as we build momentum and layer in new product innovation.

鑑於我們計劃利用槓鈴策略、強大的價值資訊和引人注目的全利潤產品，我們預計北美可比銷售額將在第三季剩餘時間內加速成長。隨著我們不斷累積發展動能並不斷推出新產品創新，我們預計第四季將進一步加速。

Internationally, we are pleased with the continued improvement that we are seeing across our restaurants. Given recent trends and the operational strength in our priority markets, we are raising our 2025 international comparable sales growth outlook to a range of 2% to 4%.

在國際上，我們很高興看到我們餐廳的持續進步。鑑於近期趨勢和我們重點市場的營運實力，我們將 2025 年國際可比銷售額成長預期上調至 2% 至 4% 的範圍。

As Todd shared, we have entered into an agreement to sell our ownership stake in a joint venture that operates 85 restaurants in the US. We anticipate closing the transaction in the fourth quarter, which we expect will reduce fourth quarter consolidated revenue by approximately $15 million, including the impact of eliminations. On an annualized basis, this transaction is expected to reduce consolidated revenue by approximately $60 million, including the impact of eliminations. The transaction is expected to have a negligible impact on net income. We have contemplated these impacts in our financial guidance.

正如托德所說，我們已達成協議，出售我們在美國經營 85 家餐廳的合資企業的所有權。我們預計將在第四季度完成該交易，預計這將導致第四季度合併收入減少約 1500 萬美元，其中包括抵銷的影響。以年率計算，包括抵銷的影響在內，此交易預計將使合併收入減少約 6,000 萬美元。預計該交易對淨收入的影響微乎其微。我們在財務指導中已經考慮了這些影響。

For 2025, we continue to expect consolidated adjusted EBITDA to be between $200 million and $220 million. 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，我們仍然預期合併調整後 EBITDA 將在 2 億至 2.2 億美元之間。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 expense excludes the same onetime items as adjusted EBITDA, but does not exclude stock-based compensation.

我們對調整後的 G&A 費用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。

We continue to expect stock-based compensation to be approximately $4 million to $5 million per quarter.

我們繼續預計每季股票薪酬約為 400 萬至 500 萬美元。

I'd like to share several timing-related nuances for our quarterly adjusted G&A spend. Given the success of our marketing and loyalty investments we have seen to date, we expect to invest $5 million to $7 million of incremental marketing spend in Q3 compared to the same period last year. We also expect Q3 and Q4 adjusted G&A dollars to be in line with Q1 2025 levels 2025 and 2026 are investment periods for Papa John's as we execute our plans to grow restaurant sales, improve four-wall restaurant profitability and accelerate the impact of the Papa John's brand globally.

我想分享一些與我們的季度調整後的 G&A 支出的時間相關的細微差別。鑑於我們迄今為止在行銷和忠誠度投資方面的成功，我們預計第三季的行銷支出將比去年同期增加 500 萬至 700 萬美元。我們也預計第三季和第四季調整後的 G&A 費用將與 2025 年第一季度的水平保持一致，2025 年和 2026 年是 Papa John's 的投資期，因為我們將執行計劃以增加餐廳銷售額、提高四面餐廳的盈利能力並加速 Papa John's 品牌在全球的影響力。

For 2025 nonoperating expense items, we expect our G&A expense to be at the higher end of our $70 million to $75 million range, our net interest expense to be between $40 million and $45 million and our capital expenditures to be between $75 million and $85 million. This CapEx range is inclusive of an estimated $8 million to $13 million of spend to rebuild facilities following tornado damage at our Texas QC center and Louisville Restaurant Support Center and QC center.

對於 2025 年的非營業支出項目，我們預計 G&A 支出將處於 7,000 萬美元至 7,500 萬美元範圍的高端，淨利息支出將在 4,000 萬美元至 4,500 萬美元之間，資本支出將在 7,500 萬美元至 8,500 萬美元之間。該資本支出範圍包括預計 800 萬至 1300 萬美元的支出，用於重建我們德克薩斯州 QC 中心和路易斯維爾餐廳支援中心和 QC 中心在龍捲風襲擊後所花費的設施。

We also continue to expect our effective tax rate to be in the range of 28% to 32%.

我們也繼續預計我們的有效稅率將在 28% 至 32% 之間。

Finally, we expect diluted shares outstanding of approximately $33 million in the second half of the year.

最後，我們預計下半年稀釋流通股數約為 3,300 萬美元。

Turning to restaurant development. We ended the second quarter of 2025 with 5,989 restaurants globally. In North America, we opened 19 new restaurants and closed 18 bringing our total North America restaurant count to 3,517.

轉向餐廳發展。截至 2025 年第二季度，我們在全球擁有 5,989 家餐廳。在北美，我們開設了 19 家新餐廳，關閉了 18 家，使我們在北美的餐廳總數達到 3,517 家。

Given the strategic decisions we're making to improve the long-term health of our restaurant system, we anticipate North America restaurant closures will be at the higher end of our historical average of approximately 1.5% to 2% of the North America system. It's worth noting that half of the forecasted restaurant closures are nontraditional or small town restaurants that carry a blended average sales volume, which is less than half of our system average.

鑑於我們為改善餐廳系統的長期健康狀況所做的戰略決策，我們預計北美餐廳的關閉率將處於北美系統歷史平均水平的高端，約為 1.5% 至 2%。值得注意的是，預計關閉的餐廳中有一半是非傳統餐廳或小鎮餐廳，其混合平均銷售額不到我們系統平均銷售額的一半。

We continue to expect to open between 85 and 115 gross new restaurants in North America in 2025 and over 95% of remaining projected openings are currently in construction, design or later stages.

我們預計 2025 年北美將新開設 85 至 115 家餐廳，剩餘預計開業餐廳中有 95% 以上目前處於建設、設計或後期階段。

Internationally, our transformation is well underway and is driving positive results across our most impactful markets. In the UK, a market has undergone significant transformation since 2023, operational improvements has led to improved brand health scores. New marketing campaigns have acquired new customers. And growth in aggregators has contributed to sales increases.

在國際上，我們的轉型正在順利進行，並正在我們最具影響力的市場中取得積極成果。在英國，市場自 2023 年以來發生了重大轉變，營運改善帶來了品牌健康評分的提高。新的行銷活動吸引了新客戶。聚合器的成長也促進了銷售額的成長。

Within Middle East and Africa, we are gaining momentum in key markets and plan to build on the trend with our Croissant Pizza in the second half of the year.

在中東和非洲，我們在主要市場中發展勢頭強勁，並計劃在今年下半年透過我們的羊角麵包披薩繼續保持這一趨勢。

In our international markets, we opened 26 new restaurants in the second quarter and closed 57, bringing our international restaurant count to 2,472.

在國際市場，我們在第二季開設了 26 家新餐廳，關閉了 57 家，使我們的國際餐廳數量達到 2,472 家。

Consistent with our international market optimization strategy, we closed 41 underperforming restaurants in China in the second quarter. These closures had a minimal impact on systemwide sales and we expect they will strengthen the Chinese market over the long term.

根據我們的國際市場優化策略，我們在第二季關閉了中國 41 家表現不佳的餐廳。這些關閉對整個系統的銷售影響很小，我們預計從長遠來看，它們將增強中國市場。

We are taking a disciplined approach and working closely with our master franchisee to optimize the market and ensure that the Papa John's brand is well positioned for long-term profitable growth.

我們採取嚴謹的方法，與我們的主特許經營商密切合作，以優化市場並確保 Papa John's 品牌能夠實現長期盈利增長。

For 2025, we still expect to open 180 to 200 gross new restaurants across our international markets. 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.

到 2025 年，我們仍預計在國際市場開設 180 至 200 家新餐廳。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%。

For 2025, we expect to be at the higher end of this closure range, inclusive of the strategic closures I described.

到 2025 年，我們預計將達到這個關閉範圍的高端，包括我所描述的策略關閉。

In closing, we are pleased to have delivered second quarter results above our expectations. We are focused on executing our strategy that is delivering results and positioning Papa John's for profitable growth and value creation for all stakeholders.

最後，我們很高興看到第二季的業績超出了我們的預期。我們專注於執行我們的策略，即取得成果並讓 Papa John's 實現盈利增長並為所有利益相關者創造價值。

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. To summarize, customers want high-quality pizza with real ingredients and we will lean into our differentiation to win consumers and deliver profitable growth. Our work to transform the business by executing on five strategic priorities is resulting in tangible positive results across the organization and we are excited about the substantial upside ahead.

謝謝你，拉維。總而言之，顧客想要用真正的原料製成的高品質披薩，我們將依靠差異化來贏得消費者並實現獲利成長。我們透過執行五項策略重點來轉變業務的工作正在為整個組織帶來實際的積極成果，我們對未來的巨大成長前景感到興奮。

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

現在我們願意開始回答你們可能提出的任何問題。

(Operator Instructions)

（操作員指示）

Jim Salera, Stephens.

吉姆·薩萊拉、史蒂芬斯。

This is Tyler (inaudible) on for Jim. Given the recent decision to resume some regional marketing efforts, could you share any insights into frequency trends that you've observed, particularly in the context of the sequentially accelerating comps in North America?

我是泰勒（聽不清楚），代替吉姆發言。鑑於最近決定恢復一些區域行銷工作，您能否分享您所觀察到的頻率趨勢的見解，特別是在北美連續加速成長的背景下？

Yeah, Tyler, as we've started to think about spending our incremental marketing dollars and putting some money to work to not only drive the business nationally, but really make sure we got the appropriate support locally, we use some of our incremental dollars to do some heavy up testing to test and learn and partner with some franchisees in key strategic markets to see what kind of returns we can get.

是的，泰勒，我們已經開始考慮花費增量行銷資金，並投入一些資金不僅用於推動全國業務，而且真正確保我們在當地獲得適當的支持，我們使用一些增量資金進行一些大規模測試來測試和學習，並與關鍵戰略市場的一些特許經營商合作，看看我們能獲得什麼樣的回報。

But it's still the early innings of all of that. So more to come on how we're actually going to continue to get focused at the local level moving forward as we really try to get focused on some of our most impactful markets where we know where we could spend some dollars, get the co-ops back up and running to really compete even stronger in partnership with our franchise community working as a unit at the co-op level to really complement our national messaging.

但這一切仍處於初期階段。因此，我們將進一步討論如何繼續將重點放在地方層面，因為我們確實試圖將重點放在一些最具影響力的市場上，我們知道我們可以在哪里花一些錢，讓合作社恢復正常運轉，與我們的特許經營社區合作，在合作社層面作為一個單位進行更有力的競爭，以真正補充我們的國家信息。

So early, early, lots of learnings, a lot more to come and we're going to take our franchise community on that journey moving forward.

所以我們很早就開始學習，還有很多東西要學，我們會帶領我們的特許經營社區繼續前進。

Andrew Strelzik, BMO Capital Markets.

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

Hey, good morning. Thanks for taking the questions. You mentioned 2Q exceeding your expectations. North America comps were a little ahead of what it seems like you had expected. Where do you think you're getting more traction than you anticipated across those initiatives?

嘿，早安。感謝您回答這些問題。您提到第二季業績超出了您的預期。北美地區的業績似乎比你預期的要好一些。您認為在這些舉措中，哪些方面比您預期的更有吸引力？

And then just kind of as a follow-up. I know it's only one month, so I don't want to make too much of that, but what gives you confidence in the reacceleration over the balance of the year based on what's in your pipeline?

然後就作為一種後續行動。我知道這只是一個月，所以我不想說太多，但是根據您的計劃，是什麼讓您對今年餘下時間的重新加速充滿信心？

Yeah. Thanks for the question, Andrew. Very proud of the work the team has done to get North America growing again at plus 1% on same-restaurant sales comps, really on the heels of transaction growth being up 1%.

是的。謝謝你的提問，安德魯。我們對團隊的工作感到非常自豪，他們讓北美同店銷售額再次成長 1%，這得益於交易量成長 1%。

So we are bringing in more customers more often. I think it's a combination of everything that we have out there, return to a more traditional barbell, had some innovation for the first time in a while, which helped on the high end of the barbell with the Cheddar Crust Pizza. Putting Shaq-a-Roni as more permanent long-term item has been a positive.

因此我們能夠更頻繁地吸引更多客戶。我認為這是我們現有的所有產品的結合，回歸到更傳統的槓鈴，在一段時間內首次進行了一些創新，這有助於在切達乾酪脆皮披薩的高端槓鈴上取得成功。將沙奎爾·羅尼作為更永久的長期項目是一件積極的事情。

But the foundational work that we've done over the last nine months really makes sure we have the tools at our disposal to lean into CRM to make sure we can better connect to our consumer; to leverage our loyalty program, which is driving a lot of frequency and we continue to gain members on that front. We're seeing some really nice growth in our loyalty program.

但我們在過去九個月中所做的基礎工作確實確保了我們擁有可用的工具來依靠 CRM，以確保我們能夠更好地與消費者建立聯繫；利用我們的忠誠度計劃，該計劃正在推動大量的頻率，並且我們將繼續在這方面吸引會員。我們的忠誠度計劃取得了非常好的成長。

And as we look forward, the opportunity is to really leverage innovation a little bit more, to recruit customers back into our brand. We know if we can bring some lapsed in, we can bring some new in, we can get them converted into our loyalty program and we can grow and drive some nice momentum in our business moving forward.

展望未來，我們的機會在於真正地更多地利用創新，吸引顧客重新關注我們的品牌。我們知道，如果我們可以吸引一些流失的客戶，也可以吸引一些新客戶，我們可以將他們轉化為我們的忠誠度計劃，這樣我們就可以發展並推動我們業務向前發展的良好勢頭。

Yes, we're in the early innings of third quarter. More cautious consumer. We're watching in our carryout business probably started a little bit softer than we had hoped for at the beginning of the quarter, but we can quickly check and adjust on that front. We're lapping over at the beginning of the quarter some heavier promotional activity that supported some of our rhythm breakers, Papadias, Papa Bites last year, but our core pizza business, which was up 6% in the second quarter, continues to grow nicely into the third quarter. So we're really feeling good about the core business.

是的，我們正處於第三節的初期。消費者更加謹慎。我們發現，我們的外送業務可能比我們在本季初希望的要弱一些，但我們可以快速檢查並進行調整。我們在本季度初開展了一些力度更大的促銷活動，這些活動支持了我們去年推出的一些節奏突破產品，如 Papadias 和 Papa Bites，但我們的核心披薩業務在第二季度增長了 6%，並在第三季度繼續保持良好的增長勢頭。所以我們對核心業務感到非常滿意。

And we just launched some more innovation. We've got garlic five cheese, an $11.99 price point just launched coming up. We've got an on-trend shareable pizza format with a new lineup of dipping sauces. And we got in test what we're calling the Grand Papa, which is our biggest pizza ever and we're excited about that one, too.

我們剛剛推出了一些更多的創新。我們剛剛推出了大蒜五種乳酪，價格為 11.99 美元。我們擁有流行的可共享披薩形式以及一系列新的蘸醬。我們測試了所謂的 Grand Papa，這是我們有史以來最大的披薩，我們對此也感到非常興奮。

So we've got a lot at our disposal to continue to compete really well in the back half of the year. And you will see sequential improvement in our business throughout the back half to deliver on our commitment in North America flat to plus 2%.

因此，我們有許多可以利用的資源，可以在下半年繼續保持良好的競爭力。您將看到我們的業務在下半年連續改善，兌現我們在北美地區持平至成長 2% 的承諾。

And then importantly, we still have a lot of momentum on international, right? We ended up calling up the year on international was flat to 2% to 2% to 4%. And the momentum that we saw in the second quarter continues into the third quarter.

然後重要的是，我們在國際上仍然有很大的發展勢頭，對吧？我們最終預測今年國際市場的成長率將持平於 2% 至 2% 至 4%。我們在第二季度看到的勢頭延續到了第三季。

Sara Senatore, Bank of America.

薩拉·參議員，美國銀行。

Thank you. I guess a question and then maybe just a clarification on an earlier comment, if I could. You mentioned that the four -wall economics is something that you're working to improve. You talked about some of the benefit perhaps from the supply chain optimization.

謝謝。我想問一個問題，如果可以的話，也許只是對先前的評論進行澄清。您提到您正在努力改善四牆經濟學。您談到了供應鏈優化可能帶來的一些好處。

I guess as I think about this, I think one of the things that you disclosed at the Investor Day was that the sort of four-wall EBITDA margin was in that 12% range for franchisees, but it was a subset of franchisees.

我想當我思考這個問題時，我認為您在投資者日披露的一件事是，特許經營商的四壁 EBITDA 利潤率在 12% 左右，但這只是特許經營商的一個子集。

And I guess as you look more broadly, are you seeing that that's representative? And if so, is that sufficient to kind of catalyze further refranchising or unit growth? Or do you need this 100 basis points-plus to really increase the appeal. So that was a question.

我想，如果你看得更廣泛一些，你是否認為這是有代表性的？如果是這樣，這是否足以催化進一步的特許經營或單位成長？或者您是否需要這 100 個基點以上才能真正增加吸引力。這就是一個疑問。

Just a clarification was on you said carryout was a little bit softer. Am I right in thinking that, that tends to be a more economically sensitive consumer? I'm just trying to sort of decouple what might be company specific versus continued pressure on that, either lower income or economically stressed consumer.

只是需要澄清一下，您說的外帶稍微軟一點。我這樣想對嗎？這往往是對經濟較敏感的消費者？我只是試著將公司特有的壓力與持續的壓力（無論是低收入還是經濟緊張的消費者）區分開來。

Yeah. Sara, I'll start on carryout. And the comment on carryout being a little softer than anticipated was the start of the third quarter. I mean, our carryout business was strong in the second quarter. And I think it's really around what messaging do we have nationally in play for our brand, what do we have at the local to really make sure we're competing and connecting to the consumers. So it's something in our control and we can check and adjust quickly.

是的。薩拉，我要開始外賣了。第三季初，有評論指出結轉庫存量比預期略低。我的意思是，我們的外送業務在第二季表現強勁。我認為這實際上圍繞著我們在全國範圍內為我們的品牌傳遞什麼樣的訊息，我們在當地有什麼可以真正確保我們能夠參與競爭並與消費者建立聯繫。所以這是我們可以控制的事情，我們可以快速檢查和調整。

On the margin front, I'll have Ravi talk a little bit more about it. But we've made some nice sequential improvement on our margins from the first quarter into the second quarter. We're still seeing significant commodity inflation in the first half of the year. It turns to deflationary in the back half of the year, which will certainly be a help.

在利潤方面，我會讓拉維再多談一點。但從第一季到第二季度，我們的利潤率取得了一些連續的良好改善。今年上半年，大宗商品價格仍大幅上漲。下半年轉為通貨緊縮，這肯定會有所幫助。

As we continue to bring in more customers more often, the leverage that we see both at the restaurant level and through our supply chain network certainly helps to the margins for the company and the franchise community.

隨著我們不斷更頻繁地吸引更多顧客，我們在餐廳層面和透過供應鏈網路看到的槓桿作用無疑有助於提高公司和特許經營社區的利潤率。

But we know we've got work to continue to strengthen those margins. And that's why we're embarking and now executing a supply chain optimization project that can realize significant saves over time. So I will return to more of a traditional barbell strategy with a little more innovation on the top end to complement the bottom end.

但我們知道我們必須繼續努力加強這些利潤。這就是為什麼我們著手並執行供應鏈優化項目，該項目可以隨著時間的推移實現顯著的節省。因此，我將回歸更傳統的槓鈴策略，並在頂端進行一些創新，以補充底端。

So lots of work to make that all come to life. So Ravi, any other thoughts as you think about Sara's question?

因此，要實現這一切還需要做大量的工作。那麼 Ravi，對於 Sara 的問題，你還有其他想法嗎？

Yeah. So first, like we talked about in December, we think a core part of our recipe to continue to accelerate four-wall margins is about taking advantage of the flat capacity in our restaurants. We think that there are there's more transaction share left for us to go get, and we want to go win consumers.

是的。首先，就像我們在 12 月談到的那樣，我們認為繼續提高四面牆餐廳利潤率的核心部分是利用我們餐廳的固定容量。我們認為還有更多的交易份額等著我們去爭取，我們想要贏得消費者。

Specific to like what we're seeing in the franchisee base, what I'd say is like the franchisees who have been driving a transaction orientation have performed very well and continue to deliver strong profitability.

具體來說，就像我們在特許經營商群體中看到的情況一樣，我想說的是，那些一直推動交易導向的特許經營商表現非常出色，並繼續提供強勁的盈利能力。

The franchisees where there's been a little bit more price taking and a little bit less focus on transactions, they're probably at a slightly different spot.

特許經營者對價格的接受程度略高，對交易的關注程度略低，他們可能處於略有不同的境地。

But when I back way up and look at the 2020 to 2024 time period, the Papa John's system on an average restaurant level performed pretty well from a profitability standpoint. And our corporate restaurants, if you just look at the average corporate restaurant from 2020 to 2024, we made over $820,000 in 4-wall EBITDA per average restaurant.

但當我回顧 2020 年至 2024 年的時間段時，從盈利能力的角度來看，Papa John 的系統在平均餐廳水平上表現相當不錯。而我們的企業餐廳，如果你只看 2020 年至 2024 年的平均企業餐廳，我們平均每家餐廳的 4 面牆 EBITDA 超過 82 萬美元。

So right now, investing some profitability back into winning transactions, into winning the hearts and minds of consumers we think pays a lot of dividends. And where we're really focused in with our franchisees and connected there is we think it's more important than ever that we're focusing on quality and operational execution. We're continuing to strike the right balance between full margin innovation product come into life in our restaurants and driving value messaging. And we're really happy that we've been on this rhythm of value messaging for well over a year now.

因此，現在，我們認為將部分獲利能力重新投入到贏得交易、贏得消費者的心將會帶來豐厚的回報。我們真正關注的是我們的特許經營商並與他們建立聯繫，我們認為比以往任何時候都更重要的是專注於品質和營運執行。我們將繼續在餐廳中推出全利潤創新產品和推動價值傳遞之間取得適當的平衡。我們非常高興，一年多來我們一直堅持這種價值傳遞的節奏。

And third, like we know that more than 45% of our business is carry out, and we want to continue to make sure that we're getting great, great experiences for our customers when they walk into our restaurants.

第三，我們知道，我們的業務有 45% 以上是外賣，我們希望繼續確保顧客走進我們的餐廳時能夠獲得極好的體驗。

Thanks.

謝謝。

Alex Slagle, Jefferies.

傑富瑞的亞歷克斯‧斯拉格爾 (Alex Slagle)。

Hey thanks and Congrats on the momentum in progress. A question on carryout is you evaluate the performance across your system. Are there any learnings from the top performing markets, that you can take to the rest of the system and help you drive the carryout growth in some of those markets where it's been lagging?

嘿，謝謝，並祝賀你的進展。關於執行的一個問題是您評估整個系統的效能。您是否能從表現最佳的市場中汲取經驗，將其應用到整個系統，並幫助您推動一些表現落後的市場的結轉成長？

Yeah, I think there's a couple of things. First and foremost, having a national message around carryout certainly helps because that creates a nice halo for the brand to get consumers thinking about showing up at our restaurants more often for carryout. But you really got to work hard with the co-ops and the local team to make sure there's compelling carryout offers that really resonate in the communities that they serve.

是的，我認為有幾件事。首先，在全國範圍內宣傳外賣無疑會有所幫助，因為這會為品牌營造良好的光環，讓消費者考慮更頻繁地到我們的餐廳購買外賣。但你確實必須與合作社和當地團隊一起努力，確保有引人注目的外賣優惠，真正引起他們所服務社區的共鳴。

And it's more than just the offer. It's making sure that you got friendly service when that customer shows up at the restaurant. It's out there really hustling to make sure you know when all those key events are happening in your trade areas and in your communities to make sure you're working hard to connect to those individuals, to make sure that they understand that Papa John's is there for them at a compelling value, whether that's price or whether that's the quality of the food that we deliver.

這不僅僅是一個提議。它確保當顧客到達餐廳時你能得到友善的服務。我們確實在努力確保你知道你的貿易區和社區中所有重要事件的發生時間，確保你努力與這些人建立聯繫，確保他們明白棒約翰以極具吸引力的價格為他們提供服務，無論是價格還是我們提供的食物的質量。

And there's a lot of good lessons to make sure that we continue to communicate to the franchise community. If you're out there hustling, you're out there working, you're out there connecting to your community, you can drive a lot of growth. And we're seeing pockets of that across the organization and across the company.

有很多很好的經驗教訓可以確保我們繼續與特許經營社區進行溝通。如果你在外面努力工作，在外面與你的社區保持聯繫，你就能推動很多成長。我們在整個組織和整個公司都看到了這種情況。

Great thank you.

非常感謝。

Christopher O'Cull, Stifel.

克里斯托弗·奧卡爾（Christopher O'Cull），Stifel。

Thanks, good morning guys. Todd, the incremental investment in marketing represents a pretty meaningful increase in annual spend. How are you thinking about lapping that investment next year?

謝謝，大家早安。托德，行銷方面的增量投資代表著年度支出的相當有意義的成長。您考慮明年如何完成這項投資？

And then can you elaborate on the changes you expect to make to the supply chain to reduce cost?

然後您能詳細說明您希望對供應鏈做出哪些改變以降低成本嗎？

Yeah. So on the incremental marketing investments, we are spending a fair bit to really test, learn and support the system through this year. I mean, $7 million in the first quarter, another $9 million in the second quarter, up to $25 million on a full year. But there's been a lot of foundational work to really set up our plans to be more effective and efficient in 2026.

是的。因此，在增量行銷投資方面，我們今年將投入相當多的資金來真正測試、學習和支持該系統。我的意思是，第一季 700 萬美元，第二季 900 萬美元，全年高達 2500 萬美元。但為了真正使我們的計劃在 2026 年變得更加有效和高效，我們還做了很多基礎工作。

And I think with the learnings, we can figure out how we allocate existing national marketing fund dollars versus company dollars to really drive the growth that we need because I know we're going to be more effective with each dollar that we're spending.

我認為，透過這些經驗教訓，我們可以弄清楚如何分配現有的國家行銷基金和公司資金，以真正推動我們所需的成長，因為我知道我們花費的每一美元都會更有效。

We also have leaned into really test some things to make sure we can bring the franchise community along for the journey. So we did a little heavy up marketing around the BOGOs. It wasn't just about driving a BOGO proposition at the point in time we did it. It's really to try to learn what's the customer behavior beyond the BOGO. And is there a really good lifetime value in executing those type of promotions, and those are learnings we can take into building our plans for next year.

我們也傾向於真正測試一些東西，以確保我們能夠帶領特許經營社區一起踏上旅程。因此，我們針對「買一送一」活動做了一些大力行銷。我們這樣做不僅僅是為了在當時推動「買一送一」的主張。這實際上是為了嘗試了解除了 BOGO 之外的客戶行為。執行此類促銷活動是否真的具有良好的終身價值？這些都是我們可以藉鏡的經驗，用來制定明年的計畫。

We used some dollars on the nonworking side to really support some work to accelerate our CRM and those will be foundational elements that keep building our business into the future. We've leaned in on driving some social and search demand, which, again, are some good foundational elements to give us some learnings as we get into next year.

我們在非工作方面投入了一些資金來真正支持一些工作，以加速我們的 CRM，這些將成為我們未來業務發展的基礎要素。我們傾向於推動一些社交和搜尋需求，這些需求也是一些很好的基礎要素，可以為我們在進入明年時提供一些經驗教訓。

So it's been a combination of working/nonworking. I'm sure it's supporting the business where we need to. We did some heavy up in some local markets to help inform what our local strategy should be moving forward.

因此，它是工作與非工作的結合。我確信它正在為我們需要的業務提供支援。我們在一些本地市場做了一些大力推廣，以幫助了解我們未來的在地策略應該如何推進。

But we learned a lot. And I know we'll be more effective and efficient with all the dollars, and we can really decide as we go into '26 how much of that needs to come out of incremental dollars from the company side versus what can we just leverage with all of these learnings to be more effective and efficient with the NMF funds that we have. So more to come on that.

但我們學到了很多。我知道我們會更有效、更有效率地利用所有資金，當我們進入 26 年時，我們可以真正決定其中有多少需要來自公司方面的增量資金，以及我們可以利用所有這些經驗來更加有效、更有效率地利用我們擁有的 NMF 資金。對此我們還有更多內容。

And on the supply chain side, a really a credit to our team for really taking a step back and making sure that we weren't just a cost-plus model, that we're really trying to drive productivity day in and day out across the supply chain network. We talked about savings of at least $50 million. So we're going to work hard to surpass that. Over 1 point of margin impact by the time this is all instituted in '28. There's probably a little bit of upside to that.

在供應鏈方面，我們的團隊確實值得稱讚，他們真正退後一步，確保我們不僅僅是一個成本加成模式，而是真正努力在整個供應鏈網絡中日復一日地提高生產力。我們談到了至少節省 5000 萬美元。因此，我們將努力超越這一目標。到 1928 年這一切實施時，利潤率影響將超過 1 個百分點。這可能還有一點好處。

But importantly, we're getting after it fast, right? 40% of those savings is going to be realized by '26. We're not going to sacrifice any of the quality of our product. But we do see optimization opportunities to drive better fixed cost utilization across the network, and we're going to make some moves to bring that to life.

但重要的是，我們要快速地追趕它，對吧？其中 40% 的節省將在 26 年實現。我們不會犧牲任何產品的品質。但我們確實看到了優化機會，可以提高整個網路的固定成本利用率，我們將採取一些措施來實現這一點。

We do think there are some opportunities that we can capture in our transportation logistics. So how do we deliver our white glove service to the back of the restaurants, and we're working through that.

我們確實認為，我們可以在運輸物流方面抓住一些機會。那麼，我們要如何將白手套服務送到餐廳後面呢？我們正在努力解決這個問題。

And we know there's some procurement savings with some significant contracts that are up for renewals. We did some cost modeling and we're working through that to make sure we can realize all those savings.

我們知道，一些重要的續約合約可以節省一些採購成本。我們做了一些成本建模，並正在努力確保能夠實現所有這些節省。

So a lot going on across almost every element of the functions within the organization, but we've got a great team that's really focused on executing against these initiatives to really bring a strong restaurant economic model to life for the system.

因此，組織內幾乎每個職能部門都有很多事情要做，但我們擁有一支優秀的團隊，真正專注於執行這些舉措，為系統真正帶來強大的餐廳經濟模式。

Great thanks.

非常感謝。

Brian Mullan, Piper Sandler.

布萊恩·穆蘭、派珀·桑德勒。

Thank you. I just want to ask on the refranchising transaction. Maybe just give a little background how that came together. Remind us where those restaurants are. And then is the buyer, are you just selling that to your existing partner in the joint venture or is there a third-party coming in?

謝謝。我只是想詢問有關再特許經營交易的問題。也許只需介紹一下這一切是如何發生的。提醒我們那些餐廳在哪裡。那麼買家，您只是將其出售給合資企業中的現有合作夥伴，還是有第三方加入？

And then just related to all that, are you still thinking about additional transactions? And would you think any deals would have a development agreement attached? Is that an important factor for you all as you go through this process?

那麼與所有這些相關的是，您是否還在考慮額外的交易？您認為任何交易都會附帶開發協議嗎？當你們經歷這個過程時，這對你們所有人來說都是一個重要因素嗎？

Yeah. Let me start with the broader strategy. We've said this before. We do think refranchising is core to our strategy over time. We operate before this transaction that we're talking about, about 540 company restaurants. We do think there's some opportunities outside of kind of our core markets, and I really think about core from Indianapolis down to Atlanta and that whole corridor where we know we've got a lot of opportunities for growth.

是的。讓我先從更廣泛的策略開始。我們之前已經說過這​​一點。我們確實認為，長期來看，重新特許經營是我們策略的核心。在此次交易之前，我們經營約 540 家公司餐廳。我們確實認為在我們的核心市場之外也存在一些機會，我確實考慮了從印第安納波利斯到亞特蘭大的核心地區以及整個走廊，我們知道那裡有很多成長機會。

But we're going to have to look at the other markets to see if there are other good partners that should be scaled up as great brand partners to drive the brand is an opportunity to bring some fresh blood in. And as we do any of these transactions, we will have development commitments attached to them. And that will be a big part of the growth. And we'll also make sure that we do appropriate reaching as we bring those new agreements to life with some of the refranchising.

但我們必須關注其他市場，看看是否有其他優秀的合作夥伴可以擴大規模，成為推動品牌發展的優秀品牌合作夥伴，這是一個引入新血的機會。當我們進行任何此類交易時，我們都會附加發展承諾。這將是成長的重要組成部分。我們也將確保在透過部分再特許經營將這些新協議付諸實施時，能夠做出適當的妥協。

So it will be part of our transformation journey as we move forward. We did sell 15 restaurants last year in Wisconsin. And the 85 restaurants we're talking about today in the JV, we expect that transaction, as we said in the prepared remarks, to close by the fourth quarter.

因此，它將成為我們前進轉型之旅的一部分。去年我們確實在威斯康辛州出售了 15 家餐廳。我們今天談論的合資企業中的 85 家餐廳，正如我們在準備好的評論中所說，我們預計該交易將在第四季度完成。

But I'll turn it over to Ravi to talk some specifics on that transaction.

但我會把話題交給拉維來談論交易的一些具體細節。

Yeah. So the transaction is happening in the Mid-Atlantic area. It's a market that we have meaningful market share in today, and we think that there's more to get. We're transacting with an existing franchisee within the system. It's not our current JV partner, but it's a franchisee partner who is well capitalized, that's focused on the long term, who's investing in the business and has a great transaction driving mindset, which I think is very similar to the deal we did in Wisconsin a year ago.

是的。因此交易發生在大西洋中部地區。目前，我們在該市場佔有相當大的份額，我們認為我們還有機會獲得更多份額。我們正在與系統內現有的特許經營商進行交易。它不是我們目前的合資夥伴，而是一個資本雄厚、注重長期發展、投資業務並具有良好交易驅動思維的特許經營夥伴，我認為這與我們一年前在威斯康星州達成的交易非常相似。

And so to Todd's point, we saw this as a great opportunity to continue to grow a great strategic franchisee. And probably most importantly, continue to drive market share gains and an important market for us.

正如托德所說，我們認為這是一個繼續發展偉大策略特許經營商的絕佳機會。也許最重要的是，繼續推動市場份額的成長和對我們來說重要的市場。

Peter Saleh, BTIG.

彼得·薩利赫（Peter Saleh），BTIG。

Hey, great, thanks for taking the question and congrats on the, progress you guys are making. Great. Congrats on the progress you guys are making. I did want to ask about, Todd, I think you mentioned you're seeing a meaningful increase in app conversions. Could you just comment a little bit on really -- maybe give us a little bit more detail on really what you're seeing there.

嘿，太好了，謝謝你們回答這個問題，並祝賀你們所取得的進步。偉大的。祝賀你們的進步。我確實想問一下，托德，我想你提到過你看到應用程式轉換率顯著增加。您能否就實際情況發表一點評論——也許可以向我們更詳細地介紹一下您在那裡看到的情況。

And in the same vein, if you can comment on I know you saw a pretty nice increase in rewards memberships, 2.7 million since the change in November. Can you just talk about the behavior of those rewards members? Are those rewards members also coming in more frequently? Or are they do they continue to spend more? Anything you can share on that front would be helpful.

同樣，如果您能評論一下，我知道您看到獎勵會員數量有了相當大的增長，自 11 月份發生變化以來，會員人數已達到 270 萬。您能談談那些獎勵會員的行為嗎？這些獎勵會員是否也更頻繁地加入？或者他們會繼續花更多錢嗎？您在這方面所分享的任何資訊都會很有幫助。

Yeah, I'll start on the rewards program, loyalty program. I'll let Ravi talk a little bit about app conversion.

是的，我將開始獎勵計劃和忠誠度計劃。我會讓拉維 (Ravi) 稍微談論一下應用程式轉換。

But since we enhanced our Papa Rewards program in November 2024, it's been nice to see that we've added 2.7 million new accounts. We're up to 30.8 million total loyalty members there or thereabout. We are seeing an increase in customer engagement. We are seeing faster repeat purchases. And customer counts are up across almost every frequency cohort year-over-year since the change was made.

但自從我們在 2024 年 11 月增強了 Papa Rewards 計劃以來，我們很高興地看到我們增加了 270 萬個新帳戶。我們的忠誠會員總數大約有 3080 萬。我們看到客戶參與度有所提高。我們看到重複購買的速度越來越快。自從這項變更發生以來，幾乎每個頻率組的客戶數量都比去年同期成長。

So really feeling good about how we're driving customer counts in the loyalty program. Seen the growth on customer counts increase over the last three months, up almost 4.5%; up 1% versus the prior 12 months. So it has really been working the way we would expect it to work. We're seeing more folks redeem cash. We're acquiring more customers and those customers are ordering more frequently.

因此，對於我們在忠誠度計劃中如何推動客戶數量成長，我感到非常滿意。過去三個月，客戶數量有所增長，增長了近 4.5%；比前 12 個月增長了 1%。所以它確實按照我們期望的方式運作。我們看到越來越多的人兌換現金。我們正在獲得更多的客戶，而這些客戶的訂購頻率也更高。

It's everything you would want from a loyalty program, and we know there's great lifetime value for that customer.

它是您期望從忠誠度計劃中獲得的一切，我們知道它能為客戶帶來巨大的終身價值。

As you look at where are we really winning, we're seeing more light and medium customers order in the last three months as well as a small increase in loyalty frequency, which is important, and we'll continue to enhance it to drive that.

當您查看我們真正的成功之處時，我們發現過去三個月內有更多的輕度和中度客戶下訂單，同時忠誠度頻率也略有增加，這很重要，我們將繼續加強以推動這一點。

And then our super frequent loyalty customers, which is our highest value segment that place an order over the last 12 months, it turned positive for the first time during Q2 in a long time.

然後是我們的超級常客忠誠客戶，他們是過去 12 個月下訂單的最高價值群體，在第二季度，他們的數量很長一段時間以來首次轉為正值。

So it's really hitting on all cylinders. And the opportunities, as we said earlier, is how do we go drive some innovation, how do we recruit new customers into the brand, how do we bring those laps back and then quickly move them over into the loyalty program so we can connect with them and really drive a more personalized experience with great value and a great experience for them.

所以它確實全力以赴。正如我們之前所說，機會在於我們如何推動一些創新，如何為品牌招募新客戶，如何將這些客戶帶回來，然後迅速將他們轉移到忠誠度計劃中，以便我們能夠與他們建立聯繫，並真正為他們提供更加個性化、具有巨大價值和良好體驗的體驗。

And that's probably a good lead out to how the app works and the conversion and the work that's been underway.

這可能很好地說明了應用程式的工作原理、轉換過程以及正在進行的工作。

Yeah. So last summer, we did some work on the app experience, and we really haven't stopped on improving that experience as a whole. We saw over the trailing four quarters, a couple of hundred basis points of conversion upside in the app. And that was really about us starting to connect all the pieces of our strategy together.

是的。因此，去年夏天，我們對應用程式體驗做了一些改進，我們確實沒有停止對整體體驗的改進。我們看到，在過去的四個季度中，該應用程式的轉換率上升了幾百個基點。這實際上是我們開始將策略的各個部分連結在一起。

We move loyalty fund center in terms of the homepage experience. We updated imagery and how you sculp the experience, and we saw some really meaningful gains. And as we talked about in our prepared remarks, we're beta testing some new omnichannel experiences as well. So we don't feel like we're anywhere near done in terms of driving consumer counts and driving engagement through our app experience.

我們從主頁體驗的角度轉移了忠誠度基金中心。我們更新了圖像以及您如何塑造體驗，我們看到了一些真正有意義的收穫。正如我們在準備好的發言中談到的，我們也在對一些新的全通路體驗進行 Beta 測試。因此，我們感覺在透過我們的應用體驗來增加消費者數量和推動參與度方面我們還遠遠沒有完成。

And as we like zoom a little bit further out, the work that's happening between our marketing and our technology teams, it's really picked up pace. We are getting much more personalized and personalized means everything from a deeper segmentation of offers at a priority market level. It means speed of analytics and speed at which we are checking and adjusting in the business. And we see a lot of potential to lean further into AI in the coming months and years.

當我們進一步放大視野時，我們的行銷團隊和技術團隊之間的工作確實加快了步伐。我們正變得更加個人化，個人化意味著從優先市場層面對產品進行更深入的細分。這意味著分析的速度以及我們在業務中檢查和調整的速度。我們看到，未來幾個月和幾年內，人工智慧將具有巨大的發展潛力。

And we see really clear opportunities from an omnichannel experience standpoint, thinking about how we can make voice, a bigger component of what we do, continue to lean deeper into getting the right messaging and from the right consumers faster.

從全通路體驗的角度來看，我們看到了非常明顯的機會，思考如何讓語音成為我們工作中更重要的組成部分，繼續更深入地從正確的消費者那裡更快地獲取正確的資訊。

So we're excited in terms of what's in front of us from a technology and most importantly, a consumer experience standpoint.

因此，從技術和最重要的消費者體驗的角度來看，我們對眼前的事物感到興奮。

Eric Gonzalez, Key Bank.

岡薩雷斯 (Eric Gonzalez)，Key Bank。

Hi, thanks, good morning. Just wanted to ask about innovation. Do you think you have the right innovation pipeline that you want in place or do you have to do a bit more testing? And when do you see the brand having a regular cadence of innovation if that's the goal?

嗨，謝謝，早安。只是想問創新的問題。您是否認為您已經擁有了所需的正確創新管道，還是需要進行更多的測試？如果這是目標，您認為品牌何時能夠實現規律的創新節奏？

And then just selfishly, I'm wondering when we might see the Croissant Pizza in the US.

然後，我只是自私地想知道我們什麼時候能在美國看到羊角麵包披薩。

Well, on the Croissant Pizza in the U.S., we've got a lot of opportunity to continue to roll out across international. And we've done a lot of testing and learning in the US and we have to make sure that's the right offering for the US consumer. But I would never say never on Croissant, so we'll leave it at that.

嗯，對於美國的羊角麵包披薩，我們有很多機會繼續在國際上推廣。我們在美國做了大量的測試和學習，我們必須確保這是適合美國消費者的產品。但我永遠不會對 Croissant 說不，所以我們就到此為止。

On the innovation pipeline, it was relatively bare, to be honest, when I got here. And we really focused on being the best pizza makers in the business and really driving our core pizza business over the last year. And we've seen the results of that with nice sequential improvement on pizza sales, plus 4% in Q1, plus 6% in Q2. And we do know we have some of our rhythm breakers that have become less of a P mix in our business around Papadias and Papa Bites.

說實話，當我來到這裡時，創新管道相對空白。在過去的一年裡，我們真正專注於成為業內最好的披薩製造商，並真正推動我們的核心披薩業務。我們已經看到了成果，披薩銷量連續大幅成長，第一季成長 4%，第二季成長 6%。我們確實知道，我們的一些節奏破壞者在 Papadias 和 Papa Bites 業務中已經不再是 P 混合了。

But we're starting to return to a good cadence of some news. The $11.99 garlic five cheese that's out there is a nice proposition, The shareable dippable pizza that will be coming later this year, I think, fits really well with our brand and the occasion the consumer is looking for. And the Grand Papa that it's in test right now, our largest pizza ever, I think, really continues to drive our business. And we'll start to see that accelerate as we go into 2026.

但我們開始恢復一些新聞的良好節奏。售價 11.99 美元的大蒜五種起司是一個不錯的選擇，我認為今年稍後即將推出的可分享蘸醬披薩非常適合我們的品牌和消費者所尋求的場合。我認為，目前正在測試的 Grand Papa 披薩是我們有史以來最大的披薩，它確實將繼續推動我們的業務。進入 2026 年，我們將看到這一進程加速。

We recently partnered with a lot of our suppliers and really looked at some of the adjacent pizza category business. I mean, we still got a lot of opportunity to innovate on crust forms and non-core. But there are some opportunities to continue to expand our reach and the work we've done to optimize our oven calibration, to take our bake temps down to slow their ovens down a little bit, really opens up some of these other adjacent categories. So we'll make sure we've got a good mix of core and adjacencies as we move into '26.

我們最近與許多供應商建立了合作夥伴關係，並認真研究了一些相鄰的披薩類別業務。我的意思是，我們仍然有很多機會在地殼形式和非核心方面進行創新。但是，我們仍有機會繼續擴大我們的覆蓋範圍，我們所做的工作包括優化烤箱校準、降低烘烤溫度以稍微減慢烤箱的速度，這確實開闢了一些其他相鄰的類別。因此，當我們進入 26 年時，我們將確保核心業務和鄰接業務有良好的組合。

But that's when you really see us start to hit our stride on innovation to complement all the other good work that we're doing along the way. And with every step of the way, we're going to continue to stay focused on our message around pizza craftsmanship and six simple ingredients and fresh, never frozen original dough. And it is a powerful message when you think about those six simple ingredients, lower water, sugar, oil, salt, yeast. That is so on trend with where the consumer is going, we can innovate around some of that simplicity and really continue to deliver better quality product for the consumer because as we said in the prepared remarks, the world deserves better pizza.

但那時你才真正看到我們在創新方面開始取得進展，以補充我們在過程中所做的所有其他出色工作。而每一步，我們都將繼續專注於傳達有關披薩工藝、六種簡單原料和新鮮、從未冷凍過的原始麵團的訊息。當你想到這六種簡單的成分，即低水、糖、油、鹽、酵母時，這是一個強烈的訊息。這與消費者的消費趨勢非常一致，我們可以圍繞一些簡單性進行創新，並真正繼續為消費者提供品質更好的產品，因為正如我們在準備好的評論中所說的那樣，世界值得擁有更好的披薩。

If I could ask a question about maybe a follow-up on the first five weeks of the quarter. Again, I don't want to make too much about it, but it does seem like your largest competitor was on there with some pretty heavy discounting. So I'm wondering if that was a big factor. And whether there are also any changes in the advertising pressure that you had on during July versus what you did in the latter two months of the first quarter?

如果我可以問一個關於本季前五週的後續問題。再說一次，我不想對此做太多評論，但看起來你最大的競爭對手確實在那裡提供了相當大的折扣。所以我想知道這是否是一個重要因素。七月你們的廣告壓力跟第一季後兩個月有什麼變化嗎？

Yeah. I think the beautiful thing about our business is we can check and adjust relatively quickly now when we got a lot of tools, right, making sure we got garlic five cheese on there at the appropriate time based on the consumer and competitive landscape was important. The tools around loyalty and CRM to leverage that is an important tool.

是的。我認為我們業務的優點在於，當我們擁有很多工具時，我們可以相對快速地檢查和調整，對的，確保根據消費者和競爭格局在適當的時間推出大蒜五種奶酪非常重要。圍繞忠誠度和 CRM 的工具是利用這一點的重要工具。

It is intense, there is a lot of competitive activity out there. You got to win the hearts and minds from the consumer, both from a value and a quality perspective.

情況非常緊張，競爭非常激烈。你必須從價值和品質的角度贏得消費者的心。

So I won't read too much into the start to the quarter. I do think we've got a lot of tools at our disposal to finish the quarter strong and continue that momentum into the fourth quarter. But we're digging into the analytics. We're continuing to look into what's working well, what we need to check and adjust and really take a retail mindset to the data to make sure we're best connecting to the consumer no matter what the competitive was super competitive in Q2, and we broke through and we brought in more customers and we drove sales growth, and we expect to do that in the back half of this year. And the foundational work that we've done over the last 12 months to really set ourselves up to compete better not just into this year to finish it strong, but to really set us up for a strong 2026.

所以我不會對本季的開始做過多的解讀。我確實認為我們有很多工具可以讓我們在本季度取得強勁成績，並將這種勢頭延續到第四季度。但我們正在深入分析。我們正在繼續研究哪些方面做得好，哪些方面需要檢查和調整，並真正以零售思維來處理數據，以確保無論第二季度的競爭多麼激烈，我們都能最好地與消費者建立聯繫，我們取得了突破，吸引了更多的客戶，推動了銷售增長，我們預計將在今年下半年實現這一目標。我們在過去 12 個月中所做的基礎工作確實讓我們做好了更好競爭的準備，不僅是為了在今年強勢收官，也是為了在 2026 年取得更好的成績。

And maybe I'll provide some other like more specifics in terms of building blocks for the second half of the year, that kind of underpins how we're thinking about the business.

也許我會提供一些其他更具體的關於下半年基本建設的細節，這些細節支撐了我們對業務的看法。

As Todd talked about, like we have accelerated path of product innovations coming with new shareable pizza format with dipping sauce. We think that really resonates with Gen Z, Gen Alpha. Second, we launched the garlic five cheese this week. We think that is right down the fairway in terms of innovation for us, and it's something that feels unique to Papa John given our positioning as Todd talked about. We're testing the largest pizza we've ever made in the market. We think that is right for the consumer mindset right now.

正如陶德所說，我們加快了產品創新的步伐，推出了帶有蘸醬的新型可共享披薩形式。我們認為這確實引起了 Z 世代、Alpha 世代的共鳴。其次，本週我們推出了大蒜五種起司。我們認為，就我們的創新而言，這是正確的，正如托德所說的，考慮到我們的定位，這對 Papa John 來說是獨一無二的。我們正在測試市場上迄今為止我們製作的最大的披薩。我們認為這符合當前消費者的心態。

So we have a steady cadence of innovations that we think are specific to Papa John's, but also helps us break through with kind of where the consumer psyche is today.

因此，我們穩步推動創新，我們認為這些創新是 Papa John's 獨有的，同時也有助於我們突破當今消費者的心理。

Second, I mean, oven calibration work, we're seeing consumer satisfaction scores continue to improve. And we think that matters a lot right now. When we pair it together, our simple ingredients and our approach to making pizza with even better consumer satisfaction score, we think that's going to yield benefits.

其次，我的意思是，烤箱校準工作，我們看到消費者滿意度分數持續提高。我們認為這現在非常重要。當我們將簡單的原料和製作披薩的方法結合在一起，獲得更好的消費者滿意度評分時，我們認為這將帶來好處。

Third is we're continuing to lean into loyalty and using loyalty as a way to drive more and more personalization. So we're going to continue to build on that momentum and has not talked about consumer accounts were up in 2Q, and we're going to really stay focused on that?

第三，我們將繼續重視忠誠度，並利用忠誠度來推動越來越多的個人化。因此，我們將繼續保持這一勢頭，並且還沒有談到第二季度消費者帳戶的成長，我們將真正關注這一點？

And then lastly, like we're going to continue to think about all of our channels of the business from aggregators delivery, carryout and we're digging into the analytics every day and making sure we're staying nimble there.

最後，我們將繼續考慮我們所有的業務管道，從聚合器交付到執行，我們每天都在深入分析，確保我們保持靈活。

So there are a couple of things out there that get us like focused in on how are we going to unlock growth in the second half of the year. And all of these elements I just talked about, we see is like foundational that is going to allow us to continue to grow transaction share over.

因此，有幾件事讓我們集中精力研究如何在下半年成長。我剛才談到的所有這些因素，我們認為都是基礎性的，可以讓我們繼續增加交易份額。

The next couple of years.

接下來的幾年。

Yeah. And just a quick comment to all of that. I mean, we've seen nice increases in our overall satisfaction at our restaurant level. We've seen improvements in taste with the work we've been doing in calibration. And with the Meet the Makers campaign, we've seen strong gains in our brand health measurements for consideration, quality and ad recall.

是的。我只想對以上內容做一個簡短的評論。我的意思是，我們看到我們餐廳的整體滿意度有了很大的提高。透過我們所做的校準工作，我們看到了品味的改善。透過「與製造商見面」活動，我們在考慮、品質和廣告回憶方面的品牌健康指標方面取得了顯著的進步。

So all of those things help support everything that Ravi just said to make sure that we're in the consideration set to continue to drive our business in the back half and beyond.

因此，所有這些事情都有助於支持拉維剛才所說的一切，以確保我們能夠考慮在下半年及以後繼續推動我們的業務。

Yeah. What's maybe one last thing. Like the marketing team has done an amazing job on a turf analysis of where we have a right to play. One of the things that's clearly coming through in the data is that like Papa John's as a brand can continue to expand its TAM into some of the adjacent categories around pizza. We're not necessarily rushing to go there tomorrow. But that is a lot of the work we're doing in the kitchen in terms of like how are we going to continue to gain transaction share in the business and do it in a way that only Papa John's can.

是的。還有最後一件事。就像行銷團隊在對我們有權在哪裡比賽的場地分析方面做了出色的工作一樣。數據中清楚表明的一點是，像 Papa John's 這樣的品牌可以繼續將其 TAM 擴展到披薩周圍的一些相鄰類別。我們不一定明天就趕去那裡。但就我們如何繼續獲得業務交易份額以及如何以只有 Papa John's 才能做到的方式做到這一點而言，我們在廚房裡做了很多工作。

It's great, thank you.

非常好，謝謝。

Jim Sanderson, North Coast Research.

吉姆·桑德森，北海岸研究公司。

Hey, thanks for the question. Just wanted to circle back to international. Wondering if you could update us on trends in the UK, whether those comps were out or underperforming the international trend? And more broadly, how should we look at the opportunity to see new unit growth in the UK going forward?

嘿，謝謝你的提問。只是想回到國際。想知道您是否可以向我們介紹英國的趨勢，這些同類產品是否超出或低於國際趨勢？更廣泛地說，我們應該如何看待未來英國新單位成長的機會？

Yes. We've been on a multiyear journey in the UK, and we're really pleased in terms of the performance. So the UK was a low single-digit comp in 2Q, but it's accelerated meaningfully in July and outperforming the total international business even in July. But when we back further up our consumer satisfaction scores are way up, our total time to deliver times are way down. And we're driving really strong growth.

是的。我們已經在英國進行了多年的旅程，我們對這次演出感到非常滿意。因此，英國在第二季度的年增速較低，但 7 月增速顯著加快，甚至在 7 月的表現也超過了整體國際業務。但當我們進一步回顧時，我們的消費者滿意度得分大幅上升，我們的總交付時間大幅減少。我們正在實現真正強勁的成長。

And what we've really unlocked is focus on the most important markets and trade zones are really focused in on having a robust innovation calendar and then paying it off with great execution. So we still see a lot of comp upside in that business over the medium term. So we think that there is meaningful system-wide sales growth opportunity for us to go capture.

我們真正解鎖的是專注於最重要的市場和貿易區，真正專注於制定強大的創新日程，然後透過出色的執行來獲得回報。因此，從中期來看，我們仍然認為該業務具有很大的上漲空間。因此，我們認為，我們有一個有意義的全系統銷售成長機會可以抓住。

We will turn on the development engine again in the UK in due course. But fundamentally, I think there's a lot of comp upside for us to go capture. And what we're really encouraged about our approach in the UK is we think we can unlock opportunity in many of our priority markets with this really clear focus around innovation, execution and priority markets.

我們將適時在英國再次啟動發展引擎。但從根本上來說，我認為我們還有很多可利用的優勢。我們在英國的做法真正讓我們感到鼓舞的是，我們認為，透過明確關注創新、執行和優先市場，我們可以在許多優先市場中釋放機會。

It's been some great work in the UK on that whole transformation. And what's really exciting is the growth across international is really broad-based. And credit to Ravi and his leadership team on the international front. I know we're going to continue to build momentum there, and it's exciting.

英國在整個轉型過程中做出了一些出色的工作。真正令人興奮的是，國際性的成長確實非常廣泛。並向拉維和他的國際領導團隊表示敬意。我知道我們將繼續在那裡積聚勢頭，這是令人興奮的。

Thank you. At this time, I would now like to turn the conference back over to Todd Penegor for closing remarks.

謝謝。現在，我想將會議交還給 Todd Penegor 作結束語。

Well, thanks, everybody, for your time this morning. Appreciate it. Hard to believe that it's a year into my journey with an unbelievable team here at Papa John's. We've touched everything, whether it's operational excellence, marketing revamp, tech innovation. Again, the journey on refranchising, supply chain optimization and ultimately put a capital structure in place to really support all of these strategic initiatives.

好吧，謝謝大家今天上午抽出時間。非常感謝。很難相信我已經與 Papa John's 的一支令人難以置信的團隊一起度過了一年。我們觸及了一切，無論是卓越營運、行銷改善或技術創新。再次，重新特許經營、供應鏈優化以及最終建立資本結構的過程，以真正支持所有這些策略舉措。

Our future is bright. We're energized. We've got a spring in our step. We know it's going to be a battle, and we'll continue to take you guys along for the journey. But pizza is super relevant. It's a great value for the money.

我們的未來是光明的。我們充滿活力。我們步伐輕快。我們知道這將是一場戰鬥，我們將繼續帶領你們一起前進。但披薩非常重要。非常物有所值。

And we're going to be out there, Ravi and I and Heather over the upcoming months to really continue to tell that story and talk about our business with all of you. So look forward to seeing you out at some point at a conference or on a road show.

在接下來的幾個月裡，拉維、我和希瑟將繼續講述這個故事，並與大家討論我們的業務。因此，期待在某個會議或路演中見到您。

And I just want to thank all of our team members and the franchise community for the partnership and the work to really set the foundation for long-term sustainable growth in this business.

我只想感謝我們所有的團隊成員和特許經營社區的合作和努力，為該業務的長期可持續增長奠定了基礎。

So have a great day, everyone. Thanks for all the questions. Talk to you soon.

祝大家有個愉快的一天。感謝您提出的所有問題。很快再和你聊。

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。