Papa John's International Inc (PZZA) 2025 Q3 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Papa John's third quarter 2025 conference call and webcast. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker for today, Heather Hollander. Please go ahead.

您好，感謝您的耐心等待。歡迎參加棒約翰2025年第三季電話會議和網路直播。（操作人員指示）請注意，今天的會議正在錄音。現在我謹將會議交給今天的演講嘉賓，希瑟‧霍蘭德。請繼續。

Good morning, and welcome to our third quarter 2025 earnings conference call. Earlier this morning, we issued our third 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.

早安，歡迎參加我們2025年第三季財報電話會議。今天早些時候，我們發布了第三季財報，您可以在我們的投資者關係網站 ir.papajohns.com 的「新聞與活動」標籤下找到該報告，或聯絡我們的投資者關係部門以取得該報告。

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. 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.

今天早上和我一起參加電話會議的有總裁兼執行長 Todd Penegor，以及財務長兼國際執行副總裁 Ravi Thanawala。本次電話會議中發表的評論將包含聯邦證券法意義上的前瞻性陳述。這些聲明可能涉及風險和不確定性，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.

前瞻性陳述應與我們獲利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併考慮。此外，請參閱我們的獲利報告和投資者關係網站，以了解今天電話會議上討論的非GAAP財務指標的必要調整情況。最後，請您將問題限制在一個問題和一個後續問題之內。

And now, I'll turn the call over to Todd.

現在，我將把電話交給托德。

Thank you, Heather, and good morning, everyone. I want to start first by thanking our franchisees and team members for their continued commitment to our customers and for their dedication to advancing our strategic priorities as we transform the business. Papa John's has a strong foundation from which to build, including an outstanding brand, a differentiated product proposition, a loyal customer base and a strong balance sheet.

謝謝你，希瑟，大家早安。首先，我要感謝我們的加盟商和團隊成員，感謝他們對客戶的持續付出，以及在公司轉型過程中為推進我們的策略重點所做的貢獻。棒約翰擁有強大的發展基礎，包括傑出的品牌、差異化的產品定位、忠實的客戶群和穩健的資產負債表。

That said, we are navigating weaker consumer sentiment and a more promotional QSR marketplace, particularly in North America, resulting in mixed third quarter performance. Global comparable sales were flat for the third quarter, while North America comparable sales decreased 2.7%. As we move through the third quarter, we saw the greatest order decline within small ticket web customers in North America. Small ticket web orders tend to over-index, with lower-income customers, corresponding with the disproportionate sales pressure we've seen with this cohort.

儘管如此，我們仍面臨消費者信心疲軟和速食店市場促銷活動增加的局面，尤其是在北美地區，導致第三季業績喜憂參半。第三季全球同店銷售額持平，而北美同店銷售額下降了 2.7%。第三季以來，我們發現北美小額網路客戶的訂單下降幅度最大。小額網路訂單往往更集中在低收入客戶群體中，這與我們在這個群體中看到的不成比例的銷售壓力相吻合。

Within North America, core pizza sales were flat. We sold 3% more pizzas and 4% more pizzas per order, but total pizza sales were effectively flat as order mix shifted to more medium pizzas and fewer added toppings. The majority of North America sales pressure was driven by declines in product outside of our core pizza offering, including wings, bread sides, Papadias and Papa Bites.

在北美地區，核心披薩銷售持平。我們披薩銷量增加了 3%，每份訂單的披薩銷量增加了 4%，但披薩總銷量實際上持平，因為訂單組合轉向了更多的中型披薩和更少的額外配料披薩。北美銷售壓力主要來自我們核心披薩產品以外的其他產品的下滑，包括雞翅、麵包配菜、帕帕迪亞和帕帕小吃。

As consumers are pressured, they tend to control their spend by focusing on center of plate rather than adding sides and desserts. As part of our product innovation work, we are taking action to develop more compelling sides and desserts at more accessible price points. I'll share more about that in a moment.

在消費者面臨壓力的情況下，他們往往會透過專注於主菜而不是配菜和甜點來控制支出。作為產品創新工作的一部分，我們正在採取行動，開發價格更親民、更具吸引力的配菜和甜點。我稍後會詳細介紹。

Outside of North America, however, we are encouraged by the upside that is being created as a result of the changes we are making. Our international business delivered exceptional results, generating comparable sales growth of 7% in the quarter. These results were driven by strength across key markets in Europe, the Middle East and Asia Pacific. Ravi will share more about third quarter results in his remarks. While we address the immediate market headwinds, particularly in North America and execute our transformation strategy, we are also working to be a more nimble, efficient organization with a leaner G&A structure.

然而，在北美以外的地區，我們正在進行的變革所帶來的正面影響令我們感到鼓舞。我們的國際業務取得了優異的業績，本季同店銷售額成長了 7%。這些業績主要得益於歐洲、中東和亞太地區主要市場的強勁表現。拉維將在演講中詳細介紹第三季業績。在應對當前市場逆風（尤其是在北美）並執行轉型策略的同時，我們也在努力成為一個更靈活、更有效率的組織，並擁有更精簡的行政管理結構。

As we discussed last quarter, efforts to optimize our North American supply chain and reduce overall cost to serve are expected to result in at least $50 million in supply chain savings by 2028, $20 million of which are planned for 2026. We have identified productivity opportunities through procurement vendor negotiations, evaluating our freight and transportation services and reducing our fixed cost leverage throughout the commissary, all while maintaining our commitment to quality.

正如我們上個季度所討論的，優化北美供應鏈和降低整體服務成本的努力預計到 2028 年將節省至少 5,000 萬美元的供應鏈成本，其中 2,000 萬美元計劃在 2026 年節省。我們透過與採購供應商談判、評估貨運和運輸服務以及降低整個食品供應中心的固定成本槓桿，發現了提高生產力的機會，同時保持了我們對品質的承諾。

As for restaurant level financial impact, we expect that the cost savings will equate to approximately 100 basis points of four-wall EBITDA improvement for both franchise and company-owned restaurants by 2028. This quarter, we are also announcing two new efficiency initiatives with respect to the company's overall cost structure and our refranchising program.

至於餐廳層面的財務影響，我們預計到 2028 年，成本節約將使加盟餐廳和公司自營餐廳的四牆 EBITDA 提高約 100 個基點。本季度，我們也將宣布兩項新的效率提升舉措，分別涉及公司的整體成本結構和特許經營計劃。

First, during the quarter, we initiated a comprehensive review of our expense structure to streamline our organization, reduce noncustomer-facing spend, simplify our operating model and better align our resources to support our transformation. We have already identified at least $25 million of savings outside of marketing to be captured across fiscal years 2026 and 2027. These actions will create incremental flexibility across the business, provide fuel for future growth and improve the earnings power for both company and franchise restaurants and for Papa John's as a franchisor.

首先，在本季度，我們啟動了對費用結構的全面審查，以精簡組織架構，減少非客戶支出，簡化營運模式，並更好地調整資源以支援轉型。我們已經確定，在 2026 和 2027 財年，除了行銷之外，至少還可以節省 2,500 萬美元。這些舉措將為整個業務創造逐步的靈活性，為未來的成長提供動力，並提高公司和加盟餐廳以及作為特許經營商的棒約翰的盈利能力。

The review of our cost structure is ongoing. And based on this work, we expect there to be additional efficiency opportunities. We look forward to sharing more details about the cost review, including impact to our fiscal 2026 guidance when we report fourth quarter results.

我們仍在對成本結構進行審查。基於這項工作，我們預計會有更多提高效率的機會。我們期待在公佈第四季度業績時分享更多有關成本審查的細節，包括對我們 2026 財年業績預期的影響。

Second, we are also announcing today that the company will be accelerating our refranchising program over the next two years, which we believe will strengthen our local markets and increase our operational efficiency. I'll share more on this shortly.

其次，我們今天也宣布，公司將在未來兩年內加快特許經營計畫的實施，我們相信這將加強我們的本地市場並提高我們的營運效率。稍後我會分享更多相關資訊。

Ultimately, we are positioning Papa John's to compete better in 2026 and beyond. We are aligning our system around a more comprehensive value proposition to address near-term consumer pressure. We are building a stronger, more impactful product pipeline, with a relentless flow of innovation built around three major new platforms to extend our addressable market and expand margin, including reimagined sides to drive add-ons.

最終，我們的目標是讓棒約翰在 2026 年及以後更具競爭力。我們正在調整我們的系統，使其圍繞更全面的價值主張展開，以應對近期消費者的壓力。我們正在建立更強大、更有影響力的產品線，圍繞著三大新平台不斷推出創新產品，以擴大我們的目標市場和利潤空間，包括重新構想的側邊欄以推動附加產品。

We are strengthening our competitiveness in strategic markets, both domestically and internationally. We are removing noncustomer-facing costs from the business. We are creating a more nimble, efficient organization. We are standing up a technology platform to differentiate the customer experience. We are building a more efficient supply chain and improving our food cost, and we are accelerating our North American refranchising program.

我們正在加強在國內和國際戰略市場的競爭力。我們正在削減企業中與客戶無關的成本。我們正在打造一個更靈活、更有效率的組織。我們正在搭建一個技術平台，以提升客戶體驗。我們正在建立更有效率的供應鏈，降低食品成本，並加快北美特許經營計畫的實施。

We are confident that our transformation work will ultimately position Papa John's to generate sustainable, profitable growth across our portfolio, better respond to customer needs and effectively navigate a variety of consumer environments, all while maintaining a healthy balance sheet. With that backdrop, and before we move to a more detailed update on our transformation priorities, I want to address the recent M&A rumors and speculation regarding the company. As a Board and a management team, we are focused on maximizing shareholder value. We are open-minded about the path to do that. And to the extent there is an alternative to our strategy that is available and maximizes shareholder value, we would fully consider it.

我們相信，我們的轉型工作最終將使棒約翰能夠在旗下所有業務中實現可持續的盈利增長，更好地響應客戶需求，並有效應對各種消費環境，同時保持健康的資產負債表。在此背景下，在我們更詳細地介紹轉型重點之前，我想先談談最近有關公司的併購傳聞和猜測。作為董事會和管理團隊，我們專注於實現股東價值最大化。我們對實現這一目標的途徑持開放態度。如果存在能夠最大限度提升股東價值的替代策略，我們將充分考慮。

At this time, the opportunity before the company to drive the greatest value creation is through the execution of our transformation strategy, and that is where we have directed our attention. While our transformation is in the early innings, we are making progress. And as you've heard today, we are committed to accelerating the momentum, including pursuing cost actions, faster refranchising and meaningful operational improvements. Let me share more. First, we are relentlessly focusing on our core product proposition and premium innovation.

目前，公司實現最大價值創造的機會在於執行我們的轉型策略，而這正是我們關注的重點。雖然我們的轉型還處於初期階段，但我們正在取得進展。正如你們今天所聽到的，我們致力於加快這一勢頭，包括採取成本控制措施、加快特許經營權重新授予以及進行有意義的營運改善。讓我再多說一些。首先，我們將不懈地專注於我們的核心產品定位和高端創新。

Our culinary and product development teams have rebuilt and reinvigorated our innovation framework, which is now grounded on three approaches: form innovation, size innovation and platform innovation. In September, we launched Papa Dippa, the first innovation under the new framework, showcasing form innovation. Papa Dippa is an on-trend shareable pizza cut into strips made specifically for dipping. Our newest innovation launched this week is built around size. The Grand Papa is our largest pizza ever with deli-style pepperoni and large foldable slices, perfect for sharing.

我們的烹飪和產品開發團隊重建並重振了我們的創新框架，該框架現在基於三種方法：形式創新、規模創新和平台創新。9 月，我們推出了 Papa Dippa，這是新框架下的第一個創新產品，展示了形式創新。Papa Dippa 是一款時下流行的可分享式披薩，切成條狀，專為蘸醬而設計。我們本週推出的最新創新產品以尺寸為核心。「大爸爸」是我們有史以來最大的披薩，配有熟食店風格的意大利辣香腸和可折疊的大片，非常適合分享。

In 2026, we expect to have a consistent flow of impactful innovation at compelling price points, which will better allow us to drive sales in a challenging consumer environment and extend our addressable market. For example, we are reimagining our side offerings and developing more sides at accessible price points to drive add-on sales and margin expansion.

2026 年，我們預計將持續推出具有影響力的創新產品，並保持極具吸引力的價格，這將使我們能夠在充滿挑戰的消費環境中更好地推動銷售，並擴大我們的目標市場。例如，我們正在重新構思我們的配菜產品，並開發更多價格親民的配菜，以推動附加銷售和利潤成長。

Additionally, our 2026 innovation pipeline begins to expand our aperture beyond traditional QSR pizza and adds new sales layers to our business, including menu items more akin to what you would find at your neighborhood pizzeria. Combining this kind of right price innovation with Papa John's quality, craftsmanship, variety and freshness results in a distinct competitive advantage to win new customers. Importantly, our menu expansion and exciting platform innovations are supported by our Perfect Bake project, which encompasses oven calibration and operations excellence work and advances the quality and range of products we're able to prepare in our restaurants.

此外，我們的 2026 年創新計畫開始將我們的業務範圍擴展到傳統 QSR 披薩之外，並為我們的業務增加新的銷售層面，包括更類似於您在附近披薩店找到的菜單項目。將這種合理的價格創新與棒約翰的品質、工藝、多樣性和新鮮度結合，就能帶來明顯的競爭優勢，從而贏得新客戶。重要的是，我們的菜單擴展和令人興奮的平台創新都得到了「完美烘焙」項目的支持，該項目涵蓋了烤箱校準和卓越運營工作，提高了我們在餐廳能夠準備的產品的品質和種類。

As part of our incremental marketing spend this year, we've also invested in a comprehensive testing program, which allows us to rigorously vet our new products and ensure that innovation is truly customer-led and insight-driven, which will benefit the business in '26 and beyond. In the third quarter, we continued to reinforce our barbell strategy by leveraging value messaging alongside full margin product, positioning our $6.99 pop-up pairings platform, alongside our Buy One Get One offer in addition to introducing our garlic five Cheese crust in August.

作為我們今年新增行銷支出的一部分，我們還投資了一項全面的測試計劃，這使我們能夠嚴格審查我們的新產品，並確保創新真正以客戶為中心，以洞察為驅動，這將使公司在 2026 年及以後受益。第三季度，我們持續強化槓鈴策略，利用價值資訊和全利潤產品，推廣我們的 6.99 美元快閃搭配平台，以及買一送一優惠，此外，我們還在 8 月推出了蒜香五起司餅底。

Combined, these offerings helped deliver another quarter of growth in total number of pizzas ordered. To remain competitive in the dynamic QSR marketplace, we must execute on our second strategic priority of amplifying our marketing message to differentiate our brand and win customer consideration. And in this environment, price is a key component.

這些舉措共同促成了披薩訂單總量的另一個季度成長。為了在瞬息萬變的速食市場中保持競爭力，我們必須執行第二個策略重點，即加強行銷宣傳，使我們的品牌脫穎而出，贏得顧客的青睞。在這種環境下，價格是關鍵因素。

Accordingly, we sharpened our value proposition. We pulsed in additional promotions such as, Buy One Get One Free Pizza offers in mid-September and mid-October, which were effective in driving orders with multiple pizzas and bending the trends for select weeks. To capture the small ticket, lower frequency customer, we recently launched a 50% off carryout offer supported by media. Very preliminary results show improved order trends, but we would like to see the offer out in the market longer before making any definitive statements. We are also very excited to have achieved our highest sales day ever in North America on Halloween last week.

因此，我們進一步完善了我們的價值主張。我們在 9 月中旬和 10 月中旬推出了額外的促銷活動，例如「買一送一披薩」優惠，這些活動有效地推動了多披薩訂單，並在特定幾週內扭轉了趨勢。為了吸引小額消費、低頻次消費的顧客，我們最近推出了一項外帶五折優惠活動，並輔以媒體宣傳。初步結果顯示訂單趨勢有所改善，但我們希望該產品在市場上銷售更長時間後再做出任何最終聲明。上週萬聖節當天，我們在北美地區的銷售額創下歷史新高，我們對此感到非常興奮。

So we are managing the moment, with a more forward-leaning value proposition, we are also building for the future with initiatives that will grow sales and expand margin, including a robust innovation pipeline, new sales layers, elevated operations and a technology platform that delivers a seamless connected customer experience. In the third quarter, we invested an incremental $4 million towards supplemental marketing to support our value proposition and build on the foundational investments we've made through the year.

因此，我們正在把握當下，提出更具前瞻性的價值主張，同時也在為未來發展奠定基礎，推出各項舉措以促進銷售成長和擴大利潤率，包括強大的創新管道、新的銷售層級、提升營運水平以及提供無縫連接的客戶體驗的技術平台。第三季度，我們追加投資 400 萬美元補充行銷，以支持我們的價值主張，並鞏固我們全年所做的基礎性投資。

We directed part of this investment toward working media to support our BOGO offer during the quarter, which drove improvement in order trends while the promotion was in market. By optimizing our channel mix and audience strategy, we achieved more efficient media spending. We also invested advertising dollars in non-working media to launch a comprehensive testing program and better inform future spend.

我們將部分投資用於推廣我們的買一送一優惠活動，並在該季度推動了促銷活動期間訂單趨勢的改善。透過優化管道組合和受眾策略，我們實現了更有效率的媒體支出。我們也投入廣告資金到效果不佳的媒體上，以啟動一項全面的測試計劃，並更好地指導未來的支出。

These foundational investments will continue to deliver benefits heading into 2026 as we further optimize media mix, launch products and campaigns informed by our test and learn program and expand our social share of voice. These non-working media investments are onetime and not expected to repeat in 2026. Turning to our brand positioning. We continue to showcase Papa John's differentiation, emphasizing the six simple ingredients of our fresh, never frozen original dough. Third-party research consistently tells us that customers value high-quality real ingredients, and we believe that our commitment to fresh, quality, simple ingredients is especially important given current customer trends.

這些基礎性投資將在 2026 年繼續帶來收益，我們將進一步優化媒體組合，根據我們的測試和學習計畫推出產品和活動，並擴大我們在社群媒體上的聲量份額。這些無效的媒體投資是一次性的，預計在 2026 年不會再次發生。接下來談談我們的品牌定位。我們繼續展示棒約翰的獨特之處，強調我們新鮮、從未冷凍過的原味麵團的六種簡單成分。第三方研究不斷告訴我們，顧客重視高品質的真材實料，鑑於當前的顧客趨勢，我們相信我們對新鮮、優質、簡單食材的承諾尤其重要。

For example, we have seen strong improvement in our brand perception quality score since the onset of our Meet the Makers marketing campaign, which emphasized our product differentiation and six simple ingredients. Our third strategic priority is investing in technology and our tech stack to deliver a more seamless experience across our digital assets and own channels, better connect with customers and support greater efficiency across our operations by leveraging data and AI.

例如，自從我們進行「與製造商見面」行銷活動以來，我們的品牌認知品質分數有了顯著提高，該活動強調了我們的產品差異化和六種簡單的成分。我們的第三個策略重點是投資技術和我們的技術堆疊，以在我們的數位資產和自有管道上提供更無縫的體驗，更好地與客戶建立聯繫，並透過利用數據和人工智慧來提高我們營運的效率。

We are especially excited about the power of building on our marketing advancements by inviting customers into the brand and then layering in hyper-personalization to drive additional engagement and retention. With approximately 70% of our sales generated through own digital platforms, delivering an effortless customer experience is essential. We recently achieved a major milestone with the launch of a modernized first-party digital ordering platform across our mobile apps on both Android and iOS, which improves navigation, reduces clicks to purchase and improves order tracking and targeted communication.

我們尤其興奮的是，透過邀請客戶加入品牌，並在此基礎上增加高度個人化，從而提升我們的行銷進步，進而推動更多參與和留存。我們約 70% 的銷售額來自自有數位平台，因此提供輕鬆便利的客戶體驗至關重要。我們最近取得了重大里程碑式的成就，在 Android 和 iOS 行動應用程式上推出了現代化的第一方數位訂購平台，該平台改善了導航，減少了購買點擊次數，並改進了訂單追蹤和定向溝通。

The platform improvements are already driving higher conversion rates, reflecting our continued focus on performance, usability and speed to market. Building on this success, we are working to modernize the design and to deliver an elevated customer experience on our website, which we expect to launch in December. In addition to our improved digital ordering platforms, we continue to enhance our end-to-end digital customer experience and CRM platform to increase engagement, session conversions and repeat purchases. Over the last quarter, we benefited from our higher CRM engagement, with customers through e-mails, app push notifications and SMS communications. This is important foundational work that will continue to drive benefits in 2026.

平台改進已經推動了更高的轉換率，這反映了我們對效能、可用性和上市速度的持續關注。基於這項成功，我們正在努力實現網站設計的現代化，並致力於提升客戶體驗，預計將於 12 月推出。除了改善我們的數位化訂購平台外，我們還將繼續提升端到端的數位化客戶體驗和客戶關係管理平台，以提高客戶參與度、會話轉換率和重複購買率。上個季度，我們受益於更高的客戶關係管理 (CRM) 參與度，透過電子郵件、應用程式推播通知和簡訊與客戶溝通。這是一項重要的基礎性工作，將繼續在 2026 年帶來效益。

Our fourth priority is differentiating our customer experience to meet and exceed the convenience, value and quality expectations of our customers, across all of our demand channels. Starting with loyalty. Our loyalty program is a prime example of how we continue to evolve and build brand advocacy amongst our most valuable customers. It's been almost one year since we launched our enhanced loyalty program with a lower redemption threshold for Papa Dough, and a call to action for our loyalty members. We continue to see benefits of these changes with increased Papa Dough redemptions and higher order frequency amongst our loyalty members.

我們的第四項優先事項是提升客戶體驗，以滿足並超越客戶在所有需求管道中對便利性、價值和品質的期望。從忠誠開始。我們的會員忠誠度計劃是我們如何不斷發展並在我們最有價值的客戶中建立品牌擁護者的絕佳例證。距離我們推出增強型忠誠度計劃，降低 Papa Dough 的兌換門檻，並號召忠誠會員採取行動，已經過去將近一年了。我們持續看到這些改變帶來的益處，Papa Dough 的兌換次數增加，忠誠會員的訂購頻率也更高。

As of the third quarter, I'm pleased to say that, we've reached 40 million total loyalty accounts, an increase of almost 1 million new members over the last three months. It's crucial that we serve our customers with excellence every time, no matter which demand channel they choose. Despite increased competitive pressure and promotional activity during the quarter, we continue to generate positive sales and order growth in our aggregator channel, with sales through our partners remaining accretive and beneficial to four-wall profitability. The aggregators deliver a customer that is, on average, more affluent compared with customers utilizing our first-party digital platforms. We believe that with our premium product position, high-quality ingredients and our value message, Papa John's has a compelling competitive advantage with the aggregator ecosystem.

我很高興地宣布，截至第三季度，我們的會員帳戶總數已達到 4,000 萬，在過去三個月中新增了近 100 萬會員。無論客戶選擇哪個需求管道，我們每次都必須以卓越的服務滿足他們的需求，這一點至關重要。儘管本季競爭壓力和促銷活動有所增加，但我們的聚合通路銷售額和訂單量仍持續成長，透過合作夥伴實現的銷售額和訂單量也持續成長，從而提升了四牆獲利能力。與使用我們第一方數位平台的客戶相比，聚合平台帶來的客戶平均而言更加富裕。我們相信，憑藉我們優質的產品定位、高品質的原料和我們的價值理念，棒約翰在聚合平台生態系統中擁有強大的競爭優勢。

This resulted in a low teens improvement in total net sales across the aggregators. Turning to first-party delivery. Delivery is an important component of our business, and we are committed to consistently providing an excellent delivery experience, while also improving our performance in the channel. We continue to roll out our delivery tracking service across our system, with approximately 60% of the US restaurants now offering the service.

這使得聚合商的總淨銷售額提高了十幾個百分點。轉向自營配送。配送是我們業務的重要組成部分，我們致力於持續提供卓越的配送體驗，同時不斷提升我們在該管道的表現。我們繼續在系統中推廣配送追蹤服務，目前美國約有 60% 的餐廳提供該服務。

We expect to substantially complete the rollout to all US restaurants by the first quarter of 2026. Finally, our restaurant general managers and their teams are hard at work executing and delivering a more consistent experience in our restaurants. We've expanded our operations evaluation tools to additional restaurants, which is driving higher product quality, taste of food and customer satisfaction scores. Our fifth strategic priority is partnering with and evolving our franchisee base to drive profitable growth by expanding our share in the most impactful markets and further improving our restaurant economic model.

我們預計到 2026 年第一季將基本完成向美國所有餐廳的推廣。最後，我們的餐廳總經理及其團隊正在努力工作，以確保我們的餐廳提供更一致的用餐體驗。我們已將營運評估工具擴展到更多餐廳，從而提高了產品品質、食物口味和顧客滿意度評分。我們的第五項策略重點是與我們的加盟商建立夥伴關係並發展壯大，透過擴大我們在最具影響力的市場的份額並進一步改善我們的餐廳經濟模式來推動獲利成長。

As mentioned at the outset of the call, we plan to accelerate our domestic refranchising program over the next two years. In terms of scale, we expect to reduce our company restaurant ownership to a mid-single-digit percent of the North American system. We believe that refranchising with strategy forward, well-capitalized growing franchisees strengthens the long-term health of the Papa John's system and unlocks future growth opportunities. We expect to finalize the sale of our ownership stake in a joint venture that operates 85 restaurants in the Mid-Atlantic region in the fourth quarter. Those restaurants will be operated by a growth-minded franchisee, with the requisite capital and strategic approach to grow their business.

正如我們在電話會議開始時所提到的，我們計劃在未來兩年內加快國內特許經營計畫的進展。從規模來看，我們預計將公司自有餐廳在北美體系中的佔比降低到個位數百分比。我們相信，透過策略性地、資金雄厚且不斷發展的加盟商進行特許經營，可以增強棒約翰體系的長期健康發展，並釋放未來的成長機會。我們預計將在第四季度完成出售我們在合資企業中的所有權股份，該合資企業在大西洋中部地區經營 85 家餐廳。這些餐廳將由具有發展意識的加盟商經營，他們擁有發展業務所需的資金和策略方法。

In summary, we are navigating a challenging consumer and competitive environment and executing a strategy to ensure Papa John's delivers sustainable, profitable growth. While the full benefits will take some time, our transformation strategy is showing positive results, and we are taking far-reaching actions to accelerate the progress we are making.

總而言之，我們正在應對充滿挑戰的消費者和競爭環境，並執行一項策略，以確保棒約翰實現可持續的獲利成長。雖然全面效益還需要一段時間才能顯現，但我們的轉型策略已經顯示出積極的成果，我們正在採取影響深遠的行動來加快我們所取得的進展。

We are driving noncustomer-facing costs out of the business, accelerating our refranchising program, rebuilding our innovation pipeline, sharpening our value proposition and making returns-driven investments in technology, all while maintaining a healthy balance sheet. Transformations by their nature, aren't linear, but we are managing the moment, while building for the future. I am confident that the actions we are taking will position Papa John's to deliver long-term value creation, for all of our stakeholders.

我們正在削減非客戶成本，加快特許經營計劃，重建創新管道，提升價值主張，並在技術方面進行以回報為導向的投資，同時保持健康的資產負債表。轉型本質上並非線性發展，但我們正在掌握當下，同時也在為未來奠定基礎。我相信，我們正在採取的行動將使棒約翰能夠為所有利益相關者創造長期價值。

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

接下來，我想把發言權交給拉維，讓他更詳細地討論我們第三季的財務表現。拉維？

Thank you, Todd, and good morning, everyone. I'll begin my comments with an overview of our third quarter results, followed by our financial outlook. Please note that, all comparisons and growth rates referenced today are compared to the prior year period, unless otherwise noted. In the third quarter, global system-wide restaurant sales were $1.21 billion, up 2% in constant currency as higher international comparable sales and 1% global net restaurant growth on a trailing 12-month basis more than offset lower North America comparable sales. As Todd discussed, North America comparable sales decreased 2.7% in the third quarter, with the majority of sales pressure driven by declines in products outside of our core pizza offering.

謝謝你，托德，大家早安。我將首先概述我們第三季的業績，然後展望一下我們的財務前景。請注意，除非另有說明，今天提到的所有比較和成長率均與去年同期進行比較。第三季度，全球系統餐廳銷售額為 12.1 億美元，以固定匯率計算成長 2%，原因是國際同店銷售額成長以及過去 12 個月全球餐廳淨銷售額成長 1%，超過了北美同店銷售額的下降幅度。正如托德所討論的那樣，第三季北美同店銷售額下降了 2.7%，銷售壓力主要來自我們核心披薩產品以外的其他產品的下滑。

To improve this trend, and drive add-ons and ancillary sales, we are rebuilding our innovation pipeline, including reimagining our sides offering. Third quarter transaction comps decreased 4%, predominantly driven by a decline in orders from small ticket web customers. We are amplifying our value proposition accordingly to drive transactions, while maintaining our premium positioning. Third quarter ticket comps increased 2%, as we benefited from an increased number of pizzas sold per order, partially offset by mix shift into medium pizzas with fewer toppings, strategic changes we made last year to our loyalty program and a decline in add-ons. Turning to our international business.

為了改善這一趨勢，並推動附加產品和輔助產品的銷售，我們正在重建我們的創新管道，包括重新構想我們的附加產品。第三季交易額較去年同期下降 4%，主要原因是小額網路客戶訂單減少。我們正在相應地提升我們的價值主張以促進交易，同時保持我們的高端定位。第三季客單價上漲 2%，這得益於每筆訂單售出的披薩數量增加，但部分被以下因素抵消：中號披薩的銷量增加、配料減少、去年我們對忠誠度計劃進行的戰略調整以及附加產品的減少。接下來談談我們的國際業務。

International comparable sales increased 7.1%, supported by our cross-functional transformation initiatives, which are yielding operational improvements as we continue our focus on priority markets, adding compelling product innovation to our menus and taking a consumer-first mindset across our global operations, setting the stage for long-term value creation across the segment. We expanded our exciting Croissant Pizza offering to three additional markets in the third quarter, generating significant media buzz and activations, alongside solid sales and order mix improvement, demonstrating the power of compelling product innovation.

國際同店銷售額成長 7.1%，這得益於我們的跨職能轉型舉措，這些舉措正在帶來營運改進，因為我們繼續專注於重點市場，為我們的菜單增添引人注目的產品創新，並在全球運營中秉持以消費者為先的理念，為該領域的長期價值創造奠定了基礎。第三季度，我們將令人興奮的牛角包披薩產品推廣到另外三個市場，引起了媒體的廣泛關注和積極推廣，同時銷售額和訂單組合也得到了穩步提升，這充分展現了引人注目的產品創新的力量。

I'm proud of how our international teams have come together to drive improvement across global operations, achieving four quarters of positive sales comps with sequential improvement each quarter. Total consolidated revenue for the third quarter was essentially flat at $508 million, as higher international revenue was mostly offset by lower revenues generated in North American restaurants and QCCs. Total international revenue increased approximately $6 million as our transformation initiatives in the UK and our priority markets have resulted in better performance across all lines of business.

我為我們的國際團隊齊心協力推動全球營運改善而感到自豪，我們連續四個季度實現了銷售額成長，並且每個季度都在穩步提升。第三季合併總收入基本持平，為 5.08 億美元，原因是國際收入的成長基本上被北美餐廳和 QCC 收入的下降所抵消。由於我們在英國和重點市場的轉型舉措帶來了所有業務線的更好表現，國際總收入增加了約 600 萬美元。

Total North American revenues, inclusive of our full restaurant portfolio and our commissary decreased approximately $6 million in aggregate, primarily driven by lower comparable sales during the quarter. Consolidated adjusted EBITDA declined slightly to $48 million as we continue to build on the foundational investments we have made through the year and position the brand for long-term growth.

北美總收入（包括我們所有的餐廳和中央廚房）合計減少了約 600 萬美元，主要原因是本季同店銷售額下降。由於我們繼續鞏固今年以來所做的基礎性投資，並為品牌的長期成長做好準備，綜合調整後 EBITDA 略微下降至 4,800 萬美元。

Third quarter consolidated adjusted EBITDA performance was impacted by incremental marketing investments of approximately $4 million and an anticipated elevated G&A related to approximately $2 million of higher incentive compensation, partially offset by commodity deflation and outperformance in international. Our third quarter domestic company-owned restaurant segment EBITDA margin, which includes G&A expenses, was 2.4%, declined by approximately 20 basis points as the benefit of higher average ticket, almost fully offset lower transaction volume and labor inflation.

第三季綜合調整 EBITDA 業績受到約 400 萬美元新增行銷投資和約 200 萬美元較高激勵性薪酬導致的預期 G&A 增加的影響，部分被大宗商品通貨緊縮和國際業務的優異表現所抵消。我們第三季國內公司自營餐廳業務的 EBITDA 利潤率（包括一般及行政費用）為 2.4%，下降了約 20 個基點，這是因為平均客單價上漲帶來的收益幾乎完全抵消了交易量下降和勞動力成本上漲的影響。

As we move forward, we are focused on driving sustainable, profitable growth. We're taking action to drive transactions and improve four-wall margins through innovation, addressable market expansion and a more efficient supply chain, while making strategic investments to further differentiate our brand over the long term. North American commissary segment adjusted EBITDA margins were 7.4% in the third quarter, an improvement of 100 basis points, primarily reflecting higher volumes as we sold 3% more pizzas versus last year.

展望未來，我們將專注於推動可持續的、獲利性的成長。我們正在採取行動，透過創新、拓展目標市場和提高供應鏈效率來推動交易並提高利潤率，同時進行策略性投資，以在長期內進一步提升我們的品牌差異化優勢。第三季北美中央廚房部門調整後的 EBITDA 利潤率為 7.4%，提高了 100 個基點，主要反映了銷量的成長，我們比去年多賣出了 3% 的披薩。

Turning to our balance sheet. At the end of the third quarter, our total available liquidity was $502 million in cash and borrowings available under our credit facilities, and our gross leverage ratio was 3.4 times, well within our permissible limits. Turning now to cash flows. For the first nine months of 2025, net cash provided by operating activities was $106 million. Free cash flow was $59 million, an increase of $50 million, primarily reflecting timing of cash payments for the National Marketing Fund and favorable changes in working capital, lower cash taxes and lower spend related to our international transformation initiatives.

接下來來看看我們的資產負債表。第三季末，我們的可用流動資金總額為 5.02 億美元，包括現金和信貸額度下的借款，總槓桿率為 3.4 倍，遠低於我們允許的限度。接下來我們來看現金流。2025 年頭九個月，經營活動產生的淨現金為 1.06 億美元。自由現金流為 5,900 萬美元，增加了 5,000 萬美元，主要反映了國家行銷基金現金支付的時間表、營運資本的有利變化、現金稅收減少以及與我們的國際轉型計劃相關的支出減少。

Now turning to our outlook. We've revised our outlook to reflect the impact of a softer consumer backdrop and a more promotional QSR marketplace, which we expect to persist through the remainder of the year and into 2026. For 2025, we expect global system-wide sales to increase between 1% and 2%. We expect North America comparable sales will be down between 2% and 2.5%. Softer comparable sales trends in September continued through October.

現在談談我們的展望。我們已修改了我們的展望，以反映消費環境疲軟和快餐店市場促銷力度加大的影響，我們預計這種情況將持續到今年剩餘時間以及 2026 年。預計到 2025 年，全球系統銷售額將成長 1% 至 2%。我們預計北美同店銷售額將下降 2% 至 2.5%。9月疲軟的同店銷售趨勢延續到了10月份。

As Todd mentioned, we recently launched our 50% off carryout offer. Very preliminary results show improved order trends, but we would like to see the offer out in market longer before making any definitive statements. Internationally, our transformation is building momentum, and we continue to deliver results that are above our expectations. Accordingly, we are raising our 2025 international comparable sales outlook to a range of 5% to 6%. As we shared last quarter, we expect to finalize the sale of our ownership stake in a joint venture that operates 85 US restaurants in the fourth quarter.

正如托德所提到的，我們最近推出了外帶五折優惠活動。初步結果顯示訂單趨勢有所改善，但我們希望該產品在市場上銷售更長時間後再做出任何最終聲明。在國際上，我們的轉型正在積蓄力量，我們不斷取得超乎預期的成果。因此，我們將 2025 年國際可比銷售額預期上調至 5% 至 6%。正如我們上個季度所分享的，我們預計將在第四季度完成出售我們在一家經營 85 家美國餐廳的合資企業的股權。

As a reminder, this transaction is expected to reduce fourth quarter consolidated revenues by approximately $5 million, including the impact of eliminations. On an annualized basis, this transaction is expected to reduce consolidated revenues by approximately $60 million, including the impact of eliminations and have a negligible impact on net income. These impacts are reflected in our financial guidance. For 2025, we expect consolidated adjusted EBITDA to be between $190 million and $200 million.

需要提醒的是，預計此交易將使第四季度合併收入減少約 500 萬美元，其中包括抵銷的影響。按年計算，該交易預計將使合併收入減少約 6,000 萬美元（包括抵銷的影響），對淨收入的影響微乎其微。這些影響已反映在我們的財務預期中。我們預計 2025 年合併調整後 EBITDA 將在 1.9 億美元至 2 億美元之間。

Our outlook embeds a more competitive value proposition to address the softer consumer outlook and heightened competitive QSR environment in North America, which we expect to continue into 2026. We believe that it is crucial for us to meet the consumer where they are, provide the value they expect given the near-term macro challenges and protect transaction share, while we execute on our strategy to deliver long-term profitable growth.

我們的展望融入了更具競爭力的價值主張，以應對北美地區疲軟的消費者前景和日益激烈的快餐行業競爭環境，我們預計這種情況將持續到 2026 年。我們認為，在消費者面臨短期宏觀挑戰的情況下，滿足他們的需求、提供他們期望的價值並保護交易份額至關重要，同時我們將執行我們的策略，以實現長期獲利成長。

We continue to expect that stock-based compensation will be between $4 million and $5 million per quarter. For 2025 nonoperating expense items, we expect net interest expense to be between $40 million and $42 million, capital expenditures to be between $75 million and $85 million and adjusted G&A expense to be between $70 million and $75 million, which excludes accelerated depreciation related to the deployment of our modernized digital assets and retirement of our prior systems. We expect our 2025 effective tax rate to be in the range of 27% to 30%. Finally, we expect diluted shares outstanding of approximately 33 million in the fourth quarter.

我們仍然預計，每季股票選擇權激勵金額將在 400 萬美元至 500 萬美元之間。對於 2025 年的非經營性支出項目，我們預計淨利息支出將在 4000 萬美元至 4200 萬美元之間，資本支出將在 7500 萬美元至 8500 萬美元之間，調整後的一般及行政費用將在 7000 萬美元至 7500 萬美元之間，調整後的一般及行政費用將在 7000 萬美元至 7500 萬美元之間，其中不包括部署我們與我們的現代資產化。我們預計 2025 年的實際稅率將在 27% 至 30% 之間。最後，我們預計第四季稀釋後的流通股約為 3,300 萬股。

Turning to restaurant development. We expect to open between 85 and 95 gross new restaurants in North America in 2025, with all remaining projected openings currently in construction design or later stages. We are working to improve the long-term health of our restaurants and making strategic closure decisions accordingly. For 2025, we anticipate North America restaurant closures will be at the higher end of our historical average of approximately 1.5% to 2%. These closures are predominantly nontraditional or small market restaurants with a blended average sales volume of around $500,000, which is less than half of our system average.

轉向餐飲業發展。我們預計到 2025 年將在北美開設 85 至 95 家新餐廳，其餘所有預計開業的餐廳目前都處於施工設計或後期階段。我們正努力改善旗下餐廳的長期經營狀況，並據此做出策略性關店決定。我們預計 2025 年北美餐廳倒閉率將達到歷史平均的較高值，約為 1.5% 至 2%。這些關閉的餐廳大多是非傳統餐廳或小型市場餐廳，平均銷售額約為 50 萬美元，不到我們系統平均水平的一半。

Internationally, we continue to accelerate our transformation, delivering positive results across our priority markets. During the quarter, we opened two new restaurants in Bangalore, India, featuring a localized menu and a variety of vegetarian options paired with our high-quality ingredients. India is a priority market for us given its rapid growth and robust demand. For 2025, we continue to expect to open 180 to 200 gross new restaurants across our international markets. We anticipate international closures will be at the higher end of our range of 4% to 5% of our international system.

在國際上，我們持續加快轉型步伐，並在重點市場取得了積極的成果。本季度，我們在印度班加羅爾開設了兩家新餐廳，提供在地化菜單和各種素食選擇，並搭配我們優質的食材。鑑於印度經濟快速成長和強勁的需求，印度是我們的優先市場。預計到 2025 年，我們將在國際市場開設 180 至 200 家新餐廳。我們預計國際業務關閉率將達到我們預期範圍的較高水平，即國際業務關閉率的 4% 至 5%。

Looking ahead, we are positioning Papa John's to compete better in 2026, play the game differently, while continuing to transform the brand and fuel sustainable profitable sales growth in the future. Papa John's is a strong brand, with a healthy balance sheet, and the work underway will position us to drive long-term earnings power across all aspects of our organization. We are confident in our strategy. We recognize the substantial upside ahead, and we are moving forward with excitement and focus as we transform the business. Now, we'd like to open the call up for any questions you may have.

展望未來，我們將使棒約翰在 2026 年更具競爭力，以不同的方式參與競爭，同時繼續轉型品牌，並在未來推動可持續的盈利性銷售成長。Papa John's 是一個強大的品牌，擁有健康的資產負債表，目前正在進行的工作將使我們能夠推動公司各個方面的長期盈利能力。我們對我們的策略充滿信心。我們認識到未來巨大的發展潛力，我們將熱情和專注地推動業務轉型。現在，我們想開放提問環節，歡迎大家踴躍提問。

Operator?

操作員？

(Operator Instructions)

（操作說明）

Brian Mullan, Piper Sandler.

布萊恩·穆蘭，派珀·桑德勒。

Just a question on the acceleration of the refranchising program. Can you just talk about how you see the current difficult operating environment influencing this process to refranchise, obviously, you've got to find a buyer and then there's a price you're willing to accept for your assets. So, just talk about the framework you're going to approach us with and what you're going to prioritize the most in this process?

關於加快特許經營權重新授予計劃，我有個問題。您能否談談您認為當前艱難的經營環境是如何影響特許經營權重新授予這一過程的？顯然，您必須找到買家，然後還要確定您願意為您的資產接受的價格。那麼，請談談你們將採用的合作框架，以及在這個過程中你們最優先考慮的事項？

No. Thanks for the question, Brian. As we think about accelerating refranchising, it's a combination of scaling up existing well-capitalized franchisees that are really focused forward to partner with us to really drive the business and bring in more customers more often and drive the four-wall profitability. We also got interest on folks from outside the system. So -- we've got the 85 restaurants that will complete the transaction here, hopefully, by the end of this month.

不。謝謝你的提問，布萊恩。當我們考慮加快特許經營的再授權時，這需要結合擴大現有資金雄厚、真正專注於與我們合作以推動業務發展、更頻繁地吸引更多客戶並提高實體店盈利能力的加盟商的規模。我們也收到了體制外人士的關注。所以——我們已經確定了這85家餐廳將在本月底前完成交易。

We've got a pipeline of other refranchising already in place with existing buyers at multiples that we're comfortable with. And we're going to continue to look at an appropriate pacing of the refranchising through the course of this year and into next to make sure we work ourselves to that mid-single-digit ownership as a percent of the North American fleet. Yes, the market is a little bit different, but there are a lot of well-capitalized franchisees that really want an opportunity to continue to come into the system, or scale up within our system, and we feel very confident that there are buyers at good multiples for our business.

我們已經與現有買家建立了一系列其他特許經營權再轉讓的管道，價格倍數也符合我們的預期。我們將繼續在今年和明年期間以適當的節奏推進特許經營權的重新授予，以確保我們最終實現北美船隊中特許經營權佔比達到個位數中段的目標。是的，市場情況略有不同，但有很多資金雄厚的加盟商非常希望有機會繼續加入我們的體系，或者在我們的體系內擴大規模，我們非常有信心，我們的業務會找到願意出高價收購的買家。

Okay. And then to follow, just a question on G&A. I guess one for clarification. What is embedded in the guidance for this year? And then the real question is it sounds like you're going to find some efficiencies here. I know you'll guide next year in a few months, but just trying to understand, have you already taken some actions? Or do all of these actions kind of come later on? Just trying to understand, if G&A dollars are going to be headed lower next year.

好的。接下來，還有一個關於管理費用的問題。我想補充一點說明。今年的指導方針包含了哪些內容？那麼真正的問題是，聽起來你在這裡能找到一些提高效率的方法。我知道您將在幾個月後擔任明年的指導老師，但我只是想了解一下，您是否已經採取了一些行動？或者說，這些行動都是之後才發生的？我只是想了解一下，明年的一般及行政費用是否會下降。

Yes. G&A dollars will be heading lower next year. We've continued to prudently manage G&A in the softer sales environment in this calendar year. But as we said in the prepared remarks, we're embarking on an initiative to really look at how do we become a more nimble, efficient organization by streamlining operations, reduce noncustomer-facing spend, simplify our operating model and really better align our resources to our transformation. And we believe we can get at least $25 million of savings, during the course of the next two years.

是的。明年一般及行政費用將會下降。在今年疲軟的銷售環境下，我們繼續謹慎地管理一般及行政費用。但正如我們在準備好的演講稿中所說，我們正在啟動一項計劃，真正研究如何透過精簡營運、減少非客戶支出、簡化營運模式以及更好地調整資源以適應轉型，使公司成為一個更加靈活、高效的組織。我們相信，在未來兩年內，我們至少可以節省 2500 萬美元。

And I'd expect about half of that at a minimum to come during the course of 2026. We'll give you all the details as we finish going through the work over the next couple of months here internally and reflected in the guidance for 2026 appropriately. And this is true. G&A costs not impacting any of the marketing investments that we've made.

我預計至少有一半會在 2026 年實現。在接下來的幾個月裡，我們將完成內部工作，屆時將向大家提供所有細節，並適當地反映在 2026 年的指導方針中。這是真的。一般及行政費用不會影響我們所做的任何行銷投資。

And Brian, none of these savings are embedded in the 2025 guide.

布萊恩，這些節省措施都沒有納入 2025 年的指導方針中。

Andrew Strelzik, BMO Capital Markets.

Andrew Strelzik，BMO資本市場。

I wanted to ask, Todd, a little bit over a year since you joined Papa John's. I'd be curious to get your assessment of the turnaround progress and where you are today versus where you thought you might have been when you set out on this journey? And where do you feel like you're maybe farthest along? And what areas maybe been a little bit slower to materialize?

托德，我想問你，你加入棒約翰已經一年多了。我很想了解您對扭轉局面的進展的評估，以及您目前的狀況與您當初開始這段旅程時預想的狀況相比如何？你覺得自己目前進展最順利的階段是哪裡？那麼，哪些領域的進展可能稍慢一些呢？

Yes. Thanks for that question, Andrew. And as you think about the things that I feel good about, right, over the course of the last 14, 15 months, we really improved the value proposition and perception of the Papa John's brand. We continue to improve the quality perception and our brand health, which are positive for the long run, and those are foundational work that we'll continue to do. Our innovation pipeline needed to be rebuilt.

是的。謝謝你的提問，安德魯。想想我感到欣慰的事情，在過去的 14、15 個月裡，我們確實提高了棒約翰品牌的價值主張和品牌認知。我們持續提升產品品質認知度和品牌健康度，對長遠發展大有裨益，這些都是我們將持續進行的基礎性工作。我們的創新流程需要重建。

You're starting to see some of that news come to life here at the back half of 2025. But really excited around a steady dose of innovation into 2026, not just around core pies, but around other occasions that can help drive the business, whether that be reimagined sides or other handheld opportunities into the future. So, I think there's opportunities to do that. The work we've done to really work our oven calibration and perfect bake to make sure we're making better core pizzas and working with our franchise community to deliver quality product time and again, work always to do on that. But that has set a strong foundation for us to continue to lean into, and it allows us to really open up the opportunity to innovate even more as we get time and temperature set right in our ovens in the restaurants.

在 2025 年下半年，你開始看到其中一些新聞變成現實。但真正令人興奮的是，到 2026 年，我們將持續不斷地進行創新，不僅在核心業務方面，而且在其他能夠推動業務發展的領域，無論是重新構想的配菜還是未來的其他手持設備機會。所以，我認為這方面是有機會的。我們一直在努力改進烤箱校準和完美烘焙，以確保我們能夠製作出更好的核心披薩，並與我們的加盟商社區合作，一次又一次地提供優質產品，而這方面的工作我們始終都在努力。但這為我們繼續努力奠定了堅實的基礎，也讓我們有機會在餐廳烤箱中將時間和溫度調整到最佳狀態後，真正開闢更多創新的機會。

In our international business, we've made a tremendous amount of progress. A lot of heavy lifting was done just before I got here. We're starting to see the fruits of all of those hard work, and it's really driving our business, and we got really some strong momentum in that business across the globe, and it's widespread. As you think about where the latest environment is around the consumer, around the competitive landscape, we need to make sure that we can continue to compete hard on both sides of the barbell. Quality is always going to be important.

我們在國際業務方面取得了巨大的進步。在我到達之前，已經完成了許多繁重的工作。我們開始看到所有這些努力的成果，它確實推動了我們的業務發展，我們在全球範圍內的業務都獲得了強勁的成長勢頭，而且這種成長非常普遍。在思考消費者和競爭格局的最新環境時，我們需要確保我們能夠在槓鈴的兩端繼續努力競爭。品質永遠都很重要。

We need innovation to bring in those laps to new customers, but we also need to make sure we've got a really balanced barbell to make sure we can compete on the value proposition side too. Do it our way, do it appropriate for the Papa John's brand, do it in a way that brings in more customers more often to drive transactions for the long run. And that's where the focus is going to continue to be. You'll see that in the promotional cadence that we have year to go and into next year. And you'll also see that in how we bring our innovation to life to make sure they're priced appropriate for where the consumer is today. So, we're going to meet the consumer where they're at today. We'll continue to build this brand for the future.

我們需要創新才能將這些圈數帶給新客戶，但我們也需要確保我們擁有真正平衡的槓鈴，以確保我們在價值主張方面也能具有競爭力。按照我們自己的方式去做，按照棒約翰品牌的方式去做，以一種能夠吸引更多顧客更頻繁地光顧，從而長期推動交易的方式去做。而這正是我們未來將持續關注的重點。從我們還有一年時間以及明年的宣傳節奏中可以看出這一點。你也會看到，我們如何將創新付諸實踐，以確保其定價符合當今消費者的承受能力。所以，我們要從消費者當下的需求出發來滿足他們。我們將繼續打造這個品牌，使其面向未來。

Okay. That was helpful color. And then I just wanted to ask with the 50% off. Can you talk a little bit about the impact or how you're balancing franchisee profitability and kind of the ability to stick with something with that kind of construct from a promotional perspective or from a value perspective, kind of longer term, pulsing in and out or what have you. How are you balancing that?

好的。那是一種很有幫助的顏色。然後我就想問五折優惠的事。您能否談談這種模式的影響，或者您是如何平衡加盟商的獲利能力，以及從促銷或價值角度來看，如何長期堅持這種模式，避免頻繁調整等等？你是如何平衡這兩者的？

You got to remember, when you pulse anything that's on a national message, it's only about a quarter of our business. So, some of it does provide a halo around the affordability of our brand, and we can play the barbell, because if we can get them in the consideration set, we can convert them either with news or with price. As you think about how we went through the quarter, we pulsed in some BOGO offers, clearly helped us on our core pie business as we've seen our overall pizza sales flat and pie is up. But we did know we had some challenges on that single order customer, web customer, which is on the lower income cohort. So, we wanted to make sure there was an offer there for them, too, and that was the 50% off promotion.

你要記住，當你把任何內容放到全國性宣傳中時，它只占我們業務的四分之一左右。所以，其中一些因素確實為我們的品牌價格實惠營造了一種光環，我們可以利用這一點，因為如果我們能讓他們進入考慮範圍，我們就可以透過新聞或價格來轉換他們。回顧本季度，我們推出了一些買一送一的優惠活動，這顯然對我們的核心餡餅業務有所幫助，因為我們看到整體披薩銷量持平，而餡餅銷量卻有所增長。但我們知道，對於低收入群體中的單一訂單客戶（即網路客戶），我們存在一些挑戰。所以，我們也想確保他們也能享受到優惠，那就是五折促銷活動。

It takes a little bit of time. You got to stay out there to make sure it wears in so the consumer is aware that, that offer is there. And we'll continue to partner with our franchise community to make sure that these promotions work not just for the consumer, but they work for the four-wall economic model. Remember, our business is a high variable margin business. We bring in incremental transactions. The flow-through can be quite nice, and that's where we need to stay focused. It's less about margin and more about driving penny profit and dollars to the bottom line.

這需要一點時間。你必須堅持下去，確保它能逐漸被消費者接受，讓他們意識到這項優惠的存在。我們將繼續與加盟主群體合作，確保這些促銷活動不僅對消費者有效，而且對四面牆的經濟模式也有效。請記住，我們這個行業的利潤率波動很大。我們引入增量交易。流暢性會非常好，這也是我們需要關注的重點。重點不在於利潤率，而是如何將每一分錢的利潤轉化為最終的收益。

And Andrew, the only other thing I'd want to add is the 50% off carryout is really a basket starter. And we see the consumers build a more holistic basket once they get into that promotion.

安德魯，我唯一想補充的是，外帶五折優惠真的只是個引子。我們發現，消費者一旦參與促銷活動，就會購買更全面的商品。

Jim Salera, Stephens.

吉姆·薩萊拉，史蒂芬斯。

This is Tyler Prause on for Jim. I was curious if you could give us some color on the US restaurants within your system that are outperforming. Is this regional-based, tenure-based, updated ovens, et cetera? Additionally, are there any learnings that you can incorporate to the broader store base? Or is it mostly sentiment-driven right now with macro?

這裡是泰勒‧普勞斯，他替吉姆報道。我想請您介紹一下貴公司係統中表現優異的美國餐廳的情況。這是基於區域、基於所有權的更新烤箱等等嗎？此外，您能否總結出一些經驗教訓，並將其應用到更廣泛的門市系統中？或者說，目前宏觀經濟主要受情緒驅動？

Yes. No, I'll start, and I'll let Ravi talk a little bit about some of the regional differences. But as you think about any franchise system, there is a range across our operators out there. The folks that have leaned into transactions that have been really focused on bringing in more customers more often to really drive that variable margin profit have performed better than the folks that have really been focused on, how do they protect margin and food cost. And our job as leaders is to make sure we find a sweet spot for both of those mindsets to make sure that we're executing and delivering as one system with our national messaging, and then complement it with appropriate local message for whatever that consumer base looks like in those individual local markets.

是的。不，我先開始，然後讓拉維談談一些地區差異。但當你考慮任何特許經營體系時，你會發現我們市場上的經營者之間存在著很大的差異。那些專注於更頻繁地吸引更多顧客以真正推動可變利潤率成長的交易者，其業績比那些專注於如何保護利潤率和食品成本的人要好得多。作為領導者，我們的職責是確保找到這兩種思維方式之間的平衡點，確保我們能夠作為一個整體系統執行和交付全國性的信息，然後針對各個地方市場的消費者群體，補充適當的本地信息。

So, we're working that hard with our system. We got work to do to stand up some co-ops into next year, and we're focused to do that in our priority markets that will help us fight at the local level, with some of these regional differences. But Ravi, why don't you talk a little bit about some of the regional differences we've seen?

所以，我們正在努力完善我們的系統。明年我們還有一些工作要做，那就是建立一些合作社，我們將專注於在優先市場進行這項工作，這將有助於我們在地方層級應對這些區域差異。拉維，你為什麼不談談我們看到的一些地區差異呢？

Yes, yes. We've seen strong performance, particularly in some of our top markets across the US. And we've kind of talked about in some of our top 15 markets, there's still really meaningful market share to go get. Second is a strong compelling carryout offers on both a national and local level matter, relentless focus on promoting Papa Pairings on a local level absolutely helps. And more than anything, just like a clear focus to a transaction-driving mindset that is evergreen and the franchisees who have been in transaction-driving mode for multiple years are performing very well.

是的，是的。我們看到了強勁的業績，尤其是在美國的一些主要市場。我們已經討論過，在我們排名前 15 名的市場中，仍然有很大的市場份額可以爭取。其次，在全國和地方層級提供強有力的外送優惠至關重要，在地方層級持續不斷推廣 Papa Pairings 絕對會有所幫助。更重要的是，要明確專注於以交易為導向的思維模式，這種思維模式是永不過時的，而且多年來一直以交易為導向的加盟商表現得非常好。

So for us, this is maybe a little bit less about region. It's really about strength of operators, transaction driving mindset where the brand is strong in some of these top 50 markets. And it gives us some real clarity in terms of conversations with the franchisee base, when there's different perspective. The data is exceptionally clear that transaction-driving mindset is good for variable profitability. It's good for brand health. It's good for taking market share for the long term.

所以對我們來說，這可能跟地域關係不大。這實際上關乎營運商的實力，以及以交易為導向的思維模式，在這些排名前 50 的市場中，品牌實力雄厚。它讓我們在與加盟主群體進行對話時，能夠更清楚地了解彼此的觀點。數據非常清楚地表明，以交易為導向的思維方式有利於提高可變盈利能力。這有利於品牌健康。從長遠來看，這有利於搶佔市場份額。

Great. That was super helpful. And just one follow-up. Several of your competitors have called out a specific headwind to the younger and Hispanic demographics. We were just curious if you saw any noticeable step change amongst those cohorts during the quarter.

偉大的。那真是太有幫助了。還有一個後續問題。你的幾位競爭對手都指出，年輕族群和西班牙裔族群正面臨特定的不利因素。我們只是好奇，在本季度中，您是否觀察到這些群體中有任何明顯的階躍變化。

So what we see is like a very clear occasion that we're seeing a little bit of a headwind. It's small transaction size potentially like where consumers are making a trade-off decision on whether you eat at home or not. We've seen maybe a slightly higher pullback in the younger consumer. That really reinforces why we've been relentless focus on Papa Pairings, bringing the 50% carryout offer front and center, Papa Dippa, particularly around dipping sauces, like speaks to the younger consumer wow. So, we're pulling multiple levers across that front.

所以我們看到的情況很明顯，我們遇到了一點逆風。這可能是小額交易，例如消費者在是否在家吃飯的問題上需要權衡利弊。我們發現年輕消費者群體中的回落幅度可能略大。這更加印證了我們為何一直不遺餘力地專注於 Papa Pairings，將 50% 的外賣優惠放在首位，Papa Dippa，尤其是蘸醬，更能引起年輕消費者的共鳴，哇！所以，我們正在從多個方面著手解決這個問題。

But more than anything, we kind of want to zone in the occasion is really around this notion of like small transaction size is where the transaction loss has been. On the other side of the coin is like on peak days such as Halloween, the brand is performing really, really well. So, on key pizza moments, we are seeing the brand perform really well in transactions that are two pizzas or more, we're continuing to grow. And we're seeing the consumer really focus in on the center of plate right now. Pizza sales from a unit standpoint are up. Our pullback has really been in some of the sides business.

但最重要的是，我們想重點關注的是，小額交易才是造成交易損失的主要原因。另一方面，在萬聖節等高峰日，品牌的表現非常非常出色。因此，在關鍵的披薩銷售時刻，我們看到該品牌在兩張或兩張以上披薩的交易中表現非常出色，我們仍在持續成長。我們看到消費者現在真正關注的是餐盤中央的食物。從單價來看，披薩銷量上升。我們的撤資主要集中在一些輔助業務。

Well, that's why we want to continue to drive folks into our loyalty program, adding another 1 million folks into the loyalty program where there's great value over the course of the last quarter is going to be super important for all income cohorts, all demographics. And what we're seeing across the loyalty program is that our customer counts are up across every frequency cohort year-over-year. So, the loyalty program is working how it needs to work. Can we drive more add-on? If we get appropriately priced sides, that could be some good add-on for those existing customers. The opportunity is really to bring in those laps to new. And that's where we're going to really amp up and lean into a more steady cadence of meaningful innovation at appropriate price points in 2026.

所以，這就是為什麼我們希望繼續吸引人們加入我們的會員計劃，在最後一個季度再增加 100 萬會員，這對於所有收入群體、所有人口統計群體來說都非常重要，因為會員計劃具有巨大的價值。我們看到，在整個忠誠度計畫中，各個消費頻率組的顧客數量都比前一年有所增加。所以，會員忠誠度計畫運作正常。我們還能增加更多附加功能嗎？如果我們能提供價格合適的配菜，那對現有客戶來說可能是個不錯的附加選擇。真正的機會在於將這些圈速提升到新的境界。而這正是我們將在 2026 年真正加大力度，以適當的價格點實現更穩定的、有意義的創新節奏的地方。

Yes. And our active counts from a loyalty standpoint are up across all cohorts from like consumers all the way up to our super frequent. So, what we feel good about the long term about is like there's brand advocacy there. There is loyalty to the business and to the brand. Our center of plate is doing well. There's clear opportunity for us to continue to drive AUVs and comps. And I think we've laid out both from a transaction standpoint as well as from a product standpoint, where those opportunities for the brand exists.

是的。從忠誠度角度來看，我們所有用戶群的活躍用戶數量都有增加，從一般消費者到超級常客，應有盡有。所以，長遠來看，我們感到欣慰的是，品牌會得到支持。員工對企業和品牌有忠誠度。我們的中路表現不錯。我們顯然有機會繼續推動 AUV 和同類產品的研發。我認為我們已經從交易和產品兩個角度闡述了品牌所面臨的機會。

Alex Slagle, Jefferies.

Alex Slagle，傑富瑞集團。

Wonder if you could dissect the strong international results a bit and what actions really delivered the biggest improvements there and sort of what other external dynamics are at play as we try to assess sustainability of this momentum. It sounds like 4Q, you expect it to continue, but as we look ahead to 2026.

不知道您能否稍微分析一下這些強勁的國際成果，哪些措施真正帶來了最大的改善，以及在我們試圖評估這種勢頭的可持續性時，還有哪些其他外部因素在起作用。聽起來像是第四季的情況，你預計這種情況會繼續下去，但當我們展望2026年時。

Yes. Thanks for the question. A couple of drivers we want to lay out. In the UK, we've been on a multiyear journey, and we're starting to reap the rewards of that. A couple of things. We've really focused in on the priority trade zones that we wanted to compete well in. We've seen substantial sales comp acceleration in the UK, particularly when we've driven franchise to franchise transfers to make sure we're building really solid trade zones where a franchisee can really dominate their marketplace.

是的。謝謝你的提問。我們想介紹幾位司機。在英國，我們已經走過了多年的歷程，現在開始收穫成果了。有幾件事。我們真正把精力集中在了我們希望具備強大競爭力的優先貿易區。我們看到英國的銷售額大幅成長，尤其是在我們推動加盟商之間的轉讓，以確保我們建立真正穩固的貿易區，讓加盟商能夠真正主導市場的時候。

Third is we've continued to have a real focus on product execution at the restaurant level. And then lastly, like we've continued to like see the benefits of the Perfect Bake program, and that's really paid off. And the UK ran high single-digit positive comps in Q3. Those trends have continued into Q4. Another market where we've been in transformation mode is in China, very similar playbook. We focused in on the cities and trade zones that matter. As you remember, in Q2, we actually took some strategic closures in that market to make sure we were really dialed in on what markets and cities matter most for us right now in China.

第三，我們一直非常注重餐廳層級的產品執行。最後，我們繼續看到了完美烘焙計劃帶來的好處，而且確實取得了回報。英國第三季度實現了接近兩位數的同比增長。這些趨勢延續到了第四季。另一個我們一直在進行轉型的市場是中國，我們的策略非常相似。我們重點關注了那些重要的城市和貿易區。您應該還記得，在第二季度，我們實際上對該市場進行了一些策略性關閉，以確保我們真正了解目前在中國哪些市場和城市對我們最重要。

We continue to expand points of demand generation with further integration with more aggregators. And probably, again, there, we did a holistic consumer review of what our consumer is loving about our product and our service and where the opportunities were, and we found some opportunities. We're going around the globe right now kind of executing this playbook of consumer first, product-driven mindset with a very sharp focus on the priority markets that matter most for us. And we've been encouraged by the sequential gains over the last couple of quarters and continue to be encouraged by what we see in Q4.

我們將繼續擴大需求產生點，並進一步與更多聚合商進行整合。而且，我們可能再次對消費者進行了全面的審查，以了解消費者喜歡我們產品和服務的哪些方面，以及有哪些機會，我們發現了一些機會。我們目前正在全球推行以消費者為先、產品驅動的理念，並專注於對我們而言最重要的優先市場。過去幾季的持續成長令我們倍感鼓舞，而第四季的業績也繼續讓我們感到鼓舞。

Just a big credit to the team with the focus on the priority markets across the globe and then having that kind of amplified to the rest of the globe. We've built a lot of momentum, continues into the fourth quarter. The pipeline for news and innovation is really strong going into '26. And they've across the globe, have had a steady dose of news and innovation, not just Croissant Pizza, which resonated across the globe. But innovation has been there on the heels of the Perfect Bake project for the course of the last year, and all those things are paying dividends in that business.

這主要歸功於團隊，他們專注於全球重點市場，並將這種優勢擴展到世界其他地區。我們已經累積了很大的發展勢頭，並將延續到第四季。進入 2026 年，新聞和創新管道非常強勁。而且，他們遍布全球，不斷獲得新聞和創新資訊，不僅僅是風靡全球的牛角包披薩。但在過去一年裡，隨著 Perfect Bake 計畫的推進，創新一直在不斷湧現，而這一切都為該業務帶來了回報。

And when you look at our footprint relative to the competitive set, we still have a lot of runway to go in international and in these priority markets. We're making sure that we are executing as well as we can in driving AUVs. So, there is real long-term value creation here for the brand and the business, but we're focused on doing it the right way.

從我們與競爭對手的差距來看，我們在國際市場和這些重點市場還有很大的發展空間。我們正在確保在駕駛AUV方面盡善盡美。因此，這確實能為品牌和企業創造長期價值，但我們專注於以正確的方式去做。

That's great progress. A follow-up on the US and I guess, the outlook for more innovations, more focus on sides and add-ons. I mean, how do you ensure you're not sort of adding too much complexity or rhythm breakers as you kind of go down that route?

這是巨大的進步。接下來我想談談美國的情況，以及未來是否會有更多創新，更重視附加功能和配件。我的意思是，當你沿著這條路走下去的時候，如何確保你不會增加太多的複雜性或破壞節奏的因素呢？

I do think there are some stuff that are naturally paring down within our portfolio today. You think about where Papa Bites are, where Papadias play. As we talk about some of the sides or other add-on purchases, those have led themselves down during the course of this year. So those are opportunities to potentially come out of the restaurant or be leveraged more regionally. So, I do think we free up some capacity then to come back with some of the new news.

我認為目前我們的投資組合中確實有一些項目正在自然地縮減。你會想到 Papa Bites 在哪裡，Papadias 在哪裡演出。當我們談到一些附加產品或其他額外購買項目時，這些產品在今年的表現都出現了下滑。所以這些都是餐廳可能推出的或可以在區域範圍內進一步利用的機會。所以，我認為這樣我們就能騰出一些精力，為大家帶來一些新的消息。

Slowing the ovens down, getting the Perfect Bake project right, thinking about how we design the product, not only for the consumer, but for the operator and our folks in the restaurants to make sure that these new products have easy builds that can really drive a high-quality product out of the work we're doing with the ovens is paramount. And we're really working hard to make sure we set up our teams for success. Coaching, training, going back to look at how we're leveraging the tools that we have in our restaurants. So, we're very conscious to not overcomplicate the restaurant. We will have an appropriate pace of innovation next year, but we'll do a really good job around training and set our teams up to deliver a great consumer experience because that's going to be key, right?

降低烤箱轉速，做好完美烘焙項目，思考我們如何設計產品，不僅要考慮消費者，還要考慮操作人員和餐廳員工，確保這些新產品易於組裝，從而真正從我們使用烤箱的工作中生產出高品質的產品，這一點至關重要。我們正在努力確保我們的團隊能夠取得成功。指導、培訓，回顧我們如何利用餐廳現有的工具。所以，我們非常注意不要把餐廳搞得太複雜。明年我們將保持適當的創新步伐，但我們會認真做好培訓工作，讓我們的團隊能夠提供卓越的消費者體驗，因為這才是關鍵，對吧？

As we bring in those lapsed, we bring in some new customers, we need to wow them with an unbelievable experience to keep them coming back and drive the frequency through the course of next year. But we haven't had a steady pace dose of innovation that's really incremental that can drive our business for a little bit of time, and we're working hard to bring that to life next year. And I feel really good about the commercial calendar that's in place at the moment and the work that the culinary team has been doing to really deliver on our promise around being better.

隨著我們重新吸引那些流失的客戶，同時也吸引一些新客戶，我們需要用令人難以置信的體驗讓他們感到驚喜，才能讓他們不斷回頭，並在明年提高他們的回頭率。但是我們還沒有獲得能夠持續推動業務發展的、真正漸進式的創新，我們正在努力爭取明年實現這一目標。我對目前的商業計劃安排以及烹飪團隊為真正兌現我們不斷進步的承諾所做的工作感到非常滿意。

Yes. Maybe two things I would add is we talked about in Q3, the vast majority of the negative comp came from our sides business. We did not want to simply just pull forward innovations before they were ready. The team has spent the last year really being consumer-led and obsessed on where does this brand have a right to play and what does the consumer really want. So, we talked about in our prepared remarks like multiple platforms of innovation are to come.

是的。我可能還要補充兩點：我們在第三季討論過，絕大多數的負面比較來自我們的副業。我們不想在創新技術尚未成熟之前就貿然推出。過去一年，團隊真正以消費者為中心，專注於思考這個品牌應該在哪些領域發展，以及消費者真正想要什麼。所以，我們在準備好的演講稿中談到，未來將會出現多種創新平台。

They're designed to be operationally simple as well as TAM expanders for us because we want to make sure we are capturing the total addressable market, we can for our branded business, but do it truly from a place where this brand has a right to play and it's operationally simple enough where it's going to generate four-wall margins and strong execution.

它們的設計旨在操作簡便，同時也能擴大我們的目標市場規模，因為我們希望確保能夠佔領我們品牌業務的全部潛在市場，但要真正從該品牌有權參與的地方出發，並且操作足夠簡單，從而產生四面牆利潤和強大的執行力。

Dennis Geiger, UBS.

瑞銀集團的丹尼斯蓋格。

I wanted to ask another one on value. A lot of good detail here. But Todd, it sounds like you're driving product quality, taste of food, customer satisfaction scores broadly. And I think you mentioned to one of the questions, value scores also improving. I wanted to confirm that, though, if the scores are improving, or if you are seeing anything concerning on the value scores.

我還想問一個關於價值的問題。這裡有很多不錯的細節。但是托德，聽起來你正在全面提升產品品質、食品口味和客戶滿意度。我想你在回答其中一個問題時也提到了價值評分的提升。不過，我想確認一下，分數是否有所提高，或者您是否在價值分數方面發現了任何令人擔憂的問題。

And then as it relates to all those value opportunities that you've been talking about, including the 50% off promo, could you summarize sort of the primary value gaps maybe? Is it on the promotion side of things? Is it maybe some newer menu items at sharper price points? Is it the marketing and the customer just recognizing the value that the brand offers? Just a bit of a high-level summary take from you on that, please.

那麼，關於您一直提到的所有價值機會，包括五折促銷活動，您能否總結一下主要的價值差距？是推廣方面的事嗎？或許是推出一些價格較優惠的新品？是行銷的功勞，還是顧客認可了品牌所提供的價值？請你對此做一個簡要的概括性總結。

Yes. So, a couple of thoughts. So, on the -- over the course of the last 12 months, our value perception has steadily improved. We were out of position a little over a year ago. We continue to make improvements. That's not just with how we're playing the barbell strategy, but the loyalty program plays a role in that. And our personalization through CRM certainly helps, too. But it's not just about value perception around price. It's around worth what you pay at the end of the day. And we continue to make sure that our better ingredients, better pizza message and pay it off with why we're better, six simple ingredients, fresh, never frozen original dough.

是的。我有幾點想法。因此，在過去的 12 個月裡，我們的價值感知穩定提升。一年多前，我們的位置不太合適。我們持續改進。這不僅關乎我們如何運用槓鈴策略，忠誠度計畫也在其中發揮了作用。我們透過客戶關係管理系統實現的個人化也確實很有幫助。但這不僅僅關乎價格方面的價值感知。最終它的價值和你所支付的價格差不多。我們將繼續確保我們優質的食材、更優質的披薩這一理念得以貫徹，並用我們更勝一籌的原因來證明這一點：六種簡單的食材，新鮮、從未冷凍過的原味麵團。

Those things are actually driving our brand health. What we need to be conscious of is the consumer and meeting them where they are today as we know that the consumer is more strapped. And we have to have an appropriate pace of news on the promotional side with some innovation. You think about what we launched in this quarter, the Papa Dippa, a great food form, a lot of excitement, a lot of social engagement. We learned a lot from it.

這些因素實際上正在影響我們的品牌健康。我們需要關注的是消費者，要了解他們目前的處境，因為我們知道消費者的經濟狀況更拮据。在宣傳推廣方面，我們需要保持適當的新聞發布節奏，並進行一些創新。想想我們本季推出的 Papa Dippa，一種很棒的食品形式，引起了很大的轟動，也獲得了很高的社交參與度。我們從中學到了很多。

The flight of dipping sauces, especially the roasted garlic parmesan played very well. But it came out at a price point at $13.99 at a time when the competitive and the consumer landscape pivoted dramatically. So, I wouldn't say that it was a failure by any stretch of the imagination. It did its role on the menu. I think there's a time and place for it in the future.

各種沾醬都非常美味，尤其是烤蒜帕瑪森起司醬。但它的定價為 13.99 美元，而當時競爭格局和消費格局都發生了巨大變化。所以，無論如何我都不會說這是一次失敗。它在菜單上扮演了應有的角色。我認為未來某個時候、某個場合會有它的機會。

but we were just caught at a time when the consumer and the competitive landscape shifted, and it wasn't as incremental as we probably would have hoped. And we're conscious of that as we move forward. I mean, Grand Papa is just our biggest pizza, big deli slice pepperoni. It's great value for the money when you think about the value for the money in the slice. And our large pizzas continue to do quite well when they're promoted.

但我們恰好趕上了消費者和競爭格局發生變化的時期，而且這種變化並沒有我們預期的那麼緩慢。我們始終牢記這一點，並將繼續前進。我的意思是，「爺爺披薩」就是我們最大的披薩，大片的熟食店切片義大利辣香腸披薩。考慮到這塊披薩的性價比，它絕對物超所值。我們的大披薩在促銷期間銷量依然很好。

And we're going to be really conscious of that when we drive our innovation into next year to not only bring the news, but make sure there's an appropriate price point to really drive that trial to get folks to fall in love with our great food all over again when they come back to try those things. And that's how we're going to continue to amplify that message. Any other comments, Ravi?

明年我們將更加重視創新，不僅要推出新品，還要確保價格合適，真正推動消費者嘗試，讓他們在回來品嚐這些新品時再次愛上我們的美食。我們將繼續透過這種方式來擴大這項訊息的影響力。拉維，還有其他要補充的嗎？

Consumers are finding value in our center of plate. Pizza unit sales are up 3%. We are seeing consumers make different decisions in terms of what pizza they're buying. More mediums are being bought than largest, more Create Your Own with less toppings right now. And that just may be a little bit of a reflection of where the consumers are putting their dollars and how many dollars they have to spend right now.

消費者認為我們的主菜很有價值。披薩銷量成長了3%。我們發現消費者在購買披薩方面做出了不同的選擇。目前，中型餐點的銷售量高於大餐點，自選套餐的銷售量更高，但食材選擇較少。這或許在某種程度上反映了消費者將錢花在哪裡，以及他們現在有多少錢可以花。

But what's really important for us is we want to be able to communicate six simple ingredients, our fresh, never frozen original dough, keep center of plate, like very much top of mind for the consumer with our great pizzas, and continue to build from there. In terms of like opportunities from a value standpoint, like we're really focused in on making sure we have this seamless digital experience that's important for the consumer, especially when they're juggling many things in their lives.

但對我們來說真正重要的是，我們希望能夠傳達六種簡單的原料，我們新鮮的、從未冷凍過的原味麵團，讓美味的披薩成為消費者心中最重要的元素，並以此為基礎繼續發展。從價值角度來看，我們非常注重確保為消費者提供無縫的數位體驗，這對消費者來說非常重要，尤其是在他們生活中要兼顧很多事情的時候。

And then continue to remind them that, we offer great value in our menu today. And we need to like be on that steady drumbeat every single day right now. And we made that pivot 14 months ago or so that we were going to talk about value every single day. We're not done doing that. We need to continue to bring that notion to every consumer's mind and make sure they don't forget that Papa John's has great value and exceptional quality.

然後繼續提醒他們，我們今天的菜單物超所值。我們現在需要每天保持這種穩定的節奏。大約 14 個月前，我們做出了這個轉變，決定每天都要談價值。我們還沒完成這項工作。我們需要繼續向每位消費者灌輸這種理念，確保他們不會忘記棒約翰披薩物美價廉、品質卓越。

And that's why we're taking the initiatives that we talked about today. We know we need to create the fuel for growth. We need to be able to compete no matter what the consumer and competitive landscape is. And we've been talking about how do we drive supply chain savings even harder to make sure we improve the four-wall economics. very confident on $20 million of those savings coming into 2026.

這就是我們今天談到的這些舉措的原因。我們知道我們需要創造成長所需的動力。無論消費者和競爭環境如何變化，我們都需要具備競爭力。我們一直在討論如何進一步降低供應鏈成本，以確保改善企業整體經濟效益。我們對2026年實現2000萬美元的成本節約非常有信心。

And we've talked about $50 million-plus over the -- between now and 2028. We're working hard to find even more. The G&A savings play an important role to provide some fuel. Refranchising provides some fuel. Our strong balance sheet provides fuel.

我們已經討論過，從現在到 2028 年，金額將超過 5000 萬美元。我們正在努力尋找更多線索。一般及行政費用的節省在提供一些燃料方面發揮了重要作用。特許經營權的重新授予提供了一些動力。我們強勁的資產負債表為我們提供了動力。

So, we got a lot of optionality to really set ourselves up to compete well no matter what the landscape looks like, while we work to continue to drive the transformation of our brand. And we're still in those early innings. We're building a stronger foundation. We still got levers to pull, but we know we can build a lot of momentum in this business over time, and we're going to continue to stay focused on that.

因此，我們有很多選擇，可以真正讓自己無論市場環境如何都能很好地參與競爭，同時我們將繼續努力推動品牌轉型。我們現在還處於比賽初期。我們正在打造更堅實的基礎。我們還有一些手段可以利用，但我們知道隨著時間的推移，我們可以在這個行業中累積很大的發展勢頭，我們將繼續專注於此。

Jim Sanderson, Northcoast Research.

吉姆·桑德森，北海岸研究公司。

I wanted to go back to marketing spending. I think you've invested about $17 million incrementally. What's the plan for fourth quarter? And without quantifying, how should we look at that potential investment going into 2026, the importance or lack of incremental marketing spending for Papa John's?

我想恢復行銷支出。我認為你已經分批投資了大約 1700 萬美元。第四季的計劃是什麼？如果不進行量化，我們該如何看待2026年的潛在投資，以及棒約翰增加行銷支出的重要性或不足之處？

If you look at how we laid out our guidance for this year and what we've talked to in the past is we would spend up to $25 million of incremental marketing. So, $17 million through the third quarter, we'll continue to do the right things to compete to finish the year. So as you look at the bookends of our guidance it complement -- it has up to that $25 million. During the course of this year, some of that $25 million has been in non-working to really test and learn to make sure our testing protocol is set up. We've used some of that money to support some of our incremental advertising around some of the promotions that we had out there.

如果你看看我們今年的指導方針以及我們過去討論的內容，你會發現我們將在增量行銷方面投入高達 2500 萬美元。所以，截至第三季末，我們已實現 1,700 萬美元的收入，我們將繼續做正確的事情，爭取在年底前取得好成績。所以，當你查看我們的指導意見的開頭和結尾時，你會發現它與此相輔相成——高達 2500 萬美元。今年，這 2500 萬美元中的一部分被閒置用於真正測試和學習，以確保我們的測試方案已建立。我們用其中的部分資金來支持我們先前進行的一些促銷活動的增量廣告投放。

But we also used it to help our franchise community to subsidize appropriately to compete. So, we've used a lot of those levers to make sure we can lean in and make sure the right pressures in the market to make sure that our brand breaks through and resonates, and we're also supportive of the franchise economics to make that happen. As we look to 2026, and we're not providing any guidance for 2026, but we're really trying to provide a lot of fuel to make sure that we have the optionality to invest back to our brand to appropriately connect to the consumer and appropriately support the four-wall economics of the franchise community. But more to come on that. But any other thoughts, Ravi, that you'd put out there?

但我們也利用它來幫助我們的加盟商群體獲得適當的補貼，從而參與競爭。因此，我們利用了許多這樣的槓桿，確保我們能夠積極參與市場，確保市場施加正確的壓力，以確保我們的品牌能夠突破重圍，引起共鳴，我們也支持特許經營的經濟模式來實現這一目標。展望 2026 年，我們不提供任何關於 2026 年的指導，但我們確實在努力提供大量的資金，以確保我們有選擇權將資金重新投入到我們的品牌中，以便與消費者建立適當的聯繫，並適當地支持特許經營社區的實體經濟。但關於這一點，我們稍後會詳細討論。拉維，你還有其他想法可以補充嗎？

Yes. Over the last couple of quarters, we've launched a couple of efficiency initiatives to ensure that we have the right capacity within the franchisor model and the four-wall economic model to make sure that we can compete and invest for the long term in this business. The pizza category is a large category. We think that there is more transaction share we can go get. We want to make sure we're balancing transactions, sales and four-wall profitability, and that's why we're really getting aggressive on efficiency levers.

是的。在過去的幾個季度裡，我們推出了一些提高效率的舉措，以確保我們在特許經營模式和四面牆經濟模式下擁有合適的產能，從而確保我們能夠在這個行業中保持競爭力並進行長期投資。披薩品類是一個很大的類別。我們認為我們還可以爭取更多的交易份額。我們希望確保交易、銷售和實體店獲利能力之間的平衡，這就是為什麼我們正在積極採取措施提高效率。

Okay. And just a quick follow-up question. One of your large QSR competitors indicated that about 30% of their sales are exposed to lower income consumers. Is there any way you could give us a context on how PJ's -- Papa John's is exposed to that lower income or low-ticket web-based consumer?

好的。還有一個後續問題。你們的一家大型速食連鎖競爭對手錶示，他們約有 30% 的銷售額來自低收入消費者。您能否介紹一下 PJ's（棒約翰）是如何接觸到低收入或低價位網路消費者的？

Yes. Maybe the way I'd frame it up is like we talked about more than 50% of our sales come from consumers above $100,000 in income. So that's one data point that we shared in prior periods. Second, just like as you think about the composition of our business, aggregators are 20% of our business at this point. Second, our loyalty program is nearly half the business, and we talk about that, that loyalty business we're up across all cohorts.

是的。我可能會這樣表達：我們討論過，超過 50% 的銷售額來自年收入超過 10 萬美元的消費者。這是我們之前分享過的一個數據點。其次，就像您思考我們業務的組成一樣，聚合商目前占我們業務的 20%。其次，我們的會員忠誠度計劃幾乎佔業務的一半，我們一直在談論這一點，我們的會員忠誠度業務在所有群體中都取得了成長。

So that will give you a couple of data points that helps you to triangulate kind of like that web-based consumer. Obviously, not all of that web-based consumer is small transaction. But this is why we've been so relentlessly focused on driving our loyalty business, making sure we maintain or take appropriate share in the aggregator marketplace, making sure that we are speaking with compelling messages across the top end of our barbell as well as the bottom end of our barbell.

這樣就能獲得一些數據點，幫助你進行三角測量，就像對網路消費者一樣。顯然，並非所有基於網路的消費者交易都是小額交易。但正因如此，我們才如此不懈地專注於發展我們的忠誠度業務，確保我們在聚合市場中保持或獲得適當的份額，確保我們能夠向高端和低端客戶群傳遞引人注目的信息。

Thank you. And thanks for that, Ravi. I'd like to thank everyone for joining the call this morning and for your continued interest in Papa John's. Especially, I want to thank our team members and franchisees for their dedication to serving our customers. Our teams are hard at work.

謝謝。謝謝你，拉維。感謝大家今天早上參加電話會議，也感謝大家一直以來對棒約翰的關注。尤其要感謝我們的團隊成員和加盟商，感謝他們為服務顧客所付出的奉獻精神。我們的團隊正在努力工作。

We're taking immediate action to streamline our organizational structure and become more efficient, while also advancing the strategic priorities that will ensure Papa John's delivers profitable, sustainable growth. We're confident we have the right plan in place to create meaningful value across the organization for our team members, franchisees and our shareholders. We look forward to the journey ahead. Have a great day, everyone. Talk to you soon.

我們正在立即採取行動，精簡組織結構，提高效率，同時推進策略重點，以確保棒約翰實現盈利、可持續的成長。我們有信心製定了正確的計劃，為我們的團隊成員、加盟商和股東創造有意義的價值。我們期待著接下來的旅程。祝大家今天過得愉快。回頭再聊。

Thank you for joining the conference call today. You may now disconnect.

感謝您今天參加電話會議。您現在可以斷開連線了。